Dole PLC (DOLE) 2024 Q4 法說會逐字稿

Welcome to the Dole PLC fourth quarter and full year 2024 earnings conference call and webcast. Today's conference is being broadcast live over the internet and it is also being recorded for playback purposes. Currently, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. For opening remarks and introductions, I would like to turn the call over to the Head of Investor Relations with Dole PLC, James O'Regan.

歡迎參加 Dole PLC 2024 年第四季和全年財報電話會議和網路廣播。今天的會議正在透過網路進行現場直播，並且還進行了錄製以供回放。目前，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。為了致開幕詞和介紹，我想將電話轉給 Dole PLC 投資者關係主管 James O'Regan。

Thank you, John.

謝謝你，約翰。

Welcome everybody, and thank you for taking the time to join our latest earnings call.

歡迎大家，感謝您抽空參加我們最新的收益電話會議。

Joining me today is our Chief Executive Officer, Rory Byrne; our Chief Operating Officer, Johan Lindén; and our Chief Financial Officer, Jacinta Devine.

今天與我一起參加的是我們的執行長 Rory Byrne；我們的營運長 Johan Lindén；以及我們的財務長 Jacinta Devine。

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

在本次電話會議中，我們將參考簡報投影片和補充說明，這些內容以及我們的收益報告和其他相關資料均可在 Dole PLC 網站的投資者關係部分找到。

Please note, our remarks today will include certain forward-looking statements within the provisions of the Federal Security safe harbor law. 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，我們今天的評論將包括聯邦安全港法規定內的某些前瞻性聲明。這些反映了做出前瞻性陳述時的情況，公司明確表示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.

由於多種因素（包括我們向美國證券交易委員會提交的文件中所述的因素），實際結果或成果可能與明示或暗示的結果或成果有重大差異。

Information regarding the use of non-gap financial measures may be found in a press release, which also includes a reconciliation to the most comparable GAAP measures. With that, I'm pleased to turn today's call over to Rory.

關於使用非差距財務指標的資訊可以在新聞稿中找到，其中還包括與最具可比性的 GAAP 指標的對帳。有了這些，我很高興將今天的電話轉給羅裡。

Thank you, James. Welcome everybody and thank you for joining us today as we discuss our results for the fourth quarter and full year 2024. So turning firstly to slide four and a recap of key developments in 2024.

謝謝你，詹姆斯。歡迎大家，感謝您今天加入我們，一起討論 2024 年第四季和全年的業績。首先翻到第四張投影片，回顧 2024 年的主要發展。

Well, 2024 was another year of great progress and development for Dole PLC, with the business growing its position as the leading provider of fresh produce in the world.

2024 年對都樂公司來說又是取得巨大進步和發展的一年，公司作為全球領先的新鮮農產品供應商的地位不斷提升。

From a financial perspective, we delivered a strong financial performance, exceeding our most recent adjusted EBITDA guidance by some $12 million and continuing our solid growth trend over the last number of years. We've grown organically this year with group revenue and adjusted EBITDA increasing on a like for like basis, driven by growth across our core business areas and categories.

從財務角度來看，我們取得了強勁的財務業績，超越了我們最近調整後的 EBITDA 預期約 1,200 萬美元，並延續了過去幾年的穩健成長趨勢。今年，我們實現了有機成長，集團收入和調整後 EBITDA 年成長，這得益於我們核心業務領域和類別的成長。

Throughout the year, we continue to place high priority and capital allocation and managing our invested capital. We do take a disciplined, but also strategic and flexible approach to our investments. In the first quarter, we took the decision to capitalize on an opportunity to realize an excellent return on an investment at the disposal of our 65% equity share in progressive produce for net cash proceeds of $100 billion which we used entirely to repay debt.

全年我們持續高度重視資本配置和管理我們的投資資本。我們確實對投資採取了嚴謹但又具有策略性和靈活性的方法。在第一季度，我們決定利用這一機會，透過出售我們在 Progressive Produce 的 65% 股權，實現極好的投資回報，獲得 1000 億美元的淨現金收益，並將這些收益全部用於償還債務。

Then in the third quarter, we agreed a deal to expand our shipping fleet with the addition of two vessels to service our east coast operation and provide a pathway for additional growth. This approach, combined with a strong operating performance, allow us to deliver significant cash generation in '24, driving a reduction in net debt of over $180 million.

然後在第三季度，我們達成了一項協議，擴大我們的航運船隊，增加兩艘船來服務我們的東海岸業務，並為進一步的成長提供途徑。這種方法加上強勁的營運業績，使我們能夠在 24 年實現大量現金產生，從而減少超過 1.8 億美元的淨債務。

Now looking more closely at the full year figures for 2024 and slide five, on a like-for-like basis, group revenue increased for the full year by 6.7% to $8.5 billion and adjusted EBITDA increased 6.7% to $392 million. This was driven by a very strong performance and diversified fresh produce markets, as well as growth in our fresh food segment, offsetting a very small decline in diversified fresh produce in EMEA, which had been our strongest performing segment in 2023. On an adjusted basis, net income was $120.9 million and adjusted diluted EPS was $1.27 per share and an increase of 2.4%.

現在更仔細地看一下 2024 年全年數據和第五張投影片，以同類數據計算，集團全年營收成長 6.7% 至 85 億美元，調整後 EBITDA 成長 6.7% 至 3.92 億美元。這是由非常強勁的業績和多樣化的新鮮農產品市場以及新鮮食品部門的增長推動的，抵消了歐洲、中東和非洲地區多樣化新鮮農產品的輕微下滑，而歐洲、中東和非洲地區曾是我們 2023 年表現最強勁的部門。經調整後，淨收入為 1.209 億美元，調整後稀釋每股收益為 1.27 美元，成長 2.4%。

Finally, following another year of robust cash generation, we ended 2024 with net debt of $637 million and net leverage of 1.6 times, putting us in a very strong financial position for '25 and beyond.

最後，在另一年強勁的現金產生之後，到 2024 年底，我們的淨債務為 6.37 億美元，淨槓桿率為 1.6 倍，這使我們在 25 年及以後的財務狀況非常強勁。

Turning now to slide seven for operational highlights and starting with the fresh fruit segment. Fresh fruit, a strong close to the year, delivering $31.9 million adjusted EBITDA on the fourth quarter to finish with a full year, $214.8 million. This was an increase of $5.9 million compared to '23, and as a result that was ahead of our own expectations.

現在翻到第七張投影片來了解營運亮點，先介紹新鮮水果部分。新鮮水果為今年業績畫上了圓滿的句號，第四季度調整後息稅折舊攤銷前利潤 (EBITDA) 為 3,190 萬美元，全年利潤為 2.148 億美元。與 23 年相比，這一數字增加了 590 萬美元，因此超出了我們的預期。

In North America, our business delivered good volume growth in bananas and plantains, and particularly in the fourth quarter, continuing a very positive year-long trend and obviously supported by the increase in our shipping capacity from our recent investments.

在北美，我們的香蕉和大蕉業務實現了良好的銷售成長，尤其是在第四季度，延續了全年非常積極的趨勢，顯然得益於我們近期投資帶來的運輸能力的提高。

Additionally, in the European market, we continued our positive momentum momentum and concluded an excellent year, driven by the high volumes of bananas as well as by lower shipping costs. Well, we formed well in the marketplace in 2024. We were also faced with higher shipping costs into the US due to the planned dry dockings of two of our vessels, as well as the logistical issues of ports both in Latin America and the US, and some continuing price pressure in commercial cargo space.

此外，在歐洲市場，由於香蕉產量高以及運輸成本降低，我們繼續保持積極的發展勢頭，並結束了出色的一年。嗯，我們在 2024 年的市場上表現良好。由於我們的兩艘船計劃進行乾船塢作業，以及拉丁美洲和美國港口的物流問題，以及商業貨艙持續存在的價格壓力，我們也面臨著進入美國的運輸成本上升的問題。

On the supply side, while fruit remained in a relatively good supply demand balance throughout 2024, the relative tightness of Peru has continued to put upward pressure on sourcing costs. This was accentuated for us at the end of the year and the impact of Tropical Storm Sara, which affected an important acreage within our Honduran operations and which we do anticipate having a notable short-term financial impact on our operations in the first part of 2025.

在供應方面，雖然2024年全年水果的供需保持相對良好的平衡，但秘魯的相對緊張繼續對採購成本造成上行壓力。年底，熱帶風暴薩拉的影響加劇了我們面臨的這個問題，它影響了我們在洪都拉斯業務範圍內的重要土地，我們預計這將對我們 2025 年上半年的業務產生顯著的短期財務影響。

As we look out into '25, while the underlying fundamentals of the division continue to be in excellent shape, we will face some headwinds in the year to come, very active competition, as well as sourcing issues, supply chain, and foreign exchange movements. As always, our very experienced and knowledgeable management team are keenly focused on dealing with all of these challenges, while also working to capitalize on further growth opportunities as they arise.

展望25年，雖然該部門的基本面繼續保持良好狀態，但來年我們將面臨一些阻力，非常活躍的競爭，以及採購問題、供應鏈和外匯變動。像往常一樣，我們經驗豐富、知識淵博的管理團隊致力於應對所有這些挑戰，同時也努力利用出現的進一步成長機會。

So moving on to the diversified EMEA segment, and this segment had a stable final quarter, ultimately delivering a just a bit of $131.5 million for the full year, a robust performance which was in line with our expectations and consolidating the excellent growth achieved in 2023.

接下來是多元化的 EMEA 部門，該部門最後一個季度表現穩定，全年最終實現了 1.315 億美元的收入，這一強勁表現符合我們的預期，並鞏固了 2023 年實現的出色增長。

Diversified EMEA may delivered good like-for-like revenue growth of '24 of 4.4%. However, over the course of the year, the segment did also face some headwinds due to supply challenges, weather events, and some entity specific issues that mitigated growth at the margin level. More positively, as we look forward into 2025, we anticipate continued revenue growth and coupled with targeted investments and the benefits of ongoing integration within this segment, we will, we believe we're well positioned to increase profitability again on a like-for-like basis going into 2025.

多元化的 EMEA 地區可能實現 24 年年收入成長 4.4%。然而，在這一年中，該部門也面臨一些阻力，包括供應挑戰、天氣事件以及一些實體特定問題，從而抑制了利潤率的成長。更積極的是，展望 2025 年，我們預計收入將繼續增長，再加上有針對性的投資以及該領域持續整合的好處，我們相信，到 2025 年，我們有能力再次實現盈利能力的同比提升。

Turn to a diversified micro segment, this this segment delivered a stable find of quarter, consolidating a very strong year of growth on a like-for-like basis . Excluding the impact of the progressive produce disposal in the first quarter of 2024, this segment delivered a $22.3 million dollar increase in adjusted that for the full year, a fantastic performance. Early in 2024, the segment had seasonal timing benefits within the Southern Hemisphere summer export season, and particularly in the important Chilean cherry business.

轉向多元化的微型細分市場，該細分市場本季實現了穩定的成長，鞏固了同比強勁增長的一年。不計入 2024 年第一季逐步處置農產品的影響，該部門全年調整後收入增加了 2,230 萬美元，表現非常出色。2024 年初，該部門在南半球夏季出口季節具有季節性時間優勢，尤其是在重要的智利櫻桃業務中。

However, as the year progressed, this segment consistently outperformed as our export business in particular continued to perform very well across a wide range of products. And as our North American businesses continue to deliver strong growth, especially in some of the important growth categories such as avocados.

然而，隨著時間的推移，這一部門的表現持續優異，因為我們的出口業務在多種產品中繼續表現良好。我們的北美業務持續保持強勁成長，尤其是在酪梨等一些重要的成長類別中。

Looking ahead, as I heard, the turn of the year and the diversified America segment coincides with the high point in activity in the southern hemisphere summer export season. And so far, while the very strong profitability seen with Chilean cherries in recent seasons may not persist at the same levels this season. It's also clear that the business remains in a good position to deliver on our expectations.

展望未來，正如我所聽到的，今年年初和美洲市場的多元化恰逢南半球夏季出口活動的高峰期。到目前為止，雖然最近幾季智利櫻桃的盈利能力非常強勁，但本季的盈利能力可能不會保持在同一水平。顯然，公司業務仍處於良好狀態，能夠滿足我們的期望。

As we look further out into the year, both for our exports and North American businesses, we believe we can further consolidate the strong revenue growth we had in 2024 and build our base for further growth in the years to come.

展望今年，無論是出口業務還是北美業務，我們都相信能夠進一步鞏固 2024 年強勁的收入成長，並為未來幾年的進一步成長奠定基礎。

So turning to the fresh vegetables business, as we've noted on our most recent earnings calls, we are continuing to work on delivering the best strategic alternative for our vegetables, and that process remains ongoing. On the operational side, the improved results we've consistently seen in '24 continued in the fourth quarter.

因此，談到新鮮蔬菜業務，正如我們在最近的收益電話會議上所指出的那樣，我們正在繼續努力為我們的蔬菜提供最佳的策略替代方案，並且這個過程仍在持續進行。在營運方面，我們在 24 年持續看到的業績改善在第四季度得以延續。

While we recorded an accounting adjustment to the carrying value of discontinued operations at the year end, on an underlying basis, our vegetable business included an encouraging turnaround year in 2024, delivering positive cash flow on a full year basis. Overall, as we head into in 2025, we are pleased that our corporate and divisional management teams have been successful in re-establishing an improved foundation for this business, and in doing so allow us to continue with the patient approach to ultimately deliver the best long-term outcome for all our stakeholders.

雖然我們在年底對已終止經營的帳面價值進行了會計調整，但從根本上講，我們的蔬菜業務在 2024 年迎來了令人鼓舞的轉機，全年實現了正現金流。總體而言，當我們邁入 2025 年時，我們很高興看到我們的公司和部門管理團隊成功地為這項業務重建了更好的基礎，並且通過這樣做，我們能夠繼續採取耐心的態度，最終為所有利益相關者帶來最佳的長期成果。

With that, I hand you over to Jacinta to give the financial review for the fourth quarter and full year.

現在，我將第四季和全年的財務回顧交給 Jacinta。

Thank you, Rory, and good day everyone. Firstly, turning to the group results on slide nine.

謝謝你，羅裡，大家好。首先，請看第九張投影片上的小組結果。

Fourth quarter, group revenue increased 4.6%, with this growth driven by strong operational performance across all of our segments. On a like-for-like basis, excluding the impact of FX and the sale of progressive produce, the increase was 10.8%. For the full year, reported revenue increased 2.8%, and on a like-for-like basis, revenue increased 6.7%. Adjusted EBITDA decreased 2.9% in the quarter. However, on a like-for-like basis, increased 3.7% or $2.8 million. Fresh fruit was the driver of growth in the fourth quarter.

第四季度，集團營收成長 4.6%，這一成長得益於我們所有部門強勁的營運業績。以同類計算，不包括外匯和漸進式產品銷售的影響，增幅為 10.8%。全年報告營收成長 2.8%，年收入成長 6.7%。本季調整後 EBITDA 下降 2.9%。然而，以同類計算，成長了 3.7% 或 280 萬美元。新鮮水果是第四季度成長的動力。

For the full year, we are very pleased to deliver $392.2 million of adjusted EBITDA, an increase of 1.8% on 2023, and an increase of 6.7% on a like-for-like basis. This result was ahead of our initial and revised guidance issued during 2024.

就全年而言，我們非常高興地實現 3.922 億美元的調整後 EBITDA，較 2023 年增長 1.8%，同比增長 6.7%。這一結果超出了我們在 2024 年發布的初步和修訂後的指導。

Looking at net income, the decrease in the fourth quarter was due to a loss of $61.2 million in discontinued operations, with significantly improved operating results offset by a non-cash write down of the carrying value of the fresh vegetables division of $78.2 million net of tax.

從淨收入來看，第四季度的下降是由於停止營運業務損失了 6,120 萬美元，而經營業績的大幅改善被新鮮蔬菜部門帳面價值的非現金減記（稅後 7,820 萬美元）所抵消。

As the fresh vegetables division is accounted for under the help for sale accounting guidance, we are were required to cease depreciation and amortization from March 31, 2023 up to December 31, 2024, the impact of this cessation of depreciation and amortization was $78.1 million, and was the primary reason for the non-cash write down.

由於新鮮蔬菜部門是根據銷售幫助會計指南進行核算的，我們需要從 2023 年 3 月 31 日至 2024 年 12 月 31 日停止折舊和攤銷，此次停止折舊和攤銷的影響為 7810 萬美元，是非現金減記的主要原因。

On a full year basis, net income of $143.4 million was $12.3 million lower than the prior year. The decrease was primarily due to a non-cash write down of the carrying value of the fresh vegetables division, as well as higher tax expense. These decreases were partially offset by higher operating income due to strong underlying performance across the group, higher other income and lower interest expense.

全年淨收入為 1.434 億美元，比上年減少 1,230 萬美元。下降的主要原因是新鮮蔬菜部門帳面價值的非現金減記，以及稅費增加。由於整個集團強勁的基本業績、更高的其他收入和更低的利息支出，這些減少被更高的營業收入部分抵消。

On an adjusted basis, adjusted net income increased 3% to $15.3 million in the fourth quarter, and adjusted diluted EPS was $0.16 per share. The increase was predominantly due to lower interest and depreciation expense, partially offset by lower adjusted EBITDA and higher tax expense.

經調整後，第四季調整後淨收入成長 3% 至 1,530 萬美元，調整後稀釋每股收益為 0.16 美元。成長的主要原因是利息和折舊費用減少，但被調整後 EBITDA 減少和稅費增加部分抵銷。

For the full year, we are pleased to report a 2.4% increase in adjusted net income to $120.9 million, primarily due to the increase in adjusted EBITDA as well as lower interest and depreciation expense, partially offset by higher tax expense. Adjusted diluted EPS for 2024 was $1.27 compared to $1.24 in 2023.

就全年而言，我們很高興地報告，調整後淨收入增長 2.4%，達到 1.209 億美元，這主要歸功於調整後 EBITDA 的增加以及利息和折舊費用的降低，但稅費增加部分抵消了這一增長。2024 年調整後稀釋每股收益為 1.27 美元，而 2023 年為 1.24 美元。

Turning out to the divisional updates for the fourth quarter of our continuing operations, starting with fresh fruit on slide 11. The fresh fruit division delivered another strong result in the fourth quarter to round out a good year, with the revenue increasing 9.4%, and adjusted EBITDA increasing 10.8%. The increase in revenue was due to higher worldwide volumes of bananas sold, higher worldwide pricing of pineapples, and higher pricing and volume for plantains in North America. These increases were partially offset by lower worldwide volumes of pineapples sold, lower worldwide pricing for bananas, and lower pricing and volume for plantains in Europe.

接下來是我們的持續經營第四季的部門更新，從幻燈片 11 上的新鮮水果開始。新鮮水果部門在第四季再次取得強勁業績，為全年業績圓滿收官，營收成長 9.4%，調整後 EBITDA 成長 10.8%。收入增加是由於全球香蕉銷量增加、菠蘿全球價格上漲以及北美大蕉價格和銷售增加。但這些成長被全球鳳梨銷售下降、全球香蕉價格下降以及歐洲大蕉價格和銷售下降部分抵消。

The adjusted EBITDA increase was primarily driven by higher revenue in bananas, as well as lower fruit sourcing and shipping costs in Europe, partially offset by higher shipping costs in North America due to dry docking. For the full year, revenue increased 5% and adjusted EBITDA increased 2.8%.

調整後的 EBITDA 成長主要得益於香蕉收入的增加，以及歐洲水果採購和運輸成本的降低，但因乾船塢導致北美運輸成本上升，部分抵消了這一增長。全年營收成長 5%，調整後 EBITDA 成長 2.8%。

Now turning to EMEA on slide 12. This segment delivered 5.5% revenue growth in the fourth quarter, driven by a strong performance in the UK, Spain, and the Nordics, partially offset by a net negative impact from M&A activity of $7.4 million. On a like-for-like basis, revenue increased 6.5%. Adjusted EBITDA decreased 0.5%, primarily due to decreases in the Czech Republic, South Africa, and Ireland, as well as an unfavorable impact from foreign currency translation of $0.2 million.

現在轉到投影片 12 上的 EMEA。該部門第四季營收成長 5.5%，主要得益於英國、西班牙和北歐地區的強勁表現，但併購活動帶來的 740 萬美元淨負面影響部分抵消了這一增長。以同類計算，收入成長了 6.5%。調整後 EBITDA 下降 0.5%，主要原因是捷克共和國、南非和愛爾蘭的下降，以及外幣折算的不利影響 20 萬美元。

Partially offset by a stronger performance in Spain and the UK on a like-for-like basis, adjusted EBITDA increased 0.3%. Overall, a solid performance in 2024 from the EMEA segment, with like-for-like revenue increasing 4.4%, and adjusted EBITDA increasing 1.9% on a like-for like basis.

調整後 EBITDA 成長 0.3%，但部分抵消了西班牙和英國同比表現強勁的影響。整體而言，2024 年 EMEA 部門表現穩健，年收入成長 4.4%，調整後 EBITDA 年成長 1.9%。

Now finally turning to diversified fresh produce, America's and the rest of the world. As in previous quarters, this year, reported revenue decreased primarily due to the disposal of progressive produce in Q1. On a like-for like basis, revenue increased 16.1% due to higher export volumes in cherries and grapes, as well as strong trading performance across categories in the North American market. Again, most of the decrease in adjusted EBITDA can be explained by the progressive produce divestiture.

現在終於轉向多樣化的新鮮農產品，美國和世界其他地區。與前幾季一樣，今年報告的收入下降主要是由於第一季處置了漸進式產品。以同類計算，由於櫻桃和葡萄出口量增加，以及北美市場各類別交易表現強勁，收入增長了 16.1%。同樣，調整後 EBITDA 的下降大部分可以透過逐步的產品剝離來解釋。

On a like-for-like basis, adjusted EBITDA decreased to 2.2% or $3 million or $0.3 million, excuse me, primarily due to a lower profitability in the Chilean cherry business, partially offset by continued good performance in North America, particularly in kiwi grapes and avocados. The segment delivered a very strong full year result on a like-for-like basis, with the revenue increasing 13% or $233.3 million and adjusted EBITDA increasing 52.3% or $22.3 million.

以同類計算，調整後的 EBITDA 下降至 2.2% 或 300 萬美元或 30 萬美元，對不起，這主要是由於智利櫻桃業務的盈利能力較低，但北美持續表現良好，特別是獼猴桃葡萄和鱷梨，部分抵消了這一影響。該部門全年業績年比表現非常強勁，營收成長 13% 或 2.333 億美元，調整後 EBITDA 成長 52.3% 或 2,230 萬美元。

Now turning to slide 14 to discuss our capital allocation and leverage. We remain ever focused on capital allocation and managing our leverage and are pleased that our leverage reduce further in the quarter to finish the year at 1.62 times. The reduction was driven by a $95 million decrease in net debt compared to Q3.

現在翻到第 14 張投影片來討論我們的資本配置和槓桿。我們始終專注於資本配置和管理槓桿率，並且很高興看到我們的槓桿率在本季進一步降低，年底達到 1.62 倍。此次減少是由於與第三季相比淨債務減少了 9,500 萬美元。

Interest expense has continued to decrease compared to the prior year due to lower debt levels as well as lower base rates, and was $18.1 million in the fourth quarter and $73.8 million for the full year. Under an assumption that base rates will remain broadly stable in 2025, and not assuming any exceptional cash proceeds, we expect full year interest for 2025 to be approximately $70 million.

由於債務水準較低以及基準利率較低，利息支出與上年相比持續下降，第四季為 1,810 萬美元，全年為 7,380 萬美元。假設基準利率在 2025 年保持大致穩定，並且不假設任何特殊現金收益，我們預計 2025 年全年利息約為 7000 萬美元。

Net cash provided by operation activities from continuing operations was $262.7 million in 2024. As anticipated, we continue to see a positive inflow in working capital in the fourth quarter, and this was accentuated by some seasonal timing benefits at the year end.

2024年持續經營活動產生的淨現金為2.627億美元。正如預期的那樣，我們繼續看到第四季度營運資金的正流入，而年底的一些季節性時機優勢則進一步加劇了這種情況。

Cash capital expenditure from continuing operations was $25.6 million for the quarter, and we added a further $4.6 million of assets by way of finance lease. For the full year, total capital additions were$135.7 million, which was in line with our latest guidance. This was made up of cash capital expenditure of $82.4 million, and we added a further $53.3 million of assets by way of finance lease, including the two shipping vessels mentioned on our last earnings call, and which we purchased outright in early 2025.

本季持續經營的現金資本支出為 2,560 萬美元，而我們透過融資租賃的方式又增加了 460 萬美元的資產。全年資本增加總額為 1.357 億美元，符合我們的最新指引。這包括 8,240 萬美元的現金資本支出，我們還透過融資租賃增加了 5,330 萬美元的資產，其中包括上次收益電話會議上提到的兩艘航運船舶，我們在 2025 年初直接購買了這些船舶。

Free cash flow from continuing operations was $180.3 million for the full year. Free cash flow benefit from strong adjusted EBITDA performance and good working capital management across the group over the course of the year.

全年持續經營產生的自由現金流為 1.803 億美元。自由現金流受益於全年強勁的調整後 EBITDA 績效和整個集團良好的營運資本管理。

Continuing with our commitment to return cash to shareholders, we are pleased to declare a dividend of $0.08 to the fourth quarter, which will be paid on April 3, 2025 to shareholders on record on March 20, 2025. Now I'll hand you back to Rory, who will give an update on our full year outlook.

我們繼續履行向股東返還現金的承諾，很高興宣布向第四季度派發 0.08 美元的股息，該股息將於 2025 年 4 月 3 日支付給 2025 年 3 月 20 日登記在冊的股東。現在我將把時間交還給羅裡 (Rory)，他將介紹我們全年的展望。

Thanks, Jacinta. So we're very pleased with the group's exceptional performance in 2024, delivering $392 million adjusted EBITDA for continuing operations, a result that exceeded our own expectations and a result that we believe gives us a strong platform to continue our momentum in the 2025 financial year.

謝謝，賈辛塔。因此，我們對集團在 2024 年的出色表現感到非常滿意，持續經營業務的調整後 EBITDA 達到 3.92 億美元，這一結果超出了我們自己的預期，我們相信這一結果為我們在 2025 財年繼續保持發展勢頭提供了強大的平台。

As we take a more focused look at 2025, while we continue to see excellent opportunities for our business, we will also face some challenges and uncertainties this year.

當我們更專注地展望2025年時，雖然我們繼續看到業務的絕佳機遇，但今年我們也將面臨一些挑戰和不確定性。

For most multinational businesses, the quickly evolving geopolitical environment is adding increased uncertainty in areas including regulation, foreign exchange rates, and of course the potential impact of any tariffs or other changes to international trade structures and sourcing costs and supply chains. In this regard, our management teams are keenly focused on preparing for as many eventualities as possible while also continuing to promote the critical benefits of the fresh produce industry and supporting shared global goals towards enhancing health and wellness.

對大多數跨國企業而言，快速變化的地緣政治環境增加了監管、外匯匯率等領域的不確定性，當然還有關稅或其他變化對國際貿易結構、採購成本和供應鏈的潛在影響。在這方面，我們的管理團隊非常注重為盡可能多的可能發生的情況做好準備，同時繼續宣傳新鮮農產品行業的關鍵優勢，並支持增進健康和保健的共同全球目標。

For our own operations, we will face a known short-term headwind in 2025, following the impact of Tropical Storm Sara on our Honduran operations in November. With that in mind, and given that, given our excellent finish to the 2024 financial year, which did exceed our expectations at this early stage of the 2025 financial year, our goal is to deliver a full year adjusted EBITDA in the range of 370 to $380 million.

對於我們自己的營運而言，由於 11 月熱帶風暴薩拉對我們洪都拉斯業務的影響，我們將在 2025 年面臨已知的短期逆風。考慮到這一點，並且考慮到我們在 2024 財年的出色表現，確實超出了我們在 2025 財年初期的預期，我們的目標是實現全年調整後的 EBITDA 在 3.7 億至 3.8 億美元之間。

Turning the investment side, we are pleased that we were able to make some important strategic investments in 2024. For 2025, we expect as a baseline to have a maintenance level of CapEx from continuing operations broadly in line with our depreciation expense of approximately $100 million. In addition, we continue to explore a range of development opportunities which, if executed, will strengthen our business and continue to drive further growth in the years to come.

從投資方面來看，我們很高興能夠在 2024 年進行一些重要的策略投資。對於 2025 年，我們預計持續經營的資本支出維持水準將與我們的折舊費用（約 1 億美元）大致持平。此外，我們將繼續探索一系列發展機會，這些機會一旦實施，將增強我們的業務並在未來幾年繼續推動進一步成長。

In conclusion, we're very pleased to continue to enhance our track record with another year of strong financial results. We have an excellent group of people right across the group, and a huge thank you to everyone for their ongoing commitment and dedication to drive Dole PLC board, as well as to our important suppliers and customers for all their ongoing support.

總而言之，我們非常高興能夠透過另一年強勁的財務業績繼續提升我們的業績記錄。我們集團擁有一群優秀的員工，衷心感謝大家對推動 Dole PLC 董事會的持續承諾和奉獻，也感謝我們的重要供應商和客戶的持續支持。

With that, I'll hand you back to the operator and we can open the line for questions.

這樣，我會把您交還給接線員，然後我們就可以開始回答問題了。

Thank you. We will now begin the question and answer session. (Operator Instructions).

謝謝。我們現在開始問答環節。（操作員指令）。

Your first question comes from the line of Christopher Barnes with Deutsche Bank. Please go ahead.

您的第一個問題來自德意志銀行的克里斯多福·巴恩斯。請繼續。

Good morning. Good afternoon. Thanks for the questions. First, could you just unpack the EBITDA guidance, and you're calling for a 4% decline at the midpoint, but just wondering how much of that decline is attributed to known headwinds like the impact from Sara and difficult comparisons versus '24 versus just added conservatism in the context of the macro geopolitical climate. And any color you can share by segment and cadence first half or second half would be particularly helpful.

早安.午安.感謝您的提問。首先，您能否解釋一下 EBITDA 指引，您預計中點將下降 4%，但只是想知道這種下降在多大程度上歸因於已知的不利因素，例如 Sara 的影響以及與 24 年的艱難比較，還是在宏觀地緣政治氣候背景下增加的保守主義。而且，您可以按片段和節奏的前半部分或後半部分分享任何顏色，這將特別有幫助。

Thanks.

謝謝。

Yeah, thanks, Chris. And obviously it's a couple of big things and first of all, it's very early in the year to be giving full year guidance. I think secondly, we're in a world that's increasingly difficult to predict and while we haven't built in anything specific around the potential major macro geopolitical or economic issues that can arise, I think they do create a little bit of uncertainty and negativity around the world generally.

是的，謝謝，克里斯。顯然，這是幾件大事，首先，現在就給出全年指導還為時過早。其次，我認為，我們處在一個越來越難以預測的世界，雖然我們還沒有針對可能出現的重大宏觀地緣政治或經濟問題制定任何具體計劃，但我認為它們確實在世界範圍內造成了一些不確定性和消極情緒。

I think you look back over the last few years, we've had a really strong track record in, right post IPO or continuing operations of between '22, '23, and now '24 have shown, ability to weather whatever storms are thrown at us and, we come out at the end of the year with a pretty good result.

我想，回顧過去幾年，我們在 IPO 後或 2022 年、2023 年以及現在的 2024 年持續運營中有著非常強勁的業績記錄，表明我們有能力抵禦任何風暴，並且在年底取得了相當不錯的成績。

2024, as you know Chris, we took the number down to 360 on the basis that we simply subtracted off the piece of the business that we sold. In progressive produce, to come in with a 392 result for '24 was a really strong a record year for us and a really very positive year.

2024，如你所知，克里斯，我們將這個數字降至 360，因為我們只是減去了我們出售的業務部分。在漸進式生產方面，24 年取得 392 的成績對我們來說確實是創紀錄的一年，也是非常積極的一年。

I know from an analyst's perspective, sometimes that's a benchmark that people would like to grow from, but the way we look at it is we've had a good year. We take the opportunities that that are there and it was a little bit better than we might have expected.

我知道，從分析師的角度來看，有時這是人們希望成長的基準，但我們的看法是，我們度過了美好的一年。我們抓住了現有的機會，結果比我們預期的要好一些。

We do have the specific headwinds that. We have referred to Honduras in particular, it's just creates complexity around how we source alternative food from the shortfall in Honduras. It causes some dislocation in our shipping schedules and dislocations of containers. So it's a little bit more complex than just losing short term the fruit, and we had a ship breakdown on the west coast as well it was a little bit unhelpful. We've had, so we've got some fruit on the mask ship that broke down on its way to China as well with 65 containers of cherries on that, although we believe that between insurance proceeds, that it will be covered too.

我們確實面臨具體的阻力。我們特別提到了宏都拉斯，這為我們如何從宏都拉斯的短缺中獲取替代糧食帶來了複雜性。這導致我們的船運計劃和貨櫃的錯位。所以這比短期內丟失水果要複雜一些，而且我們在西海岸也遇到了船隻故障，這有點無益。我們在運往中國的口罩船上也有一些水果，但在途中發生故障，船上還有 65 個貨櫃的櫻桃，不過我們相信，在保險賠償範圍內，這些水果也會得到賠償。

Certainly there are some short term headwinds, not only different or greater than we've placed over the past, and we work our way through them. I don't think they're strut, they're not fundamental to our business, but we have to work our way through them.

當然，短期內也存在一些阻力，這些阻力與我們過去遇到的阻力不同甚至更大，但我們正在努力克服它們。我不認為它們是支柱，它們對我們的業務不是根本性的，但我們必須想辦法克服它們。

Foreign exchange as well has also been complicated, and the dollar, as strengthened quite radically post the election. And the timing of when that happened wasn't perfect for us in terms of some contract negotiations and taking a guess at what the price might be based on specific exchange rates and the dollar strengthened even further from some of those negotiations.

外匯交易也變得複雜起來，美元在大選後大幅走強。就一些合約談判而言，這種情況發生的時機對我們來說並不完美，我們只能根據具體的匯率來猜測價格，而美元在某些談判中進一步走強。

The rest of the world and the Americas divisions have highlighted, to dispose of the progressive business of $24 million and come in with a full year result ahead of the '23 year number is an exceptionally good performance. So it's just in that division, everything went particularly right for us, and we're very pleased with that, although we do expect that '25 will be a more normal year with the normal ups and downs Good year, but it'll be a more normal outcome on particularly products like cherries and grapes.

世界其他地區和美洲分部均強調，以 2,400 萬美元的價格出售漸進式業務並提前實現 23 年全年業績是一項非常出色的表現。因此，就在那個部門，一切都進展順利，我們對此感到非常高興，儘管我們確實預計 25 年將是一個更正常的年份，會有正常的起伏。這是一個好年頭，但對於櫻桃和葡萄等產品來說，這將是一個更正常的結果。

I think the phasing will be a bit different as you've asked for how it will unfold. I think most of the headwinds that we face will certainly impact the early quarters, in particular quarter one. So I think you'll see over the course of the year, a slower start to the year and a more balanced phase in over the completion of the full year of 2025.

我認為分階段會有點不同，正如您所問的那樣。我認為我們面臨的大多數阻力肯定會影響前幾個季度，特別是第一季。因此，我認為您會看到，在這一年中，開局會比較慢，而到 2025 年全年結束時，則會進入一個更平衡的階段。

So, I think that's are all your guidance, Christopher, unless you've got any follow-up question on that.

所以，我認為這就是你的全部指導，克里斯托弗，除非你對此有任何後續問題。

No, that's helpful and I get my follow up is just around tariffs. I know it's a shifting target, but maybe you could just help us think about, some of the like the mitigation strategies and contingencies you guys are evaluating, putting into place like is there any, do you guys have any ability to. like, go back, I know you mentioned the contract renegotiations post-election with the dollar movement were not necessarily favorable, but like, if tariffs get in place, like if you have ability to like to go back to those contracts like, or take additional pricing, you have alternative sourcing you could look at productivity. I'm just trying to think through the levers, that that you guys have at your disposal to --

不，這很有幫助，我的後續問題只是有關關稅。我知道這是一個不斷變化的目標，但也許你可以幫助我們思考一下，你們正在評估的一些緩解策略和應急措施，是否有任何措施，你們是否有能力實施。例如，回過頭來看，我知道你提到選舉後美元走勢的合同重新談判並不一定是有利的，但是，如果關稅到位，如果你有能力回到那些合同，或者採取額外的定價，你就有替代的採購來源，你可以看看生產力。我只是在思考你們可以用哪些手段--

Yeah, I think, in macro terms, what we supply into the North American market, it's healthy food, fruit and veg, and generally speaking, the products that the US can't produce themselves or can't produce at that particular time. So you look at bananas and pineapples, for example, or in tropical climate which the US doesn't have. So we believe that bananas and pineapples will continue to be consumed in appropriate quantities by Americans, and I think everybody will want that to be the outcome.

是的，我認為，從宏觀角度來看，我們向北美市場供應的是健康食品、水果和蔬菜，一般來說，這些是美國自己不能生產或在特定時期無法生產的產品。例如，你可以看看香蕉和菠蘿，或美國沒有的熱帶氣候。因此，我們相信美國人將繼續適量消費香蕉和菠蘿，我想每個人都希望看到這樣的結果。

Some of our other export sources are complementary to US sources. So again, we think that people will want to have grapes all year round or have green peppers, red peppers, tomatoes, whatever it might be all year round and lot of gaps in the market. So, we think ultimately, we hope that the tariffs that don't come into play on basic day to day positive products like fresh fruit and veg, and that they can and somehow that be exceptions to products that don't have any particular impact on the American economy.

我們的其他一些出口來源與美國來源是互補的。因此，我們認為人們希望全年都有葡萄，或全年都有青椒、紅椒、番茄等，市場上有許多空白。因此，我們認為，最終我們希望關稅不會對新鮮水果和蔬菜等日常基本產品產生影響，並且希望關稅可以以某種方式成為對美國經濟不會產生任何特殊影響的產品的例外。

But ultimately, we think it can go a little to to price it has to get any kind of material impact of tariff and people want to continue to consume the products you have to the price. But there are so many variables and, it's so difficult to predict, we can control some things, we lived through a previous Donald Trump regime and we managed our way through that perfectly well. So that's it.

但最終，我們認為它可以對價格產生一定的影響，它必須受到關稅的任何實質影響，並且人們希望繼續消費你必須支付價格的產品。但變數太多，很難預測，我們可以控制一些事情，我們經歷過唐納德·川普政權，並且我們很好地度過了那段時期。就是這樣。

Very good. Thank you very much.

非常好。非常感謝。

Thank you, Christopher.

謝謝你，克里斯多福。

Your next question comes from the line of Gary Martin with Davy, please go ahead.

您的下一個問題來自戴維 (Davy) 的加里馬丁 (Gary Martin)，請繼續。

Hi, congrats on a strong set of results. Just a few from me, kind of related, just maybe starting on capital allocation and your viewpoint there. I mean, you made some really solid progress with regards to the leveraging during the year. Is the idea to kind of to continue to focus on the leveraging, or is there some degree of flexibility for, we'll say, kind of targeted M&A on a go forward basis?

你好，恭喜你取得了一系列優異的成績。我只想提幾點，有點相關，也許只是從資本配置和你的觀點開始。我的意思是，你們今年在槓桿方面取得了一些非常紮實的進展。這個想法是不是要繼續專注於槓桿作用，還是說，在未來進行有針對性的併購方面，有一定的彈性？

Yeah, thanks, Gary. I mean, obviously the whole question of capital allocation is very high up on our agenda and we examine all the potential alternatives around that.

是的，謝謝，加里。我的意思是，顯然整個資本配置問題在我們的議程中佔據非常重要的位置，我們正在研究圍繞這個問題的所有潛在替代方案。

We have a couple of big strategic questions that we'd like to get answered first before we make any major or unusual steps in relation to capital allocation and obviously, the potential, disposal of the bed division is at the top of the list in terms of, what the outcome of that can change our focus, our perception, our ability to to reallocate capital in a different direction. So we'd like to get that off the table quickly.

在我們在資本配置方面採取任何重大或不尋常的舉措之前，我們有幾個重要的戰略問題需要先得到解答，顯然，床品部門的潛在處置是最重要的，因為它的結果可以改變我們的重點、我們的看法、以及我們向不同方向重新分配資本的能力。因此我們希望盡快解決這個問題。

We also are in the process of renewing our facilities, so and we will follow the kind of the you know the normal approach to do that. We want to make sure that that that gives us the long term platform to have the appropriate financial flexibility to do, deal with them, future opportunities that we have as well.

我們也正在更新我們的設施，因此我們將遵循正常的方式來做這件事。我們希望確保這能為我們提供一個長期平台，讓我們擁有適當的財務彈性來應對這些挑戰以及我們未來的機會。

Acquisitions, we have our own internal corporate finance department. We continue to look at the opportunities that are out there. There is no doubt though that there is, there continues to be a differential between the private markets, expectation in terms of value. We are seeing in some cases, the cycles of PEs trying to exit there, you could continue to be a lot of inter fund trading taking place and less so between funds and trade buyers. So, keep our eyes on that and there are some interesting opportunities in that space, but it very much depends on achieving prices that will add to our business and add value to our shareholders.

收購，我們有自己的內部公司財務部門。我們將繼續尋找存在的機會。毫無疑問，私人市場和價值預期之間仍然存在差異。在某些情況下，我們看到私募股權投資試圖退出的周期，你可能會繼續發生大量的基金間交易，而基金和貿易買家之間的交易則較少。因此，請密切注意這一點，該領域有一些有趣的機會，但這在很大程度上取決於能否實現能夠增加我們的業務並為我們的股東增加價值的價格。

The dividend, something that's constantly under review, and we have a look at that again in the '25 context. And then, interestingly, and, from a very positive perspective, we do actually have a lot of internal development projects on the agenda that we're always looking at projects whether it's you know we're expanding some of our planting, banana production system some of our import JVs in Guatemala and in Ecuador. Our Chilean JV El Parque is looking at some interesting expansion of certain products and, looking at supporting that as well.

股息是不斷受到審查的，我們會在 25 年的背景下再次審視它。然後，有趣的是，從非常積極的角度來看，我們確實有很多內部開發項目列入議程，我們一直在關注這些項目，無論是擴大我們的一些種植、香蕉生產系統，還是我們在危地馬拉和厄瓜多爾的一些進口合資企業。我們的智利合資企業 El Parque 正在考慮對某些產品進行一些有趣的擴展，並考慮對此提供支援。

Our core business, we've been slowly developing a significant logistics capability up in Scandinavia, and there may be some further interesting opportunities that might involve in the reasonably significant investment and we've been open mind to looking at those.

我們的核心業務是，我們一直在斯堪的納維亞半島緩慢地發展重要的物流能力，並且可能還有一些進一步的有趣的機會需要相當大的投資，我們一直以開放的心態看待這些機會。

And with some smaller investments in our existing business, expanding our Irish footprint, expanding our Spanish footprint, looking at building our export business and strengthening our position in Peru and other grapes or avocados or berries, fresh fruit businesses. Slowly building up its footprints directly in plantains and mangoes and limes, and then some of our food service businesses across Europe.

透過對現有業務進行一些較小的投資，擴大我們在愛爾蘭的業務，擴大我們在西班牙的業務，並專注於建立我們的出口業務，加強我們在秘魯和其他葡萄、酪梨、漿果、新鮮水果業務中的地位。我們慢慢地在芭蕉、芒果和酸橙領域建立自己的影響力，然後又拓展了我們在歐洲各地的一些食品服務業務。

So we have plenty of internal projects on that we think will give us the right level of return. And we do ultimately benchmark those investments against the potential of a buyback, and the buyback is, something that we go back to our previous slides and total projects. We did periodically undertake buyback programs and, we keep an open mind, we keep that under review and in the context of those issues. We will take the appropriate decisions.

因此，我們有很多內部項目，我們認為這些項目將為我們帶來適當的回報。我們最終會根據回購的潛力來衡量這些投資，而回購是我們回顧先前的幻燈片和整體項目時提到的。我們確實定期開展回購計劃，並且我們保持開放的心態，我們會根據這些問題進行審查。我們將做出適當的決定。

Excellent, a very thorough one, and I think he beat me to it, I was going to ask about some of the internal projects as a follow on, but maybe just as a second question. Just to focus on diversified media for a second. I mean you call out some degree of profit weakness just across, the Netherlands, just across some of mainland Europe, effectively, and I believe just as part of your pro remarks I mean it was kind of deemed, that you kind of, company specific issues, but I mean it'd be good to get a little bit further color on whether you expect this to persist.

非常好，問題非常透徹，我想他搶先了一步，我本來想問一些內部項目作為後續問題，但也許只是作為第二個問題。我們先來關註一下多元化媒體。我的意思是，您指出了荷蘭和歐洲大陸部分地區的利潤存在一定程度的疲軟，我相信，正如您所說的那樣，這被認為是公司特有的問題，但如果您能進一步了解一下您是否預計這種情況會持續下去，那就更好了。

Yeah, I think you look at our EMEA division and, it covers, from Spain to Italy, Germany, Netherlands, Czech Republic, Scandinavia, Ireland, the UK, there's different wholesale businesses, food service businesses, retail businesses, writing businesses.. We have a range of activities and you do get some ups and downs within those businesses with some interesting opportunities of looking at developing a little bit more in the countries like France, for example, we're doing the integration process between the Legacy Dover and legacy total produce is working very well. The teams are combining very well to build on the combined strengths.

是的，我想你看看我們的 EMEA 部門，它涵蓋了從西班牙到義大利、德國、荷蘭、捷克共和國、斯堪的納維亞、愛爾蘭、英國的不同批發業務、食品服務業務、零售業務、寫作業務...我們開展了一系列的業務，在這些業務中確實會經歷一些起伏，但也有一些有趣的機會，例如在法國等國家尋求進一步發展，我們正在進行的 Legacy Dover 和 Legacy Total Produce 之間的整合過程進展順利。各隊伍配合得很好，增強了綜合實力。

So I, there's a few ups and downs there and we pull them out, but I don't think, strategically, there's nothing that we've got anything there that of any great concern to us and probably more opportunity than challenge.

所以，我認為那裡有一些起伏，我們把它們拉出來，但我不認為，從戰略上講，那裡沒有什麼讓我們非常擔心的事情，而且可能機會大於挑戰。

That's really be helpful. And then maybe just one final question just on diversified America's and rest of the world, you call that strong performance, particularly cost across kiwis, grapes, and avocados. And maybe just listening to the peers, it seems as though avocado pricing has actually gone up quite a fair bit, and maybe with tariffs in mind as well, is there any degree of elasticity risk if there's further pricing across some of those higher value, product categories? Thanks.

這確實很有幫助。然後也許最後一個問題是關於美國和世界其他地區的多元化，您稱之為強勁的表現，特別是獼猴桃、葡萄和酪梨的成本。也許只是聽聽同行的意見，似乎酪梨的價格實際上已經上漲了不少，也許還考慮到關稅，如果對一些高價值產品類別進一步定價，是否存在一定程度的彈性風險？謝謝。

Yeah, I mean you can be negative and say yes, that's some tariffs going and that's obviously Mexico is a huge supplier of avocados into the North American market, but I don't think that, the US is really going to focus on products that have no impact on American production. So you don't have meaningful avocado production in the US again, it needs a minimum of subtropical climate, which the US is very limited, subtropical capability, good production capabilities. So, I think that'll find it an acceptable balance over time as well.

是的，我的意思是你可以持否定態度，說是的，這需要徵收一些關稅，而且顯然墨西哥是北美市場酪梨的巨大供應國，但我不認為美國真的會關注對美國生產沒有影響的產品。因此，美國不再有意義的酪梨生產，它需要最低限度的亞熱帶氣候，而美國的亞熱帶能力和良好的生產能力非常有限。所以，我認為隨著時間的推移，我們也會找到一個可以接受的平衡。

I think that's really good color. I'll pass it on.

我認為那顏色真的很好。我會傳達的。

If there are no further questions at this time, I would like to send the call back over to Rory Byrne for closing remarks.

如果此時沒有其他問題，我想將電話轉回給羅裡·伯恩 (Rory Byrne) 做最後發言。

Thank you. Yeah, well, we look back at 2024, it was a really strong record year for us, it adds to a very strong record now post IPO in the middle of 2021. So we've three full financial years in '22, '23, '24, where we've consistently grown and strengthened the business.

謝謝。是的，回顧 2024 年，這對我們來說是創下紀錄的強勁一年，這為我們在 2021 年中期 IPO 後創造了非常強勁的記錄。因此，我們在 22、23、24 三個完整財年中，業務持續成長並不斷加強。

Sure there's lots of challenges and complications out there in the world, but we've got a very experienced management team who've lived through ups and downs of many challenges over the years, and, in many cases see plenty of opportunities for us for the future. We got good focus on all aspects of our business operationally, financially, strategically, and we think we're well positioned to move forward in a good way.

當然，世界上存在著許多挑戰和複雜情況，但我們擁有一支經驗豐富的管理團隊，多年來，他們經歷了許多挑戰和起伏，並且在許多情況下看到了我們未來的許多機會。我們高度重視業務的營運、財務和策略等各個方面，我們認為我們已做好準備，以良好的方式向前發展。

So thank you very much for joining us today.

非常感謝您今天加入我們。