Heritage Global Inc (HGBL) 2024 Q3 法說會逐字稿

Good afternoon. Ladies and gentlemen, welcome to the Heritage Global Incorporated third quarter, 2024, earnings conference call. (Operator Instructions) This call is being recorded on Thursday, November 7, 2024. John Nesbett, IMS Investor Relations.

午安.女士們先生們，歡迎參加 Heritage Global Incorporated 2024 年第三季財報電話會議。 （操作員說明）本次電話錄音於 2024 年 11 月 7 日星期四進行。

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.

謝謝大家，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。

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 and factors that could affect these expectations. Please see our filings with the Securities and Exchange commission. Now, I'd like to on the call over to Heritage Global's Chief Executive Officer, Mr. Ross Dove. Please go-ahead Ross.

鑑於這些風險、不確定性和假設。您不應過度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。了解更多細節和可能影響這些預期的因素。請參閱我們向美國證券交易委員會提交的文件。現在，我想致電 Heritage Global 的執行長 Ross Dove 先生。請羅斯繼續。

Well, thank you very much, John. Thank you all for joining today and welcome. When you look at $1.5 million in Net Operating Profit and $2 million and even a cash flow on the surface like today. So, what quarter, and I get that for the quarter, but I really drill down and look at it across the board and each revenue stream at more than just a glance.

嗯，非常感謝你，約翰。感謝大家今天加入並歡迎。當你看看 150 萬美元的淨營運利潤和 200 萬美元，甚至像今天這樣表面上的現金流。那麼，哪個季度，我得到了該季度的數據，但我確實深入研究並全面了解它以及每個收入流，而不僅僅是一眼。

Yeah, quarter and that's okay because we're not a buy the quarter company. As we continue to say, we're just not a quarter-over-quarter company where a snapshot in time tells where we're going. What happened is industrial was very busy but lacked any high dollar auction.

是的，季度，沒關係，因為我們不是季度收購的公司。正如我們繼續說的，我們不是季度環比的公司，及時的快照就能告訴我們前進的方向。發生的情況是工業非常繁忙，但缺乏任何高價拍賣。

However, the pipeline is steadily growing, and larger transactions are right on the horizon. They take longer, but the sense is they are coming, and we feel lots of comfort in a baseline with absolutely the minimum in large transactions in one quarter and being able to stay profitable and accretive going forward.

然而，管道正在穩步增長，更大的交易即將到來。它們需要更長的時間，但感覺它們即將到來，我們對一個季度內大額交易絕對最低的基線感到非常安慰，並且能夠在未來保持盈利和增值。

Industrial M&A activity has really heated up to our front burner now, activity all around this is heightened with transactions now closing and many possible prospects currently in play. We've now reached the make an offer stage on multiple fronts and I'm comfortable, something is going to get done in the very near future, at least within the next 12 months. And there are plenty of opportunities out there as the industry consolidates moving to the financial front.

工業併購活動現在確實已經成為我們關注的焦點，隨著交易現已完成以及目前許多可能的前景，圍繞這方面的活動都在加強。我們現在已經在多個方面進入了報價階段，我很放心，在不久的將來，至少在接下來的 12 個月內，一些事情將會完成。隨著產業整合轉向金融領域，存在大量機會。

We're seeing more first-time clients now become sellers than really ever before. And we have a strong belief that consumer spending will remain at high levels for the foreseeable future, and it will be multiple years to work through the ongoing release of every month, new monthly charge to us as the faults continue in credit cards as well as fintech products.

我們看到現在比以往任何時候都有更多的首次客戶成為賣家。我們堅信，在可預見的未來，消費者支出將保持在高水平，並且由於信用卡和信用卡問題繼續存在，我們將需要數年的時間才能完成每個月不斷發布的新的每月費用。產品。

And Lex's leadership in the industry will help us scale with these new prospects and we are very comfortable that there will be growth because we are the most reliable vendor in a growing market. With that. I will turn it over to Brian to give you the highlights of this quarter. Thank you all for sticking with us. We are very comfortable that the next three years there's going to be enough supply for us to really turn it up a notch. Thank you. Go ahead, Brian.

Lex 在產業中的領導地位將幫助我們擴大規模，適應這些新的前景，我們對這種成長感到非常滿意，因為我們是不斷成長的市場中最可靠的供應商。就這樣。我將把它交給布萊恩，向您介紹本季的亮點。感謝大家對我們的支持。我們非常放心，未來三年將有足夠的供應讓我們真正將其提升到一個檔次。謝謝。繼續吧，布萊恩。

Thank You Ross. I will begin by going over a few key developments before moving into our divisional and consolidated financial results. First, the company has made significant progress during the year in building the strength of our balance sheet.

謝謝羅斯。在介紹我們的部門和合併財務表現之前，我將先回顧一些關鍵的進展。首先，公司今年在增強資產負債表實力方面取得了重大進展。

Our consistent profitability in our conservative position regarding the funding of loans within our specialty lending segment has led to improvements in our available cash and working capital balances. This enabled the company to fully pay down its term loan of approximately $5.7 million in July and subsequently repurchase roughly 600,000 shares in the open market during the third quarter.

我們在專業貸款部門的貸款融資方面保持保守立場，並始終保持獲利能力，這導致我們的可用現金和營運資金餘額有所改善。這使得該公司能夠在 7 月全額償還約 570 萬美元的定期貸款，並隨後在第三季在公開市場回購約 60 萬股股票。

Further on September 13, 2024, the company's board of directors approved an amendment to the repurchase program, increasing the maximum aggregate dollar amount of repurchases to $6 million through June of 2025.

此外，2024 年 9 月 13 日，公司董事會批准了回購計畫的修訂案，將截至 2025 年 6 月的回購最高總金額增加至 600 萬美元。

As of September 30, 2024, the company had approximately $4.1 million in remaining aggregate dollar value shares that may be purchased under the program. Additionally, we have determined to move forward without making any significant structural changes in our specialty lending segment.

截至 2024 年 9 月 30 日，該公司擁有可根據該計劃購買的剩餘總價值股票約 410 萬美元。此外，我們決定在專業貸款領域不進行任何重大結構性變化的情況下繼續前進。

We plan to conservatively manage the portfolio to gain a higher concentration of performing loans and to limit the company's potential exposure to lending risk. As we have previously mentioned, prices for charged off and nonperforming loan portfolios have decreased from the highs during the pandemic, resulting in a more attractive market for our borrowers and a lower risk profile for investment.

我們計劃保守地管理投資組合，以提高履約貸款的集中度，並限制公司潛在的貸款風險。正如我們之前提到的，核銷和不良貸款組合的價格已從疫情期間的高點下降，從而為我們的借款人帶來了更具吸引力的市場，並降低了投資風險。

Last and most importantly, our available cash position and potential financing capabilities are positioned as well to invest strategically in our core auction and brokerage segments of the business. Turning to the financial results by division, our industrial assets division reported total divisional operating income of $700,000 in the third quarter of 2024.

最後也是最重要的是，我們的可用現金狀況和潛在的融資能力也可以對我們的核心拍賣和經紀業務領域進行策略性投資。轉向按部門劃分的財務業績，我們的工業資產部門報告 2024 年第三季的部門營業收入總額為 70 萬美元。

As compared to $2.1 million in the prior year period, our auction business achieved lower than expected operating income in the quarter primarily due to the absence of the larger auctions we typically see.

與去年同期的 210 萬美元相比，我們的拍賣業務本季的營業收入低於預期，主要是因為沒有我們通常看到的更大規模的拍賣。

However, the number of projects executed and our ability to win contracts remains strong. The quarterly results in this division do not capture a solid business development effort in the quarter which included our selection to manage two prominent bankruptcy auctions and an auction project for a top tier aerospace company that is slated to take place in 2025.

然而，執行的項目數量和我們贏得合約的能力仍然強勁。該部門的季度業績並未反映出本季度堅實的業務發展努力，其中包括我們選擇管理兩起著名的破產拍賣以及定於 2025 年舉行的一家頂級航空航天公司的拍賣項目。

As the current economic environment continues to pressure many organizations. We expect that continued facility closures and downsizing will keep our pipeline for a strong. Our financial assets division reported total divisional operating income of $1.8 million. Our brokerage business recorded operating income of $1.7 million as compared to $2.1 million in the third quarter of 2023.

當前的經濟環境持續給許多組織帶來壓力。我們預計，持續的設施關閉和規模縮小將使我們的管道保持強勁。我們的金融資產部門報告部門營業收入總額為 180 萬美元。我們的經紀業務營業收入為 170 萬美元，而 2023 年第三季為 210 萬美元。

Our lending business performed consistently with expectations recording operating income of roughly $200,000 after the recent change to non-accrual status loans with our largest borrower and implementation of the cost recovery method of accounting.

最近我們最大的借款人變更為非應計狀態貸款並實施成本回收會計方法後，我們的貸款業務表現與預期一致，營業收入約為 20 萬美元。

Despite the challenging economy, consumer spending has not slowed, and consumer credit outstanding remains near all-time highs as we expect charge up volume to remain at elevated levels. We're focused on continuing to capture the opportunities presented by the current economic landscape to drive growth and continued profitability of our brokerage business.

儘管經濟充滿挑戰，但消費者支出並未放緩，消費信貸餘額仍接近歷史高位，因為我們預期充電量將維持在較高水準。我們致力於持續抓住當前經濟情勢帶來的機遇，以推動我們經紀業務的成長和持續獲利。

Now on to the consolidated financials, consolidated operating income was $1.5 million in the third quarter of 2024 compared to $2.8 million in the third quarter of 2023 for the quarter, we reported adjusted even of $1.9 million compared to $3.1 million in the prior year period. Net income was $1.1 million or $0.03 per diluted share compared to net income of $2 million or $0.05 per diluted share in the third quarter of 2023.

現在來看合併財務數據，2024 年第三季的合併營業收入為150 萬美元，而2023 年第三季的合併營業收入為280 萬美元，我們報告稱，與去年同期的310 萬美元相比，調整後的營業收入甚至為190 萬美元。淨利潤為 110 萬美元，即稀釋後每股收益 0.03 美元，而 2023 年第三季淨利潤為 200 萬美元，即稀釋後每股收益 0.05 美元。

Our balance sheet reflects stockholders' equity of $66.1 million as of September 30, 2024 up from $61.1 million on December 31, 2023, and net working capital of $16.2 million. And with that, I'll turn the call back over to Ross.

我們的資產負債表反映了截至 2024 年 9 月 30 日的股東權益為 6,610 萬美元，高於 2023 年 12 月 31 日的 6,110 萬美元，淨營運資本為 1,620 萬美元。然後，我會將電話轉回給羅斯。

Thank you, Brian. The really good news you can take here is we're growing our available capital at a time when there's opportunities across the board for us to deploy that capital and we're looking very hard at all those opportunities. Really analyzing capital allocation and we feel comfortable. We're in a strong position to take this company to new heights. Stay with us and thank you all very much for Joining the call.

謝謝你，布萊恩。您可以在這裡聽到的真正好消息是，我們正在增加可用資本，而此時我們有全面部署資本的機會，我們正在非常努力地尋找所有這些機會。真正分析資本配置，我們覺得很舒服。我們有能力將這家公司推向新的高度。留在我們身邊，非常感謝大家加入通話。

(Operator Instructions)

（操作員說明）

Mark Argento, Lake Street.

馬克·阿基托，湖街。

Hey, Brian. A couple quick ones here. First, Brian, could you just review kind of the size of the lending book today? Did you guys deploy any more capital? There is an update as well on kind of the status with your large borrower.

嘿，布萊恩。這裡有幾個快速的。首先，布萊恩，您能回顧一下今天的借貸簿的規模嗎？你們還投入更多的資金嗎？您的大借款人的狀態也有更新。

Yeah, so, we have approximately $31 million as a net balance related to the loan box specialty lending segment. September 30. That's a little over $3 million decline from our balance at [630]. If we've been cautiously looking at new loans originating very little during this quarter, but our plan to move forward is to work with our strengthened underwriting criteria and judiciously invest in loans that are accretive and at a low risk. As I said earlier that the prices are lower this year than they were in the past couple of years. So, we think it's a lower risk.

是的，我們有大約 3100 萬美元的淨餘額與貸款箱專業貸款部門相關。 9 月 30 日。如果我們一直謹慎地看待本季產生的新貸款很少，但我們的前進計劃是與我們強化的承保標準合作，並明智地投資於增值且低風險的貸款。正如我之前所說，今年的價格比過去幾年要低。因此，我們認為風險較低。

Yeah, and any update on the current status and it doesn't sound like much change there. But is the lender or the borrower making payments or what info can you provide us there?

是的，當前狀態的任何更新聽起來都沒有太大變化。但是貸方或借款人是否正在付款，或者您可以在那裡向我們提供什麼資訊？

Yeah, so, the borrower in question, our largest borrower, all the loans are in non-approval status. We're still working with that borrower. We're working to increase collections in the future by allowing certain legal collection methods. Us and our senior lenders to those loans are working closely with our borrowers. No significant changes from last quarter.

是的，所以，有問題的借款人，我們最大的借款人，所有的貸款都處於未批准狀態。我們仍在與該借款人合作。我們正在努力透過允許某些合法的收集方法來增加未來的收集量。我們和這些貸款的高級貸款人正在與我們的借款人密切合作。與上季相比沒有重大變化。

And is there any changes in any of the loan loss reserves or any other kind of accounting treatment that we should be aware of?

我們應該注意的貸款損失準備金或任何其他類型的會計處理是否有任何變化？

No, there's been no change to our credit loss reserve this quarter and we still believe that's an appropriate reserve.

不，本季我們的信用損失準備金沒有變化，我們仍然認為這是一個適當的準備金。

Sure. Okay. Pivoting back to the industrial assets business. Obviously, disappointment. Is there anything going on structurally in terms of the activity levels in the industry or was it just kind of a lot of smaller stuff, activities thought there were a lot of smaller stuff and the bigger stuff kind of got pushed into Q4.

當然。好的。重回工業資產業務。顯然，是失望。就行業的活動水平而言，結構上有什麼變化嗎？ 或者只是有很多較小的事情，活動認為有很多較小的事情，而較大的事情被推到了第四季度。

Yeah, there was the same is actually not a heightened amount in our pipeline. So, our pipeline rolling in looked really strong and what happened is the percentage we signed was great. So, it had nothing to do with our win rate. Our win rate was fine. It just seemed that all the larger transactions kind of got held up.

是的，實際上我們的管道中的數量並沒有增加。因此，我們的管道看起來非常強勁，而且我們簽署的百分比也很高。所以，這與我們的勝率無關。我們的勝率很好。似乎所有較大的交易都被擱置了。

I don't want to use the election as an excuse because I not smart enough to know if that's why or what was going on in the macro economy that just made me kind of slow down on the bigger transactions, but most of the bigger transactions and some of which we ultimately did sign, rolled into Q4 and even into Q1. So, it was just kind of sluggish on getting ink on the big transactions.

我不想用選舉作為藉口，因為我不夠聰明，不知道這是否是宏觀經濟中發生的事情或原因，導致我在較大交易上放慢腳步，但大多數較大交易其中一些我們最終確實簽署了，並進入了第四季度，甚至進入了第一季。所以，在大額交易上的墨水有點緩慢。

It's not that we lost that mark at all. It's just a lot of them just didn't come into fruition. So, they're still out there, we're still going to win our share. And we're going to, like I said, not quarter-over-quarter, we're going to have some bang-up big quarters just like we had a slow quarter.

這並不是說我們根本失去了這個標記。只是其中很多都沒有實現。所以，他們仍然存在，我們仍然會贏得我們的份額。正如我所說，我們將有一些爆炸性的大季度，就像我們有一個緩慢的季度一樣，而不是季度環比。

Sounds good that there's lots from, from me and I will hop back in the queue. But M&A so, that you guys have been talking up M&A a little bit more in the last few quarters, haven't really pulled the trigger. Is it kind of a good read that you're going to Reprioritize, cash flows and maybe away from lending and focus more on M&A in the future or how should we?

聽起來不錯，有很多來自我的信息，我會跳回到隊列中。但是併購，你們在過去幾個季度一直在談論併購，但並沒有真正扣動扳機。您將重新調整現金流的優先順序，也許會放棄貸款，並在未來更多地關注併購，這是否是一本好書？

There's been M&A all around us, all around us. The Great American Group, which is a part of B Riley sold recently to a large hedge fund, the two largest industrial manufacturing auctioneers in Europe have consolidated into one company.

我們周圍到處都是併購。 B Riley 旗下的 Great American Group 最近出售給一家大型對沖基金，歐洲最大的兩家工業製造拍賣商已合併為一家公司。

There are companies now, that kind of, we're getting an inside look at that weren't really talking about selling in the past that now, I think it could be time for the industry to, I wouldn't say have a massive roll up, but it's definitely you're going to have larger auctioneers. And some of the smaller ones combining over the next two or three years and we think we're in a really strong place to be one of the leaders in that consolidation.

現在有些公司，我們正在深入了解過去並沒有真正談論銷售的公司，現在，我認為該行業可能是時候了，我不會說有一個大規模的銷售捲起來，但肯定會有更大的拍賣師。一些規模較小的公司將在未來兩三年內合併，我們認為我們處於非常有利的位置，可以成為這項整合的領導者之一。

So, yes, if you're asking, we're not hoarding cash, but we've built up enough cash and enough credit that we're in there and we're going to make a big fight to get the good ones on our team.

所以，是的，如果你問的話，我們不是囤積現金，而是我們已經累積了足夠的現金和足夠的信用，我們將奮力爭取好的現金和信用。

Great. I appreciate it. I will hop back in the queue.

偉大的。我很感激。我會跳回到隊列中。

Thanks.

謝謝。

(Operator Instructions) Michael Diana, Maxim Maxing Group.

（操作員說明）Michael Diana，Maxim Maxing Group。

-- I'm not hearing Michael.

——我沒聽到麥可的聲音。

Yeah. Can you hear me?

是的。你聽得到我嗎？

I can Now.

我現在可以了。

Okay. I was not on mute. I don't know what happened. Okay. So, on M&A that sounds really exciting in when you, when you talk about acquiring making an acquisition, are you talking about buying basically buying people, buying teams, buying whole companies, with infrastructures and all that. what exactly would you think you'd be getting if you made a big acquisition.

好的。我沒有靜音。我不知道發生了什麼事。好的。所以，在併購方面，當你談論收購時，你談論的是購買，基本上是購買人員、購買團隊、購買整個公司、基礎設施等等，這聽起來真的很令人興奮。如果你進行一次大收購，你認為你會得到什麼？

So, there's two things. That. You can really look at when you kind of go to the white board and say, how do we make acquisitions that move the needle that really can be growth oriented, significant changes where one and one equals more than one in one and you come down to two significant areas. One is geography, which is obvious. 90% of our auctions are, 95% are in North America.

所以，有兩件事。那。你真的可以看看，當你走到白板前說，我們如何進行收購，真正以成長為導向，進行重大變革，一加一等於一多於一，然後你就可以得出結論：兩個重要領域。一是地理，這是顯而易見的。我們90%的拍賣是在北美進行的，95%是在北美進行的。

When 95% of all industrial auctions clearly are not in North America, but they're global. Just in Europe alone. There's reshoring coming back to North America. We think with the prospects of some government changes with the new election reassuring may even grow more significantly. So, obviously, having feet on the street in other parts of the world would have significant ability for growth.

95% 的工業品拍賣顯然不在北美，而是在全球進行。僅在歐洲。北美正在回流。我們認為，隨著新選舉的出現，一些政府變化的前景可能會更加令人放心。因此，顯然，在世界其他地區走上街頭將具有巨大的成長能力。

We also have clients here that are multinational clients that more and more are looking to sell offshore assets, not just onshore assets. So, geography would be key, the second key area would be a segment area because if you look at how dominant we are in certain segments, BioPharma lab to be one, obviously with the [A ot] acquisition, there are other sectors that are growing sectors now that we think we can get equivalent dominance in which really leads us forward.

我們這裡也有跨國客戶，越來越多的客戶希望出售離岸資產，而不僅僅是境內資產。因此，地理位置是關鍵，第二個關鍵領域將是細分領域，因為如果你看看我們在某些​​領域的主導地位，生物製藥實驗室就是其中之一，顯然透過[A ot] 收購，還有其他領域現在我們認為我們可以獲得同等的主導地位，從而真正引領我們前進。

So, geography and expanding our sector presence would be the two main goals. And that would be both, obviously, we are still looking organically at the [denova] ability to go green and hire people. But simultaneous, we see that there are real opportunities right now, heightened opportunities to acquire entire entities, Michael.

因此，地理和擴大我們的行業影響力將是兩個主要目標。顯然，這兩者都是，我們仍在有機地關注[denova]走向綠色和僱用人員的能力。但同時，我們看到現在存在真正的機會，收購整個實體的機會增加，邁克爾。

So, we have the cash now, we've grown to the ability where we can really execute on that front. And there are a lot more firms ready to make a move to join larger firms now than there were in the past. So, we think now is the time.

因此，我們現在擁有現金，我們已經具備了在這方面真正執行的能力。與過去相比，現在有更多的公司準備加入更大的公司。所以，我們認為現在是時候了。

All right That's very interesting. Well, stay tuned. Thank you.

好吧，這很有趣。好吧，請繼續關注。謝謝。

George Sutton, Private investor.

喬治薩頓，私人投資者。

Hello. Can you guys hear Me?

你好。你們聽得到我嗎？

I can hear you, George.

我聽得到你的聲音，喬治。

I have the assumption that having that level of concentration with one large lender was, I used a mistake or a process failure in some sense. And is that the case? And if so, has changes been made to the process in order to make sure risk levels like that are not taken again? And can you kind of walk through what happened and how that's being addressed?

我的假設是，在某種意義上，對一家大型貸方的集中度是我犯了一個錯誤或流程失敗。是這樣嗎？如果是這樣，是否對流程進行了更改以確保不再採取類似的風險等級？您能否介紹一下發生了什麼事以及如何解決這個問題？

Yeah, it was, it's a very reputable company that we had known on the brokerage side for decades. So, it wasn't that we were underwriting someone that we didn't have prior knowledge of that didn't have a long history of success without a default. But if you want to ask me in retrospect, how do I feel now about the concentration? I would say that you're right that we had too much concentration in any one client no matter what we thought about the client.

是的，是的，這是一家非常有信譽的公司，我們在經紀方面已經認識了幾十年。因此，我們承保的並不是事先不了解的某個人，該人沒有長期成功且沒有違約的歷史。但如果你想問我現在回想起來，我對專注的感覺如何？我想說，你是對的，無論我們對客戶的看法如何，我們都太專注於任何一位客戶。

And if you're asking, have we learned our lesson? I guess the answer would be yes, we've learned our lesson going forward. We intend for that to be a significant criterion as we lend more judiciously and more cautiously to really broad base the client level. So, we are not dependent upon any specific entity. So, I would applaud you for being correct.

如果你問，我們學到教訓了嗎？我想答案是肯定的，我們已經吸取了前進的教訓。我們希望這成為一個重要的標準，因為我們會更明智、更謹慎地提供貸款，以真正擴大客戶水準。因此，我們不依賴任何特定實體。所以，我會為你的正確而鼓掌。

I appreciate such a direct answer and that's helpful. Thank you.

我很欣賞這樣直接的回答，這很有幫助。謝謝。

You're welcome. Thank you for asking.

不客氣。謝謝你的詢問。

Sam Namiri, Ridgewood Investments.

薩姆·納米里，里奇伍德投資公司。

Hi Ross, right? Team I just was most surprises for after the election. There wasn't more positive movement in the stock and one of the reasons I was thinking just wanted to get your thoughts on was the financial assets division just in the lending side. The CFPB assume under Republican administration would not be as aggressive in taking stance towards those borrowers. Do you have any thoughts or any color maybe you can provide on that?

嗨，羅斯，對吧？我的團隊是選舉後最令人驚訝的。該股沒有出現更積極的走勢，我想了解您的想法的原因之一是貸款方面的金融資產部門。 CFPB 假設在共和黨政府的領導下，不會對這些借款人採取如此激進的立場。您對此有什麼想法或任何顏色可以提供嗎？

Well, I mean, if you look back in history, I don't know that you can actually pick by the President. What consumers I don't know if the Presidential election is going to change it or not. So, I guess that would be a wait and see rather than people reacting over the first two days. So, it's too clever a. Question for me to come up. With an answer today. I think we will find out over time. Sam.

嗯，我的意思是，如果你回顧歷史，我不知道你實際上可以由總統來選擇。消費者我不知道總統選舉是否會改變這一點。所以，我想這會是一種觀望，而不是人們在前兩天做出反應。所以，這也太聰明了吧。問題要我提出來。今天就有答案了。我想隨著時間的推移我們會發現答案。薩姆.

There are no further questions at this time. This concludes our Q&A session. I'd like to turn the conference over to management. Please go ahead.

目前沒有其他問題。我們的問答環節到此結束。我想將會議轉交給管理階層。請繼續。

Hi, this is Ross. I wanted to thank you all for joining. I wanted to thank all of the shareholders that have stuck with us and joined. And I'd like to encourage people to really take a hard look at where we are today and where we think we are going because I can tell you that internally management is very bullish on our future. We are excited on the opportunities.

嗨，這是羅斯。我想感謝大家的加入。我要感謝所有支持我們並加入的股東。我想鼓勵人們認真審視我們今天的處境以及我們認為我們將走向何方，因為我可以告訴你，內部管理層非常看好我們的未來。我們對這些機會感到興奮。

As we see, there will be a growth. We think in financial asset, nonperforming loan sales, we think we are positioned well there with an incredible team that is for a quarter century has been a leader. We think we can even grow the products on that side.

正如我們所看到的，將會有成長。我們認為，在金融資產、不良貸款銷售方面，我們認為我們在這方面處於有利地位，擁有一支令人難以置信的團隊，四分之一個世紀以來一直處於領先地位。我們認為我們甚至可以在這方面發展產品。

On the industrial side, we think the industry is going to basically consolidate to some extent and that our leadership role is really going to come into fruition. So, we see ourselves as a great entry point right now for people who want to come on board, and we're excited about the next decade of where we think we can get to. So, we would welcome anybody, and we thank you all for paying attention.

在工業方面，我們認為該行業將在某種程度上基本整合，我們的領導作用將真正發揮作用。因此，對於那些想要加入的人來說，我們現在認為自己是一個很好的切入點，我們對未來十年我們所能達到的目標感到興奮。因此，我們歡迎任何人，我們感謝大家的關注。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。