CVD Equipment Corp (CVV) 2023 Q3 法說會逐字稿

Greetings, and thank you for standing by, and welcome to CVD Equipment Corporation's third-quarter fiscal year 2023 earnings call. As a reminder, this conference is being recorded. We will begin with some prepared remarks, followed by a question-and-answer session.

您好，感謝您的支持，歡迎參加 CVD 設備公司 2023 財年第三季財報電話會議。提醒一下，本次會議正在錄製中。我們將從一些準備好的演講開始，然後進行問答環節。

Presenting on the call today will be Manny Lakios, President and CEO and a member of the CVD Board of Directors; and Rich Catalano, Executive Vice President and Chief Financial Officer. We have posted our earnings press release and call replay information to the investor relations section of our website at www.cvdequipment.com.

CVD 董事會成員兼總裁兼執行長 Manny Lakios 出席今天的電話會議；以及執行副總裁兼財務長 Rich Catalano。我們已將獲利新聞稿和電話會議重播資訊發佈到我們網站 www.cvdequipment.com 的投資者關係部分。

Before we begin, I would like to remind you that many of the comments made on today's call contain forward-looking statements, including those related to future financial performance, market growth, total available market demand for our products, general business conditions, and outlook. These forward-looking statements are based on certain assumptions, expectations, and projections and are subject to a number of risks and uncertainties described in our press release and in our filings with the SEC, including but not limited to Risk Factors section of the company's 10-K for the year ended December 31, 2022.

在我們開始之前，我想提醒您，今天電話會議上發表的許多評論都包含前瞻性陳述，包括與未來財務業績、市場成長、我們產品的可用市場總需求、一般業務狀況和前景相關的陳述。這些前瞻性陳述是基於某些假設、預期和預測，並受到我們的新聞稿和向 SEC 提交的文件中描述的許多風險和不確定性的影響，包括但不限於公司 10 項風險因素部分-K 截至2022 年12 月31 日的年度。

Actual results may differ materially from those described during this call. In addition, our forward-looking statements are made as of today, and we undertake no obligation to update any forward-looking statements based on new circumstances or revised expectations.

實際結果可能與本次電話會議中所述的結果有重大差異。此外，我們的前瞻性陳述是截至今天作出的，我們沒有義務根據新情況或修改後的預期更新任何前瞻性陳述。

I would now like to turn the call over to Emmanuel Lakios. Please begin, sir.

我現在想把電話轉給伊曼紐·拉基奧斯。請開始吧，先生。

Sherry, thank you, and good afternoon, everyone. Thank you all for joining us today to discuss our third-quarter 2023 financial results and other important company development and pertinent information related to our business. Your thoughts are important to us, and we look forward to your questions in our Q&A session.

雪莉，謝謝你，大家下午好。感謝大家今天加入我們，討論我們 2023 年第三季的財務表現以及其他重要的公司發展以及與我們業務相關的資訊。您的想法對我們很重要，我們期待您在問答環節提出問題。

As previously communicated, our order and revenue levels have historically fluctuated and will continue to do so. This is typical for the highly cyclical process equipment industry. As such, while we experienced a year-over-year decline in third quarter revenue of approximately $1.9 million, we are pleased that our year-to-date revenue for the first nine months of 2023 continues to be $1.4 million or 7.6% higher than the prior year. On the order front, during the third quarter, we booked $4.1 million of new orders, principally in our aerospace and defense sector.

正如之前所傳達的，我們的訂單和收入水平歷來波動，並將繼續如此。這對於高度週期性的過程設備產業來說是典型的。因此，雖然我們第三季營收年減約 190 萬美元，但我們很高興我們 2023 年前 9 個月的年初至今收入繼續達到 140 萬美元，比去年同期高出 7.6%前一年。在訂單方面，第三季我們預訂了 410 萬美元的新訂單，主要是在航空航太和國防領域。

In the high-power electronics market, there were no PVT150 system orders received in the first nine months of 2023. Our installed base of PVT150 systems are meeting our performance expectations, and we continue to support our existing PVT customer in their end product development goals.

在高功率電子市場，2023 年前 9 個月沒有收到 PVT150​​ 系統訂單。我們的 PVT150​​ 系統安裝基礎滿足我們的效能預期，我們將繼續支援現有 PVT 客戶的最終產品開發目標。

We have expanded our marketing efforts to include direct outreach to multiple potential customers for PVT systems as well as attended key silicon carbide related trade shows and conferences, including the ICSCRM conference this past September. The engaged customers both include silicon carbide wafer manufacturers as well as fully integrated wafer and device manufacturers.

我們擴大了行銷力度，包括直接接觸 PVT 系統的多個潛在客戶，並參加了與碳化矽相關的重要貿易展和會議，包括去年 9 月舉行的 ICSCRM 會議。參與的客戶既包括碳化矽晶圓製造商，也包括完全整合的晶圓和裝置製造商。

The success of our PVT150 and our recently launched PVT200 systems is dependent on the performance of our equipment in the field, overall market conditions, our customers' ability to qualify their end product with their customer and their ability to obtain funding required to purchase our equipment. We continue to make progress divesting and winding down non-core business entities to allow our team to focus on the equipment product lines and pipeline of potential customer opportunities in our key strategic markets of high-power electronics, battery materials, energy storage, and aerospace defense.

我們的 PVT150​​ 和我們最近推出的 PVT200 系統的成功取決於我們設備在現場的性能、整體市場狀況、我們的客戶與客戶一起鑑定其最終產品的能力以及他們獲得購買我們設備所需資金的能力。我們繼續推進非核心業務實體的剝離和清理，使我們的團隊能夠專注於高功率電子、電池材料、儲能和航空航天等關鍵戰略市場的設備產品線和潛在客戶機會。防禦。

As previously announced, we sold our Tantaline subsidiary in May 2023. And in August 23, the company entered into a purchase and license agreement with a third party to sell certain assets and to license certain intellectual property of our MesoScribe business in exchange for approximately $900,000. The purchase price is payable in several installments and contingent upon certain performance metrics and other milestones.

正如先前宣布的，我們於2023 年5 月出售了Tantaline 子公司。8 月23 日，該公司與第三方簽訂了購買和許可協議，出售某些資產並許可我們MesoScribe 業務的某些智慧財產權，以換取約90 萬美元。購買價格可分成幾次支付，具體取決於某些績效指標和其他里程碑。

During the third quarter, we welcomed two Board members, Ms. Debra Wasser and Dr. Ashraf Lotfi. Both Board members bring extensive experience to the company in the areas of corporate governance and financial communications for Ms. Wasser and high-power electronics for Dr. Lotfi.

第三季度，我們迎來了兩位董事會成員：Debra Wasser 女士和 Ashraf Lotfi 博士。兩位董事會成員為公司帶來了 Wasser 女士在公司治理和財務溝通領域以及 Lotfi 博士在高功率電子領域的豐富經驗。

We remain committed to sustain the course of our strategy to achieve consistent long-term profitability, growth, and return on investment. Our return to profitability is subject to our ability to receive additional system orders and continue our efforts to reduce our overall operating costs.

我們仍然致力於維持我們的策略進程，以實現一致的長期獲利能力、成長和投資回報。我們能否恢復獲利取決於我們是否有能力獲得額外的系統訂單並繼續努力降低整體營運成本。

I would like to turn the call over to our CFO, Rich Catalano, who'll provide an overview of our third-quarter results.

我想將電話轉給我們的財務長 Rich Catalano，他將概述我們第三季的業績。

Thank you, Manny, and good afternoon. Our revenue from the third quarter of 2023 was $6.2 million as compared to $8.1 million for the third quarter of 2022. This represents a decrease of $1.9 million or 23.2%. This decrease in our revenue was primarily attributable to lower revenue in our CVD equipment segment of $1 million, primarily related to lower PVT system revenues that was partially offset by higher aerospace revenue. Our CVD Materials revenues were lower by $0.7 million due to the sale of our Tantaline subsidiary in May 2023 and the wind-down of our MesoScribe operations.

謝謝你，曼尼，下午好。我們 2023 年第三季的營收為 620 萬美元，而 2022 年第三季的營收為 810 萬美元。這意味著減少了 190 萬美元，即 23.2%。我們收入的下降主要是由於 CVD 設備部門的收入減少了 100 萬美元，這主要與 PVT 系統收入的減少有關，但航空航天收入的增加部分抵消了這一損失。由於 2023 年 5 月出售了我們的 Tantaline 子公司以及 MesoScribe 業務的結束，我們的 CVD 材料收入減少了 70 萬美元。

There were certain customer contracts where our revenue was to be recognized at the point of time when the equipment was to be transferred to our customer based on contractual terms. These contracts were modified during the three months ended September 30, 2023, such that the revenue under these contracts will now be recognized over time using the input method. Our revenue for the three months ended September 30, 2023, includes $1.8 million (sic - see press release, "$0.8 million") of revenues that was deferred at June 30, 2023, and recognized on the date of the contract modification.

根據某些客戶合同，我們的收入將在根據合約條款將設備轉讓給我們的客戶時確認。這些合約在截至 2023 年 9 月 30 日的三個月內進行了修改，因此這些合約下的收入現在將使用輸入法隨著時間的推移而確認。我們截至2023 年9 月30 日的三個月的收入包括180 萬美元（原文如此- 參見新聞稿，“80 萬美元”）的收入，該收入於2023 年6 月30 日遞延，並在合同修改之日確認。

Our operating loss for the third quarter of 2023 was $1 million as compared to operating income of $0.1 million for the third quarter of '22. The increase in our operating loss was due to lower revenues as well as increased operating cost. Our gross profit margin percentage was 25.6% in the current third quarter as compared to 29.8% in the prior-year quarter.

我們 2023 年第三季的營運虧損為 100 萬美元，而 2022 年第三季的營運收入為 10 萬美元。我們的營業虧損增加是因為收入減少以及營業成本增加所致。目前第三季我們的毛利率為 25.6%，去年同期為 29.8%。

The decline in gross profit margin from the prior year was primarily due to results in changes in our contract mix, increases in certain component cost as well as higher compensation costs, as well as lower gross profit due to the sale of again of our Tantaline subsidiary and the wind-down of our MesoScribe operations. The increase in third-quarter operating expenses from the prior quarter due to higher employee-related costs to support the growth of our business, additional selling expenditures, as well as higher professional fees.

毛利率較上年下降的主要原因是我們的合約組合發生變化、某些零件成本增加以及補償成本上升，以及由於再次出售坦塔林子公司而導致毛利潤下降以及我們的 MesoScribe 業務的逐步結束。第三季營運費用較上一季增加，原因是支援業務成長的員工相關成本增加、額外的銷售支出以及專業費用增加。

At non-operating income, which consisted principally of interest income, our net loss for the third quarter was $753,000 or $0.11 per share for both basic and diluted. This compares to net income of $63,000 last year or $0.01 per share for basic and diluted.

以非營業收入（主要包括利息收入）計算，我們第三季的淨虧損為 753,000 美元，基本虧損和稀釋虧損均為每股 0.11 美元。相比之下，去年淨利潤為 63,000 美元，基本和稀釋每股收益為 0.01 美元。

Our backlog at September 30 was $16.6 million as compared to [$17.8 million] as of the beginning of the year as our orders were slightly less than revenues by approximately $100,000. Our reported backlog at September 30 was also reduced, however, by about $0.5 million related to Tantaline and $0.6 million to the planned wind-down of MesoScribe.

截至 9 月 30 日，我們的積壓訂單為 1,660 萬美元，而年初時為 [1,780 萬美元]，因為我們的訂單略低於收入約 100,000 美元。然而，我們截至 9 月 30 日報告的積壓訂單也減少了約 50 萬美元，與 Tantaline 相關，以及與 MesoScribe 計劃停產相關的 60 萬美元。

Our working capital at September 30 was $16.2 million. This compares to $15.5 million as of the beginning of the year. And our cash and cash equivalents was $14.3 million, very similar to the $14.4 million we started for the beginning of 2023. In July 2023, we did collect $1.6 million of employee retention credits from the IRS related -- announced credits related to the fiscal 2021 period.

截至 9 月 30 日，我們的營運資金為 1,620 萬美元。相比之下，截至今年年初，這一數字為 1550 萬美元。我們的現金和現金等價物為1,430 萬美元，與我們在2023 年初開始的1,440 萬美元非常相似。2023 年7 月，我們確實從國稅局(IRS) 收到了與2021 財年相關的相關宣布的160 萬美元的員工保留積分時期。

As for our future operating results, we are unable to predict what impact the current economic and geopolitical uncertainties will have on our financial position and future results of operations or our cash flows. Our return to consistent profitability is dependent among other things to receipt of new equipment orders, our ability to mitigate the impact of supply chain disruptions as well -- and inflationary pressures as well as managing planned capital expenditures and operating expenses.

至於我們未來的經營業績，我們無法預測當前經濟和地緣政治的不確定性將對我們的財務狀況和未來經營業績或現金流量產生什麼影響。我們能否恢復穩定的獲利能力取決於新設備訂單的接收、我們減輕供應鏈中斷影響的能力、通膨壓力以及管理計畫資本支出和營運費用。

After considering all these factors, we believe our cash and cash equivalents and our projected cash flows from operations will be sufficient to meet our working capital and capital expenditure requirements for the next 12 months. We will continue to assess our operations, and we'll take action as necessary to maintain our operating cash to support our working capital needs.

考慮到所有這些因素後，我們相信我們的現金和現金等價物以及預計的營運現金流將足以滿足我們未來 12 個月的營運資本和資本支出需求。我們將繼續評估我們的運營，並將採取必要的行動來維持我們的營運現金，以支持我們的營運資金需求。

I will now turn it back to Manny.

我現在將其轉回給曼尼。

Rich, thank you for your presentation. In summary, the financial results of 2023 reflects our efforts to continue to focus on our strategic markets and products. Overall, our focus remains on our customers, our employees, our shareholders, and the pursuit of growth and return to consistent profitability. We look forward to continuing to build on our success in the years ahead and remain cautiously optimistic.

里奇，謝謝你的介紹。總之，2023 年的財務表現反映了我們繼續專注於策略市場和產品的努力。總體而言，我們的重點仍然是我們的客戶、我們的員工、我們的股東，以及對成長和回報持續獲利的追求。我們期待在未來幾年繼續取得成功，並保持謹慎樂觀。

Your comments and questions are important to us. With the close of the formal presentation, I'd like to open the floor up to your questions.

您的意見和問題對我們很重要。正式演講結束後，我想請大家提問。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。 （操作員說明）

Brett Reiss, Janney Montgomery Scott.

布雷特·賴斯，珍妮·蒙哥馬利·斯科特。

Hi, Manny. Hi, Rich.

嗨，曼尼。嗨，里奇。

Hi, Brett. How are you? Good afternoon.

嗨，布雷特。你好嗎？午安.

Hi, Brett.

嗨，布雷特。

Good. I'm good. The softness in the PVT orders, that means I guess your existing customer has decided not to expand. Do you have any idea why that is?

好的。我很好。 PVT 訂單疲軟，這意味著我猜您現有的客戶決定不再擴張。你知道這是為什麼嗎？

Well, yeah, I can't speak for the customer themselves, but what I can say is that the tools are performing as to our expectations and also to our specifications. They are in the normal process of installation, adoption, ramp-up, and qualification of their end product. And as I always say, it's a matter of when, not if and we continue to be very supportive of them. So again, I can't really say any more about their particular business.

嗯，是的，我不能代表客戶自己說話，但我可以說的是，這些工具的性能符合我們的期望和規格。他們正處於最終產品的安裝、採用、升級和鑑定的正常過程中。正如我常說的，這只是時間問題，而不是是否有問題，我們將繼續大力支持他們。再說一次，我真的無法再談論他們的特定業務。

Okay. I recall also with the PVTs that you were in discussions with a second potential customer. But the roadblock there -- then that second potential customer needed to do some sort of capital raise, which from my end, this is a bit of a challenging market in capital raises.

好的。我還記得在 PVT 中，您正在與第二個潛在客戶進行討論。但那裡的障礙 - 然後第二個潛在客戶需要某種形式的融資，從我看來，這是一個有點具有挑戰性的融資市場。

It is. And as we say and as we commented in the script, our success in all of our product is our ability to perform, our product performance, our ability to perform as a company as well as the customer's acceptance and qualification in the marketplace, and their ability to raise funding. Back in the first quarter of the year, we launched the PVT150 to the broader community of potential customers, and that includes anyone who makes a way for both for their own consumption or sell it as a merchant.

這是。正如我們所說和我們在劇本中評論的那樣，我們所有產品的成功在於我們的執行能力、我們的產品性能、我們作為一家公司的執行能力以及客戶在市場上的接受度和資格，以及他們的能力。籌集資金的能力。早在今年第一季度，我們就向更廣泛的潛在客戶群推出了 PVT150​​，其中包括任何為自己消費或作為商人出售產品的人。

And yes, we have had both start-up companies and back in the -- March timeframe may also say that we hired our sales manager, and we stepped up our game and our presence in many of the trade shows. And we've done good, what I would call, market awareness. We've created awareness of the CVD brand at all of the high-power electronics, silicon carbide crystal growth companies. So that's all a positive.

是的，我們都有新創公司，而且在三月份的時間範圍內也可能會說我們聘請了銷售經理，並且我們加強了我們的遊戲和在許多貿易展覽中的存在。我們做得很好，我稱之為市場意識。我們已經在所有高功率電子、碳化矽晶體生長公司中建立了 CVD 品牌的知名度。所以這都是正面的。

Today, we're engaged with companies that are fully integrated, which means that they grow crystals, make wafers, make power electronics from that, down to the startup companies that just grow crystals and make wafers to the established, very large companies that just grow crystals and make wafers. So we have a broad breadth of opportunities in our sales funnel.

今天，我們與完全整合的公司合作，這意味著他們生長晶體、製造晶圓、製造電力電子產品，下至只生長晶體和製造晶圓的新創公司，再到只生產晶體和製造晶圓的老牌超大型公司。生長晶體並製作晶圓。因此，我們的銷售漏斗中擁有廣泛的機會。

So even though that some of the -- and particularly one of our potential customers was not able to raise the capital needed, we've added additional accounts that fit the bill of what I said. And we're at the level of providing quotations and discussion with some of them on terms and conditions.

因此，儘管其中一些客戶，特別是我們的一位潛在客戶無法籌集所需的資金，但我們還是添加了符合我所說的要求的額外帳戶。我們正在提供報價並與其中一些人就條款和條件進行討論。

So again, as I say, it is a when, not an if statement. The tools perform; the market exists. The venture market is very, very soft, as you indicate, and that both troubles us. But we also have accounts that are very well-funded also -- potential accounts.

所以，正如我所說，這是一個“when”語句，而不是一個“if”語句。工具執行；市場存在。正如您所指出的，創投市場非常非常疲軟，這都讓我們感到困擾。但我們也有資金充足的帳戶——潛在帳戶。

Right.

正確的。

So it's a broad mix. And to answer your question, yes, we're engaged with and having that in-depth conversations with other potential accounts as well.

所以這是一個廣泛的組合。為了回答你的問題，是的，我們也正在與其他潛在客戶進行深入的對話。

Right, right. In prepping for this call, I kind of perused to your website, which I see has been revamped and it looked very good. But in poking around your website, I see you guys are involved with wideband gap semiconductors and there seems to be a lot of military use for wideband gap semiconductors. With the state of the world being what it is, is that the potential business for you guys?

是的是的。在準備這次電話會議時，我仔細閱讀了你們的網站，我發現該網站已經過改版，看起來非常好。但在瀏覽你們的網站時，我發現你們參與了寬頻隙半導體，而且寬頻隙半導體似乎有許多軍事用途。鑑於世界現狀，這對你們來說是潛在的生意嗎？

Well, just a little bit about this unfortunate climate that we're in with two conflicts, two major conflict zones. High-power electronics are large band gap or with semiconductors -- gallium nitride is one; silicon carbide is another base materials for such. So we already or in that -- in the high-power electronics area. The other is obviously gallium nitride which we sell R&D systems to.

好吧，簡單介紹一下我們所處的不幸氣氛，這裡有兩場衝突，兩個主要衝突地區。高功率電子裝置採用大帶隙或半導體－氮化鎵就是其中之一；碳化矽是另一種基礎材料。所以我們已經或在高功率電子領域。另一種顯然是氮化鎵，我們向其銷售研發系統。

In that area, we have not seen a large uptick for military applications. We have seen interest in some of our other products -- R&D products that are for aerospace and defense, which are electronics based. But we've seen -- and in our press release, we noted that we've had a strong aerospace and defense market share mix this year with the CVI tools for the large gas turbine engines.

在該領域，我們還沒有看到軍事應用的大幅成長。我們看到了人們對我們的一些其他產品的興趣——用於航空航天和國防的電子產品研發產品。但我們已經看到，在我們的新聞稿中，我們指出，今年我們透過用於大型燃氣渦輪發動機的 CVI 工具獲得了強大的航空航天和國防市場份額組合。

We also, this past quarter, received two orders for R&D systems from notable names in the area of ceramic matrix composite materials as well as on materials that would be utilized potentially in high-speed mobile -- you could almost say, hypersonic applications.

上個季度，我們還收到了兩份來自陶瓷基複合材料領域知名企業的研發系統訂單，以及可能用於高速行動裝置（幾乎可以說是高超音速應用）的材料。

So that's an area where CVD has had a history in our legacies. And we're glad with that and pleased with the performance of our aerospace and defense product line because quite frankly, it is part of our business. It's one of the legs. It helps, of course, more than pay the bills. And it gives us runway as we -- and allows us to tread water while our high-power electronics silicon carbide crystal growth system gets adopted. And we again -- the when, not the if statement.

這就是 CVD 在我們的遺產中擁有悠久歷史的領域。我們對此感到高興，並對我們的航空航天和國防產品線的性能感到滿意，因為坦白說，這是我們業務的一部分。這是其中一條腿。當然，它的幫助不僅僅是支付賬單。它為我們提供了跑道，讓我們能夠在我們的高功率電子碳化矽晶體生長系統被採用時踏水而行。我們再說一次－是when，而不是if 語句。

Okay. Also, from your website, we're getting out of the Tantaline business, but we're still in the tantalum business when it comes to in our initiatives with implants?

好的。另外，從您的網站來看，我們正在退出鉭金屬業務，但當涉及到我們的植入計劃時，我們仍然從事鉭業務？

Yes, there are some applications that we have, whether it's stands or whether it's actual implant devices which are on more volume related. It's not a large portion of our business. But yes, of course, we continue to sell the equipment related to those applications.

是的，我們有一些應用程序，無論是支架還是與體積相關的實際植入設備。這並不是我們業務的很大一部分。但是，當然，我們會繼續銷售與這些應用程式相關的設備。

Okay. And one last thing, I didn't see any employment openings at CVD. Does that mean your head count right now for the existing level of business is kind of where you want to be, and what is the head count these days?

好的。最後一件事，我沒有在 CVD 看到任何就業機會。這是否意味著您目前的現有業務水平的員工人數符合您想要的水平，目前的員工人數是多少？

We're north of 130 employees in our facility here in Central Islip and in upstate New York in our Saugerties site. And we think we're properly sized. We continue to find ways to improve our efficiencies. And we always continue to look at talent as it may come along as we need the talent. So we monitor our both near-term and long-term order rate, and we adjust our headcount accordingly.

我們位於中央艾斯利普 (Central Islip) 的工廠和紐約州北部的索格蒂斯 (Saugerties) 工廠擁有 130 名員工。我們認為我們的規模合適。我們不斷尋找提高效率的方法。我們始終會持續關注人才，因為當我們需要人才時，人才就會出現。因此，我們監控近期和長期訂單率，並相應調整員工人數。

Right, right. If interest rates are topping out and start to come down and therefore, cap rates in real estate come down, do you still have an appetite to sell and leaseback your existing facility for added working capital?

是的是的。如果利率見頂並開始下降，因此房地產資本化率下降，您是否仍有興趣出售和回租現有設施以增加營運資金？

We have ample -- you never have enough, but we have ample working capital to fund our 2024 objectives and business plan. So it's good, but you never want to raise money when you need it. So we would continue to look at options as they avail themselves. We're not actively looking though.

我們有充足的營運資金——你永遠都不夠，但我們有充足的營運資金來資助我們的 2024 年目標和業務計劃。所以這很好，但你永遠不想在需要的時候籌集資金。因此，我們將繼續考慮各種可行的方案。但我們並沒有積極尋找。

Great. Great. Thank you for answering my questions and have a good Thanksgiving to both of you.

偉大的。偉大的。感謝您回答我的問題，祝你們感恩節快樂。

Thank you, Brett. Thank you. Appreciate it.

謝謝你，布雷特。謝謝。欣賞它。

(Operator Instructions) There are no more questions at this time. I would like to turn the conference back over to management for closing comments.

（操作員說明） 目前沒有更多問題。我想將會議轉回管理層以徵求結束意見。

Thank you, Sherry, and thank you to everyone for dialing in today. We appreciate your attendance on the call. As well, we appreciate your loyalty and also the loyalty of our employees and suppliers. If you have any further questions, feel free to reach out to myself or Rich. Happy Thanksgiving to all. And this concludes our third quarter call. Thank you.

謝謝你，雪莉，也謝謝大家今天撥電話。我們感謝您參加電話會議。此外，我們感謝您的忠誠以及我們的員工和供應商的忠誠。如果您還有任何其他問題，請隨時與我自己或 Rich。祝大家感恩節快樂。我們的第三季電話會議到此結束。謝謝。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線。