Oxbridge Re Holdings Ltd (OXBR) 2023 Q2 法說會逐字稿

Good afternoon, welcome to Oxbridge Re's Second Quarter 2023 Earnings Call. My name is Chloe and I will be your conference operator this afternoon. (Operator Instructions) Joining us for today's presentation is Oxbridge Re's Chairman, President and Chief Executive Officer, Jay Madhu; and Chief Financial Officer and Corporate Secretary, Wrendon Timothy. Following their remarks, we will open up the call for your questions.

下午好，歡迎參加牛津再保險 2023 年第二季度財報電話會議。我叫 Chloe，今天下午我將擔任你們的會議操作員。 （操作員說明）參加今天的演講的是 Oxbridge Re 的董事長、總裁兼首席執行官 Jay Madhu；首席財務官兼公司秘書 Wrendon Timothy。在他們發表講話後，我們將開始電話詢問您的問題。

I would like to remind everyone this call is also being broadcast live via webcast and available via webcast replay until August 28, 2023, on the Investor Information section of Oxbridge Re's website at www.oxbridgere.com. Now I would like to turn the call over to Wrendon Timothy, Chief Financial Officer of Oxbridge Re, who will provide the necessary cautions regarding the forward-looking statements that will be made by management during this call.

我想提醒大家，本次電話會議還將通過網絡直播進行現場直播，並可在 2023 年 8 月 28 日之前在 Oxbridge Re 網站 www.oxbridgere.com 的投資者信息部分通過網絡直播重播。現在我想將電話轉給牛津再保險首席財務官 Wrendon Timothy，他將就管理層在本次電話會議期間發表的前瞻性聲明提供必要的警告。

Thank you, operator. During today's call, there will be forward-looking statements made regarding future events, including Oxbridge Re's future financial performance. These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995.

謝謝你，接線員。在今天的電話會議中，將做出有關未來事件的前瞻性聲明，包括牛津再保險未來的財務業績。這些前瞻性陳述是根據 1995 年《私人證券訴訟改革法案》做出的。

Words such as anticipates, estimates, expects, intends, plans, projects, and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various risks and uncertainties. A detailed discussion of these risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in the section entitled Risk Factors contained in our Form 10-K filed on March 30, 2023, and our Form 10-Q filed today with the Securities and Exchange Commission.

預期、估計、期望、打算、計劃、項目等詞語以及其他類似的詞語和表達旨在表示前瞻性陳述。前瞻性陳述並不是對未來結果和條件的保證，而是受到各種風險和不確定性的影響。對可能導致實際結果和事件與此類前瞻性陳述存在重大差異的這些風險和不確定性的詳細討論包含在我們於2023 年3 月30 日提交的表格10-K 和表格10 中標題為“風險因素”的部分中。 -Q 今天向美國證券交易委員會提交了文件。

The occurrence of any of these risks and uncertainties could have a material adverse effect on the company's business, financial condition, and the productivity of our earnings, which in turn could cause significant market price and trading volume fluctuations or securities. Any forward-looking statements made on this conference call speak only as of the date of this conference call.

任何這些風險和不確定性的發生都可能對公司的業務、財務狀況和盈利能力產生重大不利影響，進而可能導致證券市場價格和交易量大幅波動。本次電話會議中所做的任何前瞻性陳述僅代表本次電話會議當日的情況。

And except as required by law, the company undertakes no obligation to update any forward-looking statements contained on this call or in any company presentation even the company's expectations or any related events, conditions, or circumstances change. Now I would like to turn the call over to our Chairman, President and Chief Executive Officer, Jay Madhu. Jay?

除法律要求外，即使公司的期望或任何相關事件、條件或情況發生變化，公司也不承擔更新本次電話會議或任何公司演示中包含的任何前瞻性陳述的義務。現在我想將電話轉給我們的董事長、總裁兼首席執行官 Jay Madhu。傑伊？

Thank you, Wrendon, and welcome, everyone. Thank you for joining us today. Before we start, I would like to take a moment to provide a brief overview of our company. Oxbridge Re Holdings Limited was founded 10 years ago with a mission to provide reinsurance solutions primarily to property and casualty insurers in the Gulf Coast region of the United States.

謝謝你，Wrendon，歡迎大家。感謝您今天加入我們。在開始之前，我想花點時間簡要介紹一下我們公司。 Oxbridge Re Holdings Limited 成立於 10 年前，其使命主要是為美國墨西哥灣沿岸地區的財產和意外傷害保險公司提供再保險解決方案。

We are very proud to be celebrating our 10th anniversary this year. Through our licensed reinsurance subsidiary, Oxbridge Reinsurance Limited and our licensed reinsurance SPV or special purpose vehicle, Oxbridge Re NS, we write fully collateralized policies to cover property losses from specific catastrophes. And because we write fully collateralized contracts, we believe we can compete effectively with large carriers.

我們非常自豪今年能慶祝我們成立十週年。通過我們的持牌再保險子公司 Oxbridge Reinsurance Limited 以及我們的持牌再保險 SPV 或特殊目的工具 Oxbridge Re NS，我們承保全額抵押保單，以承保特定災難造成的財產損失。由於我們簽訂了完全抵押的合同，因此我們相信我們可以與大型運營商進行有效競爭。

We specialize in underwriting low-frequency, high-severity risks, where we believe sufficient data exists to efficiently analyze the risk/return profile of reinsurance contracts. Our objective is to achieve long-term growth and book value per share by writing business on a selective and opportunistic basis that will generate attractive underwriting profits relative to risk.

我們專注於承保低頻、高嚴重性風險，我們相信有足夠的數據來有效分析再保險合同的風險/回報狀況。我們的目標是通過選擇性和機會主義的承銷業務來實現長期增長和每股賬面價值，從而產生相對於風險有吸引力的承銷利潤。

We diversified our business in 2021 by being the lead in the sponsor of Oxbridge Acquisition, (inaudible) Special Purpose Acquisition Company, or SPAC, focusing on investing in disruptive technologies. Subsequent to the second quarter, on August 10, 2023, Oxbridge Acquisition completed its business combination with Jet AI, Jet.AI developed software, leveraging artificial intelligence and offers fractional aircraft ownership jet card, aircraft brokerage, and Charter through its fleet of private aircraft and those of its operating partner.

2021 年，我們通過成為 Oxbridge Acquisition（聽不清）特殊目的收購公司（SPAC）的牽頭髮起人，實現業務多元化，專注於投資顛覆性技術。第二季度之後，即2023 年8 月10 日，Oxbridge Acquisition 完成了與Jet AI 的業務合併，Jet.AI 開發了軟件，利用人工智能，並通過其私人飛機機隊提供部分飛機所有權噴氣卡、飛機經紀和包機服務及其運營合作夥伴的信息。

Jet.AI operates under -- along 2 segments, software and aviation. The software segment features the B2C CharterGPT app and the B2B Jet.AI operator platform. The CharterGPT app uses natural language processing and machine learning to improve private booking experience. The Jet.AI operator platform offers a suite of stand-alone software products to enable FAA Part 135 charters provide -- charter providers to add revenue, maximize efficiency and reduce environmental impact.

Jet.AI 的運營分為軟件和航空兩個領域。軟件部分包括 B2C CharterGPT 應用程序和 B2B Jet.AI 運營商平台。 CharterGPT 應用程序使用自然語言處理和機器學習來改善私人預訂體驗。 Jet.AI 運營商平台提供一套獨立的軟件產品，使 FAA 第 135 部分包機服務提供商能夠增加收入、最大限度地提高效率並減少對環境的影響。

The aviation segment features jet aircraft fractions, jet cards, on fleet charter management and buyers brokerage. Jet.AI also recently announced the launch of DynoFlight , our carbon offset transaction platform built for both commercial and private aviation operators. The platform enables aviation businesses to offset their carbon emissions through the purchase of carbon removal credits that fund the direct extraction of carbon dioxide from the atmosphere.

航空部門的特色是噴氣式飛機碎片、噴氣機卡、機隊包機管理和買家經紀。 Jet.AI 最近還宣布推出 DynoFlight，這是我們為商業和私人航空運營商構建的碳抵消交易平台。該平台使航空企業能夠通過購買碳去除信用來抵消其碳排放，這些碳去除信用為直接從大氣中提取二氧化碳提供資金。

We also further diversified our business with the creation of our new Web3-focused subsidiary, SurancePlus Inc. the company offers an alternative investment opportunity leveraging key insights and qualities of blockchain technology to create a well-designed digital security under SEC guidelines that have complete transparency and compliance.

我們還通過創建新的專注於Web3 的子公司SurancePlus Inc 來進一步實現業務多元化。該公司提供了另一種投資機會，利用區塊鏈技術的關鍵見解和品質，在SEC 指導方針下創建設計良好的數字安全，具有完全透明度和合規性。

During the second quarter, SurancePlus completed a private placement offering of security tokens, which assuming no losses are expected to generate a potential return of approximately 42% a year. This new trust is an entry at the Web3 and digital securities market, which puts a whole -- which puts real-world assets on the blockchain and opens an entirely new avenue of democratizing reinsurance and potentially other opportunities in the future.

第二季度，SurancePlus 完成了證券代幣的私募發行，假設沒有損失，預計每年將產生約 42% 的潛在回報。這種新的信託是 Web3 和數字證券市場的一個入口，它把現實世界的資產放在區塊鏈上，並為再保險民主化和未來潛在的其他機會開闢了一條全新的途徑。

SurancePlus is now a brand-new well-capitalized business and growth opportunities for our shareholders. And to reiterate, this new opportunity was created without any debt and no equity dilution. We are very proud of this accomplishment and look for this exciting new entity to diversify and accelerate our growth prospects in the years ahead. We are very pleased about both these new investments.

SurancePlus 現在為我們的股東帶來了全新的資本充足的業務和增長機會。重申一下，這個新機會是在沒有任何債務和股權稀釋的情況下創造的。我們對這一成就感到非常自豪，並期待這個令人興奮的新實體在未來幾年實現多元化並加速我們的增長前景。我們對這兩項新投資感到非常高興。

I look forward to keeping you appraised of their progress in the coming quarters. Regarding our investment portfolio, we remain opportunistic and will deploy our capital with favorable return opportunities arise, that can contribute to the growth of capital and surplus in our licensed reinsurance subsidiaries over time. Over the long term, we remain highly opportunistic about the prospects -- pardon me, highly optimistic about the prospects of our core reinsurance business and our 2 new investments in Jet.AI as well as SurancePlus. I'll now turn things over to Wrendon to take us through our financial results.

我期待著您對他們在未來幾個季度的進展進行評估。關於我們的投資組合，我們仍然保持機會主義，並將在出現有利回報機會時部署我們的資本，這可以隨著時間的推移促進我們持牌再保險子公司的資本和盈餘增長。從長遠來看，我們對前景仍然高度機會主義——請原諒我，對我們核心再保險業務以及我們對 Jet.AI 和 SurancePlus 的兩項新投資的前景高度樂觀。現在我將把事情交給 Wrendon，讓他向我們介紹我們的財務業績。

Thank you, Jay. I would like to remind you that our typical contract period is from June 1 to May 31 of the following year. Net premiums earned for the quarter ended June 30, 2023, were $183,000, slightly lower than the $194,000 in last year's second quarter. For the first 6 months of 2023, net premiums were $183,000, down from $404,000 in the same period last year.

謝謝你，傑伊。我想提醒您，我們的典型合同期是從6月1日到次年5月31日。截至 2023 年 6 月 30 日的季度淨保費收入為 183,000 美元，略低於去年第二季度的 194,000 美元。 2023 年前 6 個月，淨保費為 183,000 美元，低於去年同期的 404,000 美元。

The decrease is due to the number and size of reinsurance contracts in force during the period. There have been no losses to date incurred in 2023 or 2022. Our investment income and other income rose in the quarter and for 6 months of 2023 due to higher rates on money market funds. We generated $505,000 unrealized gain in the first half of 2023 due to a fair value change in our equity investment in Oxbridge Acquisition Corp.

減少的原因是期內有效的再保險合同的數量和規模。迄今為止，2023 年或 2022 年尚未發生任何損失。由於貨幣市場基金利率上升，我們的投資收入和其他收入在 2023 年季度和 6 個月內有所增長。由於我們對 Oxbridge Acquisition Corp 的股權投資發生公允價值變動，我們在 2023 年上半年產生了 505,000 美元的未實現收益。

We also recognize $81,000 positive change in the fair value of our equity securities as of June 30, 2023, though much improved from the $342,000 negative change in the prior year. All of these factors taken together resulted in total revenue of $691,000 for the 3 months ended June 30, 2023, compared to $503,000 in the prior year second quarter. For the full 6 months of 2023, total revenue was $1.2 million compared to $505,000 for the same period last year.

我們還認識到，截至 2023 年 6 月 30 日，我們的股本證券的公允價值發生了 81,000 美元的正變化，儘管比上一年 342,000 美元的負變化有了很大改善。所有這些因素加在一起，截至 2023 年 6 月 30 日的三個月的總收入為 691,000 美元，而去年第二季度的總收入為 503,000 美元。 2023 年整整 6 個月的總收入為 120 萬美元，而去年同期為 505,000 美元。

Total expenses included loss and loss adjustment expenses, policy acquisition costs and general and admin expenses were up in the second quarter and the first 6 months of 2023 compared to last year due primarily to inflation cost fluctuations, increased personnel costs as well as the recognition of all of the onetime offering costs related to strong profit in the second quarter.

總費用包括損失和損失調整費用、保單獲取成本以及一般和管理費用，與去年相比，第二季度和 2023 年前 6 個月有所增加，主要是由於通貨膨脹成本波動、人員成本增加以及確認所有一次性發行成本都與第二季度的強勁利潤有關。

Primarily due to the onetime G&A offering costs in the second quarter, we generated a net loss of $85,000 or $0.01 per share compared to net income of $77,000 or $0.01 per share in the last year second quarter. For the 6 months ended June 30 year 2023, net profit was $57,000 compared to a net loss of $310,000 or $0.05 per share in the same period last year.

主要由於第二季度的一次性 G&A 發行成本，我們產生了 85,000 美元或每股 0.01 美元的淨虧損，而去年第二季度的淨利潤為 77,000 美元或每股 0.01 美元。截至 2023 年 6 月 30 日的 6 個月，淨利潤為 57,000 美元，而去年同期淨虧損為 310,000 美元，即每股虧損 0.05 美元。

The improvement this year was due to higher revenue driven by the increase in unrealized gains on investments, equity securities and management fee income from SurancePlus offering that more than offset the increase to one-time general and admin expenses associated with SurancePlus token offerings and the increased personnel costs.

今年的改善是由於SurancePlus 發行的投資、股本證券和管理費收入的未實現收益增加所推動的收入增加，這遠遠抵消了與SurancePlus 代幣發行相關的一次性一般和管理費用的增加以及增加的費用。人員成本。

As we have discussed before on investor calls, we use various measures to analyze growth and profitability of our business operations. For reinsurance business, we measure underwriting profitability by combining our loss ratio, acquisition ratio, expense ratio and combined ratio. Our loss ratio, which measures underwriting profitability, is the ratio of loss and loss adjustment expenses incurred in net premiums earned.

正如我們之前在投資者電話會議上討論的那樣，我們使用各種措施來分析我們業務運營的增長和盈利能力。對於再保險業務，我們通過損失率、收購率、費用率和綜合成本率來衡量承保盈利能力。我們衡量承保盈利能力的損失率是所賺取的淨保費中發生的損失和損失調整費用的比率。

With new loss or loss adjustment expenses in either 2020 or 2022, the loss ratio was 0% for both periods. Our acquisition cost ratio, which measures operational efficiency, compares policy acquisition costs and net premiums earned. The acquisition ratio remained consistent with approximately 10.9% for the 3- and 6-month period ended June 2023 compared to the same period in the prior year.

考慮到 2020 年或 2022 年新增損失或損失調整費用，兩個時期的損失率均為 0%。我們的購置成本比率衡量運營效率，比較保單購置成本和賺取的淨保費。截至 2023 年 6 月的 3 個月和 6 個月期間，收購率與上年同期相比保持在約 10.9%。

Our expense ratio, which measures operating performance, compares policy acquisition costs, and general and administrative expenses with net premiums earned. The expense ratio for the 3-month period ended June 30, 2023, increased from 211.3% at 380.9%. And for the 6 months ended June 30, 2023 from 191.1% to 601.6% when compared with prior periods.

我們的費用比率衡量運營績效，將保單獲取成本以及一般和管理費用與淨保費進行比較。截至2023年6月30日的三個月期間的費用比率從211.3%上升至380.9%。截至 2023 年 6 月 30 日的 6 個月，與前期相比從 191.1% 增至 601.6%。

Increases were due to inflationary expense fluctuations, increased personnel costs as well as the recognition during the second quarter of 2023 of all of the onetime offering costs associated with the completion of the SurancePlus token offering.

增加的原因是通貨膨脹費用波動、人員成本增加以及 2023 年第二季度確認與完成 SurancePlus 代幣發行相關的所有一次性發行成本。

Our combined ratio, which is used to measure underwriting performance, is the sum of the loss ratio and expense ratio. The combined ratio for the 3-month period ended June 30, 2023, to 211.3% of 380.9% and for the 6 months ended June 30,2023, from 191.1% to 601.6%.

我們用來衡量承保業績的綜合比率是損失率和費用率的總和。截至2023年6月30日止3個月期間的綜合成本率為380.9%至211.3%，截至2023年6月30日止6個月期間的綜合成本率為191.1%至601.6%。

When compared to the prior year period, again, the increases was due to inflationary expense fluctuations, increased personnel costs as well as recognition during the second quarter of the onetime offering costs associated with the completion of the SurancePlus token offering.

與去年同期相比，增長同樣是由於通貨膨脹費用波動、人員成本增加以及第二季度確認與完成 SurancePlus 代幣發行相關的一次性發行成本所致。

[Noting] into the balance sheet, our investment portfolio increased 723 -- increased to $723,000 at June 30, 2023, from $642,000 prior year, largely due to gained experience so far this year. Other investment increased due to the positive change in the fair value for investment of Oxbridge Acquisition Corp. Cash and cash equivalents and restricted cash and cash equivalents decreased to $3.5 million at June 30, compared to $3.9 million at December 31, 2022. Total shareholders' equity at quarter end increased to [$15.1 million] or [$0.25] per common share. Now I'd like to turn the call back over to Jay to wrap up before we take your questions. Jay?

[注意到]在資產負債表中，我們的投資組合增加了 723——截至 2023 年 6 月 30 日，從去年的 642,000 美元增加到 723,000 美元，這主要歸功於今年迄今為止所積累的經驗。由於Oxbridge Acquisition Corp 的投資公允價值發生積極變化，其他投資有所增加。截至6 月30 日，現金和現金等價物以及限制性現金和現金等價物減少至350 萬美元，而2022 年12 月31 日為390萬美元。 股東總數季度末股本增至[1,510 萬美元]或每股普通股[0.25 美元]。現在，我想將電話轉回給傑伊，以便在我們回答您的問題之前結束通話。傑伊？

Thank you, Wrendon. As you may know, in January this year, we incorporated SurancePlus, a wholly-owned subsidiary of Oxbridge Re. SurancePlus will issue tokenized securities that directly represent fractionalized interest in reinsurance contracts underwritten by our reinsurance subsidiary. Token holders will receive a return on the performance of these underlying reinsurance contracts. As mentioned, during the second quarter, we were pleased to have completed the first offering of these tokens with a $2.4 million private placement offering.

謝謝你，倫登。如您所知，今年1月，我們成立了Oxbridge Re的全資子公司SurancePlus。 SurancePlus 將發行代幣化證券，直接代表我們再保險子公司承保的再保險合同的部分權益。代幣持有者將獲得這些基礎再保險合同的履行回報。如前所述，在第二季度，我們很高興通過 240 萬美元的私募發行完成了這些代幣的首次發行。

Assuming there are no casualty losses reinsured by Oxbridge, token investors are expected to receive a significant return of approximately 42%. SurancePlus will democratize access to reinsurance as an alternative investment opportunity that leverages the key qualities of blockchain technology to create a well-designed digital security. Our tokens will enable more investors to participate and have their interest permanently and transparently recorded on a blockchain.

假設牛津劍橋沒有再保險任何傷亡損失，代幣投資者預計將獲得約 42% 的可觀回報。 SurancePlus 將使再保險的獲取民主化，作為一種替代投資機會，利用區塊鏈技術的關鍵品質來創建精心設計的數字安全。我們的代幣將使更多投資者參與其中，並將他們的利益永久、透明地記錄在區塊鏈上。

These opportunities are typically unavailable to investors in the past due to a high barrier to entry. Following this exciting opportunity in late February, we utilize our investment in the special purpose acquisition company, Oxbridge Acquisition Corp. to embark on a business combination with Jet.AI.

由於進入壁壘較高，過去投資者通常無法獲得這些機會。繼二月底這個激動人心的機會之後，我們利用對特殊目的收購公司 Oxbridge Acquisition Corp. 的投資，開始與 Jet.AI 進行業務合併。

Jet.AI developed software-leveraging artificial intelligence and offers fractional aircraft ownership jet card, aircraft brokerage, and charter through its fleet of private aircraft and those of its operating partner Jet.AI operates along 2 segments: software and aviation.

Jet.AI 開發了利用人工智能的軟件，並通過其私人飛機機隊及其運營合作夥伴Jet.AI 的飛機機隊提供部分飛機所有權噴氣機卡、飛機經紀和包機服務。Jet.AI 的業務分為兩個領域：軟件和航空。

Our wholly owned subsidiary, Oxbridge Reinsurance Limited, as a lead investor in the SPAC sponsor and holds 1.5 million shares and 3.5 million private warrants. We beneficially own in the SPAC. We are pleased to report the completion of the business combination with Jet Token on August 10. These exciting new investment opportunities further diversify our business and risk profile positioning us to capitalize on growth in emerging technologies.

我們的全資子公司 Oxbridge Reinsurance Limited 作為 SPAC 發起人的主要投資者，持有 150 萬股股票和 350 萬份私人認股權證。我們實益擁有 SPAC。我們很高興地宣布與 Jet Token 的業務合併已於 8 月 10 日完成。這些令人興奮的新投資機會進一步豐富了我們的業務和風險狀況，使我們能夠充分利用新興技術的增長。

We are very excited about the future value of these investments and the potential they bring to our shareholders. So in closing, our book value per share at quarter end is $2.63 (sic) [$2.59] per share. Our business is well diversified. Our investment in SurancePlus positions us in a new leading edge Web3-focused technology business.

我們對這些投資的未來價值及其為股東帶來的潛力感到非常興奮。因此，最終，我們季度末的每股賬面價值為每股 2.63 美元（原文如此）[2.59 美元]。我們的業務非常多元化。我們對 SurancePlus 的投資使我們處於以 Web3 為中心的新前沿技術業務中。

SurancePlus was created without any debt and no equity dilution. Our investment in Oxbridge Acquisition/Jet.AI and artificial intelligence, Aviation business is on track. We remain debt-free. We have a strong balance sheet. And more importantly, we have real opportunity based on a viable business model that is based on diversification. We remain opportunistic, not only in our core business but also our broader view of the market. With that, we are ready to open the call for questions. Operator, please provide the appropriate instructions.

SurancePlus 的創建沒有任何債務，也沒有股權稀釋。我們對 Oxbridge Acquisition/Jet.AI 和人工智能、航空業務的投資正在步入正軌。我們仍然沒有債務。我們擁有強大的資產負債表。更重要的是，我們擁有基於多元化的可行商業模式的真正機會。我們仍然保持機會主義，不僅在我們的核心業務上，而且在更廣泛的市場視野上。這樣，我們就可以開始提問了。操作員，請提供適當的說明。

(Operator Instructions) And I'll move first to Kent Engelke with Capitol Securities Management.

（操作員說明）我將首先前往國會證券管理公司的 Kent Engelke。

I just want to say congratulations in regards to getting all the accomplishments of these first 6 months of this year, a lot of hard work, looking forward to all this becoming profitable and really start increasing the value of Oxbridge. So congratulations on all your successes there.

我只想對今年前 6 個月取得的所有成就表示祝賀，付出了很多努力，期待這一切能夠盈利，並真正開始增加牛津劍橋的價值。祝賀您在那裡取得的所有成功。

Thank you, Kent. Appreciate it. Not been an easy road.

謝謝你，肯特。欣賞它。這並不是一條容易的路。

For sure. We've had a lot of off-line conversations. And again, it's great how you guys moving forward and look forward to seeing how this all unfolds in the intermediate future.

一定。我們進行了很多線下對話。再說一次，你們繼續前進真是太棒了，並期待看到這一切在不久的將來如何展開。

(Operator Instructions) At this time, this concludes our question-and-answer session. I'd now like to turn the call back over to Mr. Madhu for his closing remarks.

（操作員說明） 至此，我們的問答環節就結束了。現在我想將電話轉回給馬杜先生，讓他作總結髮言。

Thank you for joining us on today's call. I just have 1 quick correction on my script, I mentioned the book value incorrectly. The book value is $2.59. It was correct on Wrendon's statements. So thank you for joining us on today's call. Before we wrap up, I want to thank our employees, business partners and investors for their continued support.

感謝您參加今天的電話會議。我只是對我的腳本進行了 1 次快速更正，我錯誤地提到了賬面價值。賬面價值為 2.59 美元。雷登的陳述是正確的。感謝您參加今天的電話會議。在結束之前，我要感謝我們的員工、業務合作夥伴和投資者的持續支持。

I especially want to express our gratitude to our Oxbridge team who continue to leverage their significant experience to manage and build our business during these challenging times. We look forward to updating you on our next call. And if you have any further questions, please contact us any time. Thank you again for your time and attention today and your interest in Oxbridge. Operator?

我特別想向我們的牛津劍橋團隊表示感謝，他們在這個充滿挑戰的時期繼續利用他們豐富的經驗來管理和建設我們的業務。我們期待在下次通話時向您通報最新情況。如果您還有任何其他問題，請隨時與我們聯繫。再次感謝您今天的時間和關注以及您對牛津劍橋的興趣。操作員？

Before we conclude today's call, I would like to remind everyone that a recording of today's call will be available for replay via a link available in the Investors section of the company's website. Thank you for joining us today for our presentation. You may now disconnect.

在結束今天的電話會議之前，我想提醒大家，今天的電話會議錄音將通過公司網站投資者部分的鏈接進行重播。感謝您今天加入我們的演講。您現在可以斷開連接。