Farmland Partners Inc (FPI) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Greg and I will be your conference operator today. At this time, I would like to welcome everyone to Farmland Partners, Inc. Q2 2024 Earnings Call. [Operator Instructions] Thank you. I would now like to turn the call over to Luca Fabbri, President and CEO. Luca, please go ahead.

謝謝你的支持。我叫格雷格，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Farmland Partners, Inc. 2024 年第二季財報電話會議。[操作說明] 謝謝。我現在想將電話轉給總裁兼執行長 Luca Fabbri。盧卡，請繼續。

Thank you, Greg. Good morning everybody and welcome to our second quarter 2024 earnings conference call and webcast. We appreciate your presence here on this call and taking the time to join us, because we see them as very, very important opportunities to share more informally, our thinking and our strategy in a more interactive format, rather than the usual SEC public filings and press releases.

謝謝你，格雷格。大家早安，歡迎參加我們的 2024 年第二季財報電話會議和網路廣播。我們感謝您出席本次電話會議並抽出時間加入我們，因為我們認為這是非常非常重要的機會，可以以更具互動性的形式更非正式地分享我們的想法和策略，而不是通常的SEC 公開文件和新聞稿。

But first, let me turn the call over to our General Counsel, Christine Garrison for some customary preliminary remarks. Go ahead, Christine.

但首先，讓我將電話轉給我們的總法律顧問 Christine Garrison，按照慣例進行一些初步評論。繼續吧，克里斯汀。

Thank you, Luca and thank you to everyone on the call. The press release announcing our second quarter earnings was distributed after market closed yesterday. The supplemental package has been posted to the Investor Relations section of our website under the sub-header Events and Presentations. For those who listen to the recording of this presentation, we remind you that the remarks made herein are as of today, July 25, 2024 and will not be updated subsequent to this call.

謝謝你，盧卡，也謝謝參加電話會議的所有人。宣布第二季收益的新聞稿是在昨天收盤後發布的。補充包已發佈到我們網站的投資者關係部分的子標題「活動和演示」下。對於那些收聽本次演講錄音的人，我們提醒您，本文中的言論截至今天，即 2024 年 7 月 25 日，不會在本次電話會議後更新。

During this call, we will make forward-looking statements, including statements related to the future performance of our portfolio, our identified and potential acquisitions and dispositions, impact of acquisitions, dispositions and financing activities, business development opportunities, as well as comments on our outlook for our business, rents and the broader agricultural markets.

在本次電話會議中，我們將做出前瞻性聲明，包括與我們投資組合的未來業績、我們已確定的和潛在的收購和處置、收購、處置和融資活動的影響、業務發展機會以及對我們的評論有關的聲明。

We will also discuss certain non-GAAP financial measures, including net operating income, FFO, adjusted FFO, EBITDAre and adjusted EBITDAre. Definitions of these non-GAAP measures as well as reconciliations to the most comparable GAAP measures are included in the company’s press release announcing second quarter earnings, which is available on our website farmlandpartners.com and is furnished as an exhibit to our current report on Form 8-K dated July 24, 2024.

我們也將討論某些非 GAAP 財務指標，包括淨營業收入、FFO、調整後的 FFO、EBITDAre 和調整後的 EBITDAre。這些非GAAP 衡量標準的定義以及與最具可比性GAAP 衡量標準的對帳均包含在公司宣布第二季度收益的新聞稿中，該新聞稿可在我們的網站farmlandpartners.com 上獲取，並作為我們目前的展示。

Listeners are cautioned that these statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond our control. These risks and uncertainties can cause actual results to differ materially from our current expectations and we advise listeners to review the risk factors discussed in our press release distributed yesterday and in documents we have filed with or furnished to the SEC.

請聽眾注意，這些陳述存在一定的風險和不確定性，其中許多風險和不確定性難以預測，通常超出我們的控制範圍。這些風險和不確定性可能導致實際結果與我們目前的預期有重大差異，我們建議聽眾查看我們昨天發布的新聞稿以及我們向 SEC 提交或提供的文件中討論的風險因素。

I would now like to turn the call to our Executive Chairman, Paul Pittman. Paul?

我現在想把電話轉給我們的執行主席保羅·皮特曼。保羅？

Thank you, Christine. I'm going to make comments about sort of four different topics today. One is the farm economy generally land values, our cost control efforts and our continuing discount to the net asset value of the underlying assets we own.

謝謝你，克里斯汀。今天我將就四個不同的主題發表評論。一是農業經濟一般的土地價值、我們的成本控制努力以及我們對我們擁有的基礎資產淨資產價值的持續折扣。

So, starting with the farm economy, we're in an environment today, aware commodity prices for the primary row crops like corn and soybeans and wheat are they lower than they have been in the past several years. That is leading to a certain challenges for farmers in terms of their cash flow and the strength of their balance sheet.

因此，從農業經濟開始，我們今天所處的環境是，玉米、大豆和小麥等主要中耕作物的商品價格低於過去幾年。這給農民的現金流和資產負債表實力帶來了一定的挑戰。

As is typical, though, this is by no means a crisis, there are a few farmers facing gradual levels of distress. But there is no broad based, you know, economic our problems in the farm. This is highly consistent with what has happened in the past and for me and i am now on probably cycle five or six in my career. You go into a relatively lower commodity price phase, a few of the weaker farmers from a financial point of view get into trouble, but the overall market stays quite stable and quite strong, and we expect that to be exactly the same this time. We do anticipate still getting modest rent increases on the rent rolls that we do and we do not anticipate any significant change in our bad debt levels and as you all probably know, our bad debt levels are almost zero, if not zero.

不過，與往常一樣，這絕不是一場危機，有些農民正面臨著逐漸程度的困境。但是，你知道，我們的農場沒有廣泛的經濟問題。這與過去發生的事情高度一致，對我來說，我現在可能處於職業生涯的第五或第六個週期。進入商品價格相對較低的階段，一些財務角度較弱的農民陷入困境，但整體市場保持相當穩定和強勁，我們預計這次也將完全相同。我們確實預計我們所做的租金清單中的租金仍會小幅上漲，並且我們預計我們的壞賬水平不會發生任何重大變化，正如大家可能知道的那樣，我們的壞賬水平即使不是零，也幾乎為零。

Turning just a second to the West Coast markets, their commodity prices are also somewhat challenged, although there are some bright spots, like citrus, where pricing is actually higher than it’s been in the last couple of years.

再看看西海岸市場，他們的大宗商品價格也受到了一定的挑戰，儘管也有一些亮點，例如柑橘，其價格實際上高於過去幾年的水平。

The major challenges, though, in California assets continue to be the same. Both the absolute water risk, what I call political water risk, because of the rules and regulations which sometimes don’t line up with the true reality of water and then finally, continuing sort of increases in labor costs for the farmers out there coming out of what in my perspective are sort of bad policies coming out of Sacramento. But those are the challenges there, but again, similar to the grain belt, not expecting any major crisis in that region.

不過，加州資產面臨的主要挑戰仍然相同。絕對水風險，我所說的政治水風險，因為規則和法規有時與水的真實現實不符，最後，農民的勞動力成本持續增加在我看來，薩克拉門托出台了一些糟糕的政策。但這些都是那裡面臨的挑戰，但與糧食帶類似，預計該地區不會出現重大危機。

Turning for a second the land values, land values have sort of in the row crop regions hit a bit of a plateau in this industry. A plateau is kind of what down feels like. As we all know, there is a sort of 6% per annum long-term average appreciation to the underlying assets.

再來看看土地價值，中耕作物地區的土地價值在該產業已經達到了一定水準。高原就是一種低落的感覺。眾所周知，基礎資產的長期平均增值率為每年 6%。

That of course does not come like clockwork. It comes a little bit of a lumpy style. And to refresh your memory, we have seen really really high appreciation rates for the last 3 or so years possibly as high as 15% or 20% on some assets in some regions.

這當然不會像發條一樣準時發生。它有一點凹凸不平的風格。為了刷新您的記憶，我們看到過去 3 年左右的時間裡，某些地區的某些資產的升值率可能高達 15% 或 20%。

And so we are going to see the kind of revert to the long-term mean occur. And how that occurs is you’ll go through a period where you get almost no appreciation in assets for a year or two. And that’s how you kind of stay at that long-term approximately 6% appreciation factor.

因此，我們將看到恢復到長期平均值的情況發生。而這種情況的發生方式是，你將經歷一段在一兩年內資產幾乎沒有增值的時期。這就是你如何長期保持大約 6% 的升值係數。

There what that means in kind of a practical matter, if you are reading newspapers in the in the U.S. Midwest, what’s gone away from the sales of high-quality farmland are still very very strong. Best land in Illinois and Iowa is easily $16,000 to $18,000 an acre virtually every time you try to sell it or buy it.

這在實際問題上意味著，如果你在美國中西部閱讀報紙，優質農地的銷售仍然非常強勁。伊利諾伊州和愛荷華州最好的土地幾乎每次您嘗試出售或購買時，價格都很容易達到每英畝 16,000 至 18,000 美元。

But those sort of 20,000 plus sales that make headlines, there is frankly less of those than there were. We’ve never marked our internal marks that we carry on our portfolio in terms of understanding what things are worth. We never use those super high outlier transactions. They are just not where the market is we tend to use sort of where is the 75% of deals are getting done in X price range.

但坦白說，那些成為頭條新聞的 20,000 多輛銷售的數量比以前要少。我們從來沒有在我們的投資組合中標記我們的內部標記，以理解事物的價值。我們從不使用那些超高異常值交易。它們只是不是我們傾​​向於使用的市場所在，75% 的交易是在 X 價格範圍內完成的。

That’s the price range we want to use when we think about the value of our portfolio. And we don’t think that’s going to go down very much. It’s hard to even measure a 2% or 3% move either way, but it’s certainly a very tight bracket. We don’t see any, any real risk in the row crop region of the portfolio for any kind of asset price declines.

這就是我們在考慮投資組合價值時想要使用的價格範圍。我們認為這一數字不會下降太多。無論哪種方式，都很難衡量 2% 或 3% 的變動，但這肯定是一個非常嚴格的範圍。我們沒有看到投資組合的中耕作物區域因任何資產價格下跌而有任何真正的風險。

Turning then to California. California is a little different and people are frustrated about the water and the labor cost issues i talked about. Many institutions are concerned about their exposure in that region. As I’ve said in prior phone calls, we will gradually over time lessen our exposure to that region, because of those factors.

然後轉向加州。加州有點不同，人們對我談到的水和勞動成本問題感到沮喪。許多機構都擔心自己在該地區的風險敞口。正如我在之前的電話中所說，由於這些因素，我們將隨著時間的推移逐漸減少對該地區的投資。

Cost cutting, as you all know we changed the CFO role inside the organization. During the quarter, we had our CFO, James Gilligan, lead the company. We promoted the long-term top accountants up into the CFO role. Susan Landi, she will speak here later today.

成本削減，眾所周知，我們改變了組織內部財務長的角色。在本季度，我們的財務長詹姆斯·吉利根 (James Gilligan) 領導公司。我們將長期任職的高級會計師提拔為財務長。蘇珊·蘭迪，她今天晚些時候將在這裡發言。

We just didn’t need that level of staffing in the finance department when we are in a position like we are now, where we are not frankly, growing very much. We are not raising a lot of capital and we had more staffing at higher costs than made sense. James was a wonderful member of the team.

當我們處於像現在這樣的位置時，我們只是不需要財務部門的人員配置水平，坦白說，我們並沒有得到很大的發展。我們沒有籌集大量資金，而且我們以更高的成本配備了更多的人員，這超出了合理範圍。詹姆斯是團隊中出色的成員。

We made as per his employment agreement and that the payout he was permitted to get and he deserved it. This is all about cost cutting, not about performance and Susan Landi has been the top CPA in the company for many years and will do a great job as our CFO and help limit our overheads in the in the home office in Denver.

我們按照他的僱傭協議支付了工資，他得到了允許，也是他應得的。這完全是為了削減成本，而不是為了績效，蘇珊蘭迪多年來一直是公司的頂級註冊會計師，作為我們的首席財務官，她將做得很好，並幫助限制我們在丹佛總部的管理費用。

Then finally, I am like a broken record on this, but I always want to make it clear, we continue to believe we trade at a deep, deep discount to our net asset value. I think that discount could be north of $4 or $5 a share. It is absolutely huge.

最後，我在這方面就像打破了記錄，但我總是想澄清，我們仍然相信我們的交易價格比我們的資產淨值有很大的折扣。我認為折扣可能會超過每股 4 美元或 5 美元。這絕對是巨大的。

We will continue to do our best to close that gap through things like asset sales and arbitraging the private market values for our assets against the public market discount. This is not a situation which we are going to allow to sit there forever. As a REIT, we are obviously constrained in the kinds of the numbers of deals we can do in any year by the tax law. And so we’ll stay in compliance with that. But we will continue to drive as we did in the ‘23 calendar year to arbitrage the high private market values for our assets against the discounts in the public market.

我們將繼續盡力透過資產出售以及根據公開市場折扣對我們資產的私人市場價值進行套利等方式來縮小這一差距。我們不會讓這種情況永遠存在。作為房地產投資信託基金，我們在任何一年可以進行的交易數量顯然受到稅法的限制。因此，我們將繼續遵守這一點。但我們將繼續像 2023 日曆年一樣，利用我們資產的高私人市場價值與公開市場的折扣進行套利。

With that, I’m going to turn it over to Luca to make some additional comments.

至此，我將把它交給 Luca 來發表一些補充評論。

Thank you, Paul. I only have a couple of very quick remarks. First and foremost, I want to remind everybody about the seasonality of our business from a financial reporting standpoint. Based on our Investor Relations activity and the calls that we’ve had, I know that we might have a couple of new investors listening to this call. And Q2 and Q3 in the calendar year tend to be the slower months, because we don’t have very much in the way of revenue recognition other than the revenues that are spread all over the year, typically the first quarter, and even more importantly, the fourth quarter in the year are the ones where we have higher revenue recognition and therefore higher, more prominent performance at the bottom line level.

謝謝你，保羅。我只有幾句話。首先，我想從財務報告的角度提醒大家我們業務的季節性。根據我們的投資者關係活動和我們接到的電話，我知道我們可能有一些新投資者正在聆聽這次電話會議。日曆年的第二季度和第三季度往往是較慢的月份，因為除了全年分佈的收入（通常是第一季度，甚至更多）之外，我們沒有太多的收入確認方式。 ，今年第四季我們的收入認可度更高，因此淨利潤水平更高、更突出。

Speaking of that, I think that Q2 was relatively speaking a very very strong quarter for us when compared to last year. Of course, on a net income basis, last year, we had several dispositions that actually contributed to the gap bottom line.

說到這一點，我認為與去年相比，第二季對我們來說是一個非常非常強勁的季度。當然，在淨利潤的基礎上，去年我們有幾項配置實際上導致了缺口底線。

We try to present through our adjusted FFO and more of a view into what we consider the core performance of our business and we had a very strong one indeed. If you think that from a gross book value standpoint, we actually disposed of about 10.4% of our portfolio, yet our operating revenues were down only 1.2%.

我們嘗試透過調整後的 FFO 來展示我們認為業務核心績效的更多觀點，而且我們確實擁有非常強大的核心績效。如果你認為從總帳面價值的角度來看，我們實際上處置了大約 10.4% 的投資組合，但我們的營業收入僅下降了 1.2%。

So, I think that is a testament to the frankly that’s the good work that we have done in improving our portfolio and pushing our revenues and also managing our expenses, our total operating expenses, which include, of course, overhead, which is harder to flex with the size of the company, we are down 7%.

因此，我認為坦率地說，這證明了我們在改善我們的投資組合、推動我們的收入以及管理我們的開支、我們的總營運開支方面所做的出色工作，其中當然包括管理費用，由於公司規模更難調整，我們下降了7%。

One quick note to prevent some questions that I certainly expect, especially after Paul’s remarks, we haven’t announced any significant asset dispositions in the year. As I’ve mentioned in the past in prior calls, we do expect to have some, likely later in the year, because of the Safe Harbor limitations that we are operating under this year. We are kind of postponing any asset – any disposition transactions until later in the year when we have a better view for what we have available.

為了避免一些我當然期望的問題，特別是在保羅發表演說之後，我們還沒有宣布今年任何重大資產處置。正如我過去在之前的電話會議中提到的那樣，由於我們今年的營運受到安全港限制，我們確實預計可能會在今年稍後出現一些情況。我們將任何資產——任何處置交易推遲到今年晚些時候，屆時我們對現有資產有更好的了解。

And finally, one quick remark also on the CFO transition. As Paul mentioned, Susan has already been a very, very important part of our team, driving SEC reporting and financial reporting in general in our company now for several years. So thanks to her experience with the company, experience in general and James active role in transition. I believe the transition was absolutely seamless.

最後，我還想簡單談談財務長的過渡。正如 Paul 所提到的，Susan 已成為我們團隊中非常非常重要的一部分，多年來一直推動我們公司的 SEC 報告和財務報告工作。因此，這要歸功於她在公司的經歷、整體經驗以及詹姆斯在轉型過程中的積極作用。我相信這個過渡是絕對無縫的。

And with that, let me turn over the call over to her for her overview of the company’s financial performance. Susan?

接下來，讓我將電話轉給她，詢問她對公司財務表現的概述。蘇珊？

Thank you, Luca. I am going to cover a few items today, including the summary of the 3 and 6 months ended June 30, a review of capital structure, comparison of year-to-date revenue and updated guidance for 2024. I’ll be referring to the supplemental package, which is available in the Investor Relations section of our website under the sub-header, Events and Presentations.

謝謝你，盧卡。今天我將介紹幾個項目，包括截至 6 月 30 日的 3 個月和 6 個月的摘要、資本結構審查、年初至今收入比較以及 2024 年更新指導。我將指的是補充包，該包可在我們網站的投資者關係部分的「活動和演示」子標題下找到。

First, I will share a few financial metrics that appear on Page 2. For the 3 months ended, our net loss was $2.1 million and net loss per share available to common stockholders was $0.06 lower than the same period for 2023 largely due to the impacts of dispositions that occurred in 2023. AFFO was $0.5 million and AFFO per weighted share was $0.01 higher than the same period for 2023. AFFO was positively impacted by lower property taxes due to fewer properties, lower G&A expenses as part of the company’s cost-cutting initiative and increased volume of citrus sales on our directly operated properties. For the 6 months ended June 30, our net loss was $0.6 million and net loss per share available to common stockholders was $0.5 million, lower than the same period for 2023, again largely due to the impacts of dispositions that occurred in 2023.

首先，我將分享第 2 頁上出現的一些財務指標。截至 3 個月，我們的淨虧損為 210 萬美元，普通股股東每股淨虧損比 2023 年同期低 0.06 美元，這主要是由於 2023 年發生的處置的影響。AFFO 為 50 萬美元，每股加權每股 AFFO 比 2023 年同期高出 0.01 美元。AFFO 受到財產稅降低（由於財產減少）、作為公司成本削減計劃一部分的一般管理費用降低以及我們直接經營財產的柑橘銷售量增加的積極影響。截至 6 月 30 日的 6 個月，我們的淨虧損為 60 萬美元，普通股股東每股淨虧損為 50 萬美元，低於 2023 年同期，這同樣主要是由於 2023 年發生的處置的影響。

AFFO was $3.3 million and AFFO per weighted average share was $0.7 million higher than the same period for 2023. AFFO was positively impacted by $1.2 million of income from forfeited deposits in the first quarter, lower property taxes due to fewer properties, lower G&A expenses as part of the company’s cost-cutting initiative, and increased volume of citrus sales on our directly operated properties.

AFFO 為 330 萬美元，每股加權平均 AFFO 比 2023 年同期高出 70 萬美元。AFFO 受到以下因素的積極影響：第一季沒收押金帶來的120 萬美元收入、由於房產減少而導致的財產稅降低、作為公司成本削減計劃一部分的一般管理費用降低以及我們直接銷售的柑橘銷量增加。

Next, we will review some of the operating expenses and other items, which is shown on Page 5. Property operating expenses were lower than for the 3 and 6 months ended June 30, 2024 which are caused by, again, the lower property taxes, lower property insurance expenses and lower repairs expenses. G&A increased primarily due to the one-time severance expense of $1.4 million in connection with the previously announced departure of the company’s former CFO as part of the company’s cost-cutting initiative.

接下來，我們將回顧一些營運費用和其他項目，如第 5 頁所示。財產營運費用低於截至2024年6月30日的3個月和6個月，這又是由於財產稅、財產保險費用和維修費用的降低所致。G&A 成長的主要原因是，作為公司成本削減計劃的一部分，公司前任 CFO 先前宣布離職，因此產生了 140 萬美元的一次性遣散費。

This is partially offset by lower salaries and travel expenses. Gain on dispositions was down from prior year as no farms were sold during this year. There was only a small fixed asset dispositions from a few properties reported in the 6 months ended.

這被較低的工資和差旅費用部分抵消。由於今年沒有出售農場，處置收益較前一年下降。截至 6 個月內，僅報告了少數房產的少量固定資產處置。

Income from forfeited deposits relates to the sale of a farm that was initiated back in 2020 where we received a series of non-refundable deposits over time. The sale was terminated by mutual agreement in the first quarter of 2024. And as a result of that termination, we recognized $1.2 million of forfeited deposits. Interest expense decreased slightly from prior year due to lower outstanding principal balance.

沒收押金的收入與 2020 年開始出售的農場有關，隨著時間的推移，我們收到了一系列不可退還的押金。此次出售經雙方同意於 2024 年第一季終止。由於終止，我們確認了 120 萬美元的沒收存款。由於未償還本金餘額減少，利息支出較上年略有下降。

Next, moving on to Page 12, there are few capital structure items to point out. First, floating rate debt net of the swap, as a percent of total debt, was approximately 20%. Second, we had undrawn capacity on our lines of credit of approximately $158 million as of the end of Q2. In 2024, we have 2 MetLife resets that are set to happen in the fourth quarter on debt totaling approximately $27 million.

接下來，轉到第 12 頁，幾乎沒有任何資本結構項目需要指出。首先，扣除互換後的浮動利率債務佔總債務的百分比約為20%。其次，截至第二季末，我們的信貸額度未動用容量約為 1.58 億美元。到 2024 年，大都會人壽將在第四季進行兩次債務重置，債務總額約為 2,700 萬美元。

The Rutledge facility was amended during the quarter to reduce interest rate by 40 basis points. In addition, the 2.5% annual reduction in the facility size was also eliminated. There was also a reduction in the facility size from $85.8 million to $75 million as well as the introduction of an unused commitment fee of 0.2%.

拉特利奇貸款在本季度進行了修改，將利率降低了 40 個基點。此外，也取消了每年2.5%的設施規模縮減。融資規模也從 8,580 萬美元減少到 7,500 萬美元，並引入了 0.2% 的未使用承諾費。

Page 14 breaks down the difference in revenue categories with a few comments at the bottom to describe the difference between periods. The few points that I would like to highlight are fixed farm rent decrease due to dispositions as we were expecting. Solar, wind and recreation changes were caused primarily by rent on land with large with a large solar project in Illinois that was higher in 2023 than 2024 as that project moved from construction to operational at the end of 2023. We will see this impact throughout the year, especially in Q4.

第 14 頁詳細分析了收入類別的差異，並在底部添加了一些註釋來描述不同時期之間的差異。我想強調的幾點是，由於我們的預期，農場租金的固定下降。太陽能、風能和娛樂活動的變化主要是由於伊利諾伊州一個大型太陽能項目的土地租金在 2023 年高於 2024 年，因為該項目於 2023 年底從建設階段轉向運營階段。我們將在全年看到這種影響，尤其是在第四季。

Tenant reimbursements decreased in the current year due to a one-time tax reimbursement in Q1 of last year, also dispositions that occurred in 2023 and a small number of leases that renewed with higher fixed rent, but with lower tenant reimbursements.

由於去年第一季的一次性退稅、2023 年發生的處置以及少數以較高固定租金續約但租戶報銷較低的租約，今年租戶報銷有所減少。

Management fees and interest income increased with greater loans and financing receivables outstanding. Direct operations, is a combination of crop sales, crop insurance and cost of goods sold. It is up relative to 2023 largely due to a larger volume of citrus and walnut sales and lower impairment expense. Other items decreased slightly between the periods.

管理費和利息收入隨著未償還貸款和融資應收帳款的增加而增加。直接經營是農作物銷售、農作物保險和銷售成本的結合。較 2023 年上升，主要是由於柑橘和核桃銷售增加以及減損費用減少。其他項目在各時期之間略有下降。

Page 15 is our outlook for 2024. Assumptions are listed at the bottom. Note that we had three acquisitions in Q1 of 2024. There are no other transactions that are included in the projections. On the revenue side, fixed farm rent changes reflect the full year impact of 2023 transactions plus the three Q1 2024 acquisitions and a few lease changes that occurred during 2024.

第 15 頁是我們對 2024 年的展望。假設列在底部。請注意，我們在 2024 年第一季進行了三項收購。預測中沒有包含其他交易。在收入方面，固定農場租金變化反映了 2023 年交易的全年影響，加上 2024 年第一季的三項收購以及 2024 年期間發生的一些租賃變化。

Direct operations, which is crop sales, crop insurance, minus cost of goods sold, is up due to higher expected performance in citrus farms under direct operations. On the expense side, G&A increased due to severance costs, but that’s partially offset by targeted cost reductions.

直接經營（農作物銷售、農作物保險減去銷售成本）增加，因為直接經營的柑橘農場的預期表現較高。在費用方面，由於遣散費，一般管理費用有所增加，但這部分被目標成本削減所抵消。

The forecasted range of AFFO is $9.8 million to $12.8 million or $0.20 to $0.26 per share. The low end of the range is slightly higher than the outlook from the last quarter. This summarizes where we stand today and we will keep you updated as we progress through the year. This wraps up our comments this morning. Thank you all for participating. Operator, you can now begin the Q&A session.

AFFO 的預測範圍為 980 萬美元至 1,280 萬美元，即每股 0.20 美元至 0.26 美元。此範圍的下限略高於上季的展望。這總結了我們今天的立場，我們將在這一年的進展中隨時向您通報最新情況。今天早上我們的評論就到此結束。感謝大家的參與。接線生，您現在可以開始問答環節了。

Thanks, Susan. And at this time, I would like to remind everyone in order to ask a question, press star than the number one on your telephone keypad. Once again, star one and we will pause just a moment to compile the Q&A roster. And it looks like our first question today comes from the line of Scott Fortune with ROTH Capital. Scott, please go ahead.

謝謝，蘇珊。此時，我想提醒大家，要問，請按電話鍵盤上的星號而不是數字1。再次，明星一號，我們將暫停片刻來整理問答名單。看來我們今天的第一個問題來自斯科特·福瓊（Scott Fortune）和羅斯資本（ROTH Capital）的對話。斯科特，請繼續。

Yes, good morning and thanks for all the detail. Just wanted to follow-up and get a little color as we look into the second half into next year on the renewal lease discussions you are having and obviously you mentioned some of the pressure – downward pressure and volatility in many of the row crops for the farmers from that standpoint here. But just kind of what are your initial expectations with the farm economy coming off a little bit, and just those discussions around rent renewal leases for going into ‘25 to start here initially?

是的，早上好，感謝您提供所有詳細資訊。只是想跟進並獲得一些信息，因為我們正在研究下半年到明年的續租討論，顯然您提到了一些壓力——許多中耕作物的下行壓力和波動性從這個角度來看，對於農民來說。但是，您對農業經濟略有下降的初步預期是什麼，以及最初從這裡開始的關於租金續約租約的討論是什麼？

Yes, this is Paul and I’ll take that question and I am in a different location than the rest of the management team today. So if they have anything to add, they will. So, we would expect just to give you the punch line first, we would expect rent renewals this year, hopefully in the 5% to 10% increase in terms of the leases we renew this year.

是的，這是保羅，我將回答這個問題，我今天的位置與管理團隊的其他成員不同。因此，如果他們有什麼要補充的，他們會的。因此，我們希望先跟大家講個妙語，我們預計今年會續租，希望今年續租的租約能增加 5% 到 10%。

That’s still a pretty good increase, certainly not as strong as the last couple of years, which have been 15% to 20% and that’s as I discussed earlier, kind of reflecting the lower commodity price environment. And, it has not only the kind of financial impacts i mentioned earlier, it has kind of a psychological and emotional impact which makes rent negotiations harder.

這仍然是一個相當不錯的增長，當然不如過去幾年那麼強勁，過去幾年增長了 15% 到 20%，正如我之前討論的那樣，這在一定程度上反映了較低的大宗商品價格環境。而且，它不僅會產生我之前提到的財務影響，還會產生心理和情緒影響，使租金談判變得更加困難。

So that’s where we would anticipate. We’re really early in the process. So, it’s hard to say exactly where that number will come out, but I think it will be in that bracket. The other thing to remember, and it’s very important fact, we are now starting on the leases.

這就是我們所期望的。我們確實處於這個過程的早期階段。因此，很難確切地說這個數字會出現在哪裡，但我認為它會在那個括號中。另一件要記住的事情，也是非常重要的事實，我們現在開始租用。

The leases coming up for renewal this year are leases that came up for renewal 3 years ago, so they got a very large increase on average 3 years ago. So, we’re really working off a much higher base. So, it’s not just the farm economy impact. It’s all about whether you’re working with at least that was renewed during a boom time era in farming, which is where we are this time, as opposed to the last couple of years we were renewing leases that had been renegotiated during a tougher economic period in sort of call it ‘17, ‘18, ‘19 era and so it was much much easier to get the big jumps. Hope that answers your question, Scott.

今年要續約的租約是三年前續約的租約，所以三年前平均增幅非常大。所以，我們確實是在一個更高的基礎上工作。因此，這不僅是對農業經濟的影響。關鍵在於您是否至少在農業繁榮時期更新了合同，這就是我們這次的情況，而不是過去幾年我們更新了重新談判的租約在經濟更為困難的時期，即所謂的“17、18、19 「時代，因此實現大躍進要容易得多。希望這能回答你的問題，斯科特。

Yes, no, that’s great. That’s a real good color on that. And just kind of follow-up, I know you mentioned a little bit, but anything different on the farmers income and the economy in general, like you said, we are seeing some distress there, but it’s very limited from that standpoint. But, and then, how does this kind of project, as you look at, you mentioned that we’re going to do some dispositions potentially in more likely fourth quarter here, kind of since that third quarter will be kind of very, very similar to this last quarter. But a lot depends on fourth quarter, but just kind of your framework on kind of any additional distress out there and then how that kind of portrays into kind of the dispositions or sales of assets, like in that marketplace?

是的，不，那太好了。這真是一個很好的顏色。只是一種後續行動，我知道你提到了一點，但農民收入和總體經濟方面有什麼不同，就像你說的，我們在那裡看到了一些困難，但從這個角度來看，這是非常有限的。但是，然後，正如您所看到的，您提到我們可能會在第四季度進行一些配置，因為第三季度將非常非常與上個季度類似。但很大程度上取決於第四季度，但只是您對任何額外困境的框架，然後如何將其描繪成資產的處置或銷售，就像在那個市場中一樣？

Yes, I mean, if you own high quality farms, which we overwhelmingly do. I mean, we’ve got, certainly, some farms that aren’t perfect, but many many of our assets are exceedingly high quality. That market is still strong and deep.

是的，我的意思是，如果您擁有高品質的農場，而我們絕大多數都擁有這樣的農場。我的意思是，我們當然有一些農場並不完美，但我們的許多資產品質都非常高。該市場仍然強勁而深入。

You can move a farm if you choose to move a farm. Our big constraint this year, just to refresh everybody’s memory, is because we were so aggressive in selling assets last year, we actually are limited to seven total transactions for the calendar year.

如果您選擇移動農場，則可以移動農場。我們今年最大的限制，只是為了刷新大家的記憶，是因為我們去年在出售資產方面非常積極，實際上我們全年的交易總數被限制在七次。

And we have actually already consumed one of those with a small sale of something in the opportunity zone fund that we own 10% of. So, the reason we are waiting kind of the fourth quarter or late third quarter, or fourth quarter, it really gets focused on asset sales is we don’t have very many bullets, if you will. And so we want to use them in the best possible way.

事實上，我們已經消耗了其中一個，並在我們擁有 10% 的機會區基金中進行了小額銷售。因此，我們等待第四季或第三季末或第四季的原因是，它真正關注的是資產銷售，如果你願意的話，我們沒有太多子彈。因此，我們希望以盡可能最好的方式使用它們。

The most active time for selling and buying farms is the late third quarter and fourth quarter. And so that’s why we haven’t done much to-date. We would anticipate anything we would sell will be on average over whatever package of farms we end up selling will be a pretty substantial gain if we get a deal done. And we don’t see a weakness in Farmland values. My comments are all focused on the following. In the last 3 years, we have seen very very strong gains in Farmland that has gone away, that’s not the same as saying there is a decline in value.

買賣農場最活躍的時間是第三季末和第四季。這就是為什麼我們迄今為止還沒有做太多事情。我們預計，如果我們達成交易，我們將出售的任何東西平均而言將比我們最終出售的任何農場包都將獲得相當可觀的收益。我們沒有看到農田價值的弱點。我的評論主要集中在以下幾點。在過去的三年中，我們看到農田的非常非常強勁的成長已經消失，這並不等於說價值下降。

I use the word plateau for a reason. We are just not seeing the gains we saw in the last 3 years or 4 years. We are also not really seeing a pullback.

我使用高原這個詞是有原因的。我們只是沒有看到過去 3 年或 4 年所取得的進展。我們也沒有真正看到回調。

I appreciate that. I will jump back in the queue.

我很欣賞這一點。我會跳回到隊列中。

Thanks, Scott.

謝謝，斯科特。

And just another reminder, star one on your touchtone phone, if you'd like to ask a question. And our next question comes from the line of Rob Stevenson with Janney. Rob, please go ahead.

再次提醒您，如果您想提問，請在按鍵式電話上加註星標。我們的下一個問題來自羅布史蒂文森和珍妮的對話。羅布，請繼續。

Hi. Good morning, Paul. Given all your comments on the market land values, at today’s market pricing, how aggressively would you be buying Farmland if you had a more normal cost of equity, or would you just be doing a select few deals and waiting for pricing come back. Just trying to strip out your cost of capital from the market conditions and whether or not you would be a buyer if you had better cost of capital here?

你好。早安，保羅。鑑於您對市場土地價值的所有評論，按照今天的市場定價，如果您有更正常的股權成本，您會多麼積極地購買農田，或者您只是進行少數交易並等待定價到來後退。只是想從市場條件中剔除您的資本成本，如果您在這裡有更好的資本成本，您是否會成為買家？

Well, we had a better cost of capital. If we had a better cost of capital, we would be buying farms. There is not bargains per se out there, because they never are. I mean you can’t say that plan values don’t really pull back in the bad times.

嗯，我們的資金成本比較好。如果我們有更好的資金成本，我們就會購買農場。市面上根本不存在便宜貨，因為從來就沒有便宜貨。我的意思是，你不能說計劃價值在經濟不景氣時不會真正回落。

And then also say there is a bunch of bargains out there. Anytime in my career where you are now spending 30 plus years of doing this, when there is a bargain, I look back on it 5 years later and it’s the little like the lemon in car you would have bought in the used car lot, you wish you hadn’t bought it.

然後還說那裡有很多便宜貨。在我的職業生涯中，你現在花了 30 多年的時間做這件事，當有便宜的時候，我 5 年後回顧它，它就像你在二手車上買的車裡的檸檬一樣很多，你希望自己沒有買它。

There just are bargains on high quality farms, because farmers have strong personal balance sheets. But when you get to this kind of plateau period that we are in right now, this is a time to try to buy some farms if you had the cost of capital. And the reason is, we don’t try to steal a farm. I mean when I hear investors trying to raise capital, talking about off market deals and all of this, it’s nonsense.

優質農場的價格很便宜，因為農民擁有強大的個人資產負債表。但是，當你進入我們現在所處的這種平台期時，如果你有資金成本，現在就是嘗試購買一些農場的時候了。原因是，我們不會試圖偷竊農場。我的意思是，當我聽到投資者試圖籌集資金、談論場外交易以及所有這些時，這都是無稽之談。

This market, it’s not transparent to us sitting in the big cities, but I have been spending most of my time this summer back in where I grew up, in Central Illinois. It’s very transparent to that group of farmers in a 20-mile radius of their house.

這個市場對我們住在大城市的人來說並不透明，但今年夏天我大部分時間都花在了我長大的地方，伊利諾伊州中部。對於他們家方圓 20 英里範圍內的那群農民來說，這是非常透明的。

They know about every deal. They know about the pricing. They know about the quality of farms. They have been driving by them every other day for their whole life. And so what happens when you get to this plateau is that when you work on your valuation, you have got a kind of static set of data.

他們了解每筆交易。他們知道定價。他們了解農場的品質。他們一生中每隔一天就開車經過他們身邊。因此，當你到達這個平台時，當你進行估價時，你會得到一組靜態資料。

So, you look at comps from the last 6 months or 12 months, and they are kind of flat, they are in the same place, so you can use them as opposed to try to adjust them for how rapidly the market is moving away from. And so it’s really a very good time to buy farms. But as you indicated, Rob, we just don’t have the cost of capital allows us to do it.

因此，您查看過去 6 個月或 12 個月的比較，它們有點持平，位於同一個位置，因此您可以使用它們，而不是嘗試根據市場偏離的速度來調整它們。因此，現在確實是購買農場的好時機。但正如你所指出的，羅布，我們只是沒有足夠的資本成本來做到這一點。

Alright. That’s helpful. And then Luca, you talked about dispositions in your comments. Any sort of commonality on the assets that you guys are going to be looking to sell in the back half of the year? Is that going to be a lot of West Coast stuff? Is it going to wind up being stuff out of your row crops, a mixture, how should we be thinking about the stuff that you guys are going to be teeing up to potentially sell in the back half of the year?

好吧。這很有幫助。然後盧卡，你在評論中談到了性格。你們打算在今年下半年出售的資產有什麼共通點嗎？那會是很多西海岸的東西嗎？它最終會成為你們的中耕作物的混合物嗎？

Yes. I am not going to give you a straight answer, because I don’t have one, frankly, certainly not one I can share publicly. We are evaluating various opportunities, some in California, some in the rest of our portfolio. We are unlikely to let go of any of most priced assets in the core of the Corn Belt, like in Illinois. But if somebody shows up with a strong offer, we will consider that as well. So, can give you much information, unfortunately I am sorry, but just hold on tight until the later in the year.

是的。我不會給你一個直接的答案，因為坦白說，我沒有一個可以公開分享的答案。我們正在評估各種機會，有些在加州，有些在我們投資組合的其餘部分。我們不太可能放棄玉米帶核心地區（例如伊利諾伊州）任何價格最高的資產。但如果有人提出了強而有力的報價，我們也會考慮。所以，可以給你很多信息，不幸的是我很抱歉，但請堅持到今年晚些時候。

Alright. And then…

好吧。然後…

Let me amplify that just a little bit if you don’t mind, Luca. We keep this internal valuation of all of our assets. Our Farmland managers help us redo this internal value every year or six months. It depends if the market is moving rapidly. If people make us an offer higher than our internal mark on an asset, we are quite likely to sell it.

如果你不介意的話，讓我稍微放大一下，盧卡。我們保留所有資產的內部估值。我們的農地經理每年或六個月都會幫助我們重做這個內部價值。這取決於市場是否快速變化。如果人們向我們提出的報價高於我們對某項資產的內部標記，我們很可能會出售它。

I mean we are in the business of making money two different ways appreciation and current income off of the farms. And as you have heard me say many times, probably two-thirds of your return to Farmland is appreciation.

我的意思是，我們從事的生意有兩種不同的賺錢方式：增值和來自農場的當前收入。正如您多次聽我說過的那樣，您返回農田的三分之二可能是出於感激。

So, you can’t kind of fall in love with anything. So, somebody shows up with a full price offer in excess, certainly. if it’s an excess of our internal view of value, we are likely to sell those farms. Luca is correct, we do believe in the long-term Corn Belt, it’s probably more stronger than the other part of our portfolio, so less likely to do sales there than anywhere else.

所以，你不可能愛上任何東西。所以，一定有人會以超額的全額出現。如果超出我們內部的價值觀念，我們可能會出售這些農場。盧卡是對的，我們確實相信玉米帶是長期的，它可能比我們投資組合的其他部分更強大，因此在那裡進行銷售的可能性比其他地方要小。

And, then the final point is we are on an effort to gradually lighten up in California. We are not going to go out there and just sell everything we got, just because we want to be out of it. But you should expect us to gradually lessen exposure to California over the next 3 years to 5 years just going to happen. So, hope that added more to it, Rob.

最後一點是，我們正在努力逐漸減輕加州的負擔。我們不會因為我們想擺脫它而賣掉我們所得到的一切。但你應該預料到我們將在未來 3 到 5 年內逐漸減少對加州的接觸。所以，希望這能增加更多，羅布。

Yes. Thank you. And then just Susan, a couple of numbers questions. How meaningful is the reset on the $27 million of debt in the back half of the year? I think it’s right around 3% now on that combined $27 million, what is that likely to go to? Is that sort of high-6s we should be anticipating there?

是的。謝謝。然後是蘇珊，幾個數字問題。下半年重置2700萬美元債務有多大意義？我認為現在 2700 萬美元中的 3% 左右，這可能會花在哪裡？我們應該期待那種高 6 的表現嗎？

Yes, it is somewhere, let me kind of flip to my numbers here. It is somewhere in the low-3s, high-2s, low-3s currently, and we will likely end up in the 6s on that.

是的，它在某個地方，讓我翻到這裡的數字。目前它處於低 3 級、高 2 級、低 3 級，我們很可能最終會達到 6 級。

Okay. And then in terms of the guidance, the drivers that pushed cost of goods sold up $200,000 over the prior guidance and management fees and interest income down $300,000, anything singular on that, or is that just a bunch of little stuff that combined into those adjustments?

好的。然後就指導而言，推高商品成本的驅動因素比之前的指導增加了20 萬美元，管理費和利息收入下降了30 萬美元，這有什麼奇怪的，或者只是一堆小東西合併到這些調整中？

Yes, there is a lot of little stuff that’s combined into those figures. But the thing that to note on that guidance there we – what’s I think really driving the majority of that is there is a citrus farm that is up, let me flip to my numbers here. There is a citrus farm that we increased by $0.5 million. That is because yields are up approximately 31% and the price is up approximately 14% on the revenue side, correct.

是的，這些數字包含了很多小東西。但在該指南中需要注意的一點是，我們認為真正推動其中大部分發展的因素是有一個柑橘農場正在崛起，讓我翻到這裡的數字。有一個柑橘農場，我們增加了 50 萬美元。這是因為在收入方面，收益率上漲了約 31%，價格上漲了約 14%，這是正確的。

Okay. That’s helpful. Thanks guys. Appreciate the time this morning.

好的。這很有幫助。謝謝你們。珍惜今天早上的時間。

Thanks Rob.

謝謝羅布。

And our next question comes from John Massocca with B. Riley Securities. John, please go ahead.

我們的下一個問題來自 B. Riley Securities 的 John Massocca。約翰，請繼續。

Good morning. There was some recent data from the USDA that seem to drive some stabilization in almond pricing. Is that something you are seeing on your farms? And if that pricing does improve, is that going to impact the variable rent bucket in the current year?

早安.美國農業部最近發布的一些數據似乎推動了杏仁價格的穩定。這是你在農場看到的嗎？如果定價確實改善，是否會影響今年的變動租金？

Luca, you want to take that, you want me to take it, I don’t have a specific factual answer, but I have a point of view.

盧卡，你想接受這個，你希望我接受它，我沒有具體的事實答案，但我有一個觀點。

Happy, I will take it. Yes. So, I have seen some talks about a kind of bottoming out of almond prices, just also, because we have seen some orchards coming out of production. We believe that our almond production assets are of a higher quality than average.

開心就好，我就收下來了。是的。因此，我看到一些關於杏仁價格觸底的討論，因為我們已經看到一些果園停止生產。我們相信我們的杏仁生產資產的品質高於平均水平。

And yes the way, some of our leases that are structured, we will be beneficiaries of stronger almond prices, at least up to a point. Ultimately, if there is a runaway in almond prices, the operator, as it’s right, would be the main beneficiary. But to some extent, we will be beneficiaries as well, both directly in terms of higher lease – variable lease revenues, as well as having stronger tenants is always better.

是的，我們的一些結構化租賃將成為杏仁價格上漲的受益者，至少在某種程度上是如此。最終，如果杏仁價格失控，業者理所當然將成為主要受益者。但在某種程度上，我們也將成為受益者，無論是直接受益於更高的租賃 - 可變租賃收入，還是擁有更強大的租戶總是更好。

And Luca, I want to add one comment, though, just for John’s benefit. If we believed that there was a big bump in variable income or variable revenue already, highly probable, it would be in our projections. So, it’s sort not to say it’s not going to happen, but it’s too early to tell. So, yes, there is a little bit of positive movement in pricing. But as an analyst, don’t get the cart before the horse, so to speak here, because we are just not sure yet

不過，盧卡，我想添加一條評論，只是為了約翰的利益。如果我們相信可變收入或可變收入已經大幅增加（很有可能），那麼它就會出現在我們的預測中。因此，雖然不能說這種情況不會發生，但現在下結論還為時過早。所以，是的，定價出現了一些積極的變化。但身為分析師，不要本末倒置，可以這麼說，因為我們還不確定

And I just mean really kind of broad strokes, there was an increase in the guidance, this quarter versus last quarter in terms of variable net payments, largely driven by, you already talked about, in terms of the citrus farm, but I guess kind of how much of that bucket is citrus versus tree and permanent crops. I am just kind of thinking about how various kind of movements in prices could impact that revenue stream?

我只是說，實際上是一種廣泛的打擊，本季度與上季度相比，可變淨付款方面的指導有所增加，這很大程度上是由您已經談到的柑橘農場推動的，但我想是這樣的該桶中有多少是柑橘與樹木和永久性作物。我只是在想各種價格變動會如何影響收入流？

Yes. So, let me give a general comment while the team in Denver pulls together a couple of facts to help you with that. So, the big picture is to always remember. As an overall percentage of our revenue, variable isn’t very high, so keep that in that context. This company is largely about fixed rents. And so I will let the team in Denver try to break it down to the extent they can, but a little more specifically on the different crop types. But I just wanted to make that general comment. Luca and Susan, do you want to add anything to that?

是的。因此，讓我發表一般性評論，同時丹佛的團隊會整理一些事實來幫助您解決這個問題。因此，要永遠記住大局。作為我們收入的總體百分比，變數並不是很高，因此請在這種情況下保持不變。這家公司主要以固定租金為主。因此，我將讓丹佛的團隊嘗試盡可能地分解，但更具體地針對不同的作物類型。但我只想發表一般性評論。盧卡和蘇珊，你們想補充什麼嗎？

I will just chime in quickly. I mean our variable brands are effectively visually all works, it’s not all coming from permanent crops. We don’t – we really don’t have any direct exposure to any meaningful way to row crop price variability.

我會很快插話。我的意思是，我們的可變品牌在視覺上實際上都是作品，並非全部來自永久性作物。我們沒有——我們真的沒有——直接接觸任何有意義的方式來影響中耕作物的價格變化。

Okay. That makes sense. And then I guess in terms of the the reset, are the adjustments on the existing debt and you can have an idea of where that's going to price today means that you're basically set at this point? And I guess how close to the actual adjustment date is kind of the new rate set for that.

好的。這是有道理的。然後我想就重置而言，是對現有債務的調整，你可以知道今天的定價意味著你現在基本上已經確定了嗎？我猜想為此設定的新利率距離實際調整日期有多近。

This fall, that’s set very, very close. So, we get the benefit of rate reductions this fall. In a general economic sense, it will show up in that rate reset.

今年秋天，這個目標就非常非常接近了。因此，我們今年秋天受益於降息。從一般經濟意義上來說，它將體現在利率重置中。

Okay. And then anything else to maybe conscious of in terms of moving pieces for some of the non-fixed farm rent wide items. I am just thinking kind of solar, wind, recreation or even stuff on kind of the management fees and interest income that maybe could move around a bit versus kind of a quarterly run rate?

好的。然後，在為一些非固定農場租金廣泛的項目移動零件方面，可能需要注意其他任何事情。我只是在考慮太陽能、風能、娛樂，甚至是管理費和利息收入之類的東西，這些收入與季度運行率相比可能會有所變動？

I don't have any comment on that and the folks in Denver have said that, please do.

我對此沒有任何評論，丹佛的人們已經說過了，請這樣做。

We do have a little bit of variability that we are expecting on the interest income, for example. So, we are expecting a loan that we had outstanding to be repaid early, but nothing that moves the needle. We don’t expect to move the needle on a global scale. I mean think of the renewable energy leases as being – as going fundamentally in one direction, typically the movements there are driven by the conversion of option leases into food, construction and production leases and – but we don’t expect any here in the short-term.

例如，我們預期利息收入確實會出現一些變化。因此，我們期望提前償還未償還的貸款，但沒有任何進展。我們並不期望在全球範圍內取得進展。我的意思是，我們認為再生能源租賃——從根本上來說是朝著一個方向發展的，通常情況下，那裡的變動是由期權租賃轉換為食品、建築和生產租賃所驅動的——但我們並不期望任何短期內。

And that's very helpful. That is it for me. Thank you very much.

這非常有幫助。對我來說就是這樣。非常感謝。

Great. Thank you, John. And it looks like that is all the questions we have today, so I will now turn the call back over to Luca for closing remarks. Luca, the floor is yours.

偉大的。謝謝你，約翰。看起來這就是我們今天的所有問題，所以我現在將把電話轉回給盧卡進行結束語。盧卡，地板是你的。

Thank you. We appreciate your interest in our company and look forward to updating you on our activities and results in the coming quarters. Thanks everybody.

謝謝。我們感謝您對我們公司的興趣，並期待向您介紹我們未來幾季的活動和業績的最新情況。謝謝大家。

And ladies and gentlemen, that concludes today's call and thank you all for joining and you may now disconnect.

女士們、先生們，今天的電話會議到此結束，感謝大家的加入，現在您可以掛斷電話了。