Genie Energy Ltd (GNE) 2026 Q2 法說會逐字稿

Good morning and welcome to the Genie Energy Limited's second quarter 2026 earnings call.

早安，歡迎參加 Genie Energy Limited 2026 年第二季財報電話會議。

In today's presentation, Genie Energy management will discuss Genie's financial and operational results for the three months ended June 30, 2026. During prepared remarks by Genie Energy's Chief Executive Officer Michael Stein and Chief Financial Officer Avi Goldman, all participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

在今天的簡報中，Genie Energy 管理團隊將討論截至 2026 年 6 月 30 日止三個月的財務與營運成果。在 Genie Energy 執行長 Michael Stein 與財務長 Avi Goldman 的預先準備發言期間，所有與會者將處於僅收聽模式。如需協助，請按星號鍵後再按 0，以示意會議專員。

After Avi Golden's remarks, Michael and Avi will take questions from investors.

在 Avi Golden 的發言之後，Michael 與 Avi 將回答投資人的提問。

Any forward-looking statements made during this conference call, either in the prepared remarks or in Q&A session, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results to differ materially from those which the company anticipates.

本次電話會議中所作的任何前瞻性陳述，無論是在預先準備的發言或問答環節中，且不論其性質為一般或特定，均受風險與不確定性影響，可能導致實際結果與公司預期存在重大差異。

These risks and uncertainties include but are not limited to the specific risks and uncertainties discussed in the reports that Genie Energy files periodically with the SEC.

這些風險與不確定性包括但不限於 Genie Energy 定期向美國證券交易委員會（SEC）提交之報告中所討論的特定風險與不確定性。

Genie Energy assumes no obligation either to update any forward-looking statements that they may have made or may make or to update the factors that may cause actual results to differ materially from those that they forecast.

Genie Energy 不承擔任何義務更新其已作出或可能作出的任何前瞻性陳述，亦不承擔更新可能導致實際結果與其預測存在重大差異之因素的義務。

In their presentation or in the Q&A session, Genie Energy's management may refer to adjusted EBITDA and other non-GAAP measures. A schedule provided in the Genie Energy earnings release reconciles adjusted EBITDA to the nearest corresponding GAAP measures. Please note that the Genie Energy earnings release is available on the investor relations page of the Genie website. The earnings release has also been filed on Form 8-K with the SEC.

在簡報或問答環節中，Genie Energy 管理團隊可能會提及調整後 EBITDA 及其他非 GAAP 指標。Genie Energy 的財報新聞稿中提供了一份對照表，將調整後 EBITDA 與最接近的相應 GAAP 指標進行調節。請注意，Genie Energy 的財報新聞稿可於 Genie 官網的投資人關係頁面取得。該財報新聞稿亦已以 Form 8-K 向 SEC 提交。

I will now turn the conference over to Michael Stein.

接下來我將把會議交給 Michael Stein。

Thank you, operator. In the second quarter, Genie delivered strong bottom line results in both operating segments while continuing to invest in growth opportunities across our businesses and return value to shareholders.

謝謝，接線員。第二季，Genie 在兩個營運部門都交出強勁的獲利表現，同時持續投資於各項業務的成長機會，並回饋股東價值。

At Genie Retail Energy, relatively normalized wholesale energy market conditions. Enabled us to achieve gross margin on a level comparable to our long-term historical average, and that drove a significant year-over-year improvement in our bottom line results.

在 Genie Retail Energy 方面，相對正常化的批發能源市場狀況使我們得以達成與長期歷史平均相當的毛利水準，並帶動我們的獲利表現較去年同期顯著改善。

GRE's top-line declined 5%, primarily reflecting the expiration of aggregation deals over the past year.

GRE 的營收年減 5%，主要反映過去一年聚合（aggregation）交易到期。

The deals typically generate low margin revenue, so the impact of their expiration on our bottom line was minimal.

這些交易通常帶來低毛利營收，因此其到期對我們獲利的影響有限。

At quarter end, we served 345,000 RCEs and 363,000 meters compared to 413,000 RCEs and 419,000 meters a year earlier.

截至季末，我們服務 345,000 個 RCE 與 363,000 個電表，相較於一年前的 413,000 個 RCE 與 419,000 個電表。

During the second quarter, we added 65,000 gross new customers compared to 70,000 a year earlier. Total customer acquisition expense increased materially as we acquired a higher percentage of customers through higher cost of acquisition channels. And fewer through lower cost channels. We approach these low-cost channels opportunistically as they generate lower margin customers compared to higher cost channels. We allowed low-cost channel acquisition volumes to fluctuate depending on how competitive market rates compare to the incumbent utilities offerings.

第二季我們新增 65,000 名客戶（總新增），相較一年前為 70,000 名。由於我們透過獲客成本較高的通路取得客戶的比例提高，客戶取得費用顯著增加。而透過低成本通路取得的比例則較少。我們以機會主義方式運用這些低成本通路，因為相較於高成本通路，低成本通路帶來的客戶毛利較低。我們會讓低成本通路的獲客量隨市場競爭費率與既有公用事業（incumbent utilities）方案的比較而波動。

In the second quarter, with these low-cost channels underperforming, we increased our investment in acquisitions through higher cost channels, increasing our base of higher lifetime value customers. And building a tailwind that we expect to positively impact the coming quarters.

第二季，由於這些低成本通路表現不如預期，我們加大透過高成本通路的獲客投資，擴大高終身價值客戶的基礎。並形成我們預期將在未來幾季帶來正面影響的順風。

Acquisitions through high-cost channels also enabled us to prioritize further diversification of our customer base through strong growth in some of our newer markets, including Texas power market and California's gas market.

透過高成本通路的獲客也使我們能優先推動客戶結構的進一步多元化，並在部分較新的市場實現強勁成長，包括德州電力市場與加州天然氣市場。

At Groot, the top-line was flat year over year. However, contributions from our DiversiG energy brokerage and Genie Solar businesses enabled the segment to achieve positive EBITDA.

在 Groot 方面，營收年比持平。然而，來自我們 DiversiG 能源經紀與 Genie Solar 業務的貢獻，使該部門實現正向 EBITDA。

DiversiG had a particularly strong quarter as it continues to execute its growth strategy.

DiversiG 本季表現尤其強勁，持續落實其成長策略。

Both DiversiG and Genie Solar are on track to further expand their bottom lines in the coming quarters.

DiversiG 與 Genie Solar 皆按計畫在未來幾季進一步擴大其獲利表現。

DiversiG continues to build its book of business at a double-digit annualized growth rate. Even better, because new business frequently entails upfront customer payments, growth from a cash perspective has been stronger than what is reflected in EBITDA.

DiversiG 持續以年化雙位數成長率擴增其業務存量（book of business）。更重要的是，由於新業務經常包含客戶預付款，從現金角度來看，其成長強於 EBITDA 所反映的幅度。

Moreover, this new business will drive revenue growth for several years to come.

此外，這些新業務將在未來數年推動營收成長。

As we earn revenue over the lifetime of the contracts. One of the key drivers for Diversity's expansion has been our ability to leverage AI to optimize our customer acquisition efforts across channels, analyzing the energy requirements of our customers and their industries so that we can tailor our offerings to meet their needs with greater precision.

因為我們會在合約存續期間逐步認列收入。推動 DiversiG 擴張的關鍵因素之一，是我們能運用 AI 來優化跨通路的獲客工作，分析客戶及其所屬產業的能源需求，從而更精準地量身打造方案以滿足其需求。

At Genie Solar, we turned on our second community solar project in New York State late in the second quarter, and that will positively impact results starting in the third quarter.

在 Genie Solar 方面，我們於第二季末在紐約州啟用第二個社區型太陽能專案，並將自第三季起對業績帶來正面影響。

Gru's second quarter's results also reflected our continued investment in several early stage growth initiatives, most notably at Roded. As we've discussed previously, Roded utilizes a patented recycling technology to manufacture useful plastic products from agricultural and other plastic waste.

Gru 第二季的結果也反映我們持續投資於數項早期成長計畫，最值得注意的是 Roded。如同我們先前所述，Roded 運用一項具專利的回收技術，將農業及其他塑膠廢棄物製造成可用的塑膠產品。

At Roded, we made terrific progress during the quarter. The company continued to expand production in Israel to meet strong local demand for its pallet products.

在 Roded 方面，我們本季取得極佳進展。公司持續在以色列擴大產能，以滿足當地對其棧板產品的強勁需求。

In fact, we already are approaching the production capacity of our current facility and received a commitment from the Israeli Minister of Environment to underwrite a material portion of the cost of constructing a larger manufacturing plant. To diversify Roded's revenue, we are preparing to begin manufacturing of a second product, utilizing the same recycled plastic feedstock.

事實上，我們已接近現有廠房的產能上限，並獲得以色列環境部長承諾，將補助興建更大型製造工廠成本中的相當一部分。為了使 Roded 的營收來源更多元，我們正準備開始生產第二項產品，同樣使用相同的再生塑膠原料。

Also, the company was certified as a producer of plastic credits through Revera's plastic waste reduced standard program. A global platform to incentivize businesses to utilize the vast quantities of waste plastic that otherwise would end up in our oceans or our landfills. This certification will enable Rodet to enhance profitability through the monetization of credits it receives for the plastic it collects and converts to finished product.

此外，公司已透過 Revera 的塑膠廢棄物減量標準計畫，獲認證為塑膠信用額度（plastic credits）生產者。這是一個全球平台，旨在激勵企業利用大量原本會流入海洋或進入掩埋場的廢塑膠。此項認證將使 Rodet 能夠將其收集並轉化為成品的塑膠所獲得的信用額度加以變現，從而提升獲利能力。

Looking a little further ahead, Rodet is moving forward on an international expansion. The company has identified several potential manufacturing sites in the southeastern US. And is now working to select the final site, hire key managers, and design the initial pallets it will offer for the North American market.

再往前看一些，Rodet 正在推進國際擴張。公司已在美國東南部辨識出數個潛在製造據點。目前正著手選定最終場址、聘用關鍵管理人員，並設計將提供給北美市場的首批棧板產品。

To wrap up at Genie Energy, for the balance of the year, we're looking to boost cash generation across GRE, Diversigy, and Genie Solar, make good on operational progress in our growth initiatives, and return value to shareholders through opportunistic stock purchases and our quarterly dividends. Now I will turn the call over to Avi for his discussion of our financial results.

最後就 Genie Energy 而言，在今年剩餘期間，我們將致力於提升 GRE、Diversigy 與 Genie Solar 的現金創造能力，落實成長計畫中的營運進展，並透過伺機買回股票及我們的季度股利，為股東創造回報。接下來我將把電話交給 Avi，由他說明我們的財務結果。

Thank you, Michael, and thanks to everyone on the call for joining us this morning.

謝謝你，Michael，也感謝今天早上加入電話會議的各位。

My remarks today cover our financial results for three months ended June 30, 2026.

我今天的發言將涵蓋截至 2026 年 6 月 30 日止三個月的財務結果。

In my commentary, I'll compare the results for the second quarter of 2026 to the second quarter of 2025 to remove from consideration the seasonal factors that impact our results, particularly our retail energy business.

在我的評論中，我將把 2026 年第二季的結果與 2025 年第二季相比較，以排除影響我們業績的季節性因素，特別是我們的零售能源業務。

The second quarter, which includes spring and the early stages of the summer cooling season, is typically characterized by moderate levels of electricity consumption and low levels of natural gas consumption.

第二季涵蓋春季以及夏季降溫用電季節的初期階段，通常呈現電力消耗中等、天然氣消耗偏低的特徵。

The quarter's financial results were highlighted by strong margin and adjusted EBITDA expansion of GRE and profitability grew, both of which helped to drive an increase in our consolidated bottom line performance.

本季財務結果的亮點在於 GRE 的強勁毛利率與調整後 EBITDA 擴張，以及獲利能力提升，兩者共同推動我們合併最終盈餘表現的改善。

Consolidated revenue in the second quarter decreased 4.6% to $100.4 million.

第二季合併營收下降 4.6%，至 1.004 億美元。

GRE revenue decreased 4.9% to $94.1 million as our customer base contracted to the expiration of low margin aggregation deals. The resulting decrease in consumption was partially offset by increased revenue per unit sold for both electricity and natural gas. Sales of electricity which contributed 89% of GRE's revenues decreased 7% to $83.6 million. Kilowatt hours sold decreased by 17% while revenue per kilowatt hour sold increased to 12%. Natural gas revenue decreased 16.2% to $10.6 million. Therms sold decreased 23%, while revenue per therms sold increased 50%. At grew, second quarter revenue was relatively unchanged at $6.3 million.

GRE營收下降 4.9%，至 9,410 萬美元，原因是低毛利聚合交易到期，導致客戶基礎收縮。由此造成的用量下降，部分被電力與天然氣每單位銷售收入的提升所抵銷。電力銷售占 GRE 營收的 89%，下降 7% 至 8,360 萬美元。售出千瓦時（kWh）下降 17%，而每千瓦時銷售收入提高至 12%。天然氣營收下降 16.2% 至 1,060 萬美元。售出熱量單位（therms）下降 23%，而每 therm 銷售收入上升 50%。在 grew，第二季營收相對持平，為 630 萬美元。

Consolidated gross profit increased 43.4% to $33.7 million, while gross margin increased to 33.5%. At GRE, gross profit increased 42.2% to $30.3 million and gross margin increased to 32.2%. GRE achieved a gross margin within historical range given normalized commodity market conditions. Note that the year ago second quarter was impacted by unusually low natural gas profitability.

合併毛利增加 43.4% 至 3,370 萬美元，毛利率提升至 33.5%。在 GRE，毛利增加 42.2% 至 3,030 萬美元，毛利率提升至 32.2%。在商品市場條件正常化的情況下，GRE 的毛利率回到歷史區間。請注意，去年同期第二季受到天然氣獲利異常偏低的影響。

At Guru, gross profit increased 55% to $3.3 million, driven by each increased contributions from both Diversity and Genie Solar, the two more mature businesses within the segment, both of which are already generating cash. Consolidated SG&A increased 28% to $27.2 million, largely reflecting a mixed shift of Genie Retail's customer acquisition channels towards higher per acquisition cost methods. Despite their higher costs upfront, these channels typically generate customer cohorts with higher customer lifetime values.

在 Guru，毛利增加 55% 至 330 萬美元，主要由 Diversigy 與 Genie Solar 兩項較成熟業務的貢獻提升所帶動；這兩項業務目前都已在產生現金。合併銷售、一般及行政費用（SG&A）增加 28% 至 2,720 萬美元，主要反映 Genie Retail 的客戶獲取渠道組合轉向每次獲取成本較高的方法。儘管這些渠道前期成本較高，但通常能帶來客戶終身價值更高的客群。

The gross profit increase at G. GRE drove a $4.3 million year-over-year increase in consolidated income from operations to $6.5 million and a $4.5 million increase in adjusted EBITDA to $7.5 million.

G. GRE 的毛利增加，帶動合併營業利益年增 430 萬美元至 650 萬美元，並使調整後 EBITDA 增加 450 萬美元至 750 萬美元。

At GRE, income from operations increased 108.3% to $8.3 million and adjusted EBITDA increased 96.7% to $8.7 million.

在 GRE，營業利益增加 108.3% 至 830 萬美元，調整後 EBITDA 增加 96.7% 至 870 萬美元。

Strong contributions from Diversity and Genie Solar enabled Group to achieve profitability. Income from operations increased to $100,000 from a loss from operations of $200,000 a year earlier and adjusted EBITDA increased to $300,000 from an adjusted EBITDA loss of $97,000 in the second quarter of 2025.

Diversigy 與 Genie Solar 的強勁貢獻使 Group 實現獲利。營業利益由一年前營業虧損 20 萬美元，提升至 10 萬美元；調整後 EBITDA 由 2025 年第二季調整後 EBITDA 虧損 9.7 萬美元，提升至 30 萬美元。

Consolidated net income attributable to Gini Common stockholders was $11.4 million or $0.43 per diluted share compared to $2.3 million or $0.09 per share a year earlier. Turning now to the balance sheet. At June 30, 2026, cash equivalents, long and short-term restricted cash and marketable equity securities totaled $204.3 million. Working capital was $199.6 million. Our net debt totaled $6.8 million, the largest component of which is the financing for our portfolio of operational solar arrays. Groot purchased approximately 47,000 shares of our Class B common stock in the second quarter for $659,000 and we paid our regular quarterly dividends, returning an additional $2 million directly to our stockholders.

歸屬於 Gini 普通股股東的合併淨利為 1,140 萬美元，或每股稀釋後 0.43 美元；相較一年前為 230 萬美元，或每股 0.09 美元。接著看資產負債表。截至 2026 年 6 月 30 日，現金等價物、長短期受限制現金及可出售權益證券合計為 2.043 億美元。營運資金為 1.996 億美元。我們的淨負債合計為 680 萬美元，其中最大組成項目為我們營運中太陽能電站組合的融資。Groot 在第二季以 65.9 萬美元買入約 47,000 股本公司 B 類普通股，並支付例行季度股利，另直接向股東返還 200 萬美元。

Wrapping up, normalized energy market conditions helped us to restore margins at GRE to their long-term range, while Groot generated positive EBITDA even as we continued to invest in early-stage growth initiatives.

總結來說，能源市場條件正常化幫助我們將 GRE 的毛利率恢復至長期區間；同時，即使我們持續投資於早期成長計畫，Groot 仍創造了正向 EBITDA。

Improved performance has helped to significantly enhance our profitability while our balance sheet remains strong with robust levels of cash and minimal debt. Operator, back to you for Q&A.

績效改善已大幅提升我們的獲利能力，而我們的資產負債表仍然穩健，具備充沛現金水位與極低負債。接線員，請交回給你進行問答。

(Operator Instructions)

(接線員指示)

And the first question today is coming from [Matt Fay Taitz from Freedom Broker].

今天的第一個問題來自 [Freedom Broker 的 Matt Fay Taitz]。

Yes, hi, thank you so much. Congratulations with strong results. So my question is about the other income, which is quite significantly impact the bottom line.

是的，您好，非常感謝。恭喜取得強勁的業績。我的問題是關於其他收入，這項對最終盈虧的影響相當顯著。

Can you elaborate a little bit the breakdown of this other income and how do you see it going forward toward the end of the year?

您能否更詳細說明這項其他收入的組成，以及您如何看待其在今年年底前的走勢？

This is Avi and thank you for the question. So, the other income line reflects the change in value of other investments that we have primarily when we invest balance sheet cash. As you are aware, we have a very strong cash position. So, when we make investments that are to use that cash position to get value, those flow through the other investment line. So it's difficult to predict what those are going to be, but we expect that to hopefully continue to be positive for the company.

我是 Avi，謝謝你的提問。其他收入這一行主要反映我們在投資資產負債表現金時，其他投資價值的變動。如你所知，我們的現金部位非常強勁。因此，當我們進行投資以運用這些現金部位來創造價值時，相關損益會反映在其他投資這一行。因此很難預測其結果會是什麼，但我們希望這項對公司而言能持續保持正面。

Yeah, thank you. And one more question is, so we see that there is some sort of sensitivity of your profitability and the gas prices basically, which drives also electricity prices.

好的，謝謝。另外一個問題是，我們看到你們的獲利能力似乎對天然氣價格有一定敏感度，而天然氣價格也會帶動電價。

And now with the lower gas prices in second quarter, so we see. Positive impact also on your profitability operating results. So how do you see it going forward towards the year end? So do you expect also this trend to continue or is it something to be revised from this point of view?

而現在第二季天然氣價格較低，我們看到對你們的獲利與營運結果也有正面影響。那你們如何看待其在年底前的走勢？你們是否預期這個趨勢會延續，或是從這個角度來看需要做修正？

Thank you.

謝謝。

Hi, thanks for the question.

您好，謝謝你的提問。

It's hard to predict obviously what markets are going to do, but we feel like we are in a good position right now through the rest of the year to capitalize on where the market is.

當然很難預測市場接下來會怎麼走，但我們認為目前我們在今年剩餘時間處於良好位置，可以把握市場狀況。

And again, still achieve the guidance that we set out.

並且再次強調，我們仍將達成我們所提出的財測指引。

Yeah, okay, great. So, and again, this higher.

好的，了解。那麼，另外，這個較高的。

General expenses is, as you said, as you mentioned, it's a more expensive acquisition of new clients.

一般費用如你所說、如你提到的，是因為新客戶取得成本更高。

So, you also see it kind of to be paid back in the future as it's more profitable sort of clients, you are onboarding through this higher general expense. Is it correct what I understood?

所以，你們也認為未來會回收這些成本，因為透過較高的一般費用所導入的是更高獲利的客戶。我這樣理解正確嗎？

Yes, so our sales channels or our customer acquisition channels in general are a combination of our door-to-door telemarketing and digital marketing, direct e-mail.

是的，我們的銷售通路或一般而言的客戶取得通路，包含到府推廣、電話行銷與數位行銷、直接電子郵件。

And other kinds of marketing efforts that we do. And some of those channels really yield higher margin customers and some of those channels generally are lower cost that yield and yield lower margin customers. So what we were saying is that this quarter, let's say, versus last quarter when we acquired a similar number of meters this quarter versus last year, the same quarter.

以及我們所做的其他各類行銷活動。其中有些通路能帶來較高毛利的客戶，而有些通路通常成本較低，但帶來的客戶毛利也較低。所以我們的意思是，本季相較於上季，或是本季相較於去年同一季，在取得相近數量的電表（meters）的情況下。

The acquisition expense was significantly higher and that's because most of the customer acquisition that was done this quarter was dominated by acquiring those higher margin customers, whereas last year in the same quarter, there was a much higher percentage of that customer acquisition that was coming from the lower cost but lower margin acquisition channels.

本季的取得成本顯著更高，原因是本季的客戶取得主要以取得那些高毛利客戶為主；而去年同一季，客戶取得中有更高比例來自成本較低但毛利也較低的取得通路。

Thank you so much. And the last one, if you're for about this, your new plastic business, this like maybe you can share with us like estimates what's the overall market value in Israel and Europe, like where you potentially could expand.

非常感謝。最後一個問題，如果可以的話，關於你們新的塑膠業務，或許你們可以分享一下在以色列與歐洲的整體市場規模估計，以及你們可能擴張的空間。

Just a little bit more on this particular market for the product you now develop.

請再多談一點你們現在所開發產品的這個特定市場。

Yeah, for sure. So without getting into specific numbers, what I can tell you is that we are currently, like you said, operating.

好的，當然可以。在不談具體數字的前提下，我可以告訴你的是，我們目前如你所說正在營運。

And like we mentioned on the call, we intend to expand to the US being obviously a significantly larger market than Israel.

而且如我們在電話會議中提到的，我們打算擴展到美國，這顯然是比以色列大得多的市場。

And our plan is all along has been to start with selling pallets. And pallets is a huge market. I mean, everything that gets shipped essentially goes out on pallets.

而我們一直以來的計畫是先從銷售棧板（pallets）開始。棧板是一個非常大的市場。我的意思是，基本上所有運輸的貨物都會使用棧板出貨。

And it is our hope and intention to take market share in that space. And because our cost of raw materials is significantly lower than that of our competitors who are also doing plastic pallets, even for the same level of performance, we think we can take a good deal of market share. Obviously, it takes time in manufacturing, but that's our plan. So, what's great about the technology and the patents that we have is that the patent is not on creating pallets. The patent is on creating any finished product.

我們希望並且也有意圖在這個領域取得市占。由於我們的原料成本顯著低於同樣生產塑膠棧板的競爭對手，即使在相同的性能水準下，我們認為我們可以取得相當可觀的市占。當然，製造需要時間，但這就是我們的計畫。所以，這項技術以及我們所擁有的專利很棒的一點是：專利並不是針對製造棧板。專利是針對製造任何成品。

And as we mentioned on this call, we're already starting to make our second product custom for our customer. We have already started designing it and working out the details with that customer very interested and we know another a whole bunch of customers who are also interested in that product and our intention is to continue to diversify our portfolio of products using the same waste material and the same technology.

而且如我們在本次電話會議中提到的，我們已經開始為客戶製作第二項客製化產品。我們已經開始進行設計，並與該客戶（其興趣非常高）一起敲定細節；同時我們也知道還有一大批客戶對該產品同樣有興趣。我們的意圖是持續運用相同的廢棄材料與相同的技術，來多元化我們的產品組合。

So that the market potential is as large as possible. But obviously, as this thing gets more mature, we intend to share more numbers.

以使市場潛力盡可能大。但顯然，隨著這項業務更趨成熟，我們會分享更多數字。

Thank you, and there are no more questions. This concludes our question-and-answer session and conference call.

謝謝，目前沒有更多問題。本次問答環節與電話會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝各位參加今天的簡報。您現在可以掛線。