OGE Energy Corp (OGE) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the OGE Energy Corp 2024 fourth-quarter earnings and business update call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 OGE Energy Corp 2024 年第四季財報和業務更新電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Jason Bailey, Director of Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係總監 Jason Bailey。請繼續。

Thank you, and good morning everyone, and welcome to our call. With me today, I have Sean Trauschke, Chairman, President and CEO, and Chuck Walworth, CFO and Treasurer.

謝謝大家，早安，歡迎參加我們的電話會議。今天與我一起出席的有董事長、總裁兼執行長 Sean Trauschke 和財務長兼財務主管 Chuck Walworth。

In terms of the call today, we will first hear from Sean, followed by an explanation from Chuck of our financial results. And finally, as always, we will answer your questions.

就今天的電話會議而言，我們首先會聽取肖恩的發言，然後聽取查克對我們的財務結果的解釋。最後，與往常一樣，我們將回答您的問題。

I'd like to remind you that this conference is being webcast and you may follow along at oge.com. In addition, the conference call and accompanying slides will be archived following the call on that same website.

我想提醒您，這次會議正在進行網路直播，您可以在 oge.com 上關注。此外，電話會議和隨附的幻燈片將在會議結束後存檔在同一網站上。

Before we begin the presentation, I'd like to direct your attention to the Safe Harbor statement regarding forward-looking statements. This is an SEC requirement for financial statements and simply states that we cannot guarantee forward-looking financial results, but this is our best estimate to date.

在我們開始演示之前，我想請大家注意有關前瞻性陳述的安全港聲明。這是美國證券交易委員會對財務報表的要求，只是表明我們無法保證前瞻性的財務結果，但這是我們迄今為止的最佳估計。

I'll now turn the call over to Sean for his opening remarks. Sean.

現在我將電話轉給肖恩，請他致開場白。肖恩。

Thank you, Jason. Good morning, everyone. Thank you for joining us today. It's certainly great to be with you. 2024 was an outstanding year for the company, for our customers, for our employees and for your shareholders.

謝謝你，傑森。大家早安。感謝您今天加入我們。和你在一起確實很開心。 2024 年對公司、對客戶、對員工、對股東來說都是非凡的一年。

I'm excited about our message to you this morning as our consolidated earnings results for 2024 were above guidance. The momentum we've built continues to accelerate, establishing a higher base for growth going forward. Some of our top accomplishments for the year including adding more than 10,000 customers, continuing to see drop in our SAIDI numbers as our grid strengthening efforts deliver value for our customers. Replacing of our largest substations ahead of schedule, relieving congestion in one of the SPP's most congested areas.

我對我們今天早上向您傳達的信息感到很興奮，因為我們 2024 年的綜合盈利結果超出了預期。我們所建立的勢頭繼續加速，為未來的成長奠定了更高的基礎。我們今年的主要成就包括增加了 10,000 多名客戶，隨著我們的電網加強工作為客戶帶來價值，我們的 SAIDI 數字繼續下降。提前更換我們最大的變電站，緩解 SPP 最擁擠地區之一的擁塞情況。

We have nearly 450 megawatts under construction at Horseshoe Lake, which incidentally also celebrated Centennial this year as did Muskogee. We have another 100 megawatts under construction for Tinker Air Force Base coming online next year to coincide with the base expansion in 2028. We've continued to enhance the self-service tools like our mobile app and website so customers can do business with us 24/7. Continue to use automation and AI to gain efficiencies and reduce costs, further improving that customer's experience.

我們在馬蹄湖正在建造近 450 兆瓦的發電廠，順便說一下，馬蹄湖今年也和馬斯科吉一樣慶祝了百年紀念。我們正在為廷克空軍基地建造另外 100 兆瓦的發電設施，這些設施將於明年投入使用，以配合 2028 年的基地擴建。我們不斷增強行動應用程式和網站等自助服務工具，以便客戶可以全天候與我們開展業務。持續使用自動化和人工智慧來提高效率並降低成本，進一步改善客戶體驗。

And finally, another incredibly strong safety year. Our safety culture underpins our entire organization and I couldn't be more proud of our team for putting safety first.

最後，我們又迎來了極為強勁的安全年。我們的安全文化是整個組織的基礎，我為我們的團隊把安全放在第一位感到無比自豪。

Turning to 2024's financial performance, this morning we reported consolidated earnings exceeding the top end of our guidance of $2.19 per share for the year, including $2.33 per share for the electric company and a loss of the holding company of $0.14

談到 2024 年的財務表現，今天早上我們報告了全年綜合收益超過每股 2.19 美元的預期上限，其中電力公司每股 2.33 美元，控股公司虧損 0.14 美元

Our sustainable business model continues to provide opportunities to drive load growth while simultaneously strengthening grid for many years to come in ways that smooths the customer impact and delivers consistent financial returns. We're laser focused on reliability, growth and affordability, and I know sometimes I sound like a broken record, but history proves that we do what we say we'll do.

我們的永續商業模式將繼續提供推動負載成長的機會，同時在未來許多年內以平滑對客戶的影響並提供穩定的財務回報的方式加強電網。我們高度重視可靠性、成長性和可負擔性，我知道有時我聽起來像在重複老話，但歷史證明我們說到做到。

The investments we make deliver results, build these communities and present a deep and diverse set of opportunities for us to pursue. Chuck will detail our financial plan going forward as we build on our strong financial base and credit metrics and the momentum of our excellent load and customer growth to deliver the safe, reliable, resilient electric service that our customers expect.

我們的投資產生了成果，建立了這些社區，並為我們提供了豐富多樣的機會。查克將詳細介紹我們未來的財務計劃，我們將以強大的財務基礎和信用指標以及優異的負荷和客戶成長勢頭為基礎，提供客戶期望的安全、可靠、有彈性的電力服務。

On the regulatory front, our constructive regulatory environment enables us to support growth, serve customers and achieve results. And by mid-year, in Oklahoma, we will file for both recovery of our plans to meet generation needs and a general rate review. And at year end, in Arkansas, we'll file for a general rate review and a formula rate plan as we have in the past.

在監管方面，我們建設性的監管環境使我們能夠支援成長、服務客戶並取得成果。到年中，我們將在俄克拉荷馬州申請恢復我們的計劃以滿足發電需求，並進行一般費率審查。和過去一樣，我們將在年底在阿肯色州提交一般費率審查和公式費率計劃。

The advantage of our low rates combined with the overall economic strength of the communities we serve led to the exceptional load growth of 7.6% for 2024. Today, Oklahoma City and Fort Smith unemployment rates beat the national average and our hometown Oklahoma City's unemployment rate of 2.8% clocks in as the sixth best for large metropolitan areas.

我們的低費率優勢加上我們服務的社區的整體經濟實力，導致 2024 年的負載成長異常高達 7.6%。如今，俄克拉荷馬城和史密斯堡的失業率超過了全國平均水平，而我們家鄉俄克拉荷馬城的失業率為 2.8%，在大型都會區中排名第六。

And the strength of these communities drove our 1.2% increase in customer growth. On the commercial side, load growth is diversified among a number of industries including multi-unit housing, defense, manufacturing and tourism. And I can't overstate these projects are the result of our multiyear effort to drive economic growth in both Oklahoma and Arkansas, partnering with communities to land new business relocations and expansions.

這些社區的力量推動我們的客戶成長率達到 1.2%。在商業方面，負荷成長分佈在多個產業，包括多單元住宅、國防、製造業和旅遊業。我不能誇大這些項目是我們多年來努力推動俄克拉荷馬州和阿肯色州經濟成長、與社區合作實現新企業遷移和擴張的結果。

Alongside the commercial growth comes the people who support those businesses and our residential load grew by 2.4% in 2024. I understand there's a lot of excitement about data centers and rightly so.

隨著商業成長而來的是支持這些企業的人，我們的住宅負荷在 2024 年增加了 2.4%。我知道大家對資料中心非常感興趣，這是理所當然的。

And we are very excited about this opportunity, but I want to be clear that our load growth in 2024 and forecasted for 2025 is without any data centers. While we remain optimistic about these opportunities and we're still in discussion with a number of potential projects and we'll certainly update you when we can. We remain committed to growth for our communities and for our customers.

我們對這個機會感到非常興奮，但我想明確的是，我們 2024 年的負載成長以及 2025 年的預測是在沒有任何資料中心的情況下實現的。我們對這些機會保持樂觀，並且仍在與一些潛在項目進行討論，我們一定會在可能的情況下向您通報最新情況。我們始終致力於促進社區和客戶的發展。

And the case, OG&E is strong and I'm certainly bullish on our future. We're leveraging the economic development engine we built that's driving this load growth. Our excellent operational execution is driven by a fully engaged set of employees who are determined to reach that North Star of delivering safe, reliable, safe, affordable electricity for our customers. And we operate in constructive regulatory jurisdictions. We've created a competitive and credible financial plan backed by a balance sheet that's one of the strongest. And all of which leads to a long term plan where we address system growth and customer needs.

事實上，OG&E 實力雄厚，我對我們的未來充滿信心。我們正在利用我們所建構的經濟發展引擎來推動負載成長。我們出色的營運執行是由一群全心投入的員工推動的，他們決心達到為客戶提供安全、可靠、可靠、負擔得起的電力這一目標。我們在建設性的監管管轄範圍內開展業務。我們制定了具有競爭力和可信度的財務計劃，並以最強大的資產負債表為後盾。所有這些都導致​​了我們制定了一項長期計劃，該計劃旨在解決系統成長和客戶需求。

And today, we're setting a guidance midpoint for 2025 that is 7% higher than a year ago because of the proven and anticipated load growth. We expect to continue to grow 5% to 7% annually from this new midpoint.

今天，我們設定的 2025 年指導中點比一年前高出 7%，這是由於已證實和預期的負荷增長。我們預計從這個新的中點開始，每年將繼續成長 5% 至 7%。

And next week, OGE will celebrate its 123 birthday and we'll celebrate by investing in the grid and generation in ways that allow us to meet customer demand for electricity, grounded in improving reliability and maintaining those low rates as we achieve our commitments to you. Thank you.

下週，OGE 將迎來成立 123 週年，我們將透過投資電網和發電來慶祝這一節日，這些投資使我們能夠滿足客戶的電力需求，以提高可靠性和維持低電價，同時履行對您的承諾。謝謝。

And I'll now turn the call over to Chuck. Chuck?

現在我將電話轉給查克。查克？

Thank you, Sean, and thank you, Jason, and good morning, everyone. I'm pleased to review our outstanding 2024 financial results with you, introduce our 2025 financial outlook and discuss our long term earnings growth guidance. Let's start on slide 6 and discuss full year 2024 results.

謝謝你，肖恩，謝謝你，傑森，大家早安。我很高興與您一起回顧我們出色的 2024 年財務業績，介紹我們的 2025 年財務展望並討論我們的長期盈利增長指引。讓我們從第 6 張投影片開始討論 2024 年全年業績。

Consolidated 2024 net income was $442 million or $2.19 per diluted share compared to $417 million or $2.07 per share in 2023. 2024 was yet another year of great execution by our dedicated members and a reflection of the health of our growing communities and the constructiveness of our regulatory jurisdictions.

2024 年合併淨收入為 4.42 億美元，即每股攤薄收益 2.19 美元，而 2023 年為 4.17 億美元，即每股攤薄收益 2.07 美元。 2024 年是我們敬業的成員又一個出色執行的一年，反映了我們日益壯大的社區的健康狀況和監管我們。

We began the year expecting consolidated earnings of $2.12 per share. Throughout the year, we experienced stronger than forecasted load growth as well as warmer than normal summer. We updated our expectations by pointing to the top of '24 EPS guidance range.

我們年初預計每股綜合收益為 2.12 美元。全年，我們經歷了比預測更強勁的負載成長以及比正常更溫暖的夏季。我們更新了我們的預期，指出了 24 年每股盈餘指引範圍的上限。

We exceeded expectations and closed the year $0.07 above our original midpoint. In our core business, the electric company achieved net income of $470 million or $2.33 per share compared to $426 million or $2.12 per share in '23.

我們超出了預期，以比最初中點高出 0.07 美元的價格結束了這一年度。在我們的核心業務中，電力公司的淨收入為 4.7 億美元或每股 2.33 美元，而 23 年為 4.26 億美元或每股 2.12 美元。

The main drivers of the year over year increase in net income were exceptional load growth and higher operating revenues driven by the recovery of capital investments. The holding company reported a loss of $28 million or $0.14 per diluted share in 2024 compared to a loss of $10 million or $0.05 in 2023. The increase in net loss was primarily due to higher interest expense and lower net other income.

淨收入年增率的主要驅動力是異常的負載成長和資本投資復甦所推動的更高的營業收入。該控股公司報告稱，2024 年虧損 2,800 萬美元，即每股攤薄虧損 0.14 美元，而 2023 年虧損 1,000 萬美元，即每股攤薄虧損 0.05 美元。淨虧損增加主要是由於利息支出增加和其他淨收入減少。

You can find fourth quarter results in the appendix. Now let's review our '24 load results by turning to slide 7. -- Our customer growth was strong finishing at 1.2% as we continue to attract new business to our service area. Our weather normalized load growth was truly exceptional at 7.6%, the largest annual weather normalized load growth in my almost 25 years at the company. The strength was across all customer classes with commercial leading the way with an extraordinary 21.4% annual growth.

您可以在附錄中找到第四季的結果。現在讓我們翻到第 7 張投影片來回顧我們的 24 年負載結果。我們的天氣標準化負載成長率確實非常高，達到了 7.6%，這是我在公司近 25 年來最大的年度天氣標準化負載成長率。所有客戶類別均表現出色，其中商業客戶表現最為出色，年增長率高達 21.4%。

I'm especially excited to see the 2.4% growth in the residential class as it follows and reinforces all the growth we are experiencing across our system. As you will see, we expect our total load to continue this trend into 2025.

我特別高興看到住宅類別的成長率為 2.4%，因為它遵循並強化了我們整個系統所經歷的所有成長。正如您所看到的，我們預計我們的總負載將延續這一趨勢到 2025 年。

Stepping back for a moment, our performance in 2024 isn't new and we expect it to continue. We charted a path years ago when we focused on growing the electric company by growing our load with attractive lower rates and higher quality service, building an economic development engine and focusing on our cost structure. Since then, we've built a track record of performance.

退一步來說，我們在 2024 年的表現並不新鮮，我們預計這種表現將會持續下去。多年前，我們就規劃了一條發展道路，專注於透過以有吸引力的較低電價和更高品質的服務來增加電力負荷，打造經濟發展引擎，並專注於我們的成本結構。自那時起，我們就建立了良好的業績記錄。

If you look, where we plan to be at the end of '25 compared to the past 10 years, we will have managed to keep O&M per customer growth at less than 1%, rates at some of the lowest levels in the nation, load growth at a compound annual 2.2%, all while investing more. Our five year capital plan has more than doubled. Our balance sheet is strong. Our dividend has grown at a compound annual rate of 5% and our consolidated earnings per share excluding midstream results has grown at a compound annual rate of approximately 6%. These are real results.

如果你看一下，與過去 10 年相比，我們計劃在 25 年底實現這一目標，我們將設法將每位客戶的 O&M 增長率保持在 1% 以下，費率處於全國最低水平，負荷增長率達到年複合 2.2%，同時投入更多。我們的五年資本計畫增加了一倍以上。我們的資產負債表強勁。我們的股息以 5% 的複合年率增長，不包括中游業績的綜合每股收益以約 6% 的複合年率增長。這些都是真實的結果。

Let's turn to our attention to the details of our '25 plan on slide 8. Building on the load growth tailwinds in 2024, we have developed a financial plan that sets consolidated earnings at $2.27 per share with a guidance range of $2.21 to $2.33. We are setting the 2025 midpoint 7% higher than '24's original midpoint.

讓我們把注意力轉向第 8 張投影片上的「25」計畫的細節。基於 2024 年負荷成長的順風，我們制定了一項財務計劃，將合併收益設定為每股 2.27 美元，指導範圍為 2.21 美元至 2.33 美元。我們將 2025 年的中點設定為比 24 年原始中點高出 7%。

In addition, we are now basing our long term annual EPS growth rate of 5% to 7% off of this higher 25% midpoint and extending it through 29%.

此外，我們目前以 25% 的較高中點為基礎，確定長期年度每股收益成長率 5% 到 7%，並將其延伸至 29%。

We are pleased to be able to deliver results for our customers and base future earnings expectations off a higher level. Looking at load quarter-to-quarter or near term forecasting can be challenging, especially when dealing with larger loads that may accelerate or delay coming online.

我們很高興能夠為我們的客戶提供業績，並將未來的獲利預期建立在更高的水平上。查看逐季度或近期的負載預測可能具有挑戰性，特別是在處理可能加速或延遲上線的較大負載時。

That being said, we expect '25 to be another year of exceptional weather normalized growth of 8.5% by year end, adding to the last four years of historically strong load growth. We believe '25 sets up well and we can achieve our goals based on the operational execution of each one of our members.

話雖如此，我們預計 25 年將是另一個天氣異常正常化增長的一年，到年底增長率將達到 8.5%，延續過去四年歷史性強勁負荷增長的勢頭。我們相信，25年的設置很好，我們能夠根據每個成員的營運執行情況實現我們的目標。

Our financial plan objectives include maintaining our competitive low rate advantage by focusing on our cost structure, managing the regulatory process by minimizing the time between investments and the return and recovery of the investments, and growing OGE by maintaining a highly credible total return proposition for our shareholders.

我們的財務計畫目標包括透過專注於成本結構來維持我們的低利率競爭優勢，透過最大限度地縮短投資與投資回報和回收之間的時間來管理監管流程，以及透過為股東維持高度可信的總回報主張來增加 OGE。

Turning to slide 9, the strength of our balance sheet, which is one of the strongest in the industry, remains a competitive advantage for us. We continue to forecast FFO to debt of approximately 17% throughout the forecast period with no need for external equity issuances other than a modest annual drip.

第 9 頁，我們的資產負債表實力雄厚，是業界最強的資產負債表之一，這仍然是我們的競爭優勢。我們繼續預測，在整個預測期內，FFO 與債務之比將約為 17%，除每年適度注資外，無需發行外部股權。

We have no fixed rate maturities until 2027. We anticipate a long term debt issuance at the electric company of up to $350 million in the first half of the year. We rolled forward our five year investment plan to '29, increasing the plan by $250 million.

2027 年之前我們沒有固定利率到期日。我們預計該電力公司今年上半年將發行高達 3.5 億美元的長期債務。我們將五年投資計畫延至29年，計畫增加2.5億美元。

Sean spoke to the important items we will work on in 2025, including generation capacity associated with the 2024 IRP and system projects. We will communicate our plans, including financing, with you after we receive the appropriate approvals.

肖恩談到了我們將在 2025 年進行的重要工作，包括與 2024 年 IRP 和系統專案​​相關的發電能力。在獲得適當的批准後，我們將與您溝通我們的計劃，包括融資。

In my closing remarks today, I would like to leave you by expressing my confidence in our financial plan. We believe we have built a credible 2025 financial plan that exceeds the expectations set out just a year ago when we introduced our first pure play consolidated growth rate guidance.

在今天的結論中，我想表達我對我們的財務計劃的信心。我們相信，我們已經制定了可靠的 2025 年財務計劃，該計劃超出了我們一年前推出第一個純綜合增長率指引時所設定的預期。

Our confidence in the financial plan extends beyond '25 and that is reflected in basing our 5% to 7% expected annual growth rate off of a higher '25 EPS midpoint. The strength of our plan this year allows us to continue to focus on the future and address the investments required to meet the electric demand of our growing communities. Our confidence remains based on the belief in the dedication of our employees and their ability to get the job done.

我們對財務計畫的信心將超越 25 年，這反映在我們以更高的 25 年每股收益中點為基礎確定 5% 至 7% 的預期年增長率上。我們今年計劃的力度使我們能夠繼續著眼於未來，並解決滿足不斷增長的社區的電力需求所需的投資。我們的信心依然是基於對員工奉獻精神及其完成工作的能力的信任。

That concludes our prepared remarks and we'll now open the line for your questions.

我們的準備好的演講到此結束，現在我們將開始回答大家的提問。

Thank you. Durgesh Chopra, Evercore ISI.

謝謝。Durgesh Chopra，Evercore ISI。

Hey, good morning team. I'm impressed. I got the first question. -- Good morning, Sean. Chuck, congrats. This is your first earnings call as officially appointed as CFO. Look forward to working with you. Thank you.

嘿，大家早安。我印象非常深刻。我得到了第一個問題。 ——早上好，肖恩。查克，恭喜你。這是您正式擔任財務長以來的第一次財報電話會議。期待與您合作。謝謝。

Two questions for me. First, Sean, great update today. There's a lot of debate in the market on what this data center opportunity might mean for you. We've certainly tried to put our kind of megawatts that we think might come out of this. Maybe can you address that?

我有兩個問題。首先，肖恩，今天的更新很棒。關於這個資料中心機會對您意味著什麼，市場上存在著許多爭論。我們確實已經盡力投入我們認為可能由此產生的兆瓦電力。也許你能解決這個問題？

Just any color you can share around the megawatts needed? I understand it's going to be over a long period of time, but what you're seeing in the pipeline, just high level? And then in particular, talk to the Stillwater opportunity and what could that mean? And just what to look for there? Thank you.

您可以分享所需兆瓦的任何顏色嗎？我知道這會持續很長一段時間，但您所看到的只是高水準的進展嗎？然後特別談談 Stillwater 的機會，這代表什麼？那麼在那裡尋找什麼呢？謝謝。

Yes, very good. Thank you for the questions there, Dagesh. So a couple of things. Unfortunately, we are prohibited from talking specifics about the Stillwater opportunity. And so that has not changed.

是的，非常好。感謝您的提問，Dagesh。有幾件事。不幸的是，我們被禁止談論 Stillwater 機會的具體細節。這一點並沒有改變。

So I need to pass on that one. As we think about the data center set, we've characterized it as probably opportunities in the 250 megawatts to 500 megawatt range across half a dozen or so opportunities that we're in discussions around.

所以我需要傳遞這一點。當我們考慮資料中心集時，我們將其描述為可能在 250 兆瓦到 500 兆瓦範圍內的機會，涵蓋我們正在討論的六個左右的機會。

And just to be clear, that's 250 megawatts to 500 megawatt each opportunity, right? And your context is half a dozen of -- ?

需要明確的是，每次機會的發電量是 250 兆瓦到 500 兆瓦，對嗎？你的上下文是六個-- ？

Yes, I think that's what we've said previously and recognize that's not a forecast. We could we can't guarantee we're going to get all those, but we might get more.

是的，我想這就是我們之前所說的，並且認識到這不是一個預測。我們可能無法保證我們能得到所有這些，但我們可能會得到更多。

That's certainly a great place.

那確實是個好地方。

That's what we're dealing with right now.

這就是我們現在要處理的問題。

Excellent. Just one housekeeping question. You didn't address the dividend and sorry if I missed it, but just how should we think about dividend growth in the context of EPS growth? If you could just talk to them, I apologize if I missed it and you did.

出色的。僅一個基本問題。您沒有提到股息，如果我沒注意到，我很抱歉，但是我們應該如何在每股收益成長的背景下考慮股息成長？如果您可以和他們談談，如果我錯過了而您錯過了，我深表歉意。

Yes. So really no change in messaging there on the dividend. We've been pretty consistent in terms of the growth that we've addressed with that over the past couple of years. And again, just I'll point you to the language in our 10-K around dividend payout. So that remains our goal to be in that 65% to 70% payout area.

是的。因此，有關股息的資訊實際上沒有變化。過去幾年來，我們一直致力於實現這一成長目標。再次強調，我只是想向你指出我們的 10-K 文件中有關股息支付的語言。因此我們的目標仍然是達到 65% 至 70% 的賠付率。

Shar Pourreza, Guggenheim Partners.

古根漢合夥人公司的 Shar Pourreza。

Hi, good morning team. It's actually Constantine here for Shar again. Congrats on great '24.

嗨，大家早安。事實上，康斯坦丁又來找莎爾了。恭喜你度過了美好的24年。

Hey, thank you, Constantine. Good morning. Hope you're well and please pass along to Shar that Didi nailed his name.

嘿，謝謝你，康斯坦丁。早安.希望你一切都好，請告訴 Shar，Didi 的名字很正確。

Will do. Will do. Just maybe starting off on the 2025 expectations and guidance, you noted the 7.5% to 9.5% low growth, which is a step up versus kind of the prior long term assumptions that you had of greater than 1%. So that would point to some level of accretion. But maybe can you refresh us on the EPS sensitivity versus low growth and maybe any other offsets that you're embedding in 2025 like regulatory lag or any other?

會做。會做。也許從 2025 年的預期和指導開始，您就注意到 7.5% 到 9.5% 的低成長率，這比您之前超過 1% 的長期假設有所提高。所以這表示存在某種程度的吸積。但是，您能否向我們重新介紹 EPS 敏感度與低成長的關係，以及您在 2025 年嵌入的任何其他抵銷因素，例如監管滯後或其他因素？

Sure. Chuck, you want to do that one?

當然。查克，你想做這個嗎？

Yes. Constantine, we really are hesitant to give out sensitivity on low growth at EPS and just given the wide composition of rates within that. But that being said, if you look at slide 8 on the deck that we put out today, you can see how much that we're attributing the load growth across all classes. And so then you can kind of do the math between that and the 7.5% to 9.5%. So that kind of should give you an idea. But again, I feel only appropriate to put a little caveat on that.

是的。康斯坦丁，我們確實不願意透露每股盈餘低成長的敏感度，因為其中的利率組成範圍很廣。但話雖如此，如果您看一下我們今天放出的投影片 8，您就會看到我們將負載成長歸因於所有類別的負載成長。然後您就可以計算出該數字與 7.5% 到 9.5% 之間的差值。這應該能給你一個想法。但我再次感到有必要對此提出一點警告。

And then your other question on regulatory lag, I believe it was. So we do plan on going in for a rate case, as Sean said, by mid-year of this year. And obviously, this load growth is doing a lot to help mitigate any lag in between cases.

然後您的另一個問題是關於監管滯後，我相信是的。因此，正如肖恩所說，我們確實計劃在今年年中之前介入利率案件。顯然，這種負載成長對於緩解兩種情況之間的任何滯後有很大幫助。

Okay, perfect. Understood. And with the just more broadly with the second tier of high single digit low growth, how does that compare versus the IRP assumptions? And does the low growth require any interim solutions from an energy and resource adequacy standpoint? And any margin seen in 25% as we see kind of the reserve margins start seeing some pressure?

好的，完美。明白了。而從更廣泛的意義上講，第二層高個位數低成長與 IRP 假設相比如何？從能源和資源充足性的角度來看，低成長是否需要任何臨時解決方案？我們看到儲備利潤率開始面臨壓力，那麼 25% 的利潤率是否開始下降？

Yes, great question. And we're in pretty good shape. But certainly we're continuing to as we're negotiating the results of the RFP process and working through that process, we're updating that for current results. And so we'll certainly consider that, but nothing of concern right now.

是的，很好的問題。我們的狀況非常好。但當然，在我們就 RFP 流程的結果進行協商並完成流程的過程中，我們會繼續更新該流程以獲得當前結果。因此我們肯定會考慮這一點，但現在沒有什麼好擔心的。

And any cadence of updates there beyond the RFP timeframe that you put out in terms of putting any kind of numbers behind the CapEx? Yes.

在您發布的 RFP 時間範圍之外，是否有任何關於資本支出數字的更新節奏？是的。

So we're going to file what we said, we're going to file mid-year for recovery of that for our generation plans. And under Oklahoma, the statute allows for a 240 day period of time. So when we get the requisite approvals there, we will layer that in, in terms of the capital expenditures and our financing plan, how we will finance that.

因此，我們將按照我們所說的提交文件，我們將在年中提交文件，以恢復我們的發電計劃。根據俄克拉荷馬州的規定，法規允許的期限為 240 天。因此，當我們獲得必要的批准時，我們將在資本支出和融資計劃方面考慮如何融資。

Just to kind of reiterate what we've said previously, it is our intent to own these assets. We may have to bridge a little bit of it for a year or two just to kind of get through as we're constructing these, but it is our intent to own the majority of these assets.

只是想重申我們之前說過的話，我們打算擁有這些資產。在建造這些資產的過程中，我們可能需要花一兩年的時間來解決一部分問題，但我們的目標是擁有這些資產的大部分。

And I'll tell you, walking into this call, it's one degree here in Oklahoma City with the minus-18 wind chill and schools are closed. There's ice and snow all over the roads, but the lights are on. And I have a lot of confidence in the men and women in our company to kind of do that and that drives a lot of our thinking around owning these assets.

我告訴你們，當我們走進電話會議時，俄克拉荷馬城的氣溫只有一度，風寒指數為零下 18 度，學校都停課了。路面上到處都是冰雪，但是燈卻亮著。我對我們公司的員工非常有信心，他們能夠做到這一點，這也推動了我們對擁有這些資產的思考。

Nicholas Campanella, Barclays.

巴克萊銀行的尼古拉斯‧坎帕內拉 (Nicholas Campanella)。

Hey, good morning. It sounds like you got some Northeast weather down there. So hope you're staying warm.

嘿，早安。聽起來你們那裡遇到了東北天氣。所以希望你保持溫暖。

Yes. We're yes. We got to get tougher here about this winter weather.

是的。我們同意。我們必須對冬季天氣採取更嚴厲的應對措施。

Well, hey, I appreciate the time. Just wanted to ask, when you think about serving these potential data center customers, the capital requirements that are going to come from that, the potential to invest in new generation, how are you kind of thinking about your position within the supply chain? It just seems like there's been just general tightness across turbines and general availability there.

嗯，嘿，我很感謝你抽出時間。只是想問一下，當您考慮為這些潛在的資料中心客戶提供服務時，由此產生的資本需求，投資新一代的潛力，您如何考慮自己在供應鏈中的地位？看起來好像那裡的渦輪機和整體可用性一直都很緊張。

So just wanted to see if do you have visibility to be able to kind of deliver on a generation solution for new customers that are outside of the plan within this decade?

所以只是想看看您是否有能力在十年內為計劃之外的新客戶提供發電解決方案？

I think that's certainly what we're looking at. We were fortunate to have this RFP process underway. So we've got a good visual of what is available and certain timings. So we feel pretty good about that. And what we see today, we feel pretty good about. If we were fortunate to get a lot more, we'd have to take another look at that. But what we see in front of us and what we're anticipating, we feel pretty good about.

我認為這確實正是我們正在關注的。我們很榮幸這個 RFP 流程能夠順利進行。因此，我們對可用的內容和特定的時間有了很好的了解。因此我們對此感覺非常好。而對於今天所看到的一切，我們感到非常高興。如果我們有幸獲得更多，我們就必須再考慮一下。但對於眼前所見所期待的事情，我們感到十分滿意。

Okay. And then just putting in just a finer kind of timeline on when we can expect the next updates, just when do you think we would expect to hear about whether or not you'd win one of these new data center customer contracts? Is it just going to be a one off press release? Are you trying to deliver something by the back half of this year? How would you kind of frame the timeline?

好的。然後，再為我們提供一個更詳細的時間表，讓我們知道何時可以期待下一次更新，您認為我們什麼時候可以聽到您是否會贏得其中一個新的資料中心客戶合約？這只是一次性的新聞稿嗎？您是否想在今年下半年交付一些成果？您會怎樣規劃時程？

Yes, great question. And my expectation is this may not be our press release. This may be somebody else's. And obviously we would communicate about that then. And then where we so we're not trying to time anything if that was your question.

是的，很好的問題。我的預期是這可能不是我們的新聞稿。這可能是別人的。顯然，我們會就此進行溝通。如果這是您的問題，那麼我們就不會嘗試計時任何事情。

And then the second point is obviously, we would have some sort of capacity to satisfy that new load and you should expect us to kind of make the requisite filings with the commissions and get that cleared up and then Chuck will explain exactly how we're going to finance all those as well.

然後第二點顯然是，我們將有某種能力來滿足新的負荷，你應該期望我們向委員會進行必要的備案並澄清這一點，然後查克將確切解釋我們將如何為所有這些提供資金。

Okay. And that's something that -- sorry, that's something that would you think happens in the first half of this year or you're just not putting the timeline on it at this point?

好的。那是——抱歉，您認為那是今年上半年會發生的事情嗎，還是您目前還沒有設定時間表？

Well, we are going to --. So two comments or two pieces of this. We're going to file the results of our generation RFP that are out there. We're going to do that by mid-year. And we would certainly it would be nice if we had something if there was going to be a data center inclusion in that, that we had that in there too. If it doesn't work out, we've got to move forward with these RFP results. We'll file that. We may have to come back later and do a subsequent filing for data center. Does that help?

好吧，我們將會--.因此有兩則評論或兩則內容。我們將提交現有的一代 RFP 的結果。我們將在年中之前完成此事。如果我們能將資料中心納入其中，當然會很好，我們也將其納入其中。如果不成功的話，我們就必須繼續推進這些 RFP 結果。我們會將其歸檔。我們可能需要稍後回來並為資料中心進行後續歸檔。這樣有幫助嗎？

Julien Dumoulin Smith, Jefferies.

朱利安‧杜穆蘭‧史密斯 (Julien Dumoulin Smith)，傑富瑞 (Jefferies)。

Hey, team. Thank you again for the time. Stay warm, guys. Stay warm. And maybe just to pick it up from where Nick was left it off there frankly.

嘿，團隊。再次感謝您抽出時間。大家注意保暖。保持溫暖。坦白說，也許只是從尼克離開的地方繼續說下去。

Can you speak a little bit to what you're seeing in terms of the total quantum of RFP activity there? I mean, if you were to pick up incremental megawatts out of that RFP, whether in sort of coincident with the initial RFP update or in the back half at some point. How do you frame the sort of the total scope of what that RFP was able to procure, i.e., I know when you launched this whole process, you weren't anticipating that essentially have this quantum of data center.

您能否談談您所看到的那裡 RFP 活動的總量情況？我的意思是，如果您要從該 RFP 中獲得增量兆瓦，無論是與初始 RFP 更新同時發生，還是在後半部分的某個時間點。您如何定義該 RFP 能夠採購的全部範圍，也就是說，我知道當您啟動整個流程時，您並沒有預料到會有這麼大規模的資料中心。

Can you speak or and or other load, can you speak to what a max size on the RFP could be realistically or kind of any framing of sensitivities there?

您能否談談或其他負載，您能否談談 RFP 上的最大規模實際上可能是多少，或者那裡存在何種敏感性框架？

Yes. -- Julien, are you looking for the kind of the high end there? Are you contemplating this data center?

是的。 ——朱利安，你在尋找那種高階產品嗎？您正在考慮這個資料中心嗎？

Well, look, I'm trying to understand. Obviously, the load growth itself is dynamic. I understand that you can't necessarily get everything at the same time. I understand that when you launched this IRP/RFP, you didn't necessarily contemplate this. So just obviously you can up -- scale up the quantum of the RFP, but I imagine there's going to be some realistic frictions of what is palatable for you guys to procure.

嗯，看，我正在努力理解。顯然，負載成長本身是動態的。我理解你不可能同時得到所有的東西。我知道，當您啟動這個 IRP/RFP 時，您並不一定會考慮到這一點。因此，很明顯，您可以擴大 RFP 的量，但我想在您可以接受的採購方面會遇到一些現實的摩擦。

Yes. Fair point. And I get it. Also recognize we're kind of in the middle of negotiating those, so I don't really want to tip my hand in any way shape or form. What I would say though is we've been able and we anticipated this load growth.

是的。公平地說。我明白了。也意識到我們正處於談判之中，所以我真的不想以任何方式洩露我的秘密。我想說的是，我們有能力並且預料到這種負載成長。

We've been able to kind of manage this within our current capacity constructs. I'd also mentioned to you on previous calls where we had doubled down on our energy efficiency and demand response programs. That has created a significant benefit. I also mentioned that some of the crypto load that we have, they do not really have a net addition to our capacity needs because they're on direct load control. So we have that benefit.

我們已經能夠在現有能力範圍內管理這一點。我在之前的電話中也提到過，我們加倍加強了能源效率和需求響應計劃。這已經產生了顯著的效益。我還提到，我們擁有的一些加密負載實際上並沒有對我們的容量需求產生淨增加，因為它們採用直接負載控制。所以我們有這個好處。

And then the last point is, we're also continuing to evaluate and do upgrades to our existing facilities where we're squeezing 100 megawatts or so of additional capacity there. So we're attacking this on all fronts to make sure that when we do finalize the RFP, Julian, we're getting the very best deal. But I want to be really careful there because we are in the middle of negotiating those agreements and I don't want to jeopardize that.

最後一點是，我們也持續評估和升級我們現有的設施，在那裡我們擠出了大約 100 兆瓦的額外容量。所以我們正在從各個方面努力，以確保當我們最終確定 RFP 時，朱利安，我們能得到最好的交易。但我必須非常小心，因為我們正處於這些協議的談判之中，我不想危及這一點。

Yes, I understand it's a very dynamic situation. I got to try at least ask. Maybe just to speak on the other side of that. (multiple speakers)

是的，我知道這是一個非常動態的情況。我至少要嘗試詢問。也許只是想談談另一方面的問題。（多位發言者）

Asking another question. --

問另一個問題。--

We're always going to try, right? Maybe on -- a timing perspective, right? You said that we should go back and issue another RFP because again the scope of this RFP just didn't contemplate the total megawatts ultimately. How do you think about the like a subsequent RFP filing? How do you think that what that would lead to reconcile with some of the timelines? I mean, I'll note for instance this still water dynamic for instance could be kind of a 27 timeframe from what I can tell. Like could you swiftly issue another RFP? Are you guys getting ready for that here potentially?

我們總會努力的，對吧？也許從時間角度來看，對吧？您說我們應該回去並發布另一份 RFP，因為這份 RFP 的範圍最終沒有考慮到總兆瓦數。您如何看待後續的 RFP 提交？您認為這將如何與某些時間軸相協調？我的意思是，我會注意到，例如，據我所知，這種靜水動態可能是一種 27 的時間範圍。例如，你能迅速發布另一份 RFP 嗎？你們可能已經為此做好準備了嗎？

Yes. I mean, I think we've got to be prepared to do that. I think that's a very real situation there as things develop and you use the word dynamic, it's dynamic. And to the extent that we have significant changes in how we see the future, we would do a new IRP. And I think we should be prepared to do that.

是的。我的意思是，我認為我們必須做好準備。我認為，隨著事態的發展，那裡的情況非常真實，如果你用動態這個詞，它就是動態的。如果我們對未來的看法發生重大變化，我們就會制定新的 IRP。我認為我們應該做好準備。

Got it. And then lastly, just quickly, the legislative front, given how dynamic the situation is and given the scope of what would be contemplated here, how about any conversations this year in terms of formula rates or otherwise, if you can speak to that a little bit?

知道了。最後，簡單說一下立法方面，考慮到情況的動態變化以及這裡要考慮的範圍，今年在公式稅率或其他方面有何討論，您能談談這個問題嗎？

Yes, I think, yes, so on the legislative side in terms of formula rates or performance based rate making or something like that, we achieved our objective there in terms of education. I think everyone is fully aware and educated now. We always recognize that all roads lead through the commission. And so we're going to we've got a heavy agenda this year, but we're going to find the opportunity to make a filing there for formula rate at the commission.

是的，我認為是的，所以在立法方面，就公式費率或基於績效的費率制定或類似的東西而言，我們在教育方面實現了我們的目標。我想現在每個人都已經充分認識並接受了教育。我們始終認識到，所有道路都通過委員會。因此，我們今年的議程很繁重，但我們會尋找機會向委員會提交公式稅率的申請。

Anthony Crowdell, Mizuho.

瑞穗的安東尼·克勞德爾 (Anthony Crowdell)。

Hey, good morning, Sean. Good morning, Chuck. Again, congrats, Chuck, on I guess your first, I guess, I know it's full time or non-interim call. -- Good morning. Hopefully, a little easier than Julian's question. I don't know where that was headed, but I guess I could ask about the 24% commercial load growth that you're calling for. I'm wondering if you give any clarity or indication of just what percentage of your gross margin, if I think of in '25 or if you want to pick another year, what percent of your gross margin will come from commercial load?

嘿，早上好，肖恩。早上好，查克。再次恭喜查克，我想這是你的第一次，我知道這是全職或非臨時的通話。 -- 早安.希望比朱利安的問題容易一些。我不知道這會導致什麼結果，但我想我可以問一下您所呼籲的 24% 商業負荷增長。我想知道您是否能說明或表明您的毛利率中有多少百分比，如果我想到25年或如果您想選擇另一年，您的毛利率中有多少百分比將來自商業負荷？

Chuck, you want to tackle that one?

查克，你想解決這個問題嗎？

Yes, sure. Maybe just take a step back and look at the results of 2024, where we really saw strong results across all categories. And really, I can't overemphasize how important that is to me that we're seeing growth across all those categories really showing the underlying strength of our service area.

是的，當然。也許只需退一步看看 2024 年的結果，我們確實看到所有類別都取得了強勁的成績。事實上，我不能過度強調這對我來說有多重要，我們看到所有這些類別的成長確實顯示了我們服務領域的潛在實力。

Within commercial, that is a lot of that is crypto load as Sean spoke to before that is really beneficial and that it doesn't require much incremental investment for us. On the generation side is that's all on direct load control, where we've got the proverbial button, so to speak. So, really beneficial for our customers as a whole to have that low cost to serve kilowatt hours in there.

在商業領域，正如 Sean 之前所說的那樣，其中許多都是加密負載，這確實是有益的，而且對我們來說不需要太多的增量投資。在發電方面，一切都取決於直接負載控制，可以說，我們有一個眾所周知的按鈕。因此，以如此低的成本提供千瓦時的電力對於我們整個客戶群來說確實非常有利。

Great. And then just one follow-up and I apologize if I didn't hear correctly, but I believe that you're forecasting filing in Oklahoma rate case later this year. Just with the strong load growth, obviously, the load growth should help spread out the cost per kilowatt hour. Just if you could just indicate or directionally point to type of percentage increase. I mean, I guess with this great load growth you have, my guess would be that the amount of increase would be a lot lower and should the load not be here?

偉大的。然後只有一個後續問題，如果我沒有聽清楚，我很抱歉，但我相信您預測今年稍後會提起俄克拉荷馬州的利率案件。由於負載強勁成長，顯然負載成長應該有助於分攤每千瓦時的成本。如果您能指出或指示百分比增加的類型就好了。我的意思是，我猜隨著負載大幅增長，我的猜測是增加的量會低很多，負載不應該在這裡嗎？

I think what you said is absolutely correct. You should expect the load growth to mitigate this and that's what we're trying to do is we're trying to keep these impacts small and not do anything that disrupts the overall load growth or viability of the economy. And so depending on when we make the filing and what is in that test year, but so I don't have an exact percentage for you today, but safe to say you are exactly right that the load growth is going to mitigate the impact to customers.

我認為你說的完全正確。您應該期望負載增長會緩解這種情況，而我們正在嘗試做的是盡量將這些影響保持在較小水平，並且不做任何破壞整體負荷增長或經濟可行性的事情。所以這取決於我們何時提交文件以及測試年份的情況，但我今天沒有確切的百分比給你，但可以肯定地說，你是完全正確的，負載增長將減輕對客戶的影響。

Great. Love the slides, a lot of detail there. Appreciate you taking my questions.

偉大的。喜歡幻燈片，裡面有很多細節。感謝您回答我的問題。

Aditya Gandhi, Wolfe Research.

阿迪亞甘地（Aditya Gandhi），沃爾夫研究公司。

Hi, good morning, Sean, Chuck and Jason. Hope you're doing well. Thanks for taking my questions. -- Just to start off maybe on load growth, can you just remind us what you're baking in for long term load growth beyond 2025? Is it still at least 2%? And relatedly, on data center, Sean, I appreciate you said you can't comment on Stillwater, but any color you can give us on the core scientific data center near Muskogee at this point?

嗨，早上好，肖恩、查克和傑森。祝你一切順利。感謝您回答我的問題。 -- 首先談談負載成長，您能否提醒我們一下，您對 2025 年以後的長期負載成長有何打算？它還至少有2%嗎？與此相關的是，關於數據中心，肖恩，我知道你說你無法對斯蒂爾沃特發表評論，但你現在能給我們一些有關馬斯科吉附近核心科學數據中心的詳細信息嗎？

So I'll start off on the long term load growth. I mean, again, we mentioned last year was the fourth year of historic load growth that we've had. And we're essentially rolling that forward into this year with really our strongest load growth guidance ever. So that's really super exciting. Going forward though, we don't expect really a change in the backdrop, the fundamentals that are leading to where we are today.

因此我將從長期負載成長開始討論。我的意思是，我們再次提到，去年是我們歷史性負荷成長的第四年。我們基本上將這一目標推向今年，並制定了有史以來最強勁的負載成長預期。這真的非常令人興奮。不過，展望未來，我們並不認為導致我們今天狀況的背景和基本面會真正改變。

So I think we're comfortable continuing to say that we're in that 2%, 2%-plus on a long range area. But to the extent that we have events that move us upward from that, that kind of gets to those some of those press releases that Sean spoke about earlier. And we can give more color and flavor at that time. But I think for now, you should take away very positive message around the fundamentals of where we have been for many years now.

因此我認為我們可以放心地說我們的成長率處於 2% 甚至 2% 以上。但如果我們發生的事件能推動我們取得進步，那麼這就類似於肖恩之前提到的一些新聞稿。那時我們可以提供更多的顏色和味道。但我認為就目前而言，你應該從我們多年來所處的基本面中得到非常正面的訊息。

And Aditya, just to be clear, there's really not anything to add around the opportunity set in Muskogee in terms of data centers. That's an active dialogue and when we have something to communicate, we're certainly going to communicate that.

阿迪亞，需要明確的是，就資料中心而言，馬斯科吉的機會確實沒有什麼可以補充的。這是一種積極的對話，當我們有事情要交流時，我們當然會進行交流。

Okay. That's clear. Maybe a lot of questions on the RFP, but I wanted to ask on another potential CapEx upside that you all mentioned last quarter regarding SPP ITP transmission. Could you just clarify whether that's included in the revised CapEx plan or not? And if not, when we can sort of expect to see movement around that CapEx?

好的。這很清楚。可能對 RFP 有很多疑問，但我想問一下大家上個季度提到的有關 SPP ITP 傳輸的另一個潛在的資本支出上行空間。您能否澄清一下這是否包含在修訂後的資本支出計劃中？如果沒有，我們什麼時候可以預期看到資本支出的變動？

Yes, that is not in there. That will be included when we finalize the notice to construct later this year.

是的，那裡面沒有這個。當我們在今年稍後最終確定施工通知時，將會將這些內容納入其中。

And one last question from me. Appreciate all your comments around rebasing higher off of 2025 guidance. Sean, you also mentioned that you want to be consistent in how you grow, but do you at this point feel comfortable sort of guiding within your 5% to 7% growth rate just given the exceptional load growth that you're seeing?

我還有最後一個問題。感謝您對根據 2025 年指引進行更高調整的所有評論。肖恩，您也提到，您希望在成長方式上保持一致，但考慮到您所看到的異常負載成長，您是否願意將成長率控制在 5% 到 7% 之間？

Yes. Aditya, I'm not sure I got all of that. Could you restate the question?

是的。阿迪亞，我不確定我是否理解了這一切。您能重新表達一下這個問題嗎？

Sorry, yes. I appreciate all the color around the updated 5% to 7% growth rate that you already based higher of 25% guidance. Just given the exceptional load growth at this point, do you feel comfortable sort of commenting on where you see the company tracking within that 5% to 7%?

抱歉，是的。我很欣賞您關於更新後的 5% 至 7% 的增長率的所有解釋，這一增長率已高於 25% 的指導值。鑑於目前的負載成長異常，您是否願意評論一下您認為公司的成長速度將在 5% 到 7% 之間？

Yes. Look, I think we're very comfortable through the five year forecast period to grow at 5% to 7%. And I'm really focused on that five years and then years beyond that continuing to grow at this clip. I don't want to get into kind of pointing to one end or the other end for any particular year. I think what you're going to see from us is a consistent achievement of 5% to 7% over a number of years. And so we're going to continue to run the business -- , and we're this thing has been rolling for a number of years and we want to keep going.

是的。看起來，我認為我們對五年預測期內 5% 至 7% 的成長率非常滿意。我真正關注的是未來五年以及之後幾年繼續以這樣的速度成長。我不想陷入指向某一特定年份的一端或另一端的討論。我想大家會看到我們在未來幾年持續取得 5% 到 7% 的成績。因此，我們將繼續經營這項業務——這項業務已經開展好幾年了，我們希望繼續下去。

Thank you. And I'm showing no further questions. I'd like to turn it back to Sean Trotski for closing remarks.

謝謝。我沒有其他問題。我想請肖恩·托洛茨基 (Sean Trotski) 作最後發言。

Thank you, Didi, and well done today, Didi. You did a great job with everyone's names. So thank you for that. And for everyone on the call today, thank you. Thank you for your interest and your time this morning. And take care of yourselves and be safe out there.

謝謝你，滴滴，今天做得很好，滴滴。你把每個人的名字都記得很好。非常感謝你。我也感謝今天參加電話會議的每個人。感謝您今天上午的關注和時間。請照顧好自己，注意安全。

This concludes today's conference call. Thank you for participating and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。