RGC Resources Inc (RGCO) 2025 Q2 法說會逐字稿

Good morning, and thank you for joining us as we discuss RGC Resources' 2025 second quarter results. I am Tommy Oliver, Senior Vice President, Regulatory and External Affairs for RGC Resources, Inc. I'm joined this morning by Paul Nester, our President and CEO; and Tim Mulvaney, our VP, Treasurer and Chief Financial Officer.

早安，感謝您加入我們討論 RGC Resources 2025 年第二季業績。我是 RGC Resources, Inc. 監管和外部事務資深副總裁 Tommy Oliver。今天早上與我一起參加會議的還有我們的總裁兼執行長 Paul Nester 和副總裁、財務主管兼財務長 Tim Mulvaney。

Before we get started, I want to review a few administrative items. First, we have muted all lines and asked that all participants remain muted. Second, the link to today's presentation is available on the Investor and Financial Information page of our website at www.rgcresources.com.And lastly, at the conclusion of the presentation and our remarks, we will take questions.

在我們開始之前，我想回顧一下一些管理事項。首先，我們已將所有線路靜音，並要求所有參與者保持靜音。其次，今天簡報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。最後，在簡報和我們的演講結束時，我們將回答問題。

Let's move to slide 1. This presentation contains forecasts and projections. Slide 1 has information about risks and uncertainties, including forward-looking statements that should be understood in the context of our public filings.

讓我們翻到幻燈片 1。本簡報包含預測和預計。投影片 1 包含有關風險和不確定性的信息，包括應在我們的公開文件中理解的前瞻性陳述。

So slide 2 contains our agenda. We will discuss our operational and financial highlights for the second quarter of our 2025 fiscal year. We will then review our outlook for the rest of the 2025 fiscal year with time allotted for questions at the end.

投影片 2 包含我們的議程。我們將討論 2025 財年第二季的營運和財務亮點。然後，我們將回顧 2025 財年剩餘時間的展望，並在最後留出時間回答問題。

Turning now to operations on slide 3. Main extensions and renewal activity for the first half of fiscal 2025 were strong. We installed 2.7 main miles, which is higher than the total main miles installed in the full 2024 fiscal year. We also connected 359 new services in the first 6 months of the fiscal year as residential development in the region was robust. In addition, we renewed 1.9 miles of main and 159 services during the first half of the 2025 fiscal year. While this is down from a year ago, it demonstrates our continued investment in our system to enhance safety and reliability for our customers.

現在轉到投影片 3 上的操作。2025 財年上半年的主要擴建及更新活動表現強勁。我們安裝了 2.7 英里的主幹線，高於整個 2024 財年安裝的主幹線總里程。由於該地區住宅開發強勁，我們還在本財政年度的前 6 個月連接了 359 項新服務。此外，我們在 2025 財年上半年更新了 1.9 英里的主要線路和 159 條服務線路。雖然這一數字比一年前有所下降，但它表明我們持續對系統進行投資，以提高客戶的安全性和可靠性。

Slide 4 shows our delivered gas volumes for the quarter. Total volumes were up 20% compared to the second quarter of 2024 as one industrial customer with the ability to fuel switch continued its higher consumption of natural gas in the current year. Residential and commercial volumes were up as well due to the 21% increase in heating degree days compared to quarter 2 of the fiscal 2024.

幻燈片 4 顯示了我們本季交付的天然氣量。由於一家具有燃料轉換能力的工業客戶今年繼續增加天然氣消耗，因此總量與 2024 年第二季度相比增長了 20%。與 2024 財年第二季相比，暖氣度日數增加了 21%，因此住宅和商業用電量也有所增加。

The story of delivered gas volumes was much the same in the first sixmonths of fiscal 2025. Total volumes were up strongly at 18% compared to the first half of fiscal 2024 due to the same customer. That increase was enhanced by residential and commercial volumes with the heating degree days increase sitting at 16% so far this year.

2025財年前六個月的天然氣交付量大致相同。由於同一客戶，總銷售量與 2024 財年上半年相比強勁增長了 18%。住宅和商業用電量推動了這一成長，今年迄今供暖度日數增加了 16%。

Slide 6 will give you a little regulatory update. We are in good place after a busy regulatory year. In early April, the State Corporation Commission entered its final order in our 2024 rate case confirming the rates that we have been billing customers since November.

投影片 6 將向您提供一些監管更新。經過繁忙的監管年之後，我們處於良好的狀態。4 月初，州公司委員會對我們的 2024 年費率案做出了最終裁定，確認了我們自 11 月以來一直向客戶收取的費率。

As a reminder, in this case, we produced an increase -- an annual increase in revenue of more than $4 million based on a 9.9% ROE and a 59% equity ratio. We will be filing normal rider updates for SAVE and RNG in the third quarter.

提醒一下，在這種情況下，我們實現了成長——基於 9.9% 的 ROE 和 59% 的股權比率，年收入增加了 400 多萬美元。我們將在第三季提交 SAVE 和 RNG 的正常騎手更新。

Slide 7 shows our capital expenditures for the first half of fiscal 2025 compared to 2024. Total spending was $10.7 million in the current year, down approximately 5% over the same period a year ago.

投影片 7 顯示了我們 2025 財年上半年與 2024 年相比的資本支出。本年度總支出為 1,070 萬美元，比去年同期下降約 5%。

Winter weather early in the quarter affected our spending and has also contributed to a slower-than-hoped expansion in Franklin County. I will now turn the presentation over to our CFO, Tim Mulvaney, to review our financial results for the quarter. Tim?

本季初的冬季天氣影響了我們的支出，也導致富蘭克林縣的擴張速度低於預期。現在，我將把演示交給我們的財務長 Tim Mulvaney，以回顧我們本季的財務表現。提姆？

Thank you, Tommy. Moving on to slide 8. We had an outstanding quarter with increased Roanoke Gas margins due to the rates that went into effect this past July, overcoming lower earnings from our unconsolidated affiliate and higher interest expense. Net income of $7.7 million or $0.74 per share compared to net income in the same quarter a year ago of $6.4 million or $0.63 per share, a 17% increase.

謝謝你，湯米。移至幻燈片 8。我們本季表現出色，羅阿諾克天然氣公司的利潤率因今年 7 月生效的利率而上漲，克服了非合併附屬公司的收益下降和利息支出上升的影響。淨收入為 770 萬美元或每股 0.74 美元，而去年同期的淨收入為 640 萬美元或每股 0.63 美元，成長了 17%。

The year-to-date results are also shown on slide 8. The themes for the first half of the year are very similar to the quarter, higher Roanoke Gas margin interest expense. Net income of $12.9 million in the first half of fiscal '25 or $1.26 per share compared to $1.14 per share in the first half of fiscal '24, an 11% increase. As a reminder, for the back half of the year, the rates that were finalized went into effect July 1, 2024.

第 8 張幻燈片也顯示了年初至今的結果。今年上半年的主題與本季非常相似，羅阿諾克天然氣公司的利潤率利息支出較高。25 財年上半年淨收入為 1,290 萬美元，每股 1.26 美元，而 24 財年上半年每股 1.14 美元，成長 11%。提醒一下，對於下半年，最終確定的費率將於 2024 年 7 月 1 日生效。

So there will be no corresponding lift in the gas margins in the fourth quarter of this year. At the same time, the MVP pipeline went into service in June of 2024 and the shipper agreements became active on July 1, 2024. As a result, our share of MVP earnings should be comparable in the fourth quarter of this coming year.

因此今年第四季天然氣利潤率不會隨之提升。同時，MVP管線於2024年6月投入使用，托運人協議於2024年7月1日生效。因此，我們在明年第四季的 MVP 收益份額應該相當。

Transitioning now to slide 9, I'd like to make one final comment. We have ended the second quarter with a very strong balance sheet. As we noted in the Form 10-Q, we renewed Roanoke Gas' line of credit for two years and raised the maximum availability to $30 million at the end of March. We do have $26.6 million of midstream debt that is classified as current. This debt supports our investment in MVP.

現在轉到第 9 張投影片，我想做最後一則評論。我們以非常強勁的資產負債表結束了第二季。正如我們在 10-Q 表中所述，我們將羅阿諾克天然氣公司的信用額度延長了兩年，並在 3 月底將最高可用額度提高到 3000 萬美元。我們確實有 2,660 萬美元的中游債務被歸類為當前債務。這筆債務支持了我們對 MVP 的投資。

MVP made the transition from construction to operation. This is the first of our debt maturities since that has occurred. We are considering long-term options that may include additional debt amortization. The conversations with our bankers have been positive and productive, and we fully expect to have refinanced this prior to its maturity on December 31, 2025. We will have more to share on this topic in the future. I will now pass the presentation over to our CEO, Paul Nester. Paul?

MVP 實現了從建設到營運的轉變。這是自那以來我們的第一筆債務到期。我們正在考慮可能包括額外債務攤銷的長期選擇。我們與銀行家的對話是積極和富有成效的，我們完全希望在 2025 年 12 月 31 日到期之前完成再融資。我們將來會分享更多關於這個主題的內容。現在我將演講交給我們的執行長保羅·內斯特 (Paul Nester)。保羅？

Thank you, Tim, and good morning, everyone. Thank you for taking some time today to join us on our call. As you can tell from Tommy's and Tim's comment, we just had an outstanding start to fiscal 2025. And I'd like to make a very noteworthy mention about our customers and our employees. Our customers, as Tommy highlighted with the volumes just had an outstanding first six months across all sectors, residential, commercial and industrial.

謝謝你，提姆，大家早安。感謝您今天抽空參加我們的電話會議。從 Tommy 和 Tim 的評論中可以看出，我們剛剛在 2025 財年取得了出色的開局。我想特別提到我們的客戶和員工。正如 Tommy 所強調的，我們的客戶在住宅、商業和工業等各個領域的前六個月都表現出色。

And then I would like to also highlight our employees. Their focus on safety and ensuring our system performance has been exemplary. We did not have a single outage or system disruption this winter. That's something we're very proud of. I would also like to highlight that the interstate pipelines feeding our system also performed magnificently. So just incredible reliability through what was a sustained colder weather period. In fact, the coldest weather we've seen in this region in a decade.

然後我還想強調一下我們的員工。他們對安全的關注以及確保我們系統性能的保證堪稱典範。今年冬天我們沒有發生過一次停電或系統中斷。這是我們非常自豪的事情。我還想強調的是，為我們系統供水的州際管道也表現出色。因此，在持續寒冷的天氣期間，其可靠性令人難以置信。事實上，這是我們十年來在該地區遇到的最冷天氣。

We're on slide 10. I'm going to take a few minutes and talk about some of the things happening in our area related to economic development and growth opportunities for our company. We've all been watching and experiencing to some degree, the tariff roller coaster and the related uncertainty that has occurred thus far in 2025. We do feel that these macro factors have undoubtedly affected business activity. In fact, some of our largest customers are economic sensitive, which is normal for a utility, of course. We have large customers in the building materials sector.

我們現在看到第 10 張投影片。我將花幾分鐘時間談談我們所在地區發生的一些與經濟發展和公司成長機會有關的事情。我們都在某種程度上觀察並經歷了 2025 年迄今為止出現的關稅過山車及其相關的不確定性。我們確實認為這些宏觀因素無疑影響了商業活動。事實上，我們的一些最大客戶對經濟很敏感，這對公用事業公司來說當然是正常的。我們在建築材料領域擁有大量客戶。

And in fact, the large fuel customer that Tommy described is in that sector, auto parts and food production. Again, through March 31, their volumes have been fantastic and really, really strong. How those look as we go through the remainder of our fiscal year and the remainder of calendar 2025, certainly is a question.

事實上，Tommy 所描述的大型燃料客戶就屬於該產業、汽車零件和食品生產。再次，截至 3 月 31 日，他們的交易量一直非常驚人，而且非常強勁。當我們度過本財政年度的剩餘時間和 2025 年日曆的剩餘時間時，這些情況會如何，這無疑是一個問題。

One of the things we've been comparing that to is maybe the 2020 COVID year -- the fiscal year, we had great concerns coming out of the March 2020 government shutdown and as it turned out for our company, in particular, where we had the winter season volumes in the books, so to speak, that fiscal year turned out to be still pretty solid. This may be the same. So if we have some economic uncertainty, again, related to those macroeconomic factors in the back half of the year, it's certainly helpful that we're through the winter heating season.

我們一直在將其與 2020 年 COVID 年度進行比較——財政年度，我們對 2020 年 3 月政府關門事件感到非常擔憂，但事實證明，對於我們公司而言，特別是冬季季度的業績仍然相當穩健。這可能也是一樣的。因此，如果我們再次面臨與下半年宏觀經濟因素相關的一些經濟不確定性，那麼度過冬季供暖季節肯定會有所幫助。

Let's move to slide 11 and talk about economic development, and we want to focus on some of the regional economic trends that we've seen here recently. And we call some of these wins, particularly the logos that you see on the slide there, these are all recent announcements, primarily of expansions in the case of Novonesis, Munters.

讓我們轉到第 11 張投影片來討論經濟發展，我們想專注於最近看到的一些區域經濟趨勢。我們將其中一些勝利稱為，特別是您在幻燈片上看到的徽標，這些都是最近的公告，主要是 Novonesis、Munters 的擴張。

And those are companies doing great things with great operations here in the Roanoke Valley who again are expanding their business. So a little bit of a counter to that national macroeconomic narrative. I think those three, in particular, highlight the cooperation between our state economic development office, our regional economic development partners, our local government partners and even the governor's office.

這些公司在羅阿諾克谷經營出色，業績斐然，並且不斷拓展業務。這與國家宏觀經濟敘事有點相反。我認為這三者尤其突出了我們州經濟發展辦公室、我們的區域經濟發展夥伴、我們的地方政府夥伴甚至州長辦公室之間的合作。

I did want to highlight the tiny Cargo company. It's no pun intended. It is a smaller economic development opportunity at this point, but it's noteworthy because it's a spinout from the Fralin Biomedical Research Institute, and it's utilizing some incredible, incredible medical technology that has really an opportunity to revolutionize medicine and pharmacy. And we're just so happy to have it here in the Roanoke Valley. It's exciting, and more to come there.

我確實想強調一下這家小型貨運公司。這並不是雙關語。目前，這是一個較小的經濟發展機會，但值得注意的是，因為它是從弗拉林生物醫學研究所衍生出來的，它正在利用一些令人難以置信的醫療技術，這些技術確實有機會徹底改變醫學和藥學。我們非常高興它能來到羅阿諾克山谷。這很令人興奮，而且還會有更多精彩。

There are some other economic development opportunities that are in various stages of progress. Some of these will represent potentially more direct opportunities for Roanoke Gas and natural gas usage. But we're happy about all those opportunities because they really do contribute to the vibrancy of this region. We hope to be able to share some news and success from those in the third or fourth quarters.

還有一些其他經濟發展機會正處於不同的進展階段。其中一些將為羅阿諾克天然氣和天然氣使用帶來更直接的潛在機會。但我們對所有這些機會感到高興，因為它們確實為這個地區的活力做出了貢獻。我們希望能夠分享第三季或第四季的一些新聞和成功。

In terms of broader trends, as it seemingly is in the press almost on a daily basis now, the conversations related to data centers. Our view is that this region's access to energy, data lines and water make it attractive to those who would like to locate a data center -- potentially locate a data center. Competition for those locations and that infrastructure is fierce, as you probably know. But with MVP operational, there's a tremendous amount of energy.

就更廣泛的趨勢而言，正如現在媒體幾乎每天報導的那樣，對話都與資料中心有關。我們認為，該地區擁有豐富的能源、數據線路和水資源，對想要建立資料中心（可能建立資料中心）的人來說很有吸引力。您可能知道，這些地點和基礎設施的競爭非常激烈。但隨著 MVP 的運行，會產生巨大的能量。

We've been talking about this, frankly, for years even before MVP was completed, up to 2 billion dekatherms daily. That simple fact continues to generate a lot of conversation and interest from a variety of industries, and we're actively participating in those conversations. Finally, and this is also so important to this region's economy, we continue to enhance the Roanoke area through its -- three major hospital systems continues to enhance its ability to serve the wider region's health care needs.

坦白說，甚至在 MVP 完成之前，我們就已經談論這個問題很多年了，每天的排放量高達 20 億十億熱量單位。這個簡單的事實繼續引起各行各業的大量討論和興趣，我們也積極參與這些討論。最後，這對該地區的經濟也非常重要，我們將繼續透過三大醫院系統來增強羅阿諾克地區的能力，以滿足更廣泛地區的醫療保健需求。

Our local hospital system downtown will be bringing on a $400 million-plus expansion very, very soon, in fact, in just a few days or in the next few weeks. And that same system broke ground on a much-needed new state-of-the-art cancer center just a few days ago. That's going to be approximately $100 million investment as well. It's very exciting. Our other health care providers and businesses, again, are locating and expanding their presence in the region as well.

事實上，我們市中心的當地醫院系統很快就會進行 4 億多美元的擴建，只需幾天或幾週的時間。幾天前，同樣的系統在一個急需的、最先進的癌症中心破土動工。這也將是約 1 億美元的投資。這非常令人興奮。我們的其他醫療保健提供者和企業也在該地區設立並擴大其業務。

And our view again on this is that these customers of the Roanoke Gas Company benefit from the reliability and economics that natural gas provides. And again, our distribution system just continues to be there to meet the needs of this growing customer base. Moving to slide 12 and looking at our full year capital spending projection of $21.8 million, that's up slightly from what we shared with you last quarter. We have reallocated the mix a little bit from what we presented last quarter. Again, total year spending is just up a little bit.

我們對此的看法是，羅阿諾克天然氣公司的這些客戶受益於天然氣提供的可靠性和經濟性。而且，我們的分銷系統將繼續滿足不斷增長的客戶群的需求。翻到第 12 張投影片，我們查看了全年資本支出預測，為 2,180 萬美元，比我們上個季度與您分享的數字略有上升。我們對上一季提出的內容進行了稍微的重新分配。再次，全年總支出僅略有增加。

The Mountain Valley growth category is a little delayed, mostly because of the winter weather and the focus on our company and our efforts to make sure we delivered gas to every customer every day during the winter and a little bit of timing down in the Franklin County area there. But -- we still have the same expectations, if you will, long term, just some of that money is moving out of this fiscal year.

山谷地區的成長略有延遲，主要是因為冬季天氣和對我們公司的關注以及我們努力確保在冬季每天向每位客戶提供天然氣，以及在富蘭克林縣地區有一點時間上的延遲。但是——如果你願意的話，從長遠來看，我們仍然有同樣的預期，只是其中的一部分資金會從本財政年度流出。

Moving to slide 13. With the really strong second quarter that Tommy and Tim highlighted, we've raised our 2025 earnings per share guidance to $1.22 on the lower end and to $1.27 on the higher end. We do expect a small net loss in the fourth quarter as more of our revenues and earnings are tied to the weather-sensitive volumes in the first and second quarters. So, in conclusion, we continue to monitor inflation and interest rates while being prudent about the expense side of the income statement.

移至幻燈片 13。由於 Tommy 和 Tim 強調的第二季業績非常強勁，我們將 2025 年每股收益預期上調至下限 1.22 美元和上限 1.27 美元。我們確實預計第四季度會出現小幅淨虧損，因為我們的收入和收益更多地與第一季和第二季的天氣敏感量有關。因此，總而言之，我們將繼續監測通貨膨脹和利率，同時對損益表的支出方面保持謹慎。

Again, I want to thank our employees for just an outstanding job of working safely and diligently across the sustained cold weather this winter. We're really encouraged by the recent economic development success and the potential for more success in the coming days this year in this Roanoke region. And we continue, again, just to be engaged and focused to participate in that growth to the benefit of our shareholders.

再次，我要感謝我們的員工，他們在這個冬天持續的寒冷天氣中安全、勤奮地工作，表現出色。羅阿諾克地區最近的經濟發展成就以及今年未來更多成功的潛力令我們深受鼓舞。我們將繼續致力於並專注於參與這一成長，以造福我們的股東。

So again, thank you, the shareholder, for your continued interest and support in RGC Resources. So that concludes our prepared remarks. (Event Instructions)

因此，再次感謝股東對 RGC Resources 的持續關注與支持。我們的準備好的演講到此結束。（活動須知）

I got a couple of questions for you this morning. I thought we'd start on interest expense. I saw that dropped quarter-over-quarter, and Tim mentioned, you're going to be doing some refinancing this year. So I'm wondering now with where rates are today, MVP operational and should we expect interest expense to continue to decline quarter-over-quarter? Or is there something in there that maybe I'm not factoring in?

今天早上我有幾個問題想問你。我想我們應該從利息支出開始。我發現這個數字環比下降，蒂姆提到，今年你將進行一些再融資。所以我現在想知道，今天的利率是多少，MVP 的運作情況如何，我們是否應該預期利息支出會繼續逐季下降？或者其中是否存在一些我沒有考慮到的因素？

Mike, this is Tim. I would love to know what interest expense was going to be for certain and in particular, what was going to happen with interest rates? If you think back to the beginning of the year, last fall, the general consensus was the Fed was going to drop interest rates 4 times to 6 times and that by this point in the year, we would have a little bit lower interest expense. But -- so we are still a little bit lower than we were a year ago, so in the immediate quarter we should be in good shape.

麥克，這是蒂姆。我很想知道確切的利息費用是多少，特別是利率會發生什麼變化？如果回想一下去年秋天年初的情況，當時普遍的共識是聯準會將降息 4 到 6 次，到今年這個時候，我們的利息支出將會略有下降。但是——我們的業績仍然比一年前略低，因此在本季度我們應該會處於良好狀態。

And there are still -- if you read what the Fed is likely to do, the general consensus is that there probably is some sort of rate cut still coming, and that will be beneficial to us. A lot of our debt is fixed. And so it doesn't really -- particularly on the Roanoke Gas side, it does not -- it will not move either way. But the debt that supports midstream is subject to variable. And so in the short term, I expect we'll benefit a little bit. The longer term and the refinance, it really depends on how does the economy go, how does the Fed react? So I don't really have a good prognostication there.

如果你了解聯準會可能採取的行動，你會發現普遍的共識是，未來可能還會有某種形式的降息，這將對我們有利。我們的很多債務都是固定的。所以實際上它不會 — — 特別是在羅阿諾克天然氣管道方面，它不會 — — 無論如何都不會移動。但支撐中游的債務會改變。因此，從短期來看，我預計我們會受益匪淺。長期來看，再融資實際上取決於經濟狀況如何，而聯準會將如何反應？所以我對此確實沒有很好的預測。

Okay. Second question. Southgate, will we see any AFUDC for that next year that's meaningful?

好的。第二個問題。索斯蓋特，明年我們會看到任何有意義的 AFUDC 嗎？

Yes, I can start with that and Tim can chime in, Mike. So where we're a smaller by a percentage owner in Southgate, and that actually goes back to when the Southgate joint venture was formed, I think back in 2018. It's been quite some time. We actually have the cost method of accounting in that investment there, and that cost method precludes us to Southgate.

是的，我可以從那裡開始，然後提姆和麥克也可以加入。因此，我們在 Southgate 的持股比例較小，這實際上可以追溯到 Southgate 合資企業成立的時候，我想那是在 2018 年。已經過去好久了。我們實際上對該項投資採用了成本法會計，而該成本法不允許我們進入 Southgate。

Customer refunds in 3Q associated with the rate case, will those basically be offset by the WNA adjustment?

與利率案例相關的第三季客戶退款，基本上會被 WNA 調整抵銷嗎？

Mike, they will be totally offset by it given the length of time that our interim rates were in effect, the refund obligation is very small and expect to make those in May. But to your point, they will be offset by the WNA charge.

麥克，考慮到我們的臨時利率生效的時間長度，這些費用將完全抵消，退款義務很小，預計將在五月完成。但正如你所說，這些費用將被 WNA 的費用所抵銷。

Which also started in May.

這也是從五月開始的。

Yes. And that will be billed over two months to WNA, May and June.

是的。這些費用將在 5 月和 6 月兩個月內向 WNA 收取。

All right. That's really all I had. Congrats on the quarter. I think we all kind of expected that though.

好的。這就是我所擁有的一切。恭喜本季取得佳績。我想我們都預料到了這一點。

Well, thank you. Appreciate that, Mike. The cooler weather, again, it's a very real force in our business, and it obviously is demonstrating itself there in the year-to-date results in the quarter and year-to-date results, as a matter of fact. Thank you.

好的，謝謝你。非常感謝，麥克。再次，寒冷的天氣對我們的業務產生了非常現實的影響，事實上，它顯然在本季度的業績和年初至今的業績中得到了體現。謝謝。

All right. Look forward to seeing you at AGA.

好的。期待在 AGA 見到您。

(Operator Instructions) Any other questions at this time, we'll hang on for just a few more seconds on that. Okay. Well, if there are no more questions, this does conclude the second quarter earnings call.

（操作員指示）此時如果有任何其他問題，我們將再等待幾秒鐘。好的。好吧，如果沒有其他問題的話，第二季財報電話會議就結束了。

Thank you for joining us, and we certainly look forward to seeing some of you, as Mike mentioned, at the AGA Financial Forum here in just a couple of weeks. And for everyone else, we look forward to speaking with you in August as we will review our 2025 third quarter results.

感謝你們的參與，正如 Mike 所提到的，我們非常期待在幾週後的 AGA 金融論壇上見到你們。對於其他所有人，我們期待在 8 月與您交談，因為我們將回顧 2025 年第三季的業績。