Gladstone Capital Corp (GLAD) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Gladstone Capital Corporation third quarter earnings call.

您好，歡迎參加格萊斯頓資本公司第三季財報電話會議。

(Operator Instructions). As a reminder, this conference is being recorded.

（操作員說明）。提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, David Gladstone. Thank you, Mr. Gladstone. You may begin.

現在我很高興向大家介紹你們的主持人大衛‧格萊斯頓。謝謝你，格萊斯頓先生。你可以開始了。

Thank you, Kate. It's a nice introduction and good morning and hello to everyone out there. And this is David Gladstone, Chairman. And this is the earnings conference call for Gladstone Capital for the quarter ending June 30, 2024. Thank you all for calling in. We're always happy to talk with our shareholders and the analysts, who follow us and welcome the opportunity to provide an update.

謝謝你，凱特。這是一個很好的介紹，早安，向大家問好。這是主席大衛·格萊斯頓。這是 Gladstone Capital 截至 2024 年 6 月 30 日的季度的收益電話會議。感謝大家的來電。我們總是很高興與關注我們的股東和分析師交談，並歡迎有機會提供最新資訊。

We now will hear from our General Counsel, Michael LiCalsi, who will make a statement regarding some certain forward-looking statements. Michael?

我們現在將聽取總法律顧問 Michael LiCalsi 的發言，他將就某些前瞻性陳述發表聲明。麥可？

Thanks, David. Good morning, everybody. Today's report may include forward-looking statements under the Securities Act of 1933, the Securities Exchange Act of 1934, including those regarding our future performance. These forward-looking statements involve certain risks and uncertainties that are based on our current plans, which we believe to be reasonable.

謝謝，大衛。大家早安。今天的報告可能包含根據 1933 年證券法和 1934 年證券交易法做出的前瞻性陳述，包括有關我們未來績效的陳述。這些前瞻性陳述涉及基於我們目前計劃的某些風險和不確定性，我們認為這些計劃是合理的。

Many factors may cause our actual results to be materially different from any future results expressed or implied by these forward-looking statements, including all risk factors in our Forms 10-Q, 10-K and other documents that we file with the SEC. You can find them on the Investors page of our website www.gladstonecapital.com. We can also sign up for our email notification service. You can also find them on the SEC's website which is www.sec.gov.

許多因素可能導致我們的實際結果與這些前瞻性陳述明示或暗示的任何未來結果有重大差異，包括我們向 SEC 提交的 10-Q、10-K 表格和其他文件中的所有風險因素。您可以在我們網站 www.gladstonecapital.com 的投資者頁面上找到他們。我們也可以註冊我們的電子郵件通知服務。您也可以在 SEC 網站 www.sec.gov 上找到它們。

Now we undertake no obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Today's call is an overview of our results, so we ask that you review our press release and Form 10-Q, both issued yesterday for more detailed information. Again, you can find them on the investors page of our website.

現在，我們沒有義務公開更新或修改任何這些前瞻性陳述，無論是由於新資訊、未來事件或其他原因，除非法律要求。今天的電話會議是我們結果的概述，因此我們要求您查看昨天發布的新聞稿和表格 10-Q，以了解更多詳細資訊。同樣，您可以在我們網站的投資者頁面上找到它們。

With that, I'll turn it back to Gladstone Capital’s President, Bob Marcotte.

說到這裡，我將把問題轉回格拉斯頓資本的總裁鮑勃·馬科特 (Bob Marcotte)。

Thank you, Michael. Good morning. And thank you all for dialing in this morning. I'll cover the highlights for last quarter, and then turn to the call over to Nicole Schaltenbrand to review the details of our financial results for the period.

謝謝你，麥可。早安.感謝大家今天早上撥電話。我將介紹上個季度的亮點，然後轉給 Nicole Schaltenbrand 來審查我們本季財務表現的詳細資訊。

Beginning with our last quarter results, funding's last quarter were a modest at $46 million as new deal buyout activity was building over the period. And several transactions carried over to the current quarter. We did close two new platform investments, which represented two-thirds of the originations with add-ons to our existing portfolio representing the balance.

從我們上個季度的業績開始，上個季度的融資額為 4,600 萬美元，因為新交易收購活動在此期間不斷增加。有幾筆交易延續到本季。我們確實完成了兩項新的平台投資，佔原始投資的三分之二，而我們現有投資組合的附加項目則佔其餘部分。

Consistent with the spike in refinancing activity for larger middle market credits, two of our larger investments in Giving Health and Pansophic were refinanced, lifting the total prepayments and amortization for the quarter to $86 million.

與大型中間市場信貸再融資活動的激增一致，我們對 Giving Health 和 Pansophic 的兩項較大投資進行了再融資，使本季度的預付款和攤銷總額達到 8600 萬美元。

So net originations were negative at $40 million. Short-term SOFR rates were unchanged, so the weighted average yield on our investment portfolio was largely unchanged to 13.9%. Average earning assets for the period declined slightly, resulting in a 2.2% decline in total interest income to $23.2 million for the quarter.

因此，淨發起額為負數，為 4,000 萬美元。短期SOFR利率沒有變化，因此我們投資組合的加權平均收益率基本上沒有變化，為 13.9%。該期間平均獲利資產略有下降，導致該季度總利息收入下降 2.2% 至 2,320 萬美元。

However, other income rose to $2.5 million with an increase in prepayment fees and dividends, which lifted total investment income by $1.7 million to $25.7 million. Interest costs declined slightly on reduced line borrowings, and net management fees rose with the increased income. However, net investment income rose by $1.6 million or 15%, to $12.4 million. Net realized and unrealized gains on the portfolio totaled $6.7 million, which lifted our ROE to just under 18% for the quarter in the last 12-months.

然而，隨著預付款費用和股息的增加，其他收入增加至 250 萬美元，使總投資收入增加 170 萬美元，達到 2,570 萬美元。由於線路借款減少，利息成本略有下降，而淨管理費隨著收入增加而上升。然而，淨投資收益增加了 160 萬美元，即 15%，達到 1,240 萬美元。該投資組合的已實現和未實現淨收益總計 670 萬美元，這使得過去 12 個月該季度的淨資產收益率升至略低於 18%。

With respect to the portfolio, our portfolio continues to perform well with senior debt representing 72% of the portfolio and our three non-earning investments representing $26.4 million at cost, or $13.9 million, or 2.1% of assets of fair value.

就投資組合而言，我們的投資組合持續表現良好，優先債務佔投資組合的72%，我們的三項非營利投資以成本計算為2,640 萬美元，即1,390 萬美元，即公允價值資產的2.1% 。

Appreciation for the quarter of $6.7 million was led by $3.3 million of realized appreciation, the unrealized appreciation of our position in ARA, which was partially offset by the depreciation of several smaller manufacturing, consumer, and service-related businesses.

本季升值 670 萬美元，其中 330 萬美元已實現升值，即我們在 ARA 中的地位的未實現升值，部分被幾個較小的製造、消費品和服務相關業務的貶值所抵消。

Regarding our near-term outlook, I'd like to leave you with a couple of comments. The majority of our investments are proprietary originations of lower middle market buyouts, often associated with a business founder transition or first institutional capital raise, and are not driven by refinancing activities.

關於我們的近期前景，我想向您發表幾點評論。我們的投資大多是中低階市場收購的專有來源，通常與企業創辦人轉型或首次機構融資有關，並非由再融資活動驅動。

While several more mature and larger investment positions in the portfolio did take advantage of credit market conditions and lower spreads, we continue to see a healthy level of attractive lower middle market financing opportunities, typically with under $10 million of EBITDA.

雖然投資組合中幾個更成熟、規模更大的投資頭寸確實利用了信貸市場狀況和較低的利差，但我們仍然看到健康水平的有吸引力的中低端市場融資機會，通常EBITDA 低於1000 萬美元。

We entered the current quarter with a significant pipeline of awarded and high probability transactions, which we expect will support the resumption of our asset growth in the near-term. In addition to recycling some of our matured investments, we expect to continue to benefit from our incumbent position as the originator, lead lender, and in some cases, equity co-investor in a variety of smaller growth-oriented businesses as they look to grow through acquisition or expansion to support the appreciation of their equity position.

我們在進入本季度時獲得了大量的中標和高機率交易，我們預計這將支持我們在短期內恢復資產成長。除了回收一些成熟的投資外，我們預計將繼續受益於我們作為各種小型成長型企業的發起人、牽頭貸款人以及在某些情況下的股權共同投資者的現有地位，因為這些企業希望實現成長透過收購或擴張來支持其股權增值。

We ended the quarter with a conservative leverage position at 77% of NAV and have increased the size of our bank credit facility to $269 million to support the growth of our earning assets and fee income to continue to support our shareholder distributions in the coming year.

本季末，我們的保守槓桿部位為資產淨值的 77%，並將銀行信貸額度增加至 2.69 億美元，以支持我們的獲利資產和費用收入的成長，從而繼續支持來年的股東分配。

And now I'd like to turn the call over to Nicole Schaltenbrand, the CFO for Gladstone Capital to provide some more details on the fund's financial performance for the quarter. Nicole?

現在我想將電話轉給 Gladstone Capital 財務長 Nicole Schaltenbrand，以提供有關該基金本季財務表現的更多詳細資訊。妮可？

Thanks, Bob. Good morning, everyone. During the June quarter, total interest income declined $500,000 or 2.2% to $23.2 million with the decline in average earning assets as the weighted average yield on our interest-bearing portfolio was largely unchanged at 13.9%.

謝謝，鮑伯。大家早安。在 6 月季度，總利息收入下降 50 萬美元或 2.2%，至 2,320 萬美元，平均收益資產下降，因為我們的計息投資組合的加權平均收益率基本保持在 13.9% 不變。

The investment portfolio weighted average balance declined to $665 million, which was down $16 million or 2.3%, compared to the prior quarter. Other income of $2.5 million and total investment income rose $1.7 million or 7.1% to $25.7 million for the quarter. Total expenses rose $100,000 quarter-over-quarter as net management fees increased $300,000 with higher investment income and interest expenses declined $200,000 from reduced bank borrowings.

投資組合加權平均餘額下降至 6.65 億美元，比上一季減少 1,600 萬美元，成長 2.3%。本季其他收入為 250 萬美元，總投資收入增加 170 萬美元，增幅為 7.1%，達到 2,570 萬美元。總費用較上季增加 10 萬美元，原因是投資收入增加，淨管理費增加 30 萬美元，利息支出因銀行借款減少而減少 20 萬美元。

Net investment income for the quarter ended June 30 was $12.4 million, which was an increase of $1.6 million, compared to the prior quarter or $0.57 per share. The net increase in net assets resulting from operations was $19.1 million or $0.88 per share for the quarter ended June 30 as impacted by the realized and unrealized valuation depreciation covered by Bob earlier.

截至 6 月 30 日的季度淨投資收益為 1,240 萬美元，較上一季增加 160 萬美元，即每股增加 0.57 美元。截至 6 月 30 日的季度，營運帶來的淨資產淨增長為 1,910 萬美元，即每股 0.88 美元，這是受到鮑勃早些時候涵蓋的已實現和未實現估值折舊的影響。

Moving over to the balance sheet, as of June 30, total assets declined to $775 million, consisting of $758 million in investments at fair value and $17 million in cash and other assets. Buyability has declined with net origination to $330 million as of June 30 and consisted primarily of $254 million of senior notes and as of the end of the quarter advances under our line of credit of $66 million.

轉向資產負債表，截至 6 月 30 日，總資產下降至 7.75 億美元，其中包括 7.58 億美元的公允價值投資以及 1,700 萬美元的現金和其他資產。截至 6 月 30 日，可購買性已下降，淨發行額降至 3.3 億美元，主要包括 2.54 億美元的優先票據以及截至本季度末我們的 6,600 萬美元信貸額度下的預付款。

As of June 30, net assets rose to $439 million from the prior quarter end with investment appreciation and undistributed earnings. NAV rose 2% from $19.80 per share as of March 31, which is retroactively adjusted for the one for two reverse stock split, to $20.18 per share as of June 30.

截至 6 月 30 日，隨著投資增值和未分配收益，淨資產較上季末增至 4.39 億美元。淨值從截至 3 月 31 日的每股 19.80 美元（針對兩次反向股票分割進行追溯調整）上漲 2%，至截至 6 月 30 日的每股 20.18 美元。

Our leverage as of June 30 declined to 77% of net assets. Subsequent to the end of the quarter, a $5 million syndicated loan paid off at par. And we funded an additional $6.5 million senior first lean investment to an existing portfolio company. As far as distribution, we will pay distributions for July, August, and September of $16.50 per common share, which is an annual run rate of $1.98 per share. The Board will meet again in October to determine the monthly distribution to common stockholders for the following quarter.

截至 6 月 30 日，我們的槓桿率下降至淨資產的 77%。本季末後，一筆 500 萬美元的銀團貸款以面額還清。我們也向現有投資組合公司額外提供了 650 萬美元的高階優先精實投資。至於分配，我們將支付 7 月、8 月和 9 月的分配，每股普通股 16.50 美元，即每年每股 1.98 美元。董事會將於 10 月再次召開會議，以確定下一季普通股股東的月度分配。

At the current distribution rate for our common stock and with the common stock price at about $22.28 per share yesterday, the distribution run rate is now producing a yield of about 8.9%.

以我們普通股目前的分配率以及昨天普通股價格約為每股 22.28 美元，分配運行率目前產生的收益率約為 8.9%。

And now I'll turn it back to David.

現在我將把它轉回給大衛。

Well, thank you, Nicole, Bob, Nicole, Michael. You all did a great job of informing our shareholders and the analysts that follow the company with information that should be good for them.

好吧，謝謝你們，妮可、鮑伯、妮可、麥可。你們都做得很好，向我們的股東和關注公司的分析師提供了對他們有利的資訊。

In summary, another solid quarter for Gladstone Capital, including net investment income, rose by 15% to $0.57 per share and provided ample coverage of our current common distribution. So in good shape there and running at 8.9%. Strong portfolio performance generated net portfolio appreciation, which increased net asset value by $0.38 per share from last quarter and $1.64 or 9% from June 2023.

總而言之，格萊斯頓資本 (Gladstone Capital) 又一個穩健的季度，包括淨投資收入，增長了 15% 至每股 0.57 美元，並為我們當前的普通分配提供了充足的保障。所以狀況良好，運行率為 8.9%。強勁的投資組合表現帶來了投資組合淨增值，每股淨資產價值較上季增加了 0.38 美元，較 2023 年 6 月增加了 1.64 美元，即 9%。

For the past year Gladstone Capital achieved returns on equity of 18%, which compared favorably to the BDC peer group that we follow. The company is also very well positioned for the coming year as the portfolio is in good shape, modest leverage, and a strong balance sheet to support further growth of the lower middle market investment portfolios that we look at.

去年，格萊斯頓資本 (Gladstone Capital) 實現了 18% 的股本回報率，與我們關注的 BDC 同行相比毫不遜色。該公司在未來一年也處於有利地位，因為投資組合狀況良好，槓桿率適中，資產負債表強勁，支持我們關注的中低端市場投資組合的進一步成長。

In summary, the company continues to stick with a strategy of investing in growth-oriented lower middle market businesses with good management. Many of these investments are in support of mid-sized private equity funds that are looking for experienced partners to support their acquisition and grow the business in which they've made a strong investment.

總而言之，該公司繼續堅持投資於管理良好、以成長為導向的中低端市場業務的策略。其中許多投資都是為了支持中型私募股權基金，這些基金正在尋找經驗豐富的合作夥伴來支持其收購併發展其已大力投資的業務。

This gives the opportunity to make attractive and interest-paying loans and to support the ongoing commitments to pay cash distributions to our shareholders.

這提供了提供有吸引力的付息貸款的機會，並支持向股東支付現金分配的持續承諾。

And now, operator -- Kate, if you'll come on and let's see if we have some questions from the folks out there.

現在，接線員——凱特，請上來，讓我們看看外面的人是否有一些問題。

(Operator Instructions)

（操作員說明）

Robert Dodd from Raymond James.

雷蒙德·詹姆斯的羅伯特·多德。

Good morning and congratulations on the quarter. Bob, last quarter you told us you expected repayment activity to pick up in the second-half and you were definitely right? Do you expect that to you know how much of what you expected to be elevated repayments has actually already happened now? I mean this past quarter was extremely elevated. What do you expect that to -- do you expect it to moderate a little bit from that level or remain elevated for the rest of the year? And I think you gave the indication that you expect the portfolio to grow on a net basis. But any additional comments?

早上好，恭喜這個季度。鮑勃，上個季度您告訴我們您預計下半年還款活動將會增加，您絕對是對的嗎？您是否希望您知道您所期望的還款額現在實際上已經發生了多少？我的意思是上個季度的業績非常高。您預計這一情況會怎樣——您預計它會在今年剩餘時間內從該水平稍微緩和還是保持在高位？我認為您已經表明您預計投資組合將實現淨增長。但有其他意見嗎？

Good morning, Robert. I think it will moderate slightly. Clearly, anybody who had access to the bank market and the spreads that were out there jumped. I will say that there are several on the queue, but it has less to do with refinancing activity and has more to do with companies that are long in their hold cycle as much of the private equity market is. And so there are a number of our companies that are testing the waters for potential sale transactions.

早上好，羅伯特。我認為它會稍微緩和。顯然，任何能夠進入銀行市場的人，那裡的利差都會大幅上漲。我想說的是，有幾家公司在排隊，但它與再融資活動關係不大，而與私募股權市場中大部分持有週期較長的公司關係更大。因此，我們有許多公司正在測試潛在的銷售交易。

The predictability of those sale transactions is obviously less certain than a refinancing activity. We are tracking a handful of companies that are various stages of offering. I would expect some of our larger positions to continue to come forward, but probably the high watermark was established last quarter. So I think there will be continued activity, but it may not be at quite the same pace as we've experienced recently.

這些銷售交易的可預測性顯然不如再融資活動那麼確定。我們正在追蹤幾家處於不同產品階段的公司。我預計我們的一些較大頭寸將繼續出現，但高水位可能是上個季度確立的。因此，我認為活動將會持續，但可能不會像我們最近經歷的那樣。

And I think the other thing to keep in mind is, as I alluded to in my comments, the sale activity will obviously then create more investment activity for us, given the general buyout activity. So the first quarter was dominated, because it was refinancing and not buyouts. As we go forward with the buyout activity and potential repayments, we should expect a reasonable position in new investment opportunities. So the two should be more in lockstep as we go out over the balance of the year.

我認為要記住的另一件事是，正如我在評論中提到的那樣，考慮到一般的收購活動，出售活動顯然將為我們創造更多的投資活動。所以第一季占主導地位，因為它是再融資而不是收購。隨著我們繼續進行收購活動和潛在的還款，我們應該期望在新的投資機會中佔據合理的位置。因此，當我們在今年剩下的時間裡，兩者應該更加步調一致。

Now I will say one last comment there. Mature portfolio companies that have grown that are well north of the $10 million where we typically enter a company, there are going to be larger deals. And so we may see some of the larger companies prepay at maturity levels, whereas we'll be investing in new deals at a lower point in their growth cycle. So it will be a bit more of an accelerated pace to offset some of those larger roll-offs, but the activity should be more closely aligned as we go out over the balance of the year.

現在我要說最後一則評論。成熟的投資組合公司的成長規模遠遠超過我們通常進入的公司的 1000 萬美元，將會有更大的交易。因此，我們可能會看到一些較大的公司在成熟度水平上提前付款，而我們將在其成長週期的較低點投資新交易。因此，這將是一個更快的步伐，以抵消一些較大的下滑，但隨著我們在今年餘下的時間裡進行活動，活動應該會更加緊密地結合起來。

Got it, thank you. Very clear. There's just one more, if I can, on credit. You put on some trenches of B&T, which I think is a wireless cellular network engineering firm, which is obviously, you've given us some color earlier in the year that you were seeing headwinds in consumer facing businesses, et cetera, and wireless engineering obviously is very much a business services.

明白了，謝謝。非常清楚。如果可以的話，我還可以賒購一份。你對 B&T 進行了一些研究，我認為這是一家無線蜂窩網絡工程公司，很明顯，你在今年早些時候給我們提供了一些信息，你看到了面向消費者的企業等以及無線工程方面的逆風顯然，這在很大程度上是一種商業服務。

So can you give us any color on, why is that idiosyncratic to the company, obviously, but what your level of optimism or pessimism is for that business which is not really my impression, at least, is it's not consumer facing, and maybe the headwinds are different?

那麼，您能否給我們任何顏色，為什麼這對公司來說是特殊的，顯然，但是您對該業務的樂觀或悲觀程度是多少，這不是我真正的印象，至少，它不是面向消費者的，也許逆風不同？

Yes, the challenge associated with a business like that is -- it's a CapEx business. So, the limited number of customers out there are highly driven by, you know, CapEx. And there's two factors, I think, that are driving CapEx these days. One, the interest rates are relatively high. So for companies in that sector, incurring additional investment activity or funding CapEx, given the pressure on general cash flows is certainly challenging.

是的，與此類業務相關的挑戰是—這是一項資本支出業務。因此，有限的客戶數量很大程度上是由資本支出所驅動的。我認為，目前有兩個因素推動了資本支出。一是利率相對較高。因此，對於該行業的公司來說，考慮到整體現金流的壓力，進行額外的投資活動或為資本支出提供資金肯定具有挑戰性。

The second is the consumer market and the net ads in the wireless business are somewhat more modest. I do think there is a positive in the business in that there continues to be a reasonably elevated level of spend on fiber, which is somewhat surprising. Just internet and infrastructure spend that, in some ways, is supported by Washington's infrastructure bills is positive, but it's more fragmented.

第二個是消費市場，無線業務中的網路廣告較為溫和。我確實認為該行業有積極的一面，即光纖支出水平持續合理上升，這有點令人驚訝。在某種程度上，華盛頓基礎設施法案支持的網路和基礎設施支出是正面的，但它更加分散。

I would tend to say that business is going to continue to face some headwinds, net-net of all those pressures. So it's a CapEx cycle business. We generally steer clear of CapEx cycle businesses. The expertise that they have and the long-term view of wireless continues to grow. But it's a concentrated customer base with significant CapEx headwinds that probably make us a little bit less optimistic on where that business is going to go. But we're continuing to focus on it and we've brought in some additional resources to try to steer that in the right direction to capitalize on their competitive advantages.

我傾向於說，在所有這些壓力的影響下，企業將繼續面臨一些阻力。所以這是一個資本支出週期業務。我們通常會避開資本支出週期業務。他們所擁有的專業知識和對無線的長期看法不斷增長。但它是一個集中的客戶群，存在巨大的資本支出阻力，這可能會讓我們對該業務的發展前景不太樂觀。但我們將繼續關注它，並引入了一些額外的資源，試圖引導其朝著正確的方向發展，以利用他們的競爭優勢。

If I can dig in, it sounds like it's a cycle issue. It's not like loss of a major customer or anything like that, so…

如果我能深入研究的話，這聽起來像是一個週期問題。這不像失去一個主要客戶或類似的事情，所以…

No, they're just -- they’re battling quarter to quarter for awards of business. And depending on how active people are, some people will, you know, underprice that business to keep working and that's not a particularly positive way to grow a business. So the pricing discipline and the volume of CapEx opportunities affect the revenue line for that services-oriented business.

不，他們只是——他們每季都在爭奪商業獎。你知道，根據人們的活躍程度，有些人會壓低該業務的價格以繼續運營，但這並不是發展業務的特別積極的方式。因此，定價規則和資本支出機會的數量會影響以服務為導向的業務的收入線。

Got it. Thank you. Really appreciate that.

知道了。謝謝。真的很感激。

Thanks for calling in.

感謝您的來電。

Other questions?

還有其他問題嗎？

(Operator Instructions)

（操作員說明）

No more questions?

沒有更多問題了嗎？

I suppose not. So this concludes our question-and-answer session. I would like to turn the floor back over to David Gladstone for closing comments.

我想不會。我們的問答環節到此結束。我想把發言權交還給大衛·格拉德斯通（David Gladstone）以供結束評論。

Well, it's disappointing that we don't have more questions. We like it when you ask a lot of questions, and we can improvise off of that and give you more information about the companies that we've backed. But at this I guess we're going to have to wait until next quarter since nobody is asking questions this quarter except Robert at the end of this call.

嗯，令人失望的是我們沒有更多問題。我們喜歡您提出很多問題，我們可以即興發揮，為您提供有關我們所支持的公司的更多資訊。但我想我們將不得不等到下個季度，因為除了本次電話會議結束時的羅伯特之外，本季度沒有人提出問題。

Thank you.

謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。