New Jersey Resources Corp (NJR) 2023 Q3 法說會逐字稿

Hello, and welcome to the New Jersey Resources Fiscal 2023 Third Quarter Conference Call. (Operator Instructions)

您好，歡迎參加新澤西資源 2023 財年第三季度電話會議。 （操作員說明）

I will now turn the conference over to Mr. Adam Prior of New Jersey Resources. Please go ahead.

我現在將會議交給新澤西資源公司的亞當·普賴爾先生。請繼續。

Thank you, operator. Welcome to New Jersey Resources Fiscal 2023 Third Quarter Conference Call and Webcast. I'm joined here today by Steve Westhoven, our President and CEO; Roberto Bel, our Senior Vice President and Chief Financial Officer; as well as other members of our senior management team.

謝謝你，接線員。歡迎參加新澤西資源 2023 財年第三季度電話會議和網絡廣播。今天我們的總裁兼首席執行官 Steve Westhoven 也來到這裡。 Roberto Bel，我們的高級副總裁兼首席財務官；以及我們高級管理團隊的其他成員。

Certain statements in today's call contain estimates and other forward-looking statements within the meaning of the securities laws. We wish to caution listeners of this call that the current expectations, assumptions and beliefs forming the basis of our forward-looking statements include many factors that are beyond our ability to control or estimate precisely. This could cause results to materially differ from our expectations as found on Slide 1. These items can also be found in the forward-looking statements section of today's earnings release furnished on Form 8-K and in our most recent Forms 10-K and 10-Q as filed with the SEC. We do not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

今天電話會議中的某些陳述包含證券法含義內的估計和其他前瞻性陳述。我們希望提醒本次電話會議的聽眾，構成我們前瞻性陳述基礎的當前預期、假設和信念包括許多超出我們精確控製或估計能力的因素。這可能會導致結果與幻燈片 1 中我們的預期存在重大差異。這些項目也可以在表格 8-K 中提供的今天收益發布的前瞻性陳述部分以及我們最新的表格 10-K 和 10 中找到。 -Q 向SEC 提交。通過包含本聲明，我們不承擔根據未來事件審查或修改本文引用的任何特定前瞻性聲明的義務。

We will also be referring to certain non-GAAP financial measures such as net financial earnings or NFE. We believe that NFE, net financial loss, utility gross margin, financial margin, adjusted funds from operations and adjusted debt provide a more complete understanding of our financial performance. However, these non-GAAP measures are not intended to be a substitute for GAAP. Our non-GAAP financial measures are discussed more fully in Item 7 of our 10-K.

我們還將提及某些非 GAAP 財務指標，例如淨財務收益或 NFE。我們相信，NFE、淨財務損失、公用事業毛利率、財務利潤率、調整後的運營資金和調整後的債務可以讓我們更全面地了解我們的財務業績。然而，這些非公認會計原則措施無意取代公認會計原則。我們的非 GAAP 財務指標在 10-K 的第 7 項中進行了更全面的討論。

The slides accompanying today's presentation are available on our website and were furnished on our Form 8-K filed this morning. Our agenda for today is found on Slide 3. Steve will begin with this quarter's highlights, followed by Roberto, who will review our financial results. Then we'll open it up for your questions.

今天演示文稿附帶的幻燈片可在我們的網站上獲取，並包含在我們今天早上提交的 8-K 表格中。我們今天的議程見幻燈片 3。史蒂夫將首先介紹本季度的亮點，隨後羅伯托將回顧我們的財務業績。然後我們將打開它來回答您的問題。

With that said, I will turn the call over to our President and CEO, Steve Westhoven. Please go ahead, Steve.

話雖如此，我會將電話轉給我們的總裁兼首席執行官 Steve Westhoven。請繼續，史蒂夫。

Thanks, Adam. Good morning, everyone. We had another solid quarter at NJR as our complementary portfolio of businesses continue to perform in line with our expectations. As a result, we remain on track to achieve our fiscal 2023 NFEPS guidance range of $2.62 to $2.72 per share. We reported net financial earnings of $0.10 per share in the third quarter of this year and $2.40 per share year-to-date.

謝謝，亞當。大家，早安。由於我們的互補業務組合的表現繼續符合我們的預期，新日本無線又度過了一個穩健的季度。因此，我們仍有望實現 2023 財年 NFEPS 指導範圍每股 2.62 美元至 2.72 美元。我們報告今年第三季度每股淨財務收益為 0.10 美元，年初至今每股淨財務收益為 2.40 美元。

To summarize a few highlights. New Jersey Natural Gas added over 1,800 new customers during the quarter, with our growth rate now beginning to return to pre-pandemic levels. In addition, we are proud that New Jersey Natural Gas has been recognized by Escalent as one of their 2023 most trusted utility brands. Clean Energy Ventures continued its strong momentum, increasing its in-service capacity and growing its project pipeline to the highest level in our company's history. At S&T, we reported strong year-over-year revenue growth. And finally, Energy Services improved its NFE year-over-year, driven by continued contribution from the AMA and strong performance from our long option strategy during the quarter.

總結幾個亮點。新澤西天然氣公司在本季度增加了 1,800 多個新客戶，我們的增長率現已開始恢復到大流行前的水平。此外，我們很自豪新澤西天然氣公司被 Escalent 評為 2023 年最值得信賴的公用事業品牌之一。 Clean Energy Ventures 繼續保持強勁勢頭，提高了其在役能力，並將其項目儲備增長至我們公司歷史上的最高水平。在 S&T，我們的收入同比強勁增長。最後，在 AMA 的持續貢獻和本季度我們的長期期權策略的強勁表現的推動下，能源服務公司的 NFE 同比有所改善。

Turning to Slide 5. As I noted earlier, we are reiterating our fiscal 2023 NFEPS guidance range of $2.62 per share to $2.72 per share. Earlier this year, we raised our guidance by $0.20, driven by outperformance in Energy Service during Winter Storm Elliot in December 2022. Our long-term NFEPS growth range remains at 7% to 9% from our original 2022 guidance, and we expect to be at the higher end of that range for fiscal 2024.

轉向幻燈片 5。正如我之前指出的，我們重申 2023 財年 NFEPS 指導範圍為每股 2.62 美元至 2.72 美元。今年早些時候，由於能源服務在2022 年12 月冬季風暴埃利奧特期間表現出色，我們將指導意見上調了0.20 美元。我們的長期NFEPS 增長范圍仍較2022 年最初的指導意見為7% 至9%，我們預計2024 財年處於該範圍的高端。

New Jersey Natural Gas had a strong quarter, as highlighted on Slide 6. We invested $315 million at New Jersey Natural Gas during the first 9 months of fiscal 2023, with approximately 40% of that CapEx providing near real-time returns. We've added nearly 5,900 new customers this year compared to approximately 5,300 customers during the same period last year through a combination of new construction and conversions.

正如幻燈片 6 所示，新澤西天然氣公司的季度表現強勁。2023 財年的前 9 個月，我們在新澤西天然氣公司投資了 3.15 億美元，其中約 40% 的資本支出提供了近乎實時的回報。通過新建和改造，我們今年增加了近 5,900 名新客戶，而去年同期則增加了約 5,300 名客戶。

In June, we filed our annual rate adjustments. We were once again able to provide cost savings to our customers effective this coming winter. This is in addition to the rate decrease in bill credits provided in March of this year. Our team works hard to manage supply costs, and we are pleased to pass these savings on to our customers. As indicated on prior calls, we expect to file our next rate case in fiscal 2024, consistent with the time line of our major technology investments.

六月，我們提交了年度利率調整。我們再次能夠在即將到來的冬季為客戶節省成本。這是在今年三月份降低票據信用利率的基礎上進行的。我們的團隊努力管理供應成本，我們很高興將這些節省的費用轉嫁給我們的客戶。正如之前的電話會議所示，我們預計將在 2024 財年提交下一次利率申請，這與我們主要技術投資的時間表一致。

Moving to Slide 7. The team at Clean Energy Ventures continues to grow its project pipeline and has made great progress increasing the size of its portfolio. We have added 75 megawatts of new solar capacity since the start of fiscal 2023. This represents the largest capacity increase in any fiscal year since CEV's inception.

轉向幻燈片 7。清潔能源風險投資公司的團隊繼續擴大其項目儲備，並在擴大其投資組合規模方面取得了巨大進展。自 2023 財年開始以來，我們已新增 75 兆瓦的太陽能發電容量。這是自 CEV 成立以來任何財年中最大的容量增幅。

We continue to expand geographically. Since the start of the year, approximately 40% of our capacity growth has come outside the State of New Jersey. This includes 2 operating assets in Michigan and Indiana that added 21 megawatts to our in-service capacity in July.

我們繼續擴大地域範圍。自今年年初以來，我們大約 40% 的產能增長來自新澤西州以外的地區。其中包括密歇根州和印第安納州的 2 個運營資產，7 月份我們的在役容量增加了 21 兆瓦。

Operational asset acquisitions have proven successful for us in the past. We target projects with strong offtake that offer performance optimization and future organic growth opportunities. The operations and maintenance team at CEV does an excellent job ensuring our projects perform at the highest operational standards. In fact, our portfolio typically performs at over 99% availability, a significant advantage for us as an organization and a testament to the focus of the team at CEV. Finally, our project pipeline continues to grow and now includes over 750 megawatts of potential investment options, which is the highest in CEV's history.

過去，我們的運營資產收購已被證明是成功的。我們的目標是具有強勁承購能力的項目，這些項目可提供績效優化和未來的有機增長機會。 CEV 的運營和維護團隊做得非常出色，確保我們的項目按照最高運營標準執行。事實上，我們的產品組合通常具有超過 99% 的可用性，這對我們作為一個組織來說是一個顯著的優勢，也證明了 CEV 團隊的專注。最後，我們的項目管道繼續增長，目前包括超過 750 兆瓦的潛在投資選擇，這是 CEV 歷史上最高的。

And with that, I'll turn the call over to Roberto to review our financial results. Roberto?

接下來，我會將電話轉給羅伯托，以審查我們的財務業績。羅伯托？

Thank you, Steve, and good morning, everyone. Slide 9 shows the main drivers of our NFE for the third quarter and year-to-date of fiscal 2023. Through the first 9 months, we have reported strong year-over-year improvement in our consolidated results with NFE of $232.3 million or $2.40 per share compared with $192.4 million or $2 per share last year. This represents a 20% improvement in our net financial earnings per share for the period.

謝謝你，史蒂夫，大家早上好。幻燈片 9 顯示了 2023 財年第三季度和年初至今 NFE 的主要驅動因素。在前 9 個月中，我們的綜合業績同比強勁改善，NFE 為 2.323 億美元或 2.40 美元每股收益為1.924 億美元，去年每股收益為2 美元。這意味著我們本季度每股淨財務收益提高了 20%。

For the third quarter, we reported NFE of $9.7 million or $0.10 per share compared with a net financial loss of $3.6 million or $0.04 per share last year. The quarterly results of our business segments were consistent with our expectations, generally reflecting a year-over-year improvement in margins at NJNG and Energy Services and new revenues at CEV and S&T, offset by higher depreciation and interest expenses.

第三季度，我們報告的 NFE 為 970 萬美元，即每股 0.10 美元，而去年的淨財務虧損為 360 萬美元，即每股 0.04 美元。我們業務部門的季度業績與我們的預期一致，總體反映了 NJNG 和能源服務的利潤率同比改善以及 CEV 和 S&T 的新收入，但被較高的折舊和利息支出所抵消。

The largest difference compared to Q3 of last year was from the benefit that CEV derived from the successful resolution of an income taxation allowance. This benefit was included in our current NFEPS guidance for the year.

與去年第三季度相比最大的差異是 CEV 因成功解決所得稅津貼而獲得的收益。這一好處已包含在我們當前的今年 NFEPS 指南中。

Turning to our capital plan on Slide 10. For fiscal year 2023, we're slightly tightening our overall CapEx range, while keeping the midpoint unchanged. At the business unit level, we expect modest CapEx increases at NJNG and S&T, offset by a reduction in the top end of the CEV CapEx range. We'll update our CapEx expectations for fiscal years 2024 and 2025 in our year-end conference call in November.

轉向幻燈片 10 中的資本計劃。對於 2023 財年，我們將略微收緊整體資本支出範圍，同時保持中點不變。在業務部門層面，我們預計 NJNG 和 S&T 的資本支出將適度增長，但被 CEV 資本支出範圍上限的減少所抵消。我們將在 11 月的年終電話會議上更新 2024 和 2025 財年的資本支出預期。

Our capital projections are anchored by strong cash flows from operations. On Slide 11, we show our updated projections for fiscal year 2023. As you can see, we expect operating cash flow to range between $400 million and $420 million. This improvement from our previously stated range is mainly due to higher earnings and a positive impact that lower gas prices had on our working capital requirements.

我們的資本預測以強勁的運營現金流為基礎。在幻燈片 11 中，我們展示了對 2023 財年的最新預測。如您所見，我們預計運營現金流在 4 億美元到 4.2 億美元之間。與我們之前規定的範圍相比，這種改善主要是由於收益增加以及較低的天然氣價格對我們的營運資金需求產生的積極影響。

Our credit metric projections for fiscal 2023 have improved in tandem with our operating cash flows, which are shown on Slide 12. We now project NJR's adjusted FFO to adjusted debt, our preferred credit metric, to be between 19% and 20% for the year, while NJNG maintains a favorable investment-grade credit rating. And while we have no plans to issue block equity, our existing dividend reinvestment program includes a waiver discount feature that allows us to raise equity on an opportunistic basis.

我們對2023 財年的信用指標預測與我們的經營現金流量同步改善，如幻燈片12 所示。我們現在預計NJR 調整後的FFO 與調整後的債務（我們首選的信用指標）將在本年度的19 % 至20% 之間，而 NJNG 維持良好的投資級信用評級。雖然我們沒有計劃發行整體股權，但我們現有的股息再投資計劃包括豁免折扣功能，使我們能夠在機會主義的基礎上籌集股權。

With that, I will turn the call back to Steve.

這樣，我會將電話轉回給史蒂夫。

Thanks, Roberto. We've been proactive in our discussions with the governor's office concerning the executive orders made public several months ago. This week, the New Jersey BPU is holding a technical conference to discuss the Executive Order 317. We have initiatives in place to align with the state's decarbonization goals and are actively participating in this conference, which is happening in real time.

謝謝，羅伯托。我們一直積極與州長辦公室就幾個月前公佈的行政命令進行討論。本週，新澤西州 BPU 將召開一次技術會議，討論 317 號行政命令。我們已製定了與該州脫碳目標保持一致的舉措，並積極參加了這次實時舉行的會議。

Governor Murphy has made a clear strategy to build a clean energy economy that will drive job growth and create new investment opportunities. A number of the governor's priorities are directly aligned with the strategy that we've been pursuing for more than a decade.

墨菲州長制定了建立清潔能源經濟的明確戰略，這將推動就業增長並創造新的投資機會。州長的許多優先事項與我們十多年來一直追求的戰略直接一致。

In closing, NJR is an energy infrastructure company focused on meeting the needs of our customers while transitioning to a clean energy future. Our capital investments and our efforts to develop organic growth opportunities are supportive of our peer-leading, long-term NFEPS growth targets.

最後，新日本無線是一家能源基礎設施公司，致力於滿足客戶的需求，同時向清潔能源的未來過渡。我們的資本投資和開發有機增長機會的努力支持我們領先同行的長期 NFEPS 增長目標。

As always, I want to thank all of our employees for all their hard work and contribution. And with that, I'll now open the call for questions.

一如既往，我要感謝我們所有員工的辛勤工作和貢獻。現在，我將開始提問。

(Operator Instructions) Your first question comes from the line of Robert Mosca with Mizuho.

（操作員說明）您的第一個問題來自 Robert Mosca 和 Mizuho 的線路。

So just hoping to get your thoughts on the NJBPU's [scratch] recommendation on the CSI solicitation process. Was this an outcome you guys expected? And does it change your strategy at all in terms of scoping projects in New Jersey or your overall growth outlook for CEV?

因此，我只是希望了解您對 NJBPU 關於 CSI 徵集流程的 [臨時] 建議的看法。這是大家所期待的結果嗎？它是否會改變您在新澤西州項目範圍界定或 CEV 整體增長前景方面的戰略？

So with any new program, there could be a little bit of a learning curve, and I think the state is going through that learning curve right now. And certainly the state is still very committed to clean energy. So we'll get these programs worked out and look at the projects awarded. The governor certainly has made its commitment to clean energy loud and clear and see.

因此，對於任何新計劃，都可能有一點學習曲線，我認為該州現在正在經歷這個學習曲線。當然，國家仍然非常致力於清潔能源。因此，我們將製定這些計劃並查看授予的項目。州長當然已經大聲、明確地做出了對清潔能源的承諾。

Just turning to how it may impact us. It's not going to. As you know, we've got a large pipeline of projects. 40% of those projects are outside the state. We started to diversify a number of years ago, making investments outside of the city of New Jersey just because the size of the capital program and being able to reliably predict when we'd be able to make those investments was important, and having diversification outside of the state is important to be able to achieve the goals that we've stated.

只是轉向它可能如何影響我們。不會的。如您所知，我們有大量的項目。其中 40% 的項目位於州外。幾年前，我們開始進行多元化投資，在新澤西市以外進行投資，只是因為資本計劃的規模以及能夠可靠地預測我們何時能夠進行這些投資非常重要，並且在新澤西州以外進行多元化投資國家的努力對於實現我們所闡述的目標非常重要。

So all in all, it doesn't change our strategy. It's still moving forward. We've got a large pipeline of projects, and 40% are outside of the state. But we still feel very confident the state is committed to clean energy and their clean energy goals, and they'll get these programs worked out in the near future.

總而言之，這不會改變我們的策略。它仍在向前發展。我們有大量的項目，其中 40% 位於州外。但我們仍然對國家致力於清潔能源及其清潔能源目標非常有信心，他們將在不久的將來製定這些計劃。

Appreciate it, Steve. And maybe with another quarter of Adelphia operations under your belt, any early indications on whether you can optimize certain segments of the pipe [to commit] volumes above its existing load? And maybe can we also get your latest thoughts on a potential Leaf River expansion?

很感激，史蒂夫。也許在您負責阿德爾菲亞運營的另外四分之一的情況下，是否有任何早期跡象表明您是否可以優化管道的某些部分[以提交]超出其現有負荷的容量？也許我們還可以了解您對潛在的 Leaf River 擴建的最新想法嗎？

So I think it's too soon to say thing about the optimization of Adelphia Gateway. And certainly, we're learning the asset as a new gas pipeline. Remember, the northern portion was natural gas for some time. It has a single-use customer up in the northern portion of it. The southern portion just came in the [current operations test law]. So still learning that. But I would expect in the future that there would be some optimization associated with it. All along, our target for making these investments throughout our companies for organic growth, being able to grow the assets we have, so certainly, there's an expectation to do that in the future.

所以我認為現在談論 Adelphia Gateway 的優化還為時過早。當然，我們正在將這項資產視為新的天然氣管道。請記住，北部地區曾經有一段時間是天然氣。它在其北部有一個一次性客戶。南部部分剛剛進入[現行作戰測試法]。所以還在學習。但我預計將來會有一些與之相關的優化。一直以來，我們的目標是在整個公司進行這些投資，以實現有機增長，能夠增加我們擁有的資產，所以當然，我們期望在未來做到這一點。

Nothing to announce on Leaf River. Still working on potential expansion down in that area. Very constructive environment with all the LNG that's being built and the volatility that they're experiencing down in that region. So when we do come to terms on something, we'll certainly make announcement. But again, nothing to announce at this point, but a constructive market down in that region.

葉河上沒有什麼可宣布的。仍在致力於該地區的潛在擴張。非常有建設性的環境，正在建設的所有液化天然氣以及他們在該地區經歷的波動。因此，當我們確實就某件事達成協議時，我們肯定會發佈公告。但同樣，目前沒有什麼可宣布的，只是該地區的市場有建設性的下跌。

(Operator Instructions) Your next question comes from the line of Travis Miller with Morningstar.

（操作員說明）您的下一個問題來自 Travis Miller 和 Morningstar 的線路。

Just following on that conversation that you're having on the governor's office and all the debate and discussion around the clean energy stuff. What's your thinking in terms of when some of these discussions get into actual regulatory proposals, project proposals, regulatory filings? What's your thought in terms of the time line? Would any of this make it into the next rate case filing? Or is there something beyond that? Does that make sense to kind of timing...

繼續您在州長辦公室進行的對話以及圍繞清潔能源問題的所有辯論和討論。當這些討論進入實際的監管提案、項目提案、監管備案時，您有何想法？您對時間線有何看法？其中任何一個都會進入下一個費率案件備案嗎？或者還有其他的東西嗎？這對於時間安排有意義嗎？

I guess are you talking about the news of the clean energy? Are you talking about the solar solicitation? Or are you talking about some of the regulatory proceedings that are taking place around the executive order to clean energy?

我猜你是在談論清潔能源的新聞嗎？你說的是太陽能征集嗎？或者您是在談論圍繞清潔能源行政命令正在進行的一些監管程序嗎？

Yes, more around the clean energy, the latter, yes, not as much the solar stuff, yes.

是的，更多的是圍繞清潔能源，後者，是的，而不是太陽能的東西，是的。

So I think with the clean energy, you've got kind of multiple discussions taking place currently. Predicting when those are going to come to conclusion and [definitely] they would fall into policy and then ultimately into [place], I think it's very hard to predict at this point in time. I think it's safe to say there's a lot of discussion that still needs to take place before that would happen.

所以我認為對於清潔能源，目前正在進行多種討論。預測這些何時會得出結論，並且[肯定]它們將落入政策，然後最終[到位]，我認為目前很難預測。我認為可以肯定地說，在此之前還需要進行很多討論。

But just as a general comment, we talked about decarbonization, how we're reducing emissions here at NJR, New Jersey Natural Gas. Now we're going to continue forward in this path to be able to deliver cleaner fuels to our customers. Everyone knows about our hydrogen plant, our energy efficiency programs and certainly, our thoughts about the future that we're going to continue to press this forward. So we feel good in this alignment with the governor's stated goals and certainly the state's stated goals as well. But I think when those all will come to basically become part of regulation, I'm predicting at this point in time, but we look forward to it. I think we're going to align nicely with the future goals of the state.

但作為一般性評論，我們討論了脫碳，以及我們如何在新澤西州 NJR 天然氣公司減少排放。現在，我們將繼續沿著這條道路前進，以便能夠為我們的客戶提供更清潔的燃料。每個人都知道我們的氫工廠、我們的能源效率計劃，當然還有我們對未來的想法，我們將繼續推動這一進程。因此，我們對與州長既定目標以及州既定目標的一致性感到滿意。但我認為，當這些都基本上成為監管的一部分時，我正在預測這一點，但我們對此充滿期待。我認為我們將與國家未來的目標很好地保持一致。

Okay, sure. And remind me again, some of that will make it into the next rate case filing and especially on the hydrogen side. Is that correct?

好吧，當然。再次提醒我，其中一些將進入下一個費率案件備案，特別是在氫方面。那是對的嗎？

Well, so our hydrogen plant, remember, was already included and raised in our last rate case, which was they support [box state] and show that they're supportive of clean energy and clean fuels.

好吧，請記住，我們的氫工廠已經包含在我們的上一個費率案例中並提出了，他們支持[方框狀態]並表明他們支持清潔能源和清潔燃料。

Okay, okay. And then on the solar side, any updates in terms of changes in supply ability to get to buy panels or costs? Anything along those lines?

好吧好吧。然後在太陽能方面，購買麵板的供應能力或成本方面有什麼變化嗎？有什麼類似的事情嗎？

Yes, nothing to add there. It's business as usual. And you see that we're bringing projects to completion and putting them into service. 75 megawatts in service this fiscal year. So we're just moving forward and can continue to execute on the plan. So really nothing to talk about there.

是的，沒有什麼可添加的。一切如常。您會看到我們正在完成項目並將其投入使用。本財年投入運營的裝機容量為 75 兆瓦。所以我們只是繼續前進並可以繼續執行計劃。所以那裡真的沒什麼好說的。

(Operator Instructions) There are no further questions at this time. I will now turn the call back to Mr. Adam Prior for closing remarks.

（操作員說明） 目前沒有其他問題。現在，我將把電話轉回給亞當·普賴爾先生，讓其致閉幕詞。

Thanks, everyone. I would like to thank all of you for joining us this morning. As a reminder, a recording of this call is available for replay on our website. And as always, we appreciate your interest in investing in NJR. Goodbye.

感謝大家。我要感謝大家今天早上加入我們。請注意，本次通話的錄音可在我們的網站上重播。一如既往，我們感謝您有興趣投資新日本無線。再見。

This concludes today's conference call. We thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。我們感謝您的加入。您現在可以斷開線路。