FGI Industries Ltd (FGI) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the FGI Industries, Inc. second quarter 2024 Results Conference Call. (Operator Instructions) This call is being recorded on Thursday, August 8, 2024.

早安，女士們、先生們，歡迎參加 FGI Industries, Inc. 2024 年第二季業績電話會議。（操作員說明）此通話錄音時間為 2024 年 8 月 8 日星期四。

I would now like to turn the conference over to Jae Chung, Vice President of Investor Relations at FGI Industries. Please go ahead.

現在我想將會議交給 FGI Industries 投資者關係副總裁 Jae Chung。請繼續。

Thank you. Welcome to FGI Industries' 2024 second quarter results conference call. Leading the call today are President and CEO, David Bruce; and Chief Financial Officer, Perry Lin. We issued a press release after the market closed yesterday detailing our recent operational and financial results.

謝謝。歡迎參加 FGI Industries 2024 年第二季業績電話會議。今天主持會議的是總裁兼執行長 David Bruce；和財務長 Perry Lin。昨天收盤後，我們發布了一份新聞稿，詳細介紹了我們最近的營運和財務表現。

I would like to remind you that management's commentary and responses to questions on today's conference call may include forward-looking statements, which, by their nature, are uncertain and outside of the company's control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ materially.

我想提醒您，管理層在今天的電話會議上的評論和對問題的回答可能包括前瞻性陳述，這些陳述本質上是不確定的，超出了公司的控制範圍。儘管這些前瞻性陳述是基於管理階層目前的預期和信念，但實際結果可能存在重大差異。

For a discussion of some of the factors that could cause actual results to differ, please refer to the Risk Factors section of our latest filings with the SEC. Additionally, please note that you can find reconciliations of historical non-GAAP financial measures in the press release issued yesterday and in the appendix of this presentation, which is available on the company's website.

有關可能導致實際結果不同的一些因素的討論，請參閱我們向 SEC 提交的最新文件中的風險因素部分。此外，請注意，您可以在昨天發布的新聞稿和本簡報的附錄中找到歷史非公認會計準則財務指標的調節表，該附錄可在公司網站上找到。

Today's call will begin with a performance review and strategic update from Dave Bruce, followed by a financial review from Perry Lin. At the conclusion of these prepared remarks, we will open the line for questions.

今天的電話會議首先由 Dave Bruce 進行績效評估和策略更新，然後由 Perry Lin 進行財務評估。在準備好的發言結束後，我們將開放提問專線。

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

這樣，我會將電話轉給戴夫。

Thank you, Jae. Good morning, everyone, and thank you for joining our call today. I am pleased to share our second quarter results reflected the strategic investments we've made in our organic growth initiatives across our brands, products and channels, or BPC strategy.

謝謝你，傑。大家早安，感謝您今天加入我們的電話會議。我很高興與大家分享我們第二季的業績，這反映了我們對品牌、產品和通路的有機成長計劃或 BPC 策略的策略性投資。

FGI reported total revenue of $29.4 million in the quarter, representing a year-over-year increase of 0.6%. Gross profit was $9 million, reflecting growth of 11.9% compared to our prior year. Gross margin improved to 30.5%, an increase of 310 basis points compared to the second quarter of 2023. The industry outlook remains relatively flat overall with our customers forecasting minimal growth in 2024.

FGI報告本季總營收為2,940萬美元，年增0.6%。毛利為 900 萬美元，較上年成長 11.9%。毛利率改善至30.5%，較2023年第二季增加310個基點。產業前景整體仍相對平淡，我們的客戶預測 2024 年成長極小。

During the second quarter, some of our shipments experienced extended lead times and delays, due in part to our transition to SAP enterprise software and continued industry-wide import logistics challenges. This impacted our second quarter results. Freight rates have more than doubled since December 2023, and we are closely tracking prices for the remainder of 2024. We expect to fulfill the delayed shipments in the second half of the year.

第二季度，我們的一些發貨經歷了交貨時間延長和延誤，部分原因是我們向 SAP 企業軟體的過渡以及全行業進口物流持續面臨的挑戰。這影響了我們第二季的業績。自 2023 年 12 月以來，運費上漲了一倍多，我們正在密切追蹤 2024 年剩餘時間的價格。我們預計將在下半年完成延遲的出貨。

Sanitaryware revenue declined 8% year-over-year in the quarter. We remain optimistic about Flush Guard in the second half of 2024. We continue to shift towards lower-priced offerings in our Bath Furniture segment and are excited about our assortment and new programs that are more aligned with the market pricing and design trends. The Shower Systems business benefited from new customer programs, reporting an increase in revenue of 37% compared to the same period last year.

本季衛生潔具收入較去年同期下降 8%。我們對 2024 年下半年 Flush Guard 保持樂觀。我們繼續轉向浴室家具領域的低價產品，並對我們更符合市場定價和設計趨勢的品種和新計劃感到興奮。淋浴系統業務受益於新客戶計劃，營收較去年同期成長 37%。

In custom kitchen cabinetry, Covered Bridge revenue increased 66% in the quarter, driven by continued strong dealer and customer expansion across the US Isla Porter, our digital-only custom kitchen joint venture is setting the stage for its official launch. Isla Porter aims to establish a relationship with the premium designer community with on-trend products via an AI-backed digital sales platform.

在客製化廚房櫥櫃方面，受美國經銷商和客戶持續強勁擴張的推動，Covered Bridge 本季度收入增長了 66%，我們的純數位客製化廚房合資企業正在為其正式啟動奠定基礎。Isla Porter 旨在透過人工智慧支援的數位銷售平台，透過流行產品與優質設計師社群建立關係。

Our geographic expansion plans in Europe and India holds significant promise of driving growth. During the quarter, we opened an office in a showroom in India and engaged new distribution partners in the burgeoning bath market.

我們在歐洲和印度的地域擴張計劃有望推動成長。本季度，我們在印度的陳列室開設了辦事處，並在蓬勃發展的沐浴市場中聘請了新的分銷合作夥伴。

Our strategic growth initiatives are progressing well and are expected to fuel above-market organic future growth. I commend our FGI team for their dedication to our long-term objectives, positioning the company for success in 2024 and beyond.

我們的策略性成長計畫進展順利，預計將推動未來高於市場的有機成長。我讚揚我們的 FGI 團隊致力於實現我們的長期目標，幫助公司在 2024 年及以後取得成功。

With that, I'll hand it over to Perry for a more detailed financial review.

這樣，我會將其交給佩里進行更詳細的財務審查。

Thank you, Dave, and good morning, everyone. I will begin by providing additional details on the quarter, followed by an update on our current liquidity and balance sheet. Finally, I will conclude our guidance for the full year 2024.

謝謝戴夫，大家早安。我將首先提供有關本季度的更多詳細信息，然後介紹我們當前流動性和資產負債表的最新情況。最後，我將總結我們對 2024 年全年的指導。

For the second quarter 2024, revenue totaled $29.4 million, an increase of 1% compared to the second quarter of 2023. As Dave mentioned, FGI experienced delayed shipments due in part to our transition to SAP enterprise software and ocean freight disruption. We expect to fulfill delayed shipment in the second half of the year.

2024年第二季營收總計2,940萬美元，較2023年第二季成長1%。正如 Dave 所提到的，FGI 經歷了發貨延遲，部分原因是我們轉向 SAP 企業軟體和海運中斷。我們預計下半年將完成延遲出貨。

Gross profit was $9 million in the quarter, an increase of 11.9% year-over-year, driven by our higher-margin products. Our gross margin improved to 30.5% in the quarter compared to 27.4% in the prior year. We expect some moderation in the gross margin as delayed shipment of lower-margin products are fulfilled in the second half.

在我們利潤率較高的產品的推動下，本季毛利為 900 萬美元，年增 11.9%。本季我們的毛利率提高至 30.5%，而去年同期為 27.4%。我們預計，由於下半年低利潤產品的延遲出貨已滿足，毛利率將有所放緩。

Our operating expenses increased to $9.4 million from $7.4 million in the prior year due to inflation and ongoing investment in our growth initiatives, including the marketing spend for Flush Guard, Isla Porter, Covered Bridge kitchen cabinetry and our Canadian wholesale business. We expect operating expense to decline in the second half of the year, as certain expense in the first half will not recur in the third and fourth quarter.

由於通貨膨脹和對我們成長計劃的持續投資，包括 Flush Guard、Isla Porter、Covered Bridge 廚房櫥櫃和加拿大批發業務的行銷支出，我們的營運費用從前一年的 740 萬美元增加到 940 萬美元。我們預計下半年營業費用將下降，因為上半年的某些費用不會在第三和第四季重複出現。

GAAP operating income was negative $0.5 million in the quarter, down from $0.6 million the prior year. Higher operating expenses due to investing in our growth initiative accounted for the loss as overall revenue was largely freight and gross margin were higher in the quarter.

本季 GAAP 營業收入為負 50 萬美元，低於去年同期的 60 萬美元。由於投資於我們的成長計劃而導致的營運費用增加導致了虧損，因為整體收入主要來自運費，並且本季度的毛利率較高。

Moving to our balance sheet. At the end of the second quarter, FGI had $17.4 million in total liquidity, which we believe is more than sufficient to fund our growth initiative. Total liquidity declined slightly from $17.8 million in the prior quarter.

轉向我們的資產負債表。截至第二季末，FGI 的總流動資金為 1,740 萬美元，我們認為這足以為我們的成長計畫提供資金。總流動性較上一季的 1,780 萬美元略有下降。

We are leaving 2024 guidance unchanged with revenue in the range of $115 million to $128 million; adjusted operating income in the range of $2.8 million to $3.8 million; and adjusted net income in the range of $1.2 million to $2 million. Please note that the guidance for adjusted operating income and adjusted net income excludes certain nonrecurring items.

我們維持 2024 年指引不變，營收在 1.15 億美元至 1.28 億美元之間；調整後營業收入在280萬美元至380萬美元之間；調整後淨利潤在 120 萬美元至 200 萬美元之間。請注意，調整後營業收入和調整後淨利潤的指導不包括某些非經常性項目。

That completes our prepared remarks. Operator, we are now ready for the question-and-answer portion of our call.

我們準備好的發言就到此結束了。接線員，我們現在已準備好進行通話的問答部分。

(Operator Instructions)

（操作員說明）

Reuben Garner of Benchmark.

Benchmark 的 Reuben Garner。

So just a quick one on the SAP enterprise switch. When did that happen? Can you quantify what the impact was? And then any comments on how that may be beneficial to you guys going forward?

簡單介紹一下 SAP 企業交換器。那是什麼時候發生的？您能量化影響是什麼嗎？那麼對於這對你們今後的發展有何幫助有什麼評論嗎？

Yes. We implemented SAP at the end of Q1.

是的。我們在第一季末實施了 SAP。

May, May.

五月，五月。

Technically, Q2,, May 1, was our official implementation date. We're excited about what it's going to do for us. We were using a very old, outdated ERP system at the company, and we're already seeing benefits of the rollout and the efficiencies it's going to bring to our business. But of course, like many companies have experienced on a new rollout, there were some hiccups and it did absolutely impact our domestic shipments as well as some of our direct import shipments for the quarter. But those are not lost sales, those are -- that's a business that will -- we expect to fully spill over into Q3.

從技術上講，5 月 1 日第二季是我們的正式實施日期。我們對它將為我們做的事情感到興奮。我們公司使用的是非常古老、過時的 ERP 系統，我們已經看到了該系統的推出帶來的好處以及它將為我們的業務帶來的效率。但當然，就像許多公司在新推出時所經歷的那樣，出現了一些問題，這確實影響了我們的國內發貨量以及本季度的一些直接進口發貨量。但這些並不是銷售損失，而是我們預期將完全蔓延到第三季的業務。

Okay. And then I understand you guys have been moving down price points a little bit. We've heard that there's been a little bit of weakening in the consumer, particularly at the entry level. Are you seeing any signs of that? We've seen a couple of categories where there's been destocks take place, not exactly related to you guys but just in the broader big-box channel. Any risks there? How do you feel about where inventory is and that consumer in particular?

好的。然後我了解到你們已經稍微降低了價格點。我們聽說消費者的需求減弱，尤其是入門級消費者。你看到任何跡象了嗎？我們已經看到幾個類別發生了去庫存，與你​​們並不完全相關，但只是在更廣泛的大賣場管道中。有什麼風險嗎？您對庫存狀況、特別是消費者有何看法？

Sure. No, it's a great question. I think I mentioned the -- I think it was on the Q4 call. We didn't really anticipate talking about destocking this year as an issue, and that's still the case. I think we went through most of our pain last year going into this year. Our inventory position has increased a bit only because we're backing up for a lot of new program launches that are anticipated in the second half, and I think I mentioned that last time.

當然。不，這是一個很好的問題。我想我有提到過——我想是在第四季的電話會議上。我們並沒有真正預料到今年會討論去庫存作為一個問題，而且情況仍然如此。我認為我們從去年到今年經歷了大部分痛苦。我們的庫存狀況有所增加，只是因為我們正在支持預計在下半年推出的許多新計劃，我想我上次提到過這一點。

From a customer perspective, we actually are in -- our customers are in a very good position with us on the majority of our product categories. And I think that I've mentioned before that the most affected category that we had when it came to destocking and as far as trade down was the Bath Furniture. But we've actually now, finally, I've talked about how we've been implementing. We debuted a lot of our newer, more mid-priced product strategy at the kitchen and bath show in February, and that's now taking effect, so we're starting to place that product.

從客戶的角度來看，我們實際上在大多數產品類別上都與我們的客戶處於非常有利的位置。我想我之前已經提到過，在去庫存和降價方面，受影響最大的類別是浴室家具。但實際上，我現在終於談到了我們是如何實施的。我們在二月的廚衛展上推出了許多更新的、更中等價格的產品策略，現在已經生效，所以我們開始推出該產品。

And we're starting to see a little bit of improved order cadence from our larger customers as it relates to Bath Furniture going into the second half. So I think to answer -- go back to your destocking question, no, we're not seeing that. We're actually seeing the exact opposite, sort of we've already hit the floor, and I think we're only going to see improvement from here.

我們開始看到大客戶的訂單節奏有所改善，因為這與下半年的浴室家具有關。所以我想回答——回到你的去庫存問題，不，我們沒有看到這一點。我們實際上看到了完全相反的情況，我們已經陷入困境，我認為我們只會從這裡看到改進。

Okay. Very helpful. And then in terms of next year, I guess, R&R market aside, we can kind of take our best guess at that. Can you remind us on what you have within your control between new products, new customers? Any way to quantify that yet? Or is it still too kind of early to kind of get an idea of what that might look like?

好的。非常有幫助。然後就明年而言，我想，除了 R&R 市場之外，我們可以對此做出最好的猜測。您能提醒我們一下您對新產品、新客戶的控制範圍嗎？有什麼方法可以量化嗎？或者現在了解它會是什麼樣子還為時過早？

Yes. If I could quantify 2025, I'd be a genius, I'd say, Reuben, but I -- we feel good. Here's -- let me say this. We feel really good about the momentum we have right now as we're in Q3 going into Q4. Many of the newer program launches that we talked about are in play right now. We're actually -- there are actionable items for our sales teams as we speak.

是的。如果我能量化 2025 年，我會說我是個天才，魯本，但我 - 我們感覺很好。讓我這麼說。我們對現在的勢頭感到非常好，因為我們正處於第三季和第四季。我們談到的許多新項目的啟動現在正在發揮作用。事實上，正如我們所說，我們的銷售團隊有一些可操作的項目。

We like the fact that on the Bath Furniture side, we're starting to see a turnaround. We really like what we're seeing in our kitchen business. Our kitchen business is really moving full steam ahead, probably its fastest momentum in many years since we've had the program.

我們喜歡這樣一個事實：在浴室家具方面，我們開始看到轉變。我們真的很喜歡我們在廚房業務中所看到的情況。我們的廚房業務確實正在全速前進，這可能是我們實施該計劃以來多年來最快的勢頭。

So I think that would sort of imply that our -- heading into 2025, outside of macro issues, obviously, which we have to monitor, but we're excited where things are going right now. We're finally -- it's been a lot of discussion about these new programs and new customers coming on board, but now that they're starting to be executed.

因此，我認為這在某種程度上意味著，進入 2025 年，除了宏觀問題之外，顯然我們必須對其進行監控，但我們對目前的進展感到興奮。我們終於——對這些新計劃和新客戶的加入進行了很多討論，但現在它們開始被執行。

As of now, I mean, it's very early to talk about next year, but we're cautiously optimistic about next year as well. Again, let's see the macro issues, how they affect things. But our expectation would be to outpace any of those issues in the first place with our new business opportunities.

我的意思是，目前談論明年還為時過早，但我們對明年也持謹慎樂觀的態度。再一次，讓我們看看宏觀問題，它們如何影響事物。但我們的期望是透過我們的新商機首先解決所有這些問題。

Greg Gibas of Northland Securities.

北國證券公司的格雷格·吉巴斯。

Given, I guess, you reiterated guidance, anything that surprised you positively or negatively in the quarter and maybe into Q3? Just trying to get a sense of puts and takes on maintaining expectations for the remainder of the year.

我想，考慮到您重申了指導意見，本季甚至第三季有什麼讓您感到驚訝的正面或負面的事情嗎？只是想了解維持今年剩餘時間預期的看跌期權和承付金額。

Yes. I mean I think maintaining our guidance sort of gives you an idea about sort of what we expected. We know that from an expense perspective, we know that our first half is heavily weighted on our OpEx. And generally, our sales tend to have a spike in the second half normally, and then as we had spoken about, a lot of our newer businesses coming in the second half of this year. So we weren't really too surprised.

是的。我的意思是，我認為維持我們的指導可以讓您了解我們的期望。我們知道，從費用的角度來看，我們知道上半年的營運支出佔了很大比例。一般來說，我們的銷售額通常會在下半年激增，然後正如我們所說，我們的許多新業務都會在今年下半年出現。所以我們並不太驚訝。

I think we did mention the -- some of the shipping delays in the SAP, that definitely impacted, to some degree. And we don't know specifically. I mean again, we're not really worried about it spilling over. But that would have impacted Q2 numbers. We probably could have shown a better Q2 had we not had those issues. But that's just a short-term blip. We're really not nervous about it.

我認為我們確實提到了 SAP 中的一些發貨延遲，這在某種程度上肯定產生了影響。而且具體我們也不知道。我再說一遍，我們並不真正擔心它會溢出。但這會影響第二季的數據。如果我們沒有這些問題，我們可能會在第二季表現得更好。但這只是短期現象。我們真的對此並不緊張。

So yes, I mean, that's why we reiterated the guidance. We kind of are moving along sort of as expected. I think for us, one of the positives is despite macro issues, you hear a lot of our peers are talking about flat business or down single digits. R&R was looking like it was going to rebound in Q4, maybe not as much. But it's not going to -- we don't feel that's going to affect us as much because a lot of our business is going to be new incremental sales.

所以，是的，我的意思是，這就是我們重申這項指導意見的原因。我們的進展有點像預期的。我認為對我們來說，積極的一面是儘管存在宏觀問題，但你會聽到我們的許多同行都在談論業務持平或下降個位數。R&R 看起來會在第四季反彈，但幅度可能不會那麼大。但這不會——我們認為這不會對我們產生太大影響，因為我們的許多業務將是新的增量銷售。

And that's something we've preached for quite a while, which is outpace that market, right, despite the single-digit decline. So we're feeling pretty good about it, and yes. So to go back to your original question, I don't think there was anything completely unexpected that we've seen through the first half at this point.

這是我們長期以來一直在宣揚的東西，儘管出現了個位數的下降，但它的速度仍然超過了市場，對吧。所以我們對此感覺很好，是的。回到你原來的問題，我認為我們在上半場到目前為止沒有看到任何完全出乎意料的事情。

Great. Appreciate the color there. And I guess regarding what you're seeing with freight rates, how, I guess, is that trending in Q3? Do you expect a similar impact in Q3 relative to what you saw in Q2? Just curious, I guess, your outlook on that and then whether you expect it to maybe improve or kind of stay the same.

偉大的。欣賞那裡的顏色。我想關於您所看到的運費，我想第三季的趨勢如何？您預計第三季的影響是否與第二季類似？我想，只是好奇你對此的看法，以及你是否期望它會有所改善或保持不變。

Yes. Yes. The freight business is always sort of a guessing game. It was a lot different a couple of years ago when things went off the wall, which was very unusual. We're not in that situation now. I think we're definitely seeing continued rate climbs. There's a mixed conversation in the industry as to when they're going to come down. Some of that -- some of the industry insiders that we've been talking to have been saying late Q3 into Q4, some have been saying early 2025.

是的。是的。貨運業務始終是一種猜謎遊戲。幾年前，事情發生了翻天覆地的變化，情況有很大不同，這是非常不尋常的。我們現在不是那種情況。我認為我們肯定會看到利率持續攀升。對於何時會倒閉，業內有不同的討論。其中一些 - 我們一直在交談的一些業內人士一直在說第三季度末到第四季度，有些人一直說 2025 年初。

So we're monitoring it. We're not particularly concerned. We have to be very careful as our inventory mix starts to be affected by higher landed cost product. We'll have to take a look to see how do we protect our margins. Again, a lot of our customers handle their own freight.

所以我們正在監控它。我們並不特別擔心。我們必須非常小心，因為我們的庫存組合開始受到到岸成本較高的產品的影響。我們必須考慮如何保護我們的利潤。同樣，我們的許多客戶自己處理貨運。

They -- we ship them directly from Asia. So we don't have to worry too much there, but we have to be competitive in the marketplace, right? So we'll always be competitive, and we'll always monitor costs. And as of now, we're not in any sort of we're remote. I think it's just a monitor, wait-and-see approach to see where the market goes.

他們——我們直接從亞洲發貨。所以我們不必太擔心，但我們必須在市場上具有競爭力，對吧？因此，我們將始終保持競爭力，並且始終監控成本。到目前為止，我們還沒有處於任何遠端狀態。我認為這只是一種監控、觀望的方法，以了解市場走向。

Got it. That's fair. Great. And I know you talked about the Indian market in the past. Curious kind of the updated outlook on penetrating that market. I saw you open an office there. Just curious if you could address that opportunity and maybe the next steps in that market.

知道了。這很公平。偉大的。我知道您過去談過印度市場。令人好奇的是滲透該市場的最新前景。我看到你在那裡開了一個辦公室。只是好奇您是否可以抓住這個機會以及該市場的後續步驟。

Sure. So I think I mentioned on one of the calls, our strategy initially is to secure some key distributors in some key markets. We've already secured one. We have two just about ready to close. And those distributors will begin the process to see the dealer and builder market for us in the north and the south of India. But one of the key components of that was us registering in India as a company, which we did and opening our office/showroom.

當然。因此，我想我在一次電話會議中提到，我們最初的策略是在一些關鍵市場上獲得一些關鍵分銷商。我們已經確保了一份。我們有兩個即將關閉。這些經銷商將開始為我們在印度北部和南部考察經銷商和建築商市場。但其中的關鍵組成部分之一是我們在印度註冊為一家公司，我們這樣做了，並開設了我們的辦公室/陳列室。

It's primarily a showroom with a small office, and the showroom is critical because it allows us to, for the first time, invite in the architects, the designers, the builders, the dealers to see our product. And we will have an official sort of company launch there sometime this fall. It's not quite ready on the date yet, but the showroom should be ready September, October time frame.

它主要是一個帶有小辦公室的陳列室，陳列室至關重要，因為它使我們能夠第一次邀請建築師、設計師、建築商、經銷商來參觀我們的產品。今年秋天的某個時候，我們將在那裡舉辦一場正式的公司發布會。日期還沒完全準備好，但陳列室應該在九月、十月的時間範圍內準備好。

So before year-end, we'll have that launch. And what that's going to do is going to really get our name out into the market. It's going to help us [seed] the market. And once we do that, we expect a lot more speed and growth, and we'll be able to talk more about that as we go into next year about -- we'll get into a little more detail maybe in each particular market that we're in.

因此，在年底之前，我們將推出該產品。這將真正讓我們的名字進入市場。它將幫助我們[播種]市場。一旦我們做到了這一點，我們預計會有更快的速度和成長，當我們進入明年時，我們將能夠更多地討論這一點——我們可能會在每個特定市場中更詳細地討論這一點我們進來了。

There are no further questions at this time. I'll hand over the call to David Bruce for closing comments. Please go ahead.

目前沒有其他問題。我將把電話轉交給大衛·布魯斯（David Bruce）進行總結評論。請繼續。

Thank you for your time and interest today, everybody. We appreciate your continued support of FGI. Stay well. And if we don't connect during the quarter, we certainly look forward to speaking with you on our next quarterly call.

謝謝大家今天的時間和興趣。我們感謝您對 FGI 的持續支持。保持健康。如果我們在本季度沒有聯繫，我們當然期待在下一個季度的電話會議上與您交談。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。