必能寶 (PBI) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the first-quarter 2026 Pitney Bowes, Inc. earnings conference call. (Operator Instructions) Please be advised today's conference is being recorded.

大家好，感謝您稍候。歡迎參加 Pitney Bowes, Inc. 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Alex Brown, Director of Investor Relations and Assistant Treasurer. Please go ahead.

現在我想把會議交給今天的發言人：投資人關係總監兼助理財務主管 Alex Brown。請開始。

Good morning, and thank you for joining us. Included in today's presentation are forward-looking statements about our future business and financial performance. Forward-looking statements involve risks and uncertainties that could cause actual results to be materially different from our projections. More information about these items can be found in our earnings press release, our Form 10-K and other reports filed with the SEC that are located on our website at www.pb.com and by clicking on Investor Relations. Please keep in mind that we do not undertake any obligation to update forward-looking statements as a result of new information or developments.

各位早安，感謝各位加入。今天的簡報包含有關我們未來業務與財務表現的前瞻性陳述。前瞻性陳述涉及風險與不確定性，可能導致實際結果與我們的預測有重大差異。關於這些事項的更多資訊，請參閱我們的財報新聞稿、Form 10-K 以及其他向美國證券交易委員會（SEC）提交的報告；相關文件可在我們網站 www.pb.com 上，點選 Investor Relations（投資人關係）取得。請注意，因新資訊或新發展而更新前瞻性陳述，我們不承擔任何義務。

Also included in today's presentation are non-GAAP measures. Specifically, EBIT, EBITDA, EPS and free cash flow are all on an adjusted basis. You can find reconciliations for these items to the appropriate GAAP measures in the tables attached to our press release. We have also provided a slide presentation and spreadsheet with historical segment information on our website.

今天的簡報也包含非 GAAP 指標。具體而言，EBIT、EBITDA、EPS 與自由現金流皆以調整後基礎呈現。您可在我們新聞稿所附表格中，找到這些項目與相應 GAAP 指標之間的調節表。我們也在網站上提供投影片簡報與含有歷史分部資訊的試算表。

With that, I'd like to turn the call over to Kurt.

接下來，我想把電話會議交給 Kurt。

Good morning, and thank you for joining us today. As reflected in our earnings release, first quarter results were strong and broad-based. Our results and outlook reflects momentum in the business and supported the upping of our guidance.

各位早安，感謝今天加入我們。如同我們的財報新聞稿所示，第一季業績強勁且表現面向廣泛。我們的業績與展望反映了業務動能，並支持我們上調財測指引。

SendTech performed well in the quarter and is showing potential signs of turning the corner on sales. Presort continues to win business and build sales momentum. We continue to expect growth to return to the business in the third quarter.

SendTech 本季表現良好，並顯示銷售可能出現轉折的跡象。Presort 持續贏得業務並建立銷售動能。我們仍預期該業務將在第三季恢復成長。

Turning to Pitney Bowes Bank. Steve and his team are making rapid progress with respect to operational improvements and in identifying value-driving opportunities. Additionally, we've delivered significant shareholder value through our capital allocation policy, including dividend increases and significant share repurchases.

接著談 Pitney Bowes Bank。Steve 與其團隊在營運改善以及辨識可驅動價值的機會方面，正快速取得進展。此外，我們也透過資本配置政策為股東創造了顯著價值，包括提高股利以及大規模庫藏股回購。

Finally, we have started interviewing advisers for the second stage of our strategic review. In summary, Pitney Bowes is extremely well positioned for the long term.

最後，我們已開始面試顧問，以推進策略檢討的第二階段。總結而言，Pitney Bowes 在長期發展上具備極佳的有利位置。

In closing, I feel obliged to send out a special thank you to the over 6,000 Pitney Bowes team members. Our results are a direct reflection of their talent and dedication to the company.

在結語中，我覺得有必要特別向超過 6,000 位 Pitney Bowes 團隊成員致上謝意。我們的成果直接反映了他們的才華與對公司的投入。

With that, let's open the call for questions.

接下來，我們開放提問。

(Operator Instructions) Jasper Bibb, Truist Securities.

(接線員指示) Jasper Bibb，Truist Securities。

Can you talk about the consolidation opportunity in Presort? The letter this quarter mentioned hiring Greenhill to evaluate opportunities there historically. I think a lot of your acquisitions in that business has been pretty much mom-and-pops, which I imagine you can handle internally without having to have an investment bank involved.

你們能談談 Presort 的整併機會嗎？本季的股東信提到聘請 Greenhill 來評估該領域歷來的機會。我認為你們在該業務的大多數收購基本上都是小型家族企業（mom-and-pop），我想你們應該可以在內部處理，而不需要投資銀行介入。

So I guess does hiring Greenhill signal any change there that you would potentially consider larger acquisitions in that segment or you're approaching the consolidation opportunity any differently than you have in the past?

所以我想問，聘請 Greenhill 是否代表你們在那方面有任何改變，例如可能考慮在該分部進行更大型的收購，或是你們對整併機會的切入方式與過去不同？

Yes. Jasper, thanks for joining us, and thanks for the question. With respect to the Presort acquisition, we've been talking about that for quite a bit in terms of being a real strategy for us. As we've mentioned, there's great opportunity to create value. So yes, we can go out and pursue these opportunities on our own.

是的。Jasper，感謝你加入，也謝謝你的提問。關於 Presort 的收購，我們談這件事已經有一段時間，並將其視為我們真正的策略之一。如我們所提到的，創造價值的機會很大。所以是的，我們可以自行外出追求這些機會。

But just having an outside adviser really can help accelerate that. We have a team that's heavily dedicated on execution within the business, but having dedicated resources to really accelerate those discussions can only help. And with respect to size of the acquisition, the sweet spot really is quite frequently the smaller mom-and-pop type Presort opportunities.

但有外部顧問確實能協助加速推進。我們有一個團隊高度專注於業務內部的執行，但若能有專門資源來加速這些洽談，只會有幫助。至於收購規模，最理想的區間其實相當常見的是較小型、家族經營的 Presort 機會。

But again, as we continue to progress, get better at running our business, we want to look at all opportunities to really create value for the business. And as we've said so many times before, these deals typically come at a pretty low multiple or immediately accretive to the business.

不過，隨著我們持續進步、把業務經營得更好，我們希望檢視所有能為業務創造價值的機會。而且如我們多次提到的，這些交易通常以相當低的倍數成交，或能立即對業務產生增益（immediately accretive）。

So as our capital position gets better, as our balance sheet gets stronger, it starts to open up additional opportunities, but we're primarily focused on trying to find some of these smaller tuck-in acquisitions that we can pursue.

因此，當我們的資本狀況改善、資產負債表更強健時，就會開啟更多額外機會；但我們主要仍聚焦於尋找一些較小型的補強式（tuck-in）收購來推進。

And then a really nice quarter for SendTech. Can you maybe just talk about what worked this quarter, how you see that business trending over the balance of the year? And in your guidance scenario, do you think SendTech could potentially flatten out on the year-over-year revenue growth or maybe even grow by the end of the year and what gets you there?

另外，SendTech 本季表現非常好。你能否談談本季哪些做法奏效、以及你如何看待該業務在今年剩餘期間的走勢？在你們的財測指引情境下，你認為 SendTech 是否可能在全年年對年營收成長上趨於持平，甚至在年底前轉為成長？你們認為達成的關鍵是什麼？

Yes. And Jasper, we don't want to get ahead of ourselves. But I'll just start by pointing out or answering the part of your question of what's working. And Todd and his team are doing a fantastic job as reflected in our results. And I'd highlight sort of two categories and then a few points under each. So with respect to our meters business, I think there's been a level of perhaps neglect in terms of focusing on slowing the rate of decline.

是的。Jasper，我們不想操之過急。但我先回應你問題中「哪些做法奏效」的部分。Todd 與其團隊做得非常出色，這也反映在我們的業績上。我會把重點歸納為兩大類，並在各類下補充幾點。就我們的郵資機（meters）業務而言，我認為過去在聚焦於放緩下滑速度方面，可能有一定程度的忽視。

We're not delusional about the future of mail, but there's still a lot we can be doing. So there's three areas of focus that Todd and his team have been really digging into that are helping us slow that rate of decline.

我們對郵件的未來並不抱持不切實際的幻想，但我們仍有很多事情可以做。因此，Todd 與其團隊深入推進三個重點領域，正協助我們放緩下滑速度。

One, we're starting to look -- historically, we've handled virtually all cancellations as a processing issue, not as a retention issue. So we're putting a lot more -- so historically, if somebody asked to cancel their meter, we processed it and that was the end of it. We're now switching to when those requests come in, doing outreach to try to figure out can we save that customer, what can we do to make sure they're getting the most value out of the meter and make them hopefully reconsider the decision.

第一，我們開始檢視——過去我們幾乎把所有取消都當作「流程處理」問題，而不是「留存」問題。所以我們正在投入更多——過去如果有人要求取消郵資機，我們就處理完成，事情就結束了。現在我們改為在收到這些要求時主動聯繫，試著了解我們能否留住該客戶、我們能做些什麼以確保他們從郵資機獲得最大價值，並希望他們重新考慮這個決定。

Second of all, one of the things we're looking at is predictive analytics. So what we're doing now is trying to -- it's one thing to try to save somebody when they decided to leave. We're putting a lot of work into understanding what are the metrics, what are the signs that a customer is at risk and trying to proactively get to those customers, figure out can we offer them a better solution in advance, figure out how they can get more value out of their meter, which we expect to reduce the rate of cancellations.

第二，我們正在研究的其中一項是預測分析（predictive analytics）。我們現在所做的是——當客戶已決定離開時再去挽留是一回事。我們投入大量工作來理解哪些指標、哪些跡象顯示客戶有流失風險，並嘗試主動接觸這些客戶，看看是否能提前提供更好的解決方案，協助他們從郵資機獲得更多價值；我們預期這將降低取消率。

And then finally, we're refocusing on customer acquisition. Historically, we've been so focused on GEC and other parts of the business that I don't know that we put enough effort into our actual sales effort. We believe we have the best products, best services in the space. We're proud of it, and we should be out talking to the market more about it. So Todd and his team are really focusing on go-to-market strategies there.

最後，我們正重新聚焦於客戶獲取。過去，我們一直非常專注於 GEC 及業務的其他部分，以致於我不確定我們是否在實際銷售投入上付出了足夠的努力。我們相信我們擁有業內最好的產品、最好的服務。我們為此感到自豪，也應該更積極地向市場傳達這一點。因此，Todd 和他的團隊正真正專注於那方面的上市策略（go-to-market strategies）。

The real opportunity for growth comes from the shipping software side. And there, again, there's three things we're really doing. One is we're narrowing and simplifying our offerings. Right now, we offer a high number of shipping software solutions, which I think can create some confusion in the market. It also limits our ability to optimize those offerings. So we're putting a lot of effort into narrowing our product base and improving those products for our customers to help accelerate growth.

真正的成長機會來自運輸軟體端。而在那裡，同樣地，我們主要在做三件事。第一是收斂並簡化我們的產品供給。目前我們提供的運輸軟體解決方案數量很多，我認為這可能會在市場上造成一些混淆。這也限制了我們優化這些產品供給的能力。因此，我們正投入大量精力來收斂產品基礎並改善這些產品，為客戶帶來更好的體驗，以加速成長。

Second of all, Pitney Bowes has a proud tradition of product innovation and technology development, and that's somewhat driven our product development within shipping software. So often, we would look at what's a really cool technology we could implement in the shipping software space. And we've turned and then figure out what customers want that. We're flipping that on its head and figuring out what do our customers want and how do we meet that need.

第二，Pitney Bowes 在產品創新與技術研發方面有著值得自豪的傳統，而這在某種程度上也驅動了我們在運輸軟體領域的產品開發。很多時候，我們會先看有哪些很酷的技術可以在運輸軟體領域落地。然後再回過頭去想，哪些客戶會想要它。我們正在把這個邏輯倒過來，先弄清楚客戶想要什麼，以及我們如何滿足那個需求。

And then finally, and this will become more apparent in coming quarters, we're using the bank as a differentiator in the shipping software space. So financing is -- can be pretty important in the shipping software space. There's a lot of cash that flows through that business and being the only player out there with a bank gives us real opportunities to offer products and services to customers that our competitors simply can't.

最後，而且這在接下來幾個季度會更明顯，我們正在把銀行作為運輸軟體領域的差異化因素。因此，融資在運輸軟體領域——可能相當重要。那項業務有大量現金流動，而作為市場上唯一一家擁有銀行的參與者，這讓我們有真正的機會向客戶提供競爭對手根本無法提供的產品與服務。

So I guess put that all together, those -- that's the progress we're making in terms of when we get to growth. I think we've made a lot of promises in the past and not be able to deliver. And we and our team, I keep emphasizing, let's focus on getting things right day-to-day and the future will take care of itself. So I believe that day is coming, but we'll update as we get closer to that date.

所以我想把這些綜合起來，這些——就是我們在邁向成長方面所取得的進展。我認為我們過去做過很多承諾，但未能交付。我和我們的團隊——我一直強調——讓我們專注把每天的事情做對，未來自然會水到渠成。所以我相信那一天會到來，但我們會在更接近那個時間點時再更新。

That all makes a lot of sense. Maybe last one for me. It sounded like a good quarter for net new business in Presort. I think the letter mentioned you think volumes might get back to growth in the back half of the year. I guess just on that comment, can you piece out maybe how much of that is net new business wins and incremental volume that you won versus, I guess, lapping the customer losses in the prior year.

這些都很有道理。也許我最後一個問題。聽起來 Presort 在淨新增業務方面是一個不錯的季度。我記得信中提到，你們認為下半年量可能會回到成長。就這點評論而言，你能否拆解一下，其中有多少來自淨新增業務的贏單與你們拿到的增量量能，另外有多少是因為去年客戶流失的基期效應（lapping）？

Yes. So Paul, I know you've done a lot of work on that. Do you want to take that one?

是的。所以 Paul，我知道你在這方面做了很多工作。你要不要來回答這個？

On Presort, yes, look, we are -- we've stopped the losses, and we're picking up wins, and we're obviously filling our pipeline, which is the right thing. And I think as we get into the latter half of the year, we should start to see some positive momentum again in Presort.

關於 Presort，是的，你看，我們——已經止住了流失，而且正在拿下贏單，並且顯然也在充實我們的商機管道（pipeline），這是正確的做法。我認為當我們進入今年下半年時，我們應該會開始在 Presort 再次看到一些正向動能。

Aaron Kimson, Citizens.

Aaron Kimson，Citizens。

Can you help us think about the drivers of the strong 1Q free cash flow of $43.5 million? I think the consensus before you preannounced on April 21 was a $14 million outflow, so call it a $57.5 million delta to the upside. And then is there a signal investors should be taking away about the durability of free cash flow between years given that cash flow can vary quarter-to-quarter, but you followed up a strong 4Q '25 number with a strong 1Q '26 number?

你能否幫我們理解一下 1Q 自由現金流 4,350 萬美元強勁表現的驅動因素？我想在你們 4 月 21 日預先公告之前，市場共識是淨流出 1,400 萬美元，所以可以說是向上超出 5,750 萬美元的差異。另外，鑑於現金流會在季度間波動，但你們在強勁的 4Q '25 之後又交出強勁的 1Q '26，投資人是否應該從中解讀出自由現金流跨年度的持續性訊號？

Aaron, this is Paul. Thanks for the question. Yes, look, we had good working capital management in Q1, better than I would have originally thought. And so that was a good thing. And you are right to point out it was strong in Q4. But at the end of the day, we don't totally control all aspects of when our Presort customers prepay.

Aaron，我是 Paul。謝謝你的問題。是的，你看，我們在 Q1 的營運資金管理做得很好，比我原先預期的還要好。所以這是一件好事。而且你指出 Q4 很強是對的。但歸根結底，我們並不能完全掌控 Presort 客戶何時預付款的所有面向。

So obviously, we benefit from that, and we used it to improve our operating performance. But yes, overall, solid operating performance, Q4, Q1 and just good working capital management are the reasons. And yes, absolutely, I think there's durability in our free cash flow. I mean, we've -- Kurt and I have both said for many times that we're undervalued stock if you believe in the free cash flow. And obviously, the durability is sort of proving itself out.

所以很明顯，我們從中受益，並且我們也用它來改善我們的營運表現。但總體而言，穩健的營運表現、Q4 與 Q1 的表現，以及良好的營運資金管理，就是原因。而且是的，絕對地，我認為我們的自由現金流具有持續性。我的意思是——Kurt 和我都多次說過——如果你相信自由現金流，那我們的股票就是被低估的。而且很顯然，這種持續性正在某種程度上被驗證。

And Aaron, just to add to that, the way that we're really looking at it in your question about durability, Q4 was obviously an incredibly strong quarter for cash flow. And there was a little bit of concern on our part that, as you mentioned, with working capital, there could have been a pull-forward effect of cash flow that maybe would have normally come in Q1 got pushed into Q4.

Aaron，另外補充一下，針對你問到的持續性，我們實際上的看法是：Q4 顯然是一個現金流極其強勁的季度。而我們這邊也有一點擔心，正如你提到的，因為營運資金的關係，可能存在現金流提前入帳（pull-forward）的效果——原本可能會在 Q1 進來的現金被推到 Q4。

But with the strength we saw in Q1, there's two real takeaways. One, it makes us more confident that our Q4 cash flow was a real number, not an artificially impacted number by the pull forward of cash. And then secondarily, the strength of Q1 also gives us a lot of optimism for the current year.

但從我們在 Q1 看到的強勁表現，有兩個主要結論。第一，它讓我們更有信心，Q4 的現金流是實打實的數字，而不是因現金提前入帳而被人為影響的數字。第二，Q1 的強勁也讓我們對本年度更為樂觀。

This is the first positive free cash flow quarter we've had in quite a few years. But we're trying to be a little conservative on the guidance side. This is a whole new world for us in terms of the strength we're seeing in our cash flow. We like to think it's durable and it will lead to a strong '26, but we're trying to be a little bit conservative on the cash flow side just in case there was a pull-forward effect into Q4 and Q1.

這是我們相當多年來第一次出現正的自由現金流季度。但在指引方面，我們試著保守一些。就我們看到的現金流強度而言，這對我們來說是一個全新的世界。我們願意相信它具有持續性，並將帶來強勁的 '26，但我們在現金流方面仍試著保守一點，以防 Q4 和 Q1 確實存在提前入帳的效果。

Okay. That's helpful. And then bigger picture, Kurt, this has been a great story since you formally stepped into the CEO seat from the Board almost a year ago now. stock close to $15.54 yesterday versus $910 before you came down from the Board and officially took over. What's the one thing you're most proud of over the last year and then maybe something that's proven harder than you thought it would have been initially that you're hoping to get right in the remaining two-third of '26?

好的。這很有幫助。然後從更宏觀的角度來看，Kurt，自從你大約一年前從董事會正式接任 CEO 以來，這一直是一個很棒的故事。昨天股價接近 15.54 美元，而在你從董事會下來並正式接手之前是 910 美元。過去一年你最引以為傲的一件事是什麼？另外，有沒有什麼事情比你一開始想像的更難，而你希望在 '26 剩下的三分之二時間裡把它做好？

Yes. So in terms of thing I'm most proud of, I'd really say the employees have Pitney Bowes. We have over 6,000 team members. I'm an ex-consultant. I've been in start-ups work inside of more than a dozen companies. And one thing that impressed me even before joining the Board and before the proxy campaign, it's just evident how dedicated the employees are to the company.

是的。就我最引以為傲的事情而言，我真的會說是 Pitney Bowes 的員工。我們有超過 6,000 名團隊成員。我以前是顧問。我曾在新創公司工作，也在十多家公司內部任職過。有一件事甚至在我加入董事會、以及在委託書爭奪戰之前就讓我印象深刻，那就是員工對公司的投入程度顯而易見。

I think maybe they needed better guidance and leadership, but the commitment is there. And I think it's a Peter Drucker saying that culture eats strategy for lunch. and the culture of Pitney Bowes is incredibly strong. So just seeing the ability of employees to stay focused on execution, remain committed to the transformation despite not having maybe the clarity they might want in terms of strategy. I think the way to run a business is to fix what you have and then figure out how to grow from there for a company in our situation. That can be incredibly hard on employees, and they've performed admirably. So that's certainly been the thing I've been most proud of.

我想也許他們需要更好的指引與領導，但那份承諾是存在的。而且我想彼得・杜拉克有句話說，文化會把策略當午餐吃掉；Pitney Bowes 的文化非常強大。所以看到員工能夠持續專注於執行、即使在策略上可能沒有他們想要的那麼清晰，仍然致力於轉型。我認為經營企業的方法，是先把現有的問題修好，然後再思考如何在我們這種情況下成長。這對員工來說可能非常辛苦，而他們的表現令人欽佩。所以這確實是我最引以為傲的一件事。

As far as the biggest challenge, I would just point to our forecasting that it's always difficult as a CEO to come out, reiterate guidance and then miss. I think that highlighted some of the problems we had in terms of forecasting within the business. Paul and his team have done an incredible job over the past few months to really improve our ability to forecast, and there's been a silver lining to it -- to get better at forecasting. It's really forced the team to dig into the nuts and bolts of the business to get down into the weeds. And as we do that, we're learning a lot about the business and helping us make better decisions on a go-forward basis.

至於最大的挑戰，我會指出我們的預測能力；對 CEO 來說，對外發布並重申指引後卻未達成，總是很困難。我認為那凸顯了我們在業務預測方面的一些問題。Paul 和他的團隊在過去幾個月做得非常出色，確實提升了我們的預測能力，而這也有其一線曙光——讓我們更擅長預測。這真的迫使團隊深入業務的細節與基本面，鑽進各個環節。而在這麼做的過程中，我們對業務學到很多，也幫助我們在未來做出更好的決策。

George Tong, Goldman Sachs.

George Tong，高盛。

On Presort, you're now competitively priced versus peers and are starting to win back market share. Can you elaborate on the near-term and then longer-term strategies you have to drive a further revenue recovery from both a product and sales perspective?

關於 Presort，你們現在相較同業的定價已具競爭力，並開始贏回市占。能否從產品與銷售的角度，說明你們在短期以及長期推動進一步營收復甦的策略？

Yes. And Paul, do you want to take this one as well? I know you put a lot of work on the Presort side of things.

是的。Paul，你也想一起回答這題嗎？我知道你在 Presort 這一塊投入了很多工作。

Yes. Look, I mean, obviously, it's important for us to know our cost in Presort. And so we have an advantage given we're the low-cost provider. And so we can sort of flex that muscle if we so choose to do that. But what we're seeing is Debbie and her team are doing a great job in the new sales team of building up our pipeline.

是的。你看，顯然對我們來說，了解 Presort 的成本很重要。而我們有優勢，因為我們是低成本供應商。所以如果我們選擇這麼做，我們可以在某種程度上展現這個優勢。但我們看到的是，Debbie 和她的團隊在新的銷售團隊方面做得非常好，正在建立我們的銷售管道。

And so that in part is one of the reasons that led us to take actions on our guidance where we increased the lower end and in some places, raised the upper end. But so we know our costs. We know where our position is. We've done a good job of stemming the losses, picking up some wins, and I see momentum picking up.

因此，這也是促使我們在指引上採取行動的部分原因之一：我們提高了下緣，並在某些地方上調了上緣。但我們了解自己的成本。我們知道自己的位置在哪裡。我們已經很好地遏止了流失、拿下一些勝利，我也看到動能正在增強。

Kurt, anything you want to add to that?

Kurt，你有什麼想補充的嗎？

Yes. I would just say, George, I think you've known our company for quite some time. looking back with GEC, there was such a focus on generating cash flow from the core businesses to fuel the growth of GEC that I would say that SendTech and Presort were really starved of resources.

有。我只想說，George，我想你認識我們公司已經相當久了。回頭看 GEC 時期，當時非常著重於從核心業務產生現金流，以支撐 GEC 的成長；因此我會說，SendTech 和 Presort 其實長期資源不足。

And Debbie and her team have done a fantastic job. We've opened up the purse strings to allow Debbie to invest in new capital, get more aggressive on pricing. So rather than focusing on how do we maximize free cash flow tomorrow, how do we maximize long-term free cash flow.

而 Debbie 和她的團隊做得非常出色。我們已經放寬預算，讓 Debbie 能投資新的資本支出，並在定價上更積極。因此，我們不再只聚焦於如何在明天最大化自由現金流，而是如何最大化長期自由現金流。

And if you think about it, it's not just on the revenue side, it's also on the cost side. Sometimes you have to spend money to save money. So a lot of things we could do to improve efficiency require resources to evaluate to look into, and those weren't there for Debbie in the past.

而且如果你想一想，這不只是營收端，也包括成本端。有時候你必須花錢才能省錢。所以，我們能做的許多提升效率的事情，都需要資源去評估、去研究，而過去 Debbie 並沒有這些資源。

So I think we'll continue to get more efficient. Our cost advantage should grow over time. And as Paul said, just gives us more ability to price aggressively win more business. And it's -- there's a bit of a flywheel effect the bigger we get, the more profitable we get on a per piece basis.

所以我認為我們會持續變得更有效率。我們的成本優勢應該會隨時間擴大。而如 Paul 所說，這讓我們更有能力採取更具侵略性的定價、贏得更多業務。而且——規模越大，每件（每一郵件件數）的單位獲利就越高，會有一點飛輪效應。

And George, the only other part to that is, obviously, we're in a great liquidity position these days. So we can now sort of look at acquisition opportunities. And Kurt mentioned that in his letter about that. So inorganic growth and also organic growth.

George，另外一點是，顯然我們目前的流動性狀況非常好。所以我們現在也可以開始評估併購機會。Kurt 在他的信中也提到這點。因此包括非有機成長，也包括有機成長。

Anthony Lebiedzinski, Sidoti.

Anthony Lebiedzinski，Sidoti。

Certainly, it was nice to see the SendTech business down only less than 1%, so quite an achievement there. Can you comment on the number of paid software subscribers that you talked about in the press release and how that contributed to Q1 and your increased guidance? And also, you talked about booking sales also up in Q1 and Q2. If you could comment on that as well. And then I have one other question about the SendTech as well.

當然，很高興看到 SendTech 業務僅下滑不到 1%，這是相當大的成就。你能否評論一下你們在新聞稿中提到的付費軟體訂閱用戶數，以及這如何貢獻第一季並支持你們上調指引？另外，你也提到第一季與第二季的簽單（booking）銷售也有所上升。如果也能談談這點就更好了。然後我還有一個關於 SendTech 的問題。

Yes. Do you want to take that, Paul?

好的。Paul，你要回答這題嗎？

Yes. So your first -- let's talk about bookings. As we see -- we're seeing growth in our pipeline and the sales teams where they are, their quotas, they're achieving targets that we set out for them. So again, reason why we did what we did on guidance. We're seeing positive momentum there.

好的。先談你的第一個——我們來談簽單（bookings）。我們看到——我們的銷售管道在成長，銷售團隊也在各自的區域內，依其配額達成我們為他們設定的目標。所以這也是我們在指引上採取相應調整的原因。我們在那裡看到了正向動能。

As far as the subscriptions, I mean, we are seeing we are seeing better enterprise subscriptions. I don't know if we actually give the exact number if we've ever given that out, but the reason we have better sales subscription, paid subscription is our sales team is performing. That's what it is.

至於訂閱方面，我是說，我們確實看到企業端訂閱表現更好。我不確定我們是否曾經公布過確切數字，但我們之所以有更好的訂閱銷售、更多付費訂閱，是因為我們的銷售團隊表現出色。就是這樣。

So one is really linked to the other. But I don't -- again, I don't want to be evasive on you, Anthony, but I don't think we've ever given out exact paid subscription numbers. -- (multiple speakers) That we should -- it's something maybe we'll consider putting on our investor website at some point. But let us think about that.

所以兩者確實是相互連動的。但我不想——再次強調，我不想對你含糊其詞，Anthony，但我認為我們從未對外公布過確切的付費訂閱數字。——（多位講者）我們應該——這也許是我們未來某個時間點會考慮放到投資人網站上的事情。但讓我們再想一想。

Kurt, do you want to add to that?

Kurt，你要補充一下嗎？

Yes. Yes, Anthony, a couple of things I'd add as well. I think we put in our release, this is the first year that bookings were up year-over-year. In terms of impact on the quarter, one thing important to understand about our shipping software business and our meter business as well, we have equipment sales upfront onetime revenue. We also have what we call stream revenue, think of it as SaaS or recurring revenue. That's discounts on shipping labels, et cetera.

是的。是的，Anthony，我也想補充幾點。我想我們在新聞稿裡提到，這是預訂（bookings）首次出現年對年成長的一年。就對本季的影響而言，關於我們的寄送軟體業務以及郵資機（meter）業務，有一點很重要：我們有設備銷售的前置一次性收入。我們也有所謂的「流式收入」（stream revenue），你可以把它想成SaaS或經常性收入。那是運送標籤折扣等等。

So whenever you see strong sales and bookings like we saw in Q1, it certainly helps revenue. But one of the encouraging part is we do get that stream revenue that's going to help us in future quarters. So that's been really encouraging.

所以每當你看到像我們在第一季那樣強勁的銷售與預訂，確實會有助於營收。但令人鼓舞的一點是，我們也會取得那種流式收入，將在未來幾季幫助我們。所以這真的很令人振奮。

And going back to the previous question about what you're proud of, what's really driving it is Todd has reignited the sales organization, the go-to-market strategy. And just one anecdote that I personally love is we had our Winners Circle conference down in Florida -- or Fort Lauderdale recently, and it was all the top salespeople across the organization.

回到前一個關於你引以為傲之處的問題，真正的驅動因素是Todd重新點燃了銷售組織與市場進入（go-to-market）策略。我個人很喜歡的一個小故事是：我們最近在佛羅里達——或說在羅德岱堡——舉辦了我們的Winners Circle大會，聚集了全公司最頂尖的業務人員。

And it was in a big hotel that hosts all sorts of conferences. And coming out of that conference, there's multiple companies there. We had one of our salespeople go over the conference right next to us, start talking to people, find out what it is they did, got in touch with some of the leadership there, started pitching our solution, and we have a sales lead coming out of that.

會場是在一間大型飯店，承辦各式各樣的會議。那場會議結束後，現場還有多家公司在那裡。我們有一位業務同仁走到隔壁的會議，開始跟人聊天，了解他們在做什麼，接著聯繫到那邊的一些主管，開始推介我們的解決方案，結果我們因此拿到了一個銷售線索。

So that type of initiative hasn't always been there with us, but we've gotten incredibly aggressive in our go-to-market. And just -- and again, just the energy and the enthusiasm is great to see. So it's very encouraging. We're getting better at our developing products, and we're getting a lot better in go-to-market strategies, and we're also getting a lot more aggressive. So more to come, but it's an encouraging sign. And again, it's showing up in our results.

所以這種主動性過去不一定一直存在，但我們在市場進入策略上變得極具侵略性。而且——再說一次——看到那股能量與熱情真的很棒。所以非常令人鼓舞。我們在產品開發上做得更好，在市場進入策略上也進步很多，而且也更積極進取。後續還會有更多進展，但這是一個令人鼓舞的訊號。而且同樣地，這也反映在我們的業績結果上。

That's great to hear. And then, Kurt, in your shareholder letter, you did say that you could experience some onetime headwinds later in the year for SendTech. What did you mean by that? Maybe if you can elaborate on that?

很高興聽到。另外，Kurt，你在致股東信中確實提到，SendTech在今年稍晚可能會遇到一些一次性的逆風。你指的是什麼意思？能否再多說明一下？

Yes. So without going into too much detail, it does pertain to customers that we work with. What I'd say is when you really think about the core of our business within SendTech, it's the meters and shipping software. We do have some related businesses that are, I would call noncore. Some of them get into things like fulfillment, and they're not really central to what our business is.

是的。在不透露太多細節的前提下，這確實與我們合作的客戶有關。我想說的是，當你真正思考SendTech業務的核心時，就是郵資機（meters）與寄送軟體。我們也有一些相關業務，我會稱之為非核心。其中一些涉及像是履約（fulfillment）之類的事情，而那並不是我們業務的真正核心。

And just the reality is it's not a core business to us. And over time, we expect those to go away. So there's certainly the potential in the second half. We have one customer in particular that the volumes decline almost quarterly, and that could pick up in the second half of the year.

而現實就是，這對我們來說不是核心業務。隨著時間推移，我們預期這些業務會逐步淡出。因此在下半年確實存在一定的可能性。我們有一位特定客戶，其量能幾乎每一季都在下滑，而這種情況可能會在今年下半年更加明顯。

So unfortunately, it will create a headwind, but it doesn't reflect on the overall health of the core business. So we just want to be cognizant. And that may not come to pass, but we just want to be very transparent with investors about some things that might be coming down the pipe.

所以很遺憾，這會形成逆風，但它並不反映核心業務的整體健康狀況。因此我們只是希望保持警覺。而這也未必一定會發生，但我們希望對投資人非常透明，說明一些可能即將出現的狀況。

Got you. Okay. And then last question for me. So a few weeks ago, you guys announced a partnership or collaboration with Temu. Can you just comment maybe on that? And what have you seen thus far? Could we see additional partnerships like this being announced by the company?

了解。好。那我最後一個問題。幾週前，你們宣布與Temu建立合作或協作關係。你們能否就此稍作評論？到目前為止你們看到了什麼？公司未來是否可能宣布更多類似的合作夥伴關係？

Yes. And we don't want to get too much into the weeds on our customer relationships with any particular customer. But again, this is something that we're really focused on, and it's figuring out how do we make the most of the assets we have. So we've looked into ways to offer banking services to customers. We've looked at all sorts of ways trying to think creatively about with our unique set of assets, how we can do that.

是的。我們不想在任何特定客戶的客戶關係上談得太深入。但同樣地，這是我們非常聚焦的一件事，也就是思考如何把我們現有的資產效益最大化。所以我們研究過向客戶提供銀行服務的方式。我們也看過各種方法，試著以創意方式思考：以我們獨特的資產組合，如何能做到這件事。

So what you're discussing is more of what I'd call sort of a beta test where we're trying to figure out, is this something that will work -- we don't want to lean too heavily into it. We'll see how that particular deal works out. And if we have success there, we'll certainly try to spread it throughout the organization. So I would just say it's just a little bit too early to talk more about that. But maybe in a future call, assuming we have success, we can have a forward discussion on that.

所以你提到的內容，更像是我所稱的一種beta測試，我們在嘗試釐清：這是否可行——我們不想過度投入。我們會看看那筆特定交易的成效如何。如果我們在那裡取得成功，我們當然會嘗試把它推廣到整個組織。所以我只能說，現在談更多細節還稍微太早。但也許在未來的電話會議上，假設我們有成功，我們可以就此做更前瞻的討論。

Kartik Mehta, Northcoast Research.

Kartik Mehta，Northcoast Research。

Kurt, you talked about potentially adding -- I don't want to use this word, but adding maybe another business line to SendTech to help the growth profile of that business and being a complementary business. I'm wondering if you have any more thoughts on that? And if that would be something that's small or something that you're thinking that would be bigger that could actually change the trajectory of that business?

Kurt，你談到可能會新增——我不想用這個詞，但可能是為SendTech新增另一條業務線，以協助該業務的成長輪廓，並作為互補性業務。我想知道你對此是否有更多想法？以及那會是偏小規模的事情，還是你在思考可能更大、甚至能改變該業務發展軌跡的事情？

Yes. And Kartik, I apologize. So is this from the letter or this previous calls that we've talked about adding.

是的。Kartik，不好意思。你這是指信裡提到的，還是我們之前電話會議中談到要新增的那件事？

Yes. Just -- I think we've had previous conversations where I think SendTech has an opportunity to maybe use some of the strength of that business and if it's possible to maybe add another business line or maybe that's too big of a word, but add another business to help that.

是的。就是——我想我們之前有討論過，我認為SendTech有機會利用該業務的一些優勢，如果可行的話，或許可以新增另一條業務線，或者「業務線」這個詞太大了，但就是新增另一項業務來協助它。

Got it. Yes. I guess the easiest thing that I can point to that we've discussed publicly really relies on the bank. So a lot of -- as you can imagine, if you're an e-commerce company producing a tremendous amount of shipping labels, there's a lot of outflow of cash. And so obviously, we don't want to expose ourselves to undesirable credit risk, but we can really -- by extending credit to those customers, if they're creditworthy, it can be -- we have a strong balance sheet, a lot of access to capital with the bank.

了解。是的。我想，我們在公開場合討論過、我能指出最簡單的一點，其實很大程度上取決於銀行。所以很多——如你所想像的，如果你是一家電商公司，產生大量的運單標籤，就會有大量現金流出。因此很明顯，我們不想讓自己暴露在不理想的信用風險之下，但我們確實可以——透過向那些客戶提供信用（如果他們具備信用資格），這可以——我們資產負債表很強健，並且透過銀行有很多資本取得管道。

We have access to brokered CDs and low cost of capital. So it's a way to essentially take advantage of our low cost of capital in the bank. to profit by improving opportunities for our customers that have a significantly higher cost of capital.

我們可以取得經紀存單（brokered CDs），資金成本很低。所以這基本上是一種利用我們在銀行端低資金成本的方法，透過改善那些資金成本顯著更高之客戶的機會來獲利。

So that would just be one example of a real opportunity for us. And again, just -- I can't emphasize it enough because I don't feel like we get appropriate value for the bank that we have. Our borrowing rate at the bank is on deposits is incredibly low. And again, we have access to brokered CDs, which is well below the cost of capital for any of our competitors.

所以這只是我們一個實際機會的例子。而且再次強調——我怎麼強調都不為過，因為我覺得市場並沒有給我們所擁有的銀行適當的價值。我們在銀行端的借款利率、以及存款端的成本都低得驚人。再者，我們也能取得經紀存單，其成本遠低於任何競爭對手的資金成本。

So it's a really unique asset we have. And you'll see over time with Steve and his team ramping up some of the value we can create out of the bank, not just through the bank, but also for our customers and other businesses.

所以這是我們擁有的一項非常獨特的資產。隨著時間推進，Steve 和他的團隊會逐步提升我們能從銀行創造的價值，不僅是透過銀行本身，也包括為我們的客戶以及其他業務創造價值。

Yes. No, I think the bank is a pretty big asset and probably an area you can leverage a lot more. And then, Kurt, just on cost cutting, you've done a great job reducing the cost of the business. And it seems like from your commentary in sales, sales hasn't suffered.

是的。不，我認為銀行是一項相當大的資產，而且可能是你們可以更大幅度加以槓桿運用的領域。然後，Kurt，關於削減成本，你在降低業務成本方面做得很好。而且從你對銷售的評論來看，銷售似乎沒有受到影響。

One of the biggest issues or questions comes up is, is the company cutting too much cost? And is it going to hurt the eventual long-term prospects of the company? I'm wondering how you're managing the cost cutting to make sure that the true meat of the company doesn't get hurt.

其中一個最大的問題或疑問是，公司是不是削減了太多成本？這會不會傷害公司最終的長期前景？我想知道你們如何管理成本削減，以確保公司的真正核心不會受損。

Yes. Why don't I let Paul take that. Obviously, he's integral to what we're doing on the cost side, but I think he can answer that question.

是的。不如我讓 Paul 來回答。顯然，他在我們成本端所做的事情中扮演關鍵角色，我想他可以回答這個問題。

Yes. So Kartik, I mean, obviously, we're -- the initial round of cuts that's more like blunt force, but we've been very surgical in how we do cuts going forward. Obviously, we don't want to cut into our muscles. We've got muscles to flex. But I don't think that our costs are such that it's going to impact our ability to grow this business in the future.

是的。所以 Kartik，我的意思是，顯然我們——最初那一輪削減比較像是鈍器式的做法，但接下來我們在削減上一直非常精準、非常外科手術式。顯然，我們不想削到我們的肌肉。我們有肌肉要發力。但我不認為我們的成本狀況會影響我們未來成長這項業務的能力。

I spend a lot of time here in the office. And so I live through this as does Kurt. And so we're very mindful of that, not to overcut this such that this company doesn't have a viable future going forward. So -- and the bigger point is, initially, it was -- and as it always -- a lot of times it happens, you bring in a consulting firm to do this. This last round of cuts. This is all management led. So we were very refined on how we did that. And to this point, we're seeing positive results.

我在辦公室花了很多時間。所以我親身經歷這一切，Kurt 也是。因此我們非常留意，不要過度削減，以致公司未來不再具備可行的發展前景。所以——更重要的一點是，最初那時——而且一如往常——很多時候會是請顧問公司來做這件事。而最近這一輪削減，完全是由管理層主導。所以我們在執行方式上非常精細。截至目前，我們看到的是正面的結果。

Kartik, just a couple of things to add as well. Contrary -- I would almost say our experience has been a little bit different than the concept of your question. And a great example I'd point to -- and first of all, just for some context, a lot of our focus has been employee focused. We've gone through some painful risks, which has been really hard on the team.

Kartik，我再補充幾點。與其說相反——我幾乎會說，我們的經驗其實和你問題中的概念有點不同。我可以舉一個很好的例子——首先提供一些背景，我們很多的重點一直放在員工面向。我們經歷了一些痛苦的裁員，這對團隊來說非常艱難。

But we're of the mindset that at this point, we have -- hopefully, that's not something that's a part of our future. But associated with those risks, not only have we not cut into muscle, but we're a 105-year-old company. So we've had some processes in place that have been what they've been for 20, 30, 40 years. And as we've made some changes, people stepped up into new roles had to learn those roles.

但我們的想法是，到這個階段，我們——希望那不會成為我們未來的一部分。但伴隨著那些裁員，我們不但沒有削到肌肉，而且我們是一家有 105 年歷史的公司。所以我們有一些流程已經維持了 20、30、40 年就是那樣。而當我們做出一些改變時，人們挺身而出接下新角色，必須學會那些角色。

Just as one example, within HR, we elevated somebody who's looking at benefits and having to get up to speed on our benefits plans, that person is taking a whole new look at them. And they've identified north of $1 million of just low-hanging fruit that we can take out of the business from third-party spend, and that was a direct result of bringing somebody new into the chair as a result of the cuts we've had. So in a way, these cuts are leading to new thinking within the business and are leading to better outcomes rather than worse.

舉一個例子，在人資部門，我們提拔了一位負責檢視福利的人，需要快速熟悉我們的福利方案，而那位同仁用全新的角度重新檢視。他們找出了超過 100 萬美元的「低垂果實」，也就是我們可以從第三方支出中直接從業務中移除的成本，而這正是因為裁員後讓新人坐上那個位置所帶來的直接結果。所以某種程度上，這些削減正在促成企業內部的新思維，並帶來更好的結果，而不是更差。

Justin Dopierala, Domo Capital.

Justin Dopierala，Domo Capital。

There's -- on your pre-release, there seemed to be some confusion regarding the pension expenses. And I'd say also some even skepticism about whether or not you actually raised guidance. And I was just wondering if you could provide some clarity on that.

在你們的預先發布中，似乎對於退休金費用有一些混淆。而且我想也有人對你們是否真的上調財測抱持一些懷疑。我想請問你們能否就此提供一些釐清。

Yes. No, I can address that. We absolutely did raise guidance. And then -- but we further refined our thoughts on how we treat -- how we sort of take pension out of our numbers. I mean, it's true that we've annuitized our US and Canadian pensions very successfully, and now we're turning our attention to a few other ones. And what we've decided on is we need a triggering event. And when we have that triggering event, then we'll back that out of our adjusted numbers.

是的。不，我可以回應。我們確實上調了財測。然後——但我們也進一步細化了我們對於如何處理——也就是我們如何在數字中把退休金因素剔除的想法。我的意思是，我們確實非常成功地將美國與加拿大的退休金做了年金化（annuitized），現在我們把注意力轉向其他幾個。而我們決定的是，我們需要一個觸發事件。當我們有那個觸發事件時，我們才會把它從我們的調整後數字中回沖剔除。

And so if you didn't have that, then our guidance would have gone up even more. So what you're seeing is we're erring on the side of conservatism. There's many examples out there of companies backing out all legacy pensions. We decided we're going to tie it to a triggering event. So --

因此如果沒有那個觸發事件，我們的財測本來還會上調更多。所以你看到的是我們偏向保守。市場上有很多公司會把所有歷史遺留的退休金都剔除。我們決定要把它與觸發事件連結。所以--

And just to be clear, I don't know if the genesis of your question, Justin, to put a very fine point on it, Value Investor Club, other places, we've seen comments that, hey, this pension issue actually was artificially made things look better, and it's quite the opposite. So our guidance would have been stronger were it not for this change. So I think some of those investors, presumably shorts have the story backwards.

再澄清一下，Justin，我不確定你的問題起因是什麼，但把話說得更明白一點，在 Value Investor Club 以及其他地方，我們看到一些評論說，嘿，這個退休金議題其實是人為地讓情況看起來更好，但事實恰恰相反。所以若不是這項變更，我們的指引本來會更強。因此我認為那些投資人——推測可能是放空者——把故事講反了。

Perfect. Makes a lot of sense. And then lastly, Kurt, reading your CEO letter at the very end, there seem to be to me a shift in tone perhaps or emphasis and at least regarding debt. And it seemed to be -- I don't know, the way I read it, it sounded like we should be expecting some more material payments on reducing leverage. And I guess, if you could just maybe provide your thoughts on that.

完美。非常合理。最後一點，Kurt，我在讀你 CEO 信的最後部分時，感覺語氣或重點似乎有些轉變，至少在負債方面是如此。而且看起來——我不確定——以我的理解，聽起來我們應該會看到一些更具實質性的付款，用來降低槓桿。我想，如果你能就此分享一下你的看法。

Yes. And I'll give a quick answer, and Paul, obviously, is the guy to give the more detailed answer. But obviously, we have a fiduciary duty to do what's in the best interest of our shareholders. At the same time, part of doing that is we have partners in our lenders, whether it's banks or debt holders. So our obligation is to our shareholders, but a part of that obligation is to make sure we have a good relationship with our debt holders.

是的。我先簡短回答，當然 Paul 才是能給更詳細答案的人。但很明顯，我們有受託責任，要做對股東最佳利益的事。同時，做到這點的一部分，是我們與放款人（不論是銀行或債權人）是合作夥伴。所以我們的義務是對股東，但這項義務的一部分，是確保我們與債權人維持良好關係。

So we've done a lot for our shareholder. We think it's appropriate to derisk for the lenders to make sure that they want to continue to work with us and be a lender to us. And specific to delevering, we're in a really strong financial position. We have the '27s coming up. We have cash and liquidity to take that out. And our expectation would be within the next couple of months that we should be able to pay off the 27s without having to issue any additional debt.

我們已經為股東做了很多。我們認為，為放款人降低風險是適當的，確保他們願意繼續與我們合作並成為我們的放款人。就去槓桿而言，我們的財務狀況非常強健。我們有 2027 年到期的債券（'27s）即將到期。我們有現金與流動性可以把它清償掉。我們預期在接下來幾個月內，應該能在不發行任何額外債務的情況下，償還 '27s。

But I think Paul can give a better answer to the broader issue.

不過我想 Paul 能就更廣泛的議題給出更好的回答。

Yes. I mean, look, just to sort of add to what Kurt said, obviously, we have a duty to our shareholders. It was the best course of action to do the share buybacks in the manner of which we did. Now we shift to other aspects. Obviously, we desire to have improved credit ratings, and so we're working on that.

是的。我的意思是，補充 Kurt 所說的，顯然我們對股東有責任。以我們採取的方式進行庫藏股回購，是當時最佳的行動方針。現在我們把重心轉向其他面向。很明顯，我們希望信用評等能改善，因此我們正在推動這件事。

With improved credit ratings is obviously a goal to delever the company. I've said to keep our net debt to EBITDA around 3 or slightly lower than that. And so that's just our next focus area. And obviously, the most prompt thing we have, which is current to us is our '27s. And as Kurt said, between cash and liquidity and other tools that our banking partners have out there, we're going to address that in the next few months. So we need to get this company back to the right appropriate leverage, and that's our focus.

要改善信用評等，顯然公司的去槓桿是目標之一。我之前說過，希望把淨負債對 EBITDA 維持在約 3 倍或略低於此。因此這就是我們下一個聚焦領域。而且很明顯，我們眼前最迫切、與我們當下最相關的就是 '27s。如 Kurt 所說，透過現金、流動性，以及我們銀行夥伴所提供的其他工具，我們會在接下來幾個月內處理它。所以我們需要讓公司回到適當的槓桿水準，這就是我們的重點。

And I'm not showing any further questions at this time. I'd like to turn the call back over to Kurt for any further remarks.

目前我這邊沒有看到其他問題。我想把電話會議交回給 Kurt，請他做任何補充說明。

Great. Thank you. Yes, everybody, thank you for joining us. Again, I can't be more excited about the performance of the business. It was a great quarter for us.

很好。謝謝。各位，感謝大家加入我們。再次強調，我對業務表現感到無比振奮。這對我們來說是很棒的一季。

We had a lot of progress that makes us optimistic about the coming quarters and years. And I would just like to say a thank you to, first of all, our shareholders for the trust you put in us. We work hard every day to try to deliver value for you. I think we're doing a pretty good job so far, and I think there's a lot of good things to come.

我們取得了許多進展，讓我們對接下來幾季與未來幾年感到樂觀。我也想先對股東說聲謝謝，感謝你們對我們的信任。我們每天都努力為各位創造價值。我認為到目前為止我們做得相當不錯，而且未來還有很多好事值得期待。

Second, a big thank you to the employees, as I've said before, this truly is an exceptional set of employees at this company. The dedication to the company is phenomenal, and I can't thank all of them enough for the hard work they put in.

第二，也要特別感謝員工；我之前說過，這家公司確實擁有一群非常卓越的員工。他們對公司的投入令人驚嘆，我非常感謝他們付出的辛勤努力。

And then finally, a thank you as well to our customers. They're incredibly important partners to us, and we strive every day to do a better, better job for them. And just appreciate the trust they put in us, and we continue to drive value for them and look forward to continued business with them in the future.

最後，也要感謝我們的客戶。他們是我們極其重要的合作夥伴，我們每天都努力為他們做得更好、更好。也非常感謝他們對我們的信任；我們會持續為他們創造價值，並期待未來與他們持續合作。

So thank you, everybody, for joining and look forward to next quarter's call.

所以謝謝各位的參與，也期待下季的電話會議。

Thank you, ladies and gentlemen. This does conclude today's presentation. We thank you for your participation. You may now disconnect, and have a wonderful day.

謝謝各位女士、先生。今天的簡報到此結束。感謝各位的參與。您現在可以掛線，祝您有美好的一天。