FutureFuel Corp (FF) 2015 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the FutureFuel 2015 second-quarter conference call. (Operator Instructions). As a reminder, this conference is being recorded today, August 11, 2015.

女士們先生們，謝謝你們的支持。歡迎參加 FutureFuel 2015 年第二季電話會議。（操作員說明）。謹此提醒，本次會議的錄音日期為今天，即 2015 年 8 月 11 日。

I would now like to turn the call over to Mr. Paul Flynn, Executive Vice President of Business and Marketing for FutureFuel Corp. Please go ahead, sir.

我現在想將電話轉給 FutureFuel Corp. 業務和行銷執行副總裁 Paul Flynn 先生。請繼續，先生。

Hi. Good morning, everyone, and thank you for participating in our Q2 earnings call. This is Paul Flynn and today I'm going to discuss FutureFuel's 2015 second-quarter financial review. Joining me on today's call is our Chief Financial Officer, Rose Sparks.

你好。大家早安，感謝您參加我們的第二季財報電話會議。我是 Paul Flynn，今天我將討論 FutureFuel 的 2015 年第二季財務回顧。參加今天電話會議的是我們的財務長 Rose Sparks。

I plan to cover some highlights of the second quarter, and then turn the call over to Rose for a more detailed financial review of our results. We have prepared a short slide deck, which should appear automatically with the webcast, but you will need to manually advance the slides forward as prompted.

我計劃介紹第二季度的一些亮點，然後將電話轉給羅斯，讓他對我們的業績進行更詳細的財務審查。我們準備了一個簡短的幻燈片，它應該會隨網路廣播自動出現，但您需要根據提示手動向前推進幻燈片。

For those of you who are dialing in, the slide deck can be downloaded from the investor section of our website at www.FutureFuelCorporation.com.

對於撥入電話的人，可以從我們網站 www.FutureFuelCorporation.com 的投資者部分下載幻燈片。

Turning to slide 2, I would like to remind listeners that comments made during this call will include forward-looking statements within the meaning of federal securities laws. These forward-looking statements involve risks and uncertainties that could cause actual results to be materially different from any anticipated results. For a list and description of these risks and uncertainties, please review FutureFuel's filings with the Securities and Exchange Commission.

轉向投影片 2，我想提醒聽眾，本次電話會議中發表的評論將包括聯邦證券法含義內的前瞻性陳述。這些前瞻性陳述涉及風險和不確定性，可能導致實際結果與任何預期結果有重大差異。有關這些風險和不確定性的清單和描述，請查看 FutureFuel 向美國證券交易委員會提交的文件。

Please also note that content of this call contains time-sensitive information that is accurate only as of the date of this call, today, August 11, 2015. FutureFuel disclaims any intention or obligation to update or revise any financial projections or forward-looking statements that are a result of new information, future events, or otherwise.

另請注意，本次電話會議的內容包含時間敏感訊息，僅截至本次電話會議日期（即今天，2015 年 8 月 11 日）準確。FutureFuel 不承擔任何更新或修改因新資訊、未來事件或其他原因而產生的任何財務預測或前瞻性陳述的意圖或義務。

With that, I would like to turn our attention over to second-quarter highlights on slide 3.

說到這裡，我想將我們的注意力轉向幻燈片 3 上的第二季亮點。

We reported revenues of $104.6 million in Q2, which was a 54% increase from second-quarter 2014. This growth in revenue was supported or driven by an increase in sales of petroleum products on a common carrier pipeline and increased sales volumes of biodiesel product.

我們報告第二季營收為 1.046 億美元，比 2014 年第二季成長 54%。收入的成長受到公共運輸管道上石油產品銷售的增加以及生物柴油產品銷售的增加的支持或推動。

Chemical sales revenue was essentially flat at $32.7 million. Growth of newer products lines offset sales declines of legacy laundry and legacy herbicide products. We did see some softness in product sales to the energy exploration and ag chemistry markets.

化學品銷售收入基本持平，為 3,270 萬美元。新產品線的成長抵消了傳統洗衣精和傳統除草劑產品的銷售下降。我們確實看到能源勘探和農業化學市場的產品銷售出現一些疲軟。

Our adjusted EBITDA of $9.3 million was a 39% increase from Q2 2014. Net income for the quarter decreased to $3.8 million from $5.3 million or $0.12 per diluted share in Q2 2014. Some of this was associated with losses on the derivative instruments, which Rose can further expand on.

我們調整後的 EBITDA 為 930 萬美元，比 2014 年第二季成長了 39%。該季度淨利潤從 2014 年第二季的 530 萬美元下降至 380 萬美元，即稀釋後每股收益 0.12 美元。其中一些與衍生性工具的損失有關，羅斯可以進一步擴大損失。

We as a company continued to develop refined glycerin market. This is a biodiesel byproduct, which helps support our overall biodiesel production economics, and we do anticipate sales of NOBS, our bleach activator product, to P&G in 2016 as some of these volumes that we currently are producing are being deferred for sales into 2016.

我們作為一家公司不斷開發精製甘油市場。這是一種生物柴油副產品，有助於支持我們整體生物柴油生產的經濟性，我們預計2016 年將我們的漂白活化劑產品NOBS 銷售給寶潔公司，因為我們目前生產的部分產品將推遲到2016 年銷售。

With that, I will turn it over to Rose for a more detailed review of our financials.

這樣，我會將其轉交給羅斯，以對我們的財務狀況進行更詳細的審查。

Thank you, Paul, and welcome to today's call. Please turn to slide 4 for a review of our consolidated financial results.

謝謝你，保羅，歡迎參加今天的電話會議。請翻至投影片 4，查看我們的綜合財務表現。

For the second quarter, revenue, as Paul said, increased 53.7% to $104.6 million from $68 million in the second quarter of 2014. Net income decreased 28.3% to $3.8 million or $0.09 per diluted share, as compared to $5.3 million or $0.12 per diluted share in the prior period. This decrease in net income resulted from higher losses on derivative instruments, increased rent inventory in our biofuel segment, and reduced gains for marketable securities, which were partially mitigated by improved margins from the chemical segment.

Paul 表示，第二季的營收從 2014 年第二季的 6,800 萬美元成長了 53.7%，達到 1.046 億美元。淨利潤下降 28.3% 至 380 萬美元，即稀釋後每股收益 0.09 美元，而上一期淨利潤為 530 萬美元，即稀釋後每股收益 0.12 美元。淨利潤下降的原因是衍生性工具損失增加、生物燃料部門的租金庫存增加以及有價證券收益減少，而化學部門利潤率的提高部分緩解了這些損失。

Turning to slide 5 for our chemical segment, second-quarter revenues as previously noted were flat. The decline in the bleach activator revenue of 47% from the prior-year quarter was completely offset by increased sales volumes from the proprietary herbicide intermediate, which increased 75%, along with a 25% increase in our industrial intermediates and other custom products.

轉向我們的化學部門的幻燈片 5，如前所述，第二季收入持平。漂白活化劑收入較上年同期下降 47%，但完全被專有除草劑中間體銷量增長 75% 以及我們的工業中間體和其他定制產品銷量增長 25% 所抵消。

Gross profit increased 40% or $2.9 million from the second quarter of 2014 to $10 million in the second quarter of 2015. This increase was driven from process and yield improvements inclusive of the proprietary herbicide plant, as well as the benefit of product mix.

毛利比 2014 年第二季的 290 萬美元成長了 40%，達到 2015 年第二季的 1,000 萬美元。這一增長得益於製程和產量的改進，包括專有除草劑工廠以及產品組合的優勢。

Also note from this slide our chemical sales revenue was 31% of consolidated revenue, as compared to 48% in the second quarter of 2014.

另請注意，從這張投影片中我們的化學品銷售收入佔合併收入的 31%，而 2014 年第二季為 48%。

Turning to slide 6 for our biofuels segment, second-quarter 2015 revenue was $71.9 million versus $35.4 million in the second quarter of 2014. Revenues from petroleum sold on common carrier pipelines increased $27.4 million. Sales revenue for biodiesel, diesel, and biodiesel blends was higher on a 75% volume increase, reduced by lower average selling prices following worldwide trends of energy pricing.

轉向幻燈片 6，了解我們的生物燃料部門，2015 年第二季的收入為 7,190 萬美元，而 2014 年第二季的收入為 3,540 萬美元。透過公共運輸管道銷售的石油收入增加了 2,740 萬美元。生質柴油、柴油和生質柴油混合料的銷售收入較高，銷量成長了 75%，但由於全球能源定價趨勢導致平均銷售價格下降，銷售收入下降。

Gross profit declined to a loss of $4.5 million, as compared to a loss of $0.5 million in the second quarter of 2014. The reduction in profit was attributed to the change in derivative losses of $3.1 million in the second quarter of 2015 as compared to a loss of $0.2 million in the second quarter of 2014, as well as the RINs that were produced in the second quarter of 2015, but not sold and held in inventory at quarter-end.

毛利下降至虧損 450 萬美元，而 2014 年第二季為虧損 50 萬美元。利潤減少的原因是2015年第二季衍生性商品損失為310萬美元，而2014年第二季為20萬美元，以及2015年第二季產生的RIN ，但在季度末未出售並保留在庫存中。

Turning to slide 7, six-month consolidated results, revenue increased $5.6 million or $8.4 million higher than the first six months of 2014. The increase in the proprietary herbicide intermediate with the other custom chemical growth more than offset a 34% decline in the bleach activator.

轉向幻燈片 7，六個月的綜合業績，收入增加了 560 萬美元，比 2014 年前六個月增加了 840 萬美元。專有除草劑中間體與其他客製化化學品的成長抵消了漂白活化劑 34% 的下降。

Net income increased 3% to $11.9 million on improved profit from chemicals and the benefit of the change in costs determined from the LIFO method of inventory, which carried over from the first quarter of 2015. Net income was impacted by higher losses on derivative instruments, again the significant RIN inventory held at quarter-end when such inventory did not exist in the prior-year period, and reduced gains on marketable securities and interest income.

由於化學品利潤提高以及從 2015 年第一季結轉的後進先出庫存法確定的成本變化帶來的好處，淨利潤增長了 3%，達到 1,190 萬美元。淨利潤受到衍生性工具損失增加、季末持有大量 RIN 庫存（而去年同期不存在此類庫存）以及有價證券收益和利息收入減少的影響。

And Paul, that concludes my remarks. I will turn the call back over to you.

保羅，我的發言到此結束。我會將電話轉回給您。

Thank you, Rose. Nice job.

謝謝你，羅斯。幹得好。

I had just a couple of quick points before we turn it over for questions. The first one is around growth in our chemical business. We were anticipating that we would have a stronger Q1 and Q2 in chemicals. We had some softness in product lines being sold into the ag chemistry and energy exploration markets that we probably will see continue through the end of the year.

在我們將其轉交提問之前，我只想簡單說幾點。第一個是我們化學業務的成長。我們預計化學品領域的第一季和第二季將會更加強勁。我們銷往農業化學和能源勘探市場的產品線有些疲軟，我們可能會看到這種情況持續到今年年底。

With regard to bleach activator, as noted in previous calls we had a contract with P&G, which was due to expire at the end of 2016 and had contract minimums in excess of what they could use in 2015, resulting in P&G deciding to exercise an early provision term of that contract. Some of these volumes have been deferred to 2016 and will show up in our financial statements next year. Our current business performance reflects these reduced volumes for 2015.

關於漂白活化劑，正如先前電話中提到的，我們與寶潔公司簽訂了一份合同，該合同將於2016 年底到期，並且合同最低金額超出了他們2015 年的可用量，導致寶潔公司決定提前行使該合約的規定期限。其中一些數量已推遲到 2016 年，並將在明年的財務報表中反映出來。我們目前的業務表現反映了 2015 年銷售量的減少。

As again, we are a long-term supplier with P&G, we have a very good relationship, and we continue to work hard to extend NOBS production beyond 2016.

再次強調，我們是寶潔公司的長期供應商，我們有著非常好的關係，我們將繼續努力將 NOBS 的生產擴展到 2016 年以後。

A couple of comments on biofuels. On May 29, we welcomed from the EPA the proposed RVOs for biomass-based biodiesel through 2017. We believe this does a lot to reduce uncertainty for the biodiesel industry and we would very much welcome reinstatement of the $1 tax credit being proposed by the Senate Finance Committee, in particular if this was implemented as a US producers tax credit.

關於生物燃料的一些評論。5 月 29 日，我們歡迎 EPA 提議的 2017 年生物質基生物柴油 RVO。我們相信這對減少生質柴油產業的不確定性有很大幫助，我們非常歡迎參議院財務委員會提議恢復 1 美元稅收抵免，特別是如果這是作為美國生產商稅收抵免實施的話。

With that, we will turn it over to Q&A.

至此，我們將把它轉入問答環節。

(Operator Instructions). Craig Irwin, ROTH Capital Partners.

（操作員說明）。克雷格歐文，羅仕資本合夥人。

Good morning and thank you for taking my questions. First, Paul, I wanted to ask about the basis of the supply arrangement with P&G in 2016. Is there expected to be an addition to the existing contract or an extension of the existing contract that would govern pricing, or is there some other mechanism that maybe you can describe for us that would accommodate continued volumes of supply into 2016?

早上好，感謝您回答我的問題。首先，Paul，我想問2016年與寶潔公司的供貨安排的依據。是否預計會對現有合約進行補充或延長現有合約來管理定價，或者您可以為我們描述一些其他機制，以適應 2016 年的持續供應量？

I guess -- thanks, Craig, for your question. There is two questions I interpreted that is -- so we are working diligently beyond 2016 to extend supply of NOBS to P&G and other companies, which we are actively pursuing. But until we have some signed agreements in place and that's really defined, I can't really comment too much on it at this moment.

我想——謝謝克雷格的提問。我解釋了兩個問題，那就是——所以我們正在2016年以後努力工作，以擴大對寶潔公司和其他公司的NOBS供應，這是我們正在積極追求的。但在我們簽署一些協議並真正確定之前，我目前無法對此發表太多評論。

Okay, and then previously, the last time you renewed this agreement with P&G, it was opened up where you can supply this to other third parties that may have been using bleach activators, but were not using the NOBS proprietary product from P&G and FutureFuel. Can you scope out for us where things are in the process of potentially capturing third-party demand, whether or not you have active serious discussions with different parties, and how many parties you consider could potentially have demand for that product?

好的，之前，上次您與 P&G 續簽此協議時，它已開放，您可以將其提供給可能一直使用漂白活化劑但未使用 P&G 和 FutureFuel 的 NOBS 專有產品的其他第三方。您能否為我們了解哪些方面正在潛在地捕獲第三方需求，無論您是否與不同各方進行了積極認真的討論，以及您認為有多少方可能對該產品有需求？

I think that's a really good question and thank you for asking it. The challenge we have had in the past, we have had some patents related to NOBS in formulation patents of formulating the detergent that were really challenging our ability to grow the business outside of P&G.

我認為這是一個非常好的問題，感謝您提出這個問題。我們過去遇到的挑戰是，我們在配製洗滌劑的配方專利中擁有一些與 NOBS 相關的專利，這確實挑戰了我們在寶潔公司之外發展業務的能力。

Since that time, we have secured rights to those patents with sublicensing rights, which has really created a much more -- a greater level of intensity of growing of NOBS business outside P&G. In our competitive evaluations, when a product -- when it is added to even commercial detergent, it does make a significant difference.

從那時起，我們就透過再授權權獲得了這些專利的權利，這確實為寶潔公司以外的 NOBS 業務帶來了更大程度的成長。在我們的競爭性評估中，當產品添加到商業洗滌劑中時，它確實會產生顯著的變化。

But we are working really, really hard to grow the business outside of P&G right now.

但我們現在正在非常非常努力地發展寶潔公司以外的業務。

Okay. Then my next question was about the rest of the plant, not the unit that is used for P&G. But I understand you have a batch-based production, so it's not -- there is no perfect estimate. But by your estimate, what would you say the approximate level of utilization is in your plant, obviously excluding this P&G unit and then excluding biodiesel?

好的。然後我的下一個問題是關於工廠的其餘部分，而不是寶潔公司使用的單元。但我知道你們有大量生產，所以沒有——沒有完美的估計。但根據您的估計，您認為您的工廠的利用率大約是多少，顯然不包括這個寶潔部門，然後也不包括生質柴油？

So, I can't give you a specific number. We have lots of room to grow in our plant and we sometimes will have batch reactors. It is not uncommon for us to substitute out a smaller reactor for a bigger reactor to expand capacity. So we have ample room to grow and expand our batch production as needed.

所以，我無法給你一個具體的數字。我們的工廠有很大的發展空間，有時我們會有間歇式反應器。我們用較小的反應器替代較大的反應器來擴大容量的情況並不罕見。因此，我們有足夠的空間根據需要成長和擴大大量生產。

Okay. My next question is related to the biodiesel side. Can you remind us the -- well, can you maybe confirm for us -- historically, the Company has talked about being blender of record for roughly 15% of its own production. Can you maybe comment about that, whether or not that carries through to today?

好的。我的下一個問題與生物柴油方面有關。您能否提醒我們——好吧，您能否為我們確認一下——歷史上，該公司曾說過要成為創紀錄的攪拌機，其產量約佔其自身產量的 15%。您能否對此發表評論，無論這是否延續到今天？

Rose, do you mind taking that one?

羅斯，你介意拿走那個嗎？

We actually do not disclose that reference. Craig, I apologize. I am not sure where that 15% came from.

實際上我們並沒有透露該參考資料。克雷格，我道歉。我不知道這15%是從哪裡來的。

It just depends on what the market is doing as to whether or not we are the blender of record. As you know, we sell large quantities to obligated parties where we have the RINs attached. And in terms of the blender credit and the provision for it, if the blender credit were to be reinstated, FutureFuel has a provision on every sale to gain from the value of the blender credit being reinstated.

我們是否是創紀錄的攪拌機，只取決於市場的表現。如您所知，我們向附有 RIN 的義務方大量銷售。就混合機信用及其準備金而言，如果混合機信用要恢復，FutureFuel 會對每筆銷售提供一項準備金，以便從恢復的混合機信用價值中獲利。

I'm not sure if that's where you're going with the question, Craig, but future (multiple speakers) does make --

克雷格，我不確定你是否要問這個問題，但未來（多個發言者）確實會——

Where I am going with it is this, right, I will cut to the chase. Historically, I'm pretty sure Lee has said in public multiple times when he was President and Chief Executive Officer that roughly 15% of production, you generated your own RINs. You were the blender of record.

我要說的就是這個，對吧，我就開門見山吧。從歷史上看，我很確定 Lee 在擔任總裁兼執行長時曾多次公開表示，大約 15% 的產量是您自己產生的 RIN。你是創紀錄的攪拌機。

So where I was going with that is if we assume that you produced at full capacity, which is probably an optimistic assumption, and we take the RIN price, it's just a little bit more than $2 million in RIN generation on your own balance sheet in the quarter. So I was wondering if you could scope out for us whether or not you were something close to that in your build of RINs on the balance sheet that impacted overall profitability for the Company?

因此，我的想法是，如果我們假設您滿載生產，這可能是樂觀的假設，而我們採用 RIN 價格，您自己的資產負債表上的 RIN 發電量僅略高於 200 萬美元。 。所以我想知道您是否可以幫我們看看您在資產負債表上建立的 RIN 是否接近影響公司整體獲利能力的情況？

Fair question, Craig, yes. You are spot on with the approximate value of the RINs that we held in inventory, but I can tell you again that as far as the actual blend ratio, it just depends on what the market is doing as to whether or not we are the actual blender of record and where we are the -- separating the RINs and holding the RINs in the market. But yes, in terms of the RIN inventory to the value of the quarter, you are approximately right.

公平的問題，克雷格，是的。您對我們庫存中的 RIN 的大概價值是準確的，但我可以再次告訴您，就實際的混合比例而言，這僅取決於市場的表現，我們是否是實際的記錄的混合者和我們所處的位置——分開RIN 並將RIN 保留在市場上。但是，是的，就 RIN 庫存與季度價值而言，您大致是正確的。

Okay, excellent. And then my next question, last quarter your biodiesel profitability was surprisingly strong. This quarter, if we back out the effect of your hedge positions and back out the impact of RIN inventories, it looks like you have trailed some of your other competitors. Can you maybe discuss with us whether there was something that impacted profitability, if there was a prior feedstock purchase commitment or something else that maybe had you perform differently than the market in this quarter?

好的，非常好。然後我的下一個問題是，上個季度你們的生物柴油獲利能力出乎意料地強勁。本季度，如果我們取消對沖頭寸的影響並取消 RIN 庫存的影響，那麼看起來您已經落後於其他一些競爭對手。您能否與我們討論是否有一些因素影響了盈利能力，是否有先前的原料購買承諾或其他可能使您在本季度的表現與市場不同的因素？

Paul, I can answer that. Basically for the first quarter, we benefited from significant carryover of biodiesel that was held in tank that had the benefit of the $1 blend credit that was retroactively reinstated in 2014. So that's one significant difference in the first quarter and the second quarter.

保羅，我可以回答這個問題。基本上在第一季度，我們受益於大量儲存在罐中的生物柴油結轉，這得益於 2014 年追溯恢復的 1 美元混合信貸。這是第一季和第二季的一個顯著差異。

Another difference is the fact that there was reduced spread on the selling price versus the feedstock prices. And then, thirdly, we have already talked about the impact of the RINs that were held in inventory that were produced in the quarter, but not sold.

另一個區別是銷售價格與原料價格之間的價差縮小了。第三，我們已經討論過本季生產但未銷售的庫存中的 RIN 的影響。

Okay, and then (multiple speakers) -- but as far as performance versus the market, are you comfortable with the execution in the quarter? Even though backing out the two specific items that impacted the biodiesel gross margins, it looks like you were more or less breakeven to slightly negative. Are you comfortable with the execution in that segment in the quarter?

好的，然後（多個發言者）——但就業績與市場而言，您對本季的執行情況感到滿意嗎？儘管取消了影響生質柴油毛利率的兩個具體項目，但看起來您的損益平衡點或多或少略有負值。您對該季度該細分市場的執行感到滿意嗎？

Yes, I am comfortable. I think if we could -- actually, I am very happy about the EPA coming out and setting some targets of when they might issue their final mandate. I do believe that the industry will benefit a great deal by the final mandate being issued later this year.

是的，我很舒服。我認為，如果我們能夠——事實上，我很高興美國環保署出來設定一些目標，確定何時發布最終授權。我確實相信，今年稍後發布的最終授權將使該行業受益匪淺。

But in terms of our operation, it is also difficult. I will remind you that we do have from our derivatives gains and losses. There is not -- some of the losses that we are incurring aren't perfectly matched to our cost of sales, and so there is some profitability that potentially will be realized in a subsequent quarter, so keep that in mind as well, Craig.

但就我們的操作而言，也是有困難的。我要提醒您的是，我們確實從衍生性商品中獲得收益和損失。沒有——我們遭受的一些損失與我們的銷售成本並不完全匹配，因此有可能在接下來的季度實現一些盈利能力，所以克雷格也請記住這一點。

Understood, understood. So most people that follow your Company, like myself, will agree with you and believe that the blenders credit is going to be reinstated specifically with the Senate Finance Committee activity, moving it forward in the last couple weeks.

明白了，明白了。因此，大多數關注貴公司的人，例如我自己，都會同意你的觀點，並相信攪拌機信用將隨著參議院財務委員會的活動而恢復，並在過去幾週內向前推進。

One of your major competitors gave some numbers recently that point to them retaining about 30% to 35% of the value of $1 a gallon blenders credit that is going to be available. They would expect something like that on all of the gallons that they produce. Can you update us whether or not you would expect something similar or if there is something structurally that would cause FutureFuel to maybe have a different outcome there?

您的一個主要競爭對手最近給出了一些數據，表明他們保留了即將提供的每加侖 1 美元攪拌機信用額的大約 30% 到 35%。他們期望他們生產的所有加侖都有類似的情況。您能否向我們通報您是否期望出現類似的情況，或者是否存在結構上的原因導致 FutureFuel 可能會產生不同的結果？

I am sorry, Craig. I am not at liberty to disclose that at this point.

對不起，克雷格。目前我還不能隨意透露這一點。

Okay, excellent. Thank you for taking my questions.

好的，非常好。感謝您回答我的問題。

(Operator Instructions). I am showing no further questions at this time and I would like to turn the conference back over to Mr. Paul Flynn for any further remarks.

（操作員說明）。我目前沒有提出任何進一步的問題，我想將會議轉回保羅弗林先生進行進一步的評論。

No, I don't have any concluding remarks, other than thank all our participants for their continued interest and support of FutureFuel, and we look forward to hearing from you again for our next quarter update.

不，我沒有任何結束語，除了感謝所有參與者對 FutureFuel 的持續關注和支持，我們期待再次收到您的來信，以了解我們的下季度更新。

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program and you may all disconnect. Everyone, have a great day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了程序，你們都可以斷開連接。大家，祝你有美好的一天。