LM Funding America Inc (LMFA) 2024 Q3 法說會逐字稿

Greetings, and welcome to the LM Funding America Inc third quarter 2024 business update conference call. (Operator Instructions) Please note, this conference is being recorded.

您好，歡迎參加 LM Funding America Inc 2024 年第三季業務更新電話會議。（操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Ms. Ted Ayvas of Investor Relations. Sir, you may begin.

現在我將會議交給東道主投資者關係部的特德·艾瓦斯女士。先生，您可以開始了。

Good morning, and thanks to everyone for joining LM Funding America's 2024 third quarter financial results and business update conference call. On the call with us today are Ryan Duran, President of US Digital Mining; and Richard Russell, Chief Financial Officer of LM Funding; Bruce Rogers, the company's Chief Executive Officer, will not be able to attend the call this morning due to a family emergency.

早安，感謝大家參加 LM Funding America 2024 年第三季財務業績和業務更新電話會議。今天與我們通話的是美國數位礦業公司總裁瑞安杜蘭 (Ryan Duran)；以及 LM Funding 財務長 Richard Russell；由於家庭緊急情況，該公司首席執行官布魯斯·羅傑斯（Bruce Rogers）將無法參加今天早上的電話會議。

This morning, the company announced its operating results for the quarter ended September 30, 2024, and its financial condition as of that date. The press release is posted on the company's website, lmfunding.com and is filed as an exhibit to a Form 8-K, which was filed 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. 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.

今天上午，該公司公佈了截至 2024 年 9 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的網站 lmfunding.com 上，並作為 8-K 表格的附件提交，該表格已向美國證券交易委員會提交，也可以在該公司的網站以及SEC 網站 www.sec.gov。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。

Before management reviews the company's operating results for the three months and nine months ended September 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. All statements other than statements of historical facts contained in the 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. 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.

在管理階層審查公司截至2024年9月30日的三個月和九個月的營運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。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、策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。這些前瞻性陳述主要基於本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和目標以及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 this conference call may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. 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 achievements.

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，本次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。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。

In addition, neither the company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The company disclaims any duty to update any of these forward-looking statements. 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. You should evaluate all forward-looking statements made by the company in the context of these risks and uncertainties.

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。該公司不承擔更新任何這些前瞻性陳述的義務。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。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。

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

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。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 will now turn the call over to Ryan Duran. Ryan?

現在，我將把電話轉給瑞安杜蘭 (Ryan Duran)。瑞安？

Thanks, Ted. Good morning, and thanks to everyone who joined us today. We have a lot of positive developments to share with you today as we continue to strengthen our position in the Bitcoin mining landscape. Following the Bitcoin mining halving earlier this year, there has been a strategic shift in our mining approach to more cost-effective operations. The halving event coincided with the expiration of several high-cost hosting contracts, providing us with opportunities to relocate our machines to more cost-effective facilities. We believe these strategic decisions have positioned LM Funding for continued growth and success in our mining operations.

謝謝，泰德。早安，感謝今天加入我們的所有人。今天，隨著我們繼續加強我們在比特幣挖礦領域的地位，我們有很多積極的進展可以與您分享。繼今年稍早比特幣挖礦減半之後，我們的挖礦方法發生了策略轉變，轉向更具成本效益的營運。減半事件恰逢多個高成本託管合約到期，這為我們提供了將機器遷移到更具成本效益的設施的機會。我們相信這些策略決策使 LM Funding 能夠幫助我們的採礦業務持續成長並取得成功。

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

我現在想將電話轉給我們的財務長 Rick Russell，請他回顧 2024 年第三季的財務亮點。瑞克？

Thank you, Ryan. As of September 30, 2024, the company had approximately 3,700 Bitcoin mining machines in operation and engaged in Bitcoin mining at various hosting sites. With an additional 2,200 miners at a third-party warehouse waiting to be redeployed, in total, our 5,900 miners provide the company with approximately 639 petahash of mining capacity.

謝謝你，瑞安。截至2024年9月30日，該公司擁有約3,700台比特幣礦機在運行，並在多個託管站點從事比特幣挖礦。第三方倉庫還有 2,200 名礦工等待重新部署，我們的 5,900 名礦工總共為公司提供了約 639 petahash 的挖礦能力。

We mined 18.5 Bitcoins in the third quarter of 2024, generating approximately $1.1 million in revenue at an average Bitcoin price at $61,000. As of September 30, 2024, the company held 142.3 Bitcoins, which are valued as of November 11, 2024, at approximately $12.4 million assuming an $87,000 per Bitcoin price. Total revenue for the third quarter of 2024 was approximately $1.3 million, a decrease of $2.1 million from the same period last year. The decrease in revenues reflects the effects of April 2024 Bitcoin halving event as well as the repositioning of miners during the quarter.

我們在 2024 年第三季開採了 18.5 個比特幣，以 61,000 美元的平均比特幣價格計算，產生了約 110 萬美元的收入。截至 2024 年 9 月 30 日，該公司持有 142.3 個比特幣，截至 2024 年 11 月 11 日，假設每個比特幣價格為 87,000 美元，其價值約為 1,240 萬美元。2024年第三季總營收約130萬美元，較去年同期減少210萬美元。收入下降反映了 2024 年 4 月比特幣減半事件以及該季度礦商重新定位的影響。

Operating expense for the quarter ended September 30, 2024, decreased to $5.6 million from $6.6 million year-over-year due to a $2 million decrease in digital mining costs offset in part by a $0.8 million increase in depreciation and amortization. Moreover, we reported that our core EBITDA loss was $1.6 million in Q3 2024 from $0.6 million in Q3 2023. However, we achieved positive core EBITDA for the first nine months of 2024 at $0.6 million due to expanded Bitcoin operations.

截至 2024 年 9 月 30 日的季度營運費用從年比 660 萬美元減少至 560 萬美元，原因是數位採礦成本減少 200 萬美元，部分被折舊和攤提增加 80 萬美元所抵銷。此外，我們報告稱，2024 年第三季我們的核心 EBITDA 損失為 160 萬美元，而 2023 年第三季為 60 萬美元。然而，由於比特幣業務的擴大，我們在 2024 年前 9 個月實現了 60 萬美元的正核心 EBITDA。

I would now like to turn the call over to Ryan for our strategy overview.

我現在想將電話轉給瑞安，了解我們的策略概述。

Thanks, Rick. I would now like to focus our attention on our overall strategic shift in our mining operations post halving. Following the April halving event, the company strategically pivoted away from the infrastructure light approach that we had employed pre-halving to a strategy of vertical integration. This strategy is centered on securing mining sites with low-cost sustainable power sources and significant expansion potential, positioning the company and enhanced operations efficiency and growth.

謝謝，瑞克。我現在想把我們的注意力集中在減半後採礦業務的整體策略轉變上。在四月份的減半事件之後，該公司策略性地從減半前採用的基礎設施輕方法轉向了垂直整合策略。該策略的核心是確保礦區擁有低成本永續能源和巨大的擴張潛力，為公司定位並提高營運效率和成長。

The timing of this strategic shift was intentional as we had aligned our hosting contract expirations to coincide with the halving event allowing us the flexibility to restructure our operations with minimal disruption. As we continue to build out our infrastructure, we remain committed to identifying additional cost-effective hosting sites. We believe these investments will drive substantial growth and create long-term value for our shareholders positioning the company as a key player in the digital mining sector.

這一策略轉變的時機是有意為之的，因為我們已將託管合約到期時間與減半事件相一致，從而使我們能夠靈活地重組我們的運營，同時將幹擾降至最低。隨著我們繼續建造基礎設施，我們仍然致力於尋找其他具有成本效益的託管網站。我們相信這些投資將推動大幅成長，並為我們的股東創造長期價值，使公司成為數位採礦領域的關鍵參與者。

I would now like to turn the call over to Rick Russell for a wrap-up.

我現在想將電話轉給 Rick Russell 進行總結。

Thanks, Ryan. We remain fully committed to reinvesting our mining revenue into expanding our capacity with additional state (inaudible) miners and further enhancing our operations through the integration of advanced software and technologies boosting the hash rate of our existing machines. Moreover, we are enthusiastic about our recent vertical integration initiatives, which we anticipate will continue to lower our direct mining costs as compared to the prior year.

謝謝，瑞安。我們仍然完全致力於將採礦收入再投資於透過更多國家（聽不清楚）礦工來擴大我們的產能，並透過整合先進的軟體和技術來提高我們現有機器的哈希率，進一步增強我們的營運.此外，我們對最近的垂直整合舉措充滿熱情，我們預計與去年相比，這將繼續降低我們的直接採礦成本。

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

我現在想開始提問。接線員，您能協助我們嗎？

(Operator Instructions)

（操作員說明）

Kevin Dede, H.C. Wainright.

凱文·德德，H.C.溫賴特。

Yes, lots of questions because there weren't many details. Obviously, you are moving miners. Can you give us an indication of what you have mining now, where it is and where you think your hash rate goes by the end of the year?

是的，有很多問題，因為沒有太多細節。顯然，你正在轉移礦工。您能否告訴我們您現在正在開採什麼、在哪裡以及您認為今年年底您的哈希率會達到什麼水平？

Sure. So we have about 3,300 machines located in Oklahoma, our facility that's generating -- that's about $0.04 per kilowatt there. Another 800 over at a core facility in Kentucky. And that's at about $0.07 per kilowatt. We have about 2,200 machines in a warehouse in Oklahoma, and we're working on being able to place those machines at that location in Oklahoma, hopefully by year-end, if not the first of January. So during the quarter, we were probably at 60% capacity, give or take?

當然。因此，我們在俄克拉荷馬州擁有大約 3,300 台機器，我們的工廠正在發電——那裡的發電成本約為每千瓦 0.04 美元。肯塔基州的核心設施中還有 800 多個。大約是每千瓦 0.07 美元。我們在俄克拉荷馬州的一個倉庫裡有大約 2,200 台機器，我們正在努力將這些機器放置在俄克拉荷馬州的那個位置，希望在年底前（如果不是一月初的話）。那麼在本季，我們的產能可能達到 60%，到底是給予還是給予？

Okay. Has that changed through the month of October?

好的。十月情況有改變嗎？

No, it has not changed, I can say. We hope to have entered into some additional contracts to put those remaining machines by year-end, if not by the first of January.

不，我可以說它沒有改變。我們希望能夠簽訂一些額外的合同，以便在年底之前（如果不是一月一日之前）將剩餘的機器投入使用。

What would -- could you please remind me what your available power is in Oklahoma?

您能提醒我您在俄克拉荷馬州的可用電力有多少嗎？

The total site has 15 megawatts, we're only using 10.

站點總容量為 15 兆瓦，我們只使用了 10 兆瓦。

Okay. And then when you get those 2,200 machines plugged in, then you'll be up to the full 15?

好的。然後，當您將這 2,200 台機器插入電源時，您將達到全部 15 台機器？

15, correct.

15、正確。

And they're going into containers, if I remember correctly?

如果我沒記錯的話，它們會被裝進貨櫃裡？

Correct.

正確的。

Okay. Now there was some talk about a site in Texas. Are there any details you can share about how that might be progressing?

好的。現在有人談論德克薩斯州的一個地點。您可以分享有關進展的任何細節嗎？

No, that still had some requirements for power validation before we -- if you remember, that had a 12-megawatt site with 60 expansion. And we -- before we move forward on that, we want 60-megawatt expansion to be solidified and they're still working on that. So it's kind of wait and see on that one.

不，在我們之前，仍然有一些電源驗證要求 - 如果您還記得的話，那有一個 12 兆瓦的站點，有 60 個擴展。在我們繼續前進之前，我們希望鞏固 60 兆瓦的擴建計劃，他們仍在努力實現這一目標。所以這是一種觀望。

Any insight on timing? Is it a three month process, six month process?

對時間有什麼見解嗎？是三個月的過程還是六個月的過程？

I think by year-end, we'll know whether it's go or no-go, how is that?

我想到年底，我們就會知道是繼續還是不繼續，怎麼樣？

Fair enough. Can you offer any indication on where or how you're thinking about new rig purchases?

很公平。您能否說明您在何處或如何考慮購買新鑽孔機？

Ryan, do you?

瑞安，你是嗎？

Yes. It all comes back to -- obviously, machines are consistently rolling out new models. When it comes time to make that purchase, we basically look at what options are available, what potential deals we could get directly through Bitmain which we normally do, and it comes back to payback period.

是的。這一切都回到了——顯然，機器不斷推出新型號。當需要進行購買時，我們基本上會考慮有哪些可用選項，我們可以直接透過比特大陸（我們通常這樣做）獲得哪些潛在交易，然後回到投資回收期。

And I know we've looked at the S21 Pros are fairly expensive. Some of the older ones models (inaudible) , right? So once we have the space and we start refreshing our older machine, those will be the main criteria.

我知道我們已經看過 S21 Pro 相當昂貴。一些較舊的型號（聽不清楚），對吧？因此，一旦我們有了空間並開始更新舊機器，這些將成為主要標準。

And Rick, since you're intimately more familiar with the Condo business, can you give us just sort of a view on how you see it, how you see the Florida real estate market and what you think your opportunities are?

Rick，由於您對公寓業務更加熟悉，您能否給我們介紹一下您的看法，您如何看待佛羅裡達州房地產市場以及您認為您的機會是什麼？

Well, I think there are opportunities there given the new laws, but with the legislation coming in, in the spring, some of those demands upon the condos may lessen a little bit and give them more breathing room. We think regardless, the condos will need help and we're trying to work with them in that manner. I know that's not a lot, but it's kind of -- we're seeing a lot of increase in assessment and later assessment. Is that correct? Ryan?

嗯，我認為考慮到新法律，那裡有機會，但隨著春季立法的出台，對公寓的一些要求可能會減少一點，給他們更多的喘息空間。我們認為無論如何，公寓將需要幫助，我們正在嘗試以這種方式與他們合作。我知道這不是很多，但我們看到評估和後期評估有很大增加。這是正確的嗎？瑞安？

Yes. special assessments are being assessed at a very large rate. And we're looking to solve that problem that's slowly rolling out, as Rick indicated, may be delayed a little bit longer down the road than originally planned, but there's definitely going to be opportunity there as associations continue to special assess and fill their reserve requirements.

是的。特別評估的評估速度非常快。我們正在尋求解決這個正在慢慢展開的問題，正如里克所指出的，可能會比原計劃推遲一點，但隨著協會繼續進行特別評估並填補他們的儲備，肯定會有機會要求。

So the past nine months seem to be fairly consistent for you folks. I'm wondering if there's any indication that you're potentially involved in more deals helping the associations manage these assessments? Has the tenor of business changed, I guess, is sort of the root of the question?

所以過去九個月對你們來說似乎相當穩定。我想知道是否有任何跡象表明您可能參與更多幫助協會管理這些評估的交易？我想，問題的根源是業務的調性是否改變了？

Not really. Because requirements are not quite as urgent as they have to be, right? And I would like to have it to pick up more, but we're willing to take the opportunity to expand that if it comes about, but we can only push it so far.

並不真地。因為需求沒那麼緊急，對嗎？我希望它能得到更多，但如果它發生的話，我們願意抓住機會擴大它，但我們只能推動它到目前為止。

So would it be fair to assume then, Rick, that the emphasis now is on expanding the vertical integration aspect, your Bitcoin mining, and it's kind of a wait and see really on how legislation changes the profile of the Condo business. Is that fair?

那麼，Rick，我們可以公平地假設，現在的重點是擴大垂直整合方面，即比特幣挖礦，並且實際上是在觀望立法如何改變公寓業務的概況。這樣公平嗎？

Yes, that's fair. I mean, we're -- Ryan and his group are searching for additional sites, right, in that $0.04 power. And we've got some good leads on those, in addition to what we have already. And we think we can get funding to help acquire those sites, do loans and then use equity rates to help put machines in there.

是的，這很公平。我的意思是，我們 - Ryan 和他的團隊正在尋找其他站點，對吧，以 0.04 美元的力量。除了我們已經掌握的資訊之外，我們在這些方面還獲得了一些很好的線索。我們認為我們可以獲得資金來幫助收購這些場地，發放貸款，然後利用股權利率來幫助在那裡放置機器。

Last question from me. Have you looked at sort of the M&A side of things with pre-established, privately held mining companies that might be hitting a roadblock given the hash price was so low for so long?

我的最後一個問題。您是否研究過預先成立的私人礦業公司的併購方面的情況，考慮到哈希價格長期處於如此低的水平，這些公司可能會遇到障礙？

We've talked to a few firms in those situations. Nothing has come about of it yet. And we do get introduced to other people who know such firms and we're open to discussions, but it depends on their situation and willingness to trade, right?

我們已經與一些處於這種情況的公司進行了交談。目前還沒有任何結果。我們確實會被介紹給了解此類公司的其他人，並且我們願意進行討論，但這取決於他們的情況和交易意願，對吧？

(Operator Instructions)

（操作員說明）

Matthew Galinko, Maxim Group.

馬修·加林科，Maxim 集團。

I wanted to look back at Oklahoma for a second. What is the power you're currently paying and is it sustainable? I recall it might have been something that you have line of sight through maybe nine months? Or can you just refresh me on what the power rate is and how long you have it locked in for?

我想回顧一下俄克拉荷馬州。您目前支付的電費是多少？我記得這可能是你能在九個月內看到的東西？或者您能告訴我一下功率是多少以及您鎖定了多長時間嗎？

Yes. It's -- we're roughly in the $0.04 range. It floats with cost of power each month, but we have projections and expectations, it's going to be anywhere from [3.8 to 4.2]. So that's why we continue to say the $0.04 number sitting in that range. And we do not see that changing for better or for worse, that is our expectation for the foreseeable future.

是的。我們大約在 0.04 美元的範圍內。它每個月都會隨著電力成本而浮動，但我們有預測和期望，它會在任何地方[3.8至4.2]。這就是為什麼我們繼續說 0.04 美元的數字位於該範圍內。我們沒有看到這種變化，無論是好是壞，這是我們對可預見的未來的期望。

Got it. And do you have expansion past the -- I think you mentioned 5 megawatts is currently the target in Oklahoma. Could you -- is there capacity on site to add to the site? Or do you have more expansion beyond the 5 in Oklahoma that has potential?

知道了。你們是否有超越——我想你們提到俄克拉荷馬州目前的目標是 5 兆瓦。您能否－現場有容量可以添加到該站點嗎？或者除了俄克拉荷馬州的 5 家以外，你們是否還有更多有潛力的擴張？

Yes. That site can be expanded with some substation expansion.

是的。該站點可以透過一些變電站的擴展來擴展。

So it's an additional 60 megawatts, right?

那麼額外增加了 60 兆瓦，對嗎？

Yes. It would take nine months once you put the expansion substations up there. And we're looking heavily at that since the price of electricity is reasonable for us.

是的。擴建變電站安裝完成後需要九個月的時間。我們正在認真考慮這一點，因為電價對我們來說是合理的。

Got you. So I mean, I guess, last question from me in terms of decisioning. I think you mentioned earlier in the call that you might know by the end of the year whether you can get the expansion in Texas or not. So if the Texas expansion doesn't come your way, would expanding Oklahoma be your primary direction for the non-deployed machines currently or...

明白你了。所以我想，我的最後一個問題是關於決策的。我想你之前在電話中提到過，到今年年底你可能會知道是否可以在德克薩斯州擴張。因此，如果德克薩斯州的擴張不符合您的意願，那麼擴大俄克拉荷馬州是否會成為您當前未部署機器的主要方向，或者...

Yes, we would look at primarily in Oklahoma and also we are looking at a few other sites out there to take advantage of.

是的，我們將主要關注俄克拉荷馬州，同時我們也在關注其他一些網站以供利用。

Okay. So sorry, just to put a finer point on that, if you have about a nine month lead time to get infrastructure in place to expand Oklahoma beyond the $15 million, do you think you'd move more quickly on another site than sort of waiting for nine months for expansion? Or just how do you think about timing?

好的。很抱歉，更詳細地說，如果您有大約9 個月的準備時間來將基礎設施建設到位，以將俄克拉荷馬州的規模擴大到1500 萬美元以上，您是否認為您會更快地轉向另一個站點而不是等待九個月的擴張？或者您如何看待時機？

Yes. We would do dual prong that we would definitely look hard at ready-to-go sites right now or something that could pop up in three months call it that while also exploring the 60-megawatt expansion also.

是的。我們會採取雙管齊下的方式，我們肯定會立即關注現成的站點，或者可能在三個月內出現的站點，同時也探索 60 兆瓦的擴建。

As we have no further questions on the line at this time, I'd like to turn it back over to management for any closing remarks.

由於目前我們沒有進一步的問題，我想將其轉回給管理層以供結束語。

Thank you. We are thrilled to see Bitcoin recently reach an all-time high above $92,000, a milestone that we believe strongly validates our long-term strategy of mining and holding Bitcoin. This recent surge reinforces our confidence in Bitcoin's upward trajectory as we anticipate the price moving toward our projected target of over $100,000 in 2025. With the current initiatives providing cost-effective locations to power existing machines, we are extremely excited about what the future holds for LM Funding and its shareholders. We are grateful for the ongoing support from our shareholders and look forward to updating you on our future progress. Thank you.

謝謝。我們很高興看到比特幣最近達到 92,000 美元以上的歷史新高，我們相信這一里程碑強烈驗證了我們開採和持有比特幣的長期戰略。最近的上漲增強了我們對比特幣上漲軌蹟的信心，因為我們預計價格將在 2025 年接近 10 萬美元以上的預期目標。透過目前的舉措，提供經濟高效的地點來為現有機器提供動力，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，並期待向您通報我們未來的進展。謝謝。

Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your lines at this time, and have a wonderful day, and we thank you for your participation.

謝謝你們，女士們、先生們。今天的電話會議到此結束。此時您可以斷開線路，祝您有個愉快的一天，我們感謝您的參與。