DT Midstream Inc (DTM) 2024 Q3 法說會逐字稿

Thank you for standing by, and welcome to the DT Midstream third quarter 2024 earnings conference call. (Operator Instructions) I'd now like to turn the call over to Todd Lohrmann, Director of Investor Relations. You may begin.

感謝您的耐心等待，歡迎參加 DT Midstream 2024 年第三季財報電話會議。（操作員說明）我現在想將電話轉給投資者關係總監 Todd Lohrmann。你可以開始了。

Good morning, and welcome, everyone. Before we get started, I would like to remind you to read the safe harbor statement on Page 2 of the presentation, including the reference to forward-looking statements. Our presentation also includes references to non-GAAP financial measures. Please refer to the reconciliations to GAAP contained in the appendix. Joining me this morning are David Slater, President and CEO; and Jeff Jewell, Executive Vice President and CFO.

早上好，歡迎大家。在我們開始之前，我想提醒您閱讀簡報第 2 頁的安全港聲明，包括對前瞻性聲明的引用。我們的簡報也提到了非公認會計準則財務指標。請參閱附錄中的 GAAP 調整表。今天早上和我一起來的還有總裁兼執行長 David Slater；以及執行副總裁兼財務長 Jeff Jewell。

I'll now turn it over to David to start the call.

現在我將把它交給 David 來開始通話。

Thanks, Todd, and good morning, everyone, and thank you for joining. During today's call, I'll touch on our financial results, provide an update on the latest commercial development activity and progress on our growth initiatives. I'll then close with some observations on the overall gas market before turning it over to Jeff to review our financial performance and outlook.

謝謝托德，大家早安，謝謝您的加入。在今天的電話會議中，我將介紹我們的財務業績，提供最新商業開發活動的最新資訊以及我們的成長計劃的進展。然後，我將結束對整個天然氣市場的一些觀察，然後將其交給傑夫來審查我們的財務表現和前景。

So starting off, we had another strong quarter operationally, and the team continues to commercialize new organic projects that support our future growth. Our strong year-to-date performance is enabling us to increase our 2024 adjusted EBITDA guidance range to $950 million to $980 million. We are also reaffirming our 2025 adjusted EBITDA early outlook range.

因此，一開始，我們的季度營運表現強勁，團隊繼續將新的有機項目商業化，以支持我們未來的成長。我們年初至今的強勁表現使我們能夠將 2024 年調整後 EBITDA 指引範圍提高至 9.5 億至 9.8 億美元。我們也重申了 2025 年調整後 EBITDA 的早期展望範圍。

By continuing to advance projects from our organic project backlog, and leveraging the scale from our existing integrated asset platforms, we are well positioned for continued growth in '25 and beyond. Our track record of strong performance was also recognized earlier this month by Finch ratings who upgraded us to investment grade, a strategic goal that we have had since we spun the company in 2021.

透過繼續推進我們有機項目積壓中的項目，並利用我們現有綜合資產平台的規模，我們為 25 年及以後的持續成長做好了充分準備。本月早些時候，芬奇評級也認可了我們強勁的業績記錄，將我們的評級提升至投資級別，這是我們自 2021 年分拆公司以來一直設定的戰略目標。

This morning, we are excited to announce that we have reached a final investment decision on a LEAP Phase 4 expansion, which will increase capacity by 200 million cubic feet per day and further expand our integrated wellhead water system to the LNG corridor.

今天早上，我們很高興地宣布，我們已經就 LEAP 第四階段擴建達成了最終投資決定，該項目將每天增加 2 億立方英尺的產能，並進一步將我們的綜合井口水系統擴展到液化天然氣走廊。

Our premier Haynesville system has established itself as the leader in both overall capacity and interconnectivity. This expansion, which we expect will be completed in the first half of 2026, increases total LEAP capacity from 1.9 Bcf to 2.1 Bcf per day via incremental compression and looping and is underpinned by long-term demand-based contracts with two new customers.

我們的首要海恩斯維爾系統已成為整體容量和互連性的領導者。我們預計此次擴建將於 2026 年上半年完成，透過增量壓縮和循環，將 LEAP 總容量從每天 1.9 Bcf 增加到 2.1 Bcf，並以與兩個新客戶的長期需求合約為基礎。

This project highlights our Haynesville system's ability to quickly serve our customers' growing needs with rightsized, capital-efficient and timely expansions and also signals the demand for takeaway capacity out of the Haynesville to serve Gulf Coast and LNG markets as the basin shifts back into growth mode.

該項目凸顯了我們的海恩斯維爾系統透過合理規模、資本效率和及時擴張來快速滿足客戶不斷增長的需求的能力，也標誌著隨著該盆地恢復增長，對海恩斯維爾外運能力的需求，以服務墨西哥灣沿岸和液化天然氣市場模式。

This morning, we are also pleased to announce that we are upsizing our previously disclosed project connecting to the Mountain Valley Pipeline on our Stonewall system, which will increase the capacity of this strategic Appalachian base and interconnect and provide our customers with additional access to the growing Mid-Atlantic markets.

今天早上，我們也很高興地宣布，我們正在擴大先前披露的在Stonewall 系統上連接到Mountain Valley 管道的項目的規模，這將增加這一戰略性阿巴拉契亞基地和互連的容量，並為我們的客戶提供更多訪問不斷增長的管道的機會。

This project, which is anchored by a long-term agreement with a large privately held producer, increases outlet capacity on stonewall by 100 million cubic feet per day is underpinned by a demand-based contract that protects project economics, and we expect to have this project in service in the first half of 2026.

該項目以與一家大型私人生產商簽訂的長期協議為基礎，每天將 Stonewall 的出口容量增加 1 億立方英尺，並以保護項目經濟效益的基於需求的合約為基礎，我們預計該項目將於2026年上半年投入使用。

In addition to the projects that have reached FID, we remain in a number of active discussions to commercialize new power and data center opportunities across your network. And we will keep you updated as these opportunities advance.

除了已達到 FID 的專案外，我們仍在進行許多積極的討論，以將整個網路中的新電力和資料中心機會商業化。隨著這些機會的進展，我們將隨時向您通報最新情況。

Turning to our carbon capture and sequestration project in Louisiana. As we mentioned on our second quarter call, we have validated the storage formation structure and are confident in the geological suitability of the site. The team continues our pre-FID detailed engineering design of the storage well, CO2 pipeline and related facilities.

轉向我們在路易斯安那州的碳捕獲和封存項目。正如我們在第二季電話會議中提到的，我們已經驗證了儲存地層結構，並對該地點的地質適宜性充滿信心。團隊繼續對儲存井、二氧化碳管道和相關設施進行 FID 前的詳細工程設計。

We are still waiting regulatory clarification and guidance from the Louisiana DENR for our Class VI permit application, which we expect will be received prior to the end of the year. We continue to be disciplined in our execution of this project, minimizing capital deployment until we reach a final investment decision, a milestone that we now expect will come in the first half of 2025.

我們仍在等待路易斯安那州環境和自然資源部對我們的 VI 類許可證申請的監管澄清和指導，我們預計將在今年年底前收到。我們將繼續嚴格執行該項目，最大限度地減少資本部署，直到做出最終投資決定，我們現在預計這一里程碑將在 2025 年上半年實現。

Finally, I'd like to take a moment to address the natural gas market fundamentals. We've continued to see choppiness in the short-term market, but our portfolio has remained very durable. We are seeing supportive signals recently with the storage surplus beginning to work off and inventories moving towards the 5-year average, and we expect that growing LNG demand beginning in 2025 will provide a more constructive environment for gas producers.

最後，我想花點時間談談天然氣市場的基本面。我們繼續看到短期市場的波動，但我們的投資組合仍然非常耐用。我們最近看到了支援訊號，儲存過剩開始發揮作用，庫存接近 5 年平均水平，我們預計 2025 年開始不斷增長的液化天然氣需求將為天然氣生產商提供更具建設性的環境。

In the long term, we expect natural gas demand to continue to grow, driven by the expanding LNG export market, increased power and data center demand and from industrial and commercial onshoring, all of which will support high utilization and further development of natural gas infrastructure with DTM strategically located asset footprint being well positioned to serve this growing demand.

從長遠來看，我們預計天然氣需求將繼續增長，受液化天然氣出口市場擴大、電力和數據中心需求增加以及工業和商業離岸外包的推動，所有這些都將支持天然氣基礎設施的高利用率和進一步發展DTM 策略性佈局的資產足跡能夠很好地滿足這一不斷增長的需求。

So in summary, I'm very pleased with the continued performance from our team. as we continue to commercialize growth opportunities from our project backlog and prepare for the demand ramped in 2025 and beyond.

總而言之，我對我們團隊的持續表現感到非常滿意。我們將繼續將積壓項目中的成長機會商業化，並為 2025 年及以後的需求激增做好準備。

I'll now pass it over to Jeff to walk you through our quarterly financials and outlook.

現在我將把它交給傑夫，讓他帶您了解我們的季度財務狀況和前景。

Thanks, David, and good morning, everyone. In the third quarter, we delivered overall adjusted EBITDA of $241 million, representing a $7 million decrease from the prior quarter. Our Pipeline segment results were $3 million greater than the second quarter, reflecting a full quarter contribution from our LEAP Phase 3 expansion, which was placed in service in June.

謝謝大衛，大家早安。第三季度，我們整體調整後 EBITDA 為 2.41 億美元，比上一季減少 700 萬美元。我們的管道部門業績比第二季度增加了 300 萬美元，反映了 LEAP 第三階段擴建對整個季度的貢獻，該擴建項目於 6 月投入使用。

Gathering segment results decreased by $10 million compared to the second quarter, a result in line with the second quarter when adjusted for favorable onetime items of approximately $10 million that did not repeat in the third quarter.

與第二季相比，收集部門業績減少了 1,000 萬美元，在對約 1,000 萬美元的有利一次性專案進行調整（第三季未重複）後，這一結果與第二季一致。

Operationally, total gathering volumes across both the Haynesville and the Northeast averaged approximately 2.9 billion cubic feet a day in the third quarter with volumes up slightly in the Haynesville compared to the prior quarter, while lower in the Northeast, primarily due to the lower volumes on our Appalachia Gathering system. In the fourth quarter, we expect a ramp in gathering volumes compared to the third quarter as well as incremental maintenance expense.

從營運角度來看，第三季海恩斯維爾和東北部的總收集量平均約為每天29 億立方英尺，其中海恩斯維爾的收集量較上一季略有增加，而東北部的收集量較低，主要是由於我們的阿巴拉契亞採集系統。與第三季相比，我們預計第四季的收集量將會增加，維護費用也會增加。

As David mentioned in his opening remarks, following our strong year-to-date performance and considering our expectations for the fourth quarter, we are raising our 2024 adjusted EBITDA guidance range to $950 million to $980 million.

正如 David 在開場白中提到的，鑑於我們今年迄今的強勁表現並考慮到我們對第四季度的預期，我們將 2024 年調整後 EBITDA 指導範圍提高至 9.5 億美元至 9.8 億美元。

In addition, we are reaffirming our 2025 adjusted EBITDA early outlook and plan to provide our formal 2025 guidance on our year-end call. We are also raising our distributable cash flow guidance range to $670 million to $700 million due to lower interest and cash taxes.

此外，我們重申了 2025 年調整後 EBITDA 的早期展望，並計劃在年終電話會議上提供正式的 2025 年指引。由於利息和現金稅的降低，我們還將可分配現金流量指引範圍提高至 6.7 億至 7 億美元。

Our 2024 committed growth capital remains unchanged with approximately $330 million committed, and we are increasing our 2025 committed capital to reflect new projects reaching FID with approximately $310 million committed. This increase in 2025 committed growth capital is driven by new projects reaching FID, including our new LEAP Phase 1 expansion upsize of our Stonewall MVP interconnect and build-out of our clean fuels gathering facilities.

我們的 2024 年承諾成長資本保持不變，承諾約為 3.3 億美元，並且我們正在增加 2025 年承諾資本，以反映達到 FID 的新項目，承諾承諾約為 3.1 億美元。2025 年承諾成長資本的增加是由達到 FID 的新項目推動的，包括我們新的 LEAP 一期擴建、Stonewall MVP 互連的擴大以及我們清潔燃料收集設施的擴建。

We are reducing our full year 2024 growth capital guidance range to $330 million to $350 million, which represents a $25 million reduction in the high end of our range. This reduction is driven by timing of growth projects, and we continue to expect to spend within free cash flow in 2024 and 2025.

我們將 2024 年全年成長資本指引範圍降低至 3.3 億至 3.5 億美元，這意味著我們的範圍上限減少了 2,500 萬美元。這一減少是由成長項目的時機推動的，我們繼續預計 2024 年和 2025 年將在自由現金流範圍內支出。

We are committed to preserving the strength of our balance sheet, and we are very pleased to be upgraded to an investment-grade credit rating by Fitch rating earlier this month. In addition to the upgrade from Fitch, we also remain on positive outlook with Moody's.

我們致力於保持資產負債表的實力，我們很高興本月早些時候被惠譽評級升級為投資級信用評級。除了惠譽上調評級外，我們還對穆迪保持積極的展望。

Within the quarter, we further optimized our balance sheet through the issuance of $800 million in new project level debt at Millennium Pipeline, and we used the proceeds to pay off the full $400 million balance on our term loan. At the end of the quarter, our on-balance sheet leverage was 2.8 times with our proportional leverage at 3.7 times, and we now have no debt maturities for 5 years.

在本季度內，我們透過在 Millennium Pipeline 發行 8 億美元的新專案級債務，進一步優化了我們的資產負債表，並用所得收益償還了定期貸款的 4 億美元全部餘額。截至本季末，我們的表內槓桿率為 2.8 倍，比例槓桿率為 3.7 倍，而且我們現在已經有 5 年沒有債務到期了。

Finally, today, we also announced the declaration of our third quarter dividend of $0.735 per share, unchanged from the prior quarter. We remain committed to growing the dividend at 5% to 7% per year in line with our long-term adjusted EBITDA growth.

最後，今天我們也宣布宣布第三季股利為每股 0.735 美元，與上一季持平。我們仍然致力於將股息每年增長 5% 至 7%，與我們的長期調整後 EBITDA 增長保持一致。

I'll now pass it back over to David for closing remarks.

現在我將把它轉回給大衛做總結發言。

Thanks, Jeff. So in summary, we are very pleased with how the year is continuing to progress and are feeling confident in our increased guidance for 2024 and early outlook range for 2025. Our short-cycle growth investments continue to track on budget and on schedule, which will contribute meaningful growth over the next two years.

謝謝，傑夫。總而言之，我們對今年的持續進展感到非常滿意，並對我們增加的 2024 年指導和 2025 年早期展望範圍充滿信心。我們的短週期成長投資繼續按預算和按計劃進行，這將在未來兩年內帶來有意義的成長。

Our approach to capital allocation remains thoughtful and disciplined with our focus on spending within cash flow over the balance of our five year plan, and growing our dividend in line with our EBITDA. As we look across the portfolio, we continue to see significant growth opportunities enabled by the scale of our strategically located and integrated asset footprint and through the emergence of our energy transition platform.

我們的資本配置方法仍然經過深思熟慮和嚴格遵守，我們的重點是在五年計劃的剩餘時間內在現金流範圍內支出，並根據我們的 EBITDA 增加股息。當我們縱觀整個投資組合時，我們繼續看到我們策略性定位和綜合資產足跡的規模以及能源轉型平台的出現所帶來的重大成長機會。

We can now open up the line for questions.

我們現在可以開放提問熱線。

(Operator Instructions)

（操作員說明）

Jeremy Tonet, JPMorgan.

傑里米·託內特，摩根大通。

Hi, good morning.

嗨，早安。

Good morning, Jeremy.

早上好，傑里米。

Hi, just wanted to kind of follow up on the guidance increase for this year. And I know you're not going to update '25 at this juncture, but just any high-level thoughts on forward read-throughs on that. And as focus starts to shift to 2026 early look, you talk about operating leverage across the asset base as the macro improves?

你好，我只是想跟進一下今年的指導增長。我知道您此時不會更新 25 年的內容，只會更新任何有關前瞻閱讀的高層想法。隨著焦點開始轉向 2026 年早期展望，您談論隨著宏觀經濟的改善，整個資產基礎的營運槓桿嗎？

Sure, Jeremy. So I'd say -- first off, I'd just say the portfolio has been incredibly durable this year as we've kind of gone through the commodity cycle. So we're very happy with how the year's played out and it's allowed us to increase the guidance as we were navigating into Q4.

當然，傑里米。所以我想說 - 首先，我只想說今年的投資組合非常耐用，因為我們已經經歷了大宗商品週期。因此，我們對今年的表現非常滿意，這使我們能夠在進入第四季度時增加指導。

As you kind of alluded to -- we'll sit tight on making any adjustments to 2025 until we get to the end of the year and get better information from our core customers in terms of their activity levels. But I'd say some of the items we announced today feel encouraging in terms of signaling 2025, at least in the Haynesville, a renewed interest in growing volumes again as I think the market clearly is seeing incremental demand coming. And I think our LEAP Phase 4 announcement is somewhat of a derivative of that sentiment in the market.

正如您所提到的，我們將堅持對 2025 年進行任何調整，直到年底，並從我們的核心客戶那裡獲得有關其活動水平的更好資訊。但我想說的是，我們今天宣布的一些項目在向2025 年發出信號方面令人感到鼓舞，至少在海恩斯維爾，人們對再次增加銷量產生了新的興趣，因為我認為市場顯然正在看到增量需求的到來。我認為我們的 LEAP 第四階段公告在某種程度上是市場情緒的衍生性商品。

And again, if you look at how we filled in our 2025 growth capital, that's a very encouraging position. It really is cementing in our growth trajectory for the next couple of years as we've FID projects and have a full slate of opportunity that we're going to execute on next year that's already contracted and sort of kind of in hand, if I can say it that way. So that's giving me some optimism as I look forward and reflect on our growth aspirations and what I'll call incremental commercial opportunity that's coming to us across the portfolio.

再說一次，如果你看看我們如何填補 2025 年成長資本，你會發現這是一個非常令人鼓舞的情況。這確實鞏固了我們未來幾年的成長軌跡，因為我們已經完成了最終投資決定(FID) 項目，並且擁有一整套我們將在明年執行的機會，這些機會已經簽訂了合同，並且有點在手，如果我可以這樣說。因此，當我展望並反思我們的成長願望以及我所說的整個投資組合中出現的增量商業機會時，這給了我一些樂觀的情緒。

Got it. That's helpful there. And speaking about incremental opportunities, I think Louisiana connectivity, specifically into Henry Hub is an item of concern, I think, for maybe some on the customer side and the producers are looking to get there. It seems like there might not be enough connectivity in the hub and that could lead to a wider basis. Just wondering if you subscribe to this view and what opportunities this could present for DTM.

知道了。這很有幫助。談到增量機會，我認為路易斯安那州的連結性，特別是亨利中心的連結性是一個值得關注的問題，因為也許一些客戶和生產商正在尋求實現這一點。中心似乎可能沒有足夠的連接性，這可能會導致更廣泛的基礎。只是想知道您是否同意這個觀點以及這會為 DTM 帶來哪些機會。

Great question, Jeremy. I think that's why we've been so adamant with our Haynesville network. And it's really our premier network now in terms of its interconnectivity both on the supply side and on the demand side. And I can say with confidence today that we're the most interconnected kind of wellhead to water system in the Haynesville period.

好問題，傑里米。我認為這就是我們對海恩斯維爾網絡如此堅定的原因。就供應方和需求方的互連性而言，它現在確實是我們的首要網路。今天我可以充滿信心地說，我們是海恩斯維爾時期最相互關聯的井口與供水系統。

And we've been hearing what you said very clearly from all of our customers and having that robust downstream connectivity so that those customers can take advantage of market opportunities, whether it's industrial opportunities along the Gulf Coast or directly to the LNG markets along the Gulf Coast. That's been kind of foundational to our build-out over the last three years of the entire system. So it's clearly something that our anchor customers are watching closely, and they want to have infrastructure that can take advantage of those market opportunities and be a first mover.

我們已經從所有客戶那裡清楚地聽到了你們所說的話，並擁有強大的下游連接，以便這些客戶能夠利用市場機會，無論是墨西哥灣沿岸的工業機會還是直接進入墨西哥灣沿岸的液化天然氣市場海岸。這是我們過去三年建構整個系統的基礎。因此，這顯然是我們的主要客戶正在密切關注的事情，他們希望擁有能夠利用這些市場機會並成為先行者的基礎設施。

Got it. Thank you for that. I leave it there.

知道了。謝謝你。我把它留在那裡。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Thanks. Good morning, everyone. You've been talking about the 6 potential data center projects. I wonder if you can give us a sense of timing and how these opportunities are developing. I believe they're all behind the meter solutions. I'm just wondering, does that make the regulatory process faster, more onerous? Just trying to get a little more color on what's going on.

謝謝。大家早安。您一直在談論 6 個潛在的資料中心專案。我想知道您能否讓我們了解一下時機以及這些機會是如何發展的。我相信他們都是儀表解決方案的幕後推手。我只是想知道，這是否會讓監管過程變得更快、更繁重？只是想對正在發生的事情有更多的了解。

Sure. Yes. So those opportunities that we previously discussed continue to advance this quarter, and they continue to move forward. We're in very detailed active discussions with a number of those, so it's moving in the right direction. It's not advanced enough to say we have a commercial agreement yet. But it's definitely moving in the right direction.

當然。是的。因此，我們之前討論過的那些機會在本季度繼續推進，並且繼續向前發展。我們正在與其中一些人進行非常詳細的積極討論，因此它正在朝著正確的方向發展。現在還不夠先進，還不足以說我們已經達成了商業協議。但它絕對是朝著正確的方向發展。

The underpinning of these power opportunities -- as I think we've talked about on previous calls; speed is a critical consideration in the site development plans. So to the extent that you can put infrastructure in the ground under more favorable regulatory treatment, I think that's a key consideration in site viability.

這些權力機會的基礎——我想我們在之前的電話會議中已經討論過；速度是站點開發計劃中的關鍵考慮因素。因此，如果您可以將基礎設施置於更有利的監管待遇下，我認為這是場地可行性的關鍵考慮因素。

And so that detail has not been lost on us as a developer and looking for opportunity to do what I'll call intrastate development opportunities when those are feasible and are aligned with the regulatory construct. So yes, I think that's part of the equation as these developers are trolling for different site locations, and ultimately, it will be part of the decision-making when they commercialize the site.

因此，作為開發商，我們並沒有忽視這一細節，並在可行且符合監管結構的情況下尋找機會進行我所說的州內開發機會。所以，是的，我認為這是等式的一部分，因為這些開發人員正在尋找不同的網站位置，最終，這將成為他們將網站商業化時決策的一部分。

Got it. Thanks for that. And then I just wanted to ask about Northeast volumes. They've been trending slightly lower the last few quarters. Can you speak to what you're seeing there? And then your comment that Q4, you're expecting a ramp in volumes. Can you just clarify? Is that referring to Haynesville or also Appalachia or both?

知道了。謝謝你。然後我只是想問東北卷。過去幾個季度，它們的趨勢一直略有下降。您能談談您在那裡看到的情況嗎？然後您評論說，您預計第四季度銷量會有所增加。你能澄清一下嗎？這是指海恩斯維爾還是阿巴拉契亞或兩者兼而有之？

Yes. I think we've been saying this all year that we're kind of expecting sort of a softer profile for the year and our volumes. We've definitely seen those volumes dipping in both basins in Q2 and Q3. Haynesville has been remarkably resilient for us, which has been very encouraging.

是的。我想我們一整年都在說，我們預計今年的情況和銷量會有所放緩。我們確實看到第二季和第三季兩個盆地的交易量都在下降。海恩斯維爾對我們來說非常有彈性，這非常令人鼓舞。

And yes, I do expect to see some modest recovery in Q4 in both the north and the south. And I think our attention is more focused on that exit rate coming out of this year and going into next year, again, with a general thesis that we're hearing from a lot of our customers that they'll be a much more constructive market shaping up for '25 for our producer customers.

是的，我確實預期第四季北方和南方都會出現一定程度的復甦。我認為我們的注意力更集中在今年和明年的退出率上，再次，我們從許多客戶那裡聽到一個普遍的論點，即他們將是一個更具建設性的市場為我們的生產商客戶做好25 年的準備。

Thank you.

謝謝。

Theresa Chen, Barclays.

特蕾莎·陳，巴克萊銀行。

Hi. Thank you for taking my question. On the data center power demand fund, putting the competitive processes aside, can you just remind us how should we book end the size and scope of these projects? And how much can this move the needle relative to your base assets?

你好。感謝您回答我的問題。關於資料中心電力需求基金，拋開競爭過程，您能否提醒我們應該如何預定這些項目的規模和範圍？相對於你的基礎資產來說，這能帶來多大的影響？

Sure. Great question, Theresa. I think as we've discussed in the past, these -- we're looking at these primarily as lateral opportunities into these site locations. And the analogy that I've used in the past is our Birdsboro project, where we built a lateral off Texas Eastern to a power plant. So call it between $50 million and $100 million CapEx investment range depending on the distance of the lateral.

當然。好問題，特蕾莎。我認為正如我們過去所討論的那樣，我們主要將這些視為進入這些站點位置的橫向機會。我過去使用的類比是我們的伯茲伯勒項目，我們在德克薩斯州東部建造了一條通往發電廠的支線。因此，根據橫向距離，我們可以將其稱為 5,000 萬至 1 億美元的資本支出投資範圍。

And again, for us, given our size, that's very rightsized for us in terms of an investment opportunity driving growth in our plan. So that's kind of how we're thinking about it. And again, it also put additional load on the -- what I'll call, the interstate backbone system.

再說一次，對我們來說，考慮到我們的規模，就推動我們計劃成長的投資機會而言，這對我們來說是非常合理的。這就是我們的想法。同樣，它也為我所說的州際骨幹系統帶來了額外的負荷。

And as we're thinking about it, we're really just thinking about that lateral opportunity right now, but it also puts resilience and durability into the pipeline assets as well as these become long-term markets that will be served off that infrastructure. So it's got a knock-on effect across the entire portfolio. So I'll stop there. Hopefully, that was helpful, Theresa.

當我們思考這個問題時，我們現在實際上只是在考慮橫向機會，但它也為管道資產帶來了彈性和耐用性，而這些資產成為將由該基礎設施提供服務的長期市場。因此，它對整個投資組合產生了連鎖反應。所以我就到此為止。希望這對您有幫助，特蕾莎。

Thank you. And then on the heels of the Fitch upgrade, can you just provide additional color on your credit outlook in general and next steps with Moody's?

謝謝。在惠譽升級之後，您能否就您的整體信用前景以及穆迪的下一步行動提供更多資訊？

Yes. So where we are, like you mentioned, Fitch has upgraded us. Moody's is on positive outlook and S&P is on neutral. So what we're seeing is, again, the positive momentum with both of them, and they're reviewing the merger, the discourse happened with SWN and Chesapeake.

是的。因此，正如您所提到的，惠譽已經對我們進行了升級。穆迪的展望為積極，標準普爾的展望為中性。因此，我們再次看到他們雙方的積極勢頭，他們正在審查合併，與 SWN 和切薩皮克進行的討論。

So we're still on the same path probably before the end of the year or into the first quarter that they sort of make their determinations on what they're going to do related to us. But we're thinking that probably two of the three before the end of the year.

因此，我們仍然走在同樣的道路上，可能在今年年底或第一季之前，他們就將做出與我們相關的事情做出決定。但我們認為，在今年年底前，可能會出現三者中的兩者。

Okay. Thank you.

好的。謝謝。

John Mackay, Goldman Sachs.

約翰麥凱，高盛。

Hey, good morning. Thanks for time. I wanted to go back to the gas macro and the production ramp a little bit. I appreciate the comments on kind of -- towards the year-end recovery. I guess I'd just be curious if you could flesh that a little bit and talk a little bit about when you think we might get back to the production peaks that we saw almost a year ago and then maybe when we can start to break through that, really kind of a view on when we'll really need production to ramp above those year-end '23 levels. Thanks.

嘿，早安。感謝您抽出時間。我想稍微回顧一下天然氣宏觀和產量成長。我很欣賞關於年底復甦的評論。我想我只是好奇你能否詳細說明一下，並談談你認為我們什麼時候可以回到大約一年前看到的生產峰值，然後也許什麼時候我們可以開始突破這確實是一種關於我們何時真正需要產量超過23 年年底水準的觀點。謝謝。

Yes, that's the million-dollar question, John, that you're asking. And I wish I had a more insightful answer to that question. I think we're somewhat patiently waiting as well with our key customers as they get into their year-end planning cycle for 2025. I think a lot of this is a function of how the weather plays out across North America this winter.

是的，約翰，你問的就是一個價值百萬的問題。我希望我對這個問題有一個更有洞察力的答案。我認為我們也在耐心等待我們的主要客戶進入 2025 年的年終規劃週期。我認為這很大程度上取決於今年冬天北美各地的天氣狀況。

Again, the forecast we're looking at kind of a 10-year average is what we're seeing. If that plays out, I think that in combination with demand showing up in 2025, incremental demand showing up in '25 will be a constructive backdrop for producers generally across North America, specifically as it relates to the Haynesville, we're down about 2 Bcf a day from the peak.

同樣，我們所看到的預測是 10 年平均值。如果這種情況發生，我認為結合2025 年出現的需求，25 年出現的增量需求將為整個北美的生產商帶來建設性背景，特別是因為它與海恩斯維爾有關，我們下降了約2距高峰一天的 Bcf。

My personal view is that some of that just has to come back for a number of reasons. One is -- you've got a couple of LNG facilities coming online next year that are truly incremental demand that really does need to be served out of the Haynesville Basin. And you've got two other companies building significant pipeline infrastructure that's expected to be in service towards the end of next year, perhaps early '26.

我個人的觀點是，由於多種原因，其中一些必須回歸。其中之一是，明年將有幾座液化天然氣設施投入使用，這些設施確實是增量需求，確實需要從海恩斯維爾盆地來滿足。另外還有兩家公司正在建造重要的管道基礎設施，預計明年年底（也許是 26 年初）投入使用。

And again, those anchor shippers are going to want to be drilling into that capacity when it arrives. So all that leads me to believe that '25 is going to be a more constructive year for producers in the Haynesville, and we should be seeing volume ramps. The timing and trajectory, I think, is TBD. And I think we're as curious as you are as we get to the end of the year and get better information.

再說一遍，當運力到達時，這些主力托運人將希望充分利用這一運力。因此，所有這些讓我相信，對於海恩斯維爾的生產商來說，25 年將是更具建設性的一年，我們應該會看到產量的增加。我認為時機和軌跡尚待確定。我想我們和你們一樣好奇，因為我們到了年底並獲得了更好的資訊。

Definitely appreciate the thoughts. Maybe just a quick follow-up. Could you just remind us of where NEXUS sits in terms of potential expansion capacity? What opportunities there could look like from a cost or timing perspective? I know it probably goes back to some of the conversations we've had earlier in this call, but kind of specific update on NEXUS would be great.

絕對欣賞這些想法。也許只是快速跟進。您能否提醒我們 NEXUS 在潛在擴張能力方面處於什麼位置？從成本或時間角度來看，其中可能存在哪些機會？我知道這可能會追溯到我們之前在本次電話會議中進行的一些對話，但有關 NEXUS 的具體更新會很棒。

Yes. I'll summarize NEXUS kind of into two categories is -- about two years ago, we didn't open season there, looking to expand. We had very favorable response. What we elected to do is to -- what I'll call, optimize the system hydraulically, and you've probably seen a couple of different regulatory filings at the FERC where we've upsized the physical capacity of the system without really doing any capital investment.

是的。我將 NEXUS 總結為兩類——大約兩年前，我們沒有在那裡開放賽季，希望擴大規模。我們得到了非常正面的回應。我們選擇做的是——我稱之為，以液壓方式優化系統，您可能已經在 FERC 看到了一些不同的監管文件，其中我們擴大了系統的物理容量，但沒有真正做任何事情資本投資。

And that was really just having four years, five years of experience under our belt since we've built it really reassessing the engineering design based on how it's actually being used. We're able to increase capacity. And I'm going to just round the numbers to make it simple, about 100 million a day. So that was kind of step number one, and that's kind of behind us now.

自從我們建造它以來，我們實際上已經累積了四年、五年的經驗，並根據它的實際使用方式重新評估了工程設計。我們能夠增加容量。為了簡單起見，我將對數字進行四捨五入，大約每天 1 億。所以這是第一步，現在已經被我們拋在腦後了。

Step number 2, will be to really look at a capital-driven expansion. And that would be next up for NEXUS, and it's likely a compression expansion and that's likely in the 100 million to 200 million a day range. So more to come on that is, John, as we advance that further, but that's the update on NEXUS. .

第二步是真正考慮資本驅動的擴張。這將是 NEXUS 的下一個目標，而且很可能是壓縮擴展，每天的訪問量可能在 1 億到 2 億之間。約翰，隨著我們進一步推進，還會有更多內容，但這就是 NEXUS 的更新。。

Thanks so much. I appreciate it.

非常感謝。我很感激。

You’re welcome.

不客氣。

(Operator Instructions)

（操作員說明）

Keith Stanley, Wolfe Research.

基思‧史丹利，沃爾夫研究公司。

Hi, good morning. So last time with Q4 earnings, you gave new details on the project backlog and the medium-term growth target of 5% to 7%. I want to confirm, is that something you plan to update again with Q4 earnings? And any color you'd give on puts and takes to the backlog and 5-year outlook since you provided it earlier this year?

嗨，早安。因此，上次發布第四季度收益時，您提供了有關專案積壓和 5% 至 7% 的中期成長目標的新細節。我想確認一下，您是否計劃在第四季度的收益中再次更新這一點？自今年初提供以來，您對積壓訂單和五年展望有何看法？

Sure. And Keith, yes, that's kind of our play is on the year-end call, we'll kind of do a refresh. We won't be changing. I'll tell you right now, we won't be changing the long-term outlook that we're highly confident in that long-term outlook and nothing, as we sit here today is changing that. But yes, we'll provide more granularity around the backlog and more of the details around a bunch of things that were in the backlog last year, we've just been meticulously commercializing.

當然。基思，是的，這就是我們在年終電話會議上的表現，我們會進行刷新。我們不會改變。我現在就告訴你們，我們不會改變長期前景，我們對長期前景充滿信心，但什麼都沒有，因為我們今天坐在這裡正在改變這一點。但是，是的，我們將提供有關積壓工作的更詳細信息，以及有關去年積壓工作中的一堆事情的更多詳細信息，我們剛剛精心將其商業化。

So yes, you should expect a refresh backlog, likely some new things get dropped into that backlog. And again, we'll just continue to run the disciplined execution play that we've been doing since we spun the company. It's just working our way through that backlog, commercializing those opportunities, driving that organic growth rate and moving the company forward. So that's what you should expect on the year-end call.

所以，是的，您應該預料到會出現刷新積壓，很可能有些新內容會被放入積壓中。再說一遍，我們將繼續執行自從公司分拆以來我們一直在做的有紀律的執行工作。我們只是努力解決積壓的訂單，將這些機會商業化，推動有機成長率並推動公司向前發展。這就是你在年終電話會議上應該期待的。

Great. Thanks for that clarification. The second question, just going back to the data centers, and I know this is pretty fresh still, but how has the Supreme Court's decision to not stay the EPA 111(d) that sets a utilization cap on new gas plants impacted your discussions, if at all, with data center customers? Is that something customers want clarity on for that rule? Or are they comfortable knowing they might need a carbon capture solution at some point?

偉大的。感謝您的澄清。第二個問題，回到資料中心，我知道這仍然很新鮮，但是最高法院決定不保留對新天然氣工廠設定利用上限的 EPA 111(d) 的決定如何影響您的討論，如果有的話，與資料中心客戶？客戶是否希望明確該規則？或者他們是否知道自己在某個時候可能需要碳捕獲解決方案？

Yes. I think most of the counterparties are looking at that and saying, that's got to be dealt with in the lower court. And I think that's kind of what the Supreme Court said is we're not going to touch it yet because it's still being adjudicated in the lower court. And depending on how that plays out, they may be back added again or not.

是的。我認為大多數交易對手都在關注這一點並說，這必須在下級法院處理。我認為這就是最高法院所說的，我們還不會觸及它，因為它仍在下級法院裁決。根據結果如何，它們可能會再次添加或不添加。

Right now, we're not seeing that as driving behavior at the moment. I think everybody is watching it and paying attention to it. But we're not seeing it change the nature or the velocity of the conversations that we're having regarding these opportunities.

目前，我們還沒有將其視為駕駛行為。我認為每個人都在關注並關注它。但我們並沒有看到它改變我們就這些機會進行的對話的性質或速度。

Thank you.

謝謝。

Spiro Dounis, Citi.

斯皮羅·杜尼斯，花旗銀行。

Thanks, operator. Good morning, team. First question maybe just start with the CapEx outlook. It looks like 2025 is kind of filling up nicely here. But Jeff, you talked about staying free cash flow positive in '24 and '25. So just curious how you're thinking about the headroom from here to add more projects next year. And maybe if you could just provide a sense of what types of projects you're looking to get over the line in the next quarter or two.

謝謝，接線生。早上好，團隊。第一個問題可能只是從資本支出前景開始。看起來 2025 年已經很充實了。但是傑夫，您談到在 24 年和 25 年保持自由現金流為正。所以只是好奇你如何考慮明年添加更多項目的空間。也許您可以提供您希望在接下來的一兩個季度完成哪些類型的項目。

Hey, Spiro. Good morning. And let me take a crack at that, and Jeff, you can jump in if you need to fill in the blanks. So number one, we've been really clear with operating inside our free cash flow over the 5-year plan. I mean that's just sort of one of those financial boundaries that we've put in place.

嘿，斯皮羅。早安.讓我來嘗試一下，傑夫，如果你需要填補空白，你可以加入。第一，我們非常清楚在五年計畫中如何在自由現金流範圍內運作。我的意思是，這只是我們設定的財務界線之一。

In terms of 2025, getting a good chunk of that CapEx deployment executed and contracted really puts high confidence in our growth rate over the next couple of years. So that's a real positive sign. The commercial team has been doing just a wonderful job over the last six months getting after that backlog and commercializing those opportunities.

就 2025 年而言，執行和簽約大部分資本支出部署確實讓我們對未來幾年的成長率充滿信心。所以這是一個真正的正面訊號。在過去的六個月裡，商業團隊在處理積壓訂單並將這些機會商業化方面做得非常出色。

Again, I'm going to kind of move back to the answer that I gave, Keith, which is we'll refresh that backlog for you on the year-end call. So we're not going to do that on this call. But suffice it to say that we continue to see significant organic opportunities presenting themselves across our footprint.

再次，我將回到我給出的答案，基思，我們將在年終電話會議上為您刷新積壓的工作。所以我們不會在這次電話會議上這樣做。但只要說我們繼續看到重大的有機機會出現在我們的足跡中就足夠了。

And so you'll see that refreshed on the year-end call. And again, we are long organic opportunities, not short organic opportunities. And I think that's a great place to be in, in this current market environment. Jeff, I don't know if you want to add anything to that?

所以你會在年終電話會議上看到這一點。再說一次，我們是做多有機機會，而不是做空有機機會。我認為在當前的市場環境下，這是一個很好的選擇。傑夫，我不知道你是否想補充什麼？

No. No, David. I think that's spot on, Spiro. Our financial policies are not changing. I think that's the bottom line.

不。不，大衛。我認為這是正確的，斯皮羅。我們的金融政策沒有改變。我認為這是底線。

Got it. That's great. Second question, just kind of on this topic, still, David, you just mentioned a sort of long organic sort of growth backlog there. Just curious how you're thinking about the relative attractiveness here on the M&A side.

知道了。那太棒了。第二個問題，就這個主題而言，大衛，你剛才提到了一種長期的有機成長積壓。只是好奇您如何看待併購方面的相對吸引力。

You have that strong backlog, of course, organically, but hard to ignore the equity currency here. So just curious, are there any asset candidates out there that maybe didn't make sense a year ago that -- that suddenly look a little more attractive now?

當然，你有大量的積壓，當然，這是有機的，但很難忽視這裡的股本貨幣。所以只是好奇，是否有任何資產候選人一年前可能沒有意義——現在突然看起來更有吸引力了？

Yes. Good question. I think maybe I'll just kind of refresh what we've said publicly in the past about M&A is, number one, we're focused on very disciplined strategy execution. And our investment thesis has been really clear and consistent since we spun the company, which is we're a pure-play gas only midstream company with no commodity exposure in the portfolio.

是的。好問題。我想也許我會重申我們過去公開說過的有關併購的內容，第一，我們專注於非常嚴格的策略執行。自從我們分拆公司以來，我們的投資理念一直非常清晰和一致，即我們是一家純天然氣中游公司，投資組合中不涉及大宗商品。

Highly durable cash flows, highly contracted portfolio with significant demand-based contracts that underpin the entire company. So that strategy is the guiding -- is the guiding light or the north star on any opportunities that would come our way and present themselves.

高度持久的現金流、高度收縮的投資組合以及支撐整個公司的大量基於需求的合約。因此，該策略是指路明燈，是我們遇到的任何機會的指路明燈或北極星。

So that's how we think about it in terms of M&A and I'd say on the flip side, our job and our goal for you and all of our investors is to run a high-quality midstream company. And that gets obviously reflected in stock price, and that also gets reflected in any interest that anybody would have in the company.

這就是我們在併購方面的思考方式，我想說，另一方面，我們的工作以及我們對您和我們所有投資者的目標是經營一家高品質的中游公司。這顯然反映在股價上，也反映在任何人對公司的興趣上。

So I mean those are our guiding principles. And I don't see any of that changing. We're going to be very consistent in our execution, and we won't surprise anybody with any moves that would be inconsistent with that strategy.

所以我的意思是這些都是我們的指導原則。我不認為這有任何改變。我們的執行將非常一致，我們不會因為任何與該策略不一致的舉動而讓任何人感到驚訝。

That's great color. I'll leave it there. Thank you, gentlemen.

那顏色真棒。我會把它留在那裡。謝謝你們，先生們。

Thanks, Spiro.

謝謝，斯皮羅。

Robert Mosca, Mizuho Securities.

羅伯特‧莫斯卡，瑞穗證券。

Hi, good morning, everyone. So now that Chesapeake and SWN is closed, just wondering if there's any updated outlook on commercial puts and takes with expand and whether you're expecting any shifts in production that could potentially benefit your acreage? And on LEAD Phase 4, were those customers you mentioned, was that related to the Blue Union expansion announced last quarter?

嗨，大家早安。因此，現在切薩皮克和 SWN 已關閉，只是想知道商業看跌期權和採收擴張的前景是否有任何更新，以及您是否預計生產方面會發生任何可能有利於您的種植面積的變化？在 LEAD 第 4 階段，您提到的那些客戶是否與上季宣布的 Blue Union 擴張有關？

Hey, good morning, Rob. Yeah, you got a couple of questions in there. I'll try to unpack that. So first off, let's start with expand. Firstly, I'd like to publicly congratulate them for closing the merger. And we're really excited about working with them going forward. They're going through what I'll call post-close integration activity right now.

嘿，早上好，羅布。是的，你有幾個問題。我會嘗試解開它。首先，讓我們從擴充開始。首先，我要公開祝賀他們完成合併。我們對未來與他們的合作感到非常興奮。他們現在正在經歷我所說的關閉後整合活動。

Just to give a little color, and I'm sure they'll provide an update more on their call, but we plan to be sitting down with them here in the near term to go through all those questions that you asked, Rob. So again, we're patiently waiting for them to get through what I'll call the post-close activity so we can sit down and have those conversations.

只是為了提供一點信息，我相信他們會在電話中提供更多更新信息，但我們計劃在短期內與他們坐下來討論您提出的所有這些問題，羅布。因此，我們再次耐心等待他們完成我所說的結束後活動，以便我們可以坐下來進行這些對話。

That being said, I'm highly confident that the acreage that we gather for them is premium acreage in their portfolio in Haynesville. And what I mean by that, it's literally the most economic rock in the basin. So that's the gravity that I think, guides their capital allocation decisions.

話雖如此，我非常有信心我們為他們收集的土地是他們在海恩斯維爾投資組合中的優質土地。我的意思是，它實際上是盆地中最經濟的岩石。所以我認為這就是指導他們資本配置決策的引力。

And ultimately, it's their decisions, but that's a gravity that I look at in terms of our investments around that acreage is that it's really good acreage. And they have just a wonderful acreage position in the basin, and we're a big part of that in terms of the infrastructure to move that to market. So look forward to working with them just like we have for over a decade. We have a very close relationship with them and our key people that we work with will also be the key people we will continue to work with going forward in the new entity.

最終，這是他們的決定，但我認為，就我們圍繞該面積的投資而言，這是一個非常好的面積。他們在該盆地擁有極好的土地面積，而我們在將其推向市場的基礎設施方面發揮了重要作用。因此，期待與他們合作，就像我們十多年來一樣。我們與他們有著非常密切的關係，與我們合作的關鍵人員也將是我們在新實體中繼續合作的關鍵人員。

So we feel really positive about that. I'll say no more. We'll let them talk about it publicly tomorrow, and I'm sure we'll be able to give you a better update on the other side of their public disclosures. So that's that one. I'm sorry, Rob, I'm trying to remember, you had another question related to LEAP, I believe, and our customers on LEAP.

所以我們對此感到非常積極。我就不多說了。我們明天會讓他們公開談論此事，我相信我們能夠為您提供有關他們公開披露的另一面的更好的最新資訊。這就是那個。很抱歉，Rob，我正在努力記住，我相信您還有一個與 LEAP 以及我們在 LEAP 上的客戶相關的問題。

Yes, yes, sorry, David. Just wondering if that's in any way related to the Blue Union expansion that you announced last quarter?

是的，是的，對不起，大衛。只是想知道這是否與您上季度宣布的 Blue Union 擴張有任何關係？

That's probably a good -- you said it, I didn't say it. So that's probably a safe assumption. We have been cognizant with our customers. And as you would expect all of the customers on the network are competing for the same markets at the end of the network. So we've been very respectful.

這可能是件好事——你說的，我沒說的。所以這可能是個安全的假設。我們一直了解我們的客戶。正如您所期望的那樣，網路上的所有客戶都在網路末端爭奪相同的市場。所以我們一直都非常尊敬。

And when those customers don't want to be publicly disclosed, we don't. But yes, the -- what I'll call wellhead the water network and the interconnectivity of the network and the ability of the network to grow in what I call timely bite-sized increments that can get really customized to our customers' needs. That's been a very attractive feature of our network.

當這些客戶不想公開揭露時，我們也不會。但是，是的，我稱之為井口供水網路、網路的互連性以及網路以我所說的及時的小規模增量增長的能力，這些增量可以真正根據客戶的需求進行客製化。這是我們網路的一個非常有吸引力的功能。

And I think we're harvesting that as we continue to announce these expansions even coming through a very, what I would call, challenged year in the Haynesville, we continue to see growth. So very encouraged by that. We'll task our commercial team to start working on LEAP Phase 5 and get after the next tranche of capacity that we can compete for.

我認為，隨著我們繼續宣布這些擴張，即使在海恩斯維爾經歷了我所說的充滿挑戰的一年，我們仍然看到了成長。對此感到非常鼓舞。我們將責成我們的商業團隊開始 LEAP 第五階段的工作，並獲得下一批我們可以競爭的產能。

Got it. That's very helpful. And maybe last one for me is it seems like the CCS project, maybe the expectation for FID was pushed out a couple of quarters. Just anything to call out there?

知道了。這非常有幫助。也許最後一個對我來說似乎是 CCS 項目，也許對 FID 的期望被推遲了幾個季度。只是有什麼需要注意的地方嗎？

No, I think the only thing I'll call out is we continue to be really meticulous in our execution and control the controllables that we are accountable for. We're obviously working collaboratively with the Louisiana DENR and encouraging them to move along, if I can use those words. But yes, we're in a, what I'll call, regulatory holding pattern waiting on them to complete their application requirements.

不，我想我唯一要指出的是，我們在執行中繼續非常細緻，並控制我們負責的可控因素。顯然，我們正在與路易斯安那州環境和自然資源部合作，並鼓勵他們繼續前進（如果我可以用這些字的話）。但是，是的，我們處於一種我稱之為監管擱置模式，等待他們完成申請要求。

My sense is that they're trying to be very judicious and create highly durable regulatory orders so that these projects can move forward with what I'll call clear sailing once you kind of move through the regulatory process. So we're obviously in close contact with them. It hasn't changed our in-service date, but we are patiently waiting for Louisiana to move things along.

我的感覺是，他們正在努力非常明智地制定高度持久的監管命令，以便一旦通過監管流程，這些專案就可以順利推進，我稱之為「一帆風順」。所以我們顯然與他們保持著密切的聯繫。它並沒有改變我們的投入使用日期，但我們正在耐心等待路易斯安那州的進展。

No. Understood. Thanks for the time, everyone.

不。明白了。謝謝大家抽出時間。

Thank you, Rob.

謝謝你，羅布。

That concludes our question-and-answer session. I will now turn the call back over to David Slater for closing remarks.

我們的問答環節到此結束。現在，我將把電話轉回給大衛·斯萊特（David Slater），他將發表結束語。

Well, thank you again, everybody, for your participation in the call and for joining us. We certainly appreciate your interest and support of DT Midstream, and have a great day.

好的，再次感謝大家參與電話會議並加入我們。我們非常感謝您對 DT Midstream 的關注和支持，並祝您有個愉快的一天。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。