Global Partners LP (GLP) 2025 Q4 法說會逐字稿

Good day, everyone, and welcome to the Global Partners fourth-quarter and full year 2025 financial results conference call. Today's call is being recorded.

大家好，歡迎參加 Global Partners 2025 年第四季及全年財務業績電話會議。今天的通話將會被錄音。

With us from Global Partners are President and Chief Executive Officer, Mr. Eric Slifka; Chief Financial Officer, Mr. Gregory Hanson; Chief Operating Officer, Mr. Mark Romaine; and Chief Legal Officer, Ms. Kristin Seabrook.

與我們一同出席的還有 Global Partners 的總裁兼執行長 Eric Slifka 先生；財務長 Gregory Hanson 先生；營運長 Mark Romaine 先生；以及首席法律長 Kristin Seabrook 女士。

At this time, I would like to turn the call over to Ms. Seabrook for opening remarks. Please go ahead.

此時，我想把電話交給西布魯克女士，請她致開幕詞。請繼續。

Good morning, everyone. Thank you for joining us. Today's call will include forward-looking statements within the meaning of federal securities law including projections and expectations concerning the future financial and operational performance of Global Partners. No assurances can be given that these projections will be attained or that these expectations will be met.

各位早安。感謝您的參與。今天的電話會議將包含聯邦證券法意義上的前瞻性陳述，包括對 Global Partners 未來財務和營運績效的預測和預期。無法保證這些預測能夠實現，也無法保證這些預期能夠達到。

Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which could cause actual results to differ materially are described in our filings with the Securities and Exchange Commission. Global Partners undertakes no obligation to revise or update any forward-looking statements.

我們的假設和未來績效受到各種商業風險、不確定性和因素的影響，這些因素可能導致實際結果與預期結果有重大差異，詳情請參閱我們向美國證券交易委員會提交的文件。Global Partners不承擔任何修訂或更新任何前瞻性聲明的義務。

Now it's my pleasure to turn the call over to our President and Chief Executive Officer, Eric Slifka.

現在我很高興將電話交給我們的總裁兼執行長埃里克·斯利夫卡。

Thank you, kris, and good morning, everyone. Before I begin, I want to welcome Kristin to our first earnings call as our Chiel Legal Officer. Kristin brings valuable business and legal experience, including her leadership roles at Pilot, and she has already made a strong impact. Her judgment and perspective will be important as we continue to execute our strategy and position Global for the future. We are very pleased to have her on our team.

謝謝你，克里斯，大家早安。在正式開始之前，我想歡迎 Kristin 以首席法務官的身份參加我們的首次財報電話會議。Kristin 擁有寶貴的商業和法律經驗，包括她在 Pilot 擔任的領導職務，她已經產生了很大的影響。她的判斷和見解對於我們繼續執行策略、為全球市場的未來發展奠定基礎至關重要。我們非常高興她能加入我們的團隊。

Our full year performance in 2025 reflects disciplined execution of a strategy we have built and refined over many years. Higher volumes across our terminal and wholesale network along with a double-digit increase in Wholesale segment product margin demonstrates the benefits of investments that expand capabilities and enhance the performance of our integrated network.

我們在 2025 年的全年業績反映了我們多年來所製定和完善的策略的嚴格執行。我們終端和批發網路的銷售增加，以及批發業務產品利潤率的兩位數成長，都證明了擴大能力和提高我們一體化網路績效的投資所帶來的好處。

Our GDSO segment delivered solid results. Strong fuel margins helped partially offset a decline in volumes and lower station operations contribution due in part to a reduced site count related to site optimization efforts.

我們的GDSO業務板塊取得了穩健的業績。強勁的燃油利潤在一定程度上抵消了銷售下降和加油站營運貢獻降低的影響，部分原因是由於站點優化工作導致站點數量減少。

As we have said before, different parts of our business will experience different conditions at different times. What defines Global's performance over time is the strength of our diversified and integrated platform. Our business spans supply, terminals, wholesale distribution, bunkering and retail operations, providing multiple sources of earnings that help balance performance across cycles. This is important is how these segments work together.

正如我們之前所說，我們業務的不同部分在不同的時期會面臨不同的情況。決定 Global 長期業績的關鍵在於我們多元化和一體化平台的實力。我們的業務涵蓋供應、碼頭、批發分銷、加油和零售業務，提供多種獲利來源，有助於平衡各週期的表現。重要的是這些部分如何協同工作。

Our ability to source product, move it efficiently through our terminals, supply our customers and ultimately serve guests through our owned and operated retail sites allows us to capture value across the system and deliver consistent durable results. Our strategy remains focused on acquiring strategic assets, investing in our existing network and continuously optimizing our portfolio.

我們有能力採購產品，有效地透過我們的終端運輸產品，為我們的客戶供貨，並最終透過我們自有和經營的零售點為顧客提供服務，這使我們能夠在整個系統中創造價值，並帶來持續穩定的成果。我們的策略重點仍然是收購策略資產、投資現有網路並不斷優化我們的投資組合。

On the acquisition front, these Providence terminal marked its first full year as part of our network in 2025 and has already expanded our storage, marine, and truck rack capabilities and strengthened our service footprint across key Northeastern markets, enhancing connectivity and flexibility across our system.

在收購方面，普羅維登斯碼頭於 2025 年迎來了加入我們網路的第一年，並已擴大了我們的倉儲、海運和卡車貨架能力，加強了我們在東北部主要市場的服務覆蓋範圍，提高了我們系統的連通性和靈活性。

We also expanded our bunkering business into the Houston market through release at the Texas City terminal, providing access to one of the largest refining and fuel hubs in the world and establishing a strong platform for future growth.

我們還透過在德州城碼頭投放貨物，將我們的船舶燃料供應業務擴展到了休士頓市場，從而能夠進入世界上最大的煉油和燃料中心之一，並為未來的成長建立了一個強大的平台。

We continue to invest in strengthening our existing portfolio. Our Wholesale segment benefited from the continued growth of our terminal network, where we expanded capabilities and grew third-party volumes. We also strengthened our data and analytics infrastructure, improving operational visibility and enhancing and enabling more informed and timely decision-making across the business.

我們將繼續投資，以加強我們現有的投資組合。我們的批發業務受益於終端網路的持續成長，我們擴大了能力並增加了第三方交易量。我們還加強了數據和分析基礎設施，提高了營運可見性，增強並支持了整個業務中更明智、更及時的決策。

At the same time, we remain focused on optimizing our portfolio. During the year, we divested nonstrategic retail locations and converted sites to higher value formats. These actions improve overall portfolio quality and position the business for more consistent performance over time.

同時，我們將繼續專注於優化我們的投資組合。年內，我們剝離了非策略性零售門市，並將部分門市改造為更高價值的業態。這些措施提高了整體投資組合質量，並使企業能夠隨著時間的推移取得更穩定的業績。

As an owner, supplier, and operator of critical energy infrastructure, we manage Global with a clear understanding how each part of the system contributes to overall performance. This perspective allows us to allocate capital with discipline, strengthen our platform and focus on long-term cash flow generation and returns.

作為關鍵能源基礎設施的所有者、供應商和營運商，我們對全球能源系統的管理有著清晰的認識，並了解系統的每個部分如何對整體性能做出貢獻。這種視角使我們能夠有條不紊地分配資本，加強我們的平台，並專注於長期現金流的產生和回報。

Looking ahead, our priorities remain clear. We will continue to execute with discipline, invest in capabilities that enhance our platform and build on the strong foundation we have established. Supported by a strong balance sheet, consistent cash flow generation and a network built thoughtfully over time, we believe Global is well positioned to deliver sustainable value for our unitholders.

展望未來，我們的工作重點依然明確。我們將繼續嚴謹執行，投資於能夠增強我們平台的能力，並在我們已經建立的堅實基礎上繼續發展。憑藉強勁的資產負債表、持續的現金流以及經過長期精心構建的網絡，我們相信 Global 有能力為我們的單位持有人創造可持續的價值。

Turning to our distribution. Last month, the Board approved a quarterly cash distribution of $0.76 per common unit, our 17 consecutive increase. The distribution was paid on February 13 to unitholders of record as of the close of business on February 9.

接下來談談我們的經銷情況。上個月，董事會批准了每普通單位季度現金分紅 0.76 美元，這是我們連續第 17 次增加分紅。2月13日，股利已支付給截至2月9日營業結束時登記在冊的單位持有人。

With that, I'll turn the call over to Greg for the financial review. Greg?

接下來，我將把電話交給格雷格進行財務審查。格雷格？

Thank you, Eric, and good morning, everyone. As we review the numbers, please note that unless otherwise noted, all comparisons will be with the fourth quarter of 2024. Adjusted EBITDA for the fourth quarter of '25 was $94.8 million compared with $97.8 million. Net income for the fourth quarter was $25.1 million versus $23.9 million. Distributable cash flow was $38.4 million for the fourth quarter compared with $45.7 million and adjusted DCF was $38.8 million versus $46.1 million.

謝謝你，艾瑞克，大家早安。在查看數據時，請注意，除非另有說明，所有比較都將與 2024 年第四季度進行比較。2025 年第四季調整後 EBITDA 為 9,480 萬美元，而去年同期為 9,780 萬美元。第四季淨利為 2,510 萬美元，而上一季為 2,390 萬美元。第四季可分配現金流量為 3,840 萬美元，而上一季為 4,570 萬美元；調整後可分配現金流量為 3,880 萬美元，而上一季為 4,610 萬美元。

The variance between the fourth quarter of 2025 versus 2024 primarily reflects less favorable market conditions in our Wholesale and Commercial segments, partially offset by a stronger fuel margin environment in our GDSO segment. We continue to maintain a solid distribution coverage of 1.56 times as of December 31 or 1.5 times after including distributions to our preferred unitholders.

2025 年第四季與 2024 年第四季之間的差異主要反映了我們批發和商業部門市場狀況的不利變化，部分被我們 GDSO 部門更強勁的燃料利潤環境所抵消。截至 12 月 31 日，我們的分紅覆蓋率仍維持在 1.56 倍，如果計入優先股股東的分紅，則為 1.5 倍。

Turning to our segment details. GDSO product margin increased $17.7 million in the quarter to $231.3 million. Product margin from gasoline distribution increased $19.9 million to $165.6 million, primarily reflecting higher fuel margins year-over-year. On a cents per gallon basis, fuel margins increased by $0.09 to $0.45 in Q4 '25 from $0.36 in '24.

接下來我們來看看具體細節。本季 GDSO 產品利潤增加 1,770 萬美元，達到 2.313 億美元。汽油分銷產品利潤成長 1,990 萬美元至 1.656 億美元，主要反映了燃油利潤率同比上升。以每加侖美分計算，2025 年第四季燃油利潤從 2024 年的 0.36 美元增加到 0.45 美元，增幅為 0.09 美元。

As volatility in RBOB prices during the quarter provided a favorable fuel margin environment. Station operations product margin, which includes convenience stores and prepared food sales, sundries and rental income, decreased by $2.2 million to $65.7 million in the fourth quarter, due in part to a lower company-operated site count as a result of the sale and conversion of certain company-operated sites.

本季RBOB價格的波動為燃油利潤環境提供了有利條件。第四季度，加油站營運產品利潤（包括便利商店和預製食品銷售、雜貨和租金收入）減少了 220 萬美元，至 6,570 萬美元，部分原因是由於出售和改造某些公司自營站點，導致公司自營站點數量減少。

At year-end, our GDSO portfolio of fueling stations and C-stores totaled 1,524 sites. In addition, we operate or supplied 67 sites under our Spring Partners retail joint venture.

截至年底，我們的 GDSO 加油站和便利商店組合總計 1,524 個站點。此外，我們也透過與 Spring Partners 的零售合資企業營運或供應了 67 個站點。

Turning to our Wholesale segment. Fourth quarter product margin decreased $21.5 million to $58.3 million. Product margin from gasoline and gasoline blendstocks decreased $10.5 million to $28.1 million, primarily reflecting less favorable market conditions in gasoline. Product margin from distillates and other oils decreased $11 million to $30.2 million, driven by less favorable market conditions.

接下來我們來看看批發業務部分。第四季產品利潤減少 2,150 萬美元，至 5,830 萬美元。汽油和汽油調和組分的產品利潤減少了 1,050 萬美元，至 2,810 萬美元，主要反映出汽油市場狀況較不利。受市場環境不利影響，餾分油和其他油脂的產品利潤減少了 1,100 萬美元，至 3,020 萬美元。

In our Commercial segment, product margin decreased $2.6 million to $6 million, primarily due to less favorable market conditions in bunkering. Operating expenses decreased $3.5 million in the fourth quarter to $124.6 million, while SG&A increased $1.5 million to $80.9 million. Interest expense was $33.3 million in the fourth quarter compared with $34.4 million in the same period in '24.

在我們的商業部門，產品利潤減少了 260 萬美元，至 600 萬美元，主要原因是燃油供應市場條件較不利。第四季營運支出減少了 350 萬美元，至 1.246 億美元，而銷售、一般及行政費用增加了 150 萬美元，至 8,090 萬美元。第四季利息支出為 3,330 萬美元，而 2024 年同期為 3,440 萬美元。

CapEx for the fourth quarter was $38.8 million, consisting of maintenance CapEx of $22.6 million and expansion CapEx of $16.2 million. Primarily related to investments in our terminal and gas station business.

第四季資本支出為 3,880 萬美元，其中維護資本支出為 2,260 萬美元，擴大資本支出為 1,620 萬美元。主要與我們在碼頭和加油站業務的投資有關。

Full year 2025, we had $54 million in maintenance CapEx and $37.5 million in expansion CapEx. For the full year 2026, we expect maintenance CapEx in the range of $60 million to $70 million and expansion CapEx, excluding acquisitions, in the range of $75 million to $85 million. Our current CapEx estimates depend in part on the timing of project completions, the availability of equipment and labor, weather and any unforeseen events or opportunities that require additional maintenance or investment.

2025 年全年，我們的維護資本支出為 5,400 萬美元，擴建資本支出為 3,750 萬美元。預計 2026 年全年維護資本支出在 6,000 萬美元至 7,000 萬美元之間，不包括收購的擴張資本支出在 7,500 萬美元至 8,500 萬美元之間。我們目前的資本支出估算部分取決於專案完成時間、設備和勞動力的可用性、天氣以及任何需要額外維護或投資的不可預見的事件或機會。

Our balance sheet remains strong at year-end with leverage as defined in our credit agreement as funded debt to EBITDA at 3.59 times, and ample excess capacity on our credit facilities. As of December 31, we had $226.1 million borrowings outstanding on our working capital revolver and $103.5 million outstanding on our $500 million revolving credit facility.

年末，我們的資產負債表依然強勁，根據信貸協議中定義的有息負債與 EBITDA 的比率為 3.59 倍，且我們的信貸額度有充足的剩餘額度。截至 12 月 31 日，我們的營運資金循環貸款未償還餘額為 2.261 億美元，5 億美元循環信貸額度未償還餘額為 1.035 億美元。

On our IR calendar, next week, we'll be hosting one-on-one meetings at the JPMorgan Leveraged Finance Conference. For those of you participating, we look forward to seeing you in Miami.

下週，我們將在摩根大通槓桿融資會議上舉辦一對一會議，這是我們投資者關係日程的安排。各位參與者，我們期待在邁阿密見到你們。

Now let me turn the call back to Eric for his closing comments.

現在讓我們把電話轉回給艾瑞克，請他做總結發言。

Thanks, Greg. As we look ahead, the message is simple. Global is built for durability. Our integrated footprint, scale across the liquid energy value chain and disciplined approach to capital allow us to manage through uneven markets, adjusting its conditions evolve and leaning in when opportunities emerge.

謝謝你，格雷格。展望未來，資訊很簡單。Global的設計著重於耐用性。我們憑藉一體化的業務佈局、在液態能源價值鏈上的規模以及嚴謹的資本管理方式，能夠應對不平衡的市場，調整市場環境，並在機會出現時抓住機會。

Early year cold weather conditions in the Northeast have supported solid wholesale fuel demand, and our footprint is well positioned to meet that demand and serve customers reliably. With strong fundamentals, a proven operating model and a clear strategic framework, we remain focused on disciplined execution and on enhancing value over time for our unitholders.

東北地區年初的寒冷天氣條件支撐了強勁的批發燃料需求，而我們的業務佈局能夠很好地滿足這一需求，並為客戶提供可靠的服務。憑藉強勁的基本面、成熟的營運模式和清晰的策略框架，我們將繼續專注於嚴謹的執行，並隨著時間的推移為我們的單位持有者創造更大的價值。

We start 2026 -- As we start 2026, we've never felt more confident about the ability of our complementary assets to drive growth.

2026 年開始—2026 年伊始，我們從未像現在這樣對我們互補資產推動成長的能力充滿信心。

With that, Greg, Mark and I will be happy to take your questions. Operator, please open the line for Q&A.

那麼，格雷格、馬克和我將很樂意回答你們的問題。接線員，請開通問答線。

(Operator Instructions) Selman Akyol, Stifel.

（操作說明）Selman Akyol，Stifel。

I'd like to start on the site optimization you guys referenced several times. Should we think of that as being completed? I know you're always doing some fine-tuning, but for the most part, is that done?

我想開始進行你們多次提到的網站優化工作。我們是否應該認為這件事已經完成了？我知道你一直在進行一些微調，但大部分工作完成了嗎？

Salmon, it's Eric Slifka. Look, we continue to optimize. We continue to look at what is -- what we believe is the most efficient way to run all of our locations. So that is a continual process. The goal here is really to be as efficient as we possibly can throughout the entire organization. So I would say that is a never-ending process.

薩蒙，我是艾瑞克‧斯利夫卡。你看，我們會繼續優化。我們將繼續研究——我們認為經營我們所有門市最有效的方式。所以這是一個持續的過程。我們的目標是在整個組織內盡可能提高效率。所以我認為這是一個永無止境的過程。

Okay. And then piping over just to your CapEx, and you guys called out it's going to be in terminals and GDSO. Is there any way to break that out between the two? And maybe just thoughts on where you want to be investing or how much?

好的。然後直接轉到你們的資本支出，你們指出它將用於終端和GDSO。有沒有辦法將它從兩者中分離出來？或許您還想談談您想投資哪些領域或投資多少？

Yes. I think -- Selman, it's Greg. I mean, I think on the maintenance side, you'll see a little bit uptick year-over-year versus last year. That was primarily related to the terminals and the terminals we acquired over the last couple of years. So that's up a little bit overall.

是的。我想——塞爾曼，是格雷格。我的意思是，我認為在維護方面，你會看到比去年略有成長。這主要與我們過去幾年收購的碼頭有關。所以整體上略有上升。

But I think our goal is hopefully to be conservative in that maintenance CapEx range we gave for guidance, I think we have a lot of efforts to drive down our capital spend through procurement on the maintenance side. And then on the expansion side, we've got three raise and rebuilds that we're working on, on the GDSO side. It's a decent part of that.

但我認為我們的目標是盡可能保守地控制在我們提供的維護資本支出指導範圍內，我們將在維護方面的採購方面做出很多努力來降低資本支出。而在擴建方面，GDSO方面我們正在進行三個擴建和重建計畫。這是其中相當重要的一環。

Then the major potential spend, I think, is more on the terminalling side where we're having we're looking at some projects for expanding the capabilities of our terminals, expanding the throughput, expanding the logistics of them. Some of that is going to be uncertain due to timing on permitting and contracts. But we're seeing a real opportunity, especially around some of the terminals we've acquired in the last three years to really expand the capabilities down there, either through logistics efforts or just expanding the actual capacity of the terminals.

我認為，主要的潛在支出更多在於碼頭設施方面，我們正在研究一些項目，以擴大我們碼頭的能力、提高吞吐量、擴大其物流。由於審批和合約簽訂的時間安排，其中一些結果尚不確定。但我們看到了一個真正的機會，尤其是在我們過去三年收購的一些碼頭附近，可以透過物流努力或擴大碼頭的實際容量來真正擴展那裡的能力。

That's great to hear. And Eric, in your comments, you talked about sort of the looking for growth in the Houston bunkering market. Can you expand on that? And does that tie into potentially some of your comments in terms of the capital?

聽到這個消息真是太好了。艾瑞克，你在評論中談到了休士頓燃油供應市場的成長前景。能詳細解釋一下嗎？這是否與您之前關於資本的一些評論有關？

In terms of Houston, what we think is we found a little bit of a niche location, and that's specific to what we're trying to do there. Obviously, we're in that business throughout the Northeast. So this is an expansion -- and we have tankage and we have barges and whatnot. So we think we're in a good position to deliver to the needs of that market in the specific location that we're at.

就休士頓而言，我們認為我們找到了一個略微獨特的地點，這與我們在那裡想做的事情密切相關。顯然，我們在整個東北地區都從事這項業務。所以這是一次擴張——我們有了儲罐、駁船等等。因此，我們認為我們有能力滿足我們所在地區特定市場的需求。

Yes. The only thing I would add to that, Selman, is on the CapEx side related to that, it's pretty CapEx light. It's lease barges and lease terminals, -- where there's CapEx opportunities in Texas is around our other seven terminals that we have in the Texas market that we acquired through the Motiva acquisition.

是的。塞爾曼，我唯一要補充的是，就資本支出方面而言，這方面的資本支出相當少。德州的資本支出機會主要集中在租賃駁船和租賃碼頭上，這些碼頭是我們透過收購 Motiva 獲得的，位於德州市場的其他七個碼頭。

Got it. And then you also referenced data analytics, and I presume that results more in cost savings than it does in revenue gains. But is there anything to expand on that?

知道了。然後您也提到了數據分析，我猜它帶來的更多是成本節約而不是收入成長。但還有什麼可以進一步闡述的嗎？

Selman, it's Mark. I think it's both. Actually, I think it's a few things. First of all, we -- I know I'm stating the obvious, but we generate a tremendous amount of data from our business, whether it be through our stores, whether it be through our terminals and so part of this is just building the infrastructure to organize that data better and make it accessible to the people running the business. Our expectation on the benefit of that is twofold: one, it should -- and is already providing efficiencies for the business and also enhancing decision-making.

塞爾曼，我是馬克。我認為兩者都是。實際上，我認為這是幾個原因造成的。首先，我知道我說的是顯而易見的，但我們的業務會產生大量的數據，無論是透過我們的門市，還是透過我們的終端，因此，其中一部分工作就是建立基礎設施，以便更好地組織這些數據，並使其可供業務經營人員存取。我們對這項措施的期望是雙重的：第一，它應該——而且已經——為企業帶來效率提升，並增強決策能力。

And then the second part of that is around the analytics side is using that data to drive better business decisions and perhaps even embedding some AI abilities into some modeling to help us with some of the decisions we have to make on a day in, day out basis.

第二部分是關於分析方面的，即利用這些數據來推動更好的業務決策，甚至可能將一些人工智慧功能嵌入到一些模型中，以幫助我們做出一些日常必須做出的決策。

The other thing I would add to that is I think there's -- we're very excited about the future potential there. I will say, as it relates to '25, some of the SG&A increase you see year-over-year in SG&A is related to salaries and labor related to that effort and also an uptick in licensing subscription fees for software related to that, too. So that's somewhere where we've invested some of our SG&A dollars to, I think, hopefully, get to significant cost savings in the future and potential hopefully helping our margins too.

我還要補充一點，我們對那裡的未來潛力感到非常興奮。我要說的是，就 2025 年而言，您看到的 SG&A 費用逐年增長的部分原因是與該項工作相關的工資和勞動力成本，以及與此相關的軟體許可訂閱費用的上漲。所以，我們把部分銷售、管理及行政費用投入這方面，希望未來能大幅節省成本，並有可能提高我們的利潤率。

Got it. And then last one for me. It sounded like weather was favorable for you in Q1 in the wholesale segment. And get there's a lot of volatility and always sort of difficult to know. But any way to sort of maybe frame up what 1Q looks like and how we should be thinking about it?

知道了。最後，也是我最後一個問題。聽起來第一季批發業務的天氣對你們很有利。而且波動性很大，總是很難預測。有沒有辦法大致描述一下第一季的情況以及我們應該如何看待它？

Yes. I don't think we're going to -- it's hard to frame up from a guidance perspective, anything. I think we just really want to recognize that the latter half of January into February was extremely cold in the Northeast which led to a lot of heating degree days, which is, as you know, historically, is very helpful for our Rack wholesale business in general and should give us a decent tailwind to start the year.

是的。我認為我們不會——從指導的角度來看，很難制定任何方案。我認為我們真正想強調的是，1 月下旬到 2 月期間，東北地區異常寒冷，導致供暖度日數很高。如您所知，從歷史數據來看，這對我們的貨架批發業務總體上非常有利，應該能為我們今年的開局帶來不錯的順風。

Thank you. Eric Slifka, I'd like to turn the floor back over to you for closing comments.

謝謝。Eric Slifka，我想把發言權交還給你，請你做總結發言。

Thank you for joining us this morning. We look forward to keeping you updated on our progress. Thanks so much.

感謝您今天早上收看我們的節目。我們會持續向您報告最新進展。非常感謝。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與，祝您有美好的一天。