REX American Resources Corp (REX) 2025 Q1 法說會逐字稿

Greetings, and welcome to the REX American Resources Corporation's first quarter 2025 Earnings Call. (Operator Instructions). As a reminder, this conference is being recorded.

您好，歡迎參加 REX American Resources Corporation 2025 年第一季財報電話會議。（操作員指令）。提醒一下，本次會議正在錄製中。

It's now my pleasure to introduce Doug Bruggeman, Chief Financial Officer. Please go ahead, sir.

現在我很高興介紹財務長 Doug Bruggeman。先生，請繼續。

Good morning, and thank you for joining REX American Resources Q1 2025 Conference Call. With me on our call today are Stuart Rose, REX's Executive Chairman; and Zafar Rizvi, REX's CEO. We'll get to our presentation and comments momentarily as well as your questions. But first, I will review the safe harbor disclosure.

早安，感謝您參加 REX American Resources 2025 年第一季電話會議。今天與我一起參加電話會議的還有 REX 執行主席 Stuart Rose 和 REX 執行長 Zafar Rizvi。我們將立即開始我們的演示和評論以及回答您的問題。但首先，我將回顧安全港披露。

In addition to historical facts or statements of current conditions, today's conference call contains forward-looking statements that involve risks and uncertainties within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the company's current expectations and beliefs but are not guarantees of future performance.

除了歷史事實或當前情況的陳述外，今天的電話會議還包含前瞻性陳述，涉及 1995 年《私人證券訴訟改革法案》所定義的風險和不確定性。此類前瞻性陳述反映了公司目前的預期和信念，但並不能保證未來的表現。

As such, actual results may vary materially from expectations. The risks and uncertainties associated with the forward-looking statements are described in today's news announcement and the company's filings with the Securities and Exchange Commission, including the company's reports on Form 10-K and 10-Q. REX American Resources assumes no obligation to publicly update or revise any forward-looking statements.

因此，實際結果可能與預期有重大差異。與前瞻性陳述相關的風險和不確定性在今天的新聞公告和公司向美國證券交易委員會提交的文件中有所描述，包括公司在 10-K 和 10-Q 表格上的報告。REX American Resources 不承擔公開更新或修改任何前瞻性聲明的義務。

I'd now like to turn the call over to our Executive Chairman, Stuart Rose.

現在我想將電話轉給我們的執行主席斯圖爾特·羅斯。

Good morning, and thank you to everyone for joining us today. First quarter of 2025 demonstrated REX's continued operational excellence and strategic execution. We maintained our position as one of the industry's most consistent performers in the face of uncertain and evolving regulatory and market conditions.

早安，感謝大家今天的參加。2025 年第一季展示了 REX 持續的卓越營運和策略執行。面對不確定且不斷變化的監管和市場條件，我們仍然保持著業內表現最穩定者之一的地位。

During the quarter, we saw stable ethanol demand and managed our production as we have in the past to capitalize on market conditions as we see them. The strength of our balance sheet continues to provide us with flexibility to pursue strategic opportunities while maintaining our disciplined approach to capital allocation. As always, we continue to evaluate potential acquisition opportunities that meet our strict operational and financial criteria.

在本季度，我們看到乙醇需求穩定，並像過去一樣管理我們的生產，以利用我們所看到的市場狀況。我們強勁的資產負債表繼續為我們提供靈活性，以尋求策略機遇，同時保持嚴謹的資本配置方式。像往常一樣，我們將繼續評估符合我們嚴格的營運和財務標準的潛在收購機會。

Both of our organic growth initiatives, carbon capture and expansion of ethanol production capacity at One Earth continue to progress. For the remainder of the year, we anticipate moving these projects forward, controlling what we can. Beyond operations, one of the duties we take very seriously at REX is delivering consistent value to our shareholders.

我們的兩項有機成長計畫——碳捕獲和擴大 One Earth 的乙醇生產能力——都在繼續取得進展。在今年剩餘的時間裡，我們預計將推進這些項目，並盡我們所能。除了營運之外，REX 非常重視的職責之一就是為股東提供持續的價值。

To this end, we have continued the share buybacks that we have talked about on our last call. During the first quarter, we repurchased approximately 822,000 shares for a total consideration of $32.7 million during a period when our share price, we believe was undervalued. Average purchase price for the repurchase shares was $39.80.

為此，我們繼續進行上次電話會議上討論的股票回購。在第一季度，我們回購了約 822,000 股股票，總對價為 3,270 萬美元，而我們認為當時的股價被低估了。回購股票的平均購買價格為39.80美元。

This brings our buyback activity to approximately 6.8% of our outstanding shares since reinitiating purchases in December 2024. Currently, we have approximately 1,182,000 shares remaining on the buyback authorization, which represents an additional approximately 7% of outstanding shares. We plan to continue executing on the remaining share purchase authorizations when and where we see value.

自 2024 年 12 月重新開始購買以來，我們的回購活動已達到已發行股份的約 6.8%。目前，我們還有大約 1,182,000 股股票獲得回購授權，相當於額外流通股的約 7%。我們計劃在發現價值時繼續執行剩餘的股票購買授權。

I'll now turn the call over to our CEO, Zafar Rizvi, to provide updates on our ongoing projects.

現在，我將把電話轉給我們的執行長 Zafar Rizvi，以提供有關我們正在進行的專案的最新進展。

Thank you, Stuart. Regarding our ethanol facility expansion in Gibson City, we are continuing a technical review of several key project components. This ongoing evaluation has already yielded valuable insights that we believe will enhance the long-term operational efficiencies of the expanded facility when materialized.

謝謝你，斯圖爾特。關於我們在吉布森城的乙醇設施擴建，我們正在繼續對幾個關鍵項目組件進行技術審查。我們相信，持續的評估已經產生了寶貴的見解，這些見解將在實現後提高擴建設施的長期營運效率。

During the first quarter, we maintained close coordination with the EPA regarding our Class 6 injection well permit. The EPA currently anticipate issuing a final permitting decision on our application by January 2026. In parallel, we are closely monitoring potential changes to the Inflation Reduction Act, particularly regarding tax credit provision for carbon capture projects.

第一季度，我們就 6 級注入井許可證與美國環保署保持了密切協調。美國環保署目前預計將於 2026 年 1 月對我們的申請做出最終許可決定。同時，我們正在密切關注《通貨膨脹削減法案》的潛在變化，特別是有關碳捕獲項目的稅收抵免規定。

Specifically 45Q and 45Z, which relate to a low-carbon fuel.

具體來說，45Q 和 45Z 與低碳燃料有關。

The Big Beautiful Bill includes several proposed amendments that could impact our planning and future economic decisions. In the 2025 Illinois legislative session, Senate Bill 1723 was introduced with an amendment defining the term Sole Source aquifer. Under this definition, the bill will prohibit carbon sequestration activities above, below through such aquifer.

《大美麗法案》包括幾項擬議的修正案，可能會影響我們的規劃和未來的經濟決策。在 2025 年伊利諾伊州立法會議上，參議院第 1723 號法案被提出，其中的修正案定義了「唯一來源含水層」一詞。根據這項定義，該法案將禁止透過此類含水層上方、下方進行碳封存活動。

The legislation is now under consideration by the governor. But most importantly, our proposed injection well sites, including our initial well and two additional locations are situated approximately six miles outside the map boundary of the Mahomet Sole Source aquifer as defined in the bill. We view this positive development for our project.

該法案目前正在由州長審議。但最重要的是，我們提議的注入井位置，包括我們最初的井和另外兩個位置，位於法案所定義的馬霍默特唯一源含水層地圖邊界外約六英里處。我們認為這對我們的專案來說是一個積極的發展。

From the beginning, we have supported measures to protect vital drinking water resources and are committed to ensure safety for our operations and the broader community. As of the end of Q1, our total investment in the carbon capture and ethanol expansion projects stand at approximately $122.7 million. We remain within our revised combined budget range of $220 million to $230 million for both projects.

從一開始，我們就支持保護重要飲用水資源的措施，並致力於確保我們的營運和更廣泛社區的安全。截至第一季末，我們在碳捕獲和乙醇擴建項目上的總投資約為 1.227 億美元。我們兩個項目的綜合預算仍維持在 2.2 億至 2.3 億美元的修訂範圍內。

I'll now hand the call over to Doug Bruggeman to discuss our financial results.

我現在將電話交給 Doug Bruggeman 來討論我們的財務表現。

Thanks, Zafar. During the first quarter of fiscal 2025, our ethanol sales volumes reached 70.9 million gallons compared to 74.5 million gallons in the first quarter of 2024. The average selling price for ethanol was $1.76 per gallon during the quarter. Lower ethanol sales volumes in Q1 2025 were mostly attributable to timing of shipments as our production was relatively stable between periods.

謝謝，紮法爾。2025 財年第一季度，我們的乙醇銷量達到 7,090 萬加侖，而 2024 年第一季為 7,450 萬加侖。本季乙醇的平均售價為每加侖 1.76 美元。2025 年第一季乙醇銷售下降主要是因為出貨時間問題，因為我們各時期的產量相對穩定。

Dry distiller grain sales volumes were approximately 153,000 tons for Q1 with an average selling price of $145.65 per ton. Modified distiller grain volumes totaled approximately 22,000 tons with an average selling price of $73.44 per ton. Corn oil sales volumes were approximately 21.4 million pounds during the quarter with an average selling price of $0.46 per pound.

第一季乾酒糟銷售量約為 153,000 噸，平均售價為每噸 145.65 美元。改性酒糟總量約為 22,000 噸，平均售價為每噸 73.44 美元。本季玉米油銷售量約為 2,140 萬磅，平均售價為每磅 0.46 美元。

Gross profit for the first quarter was $14.3 million compared to $14.5 million in Q1 2024. This primarily reflects lower sales prices for dried distiller grains, somewhat offset by improved ethanol pricing. Selling, general and administrative expenses were approximately $5.9 million for the quarter compared to $6.1 million in Q1 2024.

第一季毛利為 1,430 萬美元，而 2024 年第一季為 1,450 萬美元。這主要反映了乾酒糟銷售價格的下降，但被乙醇價格的上漲所抵消。本季銷售、一般及行政開支約 590 萬美元，而 2024 年第一季為 610 萬美元。

Interest and other income totaled $4.2 million for the quarter compared to $5.9 million in the first quarter of the prior year. Income before taxes and non-controlling interest was approximately $13.6 million compared to $16 million in Q1 2024. Net income attributable to REX shareholders was $8.7 million or $0.51 per diluted share compared to $10.2 million or $0.58 per diluted share in Q1 2024.

本季利息和其他收入總計 420 萬美元，而去年同期第一季為 590 萬美元。稅前和非控制權益前收入約為 1,360 萬美元，而 2024 年第一季為 1,600 萬美元。歸屬於 REX 股東的淨收入為 870 萬美元或每股攤薄收益 0.51 美元，而 2024 年第一季為 1,020 萬美元或每股攤薄收益 0.58 美元。

The reduction was primarily attributable to lower cash balances and interest income rather than operations. We ended the first quarter with cash, cash equivalents and short-term investments of $315.9 million. The reduction from the previous quarter primarily reflects our ongoing capital investments in growth projects and share repurchases.

減少的主要原因是現金餘額和利息收入減少，而不是營運減少。第一季結束時，我們的現金、現金等價物和短期投資為 3.159 億美元。與上一季相比的減少主要反映了我們對成長項目和股票回購的持續資本投資。

As previously announced, we remained active in our share repurchase program during Q1, acquiring approximately 822,000 shares for total consideration of $32.7 million. This reflects our ongoing commitment to delivering shareholder value and our confidence in REX future prospects. REX continues to maintain a strong financial position with no bank debt.

正如先前宣布的，我們在第一季繼續積極推動股票回購計劃，以 3,270 萬美元的總對價收購了約 822,000 股。這體現了我們對實現股東價值的持續承諾以及對 REX 未來前景的信心。REX 繼續保持強勁的財務狀況，沒有銀行債務。

I'll now turn things back to Zafar.

現在我將話題轉回給札法爾。

Thank you, Doug. The REX team continued to execute on the 3Ps I discussed on our last call. First, profit. Our ongoing goal is to run a profitable business. Despite market ups and downs, our team has consistently demonstrated their ability to overcome challenges and deliver strong financial results quarter-after-quarter for our shareholders. Notably, the first quarter marked REX's 19th consecutive profitable quarter.

謝謝你，道格。REX 團隊繼續執行我在上次通話中討論的 3P 原則。第一，利潤。我們持續的目標是經營一家有獲利的企業。儘管市場起伏不定，我們的團隊始終展現出克服挑戰的能力，並每季為股東帶來強勁的財務表現。值得注意的是，第一季是 REX 連續第 19 季獲利。

Second, position. We have strategically positioned ourselves for organic growth, funded entirely by our own strong balance sheet, our ethanol expansion and carbon capture and sequestration projects. We are focusing on what we can control and making investment to optimize our future operation. We are committed to building REX's long-term strength.

第二，立場。我們已將自己定位為有機成長，資金完全來自我們自身強大的資產負債表、乙醇擴張以及碳捕獲和封存項目。我們專注於我們能夠控制的事情，並進行投資以優化我們未來的營運。我們致力於打造 REX 的長期實力。

Finally, policy. On the policy front, we continue to monitor developments closely at both the federal and state levels. While many outcomes remain uncertain and outside our control, we believe we are well informed and well prepared to respond to any policy shifts that do arise. Our overall market conditions, particularly those that supported the ethanol sector in 2024 remain favorable.

最後，政策。在政策方面，我們繼續密切關注聯邦和州兩級的發展。儘管許多結果仍不確定且不受我們控制，但我們相信，我們已充分了解情況並做好充分準備，可以應對任何可能出現的政策變化。我們的整體市場狀況，特別是 2024 年支持乙醇產業的市場狀況仍然良好。

Ethanol export in March 2025 were up 23% compared to March 2024. Cumulatively, US ethanol export through March 2025 were nearly 19% higher than during the same period in 2024, according to the Renewable Fuel Association. Following a strong first quarter, we are seeing stable performance in the second quarter and expected another profitable result.

2025 年 3 月乙醇出口量與 2024 年 3 月相比成長了 23%。據再生燃料協會稱，截至 2025 年 3 月，美國乙醇出口量累計比 2024 年同期高出近 19%。繼第一季表現強勁之後，我們看到第二季業績穩定，並預計再次獲利。

Now I would like to open things up for questions. Operator?

現在我想開始回答問題。操作員？

(Operator Instructions) Peter Gastreich, Water Tower Research.

（操作員指示）Peter Gastreich，水塔研究。

It's great to hear the progress on the share repurchase program. For starters, congratulations on your results and on your 19th consecutive quarter of profitability. That consistent profitability is something that has alluded some of your peers, and it's not just profit. You've been generating superior returns on capital as well. I'd just like to ask what drives REX's ability to consistently deliver this performance? And could you please discuss what it is about your strategy? Is it the cost control, logistics or other factors at play?

很高興聽到股票回購計畫取得進展。首先，恭喜你們取得的成績以及連續第 19 個季度獲利。這種持續的獲利能力是一些同行所忽視的，而且它不僅僅是利潤。您也一直在產生優異的資本回報。我只是想問一下，是什麼促使 REX 能夠持續提供這樣的性能？您能談談您的策略嗎？是成本控制、物流還是其他因素在作用？

Do you want me to answer that? Our CEO has a lot to do with it. We have the top CEO, in my opinion. This is Stuart talking. In the industry who watches everything very, very closely. He watches the corn prices. He watches the ethanol, very few CEOs or very few people at his level get down to the details that he does.

你想讓我回答這個問題嗎？我們的執行長與此有很大關係。在我看來，我們擁有頂級的執行長。我是史都華。在這個行業中，人們非常密切地關注著一切。他關注玉米價格。他觀察乙醇，很少有執行長或與他同級別的人能像他一樣關注細節。

Then on top of that, we have good locations and very, very good people that we have set up in each of our plants that have, I think, separated us from the pack. I'll let Zafar expand on what I'm saying, but the big difference is our people.

除此之外，我們的每個工廠都擁有良好的地理位置和非常優秀的人才，我認為，這使我們脫穎而出。我會讓札法爾進一步闡述我的觀點，但最大的差別在於我們的人民。

Yes, I agree. I think the big difference is our people. We have a team. We communicate well. We exactly know what's happening day-to-day. We have spreadsheet to monitor what -- how the market is moving up and down. And we try to reach on our targets. When we meet our targets, we will try to lock in profit. That's basically it, but I think we cannot be successful without the great people and without the great team.

是的，我同意。我認為最大的不同在於我們的人民。我們有一個團隊。我們溝通良好。我們清楚知道每天發生的事。我們有電子表格來監控市場如何上漲和下跌。我們努力實現我們的目標。當我們達到目標時，我們將努力鎖定利潤。基本上就是這樣，但我認為，如果沒有優秀的人才和優秀的團隊，我們就不可能成功。

And we are very fortunate that we have those people who support us, our ideology and mission, and we continue to produce for our shareholders.

我們非常幸運，有這些人支持我們、支持我們的理念和使命，我們能夠繼續為股東創造效益。

Okay. My second question is a regulatory question. Could you talk about what specific deregulation measures you'd like to see from the Trump administration that could help to smooth your runway? For example, where are we on federal pipeline regulations or other relevant areas?

好的。我的第二個問題是一個監管問題。您能否談談您希望川普政府採取哪些具體的放鬆管制措施來幫助您們順利發展？例如，我們在聯邦管道法規或其他相關領域處於什麼位置？

Stuart, do you want to answer that? Or you want you know that...

斯圖爾特，你想回答這個問題嗎？或者你想知道...

I don't know. I think we're -- I'll answer it, but everything is in limbo right now until this bill passes. We've worked with -- we definitely have contacts in Washington that we're working with. And we have very, very good contacts in Illinois. But right now, we're trying to know exactly what the target is.

我不知道。我想我們——我會回答這個問題，但目前一切都處於不確定狀態，直到法案通過。我們已經與華盛頓的一些人合作過——我們肯定與他們有聯繫。我們與伊利諾州有著非常非常好的關係。但現在，我們正試圖確切地了解目標是什麼。

It's a moving target every day with what's going on in Washington. So I can't -- it's very hard right now to give anyone any indication of when or if we'll ever -- when -- and hopefully, it's not if, but it could be if we ever get our carbon capture project going. things in Washington are in great limbo right now.

華盛頓每天都在改變。所以我不能——現在很難向任何人表明我們什麼時候或是否會——什麼時候——希望不是是否，而是如果我們能啟動我們的碳捕獲項目，那可能是可行的。華盛頓的情況現在非常不確定。

But I think I add to that is a Big Beautiful Bill at this stage, it still includes 45Q and 45Z. And actually, 45Z is extended to up to 2031. And I think that's very positive. And recently, Illinois passed this bill 1723, which is, we believe, also very positive for our ethanol location because we are six miles away from aquifer considered to some other facilities maybe very close to aquifer.

但我認為我補充的是，現階段這是一個美麗的大鈔，它仍然包括 45Q 和 45Z。實際上，45Z 已延長至 2031 年。我認為這是非常積極的。最近，伊利諾伊州通過了 1723 號法案，我們認為，這對我們的乙醇工廠位置非常有利，因為我們距離含水層六英里，而其他一些設施可能非常靠近含水層。

And they ban that over under and any pipeline or any carbon sequestration where is aquifer is close to that area. So we believe that's very positive. As Stuart mentioned, FSMA rules are still under review. We have some contact with them, and they are still saying they are trying to review. And that -- that rules may -- Trump administration may just leave it as it is as those were passed two days before Biden administration left.

他們禁止在靠近該地區的含水層上鋪設任何管道或進行任何碳封存。因此我們認為這是非常積極的。正如斯圖爾特所提到的，FSMA 規則仍在審查中。我們與他們進行了一些聯繫，他們仍表示正在嘗試審查。而這些規則可能——川普政府可能會維持現狀，因為這些規則是在拜登政府離任前兩天通過的。

And if that's the case, then I think we should get those rules very soon. As Stuart mentioned that some of these behind our control, as you can see my prepared remarks, I mentioned that January 31, we'll be issuing EPA permit. And today, this morning, we extended that date to 4/31. So some of these things are behind our control, how the government move forward and when they finalize their reviews. So those are just moving target. So we are watching them very closely.

如果是這樣的話，我認為我們應該很快就會得到這些規則。正如斯圖爾特所提到的，其中一些是我們控制範圍之內的，正如你所看到的我的準備好的發言，我提到 1 月 31 日，我們將頒發 EPA 許可證。今天早上，我們將該日期延長至 4 月 31 日。因此，其中一些事情是我們能夠控制的，例如政府如何前進以及何時完成審查。所以這些只是移動的目標。因此我們正在密切關注他們。

Okay. That sounds generally some good momentum on the regulatory side. Just a final...

好的。總體而言，這聽起來是監管方面的良好勢頭。只是最後一次…

The other thing that you should remember is no matter what, we are expanding our plant, and it's a great plant already, and we're adding roughly -- roughly 33% once we finish greater capacity in that plant. So no matter what, we will be growing.

您應該記住的另一件事是，無論如何，我們都在擴大我們的工廠，它已經是一個很棒的工廠了，一旦我們完成該工廠的產能提升，我們的產量將增加約 33％。所以無論如何，我們都會成長。

Okay. That's great. Just one final question, just a macro question. It would be great to hear your thoughts on the industry fundamentals, where ethanol margins trending as we approach the summer? And what are the drivers and outlook there?

好的。那太棒了。最後一個問題，只是一個宏觀問題。很高興聽到您對行業基本面的看法，隨著夏季的臨近，乙醇利潤率將如何變化？那裡的驅動因素和前景是什麼？

I think we cautiously see that the ethanol margins are still very positive. And for the first -- second quarter, we see it still is a positive, as I mentioned in our prepared remarks, and we expect the record corn is expected this year, thanks to strong planting in a state like South Dakota and Illinois and good weather so far, if this continue, it could boost our profit for the rest of the year.

我認為，我們謹慎地看到乙醇利潤率仍然非常高。對於第一季和第二季度，我們認為這仍然是一個積極的信號，正如我在準備好的發言中提到的那樣，我們預計今年玉米產量將創下紀錄，這要歸功於南達科他州和伊利諾伊州等州的強勁種植以及迄今為止良好的天氣，如果這種情況持續下去，它可能會提高我們今年剩餘時間的利潤。

We are also pleased with our export at this time, ethanol, as I mentioned previously, is approximately 19% up compared to last year. And also, if the dust settled with Canada and Mexico, and there is no tariff, then we believe that the Trump's administrations may help us to eliminate those tariffs on the different countries, which they have own ethanol's or DDGs.

我們對目前的出口情況也感到滿意，正如我之前提到的，乙醇出口量比去年同期增長了約 19%。此外，如果與加拿大和墨西哥的爭端塵埃落定，沒有關稅，那麼我們相信川普政府可能會幫助我們取消對擁有乙醇或 DDG 的不同國家的關稅。

And if that market open up, we believe that will be a great for ethanol industries. But on the same time, we're cautiously looking at natural gas. If natural gas is exported greater than we expect, then it can be negatively affected on our business. But because natural gas and corn and those are the major expenses, we have in our ethanol business. So we are monitoring very closely, but we believe at this time, there is a positive outlook toward to 2025.

如果該市場開放，我們相信這對乙醇產業來說將是一件好事。但同時，我們也在謹慎看待天然氣。如果天然氣出口量超過我們的預期，那麼就會對我們的業務產生負面影響。但由於天然氣和玉米是我們乙醇業務的主要開支。因此，我們正在密切關注，但我們相信，目前對 2025 年的前景持樂觀態度。

There are no further questions at this time. I'd like to turn the call back to Stuart Rose for closing remarks.

目前沒有其他問題。我想將電話轉回給斯圖爾特·羅斯，請他做最後發言。

Okay. I'd like to thank everyone for listening. And again, we feel we have among the best plants in the industry. We have great locations in the corn belt. We have what we feel is the best technology. But most importantly, as I said during the call, we, in my opinion, have the best people in the industry, and that's what sets us apart.

好的。感謝大家的聆聽。而且，我們再次感覺到，我們的工廠是業內最好的工廠之一。我們在玉米帶擁有優越的地理位置。我們擁有我們認為最好的技術。但最重要的是，正如我在電話中所說的那樣，我認為我們擁有業內最優秀的人才，這就是我們的與眾不同之處。

And we have very, very high hopes that these same people and the other people that we have hired will do the exact same thing in carbon capture that we've done in ethanol. Very much look forward to the future. Thank you every -- much for listening, and we'll talk to you at the end of -- the conference call for next quarter. Thank you. Bye.

我們非常非常希望這些人和我們僱用的其他人能夠在碳捕獲方面做與我們在乙醇方面所做的完全相同的事情。非常期待未來。非常感謝大家的聆聽，我們將在下個季度的電話會議結束時與您交談。謝謝。再見。

This concludes today's conference. You may disconnect your lines at this time. Enjoy the rest of your day.

今天的會議到此結束。現在您可以斷開線路。享受剩餘的一天。