Logan Ridge Finance Corp (LRFC) 2024 Q2 法說會逐字稿

Good morning, and welcome to Logan Ridge Finance Corporation's second quarter ended June 30, 2024, earnings conference call. And earnings press release was distributed yesterday, August 8, after the close of the market. A copy of the release, along with supplemental earnings presentation is available on the company's website at www.loganridgefinance.com in the investor resources section and should be reviewed in conjunction with the company's Form 10-Q filed with the SEC. As a reminder, this conference call is being recorded for replay purposes.

早安，歡迎參加 Logan Ridge Finance Corporation 截至 2024 年 6 月 30 日的第二季財報電話會議。收益新聞稿於昨天（8 月 8 日）收盤後發布。新聞稿的副本以及補充收益報告可在公司網站 www.loganridgefinance.com 的投資者資源部分獲取，並應與本公司向 SEC 提交的 10-Q 表格一併審查。謹此提醒，本次電話會議正在錄音以供重播之用。

Please note that today's conference may contain forward-looking statements, which are not guarantees for future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the company's filings with the SEC.

請注意，今天的會議可能包含前瞻性陳述，這些陳述不是對未來業績或結果的保證，並且涉及許多風險和不確定性。由於多種因素（包括該公司向美國證券交易委員會提交的文件中所述的因素），實際結果可能與前瞻性陳述中的結果有重大差異。

Speaking on today's call will be Ted Goldthorpe, Chief Executive Officer, President and Director of Logan Ridge Finance Corporation; Brandon Satoren, Chief Financial Officer; and Patrick Schafer, Chief Investment Officer. With that, I would now like to turn the call over to Ted Goldthorpe, Chief Executive Officer of Logan Ridge Finance Corporation. Please go ahead, Ted.

Logan Ridge Finance Corporation 執行長、總裁兼董事 Ted Goldthorpe 將在今天的電話會議上發言。布蘭登‧薩托倫，財務長；派崔克‧謝弗（Patrick Schafer），首席投資長。現在，我想將電話轉給 Logan Ridge Finance Corporation 執行長 Ted Goldthorpe。請繼續，泰德。

Good morning, and welcome to our second-quarter 2024 earnings call. As mentioned, I am joined today by our Chief Financial Officer, Brandon Satoren; and our Chief Investment Officer, Patrick Schafer. Following my opening remarks, Patrick will provide additional details on our investment activity to date, and Brandon will walk through our financials.

早上好，歡迎參加我們的 2024 年第二季財報電話會議。如前所述，今天我們的財務長布蘭登·薩托倫 (Brandon Satoren) 也加入了我的行列。以及我們的首席投資長 Patrick Schafer。在我的開場白之後，帕特里克將提供有關我們迄今為止的投資活動的更多詳細信息，布蘭登將介紹我們的財務狀況。

Before Patrick and Brandon provide more details on our portfolio and financials, I'd like to discuss a few key highlights from the quarter. During the second quarter, we continued to make progress towards our strategy of reducing the company's exposure to the legacy equity portfolio and increased exposure to credits originated by the BC Partners credit platform. The benefits of such strategy resulted in a steady increase in our total investment income quarter over quarter.

在帕特里克和布蘭登提供有關我們的投資組合和財務狀況的更多詳細信息之前，我想討論一下本季度的一些關鍵亮點。第二季度，我們繼續在減少公司對遺留股權投資組合的風險敞口以及增加對 BC Partners 信貸平台產生的信貸風險敞口的策略方面取得進展。這種策略的好處導致我們的總投資收益逐季穩定成長。

Second quarter total investment income increased by $400,000 to $5.4 million from $5.0 million in the previous quarter and by $100,000 as compared to the same quarter last year. Additionally, the underlying credit performance of our portfolio has remained strong with no new investments being placed on nonaccrual status during the quarter.

第二季總投資收益從上一季的500萬美元增加了40萬美元，達到540萬美元，與去年同期相比增加了10萬美元。此外，我們投資組合的基本信用表現仍然強勁，本季沒有新的投資處於非應計狀態。

Furthermore, the strength of the company's financial position and the outlook for the long-term earnings power of the portfolio has allowed the company to declare a third-quarter distribution of $0.33 per share. The dividend is almost double compared to the $0.18 per share distribution we declared in the first quarter of 2023 when we reintroduce in our quarterly dividend, highlighting the company's successful turnaround story since we took over management back in July of 2021.

此外，該公司強勁的財務狀況和投資組合長期盈利能力的前景使該公司宣布第三季度分配每股 0.33 美元。與我們在2023 年第一季重新引入季度股息時宣布的每股0.18 美元分配相比，股息幾乎翻了一番，凸顯了自我們於2021 年7 月接管管理層以來該公司成功扭虧為盈的故事。

Looking forward to the second half of 2024, we continue to see attractive opportunities in our portfolio and our pipeline to deploy our available capital. New deal activity has picked up pace and the syndicated markets have continued to remain open. Our borrowers have continued to rely heavily on private capital providers for M&A activity, given the certainty they provide, resulting in the tailwinds for our industry.

展望 2024 年下半年，我們繼續在我們的投資組合和管道中看到有吸引力的機會來部署我們的可用資本。新交易活動加快，銀團市場持續保持開放。鑑於私人資本提供者提供的確定性，我們的借款人繼續嚴重依賴私人資本提供者進行併購活動，為我們的行業帶來了順風。

Having said that, a combination of continued private credit capital raising and a more competitive syndicated market alternatives has led to meaningful spread compression in certain parts of the private credit market. According to KBRA, DLD private data, private credit spreads for borrowers with greater than $100 million of EBITDA and those between $50 million and $100 million EBITDA have both declined by approximately 75 basis points since the beginning of the year.

話雖如此，持續的私人信貸融資和更具競爭力的銀團市場替代方案相結合，導致私人信貸市場某些部分的利差大幅壓縮。根據 KBRA、DLD 私人數據，自今年年初以來，EBITDA 超過 1 億美元和 5,000 萬至 1 億美元借款人的私人信貸利差均下降了約 75 個基點。

That is comparative to spread compression of approximately 50 basis points for our borrowers between $20 million and $50 million of EBITDA and just over 25 basis points for borrowers with less than $20 million of EBITDA. We remain focused on increasing shareholder value through the diligent deployment of capital, continued rotation out of legacy investment portfolio, and by leveraging and maximizing the earnings power of the company balance sheet. With that, I'll turn the call over to Patrick Schafer, our Chief Investment Officer.

相較之下，對於 EBITDA 為 2,000 萬至 5,000 萬美元的借款人，利差壓縮約 50 個基點；對於 EBITDA 低於 2,000 萬美元的借款人，利差壓縮略高於 25 個基點。我們仍然專注於透過勤勉的資本部署、持續輪換遺留投資組合以及利用和最大化公司資產負債表的盈利能力來增加股東價值。接下來，我會將電話轉給我們的首席投資長 Patrick Schafer。

Thanks, Ted, and hello, everyone. As of June 30, 2024, the fair value of Logan's portfolio was approximately $195.6 million with exposure to 61 portfolio companies. This compares to 62 portfolio companies with fair value of approximately $200.1 million as in prior quarter and 62 portfolio companies with a fair value of $206.6 million as of June 30, 2023.

謝謝，特德，大家好。截至 2024 年 6 月 30 日，Logan 投資組合的公允價值約為 1.956 億美元，涉及 61 家投資組合公司。相較之下，上一季有 62 家投資組合公司的公允價值約為 2.001 億美元，截至 2023 年 6 月 30 日，有 62 家投資組合公司的公允價值為 2.066 億美元。

During the quarter ended June 30, 2024, while our pipeline of new opportunities remains strong, we continue to be prudent and judicious on the deployment front, specifically coming off a strong quarter of net deployment during the first quarter of 2021. In the second quarter, we deployed approximately $1.5 million in new and existing investments at approximately $5.6 million in repayments and sales, resulting in net repayments and sales of approximately $4.1 million for the quarter.

在截至 2024 年 6 月 30 日的季度中，雖然我們的新機會管道依然強勁，但我們在部署方面繼續保持謹慎和明智，特別是在 2021 年第一季度實現了強勁的淨部署季度。第二季度，我們部署了約 150 萬美元的新投資和現有投資，約 560 萬美元的還款和銷售，導致本季的淨還款和銷售約為 410 萬美元。

Regarding portfolio composition, as of June 30, 2024, 59.4% of the company's portfolio -- investment portfolio at fair value was invested in assets originated by BC Partners credit platform. As of June 30, 2024 our debt investment portfolio represented 80% of the total portfolio at fair value with a weighted average annualized yield of approximately 11.4%, excluding income from non-accruals and collateralized loan obligations.

就投資組合組成而言，截至2024年6月30日，公司投資組合－公允價值投資組合的59.4%投資於BC Partners信貸平台發起的資產。截至2024年6月30日，我們的債務投資組合佔公允價值投資組合總額的80%，加權平均年化收益率約為11.4%，不包括非應計費用和抵押貸款義務的收入。

This compared to debt investment portfolio, which represented 80.8% of our total portfolio at fair value with a weighted average annualized yield of approximately 11.4%, excluding income from non-accruals and collateralized loan obligations as of the prior quarter and 82.2% with a weighted average annualized yield of approximately 10.8% as of June 30, 2024.

相較之下，債務投資組合占我們以公允價值計算的總投資組合的80.8%，加權平均年化收益率約為11.4%，不包括截至上一季的非應計費用和抵押貸款義務收入，加權平均年化報酬率為82.2%。

Notably, for the weighted average annualized yield, excluding income from non-accruals and collateralized loan obligations, remained unchanged from the prior quarter. It increased by 50 basis points as versus prior year.

值得注意的是，加權平均年化收益率（不包括非應計費用和抵押貸款義務的收入）與上一季保持不變。與去年相比增加了 50 個基點。

As of June 30, 2024, 88.1% of our debt investment portfolio at fair value was bearing interest at floating rate compared to 88.5% as of March 31, 2024, and 83.2% as of June 30, 2023. As of June 30, 2024, first-lien debt represented [65.8% and 64%] of our portfolio at cost and fair value perspective.

截至2024年6月30日，我們以公允價值計算的債務投資組合中有88.1%以浮動利率計息，而截至2024年3月31日為88.5%，截至2023年6月30日為83.2%。截至 2024 年 6 月 30 日，從成本和公允價值角度來看，第一留置權債務占我們投資組合的 [65.8% 和 64%]。

This compares to first lien debt represented 66.5% and 65.2% of our total portfolio on a cost and fair value basis as of March 31, 2024, and 66.1% and 66.8% of our total portfolio on a cost and fair value basis, respectively as of June 30, 2023.

相較之下，截至2024 年3 月31 日，以成本和公允價值計算，第一留置權債務分別占我們總投資組合的66.5% 和65.2%，以成本和公允價值計算，第一留置權債務分別占我們總投資組合的66.1% 和66.8%。

The equity portfolio represents 15.2% and 19.0% of the portfolio on a cost and fair value basis, respectively, as of June 30, 2024. This compares to 15.2% and 18.2% of the total portfolio on a cost and fair value basis as of March 31, 2020 --

截至2024年6月30日，以成本和公平價值計算，股票投資組合分別佔投資組合的15.2%和19.0%。相較之下，截至 2020 年 3 月 31 日，以成本和公允價值計算，該比例分別佔總投資組合的 15.2% 和 18.2%——

Moving on to nonaccrual status. As of June 30, 2024, the company had four debt investments across three portfolio companies on nonaccrual status with an aggregate amortized cost and fair value, 17.2% -- $17.2 million and $10.1 million respectively or 8.5% and 5.2% of the investment portfolio at cost and fair value, respectively. This remains unchanged from the first quarter, which had four debt investments across three portfolio companies with a cost and fair value of 17.2% -- and $17.2 million and $10.6 million respectively or 8.3% and 5.3% of the investment portfolio's cost and fair value respectively. I'll now turn the call over to Brandon.

轉向非應計狀態。截至2024 年6 月30 日，該公司在三家投資組合公司中擁有四項處於非應計狀態的債務投資，攤餘成本和公允價值總額分別為17.2%，分別為1,720 萬美元和1,010 萬美元，佔投資組合的8.5% 和5.2%。這與第一季維持不變，第一季三家投資組合公司有四項債務投資，成本和公允價值分別為17.2%，分別為1,720 萬美元和1,060 萬美元，分別佔投資組合成本和公允價值的8.3% 和5.3% 。我現在將把電話轉給布蘭登。

Thanks, Schafer. Turning to our financial results for the quarter, ended June 30, 2024. For the quarter ended June 30, 2024, Logan generated $5.4 million of investment income, an increase of $0.4 million as compared to $5 million from the prior quarter. Total operating expenses for the second quarter increased by approximately $0.6 million to $4.6 million as compared to $4 million for the prior quarter. This was largely due to $0.3 million or $0.1 per share of certain nonrecurring incremental professional fees and other expenses incurred in the quarter as well as higher financing costs, primarily as a result of higher average outstanding debt.

謝謝，謝弗。轉向我們截至 2024 年 6 月 30 日的本季財務表現。截至 2024 年 6 月 30 日的季度，Logan 產生了 540 萬美元的投資收入，比上一季的 500 萬美元增加了 40 萬美元。第二季總營運費用增加約 60 萬美元，達到 460 萬美元，上一季為 400 萬美元。這主要是由於本季發生的某些非經常性增量專業費用和其他費用為 30 萬美元或每股 0.1 美元，以及較高的融資成本（主要是由於平均未償債務較高）。

Our net investment income for the second quarter was $0.8 million or $0.28 per share, a decrease of $0.1 million from $0.9 million or $0.35 per share in the first quarter of 2024. Again, the decrease from the prior quarter was largely due to nonrecurring incremental professional fees during the quarter.

我們第二季的淨投資收益為 80 萬美元，即每股 0.28 美元，比 2024 年第一季的 90 萬美元，即每股 0.35 美元減少了 10 萬美元。同樣，較上一季的下降主要是由於本季非經常性增量專業費用。

Our net asset value as of June 30, 2024, was $88.7 million, representing a $1.5 million decrease as compared to the prior quarter net asset value of $19.2 million. On a per share basis, net asset value was $33.13 per share as of the second quarter, representing a $0.58 per share decrease as compared to $33.71 as of March 31, 2024.

截至 2024 年 6 月 30 日，我們的淨資產值為 8,870 萬美元，比上一季的淨資產價值 1,920 萬美元減少了 150 萬美元。截至第二季度，每股資產淨值為每股 33.13 美元，較截至 2024 年 3 月 31 日的每股資產淨值 33.71 美元減少 0.58 美元。

The decrease in net asset value quarter over quarter was driven by net realized and unrealized losses on the portfolio of $1.3 million as compared to the companies -- as well as the company's quarterly dividend payment, exceeding the company's net investment income by $0.1 million.

淨資產值環比下降的原因是，與公司相比，投資組合的已實現和未實現淨損失為 130 萬美元，以及公司的季度股息支付，超過公司的淨投資收入 10 萬美元。

Finally, as of quarter end, the company had $4.3 million in cash and cash equivalents as well as $21.9 million of unused borrowing capacity available for deployment and investments originated by the BC Partners credit platform. With that, I will turn the call back over to Ted.

最後，截至季度末，該公司擁有 430 萬美元的現金和現金等價物，以及 2,190 萬美元的未使用借款能力，可用於 BC Partners 信貸平台發起的部署和投資。這樣，我會將電話轉回特德。

Thank you, Brandon. Before we go to Q&A, I just want to say to our shareholders, a big thank you for your continued support. This concludes our prepared remarks, and I'll now turn over the call to the operator for any questions.

謝謝你，布蘭登。在我們進行問答之前，我只想對我們的股東說，非常感謝你們一直以來的支持。我們準備好的演講到此結束，如果有任何問題，我現在將把電話轉給接線員。

(Operator Instructions) Christopher Nolan, Ladenburg Thalmann.

（操作員說明）克里斯多福諾蘭、拉登堡塔爾曼。

Any share repurchases in the quarter?

本季有股票回購嗎？

Chris, unfortunately not. We've been blacked out during the quarter, but we'll look to get that up and running as soon as we can, hopefully within the next -- in the next couple of weeks here.

克里斯，不幸的是沒有。我們在本季度一直處於停電狀態，但我們會盡快啟動並運行它，希望在接下來的幾週內完成。

And then also, strategically, aren't the stars beginning to align for a merger between Logan Ridge and the other BDC you run. Given, it looks like with the things profitable, Logan Ridge is now profitable, now dividend paying, but the valuation discrepancy on a price-to-book basis between the two entities is still quite significant.

而且，從策略上講，Logan Ridge 和您經營的另一個 BDC 之間的合併不是已經開始了。考慮到這些事情看起來是有利可圖的，洛根里奇現在已經盈利，現在正在支付股息，但這兩個實體之間的市淨率估值差異仍然相當大。

Yeah, thanks for asking that question. It is something that we are obviously thinking about. And I'd also say naturally, our portfolios are becoming more and more like between both Logan and Portland. So I think your comment is pretty spot on.

是的，謝謝你問這個問題。這顯然是我們正在考慮的事情。我還自然地說，我們的投資組合變得越來越像洛根和波特蘭之間的關係。所以我認為你的評論非常正確。

Okay, that's cool. Thanks guys.

好吧，那很酷。謝謝你們。

Thanks, Chris.

謝謝，克里斯。

(Operator Instructions) Steven Martin, Slater Capital Management.

（操作員說明）史蒂文·馬丁（Steven Martin），斯萊特資本管理公司。

Hi, again, guys. Two questions. Back to the unrealized category. You had an unrealized loss this quarter. Was it something specific? Was it across the portfolio? Did something reverse?

嗨，夥計們，又來了。兩個問題。回到未實現的類別。本季您有未實現的虧損。有什麼具體的事情嗎？是在整個投資組合中嗎？有什麼逆轉嗎？

Yeah, generally speaking, one name is the bulk of it, American Clinical Solutions. The company has had like a bit of a challenging year as -- they're a cannabis and hemp testing business based in Florida and the year has been a little bit challenging as Florida is working towards recreational legalization this year during the election.

是的，一般來說，一個名字佔了大部分，美國臨床解決方案。該公司經歷了有點具有挑戰性的一年，因為他們是一家總部位於佛羅裡達州的大麻和大麻測試企業，今年有點具有挑戰性，因為佛羅裡達州正在努力在今年的選舉期間實現娛樂合法化。

So a lot of companies are sort of pulling back on spending in this area as they wait to see where everything shakes out with recreation. So I think we generally expect there to ultimately be a bounce back once the election goes through. And for everything we understood, we think recreation should pass, which is a huge benefit to the company.

因此，許多公司都在縮減在這一領域的支出，等待看到娛樂活動的結果。因此，我認為我們普遍預計，一旦選舉結束，最終將會出現反彈。就我們所了解的一切而言，我們認為娛樂應該過去，這對公司來說是一個巨大的優勢。

But even putting that aside, just having a more settled environment will help them and their customers, sort of more consistently spent. So that's kind of like the biggest one. And then the second one is a company called the [Baan Theater]. It's a broadly syndicated loan, and that loan moved down a handful of points, and that was a driver. Again, we think that's mark-to-market as opposed to anything that's credit driven.

但即使拋開這一點，擁有一個更穩定的環境也會對他們和他們的客戶有所幫助，讓他們的消費更加一致。這有點像是最大的一個。第二個是一家名為[巴安劇院]。這是一項廣泛的銀團貸款，該貸款下降了幾個百分點，這是一個驅動因素。同樣，我們認為這是按市值計價，而不是任何信貸驅動的東西。

Got you. Major topic as always is the equity portfolio other than some slight changes in valuation and the degree keeps improving. It doesn't look like there was any change in positions?

明白你了。一如既往的主要話題是股票投資組合，除了估值略有變化之外，而且程度不斷提高。看起來位置沒有變化？

No, that's generally right. So, again, as we kind of mentioned a couple of different times, I do think the M&A market in general over the course of this year will ultimately be a benefit for us here within Logan as there are -- we know there are a number of portfolio companies that hopefully will be looking to exit themselves.

不，這通常是正確的。因此，正如我們多次提到的那樣，我確實認為今年總體上的併購市場最終將為洛根內部的我們帶來好處，因為我們知道有很多希望尋求退出的投資組合公司。

So we're optimistic that sort of the market environment will be fairly conducive. We did have one small exit US Bio where, again, kind of similar to our playbook and a lot of other situations. We actually went directly to the owners and try to get negotiated and it was a relatively small number. I want to say it was about $500,000 or something and we had a marked at $350,000 $400,000, something like that.

因此，我們樂觀地認為這種市場環境將相當有利。我們確實有一個小的退出美國生物，再次，有點類似於我們的劇本和許多其他情況。實際上，我們直接去找業主並嘗試進行談判，但數量相對較少。我想說的是大約 50 萬美元或類似的東西，我們的標記是 35 萬美元、40 萬美元，類似的東西。

So that was relatively small. But again, thematically just given where the macro is right now, we're able to engage in those types of transactions where the last probably 18 to 24 months, it's been difficult to engage with owners in the company for things like that.

所以這是相對較小的。但同樣，主題上只是考慮到目前的宏觀狀況，我們能夠參與這些類型的交易，在過去可能的 18 到 24 個月內，很難與公司所有者就此類事情進行接觸。

So we are optimistic that we're able to transact in a couple of different of our equity portfolio companies. And hopefully, we can get those done by the end of the year.

因此，我們樂觀地認為我們能夠在我們的幾個不同的股權投資組合公司中進行交易。希望我們能在今年底前完成這些工作。

Yeah. There are only a couple that really matter. There are a whole bunch of little ones. And most of the -- having done some research on the bigger positions, most of them are -- have been around for a while. I mean they're not young transactions.

是的。只有幾個是真正重要的。有一大群小孩子。其中大多數——對更大的職位做了一些研究，其中大多數——已經存在了一段時間。我的意思是它們不是年輕的交易。

No, that's just right on again, just going down the list of our largest ones and three, which is the largest, that was acquired in 2019. So again, just kind of think about private equity schedule that you're coming up on sort of five years of a whole period. And it's -- as you can tell from our valuations, it's generally grown pretty nicely.

不，這又是一次，只是列出了我們最大的公司和 2019 年收購的三家公司（最大的）。再說一次，想想你即將在整個時期的五年內製定的私募股權時間表。正如您從我們的估值中可以看出的那樣，它總體上增長得相當不錯。

So -- and the other largest one, which I think is [Protoflex]. Also, again, we've been in the name for quite some time. And it's been owned by the same sponsor for quite some time. So yeah, you would likely think from a whole period perspective, those folks would kind of be at the point where they probably would be monetizing their portfolios.

所以——還有另一個最大的，我認為是[原福萊克斯]。另外，我們這個名字已經存在很久了。而且它已經由同一個贊助商擁有相當長一段時間了。所以，是的，你可能會從整個時期的角度來看，這些人可能正處於將他們的投資組合貨幣化的階段。

Yeah. Just as a question, having looked at, I guess, it's Gladstone, who is the other degree holder, they have their equity mark substantially higher than yours. And it looks like it moved up again this quarter. Can you comment on -- when I say substantially, it's 20%, 25% higher than what you have the same shares marked?

是的。正如一個問題，我想，看了另一位學位持有者格拉德斯通，他們的股權分數大大高於你的。看起來本季又有上升。您能否評論一下——當我說“大幅”時，它比您標記的相同股票高出 20%、25%？

Yeah, Steve, I think they actually marked theirs down this quarter, but it is still meaningfully higher than ours. I'll get the numbers a little bit wrong, but I think they're at like $2.99 a share, and we're at $2.59 or something like that.

是的，史蒂夫，我認為他們實際上在本季度降低了他們的價格，但仍然比我們的要高得多。我的數字可能有點錯誤，但我認為它們的股價約為每股 2.99 美元，而我們的股價為 2.59 美元或類似的價格。

But yeah, again, I think, hopefully, from our perspective, we are a relatively small owner. Gladstone is a larger owner, and perhaps they have better information than we do. But we like to try and keep our equity valuations that are pretty conservative mark until we have something real to substantiate from a valuation perspective.

但是，是的，我再次認為，希望從我們的角度來看，我們是一個相對較小的所有者。格萊斯頓是一個更大的所有者，也許他們比我們擁有更多的資訊。但我們喜歡嘗試保持相當保守的股票估值，直到我們從估值角度得到真正的證實。

All right. Thanks a lot. As the previous caller, I would urge you to get back on the share buyback.

好的。多謝。作為之前的來電者，我敦促您重新進行股票回購。

Of course. Thank you, Steve

當然。謝謝你，史蒂夫

Thank you. Seeing as there are no more questions in the queue, that concludes our question-and-answer session. I will now turn the call back over to Ted Goldthorpe for closing remarks.

謝謝。鑑於隊列中沒有更多問題，我們的問答環節就結束了。現在，我將把電話轉回給特德‧戈德索普 (Ted Goldthorpe)，讓其致閉幕詞。

Thank you, everyone, for joining us today. And we look forward to speaking to you again in November. We announced our third-quarter 2024 results Hope has a great end to the summer and please reach out to us with any questions. Thanks.

謝謝大家今天加入我們。我們期待在 11 月再次與您交談。我們公佈了 2024 年第三季業績，希望這個夏天有一個美好的結局，如有任何問題，請與我們聯繫。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。