Strategic Education Inc (STRA) 2024 Q3 法說會逐字稿

Welcome to Strategic Education's third quarter, 2024 results conference call at this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session to ask a question during the session. You will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised to withdraw your question. Please press star 1 1 again. Please be advised that today's conference is being recorded. I will now turn the call over to Terese Wilke, Senior Director of Investor Relations for Strategic Education. Mrs Wilke. Please go ahead.

歡迎參加策略教育 2024 年第三季業績電話會議，目前所有參與者均處於只聽模式。演講者演講結束後，將有一個問答環節，供在會議期間提問。您需要在電話上按下星號 1 1。然後您將聽到一條自動訊息，通知您舉手撤回您的問題。請再按星號 1 1。請注意，今天的會議正在錄音。現在，我將電話轉給策略教育投資者關係資深總監 Terese Wilke。威爾克夫人。請繼續。

Thank you. Hello, everyone and welcome to Strategic Education's conference call in which we will discuss third quarter, 2024 results with us today are Robert Silberman, Chairman Karl mcdonnell, President and Chief Executive Officer and Daniel Jackson, Executive Vice President and Chief Financial Officer. Following today's remarks, we will open the call for questions.

謝謝。大家好，歡迎參加策略教育電話會議，我們將在電話會議中討論2024 年第三季的業績，今天與我們一起討論的是董事長羅伯特·西爾伯曼(Robert Silberman)、總裁兼首席執行官卡爾麥克唐納(Karl mcdonnell) 和執行副總裁兼財務長丹尼爾傑克森(Daniel Jackson)。今天的發言結束後，我們將開始提問。

Please note that this call may include forward-looking statements made pursuant to the safe harbor provisions of the private securities litigation Reform Act of 1995.

請注意，本次電話會議可能包含根據 1995 年私人證券訴訟改革法案的安全港規定做出的前瞻性陳述。

The statements are based on current expectations and are subject to a number of assumptions uncertainties and risks that Strategic Education has identified in today's press release that could cause actual results to differ. Materially.

這些聲明是基於目前的預期，並受到策略教育在今天的新聞稿中確定的一系列假設、不確定性和風險的影響，這些假設、不確定性和風險可能會導致實際結果有所不同。重大。

Further information about these and other relevant uncertainties may be found in Strategic Education's most recent annual report on form 10-K the 10-Q to be filed and other filings with the Securities and Exchange Commission, as well as Strategic Education's future. Eight Ks, 10 Qs and 10 Ks copies of these filings and the full press release are available for viewing on the website at Strategic Education dotcom. And now I'd like to turn the call over to Karl. Karl. Please go ahead.

關於這些和其他相關不確定因素的更多信息，可以在 Strategic Education 最新的 10-K 表格年度報告和即將提交給美國證券交易委員會的其他文件以及 Strategic Education 的未來文件中找到。這些文件的 8K、10Q 和 10K 副本以及完整的新聞稿可以在 Strategic Education dotcom 網站上查看。現在我想把電話轉給卡爾。卡爾。請繼續。

Thank you and good morning everyone. Our third quarter, 2024 results reflect continued growth across all of our businesses. For the third quarter, scis revenue grew 6% to $304 million and operating income grew 13% to $37 million. Our operating margin increased to 12.1%.

謝謝大家，早安。我們的 2024 年第三季業績反映了我們所有業務的持續成長。第三季度，SCIS 營收成長 6% 至 3.04 億美元，營業收入成長 13% 至 3,700 萬美元。我們的營業利益率增加至12.1%。

Expenses in the quarter were slightly lower than we expect to do. The timing of expenses and lower than expected. Bad debt adjusted earnings per share were $1.15 during the quarter. An increase of 19% from the prior year.

本季的支出略低於我們的預期。費用支出的時間和低於預期。本季壞帳調整後每股收益為 1.15 美元。比上年增加19%。

Turning now to our segments, us higher education delivered another quarter of growth driven primarily by our employer affiliated enrollment. Total enrollment in us higher education grew by 5% with employer affiliated enrollment increasing 13% compared to last year, reflecting the ongoing strength of our corporate partnerships.

現在談談我們的部門，美國高等教育又實現了一個季度的成長，這主要得益於我們雇主附屬招生。美國高等教育的總入學人數增加了 5%，其中雇主附屬入學人數與去年相比增長了 13%，反映了我們企業合作夥伴關係的持續強勁發展。

During the quarter, the percentage of us higher education enrollment coming from our corporate partnerships increased by 200 basis points to 30% student retention in us. Higher education remains stable at 87% in the third quarter. Revenue from us higher education grew by 3% while operating income increased by 10%. Compared to last year.

本季度，來自我們企業合作夥伴的美國高等教育入學率成長了 200 個基點，達到 30% 的美國學生留任率。第三季高等教育維持穩定，為87%。美國高等教育收入成長3%，營業收入成長10%。與去年相比。

Our Australian New Zealand segment posted another quarter of total enrollment growth with enrollment increasing 5% from the prior year to more than 19,000 students.

我們澳洲紐西蘭分部的入學總人數又實現了一個季度的成長，比前一年增加了 5%，達到 19,000 多名學生。

In the third quarter revenue grew 11% on a constant currency basis from the prior year driven by higher enrollment and revenue per student. The higher enrollment was driven predominantly by strong continuing student enrollment.

第三季度，由於入學人數和每位學生的收入增加，以固定匯率計算的收入比去年同期增加了 11%。入學率的提高主要得益於持續強勁的學生入學率。

A N C's revenue per student increased by 6% due to a higher course load and a one time benefit from nonrefundable student deposits on a constant currency basis. A N C's operating income increased by 5% compared to the previous year.

由於課程負擔增加，以及以固定匯率計算的不可退還的學生押金的一次性福利，ANC 的每名學生的收入增加了 6%。ANC的營業收入比上年成長了5%。

We are studying the proposed international student caps in Australia and expect to have a clear understanding of their potential impact if and when they are legislated. In the meantime, we are focused on domestic and other growth opportunities in Australia and New Zealand.

我們正在研究澳洲擬議的國際學生人數上限，並希望清楚了解其立法後可能產生的影響。同時，我們專注於澳洲和紐西蘭的國內和其他成長機會。

Our education technology services segment continued to perform well growing revenue by 26% and operating income by 30% compared to the prior year, Sophia learning, our direct to consumer portal of college level classes and a key component of many of our strategic corporate partnerships increased its revenue by 35% in the third quarter and generated a 49% operating margin. The average number of paid Sophia subscribers grew 33% to more than 45,000 during the quarter, workforce edge signed four new partnerships including one with one of the nation's largest private sector employers and our largest ever corporate partner. As a result, the number of employees on the workforce edge platform now exceeds 3.7 million employees.

我們的教育科技服務部門持續表現良好，收入成長26%，營業收入成長30%，與前一年相比，索菲亞學習，我們的大學程度課程直接面向消費者的入口網站和我們許多策略企業合作夥伴關係的關鍵組成部分成長第三季營收成長35%，營業利益率達49%。本季度，Sophia 付費用戶的平均數量增加了33%，達到45,000 多人，Workplace Edge 簽署了四個新的合作夥伴關係，其中包括與美國最大的私人雇主之一和我們有史以來最大的企業合作夥伴簽署的協議。因此，勞動力邊緣平台上的員工數量現已超過 370 萬名。

Enrollments in workforce edge at Strayer or Capella University increased by 27% reaching roughly 1,600 students.

斯特雷耶或卡佩拉大學勞動力優勢計畫的入學人數增加了 27%，達到約 1,600 名學生。

Lastly, a couple of points on capital allocation. First, during the third quarter, we paid down the remaining $60 million of our outstanding debt associated with the purchase of our australian assets. And second, we paid $5 million to repurchase approximately 54,000 shares of common stock in the open market under our repurchase program. We now have $235 million of share repurchase authorization remaining through the end of 2025.

最後，關於資本配置的幾​​點看法。首先，在第三季度，我們償還了與收購澳洲資產相關的剩餘的 6,000 萬美元未償還債務。其次，我們根據回購計畫支付了 500 萬美元在公開市場上回購了約 54,000 股普通股。截至 2025 年底，我們目前擁有 2.35 億美元的股票回購授權。

In closing, we're pleased with the performance across our segments and we continue to focus on the success of our students and aim for a strong finish to 2024. And once again, I'd like to thank all of my colleagues at SCI for their ongoing commitment to our students and with that GG we'd be happy to answer questions.

最後，我們對各部門的表現感到滿意，我們將繼續關注學生的成功，並努力在 2024 年取得圓滿成功。我再次感謝 SCI 的所有同事對我們學生的持續承諾，我們很樂意透過 GG 回答問題。

Thank you. As a reminder to ask a question, please press star 11 on your telephone and wait for your name to be announced to withdraw your question. Please press star 11 again.

謝謝。作為提問的提醒，請在電話上按星號 11 並等待宣布您的名字後再撤回您的問題。請再按一次星號 11。

Please stand by while we compile the Q&A roster.

請稍候，我們正在編制問答名單。

Our first question comes from the line of Ryan Griffin from BMO Capital Markets.

我們的第一個問題來自 BMO 資本市場的 Ryan Griffin。

Good morning. It's actually Jeff Silver with BMO. How are you guys? I want, I wanted to start first on the enrollment numbers. You guys have been posting very solid enrollment growth, including this past quarter, but it did slow a bit from what we've seen in prior quarters. Is there anything specifically going on? It's just that the comps are getting tougher, any color would be great.

早安.實際上是 BMO 的 Jeff Silver。你們好嗎？我想先從入學人數開始。你們的入學人數一直保持著非常穩健的成長，包括上個季度，但與前幾季相比確實有所放緩。有什麼特別的事情發生嗎？只是比賽越來越難了，任何顏色都可以。

There's nothing in particular going on. Griffin. We, we've commented a few times in prior quarters that we thought the high single digit or even double digit growth was outside of the norm of what we would normally expect over a longer cycle. We've said for a long time including at our investor day last year that we kind of see the US higher education business in particular as a mid single digit growth business, which is where it is in the third quarter.

沒有特別的事情發生。格里芬。我們在前幾個季度已經多次評論過，我們認為高個位數甚至兩位數的增長超出了我們在較長週期內通常預期的正常水平。我們長期以來一直在說，包括在去年的投資者日上，我們認為美國高等教育業務尤其是中等個位數成長的業務，第三季也正是如此。

Okay. That's fair enough. I appreciate that. If I can move on to Australia and New Zealand, you mentioned that you're studying the the potential for the international caps for those of us that are based here and are not as close to the story. Can you just tell us at a high level what's been proposed and you know, just so we can get an understanding what's going on there? Thanks.

好的。這就夠公平的了。我很感激。如果我可以繼續談論澳洲和紐西蘭，您提到您正在研究對我們這些駐紮在這裡並且不太了解情況的人的國際上限的潛力。您能否概括地告訴我們已經提出了哪些建議，以便我們了解那裡正在發生的事情？謝謝。

Sure. The Australian government has proposed limiting the number of international students who can physically immigrate into Australia to approximately 270,000 students, which would be rough. What is it, Dan 30.

當然。澳洲政府提議將實際移民澳洲的國際學生數量限制在27萬名左右，這將是一個艱難的決定。這是什麼，丹 30。

Half of what it was Pre COVID, pre COVID. So trying to get back to lower numbers than they had pre COVID.

僅為新冠疫情之前的一半。因此，我們試圖將數字恢復到比新冠疫情之前更低的水平。

This these caps have to be legislated. It has to make its way through the australian Parliament which it is not done yet. I believe parliament is scheduled to meet later in November. So that would be the opportunity for these caps to become actually legislated and, and effectively ready for implementation in the first part of 2025. So we're, we're obviously looking at the caps. We don't have anything more to say about them given that they're not legislated currently. But if and when that happens, we, we would certainly have more to comment on at that point.

這些上限必須透過立法來規定。它必須經過澳大利亞議會的審議，但目前尚未完成。我相信議會將於11月下旬召開會議。因此，這將是這些上限真正成為立法並在 2025 上半年有效實施的機會。因此，我們顯然正在關注上限。由於目前這些措施尚未立法，我們對此沒有更多可說的。但如果發生這種情況，我們肯定會對此發表更多評論。

Okay, I appreciate that. If I could just sneak in one more on workforce edge, you, you mentioned that that large client that you signed up. I'm not expecting you to name the specific client. But I'm just curious, you know, was this a company that had done this before and they shifted vendors or is this something new to them? And you know, any insight there would be great.

好的，我很感激。如果我可以在勞動優勢方面再偷偷插一句，你提到了你簽約的那個大客戶。我並不指望你能說出具體客戶的名字。但我很好奇，這家公司以前是不是做過這種事情，後來他們更換了供應商，還是這對他們來說還是新鮮事？你知道，任何見解都是很好的。

Yeah. I, I can't, I'm not at the liberty to disclose the, the partner today, but yes, this is a large company who had education benefits, had an existing relationship with another education benefit management partner and elected to switch to workforce edge. We went live with this corporate partner last week and we're delighted to be serving them and look forward to a long relationship.

是的。我，我不能，我今天無權透露合作夥伴，但是是的，這是一家擁有教育福利的大公司，與另一家教育福利管理合作夥伴有現有的關係，並選擇轉換到勞動力優勢。我們上週開始與這家企業合作夥伴合作，我們很高興為他們服務，並期待建立長期的合作關係。

Alright, great. I'll get back in the queues. Thanks.

好的，太棒了。我會回到隊列中。謝謝。

Thank you one moment for our next question.

謝謝您，請回答我們的下一個問題。

Our next question comes from the line of Alex Paris from Barrington Research.

我們的下一個問題來自 Barrington Research 的 Alex Paris。

Hey guys. Thanks for taking my call. Carl. First question. You said that expenses were lower than expected. I just wanted to get a little bit more color on the increased spending. As listeners will recall, you said last quarter, that adjusted operating margins would not expand by 200 basis points because of increased investment primarily in ETS, but also in other areas and instead maybe expand 150 to 175 basis points. So, can I get a little bit more color on that comment?

嘿，大家好。感謝您接聽我的電話。卡爾。第一個問題。您說支出比預期的要低。我只是想對增加的支出有更多的了解。聽眾可能還記得，您在上個季度表示，調整後的營業利潤率不會擴大 200 個基點，因為投資增加主要在 ETS，但也包括其他領域，而可能擴大 150 到 175 個基點。那麼，我可以對該評論進行更詳細的解釋嗎？

Hey, Alex, this is Dan. As you, I think as you know, our, our, our expenses in the third quarter typically peak for the year because of spend marketing spend going into the into the fall term. Carl's comment on lower than expected related to some bad debt benefits, etcetera, that just reduce that slightly. Now, at this point, we think the investments that we referred to in the last call we've made, you can see sequentially from quarter to quarter this year, expenses have been growing and we think now the expense base we've got is about where it'll be on a quarterly basis through the end of the year.

嘿，亞歷克斯，我是丹。正如您所知道的，我們的第三季的支出通常會達到全年的最高點，因為進入秋季學期，我們的行銷支出會增加。卡爾關於低於預期的評論與一些壞帳收益等有關，這只是略微減少了這一點。現在，就這一點而言，我們認為我們在上次電話會議中提到的投資，你可以看到今年每個季度的支出都在不斷增長，我們認為現在我們的支出基數是到年底時其季度表現將會如何。

Good. That's helpful. And, and then again, I, I don't know if we discussed in detail last quarter, what these increased investments are for in ETS, except that their investments designed to accelerate growth. Can we get more specific about investments, marketing, technology, what have you and then what are you doing in Australia and New Zealand in terms of increased spending? Is that marketing and brand building?

好的。這很有幫助。而且，我不知道我們上個季度是否詳細討論過這些增加對 ETS 的投資用途，除非這些投資旨在加速成長。我們能否更具體地了解投資、行銷、科技等方面的情況？這是行銷和品牌建立嗎？

Well, in Australia, yes, predominantly it's marketing, increased advertising, brand building in ETS. Now that we've disclosed that we signed a large corporate partner, a fair amount of these expenses were to hire advisers, coaches, other positions that are dedicated to this corporate client as Dan just said, we've made those investments. Now we have that staff on board. So the run rate that we have now is what we would expect through the balance of the year.

嗯，在澳大利亞，是的，主要是行銷、增加廣告和在 ETS 進行品牌建立。現在我們已經披露，我們簽約了一家大型企業合作夥伴，其中相當一部分費用是用於聘請顧問、教練和其他專門為該企業客戶提供服務的職位，正如丹剛才所說，我們已經進行了這些投資。現在我們已經有這些員工了。因此，我們現在的運行率就是我們預期的全年餘額。

Great. And then one last big picture question again just following up on the US higher education enrollment growth. It's getting more into that mean, you were above mean in terms of growth rate, you're getting back into the main, mid single digit sort of thing. I wonder if you could offer us some additional color on the demand environment in general and, and cost per lead and things like that cost per start.

偉大的。最後一個大問題是有關美國高等教育入學率的成長。它越來越接近平均值，就成長率而言，你高於平均值，你又回到了主要的中等個位數。我想知道您是否可以為我們提供一些關於總體需求環境、每個線索的成本以及每次啟動的成本等方面的額外資訊。

The demand environment remains healthy and strong. We continue to see increases on a year over year basis on inquiries into the universities. As I said in my prepared remarks, our corporate partnership enrollment is very strong, more than double the growth rate than our non corporate partners. So I'd say the overall demand environment is good. To your last question on acquisition costs, they've been trending down year over year this year.

需求環境依然健康強勁。我們看到針對這些大學的問詢數量逐年增加。正如我在準備好的演講中所說，我們的企業合作夥伴數量非常多，成長率是非企業合作夥伴的兩倍多。所以我認為整體需求環境是好的。關於您最後一個問題，收購成本今年一直呈現逐年下降趨勢。

Excellent. Thank you. I appreciate the additional color. I'll get back in the Chair.

出色的。謝謝。我很欣賞這額外的顏色。我將重回主席崗位。

Thank you one moment for our next question.

謝謝您，請回答我們的下一個問題。

Our next question comes from the line of Jasper Bibb from Truest Securities.

我們的下一個問題來自 Truest Securities 的 Jasper Bibb。

Hey, good morning, everyone. I just wanted to clarify the earlier discussion on the expense timing. Like, do you still think 24 operating margin expansion looks like 150 to 175 basis points based on what's in the four key plan or is it potentially higher than that? Now.

嘿，大家早安。我只是想澄清之前關於費用時間的討論。例如，根據四個關鍵計劃的內容，您是否仍然認為 24 個營業利潤率擴張看起來像是 150 到 175 個基點，或者是否有可能高於這個數字？現在。

Jasper, this is Dan, it's going to likely be at the higher end of that range?

賈斯珀，這是丹，這個數字很可能處於該範圍的高端？

Okay, thank you. And then I wanted to follow up on the international student caps in Australia. My understanding of that rule was that the proposal was going to be allocated on a per university basis.

好的，謝謝。然後我想跟進一下澳洲的國際學生人數上限。我對該規則的理解是，提案將根據每個大學進行分配。

So could you just frame where international student enrollment has been running at torrent relative to their proposed cap? And you know, if this gets implemented, do you think where the cap is for torrent right now would be a headwind for new enrollment growth in Australia and New Zealand next year.

那麼，您能否簡述相對於擬議的上限，國際學生入學人數的成長？如果這項政策得以實施，您是否認為目前 torrent 的上限將成為明年澳洲和紐西蘭新入學人數成長的阻力？

Sure. International students historically, going back several years would, would on average represent about half of the new cohort that we would have in any given term. Any cap whatsoever would be a reduction in that. But there's, there's still some moving parts that haven't been clarified for us. So for example, if a university, assuming the caps were implemented, if one university in Australia is not able to use their caps, there, there's been talk about transferring some of that headroom to other institutions and we would certainly think Torrance would be one of those. So until all of those questions get resolved, We think it's premature to talk about what exactly might the cap be for us.

當然。從歷史上看，回顧過去幾年，國際學生平均占到我們每個學期新生總數的一半左右。無論何種上限都會減少這數量。但仍有某些活動部件我們尚未弄清楚。例如，假設實施了上限，如果澳洲的一所大學無法使用其上限，那麼就會有討論將部分上限轉移到其他機構，我們肯定會認為托倫斯大學就是其中之一。因此，在所有這些問題都解決之前，我們認為現在談論我們的上限到底是多少還為時過早。

The, the only other thing just where I would say is is that we have the example of when we first acquired the institution, there was an effective cap because of COVID. And there was very few international students that were coming in and the Torrance University was able to grow its enrollment by growing domestic students. So there's a lot of moving parts that affect enrollment. A governmental limit on the number of international students coming in certainly, you know, a a a negative to that. But there are various other ways in which the university is attracting students. So it's hard to say at this point, whether the ultimate res resolution will be or the ultimate impact will be not the least of which is because we don't know the the actual regulation and, and the details as is associated with our university.

我唯一想說的是，我們有一個例子，當我們第一次收購該機構時，由於 COVID，存在有效限制。由於入學的國際學生非常少，托倫斯大學能夠透過增加國內學生來擴大招生規模。因此，有許多活動因素會影響入學。政府對入境國際學生人數的限制無疑會對此產生負面影響。但該大學也透過其他多種方式吸引學生。因此，目前很難說最終的解決方案或最終的影響是什麼，其中最重要的原因是我們不知道實際的規定以及與我們的大學相關的細節。

Makes sense. And then just, you know, you took down the debt this quarter, I think, you know, that had been priority number one from a capital deployment perspective for a while, just any color on how you're thinking about repurchase at this point. And into 25 now that that's in the rearview mirror.

有道理。然後，你知道，你本季減少了債務，我想，從資本配置的角度來看，這一直是一段時間以來的首要任務，無論你現在如何考慮回購。現在已進入 25 歲，這已成為後視鏡。

Oh well, Jesper's Rob, you know, we look every quarter as a board at the opportunities to employ our capital. And the primary opportunity we always look at is investing in our existing businesses, particularly in improving the academic quality and success of our students because over time, that's proven to be the longest and most durable high return investments, you know, for our, our owners. After that, we looked to shore up our balance sheet. We went a long way towards that this quarter by paying down the remainder of that debt. And then the, you know, the final use or the use that we look to after we have invested, everything we need to, to support the business is returning capital to owners. We do it through both a common dividend and opportunistic share purchases. We look to repurchase shares when we think they are trading at a significant discount to intrinsic value. And when we have excess cash cash that is distributable to our owners without any negative impact on the business. So we'll continue to do that analysis through the balance of 24 and 25. And to the degree that the outcome of that analysis results in the opportunity to purchase shares, we, we certainly are eager to do that.

哦，好吧，傑斯珀的羅布，你知道，我們董事會每季都會尋找運用資本的機會。我們始終關注的主要機會是投資於我們現有的業務，特別是提高我們學生的學術品質和成功率，因為隨著時間的推移，這被證明是我們最長期、最持久、回報最高的投資。此後，我們開始努力鞏固我們的資產負債表。本季度，我們已償還了剩餘債務，並朝著這個目標邁進了一大步。然後，你知道，我們在投資之後尋求的最終用途，即支持業務所需的一切，就是將資本返還給所有者。我們透過普通股股息和機會性股票購買來實現這一目標。當我們認為股票的交易價格大幅低於內在價值時，我們會考慮回購股票。當我們擁有剩餘現金時，我們可以將這些現金分配給我們的所有者，而不會對業務產生任何負面影響。因此，我們將繼續透過 24 和 25 的平衡進行分析。如果該分析的結果能夠帶來購買股票的機會，我們當然非常樂意這麼做。

Got it. Last one for me, revenue per student at us higher ed is down, I think 2% in the quarter. I think the kind of long term algorithm you talked about was, was basically flat, just follow up on, you know, drivers of the decline in the quarter. And then as you look at, I guess your 25 planning, should we think about that as flat or potentially down 1% to 2%?

知道了。對我來說最後一個，美國高等教育每位學生的收入下降了，我認為本季下降了 2%。我認為您所談論的長期演算法基本上是持平的，只是跟進導致本季下滑的驅動因素。然後，當您查看您的 25 個計劃時，我們應該將其視為持平還是可能下降 1% 到 2%？

Hey, Jasper, this is Dan the primary drivers are, are the continued mix shift to employer. I I think the planning metric going forward should still be roughly stable revenue per student. But if we continue to see a shift to more employer could be a little bit to the downside but not much.

嘿，賈斯珀，這是丹，主要的驅動力是繼續向雇主轉變。我認為未來的規劃指標仍應是每位學生的大致穩定收入。但如果我們繼續看到向更多雇主的轉變，可能會有一點不利影響，但不會太大。

Got it. Thanks for taking the questions guys.

知道了。感謝大家回答這些問題。

Thank you. This concludes the Q&A session. I would now like to turn the conference back to Karl macdonald for closing remarks.

謝謝。問答環節到此結束。現在我想請卡爾麥克唐納致閉幕詞。

Thank you everyone for joining us this morning and we look forward to discussing our results next quarter with you. Thank you.

感謝大家今天早上的參加，我們期待與大家討論下季的業績。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。