Janus International Group Inc (JBI) 2024 Q3 法說會逐字稿

Hello and welcome to the Janus International Group third quarter 2024 earnings conference call. Currently all participants are in a listen-only mode. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加駿利國際集團 2024 年第三季財報電話會議。目前所有參與者都處於僅監聽模式。（操作員指示）謹此提醒，本次會議正在錄製中。

I will now like to turn the call over to your host, Ms. Sara Macioch, Senior Director, Investor Relations of Janus. Thank you, and you may begin Ms. Macioch.

現在我想將電話轉給主持人，Janus 投資者關係高級總監 Sara Macioch 女士。謝謝你，Macioch 女士，你可以開始了。

Thank you operator and thank you all for joining our earnings conference call. I am joined today by our Chief Executive Officer, Ramey Jackson; and our Chief Financial Officer, Anselm Wong. We hope that you have seen our earnings release issued this morning. We have also posted a presentation in support of this call which can be found in the investors section of our website at janusintl.com.

感謝營運商，也感謝大家參加我們的財報電話會議。今天我們的執行長雷米傑克森 (Ramey Jackson) 也加入了我的行列。以及我們的財務長 Anselm Wong。我們希望您已經看到我們今天早上發布的收益報告。我們也發布了支持此電話會議的簡報，您可以在我們網站 janusintl.com 的投資者部分找到該簡報。

Before we begin, I would like to remind you that today's call may include forward-looking statements, any statements made, describing our beliefs, plans, strategies, expectations, projections and assumptions are forward-looking statements. The company's actual results may differ from those anticipated by such forward-looking statements for a variety of reasons many of which are beyond our control.

在我們開始之前，我想提醒您，今天的電話會議可能包含前瞻性陳述，任何描述我們的信念、計劃、策略、期望、預測和假設的陳述都是前瞻性陳述。由於多種原因，公司的實際結果可能與此類前瞻性陳述的預期有所不同，其中許多原因超出了我們的控制範圍。

Please see our recent filings with the Securities and Exchange Commission which identify the principal risks and uncertainties that could affect our business, prospects and future results. We assume no obligation to update publicly, any forward-looking statements, and any forward-looking statement made by us during this call is based only on information currently available to us and speaks only as of the date when it is made.

請參閱我們最近向美國證券交易委員會提交的文件，其中確定了可能影響我們的業務、前景和未來業績的主要風險和不確定性。我們不承擔公開更新任何前瞻性聲明的義務，並且我們在本次電話會議期間做出的任何前瞻性聲明僅基於我們當前可獲得的信息，並且僅代表截至做出之日的信息。

In addition, we will be discussing or providing certain non-GAAP financial measures today including adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted EPS. Please see our release and filings for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measure. On today's call, Ramey will provide an overview of our business, Anselm will continue with a discussion of our financial results and 2024 guidance before Ramey shares some closing thoughts and we open up the call for your questions.

此外，我們今天將討論或提供某些非公認會計原則財務指標，包括調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的淨利潤和調整後的每股收益。請參閱我們的新聞稿和文件，以了解這些非公認會計準則衡量標準與其最直接可比較的公認會計準則衡量標準的對帳情況。在今天的電話會議上，Ramey 將概述我們的業務，Anselm 將繼續討論我們的財務業績和 2024 年指導，然後 Ramey 分享一些結束語，我們將開始電話會議詢問您的問題。

At this point, I will turn the call over to Ramey.

此時，我會將電話轉給雷米。

Thank you, Sara, good morning, everyone and thank you for joining us. Janus has built an industry leading self-storage and commercial solutions business that is resilient and delivers long term value for our stakeholders. We are proud of all the developments we've made thus far and of the collective efforts of the entire Janus team. As I go through my prepared remarks, I'd like you to focus on some key things.

謝謝薩拉，大家早安，謝謝您加入我們。Janus 建立了領先業界的自助倉儲和商業解決方案業務，該業務具有彈性，並為我們的利害關係人提供長期價值。我們為迄今為止所取得的所有進展以及整個 Janus 團隊的集體努力感到自豪。當我閱讀準備好的發言時，我希望你們能專注於一些關鍵的事情。

First, we are experience a persistent period of market uncertainty that is causing continued delays with our customers' projects.

首先，我們正經歷一段持續的市場不確定性，導致客戶的專案持續延誤。

Second, we are taking proactive cost cutting measures to better align the company with current market conditions while remaining agile and well positioned to capitalize on market recovery when it occurs.

其次，我們正在採取積極的成本削減措施，以使公司更好地適應當前的市場狀況，同時保持敏捷性和良好的定位，以便在市場復甦時利用市場復甦的機會。

Third, as we look to 2025 we see a number of catalysts that gives us optimism.

第三，展望 2025 年，我們看到了許多讓我們感到樂觀的催化劑。

And finally, our balance sheet remains robust with the strength and reliability of our cash flows we are well positioned to execute against our capital allocation plans.

最後，我們的資產負債表保持強勁，現金流強勁且可靠，我們有能力根據我們的資本配置計劃執行。

During the third quarter, Earls continued as a number of factors impacted demand, anticipation of multiple rate cuts have developers waiting for better borrowing conditions while uncertainty around the election has also given our customers pause.

第三季度，厄爾斯繼續認為，許多因素影響了需求，多次降息的預期讓開發商等待更好的借貸條件，而選舉的不確定性也讓我們的客戶猶豫不決。

We are seeing this primarily with our mid-level non-institutional customers that make up a sizable portion of our base, as we deliver against the existing orders that slowdown is causing what we expect to be near term decline in our backlog, self-stories of long term business and our customers invest in the long term future of their assets.

我們主要在中層非機構客戶中看到這一點，這些客戶占我們基礎的很大一部分，因為我們根據現有訂單交付，經濟放緩導致我們預計短期內我們的積壓訂單、自我故事會下降。長期業務和我們的客戶投資於其資產的長期未來。

In order to improve profitability. We have announced our structural cost reduction plan which includes actions designed to improve margins, simplify and streamline our organizational structure and enhance flexibility and effective efficiencies. To achieve these goals we have evaluated our ongoing labor needs, driving savings in our SG&A expense and rationalizing our real estate holdings.

為了提高獲利能力。我們已經宣布了結構性成本削減計劃，其中包括旨在提高利潤、簡化和精簡我們的組織結構以及提高靈活性和有效效率的行動。為了實現這些目標，我們評估了我們持續的勞動力需求，以節省我們的銷售管理費用並合理化我們的房地產持有量。

He focuses on right sizing the organization while maintaining key resources to remain agile when market dynamics shift. Together we expect these actions to generate approximately $8 million to $12 million of annual pre-tax cost savings. In connection with the plan we expect to record total estimate onetime pretax charges of $2 million to $4 million.

他專注於調整組織規模，同時保留關鍵資源，以便在市場動態時保持敏捷。我們預計這些行動每年可節省約 800 萬至 1,200 萬美元的稅前成本。與該計劃相關，我們預計一次性稅前費用預計總額為 200 萬至 400 萬美元。

As we look ahead into 2025 we are encouraged by a number of factors. We are reassured by the results of our beta testing and customer interest we are seeing a Nokē Ion offering which was rolled out in early October. We expect continued industry consolidation to drive our three activity. And in 2025 we will have a full year contribution from TMC in our commercial and other sales channel.

展望 2025 年，許多因素令我們感到鼓舞。我們對 Beta 測試的結果和客戶的興趣感到放心，我們看到了 10 月初推出的 Nokä Ion 產品。我們預計持續的產業整合將推動我們的三項活動。到 2025 年，TMC 將在我們的商業和其他銷售管道中提供全年貢獻。

We are confident in the long term fundamentals of the business despite the near term challenges we face today. Now let me provide some high level thoughts on our performance in the third quarter. Our financial results in the third quarter included revenue that was down across all three of our sales channels reflective of general market conditions. Not surprisingly, the decline in revenues weighed on adjusted EBIDA margin performance.

儘管我們今天面臨短期挑戰，但我們對業務的長期基本面充滿信心。現在讓我對我們第三季的表現提供一些高層次的想法。我們第三季的財務業績包括我們所有三個銷售管道的收入下降，這反映了整體市場狀況。毫不奇怪，營收下降影響了調整後的 EBIDA 利潤率表現。

The resilience of our business model allowed us to still deliver solid cash flow generation. Despite the decrease in revenues, our balance sheet remains stable with net leverage at the end of the third quarter at 2.0 times, which is within our stated long term target range of 2 times to 3 times.

我們業務模式的彈性使我們仍然能夠產生穩定的現金流。儘管收入下降，我們的資產負債表保持穩定，第三季末的淨槓桿率為2.0倍，在我們既定的2倍至3倍的長期目標範圍內。

Turning to the performance of our sales channels which Anselm will expand upon shortly. Total self-storage was down 22.4%, tighter borrowing standards and elevated interest rates continue to cause operators and developers to delay projects until economic conditions get more clarity. Our commercial and other sales channel was down 7.8% for the quarter relative to the third quarter of last year, reflecting decreased demand for carports and sheds which was partially offset by the strength in TMC.

談到我們的銷售管道的績效，Anselm 很快就會擴展該管道。自存儲總量下降了 22.4%，更嚴格的借貸標準和更高的利率繼續導致運營商和開發商推遲項目，直到經濟狀況變得更加明朗。與去年第三季相比，本季我們的商業和其他銷售管道下降了 7.8%，反映出對車棚和棚屋的需求下降，但 TMC 的強勁勢頭部分抵消了這一下降。

Now turning to Nokē, our innovative suite of remote access solutions expected new installs from Nokē 1 slowed slightly in the quarter as customers held out for the Nokē Ion rollout in early October. As a result, the number of installed units increased to 346,000 from 323,000 at the end of the third quarter representing a sequential growth of 7.1%.

現在轉向 Nokä，我們的創新遠端存取解決方案套件預計本季 Nokä 1 的新安裝量將略有放緩，因為客戶堅持在 10 月初推出 Nokä Ion。因此，安裝數量從第三季末的 323,000 台增至 346,000 台，季增 7.1%。

With its unique and flexible customization capabilities and updated pricing structure we anticipate healthy demand for Nokē Ion. Our combination of strong liquidity and continued solid cash generation, put us in a position to be active in our capital allocation activities for the quarter. For the third quarter, repurchase 4.3 million shares for a total cost of $45.5 million as part of our previously announced $100 million share repurchase program.

憑藉其獨特而靈活的客製化能力和更新的定價結構，我們預計對 Nokä Ion 的健康需求。強大的流動性和持續穩定的現金產生相結合，使我們能夠積極參與本季的資本配置活動。作為我們先前宣布的 1 億美元股票回購計畫的一部分，第三季將回購 430 萬股股票，總成本為 4,550 萬美元。

In summary, despite near term challenges, we remain encouraged by the fundamentals that we expect will drive long term growth for our company. We are focused on the things we can control safely and reliably delivering services and solutions for our customers. We are the premier provider for self-storage industry and we will continue to innovate and evolve the business as the market changes, we look forward to expanding our strong market position and creating long term value for all of our stakeholders in 2024 and beyond.

總之，儘管近期面臨挑戰，但我們仍然對基本面感到鼓舞，我們預期這將推動公司的長期成長。我們專注於我們可以控制的事情，安全可靠地為客戶提供服務和解決方案。我們是自助倉儲產業的首要供應商，我們將隨著市場的變化不斷創新和發展業務，我們期待擴大我們強大的市場地位，並在 2024 年及以後為所有利害關係人創造長期價值。

With that, I'll turn the call over to Anselm for a further overview of our results along with updates to our 2024 guidance. Anselm.

接下來，我將把電話轉給 Anselm，以進一步了解我們的結果以及 2024 年指南的更新。安瑟姆.

Thanks Ramey, and good morning, everyone. As Ramey stated, we are executing against a challenging landscape. In the third quarter, consolidated revenue of $230.1 million was 17.9% lower as compared to the prior year quarter with declines in all three sales channels. As Ramey stated, our self-storage business was down 22.4%. New construction was down 12.6% while R3 was off 34.4% for the quarter. We saw continued project deferrals in both new construction and R3. While we haven't seen a material increase in project cancellations, we now expect these delays to persist through the end of 2024.

謝謝拉米，大家早安。正如拉米所說，我們正在面對充滿挑戰的環境。第三季度，綜合營收為 2.301 億美元，比去年同期下降 17.9%，三個銷售管道均下滑。正如 Ramey 所說，我們的自助倉儲業務下降了 22.4%。本季新建築下降 12.6%，而 R3 下降 34.4%。我們看到新建築和 R3 的項目持續延長。雖然我們沒有看到專案取消數量大幅增加，但我們現在預計這些延誤將持續到 2024 年底。

The decline in revenue was 90% volume and 10% price. As we've discussed previously, our commercial actions are meant to reflect the premium solutions we offer. The price component of the impact on revenues this quarter reflects our proactive efforts to remain competitive.

收入下降了 90% 的數量和 10% 的價格。正如我們之前討論的，我們的商業行為旨在反映我們提供的優質解決方案。本季收入影響的價格部分反映了我們為保持競爭力所做的積極努力。

Our commercial and other segments saw a 7.8% decline in the third quarter driven by overall markets office and continued weakness in demand for carports and sheds offset somewhat by contributions from the TMC acquisition. Third quarter, adjusted EBITDA of $43.1 million was down 43.4% compared to third quarter of 2023.

我們的商業和其他部門在第三季下降了 7.8%，因為整體市場辦公室以及車棚和棚屋需求持續疲軟，但 TMC 收購的貢獻在一定程度上抵消了這一影響。第三季調整後 EBITDA 為 4,310 萬美元，較 2023 年第三季下降 43.4%。

This resulted in adjusted EBITDA margin of 18.7% compared to 27.2% in the prior year period. While the decline in EBITDA margin was primarily due to volume decreases. We also had an adjustment to our provision for credit losses in the quarter due to a customer of ours filing for bankruptcy and marketing conditions impacting some customers ability to make timely payments.

調整後 EBITDA 利潤率為 18.7%，而去年同期為 27.2%。而 EBITDA 利潤率的下降主要是因為銷售量下降。由於我們的一位客戶申請破產，並且行銷條件影響了一些客戶及時付款的能力，我們也調整了本季度的信用損失撥備。

For the third quarter, we produce adjusted net income of $15.7 million of 59.8% year over year decline and adjusted diluted earnings per share of $0.11. We generated cash from operating activities of $43 million continuing to demonstrate the robust cash generation profile of the business. Capital expenditures in the quarter were $3.7 million compared to $3.9 million in the third quarter of 2023. For the third quarter, we generate free cash flow of $39.3 million on a trailing 12 month basis this represented a free cash flow conversion of adjusted income of 134%.

第三季度，我們的調整後淨利為 1,570 萬美元，年減 59.8%，調整後攤薄每股收益為 0.11 美元。我們從經營活動中產生了 4,300 萬美元的現金，繼續展示了該業務強勁的現金產生能力。本季的資本支出為 370 萬美元，而 2023 年第三季的資本支出為 390 萬美元。第三季度，我們在過去 12 個月的基礎上產生了 3,930 萬美元的自由現金流，這意味著調整後收入的自由現金流轉換率為 134%。

We finished the quarter with $226.7 million in total liquidity including $102.1 million of cash and equivalents on the balance sheet. Our total outstanding long term debt at quarter end was $586.1 million and net leverage was 2 times. During the quarter, we executed against our $100 million share repurchase program year-to-date we have repurchased 6 million shares for $70.9 million.

本季末，我們的流動資金總額為 2.267 億美元，其中包括資產負債表上的 1.021 億美元現金和等價物。截至季末，我們的未償長期債務總額為 5.861 億美元，淨槓桿率為 2 倍。在本季度，我們執行了 1 億美元的股票回購計劃，年初至今我們已以 7,090 萬美元的價格回購了 600 萬股股票。

Now moving to our 2024 guidance, so far in the fourth quarter, we are seeing a continuation of trends that began earlier this year with softness and demand and project delay persisting. We now expect challenges in deferrals and demand to continue for the remainder of 2024. While we had hoped that the interest rate cut in September would have had a more positive immediate impact anticipation of additional rate cuts before year end as developers continuing to delay.

現在轉向我們的 2024 年指導，第四季度到目前為止，我們看到今年早些時候開始的趨勢延續，需求疲軟，需求和專案延遲持續存在。我們現在預計延期和需求方面的挑戰將在 2024 年剩餘時間內持續存在。雖然我們原本希望 9 月的降息能產生更積極的直接影響，但由於開發商繼續推遲，預計年底前還會進一步降息。

As such, we have adjusted our full year 2024 guidance for revenue and adjusted EBITDA as follows. We now expect revenue to be in the range of $910 million to $925 million. We anticipate adjusted EBITDA to be in the range of $195 million $205 million which equates an adjusted EBITDA margin at the midpoint of 21.8% for 2024.

因此，我們調整了 2024 年全年收入指引，並調整了 EBITDA，具體如下。我們現在預計收入將在 9.1 億美元至 9.25 億美元之間。我們預計調整後 EBITDA 將在 1.95 億美元至 2.05 億美元之間，相當於 2024 年調整後 EBITDA 利潤率為 21.8% 的中點。

While we are adjusting the outlook for 2024. Down from our prior guidance, we believe the long term fundamentals for the self-storage industry are intact and our long term framework remains in place. As a reminder that long term outlook does not factor in impacts with commercial actions. As we mentioned on the second quarter call in early third quarter, we instituted commercial actions to better align our pricing for new projects with the recent declines in steel pricing that we have seen since the beginning of 2024. We expect to see the impacts from these actions during 2025.

同時我們正在調整 2024 年的前景。根據我們先前的指導，我們相信自助倉儲產業的長期基本面完好無損，我們的長期框架仍然存在。提醒您，長期前景不考慮商業行為的影響。正如我們在第三季初的第二季電話會議上提到的，我們採取了商業行動，以便更好地將新項目的定價與 2024 年初以來鋼鐵價格的下跌相結合。我們預計將在 2025 年看到這些行動的影響。

As we look into 2025 we expect improved market conditions from a combination of factors that Ramey discussed earlier around R3 demand. Nokē Ion a full year contribution from TMC and our commercial and other sales channel. We also anticipate that we will have realized some of the benefits of our structural cost reduction plan which is expected to generate approximately $8 million to $12 million of annual pre-tax cost savings. We expect to record total estimated onetime pretax charges of $2 million to $4 million in connection with the plan. One additional note, we expect to file our 10-Q on November 1. Thank you.

展望 2025 年，我們預計市場狀況將有所改善，原因是 Ramey 之前討論過的有關 R3 需求的綜合因素。Nokä Ion 來自 TMC 以及我們的商業和其他銷售管道的全年貢獻。我們也預計，我們將實現結構性成本削減計劃的一些好處，該計劃預計每年可節省約 800 萬至 1200 萬美元的稅前成本。我們預計與該計劃相關的一次性稅前費用預計總額為 200 萬至 400 萬美元。另請注意，我們預計於 11 月 1 日提交 10-Q。謝謝。

I will now turn the call over to Ramey for his closing remarks, Ramey.

現在我將把電話轉給雷米，讓他作結束語，雷米。

Thank you again, Anselm. The hard work we have done and the momentum we have built are allowing us to face near term challenges while executing against our capital allocation goals. As Anselm mentioned, despite near term headwinds, our long term objectives remain intact. The demand drivers for self-storage are life event driven and those events continue to happen.

再次感謝你，安瑟姆。我們所做的辛勤工作和所建立的勢頭使我們能夠在執行資本配置目標的同時應對近期挑戰。正如安塞姆所提到的，儘管近期存在阻力，但我們的長期目標仍然完好無損。自助儲存的需求驅動因素是生活事件驅動的，而這些事件不斷發生。

Occupancy rates remain elevated from historical norms. We have conviction in our model and optimism going into next year and believe that we will be well positioned to capitalize on the market recovery when it occurs. We are the industry leader in self-storage, providing full solutions to our customers. With our balance sheet strength, our strong cash flow foundation, we will continue expanding our suite of offerings and capabilities while seeking out and delivering a creative shareholder value enhancing opportunities. I look forward to continuing to execute on our plan as we work to drive long term value creation for all of our stakeholders. Thank you again for joining us.

入住率仍高於歷史水準。我們對我們的模式充滿信心，並對明年持樂觀態度，並相信我們將處於有利地位，能夠在市場復甦發生時利用它。我們是自助倉儲產業的領導者，為客戶提供完整的解決方案。憑藉我們的資產負債表實力和強大的現金流基礎，我們將繼續擴大我們的產品組合和能力，同時尋找並提供創造性的股東價值提昇機會。我期待著繼續執行我們的計劃，並努力為所有利害關係人創造長期價值。再次感謝您加入我們。

Operator, we can now open up the lines for Q&A.

接線員，我們現在可以開通問答線了。

(Operator Instructions)

（操作員說明）

Jeff Hammond, KeyBanc Capital Markets.

Jeff Hammond，KeyBanc 資本市場。

Hey, good morning guys. Hey, so last quarter it seemed like you felt pretty good that you scrubbed the backlog and understood the deferrals. And I'm just wondering, what really changed here to warrant kind of the meaningful cut and then maybe just speak to what you're seeing on new order incoming order activity and any cancellations.

嘿，早上好，夥計們。嘿，上個季度，您似乎感覺很好，因為您消除了積壓並理解了延期。我只是想知道，這裡真正發生了什麼變化來保證有意義的削減，然後也許只是談談您在新訂單傳入訂單活動和任何取消訂單中看到的情況。

Thanks Jeff. I think, one of the big things that change is that we did do the scrub and we continue to do the scrub is that a lot of the projects that we had hoped that would release based on the interest rate cut did not release. So we're just seeing the same as what we saw in the prior court with stuff not moving. That was a big change from the last kind of look of it when we did the scrub.

謝謝傑夫。我認為，最大的變化之一是我們確實進行了清理，並且我們繼續進行清理，我們原本希望根據降息釋放的許多項目沒有釋放。所以我們看到的情況與我們在之前的法庭上看到的情況相同，東西沒有移動。與我們進行磨砂時的最後外觀相比，這是一個很大的變化。

I think the other thing is, as you guys know, it's probably when the fed kind of provided the rate cut, they also provided two further proposed cuts coming this year. And I don't think that did help in terms of to our developers, now that they at least have a visibility to more in the by the end of this year. So I think we got more of the same push back in terms of from a financial point of view.

我認為另一件事是，正如你們所知，當聯準會提供降息的時候，他們還提供了今年進一步的兩次降息建議。我認為這對我們的開發人員沒有幫助，因為他們至少在今年年底可以看到更多內容。因此，我認為從財務角度來看，我們也受到了更多相同的阻力。

Okay. Can you just talk about incoming order rates and any cancellations?

好的。能談談收到的訂單費率和取消訂單的情況嗎？

Yeah, look, in terms of new orders, it's status quo, it's the roots and the larger operators continue to do business as usual. I think the most impacted kind of customer segment was the non-institutional operator and the mom and pops. And that's kind of on the new supply side, the R3, there are some bright spots on the R3 side of it. We are starting to see some momentum kind of in the pipeline and also conversion into backlog that we're optimistic and then also an acceleration on the Nokē Ion opportunity on the tech side of the business.

是的，就新訂單而言，這是現狀，是根源，較大的營運商繼續照常營業。我認為受影響最大的客戶群是非機構經營者和夫妻店。這就是新供應方 R3，R3 方面有一些亮點。我們開始看到一些勢頭正在醞釀之中，並且也轉化為我們樂觀的積壓訂單，然後 Nokä Ion 在業務技術方面的機會也在加速。

Okay? And then lastly decrementals are, obviously this is this come pretty swift but decrementals are pretty harsh. Anything else you guys can do to mitigate, the decrementals versus some of the restriction. I noticed SG&A kind of surprisingly ticked up here sequentially despite, kind of expectations for lower activity.

好的？最後是減量，顯然這來得相當快，但減量卻相當嚴酷。你們還可以採取其他措施來緩解，即減量與某些限制。我注意到，儘管人們預期活動會減少，但銷售及管理費用（SG&A）卻連續令人驚訝地上升。

Yeah, we're definitely look, that's why we gave a range. We're not complete with our phase two of our structural cost adjustments. If you look through when the queue is published at the end of the week. You'll see that there is a bad debt that we had taken as one of our big customers went bankrupt. That impacted that line.

是的，我們肯定會看，這就是我們給出一個範圍的原因。我們的結構性成本調整的第二階段尚未完成。如果您查看隊列在周末發布的時間。您會看到，由於我們的一位大客戶破產，我們承擔了一筆壞帳。這影響了那條線。

How -- what was the magnitude of that?

其影響有多大？

If you look at the queue, the adjusted amount was about $6.5 million, they hit the, adjusted EBITDA.

如果你看一下隊列，調整後的金額約為 650 萬美元，他們達到了調整後的 EBITDA。

Okay, thanks a lot.

好的，非常感謝。

Thanks Jeff.

謝謝傑夫。

Reuben Garner, Benchmark.

魯本·加納，基準。

Thank you. Good morning guys. So I guess, can a couple things on the long term framework that you're referencing? Can you remind us what that is? And you said it doesn't include commercial actions. Can we get some detail on exactly how much those commercial actions are going to reduce price over the next year? And I guess that seems like a structural change. I mean, steel prices are still above where they were pre 2020. So if you're having to reset prices that, I'd imagine you don't expect steel to go back up anytime soon. So you know that the long term framework for margins and growth need to be adjusted.

謝謝。早安，夥計們。所以我想，您所引用的長期框架可以做些什麼嗎？你能提醒我們那是什麼嗎？你說這不包括商業行為。我們能否詳細了解這些商業行動將在明年降低價格多少？我想這似乎是一個結構性變化。我的意思是，鋼材價格仍高於 2020 年之前的水平。因此，如果您必須重新調整價格，我想您不會指望鋼鐵價格會很快回升。所以你知道，利潤和成長的長期框架需要調整。

I'll make one comment and then you can kind of speak to the modeling but Reuben in our opinion. I mean, depending on the election, I think one of the candidates is talking about further. Yeah, tariffs. And so it's of our opinion that if that side of the house wins, we'll certainly see steel go the opposite direction. You are right. Still at a near time low right now, but certainly not where it was, before 2020 so to speak. So that's just our opinion on the Steel movement as it relates to what happens with the election.

我會發表一條評論，然後你可以談談模特，但我們認為魯本。我的意思是，根據選舉情況，我認為其中一位候選人正在進一步討論。是的，關稅。因此，我們認為，如果一方獲勝，我們肯定會看到鋼鐵走向相反的方向。你是對的。目前仍處於近乎歷史低點，但肯定不是 2020 年之前的水平。這只是我們對鋼鐵運動的看法，因為它與選舉有關。

And in terms of the long term framework, I think we haven't changed the margins 25% to 27%. The reason why we're just pointing it out is that we identified last quarter that we had taken some commercial actions that will impact us in 2025. The guide, the kind of ballpark we said it would be probably be about kind of high single digits in the storage part of our business is the impact. We do have the offset from a cost point of view. That's why we're still holding to the long term framework from a margin point of view. So despite having to give up some of the price on the storage piece will get some offset on the cost side.

就長期框架而言，我認為我們沒有將利潤率從 25% 改為 27%。我們之所以只是指出這一點，是因為我們在上個季度發現我們採取了一些商業行動，這些行動將在 2025 年影響我們。我們所說的指南可能會影響我們業務的儲存部分的高個位數。從成本角度來看，我們確實有抵銷。這就是為什麼從利潤角度來看我們仍然堅持長期框架。因此，儘管必須放棄儲存部分的部分價格，但仍會在成本方面得到一些抵消。

Okay. That's helpful. And then in terms of the further delays or continued delays, if you will, can you just help us understand how this works? I mean, I can I understand it on the R3 side. If projects are put on hold. But I thought maybe there would be more visibility into the new construction side of the business. Given that you guys come later in the cycle are those projects being stopped in the middle of a job or the impacts you're seeing now just from projects that didn't start six, nine months ago, just help us walk through the dynamic there.

好的。這很有幫助。然後，就進一步延遲或持續延遲而言，如果您願意的話，您能否幫助我們了解這是如何運作的？我的意思是，我可以在 R3 方面理解它。如果項目被擱置。但我認為也許人們會對業務的新建設方面有更多的了解。考慮到你們在周期的後期是那些項目在工作中被停止，或者你們現在看到的影響只是來自六、九個月前沒有開始的項目，請幫助我們了解那裡的動態。

Yeah, we're seeing both. So there's actually projects that have started and then they just put it on hold in terms of where they're at. And then to your point, there's a lot of projects that were planned to start that have not started, that should have started if you look to follow the normal schedule.

是的，我們兩者都看到了。因此，實際上有些項目已經開始，但他們只是根據目前的情況將其擱置。然後就你的觀點而言，有很多計劃啟動的專案尚未啟動，如果你希望遵循正常的時間表，這些專案應該已經啟動。

Great. Thanks guys, I appreciate the color. Good luck.

偉大的。謝謝大家，我很欣賞這個顏色。祝你好運。

Philip Ng, Jefferies.

菲利普‧吳，杰弗里斯。

Hey guys, I think you're still pointing to maintaining your longer term margins over time. But certainly if I look at your guidance for the fourth quarter implies, I think mid-teen type EBITDA margins, you know, appreciating some of these cost out efforts may not kick in, into overdrive right away. If demand stays pretty muted, like what we're seeing in the back half of this year is mid-teen EBITDA margins the way to think about 2025. Do you need any kind of demand and pricing to kind of really bounce off here? You get back to like the longer term profile. How should we think about some of these?

嘿夥計們，我認為你們仍然指出隨著時間的推移保持長期利潤率。但當然，如果我看一下你們對第四季度的指導，我認為中位數的 EBITDA 利潤率，你知道，欣賞其中一些成本支出的努力可能不會立即開始超速運轉。如果需求保持相當低迷，就像我們在今年下半年看到的那樣，2025 年的 EBITDA 利潤率將達到青少年水準。您是否需要任何類型的需求和定價才能真正反彈？您會重新喜歡長期的概況。我們該如何思考其中的一些？

Yeah, without providing guidance, we are not trying to get '25 yet. The way we look at it, if you look at the Q4 number, it's extreme low volume. Yes, we're trying to put a realistic number into the Q4 number. And that's why you saw the adjustment there. And obviously the cost action that we announced will have minimal impact in Q4, they'll probably hit majority in '25.

是的，如果不提供指導，我們還不會嘗試達到 25 歲。從我們的角度來看，如果你看一下第四季的數字，你會發現成交量極低。是的，我們正在嘗試將一個現實的數字放入第四季度的數字中。這就是為什麼你看到了調整。顯然，我們宣布的成本行動對第四季的影響微乎其微，他們可能會在 25 年達到多數。

And then the other thing is once, we have obviously balance of TMC coming next year, we have some of the Nokē Ion that we talked about that's driving that's coming through is as well next year. So I think the way we look at it at least early on for right now is that if volume gets back to a somewhat normalized kind of range that we think it's going to be we'll get back into the above the teams and that's why we haven't kind of changed from what we see from a margin point of view.

然後另一件事是，我們明年顯然會實現 TMC 的平衡，我們有一些我們談到的 Nokä Ion 正在推動明年的發展。所以我認為我們至少現在的看法是，如果交易量回到某種正常化的範圍，我們認為我們將回到上述團隊，這就是為什麼我們從利潤的角度來看，我們看到的情況並沒有發生任何變化。

Okay. And are you curtailing production in the fourth quarter because demand is much weaker than you would have thought. Does that have an impact on margins the fourth quarter as well?

好的。您是否會在第四季度削減產量，因為需求比您想像的要弱得多。這是否也會對第四季的利潤率產生影響？

Yes, that's why you see that margin rate hit in terms of what Q4 is by itself because the volume is down a lot. I mean, what we try to do again, we've been scrubbing the back on continuously. What we want to do is really, just, at this point, not knowing when these projects are going to come off hold, we said look, I don't think we're going to have to, we're going to forecast any release of the stuff that's on hold at this point and just continue the stuff that is coming through and just let that be the assumption at this point.

是的，這就是為什麼你會看到第四季的保證金率受到影響，因為交易量大幅下降。我的意思是，我們再次嘗試做的事情是，我們一直在不斷地擦洗背面。我們真正想做的是，在這一點上，不知道這些項目何時會停止，我們說看，我認為我們不必這樣做，我們將預測任何釋放此時被擱置的內容，繼續正在進行的內容，並讓這成為此時的假設。

They eventually have to get released. And I think the one they'll point to is that our international business again, when you guys see the queue, We had mentioned that they went through this as well and they finally got to I would say flattish to slight growth in Q3 went through a similar thing like this and that's kind of what we're hoping that these projects start releasing.

他們最終必須被釋放。我認為他們會再次指出的是我們的國際業務，當你們看到隊列時，我們提到他們也經歷了這個，他們最終做到了我會說第三季度的平穩增長經歷了類似的事情，這就是我們希望這些項目開始發布的內容。

Okay, how are your backlogs looking and how much visibility do you have? I mean, it doesn't sound like you're seeing cancellations, but, well, I guess, are you seeing cancellations? Like what are your backlogs telling you?

好的，您的積壓情況如何？我的意思是，聽起來您沒有看到取消，但是，我想，您看到取消了嗎？例如你的積壓訂單告訴你什麼？

Yeah, we're not seeing cancellations. Any meaningful changes there. I think what we're seeing is a small decline in the backlog. And that would make sense if you have you customers thinking that, that they're putting projects on hold, they're not going to put more in the backlog until they start these projects. And that's kind of what we were seeing. It's not a meaningful change from what we see, but it is slightly lower.

是的，我們沒有看到取消。那裡有任何有意義的改變。我認為我們看到的是積壓的情況略有下降。如果您的客戶認為他們正在擱置項目，並且在開始這些項目之前不會在積壓中投入更多資金，那麼這是有道理的。這就是我們所看到的。從我們所看到的來看，這並不是一個有意義的變化，但略低一些。

And the pipeline remains strong.

而且管道仍然強勁。

Okay. And then when we talk about project delays, I believe it's really largely at the contractor level, not at the end customer level. So contractually, that's what you guys have. How much latitude do these customers have in terms of delaying? Is it like three months? Is there a window to like delay it to like a year or there's not much, contractual limitations in terms of how long they can delay.

好的。然後，當我們談論專案延遲時，我認為這實際上主要是在承包商層面，而不是最終客戶層面。所以按照合同，這就是你們所擁有的。這些客戶在延遲方面有多大的自由度？好像是三個月吧？是否有一個窗口可以推遲一年，或者在可以推遲多長時間方面沒有太多合約限制。

Yeah, that's a good question. I think it's on both levels. I think you have kind of the developers, waiting for a better macro and then you have the contractors that have the ability to press pause, but there's certainly a shelf life to that. You know, that at some point in time they'll certainly release, I mean, there's already investment made into the asset. And so time will tell that's why we muted the Q4, but there's no question at some point in time that they'll release out of the backlog.

是的，這是個好問題。我認為這是兩個層面的。我認為開發商正在等待更好的宏觀，然後承包商有能力按下暫停鍵，但這肯定有一個保質期。你知道，在某個時間點他們肯定會釋放，我的意思是，已經對該資產進行了投資。因此，時間會證明這就是我們將第四季度靜音的原因，但毫無疑問，他們會在某個時間點從積壓中釋放出來。

Okay. And then just one last one for me. Ramey, I think the weakness you're seeing is largely the mom and pop operators and the non-institutional side of things. Are you losing share in that market by any chance. And have you seen, heightened price competition just outside of steel prices, right. I mean, that I fully get, you're just passing that through, but are you seeing more competition and share movement in this current backdrop?

好的。然後是我的最後一件事。拉米，我認為你看到的弱點主要是夫妻經營者和非機構方面。您是否有可能失去該市場的份額？您是否看到了，鋼鐵價格以外的價格競爭加劇了，對嗎？我的意思是，我完全明白，您只是將其傳遞出去，但是在當前背景下您是否看到了更多的競爭和分享運動？

Yeah, I think there are more competitors, not concerned about losing share. I think when you look at our model, we're not just a door manufacturer and I think the market appreciates that. There certainly will be opportunistic. You know, decisions made on low price, but that's certainly not sustainable in a market like this. You want a supplier that has a strong balance sheet that has a good business model to support the growth. So I'm not necessarily concerned about it. I'm certainly paying attention to it, but I'm not overly concerned about it.

是的，我認為有更多的競爭對手，不擔心失去份額。我認為，當您查看我們的模型時，您會發現我們不僅僅是一家門製造商，而且我認為市場對此表示讚賞。肯定會有機會主義。你知道，決策是基於低價做出的，但這在這樣的市場上肯定是不可持續的。您需要一家擁有強大資產負債表、良好商業模式來支持成長的供應商。所以我不一定擔心它。我當然在關注它，但我並不過分擔心。

Okay, appreciate all the color guys.

好吧，欣賞所有的顏色傢伙。

Daniel Moore, CJS Securities.

丹尼爾·摩爾，CJS 證券。

Yes, thank you again. Ramey, Anselm for taking questions, maybe a little bit of a repeat, but it just, you know, big picture, trying to marry the idea that customers not wanting to delay investment for too long for fear of losing share versus the kind of pull back. So when you speak to those midtier, self-storage customers, how much of it directly is interest rate and election uncertainty versus, any discussion around kind of supply demand balance that may take a little bit longer to work through.

是的，再次感謝您。Ramey、Anselm 回答了問題，也許有點重複，但這只是，你知道，大局，試圖結合這樣的想法：客戶不想因為擔心失去份額而推遲投資太久，而不是那種拉動後退。因此，當你與那些中層自助倉儲客戶交談時，其中有多少直接是利率和選舉的不確定性，而任何圍繞供需平衡的討論可能需要更長的時間才能完成。

It's hard to tell you we don't have a direct, saying it's this reason for that reason. I think we get both from the uncertainty. I think there's just, if you ask the customers and we ask, we pulled a lot of them. It's just it's a wait and see game right now because the at least from an interest rate side, there's already the forecast of two more coming down. And then from the election side is that which party wins and like Ramey alluded to, is there something that from a cost point of view that they have to be worried about in terms of projects if the steel price, goes up because of the tariffs. So I think it's still a mix of both in that we're at least hearing.

很難告訴你我們沒有直接說是這個原因那個原因。我認為我們從不確定性中得到了兩者。我認為，如果你問客戶，我們也問，我們會吸引很多客戶。現在只是觀望，因為至少從利率方面來看，已經有兩次利率下調的預測。然後從選舉方面來看，哪個政黨獲勝，就像雷米提到的那樣，從成本的角度來看，如果鋼鐵價格因關稅而上漲，他們是否必須擔心專案方面的問題。所以我認為這仍然是兩者的混合體，因為我們至少聽到了這一點。

Yeah, just a little more color to it. I would say that the true mom and pops are 100% on the sidelines right now from an interest rate perspective and lending requirement perspective. And then there's more of the institutional non-re that have capital that are being opportunistic on interest rates. And then, like I mentioned earlier, the rates are just, business as usual.

是啊，只是顏色多一點而已。我想說，從利率角度和貸款需求角度來看，真正的媽媽和流行人士現在 100% 都在觀望。還有更多的非再保險機構擁有在利率上投機的資本。然後，就像我之前提到的那樣，價格正常，一切如常。

Got it helpful. Just switching gears. The credit loss in the quarter. Are there -- is there any incremental or additional, built into the Q4 guide? And are there any other customers that are materially behind on payments?

得到它有幫助。只是切換齒輪。本季信用損失。Q4 指南中是否有任何增量或附加內容？還有其他客戶嚴重拖欠付款嗎？

Yeah, I think that when we took the, had the one customer that went bankrupt, we took a more thorough deep dive of all our customer sets. That's why there is an additional reserve that was put against kind of the other remaining accounts. There's not an incremental assumed in Q4 at this point in time based on what we see. But I think it's just a, we just want to make sure we appropriately reserved for any risk that we see in there. And I think this was unfortunately customer banker was a long-time customer and a very large customer. So that did have a meaningful impact in the quarter.

是的，我認為當我們有一個破產的客戶時，我們對所有客戶群進行了更徹底的深入研究。這就是為什麼有一個額外的準備金是針對其他剩餘帳戶的。根據我們的觀察，目前第四季沒有增量。但我認為這只是一個，我們只是想確保我們適當地保留了我們在那裡看到的任何風險。我認為不幸的是，客戶銀行家是一位長期客戶，也是一位非常大的客戶。因此，這確實對本季產生了有意義的影響。

Got it, but nothing additional, that's at least in the.

明白了，但沒有什麼額外的，至少在。

Additional at this point.

此時補充一下。

Okay. And then touched on this in the earlier questions, but you've got the impact from commercial actions coming through next year that you described previously. So are you saying that's going to be a little bit greater or sort of just reiterating that first and then second, given the revised guidance off of certainly a lower base and the optimism that you're describing for '25. You know expect net to be flattish down a bit in terms of top line '25. I know you don't want the guidance range, but I'm just trying to marry what else together.

好的。然後在前面的問題中談到了這一點，但是您已經看到了您之前描述的明年商業行動的影響。那麼，考慮到修訂後的指導意見肯定是基於較低的基數以及您對 25 年所描述的樂觀情緒，您是說這會更大一些，還是只是重申一下這一點，然後再重申一下。您知道，預計 25 年的淨收入將略有下降。我知道您不想要指導範圍，但我只是想將其他內容結合在一起。

The way we think about it. Dan right now is that we're I don't see a change from what we provided in Q2 in terms of the price commercial actions that we did. So it's still same assumption that we're saying for that piece of it. And I think the other items that Ramey had referred to that are positive for next year still remain in terms of balance of TMC, the Nokē Ion trend that's improving and it's been a positive trend that beta has worked out really well and we're seeing good orders coming through there. So our expectation is we should see some positives from those pieces. And the last one is that we're still seeing M&A action within the self-storage industry which will drive more that R3 that we're starting to see again.

我們思考的方式。丹現在是，我認為我們所做的價格商業行動與我們在第二季度提供的內容相比沒有變化。所以我們對這一部分所說的仍然是相同的假設。我認為 Ramey 提到的其他對明年有利的項目在 TMC 平衡方面仍然存在，Nokä Ion 趨勢正在改善，而且 Beta 效果非常好，這是一個積極的趨勢，我們正在看到那裡有好的訂單。所以我們的期望是我們應該從這些作品中看到一些正面的一面。最後一點是，我們仍然看到自助倉儲產業內的併購行動，這將推動我們再次開始看到的 R3 的發展。

Okay. And last for me, you obviously ramped up share purchase activity. You know, with the further share price weakness this morning, what is your appetite and continue to aggressively buy back stock? And you know, is it situation where the board can re up. You have that flexibility based on what's left in the current authorization? Thanks again.

好的。最後對我來說，你顯然增加了股票購買活動。你知道，隨著今天早上股價的進一步疲軟，你的胃口是什麼並繼續大舉回購股票？你知道，在這種情況下董事會可以重新成立嗎？根據目前授權中剩餘的內容，您有這種靈活性嗎？再次感謝。

Yeah, and definitely, obviously we still feel the stock is undervalued, especially even at today's price. So definitely we will be in the market again.

是的，當然，顯然我們仍然認為該股票被低估，特別是即使以今天的價格。所以我們肯定會再次進入市場。

Brad Hewitt, Wolfe Research.

布拉德休伊特，沃爾夫研究公司。

Hi, good morning guys. Thanks for taking my questions. So curious what you guys are assuming in terms of the phasing of when some of the delayed storage projects come back. And as we think about the Q4 guidance, is there any way you could quantify the magnitude of those delays out of Q3 that you previously expected to come back in Q4? And those are now pushed to '25.

嗨，大家早安。感謝您回答我的問題。很好奇你們對一些延遲的儲存項目何時恢復的分階段進行假設。當我們考慮第四季度的指導時，有沒有什麼方法可以量化第三季度的延遲程度，而您之前預計第四季度會出現延遲？現在這些都被推到了'25。

So I tell you like, if you just did without trying to give me exact number Brad, if you look at the storage piece of it, I would say it's equally among all the storage and the commercial in terms of what we're assuming here right now, we just looked at it and say, hey, look, storage looks like it's just not moving here. So we're just going to keep the same assumption there.

所以我告訴你，如果你只是沒有試圖給我確切的數字，布拉德，如果你看看它的存儲部分，我會說，就我們在這裡假設的情況而言，它在所有存儲和商業中是平等的現在，我們只是看著它並說，嘿，看，儲存看起來好像沒有移動到這裡。所以我們將保留相同的假設。

And I think commercial again, we had thought that commercial would have bottom out. We just said, look, let's just look at it and say that doesn't come back as well and just leave it from an assumption same assumption. So I would say if you look at the, our readjustment forecast, it's just really carrying over what we saw in Q3 and the Q4, with the exception of the, obviously the holiday weeks and days that are in there.

我再次想到商業，我們曾認為商業將會觸底。我們只是說，看，讓我們看看它，然後說它也不會回來，然後將其保留在相同的假設中。所以我想說，如果你看看我們的重新調整預測，它確實延續了我們在第三季和第四季看到的情況，但顯然假期週和天除外。

Yeah, that one more thing, I think when you look at where we are today versus last quarter, the drivers of the headwinds remain the same. There have not really been interest rate cuts. In fact, I believe it's been the opposite and then we also have this looming election. So the macro from our perspective has not changed whatsoever. That's why we just deferred it to the next quarter.

是的，還有一件事，我認為當你看看我們今天與上個季度的情況時，逆風的驅動因素仍然是一樣的。並沒有真正降息。事實上，我認為情況恰恰相反，而且我們也面臨即將到來的選舉。所以從我們的角度來看，宏觀沒有任何變化。這就是為什麼我們將其推遲到下個季度。

Okay. That's helpful. And then I guess just following up on the capital allocation point, it sounds like you're going to expect to be active deploying capital in the near term. I guess I'm curious as we fast forward a couple quarters. I mean, it seems like the denominator the EBITDA the net leverage calculation will likely step down a bit. So the net leverage may mathematically step up. So just curious, any thoughts on that and kind of how that could potentially constrain your willingness to deploy capital in the near term.

好的。這很有幫助。然後我想，只要跟進資本配置點，聽起來您預計會在短期內積極部署資本。當我們快進幾個季度時，我想我很好奇。我的意思是，淨槓桿計算的分母 EBITDA 可能會略有下降。因此，淨槓桿率在數學上可能會上升。所以只是好奇，對此的任何想法以及這可能如何限制您在短期內部署資本的意願。

Yeah, we've definitely look at that Brad. So great question there. I think we're still going to be well within our two to three net leverage ratio range that we've guided to. Despite the pressure on the EBITDA coming down in the past 12 months, but I think I don't see at least a major constraint at this point in terms of what we need to do.

是的，我們確實看過布拉德。這是一個很好的問題。我認為我們仍然會很好地保持在我們指導的兩到三倍的淨槓桿率範圍內。儘管 EBITDA 的壓力在過去 12 個月中有所下降，但我認為，就我們需要做的事情而言，我認為目前至少沒有遇到重大限制。

Great. Thank you.

偉大的。謝謝。

John Lovallo, UBS.

約翰‧洛瓦洛，瑞銀集團。

Hey guys, good morning. This is actually Spencer Kaufman on for John. Thank you for the questions. You know, maybe the first one just given that the headwind called out from election uncertainty. Do you expect to snap back in activity once we have more clarity on the outcome, you are projects being put on hold specifically because of this uncertainty and what would it take for projects to just be outright canceled as opposed to delayed?

嘿夥計們，早安。這其實是史賓塞·考夫曼為約翰代言的。謝謝你的提問。你知道，也許是第一個，因為選舉的不確定性帶來了逆風。一旦我們對結果有了更清晰的了解，您是否預計會恢復活動？

Look. I think our view is, not just really necessarily the election, but interest rates matter as well. I think it's a culmination of just the general macro. And so our view is and I've, I've been in this industry my entire career, I've been through some peaks and valleys in my experience is when the macro once we get through this law and the environment gets better, there's tremendous tailwinds in self-storage. And so that's, we're hopeful for kind of looking at the second half of '25. You know, very close to our customers and listening to kind of take their pulse and we just need to get through these uncertain times around the two kind of headwinds that we mentioned.

看。我認為我們的觀點是，不僅選舉確實必要，而且利率也很重要。我認為這是總體宏觀的頂峰。所以我們的觀點是，我整個職業生涯都在這個行業，我經歷過一些高峰和低谷，在我的經驗中，一旦我們通過了這項法律，環境變得更好，宏觀上就會有自助倉儲的巨大推動力。因此，我們對 25 年下半年充滿希望。你知道，我們非常接近我們的客戶，並傾聽他們的脈搏，我們只需要圍繞著我們提到的兩種逆風度過這些不確定的時期。

Okay, that makes sense. And was there any impact from recent hurricanes or weather in Florida and the Southeast, either in your third quarter results or in your revised outlook for 2024?

好吧，這是有道理的。最近佛羅裡達州和東南部的颶風或天氣對您的第三季業績或修訂後的 2024 年前景有何影響？

Yeah, just very small that we looked at fortunately there, the most of the sites that we're working on that are active, we're not in those major areas. I think the one of the things that is at least positive for us from a business point of view is we're starting to see some orders for, replacement doors for some of the other sites that were hit, that we're starting to see as well.

是的，幸運的是我們看到的網站很小，我們正在開發的大多數網站都是活躍的，我們不在那些主要領域。我認為從商業角度來看，至少對我們來說是積極的事情之一是，我們開始看到一些訂單，為其他一些受到打擊的網站更換門，我們開始看到以及。

Okay, got it. Thanks guys.

好的，明白了。謝謝你們。

Guys. And there are no further questions on the line at this time. I'll return the call to Ramey Jackson for any additional or closing remarks.

夥計們。目前線路上沒有其他問題。我將回電給雷米·傑克森電話，詢問任何補充或結束語。

Okay. Thank you everyone for joining us today. We appreciate your support of Janus and look forward to updating you on our progress. Have a great day. Be well.

好的。感謝大家今天加入我們。我們感謝您對 Janus 的支持，並期待向您通報我們的最新進展。祝你有美好的一天。祝你一切順利。

Well, this does conclude today's program. Thank you for your participation and you may now disconnect.

好了，今天的節目就到此結束了。感謝您的參與，您現在可以斷開連接。