Crossamerica Partners LP (CAPL) 2023 Q3 法說會逐字稿

Good morning, and welcome to the CrossAmerica Partners Third Quarter 2023 Earnings Call. (Operator Instructions)

早安，歡迎參加 CrossAmerica Partners 2023 年第三季財報電話會議。 （操作員說明）

I'd now like to turn the conference over to Maura Topper, Chief Financial Officer. Ms. Topper, please go ahead.

現在我想將會議交給財務長莫拉·托珀 (Maura Topper)。托珀女士，請繼續。

Thank you, operator. Good morning, and thank you for joining the CrossAmerica Partners third quarter 2023 earnings call. With me today is Charles Nifong, CEO and President.

謝謝你，接線生。早安，感謝您參加 CrossAmerica Partners 2023 年第三季財報電話會議。今天和我在一起的是執行長兼總裁 Charles Nifong。

We'll start off the call today with Charles providing some opening comments and a brief overview of CrossAmerica's operational performance from the quarter, and then I will discuss the financial results. We will then open up the call to questions.

今天的電話會議將由 Charles 提供一些開場評論和 CrossAmerica 本季營運表現的簡要概述，然後我將討論財務表現。然後我們將開始提問。

Today's call will follow presentation slides that are available as part of the webcast and are posted on the CrossAmerica website.

今天的電話會議將在網路廣播中提供簡報幻燈片並發佈在 CrossAmerica 網站上。

Before we begin, I would like to remind everyone that today's call, including the question-and-answer session, may include forward-looking statements regarding expected revenue, future plans, future operational metrics and opportunities and expectations of the organization. There can be no assurance that management's expectations, beliefs and projections will be achieved or that actual results will not differ from expectations. Please see CrossAmerica's filings with the Securities and Exchange Commission, including annual reports on Form 10-K and quarterly reports on Form 10-Q for a discussion of important factors that could affect our actual results. Forward-looking statements represent the judgment of CrossAmerica's management as of today's date, and the organization disclaims any intent or obligation to update any forward-looking statements. During today's call, we may also provide certain performance measures that do not conform to U.S. generally accepted accounting principles or GAAP. We have provided schedules that reconcile these non-GAAP measures with our reported results on a GAAP basis as part of our earnings press release. Today's call is being webcast, and a recording of this conference call will be available on the CrossAmerica website for a period of 60 days.

在開始之前，我想提醒大家，今天的電話會議，包括問答環節，可能包括有關預期收入、未來計劃、未來營運指標以及組織機會和期望的前瞻性陳述。無法保證管理階層的期望、信念和預測能夠實現，或實際結果不會與預期不同。請參閱 CrossAmerica 向美國證券交易委員會提交的文件，包括 10-K 表中的年度報告和 10-Q 表中的季度報告，以討論可能影響我們實際結果的重要因素。前瞻性陳述代表 CrossAmerica 管理階層截至今日的判斷，該組織不承擔任何更新任何前瞻性陳述的意圖或義務。在今天的電話會議中，我們也可能提供某些不符合美國公認會計原則或公認會計原則的績效衡量標準。作為我們收益新聞稿的一部分，我們提供了時間表，將這些非公認會計原則衡量指標與我們在公認會計原則基礎上報告的結果進行協調。今天的電話會議正在網路直播，本次電話會議的錄音將在 CrossAmerica 網站上保留 60 天。

With that, I will now turn the call over to Charles.

現在，我將把電話轉給查爾斯。

Thank you, Maura. As always, Maura and I appreciate everyone joining us, and thank you for making the time to listen to the call this morning.

謝謝你，莫拉。一如既往，莫拉和我感謝大家加入我們，並感謝您今天早上抽出時間收聽電話會議。

During today's call, I will briefly go through the operating highlights for the third quarter. I will also provide color on the market and a few other updates similar to what I provided on previous calls. Maura will then review in more detail the financial results.

在今天的電話會議中，我將簡要介紹第三季的經營亮點。我還將提供市場上的顏色以及一些其他更新，類似於我在之前的電話中提供的內容。隨後莫拉將更詳細地審查財務業績。

Now if you turn to Slide 4, I will briefly review some of our operating results. For the third quarter of 2023, our wholesale fuel gross profit declined 4% to $18.8 million compared to $19.5 million in the third quarter of 2022. The decline was driven by a decrease in fuel margins, partially offset by an increase in fuel volume. Wholesale segment gross profit was $32.9 million, a decrease of 4% when compared to the $34.1 million of wholesale gross profit in the third quarter of 2022.

現在，如果您翻到投影片 4，我將簡要回顧我們的一些營運結果。 2023 年第三季度，我們的批發燃料毛利潤下降4%，至1,880 萬美元，而2022 年第三季為1,950 萬美元。下降的原因是燃料利潤率下降，但部分被燃料量的增加所抵消。批發部門毛利為 3,290 萬美元，較 2022 年第三季的批發毛利潤 3,410 萬美元下降 4%。

Our wholesale fuel margin declined 7% from $0.092 per gallon in the third quarter of 2022 to $0.086 per gallon in the third quarter of 2023. The decline was primarily driven by the following 2 factors: The first was an exceptionally strong fuel margin performance of our variably priced wholesale business in the third quarter of 2022 relative to the current year. If you recall, we and the industry experienced an exceptionally strong fuel margin environment in the third quarter of 2022. While the third quarter of 2023 was a generally favorable environment for fuel margins, it was not nearly as favorable as the fuel margin environment in the prior year. The second factor was that crude oil prices were lower during the quarter compared to the prior year, and the year-over-year decrease in fuel margin was primarily driven by the result of lower cost of motor fuel during the quarter and the corresponding decrease in the dollar value of the terms discounts on certain gallons purchased during the quarter. This was partially offset by our improved fuel sourcing costs, which resulted from our continued ongoing efforts to lower our cost of product.

我們的批發燃料利潤率從2022 年第三季的每加侖0.092 美元下降到2023 年第三季的每加侖0.086 美元，下降了7%。這一下降主要由以下兩個因素驅動：首先是我們的燃料利潤率表現異常強勁。2022 年第三季批發業務的價格與當年相比有所不同。如果你還記得，我們​​和整個產業在2022 年第三季經歷了異常強勁的燃料利潤率環境。雖然2023 年第三季的燃料利潤率環境總體有利，但遠不如2023 年第三季的燃料利潤率環境那麼有利。去年。第二個因素是本季原油價格較上年同期下降，燃料利潤率年減主要是由於本季車用燃料成本下降以及相應的下降所致。本季購買的某些加侖的條款折扣的美元價值。這部分被我們不斷努力降低產品成本而提高的燃料採購成本所抵銷。

Our wholesale volume was 217.3 million gallons for the third quarter of 2023 compared to 212.7 million gallons in the third quarter of 2022. The 2% increase in volume when compared to the same period in 2022 was largely due to the community service station assets acquired during the fourth quarter of 2022, partially offset by the conversion of certain lessee dealer locations to our retail class of trade and lower volume in our same-store business.

2023 年第三季我們的批發量為2.173 億加侖，而2022 年第三季為2.127 億加侖。與2022 年同期相比，數量成長2%，主要是由於2022 年第三季收購的社區服務站資產。2022 年第四季度，部分承租經銷商地點轉變為零售貿易類別以及同店業務量下降所抵銷。

Since I just mentioned the community service station assets, we closed on that transaction approximately 1 year ago. These assets have been great additions to the portfolio, and this past year performed better than our expectations for them at the time of acquisition.

因為我剛才提到了社區服務站資產，所以我們大約一年前就完成了這筆交易。這些資產是投資組合的重要補充，去年的表現優於我們收購時對它們的預期。

Returning to volume for the quarter, our same-store volume in the Wholesale segment was down approximately 1.2% year-over-year. We saw declining same-store volumes in the last few weeks of the quarter, which has continued in the period since the quarter's end, with same-store wholesale volume down 2% to 3% year-over-year in this period. Regarding our wholesale rent, our base rent for the quarter was $13 million compared to the prior year of $13.8 million, a slight decrease due to the conversion of certain lessee dealer sites to company-operated locations that occurred earlier this year. Aside from the decrease in rent due to the class of trade changes, our rental income continues to be a durable income stream in our business.

回到本季的銷量，我們批發業務的同店銷量較去年同期下降約 1.2%。我們看到本季最後幾週同店銷量下降，這種情況自本季末以來一直持續，同期同店批發量年減 2% 至 3%。關於我們的批發租金，本季的基本租金為 1,300 萬美元，而去年同期為 1,380 萬美元，由於今年稍早將某些承租經銷商場地轉變為公司營運的場地，因此略有下降。除了因貿易類別變化而導致租金下降之外，我們的租金收入仍然是我們業務的持久收入來源。

For the retail segment, despite the challenging year-over-year comparison due to the exceptionally strong fuel margins of the third quarter of 2022, our retail segment performed very well during the third quarter of 2023, generating $67.6 million in gross profit. While our motor fuel gross profit declined 34%, our merchandise gross profit increased 23% for the quarter when compared to the same period in 2022. For volume on a same-store basis, our retail volume increased 2% for the quarter year-over-year. As in our Wholesale segment, we saw year-over-year volume performance decline in the latter part of the quarter. In the period since the quarter end, same-store volume has declined in the mid-single digits driven by some site-specific issues, certain geographies and an unfavorable comparison to a particularly strong prior year performance.

對於零售部門來說，儘管由於 2022 年第三季燃油利潤率異常強勁，同比比較具有挑戰性，但我們的零售部門在 2023 年第三季表現非常出色，產生了 6,760 萬美元的毛利。雖然我們的汽車燃料毛利下降了 34%，但與 2022 年同期相比，本季的商品毛利增加了 23%。就同店銷量而言，本季零售量年增了 2% -年。與我們的批發部門一樣，我們看到本季後半段的銷量年減。自本季末以來，由於一些特定地點的問題、某些地區以及與去年特別強勁的業績相比的不利影響，同店銷量出現中個位數下降。

On the fuel margin front, our retail fuel margin on a cents per gallon basis declined 30% year-over-year as we experienced exceptionally strong fuel margins at $0.534 per gallon in the third quarter of 2022. However, on an absolute basis, our quarterly retail fuel margin of $0.372 per gallon was strong and up from the second quarter retail fuel margin. And while fuel volumes have been lower since the quarter end, as I noted a moment ago, fuel margins since the quarter end have generally been higher than what we experienced in the third quarter.

在燃料利潤方面，我們的零售燃料利潤率（以美分/加侖為基礎）同比下降了30%，因為我們在2022 年第三季經歷了異常強勁的燃料利潤率，達到每加侖0.534 美元。然而，從絕對值來看，我們的每加侖 0.372 美元的季度零售燃料利潤率強勁，高於第二季度零售燃料利潤率。正如我剛才指出的，雖然自季度末以來燃料量一直在下降，但自季度末以來的燃料利潤率普遍高於我們在第三季度的經歷。

For inside sales on a same-site basis, our inside sales increased approximately 4% relative to last year. Inside sales, excluding cigarettes, were up approximately 9% year-over-year on a same-store basis. The strong sales performance was generally across all categories with packaged beverages and our food categories performing particularly well.

對於同一地點的內部銷售，我們的內部銷售比去年增長了約 4%。不包括香菸在內的同店內部銷售額較去年同期成長約 9%。所有類別的銷售業績普遍強勁，其中包裝飲料和食品類別表現尤其出色。

On the store merchandise margin front, our merchandise gross margin increased 23% to $25.4 million, driven by our increased sales from the higher store count, the increase in same-store sales and improvement in our store merchandise gross margin percentage. Our store merchandise gross margin percentage was up 160 basis points year-over-year. The store merchandise margin improvement was due to merchandise sales shifts towards higher-margin categories and certain initiatives we have in place in regards to pricing, product sourcing and promotions. In the period since quarter end, same-store inside sales inclusive of cigarettes, are up approximately 3% to 5% over the prior year.

在商店商品利潤方面，我們的商品毛利率增加了 23%，達到 2,540 萬美元，這主要是由於商店數量增加、同店銷售額增加以及商店商品毛利率提高而導致銷售額增加。我們的門市商品毛利率年增 160 個基點。商店商品利潤率的提高是由於商品銷售轉向利潤率較高的類別以及我們在定價、產品採購和促銷方面採取的某些措施。自季末以來，同店內部銷售額（包括捲菸）比上年增長約 3% 至 5%。

As we noted last quarter, in our retail segment, if you look at our company-operated site count, we are up approximately 40 retail sites from the prior year, but flat from the second quarter of this year. The increase in site count relative to the prior year is due to our conversion of certain controlled sites from other classes of trade to company-operated sites earlier in the year. Although in the third quarter, we did not have any significant conversion activity, we expect to continue to convert additional sites from other classes of trade to company-operated retail sites or to a lesser extent, retail commission sites going forward. For the sites we do convert to company-operated retail or commissioned locations, we believe that we can generate more profitability from these locations and enhance these sites' long-term value through operating lease sites ourselves.

正如我們上季度所指出的，在我們的零售領域，如果您查看我們公司經營的站點數量，您會發現我們比去年增加了約 40 個零售站點，但與今年第二季度持平。站點數量相對於前一年的增加是由於我們在今年早些時候將某些受控站點從其他類別的貿易轉換為公司運營的站點。儘管在第三季度，我們沒有任何重大的轉換活動，但我們預計未來將繼續將其他類別的其他網站轉換為公司經營的零售網站，或在較小程度上轉換為零售佣金網站。對於我們確實轉變為公司經營的零售或委託經營場所的場所，我們相信我們可以從這些場所中產生更多的利潤，並透過自己經營租賃場所來提高這些場所的長期價值。

Overall, despite the challenging year-over-year comparison to last year's retail fuel margin. It was a positive quarter for our Retail segment as same-store volume, same-store merchandise sales, same-store merchandise gross margin and store merchandise margin percentage were all up relative to the prior year.

總體而言，儘管與去年的零售燃料利潤率相比，比去年同期具有挑戰性。對於我們的零售部門來說，這是一個正面的季度，因為同店銷售、同店商品銷售額、同店商品毛利率和商店商品利潤率均較上年上升。

On the divestiture front, we had a quiet quarter, selling only 1 property this quarter after selling 6 properties in the second quarter. Year-to-date, we have sold 8 properties for approximately $8.3 million in proceeds. We continuously look at our portfolio to identify potential divestiture locations, and it remains a focus of ours to free up capital in this manner, which we will either put towards reducing leverage or investing in growth opportunities.

在資產剝離方面，我們度過了一個安靜的季度，繼第二季度出售了 6 處房產後，本季度僅出售了 1 處房產。今年迄今，我們已出售 8 處房產，收益約 830 萬美元。我們不斷審視我們的投資組合，以確定潛在的剝離地點，以這種方式釋放資本仍然是我們的重點，我們將把這些資金用於降低槓桿或投資於成長機會。

Overall, the business continues to perform well across many different operating environments. The underlying fundamentals remain strong. Our balance sheet is healthy and positioned well for the current interest rate environment, and we continue to work hard on executing our initiatives and constantly improving the business. We cannot be successful without great people. So thank you to all the CrossAmerica team members who work hard every day to generate results and to drive the business forward.

總體而言，該業務在許多不同的營運環境中繼續表現良好。基本面依然強勁。我們的資產負債表很健康，並且適合當前的利率環境，我們將繼續努力執行我們的計劃並不斷改進業務。沒有優秀的人才，我們就不可能成功。感謝所有 CrossAmerica 團隊成員每天努力工作以取得成果並推動業務發展。

With that, I will turn it over to Maura for a more detailed financial review.

這樣，我會將其交給莫拉進行更詳細的財務審查。

Thank you, Charles.

謝謝你，查爾斯。

If you would please turn to Slide 6, I would like to review our third quarter results for the partnership. We reported net income of $12.3 million for the third quarter of 2023 compared to net income of $27.6 million in the third quarter of 2022. The decline in net income was primarily due to the very elevated fuel margins that we experienced in the third quarter of 2022 as Charles noted earlier. Adjusted EBITDA was $44.2 million for the third quarter of 2023 compared to adjusted EBITDA of $62.6 million for the third quarter of 2022. Our distributable cash flow for the third quarter of 2023 was $31.4 million versus $50.9 million for the third quarter of 2022. The decrease in distributable cash flow was primarily, again, due to the exceptionally strong results in the third quarter of 2022 in addition to an increase in cash interest expense that also impacted our third quarter net income.

如果您願意，請參閱投影片 6，我想回顧一下我們合作夥伴關係的第三季業績。我們報告的 2023 年第三季度淨利潤為 1,230 萬美元，而 2022 年第三季度淨利潤為 2,760 萬美元。淨利潤下降主要是由於我們在 2022 年第三季度經歷的燃料利潤率大幅上升正如查爾斯之前指出的那樣。 2023 年第三季調整後EBITDA 為4,420 萬美元，而2022 年第三季調整後EBITDA 為6,260 萬美元。2023 年第三季的可分配現金流量為3,140 萬美元，而2022 年第三季為5090萬美元。可分配現金流量的增加主要是由於 2022 年第三季的業績異常強勁，此外現金利息支出的增加也影響了我們第三季的淨利潤。

Our distribution coverage for the current quarter was 1.57x compared to 2.55x for the third quarter of 2022. On a trailing 12-month basis, our distribution coverage was 1.43x for the 12 months ended September 30, 2023, compared to 1.74x for the comparable period ended September 30, 2022. These strong distribution coverage ratio statistics provide continuing evidence of the strength of our business as our team continues to execute on our organizational goals. The partnership paid a distribution of $0.525 per unit during the third quarter of 2023 attributable to the second quarter of 2023 for a total of almost $20 million. Charles discussed some of the primary drivers of our top line and gross profit performance for the quarter earlier.

我們目前季度的分配覆蓋率為1.57 倍，而2022 年第三季為2.55 倍。在過去12 個月的基礎上，截至2023 年9 月30 日的12 個月，我們的分配覆蓋率為1.43 倍，而2022 年第三季的分配覆蓋率為1.74 倍。截至2022 年9 月30 日的可比期間。隨著我們的團隊繼續執行我們的組織目標，這些強大的分銷覆蓋率統計數據持續證明了我們的業務實力。該合夥企業在 2023 年第三季向 2023 年第二季支付了每單位 0.525 美元的分配，總計近 2,000 萬美元。查爾斯早些時候討論了我們本季營收和毛利表現的一些主要驅動因素。

Turning to the expense portion of our operations. Operating expenses for the third quarter increased $3.8 million compared to the 2022 third quarter. As with last quarter, the increase was primarily driven by incremental operating expenses in our Retail segment due to the conversion of lessee dealer and commission locations to company-operated locations earlier this year. The incremental operating expense for the number of locations we converted to company-operated retail locations is in line with our expectations for these sites as they are converted to company-operated locations. Adjusting for the known incremental operating expenses we add to the business when converting a store to the company operated cost of trade, the increase in our other operating expenses was below the inflation levels being experienced in the wider economy. This is a meaningfully moderated operating expense profile than we have seen for the past 18 months. Although, we continue to monitor the impacts of inflationary cost pressures on our business. The largest driver of operating expenses are our store labor costs, which are primarily the result of the number of labor hours, our stores are staffed and wages. Year-over-year, our same-store labor hours are up approximately 2% as our team has continued their focus on ensuring our stores are open and appropriately staffed to meet customer needs. Although, we have experienced year-over-year cost pressures in the area of maintenance and supply spending, these have been offset by our team's continued focus on cost management in other areas of the business, which have benefited us in this recently completed quarter.

轉向我們營運的費用部分。與 2022 年第三季相比，第三季營運費用增加了 380 萬美元。與上季一樣，這一增長主要是由於今年稍早將承租經銷商和佣金地點轉變為公司營運的地點，導致零售部門的營運費用增加。我們轉換為公司經營的零售店的地點數量的增量營運費用符合我們對這些地點轉換為公司經營的地點的預期。調整我們在將商店轉換為公司營運的貿易成本時添加到業務中的已知增量營運費用，我們其他營運費用的增加低於更廣泛的經濟中經歷的通貨膨脹水平。與我們過去 18 個月所看到的相比，這是一個有意義的適度調整的營運費用狀況。儘管如此，我們仍在繼續監控通膨成本壓力對我們業務的影響。營運費用的最大驅動因素是我們商店的勞動成本，這主要是由工時、我們商店的人員配備和工資決定的。與去年同期相比，我們的同店工作時間增加了約 2%，因為我們的團隊繼續致力於確保我們的商店正常營業並配備適當的人員來滿足客戶需求。儘管我們在維護和供應支出領域經歷了逐年的成本壓力，但我們的團隊繼續專注於業務其他領域的成本管理，抵消了這些壓力，這使我們在最近完成的季度中受益。

Our G&A expenses increased 4% for the quarter year-over-year. So this was primarily driven by higher equity compensation expense with all other G&A expenses roughly flat year-over-year.

本季我們的一般管理費用年增 4%。因此，這主要是由於股權薪酬費用增加而所有其他一般管理費用同比大致持平。

Moving to the next slide. We see a total of $10.4 million on capital expenditures during the third quarter with $8.5 million of that total being growth-related capital expenditures. This was in line with our third quarter of 2022 spend of $10.4 million, which included spending for our rebranding efforts related to the acquisition of assets from 7-Eleven in 2021.

轉到下一張投影片。我們預計第三季的資本支出總額為 1,040 萬美元，其中 850 萬美元是與成長相關的資本支出。這與我們 2022 年第三季 1,040 萬美元的支出一致，其中包括與 2021 年收購 7-11 資產相關的品牌重塑工作的支出。

During this past quarter, growth-related capital spending included image upgrades that are being funded primarily through incentives from our fuel suppliers. As of September 30, 2023, our total credit facility balance was $762.5 million, up slightly from our June 30, 2023, balance of $761.5 million and below our end of 2022 balance of $765.1 million.

在過去的這個季度，與成長相關的資本支出包括形像升級，這些資金主要來自我們的燃料供應商的激勵措施。截至 2023 年 9 月 30 日，我們的信貸額度總額為 7.625 億美元，略高於 2023 年 6 月 30 日的 7.615 億美元餘額，低於 2022 年底的 7.651 億美元餘額。

During the third quarter of 2023, we experienced a generally rising fuel price environment, which resulted in a usage of working capital during the quarter. We also will continue to receive the fuel supplier incentive funds related to our image upgrade projects in future quarters as upgrades are completed. These 2 net uses of capital during the quarter are generally items we consider timing matters and drove the roughly flat quarter-over-quarter balance on our credit facility.

2023 年第三季度，我們經歷了燃油價格普遍上漲的環境，導致本季營運資金的使用。隨著升級的完成，我們也將在未來幾季繼續獲得與我們的形像升級項目相關的燃料供應商激勵資金。本季的這兩項資本淨使用通常是我們認為時機問題的項目，並導致我們的信貸安排餘額較上季基本持平。

Our credit facility defined leverage ratio was 4.35x as of September 30, 2023. We continue to remain focused on our operational performance and associated cash flow generation to manage our leverage ratio at approximately 4x on a credit facility-defined basis. Additionally, although, we have felt the impact of the elevated interest rate environment. As with prior periods, we continue to benefit from the interest rate swaps we put into place in early 2020 and recently in April 2023. Approximately 65% of our current credit facility balance is swapped to fixed rates. As of September 30, 2023, taking interest rate swap contracts, the partnership currently has in place into account. Our effective interest rate on the capital credit facility was 4.9%, which is an attractive rate against the current rate backdrop.

截至2023 年9 月30 日，我們的信貸安排定義的槓桿率為4.35 倍。我們繼續關注我們的營運績效和相關的現金流生成，以在信貸安排定義的基礎上將我們的槓桿率控制在約4 倍。此外，我們也感受到了利率上升環境的影響。與前期一樣，我們繼續受益於 2020 年初和最近於 2023 年 4 月實施的利率掉期。我們目前信貸額度餘額的約 65% 被轉換為固定利率。截至 2023 年 9 月 30 日，考慮到利率掉期合約，該夥伴關係目前已到位。我們的資本信貸安排的實際利率為 4.9%，在當前利率背景下這是一個有吸引力的利率。

In conclusion, as Charles noted, despite this quarter's year-over-year comparisons, we had a strong third quarter with positive performance in fuel and merchandise gross profit in our retail segment. We ended the quarter with a strong balance sheet with a continued focus on maintaining a leverage profile that provides us with flexibility to opportunistically invest in our business. We appreciate the efforts of all of our team members around the country during this past busy summer season that is most of our third quarter, and we look forward to continuing our strong performance into the fourth quarter and 2024.

總之，正如查爾斯指出的那樣，儘管本季與去年同期相比，我們的第三季表現強勁，零售部門的燃料和商品毛利表現良好。本季結束時，我們擁有強勁的資產負債表，並繼續專注於維持槓桿狀況，這為我們提供了機會性投資業務的靈活性。我們感謝全國各地所有團隊成員在剛剛過去的繁忙夏季（第三季度的大部分時間）中所做的努力，我們期待在第四季度和 2024 年繼續保持強勁的表現。

With that, we will open it up for questions.

至此，我們將開放提問。

(Operator Instructions)

（操作員說明）

Well, it doesn't appear we have any questions today. Should you have any questions later, please feel free to reach out to us. As always, thank you for joining us, and have a great day.

嗯，看來我們今天沒有任何問題。如果您稍後有任何疑問，請隨時與我們聯繫。一如既往，感謝您加入我們，祝您有美好的一天。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Thank you.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。謝謝。