Climb Global Solutions Inc (CLMB) 2024 Q4 法說會逐字稿

[operator instruction] Good morning, everyone, and thank you for participating in today's conference call to discuss Climb Global Solutions financial results for the 4th quarter and full year ended December 31, 2024.

[操作員指示] 大家早安，感謝您參加今天的電話會議，討論 Climb Global Solutions 截至 2024 年 12 月 31 日第四季度和全年的財務業績。

Joining us today are Climb's CEO Mr. Dale Foster, the company's CFO, Mr. Matthew Sullivan, and the company's investor relations advisor Mr. Aaron D’Souza with Elevate IR.

今天與我們一起參加的有 Climb 的執行長 Dale Foster 先生、公司的財務長 Matthew Sullivan 先生以及公司的投資者關係顧問、Elevate IR 的 Aaron D'Souza 先生。

By now everyone should have access to the 4th quarter and full year 2024 earnings press release, which was issued yesterday afternoon at approximately 4:05 p.m. Eastern time.

現在，每個人都應該可以看到 2024 年第四季和全年收益新聞稿，該新聞稿於昨天下午大約 4:05 發布。東部時間。

The release is available in the investor relations section of Climb Global Solutions website at www.climbglobalSolutions.com. This call will also be available for webcast replay on the company's website.

新聞稿可在 Climb Global Solutions 網站 www.climbglobalSolutions.com 的投資者關係部分查閱。本次電話會議也將在公司網站上進行網路重播。

Following management's remarks will be open to call for your questions.

管理階層的發言將持續開放，歡迎大家提問。

I'd now like to turn the call over to Mr. D'Souza for introductory comments.

現在我想請 D'Souza 先生作介紹性評論。

Thank you, operator.

謝謝您，接線生。

Before I introduce Dale, I'd like to remind listeners that certain comments made on this conference call and webcast are considered forward-looking statements under the Private Securities Litigation Reform Act of 1,995.

在介紹戴爾之前，我想提醒聽眾，根據 1995 年《私人證券訴訟改革法》，在本次電話會議和網路廣播中發表的某些評論被視為前瞻性陳述。

These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements.

這些前瞻性陳述受某些已知和未知的風險和不確定性以及可能導致實際結果與這些前瞻性陳述所反映的結果有重大差異的假設的影響。

These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC.

這些前瞻性陳述也受到公司向美國證券交易委員會提交的文件中不時描述的其他風險和不確定性的影響。

Do not place undue reliance on any forward-looking statements which are being made only as of the date of this call.

請勿過度依賴截至本次電話會議召開之日所做的任何前瞻性陳述。

Except as required by law, the company undertakes no obligation to revise or publicly release the results of any revision to any forward-looking statements.

除法律規定外，本公司不承擔修改任何前瞻性陳述或公開發布修改結果的義務。

Our presentation also includes certain key operational metrics and non-gap financial measures including gross billings, adjusted EBITDA, adjusted net come and EPS, and effective margin as supplemental measures of performance of our business.

我們的介紹還包括某些關鍵營運指標和非缺口財務指標，包括總營業額、調整後的 EBITDA、調整後的淨收入和每股盈餘、以及有效利潤率，作為我們業務績效的補充指標。

All non-gap measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules.

所有非差距指標均已根據美國證券交易委員會 (SEC) 規則與最直接可比較的 GAAP 指標進行協調。

You'll find reconciliation charts and other important information in the earnings press release in Form 8K we furnished at the SEC yesterday.

您可以在我們昨天向美國證券交易委員會提供的 8K 表收益新聞稿中找到對帳圖表和其他重要資訊。

I would now like to turn the call over to Climb's CEO Dale Foster.

現在我想將電話轉給 Climb 的執行長 Dale Foster。

Thank you, Aaron, and good morning, everyone.

謝謝你，亞倫，大家早安。

Our fourth quarter performance capped off an exceptional 2024, marking another year of record results across all key financial metrics.

我們第四季的業績為 2024 年畫上了圓滿的句號，標誌著所有關鍵財務指標再創歷史新高。

These achievements underscore our team's execution of our core initiatives.

這些成就凸顯了我們團隊對核心措施的執行。

We continue to focus on organic growth by deepening relationships with existing vendors and customers while signing new emerging vendors to our line card and delivering on our acquisition goals.

我們繼續專注於有機成長，加深與現有供應商和客戶的關係，同時與新興供應商簽約，實現我們的收購目標。

Throughout the year, we evaluated over 120 vendors and signed agreements with only 13 of them focusing on the most innovative technologies in our market segments.

全年我們評估了 120 多家供應商，並僅與其中 13 家簽署了協議，專注於我們細分市場中最具創新性的技術。

In in Q4, we evaluated 34 brands but only partnered with 2 of them.

在第四季度，我們評估了 34 個品牌，但只與其中 2 個建立了合作夥伴關係。

I'd like to quickly highlight a couple of these wins.

我想快速強調一下其中的幾場勝利。

First, we launched a partnership with Scality, a global leader in cyber resilient storage software for AI environments.

首先，我們與 Scality 建立了合作夥伴關係，Scality 是一家面向人工智慧環境的網路彈性儲存軟體的全球領導者。

This strategic collaboration aims to expand Scalady's reach across North America, enabling organizations to access sable, scalable, secure, and high performance storage solutions for their growing data needs.

此次策略合作旨在擴大 Scalady 在北美的影響力，使各大企業能夠獲得穩定、可擴展、安全且高效能的儲存解決方案，滿足其不斷增長的資料需求。

Next, we signed an agreement with Smartsheet, a dynamic work management platform that empowers teams to collaborate, automate workflows, and drive innovation and scale with flexibility and security.

接下來，我們與 Smartsheet 簽署了協議，這是一個動態工作管理平台，可協助團隊協作、自動化工作流程，並以靈活性和安全性推動創新和規模。

We are excited to collaborate with each of these vendors and bring their products to market, building a mutually beneficial relationship along the way.

我們很高興與這些供應商合作並將他們的產品推向市場，並在此過程中建立互惠互利的關係。

We continue to make progress with the implementation of our new ERP system, a critical step in streamlining processes and enhancing real-time data accessibility across the global operations.

我們在實施新的 ERP 系統方面繼續取得進展，這是簡化流程和增強全球營運即時資料可存取性的關鍵一步。

While we still are in the early stages, we are already seeing improvements in transactional efficiency.

雖然我們仍處於早期階段，但我們已經看到交易效率的提高。

As we continue optimizing our systems, we anticipate unlocking additional benefits, driving greater agility, visibility, and operational effective effectiveness across the organization.

隨著我們不斷優化系統，我們期望釋放出更多的優勢，提高整個組織的靈活性、可見度和營運效率。

In January, we announced several changes to our executive leadership team.

今年一月，我們宣布了執行領導團隊的幾項變動。

To start, we appointed Matt Sullivan, our Chief Financial Officer, following the retirement of Drew Clark.

首先，我們任命馬特沙利文 (Matt Sullivan) 為首席財務官，接替德魯克拉克 (Drew Clark) 的退休。

I'd like to thank Drew for his invaluable contributions to Climb over the years and congratulate Matt on his well-earned promotion to CFO.

我要感謝德魯多年來對 Climb 的寶貴貢獻，並祝賀馬特榮升為財務長。

Since joining us in 2019 as Vice President corporate Controller, Matt has risen internally to his most recent role as Chief Accounting Officer, overseeing our global accounting functions, including external internal reporting.

自 2019 年加入我們擔任公司財務總監副總裁以來，Matt 已升職至最近的首席會計官職位，負責監督我們的全球會計職能，包括外部內部報告。

Compliance and planning.

合規性和規劃性。

He has also played a pivotal role in advancing Climb's growth strategy and helping drive our financial due diligence for five creative acquisitions since 2020.

自 2020 年以來，他還在推動 Climb 的成長策略和幫助推動我們對五項創意收購的財務盡職調查方面發揮了關鍵作用。

Shortly after Matt's appointment, we announced the promotion of two leaders who have played a pivotal role in driving Climb's growth and success.

在馬特被任命後不久，我們宣布了兩位在推動 Climb 的發展和成功方面發揮關鍵作用的領導人的晉升。

First, Kim Stevens has been appointed to our Chief Marketing Officer.

首先，Kim Stevens 被任命為我們的首席行銷長。

Climb's proven track record of success and commitment to excellence is a testament to our talent and dedication as we nurture within incline.

Climb 的成功記錄和對卓越的承諾證明了我們在 Incline 中培養的才華和奉獻精神。

Next, Charles Bass was promoted to a newly created role of Chief Alliance Officer for Climb Global Solutions.

接下來，查爾斯·巴斯 (Charles Bass) 被提升為新設立的 Climb Global Solutions 首席聯盟官一職。

Charles has taken on the global responsibility in identifying, vetting, and onboarding our most innovative technologies in the marketplace into our ecosystem, positioning Klein as a trusted partner for growth.

查爾斯承擔了全球責任，負責識別、審查和將市場上最具創新性的技術納入我們的生態系統，將克萊恩定位為值得信賴的成長合作夥伴。

I'm proud of the achievements of these two individuals, and I look forward to seeing the impact that they will continue to make in their new roles.

我為這兩個人的成就感到自豪，並期待看到他們在新的角色中繼續發揮影響力。

At the end of January, we announced the appointment of John McCarthy as our new Chairman of the board.

一月底，我們宣布任命約翰麥卡錫 (John McCarthy) 為新任董事會主席。

John has over 30 years of experience in the technology sector of leadership.

約翰在科技領域擁有超過 30 年的領導經驗。

He is also a board member, board director of Climb since 2019, and currently serves as the compensation committee chair.

他也是董事會成員，自 2019 年起擔任 Climb 董事會董事，目前擔任薪酬委員會主席。

We're proud to have John leave our board, and Climb's executive team looks forward to working with him to drive our strategic vision forward.

我們很榮幸約翰離開我們的董事會，Climb 的執行團隊期待與他合作，推動我們的策略願景向前發展。

We're excited about the year ahead and while we have some holes to fill due the public exit of Citrix leaving the channel, we view this as an opportunity to strengthen our mix and further diversify our offerings.

我們對未來的一年充滿期待，儘管由於 Citrix 退出管道而導致我們需要填補一些空缺，但我們認為這是加強我們的產品組合和進一步多樣化我們產品的機會。

Looking ahead, we will continue building on a foundation to generate strong organic growth while further improving operating leverage.

展望未來，我們將持續鞏固基礎，實現強勁的有機成長，同時進一步提高營運槓桿。

We will continue to also evaluate M&A opportunities that will enhance ours and solutions offerings as well as expand our geographic footprint in the US and overseas.

我們也將繼續評估併購機會，以增強我們的產品和服務，並擴大我們在美國和海外的地理覆蓋範圍。

This these initiatives coupled with our demonstrative track record of execution and a robust balance sheet will enable us to deliver on our organic and inorganic initiatives in 2025.

這些舉措加上我們良好的執行記錄和強勁的資產負債表，將使我們能夠在 2025 年實現我們的有機和無機舉措。

With that, I will turn the call over to our CFO, Matt Sullivan to take you through the financial results.

說完這些，我將把電話轉給我們的財務長馬特·沙利文 (Matt Sullivan)，讓他向您介紹財務結果。

Thank you, Dale, and good morning, everyone.

謝謝你，戴爾，大家早安。

I'm pleased to address you for the first time as Climb's new CFO.

我很高興能作為 Climb 的新任財務長第一次向你們致辭。

A quick reminder as we review the financial results for our 4th quarter.

在我們回顧第四季度的財務結果時，需要快速提醒。

All comparisons and various commentary refer to the prior year quarter unless otherwise specified.

除非另有說明，否則所有比較和各種評論均指去年同期。

As reported in our earnings press release, gross billings increased 52% to $605 million compared to $397 million in the year ago quarter.

正如我們的收益新聞稿中所報導的，總營業額與去年同期的 3.97 億美元相比增長了 52%，達到 6.05 億美元。

Distribution segment gross billings increased 57% to $582 million and solution segment gross billings decreased 9% to $23 million.

分銷部門總營業額成長 57% 至 5.82 億美元，解決方案部門總營業額下降 9% 至 2,300 萬美元。

Net sales in the fourth quarter of 2024 increased 51% to $161.8 million compared to $106.8 million, which primarily reflects organic growth from new and existing vendors, as well as contribution from our acquisition of DSS in July of last year.

2024 年第四季的淨銷售額較 1.068 億美元成長 51% 至 1.618 億美元，這主要反映了新舊供應商的有機成長，以及去年 7 月我們收購 DSS 的貢獻。

Gross profit in the fourth quarter increased 48% to $31.2 million compared to $21.1 million.

第四季毛利從 2,110 萬美元成長 48% 至 3,120 萬美元。

Again, the increase was driven by organic growth from new and existing vendors in both North America and Europe, as well as the contributions from DSS.

再次，這一成長是由北美和歐洲新舊供應商的有機成長以及 DSS 的貢獻所推動的。

Gross profit as a percentage of gross billings was 5.2% compared to 5.3% in the year ago period.

毛利佔總營業額的百分比為 5.2%，去年同期為 5.3%。

SG&A expenses in the fourth quarter were $17.1 million compared to $12.4 million for the same period in 2023.

第四季銷售、一般及行政開支為 1,710 萬美元，而 2023 年同期為 1,240 萬美元。

SGNA from DSS accounted for $2.2 million of the increase.

來自 DSS 的 SGNA 佔增幅的 220 萬美元。

SG&A as a percentage of gross billings decreased to 2.8% compared to 3.1% in the year ago period.

銷售、一般及行政費用佔總營業額的百分比從去年同期的 3.1% 下降至 2.8%。

Net income in the fourth quarter of 2024 increased 33% to $7 million or $1.52 per diluted share compared to $5.2 million or $1.15 per diluted share for the comparable period in 2023.

2024 年第四季淨收入至 700 萬美元或每股攤薄收入 1.52 美元，而 2023 年同期為 520 萬美元或每股攤薄收入 1.15 美元，成長 33%。

As referenced in our press release, net income was impacted by a $2.5 million dollar charge related to a change in fair value of acquisition contingent consideration associated with Spinnaker Limited.

正如我們在新聞稿中提到的，淨收入受到與 Spinnaker Limited 相關的收購或有對價公允價值變動相關的 250 萬美元費用的影響。

Adjusted net income increased 87% to $10.3 million or $2.26 per diluted share compared to $5.5 million or $1.21 per diluted share for the year ago period.

調整後淨收入為 1,030 萬美元，即每股攤薄收益 2.26 美元，去年同期為 550 萬美元，即每股攤薄收益 1.21 美元，增幅達 87%。

Adjusted EBITDA in the fourth quarter increased 75% to $16.1 million compared to $9.2 million in the prior year quarter.

第四季調整後 EBITDA 為 1,610 萬美元，較去年同期的 920 萬美元成長 75%。

The increase was driven by the aforementioned organic growth from both new and existing vendors, as well as contribution from DSS.

這一增長主要得益於前文提到的新舊供應商的有機增長以及 DSS 的貢獻。

Adjusted EBITDA as a percentage of gross profit or effective margin increased 780 basis points to 51.5% compared to 43.7% in the year ago period.

調整後 EBITDA 佔毛利或有效利潤率的百分比從去年同期的 43.7% 增加 780 個基點至 51.5%。

Turning to our balance sheet, cash and cash equivalents were $29.8 million as of December 31, 2024, compared to $36.3 million on December 31, 2023, while working capital decreased by about $9.3 million during this period.

回顧我們的資產負債表，截至 2024 年 12 月 31 日的現金和現金等價物為 2980 萬美元，而 2023 年 12 月 31 日為 3630 萬美元，而營運資金在此期間減少了約 930 萬美元。

The decrease in cash was primarily attributed to the cash paid at closing for acquisition of DSS of $20.4 million, as well as the timing of receivable collections and vendor payments.

現金減少主要歸因於收購 DSS 時支付的 2,040 萬美元現金，以及應收帳款收款和供應商付款的時間。

As of December 31, 2024, we had [$800,000] of outstanding debt with no borrowings outstanding under our $50 million-dollar revolving credit facility with JPMorgan Chase.

截至 2024 年 12 月 31 日，我們在與摩根大通簽訂的 5,000 萬美元循環信貸協議下有 [80 萬美元] 的未償還債務，並且沒有未償還借款。

On February 28, 2025, our board of directors declared a quarterly dividend of $0.17 per share of our common stock to shareholders of record as of March 17, 2025, and payable on March 21, 2025.

2025 年 2 月 28 日，我們的董事會宣布向截至 2025 年 3 月 17 日登記在冊的股東派發每股普通股 0.17 美元的季度股息，並於 2025 年 3 月 21 日支付。

Looking ahead, our strong liquidity position continues to provide us with the flexibility to pursue both organic and inorganic growth opportunities while expanding our relationships with vendors and customers worldwide.

展望未來，我們強大的流動性狀況將繼續為我們提供靈活性，以尋求有機和無機成長機會，同時擴大與全球供應商和客戶的關係。

We will continue to be active on the M&A front as we evaluate accretive targets in both North America and overseas.

我們將繼續積極參與併購活動，評估北美和海外​​的增值目標。

With a disciplined approach to expansion and a focus on execution, we believe we are well positioned to deliver another year of growth and enhanced profitability in 2025.

我們相信，憑藉嚴謹的擴張方式和注重執行，我們有能力在 2025 年實現另一年的成長並提高獲利能力。

This concludes our prepared remarks.

我們的準備好的演講到此結束。

We will now open it up for questions from those participating in the call.

我們現在將開始接受電話會議參與者的提問。

Operator, back to you.

接線員，回到你身邊。

Thank you.

謝謝。

[operator instruction]

[操作員指令]

And we will take our first question from Vincent Calico with Barrington Research.

我們的第一個問題來自 Barrington Research 的 Vincent Calico。

Please go ahead.

請繼續。

Yes, good morning, Dale, nice job in the quarter.

是的，早上好，戴爾，本季做得很好。

Did you have any large, unexpected deals in the quarter because it was, quite a result.

本季您是否有任何大型、意外的交易，因為這是一個相當不錯的結果。

Yes, so and we've said this, I think it's coming up on a couple of years, it goes back quite a ways, but we acquired Spinnaker, we acquired the vast vendor relationship with that, and you know it's been, if you listen to our strategic plans, as far as technology starting here and taking it to, really Western Europe, that's our plan.

是的，我們已經說過了，我想這已經是幾年前的事情了，這可以追溯到很久以前，我們收購了 Spinnaker，並因此建立了廣泛的供應商關係，你知道，如果你聽我們的戰略計劃，就技術從這裡開始，並將其帶到西歐，這就是我們的計劃。

This is a vendor.

這是一個供應商。

Came back to the US, so we started with a relationship there and then to the US, so we have some good things for 2025, but yes, we have some lumpy quarters.

回到美國後，我們開始在那裡建立關係，然後又回到了美國，所以我們在 2025 年有一些好事，但是，是的，我們也有一些不穩定的時期。

We had a large vast deal that came in the end of Q4 that helped the numbers, but we also just looking outside of that just had a great growth across, all of our divisions in Q4.

我們在第四季末達成了一筆大交易，這對業績產生了一定幫助，但除此之外，我們所有部門在第四季度都實現了大幅增長。

And Q4s typically are a larger one.

而 Q4 通常較大。

So, you know if you're selling, software applications and SATs and you keep hammering in that same quarter that's big, you should get that recurring revenue the next year, so we're taking advantage of that as well.

所以，你知道如果你銷售軟體應用程式和 SAT，並且你在同一季度繼續努力，那麼你應該在明年獲得經常性收入，所以我們也會利用這一點。

Did security continue to lead growth amongst your segments?

安全是否繼續引領您所在部門的成長？

It did, it is still making up, between 55% and 65% of our portfolio, a lot of vendors, put the word security, and now we're seeing, new money flow into our vendors from their investors, to build out AI components just to make their products better.

確實如此，它仍然占我們投資組合的 55% 到 65%，許多供應商都提到了安全，現在我們看到，新的資金從他們的投資者那裡流入我們的供應商，用於建立 AI 組件，只是為了讓他們的產品變得更好。

So we'll see that really in 2020, 2025, we'll talk about that as the announcements come out.

因此，我們將在 2020 年、2025 年看到公告時討論這個問題。

And how did DSS perform well versus your expectations?

與您的預期相比，DSS 的表現如何？

They do good.

他們做得很好。

I mean, Q4 is not, their biggest quarter, because they're heavy in the education market.

我的意思是，第四季度並不是他們業績最好的季度，因為他們在教育市場上投入很大。

So it's really, the end of Q2 and Q3, and then, but they were, up year over year, but nothing, it isn't one of the bigger quarters.

所以這確實是第二季和第三季的結束，然後，但它們同比增長，但並不是較大的季度之一。

They kick off if you're going into the buying seasons of, the state and local governments.

如果進入州和地方政府的採購季節，這些活動就會開始。

Of the number of vendors, I'm forgetting the number offhand, that you added for the year, were all of them productive?

今年新增了多少供應商，我忘記具體數量了，這些供應商都有生產力嗎？

How would you characterize that?

您如何描述這一點？

Yes, so it's like I say, it's kissing a lot of frogs and vetting as much as you can up front before you sign a vendor because When you think a lot of the hard work is building that relationship, getting the vendors say, hey, we, this is a good fit for us, as soon as we say yes, that's when all the energy, gets consumed inside the climb because we have to onboard them, it goes from ops to finance, before it even goes back to the sales team to start selling.

是的，就像我說的，在與供應商簽約之前，你需要與很多客戶接吻，並儘可能多地進行審查，因為當你認為很多艱苦的工作都是為了建立這種關係，讓供應商說，嘿，這對我們來說很合適，一旦我們說是，那就是所有精力都被消耗在攀登之中的時候，因為我們必須讓他們加入，從運營到財務，甚至在銷售團隊開始。

So, if I look at the, those 13 that we signed, they're all up, but then again, we're still pushing the ones that, we signed, could be quarters ago or years ago, and we're pushing them to our climb elevate team because they didn't perform.

因此，如果我看一下，我們簽約的那 13 名球員，他們都表現不錯，但話又說回來，我們仍然在推動那些我們簽約的球員，可能是幾個季度前或幾年前的球員，我們將他們推向我們的攀登提升團隊，因為他們的表現不佳。

We'll still transact with them, but you know we just highlighted a couple on 4 that we've already, some of the share.

我們仍將與他們進行交易，但您知道，我們剛剛強調了 4 個我們已經擁有的部分份額。

Shift that starts off as they're moving from a direct to an indirect model, and I know you know just on scaliest alone we've picked up, probably $2million to $3 million as we've launched that brand.

這種轉變始於他們從直接模式轉向間接模式，我知道，在我們推出品牌時，僅規模一項我們就獲得了大約 200 萬到 300 萬美元的收入。

So, I'd have to go into individual ones, but you know we don't, we TRY to get to a fast now and we also TRY to get to a quick move if they don't launch or run at the rate that we believe that they were when we signed them.

因此，我必須逐一討論，但您知道我們不會這樣做，我們現在正嘗試快速採取行動，如果它們的啟動或運行速度沒有達到我們簽約時認為的速度，我們也會嘗試快速採取行動。

Okay, I'll go back in the queue.

好的，我回到隊列中。

Thanks.

謝謝。

Thanks then.

那就謝謝了。

Thank you.

謝謝。

[operator instruction]

[操作員指令]

And it appears that we have no further questions at this time.

目前看來我們沒有其他問題了。

I will now turn the program back to Dale for any additional or closing remarks.

現在我將節目單交還給戴爾，請他發表任何補充意見或結束語。

Thank you, operator, and again, thank you to our shareholders supporting us in 2024.

謝謝運營商，再次感謝我們的股東在 2024 年對我們的支持。

Just a great year for climb.

這真是攀登的豐收年。

Also, I'd never want to miss thanking our teams we have our sales kick-offs at the beginning of the year.

此外，我一定不會忘記感謝我們的團隊，因為我們在年初就啟動了銷售活動。

We did one in North America, which we usually do.

我們在北美做了一次，這是我們通常會做的事情。

We did our first ever one in Europe for our MEA teams to finally get them together from all the different countries.

我們首次在歐洲為 MEA 團隊舉辦了這場活動，最終將來自不同國家的人聚集在一起。

We pulled into Bristol, UK, and had a great couple of days of planning and celebrating, but I want to thank our team members.

我們到達英國布里斯托爾，度過了幾天的美好計劃和慶祝，但我要感謝我們的團隊成員。

Tremendous job in 2024.

2024 年將會做出巨大的貢獻。

We have our work cut out for us in 2025, but just we're in a good market space as we've always talked about.

我們在 2025 年的工作已經做好了準備，但正如我們一直在談論的那樣，我們處於一個很好的市場空間。

So, thank you again.

所以，再次感謝您。

Thank you, operator.

謝謝您，接線生。

Thank you.

謝謝。

This does conclude today's presentation.

今天的演講到此結束。

Thank you for your participation.

感謝您的參與。

You may disconnect at any time.

您可以隨時斷開連線。