FRP Holdings Inc (FRPH) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to today's FRP Holdings, Inc. 2025 2Q earnings call.

大家好，歡迎參加今天的 FRP Holdings, Inc. 2025 年第二季財報電話會議。

(Operator Instructions) Please note today's call will be recorded, and (Operator Instructions) It is now my pleasure to turn the conference over to CFO, Matt McNulty. Please go ahead.

（操作員指示）請注意，今天的通話將被錄音，並且（操作員指示）現在我很高興將會議交給首席財務官馬特·麥克納爾蒂。請繼續。

Good morning and welcome to everyone on the call.

早上好，歡迎大家參加電話會議。

I am Matt McNulty, Chief Financial Officer of FRP Holdings, Inc. And with me today are John Baker III, our CEO; John Baker II, our Chairman; David deVilliers III, our Chief Operating Officer; David deVilliers, Jr., our Vice Chairman; John Milton, our Executive Vice President; and John Klopfenstein, our Chief Accounting Officer.

我是 FRP Holdings, Inc. 的財務長 Matt McNulty。今天與我一起出席的還有我們的執行長 John Baker III、我們的董事長 John Baker II、我們的營運長 David deVilliers III、我們的副董事長 David deVilliers, Jr.、我們的執行副總裁 John Milton 和我們的首席會計長 John Klopfenstein。

First, let me run you through a brief disclosure regarding forward-looking statements and non-GAAP measurements used by the company. As a reminder, any statements on this call, which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These risks and uncertainties are listed in our SEC filings.

首先，讓我向您簡要介紹一下公司使用的前瞻性陳述和非公認會計準則衡量標準。提醒一下，本次電話會議中與未來相關的任何陳述，就其性質而言，都具有風險和不確定性，可能導致實際結果和事件與此類前瞻性陳述中所示的結果和事件有重大差異。這些風險和不確定性已列在我們的美國證券交易委員會 (SEC) 文件中。

To supplement the financial results presented in accordance with GAAP, FRP presents non-GAAP financial measures within the meaning of Regulation G. The non-GAAP financial measures referenced in this call are net operating income, or NOI, and pro rata NOI.

為了補充依照 GAAP 呈現的財務結果，FRP 呈現了 G 條例所定義的非 GAAP 財務指標。本次電話會議中引用的非 GAAP 財務指標是淨營業收入（NOI）和按比例計算的 NOI。

FRP uses these non-GAAP financial measures to analyze its operations and to monitor, assess and identify meaningful trends in our operating and financial performance. This measure is not and should not be viewed as a substitute for GAAP financial measures. To reconcile NOI with GAAP, please refer to our most recently filed 10-Q.

FRP 使用這些非 GAAP 財務指標來分析其營運並監控、評估和識別我們營運和財務表現中的有意義的趨勢。此指標不是且不應被視為 GAAP 財務指標的替代品。為了使 NOI 與 GAAP 相協調，請參閱我們最近提交的 10-Q。

Now for the financial highlights from our second quarter results. Net income for the second quarter decreased 72% to $600,000 or $0.03 per share versus $2 million or $0.11 per share in the same period last year due primarily to due diligence-related legal expenses and lower interest income. The company's pro rata share of NOI in the second quarter increased 5% year-over-year to $9.7 million, mostly driven by higher contributions from our multifamily and mining royalty segments. More specifically, versus the year ago period, the multifamily segment contributed an additional $57,000 of NOI and the mining segment contributed an additional $637,000 of NOI.

現在來看看我們第二季業績的財務亮點。第二季淨收入下降 72% 至 60 萬美元或每股 0.03 美元，而去年同期為 200 萬美元或每股 0.11 美元，這主要歸因於盡職調查相關的法律費用和利息收入減少。該公司第二季的 NOI 按比例份額同比增長 5% 至 970 萬美元，主要得益於我們的多戶住宅和採礦特許權使用費部門的貢獻增加。更具體地說，與去年同期相比，多戶型住宅部門額外貢獻了 57,000 美元的 NOI，而採礦部門額外貢獻了 637,000 美元的 NOI。

It is worth noting that our Industrial and Commercial segment NOI decreased by $177,000 year-over-year due mainly to the vacancy and uncollectible revenue as a result of a tenant eviction in Q1 and lease expirations during Q2. We anticipate that we will see relatively flat NOI during 2025 versus 2024 as we work to lease up our Chelsea project and replace vacancies at our Cranberry Industrial Park this year and into the first half of 2026. whereafter we anticipate we will resume meaningful year-over-year NOI growth. I will now turn the call over to our Chief Operating Officer, David deVilliers, for his report on operations. David?

值得注意的是，我們的工業和商業部門的淨營業利潤同比減少了 177,000 美元，主要原因是第一季租戶驅逐以及第二季度租約到期導致空置和無法收回的收入。我們預計，2025 年的 NOI 將與 2024 年相比保持相對平穩，因為我們將在今年和 2026 年上半年租賃我們的切爾西項目並填補克蘭伯里工業園區的空置空間。此後，我們預計 NOI 將恢復同比顯著增長。現在，我將把電話轉給我們的營運長 David deVilliers，請他報告營運。戴維？

Thank you, Matt, and good morning to those on the call this morning.

謝謝你，馬特，今天早上參加電話會議的各位大家早安。

Allow me to provide additional insight into the second quarter results of the company. Starting with our Commercial and Industrial segment. This segment consists of 10 buildings totaling nearly 810,000 square feet, which are mainly warehouses in the state of Maryland.

請容許我進一步了解該公司第二季的業績。從我們的商業和工業部門開始。該部分由10棟建築組成，總面積近810,000平方英尺，主要為馬裡蘭州的倉庫。

Total revenues and NOI for the quarter totaled $1.4 million and $1 million, respectively, a decrease of 5% and 15% over the same period last year. The decrease was due to 64,000 square feet of tenant leases expiring in Q2. 57,000 square feet attributed to a tenant defaulting on its lease and the recent completion of our 258,000 square foot state-of-the-art Class A warehouse building in the Perryman industrial sector of Harford County, Maryland, which was 100% vacant in the quarter.

本季總營收和淨利分別為 140 萬美元和 100 萬美元，比去年同期下降 5% 和 15%。減少的原因是第二季有 64,000 平方英尺的租戶租約到期。 57,000 平方英尺的減少是由於租戶違約，以及我們最近在馬裡蘭州哈福德縣佩里曼工業區建成的 258,000 平方英尺最先進的 A 級倉庫大樓，該大樓在本季度空置率達到 100%。

These vacancies total 50% of the business segment and a focus to lease and increase occupancy is a priority. Moving on to the results of our Mining and Royalty business segment. The division consists of 16 mining locations, predominantly located in Florida and Georgia with 1 mine in Virginia. Total revenues and NOI for the quarter totaled $3.6 million and $3.7 million, respectively, an increase of 12% and 21% over the same period last year.

這些空置面積佔該業務部門的 50%，因此租賃和增加入住率是當務之急。接下來介紹我們的採礦和特許權使用費業務部門的業績。該部門由 16 個採礦地點組成，主要位於佛羅裡達州和喬治亞州，還有 1 個礦場位於維吉尼亞州。本季總營收和淨利潤分別為 360 萬美元和 370 萬美元，比去年同期成長 12% 和 21%。

As for our Multifamily segment, this business segment consists of 1,827 apartments and over 125,000 square feet of retail located in Washington, DC and Greenville, South Carolina. At quarter end, 94% of the apartments were occupied and 83% of the retail space was occupied. Total revenues and NOI for the quarter were $14.6 million and $8.2 million, respectively. FRP's share of revenues and NOI for the quarter totaled $8.5 million and $4.7 million, respectively.

至於我們的多戶型住宅部門，該業務部門包括位於華盛頓特區和南卡羅來納州格林維爾的 1,827 套公寓和超過 125,000 平方英尺的零售空間。截至本季末，94% 的公寓已被入住，83% 的零售空間已入住。本季總收入和淨營業利潤分別為 1,460 萬美元和 820 萬美元。FRP 本季的營收份額和淨利潤分別為 850 萬美元和 470 萬美元。

This is an increase over prior quarters due to The Verge being included in this segment as of July 1, 2024. The Verge contributed $2.8 million and $733,000 in revenue and NOI this quarter. As a same-store comparison, which includes Dock, Maren, Riverside, 408 Jackson and Bryant Street, FRP's share of revenues and NOI for the quarter totaled $7.1 million and $4 million, respectively, a revenue increase of 3.2% with NOI up 1% over the same period last year.

由於 The Verge 自 2024 年 7 月 1 日起被納入此類類別，因此與前幾季相比有所增長。本季度，The Verge 貢獻了 280 萬美元的收入和 73.3 萬美元的淨利潤。同店比較，包括 Dock、Maren、Riverside、408 Jackson 和 Bryant Street，FRP 本季的營收份額和 NOI 分別為 710 萬美元和 400 萬美元，營收成長 3.2%，NOI 成長 1%，與去年同期相比。

As stated in previous quarters, new deliveries in the DC market will continue to put pressure on vacancies, concessions and revenue growth in the foreseeable future. However, we are seeing NOI growth in our Greenville, South Carolina properties, which hit 3% in Q2. Management continues to be diligent in tenant retention and rental rates in the market. We are pleased to have renewal success rates ranging from 52% to 75% with renewal rental rate increases trending over 3.6% on average in Q2.

正如前幾季所述，在可預見的未來，DC 市場的新交付將繼續對空置率、特許經營和收入成長造成壓力。然而，我們看到南卡羅來納州格林維爾的物業的淨營業利潤 (NOI) 正在增長，第二季度達到了 3%。管理層繼續努力保留租戶並提高市場租金率。我們很高興看到續約成功率在 52% 至 75% 之間，第二季續約租金平均上漲 3.6% 以上。

Now on to the Development segment. In terms of our commercial industrial development pipeline, our 2 industrial joint venture projects, where FRP is a majority partner with Altman Logistics Partners are under construction. The projects are in Lakeland and Broward County, Florida, totaling over 382,000 square feet and shell completion is anticipated by the summer 2026.

現在進入開發部分。在我們的商業工業發展管道方面，我們的 2 個工業合資項目（其中 FRP 是多數股東，與 Altman Logistics Partners 合作）正在建設中。這些項目位於佛羅裡達州萊克蘭和布勞沃德縣，總面積超過 382,000 平方英尺，預計 2026 年夏季竣工。

On July 23, 2025, subsequent to quarter's end, we entered into a new joint venture agreement with Strategic Real Estate Partners, a private real estate development firm, which specializes in industrial real estate development. We plan to break ground and develop over 375,000 square feet in 2 buildings in Lake County, Florida, near Orlando, with options for investment in additional industrial development on adjacent properties in the future.

2025 年 7 月 23 日，即本季結束後，我們與專門從事工業房地產開發的私人房地產開發公司 Strategic Real Estate Partners 簽訂了新的合資協議。我們計劃在佛羅裡達州奧蘭多附近的萊克縣破土動工，開發兩棟建築，總面積超過 375,000 平方英尺，未來還可以選擇在相鄰的房地產上投資進行額外的工業開發。

We expect to break ground in Q3 with shell building completion expected in the second half of 2026. In CecI'll County, Maryland, along the I-95 corridor, we are in the middle of predevelopment activities on 170 acres of industrial land that will support a 900,000 square foot distribution center.

我們預計第三季破土動工，預計外殼建築將於 2026 年下半年完工。在馬裡蘭州塞奇爾縣，沿著 I-95 走廊，我們正在對 170 英畝的工業用地進行前期開發活動，該用地將用於建造一個 900,000 平方英尺的配送中心。

Off-site road improvements, reforestation codes and obtaining off-site wetland mitigation permits delayed our entitlement process, and we expect permits in early 2026 with a focus on attracting a build-to-suit opportunity. Finally, we are in the initial permitting stage for our 55-acre track in Harford County, Maryland.

場外道路改善、重新造林法規和獲得場外濕地緩解許可證推遲了我們的授權流程，我們預計將於 2026 年初獲得許可證，重點是吸引定制建設機會。最後，我們位於馬裡蘭州哈福德縣的 55 英畝賽道目前處於初步許可階段。

The intent is to obtain permits for 4 buildings totaling some 635,000 square feet of industrial product. Existing land leases for the storage of trailers on site helped to offset our carrying and entitlement costs until we are ready to build. We submitted our initial development plan during the quarter, which puts us on track to have vertical construction permits in 2026 and the potential to start a 212,000 square foot building pending market conditions in 2027.

其目的是獲得 4 棟建築的許可，總面積約為 635,000 平方英尺，用於生產工業產品。現有的用於現場存放拖車的土地租賃有助於抵消我們的持有和權利成本，直到我們準備好建造為止。我們在本季度提交了初步開發計劃，這使我們預計在 2026 年獲得垂直建築許可，並有可能在 2027 年根據市場情況開始建造一座 212,000 平方英尺的建築。

Completion of these projects will add over 1.8 million square feet of additional industrial commercial product to our platform. Our 3 joint venture projects in Florida represent over 75,000 square feet in new product alone that will be available for lease-up in 2026. When stabilized, these projects are expected to generate annual NOI around $9 million with FRP's share of NOI just under $8 million.

這些項目的完成將為我們的平台增加超過180萬平方英尺的工業商業產品。我們在佛羅裡達州的 3 個合資項目僅新產品面積就超過 75,000 平方英尺，將於 2026 年可供租賃。穩定下來後，這些項目預計每年將產生約 900 萬美元的 NOI，其中 FRP 的 NOI 份額將略低於 800 萬美元。

Turning to our principal capital source strategy or lending ventures, Aberdeen Overlook consists of 344 lots located on 110 acres in Aberdeen, Maryland. We have committed $31.1 million in funding. $27 million was drawn as of quarter end and over $22.2 million in preferred interest and principal payments were received to date.

談到我們的主要資金來源策略或貸款項目，Aberdeen Overlook 由位於馬裡蘭州阿伯丁 110 英畝的 344 個地塊組成。我們已承諾提供 3,110 萬美元的資金。截至季末已提取 2,700 萬美元，迄今已收到超過 2,220 萬美元的優先利息和本金支付。

The national homebuilder is under contract to purchase all the finished building lots by Q4 2027. 160 of the 344 lots were closed upon, and we expect to generate interest and profits of some $11.2 million, resulting in a 36% profit on funds drawn. In terms of our multifamily development pipeline, on May 30 of this year, we secured construction financing for our multifamily joint venture with Woodfield Development, known as Woven.

根據合同，這家全國性住宅建築商將在 2027 年第四季之前購買所有已完工的建築地塊。 344 塊地已有 160 塊成交，我們預計將產生約 1,120 萬美元的利息和利潤，從而實現 36% 的資金利潤。就我們的多戶型開發項目而言，今年 5 月 30 日，我們與 Woodfield Development 合資成立的多戶型合資企業（稱為 Woven）獲得了建設融資。

This is our third multifamily project in Greenville, South Carolina. This is an $87.8 million project with 214 units and 13,500 square feet of ground floor retail that is eligible to receive South Carolina textile rehabilitation credits upon substantial completion and received special source credits equal to 50% of the real estate taxes for a period of 20 years. The project is expected to be ready for lease-up in Q4 2027.

這是我們在南卡羅來納州格林維爾的第三個多戶型專案。該項目耗資 8,780 萬美元，擁有 214 個單元和 13,500 平方英尺的底層零售空間，在基本完工後有資格獲得南卡羅來納州紡織品修復抵免，並獲得為期 20 年、相當於 50% 房地產稅的特殊來源抵免。該項目預計將於 2027 年第四季投入租賃。

In closing, uncertainty around trade policy, the economy and financial markets has caused headwinds in leasing velocity. Firms are focused on existing supply chains and delaying leasing decisions until a clear path forward reveals itself. However, rental rates remain strong, industrial space under construction has fallen below pre-pandemic norms Market vacancies are expected to top out in the second half of 2025 and hopefully, some clarity on tariffs will be forthcoming, which should all bode well for demand and rent growth as we deliver our new industrial projects in 2026.

最後，貿易政策、經濟和金融市場的不確定性導致租賃速度受到阻力。公司專注於現有的供應鏈並推遲租賃決策，直到出現明確的道路前進。然而，租金率依然強勁，在建工業空間已低於疫情前的標準。預計市場空置率將在 2025 年下半年達到頂峰，並且希望關稅方面能夠有所明確，這對於我們在 2026 年交付新的工業項目時的需求和租金增長來說都是一個好兆頭。

With the delivery of our 258,000 square foot Perryman warehouse in the quarter, we have over 400,000 square feet of vacant space in our Industrial Commercial segment, all located in Maryland. This will impact NOI in the short term, but will allow us the opportunity to re-lease space at the higher current market rates, bolstering NOI upon lease-up and occupancy.

隨著本季度我們 258,000 平方英尺的 Perryman 倉庫的交付，我們的工業商業部門擁有超過 400,000 平方英尺的空置空間，全部位於馬裡蘭州。這將在短期內影響 NOI，但將使我們有機會以更高的當前市場價格重新租賃空間，從而在租賃和入住時提高 NOI。

The average rental rate of the expiring industrial leases was $6.55 triple net, and we are hopeful most of our new rental rates start in the 7s or greater. It is our plan to continue to monitor markets, assess the impacts of tariff uncertainty, focus on leasing of our existing industrial space and manage the delivery of new industrial product for lease-up in 2026. Thank you. And I will now turn the call over to John Baker III, our CEO.

即將到期的工業租賃的平均租金為 6.55 美元三重淨租金，我們希望大多數新的租金起價為 7 美元或更高。我們的計劃是繼續監測市場，評估關稅不確定性的影響，專注於現有工業空間的租賃，並管理 2026 年新工業產品的租賃交付。謝謝。現在我將把電話轉給我們的執行長約翰貝克三世。

Thank you, David, and good morning to all of those on the call. For the last two quarters, we have cautioned investors to temper their expectations regarding our NOI growth.

謝謝你，大衛，向所有參加電話會議的人問好。在過去兩個季度中，我們一直提醒投資者降低對我們的營業淨收入成長的預期。

The pace at which we are growing would have been difficult to maintain under the best of circumstances, but the pivot in asset classes we were focusing on developing also led us to believe NOI would be flat, if not slightly negative during the time it would take us to lease up the first building in our industrial development growth strategy. Results through the first half of 2025 are not inconsistent with those expectations. but also are more favorable than we might have expected.

即使在最好的情況下，我們成長的速度也很難維持，但我們專注於開發的資產類別的支點也使我們相信，在我們租賃工業發展成長策略中的第一棟建築期間，淨營業利潤將保持平穩，甚至略微為負。2025 年上半年的結果與這些預期並不矛盾，但也比我們預期的更為有利。

We are certainly not growing NOI at the same rate we've seen in the last 4 years, but we have also not yet experienced the contraction in NOI we anticipated and war investors might be a possibility. Q2 saw a 5% increase in pro rata NOI compared to last year, and we have grown our pro rata NOI by 7% through the first half of the year compared to the same period last year.

我們的淨收入成長速度肯定沒有達到過去 4 年的水平，但我們也沒有經歷預期的淨收入收縮，戰爭投資者可能是可能的。與去年相比，第二季的比例營業收入增加了 5%，與去年同期相比，今年上半年的比例營業收入成長了 7%。

We have seen nominal growth in our multifamily NOI, but almost all of our NOI growth is a result of increases in our mining and royalties NOI, which is up 21% in Q2 2025 compared to 2024 and 20% for the first 6 months. The performance of this segment has been enough to offset NOI decreases in our Industrial segment associated with the loss of our tenants at our Cranberry Business Park and the operating expenses of our new Chelsea building during the time it takes to get that asset occupied.

我們的多戶住宅 NOI 出現了名義增長，但幾乎所有 NOI 增長都是由於採礦和特許權使用費 NOI 的增長，2025 年第二季度與 2024 年相比增長了 21%，前 6 個月增長了 20%。該部門的業績足以抵消我們工業部門的淨營業收入下降，該下降是由於我們克蘭伯里商業園區租戶的流失以及新切爾西大樓在投入使用期間的營運費用造成的。

Looking forward to the rest of the year, I still believe we will have our work cut out for us to match 2024's NOI numbers. If you recall, in Q3 2024, the company experienced a massive infusion of NOI in the Mining and Royalty segment due to a onetime minimum payment, which added $2 million in unrealized revenue in the segment's NOI. This straight line across the life of the lease for GAAP revenue purposes.

展望今年剩餘時間，我仍然相信，我們將竭盡全力達到 2024 年的 NOI 數字。如果你還記得的話，在 2024 年第三季度，由於一次性最低付款，該公司的採礦和特許權使用費部門經歷了大量的 NOI 注入，這為該部門的 NOI 增加了 200 萬美元的未實現收入。為了實現 GAAP 收入目的，這條直線貫穿了整個租賃期。

From an NOI perspective, this payment happened all at once and it's clearly not going to repeat in the third quarter of this year. The shortfall is unlikely to be made up through any increases in sales and price. Given that mining royalties has been the driver of NOI growth this year and the segment is unlikely to match its NOI numbers from Q3 due to a non-repeatable event, the flattening of NOI we have talked about for 2025 will in all likelihood start in the second half of this year.

從淨收入 (NOI) 角度來看，這筆付款是一次性發生的，顯然不會在今年第三季重複發生。這一缺口不太可能透過提高銷售和價格來彌補。鑑於採礦特許權使用費是今年 NOI 成長的驅動力，並且由於不可重複的事件，該部分不太可能與第三季度的 NOI 數字相匹配，我們所說的 2025 年 NOI 趨於平緩很可能在今年下半年開始。

I clearly take no joy in putting a negative spend on another positive quarter. But as I have said countless times, we are not a quarter-to-quarter company. Our goal this year is to lay out the groundwork for future NOI growth by filling our vacancies, executing the projects we currently have under construction to our very high standards and putting money to work in new projects.

我顯然不願意在另一個積極的季度投入負支出。但正如我無數次說過的，我們不是一家按季度計算的公司。我們今年的目標是透過填補空缺、以非常高的標準執行我們目前正在建造的項目以及將資金投入新項目來為未來的 NOI 成長奠定基礎。

Specifically, this means staying on track to deliver our two industrial JVs in Lakeland and Broward County, Florida, by the end of Q2 2026, continuing to entitle our industrial pipeline in Maryland so that all projects are shovel-ready next year. And finally, our latest industrial joint venture to develop 2 warehouses totaling 377,892 square feet in Minneola, Florida, just outside of Orlando.

具體來說，這意味著我們將按計劃在 2026 年第二季末之前在佛羅裡達州萊克蘭和布勞沃德縣交付兩家工業合資企業，並繼續在馬裡蘭州授權我們的工業管道，以便所有專案明年都能準備就緒。最後，我們最新的工業合資企業將在佛羅裡達州奧蘭多郊外的米尼奧拉開發 2 個倉庫，總面積達 377,892 平方英尺。

This is another step in both our shift in focus to industrial as well as further expansion of our development footprint and the means we use to achieve this expansion on our way to doubling the size of our industrial portfolio by 2030. I will now turn the call over to any questions that you might have.

這是我們向工業轉移的又一步，也是我們進一步擴大發展足跡的又一步，也是我們實現這一擴張的手段，旨在到 2030 年將我們的工業組合規模擴大一倍。現在我將把電話轉交給大家，回答你們可能提出的任何問題。

(Operator Instructions) David Foley, Estabrook Capital Management.

（操作員指示）David Foley，Estabrook Capital Management。

A quick question. It looked like in the quarter, you spent a fair amount of money on legal for -- you referred to a potential new investment. I know you probably can't speak too much about that. But is that a shift in strategy of what you're doing in terms of perhaps looking at something that's a little larger to go and buy? Or is that sort of a process type thing or what's sort of the thinking around that, I guess?

一個簡單的問題。看起來，在本季度，您在法律方面花費了相當多的錢——您提到了一項潛在的新投資。我知道你可能無法談論太多。但是，從考慮購買更大一點的東西的角度來看，這是否是你們戰略上的轉變？或者我猜這是一種過程類型的事情，或者圍繞它的想法是什麼樣的？

Dave, it's not a shift in strategy, and you have kind of hit the nail on the head in terms of what we can and can't talk about. All we can say at this time is that we are pursuing a business opportunity and those legal expenses are related to it.

戴夫，這並不是策略的轉變，對於我們可以談論什麼和不能談論什麼，你的看法非常正確。目前我們只能說，我們正在尋求商業機會，而這些法律費用與此相關。

Okay. It seems like a big one.

好的。看上去好像很大。

Your words.

你的話。

(Operator Instructions) And it does appear that there are no further questions at this time.

（操作員指示）目前看來沒有其他問題了。

All right. Well, we appreciate all those who joined us on the call and listening after the fact and obviously, appreciate your continued interest and investment in the company, and we conclude the call at this time.

好的。好吧，我們感謝所有參加電話會議並在會後聆聽的人，顯然，我們也感謝你們對公司的持續關注和投資，我們現在結束電話會議。

This does conclude today's program. Thank you for your participation. You may disconnect at any time, and have a wonderful afternoon.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接，並度過一個美好的下午。