Matson Inc (MATX) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen and welcome to the conference call to discuss Matson's third quarter, 2024 results. As a reminder, today's program is being recorded and now I'd like to introduce your host for today's program. Mr. Justin Schoenberg. Please go ahead, sir.

女士們、先生們，美好的一天，歡迎參加電話會議，討論美森 2024 年第三季的業績。提醒一下，今天的節目正在錄製中，現在我想介紹一下今天節目的主持人。賈斯汀·勳伯格先生。請繼續，先生。

Thank you. Joining me on the call today are Matthew Cox Chairman and Chief Executive Officer; and Joel Winnie, 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。今天與我一起參加電話會議的還有董事長兼執行長馬修‧考克斯 (Matthew Cox)；執行副總裁兼財務長喬爾溫尼 (Joel Winnie)。本簡報的投影片可在我們網站 www.matson.com 的「投資者」標籤下下載。

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.

在開始之前，我想提醒您，在本次電話會議期間，我們將就聯邦證券法含義內的預期、預測、預測或未來事件做出前瞻性陳述。我們相信我們的期望和假設是合理的。

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.

我們提醒您考慮可能導致實際結果與新聞稿、簡報投影片和本次電話會議中的前瞻性陳述有重大差異的風險因素。

These risk factors are described in our press release and presentation and are more fully detailed under the caption Risk Factors on pages 13 to 25 of our Form 10-K filed on February 23, 2024 and in our subsequent filings with the SEC. Please also note that the date of this conference call is October 30, 2024 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.

這些風險因素在我們的新聞稿和簡報中進行了描述，並在2024 年2 月23 日提交的10-K 表格第13 至25 頁的「風險因素」標題下以及我們隨後向SEC 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 2024 年 10 月 30 日，我們今天所做的任何前瞻性陳述均基於假設。截至目前，我們不承擔更新這些前瞻性聲明的義務。

I will now turn the call over to Matt.

我現在將把電話轉給馬特。

Thanks, Justin and thanks to those on the call. Starting on slide three, Matson had a very strong third quarter that exceeded our expectations with higher year-over-year operating income in both Ocean Transportation and Logistics.

謝謝賈斯汀，也謝謝參加電話會議的人。從投影片第三頁開始，美森第三季的表現非常強勁，超出了我們的預期，海洋運輸和物流業務的營業收入較去年同期成長。

In Ocean Transportation, our China service saw significantly higher year-over-year freight rates and was the primary driver of the increase in consolidated operating income. For our domestic trade lanes, we saw higher year-over-year volume in Alaska, but lower year-over-year volume in Hawaii and Guam.

在海運方面，我們的中國服務運價年增率大幅上漲，是綜合營業收入成長的主要推手。對於我們的國內貿易航線，阿拉斯加的同比吞吐量有所增加，但夏威夷和關島的同比吞吐量有所下降。

In Logistics, operating income increased year-over-year due to higher contributions from supply chain management and transportation brokerage services. As a result of our performance in the third quarter and the expected strength of our China service in the fourth quarter, we're raising our outlook for 2024. Joel will go into more detail on our updated outlook later in this presentation.

在物流方面，由於供應鏈管理和運輸經紀服務的貢獻增加，營業收入較去年同期成長。鑑於我們第三季的表現以及第四季度中國服務的預期實力，我們上調了 2024 年的展望。喬爾將在本次演講的後面部分詳細介紹我們更新的展望。

I will now go through the third quarter performance of our trade lanes, SSAT and logistics. So please turn to the next slide.

我現在將介紹我們的貿易航線、SSAT 和物流的第三季業績。請翻到下一張投影片。

Container volume in our Hawaii service decreased 2.2% in the third quarter year-over-year. The decrease was primarily due to lower general demand. Hawaii's economy continues to grow slowly with stalled growth in statewide tourist arrivals. Tourism continues to be impacted by declines in Maui tourism following last year's wildfires and by the sluggish pace of the recovery in Japanese tourist arrivals which has been impacted by weakness in the yen to the US dollar exchange rate.

第三季夏威夷航線的貨櫃吞吐量年減 2.2%。下降的主要原因是整體需求下降。夏威夷的經濟持續緩慢成長，全州遊客人數成長停滯。旅遊業持續受到去年山火後毛伊島旅遊業下滑以及日本遊客人數復甦緩慢的影響，而日本遊客人數又受到日圓兌美元匯率疲軟的影響。

I will go through our full year outlook on the next slide. So please turn to slide five.

我將在下一張投影片上介紹我們的全年展望。請翻到第五張投影片。

According to UHERO's third quarter 2024 economic report, the Hawaii economy is projected to grow slowly in 2024 supported by a low unemployment rate, increasing construction activity and low growth in tourist arrivals.

根據 UHERO 的 2024 年第三季經濟報告，在低失業率、建築活動增加和遊客人數低成長的支持下，夏威夷經濟預計將在 2024 年緩慢成長。

For 2024, we expect volume to be modestly lower than the level achieved last year primarily due to low or no growth in tourism, continued challenges in population growth and lower discretionary income as a result of higher inflation and interest rates.

2024 年，我們預計旅遊量將略低於去年的水平，主要是由於旅遊業增長緩慢或沒有增長、人口增長持續面臨挑戰以及通貨膨脹和利率上升導致可自由支配收入下降。

Moving to our China service on slide six. Matson's volume in the third quarter of 2024 was 2.6% higher year-over-year due to two additional sailings. We continued to see strong demand for our CLX and MAX services and achieved significantly higher average freight rates year-over-year.

轉到第六張投影片上我們的中國服務。由於增加了兩趟航班，美森 2024 年第三季的貨運量較去年同期成長 2.6%。我們繼續看到對 CLX 和 MAX 服務的強勁需求，並實現了同比顯著更高的平均運費。

Please turn to slide seven. The elevated freight rates in the third quarter 2024 were primarily due to a traditional peak season with strong freight demand. A resilient US economy and a stable consumer demand environment coupled with tighter supply chain conditions supported these elevated rates. From a demand perspective, US retail sales during the quarter were solid and e-commerce continued to grow faster than overall retail market.

請翻到第七張幻燈片。2024年第三季運價上漲主要是因為傳統旺季貨運需求旺盛。富有彈性的美國經濟和穩定的消費者需求環境，加上供應鏈狀況趨緊，支撐了利率的上漲。從需求角度來看，本季美國零售銷售穩健，電子商務成長率持續快於整體零售市場。

E-commerce continued to be an underlying driver of freight demand for both our Transpacific services during the third quarter as well as seasonally strong categories like garments and E-goods. We also continued to see conversion of airfreight to the CLX and MAX, particularly in the E-goods vertical.

電子商務仍然是第三季我們的跨太平洋服務以及服裝和電子商品等季節性強勁類別貨運需求的潛在驅動力。我們也繼續看到空運向 CLX 和 MAX 的轉變，特別是在電子商品垂直領域。

With respect to tighter supply chain conditions, the traditional peak was augmented by some shifting of consumer routing through the US West coast in response to continued disruptions in the Red Sea as well as to risk management against impacts from the ILA negotiations on the East and Gulf coasts.

就供應鏈狀況趨緊而言，由於紅海的持續混亂以及針對東部和海灣地區 ILA 談判影響的風險管理，美國西海岸的消費者路線發生了一些轉移，從而加劇了傳統的高峰海岸。

Looking ahead for the fourth quarter, we expect our China service freight rates to be significantly higher than the levels achieved in the year ago period as long as the underlying economic supply chain and geopolitical consistence persist, but lower than the average rates achieved in the third quarter as the peak season demand eases.

展望第四季度，只要基本的經濟供應鏈和地緣政治一致性持續存在，我們預計我們的中國服務運價將顯著高於去年同期的水平，但低於第三季度的平均運價第一季隨著旺季需求的緩解。

Regardless of the economic and geopolitical uncertainties, we remain focused on continuing to deliver a differentiated value proposition as compared to air freight with CLX and MAX services as the two fastest and most reliable expedited ocean services in the Transpacific.

儘管存在著經濟和地緣政治的不確定性，我們仍然專注於繼續提供與空運相比的差異化價值主張，CLX 和 MAX 服務是跨太平洋地區最快、最可靠的兩種加急海運服務。

Please turn to the next slide. In Guam, Matson's container volume in the third quarter of 2024 decreased 9.4% year over year due to lower demand from retail and food and beverage segments.

請翻到下一張投影片。在關島，由於零售和食品飲料領域的需求下降，美森 2024 年第三季的貨櫃吞吐量年減 9.4%。

In the near term, we expect the Guam economy to remain stable with a low unemployment rate but slow growth in tourism. Similar to Hawaii, the Guam tourist arrivals have been impacted by the slow recovery in Japanese visitors. For 2024, We expect container volume to be lower than the level achieved last year.

短期內，我們預期關島經濟將保持穩定，失業率較低，但旅遊業成長緩慢。與夏威夷類似，關島遊客數量也受到日本遊客緩慢復甦的影響。我們預計 2024 年貨櫃吞吐量將低於去年的水平。

Please turn to the next slide in Alaska Matson's container volume for the third quarter of 2024 increased 1.4% year over year due to higher retail related demand.

請翻到下一張投影片，由於零售相關需求增加，阿拉斯加美森 2024 年第三季的貨櫃吞吐量年增 1.4%。

In the near term. We expect continued economic growth in Alaska supported by a low unemployment rate, job growth and lower levels of inflation for 2024. We expect Alaska volume to approximate the level achieved last year.

短期內。我們預計，在低失業率、就業成長和較低通膨水準的支持下，阿拉斯加 2024 年經濟將持續成長。我們預計阿拉斯加的銷售量將接近去年的水平。

Please turn to slide10. Our terminal joint venture SSAT increased $5.6 million year-over-year to $6.9 million.

請翻到投影片 10。我們的碼頭合資企業 SSAT 年增 560 萬美元，達到 690 萬美元。

The higher contribution was primarily due to higher lift volume. For full year 2024, we expect the contribution from SSAT to be higher than 2023 due to an expected increase in lift volume.

較高的貢獻主要是由於較高的升力量。對於 2024 年全年，由於電梯量預計會增加，我們預計 SSAT 的貢獻將高於 2023 年。

Turning now to logistics slide 11. Operating income in the third quarter came in at $15.4 million or approximately $1.5 million higher than the result in the year ago period. The increase was primarily due to higher contributions from supply chain management and transportation brokerage.

現在轉向物流幻燈片 11。第三季營業收入為 1,540 萬美元，比去年同期增加約 150 萬美元。這一增長主要是由於供應鏈管理和運輸經紀業務的貢獻增加。

Our supply chain management service benefited from a similar market condition to those in our China service, while our transportation brokerage business benefited from stronger international intermodal demand. For the fourth quarter of 2024 we expect operating income to be modestly higher than the level achieved last year.

我們的供應鏈管理服務受惠於與中國服務類似的市場狀況，而我們的運輸經紀業務則受惠於更強勁的國際聯運需求。我們預計 2024 年第四季的營業收入將略高於去年的水平。

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

我現在將把電話轉給喬爾，要求他審查我們的財務表現。

Thanks Matt. Please turn to slide 12 for a review of our third quarter results.

謝謝馬特。請翻至投影片 12，回顧我們第三季的業績。

For the third quarter, consolidated operating income increased 110.2 million year over year to 242.3 million with higher contributions from ocean transportation and logistics of 108.7 million and 1.5 million respectively.

第三季度，綜合營業收入年增1.102億美元，達到2.423億美元，其中遠洋運輸和物流的貢獻較高，分別為1.087億美元和150萬美元。

The increase in ocean transportation operating income in the third quarter was primarily due to significantly higher freight rates in China and higher freight rates in the domestic trade lanes partially offset by higher vessel operating costs.

第三季遠洋運輸營業收入的成長主要是由於中國運價大幅上漲以及內貿航線運價上漲，但部分被船舶營運成本上升所抵銷。

As Matt noted the increase in logistics operating income was primarily due to higher contributions from supply chain management and transportation brokerage.

正如馬特指出的那樣，物流營業收入的增加主要是由於供應鏈管理和運輸經紀業務的貢獻增加。

We had interest income of 10.4 million in the quarter. Interest expense in the quarter decreased by 0.6 million year over year due to the decline in outstanding debt in the past year. Net income increased 66.1% year-over-year and diluting diluted earnings per share increased 73.2% year-over-year with a difference between the two due to a 4.2% decrease in the diluted weighted average shares outstanding.

本季我們的利息收入為 1,040 萬美元。由於去年未償債務減少，本季利息支出較去年同期減少 60 萬人。淨利潤年增66.1%，稀釋每股收益年增73.2%，兩者之間的差異是由於稀釋後加權平均流通股減少4.2%。

Please turn to slide 13.

請翻到投影片 13。

This slide shows how we allocated our trailing 12 months of cash flow generation. For the LTM period, we generated cash flow from operations of approximately 704.5 million from which we used 39.7 million to retire debt, 205 million on maintenance and other CapEx, 40.6 million on new vessel CapEx including capitalized interest and owners' items. 35.5 million in cash deposits and interest income in the CCF, net of withdrawals for milestone payments, $12.3 million on other cash outflows while returning approximately 259.1 million to shareholders via dividends and share repurchase.

這張投影片展示了我們如何分配過去 12 個月的現金流產生。在LTM期間，我們從營運中產生了約7.045億美元的現金流，其中3,970萬美元用於償還債務，2.05億美元用於維護和其他資本支出，4,060萬美元用於新船資本支出，包括資本化利息和所有者項目。 CCF 中的現金存款和利息收入為 3,550 萬美元，扣除里程碑付款提款、其他現金流出 1,230 萬美元，同時透過股息和股票回購向股東返還約 2.591 億美元。

Please turn to slide 14 for a summary of our share repurchase program and Balance sheet. During the third quarter, we repurchased approximately 400,000 shares for a total cost of 48.1 million including taxes. Year-to-date, we repurchased approximately 1.4 million shares for a total cost of 169.2 million including taxes.

請參閱投影片 14，以了解我們的股票回購計畫和資產負債表摘要。第三季度，我們回購了約40萬股股票，含稅總成本為4,810萬美元。年初至今，我們回購了約 140 萬股股票，總成本為 1.692 億美元（含稅）。

Since we initiated our share purchase program in August of 2021 through September of this year. We have repurchased approximately 11 million shares or 25.2% of our stock for a total cost of approximately 925 million.

自從我們在 2021 年 8 月啟動股票購買計畫以來，一直持續到今年 9 月。我們已回購約 1,100 萬股或 25.2% 的股票，總成本約為 9.25 億美元。

As we have said before, we are committed to returning access capital shareholders and plan to continue to do so. In the absence of any large organic or inorganic growth, investment opportunities.

正如我們之前所說，我們致力於回報股東併計劃繼續這樣做。在沒有任何大型有機或無機成長的情況下，投資機會。

Turning to our debt levels. Our total debt at the end of the third quarter was 410.6 million. A reduction of 10.1 million from the end of the second quarter and 30 million year-to-date.

轉向我們的債務水平。第三季末我們的總債務為 4.106 億美元。較第二季末減少 1,010 萬，年初至今減少 3,000 萬。

With that, let me now turn to slide 15 and walk through our outlook for the fourth quarter of 2024. On the left hand side of this page, we expect ocean transportation operating income for the fourth quarter, 2024 to be meaningfully higher than the 66.4 million achieved last year. We expect our China service to continue to see elevated rates in the fourth quarter and for the rates to be significantly higher than the levels achieved in the year ago period, but lower than the average rates achieved in the third quarter of this year. As peak season demand eases.

現在讓我轉到投影片 15，概述我們對 2024 年第四季的展望。在本頁左側，我們預計 2024 年第四季的海營運業收入將顯著高於去年的 6,640 萬美元。我們預計第四季度我們的中國服務費率將繼續上升，並將顯著高於去年同期的水平，但低於今年第三季的平均費率。隨著旺季需求的緩解。

For our domestic tradelanes in aggregate, we expect full year volumes to approach the levels achieved in 2023, absent a significant change in the trajectory of the US economy. For Logistics, we expect operating income in the fourth quarter 2024 to be modestly higher than the level achieved last year. Lastly, we expect to have an effective tax rate of 22% in the fourth quarter of 2024.

對於我們國內貿易航線的總體而言，如果美國經濟軌跡沒有發生重大變化，我們預計全年吞吐量將接近 2023 年達到的水平。對於物流，我們預計 2024 年第四季的營業收入將小幅高於去年的水平。最後，我們預計 2024 年第四季的有效稅率為 22%。

On the right-hand side of this slide, we expect the following outlook items for the full year, depreciation and amortization to approximate 180 million inclusive of 27 million for dry dock amortization, interest income to be approximately 47 million and as noted in the second quarter, this includes 10.2 million in interest income earned on our federal tax refund that was that was received on April 19th of this year, interest expense to be approximately 8 million other income to be approximately 7 million and drydocking payments of approximately 35 million.

在這張投影片的右側，我們預計全年的以下展望項目，折舊和攤提約為1.8 億美元，其中包括2,700 萬美元的乾船塢攤銷，利息收入約為4,700 萬美元，如第二張中所述季度，這包括我們今年 4 月 19 日收到的聯邦退稅所賺取的 1020 萬利息收入、利息支出約 800 萬其他收入約 700 萬以及約 3500 萬的干塢付款。

Moving to slide 16. The table on this slide shows our CapEx projections for the full year 2024 compared to what we said previously provided on our second quarter call in August, our range for maintenance and other capital expenditures is the same at 110 to 120 million. We tightened our range for our LNG and reengineering projects to 85 to 90 million versus 85 to 95 million previously. And our new vessel milestone payments increased slightly by 2 million to 77 million.

轉到投影片 16。這張投影片上的表格顯示了我們對2024 年全年的資本支出預測，與我們先前在8 月第二季電話會議上所說的相比，我們的維護和其他資本支出範圍相同，為110 至1.2 億美元。我們將液化天然氣和再造項目的範圍收緊至 8500 至 9,000 萬個，而之前為 8500 至 9,500 萬個。我們的新船里程碑付款略有增加 200 萬至 7700 萬。

So overall for the year, we now expect total CapEx of 272 to 287 million. I would like to note that we completed all of our LNG projects with Kamina Hila exiting the drydock in October and we expect that vessel to be back in service starting next week.

因此，今年整體資本支出預計為 272 至 2.87 億美元。我想指出的是，我們完成了所有液化天然氣項目，Kamina Hila 已於 10 月退出乾船塢，我們預計該船將於下週開始重新投入使用。

Please turn to the next slide.

請翻到下一張投影片。

We are excited to share the update that on September 30th construction officially began on the first of our three new Aloha class vessels with the first cutting of steel at the Philly shipyard in Pennsylvania.

我們很高興與大家分享這一最新消息：我們的三艘新 Aloha 級船舶中的第一艘於 9 月 30 日正式開始建造，並在賓夕法尼亞州的費城造船廠進行了首次鋼材切割。

Upon delivery, these new vessels will have dual fuel engines capable of operating on both conventional marine fuels and LNG. As a reminder, we expect to carry approximately 15,000 more containers per year in our China service once all three vessels are in service. We currently expect the first vessel to be delivered in the fourth quarter of 2026 and the remaining two vessels to be delivered in 2027.

交付後，這些新船將配備雙燃料發動機，能夠使用傳統船用燃料和液化天然氣運行。謹此提醒，一旦三艘船全部投入使用，我們的中國航線預計每年可運輸約 15,000 個貨櫃。我們目前預計首艘船將於 2026 年第四季交付，其餘兩艘船將於 2027 年交付。

Please now turn to slide 18.

現在請翻到投影片 18。

The table on the slide shows our expected milestone payments for the new vessel build program. As of September 30th, we had cash deposits of 635 million in CCF and cash and cash equivalents of 270 million.

幻燈片上的表格顯示了我們對新船建造計劃的預期里程碑付款。截至9月30日，我們的CCF現金存款為6.35億美元，現金及現金等價物為2.7億美元。

These two balances combined exceed our remaining milestone payments. So we are in a great funding position on the new build program. Well, actually, I would like to point out that in October, we made the reference fourth quarter milestone payment of approximately 36 million.

這兩項餘額加起來超過了我們剩餘的里程碑付款。因此，我們在新建項目上處於有利的資金地位。嗯，實際上，我想指出的是，10 月份，我們支付了大約 3,600 萬美元的參考第四季里程碑付款。

I will now turn the call back over to Matt for closing remarks.

現在，我將把電話轉回給馬特，讓他發表結束語。

Thanks Joel. Our year-to-date results were very strong, primarily driven by elevated rates in the last two quarters in our China service.

謝謝喬爾。我們今年迄今的業績非常強勁，主要是由於過去兩個季度我們中國服務的費率上升所致。

And in the fourth quarter, we expect our consolidated operating income to be meaningfully higher year over year as our China service freight rates remain elevated, although lower than those achieved in the third quarter.

在第四季度，我們預計我們的綜合營業收入將同比大幅增長，因為我們的中國服務運價仍然較高，儘管低於第三季度的水平。

As a result, we expect to close out 2024 on a high note, as I said on the last earnings call, we at some point expect elevated freight rates in the transpacific trade lane to moderate.

因此，我們預計 2024 年將以高調結束，正如我在上次財報電話會議上所說，我們預計跨太平洋貿易航線的運費上漲將在某個時候放緩。

But the timing will depend on the persistence of the underlying economic supply chain and geopolitical conditions. At this moment. It is unclear if any of the elements of risk will normalize during 2025.

但具體時間將取決於潛在經濟供應鏈和地緣政治條件的持續性。此時此刻。目前尚不清楚任何風險要素是否會在 2025 年恢復正常。

We will wait until our earnings call in February to provide our outlook for the year ahead.

我們將等到二月的財報電話會議上提供我們對未來一年的展望。

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生並詢問您的問題。

Daniel Imbro, Stephens Inc.

丹尼爾·因布羅，史蒂芬斯公司

Please.

請。

Hey, good afternoon guys. Thanks for taking our questions.

嘿，大家下午好。感謝您回答我們的問題。

I want to start maybe on a nearer term. One of the rates that obviously topical and and Matt third quarterback drop rate was strong. It sounds like you're expecting some moderation in 4Q but maybe how rates trended as we left the ocean peak season ocean rates probably have fallen, but it looks like the air market, air freight market remained tight. So how should we think about your pricing?

我想也許從近期開始。其中一個明顯話題的比率和馬特第三四分衛的下降率很強勁。聽起來您預計第四季會有所放緩，但隨著我們離開海運旺季，海運費率可能會下降，但航空市場、航空貨運市場仍然緊張。那我們該如何考慮您的定價呢？

And maybe a second part of that question is I know you guys typically don't like to quantify it, but any way you can help investors think about what you're anticipating from a sequential rate, step down standpoint just as, as trying to calibrate expectations.

也許這個問題的第二部分是，我知道你們通常不喜歡量化它，但任何可以幫助投資者思考你們對連續利率的預期的方法，都可以放下立場，就像試圖校準期望。

Yeah. I would say the first point to note is that we, we expect overall to see a moderation more in line with traditional, you know, Q3 versus Q4 in the opportunities for earnings. And if you just, if you look, I'll answer more specifically your question in a moment about what we're seeing. But if you just take a step back, the third quarter is always our strongest quarter, followed by the second quarter and then the fourth quarter and the first is the weakest. And so there's a pattern that is, we expect to be repeating itself, but on a base that is higher than we initially expected going into the quarter.

是的。我想說的第一點是，我們預期整體而言，第三季與第四季的獲利機會將更符合傳統的趨勢。如果你只是，如果你看的話，我稍後會更具體地回答你關於我們所看到的問題。但如果退一步來說，第三季度始終是我們最強的季度，其次是第二季度，然後是第四季度，第一季是最弱的。因此，有一種模式，我們預計會重演，但基礎要高於我們最初預期進入本季的情況。

If you look at the trade dynamics. Now, you know, we, we're, we're a lot of the product that is carried in the Trans Pacific and frankly, globally. As you get into the festive season of Thanksgiving and Christmas is largely on the water or on its way into the various warehouse and distribution systems of our large customers. So they have product on hand for the selling seasons. There are, and so we're, we're, we're seeing it sort of a traditional moderation there.

如果你看看貿易動態。現在，你知道，我們，我們，我們的許多產品都在跨太平洋地區，坦白說，在全球範圍內運輸。當您進入感恩節和聖誕節的節日時，大部分貨物都在水上或正在進入我們大客戶的各種倉庫和分銷系統的途中。所以他們手邊有銷售季節的產品。是有的，所以我們、我們、我們看到那裡有一種傳統的節制。

You know, there's couple of uncertainties and a couple of structural changes that have been occurring over the last five years. We see more e-commerce sales as compared to traditional retail, that cargo tends to be a little less seasonal. And so that, you know, that's, that's an element that's happened over the last 345 years and we expect that to continue.

您知道，過去五年中出現了一些不確定性和一些結構性變化。與傳統零售相比，我們看到電子商務銷售更多，貨物的季節性往往要少一些。所以，你知道，這是過去 345 年發生的一個因素，我們預計這種情況會持續下去。

There are some continued questions about the ILA contract renewal mid-January. We have an early lunar new year this year. And so, there's a lot of fact every -- there are some things that are happening on the margin that may impact the fourth quarter, but those are all factors, of course, the presidential election and potential tariffs.

關於 1 月中旬 ILA 續約的問題仍然存在。今年我們過早的農曆新年。因此，有很多事實 - 有些事情正在邊緣發生，可能會影響第四季度，但這些都是因素，當然，總統選舉和潛在的關稅。

So lots of things up in the air that would, you know, as we look back on the fourth quarter, once these events have occurred to be able to give more color on it. But overall, I think we still feel that we're going to be, you know, performing well in the fourth quarter above the fourth quarter, well above the fourth quarter in the previous year.

很多懸而未決的事情，你知道，當我們回顧第四季時，一旦這些事件發生，就會為它帶來更多的色彩。但總的來說，我認為我們仍然認為我們第四季的表現將優於第四季度，遠高於去年第四季。

So that's, and then with regard to the questions about trying to be more specific, I'm going to turn that one over to Joel to see if he can provide any color.

所以，關於嘗試更具體的問題，我將把這個問題交給喬爾，看看他是否可以提供任何顏色。

But you know, I think you hit all the key points, Matt. So I mean, Daniel, we we expect because of the rate environment Matt just discussed, we're going to have meaningfully higher earnings this fourth quarter versus last year's fourth quarter. And it's, it's due to a lot of the trends and strengths that Matt Matt just mentioned. So nothing really to add there.

但你知道，我認為你抓住了所有關鍵點，馬特。所以我的意思是，丹尼爾，我們預計，由於馬特剛剛討論的利率環境，我們第四季的收益將比去年第四季明顯更高。這是由於馬特馬特剛才提到的許多趨勢和優勢。所以沒什麼好補充的。

Got it. Helpful. And then maybe the follow up question. On the CLS/MAX line, I think you guys have chartered these ships the last few years and you've noted you've locked in above market rates because of when you locked them in. When do those ships reprice as we think about the back half of this year in '25. And what kind of operating margin tailwind could that be next year as you begin to reprice some of those chartered costs?

知道了。有幫助。然後也許是後續問題。在 CLS/MAX 航線上，我想你們在過去幾年裡已經租用了這些船舶，並且你們已經注意到，由於你們鎖定它們的時間，你們已經鎖定了高於市場的價格。考慮到 25 年下半年，這些船舶何時重新定價。當您開始重新定價其中一些特許成本時，明年會帶來什麼樣的營運利潤順風？

Yes, Daniel. So thanks for that question. So we've actually extend all of our charters now for the six ships in the max service into 2026 and a couple actually into 2027. So I can tell you that the charter market is still pretty tight right now. So rates have moved up relative to where the charter market rates were, let's say nine or 12 months or so ago. But there will be a little bit of favorable cost for us. It won't be huge, but we're looking at a number around $8 million in 2025 of lower charter costs than 2024. So a little bit of benefit there on the cost side.

是的，丹尼爾。謝謝你提出這個問題。因此，我們實際上已經將最大服務範圍內的六艘船的所有包租期限延長至 2026 年，其中幾艘實際上延長至 2027 年。所以我可以告訴你，目前包機市場仍然相當緊張。因此，相對於大約 9 或 12 個月前的包機市場費率而言，費率已經上升。但對我們來說會有一點有利的成本。雖然不會很大，但我們預計到 2025 年，包機成本將比 2024 年降低約 800 萬美元。所以在成本方面有一點好處。

The most important thing to us was to lock in these vessels that really meet our service requirements. And we feel really good that we have that lock now into 2026 and 2027.

對我們來說最重要的是鎖定這些真正符合我們服務要求的船隻。我們感覺非常好，我們現在已經鎖定了 2026 年和 2027 年。

Okay, thanks guys.

好的，謝謝大家。

Thanks Daniel.

謝謝丹尼爾。

Jake Lacks, Wolfe Research.

傑克‧拉克斯，沃爾夫研究中心。

Hey man. Hey Joel. Thanks for your time.

嘿夥計。嘿喬爾。感謝您抽出時間。

So I, I guess big picture, it feels like the import data we looked at remains pretty robust in contrast to a lot of the domestic freight data we get. How, how sustainable do you think this is? And is it just a lot of pull forward or, or is there some reason that maybe import level should be structurally higher here?

因此，我認為從大局來看，與我們獲得的許多國內貨運數據相比，我們看到的進口數據仍然相當強勁。您認為這有多可持續？是只是大量的向前拉動，還是有某種原因，也許這裡的進口水準應該在結構上更高？

Yeah, I think it's. Jake a combination of the two. I think if you look at and we look at the health of the US consumer which is has, you know, we, we've talked about the consumer hanging in there. And we expect that to continue, you know, I know US GDP print just came out and the economy remains strong and that's one of the main factors in what we're seeing in terms of underlying demand.

是的，我想是的。傑克是兩者的結合。我認為，如果你看看我們看看美國消費者的健康狀況，你知道，我們已經討論過消費者的健康狀況。我們預計這種情況將持續下去，我知道美國 GDP 數據剛剛公佈，經濟仍然強勁，這是我們看到的潛在需求的主要因素之一。

As far as the elements that are maybe more structural, I do believe that we're seeing, we Matson, in our expedited segment in the Transpacific are seeing the benefit of really two things that we've talked about before. One I talked about a moment ago, which is the conversion of e-commerce relative to traditional commerce. E-commerce wants to move faster and we see that e-commerce is growing faster than traditional retail sales. We think that's a positive.

至於可能更具結構性的元素，我確實相信，我們美森公司在跨太平洋航線的加急航段中看到了我們之前討論過的兩件事的好處。剛才我講了一個，就是電子商務相對於傳統商業的轉變。電子商務希望發展得更快，我們看到電子商務的成長速度快於傳統零售。我們認為這是積極的。

We also see ongoing conversion of air freight into our expedited product for those customers who are taking advantage of a significantly lower cost and for some customers, a significantly reduced CO2 footprint. We think those also are factors.

我們也看到，空運正在不斷轉變為我們的加急產品，這些客戶可以享受到顯著降低的成本，而對於某些客戶來說，二氧化碳排放量也顯著減少。我們認為這些也是因素。

Then the other factor that I think we saw is around some uncertainty around the ILA contract extension, questions about its renewal. And some of our customers we were told has have de risked but by moving it over West coast routings, they're also as we understand it now, given the January 15th contract renewal, making sure that they have adequate inventory, not excess inventory, but adequate inventory to find their way through any potential disruption until that's finally settled.

我認為我們看到的另一個因素是 ILA 合約延期的一些不確定性，即續約問題。我們被告知我們的一些客戶已經降低了風險，但透過將其轉移到西海岸航線，他們也正如我們現在所理解的那樣，考慮到1 月15 日的合約續約，確保他們有足夠的庫存，而不是多餘的庫存，但有足夠的庫存來解決任何潛在的干擾，直到問題最終解決。

Those are some of the factors I think that are playing into the strength that we're seeing in our, in our business.

我認為這些因素正在發揮我們在我們的業務中所看到的優勢。

That's helpful. And, and then in the past, I think you've called 2023 maybe more of a normal year. Has anything changed over the past year? And sort of in what respect do you view as a good baseline of operating income if we want to try to start thinking of more normalcy in 2025 and beyond?

這很有幫助。而且，在過去，我認為您認為 2023 年可能是更正常的一年。過去一年有什麼改變嗎？如果我們想嘗試在 2025 年及以後開始考慮更正常的情況，您認為在哪些方面才是營業收入的良好基準？

Yeah, I mean, a Year ago, the, the question just taking a step backwards during the pandemic, we had extraordinary earnings. We knew they weren't going to last. We, we saw 2023. And we thought this could, this could be our new normal and then events have overtaken our actual performance in 2023 to so significantly higher performance in 2024.

是的，我的意思是，一年前，這個問題在大流行期間倒退了一步，我們擁有非凡的收入。我們知道他們不會持續太久。我們，我們看到了 2023 年。我們認為這可能是我們的新常態，然後事件已經超過了我們 2023 年的實際表現，到 2024 年的表現明顯更高。

I don't want to abandon an idea of one happy day when everything is working as it should. And or when that could occur, I do think that that, you know that they I I would make two comments. I think given Matson's positioning and control of our supply chain and our product offering, we can react better than other carriers to meet changing market conditions. And we're really feel good about our positioning.

當一切都按其應有的方式進行時，我不想放棄一個快樂的一天的想法。或者當這種情況發生時，我確實認為，你知道他們我會發表兩則評論。我認為，鑑於美森對我們供應鏈和產品供應的定位和控制，我們可以比其他承運商做出更好的反應，以滿足不斷變化的市場條件。我們對自己的定位感到非常滿意。

We do think that at some point, some of these uncertainties, whether it's the Red Sea or other geopolitical uncertainties will, will change or normalize, that would likely have a reduction in freight rates both in, in the entire Trans Pacific market. And ours would be taken down somewhat in sympathy to those. But it's really hard to know when that would occur, whether 23 turns out to be our new normal or whether it's something a bit higher, it's really hard to say.

我們確實認為，在某些時候，其中一些不確定性，無論是紅海還是其他地緣政治不確定性，將會發生變化或正常化，這可能會導致整個跨太平洋市場的運費下降。出於對這些人的同情，我們的內容也會被刪除。但真的很難知道什麼時候會發生，23 是否會成為我們的新常態，或者是否會更高一些，真的很難說。

But we do like our positioning, we like our performance. We continue to believe that in the China service, if we can remain the fastest and most reliable with CLX being the number one and MAX being number two, we're going to have the ability to harvest more of the economics of that expedited market than anybody else. So that's a long-winded answer, but those are just some of the thoughts.

但我們確實喜歡我們的定位，我們喜歡我們的表現。我們仍然相信，在中國航線上，如果我們能夠保持最快、最可靠的狀態，CLX 排名第一，MAX 排名第二，我們將有能力在這個快速市場中獲得比其他航空公司更多的經濟效益。這是一個冗長的答案，但這只是一些想法。

Yep. Makes sense. Thanks for that. And then maybe just a couple quick follow ups on the charter question from earlier. Are you going to continue with six vessels in the MAX fleet, or will you move back to five? And then, I think a couple, at least a few of the contracts were at least scheduled to expire in 2025.

是的。有道理。謝謝你。然後也許只是對之前的章程問題進行一些快速跟進。您打算繼續在 MAX 船隊中保留六艘船，還是會恢復到五艘？然後，我認為至少有一些合約至少計劃在 2025 年到期。

Could there be another step down in costs in 2026 then? Or is that a, is the 8 million just a good run rate to keep in mind?

那麼 2026 年成本是否會進一步下降？或者說，800 萬隻是一個值得牢記的良好運行率？

Yeah. So on the first question, Jake. So yes, six is what we feel is the adequate number for that service that provides us flexibility to maintain on time departures and on time arrivals. So we think of that as really a permanent six ship fleet. So that's, that's the number that we focus on.

是的。那麼關於第一個問題，傑克。所以，是的，我們認為六是該服務的足夠數量，它為我們提供了保持準時出發和準時到達的靈活性。所以我們認為這實際上是一個永久性的六艘船艦隊。這就是我們關注的數字。

And so yeah, 8 million to 2025 versus 2024 is the number for 2026. We've got a couple coming up in 26 and then the rest in 2027 they won't be dramatically different. So there's not going to be a meaningful step down between 26 and 25.

所以，是的，到 2025 年將有 800 萬，而 2024 年是 2026 年的數字。我們有幾個將在 26 年出現，其餘的將在 2027 年出現，它們不會有太大的不同。因此，26 到 25 之間不會出現有意義的下降。

The second part of your question, Jake, but again, I want to underscore the most important thing to us is having vessels that meet our really unique service requirements. Not all the vessels in the world of this size fit that. So it's important for us to find the right vessels lock them in. We've done that and that's, that was the most important objective we've had in the last quarter or two as we looked at our fleet for the max service in 25, 26 and 27.

你問題的第二部分，傑克，但我想再次強調對我們來說最重要的是擁有滿足我們真正獨特的服務要求的船隻。並非世界上所有這種尺寸的船隻都適合這個尺寸。因此，找到合適的船隻將它們鎖住對我們來說很重要。我們已經做到了這一點，這是我們在過去一兩個季度中最重要的目標，因為我們在 25、26 和 27 年查看了我們的機隊的最大服務。

And, and Jake, this is Matt, I would just add one other comment. We are the only ocean carrier in the world that we know of that adds an extra ship into a 35 day rotation because we are so committed to delivering this on time. We think it's a big differentiator. It allows us to significantly outperform our rivals and charge a premium for that extra cost that we incur so, so more than recovering the cost.

傑克，我是馬特，我只想添加另一條評論。據我們所知，我們是世界上唯一一家在 35 天輪班中增加一艘額外船舶的海運承運商，因為我們非常致力於按時交付。我們認為這是一個很大的差異化因素。它使我們能夠顯著優於我們的競爭對手，並對我們因此產生的額外成本收取溢價，這不僅僅是收回成本。

So, you know, the model is different and we think it's essential to our branding and to be able to deliver because, you know, if there's a fog and a port closure that affects everyone, our ability to respond faster than everyone puts us in a better position. So, you know, we can't control the weather or other kinds of things, but we certainly think this is an investment that more, more than pays for itself.

所以，你知道，這種模式是不同的，我們認為這對我們的品牌推廣和交付至關重要，因為，你知道，如果有大霧和港口關閉影響到每個人，我們比每個人更快地做出反應的能力就會讓我們陷入困境。所以，你知道，我們無法控制天氣或其他類型的事情，但我們當然認為這是一項物超所值的投資。

Great, ma makes sense. We really appreciate the time.

太好了，媽媽說得有道理。我們真的很感激這段時間。

Thanks, Jake. Thanks, Jake.

謝謝，傑克。謝謝，傑克。

Ben Nolan, Stifel.

本諾蘭，史蒂菲爾。

All right. And I'll tell you what operator, you have a voice for the job. The I, I've got two questions. Well, I guess I'm only allowed two questions.

好的。我會告訴你什麼操作員，你對這項工作有發言權。我，我有兩個問題。嗯，我想我只能問兩個問題。

But my first is it on SSAT was meaningfully better? I think last quarter you had said that there was sort of a LAG effect because SSAT is sort of over, over leveraged to Oakland and the Pacific Northwest relative to Southern California. So, first of all, does that mean that there? And it does look like Oakland has had a lot more volume and so there's more volume in that category.

但我的第一個問題是 SSAT 成績明顯比較好？我認為上個季度您曾說過存在某種滯後效應，因為相對於南加州，SSAT 對奧克蘭和太平洋西北地區的槓桿作用有點過度。那麼，首先，這是否意味著存在？看起來奧克蘭的銷量確實要大得多，因此該類別的銷量也更大。

But then the second part of the first question is, as you think about that is and more volume coming into Northern California. Is there any thinking about resurrecting the CCX at all?

但第一個問題的第二部分是，正如你所想，更多的數量進入北加州。有沒有考慮復活CCX？

Yeah. Ben, this is Matt, I will and I agree with you. This person who's helping us with this conference call has got an awesome voice. So I 100% agree with you with.

是的。本，這是馬特，我會並且同意你的觀點。這位幫助我們召開電話會議的人的聲音很棒。所以我100%同意你的觀點。

With regard to your more important comments, I think when we talked about SSAT in the JV, we were talking about its recovery, likely taking beyond 2024 that we had, you know, sort of gone through the pandemic and got to the other side. And relative to what we said at the beginning of the year, we've seen a little bit better performance. And there were no service changes, you know, new strings added that are calling our, our customer terminals anywhere. But we saw just an orderly transition of slightly larger vessels that are moving over our, of our operating terminals.

關於你更重要的評論，我認為當我們在合資企業中談論 SSAT 時，我們談論的是它的複蘇，很可能要等到 2024 年之後，你知道，我們已經經歷了大流行並到達了另一邊。相對於我們年初所說的，我們看到了更好的表現。而且服務沒有改變，你知道，添加了新的字串，可以在任何地方呼叫我們的客戶終端。但我們只看到稍大的船隻在我們的營運碼頭上有序過渡。

And we also said that the PMW where we had surplus terminal capacity was, was in particular lighter than we hoped it would be. So I think what's happened is as we take a step back and have the benefit of a little bit of hindsight. I thought we, we saw more volume in the Trans Pacific and through our joint venture terminals as a result of the return of cargo through the Trans Pacific that had migrated elsewhere during the ILWU West Coast contract renewal.

我們也表示，我們擁有過剩碼頭容量的 PMW 尤其比我們希望的要輕。所以我認為所發生的事情是我們退後一步並從事後諸葛亮中獲益。我認為，由於在 ILWU 西海岸合約續約期間，透過跨太平洋航線運回其他地方的貨物，我們在跨太平洋航線和透過我們的合資碼頭看到了更多的貨運量。

And then we, as we mentioned, we saw some incremental cargo that moved over Trans Pacific vessels associated with the Il A contract renewal that's, you know, currently in process. So I think those were both factors.

然後，正如我們所提到的，我們看到一些增量貨物透過跨太平洋船隻運輸，這些貨物與目前正在進行的 Il A 合約續約有關。所以我認為這都是因素。

There was, you know, incrementally more volume in Oakland, but not materially, there was a threat of a Canadian strike that brought some PMW cargo down or, or individual calls for over concerns about that. So there were little things that have happened, but I think our feeling at SSAT is it's hit bottom, it's on its way to recovery. You know, how quickly that occurs will be subject to lots of things. But I think we definitely feel like we've hit bottom and we've come off that bottom if that provides enough color for you.

你知道，奧克蘭的貨量逐漸增加，但並不是實質性的，加拿大有罷工的威脅，導致一些 PMW 貨物下降，或者個人呼籲對此表示擔憂。所以發生了一些小事情，但我認為我們對 SSAT 的感覺是它已經觸底，正在恢復。你知道，這種情況發生的速度會受到很多因素的影響。但我認為我們確實感覺到我們已經觸底，如果這為你提供了足夠的色彩，我們就已經脫離了底部。

Right. And then any thinking on resurrecting the CCA?

正確的。那麼對於復活 CCA 有什麼想法嗎？

Oh, sorry, Yeah, I I blocked that question out of my mind. Yeah. No, I, you know, II I would say it's a good question. We are always asking ourselves where and how can we grow? How are we going to leverage this wonderful brand we've created?

哦，抱歉，是的，我把這個問題從我的腦海中排除掉了。是的。不，我，你知道，我會說這是一個好問題。我們總是問自己，我們可以在哪裡以及如何成長？我們將如何利用我們創建的這個出色的品牌？

And I think as we look at it, first of all, there's no announcements or anything but what we have to do as we think about it is find a market in which we can be competitive with air freight, that we can find five or six fast vessels on charter that we have the ability on the US West Coast through our shippers transport infrastructure to be able to handle that. Whether that's current sites or new sites or whatever. And if we can't be satisfied that we can't provide a highly differentiated service and earn a reasonable premium for it relative to the other market rates. Those are all going to be factors in our decision.

我認為，首先，沒有任何公告或任何內容，但我們必須做的是找到一個我們可以與空運競爭的市場，我們可以找到五六個租用的快速船隻表明，我們有能力通過我們的托運人運輸基礎設施在美國西海岸處理這一問題。無論是目前網站還是新網站還是其他網站。如果我們不能滿足，我們就不能提供高度差異化的服務，並獲得相對於其他市場價格合理的溢價。這些都將成為我們做出決定的因素。

And just, you know, one item at this point, there are very few as Joel mentioned in his comments on the chartering very few vessels of our speed and size on the market available for charter. So obviously charter markets, all markets change we have, we we will, you know, continue to look at can we expand our significant brand into other markets around the world? And I think that to us feels like a good long term. Something to keep an eye on as we figure out how we're going to grow.

只是，你知道，在這一點上，正如喬爾在他關於包租的評論中提到的那樣，市場上可供包租的我們速度和規模的船隻非常少。顯然，包機市場，我們所擁有的所有市場都在發生變化，我們將，你知道，繼續考慮我們能否將我們的重要品牌擴展到世界各地的其他市場？我認為這對我們來說是一個很好的長期發展。當我們弄清楚我們將如何成長時，需要留意一些事情。

Okay. So for my next question, you were talking about some of the E-commerce stuff and it's been pretty topical within broader transport lately, especially around some of the Chinese companies like Shein and Temu and they're doing mostly air freight and it has been sort of a problem for some of the parcel guys trying to get away from it a little bit. I'm curious where you sit in that spectrum with respect to that type of shipper. Is that something you're doing? Is it an opportunity? Is it something that maybe doesn't fit what you're doing just any color around that sort of new dynamic?

好的。因此，對於我的下一個問題，您談到了一些電子商務的內容，最近它在更廣泛的運輸領域非常熱門，特別是圍繞 Shein 和 Temu 等一些中國公司，他們主要從事空運，而且對於一些試圖擺脫這種情況的包裹處理者來說，這是一個問題。我很好奇您在該類型的托運人中處於哪個位置。那是你正在做的事情嗎？這是一個機會嗎？它是否可能不適合你正在做的事情，只是圍繞這種新動態的任何顏色？

Sure. Yeah. And it's, you know, the market itself is evolving, the players are evolving, obviously, Amazon is the 600-pound gorilla. But you mentioned Shein and Temu, Shein and Temu who have said publicly, there's this de minimis trade exemption that allows for a lower cost tariff structure. They raise the de minimis threshold in 2016 from $200 to $800 and that has created that segment of that market.

當然。是的。你知道，市場本身不斷發展，參與者也在不斷發展，顯然，亞馬遜是一隻 600 磅重的大猩猩。但你提到了 Shein 和 Temu，Shein 和 Temu 公開表示，這種最低限度的貿易豁免可以實現更低的成本關稅結構。2016 年，他們將最低門檻從 200 美元提高到 800 美元，從而創造了該市場的一部分。

Shein and Temu moved today almost all of their freight via air freight in those markets. They themselves have said they expect this de minimis trade exemption at some point to go away. Their products are really low priced and their model is going to be evolving for if and when this de minimis exemption closes.

Shein 和 Temu 今天在這些市場上幾乎所有貨物都透過空運運輸。他們自己也表示，他們預計這種最低限度的貿易豁免將在某個時候消失。他們的產品價格確實很低，而且他們的模式將會隨著最低限度豁免的結束而不斷發展。

We also think that over time, that Shein and Temu, while we're, we see very small amounts of their cargo moving into our network through our freight forwarder customers. We expect that air freight con conversion of those customers, especially with the de minimis exemption going away to look more closely at expedited ocean as, as all of our air freight customers are looking at whether or not our product would solve their need.

我們也認為，隨著時間的推移，Shein 和 Temu，雖然我們是，但我們看到他們的少量貨物透過我們的貨運代理客戶進入我們的網路。我們預計這些客戶的空運會發生轉變，特別是隨著最低限度豁免的取消，他們將更密切地關注加急海運，因為我們所有的空運客戶都在考慮我們的產品是否能解決他們的需求。

And again, we like the macro of E-commerce through and we're in regular discussion with all of our E-commerce customers and and those customers who sell into the Amazon and the the other networks.

再說一次，我們喜歡電子商務的宏觀發展，我們正在與所有電子商務客戶以及那些在亞馬遜和其他網路上銷售的客戶進行定期討論。

So lots of opportunity. I think generally there are different paths for each of these people because they're in their own different journey and trying to tackle different parts of the E-commerce market, which is not one thing, but probably 10 things. But generally we were feeling good about where we're positioned relative to all the dynamics that are at work right now.

所以有很多機會。我認為一般來說，每個人都有不同的路徑，因為他們處於自己不同的旅程中，並試圖解決電子商務市場的不同部分，這不是一件事，而是可能有 10 件事。但總的來說，我們對相對於目前正在發生的所有動態而言我們所處的位置感覺良好。

Got it. Appreciate it. Thank you.

知道了。欣賞它。謝謝。

Okay. Thanks Ben.

好的。謝謝本。

(Operator Instructions) I'd like to hand the program back to Matthew Cox, CEO Freddie for the remarks.

（操作員指示）我想將程式交還給執行長 Freddie Matthew Cox，以供其發言。

Okay. Thanks very much operator. I just want to say thanks for everybody who's listened in on the call. We look forward to catching up with everyone after the holidays on our year end call.

好的。非常感謝運營商。我只想對所有收聽電話的人表示感謝。我們期待在假期結束後在年終電話會議上與大家見面。

Have a wonderful holiday. Thanks.

祝您假期愉快。謝謝。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。