Dole PLC (DOLE) 2024 Q1 法說會逐字稿

Welcome to the Dole plc first quarter 2024 Earnings Conference Call and Webcast. Today's conference is being broadcast live over the Internet and is also being recorded for playback purposes. Currently, all participants are in a listen only mode. After the speakers' presentation, there will be a question-and-answer session for opening remarks and introductions,

歡迎參加都樂公司 2024 年第一季財報電話會議及網路廣播。今天的會議正在透過網路進行現場直播，並進行錄製以供回放。目前，所有參與者都處於僅監聽模式。演講者演講結束後，將進行問答環節，進行開場白和介紹，

I would like to turn the call over to the Head of Investor Relations with Dole Plc, James Oregan.

我想將電話轉給都樂公司投資者關係主管 James Oregan。

Thank you, Pam, and welcome, everybody, and thank you for taking the time to join our first quarter 2024 Earnings Conference Call and Webcast. 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.

謝謝 Pam，歡迎大家，並感謝您抽出時間參加我們的 2024 年第一季財報電話會議和網路廣播。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。

During this call, we will be referring to presentation slides to supplement our remarks, and these, along with our earnings release and other related materials are available on the investor relations section of the Dole Plc website.

在本次電話會議中，我們將參考簡報投影片來補充我們的言論，這些投影片以及我們的收益報告和其他相關資料可在都樂公司網站的投資者關係部分上找到。

Please note, our remarks today would include certain forward-looking statements within the provisions of the Federal Security of Safe Harbor Laws these reflect circumstances at the time they are made, and the company expressly disclaims any obligation to update or revise any forward-looking statements.

請注意，我們今天的言論將包括聯邦安全安全港法條款中的某些前瞻性陳述，這些陳述反映了當時的情況，並且該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. 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.

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。有關使用非公認會計準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準則指標的調節。

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, and welcome, everybody, and thank you for joining us today as we discuss our results for the first quarter of 2024. So, turning first to slide 4 and the financial highlights for Q1. Well, following a strong result in 2023. we're very pleased to report another good performance in the first quarter of 2024. Group revenue increased by 6.6% to $2.1 billion and adjusted EBITDA increased 9.7% to $110 million. On a like-for-like basis, adjusted EBITDA increased 10.8% excluding the impact of foreign exchange and M&A.

謝謝詹姆斯，歡迎大家，謝謝你們今天加入我們討論 2024 年第一季度的業績。繼 2023 年取得強勁業績之後，我們非常高興地報告 2024 年第一季再次取得良好業績。排除外匯和併購的影響，調整後 EBITDA 年成長 10.8%。

The growth in adjusted EBITDA was driven by a strong performance in our diversified fresh produce America segment, continued growth in our diversified fresh produce EMEA segment, and a stable consistent performance in our fresh fruit segment. Adjusted net income increased $8.3 million to $40.6 million, and adjusted EPS or adjusted diluted EPS increased 26% to $0.43 per share.

調整後 EBITDA 的成長得益於我們多元化生鮮農產品美國業務的強勁表現、多元化生鮮農產品歐洲、中東和非洲業務的持續成長以及我們新鮮水果業務的穩定表現。調整後淨利增加 830 萬美元，達到 4,060 萬美元，調整後每股收益或調整後稀釋每股收益成長 26%，達到每股 0.43 美元。

Efficient management and allocation of our capital is a key strategic priority for the group. In this regard, we were pleased to complete the opportunistic sale of our 65% interest in progressive projects in March, realizing after-tax net proceeds of approximately $100 million the proceeds from this sale have been used to repay debt, and at the end of the quarter, our net leverage stood at 2 times.

高效率的資本管理和配置是集團的策略重點。在這方面，我們很高興在 3 月份完成了對漸進項目 65% 權益的機會性出售，實現了稅後淨收益約 1 億美元，此次出售的收益已用於償還債務，並於本季度，我們的淨槓桿率為2 倍。

During the quarter, we were disappointed to have to announce the termination of the agreement to sell our Fresh Vegetable division to Fresh Express the decision to terminate was due to the DOJ's decision to pursue litigation if we had moved to close the transaction.

在本季度，我們很失望地宣布終止將我們的新鮮蔬菜部門出售給 Fresh Express 的協議，終止協議的決定是由於司法部決定如果我們已結束交易則將提起訴訟。

We strongly disagree with this decision and continue to believe that the transaction was pro-competitive and would have unlocked ongoing benefits to customers and consumers. In any event, we are moving onwards and we are actively exploring alternatives that are in the best interest of all the division stakeholders, employees, customers, partners, and indeed the Dole Plc. shareholders.

我們強烈不同意這項決定，並且仍然相信該交易有利於競爭，並將為客戶和消費者帶來持續的利益。無論如何，我們都會繼續前進，並積極探索符合所有部門利害關係人、員工、客戶、合作夥伴甚至都樂公司最佳利益的替代方案。股東。

Turning now to Slide 6 for our operational highlights, starting with our Fresh Food segment this segment delivered another robust performance in the first quarter where adjusted EBITDA of $69.4 million in line with Q1 2023 firstly, looking at Europe, it continued to build on an excellent turnaround year in 2023, in the first quarter of 2024, driven in particular by higher volumes of bananas and pineapples and lower sourcing and shipping costs.

現在轉向幻燈片6，了解我們的營運亮點，從我們的生鮮食品部門開始，該部門在第一季度再次表現強勁，調整後EBITDA 為6,940 萬美元，與2023 年第一季度一致，首先看看歐洲，它繼續建立在出色的基礎上2023 年即 2024 年第一季是扭虧為盈的一年，這主要是由於香蕉和鳳梨產量增加以及採購和運輸成本下降。

In North America, our operations are continuing to perform well, with good customer progress and benefiting from lower food costs to offset some lower pricing, reduce commercial cargo profitability and as anticipated, some higher shipping costs.

在北美，我們的業務繼續表現良好，客戶取得了良好的進展，並受益於較低的食品成本，抵消了一些較低的定價、降低了商業貨運盈利能力以及如預期的一些較高的運輸成本。

While our shipping remains a consistent source of competitiveness and reliability for our operations, this is an area where we are anticipating higher costs in 2024 due in part to regulatory changes but also to periodic dry docking related costs looking ahead on the market side, we continue to see a competitive environment in both North America and Europe for the remainder of the year.

雖然我們的航運仍然是我們營運的競爭力和可靠性的持續來源，但我們預計2024 年這一領域的成本將會更高，部分原因是監管變化，但也由於市場方面定期幹塢相關的成本，我們繼續今年剩餘時間北美和歐洲的競爭環境。

However, we believe we are managing this well and have been able to win some new business due to our own competitiveness as well as our continued efforts to expand our offering with additional products and varieties.

然而，我們相信我們管理得很好，並且由於我們自身的競爭力以及我們不斷努力擴大我們的產品和品種而贏得了一些新業務。

On the sourcing side, we continue to face challenges such as currency appreciation in some key sourcing regions and lower yields due to weather-related impacts and while forecasting is complex, we continue to focus on managing these challenges to maintain our competitiveness.

在採購方面，我們繼續面臨一些挑戰，例如一些主要採購地區的貨幣升值以及由於天氣相關影響而導致的產量下降，雖然預測很複雜，但我們繼續專注於應對這些挑戰以保持我們的競爭力。

As ever, our strong and experienced management team in this division are keenly focused on risk management and driving operation efficiencies and together with our diverse sourcing of infrastructure and customer base, we are confident in delivering another strong and consistent performance in 2024.

一如既往，我們該部門強大且經驗豐富的管理團隊專注於風險管理和提高營運效率，再加上我們多樣化的基礎設施採購和客戶群，我們有信心在 2024 年再次實現強勁且一致的業績。

Moving on to the diversified EMEA segment our diversified EMEA segment has continued its momentum from the end of 2023 into the start of 2024, delivering a strong first quarter result revenue growth remained strong, and while this was mostly driven by higher pricing, we did see an improved balance on the volume side with growth being seen in several markets.

轉向多元化的EMEA 細分市場，我們的多元化EMEA 細分市場從2023 年底到2024 年初繼續保持強勁勢頭，第一季度業績強勁，收入增長依然強勁，雖然這主要是由定價上漲推動的，但我們確實看到銷量平衡有所改善，多個市場出現成長。

Adjusted EBITDA growth in the quarter was driven by higher revenue, margin expansion, and good contributions across most regions, in particular Northern Europe and South Africa, on the margin side we saw the benefits of the continued investments we were making coming through to drive growth.

本季調整後EBITDA 的成長是由收入增加、利潤率擴張以及大多數地區（特別是北歐和南非）的良好貢獻推動的，在利潤方面，我們看到了我們持續投資所帶來的好處，以推動增長。

As, ever, in the diversified EMEA segment we continue to be opportunities to drive synergies, opportunities to invest internally and opportunities through bolt-on acquisitions that will further drive our expansion across the European marketplace overall, we're targeting good performance of this segment in 2024 as we continue to leverage our strong market positions, operational integration and investment opportunities.

與以往一樣，在多元化的歐洲、中東和非洲細分市場中，我們繼續擁有推動協同效應的機會、內部投資的機會以及透過補強收購的機會，這將進一步推動我們在整個歐洲市場的擴張，我們的目標是在該細分市場取得良好的業績2024 年，我們將繼續利用我們強大的市場地位、營運整合和投資機會。

Our diversified America segment delivered an excellent first quarter result driven by positive underlying performance and by the benefit of some seasonal variations, pushing more volume into the quarter than in prior years. As noted on our last call, the [El-Nino] weather patterns have notable impacts on both the timing and volumes of products being exported out of South America in the fourth quarter of 2023 and indeed in the first quarter of 2024.

在積極的基本業績和一些季節性變化的推動下，我們多元化的美國部門在第一季取得了出色的業績，推動本季的銷售量比往年更高。正如我們在上次電話會議中所指出的，[厄爾尼諾] 天氣模式對 2023 年第四季乃至 2024 年第一季從南美出口的產品的時間和數量都有顯著影響。

This was apparent in particular for our Chilean cherry business which saw much higher volumes in the first quarter of 2024 than in the prior year while this was also an important factor in blueberries, grapes which saw variations in volumes as well as different windows for marketing for different sources.

這對我們的智利櫻桃業務尤其明顯，該業務 2024 年第一季的銷量遠高於上一年，而這也是藍莓、葡萄業務的一個重要因素，其銷量存在差異，且營銷窗口也不同。的來源。

Excluding some of the seasonal timing factors, the quarter was also very positive on an underlying basis with healthy volume growth and strong pricing across most of our North American business, particularly in avocados. While on the South American export side, we benefit from a good Chilean cherry season and continue supply chain improvements across all commodities.

排除一些季節性時間因素，本季的基本面也非常積極，我們大部分北美業務（尤其是酪梨業務）銷售健康成長，定價強勁。在南美出口方面，我們受益於智利櫻桃季的良好發展，並繼續改善所有商品的供應鏈。

As, we look further into 2024, we are targeting a strong performance from our South American export businesses, as well as healthy dynamics across most of our North American operations the remaining challenge is to accelerate the turnaround in the berry category to maximize performance in this sub-segment for the full year.

展望 2024 年，我們的目標是南美出口業務取得強勁業績，以及北美大部分業務的健康發展，剩下的挑戰是加快漿果類別的周轉，以最大限度地提高該領域的業績全年的子部分。

Moving on to our Fresh Vegetable division. Operationally, we're very pleased that the performance of a vegetable business has improved substantially in the first quarter due in no small part to the continued dedication of the businesses, management, and employees.

接下來是我們的新鮮蔬菜部門。在營運方面，我們非常高興蔬菜業務的業績在第一季有了大幅改善，這在很大程度上要歸功於企業、管理層和員工的持續奉獻。

The positive operating result was driven by an improved performance in value-added products as well as higher pricing and volumes in fresh-packed products and with that I'll hand you over to Jacinta to give the financial review for the first quarter.

積極的經營業績是由增值產品的業績改善以及新鮮包裝產品的更高定價和銷售推動的，因此我將把第一季的財務審查交給 Jacinta。

Thank you, Rory, and good day, everyone. Firstly turning to the group results on Slide 8. We are pleased to have delivered another strong performance in the first quarter of this financial year. Revenue increased 6.6% or $132 million to $2.1 billion with growth across all segments.

謝謝你，羅裡，大家好。首先轉向幻燈片 8 上的集團業績。隨著所有細分市場的成長，營收成長 6.6%，即 1.32 億美元，達到 21 億美元。

Revenue benefited from a positive foreign currency impact and from acquisitions in EMEA, which offset the reduction in America's revenue following the progressive produce disposal. Stripping these factors out, revenue increased 6.7% on a like-for-like basis. Adjusted EBITDA increased approximately $10 million, driven by strong performance in the two diversified fresh produce segments. On a like for like basis, the increase was $11 million or 10.8%.

收入受益於積極的外匯影響以及歐洲、中東和非洲地區的收購，抵消了美國因漸進式農產品處置而造成的收入減少。剔除這些因素，營收年增 6.7%。受兩個多元化生鮮農產品領域強勁表現的推動，調整後 EBITDA 增加了約 1,000 萬美元。以同類基礎計算，增幅為 1,100 萬美元，即 10.8%。

Net income for the first quarter was $65.4 million, an increase from $20.5 million in Q1 2023 the increase in net income was driven by higher adjusted EBITDA, a $74 million gain on the sale of progressive produce and lower interest expense as our total debt reduced. Partially offsetting this was a non-cash goodwill write-down within the Americas and rest of the world segment.

第一季的淨利潤為6,540 萬美元，較2023 年第一季的2,050 萬美元有所增加，淨利潤的增長是由調整後EBITDA 的提高、漸進農產品銷售收益7,400 萬美元以及隨著我們的總債務減少而降低的利息支出所推動的。美洲和世界其他地區的非現金商譽減記部分抵消了這一損失。

After accounting for the disposal of progressive produce, we reviewed the remaining goodwill within the segment and booked a non-cash goodwill write-down of $36.7 million. However, we expect this segment to continue to grow at the benefits of a strong asset base are realized.

在考慮了漸進產品的處置後，我們審查了該部門內的剩餘商譽，並登記了 3,670 萬美元的非現金商譽減記。然而，我們預計該細分市場將繼續成長，因為強大的資產基礎已經實現。

Income tax increased due to higher operating profits, the gain on the sale of progressive produce, and the jurisdictional profit mix. Diluted EPS was $0.74 compared to $0.15 in prior year on an adjusted basis predominantly excluding the gain on the sale of progressive produce and the goodwill write-down, adjusted net income increased 26% to $40.6 million and adjusted diluted EPS increased 26% to $0.43.

由於營業利潤增加、累進農產品銷售收益以及轄區利潤組合，所得稅增加。調整後的稀釋每股收益為0.74 美元，上年為0.15 美元，主要不包括先進產品銷售收益和商譽減記，調整後淨利潤增長26%，達到4060 萬美元，調整後稀釋每股收益增長26%，達到0.43 美元。

The increase was driven by higher adjusted EBITDA and lower depreciation and interest expense, partially offset by a higher tax expense as Rory, mentioned, the fresh vegetables business had a good quarter and delivered operating income of $16.6 million this was offset by a non-cash reduction in a tax asset as a consequence of the termination of the Fresh Express transaction.

這一增長是由較高的調整後EBITDA 以及較低的折舊和利息費用推動的，部分被較高的稅收費用所抵消，正如Rory 提到的，新鮮蔬菜業務季度表現良好，營業收入為1,660 萬美元，這被非現金支出所抵消。

Now turning to the divisional updates for our continuing operation, starting with Fresh Fruit on Slide 10 the Fresh Fruit division delivered a strong, consistent result with revenue increasing 3.2% and adjusted EDITDA up 0.3%.

現在轉向我們持續營運的部門更新，從幻燈片 10 上的新鮮水果開始，新鮮水果部門取得了強勁、一致的業績，收入增長了 3.2%，調整後的 EDITDA 增長了 0.3%。

The increase in revenue was primarily due to higher worldwide volumes of Bananas and Pineapples and an increase in worldwide Pineapple pricing. Partially offsetting this was lower worldwide Banana prices. The marginal increase in adjusted EBITDA was driven by higher volumes and lower fruit sourcing costs.

收入的成長主要是由於全球香蕉和菠蘿銷量的增加以及全球菠蘿價格的上漲。全球香蕉價格下跌部分抵消了這一影響。調整後 EBITDA 的邊際成長是由產量增加和水果採購成本降低所推動的。

Now turning to diversified Fresh Produce EMEA on Slide 11. The diversified EMEA segment delivered another strong result in the first quarter. Revenue increased 7%, primarily due to a strong performance in Ireland and the UK, as well as favourable FX movement of approximately $13 million and a $6 million contribution from acquisitions.

現在轉向幻燈片 11 上的多元化新鮮農產品歐洲、中東和非洲地區。營收成長 7%，主要歸功於愛爾蘭和英國的強勁表現，以及約 1,300 萬美元的有利外匯變動和收購帶來 600 萬美元的貢獻。

Excluding these impacts on a like-for-like basis revenue increased 4.6% adjusted EBITDA increased 10.9%, primarily driven by strong performance in Northern Europe and South Africa, as well as by a positive impact of $0.3 million from foreign currency translation. Like-for-like the increase was 10%.

排除這些對同比收入增長 4.6% 的影響，調整後 EBITDA 增長 10.9%，這主要是由北歐和南非的強勁業績以及外幣換算帶來的 30 萬美元的積極影響推動的。年增幅為 10%。

Finally, diversified Fresh Produce Americas and rest of the world the diversified Americas segment had a strong quarter benefiting from seasonal timing difference and also improved pricing and volumes across a range of products.

最後，多元化的美洲新鮮農產品和世界其他地區的多元化美洲市場受益於季節性時間差異，並且一系列產品的定價和銷售有所改善，該季度表現強勁。

Revenue increased $54 million, driven by higher cherry volumes due to seasonal timing differences, as well as higher pricing and volumes of avocados and most other commodities revenue was impacted by the sale of progressive produce during March and so on a like-for-like basis revenue increased $73 million the increases in revenue drove the strong adjusted EBITDA result. Stripping at the impact of the progressive produce contribution following the disposal on a like-for-like basis, adjusted EBITDA increased over 100% or $8 million.

收入增加了 5,400 萬美元，原因是季節性時間差異導致櫻桃銷量增加，以及牛油果和大多數其他商品的定價和銷量增加，收入受到 3 月份漸進式農產品銷售的影響等。營收的增加推動了調整後EBITDA 業績的強勁成長。剔除同類處置後的漸進農產品貢獻的影響，調整後的 EBITDA 增長超過 100%，即 800 萬美元。

Turning to Slide 13 now to discuss our cash generation, capital allocation and leverage we remain very focused on capital allocation and managing our leverage and are pleased that our leverage reduced further in quarter to 2 times.

現在轉向幻燈片 13，討論我們的現金產生、資本配置和槓桿率，我們仍然非常關注資本配置和槓桿率管理，並且很高興我們的槓桿率在本季度進一步降低至 2 倍。

The reduction was driven by the receipt of proceeds from the progressive produce disposal and higher adjusted EBITDA, which balanced out at seasonal first quarter working capital outflow as discussed in our full year earnings call, we benefited from favourable seasonality at the year end and had an expected working capital outflow in Q1, which was higher than Q1 2023.

這一減少是由於收到了漸進性農產品處置收益和更高的調整後EBITDA，這與我們在全年收益電話會議中討論的第一季度季節性營運資本流出相平衡，我們受益於年底有利的季節性，並有預期第一季營運資金流出量高於 2023 年第一季。

Also, the quarter close was impacted by higher receivables due to higher revenue and the timing of collections around the Easter period this was partially offset by the impact of higher payables our expectation is that, this will reverse over the course of the year following the typical working capital cycle seen in our business.

此外，季度末也受到應收帳款增加的影響，這是由於收入增加和復活節期間的收款時間增加造成的，這部分被應付帳款增加的影響所抵消，我們的預期是，這種情況將在典型的一年中逆轉。

Cash capital expenditure from continuing operations was $18.2 million in the first quarter and we added a further $7 million of assets by way of finance lease for the full year we continue to expect total capital expenditure in the range of $110 million to $120 million.

第一季來自持續經營業務的現金資本支出為 1,820 萬美元，我們透過全年融資租賃的方式另外增加了 700 萬美元的資產，我們仍然預計資本支出總額在 1.1 億至 1.2 億美元之間。

Interest expense decreased due to lower debt levels compared to the prior year. Post quarter end we repaid $100 million of our term loans using the proceeds from the progressive produce sale for the full year, we now expect our interest expense, including discontinued operations, to be $75 million to 80 million.

由於債務水準較上年下降，利息支出有所下降。季度末後，我們使用全年漸進農產品銷售收益償還了 1 億美元的定期貸款，我們現在預計我們的利息支出（包括終止經營業務）為 7500 萬至 8000 萬美元。

Continuing with our commitment to return cash to shareholders, we are pleased to declare a dividend of $0.08 cents for the fourth quarter, which will be paid on July 5th, 2024, to shareholders on record on June 12th, 2024.

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 美分，將於 2024 年 7 月 5 日向 2024 年 6 月 12 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.

現在我將把您交給羅裡（Rory），他將介紹我們全年展望的最新情況。

Thanks, Jacinta. Well as I said we're very pleased with the strong start we've made to 2024 and we believe that this puts us in a good position to deliver a strong overall result for the year while it's still early in the year and forecasting remains complex we are maintaining our target to deliver full year adjusted EBITDA in line with 2023 on a like-for-like basis.

謝謝，傑辛塔。正如我所說，我們對 2024 年取得的強勁開局感到非常滿意，我們相信，這使我們處於有利位置，能夠在今年取得強勁的總體業績，儘管現在還處於年初，預測仍然很複雜我們維持目標，即在同類基礎上實現與2023 年一致的全年調整後EBITDA。

In dollar terms, adjusting for the progressive project disposal, this implies an adjusted EBITDA target of at least $360 million for the full year.

以美元計算，根據漸進式專案處置進行調整，這意味著全年調整後的 EBITDA 目標至少為 3.6 億美元。

In conclusion, we're very pleased with the excellent start we've had to 2024 and are now keenly focused on continuing that momentum in the second quarter, but also advancing on our strategic priorities in the year ahead.

總而言之，我們對 2024 年的良好開局感到非常滿意，現在我們專注於在第二季度繼續保持這一勢頭，同時推進我們未來一年的戰略重點。

I want to finish by once again thanking all our excellent people across the group for their ongoing commitment and dedication to drive Dole Plc forward as well as our suppliers, customers for all their ongoing support.

最後，我想再次感謝整個集團所有優秀員工為推動都樂公司前進而做出的持續承諾和奉獻精神，以及我們的供應商和客戶的持續支持。

So, with that, I'll hand you back to the operator and we'll open the line for questions

因此，我會將您轉交給接線員，然後我們將開通提問熱線

(Operator Instructions).

（操作員說明）。

Adam Samuelson from Goldman Sachs

高盛的亞當·薩繆爾森

Yes, thank you. Good morning, everyone.

是的，謝謝。大家，早安。

Good morning, Adam.

早安，亞當。

Good morning, I guess I wanted to just clarify the guidance and the way to properly calibrate the progressive produce contribution both in the prior year and what that implies for the forward. So, you're saying EBITDA this year of $360 million, which is flat on a like for like basis, you reported adjusted EBITDA in 2023 of $385 million.

早上好，我想我只是想澄清正確校準上一年漸進生產貢獻的指導和方法以及這對未來意味著什麼。因此，您說今年的 EBITDA 為 3.6 億美元，與同類基礎上持平，您報告的 2023 年調整後 EBITDA 為 3.85 億美元。

So, should we be interpreting that that progressive produce was $25 million in EBITDA contribution in the final three quarters or nine and a half months of 2023, which implies that was a pretty dramatic component of the overall diversified Americas, rest of world segment and kind of maybe some more context on the historical EBITDA performance on that business relative to the rest of the diversified Americas, rest of world. Maybe just to start. Thanks.

因此，我們是否應該將其解釋為 2023 年最後三個季度或九個半月的 EBITDA 貢獻為 2500 萬美元，這意味著這是美洲、世界其他地區和其他地區整體多元化的一個相當大的組成部分也許可以更了解該業務相對於美洲其他多元化地區和世界其他地區的歷史EBITDA 表現。也許只是開始。謝謝。

Okay, Yeah, I mean, last year, our reported number for progressive projects was $23.5 million so we subtracted that off the $385 million and that gets you down to the $360 million guidance, which is $361.5 million or something like that, we'll do the maths but so the guidance is set at $360 million.

好的，是的，我的意思是，去年，我們報告的漸進項目數量為2350 萬美元，因此我們從3.85 億美元中減去了這一數字，這樣就得到了3.6 億美元的指導，即3.615億美元或類似的數字，我們將算一下，所以指引定為 3.6 億美元。

So yeah, I mean the diversified we had called out some underperformance and other elements of that division in the prior years. We have actually had a strong first quarter in most aspects of that business in the first quarter so, the turnaround work that's been undertaken over the last year or so is in good shape and we're confident that we'll have a good performance in the remaining piece of that business over the course of 2024.

所以，是的，我的意思是多元化，我們在前幾年指出了該部門的一些表現不佳和其他因素。事實上，我們在第一季的業務大部分方面都表現強勁，因此，去年左右進行的扭虧為盈工作狀況良好，我們有信心在該業務的剩餘部分將在 2024 年完成。

Okay, and so, the first quarter adjusted EBITDA for the company was up $10 million year-over-year again, I’m trying to you still have progressive produce for most of the quarter. The prior year number has it in there, but you're saying flat year-over-year for the full year, so implication.

好的，所以，公司第一季調整後的 EBITDA 再次同比增長了 1000 萬美元，我試圖確保本季度的大部分時間仍然有進步的產品。上一年的數字已經在那裡，但你說的是全年同比持平，所以暗示。

I just want to make sure like you're implying EBITDA declines on a like-for-like basis for the balance of the year, and I know you called out some of the shipping and dry dock costs in particular, Rory, maybe quantify those and just help us think about how we go from the growth, anticipate realized in the first quarter to the decline implied for the balance of the year?

我只是想確保您是在暗示今年剩餘時間的 EBITDA 會同比下降，而且我知道您特別指出了一些運輸和乾船塢成本，羅裡，也許可以量化這些成本請幫助我們思考如何從第一季度實現的預期成長轉向今年剩餘時間的下降？

Yeah, I mean the whole question of guidance, as you know, Adam, is very definitely not an exact science. We're trying to come up with a number that we think is a sensible number, with the history now given guidance, we try to be, I think, reasonably conservative in how we do that.

是的，我的意思是，正如你所知，亞當，整個指導問題絕對不是一門精確的科學。我們正在努力得出一個我們認為合理的數字，以歷史為指導，我認為，我們在如何做到這一點上盡量保持相當保守。

There's a couple of big factors out there. You look at our peer group reporting in this quarter, have reported some significantly challenged numbers in Q1.

有幾個重要因素。您看一下我們本季的同業報告，發現第一季報告了一些面臨重大挑戰的數字。

If you look at for example, are two companies that we're often compared to, so I suppose that tells you two things. One, you need to be a little bit cautious how you look at the whole year based on their assessment of similar factors and I suppose two, it gives us some comfort that the business model that we've got with our scale and our size and our diversification of earnings gives us a significant advantage over both of those companies.

例如，如果你看我們經常比較的兩家公司，那麼我想這會告訴你兩件事。第一，你需要根據他們對類似因素的評估來看待全年，我想第二，它給我們帶來了一些安慰，我們的規模和規模所擁有的商業模式和我們的盈利多元化使我們比這兩家公司具有顯著優勢。

We look back at 2023, we started out the year with a guidance of $350 million, we upped that during the year, and we ended up exceeding that and coming in with $385 million. So we have clearly stated that we overperformed in 2023.

回顧 2023 年，我們年初的指導值為 3.5 億美元，這一年我們提高了這一目標，最終超出了這一目標，達到了 3.85 億美元。所以我們明確表示2023年我們表現超額。

Some of the issues that we flagged in 2023, for example, we took strong advantage of the backhaul freight market for example that gave us a significant contribution and we had flags that it was right for us to take advantage of that when the market was high, but it's not something that is sustainable and we call that out.

例如，我們在 2023 年提出的一些問題，例如，我們充分利用了回程貨運市場，這給我們帶來了重大貢獻，我們認為，當市場高漲時，我們利用這一市場是正確的，但這不是可持續的事情，我們指出這一點。

So, there's a few factors that I've actually applied to the question around the dry docking of some of the ships and the replacement capacity we've got and the cost of doing that will have an impact on our numbers.

因此，我實際上應用了一些因素來解決有關一些船舶的乾塢和我們擁有的更換能力的問題，以及這樣做的成本將對我們的數量產生影響。

So the main message here really is, it's not an exact science. We've set the line in the sand as best we can, and as ever, we'll focus on beating the target over the remainder of the year.

所以這裡的主要訊息確實是，這不是一門精確的科學。我們已經盡最大努力設定了底線，一如既往，我們將專注於在今年剩餘時間內實現目標。

Okay. And if I could just squeeze one final one in. With the proceeds from progressive produce on an adjusted basis or pro forma basis, trailing net leverage is 2.1 times? You've used the proceeds for deleveraging and gross debt reduction at this juncture but how do we think about capital allocation prospectively given kind of where your stock is? I would think the risk-adjusted returns look better on share repurchase than potential bolt on M&A and now we still have the Fresh Vegetable sale to finalize, but help us think about how you would think about prospective use of cash from here, given where the stock is? Thank you.

好的。如果我能把最後一筆壓進去的話。您目前已將所得款項用於去槓桿化和削減總債務，但考慮到您的股票狀況，我們如何考慮未來的資本配置？我認為股票回購的風險調整回報看起來比併購的潛在螺栓更好，現在我們仍然有新鮮蔬菜銷售需要最終確定，但請幫助我們考慮您將如何考慮這裡的現金的未來使用，考慮到在哪裡股票是?謝謝。

Yeah, I mean, obviously, the stock raising this is somewhat disappointing and we applied the multiple that was valued at Progressive to add that to our overall business. We'd have something like a $21 a share price. So, that's obviously frustration and emphasize your point and inputs Pheno on capital allocation questions are continually being examined, whether that's buybacks, dividends, acquisitions, it's quite clear that in the short term, certainly with the current regime, we've got that some of the any significant acquisitions I'm going to are going to be hard to buy them at our current rating.

是的，我的意思是，顯然，這次的股票融資有點令人失望，我們應用了 Progressive 的估值倍數，將其添加到我們的整體業務中。我們的股價大概是每股 21 美元。因此，這顯然令人沮喪，並強調你的觀點和投入，關於資本配置問題的菲諾正在不斷受到審查，無論是回購、股息、收購，很明顯，在短期內，當然在現行製度下，我們已經得到了一些以我們目前的評級，我將很難購買任何重大收購。

And so we have to focus on acquisitions that will enhance the sum of the parts. In some way, we have got this big strategic question about what the final outcome will be with regard to the vegetable division and that obviously is a big factor in and of course, we on occasion cut our capital that can be a material element of our absolute debt number, for example.

因此，我們必須專注於能夠增強各部分總和的收購。在某種程度上，我們有一個重大的戰略問題，即蔬菜部門的最終結果是什麼，這顯然是一個重要因素，當然，我們有時會削減資本，這可能是我們的物質要素例如，絕對債務數。

So, and all of those questions go into the ongoing analysis of where we might allocate our capital. And we've got a very open mind as to how would how we do it in the best interest and best long-term interests of all of our shareholders.

因此，所有這些問題都涉及到我們可能在哪裡分配資本的持續分析。我們對如何為所有股東的最佳利益和最佳長期利益採取非常開放的態度。

Okay. I appreciate that on the call. I'll pass it on. Thank you.

好的。我在電話中對此表示讚賞。我會把它傳遞下去。謝謝。

Christopher Barnes from Deutsche Bank.

德意志銀行的克里斯多福·巴恩斯。

Hey, can you guys hear me now?

嘿，你們現在聽得到我說話嗎？

Okay, thanks. I just wanted to follow up around the EBITDA discussion. With progressive produce coming out, and you already mentioned about $23.5 million of EBITDA last year, I just wanted to ask around opportunities to recover some of that divested profit.

好的謝謝。我只是想跟進 EBITDA 討論。隨著漸進式產品的問世，您已經提到去年的 EBITDA 約為 2350 萬美元，我只是想詢問是否有機會收回部分剝離的利潤。

In the past you've spoken to potential savings from right sizing overheads and head office allocations, but any additional perspective would be helpful just as we think about the continuing business going forward and opportunities to claw back some of that profitability. Thanks.

過去，您曾談到透過適當調整管理費用和總部分配來節省成本，但正如我們考慮未來的持續業務以及收回部分盈利能力的機會一樣，任何其他觀點都會有所幫助。謝謝。

Yeah, I think that I think is the biggest area that we would hope to pull it back is, but in the remaining components of that division we're really focused on getting the profitability levels at the right level and I think, you know, depending on where we end up at the batch division, but can dictate where we go to in terms of our overall head office costs and other cost structures, a little bit different, difficult to scale it down just with the disposal of progressive projects and but it may be a little different if we can find the right appropriate answer for the Vantage business.

是的，我認為我們希望將其撤回的最大領域是，但在該部門的其餘部分中，我們真正專注於將盈利水平保持在正確的水平，我認為，你知道，取決於我們最終在批次部門的位置，但可以決定我們在總總部成本和其他成本結構方面的去向，有點不同，很難僅通過處置漸進項目來縮小規模，但是如果我們能為Vantage 業務找到正確的答案，情況可能會有所不同。

But our cost structure is a constant area that's under examination, whether it's at the operation level in the business are at the central cost level on the business front and critically over the last number of years with the minimum post-IPO, the integration of the North American and South American management team under one management group and really focusing on maximizing the profitability in that business now.

但我們的成本結構是一個不斷受到審查的領域，無論是在業務運營層面還是在業務方面的核心成本層面，關鍵是在過去幾年中，IPO後的成本整合程度最低，北美和南美管理團隊隸屬於一個管理團隊，現在真正專注於最大化該業務的盈利能力。

And I think it's all of the business that suffered badly post pandemic with the supply chain issues that we highlighted in prior years, supply chain disruption. So a lot of those issues have settled down and that's giving that business a much better platform to manage. We have a profitability from. So that will be the big focus over the course of 2024.

我認為所有的業務在大流行後都遭受了嚴重的供應鏈問題，我們在前幾年強調過，供應鏈中斷。因此，許多問題已經解決，這為該企業提供了更好的管理平台。我們有盈利能力。因此，這將成為 2024 年的重點。

Got it. That's helpful and then I guess just switching gears on the Fresh Fruit business, very nice results this quarter. Could you just elaborate on what's driving the better top line and profitability? Last quarter you highlighted increased competition in North America weighing on pricing, which seems to have transpired, but it looks like you also got better volumes globally and lower sourcing costs to help offset the lower pricing.

知道了。這很有幫助，然後我想只是在新鮮水果業務上換個方向，本季的業績非常好。您能否詳細說明一下是什麼推動了營收和獲利能力的提升？上個季度，您強調了北美競爭加劇對定價造成的壓力，這似乎已經發生，但看起來您在全球範圍內也獲得了更好的銷量和更低的採購成本，以幫助抵消較低的定價。

So, I guess, could you just help us frame like what does supply, and demand conditions look like at this point in the year? And then like looking forward, do you expect this relative outperformance or relative strength to continue, and I'll pass it on, thanks

那麼，我想，您能否幫助我們了解今年此時的供應和需求狀況？然後就像展望未來一樣，您是否期望這種相對優異的表現或相對強勢會持續下去，我會傳遞下去，謝謝

Maybe Johan, you might cover that one, please?

也許約翰，你可以報道一下這個，好嗎？

Yeah, so Christopher, so there are, as always, when it comes to our business, a lot of moving parts. But overall, when we look at our Fresh Fruit segment and in particular Bananas, but also pineapples, we see demand is being solid. So, there is a the consumers out there want our products. People are looking for cheaper alternatives and of course Bananas, is one of them. So, the demand is solid.

是的，克里斯托弗，所以，一如既往，當涉及到我們的業務時，有很多變化的部分。但總體而言，當我們審視新鮮水果領域，特別是香蕉和鳳梨時，我們發現需求強勁。所以，消費者想要我們的產品。人們正在尋找更便宜的替代品，當然香蕉就是其中之一。所以，需求是穩固的。

At the same time, we see retailers putting pressure on margins they're really going after trying to fight inflation and show themselves in the good books of the politicians. So, it's a lot of pressure on margins, but at the same time supply is tight.

同時，我們看到零售商對利潤率施加壓力，他們真正想要的就是努力對抗通貨膨脹，並在政治家的好書中展現自己。因此，利潤率面臨很大壓力，但同時供應緊張。

The supply is tight on the back of if you remember, we have talked about poor farm maintenance as a consequence of high input cost in Ecuador, we see also in Costa Rica, that the cologne is very expensive, so some of the farmers are having not the right maintenance, so the supply is coming down. So, you have good demand, retail is putting pressure, you have supplies being tight, at the same time, you have some cost giving on the input costs when it comes for example as paper.

供應緊張，如果你還記得的話，我們已經討論過厄瓜多爾由於投入成本高而導致農場維護不善，我們在哥斯達黎加也看到，古龍水非常昂貴，所以一些農民正在沒有正確的維護，因此供應量正在下降。因此，需求良好，零售業施加壓力，供應緊張，同時，當涉及紙張等投入成本時，您會付出一些成本。

So, if you put everything together, we feel that with the supply diversification we have, the geographic diversification we have and the customer diversification, we feel that we are able to handle this very volatile situation very well. So, we looking at more or less similar as last year, but of course then a little bit of a drawback and a downside when it comes to commercial cargo, the shipping business that we have

因此，如果把所有因素放在一起，我們認為，憑藉我們的供應多元化、地理多元化和客戶多元化，我們認為我們能夠很好地應對這種非常不穩定的情況。因此，我們的情況或多或少與去年相似，但當然，在商業貨運、我們擁有的航運業務方面存在一些缺點和缺點

Got it. Thanks for that helpful perspective. I'll pass it on.

知道了。感謝您提供有用的觀點。我會把它傳遞下去。

Gary Martin from Davy.

戴維的蓋瑞馬丁。

Hi, Rory, Jacinta and Johan. Just first off, congrats on a very strong quarter. Just a few questions on my side, just starting off with diversified EMEA. I mean, I think just in terms of preferred remarks you has mentioned a bit of recovery with regards to volume growth in the quarter?

嗨，羅裡、傑辛塔和約翰。首先，恭喜一個非常強勁的季度。我只是想問幾個問題，剛從多元化的歐洲、中東和非洲地區開始。我的意思是，我認為就首選言論而言，您提到了本季銷售成長的一些復甦？

I mean, could we get a bit more just detail on where you're seeing that and whether these green shoots are expected to continue into the back half of the year? And then secondly just on diversified Americas. can you just give us a bit of details regards to what you're seeing regards to the kind of berry market in North America just because I know it's been on the weaker side and also just kind of congruently? just regards to how much the kind of seasonal cherry inflow how much of that is expected to kind of continue into the rest of the year? Is this quarter’s exceptional result, is it more kind of one-off and timing related? Thanks.

我的意思是，我們能否更詳細地了解您在哪裡看到的情況以及這些萌芽是否預計會持續到今年下半年？其次是多元化的美洲。您能否向我們提供一些關於北美漿果市場的詳細信息，因為我知道北美漿果市場一直處於弱勢，但也有些一致？只是關於季節性櫻桃流入量有多少預計會持續到今年剩餘時間？本季的業績是否出色，是否更像是一次性的和時機相關的？謝謝。

I'll take those. I mean, on the diversified EMEA one, I think really it's fair to say that across all of our geographies within that division, we've had very solid performance. [South Africa,] we're doing a lot of bolt-on additions to some of our operating businesses and that they had a particularly good performance. South Africa, which falls within that division as well, have performed very well.

我會接受那些。我的意思是，在多元化的歐洲、中東和非洲地區，我認為可以公平地說，在該部門的所有地區，我們都取得了非常穩健的表現。 [南非]我們正在對我們的一些營運業務進行大量補充，並且它們的表現特別好。南非也屬於該類別，表現也非常出色。

So, I think that's been a business that's over a long period of time, a long period of years, there's a few ups and downs within individual segments within it, but overall it's performed and continued to grow very successfully over a long period of time now.

所以，我認為這是一項經歷了很長一段時間、很長一段時間的業務，其中各個細分市場有一些起起落落，但總的來說，它在很長一段時間內表現得非常成功，並持續成長。

Americas, I think there's a bit more work to be done on that whole berry segment, not particular involvement in that. We're doing a lot of work to fix that but there's more to be done to get that right. And that would be a that is a big project for 2024.

美洲，我認為整個漿果領域還有更多工作要做，而不是特別參與其中。我們正在做大量工作來解決這個問題，但要實現這一目標還有更多工作要做。這將是 2024 年的一個大項目。

I think in terms of the cherry season it probably is we probably did have an exceptionally strong Q1, without a doubt. Some of the volume that may have historically fallen into Q4 of 2023 came into Q1. So, that high value it just does give us a slightly better Q1 performance even though the season for cherries overlapping 2023 and Q1 2024, satisfactory season in line with the prior year. So it's just timing on that we flag that I think at the end of the year as well.

我認為就櫻桃季節而言，毫無疑問，我們可能確實有一個異常強勁的第一季。歷史上可能落在 2023 年第四季的部分交易量現在進入了第一季。因此，儘管櫻桃的產季與 2023 年和 2024 年第一季重疊，但這一高價值確實為我們帶來了稍好一點的第一季表現，與上一年的表現令人滿意。因此，我們也認為在今年年底我們會標記這一點，這只是時機。

So you will see it is definitely slightly better than normal Q1 and that will balance out over the course of the year. But again, we're comfortable within the other elements of that business that we're going to have a satisfactory outcome and diversify Americas for the coming year

因此，您會發現它肯定比第一季的正常情況略好，並且這種情況將在一年中達到平衡。但同樣，我們對該業務的其他要素感到滿意，我們將在來年取得令人滿意的結果並使美洲實現多元化

Thanks, Rory, good color. I'll pass it on.

謝謝，羅裡，顏色很好。我會把它傳遞下去。

Ben Bienvenu from Stephens

史蒂芬斯的本·比恩韋努

Hey, thanks. Good morning, everyone. So firstly, just a quick question on the balance sheet and with the sale of progressive produce and the subsequent paydown of debt in April, are you satisfied with the debt positioning of the balance sheet today? And should we think about kind of removing that as a as a bucket of capital allocation in terms of any excess cash flow that you have is less likely to go to debt reduction and more likely to go through either organic growth or organic or inorganic growth investments or perhaps share repurchase?

嘿，謝謝。大家，早安。首先，我想問一個關於資產負債表的簡單問題，隨著四月漸進產品的銷售和隨後的債務償還，您對今天資產負債表的債務定位是否滿意？我們是否應該考慮將其作為資本配置的一桶，就您擁有的任何多餘現金流而言，不太可能用於減少債務，而更有可能進行有機增長或有機或無機增長投資或股票回購？

Yeah, I mean, obviously, we're comfortable with two times leverage and as I said, we put all of the factors into the mix, not least the eventual outcome in relation to the eventual emissions, which is a significant potential impact on our financing capacity. And we assess it as we go along based on how all of those dynamic factors evolve.

是的，我的意思是，顯然，我們對兩倍的槓桿感到滿意，正如我所說，我們將所有因素都考慮在內，尤其是與最終排放相關的最終結果，這對我們的潛在影響重大融資能力。我們會根據所有這些動態因素的演變來評估它。

Okay. Thinking about the overall margin profile of the business. It seems that we're past for worst of inflationary cost pressures that we've seen over the last several years impacting you and others in the industry and really all industries. When you think about your price and volume balance versus kind of the embedded cost variability you have in your business and are we on a path to continued EBITDA margin expansion in 2024? And do you think that can sustain into 2025? Just any thoughts on the potential of the margin profile of the business as you see it today.

好的。考慮企業的整體利潤狀況。我們似乎已經過去了過去幾年中最嚴重的通膨成本壓力，這種壓力影響著您和行業中的其他人，甚至影響了所有行業。當您考慮您的價格和銷售平衡以及您業務中的內在成本波動時，我們是否正在走上 2024 年 EBITDA 利潤率持續擴張的道路？您認為這種情況能持續到 2025 年嗎？正如您今天看到的那樣，只是對業務利潤狀況潛力的任何想法。

Yeah. I mean, if you look back at inflation, while selling managing and inflationary times as much more complex and more stable times, having a big impact on our business is probably a little bit of an exaggeration. I think we've done remarkably well over the long period inflation in the last few years, and we've managed well through our dynamic pricing models and our diversified divisions are now getting the appropriate price adjustments in our fresh foods as a real business to adjust for the inflationary and justifiable and inflationary impacts on our cost chain items.

是的。我的意思是，如果你回顧通貨膨脹，雖然將管理和通貨膨脹時期視為更複雜和更穩定的時期，但對我們的業務產生重大影響可能有點誇張。我認為我們在過去幾年的長期通貨膨脹中做得非常好，我們透過動態定價模型管理得很好，我們的多元化部門現在正在對我們的生鮮食品進行適當的價格調整，作為一項真正的業務調整通貨膨脹和合理的通貨膨脹對我們成本鏈項目的影響。

So, I think we've managed well through that to see that segment. We've held our margins pretty constant over that period of time and our object, our objective is always trying to improve on the just within different subsegments and diversified Americas as one example, where, you know, we had some supply chain issues that had a negative impact on our overall margin. So we would like to see margin improvement, particularly in that division, and that is starting to come through now.

所以，我認為我們已經很好地解決了這個問題，看到了這個細分市場。在那段時間裡，我們的利潤率保持相當穩定，我們的目標是始終努力改善不同細分市場和多元化美洲的情況，例如，您知道，我們遇到了一些供應鏈問題對我們的整體利潤率產生負面影響。因此，我們希望看到利潤率有所改善，特別是在該部門，而這一點現在已經開始實現。

Okay, thanks so much for taking my questions.

好的，非常感謝您回答我的問題。

Thank you.

謝謝。

Christian Junquera from Bank of America

美國銀行的 Christian Junquera

Hey, everyone. You have Christian on for Bryan. Thanks for taking our question. We understand that you don't disclose your rear change in shipments and price mix on a consolidated basis, but can you give us some color on how shipments performed relative to price mix this quarter and your expectations for this fiscal year? Thank you

嘿大家。你讓克里斯蒂安替補布萊恩。感謝您提出我們的問題。據我們了解，您沒有揭露合併後出貨量和價格組合的變化，但您能否向我們介紹一下本季出貨量相對於價格組合的表現以及您對本財年的預期？謝謝

Yeah, I mean, we believe in our Fresh Fruit division we've done well in terms of volumes. Price has been under a little bit of pressure for a range of reasons, and we've compensated that through good customer progress and volumes. And then maybe going back to Bens question, maybe in terms of the price volume equation, there have been some challenges for people, the economies of individual families are affected by inflation and lots of basic items going up in price and demand is maybe a little bit subdued.

是的，我的意思是，我們相信我們的新鮮水果部門在銷售方面做得很好。由於多種原因，價格受到了一些壓力，我們透過良好的客戶進度和銷售來彌補這一點。然後也許回到本斯的問題，也許就物價量方程式而言，人們面臨著一些挑戰，個別家庭的經濟受到通貨膨脹的影響，許多基本物品的價格上漲，需求可能會有所上升有點壓抑。

So, we're hoping the current levels stabilize, become more normalized, that over time that can help go to volume. So, we're seeing some green shoots in that front in terms of volume gains, both in Europe and North America.

因此，我們希望目前的水平能夠穩定下來，變得更加正常化，隨著時間的推移，這有助於增加成交量。因此，我們在歐洲和北美的銷售成長方面看到了一些萌芽。

Very helpful. Thank you.

很有幫助。謝謝。

Thank you, Christian.

謝謝你，克里斯蒂安。

There are no more questions.

沒有更多問題了。

I will now turn the conference back over to Rory Byrne for closing remarks to follow this and of course, very pleased with how the year started in a very good, strong start to 2024 following on from what I believe is a very, very strong 2023.

我現在將把會議轉回羅裡·伯恩(Rory Byrne) 致閉幕詞，當然，我對今年的開局感到非常高興，2024 年是一個非常好的、強勁的開局，我認為2023 年是非常非常強勁的一年。

So, we've now demonstrated a very good, strong sequence of quarterly performance loan, done a lot of work on our capital structure and getting the right balance between debt and equity and I think with all of those measures on lots of work still to be done.

因此，我們現在已經展示了一系列非常良好、強勁的季度績效貸款，在我們的資本結構方面做了很多工作，並在債務和股本之間取得了適當的平衡，我認為，透過所有這些措施，還有大量工作要做做完了。

We believe we're very well positioned to continue to grow, and I look forward to the future with confidence. So a huge. Thank you to all are very committed people for helping achieve data. And thank you to all of you for joining us today. Thank you very much.

我們相信我們已經做好了繼續發展的準備，我對未來充滿信心。所以一個巨大的。感謝所有致力於幫助實現數據的人。感謝大家今天加入我們。非常感謝。