Heritage Insurance Holdings Inc (HRTG) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Heritage Insurance Holdings fourth quarter 2024 earnings conference call. Please note, today's event is being recorded. I would now like to turn the conference over to Kirk Lusk, Chief Financial Officer for the company. Please go ahead, sir.

早安，歡迎參加 Heritage Insurance Holdings 2024 年第四季財報電話會議。請注意，今天的活動正在記錄。現在，我想將會議交給公司財務長柯克‧拉斯克 (Kirk Lusk)。先生，請繼續。

Good morning, and thank you for joining us today. We invite you to visit the Investors section of our website, investors.heritagepci.com, where the earnings release and our earnings call will be archived. These materials are available for replay or review at your convenience.

早安，感謝您今天加入我們。我們邀請您造訪我們網站的投資者部分，investors.heritagepci.com，我們的收益報告和收益電話會議將存檔於此。您可以隨時重播或複習這些資料。

Today's call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon management's current expectations and subject to uncertainty and changes in circumstances. In our earnings press release and our SEC filings, we detail material risks that may cause our future results to differ from our expectations.

今天的電話會議可能包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。這些聲明是基於管理層目前的預期，並受不確定性和情況變化的影響。在我們的收益新聞稿和美國證券交易委員會文件中，我們詳細說明了可能導致我們未來結果與預期不同的重大風險。

Our statements are as of today, and we have no obligation to update any forward-looking statements we may make. For a description of the forward-looking statements and the risks that could cause our results to differ materially from those described in the forward-looking statements, please refer to our annual report on Form 10-K, earnings release and other SEC filings. Our comments today will also include non-GAAP financial measures. The reconciliations of and other information regarding these measures can be found in our press release.

我們的聲明截至今天為止，我們沒有義務更新我們可能做出的任何前瞻性聲明。有關前瞻性陳述的說明以及可能導致我們的結果與前瞻性陳述中所述的結果有重大差異的風險，請參閱我們的 10-K 表年度報告、收益報告和其他 SEC 文件。我們今天的評論還將包括非公認會計準則財務指標。有關這些措施的對帳及其他資訊可在我們的新聞稿中找到。

With me on the call today is Ernie Garateix, our Chief Executive Officer. I will now turn the call over to Ernie.

今天與我一起參加電話會議的是我們的執行長 Ernie Garateix。現在我將把電話轉給厄尼。

Thank you, Kirk. Good morning, everyone, and thank you for joining us today. Over the course of 2024, we experienced numerous destructive hurricanes that impacted communities across the Southeastern United States. And in 2025, we've seen devastating wildfires affecting residents of California and now New York. Our thoughts continue to be with those impacted by these devastating catastrophes that have left millions with significant damage and loss.

謝謝你，柯克。大家早安，感謝大家今天加入我們。2024 年，我們經歷了許多破壞性的颶風，影響了美國東南部的社區。2025 年，我們看到毀滅性的野火影響了加州和紐約州的居民。我們始終牽掛著那些遭受這些毀滅性災難影響的人們，這些災難對數百萬人造成了巨大的破壞和損失。

In this time of crisis, our employees have worked tirelessly to provide support for our policyholders as they recover from these catastrophic events. I am proud and appreciate our talented and dedicated employees and the resilience that our company has demonstrated after these catastrophic events.

在這次危機時刻，我們的員工不知疲倦地工作，為我們的保單持有人提供支持，幫助他們從災難事件中恢復過來。我為我們才華橫溢、敬業奉獻的員工以及我們公司在這些災難事件後所表現出的韌性感到自豪和讚賞。

The company is performing well, which is not only evident in our support of our customers and communities, but also our financial performance. Our fourth quarter results clearly demonstrate the results of our strategic efforts over the last several years to attain rate adequacy, manage exposures and enhance our underwriting discipline. Our ability to generate profits in each of the last two quarters, where we incurred significant losses associated with three hurricanes, demonstrates the transformation that has occurred at Heritage.

公司業績表現良好，這不僅體現在我們對客戶和社區的支持上，也體現在我們的財務表現上。我們的第四季業績清楚地表明了我們過去幾年為實現費率充足性、管理風險敞口和加強承保紀律而做出的策略努力的成果。儘管我們在過去兩個季度遭受了與三次颶風相關的重大損失，但我們仍然能夠創造利潤，這體現了 Heritage 發生的轉變。

For the full year 2024, we achieved net income of $61.5 million or $2.01 per share. representing a strong increase from the full year 2023 net income of $45.3 million or $1.73 per share. Additionally, we grew our tangible book value per share 30% to $9.50 at December 31, 2024, as compared to year-end 2023 while achieving an ROE of 24.1%. These are notable results, given that we were impacted by $105 million pretax from 2024 hurricanes.

2024 年全年，我們實現淨收入 6,150 萬美元，即每股 2.01 美元。較 2023 年全年淨收入 4,530 萬美元或每股 1.73 美元大幅成長。此外，與 2023 年底相比，我們每股有形帳面價值在 2024 年 12 月 31 日成長了 30%，達到 9.50 美元，同時實現了 24.1% 的 ROE。考慮到我們受到 2024 年颶風 1.05 億美元稅前損失的影響，這些都是顯著的結果。

Our ability to not only maintain our profitability, but also deliver healthy earnings and returns in the face of significant catastrophic losses is a result of a multiyear effort where we have focused on executing our underwriting and rate adequacy initiatives.

我們不僅能夠保持獲利能力，而且在面臨重大災難性損失時仍能提供健康的收益和回報，這是我們多年努力執行承保和費率充足性計劃的結果。

From an underwriting perspective, we continued to strategically reduce our exposures in over-concentrated and unprofitable areas while increasing our presence in profitable geographies and products. As we have discussed in prior earnings call, we expect a declining policy count to moderate over the next few quarters as we open territories for new business given the improvements in the quality of our book of business.

從承保角度來看，我們繼續策略性地減少在過度集中和無利可圖的地區的風險敞口，同時增加在盈利地區和產品的影響力。正如我們在先前的收益電話會議上所討論的那樣，考慮到我們業務品質的提高，我們預計未來幾個季度保單數量的下降將會緩和，因為我們將開拓新的業務領域。

We have also maintained a stable indemnity-based reinsurance program at manageable costs through our policy count and exposure management initiatives while also proactively engaging with our reinsurance partners. In fact, I was in Bermuda, Europe and the US in February meeting with many of our reinsurance partners who all expressed their support for Heritage and were encouraged by our improved performance.

我們也透過保單數量和風險管理舉措，以可控的成本維持了穩定的基於賠償的再保險計劃，同時積極與我們的再保險合作夥伴合作。事實上，我二月在百慕達、歐洲和美國會見了我們的許多再保險合作夥伴，他們都表達了對 Heritage 的支持，並對我們業績的改善感到鼓舞。

I would like to thank our dedicated reinsurance partners who have supported our business throughout multiple catastrophic events over the last several years and look forward to their continued partnership as we work to further expand the company.

我要感謝我們敬業的再保險合作夥伴，他們在過去幾年的多次災難事件中為我們的業務提供了支持，並期待在我們進一步擴大公司規模的過程中繼續與他們合作。

Our rate adequacy initiative has resulted in significant and appropriate rate increases, which are earning through our portfolio in 2024. Looking to 2025, we anticipate an even more meaningful amount of rate to earn through our portfolio, which we expect will provide a healthy tailwind to our financial results.

我們的費率充足性舉措已導致費率大幅且適當上漲，這些上漲將在 2024 年透過我們的投資組合實現。展望 2025 年，我們預計我們的投資組合將產生更有意義的收益，我們預計這將為我們的財務表現帶來健康的推動力。

Additionally, we have selectively started writing new personal lines business anchored by a continued focus on risk management and stringent underwriting. Our expectation is that our new business growth will be controlled but will begin to accelerate through 2025.

此外，我們也選擇性地開始開展新的個人險業務，並持續專注於風險管理和嚴格的承保。我們的預期是，我們的新業務成長將受到控制，但到 2025 年將開始加速。

As we discussed last quarter, recent legislative changes in Florida are having a positive impact on the economics of writing new profitable business in the state of Florida. In fact, we have seen a market decline in frivolous lawsuits. We believe that the impact of this necessary legislation will be favorable to the consumer. We expect the reinsurance market will see the tangible benefits of the legislation as Hurricane Milton claims mature through this year and into next year, which may reduce reinsurance pricing.

正如我們上個季度所討論的，佛羅裡達州最近的立法變化對佛羅裡達州開展新的盈利業務的經濟產生了積極影響。事實上，我們已經看到市場上無理訴訟的數量有所下降。我們相信這項必要的立法將對消費者產生有利的影響。我們預計，隨著颶風米爾頓的索賠在今年和明年到期，再保險市場將看到該立法帶來的實際好處，這可能會降低再保險價格。

Our E&S business continues to provide options for our product offerings as we continue to write this business in California, Florida and South Carolina. We also plan to continue to evaluate more states for E&S opportunities as we focus on our controlled growth strategy. What makes this business so attractive is that we can adjust our rates and coverages to the changing dynamics state by state to ensure we continue to earn appropriate risk-adjusted returns while providing consumers in those states with needed insurance protection.

隨著我們繼續在加利福尼亞州、佛羅裡達州和南卡羅來納州開展 E&S 業務，我們的 E&S 業務將繼續為我們的產品提供選擇。我們也計劃在專注於受控成長策略的同時，繼續評估更多州的 E&S 機會。這項業務如此吸引人的原因在於，我們可以根據各州不斷變化的動態調整費率和保險範圍，以確保我們繼續獲得適當的風險調整回報，同時為這些州的消費者提供所需的保險保障。

Looking forward, we remain resolute in maintaining a balanced and diversified portfolio as no single state represents over 30% of our total insured value. We believe this selective diversification will help reduce performance volatility and ensure our long-term stability, which we believe will be reflected in the value of our company over time. We believe we have the foundation in place to deliver solid profitable growth in 2025 as we continue to execute our strategy aimed at fostering shareholder value.

展望未來，我們仍將堅定不移地維持均衡、多樣化的投資組合，因為沒有一個州的保險價值占我們總保險價值的 30% 以上。我們相信，這種選擇性多元化將有助於降低業績波動並確保我們的長期穩定，我們相信這將隨著時間的推移反映在我們公司的價值中。我們相信，隨著我們繼續執行旨在提高股東價值的策略，我們已經具備了在 2025 年實現穩健獲利成長的基礎。

To conclude, I would like to reiterate our dedication to navigating the complexities of our market with a strategic focus that prioritizes long-term profitability and shareholder value, driven by our dedicated workforce.

最後，我想重申我們致力於以策略重點應對市場的複雜性，優先考慮長期獲利能力和股東價值，並由我們敬業的員工推動。

Kirk, I will now turn the call over to you.

柯克，現在我將把電話轉給你。

Thank you, Ernie, and good morning, everyone.

謝謝你，厄尼，大家早安。

Starting with our financial highlights. We reported net income of $20.3 million or $0.66 per diluted share in the fourth quarter compared to $30.9 million or $1.15 per diluted share in the prior year quarter. The decrease in net income was primarily driven by higher catastrophe losses in the quarter. Additionally, a higher effective tax rate caused the provision for income taxes in the current year quarter to be proportionally higher compared to the prior year quarter.

從我們的財務亮點開始。我們報告第四季淨收入為 2,030 萬美元或每股攤薄收益 0.66 美元，而去年同期淨收入為 3,090 萬美元或每股攤薄收益 1.15 美元。淨收入的下降主要是由於本季災難損失增加所致。此外，較高的有效稅率導致本季的所得稅準備金與去年同期相比相應較高。

Our fourth quarter results continued to demonstrate our successful efforts to improve our portfolio as we remain profitable despite having incurred $57 million pretax of catastrophe losses, which includes reinstatement premiums. One objective of our strategic initiatives has been to remain profitable in a quarter with a significant catastrophe. We have now delivered on that goal two quarters in a row, which is a real validation of the successful execution of our plan and provides optimism for the earnings power of the company moving forward.

我們的第四季業績繼續證明了我們為改善投資組合所做的努力是成功的，儘管發生了 5700 萬美元的稅前巨災損失（其中包括復原保費），我們仍然保持盈利。我們的策略性舉措目標之一是在發生重大災難的季度中保持獲利。我們現在已經連續兩個季度實現了該目標，這真正證明了我們計劃的成功執行，並為公司未來的盈利能力帶來了樂觀。

Gross premiums earned rose to $360.5 million, up 6.1% from $339.6 million in the prior year quarter, reflecting our strategic focus on rate adequacy and organic growth in our commercial residential and surplus lines business. Net premiums earned increased to $199.3 million, up 12.2% from $177.7 million in the prior year quarter, reflecting growth in gross premiums while ceded premiums were relatively flat.

毛保費收入增至 3.605 億美元，較去年同期的 3.396 億美元增長 6.1%，反映了我們對費率充足性和商業住宅及超額險業務有機增長的戰略重點。淨保費收入增至 1.993 億美元，較去年同期的 1.777 億美元增長 12.2%，反映出毛保費的增長，而分出保費則相對持平。

Our strategic focus on expanding profitable products and markets includes the organic growth of our commercial residential business for which we selectively increased the premiums in-force by 13% compared to the fourth quarter of 2023 while total insured value only increased by 8.7%.

我們的策略重點是擴大獲利產品和市場，其中包括商業住宅業務的有機成長，與 2023 年第四季相比，我們有選擇地將有效保費提高了 13%，而總保險價值僅增加了 8.7%。

The commercial residential business tends to have a lower attritional loss ratio while generating material higher average premium. This segment now accounts for 20% of our in-force premiums compared to 18.8% in the prior year period.

商業住宅業務的損耗率往往較低，但平均保費卻較高。該部分目前占我們有效保費的 20%，去年同期為 18.8%。

Our net investment income for the quarter was $8.5 million, an increase of 27% from $6.7 million in the prior year quarter. The increase reflects our actions to align the investment with the yield curve while maintaining high-quality portfolio of short-duration assets. Our total revenues for the quarter were $210.3 million, up 12.5% from $187 million in the prior year quarter. This improvement was driven by the increase in net earned premiums and investment income.

本季我們的淨投資收入為 850 萬美元，較去年同期的 670 萬美元成長 27%。這一成長反映了我們採取的行動，即使投資與殖利率曲線保持一致，同時保持高品質的短期資產組合。本季我們的總營收為 2.103 億美元，比去年同期的 1.87 億美元成長 12.5%。這項改善是由淨保費收入和投資收益的增加所推動的。

Our net loss ratio for the quarter increased to 54.7%, a 3.7 point increase from 51% in the same quarter last year, reflecting higher net losses and LAE driven by Hurricane Milton in the current year quarter. The impact of higher net losses and LAE from Hurricane Milton was partially offset by lower attritional losses and higher net earned premiums.

本季我們的淨虧損率上升至 54.7%，較去年同期的 51% 上升 3.7 個百分點，反映出本季受颶風米爾頓影響，淨虧損和 LAE 增加。颶風米爾頓造成的淨損失和 LAE 增加的影響被較低的損耗損失和較高的淨保費收入部分抵消。

Additionally, the net loss ratio was impacted by net unfavorable loss development of $3.8 million during the quarter of 2024 compared to net unfavorable loss development of $1.8 million in the fourth quarter of 2023. Other weather losses were $5.6 million in the fourth quarter compared to $11 million from the prior year quarter.

此外，2024 年季度淨虧損率為 380 萬美元，而 2023 年第四季淨虧損率為 180 萬美元。第四季其他天氣損失為 560 萬美元，而去年同期為 1,100 萬美元。

As Ernie touched on, we have continued to see favorable trends in the current year loss costs attributable to the legislative changes made in Florida and the improvements in our underlying portfolio. We continue to evaluate each state on an ongoing basis to make adjustments as necessary to maintain rate adequacy and improve our underwriting results.

正如厄尼所提到的，由於佛羅裡達州的立法變化和我們基礎投資組合的改善，我們繼續看到本年度損失成本的良好趨勢。我們將繼續持續評估每個州，並根據需要進行調整，以保持費率充足性並改善我們的承保結果。

We continue to maintain a robust level of reinsurance coverage as noted by our $1.3 billion reinsurance tower in the Southeast, $1.1 billion in the Northeast and $750 million in Hawaii. This, combined with our strategic actions that we have taken over the last three years to mitigate losses from significant events, places us in a strong financial position.

我們繼續保持強勁的再保險覆蓋水平，這體現在我們東南部 13 億美元的再保險覆蓋率、東北部 11 億美元的再保險覆蓋率以及夏威夷 7.5 億美元的再保險覆蓋率上。這一點，加上我們過去三年來為減輕重大事件造成的損失而採取的策略行動，使我們的財務狀況保持強勁。

Our net expense ratio for the quarter was 35% and a 1.1 point increase from 33.9% in the prior year's quarter. This was driven primarily by the increase in higher policy acquisition costs and general and administrative expenses outpacing increase in net premiums earned. The net combined ratio for the quarter was 89.7%, up 4.8 points from 84.9% in the prior year quarter, driven by higher net loss ratio and higher net expense ratio just described.

本季我們的淨費用率為 35%，比去年同期的 33.9% 增加了 1.1 個百分點。這主要是由於保單獲取成本和一般及管理費用的增長速度超過了淨保費收入的增長。本季淨綜合成本率為 89.7%，較去年同期的 84.9% 上升 4.8 個百分點，原因是淨虧損率和淨費用率上升。

Turning to our balance sheet. We ended the quarter with total assets of $2.5 billion and shareholders' equity of $290.8 million. Our book value per share increased to $9.50 at December 31, 2024, up 30.3% from the fourth quarter of 2023 and up 85.2% from the fourth quarter 2022. The increase from December 31, 2023, is primarily attributable to net income as well as $8.7 million reduction in unrealized losses on the company's fixed income securities portfolio.

轉向我們的資產負債表。截至本季末，我們的總資產為 25 億美元，股東權益為 2.908 億美元。截至 2024 年 12 月 31 日，我們的每股帳面價值增至 9.50 美元，較 2023 年第四季成長 30.3%，較 2022 年第四季成長 85.2%。自 2023 年 12 月 31 日以來的成長主要歸因於淨收入以及公司固定收益證券投資組合未實現損失減少 870 萬美元。

The unrealized losses are unrelated to credit risk, but instead attributable to rising interest rates with the reduction in unrealized losses driven by lower interest rates during 2024. Heritage does not anticipate a need to sell investments in advance of maturity. As such, the company expects unrealized losses to continue to roll off the portfolio as investments mature.

未實現損失與信用風險無關，而是歸因於利率上升，2024 年利率下降將導致未實現損失減少。Heritage 預計不需要在到期前出售投資。因此，該公司預計，隨著投資的成熟，未實現損失將繼續從投資組合中消失。

The average duration of the fixed income portfolio is 3.1 years as the company has extended duration to take advantage of higher yields further out on the yield curve while maintaining short-duration, high-quality portfolio. Our annualized return on equity for the quarter was 28.5% and 24.1% for the full year of 2024.

固定收益投資組合的平均期限為 3.1 年，因為該公司延長了期限，以利用殖利率曲線上更高的收益率，同時保持短期、高品質的投資組合。本季我們的年化股本回報率為 28.5%，2024 年全年為 24.1%。

Turning to the first quarter of 2025. We continue to monitor the effects of California wildfires and anticipate that we will incur approximately $35 million to $40 million of pretax net current accident quarter catastrophe losses. In 2025, we expect our rate increases to continue to earn through our book of business, which will provide a continued tailwind for growth.

展望2025年第一季。我們將繼續監測加州野火的影響，並預計本季災難事故的稅前淨損失將達到約 3,500 萬至 4,000 萬美元。到 2025 年，我們預計利率上調將繼續透過我們的業務帶來收益，這將為成長提供持續的推動力。

I would also like to highlight that we absorbed catastrophe losses and associated reinstatement premiums in 2024 of $105 million pretax or $80.6 million after tax, which equates to $2.63 for earnings per share. I point this out to highlight the earnings trend of the company.

我還想強調的是，我們在 2024 年吸收了巨災損失和相關的復原保費，稅前為 1.05 億美元，稅後為 8,060 萬美元，相當於每股收益 2.63 美元。我指出這一點是為了強調公司的獲利趨勢。

Looking ahead, we remain focused on executing our strategic initiatives aimed at driving shareholder value. We believe that our proactive approach to managing exposures, enhancing rate adequacy and investing in technology infrastructure will position us well for continued success.

展望未來，我們將繼續專注於執行旨在提高股東價值的策略性舉措。我們相信，我們積極主動地管理風險敞口、提高利率充足率和投資技術基礎設施將使我們獲得持續的成功。

Thank you for your time today. Operator, we are now ready for questions.

感謝您今天抽出時間。接線員，我們現在可以回答問題了。

(Operator Instructions)

（操作員指示）

Karol Chmiel, Citizens.

卡羅爾·奇米爾（Karol Chmiel），公民們。

Yeah, hi. Good morning. I just have a question regarding your LA fire claims. Can you describe the profile of the claims? Are they mostly straightforward total loss claims? Or are there more complex smoke damage claims? And then also if you can maybe give a mix of the percentage of claims out of the Eaton fire versus the Palisades fire.

是的，你好。早安.我只是想問一下關於你的洛杉磯火災索賠問題。您能描述一下索賠的情況嗎？它們大多是直接的全損索賠嗎？或有更複雜的煙霧損害索賠？另外，您是否可以給出伊頓火災和帕利塞茲火災索賠的百分比對比？

So for total claims, we had 15 that are total and then the remaining 20 or so have some kind of smoke damage to that event. And most of those claims we have, a couple in the Eaton fire and then the remaining being in Palisades.

因此，就索賠總額而言，我們有 15 起索賠，其餘 20 起左右的索賠均在該事件中受到某種煙霧損害。我們收到的大部分索賠，包括伊頓火災中的幾起，其餘的索賠發生在帕利塞茲。

Okay. Great. Thank you. And then just one follow-up. Regarding the prior period development for the quarter, can you just provide more detail as to that?

好的。偉大的。謝謝。然後只需進行一次跟進。關於本季前期的發展情況，您能否提供更多細節？

Yeah. The bulk of that has to do with Hurricane Irma, where we're actually getting towards the tail end of it and have really wound that down and have a few claims remaining.

是的。這主要與颶風伊爾瑪有關，目前颶風已經接近尾聲，颶風基本上已經平息，只剩下少量索賠。

Got it. Thank you very much.

知道了。非常感謝。

Maxwell Fritscher, Truist.

馬克斯韋爾·弗里舍爾（Maxwell Fritscher），Truist。

Hey, good morning. I'm on for Mark Hughes. As you continue to achieve rate adequacy in most of your markets in the admitted market, how are you looking at growth in E&S? Do you continue to see the same momentum there as previously?

嘿，早安。我支持馬克·休斯。隨著您在大多數已認可市場中繼續實現費率充足性，您如何看待 E&S 的成長？您是否繼續看到與以前相同的動力？

So we do. But I think for the E&S, we're using that in very distinct markets that gives us the ability to adapt to those market dynamics state by state. So obviously, we look at what's going on in those markets, the regulatory environment, the ability to get rate, the ability to change coverages. I think we look at each of those markets individually and make a decision whether the admitted product or the E&S product is the best fit for that market.

我們也這麼做。但我認為對於 E&S 來說，我們在非常獨特的市場中使用它，這使我們能夠適應各州的市場動態。因此，顯然，我們會關注這些市場的情況、監管環境、獲取利率的能力、改變保險範圍的能力。我認為我們應該分別研究每個市場，然後決定認可的產品或 E&S 產品是否最適合該市場。

On top of that, I mean, all the business we write in California is E&S and really that's been the bulk of the growth in the E&S product.

最重要的是，我們在加州開展的所有業務都是 E&S，而這確實是 E&S 產品成長的主要部分。

Got it. Thank you. And then you had noted how you plan to reopen profitable territories. Does this just include Florida? Or which geographies are you finding most attractive at this point?

知道了。謝謝。然後您注意到您計劃如何重新開放盈利地區。這僅包括佛羅裡達州嗎？或者您目前認為哪些地區最具吸引力？

No. This is including our entire footprint, Northeast, Southeast. So it's just everywhere.

不。這包括我們的整個足跡，東北、東南。所以它無所不在。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions)

（操作員指示）

Ladies and gentlemen, this concludes our question-and-answer session. I'd like to turn the conference back over to Ernie Garateix, CEO, for any closing remarks.

女士們、先生們，我們的問答環節到此結束。我想將會議交還給執行長 Ernie Garateix 來做最後發言。

Yeah. We would like to thank everybody for joining the call today and wish everyone a great day.

是的。我們感謝大家今天參加電話會議，並祝福大家有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。