Sunoco LP (SUN) 2025 Q1 法說會逐字稿

Greetings and welcome to the Sunoco's first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Scott Grischow, Senior Vice President-Finance and Treasurer. Thank you. Sir, you may begin.

問候並歡迎參加 Sunoco 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人，財務高級副總裁兼財務主管 Scott Grischow。謝謝。先生，您可以開始了。

Thank you. And good morning, everyone. On the call with me this morning are Joe Kim, Sunoco LP's President and Chief Executive Officer; Karl Fails, Chief Operating Officer; Austin Harkness, Chief Commercial Officer; and Dylan Bramhall, Chief Financial Officer.

謝謝。大家早安。今天早上與我通話的還有 Sunoco LP 總裁兼首席執行官 Joe Kim； Karl Fails，首席營運官；奧斯汀·哈克尼斯 (Austin Harkness)，首席商務官；以及首席財務官 Dylan Bramhall。

Today's call will contain forward-looking statements that include expectations and assumptions regarding the partnership's future operations and financial performance. Actual results could differ materially, and the partnership undertakes no obligation to update these statements based on subsequent events. Please refer to our earnings release as well as our filings with the SEC for a list of these factors.

今天的電話會議將包含前瞻性陳述，其中包括對合作夥伴關係未來營運和財務表現的預期和假設。實際結果可能存在重大差異，且合夥企業不承擔根據後續事件更新這些聲明的義務。請參閱我們的收益報告以及我們向美國證券交易委員會提交的文件，以了解這些因素的清單。

During today's call, we will also discuss certain non-GAAP financial measures including adjusted EBITDA and distributable cash flow as adjusted. Please refer to the Sunoco LP website for reconciliation of each financial measure.

在今天的電話會議中，我們還將討論某些非 GAAP 財務指標，包括調整後的 EBITDA 和調整後的可分配現金流量。請參閱 Sunoco LP 網站以了解每項財務指標的對帳情況。

Before I begin my remarks on the first quarter results, I want to start with the announcement we made yesterday that Sunoco will be acquiring Parkland Corporation and a cash and equity transaction valued at approximately $9.1 billion. We expect to close in the second half of 2025 subject to customary closing conditions and other regulatory clearance.

在我開始對第一季業績發表評論之前，我想先談談我們昨天宣布的消息：Sunoco 將收購 Parkland Corporation，並以現金和股權交易的方式收購價值約 91 億美元。我們預計將於 2025 年下半年完成交易，但須滿足慣例成交條件和其他監管部門的批准。

On today's call, we would like to focus on our first quarter results and our European acquisition. We would refer you to what was disclosed in the news release, subsequent 8-K filings, investor presentation, and joint conference call we held on May 5 for details on the Parkland acquisition. So please keep that in mind as we enter the Q&A portion in a few minutes.

在今天的電話會議上，我們想重點討論我們的第一季業績和歐洲的收購。我們將向您推薦新聞稿、隨後的 8-K 文件、投資者介紹以及我們於 5 月 5 日舉行的聯合電話會議中披露的有關 Parkland 收購的詳細資訊。因此，請記住這一點，幾分鐘後我們將進入問答環節。

2025 is off to a good start following our first quarter performance. We remain on track to achieve our full-year of financial guidance, our balance sheet and liquidity are strong, and we are well-positioned to continue our growth objectives.

從第一季的表現來看，2025 年開局良好。我們仍有望實現全年財務預期，我們的資產負債表和流動性強勁，我們已準備好繼續實現成長目標。

I'd like to start with a brief review of our consolidated results. The partnership delivered a solid first quarter with adjusted EBITDA of $458 million and distributable cash flow as adjusted of $310 million. In the first quarter, we spent $75 million on growth capital and $26 million on maintenance capital. This includes the partnership's proportionate share of capital expenditures related to our two joint ventures with Energy Transfer of $18 million for growth capital and $2 million for maintenance capital.

首先我想簡單回顧一下我們的綜合業績。該合作公司第一季業績表現穩健，調整後息稅折舊攤提前利潤 (EBITDA) 為 4.58 億美元，調整後可分配現金流量為 3.1 億美元。第一季度，我們花了 7,500 萬美元在成長資本，花了 2,600 萬美元維護資本。這包括合夥企業在我們與 Energy Transfer 的兩家合資企業中應佔的資本支出份額，其中成長資本 1,800 萬美元，維護資本 200 萬美元。

Now turning to the balance sheet. On March 20, we completed an offering of $1 billion of 6.25% senior notes due 2033. Net proceeds from the offering were used to repay $600 million of senior notes that matured this October and all outstanding borrowings on our revolving credit facility. This transaction extended our debt maturity profile, improved our financial flexibility, and de-risked our balance sheet for the remainder of the year.

現在轉向資產負債表。3 月 20 日，我們完成了 10 億美元、2033 年到期、利率為 6.25% 的優先票據的發行。此次發行的淨收益用於償還今年 10 月到期的 6 億美元優先票據以及我們循環信貸額度的所有未償還借款。這項交易延長了我們的債務期限，提高了我們的財務靈活性，並降低了我們今年剩餘時間內資產負債表的風險。

Combined with our strong liquidity, this financing put us in an advantaged position to execute on future growth and deliver on our other capital allocation priorities. As of March 31, our $1.5 billion revolving credit facility had no borrowings outstanding. Leverage at the end of the quarter was 4.1 times in line with our long term target.

結合我們強大的流動性，這筆融資使我們在實現未來成長和實現其他資本配置優先事項方面處於有利地位。截至 3 月 31 日，我們的 15 億美元循環信貸額度沒有未償還借款。本季末的槓桿率為 4.1 倍，符合我們的長期目標。

In March, we signed a definitive agreement to acquire Tanquid, Germany's largest independent storage operator, for approximately €500 million, including approximately €300 million of assumed debt. This acquisition consists of a portfolio of 16 terminals, including 15 terminals across Germany and 1 terminal in Poland. Transaction is expected to close in the second half of 2025, subject to customary closing conditions. And will be accretive to unitholders in the first year of ownership. Karl will provide some additional thoughts on this acquisition in his comments.

今年 3 月，我們簽署了最終協議，以約 5 億歐元收購德國最大的獨立倉儲業者 Tanquid，其中包括約 3 億歐元的承擔債務。此次收購涉及 16 個碼頭，其中包括德國境內的 15 個碼頭和波蘭境內的 1 個碼頭。該交易預計將於 2025 年下半年完成，但須遵守慣例成交條件。並將在擁有所有權的第一年為單位持有人帶來增值。卡爾將在他的評論中對收購提出一些額外的想法。

Finally, on April 23, we declared a distribution for the first quarter of $0.8976 per common unit or $3.59 on an annualized basis. This represents an increase of just over 1.25%, compared with the previous quarter, and resulted in a trailing 12-month coverage ratio of 1.9 times. This marks the second consecutive quarterly increase in Sunoco's distribution and is consistent with our capital allocation strategy and 2025 business outlook which includes an annual distribution growth rate of at least 5%.

最後，我們在 4 月 23 日宣布第一季每股普通股派息 0.8976 美元，或以年率計算股利 3.59 美元。與上一季相比，這一數字略有增長 1.25% 以上，過去 12 個月的覆蓋率為 1.9 倍。這標誌著 Sunoco 的分銷業務連續第二個季度成長，這與我們的資本配置策略和 2025 年業務展望相一致，其中包括年分銷成長率至少為 5%。

Since 2022, SUN has increased distributions by approximately 9%, underscoring the partnership's ongoing commitment to returning capital to its unitholders.

自 2022 年以來，SUN 已將分配金額增加了約 9%，凸顯了該合夥企業持續致力於向其單位持有人返還資本的承諾。

To close, Sunoco entered 2025 in a position of strength. Strong results in cash flow generation over the past several years have allowed us to execute on our cash flow allocation strategy. With leverage at our long term target and healthy distribution coverage, we have been able to reinvest capital back into our business through organic growth and acquisitions. The result is a record of increasing distributable cash flow for common unit that has in turn positioned us for ongoing distribution increases to our unitholders and additional growth. Sunoco's financial stability, distribution yield, and growth prospects make our equity a compelling value proposition in any environment.

總而言之，Sunoco 將以強勁的勢頭邁入 2025 年。過去幾年現金流產生的強勁成果使我們能夠執行現金流分配策略。憑藉我們長期目標的槓桿和健康的分銷覆蓋，我們能夠透過有機成長和收購將資本重新投資到我們的業務中。結果是普通股可分配現金流不斷增加，這反過來又使我們能夠持續增加對單位持有人的分配並實現額外的成長。Sunoco 的財務穩定性、分銷收益和成長前景使我們的股權在任何環境下都具有引人注目的價值主張。

With that, I will now turn the call over to Karl to walk through some additional thoughts on our first quarter performance and recent growth initiatives.

說完這些，我現在將電話交給卡爾，讓他談談對我們第一季業績和近期成長計畫的一些額外想法。

Thanks, Scott. Good morning, everyone. We have had a solid start to 2025 with good performance across all three segments. Let me walk through segment results and then add some perspective on our exciting growth announcements this week.

謝謝，斯科特。大家早安。我們在 2025 年取得了良好的開端，三個領域都取得了良好的表現。讓我介紹一下各部門的業績，然後對我們本周令人興奮的成長公告發表一些看法。

Starting with fuel distribution. Adjusted EBITDA was $220 million, compared to $192 million in the fourth quarter and $218 million for the first quarter of 2024. Volumes came in at 2.1 billion gallons, down 3% from last quarter and flat to the first quarter of last year. Finally, reported margin was $0.115 per gallon, compared to $0.106 per gallon in the fourth quarter and $0.109 per gallon in the first quarter of 2024. Our results in the first quarter included the benefit of $32 million from the 7-Eleven makeup payment.

從燃料分配開始。調整後的 EBITDA 為 2.2 億美元，而第四季為 1.92 億美元，2024 年第一季為 2.18 億美元。產量為 21 億加侖，較上一季下降 3%，與去年第一季持平。最後，報告的利潤率為每加侖 0.115 美元，而第四季度為每加侖 0.106 美元，2024 年第一季為每加侖 0.109 美元。我們第一季的業績包括了 7-Eleven 補償付款帶來的 3,200 萬美元收益。

As we've said before, our strategy is to capture what the market provides. The efficient use of capital continues to support our volumes which can be seen by our volumes being flat compared to the first quarter of last year, even with the sale of our West Texas marketing assets. And this volume growth continues to beat industry benchmarks.

正如我們之前所說，我們的策略是抓住市場提供的東西。資本的有效利用繼續支撐我們的銷量，即使出售了西德克薩斯州的營銷資產，我們的銷量與去年第一季相比仍持平，由此可見一斑。而且這一銷售成長持續超過產業基準。

On the margin side, elevated breakevens and commodity market volatility continue to provide support to our fuel profit as our teams deliver on profit optimization strategies in various market environments.

在利潤方面，隨著我們的團隊在各種市場環境中實施利潤優化策略，損益平衡點的提高和商品市場的波動繼續為我們的燃料利潤提供支持。

Moving to the pipeline system segment, we reported $172 million of adjusted EBITDA, compared to $188 million for the fourth quarter. Throughput on the system was approximately 1.3 million barrels per day, compared to 1.4 million barrels per day in the fourth quarter. Overall, the system performed well even in light of some headwinds as a result of a few reliability challenges at refineries that feed our system. When we step back and look at full-year performance, we remain very happy with how the system is performing, as well as some of the optimization opportunities we have going forward.

轉向管道系統部門，我們報告的調整後 EBITDA 為 1.72 億美元，而第四季度為 1.88 億美元。該系統的吞吐量約為每天 130 萬桶，而第四季為每天 140 萬桶。總體而言，即使為我們的系統提供動力的煉油廠遇到了一些可靠性挑戰，面臨一些不利因素，該系統仍然表現良好。當我們回顧全年表現時，我們仍然對系統的運作情況以及未來的一些優化機會感到非常滿意。

Turning to terminals, we delivered adjusted EBITDA of $66 million, compared to $59 million in the fourth quarter and $24 million in the first quarter of last year. Throughput was 620,000 barrels per day, up from around 600,000 barrels per day in the fourth quarter, and a little over 400,000 barrels per day in the first quarter of last year. Performance was consistent across our network, and we're excited about the addition of our second European acquisition in this segment that Scott mentioned earlier.

談到終端，我們的調整後 EBITDA 為 6,600 萬美元，而第四季為 5,900 萬美元，去年第一季為 2,400 萬美元。產量為每天 62 萬桶，高於第四季的每天約 60 萬桶，也高於去年第一季的每天 40 萬桶多一點。我們的網路效能始終保持一致，我們很高興看到 Scott 之前提到的第二家歐洲公司加入這一領域。

Yesterday, we discussed in detail our announced acquisition of Parkland. That deal will expand our geographic reach in North America and the Caribbean, and builds on the same strategy we have employed over the past seven years in our fuel distribution business of growing scale, focusing on fuel profit optimization, and integration with midstream assets.

昨天，我們詳細討論了宣布的對 Parkland 的收購。該交易將擴大我們在北美和加勒比地區的地理覆蓋範圍，並以我們過去七年來在不斷擴大的燃料分銷業務中採用的相同策略為基礎，重點關注燃料利潤優化和與中游資產的整合。

Our purchase of TanQuid also builds on the same strategy we discussed last year when we first entered Europe. TankQuid is the largest independent operator of terminals in Germany. This strong network of 16 terminals across Germany and Poland has delivered consistent cash flow stability and growth over the last decade. These terminals serve an important role in the fuel distribution supply chains in Germany and Poland. The cash flow is supported by a long term and high credit quality customer base. We are also looking forward to adding the TanQuid team members to our organization and finding ways to optimize with our existing European assets in Amsterdam and Ireland.

我們對 TanQuid 的收購也建立在我們去年首次進入歐洲時討論的相同策略之上。TankQuid 是德國最大的獨立碼頭營運商。這個由遍布德國和波蘭的 16 個碼頭組成的強大網路在過去十年中一直保持著穩定的現金流和成長。這些終端在德國和波蘭的燃料分銷供應鏈中發揮重要作用。現金流由長期、高信用品質的客戶群支持。我們也期待將 TanQuid 團隊成員加入我們的組織，並找到利用我們在阿姆斯特丹和愛爾蘭的現有歐洲資產進行最佳化的方法。

There are many aspects to like about growing our business into new geographies. Our core business is distributing refined products that fuel the transportation of people and goods around the world. Globally, over 90% of transportation energy consumption comes from refined products, with another 5% coming from renewables which we also distribute. As we look forward, our view is that the importance of refined products to fuel our economy will remain, whether here in the United States or across the world, a fact that is often overlooked and undervalued.

將我們的業務拓展到新的地區有很多值得稱道的地方。我們的核心業務是分銷為全球人員和貨物運輸提供燃料的精煉產品。在全球範圍內，超過 90% 的運輸能源消耗來自精煉產品，另外 5% 來自我們也分銷的可再生能源。展望未來，我們認為，無論是在美國還是在世界各地，成品油對於推動經濟發展的重要性依然存在，但這一事實常常被忽視和低估。

As we turn to Europe more specifically, while they are ahead of the United States in reducing the carbon content of their energy mix, many of these lower carbon solutions are also liquid fuels that need to be stored and distributed to customers. Existing infrastructure will always have an advantage over building new supply chains. And as the energy portfolio continues to develop, we are confident that these assets will only become more valuable. One can only look to California as an example where even with a focus on lower carbon fuels, terminal assets in California have been trading at a premium to other regions of the United States.

更具體地說，當我們轉向歐洲時，雖然他們在減少能源結構中的碳含量方面領先美國，但許多低碳解決方案也是需要儲存和分配給客戶的液體燃料。現有的基礎設施總是比建立新的供應鏈更有優勢。隨著能源組合的不斷發展，我們相信這些資產只會變得更加有價值。只能以加州為例，即使重點放在低碳燃料，加州的終端資產交易價格也一直高於美國其他地區。

Looking at the growth of our portfolio over the last few years, each of our acquisitions have hit our target criteria: Stable cash flows, synergies with our existing business, good valuation, and opportunities to grow. These most recent deals hit all four of these.

回顧過去幾年我們投資組合的成長，我們的每一次收購都達到了我們的目標標準：穩定的現金流、與我們現有業務的協同效應、良好的估值和成長機會。這些最新交易涉及所有這四個方面。

As we continue to grow our asset base and face new and evolving challenges, our focus remains the same: Strong operational execution, expense discipline, commercial creativity and profit optimization, and ensuring we deliver strong returns on capital that we deploy.

隨著我們繼續擴大資產基礎並面臨新的和不斷變化的挑戰，我們的重點始終如一：強大的營運執行力、費用紀律、商業創造力和利潤優化，以及確保我們部署的資本能夠獲得豐厚的回報。

I'll now turn it over to Joe to share his final thoughts. Joe?

現在我將把時間交給喬分享他的最終想法。喬？

Good morning, everyone. As Scott and Karl both mentioned, we talked about the Parkland acquisition yesterday. Thus, for my comments today, I'll focus on our current business.

大家早安。正如斯科特和卡爾都提到的，我們昨天談到了帕克蘭的收購。因此，我今天的評論將重點放在我們當前的業務上。

Year after year, we continue to raise the standard for Sunoco. Embracing higher expectations, we delivered a solid first quarter. Given our results today and our projections going forward, we remain confident in our full-year 2025 guidance.

年復一年，我們不斷提高 Sunoco 的標準。我們懷抱著更高的期望，取得了穩健的第一季業績。鑑於我們今天的業績和未來的預測，我們對 2025 年全年業績指引仍然充滿信心。

Each year presents a new set of challenges, but it also presents opportunities. Persistent inflation and possible recession would obviously be problematic for the United States and the world. And of course, we would like to see inflation subside and we all want economic growth. However, we have proven year after year and crisis after crisis that we can distinguish ourselves in challenging environments.

每年都會帶來一系列新的挑戰，但也帶來機會。持續的通貨膨脹和可能的經濟衰退顯然會給美國和世界帶來麻煩。當然，我們希望看到通貨膨脹消退，我們都希望經濟成長。然而，我們年復一年、經歷了一次又一次的危機，證明我們能夠在充滿挑戰的環境中脫穎而出。

During COVID, when volumes fell, we still grew ebitda. During peak inflation, we held expenses flat, while others saw significant increases. As we look towards the future, which always includes various challenges, we're well-positioned to continue to grow and create value. Our confidence is supported by the following:

在新冠疫情期間，儘管銷量下降，但我們的息稅折舊攤提前利潤仍然增長。在通貨膨脹最嚴重的時候，我們的支出保持平穩，而其他支出卻大幅增加。展望未來，我們始終面臨各種挑戰，但我們已做好準備，繼續發展並創造價值。我們的信心源自於以下幾點：

First, our business model performs well in volatile environments. Why? We're anchored by our pipeline of terminal assets and critical infrastructure that provide long term stable income. As for our fuel distribution business, it's anchored by our 7-Eleven take-or-pay contract and our real estate income, furthermore, volatility creates margin capture opportunities. We are positioned to gain market share and optimize fuel profit in these environments given our scale, our supply expertise, and our strong balance sheet.

首先，我們的商業模式在動盪的環境中表現良好。為什麼？我們依靠終端資產和關鍵基礎設施管道來提供長期穩定的收入。至於我們的燃料分銷業務，它以我們的 7-Eleven 照付不議合約和我們的房地產收入為基礎，此外，波動性創造了獲取利潤的機會。憑藉我們的規模、供應專業知識和強大的資產負債表，我們有能力在這些環境中獲得市場份額並優化燃料利潤。

Second, we continue to effectively manage expenses. Even within the current environment where inflation persists, we're proactively managing our expenses to be below the operating expense guidance that we provided in December.

第二，我們繼續有效地管理費用。即使在當前通膨持續存在的環境下，我們仍在積極管理我們的支出，使其低於 12 月提供的營運支出指引。

And finally, our investments, both organic and acquisitions, continue to meet or exceed our expectations. This will drive our EBITDA growth, our DCF for common unit growth, and our distribution growth while maintaining a strong balance sheet.

最後，我們的投資（包括內部投資和收購）持續達到或超越我們的預期。這將推動我們的 EBITDA 成長、普通股 DCF 成長以及分銷成長，同時保持強勁的資產負債表。

Bottom line, we're uniquely positioned to be both in offensive and defensive play. We fully expect to deliver another record year and continue distribution growth for our unitholders.

總而言之，我們在進攻和防守方面都具有獨特的優勢。我們完全期望今年能再創紀錄，並繼續為我們的單位持有者帶來分配成長。

Operator, that concludes our prepared remarks. You may open the line for questions.

接線員，我們的準備好的發言到此結束。您可以開通熱線來回答問題。

(Operator Instructions)

（操作員指示）

Spiro Dounis, Citi.

花旗銀行的 Spiro Dounis。

Hi. This is (inaudible), on for Spiro. Starting off, how do you think about future capital allocation among your regions post Parkland close? Are some regions delivering more attractive returns than others?

你好。這是（聽不清楚），為 Spiro 而設。首先，您如何看待 Parkland 關閉後您所在地區未來的資本配置？某些地區是否比其他地區提供更具吸引力的回報？

Hey [Chad]. This is Karl. I think if you think about our overall growth capital program and how we look at it, and that might include even some of the roll-up M&A that we've done, we don't have a particular target per region. We do look at it in totality across all the segments and across all the geographies. And it really is kind of best projects win. And the kind of projects that we have in our growth capital plan, generally, we try to focus on items that have a shorter time frame between when we spend the cash and when they deliver. And then, clearly, we look for opportunities that might benefit multiple segments, right? We might have a fuel distribution project that increases utilization in some of our midstream assets or we might spend money in the midstream assets that enables additional fuel distribution opportunities. So we don't start the year with particular targets and we also have flexibility as the year shapes up or as we have opportunities in M&A or other growth opportunities to either flex that down or up, depending on the circumstances.

嘿[查德].這是卡爾。我認為，如果你考慮我們的整體成長資本計畫以及我們如何看待它，其中可能甚至包括我們已經完成的一些匯總併購，那麼我們對每個地區並沒有特定的目標。我們確實會從各個領域和各個地區的角度全面審視這個問題。這確實是最佳項目的勝利。在我們的成長資本計畫中，我們通常會專注於那些從花錢到交付的時間較短的項目。然後，顯然，我們會尋找可能使多個細分市場受益的機會，對嗎？我們可能有一個燃料分配項目，可以提高我們一些中游資產的利用率，或者我們可能會在中游資產上投入資金，以提供額外的燃料分配機會。因此，我們不會在年初就設定特定的目標，而且隨著年份的進展，或者我們在併購或其他成長機會方面有機會，我們也可以靈活地根據具體情況上下調整目標。

Okay. That makes sense. And just a second question, in '24, you added more conventional midstream assets to the portfolio and Parkland is a heavy shift back to fuel distributions. What do you see as the right mix between the two assets for your business longer term? And how should we think about adding more conventional midstream assets from here following the large investment in fuel distribution?

好的。這很有道理。第二個問題是，在 24 年，您在投資組合中增加了更多傳統的中游資產，而 Parkland 則大幅轉向燃料分銷。從長遠來看，您認為這兩種資產的正確組合是什麼？在對燃料分銷進行大量投資後，我們應該如何考慮增加更多傳統的中游資產？

Hey Chad. This is Joe. We're going to continue to execute our capital allocation strategy, and ensuring that our portfolio becomes stronger and stronger over the long run. At different points in time, the portfolio may not be perfectly balanced at 50/50. But directionally, we want a diversified portfolio. And Parkland gave us an opportunity. You don't get too many opportunities where you have this powerful industrial logic and excellent financial benefits. And so we took advantage of that and we're going to take opportunities to get more accretion, keep our balances strong. And this happens to be on the fuel distribution side. But over the long run, we want to have a very balanced portfolio.

嘿，查德。這是喬。我們將繼續執行我們的資本配置策略，並確保我們的投資組合在長期內變得越來越強大。在不同的時間點，投資組合可能不會達到 50/50 的完美平衡。但從方向來看，我們希望投資組合多元化。帕克蘭給了我們一個機會。擁有如此強大的產業邏輯和極佳的財務效益的機會並不多。因此，我們利用了這一點，並抓住機會獲得更多的積累，保持強勁的平衡。而這恰好發生在燃料分配方面。但從長遠來看，我們希望擁有一個非常平衡的投資組合。

Got it. Makes sense. Thanks for the time.

知道了。有道理。謝謝你的時間。

(Operator Instructions) There are no further questions at this time. I would now like to turn the floor back over to Scott Grischow for closing comments.

（操作員指示）目前沒有其他問題。現在我想把發言權交還給史考特·格里肖，請他發表最後評論。

Well, thanks everyone for joining us on the call this morning. As always, if you have any follow-ups, feel free to reach out. Thanks and have a great day.

好吧，感謝大家今天早上參加我們的電話會議。像往常一樣，如果您有任何後續事宜，請隨時與我們聯繫。謝謝，祝您有愉快的一天。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。