FGI Industries Ltd (FGI) 2024 Q4 法說會逐字稿

Good morning, and welcome to the FGI Industries, Inc. fourth quarter 2024 results conference call. (Operator Instructions). Please note this event is being recorded. I would now like to turn the conference over to Jae Chung, Vice President, Investor Relations, and Corporate Development. Please go ahead.

早安，歡迎參加 FGI Industries, Inc. 2024 年第四季業績電話會議。（操作員指令）。請注意，此事件正在被記錄。現在，我想將會議交給投資者關係和企業發展副總裁 Jae Chung。請繼續。

Thank you. Welcome to FGI Industries 2024 fourth 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 年第四季業績電話會議。今天主持電話會議的是總裁兼執行長 David Bruce；以及財務長 Perry Lin。我們在昨天收盤後發布了一份新聞稿，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.

我想提醒您，管理層在今天的電話會議上的評論和回答可能包括前瞻性陳述，這些陳述本質上是不確定的，並且不受公司控制。

Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ materially. 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.

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。有關可能導致實際結果不同的某些因素的討論，請參閱我們向美國證券交易委員會提交的最新文件中的風險因素部分。

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.

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對帳表，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.

今天的電話會議將以戴夫布魯斯 (Dave Bruce) 的績效評估和策略更新開始，然後是佩里林 (Perry Lin) 的財務評估。在這些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.

說完這些，我會把電話轉給戴夫。

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

謝謝你，Jae。大家早安，感謝大家今天參加我們的電話會議。我很高興地告訴大家，我們的第四季業績反映了我們所做的策略投資以及我們在品牌、產品和通路或 BPC 策略方面的有機成長計劃。

FGI reported total revenue of $35.6 million in the quarter, representing a year-over-year increase of 15%. Gross profit was $8.7 million, a decrease of 3.2% compared to the prior year. Gross margin was 24.6% compared to 29.2%, a decline of 460 basis points compared to the fourth quarter of 2023 due in part to customer marketing support and costs related to new business and associated promotional expenses in Bath Furniture. The industry outlook remains relatively flat overall with our customers forecasting minimal growth in 2025, but our investments have driven revenue growth well above the market.

FGI 報告本季總營收為 3,560 萬美元，年增 15%。毛利為870萬美元，較上年下降3.2%。毛利率為 24.6%，而去年同期為 29.2%，與 2023 年第四季相比下降了 460 個基點，部分原因是客戶行銷支援以及與新業務相關的成本以及浴室家具的相關促銷費用。產業前景整體上保持相對平穩，我們的客戶預測 2025 年的成長幅度很小，但我們的投資推動營收成長遠高於市場。

FGI's fourth quarter revenue increased significantly compared to the third quarter of 2023 due to growth across all our businesses and geographies. Revenue grew 14.7%, 9.9% and 23.3% in the quarter for the US, Canada, and Europe markets, respectively.

由於所有業務和地區的成長，FGI 第四季的營收與 2023 年第三季相比大幅成長。本季美國、加拿大和歐洲市場的營收分別成長了 14.7%、9.9% 和 23.3%。

Sanitaryware revenue increased 5.8% year-over-year in the fourth quarter compared to the prior year period. Our Bath Furniture revenue increased 40.2% year-over-year as our shift to market aligned program pricing and design outpaced our sales expectations driven by new business wins.

第四季衛生潔具收入與去年同期相比年增5.8%。我們的浴室家具收入年增 40.2%，因為我們轉向與市場一致的計劃定價和設計，超出了受新業務勝利推動的銷售預期。

The Shower Systems business reported an increase in revenue of 17% as demand trends remain positive, further supported by our new customer programs and continued order growth from a broader customer base.

由於需求趨勢保持積極，淋浴系統業務收入成長 17%，這得益於我們的新客戶計畫和更廣泛客戶群的訂單持續成長。

In custom kitchen cabinetry, Covered Bridge revenue increased 68.3% in the quarter, driven by continued order momentum, expanded geographies and higher dealer count. Isla Porter, our digital custom kitchen joint venture, continues to establish relationships with the premium design community with on-trend products via an AI-backed digital sales platform.

在定制廚房櫥櫃方面，Covered Bridge 本季度收入增長了 68.3%，這得益於訂單持續增長、地域範圍擴大以及經銷商數量增加。我們的數位客製化廚房合資企業 Isla Porter 透過人工智慧支援的數位銷售平台，持續與高端設計社群建立聯繫，推出流行產品。

Our geographic expansion in Europe and India holds significant promise of driving growth in coming quarters. Our strategic growth initiatives are progressing well and are expected to fuel above-market organic growth.

我們在歐洲和印度的地理擴張對於推動未來幾季的成長具有重要意義。我們的策略性成長計劃進展順利，預計將推動高於市場的有機成長。

I commend our FGI team for the dedication to our long-term objectives, positioning the company for success for the remainder of 2025 and beyond. Before I hand it over to Perry, I want to say a few words about tariffs. The increasing tariff environment in 2025 remains fluid.

我讚揚我們的 FGI 團隊致力於我們的長期目標，為公司在 2025 年剩餘時間及以後的成功做好準備。在把發言權交給佩里之前，我想先談談關稅問題。2025 年關稅上漲環境仍不確定。

FGI is working with our suppliers and customers to support one another as we navigate the new normal together. We went through a similar process during the first Trump administration's tariff increases. So this is not new to us. We are confident that we can work through what comes given the close relationships we have cultivated over the years with our vendors and customers.

FGI 正在與我們的供應商和客戶合作，相互支持，共同探索新常態。在川普政府第一次提高關稅期間，我們也經歷了類似的過程。所以這對我們來說並不新鮮。我們相信，憑藉多年來與供應商和客戶建立的密切關係，我們能夠解決所面臨的問題。

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

有了這些，我將把它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 with our guidance for the full year 2025.

謝謝你，戴夫，大家早安。我將首先提供本季度的更多詳細信息，然後更新我們當前的流動性和資產負債表。最後，我將總結我們對 2025 年全年的指導。

As Dave mentioned, for the fourth quarter 2024, revenue totalled $35.6 million, an increase of 15% compared to the fourth quarter of '23. Gross profit was $8.7 million in the quarter, a decrease of 3.2% year-over-year. Our gross margin declined to 24.6% in the quarter, compared to 29.2% in the prior year.

正如戴夫所提到的，2024 年第四季的收入總計 3,560 萬美元，與 23 年第四季相比成長了 15%。本季毛利為870萬美元，年減3.2%。本季我們的毛利率下降至 24.6%，去年同期為 29.2%。

Our operating expenses increased 28.4% to $10 million from $7.8 million in the prior year due primarily investing in initiatives related to our BPC growth strategy. GAAP operating income was negative $1.3 million in the quarter, down from a positive $1.2 million in the prior year. Lower gross margin and higher operating expenses due to investing in our growth initiative accounted for the loss.

我們的營運費用從去年的 780 萬美元增加了 28.4% 至 1000 萬美元，主要原因是投資於與我們的 BPC 成長策略相關的計劃。本季 GAAP 營業收入為負 130 萬美元，低於去年同期的正 120 萬美元。由於投資於成長計劃，毛利率較低且營運費用較高，導致了損失。

Moving to our balance sheet. At the end of fourth quarter, FGI has $15.6 million in total liquidity, which we believe is more than sufficient to fund our growth initiative. We are providing our initial 2025 guidance as follows: Our revenue guidance is $135 million to $145 million. The adjusted operating income guidance is negative $2 million to positive $1.5 million.

前往我們的資產負債表。截至第四季末，FGI 的總流動資金為 1,560 萬美元，我們認為這足以資助我們的成長計畫。我們提供的 2025 年初步指引如下：我們的收入指引為 1.35 億美元至 1.45 億美元。調整後的營業收入預期為負 200 萬美元至正 150 萬美元。

The adjusted net income guidance is negative $1.9 million to positive $1 million. Please note that the guidance for adjusted operating income excludes certain non-recurring items. Adjusted net income excludes certain recurring items and include an adjustment for minority interest. That concludes our prepared remarks.

調整後的淨收入預期為負 190 萬美元至正 100 萬美元。請注意，調整後的營業收入指引不包括某些非經常性項目。調整後的淨收入不包括某些經常性項目，但包括少數股東權益的調整。我們的準備好的演講到此結束。

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

接線員，我們現在準備好進行電話會議的問答部分。

(Operator Instructions)

（操作員指示）

Greg Gibas, Northland Securities.

吉巴斯（Greg Gibas），北國證券公司。

Hey, thanks, good morning, David, and Perry. Thanks for taking the questions. I wanted to follow up on your tariff commentary. I guess if you could elaborate maybe more on the expected impact of the business, how you're maybe working to remediate the impacts as well?

嘿，謝謝，早安，大衛和佩里。感謝您回答這些問題。我想跟進您的關稅評論。我想，您是否可以更詳細地闡述該業務的預期影響，以及您可能如何努力補救這些影響？

Yes. Like we sort of mentioned, we've been through this before, and you see the news like we do. And we've been working closely with our suppliers as well as our customers to mitigate as best we can through some support on costs. Obviously, some of the tariffs are quite high. We're not going to be able to obviously support all of that, but we'll do our best.

是的。就像我們提到的那樣，我們以前經歷過這種情況，你也像我們一樣看到了新聞。我們一直與供應商和客戶密切合作，透過成本支援盡可能降低成本。顯然，有些關稅相當高。顯然，我們無法支持所有這些，但我們會盡力。

And at the same time, we continue, as we've spoken before, to look at diversifying sourcing, and we're in the midst of doing that now with certain things and certain categories. And I think that we feel pretty comfortable based on our expectation of where the tariffs are going to go and how we can partner with our suppliers and our customers to navigate through this. And we'll -- this is not new, and we feel pretty comfortable with our planning right now going into the middle of the year.

同時，正如我們之前所說，我們繼續尋求採購多元化，現在我們正在針對某些事物和某些類別進行這項工作。我認為，根據我們對關稅走向的預期以及我們如何與供應商和客戶合作解決這個問題，我們感到相當放心。這並不是什麼新鮮事，我們對目前進入年中的計劃感到非常滿意。

Okay. Got it. And if I could just follow up, too, on kind of the outlook. Wondering if you could just expand on, I guess, kind of the assumptions that go into that as it relates to, obviously, some of the headwinds, but you talked about still expecting, I guess, projections are for roughly flat industry-related growth in 2025. So just, I guess, your assumptions and confidence that you can kind of continue to see growth in your BPC strategy.

好的。知道了。我是否可以跟進一下這種前景。我想知道您是否可以詳細說明一下其中涉及的假設，因為它顯然與一些不利因素有關，但您談到仍然預計，我猜，預測是 2025 年行業相關增長大致持平。所以，我猜，您的假設和信心可以繼續看到您的 BPC 策略的成長。

Yes. No, it's a great question. And it's something we've mentioned before is that we do expect the industry to be relatively flat. But as we demonstrated in Q4, we have a lot of new programs out there. We're expanding in our markets and channels, and that's all incremental growth.

是的。不，這是一個很好的問題。正如我們之前提到的，我們確實預計該行業將相對穩定。但正如我們在第四季度所展示的那樣，我們有很多新的項目。我們正在擴大我們的市場和管道，這都是漸進式成長。

And quite frankly, that's where we see the majority of the growth that you saw and Perry mentioned on our guide, right? So we're very happy and confident with the new programs that are -- many of which have been already agreed to and are now in the implementation stage and there's others that hopefully, we get to that point in the second half of this year.

坦白說，這就是我們看到的大部分成長，正如您和 Perry 在我們的指南中提到的那樣，對嗎？因此，我們對新計劃感到非常高興和有信心——其中許多計劃已經獲得同意，目前正處於實施階段，其他計劃也預計在今年下半年實現。

And that's pretty much how we've built our guide and despite a flat market. It is something we've talked about for quite a while, how our expectation has been with the BPC strategy to outpace the market despite any flattening out there. And for sure, that's what we anticipate for the broader part of the market this year.

儘管市場不景氣，但我們基本上就是這樣制定指南的。我們已經討論了很長時間了，我們一直期望 BPC 策略能夠超越市場，儘管市場已經趨於平穩。可以肯定的是，這正是我們對今年整個市場前景的預期。

Got it. That's helpful. I'll pass it on.

知道了。這很有幫助。我會傳達的。

Okay.

好的。

Reuben Garner, Benchmark.

魯本·加納，基準。

Thank you. Good morning, guys. And excuse any duplicate questions, I missed the first few minutes of the prepared remarks. So the -- just a question on your outlook for operating income, I guess, kind of flattish or breakeven at the midpoint. If I -- can you just kind of help me with the components of how you get there, you're probably going to have, I don't know, roughly $8 million in incremental revenue, so $1.5 million in incremental profits on that.

謝謝。大家早安。對於任何重複的問題，請原諒，我錯過了準備好的發言的前幾分鐘。所以 - 我只是想問一下您對營業收入的展望，我想中間點會比較平穩或收支平衡。如果我——您能否幫助我了解如何實現這一目標，您可能會獲得大約 800 萬美元的增量收入，因此獲得 150 萬美元的增量利潤。

I thought there were some things that occurred in '24 that were kind of non-recurring and maybe would reverse or you would get back this year? Or are there other offsets? Are you including kind of tariff pressures already in that outlook? Can you just walk me through the bridge on the earnings side?

我認為 24 年發生的一些事情是不會再發生的，也許會逆轉，或者你會在今年回來？或是有其他抵消嗎？您的展望中是否已經考慮了關稅壓力？能簡單介紹一下獲利方面的進展嗎？

Yes. No, it's a great question. Yes, the majority of what you're seeing here is we are looking at tariff pressure in the guide. And there's a potential upside to that depending on where that lands. But we obviously are trying to be relatively conservative with the outlook and understand that it is real the tariff pressure, and it's coming at the beginning of the year, if you remember, there was not a lot of understanding in the market as to when tariff may be impacted in the industry and things have moved a lot quicker.

是的。不，這是一個很好的問題。是的，您在這裡看到的大部分內容是我們在指南中查看的關稅壓力。並且它有潛在的好處，但取決於落地的位置。但我們顯然正試圖對前景持相對保守的態度，並明白關稅壓力是真實存在的，而且它是在年初出現的，如果你還記得的話，當時市場對關稅何時會對該行業產生影響並沒有太多的了解，而且事情的發展速度要快得多。

So we've sort of adjusted for that to understand that, that's going to impact business for more time in the calendar year. So that's the majority of why you see that sort of flattish range to slightly positive because of tariffs.

因此，我們對此進行了某種調整，以了解這將在日曆年內對業務產生更多影響。所以這就是為什麼你看到這種由於關稅而出現的持平到略微正值的變化的主要原因。

Outside of that, we're very -- like I mentioned just on the previous comment we're quite happy with our new growth, particularly some of the new markets and some of the newer programs and some of the larger new customers we have. So that's the upside, right? So now it's a matter of just balancing that tariff headwind and trying to maximize what we can to mitigate that as best as we can.

除此之外，我們非常——就像我在之前的評論中提到的那樣，我們對我們的新成長感到非常滿意，特別是一些新市場、一些較新的項目以及一些較大的新客戶。這就是好處，對吧？所以現在的問題只是平衡關稅逆風，並盡最大努力盡可能地緩解這種不利影響。

So you guys weren't public last time we went through this or saw this as an industry or country. And can you talk about how it works? I mean, do you use surcharges for things like this? Or do price increases go through? And then if it's -- I understand it's a fluid dynamic, right? And so one day, it's a 20% tariff, the next day is 45%. How do you operate the pricing side in that sort of volatile backdrop?

所以上次我們經歷這件事時，你們還沒有公開，也沒有將其視為一個產業或國家。您能講一下它是如何運作的嗎？我的意思是，你們會對這樣的事情收取附加費嗎？或者價格上漲會持續下去嗎？然後如果是——我理解這是流體動力學，對嗎？因此，今天關稅是 20%，明天關稅就是 45%。在這種動盪的背景下，您如何操作定價方面？

Yes, it's a great question. It's a little complex, but we generally work closely with customers. Customers also need help as to how they implement something like this. And then we were with our suppliers, on trying to maximize any cost that we can get and support from their side. And then we adjust for timing on both sides, and we work with our customers and understand that there's an inventory mix when product starts to come in at the tariff cost. So we work with them on timing.

是的，這是一個很好的問題。這有點複雜，但我們通常與客戶密切合作。客戶還需要幫助以了解如何實現這樣的事情。然後我們與供應商合作，試圖最大限度地降低成本並從他們那裡獲得支援。然後，我們根據雙方的時間進行調整，並與客戶合作，以了解當產品開始以關稅成本進入時，存在庫存組合。因此，我們會與他們合作安排時間。

And yes, I wouldn't -- there are some companies that would call it a surcharge. They might even surcharge on invoice, but it's generally a little bit more consistent for us to adjust price as necessary when we (technical difficulty) what that price would be. And then if things change, we can make that adjustment as well. Our new SAP system, of course, we implemented makes that a bit easier. Now that's part of the reason we implemented it. It allows us for some flexibility and allows us flexibility for our customers and our suppliers as well.

是的，我不會——有些公司會稱之為附加費。他們甚至可能會在發票上加收附加費，但當我們（技術難度）確定價格時，我們通常會根據需要調整價格，這樣會更加一致。如果情況發生變化，我們也可以做出調整。當然，我們實施的新 SAP 系統使這變得更容易一些。這就是我們實施該措施的部分原因。它為我們提供了一定的靈活性，也為我們的客戶和供應商提供了靈活性。

And do the specific tariffs on China make it likely or possible that you would need to find product elsewhere? Or is it not to that level yet? Are there other sourcing adjustments or offsets that can be made? Or is this all strictly you will have to put through price to keep up with the cost pressures you see?

對中國徵收的具體關稅是否可能使您需要在其他地方尋找產品？還是還沒達到那個程度？還有其他可以進行採購調整或抵銷的措施嗎？或者這一切都是嚴格意義上你必須透過價格來應對你所看到的成本壓力？

No. As a matter of fact, we've been active in diversifying our sourcing. And so some of that diversification will positively impact the situation. As far as how much and how do we account for that, we've built that into some degree, but that's a fluid situation as far as moving some of our sourcing to impact 2025. But yes, we've already been doing that, and there's probably more to come as we navigate through this. We have other options and things. But as you can imagine, that's quite a fluid situation. That's a day-to-day, week-to-week type thing.

不。事實上，我們一直在積極實現採購多元化。因此，某種程度上的多樣化將對情勢產生正面影響。至於具體金額以及如何解釋這一點，我們已經將其納入到某種程度，但就將我們的部分採購轉移到 2025 年而言，這是一個不穩定的情況。但是的，我們已經在這樣做了，而且隨著我們不斷探索，可能還會有更多事情要做。我們還有其他選擇和事物。但正如你所想像的，這是一個相當不穩定的情況。這是每天、每週都會發生的事。

Great. And then last one for me is the kind of flattish end market outlook. I recognize you guys are mostly exposed to kind of the R&R panel. What are your thoughts on risks versus upside there? Consumer confidence has obviously taken a big hit here of late.

偉大的。對我來說最後一個是平淡的終端市場前景。我知道你們大多接觸的是 R&R 面板。您對於其中的風險和好處有何看法？近期，消費者信心顯然受到了沉重打擊。

Is the feeling just that it's been a tough couple of years, and so we're kind of likely to bottom out even if consumer confidence isn't so great? Or does that put that outlook at risk? I know it's kind of developing just over the last 30 days or so here.

是不是覺得這幾年過得很艱難，所以即使消費者信心不是那麼高，我們也有可能觸底？或者這會使這個前景面臨風險？我知道這種情況在過去 30 天左右就已經開始發展了。

Yes. I think originally, if you went back to the later part of last year, everybody was looking at this year as sort of a level set year for -- [particulous] let's talk about the R&R market in particular, and if you look at some of the forecast in R&R, it was essentially forecasted flat to down a couple of points. It's still there. It's anywhere from down 1 point or 2 points up to up 1 point or 2 points by the end of the year. I think what's maybe muted some optimism for the second half has been the tariffs and the unknown with macro environment, with what's going on now.

是的。我認為最初，如果你回顧去年下半年，每個人都將今年視為一個平穩的年份 - [特別是] 讓我們特別談談 R&R 市場，如果你看一下 R&R 的一些預測，它基本上預測持平或下降幾個點。它還在那裡。到年底，這一數字可能會下降 1 點或 2 點，也可能會上升 1 點或 2 點。我認為，關稅和宏觀環境的不確定性以及當前的情況可能會抑制人們對下半年的一些樂觀情緒。

So I don't think the overall R&R outlook has changed much other than maybe being extended flat through the whole year, but it's such a fluid situation, two months to three months from now, that whole outlook could change for the back half.

因此，我認為整體 R&R 前景不會發生太大變化，除了可能在全年保持平穩之外，但情況非常不穩定，從現在起兩到三個月後，整個下半年的前景可能會發生變化。

So our savings grace is sort of what I mentioned before, our new programs and implementations, our new business wins and our new market growth is our buffer to that flat market outlook, right? So we're comfortable that these new programs will be implemented and help us outpace that market as per our guide.

所以我們的儲蓄優勢就是我之前提到的，我們的新計劃和實施，我們的新業務勝利以及我們的新市場增長是我們對平淡市場前景的緩衝，對嗎？因此，我們很高興看到這些新計劃能夠實施，並幫助我們按照我們的指導超越市場。

And so last one for me, just a clarification on that. I mean, is it fair to say that the new business wins are in the range of that kind of $8 million at the midpoint in your guide and the rest is just kind of a flattish market? Or is it something lower than that and there's some price in there from the tariffs?

對我來說這是最後一個，只是對此進行澄清。我的意思是，是否可以公平地說，新業務收益在您的指南的中間值 800 萬美元左右，而其餘部分只是一個持平的市場？還是比這個價格更低，關稅也包含一些價格？

Yes. It's all a blend. I mean, because there's going to be a tariff pricing impact. There is going to be a little bit of organic growth with some of our larger customers. Then of course, we have the incremental share growth from the new programs, right?

是的。一切都是混合的。我的意思是，因為這會對關稅定價產生影響。我們的一些大客戶將會出現一些有機成長。那麼當然，我們的份額會因新項目而增加，對嗎？

So we've blended all that together. And again, each one of those elements outside of the new stuff, I mean, outside of the new programs, a lot of that's fluid. We look potentially for us as we implement the new programs, we feel so confident about the success of them.

因此我們將所有這些融合在一起。再說一次，除了新內容之外的每一個元素，我的意思是，除了新程式之外，很多都是不穩定的。我們在實施新計劃時尋找潛力，我們對它們的成功充滿信心。

If they ramp up quicker than we expect and they perform better than we expect, we might even have an upside. But of course, we're being cautious because, again, the market is a little topsy-turvy right now, and it's just a little unknown. So we want to make sure that we're not over exaggerating our wins here and just make sure that we can outpace the market as we expect.

如果他們的成長速度比我們預期的要快，而且他們的表現比我們預期的要好，我們甚至可能會獲得好處。但當然，我們很謹慎，因為現在市場有點混亂，而且有點未知。因此，我們要確保不會過度誇大我們的勝利，而只是確保我們能夠如預期的那樣超越市場。

Great. Thanks for the details guys, and good luck.

偉大的。謝謝大家的詳細信息，祝你好運。

Sure. Thank you.

當然。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to David Bruce for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 David Bruce 並請他作最後發言。

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

感謝您今天的時間和關注。我們非常感謝您對 FGI 的持續支持。保重。如果我們在本季度沒有聯繫上，我們期待在下次季度電話會議上與您交談。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。