loanDepot Inc (LDI) 2024 Q1 法說會逐字稿

Good afternoon and welcome to loanDepot's first-quarter 2024 earnings call.

下午好，歡迎參加 LoanDepot 2024 年第一季財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Gerhard Erdelji, Senior Vice President, Investor Relations.

我現在想將電話轉給投資者關係高級副總裁 Gerhard Erdelji。

Please go ahead.

請繼續。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

Thank you for joining loanDepot's first-quarter 2024 earnings call.

感謝您參加 LoanDepot 2024 年第一季財報電話會議。

Before we begin, I would like to remind everyone that this conference call may include forward-looking statements regarding the company's operating and financial performance in future periods.

在開始之前，我想提醒大家，本次電話會議可能包括有關公司未來時期營運和財務表現的前瞻性陳述。

All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to guidance to our pull through weighted rate lock volume, origination volume, pull-through weighted gain on sale margin, the impact of the cybersecurity incident that occurred in the first quarter of 2024 and expense trends.

除歷史事實陳述外的所有陳述均可被視為前瞻性陳述，包括但不限於對我們拉動加權利率鎖定量、發起量、拉動加權銷售利潤收益的指導、 2024年第一季發生的網路安全事件及費用趨勢。

These statements are based on the company's current expectations and available information.

這些陳述是基於公司目前的預期和現有資訊。

Actual results for future periods may differ materially from these forward-looking statements due to risks or other factors that are described in the Risk Factors section of our filings with the SEC.

由於我們向美國證券交易委員會提交的文件的風險因素部分中所述的風險或其他因素，未來時期的實際結果可能與這些前瞻性陳述有重大差異。

A webcast and transcript of this call will be posted on the company's Investor Relations website at investors dot loan depot.com under the Events and Presentations tab.

本次電話會議的網路廣播和文字記錄將發佈在公司投資者關係網站 Investors Loan Depot.com 的「活動和演示」標籤下。

On today's call, we have loanDepot, President and Chief Executive Officer, Frank Martell; and Chief Financial Officer, Dave Hayes, to provide an overview of our quarter as well as our financial and operational results outlook and to answer your questions, we are also joined by Chief Investment Officer, Jeff Green, and LDI Mortgage President, Jeff Walsh.

出席今天的電話會議的有 LoanDepot 總裁兼執行長 Frank Martell；財務長戴夫·海耶斯(Dave Hayes) 和首席投資官傑夫·格林(Jeff Green) 以及LDI 抵押貸款總裁傑夫·沃爾什(Jeff Walsh) 向我們介紹了本季度的概況以及我們的財務和營運業績前景，並回答了您的問題。

To help address any questions you might have after our prepared remarks.

為了幫助解決您在我們準備好的演講後可能提出的任何問題。

And with that, I'll turn things over to Frank to get us started.

有了這個，我會把事情交給弗蘭克來讓我們開始。

Frank?

坦率？

Thank you, Gerard, and thank you all for joining us today.

謝謝傑拉德，也謝謝大家今天加入我們。

I look forward to sharing my perspectives on the market and on our results, we exited 2023 with positive top line momentum and continue to make important progress towards our Vision 2025 goals, including foundational investments in our people, products and technology platforms, which should serve us well as the mortgage market eventually stabilizes and recovers.

我期待分享我對市場和我們業績的看法，我們以積極的營收勢頭結束了2023 年，並繼續在實現2025 年願景目標方面取得重要進展，包括對我們的人員、產品和技術平台的基礎投資，這應該服務於我們以及抵押貸款市場最終會穩定並復甦。

The following four strategic pillars of Vision 2025, we made our North Star for enabling value creation for our shareholders.

我們以 2025 年願景的以下四大策略支柱為目標，為股東創造價值。

So number one, transforming the company's origination business and driving purchase transactions with an expanded emphasis on purchase-driven lending and first time homebuyers filler to investing in profitable growth, generating initiatives and launching innovative new solutions that form the foundation of a life cycle relationship with first time home buyers and owners.

因此，第一，轉變公司的原始業務並推動購買交易，更加重視購買驅動型貸款和首次購房者填充，投資於盈利增長，制定舉措並推出創新的新解決方案，從而為與客戶的生命週期關係奠定基礎。

Pillar three, reducing complexity and simplifying our organizational structure with an emphasis on driving client engagement, quality automation and operating leverage at pillar for aggressively rightsizing loan depots cost structure to be in line with market realities while investing in our long term goal of becoming the lowest cost, highest quality producer.

第三支柱，降低複雜性並簡化我們的組織結構，重點是推動客戶參與、品質自動化和營運槓桿，以積極調整貸款庫成本結構，使其符合市場現實，同時投資於我們成為最低成本的長期目標成本，最高品質的生產商。

During the first quarter, the company was significantly impacted by a cyber incident.

第一季度，該公司受到網路事件的嚴重影響。

As we have previously reported, we are able to restore operations relatively quickly, our lost revenue and additional expenses and impacted our first quarter financial results.

正如我們之前所報道的，我們能夠相對較快地恢復運營，我們的收入損失和額外費用影響了我們第一季的財務業績。

I want to thank our entire team and our business partners who worked tirelessly to restore our normal business operations quickly and support our customers.

我要感謝我們的整個團隊和業務合作夥伴，他們不懈努力，使我們迅速恢復正常業務運作並為我們的客戶提供支援。

Fortunately, we do not expect this incident to further disrupt our operations, nor do we expect the incident to have a material impact for 2024 as a whole.

幸運的是，我們預計該事件不會進一步擾亂我們的運營，也不會對整個 2024 年產生重大影響。

Unfortunately, we live in a world where these types of banks are increasingly frequent and sophisticated that our industry has not been spared.

不幸的是，我們生活在一個這類銀行日益頻繁和複雜的世界，我們的行業也未能倖免。

We sincerely regret any concerns.

對於任何擔憂，我們深表歉意。

This incident has caused us to any impacted individuals in a moment.

此事件立即引起我們對任何受影響的個人的關注。

Dave will discuss in greater detail the financial impact of the cyber incident in our first quarter results.

戴夫將在我們第一季的業績中更詳細地討論網路事件的財務影響。

Like last quarter, we generated year-over-year positive top line growth in Q1 with reported revenues increasing by 7%.

與上季一樣，我們在第一季實現了同比正成長，報告營收成長了 7%。

This figure includes the negative impact of the cyber incident.

這個數字包括網路事件的負面影響。

Our growth in Q1 reflects benefits primarily attributable to higher servicing revenue and gain on sale margins.

我們第一季的成長主要得益於服務收入的增加和銷售利潤的成長。

The increase in margins was due in large part to our focus on serving first-time homebuyers, which resulted in a higher mix of profitable FHA and VA loans.

利潤率的成長在很大程度上是由於我們專注於為首次購屋者提供服務，這導致 FHA 和 VA 貸款的獲利組合更高。

We also benefited from our relentless focus on loan quality, which resulted in lower repurchase reserves.

我們也受益於對貸款品質的不懈關注，這導致回購準備金下降。

Finally, the growth of our Healon business was also a meaningful contributor to our year-over-year revenue growth and margin expansion in line with our continued focus on becoming an efficient operation.

最後，我們 Healon 業務的成長也對我們的同比收入成長和利潤率擴張做出了有意義的貢獻，這與我們持續致力於成為高效營運相一致。

We reduced first quarter expenses by 2% year over year.

我們第一季的開支年減了 2%。

This reduction came despite incurring an additional 15 million in cyber related costs.

儘管網路相關成本增加了 1500 萬美元，但成本還是有所下降。

Cost reductions were primarily from lower salaries and marketing costs.

成本降低主要來自工資和行銷成本的降低。

With regards to the remainder of 2024, we expect to continue to invest increasing our revenue-generating capabilities as well as our ongoing upgrades of key operating systems and platforms.

在 2024 年剩餘時間內，我們預計將繼續投資以提高創收能力以及關鍵作業系統和平台的持續升級。

We also expect to continue to deliver annualized productivity benefits of approximately $120 million, which we discussed on our last call.

我們也預計將繼續提供約 1.2 億美元的年化生產力效益，我們在上次電話會議中對此進行了討論。

These reductions have been significant there specifically identified and relate to third party vendor spend process and organizational efficiencies and facilities-related expenses in terms of market activity for 2024 since our last call, the expectations for lower interest rates have been pushed out from early to mid 2024 to later in 2020 for a higher for longer stance by the Federal Reserve has been reflected in the recent forecast published by the Mortgage Bankers Association, which lowered their 2024 volume estimates by approximately 10% to $1.8 trillion.

自我們上次電話會議以來，在2024 年市場活動方面，具體確定了這些削減，並與第三方供應商支出流程、組織效率和設施相關費用相關，這些削減非常顯著，對較低利率的預期已從年初推遲到中期抵押貸款銀行家協會最近發布的預測反映了聯準會在2024 年至2020 年晚些時候採取更高、更長期的立場，該協會將2024 年的交易量預期下調了約10% ，至1.8 兆美元。

I want to conclude my prepared remarks today by thanking Lowe's depot and our large stakeholders for their support, our focus on delivering against Vision 2025 imperatives is positioning us for the future while creating a pathway for market leadership and profitability as the market returns to more normal levels of activity from markets remain challenging no doubt.

在結束今天準備好的演講時，我想感謝Lowe's depot 和我們的大型利益相關者的支持，我們專注於實現2025 年願景的要求，為我們的未來做好準備，同時隨著市場恢復正常，為市場領導力和獲利能力創造一條途徑毫無疑問，市場活動水準仍然具有挑戰性。

But I believe that loan depot is positioned to deliver increasing value to all of our stakeholders over the course of this year and the years to come with that I will now turn the call over to Dave, who will take us through our financial results in more detail.

但我相信貸款中心的定位是在今年和未來幾年為我們所有利益相關者提供越來越多的價值，我現在將把電話轉給戴夫，他將帶領我們了解更多的財務業績細節。

Thanks, Frank, and good afternoon, everyone.

謝謝弗蘭克，大家下午好。

Our adjusted net loss decreased from 59 million in the first quarter of 2023 to $38 million in the first quarter of this year, due both to higher revenues and lower expenses during the first quarter pull through weighted rate lock volume was 4.7 billion, which represented a 11% decrease from the first quarter of 2023 and reflecting the impact of taking our origination platforms offline for part of January.

我們調整後的淨虧損從 2023 年第一季的 5,900 萬美元減少到今年第一季的 3,800 萬美元，原因是第一季收入增加和費用減少，加權利率鎖定量為 47 億美元，相當於較2023 年第一季下降11%，反映了我們的原創平台在1 月份部分時間下線的影響。

In response to the cyber incident rate, lock volume came in within the guidance we issued last quarter of 3.5 billion to 5.5 billion rate.

針對網路事件發生率，鎖定量處於我們上季發布的 35 億至 55 億的指引範圍內。

Lock volume contributed to adjusted total revenue of 231 million compared to 226 million in the first quarter of 2023, we estimate first quarter revenue was adversely impacted by approximately $22 million from the time our systems were offline and were unable to take customer locks, but bear in mind that we also did not incur associated volume related expenses that lost revenue.

鎖定量對調整後總營收的貢獻為2.31 億美元，而2023 年第一季為2.26 億美元，我們估計，自我們的系統離線且無法取得客戶鎖定以來，第一季營收受到約2,200 萬美元的不利影響，但請承擔請記住，我們也沒有產生導致收入損失的相關數量相關費用。

Our loan origination volume was 4.6 billion for the quarter, a decrease of 8% from the first quarter of 2023.

本季我們的貸款發放量為 46 億，較 2023 年第一季下降 8%。

This was also within the guidance we issued last quarter of between 3.5 billion and 5.5 billion the year over year.

這也在我們上季發布的年比 35 億至 55 億的指引範圍內。

Increase in revenue is primarily result of higher servicing fee income and pull-through weighted gain on sale margin.

收入的增加主要是由於服務費收入增加和銷售利潤率的拉動加權收益增加。

Our pull-through weighted gain on sale margin for the first quarter came in at 274 basis points within our guidance of 270 to 200 or 300 basis points and compared to 226 basis points in the first quarter of 2023.

我們第一季銷售利潤率的拉動加權收益為 274 個基點，在我們 270 至 200 或 300 個基點的指導範圍內，而 2023 年第一季為 226 個基點。

Our higher gain on sale margin was primarily due to an overall increase in the profit margins of our loan production.

我們較高的銷售利潤率收益主要是由於我們的貸款生產利潤率整體提高。

We also benefited from a lower loss provision due to improved loan quality and a higher profit margin and volume on our Healon production.

由於貸款品質的改善以及 Healon 生產的利潤率和產量的提高，我們也受益於較低的損失撥備。

Turning now to our servicing portfolio, the unpaid principal balance of our servicing portfolio increased slightly to 142.3 billion from 141.7 billion from the end of the first quarter 2023.

現在轉向我們的服務組合，我們的服務組合的未付本金餘額從 2023 年第一季末的 1,417 億美元小幅增加至 1,423 億美元。

During the quarter, we opportunistically monetized a portion of our portfolio by selling Ginnie Mae MSRs totaling 3 billion.

本季度，我們透過出售總計 30 億美元的吉利美 MSR 來伺機將部分投資組合貨幣化。

Have you UPB servicing fee income increased from 120 million in the first quarter of 2023 to 124 million in the first quarter of 2024 due in part to higher earnings credits on custodial balances from higher interest rates.

UPB 服務費收入從 2023 年第一季的 1.2 億增加到 2024 年第一季的 1.24 億，部分原因是利率上升導致託管餘額的收益抵免增加。

We hedge our servicing portfolio, so we do not record the full impact of the changes in fair value in the results of our operations.

我們對沖我們的服務組合，因此我們不會記錄公允價值變動對我們營運結果的全部影響。

We believe this strategy protects us against volatility in our earnings and liquidity.

我們相信這項策略可以保護我們免受收益和流動性波動的影響。

Our strategy for hedging the servicing portfolio is dynamic, and we adjust our hedge positions of reaction to changing interest rate environments.

我們對沖服務投資組合的策略是動態的，我們根據不斷變化的利率環境調整我們的避險部位。

We believe our servicing portfolio is well protected against potential rising defaults.

我們相信，我們的服務組合得到了很好的保護，免受潛在的違約上升的影響。

As of March 31, the weighted average FICO was seven 36 the weighted average coupon was 3.5% and the weighted average LTV at origination was 72%.

截至3月31日，加權平均FICO為7 36，加權平均票面利率3.5%，加權平均LTV為72%。

These characteristics contributed to a low delinquency rate with only 1% of the portfolio more than 60 days past due at quarter end and to generate reliable ongoing revenue during these uncertain economic times.

這些特徵有助於降低拖欠率，季度末只有 1% 的投資組合逾期超過 60 天，並在經濟不確定的時期產生可靠的持續收入。

A major component of Vision 2025 is to align our expense base with the smaller mortgage market and create efficiencies to improve operating leverage and financial performance over time.

2025 年願景的一個主要組成部分是使我們的支出基礎與較小的抵押貸款市場保持一致，並提高效率，以隨著時間的推移提高營運槓桿和財務績效。

Our total expenses for the first quarter of 2024 and decreased by $7 million or 2% prior from the prior year quarter.

我們 2024 年第一季的總支出比去年同期減少了 700 萬美元，即 2%。

The primary drivers of this decrease were lower personnel related costs driven by headcount falling by approximately 600 FTE during the period and lower marketing costs, our expenses would have decreased more substantially if it hadn't been for the cyber incident, which added 15 million in net cost to our results.

這一下降的主要驅動因素是人員相關成本下降（由於員工人數在此期間減少了約600 名FTE）以及營銷成本下降，如果沒有網絡事件，我們的開支將會大幅下降，該事件使我們的開支增加了1500 萬美元。

Our volume-related expenses, consisting of commissions and direct origination expenses increased by $2 million from the year ago quarter, despite lower origination volumes.

儘管發起量有所下降，但我們與數量相關的費用（包括佣金和直接發起費用）比去年同期增加了 200 萬美元。

Part of the cyber-related costs incurred during the quarter were to support our loan officers by compensating them for loss commission.

本季產生的部分網路相關成本是透過補償我們的信貸員損失佣金來支持他們。

We expect these costs to correlate with volume again, starting with the second quarter restructuring related and asset impairment charges totaled 4 million, up from 1.7 million in the first quarter of 2023, primarily due to the ongoing impact of our supplemental productivity improvement program targeting 120 million of annualized earnings improvement expected to benefit 2024 through the end of April 2024.

我們預計這些成本將再次與銷售量相關，從第二季開始，重組相關費用和資產減損費用總計400 萬美元，高於2023 年第一季的170 萬美元，這主要是由於我們的補充生產力改進計劃的持續影響，目標是120截至 2024 年 4 月底，預計 2024 年年化收益將實現 100 萬美元的改善。

We have confirmed the 100 points, $112 million or 93% of our targeted improvement.

我們已經確認了 100 分，即 1.12 億美元，即目標改進的 93%。

These were primarily achieved through decreased third-party vendor spend, salary expenses and reduced real estate related costs we expect to action the remainder of the planned savings in the second quarter.

這些主要是透過減少第三方供應商支出、工資支出和減少房地產相關成本來實現的，我們預計將在第二季度實現剩餘的計劃節省。

During the first quarter, we also accrued 1.1 million of legal expenses related to the expected settlement of legacy litigation compared to none in the prior year quarter.

在第一季度，我們也提列了 110 萬美元與預期和解遺留訴訟相關的法律費用，而去年同期則沒有。

Excluding the costs of the cyber incident restructuring and asset impairment charges and the litigation settlement accrual, we accomplished meaningful operating expense savings, reducing adjusted expenses by 8% from 313 million enforced in the first quarter of 2023 to 288 million in the first quarter of 2024.

不包括網路事件重組和資產減損費用以及應計訴訟和解費用，我們實現了有意義的營運費用節省，調整後費用減少了8%，從2023 年第一季執行的3.13 億美元減少到2024 年第一季的2.88 億美元。

Looking ahead to the second quarter, we expect origination volume of between 5,000,000,007 billion, and we expect pull-through weighted lock volume of between 4.5 billion and 6.5 billion volume guidance reflects the seasonal increase in home activity at food and home buying activity tempered by the recent increase in interest rates increasing cost to the consumer.

展望第二季度，我們預計起始交易量將在50 億至65 億之間，我們預計拉動加權鎖定交易量將在45 億至65 億之間，這反映了食品和購房活動的季節性增長，但受到最近利率的上升增加了消費者的成本。

We also expect our second quarter pull-through weighted gain on sale margin to be between 260 and 290 basis points it also reflects the recent increase in interest rates.

我們也預期第二季銷售利潤率的拉動加權收益將在 260 至 290 個基點之間，這也反映了近期利率的上升。

During the second quarter, we expect expenses will increase somewhat primarily due to higher commission marketing and origination expenses, reflecting increased volume quarter over quarter, offset somewhat by the absence of cyber related costs after the first quarter.

在第二季度，我們預計費用將有所增加，主要是由於佣金行銷和發起費用增加，反映了季度環比銷量的增加，但在一定程度上被第一季後網路相關成本的缺失所抵消。

As we mentioned on our last call, we are continuing to evaluate our capital structure, including options available to address our unsecured notes maturing in the fourth quarter of 2025.

正如我們在上次電話會議中所提到的，我們正在繼續評估我們的資本結構，包括可用於解決 2025 年第四季到期的無擔保票據的選項。

We believe that by addressing these notes in the near term, we will de-risk the outlook for the Company for the benefit of all their stakeholders.

我們相信，透過在短期內解決這些問題，我們將降低公司前景的風險，造福所有利害關係人。

We'll share more as we get closer to executing on our plan.

當我們接近執行我們的計劃時，我們將分享更多資訊。

Our cost reset has allowed us to maintain a strong liquidity position ending the quarter with over 600 million of cash and at the same time, supporting reinvestment in critical platforms and programs.

我們的成本重置使我們能夠在本季結束時保持強勁的流動性頭寸，擁有超過 6 億現金，同時支持關鍵平台和專案的再投資。

While the recent increase in interest rates has put pressure on market volume expectations.

而近期升息對市場成交量預期造成壓力。

We continue to aggressively focus on our plan to return to profitable.

我們繼續積極專注於恢復盈利的計劃。

So with that, we're ready to turn it back to the operator for Q&A.

因此，我們準備將其交還給操作員進行問答。

Operator?

操作員？

(Operator Instructions) Doug Harter, UBS.

（操作員說明）Doug Harter，UBS。

Sorry about that.

對於那個很抱歉。

And can you just confirm the expense guidance that you just gave that that expenses will you're looking for them to be up some even with the absence of the 15 or $15 million of cyber related expenses?

您能否確認一下您剛剛給出的費用指導，即使沒有 15 或 1500 萬美元的網路相關費用，您希望這些費用也會增加一些？

Yes, that's correct.

對，那是正確的。

And beauty that system driven really by the pull-through of funded volume expectations going up from Q1 to Q2.

美麗的系統實際上是由第一季到第二季融資量預期的拉動所驅動的。

I appreciate that.

我很感激。

And then turning to the 2025 debt maturity, can you talk about any progress that you've made there and thoughts around timing as to when there could be some resolution on that maturity Centre?

然後轉向 2025 年債務到期，您能否談談您在這方面取得的任何進展以及關於何時可以就該到期中心達成某種解決方案的時間安排的想法？

Again, David Hayes and as mentioned in our prepared remarks.

再次，大衛·海耶斯，正如我們準備好的演講中提到的。

We are actively looking at that.

我們正在積極關注這一點。

We've engaged some advisors and are working through a series of options on that front.

我們已經聘請了一些顧問，並正在研究這方面的一系列選擇。

And I think we talked about this a little bit on the last quarter call, too, we don't envision seeing or wanting to see these bonds go current.

我想我們在上個季度的電話會議上也討論過這一點，我們不希望看到或希望看到這些債券流通。

So we're looking to take care of on the second or third quarter at some point pretty constructive markets and we're going to transact when it makes the most sense for the Company, but it's on the near-term horizon.

因此，我們希望在第二或第三季的某個時候處理相當有建設性的市場，我們將在對公司最有意義的時候進行交易，但這是在短期內。

(Operator Instructions) Kyle Joseph, Jefferies.

（操作說明）Kyle Joseph，Jefferies。

That's a good afternoon.

這真是一個美好的下午。

And thanks for taking my questions.

感謝您回答我的問題。

Just on MSR sales this quarter level and you guys bleed that out over time, was that one was that done in bulk or just any color on bids there too?

就本季的 MSR 銷售水平而言，隨著時間的推移，你們會發現這一點，是批量完成的還是只是在出價上有任何顏色？

Sure.

當然。

This is Jeff again.

這又是傑夫。

As we've stated before, we're always monitoring the MSR market and we'll, you know, we'll opportunistically transact where it makes sense.

正如我們之前所說，我們一直在監控 MSR 市場，並且我們會在有意義的地方機會主義地進行交易。

It was a relatively small or immaterial amount of the portfolio where we took the opportunity to transact and we'll continue to do.

這是投資組合中相對較小或無關緊要的部分，我們藉此機會進行了交易，我們將繼續這樣做。

So it's the same way going forward.

所以接下來的發展方向也是一樣的。

Got it.

知道了。

And then just quick follow-up for modeling.

然後快速跟進建模。

What do you think in terms of cash balances going forward?

您對未來現金餘額有何看法？

Yes.

是的。

We're going to it's obviously still a pretty challenging market.

我們認為這顯然仍然是一個相當具有挑戰性的市場。

So we're going to continue to maintain this posture having sort of heightened levels liquidity.

因此，我們將繼續保持這種流動性水準較高的態勢。

We've kept the balances over 600 million.

我們的餘額維持在6億多。

We'll continue to trying to manage that number around similar levels for the remainder of the year here.

我們將繼續努力在今年剩餘時間內將這一數字控制在類似的水平。

Got it.

知道了。

That's it for me.

對我來說就是這樣。

Thanks for taking my questions.

感謝您回答我的問題。

There are no further questions at this time.

目前沒有其他問題。

Frank Martell, I turn the call back over to you.

法蘭克‧馬泰爾，我把電話轉回給你。

Okay.

好的。

Thank you, operator, and thanks, everybody again for joining us today.

謝謝接線員，再次感謝大家今天加入我們。

And we appreciate the questions, and I'll be up Dave and the rest of the team.

我們感謝這些問題，我會和戴夫以及團隊的其他成員一起發言。

I want to thank everybody and our key stakeholders for their support.

我要感謝所有人和我們主要利害關係人的支持。

We're going to continue to keep everybody appraised as we progress through our Vision 2025 imperatives.

在我們實現 2025 年願景目標的過程中，我們將繼續對每個人進行評估。

Again, thank you again, and have a great day.

再次感謝您，祝您有美好的一天。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。