(HGBL) 2023 Q2 法說會逐字稿

Greetings, and welcome to Heritage Global Inc., second-quarter 2023 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ross Dove, Chief Executive Officer. Thank you. You may begin.

大家好，歡迎參加 Heritage Global Inc. 2023 年第二季度財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹你們的東道主，首席執行官羅斯·多夫(Ross Dove)。謝謝。你可以開始了。

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 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 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，大家下午好。在開始之前，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，這些陳述僅代表截至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. Go ahead, Ross.

現在，我想將電話轉給 Heritage Global 首席執行官 Ross Dove 先生。繼續吧，羅斯。

Thank you, John. Good afternoon, everyone. Thank you all for joining. Welcome to our 2023 second-quarter earnings conference call. Today, we'll start the call with Brian Cobb, our CFO. Brian, go ahead, you're up.

謝謝你，約翰。大家下午好。感謝大家的加入。歡迎參加我們的 2023 年第二季度收益電話會議。今天，我們將首先與我們的首席財務官 Brian Cobb 進行通話。布萊恩，繼續吧，你起來了。

Thanks, Ross. We are pleased to reach the halfway point of 2023 with a record $7 million in operating income. Our solid second-quarter results included operating income of $3.1 million, earnings of $0.07 per diluted share, and EBITDA of $3.2 million. Both our financial assets and industrial assets division are continuing to see tremendous opportunities in the marketplace, as the current economic situation is driving increased volume and assets coming to market.

謝謝，羅斯。我們很高興到 2023 年已過半，營業收入達到創紀錄的 700 萬美元。我們第二季度的穩健業績包括 310 萬美元的營業收入、每股攤薄收益 0.07 美元以及 320 萬美元的 EBITDA。我們的金融資產和工業資產部門繼續在市場上看到巨大的機會，因為當前的經濟形勢正在推動市場數量和資產的增加。

Our industrial assets division has seen a significant increase in its core asset disposition business during the first half of 2023 as compared to the same period in 2022. From time to time, we have real estate transactions in the mix, which occurred in the first half of 2022, but we think a more accurate comparison is looking at only our core auction business. In the first half of 2023, we saw a higher volume of industrial auctions, which includes an increased contribution by American Laboratory Trading acquired in 2021. With growing synergies within the division and the industrial asset pipeline currently in place, we anticipate we'll continue to see substantial activity during the second half of 2023.

我們的工業資產部門在2023年上半年的核心資產處置業務較2022年同期有大幅增長。我們不時有房地產交易發生在上半年。 2022 年，但我們認為更準確的比較是只關注我們的核心拍賣業務。 2023 年上半年，我們看到工業拍賣量增加，其中包括 2021 年收購的 American Laboratory Trading 的貢獻增加。隨著該部門內的協同效應不斷增強以及目前的工業資產管道，我們預計我們將繼續預計2023年下半年將出現大量活動。

In our financial assets division, we are seeing heightened activity as consumer debt reaches record levels and creates corresponding growth in the volume of nonperforming loans and charged-off credit card accounts. Both NLEX and HGC are executing well in the current economic landscape, winning brokerage contracts and specialty lending opportunities. This was demonstrated by a 185% increase in divisional net operating income during the six-month period as compared to the same period in 2022. As interest rates continue to rise and inflationary environment drives consumers to make more purchases on credit rather than cash, we expect to see asset flows continue to increase as we move through the remainder of the year.

在我們的金融資產部門，隨著消費者債務達到創紀錄的水平，不良貸款和沖銷的信用卡賬戶數量相應增加，我們看到活動加劇。 NLEX 和 HGC 在當前的經濟形勢下都表現良好，贏得了經紀合同和專業貸款機會。與 2022 年同期相比，這六個月期間部門淨營業收入增長了 185%，證明了這一點。隨著利率持續上升和通脹環境促使消費者更多地通過信貸而不是現金進行購買，我們預計隨著今年剩餘時間的推移，資產流動將繼續增加。

Turning to the financial details for the second quarter, consolidated net operating income was $3.1 million as compared to $3.6 million in the second quarter of 2022. Net income was $2.8 million or $0.07 per diluted share, compared to net income of $2.6 million or $0.07 per diluted share in the second quarter of 2022. EBITDA was $3.2 million as compared to EBITDA of $3.8 million in the second quarter of 2022, and adjusted EBITDA was $3.5 million for the second quarter of 2023 as compared to $3.9 million in the second quarter of 2022.

談到第二季度的財務細節，合併淨營業收入為310 萬美元，而2022 年第二季度為360 萬美元。淨利潤為280 萬美元，即稀釋後每股收益0.07 美元，而淨利潤為260萬美元，即稀釋後每股收益0.07 美元。 2022 年第二季度的稀釋份額。 EBITDA 為320 萬美元，而2022 年第二季度的EBITDA 為380 萬美元；2023 年第二季度調整後的EBITDA 為350 萬美元，而2022 年第二季度調整後的EBITDA 為390 萬美元。

Our balance sheet remains strong, with stockholders' equity of $54.2 million as of June 30, 2023, compared to $48.3 million as of December 31, 2022, and net working capital of $15.5 million. Additionally, our total balance related to investments in loans to buyers of charged-off and nonperforming receivable portfolios was $29.9 million as of June 30, 2023, of which $15 million is classified as notes receivable and $14.9 million is classified as equity method investments.

我們的資產負債表依然強勁，截至 2023 年 6 月 30 日，股東權益為 5,420 萬美元，而截至 2022 年 12 月 31 日，股東權益為 4,830 萬美元，淨營運資本為 1,550 萬美元。此外，截至2023 年6 月30 日，我們與已核銷和不良應收賬款投資組合買家貸款投資相關的總餘額為2,990 萬美元，其中1,500 萬美元被歸類為應收票據，1,490 萬美元被歸類為權益法投資。

And with that, I'll now turn the call back over to Ross.

現在，我將把電話轉回給羅斯。

Thanks, Brian. That was comprehensive, so let me just take a few brief moments and try to talk a little bit about the story behind the numbers. As most of you know, our headquarters are in Del Mar, so I took the day off on opening day to go to the racetrack. And while I was there looking at the racing forum, I started kind of thinking about Heritage and saying, everybody is getting the same information here today, looking at the same forms, yet lots of people seem to be picking different horses. So I've thought about that, and I thought about today, and what I could do to convey that Heritage is the right horse to pick.

謝謝，布萊恩。這是全面的，所以讓我花一些簡短的時間來嘗試談談這些數字背後的故事。你們大多數人都知道，我們的總部位於德爾馬，所以我在開幕當天請了一天假去賽馬場。當我在那裡查看賽車論壇時，我開始思考遺產並說，今天每個人都在這裡獲得相同的信息，查看相同的表格，但很多人似乎選擇不同的馬。所以我思考了這個問題，也思考了今天，以及我能做些什麼來傳達“Heritage”是合適的選擇。

So kind of going into the story behind the numbers, the $7 million was great, but more important, and I think far more important, is how we earned the $7 million. If you look back at last year where we had $11 million and a record year, refreshing that this year, but much more importantly, last year, we had several large deals and we had some large real estate deals that really helped us get to $11 million. This year, the story behind the numbers is very different. This year, the story behind the numbers is we didn't have any significant real estate deals in the first half; we just had incredible solid performance across all divisions. All divisions are growing without any phenomenal one-time deal just hitting on all cylinders.

深入探討這些數字背後的故事，700 萬美元很棒，但更重要的是，我認為更重要的是我們如何賺取這 700 萬美元。如果你回顧一下去年我們的收入為1100 萬美元，創紀錄的一年，今年刷新了這一紀錄，但更重要的是，去年我們進行了幾筆大型交易，我們進行了一些大型房地產交易，這些交易確實幫助我們達到了11 美元百萬。今年，這些數字背後的故事截然不同。今年，這些數字背後的故事是，我們上半年沒有任何重大的房地產交易；我們在所有部門都取得了令人難以置信的穩定表現。所有部門都在增長，沒有任何驚人的一次性交易只是全力以赴。

So let me just take a moment. Let's look at HGBL quickly, kind of division by division, and maybe I can help you figure out why we're growing. So in financial assets, everyone gets the same information. We now have $1 trillion in credit card debt. Think about that, $1 trillion. So the huge growth in the debt is fueling more and more products into our marketplaces. And with more and more product going into our marketplaces, there's an increase in the purchasing by our on-boarded buyers. They're very active now. And as they're active, they're basically coming to us more and more for the lending opportunities. So we're growing both the brokerage business on the financial side and the lending business. And we think that really bodes well for not just the second half of this year, but ongoing into next year and beyond. So we feel very comfortable on the financial side that we're in an actual growth trajectory.

讓我花一點時間。讓我們快速地逐個部門地看一下 HGBL，也許我可以幫助您弄清楚我們為何增長。所以在金融資產中，每個人都得到相同的信息。我們現在有 1 萬億美元的信用卡債務。想想看，1萬億美元。因此，債務的巨大增長正在推動越來越多的產品進入我們的市場。隨著越來越多的產品進入我們的市場，我們的現有買家的購買量也在增加。他們現在非常活躍。隨著他們的活躍，他們基本上會越來越多地向我們尋求貸款機會。因此，我們正在發展金融方面的經紀業務和貸款業務。我們認為，這不僅是今年下半年的好兆頭，而且持續到明年及以後。因此，我們在財務方面感到非常放心，因為我們正處於實際的增長軌跡中。

Now let's switch to the industrial side. Q2 was, yes, an average quarter in the amount of assets we sold, primarily because several assets flowed over into Q3. More importantly, though, and far more, is what I see in the pipeline. We have 26 auctions already posted for Q3, so we're off to really a record start. And several of those auctions were signed by ALT, which really bodes well that they're not just performing in their existing retail business, but they're also sourcing auctions for us.

現在我們轉向工業方面。是的，第二季度是我們出售資產數量的平均季度，主要是因為有幾項資產流入第三季度。不過，更重要的是我在管道中看到的。第三季度我們已經發布了 26 場拍賣，因此我們即將迎來創紀錄的開局。其中一些拍賣是由 ALT 簽署的，這確實是個好兆頭，他們不僅在現有的零售業務中表現出色，而且還為我們採購拍賣。

So on the industrial side, we see an increase in Q3 over Q2 and growing solid into Q4. If you look at the Q3 industrial auctions, one of the things that is great is, along with our traditional pharma, you're now seeing us really winning in multiple sectors across the board. We've got an aviation [automotive] parts for Skybus. We've got processing from Canopy Growth, which is cannabis. We've got vertical farming from Upward Farms. We're once again back with Twitter, doing our second auction there. We're now selling a lot of [agency] press machinery. We've got a project with Rawlings' sportswear company, with Precor the [fitting] company.

因此，在工業方面，我們看到第三季度比第二季度有所增長，並且在第四季度保持穩定增長。如果你看一下第三季度的工業拍賣，最棒的事情之一就是，與我們的傳統製藥一樣，你現在看到我們真正在多個領域全面獲勝。我們為 Skybus 提供了航空[汽車]零件。我們從 Canopy Growth 進行加工，即大麻。我們有 Upward Farms 的垂直農業。我們再次回歸 Twitter，在那裡進行第二次拍賣。我們現在正在銷售大量[代理]沖壓機械。我們與 Rawlings 的運動服裝公司和 [試穿] 公司 Precor 有一個項目。

So all in all, we see significant progress not just in the numbers but in the story behind the numbers. We think that $7 million is repeatable, and we think, over the years, we can grow. So we're grateful for all of you that have hung in there with us, and we're telling you we see good times going forward.

總而言之，我們不僅在數字上看到了重大進展，而且在數字背後的故事上也看到了重大進展。我們認為 700 萬美元是可以重複的，而且我們認為，多年來我們可以成長。因此，我們感謝所有與我們一起堅持下去的人，我們告訴你們，我們看到了美好的時光。

Thank you all once again for joining us and listening. I'm open to any questions at this point. Thanks again.

再次感謝大家加入我們並聆聽。目前我願意回答任何問題。再次感謝。

(Operator Instructions) Mark Argento, Lake Street.

（操作員指示）Mark Argento，湖街。

Hey, Ross and Brian, a couple of quick ones here. First off, could you help us -- Ross, you alluded to it about looking at last year's operating income contribution from real estate. Could you just help us understand what that $11 million would look like without the real estate so we can kind of think about a little apples to apples from last year to this year?

嘿，羅斯和布萊恩，這裡是幾個快速的。首先，您能幫助我們嗎？羅斯，您提到了去年房地產的營業收入貢獻。您能否幫助我們了解如果沒有房地產，這 1100 萬美元會是什麼樣子，以便我們可以從去年到今年進行一些比較？

And then just wanted to also see if you could touch on the loan book. It looks like it grew a little bit in the quarter, up to $29 million and change. But I was thinking maybe that would have grown a little bit more just given how strong the finance segment has benefited you guys. [Could you] delve into that a little bit for me? I'd appreciate it. Thanks.

然後只是想看看你是否可以接觸一下貸款簿。看起來本季度略有增長，達到 2900 萬美元，並且有所變化。但我在想，考慮到金融領域給你們帶來的好處，這個數字可能會增長一點。 [你能]幫我深入研究一下嗎？我會很感激。謝謝。

So I'm actually going to pass the baton to Brian because those are financial questions, I think, that he's ready and willing to get after. So go ahead, Brian.

所以我實際上要把接力棒交給布萊恩，因為我認為這些都是財務問題，他已經準備好並願意解決。所以，繼續吧，布萊恩。

All right. So your first question, Mark, we reported in Q2 of 2022 that the net impact of the Huntsville pharmaceutical campus closure in that quarter was $2.6 million to net operating income. So when I'm looking at total divisional net operating income for industrial of $4.2 million in last year's six-month period versus this year's six-month period of $4 million, last year, you got to remove $2.6 million. And then we are comparing our core business year over year.

好的。所以，馬克，你的第一個問題，我們在 2022 年第二季度報告稱，該季度亨茨維爾製藥園區關閉對淨營業收入的淨影響為 260 萬美元。因此，當我查看去年六個月期間工業部門的總部門淨營業收入為 420 萬美元，而今年六個月期間為 400 萬美元時，去年您必須刪除 260 萬美元。然後我們逐年比較我們的核心業務。

(multiple speakers) the next question about our balance, go ahead. On the lending.

（多名發言者）下一個關於我們平衡的問題，請繼續。關於借貸。

Yes. So to touch on the lending side, yes, we had significantly more growth to the overall loan book in Q1, and there's two real reasons to that. In Q2, we did originate a lot of loans. We're not slowing down our originations. What happened was we established a new joint venture with a new senior lender and we transferred some of our existing loans under that joint venture during the quarter. So not only are we -- we're still originating, but we have developed new relationships in the industry, and we think that's going to bode well for future deals, potential new borrowers coming on board, and the ability to kind of diversify our loan book. And I would expect that, in the next quarter or two, we'd see more growth than we saw in Q2.

是的。因此，談到貸款方面，是的，我們第一季度的整體貸款賬簿增長顯著，這有兩個真正的原因。在第二季度，我們確實發放了大量貸款。我們並沒有放慢我們的創作速度。發生的情況是，我們與一家新的高級貸款人建立了一家新的合資企業，並在本季度轉移了該合資企業下的一些現有貸款。因此，我們不僅——我們仍在發起，而且我們在行業中建立了新的關係，我們認為這對未來的交易、潛在的新借款人加入以及使我們的業務多元化的能力來說都是一個好兆頭。借書。我預計，在接下來的一兩個季度，我們會看到比第二季度更多的增長。

Do you happen to have that origination, like what you guys originated in Q2 versus what you originated in Q1, handy?

你們碰巧有這樣的起源嗎，就像你們在第二季度起源的東西與你們在第一季度起源的東西一樣，方便嗎？

I can kind of look at the cash flow statement. I wouldn't want to give exact numbers right now, but we had $18.7 million in investments in notes receivable, investments in equity method investments was $4.2 million. So we are looking at $22 million, $23 million in originations, and then transfers of $9 million coming out of that for the whole year. In Q1, we had about $13 million in originations. So I would say, less originations on a net basis.

我可以看一下現金流量表。我現在不想給出確切的數字，但我們的應收票據投資為 1870 萬美元，權益法投資為 420 萬美元。因此，我們預計全年將有 2200 萬美元、2300 萬美元的初始資金以及 900 萬美元的轉賬。第一季度，我們的發起資金約為 1300 萬美元。所以我想說，網絡上的起源較少。

But on a gross basis, it was up, [kind of] what I heard? (multiple speakers) originated more in Q2 than you did in Q1 on a gross basis?

但從總體上看，情況有所上升，我聽到的是什麼？ （多個發言者）總體而言，第二季度的起源比第一季度的起源更多？

Yeah.

是的。

Yeah, no. I mean, I think it would be helpful. And obviously, it sounds like you sold off some of the loans with your new partner. But just that gross originations number, it would be helpful just to kind of get a gauge for the trajectory because it seems like -- just given how strong that financial segment is, that Heritage Global capital would be [cranked in] which it sounds like it is. But looking at just the balance there threw me off a little bit, but I appreciate the additional info. Thanks, guys.

是的，不。我的意思是，我認為這會有幫助。顯然，聽起來你賣掉了與新合作夥伴的一些貸款。但僅憑總起源數字，就可以對軌跡進行衡量，因為看起來——只要考慮到該金融部門的實力，Heritage Global 資本就會像聽起來那樣[曲折]這是。但只看那裡的平衡讓我有點失望，但我很欣賞額外的信息。多謝你們。

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格·哈勒姆。

Thank you. Ross, I appreciate the horseracing tie in; that was interesting. So I wanted to just address the third quarter. We're tracking the auctions off the platform very closely. We see what you just indicated, which is you have started very strong in Q3. We're also, as you know, tracking charge-off volumes very closely from a macro perspective. So it would certainly seem like the fuel for your business is very good and this quarter has started well. Can you just expand on that if you could?

謝謝。羅斯，我很欣賞賽馬比賽；這很有趣。所以我只想談談第三季度。我們正在非常密切地跟踪平台上的拍賣情況。我們看到您剛才所指出的，即您在第三季度的開局非常強勁。如您所知，我們還從宏觀角度非常密切地跟踪沖銷量。因此，您的業務肯定看起來非常好，並且本季度開局良好。如果可以的話，你能擴展一下嗎？

Yes. So what happened on the industrial side, George, in Q2 is what kind of always happens after a record Q1. You're scrambling after a record Q1, not just to sign them, but to finish up the Q1 auctions. So the problem with sequential-over-sequential growth is, sometimes, it's hard to do quarter over quarter. So what happened is we had a large amount of deals getting signed over the last six weeks. So that's why we're telling you we're going to have a banged up Q3 because we made a pretty darn good living in Q2, but, more importantly, we had lots of wins that you can see on our website posted for Q3, and we had a couple of Q2 deals that rolled over. So that's kind of why I can talk so bullish because I can see -- we've already signed and noted there's still some time left. So I'm really comfortable on the industrial side.

是的。喬治，工業方面在第二季度發生的事情就是在創紀錄的第一季度之後總會發生的事情。你正在爭先恐後地追求創紀錄的第一季度，不僅僅是為了簽下他們，而是為了完成第一季度的拍賣。因此，環比環比增長的問題在於，有時很難逐季度實現增長。因此，過去六週內我們簽署了大量交易。所以這就是為什麼我們告訴你我們第三季度的業績會很糟糕，因為我們在第二季度過得非常好，但更重要的是，我們取得了很多勝利，你可以在我們發布的第三季度網站上看到，我們有幾筆第二季度的交易延期了。這就是為什麼我可以如此樂觀地談論，因為我可以看到 - 我們已經簽署並註意到還剩下一些時間。所以我對工業方面非常滿意。

On the financial side, George, obviously, the amount of -- when I say there's a trillion dollars in credit card debt, some of those people are probably going to pay back their credit card debt, just a joke, but there is an absolute mathematical empirical truth to the amount of debt leads eventually to the mathematical amount of charge-offs. So we can clearly see that as the debt is reaching all-time highs over the next six months, nine months, a year, two years, there's an elevated amount of product for us to sell. So that's why we can kind of comfortably forecast that we see growth. Is that a fair answer?

在財務方面，喬治，顯然，當我說信用卡債務有一萬億美元時，其中一些人可能會償還信用卡債務，這只是一個笑話，但絕對有債務金額的數學經驗真理最終導致沖銷的數學金額。因此，我們可以清楚地看到，隨著債務在未來六個月、九個月、一年、兩年內達到歷史最高水平，我們需要出售的產品數量也會增加。這就是為什麼我們可以輕鬆地預測我們會看到增長。這是一個公平的答案嗎？

That's great. As an aside, I would say the folks at the horse race probably won't be those that pay back their debt. But I did want to ask one other question. In some of the checks we've seen, the direct sellers, the JP Morgan types who sell direct into the market, are not achieving the same pricing in their sales that NLEX is, which would be increasingly important when we start to talk about a trillion dollars of credit debt that could turn into charge-offs. Can you just discuss the environment that you're seeing? Are you seeing what we're hearing about?

那太棒了。順便說一句，我想說，參加賽馬的人可能不會是那些還債的人。但我確實想問另一個問題。在我們看到的一些檢查中，直銷員（直接向市場銷售的摩根大通類型）在銷售中沒有達到與 NLEX 相同的定價，當我們開始談論 NLEX 時，這一點將變得越來越重要。數萬億美元的信貸債務可能會被沖銷。你能談談你所看到的環境嗎？你明白我們所聽到的內容了嗎？

So a lot of these companies that are very large, not just the largest banks, but a lot of companies, wound up basically with a one-trick pony. They had one buyer they were extremely comfortable with, which we understand because a big part of buying the loans is credibility, having a trusted purchaser who is SOCs compliant, who you know is going to follow all the rules. So they got comfortable with one buyer and it kind of worked in rising times.

因此，很多規模非常大的公司，不僅僅是最大的銀行，還有很多公司，基本上都以一招小馬告終。他們有一個非常滿意的買家，我們理解這一點，因為購買貸款的很大一部分是信譽，有一個符合 SOC 的值得信賴的買家，你知道他會遵守所有規則。因此，他們對一位買家感到滿意，這在經濟增長時期起到了一定作用。

But right now, when times aren't rising on what you're getting as recovery, more and more are looking to them to want to run a process to make sure they don't just have the one right buyer and that are kind of ethical auction process where we bring in multiple buyers and they find the right company is starting to resonate. That doesn't work in a growing economy where everyone's very comfortable that they have the right vendor. But right now, people are wondering, do I have the right vendor, and they're looking to make sure that they have the best possible vendor in place. So we think we're going to get more and more people at least giving us a test against their current vendor.

但現在，當複甦的時機還沒有到來時，越來越多的人希望他們能夠運行一個流程，以確保他們不僅僅擁有一個合適的買家，這有點像在道德拍賣過程中，我們引入了多個買家，他們發現合適的公司開始引起共鳴。這在一個不斷增長的經濟體中是行不通的，因為每個人都對自己擁有合適的供應商感到非常滿意。但現在，人們想知道，我是否擁有合適的供應商，並且他們希望確保擁有最好的供應商。因此，我們認為我們將讓越來越多的人至少對我們當前的供應商進行測試。

Finally, did you walk away as a net winner or loser at the races?

最後，您在比賽中是作為淨贏家還是輸家離開的？

So the way that I look at the races is I don't bet on the favorite. And at the same time, I don't bet on the long shot. I try to find a horse that's getting better and better over time. So I bet on the Heritage horse, George.

所以我看待比賽的方式是我不會把賭注押在熱門球隊身上。與此同時，我也不押注於長遠目標。我試圖找到一匹隨著時間的推移變得越來越好的馬。所以我把賭注押在了傳統馬喬治身上。

Perfect. Thank you.

完美的。謝謝。

There are no further questions in the queue. I'd like to hand the call back to Ross Dove for closing remarks.

隊列中沒有其他問題。我想將電話轉回給羅斯·多夫（Ross Dove）做總結髮言。

So thank you all very much. We truly appreciate you guys paying attention, you guys hanging in there with us, staying with us. And we're here to try to prove that you've done the right thing, and we graciously appreciate the fact that you're still here. So thank you, and we'll keep on pushing forward.

非常感謝大家。我們真的很感謝你們的關注，你們和我們在一起，和我們在一起。我們來這裡是為了證明你做了正確的事，我們非常感謝你還在這裡。所以謝謝你們，我們將繼續前進。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路。祝你有美好的一天。