Motorsport Games Inc (MSGM) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to Motorsport Games, Inc.'s third quarter 2025 earnings call. (Operator Instructions) As a reminder, today's conference is being recorded. I would like to turn the conference over to Ben Rossiter-Turner from Motorsport Games. Please go ahead.

感謝您的耐心等待，歡迎參加 Motorsport Games, Inc. 2025 年第三季財報電話會議。（操作說明）提醒各位，今天的會議正在錄音。我謹將會議交給來自 Motorsport Games 的 Ben Rossiter-Turner。請繼續。

Thank you, and welcome to Motorsport Games third quarter 2025 earnings conference call and webcast. On today's call is Motorsport Games' Chief Executive Officer, Stephen Hood; and Chief Financial Officer, Stanley Beckley.

謝謝，歡迎參加 Motorsport Games 2025 年第三季財報電話會議和網路直播。今天參加電話會議的有 Motorsport Games 的執行長 Stephen Hood 和財務長 Stanley Beckley。

By now, everyone should have access to the company's third quarter 2025 earnings press release filed today after market close. This is available on the Investor Relations section of Motorsport Games' website at www.motorsportgames.com.

現在，所有人都應該可以在今天收盤後查看該公司發布的 2025 年第三季財報新聞稿。您可以在 Motorsport Games 官方網站 www.motorsportgames.com 的投資者關係版塊找到相關資訊。

During the course of this call, management may make forward-looking statements within the meaning of US federal securities laws. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements.

在本次電話會議期間，管理階層可能會發表符合美國聯邦證券法定義的前瞻性聲明。這些聲明是基於管理層目前的預期和信念，並涉及風險和不確定性，可能導致實際結果與這些前瞻性聲明中描述的結果有重大差異。

Except as required by law, the company undertakes no obligation to update any forward-looking statement made on this call or to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

除法律另有規定外，本公司不承擔更新本次電話會議中作出的任何前瞻性聲明或更新、修改其前瞻性聲明的義務，無論是因為新資訊、未來事件或其他原因。

Please refer to today's press release and company filings with the SEC, including its most recent quarterly report on Form 10-Q for the quarter ended September 30, 2025, for a detailed discussion of certain risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

請參閱今天的新聞稿和本公司向美國證券交易委員會提交的文件，包括截至 2025 年 9 月 30 日的最新季度報告（10-Q 表格），以詳細討論可能導致實際結果與今天所作的任何前瞻性聲明中明示或暗示的結果存在重大差異的某些風險。

In today's conference call, we will refer to certain non-GAAP financial measures such as adjusted EBITDA as we discuss the third quarter 2025 financial results.

在今天的電話會議中，我們將討論 2025 年第三季的財務業績，屆時會提及一些非 GAAP 財務指標，例如調整後的 EBITDA。

You will find a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures as well as other related disclosures in the press release issued earlier today, which is also available on the Investor Relations section of Motorsport Games website at www.motorsportgames.com. And now I'd like to turn over the call to Stephen Hood, Chief Executive Officer of Motorsport Games. Stephen?

您可以在今天早些時候發布的新聞稿中找到這些非GAAP指標與其最直接可比的GAAP指標的調節表以及其他相關披露信息，該新聞稿也可在Motorsport Games網站www.motorsportgames.com的投資者關係欄目中找到。現在，我將把電話會議交給Motorsport Games執行長Stephen Hood先生。史蒂芬？

Thank you, everyone, for joining this conference call today. I'm delighted to say that the positive trends reported in Q2 have continued into this quarter's results. We've entered a profit generation phase. The restructuring enacted some time ago continues to pay off. Our key gaming product in Le Mans Ultimate is scaling, and this helps improve margins quite significantly.

感謝各位今天參加本次電話會議。我很高興地宣布，第二季報告的正面趨勢在本季度的業績中得以延續。我們已經進入獲利階段。先前實施的重組措施持續取得成效。我們在 Le Mans Ultimate 中的關鍵遊戲產品正在實現規模化，這有助於顯著提高利潤率。

Our model is working, our player base is growing. Cash and cash equivalents, once a challenging element of our business has improved considerably relative to our scale, and we're again generating profit from operations for the second consecutive quarter.

我們的模式行之有效，我們的玩家群正在不斷成長。現金及現金等價物曾經是我們業務中一個具有挑戰性的因素，但相對於我們的規模而言已經大大改善，我們連續第二個季度再次實現營運盈利。

We have continued to improve and expand our core gaming offering in Le Mans Ultimate and associated service platform, RaceControl. This has demonstrated a commitment to product improvement and resonates well with our audience.

我們不斷改進並擴展我們在 Le Mans Ultimate 及其相關服務平台 RaceControl 中的核心遊戲產品。這反映了我們對產品改進的決心，也引起了我們受眾的共鳴。

It's a testament to the unwavering energy of our prized employees, contractors and partners. This quarter delivered more success for our current focus product, Le Mans Ultimate, fresh from a record-breaking month in June, the title exited the Steam Early Access program into a full release on July 22. This delivered another record high concurrent and daily active user counts.

這充分體現了我們寶貴的員工、承包商和合作夥伴始終如一的熱情和動力。本季度，我們目前重點產品《勒芒終極版》取得了更大的成功。繼 6 月創下銷售紀錄後，該遊戲於 7 月 22 日結束了 Steam 搶先體驗計劃，正式發布。這使得同時線上用戶數和每日活躍用戶數再次創下新高。

What is particularly pleasing about these numbers is that they were achieved outside of the noise and fanfare of the real-world 24 hours of Le Mans. Players were strongly and actively engaged in what our game offered and we're not just reacting to the licensed event upon which our game is based.

尤其令人欣喜的是，這些數字是在勒芒24小時耐力賽的喧囂和喧囂之外取得的。玩家們積極熱情地參與我們遊戲中，我們並非只是對遊戲所依據的授權活動做出反應。

We believe this bodes well for our future product planning, which I will touch on shortly. Since then, our player engagement has remained higher as we delivered the first elements of our latest Le Mans Ultimate expansion pack, the licensed European Le Mans series, which runs alongside the real-world championship on which our core game is based.

我們相信這對我們未來的產品規劃來說是個好兆頭，我稍後會詳細介紹。從那時起，隨著我們推出最新的勒芒終極擴充包（即授權的歐洲勒芒系列賽）的首批內容，玩家的參與度一直保持在較高水準。該系列賽與我們核心遊戲所基於的真實世界錦標賽同步進行。

This new downloadable content or DLC entry is being delivered in installments with the iconic Silverstone Circuit and a new class of car with the Ligier JS P325 LMP3 alongside a season pass for a pack of 3 DLCs. This popular series is adding some much requested new circuits, a key focus for the team to deliver new optional content for the title.

這項新的可下載內容或 DLC 將分階段發布，其中包括標誌性的銀石賽道和 Ligier JS P325 LMP3 新型賽車，以及包含 3 個 DLC 的賽季通行證。這款熱門系列遊戲正在添加一些玩家期待已久的新賽道，這是開發團隊為該遊戲提供全新可選內容的重要目標。

We have also been making great progress on a key user feature, driver swaps in team racing. For our most engaged users, these racing experiences where a team of players share the same car is the pinnacle of a collective racing simulation experience.

我們在一項關鍵用戶功能——團隊比賽中的車手更換——方面也取得了巨大進展。對於我們最活躍的用戶來說，這種多人組隊共享同一輛車的賽車體驗，是集體賽車模擬體驗的巔峰之作。

Cheering on your team as you battle mentally and physically against rivals across multiple hours elicits a unique challenge and one that builds a very strong audience bond to the product.

在長達數小時的比賽中，玩家需要一邊在精神上和身體上與對手戰鬥，一邊為自己的隊伍加油助威，這本身就是一種獨特的挑戰，也能讓觀眾與產品建立起非常牢固的聯繫。

Being part of a team is an important component in today's gaming landscape, and our title is built around this social community-driven aspect to great effect. This feature is of particular importance as it forms the foundation for the return of our highly respected and viewed eSports series, Le Mans Virtual.

在當今的遊戲環境中，團隊合作是一個重要的組成部分，而我們的遊戲正是圍繞著這種社交社群驅動的面向而設計的，並且取得了巨大的成功。這項功能尤其重要，因為它為我們備受尊敬和關注的電競系列賽「勒芒虛擬賽」的回歸奠定了基礎。

In its last season, it was responsible for over 10 million viewers as verified by data analysts at UDelv. With an improved ecosystem underpinned by a dedicated game in Le Mans Ultimate, we are confident this series will prove to be a valuable marketing opportunity, not only for game and DLC sales, but also our subscription service, RaceControl which will power a more meritocratic approach to the series.

據 UDelv 的數據分析師證實，該劇最後一季的觀眾人數超過 1,000 萬人。憑藉以《勒芒終極版》為核心的改進型生態系統，我們相信該系列賽事將成為一個寶貴的營銷機會，不僅有利於遊戲和 DLC 的銷售，也有利於我們的訂閱服務 RaceControl，該服務將推動該系列賽事採取更精英化的管理方式。

We are in the final stages of planning and hope to announce qualifying in the coming weeks and months and are currently in active negotiations to finalize partners to support the series. The interest from players, real-world drivers and teams and potential partners was evident when our team visited the SimRacing Expo in Europe last month.

我們已進入規劃的最後階段，希望在未來幾週或幾個月內宣布資格賽結果，目前正在積極洽談，以最終確定支持該系列賽的合作夥伴。上個月，我們的團隊參觀了歐洲的模擬賽車博覽會，玩家、現實世界的賽車手和車隊以及潛在合作夥伴的興趣顯而易見。

We're excited to bring this great series back with a dedicated game, and we'll be presenting in person to the official manufacturers, drivers and sponsors at the real-world season finale of the 2025 World Endurance Championship in Bahrain this week.

我們很高興能以一款專屬遊戲的形式將這個偉大的系列帶回來，並且本週我們將在巴林舉行的 2025 年世界耐力錦標賽真實賽季收官戰上，親自向官方製造商、車手和讚助商進行展示。

Our service platform, RaceControl, which drives our subscription offering has continued to grow with its highest performing quarter to date. We continue to drive new levels of engagement in this service with extensions to the custom delivery feature.

我們的服務平台 RaceControl 為我們的訂閱服務提供了支持，並持續成長，本季業績創歷史新高。我們透過擴展客製化配送功能，不斷提升這項服務的參與度。

This has resulted in an almost 100,000 deliveries being processed from our engaged subscribers. And now we are allowing players to share and download others designs in one click through the livery market that I spoke about in our last conference call.

這使得我們能夠處理來自活躍訂閱用戶的近 10 萬份訂單。現在，我們允許玩家透過我在上次電話會議中提到的塗裝市場，一鍵分享和下載其他設計。

We have turned this feature, Livery Hub, and it is available at our portal website, RaceControl.gg. This has driven much higher engagement from our players on the site, and we believe it to be a great showcase of what we can turn this platform into.

我們已經開發了「塗裝中心」功能，該功能已在我們的入口網站 RaceControl.gg 上線。這大大提高了玩家在網站上的參與度，我們相信它能很好地展示我們能將這個平台發展成什麼樣子。

We are building an ecosystem where you can access our service from anywhere at any time to engage with our products. There's more to come on that, and we can't wait to share.

我們正在建立一個生態系統，讓您隨時隨地存取我們的服務，並使用我們的產品。關於這一點，我們還有更多消息要分享，我們迫不及待想和大家分享。

I have often spoken about the opportunity to bring Le Mans Ultimate to console, and I am pleased to announce that work on this project is underway. Utilizing a highly respected outsourcing partner, we are able to maintain our existing pace on the current main revenue driver, Le Mans Ultimate on PC and our RaceControl subscription service without impacting the live service we're providing.

我曾多次談到將《勒芒終極版》移植到主機平台的機會，我很高興地宣布，該專案正在進行中。透過與備受尊敬的外包合作夥伴合作，我們能夠在不影響我們提供的即時服務的情況下，保持我們目前主要收入來源——PC 版 Le Mans Ultimate 和 RaceControl 訂閱服務的現有發展速度。

In fact, many of our fans will be pleased to hear that some of the technologies required for this port to gaming consoles is going to be making its way back into the core PC product in the coming releases, even before the console product launches.

事實上，許多粉絲會很高興地聽到，這款遊戲移植到遊戲主機所需的一些技術將在即將發布的PC核心產品中回歸，甚至在主機產品發布之前就會實現。

Delivering our core gaming product, which is still growing on PC to a console audience on PlayStation and Xbox will be another milestone for our revitalized business and could potentially turn this title into a long-term franchise for the company. Whilst we are currently financing the early stages of the console project, we are in active conversations with several interested parties who may put up the entirety or some of the investment required to bring this exciting project to market.

將我們仍在 PC 上不斷發展的核心遊戲產品推向 PlayStation 和 Xbox 等主機平台，將成為我們重振業務的另一個里程碑，並有可能將這款遊戲打造成公司的長期系列作品。雖然我們目前正在為遊戲機項目的早期階段提供資金，但我們正在與幾家有興趣的公司積極洽談，他們可能會提供全部或部分投資，以使這個令人興奮的項目推向市場。

Beyond the financing investment, some of the proposals include useful marketing and publishing efforts that could increase the chances of success for our console product release. The core PC title performing so well has accelerated these conversations and opened new and exciting opportunities, which we are carefully considering. The exact date for a console version of Le Mans Ultimate remains subject to further development progress.

除了資金投入之外，一些提案還包括一些有用的行銷和發行措施，這些措施可以提高我們主機產品發布成功的幾率。核心 PC 遊戲的出色表現加速了這些討論，並帶來了新的、令人興奮的機會，我們正在認真考慮這些機會。《勒芒終極版》主機版的具體發售日期仍取決於後續的開發進度。

But realistically, we expect this to be sometime around late 2026 or early 2027.

但實際上，我們預計這會在 2026 年底或 2027 年初左右發生。

We plan on selecting the best release window and not to deliver a product out of financial necessity. Our CFO, Stanley, will talk in detail about the financial numbers recorded in Q3, but I would briefly like to draw attention back to the journey we have been on as a business.

我們計劃選擇最佳的發布窗口，而不是出於經濟需求而推出產品。我們的財務長史丹利將詳細介紹第三季的財務數據，但我想簡要地回顧一下我們作為一家企業所經歷的歷程。

Upon my return to the company in April 2023, the company had negative cash flows of around $2 million per month. Now in 2025, the hard work is shining through. For the last two quarters in a row as a company, we are proudly able to say that we are reporting an operational profit.

2023 年 4 月我回到公司時，公司每月現金流為負約 200 萬美元。如今到了2025年，辛勤的付出終於有了回報。公司連續兩個季度都實現了營運盈利，我們為此感到非常自豪。

Additionally, we now believe that the company has cash on hand to sustain itself for some time and even invest in meaningful projects that could lead to additional revenue opportunities. Cash on hand from June 2025 to October 31, 2025, has increased by $2.2 million.

此外，我們現在認為該公司手頭上有足夠的現金維持一段時間，甚至可以投資一些有意義的項目，從而帶來額外的收入機會。2025 年 6 月至 2025 年 10 月 31 日期間，現金餘額增加了 220 萬美元。

This is a testament to our team and our resilience. We are accelerating our growth plans, exploring new opportunities and sensibly increasing our team size to deliver more for Le Mans Ultimate, but also begin work in the very near future on additional titles from our first-in-class development team at Studio 397.

這證明了我們團隊的實力和韌性。我們正在加快成長計劃，探索新的機會，並合理地擴大團隊規模，以便為 Le Mans Ultimate 提供更多服務，同時在不久的將來，我們一流的開發團隊 Studio 397 也將開始開發其他遊戲。

A new title is not expected to be announced for some time, but we are incredibly confident in the technology and market for player-driven multiplayer rating simulations across multiple platforms based on the success of Le Mans Ultimate.

雖然短期內不會公佈新作，但基於《勒芒終極版》的成功，我們對跨多個平台的玩家驅動型多人評分模擬技術和市場充滿信心。

To this end, we continue to look at how best to structure our teams and processes to take advantage of our current momentum and abilities by setting up our teams for success whilst remaining lean. We have learned a great deal over the last 24 months and routinely explore ways in which we can learn and improve, including through the deployment of AI, not as a crutch to replace human input and creativity, but as a tool to accelerate growth and productivity.

為此，我們將繼續研究如何最好地建立我們的團隊和流程，以利用我們目前的勢頭和能力，使我們的團隊能夠在保持精簡的同時取得成功。在過去的 24 個月裡，我們學到了很多東西，並且經常探索我們可以學習和改進的方法，包括部署人工智慧，但不是將其作為取代人類投入和創造力的拐杖，而是將其作為加速增長和提高生產力的工具。

Now I would like to invite Stanley Beckley, our Chief Financial Officer, to talk about the financial results for the third quarter of 2025.

現在，我想邀請我們的財務長史丹利‧貝克利先生來談談2025年第三季的財務表現。

Thank you, Stephen, and good evening, everyone. As with previous earnings calls, I won't be offering any forward-looking guidance today. Instead, I will focus on providing an update on our financial results and highlights from the third quarter of 2025.

謝謝你，史蒂芬，大家晚上好。與之前的財報電話會議一樣，我今天不會提供任何前瞻性指引。相反，我將重點介紹我們 2025 年第三季的財務表現和亮點。

I will be providing some information shortly on two significant milestones that the company achieved during the third quarter of 2025. Revenues for the quarter were $3.1 million, up by $1.3 million or 71.9% when compared to the same period in the prior year.

我稍後將提供一些關於公司在 2025 年第三季取得的兩個重要里程碑的資訊。本季營收為 310 萬美元，較上年同期成長 130 萬美元，增幅達 71.9%。

The increase in revenues was primarily due to a $1.8 million increase in 2025 from sales of our Le Mans Ultimate racing title, particularly DLC sales, a $0.4 million increase from RaceControl and a $0.1 million increase in our rfactor two title compared to 2024 offset by a $1 million decrease in NASCAR-related revenues, a gaming title we are no longer authorized to sell starting in 2025.

營收成長主要歸功於 2025 年 Le Mans Ultimate 賽車遊戲（尤其是 DLC 銷售）的銷售額成長 180 萬美元，RaceControl 的營收成長 40 萬美元，以及 rfactor two 遊戲的營收較 2024 年成長 10 萬美元。但與 NASCAR 相關的收入減少了 100 萬美元，因為我們從 2025 年開始不再被授權銷售遊戲。

With the release of our Le Mans Ultimate title in February 2024, the company has more than made up for the loss of revenues from our NASCAR title, the license to which we sold in October 2023. NASCAR-related revenues were approximately $1 million and $3.5 million during the three and nine months ended September 30, 2024, respectively.

隨著我們在 2024 年 2 月推出的《勒芒終極版》遊戲，該公司已經彌補了因出售 NASCAR 遊戲授權而造成的收入損失（該授權已於 2023 年 10 月出售）。截至 2024 年 9 月 30 日止的三個月和九個月期間，與 NASCAR 相關的收入分別約為 100 萬美元和 350 萬美元。

In comparison, revenues from our Le Mans Ultimate title were approximately $2.3 million and $5.7 million during the three and nine months ended September 30, 2025, respectively, significantly more than NASCAR-related revenues during the same prior year period.

相較之下，截至 2025 年 9 月 30 日的三個月和九個月期間，我們勒芒終極賽事的收入分別約為 230 萬美元和 570 萬美元，遠高於去年同期 NASCAR 相關收入。

Net income for the third quarter of 2025 was $0.8 million compared to net loss of $0.6 million for the same period in the prior year, an improvement of approximately $1.4 million or 234.1%.

2025 年第三季淨收入為 0.8 百萬美元，而去年同期淨虧損為 0.6 百萬美元，改善了約 1.4 百萬美元，增幅達 234.1%。

The increase in net income is driven by an increase in consolidated revenues of $1.3 million, decreases of $1.3 million and $0.1 million in operating expenses and cost of revenues, respectively, offset by a decrease of $1.4 million in other operating income. Net income attributable to Class A common stock was $0.14 per share for the third quarter of 2025 compared to net loss per share of $0.18 for the same period in the prior year.

淨利潤的成長主要得益於合併收入增加 130 萬美元，營運費用和營業成本分別減少 130 萬美元和 10 萬美元，但被其他營運收入減少 140 萬美元所抵銷。2025 年第三季歸屬於 A 類普通股股東的淨利為每股 0.14 美元，而去年同期每股淨虧損為 0.18 美元。

The company has achieved another significant milestone in its history. After adjusting for other nonrecurring losses of approximately $25,000, Q3 2025 was the second consecutive quarter that income from operations was generated by the company.

公司在其發展歷程中又取得了一項重要的里程碑。在扣除約 25,000 美元的其他非經常性損失後，2025 年第三季是該公司連續第二季實現營業收入。

Q3 2025 and Q2 2025 now stand as for only two quarters in the company's history that income from operations has been generated.

2025 年第三季和 2025 年第二季是該公司歷史上僅有的兩個產生營業收入的季度。

We are reporting adjusted EBITDA of $1.1 million for the third quarter of 2025 compared to $0.1 million for the same period in the prior year. The improvement in adjusted EBITDA of $1 million was primarily due to the same factors driving the previously discussed change in net income for the third quarter of 2025 when compared to the same period in the prior year, as well as the decrease in stock-based compensation compared to the prior year period.

我們報告稱，2025 年第三季調整後 EBITDA 為 110 萬美元，而去年同期為 10 萬美元。調整後 EBITDA 改善 100 萬美元，主要歸因於與去年同期相比，2025 年第三季淨利變動的相同因素，以及與去年同期相比，股票選擇權費用的減少。

As it relates to liquidity, as of September 30, 2025, we had cash and cash equivalents of $4.1 million, which increased to $4.5 million as of October 31, 2025.

就流動性而言，截至 2025 年 9 月 30 日，我們擁有現金及現金等價物 410 萬美元，截至 2025 年 10 月 31 日，金額增至 450 萬美元。

For the 9 months ended September 30, 2025, we generated an average positive cash flow from operations of approximately $0.3 million per month that was primarily due to increased profitability, $0.8 million from the Wesco Insurance Company settlement in June 2025 and $0.5 million from the settlement agreement with HC2 Holdings two Inc. in March 2025.

截至 2025 年 9 月 30 日的 9 個月內，我們平均每月從經營活動中產生約 30 萬美元的正現金流，這主要歸功於盈利能力的提高、2025 年 6 月與 Wesco 保險公司達成的和解協議的 80 萬美元以及 2025 年 3 月與 HC2 Holdings two Inc. 的和解協議 50 萬美元的和解協議。

The other significant milestone we achieved in Q3 2025 relates to the growing concern disclosures included in prior financial statement reports being removed in our Q3 2025 report on Form 10-Q. Thank you all for your time. And now I will turn the call back to Stephen for closing remarks.

我們在 2025 年第三季取得的另一個重要里程碑是，先前財務報表報告中揭露的日益令人擔憂的問題已在 2025 年第三季的 10-Q 表格報告中刪除。感謝各位抽出時間。現在我將把電話轉回給史蒂芬，請他作總結發言。

Thank you, everyone, for joining this call today. We're delighted with the ongoing progress outlined today. For a second consecutive quarter, we've turned to profit from operations and have built a healthy cash reserve off the back of continuing success of our core product, Le Mans Ultimate and the online platform, which supports our ecosystem approach, RaceControl. This puts users first and they are repaying us with enormous support.

感謝各位今天參加本次電話會議。我們對今天概述的持續進展感到非常高興。連續第二個季度，我們實現了營運獲利，並憑藉核心產品 Le Mans Ultimate 和支援我們生態系統方法的線上平台 RaceControl 的持續成功，建立了健康的現金儲備。這種做法將用戶放在首位，而用戶也以巨大的支持回報了我們。

Base game sales continue at pace, additional content or DLC sales for our game remain very strong and more people are joining our value-adding RaceControl subscription service every month.

基礎遊戲銷售持續成長，遊戲附加內容或 DLC 的銷售量依然強勁，而且每個月都有更多人加入我們增值的 RaceControl 訂閱服務。

We're now in active development of a console version of our Le Mans game and believe we are not too far from another major step forward for the company as we become a multi-format developer and publisher. We believe in our future, and I hope you follow our journey. Thank you again for joining this call today. I'll now pass it back to the operator.

我們目前正在積極開發勒芒遊戲的家用機版本，並且相信隨著我們成為多平台開發商和發行商，公司距離又向前邁出一大步已經不遠了。我們對未來充滿信心，希望你們能關注我們的旅程。再次感謝您今天參加本次電話會議。現在我把它交還給操作員。

(Operator Instructions). And it does appear that there are no questions at this time. This does conclude today's program. Thank you for your participation. You may disconnect at any time and have a wonderful rest of your day.

（操作說明）目前看來，似乎沒有任何問題。今天的節目到此結束。感謝您的參與。您可以隨時斷開連接，並祝您今天餘下的時間愉快。