Mr Cooper Group Inc (COOP) 2025 Q1 法說會逐字稿

Good morning. My name is Ken Posner, and I'm SVP of Strategic Planning and Investor Relations at Mr. Cooper Group. With me today are Jay Bray, Chairman and CEO; Mike Weinbach, President; and Kurt Johnson, Executive Vice President and CFO. This morning, we'll be reviewing the company's financial performance for the first quarter 2025. You can find the slides accompanying our remarks on our Investor Relations web page at investors.mrcoopergroup.com.

早安.我叫肯‧波斯納 (Ken Posner)，是庫柏集團 (Mr. Cooper Group) 的策略規劃與投資人關係資深副總裁。今天和我一起的還有董事長兼執行長 Jay Bray；總裁 Mike Weinbach；以及執行副總裁兼財務長 Kurt Johnson。今天上午，我們將回顧公司 2025 年第一季的財務表現。您可以在我們的投資者關係網頁 investors.mrcoopergroup.com 上找到我們評論附帶的幻燈片。

As a reminder, we may refer to non-GAAP measures, which are reconciled to GAAP results in the appendix to the slide deck. Also, we may make forward-looking statements, which you should understand could be affected by risk factors that we've identified in our 10-K and other SEC filings. We are not undertaking any commitment to update these statements if conditions change.

提醒一下，我們可以參考非 GAAP 指標，這些指標與幻燈片附錄中的 GAAP 結果相協調。此外，我們可能會做出前瞻性陳述，您應該理解這些陳述可能會受到我們在 10-K 和其他 SEC 文件中確定的風險因素的影響。如果情況發生變化，我們不承諾更新這些聲明。

With that, I'll turn it over to Jay.

說完這些，我就把麥克風交給傑伊。

Good morning, everyone. We look forward to sharing our thoughts on our first-quarter financial results. But first, I want to note that due to the pending combination with Rocket, which was announced on March 31, we will not be taking questions this morning.

大家早安。我們期待分享我們對第一季財務業績的看法。但首先，我想指出，由於與 Rocket 的合併已於 3 月 31 日宣布，因此我們今天上午將不會接受提問。

I'll start my comments with some personal thoughts on the combination with Rocket. This transaction is about creating a scaled homeownership experience. By pooling our talent, data and technology, we are going to totally reimagine the homeownership journey from start to finish and harness the transformative power of AI to bring our customers a truly amazing experience.

我將從一些關於與 Rocket 的組合的個人想法開始我的評論。此次交易旨在創造規模化的房屋所有權體驗。透過匯集我們的人才、數據和技術，我們將從頭到尾徹底重塑購屋之旅，並利用人工智慧的變革力量為我們的客戶帶來真正令人驚嘆的體驗。

For our investors, the industrial logic is compelling, and this transaction presents the opportunity for our shareholders to participate in the upside of the combined company. At Mr. Cooper, we've worked for years to perfect our servicing platform, which is digital, efficient, and highly scalable. Our multi-decade track record of customer growth and resilient profitability speaks for itself, as does the accolades for operational excellence we've earned from investors and clients.

對我們的投資者來說，產業邏輯是令人信服的，而這筆交易為我們的股東提供了參與合併後公司上行空間的機會。在 Mr. Cooper，我們多年來一直致力於完善我們的服務平台，該平台數位化、高效且高度可擴展。我們數十年來在客戶成長和穩健獲利方面的記錄不言而喻，投資者和客戶對我們卓越營運的讚譽也同樣如此。

Now by combining our platform with Rocket's iconic brand and marketing capabilities, we're creating a fully integrated homeownership platform with unmatched capabilities. Finally, as I've shared before, the two cultures are very complementary, and the integration teams are already synced and planning for how to bring our business together once the transaction closes. I cannot be more thrilled to be part of this joint effort to usher in the industry's future.

現在，透過將我們的平台與 Rocket 的標誌性品牌和行銷能力相結合，我們正在創建一個具有無與倫比功能的完全整合的房屋所有權平台。最後，正如我之前分享的，兩種文化非常互補，整合團隊已經同步併計劃在交易完成後如何整合我們的業務。我非常高興能夠參與這項開創產業未來的共同努力。

And with that, I'm going to start on slide 3 with a review of first quarter highlights. Then I'll turn it over to Mike to take you through a more detailed discussion of operating results, and Kurt will wrap up with financials. In summary, this was another solid quarter, demonstrating the power of our at-scale platform to produce consistent recurring and predictable results.

接下來，我將從投影片 3 開始回顧第一季的亮點。然後，我將把時間交給麥克，讓他帶您更詳細地討論經營業績，最後，庫爾特將總結財務狀況。總而言之，這又是一個穩健的季度，證明了我們大規模平台能夠產生持續、可預測的結果的強大功能。

ROTCE was 16.8%, up from 15.8% last quarter as we are seeing the benefits from the Flagstar acquisition start to flow through, and I'm really pleased that we've moved so quickly into the 16% to 20% guidance range we shared with you just last quarter. The key themes behind this performance remain the same: operating leverage, fee income, and strong execution in our Origination segment, all of this reflecting the investments we've made in technology and operations over many years, that, and the talent and great work of our people to whom I will once again say thank you for what you have built.

ROTCE 為 16.8%，高於上一季的 15.8%，因為我們看到 Flagstar 收購帶來的好處開始顯現，我很高興我們如此迅速地進入了上個季度剛剛與您分享的 16% 至 20% 的指導範圍。這項業績背後的關鍵主題保持不變：營運槓桿、費用收入以及我們起源部門的強勁執行力，所有這些都反映了我們多年來在技術和營運方面的投資，以及我們員工的才華和出色工作，我將再次感謝你們所創造的一切。

The balance sheet is in great shape with a super strong capital ratio of 25.5%. Liquidity is already back up to $3.9 billion and consistent performance on our MSR hedge and delinquencies declining in the quarter to 1.1%, which speaks to the sterling asset quality of our book. Balance sheet strength is non-negotiable for industry leaders, and it's especially important during periods of elevated uncertainty, such as the markets are currently experiencing.

資產負債表狀況良好，資本充足率高達 25.5%。流動性已回升至 39 億美元，我們的 MSR 對沖表現穩定，拖欠率在本季度下降至 1.1%，這說明我們帳簿的資產品質優良。對於產業領導者來說，資產負債表的實力是不可協商的，這在市場目前經歷的高度不確定性時期尤其重要。

Turning to Servicing, Flagstar was the biggest acquisition in our history, and I'm pleased to report that since closing the transaction last quarter, we have now onboarded all our new customers and team members, and we're right on schedule with integration. Thanks to growth, operating leverage, and low speeds, Servicing generated $332 million in pretax income at the high end of our guidance range.

談到服務，Flagstar 是我們歷史上最大的收購，我很高興地報告，自上個季度完成交易以來，我們現在已經接納了所有新客戶和團隊成員，並且我們的整合工作正按計劃進行。由於成長、營運槓桿和低速度，服務業務產生了 3.32 億美元的稅前收入，處於我們指導範圍的高端。

Originations outperformed our guidance with $53 million in pretax income. I'd call out very strong momentum in home equity loans and cash out refinances, which we view as a massive long-term growth opportunity regardless of the interest rate environment.

Originations 的稅前收入達到 5,300 萬美元，超出了我們的預期。我認為房屋淨值貸款和現金再融資的勢頭非常強勁，無論利率環境如何，我們都認為這是一個巨大的長期成長機會。

Last quarter, we earned the prestigious SHARP Gold Award from Freddie Mac, recognizing the operational excellence of our Servicing platform. In this quarter, we were thrilled to win Fannie Mae STAR Award. In fact, we were the only servicer in the country to earn STAR recognition in all three categories for this award: general servicing, solution delivery, and timeline management.

上個季度，我們獲得了房地美頒發的著名 SHARP 金獎，以表彰我們服務平台的卓越運作。本季度，我們非常榮幸地榮獲房利美STAR獎。事實上，我們是全國唯一一家在該獎項的所有三個類別（一般服務、解決方案交付和時間表管理）中獲得 STAR 認可的服務商。

This recognition is important because it illustrates a key success factor behind our long-term growth, namely the value we deliver as a servicer to our business partners, including agency, government and private investors, and our subservicing clients. We deliver this value because we wake up every morning asking the question, how do we earn and sustain our partners' trust. And you see the result of our focus in these operational scorecards.

這項認可非常重要，因為它反映了我們長期成長背後的關鍵成功因素，即我們作為服務商為我們的業務合作夥伴（包括機構、政府和私人投資者以及我們的次級服務客戶）提供的價值。我們傳遞這個價值觀是因為我們每天早晨醒來都會問這個問題：我們如何贏得並維持伴侶的信任。您可以從這些營運記分卡中看到我們關注的結果。

And with that, I'll turn it over to Mike.

現在，我將把話題交給麥克。

Thanks, Jay. And good morning, everyone. If you'll turn to slide 4, I'll start with the Servicing segment, where we reported pretax income of $332 million in the first quarter, which was up 22% year over year. This was at the high end of our guidance range, in part due to slower-than-expected CPR speeds and lower amortization. Earnings also benefited from operating leverage. If you look year over year, Servicing operating expenses declined as a percentage of the portfolio by 136 basis points, and that's even before we fully integrated the Flagstar operation onto our platform.

謝謝，傑伊。大家早安。請翻到第 4 張投影片，我將從服務部門開始，我們報告第一季的稅前收入為 3.32 億美元，年增 22%。這處於我們指導範圍的高端，部分原因是 CPR 速度低於預期且攤銷較低。收益也受益於經營槓桿。如果按年比較，服務營運費用佔投資組合的百分比下降了 136 個基點，這還是在我們將 Flagstar 營運完全整合到我們的平台之前。

Jay mentioned that Flagstar was the company's largest acquisition, and the onboarding went exceptionally well as measured by customer delight metrics such as speed to answer, abandonment rate, and first call resolution, which have remained consistently at top the industry levels. Obviously, we have a tremendous amount of experience with large portfolio transfers, and I'd add that we're constantly improving our processes, which has helped make this a very smooth and welcoming experience for our new customers.

Jay 提到，Flagstar 是公司最大的一筆收購，其入職流程非常順利，以客戶滿意度指標（例如接聽速度、放棄率和首次呼叫解決率）來衡量，這些指標一直保持在行業領先水平。顯然，我們在大型投資組合轉移方面擁有豐富的經驗，我想補充一點，我們正在不斷改進流程，這有助於為我們的新客戶提供非常順暢和受歡迎的體驗。

Also contributing to our strong performance is AgentiQ, which we highlighted for you last quarter following the rollout to the 1,400 agents in our call centers. As a reminder, this AI-powered tool synthesizes the insights gleaned from millions of customer interactions and puts relevant prompts on the screen, allowing agents to empathetically focus on the customer while providing answers quickly and efficiently. With respect to AI in the call center, we're only scratching the surface of what's possible in terms of customer experience and efficiency.

AgentiQ 也為我們的強勁表現做出了貢獻，我們在上個季度向您重點介紹了該產品，該產品已在我們的呼叫中心的 1,400 名代理商中推出。提醒一下，這個人工智慧工具綜合了從數百萬次客戶互動中收集到的見解，並在螢幕上顯示相關提示，使代理商能夠全心全意地關注客戶，同時快速有效地提供答案。對於呼叫中心的人工智慧，我們僅僅觸及了客戶體驗和效率方面的可能性的表面。

The total portfolio was down slightly in the quarter, ending at $1.5 trillion, which is equivalent to just over 6.4 million customers. As we pointed out last quarter, we shifted about $60 billion in subservice loans to other servicers as was contemplated in the Flagstar transaction. Outside of these deboardings, our subservicing portfolio grew organically by 2% quarter over quarter as we're growing with our clients, which includes some of the strongest originators and investors in the industry. I'd add that we're also in advanced discussions with potential new clients and optimistic about winning new books of business.

本季總投資組合略有下降，最終達到 1.5 兆美元，相當於 640 多萬客戶。正如我們在上個季度指出的那樣，我們按照 Flagstar 交易中的設想，將約 600 億美元的次級服務貸款轉移給了其他服務商。除了這些下線之外，隨著我們與客戶共同成長，我們的次級服務組合環比有機增長了 2%，其中包括一些業內最強大的發起人和投資者。我想補充一點，我們還在與潛在的新客戶進行深入討論，並對贏得新業務持樂觀態度。

Our own portfolio was roughly flat quarter-over-quarter at just over $730 billion. We benefited from strong volumes in the correspondent channel and closed roughly $7 billion in bulk acquisitions. We're continuing to analyze and bid selectively on pools that meet our yield targets. So now let's move on to slide 5 and talk about Originations, where we generated $53 million in EBT, which was slightly above our guidance range.

我們自己的投資組合與上一季基本持平，略高於 7,300 億美元。我們受惠於代理商通路的強勁交易量，完成了約 70 億美元的大宗收購。我們將繼續分析並選擇性地競標符合我們收益目標的資金池。現在讓我們轉到幻燈片 5，討論 Originations，我們在 EBT 中產生了 5300 萬美元，略高於我們的指導範圍。

Volumes were strong in the correspondent channel, where we've made a number of investments and operational enhancements over the last 18 months. During March, we were the number-four originator in this channel. In the DTC channel, we're enjoying very strong momentum with cash outs and second liens. Cash outs made up 46% of volume, up from 39% last quarter, while second liens grew from 12% to 21%.

代理通路的交易量非常強勁，過去 18 個月我們在該通路進行了大量投資和營運改善。三月份，我們是該頻道的第四大發起者。在 DTC 通路中，我們在現金支出和第二留置權方面享有非常強勁的勢頭。現金支出佔交易量的 46%，高於上一季的 39%，而第二留置權從 12% 增長到 21%。

Putting this in context of customer benefits, during the quarter, we helped over 9,000 customers access equity in their homes and helped nearly 2,000 customers reduce their monthly payments or purchase a new home. Cash outs and second liens are turning out to be a very popular method for customers to tap the equity in their homes. And as you know, they typically use this liquidity for debt consolidation, home improvements, and other major expenses.

從客戶利益的角度來看，在本季度，我們幫助超過 9,000 名客戶獲得了房屋淨值，並幫助近 2,000 名客戶減少了每月的還款額或購買了新房。現金提取和第二留置權正成為客戶利用其房屋淨值的一種非常流行的方法。如您所知，他們通常會使用這些流動資金進行債務合併、房屋裝修和其他重大開支。

Regardless of the use, these products cost much less than most credit cards, and that's even before considering the tax deductibility of mortgage interest. So you can make a strong argument that this is one of the most sensible ways for homeowners to access liquidity. We believe there's a long runway to fully meet this demand with 94% of our customers having at least 20% equity in their homes and our customers' total equity in the neighborhood of $700 billion.

無論用途如何，這些產品的成本都比大多數信用卡低得多，這還不包括抵押貸款利息的稅收減免。因此，你可以有力地論證，這是房主獲取流動性的最明智的方式之一。我們相信，要完全滿足這一需求還有很長的路要走，因為我們的 94% 的客戶擁有至少 20% 的房屋淨值，而我們客戶的總淨值約為 7000 億美元。

Just to update you, our refinance recapture rate was a little over 50% in the quarter. And bear in mind, we don't count second liens in this ratio as some of our peers do. Clearly, the current environment offers limited opportunity for rate and term refis, but our DTC team is very nimble. And with even brief rallies in rates, we can move quickly to help customers save money, as you saw in the third quarter last year. As of quarter end, 21% of our portfolio had note rates of 6% or higher, which is indicative of a sizable opportunity when rates next rally.

僅向您更新一下，本季我們的再融資回收率略高於 50%。請記住，我們不像一些同業那樣將第二留置權計算在此比例中。顯然，目前的環境為利率和期限再融資提供了有限的機會，但我們的 DTC 團隊非常靈活。即使利率短暫上漲，我們也可以迅速採取行動，幫助客戶省錢，就像去年第三季看到的那樣。截至本季末，我們投資組合中 21% 的票據利率為 6% 或更高，這表明下次利率上漲時將存在相當大的機會。

I'll wrap up here by adding to Jay's comments about the excitement we feel about joining forces with Rocket. With Rocket's iconic brand and marketing skills, its leading J.D. Power service levels, its highly scalable origination platform, and our shared commitment to investing in AI, digital, and other technologies, there's so much more we'll be able to do for our customers over time, whether it's through refis, second liens, purchase mortgages, title insurance or closing services. We think the combination will create a true end-to-end homeownership ecosystem and an incredibly valuable platform with customers for life.

最後，我想補充一下傑伊關於我們與 Rocket 聯手的興奮之情的評論。憑藉 Rocket 的標誌性品牌和行銷技巧、領先的 J.D. Power 服務水準、高度可擴展的發起平台以及我們對投資人工智慧、數位和其他技術的共同承諾，隨著時間的推移，我們將能夠為客戶做更多的事情，無論是透過再融資、第二留置權、購買抵押貸款、產權保險還是結算服務。我們認為，這種結合將創造一個真正的端到端房屋所有權生態系統和一個為客戶終身服務的極其有價值的平台。

With that, I'll turn the call over to Kurt.

說完這些，我將把電話轉給庫爾特。

Thanks, Mike, and good morning, everyone. I'll start on slide 6 and go through our financials. To summarize, net income was $88 million, which included $255 million in pretax operating earnings, offset by an $82 million negative MSR mark net of hedges and adjustments of $68 million. Mike commented on Origination and Servicing segment earnings, and I'll add that corporate overhead segment expenses of $51 million were in line with our guidance from last quarter.

謝謝，麥克，大家早安。我將從第 6 張投影片開始介紹我們的財務狀況。總而言之，淨收入為 8,800 萬美元，其中包括 2.55 億美元的稅前營業收入，扣除 6,800 萬美元的對沖和調整後，抵消了 8,200 萬美元的負 MSR 標記。麥克對發起和服務部門的收益發表了評論，我想補充一點，公司管理費用部門的支出為 5,100 萬美元，與我們上個季度的指導一致。

Let me start by unpacking the adjustments. First, there were $26 million in transaction and transition charges primarily related to the Flagstar integration. Second, as you recall last quarter, we incurred a charge for a legal ruling. This quarter, we took an additional $33 million charge associated with the legal fees, which closes out all liabilities stemming from this ruling.

讓我先來解釋一下這些調整。首先，主要與 Flagstar 整合有關的交易和過渡費用為 2,600 萬美元。第二，正如您所記得的，上個季度我們因一項法律裁決而產生了費用。本季度，我們額外收取了 3,300 萬美元的法律費用，以彌補因該裁決而產生的所有債務。

Finally, there were some miscellaneous adjustments associated with losses on equity investments; a slight operating loss from the Flagstar TPO platform, which we sold at the end of the quarter; and a positive reserve release related to Home Point acquisition. Full details are, as always, listed in the appendix to today's slide deck.

最後，還有一些與股權投資損失相關的雜項調整；我們在本季末出售的 Flagstar TPO 平台產生了輕微的營運虧損；以及與 Home Point 收購相關的積極儲備釋放。像往常一樣，完整的詳細資訊列在今天的幻燈片附錄中。

Turning to the mark-to-market line, we marked down the MSR to reflect falling interest rates and expectations for higher CPRs, leading to a quarter-end valuation of 155 basis points of UPB or 5.4 multiple of the base servicing strip. Offsetting this loss were $209 million in hedge gains, which equates to a 72% coverage ratio, slightly below our 75% target. We're extremely pleased with the hedge's consistent performance, which over the last eight quarters has contributed to stable and predictable results. Our target hedge remains 75%.

轉向以市價計算的線，我們下調了 MSR 以反映利率下降和對更高 CPR 的預期，導致季度末 UPB 估值為 155 個基點或基本服務條的 5.4 倍。抵銷這一損失的是 2.09 億美元的對沖收益，相當於 72% 的覆蓋率，略低於我們的 75% 的目標。我們對對沖的持續表現感到非常滿意，過去八個季度，對沖帶來了穩定且可預測的結果。我們的目標對沖仍然是 75%。

Now if you'll turn to slide 7, I'll briefly touch on asset quality. Our high-quality mortgage portfolio continues to perform extremely well with MSR delinquencies down by 9 basis points to 1.1%. Low delinquencies reflect our thoughtful portfolio construction, which you can see in the high FICO scores and low LTV ratios for our customers as well as our strong loss mitigation capacity, which is one of the key factors that Fannie and Freddie measure in their operational scorecards and which was recognized in our winning the SHARP and STAR Awards.

現在請翻到第 7 張投影片，我將簡要地談談資產品質。我們的優質抵押貸款組合持續表現優異，MSR 拖欠率下降 9 個基點至 1.1%。低拖欠率反映了我們周到的投資組合構建，您可以從我們客戶的高 FICO 分數和低 LTV 比率以及我們強大的損失緩解能力中看到這一點，這是房利美和房地美在其運營記分卡中衡量的關鍵因素之一，也是我們贏得 SHARP 獎和 STAR 獎的認可。

I'd like to call out our exceptional performance with Ginnie Mae loans, where delinquencies fell by 50 basis points for both FHA and VA loans, significantly outperforming the industry. And I'd love to give kudos to our leaders in servicing and loss mitigation for helping our customers stay in their homes as well as providing great results for our subservicing clients.

我想特別指出的是，我們在 Ginnie Mae 貸款方面的出色表現，FHA 和 VA 貸款的拖欠率都下降了 50 個基點，遠遠優於行業平均水平。我要向我們在服務和損失減輕方面的領導者表示敬意，他們幫助我們的客戶留在家中，並為我們的次級服務客戶提供了出色的結果。

While we don't try to forecast overall consumer credit cycles, we have deep experience managing delinquent portfolios. Additionally, we have extremely valuable capabilities in Xome and Rushmore special servicing. If the environment turned more adverse, we believe Mr. Cooper and our investors would be extremely well protected.

雖然我們不會試圖預測整體消費者信貸週期，但我們在管理拖欠投資組合方面擁有豐富的經驗。此外，我們在 Xome 和 Rushmore 特殊服務方面擁有極其寶貴的能力。如果環境變得更加不利，我們相信庫柏先生和我們的投資者將得到極好的保護。

Turning to slide 8, I'll end my remarks with an update on our key balance sheet metrics. Liquidity ended the quarter at $3.9 billion, up from $3.4 billion in the fourth quarter as we used operating cash flow to pay down $350 million in MSR lines. It was nice to see liquidity rebound so quickly following the Flagstar acquisition, which speaks to our extremely robust cash flow, running at an annual rate of nearly $1 billion in terms of steady state discretionary cash flow.

翻到第 8 張投影片，我將以我們關鍵資產負債表指標的更新來結束我的發言。本季末，流動性為 39 億美元，高於第四季的 34 億美元，因為我們使用經營現金流償還了 3.5 億美元的 MSR 額度。很高興看到在收購 Flagstar 之後流動性如此迅速地反彈，這說明我們的現金流極其強勁，以穩定狀態可自由支配現金流計算，每年的增長率接近 10 億美元。

At the same time, we upsized our borrowing capacity by $200 million and have begun renegotiating our existing MSR facilities to extend maturities through to 2027. Our capital ratio, as measured by tangible net worth to assets, ended the quarter at 25.5%, up from 24.4% last quarter. The increase was partially the result of a 21% decline in advances, which reflects typical seasonal trends.

同時，我們將藉貸能力提高了 2 億美元，並已開始重新協商現有的 MSR 貸款，以將期限延長至 2027 年。我們的資本比率（以有形淨值與資產之比衡量）本季末為 25.5%，高於上一季的 24.4%。這一增長部分是由於預付款下降了 21%，這反映了典型的季節性趨勢。

Tangible equity also benefited from strong earnings and the absence of stock repurchases during the quarter, which we suspended in advance of the Rocket transaction. Looking ahead, we do not expect to repurchase stock prior to the close of the transaction, which we expect to occur in the fourth quarter of 2025, subject to approval of Mr. Cooper shareholders and the satisfaction of other closing conditions, including customary regulatory approvals.

有形權益也受益於強勁的獲利和本季沒有股票回購，我們在 Rocket 交易之前暫停了股票回購。展望未來，我們預計不會在交易結束前回購股票，我們預計交易將在 2025 年第四季進行，但須獲得 Cooper 先生股東的批准並滿足其他成交條件，包括慣例監管批准。

Finally, I want to comment on our $500 million in senior notes maturing in February 2026, which are now callable at par. Thanks to our strong capital and cash flow generation, we have the option to retire the notes early, which is an option that we are actively evaluating and which should not have a material impact on our liquidity profile given the cessation of our stock repurchases.

最後，我想評論一下我們將於 2026 年 2 月到期的 5 億美元優先票據，這些票據現在可以按面值贖回。由於我們擁有強大的資本和現金流，我們可以選擇提前贖回票據，這是我們正在積極評估的選擇，考慮到我們停止股票回購，這不會對我們的流動性狀況產生重大影響。

With that, I'll close out our remarks. Thank you for your interest in Mr. Cooper.

我的發言就到此結束。感謝您對庫柏先生的關注。