Compass Minerals International Inc (CMP) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Carly and I will be your conference operator today. At this time, I would like to welcome everyone to the Compass Minerals second quarter fiscal 2025 earnings call. All lines have been placed on mute to prevent any background noise.

感謝您的支持。我叫卡莉，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Compass Minerals 2025 財年第二季財報電話會議。所有線路均已靜音，以防止任何背景噪音。

After the speaker's remarks, there will be a question and answer session.

演講者發言後，將進行問答環節。

If you would like to ask a question during this time, [Operator Instructions].

如果您想在這段時間內提問，[操作員指示]。

Thank you. I would now like to turn the call over to Mr. Brent Collins, Vice President, Treasurer and Investor Relations. Please go ahead.

謝謝。現在我想將電話轉給財務主管和投資者關係副總裁布倫特·柯林斯先生。請繼續。

Thank you, operator. Good morning and welcome to the Compass Minerals fiscal second quarter earnings conference call. Today we will discuss our recent results and provide an update of our outlook for fiscal 2025.

謝謝您，接線生。早安，歡迎參加 Compass Minerals 財務第二季財報電話會議。今天我們將討論我們最近的業績並提供 2025 財年展望的最新資訊。

We will begin with prepared remarks from our President and CEO Edward Dowling and our CFO, Peter Fjellman. Joining in for the question and answer portion of the call will be Patrick Merrin, our Chief Operations Officer and Ben Nichols, our Chief Commercial Officer.

首先，我們將由總裁兼執行長 Edward Dowling 和財務長 Peter Fjellman 發表準備好的演講。我們的營運長 Patrick Merrin 和商務長 Ben Nichols 將參與電話會議的問答環節。

Before we get started, I will remind everyone that the remarks we make today reflect financial and operational outlooks as of today's date, May 8, 2025. These outlooks entail assumptions and expectations that involve risks and uncertainties that could cause the company's actual results to differ materially.

在我們開始之前，我要提醒大家，我們今天的言論反映了截至 2025 年 5 月 8 日的財務和營運前景。這些展望包含假設和預期，其中涉及風險和不確定性，可能導致公司的實際結果大不相同。

A discussion of these risks can be found in our SEC filings located online at investors.comassMinerals.com.

有關這些風險的討論可以在我們線上提交給美國證券交易委員會 (SEC) 的文件（網址為 investors.comassMinerals.com）中找到。

Our remarks today also include certain non-gap financial measures. You can find reconciliations of these items in our earnings release or in our presentation, both of which are also available online. I will now turn the call over to.

我們今天的演講也涉及某些非缺口財務措施。您可以在我們的收益報告或簡報中找到這些項目的對帳表，兩者也可在線上取得。我現在將電話轉給。

Thank you, Brent.

謝謝你，布倫特。

Thank you, Brent. Good morning, everyone, and thank you for joining us on our call today. After a disappointing first quarter, the second quarter was much better in terms of winter weather. This in turn has unlocked the benefits of the strategy we embarked upon a year ago.

謝謝你，布倫特。大家早安，感謝大家今天參加我們的電話會議。在經歷了令人失望的第一季之後，第二季的冬季天氣好多了。這反過來又釋放了我們一年前實施的策略帶來的好處。

Last year, the company made a strategic pivot to refocus its efforts on the core business. Our goal is to improve the cash flow generating capability of our business by optimizing business practices and structures, lowering capital intensity of our assets and improving the efficiency of our operations.

去年，該公司做出策略調整，將精力重新集中在核心業務。我們的目標是透過優化業務實踐和結構、降低資產的資本密集度和提高營運效率來提高業務的現金流量產生能力。

Because of the nature of our seasonal business, the steps we take to achieve these goals sometimes take quarters to play out. I'm pleased to share that we continue to make progress on our back to basic strategy.

由於我們業務的季節性性質，我們為實現這些目標而採取的措施有時需要幾個季度才能完成。我很高興地告訴大家，我們在回歸基本策略方面繼續取得進展。

Almost exactly a year ago, we shared our plan on how we intended to rationalize the North American highway deicing inventory levels that have grown too large after consecutive mild winters. The primary goal of this initiative was to free up cash that was hung up on working capital and use that cash to reduce debt. Additionally, we knew that salt inventories across the broader system were high which has an impact on the supply demand balance in the market.

差不多一年前，我們分享了我們的計劃，即如何合理化北美高速公路除冰劑庫存水平，這些庫存水平在連續幾個溫和的冬季後變得過大。該計劃的主要目標是釋放被佔用的營運資金，並利用這些現金減少債務。此外，我們知道整個系統的鹽庫存很高，這對市場供需平衡產生了影響。

We didn't want to further exacerbate that dynamic. We decided to curtail production at Godrich mine and to a lesser extent at Cote Blanche with the view that with some help from winter we'd see a meaningful drawdown in our salt inventories and realize significant working capital released out of inventory.

我們不想進一步加劇這種狀況。我們決定削減 Godrich 礦的產量，並在較小程度上削減 Cote Blanche 礦的產量，希望藉助冬季的幫助，我們的鹽庫存能夠大幅減少，並從庫存中釋放出大量營運資金。

Result of that curtailment, we knew that we'd experienced some short term margin compression due to a higher fixed cost absorption but the rate was the right business decision for the long term success to move our business to lower inventory levels.

我們知道，由於削減成本，我們在短期內會因為固定成本吸收增加而遭遇一些利潤壓縮，但從長期成功的角度來看，降低庫存水準是正確的商業決策。

Fast forward a year, you can see that we executed well on the plan. A few points to help that bear that out. North American highway deicing inventory values are down 47% year over year. North American highway deicing inventory volumes are down 59% year over year.

快進一年，你可以看到我們很好地執行了計劃。以下幾點可以幫助證實這一點。北美高速公路除冰劑庫存價值較去年同期下降47%。北美高速公路除冰劑庫存量較去年同期下降59%。

Across our depot network, we saw a number of depots being fully depleted by the end of the highway deicing season and throughout the season there are multiple media reports about shortages of salt in some of the markets which suggests there's some tightness in the market during the winter.

在我們的倉庫網路中，我們發現許多倉庫在高速公路除冰季節結束時就已完全耗盡，並且整個季節都有多家媒體報道某些市場出現鹽短缺的情況，這表明冬季市場存在一定程度的緊張。

The successful execution of our plan allowed us to realize approximately 145 million working capital release out of inventory alone. Which in turn helped us reduce our total debt in the quarter by more than 170 million.

我們計劃的成功執行使我們僅從庫存中就實現了約1.45億的營運資金釋放。這反過來幫助我們將本季的總債務減少了 1.7 億多美元。

The drawdown of inventory across our network was significant this season. We also believe that competitors and customers saw similar drawdowns in their respective networks.

本季我們整個網路的庫存下降幅度很大。我們也相信，競爭對手和客戶在各自的網路中也看到了類似的下降。

Against this backdrop of low system-wide inventories, the company is well positioned to optimize production inventory levels as we approach the '25, '26 North American highway deicing bid season.

在全系統庫存較低的背景下，隨著 25、26 年北美高速公路除冰招標季節的臨近，該公司已做好充分準備來優化生產庫存水準。

During the second quarter, there's obviously a lot of noise around tariffs, and we needed to see where these things landed before firming up our production plans for the coming year.

在第二季度，圍繞關稅顯然存在許多噪音，我們需要先了解這些因素的影響，然後再確定來年的生產計畫。

The salt and fertilizer products that we produce in Canada are qualified under the USMCA trade agreement. As a result, they are currently exempt from any tariffs that have been implemented or proposed. With that huge question mark seemingly addressed, the company is in the process of ramping up production, which should have a favorable impact on our per unit cost, all things being equal.

我們在加拿大生產的鹽和肥料產品符合USMCA貿易協定的要求。因此，他們目前不受任何已實施或提議的關稅的約束。隨著這個巨大的問號似乎已經解決，公司正在提高產量，如果其他條件相同，這應該會對我們的單位成本產生有利影響。

From a pricing perspective, the setup is constructive as we enter North American mid season. There's a psychological component to the highway deicing business. It worked against us when we had mild winters for a couple of winters. The customers could look in their sheds and see that they were full of salt.

從定價角度來看，隨著我們進入北美中期，這項設定是有建設性的。高速公路除冰業務有心理因素。當我們經歷了幾個溫和的冬天時，它對我們不利。顧客們可以看看他們的棚子，發現裡面裝滿了鹽。

The recently completed deicing season was a good reminder that winters do in fact happen. I'm unreasonable to think that the pendulum could sweep back in our favor this midseason, allow for some stronger pricing.

剛結束的除冰季節提醒我們，冬天確實存在。我不合理地認為鐘擺會在本賽季中期重新回到對我們有利的位置，從而實現更強勁的定價。

We could see a positive impact on volume commitments in the coming season as well.

我們還可以看到下一季銷售承諾的正面影響。

Our efforts over a year ago are bearing fruit, position as well to maximize value of our highway deicing business in the coming year. We will continue to maintain flexibility in our operations and capital plans so that we can appropriately respond to the market conditions.

我們一年多來的努力正在取得成果，也為來年實現高速公路除冰業務價值的最大化做好了準備。我們將繼續保持營運和資本計畫的靈活性，以便能夠適當地應對市場狀況。

I'll now move to actions we took during the second quarter that expect to have benefits in future periods. In March, we announced that we're eliminating over 10% of our corporate workforce. This is an extension of our efforts to align our cost structure with our current business needs. We're working on advancing additional cost improvement projects as we continue to focus on driving down costs across the platform.

現在我將談談我們在第二季採取的行動，這些行動預計將在未來產生效益。今年三月，我們宣布將裁減超過 10% 的公司員工。這是我們努力使成本結構與當前業務需求保持一致的延伸。我們正在努力推進額外的成本改進項目，同時我們將繼續致力於降低整個平台的成本。

We also announced that we begin to wind down the fortress North American business. These actions simplify our business, allow the company to generate additional cash flow and accelerate the leveraging. With that, I'll turn the call over to Peter for a review of our quarterly results.

我們也宣布開始逐步關閉北美堡壘業務。這些舉措簡化了我們的業務，使公司能夠產生額外的現金流並加速槓桿作用。說完這些，我會把電話轉給彼得，讓他回顧我們的季度業績。

Thanks, Ed.

謝謝，艾德。

I'll comment briefly on the financial results for the quarter before turning the call over for Q&A. For the second quarter, consolidated revenue was $495 million up 36% year over year.

在進行問答環節之前，我將簡要評論一下本季的財務結果。第二季度，綜合營收為 4.95 億美元，年增 36%。

Operating loss for the quarter was 3.1 million, which was an improvement from the operating loss of $39.3 million last year.

本季營業虧損為 310 萬美元，較去年同期 3,930 萬美元的營業虧損有所改善。

Consolidated net loss was $32 million compared to a net loss of $38.9 million in the prior period.

合併淨虧損為 3,200 萬美元，而上一期間淨虧損為 3,890 萬美元。

These results include impairments taken on fortress in both periods as well as the impairment in the plant nutrition business last year.

這些結果包括兩個時期對堡壘的減損以及去年對植物營養業務的減損。

Adjusted even for the quarter was 84.1 million, which compares to $95.7 million a year ago. As noted in our press release yesterday, the treatment of the contingent consideration liability for fortres impacts the comparability of adjusted EBITDA between periods. When that is taken into account, modified adjusted EBITDA put 76.2 million in the quarter compared to 71.9 million in the second quarter of 2024.

本季調整後的營收為 8,410 萬美元，而去年同期為 9,570 萬美元。正如我們昨天的新聞稿中所述，對 Fortres 或有對價負債的處理會影響不同時期調整後 EBITDA 的可比性。考慮到這一點，本季調整後的 EBITDA 為 7,620 萬美元，而 2024 年第二季為 7,190 萬美元。

In the salt business, revenue in the second quarter was $433 million compared to $310 million a year ago.

在鹽業務方面，第二季的營收為 4.33 億美元，而去年同期為 3.1 億美元。

Pricing was down 5% year over year to approximately $85 per ton, with volumes up 47% compared to the prior period.

價格年減 5% 至約每噸 85 美元，而銷量較上一時期成長 47%。

Net revenue per ton, which accounts for distribution costs, decreased 4% to $57. On a per ton basis, operating earnings came in lower year over year at $13.10 per ton, down 31%, while adjusted even per ton decreased roughly 30% to $16.75.

每噸淨收入（包括分銷成本）下降 4% 至 57 美元。以每噸計算，營業利潤年減 31% 至每噸 13.10 美元，調整後每噸利潤則下降約 30% 至每噸 16.75 美元。

The decrease in margins primarily reflects the increase in production costs per ton due to the curtailment of the production at the Godrich mine last year and software pricing for highway deoxinee salt compared to last year.

利潤率的下降主要反映了由於去年戈德里奇礦的減產以及高速公路除氧鹽的軟體定價與去年相比上漲導致每噸生產成本的增加。

In the plant nutrition business, revenue for the second quarter was $58 million which is up 16% year over year from $50 million. Sales volumes were up 26% from prior period while pricing was down 8% for the same period.

在植物營養業務方面，第二季的營收為 5,800 萬美元，較去年同期的 5,000 萬美元成長 16%。銷售量較上一時期成長了 26%，而價格同期卻下降了 8%。

Distribution costs per ton increased 13% to around $102 per ton, and all in production costs per ton decreased by approximately 10% when adjusting for the impairment in the business last year.

每噸分銷成本增加 13% 至每噸約 102 美元，而調整去年業務減損後，每噸全部生產成本下降約 10%。

As I mentioned, we executed successfully on our plan to reduce North American highway deicing inventory levels, harvest cash and pay down debt.

正如我所提到的，我們成功執行了減少北美高速公路除冰劑庫存水準、獲​​取現金和償還債務的計劃。

The value of North American highway deicing inventory declined 47% year over year, and the volumes associated with that were down almost 60%. This allowed for a sequential decrease in total net debt of $171 million and an $81 million dollar decline from last year's second quarter.

北美高速公路除冰劑庫存價值年減 47%，相關數量下降近 60%。這使得總淨債務連續減少 1.71 億美元，比去年第二季減少 8,100 萬美元。

At quarter end, we have liquidity of $329 million comprised of $51 million of cash and a revolver capacity of around $279 million. From a guidance perspective, we increased our adjusted even of guidance for the year.

截至本季末，我們的流動資金為 3.29 億美元，其中包括 5,100 萬美元現金和約 2.79 億美元的循環信貸額度。從指導角度來看，我們提高了今年的調整後指導值。

At the midpoint we are now showing $188 million for the year, which is an increase from a midpoint of $173 million coming out of Q1 '25.

目前，我們顯示的全年中位數為 1.88 億美元，較 2025 年第一季的 1.73 億美元中位數有所增加。

The $188 million includes the gain related to the write-off of the fortress contingent consideration liability of approximately $8 million. Even adjusting for that item, we're showing improvements in guidance for Salt and corporate.

這 1.88 億美元包括與註銷約 800 萬美元的堡壘或有對價負債相關的收益。即使針對該專案進行調整，我們也顯示出對鹽和企業的指導有所改善。

I would also point out that our guidance for capital expenditures was unchanged at a range of $75 million to $85 million.

我還要指出的是，我們的資本支出指引保持不變，仍在 7,500 萬美元至 8,500 萬美元的範圍內。

As we continue executing on our back to basic strategies, we will focus on controlling costs, managing inventory and working capital, and enhancing free cash flow. I'll now have on the floor for questions. Operator.

隨著我們繼續執行基本策略，我們將專注於控製成本、管理庫存和營運資金以及提高自由現金流。我現在開始回答大家的提問。操作員。

I'd like to remind everyone, [Operator Instructions]. We'll pause for just a moment to compile the Q&A roster.

我想提醒大家，[操作員指示]。我們將暫停一會兒來整理問答名單。

Your first question comes from David C. Silver with C.L. King.

您的第一個問題來自 C.L. 的 David C. Silver。國王。

Yeah, hi, good morning. Not used to being called first. Okay, thank you very much.

是的，你好，早安。不習慣被先叫。好的，非常感謝。

I do have a couple of questions regarding kind of the balance sheet and the cash flow statement in particular, and I understand there's a number of, relatively different events kind of puts and takes.

我確實有幾個關於資產負債表和現金流量表的問題，我知道有很多相對不同的事件，例如收益和利弊。

Can I just ask you, unlike most, March quarters, the accounts receivable level actually rose from December to March, and overall, I mean, I think it's at a very high level relative to your sales or historical season ending levels, is there something going on there or why shouldn't I think that this would be a significant source of incremental further, incremental cash going forward? Just some comment on kind of the March March month end level of accounts receivable please.

我可以問一下您嗎，與大多數 3 月份季度不同，應收帳款水平實際上從 12 月到 3 月有所上升，總體而言，我認為相對於您的銷售額或歷史季末水平而言，它處於非常高的水平，這其中是否發生了什麼事情，或者為什麼我不應該認為這將是未來進一步增加現金的重要來源？請就三月末應收帳款水準發表一些評論。

Hi David, this is Ed.

你好，大衛，我是艾德。

Sometimes it's good to be first, but anyway, good to hear your voice. Let me pass this off to Peter Felman to address your question about the balance sheet.

有時成為第一名是件好事，但無論如何，聽到你的聲音還是很高興。讓我把這個問題交給彼得‧費爾曼來回答你關於資產負債表的問題。

Sure, this is Peter. I, there are a couple of insurance settlement matters within the AR and both the AP balances, and so you see a site grows up to both for the accounting.

當然，這是彼得。我認為，在應收帳款和應付帳款餘額中存在一些保險結算事宜，因此您會看到一個站點同時涉及會計工作。

As well as as we continue to have a good quarter and we see those AR balances will continue to come down slightly related to just the the natural flow of the inventory.

隨著我們繼續保持良好的季度業績，我們看到應收帳款餘額將繼續略有下降，這與庫存的自然流動有關。

So.

所以。

Okay, very good. And then, maybe a business question but I'm sure your team this has to do with the upcoming bidseason, and I'm sure your team is very proficient at kind of reading the tea leaves, I guess.

好的，非常好。然後，也許是一個商業問題，但我相信您的團隊這與即將到來的競標季節有關，而且我敢肯定您的團隊非常擅長閱讀茶葉。

But what can you say or what can you divulge divine, I guess from the early requests for bids? In other words, have the volume commitments, that the customers are seeking, have they noticeably increased versus the past year or two or the delivery points indicating areas that maybe the depot, depletioned that maybe you cited in your remarks just I know it's early, but the bidding does start pretty early or at least the bid process starts pretty early. What can you divine from from what's available to you at this point?

但是我想從早期的投標請求中您能說什麼或能透露什麼神聖的信息呢？換句話說，客戶所尋求的數量承諾與過去一兩年相比是否有明顯增加，或者交貨點表明倉庫可能已經耗盡，也許您在評論中提到過，我知道現在還為時過早，但競標確實開始得相當早，或者至少競標過程開始得相當早。從您目前所掌握的資料中，您能預測出什麼？

I'll make some general comments up front and then pass it off to Ben here. It is very early in the bidding season.

我將首先發表一些一般性評論，然後將其傳遞給這裡的 Ben。現在正處於競標季節的早期階段。

We do think that the market based on the difference between a year ago and now in terms of inventories in the winter that we served last year is much more constructive than we've seen over the past several years. So that by itself gives an indication of potential price increases and potential volume increases, but recognize that not all areas are the same that some areas experience more snow than others, so those sort of things will be different depending on the sort of current situation and the different localities. It's a setup that we understand reasonably well, so pass that off to Ben Nichols here, see what else you might want to add.

我們確實認為，根據我們去年冬季服務的庫存情況來看，基於一年前和現在之間的差異，市場比過去幾年要積極得多。因此，這本身就預示著潛在的價格上漲和潛在的銷量增加，但要認識到，並非所有地區的情況都一樣，有些地區的降雪量比其他地區多，所以這些情況會根據當前情況和不同地區而有所不同。我們對這個設置相當了解，因此請將其傳遞給這裡的 Ben Nichols，看看您還想添加什麼。

Yeah, good morning, David. This is Ben. I think what Ed alluded to the regional nature of that is important to understand. I would also say we have some early data points on tender sizes, which is the municipal and state level indications of what they see their needs for the upcoming season and I would tell you that those are ranging to slightly up. Significantly up in some regions, so all things being equal we think the dynamic's going to be positive year over year moving forward and I would tell you our team is very excited about that opportunity.

是的，早上好，大衛。這是本。我認為理解 Ed 所提到的區域性很重要。我還想說，我們有一些關於招標規模的早期數據點，這是市政和州一級對即將到來的季節的需求的指示，我想告訴你，這些數據略有上升。在某些地區有顯著的成長，所以在所有條件相同的情況下，我們認為未來這一動態將逐年呈現積極態勢，我想告訴你們，我們的團隊對這一機會感到非常興奮。

Okay, great. I'm just going to sneak in one more but this would be related to your SOP business.

好的，太好了。我只是想再偷偷地問一句，但這與你的 SOP 業務有關。

And I just as a note I mean, To me that business still, has a lot of potential to kind of improve the margins there.

我要指出的是，對我來說，該業務仍然具有很大的潛力來提高利潤率。

Especially, given the two consecutive quarters, I think of pretty high shipment levels Ed you I understand the salt segment and particularly the icing inventories was job one here, but what what do you see over the next few quarters or next year or so in terms of restoring kind of that cash cost or cash production cost performance level to I don't know, more more historical levels and maybe driving some incremental cash flow from that part of your business.

特別是考慮到連續兩個季度，我認為出貨量相當高，埃德，我理解鹽部分，特別是糖霜庫存是這裡的首要任務，但您認為在接下來的幾個季度或明年左右，在恢復現金成本或現金生產成本績效水平方面會怎樣呢？我不知道，更多的歷史水平，也許會從您業務的這一部分帶來一些增量現金流。

Yeah, it's an important objective for us, David.

是的，這對我們來說是一個重要的目標，大衛。

We outlined the efforts that we were initiating a year ago and it's a multi-year effort, and it really starts with the brine chemistries and controlling the brine chemistries better as we go into our evaporation bonds. To sort of repair and restore these ponds back towards sort of historical levels and we talked about sales to harvest ratios and the harvest and production ratios excuse me and other things. The early indications are very good in that regard, and you see that through the increased volumes that we're now producing in Utah. That's really just the first step that will continue.

我們概述了一年前開始的努力，這是一項多年的努力，它實際上從鹽水化學開始，並在我們進入蒸發鍵時更好地控製鹽水化學。為了修復這些池塘並將其恢復到歷史水平，我們討論了銷售與收穫的比率以及收穫與生產的比率（對不起）和其他事情。在這方面，早期跡象非常好，從我們現在在猶他州的產量增加就可以看出這一點。這實際上只是第一步，並且將繼續下去。

For some period of time, but it really just the first step. The other big end of this is sort of the back end of the SOP production, which is related to what we call the dryer plant or the compaction plant which requires a capital project and modification. That engineering work is well advanced.

一段時間以來，但這實際上只是第一步。另一個重要的方面是 SOP 生產的後端，這與我們所說的干燥廠或壓實廠有關，這些廠需要資本項目和改造。這項工程進展順利。

We want to make sure that we're really spot on and able to manage this really well, but between those different efforts, we believe that we will be able to materially reduce the cost of of our SOP production. I'll hand this off to Pat Maron a little bit to see if you'd like to add some additional comments there.

我們希望確保我們能夠真正做到並很好地管理這一點，但在這些不同的努力之間，我們相信我們將能夠大幅降低 SOP 生產的成本。我會把這個問題交給 Pat Maron，看看你是否願意添加一些額外的評論。

Thanks Ed. Hi David, this is Pat. I've had a chance to get to Ogden a couple of times now, and certainly we have a fantastic team there and a very unique asset, and on top of the projects that that Ed has talked about, we certainly see some opportunities for us to drive, improvements in in how we run the business but that's going to be incremental over time. But the two big projects that Ed has spoken about the restoration of the ponds and the capital projects will give us a step function going forward while we continue to drive improvements in the business.

謝謝艾德。你好，大衛，我是帕特。我已經有幾次機會去奧格登了，當然我們在那裡擁有一支出色的團隊和非常獨特的資產，除了 Ed 談到的項目之外，我們當然看到了一些機會，可以推動我們改進業務運營方式，但這將隨著時間的推移而逐漸增加。但是，艾德談到的兩個大項目——池塘修復和資本項目——將為我們未來的發展提供一步作用，同時我們將繼續推動業務的改善。

Okay, thanks very much. I'm going to get back into cue. Appreciate it.

好的，非常感謝。我要回到提示中。非常感謝。

Okay.

好的。

Thank.

感謝。

You, David.

你，大衛。

Again, if you would like to ask a question, press star, followed by the number one on your telephone keypad.

再次強調，如果您想提問，請按電話鍵盤上的星號，然後按數字 1。

There are no further questions at this time. I'll now turn the call back over to Edward Dowling, President and CEO.

目前沒有其他問題。現在我將把電話轉回給總裁兼執行長 Edward Dowling。

Thank you, Carly, for the moderation here. I appreciate that and thank you all again for your interest in Compass minerals. We are focused on delivering on our back to basic strategy. We're making good progress in that regard, and I'm excited about the steps the company is making. Please don't hesitate to reach out to Brent if you have any follow up questions. We look forward to speaking to you in the next quarter.

謝謝卡莉的主持。我對此表示感謝，並再次感謝大家對 Compass 礦物的關注。我們專注於實現我們的基本策略。我們在這方面取得了良好的進展，我對公司正在採取的措施感到興奮。如果您有任何後續問題，請隨時聯繫布倫特。我們期待下個季度與您交談。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining. You may now disconnect.

感謝大家的加入。您現在可以斷開連線。