PriceSmart Inc (PSMT) 2023 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to PriceSmart, Inc.'s Earnings Release Conference Call for the Fourth Quarter of Fiscal Year 2023, which ended on August 31, 2023. After remarks from our company's representatives, Robert Price, Interim Chief Executive Officer; and Michael McCleary, Chief Financial Officer, you will be given an opportunity to ask questions as time permits.

大家下午好，歡迎參加 PriceSmart, Inc. 於 2023 年 8 月 31 日結束的 2023 財年第四季財報發布電話會議。和財務長 Michael McCleary，如果時間允許，您將有機會提問。

As a reminder, this conference call is limited to 1 hour and is being recorded today, Tuesday, October 31, 2023. A digital replay will be available following the conclusion of today's conference call through November 7, 2023, by dialing 1 (877) 674-7070 for domestic callers or 1 (416) 764-8692 for international callers and by entering the replay access code 496180#.

謹此提醒，本次電話會議時長僅限1 小時，並於今天（2023 年10 月31 日星期二）進行錄製。今天的電話會議結束後至2023 年11 月7 日期間，可撥打1 (877)進行數位重播國內來電者請撥打 674-7070，國際來電者請撥打 1 (416) 764-8692，然後輸入重播存取代碼 496180#。

For opening remarks, I would like to turn the call over to PriceSmart's Chief Financial Officer, Michael McCleary. Please proceed, sir.

作為開場白，我想將電話轉給 PriceSmart 的財務長 Michael McCleary。請繼續，先生。

Thank you, operator, and welcome to PriceSmart Inc.'s earnings call for the fourth quarter of fiscal year 2023, which ended on August 31, 2023. We will be discussing the information that we provided in our earnings press release and our 10-K, which were both released yesterday afternoon, October 30, 2023.

感謝營運商，歡迎參加 PriceSmart Inc. 於 2023 年 8 月 31 日結束的 2023 財年第四季財報電話會議。我們將討論我們在財報新聞稿和 10- K，均於2023 年10 月30 日下午發布。

Also in these remarks, we refer to non-GAAP financial measures. You can find a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP measures in our earnings press release and our 10-K. These documents are available on our Investor Relations website at investors.pricesmart.com, where you can also sign up for e-mail alerts.

在這些評論中，我們也提到了非公認會計準則財務指標。您可以在我們的收益新聞稿和 10-K 中找到我們的非 GAAP 財務指標與最直接可比較的 GAAP 指標的調整表。這些文件可在我們的投資者關係網站 Investors.pricesmart.com 上取得，您也可以在其中註冊電子郵件提醒。

As a reminder, all statements made on this conference call other than statements of historical fact are forward-looking statements concerning the company's anticipated plans, revenues and related matters. Forward-looking statements include, but are not limited to, statements containing the words expect, believe, plan, will, may, should, estimate and some other expressions.

提醒一下，本次電話會議中除歷史事實陳述外的所有陳述均為有關公司預期計劃、收入和相關事項的前瞻性陳述。前瞻性陳述包括但不限於包含期望、相信、計劃、將、可能、應該、估計和其他一些表達方式的陳述。

All forward-looking statements are based on current expectations and assumptions as of today, October 31, 2023. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including the risks detailed in the company's most recent annual report on Form 10-K and other filings with the SEC which are accessible on the SEC's website at www.sec.gov. These risks may be updated from time to time. The company undertakes no obligation to update forward-looking statements made during this call.

所有前瞻性陳述均基於截至今天（2023 年10 月31 日）的當前預期和假設。這些陳述受到風險和不確定性的影響，可能導致實際結果出現重大差異，包括公司最近的年度報告中詳述的風險向 SEC 提交的 10-K 表和其他文件可在 SEC 網站 www.sec.gov 上取得。這些風險可能會不時更新。該公司不承擔更新本次電話會議期間所做的前瞻性陳述的義務。

Now I will turn the call over to Robert Price, PriceSmart's Interim Chief Executive Officer.

現在我將把電話轉給 PriceSmart 臨時執行長 Robert Price。

Thank you, Michael. I would like to begin by expressing my sincere thanks and appreciation to our more than 11,000 employees, for their amazing dedication and hard work. Our Chief Financial Officer, Michael, will soon provide a detailed narrative for our fourth quarter and full year results. And I'm going to make a few comments in advance of his remarks.

謝謝你，麥可。首先，我謹向我們 11,000 多名員工表示誠摯的感謝和讚賞，感謝他們的奉獻精神和辛勤工作。我們的財務長邁克爾很快將詳細介紹我們第四季度和全年的業績。在他發表講話之前我將發表一些評論。

In spite of the 2 nonrecurring expense charges during the fourth quarter, the write-off of our investment in the Trinidad packaging plant and the settlement of a tax dispute, our company had a very strong fourth quarter. The fundamentals of our business are sound, good growth in sales and improved expense ratio, a strong cash position and a much improved inventory and accounts payable compared to a year ago.

儘管第四季度出現了兩項非經常性費用、沖銷了我們在特立尼達包裝廠的投資以及解決了稅務糾紛，但我們公司的第四季度表現非常強勁。我們的業務基本面良好，銷售成長良好，費用率改善，現金狀況強勁，庫存和應付帳款較上年同期大幅改善。

For the full year FY 2023, our management team delivered a solid financial performance. PriceSmart has 3 really significant assets that provide an optimistic outlook for the future of our company. One is our employee team, 11,000 dedicated and knowledgeable people who know the club business and know our markets. The second asset is our members, over 1.8 million accounts and over 3 million cardholders. The third asset is PriceSmart's good name in the region where we operate.

2023 財年全年，我們的管理團隊取得了穩健的財務表現。 PriceSmart 擁有 3 項真正重要的資產，為我們公司的未來提供了樂觀的前景。其中之一是我們的員工團隊，由 11,000 名敬業且知識淵博的員工組成，他們了解俱樂部業務並了解我們的市場。第二項資產是我們的會員、超過 180 萬個帳戶和超過 300 萬持卡人。第三項資產是 PriceSmart 在我們經營所在地區的良好聲譽。

We are determined to leverage these assets in order to strengthen the value of the PriceSmart membership, while continuing to improve our merchandise offering, we have added a strong representation of health services and online shopping, which is increasingly important to our members. We continue to grow our business to business sales segment to fulfill an important opportunity in our markets.

我們決心利用這些資產來增強 PriceSmart 會員的價值，同時繼續改善我們的商品供應，我們增加了健康服務和線上購物的強大代表性，這對我們的會員越來越重要。我們繼續發展我們的企業對企業銷售部門，以抓住我們市場上的重要機會。

I would like to conclude my remarks with a thank you to our shareholders. Now Michael will provide more detailed comments on our financial results.

在結束演講時，我想向我們的股東表示感謝。現在麥可將對我們的財務表現提供更詳細的評論。

Thank you, Robert. We finished the year with a strong fourth quarter, as both revenues and our net merchandise sales exceeded $1 billion. Net merchandise sales increased by 10% or 6.4% in constant currency. Comparable net merchandise sales increased by 8.8% or 5.2% in constant currency. For the fiscal year ended August 31, 2023, total net merchandise sales exceeded $4.3 billion and revenues exceeded $4.4 billion. Net merchandise sales increased by 9% or 8.3% in constant currency, and comparable net merchandise sales increased by 7.1% or 6.3% in constant currency for the 12-month period.

謝謝你，羅伯特。我們以強勁的第四季結束了這一年，營收和商品淨銷售額均超過 10 億美元。商品淨銷售額成長 10%，以固定匯率計算成長 6.4%。可比淨商品銷售額成長 8.8%，以固定匯率計算成長 5.2%。截至 2023 年 8 月 31 日的財年，商品淨銷售額總額超過 43 億美元，營收超過 44 億美元。 12 個月期間，以固定匯率計算，商品淨銷售額成長 9% 或 8.3%，以固定匯率計算，可比商品淨銷售額成長 7.1% 或 6.3%。

By segment, in Central America, where we had 28 clubs at quarter end, net merchandise sales increased 13.6% or 7.1% in constant currency, with an 11.4% increase in comparable net merchandise sales or 5.2% in constant currency. All of our markets in Central America had positive comparable net merchandise sales growth. Our Central America segment contributed approximately 680 basis points of positive impact to the growth in total consolidated comparable net merchandise sales for the fourth quarter.

以細分市場劃分，在中美洲，截至季度末我們擁有28 個俱樂部，淨商品銷售額增長了13.6%，按固定匯率計算增長了7.1%，可比淨商品銷售額增長了11.4%，按固定匯率計算增長了5.2%。我們在中美洲的所有市場均實現了可比淨商品銷售額的正成長。我們的中美洲部門對第四季度合併可比淨商品銷售總額的成長產生了約 680 個基點的正面影響。

The Costa Rica colon appreciated significantly against the dollar as compared to the same 3-month and 12-month period a year ago, which was the primary contributor to the favorable currency fluctuations in this segment and consolidated net merchandise sales.

與去年同期的 3 個月和 12 個月相比，哥斯達黎加科朗兌美元大幅升值，這是該部門有利的貨幣波動和綜合商品淨銷售額的主要貢獻者。

In the Caribbean, where we had 14 clubs at quarter end, net merchandise sales increased 6% or 7.2% in constant currency, and comparable net merchandise sales increased 5.8% or 7.2% in constant currency. All of our markets in this segment had positive comparable net merchandise sales growth. Our Caribbean region contributed approximately 170 basis points of positive impact to the growth in total consolidated comparable net merchandise sales for the quarter.

在加勒比地區，截至季末我們擁有 14 個俱樂部，淨商品銷售額以固定匯率計算增長了 6% 或 7.2%，可比淨商品銷售額按固定匯率計算增長了 5.8% 或 7.2%。我們該細分市場的所有市場均實現了可比淨商品銷售額的正成長。我們的加勒比地區為本季綜合可比淨商品銷售總額的成長貢獻了約 170 個基點的正面影響。

In Colombia, where we had 9 clubs open at quarter end, net merchandise sales increased 2.1% or 0.1% in constant currency, and comparable net merchandise sales increased 2.8% or 0.6% in constant currency. Our Colombia region contributed approximately 30 basis points of positive impact to the growth in total consolidated comparable net merchandise sales for the quarter.

在哥倫比亞，季度末我們有 9 傢俱樂部開業，淨商品銷售額按固定匯率計算增長 2.1% 或 0.1%，可比淨商品銷售額按固定匯率計算增長 2.8% 或 0.6%。我們的哥倫比亞地區為本季綜合可比較商品淨銷售總額的成長貢獻了約 30 個基點的正面影響。

In terms of merchandise categories, when comparing our fourth quarter sales to the same period in the prior year, our foods category grew approximately 10%, our non-foods category increased approximately 7% and our food services and bakery categories increased approximately 8%, and our health services, including optical, audiology and pharmacy increased approximately 91%.

就商品類別而言，與去年同期相比，我們第四季度的銷售額增長了約10%，我們的非食品類別增長了約7%，我們的食品服務和烘焙類別增長了約8%，我們的健康服務，包括眼科、聽力學和藥學，增加了約91%。

Membership accounts grew 2.5% versus the prior year to 1.81 million accounts with a 12-month renewal rate of 86.9% as of August 31, 2023. Platinum membership accounts are 8.9% of our total membership base as of August 31, 2023, an increase from 7.4% as of August 31, 2022. For the quarter ended August 31, 2023, membership income was $17.2 million, an increase of 10.6% over the same period last year.

截至2023 年8 月31 日，會員帳戶較前一年成長2.5%，達到181 萬個帳戶，12 個月續約率為86.9%。截至2023 年8 月31 日，白金會員帳戶佔會員總數的8.9 %，增加截至2022年8月31日的成長率為7.4%。截至2023年8月31日的季度，會員收入為1720萬美元，比去年同期成長10.6%。

Following many years where our annual membership fee for 2 cards has been $35 in most markets, $75 for platinum. We recently decided to raise our fee by $5 in most markets for all membership types. We expect these fee increases to take place on a staggered basis in most countries during fiscal year 2024.

多年來，我們在大多數市場上兩張卡的年費為 35 美元，白金卡為 75 美元。我們最近決定將大多數市場所有會員類型的費用提高 5 美元。我們預計大多數國家的費用將在 2024 財年分階段上調。

Total gross margin for the fourth quarter of fiscal year 2023 as a percentage of net merchandise sales increased 10 basis points to 15.6% versus 15.5% in the fourth quarter of fiscal year 2022. In total dollars, total gross margin increased $16.3 million or approximately 10.6% versus the same quarter of the prior fiscal year.

2023 財年第四季的總毛利率佔商品淨銷售額的百分比成長了10 個基點，達到15.6%，而2022 財年第四季的總毛利率為15.5%。以美元計，總毛利率增加了1,630 萬美元，約10.6%與上一財年同一季度相比的百分比。

Total revenue margins increased 20 basis points to 17.1% of total revenue when compared to the same period last year, primarily due to the increase in total gross margin. The average price per item increased approximately 7.3% year-over-year, down from a high of approximately 10% in Q1 of this fiscal year. However, we continue to see the price and FX pressures impact the aggregate demand, as the average items per basket decreased approximately 2.1% compared to the same period of the prior year. During the quarter, our average sales ticket and transactions both grew 4.9% versus the same prior year period.

與去年同期相比，總營收利潤率成長了20個基點，達到總營收的17.1%，這主要是由於總毛利率的成長。每件商品的平均價格年增約 7.3%，低於本財年第一季約 10% 的高點。然而，我們繼續看到價格和外匯壓力影響總需求，因為每籃子的平均商品與去年同期相比下降了約 2.1%。本季度，我們的平均售票量和交易量均較去年同期成長 4.9%。

Total SG&A expenses increased to 14.2% of total revenues for the fourth quarter of fiscal year 2023 compared to 13.1% for the fourth quarter of fiscal year 2022. This 110 basis point increase was primarily driven by 2 significant expenses during this quarter. First, we incurred $9.2 million in expenses related to the settlement of a minimum tax dispute with tax authorities in one of the markets where we operate, which contributed approximately 80 basis points to the increase in SG&A as a percentage of total revenues.

2023 財年第四季的銷售、管理及行政費用總額佔總營收的14.2%，而2022 財年第四季為13.1%。這項110 個基點的成長主要是由本季的2 項重大費用推動的。首先，我們產生了 920 萬美元的費用，用於解決與我們經營所在市場之一的稅務機關的最低稅務糾紛，這為 SG&A 在總收入中所佔百分比的增長貢獻了約 80 個基點。

Because of our low margin business, taxes based on sales can be significantly more burdensome than traditional taxes based on income. However, after several years of litigation, in which we challenged the legality of the minimum tax on constitutional and other grounds, we decided the best course of action was to settle this dispute in order to create certainty on the impacts we would have on our business. Now that we have established certainty on this matter, we believe we will be able to continue operating our business profitably in this country.

由於我們的業務利潤率較低，基於銷售的稅收可能比基於收入的傳統稅收負擔要重得多。然而，經過幾年的訴訟，我們以憲法和其他理由質疑最低稅的合法性，我們決定最好的行動方案是解決這場爭端，以便確定我們對業務的影響。既然我們已經確定了這個問題，我們相信我們將能夠繼續在這個國家經營我們的業務並獲利。

Secondly, we took a $5.7 million impairment charge and related closure costs primarily for the write-down of assets of our Trinidad sustainable packaging plant that negatively contributed approximately 50 basis points of the increase in SG&A as a percentage of total revenue. We had planned to use this plant to increase efficiencies by eliminating intermediaries and manufacturing some of our packaging materials using compostable or recyclable inputs. However, we found that achieving economic feasibility prove challenging.

其次，我們收取了570 萬美元的減損費用和相關關閉成本，主要用於沖減特立尼達永續包裝工廠的資產，該工廠對SG&A 佔總收入百分比的成長產生了約50 個基點的負面影響。我們計劃利用這家工廠消除中間商並使用可堆肥或可回收的原料製造一些包裝材料，從而提高效率。然而，我們發現實現經濟可行性具有挑戰性。

The increase in SG&A expenses as a percentage of revenue was partially offset by a 50 basis point decrease in general and administrative expenses as a percentage of revenue, primarily driven by lower cost from CEO compensation savings and leveraging of expenses. Operating income for the quarter decreased 17.5% from the same period last year to $32.1 million, primarily due to costs associated with the minimum tax settlement and asset impairment and closure costs. Operating income for the fiscal year 2023 increased 10.4% from the same period last year to $184.5 million despite these costs.

SG&A 費用佔收入百分比的增加被一般和管理費用佔收入百分比下降 50 個基點部分抵消，這主要是由於首席執行官薪酬節省和費用槓桿化帶來的成本降低。本季營業收入較去年同期下降 17.5% 至 3,210 萬美元，主要是由於與最低稅務結算以及資產減損和關閉成本相關的成本。儘管有這些成本，2023 財年的營業收入仍較去年同期成長 10.4%，達到 1.845 億美元。

We recorded a $1.5 million net loss in total other expense net in the fourth quarter of fiscal year 2023 compared to a $3.5 million net loss and total other expense in the same period last year, primarily due to an increase in interest income of $3 million because of significantly more investment of surplus cash at higher yields which was partially offset by an increase in other expense of $1 million, primarily due to an increase in total foreign currency transaction losses as we pay premiums in several countries to source U.S. dollars.

我們在2023 財年第四季的其他費用淨額總額中錄得150 萬美元的淨虧損，而去年同期的淨虧損和其他費用總額為350 萬美元，這主要是由於利息收入增加了300 萬美元，因為盈餘現金投資顯著增加，收益率更高，但其他費用增加 100 萬美元部分抵消了這一損失，這主要是由於我們在幾個國家支付溢價以獲取美元，導致外幣交易損失總額增加。

Our effective tax rate for the fourth quarter of fiscal 2023 came in higher than last year at 49.9% versus 34.2% a year ago, primarily attributable to the comparably unfavorable impact of the minimum tax settlement and asset impairment and related closure costs. For fiscal year 2023, the effective tax rate was 35.4% compared to 33.2% for the prior year period. This increase is primarily driven by the comparably unfavorable impact of the minimum tax settlement, the write-off of VAT receivables, Aeropost related write-offs and asset impairment and related closure costs. Heading into fiscal year '24, we estimate an annualized effective tax rate of about 32%.

我們 2023 財年第四季的有效稅率高於去年，為 49.9%，而去年同期為 34.2%，這主要是由於最低稅務結算和資產減損及相關關閉成本的相對不利影響。 2023 財年，有效稅率為 35.4%，而去年同期為 33.2%。這一增長主要是由於最低稅收結算、增值稅應收帳款沖銷、Aeropost 相關沖銷以及資產減值和相關關閉成本的相對不利影響所致。進入 24 財年，我們估計年化有效稅率約為 32%。

Net income for the fourth quarter of fiscal 2023 was $15.4 million or $0.49 per diluted share compared to $23.3 million or $0.75 per diluted share in the comparable prior year period. Net income for fiscal year 2023 was $109.2 million or $3.50 per diluted share compared to $104.5 million or $3.38 per diluted share in the comparable prior year period. Our earnings per share for the fourth quarter and fiscal year 2023 are both net of the negative impact of $0.30 per diluted share for costs related to the reserve for a minimum tax settlement and $0.18 per diluted share of asset impairment and closure costs.

2023 財年第四季的淨利為 1,540 萬美元，即稀釋後每股收益 0.49 美元，而去年同期淨利為 2,330 萬美元，即稀釋後每股收益 0.75 美元。 2023 財年淨利為 1.092 億美元，即稀釋後每股收益 3.50 美元，去年同期淨利為 1.045 億美元，即稀釋後每股收益 3.38 美元。我們第四季度和 2023 財年的每股收益均扣除了與最低稅收結算準備金相關的成本每股攤薄 0.30 美元以及資產減值和關閉成本攤薄每股 0.18 美元的負面影響。

Adjusted net income for the fourth quarter of fiscal 2023 was $20.4 million or adjusted $0.65 per diluted share compared to adjusted net income of $23.3 million or $0.75 per diluted share in the comparable prior year period. Adjusted EBITDA for the fourth quarter of fiscal year 2023 was $57.2 million compared to $56.6 million in the same period last year. Adjusted net income for the fiscal year 2023 was $126.5 million or an adjusted $4.06 per diluted share compared to adjusted net income of $103.1 million or an adjusted $3.33 per diluted share in the comparable prior year period. Adjusted EBITDA for fiscal year 2023 was $275.7 million compared to $234.9 million in the same period last year. For both fourth quarter and fiscal year 2023 adjusted net income and adjusted EBITDA, they are both impacted by net charges of $9.2 million or $0.30 per diluted share related to our minimum tax settlement.

2023 財年第四季調整後淨利為 2,040 萬美元，或調整後每股攤薄收益 0.65 美元，而上年同期調整後淨利為 2,330 萬美元，或調整後每股攤薄收益 0.75 美元。 2023 財年第四季調整後 EBITDA 為 5,720 萬美元，去年同期為 5,660 萬美元。 2023 財年調整後淨利為 1.265 億美元，即調整後稀釋每股收益 4.06 美元，而上年同期調整後淨利為 1.031 億美元，調整後稀釋每股收益為 3.33 美元。 2023 財年調整後 EBITDA 為 2.757 億美元，去年同期為 2.349 億美元。對於 2023 年第四季和財年的調整後淨利潤和調整後 EBITDA，它們都受到與我們的最低稅收結算相關的淨費用 920 萬美元或攤薄後每股 0.30 美元的影響。

Moving on to our strong balance sheet. We ended the quarter with cash, cash equivalents and restricted cash totaling $252.2 million. From a cash flow perspective, net cash provided by operating activities totaled $257.3 million for fiscal year 2023 compared to $121.8 million for the same prior year period. This and working capital generated from changes in our merchandise inventory and accounts payable positions for fiscal year 2023, contributed $84.9 million of cash flow compared to the same prior year period.

繼續我們強勁的資產負債表。本季末，我們的現金、現金等價物和限制性現金總計 2.522 億美元。從現金流角度來看，2023 財年經營活動提供的淨現金總額為 2.573 億美元，而去年同期為 1.218 億美元。與去年同期相比，這筆資金以及 2023 財年商品庫存和應付帳款頭寸變化產生的營運資金貢獻了 8,490 萬美元的現金流。

Average inventory per club decreased by approximately $45,000 or 0.5% and inventory days on hand decreased by approximately 5 days or 10% for the fourth quarter of fiscal year 2023 versus the same period in 2022. The year-over-year drivers of the decrease of inventory per club related to selling through much of our overstock merchandise in our nonfood segment for which we took significant markdowns in the prior year, combined with great efforts by our team to improve inventory flow and management.

與 2022 年同期相比，2023 財年第四季度每個俱樂部的平均庫存減少了約 45,000 美元或 0.5%，現有庫存天數減少了約 5 天或 10%。每個俱樂部的庫存與我們在非食品領域銷售大量積壓商品有關，我們在上一年對此進行了大幅降價，同時我們的團隊為改善庫存流動和管理付出了巨大努力。

Net cash used in investing activities increased by $147.3 million for fiscal year 2023 compared to the prior year, primarily as a result of increases in purchases of certificates of deposits. Net cash used in financing activities during fiscal year 2023 increased by $28.8 million, primarily from an increase in paydowns versus drawdowns of short-term borrowings compared to the same period a year ago.

與前一年相比，2023 財年投資活動所使用的現金淨額增加了 1.473 億美元，主要是因為購買存款證的增加。 2023 財年融資活動所使用的現金淨額增加了 2,880 萬美元，主要是由於與去年同期相比，還款額增加，而短期借款提領減少。

When reviewing our cash balances, it is important to note that as of August 31, we had $37.8 million of cash, cash equivalent and short-term investments denominated in local currency in Trinidad and Honduras, which we could not readily convert into U.S. dollars. Also, with respect to the share repurchase program that we initiated at the end of the fourth quarter, we finalized this program during the current first quarter with the repurchase of a total of approximately 1,007,000 shares of our common stock for approximately $75 million.

在審查我們的現金餘額時，需要注意的是，截至8 月31 日，我們在特立尼達和洪都拉斯擁有3780 萬美元的現金、現金等價物和以當地貨幣計價的短期投資，但我們無法輕易其兌換成美元。此外，關於我們在第四季末啟動的股票回購計劃，我們在當前第一季完成了該計劃，以約 7,500 萬美元的價格回購了總計約 1,007,000 股普通股。

Now on to our growth drivers. Starting with real estate, we are truly excited to have opened our El Poblado club located in Medellín, Colombia on September 1, 2023. The El Poblado club is our second club in Medellín, our tenth club in Colombia and our 52nd warehouse club overall. We also currently have 2 warehouse clubs under construction, we plan to open a warehouse club in Escuintla, Guatemala on November 30, 2023, and a warehouse club in Santa Ana, El Salvador, in early 2024.

現在談談我們的成長動力。從房地產開始，我們非常高興於2023 年9 月1 日在哥倫比亞麥德林開設El Poblado 俱樂部。El Poblado 俱樂部是我們在麥德林的第二個俱樂部，也是我們在哥倫比亞的第十個俱樂部，也是我們的第52 個倉庫俱樂部。目前我們還有2個倉庫俱樂部正在建設中，我們計劃於2023年11月30日在危地馬拉埃斯昆特拉開設倉庫俱樂部，並於2024年初在薩爾瓦多聖安娜開設一個倉庫俱樂部。

Once these 2 new clubs are open, we'll be operating 54 warehouse clubs, and we are actively exploring additional locations as well. In addition, we are currently remodeling several of our high-volume clubs, which are in San Pedro Sula, Honduras, Santiago, Dominican Republic, Portmore, Spain, Trinidad and Tobago and one of our clubs in San Salvador, El Salvador.

一旦這 2 個新俱樂部開業，我們將經營 54 個倉庫俱樂部，並且我們也積極探索其他地點。此外，我們目前正在改造位於宏都拉斯聖佩德羅蘇拉、多明尼加共和國聖地亞哥、西班牙波特莫爾、特立尼達和多巴哥的幾家高容量俱樂部，以及位於薩爾瓦多聖薩爾瓦多的一傢俱樂部。

We recently entered into a lease agreement to extend the lease life and relocate our Miraflores club in Guatemala to a nearby location. The Miraflores club is our highest selling location in Guatemala. The new warehouse will have increased sales square footage and a greater number of parking spaces, along with covered parking for our members.

我們最近簽訂了一份租賃協議，以延長租賃期限並將我們在危地馬拉的米拉弗洛雷斯俱樂部搬遷到附近的地點。米拉弗洛雷斯俱樂部是我們在危地馬拉銷售量最高的地點。新倉庫將增加銷售面積和更多停車位，並為我們的會員提供有頂棚的停車場。

We continue to seek ways to improve our distribution infrastructure to better serve our members, lower the net landed cost of our merchandise and enhance operating activities. As part of this renewed focus on distribution infrastructure, we recently leased an approximately 120,000 square foot building in Panama City, Panama, that will serve as a distribution center for our warehouse clubs in that market. This distribution center will operate in a similar way to our regional distribution center in Costa Rica.

我們繼續尋求方法來改善我們的分銷基礎設施，以更好地為我們的會員服務，降低商品的淨到岸成本並增強營運活動。作為重新關注配送基礎設施的一部分，我們最近在巴拿馬巴拿馬城租用了一座約 120,000 平方英尺的建築，該建築將作為我們在該市場的倉庫俱樂部的配送中心。該配送中心的運作方式與我們在哥斯大黎加的區域配送中心類似。

During Q4, we also opened our new produce distribution center in El Tejar, Chimaltenango, Guatemala, which has 48,000 square feet of space. The new El Tejar produce distribution center allows us to more easily deliver fresh produce to our clubs in Guatemala, by working directly with local farmers and eliminating intermediaries.

第四季度，我們還在危地馬拉 Chimaltenango 的 El Tejar 開設了新的農產品配送中心，面積為 48,000 平方英尺。新的 El Tejar 農產品配送中心使我們能夠透過直接與當地農民合作並消除中間商，更輕鬆地將新鮮農產品運送到危地馬拉的俱樂部。

Turning now to membership value. As we've highlighted in previous calls, our private label membership selection brand continues to be a high quality, good value alternative and these times of high inflation and foreign currency fluctuations.

現在轉向會員價值。正如我們在先前的電話會議中所強調的那樣，在高通膨和外幣波動的時代，我們的自有品牌會員選擇品牌仍然是高品質、超值的選擇。

During fiscal year 2023, our private label sales represented 26.3% of our total merchandise sales. That's up 160 basis points from 24.7% in the comparable period of fiscal year 2022. We continue to expand our suite of wellness services. We currently have 49 locations with optical centers and expect to have 53 opened by the end of fiscal year 2024.

2023 財年，我們的自有品牌銷售額佔商品總銷售額的 26.3%。這比 2022 財年同期的 24.7% 增加了 160 個基點。我們繼續擴大我們的健康服務組合。目前，我們在 49 個地點設有光學中心，預計在 2024 財政年度結束時將開設 53 個。

Our optical program provides 4 free eye exams with every membership, and we performed over 35,000 eye exams during the quarter. Optical services are also an important component of our contributions to the communities in which our clubs are located. In partnership with Price Philanthropies' Aprender y Crecer vision program, PriceSmart optometrists perform eye exams and Price Philanthropies purchase the glasses from our optical centers. We provide both the eye exam and glasses for children and their families free of charge. We have provided 58,000 screenings, 13,000 exams and 10,000 eyeglasses to date through this program.

我們的光學計畫為每位會員提供 4 次免費眼科檢查，本季我們進行了超過 35,000 次眼科檢查。光學服務也是我們為俱樂部所在社區做出貢獻的重要組成部分。 PriceSmart 驗光師與 Price Philanthropies 的 Aprender y Crecer 視力計畫合作，進行眼科檢查，Price Philanthropies 從我們的光學中心購買眼鏡。我們為兒童及其家人免費提供眼科檢查和眼鏡。迄今為止，我們已透過該計劃提供了 58,000 次篩檢、13,000 次檢查和 10,000 副眼鏡。

We currently have pharmacy centers in all 8 of our warehouse clubs in Costa Rica and 3 warehouse clubs in Panama. We expect to open 2 more pharmacies in Panama and 5 in Guatemala during fiscal year 2024. With respect to audiology centers, we ended fiscal year 2023 with 24 centers. We expect to open 3 additional centers in Panama and one center in each of Colombia, Jamaica and Trinidad in fiscal year 2024.

目前，我們在哥斯達黎加的所有 8 個倉庫俱樂部和巴拿馬的 3 個倉庫俱樂部均設有藥房中心。我們預計 2024 財年將在巴拿馬再開設 2 家藥局，在瓜地馬拉再開設 5 家藥局。在聽力學中心方面，截至 2023 財年，我們擁有 24 家中心。我們預計 2024 財年將在巴拿馬另外開設 3 個中心，並在哥倫比亞、牙買加和特立尼達各開設 1 個中心。

Our third growth driver is our omnichannel shopping options for our members, which reflects all sales in our digital channels, both in our app and on our desktop website. We currently utilize pricesmart.com and our app and other third-party last mile delivery services to drive online sales.

我們的第三個成長動力是我們為會員提供的全通路購物選擇，這反映了我們數位管道（包括我們的應用程式和桌面網站）的所有銷售。我們目前利用pricesmart.com 和我們的應用程式以及其他第三方最後一哩送貨服務來推動線上銷售。

During the fourth quarter, total omnichannel sales increased 18% as a percentage of net merchandise sales versus the same period in the prior year and represented 4.9% of net merchandise sales a record for the company. Total orders increased 24% and the average transaction value increased 8.2% versus the prior year period.

第四季度，全通路總銷售額佔商品淨銷售額的比例與去年同期相比成長了 18%，佔商品淨銷售額的 4.9%，創公司歷史新高。訂單總數較去年同期成長 24%，平均交易金額成長 8.2%。

As of August 31, 2023, approximately 60.9% of our members had created an online profile with pricesmart.com and 15.4% of our total membership base has made a purchase on pricesmart.com. We believe that there are significant growth opportunities in our digital channel, and we will continue to invest in this part of the business to provide an enhanced omnichannel experience and additional value to our members.

截至 2023 年 8 月 31 日，約 60.9% 的會員已在pricesmart.com 上建立了線上資料，15.4% 的會員總數已在pricesmart.com 上進行過購買。我們相信我們的數位管道存在巨大的成長機會，我們將繼續投資這部分業務，為我們的會員提供增強的全通路體驗和附加價值。

More broadly, with respect to our digital transformation process, we recently announced that David Price was appointed Executive Vice President and Chief Transformation Officer. Several key areas are reporting to David, including information technology, pricesmart.com and the project management office. We believe this organizational change will promote better collaboration, alignment and agility within the company as we execute on our digital transformation.

更廣泛地說，就我們的數位轉型流程而言，我們最近宣布任命 David Price 為執行副總裁兼首席轉型長。幾個關鍵領域向 David 匯報，包括資訊科技、pricesmart.com 和專案管理辦公室。我們相信，當我們執行數位轉型時，這種組織變革將促進公司內部更好的協作、協調和敏捷性。

As part of this focus on omnichannel and IT improvements, Wayne Sadin recently became our new Chief Information Officer, after working with us in a consulting role before onboarding efficiently. Wayne joins us with a wealth of experience and accomplishments in the field of information technology, along with demonstrated expertise in leading innovative digital transformation initiatives, optimizing IT operations and driving strategic growth through technology across various organizations and industries.

作為全通路和 IT 改進重點的一部分，Wayne Sadin 最近成為我們新的資訊長，他在高效能入職之前曾與我們一起擔任諮詢職務。 Wayne 在資訊科技領域擁有豐富的經驗和成就，並在領導創新數位轉型計畫、優化 IT 營運以及透過跨組織和產業的技術推動策略成長方面展示了專業知識。

We are currently in various stages of implementation of several projects to support our digital transformation. For example, we have begun migrating to a new point-of-sale system, ELERA, a Toshiba product, and we recently selected Redox Solutions as a provider of unified supply chain and retail planning applications to improve our buying capabilities. We also are making upgrades to our warehouse and transportation management systems. Overall, we expect these moves to increase efficiencies and assist us in delivering on our value proposition to our members.

目前，我們正處於實施多個專案的不同階段，以支援我們的數位轉型。例如，我們已經開始遷移到新的銷售點系統 ELERA（東芝產品），我們最近選擇 Redox Solutions 作為統一供應鏈和零售規劃應用程式的供應商，以提高我們的購買能力。我們也正在升級我們的倉庫和運輸管理系統。整體而言，我們希望這些措施能夠提高效率並幫助我們為會員提供價值主張。

Switching gears slightly. Environmental and social responsibility continues to be an important component of how we approach our business, and we do our best to incorporate practices that use natural resources responsibly. Just to give a quick update, we opened 2 new recycling centers in El Salvador, giving us 7 total together with 3 Honduras and 2 in Guatemala. On average, around 15,000 pounds of recycled materials collected monthly in each location. We are on track to open more recycling centers in Costa Rica, Dominican Republic and Panama by the end of fiscal year 2024. You can find more information about PriceSmart's Philanthropic and corporate social responsibility efforts on pricesmart.org.

稍微切換一下檔位。環境和社會責任仍然是我們開展業務的重要組成部分，我們盡最大努力納入負責任地使用自然資源的做法。簡單介紹一下最新情況，我們在薩爾瓦多開設了 2 個新的回收中心，加上洪都拉斯的 3 個和危地馬拉的 2 個，總共 7 個。每個地點平均每月收集約 15,000 磅回收材料。我們預計到 2024 財年末將在哥斯達黎加、多明尼加共和國和巴拿馬開設更多回收中心。您可以在pricesmart.org 上找到有關 PriceSmart 慈善和企業社會責任工作的更多資訊。

Looking forward a little into Q1 2024, our comparable net merchandise sales for the 4 weeks ended October 1, 2023, were up 8.9% or 5.5% in constant currency, with both Costa Rica and Colombia contributing positively from a foreign currency exchange rate perspective. In closing, while we encountered some specific headwinds to our overall results during the quarter, when you back out the effects of these items, you can see that the core business continues strong.

展望2024 年第一季度，截至2023 年10 月1 日的4 週內，我們的可比商品淨銷售額增長了8.9%，按固定匯率計算增長了5.5%，從外幣匯率的角度來看，哥斯達黎加和哥倫比亞都做出了積極貢獻。最後，雖然我們在本季的整體業績中遇到了一些具體的阻力，但當你排除這些項目的影響時，你可以看到核心業務仍然強勁。

We remain committed to our people first culture. We believe that if you take care of your employees and members success will naturally result from that. This people first attitude and our commitment to the 6 rights of merchandising provides the foundation upon which we deliver on the value proposition we promised to our members and has resulted in a strong into our fiscal year and set the stage for a promising fiscal year 2024.

我們仍然致力於以人為本的文化。我們相信，如果您照顧您的員工和會員，成功自然會隨之而來。這種以人為本的態度和我們對6 項商品銷售權利的承諾為我們兌現向會員承諾的價值主張奠定了基礎，並為我們的財年帶來了強勁的表現，並為充滿希望的2024 財年奠定了基礎。

Thank you for joining our call today. I will now turn the call over to the operator to take your questions. Operator, you may now start taking our callers' questions.

感謝您今天加入我們的電話會議。我現在將把電話轉給接線員回答您的問題。接線員，您現在可以開始回答我們來電者的問題。

(Operator Instructions) Your first question is from Héctor Maya from Scotiabank.

（操作員說明）您的第一個問題來自豐業銀行的 Héctor Maya。

First, could you please give us some details on a couple of strategic points. What could you tell us about the potential succession plan and timing for its execution. And also, I don't know if M&A is something completely out of the question. I mean, is PriceSmart open to be a target for an acquisition? And what would it take for the company to consider a significantly more ambitious store opening plan? I have a couple of follow-ups after this.

首先，您能否向我們介紹一些策略要點的詳細資訊。您能告訴我們關於潛在的繼任計畫及其執行時間的資訊嗎？而且，我不知道併購是否完全不可能。我的意思是，PriceSmart 是否願意成為收購目標？公司需要什麼才能考慮一個更有野心的開店計畫？此後我有一些後續行動。

Question and M&A.

問題和併購。

This is Robert. We can't comment on anything like M&A. I mean, that's just not a new thing, right. As far as succession planning, nothing specific, but you have to remember that really, this is a team. It's not one person. And we have a very strong team, and I feel very comfortable with the management team. So I don't think there's anything to comment on with the succession today. I don't know what your last question was.

這是羅伯特.我們無法對併購之類的事情發表評論。我的意思是，這不是什麼新鮮事，對吧。至於繼任計劃，沒有什麼具體的，但你必須記住，實際上，這是一個團隊。這不是一個人。我們有一個非常強大的團隊，我對管理團隊感到非常滿意。所以我認為對於今天的繼任沒有什麼可評論的。我不知道你最後一個問題是什麼。

Yes. I was asking, what would it take for the company to have a significantly more ambitious store opening plan to accelerate those efforts.

是的。我問，公司需要什麼才能製定一個更有野心的開店計畫來加速這些努力。

I think we have to be comfortable that we could enter. It would probably require going to another country or because, obviously, within the countries we're in now in terms of store openings, there's opportunity, but it's not huge. So I think as far as being more aggressive about growth in that area, we would have to consider another country probably.

我認為我們必須感到舒服才能進入。這可能需要去另一個國家，或者因為，顯然，在我們現在所在的國家內，就開店而言，有機會，但機會並不大。因此，我認為，為了在該領域更加積極地實現成長，我們可能不得不考慮另一個國家。

I understand. I also want to know, the buyback program has been completed. And I understand it has been noted in the company's filings that there are no further repurchase plans for the moment. So I just wanted to see if you could share more details on your reasoning to not continue this program? And why would it take for the board to change its mind on this issue?

我明白。我還想知道，回購計畫已經完成了。據我了解，該公司的文件中已指出，目前沒有進一步的回購計畫。所以我只是想看看您是否可以分享更多關於您不繼續該計劃的理由的細節？為什麼董事會要在這個問題上改變主意？

About what?

關於什麼？

About the buybacks, I think.

關於回購，我想。

Not sure. I'm having trouble understanding what you're saying.

沒有把握。我很難理解你在說什麼。

Yes, what would it take -- we said in the press release that we didn't have any additional approved plans for buybacks at this point. I mean, that's a point in time reference I think, and we just finished up our approved plans.

是的，需要做什麼——我們在新聞稿中表示，目前我們沒有任何額外批准的回購計劃。我的意思是，我認為這是一個時間點參考，我們剛剛完成了批准的計劃。

What is your question?

你的問題是什麼？

Yes. Just wanted to understand why are you stopping or not considering any further buyback program? So what could change for you to start doing this again?

是的。只是想了解您為什麼停止或不考慮任何進一步的回購計劃？那麼什麼可以改變你再次開始做這件事呢？

Well, we will consider all alternatives. It's not like we're not considering this, but we look at everything.

好吧，我們會考慮所有替代方案。我們並不是不考慮這一點，但我們會考慮一切。

Okay. And also on taxes, how much of a risk are you seeing that the impact you saw this quarter could become a recurring issue? And why do you believe that we should consider as a new level of effective tax rate from now on?

好的。另外，在稅收方面，您認為本季所看到的影響可能會成為一個反覆出現的問題的風險有多大？為什麼您認為從現在開始我們應該考慮新的有效稅率等級？

So Héctor, I think we tried to carve out the difference. So the $7 million, $7.2 million related to prior years and $2 million is included in the warehouse expense related to fiscal '23. So from an order of magnitude, I think the $2 million would be at a better reference.

因此，Héctor，我認為我們試圖消除差異。因此，700 萬美元、與往年相關的 720 萬美元和 200 萬美元都包含在與 23 財年相關的倉庫費用中。所以從一個數量級來看，我認為200萬美元是更好的參考。

Now maybe somewhat counterintuitively, since this is a sales -- tax based on sales, we are required to include that in operating income as an expense, as opposed to in the tax line. So it does impact the effective tax rate by lowering the denominator a little bit. But as I said in my remarks, at this point for fiscal '24, even including the impacts of this minimum tax on fiscal '24, we're still looking to get to around 32% effective tax rate for '24.

現在可能有點違反直覺，因為這是基於銷售的銷售稅，我們需要將其作為費用包含在營業收入中，而不是包含在稅項中。因此，它確實會透過稍微降低分母來影響有效稅率。但正如我在發言中所說，在 24 財年的這一點上，即使包括最低稅對 24 財年的影響，我們仍然希望在 24 財年達到 32% 左右的有效稅率。

Your next question is from Jon Braatz from Kansas City Capital.

您的下一個問題來自堪薩斯城首都的 Jon Braatz。

Michael, you've taken some pricing actions in Colombia and other countries because of the inflationary pressures. And I guess my question is, we saw some sequential improvement in the gross margin in the fourth quarter. Is there any change in that -- in your pricing strategy? Or was it just sort of a seasonal improvement in the gross margin?

邁克爾，由於通貨膨脹壓力，您在哥倫比亞和其他國家採取了一些定價行動。我想我的問題是，我們看到第四季的毛利率有所改善。你們的定價策略有什麼改變嗎？或者這只是毛利率的季節性改善？

Yes. I guess, Jon, there's a lot of moving pieces at any point in time. I think quarter-on-quarter, you saw probably about 30 basis points improvement in the quarter. So yes, there's a lot of moving pieces and a lot of different countries that we operate in at any point in time.

是的。我想，喬恩，任何時候都有很多令人感動的事情。我認為，與上一季相比，本季可能會出現約 30 個基點的改善。所以，是的，我們在任何時候都有很多變化的因素和很多不同的國家。

So obviously, Colombia is still a big focus area for us, and we're still making sure we're offering. We're working hard to offer the best value to our members there and increase that average purchase level for our members. But as I said, kind of at any point in time. And 25 basis points probably isn't necessarily a directional indicator just kind of...

顯然，哥倫比亞仍然是我們的一個重點領域，我們仍在確保我們提供服務。我們正在努力為那裡的會員提供最佳價值，並提高會員的平均購買水準。但正如我所說，在任何時間點都是如此。 25 個基點可能不一定是方向指標，只是...

Okay. Is there a point where in Colombia specifically, if the currency stabilizes, let's say, around 4,000 or something like that, is there a point where you might begin to increase prices a little bit?

好的。特別是在哥倫比亞，如果貨幣穩定在 4,000 左右或類似的水平，是否有一個點可以開始稍微提高價格？

Well, the idea of this business is to keep giving people better value all the time. So the idea of increasing prices isn't part of our DNA. I think the -- what we're trying to do is to build a long-term business where our members are going to be confident that when they walk in the building, they're getting the best price we...

嗯，這項業務的理念是始終為人們提供更好的價值。因此，提高價格的想法並不屬於我們的基因。我認為，我們正在努力做的是建立一項長期業務，讓我們的會員相信，當他們走進大樓時，他們會得到我們最優惠的價格…

Okay. In the 10-K, there was a couple of comments about some issues in Guatemala and Panama in terms of road blocks that might some -- create some issues to some of your stores in those markets. Can you give us a little update on that situation there? And in fact, did it have much impact on your revenues in October in those markets?

好的。在 10-K 中，有一些關於危地馬拉和巴拿馬的一些問題的評論，這些問題可能會給您在這些市場上的一些商店帶來一些問題。能為我們介紹一下那裡的最新情況嗎？事實上，這對你們 10 月在這些市場的收入有很大影響嗎？

As we understand now, the situation in Guatemala has calmed down. I'm not sure today what's going on in Panama. It's had some effect. I don't think it's significant in terms of what the overall October numbers will be. I think we probably lost some sales, but you won't notice it as far as our reporting.

據了解，目前危地馬拉局勢已經趨於平靜。我不確定今天巴拿馬發生了什麼事。已經起到了一定的作用。我認為這對於 10 月的總體數字並不重要。我認為我們可能會損失一些銷售額，但就我們的報告而言，您不會注意到這一點。

Yes. Okay. Okay. And then lastly, you're increasing membership fees from $35 to $40, about 14%. Any thoughts? And you haven't increased membership fees for a while. And maybe if you look back and maybe there have been some prior increases, but any thoughts on what impact that might have on the membership roles. Do you see a little bit of -- you see somewhat of a decline in memberships because of the higher price increases -- higher fee increase?

是的。好的。好的。最後，您將會員費從 35 美元增加到 40 美元，大約增加了 14%。有什麼想法嗎？而且你們已經有一段時間沒有增加會費了。也許如果你回顧過去，也許之前有一些增加，但任何關於這可能對會員角色產生什麼影響的想法。您是否看到，由於價格上漲，會員數量下降，費用上漲？

No, at this point, we haven't seen any decline. I think the $5 is fairly nominal. I think the issue is -- more important is, how the members perceive the value they're getting for that $5 increase in the overall membership fee. And it's up to us to continue to improve that value, I think we have the capacity to far outweigh the $5 membership increase with better values to our members.

不，目前我們還沒有看到任何下降。我認為5美元是相當象徵性的。我認為問題是——更重要的是，會員如何看待他們因會員費增加 5 美元而獲得的價值。我們有責任繼續提高這一價值，我認為我們有能力為我們的會員提供更好的價值，遠遠超過 5 美元的會員費成長。

I don't think the $5 is going to be what makes them decide to be a member or not. I think it's going to be -- are they feeling that by being a member at all, it really is something that benefits them. And we really believe that based on shopping patterns that people appreciate and value that membership.

我不認為 5 美元會成為他們決定是否成為會員的因素。我認為他們是否覺得成為會員確實對他們有利。我們確實相信，基於購物模式，人們會欣賞並重視會員資格。

I would just add one thing about -- and I should have said it in my opening remarks. From what I can tell about this business in the region we operate, we are probably -- and I would feel very comfortable saying this that we are the most respected and trusted brand of any business operating in this region. And I think that's not appreciated enough by our investors. Maybe we don't tell the story very well. But not only are we respected and trusted, but that gives us a foundation to continue to build additional services and opportunities for our members that we think will take advantage of in the future.

我只想補充一件事——我應該在開場白中說出來。據我所知，我們在該地區開展業務的情況表明，我們可能是——而且我可以很輕鬆地說，我們是在該地區開展業務的所有企業中最受尊敬和最值得信賴的品牌。我認為我們的投資者對此還沒有足夠重視。也許我們沒有把這個故事講得很好。我們不僅受到尊重和信任，而且為我們繼續為我們的會員提供更多服務和機會奠定了基礎，我們認為這些服務和機會將在未來得到利用。

And the idea of growth, I hear the idea of going into other countries and growing, but you have to have healthy growth. You can't just have growth because it looks good that you have more clubs, we will have more clubs. But what's really important is leveraging on what we already have. And we have almost 2 million accounts and 3 million cardholders who represent the very best in terms of member clientele in this region. And I think we have not taken full advantage of what we have.

至於成長的想法，我聽到了進入其他國家並成長的想法，但你必須有健康的成長。你不能僅僅因為擁有更多俱樂部看起來不錯而獲得成長，我們也會擁有更多俱樂部。但真正重要的是利用我們已經擁有的資源。我們擁有近 200 萬個帳戶和 300 萬持卡人，他們代表了該地區最好的會員客戶。我認為我們還沒有充分利用我們所擁有的資源。

There are no further questions at this time. I will now hand the call back to Mr. Michael McCleary for the closing remarks.

目前沒有其他問題。現在我將把電話轉回給麥可‧麥克利裡先生做總結發言。

Okay. Thank you, everybody, and we hope you all have a great day. Take care. Bye-bye.

好的。謝謝大家，希望大家有個愉快的一天。小心。再見。

Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect.

謝謝。女士們、先生們，會議現已結束。感謝大家的加入。你們都可以斷開連線。