CareTrust REIT Inc (CTRE) 2023 Q2 法說會逐字稿

Good morning. My name is [Polte,] and I will be your conference operator today. At this time, I would like to welcome everyone to the CareTrust REIT Second Quarter 2023 Operating Results Conference Call. (Operator Instructions) I will now turn the call over to Lauren Beale, CareTrust's Senior Vice President and Controller. You may begin.

早安.我的名字是 [Polte]，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 CareTrust REIT 2023 年第二季營運業績電話會議。 （操作員指示）我現在將電話轉給 CareTrust 資深副總裁兼財務長 Lauren Beale。你可以開始了。

Thank you, and welcome to CareTrust REIT's Second Quarter 2023 Earnings Call. Participants should be aware that this call is being recorded, and listeners are advised that any forward-looking statements made on today's call are based on management's current expectations, assumptions and beliefs about CareTrust's business and the environment in which it operates. These statements may include projections regarding future financial performance, dividends, acquisitions, investments, returns, financings and other matters and may or may not reference other matters affecting the company's business or the businesses of its tenants, including factors that are beyond their control, such as natural disasters, pandemics such as COVID-19 and governmental actions.

謝謝，歡迎參加 CareTrust REIT 的 2023 年第二季財報電話會議。參與者應注意，本次電話會議正在錄音，聽眾請注意，今天電話會議中所做的任何前瞻性陳述均基於管理層目前對 CareTrust 業務及其營運環境的預期、假設和信念。這些報表可能包括有關未來財務表現、股利、收購、投資、回報、融資和其他事項的預測，並且可能會或可能不會提及影響公司業務或其租戶業務的其他事項，包括他們無法控制的因素，例如例如自然災害、COVID-19 等流行病以及政府行為。

The company's statements today and its business generally are subject to risks and uncertainties that could cause actual results to materially differ from those expressed or implied herein. Listeners should not place undue reliance on forward-looking statements and are encouraged to review CareTrust's SEC filings for a more complete discussion of factors that could impact results as well as any financial or other statistical information required by SEC Regulation G. Except as required by law, CareTrust REIT and its affiliates do not undertake to publicly update or revise any forward-looking statements where changes arise as a result of new information, future events, change in circumstances or for any other reason.

公司今天的聲明及其業務通常會受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與此處明示或暗示的結果有重大差異。聽眾不應過度依賴前瞻性陳述，並鼓勵聽眾查看 CareTrust 向 SEC 提交的文件，以更完整地討論可能影響結果的因素以及 SEC 法規 G 要求的任何財務或其他統計信息。法律要求的除外、CareTrust REIT及其附屬公司不承諾公開更新或修改因新資訊、未來事件、情況變化或任何其他原因而發生變化的任何前瞻性聲明。

During the call, the company will reference non-GAAP metrics such as EBITDA, FFO and FAD or FAD and normalized EBITDA, FFO and FAD. When viewed together with GAAP results, the company believes these measures can provide a more complete understanding of its business but cautions that they should not be relied upon to the exclusion of GAAP reports.

在電話會議期間，公司將參考非 GAAP 指標，例如 EBITDA、FFO 和 FAD 或 FAD 和標準化 EBITDA、FFO 和 FAD。當與 GAAP 業績結合起來查看時，該公司認為這些指標可以提供對其業務的更全面的了解，但警告稱，不應依賴這些指標來排除 GAAP 報告。

Yesterday, CareTrust filed its Form 10-Q and accompanying press release and its quarterly financial supplement, each of which can be accessed on the Investor Relations section of CareTrust's website at www.caretrustreit.com. A replay of this call will also be available on the website for a limited period.

昨天，CareTrust 提交了 10-Q 表格以及隨附的新聞稿和季度財務補充資料，每份內容均可在 CareTrust 網站 www.caretrustreit.com 的投資者關係部分取得。該電話會議的重播也將在有限時間內在網站上提供。

On the call this morning are Dave Sedgwick, President and Chief Executive Officer; Bill Wagner, Chief Financial Officer; and James Callister, Chief Investment Officer.

今天早上的電話會議由總裁兼首席執行官戴夫·塞奇威克 (Dave Sedgwick) 主持。比爾‧瓦格納，財務長；和首席投資官詹姆斯卡利斯特。

I will now turn the call over to Dave Sedgwick, CareTrust REIT's President and CEO. Dave?

我現在將把電話轉給 CareTrust REIT 總裁兼執行長 Dave Sedgwick。戴夫？

Well, good morning, everyone, and thank you for joining us. Q2 saw continued positive momentum on many fronts: investments, operator relationships, the existing portfolio and equity issuance. I'll touch briefly on these and on the regulatory environment before handing the call over to James and Bill to provide more color.

好了，大家早安，感謝您加入我們。第二季度在許多方面都呈現出持續的積極勢頭：投資、運營商關係、現有投資組合和股票發行。在將電話轉交給詹姆斯和比爾提供更多資訊之前，我將簡要討論這些問題和監管環境。

First, investments and operator relationships, investing roughly $200 million at our historic yields across 8 transactions with 6 new operators in 1 quarter represent some of the best works done in that short amount of time in our history. Last year, with the dearth of attractive acquisition opportunities, we decided to lend more than in years past. Our view of lending is that in most cases, those loans do not directly produce real growth because of the short-term nature of the returns and the need to immediately recycle the payoffs. However, there is a strategic case for measured lending activity here if several criteria are met that lead us to believe there will be real growth opportunities with that borrower or operator in the future. In fact, of the roughly $200 million invested in the quarter, $128 million is an indirect result of last year's lending activities.

首先，投資和運營商關係，在一個季度內與6 個新運營商進行8 筆交易，以歷史收益率投資約2 億美元，這是我們歷史上在這麼短的時間內完成的一些最好的工作。去年，由於缺乏有吸引力的收購機會，我們決定比過去幾年提供更多貸款。我們對貸款的看法是，在大多數情況下，這些貸款不會直接產生實際成長，因為回報的短期性質以及需要立即回收收益。然而，如果滿足幾個標準，使我們相信借款人或營運商未來將有真正的成長機會，那麼這裡就有一個衡量貸款活動的策略案例。事實上，在本季約 2 億美元的投資中，1.28 億美元是去年貸款活動的間接結果。

Capital has not historically been the constraint for us to grow. For CareTrust, the choice of operator has always been the most important consideration for new investments. We are thrilled to welcome 6 new operators in the quarter. That deeper bench opens up new markets and new opportunities for investment. We are eager to help grow these relationships and to continue to expand our existing operator relationships as well.

從歷史上看，資本並不是我們發展的限制因素。對CareTrust來說，營運商的選擇一直是新投資最重要的考量。我們很高興在本季度迎來 6 位新營運商。更深的板凳開闢了新的市場和新的投資機會。我們渴望幫助發展這些關係，並繼續擴大我們現有的營運商關係。

Second, looking at the existing portfolio, last quarter, I gave more color around 1 skilled nursing operator, not in our top 10, with negative lease coverage that accounted for roughly $5 million of contractual rent. We decided the best path forward is to classify these assets as held for sale and are currently negotiating the sale of these properties. We have therefore removed this operator from the supplemental. In the sup, we have reported on lease coverage in an expanded way since the pandemic began. We have been reporting coverage in 3 ways: first, on a pre-pandemic basis; two, excluding provider relief funds; and three, amortizing those provider relief funds through their eligible periods.

其次，看看現有的投資組合，上個季度，我對1 名熟練的護理操作員（不在我們的前10 名中）進行了更多的描述，其負租賃覆蓋率約佔合約租金500 萬美元。我們認為最好的前進道路是將這些資產歸類為待售資產，目前正在就這些資產的出售進行談判。因此，我們已從補充中刪除了該運算符。在sup中，我們以擴大的方式報告了自大流行開始以來的租賃覆蓋範圍。我們以三種方式報告覆蓋範圍：首先，在大流行前的基礎上；二、不包括提供者救濟金；第三，在合格期限內攤提這些提供者救濟資金。

When you look at coverage, excluding the relief funds, trailing 12 property level EBITDAR coverage for the portfolio through March '23, increased to 2.13x overall compared to the 12 months leading up to December 2022 of 2.01x. Removing the properties now held for sale contributed to 9 bps to the overall coverage improvement.

當您查看覆蓋範圍時，不包括救濟基金，截至 23 年 3 月，投資組合的追蹤 12 個財產級 EBITDAR 覆蓋範圍總體增加至 2.13 倍，而截至 2022 年 12 月的 12 個月為 2.01 倍。移除目前待售的房產使整體覆蓋率提高了 9 個基點。

Finally, on the regulatory front, 2 quick comments. First, we continue to wait for the proposed minimum staffing requirement from the Biden administration. We don't have any more insight really into what to expect and has been speculated by many others. And second, we're pleased to see the announcement this week of the net 4% increase to the Medicare rate, effective October for fiscal year 2024. So the first half of the year was extremely busy for the whole team here. We're excited for the new investments and the new operator relationships. We're pleased to see the vast majority of the portfolio doing well and position to expand together. Including the investment and equity issuance from the ATM forward. Year-to-date, we have already funded 96% of the $215 million of new investments, and are going into the second half of the year with ample dry powder to continue to grow the business and set up the company for a return to growth in 2024.

最後，在監管方面，我有兩則簡短的評論。首先，我們繼續等待拜登政府提出的最低人員配置要求。我們對未來的情況沒有更多的了解，並且已經被許多其他人推測過。其次，我們很高興看到本周宣布 2024 財年的醫療保險費率將淨增長 4%，自 10 月起生效。因此，今年上半年對整個團隊來說非常忙碌。我們對新的投資和新的營運商關係感到興奮。我們很高興看到絕大多數產品組合表現良好並且能夠共同擴張。包括ATM遠期的投資和股權發行。今年迄今為止，我們已經完成了 2.15 億美元新投資中的 96%，並在進入下半年時擁有充足的乾粉，以繼續發展業務並讓公司恢復增長2024年。

With that, James will talk about our recent investment activity and pipeline. James?

接下來，詹姆斯將談論我們最近的投資活動和管道。詹姆士？

Thanks, Dave, and good morning, everyone. I'll start by adding some additional color on the transactions Dave referred to in his remarks, and I will then turn to discussing the current acquisitions market and our deal pipeline. Q2 was an exciting and busy quarter for the acquisitions team at CareTrust. As Dave mentioned, during the quarter, we closed 8 transactions, 7 acquisitions and 1 mortgage loan, acquired 12 facilities and added 6 new operator relationships, with a total investment amount for the quarter of approximately $200 million at an initial blended yield of 8.4%, and we expect the stabilized yield on these assets after 2 years to be 9.5%, not including annual CPI-based rent escalators.

謝謝戴夫，大家早安。我將首先對戴夫在演講中提到的交易添加一些額外的色彩，然後我將轉向討論當前的收購市場和我們的交易管道。對於 CareTrust 的收購團隊來說，第二季是令人興奮且忙碌的季度。正如Dave 所提到的，本季我們完成了8 筆交易、7 筆收購和1 筆抵押貸款，收購了12 項設施並增加了6 個新的營運商關係，本季總投資額約為2 億美元，初始混合收益率為8.4% ，我們預計這些資產兩年後的穩定收益率為 9.5%，不包括基於 CPI 的年度租金自動扶梯。

Of the 12 facilities we acquired during this quarter, 7 are skilled nursing, 4 are assisted living and memory care and 1 of them is a skilled nursing and assisted living campus. We also closed on a $26 million mortgage loan. Several of these transactions closed subsequent to the date of our Q1 earnings call. During June, we closed on a 4 facility skilled nursing portfolio in Southern California, and entered into a 15-year master lease agreement with Links Healthcare. Links is an established California skilled nursing operator who we have known and admired for many years. Year 1 rent under Links master lease is approximately $6.8 million, increasing to $7.6 million in year 2 and to $8.9 million in year 3, with CPI-based annual rent desk escalators thereafter.

在我們本季收購的 12 個設施中，7 個是熟練護理設施，4 個是輔助生活和記憶護理設施，其中 1 個是熟練護理和輔助生活園區。我們還獲得了 2600 萬美元的抵押貸款。其中幾筆交易在我們第一季財報電話會議之後結束。 6 月份，我們關閉了南加州的 4 個設施熟練護理組合，並與 Links Healthcare 簽訂了為期 15 年的主租賃協議。 Links 是加州一位資深的熟練護理操作員，我們多年來一直認識並欽佩他。 Links 主租賃下的第一年租金約為 680 萬美元，第二年增至 760 萬美元，第三年增至 890 萬美元，此後採用基於 CPI 的年度租金櫃檯自動扶梯。

In June, we also closed 3 other transactions, the acquisition of a 125-bed skilled nursing facility in Katy, Texas; the acquisition of a 2-facility memory care portfolio in Michigan and Ohio; and the funding of a $26 million mortgage loan secured by a skilled nursing assisted living and independent living campus located in Loma Linda, California. In July, we followed these transactions up by funding a $15.7 million mortgage loan on 2 Florida skilled nursing facilities to our existing tenant, the Elevation Group at an interest rate of 9%.

6 月，我們還完成了其他 3 筆交易，收購位於德克薩斯州凱蒂的一家擁有 125 個床位的熟練護理機構；收購位於密西根州和俄亥俄州的 2 個記憶護理設施組合；以及由位於加州洛馬琳達的熟練護理輔助生活和獨立生活校園擔保的 2600 萬美元抵押貸款的資金。 7 月，我們跟進這些交易，向現有租戶 Elevation Group 提供了佛羅裡達州 2 個熟練護理設施的 1,570 萬美元抵押貸款，利率為 9%。

While we are excited to have put $215 million out to work this year, we do not feel like we are done. Overall, deal flow remains strong at a pace relatively unchanged from last quarter. We continue to opportunistically pursue deals where we feel our access to capital, low execution risk and reputation as a quality transaction partner make us a particularly attractive buyer.

雖然我們很高興今年投入了 2.15 億美元，但我們並不覺得我們已經完成了。整體而言，交易量依然強勁，成長速度與上季相比基本沒有變化。我們繼續機會主義地尋求交易，我們認為我們獲得資本的機會、低執行風險以及作為優質交易合作夥伴的聲譽使我們成為特別有吸引力的買家。

With respect to the skilled nursing acquisitions market, pricing has continued to adjust as we have seen a further tightening of credit by lenders who continue to increase borrowers' equity requirements and require additional recourse liability to borrowers and guarantors. There continue to be attractive opportunities to source and pursue skilled nursing acquisitions, particularly in those states where there have been favorable Medicaid rate increases.

就熟練護理收購市場而言，定價持續調整，因為我們看到貸方進一步收緊信貸，繼續提高借款人的股本要求，並要求借款人和擔保人承擔額外的追索責任。尋找和尋求熟練護理人員的收購機會仍然很有吸引力，特別是在那些醫療補助費率上漲的州。

With respect to seniors housing, we are still seeing a gap between seller and buyer pricing expectations. Much of the seniors housing deal flow coming across our desk involves increasing numbers of facilities in some stage of operational distress as sellers face hike in variable interest rate loans and our maturity day risk.

就老年人住房而言，我們仍然發現賣方和買方的定價預期之間存在差距。我們辦公桌上的大部分老年人住房交易流都涉及越來越多處於營運困境階段的設施，因為賣方面臨可變利率貸款的上漲和我們的到期日風險。

Moving forward, with many of the high leverage buyers not as active in the acquisition space as they have been previously and given the company's access to funds through our low leverage and ability to issue equity, we remain focused on external growth opportunities. We continue to foster and enhance our relationships with the broker community, but we have also seen promising results from our decision last year to direct additional resources and manpower towards sourcing off-market opportunities and towards developing new operator relationships in geographically strategic areas. Nevertheless, we are careful to continue our history of a disciplined approach to underwriting and valuation as we work closely with operators to focus on key factors that will allow them to execute on their business plans with a sustainable rent structure.

展望未來，由於許多高槓桿買家在收購領域不再像以前那樣活躍，考慮到公司透過我們的低槓桿和發行股票的能力獲得資金，我們仍然關注外部成長機會。我們繼續培養和加強與經紀商界的關係，但去年我們決定將更多資源和人力用於尋找場外機會並在地理戰略區域發展新的運營商關係，我們也看到了可喜的成果。儘管如此，我們仍謹慎地延續我們在承保和估值方面採取嚴格方法的歷史，因為我們與運營商密切合作，重點關注關鍵因素，使他們能夠以可持續的租金結構執行其業務計劃。

The pipeline today sits at approximately $150 million as we continue to look for opportunities that can be accretive to our operators. We will continue to execute on our acquisition strategy of disciplined growth with risk-adjusted returns consistent with how CareTrust has been built over the past 9 years.

目前的管道價值約為 1.5 億美元，我們將繼續尋找可為我們的營運商帶來增值的機會。我們將繼續執行嚴格成長的收購策略，並根據風險調整後的回報，與 CareTrust 在過去 9 年的建設方式保持一致。

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

有了這個，我會把它交給比爾。

Thanks, James. For the quarter, normalized FFO decreased 2.8% over the prior year quarter to $34.6 million, and normalized FAD decreased by 3.6% to $36.1 million. On a per share basis, normalized FFO decreased $0.02 to $0.35 per share and normalized FAD decreased $0.03 to $0.36 per share.

謝謝，詹姆斯。本季度，標準化 FFO 較上年同期下降 2.8%，至 3,460 萬美元，標準化 FAD 下降 3.6%，至 3,610 萬美元。以每股計算，標準化 FFO 下降 0.02 美元，至每股 0.35 美元，標準化 FAD 下降 0.03 美元，至每股 0.36 美元。

Rental income for the quarter was $47.7 million compared to $46.2 million in Q1. The increase of $1.6 million is due largely to the following items: First, we received approximately $1.1 million from new investments. Second, we received approximately $369,000 in CPI bonds. Third, tenant reimbursements, which are non-income and FFO producing because they have a corresponding expense, increased $507,000 to $1.2 million. Lastly, these positive items were offset by $202,000 lower cash related to a prior tenant that we've mentioned on the last 2 calls, $180,000 lower cash collections from existing tenants that are on a cash basis and $63,000 from properties that we have sold.

該季度的租金收入為 4,770 萬美元，而第一季的租金收入為 4,620 萬美元。增加 160 萬美元主要歸因於以下幾項：首先，我們從新投資中獲得了約 110 萬美元。其次，我們收到了大約 369,000 美元的 CPI 債券。第三，租戶報銷（非收入和 FFO 產生，因為它們有相應的費用）增加了 507,000 美元，達到 120 萬美元。最後，這些積極的項目被我們在最近兩次電話會議中提到的與前租戶相關的現金減少202,000 美元、現有租戶以現金形式收取的現金減少180,000 美元以及我們已出售的房產減少的63,000 美元所抵消。

If you exclude the tenant reimbursements amount of $1.2 million, contractual cash rental revenue was $46.5 million for the quarter. Another way to reconcile the contractual cash rent of $46.5 million is to take last quarter's supplemental where we disclosed annualized contractual cash rent at 3/31 of $184.3 million. If you back out the 1 tenant we've been talking about, who represents about $5.1 million, you get an annualized number of $179.2 million. Divide that by 4 to get a quarterly number of $44.8 million, add in the $1.1 million of new investments, $280,000 of CPI bumps, $370,000 cash collected from that 1 tenant, and you get $46.5 million. There are some other immaterial items in there that net to 0. I hope this -- I'm hopeful this helps you better reconcile this number.

如果排除 120 萬美元的租戶報銷金額，該季度的合約現金租賃收入為 4,650 萬美元。調節 4,650 萬美元合約現金租金的另一種方法是採用上季度的補充資料，我們在 3/31 披露的年化合約現金租金為 1.843 億美元。如果您退出我們一直在談論的 1 個租戶（代表價值約 510 萬美元），您將獲得年化金額 1.792 億美元。將其除以 4，得到季度 4,480 萬美元，加上 110 萬美元的新投資、28 萬美元的 CPI 上漲、從 1 個租戶收取的 37 萬美元現金，您將得到 4,650 萬美元。還有一些其他非物質的項目淨值為 0。我希望這一點 - 我希望這可以幫助您更好地協調這個數字。

Interest income was down $635,000 due to a $15 million note that was paid off at the end of Q1. The quarterly interest income rate on our notes portfolio is approximately $4.4 million. Interest expense was up $1.2 million from Q1 due to higher borrowings and rates. Also subsequent to quarter end, we drew $30 million more on the revolver. G&A expense decreased $343,000 from Q1 due mostly to lower short-term incentive comp. Stock compensation continued to be roughly $1 million due to stock forfeitures in Q2 related to certain performance criteria that needed to occur that likely will not be met. I expect that it will return to a quarterly run rate of around $1.6 million in Q3 and Q4 and G&A expense for the year will be around $21 million.

由於第一季末還清了 1500 萬美元的票據，利息收入減少了 63.5 萬美元。我們票據投資組合的季度利息收入約為 440 萬美元。由於借款和利率上升，利息支出較第一季增加 120 萬美元。同樣在季度末之後，我們又從左輪手槍上提取了 3000 萬美元。 G&A 費用較第一季減少 343,000 美元，主要是由於短期激勵補償的減少。由於第二季因某些可能無法滿足的績效標準而被沒收，股票補償仍約為 100 萬美元。我預計第三季和第四季將恢復到 160 萬美元左右的季度運行率，全年一般管理費用將約為 2,100 萬美元。

Cash collections for the quarter came in at 96.7% of contractual rent, and in July, we collected 98%. We entered into a forward sale agreement under the ATM program, and to date, have issued approximately 10.6 million shares at an average gross price of $19.80 for net proceeds of $207 million. As a result, our liquidity remains extremely strong with approximately $12 million in cash, $290 million available under our revolver and the $207 million of future ATM proceeds. I expect we will settle this contract during the third quarter and use the proceeds to pay down the line. Leverage also continued to be strong with a net debt to normalized EBITDA ratio of 3.8x, which is below our stated range of 4 to 5x. Our net debt to enterprise value was 26% as of quarter end, and we achieved a fixed charge coverage ratio of 4.5x. And with that, I'll turn it back to Dave.

本季的現金回收率為合約租金的 96.7%，7 月的現金回收率為 98%。我們根據 ATM 計劃簽訂了遠期銷售協議，迄今為止，已發行約 1,060 萬股股票，平均總價為 19.80 美元，淨收益為 2.07 億美元。因此，我們的流動性仍然非常強勁，擁有約 1,200 萬美元現金、左輪手槍可用資金 2.9 億美元以及未來 ATM 收益 2.07 億美元。我預計我們將在第三季完成這份合同，並用所得款項支付後續費用。槓桿率也持續強勁，淨負債與正常化 EBITDA 比率為 3.8 倍，低於我們規定的 4 至 5 倍範圍。截至季末，我們的淨債務佔企業價值的比例為 26%，固定費用覆蓋率為 4.5 倍。說到這裡，我會把它轉回給戴夫。

Great. Thanks, Bill. We hope the reports are helpful to you, and happy to take your questions now.

偉大的。謝謝，比爾。我們希望這些報告對您有所幫助，並很高興現在回答您的問題。

(Operator Instructions) Your first question comes from the line of Tao Qiu from Berenberg Capital.

（操作說明）您的第一個問題來自貝倫貝格資本的邱濤。

Congrats on a very active quarter. I think I lost kind of how many transactions that came through, but the Street was certainly impressive. But my first question is on the $5 million tenant. I think last quarter, you said was the main reason that keeps you from issuing full year earnings guidance. The assets have been moved to how to sell. You will see some rents this quarter and some more in the third quarter. It doesn't seem to be a lot of downside from here. Are there any other variables that we are now considering from a guidance perspective?

恭喜這個季度非常活躍。我想我損失了多少筆交易，但華爾街確實令人印象深刻。但我的第一個問題是關於價值 500 萬美元的租戶。我認為您所說的上個季度是阻止您發布全年獲利指引的主要原因。資產已經轉移到如何出售。您將在本季度看到一些租金，在第三季度看到更多。從這裡看，似乎沒有太大的缺點。我們現在從指導的角度考慮還有其他變數嗎？

Great question. No, I'd say that this tenant and the -- how it ultimately plays out continues to be the primary factor for us in not issuing guidance quite yet. The sales price and the amount of rent that is in play is significant enough for us to hold off on guidance at this point.

很好的問題。不，我想說的是，這個租戶及其最終的表現仍然是我們尚未發布指導的主要因素。銷售價格和租金金額足以讓我們在此時延後發布指引。

Got you. And a follow-up on that. I think in Iowa, I saw that Medicaid rate rose by $50 in April and I think another $15 in September. So understanding the starting rate in that state is pretty low, but curious why would you choose to sell the assets today rather than kind of seeing through the rate gains?

明白你了。以及後續行動。我想在愛荷華州，4 月醫療補助費率上漲了 50 美元，9 月又漲了 15 美元。因此，了解該州的起始利率相當低，但好奇為什麼您會選擇今天出售資產，而不是看看利率收益？

We believe that the best path forward for these particular assets is probably a sale. Nothing is set in stone at this point. We're negotiating with the buyer right now. And we think that, that's the best path forward. As we look at the proceeds from that and what ultimate rent reset would be in the likelihood of being able to turn it around at the existing rent. When you look at all of that, we think that a sale is probably the most advantageous outcome for us.

我們認為，這些特定資產的最佳前進道路可能是出售。目前還沒有什麼是一成不變的。我們現在正在與買家談判。我們認為，這是最好的前進道路。當我們審視由此產生的收益以及最終的租金重置是否有可能以現有租金扭轉局面時。考慮到所有這些，我們認為出售可能是對我們最有利的結果。

That's fair. And 1 last from me. So on the 4 ATM sales, how should we think about the settlement schedule? Like from a modeling perspective, should we expect that to be settling multiple tranches? Just curious how we should build that into our models.

這還算公平。最後是我的 1 個。那麼對於4台ATM的銷售，我們該如何思考結算時間表呢？就像從建模的角度來看，我們是否應該期望解決多個部分？只是好奇我們應該如何將其構建到我們的模型中。

This is Bill. I would probably model that as settling it in the third quarter. We would probably hold it out a little bit longer if interest rates weren't where they're at -- aren't where they're at, but given how high they are, the accretion of holding it out on the forward isn't really there. So we'll probably settle it in Q3, all of it.

這是比爾。我可能會將其視為在第三季度解決的模型。如果利率不是現在的水平，我們可能會堅持更長時間，但考慮到利率有多高，持有遠期利率的累積不會增加。真的在那裡。所以我們可能會在第三季解決所有問題。

Your next question comes from the line of Wes Golladay from Baird.

您的下一個問題來自貝爾德 (Baird) 的韋斯·戈拉迪 (Wes Golladay)。

Are you looking to develop a lot of new relationships. I am just curious how big the pool is of the high-quality operators that are actually looking to monetize assets.

您是否希望發展很多新的關係？我只是好奇真正尋求資產貨幣化的優質運營商有多大。

We love that question. When we -- one of the things that makes us a little bit unique, I think, is the level of former operator experience that we have here at CareTrust. And so the priority that we give that decision in any investment is really paramount.

我們喜歡這個問題。我認為，讓我們有點獨特的原因之一是我們在 CareTrust 擁有的前操作員經驗水平。因此，我們在任何投資中優先考慮這項決定確實至關重要。

If you look at the first real big wave of growth that we had, we had found a number of hungry, younger operators, and we placed some pretty good bets on them. And those have, for the most part, really paid out beautifully. And we feel like as we look at this next phase of growth ,that's going to come from expanding those existing relationships, but it's also going to require some new ones. And so last year, we made some decisions around human capital here at CareTrust and moved some people over into investments with the express mandate to build that operator bench to find off-market deals and to find operators that we don't know.

如果你看看我們經歷的第一波真正的大增長，我們發現了許多飢餓的、年輕的運營商，並且我們在他們身上下了一些相當不錯的賭注。在大多數情況下，這些確實得到了豐厚的回報。我們覺得，當我們展望下一階段的成長時，這將來自於擴大現有的關係，但也需要一些新的關係。因此，去年，我們在 CareTrust 圍繞人力資本做出了一些決定，並將一些人轉移到投資領域，並明確授權建立運營商平台，以尋找場外交易並找到我們不了解的運營商。

And to see the fruit of that decision and effort happens so quickly has been really gratifying to us as we've welcomed in 6 new operators already. We're not done. So we're going to continue to look for the best-of-breed operators that have some of the same characteristics as our most successful operators have demonstrated so that we can have new geographies and new opportunities for growth that we haven't quite had in the past.

看到這項決定和努力的成果如此迅速地發生，我們真的很高興，因為我們已經迎來了 6 位新營運商。我們還沒完成。因此，我們將繼續尋找與我們最成功的營運商具有相同特徵的最佳營運商，以便我們能夠擁有我們尚未擁有的新地域和新增長機會在過去。

Okay. And then looking at the balance sheet, I'm just curious how low would you take leverage? And I guess, what is the delta between your cost of debt and cost of equity? Would you look to issue short-term debt in the near term at any point? Just curious on how the balance sheet will be going forward.

好的。然後看看資產負債表，我只是好奇你會把槓桿率降到多低？我猜，債務成本和股本成本之間的差額是多少？您是否會在短期內考慮發行短期債務？只是好奇資產負債表未來會如何發展。

Yes, this is Bill. I'll take that one. Right now, difference between short-term debt which is our revolver and our equity is not that great. So as long as we're doing deals at the yields that we're currently doing and our stock price holds at where it's currently at, I think you can assume that we'll continue to issue equity to match fund these investments as we go. And that inevitably will take leverage down. But over time, I think as interest rates, call it lower, and we continue to do more investments, we'll probably use a little bit more short-term debt with that revolver.

是的，這是比爾。我會接受那個。目前，作為我們左輪手槍的短期債務和我們的股本之間的差異並不是那麼大。因此，只要我們以目前的收益率進行交易，並且我們的股價保持在目前的水平，我認為您可以假設我們將繼續發行股票來為這些投資提供資金。這不可避免地會降低槓桿。但隨著時間的推移，我認為隨著利率的降低，我們將繼續進行更多的投資，我們可能會用這把左輪手槍使用更多的短期債務。

Your next question comes from the line of Steven Valiquette from Barclays Capital.

您的下一個問題來自巴克萊資本的 Steven Valiquette。

Couple here. I guess first, just based on some of the comments from other healthcare REITs this quarter seems to still be a pretty wide range on SNF transaction valuations either from a per bed or a cap rate perspective. The cap rates are maybe 8.5% to 10.5% range and per bed is anywhere from $75,000 to maybe $125,000, somewhere in there. So just curious to get your thoughts on how you think the industry valuations are trending directionally right now. And then I got a follow-up on a different topic that I'll ask in a minute, I guess.

情侶在這裡。我想首先，僅根據本季其他醫療保健房地產投資信託基金的一些評論，無論是從每張床位還是上限利率的角度來看，SNF 交易估值似乎仍然存在相當大的範圍。上限利率可能在 8.5% 到 10.5% 的範圍內，每張床位的價格從 75,000 美元到 125,000 美元不等。因此，我只是想知道您對當前行業估值趨勢的看法。然後我得到了關於另一個主題的後續跟進，我想我稍後會問。

Sure, Steven. This is James. I guess I would say that first, per bed is really to us useful when the assets really aren't cash flowing. And the variation in per bed pricing amongst different geographies is really huge. It's just -- you can go from some markets trading close to $200,000 a bed, other markets trading $30,000 a bed. So it's really all over, I would say, in a hyper-geographical for us as we look at it. I think that there is definitely on the skilled nursing side, an upward trend in yields that are being used to price the deals I think that were starting in the high 9s or even 10 per beds on skilled nursing.

當然，史蒂文。這是詹姆斯。我想我會說，首先，當資產確實沒有現金流時，每張床對我們來說確實很有用。不同地區每張床的價格差異確實很大。只是——有些市場的床位交易價格接近 20 萬美元，而其他市場的床位交易價格為 3 萬美元。所以，我想說，當我們看待它時，對我們來說，一切都結束了。我認為，在熟練護理方面，收益率肯定呈上升趨勢，用於對熟練護理的交易進行定價，我認為每張床位的價格為 9 甚至 10。

And I think that as some deals slowly start that we look at to actually become positive cash flowing, then you do look at the per bed, but you also work super closely with your operator to make sure that you are really trying to dial in a stabilized value that will give them a rent stream they can really be successful with which can be difficult in today's environment, particularly with labor. I do think, like I said, rates are up in terms of the yield, but cap rates are still pretty much the same in the skilled nursing of around 12.5%.

我認為，隨著一些交易慢慢開始，我們希望真正實現正現金流，那麼你確實會考慮每張床位的價格，但你也與你的運營商密切合作，以確保你真的在努力撥入一個穩定的價值將為他們提供真正能夠成功的租金流，而這在當今的環境下可能很困難，尤其是在勞動力方面。我確實認為，就像我說的，就收益率而言，利率有所上升，但熟練護理的資本化率仍然基本相同，約為 12.5%。

Okay. Okay. That's helpful. Then shifting gears here a little bit. Among some of the healthcare payer and provider companies that we cover, there's definitely been a buzz that behavioral health demand has accelerated this year. It seems like both from either a per visit basis but also for facility-based care settings. I guess in light of that, just looking for maybe the latest update on the progression of some of the facilities that you're repurposing for behavioral. Whether we're close now to some reopenings, how you're feeling about the pace of your strategy around this? And also just thinking about the Page 9 in the supplemental when you kind of break down the portfolio performance by property category. When should we think that behavior might be like a separate category within that? Is that something that might start happening for 2024? Or maybe you guys haven't thought about that yet, but just curious when that might become an additional category within the property type breakdown of performance?

好的。好的。這很有幫助。然後在這裡稍微換一下檔位。在我們報導的一些醫療保健支付者和提供者公司中，今年行為健康需求加速肯定引起了熱議。這似乎既是基於每次就診，也是基於設施的照護環境。我想有鑑於此，您只是在尋找有關您正在重新調整用途的行為設施的進展的最新更新。無論我們現在是否已經接近重新開放，您對這方面的策略步伐有何感受？當您按房地產類別細分投資組合表現時，請考慮補充中的第 9 頁。我們什麼時候應該認為行為可能是其中的一個單獨類別？這可能會在 2024 年開始發生嗎？或者也許你們還沒有考慮過這一點，但只是好奇什麼時候這可能成為性能的屬性類型細分中的附加類別？

Yes, that's great. So our strategy with respect to behavioral has been to, let's say, shoot some -- shoot some bullets before cannonballs. We want to take a bit of a measured approach and test out the thesis. And so we haven't been super aggressive in trying to grow in that space, just to grow, just to do it. Our philosophy for behavioral is exactly the same as it is with skilled nursing, which is we've got to have conviction in the operator, their model and have a really strong relationship with them in order to do that. Candidly, we've been so busy with our bread and butter and have seen so many great opportunities with the skilled nursing, seniors housing assets that that's taken all of our attention.

是的，那太好了。因此，我們在行為上的策略是，比方說，先射擊一些子彈，然後再發射砲彈。我們想採取一些謹慎的方法來測試論文。因此，我們並沒有非常積極地嘗試在該領域實現成長，只是為了成長，只是為了做到這一點。我們的行為理念與熟練護理完全相同，即我們必須對操作員及其模型有信心，並與他們建立非常牢固的關係才能做到這一點。坦白說，我們一直忙於維持生計，並看到了許多與熟練護理人員、老年人住房資產有關的巨大機會，這些都吸引了我們的所有註意力。

The conversions that are in play are still tracking. They're coming along. The renovation work is underway. And those will come online as soon as they are ready, I think, early next year. We have had -- we came close on a sale leaseback with the behavioral operator this year. They ultimately brought us -- they had brought us in a little bit late into their process and decided to go ahead with the normal financing that they had planned. And so it's still very much an area of interest for us. The priority to identify the best operators in the space. It's a space that's even more fragmented than the skilled nursing space is in terms of operators and building those relationships and finding those best operators is a bit of a challenge, but it's one we're here for, and we want to grow that segment over time, but it's really going to be dependent on finding those operators and finding the right accretive deals. And so I think until we have a little bit more critical mass that's when we'll start reporting on that as a separate segment.

正在進行的轉化仍在追蹤中。他們來了。翻修工程正在進行中。我認為，這些一旦準備就緒，就會在明年初上線。今年我們已經接近與行為業者達成售後回租。他們最終帶了我們——他們讓我們進入他們的流程有點晚了，並決定繼續他們計劃的正常融資。因此，這仍然是我們非常感興趣的領域。優先確定該領域最好的運營商。就操作員而言，這是一個比熟練護理空間更加分散的空間，建立這些關係並找到最好的操作員是一個挑戰，但這是我們來這裡的目的，我們希望擴大這一細分市場時間，但這實際上取決於找到這些運營商並找到合適的增值交易。所以我認為，直到我們有了更多的臨界質量，我們才會開始將其作為單獨的部分進行報告。

Your next question comes from the line of Michael Carroll from RBC Capital Markets.

您的下一個問題來自加拿大皇家銀行資本市場部門的邁克爾·卡羅爾。

Dave, I want to touch back on the assets that you have held for sale. I know you said you have 1 interested buyer into that property. I mean I guess what is the level of interest, I mean are there -- is that -- is the deal going to get done with that 1 buyer potentially? Or is there other players kind of in the sidelines that -- and they are looking at it too?

戴夫，我想回顧一下您持有待售的資產。我知道您說過您有 1 位對該房產感興趣的買家。我的意思是，我猜興趣程度是多少，我的意思是，是否有可能與該 1 個買家完成交易？或者是否有其他玩家在場邊——他們也在關注這個問題？

Yes, we have fielded interest -- we are working with the buyer right now. We've been negotiating purchase sale agreement in terms and all of that. That's moving forward pretty well, but we're sort of gotten out on the process and we have fielded interest from some backup options and plan Bs that are a host of purchasing versus re-tenanting with a purchase option and different things like that. But we're -- all of our energy right now is really with the group that we are negotiating with.

是的，我們已經表達了興趣——我們現在正在與買家合作。我們一直在就買賣協議的條款等進行談判。這進展得相當順利，但我們有點脫離了這個過程，我們對一些備用選項和 B 計劃表現出了興趣，這些備用選項和 B 計劃是一系列購買與透過購買選項重新租賃以及類似的事情。但我們現在所有的精力都集中在與我們談判的團隊上。

Okay. And the existing operator, I know they still continue to pay a tiny bit of rent. I guess why are they still paying those small stub pieces of rent? And are they interested in buying the portfolio?

好的。而現有的營運商，我知道他們仍然繼續支付一點點租金。我想他們為什麼還要支付那些小額租金？他們有興趣購買該投資組合嗎？

Yes, they have expressed interest in that. And I think that by staying active and engaged in improving the performance there and paying some rent gives them an advantaged position in the negotiations in our thought process.

是的，他們對此表示了興趣。我認為，透過保持活躍並致力於改善那裡的績效並支付一些租金，可以使他們在我們的思維過程中的談判中處於有利地位。

Okay. And then what's the time line should we be expecting on this? I know for the past few quarters, you kind of highlighted that you would have a plan in place, and it could get done pretty quickly. I mean could this get done by the end of the year?

好的。那我們該期待什麼時間呢？我知道在過去的幾個季度中，您強調了您將製定一個計劃，並且可以很快完成。我的意思是這可以在今年底完成嗎？

Mike, I hope so. But given the environment we've been in and that we remain in, transactionally, it's just -- it's the most challenging market for buyers who have to finance stuff that we've ever seen. And so I want to not make any prediction on the timing on this one.

麥克，我希望如此。但考慮到我們所處的環境以及我們目前所處的環境，從交易角度來看，對於那些必須為我們所見過的東西提供融資的買家來說，這是最具挑戰性的市場。所以我不想對這件事的時間做任何預測。

Okay. And would you provide -- are you willing to provide seller financing to the buyer?

好的。您是否願意向買方提供賣方融資？

It's a possibility. Our preference would be to have a clean break, but that might be required to get a deal done.

這是一種可能性。我們傾向於徹底決裂，但這可能是達成協議所必需的。

Your next question comes from the line of Connor Siversky from Wells Fargo.

您的下一個問題來自富國銀行的康納·西弗斯基（Connor Siversky）。

It seems to be running out of question ideas here. But maybe taking a more abstract view on underwriting. I'm curious, as we've gone through COVID and the risk factors changed dramatically for skilled nursing, has your perception of risk in the underwriting framework changed? And I mean that in the context of looking at the risk curve as rates have gone up, would you actually -- would it be reasonable to assume that your underwriting standards have gotten more stringent following what happened over the past couple of years?

這裡似乎沒有什麼問題的想法了。但也許對承保採取更抽象的看法。我很好奇，隨著我們經歷了新冠疫情，熟練護理人員的風險因素發生了巨大變化，您對承保框架中風險的看法是否發生了變化？我的意思是，在考慮利率上升的風險曲線的情況下，您是否真的可以合理地假設，在過去幾年發生的事情之後，您的承保標準變得更加嚴格？

It's a great question. And James, you can correct me if I'm wrong on any of this, but I think the short answer is no, that our underwriting hasn't become more stringent. I think we've always tried and worked at having a very disciplined collaborative underwriting process with our operator. So before we even lob in an LOI, we've usually already underwritten the deal together and really tested each other's assumptions and gotten comfortable. And so the process is very similar to what it was pre-pandemic.

這是一個很好的問題。詹姆斯，如果我在這方面有任何錯誤，你可以糾正我，但我認為簡短的答案是否定的，我們的承保並沒有變得更加嚴格。我認為我們一直在努力與我們的營運商建立非常嚴格的合作承保流程。因此，在我們提出意向書之前，我們通常已經一起承保了這筆交易，並真正測試了彼此的假設並感到放心。因此，這個過程與大流行前非常相似。

We just look at things in a bit of a different light because of the pandemic today. But I still feel like we've been able to be successful even in the midst of the pandemic, underwriting these deals that maybe require return. I would point your attention to the investor deck that we put out along with [Navy] in June, we actually put in a slide there, the case study of a few buildings that we had underwritten with an existing operator in the middle of the pandemic, I think that we acquired them in 2021, they were not cash flowing, so underwater basically on day 1, but we had worked on the pro forma together, and we, as former operators feel like we can feasibility test that pretty well, the improvement from day 1 in place negative or under 1x coverage to just about 18 months later was really impressive.

只是由於今天的大流行，我們以不同的角度看待事物。但我仍然覺得，即使在疫情期間，我們也能夠取得成功，承銷這些可能需要回報的交易。我想請您注意我們在6 月與[Navy] 一起推出的投資者平台，我們實際上在那裡放了一張幻燈片，這是我們在大流行期間與現有運營商承保的幾座建築物的案例研究，我認為我們在2021 年收購了它們，它們沒有現金流，所以基本上在第一天就處於水下狀態，但我們一起進行了備考，我們作為前運營商覺得我們可以很好地進行可行性測試，從第一天的負面影響或低於 1 倍的覆蓋率到大約 18 個月後的改善確實令人印象深刻。

A lot of the investments that we've done this year kind of follow that same model where these buildings haven't been fully stabilized, perfect anywhere -- only place to go is down. Now there's been quite a bit of upside in them. And so I think Connor that as we employ our experienced operators, and we select the right operator, and we collaboratively underwrite together then we can have great success.

我們今年所做的許多投資都遵循相同的模式，其中這些建築還沒有完全穩定，任何地方都完美——唯一可以去的地方就是倒塌。現在它們已經有了相當大的優勢。因此，我認為康納，當我們僱用經驗豐富的操作員，選擇合適的操作員，並共同合作承保時，我們就能取得巨大的成功。

Yes. I think, Connor, I would just add that through COVID, maybe we look at one -- a few things differently, in particular on the expense side, we may really look at labor, obviously, a lot more carefully, just in terms of understanding where the facilities are, what the labor situation is in the immediate geography, looking closer, especially if it's a rural deal, are they really going to be able to find labor. So I think there's 1 or 2 -- a few things that came out from the fallout of COVID and where the market is today that have led us to focus more carefully on a few things, but the overall process is still pretty consistent with what we've done before.

是的。我想，康納，我想補充一點，透過新冠疫情，也許我們會以不同的方式看待一些事情，特別是在費用方面，我們可能真的會更仔細地看待勞動力，顯然，只是在勞動力方面了解設施在哪裡，附近的勞動力狀況如何，仔細觀察，特別是如果是農村交易，他們真的能夠找到勞動力嗎？因此，我認為有 1 或 2 種情況——新冠疫情的影響以及當今市場的狀況導致我們更加仔細地關註一些事情，但總體過程仍然與我們的預期非常一致。以前做過。

(Operator Instructions) Your next question comes from the line of Austin Wurschmidt from KeyBanc Capital Markets.

（操作員說明）您的下一個問題來自 KeyBanc Capital Markets 的 Austin Wurschmidt。

If the existing operator -- capital behind the existing operator were to purchase these assets in Iowa, I guess is it safe to assume that you'd require kind of market value plus any back rent to win that deal?

如果現有營運商——現有營運商背後的資本要在愛荷華州購買這些資產，我想可以安全地假設您需要一定的市場價值加上任何欠租才能贏得這筆交易嗎？

Yes. I think we just have to be a little careful on what we would accept and what we would -- during the open negotiation like this. So -- and we probably have to unfortunately deflect comments on ongoing negotiations right now.

是的。我認為，在這樣的公開談判期間，我們只需要謹慎對待我們將接受什麼以及我們將要做什麼。因此，不幸的是，我們可能不得不轉移對目前正在進行的談判的評論。

That's fair. But -- and maybe if you were to sell or finance, how much of the deal value would you ultimately be willing to finance, just given kind of what's happened here operationally and some of the challenges they faced?

這還算公平。但是，也許如果你要出售或融資，考慮到這裡發生的營運情況以及他們面臨的一些挑戰，你最終願意為交易價值提供多少融資？

I'm really not trying to avoid you, but it's kind of the same issue. What we've -- the terms of the transaction, how much we would finance, what the price would be, what conditions we would need, that's all very much in play real time, so we can't really comment on it.

我真的不是想迴避你，但這是同一個問題。我們所擁有的——交易條款、我們將融資多少、價格是多少、我們需要什麼條件，這些都是即時發生的，所以我們無法真正對此發表評論。

Okay. And then just speaking back to the $150 million investment pipeline, what's been kind of the time line from the time it enters the pipeline to where you're able to close? And how much really beyond that $150 million is crossing your desk that meets criteria, but just is on the back burner until you're really able to move on those.

好的。然後回到 1.5 億美元的投資管道，從進入管道到完成投資的時間是怎麼樣的？除了 1.5 億美元之外，還有多少真正符合標準，但在您真正能夠繼續執行這些任務之前，這些資金將被放在次要位置。

Also, I'd say that how long a deal takes from when we get it in, to when we close, it's all over the place, right? It's very dependent on a number of things. I think you see a little bit of a rush in the June, July time period, especially in California with some changes in the CHOW regs. So sometimes the deal is going to take -- you might have to provide 120 days of notice before you can close. Others, you'll get finished in 60 to 90 days. I would say typically from the time we see it, it's probably a 90- to 120-day process. And in terms of things that are outside of the $150 million, I guess I'd say that, look, if something looks good to us, we really don't put it on the back burner ever. It's front and center, and we're going to get the resources to it that it needs for us to be competitive and go get it. So I think that things on the back burner, if you like them, they're not going to stay there. They're going to move to the top or towards the top very quickly.

另外，我想說的是，從我們達成交易到完成交易需要多長時間，這一切都是如此，對嗎？它非常依賴很多事情。我認為您會在 6 月、7 月期間看到一些高峰，尤其是在加利福尼亞州，因為 CHOW 法規發生了一些變化。因此，有時交易需要花費 120 天的時間才能完成。其他人則需要 60 到 90 天才能完成。我想說，通常從我們看到它的時候起，這可能是一個 90 到 120 天的過程。至於 1.5 億美元之外的事情，我想我會說，看，如果某件事對我們來說看起來不錯，我們真的不會把它放在一邊。它是前沿和中心，我們將獲得它所需的資源，以保持我們的競爭力並去獲取它。所以我認為那些被擱置的事情，如果你喜歡它們，它們就不會留在那裡。他們很快就會登上頂峰或走向頂峰。

Yes. It just seems like you guys have had success quickly backfilling that $150 million throughout the year. So I was just curious beyond that. But last one for me, I'm just curious, what percent of your leases are CPI-based?

是的。看起來你們已經成功地在一年內迅速回填了​​ 1.5 億美元。所以我只是好奇除此之外。但我的最後一個問題是，我只是很好奇，你們的租賃中有多少百分比是基於 CPI 的？

Well, outside of -- well, the vast majority of them are.

嗯，除了──嗯，絕大多數都是這樣。

Yes, almost all of them. I mean if we give a short-term fixed ramp, that might be there, but then ultimately, it goes to CPI-based, the vast majority are.

是的，幾乎所有。我的意思是，如果我們給出短期固定成長，那可能是存在的，但最終，它會基於消費者物價指數，絕大多數都是如此。

There are no further questions at this time. I will now turn the call back over to Dave Sedgwick.

目前沒有其他問題。我現在將把電話轉回戴夫·塞奇威克。

Thank you. Well, we really appreciate everybody's support and questions. And as always, if there's anything else that you'd like to talk about, you know where to reach us. Have a great weekend.

謝謝。嗯，我們非常感謝大家的支持與提問。像往常一樣，如果您還有其他問題想討論，您知道在哪裡聯絡我們。週末愉快。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。