Talen Energy Corp (TLN) 2016 Q2 法說會逐字稿

Good morning, and welcome to the Talen Energy second quarter results conference call. All participants will be in listen-only mode. (Operator Instructions)

早安，歡迎參加塔倫能源第二季業績電話會議。所有參與者將處於僅聽模式。 （操作員說明）

After today's presentation, there will be an opportunity to ask questions. (Operator Instructions)

今天的演講結束後，將有機會提問。 （操作員說明）

Please note that this event is being recorded.

請注意，該事件正在被記錄。

I would now like to turn the conference over to Andy Ludwig, Director of Investor Relations. Mr. Ludwig, please go ahead.

我現在想將會議交給投資者關係總監 Andy Ludwig。路德維希先生，請繼續。

Thanks, Ed, and good morning, everyone. Thank you for joining the Talen Energy Corporation conference call to discuss second quarter 2016 results. Today's presentation is being webcast, and we are providing slides of the presentation on our website at Talenenergy.com.

謝謝艾德，大家早安。感謝您參加 Talen Energy Corporation 電話會議，討論 2016 年第二季業績。今天的簡報正在進行網路直播，我們在我們的網站 Talenenergy.com 上提供了簡報的幻燈片。

This presentation may contain forward-looking statements, and we encourage you to review our filings with the SEC to learn more about certain risk factors that could cause actual results to differ from these forward-looking statements.

本簡報可能包含前瞻性陳述，我們鼓勵您查看我們向 SEC 提交的文件，以詳細了解可能導致實際結果與這些前瞻性陳述不同的某些風險因素。

This presentation will also contain references to non-GAAP financial information that we use to measure our business. You can find the reconciliation between the non-GAAP financial measures we use and the most directly comparable GAAP measures in the schedules to our earnings release and in the presentation that we posted on our website.

本簡報也將包含我們用來衡量我們業務的非公認會計準則財務資訊的引用。您可以在我們的收益發佈時間表以及我們在網站上發布的簡報中找到我們使用的非 GAAP 財務指標與最直接可比較的 GAAP 指標之間的調整表。

With that, I'll now turn the call over to Paul Farr, Talen Energy President and CEO.

現在，我將把電話轉給 Talen Energy 總裁兼執行長 Paul Farr。

Thanks, Andy, and thank you, all, for joining us on our Q2 earnings call this morning. Joining me on the call today besides Andy are Jeremy McGuire, our CFO, and Joe Hopf, who leads our commercial and non-nuclear generation teams.

謝謝安迪，也謝謝大家參加今天早上的第二季財報電話會議。今天與我一起參加電話會議的除了安迪之外，還有我們的財務長傑里米·麥奎爾(Jeremy McGuire) 和領導我們的商業和非核能發電團隊的喬·霍普夫(Joe Hopf )。

Given the early June announcement of our go-private transaction with Riverstone, we're going to follow a different and more abbreviated approach today. As outlined on slide 3, I'll provide some color on our Q2 financial results and our 2016 forecast and then provide a transaction update, after which we'll take your questions.

鑑於 6 月初我們宣布了與 Riverstone 的私有化交易，我們今天將採用不同且更簡潔的方法。正如幻燈片 3 中所述，我將提供一些關於我們第二季度財務業績和 2016 年預測的信息，然後提供交易更新，之後我們將回答您的問題。

Let's turn to slide 4 and look at highlights for the second quarter. Financial results were fully in-line with expectations, driven by lower energy prices and nuclear availability. These drivers were partially offset by reduced O&M spending. We continue to identify areas to reduce costs and will continue executing on that front, especially in the face of challenging forward energy and capacity prices.

讓我們翻到幻燈片 4，看看第二季的亮點。在能源價格下降和核電供應的推動下，財務表現完全符合預期。這些驅動因素被營運和維護支出的減少部分抵消。我們將繼續尋找降低成本的領域，並將繼續在這方面執行，特別是面對未來能源和產能價格的挑戰。

Our year-to-date performance and expectations for the balance of the year drive the reaffirmation of our 2016 adjusted EBITDA and adjusted free cash flow guidance ranges.

我們年初至今的業績和對今年剩餘時間的預期推動了我們對 2016 年調整後 EBITDA 和調整後自由現金流指導範圍的重申。

On June 3, we announced the go-private transaction with Riverstone, with shareowners receiving $14 per share in cash upon the close of the transaction. The close of the transaction is predicated on successful shareowner approval, various regulatory approvals, and other closing conditions. We remain on track to close the transaction by the end of the year. Since we have a separate slide covering an update on the transaction, I'll move to slide 5.

6 月 3 日，我們宣布與 Riverstone 進行私有化交易，交易結束後股東將獲得每股 14 美元的現金。交易的完成取決於股東的成功批准、各種監管部門的批准以及其他完成條件。我們仍有望在今年年底前完成交易。由於我們有一張單獨的幻燈片介紹了交易的最新情況，因此我將轉到投影片 5。

The big driver of adjusted EBITDA for Q2 2016 versus Q2 2015 was margins. Higher margins from the net asset change in Talen Energy's portfolio were more than offset by lower spark spreads in the East, lower prices and generation availability in the Pacific Northwest, and lower availability at Susquehanna driven by the timing of refueling outages between the respective years, as we expected, and an incremental unit 1 outage in June to address a water leak in the drywell.

與 2015 年第二季相比，2016 年第二季調整後 EBITDA 的主要驅動因素是利潤率。塔倫能源投資組合淨資產變化帶來的較高利潤被東部地區較低的火花價差、太平洋西北地區較低的價格和發電可用性以及因各年份之間的加油中斷時間導致的薩斯奎哈納的可用性較低所抵消，正如我們預期的那樣，6 月份 1 號機組增量停電，以解決乾井漏水問題。

The higher taxes were driven by property taxes on assets acquired in late 2015. The segment breakdown on the bottom right incorporates these drivers.

較高的稅收是由 2015 年底收購的資產的財產稅推動的。

Moving now to slide 6 for a transaction update, we provided updates on the key regulatory approvals. On June 24, the DOJ granted early termination of the waiting period associated with anti-trust review. We have submitted the required applications and petitions with the FERC, the NRC, and the New York Public Service Commission, and are awaiting their approvals for the acquisition by Riverstone.

現在轉到幻燈片 6 來了解交易更新，我們提供了關鍵監管批准的最新資訊。 6 月 24 日，司法部批准提前終止與反壟斷審查相關的等待期。我們已向 FERC、NRC 和紐約公共服務委員會提交了所需的申請和請願書，正在等待他們批准 Riverstone 收購。

Once the SEC completes their review of the proxy statement that was filed on July 1, we will set the meeting date for the shareowner meeting and deliver shareowners a definitive proxy statement and a form of proxy.

一旦 SEC 完成對 7 月 1 日提交的委託書的審查，我們將確定股東大會的會議日期，並向股東提供最終的委託書和委託書表格。

Before we open up the line for questions, given that we are in a proxy review period, let me make one last remark. We know that some of you may have questions about our transactions with Riverstone. That transaction is pending stockholder and regulatory approvals and is subject to satisfaction or waiver of other closing conditions, as I just summarized. Given that the SEC is still reviewing the form of proxy statement to be used at the special stockholder meeting to approve the transaction and that we are still going through several regulatory approval processes, we do not intend to discuss the pending transaction as part of the Q&A session. As a result, please limit your questions accordingly.

鑑於我們正處於代理審查期，在我們開始提問之前，讓我最後說一句。我們知道你們中的一些人可能對我們與 Riverstone 的交易有疑問。正如我剛才總結的那樣，該交易正在等待股東和監管機構的批准，並取決於其他成交條件的滿足或豁免。鑑於 SEC 仍在審查特別股東大會上用於批准交易的委託書形式，並且我們仍在經歷多個監管審批流程，因此我們不打算在問答中討論待決交易會議。因此，請相應地限制您的問題。

Operator, we're ready to take questions.

接線員，我們準備好回答問題了。

(Operator Instructions)

（操作員說明）

Julien Dumoulin-Smith, UBS.

朱利安杜穆蘭-史密斯，瑞銀集團。

So quick question. Following up on the latest PJM capacity auction results, can you describe a little bit more in detail what is -- what your intentions are with respect to some of the assets that may or may not be impinged by CP requirements? Just what you think about your compliance strategies and next year's auction moving that 100% threshold as well as just what the lower prices mean for some of the more peripheral assets.

這麼快的問題。根據最新的 PJM 容量拍賣結果，您能否更詳細地描述一下您對可能或可能不會受到 CP 要求影響的某些資產的意圖是什麼？您對合規策略和明年拍賣達到 100% 門檻的看法，以及較低的價格對一些更外圍的資產意味著什麼。

I think I got your question, Julien. If I don't answer it fully, let me know. You kind of broke up in the middle there.

我想我明白了你的問題，朱利安。如果我沒有完全回答，請告訴我。你們中間就分手了。

So the strategy that we employed this past year was the same as the prior year. We basically risk assess and rank every asset in the portfolio as it relates to the clearing prices in the auction and trying to project what other folks are doing with their assets, looking at assets that are in the queue to be added, and the prices that we believe those owners would need to see relative to forward sparks and everything else to justify building those and create a bidding strategy accordingly.

因此，我們去年採用的策略與前一年相同。我們基本上對投資組合中的每項資產進行風險評估和排名，因為它與拍賣中的清算價格相關，並試圖預測其他人正在用他們的資產做什麼，查看正在添加的隊列中的資產，以及要增加的資產的價格。

We would expect to -- and again, since there are no solid fuel or other constraints or requirements related to assets, technically all the assets that are there conform and are able to bid into the product -- the new product. So -- and we bid them as such. So, we'll continue that strategy moving forward. We do expect to see, based upon those low prices, depending on what happens in certain states that are looking to provide subsidies for generation, the folks that have committed generation may not ultimately deliver that. When we look at those assets and see the negative cash flows coming off them, we don't understand how those owners can commit them that number of years forward, continue to maintain them from a CapEx perspective and operate them, and so we'll bid into the subsequent auctions, bi-lat arrangements as those evolve and we get closer to the delivery year.

我們預計，由於沒有固體燃料或其他與資產相關的限製或要求，從技術上講，所有現有資產都符合並能夠競標新產品。所以——我們就這樣出價。因此，我們將繼續推進這項戰略。我們確實預計，基於這些低價，根據某些尋求提供發電補貼的州的情況，承諾發電的人可能最終無法實現這一目標。當我們查看這些資產並看到它們產生負現金流時，我們不明白這些所有者如何能夠在未來幾年內投入這些資產，從資本支出的角度繼續維護它們並運營它們，因此我們將投標進入隨後的拍賣，bi-lat 安排，隨著這些安排的發展，我們越來越接近交付年份。

So I don't think our strategy changes at all moving forward.

因此，我認為我們的策略在未來不會發生任何變化。

Okay. Excellent. And then moving on to the nuclear assets and specifically Susquehanna, can you elaborate a little bit on where you think the State of Pennsylvania is and the state of your own asset following what happened in New York recently?

好的。出色的。然後轉向核資產，特別是薩斯奎哈納，您能否詳細說明一下您認為賓夕法尼亞州在哪裡以及在紐約最近發生的事件之後您自己的資產狀況？

Yes. We're obviously still digesting what just transpired in New York and we'll -- as it relates to other situations where subsidies have been provided to competitive gen in other states, we'll evaluate that. Nuclear is obviously a unique resource, and states like Pennsylvania and Illinois and New York and a few others that have a large percentage of nuclear in their generation mix, as they assess the capability to meet clean air requirements going into the future, if any material portion of that generation were to go away, it becomes just -- given renewable dynamics here in the Northeast, it would be very challenging to meet those requirements. So, we understand that. Whatever would transpire in any given state, the construct needs to be a market-based solution, and that's a -- it's cheeky and easy to say that, but not all of the constructs that have been proposed we would stipulate are market-based solutions.

是的。顯然，我們仍在消化剛剛在紐約發生的事情，因為它與其他州向有競爭力的發電機提供補貼的其他情況有關，我們將對此進行評估。核電顯然是一種獨特的資源，賓夕法尼亞州、伊利諾伊州、紐約州以及其他一些州在其發電組合中核電比例很大，因為他們評估滿足未來清潔空氣要求的能力（如果有的話）如果那一代人的一部分消失，那麼考慮到東北部再生能源的動態，滿足這些要求將非常具有挑戰性。所以，我們理解這一點。無論在任何特定國家會發生什麼，該結構都需要是基於市場的解決方案，這是一個——說起來很厚顏無恥，也很容易，但並非所有我們提出的結構都是基於市場的解決方案。

We're looking at New York, the stakeholders in Pennsylvania, and nuclear generation owners in Pennsylvania have been engaged and in dialogue. I believe the State of Pennsylvania very much wants to defend maintaining competitive markets, given the value that's been delivered to consumers, but we'll see how things kind of evolve going forward. So we're -- we could be a proponent of it under the right scenario and we would be an opponent of it in a wrong scenario.

我們正在關注紐約，賓州的利益相關者和賓州的核電廠所有者已經參與並進行了對話。我相信，考慮到向消費者提供的價值，賓州非常希望捍衛競爭性市場，但我們將看到事情如何發展。因此，在正確的情況下，我們可能是它的支持者，而在錯誤的情況下，我們可能是它的反對者。

So, and just to clarify your prior comment on the capacity auction results, did you say that you perceive all your assets as being compliant with the CP regs? And perhaps here I'm specifically alluding to the Sapphire portfolio and its ability or limitations around gas leasee considerations.

那麼，為了澄清您之前對容量拍賣結果的評論，您是否說過您認為您的所有資產都符合 CP 法規？也許在這裡我特別提到了藍寶石投資組合及其在天然氣承租人考慮方面的能力或限制。

Yes. Again, to the extent that you -- there's a gas asset and it doesn't have firm transmission and storage or dual fuel, you're permitted to bid the asset in. The question becomes how much risk are you taking on? Should you not be able to get gas delivered to the unit during a CP event, you're subject to penalty exposure in that instance, but it's not that you're not permitted to bid the asset.

是的。再說一次，如果你有天然氣資產，但沒有固定的傳輸和儲存或雙燃料，你就可以競標該資產。如果您在 CP 活動期間無法將天然氣輸送到設備，那麼在這種情況下您將受到處罰，但這並不是說您不允許對資產進行投標。

Right. Clearly. And maybe the follow-up there is how do you think about retirement for assets that did not [clearly as] auction. Perhaps you answered that by saying there are residual auctions we can bid into later, the incrementals.

正確的。清楚地。也許接下來的問題是您如何看待未[明確]拍賣的資產的報廢。也許您的回答是，我們可以在以後進行剩餘拍賣，即增量拍賣。

That's correct. I don't see as a result of not clearing one or two capacity auctions the need or the desire to close any of the assets in the portfolio.

這是正確的。我不認為由於未完成一兩次容量拍賣而需要或希望關閉投資組合中的任何資產。

Got it. All right. Thank you very much. All the best.

知道了。好的。非常感謝。一切順利。

Thanks, Julien.

謝謝，朱利安。

Ali Agha, SunTrust.

阿里·阿加，SunTrust。

Paul, first question: when you look at the forward price curves in your key markets, PJM, ERCOT, etc., and you think about your own fundamental views on the market, do you see much of a disconnect in terms of where the forwards are versus where fundamentals should have them?

Paul，第一個問題：當您查看主要市場（PJM、ERCOT 等）的遠期價格曲線，並思考您自己對市場的基本面看法時，您是否會發現遠期價格曲線存在很大的脫節？與基本面應有的情況相比？

I guess when we do our business planning process, we -- for the first couple of years, the market's the market and that's what we're hedging into. Starting in year 3, and more in year 4 and almost fully in year 5, we start to blend in a fundamental view of where we think prices will go, based upon inputs from WoodMac and [Seera] and others, and then our own team's perspective.

我想，當我們進行業務規劃過程時，​​我們——在最初的幾年裡，市場就是市場，這就是我們要對沖的。從第 3 年開始，從第 4 年開始，幾乎從第 5 年開始，我們開始根據 WoodMac 和 [Seera] 等人的意見，以及我們自己團隊的意見，融入我們認為價格走勢的基本觀點。

As you get towards that back end, we do see an uplift in our fundamental view versus what the forwards indicate, but the forwards are so illiquid. There's no natural buyers and sellers, and there's no market makers out in those years that are doing anything of any quantity, so the market forwards -- I think that's more just a function of the lack of liquidity than it is whether things will ultimately deliver at those prices, and that's the conundrum that we all face is what's ultimately going to deliver as we move forward.

當你接近後端時，我們確實看到我們的基本觀點相對於前鋒所顯示的有所提升，但前鋒的流動性非常低。沒有自然的買家和賣家，在那些年裡也沒有做市商做任何數量的事情，所以市場向前發展——我認為這更多的是缺乏流動性的結果，而不是事情最終能否實現的結果以這些價格，這就是我們所有人面臨的難題，即我們前進時最終將實現什麼。

We do not believe that we are going to come out on a sustained basis of these periods of very low gas prices, given the quantum of gas that sits here in the Marcellus and the Utica, in the Southwest, and in Texas, and so we believe that that phenomenon will sustain. Could there be a pop in 2017? We've seen the numbers that people are at -- $3, $3.25, maybe $3.50 -- that could very well be the case, but given what the economics are of drilling for gas and ultimately the pipelines that will get built to get the gas out of this region to higher price markets, there's plenty of drillers that would love to hit that forward and hedge it and knock it right back down. So, I would say that as we think about our own forward view of things and fundamentals, I wouldn't say that we have an ultra-bullish perspective on natural gas as a driver of prices.

考慮到馬塞勒斯河和尤蒂卡河、西南部和德州的天然氣儲量，我們不認為天然氣價格會持續處於非常低的時期，因此我們相信這種現象將會持續下去。 2017年會出現流行嗎？我們已經看到了人們的數字——3美元、3.25美元，也許是3.50美元——情況很可能是這樣，但考慮到天然氣鑽探以及最終為獲取天然氣而建造的管道的經濟性從該地區進入更高價格的市場，有很多鑽探商願意向前推進並對其進行對沖，然後將其擊落。因此，我想說，當我們思考我們自己對事物和基本面的前瞻性看法時，我不會說我們對天然氣作為價格驅動因素抱持超級樂觀的看法。

Okay.

好的。

And demand is what it is. It's somewhere between minus 1% and plus 1% depending on the market we're talking about.

需求就是這樣。它介於負 1% 和正 1% 之間，具體取決於我們所討論的市場。

Okay. Then secondly, in the past, obviously you guys had expressed strong desire to continue to look for opportunities to expand your portfolio, build more critical mass. Fair to say, given that you're in the midst of your own transaction, that you're probably not at this stage a player as far as asset M&A activity is concerned?

好的。其次，在過去，顯然你們表達了繼續尋找機會擴大投資組合、建立更多臨界質量的強烈願望。公平地說，鑑於您正在進行自己的交易，就資產併購活動而言，您可能不是現階段的參與者？

I think that's a fairly accurate statement. I mean, Riverstone diligence, the Company, they understand the portfolio that they've committed to buy subject to the regulatory approvals that I talked about, and to the extent that we would pursue something, it would fully require their approval. And given that we're required effectively under the agreement with them to maintain liquidity, we'll be focused on preserving that liquidity. We are continuing to move forward with gasification of both Brunner, which is -- Joe's here, that'll be ready later this month. We'll tie it in later in fall once we get through some of the peakier summer pricing here, and are moving forward with Montour, as well; but on an M&A basis on new asset additions, I wouldn't look to us as being involved in stuff like that.

我認為這是一個相當準確的說法。我的意思是，Riverstone 盡職盡責，公司，他們了解他們承諾購買的投資組合，但要遵守我談到的監管部門的批准，並且就我們要追求的東西而言，這完全需要他們的批准。鑑於與他們簽訂的協議有效地要求我們保持流動性，我們將專注於保持流動性。我們正在繼續推進布倫納的氣化工作，喬在這裡，將於本月晚些時候準備好。一旦我們度過了夏季價格高峰，我們將在秋季晚些時候將其結合起來，並且也在推進 Montour；但在新資產增加的併購基礎上，我不認為我們會參與類似的事情。

Right, and then thirdly, from your vantage point as both an industry player/observer/participant and having been through the exercise as a public CEO, do you believe that the public market is the right forum for the IPP sector?

是的，第三，從您作為行業參與者/觀察者/參與者的角度以及作為公共首席執行官的經歷來看，您認為公共市場是 IPP 行業的正確論壇嗎？

You know, that's a -- every company's got to answer that question for themselves. I do think that when it becomes -- and they're more than just little shallow divots where it's hard to raise capital, it seems like this sector trades more in line with oil prices than it does gas prices, actually, and so it's kind of a unique space. And, again, as I said, every company's got to take their own -- make their own call on that front, and I wouldn't want to prejudge for others what's right for them, but as our Board assessed the offers that were in front of it and we thought about our size, our scale, our diversity, this was the right transaction for us.

你知道，每個公司都必須自己回答這個問題。我確實認為，當它變得——它們不僅僅是難以籌集資金的淺淺的小草皮時，這個行業的交易似乎更符合石油價格，而不是天然氣價格，實際上，所以它是善良的一個獨特的空間。而且，正如我所說，每家公司都必須在這方面做出自己的決定，我不想為其他公司預先判斷什麼是適合他們的，但當我們的董事會評估了其中的報價時，面對它，我們考慮了我們的規模、我們的規模、我們的多樣性，這對我們來說是正確的交易。

Okay. Thank you.

好的。謝謝。

Sure.

當然。

Abe Azar, Deutsche Bank.

阿貝‧阿札爾，德意志銀行。

Good morning. Is there any update on your optimization efforts at Harquahala?

早安.您在 Harquahala 的優化工作有任何更新嗎？

No update there. We're still engaged with a number of parties, many that serve load and some that are looking at the site for the value of the gen and other purposes. There are RFPs that are out, some that are looming here in the near future, and so we're continuing to dialogue with a number of different entities in the Southwest.

那裡沒有更新。我們仍在與許多各方合作，其中許多是提供負載服務的，還有一些是出於發電價值和其他目的而查看網站的。有些 RFP 已經發布，有些將在不久的將來出現，因此我們將繼續與西南部的許多不同實體進行對話。

Great, and then just following up on the minimum liquidity condition in the merger. How much cushion do you have to those levels from where you sit -- what you see going to the end of the year? And is there anything that you could foresee that might put that in jeopardy, like an extended outage at Susquehanna or something like that?

太好了，然後就跟進合併中的最低流動性條件。從你現在的位置來看，你對這些水平有多少緩衝——你認為到年底會怎樣？您是否可以預見任何事情可能會使其陷入危險，例如薩斯奎哈納的長期停電或類似情況？

I'll let Jeremy answer this question.

我讓傑里米回答這個問題。

Yes, I don't know that -- well, I know we haven't specifically talked publicly about sort of cushion levels. Yes, I mean, you can look at cash in the balance sheet and where our revolver's drawn and kind of do some math around that. It's a provision that was -- we spent a lot of time on trying to make sure we got right in terms of having acceptable closing risk profile to shareholders. We don't expect running afoul of that, and we even took into consideration some sort of unpredictables, if you will, in terms of sort of shocking the liquidity system, and we felt pretty comfortable, where even under unanticipated scenarios, we'll still be able to close.

是的，我不知道——嗯，我知道我們還沒有特別公開討論某種緩衝水平。是的，我的意思是，你可以查看資產負債表中的現金以及我們的左輪手槍的抽出位置，然後對此進行一些數學計算。這是一項條款——我們花了很多時間試圖確保我們在向股東提供可接受的關閉風險狀況方面是正確的。我們預計不會發生衝突，我們甚至考慮到了某種不可預測的情況，如果你願意的話，就衝擊流動性系統而言，我們感覺很舒服，即使在意想不到的情況下，我們也會還是可以關閉的。

And we still feel very confident as we sit today that that won't be an issue to close.

當我們今天坐下來時，我們仍然非常有信心這不會成為一個需要解決的問題。

Thank you.

謝謝。

Sure.

當然。

(Operator Instructions) Jeff Cramer, Morgan Stanley.

（操作員指示）Jeff Cramer，摩根士丹利。

Just want --

只是想 -

Jeff, you're cutting out.

傑夫，你要退出了。

Pardon me. This is the conference operator. Mr. Cramer, it looks like your call may have dropped out from the question queue. We do apologize. I'm not sure what had happened, but your phone line did drop during the question queue. (Operator Instructions)

對不起。這是會議操作員。克萊默先生，看來您的電話可能已從問題隊列中退出。我們深表歉意。我不確定發生了什麼事，但在提問隊列中你的電話線確實掉線了。 （操作員說明）

If Mr. Cramer's listening, he can follow up with Andy Ludwig with his question, if there are no other questions.

如果 Cramer 先生在聽，如果沒有其他問題，他可以向 Andy Ludwig 提出他的問題。

I am not showing any further questions at this time, so this does conclude our question and answer session. And I would like to turn the conference back over to management for any closing remarks.

我目前不會提出任何進一步的問題，因此我們的問答環節到此結束。我想將會議轉交管理層發表閉幕詞。

Okay. Thank you, all, for joining us on the call today, and we look forward with chatting with you in the future. Thanks.

好的。感謝大家今天加入我們的電話會議，我們期待將來與您交談。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。