Eastern Company (EML) 2025 Q3 法說會逐字稿

Greetings. Welcome to The Eastern Company third-quarter fiscal year 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加東方公司2025財年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Marianne Barr, Treasurer at The Eastern Company. You may begin.

現在我將把會議交給主持人，東方公司財務主管瑪麗安巴爾。你可以開始了。

Good morning, and thank you, everyone, for joining us this morning for a review of -- The Eastern Company's results for the third quarter of 2025. With me on the call are Ryan Schroeder, Chief Executive Officer; and Nicholas Vlahos, Chief Financial Officer. The company issued an earnings press release yesterday after the market closed. If anyone has not yet seen the release, please visit the Investors section of the company's website, www.easterncompany.com, where you will find the release under Financial News.

早安，感謝各位今天上午與我們一起回顧東方公司 2025 年第三季的業績。與我一同參加電話會議的還有執行長瑞安·施羅德和財務長尼古拉斯·弗拉霍斯。該公司昨日收盤後發布了盈利新聞稿。如果還有人尚未看到新聞稿，請造訪公司網站 www.easterncompany.com 的投資者關係版塊，您可以在「財務新聞」下找到該新聞稿。

Please note that some of the information you will hear during today's call will consist of forward-looking statements about the company's future financial performance and business prospects, including, without limitation, statements regarding revenue, gross margin, operating expenses, other income and expenses, taxes and business outlook. These forward-looking statements are subject to risks and uncertainties that could cause actual results or trends to differ significantly from those projected in these forward-looking statements. We undertake no obligation to review or update any forward-looking statements to reflect events or circumstances that occur after the call.

請注意，您在今天的電話會議中將聽到的一些資訊將包含有關公司未來財務業績和業務前景的前瞻性陳述，包括但不限於有關收入、毛利率、營運費用、其他收入和支出、稅收和業務展望的陳述。這些前瞻性陳述存在風險和不確定性，可能導致實際結果或趨勢與這些前瞻性陳述中預測的結果或趨勢有重大差異。我們不承擔任何義務審查或更新任何前瞻性聲明，以反映電話會議之後發生的事件或情況。

For more information regarding these risks and uncertainties, please refer to risk factors discussed in our SEC filings, including our Form 10-K for the fiscal year 2024 filed with the SEC on March 11, 2025, and our Form 10-Q filed with the SEC on November 4, 2025.

有關這些風險和不確定性的更多信息，請參閱我們在提交給美國證券交易委員會的文件中討論的風險因素，包括我們於 2025 年 3 月 11 日向美國證券交易委員會提交的 2024 財年 10-K 表格，以及我們於 2025 年 11 月 4 日向美國證券交易委員會提交的 10-Q 表格。

In addition, during today's call, we will discuss non-GAAP financial measures that we believe are useful as supplemental measures of Eastern's performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. A reconciliation of each of the non-GAAP measures discussed during today's call to the most directly comparable GAAP measure can be found in the earnings press release.

此外，在今天的電話會議中，我們將討論我們認為可以作為衡量東方航空績效的補充指標的非GAAP財務指標。這些非GAAP指標應作為GAAP結果的補充考慮，而不是替代或孤立地考慮GAAP結果。在今天的電話會議中討論的每項非GAAP指標與最直接可比較的GAAP指標的調節表，可以在獲利新聞稿中找到。

With that introduction, I'll turn the call over to Ryan.

介紹完畢，接下來我會把電話交給瑞恩。

Thanks, Marianne. Good morning to everyone on the call, and thank you for your interest in The Eastern Company. Overall, it was a disappointing quarter from a results standpoint. Revenue from continuing operations for Q3 was $55.3 million, down 22% from Q3 of the prior year, and EBITDA was $3.5 million for the quarter that made earnings per share of $0.10. Our disappointing performance is primarily attributed to the pullback in two key end markets, specifically Class 8 truck and automotive. We saw OE truck production in the quarter down 36%. This included summer shutdowns at the beginning of the quarter and a number of days removed from customer schedules towards the end of the quarter.

謝謝你，瑪麗安。各位早安，感謝大家對東方公司的關注。總體而言，從業績角度來看，這是一個令人失望的季度。第三季持續經營業務收入為5,530萬美元，較上年同期下降22%；該季度EBITDA為350萬美元，每股收益為0.10美元。我們業績令人失望的主要原因是兩大關鍵終端市場（即8級卡車和汽車市場）的下滑。本季 OE 卡車產量下降了 36%。這包括季度初的夏季停工，以及季度末從客戶日程中移除的若干天。

The returnable packaging portion of our business is very heavily influenced by the North American automotive market. More specifically, the number of vehicle model changes impact our sales. And with the pullback of many new EV models, we saw a reduction of new projects in the quarter, specifically with 13 less platform launches in 2025 that led to a reduction of 34% the prior year.

我們業務中的可回收包裝部分深受北美汽車市場的影響。更具體地說，車款變更次數會影響我們的銷售量。由於許多新型電動車車型的撤回，我們看到本季新項目有所減少，特別是 2025 年平台發布數量減少了 13 個，導致前一年減少了 34%。

We have had success diversifying still within automotive, but outside of our historically large customer as well as within military and heavy equipment producers. We did see the slowing in both of these markets coming and made significant proactive changes to our structure over the preceding two quarters to optimize our workforce and align resources with current market conditions. Among other things, we reduced the size of our SG&A, reorganized our Big 3 operational footprint and sold an underperforming business unit.

我們在汽車領域實現了多元化發展，但不再局限於我們歷史上最大的客戶群體，而是拓展到了軍工和重型設備生產商領域，並取得了成功。我們確實預見到這兩個市場將會放緩，並在前兩個季度對我們的結構進行了重大的積極調整，以優化我們的員工隊伍，並使資源與當前的市場狀況保持一致。除此之外，我們也縮減了銷售、管理及行政費用，重組了三大業務部門的營運佈局，並出售了一個業績不佳的業務部門。

All in, these actions led to a savings of $1.8 million within the quarter. Furthermore, we have taken steps to enhance product innovation, expand into new end markets and both deepen and diversify our customer relationships to position us to capture emerging opportunities, reduce volatility and support sustainable long-term performance.

總的來說，這些措施在本季節省了 180 萬美元。此外，我們採取措施加強產品創新，拓展新的終端市場，並深化和多元化客戶關係，以便抓住新興機遇，降低波動性，並支持可持續的長期業績。

Turning to our balance sheet. We have repurchased approximately 118,000 shares through the end of the third quarter. This represents almost 2% of our outstanding shares and demonstrates our ongoing commitment to allocating capital to benefit our shareholders. We also reduced debt by $7 million and entered into a new $100 million revolving credit facility with Citizens Bank that provides us with additional flexibility to enhance our priorities, including continued investments into long-term growth initiatives and potential M&A opportunities.

接下來來看看我們的資產負債表。截至第三季末，我們已回購約 118,000 股股票。這相當於我們已發行股份的近 2%，顯示我們持續致力於將資本配置到股東利益。我們還減少了 700 萬美元的債務，並與 Citizens Bank 簽訂了一項新的 1 億美元循環信貸協議，這為我們提供了更大的靈活性，以加強我們的優先事項，包括繼續投資於長期增長計劃和潛在的併購機會。

Given the proactive steps we have taken and our historically strong balance sheet, we are confident that Eastern Company is well equipped to weather the cyclical market downturn and to capitalize on opportunities when our markets return to healthier positions.

鑑於我們採取的積極措施以及我們歷來強勁的資產負債表，我們相信東方公司有能力應對週期性市場低迷，並在市場恢復健康狀態時抓住機會。

With that, I'll hand it over to Nick to dig a little deeper into the quarter. Nick?

接下來，我將把麥克風交給尼克，讓他更深入地研究這個季度。缺口？

Thanks, Ryan. I'll focus my review today on the company's financial results from continuing operations for the third quarter of 2025.

謝謝你，瑞恩。今天我將重點放在分析該公司 2025 年第三季持續經營業務的財務表現。

Net sales in the third quarter of 2025 decreased 22% to $55.3 million from $71.3 million in last year's third quarter. The decline was primarily due to decreased sales of returnable transport packaging products and truck mirror assemblies of $9.9 million and $6.4 million, respectively.

2025 年第三季淨銷售額較上年同期下降 22%，至 5,530 萬美元，而上年同期為 7,130 萬美元。銷售額下降的主要原因是可回收運輸包裝產品和卡車後視鏡組件的銷售額分別下降了 990 萬美元和 640 萬美元。

Our backlog as of September 27, 2025, decreased $23.6 million or 24% to $74.3 million from $97.2 million as of September 28, 2024, driven by decreased orders for returnable transport packaging products of $15.2 million, latch and handle assemblies of $4.7 million and truck and mirror assemblies of $3.6 million.

截至 2025 年 9 月 27 日，我們的積壓訂單減少了 2,360 萬美元，降幅為 24%，從 2024 年 9 月 28 日的 9720 萬美元降至 7,430 萬美元，主要原因是可回收運輸包裝產品的訂單減少了 1,520 萬美元，訂單後的訂單減少了 470 萬把手和車把裝置後的 470 萬美元，訂單360 萬美元。

Gross margin as a percentage of net sales was 22.3% for the third quarter of 2025 compared to 25.5% for the prior year period. The decrease was primarily due to an increase in raw material costs incurred as we transition from customer-provided material to in-house sourcing on a mirror project as well as the impact of reduced volumes. As a percentage of net sales, product development costs were $1.6 million or 1.6% for the first nine months of 2025 compared to 1.8% for the 2024 period.

2025 年第三季毛利率佔淨銷售額的 22.3%，而去年同期為 25.5%。下降的主要原因是，在鏡子專案中，我們從客戶提供的材料過渡到內部採購，導致原材料成本增加，以及產量減少的影響。2025 年前九個月，產品開發成本佔淨銷售額的 160 萬美元，即 1.6%，而 2024 年同期為 1.8%。

Selling, general and administrative expenses decreased $0.7 million or 6.5% in the third quarter of 2025 compared to the last year's period. The decrease was primarily due to $1.1 million of lower compensation charges, offset by restructuring charges of $0.3 million.

2025 年第三季銷售、一般及行政費用較上年同期減少了 70 萬美元，降幅為 6.5%。下降的主要原因是補償費用減少了 110 萬美元，但被重組費用 30 萬美元所抵消。

Other expenses increased $0.1 million in the third quarter of 2025 compared to the same period in 2024. The increase was the result of lower lease income.

2025 年第三季其他支出比 2024 年同期增加了 10 萬美元。成長是由於租賃收入下降造成的。

Net income from continuing operations for the third quarter of 2025 was $0.6 million or $0.10 per diluted share compared to net income of $4.7 million or $0.75 per diluted share for the 2024 period.

2025 年第三季持續經營業務淨收入為 60 萬美元，即每股攤薄收益 0.10 美元，而 2024 年同期淨收入為 470 萬美元，即每股攤薄收益 0.75 美元。

Now turning to a non-GAAP measure. Adjusted net income from continuing operations for the third quarter of 2025 was $0.8 million or $0.13 per diluted share compared to net income of $4.7 million or $0.75 per diluted share for the prior year period.

現在來看一項非GAAP指標。2025 年第三季持續經營業務的調整後淨收入為 0.8 萬美元，即每股攤薄收益 0.13 美元，而去年同期淨收入為 4.7 萬美元，即每股攤薄收益 0.75 美元。

At the end of Q3 2025, our senior net leverage ratio was 1.64 compared to 1.23 [to 1] at the end of 2024.

截至 2025 年第三季末，我們的高級淨槓桿率為 1.64，而 2024 年末為 1.23 [比 1]。

In addition, we paid dividends of $0.7 million in this year's third quarter. Subsequent to the quarter close, we entered into a new $100 million revolving credit facility with Citizens Bank. As of September 27, 2025, inventories totaled $56.8 million or $1.6 million, up from the end of 2024.

此外，我們在今年第三季支付了 70 萬美元的股息。季度結束後，我們與 Citizens Bank 簽訂了一份新的 1 億美元循環信貸協議。截至 2025 年 9 月 27 日，庫存總額為 5,680 萬美元，比 2024 年底增加了 160 萬美元。

During the third quarter of 2025, we repurchased 36,413 shares of common stock under the share repurchase program Eastern's Board authorized in April 2025. To date, we have repurchased 118,000 shares or approximately 2% of our outstanding stock. This completes my financial review.

2025 年第三季度，我們根據 Eastern 董事會於 2025 年 4 月批准的股票回購計劃，回購了 36,413 股普通股。截至目前，我們已回購 118,000 股，約占我們已發行股票的 2%。我的財務審查到此結束。

I'll now turn the call back over to Ryan.

現在我將把通話轉回給瑞恩。

Thanks, Nick. Clearly, it's been a challenging macroeconomic environment in the heavy-duty truck and automotive segments, as you've certainly heard from other industry participants during this earnings season. Trucks are getting older, and we are well into a freight recession. It really is only a matter of time until trucks -- market begins to bounce back. We are seeing some marginal improvements in Q4 already, but we'll have to see where it goes from there.

謝謝你，尼克。顯然，重型卡車和汽車行業的宏觀經濟環境充滿挑戰，正如您在本財報季從其他業內人士那裡聽到的那樣。卡車車齡越來越老，我們正處於貨運衰退期。卡車市場復甦只是時間問題。第四季我們已經看到一些輕微的改善，但接下來的發展趨勢如何，我們還要拭目以待。

On the positive side, Eastern's new leadership team is fully in place and operating full speed ahead. Together, we have successfully implemented a much needed restructuring and plant closure program. Through cost containment and operational improvements and even with the reduced volume, we're making our operations more efficient and profitable. We're also staying nimble and close to our customers to mitigate the effect of changing dynamics on our businesses.

從積極的方面來看，Eastern 的新領導團隊已經全面到位，並且正在全速運轉。我們共同成功實施了一項急需的重組和工廠關閉計劃。透過控製成本和改善運營，即使產量減少，我們也在提高營運效率和獲利能力。我們同時保持靈活，與客戶保持密切聯繫，以減輕不斷變化的市場動態對我們業務的影響。

Given this, I believe we are very well positioned for success going forward. Lastly, we are looking for acquisition opportunities that fit our size and strategic criteria, taking a very disciplined and opportunistic approach as we evaluate companies.

有鑑於此，我相信我們已做好充分準備，迎接未來的成功。最後，我們正在尋找符合我們規模和策略標準的收購機會，在評估公司時採取非常嚴謹和機會主義的方法。

With that, operator, I'll open it up for questions.

好了，操作員，現在開始接受提問。

(Operator Instructions) [Garvit Bhandari, Singular Research].

（操作員說明）[Garvit Bhandari，奇異研究]。

Yeah, hello. Hi. So a few questions from my side. This is Garvit from Singular Research. Firstly, on the gross margins, you have seen contractions during this quarter. So is it temporary or should we expect structurally lower margins going forward as well?

是的，你好。你好。我這邊有幾個問題。這位是 Singular Research 的 Garvit。首先，就毛利率而言，本季出現了收縮。那麼，這種情況是暫時的，還是我們應該預期未來利潤率會持續走低？

Yeah. There certainly was a mix element associated to the gross margin reduction within the quarter, especially comparing to the third quarter of prior year. So I'd say, in general, it's -- I won't call it a one-off, but I think the trend definitely leans towards improved gross margins in the future back towards maybe the norm that we've seen in the past. But Nick, maybe you want to expand upon that --?

是的。本季毛利率下降肯定與多種因素有關，尤其是與去年第三季相比。所以總的來說，我不會稱之為一次性事件，但我認為未來的趨勢肯定會朝著毛利率提高的方向發展，或許會恢復到我們過去看到的正常水平。但是尼克，或許你想就此展開說說。——？

Yeah. So the gross margins were impacted by reduced volumes. So as we expect the volumes to come back to a normal state in the future, we will see the gross margins impacting as well.

是的。因此，銷量下降影響了毛利率。因此，隨著銷量在未來恢復正常水平，毛利率也將受到影響。

Okay. Okay. Understood. And then on the overall demand side, you have indicated that you're seeing some recovery, but if you can just throw some more light on -- are you seeing early signs of recovery in the heavy-duty truck market? Or do you expect volumes to bounce back in the coming quarter and going into FY26? Is that something that we should sort of take forward from your comments?

好的。好的。明白了。在整體需求方面，您已經表示看到了一些復甦跡象，但如果您能再詳細說明一下——您是否在重型卡車市場看到了復甦的早期跡象？或者您預計銷量將在下一季以及進入 2026 財年時反彈？這是我們應該從你的評論中汲取哪些經驗教訓嗎？

Yeah. So I'll take this one, Nick. I think we certainly have seen some bounce back in the fourth quarter. That being said, we haven't seen volumes begin to return to the more historical norms. We certainly watch this very closely, as I'm sure you do as well.

是的。那我就選這個了，尼克。我認為我們在第四節確實看到了一些反彈。儘管如此，我們還沒有看到銷售量開始恢復到更接近歷史正常水平的程度。我們當然會密切關注此事，我相信你們也是。

Right now, the truck industry, the heavy truck industry is forecasting some recovery next year. We're seeing some in the fourth quarter here. We're not sure if that's transitory associated with some of the changes in tariffs or not, but we are seeing some limited additional volume in the fourth quarter.

目前，卡車行業，特別是重型卡車行業，預計明年將出現一定程度的復甦。我們看到第四季出現了一些這種情況。我們不確定這是否是與關稅變化相關的暫時現象，但我們確實看到第四季度銷量增加。

Right now, forecast that we've received show a soft first half of 2026. That's what we're planning for and then some incremental improvements towards the end of 2026. That being said, we frankly don't know. We are well positioned to react as our customers need us to. We're ready to ramp up.

目前我們收到的預測顯示，2026 年上半年經濟狀況疲軟。這就是我們的計劃，然後到 2026 年底會逐步改進。話雖如此，坦白說，我們也不知道。我們已做好充分準備，隨時回應客戶的需求。我們已準備好加大力度。

And if things are going to remain difficultly slow for the next few months, we are positioned -- we have positioned our factories to operate in that mean as well. That being said, yes, we've seen some limited volume improvements here in October, and we're expecting that through November, and we'll kind of see what happens in December and then in the beginning part of the year.

如果未來幾個月情況依然十分緩慢，我們已經做好準備——我們的工廠也已做好在這種情況下運作的準備。也就是說，是的，我們在 10 月份看到了一些有限的銷售成長，我們預計這種情況會持續到 11 月份，至於 12 月份以及年初的情況，我們還要拭目以待。

Okay. Got it. And then on the -- I think last quarter, you had mentioned about the USPS vehicle program, before contract that you had won from the government. Is there any update on that? How are you seeing the revenues ramping up there?

好的。知道了。然後，我想上個季度，您提到了美國郵政車輛計劃，也就是您從政府那裡贏得的合約。請問這方面有進展嗎？您如何看待那邊的收入成長？

Yeah. That program certainly has been a bright spot. I know we've spoken about that many quarters in the past. I left that out of this note just because it has ramped up nicely. It's been an important part of our overall business.

是的。那個項目無疑是一大亮點。我知道我們過去很多次都談過這個問題。我沒有把那部分寫進這篇筆記裡，因為它已經發展得很好了。它一直是我們整體業務的重要組成部分。

And for Eberhard, it's this last quarter actually that Oshkosh became our largest customer for the quarter, recognizing -- it's not going to stay that way, but it's become an important part of our overall business, and it's been a nice project for us that has taken a while for it to come to fruition, but we're in full production. It's going to run full through next year, and we'll see as the contract continues, how long that one will run, but it's been a nice one for us for sure.

對於埃伯哈德來說，奧什科甚實際上是上個季度成為我們當季最大的客戶，他意識到——這種情況不會一直持續下去，但它已經成為我們整體業務的重要組成部分，這對我們來說是一個很好的項目，雖然花了一段時間才最終實現，但我們現在已經全面投產了。這份合約將持續到明年，至於合約最終會持續多久，我們還要看看合約還能持續多久，但對我們來說，這無疑是一份不錯的合約。

Okay. So is it possible for you to quantify the revenue contribution from the program and any -- and would we see a material impact on revenues in FY26 as well from this program?

好的。那麼，您能否量化該計劃的收入貢獻，以及—我們是否也能從該計劃中看到2026財年的收入受到實質影響？

In terms of specific revenue on that, I would probably pause to be overly specific on that, just not to reveal too much in a public setting. I'm certainly happy to answer some questions for you offline as it pertains to that. If you take Eberhard though, as an important business within Eastern, Eberhard has enjoyed some good volumes with the -- on that US Postal Service program, but at the same time, have another important market segment for them is the Class 8 truck market.

至於具體的收入狀況，我可能不會透露太多細節，以免在公開場合透露太多資訊。我當然很樂意私下回答你一些相關的問題。不過，以 Eberhard 為例，作為 Eastern 的重要業務，Eberhard 在美國郵政服務項目中獲得了不錯的銷量，但與此同時，他們另一個重要的市場領域是 8 級卡車市場。

And when you think of truck market, specifically the sleeper cab portion of the truck market, the levers and latches and locks and things of that nature, are an important part of Eberhard's business. That has obviously been a slow segment for us, as we've spoken about in these prepared remarks, but also in the past, we've seen that slow down. We expect that to bounce back in the future just as the truck market will bounce back. But for Eberhard's specifically, the Postal Service program has been a nice offset to the softness of the truck market.

而當你想到卡車市場，特別是卡車市場的臥舖駕駛室部分時，你會發現操縱桿、閂鎖、鎖具以及類似的東西，都是埃伯哈德業務的重要組成部分。正如我們在事先準備好的發言稿中所提到的，這顯然是我們業務成長放緩的一個階段，而且在過去，我們也看到過這種放緩的趨勢。我們預計未來這種情況會像卡車市場一樣反彈。但就埃伯哈德公司而言，郵政服務計畫很好地抵消了卡車市場疲軟的影響。

Okay. Okay. Understood. And then lastly, on the Big 3, has there been any increase in the pace of model refresh cycles? Have you seen pace increasing?

好的。好的。明白了。最後，三大汽車製造商的車型更新周期是否有加速？你注意到速度加快了嗎？

Or has it slowed down further? And if so, are you seeing any impact on the order flow there?

還是速度進一步放緩了？如果是這樣，您是否發現這對訂單流有任何影響？

Yes. It slowed -- it has been a very slow quarter. Really, we've had two material impacts to our business within the quarter from a negative standpoint. One was the truck market and then the other was the automotive model changes.

是的。增速放緩－本季增速非常緩慢。實際上，從負面角度來看，本季我們的業務受到了兩件實質的負面影響。一個是卡車市場，另一個是汽車車型變化。

So that part of our market in the third quarter of our business has been significantly negatively impacted. If you look back, really the number of models launched this year is at a historical low for a very long time going back.

因此，我們業務第三季的這部分市場受到了顯著的負面影響。回顧過去，今年推出的車型數量確實是多年來歷史最低的水平。

And for that reason, we are forecasting and already seeing an increase in model launches for next year and beginning right now. We're a number of months ahead of the actual launch is where we tend to be impacted favorably. And we're already starting to see specific to Big 3, our backlog improve there. So more to come, certainly more to come with that, and we'll have to see where it goes. But the sort of change in direction from EVs in this year certainly impacted the total launches, and we've had to make some adjustments accordingly for that.

因此，我們預測並且已經看到明年以及現在開始，新車型的發布數量將會增加。我們比實際發佈時間提前了好幾個月，這往往會對我們產生有利影響。我們已經開始看到，就三大巨頭而言，我們的積壓訂單有所改善。所以，肯定還會有更多後續發展，我們拭目以待。但今年電動車的發展方向轉變肯定影響了新車發布總量，我們也因此做出了一些相應的調整。

But yes, we are expecting that to improve some next year, and we'll be prepared for that as it comes.

是的，我們預計明年情況會有所改善，我們會為此做好準備。

(Operator Instructions) And there were no other questions at this time. I would now like to hand the call back to Ryan Schroeder for closing remarks.

（操作說明）此時沒有其他問題。現在我謹將電話交還給瑞安·施羅德，請他作總結發言。

I'd just like to say thanks again for joining this morning. It clearly has been a very challenging quarter, but the company is in great shape looking forward. I look forward to giving you an update after the fourth quarter. And if you need any additional information in the meantime, please reach out to us. And with that, I will end the call. Thank you very much.

我再次感謝您今天早上的參與。這顯然是一個非常具有挑戰性的季度，但展望未來，公司情況一片大好。我期待在第四季結束後向您報告最新情況。如果您在此期間需要任何其他信息，請與我們聯繫。就這樣，我要結束通話了。非常感謝。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。