Ituran Location and Control Ltd (ITRN) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. And welcome to the Ituran fourth quarter and full year 2023 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們先生們，謝謝你們的支持。歡迎參加 Ituran 第四季和 2023 年全年業績電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

You should have all received by now the company's press release. If you have not received it, please contact Ituran's Investor Relations team at EK Global Investor Relations at 1-212-378-8040 or view it in the News section of the company's website at www.ituran.co.il.

現在你們應該已經收到公司的新聞稿了。如果您尚未收到，請致電 1-212-378-8040 聯絡 EK 全球投資者關係部的 Ituran 投資者關係團隊，或在公司網站 www.ituran.co.il 的新聞部分查看。

I will now hand over the call to Mr. Ehud Helft of EK Global Investor Relations. Mr. Helft, would you like to begin to?

我現在將電話轉交給 EK 全球投資者關係部的 Ehud Helft 先生。赫爾夫特先生，您想開始嗎？

Thank you, operator. Good day to all of you and welcome to Ituran's conference call to discuss the fourth quarter and full year 2023 results. I would like to thank Ituran's management for hosting this call. With me today on the call are Mr. Eyal Sheratzky, CEO; Mr. Udi Mizrahi, Deputy CEO and VP Finance; and Mr. Eli Kamer, CFO.

謝謝你，接線生。祝大家美好的一天，歡迎參加 Ituran 的電話會議，討論第四季和 2023 年全年業績。我要感謝 Ituran 的管理階層主持這場電話會議。今天與我一起參加電話會議的是執行長 Eyal Sheratzky 先生； Udi Mizrahi 先生，副執行長兼財務副總裁；和財務長 Eli Kamer 先生。

Eyal will begin with a summary of the quarter results, followed by early Eyal with a summary of the financials. We will then open the call for the questions and answer session. I'd like to remind everyone that the Safe Harbor in the press release also covers the content of this conference call.

Eyal 將以季度業績摘要開始，隨後是早期的 Eyal 財務摘要。然後我們將開始問答環節。我想提醒大家的是，新聞稿中的安全港也涵蓋了這次電話會議的內容。

And now, Eyal, would you like to begin, please?

現在，埃亞爾，你願意開始嗎？

Thank you, Ehud. I'd like to welcome all of you to our fourth quarter and full year 2023 call. I'd like to thank you for joining us today. We are pleased with our 2022 results, which was a record year for Ituran. We are all the more pleased given that we achieved these strong results despite difficult first quarter in which our country faced a major terrorist attack at the start of the quarter, which resulted in a war which effectively paused the economy for a few weeks.

謝謝你，埃胡德。歡迎大家參加我們的第四季和 2023 年全年電話會議。我要感謝您今天加入我們。我們對 2022 年的業績感到滿意，這對 Ituran 來說是創紀錄的一年。儘管第一季困難重重，我們國家在季度初遭遇了重大恐怖襲擊，導致一場戰爭，導致經濟實際上暫停了幾週，但我們還是取得了這些強勁的業績，對此我們感到更加高興。

This new challenge followed by many challenges that everyone has faced over the past few years, including the corona pandemic, supply chain issues and recently a slowing global economy. As our strong financial results demonstrate, our business is in very good shape and resigned again against challenges.

在這項新挑戰之後，過去幾年每個人都面臨許多挑戰，包括新冠大流行、供應鏈問題以及最近全球經濟放緩。正如我們強勁的財務業績所表明的那樣，我們的業務狀況非常好，並再次面對挑戰。

I want to also highlight is part of the reason for our reliance is that Ituran is a global diverse business based on a loyal subscriber base of more than 2.2 million customers, primarily in Israel and Brazil, but also in many other countries in Latin America as well as elsewhere in the world. And therefore, any impact in one specific region will have a limited effect on Ituran's overall business.

我還想強調的是，我們依賴Ituran 的部分原因是，Ituran 是一家全球多元化企業，擁有超過220 萬客戶的忠實用戶群，主要分佈在以色列和巴西，但也分佈在拉丁美洲的許多其他國家，例如以及世界其他地方。因此，某一特定地區的任何影響對 Ituran 整體業務的影響有限。

The initial impact of the war on new car sales in Israel, which drives our new subscribers in that country and aftermarket product sales, temporarily caused a complete pause in the local car market. However, disposables relatively short lived and as of end of January 2024, new car sales in Israel continue at a former long-term trend and new car sales were up 3% year-over-year.

戰爭對以色列新車銷售的最初影響推動了該國的新用戶和售後產品銷售，暫時導致當地汽車市場完全停頓。然而，一次性汽車的壽命相對較短，截至 2024 年 1 月末，以色列的新車銷量繼續保持以前的長期趨勢，新車銷量同比增長 3%。

Our subscriber base continued to show strong growth, adding 42,000 subscribers in the quarter, well ahead of our expectations of between 30,000 and 35,000 that we shared with you last quarter. This is still well in advance of the long-term rate we had in 2021 and earlier of between 20,000 and 25,000 per quarter.

我們的訂閱者基礎持續呈現強勁成長，本季增加了 42,000 名訂閱者，遠高於我們上季與您分享的 30,000 至 35,000 名訂閱者的預期。這仍然遠高於 2021 年及之前每季 20,000 至 25,000 人的長期利率。

Overall, as you can imagine, we are pleased with our relative strengths in Q4 and furthermore, the overall picture in 2023 is very strong. Looking at our balance sheet strength, we ended the quarter with over $50 million in net cash with almost no debt given our ongoing growth our solid profitability, our strong cash generation each quarter and our strong net cash level for the second quarter in a row, we have decided to increase the dividend.

總體而言，正如您可以想像的那樣，我們對第四季度的相對優勢感到滿意，此外，2023 年的整體情況非常強勁。考慮到我們的資產負債表實力，本季末我們的淨現金超過5000 萬美元，幾乎沒有債務，因為我們的持續增長、穩健的盈利能力、每個季度強勁的現金生成能力以及連續第二季度強勁的淨現金水平，我們決定增加股利。

Last quarter. We increased the ongoing dividend from $3 million to $5 million per quarter, and this quarter, we are further increasing the quarterly dividend to $8 million per quarter. We are very pleased to share the fruits of our success, and we see our dividend as well as our ongoing buyback program as a reward to our loyal shareholders for the long-term support of our company.

上個季度。我們將持續股息從每季 300 萬美元增加到 500 萬美元，本季度，我們將季度股息進一步增加到每季 800 萬美元。我們很高興分享我們的成功成果，我們將股利以及持續的回購計劃視為對我們忠實股東長期支持我們公司的回報。

Starting from 2024, given the stability of our business and our ability to continue performing even during challenging times, we have decided to provide EBITDA guidance. For 2024, we currently expect to report full year EBITDA of between $90 million and $95 million and expect to cross the $100 million EBITDA for landmark in 2025.

從 2024 年開始，考慮到我們業務的穩定性以及我們即使在充滿挑戰的時期也能繼續表現的能力，我們決定提供 EBITDA 指導。目前，我們預計 2024 年全年 EBITDA 將在 9,000 萬至 9,500 萬美元之間，並預計在 2025 年突破 1 億美元，實現里程碑式的目標。

We expect the subscriber growth to continue growing at around current rate of approximately 35,000 to 40,000 net new subscribers per quarter. I note that the expectation are as of today. Our EBITDA expectation are based on the relevant currency levels remaining at around current average rates and also assumes that current global macroeconomic situation globally and political situation specifically in Israel doesn't significantly worsen.

我們預計訂戶成長將繼續以目前每季約 35,000 至 40,000 名淨新訂戶的速度成長。我注意到，預期是截至今天的。我們的 EBITDA 預期是基於保持在當前平均匯率左右的相關貨幣水平，並假設當前全球宏觀經濟狀況和特別是以色列的政治局勢不會顯著惡化。

In summary, 2023 was a solid year of performance for Ituran in all respects. And we believe that 2024 will continue on these trends. I want to add that I'm very proud of the courage and commitment of the Ituran team both in Israel and globally, especially in the challenging time we have had recently and wish to personally thank them for their resilience and dedication during these time.

總而言之，2023 年對 Ituran 來說是各方面表現穩健的一年。我們相信 2024 年這些趨勢將會持續下去。我想補充一點，我對以色列和全球的 Ituran 團隊的勇氣和承諾感到非常自豪，特別是在我們最近面臨的充滿挑戰的時期，並希望親自感謝他們在這段時間裡的堅韌和奉獻。

As has been true throughout our long history and will continue to add over the long-term. Our constantly growing subscriber growth will continue to translate into increased revenues with faster growing profitability over the long term due to the operating leverage inherent to our business.

正如我們悠久的歷史中所體現的那樣，並且從長遠來看還將繼續增加。由於我們業務固有的營運槓桿，我們不斷成長的用戶成長將繼續轉化為收入的增加，長期來看，獲利能力成長更快。

And with that, I hand over to Eli. Eli, please go ahead.

就這樣，我把任務交給了伊萊。伊萊，請繼續。

Thanks, Eyal. I will provide a short summary of the financial results. You can find the more detailed results that we issued in the press release earlier today, Q4 revenues were $77.8 million, a 4% increase compared with revenue of $74.9 million last year.

謝謝，埃亞爾。我將提供財務表現的簡短摘要。您可以找到我們今天早些時候在新聞稿中發布的更詳細的結果，第四季度的收入為 7780 萬美元，比去年的 7490 萬美元的收入增長了 4%。

Fourth quarter revenue was somewhat impacted by the out breakup war in Israel on October 7. Furthermore, the revenue, as demonstrated in denominated in US dollar terms, was impacted by a significant devaluation of the Argentinean peso as well as the temporary weakness in the Israeli shekel against the US dollar during the quarter.

第四季收入受到 10 月 7 日以色列爆發的分手戰爭的一定影響。此外，以美元計價的收入受到阿根廷比索大幅貶值以及本季以色列謝克爾兌美元暫時疲軟的影響。

In local currency terms, fourth quarter revenues grew by 6% compared with that of the fourth quarter of last year. Revenues from subscription fees in the quarter were $59.4 million, an increase of 10% over the full quarter 2022 revenues. In local currency terms, the increase was 12% compared with that of the fourth quarter of last year.

以當地貨幣計算，第四季營收較去年第四季成長6%。該季度訂閱費收入為 5,940 萬美元，比 2022 年全季營收成長 10%。以當地貨幣計算，較去年第四季成長12%。

Product revenues in the quarter were $18.4 million, a decrease of 13% year-over-year. And in local currency terms, product revenues decreased by 9% year-over-year. The decline in product revenue was mainly due to the thousand house hardware instrument installation in Israel following the outbreak of war on October 7.

該季度產品營收為 1,840 萬美元，年減 13%。以當地貨幣計算，產品收入較去年同期下降 9%。產品收入下降主要是因為10月7日戰爭爆發後以色列千戶硬體儀器安裝所致。

Revenues for full year 2023 were a record $320 million, a 9% increase over the $293.1 million reported in 2022. Revenues from subscription fees were a record $234.5 million, representing an increase of 12% over 2022. Product revenues were $85.4 million, representing an increase of 2% compared with 2022.

2023 年全年營收達到創紀錄的 3.2 億美元，比 2022 年的 2.931 億美元成長 9%。訂閱費收入達到創紀錄的 2.345 億美元，比 2022 年成長 12%。產品營收為8,540萬美元，較2022年成長2%。

The subscriber base expanded to 2,252,000 by year end. marketing an increase of 42,000 from the end of the previous quarter and 186,000 over 2023. During the fourth quarter, there was an increase of 38,000 net in the aftermarket subscriber base, an increase of 4,000 net in the OEM subscriber base.

截至年底，用戶數已增至 2,252,000 人。行銷數量比上季末增加了 42,000 人，比 2023 年增加了 186,000 人。第四季度，售後市場用戶群淨增加 38,000 名，OEM 用戶群淨增加 4,000 名。

The geographic breakdown of revenues in the fourth quarter was as follows, Israel 47%, Brazil 28%, rest of world 25%. EBITDA for the quarter was $21.9 million or 28.2% of revenues, an increase of 7% compared with EBITDA of $20.6 million or 27.4% of revenues in the fourth quarter of last year. In local currency terms, fourth quarter EBITDA grew by 8% compared with that of the fourth quarter of last year.

第四季營收的地理分佈如下：以色列 47%，巴西 28%，世界其他地區 25%。本季 EBITDA 為 2,190 萬美元，佔營收的 28.2%，比去年第四季的 EBITDA 2,060 萬美元，佔營收的 27.4% 成長了 7%。以當地貨幣計算，第四季EBITDA較去年第四季成長8%。

EBITDA for 2023 was a record $87 million, or 27.2% of revenues, an increase of 10% compared to $78.9 million or 26.9% of revenues in 2022. Net income for the fourth quarter was $12 million or diluted earnings per share of $0.6 is an increase of 26% compared to $9.6 million or diluted earnings per share of $0.47 in the fourth quarter of last year.

2023 年的 EBITDA 達到創紀錄的 8,700 萬美元，佔營收的 27.2%，比 2022 年的 7,890 萬美元，佔營收的 26.9% 成長了 10%。第四季淨利潤為 1,200 萬美元，稀釋後每股收益為 0.6 美元，與去年第四季的 960 萬美元或稀釋後每股收益 0.47 美元相比，成長了 26%。

In local currency terms, quarter net income grew by 28% year-over-year. Net income in 2023 was $48.1 million or fully diluted earnings per share of $2.40, an increase of 30% compared with net income of $37.1 million or fully diluted earnings per share of $1.82 in 2022.

以當地貨幣計算，季度淨利年增 28%。2023 年淨利為 4,810 萬美元，或完全稀釋每股收益 2.40 美元，較 2022 年淨利 3,710 萬美元或完全稀釋每股收益 1.82 美元成長 30%。

Cash flow from operation for the fourth quarter of 2023 was $21.8 million and cash flow from operations for the year was $77.2 million. As of December 31, 2023, the company had cash, including marketable securities of $53.6 million and a debt of $0.6 million, amounting to a net cash position of $53 million.

2023 年第四季的營運現金流為 2,180 萬美元，全年營運現金流為 7,720 萬美元。截至2023年12月31日，該公司擁有現金，包括5,360萬美元的有價證券和60萬美元的債務，淨現金部位為5,300萬美元。

This is compared with cash including marketable securities of $28.2 million and a debt of $12.2 million, amounting to a net cash position of $16 million as of the end of 2022. The Board of Directors announced another increase in the quarter in the dividend policy. This follow the company's continuing strong profitability, ongoing positive cash flow and strong balance sheet.

相較之下，截至 2022 年底，現金包括 2,820 萬美元的有價證券和 1,220 萬美元的債務，淨現金部位為 1,600 萬美元。董事會宣布本季​​再次提高股利政策。在此之前，該公司持續強勁的獲利能力、持續的正現金流和強勁的資產負債表。

The company increased the quarterly dividend to $8 million from $5 million in the prior quarter and from $3 million in the eight quarters period to that. This represents a 60% increase in the ongoing quarterly dividend payment compared with that of the period a quarter and 167% increase over the dividend paid in the many quarters period to that.

該公司將季度股息從上一季的 500 萬美元增加到 800 萬美元，並將前八個季度的股息從 300 萬美元增加到 800 萬美元。這意味著持續的季度股息支付比一個季度期間增加了 60%，比多個季度期間支付的股息增加了 167%。

During 2023, Ituran bought back $6.6 million share as part of its buyback program. As of December 31, 2023, there is $6.7 million remaining under the buyback program. Share repurchases are funded by available cash, cash and repurchase only to run ordinary shares under SEC Rule 10b-18 terms.

2023 年期間，Ituran 回購了 660 萬美元的股票，作為其回購計畫的一部分。截至 2023 年 12 月 31 日，回購計畫剩餘 670 萬美元。股票回購由可用現金提供資金，現金和回購僅用於根據 SEC 規則 10b-18 條款運行普通股。

And with that, I'd like to open the call for that question-and answer-session. Operator?

至此，我想開始問答環節的徵集。操作員？

Thank you. (Operator Instructions) Chris Reimer, Barclays.

謝謝。（操作員說明）Chris Reimer，巴克萊銀行。

Hey, thanks for taking my questions. I was wondering, first off, if you could talk about some of the drivers behind the subscriber guidance and maybe what are some of the dynamics you're seeing in the different geographies.

嘿，謝謝你回答我的問題。首先，我想知道您是否可以談談訂戶指南背後的一些驅動因素，以及您在不同地區看到的一些動態。

The main drivers today are coming from, I would say, different driver in different segments. First of all, in Israel, a the cost of freight is increasing, it started during 2023 and is a continue as we face it every night, I would say. And in that case, it's mean that and more insurance companies and more car owners are looking for security systems. And since our solution, I think is the most expensive one. so we get more and more requests for new subscribers.

我想說，今天的主要驅動力來自不同細分市場的不同驅動力。首先，我想說，在以色列，貨運成本在 2023 年開始增加，我們每天晚上都會面臨這種情況。在這種情況下，這意味著越來越多的保險公司和越來越多的車主正在尋找安全系統。自從我們的解決方案以來，我認為這是最昂貴的一個。所以我們收到了越來越多的新訂閱者請求。

This is in Israel. And in a other countries we are have one there seems that we are more and more focus on B2B, such as the financial institutions for having a solution when they provide the loans to new car buyers, as well as security needs, which also there is increase in balance and cards have also in Latin America. So this is the main drivers.

這是在以色列。在其他國家，我們似乎越來越關注B2B，例如金融機構在向新車購買者提供貸款時有一個解決方案，以及安全需求，這也有拉丁美洲的餘額和信用卡也有所增加。這是主要的驅動因素。

Great, thanks. And just touching on the EBITDA guidance you gave forward for 2025 at about well surpassing $100 million. How much and how many sub adds would that be roughly based on.

萬分感謝。剛剛談到您提出的 2025 年 EBITDA 指引，該指引將遠超 1 億美元。粗略地基於多少和多少子添加。

What actually we show in the last two years and what we expect in 2024 is, generally speaking, is around 150,000, 10% or more or less. And why are we considering this a number of subscribers with assuming that the output is not going to change dramatically, because some of the services that we provide are generating lower ARPU.

過去兩年我們實際展示的以及我們對 2024 年的預期總體來說是 15 萬左右，即 10% 或更多或更少。為什麼我們要考慮大量訂戶並假設輸出不會發生巨大變化，因為我們提供的一些服務產生的 ARPU 較低。

But on the other end, we increased a lot of upsells. For example, in Israel, when we sell SVR, which is, let's call it, is the traditional and the bread and butter still very high percentage of those customers are adding for example, application payments.

但另一方面，我們增加了很多追加銷售。例如，在以色列，當我們銷售 SVR（我們稱之為傳統）時，這些客戶中添加應用程式付款等內容的比例仍然很高。

And in that case, the ARPU in Israel is growing. So overall, we consider conservatively the ARPU will stay and with this number of subscribers. And by the way, add to this the operating leverage assumptions, we are not expecting that the growth of our expenses will be a it will decrease, let's say, every year.

在這種情況下，以色列的 ARPU 正在成長。因此，總體而言，我們保守地認為 ARPU 將保持不變，而且訂戶數量也是如此。順便說一句，加上營運槓桿假設，我們預計我們的費用成長不會每年都會減少。

The additional expenses will decrease every year, so we can build this model to provide this guidance.

額外的費用每年都會減少，所以我們可以建立這個模型來提供這個指導。

Got it. Thanks. Is very helpful. That's it for me.

知道了。謝謝。非常有幫助。對我來說就是這樣。

Boris Schneider, More.

鮑里斯·施奈德，更多。

Hey guys, congratulations on strong execution, and we appreciate the guidance that you provided. I think that's a great help for the long-term investors as well. Question on terms in terms of expenses, last quarter, you mentioned that you had some one-off expenses related to the events in Israel.

大家好，恭喜您的強大執行力，我們感謝您提供的指導。我認為這對長期投資者來說也是一個很大的幫助。關於費用方面的問題，上個季度，您提到您有一些與以色列事件相關的一次性費用。

So if you can quantify the number. I said, it's not very significant, but just to understand what's the impact on the net income this quarter.

所以如果你能量化這個數字。我說不是很大，只是想了解一下對本季的淨利有什麼影響。

And as you can see, actually when we talked last quarter about the war. actually we expected though we put in a frame and a little bit more expensive than a little bit more and let's say, decreasing sales in Israel, but generally speaking, without giving the specific number because it's not material anyway, talking about some hundreds of thousands of dollars in the expenses, which are directly for contribution to the needs in Israel for the world which today of course, we don't say most of it, we don't have anymore.

正如你所看到的，實際上當我們上個季度談論戰爭時。實際上，我們預計，雖然我們放入了一個框架，但價格會比多一點點貴一點，比如說，以色列的銷量會減少，但一般來說，沒有給出具體數字，因為它並不重要，談論的是幾十萬費用中的美元直接用於滿足以色列對世界的需求，當然，今天我們不會說其中的大部分，我們已經不再擁有了。

Okay. And in terms of the guidance, so your subscription guidance, I mentioned roughly 6%. I think that's at the lower end. And if I look at the EBITDA guidance, it's a lower. So my question is, obviously the model, your financial your business model is based on operating leverage and quite significant ones. So the guidance appears to me quite conservative. What is income on this?

好的。就指導而言，我提到了大約 6% 的訂閱指導。我認為這處於低端。如果我看一下 EBITDA 指導，就會發現它更低。所以我的問題是，顯然這個模型，你的財務你的商業模式是基於營運槓桿和相當重要的槓桿。因此，在我看來，指導意見相當保守。這方面的收入是多少？

First of all, we have to understand that there is no zero cost because part of a part of the say we talk here when we say the number of 160,000 talking about the net, don't forget that we have a total sale and that the churn what we are providers, the net is after the churn. This is first you have to understand. So in terms of growth is a very high growth, but there is a churn.

首先，我們要明白，不存在零成本，因為我們這裡所說的一部分，當我們說16萬這個數字的時候，不要忘記我們有一個總銷量，我們是流失的提供者，網絡是流失之後的。這是你首先要明白的。所以就成長而言，是一個非常高的成長，但也存在流失。

Regarding cost from a two reasons. One is the conservative reason. And second is because in order to grow 160,000 net still it's not zero cost. Some places we are financing the hardware, which is part of the service and it's appearing the same in the most of it is amortization. And also we from time to time, we have to provide a direct solution to specific customers.

關於成本有兩個原因。一是保守的原因。其次是因為淨成長 160,000 仍然不是零成本。在某些地方，我們為硬體提供融資，這是服務的一部分，而且大部分都是攤提。而且我們有時必須為特定客戶提供直接的解決方案。

So we are we have to add R&D. So practically â you're right that it appear to be higher growth in the EBITDA, which will be more correlative to the growth of subscribers. I believe that I want it to be higher. But when we provide guidance, we have to be conservative with the guidance. So this is the main reason.

所以我們必須增加研發。所以實際上，你是對的，EBITDA 似乎有更高的成長，這與訂戶的成長更相關。我相信我希望它更高。但當我們提供指導時，我們必須保守指導。所以這是主要原因。

Okay. I appreciate it. Thank you.

好的。我很感激。謝謝。

Abba Horwitz, OSP.

阿巴霍維茨，OSP。

Hey, good afternoon. Congratulations on a very nice quarter and just all the all around guidance. I just wanted to know if you could update us on Bringg it's been a while that we've heard about Bringg if you could maybe talk about if there's any anything new to share.

嘿，下午好。恭喜您度過了一個非常美好的季度和所有全面的指導。我只是想知道您是否可以告訴我們關於 Bringg 的最新情況，我們已經有一段時間聽說 Bringg 了，您是否可以談談是否有任何新的東西可以分享。

Usually when we spoke about Bringg, since it's a kind of a financial holding we have 17% from the shareholders. It was when we did the rounds. We know that about two years ago, we made a very impressive round when they Bringg raised more than $100 million since then, the company doesn't need to do another round.

通常當我們談到 Bringg 時，因為它是一種金融控股，我們的股東持有 17% 的股份。那是我們巡視的時候。我們知道，大約兩年前，我們進行了一輪非常令人印象深刻的融資，當時他們 Bringg 籌集了超過 1 億美元，從那時起，該公司不需要進行另一輪融資。

So this is why we didn't time for anything because from the operational side point of view, we are not allowed since we have only 17%. But the companies has its business plan and it's a it's looks like, it's a stick to the business and that things are going as planned.

所以這就是為什麼我們沒有花時間做任何事情，因為從營運角度來看，我們不被允許，因為我們只有 17%。但這些公司都有自己的商業計劃，而且看起來是對業務的堅持，事情正在按計劃進行。

Very good. Are you guys looking at any other investments outside of your own stock?

非常好。除了自己的股票之外，你們還在考慮其他投資嗎？

No, except Bringg which are also in the last, I think more than seven years, we didn't invest. We did it on the investment as an angel. Ituran is a always investing only in companies which is a in our field. And in the last five years. We are doing it or we will see how we did it when we acquired Road Track, or in the future when we go for a full acquisition, again to create synergy and part of consolidation results.

不，除了Bringg，我想七年多來，我們都沒有投資。我們作為天使投資做到了這一點。Ituran 始終只投資於我們領域的公司。並且在過去的五年裡。我們正在這樣做，或者我們會看看當我們收購 Road Track 時，或者在未來我們進行全面收購時，我們是如何做到的，再次創造協同效應和整合結果的一部分。

So Bringg is actually Bringg and save a one of the only financial holdings that we have today.

因此，布林格實際上是布林格，並保存了我們今天擁有的僅有的金融資產之一。

Okay. Thanks very much.

好的。非常感謝。

(Operator Instructions) There are no further questions at this time. Before I ask Mr. Sheratzky to go ahead with his closing statement, I would like to remind participants that a replay of this call will be available tomorrow on Ituran's website, www.ituran.co.il.

（操作員說明） 目前沒有其他問題。在我請 Sheratzky 先生繼續其結束語之前，我想提醒與會者，明天將在 Ituran 網站 www.ituran.co.il 上重播本次電話會議。

Mr. Sheratzky, would you like to make your concluding statement?

Sheratzky先生，您願意做一下總結發言嗎？

Yes. On behalf of management to Ituran, I would like to thank you, our shareholders, for your continued interest and long-term support at our business. We hope to be speaking with some of you over the coming quarter. And if you are interested in the meeting or speaking with us, feel free to reach out to our Investor Relations team.

是的。我謹代表 Ituran 管理層感謝您，我們的股東，感謝您對我們業務的持續關注和長期支持。我們希望在下個季度與你們中的一些人交談。如果您對會議或與我們交談感興趣，請隨時聯繫我們的投資者關係團隊。

And with that, we end our call. Thank you and have a good day.

至此，我們結束通話。謝謝你，有美好的一天。

Thank you. This concludes the Ituran fourth quarter and Full Year 2023 results conference call. Thank you for your participation. You may go ahead and disconnect.

謝謝。Ituran 第四季及 2023 年全年業績電話會議至此結束。感謝您的參與。您可以繼續並斷開連線。