Eastman Kodak Co (KODK) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Eastman Kodak Q1, 2021 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference may be recorded. (Operator Instructions) And apologies there will be no question and answer session for this call. I would now like to hand the conference over to your speaker today, Paul Dils. Please go ahead.

女士們，先生們，感謝你們的支持，歡迎來到伊士曼柯達 2021 年第一季度收益電話會議。 （操作員說明）請注意，今天的會議可能會被錄製。 （操作員說明）很抱歉，此電話沒有問答環節。我現在想把會議交給今天的發言人 Paul Dils。請繼續。

Thank you, and good afternoon, everyone. I am Paul Dell, Eastman Kodak Company's Chief Tax Officer and Director of Investor Relations. Welcome to Kodak's First Quarter 2021 Earnings Call. At 4:15 p.m. this afternoon, Kodak issued its press release and financial results for the first quarter 2021. You may access the presentation and the webcast for today's call on our investor center at investor.kodak.com. Today's call is focused solely on Kodak's financial condition and results and business operations.

謝謝，大家下午好。我是伊士曼柯達公司的首席稅務官兼投資者關係總監保羅戴爾。歡迎來到柯達 2021 年第一季度財報電話會議。下午 4:15今天下午，柯達發布了 2021 年第一季度的新聞稿和財務業績。您可以在我們的投資者中心 investor.kodak.com 訪問今天電話會議的演示文稿和網絡廣播。今天的電話會議僅關注柯達的財務狀況和業績以及業務運營。

During today's call, we will be making certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. All forward-looking statements are based upon Kodak's expectations and various assumptions. Future events or results may differ from those anticipated or expressed in the forward-looking statements. Important factors that could cause actual events or results to differ materially from these forward-looking statements include, among others, the risks, the uncertainties, and other factors described in more detail in Kodak's filings with the U.S. Securities and Exchange Commission from time to time. There may be other factors that may cause Kodak's actual results to differ materially from the forward-looking statements.

在今天的電話會議中，我們將根據 1995 年私人證券訴訟改革法案的定義做出某些前瞻性陳述。所有前瞻性陳述均基於柯達的預期和各種假設。未來事件或結果可能與前瞻性陳述中預期或表達的不同。可能導致實際事件或結果與這些前瞻性陳述存在重大差異的重要因素包括風險、不確定性和柯達不時向美國證券交易委員會提交的文件中更詳細描述的其他因素.可能還有其他因素可能導致柯達的實際結果與前瞻性陳述存在重大差異。

All forward-looking statements attributable to Kodak or persons acting on its behalf apply only as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included or referenced in this presentation. Kodak undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

所有可歸因於柯達或代表其行事的人的前瞻性陳述僅在本演示文稿發布之日適用，並且完全由本演示文稿中包含或引用的警告聲明明確限定。柯達沒有義務更新或修改前瞻性陳述以反映作出日期之後發生的事件或情況，或反映意外事件的發生。

In addition, the release just issued, and the presentation provided contains certain measures that are deemed non-GAAP measures. Reconciliations to the most directly comparable GAAP measures have been provided with the release and within the presentation on our website in our investor center at investor.kodak.com.

此外，剛剛發布的新聞稿和提供的演示文稿包含某些被視為非 GAAP 措施的措施。與最直接可比的 GAAP 措施的對賬已在我們的投資者中心 investor.kodak.com 的發布和介紹中提供。

Speakers on today's call are Jim Continenza, Kodak's Executive Chairman; and David Bullwinkle, Chief Financial Officer of Kodak. We will not be holding a formal Q&A during today's call.

今天電話會議的發言人是柯達執行主席 Jim Continenza；柯達首席財務官 David Bullwinkle。在今天的電話會議中，我們不會舉行正式的問答。

As always, the Investor Relations team is available for follow-up. I will now turn the call over to Jim.

與往常一樣，投資者關係團隊隨時可以跟進。我現在將電話轉給吉姆。

Welcome, everyone, and thank you for joining the first quarter earnings call for Kodak. I'd like to start by saying I'm pleased with the progress we've made during the past 2 years. Actions we have taken to strengthen our balance sheet, focus on core customers, develop sustainable solutions, and continue investing in innovations have created a foundation for growth and long-term value creation.

歡迎大家，並感謝您參加柯達第一季度財報電話會議。首先，我想說我對我們在過去 2 年中取得的進展感到滿意。我們為加強資產負債表、專注於核心客戶、開發可持續解決方案以及繼續投資創新而採取的行動為增長和長期價值創造奠定了基礎。

An example of some of our recent achievements are, we exceeded our revenue forecast and ended the first quarter 2021 with $401 million of cash and cash equivalents, resulting from our strategic initiatives, which we began more than 2 years ago as part of our long-term strategy, including the financing transactions announced on March 1.

我們最近取得的一些成就的一個例子是，我們超過了我們的收入預測，並在 2021 年第一季度結束時獲得了 4.01 億美元的現金和現金等價物，這是我們兩年多前開始的戰略計劃的結果，這是我們長期計劃的一部分。期限策略，包括 3 月 1 日公佈的融資交易。

We have significantly strengthened our balance sheet by providing access to new capital and addressing maturing obligations, which will allow the company to invest in strategic growth opportunities and in our core businesses and competencies.

我們通過提供獲得新資本和解決到期債務的途徑顯著加強了我們的資產負債表，這將使公司能夠投資於戰略增長機會以及我們的核心業務和競爭力。

Our simplified organization structure is being aligned with our customers' needs by providing a One Kodak customer first experience and better allows us to continue to focus on generating profitable revenues.

我們簡化的組織結構通過提供 One Kodak 客戶至上的體驗來滿足客戶的需求，並更好地使我們能夠繼續專注於產生可盈利的收入。

Improvements include: automation of our front-end customer facing applications; realignment and consolidation of our service organization; improved cost structure; focus on our core competencies.

改進包括：我們前端面向客戶的應用程序的自動化；重組和整合我們的服務組織；改進的成本結構；專注於我們的核心競爭力。

Recognizing strong growth in our businesses include SONORA Process-Free Plates, PROSPER annuities this quarter and continued growth overall volumes increased in our businesses.

認識到我們業務的強勁增長，包括本季度的 SONORA 免加工印版、PROSPER 年金以及業務總量的持續增長。

Hiring and making acquisitions as part of our key strategy for growth, strengthening our customer base, enhancing our ability to serve our customers, strategically focusing on our core competencies, leveraging our deep knowledge and experience in different areas of product innovations and technologies to meet our customers' needs, demands and environmental sustainability solutions.

招聘和收購是我們增長的關鍵戰略的一部分，加強我們的客戶群，增強我們為客戶服務的能力，戰略上專注於我們的核心競爭力，利用我們在產品創新和技術不同領域的深厚知識和經驗來滿足我們的需求客戶的需求、需求和環境可持續性解決方案。

Kodak successfully featured a broad range of products at Drupa 2021 this year, which includes the KODAK MAGNUS Q4800 Platesetter, the largest format plate imaging CTP in the market.

柯達在今年的 Drupa 2021 上成功展示了廣泛的產品，其中包括柯達 MAGNUS Q4800 直接製版機，這是市場上最大幅面的印版成像 CTP。

KODAK MAGNUS Q800 Platesetter with T-speed, the world's fastest 8-page CTP device. SONORA XTRA, Kodak's next-generation of process-free plates delivers faster imaging, stronger contrast, improved handling, plus sustainability and waste savings in prepress and on press.

KODAK MAGNUS Q800 製版機，T-speed，世界上最快的 8 頁 CTP 設備。 SONORA XTRA 是柯達的下一代免沖洗印版，可提供更快的成像速度、更強的對比度、改進的處理，以及印前和印刷過程中的可持續性和浪費節省。

KODAK PRINERGY On Demand Business Solutions is the printing industry's first and only fully integrated and managed business software. e KODAK NEXFINITY Digital Press has the versatility that printers need today to handle a wide range of jobs with maximum productivity.

KODAK PRINERGY On Demand Business Solutions 是印刷行業第一個也是唯一一個完全集成和管理的商業軟件。 e KODAK NEXFINITY Digital Press 具有當今印刷商所需的多功能性，能夠以最高生產率處理各種作業。

The UTECO Sapphire EVO W Press powered by KODAK ULTRASTREAM Inkjet Technology is the industry's first digital press for flexible packaging to match the productivity of flexo.

由柯達 ULTRASTREAM 噴墨技術提供支持的 UTECO Sapphire EVO W Press 是業界首款可與柔印生產率相媲美的軟包裝數字印刷機。

The Sapphire EVO M Press is powered by KODAK Stream Technology has already been successfully established in the growing packaging market.

Sapphire EVO M Press 由 KODAK Stream Technology 提供支持，已在不斷增長的包裝市場中成功立足。

KODAK PROSPER ULTRA 520 Digital Press, which utilizes KODAK ULTRASTREAM Inkjet Technology. This web press prints near-offset quality images faster than competitors across a broad range of commercial print substrates. It utilizes Kodak's water-based ink technology.

KODAK PROSPER ULTRA 520 數碼印刷機，它採用柯達 ULTRASTREAM 噴墨技術。該捲筒紙印刷機在廣泛的商業印刷承印物上比競爭對手更快地印刷接近膠印質量的圖像。它採用了柯達的水性墨水技術。

I will now turn it over to Dave to discuss the first quarter 2021 financial results.

我現在將其轉交給戴夫討論 2021 年第一季度的財務業績。

Thanks, Jim, and good afternoon. Before we get into the details for the quarter, I would like to make a few general comments. The company's performance is beginning to turn the corner as a result of the many strategic efforts we have taken based on the implementation of our long-term strategy more than 2 years ago. We continue to recognize improvements in volumes, our cost structure and gross profit margins. We expect to see this continue going forward. We are very pleased with the improved business performance and the strength of the balance sheet.

謝謝，吉姆，下午好。在我們討論本季度的細節之前，我想發表一些一般性的評論。由於我們在2年多前實施長期戰略的基礎上進行了多次戰略努力，公司的業績開始出現轉機。我們繼續認識到銷量、成本結構和毛利率的改善。我們希望看到這種情況繼續向前發展。我們對業務績效的改善和資產負債表的實力感到非常滿意。

Turning to Slide 6, as discussed on our last call, on March 1, we announced a series of financial transactions that provide access to new capital, address maturing obligations, and strengthen the company's ability to invest in strategic growth opportunities in our core businesses.

轉到幻燈片 6，正如我們在 3 月 1 日的最後一次電話會議上所討論的那樣，我們宣布了一系列金融交易，這些交易提供了獲得新資本的途徑，解決了到期債務問題，並加強了公司投資核心業務戰略增長機會的能力。

First, Kodak entered into financing agreements with Kennedy Lewis Investment Management. Kennedy Lewis has provided Kodak with an initial $225 million term loan and a commitment to provide delayed draw term loans of up to an additional $50 million, which may be drawn on or before February 26, 2023. The term loans mature in 5 years and their interest comprised of 8.5% payable in cash quarterly and 4% PIK interest. The company has also issued Kennedy Lewis $25 million of 5% unsecured convertible promissory notes due May 28, 2026. The convertible notes bear 5% PIK interest with a conversion price of $10 per share and have a mandatory conversion option by the company if the share price equals or exceeds $14.5 for 45 of 60 trading days.

首先，柯達與肯尼迪劉易斯投資管理公司簽訂了融資協議。 Kennedy Lewis 向柯達提供了 2.25 億美元的初始定期貸款，並承諾提供高達 5000 萬美元的額外延遲提取定期貸款，這些貸款可以在 2023 年 2 月 26 日或之前提取。定期貸款在 5 年內到期，其利息包括 8.5% 每季度現金支付和 4% PIK 利息。該公司還發行了 Kennedy Lewis 2500 萬美元的 5% 無擔保可轉換本票，到期日為 2026 年 5 月 28 日。可轉換票據承擔 5% 的 PIK 權益，轉換價格為每股 10 美元，如果股票持有，公司將擁有強制轉換選擇權60 個交易日中有 45 個交易日的價格等於或超過 14.5 美元。

Additionally, Kennedy Lewis has purchased 1 million shares of the company's common stock at a purchase price of $10 per share. As part of the agreement, Kennedy Lewis holds the right, subject to certain conditions, for 3 years or until they hold less than 50% of the initial principal amount of the term loans to nominate 1 person to be elected to the company's Board of Directors. With the proceeds from these transactions, Kodak repurchased 1 million shares of the company's 5.5% Series A convertible preferred stock due to mature on November 15, 2021, from funds managed by Southeastern Asset Management for $100 million plus accrued and unpaid dividends.

此外，Kennedy Lewis 以每股 10 美元的價格購買了 100 萬股公司普通股。作為協議的一部分，Kennedy Lewis 有權在符合特定條件的情況下，在 3 年內或直到他們持有的定期貸款初始本金少於 50% 時，提名 1 人當選為公司董事會成員.柯達利用這些交易的收益，以 1 億美元加上應計和未支付的股息，從東南資產管理公司管理的基金中回購了 100 萬股將於 2021 年 11 月 15 日到期的公司 5.5% 的 A 系列可轉換優先股。

In addition, Kodak has issued the Southeastern Managed Funds, 1 million shares of Series B convertible preferred stock in exchange for the remaining Series A preferred stock for a total of $100 million. The Series B preferred stock has a 4% quarterly dividend payable in cash with a mandatory redemption in 5 years and 91 days. The conversion price is $10.5 per share with a mandatory conversion option by the company if the price equals or exceeds $14.5 for 45 of 60 trading days.

此外，柯達還向東南管理基金發行了 100 萬股 B 系列可轉換優先股，以換取剩餘的 A 系列優先股，總額為 1 億美元。 B 系列優先股有 4% 的季度股息以現金支付，並在 5 年零 91 天后強制贖回。如果在 60 個交易日中有 45 個交易日的價格等於或超過 14.5 美元，則轉換價格為每股 10.5 美元，並由公司強制轉換選擇權。

Additionally, Grand Oaks Capital, an investment firm founded by businessman and Paychex Founder, Tom Golisano, has invested a total of $100 million in the company.

此外，由商人兼 Paychex 創始人 Tom Golisano 創立的投資公司 Grand Oaks Capital 已向該公司投資了 1 億美元。

The firm purchased $75 million of Kodak's 5% Series C convertible preferred stock on February 26, 2021, and an additional $25 million of this series of preferred stock on March 30, 2021, after the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

該公司於 2021 年 2 月 26 日購買了價值 7500 萬美元的柯達 5% C 系列可轉換優先股，並於 2021 年 3 月 30 日在 Hart-Scott-羅迪諾反托拉斯改進法。

The Series C preferred stock has a 5% quarterly dividend payable in Series C preferred stock with a mandatory redemption in 5 years and 91 days. The conversion price is $10 per share with a mandatory conversion option by the company after a 2-year period if the price equals or exceeds $20 per share for 45 of 60 trading days in year 3 or $15 per share in years 4 or 5.

C 系列優先股在 C 系列優先股中有 5% 的季度股息，並在 5 年零 91 天后強制贖回。如果在第 3 年的 60 個交易日中有 45 個交易日的價格等於或超過每股 20 美元，或者在第 4 年或第 5 年每股 15 美元，則轉換價格為每股 10 美元，並在 2 年後由公司強制轉換期權。

As part of the agreement, Grand Oaks Capital obtained the right, subject to certain conditions, for 3 years or until they hold less than 50% of the initial amount of the preferred shares or common stock into which it is converted, to nominate 1 person to be elected to the company's Board of Directors.

作為協議的一部分，Grand Oaks Capital 有權在特定條件下，在 3 年內或直到他們持有的優先股或普通股初始數量少於其轉換成的 50% 之前，提名 1 人被選為公司董事會成員。

Kodak's existing ABL facility was amended and extended using the same lending group with prorated reduction of commitments. The amendment extends the terms to 3 years and reduces the commitments from $110 million to $90 million.

柯達現有的 ABL 設施被修改和擴展，使用相同的貸款集團，按比例減少承諾。該修正案將期限延長至 3 年，並將承諾額從 1.1 億美元減少至 9000 萬美元。

Additionally, a new $50 million letter of credit facility was entered into with a subset of the ABL facility group. This agreement also contains 3-year terms. These transactions together provide the company with $233 million of incremental cash in the quarter after fees, expenses and incremental ABL funding and $50 million of the delayed draw on the term loan will remain available for up to 24 months.

此外，與 ABL 融資組的子集簽訂了一項新的 5000 萬美元信用證融資。該協議還包含 3 年期限。這些交易在扣除費用、支出和增量 ABL 資金後，在本季度為公司提供了 2.33 億美元的增量現金，而延遲提取的定期貸款中的 5000 萬美元將在長達 24 個月內可用。

Furthermore, the transactions address the mandatory redemption of the Series A preferred stock that was required in November 2021, extend the maturity date of the company's ABL and limit the amount of cash needed to service capital. These financial transactions provide the company with cash to invest in growth opportunities in Kodak's core businesses of print and advanced materials and chemicals.

此外，這些交易解決了 2021 年 11 月強制贖回 A 系列優先股的問題，延長了公司 ABL 的到期日，並限制了服務資本所需的現金數量。這些金融交易為公司提供了現金，用於投資柯達印刷和先進材料及化學品核心業務的增長機會。

I will now share further details on the full company results, operational EBITDA, and cash flow results for the first quarter. Turning to Slide 7. As we reported in our earnings release, for the first quarter of 2021, we reported revenues of $265 million compared to $267 million in the prior year quarter for a decline of $2 million. On a constant currency basis, revenue declined by $11 million.

我現在將分享有關第一季度完整公司業績、運營 EBITDA 和現金流量結果的更多詳細信息。轉到幻燈片 7。正如我們在收益發布中報告的那樣，2021 年第一季度，我們報告的收入為 2.65 億美元，而去年同期為 2.67 億美元，下降了 200 萬美元。按固定匯率計算，收入下降了 1100 萬美元。

On a U.S. GAAP basis, we reported net income of $6 million for the first quarter compared to net loss of $111 million in the prior year quarter. The 2021 and 2020, first quarter results include expense of $1 million and income of $53 million, respectively, related to changes in the fair value of embedded derivative liabilities.

根據美國公認會計原則，我們報告第一季度淨收入為 600 萬美元，而去年同期為淨虧損 1.11 億美元。 2021 年和 2020 年第一季度的業績分別包括與嵌入式衍生負債公允價值變動相關的 100 萬美元費用和 5300 萬美元收入。

The first quarter of 2020 also includes the impact of a trade name impairment for $3 million, an increase in accounts receivable reserves of $3 million and $167 million noncash expense as a result of the increase in deferred tax valuation allowances outside the U.S.

2020 年第一季度還包括 300 萬美元商品名減值的影響、300 萬美元的應收賬款準備金增加以及 1.67 億美元的非現金支出，這是由於美國境外遞延稅估值免稅額增加造成的。

Excluding these current and prior year items, income for 2021 was $7 million, compared to income of $9 million in the prior year quarter.

不包括這些當年和上一年的項目，2021 年的收入為 700 萬美元，而去年同期的收入為 900 萬美元。

Operational EBITDA for the quarter was a positive $3 million compared to a negative $8 million in the prior year quarter. Excluding the prior year impact of an increase in accounts receivable reserves, operational EBITDA increased $8 million from the prior year quarter. Operational EBITDA for 2021 was favorably impacted by savings from cost reduction efforts and improved year-over-year sales volumes in key product areas. Foreign exchange did not have an impact on operational EBITDA.

本季度的運營 EBITDA 為正 300 萬美元，而去年同期為負 800 萬美元。排除去年應收賬款準備金增加的影響，運營 EBITDA 比去年同期增加 800 萬美元。 2021 年的運營 EBITDA 受到成本削減措施節省的資金和關鍵產品領域銷量同比增長的積極影響。外匯對運營 EBITDA 沒有影響。

During the first quarter, volumes for SONORA Process-Free Plates grew by 8%, and the annuity revenue for PROSPER improved by 12%. We continue to invest in our core competencies and future growth areas of ULTRASTREAM and advanced materials and chemicals.

第一季度，SONORA 免沖洗印版的銷量增長了 8%，PROSPER 的年金收入增長了 12%。我們繼續投資於 ULTRASTREAM 以及先進材料和化學品的核心競爭力和未來增長領域。

The display of products at Drupa 2021 mentioned earlier by Jim, showcase Kodak's most recent innovations that utilize enhancements to existing products like ULTRASTREAM, SONORA Plates and Digital Print.

Jim 之前提到的 Drupa 2021 產品展示展示了柯達的最新創新，這些創新利用了對 ULTRASTREAM、SONORA Plates 和 Digital Print 等現有產品的增強。

Moving on to the company cash performance presented on Slide 8. The company ended the first quarter with $401 million in cash and cash equivalents, an increase of $205 million from December 31, 2020.

轉到幻燈片 8 中顯示的公司現金業績。公司在第一季度結束時擁有 4.01 億美元的現金和現金等價物，比 2020 年 12 月 31 日增加了 2.05 億美元。

Cash used in operating activities was $16 million, driven primarily by a change in working capital of $10 million and a decrease in other liabilities of $22 million.

經營活動中使用的現金為 1600 萬美元，主要是由於營運資金變化 1000 萬美元和其他負債減少 2200 萬美元。

Accounts payable increased by $24 million, inventory increased by $22 million and accounts receivable decreased by $8 million compared to December 31, 2020. We continue to tightly manage our working capital to improve our cash performance. Cash used in investing activities was $1 million in the first quarter, flat when compared to the prior year.

與 2020 年 12 月 31 日相比，應付賬款增加了 2400 萬美元，存貨增加了 2200 萬美元，應收賬款減少了 800 萬美元。我們繼續嚴格管理營運資金，以改善我們的現金績效。第一季度用於投資活動的現金為 100 萬美元，與上年同期相比持平。

Cash provided by financing activities was $242 million in the quarter compared to cash used in financing activities of $3 million in the prior year period. Cash provided by financing activities included $247 million of incremental cash in the quarter after fees and expenses driven by the financial transactions announced on March 1.

本季度融資活動提供的現金為 2.42 億美元，而去年同期融資活動使用的現金為 300 萬美元。融資活動提供的現金包括 3 月 1 日宣布的金融交易驅動的扣除費用和支出後的季度增量現金 2.47 億美元。

Restricted cash at the end of the quarter was $76 million, an increase of $16 million from December 31, 2020. This increase was primarily a result of cash collateral required under the new letter of credit facility.

本季度末的受限制現金為 7600 萬美元，比 2020 年 12 月 31 日增加了 1600 萬美元。這一增長主要是由於新信用證融資要求的現金抵押品。

We will continue to focus on alternatives to reduce restrictions on cash and view this as an upside opportunity for incremental liquidity for the company. Cash and equivalents, together with restricted cash totaled almost $500 million at the end of March 2021. We will be utilizing these assets to continue to build the company with growing businesses in the areas of print, advanced materials, and chemicals. As our commercialization processes are much closer to producing revenues, we will provide further details on future calls.

我們將繼續關注減少現金限制的替代方案，並將其視為增加公司流動性的上行機會。截至 2021 年 3 月底，現金和等價物以及受限制的現金總計近 5 億美元。我們將利用這些資產繼續建設公司，在印刷、先進材料和化學品領域發展業務。由於我們的商業化進程更接近於產生收入，我們將提供有關未來電話的更多詳細信息。

Our objectives are to create shareholder value and employment at Kodak for the next generation. We are excited to continue our progress and to share our successes with you in the future.

我們的目標是在柯達為下一代創造股東價值和就業機會。我們很高興繼續我們的進步，並在未來與您分享我們的成功。

Finally, we remain in compliance with applicable financial covenants.

最後，我們仍然遵守適用的財務契約。

I will now turn the discussion back to Jim.

我現在將討論轉回吉姆。

Thank you, Dave. In summary, the steps we have taken in the last few years strengthening our balance sheet, establishing a customer-first approach, and continuing to invest in innovation, have created the foundation for growth. We continue to execute on those strategies to create long-term value for our shareholders and our employees.

謝謝你，戴夫。總而言之，我們在過去幾年中採取的措施加強了我們的資產負債表，建立了客戶至上的方法，並繼續投資於創新，為增長奠定了基礎。我們繼續執行這些戰略，為我們的股東和員工創造長期價值。

Thank you for attending the call and your continued interest in Kodak.

感謝您參加電話會議以及您對柯達的持續關注。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。