Meridian Holdings Inc (MRDN) 2025 Q4 法說會逐字稿

Good morning, everyone, and welcome to Meridian Holdings' fourth-quarter and full-year 2025 earnings call. With us on today's call are William Scott, Interim Chief Executive Officer of Meridian Holdings; Rich Christensen, Chief Financial Officer of Meridian Holdings; and Zoran Milosevic, Chief Executive Officer of Meridianbet Group, a subsidiary of Meridian Holdings.

各位早安，歡迎參加 Meridian Holdings 2025 年第四季暨全年財報電話會議。今天與會者包括 Meridian Holdings 代理執行長 William Scott；Meridian Holdings 財務長 Rich Christensen；以及 Meridian Holdings 旗下子公司 Meridianbet Group 的執行長 Zoran Milosevic。

At the conclusion of the call, a recording and other supporting materials will be available on the Meridian Holdings Investor Relations website at www.meridian-holdings.com.

電話會議結束後，錄音及其他輔助資料將公布於 Meridian Holdings 投資人關係網站：www.meridian-holdings.com。

As a reminder, today's call will contain forward-looking statements within the meaning of applicable securities laws. These statements are based on various assumptions and are subject to risks and uncertainties that could cause actual results to differ materially.

提醒各位，今天的電話會議將包含依適用證券法所定義的前瞻性陳述。這些陳述係基於各項假設，並受風險與不確定性影響，可能導致實際結果出現重大差異。

For a complete discussion of these factors, please refer to our most recent 10-K filing and other public disclosures available at www.sec.gov. Non-GAAP financial measures will be discussed on today's call. Reconciliations to the nearest GAAP measures can be found in our earnings press release and 10-K filing, both of which are available on our Investor Relations website.

如需完整了解相關因素，請參閱我們最新的 10-K 申報文件及其他公開揭露資料（www.sec.gov）。今天的電話會議也將討論非 GAAP 財務衡量指標。與最接近 GAAP 指標之調節表可於我們的財報新聞稿與 10-K 申報文件中查閱，兩者皆可在投資人關係網站取得。

I will now hand the call over to William Scott. Please begin.

接下來我將把電話交給 William Scott。請開始。

Thank you, and good morning, everyone. We appreciate you joining us for our first earnings call under our new name, Meridian Holdings. I want to start by addressing our fourth quarter results. We delivered record revenue of $49.6 million, up 8% over last year. We closed out 2025 with record revenue of $182.9 million, up 21% from last year.

謝謝，各位早安。感謝各位參加我們以新名稱 Meridian Holdings 舉行的第一場財報電話會議。我想先談談第四季的業績表現。我們創下 4,960 萬美元的營收新高，較去年成長 8%。2025 年全年營收亦創新高，達 1.829 億美元，較去年成長 21%。

However, recorded a net loss of $88.4 million for the fourth quarter or $7.09 per diluted share, compared with a net loss of $2.1 million or $0.20 per diluted share in the prior year. The loss was primarily driven by non-cash goodwill and intangible impairments, a charge of $91.8 million.

然而，第四季錄得淨損 8,840 萬美元，或稀釋後每股虧損 7.09 美元；相較之下，去年同期淨損 210 萬美元，或稀釋後每股虧損 0.20 美元。虧損主要來自非現金的商譽及無形資產減損，費用為 9,180 萬美元。

The business generated $4.6 million of adjusted EBITDA for the quarter at 9.3% of revenue. Adjusted EBITDA was behind our near-term expectations of 12% due to lower sports betting margins in November and some higher marketing and administrative costs.

本季公司產生 460 萬美元的調整後 EBITDA，占營收 9.3%。由於 11 月運動博彩毛利率較低，以及部分行銷與行政成本較高，調整後 EBITDA 低於我們短期 12% 的預期。

Our balance sheet, we reduced debt by $36.3 million in a single year. Our net debt declined 59% year-over-year to $16.7 million, and our net debt leverage ratio fell to 0.9 times. We're entering 2026 with a strong balance sheet and the flexibility to continue to grow our business.

就資產負債表而言，我們在一年內將債務減少 3,630 萬美元。淨負債年減 59% 至 1,670 萬美元，淨負債槓桿比亦降至 0.9 倍。我們以強健的資產負債表進入 2026 年，並具備持續成長業務的彈性。

I'm also excited by our performance as we enter 2026. We can provide first quarter guidance of approximately $50 million in revenue or 70% growth from 2025 and $6.1 million adjusted EBITDA, a 9% growth from 2025.

在邁入 2026 年之際，我也對我們的表現感到振奮。我們可提供第一季指引：營收約 5,000 萬美元，較 2025 年成長 70%；調整後 EBITDA 為 610 萬美元，較 2025 年成長 9%。

The rebrand to Meridian Holdings is complete. It's not a cosmetic change. It aligns our corporate identity with our most recognized and operationally significant brand. But a name change means nothing without execution behind it. Our focus in 2026 is straightforward: deliver on guidance, maintain operational discipline across our 25 markets, and continue the balance sheet trajectory we established in 2025.

更名為 Meridian Holdings 的品牌重塑已完成。這不是表面上的改變。它使我們的企業識別與最具辨識度且在營運上最重要的品牌一致。但若沒有落實執行，改名本身毫無意義。我們 2026 年的重點很明確：達成指引、在 25 個市場維持營運紀律，並延續我們在 2025 年建立的資產負債表改善趨勢。

Rich will take you through the financials in detail. Rich?

接下來 Rich 將為各位詳細說明財務數字。Rich？

Thank you, William. I'll start by walking through the details behind those numbers. Focusing on the fourth quarter, revenue of $49.6 million was 8% higher than 2024. The growth was led by Meridianbet, which delivered $35.2 million, up 15% year-over-year. The total company revenue was about $3 million behind our expectations. While foreign exchange contributed about $1 million of the shortfall, our sports betting business and casino had weaker-than-expected margins in late November and December.

謝謝你，William。我先說明這些數字背後的細節。聚焦第四季，營收 4,960 萬美元，較 2024 年高出 8%。成長主要由 Meridianbet 帶動，營收達 3,520 萬美元，年增 15%。公司整體營收約較我們預期少 300 萬美元。其中外匯因素約造成 100 萬美元的落差，而我們的運動博彩業務與線上賭場在 11 月下旬與 12 月的毛利率弱於預期。

This reduced both revenue and profitability by about $1.5 million. It is also important to note that we have seen these businesses return to their longer-term trend in the first quarter of 2026.

這使營收與獲利合計約減少 150 萬美元。同時也必須指出，我們已在 2026 年第一季看到這些業務回到其長期趨勢水準。

Gross profit reached $28.5 million, representing 57.5% margin compared to a 58.4% margin in 2024. This 90-basis-point decline reflects the lower revenue mentioned earlier, as well as a slight mix shift to earlier-stage markets where we're currently investing in our future growth. In nominal terms, gross profit grew 6% in the fourth quarter of 2024.

毛利達 2,850 萬美元，毛利率為 57.5%，相較 2024 年的 58.4%。毛利率下滑 90 個基點，反映前述較低的營收，以及產品組合略為轉向我們目前正投入以支持未來成長的較早期市場。以金額計算，毛利在 2024 年第四季成長 6%。

Operating expenses increased $95 million in the fourth quarter versus last year. This was primarily due to a non-cash goodwill and intangible asset impairment charge of $63.4 million and $28.4 million, respectively, and a charge for executive transition costs of $1.1 million for Brian Goodman's departure. The remaining increase of approximately $2 million was from the additional investment in selling and marketing expenses targeted at driving customer retention and growth.

第四季營業費用較去年增加 9,500 萬美元。主要原因為非現金的商譽減損費用 6,340 萬美元及無形資產減損費用 2,840 萬美元，另有因 Brian Goodman 離任所產生的高階主管交接成本 110 萬美元。其餘約 200 萬美元的增加，來自於額外投入銷售與行銷費用，以促進客戶留存與成長。

The $91.8 million goodwill and intangible asset impairment charge was recognized in accordance with ASC 350 and ASC 360, which requires companies to evaluate goodwill for impairment whenever events or circumstances indicate that the fair value of their reporting units may have declined below their carrying value.

9,180 萬美元的商譽及無形資產減損費用係依 ASC 350 與 ASC 360 認列；該準則要求公司在事件或情況顯示其報導單位公允價值可能已低於帳面價值時，必須評估商譽是否發生減損。

Our triggering event for this impairment was a sustained decline in the company's share price during the fourth quarter. This prolonged decrease in the stock price also resulted in the corresponding reduction in the company's market capitalization, which fell significantly below its carrying value.

本次減損的觸發事件為公司股價在第四季持續下跌。股價長期下滑亦導致公司市值相應下降，且大幅低於其帳面價值。

Under US GAAP, this condition is treated as a clear indicator that the fair value of the business may be lower than its book value and therefore require the company to perform an interim quantitative impairment test. Following this trigger, management conducted an updated valuation incorporating current market inputs, revised discount rate assumptions, and updated long-term financial projections.

依據美國一般公認會計原則（US GAAP），此情況被視為企業公允價值可能低於帳面價值的明確指標，因此要求公司進行一次期中量化減損測試。在此觸發事件之後，管理層進行了更新估值，納入當前市場輸入、修訂的折現率假設，以及更新的長期財務預測。

The analysis concluded that the fair value of both goodwill and intangible assets was below their respective carrying amounts. As a result, the company recorded a goodwill and intangible asset impairment charge equal to the amount necessary to reduce its balance to the estimated fair value.

分析結論指出，商譽與無形資產的公允價值均低於各自的帳面金額。因此，公司認列商譽及無形資產減損費用，金額相當於將其帳面餘額調降至估計公允價值所需的數額。

The impairment is non-cash in nature and does not affect the company's liquidity, cash flows from operations, or compliance with financial covenants. Although the decline in share price does not directly impact the company's ability to execute its operating strategy, the impairment reflects the alignment of the carrying value of goodwill and intangible assets with the current market valuation conditions as required under applicable accounting standards.

該減損屬非現金性質，不影響公司的流動性、營運活動現金流量或對財務契約條款的遵循。雖然股價下跌不會直接影響公司執行營運策略的能力，但依適用會計準則之要求，此減損反映將商譽與無形資產的帳面價值與當前市場估值條件對齊。

Including these items, our net loss for the fourth quarter was $88.4 million, compared with a net loss of only $2.1 million in the same period of 2024. And adjusting for them, adjusted EBITDA for Q4 was $4.6 million, representing a 9.3% margin.

包含這些項目後，我們第四季淨損為8,840萬美元，較2024年同期僅210萬美元的淨損大幅增加。若剔除其影響，第四季調整後EBITDA為460萬美元，對應9.3%的利潤率。

As William noted, we entered 2026 having substantially deleveraged the business. Let me put some specifics around those numbers. Cash at December 31, 2025, was $18.1 million. Total debt was reduced to $34.7 million, down 51% from $71 million at the end of 2024.

如William所提，我們進入2026年時已大幅降低公司槓桿。我補充一些具體數字。截至2025年12月31日，現金為1,810萬美元。總負債降至3,470萬美元，較2024年底的7,100萬美元下降51%。

Net debt stands at $16.7 million, down 59% from $40.9 million. And our net debt leverage fell below 0.9 times our trailing 12 months adjusted EBITDA, compared with approximately 2.1 times at the close of 2024. We reduced total debt by $36.3 million in a single year. This is a direct reflection on the cash-generating capability of the business.

淨負債為1,670萬美元，較4,090萬美元下降59%。我們的淨負債槓桿降至低於過去12個月調整後EBITDA的0.9倍，相較於2024年底約2.1倍。我們在一年內將總負債減少3,630萬美元。這直接反映了公司創造現金的能力。

Our capital allocation priorities for 2026 are straightforward. First, organic growth investments in our core markets, including technology, compliance infrastructure, and market growth, where returns are clearly defined. And second, continued debt management to further reduce leverage in the near term.

我們2026年的資本配置優先事項很明確。第一，在核心市場進行有機成長投資，包括技術、合規基礎設施與市場成長，且回報具明確可衡量性。第二，持續進行債務管理，以在短期內進一步降低槓桿。

Strategic M&A remains on the table where target meets our goals of strategic fit and attractive valuation, synergies with our proprietary technology and a clear path to value creation. With that, I'd like to turn the call over to Zoran Milosevic, the CEO of Meridianbet, to walk through the operational performance. Zoran?

在標的符合我們對策略契合度與具吸引力估值的目標，並能與我們的專有技術產生綜效且具清晰的價值創造路徑時，策略性併購仍在考量之列。接下來，我想把電話交給Meridianbet執行長Zoran Milosevic，請他說明營運表現。Zoran？

Thank you, Rich. Good morning, everyone. Beyond the financial metrics, full year 2025 was the year in which we demonstrated what kind of company Meridianbet is becoming, and Q4 alone illustrates that well.

謝謝你，Rich。各位早安。除了財務指標之外，2025年全年是我們展現Meridianbet正在成為什麼樣公司的年度，而僅第四季就很好地說明了這一點。

On the product side, we launched Meridian Missions, a proprietary three-tier engagement system that transforms regular betting activity into structured, rewarding experience.

在產品方面，我們推出Meridian Missions，這是一套專有的三層級互動系統，可將一般投注活動轉化為結構化且具獎勵性的體驗。

We introduced Flash Bet, a proprietary instant sports simulation feature built around real schedule demands, bridging traditional pre-match betting with instant results, a growing segment of our user specs, combined with over 10 new sports content partnerships added during the year, our product offering entering 2026 is materially stronger than 12 months ago.

我們推出Flash Bet，這是一項專有的即時體育模擬功能，依據真實賽程需求打造，連結傳統賽前投注與即時出結果的玩法；此為我們用戶規模中持續成長的區塊。再加上年度新增超過10項新的體育內容合作夥伴，我們在進入2026年的產品供給面相較12個月前已顯著更強。

On the marketing community side, we extended our title sponsorship with basketball club Red Star through 2030. This club competes at the highest level of European basketball and carries a fan base of millions across our core markets. It's a long-term commitment to our communities and the sport culture our users are part of.

在行銷與社群方面，我們將與籃球俱樂部Red Star的冠名贊助延長至2030年。該俱樂部在歐洲籃球最高層級競賽，並在我們的核心市場擁有數百萬球迷。這是我們對社群以及用戶所屬運動文化的長期承諾。

In Malta, we completed an acquisition that provisions Meridianbet as the dominant retail operator in one of Europe's most tightly regulated and most difficult-to-enter gaming markets. We secured our Belgium [B+] online casino license, adding regulated Western European market access to our footprint.

在馬爾他，我們完成一項收購，使Meridianbet成為歐洲監管最嚴格、且最難進入的博彩市場之一中的主導型零售營運商。我們取得比利時[B+]線上賭場牌照，將受監管的西歐市場准入納入我們的版圖。

The product decisions could limit investments and market commitments of full year 2025 are what the numbers of 2026 will be built on.

2025年全年在產品決策、投資限制與市場承諾上的取捨，正是2026年數字所建立的基礎。

Looking ahead to 2026, Meridianbet strategic priorities align directly with Meridian Holdings' overall growth objectives. First, scaling our Brazil operations. Following our successful Q4 launch. We focused on aggressive user acquisition, market penetration, and establishing Meridianbet as the leading brand in one of the world's most attractive gaming markets.

展望2026年，Meridianbet的策略優先事項與Meridian Holdings的整體成長目標直接一致。第一，擴大我們在巴西的營運規模。在第四季成功上線之後，我們聚焦於積極的用戶獲取、市場滲透，並在全球最具吸引力的博彩市場之一中，將Meridianbet打造為領先品牌。

Second, expanding our AI-powered capabilities. We will continue investing in machine learning, personalization, and predictive analytics to drive superior player experiences and higher lifetime value.

第二，擴展我們以AI驅動的能力。我們將持續投資機器學習、個人化與預測分析，以帶來更優質的玩家體驗與更高的終身價值。

Third, deepening our market presence across existing jurisdictions, we operate in 18 licensed markets today, and there is significant runaway for growth within our existing footprint through increased market share and improved brand awareness.

第三，加深我們在既有司法管轄區的市場存在感；我們目前在18個持牌市場營運，而在既有版圖內，透過提升市占率與強化品牌認知，仍有顯著的成長跑道。

Fourth, pursuing strategic licensing opportunities in high growth regions, particularly in Latin America and selected European markets, but regulatory framework are evolving favorably.

第四，在高成長地區尋求策略性牌照機會，特別是在拉丁美洲與部分歐洲市場，且其監管框架正朝有利方向演進。

I'm incredibly proud of what Meridianbet team accomplished in 2025, and I'm even more excited about what lies ahead in 2026. We have the platform, the team, the technology and the market positioning to deliver exceptional growth while maintaining the operational discipline that has defined our success.

我對Meridianbet團隊在2025年完成的成果感到無比自豪，也對2026年的前景更加期待。我們具備平台、團隊、技術與市場定位，能在維持一貫定義我們成功的營運紀律之下，實現卓越成長。

With that, I'll turn the call back to Rich.

接下來，我把電話交回給Rich。

Thank you, Zoran. I'll walk through the performance of each of our segments. While we're presenting full-year results, as we believe this provides the clearest view of each segment's contribution, we will provide some additional color from the fourth quarter and what we're seeing in the first quarter of 2026.

謝謝你，Zoran。我將逐一說明我們各業務分部的表現。雖然我們呈現的是全年結果，因為我們認為這能最清楚地呈現各分部的貢獻，但我們也會補充一些第四季的細節，以及我們在2026年第一季所觀察到的情況。

First, Meridianbet delivered revenue of $124.6 million this year, up 17% from 2024. Meridianbet represents 68% of total company revenue at roughly a 70% gross margin. Meridianbet registrations grew 72% year-over-year to $1.2 million, with active users up 35% and depositors growing 40%.

首先，Meridianbet 今年實現營收 1.246 億美元，較 2024 年成長 17%。Meridianbet 約占公司總營收的 68%，毛利率約 70%。Meridianbet 註冊數年增 72% 至 120 萬，活躍用戶成長 35%，存款用戶成長 40%。

While our year-over-year revenue growth rate moderated to 15% in the fourth quarter as mentioned earlier, Meridianbet's fundamental growth remains very strong in the fourth quarter, with registrations up 63%, active users increasing 29%, and gross margin ticking up to 71%.

如先前所提，儘管我們第四季的年增營收成長率放緩至 15%，Meridianbet 在第四季的基本面成長仍然非常強勁：註冊數成長 63%，活躍用戶增加 29%，毛利率亦小幅上升至 71%。

As Zoran described, it is an exciting time for Meridianbet. The strategic investments we have made in people, technology, and our growing markets are driving profitable growth. In fact, Meridianbet is responsible for much of the accelerating growth described in our revenue guidance for the first quarter. We expect Meridianbet's revenue to climb approximately 25% in the first quarter when compared to the first quarter of 2025.

正如 Zoran 所描述的，這對 Meridianbet 而言是令人振奮的時刻。我們在人員、技術以及成長中市場所做的策略性投資，正在推動具獲利性的成長。事實上，我們在第一季營收指引中所提到的加速成長，很大一部分由 Meridianbet 貢獻。我們預期 Meridianbet 第一季營收相較 2025 年第一季將成長約 25%。

Turning to Expanse Studios. While still a smaller part of reading that, Expanse Studios delivered its strongest year on record and will be a larger contributor to financial performance in 2026 and beyond. Revenue grew 435% year-over-year in the fourth quarter, with full-year growth confirming the B2B content distribution model is scaling as designed.

接著談 Expanse Studios。雖然目前仍是較小的一部分，Expanse Studios 創下歷來最強的一年，並將在 2026 年及之後對財務表現做出更大的貢獻。第四季營收年增 435%，全年成長也證實 B2B 內容分發模式正如設計般順利擴張。

The operator network expanded from just 184 to 1,344 sites during 2025, an increase of 630% over last year. The game portfolio reached 71 proprietary titles across over 1,300 operator partners. New B2B licenses were secured in Romania and Sweden. With RGS certifications now active across nine jurisdictions, including Brazil, Romania, Peru, and Croatia.

營運商網路在 2025 年從僅 184 個擴增至 1,344 個站點，較去年增加 630%。遊戲產品組合在超過 1,300 家營運商合作夥伴中，累計達到 71 款自有（專有）遊戲。我們在羅馬尼亞與瑞典取得新的 B2B 執照。目前 RGS 認證已在九個司法管轄區生效，包括巴西、羅馬尼亞、秘魯與克羅埃西亞。

RKings and Classics for a cost segment delivered revenue in 2025 of $43.8 million, up 35% over last year and up 20% organically as Classics was acquired in the third quarter of 2024. This segment represents 24% of total company revenue.

RKings 與 Classics（成本分部）在 2025 年實現營收 4,380 萬美元，較去年成長 35%；由於 Classics 於 2024 年第三季完成收購，若以有機口徑計算則成長 20%。該分部占公司總營收的 24%。

Ticket volume for the RKings platform scaled 137% year-over-year to $25.2 million, reflecting strong platform engagement. Value per new registration grew 23% in the fourth quarter and 19% for the full year. This is a signal of improving customer quality within the customer acquisition mix. However, new registrations declined year-over-year, reflecting a deliberate shift in acquisition strategy toward higher-value users.

RKings 平台的票券量年增 137% 至 2,520 萬，反映平台互動參與度強勁。每筆新註冊的價值在第四季成長 23%，全年成長 19%。這顯示在客戶獲取組合中，客戶品質正在改善。然而，新註冊數年減，反映我們有意將獲客策略轉向更高價值用戶。

Consequently, segment revenue declined 8% from 2024 to $10.9 million in the fourth quarter. We expect this decline to reverse to growth in the first quarter of 2026 of between 5% and 10%.

因此，該分部第四季營收自 2024 年下滑 8% 至 1,090 萬美元。我們預期此下滑將在 2026 年第一季反轉為成長，增幅介於 5% 至 10%。

Finally, GMAG delivered revenue in 2025 of $14.5 million, up 16% year-over-year, representing 8% of total company revenue. Growth declined 3% to $3.5 million in the fourth quarter. The segment continues to focus on higher-margin client relationships during the year.

最後，GMAG 在 2025 年實現營收 1,450 萬美元，年增 16%，占公司總營收的 8%。第四季成長下滑 3% 至 350 萬美元。該分部在今年持續聚焦於較高毛利的客戶關係。

Within the GMAG segment, [NextPlay], the segment's Mexico-facing online casino continues to scale, with registrations growing 256% year-over-year in Q4. The total active users reached 32,308 in the quarter.

在 GMAG 分部內，[NextPlay]（該分部面向墨西哥的線上賭場）持續擴張，第四季註冊數年增 256%。該季度的活躍用戶總數達到 32,308 人。

With that, I'll turn the call back to William for closing remarks. Thank you.

接下來，我把電話交回 William 做結語。謝謝。

Thank you, Rich. As we close the call, I want to leave you with a few direct thoughts on where we stand and where we're headed. FY 2025 was a year of operational delivery, record revenue, meaningful debt reduction, and a rebrand that positioned this company correctly for what it is today.

謝謝你，Rich。在我們結束本次電話會議之際，我想就我們目前所處位置以及未來方向，留下幾點直接的想法。2025 財年是營運落地的一年：創紀錄的營收、顯著的債務降低，以及一次品牌重塑，使公司能以正確定位呈現其今日的樣貌。

The non-cash charges weighing on our GAAP results are behind us. The balance sheet work is largely done. What remains is execution.

拖累我們 GAAP 結果的非現金費用已經過去。資產負債表的整理工作大致完成。剩下的就是執行。

In 2026, our priorities are straightforward. Deliver on guidance, maintain operational discipline across all our markets, continue the balance sheet trajectory we established this year, and communicate clearly with you. Every quarter, no ambiguity about what the numbers mean and what drives them. Every decision we make will be grounded in long-term shareholder value, not in preserving complexity for its sake.

在 2026 年，我們的優先事項很明確。落實指引、在所有市場維持營運紀律、延續我們今年建立的資產負債表改善軌跡，並與各位清楚溝通。每一季都要清楚明白，不讓人對數字代表什麼、以及驅動因素是什麼產生任何模糊空間。我們做出的每一項決策都將以長期股東價值為依歸，而不是為了複雜而維持複雜。

We are three months into Q1 2026, and the business is performing in line with the preliminary guidance we provided today. We look forward to reporting Q1's results and continuing this conversation.

我們已進入 2026 年第一季三個月，目前業務表現符合我們今天提供的初步指引。我們期待公布第一季的結果，並持續與各位交流。

Thank you for your time and your continued interest in Meridian Holdings.

感謝各位撥冗，以及持續關注 Meridian Holdings。

Thank you, ladies and gentlemen. This brings us to the end of today's Meridian Holdings' fourth quarter and full year 2025 earnings call. We appreciate your time and participation, and you may now disconnect.

謝謝各位女士、先生。本次 Meridian Holdings 2025 年第四季及全年財報電話會議到此結束。感謝各位的時間與參與，現在您可以掛線。