RGC Resources Inc (RGCO) 2022 Q3 法說會逐字稿

Good morning. I'm Paul Nester, President and CEO of RGC Resources. Thank you for joining us as we discuss RGC Resources 2022 third quarter results.

早安.我是 RGC Resources 總裁兼執行長 Paul Nester。感謝您加入我們討論 RGC 資源 2022 年第三季業績。

Let's review a few administrative items. (Operator Instructions) The link to today's presentation is available on the Investor and Financial Information page of our website at www.rgcresources.com.

讓我們回顧一下一些行政項目。 （操作員說明） 今天示範的連結可在我們網站 www.rgcresources.com 的投資者和財務資訊頁面上找到。

Joining me today is Jason Field, our Chief Financial Officer; Tommy Oliver, our Vice President of Regulatory Affairs and Strategy; and Kelly Davenport, our Director of Finance.

今天加入我的是我們的財務長 Jason Field； Tommy Oliver，我們的監理事務與策略副總裁；和我們的財務總監凱利·達文波特 (Kelly Davenport)。

Okay. Let's go to Slide 1. We do have forward-looking projections and forecasts in this presentation, in this our disclaimer of such. The agenda is on Slide 2. We're going to start with an update of our operational results for the quarter. Jason will then discuss our delivered natural gas volumes and financial results. Tommy is going to give us a nice update on our renewable natural gas project, and I will conclude with a discussion of the outlook for the remainder of fiscal 2022.

好的。讓我們看投影片 1。議程位於投影片 2 上。然後傑森將討論我們交付的天然氣量和財務表現。 Tommy 將為我們提供有關可再生天然氣項目的最新進展，最後我將討論 2022 財年剩餘時間的前景。

Moving to Slide 3. Our operational results continue to be impressive in 2022. Customer additions are up 17% for the first 9 months when compared to 2021. New main miles are ahead 12% of 2021, totaling just over 5.5 miles. You may recall that last year was also a significant increase over historical norms for new customers in main miles. Since October 2020, we've installed over 12 miles of new mains. It's just an outstanding result. We believe the new customer main addition trends should continue through fiscal year end.

轉向投影片3。 %，總計略多於5.5 英里。您可能還記得，去年主要里程的新客戶數量也比歷史標準顯著增加。自 2020 年 10 月以來，我們已安裝了超過 12 英里的新電源。這只是一個出色的結果。我們認為新客戶的主要增加趨勢應該會持續到本財政年度結束。

If you reviewed our recently filed 10-Q carefully, you may have noticed that from the March quarter to the June quarter, our total customer count receded from 63,000 in March to approximately 62,400 or 600 customers. This is due to customers from our turnoffs for nonpayment. And as this change is more pronounced than prior periods, we thought it worth discussing. The service disconnection moratorium which prohibited customer turnoffs for nonpayment during the pandemic was lifted in late summer of 2021. However, we did not begin turning off customers until the winter season concluded here in March of 2022.

如果您仔細查看我們最近提交的 10-Q，您可能已經注意到，從 3 月份季度到 6 月份季度，我們的客戶總數從 3 月份的 63,000 人減少到大約 62,400 或 600 名客戶。這是由於客戶因未付款而拒絕我們。由於這種變化比以往時期更加明顯，我們認為值得討論。禁止在疫情期間因未付款而關閉客戶的服務暫停令已於 2021 年夏末取消。

But from March of 2022 to June of 2022, we turned off just over 900 customer accounts for nonpayment. If prepandemic history is an indicator, we expect a large number of these customers to make necessary payment and request service this fall with the arrival of colder weather. There's no question, the pandemic and the moratoriums that were associated with that have had a noticeable change in customer behavior from prepandemic experiences.

但從 2022 年 3 月到 2022 年 6 月，我們關閉了超過 900 個未付款的客戶帳戶。如果大流行前的歷史是一個指標，我們預計隨著今年秋天寒冷天氣的到來，大量此類客戶將進行必要的付款並要求服務。毫無疑問，大流行以及與之相關的暫停措施已經使客戶行為與疫情前的經驗相比發生了顯著變化。

Jason will now discuss our delivered volumes, financial statements and capital spending.

傑森現在將討論我們的交付量、財務報表和資本支出。

Thank you, Paul. We are on Slide 4. Our third quarter delivered volumes were strong with 2 million dekatherms delivered for the quarter, up almost 200,000 dekatherms compared to the third quarter of 2021 or an 11% increase. This increase was largely due to customer volumes in the industrial class, the same customer that we highlighted in our second quarter earnings call, continued blending natural gas in their fuel mix. And we expect that customer to continue to use natural gas in their manufacturing process through the summer.

謝謝你，保羅。我們在投影片4 上。 %。這一增長主要是由於工業級客戶數量，我們在第二季財報電話會議中強調的同一客戶，繼續在其燃料組合中混合天然氣。我們希望客戶在整個夏季繼續在其製造過程中使用天然氣。

If you move to Slide 5, our year-to-date total volumes are 3% higher than the volumes we delivered through June 30 of last year. That's in spite of a 6% decline in heating degree days. The decline in weather-related deliveries to our residential customers was offset by the increase in our industrial transportation volumes, again, impacted by that same customer that has been utilizing natural gas to a greater extent this year compared to last year.

如果您轉到投影片 5，我們今年迄今的總銷量比去年 6 月 30 日交付的銷量高出 3%。儘管采暖度數下降了 6%，但情況仍然如此。與天氣相關的住宅客戶交付量的下降被我們的工業運輸量的增加所抵消，同樣受到今年比去年更多地使用天然氣的同一客戶的影響。

If you move to Slide 6, our financial results. For the third quarter of 2022, our operating income of $1.6 million exceeded the third quarter of 2021 by about $98,000 or 6.3%. The overall net income, however, for the quarter of $593,000 was a decline from the third quarter of 2021, approximately $18,000 or $0.01 a share. This was generally due to the decline in equity earnings of our investment in the Mountain Valley Pipeline held by our wholly owned subsidiary, Midstream.

如果你翻到投影片 6，我們的財務表現。 2022 年第三季度，我們的營業收入為 160 萬美元，比 2021 年第三季度增加約 98,000 美元，即 6.3%。然而，該季度的整體淨利潤為 593,000 美元，較 2021 年第三季下降，約為 18,000 美元或每股 0.01 美元。這主要是由於我們對全資子公司Midstream所持有的Mountain Valley Pipeline的投資的股本收益下降。

One thing that is common to the quarter, the 9 months and the 12 months ending June 30 is increased gas cost and is reflected in the higher revenues in the operating expenses of each period. As a reminder, gas cost is a pass-through with no operating income impact.

截至 6 月 30 日的季度、9 個月和 12 個月的一個共同點是天然氣成本增加，這反映在每個時期營運費用中收入的增加。提醒一下，天然氣成本是一種轉嫁成本，不會影響營業收入。

Non-gas operating expenses for the 3 months have increased primarily due to higher corporate insurance premiums, professional services and bad debt expense net of higher capitalized overhead.

過去 3 個月的非天然氣營運支出增加，主要是由於企業保險費、專業服務和壞帳支出（扣除資本管理費用增加）增加。

For the 9 months ending June 30. 2022, operating income, which is mainly from the Roanoke gas subsidiary was $14.5 million, an increase of $238,000. Our net loss for the 9 months and 12 months reflected the significant impact of the noncash impairment on our investment in the Mountain Valley Pipeline, which we recorded in the second quarter. Both the 9 and 12 months that ended June 2022 reflected a net loss that was $20.3 million. And we had no net income in the fourth quarter of 2021. That's why those numbers are the same at $20.3 million.

截至2022年6月30日的9個月，營業收入（主要來自羅阿諾克天然氣子公司）為1,450萬美元，增加了238,000美元。我們 9 個月和 12 個月的淨虧損反映了非現金減損對我們在第二季度記錄的山谷管道投資的重大影響。截至 2022 年 6 月的 9 個月及 12 個月的淨虧損均為 2,030 萬美元。我們在 2021 年第四季沒有淨利潤。

Let's discuss our underlying financial results on Slide 7. To aid in the comparison of our financial performance attributed to operations for the 9 months and 12 months ended June 30, we have adjusted our GAAP results for the noncash impairment loss on our MVP investment that was recorded in the second quarter.

讓我們討論幻燈片 7 上的基本財務業績。在第二季。

Our underlying net income for the 9 months and 12 months ending June 30, adjusting for the impairment was $9.3 million for both periods and represented a decline of $847,000 and $517,000, respectively. The decline for both periods was generally the result of the limited growth construction activity of the MVP in the current year compared to 2021. In the prior year, we recognized noncash AFUDC of over $1.4 million for the 9 months and $2.8 million for the 12 months ending June 30, 2021.

截至 6 月 30 日的 9 個月和 12 個月，經減損調整後，我們的基本淨利潤均為 930 萬美元，分別減少了 847,000 美元和 517,000 美元。這兩個時期的下降通常是由於與2021 年相比，今年MVP 的建設活動增長有限。 AFUDC 超過280 萬美元截至 2021 年 6 月 30 日。

Let's transition to Slide 8. This represents our year-to-date capital expenditures and investments made by Roanoke gas Utility property for the 9 months of fiscal year 2022 totaled $17,431,000 and was approximately 17% higher than last year. Capital expenditures are up primarily in customer growth and in system expansion, which includes approximately $2.5 million spent during the year on our renewable natural gas project, which Tommy will describe in greater detail later in the presentation.

讓我們轉到幻燈片 8。資本支出的成長主要來自於客戶成長和系統擴展，其中包括今年在我們的再生天然氣項目上花費的約 250 萬美元，Tommy 將在稍後的演示中更詳細地描述該項目。

Paul will now discuss the outlook for the remainder of the fiscal year.

保羅現在將討論本財年剩餘時間的前景。

Yes. Thank you, Jason. As we've said on previous calls, our teams continue to just do an outstanding job. The financial results, particularly in our Roanoke gas subsidiary continue to reflect that. We are on Slide 9, and Slide 9 contains a rendering of our renewable natural gas or RNG equipment. And Tommy is going to give us a nice overview of that exciting project. Tommy?

是的。謝謝你，傑森。正如我們在之前的電話會議中所說，我們的團隊繼續出色地完成工作。財務業績，特別是我們的羅阿諾克天然氣子公司的財務業績繼續反映了這一點。我們在投影片 9 上，投影片 9 包含我們的再生天然氣或 RNG 設備的渲染。湯米將為我們簡要介紹這個令人興奮的項目。湯米？

Thanks, Paul, and good morning, everybody. As we've been alluding to for some time, we are partnering with the Western Virginia Water Authority on a renewable natural gas project. We did make an announcement about the project in mid-May. And last week, we filed an application with the Virginia State Corporation Commission for recovery of our costs associated with that project.

謝謝保羅，大家早安。正如我們一段時間以來一直提到的，我們正在與西維吉尼亞州水務局合作開發一個可再生天然氣計畫。我們確實在五月中旬發布了有關該項目的公告。上週，我們向維吉尼亞州公司委員會提交了申請，要求收回與該項目相關的成本。

Under the terms of our agreement with the water authority, we will be buying digester gas from the water authority that they would normally -- it's largely flare. What we're investing in is the equipment that is necessary to clean the digester gas and convert it into commercial quality natural gas or RNG.

根據我們與水務局簽訂的協議條款，我們將從水務局購買沼氣，通常是火炬氣。我們投資的是清潔沼氣並將其轉化為商業品質天然氣或RNG 所需的設備。

Like I noted, we filed our application with the commission last week. And in that application, we are seeking recovery of our costs associated with the project through a rate adjustment cost. So it's a separate mechanism outside of base rates. It's similar to our SAVE rider and that it's trued up each year.

正如我所指出的，我們上周向委員會提交了申請。在該申請中，我們正在尋求透過費率調整成本來收回與該項目相關的成本。因此，這是基本費率以外的單獨機制。它與我們的 SAVE 車手類似，並且每年都會得到驗證。

If the application is approved, the project will add about $7.7 million in rate base on which we will be allowed to earn a return based on our cost of capital from our prior rate case plus an additional 100 basis points to our authorized return on equity. If you recall, our equity ratio coming at a rate case was about 59.5% and the 100 basis points on our 9.44% authorized ROE will be a 10.44% return on that project if approved.

如果申請獲得批准，該項目將增加約 770 萬美元的利率基礎，在此基礎上，我們將能夠根據先前利率案例的資本成本賺取回報，再加上我們授權的股本回報率額外 100 個基點。如果您還記得的話，我們的股本比率約為 59.5%，如果獲得批准，我們 9.44% 的授權 ROE 的 100 個基點將是該專案的 10.44% 回報。

The initial rate that we're proposing is $0.04 to an average residential customer. That's on a monthly charge. Our consultant has estimated that the greenhouse gas emissions on a carbon equivalent basis will decline by over 13,700 metric tons great environmental benefit to the community. The gas -- or the project will also provide an additional source of gas within the interior of our distribution system, where we desperately need it. And we believe if this is approved, we will be the first utility in the state and possibly the country to have an RNG facility in rate base. No one's been able to point out one anywhere in the country where the utility has it in rate base. So we're very proud of that.

我們建議的初始費率為普通住宅客戶 0.04 美元。那是按月收費的。我們的顧問估計，以碳當量計算，溫室氣體排放量將減少超過13,700噸，為社區帶來巨大的環境效益。該天然氣或該項目還將在我們迫切需要的分配系統內部提供額外的天然氣來源。我們相信，如果獲得批准，我們將成為該州乃至全國第一家在費率基礎上擁有 RNG 設施的公用事業公司。沒有人能夠指出該國任何地方的公用事業公司將其納入費率基礎。所以我們對此感到非常自豪。

Yes. Thank you, Tom. I'd just like to state my thanks and appreciation to Tommy and his team and even the other natural gas utilities in Virginia. Going back to our most recent general assembly session here in the state, they were able to navigate and help persuade some bipartisan legislation to be passed and ultimately signed by Governor Youngkin. It's an outstanding achievement in many, many ways. And Tommy and his team, again, are the first to file such an application by Virginia natural gas utility in the state of Virginia. It's an outstanding achievement. We look forward to going through the process with the SEC staff.

是的。謝謝你，湯姆。我只想向湯米和他的團隊，甚至弗吉尼亞州的其他天然氣公用事業公司表示感謝和讚賞。回到我們最近在該州召開的大會，他們能夠引導並幫助說服一些兩黨立法通過並最終由揚金州長簽署。從很多方面來說，這都是一項傑出的成就。湯米和他的團隊再次成為維吉尼亞州天然氣公用事業公司第一個提出此類申請的人。這是一項傑出的成就。我們期待與 SEC 工作人員一起完成整個流程。

We are on Slide 11. As we look ahead to the remainder of our fiscal year, we believe our full year capital spending will be approximately $23.5 million. The fourth quarter is typically a strong capital spending month due to favorable construction condition. We expect to invest approximately $6 million in the fourth quarter, including $1.4 million for new business and $2.8 million for renewals, including approximately $750,000 for our -- the completion of our last gate station renewal Brown's Farm. If you've been with us for many years, you know starting back in 2014 that we began the renewal of all of our interstate pipeline interconnects as well as the interior stations that stepped down from transmission to distribution pressure. And Brown's Farm is the last of those stations, fantastic result.

我們在投影片 11 上。由於良好的建設條件，第四季度通常是資本支出強勁的月份。我們預計第四季度投資約 600 萬美元，其中 140 萬美元用於新業務，280 萬美元用於更新，其中約 75 萬美元用於完成我們最後一個門站更新布朗農場。如果您已經在我們工作多年，您就會知道，從 2014 年開始，我們就開始更新所有州際管道互連以及內部站點，以降低輸配電壓力。布朗農場是這些站中的最後一個，非常棒的結果。

The RNG project that Tommy just so eloquently described will require about another $2.7 million to complete. That's going to straddle this fiscal year into 2023, but $750,000 will be allocated to that project in the fourth quarter of 2022.

Tommy 雄辯地描述的 RNG 專案還需要大約 270 萬美元才能完成。該項目將從本財年持續到 2023 年，但 2022 年第四季將向該項目分配 75 萬美元。

Moving to Slide 12. The Mountain Valley Pipeline, not a whole lot of update from the last quarter in terms of construction progress as there has not been any -- they're still not in the field working. The project is continuing to pursue the reissuance of the buy off and the 4 service permits and, of course, continuing to work on the Army Corps of Engineers permit.

轉向幻燈片 12。該項目正在繼續尋求重新簽發購買許可證和 4 個服役許可證，當然，也將繼續致力於陸軍工程兵許可證的工作。

The FERC extension request is also in progress. And the public support for that was just outstanding. I think it's the best we've seen since the project really started a variety of entities from elected officials, both at the local and state levels, submitted written comments, including the Governors of Virginia and West Virginia. Many of the utilities in Virginia and North Carolina and South Carolina also submitted comments about the need for the project. All of those are publicly available on the FERC's website, but it was really, really, really a strong demonstration of report.

FERC 延期請求也在進行中。公眾對此的支持非常出色。我認為這是自該項目真正啟動以來我們見過的最好的項目，地方和州各級的民選官員提交了書面評論，其中包括弗吉尼亞州和西弗吉尼亞州的州長。 維吉尼亞州、北卡羅來納州和南卡羅來納州的許多公用事業公司也提交了有關該專案需求的評論。所有這些都可以在 FERC 的網站上公開獲取，但這確實是一個非常非常非常有力的報告展示。

There's obviously been a little bit of news about proposed energy permitting reform and Senator Manchin is at the forefront of that. We're pleased with the positive nature of those discussions. And certainly, we're pleased that it has highlighted the need for Mountain Valley probably on a more national scale, a little bit of a less regional scale than what we've had previously.

顯然有一些關於擬議的能源許可改革的新聞，而參議員曼欽是其中的最前線。我們對這些討論的積極性感到滿意。當然，我們很高興它強調了對山谷的需求，可能是在全國範圍內，比我們以前的區域規模要小一些。

There's an article in today's Wall Street Journal about, I guess, the politicking going on around that. Again, more to come on that process, and it seems like they're just getting started in earnest on that this week.

我猜今天的《華爾街日報》上有一篇文章是關於圍繞這個問題的政治活動的。再說一次，這個過程還有更多的內容，而且看起來他們本週才剛開始認真地開始。

Let's conclude by discussing our earnings guidance on Slide 13. This slide depicts the underlying earnings from our 2 operating segments, the Roanoke Gas Utility and RGC Midstream. After adjusting for the noncash impairment loss, we expect underlying earnings for fiscal 2022 to be in the range of $0.96 to $1.02 per share, which is consistent with our prior quarter guidance. We are projecting a loss in the fiscal fourth quarter primarily due to the interest carrying cost of MVP in the midstream subsidiary.

最後，讓我們討論投影片 13 上的獲利指引。在調整非現金減損損失後，我們預計 2022 財年的基本收益將在每股 0.96 美元至 1.02 美元之間，這與我們上一季的指引一致。我們預計第四財季將出現虧損，這主要是由於中游子公司 MVP 的利息持有成本。

That concludes our prepared remarks. If you have questions, we'd be happy to entertain those. (Operator Instructions)

我們準備好的演講到此結束。如果您有疑問，我們很樂意解答。 （操作員說明）

Two questions. The industrial customer, is this the same one that was switching between coal and gas in the past?

兩個問題。工業客戶，這還是以前煤改氣的那個嗎？

It is. And most notably in 2020, as you may recall, it is the same customer.

這是。最值得注意的是，您可能還記得，2020 年是同一個客戶。

Okay. I'm just kind of curious, you said you expect them to use elevated gas volumes through the rest of this year. Has -- I'm thinking of a way to ask the question. So is gas now cheaper than coal? Or are they using both coal and gas?

好的。我只是有點好奇，你說你希望他們在今年剩餘時間內使用更多的天然氣量。有——我正在想一個問這個問題的方法。那麼天然氣現在比煤炭便宜嗎？還是他們同時使用煤炭和天然氣？

I'll try to maybe answer that from a sort of broader market perspective because we're obviously not privy to their coal contracts or even how they're purchasing gas through their marketer. Certainly, prices for both are at very, very elevated levels. As you know, natural gas in the spot market today is higher than it's been since approximately 2010. We're at $850 a dekatherm at the Henry Hub, very high. And it's been very volatile this summer as you're probably well aware. Certainly, last year, natural gas was about $3 at the Henry Hub, plus or minus. So there's been a big change there.

我會嘗試從更廣泛的市場角度來回答這個問題，因為我們顯然不了解他們的煤炭合同，甚至不了解他們如何透過行銷人員購買天然氣。當然，兩者的價格都非常非常高。如您所知，目前現貨市場上的天然氣價格高於 2010 年左右以來的水平。正如您可能很清楚的那樣，今年夏天的情況非常不穩定。當然，去年亨利中心的天然氣價格約為 3 美元，上下浮動。所以那裡發生了很大的變化。

Coal, particularly Central Appalachian basin coal is similarly elevated. Obviously, some of the Powder River Basin and some of the coal prices out West are also higher. There's a tremendous export demand for coal right now. And our understanding is sort of at the national level, it's hard to domestically take a coal shipment because most of them are headed to the port. So we believe customer is experiencing some of that.

煤炭，特別是阿巴拉契亞盆地中部煤炭的價格也同樣升高。顯然，粉紅河流域的一些地區和西部地區的一些煤炭價格也較高。目前煤炭出口需求龐大。我們的理解是在國家層面上，很難在國內運輸煤炭，因為大多數煤炭都運往港口。因此，我們相信客戶正在經歷其中的一些情況。

So even though the price is on a per BTU basis may be fairly close, I think, we would say. It's probably more of a supply availability consideration.

因此，儘管價格是按 BTU 計算的，但我認為，我們會說，價格可能相當接近。這可能更多是出於供應可用性的考量。

Okay. Do you think they'll continue with that through the winter? Does it look that way?

好的。你認為他們會在整個冬天繼續這樣做嗎？看起來是這樣嗎？

Yes. We try to stay in communication -- regular communication with them, Mike, because of the volume of gas that they have capacity or ability to consume. It's conducive in the summertime for them to use high volumes of gas. We like that and appreciate that from a system load standpoint.

是的。我們努力保持溝通——與他們定期溝通，麥克，因為他們有能力消耗大量的天然氣。夏季有利於他們使用大量天然氣。從系統負載的角度來看，我們喜歡這一點並欣賞這一點。

The winter time, again, back to the Mountain Valley. Without the Mountain Valley, the winter time is a little bit of a different consideration, and we try to balance that out. They're in the construction materials business. So typically, the winter is a little bit slower for them, if you will, which also helps as Jason said, a little more to come on that as we continue to stay in touch with them.

冬天的時候，又回到了山谷。如果沒有山谷，冬季的考慮因素就會有所不同，我們會盡力平衡這一點。他們從事建築材料業務。因此，如果你願意的話，冬天對他們來說通常會慢一些，這也有幫助，正如傑森所說，隨著我們繼續與他們保持聯繫，這也會有所幫助。

Okay. And then on MVP just wondering any important dates we should be watching in terms of the permits or anything else that could swing momentum or sentiment on the project?

好的。然後，關於 MVP，我想知道我們應該在許可方面關注哪些重要日期，或其他任何可能影響專案動能或情緒的事情？

Yes, it's a great question. Certainly, this FERC extension is, as we said, in progress, and I don't believe there are, at this moment, firm dates on when the FERC may act in terms of their response to the request for the extension. That's a very important item, obviously. We're hopeful that it's in the near term.

是的，這是一個很好的問題。當然，正如我們所說，此次 FERC 延期正在進行中，而且我認為目前 FERC 沒有明確日期可以對延期請求做出回應。顯然，這是一個非常重要的項目。我們希望它能在短期內實現。

Certainly, that's one to keep an eye on. The biological assessment, and I think the project publicly disclosed this a few days ago, was provided to the Fish and Wildlife Service. That was an incredibly comprehensive and thorough document. We believe, as comprehensive and as thorough as any that's ever been prepared in this country.

當然，這是一個值得關注的問題。生物學評估（我認為該計畫幾天前公開披露了這一點）已提供給魚類和野生動物管理局。這是一份極為全面且透徹的文件。我們相信，這將與這個國家所準備的任何內容一樣全面和徹底。

So that was important. It's a key piece to the biological opinion permit ultimately being reissued by the Fish and Wildlife Service. Again, there's not a definitive timetable on that at this point. But things are moving there and making forward progress.

所以這很重要。這是魚類和野生動物管理局最終重新頒發生物學意見許可證的關鍵部分。同樣，目前還沒有明確的時間表。但事情正在朝著這個方向發展並取得進展。

Thank you, Mike. Thanks again for being with us. Do we have any other questions? (Operator Instructions)

謝謝你，麥克。再次感謝您與我們同在。我們還有其他問題嗎？ （操作員說明）

Well, if there are no more questions, this concludes our third quarter earnings call, and thank you again for joining us, and we hope you enjoy the remainder of the summer. And of course, please be safe, and we look forward to speaking with you again in December to review our full year fiscal 2022 call. Have a great day.

好吧，如果沒有其他問題，我們的第三季財報電話會議就結束了，再次感謝您加入我們，我們希望您享受這個夏天剩下的時間。當然，請注意安全，我們期待在 12 月再次與您交談，回顧我們的 2022 財年全年電話會議。祝你有美好的一天。