Harte Hanks Inc (HHS) 2022 Q4 法說會逐字稿

Greetings and welcome to the Harte Hanks's fourth-quarter and full year 2022 earnings conference call. (Operator Instructions)

歡迎來到 Harte Hanks 的第四季度和 2022 年全年收益電話會議。 （操作員說明）

Please note this conference is being recorded. And I will now turn the conference over to your host, Tom Baumann of FNK IR. You may begin.

請注意，此會議正在錄製中。現在，我將把會議轉交給你們的主持人，FNK IR 的湯姆·鮑曼 (Tom Baumann)。你可以開始了。

Thank you. Hosting the call today are Brian Linscott, Chief Executive Officer; and Lauri Kearnes, Chief Financial Officer.

謝謝。今天主持電話會議的是首席執行官布賴恩·林斯科特 (Brian Linscott)；和首席財務官 Lauri Kearnes。

Before we begin, I want to remind participants that during the call, management's prepared remarks may contain forward-looking statements that are subject to risks and uncertainties. Management may also make additional forward-looking statements in response to your questions today. Therefore, the company claims protection under Safe Harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ from results discussed today, and therefore, we refer you to a more detailed discussion of these risks and uncertainties in the company's filings with the SEC.

在我們開始之前，我想提醒與會者，在電話會議期間，管理層準備好的言論可能包含前瞻性陳述，這些陳述受到風險和不確定性的影響。管理層也可能會做出額外的前瞻性陳述來回答您今天的問題。因此，公司根據安全港要求保護 1995 年私人證券訴訟改革法案中包含的前瞻性陳述。實際結果可能與今天討論的結果不同，因此，我們建議您參考對這些風險和不確定性的更詳細討論在公司提交給美國證券交易委員會的文件中。

In addition, any projections as to the company's future performance represented by management include estimates as of today, March 7, 2023, and the company assumes no obligation to update these projections in the future as market conditions change.

此外，管理層對公司未來業績的任何預測都包括截至今天（2023 年 3 月 7 日）的估計，公司不承擔在未來隨著市場條件的變化而更新這些預測的義務。

This webcast and certain financial information provided on the call, including reconciliations of non-GAAP financial measures to comparable GAAP financial measures, are available in the earnings press release that was issued shortly after the market closed. A copy of that press release and other corporate disclosure is available on the Investor Relations section of Harte Hanks website at hartehanks.com.

該網絡廣播和電話會議上提供的某些財務信息，包括非 GAAP 財務措施與可比 GAAP 財務措施的調節，可在市場收盤後不久發布的收益新聞稿中找到。該新聞稿和其他公司披露的副本可在 Harte Hanks 網站 hartehanks.com 的投資者關係部分獲取。

With that, I would now like to turn the call over to Brian. Brian, the floor is yours.

有了這個，我現在想把電話轉給布賴恩。布賴恩，地板是你的。

Thank you, Tom, and good afternoon. 2022 was a milestone year for Harte Hanks. And this year, we'll be celebrating our company's 100th anniversary. After years of cost cutting to mitigate declining revenue, we have successfully stabilized the business, establish sustainable profitability across our entire enterprise, and created a platform for profitable growth. We enter our 101st year stronger than we've been in for more than a decade, and I couldn't be prouder of our team.

謝謝你，湯姆，下午好。 2022 年對哈特·漢克斯來說是具有里程碑意義的一年。今年，我們將慶祝公司成立 100 週年。經過多年削減成本以緩解收入下降的影響，我們成功地穩定了業務，在整個企業建立了可持續的盈利能力，並創造了盈利增長的平台。我們迎來了 101 個年頭，比我們十多年來更強大，我為我們的團隊感到無比自豪。

For 2023, we expect continued growth in our top and bottom line, even though we are facing a tough year-over-year comparison in the first quarter. Historically, Q1 is our seasonally lowest quarter of the year. However, last year, we had multiple nonrecurring projects in Q1, including a significant recall project that led to an abnormally strong first quarter in 2022.

對於 2023 年，我們預計我們的收入和利潤將繼續增長，儘管我們在第一季度面臨著艱難的同比比較。從歷史上看，第一季度是我們一年中季節性最低的季度。然而，去年第一季度我們有多個非經常性項目，包括一個重要的召回項目，該項目導致 2022 年第一季度異常強勁。

Based on the visibility we have with the first quarter, more than two-thirds complete, we expect modest year-over-year revenue growth, and we expect a drop in year-over-year quarterly EBITDA due in large part to our revenue mix changes. Nevertheless, as we move through 2023, we expect to generate high single-digit revenue and EBITDA growth on an annual basis.

根據我們對第一季度的可見性，超過三分之二的完成，我們預計收入同比溫和增長，我們預計季度 EBITDA 同比下降，這在很大程度上是由於我們的收入組合變化。儘管如此，隨著 2023 年的到來，我們預計每年將產生高個位數的收入和 EBITDA 增長。

We continue to expand existing client revenues and add new logos. The recent wins have more than offset the customer care pandemic-related projects reaching end-of-life and the reduced revenue from our legacy direct mail campaigns and marketing services. While most of our growth has been in our fulfillment and logistics segment, which has resulted in modest margin compression, we continue to generate significant profitability and free cash flow, enabling us to strengthen our balance sheet.

我們繼續擴大現有客戶的收入並添加新徽標。最近的勝利不僅抵消了與客戶服務大流行相關的項目即將終止，也抵消了我們傳統的直接郵寄活動和營銷服務的收入減少。雖然我們的大部分增長都在我們的履行和物流部門，這導致利潤率適度壓縮，但我們繼續產生可觀的盈利能力和自由現金流，使我們能夠加強我們的資產負債表。

The financial improvements are due in large part to the systemic changes we have made at Harte Hanks, most notably a strategic shift to an asset-light business model. We have eliminated unprofitable contracts and we are well positioned for long-term, sustainable operating income and EBITDA. Our past and expected future profitable performance is reflected in our fourth-quarter results as we recorded a nonrecurring $19.8 million tax benefit due to the release of the valuation allowance.

財務改善在很大程度上歸功於我們在 Harte Hanks 所做的系統性變革，最顯著的是向輕資產業務模式的戰略轉變。我們已經取消了無利可圖的合同，我們為長期、可持續的營業收入和 EBITDA 做好了準備。我們過去和預期的未來盈利表現反映在我們的第四季度業績中，因為我們記錄了由於評估津貼的釋放而產生的 1,980 萬美元的非經常性稅收優惠。

Revenue increased 5.4% for the quarter and 6% for the full year. Our fulfillment logistics segment grew 34.4% in the quarter, largely driven by a large logistics client. Our customer care segment had revenue decline, 12.9%, but EBITDA increased 24.4%, demonstrating the improved operating efficiency in the quarter. Our marketing services segment revenue decreased 6.8% and EBITDA decreased 18.4%. But we enter 2023 with optimism to deliver improved results based on a growing pipeline and refocused operational discipline.

本季度收入增長 5.4%，全年增長 6%。我們的履行物流部門在本季度增長了 34.4%，這主要是由一家大型物流客戶推動的。我們的客戶服務部門收入下降 12.9%，但 EBITDA 增長 24.4%，表明本季度運營效率有所提高。我們的營銷服務部門收入下降 6.8%，EBITDA 下降 18.4%。但我們樂觀地進入 2023 年，根據不斷增長的管道和重新調整的運營紀律，提供更好的結果。

We believe we have ample opportunities to grow drive growth in all three big business segments in 2023. Our offerings are aligned with the needs of our customers, and we are having success in cross-selling our services and expanding our client relationships. We remain focused on selling our differentiated solutions that leverage more than one of our operating segments to maximize value for our customers and ultimately our shareholders.

我們相信我們有足夠的機會在 2023 年推動所有三大業務部門的增長。我們的產品符合客戶的需求，我們在交叉銷售服務和擴大客戶關係方面取得了成功。我們仍然專注於銷售我們的差異化解決方案，這些解決方案利用我們的多個運營部門為我們的客戶並最終為我們的股東實現價值最大化。

Importantly, as we move into 2023, our focus is on growth, specifically adding new logos and moving beyond cross-selling. Since the beginning of the third quarter, we have added four new sellers to our team, and we are leveraging our talented team members from our InsideOut acquisition to drive our inside sales function. In addition, we are aggressively marketing our services in the B2B, tech, CPG, retail, pharma, healthcare, streaming, and QSR verticals. We expect strong new logo performance in 2023 as we convert our growing pipeline.

重要的是，隨著我們進入 2023 年，我們的重點是增長，特別是添加新徽標並超越交叉銷售。自第三季度初以來，我們的團隊增加了四名新賣家，我們正在利用從 InsideOut 收購中獲得的才華橫溢的團隊成員來推動我們的內部銷售職能。此外，我們正在 B2B、科技、CPG、零售、製藥、醫療保健、流媒體和 QSR 垂直領域積極營銷我們的服務。隨著我們轉換不斷增長的渠道，我們預計 2023 年新徽標的表現會很強勁。

In addition to our sales and marketing investments, we are investing in technology to create opportunities within our current, former, and prospective client base. Our investments in tech-enabled solutions, including CRM software, self-service help desk, audience finder, data view, and telephony, provide improved data capture, actionable insights, and digital delivery opportunities for our marketing services and customer care business segments as our customers seek to optimize results, improve the customer experience, and reduce marketing spend in a tough economic environment.

除了我們的銷售和營銷投資外，我們還投資於技術，以在我們當前、以前和潛在的客戶群中創造機會。我們對技術支持解決方案的投資，包括 CRM 軟件、自助服務台、受眾查找器、數據視圖和電話，為我們的營銷服務和客戶服務業務部門提供改進的數據捕獲、可操作的見解和數字交付機會，因為我們在艱難的經濟環境中，客戶尋求優化結果、改善客戶體驗並減少營銷支出。

Our improved financial and operational performance has strengthened our balance sheet, giving comfort and confidence to both our loyal employees and our large customers. We ended the year with over $10 million in cash and no debt. In addition, our outstanding long-term pension liabilities has decreased by nearly $15 million from December 31, 2021, due in part to higher interest rates. As a result, we've initiated the process to fully fund and transfer one of our qualified pension plans to a third party.

我們改善的財務和運營績效加強了我們的資產負債表，給我們忠誠的員工和我們的大客戶帶來了安慰和信心。我們在這一年結束時擁有超過 1000 萬美元的現金，而且沒有任何債務。此外，自 2021 年 12 月 31 日起，我們的未償長期養老金負債減少了近 1500 萬美元，部分原因是利率上升。因此，我們已經啟動了為我們的一項合格養老金計劃提供全額資金並將其轉移給第三方的流程。

Another benefit of our improved profitability was the ability to redeem and repurchase our preferred shares from Wipro. We completed this transaction in December, which eliminated the diluted impact of the preferred shares on earnings and eliminated restrictions on our use of capital and our ability to borrow funds.

我們提高盈利能力的另一個好處是能夠從 Wipro 贖回和回購我們的優先股。我們在 12 月完成了這項交易，消除了優先股對收益的稀釋影響，並消除了對我們資本使用和借貸能力的限制。

Finally, we completed the acquisition of InsideOut in December and benefited from one month of revenue from this bolt-on acquisition. As a reminder, InsideOut is a data-driven inside sales optimization firm. InsideOut specializes in building, scaling, and optimizing inside sales initiatives. We paid $7.5 million in cash and stock for InsideOut and we added a seventh leased location in North America with the acquisition of InsideOut's 7,500-square-foot headquarter facility based in St. Petersburg, Florida.

最後，我們在 12 月完成了對 InsideOut 的收購，並從這次補強收購中獲得了一個月的收入。提醒一下，InsideOut 是一家數據驅動的內部銷售優化公司。 InsideOut 專注於構建、擴展和優化內部銷售計劃。我們為 InsideOut 支付了 750 萬美元的現金和股票，並通過收購 InsideOut 位於佛羅里達州聖彼得堡的 7,500 平方英尺的總部設施，在北美增加了第七個租賃地點。

The acquisition will provide short-term revenue growth opportunities as well as being immediately accretive to our earnings. We anticipate cost synergies alone will drive the post-acquisition valuation to the three to four times EBITDA range.

此次收購將提供短期收入增長機會，並立即增加我們的收益。我們預計僅成本協同效應就會將收購後的估值推高至 EBITDA 的三到四倍範圍。

We look forward to additional acquisitions to augment our existing business with new capabilities, enhanced technology offerings, data analytics, new customers, and in some cases, new geographies. However, I stress that we will remain disciplined in our acquisition evaluations and proceed with caution. Simultaneously, we continue to invest in our business to drive growth, maximize profitability, and increase shareholder value. Hiring and retaining talented people is a key area of focus. We are simultaneously improving our technology platforms to enhance market opportunities and sell our fully integrated service offerings.

我們期待更多的收購，以通過新功能、增強的技術產品、數據分析、新客戶以及在某些情況下新的地理區域來增強我們現有的業務。但是，我強調，我們將在收購評估中保持紀律並謹慎行事。同時，我們繼續投資於我們的業務以推動增長、最大化盈利能力並增加股東價值。僱用和留住人才是重點關注的領域。我們正在同時改進我們的技術平台，以增加市場機會並銷售我們完全集成的服務產品。

Now on to our results. Revenues increased 5.4% in the quarter to $54.8 million. Operating income increased approximately $500,000 or 19.8% compared to the fourth quarter last year. Our EBITDA increased to $4.4 million from $3.5 million in the fourth quarter last year.

現在來看看我們的結果。本季度收入增長 5.4% 至 5480 萬美元。與去年第四季度相比，營業收入增加了約 500,000 美元或 19.8%。我們的 EBITDA 從去年第四季度的 350 萬美元增加到 440 萬美元。

Net income for the quarter was $21.8 million compared to $1.8 million and last year fourth quarter. Harte Hanks is now solidly profitable on a GAAP basis. We expect profitability both in terms of EBITDA and GAAP net income for each quarter in 2023.

本季度淨收入為 2180 萬美元，而去年第四季度為 180 萬美元。 Harte Hanks 現在在 GAAP 基礎上穩固盈利。我們預計 2023 年每個季度的 EBITDA 和 GAAP 淨收入都將實現盈利。

Now turning to our operating segments. Customer care revenue decreased 12.9% from the previous year-over-year quarter. EBITDA increased 24.4% to $3.2 million from $2.6 million in the prior year quarter. The revenue decrease was due to the anticipated rolling off of COVID-related project work, but the EBITDA improvement improved due to customer mix and certain better operation -- operating efficiency in the business.

現在轉向我們的運營部門。客戶服務收入較上一季度下降 12.9%。 EBITDA 從去年同期的 260 萬美元增長 24.4% 至 320 萬美元。收入減少是由於與 COVID 相關的項目工作預計將停止，但 EBITDA 的改善因客戶組合和某些更好的運營——業務運營效率而有所改善。

The customer care pipeline remains healthy with current, new, and former customers, including but not limited to outbound generation and inside sales services. And the pipeline is strong for inbound services, including entertainment, streaming, pharma, healthcare, and technology verticals. Customer care continues to invest in sales and marketing campaigns, conferences, and partnerships. And the segment recently hired another salesperson to drive growth in 2023.

現有、新和以前的客戶的客戶服務渠道保持健康，包括但不限於出站發電和內部銷售服務。管道對於入站服務來說很強大，包括娛樂、流媒體、製藥、醫療保健和技術垂直領域。客戶服務繼續投資於銷售和營銷活動、會議和合作夥伴關係。該部門最近聘請了另一名銷售人員來推動 2023 年的增長。

New business wins for the quarter included a community-based health plan selected Harte Hanks to support its members with plan-related customer support. The company selected Harte Hanks to provide extended support hours for its members while maintaining its CMS 5-star rating. Harte Hanks has consistently delivered high CMS ratings for its clients through its rigorous training and certification process for employees and systems.

本季度贏得的新業務包括一項基於社區的健康計劃，該計劃選擇了 Harte Hanks 為其成員提供與計劃相關的客戶支持。該公司選擇 Harte Hanks 為其成員提供延長的支持時間，同時保持其 CMS 5 星評級。 Harte Hanks 通過對員工和系統的嚴格培訓和認證流程，始終如一地為其客戶提供高 CMS 評級。

Second, a global beverage company expanded services with Harte Hanks by extending its customer care solution to additional market geographies. The expansion allows our clients to benefit from our lower cost facility in the Philippines, while improving its customer experience with faster and easier access for support.

其次，一家全球飲料公司通過將其客戶服務解決方案擴展到其他市場地區來擴展與 Harte Hanks 的服務。此次擴張使我們的客戶能夠從我們在菲律賓的低成本設施中受益，同時通過更快、更輕鬆地獲得支持來改善客戶體驗。

Fulfillment logistics revenue increased $6.3 million or 34.4% compared to the fourth quarter last year, and EBITDA increased 5.9% to $2.3 million. We are realizing the benefits of consolidating our operations into the Kansas City facility and further integrating our supply chain and logistics segments into our fulfillment process. We continue to win new contracts in both fulfillment and logistics and our revenue opportunities remain strong.

與去年第四季度相比，物流物流收入增長 630 萬美元或 34.4%，EBITDA 增長 5.9% 至 230 萬美元。我們正在意識到將我們的業務整合到堪薩斯城設施並將我們的供應鍊和物流部門進一步整合到我們的履行流程中的好處。我們繼續在履行和物流方面贏得新合同，我們的收入機會依然強勁。

New business wins for the quarter included a growing international investment firm with approximately $30 billion of assets under management selected Harte Hanks to provide digital print and premium items fulfillment to its brokers. Our financial services sector experience and streamlined onboarding to support a rapid pivot from a competitor were key differentiators in the selection process.

本季度的新業務包括一家成長中的國際投資公司，管理著約 300 億美元的資產，選擇 Harte Hanks 為其經紀人提供數字印刷和高級項目履行。我們的金融服務行業經驗和簡化的入職流程以支持競爭對手的快速轉型是選擇過程中的關鍵差異化因素。

Second, a leading brand company selected Harte Hanks to manage the production, kitting, and distribution of 250,000 makeup kits for a Fortune 200 retailer. This partnership includes -- this partnership continues to lead to new value-added product fulfillment opportunities unlocked by our investment in flexible automated production lines.

其次，一家領先的品牌公司選擇 Harte Hanks 為一家財富 200 強零售商管理 250,000 件化妝包的生產、配套和分銷。這種夥伴關係包括——這種夥伴關係繼續帶來新的增值產品實現機會，這是通過我們對靈活的自動化生產線的投資來實現的。

Marketing services revenue decreased 6.8% to $13.6 million and EBITDA decreased to $2.1 million in the quarter. The largest driver of the year-over-year revenue declines relate to direct mail campaigns not continuing. We also had project work conclude last year, but growth in hospitality, financial services, and CPG clients have replaced this revenue. This was another quarter of sequential improvement in profitability from marketing services segment as we realigned our resources, reduce our expenses, and invest in technology to better serve our customers.

本季度營銷服務收入下降 6.8% 至 1360 萬美元，EBITDA 下降至 210 萬美元。收入同比下降的最大驅動因素與直郵活動停止有關。去年我們也完成了項目工作，但酒店、金融服務和 CPG 客戶的增長已經取代了這一收入。這是營銷服務部門盈利能力連續改善的又一個季度，因為我們重新調整了資源，減少了開支，並投資於技術以更好地為客戶服務。

We remain focused on attracting new clients within prioritized market categories with near-term opportunities in healthcare, pharma, retail, B2B, tech, and consumer products. We are experiencing increased opportunities with our demand generation, data view, and audience finder offerings, and we see increased opportunities with InsideOut clients and prospects. To further drive growth, we have increased our marketing campaign and leveraged new sellers to expand our opportunities.

我們仍然專注於在醫療保健、製藥、零售、B2B、科技和消費品領域的近期機會中吸引優先市場類別中的新客戶。我們的需求生成、數據視圖和受眾查找器產品正在經歷越來越多的機會，我們看到 InsideOut 客戶和潛在客戶的機會越來越多。為了進一步推動增長，我們增加了營銷活動並利用新賣家來擴大我們的機會。

New business wins for the quarter include a leading premium retailer of kitchen and bath outdoor products selected Harte Hanks to design and execute a series of lead generation programs chosen based on our extensive experience in retail strategy and our ability to deliver a full suite of creative data analytics and campaign execution. And second, a leading global technology manufacturer expanded our successful B2B demand generation program into another geography in South America by utilizing Harte Hanks's audience finder product to identify buyers with intent.

本季度贏得的新業務包括一家領先的高端廚衛戶外產品零售商選擇 Harte Hanks 來設計和執行一系列根據我們在零售戰略方面的豐富經驗和我們提供全套創意數據的能力而選擇的潛在客戶開發計劃分析和活動執行。其次，一家領先的全球技術製造商通過利用 Harte Hanks 的受眾搜索產品來識別有意向的買家，將我們成功的 B2B 需求生成計劃擴展到南美的另一個地區。

In conclusion, as we celebrate our 100th year, Harte Hanks is stronger today than it has been in years. With a sustainable, profitable business model and multiple pathways for growth, we expect continued positive net income and a significant year-over-year improvement in full-year EBITDA, driving higher free cash flows during 2023 as we target revenue and EBITDA growth for the full year, even when considering a challenging first-quarter comparison.

總之，在我們慶祝公司成立 100 週年之際，Harte Hanks 今天比以往任何時候都更加強大。憑藉可持續、盈利的商業模式和多種增長途徑，我們預計淨收入將持續為正，全年 EBITDA 同比顯著改善，從而在 2023 年推動更高的自由現金流，因為我們的目標是收入和 EBITDA 增長全年，即使考慮到具有挑戰性的第一季度比較。

With that, I turn it over to Lauri.

有了這個，我把它交給勞裡。

Thank you, Brian. The fourth quarter was another positive quarter and a strong end to the year for us, with solid results on both the top and bottom line and with each of our three segments delivering positive operating income.

謝謝你，布萊恩。第四季度對我們來說又是一個積極的季度，也是今年的一個強勁收尾，在收入和利潤方面都取得了穩健的業績，我們的三個部門都實現了積極的營業收入。

I'd now like to walk through the results in more detail. Fourth-quarter revenue was $54.8 million, up 5.4% from $52 million in the same period last year. Revenue growth was led by our fulfillment and logistics segment, which was up $6.3 million or 34.4% year over year. Customer care was down $2.5 million or 12.9% year over year, and marketing services was down $987,000 or 6.8% from the prior year quarter.

我現在想更詳細地查看結果。第四季度收入為 5480 萬美元，比去年同期的 5200 萬美元增長 5.4%。收入增長由我們的履行和物流部門引領，同比增長 630 萬美元或 34.4%。客戶服務同比下降 250 萬美元或 12.9%，營銷服務同比下降 987,000 美元或 6.8%。

From a contribution margin perspective, our customer care segment delivered $3.2 million in EBITDA, up 24.5% (sic - see press release, "24.4%"). Our fulfillment and logistics services segment delivered $2.3 million in EBITDA, up slightly year over year. And marketing services EBITDA declined by approximately $485,000 or 18.4%. We believe each of our three operating segments are operating efficiently and should generate positive EBITDA levels for the foreseeable future.

從邊際貢獻的角度來看，我們的客戶服務部門實現了 320 萬美元的 EBITDA，增長 24.5%（原文如此 - 參見新聞稿，“24.4%”）。我們的履行和物流服務部門實現了 230 萬美元的 EBITDA，同比略有增長。營銷服務 EBITDA 下降了約 485,000 美元或 18.4%。我們相信我們的三個運營部門中的每一個都在高效運營，並且在可預見的未來應該會產生積極的 EBITDA 水平。

Our operating expenses for the fourth quarter were $51.3 million, up 4.5% from $49.1 million in the year-ago quarter due to the increased revenue and change in the revenue mix resulting in higher transportation costs in our fulfillment and logistics segments. Operating income was $3.4 million, up $567,000 compared to operating income of $2.9 million in the year-ago quarter.

我們第四季度的運營費用為 5130 萬美元，比去年同期的 4910 萬美元增長 4.5%，原因是收入增加以及收入組合的變化導致我們的履行和物流部門的運輸成本增加。營業收入為 340 萬美元，比去年同期的 290 萬美元增加了 567,000 美元。

During the fourth quarter, we recorded a nonrecurring $19.8 million tax benefit due to the release of valuation allowance. This accounting reversal and associated tax benefit is due to our improved performance and the expectation of continued profitability. We also recorded $1.3 million in other expenses, mainly related to pension expense and foreign currency loss.

在第四季度，由於估值津貼的釋放，我們記錄了 1980 萬美元的非經常性稅收優惠。這種會計逆轉和相關的稅收優惠是由於我們改進的業績和持續盈利的預期。我們還記錄了 130 萬美元的其他費用，主要與養老金費用和外匯損失有關。

Inclusive of these nonrecurring charges, we posted net income of $21.8 million compared to net income of $1.8 million in the fourth quarter last year. We recognized a onetime loss on redemption of the preferred stock of $1.4 million that reduced our income attributable to common stockholders, resulting in $2.81 per basic share and $2.70 per diluted share for the fourth quarter, compared to $0.20 per basic and diluted share in the fourth quarter last year. EBITDA for the fourth quarter was $4.4 million compared to EBITDA of $3.5 million in the year-ago quarter.

包括這些非經常性費用在內，我們公佈的淨收入為 2180 萬美元，而去年第四季度的淨收入為 180 萬美元。我們確認了 140 萬美元贖回優先股的一次性損失，這減少了我們歸屬於普通股股東的收入，導致第四季度每股基本股 2.81 美元，稀釋後每股 2.70 美元，而第四季度基本股和稀釋後每股 0.20 美元去年一個季度。第四季度的 EBITDA 為 440 萬美元，而去年同期為 350 萬美元。

Turning to full-year result, 2022 revenue was $206.3 million, up 6% from $194.6 million last year. Our operating income was $15.1 million compared to operating income of $7.6 million last year. We posted net income of $36.8 million compared to net income of $15 million last year. Again, the current year net income includes the $19.8 million tax benefit and the prior year period reflects the onetime gain of $10 million related to the forgiveness of our PPP loan.

轉向全年業績，2022 年收入為 2.063 億美元，比去年的 1.946 億美元增長 6%。我們的營業收入為 1510 萬美元，而去年的營業收入為 760 萬美元。我們公佈的淨收入為 3680 萬美元，而去年的淨收入為 1500 萬美元。同樣，本年度的淨收入包括 1980 萬美元的稅收優惠，上一年度反映了與免除我們的 PPP 貸款相關的 1000 萬美元的一次性收益。

Income attributable to common stockholders was $35.4 million or $4.98 per basic and $4.75 per diluted share in 2022 compared to income attributable to common stockholders of $12.6 million or $1.85 per basic and $1.76 per diluted share last year. Full-year EBITDA was $17.8 million compared to EBITDA of $10.2 million last year, an increase of 75%.

2022 年普通股股東應佔收入為 3540 萬美元或基本每股 4.98 美元和稀釋後每股 4.75 美元，而去年普通股股東應佔收入為 1260 萬美元或基本每股 1.85 美元和稀釋後每股 1.76 美元。全年 EBITDA 為 1780 萬美元，而去年的 EBITDA 為 1020 萬美元，增長了 75%。

Now turning to our balance sheet. As of December 31, 2022, we had cash, cash equivalents, and restricted cash of $10.4 million compared to $15.1 million at December 31, 2021. During 2022, we paid down $5 million on our line of credit and spent $9.9 million to redeem our preferred shares.

現在轉向我們的資產負債表。截至 2022 年 12 月 31 日，我們擁有現金、現金等價物和受限制現金 1040 萬美元，而 2021 年 12 月 31 日為 1510 萬美元。2022 年期間，我們支付了 500 萬美元的信用額度，並花費 990 萬美元贖回了我們的優先股。

As of December 31, we have $4.3 million in net income tax receivable. This is due mostly to our remaining net operating loss carryback for 2020 of $5.3 million, which is partially offset with other tax payables. We received $2.3 million of our net operating loss carry back in the fourth quarter of 2022.

截至 12 月 31 日，我們有 430 萬美元的應收所得稅淨額。這主要是由於我們 2020 年剩餘的 530 萬美元淨營業虧損結轉，部分被其他應納稅額抵消。我們在 2022 年第四季度收到了 230 萬美元的淨營業虧損結轉。

As noted previously, we recorded a nonrecurring tax benefit of $19.8 million in the quarter due to the release of valuation allowance on our deferred tax assets, which are now recorded in other long-term assets on our balance sheet. This is the result of our greatly improved performance and expected sustained profitability.

如前所述，由於遞延稅資產的估值備抵釋放，我們在本季度記錄了 1,980 萬美元的非經常性稅收優惠，這些資產現在記錄在我們資產負債表的其他長期資產中。這是我們大幅提高業績和預期持續盈利能力的結果。

Our combined long-term pension liability on the balance sheet as of December 31 was $37.8 million. As a reminder, we have both qualified and nonqualified pension plans. Our pension liability decreased $14.7 million compared to December 31, 2021. We continue to monitor the impacts of rising interest rates and changes in asset values that are impacting our pension liability.

截至 12 月 31 日，我們在資產負債表上的合併長期養老金負債為 3780 萬美元。提醒一下，我們有合格和不合格的養老金計劃。與 2021 年 12 月 31 日相比，我們的養老金負債減少了 1470 萬美元。我們繼續監測利率上升和資產價值變化對我們養老金負債的影響。

As Brian mentioned, we have begun the process to fully fund and transfer one of our qualified pension plans to a third party. We expect this process to take approximately 18 months to complete and expect to make a $7 million contribution to the plan prior to the transfer. As of December 31, 2022, we had nothing drawn on our line of credit and maintain a $25 million credit facility.

正如 Brian 提到的，我們已經開始為我們的一項合格養老金計劃提供充分資金並將其轉移給第三方。我們預計此過程大約需要 18 個月才能完成，並預計在轉移之前為該計劃捐款 700 萬美元。截至 2022 年 12 月 31 日，我們的信貸額度沒有任何動用，並維持著 2500 萬美元的信貸額度。

With that, I will turn it back over to the operator to take your questions. Thank you.

有了這個，我會把它轉回給接線員來回答你的問題。謝謝。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Julio Romero, Sidoti & Company.

Julio Romero, Sidoti & Company。

Thanks. Hey, good afternoon, Brian and Lauri.

謝謝。嘿，下午好，Brian 和 Lauri。

Good afternoon.

下午好。

Maybe to start on the quarter, if you could maybe talk to what drove the strong margins in customer care and how much was the improved operational efficiencies versus maybe some other factors? And then secondly, how much of that good performance is sustainable into 2023?

也許從本季度開始，如果你能談談是什麼推動了客戶服務的強勁利潤率，以及與其他一些因素相比，運營效率提高了多少？其次，這種良好表現中有多少可以持續到 2023 年？

So I'll start and pass it over to Lauri. But yes, so I think some of it is certainly revenue mix driven, right? We ran out some pandemic-related projects that were lower margin in the past; we made that choice. So with those lower-margin pandemic projects, specifically relating to a couple of states that were in the 2021 numbers that were not in the 2022 numbers, that obviously helped a little bit.

所以我將開始並將它傳遞給 Lauri。但是，是的，所以我認為其中一些肯定是收入組合驅動的，對吧？我們跑掉了一些過去利潤率較低的與流行病相關的項目；我們做出了那個選擇。因此，對於那些利潤率較低的大流行項目，特別是與 2021 年數字中不在 2022 年數字中的幾個州有關，這顯然有所幫助。

And the other kind of change in the business model is when we had the pandemic-related revenues, we ended up leveraging a lot of third-party consultants, not a lot, but certainly a portion. And we've kind of pivoted to more full-time Harte Hanks employees, which has improved the margin profile as well as improved the turnover. So reduced the turnover, reduced the attrition, that's actually helped that carry forward in some of the operational improvements in that segment.

商業模式的另一種變化是，當我們獲得與流行病相關的收入時，我們最終利用了很多第三方顧問，雖然不是很多，但肯定是一部分。而且我們有點轉向了更多的全職 Harte Hanks 員工，這提高了利潤率並提高了營業額。因此減少了營業額，減少了人員流失，這實際上有助於推進該部門的一些運營改進。

As I look going forward, this is a real strong number. I don't know if that is forever sustainable. But I know the way we operate, we should be on the margins generally within a percentage or two of the way we're performing currently.

展望未來，這是一個非常強勁的數字。我不知道這是否永遠可持續。但我知道我們的運作方式，我們應該在我們目前的表現方式的一兩個百分比內獲得利潤。

Lauri, any other thing to add there?

Lauri，還有什麼要補充的嗎？

No. I mean, I agree. I think Q4 was unusually very strong for them. We've certainly seen operating margin improvement and we expect to continue with that going forward. But Q4 was unusually strong.

不，我的意思是，我同意。我認為第四季度對他們來說異常強大。我們當然已經看到營業利潤率有所提高，我們希望繼續保持這種勢頭。但第四季度異常強勁。

Got it. Very helpful there. Maybe turning to the guidance and the commentary you gave there, just any sense on how much EBITDA should be expected to be down in the first quarter? Any more you have on the mix changes expected in the first quarter? And then secondly, if you could talk about that the full-year cadence of revenue and EBITDA as we progress throughout the year.

知道了。在那裡很有幫助。也許轉向你在那裡給出的指導和評論，關於預計第一季度 EBITDA 應該下降多少的任何意義？您對第一季度預期的組合變化還有更多了解嗎？其次，如果你能談談我們全年的收入和 EBITDA 的全年節奏。

Yes. So I think the big driver, if you look at a couple of big projects that was in Q1 of 2022, they were very high-margin kind of onetime projects. When you look at kind of the revenue mix we have in Q1 this year, we're going to have a higher concentration of fulfillment and logistics revenue, noting some strong performance in logistics, which is our lower-margin segment.

是的。所以我認為最大的推動力，如果你看一下 2022 年第一季度的幾個大項目，它們都是非常高利潤的一次性項目。當你看一下我們今年第一季度的收入組合時，我們將更加集中於履行和物流收入，注意到物流領域的一些強勁表現，這是我們利潤率較低的部分。

So when I -- when we look at year over year, we'll be down double digits in EBITDA for the quarter. But we fully expect to -- as we mentioned, with guidance to ramp up and actually improve both the new business growth as well as the bottom-line EBITDA as we continue into Q2 through Q4.

因此，當我 - 當我們逐年查看時，我們本季度的 EBITDA 將下降兩位數。但我們完全希望 - 正如我們提到的那樣，隨著我們繼續進入第二季度至第四季度，我們將在指導下加快並實際改善新業務增長以及底線 EBITDA。

Lauri, you want to give a little more color on Q1?

勞裡，你想給 Q1 多一點色彩嗎？

Yes. I mean, I think as Brian stated, Q1 is really driven by a mix of specific customers. So we've got some of that higher logistics revenue coming in, and some lower revenue in some of the other segments. And it's really specifically just that customer mix that's driving that performance in Q1.

是的。我的意思是，我認為正如 Brian 所說，Q1 確實是由特定客戶組合驅動的。因此，我們獲得了一些更高的物流收入，以及其他一些領域的一些較低收入。實際上，正是客戶組合推動了第一季度的業績。

Understood. And then you mentioned looking at potential M&A, but obviously in a disciplined manner. If you could just speak to the pipeline of deals you're looking at? And should we expect something above -- you're looking at things of similar size to InsideOut? Or maybe would you be considering something on a larger side?

明白了。然後你提到了尋找潛在的併購，但顯然是以一種有紀律的方式。如果你能談談你正在尋找的交易渠道？我們是否應該期待上面的東西——你正在看與 InsideOut 大小相似的東西？或者，也許您會考慮更大的方面？

Yes, I think directionally, those type of size, tuck-in acquisitions certainly would be easier to digest. Now that said, if there's the right complement of capabilities and tech profile or something that we think can really more aggressively bolster, we'll certainly evaluate larger size acquisitions as well.

是的，我認為從方向上講，那些類型的規模、收購肯定會更容易消化。話雖如此，如果有能力和技術概況的正確補充，或者我們認為可以真正更積極地支持的東西，我們當然也會評估更大規模的收購。

I think the key that I'm really trying to lean into is opportunities that further kind of tighten the fabric between our segments, whereby they fit nicely in between maybe two of our three segments. And certainly, there's a few opportunities like that that are out there. Whether or not, you know, we can buy something at the right price and, you know, structure it the right way, we'll have to find out.

我認為我真正想要抓住的關鍵是進一步收緊我們細分市場之間結構的機會，從而使它們很好地適合我們三個細分市場中的兩個細分市場。當然，有一些這樣的機會。你知道，我們是否可以以合適的價格購買東西，並且以正確的方式構建它，我們必須找出答案。

Very good. I'll pass it on. Thanks very much.

非常好。我會傳下去的。非常感謝。

Thanks, Julio.

謝謝，胡里奧。

Thanks

謝謝

Michael Kupinski, NOBLE Capital Markets.

NOBLE 資本市場的 Michael Kupinski。

Thank you and good afternoon, everyone. First of all, I have commented that 2022, in my view, was kind of like a watershed year for you guys. Because coming off of a strong 2021, you showed growth, which was great. And I think to that degree, I look at your confidence in 2023 and looking at growth, obviously, I just love the confidence that you're exhibiting there.

謝謝大家，下午好。首先，我評論說，在我看來，2022 年對你們來說有點像分水嶺。因為在強勁的 2021 年之後，您表現出了增長，這很棒。我認為，在某種程度上，我著眼於您對 2023 年的信心並著眼於增長，顯然，我只是喜歡您在那裡展示的信心。

I was just wondering if you can just talk a little bit about what is baked into your expectations, whether they be macroeconomic view or whether it be specific business trends that you're seeing that you can -- that adds the confidence to show not only revenue growth but adjusted EBITDA growth and even earnings growth for 2023?

我只是想知道你是否可以談談你的期望中包含的內容，無論是宏觀經濟觀點還是你看到的具體商業趨勢 - 這不僅增加了展示的信心收入增長但調整後的 EBITDA 增長甚至 2023 年的盈利增長？

Yes. So hey, Michael, thanks for the question. So I guess it goes without saying we do have inorganic growth that helps kind of get some of what we're speaking towards for 2023. That said, I do think that there's some compelling opportunities as we see in our pipeline as it relates to certain products such as demand generation such as inside sales.

是的。嗨，邁克爾，謝謝你提出這個問題。所以我想不言而喻，我們確實有無機增長，這有助於實現我們 2023 年所說的一些目標。也就是說，我確實認為我們在我們的管道中看到了一些令人信服的機會，因為它與某些諸如內部銷售之類的需求生成等產品。

Certainly, we're finding some nice opportunities that leverage audience finder and data view with our marketing services business. And we've certainly got some RFPs in the pipeline. And hopefully our batting average continues to increase as we gain some confidence and gain some additional capabilities with certainly the acquisition of InsideOut. And I think their inside sales function, for us, is starting to put a nice structure in place that will allow us to more aggressively pursue opportunities. So that's what I would say generically largely as it relates to marketing services and customer care.

當然，我們正在尋找一些很好的機會，將受眾查找器和數據視圖與我們的營銷服務業務相結合。我們當然有一些 RFP 正在籌備中。希望我們的安打率繼續提高，因為我們獲得了一些信心並通過收購 InsideOut 獲得了一些額外的能力。我認為他們的內部銷售職能，對我們來說，正在開始建立一個良好的結構，使我們能夠更積極地尋求機會。所以這就是我通常所說的，主要是因為它與營銷服務和客戶服務有關。

On the fulfillment and logistics side, we continue to see some nice demand in the marketplace for our logistics supply chain products, including our Allink pricing software. And then we also have some really nice partnerships and are experiencing some value-added fulfillment opportunities that we're pretty excited about. So all of this is a little more microeconomic rather than macroeconomic. Obviously, the headwinds with the macroeconomy always gives me some pause, but I do fully expect that we're going to grow the business this year.

在履行和物流方面，我們繼續看到市場對我們的物流供應鏈產品有一些不錯的需求，包括我們的 Allink 定價軟件。然後我們也有一些非常好的合作夥伴關係，並且正在體驗一些我們非常興奮的增值實現機會。所以所有這些都是微觀經濟而非宏觀經濟。顯然，宏觀經濟的逆風總是讓我有些猶豫，但我確實完全希望我們今年的業務能夠增長。

And do you think that you'll have growth in each of your segments?

你認為你的每個細分市場都會有增長嗎？

So we certainly would expect probably a little heavier growth in fulfillment and logistics. But you know, with the acquisition, we do expect growth in customer care. And we are cautiously optimistic about our marketing services pipeline and opportunities to get us some growth.

因此，我們當然會預計在履行和物流方面可能會有更強勁的增長。但是你知道，通過收購，我們確實希望客戶服務有所增長。我們對我們的營銷服務渠道和讓我們取得一些增長的機會持謹慎樂觀態度。

Got you. And then, of course, not just a year or two ago, investors were concerned about the unfunded pension liabilities. And now it seems like you're addressing that even further. I was just wondering if you can talk a little bit about what might be the unfunded pension liability as of first quarter?

明白了然後，當然，不僅僅是一兩年前，投資者還擔心沒有資金準備的養老金負債。現在看來您正在進一步解決這個問題。我只是想知道您是否可以談一談第一季度的無資金準備的養老金負債是多少？

And then if given the fact that we're probably looking at another interest rate increase, do you have thoughts about where the unfunded pension liabilities might be at the end of this year?

然後，如果考慮到我們可能正在考慮再次加息這一事實，您是否想過今年年底未備資金的養老金負債可能在哪裡？

Hi, Michael. I'll take that one. So in Q1, obviously, we're not going to do -- we only do the restatement -- really the full restatement of the pension liability at year end. With what we're working on on the one part of our qualified pension plan and transferring that to a third party, we've really gone through a process now of matching those assets with the liabilities, so that those should move in -- in conjunction with interest rates as that moves. So we don't expect a lot of change on that one.

嗨，邁克爾。我會拿那個。所以在第一季度，很明顯，我們不會做——我們只會重述——真的是在年底完全重述養老金負債。通過我們在合格養老金計劃的一部分上所做的工作並將其轉移給第三方，我們現在確實經歷了一個將這些資產與負債相匹配的過程，以便那些應該進入 -與利率一起移動。所以我們不期望在那個方面有很多變化。

As interest rates increase, you know, the other two -- the other qualified plan and certainly our nonqualified plan that doesn't have assets against that, we would expect to see some decrease. I don't have a specific number as to where we think that will be at year end, but we would certainly expect to see some additional decrease, maybe not quite as drastic as we saw in 2022.

隨著利率上升，你知道，另外兩個——另一個合格計劃，當然還有我們沒有資產的非合格計劃，我們預計會有所下降。我沒有具體的數字來說明我們認為年底會出現什麼情況，但我們肯定會看到一些額外的減少，可能不會像我們在 2022 年看到的那樣劇烈。

Thanks, Lauri. And, Lauri, what is left on the tax refund, and if you expect that in the first quarter?

謝謝，勞裡。而且，勞裡，退稅還剩下什麼，如果你預計第一季度會這樣？

Yes. I mean, it's $5.3 million, is what's left. Given where we are in March, I'm not sure it's going to come in in the first quarter, but we would certainly hope to see that in the second quarter.

是的。我的意思是，剩下的是 530 萬美元。鑑於我們 3 月份的情況，我不確定它會在第一季度出現，但我們當然希望在第二季度看到它。

Got you. And the InsideOut acquisition, can you give us a sense of what the annual revenue run rate might be and maybe even adjusted EBITDA, if it's accretive? Since you're anticipating some cost synergies there. Any color on that acquisition in terms of revenues and EBITDA?

明白了而 InsideOut 的收購，你能否讓我們了解年收入運行率可能是多少，甚至可能調整後的 EBITDA，如果它是增值的？因為你預計那裡會有一些成本協同效應。就收入和 EBITDA 而言，此次收購有何影響？

Well, I guess I'll start with the baseline. The trailing 12, when we acquired it on December 1, it was about 11 million of top line and $1.5 million of EBITDA, right? So we fully expect nice growth off of that $11 million from a top line.

好吧，我想我將從基線開始。尾隨的 12，當我們在 12 月 1 日收購它時，它的收入約為 1100 萬美元，EBITDA 為 150 萬美元，對嗎？因此，我們完全期望從收入中獲得 1100 萬美元的良好增長。

And obviously, there's a little bit of cost this year to integrate and do some of the hard work, but we certainly think that we'll get some improvement on the bottom line as well. And I fully would expect it to contribute more than $1.5 million, right, probably. Hopefully north of $1 million, somewhere in that range.

顯然，今年整合和做一些艱苦的工作需要付出一些代價，但我們當然認為我們也會在底線上得到一些改善。我完全希望它能貢獻超過 150 萬美元，對吧，可能。希望超過 100 萬美元，在這個範圍內的某個地方。

And then outside of the nonrecurring projects you had talked about in the first quarter, can you talk about maybe the -- if you factor that out, what the underlying revenue trends were in the first quarter? I believe you're talking specifically about customer care, right, from year ago?

然後，除了你在第一季度談到的非經常性項目之外，你能否談談——如果你把它排除在外，第一季度的潛在收入趨勢是什麼？我相信你是在專門談論客戶服務，對吧，從一年前開始？

Yes, largely customer care. Absolutely.

是的，主要是客戶服務。絕對地。

And then if we took the recurring -- just took the nonrecurring business in customer care out of the equation, what would the underlying -- would customer care be growing year over year? I would assume so.

然後，如果我們將經常性的 - 只是將客戶服務中的非經常性業務排除在外，那麼潛在的 - 客戶服務會逐年增長嗎？我會這麼認為。

In the first quarter, what would be -- what would the pace be, so to speak, given the fact that you're looking at total revenue growth for the company?

在第一季度，考慮到您正在關注公司的總收入增長這一事實，可以說步伐是多少？

So I don't know that I had that, Lauri, at my fingertips.

所以我不知道我有那個，勞裡，觸手可及。

Yes, I was just trying to back into it. I mean, definitely, the trend continues that we've seen recently with the largest growth that's coming from our fulfillment and logistics segment. But if I back out the one time in customer care, I would still expect them to be growing in 2023. But you know, I think a modest growth rate for them.

是的，我只是想回到它。我的意思是，毫無疑問，我們最近看到的趨勢仍在繼續，最大的增長來自我們的履行和物流部門。但如果我在客戶服務方面退出一次，我仍然希望他們在 2023 年實現增長。但你知道，我認為他們的增長率適中。

Yes. I was just trying to get a sense of what that growth was in the first quarter to get a sense of how to model out the subsequent quarters in terms of just the underlying growth outside of that nonrecurring revenue that you had.

是的。我只是想了解第一季度的增長情況，以了解如何根據您擁有的非經常性收入之外的潛在增長來模擬後續季度。

Yes. So we think we can (multiple speakers). We were talking about pandemic-related revenues that largely rolled off from Q2 of last year. So it's primarily a first-half-of-this-year issue from a comparable perspective. So we'll have to kind of take a look at that.

是的。所以我們認為我們可以（多個發言者）。我們談論的是與流行病相關的收入，這些收入大部分是從去年第二季度開始減少的。因此，從可比的角度來看，這主要是今年上半年的問題。所以我們必須看一下。

Got you. And then final question in terms of just capital allocation. At this point, has the company considered looking at return of capital to shareholders or other options at this point? Or can you just talk a little bit about capital allocation?

明白了然後是關於資本配置的最後一個問題。此時，公司是否考慮過向股東返還資本或其他選擇？或者你能談談資本配置嗎？

Yes. So I mean, I think when you look at the categories, they're pretty similar, right? We talked about potential bolt-on acquisitions. We clearly are investing in technology. And I think you kind of see it through our CapEx last year, and I would expect a pretty nice investment this year as well.

是的。所以我的意思是，我認為當您查看這些類別時，它們非常相似，對嗎？我們討論了潛在的補強收購。我們顯然正在投資於技術。我認為你可以通過我們去年的資本支出看到這一點，我預計今年也會有一筆相當不錯的投資。

And then pension, as we mentioned, we're going through that process. That would be a $7 million cash outlay, but that probably didn't occur until next year sometime. Am I right, Lauri?

然後是養老金，正如我們提到的，我們正在經歷這個過程。那將是一筆 700 萬美元的現金支出，但這可能要到明年某個時候才會發生。我說得對嗎，勞裡？

Yes.

是的。

And then when we meet with the Board on a quarterly basis, obviously, we discuss capital allocation. And we do, at times, have discussion about, do we explore a stock buyback or other kind of return of capital to shareholders? And while we haven't made any decisions, that will continue to be kind of the four large areas we talk about capital allocation.

然後，當我們每季度與董事會會面時，顯然，我們會討論資本分配。我們有時會討論，我們是否探索股票回購或其他類型的資本回報給股東？雖然我們還沒有做出任何決定，但這將繼續是我們談論資本配置的四個大領域。

Got you. Thank you. That's all I have. Thank you.

明白了謝謝。這就是我的全部。謝謝。

Thanks, Michael.

謝謝，邁克爾。

Great. Thanks.

偉大的。謝謝。

Thank you. As we have no further questions in queue, I will hand it back to management for any closing remarks.

謝謝。由於我們在隊列中沒有其他問題，我會將其交還給管理層以獲得任何結束語。

Well, thank you for joining the Q4/year-end 2022 earnings call. And I look forward to reconvening in a couple of months to talk about our first-quarter results. Thank you.

好吧，感謝您參加 2022 年第四季度/年底的財報電話會議。我期待著在幾個月後再次開會討論我們的第一季度業績。謝謝。

Thank you. And this does conclude today's conference call. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation.

謝謝。這確實結束了今天的電話會議。此時您可以斷開線路並度過美好的一天。我們感謝您的參與。