Gold Royalty Corp (GROY) 2025 Q3 法說會逐字稿

Good day, and welcome to the Gold Royalty Corp. Third quarter 2025 Results Conference Call. (Operator Instructions) Please note that today's event is being recorded. I would now like to turn the conference over to David Garofalo, Chairman and CEO. Please go ahead.

大家好，歡迎參加黃金特許權公司2025年第三季業績電話會議。（操作說明）請注意，今天的活動正在錄製中。現在我謹將會議交給董事長兼執行長大衛·加羅法洛先生。請繼續。

Thank you, operator. Good morning, ladies and gentlemen, and thank you for participating in today's call to review our third quarter 2025 results. Please note that those not currently on the webcast, a presentation accompanying this conference call is available on the Presentations page of our website. Some of the commentary on today's call will include forward-looking statements, and I would direct everyone to review slide 2 of the presentation which includes important cautionary notes. Speaking alongside me on today's call will be Andrew Gubbels, Chief Financial Officer; John Griffith, Chief Development Officer; and Jackie Przybylowski, Vice President, Capital Markets.

謝謝接線生。各位女士、先生，早安，感謝各位參加今天舉行的電話會議，共同回顧我們 2025 年第三季的業績。請注意，目前未觀看網路直播的觀眾，可在我們網站的「簡報」頁面上查看本次電話會議的簡報。今天電話會議上的一些評論將包含前瞻性陳述，我建議大家查看簡報的第 2 張投影片，其中包含重要的警示性說明。今天與我一同參加電話會議的還有財務長 Andrew Gubbels、首席發展長 John Griffith 和資本市場副總裁 Jackie Przybylowski。

We are proud to report a second consecutive quarter of positive free cash flow as well as another quarter of record revenue, adjusted EBITDA and operating cash flow. These cash flows are a manifestation of the tremendous potential we saw from the assets as we've been carefully curating our portfolio over the past 5 years, potential, which is not yet fully realized as we have tremendous growth and value creation still to come. Growing cash flows and revenues continue to improve our balance sheet, as Andrew will discuss in a moment. But first, I want to go over our approach to capital allocation. We have told you for the last few quarters that debt repayment is our top priority, and we're glad to be able to start paying it down with $2 million of our revolving credit facility being paid down in the third quarter and a further $5 million debt reduction subsequent to quarter end.

我們很自豪地宣布，公司連續第二季實現正自由現金流，並且連續第二季創下收入、調整後 EBITDA 和經營現金流的歷史新高。這些現金流體現了我們在過去 5 年精心打造投資組合時所看到的資產的巨大潛力，這種潛力尚未完全實現，因為我們還有巨大的成長和價值創造空間。現金流和收入的成長持續改善我們的資產負債表，安德魯稍後會詳細討論這一點。但首先，我想先介紹一下我們的資本配置方法。在過去的幾個季度裡，我們一直告訴大家，償還債務是我們的首要任務，我們很高興能夠開始償還債務，第三季度償還了 200 萬美元的循環信貸額度，並在季度末之後進一步減少了 500 萬美元的債務。

Capital allocation continues to be an important strategic priority. Looking ahead, we maintain our focus on debt reduction while considering strategic growth opportunities in a disciplined manner. With our convertible debentures and outstanding common share warrants now deeply in the money and the continued growth of our free cash flow, we could be an essentially debt-free position by the end of 2026. Balance sheet flexibility is a priority, and we believe this will position us well to continue executing our long-term strategy on all cylinders. With that, I will pass the call over to Andrew Gubbels to discuss the details of our first [third] quarter results and our outlook on slide 4.

資本配置仍然是重要的策略重點。展望未來，我們將繼續專注於降低債務，同時以嚴謹的態度考慮策略成長機會。由於我們的可轉換債券和未償付的普通股認股權證現在都已大幅盈利，加上自由現金流的持續增長，到 2026 年底，我們基本上可以實現零負債。資產負債表的靈活性是我們的首要任務，我們相信這將使我們能夠更好地繼續全力以赴地執行我們的長期策略。接下來，我將把電話交給 Andrew Gubbels，讓他在第 4 張投影片上詳細討論我們第一（第三）季的業績和展望。

Thank you, David, and good morning, everyone. We're pleased to report new records for revenue and adjusted EBITDA in the quarter and year-to-date. Adjusted EBITDA was $2.5 million in the third quarter, up from $2.4 million in the previous quarter, and up from $779,000 in the comparable quarter in 2024. Total Revenue, Land Agreement Proceeds and Interest was $4.6 million, translating to 1,323 gold equivalent ounces in the quarter. Excluding the impact of recognizing a meaningful deferred tax recovery due to the streamlining and reorganization of our subsidiaries in the third quarter of 2024, our net loss and adjusted net loss continues to improve quarter-on-quarter.

謝謝你，大衛，大家早安。我們很高興地宣布，本季和年初至今的營收和調整後 EBITDA 均創下新紀錄。第三季調整後 EBITDA 為 250 萬美元，高於上一季的 240 萬美元，也高於 2024 年同期的 77.9 萬美元。本季總收入、土地協議收益和利息為 460 萬美元，相當於 1323 盎司黃金當量。排除 2024 年第三季因精簡和重組子公司而確認的重大遞延所得稅回收的影響，我們的淨虧損和調整後淨虧損繼續環比改善。

As David mentioned, we again generated positive free cash flow this quarter. We're very excited about this transition to positive free cash flow, which has improved our liquidity position. As anticipated, we have allocated excess cash, including proceeds from the exercise of outstanding warrants to repay part of our revolving credit facility, bringing our debt down from $27.3 million at the end of June to $20.5 million as of today. As the revenues grow, operating costs remain consistently low and fixed charges decrease, we expect to continue to delever quickly. Our current intent is to maintain a modest cash balance and to allocate additional cash generated from operations towards debt repayment.

正如大衛所提到的，我們本季再次實現了正的自由現金流。我們對實現正自由現金流感到非常興奮，這改善了我們的流動性狀況。正如預期的那樣，我們已將多餘的現金（包括行使未行使認股權證所得款項）用於償還部分循環信貸額度，使我們的債務從 6 月底的 2730 萬美元降至今天的 2050 萬美元。隨著收入成長，營運成本持續保持低位，固定費用下降，我們預計將繼續快速去槓桿化。我們目前的目標是維持適度的現金餘額，並將經營活動產生的額外現金用於償還債務。

As David alluded, we believe improving our balance sheet and reducing debt will give us the flexibility to execute our strategy in the long term. I'll now pass the call over to our Chief Development Officer, John Griffith.

正如大衛所暗示的那樣，我們相信改善資產負債表和減少債務將使我們有靈活性在長期內執行我們的策略。現在我將把電話轉交給我們的首席發展官約翰·格里菲斯。

Thanks, Andrew. On October 24, the stablecoin company, Tether, disclosed in the 13D filing with the SEC that it has required 13.8 million share position in Gold Royalty or 8% of our outstanding share float. Days later, it made a further disclosure that it increased its position to approximately 10% of our outstanding shares. We want to declare that we were unaware of Tether's position before this disclosure. We see this as a validation of the immense value in our existing assets and business plan.

謝謝你，安德魯。10 月 24 日，穩定幣公司 Tether 在向美國證券交易委員會提交的 13D 文件中披露，該公司已要求持有 1,380 萬股黃金特許權股份，佔其流通股的 8%。幾天後，該公司進一步揭露，其持股比例已增至我們已發行股份的約 10%。我們在此聲明，在此次披露之前，我們對 Tether 的立場並不知情。我們認為這驗證了我們現有資產和商業計劃的巨大價值。

However, we must also protect and maximize value for all our shareholders. To this end, our Board and a special committee of independent directors just recently approved the adoption of a rights plan. Details can be found in our recent press release on the matter. We cannot comment further at this time. But what we can do and what we are doing is continuing to work to maximize and preserve the utmost value for all Gold Royalty shareholders.

但是，我們也必須保護並最大化所有股東的價值。為此，我們的董事會和獨立董事特別委員會最近批准了一項權利計劃。詳情請參閱我們近期發布的有關此事的媒體稿。目前我們不方便對此事作進一步評論。但是，我們能夠做的，也是我們正在做的，就是繼續努力，最大限度地提高和維護所有黃金特許權股東的最大價值。

Gold Royalty was acquisitive when we had the currency to be competitive, acquiring Ely Gold, Golden Valley and Abitibi Royalties in 2021. We have further built on this foundation, having grown our portfolio 14-fold in just under five years to more than 250 assets, seven of which are cash flow. We continue to evaluate growth opportunities. Our strengthening share price and growing cash balance has made us more competitive in pursuing transactions and M&A opportunities. However, the same is true for many of our peers, the landscape for transactions remains very competitive with at least 30 public royalty and streaming companies and by our estimates, the further 20 private entities, all seeking to deploy capital and acquire royalties and streams, given how attractive the business model is.

當資金充裕時，Gold Royalty 積極進行收購，以保持競爭力，並於 2021 年收購了 Ely Gold、Golden Valley 和 Abitibi Royalties。在此基礎上，我們進一步發展壯大，在不到五年的時間裡，我們的投資組合成長了 14 倍，達到 250 多項資產，其中 7 項是現金流資產。我們將繼續評估成長機會。股價走強和現金餘額不斷增長，使我們在尋求交易和併購機會方面更具競爭力。然而，對於我們的許多同行來說，情況也是如此。交易環境仍然非常競爭激烈，至少有 30 家上市的特許權使用費和串流媒體公司，據我們估計，還有另外 20 家私人實體，鑑於這種商業模式的吸引力，它們都在尋求部署資本並收購特許權使用費和串流媒體。

As we have noted many times in the past, Gold Royalty is most successful when we can leverage our deep management and Board experience in bilateral transactions. And this continues to be true. While we regularly evaluate growth opportunities, we will certainly continue to remain disciplined in our growth. We often get asked what opportunities we're seeing in the market. Of course, the higher gold price has not only raised revenues and cash flows for most producing companies, but also opened up multiple financing avenues which means operating companies have alternatives to selling royalties and streams to finance producing gold mines.

正如我們過去多次指出的那樣，黃金特許權使用費最成功的途徑是利用我們在雙邊交易中深厚的管理和董事會經驗。這一點至今仍然如此。雖然我們會定期評估成長機會，但我們一定會繼續保持穩健的成長態勢。我們常被問到，我們看到了市場上的哪些機會。當然，金價上漲不僅提高了大多數生產公司的收入和現金流，而且還開闢了多種融資途徑，這意味著營運公司除了出售特許權使用費和流量之外，還有其他方式可以為金礦生產提供資金。

At the same time, the current environment both in terms of permitting and in terms of mine financing is extremely conducive to mine construction, and we're seeing some miners and developers offering royalties for sale as part of a larger construction financing package. At this time, we're not necessarily prioritizing targeting these preconstruction royalties. Given our existing deep pipeline of early-stage royalties, we are prioritizing royalties, which are currently cash flowing. We can generate early-stage royalties for no cost in-house through our royalty generator model. And so we have less of a need to buy these earlier-stage assets.

同時，無論是在許可審批方面還是在礦業融資方面，當前的環境都極其有利於礦業建設，我們看到一些礦業公司和開發商將礦權使用費作為更大的建設融資方案的一部分進行出售。目前，我們並不一定會優先考慮追討這些預售版稅。鑑於我們目前擁有大量早期特許權使用費項目，我們將優先考慮目前正在產生現金流的特許權使用費項目。我們可以透過我們自主開發的版稅產生器模型，在公司內部免費產生早期版稅。因此，我們對購買這些早期資產的需求就減少了。

The same market conditions supportive of mine development outside of our portfolio should also create value inside our portfolio as these early-stage assets in which we hold royalties will move through development and towards cash flow. One area where we are seeing acquisition opportunities is in the purchase of existing royalties from prospectors or third-party holders, we might be more open to crystallizing value and historically reasonably high gold price environment. I'll now pass the call over to our Vice President of Capital Markets, Jackie.

支持我們投資組合之外礦山開發的相同市場條件，也應該在我們投資組合內創造價值，因為我們持有特許權的這些早期資產將完成開發並產生現金流。我們看到收購機會的一個領域是從勘探者或第三方持有者手中購買現有的特許權使用費，我們可能會更願意將價值變現，而黃金價格目前處於歷史高點。現在我將把電話轉交給我們的資本市場副總裁傑基。

Thanks, John. Turning to slide 7, I'll review a few of the key developments in our asset portfolio. Starting with the most significant impact to our production forecast. We noted in our October 23 revenue pre-release, that production to Gold Royalty's account could be around or modestly below the bottom end of our previously disclosed guidance range of 5,700 to 7,000 gold equivalent ounces or GEOs, in 2025. There are a couple of reasons for that.

謝謝你，約翰。接下來請看第 7 張投影片，我將回顧我們資產組合中的一些關鍵進展。首先來看對我們生產預測影響最大的因素。我們在 10 月 23 日發布的收入預告中指出，2025 年黃金特許權使用費帳戶的產量可能接近或略低於我們先前披露的 5,700 至 7,000 盎司黃金當量 (GEO) 的指導範圍的下限。這有兩個原因。

First, it's partly a function of higher gold commodity prices so far this year. We have provided our guidance on a volume basis to introduce as few assumptions as possible into our guidance. However, in calculating the GEOs, we have converted revenues that come from our royalty generator model, which we call land agreement proceeds. These revenues are paid in dollars, and we divide by gold price to drive a gold equivalent ounce number. When we set our guidance in March of this year, we assumed a gold price of $2,668 per ounce through 2025, which was the spot gold price at the time, which converted $1.6 million in revenue to approximately 600 GEOs at that time.

首先，部分原因是今年迄今黃金商品價格走高。我們以交易量為基礎提供指導，以盡可能減少指導中引入的假設。然而，在計算 GEO 時，我們將來自我們的特許權使用費產生器模型的收入進行了轉換，我們稱之為土地協議收益。這些收入以美元支付，我們用美元除以黃金價格，得出等值的黃金盎司數。今年 3 月我們制定業績指引時，假設到 2025 年黃金價格為每盎司 2,668 美元，這是當時的現貨黃金價格，當時 160 萬美元的收入相當於約 600 盎司黃金。

The gold price has been significantly higher than $2,668 per ounce year-to-date. So the $1.244 million in land agreement proceeds that we've received in the first nine months contribute significantly less on a GEO basis than we had expected. In fact, this would translate to only 388 GEOs at the average gold price of $3,200 per ounce as shown in yesterday's MD&A, rather than the 466 GEOs, which would have been assumed under the March gold price estimate. The second reason for caution on our 2025 full year guidance is a well-telegraphed temporary shift from mining to development at DPM Metals' Vareš mine on which we hold a copper stream. Even before DPM completed the acquisition of Adriatic Metals, they had messaged that it would change the mining sequence of Vareš.

今年迄今為止，黃金價格已遠高於每盎司 2,668 美元。因此，我們在前九個月收到的 124.4 萬美元土地協議收益，以 GEO 計算，貢獻遠低於我們的預期。事實上，按照昨天管理層討論與分析中顯示的平均金價每盎司 3,200 美元計算，這意味著只有 388 個黃金當量 (GEO)，而不是根據 3 月份金價預測假設的 466 個黃金當量 (GEO)。我們對 2025 年全年業績指引持謹慎態度的第二個原因是，DPM Metals 的 VareÅ¡ 礦山（我們持有該礦山的銅礦流）已明確表示將暫時從採礦轉向開發。甚至在 DPM 完成對 Adriatic Metals 的收購之前，他們就曾表示這將改變 VareÅ¡ 的採礦順序。

Mining was previously sourced from the upper levels of the deposit and the change involves establishing mining from the lower bottom elevation, which is more efficient and effective as it avoids leaving behind stockpiled ores. Access to the bottom elevation will require extensive underground development, which is expected to displace mine production activity for approximately 6 months. DPM first released this plan in a NI 43-101 technical report effective April 1, 2025. Of course, at that time, DTM didn't own Vareš and the timing and impact of the change to 2025 production wasn't clear, and so we didn't update our guidance then. But we did choose to reflect the near-term impact in our guidance after the transaction closed on September 3, and after DPM gave more granular detail about the timing of the production disruption on October 9, when it noted that it continues to expect minimal production at Vareš over the balance of 2025.

以前的採礦作業是從礦床上層進行的，而現在的改變是將採礦作業轉移到礦床的下層，這樣效率更高，效果更好，因為它避免了留下堆積的礦石。要到達礦井底部，需要進行大規模的地下開發，預計這將使礦場生產活動中斷約 6 個月。DPM 於 2025 年 4 月 1 日在 NI 43-101 技術報告中首次發布了該計劃。當然，當時 DTM 並不擁有 VareÅ¡ ，而且 2025 年產量變化的具體時間和影響尚不明確，因此我們當時沒有更新我們的指導意見。但在 9 月 3 日交易完成後，以及 DPM 於 10 月 9 日提供了有關生產中斷時間的更詳細細節之後，我們選擇在我們的指導意見中反映出近期影響。當時，DPM 指出，它仍然預期 VareÅ¡ 在 2025 年剩餘時間內的產量將維持在最低水準。

As Vareš continues to produce from stockpiled ore and given the natural lag and payments between the operator and our stream, we could continue to see stream payments in early Q4. And in fact, we have received some stream payments quarter-to-date. Further revenues from royalties in our portfolio and the royalty generator model could also continue to partially offset the impact of the Vareš closure. Aura Minerals declared commercial production at Borborema on September 23, on schedule and after first production on March 28. This is great news and shows the quality of Aura as an operator and Borborema as an asset.

由於 VareÅ¡ 繼續從庫存礦石中生產，並考慮到運營商和我們的流之間自然的滯後和付款，我們可能會在第四季度初繼續看到流付款。事實上，本季我們已經收到了一些串流媒體付款。我們投資組合中的特許權使用費收入以及特許權使用費生成器模式還可以繼續部分抵消 VareÅ¡ 關閉的影響。Aura Minerals 於 9 月 23 日宣布 Borborema 礦區按計劃開始商業化生產，此前該公司於 3 月 28 日首次投產。這是個好消息，展現了 Aura 作為營運商的素質和 Borborema 作為資產的實力。

This also marks a change to our royalty at Borborema, with commercial production, we moved from our preproduction payments and into our 2% NSR long-term arrangement. As the mine continues to ramp up, we expect our revenue contributions from Borborema to grow. We continue to be excited about further upside to Borborema as well. For example, government approval to relocate a highway near the mine would meaningfully grow reserves and will justify an expansion to the operation, providing free value growth to Gold Royalty. Speaking of expansion and long mine lives, the Canadian Malartic shaft recently reached a depth of 1,179 meters ahead of schedule and received the approval for deepening of the shaft to extend an additional 70 meters to a total depth of 1,870 meters when the shaft is complete.

這也標誌著我們在 Borborema 的版稅發生了變化，隨著商業生產的進行，我們從預生產付款轉變為 2% 淨銷售收入長期安排。隨著礦場產能的不斷提升，我們預計來自 Borborema 的收入貢獻將會成長。我們對 Borborema 的進一步上漲潛力依然感到興奮。例如，如果政府批准將一條高速公路改道至礦山附近，將會顯著增加礦藏儲量，並為擴大營運規模提供正當理由，從而為黃金特許權使用費帶來免費的價值增長。說到擴建和延長礦山壽命，加拿大馬拉克礦井最近提前達到了 1179 米的深度，並獲得了加深礦井的批准，以便在礦井完工時再增加 70 米，達到總深度 1870 米。

Engineering work of the shaft expansion started in the third quarter of 2025. In our view, the expansion represents upside to our royalty as it is an investment decision, which was justified based on a longer mine life, potentially accessing deposits such as East Gouldie at deeper depths. While East Gouldie is not located within our royalty property foundry as it is delineated today, it does trend towards our property at depth. Also, development of a second shaft is still under study, and that represents potential for additional future upside at our flagship royalty asset over the next couple of years. Despite the potential short-term disruption of Vares, we remain confident in our medium and longer-term outlook.

軸擴建工程於 2025 年第三季開始。我們認為，此次擴建對我們的特許權使用費來說是有利的，因為這是一項投資決策，其合理性在於延長礦山壽命，並有可能開採更深處的礦藏，例如東古爾迪礦藏。雖然東古爾迪並不位於我們今天劃定的特許權使用費財產範圍內，但它確實朝著我們財產的方向發展。此外，第二個豎井的開發仍在研究中，這意味著在未來幾年內，我們的旗艦特許權資產可能會有進一步的成長潛力。儘管Vares可能會在短期內造成乾擾，但我們對中長期前景仍充滿信心。

We maintain our five-year guidance at 23,000 to 28,000 GEOs by 2029, and we continue to note this longer-term outlook is fully bought and paid for, is comprised of mostly mature and brownfield operations and is owned by experienced and well-funded operators. I'll pass the call back to CEO, David Garofalo, for closing remarks.

我們維持在 2029 年實現 23,000 至 28,000 個 GEO 的五年指導目標，並繼續指出，這一長期前景已完全實現，主要由成熟的棕地運營組成，並且由經驗豐富且資金雄厚的運營商擁有。我將把電話轉回給執行長大衛·加羅法洛，請他作總結發言。

Thanks, Jackie. There's indeed lots to get excited about as you look across our portfolio and the various high-quality assets ramping up and entering production. One of the key benefits to our diversified portfolio is the steady flow of exciting growth catalysts at our underlying assets. These near-, medium- and long-term catalysts contribute to peer-leading growth that Jackie highlighted in our 2029 outlook. We continue to see compelling upside to our share price as our portfolio assets continue to develop according to our 2029 outlook and as the market gives us credit for this organic growth.

謝謝你，傑基。縱觀我們的投資組合，各種高品質資產正在加速建設並投入生產，的確有很多令人興奮的事情值得期待。我們多元化投資組合的關鍵優勢之一是，我們的基礎資產不斷湧現令人興奮的成長催化劑。這些近期、中期和長期催化劑有助於實現領先同行的成長，正如 Jackie 在我們的 2029 年展望中所強調的那樣。隨著我們的投資組合資產按照我們 2029 年的展望持續發展，並且市場認可了我們這種內生成長，我們仍然看到股價有強勁的上漲空間。

Our valuation could be further boosted by accretive growth, but we emphasize that we will remain patient and disciplined as we consider any acquisitions as we review our capital allocation options going forward. Paying down our revolving credit facility would continue to be one of our priority uses of capital as you have seen in the third quarter and our subsequent debt reduction. As the share price has now been comfortably above our warrant exercise price for some time, we think it's prudent to highlight this to any warrant holders on today's call. As of September 30, 2025, the company had approximately $17 million outstanding share purchase warrants, with each Warrant exercisable into a common share at USD 2.25 exercise price per share. The Warrants are listed on the NYSE American under the trading symbol GROY.WS and they expire May 31 and 2027.

我們的估值可能會因增值成長而進一步提升，但我們強調，在考慮任何收購以及審查未來的資本配置方案時，我們將保持耐心和自律。償還循環信貸額度仍將是我們優先使用資金的用途之一，正如您在第三季以及我們隨後的債務削減中所看到的那樣。由於股價已經持續一段時間遠高於我們的認股權證行使價格，我們認為有必要在今天的電話會議上向所有認股權證持有人強調這一點。截至 2025 年 9 月 30 日，該公司約有 1,700 萬美元的未行使股票購買權證，每份權證可以每股 2.25 美元的行使價格行使，兌換成一股普通股。這些認股權證在紐約證券交易所美國板上市，交易代號為 GROY.WS，分別於 2027 年 5 月 31 日和 2027 年到期。

For more information on exercising warrants, please see our second quarter earnings press release. Thank you, everyone, for tuning in to the earnings call. And with that, I'd be happy to open up the call to Q&A. Operator?

有關行使認股權證的更多信息，請參閱我們第二季度收益新聞稿。感謝各位收聽財報電話會議。接下來，我很高興開啟問答環節。操作員？

(Operator Instructions) And at this time, we are showing no questions in the queue. So I would like to turn it back to management for any closing remarks.

（操作員指示）目前，隊列中沒有任何問題。所以，我想把這個問題交還給管理階層，請他們作總結發言。

Thank you, operator, and thank you to our shareholders for joining us today. Of course, if you'd like to follow up with any direct questions, don't hesitate to reach out to us through our 1-800 number or through our e-mails. My e-mail is dgarofalo@goldroyalty.com. Jackie is jackiep@goldroyalty.com, and everybody else you've heard on the phone, is first initial, last name @goldroyalty.com. By all means, don't hesitate to reach out.

感謝營運商，也感謝各位股東今天蒞臨現場。當然，如果您有任何特定問題，請隨時撥打我們的 1-800 電話號碼或透過電子郵件與我們聯繫。我的信箱是dgarofalo@goldroyalty.com。 Jackie的信箱是jackiep@goldroyalty.com，其他所有您在電話裡聽到的人的信箱地址都是「名字縮寫+姓氏@goldroyalty.com」。請隨時與我們聯繫。

We'd be delighted to you hear from you and answer any questions you might have.

我們非常樂意收到您的來信，並解答您可能提出的任何問題。

Thank you. Today's event has concluded. Please disconnect your lines, and have a pleasant day.

謝謝。今天的活動已經結束。請斷開線路，祝您愉快。