KVH Industries Inc (KVHI) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q1 2025 KVH Industries Inc Earnings Call.

您好，感謝您的支持。歡迎參加 2025 年第一季 KVH Industries Inc 收益電話會議。

(Operator Instructions)

（操作員指示）

I would now like to hand the conference over to your first speaker today, Anthony Pike, Chief Financial Officer. Please go ahead.

現在，我想將會議交給今天的第一位演講者，財務長安東尼派克 (Anthony Pike)。請繼續。

Thank you, Stephen. Good morning, everyone, and thank you for joining us today. The KVH Industrie's first quarter results, which are included in the earnings release we published earlier this morning.

謝謝你，史蒂芬。大家早安，感謝大家今天加入我們。KVH Industrie 第一季的業績包含在我們今天早上發布的收益報告中。

Joining me on the call is the company's Chief Executive Officer, Brent Bruun.

與我一起參加電話會議的還有該公司的執行長布倫特布魯恩 (Brent Bruun)。

Before I get into the numbers, a few standard statements.

在討論數字之前，我先說幾句標準的話。

Firstly, if you would like a copy of the earnings release, or if you would like to listen to a recording of today's call, both will be available on our website and if you are listening via the web, please feel free to submit questions to IR@kVH.com.

首先，如果您想要一份收益報告副本，或者想要聽今天電話會議的錄音，兩者都可以在我們的網站上找到，如果您透過網路收聽，請隨時向 IR@kVH.com 提交問題。

Further This conference call will contain certain forward-looking statements that are subject to numerous assumptions and uncertainties.

此外，本次電話會議將包含某些前瞻性陳述，這些陳述受許多假設和不確定性的影響。

That may cause our actual results to differ materially from those expressed in these statements.

這可能會導致我們的實際結果與這些聲明中表達的結果有重大差異。

We undertake no obligation to update or revise any of these statements.

我們不承擔更新或修改任何這些聲明的義務。

We will also discuss Adjusted EBITA, which is a non-GAAP financial measure.

我們還將討論調整後的 EBITA，這是一種非 GAAP 財務指標。

You'll find a definition of this measure in our press release, as well as a reconciliation to comparable GAAP numbers.

您可以在我們的新聞稿中找到此項指標的定義，以及與可比較 GAAP 數字的對帳。

We encourage you to review the cautionary statements made in our SEC filings, specifically those under the heading risk factors in our 2024 Form 10k, which was filed on March 10th.

我們鼓勵您查看我們提交給美國證券交易委員會 (SEC) 的文件中做出的警示聲明，特別是 3 月 10 日提交的 2024 年 10k 表格中「風險因素」標題下的聲明。

The company's other SEC filings are available directly from the investor information section of our website.

該公司的其他 SEC 文件可直接從我們網站的投資者資訊部分取得。

Now, to walk you through the highlights of our first quarter, I'll turn the call over to Brent.

現在，為了向您介紹我們第一季的亮點，我將把電話交給布倫特。

Thank you, Anthony, and good morning, everyone.

謝謝你，安東尼，大家早安。

Our first quarter results reflect the positive impact of our strategic initiatives and our commitment to managing costs. Compared to the fourth quarter of last year, gross profit grew sequent, we increased our subscriber base by 5%, and operating expenses and capital expenditures were both in check.

我們第一季的業績反映了我們的策略舉措和成本管理承諾的正面影響。與去年第四季相比，毛利連續成長，用戶數量增加了 5%，營運費用和資本支出均受到控制。

Revenue declined year over year in the first quarter to $25.4 million primarily due to lower revenue from our VSAT airtime service, which includes the loss of the US Coast Guard revenue. However, airtime gross margin was up roughly 3% from the fourth quarter thanks to solid margin contribution from Starlink. We saw Starlink revenue continue to increase as a percentage of our total revenue over the course of the quarter.

第一季收入年減至 2,540 萬美元，主要原因是我們的 VSAT 通話時間服務收入下降，其中包括美國海岸防衛隊收入的損失。不過，由於 Starlink 的穩定利潤貢獻，通話時間毛利率較第四季上漲了約 3%。我們看到 Starlink 收入在本季度占我們總收入的百分比持續增加。

We also increased quarterly shipments of connectivity terminals to more than 1,300 units, our fifth consecutive record quarter. These shipments include a significant increase in Sterling terminals, continuation of orders for our TraNet and track phone VSAT terminals, and for the first time, one web terminals.

我們也將季度連接終端出貨量增加至 1,300 多台，這是我們連續第五個季度創下紀錄。這些出貨量包括 Sterling 終端的大幅增加、我們 TraNet 和追蹤電話 VSAT 終端的持續訂單，以及首次出現的網路終端。

Our subscriber growth also accelerated in the first quarter as we increase our subscribing vessels by 5% compared to the fourth quarter of 2024. I'm pleased to report that we have more than fully recovered from the decline in subscribing vessels that we experienced in 2023 in the first quarter of 2024.

與 2024 年第四季相比，我們的訂閱船隻數量增加了 5%，因此第一季我們的訂閱船隻數量成長也加快了。我很高興地報告，我們在 2024 年第一季已經完全從 2023 年訂購船舶數量的下降中恢復過來。

We now have more than 7,400 subscribing vessels. Starling drove this growth as we experienced strong demand in the commercial and leisure markets in the first quarter.

我們現在有超過7,400艘訂閱船隻。由於第一季商業和休閒市場需求強勁，Starling 推動了這一成長。

Roughly 30% of Starlink activations in Q1 were hybrid configurations illustrating the value of our ability to deliver a multi-orbit managed solution for vessels. We also added the new Starlink terminal to our product portfolio for land and maritime applications.

第一季大約 30% 的 Starlink 啟動是混合配置，這反映了我們為船舶提供多軌道管理解決方案的能力的價值。我們還將新的 Starlink 終端添加到陸地和海上應用的產品組合中。

Our Commbox edge communications gateway also continued to thrive in the first quarter due in part to its versatility in managing starling communications. Product shipments were up 33% from the fourth quarter last year, and we increased our active Commbox edge subscribers by 35% from the last quarter.

我們的 Commbox 邊緣通訊閘道在第一季也持續蓬勃發展，部分原因在於其在管理 Starling 通訊方面的多功能性。產品出貨量比去年第四季增加了 33%，我們的活躍 Commbox edge 用戶數量比上一季增加了 35%。

We are working diligently to expand the capabilities, features, and value offered by Commbox. Earlier today, we announced the launch of Commbox Edge Secure Suite. This new feature set is designed to detect, prevent, and report on cybersecurity threats. Thanks to its advanced intrusion prevention system. Security Suite actively identifies and blocks harmful traffic in real time to reduce the risk of vessel communications, operations, and network security.

我們正在努力擴展 Commbox 提供的功能、功能和價值。今天早些時候，我們宣布推出 Commbox Edge Secure Suite。這套新功能旨在偵測、預防和報告網路安全威脅。這要歸功於其先進的入侵防禦系統。安全套件可即時主動識別並阻止有害流量，以降低船舶通訊、操作和網路安全的風險。

To achieve this, Security Suite employs some of the most advanced cybersecurity and proactive monitoring technology available, including Cisco Talos, which focuses on identifying emerging and existing cyber threats, and Cisco Snort, which monitors, analyzes, and responses to malicious network traffic in real time.

為了實現這一目標，Security Suite 採用了一些最先進的網路安全和主動監控技術，包括專注於識別新興和現有網路威脅的 Cisco Talos 和即時監控、分析和回應惡意網路流量的 Cisco Snort。

As discussed in our '24 Earnings call, we began shipments and activations of OneWeb terminals in late January. We are seeing significant interest in the service, especially outside the US. We are very pleased that OneWeb has been added to our product and service portfolio.

正如我們在 24 年收益電話會議上所討論的那樣，我們於 1 月底開始發貨和啟動 OneWeb 終端。我們看到人們對這項服務的濃厚興趣，尤其是在美國以外。我們非常高興 OneWeb 被添加到我們的產品和服務組合中。

Looking at our overall business operations, the sales of both our headquarters and factory facilities remain pending, subject to closing conditions. We expect to close the sale of our headquarters before the end of the quarter and anticipate that the factory sale will close in Q3 following zoning approvals.

縱觀我們的整體業務運營，我們的總部和工廠設施的銷售仍處於待定狀態，需遵守成交條件。我們預計將在本季末之前完成總部的出售，並預計工廠的出售將在獲得分區批准後於第三季完成。

During Q1, we bought back shares under the terms of the stock repurchase program approved by our board of directors in December 2024. Through the end of Q1, we purchased more than 30,000 shares at a cost of roughly $163,000.

在第一季度，我們根據董事會於 2024 年 12 月批准的股票回購計畫的條款回購了股票。截至第一季末，我們以約 163,000 美元的成本購買了超過 30,000 股。

And finally, we are keeping an eye on tariffs, but their status and potential impact are uncertain. Our exposure to potential tariffs on imports from China is reduced thanks to the purchase of components we carried out in 2024 as part of our manufacturing wind down efforts. At this time, we don't expect tariffs to have a material impact on our costs.

最後，我們正在關注關稅，但其現狀和潛在影響尚不確定。由於我們在 2024 年採購了零件，作為我們製造業逐步退出努力的一部分，我們對從中國進口產品的潛在關稅風險有所降低。目前，我們預計關稅不會對我們的成本產生重大影響。

So in conclusion, we are very pleased with the results driven by our strategic initiatives. We achieved record breaking subscriber growth, increased product shipments, and successfully added OneWeb to our portfolio. While there are still challenges ahead, I am confident in our path going forward.

總而言之，我們對我們的策略性舉措所取得的成果感到非常滿意。我們實現了創紀錄的用戶成長，增加了產品出貨量，並成功將 OneWeb 加入我們的產品組合中。儘管前方仍有挑戰，但我對我們前進的道路充滿信心。

And now I will turn the call back to Anthony to discuss the numbers. Anthony.

現在我將把電話轉回給安東尼討論這些數字。安東尼。

Thank you, Brent. As a reminder, I would like to know that similar to our call for Q4, I will not restate data that is in the earnings release or clearly described in our 10Q.

謝謝你，布倫特。提醒一下，我想了解的是，與我們對第四季度的呼籲類似，我不會重申收益報告中的數據或我們 10Q 中明確描述的數據。

I will focus my comments on information that either elaborates on or clarifies the published data.

我的評論將重點放在那些闡述或澄清已發布數據的資訊。

With respect to our first quarter financial results, airtime gross margin, which is not reported in our earnings release, was 31.5%, which is up compared to the prior quarter gross margin of 28.2%. Excluding depreciation, our airtime gross margin for the first quarter was 44.1% compared to 41.4% in the prior quarter. This improvement in gross margin could be mainly attributed to two things.

就我們第一季的財務表現而言，通話時間毛利率（未在我們的收益報告中報告）為 31.5%，高於上一季的 28.2%。不計折舊，我們第一季的通話時間毛利率為 44.1%，而上一季為 41.4%。毛利率的增加主要歸因於兩件事。

Firstly, a reduction in our 2025 GEO bandwidth commitment, resulting in the first quarter cost being $1.4 million less than the prior quarter, and secondly, because the proportion of airtime revenue derived from LEO is increasing and we are seeing strong margins from our LEO revenue. Total subscribing vessels at the end of Q1 were just above 7,400, which, as Brent mentioned, is approximately 5% up from the prior quarter.

首先，我們減少了 2025 年 GEO 頻寬承諾，導致第一季成本比上一季減少 140 萬美元；其次，由於來自 LEO 的通話時間收入比例正在增加，而且我們從 LEO 收入中看到了強勁的利潤率。第一季末的訂閱船舶總數略高於 7,400 艘，正如布倫特所提到的，這比上一季度增長了約 5%。

GEO churn was in line with our expectations, but LEO shipments were actually higher than predicted.

GEO 衛星的流失符合我們的預期，但 LEO 衛星的出貨量實際上高於預期。

Reported Q1 product growth profit was break even compared to a positive $0.3 million.

報告稱第一季產品成長利潤與正 30 萬美元相比持平。

Excluding non-recurring charges in the prior quarter, we expect product margins to remain about break even and view the real value of our hardware shipments as coming from the airtime revenue they generate in the future.

除去上一季的非經常性費用，我們預期產品利潤率將維持收支平衡，並將硬體出貨量的真正價值視為其未來產生的通話時間收入。

The Q1 operating expenses of $9.7 million were $0.4 million or 5% higher than the prior quarter, and $2.3 million or 19% lower than the first quarter of 2024 on a like for like basis, excluding non-recurring charges.

第一季營運費用為 970 萬美元，比上一季高出 40 萬美元或 5%，與 2024 年第一季相比（不包括非經常性費用）下降 230 萬美元或 19%。

I adjusted EBITDA for the quarter was $1 million.

我調整了本季的 EBITDA 為 100 萬美元。

And our earnings release has the usual reconciliation of that.

我們的收益報告對此進行了通常的核對。

Capital expenditures for the quarter were $1.1 million, and so adjusted EBITDA less CapEx, which we believe is a good proxy for free cash flow generated from our ongoing business, was negative $0.1 million.

本季的資本支出為 110 萬美元，因此調整後的 EBITDA 減去資本支出（我們認為這可以很好地代表我們持續經營業務產生的自由現金流）為負 10 萬美元。

This compares to an adjusted EBITDA less CapEx of negative $0.3 million in the fourth quarter of 2024, with adjusted EBITDA of $0.5 million, less capital expenditure of $0.8 million.

相較之下，2024 年第四季調整後的 EBITDA 減去資本支出為負 30 萬美元，調整後的 EBITDA 為 50 萬美元，減去資本支出為 80 萬美元。

Our ending cash balance of $48.6 million.

我們的期末現金餘額為 4,860 萬美元。

Was down approximately $2 million from the beginning of the quarter, which was driven by movements in working capital.

與本季初相比下降了約 200 萬美元，這是由於營運資金變動所致。

Overall, we believe the first quarter results are positive, with our L Leo business growing at an unprecedented rate, and our GEO-business transitioning as expected.

總體而言，我們認為第一季的業績是正面的，我們的 L Leo 業務以前所未有的速度成長，我們的 GEO 業務也按預期轉型。

We continue to closely manage our geo bandwidth commitments which run until the end of 2026 as GEO demand decreases. This will continue to put pressure on our geo margins. However, we are very pleased with our strong LEO margins as we transition the business away from being GEO-focused and into a primarily LEO-based mobile connectivity market.

隨著 GEO 需求的減少，我們將繼續密切管理我們的地理頻寬承諾，該承諾將持續到 2026 年底。這將繼續對我們的地理利潤造成壓力。然而，隨著我們的業務從以 GEO 為中心轉向主要基於 LEO 的行動連接市場，我們對強勁的 LEO 利潤率感到非常滿意。

This ongoing double-digit annual growth in subscribers combined with strong LEO margins and careful cost control, leaves us confident that the company will be in a solid position to generate positive cash flow moving forward.

用戶數量持續維持兩位數的年度成長，加上 LEO 的強勁利潤率和謹慎的成本控制，讓我們有信心，公司將在未來保持穩固的地位，產生正現金流。

This concludes our prepared remarks, and I will now turn the call over to the operator to open the line for the Q&A portion of this morning's call. Operator.

我們的準備好的演講到此結束，現在我將把電話交給接線員，開啟今天上午電話會議的問答部分。操作員。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Our first question comes from the line of Chris Quilty, Quilty Space. Your line is now open.

我們的第一個問題來自 Quilty Space 的 Chris Quilty。您的線路現已開通。

Thanks guys. I had a question to begin with on the leo margins. Obviously, you did a pre-purchase of capacity which has helped, but when you look at your LEO margin, how much of that, like if you were to break it down into a pie, is the actual margin on the airtime versus the contribution from the services that you're pulling along on top of that?

謝謝大家。我首先對獅子座邊緣有一個疑問。顯然，您預先購買了容量，這有所幫助，但是當您查看 LEO 利潤時，如果將其分解成餅狀，那麼其中有多少是通話時間的實際利潤與您在此基礎上提供的服務的貢獻？

I'll.

患病的。

Get Anthony.

去找安東尼。

Yeah, sure. Hi, Chris. So, yeah, the vast majority of the margin is, both in terms of dollar, but in percentages really coming from the actual air type.

是的，當然。你好，克里斯。所以，是的，絕大多數利潤，無論是以美元計算，還是以百分比計算，都實際上來自於實際的空氣類型。

I'm assuming you're referring to the kind of the one care support that we add on to that.

我假設您指的是我們在此基礎上添加的那種單一護理支援。

Yeah, either, warranty or care or cyber or service, the sort of add-ons to the core, airtime revenue.

是的，無論是保固、保養、網路或服務，都是核心的附加產品，即通話時間收入。

Yeah, so the add-ons are, similar to, the margins we received them some add-ons in the rest of the business, but the actual underlying, LEO bandwidth margin, is still very strong. So, when we're talking about the strong margins, that's actually for the bandwidth, we're not just really deferring to the value-added services in that regard.

是的，這些附加元件與我們在其他業務中獲得的一些附加元件的利潤類似，但實際的基礎 LEO 頻寬利潤仍然非常強勁。因此，當我們談論高利潤率時，這實際上是指頻寬，我們不僅僅是真正地推遲到這方面的增值服務。

Great and obviously SpaceX has fairly frequent changes in you know their plans over time, where do you sit now in terms of you know are the plans fairly well optimized for your customers or do you think there's still changes that you'll see coming?

太好了，顯然 SpaceX 的計劃會隨著時間推移而不斷變化，您現在的處境如何？這些計劃是否針對您的客戶進行了最佳化？或者您認為還會發生一些變化嗎？

Well, that's a very good question. The plans that we have currently are very well optimized for our customers.

嗯，這是一個非常好的問題。我們目前的計劃針對我們的客戶進行了非常優化。

However, Starlink has changed, some pricing that they can be seen on their website where they're implementing a terminal access charge on a monthly basis.

然而，Starlink 已經改變了一些定價，可以在他們的網站上看到，他們正在按月收取終端存取費用。

Now we will be also responsible for charging a fee similar well we will be responsible for charging a terminal access charge going at some point later this year as we renegotiate our follow-on pool for Starlink.

現在，我們還將負責收取類似的費用，我們將在今年稍後重新協商 Starlink 的後續池時負責收取終端存取費。

Understand. So, we, the market is driving what, what's optimal for our customers and we feel that we're in a good position to provide them a robust service now as well in the future after we have a follow-on pool that access.

理解。因此，我們，市場正在推動什麼，什麼對我們的客戶來說是最佳的，我們認為，在我們擁有後續訪問池之後，我們現在以及將來都能夠為他們提供強大的服務。

So obviously I think in the land market you're seeing you know up charges for capacity constrained areas do you see the access charge here on the maritime is that related to capacity issues or literally just, pricing strength of SpaceX?

所以很明顯，我認為在陸地市場上，您會看到容量受限地區的收費上漲，您是否看到海上的接入費與容量問題有關，或者實際上只是 SpaceX 的定價實力？

I mean, I guess you could call it pricing strength.

我的意思是，我想你可以稱之為定價實力。

It's they, there's still a load on their network.

是他們，他們的網路仍然負載很大。

On a terminal that's not even transmitting any significant amount of data, so they want to control the load on their network and in turn they can insure themselves and I'm speaking for them obviously a certain level of revenue on a per a on a per terminal basis versus having virtually, nothing if everything's a 50 gigabyte plan.

在終端上甚至沒有傳輸任何大量數據，所以他們希望控制其網路負載，從而可以確保自己，我顯然是在為他們說話，在每個終端上獲得一定水平的收入，而不是如果一切都是 50 GB 的計劃，則幾乎沒有任何收入。

Understand and I mean again you this is what if 5 straight quarters of record shipments and the vast majority being you know Starling terminals do you see a slowdown? I mean you're adding terminals on a quarterly rate.

明白，我的意思是，如果連續 5 個季度創下出貨量記錄，而且絕大多數都是 Starling 終端，您是否看到了放緩的跡象？我的意思是您按季度增加終端。

More than you would on an annual basis historically are there concerns around like are you still seeing large pools of demand and customers out there or was a maritime market going to, eventually reach some kind of a saturation point.

與歷史上每年的情況相比，人們更加擔心的是，您是否仍然看到大量的需求和客戶，或者海運市場是否最終會達到某種飽和點。

That, that's a multi-pronged question. One, the rate of what we've been selling terminals very well may not keep up. However, we will continue to sell them, which will, which we anticipate increasing our installed base, as far as saturation. With some of the price points with this this mini terminal as well as being able to get data plans and hundreds of dollars, it's opened up the market completely, not only to take on, existing VSAT service or LA services, but just services that didn't weren't provided at all. So, the market is so much larger. I don't envision saturation at any point in the foreseeable future with how much larger than the addressable market has gotten over the last year or two.

這是一個多方面的問題。首先，我們銷售終端的速度可能跟不上。然而，我們將繼續銷售它們，我們預計這將增加我們的安裝基數，直到達到飽和狀態。由於這款迷你終端的一些價格點以及能夠獲得數據計劃和數百美元的價格，它完全打開了市場，不僅可以接受現有的 VSAT 服務或 LA 服務，還可以接受根本沒有提供的服務。因此，市場規模要大得多。我不認為在可預見的未來任何時候會出現飽和，因為過去一兩年內可尋址市場已經變得比現在大得多。

And you've talked about the fact that that you're starting to see some expansion beyond the maritime market has that gotten to the point where you're actually hiring in people to target applications outside of maritime?

您曾談到，您開始看到海事市場以外的一些擴張，是否已經到了您實際招募人員來針對海事以外的應用的地步？

Are you referring to land based communications?

您指的是陸基通訊嗎？

Yeah.

是的。

For some of the land apps.

對於一些陸地應用程式。

And well we're yeah right now our existing sales team is handling land-based application sales it's not large enough to report on at this juncture they're working with service providers that are specific to land based. Opportunities versus we work with a number of maritime service providers. So we're not hiring but we are identifying new and signing up service providers which are specifically focused on land opportunities.

是的，目前我們現有的銷售團隊正在處理陸基應用程式銷售，規模還不夠大，目前無法報告，他們正在與專門針對陸基的服務供應商合作。機會與我們與多家海事服務提供者的合作。因此，我們不招聘，但我們正在尋找新的並簽約專注於土地機會的服務提供者。

Great and.

太好了。

I guess just a final question here. The Coast Guard contract, how does that roll off, through the balance of the year where those headwinds finally lift? Is it all the way out to the fourth quarter of '25 or more like the third quarter?

我想這只是最後一個問題。海岸警衛隊的合約將如何進行？到今年年底，當這些不利因素最終消失時，合約將如何進行？它是否會持續到 25 年第四季或更長時間，就像第三季一樣？

We had, and Anthony can talk about the specific numbers, we had a small amount of revenue in the fourth quarter, between the excuse me, Anthony, between the 1st, 2nd, and 3rd quarters, that was all very consistent revenue and so we'll see a negative variances through the third quarter for that and negative variances but much smaller in the fourth quarter.

安東尼可以談談具體數字，我們在第四季度的收入很少，對不起，安東尼，在第一、第二和第三季度之間，收入都非常穩定，因此我們會看到第三季度出現負差異，第四季度也會出現負差異，但幅度要小得多。

Yeah, I was just going to add to that, Chris, so for the first three quarters last year, it was around $2.5 million revenue per quarter. And then in the last quarter, there was a final, contractual payment of around $0.5 million and of course, there's there'll be nothing in this year and certainly nothing of any significant value, there's still a small amount of business with them, but Sort of less than 100,000 a quarter.

是的，克里斯，我只是想補充一下，去年前三個季度，每季的收入約為 250 萬美元。然後在最後一個季度，有一筆約 50 萬美元的最終合約付款，當然，今年不會有任何付款，而且肯定不會有任何重大價值，仍然與他們有少量業務往來，但每季度不到 10 萬美元。

Got it. And actually, final question, you did a small maybe symbolic buyback here in the quarter, but, given the fact that the company is expecting to be free cash flow positive in '25, is that something that you think that you'll put more effort into on the buyback?

知道了。實際上，最後一個問題，您在本季度進行了一次小規模的象徵性回購，但考慮到公司預計 25 年的自由現金流將為正，您是否認為您會在回購上投入更多精力？

We're putting the appropriate amount of effort into it, although the numbers sound rather small, that was just in the first quarter, we're continuing to buy back every day, and so we should, we'll see a much larger number disclosed next quarter.

我們正在為此付出適當的努力，儘管這些數字聽起來很小，但這只是第一季的數據，我們每天都在繼續回購，所以我們應該會在下個季度看到更大的數字。

Thank you gentlemen.

謝謝各位先生。

Okay, thank you Chris.

好的，謝謝你克里斯。

Yeah, thank you.

是的，謝謝。

I am showing no further questions at this time.

我目前沒有其他問題。

We'd like to thank you for your participation in today's event and have a great day. This does conclude the program. You may not disconnect.

我們感謝您參加今天的活動並祝您有個愉快的一天。該計劃確實就此結束。您不能斷開連線。

Thank you very much.

非常感謝。