Red Rock Resorts Inc (RRR) 2024 Q3 法說會逐字稿

Good afternoon and welcome to Red Rock Resorts' third-quarter 2024 conference call. (Operator Instructions) Please note this conference is being recorded.

下午好，歡迎參加紅岩度假村 2024 年第三季電話會議。（操作員說明）請注意，本次會議正在錄製中。

I would now like to turn the conference over to Stephen Cootey, Executive Vice President, Chief Financial Officer, and Treasurer of Red Rock Resorts. Please go ahead.

我現在將會議交給 Red Rock Resorts 執行副總裁、財務長兼財務主管 Stephen Cootey。請繼續。

Thank you, operator, and good afternoon, everyone. Thank you for joining us today on Red Rock Resorts' third-quarter 2024 earnings conference call. Joining me on the call today are Frank and Lorenzo Fertitta, Scott Krieger, and our executive management team.

謝謝接線員，大家下午好。感謝您今天參加我們 Red Rock Resorts 的 2024 年第三季財報電話會議。今天參加電話會議的有 Frank 和 Lorenzo Fertitta、Scott Krieger 以及我們的執行管理團隊。

I would like to remind everyone that our call today will include forward-looking statements under the safe harbor provisions of the United States federal securities laws. Developments and results may differ from those projected. During this call, we will also discuss non-GAAP financial measures. For definitions and complete reconciliation of these figures to GAAP, please refer to the financial tables in our earnings press release, form 8-K, and investor deck which were filed this afternoon prior to the call. Also, please note that this call is being recorded.

我想提醒大家，我們今天的電話會議將包括美國聯邦證券法安全港條款下的前瞻性聲明。事態發展和結果可能與預期有所不同。在本次電話會議中，我們也將討論非公認會計準則財務指標。有關這些數字的定義以及與 GAAP 的完全一致，請參閱我們在電話會議前今天下午提交的收益新聞稿、表格 8-K 和投資者資料中的財務表格。另請注意，此通話正在錄音。

Let us start off by stating that the third quarter represented another strong quarter for the company by any measure. In terms of net revenue and adjusted EBITDA, our Las Vegas operations had their best third quarter in our history while operating at near-record adjusted EBITDA margin in the quarter. In addition to showing strong financial results in the quarter, we continue to be pleased with the financial performance of our Durango Casino Resort.

首先讓我們指出，無論以何種標準衡量，第三季都是該公司又一個強勁的季度。就淨收入和調整後 EBITDA 而言，我們拉斯維加斯業務的第三季業績創歷史最佳，同時本季調整後 EBITDA 利潤率接近歷史最高水準。除了本季強勁的財務業績外，我們仍然對杜蘭戈賭場度假村的財務業績感到滿意。

Durango continues to grow the Las Vegas locals market as the team continues to execute and improve the property's operational performance, while at the same time driving incremental play from our existing customers and attracting new customers to our brand.

隨著團隊繼續執行和改善酒店的營運績效，杜蘭戈繼續發展拉斯維加斯當地人市場，同時推動我們現有客戶的增量發展並吸引新客戶加入我們的品牌。

With three full quarters under our belt, the property increased visitation and net theoretical win in the surrounding Durango area by approximately 91% and 92% respectively while signing up over 70,000 new customers to our database. Durango continues to ramp up and remains on track to become one of our highest margin properties as well as generate a return of approximately 15% net of cannibalization through its first year of operation.

在我們的三個完整季度的管理下，該酒店在杜蘭戈週邊地區的訪問量和理論淨勝率分別增加了約 91% 和 92%，同時在我們的資料庫中註冊了超過 70,000 名新客戶。杜蘭戈繼續發展，並有望成為我們利潤率最高的房地產之一，並在營運第一年產生約 15% 的淨蠶食回報。

Cannibalization remains in line with our expectations and its impact is primarily felt at our Red Rock property. Consistent with our past performance history, we expect to backfill this revenue over the next couple of years, given the strong long-term demographic growth profile of Las Vegas Valley, and, in particular, within the Summerlin area which between Downtown Summerlin and the Summerlin West communities, we expect to have approximately 34,000 new households upon final buildout.

蠶食仍然符合我們的預期，其影響主要體現在我們的紅岩地產上。與我們過去的業績歷史一致，鑑於拉斯維加斯谷強勁的長期人口增長狀況，特別是在薩默林市中心和薩默林之間的薩默林地區，我們預計在未來幾年內回補這個收入西社區，我們預計最終擴建後將有約 34,000 個新家庭。

As stated on our last earnings call, we are planning to move forward with the expansion of our Durango property later this year. Our current plans for the next phase of Durango will add over 25,000 square feet of additional casino space, including a new high-limit slot and bar area. In total, the expansion will add 230 slot machines to the Durango Casino floor, including 120 slot machines dedicated to our new high-limit room.

正如我們在上次財報電話會議上所述，我們計劃在今年稍後推進杜蘭戈地產的擴建。我們目前杜蘭戈下一階段的計劃將增加超過 25,000 平方英尺的額外賭場空間，包括一個新的高限額老虎機和酒吧區。此次擴建總共將在杜蘭戈賭場樓層增加 230 台老虎機，其中包括專用於我們新的高限額房間的 120 台老虎機。

In addition to the expanding casino space, we will be adding an additional covered parking garage with almost 2,000 convenient parking spots, significantly improving customer access to the property while providing us flexibility for future expansions at Durango. The current budget for the project is approximately $116 million and the expansion is expected to take around 12 months to complete. We are expecting some disruption to the south side of the property during the construction period.

除了擴大賭場空間外，我們還將增加一個額外的有頂停車場，提供近 2,000 個便利停車位，顯著改善客戶進入酒店的便利性，同時為我們在杜蘭戈未來的擴張提供靈活性。該項目目前的預算約為 1.16 億美元，擴建預計需要約 12 個月才能完成。我們預計施工期間該物業的南側會受到一些幹擾。

Regarding the rest of the portfolio, we remain operationally disciplined within the quarter and continue to execute on our core strategy of reinvesting in our existing properties to deliver fresh and relevant amenities to our guests, all while remaining focused on best-in-class customer service. As we return to a more traditional seasonal pattern, the company continues to manage our expenses, generate record financial performance, maintain near-record margins, reinvest in our properties and return capital to our shareholders in the quarter.

關於投資組合的其餘部分，我們在本季度內保持營運紀律，並繼續執行我們的核心策略，即對現有物業進行再投資，為我們的客人提供新鮮和相關的設施，同時繼續專注於一流的客戶服務。隨著我們回歸到更傳統的季節性模式，公司將繼續管理我們的開支，創造創紀錄的財務業績，保持接近創紀錄的利潤率，對我們的財產進行再投資，並向我們的股東返還本季度的資本。

Now let us take a closer look at our third quarter. With respect to our Las Vegas operations, our third-quarter net revenues was $464.7 million up 13.9% from the prior year's third quarter. Our adjusted EBITDA was $202.6 million up 5.8% from the prior year's third quarter. Our adjusted EBITDA margin was 43.6%, a decrease of 333 basis points from the prior year's third quarter.

現在讓我們仔細看看第三季。就拉斯維加斯業務而言，第三季淨收入為 4.647 億美元，比去年第三季成長 13.9%。我們的調整後 EBITDA 為 2.026 億美元，比去年第三季成長 5.8%。我們調整後的 EBITDA 利潤率為 43.6%，比去年第三季下降了 333 個基點。

On a consolidated basis, our third-quarter net revenue was $468 million, up 13.7% from the prior year's third quarter. Our adjusted EBITDA was $182.7 million, up 4.3% from the prior year's third quarter. Our adjusted EBITDA margin was 39% for the quarter, a decrease of 353 basis points from the prior year's third quarter.

合併後，我們第三季淨收入為 4.68 億美元，比去年第三季成長 13.7%。我們的調整後 EBITDA 為 1.827 億美元，比去年第三季成長 4.3%。本季調整後 EBITDA 利潤率為 39%，比去年第三季下降 353 個基點。

In the quarter, we generated operating free cash flow of $46.4 million or $0.44 per share. This brings our year-to-date cumulative free cash flow to $292.6 million or $2.70 per share. This significant level of year-to-date free cash flow was either reinvested in our long-term growth strategy, reinvested into our existing properties, or returned to our stakeholders via debt pay down, share repurchases, and dividends.

本季度，我們產生了 4,640 萬美元的營運自由現金流，即每股 0.44 美元。這使得我們今年迄今的累計自由現金流達到 2.926 億美元，即每股 2.70 美元。今年迄今為止的這一重要水平的自由現金流要么被再投資於我們的長期增長戰略，要么被再投資於我們現有的財產，要么通過債務償還、股票回購和股息返還給我們的利益相關者。

As we finish the third quarter, we remain focused on our core local guests as we continue to grow our regional national segments across our portfolio. When comparing our results to last year's third quarter, we continue to see strong visitation in card and slot play across the majority of our database, including our regional and national segments. This strength coupled with a strong spend per visit across the majority of our database allowed us to enjoy near-record revenue and profitability across our gaming segments in the quarter.

在第三季結束時，我們仍然專注於我們的核心本地客人，因為我們繼續在我們的投資組合中發展我們的區域和國家細分市場。將我們的結果與去年第三季的結果進行比較時，我們繼續看到我們大部分資料庫（包括我們的地區和國家部分）的卡片和老虎機遊戲訪問量強勁。這種優勢加上我們大部分資料庫的每次訪問的強勁支出，使我們在本季度的遊戲細分市場中享有接近創紀錄的收入和盈利能力。

Turning to non-gaming segments, both our hotel and food and beverage continue to grow year over year and deliver record revenue and profitability in the third quarter. Our hotel division experienced its highest third-quarter revenue and profit in our history driven by the team's success and continued to drive higher ADR while maintaining occupancy across our hotel portfolio. Not to be outdone, our food and beverage division also experienced its highest ever third-quarter revenue and near-record profit driven by higher average check and cover counts across our food and beverage outlets.

轉向非博彩業務，我們的酒店和餐飲繼續同比增長，並在第三季度創造了創紀錄的收入和盈利能力。在團隊的成功推動下，我們的酒店部門在第三季度實現了歷史上最高的收入和利潤，並繼續推動更高的平均房價，同時維持了我們酒店組合的入住率。我們的食品和飲料部門也不甘示弱，在我們的食品和飲料店的平均檢查和覆蓋數量增加的推動下，第三季度的收入和利潤接近歷史最高水平。

With regard to our group sales and catering business, as mentioned on our last earnings call, we faced a tough third-quarter comparable and expect to face tough comparables for the remainder of the year. As we look forward to the fourth quarter, other than playing unlucky in sports in October and the previously discussed softness in our group sales and catering business lines, we are seeing strength and stability in our core slot and table business in the locals market and across our carded database as we remain confident in our business prospects moving forward.

關於我們的集團銷售和餐飲業務，正如我們在上次財報電話會議上提到的，我們在第三季度面臨著艱難的可比性，預計今年剩餘時間也將面臨艱難的可比性。展望第四季度，除了 10 月份的體育賽事表現不佳以及之前討論的團體銷售和餐飲業務線疲軟之外，我們看到我們的核心老虎機和賭桌業務在本地市場和其他地區的實力和穩定性我們的梳理資料庫，因為我們對未來的業務前景仍然充滿信心。

Now, let's cover a few balance sheet and capital items. The company's cash and cash equivalents at the end of the third quarter was $117.5 million, and the total principal amount outstanding was $3.48 billion, resulting in net debt of $3.35 billion. As at the end of the third quarter, the company's net debt to EBITDA ratio remained flat at 4.2 times.

現在，讓我們介紹一些資產負債表和資本項目。截至第三季末，該公司的現金和現金等價物為1.175億美元，未償本金總額為34.8億美元，淨負債為33.5億美元。截至三季末，公司淨負債與EBITDA比率維持在4.2倍不變。

Also, during the third quarter, we made a distribution of approximately $72.8 million to the LLC unit holders of Station Holdco, which included a distribution of approximately $42.4 million to Red Rock Resorts. The company used the distribution to make its required tax payment and pay its previously declared dividend of $0.25 per class A common share.

此外，在第三季度，我們向 Station Holdco 的有限責任公司單位持有人分配了約 7,280 萬美元，其中包括向 Red Rock Resorts 分配了約 4,240 萬美元。該公司利用此次分配支付了所需的稅款，並支付了先前宣布的每股 A 類普通股 0.25 美元的股息。

Capital spend in the third quarter was $80.4 million, which includes approximately $47.4 million in investment capital, inclusive of Durango project retainage as well as $32.9 million in maintenance capital. For the full-year 2024, not including the spend to close out our Durango project, we now expect capital spend to be between $185 million and $195 million spread between maintenance and investment capital.

第三季的資本支出為 8,040 萬美元，其中包括約 4,740 萬美元的投資資本，包括杜蘭戈專案保留金以及 3,290 萬美元的維護資本。對於 2024 年全年，不包括結束杜蘭戈計畫的支出，我們現在預計維護資本和投資資本之間的資本支出將在 1.85 億美元至 1.95 億美元之間。

We also remain committed to strategically investing and offering new amenities to our guests in order to drive incremental visitation and spend to our properties. Last month, we successfully opened a Yard House restaurant at Sunset Station. While we are in early days, we are pleased with the guest response and the early results from this new amenity. We expect to continue to invest in our existing properties throughout 2024, including adding local favorite, China Mama, at our Palace Station property later this year.

我們也繼續致力於策略性投資並為客人提供新的設施，以增加我們酒店的客流量和消費。上個月，我們在日落車站成功開設了一家 Yard House 餐廳。雖然我們還處於早期階段，但我們對客人的反應以及這項新設施的早期成果感到滿意。我們預計在 2024 年繼續投資現有物業，包括今年稍後在我們的 Palace Station 物業中增添當地人喜愛的「中國媽媽」。

In addition to these amenities, we expect to make investments in both our Sunset Station and Green Valley Ranch properties in 2025. At our Sunset Station property, we are building up the success we are seeing with our recently renovated race and sports book and partial casino remodel by continuing to refresh the podium in order to better position the property to capture the continued growth in Henderson, including the master planned communities of the Skye and Cadence, which are expected to add over 12,500 new households upon the final completion of both communities.

除了這些設施之外，我們預計在 2025 年對 Sunset Station 和 Green Valley Ranch 物業進行投資。在我們的日落站酒店，我們正在透過最近翻新的比賽和體育博彩以及部分賭場改造來取得我們所看到的成功，透過繼續刷新講台，以便更好地定位該酒店以捕捉亨德森的持續增長，包括Skye 和 Cadence 的總體規劃社區，預計在這兩個社區最終竣工後將新增超過 12,500 戶家庭。

As part of this project, we'll be adding in an all-new country western bar, a new Mexican restaurant, an all-new center bar along with completely renovated casino space. Work has already commenced on this project and the total cost of the renovation is expected to be approximately $53 million.

作為該項目的一部分，我們將增加一個全新的鄉村西部酒吧、一個新的墨西哥餐廳、一個全新的中心酒吧以及一個完全翻新的賭場空間。該項目已經開始施工，翻修總成本預計約 5,300 萬美元。

At our Green Valley Ranch property, we're expecting to start a complete refresh of our room product, aligning the hotel with our most recent renovations made to our well-received high-limit table and slot rooms of the property. Work is expected to start in June of 2025 and will continue through November of 2025. The cost of the room renovation is expected to be approximately $150 million.

在我們的 Green Valley Ranch 酒店，我們預計將開始全面更新我們的客房產品，使酒店與我們最近對酒店廣受好評的高限額賭桌和老虎機房間進行的翻修保持一致。工程預計於 2025 年 6 月開始，並將持續到 2025 年 11 月。房間裝修費用預計約1.5億美元。

Like our other recently introduced amenities, we expect these to be solid investments and are looking forward to moving beyond the disruption challenges of these properties as we introduce these new amenities to our customers next year.

與我們最近推出的其他設施一樣，我們預計這些都是可靠的投資，並期待在明年向客戶推出這些新設施時克服這些物業帶來的顛覆性挑戰。

Turning now to North Fork. We are extremely excited about this project, which is situated on a 305-acre site located north of Fresno, California. With great ingress-egress off the heavily traveled Highway 99, the project is one of the most convenient and accessible locations in central California with over 5.8 million people located within two hours of the development site.

現在轉向北福克。我們對這個項目感到非常興奮，該項目位於加利福尼亞州弗雷斯諾北部，佔地 305 英畝。該項目位於交通繁忙的 99 號高速公路旁，擁有良好的出入口，是加州中部最方便的地點之一，距開發地點兩小時內有超過 580 萬人居住。

When complete, this best-in-class resort will include approximately 100,000 square feet of casino space with over 2,400 slot machines, including 2,000 class three games, 42 table games, and 2 food and beverage outlets, and a food court with many exciting options. We have started site work in construction as we continue to finalize design. The total construction time for the project is currently anticipated between 18 to 20 months, putting the opening of the resort into 2026.

竣工後，這座一流的度假村將擁有約100,000 平方英尺的賭場空間，擁有2,400 多台老虎機，其中包括2,000 個三級遊戲、42 個賭桌和2 個餐飲店，以及一個提供許多令人興奮的選擇的美食廣場。隨著我們繼續完成設計，我們已經開始施工現場工作。目前預計該項目的總施工時間為 18 至 20 個月，度假村將於 2026 年開業。

The current cost of the project is expected to be approximately $785 million, which includes all design costs, construction hard and soft costs, preopening expenses, and any financing and development fees associated with the project. We are excited to be making progress and we'll continue to provide further updates on our quarterly earnings calls.

該項目目前的成本預計約為 7.85 億美元，其中包括所有設計成本、施工硬性和軟性成本、開業前費用以及與該項目相關的任何融資和開發費用。我們很高興能夠取得進展，並將繼續在季度財報電話會議上提供進一步的更新。

Lastly, the company's Board of Directors had declared a cash dividend of $0.25 per Class A common share payable on December 31 to Class A shareholders of record as of December 16. When we combine our share purchases with our special and regular dividends, we have returned approximately $194.8 million to our shareholders in 2024.

最後，該公司董事會宣佈於 12 月 31 日向截至 12 月 16 日登記在冊的 A 類股東派發每股 A 類普通股 0.25 美元的現金股利。當我們將股票購買與特別股息和定期股息結合時，我們在 2024 年向股東返還了約 1.948 億美元。

The company continues to have a strong year, and Durango continues to validate our long-term growth strategy and demonstrate the power of our own development pipeline and real estate bank which consists of over 450 acres of developable land positioned in highly favorable areas across the Las Vegas Valley.

公司今年繼續表現強勁，杜蘭戈繼續驗證我們的長期成長策略，並展示我們自己的開發管道和房地產銀行的力量，該銀行包括超過450 英畝的可開發土地，位於整個拉斯維加斯的非常有利的地區維加斯谷。

This pipeline, coupled with our current best-in-class assets and locations, gives us an unparalleled growth story that will allow us to double the size of our portfolio and capitalize on the very favorable long-term demographic trends and the high barriers to entry that characterize the Las Vegas locals market.

這條管道，加上我們目前一流的資產和地點，為我們提供了無與倫比的成長故事，使我們能夠將投資組合規模擴大一倍，並利用非常有利的長期人口趨勢和高進入障礙這是拉斯維加斯當地人市場的特徵。

We would like to recognize and extend our thanks to our team members for their hard work. Our success starts with them and they continue to be the primary reason why our guests return time after time. We thank them again for voting us top casino employer in the Las Vegas Valley for the fourth consecutive year as well as being certified by Great Place to Work for a third year in a row. Finally, we thank our guests for their loyal support in each of the last six decades.

我們對團隊成員的辛勤工作表示認可和感謝。我們的成功始於他們，他們仍然是我們的客人一次又一次回來的主要原因。我們再次感謝他們連續第四年將我們評選為拉斯維加斯谷最佳賭場雇主，並連續第三年獲得最佳工作場所認證。最後，我們感謝賓客在過去六十年中每一年的忠實支持。

Operator, this concludes our prepared remarks, and we are now ready to take questions.

接線員，我們準備好的發言到此結束，我們現在準備回答問題。

(Operator Instructions) Joe Greff, JP Morgan.

（操作員指示）Joe Greff，摩根大通。

Good afternoon, guys. Looking back at the performance in the 3Q, is there anything that you would call out as sort of one time or kind of a unique trend change outside of the normal seasonality, whether that's extreme heat or renovation disruption? And maybe a sort of directional or mathematical way of answering it is if you look at the performance of Durango less Red Rock cannibalization, how did the rest of the portfolio perform? I know in 2Q, you basically mentioned that the $30 million year-over-year EBITDA delta was basically Durango net of Red Rock cannibalization with the balance portfolio flat. Maybe if you can answer it in that way. And then I have a quick follow up.

下午好，夥計們。回顧第三季的表現，您認為有什麼是正常季節性之外的一次或一種獨特的趨勢變化，無論是極端高溫還是裝修中斷？也許回答這個問題的一種方向性或數學方法是，如果你看看杜蘭戈的表現，減去紅岩的蠶食，投資組合的其餘部分錶現如何？我知道在第二季度，您基本上提到了 3000 萬美元的同比 EBITDA 增量基本上是杜蘭戈扣除 Red Rock 蠶食後的淨額，而餘額投資組合持平。也許如果你能這樣回答的話。然後我會進行快速跟進。

Hopefully it's just quick, Joe. Let me start with the first piece of question. There's no real unusual items throughout the quarter other than just that return of that typical third-quarter seasonality. For example, if you look at past years in 2019, Q2 to Q3 was down almost 19%. So when you kind of look at Durango, what we talked about here is we expect to deliver about net 15% return on our investment in the first year investment. So it's actually higher than we promised. We actually promised 10%.

希望一切快點，喬。讓我從第一個問題開始。除了典型的第三季季節性的回歸之外，整個季度沒有真正的異常情況。例如，如果你看看 2019 年過去幾年，第二季到第三季下降了近 19%。因此，當你看看杜蘭戈時，我們在這裡討論的是，我們期望在第一年的投資中實現約 15% 的淨投資回報。所以它實際上比我們承諾的要高。我們實際上承諾了10%。

So when you do the quick math, if you have an $800 million cost, that's implying a $120 million in net of cannibalization. When you apply some impact of cannibalization, what you end up getting is that the core portfolio was down low single digits in terms of revenue.

因此，如果您快速算一下，如果您的成本為 8 億美元，則意味著蠶食淨額為 1.2 億美元。當你應用蠶食的一些影響時，你最終得到的是核心投資組合的收入下降了低個位數。

Great. And then margins, 43.3% or 43%, what sort of expenses drove that increase? And then how do you think about flow through or margins going forward? Particularly as we think about 2025 as maybe being more of a reinvestment in existing assets kind of year. And maybe you can talk about '25 in terms of renovation impact disruption that you might anticipate?

偉大的。然後是利潤率，43.3% 或 43%，什麼樣的費用推動了這種成長？那麼您如何看待未來的流量或利潤？特別是當我們認為 2025 年可能更像是對現有資產進行再投資的一年。也許您可以談談您可能預期的裝修影響中斷方面的 25 年？

In terms of just the margin, I'll just frame it very simply. I think about 150 basis points of that margin contribute to cannibalization, so revenue moving to our existing properties over to Durango. And then you couple that with lower revenues as part of the Q3 seasonality. And then we did -- we are bearing the brunt of minimum wage which costs us about $1.2 million for the quarter.

就邊距而言，我將非常簡單地建立它。我認為該利潤率的大約 150 個基點會導致蠶食，因此收入將轉移到我們現有的房產上，轉移到杜蘭戈。然後，作為第三季季節性的一部分，您將其與較低的收入結合。然後我們就這麼做了——我們首當其沖地承受著最低工資的影響，本季我們損失了約 120 萬美元。

And then maybe you can touch on 2025 in terms of anticipated renovation impacts?

那麼也許您可以談談 2025 年預期的改造影響？

Yeah, sorry about that. Sorry. So in terms of the renovation impact, if I run it down by property. So our initial estimates on GVR roughly about $11.5 million from an EBITDA impact, Sunset Station approximately $5.4 million, and then Durango about $5.9 million.

是的，對此感到抱歉。對不起。因此，就裝修影響而言，如果我按物業來計算的話。因此，我們初步估計 GVR 的 EBITDA 影響約為 1,150 萬美元，Sunset Station 約為 540 萬美元，杜蘭戈約 590 萬美元。

Carlo Santarelli, Deutsche Bank.

卡洛桑塔雷利，德意志銀行。

Hey, guys, good evening. Steve, obviously in the third-quarter seasonality, as you said, kind of returned to normal. And when you go back and look at your model, in particular the local segment, a lot of noise with Palms and that stretch. How do you generally think about 4Q seasonality relative to 3Q? And obviously acknowledging the moving parts of the stub period of Durango last year makes that a little bit harder for comparability, but just thinking about 3Q relative to 4Q seasonality.

嘿，夥計們，晚上好。史蒂夫，正如您所說，顯然在第三季季節性已經恢復正常。當你回頭看你的模型時，特別是本地部分，棕櫚樹和伸展運動會產生很多噪音。您通常如何看待第四季相對於第三季的季節性？顯然，承認去年杜蘭戈存續期的變化部分使得可比較性變得有點困難，但只考慮相對於第四季季節性的第三季。

Well, you got a couple of factors in here, Carlo. But in general, if you took a pre-COVID year, taking out the noise of the Palms, EBITDA is up usually around 12%. But you have to factor in that we did play a little bit unfriendly in terms of sports to this tune of about $7.6 million in October.

好吧，卡洛，這裡有幾個因素。但總的來說，如果你把新冠疫情爆發前的一年排除掉棕櫚樹的噪音，EBITDA 通常會上漲 12% 左右。但你必須考慮到，我們在 10 月的體育比賽中確實表現得有點不友好，約為 760 萬美元。

Okay. So think about it as kind of up $12 million, less almost $8 million bucks from the sports assuming that doesn't reconcile in November and December?

好的。那麼，假設 11 月和 12 月的支出不相符，那麼可以想像一下，體育運動增加了 1200 萬美元，減少了近 800 萬美元？

Correct.

正確的。

Okay. And then just -- this is just an item of -- just to clarify something. CapEx for the year. You said $185 million to $195 million. Am I correct in -- and that excludes Durango closeout. Durango close out for the year was about $95 million. Is that accurate?

好的。然後只是 - 這只是一個項目 - 只是為了澄清一些事情。本年度資本支出。你說的是 1.85 億美元到 1.95 億美元。我的說法正確嗎——這不包括杜蘭戈清倉。Durango 當年的收支約為 9,500 萬美元。準確嗎？

Yeah, Durango close out for the year is almost $97 million. We still have about $1 million left to close that out.

是的，杜蘭戈今年的收支接近 9700 萬美元。我們還剩下大約 100 萬美元來完成這項工作。

Steve Wieczynski, Stifel.

史蒂夫·維琴斯基，斯蒂菲爾。

Hey, guys. Good afternoon. Steve, you mentioned that group sales have been a little bit softer than I think you guys have been expecting. Just wondering if you could give some more color on potentially what you guys think are driving that softness? If we look at the margin on that food and beverage line, it's been a little bit lower than what we've been expecting over the last couple of quarters. Just wondering if that's somewhat due to that lower group business.

嘿，夥計們。午安.史蒂夫，你提到團體銷售比我認為你們預期的要軟一些。只是想知道你們是否可以對你們認為導致這種柔軟性的潛在因素提供更多的解釋？如果我們看看食品和飲料產品線的利潤率，就會發現它比我們過去幾季的預期要低一些。只是想知道這是否是由於集團業務較低所致。

Yeah, Steve, this is Scott. Let me take that one. We'll take it into two pieces: one, group sales, hotel; and then we'll correspond in catering. When you look at the quarter, probably the most notable piece of the quarter is we still are digesting a tough comp year over year as it relates to COVID re-booking. So there's about $1 million of good news in last year's number relative to COVID re-bookings. If you were to add that in and adjust, we're basically flat when it comes to hotel sales room nights.

是的，史蒂夫，這是史考特。讓我拿走那個。我們把它分成兩塊：一是團購、飯店；二是團購、飯店。然後我們會在餐飲方面進行對應。當您查看本季時，可能本季最值得注意的部分是我們仍在消化與新冠病毒重新預訂相關的逐年艱難的補償。因此，去年因新冠疫情而重新預訂的數據中有大約 100 萬美元的好消息。如果您將其添加進去並進行調整，我們在酒店銷售客房過夜方面基本上持平。

We expect that we're going to have tough comps into the fourth quarter and somewhat into the first quarter because of the Super Bowl as well in hotel. But if you look a little farther out to '25 and '26, we're very encouraged with our on-the-books pace right now as we go into those future years. And then catering really kind of mirrors the same effect as group room night sales does as well, where we're going to have a tough comp in the next two quarters and then better outcomes into '25 and '26.

我們預計第四季和第一季的比賽將會很艱難，因為超級盃以及飯店方面的比賽。但如果你把目光放得更長遠一點，25 年和 26 年，當我們進入未來幾年時，我們對現在的帳面進度感到非常鼓舞。然後，餐飲實際上也反映了與團體客房夜間銷售相同的效果，我們將在接下來的兩個季度中進行艱難的競爭，然後在“25”和“26”中取得更好的結果。

And Steve, to answer that last follow up in terms of the softness you're seeing in F&B, it's exactly what Scott said, it's pretty predominantly all catering as F&B experienced a record revenue quarter.

史蒂夫，要回答最後一個關於餐飲業疲軟的問題，這正是斯科特所說的，隨著餐飲業經歷了創紀錄的收入季度，餐飲業幾乎占主導地位。

Okay. Thanks for that, guys. And then, Steve, I understand you guys don't give formal guidance. But as we start to think about next year in 2025, is there anything you would call out in terms of whether it's headwinds, whether it's tail winds, or anything that would disrupt the normal cadence as we start to think about 2025?

好的。謝謝你們，夥計們。然後，史蒂夫，我知道你們不會提供正式的指導。但是，當我們開始考慮明年 2025 年時，您是否會提出什麼問題，無論是逆風、順風，還是在我們開始考慮 2025 年時會擾亂正常節奏的因素？

Yeah, I think what you're -- I mean, from a group perspective or the entire company?

是的，我認為你是什麼——我的意思是，從團體或整個公司的角度來看？

The entire company, sorry.

整個公司，對不起。

Okay. I think the one we just talked about with Greff is probably one of the bigger one-time issues. If you kind of add all that together, you're going to experience about $23 million worth of disruption. As we start the room remodel at Green Valley, continue the podium remodel at Sunset, and then we attach the garage and the high-limit room at Durango. Those are really the big one-time items.

好的。我認為我們剛剛與格雷夫討論的問題可能是更大的一次性問題之一。如果將所有這些加在一起，您將經歷價值約 2300 萬美元的中斷。當我們開始綠谷的房間改造時，繼續在日落時進行裙樓改造，然後我們在杜蘭戈連接車庫和高限房間。這些確實是一次性的大物品。

And you're going to go up against Super Bowl in Q1 --

你將在第一季度面對超級盃——

As well as ConAg and a couple others, like --

以及 ConAg 和其他幾個，例如--

I think, generally, it's Lorenzo, it is important to note that I think most all the operators have said that Q3, that seasonality seems to have come back. It is a bit of a challenge. But October has bounced back and is very stable both on slots, table games, sports handle rate. Obviously, the whole percentage due to the NFL hasn't been great, but our core business feels good going into Q4.

我認為，總的來說，這是洛倫佐，重要的是要注意，我認為大多數運營商都說過第三季度，季節性似乎已經回來了。這是一個有點挑戰。但十月已經反彈，無論是老虎機、桌上遊戲、運動手把率都非常穩定。顯然，NFL 帶來的整體百分比並不高，但我們的核心業務進入第四季度感覺良好。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Evening, everyone. Thanks for taking my question. Can we just dive into the Super Bowl comps a little bit? It came up a couple of times. Was the Super Bowl volume levels in terms of hospitality strong and, perhaps, the sports betting was not? What's the hard part and what's the easy part within the Super Bowl piece?

晚上好，大家。感謝您提出我的問題。我們可以稍微深入了解一下超級盃比賽嗎？它出現了幾次。超級盃比賽的接待量是否強勁，而體育博彩或許並不強勁？超級盃比賽中最困難的部分是什麼，最容易的部分是什麼？

Well, this is Lorenzo. I think if you look at, obviously, hotel, food, and beverage, things like that, not having the Super Bowl, it is going to be a tough comp versus last year. I would say, of all the events that the city has had, citywide events, whether it be F1, you name it, I think Super Bowl was just a huge benefit to the overall city. And obviously, we benefited from that as well. Actually, I think we lost money on the game. So that hopefully, it will not be a headwind or repeated from a comp perspective.

嗯，這是洛倫佐。我認為，如果你看看酒店、食品和飲料等方面，如果沒有超級碗的話，與去年相比，這將是一場艱難的比賽。我想說，在這座城市舉辦的所有活動中，全市範圍內的活動，無論是 F1，凡是你能想到的，我認為超級碗對整個城市來說都是一個巨大的優勢。顯然，我們也從中受益。事實上，我認為我們在這場比賽中賠了錢。因此，希望這不會成為逆風或從競爭角度重複。

We did. Just saying that. Yes, we did.

我們做到了。只是這麼說。是的，我們做到了。

I see. So the overall volume levels were very strong, but there was some -- sports got an impact.

我懂了。因此，整體音量水平非常強勁，但也有一些——體育運動產生了影響。

That came out negative last year. Historically, over time, we typically would win money to the Super Bowl. It's just (multiple speakers)

去年的結果是負面的。從歷史上看，隨著時間的推移，我們通常會贏得超級盃的獎金。這只是（多個發言者）

Yeah, perfect. And just as my follow up, the last time we walked through Durango, we talked about sort of longer term with expansions, et cetera. Anything today that that would characterize how soon or what those expansions could or would look like when you'd get to them?

是的，完美。正如我的後續行動一樣，上次我們走過杜蘭戈時，我們討論了一些長期的擴張等等。今天有什麼可以描述這些擴充包何時能夠實現或會是什麼樣子嗎？

Yes, David, this is Scott. First, just want to reiterate that the garage and casino and high-limit expansion is really kind of a preliminary phase for Durango. We need to do that in order to set ourselves up for the optionality of the other two phases. As we look at those stages, we also compare our greenfield opportunities as well.

是的，大衛，這是史考特。首先，我想重申一下，車庫和賭場以及高限額擴張確實是杜蘭戈的初步階段。我們需要這樣做，以便為其他兩個階段的可選性做好準備。當我們審視這些階段時，我們也會比較我們的綠地機會。

I know we've spoken about Inspirato and Cactus as potential opportunities. I think what we want to do is we've got a lot of irons in the fire into the first and second quarter with the existing property remodels in the garage, probably are going to want to see how the market is going into the first half of the year before we make a decision.

我知道我們已經將 Inspirato 和 Cactus 視為潛在的機會。我認為我們想要做的是，我們在第一季和第二季對車庫中現有的房產進行了改造，可能會想看看上半年市場將如何發展我們做出決定之前的一年。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格蘭布林，摩根士丹利。

I guess when we think about the election and some of the policies that put it out there, aside from perhaps corporate taxes, what is on your radar that could impact your business?

我想當我們考慮選舉和一些政策時，除了公司稅之外，您關注的還有什麼可能影響您的業務？

No tax on chips, I think, would be a positive for our business.

我認為，不對晶片徵稅對我們的業務是有利的。

Yeah, we've looked at some economic analysis. I don't know if anything has really been published on it. We think it could add somewhere in the neighborhood of about $200 million a year to the local economy here, which obviously we would benefit from.

是的，我們已經看過一些經濟分析。我不知道是否真的發表過任何內容。我們認為它每年可以為當地經濟增加約 2 億美元，顯然我們會從中受益。

Yeah, I think it would save the company about $2 million to $3 million in payroll tax as well.

是的，我認為這也將為公司節省約 200 萬至 300 萬美元的工資稅。

That's helpful. And is there anything that's on the radar in terms of accelerated depreciation or other tax incentives for investment?

這很有幫助。在加速折舊或其他投資稅收優惠方面，有什麼值得關注的嗎？

I mean, I think we've accomplished that with Durango. Our effective tax rate's below 13%. And that's due to, I think, some good work on the tax side for Durango. So my sense is that we'll look to do that on our Sunset asset as well in GVR and the Durango garage once they're put in service later in '25.

我的意思是，我認為我們已經透過杜蘭戈實現了這一點。我們的有效稅率低於 13%。我認為，這是由於杜蘭戈在稅務方面做了一些出色的工作。所以我的感覺是，一旦 GVR 和 Durango 車庫在 25 年晚些時候投入使用，我們將在 Sunset 資產上也這樣做。

Barry Jonas, Truist Securities.

巴里·喬納斯 (Barry Jonas)，Truist 證券公司。

Hey, guys, you added a new slide in the deck on Cactus at the front of the new development pipeline section. Just curious where this stands in terms of what you'll be focused on next. Thanks.

嘿，夥計們，你們在新開發管道部分前面的 Cactus 平台上添加了一張新幻燈片。只是好奇這對你接下來要關注的事情來說意味著什麼。謝謝。

I think that as we look at all of our Greenfield projects, the good thing about a lot of them is the population growth is getting to a maturity point where they're up for consideration. So when we look at cactus, it has different positive attributes than, say, Inspirato or a Kyle Canyon site.

我認為，當我們審視所有的綠地計畫時，其中許多計畫的好處是人口成長已達到成熟點，可供考慮。因此，當我們觀察仙人掌時，它具有與 Inspirato 或凱爾峽谷遺址不同的正面屬性。

The specifics around Cactus are that it is a hybrid location. It sits on the Las Vegas strip as well as it is surrounded by a very lucrative local market as well. So it makes it a unique development opportunity because you can take advantage of the hybrid aspect of the property or the location. It would probably be something of larger scale than, say, an Inspirato. So we weigh the pros and cons of that capital contribution as well.

仙人掌的具體特徵是它是一個混合地點。它坐落在拉斯維加斯大道上，周圍環繞著利潤豐厚的當地市場。因此，這使其成為一個獨特的開發機會，因為您可以利用該物業或位置的混合優勢。它的規模可能比 Inspirato 等更大。因此，我們也會權衡資本貢獻的利弊。

Got it, got it. And then are there any other tribal or non-Vegas deals you're looking at at the moment or is really the focus just your Las Vegas development pipeline?

明白了，明白了。那麼您目前正在考慮其他部落或非拉斯維加斯交易嗎？

Well, no. As I think we mentioned during the prepared remarks, we're incredibly excited about North Fork. So after working on this project over 20 years, we're in ground, looking forward, and we're in the throes of an 18- to 20-month construction period.

嗯，不。正如我想我們在準備好的演講中提到的那樣，我們對北福克感到非常興奮。因此，在這個專案工作了 20 多年之後，我們已經腳踏實地、充滿期待，並且正處於 18 到 20 個月的施工期的陣痛之中。

Yeah. And 5.8 million people in a two-hour drive. And we think we're going to have the dominant property in the market. By far, the best designed and built product in the market.

是的。兩小時車程內可容納 580 萬人。我們認為我們將在市場上擁有主導地位。迄今為止，市場上設計和製造最好的產品。

Yes. And just to clarify, outside of North Fork.

是的。澄清一下，在北福克之外。

Yeah, I mean, our core focus obviously is Las Vegas, Las Vegas locals. However, we do have a core competency of developing and managing tribal casinos. So in addition to North Fork, which Steve and Frank mentioned, we're in the ground with, it's a great location, we are active on the development side looking for new opportunities as we have been for the last 25 years on the tribal side.

是的，我的意思是，我們的核心焦點顯然是拉斯維加斯，拉斯維加斯當地人。然而，我們確實擁有開發和管理部落賭場的核心能力。因此，除了史蒂夫和弗蘭克提到的北福克之外，我們還在當地，這是一個絕佳的地理位置，我們在開發方面積極尋找新的機會，就像過去25 年我們在部落方面所做的那樣。

But it's just got to be the right opportunity, the right timing, and it all has to kind of line up. But we've actively looked probably at five or six just over the last year, just we haven't found one that works for us yet, but we'll continue to look from a development standpoint.

但這必須是正確的機會、正確的時機，而且一切都必須一致。但就在去年，我們已經積極研究了五到六個，只是我們還沒有找到適合我們的，但我們將繼續從開發的角度來看。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

Hello, everybody. Thanks for taking my question. I'm curious, we went through a lot of the headwinds next year, potential headwinds. Maybe we could talk a little bit about the tailwinds, specifically, what you would typically see getting added back to Red Rock, mitigating that cannibalization you've seen so far in sort of a year or two as well as a Durango or a new greenfield year two growth before the construction disruption there?

大家好。感謝您提出我的問題。我很好奇，明年我們經歷了很多逆風，潛在的逆風。也許我們可以談談順風，特別是你通常會看到什麼會被添加回紅岩，減輕你迄今為止在一兩年內看到的蠶食以及杜蘭戈或新的綠地前兩年的增長受建設中斷有沒有？

Yeah, this is Scott. Great question. If you take Red Rock first, we spoke in the past about Summerlin West, which is the final phase of the Howard Hughes Summerlin project. In its completion over the next few years, it'll add an incremental 34,000 households, just up behind the Red Rock location. So not only do we have a great story as it relates to household growth, but the average income in the area is one of the highest in the valley. And we continue to see growth in average income in that area. So we're optimistic about the Red Rock backfill in the near term.

是的，這是斯科特。很好的問題。如果你先看 Red Rock，我們過去談到過 Summerlin West，這是 Howard Hughes Summerlin 專案的最後階段。未來幾年竣工後，它將新增 34,000 戶家庭，緊隨 Red Rock 位置之後。因此，我們不僅有一個與家庭成長相關的精彩故事，而且該地區的平均收入是山谷中最高的之一。我們繼續看到該地區平均收入的成長。因此，我們對近期紅岩回填持樂觀態度。

When you look at Durango, Durango sits in what's called the enterprise district of the city. It is by far the fastest growing area of the city and probably has the largest amount of remaining buildable acreage in the surrounding area. So we're excited about Durango continuing to have its own growth story into the next year as well.

當您觀察杜蘭戈時，您會發現杜蘭戈位於所謂的城市企業區。它是迄今為止該市發展最快的地區，並且可能擁有周邊地區最大的剩餘可建設面積。因此，我們對杜蘭戈在明年繼續擁有自己的成長故事感到興奮。

If you switch gears a little bit and you look at Sunset, it's one of the key reasons we're refreshing Sunset, is the Henderson area around Cadence has got quite dynamic growth, and we think we're going to see upside from that continued growth in that area of the Valley as well.

如果你稍微換一下檔位，看看Sunset，你會發現，這是我們刷新Sunset 的關鍵原因之一，Cadence 周圍的Henderson 地區已經實現了相當動態的增長，我們認為我們將看到持續增長的好處。

That's helpful. Thanks. Thanks for that. A second question. The election just now behind us. I can't remember it well. I'm sure you guys can remember elections that had distractions to your database and your players before. But have you gone back and looked at sort of how, in your state, in the state of Nevada, swing state, is that the activity pickup that you've traditionally seen postelection? And if you think you'll see a similar sort of pickup post this election.

這很有幫助。謝謝。謝謝你。第二個問題。選舉剛剛過去。我記不太清楚了。我相信你們還記得以前對你的資料庫和玩家造成乾擾的選舉。但是，您是否回過頭來看看，在您所在的州，在內華達州，搖擺州，您傳統上在選舉後看到的活動回升是如何的？如果你認為這次選舉後你會看到類似的回升。

Well, when we looked at previous elections, there is definitely an impact, if you will, during an election year and quite honestly during an Olympics year as well. In previous years, it did drag on into December. But right now, as Lorenzo said, we're pretty encouraged with Q4 opportunities at this point.

好吧，當我們回顧之前的選舉時，如果你願意的話，在選舉年期間肯定會產生影響，老實說在奧運年期間也是如此。往年，它確實拖到了12月。但現在，正如洛倫佐所說，我們對第四季的機會感到非常鼓舞。

John DeCree, CBRE Securities.

約翰‧德克里 (John DeCree)，世邦魏理仕證券。

Good afternoon, everyone. You covered a lot of ground, maybe one on the promotional environment, largely speaking, across the locals market. I guess a couple of your peers have talked about it maybe stabilizing or abating, and I guess some of the single asset operators in the neighborhood have maybe been a little bit more aggressive. So curious what you're seeing, if you think it's died down at all and or stabilized, and if it's had any impact one way or another on your business.

大家下午好。您介紹了很多內容，也許是關於促銷環境的內容，主要是關於整個當地人市場的內容。我想你們的一些同行已經討論過它可能會穩定或減弱，而且我想附近的一些單一資產運營商可能會更加激進一些。非常好奇您所看到的情況，您是否認為它已經完全消失或穩定下來，以及它是否以某種方式對您的業務產生了任何影響。

Yeah, it remains unchanged in our view. And what we think is a stable rational environment that is very manageable.

是的，我們認為它保持不變。我們認為是一個穩定的理性環境，而且是非常可控的。

Got it. Thanks for that, and maybe one for Steve, just maybe a clarification if I missed it on the CapEx for next year. I think I heard $150 million for GVR and was it $160 million for Durango? And then a quick follow up, Steve, would be the disruption.

知道了。謝謝你，也許還有史蒂夫，如果我錯過了明年的資本支出，也許只是一個澄清。我想我聽說 GVR 的投資額為 1.5 億美元，而 Durango 的投資額是 1.6 億美元嗎？然後，史蒂夫，快速跟進就會造成乾擾。

Yes, it was $116 million for Durango, $150 million for Green Valley, and $53 million for Sunset.

是的，杜蘭戈 (Durango) 為 1.16 億美元，綠谷 (Green Valley) 為 1.5 億美元，日落 (Sunset) 為 5,300 萬美元。

$53 million for Sunset. Okay. And the disruption that you've outlined, I appreciate that. That's really helpful. The timing of those projects, should we expect that to kind of be straight line throughout the year? Is there going to be a 1H or 2H, where maybe some of the heavier disruption occurs?

《日落》5300萬美元。好的。我很欣賞你所概述的破壞。這真的很有幫助。這些項目的時間安排，我們是否應該預期全年都是直線的？是否會出現 1H 或 2H，其中可能會發生一些更嚴重的干擾？

Well, Green Valley is really going to be focused in that June to November period. So that one is really -- you can really pinpoint. Sunset is most likely going to be throughout the year as the last construction project expected to come in line before holiday at the end of the year. And Durango, I would say, similarly is probably in that middle part of the year is where the yeoman's portion of the construction is being done.

嗯，綠谷確實將重點放在 6 月至 11 月期間。所以這確實是——你可以真正精確地指出。日落很可能會持續一整年，因為最後一個建設項目預計將在年底假期前完成。我想說，杜蘭戈也可能在一年中進行自耕農部分的建設。

(Operator Instructions) Dan Politzer, Wells Fargo.

（操作員說明）Dan Politzer，富國銀行。

Hey, good afternoon, everyone, and thanks for taking my question. First, you've talked a bit about taverns in the past. I mean, can you just give us an update on how you're thinking about that element of your strategy in terms of CapEx or units that you expect to open over the next few years?

嘿，大家下午好，感謝您提出我的問題。首先，你過去談過一些關於酒館的事。我的意思是，您能否向我們介紹一下您如何考慮您的策略要素（在資本支出或您預計在未來幾年內開設的單位方面）的最新情況？

Dan, it is Scott. Happy to say that a few weeks back, we opened our first tavern in the north part of town. So early performance is outpacing our expectations. So we're happy about that. We have two more coming online in the general area in North Las Vegas, which happens to be a very under penetrated area for us. We have a product coming online in January and then the third tavern coming online in June.

丹，是斯科特。很高興地說，幾週前，我們在城鎮北部開設了第一家小酒館。所以早期的表現超出了我們的預期。所以我們對此感到高興。我們在北拉斯維加斯的一般區域還有兩個即將上線，這對我們來說恰好是一個滲透率很低的區域。我們有一個產品在一月上線，然後第三個小酒館在六月上線。

And then we have a total of seven opportunities and the remaining three will be scattered over the next 1, 1.5 years. I think in large part, we're attributing the early successes of the first tavern because of the interlinkage of the Boarding Pass program, and the fact that we're relatively under penetrated out in that market.

然後我們總共有7個機會，剩下的3個會分散在未來1年、1.5年。我認為在很大程度上，我們將第一家小酒館的早期成功歸功於登機證計劃的相互聯繫，以及我們在該市場的滲透率相對較低的事實。

Got it, thanks. And then just on the North Fork, the 4% development fee on presumably the $750 million, do you receive that upon the property opening or is it, along the way, do you get kind of pieces of that?

明白了，謝謝。然後就在北福克，4% 的開發費大概是 7.5 億美元，你是在房產開業時收到的，還是一路上收到的？

Yeah, it's on the construction financing. And it's not going to be on the full $750 million, there's some puts and takes there.

是的，這是關於建設融資的。而且這不會是全部 7.5 億美元，其中還有一些看跌期權和索取期權。

Thank you, and this concludes our question-and-answer session. I'd like to turn the conference back over to the management team for the closing remarks.

謝謝大家，我們的問答環節到此結束。我想將會議轉回管理團隊做總結發言。

Thank you, everyone, for joining the call and we look forward to talking to you again in about three months. Take care.

感謝大家加入通話，我們期待在大約三個月後再次與您交談。小心。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful evening.

謝謝。今天的電話會議到此結束。我們感謝大家參加今天的演講。您現在可以斷開線路並度過一個美好的夜晚。