Dole PLC (DOLE) 2023 Q4 法說會逐字稿

Hello, everyone.

大家好。

Welcome to the Dole plc fourth quarter and full year 2023 earnings conference call and Webcast.

歡迎參加都樂公司 2023 年第四季和全年財報電話會議和網路廣播。

(Operator Instructions) After the speaker's presentation, there will be a question-and-answer session.

（操作員說明） 演講者演講結束後，將進行問答環節。

For opening remarks and introductions, I would like to turn the call over to Head of Investor Relations with Dole plc, James O'Regan.

對於開場白和介紹，我想將電話轉給都樂公司投資者關係主管 James O'Regan。

Please go ahead.

請繼續。

Thank you.

謝謝。

Welcome, everybody, and thank you for taking the time to join our fourth quarter and full year 2023 earnings conference call and webcast.

歡迎大家，並感謝您抽出時間參加我們的 2023 年第四季和全年財報電話會議和網路廣播。

Joining me on the call today is our Chief Executive Officer, Rory Byrne; our Chief Operating Officer, Johan Linden; and our Chief Financial Officer, Jacinta Devine.

今天和我一起參加電話會議的是我們的執行長羅裡·伯恩 (Rory Byrne)；我們的營運長 Johan Linden；以及我們的財務長 Jacinta Devine。

Please note, our remarks today will include certain forward-looking statements within the provisions of the federal securities Safe Harbor law.

請注意，我們今天的言論將包括聯邦證券安全港法規定範圍內的某些前瞻性聲明。

These reflect circumstances at the time they are made, and the company expressly disclaims any obligation to update or revise any forward-looking statements.

這些反映了做出這些陳述時的情況，公司明確不承擔更新或修改任何前瞻性陳述的義務。

Actual results or outcomes may differ materially from those that may be expressed or implied due to a wide range of factors, including those set forth in our SEC filings and press releases.

由於多種因素（包括我們在 SEC 文件和新聞稿中闡述的因素），實際結果或結果可能與明示或暗示的結果有重大差異。

Information regarding the use of non-GAAP financial measures may be found in our press release which also includes the reconciliation to the most comparable GAAP measures.

有關使用非公認會計原則財務指標的資訊可以在我們的新聞稿中找到，其中還包括與最具可比性的公認會計原則指標的調節。

With that, I'm pleased to turn today's call over to Rory.

因此，我很高興將今天的電話轉給羅裡。

Thank you, James.

謝謝你，詹姆斯。

And welcome, everybody, and thank you for joining us today as we discuss our results from the fourth quarter and the full year of 2023.

歡迎大家，感謝你們今天加入我們，我們將討論第四季和 2023 年全年的業績。

Turning firstly to slide 4 and a recap of the key developments in 2023.

首先轉向投影片 4，回顧 2023 年的主要發展。

While 2023 was a year of good progress and positive momentum for Dole plc with the business growing its position as the leading provider of fresh produce in the world.

2023 年對都樂公司來說是取得良好進展和積極勢頭的一年，該公司作為全球領先的生鮮農產品供應商的地位不斷增強。

Across the group, there were many new initiatives and innovations to drive the business forward.

整個集團推出了許多新舉措和創新來推動業務發展。

We launched Dole Organics and the Go Organic brand in Europe, and this has been positively received by customers.

我們在歐洲推出了Dole Organics和Go Organic品牌，受到了客戶的正面評價。

Dole Organics complements the Dole Organic banana and pineapple offering already available across Europe and North America.

Dole Organics 補充了 Dole Organic 香蕉和鳳梨產品，已在歐洲和北美上市。

We launched our premium Golden Selection Pineapple during 2023, and this was very well received by all of our customers and provides a strong base for further planned innovation in this category.

我們在 2023 年推出了優質金選菠蘿，受到所有客戶的好評，並為該類別的進一步計劃創新奠定了堅實的基礎。

We continue to make good progress in consolidating our third-party shipping volumes and managing this key aspect of our operations efficiently.

我們在鞏固第三方運輸量和有效管理我們營運的這一關鍵方面繼續取得良好進展。

As interest rates remain high, we continue to focus on reducing leverage.

由於利率居高不下，我們繼續專注於降低槓桿率。

During 2023, we realized significant value from the sale of noncore assets such as nonoperational lands in Hawaii and out-of-service vessels.

2023 年，我們透過出售非核心資產（例如夏威夷的非營運土地和退役船舶）實現了巨大價值。

Altogether, we generated cash proceeds of some $84 million from the sale of nonproductive assets, or almost $1 a share and crystallized cash value.

總共，我們透過出售非生產性資產獲得了約 8,400 萬美元的現金收益，即每股近 1 美元和具體的現金價值。

This together with our strong free cash flow generation contributed to a reduction in net leverage from 2.8x to 2.1x at the yearend.

這與我們強勁的自由現金流生成一起，導致年末淨槓桿率從 2.8 倍降至 2.1 倍。

Earlier this week, we announced an agreement to sell our 65% interest in Progressive Produce for gross cash proceeds of just under $120 million.

本週早些時候，我們宣布達成協議，出售我們在 Progressive Produce 中 65% 的權益，現金收益總額略低於 1.2 億美元。

We expect the net proceeds from this sale to be approximately $100 million.

我們預計此次出售的淨收益約為 1 億美元。

Progressive business was a discrete part of the diversified Americas and the Rest of the World segment, and this realized a successful exit and an attractive valuation from our initial $30 million investment back in 2016.

Progressive 業務是美洲和世界其他地區多元化業務的一個獨立部分，這實現了成功退出，並從 2016 年我們最初的 3000 萬美元投資中獲得了有吸引力的估值。

As announced, we will use the proceeds from this sale to reduce our leverage further.

正如所宣布的，我們將利用此次出售的收益來進一步降低我們的槓桿率。

Now turning to slide 5 and a recap of the financial highlights for 2023.

現在轉向投影片 5，回顧 2023 年的財務亮點。

We are pleased today to report very strong full year results, achieving an adjusted EBITDA of $385 million from full financial year, which outperformed our initial guidance for the year of $350 million by 10%.

今天，我們很高興地報告非常強勁的全年業績，整個財政年度的調整後 EBITDA 達到 3.85 億美元，比我們對本年度 3.5 億美元的初步預期高出 10%。

For the full year, group revenue increased by 2.8%, driven primarily by higher pricing.

全年集團營收成長 2.8%，主要得益於定價上漲。

Adjusted EBITDA increased by 6.9%, achieving an adjusted EBITDA margin of 4.7% compared to 4.5% in 2022.

調整後 EBITDA 成長 6.9%，調整後 EBITDA 利潤率為 4.7%，而 2022 年為 4.5%。

This growth was driven by a strong performance in our Diversified Fresh Produce EMEA segment and stable consistent performances in both our Fresh Fruit and Diversified Fruit Americas segment.

這一成長是由我們多樣化新鮮農產品歐洲、中東和非洲細分市場的強勁表現以及新鮮水果和多樣化水果美洲細分市場穩定一致的表現所推動的。

Adjusted diluted EPS was $1.24 for the full year compared to $1.44 on the prior year with the reduction primarily due to higher year-on-year interest expense.

全年調整後攤薄每股收益為 1.24 美元，而上年為 1.44 美元，減少的主要原因是年比利息支出增加。

As we continue to emphasize, efficient capital management and allocation are significant priorities first.

正如我們不斷強調的，高效率的資本管理和配置是首要任務。

In this regard, we're really pleased with our strong cash generation which led to a reduction in net debt of over $200 million at the end of 2023.

在這方面，我們對我們強勁的現金產生能力感到非常滿意，這使得到 2023 年底淨債務減少了超過 2 億美元。

Our success has been driven by a combination of factors such as good operating performance, a disciplined approach to capital investment, excellent working capital management, and as mentioned earlier, a strong year for the sale of noncore assets.

我們的成功是由多種因素共同推動的，例如良好的營運績效、嚴格的資本投資方法、出色的營運資本管理，以及如前所述，非核心資產銷售的強勁表現。

Turning now to slide 7 for our operational highlights and starting with our Fresh Fruit division.

現在轉向幻燈片 7，了解我們的營運亮點，從我們的新鮮水果部門開始。

While this segment delivered a robust performance in full year with adjusted EBITDA up $209 million which was approximately 2% ahead of 2022.

該細分市場全年表現強勁，調整後 EBITDA 成長 2.09 億美元，比 2022 年成長約 2%。

In the fourth quarter, the segment faced an extremely strong 2022 comparative.

第四季度，該細分市場面臨 2022 年極其強勁的對比。

And taking this into account, we were very pleased with the result delivered.

考慮到這一點，我們對交付的結果非常滿意。

Over the course of 2023, a key growth driver was a strong recovery in our European business after a challenging 2022 along with good profitability in our pineapple business which has benefited from an improving supply-demand balance in the key Costa Rica growing region as well as by the success of our Golden Selection Pineapple in the marketplace.

2023 年的一個關鍵成長動力是我們的歐洲業務在充滿挑戰的 2022 年之後強勁復甦，以及我們的菠蘿業務的良好盈利能力，這得益於哥斯達黎加主要種植區的供需平衡改善以及我們的金選菠蘿在市場上取得的成功。

In North America, our operations are continuing to perform well but did face challenges during the year with intense competition in the marketplace and lower commercial cargo profitability.

在北美，我們的業務持續表現良好，但今年確實面臨市場競爭激烈和商業貨運獲利能力下降的挑戰。

We also had the impact of higher sourcing costs due to the combination of low production volumes in many world regions and currency pressures in certain sourcing countries.

由於世界許多地區的產量較低以及某些採購國家的金錢壓力，我們也受到採購成本較高的影響。

As always, supply and demand dynamics in the banana market and to a lesser extent in the pineapple market remain important variables for the year ahead.

與往常一樣，香蕉市場以及鳳梨市場的供需動態仍然是未來一年的重要變數。

Weather is also an important variable on the supply side that we monitor under El Niño conditions increasingly being felt in the current banana production cycles, we are anticipating industry volume to remain low in 2024.

天氣也是供應方面的重要變量，我們在當前香蕉生產週期中日益感受到厄爾尼諾現象的情況下監測，我們預計 2024 年行業產量將保持在較低水平。

That said, we believe we are well prepared to handle this.

也就是說，我們相信我們已經做好了應對這個問題的充分準備。

Our strong and experienced management team are keenly focused on risk management, driving operational efficiencies and best products which would deliver sustainable growth and profitability.

我們強大且經驗豐富的管理團隊專注於風險管理、提高營運效率和提供永續成長和獲利能力的最佳產品。

We believe that this approach together with the continuing would continue to leverage our established and diverse sourcing infrastructure and customer base will allow us to deliver another strong and consistent performance in 2024.

我們相信，這種方法再加上繼續利用我們現有的多元化採購基礎設施和客戶群，將使我們能夠在 2024 年再次實現強勁且一致的業績。

Sorry, turning to Diversify EMEA and division now.

抱歉，現在轉向多元化 EMEA 和部門。

Our Diversified EMEA segment finished 2023 on a very strong note to round up an excellent performance for the full year.

我們的多元化 EMEA 業務部門在 2023 年取得了非常強勁的成績，全年表現出色。

The segment delivered significant like-for-like growth in the quarter and full year by benefiting further from improved currency rates.

透過進一步受益於匯率改善，該部門在本季度和全年實現了顯著的同比增長。

Revenue growth continues to be driven by higher pricing, more than offsetting volume declines across the segment.

更高的定價繼續推動收入成長，這足以抵消整個細分市場的銷售下降。

With the daily progress while in terms of driving synergies in the EMEA segment as well as being attentive to internal investment and bolt-on acquisition opportunities that can support further expansion across the European marketplace.

隨著每日進步，同時推動歐洲、中東和非洲地區的協同效應，並專注於內部投資和補強收購機會，以支持在歐洲市場的進一步擴張。

Overall, we anticipate continued strong performance for our Diversified EMEA segment in 2024 as we continue to leverage our strong market positions, operational integration and investment opportunities.

總體而言，隨著我們繼續利用我們強大的市場地位、營運整合和投資機會，我們預計 2024 年多元化 EMEA 業務將繼續保持強勁表現。

Now on to Diversified Americas.

現在進入多元化的美洲。

Diversified Americas segment delivered consistent results in the fourth quarter to round on a solid full year performance despite facing some particular challenges during the year.

儘管今年面臨一些特殊挑戰，多元化美洲業務部門在第四季度取得了一致的業績，全年業績也穩健。

Improved supply chain conditions for our South American export business have led to better operating results in this part of the segment in 2023.

我們南美出口業務供應鏈條件的改善導致該部分業務在 2023 年取得了更好的經營業績。

While robust performance in most of our North American operations have also contributed to a strong result.

我們大部分北美業務的強勁表現也為我們取得了強勁的業績做出了貢獻。

However, the segment has been impacted by challenging performance in our North American berry business and work continues to turn around to profitability of this segment.

然而，該部門受到了北美漿果業務業績挑戰的影響，並且工作繼續轉向該部門的盈利能力。

In the fourth quarter, mainly driven weather patterns have notable impacts in both the timing and volumes of products being exported out of South America.

第四季度，主要天氣模式對南美產品出口時間和數量有顯著影響。

And while overall we're pleased that our businesses navigating the barge of challenges well in the region, this year's variability illustrates the complexity of reporting full year numbers in some key business areas that have seasonal peaks close to financial reporting dates, such as, for example, the Chilean cherry business.

雖然總體而言，我們很高興我們的業務在該地區順利應對了一系列挑戰，但今年的變化說明了在一些關鍵業務領域報告全年數據的複雜性，這些領域的季節性高峰接近財務報告日期，例如，例如，智利櫻桃業務。

As we start into 2024, we remain focused on closing out the current South American export seasons for some of our important products with a strong performance and continuing that momentum to the rest of the year to deliver good growth for the year.

進入 2024 年，我們仍然專注於以強勁的表現結束當前的一些重要產品的南美出口季節，並將這一勢頭延續到今年剩餘時間，以實現今年的良好增長。

Turning to our Fresh Vegetable segment, unfortunately, the process of obtaining antitrust clearance is taking longer than we anticipated.

不幸的是，談到我們的新鮮蔬菜部門，獲得反壟斷許可的過程比我們預期的要長。

We continue to engage with the Department of Justice, including exploring alternative agreements to address concerns raised.

我們將繼續與司法部合作，包括探索替代協議來解決所提出的問題。

While we continue to believe that the agreement reached with Fresh Express is best for consumers, customers, suppliers, employees, and shareholders, the outcome remains uncertain.

雖然我們仍然相信與 Fresh Express 達成的協議對消費者、客戶、供應商、員工和股東來說是最好的，但結果仍然不確定。

Operations and importantly, this business has continued to see an improvement in its underlying performance.

營運方面，更重要的是，該業務的基本績效持續改善。

And with that, I'll hand you over to Jacinta to give the financial review for the fourth quarter.

接下來，我會將您交給 Jacinta 進行第四季度的財務審查。

Thank you, Rory, and good day, everyone.

謝謝你，羅裡，大家好。

Firstly, turning to the group results on slide 9, we delivered another strong performance in the fourth quarter.

首先，轉向幻燈片 9 上的集團業績，我們在第四季再次表現強勁。

Revenue increased $30 million or 1.5% percent to $2.1 billion, primarily due to a positive impact on foreign currency translation.

營收增加 3,000 萬美元，即 1.5%，達到 21 億美元，主要是由於外幣換算的正面影響。

For the full year, revenue was $8.2 billion, which was 2.8% growth on 2022.

全年營收為 82 億美元，較 2022 年成長 2.8%。

Adjusted EBITDA came out marginally lower than the prior year, however, as mentioned by Rory, the Fresh Fruit segment performance in Q4 2022 was exceptionally strong.

調整後的 EBITDA 略低於上年，但正如 Rory 所提到的，2022 年第四季的新鮮水果部門表現異常強勁。

Overall, adjusted EBITDA was $76.9 million for the fourth quarter.

整體而言，第四季調整後 EBITDA 為 7,690 萬美元。

And for the full year, it was $385.1 million, 6.9% ahead of 2022.

全年為 3.851 億美元，比 2022 年成長 6.9%。

The net income for the fourth quarter was $28.9 million and increased from $13.4 million in Q4 2022.

第四季淨利為 2,890 萬美元，較 2022 年第四季的 1,340 萬美元有所增加。

The increase in net income was driven by higher adjusted EBITDA and, again, on asset sales of $10.7 million.

淨利潤的成長是由更高的調整後 EBITDA 以及 1,070 萬美元的資產出售所推動的。

For the full year, net income was $155.7 million, a $43.9 million increase from the prior year primarily due to an improvement of performance from operation and higher asset sales, partially offset by higher interest expense following the rise in rates and higher income tax expense, primarily due to one-off noncash tax adjustments in 2022.

全年淨利潤為 1.557 億美元，比上年增加 4,390 萬美元，主要是由於經營業績的改善和資產銷售的增加，部分被利率上升和所得稅費用上升導致的利息費用增加所抵消。主要是由於2022年的一次性非現金稅收調整。

Diluted EPS was $0.23 in the fourth quarter and for the full year, it was $1.30, again, an increase from 2022.

第四季稀釋後每股收益為 0.23 美元，全年稀釋後每股收益為 1.30 美元，較 2022 年成長。

On an adjusted basis, fourth quarter adjusted net income decreased 14% to $14.8 million.

經調整後，第四季調整後淨利下降 14%，至 1,480 萬美元。

An adjusted diluted EPS was $0.16 compared to $0.18 in the fourth quarter of 2022.

調整後稀釋後每股收益為 0.16 美元，而 2022 年第四季為 0.18 美元。

The decrease was primarily due to the marginal decrease in adjusted EBITDA and higher interest expense.

下降的主要原因是調整後 EBITDA 的邊際下降和利息支出的增加。

For the full year, adjusted net income was $118.1 million and adjusted diluted EPS was $1.24 compared to $136.4 million and $1.44 respectively for 2022.

全年調整後淨利為 1.181 億美元，調整後稀釋每股收益為 1.24 美元，而 2022 年分別為 1.364 億美元和 1.44 美元。

The decrease was mainly due to the higher interest and tax expense offset by higher EBITDA.

下降的主要原因是較高的利息和稅收費用被較高的 EBITDA 所抵消。

In the fourth quarter, underlying performance within the Fresh Vegetable business continued to improve and pleasingly, the division contributed income of $5.8 million.

第四季度，新鮮蔬菜業務的基本業績繼續改善，令人高興的是，該部門貢獻了 580 萬美元的收入。

Starting with Fresh Fruit on slide 11, revenue increased by 1.2%.

從幻燈片 11 上的新鮮水果開始，收入成長了 1.2%。

The increase was primarily due to higher worldwide volume of bananas sold, higher banana pricing in Europe, and an increase in worldwide pricing of pineapples.

這一增長主要是由於全球香蕉銷量增加、歐洲香蕉價格上漲以及全球菠蘿價格上漲。

Offsetting these were lower banana prices in North America and lower worldwide volumes of pineapples sold.

北美香蕉價格下降和全球菠蘿銷量下降抵消了這些影響。

The adjusted EBITDA decreased $11 million compared to a strong comparative period.

與強勁的同期相比，調整後的 EBITDA 減少了 1,100 萬美元。

The decrease was primarily due to higher fruit banana sourcing costs and weaker performance in our commercial cargo business and other diversified products.

下降的主要原因是水果香蕉採購成本上升以及我們的商業貨運業務和其他多元化產品的業績疲軟。

Turning to Diversified Fresh Produce, EMEA on slide 12, continuing the positive momentum for the first nine months of the year, this segment again performed very strongly in the fourth quarter.

轉向多樣化的新鮮農產品，幻燈片 12 上的歐洲、中東和非洲地區延續了今年前 9 個月的積極勢頭，該細分市場在第四季度再次表現強勁。

Revenue increased 14.8%, driven by price increases and favorable impacts from foreign currency translation and M&A activity.

由於價格上漲以及外幣換算和併購活動的有利影響，營收成長了 14.8%。

On a like-for-like basis, revenue increased 8.7%.

以年比計算，營收成長 8.7%。

Adjusted EBITDA increased by $10 million.

調整後 EBITDA 增加 1000 萬美元。

The increase was driven by strong performance within our Dutch, Swedish, and South African businesses, and a positive impact from foreign currency translation of $1.1 million.

這一成長得益於我們荷蘭、瑞典和南非業務的強勁業績，以及 110 萬美元外幣換算的正面影響。

Finally, turning to Diversified Fresh Produce, Americas and Rest of the World on slide 13, revenue decreased 14.7%, primarily due to lower -- to expected lower volumes of cherries due to seasonal timing differences and weather impacts, as well as a continued challenging performance for the berry category in North America.

最後，轉向幻燈片 13 上的多樣化新鮮農產品、美洲和世界其他地區，收入下降了 14.7%，主要是由於季節性時間差異和天氣影響以及持續的挑戰導致櫻桃產量下降。北美漿果類別的表現。

Adjusted EBITDA was $15.4 million in line with the prior year.

調整後 EBITDA 為 1,540 萬美元，與前一年持平。

The division had a significant recovery in profitability for apples and to a lesser extent kiwis after a challenging 2022.

在充滿挑戰的 2022 年之後，該部門的蘋果和紐西蘭獼猴桃的獲利能力顯著恢復。

Offsetting this was the impact of seasonal timing differences in the Chilean cherry season and the impact of the performance of the berry category in North America.

智利櫻桃季節的季節差異以及北美漿果類別表現的影響抵消了這種影響。

Turning to slide 14 now to discuss our cash generation, capital allocation and leverage.

現在轉向投影片 14，討論我們的現金產生、資本配置和槓桿。

As Rory mentioned, capital allocation and managing our leverage remains a key focus for the group.

正如羅裡所提到的，資本配置和槓桿管理仍然是集團的重點。

We are pleased that at the end of the year, our leverage was 2.1 times, a very significant reduction from 2.8 times at the end of 2022.

我們很高興的是，截至年底，我們的槓桿率為 2.1 倍，較 2022 年底的 2.8 倍大幅下降。

The reduction was driven by excellent cash generation across the group, which has reduced our reported net debt by over $200 million.

這一減少是由於整個集團出色的現金產生能力所推動的，這使我們報告的淨債務減少了 2 億多美元。

For the full year 2023, free cash flow from continuing operations was $221 million, driven by strong adjusted EBITDA performance, good working capital management across the group.

2023 年全年，持續營運產生的自由現金流為 2.21 億美元，這得益於強勁的調整後 EBITDA 業績以及整個集團良好的營運資本管理。

We saw a very strong working capital performance in Q4 and in 2023 overall, primarily driven by the unwinding of some of the significant supply chain impacts of the prior year, but additionally due to favorable seasonality at the yearend.

我們看到第四季和 2023 年整體營運資金表現非常強勁，這主要是由於上一年一些重大供應鏈影響的緩解，但也由於年底有利的季節性因素。

In line with previous years, we expect to see a seasonal working capital outflow in the first half of the year as production levels increase and a number of important growing seasons commence.

與往年一樣，隨著生產水準的提高和一些重要生長季節的開始，我們預計今年上半年將出現季節性流動資金流出。

Cash capital expenditure from continuing operations was $26.7 million in the fourth quarter, and this was complemented by the addition of $5.3 million in assets acquired through finance leases.

第四季持續經營業務的現金資本支出為 2,670 萬美元，此外還透過融資租賃收購了 530 萬美元的資產。

Full year expenditures included important efficiency projects in our warehousing and processing facilities, as well as ongoing farm renovations in banana farms, new planting and plantains, and other products and ongoing investments in IT and logistics across the group.

全年支出包括我們倉儲和加工設施的重要效率項目，以及香蕉農場正在進行的農場改造、新種植和大蕉以及其他產品，以及整個集團對 IT 和物流的持續投資。

Overall, capital spend was $87 million in 2023.

整體而言，2023 年的資本支出為 8,700 萬美元。

For 2024, we do anticipate a higher spend as we seek to execute certain projects that were planned for 2023.

對於 2024 年，我們預計支出會更高，因為我們尋求執行計劃於 2023 年進行的某些項目。

We expect CapEx from continuing operations to be in the range of $110 million to $120 million in 2024.

我們預計 2024 年持續營運的資本支出將在 1.1 億美元至 1.2 億美元之間。

As we have previously noted, 2023 was a very strong performance for the sale of idle and noncore assets, and we realized gross proceeds of $19 million in the fourth quarter to bring us to a total of $84 million for the full year.

正如我們之前指出的，2023 年是閒置和非核心資產出售的非常強勁的表現，我們在第四季度實現了 1,900 萬美元的總收益，使全年總收益達到 8,400 萬美元。

At the end of the year, the combined value of our asset held per sale and actively marketed property was $16 million, and we continue to seek further asset sales in 2024.

截至年底，我們每筆銷售持有的資產和積極行銷的房產的總價值為 1,600 萬美元，我們將繼續尋求在 2024 年進一步出售資產。

Interest expense, including discontinued operations for the fourth quarter was $20 million, slightly higher than the prior year.

第四季的利息支出（包括終止經營業務）為 2,000 萬美元，略高於去年同期。

For the full year, interest expense increased $26 million to $87 million.

全年利息支出增加 2,600 萬美元，達到 8,700 萬美元。

Under an assumption that base rates will remain broadly stable in 2024 and not assuming any cash impacts of the vegetables or progressive produce sales, we expect full year interest expense for 2024 to be circa $85 million.

假設 2024 年基本利率將保持大致穩定，並且不假設蔬菜或漸進農產品銷售產生任何現金影響，我們預計 2024 年全年利息支出約為 8,500 萬美元。

Continuing with our commitment to return cash to shareholders, we are pleased to declare a dividend of $0.08 for the fourth quarter, which will be paid on April 4 to shareholders on record on March 21.

繼續履行向股東返還現金的承諾，我們很高興宣布第四季度股息為 0.08 美元，將於 4 月 4 日向 3 月 21 日登記在冊的股東支付。

Now I will hand you back to Rory, who will give an update on our full year outlook and closing remarks.

現在我將把您交給羅裡（Rory），他將介紹我們的全年展望和閉幕詞的最新情況。

Thank you, Jacinta.

謝謝你，傑辛塔。

Well, we're very pleased with the group's exceptional performance in 2023, delivering $385 million of adjusted EBITDA from continuing operations, and the result that we believe gives us a strong platform from which to build further momentum in the 2024 financial year.

我們對該集團在2023 年的出色表現感到非常滿意，透過持續營運實現了3.85 億美元的調整後EBITDA，我們相信這一結果為我們提供了一個強大的平台，可以在2024 財年建立進一步的動力。

As ever, the operating environment continues to present new challenges and, indeed, new opportunities.

與以往一樣，營運環境持續帶來新的挑戰，實際上也帶來新的機會。

On the macro side, we are pleased that inflation has continued to moderate across our key operating regions.

在宏觀方面，我們很高興看到我們主要營運地區的通膨持續放緩。

We're also pleased by the relative stability in some key foreign exchange rates, as well as some stability in energy prices, and more recently stability in interest rates.

我們也對一些關鍵外匯匯率的相對穩定、能源價格的一定穩定以及最近利率的穩定感到高興。

By forecasting both complex, overall we believe our business is well positioned to deliver another good result in 2024.

透過這兩個複雜的預測，總體而言，我們相信我們的業務處於有利位置，可以在 2024 年再創佳績。

Given our strong 2023 over performance, our target at this early stage of the year is to enable full year adjusted EBITDA in line with 2023 on a like-for-like basis.

鑑於我們 2023 年的強勁表現，我們今年早期的目標是將全年調整後 EBITDA 與 2023 年保持一致。

In 2024, we're focusing on the following key strategic priorities.

2024 年，我們將重點放在以下關鍵策略重點。

Accelerating growth in our core business areas and categories, investing for growth while obviously maintaining a disciplined approach to capital, exiting the fresh vegetable business, focusing on cost control and operating efficiencies across the businesses, and advancing our sustainability goals.

加速我們核心業務領域和類別的成長，投資成長，同時明顯保持嚴格的資本方法，退出新鮮蔬菜業務，專注於整個業務的成本控制和營運效率，並推進我們的永續發展目標。

In conclusion, I'm very pleased with the excellent results we've delivered in 2023, and we expect to continue the momentum into 2024, as we also advance our strategic priorities in the year ahead.

總之，我對我們在 2023 年取得的出色成果感到非常滿意，我們預計將這一勢頭延續到 2024 年，同時我們也將推進未來一年的策略重點。

I want to finish by once again thanking all our excellent people across the group for their ongoing huge commitment and dedication to drive the Dole plc forward, as well as our suppliers and customers for their ongoing support, which provides us with great confidence as we begin the 2024 financial year.

最後，我想再次感謝整個集團所有優秀的員工為推動都樂公司前進而做出的持續巨大承諾和奉獻精神，以及我們的供應商和客戶的持續支持，這為我們開始時提供了極大的信心2024 財政年度。

And with that, I'll hand it back to the operator and we can open the line for questions.

這樣，我會將其交還給接線員，然後我們就可以撥打電話詢問問題。

Thank you.

謝謝。

The question and answer session floor is now open.

問答環節現已開放。

(Operator Instructions)

（操作員說明）

Ben Bienvenu, Stephens Inc.

本·比恩韋努，史蒂芬斯公司

Thanks.

謝謝。

Good morning.

早安.

So I want to ask, Rory, as it relates to the 2024 guidance and expectation of roughly $385 million of EBITDA, can you talk us through the puts and takes that get you to that level, the good, the bad, and how much variability you see embedded in that assumption, and then does that guidance take into consideration the sale of Progressive Produce?

因此，我想問Rory，因為這涉及到2024 年約3.85 億美元EBITDA 的指導和預期，您能否向我們介紹一下使您達到該水平的看跌期權和看跌期權、好的、壞的以及有多少可變性您看到嵌入在該假設中的內容，那麼該指導是否考慮了 Progressive Produce 的銷售？

Yes, let’s do the last point first, Ben, what we've said is the guidance is on a like-for-like basis.

是的，讓我們先做最後一點，Ben，我們已經說過，指導是基於同類的基礎上的。

So I think closing of the Progressive deal would give you a more clarity on the guidance, adjusted for the disposal when it actually happens.

因此，我認為完成漸進式交易將使您對指導方針更加清晰，並在實際發生時根據處置進行調整。

So it's on a like-for-like basis.

所以這是在同類的基礎上進行的。

I mean the forecasting, I suppose, just generally has become more challenging with the variability and volatility of just in the world in general terms.

我的意思是，我認為，隨著世界整體的可變性和波動性，預測通常變得更具挑戰性。

The world is emerging, hopefully emerging at least from some of the very high-level inflation that we've seen over the last few years.

世界正在崛起，希望至少能夠擺脫過去幾年我們所看到的一些非常高的通貨膨脹。

And I think the markets are taking time to adjust about changing environments.

我認為市場需要時間來適應不斷變化的環境。

So it's a little more complex.

所以它有點複雜。

It's very early in the year.

今年還很早。

I think during the verbal update on the results that I've just given highlights that we're feeling comfortable in our three main categories.

我認為在口頭更新結果期間，我只是強調了我們對三個主要類別感到滿意。

There will be ups and downs, but we're not anticipating any major shifts really.

會有起起落落，但我們並不期望真正發生任何重大變化。

And we just, I guess, when you look back at it, we probably doubled our expected growth in 2023.

我想，當你回顧過去時，我們可能會在 2023 年將預期成長翻倍。

So if we can consolidate our 2024 number at that level, it gives us a really, really strong platform to continue to grow in future years.

因此，如果我們能夠將 2024 年的數位鞏固在這個水平上，它將為我們提供一個非常非常強大的平台，讓我們在未來幾年繼續成長。

Okay, fair enough.

好吧，很公平。

My second question is related to the portfolio.

我的第二個問題與投資組合有關。

You noted the desire to continue to divest noncore assets.

您提到了繼續剝離非核心資產的願望。

Do you also have a desire to pursue M&A opportunistically?

您是否也有機會進行併購的願望？

Where do you see the balance of your portfolio sitting at this point?

您認為目前您的投資組合的平衡點在哪裡？

Yes, I mean, I think that's it's, actually it’s a dynamic scenario in which one of the reasons probably that we're disposed of a Progressive is something that I've alluded to before.

是的，我的意思是，我認為就是這樣，實際上這是一個動態場景，其中我們放棄進步的原因之一可能是我之前提到的。

And this call is that the private market valuations are quite a bit higher than the public market valuation.

這個說法是私募市場估值比公開市場估值高出不少。

So an element of that was taking advantage of that scenario.

因此，其中一個要素就是要利用這種情況。

And hopefully the public market valuations change over time.

希望公開市場估值會隨著時間的推移而改變。

So that dynamic changes around.

所以動態會改變。

But we're constantly, we have our own internal corporate finance department and all of our key management team are very focused on their individual segments and the operation that the good companies participating in those segments and the opportunities that they present.

但我們一直擁有自己的內部企業財務部門，我們所有的關鍵管理團隊都非常關注各自的細分市場以及參與這些細分市場的優秀公司的營運以及它們所提供的機會。

So we've got an open mind.

所以我們有開放的心態。

Obviously, it's going to be subject to getting any deal for our acquisitions that we might look at down on terms of genuinely add value to our shareholder base.

顯然，這將取決於我們是否能達成任何收購交易，我們可能會因為真正為我們的股東基礎增加價值而看低這些交易。

And that has always been the principle and will continue to be the principle.

這一直是並將繼續是原則。

Okay.

好的。

Thank you very much.

非常感謝。

Thank you, Ben.

謝謝你，本。

Adam Samuelson, Goldman Sachs.

亞當·薩繆爾森，高盛。

Thank you and good morning, everyone.

謝謝大家，早安。

Morning.

早晨。

I guess the first question, Rory, I mean, you talked about a variety of different puts and takes and volatility.

我想第一個問題，羅裡，我的意思是，你談到了各種不同的看跌期權和波動率。

As you think about 2024, maybe hoping to narrow in a little bit more on the Fresh Fruit business and bananas and pineapples and how you see the supply and demand environment progressing?

當您考慮 2024 年時，也許希望進一步縮小新鮮水果業務以及香蕉和鳳梨的範圍，以及您如何看待供需環境的進展？

How contractual renegotiation with retail customers went for calendar '24 and kind of where you see the kind of upside downside risks to that business in particular for the year.

24 日曆年與零售客戶的合約重新談判進展如何，以及您會看到該業務尤其是今年的上下行風險。

Maybe Johan will give a high level overview and that start and I’ll add something further.

也許約翰會給出一個高層次的概述，然後我會進一步補充一些內容。

If Johan is there?

如果約翰在的話？

Can we hear you, Johan?

我們聽得到你的聲音嗎，約翰？

I think we've lost Johan somewhere on the call.

我想我們在電話中的某個地方失去了約翰。

Okay, I'll deal with that then.

好吧，那我就處理一下。

I think in terms of supply demand.

我認為從供給需求來看。

What we are seeing is it is new year.

我們看到的是新的一年到來了。

So we've seen some dry conditions in some of the Central and South American countries and Ecuador, we've seen volatility in weather.

因此，我們在中美洲和南美洲的一些國家以及厄瓜多爾看到了一些乾燥的情況，我們看到了天氣的波動。

We think that some of that is going to reduce volume.

我們認為其中一些會減少數量。

There's no doubt that in the North American markets, the retail price has been under probably more competitive pressure and that has put some pressure on pricing.

毫無疑問，在北美市場，零售價格可能面臨更大的競爭壓力，這給定價帶來了一些壓力。

In 2024, Europe has remained balance as for the adjusted EBITDA bit to reflect some of the important break costs going into it.

2024 年，歐洲在調整後的 EBITDA 方面保持平衡，以反映其中一些重要的中斷成本。

But it's finished at an acceptable level.

但它已經達到了可以接受的水平。

So and I think overall it should be a solid year for the banana segment within that -- and then within overall segment pineapples with innovation with the development are fair just continue to perform well.

因此，我認為總體而言，對於香蕉細分市場來說，今年應該是堅實的一年，然後在整個細分市場中，具有創新和發展的菠蘿只是繼續表現良好。

Planting, just developing category first, the consumption of plantains both in North America and Europe has continued to improve.

種植業，剛發展的品類第一，北美和歐洲的車前草消費量持續成長。

And there's lots of work going on within that division on even complementary products lines and angles, and a few other categories that might fit well with what they do.

該部門正在進行大量工作，甚至涉及互補的產品線和角度，以及其他一些可能與他們的工作非常契合的類別。

And with the fantastic management team we've got in that segment, I think we've got all the right ingredients in place to continue and I think it's been a very, very successful on our single largest investment in single largest EBITDA generator.

憑藉我們在該領域擁有的出色管理團隊，我認為我們已經具備了繼續發展的所有正確要素，而且我認為我們對單一最大 EBITDA 生成器的單一最大投資是非常非常成功的。

So, do you hear me now, Rory?

那麼，羅裡，你現在聽到我說話了嗎？

We've got you now, Johan.

我們現在找到你了，約翰。

Yes, sorry.

是的，抱歉。

Okay, sorry.

哦抱歉。

Just then, maybe to add a little bit.

就在那時，也許要補充一點。

I don't know what happened there, but the overall industry supply is down compared year-over-year, it's driven by El Niño, but we are very well supplied because of our diversification and ag practices that we have.

我不知道那裡發生了什麼，但整體行業供應量同比下降，這是由厄爾尼諾現象推動的，但由於我們的多元化和農業實踐，我們的供應量非常足夠。

So we have not been disrupted by the rain as much as others.

所以我們並沒有像其他人一樣受到雨的干擾。

We have seen shipping disturbance as well because of the Panama Canal.

由於巴拿馬運河，我們也看到了航運幹擾。

But with our own ships, we've been able to handle that better than the industry.

但憑藉我們自己的船舶，我們能夠比業界更好地處理這個問題。

So overall for us, we see stable demand and a balanced supply.

因此，總體而言，我們看到需求穩定，供應平衡。

So we feel good, as Rory said, about the future.

因此，正如羅裡所說，我們對未來感覺良好。

Okay, that's helpful.

好的，這很有幫助。

If I could ask a follow up on cash flow, if we were to look at the EBITDA guidance, at least the start of the year, $385 million on a like-for-like basis, you've given the interest expense, you've given CapEx.

如果我可以詢問現金流的後續情況，如果我們要查看 EBITDA 指導，至少在今年年初，按同類基礎計算 3.85 億美元，你已經給出了利息費用，你'已經給出了資本支出。

How should we think about other kind of items that would affect free cash flow, including the dividends and noncontrolling, the equity earnings, cash taxes working capital, just as we think about kind of the underlying cash conversion before any asset or business sales?

我們應該如何考慮其他會影響自由現金流的類型的項目，包括股利和非控制權、股權收益、現金稅營運資金，就像我們在任何資產或業務出售之前考慮潛在的現金轉換一樣？

Hi, good morning, Adam.

嗨，早上好，亞當。

I suppose first of all, just to restate that 2023 was positively impacted by a couple of things, the unwind of consumable stocks from the supply chain disruption in 2022, and that was a positive for us.

首先，我想重申一下，2023 年受到了幾件事的正面影響，即 2022 年供應鏈中斷導致消耗品庫存減少，這對我們來說是正面的。

And also, one of the important things in our industry is the impact of seasons over quarters, and in particular, the Chilean cherry season over the year end.

此外，我們行業中最重要的事情之一是季節對季度的影響，特別是年底的智利櫻桃季節。

So that had a positive impact, a very strong positive impact for Q4.

所以這產生了正面的影響，對第四季產生了非常強烈的正面影響。

As we go into 2024, we'll see the usual outflow of working capital that we would typically see, maybe a little bit heightened because of the inflow we had in Q4.

進入 2024 年，我們將看到通常會看到的營運資金流出，但由於第四季度的流入，營運資金流出可能會加劇。

And so working capital, we wouldn't expect to see the same benefits from working capital going into 2024, as we've seen in 2023.

因此，就營運資本而言，我們預期 2024 年營運資本不會像 2023 年那樣帶來相同的好處。

Other things, part of the things I've called out would be like-for-like Adam, based on the current year.

其他的事情，我所指出的部分事情將是基於今年的亞當。

Okay, that's helpful.

好的，這很有幫助。

Just one other quick follow-up.

只是另一個快速跟進。

The income, discontinued operations was actually income in the quarter.

終止經營業務的收入實際上是本季的收入。

What the fresh vegetable business does in EBITDA in fourth quarter and for a full year '23?

新鮮蔬菜業務在第四季度和 23 年全年的 EBITDA 中的表現如何？

We don't break that out separately, but our underlying performance is better year on year, but we don't break out adjusted EBITDA for the veg segment any further.

我們不會單獨列出這一點，但我們的基本業績同比更好，但我們不會進一步列出蔬菜部門的調整後 EBITDA。

Okay.

好的。

There's the shot.

鏡頭就在這裡。

I appreciate the time.

我很感激時間。

Thank you.

謝謝。

Thank you, Adam.

謝謝你，亞當。

Gary Martin, Davy.

蓋瑞馬丁、戴維.

Hi, Rory, this is Dan Yuhan, just first off, congrats on a really, really strong year.

嗨，羅裡，我是丹宇瀚，首先祝賀你度過了非常非常強勁的一年。

Just a few questions on my side.

我這邊有幾個問題。

I guess just kind of starting off and I'm conscious, I know you can't really give kind of too much too many details on the Progressive deal until it's closed, but I guess maybe just kind of some high level color whether the deal was opportunistic in nature, maybe kind of dial in to just how the kind of the nature of the product portfolio differed to diversify into Americas.

我想這只是一個開始，我意識到，我知道在交易完成之前你不能提供太多關於漸進式交易的細節，但我想也許只是一些高級別的顏色，無論交易是否本質上是機會主義的，也許是為了了解產品組合的性質有何不同，以實現美洲多元化。

That's just my first question.

這只是我的第一個問題。

And then just second, I think it'd be useful just to kind of dial in to some of the moving parts around costs, and just how you see that evolving in FY24?

其次，我認為圍繞成本撥入一些動態部分會很有用，您如何看待 2024 財年的演變？

Thanks.

謝謝。

Okay, I mean, Progressive, I suppose as an organization, we've always tried to be opportunistic and agile and flexible in terms of how we look at business.

好吧，我的意思是，進步，我想作為一個組織，我們一直試圖在看待業務方面保持機會主義、敏捷性和靈活性。

And we're not normally sellers of businesses like this.

我們通常不是這類企業的賣家。

In this particular case, it's a very much a standalone segment, focused on potatoes and onions, asparagus, and a few other products that are a little bit unique for our American operations.

在這種特殊情況下，它是一個非常獨立的部門，專注於馬鈴薯和洋蔥、蘆筍以及其他一些對我們美國業務來說有點獨特的產品。

I suppose the minority shareholders that we had 35% shareholder.

我想小股東是我們擁有35%的股東。

They wanted to explore liquidity options legitimately, so we as well, obviously looking at value, looking at the interest rates remaining high, perhaps even the absolute level of debt, hoping and overhang to some degree on our share price.

他們希望合法地探索流動性選擇，所以我們也顯然關注價值，關注維持高位的利率，甚至可能是債務的絕對水平，希望並在某種程度上影響我們的股價。

Again, something that I had landed the call earlier as you know, this unusual circumstance where you have the private market valuations are higher and significantly higher in some cases than the public market valuations, it is a little bit hard to understand that this is the growth group, the group with the asset base we've got with the customers we've got, with the services we've got, that it warrants a significantly lower overall rating than one subsection, which is a good business of the business.So putting all of those together we've got an attractive offer and we decided to take it.

再說一遍，正如您所知，我早些時候接到電話，這種不尋常的情況是，私人市場估值更高，並且在某些情況下明顯高於公開市場估值，有點難以理解這是成長集團，這個集團擁有我們擁有的資產基礎、我們擁有的客戶、我們擁有的服務，因此它的整體評級比某一小部分要低得多，這是一項很好的業務。因此，將所有這些放在一起，我們得到了一個有吸引力的報價，我們決定接受它。

And then on your second question, on costs and input costs and that, yes, which we're seeing stability in some of the input costs at the farming level, cartons, fertilizers, inputs like that.

然後關於你的第二個問題，關於成本和投入成本，是的，我們看到農業層面的一些投入成本穩定，紙箱，化肥，諸如此類的投入。

And then at the international freight level, there have been some significant reductions, but obviously that's a whole pass through in our two diversified divisions and being able to fix costs in our own shipping primarily in the first group division.

然後在國際貨運層面，出現了一些顯著的減少，但顯然這是我們兩個多元化部門的整體轉變，並且能夠主要在第一集團部門中解決我們自己的運輸成本。

So I think that stability though makes managing and planning a little bit better, it's helpful to the consumer, it may encourage more volume throughput to the system, particularly with freight rates or a product source out of Chile or South Africa or other long-haul products.

因此，我認為穩定性雖然使管理和規劃更好一些，但對消費者有幫助，它可能會鼓勵系統增加更多的吞吐量，特別是對於運費或來自智利或南非或其他長途運輸的產品來源產品。

So, a more balanced and a moderation of inflation in those categories for sure.

因此，這些類別的通膨肯定會更加平衡和溫和。

Thanks.

謝謝。

That's a good color.

這是一個很好的顏色。

Thanks you Gary.

謝謝你，加里。

Chris Barnes, Deutsche Bank.

克里斯‧巴恩斯，德意志銀行。

Hi, thanks for the question.

你好，謝謝你的提問。

I just wanted to ask on the diversified EMEA business.

我只是想問一下多元化的 EMEA 業務。

I mean, throughout the last year, you drove nice like-for-like growth in revenue and EBITDA as well as margin improvement, particularly in the fourth quarter.

我的意思是，去年全年，您推動了收入和 EBITDA 的同比增長以及利潤率的改善，特別是在第四季度。

So could you maybe just unpack the drivers of that performance on the top line and on profits and what's underpinning your confidence that you can continue to drive strong performance over, on this elevated base over 2024?

那麼，您是否可以簡單分析一下營收和利潤方面業績的驅動因素，以及是什麼支撐您相信您可以在 2024 年的這一較高基數上繼續推動強勁業績？

Yes, I think we've got a strong position in many European markets with a number one player in Sweden and Denmark and Spain, in UK and Ireland, strong position in Holland, strong position at our Hamburg office in Germany, and number one position in Czech Republic.

是的，我認為我們在許多歐洲市場都擁有強大的地位，在瑞典、丹麥、西班牙、英國和愛爾蘭擁有領先地位，在荷蘭擁有強大地位，在德國漢堡辦事處擁有強大地位，在德國漢堡辦事處擁有領先地位在捷克共和國。

So you put all of that together with strong customer base, mature business, well-developed team.

因此，您將所有這些與強大的客戶群、成熟的業務和完善的團隊結合在一起。

And I would also say that we had some favorable tailwinds in 2023 that a lot of those businesses all work pretty well.

我還想說，2023 年我們遇到了一些有利的推動因素，其中許多業務都運作得很好。

They're solid, steady, consistent growth businesses.

它們是穩固、穩定、持續成長的企業。

So we're optimistic that we can continue on that path.

因此，我們對能夠繼續沿著這條道路前進感到樂觀。

There are, I think I said in the introductory remarks as well.

我想我在介紹性發言中也說過了。

They are ripe for some further consolidation in food service and wholesale, some smaller businesses, we're constantly looking at adding in, not material acquisitions, but interest in bolt-on acquisitions within that segment, which should help to continue the growth path for that division.

他們在食品服務和批發方面的進一步整合已經成熟，一些規模較小的企業，我們一直在考慮增加，不是實質性收購，而是對該細分市場內的補強收購的興趣，這應該有幫助於繼續增長道路那個部門。

Got it, that's helpful.

明白了，很有幫助。

And then I just, I had a follow-up question on the Progressive Produce transaction.

然後我有一個關於 Progressive Produce 交易的後續問題。

I believe it was consolidated in the Diversified Americas segment, but correct me if that's wrong.

我相信它已合併到多元化美洲部分，但如果這是錯誤的，請糾正我。

That’s correct, Chris.

沒錯，克里斯。

Okay, got.

好的，明白了。

Is there any reason to believe that the margin profile of Progressive was materially different from the balance of the segment?

是否有任何理由相信 Progressive 的利潤率狀況與該部門的其餘部分有重大差異？

Or is it roughly in the same ballpark, 2% to 3 %?

還是大致在相同的範圍內，2% 到 3%？

Thanks.

謝謝。

I think we'll give, we've said with the Q1 numbers, when we get the transaction close, we'll give a little bit further color on that Chris but for the moment and we won't go into that any further.

我想我們會給出，我們已經用第一季的數據說過，當我們完成交易時，我們會給克里斯更多的信息，但目前我們不會進一步討論這個問題。

Understood.

明白了。

Okay.

好的。

Thanks so much.

非常感謝。

Thank you.

謝謝。

We don't have any questions as of the moment.

目前我們沒有任何問題。

I'd now like to hand back over to the management for the closing remarks.

現在我想請管理階層做總結發言。

Thank you.

謝謝。

Well, thank you all for joining us today.

好的，謝謝大家今天加入我們。

And so I think it's been a great pleasure to look back over 2023 as a year of extremely positive momentum for what is now the one group of Dole plc.

因此，我認為回顧 2023 年，我感到非常高興，對於現在的都樂集團來說，這是發展勢頭極為積極的一年。

And I think we've done very well.

我認為我們做得很好。

We're very lucky to have the people we have.

我們非常幸運擁有這樣的人才。

We're very lucky to have the customers and suppliers with the last but I think we're really well positioned, hopefully to continue for a strong 2024 as well.

我們非常幸運能夠擁有最後的客戶和供應商，但我認為我們已經做好了充分準備，希望在 2024 年也能繼續保持強勁勢頭。

So thank you all for joining us.

感謝大家加入我們。

Thank you for attending to this conference call.

感謝您參加本次電話會議。

You may now all disconnect.

你們現在可以斷開連結了。

Have a wonderful day.

祝你有美好的一天。