Stewart Information Services Corp (STC) 2024 Q2 法說會逐字稿

Hello and thank you all for joining the Stewart Information Services Second Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode, but later you will have an opportunity to ask questions during the question-and-answer session. Instructions will be given at that time. Please note today's call is being recorded. (Operator Instructions)

大家好，感謝大家參加 Stewart Information Services 2024 年第二季財報電話會議。此時，所有參與者都處於僅聽模式，但稍後您將有機會在問答環節中提問。屆時將給予指示。請注意今天的通話正在錄音。（操作員說明）

It is now my pleasure to turn today's conference over to Kath Bass, Director of Investor Relations. Please go ahead.

現在我很高興將今天的會議交給投資者關係總監 Kath Bass。請繼續。

Thank you for joining us today for Stewart's second quarter 2024 earnings conference call. We will be discussing results that were released yesterday after the close. Joining me today are CEO, Fred Eppinger; and CFO, David Hisey. To listen online, please go to the stewart.com website to access the link for this conference call.

感謝您今天參加 Stewart 的 2024 年第二季財報電話會議。我們將討論昨天收盤後發布的結果。今天加入我的是執行長 Fred Eppinger；和財務長大衛·希西。如需線上收聽，請造訪 Stewart.com 網站造訪本次電話會議的連結。

This conference call may contain forward-looking statements that involve a number of risks and uncertainties. Please refer to the company's press release and other filings with the SEC for a discussion of the risks and uncertainties that could cause our actual results to differ materially.

本次電話會議可能包含涉及許多風險和不確定性的前瞻性陳述。請參閱本公司的新聞稿和向 SEC 提交的其他文件，以了解可能導致我們的實際結果出現重大差異的風險和不確定性的討論。

During our call, we will discuss some non-GAAP measures. For a reconciliation of these non-GAAP measures, please refer to the appendix in today's earnings release, which is available on our website at stewart.com.

在我們的電話會議中，我們將討論一些非公認會計原則措施。有關這些非 GAAP 指標的調整表，請參閱今天收益報告中的附錄，該附錄可在我們的網站 Stewart.com 上取得。

Let me now turn the call over to Fred.

現在讓我把電話轉給弗雷德。

Thank you for joining us today for Stewart's second quarter 2024 earnings conference call. Yesterday, we released financial results for the quarter, which David will review with you shortly.

感謝您今天參加 Stewart 的 2024 年第二季財報電話會議。昨天，我們發布了本季度的財務業績，大衛很快就會與您一起回顧。

I'd like to kick off the call by sharing our outlook on the current housing market, followed by an update on the progress we're making on each of our businesses. I'm very pleased with our results this quarter. We have continued to make great progress on our strategic initiatives and are winning share in multiple businesses. These things are difficult to pull off in a normal market, much less an environment that we're in now. The housing market has remained depressed much longer than most people anticipated, but Stewart has maintained our competitive edge by improving our financial and operational positions. We remain confident that we are well positioned to capitalize on improving market conditions.

我想先分享我們對目前房地產市場的展望，然後介紹我們每項業務所取得的最新進展。我對本季的業績非常滿意。我們的策略舉措持續取得重大進展，並在多項業務中贏得份額。這些事情在正常市場中很難實現，更不用說我們現在所處的環境了。房地產市場低迷的時間比大多數人預期的要長得多，但史都華透過改善我們的財務和營運狀況保持了我們的競爭優勢。我們仍然相信，我們處於有利位置，可以利用市場狀況的改善。

Our view of the current housing market has not materially changed this quarter. We continue to experience a very suppressed housing market due to a combination of factors such as the continuation of elevated mortgage rates, rising home prices and low but slowly returning housing inventory. The market continues to bounce on the bottom where existing home sales every month for the last year have been worse except for one than the prior. The only exception was January of this year, which was flat relative to last year.

我們對目前房地產市場的看法本季沒有重大變化。由於抵押貸款利率持續上升、房價上漲以及房屋庫存低但緩慢回升等綜合因素，我們的房地產市場繼續受到嚴重抑制。市場繼續在谷底反彈，去年每個月的現有房屋銷售情況除了比前一年更糟外，都在下降。唯一的例外是今年一月份，與去年持平。

To further illustrate how choppy the market conditions are, recent data shows that the overwhelming majority of the top 25 MSAs in the country are experiencing increased inventory year-over-year, yet pending sales are down. In June, we saw a seasonally adjusted run rate of 3.98 million existing homes for sale, a 5% reduction from the prior year. This has been a very recent -- there has been a very recent improvement in sentiment around interest rates and inventory continues to enter the market, but buyers are still exercising extreme caution. There are of course, some transactions occurring as homes are being bought and sold, given various life events, but many consumers continue to remain in a holding pattern given current headwinds. We expect 2025 will be the transitional year helping shepherd us back to a more normal market, which we see is characterized as around 5 million existing homes annually.

為了進一步說明市場狀況的波動性，最近的數據顯示，該國 25 家最大的 MSA 中的絕大多數庫存逐年增加，但待售量卻下降。6 月份，經季節調整後待售現房銷售量為 398 萬套，較上年下降 5%。這是最近發生的事情——最近利率情緒有所改善，庫存繼續進入市場，但買家仍保持極度謹慎。當然，考慮到各種生活事件，在買賣房屋時會發生一些交易，但考慮到當前的不利因素，許多消費者繼續保持持有模式。我們預計 2025 年將是過渡年，幫助我們回到更正常的市場，我們認為該市場的特點是每年約有 500 萬套現房。

So we're poised to capitalize on an improving market, but are diligently manning ourselves like the year will be flat to down. We do believe that the next three quarters will be interesting as we monitor things like CPA reports and rate cuts and the results of the upcoming election. So we will be prepared to capitalize on any improvement.

因此，我們準備充分利用不斷改善的市場，但同時也在努力做好準備，就像今年將持平或下滑一樣。我們確實相信，未來三個季度將會很有趣，因為我們會監控註冊會計師報告、降息以及即將到來的選舉結果等事情。因此，我們將準備好利用任何改進。

Turning towards our operations, we remain focused on building an improved competitive position by executing upon disciplined operating model, while also identifying efficiencies to prepare ourselves for market rebound. We are dedicated to growing scale and attractive markets across all our lines of business and we have made great advances on improving our customers experience in all channels through upgrades to our technology capabilities and operations. We've implemented technology to enhance our title production processes and are working on utilizing technology to improve our data management and access. We continue to focus on attracting and retaining key talent and we know that Stewart is the best home for industry leading talent to grow with us as the market improves.

就我們的營運而言，我們仍然專注於透過執行嚴格的營運模式來建立更好的競爭地位，同時也確定效率，為市場反彈做好準備。我們致力於擴大所有業務線的規模和有吸引力的市場，並透過升級我們的技術能力和運營，在改善所有通路的客戶體驗方面取得了巨大進步。我們已經實施了技術來增強我們的遊戲製作流程，並正在努力利用技術來改善我們的資料管理和存取。我們繼續專注於吸引和留住關鍵人才，我們知道史都華是業界領先人才隨著市場改善與我們一起成長的最佳家園。

Our direct operations segment is focusing their expansion efforts on targeted MSAs and we expect to utilize both acquisitions and thoughtful organic growth to drive share gains. We routinely evaluate markets to ensure we have a view of the most attractive markets for growth and leadership and we have limited our acquisition related investments in the current environment, but have maintained a warm pipeline to prepare ourselves for improving -- the improving market.

我們的直接營運部門正在將擴張工作的重點放在目標管理協議上，我們預計將利用收購和深思熟慮的有機成長來推動份額成長。我們定期評估市場，以確保我們了解對成長和領導力最具吸引力的市場，並且我們在當前環境下限制了與收購相關的投資，但保持了良好的管道，為改善（不斷改善的市場）做好準備。

Even though we are currently cautious about acquisitions, we are still very positive about the outlook for opportunities as the market normalizes and we have not deviated from our long-term goals for this business, which is to grow share and scale in attractive MSAs.

儘管我們目前對收購持謹慎態度，但隨著市場正常化，我們仍然對機會前景非常樂觀，並且我們沒有偏離該業務的長期目標，即在有吸引力的管理服務協議中增加份額和規模。

In commercial, our results for the last two quarters reflect our focus on increasing share in our commercial operations. This quarter we introduced our dedicated hospitality team and our new national affordable housing team through the acquisition of all New York title agency. We are making investments in talent across our commercial operations so that we have the leadership, operations and sales teams in place to achieve our goals. We are also investing in technology to support our commercial operations to allow us to better serve our customers and manage our business more efficiently. We expect our commercial transaction momentum to continue, but we know the near-term commercial market challenges may present themselves depending on the outcomes. On outcomes will rate cuts in the upcoming election.

在商業方面，我們過去兩個季度的業績反映了我們對增加商業營運份額的關注。本季度，我們透過收購所有紐約產權代理機構，推出了專門的飯店團隊和新的國家經濟適用房團隊。我們正在整個商業運營中對人才進行投資，以便我們擁有適當的領導、營運和銷售團隊來實現我們的目標。我們還投資技術來支援我們的商業運營，使我們能夠更好地服務客戶並更有效地管理我們的業務。我們預計我們的商業交易勢頭將持續下去，但我們知道，根據結果，近期商業市場可能會面臨挑戰。即將到來的選舉的結果將是降息。

Our agency team remains focused on driving share gains in attractive agency markets. We are focused on our 14 target states and are seeing very good progress in a number of states, even in the current market conditions. Specifically, we have seen good leverage from our improved support services as well as our enhanced ability to serve commercial agents. While success comes from a lot of basic blocking and tackling, we see the opportunity for continued momentum.

我們的代理商團隊仍然專注於在有吸引力的代理商市場中推動份額成長。我們專注於 14 個目標州，即使在當前的市場條件下，許多州也取得了非常好的進展。具體來說，我們從改進的支援服務以及增強的商業代理服務能力中看到了良好的影響力。雖然成功來自於大量的基本攔截和鏟斷，但我們看到了持續發展勢頭的機會。

The real estate solutions team is focused on gaining share with the top lenders through new innovative solutions and cross-selling of our products as we leverage our significantly improved portfolio of services to better serve our lender clients. Our real estate solution businesses maintained its solid financial results and growth in the second quarter, particularly given the market. We have seen significant growth in new clients as compared to the second quarter of last year, mostly coming from some innovative solutions in our credit information evaluation services.

房地產解決方案團隊致力於透過新的創新解決方案和交叉銷售我們的產品來獲得頂級貸方的份額，同時我們利用顯著改進的服務組合來更好地服務我們的貸方客戶。我們的房地產解決方案業務在第二季度保持了穩健的財務業績和成長，特別是考慮到市場。與去年第二季相比，我們的新客戶數量大幅成長，主要來自我們信用資訊評估服務中的一些創新解決方案。

In our pre-tax income results, you can see some that we are experiencing an increase in customer acquisition expenses as we have onboarded a significant number of new clients. These expenses will normalize toward the end of the year. The current market makes cross-selling our business in this space a bit challenging. We've been able to offset some of the challenges by gaining share from our existing clients and with new client introductions. Our momentum should continue as we have significant cross-sell opportunities available to build upon over the next couple of years as the market improves.

在我們的稅前收入結果中，您可以看到，隨著我們吸引了大量新客戶，我們的客戶獲取費用正在增加。這些費用將在年底前恢復正常。目前的市場使我們在這個領域的交叉銷售業務變得有些挑戰。透過從現有客戶那裡獲得份額以及引入新客戶，我們已經能夠克服一些挑戰。我們的勢頭應該會持續下去，因為隨著市場的改善，我們在未來幾年內將擁有大量的交叉銷售機會。

We are thoughtfully managing all our lines of business and remain intentional on our investments in expense management. We have been careful not to take expense actions that we feel would threaten our competitive position or take away from the critical initiatives that we help that help us meet our long-term goals. We are confident that we are focused on growth across all businesses and work where we are doing to invest in our capabilities that will allow us to achieve low double-digit pre-tax margins as we return to a more mobile 5 million unit purchase market.

我們正在深思熟慮地管理我們的所有業務線，並繼續有意投資費用管理。我們一直小心謹慎，不採取我們認為會威脅我們競爭地位的開支行動，也不採取我們幫助實現長期目標的關鍵舉措。我們相信，我們將專注於所有業務的成長，並在我們正在做的工作中投資我們的能力，這將使我們在重返移動性更強的500 萬單位購買市場時實現低兩位數的稅前利潤。

We maintain our positive long-term outlook for the real estate market and are confident that Stewart is on a journey to become what we call the premier title services company. We believe in the strength of the company and are committed to fortifying Stewart for long-term growth and performance. Our solid financial footing should best position us to take advantage of the opportunities that we believe that this cycle will continue to provide. Thank you for our customer and agent partners for your continued trust. We are committed to doing our best to serve you with excellence.

我們對房地產市場保持積極的長期前景，並相信史都華正在成為我們所說的首屈一指的產權服務公司。我們相信公司的實力，並致力於加強斯圖爾特的長期成長和業績。我們堅實的財務基礎應該使我們能夠最好地利用我們相信這個週期將繼續提供的機會。感謝我們的客戶和代理商合作夥伴一直以來的信任。我們致力於竭盡全力為您提供卓越的服務。

Finally, I'd like to express my gratitude to our employees. I am thankful for your dedication to Stewart as we work together to create a more resilient company that continually delivers for our customers. And I am particularly grateful to our Houston area employees that have maintained our standard level of service excellence by personally going through a very difficult period and with the recent weather events.

最後，我要向我們的員工表示感謝。我感謝您對斯圖爾特的奉獻，我們共同努力創建一家更具彈性的公司，不斷為我們的客戶提供服務。我特別感謝我們休士頓地區的員工，他們個人經歷了非常困難的時期和最近的天氣事件，從而保持了我們卓越服務的標準水平。

David, I'll now turn it over to you to provide the update on our results.

大衛，我現在將其交給您，以提供我們結果的最新資訊。

Good morning, everyone and thank you Fred. I appreciate the outstanding service of our associates and continued support of our customers through this difficult period. As Fred noted, historically low residential and commercial real estate activity persisted during the quarter, causing our results to be similar to last year's quarter.

大家早安，謝謝弗雷德。我感謝我們員工的出色服務以及我們的客戶在這段困難時期的持續支持。正如弗雷德所指出的那樣，本季住宅和商業房地產活動持續處於歷史低位，導致我們的業績與去年季度相似。

Yesterday, Stewart reported second quarter net income of $17 million or $0.62 per diluted share on total revenues of $602 million, adjusted for net realized and unrealized gains and losses acquired intangible amortization and other expenses as presented in Appendix A of our press release, second quarter adjusted net income was $25 million or $0.91 per diluted share, compared to $26 million or $0.94 per diluted share in last year's quarter.

昨天，斯圖爾特報告第二季淨利潤為1700 萬美元，或稀釋後每股收益0.62 美元，總收入為6.02 億美元，並根據我們第二季度新聞稿附錄A 中所列的已實現和未實現淨損益以及無形攤銷和其他費用進行了調整調整後淨利潤為 2500 萬美元，即稀釋後每股收益 0.91 美元，而去年同期為 2600 萬美元，即稀釋後每股收益 0.94 美元。

In the title segment, total operating revenues improved $29 million or 6%, driven by higher revenues from our agency operations, while direct title revenues were similar to the prior year quarter. The segments pre-tax income decreased $2 million or 6%, primarily due to the lower agency remittance rate caused by geographic mix. After adjustments for purchase, amortization and other items, the title segment's pre-tax income was $38 million, which was 2% higher compared to the prior year quarter with adjusted pre-tax margins comparable.

在版權業務領域，由於代理業務收入增加，總營業收入增加了 2,900 萬美元，即 6%，而直接版權收入與去年同期相似。該部門的稅前收入減少了 200 萬美元，即 6%，主要是由於地理混合造成的代理匯款率較低。在對購買、攤銷和其他項目進行調整後，產權部門的稅前收入為 3,800 萬美元，與去年同期相比成長 2%，調整後的稅前利潤率相當。

On our direct title business, total open orders in the second quarter were 2% better while total closed orders were comparable. Our domestic commercial operations continued to produce solid results with higher revenues of approximately $10 million or 23%, primarily driven by improved transaction size and volume in energy, industrial and multifamily asset classes.

在我們的直接產權業務中，第二季的未結訂單總數增加了 2%，而已結訂單總數則相當。我們的國內商業業務持續取得穩健成果，收入增加約 1,000 萬美元，即 23%，這主要是由於能源、工業和多戶資產類別的交易規模和交易量有所改善。

Average commercial fee profile improved 17% to 13,500 compared to 11,600 last year. Domestic residential revenues decreased $15 million or 8%, primarily driven from lower fee profile with a lower purchase transaction mix. Total international operating revenues improved $3 million or 10%, primarily due to increased volumes in our Canada operations.

平均商業費用比去年的 11,600 提高了 17%，達到 13,500。國內住宅收入減少了 1500 萬美元，即 8%，主要是由於費用較低和購買交易組合減少所致。國際營業總收入增加了 300 萬美元，即 10%，這主要是由於我們加拿大業務的銷售增加。

On title losses, total title loss expense in the second quarter increased 7%, consistent with the increase in title revenues. As a percent of title revenues, title loss expense was 4% for both second quarters of '24 and '23. We expect title losses to average in the low to mid 4% range for the full year '24.

在產權損失方面，第二季總產權損失費用增加了 7%，與產權收入的成長一致。24 年和 23 年第二季度，標題損失費用佔標題收入的百分比均為 4%。我們預計 2024 年全年產權損失平均在 4% 的低至中範圍內。

Regarding the real estate solutions segment, pre-tax income improved $2 million compared to last year, primarily resulting from increased revenues from our credit related data and valuation services business. Pre-tax margin was 5.5% in the second quarter compared to 4.6% last year. Excluding acquisition, intangible expense and sales tax assessment charge, adjusted pre-tax margin was 11.5% compared to 14.5% in the prior year quarter. The boarding of new customers and scaling the business had an impact on margin as Fred noted in his comments.

在房地產解決方案領域，稅前收入比去年增加了 200 萬美元，主要是由於我們的信用相關數據和評估服務業務的收入增加。第二季稅前利潤率為 5.5%，去年同期為 4.6%。不包括收購、無形費用和銷售稅評估費用，調整後稅前利潤率為 11.5%，而去年同期為 14.5%。正如弗雷德在評論中指出的那樣，新客戶的加入和業務規模的擴大對利潤率產生了影響。

On our consolidated operating expenses, our employee cost ratio in the second quarter improved to 30.5% from 33.9% last year, primarily driven by lower incentive compensation and average employee counts. On our other operating expense ratio increased to 25.9% compared to 24% in the prior year quarter, primarily driven by increased credit information and services expenses in our real estate solutions business.

在我們的綜合營運費用方面，第二季的員工成本率從去年的 33.9% 改善至 30.5%，這主要是由於激勵薪資和平均員工人數減少所致。我們的其他營運費用率從去年同期的 24% 上升至 25.9%，這主要是由於我們的房地產解決方案業務的信用資訊和服務費用增加。

On income taxes, our second quarter effective tax rate was approximately 31% higher than our historical tax rate, primarily as a result of income sourced from international operations, which have a higher average income tax rate relative to domestic operations.

在所得稅方面，我們第二季的有效稅率比歷史稅率高出約 31%，這主要是由於國際業務產生的收入相對於國內業務的平均所得稅率較高。

On other matters, our financial position remained solid to support our customers, employees and the real estate market during this difficult environment. Our total cash and investments at the end of the second quarter was approximately $310 million in excess of statutory premium requirements. And we also have a fully available $200 million line of credit facility.

在其他方面，我們的財務狀況仍然穩固，可以在這個困難的環境中為我們的客戶、員工和房地產市場提供支援。截至第二季末，我們的現金和投資總額超出法定保費要求約 3.1 億美元。我們還擁有完全可用的 2 億美元信貸額度。

Total Stewart Stockholders equity at June 30, 2024 was approximately $1.36 billion with a book value of approximately $49 per share. Net cash provided by operations in the second quarter was $21 million, compared to $35 million last year. Primarily as a result in trade accounts receivable consistent with revenue growth.

截至 2024 年 6 月 30 日，史都華股東權益總額約為 13.6 億美元，每股帳面價值約 49 美元。第二季營運提供的淨現金為 2,100 萬美元，去年同期為 3,500 萬美元。主要是由於貿易應收帳款與收入成長一致。

Lastly, thank you again to our customers and associates. We remain confident in our service to the real estate markets. I'll now turn the call back over to the operator for questions.

最後，再次感謝我們的客戶和同事。我們對房地產市場的服務仍然充滿信心。我現在將把電話轉回給接線員詢問問題。

Gentlemen, thank you. (Operator Instructions)

先生們，謝謝你們。（操作員說明）

Soham Bhonsle, BTIG.

Soham Bhonsle，BTIG。

Fred, maybe just first one on market share. If I look at the non-commercial line, looks like -- and it's on the purchase side relative to our estimate it was a little bit lighter. Can you -- and you just maybe talk about what you saw on that front? Anything market specific to note or anything competitors are doing this quarter?

弗雷德，也許只是市佔率的第一個。如果我看一下非商業產品線，看起來——相對於我們的估計，它在購買方面要輕一些。你能——也許你只是談談你在這方面看到的情況嗎？有什麼特定市場需要注意的，或是競爭對手本季在做什麼？

So, yes, there's a couple of things I feel good about it as I look at kind of our share in that area, the res area across the board kind of holding our own. But there's a couple of exceptions that happened, particularly this quarter. So if you remember at the end of the year, as well as I did it again this quarter, I've shut some offices down in some micro markets. So our outlook was that we're going to stay down longer. And I have some subscale markets where I felt it was appropriate to manage our kind of margin in our approach that we took some action. So you saw it at the fourth quarter I took, what was it, $1.5 million plus, so take $2 million. I did the same thing this quarter.

所以，是的，當我看到我們在該領域的份額時，有幾件事我感覺很好，整個資源領域都保持著我們自己的地位。但也發生了一些例外情況，特別是在本季。因此，如果你還記得，在今年年底以及本季我再次這樣做時，我已經關閉了一些微型市場的一些辦公室。所以我們的前景是我們將保持更長時間的低迷。我有一些小規模市場，我認為在我們採取一些行動的方法中管理我們的利潤是適當的。所以你在第四季看到了我拿的，那是多少，150萬美元以上，所以拿200萬美元。本季我也做了同樣的事情。

So there's some surgical stuff that we've done in some of the micro markets that is working its way through. The other thing I would say if you look at the NAR stuff by MSA and the top 10 kind of decreases in pending home sales, a number of those markets are our biggest markets. So places like Houston was the number one in that, San Antonio was in the top four.

因此，我們在一些微型市場中做了一些外科手術，目前正在發揮作用。我想說的另一件事是，如果你看看 MSA 的 NAR 資料以及待售房屋銷售下降幅度最大的 10 種，你會發現其中許多市場都是我們最大的市場。因此，像休士頓這樣的地方排名第一，聖安東尼奧則排名前四。

So there's some things we share, but I feel good. We're kind of holding our own in those markets but we did take some actions, in my view to ensure the margin. We have a lot of great growth initiatives in our res business and kind of what we call our direct kind of res business where we're doing things like growing kind of main street commercial and bending that in our offices. We've got some really interesting things going on micro markets with organic hiring and teams.

所以我們有一些共同點，但我感覺很好。我們在這些市場上保持自己的地位，但在我看來，我們確實採取了一些行動來確保利潤。我們在資源業務方面有很多偉大的成長計劃，我們稱之為直接資源業務，我們正在做一些事情，例如發展主要街道商業並在我們的辦公室進行彎曲。透過有機招募和團隊，我們在微觀市場上發生了一些非常有趣的事情。

So I'm not really worried about it. And I feel it's pretty secure that over the next couple of years we're going to have more share in the res market than we do today. But there are some tweaks that we're doing because I want to make sure that we're managing ourselves in a market that continues to be down a little.

所以我並不擔心。我認為，未來幾年我們在資源市場上的份額將比今天更大，這是非常有把握的。但我們正在做一些調整，因為我想確保我們在持續小幅下滑的市場中進行自我管理。

And then on the M&A comment, I was a little curious on the cautious approach here. Is that more of a function of where the bid-ask spread is today or something else? Because I would have thought that the current environment is probably right for acquisitions, just given that we're sort of at the trough, right, versus waiting for sort of an improvement in the market?

然後關於併購評論，我對這裡的謹慎態度有點好奇。這更多取決於今天的買賣價差還是其他因素？因為我認為當前的環境可能適合收購，只是考慮到我們正處於低谷，對吧，而不是等待市場的改善？

It's exactly what you said. So, it's the trading price. So usually, we -- what's great about we've been able to do it is between getting to a fair price, but with an earn out, you can get at it if the person selling thinks it could be more, they could get captured. If they can't, they can't. And we've had every single transaction done that's been accretive and it's a great way to set it up.

正是你所說的。所以，這就是交易價格。因此，通常情況下，我們能夠做到這一點的偉大之處在於達到一個公平的價格，但是通過盈利，如果銷售者認為可能更多，他們可能會被捕獲，那麼你就可以得到它。如果他們不能，他們就不能。我們完成的每一筆交易都是增值的，這是一個很好的設定方式。

The problem right now is most agents are making very little money and so it's hard to bridge the expectations -- the value expectations with earn outs. And so they don't feel as good. We don't feel as good. So in my view, you just got to have a little bit of normalization in the run rate and a little bit more transparency about the outlook and it'll be fine. And so again, real living transactions, sure but it tends to be because somebody's retiring and they have to do it or whatever or you have some unique transparency to their pipeline around niche or something like that.

現在的問題是大多數代理商賺的錢很少，因此很難彌合期望——價值期望與收益。所以他們感覺不太好。我們感覺沒那麼好。因此，在我看來，只要運行率稍微正常化一點，前景更透明一點就可以了。再說一次，現實生活中的交易，當然，但這往往是因為有人退休了，他們必須這樣做或其他什麼，或者你對他們圍繞利基或類似事物的管道有一些獨特的透明度。

So we fully expect that comes back. We're having a lot of great conversations, dozens, frankly. And so there's a lot of people that have rethought their position given the downturn and the stress that are going through. So I think there's going to be lots of opportunities, but I think it's going to be a little light and will continue to be a little light for the next couple of quarters because of the clearing. Just what you said, it's really just back.

所以我們完全期望它能回來。坦白說，我們正在進行許多精彩的對話，有幾十次。因此，鑑於經濟低迷和正在經歷的壓力，許多人重新考慮了自己的立場。因此，我認為將有很多機會，但我認為由於清理工作，機會會比較少，並且在接下來的幾個季度中將繼續存在。正如你所說，確實是回來了。

It is (inaudible) and we'll get there but it's -- we had a little bit of that same thing right after 21, where people wanted to get paid like it was 21 and we said, we think that could be duplicated. And it took us a while to settle so that we could get and meet the right kind of valuations that we did. And we'll do it again. So I'm not really worried about it.

是的（聽不清楚），我們會實現這一目標，但在 21 點之後，我們也遇到了一些相同的事情，人們希望像 21 點那樣獲得報酬，我們說，我們認為這可能會重複。我們花了一段時間才達成一致，以便我們能夠獲得並滿足我們所做的正確估值。我們會再做一次。所以我並不擔心。

And then just last one on your long-term margins. I know that you said you can get to the low double-digits in a normalized market, but maybe just talk to us about how much of that lift is in sort of your control versus just the overall market normalizing right? And I'm asking because I think while the low double-digit margin doesn't seem that far-fetched, I think it'd be helpful for your thoughts here for investors to hear delineate between STC being sort of a show me story versus sort of a set it in for the edit story.

然後是你的長期利潤的最後一項。我知道你說過在正常化的市場中你可以達到兩位數的低位，但也許只是和我們談談，與整個市場正常化相比，這種提升有多少是你的控制權？我之所以這麼問，是因為我認為雖然兩位數的低利潤率似乎不那麼牽強，但我認為這對你的想法很有幫助，讓投資者聽到 STC 是一種向我展示故事與有點像是為編輯故事而設定的。

And again, the reason I talk about it is because I have great confidence in the work we've done. So we have what I would consider excess capacity in our direct operations, right? That's where most of our fixed costs are. That's where our distributed offices are. That's where a lot of our revenue is. And but the reality is, because of the work we've done, any growth back to a normal market, a lot of it gets to the bottom line, right? You can -- so those margins, I talk about the fact that in 2021, while we were showing 13.5 part of that was fake because the marginal contribution of such a robust market was really high because we were using overtime. And that wasn't sustainable.

再說一次，我之所以談論它，是因為我對我們所做的工作充滿信心。因此，我們的直接營運中存在我認為的過剩產能，對嗎？這就是我們大部分固定成本。這就是我們的分散式辦公室所在的地方。這就是我們很多收入的來源。但現實是，由於我們所做的工作，任何恢復正常市場的成長，其中許多都會達到底線，對嗎？你可以——所以這些利潤，我談論的是這樣一個事實，在 2021 年，雖然我們顯示的 13.5 部分是假的，因為如此強勁的市場的邊際貢獻非常高，因為我們使用了加班費。這是不可持續的。

But in '21, my guess is we were in the 10% kind of margin. The work we've done since then, particularly in some of the search work and some centralization, I believe that number is now 11.5% to 12%, in a 5 million purchase market, which comes from the utilization of the capacity we've created in our system that will come through when the market just gets normal. And again, it has a lot to do with the structure of how direct works and the offices and how much the workflow is centralized.

但在 21 年，我的猜測是我們的利潤率是 10%。從那時起我們所做的工作，特別是在一些搜尋工作和一些集中化方面，我相信這個數字現在是11.5％到12％，在500萬的購買市場中，這來自於我們對產能的利用在我們的系統中創建的，當市場恢復正常時就會出現。再說一遍，這與直接工作方式和辦公室的結構以及工作流程的集中程度有很大關係。

Now, I would also tell you we've done a heck of a job managing the down market, right? We changed kind of our financial discipline and structure. And so in the 10 years previous to our journey before I got here, the most we ever made in any given period was 5% margin. Well, we just went through the worst market effort, one of the worst markets in 35 years at 3.89 and we're at 5%. I also feel good about our ability to manage our margins, but I feel that the market.

現在，我還要告訴你，我們在管理低階市場方面做得非常出色，對嗎？我們改變了我們的財務紀律和結構。因此，在我到達這裡之前的 10 年裡，我們在任何特定時期內賺取的最高利潤是 5%。好吧，我們剛剛經歷了最糟糕的市場努力，35 年來最糟糕的市場之一，為 3.89，而我們的成長率為 5%。我也對我們管理利潤的能力感到滿意，但我覺得市場。

Now, what's controllable by us, we've done a lot of right. The operating model variability, more of the cost, making sure that kind of the way we manage the discipline of staffing is there. So yes, the journey from here to the numbers I'm talking about has some help from that.

現在，我們可以控制的事情，我們已經做了很多正確的事情。營運模式的可變性，更多的成本，確保我們管理人員配備紀律的方式存在。所以，是的，從這裡到我正在談論的數字的旅程從中得到了一些幫助。

Now, what's the exception of that? Well, the exception of that is we are gaining share in some of our other businesses, right? So the reality is, in things like our services business, if we can continue to gain share and mature a larger business. That business was $30 million years ago.

那麼，有什麼例外呢？好吧，例外的是我們在其他一些業務中的份額正在增加，對嗎？因此，現實是，在我們的服務業務等方面，如果我們能夠繼續獲得份額並成熟更大的業務。這筆生意幾年前價值 3000 萬美元。

It's not $350 million. And I think it has an opportunity to double again as we continue to cross, et cetera. So there's other things that I think regardless, the market may not have to get all the way to five. It has to be better than horrible. But with a little bit of improvement, we'll also get some benefit from some of the growth we're seeing there in an agency where we're literally going to share in many states. So, again, the market -- we need the market to get to the full opportunity that I talk about.

這不是3.5億美元。我認為隨著我們繼續穿越等等，它有機會再次翻倍。因此，我認為無論如何，市場可能不必一直達到五。它一定比可怕的要好。但透過一點點改進，我們也將從我們在一個機構中看到的一些成長中獲得一些好處，我們實際上將在許多州分享這個機構的成長。所以，再說一次，市場——我們需要市場來充分利用我所說的機會。

I needed to just normalize a little bit. But for us, again, our model right now, the problem we have is, you got a market going down 5% or 3% to 5%, and so you're overcoming the additional work you have to do to make up for that lost volume against your fixed cost base in direct. So I feel good about it. I'm confident in it, but I'd love a little help. Let's say it's from the market.

我需要恢復正常一點。但對我們來說，我們現在的模型，我們面臨的問題是，市場下跌 5% 或 3% 到 5%，因此您需要克服必須做的額外工作來彌補這一點直接損失了固定成本基礎的銷售。所以我對此感覺很好。我對此很有信心，但我希望得到一點幫助。假設它來自市場。

Bose George, KBW.

博斯·喬治，KBW。

Just wanted to follow-up on the margin again, just given the trends right now. And I think you sort of alluded to this in your outlook comments as well. But does it look like this year, if all things trends continue, the margin is going to look kind of similar to what you guys did last year?

只是想根據現在的趨勢再次進行邊際跟進。我認為您在展望評論中也提到了這一點。但是，如果所有趨勢持續下去，今年的利潤率看起來會與去年相似嗎？

Yes, that's what I think about it. So, if the market stays kind of where we are today, we're tad better, but the market's down a little bit. We'll be about where we were last year. It is what it is. We just got to tread water on the decrease. We still stay at this kind of decreasing a little bit. It's kind of going to be relatively similar to what we made last year.

是的，我就是這麼想的。因此，如果市場保持在今天的水平，我們會好一點，但市場會下跌一點。我們將回到去年的水平。就是這樣。我們只能在下坡路上踩水。我們仍然保持這種稍微下降的狀態。它與我們去年所做的相對相似。

Now, the comparisons are a little odd because if you remember last year, the third quarter, there was a couple of very robust quarters and then the world came to an end, right? So the comparison is a little bit month to month are kind of interesting, but I think the way you articulated it is similar from last year's kind of the way we think about it little bit.

現在，這種比較有點奇怪，因為如果你還記得去年第三季度，有幾個非常強勁的季度，然後世界末日就到了，對吧？因此，每個月的比較有點有趣，但我認為你表達它的方式與去年我們思考它的方式相似。

And then just is there much to do now on the cost cutting side or is it, as you kind of, I guess said in your earlier comments, need a little help from the market and you're kind of positioned for that?

那麼，現在在削減成本方面還有很多工作要做，還是像您在之前的評論中所說的那樣，需要市場的一點幫助，而您已經為此做好了準備？

I keep saying we're kind of running out of things that make sense. We've done some surgical things, as I said, this quarter and a little bit in the end of the year on some micro markets where I couldn't see the long-term view of getting where we needed to. But for the most part, we're actually kind of, we're there. We are trying to offset by being smart about prioritization the investments we're making, because we are making kind of a number of investments in some of the businesses that we talked about, whether it's commercial, whether it's what we're trying to do in some of the services businesses, particularly since we're ramping up clients, but we're trying to make sure we're making the trade-offs on other places to manage it. But to your point, I think that is description there isn't like, there's no magical place left after whatever we're talking 20 months of decreasing market to find a lot of expense opportunity.

我一直說我們已經沒有什麼有意義的事了。正如我所說，我們在本季和年底在一些微觀市場上做了一些外科手術，我看不到達到我們需要的目標的長期願景。但在大多數情況下，我們實際上就在那裡。我們正試圖透過明智地確定我們正在進行的投資的優先順序來抵消這一影響，因為我們正在對我們談到的一些業務進行大量投資，無論是商業投資，還是我們想要做的事情在一些服務在業務中，特別是因為我們正在增加客戶，但我們正在努力確保我們在其他方面進行權衡來管理它。但就你的觀點而言，我認為這種描述並不像我們所說的那樣，在經歷了 20 個月的市場下滑之後，沒有什麼神奇的地方可以找到大量的消費機會。

(Operator Instructions) John Campbell, Stephens Inc.

（操作員說明）John Campbell，Stephens Inc.

So I wanted to touch on real estate solutions. Obviously, really good results here. Congrats on the progress. Fred, you rattled off a few of the standouts. You talked about broader market share. I'm hoping you guys can help maybe a little bit with the modelling. So first, maybe help on the transactional mix, transactional versus contractual.

所以我想談談房地產解決方案。顯然，這裡的結果非常好。祝賀取得的進展。弗雷德，你滔滔不絕地講述了一些傑出的事情。您談到了更廣泛的市場份額。我希望你們能在建模方面提供一點幫助。因此，首先，也許可以在交易組合、交易與合約方面提供幫助。

And then secondly, maybe for David, if you can double click on the commentary around onboarding costs, I want to see to what extent that normalizes this year? It sounds like maybe just a mismatch of revenues versus cost as you onboard. So maybe you could help as well.

其次，也許對大衛來說，如果你可以雙擊有關入職成本的評論，我想看看今年的正常化程度如何？聽起來可能只是收入與成本的不符。所以也許你也可以幫忙。

So if you look at our portfolio, it's a place where there's a little bit of a standout right now is kind of art, some of the data solutions, we call one of the projects we call verification waterfall. And so we have a really nice uptick in new clients that we're onboarding and it's quite a few. And so it's transactional by its nature, but it is kind of selling data and insight to. And so what you see is because of that, there is a big ramp up. We had a ramp up of onboarding costs. You got to integrate the new clients into your systems. There's a bunch of data you have to get access to buy and transition into the solution. You've got kind of a ramp up of servicing personnel.

因此，如果你看看我們的產品組合，現在有一點突出的是藝術，一些數據解決方案，我們稱之為驗證瀑布的項目之一。因此，我們正在招募的新客戶數量確實大幅增加，而且數量相當多。因此，它本質上是交易性的，但它是一種銷售數據和洞察力的方式。所以你看到的是，正因為如此，出現了很大的成長。我們的入職成本上升。您必須將新客戶端整合到您的系統中。您必須存取大量數據才能購買並過渡到解決方案。您的服務人員數量增加。

And so there's a little pressure on margin as we have kind of the significant growth, right? And I would also say our first quarter solutions margin was probably a little higher. We had some one-time things that happened that made it a tad high. So, but I do think as we get to the end of the year and things normalize a little bit, the margins will go up a little bit, right? And so I think we went from mid-teens to low double-digit. And I can see it getting into that 12, 13 again at the end of the year, depending on the mix of all those solutions that we sell.

因此，隨著我們的顯著成長，利潤率會承受一些壓力，對吧？我還想說，我們第一季的解決方案利潤率可能會更高一些。我們發生了一些一次性的事情，這讓我們的情緒有點高。所以，但我確實認為，隨著年底的到來，情況會稍微正常化，利潤率會有所上升，對吧？所以我認為我們從十幾歲左右到了低兩位數。我可以看到它將在年底再次進入 12、13，具體取決於我們銷售的所有解決方案的組合。

Now it's hard to particularly to predict that because if the market comes back a little bit some of our other services will grow a little bit more too. But it is very much explicit. We know exactly what we're doing. We know the returns of those clients. We know what the ramp up expenses are. There is a little bit of like there's been some data input cost increases in that world that we're now passing on to our clients that had some time delay. That's also in that mix a little bit. But I'm really quite excited about our services business because what we're doing is we're getting really good traction in a market that's still quite anemic and down, particularly for lenders.

現在很難具體預測這一點，因為如果市場稍微恢復一點，我們的其他一些服務也會成長一點。但這是非常明確的。我們清楚地知道我們在做什麼。我們知道這些客戶的回報。我們知道增加費用是多少。在那個世界裡，有一些資料輸入成本增加，我們現在將其轉嫁給我們的客戶，但有一些時間延遲。這也包含在其中一點點。但我對我們的服務業務感到非常興奮，因為我們正在做的事情是，我們在一個仍然相當疲軟和低迷的市場中獲得了很好的牽引力，特別是對於貸方而言。

I mentioned in my transcript and I believe is too that business, we had a $30 million business. We now have a $300 million business with multiple products in debt. Typically, lenders like to manage a counterparty risk. So they like to have people in that business with a balance sheet and we weren't participating. It was really the big boys that were participating and then some private companies.

我在我的記錄中提到過，我相信這也是這個業務，我們有一個價值 3000 萬美元的業務。我們現在擁有價值 3 億美元的業務，多種產品負債累累。通常，貸方喜歡管理交易對手風險。所以他們喜歡讓從事這項業務的人員擁有資產負債表，而我們沒有參與。參與的確實是大公司，然後是一些私人公司。

Over time, as the market gets just a tad better, our ability to cross sell is even going to get better because their markets, their availability will get bigger and they tend to use multiple players on their shelf space. So we're living on a new period of new client growth, which will transition to kind of cross sell growth as we go forward here over the next few quarters. And so I'm pretty bullish on that business. That's why I talked about it, I believe it's going to continue some of the trends we're seeing there, now get a seasonal.

隨著時間的推移，隨著市場變得更好一點，我們的交叉銷售能力甚至會變得更好，因為他們的市場、可用性會變得更大，而且他們傾向於在貨架空間上使用多個玩家。因此，我們正處於新客戶成長的新時期，隨著我們在接下來的幾個季度繼續前進，這將轉變為交叉銷售成長。所以我非常看好這項業務。這就是我談論它的原因，我相信它將繼續我們在那裡看到的一些趨勢，現在變得季節性。

So there's some seasonal nature to that space. But I like where we are and I do think the margins will normal -- I call normalize at the end of the year as we just, barding gets to be a more normal percentage of what the revenue is.

所以這個空間有一些季節性。但我喜歡我們現在的處境，我確實認為利潤率會正常——我在年底稱之為正常化，因為我們只是增加了收入佔收入的更正常的百分比。

And John, just to add a couple things there, I mean, I think you were trying to get a sense on transactional versus more like subscription, and the subscription is probably only around the 15% or so of revenue range. Most of that business is transactional and also just to give a little more color on the cost. So if you think about bringing on a big bank or lender, you have to set up a service team, right? So you need account reps to give them what they need to run their business. And so you're ramping a decent amount of people in particular if you're bringing on a big account.

約翰，我想補充幾件事，我的意思是，我認為您試圖了解交易型與訂閱型的區別，而訂閱型可能只佔收入範圍的 15% 左右。大部分業務都是交易性的，而且只是為了讓成本更生動一些。因此，如果您考慮引入一家大銀行或貸方，您必須建立一個服務團隊，對吧？因此，您需要客戶代表為他們提供營運業務所需的資源。因此，你會增加相當多的人員，特別是如果你有一個大客戶的話。

But again, I like the margins today, frankly, and I think they'll normalize and get a little bit better going forward. So I think we're in a pretty good spot there.

但坦白說，我還是喜歡今天的利潤，我認為它們會正常化，並且未來會變得更好。所以我認為我們處於一個非常好的位置。

So David, the 85% transactional, it does sound like maybe that's reoccurring, I guess, where you're setting up a team around these guidance, it's going to be seasonal, it's going to move with the housing market, but generally when you lock in that lender, it's pretty secure revenue, right?

所以大衛，85％的交易，聽起來確實可能會重複發生，我猜，你圍繞這些指導建立一個團隊，這將是季節性的，它會隨著房地產市場的變化而變化，但通常當你鎖定該貸方，這是相當有保障的收入，對嗎？

Correct. I mean, it varies by service. So like on the credit side, you tend to get the lion's share of the business. On the appraisal side, it's spread around more. But yes, once you sign an account, you're getting their business and their business then varies by the market.

正確的。我的意思是，它因服務而異。因此，就像在信貸方面一樣，您往往會獲得業務的最大份額。在評估方面，它分佈得更廣。但是，是的，一旦您簽署了帳戶，您就會獲得他們的業務，並且他們的業務將因市場而異。

And then last one for me, just total other OpEx that's grown at a much faster rate than revenues last two quarters. It sounds like that the real estate solution the onboarding cost is part of that. Obviously, you took the actions on the office closure, so I'm guessing maybe there was a little bit of excess, obviously, excess office or facility cost. So maybe if you could help talk through the extent of the savings from those office closures. And it does sound like that you expect mismatched them to normalize in a real estate solution segment? So just any kind of high level thoughts on overall total OpEx versus revenue this year.

最後一個對我來說是其他營運支出的總和，其成長速度比過去兩個季度的收入快得多。聽起來房地產解決方案的入職成本是其中的一部分。顯然，你們對關閉辦公室採取了行動，所以我猜可能有一點多餘，顯然，辦公室或設施成本過剩。因此，也許您可以幫助討論關閉辦公室所節省的費用。聽起來您確實希望在房地產解決方案領域中不匹配的情況能夠正常化？因此，對今年整體營運支出與收入的任何高層思考都是如此。

Yes, again, the office closings were only about $1.5 million and then seventh, I think was $500,000. So that's about two. So it's not a huge amount. One of the interesting things John, just to clarify, what else is in there, which is relatively significant. We've had a tremendous growth of commercial and a lot of that commercial is big energy. And in big energy you do a lot of outside search and data work. And we've had a pretty severe ramp up in our commercial operations. And so we've upsized our purchase of data and some of the outside third party search because a lot of this energy stuff is in rural places, where we don't have our own feet on the street or it's remote locations where you're using a third party to make sure we're accessing data.

是的，再一次，關閉辦公室的成本僅為 150 萬美元左右，然後是第七個，我認為是 50 萬美元。所以大約是兩個。所以這並不是一個很大的金額。有趣的事情之一約翰，只是為了澄清一下，裡面還有什麼，這是相對重要的。我們的商業廣告取得了巨大的成長，其中許多商業廣告都是巨大的能量。在大能源領域，你需要進行大量的外部搜尋和數據工作。我們的商業營運也有了相當大的成長。因此，我們增加了數據購買和一些外部第三方搜尋的規模，因為許多能源都在農村地區，我們在街道上沒有自己的腳，或者是在偏遠地區使用第三方來確保我們正在存取數據。

So a lot of the ramp up is also in that. So it's in services and it's in commercial. And on the commercial side, one of the interesting things is there's a little bit of a mismatch, right? So if you ramp up, you provide all those services, you pay for all those services because they're period expenses, but the revenue from those don't come to those transactions close.

所以很多成長也在於此。所以它在服務業和商業領域都是如此。在商業方面，有趣的事情之一是存在一點不匹配，對嗎？因此，如果你增加規模，你會提供所有這些服務，你會為所有這些服務付費，因為它們是期間費用，但這些收入不會帶來這些交易的結束。

So we have a really nice pipeline of business and commercial that's going to continue through the year that we've ramped up our search and outside third party costs. So it's really that and it's the real estate service that are by far the two places where those businesses are growing pretty materially. And they both have input costs that are in that category. So the margins are good. When you look at it, you break it down by those businesses. The margins are good. But in both cases, there's also a tad bit of timing because our ramp up was so fast, right? So there's a little bit of a delay in some of the revenue generation and earnings generation for both those things.

因此，我們擁有非常好的業務和商業管道，並將在我們增加搜尋和外部第三方成本的這一年中持續下去。確實如此，房地產服務是迄今為止這些業務大幅成長的兩個領域。它們都有屬於這一類別的投入成本。所以利潤率很好。當您查看它時，您會將這些業務細分。利潤率很好。但在這兩種情況下，也有一點時機，因為我們的成長速度太快了，對吧？因此，這兩件事的一些收入產生和盈利產生都有一點延遲。

So I'm very comfortable with the line of sight to the margins of those business and the reason for those. But it is really, if I think about our model, if you look at the beginning of the year, you think about our model and your guy’s model versus where we are. What's different? Well, I think what's different is we felt that the market was going to grow 5% or so percent, right? Not a lot, but a lot. So our core business was going to expand where we have excess capacity that has shrunk 5% over through the year and continues flat. But what we've done is we've grown significant share in these other businesses and so we've offset the shrinkage of the market by growth of these other businesses. But those other businesses have different profiles in their economics, right?

因此，我對這些業務的邊緣及其原因感到非常滿意。但事實上，如果我考慮我們的模型，如果你看看今年年初，你會想到我們的模型和你的模型與我們所處的位置。有什麼不同？嗯，我認為不同的是我們認為市場將會成長 5% 左右，對嗎？不是很多，但是很多。因此，我們的核心業務將在產能過剩的領域擴張，產能過剩的領域今年已經減少了 5%，並且持續持平。但我們所做的是，我們在這些其他業務中增加了顯著的份額，因此我們透過這些其他業務的成長抵消了市場的萎縮。但其他企業的經濟狀況有所不同，對吧？

And so part of that profile is this other expense category, which is the inputs of these businesses that have grown nicely for us. They just changed the profile of expense base. But again, I'm very comfortable with the margins in both places. And the fact that we're going to have, over time enhancing margins because of the time, if that helps any. I don't know if it does.

因此，該概況的一部分是其他費用類別，這是這些為我們成長良好的業務的投入。他們只是改變了費用基礎的概況。但同樣，我對這兩個地方的利潤都感到非常滿意。事實上，隨著時間的推移，我們將因為時間而提高利潤，如果這有幫助的話。我不知道是不是這樣。

That's perfect.

那很完美。

(Operator Instructions) I'll turn the floor back to Mr. Eppinger for any additional or closing remarks.

（操作員指示）我將請 Eppinger 先生發表任何補充或結束語。

I'd just like to thank everybody for your interest in Stewart during our call. Thank you so much.

我想感謝大家在我們的電話會議中對史都華的關注。太感謝了。

Ladies and gentlemen, this does conclude today's teleconference and we do thank you all for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束，我們非常感謝大家的參與。現在您可以斷開線路。