Matson Inc (MATX) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Matson Fourth Quarter 2022 Financial Results Conference Call. (Operator Instructions) Please be advised today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 Matson 2022 年第四季度財務業績電話會議。 （操作員說明）請注意今天的會議正在錄製中。

I would now like to hand the conference over to your speaker for today, Lee Fishman. Please go ahead.

我現在想把會議交給今天的發言人 Lee Fishman。請繼續。

Thank you, Lisa. Joining me on the call today are Matt Cox, Chairman and Chief Executive Officer; and Joel Wine, Executive Vice President and Chief Financial Officer. Slides from this presentation are available for download at our website, www.matson.com, under the Investors tab.

謝謝你，麗莎。今天和我一起參加電話會議的是董事長兼首席執行官 Matt Cox；執行副總裁兼首席財務官 Joel Wine。本演示文稿的幻燈片可在我們的網站 www.matson.com 的“投資者”選項卡下下載。

Before we begin, I would like to remind you that during the course of this call, we will make forward-looking statements within the meaning of the federal securities laws regarding expectations, predictions, projections or future events. We believe that our expectations and assumptions are reasonable. We caution you to consider the risk factors that could cause actual results to differ materially from those in the forward-looking statements in the press release, the presentation slides and this conference call. These risk factors are described in our press release and presentation and are more fully detailed under the caption Risk Factors on Pages 26 to 37 of our Form 10-Q filed on November 3, 2022, and in our subsequent filings with the SEC. Please also note that the date of this conference call is February 21, 2023, and any forward-looking statements that we make today are based on assumptions as of this date. We undertake no obligation to update these forward-looking statements.

在我們開始之前，我想提醒您，在本次電話會議期間，我們將就預期、預測、預測或未來事件做出聯邦證券法意義上的前瞻性陳述。我們相信我們的預期和假設是合理的。我們提醒您考慮可能導致實際結果與新聞稿、演示幻燈片和本次電話會議中的前瞻性陳述中的結果存在重大差異的風險因素。這些風險因素在我們的新聞稿和演示文稿中進行了描述，並在我們於 2022 年 11 月 3 日提交的 10-Q 表格第 26 至 37 頁的標題“風險因素”以及我們隨後向美國證券交易委員會提交的文件中進行了更全面的詳細說明。另請注意，本次電話會議的日期是 2023 年 2 月 21 日，我們今天所做的任何前瞻性陳述均基於截至該日期的假設。我們不承擔更新這些前瞻性陳述的義務。

I'll now turn the call over to Matt.

我現在將電話轉給馬特。

Okay. Thanks, Lee, and thanks to those on the call. I'll start on Slide 3. For the fourth quarter, Matson's differentiated ocean service performed well in a difficult business environment. Matt sits in a solid financial position with low leverage and currently $622 million in cash deposits in our CCF for the new vessel program, while returning $445 million in cash to shareholders in 2022 through dividends and share repurchases. For the fourth quarter, within Ocean Transportation, our China services achieved lower year-over-year volume and freight rates, which contributed to the decline in our Ocean consolidated operating income. We also saw lower year-over-year volumes in Alaska, Hawaii and Guam compared to the year ago period.

好的。謝謝，Lee，也感謝那些接聽電話的人。我將從幻燈片 3 開始。第四季度，Matson 的差異化海洋服務在困難的商業環境中表現良好。 Matt 的財務狀況穩健，槓桿率低，目前在我們的 CCF 中為新船計劃存入 6.22 億美元現金，同時在 2022 年通過股息和股票回購向股東返還 4.45 億美元現金。第四季度，在海洋運輸方面，我們的中國服務實現了同比下降和運費，這導致我們的海洋綜合營業收入下降。與去年同期相比，我們還看到阿拉斯加、夏威夷和關島的同比銷量有所下降。

In Logistics, operating income decreased year-over-year primarily due to a lower contribution from supply chain management, consistent with lower demand in the transpacific trade lane.

在物流方面，營業收入同比下降主要是由於供應鏈管理的貢獻減少，這與跨太平洋貿易通道的需求下降一致。

I'll now go through the fourth quarter performance of our tradelanes, SSAT and logistics. So please turn to the next slide.

我現在將介紹我們貿易航線、SSAT 和物流的第四季度業績。請翻到下一張幻燈片。

Hawaii container volume for the fourth quarter decreased 13% year-over-year primarily due to lower retail and hospitality related demand compared to the elevated pandemic levels in the year ago period and the effect of 1 less week. Excluding the 53rd week in the year-ago period, volume in the quarter decreased 7.9% year-over-year. Volume in the fourth quarter of 2022 was 3.2% lower than the volume achieved in 2019. We saw retail customers continue to manage inventories to weaker consumer demand levels despite continued improvement in the Hawaii economy. Hawaii tourism during the quarter remained relatively strong, including a modest improvement in international tourist trends, although there was a little bit of softness in December. For the full year, container volume decreased 5.8% year-over-year primarily due to lower retail-related demand compared to the elevated pandemic levels in the prior year and the effects of 1 less week. Excluding the 53rd week in 2021, volume declined 4.4% year-over-year.

第四季度夏威夷集裝箱吞吐量同比下降 13%，主要原因是零售和酒店相關需求低於去年同期的高流行水平以及減少一周的影響。剔除去年同期的第 53 週，本季度銷量同比下降 7.9%。 2022 年第四季度的銷量比 2019 年的銷量低 3.2%。儘管夏威夷經濟持續改善，但我們看到零售客戶繼續管理庫存以降低消費者需求水平。本季度夏威夷旅遊業保持相對強勁，包括國際旅遊趨勢的適度改善，儘管 12 月份略有疲軟。全年，集裝箱吞吐量同比下降 5.8%，這主要是由於零售相關需求低於上一年的高流行水平以及減少一周的影響。不包括 2021 年的第 53 週，銷量同比下降 4.4%。

Please turn to Slide 5. Throughout the year, the Hawaii economy continued to recover from the pandemic with increasing tourist arrivals and a decline in the unemployment rate. Tourism was predominantly driven by domestic arrivals, but the industry did see some modest improvement in international tourist arrivals in the second half of 2022. In the latter half of 2022, we saw our retail-related customers manage their inventories down to a lower consumer demand levels. Through the first 7 weeks of 2023, we have seen a steadier level of retail-related freight demand, consistent with pre-pandemic trends.

請轉到幻燈片 5。全年，隨著遊客人數的增加和失業率的下降，夏威夷經濟繼續從大流行中復蘇。旅遊業主要由國內游客推動，但該行業確實看到 2022 年下半年國際遊客人數略有改善。在 2022 年下半年，我們看到我們的零售相關客戶將庫存管理到較低的消費需求水平。在 2023 年的前 7 週，我們看到與零售相關的貨運需求水平趨於穩定，與大流行前的趨勢一致。

UHERO's December projections continue to show economic growth in 2023, supported by continued strength in tourism and a low unemployment rate. However, the economic growth trajectory is uncertain given the negative trends as a result of higher inflation, higher interest rates and the end of the pandemic and era stimulus helping personal income.

UHERO 12 月的預測繼續顯示 2023 年的經濟增長，這得益於旅遊業的持續強勁和低失業率。然而，鑑於通貨膨脹率上升、利率上升以及大流行病結束和時代刺激措施有助於個人收入的負面趨勢，經濟增長軌跡不確定。

Moving to our China service on Slide 6. Matson's volume in the fourth quarter of 2022 was 47.2% lower year-over-year, primarily due to lower demand for our CLX and CLX+ services, the discontinuation of the CCX service in the third quarter of 2022 and 1 less week. Excluding the 53rd week in the year ago period, volume declined 42.1% year-over-year. Matson continued to realize a significant rate premium over the Shanghai Containerized Freight Index in the fourth quarter of 2022, but achieved average freight rates that were lower than in the year ago period. For the year, volume was 11.7% lower primarily due to the lower demand for the CLX and CLX+ services and 1 less week, partially offset by incremental volume on the CCX service. Excluding the 53rd week in 2021, volume declined 9.4% year-over-year.

轉到我們在幻燈片 6 上的中國服務。Matson 在 2022 年第四季度的銷量同比下降 47.2%，這主要是由於對我們的 CLX 和 CLX+ 服務的需求下降，2022 年第三季度 CCX 服務停止2022 年少了 1 週。不包括去年同期的第 53 週，銷量同比下降 42.1%。 2022年第四季度，美森繼續實現較上海集裝箱運價指數顯著溢價，但平均運價低於去年同期。今年，銷量下降了 11.7%，這主要是由於對 CLX 和 CLX+ 服務的需求減少以及減少 1 週，部分被 CCX 服務的銷量增加所抵消。不包括 2021 年的第 53 週，銷量同比下降 9.4%。

Please turn to Slide 7. On our November earnings call, we indicated that we expected the fourth quarter of 2022 and the first quarter of 2023 to be challenging in the transpacific trade lane as retailers' inventories adjusted to consumer demand levels as ocean liners reduced vessel capacity to meet these lower demand levels. We did see this happen, and we continue to see vessel capacity adjust as retailers continue to rightsize inventory amid weakening consumer demand, increasing interest rates and economic uncertainty. In the weeks ahead of Lunar New Year, we saw a modest improvement in demand for our CLX and CLX+ services compared to December. But in the weeks post Lunar New Year, we saw light demand for our CLXservice, and as a result, we decided not to sell the CLX+ vessels from Shanghai for a few weeks. In the regions in which we operate in China, we are seeing businesses and factories reopen and life returning to normal from the most recent COVID-19 wave. Looking ahead, for the first quarter and the first half of the year, we expect our CLX and CLX+ services to reflect freight demand levels below normalized condition with lower year-over-year volumes and a lower rate environment.

請轉到幻燈片 7。在我們 11 月的財報電話會議上，我們表示我們預計 2022 年第四季度和 2023 年第一季度在跨太平洋貿易航線上將充滿挑戰，因為隨著遠洋班輪減少船隻，零售商的庫存會根據消費者需求水平進行調整滿足這些較低需求水平的能力。我們確實看到了這種情況，並且隨著零售商在消費者需求疲軟、利率上升和經濟不確定性的情況下繼續調整庫存，我們繼續看到船舶運力調整。在農曆新年前幾週，與 12 月相比，我們發現對 CLX 和 CLX+ 服務的需求略有改善。但在農曆新年後的幾週內，我們發現對 CLX 服務的需求不大，因此我們決定在幾週內不出售來自上海的 CLX+ 船隻。在我們在中國運營的地區，我們看到企業和工廠重新開業，生活從最近的 COVID-19 浪潮中恢復正常。展望未來，對於第一季度和今年上半年，我們預計我們的 CLX 和 CLX+ 服務將反映低於正常情況的貨運需求水平，同比下降和較低的費率環境。

Absent an economic hard landing in the U.S., we expect improved trade dynamics in the second half of 2023 as the transpacific marketplace transitions to a more normalized level of demand. We will continue to manage volume in the CLX and CLX+ at freight rates commensurate with the premium services we provide on the ocean at the terminals and at shippers transport. Currently, freight rates for our CLX and CLX+ services are above pre-pandemic levels. Regardless of the economic environment, we operate the 2 fastest and most reliable ocean services. And as a result, we continue to expect to earn a significant rate premium to the Shanghai Containerized Freight Index. Please turn to the next slide.

在美國沒有經濟硬著陸的情況下，我們預計隨著跨太平洋市場過渡到更正常的需求水平，貿易動態將在 2023 年下半年有所改善。我們將繼續管理 CLX 和 CLX+ 的貨運量，運費與我們在碼頭和托運人運輸中提供的優質服務相稱。目前，我們的 CLX 和 CLX+ 服務的運費高於大流行前的水平。無論經濟環境如何，我們都提供 2 種最快、最可靠的海洋服務。因此，我們繼續預計上海集裝箱運價指數將獲得顯著的利率溢價。請翻到下一張幻燈片。

In Guam, Matson's container volume in the fourth quarter of 2022 decreased 14% year-over-year. The decrease was primarily due to lower retail-related demand. There was no impact from the 53rd week in the year-ago period. Volume in the fourth quarter of 2022 was higher than the level achieved in the fourth quarter of 2019.

在關島，美森2022年第四季度集裝箱量同比下降14%。下降的主要原因是零售相關需求下降。去年同期的第 53 週沒有影響。 2022 年第四季度的銷量高於 2019 年第四季度的水平。

For the full year, container volume decreased 3.7% year-over-year primarily due to lower retail-related demand. In the near term, we expect continued improvement in the Guam economy with increasing tourism and a low unemployment rate. However, there are negative trends as a result of higher inflation, higher interest rates and the end of the pandemic era stimulus helping personal income that creates uncertainty in the economic growth trajectory.

全年，集裝箱運量同比下降 3.7%，主要原因是零售相關需求下降。在短期內，我們預計隨著旅遊業的增長和低失業率，關島經濟將繼續改善。然而，由於更高的通貨膨脹率、更高的利率和大流行時代刺激措施的結束，幫助個人收入的措施在經濟增長軌跡中造成了不確定性，因此出現了負面趨勢。

Please turn to Slide 9. In Alaska, Matson's container volume for the fourth quarter 2022 decreased 7.7% year-over-year. The decrease was due to lower northbound volume primarily due to 1 less sailing and 1 less week and lower southbound volume primarily due to lower domestic seafood volume and 1 less week, partially offset by higher export seafood volume from AAX.

請轉到幻燈片 9。在阿拉斯加，美森 2022 年第四季度的集裝箱吞吐量同比下降 7.7%。減少的原因是北行貨運量減少，主要是由於減少 1 次航行和減少 1 週，而南行貨運量減少主要是由於國內海產品量減少和減少 1 週，部分被 AAX 出口海產品量增加所抵消。

Excluding the 53rd week in the year-ago period, volume declined 5.3% year-over-year. Volume in the fourth quarter of 2022 was higher than the level achieved in the fourth quarter of 2019. For the full year, volume increased 8.6% year-over-year. The increase was due to higher export seafood volume from AAX, higher northbound volume primarily due to higher end-- excuse me, higher retail-related demand and volume related to a competitor's drydocking, partially offset by 1 less week and higher southbound volume primarily due to higher domestic seafood volume. Excluding the 53rd week in 2021, volume increased 9.3% year-over-year.

不包括去年同期的第 53 週，銷量同比下降 5.3%。 2022 年第四季度的銷量高於 2019 年第四季度的水平。全年銷量同比增長 8.6%。增加的原因是 AAX 的出口海產品量增加，北向量增加主要是由於高端 - 對不起，零售相關需求增加以及與競爭對手幹塢相關的量增加，部分被減少 1 周和南向量增加主要是由於到更高的國內海鮮量。不包括 2021 年的第 53 週，銷量同比增長 9.3%。

Turning next to Slide 10. The Alaska economies continues to show good growth and improvement in the key indicators from the depths of the pandemic. In the near term, we expect the economy to benefit from low unemployment and continued job growth. The federal infrastructure bill is expected to lead to additional jobs in the near and medium term. The state's economy is also expected to benefit from increased energy-related exploration and production activity as a result of elevated oil prices. However, there are negative trends as a result of higher inflation, higher interest rates and the end of the pandemic era stimulus, helping personal income that creates uncertainty in the economic growth trajectory.

接下來轉到幻燈片 10。阿拉斯加經濟繼續表現出良好的增長，並且在大流行病的嚴重時期關鍵指標有所改善。在短期內，我們預計經濟將受益於低失業率和持續的就業增長。聯邦基礎設施法案預計將在近期和中期帶來更多就業機會。由於油價上漲，預計該州的經濟也將受益於與能源相關的勘探和生產活動的增加。然而，由於更高的通脹、更高的利率和大流行時代刺激措施的結束，出現了負面趨勢，有助於個人收入，這給經濟增長軌跡帶來了不確定性。

Please turn to Slide 11. Our terminal joint venture, SSAT, contributed $1 million in the fourth quarter of 2022 compared to $21.3 million in the prior year period. The lower contribution was primarily due to lower other terminal revenue, lower lift volume and higher operating costs. SSAT saw significantly less detention and demurrage revenue in the quarter due to easing port congestion and lower lift volume consistent with lower demand in the transpacific trade lane. For the year, SSAT contributed $83.1 million or an increase of $26.8 million year-over-year. The increase was primarily due to higher other terminal revenue. For 2023, we expect the first half lift volume to reflect the challenging environment in the transpacific trade lane, absent an economic hard landing, we expect SSAT to trend to pre-pandemic profitability levels in the second half of the year. For the year, we expect significantly lower detention and demurrage revenue due to the easing of port congestion in Southern California.

請轉到幻燈片 11。我們的終端合資企業 SSAT 在 2022 年第四季度貢獻了 100 萬美元，而去年同期為 2130 萬美元。貢獻減少主要是由於其他航站樓收入減少、運載量減少和運營成本增加。 SSAT 在本季度的滯留費和滯期費收入顯著減少，原因是港口擁堵情況有所緩解，而且與跨太平洋貿易航線需求下降相一致的運載量也有所下降。這一年，SSAT 貢獻了 8310 萬美元，同比增加 2680 萬美元。增長主要是由於其他終端收入增加。對於 2023 年，我們預計上半年的貨運量將反映跨太平洋貿易通道充滿挑戰的環境，如果沒有經濟硬著陸，我們預計 SSAT 將在下半年趨向於大流行前的盈利水平。今年，由於南加州港口擁堵的緩解，我們預計滯留費和滯期費收入將大幅下降。

Turning now to logistics on Slide 12. Operating income in the fourth quarter came in at $12.8 million or $2 million lower than the result in the year-ago period. The decrease was primarily due to a lower contribution from supply chain management, consistent with the lower demand in the transpacific trade line. For the full year, operating income was $72.4 million or $22.6 million higher than 2021. The increase is primarily due to higher concentrations from transportation brokerage and freight forwarding. In the near term, we expect a mix of activity across the logistics lines of business. We expect continued growth in Alaska to be supportive of freight forwarding demand. We expect supply chain management to track our China service, so a challenging environment in the first half of the year, as I previously discussed. And we expect our transportation brokerage business to weaken from the highs achieved in the pandemic period as freight demand normalizes. Modal shifts amid markedly improved rail congestion congestions and over-inventoried retail customers continue to manage down consumer goods.

現在轉向幻燈片 12 上的物流。第四季度的營業收入為 1280 萬美元，比去年同期減少 200 萬美元。減少的主要原因是供應鏈管理的貢獻減少，這與跨太平洋貿易航線的需求減少一致。全年營業收入為 7240 萬美元，比 2021 年增加 2260 萬美元。增長的主要原因是運輸經紀和貨運代理的集中度更高。在短期內，我們預計物流業務線將出現一系列活動。我們預計阿拉斯加的持續增長將支持貨運代理需求。正如我之前所討論的，我們希望供應鏈管理能夠跟踪我們在中國的服務，因此上半年的環境充滿挑戰。我們預計，隨著貨運需求正常化，我們的運輸經紀業務將從大流行期間的高位走弱。在明顯改善的鐵路擁堵擁堵和庫存過多的零售客戶繼續減少消費品的情況下，模式轉變。

I will now turn the call over to Joel for a review of our financial performance. Joel?

我現在將電話轉給喬爾，讓他審查我們的財務業績。喬爾？

Okay. Thanks, Matt. Please turn to Slide 13 for a review of our fourth quarter and full year results. For the fourth quarter, consolidated operating income decreased $382.9 million year-over-year to $92.6 million with lower contributions from Ocean Transportation and logistics of 380.9 and $2 million, respectively. The decrease in Ocean Transportation operating income in the fourth quarter was primarily due to lower volume and average freight rates in China and a lower contribution from SSAT, partially offset by lower operating costs and expenses, primarily related to the discontinuation of the CCX service.

好的。謝謝，馬特。請轉到幻燈片 13 查看我們的第四季度和全年業績。第四季度，綜合營業收入同比減少 3.829 億美元至 9260 萬美元，海洋運輸和物流的貢獻分別減少 3.809 億美元和 200 萬美元。第四季度海運營業收入的減少主要是由於中國的運量和平均運費下降以及 SSAT 的貢獻減少，部分被較低的運營成本和費用所抵消，這主要與 CCX 服務的終止有關。

As Matt noted, the decrease in logistics operating income was primarily due to lower contribution from supply chain management. We had interest income of $6.9 million in the quarter due to higher cash investment rates on our cash and cash equivalents and cash deposits in the CCF as compared to no interest income in the prior year period. Interest expense in the quarter decreased $1 million year-over-year due to the decline in outstanding debt in the past year, including the $50.4 million in debt principal we prepaid in the third quarter.

正如馬特指出的那樣，物流營業收入的減少主要是由於供應鏈管理的貢獻減少。由於我們的現金和現金等價物以及 CCF 中的現金存款的現金投資利率高於去年同期的無利息收入，因此本季度我們的利息收入為 690 萬美元。由於去年未償還債務減少，本季度利息支出同比減少 100 萬美元，其中包括我們在第三季度預付的 5040 萬美元債務本金。

The effective tax rate in the quarter was 20.4% compared to 16.5% in the year ago period. For the full year, consolidated operating income increased $166.1 million year-over-year to $1.336 billion with higher contributions from Ocean Transportation and Logistics of 143.5 and $22.6 million, respectively. The increase in Ocean Transportation operating income for the year was primarily due to higher freight rates in China and higher contribution from SSAT, partially offset by lower volume in China, higher operating costs and expenses, primarily due to the CLX+ service and higher terminal handling costs. The increase in logistics operating income was primarily due to higher contributions from transportation brokerage and freight forwarding.

本季度的有效稅率為 20.4%，而去年同期為 16.5%。全年，綜合營業收入同比增長 1.661 億美元至 13.36 億美元，其中海洋運輸和物流的貢獻分別增加了 1.435 億美元和 2260 萬美元。本年度海運營業收入的增長主要是由於中國運費上漲和 SSAT 的貢獻增加，部分被中國運輸量減少、運營成本和費用增加所抵消，主要是由於 CLX+ 服務和碼頭處理成本增加.物流營業收入的增加主要是由於運輸經紀和貨運代理的貢獻增加。

Please turn to the next slide. The next slide shows how we allocated our trailing 12 months of cash flow generation. For the LTM period, we generated cash flow from operations of $1.279 million from which we used $111.5 million to retire debt, $146.9 million on maintenance and other CapEx, $62.4 million on new vessel CapEx, including capitalized interest and owners' items, $518.2 million in cash deposits and interest income in the CCF, net of withdrawals for milestone payments, $21.9 million on other cash outflows, while returning $445 million to shareholders via dividends and share repurchase.

請翻到下一張幻燈片。下一張幻燈片顯示了我們如何分配過去 12 個月產生的現金流量。在 LTM 期間，我們從運營中產生了 127.9 萬美元的現金流，其中我們使用 1.115 億美元償還債務，1.469 億美元用於維護和其他資本支出，6240 萬美元用於新船資本支出，包括資本化利息和所有者項目，5.182 億美元用於CCF 的現金存款和利息收入，扣除里程碑付款的提款，其他現金流出 2190 萬美元，同時通過股息和股票回購向股東返還 4.45 億美元。

Please turn to Slide 15 for a summary of our share repurchase program and balance sheet. During the fourth quarter, we repurchased approximately 1.5 million shares for a total cost of $101.9 million. For the year, we repurchased approximately 5 million shares for a total cost of $397 million. At the end of 2022, we had approximately 1.5 million shares remaining on our share repurchase program.

請轉到幻燈片 15，了解我們的股票回購計劃和資產負債表的摘要。第四季度，我們回購了大約 150 萬股股票，總成本為 1.019 億美元。這一年，我們回購了大約 500 萬股股票，總成本為 3.97 億美元。到 2022 年底，我們的股票回購計劃中剩餘約 150 萬股股票。

Turning to our debt levels. Our total debt at the end of the quarter was $517.5 million. We reduced outstanding debt principal by $111.5 million during the year, of which $60.1 million was through regular amortization and the balance of $50.4 million was through the prepayment of long-term debt that we highlighted on the third quarter earnings call. In January 2023, we prepaid $14.3 million for all of the outstanding principal on the Mona Wiley Title 1 debt and we plan to prepay in March, $12.1 million for all of the outstanding principal on the Monikai Title 11 debt.

轉向我們的債務水平。本季度末我們的總債務為 5.175 億美元。年內，我們將未償還債務本金減少了 1.115 億美元，其中 6010 萬美元通過定期攤銷，餘額 5040 萬美元通過我們在第三季度財報電話會議上強調的長期債務的預付。 2023 年 1 月，我們為 Mona Wiley Title 1 債務的所有未償還本金預付了 1430 萬美元，我們計劃在 3 月為 Monikai Title 11 債務的所有未償還本金預付 1210 萬美元。

I'm now going to walk through an update on the capital construction fund. So please turn to the next slide. We ended 2022 with cash deposits of approximately $518 million in the capital construction fund and year-to-date 2023, we have had interest income of approximately $4 million. This month, we deposited an additional 10 million -- an additional $100 million in cash into the CCF and pledged accounts receivable to reduce taxable income in 2022. Following this $100 million cash deposit, we currently have approximately $622 million in cash deposits in the CCF to cover 66% of the approximately $949 million in remaining milestone payments for the new vessel program. Note that this funding calculation excludes the cash and cash equivalents on the balance sheet, which was approximately $250 million at year-end. We currently do not expect to make additional cash contributions to the CCF for milestone payments until 2026. I would like to note that interest income on CCF cash deposits is tax-advantaged and will help pay for future milestone payments.

我現在要介紹一下基本建設基金的最新情況。請翻到下一張幻燈片。到 2022 年底，我們在基建基金中的現金存款約為 5.18 億美元，而 2023 年至今，我們的利息收入約為 400 萬美元。本月，我們又向 CCF 存入了 1000 萬美元現金和 1 億美元現金，並質押了應收賬款，以減少 2022 年的應稅收入。繼這 1 億美元現金存款之後，我們目前在 CCF 中的現金存款約為 6.22 億美元支付新船計劃剩餘里程碑付款中約 9.49 億美元的 66%。請注意，此資金計算不包括資產負債表上的現金和現金等價物，年末約為 2.5 億美元。目前，我們預計在 2026 年之前不會為里程碑付款向 CCF 提供額外的現金捐款。我想指出，CCF 現金存款的利息收入具有稅收優惠，將有助於支付未來的里程碑付款。

Considering the interest rate environment we currently are in, interest income could be a meaningful contributor of additional cash deposits into the CCF in the next couple of years.

考慮到我們目前所處的利率環境，利息收入可能會在未來幾年成為 CCF 額外現金存款的重要貢獻者。

Please turn to Slide 17. The table on this slide summarizes our $209.3 million in capital expenditures in 2022. We had capitalized construction expenditures of $62.4 million, of which $11.9 million was for the new Inter Island barge placed into service in the third quarter and $50.5 million was for a milestone payment and other related costs on the new vessel program. We had maintenance CapEx and other CapEx of $146.9 million, of which $60.5 million was for equipment to support new trade lane services and to provide fluid disease in the network and $21.3 million was for the LNG installations on the Daniel K. Innova, Camana Hila and Monika. Please turn to the next slide. Slide 18 shows the key areas for capital deployment over the next 3 years. Starting with maintenance and other capital expenditures, we expect $80 million to $90 million per year. This capital spend includes Phase 2 and Phase I work at Sand Island and Honolulu and normal course capital expenditures to support our vessels, shore side operations and logistics businesses.

請轉到幻燈片 17。這張幻燈片上的表格總結了我們 2022 年 2.093 億美元的資本支出。我們的資本化建設支出為 6240 萬美元，其中 1190 萬美元用於第三季度投入使用的新島際駁船和 50.5 美元萬美元用於新船計劃的里程碑付款和其他相關費用。我們的維護資本支出和其他資本支出為 1.469 億美元，其中 6050 萬美元用於支持新貿易通道服務和在網絡中提供流體疾病的設備，2130 萬美元用於 Daniel K. Innova、Camana Hila 和莫妮卡。請翻到下一張幻燈片。幻燈片 18 顯示了未來 3 年資本部署的關鍵領域。從維護和其他資本支出開始，我們預計每年需要 8000 萬至 9000 萬美元。這筆資本支出包括在沙島和火奴魯魯的第二階段和第一階段工作，以及支持我們的船舶、岸上運營和物流業務的正常資本支出。

The next line item relates to the new vessel program. The figures shown reflect the milestone payments, owners items and capitalized interest we currently expect. There's enough cash on deposit in the CCF today to pay for all of the remaining -- all of the expected milestone payments in the next 3 years and partially into 2026.

下一個項目與新船計劃有關。顯示的數字反映了我們目前預期的里程碑付款、所有者項目和資本化利息。今天 CCF 中有足夠的現金存款來支付所有剩餘的 - 所有未來 3 年的預期里程碑付款，部分到 2026 年。

And the last item is the LNG installation and reengineering CapEx on existing vessels. The Daniel K. Inouye is currently in dry dock for its LNG installation and is expected to be back in service in the middle of this year. Following Daniel K. Inouye, Manukai will enter the drydock for a 1-year project to reengine, to operate on both LNG and conventional fuels. And Comonahila will enter the drydock in the second quarter of 2024 for a roughly 5-month period for its LNG installation. So in total, we expect capital expenditures of $195 million to $210 million in 2023, $205 million to $220 million in 2024 and $440 million to $450 million in 2025.

最後一項是現有船舶上的液化天然氣安裝和再造資本支出。 Daniel K. Inouye 目前正在幹船塢中安裝液化天然氣，預計將在今年年中恢復服務。繼 Daniel K. Inouye 之後，Manukai 將進入乾船塢進行為期 1 年的發動機再造項目，以使用液化天然氣和傳統燃料進行運營。 Comonahila 將於 2024 年第二季度進入乾船塢，為期大約 5 個月的液化天然氣安裝。因此，總的來說，我們預計 2023 年的資本支出為 1.95 億美元至 2.1 億美元，2024 年為 2.05 億美元至 2.2 億美元，2025 年為 4.4 億美元至 4.5 億美元。

With that, I'll now turn the call back over to Matt.

有了這個，我現在將把電話轉回給馬特。

Okay, Joel, thanks. Please turn to Slide 19, where I'll go through some closing thoughts. We expect the financial performance in the first quarter of 2023 to be the weakest of the year. Normal seasonality trends are returning to our domestic trade lanes and logistics. And as mentioned previously, in the quarter, we expect to see freight demand for our China service below normalized condition.

好的，喬爾，謝謝。請轉到幻燈片 19，我將在其中進行一些總結。我們預計 2023 年第一季度的財務表現將是今年最弱的。正常的季節性趨勢正在回歸我們的國內貿易通道和物流。如前所述，在本季度，我們預計中國服務的貨運需求將低於正常水平。

In the near term, we expect continued economic growth in Hawaii, Alaska and Guam to be supportive of freight demand, but we recognize the potential economic overhang that could negatively affect volumes in each of these core domestic markets.

短期內，我們預計夏威夷、阿拉斯加和關島的持續經濟增長將支持貨運需求，但我們認識到潛在的經濟過剩可能會對這些核心國內市場的貨運量產生負面影響。

We expect challenging conditions in the Transpacific trade lane in the first half of the year with freight demand below normalized levels. In the second half of the year, we expect improved trade dynamics as the market transition to a more normalized level of demand.

我們預計今年上半年跨太平洋貿易航線將面臨挑戰，貨運需求將低於正常水平。在今年下半年，隨著市場向更正常的需求水平過渡，我們預計貿易動態會有所改善。

Please turn to Slide 20. Matson is well positioned financially and operationally to capitalize on opportunities as they emerge. The Matson brand has never been stronger, and we are in an enviable position to leverage the brand on our portfolio of essential high-quality businesses to drive new opportunities. Supporting our opportunistic growth ambitions is a solid investment-grade balance sheet with low leverage. As of today, nearly 2/3 of the remaining milestone payments in the new vessel program are funded with cash deposits in the CCF, earning interest income on a tax advantage basis. So we're in very good funding position with CCF on this large vessel project, which will reduce our reliance on using cash flows in the next few years to fund vessel CapEx commitments.

請轉到幻燈片 20。Matson 在財務和運營方面處於有利地位，可以在機會出現時加以利用。 Matson 品牌從未如此強大，我們處於令人羨慕的地位，可以利用我們重要的優質業務組合中的品牌來推動新的機遇。支持我們的機會主義增長雄心的是穩健的投資級低杠桿資產負債表。截至今天，新船計劃剩餘里程碑付款中近 2/3 的資金來自 CCF 中的現金存款，在稅收優惠的基礎上賺取利息收入。因此，我們在這個大型船舶項目上與 CCF 的資金狀況非常好，這將減少我們在未來幾年使用現金流來為船舶資本支出承諾提供資金的依賴。

Going forward, we will allocate the shareholders' capital like we always have in a disciplined manner regardless of the economic environment. We invest for the long term to create value for shareholders. In some cases, the capital decisions we make today are to power us for decades to come, like our $1 billion new vessel build program.

展望未來，無論經濟環境如何，我們都將一如既往地有紀律地分配股東資本。我們進行長期投資，為股東創造價值。在某些情況下，我們今天做出的資本決策將在未來幾十年為我們提供動力，例如我們耗資 10 億美元的新船建造計劃。

We're always on the lookout for opportunities to expand the Matson brand and drive organic growth. We did this during the pandemic with the CLX+ service and derivative opportunities in logistics, and we're confident that we're positioned well with our customers in the marketplace to drive future opportunities. We will look to acquire businesses as an extension of the great collection of assets we have today. We want to ensure that any business we acquire complements one or more of our existing businesses, provides a unique or differentiated value proposition to our customers, fits culturally with ours and is purchased at a double-digit cash on cash yield with good long-term cash flow characteristics.

我們一直在尋找擴大美森品牌和推動有機增長的機會。我們在大流行期間通過 CLX+ 服務和物流衍生機會做到了這一點，我們相信我們在市場上與客戶處於有利地位，以推動未來的機會。我們將尋求收購業務，作為我們今天擁有的大量資產的延伸。我們希望確保我們收購的任何業務都能補充我們現有的一項或多項業務，為我們的客戶提供獨特或差異化的價值主張，在文化上符合我們的文化，並以兩位數的現金現金收益率購買，並具有良好的長期收益現金流量特徵。

We did close a small tuck-in acquisition in 2022, and we're actively looking at acquisitions, including tuck-ins in both ocean transportation and logistics. We still believe that valuation expectations are higher than justified by earnings fundamentals and growth prospects, especially in light of current economic conditions. This may change in the coming year, and we expect attractive candidates to emerge that meet our investment criteria. We also have a solid balance sheet, which provides a lot of optionality for us.

我們確實在 2022 年完成了一項小型收購，我們正在積極考慮收購，包括在海運和物流領域的收購。我們仍然認為估值預期高於盈利基本面和增長前景所證明的合理性，尤其是考慮到當前的經濟狀況。這種情況在來年可能會發生變化，我們預計會出現符合我們投資標準的有吸引力的候選人。我們還有一個穩健的資產負債表，為我們提供了很多選擇。

And last but not least, we will continue to return capital to shareholders after funding our maintenance CapEx expenditures, long-term investments and dividend. In the last 2 years, we've repurchased approximately 7.5 million shares for nearly $600 million. Going forward, we expect to be a steady buyer of shares. As I've said before, we remain focused only on what we can control and doing what we've always done, and that's to maintain vessel service reliability, provide high-quality customer service and allocate shareholders' capital to its highest and best use to create value over the long term.

最後但同樣重要的是，在為我們的維護資本支出、長期投資和股息提供資金後，我們將繼續向股東返還資本。在過去的兩年裡，我們以近 6 億美元的價格回購了大約 750 萬股股票。展望未來，我們預計將成為股票的穩定買家。正如我之前所說，我們仍然只專注於我們可以控制的事情，並做我們一直在做的事情，那就是保持船舶服務的可靠性，提供高質量的客戶服務，並將股東的資本分配到最高和最佳用途創造長期價值。

And with that, I will turn the call back to the operator and ask for your questions.

然後，我會將電話轉回接線員並詢問您的問題。

(Operator Instructions) First question is coming from Jack Atkins of Stephens.

（操作員說明）第一個問題來自斯蒂芬斯的傑克阿特金斯。

So I guess, Matt, I'd love to maybe kind of start with a macro question or 2. You guys have such an interesting look into what's going on because of your relationship with your customers beginning in the supply chains in China. But is it your sense that retail shippers are going to be back to more normal ordering patterns around the middle of the year? Is that what's sort of underpinning your outlook for things to kind of maybe get back towards normal in the second half of the year? I'm not trying to put words in your mouth. I'm just trying to kind of understand the outlook from that perspective.

所以我想，馬特，我想從一個或兩個宏觀問題開始。你們對正在發生的事情有如此有趣的看法，因為你們與客戶的關係始於中國的供應鏈。但您是否認為零售托運人將在年中左右恢復到更正常的訂購模式？這是什麼支撐了你對今年下半年可能恢復正常的前景的看法？我不是想把話塞進你的嘴裡。我只是想從那個角度來理解前景。

Yes. I think -- first of all, thanks, Jack, for the question. A couple of things. I think our view now is that because of the very significant contraction in Transpacific demand and ordering that occurred, especially in the fourth quarter, but we saw at the beginning towards the end of the third quarter as retailers saw a slowing demand pattern by their customers and a significant catch-up of inventory that was caught in the supply chain congestion caused an air pocket to occur, if you will, in Transpacific demand as our customers individually curtailed future purchase orders as they -- our customers were being more cautious in their buying to get their inventories down where they needed them to be.

是的。我想——首先，謝謝杰克提出這個問題。幾件事。我認為我們現在的觀點是，由於跨太平洋需求和訂單發生了非常顯著的收縮，尤其是在第四季度，但我們在第三季度末看到零售商看到他們的客戶需求放緩如果你願意的話，在跨太平洋需求中，由於我們的客戶單獨減少了未來的採購訂單，供應鏈擁堵導致庫存大量追趕，因為他們 - 我們的客戶在他們的交易中更加謹慎購買以將他們的庫存降低到他們需要的地方。

So I think what we're seeing is that -- and we're obviously listening to our large customers, the bigbox retailers and others for how well they're managing their inventory levels. And so we're watching that metric very closely. And the early read on that is while there has been improvement in managing inventory levels down in some cases. In other cases, and other retailers, it hasn't occurred as quickly as they'd expected. So we're expecting some of the slowness that we saw in that fourth quarter to continue into the first quarter and frankly, into the first half. And then we do expect more normal seasonality to occur as we approach the Thanksgiving and Christmas holiday seasons. And so we're expecting a weaker first half of the year owing to those questions. And also ongoing impacts of higher interest rates and the Fed's desire to curb inflation, some persistent inflation, some of the macro trends that we're -- all of us are following closely, will weigh on demand, we think, particularly in the first half.

所以我認為我們所看到的是——我們顯然正在傾聽我們的大客戶、大型零售商和其他人的意見，了解他們管理庫存水平的情況。因此，我們正在密切關注該指標。早期的解讀是，在某些情況下，在管理庫存水平方面有所改善。在其他情況下，以及其他零售商，它並沒有像他們預期的那樣迅速發生。因此，我們預計我們在第四季度看到的一些放緩將持續到第一季度，坦率地說，將持續到上半年。然後我們確實預計隨著感恩節和聖誕節假期的臨近，會出現更多正常的季節性。因此，由於這些問題，我們預計今年上半年會較弱。此外，利率上升的持續影響和美聯儲抑制通脹的願望，一些持續的通脹，我們所有人都在密切關注的一些宏觀趨勢，我們認為將對需求造成壓力，特別是在第一個一半。

And I guess, maybe to kind of help us frameup the first quarter or the first half. I know you guys are not giving guidance, but this is the forum maybe if you could help us think a little bit about seasonality and maybe what that looks like? You said the first quarter is going to be the most challenging quarter of the year from a financial perspective, if I -- in terms of the EPS or the profitability if I heard you correctly. If I think back and kind of look back to how the business historically kind of trends fourth quarter to first quarter, typically, Marine Transportation margins can be roughly half of the first quarter what they were in the fourth quarter. Is that the right way to think about the business this year? Or is that maybe a good baseline? Anything to kind of help us think about how to frame that up just because there's just so many moving pieces this year. I'm not trying to put you on the spot with guidance, just kind of looking for some direction.

我想，也許是為了幫助我們構建第一季度或上半年。我知道你們沒有提供指導，但如果您能幫助我們思考一下季節性問題，也許這是一個論壇，也許它看起來像什麼？你說從財務角度來看，第一季度將是今年最具挑戰性的季度，如果我 - 如果我沒聽錯的話，就每股收益或盈利能力而言。如果我回想一下，回顧一下業務在第四季度到第一季度的歷史趨勢，通常情況下，海運利潤率大約是第一季度第四季度的一半。這是考慮今年業務的正確方法嗎？或者這可能是一個很好的基線？任何可以幫助我們思考如何構建它的東西，因為今年有太多動人的作品。我並不是想通過指導讓你陷入困境，只是在尋找一些方向。

Yes. And part of our lack of guidance is the macro uncertainties that we're seeing. So it's not as if we have a number, and we're not going to share it with you. We're watching it along with everyone else. But we do think that, as we've said, if you look historically, and what I mean by that is pre-pandemic or over a period of time, the first quarter has historically been our weakest followed by, I guess, you would say, the fourth quarter and our historically, our 2 strongest quarters are in the second and third quarter. So if you just look historically there, we're also seeing, I think, in the first quarter of this year, we had some disruptions related to COVID in China and a weakening of certain demand pattern. I also think the piece that I haven't mentioned, but I think it's going to bear on what happens in the second half of the year. We saw it beginning in the fourth quarter, but I don't think it's taken its full force is in the China markets. Will the other international ocean carriers resize their transportation fleets in line with the lower expected demand? We're seeing some of that occur. We've seen announcements, but I think more of that does need to occur so that there isn't an overhang of capacity in the market that could weigh down on freight rates. So I would say without talking about margins relative to the fourth quarter. I would just urge you to think about historic earnings and then just apply what we see as a more cautious first half than the second half. And that's about as good as I could do, Jack.

是的。我們缺乏指導的部分原因是我們所看到的宏觀不確定性。所以這並不是說我們有一個數字，我們也不會與您分享。我們和其他人一起看。但我們確實認為，正如我們所說，如果你回顧歷史，我的意思是大流行前或一段時間內，第一季度是歷史上最弱的，我想，你會比如說，第四季度和我們歷史上最強勁的兩個季度是在第二和第三季度。因此，如果你只看歷史，我認為，在今年第一季度，我們在中國遇到了一些與 COVID 相關的中斷和某些需求模式的減弱。我也認為我沒有提到的那部分，但我認為它會影響下半年發生的事情。我們從第四季度開始就看到了它，但我認為它並沒有在中國市場發揮全部作用。其他國際海運公司是否會根據較低的預期需求調整其運輸船隊？我們看到其中一些發生了。我們已經看到了公告，但我認為確實需要發布更多公告，這樣市場上的運力就不會過剩，從而壓低運費。因此，我想說的是與第四季度相關的利潤率。我只想敦促你考慮歷史收益，然後應用我們認為上半年比下半年更謹慎的情況。傑克，這已經是我所能做的最好的了。

No, that helps a lot that. And then guess we have to work with there. So let me maybe ask one more, and I'll jump back in queue. But I guess, Joel, if you have some thoughts on this, let me get you to chime in on it, too. But when we kind of think about the last couple of years, obviously, we've been extremely strong from an underlying demand perspective, a lot of things kind of happening easy to layer on some maybe additional costs through that process.

不，這很有幫助。然後猜測我們必須在那里工作。所以讓我再問一個，我會跳回到隊列中。但我想，Joel，如果你對此有一些想法，讓我也讓你參與進來。但是當我們考慮過去幾年時，很明顯，從潛在需求的角度來看，我們一直非常強勁，很多事情很容易通過這個過程疊加在一些可能的額外成本上。

Now that the things -- the business is normalizing in some cases, maybe below normalized levels, are there opportunities to maybe take costs out of the business, maybe kind of look for ways to tighten the belt a bit in certain parts of the business that could help offset some of the challenges from a business perspective.

既然事情——在某些情況下，業務正在正常化，可能低於正常水平，是否有機會從業務中降低成本，也許會想方設法在業務的某些部分收緊腰帶從商業角度來看，可以幫助抵消一些挑戰。

Yes, Jack, let me start with my thoughts, and then I'm going to turn it over to Joel to give his perspective. I think what we -- the biggest levers that we can pull, as you know, are really around fleet deployments. And so our cancellation of the CCX service that occurred towards the end of the third quarter and through the fourth quarter is a way in which we could take every one of our vessels, which were deployed, put them back, in some cases, into reserve status and lower the operating costs by our fleet size. The other element that we're going to be focused on in 2023 is at its peak, we had 7 vessels in the CLX+ service, and we're going to be moving towards a more conventional 5 vessels as we continue the CLX+ service into '23 and likely moving forward. So those are a couple of big levers.

是的，傑克，讓我先談談我的想法，然後我將把它轉交給喬爾，讓他發表他的觀點。我認為我們 - 如您所知，我們可以拉動的最大槓桿實際上是圍繞艦隊部署。因此，我們取消了在第三季度末和整個第四季度發生的 CCX 服務，這是一種我們可以讓我們部署的每艘船都使用的方式，在某些情況下，將它們放回備用狀態並通過我們的機隊規模降低運營成本。我們將在 2023 年關注的另一個因素是高峰期，我們在 CLX+ 服務中有 7 艘船，隨著我們繼續 CLX+ 服務，我們將轉向更傳統的 5 艘船 ' 23 並且可能會向前發展。所以這些是幾個重要的槓桿。

One of the things that did not occur, Jack, in the last 3 years of the pandemic was really on the G&A and people side. We added less than 3% to our workforce in each of the 2 years of the pandemic. So -- and we have a normal level of retirement and other kinds of things that doesn't put us in a position where we feel like our people resources are significantly overstaffed. But having said that, we're going to go back to doing what we've done in a normal environment is looking for ways in which to operate more efficiently, whether it's the speed of our vessels, the size of our equipment fleets the use of overtime and gate times and a lot of just blocking and tackling that will occur and does occur in a normal environment that will allow us to reflect that we're in a different environment and trying to keep our costs in line with this less congestion and the lower demand environment overall. But I would turn it over to Joel for his thoughts as well.

傑克，在過去 3 年的大流行中，沒有發生的事情之一實際上是在 G&A 和人員方面。在大流行的 2 年中，我們每年增加不到 3% 的勞動力。所以——我們有正常的退休水平和其他類型的事情，不會讓我們覺得我們的人力資源嚴重過剩。但話雖如此，我們將回到我們在正常環境中所做的事情，尋找更有效運作的方法，無論是我們船隻的速度、我們設備船隊的規模還是使用加班和登機口時間以及在正常環境中將會發生並且確實發生的大量阻塞和處理，這將使我們能夠反映出我們處於不同的環境中，並努力使我們的成本與這種較少的擁堵保持一致並且整體需求環境較低。但我也會將其轉交給 Joel 徵求意見。

Yes. I mean those are the key items, Jack. And just to put a little bit of order of magnitude on -- our biggest cost is terminal handling. And so as the freight package goes up and down over time and right now, it's soft with the declines you've seen, that naturally goes down. And so you do get some reduction in costs on a per unit basis as you have less freight moving through your terminals. The next cost of the vessel operating cost broadly, including fuel. And there, as Matt said, our fleet is pretty fixed right now. We will do a ratchet down 2 units on the CLX+ from 7 ships to 5. So that will help and we'll do that over the course of the first 2 quarters of this year. But the rest of it is a pretty fixed network of vessels staying on schedule, and then we have fuel that fluctuates based on fuel prices. So that's the next biggest category. And then equipment, Matt touched upon that. We did flex up. We purchased a lot of equipment in the early and midstream days of the pandemic. And then we actually leased quite a bit in the last 12 months that we now can off-hire and turn that equipment back to the lessors and ratchet down a little bit across our network there, which will help the cost structure a little bit. And then the last piece is the people. And as Matt said, CLX and the additional China services do not require big increases in our headcount. So we're pretty disciplined about adding people only when necessary on the last couple of years. And so therefore, there's not there's not a big additional number of headcount that increased our cost structure. So that just puts a little bit of color in terms of the order of magnitude on each of those cost buckets, Jack.

是的。我的意思是那些是關鍵項目，傑克。只是為了增加一點數量級——我們最大的成本是終端處理。因此，隨著貨運包裹隨著時間的推移而上下波動，現在，隨著你所看到的下降，它是軟的，自然會下降。因此，由於通過碼頭的貨物較少，因此單位成本確實有所降低。船舶運營成本的下一項成本廣義上包括燃料。在那裡，正如馬特所說，我們的艦隊現在非常固定。我們將在 CLX+ 上將 2 個單位從 7 艘減少到 5 艘。這將有所幫助，我們將在今年的前兩個季度內這樣做。但其餘部分是一個非常固定的船舶網絡，按時行駛，然後我們的燃料會根據燃料價格波動。所以這是下一個最大的類別。然後是設備，Matt 談到了這一點。我們確實振作起來。我們在大流行的初期和中期購買了很多設備。然後我們實際上在過去 12 個月裡租了很多，我們現在可以停止租用並將這些設備轉回給出租人，並在我們那裡的網絡中逐步減少一點，這將有助於成本結構。最後一塊是人。正如馬特所說，CLX 和額外的中國服務不需要大幅增加我們的員工人數。因此，在過去的幾年裡，我們非常有紀律地只在必要時才增加人員。因此，沒有大量的額外員工增加了我們的成本結構。所以這只是在每個成本桶的數量級上加了一點顏色，傑克。

Our next question is coming from Jake Lacks of Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Jake Lacks。

So we spent a fair amount of time talking about the demand environment. Can you talk about how you view the supply side for the balance of the year? I think you talked a bit about some blank sailings, but the order book is pretty elevated. Could that be offset by vessel scrapping. Just would like to get your thoughts there.

所以我們花了相當多的時間討論需求環境。您能談談您如何看待今年餘下時間的供給側嗎？我想你談到了一些空白航行，但訂單簿相當高。這可以通過船舶報廢來抵消嗎？只是想讓你的想法在那裡。

Yes. Sure. I can give you my thoughts and let me give you my thoughts about what should happen. Well, what I think will happen and what should happen, that is that the international ocean carriers operating through their global alliances will ultimately resize their fleets in the Transpacific and globally, but in the markets we care about in the Transpacific for ultimately the level of demand that is needed in the trades. We acknowledge there is a larger order book those vessels are going to be delivered. Some of those will be delayed as ocean carriers seek to push back the delivery. We'll see some advanced level of scrapping, we'll see for vessels that are chartered, which represent about 50% of the global fleet. Many of those vessels will be returned to their vessel owners when the charter periods are over. So I think you're going to see a combination of resizing that's going to occur and even potentially laying up vessels or again, scrapping vessels that should have been scrapped or would have been scrapped, except for the extraordinary market cycle that has occurred over the last few years. So you'll see a combination of all of those things occurring over the coming months. And as I said, some of it has occurred. We ourselves are an example of that, having 3 Transpacific services at our peak and then scaling that back to 2 in light of slack falling demand. So those are really our thoughts about what should and are very likely to happen as we go through 2023.

是的。當然。我可以告訴你我的想法，讓我告訴你我對應該發生的事情的想法。好吧，我認為會發生什麼，應該發生什麼，那就是通過其全球聯盟運營的國際海運承運人最終將調整其在跨太平洋和全球範圍內的船隊規模，但在我們關心的跨太平洋市場中，最終水平交易中需要的需求。我們承認這些船隻將要交付的訂單量更大。由於海運承運人試圖推遲交貨，其中一些將被推遲。我們將看到一些高級水平的報廢，我們將看到包租的船隻，它們約佔全球船隊的 50%。當租期結束時，其中許多船隻將歸還給船主。所以我認為你會看到將要發生的調整規模的組合，甚至可能會擱置船隻，或者再次報廢本應報廢或本應報廢的船隻，除了過去發生的非同尋常的市場週期最近幾年。所以你會看到在接下來的幾個月裡發生的所有這些事情的組合。正如我所說，其中一些已經發生。我們自己就是一個例子，在我們的高峰期有 3 個跨太平洋服務，然後根據需求的疲軟下降將其縮減到 2 個。因此，這些確實是我們對 2023 年應該和很可能發生的事情的想法。

Got it. And then I understand there's a lot of noise right now given inventory destocking. But do you think there's sufficient demand for 2 weekly Transpacific services year round? Or is there an option to make the CLX+ seasonal or every other week or something?

知道了。然後我了解到，由於庫存去庫存，現在有很多噪音。但是您認為全年每週 2 次跨太平洋航線的需求是否足夠？或者是否可以選擇將 CLX+ 設為季節性或每隔一周或其他什麼？

Yes. I mean I think our view is -- let me address the market that we care about, which is the expedited market. And it's a good reminder that even while customers may be handling a lot -- seeing a lot of inventory in their systems in part as a result of inflation on the underlying cost of that inventory. There is still going to be a need for a product that is moving that needs to be replenished. And our view is that while customers will likely remain cautious on managing through their inventory levels, they are going to want to fill the shelves and Matson's view is that there is a size of a market sufficient in the expedited space for 2 weekly services. And it's our view that if we remain the fastest and most reliable, which we expect to, that we're going to get the lion's share of all that expedited freight, and there's enough expedited freight in the market that will allow us to sustain 2 services.

是的。我的意思是我認為我們的觀點是——讓我談談我們關心的市場，即加速市場。這是一個很好的提醒，即使客戶可能處理很多 - 在他們的系統中看到大量庫存，部分原因是該庫存的基礎成本通貨膨脹。仍然需要一種需要補充的移動產品。我們的觀點是，雖然客戶可能會在管理他們的庫存水平時保持謹慎，但他們會想要填滿貨架，而 Matson 的觀點是，有足夠的市場規模來提供每週 2 次服務的加急空間。我們認為，如果我們保持最快和最可靠，正如我們所期望的那樣，我們將獲得所有加急貨運的最大份額，並且市場上有足夠的加急貨運可以讓我們維持 2服務。

Yes. That makes sense. And then one last one for me. You had some weakness in the demand environment and one coming out of China. You had a big decline in rates from 3Q to 4Q. Has that found a bottom yet? Or should we think rates decline again in the first quarter?

是的。這就說得通了。然後最後一張給我。你在需求環境中有一些弱點，其中一個來自中國。從第三季度到第四季度，利率大幅下降。找到底部了嗎？或者我們是否應該認為利率在第一季度再次下降？

Yes. It's a good question. I mean I think -- and I think it's important here to differentiate between what we'll say are market rates or spot rates and then what Maine rates are. So let me first start talking about our thoughts about the spot rates in the market. I think typically, what you see are after historically, after Lunar New Year or before the factories reopen, we typically see that as the lowest point in the year for spot rates. The demand is low as international ocean carriers typically void or cancel or blank sailings during that period, and that's when you see the spot rates at their lowest. So whether we're exactly at the bottom or near the bottom, I think we're close, if we're not there. So I think what we're going to do and based on my belief and expectation that the -- ultimately, the capacity will be reset, as I mentioned, that spot rates will come up from these lows, the extent to which it will be determined by lots of factors on the supply and demand side. But I think we're at or near the bottom on the spot rate side.

是的。這是個好問題。我的意思是我認為 - 我認為在這里區分我們所說的市場利率或即期利率與緬因州利率是很重要的。因此，讓我首先開始談談我們對市場即期匯率的看法。我認為通常情況下，你看到的是歷史上的情況，在農曆新年後或工廠重新開工之前，我們通常將其視為一年中即期匯率的最低點。需求很低，因為在此期間國際海運承運人通常會取消或取消或取消航行，而那是您看到即期匯率最低的時候。因此，無論我們是恰好處於底部還是接近底部，我認為我們已經很接近了，如果我們不在那裡的話。所以我認為我們將要做什麼，基於我的信念和期望——最終，容量將被重置，正如我提到的，即期利率將從這些低點回升，其幅度將是由供需雙方的諸多因素決定。但我認為我們在即期匯率方面處於或接近底部。

I think if you look at -- then we move into the sort of in the Transpacific this annual contracting cycle and what I expect to occur is that in the entire transportation trade, we will see lower contracted rates than in the previous year as these contracts renew. They're likely to be above the spot rates, but below the rates at which they were contracted last year. That's pretty clear.

我想如果你看看 - 那麼我們進入跨太平洋的這種年度合同周期，我預計會發生的是在整個運輸貿易中，我們將看到比前一年更低的合同費率，因為這些合同更新。它們可能高於即期匯率，但低於去年簽訂合同的匯率。這很清楚。

The other thing that -- but for Matson, while our rates are down from the previous year and volumes were down, as we mentioned, our rates remain significantly higher than the market rates. And they remain above where they were pre-pandemic in our expedited space. So it's hard to know exactly what will occur, but we feel comfortable that we are receiving a premium to the market that is commensurate with our highly differentiated service. So not knowing exactly how it's going, we like where our position is in the market.

另一件事——但對於 Matson 來說，雖然我們的利率低於前一年，而且數量也有所下降，但正如我們提到的那樣，我們的利率仍遠高於市場利率。在我們的加速空間中，它們仍然高於大流行前的水平。因此，很難確切知道會發生什麼，但我們感到欣慰的是，我們正在獲得與我們高度差異化的服務相稱的市場溢價。所以不知道到底是怎麼回事，我們喜歡我們在市場上的位置。

And our next question will be coming from Jack Atkins of Stephens.

我們的下一個問題將來自 Stephens 的 Jack Atkins。

So I guess, I know you guys don't like to talk about trade lane level profitability. But there's a lot of question, I think, out there in terms of like with rates where they are and the CLX+ not necessarily having that full double head haul like the original CLX has, how does it fare in this type of operating environment? Do you feel like that with the cost levers that you have to pull in terms of being able to blank sailings when necessary going from 7 ships to 5 ships that you'd be able to keep CLX+ profitable or worse, neutral to earnings even in this type of rate environment? Is that reasonable to expect?

所以我想，我知道你們不喜歡談論貿易通道級別的盈利能力。但我認為有很多問題，就目前的費率而言，CLX+ 不一定像原來的 CLX 那樣具有完整的雙頭牽引力，它在這種類型的操作環境中表現如何？你是否覺得，在必要時從 7 艘船到 5 艘船，你必須拉動成本槓桿才能保持 CLX+ 盈利或更糟，即使在這種情況下對收益保持中性利率環境的類型？這樣的期望合理嗎？

Yes. It's a good question. And I'll start by saying we don't talk about trade level profitability. What I can say with confidence, Jack, is this. There is -- even in this last week sailing, more demand for expedited services than we can fit on our CLX+ service. And this is at the seasonal low. So we do expect that the size of the expedited market can't be satisfied with the single vessel even in a down market we're in, in an overshot market. And we also firmly believe that over time, there will be long-term value creation by having the fastest and second fastest market in trade. There's a demand for it. There'll be pressure to try to move product out of airfreight into our expedited or deferred air type product. And I would say that, obviously, profitability is going to be lower on all of our Transpacific services than in the previous year, but we remain confident that these 2 services will create long-term value for our shareholders.

是的。這是個好問題。我首先要說我們不談論貿易層面的盈利能力。傑克，我可以自信地說的是。即使在上週的航行中，對加急服務的需求也超過了我們 CLX+ 服務的需求。這是季節性低點。因此，我們確實預計，即使在我們所處的低迷市場、過衝市場中，單艘船也無法滿足加急市場的規模。我們也堅信，隨著時間的推移，擁有最快和第二快的貿易市場將創造長期價值。有需求。嘗試將產品從空運轉移到我們的加急或延期空運類型產品中會有壓力。我要說的是，顯然，我們所有跨太平洋服務的盈利能力都將低於上一年，但我們仍然相信這兩項服務將為我們的股東創造長期價值。

Okay. Okay. Got it. I knew that was going to be a tough question to answer, but I want to see if you guys would maybe elaborate. So I guess maybe kind of shifting gears to a couple of other items. Joel, could you maybe help us think about how interest expense should trend? I know it's -- interest rates can move around a lot. So I'm not asking for a full year look. But with the progress payments being made into the capital construction fund and higher rates on your cash balance. I mean what's the right way to think about interest income, I guess, I should say over the next couple of quarters?

好的。好的。知道了。我知道這將是一個很難回答的問題，但我想看看你們是否可以詳細說明。所以我想也許可以換檔到其他幾個項目。喬爾，你能幫我們想想利息支出應該如何發展嗎？我知道這是 - 利率可以變動很多。所以我不要求整年的樣子。但是隨著基建基金的進度付款和現金餘額的更高利率。我的意思是考慮利息收入的正確方法是什麼，我想，我應該在接下來的幾個季度裡說？

Yes. Yes. Well, as interest expense will be very easy to project. We'll have 4 instruments after we pay out these 2 Title XIs here in the first quarter. So we'll have 2 remaining private placement tranches and 2 remaining Title X1 tranches. So that will be very fixed on the interest expense side. So your question on the interest income side, it just take a look at the cash on deposit, the CCF as well as cash and cash equivalents on the balance sheet itself. So all of those funds will be invested in short-term high-rated securities. And so what's the interest income on that -- on those 2 total amount is going to be. I mean right now, it's running close to 4%. And we told you what we made, we made $4 million of interest income here so far year-to-date in just the CCF alone, which had $518 million at year-end and through -- up until the $100 million deposit we made just this past week.

是的。是的。好吧，因為利息支出很容易預測。在第一季度在這裡支付這 2 個 Title XI 之後，我們將有 4 個工具。所以我們將有 2 個剩餘的私人配售部分和 2 個剩餘的 Title X1 部分。因此，這將非常固定在利息支出方面。所以你關於利息收入方面的問題，只是看看資產負債表上的存款現金、CCF 以及現金和現金等價物。因此，所有這些資金都將投資於短期高評級證券。那麼，這兩個總額的利息收入是多少。我的意思是現在，它接近 4%。我們告訴過你我們做了什麼，今年到目前為止，僅 CCF 一項，我們就在這裡賺取了 400 萬美元的利息收入，到年底為止，它有 5.18 億美元 - 直到我們剛剛存入的 1 億美元存款過去一周。

So it's really a function of -- look at those 2 numbers together on the balance sheet, Jack, CCF plus cash and equivalents and then look at what market rates are for high-quality money market, government-backed funds, government-type securities because we'll maintain a very high quality of money market type investments with those funds. But that's the kind of return you should expect on the interest income side.

所以它實際上是一個函數——看看資產負債表上的這兩個數字，Jack、CCF 加上現金和等價物，然後看看高質量貨幣市場、政府支持基金、政府類證券的市場利率是多少因為我們將用這些基金維持非常高質量的貨幣市場類型投資。但這是您在利息收入方面應該期待的那種回報。

So in terms of like how that nets out on to the P&L, we're looking at something maybe slightly north of what you saw in the fourth quarter, again, depending on the potential fluctuation in compete rates?

因此，就如何對損益表產生影響而言，我們正在看的東西可能比你在第四季度看到的略微偏北，這又取決於競爭率的潛在波動？

Yes.

是的。

And then in terms of thinking about a couple of other items on the cash and cash flow side, with the deposit into the capital construction fund, should we be thinking about the cash taxes being just basically back down to the alternative minimum tax. Is that the right way to think about that plus our state income tax -- said another way, should be pretty fairly minimal cash taxes?

然後在考慮現金和現金流量方面的其他幾個項目時，將存款存入基本建設基金，我們是否應該考慮將現金稅基本上降到替代性最低稅。這是正確的思考方式加上我們的州所得稅——換句話說，應該是相當低的現金稅嗎？

Well, it should revert to something more normal, I would say, in 2023. So what you saw is in 2021 and 2022, we had very high levels of profitability. We did have high amounts of cash taxes. So if you look at those 2 years together, we're going to get some refund back on the 2022 amount of cash taxes we paid. So that will help overall cash flow. But going forward, Jack, in 2023, will actually revert to something more normal in terms of cash taxes relative to our underlying earnings.

好吧，它應該會在 2023 年恢復到更正常的水平。所以你看到的是在 2021 年和 2022 年，我們的盈利水平非常高。我們確實有高額的現金稅。因此，如果您一起回顧這 2 年，我們將獲得一些 2022 年支付的現金稅款的退款。因此，這將有助於整體現金流。但展望未來，傑克在 2023 年實際上將恢復到與我們的基本收入相關的現金稅方面更正常的水平。

Okay. So the capital construction that's going to shield that's going to drive a refund from prior periods. And going forward, it's going to be more -- your cash taxes and your penal taxes maybe will be fairly similar?

好的。因此，要保護的基本建設將推動前期的退款。展望未來，它會更多——你的現金稅和你的罰款稅可能會非常相似？

Yes. Yes, they'll be much closer together. And the way that we'll have to do in 2023 is start making quarterly estimated cash tax payments. So that -- you'll see that. But then that will be a little bit overwhelmed by -- at some point here, we'll get a refund from the IRS. We don't know when, but at some point this year, we'll receive a big onetime refund, but we'll also be making regularly quarterly cash tax payments to IRS based on our 2023 estimated profitability.

是的。是的，他們會靠得更近。我們在 2023 年必須做的事情是開始按季度預估現金納稅。所以——你會看到的。但這會有點不知所措——在某個時候，我們將從美國國稅局獲得退款。我們不知道什麼時候，但在今年的某個時候，我們會一次性收到一大筆退款，但我們也會根據 2023 年的預估盈利能力定期向 IRS 繳納季度現金稅。

Okay. I hope I'm going to get a refund this year, too, but I'm holding my breath. Okay. So I guess maybe last question, and I'll turn it over. On the sort of the pace of share repurchases. You guys have been pretty active on those over the last couple of years, and it's really lowered your share count pretty significantly. How should we be thinking about that moving forward? I mean is this -- is it going to be kind of a similar pace, a little bit more ratable? Or you guys will be more opportunistic with it? Just how should we be thinking about that?

好的。我希望我今年也能得到退款，但我屏住呼吸。好的。所以我想也許是最後一個問題，我會把它翻過來。關於股票回購的步伐。在過去的幾年裡，你們在這些方面非常活躍，這確實大大降低了你們的分享數量。我們應該如何考慮向前推進？我的意思是，這會是一種類似的速度，更容易評價一點嗎？或者你們會更投機取巧？我們應該如何考慮呢？

Yes. I would say it's going to be a slower pace than what we've done in this first 1.5 years. I mean remember, we started in August of 2021. And -- and so in that 18 months, we've bought back 7.5 million shares already. So that's more than the steady pace you'd expect for the rest of this decade. And the reason we did that is because we had such very large levels of cash flow and profitability in 2021 and 2022. So as things kind of revert back to something more normal in '23 and beyond, the share repurchase activity will go down and reduce from that annual pace. So more of a steady Eddie pace that's more commensurate with our cash flow from operations minus our kind of maintenance CapEx levels because we funded the big vessel CapEx in the CCF already 2/3 of that. So more of a steady Eddie, so less pace than what you've seen in the last 18 months, but a steady pace for years to come is what we expect, Jack.

是的。我會說這將比我們在前 1.5 年所做的要慢。我的意思是記住，我們從 2021 年 8 月開始。而且——所以在那 18 個月裡，我們已經回購了 750 萬股。因此，這超過了您在本十年剩餘時間內所期望的穩定步伐。我們這樣做的原因是因為我們在 2021 年和 2022 年擁有非常高水平的現金流和盈利能力。因此，隨著事情在 23 世紀及以後恢復到更正常的水平，股票回購活動將減少並減少從每年的速度。因此，更穩定的 Eddie 步伐更符合我們的運營現金流減去我們的維護資本支出水平，因為我們已經為 CCF 中的大型船舶資本支出提供了 2/3 的資金。所以更穩定的 Eddie，所以比你在過去 18 個月裡看到的速度慢，但未來幾年穩定的速度是我們所期望的，傑克。

Okay. No, that's great to hear. And I guess maybe one last one for me, and I'll hand it over. And I just would like to maybe kind of go back to this idea of sort of what normalized earnings could look like for Matson. And I know it's a difficult question to answer. But I guess, as you guys think about sort of the margin range for Marine Transportation, historically, it's sort of been mid-single digits at the trough of a cycle mid-teens at the peak of the cycle, let's suppose the COVID out for a moment and sort of high single digit, low double digit in a more normalized operating environment. Is there any reason to think that that range has kind of changed one way or the other through the cycle as we look forward? I mean is that still the right way to think about it? Do you feel like the business is structurally more profitable? Any sort of color around that, I think, would be helpful for investors.

好的。不，很高興聽到這個消息。我想也許是我的最後一個，我會把它交給我。我只是想也許有點回到這種想法，即 Matson 的標準化收入是什麼樣的。我知道這是一個很難回答的問題。但是我想，當你們考慮海運的利潤範圍時，從歷史上看，它在周期的高峰期處於週期的低谷時是中等個位數，讓我們假設 COVID 出局在更規範的操作環境中，片刻和某種高個位數，低兩位數。是否有任何理由認為，正如我們期待的那樣，該範圍在整個週期中已經發生了某種變化？我的意思是，這仍然是正確的思考方式嗎？您是否覺得該業務在結構上更有利可圖？我認為，圍繞它的任何一種顏色都會對投資者有所幫助。

Yes. Jack, this is Matt. I'm going to try to answer part of it, and then I'll turn it over to Joel. But I think we continue to believe that our earnings coming out of this pandemic will be higher than it was going in. And I'm not sure whether we've hit normalized earnings, especially in the first half of this year, but we do expect eventually to get there. And I think our view there is partly driven from the addition of the CLX+ which, as I said earlier, we think will drive long-term value over and above our core earnings. I think the value of our CLX and the brand that it stood out in a really disruptive cycle it's also going to allow us to continue to earn a very healthy premium. In a few years' time, I do expect these 3 new builds to put these additional 500 containers per sailing for those 3 ships that we're going to be introducing into the CLX to be another bolt-on of additional earnings through upsizing kind of an organic growth initiative. And I expect us to be on the lookout for small tuck-ins.

是的。傑克，這是馬特。我將嘗試回答其中的一部分，然後將其交給 Joel。但我認為我們仍然相信，我們從這場大流行中獲得的收益將高於過去。而且我不確定我們是否已經達到正常收益，尤其是在今年上半年，但我們做到了期望最終到達那裡。我認為我們的觀點部分是由於 CLX+ 的增加，正如我之前所說，我們認為這將推動長期價值超過我們的核心收益。我認為我們的 CLX 的價值和它在一個真正具有破壞性的周期中脫穎而出的品牌也將使我們能夠繼續獲得非常健康的溢價。在幾年的時間裡，我確實希望這 3 艘新船每次航行都能為我們將要引入 CLX 的那 3 艘船額外增加 500 個集裝箱，這是通過擴大規模來增加額外收入的另一種方式一項有機增長計劃。而且我希望我們會留意小的藏品。

And I think those acquisitions and other growth opportunities, absent a very large acquisition, which are not included in our comments if we can find one that fits. So without trying to put a percentage on it, those are some of the things, I think give us confidence to say that we do believe that we're going to be a different company than we are going into it. But I'll turn it over to Joel to give you the mid-cycle percentage profit margins. Which -- and Jack, you've heard us say before, because there are so many moving parts, especially fuel, that margin analysis becomes very, very difficult. And so I know you went through in your question, a couple of predicates there in terms of what margins might be a normalized and lower end and high and low points in the cycle.

而且我認為那些收購和其他增長機會，如果沒有非常大的收購，如果我們能找到合適的收購，這些收購和其他增長機會不會包含在我們的評論中。因此，在不嘗試對其進行百分比計算的情況下，我認為這些是其中的一些內容，我認為讓我們有信心說我們確實相信我們將成為一家與我們進入的公司不同的公司。但我會把它交給喬爾給你中期利潤率百分比。其中 - 傑克，你以前聽過我們說過，因為有太多的活動部件，尤其是燃料，利潤率分析變得非常非常困難。所以我知道你在你的問題中經歷了幾個謂詞，關於什麼利潤率可能是標準化的和低端以及週期中的高點和低點。

And we -- honestly, we just don't think of it that way. We don't think of our businesses in terms of what margins they're going to produce. We think of our businesses in terms of what aggregate EBITDA and operating income they're going to produce. So I would -- I think for investors, we've always talked about taking a run rate and then doing your analysis of what we think is going to have in the future off that run rate. So if you assume more volume at x price, then you can back into what our contribution -- an incremental contribution margin might look like, and then you can start working on aggregate EBITDA and operating income based upon that starting point as opposed to building a revenue number and then applying the margin against it. Does that make sense?

而我們——老實說，我們只是不這麼想。我們不會根據它們將產生多少利潤來考慮我們的業務。我們根據他們將產生的總 EBITDA 和營業收入來考慮我們的業務。所以我會 - 我認為對於投資者來說，我們一直在談論採用運行率，然後對我們認為未來會出現的運行率進行分析。因此，如果您假設以 x 價格獲得更多銷量，那麼您可以回到我們的貢獻——增量貢獻邊際可能看起來像，然後您可以開始根據該起點計算總 EBITDA 和營業收入，而不是建立一個收入數字，然後對其應用保證金。那有意義嗎？

It does. It does. I just -- I think you guys know your business better than anybody else. And it's tough from the outside looking and with all the different trade lanes to be able to -- and a lot of these businesses overlap on each other to be able to really model it and think about where things are going to settle out. So I think that once we can get some more clarity around that, I think that will help valuation once we can kind of get some views. So I'm just trying to get you guys to go on the record on that, but I guess we'll have a better sense for that in the second half of the year. So thank you again for the time. Really appreciate it.

確實如此。確實如此。我只是 - 我認為你們比其他任何人都更了解自己的業務。從外面看很難，而且所有不同的貿易通道都能夠做到——而且很多這些業務相互重疊，才能真正對其進行建模，並思考事情將在何處解決。所以我認為，一旦我們能夠更清楚地了解這一點，我認為一旦我們能夠獲得一些觀點，這將有助於估值。所以我只是想讓你們記錄下來，但我想我們會在今年下半年對此有更好的認識。再次感謝您的寶貴時間。真的很感激。

Thank you. That concludes the Q&A session for today. I would like to turn the call back over to Matt Cox for closing remarks.

謝謝。今天的問答環節到此結束。我想將電話轉回給 Matt Cox 以作結束語。

Okay. Well, thanks, everybody, for your interest in today's call. We look forward to catching up with everyone next quarter. Aloha.

好的。好吧，謝謝大家，感謝您對今天的電話會議感興趣。我們期待在下個季度與大家見面。阿羅哈。

Thank you all for attending today's conference call. You all have a great evening, and you may disconnect now.

感謝大家參加今天的電話會議。你們度過了一個愉快的夜晚，現在你們可以斷開聯繫了。