SunCoke Energy Inc (SXC) 2026 Q1 法說會逐字稿

Good day, and welcome to the Q1 2026 SunCoke Energy Inc. Earnings Conference Call.

各位好，歡迎參加 SunCoke Energy Inc. 2026 年第一季（Q1）財報電話會議。

(Operator Instructions) I would now like to turn the conference over to Sharon Doyle, IR Manager. Please go ahead.

（接線員指示）現在我想將會議交給投資人關係經理 Sharon Doyle。請開始。

Thanks, Nick. Good morning and thank you for joining us to discuss SunCoke Energy's first quarter 2026 results. With me today are Katherine Gates, President and Chief Executive Officer, and Shantanu Agrawal, Senior Vice President and Chief Financial Officer. This conference call is being webcast live on the Investor Relations section of our website, and a replay will be available later today.

謝謝你，Nick。各位早安，感謝各位參加本次會議，一同討論 SunCoke Energy 2026 年第一季的業績表現。今天與我一同出席的有總裁兼執行長 Katherine Gates，以及資深副總裁兼財務長 Shantanu Agrawal。本次電話會議將於我們網站的投資人關係專區進行即時網路直播，並將於今日稍晚提供重播。

Following management's prepared remarks, we will open the call for Q&A. If we do not get to your questions on the call today, please feel free to reach out to our Investor Relations team.

在管理層預先準備的發言結束後，我們將開放問答。如果今天在電話會議中未能回答到您的問題，歡迎隨時與我們的投資人關係團隊聯繫。

Before I turn things over to Katherine, let me remind you that the various remarks we make on today's call regarding future expectations constitute forward-looking statements.

在我把時間交給 Katherine 之前，先提醒各位，我們今天電話會議中針對未來預期所做的各項評論，均構成前瞻性陳述。

The cautionary language regarding forward-looking statements in our SEC filings apply to the remarks we make today. These documents are available on our website as are reconciliations to non-GAAP financial measures discussed on today's call. With that, I'll now turn things over to Katherine.

我們向 SEC 申報文件中關於前瞻性陳述的警示性語言，同樣適用於我們今天所做的發言。這些文件可於我們網站查閱；此外，今天電話會議中討論之非 GAAP 財務衡量指標的調節表亦可在網站上取得。接下來我把時間交給 Katherine。

Thanks, Sharon. Good morning and thank you for joining us on today's call. This morning, we announced Suncoat Energy's first quarter results. I want to share a few highlights before turning it over to Shantanu to discuss the results in detail.

謝謝你，Sharon。各位早安，感謝各位參加今天的電話會議。今天早上，我們公布了 Suncoat Energy 的第一季業績。我想先分享幾項重點，之後再交由 Shantanu 詳細說明本季結果。

We're pleased with our performance in the first quarter, delivering consolidated adjusted EBITDA of $56.5 million, reflecting strong operational execution. Our Industrial Services business performed well during the quarter with sequential improvement in terminals handling volumes and with Phoenix performing to our expectations.

我們對第一季的表現感到滿意，合併調整後 EBITDA 達 5,650 萬美元，反映出強勁的營運執行力。我們的工業服務業務本季表現良好，碼頭處理量較前一季改善，Phoenix 的表現也符合我們的預期。

As discussed on our fourth quarter 2025 earnings call, our coke plants were impacted by severe winter weather and the Middletown turbine failure. Earlier today, we also announced a quarterly dividend of $0.12 per share payable to shareholders on June 2, 2026.

如同我們在 2025 年第四季財報電話會議中所提到的，我們的焦炭廠受到嚴峻冬季天候以及 Middletown 渦輪機故障的影響。今天稍早，我們也宣布每股 0.12 美元的季度股利，將於 2026 年 6 月 2 日支付給股東。

This is our 27th consecutive quarter announcing a dividend. While the dividend is evaluated on a quarterly basis by our Board, we expect the dividend to continue as part of our well-balanced capital allocation strategy. We had strong operating cash flow generation of $72.7 million and ended the quarter with ample liquidity of $262 million.

這是我們連續第 27 個季度宣布發放股利。雖然股利由董事會按季評估，但我們預期股利將持續作為我們均衡資本配置策略的一部分。本季我們營運現金流強勁，達 7,270 萬美元，季末流動性充裕，為 2.62 億美元。

As previously discussed, we are running at full capacity and sold out for the full year. With the continued seamless integration of Phoenix, the resumption of power production at Middletown and continued strong operational execution, we are confident we will achieve full-year 2026 consolidated adjusted EBITDA within our guidance range. Of $230 million to $250 million. With that, I'll turn it over to Shantanu to review our first quarter earnings in detail. Shantanu.

如先前所述，我們目前滿載運轉，且全年已全數售罄。隨著 Phoenix 持續順利整合、Middletown 恢復發電，以及持續強勁的營運執行，我們有信心 2026 全年合併調整後 EBITDA 將落在我們的指引區間 2.30 億至 2.50 億美元之內。接下來我把時間交給 Shantanu，請他詳細說明第一季財報。Shantanu。

Thanks, Katherine. Turning to Slide 4. Net loss attributable to Suncorp was $0.05 per share in the first quarter of 2026, down $0.25 versus the prior year period. The decrease was primarily driven by higher depreciation expense, the shutdown of our Haverhill 1 coke-making facility, severe winter weather, and the lower power sales due to Middletown turbine failure, partially offset by lower income tax expense.

謝謝你，Katherine。請看投影片 4。2026 年第一季歸屬於 SunCoke 的每股淨損為 0.05 美元，較去年同期下降 0.25 美元。下降主要是由於折舊費用增加、我們 Haverhill 1 製焦設施停產、嚴峻冬季天候，以及 Middletown 渦輪機故障導致電力銷售減少；部分被所得稅費用降低所抵銷。

Consolidated adjusted EBITDA for the first quarter of 2026 was $56.5 million, compared to $59.8 million in the prior year period. The decrease in adjusted EBITDA was primarily driven by the impact of severe winter weather on our Koch operations, lower power sales from the Middletown turbine failure and the shutdown of Haverhill 1, mostly offset by the addition of Phoenix.

2026 年第一季合併調整後 EBITDA 為 5,650 萬美元，去年同期為 5,980 萬美元。調整後 EBITDA 的下降主要來自嚴峻冬季天候對我們 Koch 營運的影響、Middletown 渦輪機故障造成電力銷售降低，以及 Haverhill 1 停產；上述影響大多被 Phoenix 的併入所抵銷。

Moving to Slide 5 to discuss our domestic Koch business performance in detail. First quarter domestic Coke adjusted EBITDA was $35.3 million and Coke sales volumes were 842,000 tons compared to $49.9 million and 898,000 tons in the prior year period.

接著看投影片 5，詳細說明我們美國國內 Koch 業務表現。第一季國內焦炭調整後 EBITDA 為 3,530 萬美元，焦炭銷售量為 842,000 噸；去年同期分別為 4,990 萬美元與 898,000 噸。

The decrease in adjusted EBITDA was primarily driven by severe winter weather impacting our operations, lower power sales due to the turbine failure at Milltown and lower Coke sales volume due to the Haverhill 1 shutdown.

調整後 EBITDA 的下降主要是由於嚴峻冬季天候影響營運、Milltown 渦輪機故障導致電力銷售降低，以及 Haverhill 1 停產造成焦炭銷售量下降。

While we experienced a slow start to the year, we are already seeing improvement in our co-operations in the second quarter with more favourable weather conditions. We are confident we'll make up the lost production from the first quarter during the balance of the year.

雖然今年開局較慢，但在第二季天候條件較為有利的情況下，我們已經看到營運改善。我們有信心在今年剩餘期間補回第一季流失的產量。

Additionally, we are expecting power production to resume at Middletown late in the second quarter. We are reaffirming our full-year domestic coke-adjusted EBITDA guidance of $162 million to $168 million. Now, moving on to slide 6 to discuss our industrial services results.

此外，我們預期 Middletown 將於第二季末恢復發電。我們重申全年國內焦炭調整後 EBITDA 指引為 1.62 億至 1.68 億美元。接著看投影片 6，說明我們工業服務的業績。

Our Industrial Services segment generated $26.2 million of adjusted EBITDA in the first quarter of 2026, compared to $13.7 million in the prior-year period. The increase in adjusted EBITDA was primarily driven by the addition of Phoenix results, partially offset by a change in mix of products handled at the terminals. First quarter, total terminal handling volumes were $5.6 million tons, representing A substantial improvement versus the fourth quarter of 2025.

2026 年第一季，我們工業服務部門的調整後 EBITDA 為 2,620 萬美元，去年同期為 1,370 萬美元。調整後 EBITDA 的增加主要來自 Phoenix 業績的併入，部分被碼頭處理產品組合變化所抵銷。第一季碼頭總處理量為 560 萬噸，較 2025 年第四季大幅改善。

Steel customer volumes serviced were $5.6 million tons in the first quarter. We expect our Industrial Services segment to continue delivering strong results throughout the balance of the year and are reaffirming our full-year 2026 Industrial Services adjusted EBITDA guidance range of $90 million to $100 million.

第一季服務的鋼鐵客戶量為 560 萬噸。我們預期工業服務部門在今年剩餘期間將持續交出強勁成果，並重申 2026 全年工業服務調整後 EBITDA 指引區間為 9,000 萬至 1.00 億美元。

Now turning to Slide 7 to discuss our liquidity position for Q1. SunCoke ended the first quarter with a cash balance of $104.4 million and revolver availability of $158 million, representing ample liquidity of $262 million.

接著看投影片 7，說明第一季的流動性狀況。SunCoke 第一季末現金餘額為 1.044 億美元，循環信貸額度（revolver）可用額度為 1.58 億美元，合計流動性充裕，達 2.62 億美元。

We generated strong operating cash flow of $72.7 million during the quarter, mainly driven by a reduction in coal and coke inventory and used $26 million for debt paydown. We spent $17 million on CapEx and paid $10.7 million in dividends at the rate of $0.12 per share this quarter.

本季我們產生強勁的營運現金流 7,270 萬美元，主要受煤炭與焦炭庫存下降所帶動，並使用 2,600 萬美元償還債務。我們資本支出（CapEx）為 1,700 萬美元，並以本季每股 0.12 美元的水準支付 1,070 萬美元股利。

SunCoke has a strong track record of generating steady free cash flow and we expect the trend to continue throughout the year. As Katherine mentioned earlier, we intend to continue utilizing our free cash flow to pay down debt as well as to reward our long-term shareholders via dividends, which is reviewed and approved on a quarterly basis by our Board of Directors. With that, I'll turn it back over to Katherine.

SunCoke 長期以來具備穩定產生自由現金流的良好紀錄，我們預期此趨勢將在全年持續。如同 Katherine 先前提到的，我們計畫持續運用自由現金流來償還債務，並透過股利回饋長期股東；股利將由董事會按季審查並核准。接下來我把時間交還給 Katherine。

Thanks, Shantanu. Wrapping up on Slide 8, as always, safety is our first priority. Our excellent safety performance in 2025 has continued into the beginning of 2026, and the team remains committed to maintaining strong safety and environmental performance throughout the year.

謝謝你，Shantanu。最後看投影片 8，一如既往，安全是我們的首要任務。我們在 2025 年的卓越安全表現延續到 2026 年初，團隊仍致力於在全年維持強健的安全與環境績效。

Robust safety and environmental standards set SunCoke apart and are central to our reliable delivery of high-quality Coke and industrial services.

嚴謹的安全與環境標準使 SunCoke 脫穎而出，也是我們可靠交付高品質焦炭與工業服務的核心。

We continue to be confident in our operations for 2026 with our profitable long-term coke business underpinned by the three pillars of Indiana Harbor, Middletown, and Jewel Foundry, which have consistently delivered excellent performance and results.

我們對 2026 年的營運仍充滿信心；我們具獲利能力的長期焦炭業務以 Indiana Harbor、Middletown 與 Jewel Foundry 三大支柱為基礎，這些據點一貫展現優異的營運表現與成果。

With our Haverhill II and Granite City coke-making contracts extended and all spot, blast, and foundry coke sales finalized, we're sold out for the full year. We also maintain a positive outlook for our industrial services segment. 2026 will benefit from a full year of Phoenix adjusted EBITDA contribution and improvement in market conditions at our terminals.

隨著 Haverhill II 與 Granite City 的製焦合約完成展延，且所有現貨、高爐與鑄造焦炭銷售皆已敲定，我們全年已全數售罄。我們對工業服務部門也維持正向展望。2026 年將受惠於 Phoenix 全年調整後 EBITDA 的貢獻，以及我們碼頭市場環境的改善。

Our efforts will continue on the seamless integration of Phoenix, maintaining the strength of our core businesses as well as assessing new growth opportunities across all of our businesses.

我們將持續推進 Phoenix 的順利整合，維持核心業務的強勁表現，並在各項業務中評估新的成長機會。

As always, we take a balanced yet opportunistic approach to capital allocation. On the back of our steady and healthy cash flow generation, our focus will remain on utilizing our free cash flow to support our capital allocation priorities. We will use excess cash to continue paying down our revolver balance with the goal of growth leverage below three times by the end of 2026 and beyond.

一如既往，我們對資本配置採取均衡且具機會主義的做法。在穩定且健康的現金流產生基礎上，我們將持續聚焦運用自由現金流以支持資本配置優先事項。我們將使用多餘現金持續償還循環信貸（revolver）餘額，目標是在 2026 年底及其後將槓桿倍數降至 3 倍以下。

We also plan to continue returning capital via the quarterly dividend as approved by our board, which has always been well received by our long-term shareholders. We continuously evaluate the capital needs of the business, our capital structure and the need to reward our shareholders and will make capital allocation decisions accordingly.

我們也計畫持續透過董事會核准的季度股利回饋資本，這一向深受我們長期股東的肯定。我們將持續評估業務的資本需求、資本結構以及回饋股東的必要性，並據此做出資本配置決策。

We are committed to maximizing value for all of our stakeholders, which means operating and investing in our assets in the best and most efficient way possible. Overall, we see the strong fundamentals of our business and expect our 2026 results to be reflective of that.

我們致力於為所有利害關係人創造最大價值，這意味著以最佳且最高效率的方式營運並投資我們的資產。整體而言，我們看好業務的強勁基本面，並預期我們 2026 年的業績將反映這一點。

We are confident that we'll be able to deliver full-year consolidated adjusted EBITDA within our guidance range of $230 million to $250 million. With that, let's go ahead and open up the call for.

我們有信心能夠在 2.30 億美元至 2.50 億美元的指引區間內，達成全年合併調整後 EBITDA。接下來，我們就開放電話會議進行提問。

Thank you. (Operator Instructions) Nathan Martin, Benchmark Company.

謝謝。（接線員指示）Benchmark Company 的 Nathan Martin。

Thanks, operator. Good morning, everyone. Just to start out, within the domestic Coke segment, adjusted EBITDA per ton, I guess, roughly $42.

謝謝，接線員。各位早安。先從國內焦炭（Coke）部門開始，調整後 EBITDA 每噸我想大約是 42 美元。

Obviously, below the $48 to $50 per ton full-year guidance that you guys just reiterated. What was the main driver there? How much of that was lower power sales, maybe at Middletown? And then can you guys help us bridge kind of that full-year range as we move throughout the rest of the year?

顯然低於你們剛剛重申的全年每噸 48 到 50 美元指引。主要原因是什麼？其中有多少是因為電力銷售較低，可能是在 Middletown？另外，你們能否協助我們在今年剩餘期間，如何銜接到全年區間？

Yes, Nate, I mean, as we mentioned, the two main factors of us performing lower versus kind of our full-year guidance is the winter weather impact to our operations and the Middletown turbine impact, right? And they were both very comparable, right? And if you recall, when we were in the Q4 2025 earnings call, we talked about that this.

是的，Nate，如我們提到的，我們表現低於全年指引的兩個主要因素是冬季天候對營運的影響，以及 Middletown 渦輪機的影響，對吧？而且兩者影響程度非常接近，對吧？如果你還記得，在 2025 年第 4 季財報電話會議時，我們談到這個。

Quarter is roughly $10 million off versus kind of the run rate. So, I think that still holds true from that perspective. And then looking forward, as we mentioned, the Middletown Turbine is expected to be back in late Q2.

本季相較於常態水準大約少了 1,000 萬美元。所以，我認為從這個角度來看仍然成立。再往前看，如我們提到的，Middletown 渦輪機預計在第 2 季末恢復運轉。

So, you will see that impact through majority of Q2 with no power production there. But then we should be able to make that back up in Q3 and Q4. So, you should see a much significant improvement in Q3 and in Q4 as the power production comes back up.

因此，你會在第 2 季的大部分時間看到該處沒有發電所帶來的影響。但我們應該能在第 3 季和第 4 季把它補回來。所以，隨著發電恢復，你應該會在第 3 季與第 4 季看到顯著改善。

Appreciate that, Shantanu. Is it fair to consider the middle count impact in Q2 could be roughly half of that $10 million, so maybe $5 million headwind or so in the second quarter?

謝謝你，Shantanu。是否可以合理地認為，第 2 季的 Middletown 影響大約是那 1,000 萬美元的一半，也就是第二季約 500 萬美元左右的不利因素？

That's kind of in the ballpark, yes.

大致上是那個範圍，沒錯。

Okay, great. Appreciate that and then maybe shifting to the industrial segments. It looks like revenues are flat to actually slightly down quarter-over-quarter. However, just EBITDA was actually up about, what, $3 million, $3.5 million.

好的，很棒，謝謝。接著轉到工業部門。看起來營收季對季持平甚至略微下滑；不過 EBITDA 卻增加了大約 300 萬到 350 萬美元。

So, are there any cost savings or efficiency gains there we should think about driving this? I know you guys previously called out potential opportunities to improve things within Phoenix or maybe it's related to the improvements on the terminal side, just any additional color would be helpful there.

所以，是否有任何成本節省或效率提升在推動這件事？我知道你們之前提到在 Phoenix 可能有改善機會，或許也與碼頭端的改善有關；若能提供更多說明會很有幫助。

Yeah, so on the terminal side, as we lined out, you're comparing Q4 '2025 to Q1 '2026, right? and we are seeing significant improvement in the volumes that we are handling in terminals, and we expect the kind of the market environment to continue and to continue to improve for the rest of the year.

是的，就碼頭端而言，如我們所說，你是在比較 2025 年第 4 季與 2026 年第 1 季，對吧？我們看到碼頭處理的量有顯著改善，並且我們預期市場環境將在今年剩餘時間持續延續並進一步改善。

So, we are much very hopeful, and kind of that our plan reflects that terminals will continue to improve and well through the rest of the year. So, there's improvement coming from that. And then on the Phoenix side, obviously, right, like kind of this is our second full quarter of running Phoenix under the Suncoke umbrella.

所以我們非常有信心，我們的計畫也反映出碼頭業務在今年剩餘時間將持續改善。因此，改善的一部分來自於此。至於 Phoenix 方面，顯然，對吧，這是我們在 Suncoke 旗下營運 Phoenix 的第二個完整季度。

And as we go through the remainder of the 2026, we expect to see some more of those synergies come through there are some of the drag costs, right, like we are implementing kind of the.

隨著 2026 年剩餘時間的推進，我們預期會看到更多協同效益逐步顯現；同時也有一些拖累成本，對吧，例如我們正在推動相關的。

The kind of the software kind of merging them together. So, there is some drag cost of that, but as you get through the rest of the 2026, you should see some cost improvement in Phoenix and that isn't built into our guidance for industrial segment.

也就是軟體整合、把它們合併在一起。因此會有一些整合帶來的拖累成本，但隨著 2026 年後續進展，你應該會看到 Phoenix 的成本有所改善，而這部分並未納入我們對工業部門的指引。

Okay, got it and then those costs. Just jump into SG&A for a second was that kind of behind the increase there in the quarter or was that the IT, I think, bonus expense items maybe you previously mentioned as well and how should we think about SG&A kind of going forward?

好的，了解。那這些成本——我稍微問一下 SG&A——本季 SG&A 的增加是否主要就是這個原因？還是你們之前也提到的 IT、我想還有獎金費用等項目？未來我們應該如何看待 SG&A？

No, so in 2025, the accrual for the bonuses is different for '2025 versus '2026, given the performance of the company, and that is the main driver of the difference in SG&A.

不是。2025 年的獎金提列與 2026 年不同，取決於公司的績效表現，而這是 SG&A 差異的主要驅動因素。

Should we expect it to kind of repeat at that level, Shantanu, or will it kind of come back down a little bit?

Shantanu，我們是否應該預期它會以這個水準持續？還是會稍微回落一些？

Q1'2026 should be the run rate for the rest of the year.

2026 年第 1 季將是今年剩餘時間的常態水準。

I'll leave it there, jump back in the queue. Appreciate the time.

我就先到這裡，回到隊列。謝謝你們的時間。

(Operator Instructions) Henry Hurrell, B. Riley Securities.

（接線員指示）B. Riley Securities 的 Henry Hurrell。

Thank you, operator and good morning, everyone. To start off, I wanted to ask to what extent could your logistics terminals be a beneficiary of the Section 303 DPA determination on the coal supply chains and export terminals? And then could you guys pursue potential DOD funding as well? Thanks.

謝謝，接線員，各位早安。首先我想問，關於針對煤炭供應鏈與出口碼頭的《國防生產法》（DPA）第 303 條認定，你們的物流碼頭在多大程度上可能成為受益者？另外，你們是否也可能爭取國防部（DOD）的資金？謝謝。

Yeah, thanks for your question. I think as we look ahead. We see the market, as Shantanu said, improving throughout the year, and we've already seen that quarter over quarter.

是的，謝謝你的問題。我想展望未來，我們看到市場如 Shantanu 所說在今年持續改善，而且我們已經看到季對季的改善。

I don't think that those are going to be drivers to additional throughput necessarily. I mean, I think we'll have to see. But when we give our guidance with respect to industrial services and with respect to the performance of the terminal specifically, we really are looking at market conditions.

我不認為那些因素必然會成為額外吞吐量的驅動因素。我的意思是，我們還得再觀察。但當我們就工業服務、以及特別是碼頭表現提供指引時，我們主要是看市場狀況。

And as we look back in time, there's been various regulatory initiatives over time, but at the end of the day, it really seems driven by demand primarily internationally for coal.

回顧過去，歷來有各種監管倡議，但歸根結底，看起來主要仍是由國際市場對煤炭的需求所驅動。

Got it. Thank you. And then are you guys able to share specifically what percent or what share of the volumes at CMT or thermal export tons?

了解，謝謝。那你們能否具體分享一下，在 CMT 的量當中，熱能煤出口（thermal export）噸數大約占比多少？

So, Henry, going forward, we like since it's one segment, the industrial services, we are not kind of breaking out. We are giving one number for our terminals and one number for like the Phoenix business the steel customer volume service.

Henry，往後因為工業服務是一個部門，我們不再進一步拆分。我們會提供碼頭的一個數字，以及 Phoenix 業務（鋼鐵客戶量服務）的一個數字。

But if you go back and look at historical data where we used to break out the ratio should remain the same. That should kind of give you a good guidance on what those numbers are.

但如果你回去看我們過去曾經拆分的歷史資料，占比應該會維持相同。那應該能給你一個很好的參考，了解那些數字大概是多少。

Got it. Thank you and given the conflict in the Middle East over the past couple months, have you seen a kind of sizable increase in those export thermal tons? Would that be fair to say?

了解，謝謝。那在過去幾個月中東衝突的背景下，你們是否看到熱能煤出口噸數有相當明顯的增加？這樣說合理嗎？

It's a good question. We are seeing certainly some higher pricing in the market and that is leading to higher demand and that is part of how we look at the market as getting stronger as we move forward throughout the year.

這是個好問題。我們確實看到市場價格走高，而這帶動了更高的需求；這也是我們判斷市場在今年接下來會更強的原因之一。

We don't see any signs of that weakening, and so we've seen higher demand due to the higher prices. So, yes, there's definitely sort of a flow-through from that conflict and the focus on coal in light of the challenges that we're seeing on the oil and gas side.

我們沒有看到任何走弱的跡象，因此在價格較高的情況下需求也更高。所以，是的，這場衝突確實有一定的傳導效應；在油氣端出現挑戰的情況下，市場對煤炭的關注度提高。

Got it. Thanks for the time, guys, and continued best of luck.

了解，謝謝你們的時間，也祝你們接下來一切順利。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Katherine Gates for any closing remarks.

問答環節到此結束。我想把會議交回給 Katherine Gates，請她做結語。

Thank you all again for joining us this morning and for your continued interest in Suncoat. Let's continue to work safely today and every day.

再次感謝各位今天早上加入我們，也感謝各位持續關注 Suncoat。讓我們今天以及每天都持續安全作業。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。