Star Equity Holdings Inc (STRR) 2023 Q3 法說會逐字稿

Greetings, ladies and gentlemen, and welcome to the Star Equity Holdings, Inc's third quarter 2023 results conference call. Please be advised the discussions on today's call may include forward-looking statements such forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements.

女士們、先生們，大家好，歡迎參加 Star Equity Holdings, Inc 的 2023 年第三季業績電話會議。請注意，今天電話會議的討論可能包括前瞻性陳述，此類前瞻性陳述涉及某些風險和不確定性，可能導致實際結果與前瞻性陳述中包含的結果有重大差異。

Please refer to Star Equity's most recent 10-K and 10-Q filings for a more complete description of risk factors that could affect these projections and assumptions. The company assumes no obligation to update forward-looking statements as a result of new information, future events, or otherwise.

請參閱 Star Equity 最近的 10-K 和 10-Q 文件，以了解可能影響這些預測和假設的風險因素的更完整描述。本公司不承擔因新資訊、未來事件或其他原因而更新前瞻性陳述的義務。

Please also note that on this call, management will be referencing non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted net income, and adjusted earnings per share, which are all financial measures not recognized under US GAAP.

另請注意，在本次電話會議上，管理層將參考非公認會計原則財務指標，包括EBITDA、調整後EBITDA、調整後淨利潤和調整後每股收益，這些都是美國公認會計原則不認可的財務指標。

As required by SEC rules and regulations, these non-GAAP financial measures are reconciled to the most comparable GAAP financial measures in our earnings release issued this morning. If you did not receive a copy of the earnings release and would like to -- like one after the call, please contact Star Equity at (203) 489-9500 or its Investor Relations representative, Lena Cati, of The Equity Group at (212) 836-9611.

根據 SEC 規則和法規的要求，這些非 GAAP 財務指標與我們今天早上發布的收益報告中最具可比性的 GAAP 財務指標進行了調整。如果您沒有收到收益報告的副本，但希望在電話會議後收到一份副本，請聯絡Star Equity，電話(203) 489-9500 或其投資者關係代表The Equity Group 的Lena Cati，電話(212 ) ）836-9611。

Also, this call is being broadcast live over the Internet. You may access at Star Equity's website via www.starequity.com. Shortly after the call, a replay will be available on the company's website.

此外，這次電話會議正在透過網路進行現場直播。您可以透過 www.starequity.com 造訪 Star Equity 的網站。通話結束後不久，公司網站上將提供重播。

It's now my pleasure to introduce Rick Coleman, Chief Executive Officer of Star Equity.

現在我很高興向大家介紹 Star Equity 執行長 Rick Coleman。

Thank you, operator. Good morning, everyone. Thanks for joining us for our third quarter 2023 results conference call. With me today are our Executive Chairman, Jeff Eberwein, and our Chief Financial Officer, Dave Noble. It's a pleasure to be with you today to update you on our third quarter results and to discuss our recent acquisition of Big Lake Lumber.

謝謝你，接線生。大家，早安。感謝您參加我們的 2023 年第三季業績電話會議。今天與我在一起的有我們的執行主席 Jeff Eberwein 和我們的財務長 Dave Noble。今天很高興能與您分享我們第三季的最新業績，並討論我們最近對 Big Lake Lumber 的收購。

Our third quarter revenue decreased 6.1% to $10.4 million, compared to $11.1 million in the third quarter of 2022. And our gross margin was also lower at 21.1% versus 27.7% in the same period last year. The primary driver for the revenue shortfall was the delay in large project starts, which have been adversely impacted by interest rates and macroeconomic uncertainty, causing sector-wide difficulty in securing project financing.

我們第三季的營收下降了 6.1%，至 1,040 萬美元，而 2022 年第三季的營收為 1,110 萬美元。我們的毛利率也較低，為 21.1%，而去年同期為 27.7%。收入短缺的主要原因是大型專案開工延遲，這些專案受到利率和宏觀經濟不確定性的不利影響，導致全行業專案融資困難。

It's important to note that, in general, we're not seeing large project cancellations, but rather delays in starts as well as project time line extensions. Year to date, our gross margin increased to 28.6% versus 17.7% in the first nine months of last year, resulting in 29.9% higher gross profit despite lower revenue. And we maintained our mid 20s or higher gross margin target for our Construction division.

值得注意的是，總的來說，我們沒有看到大型專案取消，而是啟動延遲以及專案工期延長。年初至今，我們的毛利率從去年前 9 個月的 17.7% 增加到 28.6%，儘管收入有所下降，但毛利卻增加了 29.9%。我們維持了建築部門 20 多歲或更高的毛利率目標。

Sustained execution quality has contributed to the division's ability to maintain pricing levels and combined with management's ability to scale our workforce to meet demand, these factors have contributed to the division's gross margin improvement. We remain confident in the division's ability to continue delivering good results based on stronger signed backlog and a significantly stronger sales opportunity pipeline than at this time last year.

持續的執行品質有助於該部門維持定價水準的能力，再加上管理階層擴大員工規模以滿足需求的能力，這些因素都有助於該部門毛利率的提高。我們仍然對該部門有能力繼續交付良好業績充滿信心，因為與去年同期相比，該部門已簽約的積壓訂單更加強勁，銷售機會管道也明顯增強。

Despite economic headwinds across the construction space at large, our reputation as a reliable and high-quality partner in the markets we serve gives us a unique and sustainable position, which we will continue to leverage as the construction sector regains strength.

儘管整個建築領域面臨著經濟逆風，但我們作為所服務市場中可靠和高品質合作夥伴的聲譽為我們提供了獨特和可持續的地位，隨著建築業的復甦，我們將繼續利用這一地位。

We also continue to target niche markets where we feel our experience and reputation give us a sustainable competitive advantage. These include affordable and workforce housing, educational buildings and dormitories, and environmentally sustainable housing.

我們也繼續瞄準利基市場，我們認為我們的經驗和聲譽為我們提供了可持續的競爭優勢。其中包括經濟適用房和勞動力住房、教育建築和宿舍以及環境永續住房。

Based on our sales and opportunity pipeline and construction backlog, we do believe demand in all of these sectors will remain strong. We also have continued conviction in the ongoing growth of factory-built construction in the United States, which, according to the Modular Building Institute's most recent report, now accounts for 6% of all new construction starts in North America having tripled from 2% in 2015.

根據我們的銷售和機會管道以及建築積壓，我們確實相信所有這些行業的需求將保持強勁。我們仍然堅信美國工廠化建築的持續增長，根據模組化建築研究所的最新報告，工廠化建築目前佔北美所有新開工建築的 6%，比 2017 年的 2% 增長了兩倍。2015 年。

Finally, consistent with our stated acquisition goals, we completed the acquisition of Big Lake Lumber, a Minneapolis-based building supply center and lumber yard, on October 31. Big Lake will be integrated into Glenbrook Building Supply, the building supply and lumberyard portion of our EdgeBuilder construction business. We believe this complementary bolt-on transaction establishes Glenbrook as a strong regional player in the Twin Cities market.

最後，根據我們既定的收購目標，我們於10 月31 日完成了對Big Lake Lumber 的收購，這是一家位於明尼阿波利斯的建築供應中心和木材場。Big Lake 將併入Glenbrook Building Supply，該公司的建築供應和木材場部分我們的 EdgeBuilder 建築業務。我們相信，這項補充性的補充交易將使 Glenbrook 成為雙城市場的強大區域參與者。

Additionally, we expect the addition of Big Lake to immediately diversify Glenbrook's revenue mix by adding more single-family residential business where we had historically been weighted more heavily in the commercial sector.

此外，我們預計 Big Lake 的加入將透過增加更多單戶住宅業務立即使 Glenbrook 的收入組合多樣化，而我們歷來在商業領域的比重更大。

We believe Big Lake also presents opportunities for margin synergies and the establishment of potential new product lines. This acquisition represents an important step in the execution of our overall growth strategy, which includes organic construction division expansion, bolt-on acquisitions, acquisitions in new industries, and thoughtfully exploring new opportunities at our investments division.

我們相信 Big Lake 也提供了利潤綜效和建立潛在新產品線的機會。此次收購代表了我們執行整體成長策略的重要一步，其中包括有機建築部門擴張、補強收購、新產業收購以及在投資部門深思熟慮地探索新機會。

Now, I will turn the call over to Dave Noble, our CFO, to provide additional third quarter consolidated financial highlights. Dave, go ahead.

現在，我將把電話轉給我們的財務長 Dave Noble，以提供更多第三季綜合財務亮點。戴夫，繼續吧。

Thank you, Rick, and good morning. Let's now turn to Star Equity's consolidated financial results. I would like to note that due to the sale of our healthcare business on May 4, all results and historical comparisons relate only to continuing operations, which includes construction and investments. Digirad Health is now reported as part of our discontinued operations. In Q3 2023, SG&A increased by 10.9% versus Q3 2022. This was mainly due to transaction costs related to the sale of Digirad as well as increased activity in our investments division.

謝謝你，瑞克，早安。現在讓我們來看看 Star Equity 的合併財務表現。我想指出的是，由於 5 月 4 日出售了我們的醫療保健業務，所有結果和歷史比較僅與持續營運相關，其中包括建設和投資。據報道，Digirad Health 現已成為我們已停產業務的一部分。 2023 年第三季度，SG&A 較 2022 年第三季成長 10.9%。這主要是由於與 Digirad 銷售相關的交易成本以及我們投資部門活動的增加。

Moving on to bottom line results for Star Equity. We generated a net loss from continuing operations of $2.4 million in Q3, compared to a net loss from continuing operations of $1 million in Q3 of 2022. Non-GAAP adjusted net loss from continuing operations in Q3 was $0.2 million, compared to an adjusted net loss of $0.3 million in Q3 of 2022.

接下來是 Star Equity 的底線結果。我們第三季持續經營業務淨虧損為240 萬美元，而2022 年第三季持續經營業務淨虧損為100 萬美元。第三季持續經營業務調整後淨虧損為20 萬美元，而調整後淨虧損為20 萬美元。2022 年第三季虧損 30 萬美元。

Non-GAAP adjusted EBITDA from continuing operations was essentially at breakeven, at minus $14,000 in Q3, versus a positive $0.6 million in Q3 of 2022. For the year-to-date period, non-GAAP adjusted EBITDA from continuing operations improved to minus 50,000, essentially breakeven, from minus $1 million in year-to-date 2022.

持續經營業務的非GAAP 調整後EBITDA 基本處於盈虧平衡，第三季為負14,000 美元，而2022 年第三季為正60 萬美元。今年迄今，持續經營業務的非GAAP 調整後EBITDA 改善至負50,000美元，從 2022 年至今的負 100 萬美元來看，基本上實現了損益平衡。

On a standalone basis, before public company costs, our construction division generated non-GAAP adjusted EBITDA of $0.8 million in Q3, down from $1.8 million in Q3 of 2022. However, year to date, non-GAAP adjusted EBITDA from construction was $3.7 million, which is up from $3.5 million in year-to-date 2022.

在獨立的基礎上，不計上市公司成本，我們的建築部門在第三季的非GAAP 調整後EBITDA 為80 萬美元，低於2022 年第三季的180 萬美元。然而，今年迄今為止，建築部門的非GAAP 調整後EBITDA 為370 萬美元，高於 2022 年迄今的 350 萬美元。

Consolidated cash flow from continuing operations for Q3 was an inflow of $0.8 million versus an outflow of $3.2 million in Q3 of 2022. This cash flow increase was driven primarily by a decline in working capital needs. For the year-to-date period, consolidated cash flow from continuing operations was an inflow of $2.7 million, compared to an outflow of $0.2 million in the prior year period.

第三季持續經營業務合併現金流流入 80 萬美元，而 2022 年第三季流出 320 萬美元。現金流增加主要是因為營運資金需求下降所致。今年迄今，來自持續經營業務的綜合現金流流入為 270 萬美元，去年同期流出為 20 萬美元。

As of September 30, 2023, our consolidated balance sheet and liquidity remained strong. As a result of the sale of our healthcare business on May 4, we had just $0.5 million in interest bearing debt, and our consolidated unrestricted cash balance stood at $20.7 million at the end of Q3.

截至 2023 年 9 月 30 日，我們的合併資產負債表和流動性仍然強勁。由於 5 月 4 日出售我們的醫療保健業務，我們的帶息債務僅為 50 萬美元，而截至第三季末，我們的綜合非限制現金餘額為 2,070 萬美元。

Now, I'd like to turn it back to Rick for some additional remarks. Go ahead, Rick

現在，我想把它轉回給里克，請他補充一些意見。來吧，瑞克

Thank you, Dave. The Big Lake Lumber acquisition represents an important step in executing on our disciplined growth plan following May's transformative Digirad Health divestiture. The Star Equity Board and management team are fully focused on creating additional shareholder value through our targeted business development initiatives and will look to continue looking for additional accretive acquisition opportunities for our construction division as well as new potential platforms for growth. We look forward to sharing more details with shareholders as our plans evolve.

謝謝你，戴夫。繼 5 月變革性的 Digirad Health 剝離之後，收購 Big Lake Lumber 是我們執行嚴格成長計畫的重要一步。 Star Equity 董事會和管理團隊完全專注於透過我們有針對性的業務發展計劃創造額外的股東價值，並將繼續為我們的建築部門尋找更多的增值收購機會以及新的潛在成長平台。隨著計劃的發展，我們期待與股東分享更多細節。

Now, I'll turn the call over to the operator for questions.

現在，我將把電話轉給接線員詢問問題。

Yeah. Thank you. At this time, we will begin the question-and-answer session. (Operator Instructions) Theodore O'Neill, Litchfield Hills Research.

是的。謝謝。這時，我們將開始問答環節。 （操作員說明）Theodore O'Neill，Litchfield Hills Research。

Thank you very much. First question on Big Lake. Is this a one-off opportunity like retiring a founder or there -- or is there more opportunity in the lumbar business in general?

非常感謝。關於大湖的第一個問題。這是像創辦人退休那樣的一次性機會嗎？還是說腰椎業務整體上有更多機會？

I'd say, this is the latter. In fact, the owner of the business and the entire team are staying as part of the integrated operation with Glenbrook. So we're really excited about having them. They represent a growth opportunity for us. We feel like there are great synergies between the two businesses and we've structured the deal that we have in such a way that everyone's incented to move the business forward.

我想說，這是後者。事實上，該企業的所有者和整個團隊將作為 Glenbrook 一體化營運的一部分留下來。所以我們對擁有它們感到非常興奮。它們對我們來說是一個成長機會。我們認為這兩家公司之間存在著巨大的協同效應，我們以這樣一種方式建立了我們的交易，即每個人都有動力推動業務向前發展。

Okay. Are you giving out any guidance on how this would add to revenue going forward?

好的。您是否就這將如何增加未來的收入提供任何指導？

No. We are (technical difficulty) providing any guidance. Dave, you want to mention --

不。我們正在（技術難度）提供任何指導。戴夫，你想提一下——

Yeah. This is Jeff. The business goes up and down. We disclosed in our 8-K what the purchase price was, which was $3.3 million. We do see the business doing around $10 million of revenue with around a 10% EBITDA margin. And we're hopeful that we can grow it and that there will be some synergies by combining this business with the Glenbrook business.

是的。這是傑夫。生意有起有落。我們在 8-K 中披露了購買價格，即 330 萬美元。我們確實看到該業務的收入約為 1000 萬美元，EBITDA 利潤率約為 10%。我們希望我們能夠發展它，並且透過將該業務與 Glenbrook 業務相結合將會產生一些協同效應。

Okay. That's helpful, Jeff. And Rick, you said in your prepared remarks that the market is better now than it was a year ago, does that show up in your backlog and pipeline? And what gives you the confidence that the business is better?

好的。這很有幫助，傑夫。里克（Rick），您在準備好的發言中表示，現在的市場比一年前更好，這是否反映在您的積壓訂單和管道中？是什麼讓您對業務更好充滿信心？

It's both of those, it's our backlog and our pipeline. I think I've mentioned that our pipeline of new business opportunities was significantly higher than it was this time last year. We chose those words carefully because we felt like significantly may not be strong enough, but there's a lot of pent-up demand for business that has just been deferred over the last year or so. And our backlog is strong of deals that are signed and ready to be built.

兩者都是，這是我們的積壓訂單和我們的管道。我想我已經提到過，我們的新商機管道明顯高於去年同期。我們仔細選擇這些詞是因為我們覺得「顯著」可能不夠強大，但在過去一年左右的時間裡，有大量被壓抑的業務需求被推遲。我們的積壓訂單中有大量已簽署並準備建造的交易。

Thank you. Tate Sullivan, Maxim Group.

謝謝。泰特·沙利文，馬克西姆集團。

Hi. This is Justin Smith for Tate Sullivan in today. So my question is, do you guys think Star's outlook for the modular construction market within New England is more positive than last year? It sounds like you guys do believe that, but if you're able to give any more color on that, please?

你好。我是今天泰特沙利文的賈斯汀史密斯。所以我的問題是，你們認為 Star 對新英格蘭模組化建築市場的前景比去年更樂觀嗎？聽起來你們確實相信這一點，但如果你們能對此提供更多的色彩，好嗎？

Yes. Thank you for the question. We do think that that is much stronger than it was last year. The outlook for 2024, we believe, is going to exceed 2023 results. But we're making assumptions about what the macroeconomic environment will look like.

是的。感謝你的提問。我們確實認為這比去年強得多。我們相信 2024 年的前景將超過 2023 年的業績。但我們正在對宏觀經濟環境進行假設。

At some point, the pent-up demand for building projects in general but, in particular, residential projects, is got to break through the barrier of the interest rate delays. So we feel good about where we are. We feel good that our business is structured in a way and prepared to absorb an additional amount of construction activity. And we're just moving through the backlog one deal at a time.

在某些時候，對一般建築項目（尤其是住宅項目）的被壓抑的需求必須突破利率延遲的障礙。所以我們對自己所處的位置感覺良好。我們感覺很好，我們的業務結構合理，並準備好吸收額外的建築活動。我們只是一次處理一筆待處理的訂單。

And this is -- Justin, this is Jeff. What I would add to that is, clearly, over the last year we've had a massive increase in interest rates and nationwide. And in the New England market, we have seen less -- we have seen that impact demand for residential but also commercial. And it's not just the higher rates, but on commercial projects, it's harder to get credit.

這是——賈斯汀，這是傑夫。我想補充的是，顯然，去年我們在全國範圍內大幅提高了利率。在新英格蘭市場，我們看到的情況較少——我們已經看到這對住宅和商業需求的影響。不僅是利率更高，而且在商業項目上，獲得信貸也更困難。

And the way we have dealt with that is maintained our pricing discipline, really focused on efficiency, operations, running the tightest ship we possibly can, and the biggest one is getting into new verticals that are less macroeconomic dependent. So we've announced a few of those a year ago. We built dormitories for a college in New England. Earlier this year, we announced we were building some buildings for a school that needed to expand. There's a lot of projects out there for workforce housing.

我們處理這個問題的方式是維持我們的定價紀律，真正關注效率、運營，盡可能運行最嚴格的船舶，而最大的一個是進入不太依賴宏觀經濟的新垂直領域。所以我們在一年前就宣布了其中的一些。我們為新英格蘭的一所大學建造了宿舍。今年早些時候，我們宣布正在為一所需要擴建的學校建造一些建築物。有很多針對勞動力住房的項目。

So we see a shortage in the market and the market is starting to adjust to the higher rate environment. And we're also seeing greater adoption of modular. One of the things in Rick's prepared comments was that the Modular Housing Institute says that modular's market share is 6% versus 2% before COVID.

因此，我們看到市場短缺，市場開始適應更高的利率環境。我們也看到模組化的應用越來越廣泛。 Rick 準備好的評論中的一件事是，模組化住房研究所表示，模組化住房的市場份額為 6%，而新冠疫情之前為 2%。

So we're just seeing more projects that are going modular, i.e., factory built, and there's a lot of reasons for that. The number one is speed to completion, but also, in a lot of cases, lower cost. It's greener and better quality.

因此，我們看到更多的項目正在走向模組化，即工廠建造，這有很多原因。第一個是完成速度，但在許多情況下，成本也更低。它更綠色、品質更好。

When the markets do come back, the regular markets, we think we're well positioned to participate in increases in activity. So we're happy with how we've executed, given the slowdown in the overall market and as we've talked about, through finding some interesting niches that are less macroeconomic dependent.

當市場確實回歸時，即常規市場，我們認為我們已經做好了參與活動增加的準備。因此，考慮到整體市場的放緩以及我們所討論的，透過尋找一些不太依賴宏觀經濟的有趣利基市場，我們對我們的執行方式感到滿意。

Devon Xu, North First Capital.

Devon Xu，北方第一資本。

Could you characterize or would you be willing to characterize in terms of your backlog and pipeline, maybe like a ballpark percentage type of growth you're seeing or how we could maybe think about that?

您能否描述或願意描述您的積壓訂單和管道的特徵，也許像您所看到的大致百分比類型的增長，或者我們如何考慮這一點？

Yeah. We actually wanted to do that on this call, but as we look back at the statistics, we weren't -- we were 100% certain that we were measuring apples and apples just due to the evolution of our systems at both of our constructions business. But the pipeline is where we're seeing the most significant growth.

是的。我們實際上想在這次電話會議上做到這一點，但當我們回顧統計數據時，我們沒有——我們 100% 確定我們正在測量蘋果和蘋果，只是因為我們兩個建築中系統的演變商業。但管道是我們看到最顯著成長的地方。

And again, I think that's just pent-up demand building, waiting for financing, waiting for credit approval, as Jeff mentioned. So our backlog is where our near-term opportunities are, of course, and we feel confident that we've got several months of backlog ready to be built.

再說一次，我認為這只是被壓抑的需求建設，等待融資，等待信貸批准，正如傑夫所提到的。因此，我們的積壓訂單當然是我們近期的機會所在，我們有信心我們已經準備好幾個月的積壓訂單。

Got it. And then, I guess, given the kind of unique microeconomic versus pent-up demand environment, how are conversations in terms of M&A going? Are sellers more willing? Or how -- what are you guys doing there?

知道了。然後，我想，考慮到獨特的微觀經濟環境與被壓抑的需求環境，併購方面的對話進展如何？賣家更願意嗎？或者說——你們在那裡做什麼？

Well, I would say this, we've looked at a number of different opportunities. We've got access to hundreds and hundreds of opportunities, and it's a bit challenging to weed though them all. Our priorities are, first of all, increasing shareholder value.

嗯，我想說的是，我們已經考慮了許多不同的機會。我們有成百上千的機會，但要剔除所有這些機會有點挑戰性。我們的首要任務是增加股東價值。

But we're also looking for opportunities to expand both of our construction business through bolt-on opportunities, and at the same time, looking for other growth acquisitions where we have either specific experience on the corporate team or where we see a good fit with our existing businesses.

但我們也在尋找機會，透過補強機會來擴大我們的建築業務，同時，尋找其他成長收購，我們在公司團隊中擁有特定的經驗，或我們認為與我們現有的業務。

So we're continuing to weed through those. And because of our holding company structure, we were able to look at a wide variety of alternatives in our investment division as well as in the core operating business.

因此，我們將繼續清除這些內容。由於我們的控股公司結構，我們能夠在投資部門以及核心營運業務中尋找多種替代方案。

Got it. I guess could you characterize whether or not it's more of a buyer's market since maybe last quarter, or kind of no change?

知道了。我想您能否描述一下自上個季度以來是否更多地屬於買方市場，或者沒有什麼變化？

Yeah. From what I've seen, it's very situational. There are a number of great opportunities where, as someone mentioned earlier, the founders are retiring and there's no one to pick up the ball and move the business forward. But there are also a number of opportunities where expectations for pricing are just simply too high based on results in 2022 without regard to what the forward-looking environment might be. So we're being very selective, trying to be value to investors, and at the same time, balance that with our desire to grow the business.

是的。就我所見，這是非常具體的情況。正如前面有人提到的，創辦人即將退休，沒有人接手並推動業務向前發展，因此存在著許多絕佳的機會。但也存在一些機會，即根據 2022 年的結果，對定價的期望過高，而不考慮前瞻性環境可能如何。因此，我們非常有選擇性，努力為投資者創造價值，同時平衡這一點與我們發展業務的願望。

(Operator Instructions) All right. This concludes the question-and-answer session. I would like to turn the floor to Rick Coleman for any closing comments.

（操作員指示）好的。問答環節到此結束。我想請里克·科爾曼（Rick Coleman）發表最後評論。

Thank you, operator. Before concluding the call, I want to note that we're always available to take your call and to discuss any additional questions you might have, so please don't hesitate to contact us. We'll continue to share our story with existing and potential investors in the coming weeks and months. And as always, we appreciate your interest as well as your continued feedback and support. Thank you.

謝謝你，接線生。在結束通話之前，我想指出，我們隨時可以接聽您的電話並討論您可能遇到的任何其他問題，因此請隨時與我們聯繫。我們將在未來幾週和幾個月內繼續與現有和潛在投資者分享我們的故事。一如既往，我們感謝您的關注以及持續的回饋和支持。謝謝。

Thank you for joining the Star Equity Holdings third quarter conference call. Today's call has been recorded and will be available on the Investors section of our website, www.starequity.com.

感謝您參加 Star Equity Holdings 第三季電話會議。今天的電話會議已被錄音，並將在我們網站 www.starequity.com 的投資者部分提供。