(FARM) 2023 Q3 法說會逐字稿

Good day, and welcome to the Farmer Brothers' Fiscal Third Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded.

美好的一天，歡迎來到 Farmer Brothers 2023 財年第三季度收益電話會議。 （操作員說明）提醒一下，此通話正在錄音中。

Joining me today are Deverl Maserang, President and Chief Executive Officer; and Scott Drake, Chief Financial Officer.

今天加入我的是總裁兼首席執行官 Deverl Maserang；和首席財務官 Scott Drake。

Earlier today, the company issued its quarterly shareholder letter, which is available on the Investor Relations section of Farmer Bros.' website at www.farmerbros.com. The shareholder letter is also included as an exhibit to the company's Form 8-K and is available on the company's website and on the Securities and Exchange Commission's website at www.sec.gov.

今天早些時候，該公司發布了季度股東信，可在 Farmer Bros 的投資者關係部分獲取。網站 www.farmerbros.com。股東信還作為公司 8-K 表格的附件，可在公司網站和美國證券交易委員會網站 www.sec.gov 上查閱。

A replay of this audio-only webcast will be available approximately 2 hours after the conclusion of this call. The link to the audio replay will also be available on the company's website.

本次電話會議結束後約 2 小時，將提供此純音頻網絡廣播的重播。音頻重播的鏈接也將在公司網站上提供。

Before we begin the call, please note that all of the financial information presented is unaudited and that various remarks made by management during this call, about the company's future expectations, plans and prospects, may constitute forward-looking statements for purposes of the safe harbor provisions under the federal securities laws and regulation. These forward-looking statements represent the company's views only as of today and should not be relied upon as representing the company's views as of any subsequent date.

在我們開始電話會議之前，請注意所提供的所有財務信息均未經審計，管理層在此次電話會議期間就公司未來預期、計劃和前景發表的各種評論可能構成安全港目的的前瞻性陳述聯邦證券法律法規的規定。這些前瞻性陳述僅代表公司截至今天的觀點，不應被視為代表公司在任何後續日期的觀點。

Results could differ materially from those forward-looking statements. Additional information on factors that could cause actual results and other events to differ materially from those forward-looking statements is available in the company's shareholder letter and public filings.

結果可能與那些前瞻性陳述存在重大差異。有關可能導致實際結果和其他事件與這些前瞻性陳述存在重大差異的因素的更多信息，請參閱公司的股東信和公開文件。

On today's call, management will also reference certain non-GAAP financial measures, including adjusted EBITDA and adjusted EBITDA margin in assessing the company's operating performance. Reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures is also included in the company's shareholder letter.

在今天的電話會議上，管理層還將參考某些非 GAAP 財務指標，包括調整後的 EBITDA 和調整後的 EBITDA 利潤率來評估公司的經營業績。這些非 GAAP 財務指標與其最直接可比的 GAAP 指標的對賬也包含在公司的股東信中。

Now I'll turn the call over to Deverl. Deverl, please go ahead.

現在我將電話轉給 Deverl。 Deverl，請繼續。

Good afternoon, and thank you for joining us. I'd like to take this opportunity to discuss some highlights from our third quarter before Scott discusses the financials, and we will take questions.

下午好，感謝您加入我們。在 Scott 討論財務數據之前，我想藉此機會討論我們第三季度的一些亮點，我們將回答問題。

While we did make some slight progress this quarter, our results are not what we or our investors should expect. Progress in restoring sales growth and rebuilding gross margins back toward our targeted 30% level has been challenging. This has been due in part to issues outside of our control in terms of coffee pricing volatility and inflationary impacts on cost in a tough macro environment. But frankly, we know we need to execute better.

雖然本季度我們確實取得了一些小的進展，但我們的結果並不是我們或我們的投資者應該期望的。在恢復銷售增長和將毛利率重建到我們 30% 的目標水平方面取得的進展一直充滿挑戰。這部分是由於在艱難的宏觀環境下咖啡價格波動和通貨膨脹對成本的影響方面我們無法控制的問題。但坦率地說，我們知道我們需要更好地執行。

To that end, we pivoted in the third quarter, implementing critical long-term pricing optimization and production process enhancements, which we believe will put us on a stronger foundation. These efforts are beginning to drive efficiencies and position us to better capture pricing opportunities as we head into the 2024 fiscal year. However, there're near-term costs to implementing these changes, including some short-term disruptions in inventory planning, which impacted our third quarter. As part of these efforts, we launched our new AI-based pricing engine, which is already providing improved, actionable data, enabling us to optimize pricing structures with customers and facilitate our goals toward margin expansion.

為此，我們在第三季度進行了調整，實施了關鍵的長期定價優化和生產流程改進，我們相信這將使我們的基礎更加牢固。這些努力開始提高效率，並使我們能夠在進入 2024 財年時更好地抓住定價機會。然而，實施這些變化會產生短期成本，包括庫存計劃的一些短期中斷，這影響了我們的第三季度。作為這些努力的一部分，我們推出了新的基於人工智能的定價引擎，它已經提供了改進的、可操作的數據，使我們能夠優化與客戶的定價結構，並促進我們實現利潤擴張的目標。

In fact, we have already implemented a coffee price increasing using the data from this tool early in our fiscal fourth quarter. Production wise, we also implemented strategic changes to our customer ordering process, including adopting a longer lead time ordering approach. This effort involves holding more finished goods to better plan for and meet fluctuating customer demand for key items while creating manufacturer efficiencies and that will benefit our cost structure.

事實上，我們已經在第四財季初使用該工具的數據實施了咖啡價格上漲。在生產方面，我們還對客戶訂購流程進行了戰略性調整，包括採用更長交貨期的訂購方法。這項工作涉及持有更多成品，以更好地規劃和滿足客戶對關鍵項目不斷變化的需求，同時提高製造商效率，這將有利於我們的成本結構。

The targeted improvements include realizing lower cost per pound, delivering better margins and generating additional cash flow, all while better serving our customers to improve product availability and quality. The benefits of this new ordering processes are already beginning to appear, with record-setting production at our facilities in recent weeks and lower price per pound. While focusing in on efficiencies in the third quarter, we are also executing on future growth initiatives.

有針對性的改進包括實現更低的每磅成本、提供更高的利潤率和產生更多的現金流，同時更好地服務於我們的客戶以提高產品可用性和質量。這種新訂購流程的好處已經開始顯現，最近幾週我們工廠的產量創下歷史新高，每磅價格也更低。在關注第三季度效率的同時，我們也在執行未來的增長計劃。

During the quarter, we saw tremendous growth from our REVIVE services business unit, securing several new national accounts and successfully launched SHOTT, an innovative line of premium shelf-stable, real fruit syrup concentrates, which we're very excited about. We are already experiencing solid demand from our limited releases on the West Coast and are working to expand its availability.

在本季度，我們看到我們的 REVIVE 服務業務部門取得了巨大的增長，獲得了幾個新的國民客戶，並成功推出了 SHOTT，這是一種創新的優質耐貯存真果糖漿濃縮液系列，我們對此感到非常興奮。我們已經從我們在西海岸的有限版本中感受到了強勁的需求，並正在努力擴大其可用性。

To close, we are firmly committed to improving execution and achieving our financial, operational and strategic goals. At the same time, our Board committee on strategic alternatives and capital allocation is working expeditiously on potential enhancement to our capital and operating structure. Together, both the Board and management are very focused on delivering results for our shareholders, and we will have more to share in the near future.

最後，我們堅定地致力於提高執行力並實現我們的財務、運營和戰略目標。與此同時，我們的戰略選擇和資本分配董事會委員會正在迅速開展工作，以期改善我們的資本和運營結構。董事會和管理層一起非常專注於為我們的股東帶來成果，我們將在不久的將來分享更多。

I will now turn it to Scott. Scott?

我現在將它交給斯科特。斯科特？

Thanks, Deverl. Net sales in the fiscal third quarter of 2023 were $124.2 million, an increase of $4.8 million or 4% compared to the prior year period. The revenue growth reflected pricing increases to date. Gross profit was $28.7 million for the quarter. This results in a slight improvement in gross margin on a quarter-over-quarter basis for the second consecutive quarter.

謝謝，德維爾。 2023 財年第三季度的淨銷售額為 1.242 億美元，比上年同期增加 480 萬美元或 4%。收入增長反映了迄今為止價格的上漲。本季度的毛利潤為 2870 萬美元。這導致毛利率連續第二個季度環比略有改善。

The fiscal third quarter marked the first recent 3-month period, where the average coffee product cost per pound did not increase compared to the prior period, a trend we expect to continue to benefit from.

第三財季標誌著最近 3 個月的第一個時期，每磅咖啡產品的平均成本與上一時期相比沒有增加，我們預計這一趨勢將繼續受益。

Farmer Brothers reported an adjusted EBITDA loss of $800,000 in the third quarter of fiscal 2023, a significant improvement over the previous quarter's $3.1 million loss.

Farmer Brothers 報告稱，2023 財年第三季度調整後的 EBITDA 虧損為 800,000 美元，較上一季度的 310 萬美元虧損有了顯著改善。

Our unrestricted cash balance decreased by $2.5 million from $9.8 million as of June 30, 2022, to $7.3 million as of March 31, 2023.

我們的非限制性現金餘額減少了 250 萬美元，從 2022 年 6 月 30 日的 980 萬美元減少到 2023 年 3 月 31 日的 730 萬美元。

We had an increase in DSD revenues, reflecting increased realization of recent pricing increases. Additionally, we had lower coffee costs, better pound volumes for DSD customers, several new customer wins and a lower customer churn rate.

我們的 DSD 收入有所增加，反映出近期價格上漲的實現有所增加。此外，我們還降低了咖啡成本、為 DSD 客戶提供更好的磅數、贏得了幾個新客戶以及更低的客戶流失率。

In our direct ship customers, we delivered a mid-single-digit year-over-year sales decrease, primarily due to the previously mentioned near-term disruptions as we shifted our production planning process from a make-to-order to a make-to-stock focus. We are now operating at full capacity and anticipate recovering most of the resulting paused sales before the end of this fiscal year.

在我們的直接船舶客戶中，我們實現了中等個位數的同比銷售額下降，這主要是由於前面提到的近期中斷，因為我們將生產計劃流程從按訂單生產轉變為生產-以庫存為重點。我們現在滿負荷運營，預計在本財政年度結束前恢復大部分由此產生的暫停銷售。

Overall, we have exited the third quarter a healthier business than we entered it; though, as Deverl noted, we have a lot of work to do to deliver the results we are committed to delivering. We remain focused on our near-term objectives, which are to continue expanding our margins, improve our capital structure and position the company for sustainable long-term growth.

總的來說，我們第三季度的業務比進入時更健康；不過，正如 Deverl 指出的那樣，我們還有很多工作要做，才能實現我們承諾的結果。我們仍然專注於我們的近期目標，即繼續擴大我們的利潤率，改善我們的資本結構，並為公司的可持續長期增長做好準備。

We will now open it up for questions. Operator?

我們現在將打開它來提問。操作員？

(Operator Instructions) Our first question comes from Brendan Rogers with ROTH MKM.

（操作員說明）我們的第一個問題來自 ROTH MKM 的 Brendan Rogers。

Deverl and Scott, it's actually Gerry Sweeney. Brendan registered for me, so it came up under his name, so my apologies.

Deverl 和 Scott，實際上是 Gerry Sweeney。 Brendan 為我註冊，所以它出現在他的名字下，所以我很抱歉。

I want to start with margins, right? So obviously, that's a lot of focus still down in the low 20s. You're targeting high 20s and eventually into the low 30 range. And as we were progressing through this year, we knew we had some contractual headwinds that were -- are supposed to roll off Q3, Q4. I believe you made some investments that maybe impact the margins in the short term, but then you also have pricing structure changes and then make for stock.

我想從邊距開始，對吧？很明顯，很多注意力仍然集中在 20 多歲以下。您的目標是 20 多歲，最終進入 30 多歲的低範圍。隨著我們今年的進展，我們知道我們遇到了一些合同逆風——應該會在第三季度、第四季度結束。我相信你進行了一些可能會在短期內影響利潤率的投資，但隨後你也會改變定價結構，然後進行庫存。

So there's a lot of moving parts under here that we're looking at margins. And I was hoping maybe you could peel back the onion a little bit and just work through this. How the contractual aspects of pricing, how that's going to work through the system and then look at investments and pricing structure changes and make versus stock, how that's going to impact it over the next couple of quarters? I know that's a lot to unpack there, and it's a little bit of a messy question, but if you could maybe take a shot at it, I appreciate it.

所以這裡有很多活動部件，我們正在研究利潤率。我希望你能把洋蔥剝開一點，然後解決這個問題。定價的合同方面如何，它將如何通過系統運作，然後查看投資和定價結構的變化以及製造與庫存，這將如何影響未來幾個季度？我知道那裡有很多東西要解壓，而且這是一個有點混亂的問題，但如果你能嘗試一下，我將不勝感激。

You bet, Gerry. I think that if you look at it, you're right, it's not where we want it to be. It's not where it needs to be. To start, obviously, and there's a lot in there, but I think the highest level way to look at it, just to try to make it digestible components is that you're right. There's -- we talked about price increases, contractual changes. And I would say that, obviously, for the most part, those are having minimal impact to this point.

你打賭，格里。我認為如果你看一下它，你是對的，它不是我們想要的地方。這不是它需要的地方。首先，很明顯，裡面有很多內容，但我認為最高層次的看待它的方式，只是試圖讓它成為可消化的組成部分，你是對的。有——我們談到了價格上漲、合同變更。我要說的是，很明顯，在大多數情況下，這些影響目前是微乎其微的。

So then you have to flip over to the cost side. And that's where we have seen our coffee costs peak out for both the DSD and direct ship business, a little bit different timing on those because of the way some of our customers handle their pricing on coffee. But we've seen both of those peak and they're starting to decline now. So it's really just us selling through this higher-priced coffee that is on the balance sheet, so that we can get to lower priced coffee and better margins.

因此，您必須轉到成本方面。這就是我們看到 DSD 和直運業務的咖啡成本達到頂峰的地方，由於我們的一些客戶處理咖啡定價的方式，這些時間略有不同。但我們已經看到這兩個峰值，現在開始下降。因此，實際上只是我們通過資產負債表上的高價咖啡進行銷售，這樣我們才能獲得低價咖啡和更高的利潤率。

Another response to that, 2 other primary drivers that are really you'll see as we go forward, we wanted to be sure that we still absolutely see the margin recovery coming. It's just a timing issue at this point. So we expect for the rest of the calendar year here to continue to gain on the margin equation. The efficiencies and the changes and the investments we've made to both our production and how we're going about the production of coffee and handling of coffee, it was almost kind of an investment for the longer term to really, really get efficient and really have efficiencies that we could rely on for a longer period of time versus a short-term fix.

對此的另一個回應是，在我們前進的過程中，你會真正看到其他 2 個主要驅動因素，我們希望確保我們仍然絕對看到利潤率回升。目前只是時間問題。因此，我們預計在今年餘下的時間裡，利潤率將繼續上漲。我們對生產的效率、變化和投資，以及我們如何生產咖啡和處理咖啡，這幾乎是一種長期投資，以真正、真正地提高效率和確實具有我們可以長期依賴的效率，而不是短期修復。

So that did pause a little bit the cost equation, but we absolutely are setting up for a better long-term pricing and cost per pound in the operations. And then finally, we did note that we're taking more pricing action as well. That's the other thing that with coffee having not really fallen much. We're still in the $1.80, $1.90. It's just appropriate to go in and adjust pricing. And the good news is we have much better insights and much better analytics due to the tools and the outside parties we're looking at and working with now.

所以這確實稍微暫停了成本等式，但我們絕對正在為運營中更好的長期定價和每磅成本做準備。最後，我們確實注意到我們也在採取更多的定價行動。這是咖啡並沒有真正下降太多的另一件事。我們仍然在 1.80 美元，1.90 美元。進去調整定價正好合適。好消息是，由於我們現在正在尋找和合作的工具和外部各方，我們有更好的洞察力和更好的分析。

So it's another 1 where we think we're going to have near-term benefits from pricing as the actions that we're taking now as well as get really, really better refinement going forward as well that will really help us with long-term margins again.

所以這是另一個 1，我們認為我們將從定價中獲得短期利益，因為我們現在正在採取行動，並且在未來取得真正、真正更好的改進，這將真正幫助我們實現長期再次保證金。

Got it. And just a follow up on the DSD pricing that you mentioned. It also sounded as though volumes were up and you won some customers. So those price increases have not only been passed through to customers or successfully being passed through to customers, you're still -- you're winning customers as well. So am I reading that correctly?

知道了。只是跟進您提到的 DSD 定價。聽起來好像銷量增加了，你贏得了一些客戶。因此，這些價格上漲不僅已經轉嫁給客戶或成功轉嫁給客戶，你還在——你也在贏得客戶。那我讀對了嗎？

Yes. We've definitely seen the margins -- sorry, the pounds year-over-year in DSD improve. Now I would say, if you look at the quarter and kind of unpack it a little bit, we did have -- January was a little softer again because of those manufacturing changes. We call that a primarily impacted direct ship, but there was some impact to DSD in January. But in March, February and going into April, we're seeing much better pound volume increases and again, yes, customer wins. So definitely momentum within DSD.

是的。我們肯定已經看到了利潤——抱歉，DSD 的磅數同比有所提高。現在我要說的是，如果你看一下這個季度並稍微拆開它，我們確實有 - 由於這些製造變化，1 月份再次變得更加疲軟。我們稱之為主要受影響的直接船舶，但 1 月份對 DSD 有一些影響。但在 3 月、2 月和進入 4 月，我們看到英鎊數量增加得更好，而且，是的，客戶再次獲勝。所以 DSD 內肯定有動力。

Got it. And then switching gears to direct ship. The stock versus make aspect. Is that -- I don't know -- I don't want to -- a standard procedure in the industry? Or are your customers comfortable with that? Or is there any risk that your customers will balk at that and reduce volumes? I understand that certainly, the benefits, longer runs, just more efficiencies, et cetera. Just curious as to how that customer reaction to that process is.

知道了。然後切換齒輪直接運送。庫存與製造方面。這是——我不知道——我不想——行業中的標準程序嗎？或者您的客戶對此感到滿意嗎？或者您的客戶是否會對此猶豫不決並減少數量？我當然明白，好處、更長的運行時間、更高的效率等等。只是好奇客戶對該過程的反應如何。

Yes, Gerry, great question. I'll tell you this. We've gone, since my time here for the last 4 years, in making to order in direct ship. The direct ship peaks trough can vary anywhere from 0 growth to 400% deviation. That reality creates a lot of immediate issues when you're trying to cover those kind of volume fluctuations and forecasting demand for those direct ship customers. In COVID, and currently post-COVID, the supply chain has dramatically shifted. That shift has resulted in basically the elimination of spot market volume within North America.

是的，格里，好問題。我會告訴你這個。自從我過去 4 年在這里工作以來，我們已經開始採用直接發貨的方式進行定制。直接船舶峰谷可以在 0 增長到 400% 偏差之間變化。當您試圖應對這些直接發貨客戶的數量波動和預測需求時，這種現實會產生很多直接問題。在 COVID 和當前 COVID 之後，供應鏈發生了巨大變化。這種轉變導致北美的現貨市場交易量基本消失。

So we said with those longer lead time challenges of getting specialty coffees for certain roast profiles for direct ship customers, fluctuation in demand and forecasting for those customers that we couldn't continue to just service those customers in a make-to-order fashion. So we have changed the way we're producing those to build more stock for them. And by doing that, it's provided us better production efficiencies. We are running better production efficiencies in the last couple of months than we've ever seen. We're actually setting records on cost to serve in the last few months.

因此，我們說，面對為直接運送客戶獲取特定烘焙配置的特色咖啡的交貨時間更長的挑戰、需求波動和對這些客戶的預測，我們不能繼續以按訂單生產的方式為這些客戶提供服務。所以我們改變了生產這些產品的方式，為他們建立更多庫存。通過這樣做，它為我們提供了更好的生產效率。在過去的幾個月裡，我們的生產效率比以往任何時候都高。實際上，我們在過去幾個月中創造了服務成本記錄。

And secondly, it's actually improving the overall service to those direct ship customers because we then have inventory. And if we're missing some amount of inventory and we have the green beans available, then we're able to make up that and not have to make it up in such a dramatic way within a week or a month of them ordering. So we've asked them to lengthen, the challenge for those customers is lengthening their order lead time, that's 1 ramification, and then making sure that we have the green beans pull through and available and close by, because of the lack of the spot market on green beans in the U.S.

其次，它實際上改善了對那些直接發貨客戶的整體服務，因為我們有庫存。如果我們缺少一些庫存並且我們有可用的生豆，那麼我們能夠彌補這一點，而不必在他們訂購後的一周或一個月內以如此戲劇性的方式彌補。所以我們要求他們延長，這些客戶面臨的挑戰是延長他們的訂單提前期，這是 1 個分支，然後確保我們有生豆通過並在附近可用，因為缺乏現貨美國綠豆市場

And then we're building the inventory based on those overruns. And that's provided us some success that we knew it would be good, but we didn't know it'd be as good as what we witnessed in the recent weeks and months. And so that is kind of the outcome of that. And that's investment that we made in this last quarter that we saw some costs absorbed through that and increases. And now we're coming out of it, and it's paying some dividends as we move at the end of that quarter and move into the current quarter.

然後我們根據這些超支建立庫存。這為我們提供了一些成功，我們知道它會很好，但我們不知道它會像最近幾周和幾個月所看到的那樣好。這就是那種結果。這是我們在上個季度進行的投資，我們看到一些成本被吸收並增加了。現在我們正在擺脫它，並且隨著我們在該季度末移動並進入當前季度，它正在支付一些紅利。

Got it. Just a couple of more quick questions. In the shareholder letter, you talked a little bit about the debt covenants or a waiver for the June forward covenants. And there was a sense of -- not security, but you had a level of confidence that you can obtain that waiver. I mean, any -- can you comment on what provides that sense of security or higher level of confidence that you're going to obtain that waiver?

知道了。只是幾個更快速的問題。在股東信中，您談到了債務契約或 6 月遠期契約的豁免。並且有一種 - 不是安全感，但你有一定程度的信心，你可以獲得豁免。我的意思是，您能否評論一下是什麼提供了您將獲得豁免的安全感或更高水平的信心？

Yes, sure. No details, obviously, at this time, but the fact that margin is a top priority and the capital structure is a top priority. So we've continued conversations with our banking partners. We have a good relationship. We feel it's very supportive both directions. We have solutions that we're working through. They just take a little bit of time, but we have -- and worst case scenario, obviously, we have other backup solutions. So we just -- we're highly confident that we'll be able to resolve that before we have any type of formal covenant testing later this fall.

是的，當然。顯然，此時沒有細節，但保證金是重中之重，資本結構是重中之重。因此，我們繼續與我們的銀行合作夥伴進行對話。我們的關係很好。我們覺得這對兩個方向都非常支持。我們有正在努力解決的解決方案。他們只需要一點時間，但我們有——最壞的情況，顯然，我們有其他備份解決方案。所以我們只是 - 我們非常有信心，我們將能夠在今年秋天晚些時候進行任何類型的正式契約測試之前解決這個問題。

Got it. And then does some of that go hand in hand with the strategic alternatives and -- that the Board is exploring? And then the part B to that question would be sort of, do you sort of have a time line when you're going to announce some of those strategic alternatives or moves or however you want to phrase it?

知道了。然後，其中一些是否與董事會正在探索的戰略備選方案齊頭並進？然後該問題的 B 部分是，當您要宣布某些戰略選擇或舉措時，您是否有時間線，或者您想要用什麼措辭來表達？

Well, as you know, Gerry, we announced at the end of last year, the formation of the strategic committee. They've continued to meet. They're aggressively reviewing, as we've stated. To date, all alternatives have been evaluated and we, as a management committee and team, have continued to provide them lots of alternatives that they're considering. We're moving on a very tight time line given the nature of the business and nature of the global economic pressures that we're all under and tied to the question you just asked. So we will be hopeful that we'll have news in the short order to come back and start to lay out some of the actions of that committee.

嗯，正如你所知，格里，我們在去年年底宣布成立戰略委員會。他們繼續見面。正如我們所說，他們正在積極審查。迄今為止，所有備選方案都已經過評估，我們作為管理委員會和團隊，繼續為他們提供他們正在考慮的許多備選方案。鑑於業務的性質和全球經濟壓力的性質，我們都面臨並與您剛才提出的問題相關，我們的時間非常緊迫。因此，我們希望我們能在短期內收到消息，並開始製定該委員會的一些行動。

This concludes our question-and-answer session. I would like to turn the conference back over to the Deverl Maserang for any closing remarks. Please go ahead, sir.

我們的問答環節到此結束。我想將會議轉回給 Deverl Maserang，聽取任何閉幕詞。請繼續，先生。

Thank you, operator, and thanks again, everyone, for joining our call today. We know we have a lot of work to do to achieve our goals, but we're confident we're moving in the right direction and the actions we've taken combined with an improving pricing and operating environment point to future upside. We want to emphasize here that both the Board and management are moving with a strong sense of urgency and we look forward to keeping you posted on our progress in the coming weeks and months. Thank you.

謝謝接線員，再次感謝大家今天加入我們的電話會議。我們知道要實現我們的目標還有很多工作要做，但我們相信我們正朝著正確的方向前進，我們採取的行動與改善的定價和運營環境相結合預示著未來的上行空間。我們想在這裡強調，董事會和管理層都懷著強烈的緊迫感採取行動，我們期待在未來幾周和幾個月內讓您了解我們的進展情況。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may disconnect your lines at this time.

會議現已結束。感謝您參加今天的演講。此時您可以斷開線路。