CorEnergy Infrastructure Trust Inc (CORR) 2022 Q4 法說會逐字稿

Hello, and welcome to CorEnergy's conference call to discuss the fourth quarter 2022 results. (Operator Instructions)

您好，歡迎參加 CorEnergy 的電話會議，討論 2022 年第四季度的業績。 （操作員說明）

I would now like to turn the call over to Matt Kreps, Investor Relations for CorEnergy. Please go ahead.

我現在想把電話轉給 CorEnergy 投資者關係部的 Matt Kreps。請繼續。

Thank you, Paul, and thank you, everyone, for joining today's CorEnergy Infrastructure Trust Conference Call. With me today are Dave Schulte, CEO and Chairman; Robert Waldron, President and CFO; and Chris Huffman, Chief Accounting Officer. Dave, Robert and Chris will provide updates on our business operations and results, and all 3 will be available for Q&A.

謝謝保羅，也謝謝大家參加今天的 CorEnergy 基礎設施信託電話會議。今天和我在一起的是首席執行官兼董事長戴夫·舒爾特 (Dave Schulte)；總裁兼首席財務官 Robert Waldron；和首席會計官 Chris Huffman。 Dave、Robert 和 Chris 將提供有關我們業務運營和結果的最新信息，所有 3 人都可以進行問答。

I'd also like to introduce Jeff Teeven, our Vice President of Finance, who is joining the call today. JT has been an integral part of CorEnergy for many years and will be taking over the Investor Relations role as Debbie Hagen and I exit our roles with the company. It's been a pleasure to meet many of you and to be a part of an amazing team.

我還想介紹我們的財務副總裁 Jeff Teeven，他今天也加入了電話會議。多年來，JT 一直是 CorEnergy 不可或缺的一部分，並將接替 Debbie Hagen 的投資者關係角色，我將退出公司的角色。很高興認識你們中的許多人，並成為一個了不起的團隊的一員。

Earlier this morning, we published a press release announcing the fourth quarter results for 2022. We expect to file our Form 10-K at a later date. I would like to remind everyone that the statements made during the course of this presentation that are not purely historical may be forward-looking statements and subject to the safe harbor protection available under applicable securities laws.

今天早上早些時候，我們發布了一份新聞稿，宣布了 2022 年第四季度的業績。我們預計將在晚些時候提交 10-K 表格。我想提醒大家，在本演示過程中所做的並非純粹歷史的陳述可能是前瞻性陳述，並受適用證券法規定的安全港保護。

Important factors that could cause actual results to differ materially from those in the forward-looking statements are discussed in our filings with the SEC. These documents are available on the Investor Relations section of our website. We do not update our forward-looking statements.

我們在提交給美國證券交易委員會的文件中討論了可能導致實際結果與前瞻性陳述中的結果存在重大差異的重要因素。這些文件可在我們網站的投資者關係部分獲得。我們不會更新我們的前瞻性陳述。

During this call, we will make reference to certain non-GAAP metrics which are reconciled in our filings as part of our results reporting. We encourage all of you to review our complete disclosures, risk factors, GAAP numbers and those non-GAAP metrics with the related reconciliations.

在這次電話會議中，我們將參考某些非 GAAP 指標，這些指標在我們的文件中作為我們結果報告的一部分進行了核對。我們鼓勵大家查看我們的完整披露、風險因素、GAAP 數據和那些非 GAAP 指標以及相關調節。

And with that, I would now like to turn the call over to David Schulte. Please go ahead.

有了這個，我現在想把電話轉給大衛舒爾特。請繼續。

Thanks, Matt, and good morning, everyone. It's been an eventful couple of months and a period of change for CorEnergy. We will discuss the challenges we're facing and our responses, including streamlining our executive team. I want to begin by introducing Robert Waldron as the new President of CorEnergy. In this role, Robert will oversee both the Crimson and MoGas organizations as well as take on increased responsibility over the day-to-day operations.

謝謝，馬特，大家早上好。對於 CorEnergy 來說，這幾個月是多事之秋，也是一段變革時期。我們將討論我們面臨的挑戰和我們的應對措施，包括精簡我們的執行團隊。我想首先介紹羅伯特沃爾德倫作為 CorEnergy 的新總裁。在此職位上，羅伯特將監督 Crimson 和 MoGas 組織，並在日常運營中承擔更多責任。

Robert will continue to serve as CFO for the near term. He has a long, diverse career in the energy sector with experience as an engineer, a finance professional and a business executive. Robert joined Crimson in 2014 as CFO, and has been active in all facets of the business since that time. His knowledge of our California pipeline operations has been a valuable asset to me, and I believe to our investors as we have navigated uncertain times over the past 2 years. When CorEnergy acquired Crimson, it was an easy decision to offer Robert the CorEnergy's CFO role, and I believe the company and shareholders will benefit greatly from his expanding influence as President.

羅伯特將在近期繼續擔任首席財務官。他在能源領域擁有長期、多元化的職業生涯，曾擔任過工程師、金融專業人士和企業高管。 Robert 於 2014 年加入 Crimson，擔任首席財務官，自那時以來一直活躍於業務的各個方面。他對我們加州管道業務的了解對我來說是一筆寶貴的財富，我相信對我們的投資者來說，因為我們在過去兩年中度過了不確定的時期。當 CorEnergy 收購 Crimson 時，讓羅伯特擔任 CorEnergy 的首席財務官一職是一個很容易的決定，我相信公司和股東將從他作為總裁不斷擴大的影響力中受益匪淺。

I would also like to introduce Chris Huffman, our Chief Accounting Officer, who will present the financial report today as we expand and enhance his leadership role at CorEnergy. Chris has been an integral part of our senior leadership team since 2021. And prior to that, he served 10 years as Chief Accounting Officer at a private E&P company and began his career at PwC. The company is fortunate to have such a knowledgeable accountant and a strong leader. I'm excited for both of these colleagues as they expand their influence at CorEnergy.

我還想介紹一下我們的首席會計官克里斯·霍夫曼 (Chris Huffman)，隨著我們擴大和加強他在 CorEnergy 的領導角色，他將在今天提交財務報告。自 2021 年以來，克里斯一直是我們高級領導團隊不可或缺的一員。在此之前，他在一家私營勘探與生產公司擔任了 10 年的首席會計官，並在普華永道開始了他的職業生涯。公司很幸運有這樣一位知識淵博的會計師和一位強有力的領導。我為這兩位同事感到興奮，因為他們擴大了在 CorEnergy 的影響力。

I'll now turn over the call to Robert who will spend a couple of minutes updating you on our operations, and then Chris will provide the financial comments and outlook. Robert?

我現在將電話轉給羅伯特，他將花幾分鐘向您介紹我們的運營情況，然後克里斯將提供財務評論和展望。羅伯特？

Thanks, Dave. I'm grateful and humbled by the confidence and support shown by the Board, Dave and the rest of the CorEnergy organization in my new role as President. The CorEnergy team from top to bottom, including a deep finance and accounting group supporting me is best-in-class, and I'm excited about our future.

謝謝，戴夫。董事會、Dave 和 CorEnergy 組織的其他成員對我擔任總裁的新職位所表現出的信任和支持讓我感到感激和謙卑。 CorEnergy 團隊自上而下，包括支持我的深厚財務和會計團隊是一流的，我對我們的未來感到興奮。

Turning to the recent quarter. The fourth quarter saw continued steady performance from our predictable MoGas and Omega natural gas operations that serve St. Louis and the surrounding areas. We have several projects in the work for MoGas and Omega. For example, on Omega, we received a notice to proceed on the Utility Energy Service Contract project at Fort Leonard Wood, where our Omega system is the natural gas local delivery system for the base. Activities are expected to begin in mid-2024. For MoGas, we are evaluating a project to support potential increasing customer demand on that system. These potential projects would add additional long-term contracted revenue to that division.

轉向最近一個季度。第四季度，我們為聖路易斯及周邊地區提供服務的可預測 MoGas 和 Omega 天然氣業務表現持續穩定。我們有幾個項目正在為 MoGas 和 Omega 工作。例如，在 Omega 上，我們收到了繼續進行倫納德伍德堡公用事業能源服務合同項目的通知，我們的 Omega 系統是該基地的天然氣本地輸送系統。活動預計將於 2024 年年中開始。對於 MoGas，我們正在評估一個項目，以支持客戶對該系統的潛在增長需求。這些潛在項目將為該部門增加額外的長期合同收入。

Turning to our Crimson assets. On our last call, we indicated that Crimson's volumes increased in the third quarter of 2022 due to operational issues elsewhere in California, which continued into the fourth quarter. However, we noted this was a temporary increase. The third-party operational issues have now been resolved in February and volumes have returned to a lower level, closer to Q2 2022 volumes, which we believe will continue indefinitely.

轉向我們的 Crimson 資產。在我們上次電話會議中，我們表示 Crimson 的銷量在 2022 年第三季度有所增加，原因是加利福尼亞州其他地方的運營問題一直持續到第四季度。但是，我們注意到這是暫時的增長。第三方運營問題現已在 2 月得到解決，銷量已恢復到較低水平，接近 2022 年第二季度的銷量，我們認為這種情況將無限期持續下去。

We believe the disruption in global supply patterns, which began a year ago are still influencing California refiners, and we have experienced unprecedented volume shift as a result. In order to offset the volume declines in the first quarter of 2023, Crimson filed a 36% rate increase on its San Pablo Bay pipeline, and 107% rate increase on its KLM pipeline based on the regulated cost of service tariff structure.

我們認為，一年前開始的全球供應模式中斷仍在影響加州煉油廠，因此我們經歷了前所未有的產量變化。為了抵消 2023 年第一季度的銷量下降，Crimson 根據受監管的服務成本關稅結構，將其聖巴勃羅灣管道的費率提高了 36%，並將其 KLM 管道的費率提高了 107%。

The SPB filing was protested by shippers and will proceed through the CPUC process with resolution expected in 2024 or 2025. The KLM filing is expected to be resolved shortly thereafter. However, we are always open to negotiating with our shippers to find a resolution acceptable to all parties, which could result in matters being resolved earlier.

SPB 申請遭到托運人的抗議，並將通過 CPUC 流程繼續進行，預計將在 2024 年或 2025 年獲得解決。KLM 申請預計將在此後不久得到解決。但是，我們始終願意與我們的托運人進行談判，以找到各方都能接受的解決方案，這可能會導致問題得到更早的解決。

In California, we continue to believe our Crimson pipelines are a critical link in the state's energy infrastructure, operating under fixed tariffs for volumes transported with long-term investment-grade customers. While the last year has been more challenging -- has been a more challenging time for Crimson when we had planned, we believe these assets will profitably fulfill critical energy needs in California for decades to come.

在加利福尼亞州，我們仍然相信我們的 Crimson 管道是該州能源基礎設施的關鍵環節，在固定關稅下運營，為長期投資級客戶運輸量。雖然去年更具挑戰性——按照我們的計劃，對於 Crimson 來說是更具挑戰性的一年，但我們相信這些資產將在未來幾十年內滿足加利福尼亞州的關鍵能源需求。

Looking to the future, our Crimson assets have significant untapped value in the energy transition in California. Even as we work through these present challenges, we are advancing our readiness for the new hydrogen and carbon capture sequestration markets emerging in California.

展望未來，我們的 Crimson 資產在加州的能源轉型中具有巨大的未開發價值。即使在我們應對這些當前挑戰的同時，我們也在為加州新興的氫和碳捕獲封存市場做好準備。

Our Crimson systems and rights of way provide a critical linkage between large carbon emission sources and prospective storage reservoirs, an asset we believe would be difficult or even impossible to replicate today.

我們的 Crimson 系統和通行權在大型碳排放源和潛在儲存庫之間提供了關鍵聯繫，我們認為今天很難甚至不可能複制這種資產。

We are working with multiple parties to determine the best path forward in these new market opportunities. The commercial case for CO2 capture is better in California than in any other state. The recent federal legislation increased carbon capture credits from $50 a ton to $85 a ton and $180 a ton for direct air capture. Plus in many cases, it's possible to also take advantage of the LCFS credit.

我們正在與多方合作，以確定應對這些新市場機會的最佳途徑。二氧化碳捕集的商業案例在加利福尼亞州比其他任何州都好。最近的聯邦立法將碳捕獲額度從每噸 50 美元提高到每噸 85 美元，將直接空氣捕獲額度提高到每噸 180 美元。此外，在許多情況下，還可以利用 LCFS 信用。

The California Air Resources Board has set aggressive climate goals of a 40% reduction in carbon emissions by 2030 and carbon neutrality by 2045, and identified CCS as a central pillar to their target. Finally, we continue to make progress on our ESG initiatives. We intend to publish an updated ESG progress report, update with the filing of our 10-K for 2022.

加州空氣資源委員會制定了積極的氣候目標，即到 2030 年將碳排放量減少 40%，到 2045 年實現碳中和，並將 CCS 確定為其目標的核心支柱。最後，我們繼續在我們的 ESG 計劃上取得進展。我們打算發布更新的 ESG 進展報告，更新我們 2022 年的 10-K 文件。

Some of the highlights include Scope 1 and 2 emissions have been reduced by 56% from the 2021 baseline. We have initiated a plan to reduce methane emissions by an estimated 65% by 2025, and we have implemented board oversight of wide-ranging cybersecurity and ESG programs for our critical business system.

一些亮點包括範圍 1 和範圍 2 的排放量比 2021 年的基線減少了 56%。我們已經啟動了一項計劃，到 2025 年將甲烷排放量估計減少 65%，並且我們已經對關鍵業務系統的廣泛網絡安全和 ESG 計劃實施了董事會監督。

With that, I'll turn it over to Chris to address the financials and other notable items.

有了這個，我將把它交給 Chris 來處理財務和其他值得注意的項目。

Thanks, Robert. Since the majority of our assets are regulated, we always have the option to increase tariffs to offset declining volumes and/or increasing costs. But we only do so after we've exhausted other avenues such as improved cost efficiencies. We previously announced and began collecting a 10% tariff increase on Crimson KLM system and a 10% tariff increase from the proposed 35% tariff increase on Crimson Southern California system in Q3 2022.

謝謝，羅伯特。由於我們的大部分資產都受到監管，因此我們始終可以選擇提高關稅以抵消銷量下降和/或成本上升的影響。但我們只有在用盡其他途徑（例如提高成本效率）後才會這樣做。我們之前宣布並開始收取 Crimson KLM 系統 10% 的關稅增加，以及 2022 年第三季度 Crimson Southern California 系統擬議的 35% 關稅增加 10% 的關稅。

The company plans to file again collecting an additional 10% increase on the Southern California SPB and KLM systems on the anniversary date of their original filings until the matters are resolved. We believe Crimson's cost of service fully justifies all requested increases. However, at less than $2 per barrel for most shipping routes on our system, we believe our rates are economically advantageous to our customers and the environment compared to the alternatives.

該公司計劃在南加州 SPB 和 KLM 系統的原始申請週年日再次申請額外增加 10%，直到問題得到解決。我們相信 Crimson 的服務成本完全證明所有要求的增加都是合理的。然而，對於我們系統中的大多數航線，我們的價格低於每桶 2 美元，我們相信與其他替代方案相比，我們的價格在經濟上對我們的客戶和環境有利。

Our rates are not the reason for volume shifts away from our pipelines in our opinion. Looking at the results. Fourth quarter revenue was $36.5 million, an increase from $33 million last quarter as a result of steady performance from MoGas and Omega and improved volumes in California.

在我們看來，我們的費率並不是產量從我們的管道轉移的原因。看著結果。第四季度收入為 3650 萬美元，比上一季度的 3300 萬美元有所增加，這是由於 MoGas 和 Omega 的穩定表現以及加利福尼亞州的銷量增加。

We expect the Q1 2023 California volumes to be less than in Q4 as the operational issues that occurred in 2022 with a third-party pipeline have been addressed during February 2023. For the 3 months ended December 31, 2022, we had adjusted EBITDA of $9.4 million and adjusted net loss of $553,000. CAD was a negative $2.8 million, impacting our ability to cover dividends. As such, the Board concurred with management's recommendation to suspend dividends on both our Series A preferred and common equity.

我們預計 2023 年第一季度加州銷量將低於第四季度，因為 2022 年發生的第三方管道運營問題已在 2023 年 2 月得到解決。截至 2022 年 12 月 31 日的三個月，我們將 EBITDA 調整為 9.4 美元億美元，調整後的淨虧損為 553,000 美元。加元為負 280 萬美元，影響了我們支付股息的能力。因此，董事會同意管理層關於暫停 A 系列優先股和普通股股息的建議。

CorEnergy's 7.375% Series A cumulative redeemable preferred stock will accrue dividends during any period in which dividends are not paid. Any accrued Series A cumulative redeemable preferred dividends must be paid prior to the company resuming common dividend payments.

CorEnergy 的 7.375% A 系列累積可贖回優先股將在未支付股息的任何期間累積股息。任何應計的 A 系列累積可贖回優先股股息必須在公司恢復普通股息支付之前支付。

Consistent with our practice, our Board will continue to evaluate dividends each quarter, making the decision on dividend payments based upon the most current data available, it is our goal to successfully bring the business through this difficult period and resume dividend payments as soon as it is practical.

按照我們的慣例，我們的董事會將繼續每個季度評估股息，根據可用的最新數據做出股息支付決定，我們的目標是成功地使企業度過這個困難時期並儘快恢復股息支付是實用的。

To wrap up our 2022 commentary, unfortunately, on March 3, 2023, after discussion with the company's management, our Audit Committee determined the company's 2021 10-K and 2021 and 2022 10-Qs require restatement due to an error in its accounting for EPS arising from overallocation of Crimson net income to noncontrolling interests.

不幸的是，在與公司管理層討論後，我們的審計委員會在 2023 年 3 月 3 日總結了我們的 2022 年評論，確定公司的 2021 年 10-K 和 2021 年和 2022 年 10-Qs 需要重述，因為其 EPS 會計處理錯誤因 Crimson 淨收入過度分配給非控股權益而產生。

The statement does not affect key metrics the company previously disclosed for these periods, including net loss, adjusted net income, CAD and adjusted EBITDA and had no impact on the company's evaluation or decisions, including declarations of preferred or common stock dividends.

該聲明不影響公司先前披露的這些期間的關鍵指標，包括淨虧損、調整後的淨收入、CAD 和調整後的 EBITDA，也不影響公司的評估或決策，包括優先股或普通股股息的聲明。

I would refer you to our 8-K that was filed earlier today for additional information. We're introducing our 2023 adjusted EBITDA outlook of $33 million to $35 million, inclusive of maintenance expense in the range of $9 million to $10 million.

我建議您參考我們今天早些時候提交的 8-K 以獲取更多信息。我們將 2023 年調整後的 EBITDA 展望定為 3300 萬至 3500 萬美元，其中包括 900 萬至 1000 萬美元的維護費用。

Maintenance capital expenditures are expected to be in the range of $10 million to $11 million. These costs are not expected to be uniform throughout the year due to project timing. In Q1 2023, in response to the tough market conditions, we have realigned our corporate structure, reduced corporate G&A, reduced 2022 incentive bonus payouts and senior management took a 10% salary reduction. The impact of all these actions are included in both our 2023 outlook and rate case filings. The management realignment, which is expected to reduce the layers of management and streamline the organization will result in a $1.1 million restructuring charge in Q1 2023.

維護資本支出預計在 1000 萬至 1100 萬美元之間。由於項目時間安排，預計這些成本全年不會統一。 2023 年第一季度，為應對嚴峻的市場形勢，我們調整了公司結構，減少了公司 G&A，減少了 2022 年的激勵獎金支出，高級管理人員減薪 10%。所有這些行動的影響都包含在我們的 2023 年展望和費率案例備案中。預計將減少管理層級並精簡組織的管理層重組將在 2023 年第一季度產生 110 萬美元的重組費用。

Liquidity at quarter end was approximately $32.8 million including cash of $17.8 million and $15 million of undrawn revolver availability. Our credit facility does place certain restrictions on utilization of cash and revolver capacity. Finally, in February 2023, we amended our credit facility to extend the maturity to May 2024 as well as defer the step down in certain covenant ratios from Q1 2023 to Q3 2023.

季度末的流動資金約為 3280 萬美元，包括 1780 萬美元的現金和 1500 萬美元的未提取可用左輪手槍。我們的信貸額度確實對現金和循環使用能力的使用施加了某些限制。最後，在 2023 年 2 月，我們修改了信貸安排，將期限延長至 2024 年 5 月，並將某些契約比率的下降從 2023 年第一季度推遲到 2023 年第三季度。

This will provide us additional time to manage our near-term debt maturities and pursue previously announced asset monetization and leverage reduction initiatives. At this time, we will take questions from our covering analysts or institutional stockholders before closing the call. Thank you.

這將為我們提供更多時間來管理我們的短期債務到期日，並實施先前宣布的資產貨幣化和槓桿削減計劃。此時，我們將在結束電話會議之前向我們的覆蓋分析師或機構股東提出問題。謝謝。

(Operator Instructions)

（操作員說明）

And we did have a question coming from Selman Akyol from Stifel.

我們確實有來自 Stifel 的 Selman Akyol 提出的問題。

Can you -- is there any update, I guess, on in terms of the monetization initiatives that you've undertaken and what assets you're looking at potentially to use to reduce debt.

你能不能——我想，就你所採取的貨幣化舉措以及你正在尋找可能用於減少債務的資產而言，是否有任何更新。

Yes, Selman, I'll take that. We don't have anything to announce yet on that. As we think about the company, the -- obviously, the first -- 1 of the first things you think about is monetizing assets to decrease leverage and provide a little more breathing room from our covenants. And so we're looking at all opportunities there as well as refinancing opportunities and longer-term projects. But nothing specific to announce yet on the asset monetization side.

是的，塞爾曼，我會接受的。我們還沒有關於此的任何消息要宣布。當我們考慮公司時，很明顯，您首先想到的第一件事就是將資產貨幣化以降低杠桿率並為我們的契約提供更多的喘息空間。因此，我們正在尋找那裡的所有機會以及再融資機會和長期項目。但在資產貨幣化方面還沒有具體宣布。

Got you. And then as I think about your credit facility being extended, I guess, essentially by 3 months. Then I guess, that would become current in May of this year?

明白了然後當我想到你的信用額度被延長時，我想，基本上是 3 個月。那麼我想，這將在今年 5 月成為主流？

It will.

它會。

Okay. All right. And then thinking about sort of your expenditures that you've gotten, and I noticed -- and I noticed you said they're going to be lumpy. But is there anything to just help us with timing in terms of how you expect to incur those expenses.

好的。好的。然後想想你已經得到的一些支出，我注意到——我注意到你說它們會很不穩定。但是，有什麼可以幫助我們確定您預計如何產生這些費用的時間嗎？

So the lumpiness and you can see how that lumpiness has occurred in our disclosure in the MD&A section. We disclosed asset maintenance expense, which is inside of EBITDA, it's an operating expense, and then maintenance capital separately. So it's hard to predict those.

因此，在我們在 MD&A 部分的披露中，您可以看到這種腫塊是如何發生的。我們披露了資產維護費用，它在 EBITDA 裡面，它是一個運營費用，然後是單獨的維護資本。所以很難預測這些。

I mean we actually have done a lot of work on in 2023 budgeting process to try to smooth them out and have -- so it won't -- we don't anticipate it to be as lumpy as it was last year. But it's really hard to say quarter-to-quarter exactly what that will be.

我的意思是，我們實際上在 2023 年的預算編制過程中做了很多工作，試圖理順它們，並且——所以不會——我們預計它不會像去年那樣起伏不定。但真的很難按季度準確地說出那會是什麼。

Okay. And when that will be incurred. Okay. And -- last 1 for me. When do you guys anticipate having your payout?

好的。以及何時發生。好的。並且 - 最後 1 對我來說。你們預計什麼時候會收到付款？

Chris, do you have the date on that? .

克里斯，你有日期嗎？ .

We don't have a specific date yet, but we don't expect it to go beyond the end of March, which would be our kind of filing deadline within the 90 days.

我們還沒有具體日期，但我們預計不會超過 3 月底，這將是我們在 90 天內提交申請的截止日期。

Thank you. And I would now like to hand the call back to Dave Schulte for some closing remarks. Dave?

謝謝。現在，我想將電話轉回給 Dave Schulte，請其作一些結束語。戴夫？

Yes. Thank you all for joining us today. This is a challenging period, but we are moving forward to resolve the underlying issues, and we'll provide updates as appropriate. Feel free to contact our IR team if you'd like to arrange a meeting time or a call. Thank you, and have a great day. .

是的。感謝大家今天加入我們。這是一個充滿挑戰的時期，但我們正在努力解決根本問題，我們將酌情提供更新。如果您想安排會面時間或電話，請隨時聯繫我們的 IR 團隊。謝謝你，祝你有美好的一天。 .

Thank you. This does conclude today's conference. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可能會斷開連接，並度過美好的一天。感謝您的參與。