Corporacion America Airports SA (CAAP) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Corporación América Airports Fourth Quarter 2022 Earnings Conference Call. A slide presentation accompanies today's webcast and is available in the Investors section of the Corporación América Airports website. (Operator Instructions)

早上好，歡迎來到 Corporación América Airports 2022 年第四季度收益電話會議。今天的網絡廣播伴隨著幻燈片演示，可在 Corporación América Airports 網站的投資者部分獲取。 （操作員說明）

At this time, I would like to turn the call over to Patricio Inaki Esnaola, Head of Investor Relations. Patricio, please go ahead.

此時，我想將電話轉給投資者關係主管 Patricio Inaki Esnaola。帕特里西奧，請繼續。

Thank you. Good morning, everyone, and thank you for joining us today. Speaking during today's call will be Martin Eurnekian, our Chief Executive Officer; and Jorge Arruda, our Chief Financial Officer. Before we proceed, I would like to make the following safe harbor statement. Today's call will contain forward-looking statements, and I refer you to the forward-looking statements section of our earnings release and recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances.

謝謝。大家早上好，感謝您今天加入我們。在今天的電話會議上發言的是我們的首席執行官 Martin Eurnekian；和我們的首席財務官 Jorge Arruda。在我們繼續之前，我想發表以下安全港聲明。今天的電話會議將包含前瞻性陳述，請參閱我們的收益發布和最近向美國證券交易委員會提交的文件中的前瞻性陳述部分。我們不承擔更新或修改任何前瞻性陳述以反映新的或變化的事件或情況的義務。

Now let me turn the call over to our CEO, Martin Eurnekian.

現在讓我把電話轉給我們的首席執行官 Martin Eurnekian。

Thank you, Inaki. Hello, everyone, and welcome to our fourth quarter and full year 2022 earnings call. First, I will provide a quick summary of our financial highlights presented on Slide 3 and then provide a brief update on the industry trends and cargo activity. I will then hand the call over to Jorge to discuss the fourth quarter and annual financial results.

謝謝你，稻木。大家好，歡迎來到我們的第四季度和 2022 年全年財報電話會議。首先，我將簡要介紹我們在幻燈片 3 中展示的財務亮點，然後簡要介紹行業趨勢和貨運活動的最新情況。然後我會把電話轉給豪爾赫討論第四季度和年度財務業績。

To begin, we are pleased to have ended the year with a strong quarter, delivering sustained and continued growth in revenues and adjusted EBITDA. These results underscore the recovering demand for travel globally and the good performance of our countries of operation, in particular.

首先，我們很高興以強勁的季度結束了這一年，實現了收入和調整後 EBITDA 的持續增長。這些結果凸顯了全球旅遊需求的複蘇，尤其是我們運營所在國家/地區的良好表現。

Total revenues, excluding IFRIC, were up 10.6% against fourth quarter of 2019, supported by a strong growth in commercial revenues and continued recovery in passenger traffic. This, along with our ongoing focus on cost control allowed us to report an adjusted EBITDA of $123 million in the quarter, increasing 27% against the comparable figure in the fourth quarter of 2019, while passenger traffic in 2022 stood at 88% of pre-pandemic levels.

在商業收入強勁增長和客運量持續復甦的支持下，不包括 IFRIC 在內的總收入較 2019 年第四季度增長 10.6%。這一點，加上我們對成本控制的持續關注，使我們能夠報告本季度調整後的 EBITDA 為 1.23 億美元，比 2019 年第四季度的可比數字增長 27%，而 2022 年的客運量為 2022 年之前的 88%。大流行水平。

During the quarter, we obtained $13.6 million in economic re-equilibrium compensation in Brazil in connection with the impact of the COVID-19 pandemic during 2022. This compensation was utilized as a credit towards the payment of the fixed concession fee due 2022 and follows the economic re-equilibrium compensation of $25.5 million and $32.2 million received in 2021 and 2020, respectively.

在本季度，我們在巴西獲得了 1360 萬美元的經濟再平衡補償，以應對 2022 年 COVID-19 大流行的影響。這筆補償被用作支付 2022 年到期的固定特許經營費的抵免額，並遵循2021 年和 2020 年分別收到 2550 萬美元和 3220 萬美元的經濟再平衡補償。

On a full year basis, we delivered revenues ex-IFRIC of $1.2 billion and an adjusted EBITDA of $457 million, most importantly, with positive contributions from all countries of operations. We ended the year with a healthy balance sheet, with our net debt to adjusted EBITDA further improving to 2.4x, down from 7.1x at the end of December 2021, driven by the significant recovery in adjusted EBITDA, where we were able to maintain stable debt levels.

在全年的基礎上，我們實現了 12 億美元的 ex-IFRIC 收入和 4.57 億美元的調整後 EBITDA，最重要的是，所有運營國家/地區都做出了積極貢獻。我們以健康的資產負債表結束了這一年，在調整後 EBITDA 顯著復甦的推動下，我們的淨債務與調整後 EBITDA 的比率從 2021 年 12 月末的 7.1 倍進一步提高至 2.4 倍，我們能夠保持穩定債務水平。

This healthy position provides us with the flexibility to continue selectively expanding our airport portfolio. We are proud that in a recent passenger survey conducted by ACI World, recognizing the best airports for customer experience worldwide. Our Guayaquil International Airport in Ecuador was awarded the best airport within the 2 million to 5 million passenger range.

這種健康的狀況使我們能夠靈活地繼續有選擇地擴大我們的機場組合。我們感到自豪的是，在最近由 ACI World 進行的乘客調查中，全球範圍內的客戶體驗最佳機場得到認可。我們在厄瓜多爾的瓜亞基爾國際機場被評為 200 萬至 500 萬乘客範圍內的最佳機場。

The airport with the most dedicated staff and the most enjoyable and cleanest airport in Latin America and the Caribbean. This recognition is a testament to our commitment to providing exceptional service and ensuring a seamless travel experience for all travelers that pass through our airports.

擁有最敬業員工的機場，也是拉丁美洲和加勒比地區最令人愉快和最乾淨的機場。這一認可證明了我們致力於提供卓越服務並確保為所有經過我們機場的旅客提供無縫旅行體驗的承諾。

As shown on the left chart on Slide 4, we are encouraged by the continued recovery in travel demand with passenger traffic in the fourth quarter, reaching 88% of fourth quarter of 2019 levels compared with the 82% in the third quarter. We are also seeing this trend continue in the first 2 months of the year, reaching nearly 90% of pre-pandemic levels. Overall, a total of 66 million passengers traveled across our airports during the year, reaching 78% of 2019 levels and up to 84% year-on-year.

如幻燈片 4 左圖所示，我們對第四季度客運量的旅行需求持續復甦感到鼓舞，達到 2019 年第四季度水平的 88%，而第三季度為 82%。我們還看到這一趨勢在今年前兩個月繼續，達到大流行前水平的近 90%。總體而言，年內共有 6600 萬名旅客在我們的機場出行，達到 2019 年水平的 78%，同比高達 84%。

Let's go briefly on a country-by-country basis. Armenia, we continued to deliver a strong performance. Entrance of new airlines and increased flight frequencies contributed to the third consecutive quarter beating pre-pandemic traffic levels and leading to the recovery with passenger traffic up 37%, above fourth quarter of 2019. This rebound continued into February when traffic was up 91% versus February 2019.

讓我們逐個國家簡要介紹一下。亞美尼亞，我們繼續表現強勁。新航空公司的加入和航班頻率的增加使得連續第三個季度的客運量超過大流行前的水平，並導致客運量恢復增長 37%，高於 2019 年第四季度。這種反彈一直持續到 2 月，客運量比 2019 年第四季度增長了 91% 2019 年 2 月。

In Ecuador, passenger traffic was nearly at pre-pandemic levels, supported by a higher number of flight frequencies in both domestic and international travel. Strong traffic with the U.S., Europe and Panama continues to support international performance, which continued into February when traffic was up 1% compared to February 2019.

在厄瓜多爾，由於國內和國際旅行的航班頻率增加，客運量幾乎達到大流行前的水平。與美國、歐洲和巴拿馬的強勁交通繼續支持國際表現，這種情況一直持續到 2 月，與 2019 年 2 月相比，交通量增長了 1%。

Argentina continued the pace to full recovery at slightly over 92% of pre-pandemic levels from 80% in the prior quarter. This was driven by a good performance in most domestic and international traffic. Domestic traffic, which accounts for 70% of the total traffic has almost fully recovered, reaching nearly 98% of pre-COVID levels, while international traffic improved to 82% of fourth quarter of 2019 traffic.

阿根廷繼續全面復甦的步伐，從上一季度的 80% 略高於大流行前水平的 92%。這是由大多數國內和國際交通的良好表現推動的。佔總流量 70% 的國內流量幾乎完全恢復，達到 COVID 前水平的近 98%，而國際流量提高到 2019 年第四季度流量的 82%。

In Uruguay, passenger traffic, which is mainly international also continued to recover, reaching 83% of fourth quarter of 2019 levels, up from 68% in the prior quarter. Traffic in Italy reached 86% of pre-pandemic levels, fairly stable compared to the prior quarter, which benefited from the summer season.

在烏拉圭，以國際為主的客運量也繼續復甦，達到 2019 年第四季度水平的 83%，高於上一季度的 68%。意大利的客流量達到了大流行前水平的 86%，與受益於夏季的上一季度相比相當穩定。

In February, traffic in Italy reached 90% of February 2019 levels. Softer performance in Brazil reflects lower traffic from government officials during the change in resilient federal administration compounded by higher airfares, which impacted overall travel demand. In February, traffic in Brazil reached 82% of February 2019 levels.

2 月，意大利的交通量達到 2019 年 2 月水平的 90%。巴西的疲軟表現反映出在靈活的聯邦政府變化期間來自政府官員的流量減少，加上機票價格上漲，這影響了整體旅行需求。 2 月，巴西的流量達到 2019 年 2 月水平的 82%。

Moving on to Slide 5. During the fourth quarter, cargo activity reached nearly 81% of pre-pandemic levels with notable contributions from several regions. Argentina, Brazil, Ecuador and Uruguay were the main contributors to cargo activity, which together accounted for almost 85% of total volume in the quarter.

轉到幻燈片 5。第四季度，貨運活動達到大流行前水平的近 81%，幾個地區的貢獻顯著。阿根廷、巴西、厄瓜多爾和烏拉圭是貨運活動的主要貢獻者，合計佔本季度貨運總量的近 85%。

In Argentina, cargo volumes have been suffering from a deteriorating macroeconomic environment as reflected by a lower level of imports. By contract, cargo volume in Italy and Armenia exceeded pre-pandemic levels, indicating a strong recovery in those regions. Meanwhile, cargo volume in Uruguay and Ecuador were at 97% and 93% of pre-pandemic levels, respectively.

在阿根廷，貨運量一直受到宏觀經濟環境惡化的影響，這反映在較低的進口水平上。根據合同，意大利和亞美尼亞的貨運量超過了大流行前的水平，表明這些地區正在強勁復甦。與此同時，烏拉圭和厄瓜多爾的貨運量分別為大流行前水平的 97% 和 93%。

Overall, we are encouraged by this positive trend in the cargo industry and remain committed to supporting our customers as we continue to navigate the ongoing macro challenges.

總的來說，我們對貨運行業的這種積極趨勢感到鼓舞，並在我們繼續應對持續的宏觀挑戰的同時，繼續致力於支持我們的客戶。

I will now hand off to Jorge, who will review our financial results. Please, Jorge, go ahead.

我現在將交給 Jorge，他將審查我們的財務結果。豪爾赫，請繼續。

Thank you, Martin, and good day, everyone. Starting with our top line on Slide 6. Total revenue ex-IFRIC continued to deliver strong growth, surpassing pre-pandemic levels by 11% in fourth quarter 2022 and by 2% for the full year of 2022, reaching $1.2 billion.

謝謝 Martin，祝大家有美好的一天。從幻燈片 6 的頂線開始。除 IFRIC 之外的總收入繼續實現強勁增長，2022 年第四季度超過大流行前水平 11%，2022 年全年超過 2%，達到 12 億美元。

Aeronautical revenues increased 79% year-on-year, mainly driven by continued recovery in passenger traffic across geographies, reaching over 95% of fourth quarter 2019 levels. Armenia remains one of our key drivers of growth with aeronautical revenues increasing double digits year-on-year and also against fourth quarter 2019. We are very pleased with the performance of Ecuador and a strong recovery in Argentina, mainly driven by domestic traffic growth.

航空收入同比增長 79%，主要受跨地區客運量持續復甦的推動，達到 2019 年第四季度水平的 95% 以上。亞美尼亞仍然是我們增長的主要驅動力之一，航空收入同比增長兩位數，與 2019 年第四季度相比也是如此。我們對厄瓜多爾的表現和阿根廷的強勁復甦感到非常滿意，這主要是由國內交通增長推動的。

Commercial revenues was up 44% year-on-year and 30% above pre-pandemic levels. We benefited from tariff adjustments in our cargo business and the solid performance of parking and duty-free revenues in Argentina and higher fuel-related revenue in Armenia. As a reflection of these strong results, our revenue per passenger increased by 26% from $14.1 in the fourth quarter 2019 to $17.8 this quarter. For the full year of 2022, our revenue per passenger increased by 30%, reaching $18.7.

商業收入同比增長 44%，比大流行前水平高出 30%。我們受益於貨運業務的關稅調整、阿根廷停車和免稅收入的穩健表現以及亞美尼亞更高的燃料相關收入。作為這些強勁業績的反映，我們的每位乘客收入從 2019 年第四季度的 14.1 美元增長了 26% 至本季度的 17.8 美元。 2022 年全年，我們每位乘客的收入增長了 30%，達到 18.7 美元。

Now turning to our cost structure on Slide 7. Total cost and expenses for the quarter increased 45% year-on-year ex-IFRIC reflecting the continued recovery in business activity, but still below our revenue growth. Compared to 2019, and excluding the impairment charge recorded in the fourth quarter 2019, total costs and expenses ex-IFRIC for the quarter increased by 8%. This is mainly explained by higher fuel costs in Armenia due to the strong increase in fuel sales in the quarter and to a lesser extent, by higher salaries in Argentina as the local inflation rate was significantly above currency depreciation. Excluding fuel costs in Armenia, total cost and expenses ex-IFRIC would have increased 0.6% against fourth quarter 2019.

現在轉向我們在幻燈片 7 上的成本結構。本季度總成本和費用同比增長 45%（不包括 IFRIC），反映了業務活動的持續復甦，但仍低於我們的收入增長。與 2019 年相比，不包括 2019 年第四季度記錄的減值費用，本季度除 IFRIC 之外的總成本和費用增長了 8%。這主要是由於本季度燃料銷售強勁增長導致亞美尼亞燃料成本上升，而在較小程度上是由於當地通貨膨脹率遠高於貨幣貶值導致阿根廷工資上漲。不包括亞美尼亞的燃料成本，除 IFRIC 之外的總成本和費用將比 2019 年第四季度增長 0.6%。

Now turning to profitability on Slide 8. We delivered an adjusted EBITDA of $123 million in the quarter, up 33% year-on-year and 27% when compared to fourth quarter 2019 with adjusted EBITDA margin reaching 37%. All geographies contributed to this good performance.

現在轉向幻燈片 8 的盈利能力。我們在本季度實現了 1.23 億美元的調整後 EBITDA，同比增長 33%，與 2019 年第四季度相比增長 27%，調整後的 EBITDA 利潤率達到 37%。所有地區都為這一良好表現做出了貢獻。

For the full year, adjusted EBITDA totaled $457 million from $149 million in 2021, compared to pre-pandemic levels of 2019, adjusted EBITDA was up 7%. Note that for comparison purposes, 2019 figures for the quarter and the year exclude impairment charges recorded in Brazil in the fourth quarter of 2019.

全年，調整後的 EBITDA 總計從 2021 年的 1.49 億美元增加到 4.57 億美元，與 2019 年大流行前的水平相比，調整後的 EBITDA 增長了 7%。請注意，出於比較目的，2019 年季度和年度數據不包括巴西 2019 年第四季度記錄的減值費用。

Turning to Slide 9. We ended the year with a total liquidity position of $452 million, relatively stable compared to the year-end 2021 despite the fact that during 2022, we fully redeemed the preferred shares in AA2000, which totaled $174 million, and accounted as a credit towards the $406 million CapEx program. We also made significant progress in our CapEx program in Argentina and Uruguay pursuant to the respective extension agreements.

轉到幻燈片 9。我們年底的總流動性頭寸為 4.52 億美元，與 2021 年底相比相對穩定，儘管在 2022 年期間，我們完全贖回了 AA2000 的優先股，總計 1.74 億美元，佔作為對 4.06 億美元資本支出計劃的抵免。根據各自的擴展協議，我們在阿根廷和烏拉圭的資本支出計劃也取得了重大進展。

Moving on to our debt and maturity profile on Slide 10. Total debt at the end of the year was approximately $1.5 billion, while our net debt stood at $1.1 billion. We ended the year with a strong balance sheet and healthy debt profile with no significant maturities until 2024. Our net leverage ratio improved 2.4x from 7.1x in December 2021.

轉到幻燈片 10 上的債務和期限概況。年底的總債務約為 15 億美元，而我們的淨債務為 11 億美元。我們以強勁的資產負債表和健康的債務狀況結束了這一年，直到 2024 年才到期。我們的淨槓桿率從 2021 年 12 月的 7.1 倍提高了 2.4 倍。

We remain committed to maintaining a disciplined and balanced financial approach that will allow us to continue to unlock future value from our stakeholders.

我們仍然致力於維持一種有紀律和平衡的財務方法，這將使我們能夠繼續從我們的利益相關者那裡釋放未來價值。

I will now hand back the call to Martin, who will discuss our view for the remaining of the year and provide closing remarks.

我現在將把電話轉回給馬丁，他將討論我們對今年剩餘時間的看法並發表結束語。

Thank you, Jorge. Now to wrap up. Please turn to Slide 12. We are expecting passenger traffic to continue the recovery trend and may see the return of pre-pandemic levels in some additional countries of operations. We remain vigilant with macroeconomic forces, pressuring consumer spending and the geopolitical environment is ever evolving.

謝謝你，豪爾赫。現在結束。請轉到幻燈片 12。我們預計客運量將繼續恢復趨勢，並且可能會在其他一些運營國家/地區看到大流行前水平的恢復。我們對宏觀經濟力量保持警惕，對消費者支出施加壓力，地緣政治環境也在不斷變化。

Nevertheless, given our healthy balance sheet, we will continue to analyze investment opportunities to drive and sustain long-term growth. With respect to our concessions in Argentina and Uruguay, we are well on track with our CapEx obligations pursuant to the extension agreements previously announced. We also have new infrastructure expansion projects underway in Armenia and Italy and we are currently in discussions with the respective government officials.

儘管如此，鑑於我們健康的資產負債表，我們將繼續分析投資機會以推動和維持長期增長。關於我們在阿根廷和烏拉圭的特許權，我們正在按照之前宣布的延期協議履行我們的資本支出義務。我們還在亞美尼亞和意大利開展新的基礎設施擴建項目，目前我們正在與各自的政府官員進行討論。

In Brazil, we recently entered into agreements to develop 2 new large-scale real estate projects at the Brasilia airport, adding to the 3 projects that were previously announced. Additionally, on January 18, the Tribunal de Contas da União, a government entity has given clearance for the government to carry out the tender process for the Natal Airport and the auction date has been set for May 19 this year.

在巴西，我們最近簽署了在巴西利亞機場開發 2 個新的大型房地產項目的協議，這是對先前宣布的 3 個項目的補充。此外，1 月 18 日，政府實體 Tribunal de Contas da União 已批准政府對納塔爾機場進行招標，拍賣日期定於今年 5 月 19 日。

Subject to the successful completion of the new tender process, we expect to receive an indemnification payment in the fourth quarter of this year. As previously mentioned, in October last year, we were appointed as the preferred bidders to operate Abuja and Kano airports in Nigeria, and we are progressing in our discussions and negotiations with the Nigerian authorities to finalize the terms of the concession agreements.

在成功完成新的招標流程後，我們預計將在今年第四季度收到賠償金。如前所述，去年 10 月，我們被指定為運營尼日利亞阿布賈和卡諾機場的首選投標人，我們正在與尼日利亞當局進行討論和談判，以最終確定特許權協議的條款。

In conclusion, we are very proud of our recent achievements, passenger recovery and financial performance. I would also like to take this opportunity to thank all of our employees for their hard work during another challenging year.

總之，我們對我們最近取得的成就、乘客恢復和財務業績感到非常自豪。我也想藉此機會感謝我們所有的員工在又一個充滿挑戰的一年中的辛勤工作。

This ends our prepared remarks. We are ready to take your questions. Operator, please open the line for questions.

我們準備好的發言到此結束。我們準備好回答您的問題。接線員，請打開問題線路。

(Operator Instructions) We have a question from Stephen Trent from Citi.

（操作員說明）我們有來自花旗銀行的 Stephen Trent 的問題。

Just 1 or 2 for me. The first is if you could refresh my memory regarding what is the traffic flow impact in Armenia resulting from the war in Eastern Europe? Do you have a fair bit of traffic that's kind of diverted there? And versus what had been the case before the war started?

對我來說只有 1 或 2 個。首先是關於東歐戰爭對亞美尼亞的交通流量有何影響，您是否可以讓我重溫一下？你那裡有相當多的流量被轉移了嗎？與戰爭開始前的情況相比？

Hi, Steve, it's Jorge here. How are you?

嗨，史蒂夫，我是喬治。你好嗎？

Hi, Jorge. I'm good.

嗨，豪爾赫。我很好。

Thanks again for your question. So look, if I understood correctly your question, you're seeing like the significant increase in traffic, et cetera that we are experiencing in Armenia. And the primary reason is traffic that otherwise prior to the war were flying directly into or out of Russia, into Europe.

再次感謝您的提問。所以看，如果我沒有正確理解你的問題，你會看到我們在亞美尼亞經歷的交通等方面的顯著增加。主要原因是在戰爭之前，交通是直接飛進或飛出俄羅斯，進入歐洲。

And Armenia from a geographical perspective is 1 of the best locations for you to travel into Russia, out of Russia, connecting somewhere. It is true that there has been a lot of immigration into Armenia. And I think some of that will -- is there to stay. But we continue to see very strong demand for traffic in our Armenia airport.

從地理角度來看，亞美尼亞是您進入俄羅斯、離開俄羅斯、連接某個地方的最佳地點之一。確實有很多移民進入亞美尼亞。而且我認為其中一些會 - 會留下來。但我們繼續看到亞美尼亞機場的交通需求非常強勁。

Okay. Appreciate it. And just -- thanks, Jorge. And just 1 more for me. When I think about your potential expansion in the new markets, you mentioned Nigeria, which I appreciate. And I recall you also had this agreement with an investment wing of -- with the government of UAE, if I believe. How should we think about on a longer-term basis, what geographies you might be targeting as I maybe the exact word I just mentioned perhaps adjusted your plans for investments in Eastern Europe and the Middle East, would just love to get your color.

好的。欣賞它。只是——謝謝，豪爾赫。對我來說只有 1 個。當我考慮您在新市場的潛在擴張時，您提到了尼日利亞，我對此表示讚賞。我記得你還與阿聯酋政府的投資部門達成了這項協議，如果我相信的話。我們應該如何從長遠考慮，您可能會瞄準哪些地區，因為我可能是我剛才提到的確切詞，可能會調整您在東歐和中東的投資計劃，希望得到您的支持。

Thank you, Steve. So look, the pillars of our decision to go into Nigeria are: generally speaking, very conservative approach; secondly, marginal deployment of CapEx of equity; third, strong downside protection embedded in the concession agreement. And overall, very conservative approach in terms of every possible aspect like projections, et cetera, et cetera. It's obviously a large country and truly undeveloped that we see some growth opportunities and hopefully, creating a base for further growth in the region.

謝謝你，史蒂夫。所以看，我們決定進入尼日利亞的支柱是：一般來說，非常保守的方法；其次，股權資本支出的邊際部署；第三，特許協議中包含強大的下行保護。總的來說，在每個可能的方面（如預測等）方面都採用非常保守的方法。它顯然是一個大國而且真正不發達，我們看到了一些增長機會，並希望為該地區的進一步增長奠定基礎。

Okay. Appreciate it.

好的。欣賞它。

We currently have no further questions, so hand it back over to Martin Eurnekian.

我們目前沒有其他問題，所以請將其交還給 Martin Eurnekian。

Well, I would like to thank everybody for your interest in our [growing] company and joining us today. I wanted to remind you that our team remains available for everybody. And also I hope you have a good day ahead of you. Thank you very much.

好吧，我要感謝大家對我們 [成長中的] 公司的興趣並今天加入我們。我想提醒您，我們的團隊仍然為所有人服務。我也希望你有美好的一天。非常感謝。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。