(HGBL) 2022 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Heritage Global Inc. fourth-quarter and year-end 2022 conference call. (Operator Instructions) I would now like to turn the conference over to John Nesbett. Please go ahead.

謝謝你的支持。這是會議接線員。歡迎來到 Heritage Global Inc. 2022 年第四季度和年底電話會議。 （操作員說明）我現在想將會議轉交給 John Nesbett。請繼續。

Thank you, and good afternoon, everyone. Before we begin, I'd like to remind everyone that this conference call contains forward-looking statements based on our current expectations and projections about the future events and are subject to change based on various important factors. In light of these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this conference call. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission.

謝謝，大家下午好。在我們開始之前，我想提醒大家，本次電話會議包含基於我們當前對未來事件的預期和預測的前瞻性陳述，並且可能會根據各種重要因素而發生變化。鑑於這些風險、不確定性和假設，您不應過分依賴這些前瞻性陳述，這些陳述僅代表本次電話會議之日的情況。有關可能影響這些預期的因素的更多詳細信息，請參閱我們向美國證券交易委員會提交的文件。

Now I'd like to turn the call over to Heritage Global's Chief Executive Officer, Mr. Ross Dove. Ross?

現在我想把電話轉給 Heritage Global 的首席執行官 Ross Dove 先生。羅斯？

Thank you, John. Good afternoon, everyone. Welcome to our fourth-quarter and year-end 2022 earnings conference call. Let's start the call today with Brian Cobb, our Chief Financial Officer, who will discuss our financial performance. Brian, you're up.

謝謝你，約翰。大家下午好。歡迎來到我們的 2022 年第四季度和年底收益電話會議。讓我們今天開始與我們的首席財務官布賴恩·科布 (Brian Cobb) 通話，他將討論我們的財務業績。布賴恩，你起來了。

Thanks, Ross. We closed 2022 with strong operating results in the fourth quarter, which included operating income of $3.1 million, improved profitability, and EBITDA of $3.3 million, driven by solid results from both our industrial and financial asset divisions. Additionally, for the full year ended December 31, 2022, we achieved record net operating income of $11.1 million and delivered full-year earnings per share of $0.42.

謝謝，羅斯。我們在第四季度以強勁的經營業績結束了 2022 年，其中包括 310 萬美元的營業收入、提高的盈利能力和 330 萬美元的 EBITDA，這得益於我們的工業和金融資產部門的穩健業績。此外，截至 2022 年 12 月 31 日的全年，我們實現了創紀錄的 1110 萬美元淨營業收入，全年每股收益為 0.42 美元。

Throughout 2022, activity in our industrial assets division showed continued momentum. And we closed out the fourth quarter with a 310% increase in asset sales to $6.5 million compared to asset sales of $1.6 million in the fourth quarter of 2021. Our industrial assets division sees increased activity, as more businesses scale down their operations, and surplus assets and equipment becomes available for sale. A challenging economic landscape often accelerates auction activity, as companies look to responsibly dispose of assets.

整個 2022 年，我們工業資產部門的活動顯示出持續的勢頭。與 2021 年第四季度 160 萬美元的資產銷售額相比，我們在第四季度結束時的資產銷售額增長了 310%，達到 650 萬美元。隨著越來越多的企業縮減運營規模和盈餘，我們的工業資產部門的活動有所增加資產和設備可供出售。充滿挑戰的經濟形勢通常會加速拍賣活動，因為公司希望以負責任的方式處置資產。

Our financial assets division is benefiting from increased volumes, as the economy has slowed and pandemic-related stimulus checks have dried up, causing consumers to more frequently rely on credit cards and installment loans to make purchases. Predictably, as consumer debt grows, so does the volume of charged-off consumer loans being sold by financial institutions.

我們的金融資產部門受益於交易量的增加，因為經濟放緩，與大流行相關的刺激措施已經枯竭，導致消費者更頻繁地依賴信用卡和分期貸款進行購買。可以預見的是，隨著消費者債務的增長，金融機構出售的已註銷消費貸款的數量也會增加。

And we anticipate that we'll continue to see increasing asset flow as we move through 2023. The current economic environment is producing encouraging tailwinds that, we believe, position both our divisions for continued financial success.

我們預計，到 2023 年，我們將繼續看到資產流動增加。當前的經濟環境正在產生令人鼓舞的順風，我們相信，這將使我們的兩個部門在財務上取得持續的成功。

Turning to the financial details for the fourth quarter. Consolidated net operating income more than doubled to $3.1 million as compared to $1.4 million in the fourth quarter of 2021.

轉向第四季度的財務細節。與 2021 年第四季度的 140 萬美元相比，合併淨營業收入增長了一倍多，達到 310 萬美元。

Based on the past several years of taxable income and projected operating results for the next five years, the company determined that it is more likely than not that it will utilize a significant portion of its net operating loss carryforwards and, thus, released $7.1 million of its valuation allowance against its deferred tax assets. As a result, during the fourth quarter of 2022, the company recognized an income tax benefit of $6.8 million compared doing income tax expense of $0.4 million a year ago.

根據過去幾年的應稅收入和未來五年的預計經營業績，該公司確定很有可能利用其淨經營虧損結轉的很大一部分，因此釋放了 710 萬美元的其遞延所得稅資產的估值備抵。因此，在 2022 年第四季度，公司確認了 680 萬美元的所得稅收益，而一年前的所得稅費用為 40 萬美元。

Net income was $9.9 million or $0.28 per basic and $0.27 per diluted share compared to net income of $1 million or $0.03 per basic and diluted share in the fourth quarter of 2021. EBITDA of $3.3 million was significantly improved as compared to EBITDA of $1.5 million in the fourth quarter of 2021. And adjusted EBITDA grew to $3.4 million for the fourth quarter of 2022, up from $1.6 million in the fourth quarter of 2021.

淨收入為 990 萬美元或每股基本和稀釋後每股 0.27 美元，而 2021 年第四季度的淨收入為 100 萬美元或每股基本和稀釋後每股 0.03 美元。EBITDA 為 330 萬美元，與 2021 年第四季度的 EBITDA 150 萬美元相比有了顯著改善2021 年第四季度。2022 年第四季度調整後的 EBITDA 增至 340 萬美元，高於 2021 年第四季度的 160 萬美元。

For the full-year 2022, we achieved record consolidated net operating income of $11.1 million. Operating income in our industrial assets division increased 168% to $9.2 million in fiscal 2022 compared to $3.4 million in 2021. In our financial assets division, we saw growth of 193% to $5.9 million in operating income compared to $2 million in prior year.

2022 年全年，我們實現了創紀錄的 1110 萬美元的合併淨營業收入。我們工業資產部門的營業收入在 2022 財年增長了 168%，達到 920 萬美元，而 2021 財年為 340 萬美元。在我們的金融資產部門，我們的營業收入增長了 193%，達到 590 萬美元，而上一年為 200 萬美元。

Our balance sheet remains strong, with stockholders' equity of $48.3 million as of December 31, 2022, compared to $32.6 million as of December 31, 2021, and net working capital of $7.7 million. With that, I'll now turn the call back over to Ross.

我們的資產負債表依然強勁，截至 2022 年 12 月 31 日，股東權益為 4,830 萬美元，而截至 2021 年 12 月 31 日，股東權益為 3,260 萬美元，淨營運資本為 770 萬美元。有了這個，我現在將把電話轉回給羅斯。

Thank you, Brian. So this is a great time to be the CEO of Heritage Global. Numbers don't lie. And it's -- I got to be honest -- a lot of fun to stand here today and be able to tell you how proud I am of our team, how proud I am of our company, and how thrilled I am with last year's results.

謝謝你，布萊恩。所以現在是成為 Heritage Global 首席執行官的好時機。數字不會說謊。而且 - 我必須說實話 - 今天站在這裡很有趣，能夠告訴你我為我們的團隊感到自豪，我為我們的公司感到自豪，以及我對去年的成績感到非常興奮.

So let me give you some color into the future or, at least, into how our team looks at the future. One of the most common questions we're now getting is: that was incredibly great, but what we really want to know is, was 2022 an anomaly or is 2022 the beginning of ongoing continued growth? And if there is ongoing continued growth, how long is that growth sustainable for?

所以讓我給你一些關於未來的顏色，或者至少，讓我們的團隊如何看待未來。我們現在遇到的最常見的問題之一是：那真是太棒了，但我們真正想知道的是，2022 年是異常現像還是 2022 年是持續增長的開始？如果持續增長，這種增長可持續多長時間？

Those are the real questions that even I as an investor would most want to understand. So let me go over why I'm very, very confident in the short term and the reasonably long term that we're going to achieve a lot of success. The reason that I'm confident is, right now, we've hit the sweet spot in the sectors that we are most prominent in and most successful in all at once. We simultaneously have growth across both industrial and financial.

這些是即使我作為投資者最想了解的真正問題。因此，讓我回顧一下為什麼我對短期和相當長期的我們將取得巨大成功非常、非常有信心。我有信心的原因是，現在，我們已經在我們最突出和最成功的領域中同時達到了最佳點。我們同時在工業和金融領域實現增長。

So in financial, here's what's really interesting. Consumer spending is at record levels. But really, what's more important than consumer spending being at record levels is our sweet spot, which is charge-offs, which is selling credit cards, which is selling auto loans, which is selling fintech loans. All of those sectors are fastly growing in asset supply.

所以在金融方面，這才是真正有趣的。消費者支出處於創紀錄水平。但實際上，比創紀錄水平的消費者支出更重要的是我們的最佳點，即沖銷，銷售信用卡，銷售汽車貸款，銷售金融科技貸款。所有這些行業的資產供應都在快速增長。

I told you over and over again that asset supply is the key to our success. The more we can sell, the more profit we make. Our systems are in place to sell more, and we're now getting more. And the demand from the buyers is steady.

我跟大家反复說過，資產供應是我們成功的關鍵。我們賣的越多，我們賺的利潤就越多。我們的系統已經到位，可以銷售更多產品，而且我們現在正在獲得更多產品。買家的需求穩定。

If you look at it right now, you see that auto loan deficiencies have been growing month after month, quarter after quarter. Credit card defaults are growing. Our volume is growing.

如果你現在看一下，你會發現汽車貸款不足逐月、逐季增長。信用卡違約率正在增長。我們的數量在增長。

When that volume grows, our lending practice grows with it because the people that are buying that product need our services. And so we're putting out more capital. And the more capital we put out, the higher return.

當數量增長時，我們的貸款業務也會隨之增長，因為購買該產品的人需要我們的服務。所以我們投入了更多的資金。我們投入的資本越多，回報就越高。

So that tells you what I think for now. I think that's a trend that's got several years of tailwinds behind it. I think that we're just working through the beginning now of the rising consumer spending, and we will grow this year and next year.

所以這告訴你我現在的想法。我認為這是一種趨勢，它背後有幾年的順風。我認為我們現在才剛剛開始應對不斷增長的消費者支出，今年和明年我們將會增長。

On the flip side of that, if you move over to our industrial asset division, right now, in the industrial asset division, you're seeing, not just in tech but across the board, people trying to rightsize manufacturing, people trying to rightsize their companies. And you're seeing headcount reductions. Headcount reductions or as they call them, layoffs, produce auctions three, six, nine months after the announcements.

另一方面，如果你轉到我們的工業資產部門，現在，在工業資產部門，你會看到，不僅在技術領域，而且在整個行業，人們試圖調整製造業規模，人們試圖調整規模他們的公司。而且你看到裁員。裁員或他們所說的裁員，在公告發布後三個月、六個月、九個月進行產品拍賣。

So all of these layoff announcements you're now seeing, it takes two, three, four months to effectuate the layoff. And then afterwards, people look at the back end of the supply chain and say, what is surplus and how do I get rid of the surplus?

所以你現在看到的所有這些裁員公告，都需要兩個、三個月、四個月的時間來實施裁員。然後，人們看著供應鏈的後端說，什麼是過剩，我該如何擺脫過剩？

In this economy, nobody wants their surplus to go in the landfill. So more and more of them are using industrial auctioneers. We think that's a sustainable trend that's going to grow for several years to come.

在這種經濟中，沒有人希望他們的盈餘進入垃圾填埋場。所以越來越多的人使用工業拍賣師。我們認為這是一個可持續發展的趨勢，將在未來幾年持續增長。

So when I look at industrial and I look at financial, I say to myself, this is not an anomaly. We're in a growth period in a rock-solid company at the right place in the right time.

因此，當我審視工業和金融時，我對自己說，這並非異常。在正確的時間正確的地點，我們正處於一家堅如磐石的公司的成長期。

I have a pipeline that I can look at that is not always all year long. But I can tell you now, sitting here today, looking at the pipeline, that this quarter -- this is after a great record Q4. This quarter, we are off to a flying start for the year.

我有一個管道，我可以查看它並不總是全年。但我現在可以告訴你，今天坐在這裡，看著管道，這個季度 - 這是在第四季度的偉大記錄之後。本季度，我們為這一年開了個好頭。

And when I say a flying start, I'm talking two, three times what we made in the same year last year. So if you look at this year's Q1 and you look at last year's Q1, when we're all done and we announce it, you're going to say, this company is flying high.

當我說一個飛速的開始時，我說的是我們去年同年的兩三倍。因此，如果你看看今年的第一季度和去年的第一季度，當我們完成並宣布它時，你會說，這家公司飛得很高。

So I'll leave that -- I'm not trying to sound too arrogant. But I'll leave that with a thank you for all of you listening. And stick with this because this is a good time for Heritage Global. Thank you.

所以我會留下 - 我不想听起來太傲慢。但我會感謝大家的聆聽。堅持下去，因為這是 Heritage Global 的好時機。謝謝。

(Operator Instructions) Mark Argento, Lake Street Capital Markets.

（操作員說明）Mark Argento，Lake Street Capital Markets。

Hey, Ross. Hey, Brian. Congrats on a strong year. Just hoping to get a drilldown a little bit.

嘿，羅斯。嘿，布萊恩。恭喜你度過了豐收的一年。只是希望能深入了解一下。

Ross, you talked about just increase in asset flows. Is there any way to help us quantify -- how many more portfolios are you guys seeing now on the NPL side or NLEX side? How many more auctions are you guys doing? Any kind of KPIs or operating metrics that you can point us to that can really just help us better understand what's going on in terms of the volumes?

羅斯，你剛才談到了資產流動的增加。有什麼方法可以幫助我們量化——你們現在在 NPL 方面或 NLEX 方面看到了多少投資組合？你們還有多少次拍賣？您可以向我們指出的任何類型的 KPI 或運營指標真的可以幫助我們更好地了解數量方面的情況嗎？

So let me give it to you kind of in an abstract way. Because these are not numbers that we report, and they're not metrics that we put out in our filings.

所以讓我以一種抽象的方式給你。因為這些不是我們報告的數字，也不是我們在文件中提出的指標。

But just at a -- flying at a 10,000 feet level looking at them, I can tell you this, that on our financial assets side, clients that we had pre pandemic, clients that we maintained through the pandemic and are now operating with now, are back to and, in many cases, above the levels that they were at before we went into the pandemic. Most of those companies, the volumes were cut in half during the pandemic.

但就在 - 在 10,000 英尺的高度飛行看著他們，我可以告訴你，在我們的金融資產方面，我們在大流行前擁有的客戶，我們在大流行期間維持的客戶，現在正在與之合作，回到了，在許多情況下，高於我們進入大流行之前的水平。其中大多數公司的銷量在大流行期間減少了一半。

And so that's probably 60% of the companies we're doing business with. The other 40%, Mark, are companies that are now really starting to come on board with this as we've grown the amount of companies using our platform.

因此，這可能佔與我們有業務往來的公司的 60%。其他 40%，馬克，是現在真正開始接受這一點的公司，因為我們已經增加了使用我們平台的公司數量。

The growth in the companies using our platform is really starting to take off now. Because the companies that were selling direct were basically getting a certain price for the assets. And there's been price point pressure now after the pandemic on what people were paying for the assets.

使用我們平台的公司的增長現在真的開始起飛了。因為直接銷售的公司基本上獲得了資產的特定價格。在大流行之後，人們為這些資產支付的價格出現了價格點壓力。

So when they were just selling to one client, they're now moving into wanting to have a more transparent marketplace and using us greater. So that's fresh data. But right now, financial assets at the charge-off level are selling, not at the premium they were when there was a shortage in the pandemic, but back to normalized pricing.

因此，當他們只向一個客戶銷售產品時，他們現在開始希望擁有一個更透明的市場並更多地利用我們。這是新數據。但目前，沖銷水平的金融資產正在拋售，不是以大流行期間短缺時的溢價，而是回到正常定價。

All right. And then can you -- so on the industrial side -- and this is in the context of thinking about the scalability, the ability for you guys to grow without having to add a lot of costs -- incremental costs. I'm assuming that the NLEX side is a little bit more scalable in as much as -- you don't have to put another team out on the road to tag assets. It's -- obviously, it's digital.

好的。然後你可以 - 所以在工業方面 - 這是在考慮可擴展性的背景下，你們無需增加大量成本即可增長的能力 - 增量成本。我假設 NLEX 方面的可擴展性更高一點——您不必讓另一個團隊去標記資產。它 - 顯然，它是數字的。

Maybe just talk about the scalability of both businesses. Do you need to add (multiple speakers)?

也許只是談談這兩個業務的可擴展性。您需要添加（多個揚聲器）嗎？

The industrial auction business, it had giant leaps already. The giant leaps -- and this is from the old guy who grew up in the business -- is that you're not calling bids anymore. And you're not deploying a bunch of auctioneers, and you're not asking all the buyers to get on planes and fly to the plants. So they took a little bit of the fun out of it if you're talking to an old auctioneer, but it made it massively scalable.

工業拍賣業務，已經有了巨大的飛躍。巨大的飛躍——這是來自在這個行業長大的老傢伙——是你不再叫價了。你並沒有部署一群拍賣師，你也沒有要求所有買家上飛機飛往工廠。因此，如果您正在與一位老拍賣師交談，他們會從中獲得一點樂趣，但這使得它具有巨大的可擴展性。

Because Ross and Kirk Dove, when they were running the shop, could only do one auction in one day. Nick Dove's running a shop now that can do eight auctions in one day if he gets enough supply. So the buyers don't have to travel now. So the buyers can bid at seven or eight auctions in one day versus if they travel, they could only bid at one.

因為羅斯和柯克多夫在經營店舖的時候，一天只能拍賣一場。 Nick Dove 現在經營著一家商店，如果貨源充足，一天可以進行八場拍賣。所以買家現在不必出差了。因此，買家可以在一天內參加七八場拍賣，而如果他們出差，則只能參加一場。

So industrial auctions is really like 100x scalable from the days I started in it. And so the only cost that is really variable at this point in time is the cost of the operations into the business, which is a headcount cost to physically send the people out to do the tangible work on the front end, basically writing the specs, and then the work on the back end, working with the shippers and the riggers and the safety and the hazmat checking it out.

因此，從我開始從事工業拍賣的那一天起，工業拍賣實際上可以擴展 100 倍。因此，此時唯一真正可變的成本是業務運營成本，這是將人員實際派出去在前端做有形工作的人員成本，基本上是編寫規範，然後是後端工作，與托運人和裝配工以及安全人員和危險品一起檢查它。

So the bottom line is, it can grow exponentially by not adding a bigger sales force if you have the marketplace, not really adding more people in finance or more people in marketing or more people at the sea level, but adding more people at the operations level. So we think one of the real great things about this company is that we can do two, three times the volume across the entire spectrum of services with a very limited amount of OpEx expenditure. So we think we've hit the time of real operating leverage.

所以最重要的是，如果你有市場，它可以通過不增加更大的銷售人員來呈指數增長，不是真正增加更多的財務人員或更多的市場營銷人員或更多的海平面人員，而是增加更多的運營人員等級。因此，我們認為這家公司真正偉大的事情之一是，我們可以在整個服務範圍內以非常有限的運營支出支出完成兩倍、三倍的數量。所以我們認為我們已經達到了真正的經營槓桿的時間。

Great. And then maybe one for Brian just to change it up a little bit. So when Ross says two (multiple speakers) --

偉大的。然後也許是給 Brian 的一個，只是稍微改變一下。所以當羅斯說兩個（多人發言）時——

Ask him a harder one, Mark. You asked me softballs. Give him a tough one.

馬克，問他一個更難的問題。你問我壘球。給他一個艱難的。

So when Ross tells us that we're off to a flying start 2x to 3x better than Q1 last year, so 2x to 3x better on what -- on revenue, on operating income, on everything? That's not a softball. I don't know what it is.

因此，當羅斯告訴我們，我們的開局比去年第一季度好 2 到 3 倍，所以在什麼方面好 2 到 3 倍——收入、營業收入，以及所有方面？那不是壘球。我不知道那是什麼。

Well, so when Ross talks about 2x to 3x times last quarter, he's usually referring to operating income. And so that position that he's taken is absolutely a reasonable position based on what we're looking at right now.

好吧，所以當羅斯上個季度談到 2 到 3 倍時，他通常指的是營業收入。因此，根據我們現在所看到的，他所採取的立場絕對是一個合理的立場。

Great. All right. Ross, you passed. Congrats. Thanks, guys. Good work.

偉大的。好的。羅斯，你通過了。恭喜。多謝你們。幹得好。

Thanks, Mark.

謝謝，馬克。

All right. Thank you, Mark. Be good.

好的。謝謝你，馬克。要乖。

(Operator Instructions) Michael Diana, Maxim Group.

（操作員說明）Maxim Group 的 Michael Diana。

Okay, thanks. Hey, Ross.

好的謝謝。嘿，羅斯。

Hey, Michael.

嘿，邁克爾。

So you're talking a lot about your financial assets, and you're mostly talking about, I think, auctioning up charge-offs. What about the financing end of that? I think that's going pretty well, too, isn't it?

所以你談論了很多關於你的金融資產，我認為你主要談論的是拍賣沖銷。那融資端呢？我認為這也很順利，不是嗎？

Yes. So what happened is, during the pandemic, there was not enough supply to really fill our specific onboarded buyers. A lot of the supply was going to the multibillion-dollar public companies in that business, who really didn't need our capital. They have a very low cost of capital.

是的。所以發生的事情是，在大流行期間，沒有足夠的供應來真正滿足我們特定的入職買家。很多供應都流向了該行業價值數十億美元的上市公司，他們真的不需要我們的資金。他們的資本成本非常低。

Now that the volumes have opened up, the 25 guys we've onboarded are now buying more fully -- more portfolios. So that's a lot bigger need for us. So our funding has been growing over the last three quarters, basically tied to the volume also growing on the selling.

現在交易量已經打開，我們加入的 25 個人現在正在購買更充分的——更多的投資組合。所以這對我們來說是一個更大的需求。因此，我們的資金在過去三個季度一直在增長，基本上與銷售量的增長有關。

So there's really an empirical truth that the greater the volume is, the more the need for our services are. So as the volumes keep growing, we're going to have to need more and more capital and keep funding more and more capital.

因此，確實有一個經驗真理，即數量越大，對我們服務的需求就越大。因此，隨著數量的不斷增長，我們將不得不需要越來越多的資金，並繼續為越來越多的資金提供資金。

The good news is we get back more and more monthly remittances, and we have free cash flow that we can keep deploying. So there is constant growth there. As long as we stay profitable and get back the remittances, we think we can grow really year over year.

好消息是我們每月收到越來越多的匯款，而且我們有可以繼續使用的自由現金流。所以那裡有持續的增長。只要我們保持盈利並收回匯款，我們認為我們真的可以逐年增長。

Okay. And I assume because of [what] interest rates you're doing, you're probably charging more to your borrowers. Is that constraining this business at all or not?

好的。而且我假設由於您正在執行的 [what] 利率，您可能會向借款人收取更多費用。這是否限制了這項業務？

No. The truth is that we haven't really raised our capital's [cost] to our buyers that interest rates have went up. But since we've been really deploying free cash flow, we haven't really had to borrow a lot of money in order to fund a lot of these deals. A lot of them are self-funded, and our ROI has been steady enough on self-fundings.

沒有。事實是，我們並沒有真正提高我們的資本 [成本] 給我們的買家，因為利率已經上升了。但由於我們一直在真正部署自由現金流，所以我們真的不必借很多錢來為這些交易提供資金。其中很多都是自籌資金，我們的投資回報率在自籌資金方面已經足夠穩定。

Obviously, as our cost of capital goes up like any traditional lender in any marketplace, there's going to be a pass-through of the cost of capital, that we're not looking when the cost of capital goes up to, in any way, gouge anybody or, in any way, get a premium on our cost of capital. What we're looking to do is be a fair ethical lender and get back basically our cost of capital cost.

顯然，隨著我們的資本成本像任何市場中的任何傳統貸方一樣上升，資本成本將會轉嫁，我們不會在資本成本以任何方式上升到，敲詐任何人，或者以任何方式從我們的資本成本中獲得溢價。我們要做的是成為一個公平的道德貸款人，基本上收回我們的資本成本。

Okay, great. I appreciate it. I'm looking forward to your first-quarter report.

好的，太好了。我很感激。我期待著您的第一季度報告。

Thank you. So do we. We're anxious to get it out, and we're working hard to make it a good one. You have a great day, Michael.

謝謝。我們也是。我們迫不及待地要把它拿出來，我們正在努力使它成為一個好東西。你今天過得很愉快，邁克爾。

Thanks.

謝謝。

This concludes the question-and-answer session. I'd like to turn the conference back over to management for closing remarks.

問答環節到此結束。我想將會議轉回管理層作閉幕詞。

Hi, this is Ross. On behalf of myself and Brian and the entire team here at Heritage Global, we'd like to thank everybody for participating. We'd like to thank all of the current investors for sticking with us. We're highly appreciative.

嗨，我是羅斯。我們代表我自己和 Brian 以及 Heritage Global 的整個團隊，感謝大家的參與。我們要感謝所有當前的投資者堅持我們。我們非常感激。

We're easy to get a hold of if you have further questions. So feel free to reach out at any time, and we'd love to talk with you. If you're a new investor and would like more information before you decide to jump on board, we're available on a regular basis to talk with you, too.

如果您有其他問題，我們很容易聯繫到您。請隨時與我們聯繫，我們很樂意與您交談。如果您是新投資者，並希望在決定加入之前了解更多信息，我們也可以定期與您交談。

So we just want to let you know, we're thankful. And we're here to try to do everything we can to get you the right information, so you understand our company. And we'll keep on working hard. Thank you.

所以我們只想讓你知道，我們很感激。我們在這裡盡我們所能為您提供正確的信息，以便您了解我們公司。我們會繼續努力。謝謝。

This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您度過愉快的一天。