Omega Healthcare Investors Inc (OHI) 2023 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Omega Healthcare Investors Inc. Second Quarter Earnings Conference Call. (Operator Instructions) At this time, it is my pleasure to turn the floor over to your host, Michele Reber. Ma'am, the floor is yours. I think you are on mute.

女士們先生們，美好的一天，歡迎參加歐米茄醫療保健投資者公司第二季度收益電話會議。 （操作員說明） 現在，我很高興將發言權交給主持人 Michele Reber。女士，地板是你的了。我認為你處於靜音狀態。

Thank you, and good morning. With me today are Omega's CEO, Taylor Pickett; COO, Dan Booth; CFO, Bob Stephenson; and Megan Krull, Senior Vice President of Operations. Comments made today on this conference call that are not historical facts may be forward-looking statements such as statements regarding our financial projections, dividend policy, portfolio restructuring, rent payments, financial condition or prospects of our operators, contemplated dispositions or transitions and our business and portfolio outlook generally.

謝謝你，早上好。今天與我在一起的有歐米茄 (Omega) 首席執行官泰勒·皮克特 (Taylor Pickett)；首席運營官丹·布斯；首席財務官鮑勃·斯蒂芬森；和梅根克魯爾，運營高級副總裁。今天在本次電話會議上發表的非歷史事實的評論可能是前瞻性陳述，例如有關我們的財務預測、股息政策、投資組合重組、租金支付、運營商的財務狀況或前景、預期的處置或過渡以及我們的業務的陳述以及投資組合的總體前景。

These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially. Please see our press releases and our filings with the Securities and Exchange Commission, including without limitation on a recent report on Form 10-K which identify specific factors that may cause actual results or events to differ materially from those described in forward-looking statements.

這些前瞻性陳述涉及風險和不確定性，可能導致實際結果存在重大差異。請參閱我們的新聞稿和向美國證券交易委員會提交的文件，包括但不限於最近的10-K 表報告，該報告指出了可能導致實際結果或事件與前瞻性陳述中描述的結果或事件存在重大差異的具體因素。

During the call today, we will refer to some non-GAAP financial measures, such as NAREIT FFO, adjusted FFO, FAD and EBITDA. Reconciliations of these non-GAAP measures to the most comparable measure under generally accepted accounting principles as well as an explanation of the usefulness of the non-GAAP measures are available under the Financial Information section of our website at www.omegahealthcare.com. And in the case of NAREIT FFO and adjusted FFO, in our recently issued press release.

在今天的電話會議中，我們將提及一些非 GAAP 財務指標，例如 NAREIT FFO、調整後的 FFO、FAD 和 EBITDA。這些非 GAAP 衡量標準與公認會計原則下最可比的衡量標準的對賬以及非 GAAP 衡量標準有用性的解釋可在我們網站 www.omegahealthcare.com 的財務信息部分找到。對於 NAREIT FFO 和調整後的 FFO，請參閱我們最近發布的新聞稿。

In addition, certain operator coverage and financial information that we discuss is based on data provided by our operators that has not been independently verified by Omega. I will now turn the call over to Taylor.

此外，我們討論的某些運營商覆蓋範圍和財務信息基於我們的運營商提供的數據，未經歐米茄獨立驗證。我現在將把電話轉給泰勒。

Thanks, Michele. Good morning, and thank you for joining our second quarter 2023 earnings conference call. Today, I will discuss our second quarter financial results and certain key operating trends. Second quarter FAD, funds available for distribution of $0.70 per share significantly exceeded the first quarter of $0.60 per share, comfortably ahead of our $0.67 per share dividend.

謝謝，米歇爾。早上好，感謝您參加我們的 2023 年第二季度收益電話會議。今天，我將討論我們第二季度的財務業績和某些關鍵運營趨勢。第二季度 FAD 可供分配的資金為每股 0.70 美元，大大超過第一季度的每股 0.60 美元，遠遠高於我們每股 0.67 美元的股息。

The FAD dividend payout ratio is 96%. The large increase in FAD is primarily due to the resumption of increase in rent from cash basis operators. One operator will be paid partial rent in April and full rent in May and June, which results in a $0.035 increase in FAD quarter-over-quarter. As Dan will discuss, LaVie is still being restructured, and we have agreed to partial rent payments of $2.5 million per month for the third quarter, which will reduce that by $0.035 from Q2 to Q3.

FAD的股息支付率為96%。 FAD大幅增長主要是由於現金制運營商恢復上調租金。一家運營商將在 4 月份支付部分租金，並在 5 月和 6 月支付全額租金，這導致 FAD 環比增加 0.035 美元。正如 Dan 將討論的那樣，LaVie 仍在重組，我們已同意第三季度每月支付 250 萬美元的部分租金，這將使第二季度到第三季度減少 0.035 美元。

When the LaVie restructuring is completed, we expect a significant increase in cash rents, current agreed upon partial rent payments. In addition, during the second quarter, we issued 6.6 million shares of common stock to fund our pipeline and delever. These additional shares will put some modest pressure on our future FAD share.

當 LaVie 重組完成後，我們預計現金租金（目前商定的部分租金支付）將大幅增加。此外，在第二季度，我們發行了 660 萬股普通股，為我們的管道和去槓桿化提供資金。這些額外的股份將對我們未來的 FAD 股份造成一定的壓力。

Turning to positive operating trends. First quarter EBITDAR coverage, excluding CARES Act support, continues to improve, increasing to 1.15x versus 1.09x in the prior quarter. This level of coverage reflects continued occupancy improvement, strong state reimbursement rates and moderation in the still difficult labor market. The under 1.0x EBITDAR operators represent 29.9% of total rent. We can break the 29.9% into a handful of buckets.

轉向積極的運營趨勢。第一季度的 EBITDAR 覆蓋率（不包括 CARES 法案的支持）繼續改善，從上一季度的 1.09 倍增至 1.15 倍。這一水平的覆蓋率反映了入住率的持續改善、強勁的國家報銷率以及仍然困難的勞動力市場的緩和。 EBITDAR 低於 1.0 倍的運營商佔總租金的 29.9%。我們可以將 29.9% 分成幾個部分。

Operators representing 6.2% of the 29.9% are sitting on extremely strong balance sheets and therefore, payment of rent should not be an issue. Operators representing 8.1% at first quarter EBITDAR coverage above 1.0x. 9.5% represents LaVie. LaVie's first quarter EBITDAR coverage, when excluding the anticipated sale or transition of 23 facilities is also above 1.0x.

佔 29.9% 中 6.2% 的運營商擁有極其強勁的資產負債表，因此支付租金不應該成為問題。第一季度 EBITDAR 覆蓋率超過 1.0 倍的運營商佔 8.1%。 9.5%代表LaVie。排除 23 家設施的預期銷售或過渡後，LaVie 第一季度的 EBITDAR 覆蓋率也高於 1.0 倍。

That lease operators representing 6.1% of which operators representing 3.5% are in active restructurings where were recently transitioned, which sees the balance of $2.6 million representing 8 small operating relationships. I will now turn the call over to Bob.

租賃運營商佔 6.1%，其中佔 3.5% 的運營商正在進行積極的重組，最近進行了轉型，餘額為 260 萬美元，代表 8 個小型運營關係。我現在將把電話轉給鮑勃。

Thanks, Taylor, and good morning. Turning to our financials for the second quarter. Revenue for the second quarter was $250 million before adjusting for certain nonrecurring items compared to $245 million for the second quarter of 2022. The year-over-year increase is primarily to [resolve the] timing related to operator restructurings, revenue from new investments needed in 2022 and 2023, partially offset by assets asset sales completed through that time, same time for [NTP].

謝謝，泰勒，早上好。轉向我們第二季度的財務狀況。在對某些非經常性項目進行調整之前，第二季度的收入為2.5 億美元，而2022 年第二季度的收入為2.45 億美元。同比增長主要是為了[解決]與運營商重組、所需新投資收入相關的時間安排2022 年和 2023 年，部分被同期完成的資產出售所抵消，[NTP] 的時間相同。

Our NAREIT FFO for the second quarter was $155 million or $0.63 per share as compared to $161 million or $0.66 per share for the second quarter of 2022. Our adjusted FFO was $183 million or $0.74 per share for the quarter, and our FAD was $173 million or $0.70 per share and both excludes several items in systems with historical practices as outlined in our adjusted FFO and FAD reconciliation to net income found in our earnings release as well as our second quarter financial supplemental posted to our website.

我們第二季度的NAREIT FFO 為1.55 億美元，即每股0.63 美元，而2022 年第二季度為1.61 億美元，即每股0.66 美元。本季度調整後的FFO 為1.83 億美元，即每股0.74美元，我們的FAD 為1.73 億美元或每股0.70 美元，兩者都不包括具有歷史實踐的系統中的幾個項目，如我們調整後的FFO 和FAD 對淨利潤的調節所概述，這些項目在我們的收益發布以及我們網站上發布的第二季度財務補充中找到。

As Taylor mentioned, the $0.70 of FAD for the second quarter was $0.10 greater than our first quarter FAD. This increase was primarily driven by incremental revenue from LaVie, the completion of workout arrangements and timing of payments from other cash basis operators partially offset by additional weighted average shares. In the second quarter, we closed on $270 million in new investments. The second quarter new investments, the majority of which were completed in April are expected to produce incremental contractual rent and interest, or FAD, approximately $1.3 million in the third quarter.

正如泰勒提到的，第二季度的 FAD 為 0.70 美元，比第一季度的 FAD 多了 0.10 美元。這一增長主要是由 LaVie 的增量收入、鍛煉安排的完成以及其他現金制運營商的付款時間所推動，部分被額外的加權平均股份所抵消。第二季度，我們完成了 2.7 億美元的新投資。第二季度的新投資大部分於 4 月份完成，預計將在第三季度產生約 130 萬美元的增量合同租金和利息（FAD）。

We have a number of operators on a cash basis for revenue recognition, including LaVie, which is projected at $2.5 million per month we will only report FAD from our cash-based operators to the extent that payments are received or security deposits are applied. It's important to note that our third quarter FAD will also be impacted by the increase in the weighted average shares outstanding as we issued 6.6 million shares for proceeds of approximately $200 million in June. For every 6 million shares issued our quarterly FAD is negatively impacted by approximately $0.015 per share until the cash is put back to work in new investments.

我們有許多運營商以現金為基礎進行收入確認，其中包括 LaVie，預計每月 250 萬美元，我們只會在收到付款或使用保證金的情況下報告現金運營商的 FAD。值得注意的是，我們第三季度的 FAD 也將受到加權平均流通股增加的影響，因為我們 6 月份發行了 660 萬股，收益約為 2 億美元。每發行 600 萬股，我們的季度 FAD 就會受到每股約 0.015 美元的負面影響，直到現金重新用於新投資。

In summary, consistent with the commentary provided last quarter, we still expect Q4 FAD payout ratio to approximately cover our $0.67 dividend with a path to return to a normalized payout ratio in (inaudible) 80s to low 90s in 2024. Our balance sheet intends to remain strong. In the second quarter, we issued 6.6 million shares for $200 million of equity, and we also terminated our $400 million in treasury locks, which generated $93 million of cash gain, leaving us with $350 million in cash at June 30.

總之，與上季度提供的評論一致，我們仍然預計第四季度FAD 派息率將大約覆蓋我們0.67 美元的股息，並有望在2024 年恢復到（聽不清）80 至90 左右的正常化派息率。我們的資產負債表打算保持堅強。第二季度，我們發行了660 萬股股票，換取2 億美元的股本，我們還終止了4 億美元的國庫鎖定，這產生了9300 萬美元的現金收益，截至6 月30 日，我們擁有3.5 億美元的現金。

On August 1, we used the balance, we used the balance sheet cash to repay a $350 million bond maturity. Looking forward, based on the current capital markets, our active pipeline, in April 1, 2024, $400 million bond maturity. We expect to continue to be opportunistic in the equity capital markets while targeting leverage in the low 5s. At June 30, 99% of $5.3 billion in debt was at fixed revenues and our net funded debt to annualized adjusted normalized EBITDA of 5.1x. And our fixed charged coverage ration was 4.1x.

8月1日，我們用餘額，用資產負債表現金償還了3.5億美元的債券到期。展望未來，根據當前資本市場的情況，我們的活躍管道將於 2024 年 4 月 1 日到期，屆時將有 4 億美元的債券到期。我們預計將繼續在股權資本市場上保持機會主義，同時將槓桿率目標定在 5 左右。截至 6 月 30 日，53 億美元債務中的 99% 為固定收入，我們的淨融資債務與年化調整後標準化 EBITDA 的比為 5.1 倍。我們的固定收費覆蓋率為 4.1 倍。

I'll now hand over to Dan.

現在我將把任務交給丹。

Good morning, everyone. As of June 30, 2023, Omega had an operating asset portfolio of 893 facilities with approximately 88,000 operating beds. These facilities were spread across 66 third-party operators and located within 42 states in the United Kingdom. Trailing 12-month operator EBITDAR coverage for our core portfolio as of March 31, 2023, increased to 1.1x versus 1.4x for the trailing 12-month period ended December 31, 2022.

大家，早安。截至 2023 年 6 月 30 日，Omega 擁有由 893 個設施組成的運營資產組合，擁有約 88,000 個運營床位。這些設施遍布 66 個第三方運營商，位於英國 42 個州。截至 2023 年 3 月 31 日，我們核心投資組合的過去 12 個月運營商 EBITDAR 覆蓋率增至 1.1 倍，而截至 2022 年 12 月 31 日的過去 12 個月期間為 1.4 倍。

During the first quarter of 2023, our operators' cumulative recorded approximately $5.8 million in federal stimulus funds as compared to approximately $20 million recorded during the fourth quarter. Trailing 12-month operator EBITDAR coverage would have increased during the first quarter of 2023 to 1.02x as compared to 0.92x for the fourth quarter, when excluding the benefit of any federal stimulus funds.

2023 年第一季度，我們的運營商累計獲得了約 580 萬美元的聯邦刺激資金，而第四季度的記錄約為 2000 萬美元。不包括任何联邦刺激基金的好處時，過去 12 個月運營商 EBITDAR 覆蓋率在 2023 年第一季度將增加至 1.02 倍，而第四季度為 0.92 倍。

EBITDAR coverage for the stand-alone quarter ended March 31, 2023, and for our core portfolio was 1.8x, including federal stems and 1.15x, excluding the $5.8 million of federal stimulus funds. This compares favorably to the stand-alone fourth quarter of 1.19x and 1.09x with and without the $20 million in federal stimulus funds, respectively.

截至 2023 年 3 月 31 日的獨立季度，我們的核心投資組合的 EBITDAR 覆蓋率為 1.8 倍（包括聯邦莖）和 1.15 倍（不包括 580 萬美元的聯邦刺激基金）。與有和沒有 2000 萬美元聯邦刺激基金的情況下第四季度的單獨增長率分別為 1.19 倍和 1.09 倍相比，這一數字相當不錯。

Occupancy for our overall core portfolio has continued to recover from a low of 74.6% in January of 2022 to 79.6% as of mid-July of 2023, based on preliminary reporting from our operators. Turning to portfolio matters. LaVie, as previously mentioned, Omega and LaVie are in the process of restructuring their portfolio by transitioning certain underperforming facilities most located in the state of Florida.

根據我們運營商的初步報告，我們整體核心投資組合的入住率持續從 2022 年 1 月 74.6% 的低點恢復至 2023 年 7 月中旬的 79.6%。轉向投資組合問題。 LaVie，如前所述，Omega 和 LaVie 正在通過過渡位於佛羅里達州的某些表現不佳的設施來重組其投資組合。

To date, 13 facilities have been divested. Currently, Omega is in the process of selling or releasing additional 23 facilities, most of which are expected to be transferred throughout the fourth quarter of 2023. During the second quarter of 2023, LaVie paid partial rent in April of $2.5 million and full contractual rent for May and June of $7.2 million each month.

迄今為止，已有 13 個設施被剝離。目前，歐米茄正在出售或釋放額外的 23 處設施，其中大部分預計將在 2023 年第四季度轉讓。2023 年第二季度，LaVie 在 4 月份支付了 250 萬美元的部分租金和全額合同租金5月和6 月每月720 萬美元。

In anticipation of the future transition of 23 additional facilities, Omega has agreed to allow LaVie to short pay rent by approximately 66% during the third quarter of 2023. Maplewood, in the second quarter, Maplewood short paid its contractual June and July rent by $1 million per month. We currently are working with Maplewood and the estate of Greg Smith to address these shortfalls.

考慮到未來將有 23 個額外設施的過渡，Omega 已同意允許 LaVie 在 2023 年第三季度短付約 66% 的租金。Maplewood 在第二季度短付了 6 月和 7 月合同租金 1 美元每月百萬。我們目前正在與 Maplewood 和 Greg Smith 遺產委員會合作，以解決這些缺陷。

Based on Maplewood's latest cash flow projections, which incorporate anticipated January rate increases and improved census at the Second Avenue facility in Manhattan, Maplewood believes there is a path forward to meet its full contractual rental obligations in the first quarter of 2024. In August, we drew on a $4.8 million security deposit and we'll be applying the security deposit to any rental shortfalls realized in the third quarter.

根據Maplewood 最新的現金流預測（其中包括預期的1 月份加息和曼哈頓第二大道設施改進的人口普查），Maplewood 相信有一條道路可以在2024 年第一季度履行其全部合同租賃義務。8 月，我們我們提取了 480 萬美元的保證金，我們將用這筆保證金來彌補第三季度出現的任何租金短缺。

In addition to the aforementioned restructurings and transitions, Omega is working with several other relatively small operators on various restructures. Turning to new investments. As previously announced, on April 14, 2023, Omega closed on a $219 million transaction, which consisted of $114.8 million purchase lease transaction for 4 facilities in West Virginia and a $104.6 million in mezzanine financing.

除了上述重組和轉型之外，歐米茄還與其他幾家相對較小的運營商合作進行各種重組。轉向新的投資。正如之前宣布的，2023 年 4 月 14 日，歐米茄完成了一筆 2.19 億美元的交易，其中包括西弗吉尼亞州 4 處設施的 1.148 億美元的購買租賃交易和 1.046 億美元的夾層融資。

Concurrently with these acquisitions, Omega amended an existing operator's master lease to include the 4 facilities and an initial cash yield of 9.5% with 2.5% annual escalators. The mezzanine financing was given to the same existing operator, bearing an interest rate of 12% and was part of the capital stack to purchase 13 additional facilities in West Virginia. Also, as previously announced, on May 1, of 2023. Omega purchased 1 additional facility in West Virginia for $13.7 million.

在進行這些收購的同時，Omega 修改了現有運營商的主租約，將 4 個設施包括在內，初始現金收益率為 9.5%，年自動扶梯收益率為 2.5%。夾層融資提供給了同一家現有運營商，利率為 12%，並且是在西弗吉尼亞州購買 13 個額外設施的資本堆棧的一部分。此外，正如之前宣布的那樣，歐米茄於 2023 年 5 月 1 日斥資 1,370 萬美元在西弗吉尼亞州購買了 1 處額外設施。

The facility was added to an existing operator's master lease and the initial cash yield of 10% with 2.5% annual escalators. Additionally, on June 30, 2023, Omega closed on a $10 million mezzanine loan, an existing operator. The mezzanine loan bears an interest rate of 11%, has a 5-year term and was part of a capital stack to purchase 12 facilities in Pennsylvania. Omega closed on a total of $270 million in new investments in the second quarter of 2023, including $17 million in capital expenditures.

該設施被添加到現有運營商的主租賃中，初始現金收益率為 10%，自動扶梯年收益率為 2.5%。此外，2023 年 6 月 30 日，歐米茄完成了現有運營商 1000 萬美元的夾層貸款。該夾層貸款利率為 11%，期限為 5 年，是在賓夕法尼亞州購買 12 項設施的資本堆棧的一部分。歐米茄在 2023 年第二季度完成了總計 2.7 億美元的新投資，其中包括 1700 萬美元的資本支出。

Year-to-date, Omega has closed on a $313 million of new investments, including $29 million in capital expenditures. Turning to dispositions. During the second quarter of 2023, Omega divested 10 facilities for a total of $45 million in proceeds. Year-to-date, Omega has divested 12 facilities for a total of $62 million in proceeds. I will now turn the call over to Megan.

今年迄今為止，歐米茄已完成 3.13 億美元的新投資，其中包括 2,900 萬美元的資本支出。轉向處置。 2023 年第二季度，歐米茄剝離了 10 項設施，收益總計 4500 萬美元。今年迄今為止，歐米茄已剝離 12 項設施，收益總計 6,200 萬美元。我現在將把電話轉給梅根。

Thanks, Dan, and good morning, everyone. We continue to see slow positive momentum in occupancy with the number of core facilities not recovered at 35% and up slightly from the 30%, 33% reported in the fourth quarter. Additionally, 25% of core facilities have not yet fully recovered, are at or above 84% occupancy. Staffing shortages while continuing to moderate persist the (inaudible) overall recovery and continuing to vary by market.

謝謝丹，大家早上好。我們繼續看到入住率呈現緩慢的積極勢頭，未恢復的核心設施數量為 35%，略高於第四季度報告的 30% 和 33%。此外，25%的核心設施尚未完全恢復，入住率達到或高於84%。人員短缺的情況持續緩和（聽不清）的整體復甦，並且繼續因市場而異。

In June, ACA released the results of Survey of 425 nursing home providers, results of which showed that 52% are still limiting new admissions due to staffing shortages. Agency expense on a per patient day basis for our core portfolio for first quarter 2023, remained at 5x where it was in 2019, which, while consistent with last quarter, did show modest month-over-month improvement, helping to offset some of these persistent expense increases.

6月，ACA公佈了對425家療養院提供者的調查結果，結果顯示，52%的療養院仍因人員短缺而限制新入院人數。 2023 年第一季度，我們的核心投資組合按患者日計算的代理費用仍是 2019 年的 5 倍，雖然與上季度一致，但確實顯示出逐月適度改善，有助於抵消其中的一些費用持續性開支增加。

On the rate setting front, just this week, CMS issued its final 2024 payment rules, resulting in a net increase or 4%, approximately $1.4 million, which is slightly better than the 3.7% provided for in the proposed rule. This included a 6.4% net market basket update consisting of a 3% market basket increase as a 3.6% market basket forecast error adjustment, offset by a 0.2% productivity adjustment as well as the remaining 2.3% PDPM parity adjustment recalibration.

在費率設定方面，就在本週，CMS發布了2024年最終付款規則，淨增長4%，約合140萬美元，略好於擬議規則中規定的3.7%。這包括 6.4% 的淨市場籃子更新，其中包括 3% 的市場籃子增長作為 3.6% 的市場籃子預測誤差調整，被 0.2% 的生產率調整以及剩餘的 2.3% PDPM 平價調整重新校準所抵消。

And on the state side, while the magnitude of certain state -- certain rate increases is not exactly what we had hoped for in certain areas, it is still moving in the right direction. Texas, of note, provided for at least the $19.63 COVID add-on to be included in its permanent rate setting starting September 1, in addition to a small increase above that. And Florida provided for up to 5% rate increase starting October 1. While much of the Florida rate is based on quality indicators, meaning that not all operators will see this large of an increase, it does represent somewhat of a trend in rate setting. Or more and more states or time reimbursement increases to quality measures. Assuming this is done in a thoughtful manner. This is something that we welcome.

在國家方面，雖然某些國家的某些利率增長的幅度並不完全是我們在某些領域所希望的，但它仍然在朝著正確的方向發展。值得注意的是，德克薩斯州規定，從 9 月 1 日起，至少將 19.63 美元的新冠附加費納入其永久費率設置中，此外還略有增加。佛羅里達州規定，從10 月1 日起，費率將上漲5%。雖然佛羅里達州的費率大部分基於質量指標，這意味著並非所有運營商都會看到如此大的漲幅，但它確實代表了費率設定的某種趨勢。或者越來越多的州或時間報銷增加到質量措施。假設這是經過深思熟慮的方式完成的。這是我們歡迎的事情。

However, it should never fully replace increases tied to the inflationary environment. I will now open the call up for questions.

然而，它永遠不應該完全取代與通貨膨脹環境相關的增長。我現在將開始提問。

(Operator Instructions)

（操作員說明）

Our first question is from Tao Qiu from Berenberg.

我們的第一個問題來自貝倫貝格的邱濤。

LaVie was a positive surprise this quarter. I appreciate the cut on the $0.035 step down for the next quarter. I think there are a few additional puts and takes for the next quarter. I think Maplewood was below expectations, and you still have security deposit you apply. I think there's one more month of rent coming from health care homes. The share count is higher. I'm just wondering if you could help us bridge to the third quarter on the FAD number.

LaVie 本季度帶來了積極的驚喜。我很欣賞下一季度 0.035 美元的降幅。我認為下個季度還有一些額外的看跌期權和期權。我認為 Maplewood 低於預期，而且您仍然有申請的保證金。我想還有一個月的租金來自醫療保健院。股份數量更高。我只是想知道你是否可以幫助我們過渡到第三季度的 FAD 數字。

I think -- this is Paul. I think you hit on -- the only other component to look at, I did mention the incremental revenue related to acquisitions completed in the quarter. And then also Taylor, and I both mentioned that the shares issued or issued late in the quarter. So you're going to have some modest impact based on the weighted average shares.

我想——這就是保羅。我認為你偶然發現了——唯一值得關注的其他組成部分，我確實提到了與本季度完成的收購相關的增量收入。然後泰勒和我都提到了在本季度末發行或發行的股票。因此，根據加權平均份額，您將產生一些適度的影響。

Okay. And just one follow-up. We got the 4% Medicare update earlier this week, and thanks for the comments about Texas and Florida. I think California is also pretty well. Now, I'm just wondering if you could walk us through some of your other big markets, for example, Indiana, North Carolina, Pennsylvania [et cetra]. And what are you seeing in those states in terms of the 2024 Medicaid reimbursement rates?

好的。只有一個後續行動。本週早些時候，我們收到了 4% 醫療保險的最新消息，感謝您對德克薩斯州和佛羅里達州的評論。我覺得加州也不錯。現在，我只是想知道您是否可以帶我們了解一下您的其他一些大市場，例如印第安納州、北卡羅來納州、賓夕法尼亞州[等]。您對這些州 2024 年醫療補助報銷率有何看法？

Yes. Some of them are a little bit too early to tell. Indiana, I think that they're still hoping for an inflationary increase of somewhere in the 3% to 4% range, but I don't think that's been finalized quite yet. But remember, in Indiana, we've got the UPL too. So that Medicaid rate setting doesn't necessarily impact our coverages the same way. Pennsylvania, I think there was a little bit of a rate reduction actually in July. Just a small one due to there was a budget factor rate decrease related to the January 1 increase. And they're hoping that gets reversed in January. But again, way too soon to tell for Pennsylvania. They have that really large increase last year. So I think they're pretty well set for the moment.

是的。其中一些現在說還為時過早。印第安納州，我認為他們仍然希望通貨膨脹率在 3% 到 4% 的範圍內增長，但我認為這還沒有最終確定。但請記住，在印第安納州，我們也有 UPL。因此，醫療補助費率設置不一定會以同樣的方式影響我們的承保範圍。賓夕法尼亞州，我認為七月份實際上有一點降息。由於 1 月 1 日加息導致預算因素費率下降，因此只有一小部分。他們希望這種情況在一月份能得到扭轉。但同樣，現在判斷賓夕法尼亞州的情況還為時過早。他們去年的增幅確實很大。所以我認為他們目前已經做好了準備。

And then North Carolina, that's when we've really been watching and they were supposed to -- they thought they would get their budget approved earlier, but they haven't yet. They have a $37 [PHE] FMAP add-on. We've been trying to get into the rate we think is likely to happen, that's what the operators are pushing for at the moment as the state has pushed that $37 or most of it out at least for August right now until they finalize the budget, but they're hopeful that they get that put in.

然後是北卡羅來納州，那是我們真正關注的時候，他們應該——他們認為他們的預算會更早獲得批准，但他們還沒有。他們有一個價值 37 美元的 [PHE] FMAP 附加組件。我們一直在努力了解我們認為可能發生的價格，這就是運營商目前正在推動的，因為州政府已經將 37 美元或其中大部分至少在 8 月份推出，直到他們最終確定預算。 ，但他們希望能把它放進去。

(Operator Instructions) Our next question comes from Jonathan Hughes from Raymond James.

（操作員說明）我們的下一個問題來自 Raymond James 的 Jonathan Hughes。

I was hoping you could dig a little deeper on the LaVie. I know that restructuring has been ongoing for some time now and that they paid more rent than expected in May and June. But I guess why did they pay more rent if they didn't necessarily have to.

我希望你能更深入地了解 LaVie。我知道重組已經進行了一段時間，他們在五月和六月支付的租金比預期要高。但我想如果他們不必要的話為什麼要支付更多的租金。

It really boils down to cash on hand. They were a little bit more liquid in the second quarter than they anticipated. And so they were able to make the full rent payments for May and June. We've got some transitions coming up. So the expectation is that their cash and their liquidity is going to go down until those transitions occur. Like with any transition that involves a sale, they take a while. There's a lot of lead time running up to that. There's a lot of third parties that we have no control over. The expectation is for -- at least for right now in the third quarter, we'll see that reduced rent amount.

這實際上可以歸結為手頭現金。他們第二季度的流動性比預期的要高一些。這樣他們就能夠全額支付五月和六月的租金。我們即將進行一些過渡。因此，預計在這些轉變發生之前，他們的現金和流動性將會下降。就像任何涉及銷售的過渡一樣，它們需要一段時間。到那時還有很多準備時間。有很多我們無法控制的第三方。預計至少在第三季度，我們將看到租金金額的減少。

Okay. And then maybe my follow-up and (inaudible) still waiting on this, but any user or updated expectations just on the staffing mandate that we've all been waiting for, for a few months now. I think one of the operators said, hopefully, we can have it by the end of the month, but just any views there would be helpful.

好的。然後也許我的後續行動（聽不清）仍在等待這一點，但任何用戶或更新的期望只是我們都在等待幾個月的人員配置授權。我想其中一位運營商說過，希望我們能在本月底之前得到它，但任何意見都會有幫助。

Honestly, we don't have that crystal ball at the moment. I mean we hear the same thing that I'm sure you guys hear. I think we view the fact that this hasn't come out yet despite the fact that it should come out in April, that's a positive that hopefully CMS has gotten a ton of comments related to this in terms of -- don't have a one-size-fit-all mandate and hopefully push it out until there is a staffing crisis, and we're hopeful that they'll take a balanced approach based on how long they're (inaudible) we still have any clarity as to when it will come out. But remember, as well that it's going to be come out of the proposed rule, right? So there's going to be a comment period. And so ACA has historically been very good at getting things more beneficial than what it first comes out as.

老實說，我們現在還沒有那個水晶球。我的意思是我們聽到的事情和我相信你們也聽到的一樣。我認為我們認為，儘管它應該在 4 月份發布，但它還沒有發布，這是一個積極的因素，希望 CMS 已經收到大量與此相關的評論——沒有一刀切的任務，並希望將其推出，直到出現人員危機，我們希望他們能夠根據他們（聽不清）的持續時間採取平衡的方法，我們仍然清楚地知道什麼時候出來。但請記住，它也將來自擬議的規則，對嗎？所以將會有一個評論期。因此，ACA 歷來非常善於讓事情比最初出現的情況更有利。

And our next question comes from Connor Siversky from Wells Fargo.

我們的下一個問題來自富國銀行的康納·西弗斯基。

I would like to dig into Maplewood. Apologies if I missed this in Dan's remarks, but could you quantify at all what cash flow ramp looks like from today through the end of 2023 between the lease-up of Second Avenue and potential rate increases at the end of the year or awarded differently? I mean, how much EBITDA could we see from second half? How much from rate increases? And do you think that would cover the rent shortfall?

我想深入研究楓林。如果我在Dan 的講話中錯過了這一點，我深表歉意，但您能否量化從今天到2023 年底，第二大道的租賃和年底潛在利率上漲或以不同方式授予之間的現金流量增長情況？我的意思是，下半年我們可以看到多少 EBITDA？加息幅度是多少？您認為這可以彌補租金缺口嗎？

Yes. Just put to make this a relatively longer answer, Connor, just because I think the context is important. So if you look at Maplewood as a whole, the core portfolio, excluding Second Avenue, it's performing very well. Their occupancy is at pre-COVID levels. They have significant cash flow. And then you look at Second Avenue, which is in (inaudible), 61% occupied it has now positive cash flow pre rent. So incremental occupancy is just going to add to that cash flow, and we expect another 10% of incremental occupancy. So from 131 residents to 151 by year-end. And obviously, that has a lot of power in terms of cash to the bottom line.

是的。只是為了讓這個答案相對較長，康納，只是因為我認為上下文很重要。因此，如果你把 Maplewood 作為一個整體來看，即不包括第二大道的核心投資組合，它的表現非常好。他們的入住率處於新冠疫情爆發前的水平。他們有大量的現金流。然後你看看第二大道，它位於（聽不清），有 61% 的租戶現在擁有正的租金前現金流。因此，入住率的增量只會增加現金流，我們預計入住率還會再增加 10%。到年底，居民人數將從 131 人增加到 151 人。顯然，這在現金盈利方面具有很大的影響力。

On the foot side, rate increases have typically in January. So you do have whatever inflationary impact between now and the end of the year that will cut into a little bit into that cash flow. So to get you a precise number is difficult it probably doesn't change much from the $1 million deficit we're seeing today. But then just to close the loop on the rate increase piece of the puzzle, Maplewood's total revenue is about $200 million. So when you think about last year's rate increases, which were high single, low double digit. With the expectation in the industry is something similar for high-end properties, that's a really meaningful in terms of the amount of top line revenue to overcome the cash deficit we have today. So long answer to your question, but I think that context is important.

從腳部來看，加息通常在一月份進行。因此，從現在到今年年底，確實會受到通貨膨脹的影響，這會稍微減少現金流。因此，要獲得準確的數字很困難，它可能與我們今天看到的 100 萬美元赤字相比沒有太大變化。但僅就加息這一難題而言，Maplewood 的總收入約為 2 億美元。因此，當你考慮去年的加息時，單位數較高，兩位數較低。業內對高端房產的預期與此類似，這對於克服我們今天的現金赤字的頂線收入而言非常有意義。回答你的問題很長，但我認為背景很重要。

And then just as it relates to the line of credit and the building deferral balance. I mean what does the total tab to OHI look like currently? How big do you expect that to get? And then is there a threshold that you wouldn't want to cross?

然後就像它與信貸額度和建築延期餘額有關一樣。我的意思是 OHI 的總選項卡目前是什麼樣子？您預計會有多大？那麼是否有一個你不想跨越的門檻呢？

So we're at $270 million round numbers, and we don't expect to fund any additional cash into that line. Remember, we have interest that we're on a cash basis with Omega. So we continue to accrue interest that obligation continue to run to Maplewood. But from a cash perspective, we're done funding that one.

因此，我們的資金總額為 2.7 億美元，我們預計不會為該項目提供任何額外現金。請記住，我們有興趣與歐米茄以現金方式合作。因此，我們繼續累積利息，該義務繼續由 Maplewood 承擔。但從現金角度來看，我們已經完成了該項目的融資。

Next question come from Michael Griffin from Citi.

下一個問題來自花旗銀行的邁克爾·格里芬。

Just maybe circling up on labor availability conversations with your operators, do you have a sense of kind of where agency labor utilization is trending expectations for the back half of the year? And kind of where do you need to see occupancy to get to really ease a lot of those labor pressures.

也許在與您的運營商進行勞動力可用性對話時，您是否了解今年下半年機構勞動力利用率的趨勢預期？你需要在哪裡看到入住率才能真正緩解很多勞動力壓力。

I mean from an agency perspective, it's definitely improving. That's what we're hearing anecdotally from our operators and certain operators are able to get out of it completely, but it's really geographically based. I mean Florida tends to be one of the states that's having severe staffing shortage. So it really just depends on where you are. And in terms of occupancy, we always talk about that national 84% and getting back up close to there. I mean we're close to that 80%. But with agencies still high, we just need to work through some of the staffing issues to solve those problems.

我的意思是，從機構的角度來看，它肯定在進步。這就是我們從運營商那裡聽到的軼事，某些運營商能夠完全擺脫它，但這確實是基於地理位置的。我的意思是佛羅里達州往往是人員嚴重短缺的州之一。所以這實際上取決於你在哪裡。就入住率而言，我們總是談論全國 84%，並且正在接近這個水平。我的意思是我們已經接近 80%。但由於機構仍然很高，我們只需要解決一些人員配置問題即可解決這些問題。

Great. That's helpful. And then maybe switching to external growth opportunities. Can you give us a sense of what the forward pipeline is looking like? You've done a number of investments year-to-date. Just kind of can you quantify maybe that opportunity set and where relative to where they might have been previously?

偉大的。這很有幫助。然後也許會轉向外部增長機會。您能否讓我們了解一下未來的管道是什麼樣子的？今年迄今為止，您已經進行了多項投資。您能否量化該機會集以及相對於它們之前可能所處的位置？

So I don't want to necessarily quantify, but I will say it's quite active. We're looking at a fair number of deals about here in the States and abroad in the U.K. I'd say the U.K. is particularly active. We're seeing some opportunistic transactions here in the states, and we're going to try to take advantage of some of those I think what we've done year-to-date is a pretty good proxy for what we hope to do in the next latter half of the year. As far as rates go, yes, we're seeing cap rates move up, we're starting to bid our deals, as you've seen, high 9s low 10s.

所以我不想一定量化，但我會說它非常活躍。我們正在美國和英國的國外進行大量交易。我想說英國尤其活躍。我們在各州看到了一些機會主義交易，我們將嘗試利用其中一些交易，我認為我們今年迄今為止所做的事情很好地代表了我們希望在接下來的下半年。就利率而言，是的，我們看到上限利率上升，我們開始競標我們的交易，正如您所看到的，高 9 低 10。

And our next question comes from Joshua Dennerlein from Bank of America.

我們的下一個問題來自美國銀行的 Joshua Dennerlein。

In the opening remarks, you mentioned there was a certain subset of the portfolio still covering low 1x, I didn't hear them out. But just curious, is there any kind of big picture theme that's causing that part of the portfolio to lag versus like the overall at 1.15?

在開場白中，您提到投資組合的某個子集仍然覆蓋低 1 倍，我沒有聽到他們說完。但只是好奇，是否有某種大局主題導致投資組合的這一部分落後於整體 1.15？

I don't know that there's necessarily a theme. When you break down those buckets will be the big piece, obviously, when we talk about that, we're fixing that. But then you have another significant piece of that (inaudible) that we have pretty good visibility that's going to -- that they'll climb out of that below 1 bucket. And then you get back to the handful of operators where there's not a lot of visibility. They're small. It's under 3%, and that's where we've run historically for many, many years. So I think there's a pathway, honestly, to look at that below 1x bucket, and it's going to take a little while, where we climb for that bucket and get back into less than 5% of our portfolio there. It's not going to be next quarter, but we have visibility. It's pretty good.

我不知道這一定有一個主題。當你分解這些桶時，這些桶將成為大塊，顯然，當我們談論這個問題時，我們正在解決這個問題。但是，還有另一個重要的部分（聽不清），我們有很好的能見度，他們會從低於 1 個桶的地方爬出來。然後你會回到少數幾個沒有太多可見性的運營商。它們很小。它低於 3%，而這正是我們多年來一直運行的水平。因此，老實說，我認為有一條途徑可以看到低於 1 倍的份額，這需要一段時間，我們才能達到這個份額，並回到我們投資組合的不到 5%。這不會是下個季度，但我們有可見性。這個很不錯。

The part of the bucket that you expect to climb out of that, any kind of time frame on that? Is it -- or -- yes, I guess, maybe just time frame, just I'm trying to think through it.

您期望從中爬出的部分，有什麼時間框架嗎？是——還是——是的，我想，也許只是時間框架，只是我正在努力思考它。

Well, I think I'll give you the big two examples, LaVie is just subject to finishing the restructuring. And as Dan mentioned, it's taking longer than any of us on either side of structuring table but it will happen this year. And then you have 8.1% that are running currently above 1x. So that's just a question in terms of how we report, waiting for the trailing 12 to catch up. So you've got almost -- you've got almost 18% right there in those 2 buckets. And then you have the restructuring activity. So I think a lot of this will have reporting visibility going into Q1 that will make a lot of people more comfortable.

好吧，我想我會給你舉兩個大例子，LaVie 剛剛完成重組。正如丹提到的，這比我們結構表兩邊的任何人都花的時間更長，但今年就會發生。目前，有 8.1% 的運行速度高於 1 倍。所以這只是我們如何報導的問題，等待落後的 12 支球隊趕上來。所以你幾乎——你在這兩個桶中幾乎有 18%。然後就是重組活動。因此，我認為其中很多內容都會在第一季度產生報告可見性，這將使很多人感到更加舒適。

And our next question from Steve Valiquette from Barclays.

我們的下一個問題來自巴克萊銀行的 Steve Valiquette。

This is (inaudible) on for Steve Valiquette. First question would be, I just wanted to kind of get a sense of how the ending of the PHE back in May has affected the business in June and July or most recently, let's say, just to kind of quantify a better sense of how that's been impacted. And then just also wanted to kind of touch on the previous question. Assuming LaVie is the operator that's closest to completion. Would you still say that it's in line with reducing the number of operators with an EBITDAR coverage ratio below 1x, down to that 20% range? And just like confirm that if the operator is closest to being fully restructured?

這是 Steve Valiquette 的（聽不清）。第一個問題是，我只是想了解一下 5 月份 PHE 的結束對 6 月和 7 月或最近的業務有何影響，比如說，只是為了更好地量化這種影響受到影響。然後我也想談談之前的問題。假設 LaVie 是最接近完成的操作員。您是否仍然會說，這符合將 EBITDAR 覆蓋率低於 1 倍的運營商數量減少到 20% 的範圍？就像確認運營商是否最接近完全重組一樣？

So the public health emergency, I would say there hasn't been a very large impact. Obviously, the filing in place that's gone, but a lot of that was kind of tapered off anyway, it's not a huge impact. The other piece of it is really the FMAP which we've gone over some of these states that have large FMAP increases in most of them. Like California put that through the end of the year. Hopefully, next year, that will get added on permanently. Texas that's going to have their FMAP rate in their permanent rate as well. So most of these states have either deal with it or about to deal with it. So I'd say not much of an impact at this point.

所以我想說，突發公共衛生事件並沒有造成很大的影響。顯然，現有的備案已經消失，但其中很多都在逐漸減少，這並不是一個巨大的影響。另一部分實際上是 FMAP，我們已經研究了其中大多數 FMAP 大幅增加的一些州。就像加利福尼亞州將其延續到年底一樣。希望明年，這將被永久添加。德克薩斯州的 FMAP 費率也將包含在其永久費率中。所以這些州大多數要么已經處理過，要么即將處理過。所以我想說目前影響不大。

And then the second half of the question, yes, LaVie, the 9.5% of the 29.9%. So one, LaVie has restructured here, call it, 20%. And then you have the 2 buckets of operators with strong -- very, very strong balance sheet to 6.2%. And then you have the 8.1% bucket of operators that had Q1 EBITDAR above 1x. So that's another 14%. And I think we'll have visibility around all of that, again, not next quarter, but in the -- by the time we roll into 2024, I think a very good visibility that gets you down to 6%, and we're working a big chunk of that 6%. So the numbers should get down to historical levels, sub-5 if things continue as they're trending today.

然後是問題的後半部分，是的，LaVie，29.9% 中的 9.5%。所以，LaVie 在這裡進行了重組，稱之為 20%。然後，兩類運營商的資產負債表非常非常強勁，達到 6.2%。然後，有 8.1% 的運營商第一季度 EBITDAR 高於 1 倍。那麼還有 14%。我認為我們將再次了解所有這些問題，不是下個季度，而是到 2024 年時，我認為非常好的可見性可以使您的比例下降到 6%，而且我們正在工作量佔這6% 的很大一部分。因此，如果事情繼續按照今天的趨勢發展，這些數字應該會降至歷史水平，低於 5。

All right. And super quickly, do you still intend on being net acquirers for the year?

好的。很快，您今年還打算成為淨收購者嗎？

That would be the expectation given what we have held for sale, which is de minimis and what we're restructuring, which other than the restructuring around LaVie, we don't have anything big out there.

考慮到我們所持有的待售資產和我們正在重組的資產，這將是我們的預期，除了圍繞 LaVie 的重組之外，我們沒有任何重大的事情。

(Operator Instructions) Our next question comes from Vikram Malhotra from Mizuho.

（操作員說明）我們的下一個問題來自 Mizuho 的 Vikram Malhotra。

Maybe just first one, I wanted to clarify, you mentioned the share count impacting the 3Q FAD run rate I just want to clarify, if you remind me this quarter, I thought you had said you were hoping for it to hit sort of $0.70 FAD number by 4Q. And I think now I'm saying you're probably more approximating to the dividend. Is it just the shares? I just want to clarify, just the capital raise, nothing else on the tenant front that you're breaking in to get to that 80% coverage in now 2024?

也許只是第一個，我想澄清一下，你提到了影響第三季度FAD 運行率的股票數量，我只是想澄清一下，如果你這個季度提醒我，我想你曾說過你希望它達到0.70 美元的FAD到第四季度的數量。我想現在我說的是你可能更接近股息。僅僅是股票嗎？我只是想澄清一下，只是籌集資金，在租戶方面沒有其他任何事情，你打算在 2024 年實現 80% 的覆蓋率嗎？

Well, the shares absolutely have an impact, but I -- and again, getting in 2024 is also getting LaVie restructured a big piece of that as well.

好吧，股票絕對會產生影響，但我再說一遍，進入 2024 年也讓 LaVie 重組了其中很大一部分。

That's helpful. And just thinking about the outcome eventually of sort of the minimum staffing rule, whenever it comes, I'm just wondering if you sort of looked at a couple of scenarios where they require sort of the 4.1 (inaudible), but the time line is maybe sooner than anticipated versus a relatively long period to a year to the standard. In a more, In call it, negative scenario, is there an assessment you've done on how coverages maybe impacted for operators?

這很有幫助。只要考慮一下最低人員配備規則最終的結果，無論何時到來，我只是想知道您是否考慮過一些需要 4.1 之類的場景（聽不清），但時間線是也許比預期要早，而達到標準需要相對較長的時間，甚至一年。在更負面的情況下，您是否對覆蓋範圍可能對運營商產生的影響進行了評估？

We haven't just because it's way too soon, given that nothing has come out yet and we think -- look, you're probably -- if this comes out from (inaudible) tomorrow, you probably wouldn't have it come into place next year, right? And so -- but we're hopeful it gets pushed out and so this staffing shortages improved. But there's really no good way to drill down into that. ACA has put out something like [4.1], it would cause the industry being like $10 billion. But to get there, I mean, it's really to figure out how that would affect the operators on a daily basis. They can't do something so draconian then it puts everybody out of business.

我們這樣做不僅僅是因為現在還為時過早，因為還沒有任何結果，而且我們認為 - 看，你可能會 - 如果明天（聽不清）出來，你可能不會讓它進入明年的位置對嗎？所以——但我們希望它能被推遲，從而改善人員短缺的情況。但確實沒有什麼好的方法可以深入研究這一點。 ACA 推出了類似 [4.1] 的東西，這將使該行業達到 100 億美元左右。但我的意思是，要實現這一目標，實際上需要弄清楚這將如何影響運營商的日常工作。他們不能做如此嚴厲的事情，否則會讓每個人都破產。

And our next question comes from Wes Golladay from Baird.

我們的下一個問題來自 Baird 的 Wes Golladay。

A quick question on the staffing. I guess what is the dynamic there? Is there -- are you seeing lower turnover? Or is there still a lot of churn, a lot of new hires and a lot of people quitting?

關於人員配置的一個快速問題。我猜那裡的動態是什麼？您是否看到營業額下降？或者仍然有很多人流失、很多新員工和很多人辭職？

I think folks are doing a better job at lowering the turnover, certainly and finding folks out there. I think turnover is getting better, and I think -- there's also some operators who've been successful with bringing (inaudible) from international areas to help boaster that as well.

我認為人們在降低人員流動率和尋找人才方面做得更好。我認為營業額正在變得更好，而且我認為 - 還有一些運營商成功地從國際地區引進（聽不清）來幫助吹噓這一點。

And then you mentioned the $93 million gain. Can you remind us what is the plan, I guess, from a financing perspective? Is there a certain time period where if you were to roll that gain into a new offering, it could reduce your interest expense and maybe the accounting behind that?

然後你提到了 9300 萬美元的收益。我想，從融資的角度來看，您能提醒我們這個計劃是什麼嗎？是否在某個特定時間段內，如果您將收益轉入新產品中，它可以減少您的利息支出，甚至可能減少其背後的會計費用？

Yes. Basically, we have mid-2025 to roll that into a debt offering of at least 5 years or longer, and then we'll amortize it over the new offering, from a P&L standpoint.

是的。基本上，我們會在 2025 年中期將其轉變成至少 5 年或更長時間的債務發行，然後從損益表的角度來看，我們將在新發行中攤銷它。

That is the last question for today. At this time, I would like to turn the call back over to Taylor Pickett for any closing remarks.

這是今天的最後一個問題。此時，我想將電話轉回給泰勒·皮克特，讓其發表結束語。

Thanks, everybody, for joining us today. As always, we're available for any follow-up questions.

謝謝大家今天加入我們。與往常一樣，我們可以解答任何後續問題。

Thank you. This conclude today's conference. We thank your participation. You may disconnect your lines at this time, and have a wonderful day.

謝謝。今天的會議到此結束。我們感謝您的參與。此時您可以斷開線路，度過美好的一天。