Finance of America Companies Inc (FOA) 2023 Q3 法說會逐字稿

Hello and welcome to the Finance of America's third quarter 2023 earnings call. (Operator Instructions) After the speaker's remarks there will be a question-and-answer session. (Operator Instructions)

大家好，歡迎參加美國金融 2023 年第三季財報電話會議。 （操作員說明） 演講者發言後將進行問答環節。 （操作員說明）

I'll now turn the conference over to Michael Fant, Senior Vice President of Finance. Please go ahead.

我現在將會議交給財務高級副總裁 Michael Fant。請繼續。

Thank you and good afternoon, everyone. And welcome to Finance of America's third quarter earnings call. With me today are Graham Fleming, Chief Executive Officer and Interim Chief Financial Officer; and Kristen Sieffert, President of Finance of America. As a reminder, this call is being recorded and you can find the earnings release and presentation on our Investor Relations website at www.financeofamerica.com.

謝謝大家，大家下午好。歡迎參加美國金融第三季財報電話會議。今天與我在一起的有執行長兼臨時財務長 Graham Fleming；以及美國財政部長克里斯汀·西弗特 (Kristen Sieffert)。謹此提醒，本次電話會議正在錄音，您可以在我們的投資者關係網站 www.financeofamerica.com 上找到收益發布和簡報。

In addition, we will refer to certain non-GAAP financial measures on this call. You can find reconciliations of non-GAAP to GAAP financial measures discussed on today's call and our earnings press release and presentation on the Investor Relations page of our website.

此外，我們將在本次電話會議上提及某些非公認會計準則財務指標。您可以在我們網站的投資者關係頁面上找到今天電話會議中討論的非公認會計原則與公認會計原則財務指標的調節表以及我們的收益新聞稿和演示文稿。

Also, I would like to remind everyone that comments on this conference call regarding the company's expected operating and financial performance for future periods may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the company's current expectations and are subject to the Safe Harbor Statement for forward-looking statements that you will find in today's earnings release.

另外，我想提醒大家，本次電話會議中有關公司未來時期預期營運和財務業績的評論可能屬於 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。這些陳述基於公司當前的預期，並受前瞻性陳述安全港聲明的約束，您將在今天的收益發布中找到這些前瞻性陳述。

Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of risks or other factors, including those that are described in the Risk Factor section of Finance of America's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 16, 2023.

由於多種風險或其他因素，包括美國金融公司 10-K 年度報告的風險因素部分中所述的風險或其他因素，未來期間的實際結果可能與這些前瞻性陳述明示或暗示的結果存在重大差異截至2022年12月31日的年度，於2023年3月16日向美國證券交易委員會提交。

As such, risk factors may be amended and updated in our subsequent filings with the SEC. We are not undertaking any commitment to update these statements if conditions change. Please note, today we will be discussing interim period financials that are unaudited.

因此，風險因素可能會在我們隨後向 SEC 提交的文件中進行修改和更新。我們不承諾在情況改變時更新這些聲明。請注意，今天我們將討論未經審計的中期財務數據。

Now, I would like to turn the call over to Finance of America's Chief Executive Officer and Interim Chief Financial Officer, Graham Fleming. Graham?

現在，我想將電話轉給美國金融公司執行長兼臨時財務長格雷厄姆·弗萊明。格雷厄姆？

Yeah, thank you, Michael. Good afternoon, everyone, and thank you for joining us. Before we begin, I would like to acknowledge Johan Gericke's departure from Finance of America effective October 13. We appreciate Johan's work during his tenure and we wish him well in his future endeavors.

是的，謝謝你，麥可。大家下午好，感謝您加入我們。在我們開始之前，我要感謝約翰·格律克(Johan Gericke) 將於10 月13 日離開《美國金融》。我們讚賞約翰·格律克(Johan Gericke) 在其任職期間所做的工作，並祝愿他在未來的工作中一切順利。

Looking ahead, we're excited for Matt Engel to become Finance of America's Chief Financial Officer, effective November 15. Matt is a seasoned financial leader with deep reverse mortgage industry experience and will play an important role supporting our goal of offering modern retirement solutions that utilize home equity for older homeowners. We look forward to introducing Matt to everyone after he officially starts as CFO later this month.

展望未來，我們很高興馬特·恩格爾(Matt Engel) 成為美國金融公司的首席財務官，該任命將於11 月15 日生效。馬特是一位經驗豐富的金融領導者，擁有深厚的反向抵押貸款行業經驗，他將在支持我們提供現代退休解決方案的目標方面發揮重要作用。利用老年房主的房屋淨值。我們期待在本月稍後正式擔任財務長後向大家介紹 Matt。

To begin, I would like to briefly review our top-line financial results for the quarter and the macro trends affecting them. I will then turn things over to Kristen to share some important operational updates, followed by a review of the financials from Michael.

首先，我想簡要回顧一下我們本季的主要財務表現以及影響它們的宏觀趨勢。然後，我將把事情轉交給克里斯汀，分享一些重要的營運更新，然後由邁克爾審查財務狀況。

Finance of America continues to lead the way in helping homeowners 55 and older benefit from their growing home equity and remains the preeminent provider of modern retirement solutions focused on the home. Along this path, there were several key strategic actions taken during the quarter as we continue to focus our vision towards the retirement space.

Finance of America 在幫助 55 歲及以上的房主從不斷增長的房屋淨值中受益方面繼續處於領先地位，並且仍然是專注於房屋的現代退休解決方案的卓越提供者。沿著這條道路，隨著我們繼續將願景聚焦於退休空間，本季採取了幾項關鍵策略行動。

First, we completed the sale of our title insurance business during the first few days of the quarter. In September, we completed two additional transactions to further refine our focus. These were the sale of the operational assets of our home improvement platform and the transition of our offshore fulfillment services team. Understanding our commitment to building a modern retirement solutions platform, we saw this as a unique opportunity to advance our goals.

首先，我們在本季的前幾天完成了產權保險業務的出售。 9 月份，我們完成了另外兩項交易，以進一步明確我們的重點。這些是我們的家居裝修平台的營運資產的出售以及我們的離岸履行服務團隊的過渡。了解我們對建立現代退休解決方案平台的承諾，我們認為這是推進我們目標的獨特機會。

On a continuing operations basis, we recorded GAAP net loss of $172 million or $0.74 per basic share in the third quarter, driven primarily by the negative impact of rates and spreads. On an adjusted basis, we recognized a net loss of $25 million or $0.11 per fully diluted share as we absorbed additional losses from the home improvement platform and downward pressure on margins.

在持續經營業務的基礎上，我們第三季的 GAAP 淨虧損為 1.72 億美元，即每股基本股 0.74 美元，這主要是由於利率和利差的負面影響。在調整後的基礎上，我們確認了 2500 萬美元的淨虧損，即每股完全攤薄後的每股 0.11 美元，因為我們吸收了家居裝修平台的額外虧損和利潤率的下行壓力。

Balance sheet write-downs make up a significant portion of the GAAP net loss due to fair value adjustments and interest rate increases impacting the portfolio. Amid a challenging macro environment, we are focused on executing against what's in our control. With this focus, we have identified core operating initiatives which will enhance revenue and improve expenses within our operating segments and will also streamline our corporate overhead.

由於公允價值調整和利率上升影響投資組合，資產負債表減記佔公認會計原則淨虧損的很大一部分。在充滿挑戰的宏觀環境中，我們專注於在我們控制範圍內執行。以此為重點，我們確定了核心營運計劃，這些計劃將增加我們營運部門的收入並改善支出，並簡化我們的公司管理費用。

As laid out on slide 3 of the supplemental presentation, Finance of America is focused on a number of items. To enhance revenue, we are looking to expand our product suite, modernize the customer experience, and optimize our marketing opportunity to lead conversion. To improve expenses, we are planning to consolidate our technology, lower our cost to produce, and efficiently scale our marketing.

正如補充簡報的幻燈片 3 中所述，《美國金融》重點關注多個項目。為了增加收入，我們希望擴展我們的產品套件，實現客戶體驗現代化，並優化我們的行銷機會以引導轉換。為了減少開支，我們計劃整合我們的技術，降低生產成本，並有效地擴大我們的行銷規模。

Finally, to rationalize corporate, we will continue to streamline our enterprise functions and simplify our structure to more appropriately align with our go forward operational strategy.

最後，為了合理化企業，我們將繼續精簡企業職能、簡化結構，以更貼切地配合我們前進的營運策略。

I will now turn things over to Kristen for an update on our operations, the integration with AAG, and the work we've been doing to enhance our products and sales channels.

我現在將把事情交給 Kristen，了解我們營運的最新情況、與 AAG 的整合以及我們為增強產品和銷售管道所做的工作。

Thanks, Graham, and good afternoon, everyone. I'm happy to share that our integration of AAG's retail platform into FOA is on track. Team morale is high and everyone is excited to come under one umbrella and begin offering the full array of products of the combined company. As we've said before, we believe a substantial opportunity exists to offer our proprietary products through our direct-to-consumer division, AAG. These products are already the leading suite of available options in the wholesale sector within our industry and for many gaps not addressed through the traditional HECM product.

謝謝格雷厄姆，大家下午好。我很高興地告訴大家，我們將 AAG 零售平台整合到 FOA 的工作已步入正軌。團隊士氣高昂，每個人都興奮地來到一個統一的保護傘下，開始提供合併後公司的全系列產品。正如我們之前所說，我們相信存在大量機會透過我們的直接面向消費者部門 AAG 提供我們的專有產品。這些產品已經成為我們行業內批發領域領先的可用選項套件，並彌補了傳統 HECM 產品無法解決的許多差距。

We've already seen an increase in volumes following our acquisition, which gives us confidence in the opportunity for greater penetration as we move things forward. As we continue the integration, the final significant hurdle is the consolidation of our technology stack, which includes migrating to a single loan origination system.

收購後我們已經看到銷售量增加，這讓我們對隨著業務的發展有機會獲得更大的滲透率充滿信心。隨著我們繼續整合，最後一個重大障礙是我們技術堆疊的整合，其中包括遷移到單一貸款發放系統。

This migration is projected to start in December and should largely be completed by the end of Q1, 2024. While we know this will temporarily slow some of our operations, there are many workflow and expense efficiencies to be gained post consolidation.

此次遷移預計將於 12 月開始，並應在 2024 年第一季末基本完成。雖然我們知道這會暫時減慢我們的部分營運速度，但整合後仍可實現許多工作流程和費用效率。

As it relates to production, while rising rates put downward pressure on loan to value levels, there's been no degradation in inbound inquiries from our borrowers. These borrowers need alternate ways to access their equity and the broader market dynamics have created an increased appeal of our HomeSafe second lien product.

由於它與生產有關，雖然利率上升給貸款價值水準帶來了下行壓力，但我們借款人的入境詢問並沒有減少。這些借款人需要其他方式來獲取其股權，而更廣泛的市場動態增加了我們 HomeSafe 第二留置權產品的吸引力。

We will be better able to serve those borrowers go forward through two main avenues. First is expanding this product to the full sales team within the AAG call center, which is scheduled to occur this month and second, by making the product available in the loan origination system used by the majority of industry originators that do business with us through our wholesale division.

我們將能夠透過兩個主要途徑更好地為這些借款人提供服務。首先是將此產品擴展到AAG 呼叫中心內的整個銷售團隊，計劃於本月和其次進行，方法是讓該產品在大多數透過我們的服務與我們開展業務的行業發起人所使用的貸款發起系統中可用。批發事業部。

HomeSafe Second helps homeowners 55 and older access their home equity through a second lien without impacting their low first rate mortgage and without adding a new monthly mortgage payment. This is the first product of its kind and was built to provide access to equity to the many people not being served by the existing options in the market today.

HomeSafe Second 幫助 55 歲及以上的房主透過第二留置權獲得房屋淨值，而不會影響他們的低一級抵押貸款，也無需增加新的每月抵押貸款付款。這是同類產品中的第一個產品，旨在為當今市場上現有選擇無法提供服務的許多人提供獲得股權的機會。

Given that homeowners in our demographic hold more than $12 trillion in home equity, extending the product through these channels is a strategic step to unlocking more of this market. To remind everyone, AAG's direct-to-consumer channel reaches more than 20 million consumers annually via targeted marketing and advertising and has long been the leader in HECM submission volume.

鑑於我們人口中的房主持有超過 12 兆美元的房屋淨值，透過這些管道擴展產品是解鎖更多市場的策略步驟。需要提醒大家的是，AAG 的直接面向消費者管道每年透過定向行銷和廣告覆蓋超過 2000 萬消費者，長期以來一直是 HECM 提交量的領先者。

In all, we're very excited with how these efforts are progressing. The final technology consolidation occurring over the next two quarters will enable us to focus on increasing our market penetration through the optimization of the marketing and sales platform and expanding product suite and a modernized digital customer experience.

總而言之，我們對這些努力的進展感到非常興奮。未來兩個季度進行的最終技術整合將使我們能夠專注於透過優化行銷和銷售平台、擴展產品套件和現代化的數位客戶體驗來提高市場滲透率。

Over to you, Michael.

交給你了，麥可。

Thank you, Kristen. I'll start by providing a brief overview of our financial results before I dive into specifics on the quarter. Turning to the operating results, the company recognized the GAAP net loss of $172 million or $0.74 per basic share in the third quarter. On an adjusted basis, we recognized a net loss of $25 million or $0.11 per share. First and foremost, we increased volumes in the third quarter. In our reverse business we originated $470 million in loan volumes, up 18% from $397 million in the second quarter. This was primarily due to the successful integration of the AAG retail platform.

謝謝你，克里斯汀。首先，我將簡要概述我們的財務業績，然後再深入介紹本季的具體情況。談到經營業績，該公司第三季公認會計準則淨虧損為 1.72 億美元，即每股基本股 0.74 美元。在調整後的基礎上，我們確認淨虧損為 2,500 萬美元，即每股 0.11 美元。首先也是最重要的是，我們在第三季增加了銷售量。在我們的反向業務中，我們發放了 4.7 億美元的貸款，比第二季的 3.97 億美元成長了 18%。這主要得益於AAG零售平台的成功整合。

During the quarter, we maintained over 37% share of the HECM reverse market. While the increased volume provided upward pressure on revenue, the top line ultimately came in relatively flat due to reduced margins. Our margins fell from 9.2% to 7.8% quarter-over-quarter due to several factors, including ten year treasuries rising 74 basis points. If margins had held constant to the second quarter, our growth in volumes would have equated to an $8 million increase in revenue.

本季度，我們在 HECM 反向市場中保持了 37% 以上的份額。雖然銷量的增加給收入帶來了上行壓力，但由於利潤率下降，營收最終相對持平。由於多種因素，包括十年期公債上漲 74 個基點，我們的利潤率較上季從 9.2% 下降至 7.8%。如果第二季的利潤率保持不變，我們的銷售成長將相當於營收增加 800 萬美元。

As shown on slide 4 in the supplemental presentation, our core operating segments continued to execute against our strategic plan during the quarter. The divestiture of our home improvement and offshore fulfillment operations are not considered material from a GAAP perspective and as such do not qualify as discontinued operations. However, when these business line results are excluded from our quarterly reporting, our retirement solutions and portfolio management businesses recognized adjusted net income for the quarter of just above breakeven.

如補充簡報中投影片 4 所示，我們的核心營運部門在本季繼續依照我們的策略計畫執行。從公認會計準則的角度來看，我們的家居裝修和離岸履行業務的剝離並不被認為是重大的，因此不符合已終止業務的資格。然而，當這些業務線結果被排除在我們的季度報告之外時，我們的退休解決方案和投資組合管理業務確認了該季度調整後的淨利潤，略高於盈虧平衡點。

While adding or when adding in corporate overhead, Finance of America would have recognized adjusted net loss of $19 million for Q3 or approximately $0.08 of earnings per share in line with what we discussed on our Q2 call even with this reduction in margin. Additionally, we continue to focus on reducing our cost base as planned and are making solid progress.

在增加或增加公司管理費用時，美國金融公司將確認第三季1,900 萬美元的調整後淨虧損，或每股收益約0.08 美元，這與我們在第二季電話會議上討論的內容一致，即使利潤率有所下降。此外，我們持續致力於按計劃降低成本基礎，並取得紮實進展。

Since the peak in early 2022, we've achieved approximately $80 million in annualized savings or with the baseline of our $80 million to $100 million goal. In the third quarter, we saw a reduction in corporate expense of 17% compared to Q2.

自 2022 年初達到高峰以來，我們已實現了約 8,000 萬美元的年化節省，或以 8,000 萬至 1 億美元的目標為基準。第三季度，我們看到企業費用比第二季減少了 17%。

Our success is the result of further reductions in overall corporate spend and the rightsizing of our corporate structure. We're pleased with our progress to date and are on track to identify additional savings in the fourth quarter and beyond.

我們的成功得益於公司整體支出的進一步減少和公司結構規模的調整。我們對迄今為止的進展感到滿意，並預計在第四季度及以後實現更多節省。

With that, let me hand it back to Graham for closing remarks.

接下來，讓我將其交還給格雷厄姆進行結束語。

Thank you, Michael. Overall, this was another busy quarter with several macro headwinds beyond our control. But we remain focused on ensuring our long-term success and sticking to our strategy as we have been. Without these headwinds, the company has the ability to generate enterprise value via earnings from our core operation or increase to the fair value of our assets should raise and/or spreads improve.

謝謝你，麥可。總體而言，這是另一個繁忙的季度，存在一些我們無法控制的宏觀阻力。但我們仍然專注於確保我們的長期成功，並一如既往地堅持我們的策略。如果沒有這些不利因素，公司有能力透過我們的核心業務收益創造企業價值，或在提高和/或利差改善的情況下增加我們資產的公允價值。

We are seeing real traction across our business, improving our top and bottom lines, leveraging the AAG channel and taking real steps to becoming better partners for our customers by providing them with the tailored retirement solutions they need.

我們看到了整個業務的真正吸引力，改善了我們的收入和利潤，利用 AAG 管道，並採取切實措施，為我們的客戶提供他們需要的客製化退休解決方案，成為他們更好的合作夥伴。

Before we open the call to questions, I do want to take a moment and send our deepest sympathies to the friends and family of Patty Cook. Patty was an extraordinary leader of Finance of America, but more importantly, she was a wonderful woman and friend. Her impact on Finance of America and all of us will never be forgotten.

在我們開始提問之前，我確實想花一點時間向帕蒂·庫克的朋友和家人表示最深切的同情。帕蒂是美國金融界一位傑出的領導者，但更重要的是，她是一位出色的女性和朋友。她對美國金融界和我們所有人的影響將永遠不會被忘記。

And with that, we'll open the call for questions.

接下來，我們將開始提問。

Thank you. (Operator Instructions) Stephen Laws, Raymond James.

謝謝。 （操作員說明）Stephen Laws、Raymond James。

Hi, good afternoon. I guess maybe bigger picture, Graham, is, as you look out and there are some things are out of your control here near-term and you're working on expense reductions. When you look out, what do you think the adjusted net income run rate or earnings power is of the platform? And is that something you think will be achieved more through volume growth or expense reductions or what's the mix of those two things that are going to drive us to this targeted adjusted net income number?

嗨，下午好。格雷厄姆，我想也許更大的前景是，正如你所看到的，短期內有些事情是你無法控制的，你正在努力削減開支。當您觀察時，您認為該平台調整後的淨利潤運行率或獲利能力如何？您認為這是否可以透過銷售成長或費用減少來實現，或者這兩者的結合將推動我們達到這一目標調整後淨利潤數字？

Yeah, sure. Thanks, Stephen. So first of all, I think we outlined in our presentation, we've probably got eight or nine things in front of us for the next two quarters that we're looking to accomplish by the end of Q1 of 2024. With that right, we'll be able to complete the transformation, the pivot and the integration of AAG. So we think that will get us to a cost structure that's optimized for where we're at today.

好，當然。謝謝，史蒂芬。首先，我認為我們在演示中概述了，在接下來的兩個季度中，我們可能有八九件事情擺在我們面前，我們希望在 2024 年第一季末之前完成這些事情。我們就能完成AAG的轉型、支點與整合。因此，我們認為這將使我們的成本結構針對我們目前的狀況進行最佳化。

What we've said in the past is that at $300 million a month or roughly $900 million, we think we can achieve that $0.40 of A&I and we do believe that that is still an appropriate level of volume. We're $460 million a month where we have some way to get to that $300 million, but we do believe based upon the marketing that we've been doing and the inbound phone calls that we are getting from the customers, there is a meaningful demand for the product.

我們過去說過，如果每月 3 億美元或大約 ​​9 億美元，我們認為我們可以實現 0.40 美元的 A&I，而且我們確實相信這仍然是一個合適的數量水平。我們每月的收入為 4.6 億美元，我們有辦法達到 3 億美元，但我們確實相信，根據我們一直在做的營銷以及我們從客戶那裡接到的來電，有一個有意義的市場。對產品的需求。

That's why we rolled out the second product because with the increase in rates, LTVs to the consumer were coming down. People still need to access the equity. So we've had no -- and we're fully confident that the marketing will drive the leads and ultimately when we integrate the seconds and the digitization and the consolidation of the LOS, the volume will follow.

這就是我們推出第二個產品的原因，因為隨著費率的增加，消費者的生命週期價值正在下降。人們仍然需要獲得股權。所以我們沒有——我們完全相信行銷將推動領先地位，最終當我們整合秒數、數位化和 LOS 整合時，銷售量將會隨之而來。

Great. And then on a maybe the next quarter or two on a volume standpoint, I think I've heard during the prepared remarks that some of the technology consolidation may, yeah, cause a hiccup in near-term volume and maybe any seasonality also around your end. But can you give us some idea of what's your near term volume expectations are?

偉大的。然後，從數量的角度來看，可能是下一個或兩個季度，我想我在準備好的發言中聽說，一些技術整合可能會導致近期數量出現問題，也許還會出現季節性問題。結尾。但您能否告訴我們您的近期銷售預期是多少？

Yeah, I think I'd answer that. We're similar -- I would say, similar 5% to 10% of where we were in Q3. And I think Stephen, it's primarily driven from the seasonality issue. We do have -- we have had strong submissions. We do have a strong pipeline. It's just a little unclear. As you come through November, December, January, as you know that there's going to be a little seasonality in play here, but I would, from what I see today, I project volumes in Q4 and Q1 to be similar or slightly above what we saw in Q3.

是的，我想我會回答這個問題。我們很相似——我想說，與第三季的情況相似 5% 到 10%。我認為史蒂芬，這主要是由季節性問題驅動的。我們確實收到了強烈的意見。我們確實有強大的管道。只是有點不清楚。當你經歷11 月、12 月、1 月時，你知道這裡會有一點季節性，但從今天的情況來看，我預計第四季度和第一季的交易量將與我們的水平相似或略高於我們的水平。在第三季度看到的。

Great. And my final question Graham. Kind of bigger picture, second quarter in a row we've had a lot of fair value marks run through the revenue line. How core or do you view portfolio management to the bigger platform, is that a business segment that could be sold or there possibly other accounting measures you could look at to reduce the volatility of the income statement or are those fair value marks just something we've got to live with for better or for worse?

偉大的。我的最後一個問題是格雷厄姆。從更大的角度來看，連續第二季我們的營收線出現了許多公允價值標記。您如何看待更大平台的投資組合管理的核心，是可以出售的業務部門，還是您可以考慮的其他會計措施，以減少損益表的波動性，或者這些公允價值是否只是我們的標記？無論是好是壞，我們都必須共同生活？

So the fair value at the end of -- on our jumbo residuals was under $40 million at the end of the quarter. So we've had -- so there's two things at play here. One, as we have to make adjustments to the fair value, you're also impairing the GAAP earnings, because you don't have a yield on the residual to recognize as well, Stephen. So not only do you have the rate down, but then you're also -- you've got a lower residual that you're recognizing the yield on.

因此，截至本季末，我們巨額殘值的公允價值低於 4,000 萬美元。所以我們已經——所以這裡有兩件事在起作用。第一，由於我們必須對公允價值進行調整，你也會損害公認會計原則收益，因為你也沒有剩餘收益可以確認，史蒂芬。因此，您不僅會降低利率，而且您還會獲得較低的殘差，而您所認識到的收益率也較低。

So I would -- we can have this conversation, I would call it maybe the top of rate is in, and hopefully we do see an end to these fair value marks running through the -- or at least the negative fair value marks running through the -- through P&L going forward.

所以我會——我們可以進行這樣的對話，我會稱之為利率的頂部，希望我們確實看到這些公允價值標記的結束——或者至少是負公允價值標記的結束- 通過未來的損益表。

Got it. I appreciate the comments this afternoon, Graham. Thank you.

知道了。我很欣賞今天下午的評論，格雷厄姆。謝謝。

Thanks, Stephen.

謝謝，史蒂芬。

There are no further questions at this time. I will now turn the call over to Graham Fleming.

目前沒有其他問題。我現在將把電話轉給格雷厄姆·弗萊明。

All right. Thank you everybody for joining the call. As you can see, we're making tremendous strides towards our strategic initiatives and we look forward to updating everybody on our next call towards the end of Q1, 2024. Thank you everybody, and have a good evening.

好的。感謝大家加入通話。正如您所看到的，我們在策略性舉措方面正在取得巨大進展，我們期待在 2024 年第一季末的下一次電話會議上向大家通報最新情況。謝謝大家，祝大家晚上愉快。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。