LM Funding America Inc (LMFA) 2024 Q2 法說會逐字稿

Greetings, and welcome to the LM Funding America, Inc., second-quarter 2024 business update call. (Operator Instructions)

您好，歡迎致電 LM Funding America, Inc.，了解 2024 年第二季業務更新。（操作員說明）

Please note this conference is being recorded. I will now turn the conference over to your host, Mr. Ted Ayvas. Investor Relations. Sir, you may begin.

請注意，本次會議正在錄製中。現在我將會議交給東道主特德·艾瓦斯先生。投資者關係。先生，您可以開始了。

Good morning and thank you for joining LM Funding America's 2024 second-quarter financial results and business update conference call. On the call with us today are Bruce Rodgers, Chief Executive Office;, and Richard Russell, Chief Financial Officer of LM Funding.

早安，感謝您參加 LM Funding America 2024 年第二季財務業績和業務更新電話會議。今天與我們通話的有 LM Funding 執行長 Bruce Rodgers 和財務長 Richard Russell。

This morning, the company announced its operating results for the quarter ended June 30, 2024, and its financial condition as of that date. The press release is posted on the company's website, lmfunding.com. In addition, the company has filed its quarterly report on Form 10-Q with the US Securities and Exchange Commission, which can also be accessed on the company's website as well as the SEC's website at www.SEC.gov.

今天上午，該公司公佈了截至 2024 年 6 月 30 日的季度營運業績以及截至該日的財務狀況。新聞稿發佈在該公司網站 lmfunding.com 上。此外，該公司已向美國證券交易委員會提交了 10-Q 表季度報告，該報告也可在該公司網站以及 SEC 網站 www.SEC.gov 上取得。

If you have any questions after the call or would like any additional information about the company, please contact Crescendo Communications at (212) 671-1020. Before management reviews the company's operating results for the three and six months ended June 30, 2024 and its financial condition as of that date, we would like to remind everyone that this conference call may contain forward looking statements.

如果您在通話後有任何疑問或想了解有關該公司的任何其他信息，請致電 (212) 671-1020 聯繫 Crescendo Communications。在管理階層審查公司截至 2024 年 6 月 30 日止三個月和六個月的經營業績以及截至該日的財務狀況之前，我們想提醒大家，本次電話會議可能包含前瞻性陳述。

All statements other than statements of historical facts contained in this conference call, including statements regarding our future results of operations and financial position, strategy and plans and our expectations for future operations are forward-looking statements.

本次電話會議中除歷史事實陳述外的所有陳述，包括有關我們未來經營業績和財務狀況、戰略和計劃以及我們對未來經營的預期的陳述，均為前瞻性陳述。

These forward-looking statements are based largely on the company's current expectations and projections about future events and trends that it believes may affect its financial condition, results of operations, strategy, short-term and long-term business operations and objectives and financial needs.

這些前瞻性陳述主要基於公司目前對其認為可能影響其財務狀況、營運績效、策略、短期和長期業務營運以及目標和財務需求的未來事件和趨勢的預期和預測。

These forward-looking statements are subject to various risks, uncertainties and assumptions as described in the company's Form 10-K filed with the US Securities and Exchange Commission on April 1, 2024. Because of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in the conference call may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

這些前瞻性陳述受到本公司於 2024 年 4 月 1 日向美國證券交易委員會提交的 10-K 表格中所述的各種風險、不確定性和假設的影響。由於這些風險、不確定性和假設，電話會議中討論的前瞻性事件和情況可能不會發生，實際結果可能與前瞻性陳述中預期或暗示的結果有重大不利差異。

You should not rely upon forward-looking statements as predictions of future events. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance or achievement. In addition, neither the company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements.

您不應依賴前瞻性陳述作為未來事件的預測。儘管公司認為前瞻性陳述中反映的預期是合理的，但它不能保證未來的結果、活動水準、績效或成就。此外，本公司或任何其他人均不對任何這些前瞻性陳述的準確性和完整性承擔責任。

The company disclaims any duty to update any of the forward-looking looking statement. All forward-looking statements attributable to the company are expressly qualified in their entirety by these cautionary statements as well as others made in this conference call.

該公司不承擔更新任何前瞻性聲明的義務。所有歸屬於該公司的前瞻性陳述均完全受到這些警告性陳述以及本次電話會議中所做的其他陳述的明確限制。

You should evaluate all forward-looking statements made by the company in the context of these risks and uncertainties. In addition, today's discussion will include references to non-GAAP measures. The company believes that such information provides an additional measurement and consistent historical comparison of its performance.

您應該在這些風險和不確定性的背景下評估公司所做的所有前瞻性陳述。此外，今天的討論將包括對非公認會計原則措施的提及。該公司認為，此類資訊提供了對其業績的額外衡量和一致的歷史比較。

A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is available in today's news release on our website.

我們網站上今天發布的新聞稿中提供了非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準的調節表。

With that, I would now like to turn the call over to Bruce Rodgers, Chairman and CEO of LM Funding Group. Bruce?

現在，我想將電話轉給 LM Funding Group 董事長兼執行長 Bruce Rodgers。布魯斯？

Thanks, Ted. Good morning, and thanks to everyone who joined us today. On behalf of our LM Funding, team, I'd like to thank all of our shareholders for your ongoing support and for joining us on this call this morning, Staples an eventful month with the bitcoin halving event. Despite this transition reducing miners awards by 50%.

謝謝，泰德。早安，感謝今天加入我們的所有人。我謹代表我們的 LM Funding 團隊感謝所有股東的持續支持，並感謝你們今天早上參加我們的電話會議，史泰博度過了比特幣減半事件這一多事之秋。儘管這一轉變將礦工獎勵減少了 50%。

We are pleased that we successfully mined 44.1 Bitcoins during the quarter, valued at approximately $2.9 million. Not-withstanding the halving event, we're extremely pleased that several expensive hosting contracts have recently expired, allowing us to relocate these machines to more cost effective mining sites. As of July 31, we had approximately 3800 miners place at several hosting sites and our potential hash rate remains strong at 639 petahash. We have dispositions, LM Funding for even greater mining success in the future.

我們很高興在本季成功開採了 44.1 個比特幣，價值約 290 萬美元。雖然在減半事件中，我們非常高興地看到幾個昂貴的託管合約最近到期，使我們能夠將這些機器重新安置到更具成本效益的採礦地點。截至 7 月 31 日，我們在多個託管站點上部署了大約 3800 名礦工，我們的潛在哈希率仍然強勁，達到 639 petahash。我們擁有處置權和 LM 資金，以便未來能取得更大的採礦成功。

I would now like to turn the call over to our CFO, Rick Russell, for a review of the financial highlights for the 2024 second-quarter. Rich.

我現在想將電話轉給我們的財務長 Rick Russell，請他回顧 2024 年第二季的財務亮點。富有的。

Thank you, Bruce. As of June 30, 2024, the company had approximately 900 mining machine operations at various sites. We had subsequently placed an additional 20 machines into service at the Arthur mining sites in total or 900 miners provide the company with approximately 639 petahash of mine capacity. We mined 44.1 Bitcoins in the second quarter of 2024 generated $2.9 million in revenue and average bitcoin price of $65,600.

謝謝你，布魯斯。截至2024年6月30日，該公司在不同地點擁有約900台礦機。隨後，我們在 Arthur 礦場額外投入了 20 台機器，總計 900 名礦工為公司提供了約 639 petahash 的礦場容量。我們在 2024 年第二季開採了 44.1 個比特幣，產生了 290 萬美元的收入，比特幣平均價格為 65,600 美元。

As of June 30, 2024, the company held 164 Bitcoins valued at approximately $10 million. Total revenue for the second quarter of 2024 was approximately $3million, a decrease of $184,000 from the same period last year.

截至2024年6月30日，該公司持有164枚比特幣，價值約1,000萬美元。2024年第二季總營收約300萬美元，較去年同期減少18.4萬美元。

Digital mining revenue was relatively flat at $2.9 million in the second quarter of 2024 versus $3 million in Q2 2023. This change was a result of the effects of the April 2024. I did point out event and the repositioning of monitors during the month of June, offset in part by the increase of Bitcoin prices.

2024 年第二季數位挖礦收入相對持平，為 290 萬美元，而 2023 年第二季為 300 萬美元。這項變更是 2024 年 4 月影響的結果。我確實指出了 6 月發生的事件和監視器的重新定位，部分被比特幣價格的上漲所抵消。

Operating expenses for the quarter ended June 30, 2024 rose to $7.8 million from $6.4 million year over year due to a $1.3 million loss in bitcoin fair value and $1.2 million increase in depreciation and amortization costs, offset in part by a $1.6 million decrease in staff costs and payroll.

截至2024 年6 月30 日的季度營運費用從年比640 萬美元增至780 萬美元，原因是比特幣公允價值損失130 萬美元，折舊和攤提成本增加120 萬美元，部分被員工減少160 萬美元所抵銷成本和工資。

Additionally, we reported net loss attributable to shareholders of approximately $6.1 million, including a $1.9 million unrealized loss on securities compared to a $4.5 million net loss in the prior year. Moreover, we reported our core EBITDA loss was $2.2 million in Q2 2024 from $0.1 million in Q2 of 2023. However, we achieved positive core EBITDA for the first half of 2024 of $2.2 million.

此外，我們報告股東應佔淨虧損約 610 萬美元，其中包括 190 萬美元的未實現證券虧損，而上一年的淨虧損為 450 萬美元。此外，我們報告稱，2024 年第二季我們的核心 EBITDA 損失為 220 萬美元，而 2023 年第二季為 10 萬美元。然而，我們在 2024 年上半年實現了 220 萬美元的正核心 EBITDA。

I'll turn it back over to Bruce for our business overview.

我會將其轉回布魯斯以了解我們的業務概述。

Thanks, Rich. I'd now like to focus our attention on our overall business and strategic focus for 2024-2025 and beyond. We recently announced that the company has entered into a letter of intent to acquire a mining site in Texas. This site offers an initial power capacity of 12 megawatts with the potential to expand by an additional 60 megawatts.

謝謝，里奇。我現在想將注意力集中在 2024-2025 年及以後的整體業務和策略重點上。我們最近宣布，該公司已簽署收購德州礦場的意向書。該站點的初始發電容量為 12 兆瓦，並有可能額外擴展 60 兆瓦。

This acquisition will provide us with a cost effective location to power all of our existing machines, mining side is currently generating 55 petahash of mining capacity using immersion mining techniques. And our primary goal with this acquisition is to invest capital to mine the full potential of 72 megawatts.

此次收購將為我們提供一個具有成本效益的位置，為我們所有現有機器提供動力，採礦方目前正在使用浸入式採礦技術產生 55 petahash 的採礦能力。我們此次收購的主要目標是投資資本來挖掘 72 兆瓦的全部潛力。

We are leveraging our Bitcoin holdings to finance the acquisition of market price power, which can be used for Bitcoin mining or resource to the grid. We now have a clear path to grow from our current transitory position quickly mining 12 megawatts and then to stay leveraged capital expansion plan aimed at growing our Texas sites mining capacity is 72 megawatts, which is projected to yield about 1,000 Bitcoins annually at current network difficulty rates.

我們正在利用我們持有的比特幣來為獲取市場價格能力提供資金，這可用於比特幣挖礦或向電網提供資源。我們現在有一條明確的道路，可以從目前的臨時地位快速增長，開採12 兆瓦，然後保持槓桿資本擴張計劃，旨在擴大我們德克薩斯州站點的採礦能力為72 兆瓦，預計在當前網路難度下每年可產生約1,000 個比特幣費率。

Additionally, the company has partnered with Arthur mine to establish a new 15 megawatt hosting facility near Oklahoma City, where we have already relocated approximately 3,000 Antminer S19j Pro machines.

此外，該公司還與 Arthur mine 合作，在俄克拉荷馬城附近建立了一個新的 15 兆瓦託管設施，我們已經在那裡搬遷了大約 3,000 台 Antminer S19j Pro 機器。

Arthur Mining has agreed to host the machines at cost for 10 months significantly reducing operating expenses grow in blending. The companies are also considering this new 60 megawatt site adjacent to the existing Oklahoma facility.

Arthur Mining 已同意以成本價託管這些機器 10 個月，從而顯著降低混合營運費用的成長。兩家公司也正在考慮在現有的俄克拉荷馬州工廠附近建造一個新的 60 兆瓦站點。

We believe these sites provide us with cost effective short and long-term solutions [Telstar] S19j pros, allowing us to rapidly scale our Bitcoin mining capabilities. The strategic alliance with Arthur mining enables LM Funding to capitalize on Arthur's hosting expertise and infrastructure that allows us to focus on our core competencies while minimizing operational and integration risks, thus positioning the company for what we believe will be a period of accelerated growth and increased profitability in order to facilitate expansion initiatives, the company secured a $5 million nonconvertible loan, the proceeds of which will be dedicated to acquiring additional mines further bolstering the company's mining capabilities.

我們相信這些網站為我們提供了具有成本效益的短期和長期解決方案 [Telstar] S19j pro，使我們能夠快速擴展我們的比特幣挖礦能力。與Arthur Mining 的策略聯盟使LM Funding 能夠利用Arthur 的託管專業知識和基礎設施，使我們能夠專注於我們的核心競爭力，同時最大限度地減少營運和整合風險，從而使公司處於我們認為將是一個加速成長和增加的時期。

Our legacy business, which provides funding to non-profit community associations, has been stable since the end of 2023.

我們的傳統業務為非營利社區協會提供資金，自 2023 年底以來一直保持穩定。

Looking ahead, we anticipate growth due to increased demand for reserve funding spurred by legislative changes following the 2023 Seaside tower collapse in South Florida. New Florida laws now mandate as associations fully fund building maintenance reserves, which may lead to higher association dues and more homeowners are unable to pay our experience collecting over 12,000 delinquent condominium owners accounts may afford us an opportunity to address the fully funded reserve problem faced by Florida condominium associations.

展望未來，我們預計成長是由於 2023 年南佛羅裡達州海濱塔倒塌後立法變化刺激了對儲備資金的需求增加。佛羅裡達州新法律現在規定協會必須全額資助建築維護儲備金，這可能會導致協會會費更高，並且更多的房主無法支付我們收集超過12,000 個拖欠公寓業主帳戶的經驗，這可能為我們提供一個機會來解決以下問題：佛羅裡達公寓協會。

So to wrap up, we are committed to reinvesting our mining revenue into purchasing additional cutting edge miners. Perhaps more important is our laser focus on integrating sophisticated software and technologies into our mining operations, enabling us to enhance the hash rate of our existing machines.

總而言之，我們致力於將挖礦收入再投資於購買更多的尖端礦機。也許更重要的是我們專注於將複雜的軟體和技術整合到我們的採礦作業中，使我們能夠提高現有機器的哈希率。

We're excited about our new initiatives to acquire the mining facility in Texas and our partnership with other mining to establish a new 15 megawatt hosting facility near Oklahoma City and possibly a new 60 megawatt site adjacent to that facility.

我們對收購德克薩斯州採礦設施的新舉措以及與其他採礦業合作在俄克拉荷馬城附近建立一個新的15 兆瓦託管設施以及可能在該設施附近建立一個新的60 兆瓦站點感到興奮。

We are confident that these initiatives will provide LM Funding with cost effective and efficient hosting solutions for our S19j products benefiting us in both the short and long term by implementing these initiatives, we are well positioned to significantly accelerate our Bitcoin mining operations. Furthermore, we believe these efforts will drive increased shareholder value for our investors in the future.

我們相信，這些舉措將為LM Funding 的S19j 產品提供具有成本效益和高效的託管解決方案，透過實施這些舉措，我們將在短期和長期受益，我們已做好充分準備，顯著加速我們的比特幣挖礦業務。此外，我們相信這些努力將在未來為我們的投資者帶來更高的股東價值。

I would now like to open the call up for questions. Operator, can you assist us with that?

我現在想打開電話提問。接線員，您能協助我們嗎？

Thank you. At this time, we would be conducting our question-and-answer session.(Operator Instructions)

謝謝。此時，我們將進行問答環節。

Michael Donovan, H.C. Wainwright.

麥可·多諾萬，H.C.溫賴特。

Thank you, operator. Congrats on the quarter, Bruce and Rick and can you help us get a better read on Texas and Oklahoma? Just in terms of the buildout, I know you mentioned immersion, do you plan on just dropping containers there or do you expect to have a larger buildout?

謝謝你，接線生。恭喜本季度，布魯斯和里克，您能幫助我們更了解德州和俄克拉荷馬州嗎？就擴建而言，我知道您提到了沉浸感，您計劃只是將容器扔在那裡還是希望有更大的擴建？

Also, what are you thinking about in terms of power transformers going to be needed as additional transformers knew that both these sites Thank you.

另外，您在考慮需要電力變壓器方面有何考慮，因為額外的變壓器知道這兩個網站都謝謝您。

Thanks. Michael. Load bundle question there. Okay, Texas and Oklahoma, two different places. Both sites will operate using containers on I'm sorry, Texas actually does have -- Texas will be emerging from containers right now that Oklahoma site is care containers right.

謝謝。麥可.那裡加載捆綁包問題。好吧，德克薩斯州和俄克拉荷馬州，兩個不同的地方。兩個站點都將使用容器進行操作，對不起，德克薩斯州實際上確實有——德克薩斯州現在將擺脫容器，而俄克拉荷馬州站點是護理容器。

And that is 50 megawatts fully built out, right? The Texas site, they've got for new emerging containers that we couldn't service wants to buy it. They have three slightly older suburb immersion containers that are active right now. And then, of course, we will buy more emerging containers to fill out the other six megawatt of the site, Texas.

那是 50 兆瓦的完全建成，對嗎？德克薩斯州的網站，他們有新出現的貨櫃，我們無法提供服務，想要購買它。他們有三個稍舊的郊區沉浸容器，目前正在使用中。然後，當然，我們將購買更多新興貨櫃來填充德克薩斯州該站點的其他六兆瓦電力。

Okay. And the second part of your question, Michael, was that?

好的。邁克爾，你問題的第二部分是嗎？

Yes, there are transformers on the ground in Texas there are in Oklahoma, but there's a there are costs for additional costs for buildout at both in tranches to build more megawatt.

是的，德克薩斯州和俄克拉荷馬州都有地面變壓器，但是為了建造更多兆瓦的電力，這兩個地方都需要額外的建造成本。

Okay. Now in terms of the potential for AI or HPC posting out what's our connectivity to these sites offer on either fiber connectivity and what sort of our water sources do you have nearby just for this potentiality--

好的。現在，就人工智慧或 HPC 的潛力而言，請發布我們與這些網站的連接在光纖連接上提供的功能以及您附近有什麼樣的水源來實現這種潛力 -

We've not priced or valued the sites for HPC uses. I only have general knowledge of stuff like that to us. It's securing the power so it's 72 megawatts in Texas and the additional 60 potential. And in Oklahoma, what we've got there, some are just not our business yet.

我們尚未對 HPC 使用的站點進行定價或估值。我對我們這些東西只有一般性的了解。它正在確保電力供應，德克薩斯州的發電量為 72 兆瓦，另外還有 60 兆瓦的潛力。在俄克拉荷馬州，我們所擁有的東西，有些還不是我們的事。

Yes, fair enough. Now in Oklahoma. So it's going to be at cost per 10 months for the I'm running the 2000 miners there, after the 10 months have you guys discussed what that looks like or what a potential deal would be--

是的，很公平。現在在俄克拉荷馬州。因此，對於我在那裡運行 2000 名礦工來說，這將以每 10 個月的成本計算，10 個月後，你們討論過這是什麼樣子的，或者潛在的交易是什麼——

It's in the agreement, the docs, it goes to market price after the 10 months. So the big picture that is we rather than rather than provide a hosting company with a deposit that they use to build something, we loaned them on a secured basis.

協議、文件中都有規定，10 個月後將以市場價格定價。因此，大局是，我們不是向託管公司提供他們用來建立某些東西的押金，而是在有擔保的基礎上借給他們。

The mine they need to build that out and then to make money on our money, they're mining for us for cost for this first 10 months. And then after that date, we plan to be elsewhere and they'll rent our space out to somebody that the pay market rates and be able to pay off that loan to us.

他們需要建造這個礦井，然後用我們的錢賺錢，他們為我們開採前 10 個月的成本。然後在那一天之後，我們計劃去其他地方，他們會將我們的空間出租給支付市場價格並能夠償還給我們的貸款的人。

Okay. Thank you. In terms of the time line that took to transition those 3,000 miners was that in June and July?

好的。謝謝。就這 3000 名礦工的過渡時間而言，是 6 月和 7 月嗎？

I think I believe that they're all over there now. Right, the 3,000, so just what are those that were that had on interrupted operations.

我想我相信他們現在都在那裡。是的，是 3,000 人，那麼那些營運中斷的人是什麼呢？

Yeah, it took probably again 45 days-ish to transition over, right, just get a move set up. A few kinks worked out with the new site as usual, but they're all installed. They're now at this 3000.

是的，大概又花了 45 天左右的時間過渡，對吧，只是開始行動。像往常一樣，新站點出現了一些問題，但它們都已安裝。現在他們已經是3000了。

Can you remind us for that the new machines that you on the [S21] and where are they located at a third-party site? I believe there you're expecting them to arrive in March and April. Can just help with that?

您能否提醒我們，您在 [S21] 上使用的新機器以及它們位於第三方網站的什麼位置？我相信您會期待他們在三月和四月到達。可以幫忙解決一下嗎？

They came and I want to say April, and they're installed at the core location in Kentucky with our expertise. So we have about 800 S21s expertise combined over there.

他們來了，我想說是四月，他們憑藉我們的專業知識安裝在肯塔基州的核心位置。因此，我們在那裡總共擁有大約 800 名 S21 專業人士。

Okay. And for a third party hosting, is everything with core now? Or do you still have some that big now?

好的。對於第三方託管來說，現在一切都帶有核心了嗎？或是現在還有這麼大的嗎？

We transition out of Giga and they went to warehouse and we're looking to move some of those over to the Texas side once that's done.

我們從 Giga 過渡出來，他們去了倉庫，一旦完成，我們希望將其中一些轉移到德克薩斯州一側。

So co-hosting we have or then the Arthur side, is it hosting site.

所以我們有共同託管，或者亞瑟方面，它是託管網站。

Yeah, great. Now more of a big picture question. With that $5 billion loan on I believe you spoke to some of it being used for Immersion.

是的，太棒了。現在更多的是一個大局問題。我相信您談到了那筆 50 億美元的貸款，其中一部分用於 Immersion。

Is this going to be mostly for infrastructure or purchasing new machines to how should we think about that?

這主要是用於基礎設施還是購買新機器，我們該如何考慮？

Mostly land, mostly has a number attached to the whatever infrastructure it takes, plus whatever machine the infrastructural support less than our plan in Pennsylvania.

主要是土地，大部分都有一些附屬於所需的任何基礎設施，加上基礎設施支援的任何機器都少於我們在賓夕法尼亞州的計劃。

All right. Well, I'll hop back in megawatts capacity. Does the any good if you have any machines to plug into. So you got to kind of think of it like that.

好的。好吧，我會回到兆瓦容量。如果您有任何可以插入的機器，這會有什麼好處。所以你必須這樣想。

Fair enough. Thank you so much, Bruce and Rich.

很公平。非常感謝布魯斯和里奇。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Okay. As we currently have no further questions in queue, I will hand it back to management for closing comments.

好的。由於我們目前沒有進一步的問題，我會將其交還給管理層以供結束評論。

Thank you all for joining us on today's call for 2024. For having event behind us, we now turn our focus toward enhancing our Bitcoin mining operations in anticipation of the next having events expected to occur in 2028.

感謝大家參加今天的 2024 年電話會議。由於事件已經過去，我們現在將重點轉向加強我們的比特幣挖礦業務，以應對預計在 2028 年發生的下一次事件。

With our current initiatives, providing cost effective locations to power all of our existing machines, we are extremely excited about what the future holds for LM Funding and its shareholders. We are grateful for the ongoing support of our shareholders and look forward to updating you on future progress. Thank you.

透過我們目前的舉措，提供具有成本效益的地點來為我們所有現有的機器提供動力，我們對 LM Funding 及其股東的未來感到非常興奮。我們感謝股東的持續支持，並期待向您通報未來的進展。謝謝。

Thank you. This concludes today's call and you may disconnect your lines at this time, and we thank you for your participation.

謝謝。今天的電話會議到此結束，您現在可以掛斷電話，我們感謝您的參與。