Douglas Elliman Inc (DOUG) 2025 Q2 法說會逐字稿

Welcome to Douglas Elliman's second quarter 2025 earnings conference call. This call is being recorded and simultaneously webcast. An archived version of the webcast will be available on the Investor Relations section of the company's website located at investors.elliman.com for one year.

歡迎參加道格拉斯艾麗曼公司 2025 年第二季財報電話會議。此次通話正在錄音並同時進行網路直播。網路廣播的存檔版本將在公司網站 investors.elliman.com 的投資者關係部分提供一年。

I would now like to turn the conference over to Douglas Elliman, Vice President of Finance, Heather Capriola.

現在，我想將會議交給道格拉斯·埃利曼 (Douglas Elliman) 財務副總裁希瑟·卡普里奧拉 (Heather Capriola)。

Thank you, and good morning. On the call with me today is Michael Liebowitz, President and CEO of Douglas Elliman Inc.; and Bryant Kirkland, CFO of Douglas Elliman Inc.

謝謝，早安。今天與我一起通話的是道格拉斯艾麗曼公司總裁兼執行長 Michael Liebowitz 和道格拉斯艾麗曼公司財務長 Bryant Kirkland。

During this call, the terms adjusted EBITDA and adjusted net loss will be used, as well as last 12 months or LTM metrics. These terms are non-GAAP financial measures and should be considered in addition to, but not as a substitute for other measures of financial performance prepared in accordance with GAAP. Reconciliations to adjusted EBITDA and adjusted net loss are contained in the company's earnings release, which has been posted to the Investor Relations section of the company's website.

在本次電話會議中，將使用調整後的 EBITDA 和調整後的淨虧損以及過去 12 個月或 LTM 指標。這些術語是非 GAAP 財務指標，應被視為根據 GAAP 編制的其他財務績效指標的補充，但不能替代。調整後的 EBITDA 和調整後的淨虧損的對帳情況包含在公司的收益報告中，該報告已發佈在公司網站的投資者關係部分。

Before the call begins, I would like to read a Safe Harbor statement. The statements made during this conference call that are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks are described in more detail in the company's Securities and Exchange Commission filings.

在通話開始之前，我想宣讀一份安全港聲明。本次電話會議中所作的非歷史事實的陳述均為前瞻性陳述，受風險和不確定性的影響，可能導致實際結果與前瞻性陳述中闡明或暗示的結果有重大差異。這些風險在公司提交給美國證券交易委員會的文件中進行了更詳細的描述。

Now, I would like to turn the call over to the Chief Executive Officer of Douglas Elliman, Michael S. Liebowitz.

現在，我想將電話轉給道格拉斯艾麗曼公司執行長 Michael S. Liebowitz。

Thank you, Heather. Good morning, and thank you for joining us. I am pleased to share that Douglas Elliman continues to make meaningful progress as we execute our strategy to drive growth, improve profitability, and position the company for long term success.

謝謝你，希瑟。早安，感謝您加入我們。我很高興地告訴大家，道格拉斯艾麗曼在執行推動成長、提高獲利能力和為公司實現長期成功做好準備的策略過程中不斷取得有意義的進展。

On today's call, we will discuss the current operating environment and Douglas Elliman's financial results for the three and six months ended June 30, 2025. All numbers presented this morning will be as of June 30, 2025, unless otherwise stated. We will then provide closing comments and open the call for questions.

在今天的電話會議上，我們將討論當前的經營環境以及道格拉斯艾麗曼截至 2025 年 6 月 30 日的三個月和六個月的財務業績。除非另有說明，今天早上提供的所有數字均截至 2025 年 6 月 30 日。然後我們將提供結束語並開始提問。

Before we turn to our second quarter 2025 results, I would like to begin by providing industry updates and summarizing some of our recent accomplishments. In the first half of 2025 our revenues increased by 8% year over year to $524.8 million, marking our strongest first half revenue performance since 2022. We also delivered significant improvement to restoring our profitability with notable reductions in operating losses when compared to the first half of 2024.

在我們討論 2025 年第二季業績之前，我想先提供業界最新動態並總結我們最近的一些成就。2025 年上半年，我們的營收年增 8%，達到 5.248 億美元，創下 2022 年以來上半年最強勁的營收表現。與 2024 年上半年相比，我們的獲利能力也取得了顯著改善，營運虧損顯著減少。

Our agents and employees remain at the center of everything we do. Their hard work and commitment to excellence drive our success. We are proud to support them with the tools and technology they need to excel in today's market.

我們的代理商和員工始終是我們一切工作的中心。他們的辛勤工作和對卓越的追求推動了我們的成功。我們很榮幸能夠為他們提供在當今市場取得成功所需的工具和技術。

After a challenging period in the middle of the second quarter, which Bryant will discuss later, we remain optimistic about the third quarter and second half of 2025, thanks to encouraging recent trends, including continued demand for luxury homes, rising average transaction values, and a strong development marketing pipeline. These results reflect the strength of our iconic brands, the dedication of our agents, and the resilience of the luxury markets we serve.

在經歷了第二季度中期的挑戰期（布萊恩特稍後將對此進行討論）之後，我們仍然對 2025 年第三季度和下半年持樂觀態度，這要歸功於近期令人鼓舞的趨勢，包括對豪宅的持續需求、平均交易價值的上升以及強大的開發營銷渠道。這些結果反映了我們標誌性品牌的實力、我們代理商的奉獻精神以及我們所服務的奢侈品市場的彈性。

Now let us look to the future. We are focused on executing our strategic growth initiatives, including the recent launches of Elliman Capital and Elliman International. In July 2025, we were pleased to announce the creation of Elliman Capital, an innovative mortgage platform developed with associated mortgage bankers which we expect to provide a licensing revenue stream and represent the transformative advancement in our comprehensive service offering. The platform was initially launched in Florida, and we hope to expand it to all states where Douglas Elliman operates.

現在讓我們展望未來。我們專注於執行我們的策略性成長計劃，包括最近成立的 Elliman Capital 和 Elliman International。2025 年 7 月，我們很高興地宣布成立 Elliman Capital，這是一個與相關抵押貸款銀行家共同開發的創新抵押貸款平台，我們預計它將提供許可收入來源，並代表我們綜合服務產品的變革性進步。該平台最初在佛羅裡達州推出，我們希望將其擴展到道格拉斯艾麗曼公司營運的所有州。

Elliman Capital will provide our clients with access to an extensive and creative range of financing products. This new platform fosters convenience and oversight throughout the entire real estate transaction process, enabling our agents to provide seamless support from initial property search through closing.

Elliman Capital 將為我們的客戶提供廣泛且富有創意的融資產品。這個新平台為整個房地產交易過程提供了便利和監督，使我們的代理商能夠從最初的房產搜尋到交易結束提供無縫支援。

In June 2025, we were also incredibly proud to launch Elliman International, which extends our renowned bespoke service to key global markets. This initiative will enable us to directly serve the growing international real estate needs of our clients without any intermediaries. Initial focus will be on high-end luxury demand in Latin America, the Middle East, Europe, Asia Pacific, and other emerging wealth centers.

2025 年 6 月，我們也非常自豪地推出了 Elliman International，將我們著名的客製化服務擴展到全球主要市場。這項措施使我們能夠直接滿足客戶日益增長的國際房地產需求，而無需任何中介機構。最初的重點將放在拉丁美洲、中東、歐洲、亞太地區和其他新興財富中心的高端奢侈品需求。

Our international expansion will begin with immediate activation of certain core services for existing clients and will showcase our preeminent development marketing division. Given the scarcity of listing inventory of ultra luxury homes in many of our markets, a development marketing division continues to be a cornerstone of our long-term growth strategy. Bryant will discuss the successes of this division later on the call.

我們的國際擴張將從立即為現有客戶啟動某些核心服務開始，並將展示我們卓越的開發行銷部門。鑑於我們許多市場中超豪華住宅的上市庫存稀缺，開發行銷部門仍然是我們長期成長策略的基石。布萊恩特稍後將在電話會議上討論該部門的成功。

Moving forward, we continue to evaluate complimentary transactions and ancillary businesses such as title, escrow, insurance brokerage, and property management. Now I would like to discuss our industry, and we'll briefly address the practice of private listings.

展望未來，我們將繼續評估產權、託管、保險經紀和物業管理等補充交易和輔助業務。現在我想講一下我們這個行業，我們簡單講一下私募上市的做法。

At Douglas Elliman, we have a long-standing commitment to offering clients greater choice and flexibility while continuing to promote equal access to listings and uphold a transparent, fair housing market. The decision to list property privately must originate from the seller. Our brokerage does not push, incentivize, or default to private listings.

在道格拉斯艾麗曼，我們長期致力於為客戶提供更多選擇和靈活性，同時繼續促進平等的房源獲取機會並維護透明、公平的房地產市場。私下掛牌出售房產的決定必須由賣方做出。我們的經紀公司不會推動、激勵或預設私人上市。

With a larger percentage of luxury homes in our inventory, private listings may be the right fit because there are valid, seller-driven reasons to withhold the property from public view, including personal privacy, timing, or a desire to test the market. Our approach differs from brokerage led exclusivity models in that we offer private listings as one option among many, empowering clients to make informed decisions based on their unique needs rather than applying a one-size-fits-all model.

由於我們的庫存中豪宅比例較大，私人掛牌出售可能是最合適的選擇，因為賣方有正當理由不讓公眾看到房產，包括個人隱私、時機或測試市場的願望。我們的方法不同於經紀主導的獨家模式，我們提供私人上市作為眾多選擇之一，使客戶能夠根據其獨特需求做出明智的決定，而不是採用一刀切的模式。

Additionally, we believe co-broking remains the most effective path for most sellers, as broad exposure in the most reliable way to maximize value, drive competition, and fulfill our fiduciary obligation to act in our clients' best interest. Any Douglas Elliman private listing platform will require sellers to review and sign acknowledging the potential risk of reduced exposure.

此外，我們相信，聯合經紀仍然是大多數賣家最有效的途徑，因為它以最可靠的方式廣泛曝光，以實現價值最大化、推動競爭，並履行我們的信託義務，為客戶的最大利益行事。任何道格拉斯艾麗曼私人上市平台都會要求賣家審查並簽署承認降低曝光度的潛在風險。

The platform will also include strong guard rails to ensure compliance with other listing platforms such as broker oversight, audit logs, and technical controls. We believe this transparent client first approach sets us apart from our competitors and builds long-term trust and value.

該平台還將包括強有力的護欄，以確保遵守其他上市平台的規定，如經紀人監督、審計日誌和技術控制。我們相信，這種透明的客戶至上方法使我們在競爭中脫穎而出，並建立了長期的信任和價值。

In summary, our growth initiatives coupled with a disciplined approach to capital allocation, cost management, and investment are transforming Douglas Elliman into a more diversified, resilient, and growth-oriented real estate services company to deliver sustainable long-term value for stockholders. With the launch of Elliman International, we're very excited to extend our renowned service beyond the US and build a direct presence in key international luxury markets, further advancing our evolution into a truly global brand.

總而言之，我們的成長計畫加上嚴謹的資本配置、成本管理和投資方法，正在將道格拉斯艾麗曼轉變為一家更加多元化、更具彈性和以成長為導向的房地產服務公司，為股東提供可持續的長期價值。隨著 Elliman International 的成立，我們非常高興能夠將我們享有盛譽的服務擴展到美國以外，並在主要的國際奢侈品市場建立直接業務，進一步推動我們發展成為一個真正的全球品牌。

With that, I will turn it over to Bryant, who will provide more details on our financial performance and the trends shaping the residential real estate market.

接下來，我將把話題交給布萊恩特，他將提供有關我們的財務表現和影響住宅房地產市場的趨勢的更多細節。

Thank you, Michael. And we are confident that the positive momentum in our financial performance beginning in 2024 and continuing through the first half of 2025 has positioned Douglas Elliman for long-term success. Results from the first half of 2025 indicate that our core operations are starting to reflect the impact of the strategic actions we have taken over the past two years.

謝謝你，麥可。我們相信，從 2024 年開始並持續到 2025 年上半年的財務業績積極勢頭將為道格拉斯艾麗曼的長期成功奠定基礎。2025 年上半年的結果表明，我們的核心業務開始反映出我們過去兩年採取的策略行動的影響。

In particular, the first half benefited from favorable sales mix highlighted by strong contributions from development marketing as well as New York City and its suburbs, which are our most profitable market. Specifically, revenues from existing home sales in our New York and Northeast markets increased by $16.8 million or 7.9% from the 2024 1st half, and development marketing's first half revenue increased by $17.7 million from the 2024 first half.

尤其是上半年，得益於良好的銷售組合，開發行銷以及紐約市及其郊區的強勁貢獻，這些都是我們最賺錢的市場。具體而言，我們紐約和東北市場現房銷售收入較 2024 年上半年增加了 1,680 萬美元，增幅為 7.9%，開發行銷上半年收入較 2024 年上半年增加了 1,770 萬美元。

In the second quarter of 2025, compared to the second quarter of 2024, we experienced a challenging period in May to early June when our results were negatively impacted by exogenous economic pressures and industry-specific headwinds. During this period, heightened volatility in international financial markets, driven by geopolitical uncertainties, including global economic policies, created a sense of caution among buyers and sellers.

2025 年第二季度，與 2024 年第二季度相比，我們在 5 月至 6 月初經歷了一段充滿挑戰的時期，期間我們的業績受到外部經濟壓力和行業特定逆風的負面影響。在此期間，受全球經濟政策等地緣政治不確定性的影響，國際金融市場波動加劇，買賣雙方都產生了謹慎情緒。

At the same time, the continuation of elevated mortgage rates further dampened market activity as higher borrowing costs continued to cause many clients to delay selling or purchasing decisions. In retrospect, We also saw the highest first quarter cash receipts since 2022, and we believe that an increase in written contracts after the 2024 US elections accelerated some sales, especially in New York City from the second quarter into the first quarter.

同時，抵押貸款利率持續走高進一步抑制了市場活動，因為借貸成本上升繼續導致許多客戶推遲出售或購買決定。回想起來，我們也看到了自 2022 年以來第一季最高的現金收入，並且我們認為 2024 年美國大選後書面合約的增加加速了一些銷售，尤其是從第二季到第一季在紐約市的銷售。

It is important to note that we recognize revenue from home sale transactions at the time of closing, which typically occurs 30 to 90 days after contract signing, depending on each market's custom. As a result, contracts written in March and April directly affected our reported results for the quarter.

值得注意的是，我們在房屋銷售交易結束時確認收入，這通常發生在合約簽訂後 30 至 90 天，具體取決於每個市場的習慣。因此，三月和四月簽訂的合約直接影響了我們本季的報告業績。

Before reviewing the financial performance, we will provide some updates on our trends. First, Douglas Elliman sets the standard in the luxury market and pricing for luxury home sales remains strong. Our industry best price per transaction for the year-to-date period rose to $1.92 million per home sale compared to $1.72 million per home sale in the comparable 2024 period.

在回顧財務表現之前，我們將提供一些有關我們趨勢的更新。首先，道格拉斯艾麗曼公司在奢侈品市場樹立了標準，豪宅銷售價格依然強勁。今年迄今為止，我們行業每筆房屋交易的最佳價格上漲至 192 萬美元，而 2024 年同期每筆房屋交易的最佳價格為 172 萬美元。

For the last 12 months, our average price per transaction has been $1.77 million per home sale compared to $1.64 million in the 2024 period. Our agents sold 340 homes for more than $5 million or 6% of total transactions in the second quarter of 2025 and 683 homes for more than $5 million in the first half of 2025.

在過去 12 個月中，我們每筆房屋交易的平均價格為 177 萬美元，而 2024 年期間的平均價格為 164 萬美元。我們的代理商在 2025 年第二季售出了 340 套售價超過 500 萬美元的房屋，佔總交易量的 6%，並在 2025 年上半年售出了 683 套售價超過 500 萬美元的房屋。

Year-to-date sales represent a 38% increase, when compared to the six months ended June 30, 2024. Equally impressive, are 100 home sales of more than $10 million in the second quarter, and 204 home sales of more than $10 million in the first half of 2025. This was a 32% increase from the first half of 2024. These results demonstrate Douglas Elliman continues to be the definitive name in luxury real estate.

與截至 2024 年 6 月 30 日的六個月相比，年初至今的銷售額成長了 38%。同樣令人印象深刻的是，第二季的房屋銷售額超過 1,000 萬美元，2025 年上半年的房屋銷售額超過 204 萬美元。這比 2024 年上半年成長了 32%。這些結果表明道格拉斯艾麗曼仍然是豪華房地產領域的權威品牌。

And as Michael discussed, our development marketing division remains the preeminent industry player with a pipeline of actively marketed projects of approximately $28.1 billion of gross transaction value, approximately $18.8 billion of gross transaction value is in Florida alone. Within this active pipeline, we have another $5.9 billion of gross transaction value coming to market through September 2026.

正如邁克爾所討論的，我們的開發行銷部門仍然是行業中的佼佼者，擁有一系列積極行銷的項目，總交易額約為 281 億美元，其中僅在佛羅裡達州就擁有約 188 億美元的總交易額。在這個活躍的管道中，到 2026 年 9 月，我們還有另外 59 億美元的總交易價值將進入市場。

We believe this foundation of business bodes well for the future as we will recognize commission income from these projects when they close, which is generally between the second half of 2025 and 2031. In addition, to a strong fourth quarter of 2024 in development marketing, we are continuing to see the early momentum of this pipeline in the first half of 2025 when development marketing's revenue increased to $35.4 million from $17.7 million in the first half of 2024.

我們相信，這樣的業務基礎預示著未來的良好發展，因為我們將在這些項目結束時確認佣金收入，通常是在 2025 年下半年至 2031 年之間。此外，除了 2024 年第四季開發行銷表現強勁之外，我們還將繼續看到該管道在 2025 年上半年的早期發展勢頭，屆時開發行銷的收入將從 2024 年上半年的 1770 萬美元增至 3540 萬美元。

Transitioning to our expense structure. We continue to manage investments across our markets with a strict focus on return on investment metrics. And the three and six months into June 30, 2025, our operating expenses, excluding commissions, depreciation, and amortization, unusual litigation expect settlement and related expense, restructuring expenses and non-cash stock compensation expenses increased by $1 million and declined by $1.9 million respectively from the 2024 periods.

過渡到我們的費用結構。我們繼續管理我們各個市場的投資，嚴格關注投資回報指標。截至 2025 年 6 月 30 日的三個月和六個月，我們的營運費用（不包括佣金、折舊和攤提、異常訴訟預期和解及相關費用、重組費用和非現金股票薪酬費用）分別比 2024 年同期增加了 100 萬美元和減少了 190 萬美元。

Related to the change in the second quarter, although targeted expense areas such as offline advertising continued to decline, our overall expenses increased due to higher compensation and recurring professional fees, partly due to inflationary pressures. The rising compensation expense was attributable to our continued investment in the development marketing business as well as increased bonus accruals associated with the increased revenues from business performance in 2025.

與第二季的變化相關，儘管線下廣告等目標支出領域繼續下降，但由於薪資和經常性專業費用增加（部分原因是通膨壓力），我們的整體支出有所增加。薪酬費用的增加歸因於我們對開發行銷業務的持續投資，以及與 2025 年業務績效收入增加相關的獎金應計增加。

Now turning to Douglas Elliman's financial results for the three months ended June 30, 2025. Douglas Elliman maintains ample liquidity with cash and cash equivalents at June 30, 2025, of approximately $136 million. The strength of our balance sheet provides a competitive advantage for Douglas Elliman as we implement expansion plans to scale our operations and strengthen our services platform.

現在來看看道格拉斯艾麗曼公司截至 2025 年 6 月 30 日的三個月的財務表現。道格拉斯艾麗曼保持充足的流動性，截至 2025 年 6 月 30 日，現金和現金等價物約為 1.36 億美元。當我們實施擴張計劃以擴大業務規模並加強服務平台時，強勁的資產負債表為道格拉斯艾麗曼提供了競爭優勢。

Moving to the operating performance of the business in the second quarter. Douglas Elliman reported $271.4 million in revenues compared to $285.8 million in the 2024 second quarter. The decline in revenues was primarily the result of reduced closing transactions in May 2025 as well as early June.

轉向第二季的業務經營業績。道格拉斯艾麗曼公司報告其 2020 年第二季的收入為 2.714 億美元，而 2024 年第二季的收入為 2.858 億美元。收入下降主要是由於 2025 年 5 月和 6 月初成交量減少所致。

Net loss for the second quarter was $22.7 million or $0.27 per diluted share compared to $1.7 million or $0.02 per diluted share in the second quarter of 2024. Net loss in the 2025 period included a non-cash charge of $17 million associated with the increase in fair value derivatives embedded within our convertible debt, and this was primarily driven by an increase in our stock price from $1.72 per share at March 30, 2025, to $2.32 per share at June 30, 2025.

第二季淨虧損為 2,270 萬美元，即每股攤薄虧損 0.27 美元，而 2024 年第二季淨虧損為 170 萬美元，即每股攤薄虧損 0.02 美元。2025 年期間的淨虧損包括與可轉換債務中嵌入的公允價值衍生品增加相關的 1700 萬美元的非現金費用，這主要是由於我們的股價從 2025 年 3 月 30 日的每股 1.72 美元上漲至 2025 年 6 月 30 日的每股 2.32 美元。

Adjusted EBITDA for the second quarter with a loss of $849,000 compared to positive $2.9 million in the 2024 second quarter. Adjusted net loss for the second quarter was $4.7 million or $0.06 per share compared to $532,000 or $0.01 per share in the 2024 second quarter.

第二季調整後 EBITDA 虧損 849,000 美元，而 2024 年第二季為正 290 萬美元。第二季調整後淨虧損為 470 萬美元，即每股 0.06 美元，而 2024 年第二季調整後淨虧損為 53.2 萬美元，即每股 0.01 美元。

Moving to the operating performance of the business for the six months ended June 30, 2025. Douglas Elliman reported $524.8 million in revenues, up from $486 million in the 2024 period. Net loss for the six months ended June 30, 2025, was $28.7 million or $0.34 per diluted share compared to $43.1 million or $0.52 per diluted share in 2024 period.

轉向截至 2025 年 6 月 30 日的六個月的業務經營業績。道格拉斯艾麗曼公司報告其收入為 5.248 億美元，高於 2024 年同期的 4.86 億美元。截至 2025 年 6 月 30 日的六個月的淨虧損為 2,870 萬美元或每股攤薄虧損 0.34 美元，而 2024 年同期的淨虧損為 4,310 萬美元或每股攤薄虧損 0.52 美元。

Net loss in the 2025 period included a non-cash charge of $17.7 million associated with the increase in fair value derivatives embedded within our convertible debt, and this was primarily driven by an increase in our stock price from $1.67 per share at December 31, 2024, to $2.32 per share at June 30, 2025.

2025 年期間的淨虧損包括與可轉換債務中嵌入的公允價值衍生品增加相關的 1,770 萬美元的非現金費用，這主要是由於我們的股價從 2024 年 12 月 31 日的每股 1.67 美元上漲至 2025 年 6 月 30 日的每股 2.302 美元。

Net loss in the 2024 period included a $17.75 million litigation settlement charge. Adjusted EBITDA for the six months ended June 30, 2025, was $259,000 compared to a loss of $14.7 million in the 2024 period. Adjusted net loss for the six months ended June 30, 2025, was $7.1 million or $0.08 per share compared to $23.6 million or $0.28 per share in the 2024 period.

2024 年淨虧損包括 1,775 萬美元的訴訟和解費用。截至 2025 年 6 月 30 日的六個月的調整後 EBITDA 為 259,000 美元，而 2024 年同期的虧損為 1,470 萬美元。截至 2025 年 6 月 30 日的六個月的調整後淨虧損為 710 萬美元或每股 0.08 美元，而 2024 年同期的調整後淨虧損為 2,360 萬美元或每股 0.28 美元。

Thank you for your attention. And now back to you, Michael.

感謝您的關注。現在回到你身邊，麥可。

Thank you, Bryant. Our results in the first half of 2025 are proof that our turnaround is working, and we are well positioned for success in the second half of the year and beyond. I remain deeply confident in the strength and brand power of the Douglas Elliman franchise and I'm energized by the incredible opportunities that lie ahead for us.

謝謝你，布萊恩特。2025 年上半年的業績證明我們的扭轉局面正在奏效，我們已為下半年及以後的成功做好了準備。我對道格拉斯艾麗曼特許經營的實力和品牌力仍然充滿信心，並且對我們未來的巨大機會充滿信心。

With that, we will be happy to answer questions. Operator?

我們將很樂意回答您的問題。操作員？

(Operator Instructions) Those are all the questions that we have for today. Thank you for joining us on Douglas Elliman's quarterly earnings conference call. We hope you have a good day, and this will conclude our call.

（操作員指示）這些就是我們今天要問的所有問題。感謝您參加道格拉斯艾麗曼公司的季度財報電話會議。我們希望您度過愉快的一天，我們的通話到此結束。

Thank you.

謝謝。