Anywhere Real Estate Inc (HOUS) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Anywhere Real Estate third quarter 2025 earnings conference call via webcast. Today's call is being recorded, and a written transcript will be made available in the Investor Information section of the company's website tomorrow. A webcast replay will also be made available on the company's website.

早安，歡迎參加 Anywhere Real Estate 2025 年第三季財報電話會議（網路直播）。今天的電話會議正在錄音，書面記錄將於明天在公司網站的投資者資訊部分公佈。公司網站上也會提供網路直播回放。

At this time, I would like to turn the conference over to Anywhere Vice President, Tom Hudson. Please go ahead, Tom.

此時，我謹將會議交給 Anywhere 副總裁 Tom Hudson。請繼續，湯姆。

Thank you, operator. On the call with me today are Anywhere CEO and President, Ryan Schneider; and CFO, Charlotte Simonelli.

謝謝接線生。今天和我一起通話的是 Anywhere 的執行長兼總裁 Ryan Schneider 和財務長 Charlotte Simonelli。

On September 22, Compass and Anywhere jointly announced the signing of a definitive merger agreement to combine in an all-stock transaction. The merger is expected to close in the second half of 2026, subject to approval by both companies' shareholders and the satisfaction of customary closing conditions, including receipt of regulatory approvals.

9月22日，Compass和Anywhere聯合宣布簽署最終合併協議，將以全股票交易的方式合併。該合併預計將於 2026 年下半年完成，但需獲得兩家公司股東的批准，並滿足慣例成交條件，包括獲得監管部門的批准。

As is typical in situations where there's a pending merger, the company is suspending its forward guidance, and we will no longer provide an update on how it's tracking towards its prior guidance. However, we will continue to share updates on our execution towards the $100 million cost savings target.

與以往合併進行時的情況一樣，該公司暫停了其前瞻性指引，我們將不再提供有關其實現先前指引進展情況的更新資訊。但是，我們將繼續分享我們在實現 1 億美元成本節約目標方面的執行情況。

Deal-related expenses will be excluded from operating EBITDA and added to the restructuring and merger-related cost line item. While employee non-cash stock-based compensation is added back to operating EBITDA, cash-settled compensation expense is not.

與交易相關的費用將從營運 EBITDA 中剔除，併計入重組和併購相關成本項。雖然員工的非現金股票選擇權補償會加回營運 EBITDA，但現金結算的補償費用不會。

Long-term incentives are comprised of cash-settled restricted stock units, performance, and time-based awards. Of these awards, a substantial portion of the long-term cash settled awards granted by Anywhere to select employees is mark-to-market each period based upon the company's stock price, which increased appreciably during the third quarter of 2025.

長期激勵措施包括現金結算的限制性股票單位、績效獎勵和時間獎勵。在這些獎勵中，Anywhere 向部分員工授予的長期現金結算獎勵中，很大一部分是根據公司股價按市值計價的，而公司股價在 2025 年第三季度大幅上漲。

To support peer comparisons, we have provided a breakdown of expenses related to our long-term cash-settled compensation expense. Any forward-looking statements made during today's call are based on current expectations and the current economic environment. Forward-looking statements are inherently subject to significant economic, competitive, antitrust and other litigation, regulatory and other uncertainties and contingencies, many of which are beyond the control of management, including, among others, industry and macroeconomic developments.

為了方便與同業進行比較，我們提供了與長期現金結算薪酬相關的費用明細。今天電話會議上作出的任何前瞻性陳述均基於當前的預期和當前的經濟環境。前瞻性陳述本身就受到重大經濟、競爭、反壟斷和其他訴訟、監管和其他不確定性和突發事件的影響，其中許多因素超出管理層的控制範圍，包括行業和宏觀經濟發展等。

Important assumptions and factors that can cause actual results to differ materially from those in the forward-looking statements are specified in our earnings release dated today, as well as in our annual and quarterly SEC filings. Unless stated otherwise, growth figures should be assumed to be year over year.

可能導致實際結果與前瞻性聲明中的結果存在重大差異的重要假設和因素已在我們今天發布的盈利報告中以及我們向美國證券交易委員會提交的年度和季度文件中予以明確。除非另有說明，成長數據應視為同比數據。

Switching to some call logistics definitions and data points. October month-to-date is through October 27, 2025, with both open and closed volume comparisons based on the same number of business days in October 2025 and October 2024.

切換到一些呼叫物流定義和數據點。截至 2025 年 10 月 27 日的 10 月份交易量，以及 2025 年 10 月和 2024 年 10 月相同數量的營業日，都進行了交易量比較。

Growth in business recruited pursuant to other productive agent recruiting programs at Advisors is measured using the estimated last 12 months closed gross commission income of the new agents prior to joining Anywhere.

透過 Advisors 的其他有效代理人招募計畫招募的業務成長情況，是根據新代理人在加入 Anywhere 之前最近 12 個月的估計成交總佣金收入來衡量的。

The top half of agents retained Advisors is measured using the amount of production generated by agents remaining with the company a year following an initial 12-month measuring period, based on the gross commission income generated during that initial measuring period.

留任顧問的前一半代理人的業績，是根據初始 12 個月衡量期結束後一年內仍留在公司的代理人所產生的業績來衡量的，該業績是根據初始衡量期內產生的總佣金收入來計算的。

For those who listen to the rebroadcast of this presentation, we remind you that the remarks made herein as of today, November 4, and have not been updated after the initial earnings call.

對於收聽本次演講重播的聽眾，我們提醒您，本文中的發言截至今日（11 月 4 日）為止，在首次財報電話會議之後並未進行更新。

Lastly, we are limited in the level of detail we can provide at this stage in the merger, and we'll keep you updated through our normal disclosure channels. As such, the company will not be taking any questions following the conference call.

最後，由於合併的進展尚不明朗，我們目前能夠提供的細節有限，我們將透過正常的揭露管道向您通報最新情況。因此，公司將在電話會議結束後不接受任何問題。

Now I will turn the call over to our CEO and President, Ryan Schneider.

現在我將把電話交給我們的執行長兼總裁瑞安·施耐德。

Thank you, Tom. Good morning, everyone, and thank you for joining us today. On our second-quarter call, we outlined our intent to drive meaningful innovation across the real estate experience. A little over 90 days later, we have taken an important step forward. The proposed merger with Compass advances that journey.

謝謝你，湯姆。各位早安，感謝大家今天收看我們的節目。在第二季財報電話會議上，我們概述了我們旨在推動房地產體驗領域進行有意義的創新的意圖。90多天后，我們邁出了重要的一步。與 Compass 的擬議合併推進了這一進程。

By bringing together two of the most innovative and respected organizations in real estate, Anywhere and Compass, we expect to create a platform where agents, franchisees, and employees can thrive while delivering even greater value to home buyers and sellers across every phase of the transaction.

透過將房地產領域兩家最具創新性和最受尊敬的機構 Anywhere 和 Compass 合併在一起，我們希望創建一個平台，讓經紀人、加盟商和員工能夠蓬勃發展，同時在交易的每個階段為購房者和賣房者提供更大的價值。

Importantly, we expect that this can be done while preserving the unique independence and identity of each leading brand. We believe this transaction will deliver the best possible outcome for our customers, agents, franchisees, investors, and employees.

重要的是，我們希望在保持每個領先品牌獨特獨立性和品牌形象的前提下實現這一目標。我們相信此交易將為我們的客戶、代理商、加盟商、投資者和員工帶來最佳結果。

With that, let me step back and provide some details about how we executed in the quarter. We delivered $1.6 billion of revenue, up 6% and $100 million of operating EBITDA. Excluding employee cash-settled RSU awards, which rose significantly as our stock price nearly tripled in the quarter, operating EBITDA would have been $24 million higher.

接下來，讓我回顧一下我們本季的執行情況，並詳細介紹一下。我們實現了 16 億美元的收入，成長了 6%，營運 EBITDA 為 1 億美元。如果排除員工現金結算的限制性股票單位獎勵（由於本季股價幾乎翻了三倍，該獎勵大幅增長），營運 EBITDA 將增加 2,400 萬美元。

Q3 closed transaction volume was up 7%, with the first growth in units since Q4 of 2024. These results show the sustained momentum we demonstrated in Q2 and outperformed NAR's volume growth by over 2 percentage points in the quarter.

第三季成交量成長 7%，這是自 2024 年第四季以來首次實現單位數量成長。這些結果表明，我們在第二季度展現了持續的成長勢頭，而該季度的銷售成長比 NAR 高出 2 個百分點以上。

Our outlook for the fourth quarter is positive. September saw a 9% increase in open volume. This upward trend continued into October, with closed volume increasing 9% and open volume increasing 6%. And all of these metrics show growth in transaction units, signaling healthier growth prospects for the remainder of the year.

我們對第四季的前景持樂觀態度。9月開戶量增加了9%。這一上升趨勢延續到了 10 月份，收盤成交量增加了 9%，開盤成交量增加了 6%。所有這些指標都顯示交易量有所增長，預示著今年剩餘時間的成長前景將更加健康。

Our industry-leading luxury businesses, anchored by Sotheby's International Real Estate, Corcoran, and Coldwell Banker Global Luxury, continue to be a strategic growth engine. Luxury delivered 12% year-over-year volume growth in the quarter, driven by a 9% increase in units and a 3% increase in price. We sold 345 homes priced $10 million or higher in Q3, a 30% increase from the prior year.

我們以蘇富比國際地產、科科倫地產和科威國際不動產全球豪華地產為核心的行業領先的奢侈品業務，將繼續成為戰略成長引擎。本季度，奢侈品銷量年增 12%，其中銷量成長 9%，價格上漲 3%。第三季度，我們售出了 345 套售價 1,000 萬美元或以上的房屋，比去年同期成長了 30%。

Beyond our success in luxury, we continue to build our agent engine and grow our diversified revenue streams. We are seeing improving momentum in our Advisors' business with revenue up 7%, driven by robust agent recruiting and near-record retention of productive agents as our compelling value proposition continues to resonate with great agents across the country.

除了在奢侈品領域取得成功之外，我們還將繼續發展我們的代理商體系，並拓展多元化的收入來源。我們看到顧問業務發展勢頭良好，收入增長了 7%，這得益於強勁的代理人招募和接近歷史最高水平的優秀代理人留存率，因為我們極具吸引力的價值主張繼續引起全國各地優秀代理人的共鳴。

Advisors recruited nearly five productive agents in the quarter and saw 12% year-over-year growth in business recruited. And we are having even greater success retaining top talent in this highly competitive market, with Advisors agent retention reaching nearly 95% among the top half of producing agents in Q3. This is among the highest rates we have ever achieved, with even stronger retention in our luxury brands.

本季度，顧問們招募了近五名高效率的代理人，業務招募量較去年同期成長了 12%。在這個競爭激烈的市場中，我們在留住頂尖人才方面取得了更大的成功，第三季業績排名前一半的顧問經紀人的留存率接近 95%。這是我們迄今為止取得的最高留存率之一，而我們的奢侈品牌留存率甚至更高。

We are also seeing growth across our franchise title and escrow and Cartus relocation operations, reflecting the strength of our diversified model. In Q3, Anywhere Brands' revenue increased 2%, supported by growth in our high-margin franchise business, which welcomed 13 new US franchisees and 1 international expansion.

我們的特許經營產權和託管業務以及 Cartus 搬遷業務也實現了成長，這反映了我們多元化模式的優勢。第三季度，Anywhere Brands 的營收成長了 2%，這得益於我們高利潤的特許經營業務的成長，該業務新增了 13 家美國特許經營商和 1 家國際擴張商。

Title group revenue grew by 7% as our full-service title and escrow business, including our minority-owned mortgage joint venture, remains a key driver of the integrated transaction. Title revenue is unit driven. So the increase in transaction units this quarter is encouraging, especially given that we generate approximately $3,500 per unit.

產權集團收入成長了 7%，因為我們的全方位產權和託管業務（包括我們少數族裔擁有的抵押貸款合資企業）仍然是綜合交易的關鍵驅動力。版權收入取決於銷售量。因此，本季交易量的成長令人鼓舞，尤其考慮到我們每單位交易量大約能產生 3,500 美元的收入。

And our Cartus Relocation business, which serves nearly a third of the Fortune 100 companies, continues to grow with eight new clients and expanded services for over 70 clients in Q3, while also driving downstream revenue by providing high-quality leads to our agents and franchisees.

我們的 Cartus Relocation 業務為近三分之一的財富 100 強公司提供服務，在第三季度新增了 8 位客戶，並為 70 多位客戶擴展了服務，同時透過為我們的代理商和加盟商提供高品質的潛在客戶，推動了下游收入的成長。

Now in addition to driving growth, we remain focused on accelerating our aggressive AI agenda, deploying generative AI at scale across many parts of our business to drive better experiences faster and at lower cost.

除了推動成長之外，我們仍然專注於加速推進我們積極的人工智慧計劃，在業務的許多方面大規模部署生成式人工智慧，以更快的速度和更低的成本帶來更好的體驗。

Since we last spoke, we launched an AI-powered tool that extracts and inputs listing agreements directly into our systems, reducing the time it takes agents to enter a new listing from 10 to 15 minutes to under 60 seconds. This not only saves time but also optimizes workflows, allowing agents to focus more on serving their clients and closing deals.

自上次我們交談以來，我們推出了一款人工智慧驅動的工具，可以直接提取房源協議並將其輸入到我們的系統中，將經紀人輸入新房源所需的時間從 10 到 15 分鐘縮短到 60 秒以內。這不僅可以節省時間，還可以優化工作流程，使經紀人能夠更專注於服務客戶和完成交易。

Building on that success, we are leveraging the same technology in our buyer agreements to streamline data entry and automate primary service lead generation. As we shared in prior quarters, we see an opportunity to turn the buyers' agreements, a perceived market risk, into an opportunity by leveraging it to promote our differentiated service offerings. Our mortgage and title pilots are now rolled out in relevant markets across our national footprint, with mortgage capture up 2.5 percentage points and title results still pending.

基於這項成功，我們正在買方協議中利用相同的技術來簡化資料輸入並自動產生主要服務線索。正如我們在前幾個季度所分享的那樣，我們看到了一個機會，可以將買方協議（一種被認為是市場風險的因素）轉化為一個機會，透過利用它來推廣我們差異化的服務產品。我們的抵押貸款和產權試點計畫現已在全國範圍內的相關市場推出，抵押貸款獲取率提高了 2.5 個百分點，產權結果仍在等待中。

By improving the end-to-end integrated transaction experience, we can enhance customer service and increase revenue. Our strategic use of AI continues to set us apart, earning Anywhere Real Estate the distinction of Best Use of AI by a brokerage for the second consecutive year from a leading real estate publication.

透過改善端到端的整合交易體驗，我們可以提升客戶服務水準並增加收入。我們對人工智慧的策略性運用使我們脫穎而出，Anywhere Real Estate 連續第二年榮獲領先的房地產出版物頒發的「最佳人工智慧運用經紀公司」稱號。

In addition to this honor, several of our brands were also recognized for their innovative application of AI and marketing, reinforcing our position as a technology-forward leader in the industry. So we are excited to be here in November, delivering strong results for the quarter, improved growth momentum, and clear execution against our strategy.

除了這項榮譽之外，我們的幾個品牌也因其在人工智慧和行銷方面的創新應用而受到認可，鞏固了我們作為行業技術領先領導者的地位。因此，我們很高興在 11 月取得這樣的成績，本季業績強勁，成長勢頭增強，並且我們的策略得到了清晰的執行。

With that, let me turn the call over to Charlotte.

那麼，現在讓我把電話交給夏洛特。

Good morning, everyone. The announcement of our proposed merger with Compass marks a significant milestone for our company. Our focus remains on advancing our strategic priorities and driving long-term value. With that in mind, I will now highlight our Q3 2025 financial results.

各位早安。我們宣布擬與 Compass 合併，這對我們公司而言是一個重要的里程碑。我們將繼續專注於推進策略重點，創造長期價值。有鑑於此，我現在將重點介紹我們 2025 年第三季的財務表現。

Q3 revenue was $1.6 billion, up 6% versus prior year, and Q3 operating EBITDA was $100 million, down $8 million versus prior year, driven by the $16 million year-over-year increase in employee long-term cash incentive costs, primarily associated with strength in our share price. In addition, continuing the trend we have seen over the course of the year, we also faced elevated health and welfare costs, which rose $3 million in the quarter.

第三季營收為 16 億美元，較上年同期成長 6%；第三季營運 EBITDA 為 1 億美元，較去年同期下降 800 萬美元，主要原因是員工長期現金激勵成本較去年同期增加 1,600 萬美元，而這主要與股價走強有關。此外，延續今年以來的趨勢，我們的醫療和福利支出也持續上升，本季增加了 300 萬美元。

Despite these headwinds, our 6% margin underscores the resilience of our diversified revenue streams. We realized $28 million in cost savings in the quarter and $67 million of cost savings year-to-date. We are on target to achieve $100 million in cost savings for 2025, with 100% of our savings already identified. Additionally, we took temporary cost management measures beginning in late Q2, delivering another $6 million in Q3 and $8 million year to date.

儘管面臨這些不利因素，我們 6% 的利潤率凸顯了我們多元化收入來源的韌性。本季我們實現了 2,800 萬美元的成本節約，今年迄今已實現了 6,700 萬美元的成本節約。我們預計在 2025 年實現 1 億美元的成本節約目標，目前已確定 100% 的節省目標。此外，我們從第二季末開始採取臨時成本管理措施，在第三季節省了 600 萬美元，今年迄今節省了 800 萬美元。

We generated $92 million of free cash flow, down $7 million year over year, due predominantly to a step-up in our capital expenditures to support the investments in AI transformation initiatives. Following the $500 million second lien debt issuance in Q2, we repurchased an additional $22 million of exchangeable notes during Q3 at a discount, building on the $345 million repurchased last quarter. We expect to repurchase the remaining $36 million over the next six months.

我們產生了 9,200 萬美元的自由現金流，比前一年減少了 700 萬美元，這主要是由於我們增加了資本支出以支持對人工智慧轉型計劃的投資。繼第二季發行 5 億美元的第二留置權債務後，我們在第三季以折扣價回購了 2,200 萬美元的可交換票據，而上一季我們已經回購了 3.45 億美元。我們預計將在未來六個月內回購剩餘的 3,600 萬美元。

We also reduced our revolver balance by $195 million in Q3, bringing it down to $415 million at the quarter end. With no significant note maturities until 2029 and ample liquidity available under the revolver, we remain confident in our financial position.

第三季度，我們的循環信貸餘額減少了 1.95 億美元，季末降至 4.15 億美元。由於 2029 年之前沒有重大票據到期，且循環信貸額度下有充足的流動性，我們對自身的財務狀況仍然充滿信心。

Now let me provide more details about our business segment performance. Anywhere Brands, which includes leads and relocation, operating EBITDA was $155 million, up $4 million versus prior year due to higher revenue despite increased employee costs and negative currency effects in relocations.

現在讓我詳細介紹一下我們業務部門的業績。Anywhere Brands（包括銷售線索和搬遷業務）的營業 EBITDA 為 1.55 億美元，比上年增長 400 萬美元，這主要得益於收入的增長，儘管員工成本增加，且搬遷業務受到匯率負面影響。

The business showed strong performance with 57% operating EBITDA margin, including $90 million in intercompany fees from our Advisors business. We are proud of the strength and consistency of this business, delivering a high margin and recurring royalty streams.

該業務表現強勁，營業 EBITDA 利潤率為 57%，其中包括來自我們顧問業務的 9,000 萬美元公司間費用。我們為這項業務的實力和穩定性感到自豪，它帶來了高利潤和持續的版稅收入。

Anywhere Advisors' operating EBITDA was negative $11 million, flat versus prior year, driven by an increase in transaction volume, but offset by higher employee costs. Operating EBITDA margin was negative 1%. Excluding the intercompany payments, Advisors' operating EBITDA margin was 6% or $79 million in operating EBITDA, demonstrating the segment's underlying profitability.

Anywhere Advisors 的營運 EBITDA 為負 1,100 萬美元，與上年持平，這主要得益於交易量的增加，但被更高的員工成本所抵消。營業EBITDA利潤率為-1%。不計公司間付款，顧問業務的經營 EBITDA 利潤率為 6%，即經營 EBITDA 為 7,900 萬美元，顯示該業務板塊具有良好的獲利能力。

Advisors' average broker commission rate increased 1 basis point year over year, increasing revenue capture per transaction. Following last year's industry changes, we have seen changes in how and when negotiation of commission occurs, but ABCR has been sequentially stable at approximately 2.37% for the last 12 months, highlighting the value that agents bring to the transaction.

顧問的平均經紀佣金率較去年同期上漲 1 個基點，提高了每筆交易的收入。繼去年的產業變革之後，我們看到佣金談判的方式和時間發生了變化，但過去 12 個月 ABCR 一直穩定在 2.37% 左右，這凸顯了經紀人為交易帶來的價值。

Q3 agent commission splits were 80.7%, up 30 basis points year over year. The increase was primarily attributable to agent mix as our top agents continue to capture a larger share of overall transactions. Commission splits have been relatively stable in the 80% to 81% range for the past several years.

第三季代理商佣金分成比例為 80.7%，年增 30 個基點。成長主要歸因於經紀人組合的變化，因為我們的頂級經紀人繼續佔據更大的交易份額。過去幾年，佣金分成比例相對穩定在 80% 到 81% 之間。

Anywhere Integrated Services' operating EBITDA was negative $1 million, down $3 million versus prior year as higher revenue was offset by increased employee-related costs and volume-driven expenses. Operating EBITDA margin was negative 1%, reflecting the high fixed cost nature of the business in a tough housing market. That said, the increase in transactions during the quarter was a step in the right direction as the segment is levered to a housing recovery.

Anywhere Integrated Services 的營運 EBITDA 為負 100 萬美元，比去年減少了 300 萬美元，因為收入增加被員工相關成本和銷售驅動型支出的增加所抵消。營業 EBITDA 利潤率為 -1%，反映出在嚴峻的房地產市場中，該業務的固定成本較高。儘管如此，本季交易量的成長是朝著正確方向邁出的一步，因為該領域與房地產市場的復甦息息相關。

We continue to enhance our operations through Reimagine '25, an ambitious transformation effort designed to set us up for greater growth and long-term success. By leveraging AI-enabled technology to reduce manual processes, we aim to enhance our value proposition and unlock growth opportunities.

我們透過「重塑 25」計劃不斷提升營運效率，這是一項雄心勃勃的轉型計劃，旨在為我們實現更大的成長和長期的成功奠定基礎。透過利用人工智慧技術減少人工流程，我們旨在提升自身價值，並釋放成長潛力。

Some of our most recent applications of AI include automating the transaction processing of approximately 15,000 Coldwell Banker Realty brokerage documents received daily. At the end of Q3, 50% of documents were fully automated, up from a third last quarter, generating complex documents such as the first draft of a franchise agreement and automating the manual invoice entry process with 45% of our invoices now processed using AI.

我們最近將人工智慧應用於多個領域，其中包括自動化處理每天收到的約 15,000 份 Coldwell Banker Realty 經紀公司的交易文件。第三季末，50% 的文檔實現了完全自動化，高於上一季的三分之一，產生了複雜的文檔，例如特許經營協議的初稿，並實現了手動發票錄入流程的自動化，目前 45% 的發票已使用人工智慧進行處理。

These examples reflect the meaningful progress we're making across the business, and we're just getting started. Reimagine '25 is a comprehensive enterprise-wide effort that delivers better experiences faster and at lower cost. As noted in the opening remarks, due to the proposed merger, we will be suspending our forward-looking guidance, and we will not be holding a Q&A session.

這些例子反映了我們在整個業務領域的顯著進展，而這只是個開始。「重塑 25」是一項全面的企業級舉措，旨在以更低的成本更快地提供更好的體驗。如開場白中所述，由於擬議的合併，我們將暫停發布前瞻性指引，並且不會舉行問答環節。

Let me now turn the call back to Ryan for some closing remarks.

現在我把電話轉回給瑞恩，請他做些總結發言。

Thank you, Charlotte. In closing, we are executing with momentum across multiple growth vectors, transforming the transaction experience through innovation and generative AI, delivering better experiences faster and at lower cost. Carrying that momentum with the proposed merger with Compass will create the premier real estate platform and mark a defining step forward for the industry. I want to thank our nearly 8,000 employees whose dedication makes all of this possible. We are energized by the opportunity ahead.

謝謝你，夏洛特。最後，我們正以強勁的勢頭在多個成長領域推進，透過創新和生成式人工智慧改變交易體驗，以更快的速度和更低的成本提供更好的體驗。如果能將這種勢頭延續到與 Compass 的擬議合併中，將打造一流的房地產平台，並標誌著該行業向前邁出決定性的一步。我要感謝我們近 8,000 名員工，正是他們的奉獻精神才使得這一切成為可能。我們對未來的機會充滿熱情。

Ladies and gentlemen, that concludes today's conference call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。