Mammoth Energy Services Inc (TUSK) 2025 Q1 法說會逐字稿

Greetings and welcome to the Mammoth Energy Service's first quarter earnings conference call [Operator Instructions] It is now my pleasure to introduce your host, Zach Vaughan. Thank you, you may begin.

問候並歡迎參加 Mammoth Energy Service 第一季收益電話會議 [操作員指示] 現在我很高興介紹您的主持人 Zach Vaughan。謝謝，你可以開始了。

Thank you, operator, and good morning everyone. We appreciate you joining us for the Mammoth Energy conference call to review 2025 1st quarter results. this column is also being webcast and can be accessed through the audio link on the events and presentations page of the investor relations section of www. Mammothenergy.com.

謝謝接線員，大家早安。感謝您參加 Mammoth Energy 電話會議，回顧 2025 年第一季業績。本專欄也將進行網路直播，您可以透過 www. 投資者關係部分的活動和演示頁面上的音訊連結存取。Mammothenergy.com。

Information report on this call speaks only as of today, May 7th, 2025. please be advised that any time sensitive information may no longer be accurate as of any subsequent date. I would also like to remind you that the statements made in today's discussion that are not historical facts, including statements of expectations or future events or future financial performance, are forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1,995.

本次電話會議的資訊報告僅截至 2025 年 5 月 7 日有效。請注意，任何時間敏感資訊在任何後續日期可能不再準確。我還想提醒您，今天討論中做出的非歷史事實的陳述，包括對預期或未來事件或未來財務表現的陳述，都是根據 1995 年《私人證券訴訟改革法》的安全港條款做出的前瞻性陳述。

We'll be making forward-looking statements as part of today's call that by their nature are uncertain and outside of the company's control. actual results may differ materially. please refer to the earnings press release that was issued today for our disclosure on forward-looking statements.

作為今天電話會議的一部分，我們將做出前瞻性陳述，這些陳述本質上是不確定的，並且超出了公司的控制範圍。實際結果可能存在重大差異。請參閱今天發布的收益新聞稿，以了解我們對前瞻性陳述的揭露。

These factors and other risks and uncertainties are described in detail in the company's filings with the Securities and Exchange Commission. management may also refer to non-gap measures, including adjusted Eat.

這些因素以及其他風險和不確定性在公司提交給美國證券交易委員會的文件中進行了詳細描述。管理階層也可能參考非差距指標，包括調整後的利潤。

The definition of this non-gap measure and its reconciliation to the most directly comparable GAAP financial measure can be found at the end of our earnings release and in our investor presentation, which can be found on our website.

此非差距指標的定義及其與最直接可比較的 GAAP 財務指標的調整可以在我們的收益報告末尾和投資者介紹中找到，這些都可以在我們的網站上找到。

Mammoth Energy assumes no obligation to publicly update or revise any forward-looking statements. and now I'd like to turn it over to Mammoth Energy's CEO Phil Lancaster.

Mammoth Energy 不承擔公開更新或修改任何前瞻性聲明的義務。現在我想把發言權交給 Mammoth Energy 的執行長 Phil Lancaster。

Thank you, Zach. good morning, everyone. Nice to speak to you all again this quarter in what will be my last earnings call as CEO of Mammoth Energy Services. given our significant cash position, management has and will continue to evaluate potential strategic opportunities to add accretive assets while maintaining the strength of the balance sheet.

謝謝你，扎克。大家早安。很高興在本季再次與大家交談，這將是我作為 Mammoth Energy Services 執行長的最後一次收益電話會議。鑑於我們充足的現金狀況，管理層已經並將繼續評估潛在的策略機會，以增加增值資產，同時保持資產負債表的強勁。

As a reminder, as management evaluates the existing businesses and new opportunities to unlock value, mammoths may be buyers or sellers at sometimes both. April was a great example of this as the company completed two transactions, one is a buyer and one as a seller.

提醒一下，當管理層評估現有業務和釋放價值的新機會時，猛獁象可能是買家或賣家，有時兩者兼而有之。四月就是一個很好的例子，因為該公司完成了兩筆交易，一筆是買方交易，一筆是賣方交易。

As a buyer, we purchased 8 small passenger aircraft in early April for approximately $11.5 million. these aircraft will add meaningful scale and further diversify man's rental services fleet. also, each of these planes are under long-term leases with a commuter airline, so this purchase will be immediately accused to our financial results.

作為買家，我們在四月初購買了 8 架小型客機，購買價格約為 1,150 萬美元。這些飛機將顯著擴大規模，並進一步豐富曼恩的租賃服務機隊。此外，每架飛機都與一家通勤航空公司簽訂了長期租約，因此此次購買將立即計入我們的財務業績。

As a seller, we completed a transaction in April selling three infrastructure subsidiaries five Star Electric, high Power Electrical and Python Equipment to Peak utility Services Group for an aggregate sales price of $108.7 million.

作為賣方，我們在 4 月完成了一項交易，將三家基礎設施子公司 Five Star Electric、High Power Electrical 和 Python Equipment 出售給 Peak 公用事業服務集團，總售價為 1.087 億美元。

This was a monumental transaction for mammoth and demonstrated the ability for us to repeatedly grow businesses organically. with our enterprise. We originally purchased these businesses for less than $10 million in 2017.

這對猛獁象來說是一筆具有里程碑意義的交易，證明了我們有能力透過我們的企業不斷實現業務的有機成長。我們最初在 2017 年以不到 1,000 萬美元的價格收購了這些企業。

And over the past eight years we've significantly grown these businesses and increased revenue. To give you a sense of the magnitude, associated revenue has exceeded $90 million in each of the last three years. this transaction was especially [accrey] because it was completed at over four times tangible book value and a trailing 12-month IEA multiple of nine

在過去的八年裡，我們的業務顯著成長，收入也大幅增加。為了讓您了解其規模，在過去三年中，相關收入每年都超過 9,000 萬美元。這筆交易尤其值得關注，因為它的成交價是實際帳面價值的四倍多，過去 12 個月的 IEA 倍數為 9

As part of the infrastructure deal, I will be transitioning out of the CEO role and will become an employee of Peak. I'll start at peak on July 1st. currently our board of directors are conducting a search for a successor CEO.

作為基礎設施交易的一部分，我將不再擔任首席執行官，並成為 Peak 的員工。我將於 7 月 1 日開始在 Peak 任職。目前我們的董事會正在尋找繼任執行長。

I've been at Mammoth since the inception of our infrastructure business in 2017, and we've had a lot of success growing these assets during that time. I feel a natural tie to that business and it makes the most sense for me to follow those assets.

自 2017 年基礎設施業務成立以來，我一直在 Mammoth 工作，在此期間，我們在發展這些資產方面取得了巨大成功。我感覺自己與該行業有著天然的聯繫，關注這些資產對我來說是最有意義的。

And while it is difficult to leave, I have full confidence in the Mammoth team to continue to drive value for shareholders. I have no doubt that this experienced management team and my successor will lead this company forward to achieve success all future endeavors.

儘管離開很困難，但我完全相信 Mammoth 團隊會繼續為股東創造價值。我堅信，這個經驗豐富的管理團隊和我的繼任者將帶領公司在未來的所有努力中取得成功。

I'll now touch on a few highlights from the quarter and address some of the uncertainty that is present in today's market environment before turning the call over to Mark to elaborate on the first quarter financial performance and provide the outlet for Mammoth going forward.

現在，我將介紹本季的一些亮點，並解決當今市場環境中存在的一些不確定性，然後將電話交給馬克，讓他詳細說明第一季的財務業績，並為 Mammoth 未來的發展提供出路。

We are pleased with the strength of our first quarter results that generated positive adjusted. during the quarter, we experienced incremental growth in all key financial metrics subsequentially from the fourth quarter that rebounded off the lows of 2024.

我們對第一季業績的強勁表現感到滿意，該季度產生了積極的調整。在本季度，我們所有關鍵財務指標均從第四季度開始逐步成長，並從 2024 年的低點反彈。

We benefited from the incremental pressure pumping utilization during the quarter that drove a 32% sequential increase in well completion revenue, and we continue to see strong demand throughout our various businesses including engineering and TD services.

我們受惠於本季增量壓力幫浦利用率的提高，推動完井營收季增 32%，並且我們繼續看到包括工程和 TD 服務在內的各項業務的強勁需求。

We recognize that there is a level of uncertainty in the market currently stemming from the tariffs, the state of our economy, and geopolitical events such as OPEC's decision to increase production.

我們體認到，目前市場存在一定程度的不確定性，源自於關稅、經濟狀況以及歐佩克決定增產等地緣政治事件。

These factors have already started to weigh on oil prices as a result. We anticipate potential increased competition in the gas basins in which we operate, given the strong fundamental support for natural gas later this year and into 2026 tied to increased LNG capacity.

這些因素已開始對油價產生影響。鑑於今年稍後以及到 2026 年液化天然氣產能增加將為天然氣提供強勁的基本面支撐，我們預計我們營運的天然氣盆地的競爭可能會加劇。

This increased competition may squeeze margins slightly in the near term, but we largely expect this to be a short-term headwind as service companies will naturally return to the oily basins once commodity prices permit.

競爭加劇可能在短期內稍微擠壓利潤率，但我們普遍認為這只是短期阻力，因為一旦商品價格允許，服務公司自然會重返油田。

Our near term target continues to achieve a utilization excess of 1.5 active fleets, which will enable us to generate free cash flow now let me turn the call over to Mark, to take you through our first quarter financial performance highlights by segment and the company's outlook.

我們的近期目標是繼續實現 1.5 個現役船隊的利用率過剩，這將使我們能夠產生自由現金流，現在讓我將電話轉給馬克，向您介紹我們第一季度按部門劃分的財務業績亮點和公司前景。

Thank you, Phil. I hope everyone is doing well, and we appreciate you joining us today. I'll take this time to provide commentary around our overall financial performance during the quarter, including a deeper dive into the results by segment before touching on our plans for the future.

謝謝你，菲爾。我希望每個人都一切順利，我們感謝您今天加入我們。我將利用這段時間對我們本季的整體財務業績進行評論，包括在談到我們未來的計劃之前對各部門的業績進行更深入的分析。

A detailed breakdown of our results can be found in our earnings release and in our 10 once it is on file with the SEC. Mammoth's total revenue during the first quarter of 2025 came in at $62.5 million, which represents a 17% sequential increase over the fourth quarter of 2024.

我們的業績詳細分類可在我們的收益報告和提交給美國證券交易委員會 (SEC) 的 10 份文件中找到。猛獁象 2025 年第一季的總收入為 6,250 萬美元，比 2024 年第四季環比成長 17%。

Our first quarter results benefited from increased utilization and demand for our services in both our well completions and infrastructure services segments. we continue to believe there are positive demand implications for natural gas resulting from incremental LNG export capacity and growing electricity demand requirements which we expect to materialize late this year and into 2026.

我們第一季的業績受惠於我們完井和基礎設施服務部門的服務利用率和需求的成長。我們仍然相信，液化天然氣出口能力的增加和電力需求的不斷增長將對天然氣需求產生積極影響，我們預計這將在今年年底和 2026 年實現。

Despite the uncertainty that is present in energy markets. and the resulting demand implications. we have implemented various cost cutting measures that should further support improvements in our overall financial performance.

儘管能源市場存在不確定性，並由此對需求產生影響，但我們仍實施了各種削減成本的措施，以進一步支持我們整體財務表現的改善。

Additionally, we will continue to evaluate strategic opportunities to deploy capital in ways that will be accretive and value enhancing. divisionally The well completion services segment saw further improvement in utilization during the first quarter after activity bottomed out in mid 2024.

此外，我們將繼續評估策略機遇，以增值和提升價值的方式部署資本。從部門來看，完井服務部門在 2024 年中期活動觸底後，第一季的使用率進一步提高。

Well completions generated revenue of $20.9 million with an average of 1.3 active pressure pumping fleets compared to $15.8 million with 1.1 average active fleets in the fourth quarter of 2024. this increase in utilization helped drive the improvement in financial results.

油井完井創造了 2090 萬美元的收入，平均活躍壓力泵作業隊數為 1.3 支，而 2024 年第四季則為 1580 萬美元，平均活躍壓力泵作業隊數為 1.1 支。利用率的提高有助於推動財務績效的改善。

As we look at the remainder of 2025, commodity prices will likely result in a somewhat flat activity environment. we expect completion activity to be relatively steady, although should uncertainty subside, there is a potential for upside into 2026, driven by incremental demand associated with natural gas.

展望 2025 年剩餘時間，大宗商品價格可能會導致活動環境略顯平淡。我們預計完井活動將相對穩定，但如果不確定性消退，則在天然氣相關需求增量的推動下，2026 年仍有上行潛力。

Macroeconomic uncertainty, tariff implications, and OPEC plus production increases have placed significant pressure on the energy market and more specifically, commodity prices. this has widely softened expectations for activity levels throughout 2025.

宏觀經濟的不確定性、關稅影響以及石油輸出國組織 (OPEC) 和產量增加給能源市場，尤其是大宗商品價格帶來了巨大壓力。這大大降低了人們對 2025 年全年活動水準的預期。

However, we continue to believe there are demand implications for natural gas-directed activity that may shift market dynamics later in the year in a way that benefits our well completion services segment. we will remain disciplined stewards of capital and continue to align our spending appropriately with the demand that we see from our customers.

然而，我們仍然相信，天然氣導向活動的需求可能會影響今年稍後的市場動態，從而使我們的完井服務部門受益。我們將繼續嚴格管理資本，並繼續根據客戶的需求適當調整我們的支出。

Our sand segment sold approximately 189,000 tons of sand in the first quarter at an average sales price of $21.49 per ton compared to 129,000 tons of sand at an average sales price of $22.54 during the fourth quarter of 2024.

我們的沙子部門在第一季銷售了約 189,000 噸沙子，平均銷售價格為每噸 21.49 美元，而 2024 年第四季銷售了 129,000 噸沙子，平均銷售價格為每噸 22.54 美元。

Sales volumes were up and pricing remained relatively stable during the 1st quarter, which primarily stemmed from increased utilization. we expect incremental demand to drive improved results in the san segment in 2025.

第一季銷售量上升，價格維持相對穩定，主要源自於利用率提高。我們預期增量需求將在 2025 年推動 SAN 部門績效改善。

As expected, the legacy infrastructure services segment executed well and delivered strong results during the 1st quarter. revenue for this segment was $30.7 million for the first quarter of 2025, which represents a 10% sequential increase compared to the fourth quarter.

正如預期的那樣，傳統基礎設施服務部門在第一季表現良好並取得了強勁的業績。 2025 年第一季相比該部門的營收為 3,070 萬美元，與第四季相比較上季成長 10%。

Following the sale of the three subsidiaries, we will play to our strengths while continuing to strategically deploy capital to pursue opportunities within this sector as we focus on the areas with the greatest potential for improved returns.

出售三家子公司後，我們將發揮自身優勢，繼續策略性地部署資本，尋求該產業內的機遇，並專注於那些最有潛力提高回報的領域。

On a go forward basis after the sale of the 3 subsidiaries, our infrastructure services segment will be comprised of engineering and fiber. our engineering group continues to do well, and we have secured a strong backlog of business that will drive growth in future periods.

在出售這三家子公司後，我們的基礎設施服務部門將由工程和光纖組成。我們的工程集團繼續表現良好，我們已獲得大量業務積壓，這將推動未來時期的成長。

We will continue to evaluate and make strategic investments in this segment as appropriate to capitalize on the significant macro tailwinds that are supporting the demand cycle, such as data centers, AI, and nuclear developments.

我們將繼續評估並對該領域進行適當的策略性投資，以利用支援需求週期的重要宏觀順風，例如資料中心、人工智慧和核能發展。

For the first quarter of 2025, revenue for our engineering and fiber businesses was $4 million and $0.7 million respectively. for the full year of 2024, revenue for our engineering and fiber businesses was $17.3 million and $1.5 million respectively.

2025 年第一季度，我們的工程和光纖業務收入分別為 400 萬美元和 70 萬美元。 2024 年全年，我們的工程和光纖業務收入分別為 1,730 萬美元和 150 萬美元。

Returning to consolidated results. Our net loss for the first quarter was $0.5 million or a loss of $0.01 per diluted share compared to a net loss of $15.5 million or a loss of $0.32 per diluted share in the fourth quarter of 2024.

恢復合併結果。我們第一季的淨虧損為 50 萬美元，即每股攤薄虧損 0.01 美元，而 2024 年第四季的淨虧損為 1,550 萬美元，即每股攤薄虧損 0.32 美元。

Adjusted EBITDA , as defined and reconciled in our earnings release was a positive $2.7 million in the first quarter compared to a negative $4.8 million for the fourth quarter of 2024. selling general and administrative expenses decreased by approximately 34% sequentially to $6.5 million in the first quarter of 2025.

調整後的 EBITDA（如我們的收益報告中定義和調節的）在第一季為正 270 萬美元，而 2024 年第四季為負 480 萬美元。 2025 年第一季的銷售一般和行政費用較上季下降約 34% 至 650 萬美元。

After the sale of the three infrastructure subsidiaries, we expect SGMA to decline 20% to 25% from the Q1 amount on a go forward basis. CapEx for the first quarter of 2025 was $7.2 million.

在出售這三家基礎設施子公司後，我們預計 SGMA 的營收將較第一季下降 20% 至 25%。2025 年第一季的資本支出為 720 萬美元。

This was primarily related to upgrades and maintenance of our pressure pumping fleet. our 2025 CapEx budget, excluding acquisitions, remains at $12 million, which is primarily comprised of growth CapEx for our equipment rentals business and maintenance CapEx for our pressure pumping business.

這主要與我們的壓力泵送車隊的升級和維護有關。我們的 2025 年資本支出預算（不包括收購）仍為 1,200 萬美元，主要包括設備租賃業務的成長資本支出和壓力泵送業務的維護資本支出。

We will approach tier four pressure pumping fleet conversions with a measured pace to be as cost effective and efficient as possible. we will also continue to monitor the uncertainty within our markets to determine potential impacts on commodity prices and resulting activity levels.

我們將以有節制的步伐進行四級壓力幫浦車隊的轉換，以盡可能實現成本效益和效率。我們也將繼續監測市場中的不確定性，以確定對商品價格和由此產生的活動水平的潛在影響。

We will adjust our spending as necessary to align with the activity levels of our customers. additionally, we see many opportunities to strategically allocate capital to grow our existing businesses that are generating the greatest returns.

我們將根據需要調整支出，以適應客戶的活動量。此外，我們看到許多機會，可以策略性地分配資本，以發展產生最大回報的現有業務。

We've identified numerous opportunities to deploy capital, specifically around equipment rentals, which we expanded and diversified with the purchase of 8 planes last month. there will continue to be various opportunities to invest back into our business in the near term to address demand.

我們已經發現了許多部署資本的機會，特別是在設備租賃方面，我們上個月購買了 8 架飛機，擴大了業務規模並實現了多樣化。短期內，我們將繼續有各種機會重新投資於我們的業務，以滿足需求。

As well as to purchase and upgrade equipment with our improved cash position. as of March 30, 01, 2025, we had unrestricted cash on hand of approximately $56.7 million.

並利用我們改善的現金狀況來購買和升級設備。截至 2025 年 3 月 30 日，我們手頭上的非限制現金約為 5,670 萬美元。

This cash balance excludes restricted cash of $21.6 million, which would bring our total cash on hand to $78.3 million. a revolving credit facility was undrawn. and we had approximately $22.7 million in available borrowing capacity. our total liquidity was approximately $79.4 million. as of May 2nd, 2025. after completing the sale of three infrastructure subsidiaries and the purchase of eight aircraft.

此現金餘額不包括 2,160 萬美元的受限現金，這將使我們的現金總額達到 7,830 萬美元。循環信貸額度尚未提取。我們擁有約 2,270 萬美元的可用借款能力。截至 2025 年 5 月 2 日，在完成三家基礎設施子公司的出售和八架飛機的購買後，我們的總流動資金約為 7,940 萬美元。

Mammoth had unrestricted cash on hand of $135.4 million. excluding $19.6 million of restricted cash and total liquidity of $202.9 million.

Mammoth 持有的非限制性現金為 1.354 億美元，不包括 1,960 萬美元的限制性現金，總流動資金為 2.029 億美元。

As of today, Mammoth remains debt-free. to conclude our call, we would like to thank our 300 employees throughout the company for their hard work, dedication, and commitment to maintaining safe and sustainable work sites for themselves and their teammates.

截至今天，Mammoth 仍然沒有債務。在電話會議結束時，我們要感謝全公司 300 名員工的辛勤工作、奉獻精神以及為自己和隊友維護安全和永續工作場所的承諾。

We continue to see significant opportunities to unlock value for both Mammoth and its shareholders. we executed 2 value enhancing transactions last month, and we look forward to sharing additional strategic developments with you in the coming quarters.

我們繼續看到為 Mammoth 及其股東釋放價值的重大機會。上個月我們執行了兩項增值交易，我們期待在未來幾季與您分享更多策略發展。

We plan to continue managing the company opportunistically while closely monitoring the evolving energy landscape and are prepared to implement strategic cost management initiatives if necessary. we maintain a debt-free balance sheet and a significant cash position of approximately $155 million.

我們計劃繼續掌握機會管理公司，同時密切關注不斷變化的能源格局，並準備在必要時實施策略成本管理措施。我們維持無債務的資產負債表和約 1.55 億美元的大量現金部位。

This further expands our deployment opportunities, and we intend to utilize this dry powder to substantially invest in the company for future growth we are open for business.

這進一步擴大了我們的部署機會，我們打算利用這些資金對公司進行大量投資，以實現我們業務的未來成長。

And are focused on building a better, more resilient company for the future. we plan to utilize the tools at our disposal to sustain our recent momentum in the coming quarters and will strategically deploy capital as attractive value enhancing opportunities present themselves.

並致力於為未來打造一個更好、更有韌性的公司。我們計劃利用我們掌握的工具來維持未來幾季的勢頭，並將在有吸引力的增值機會出現時策略性地部署資本。

Finally, we believe our operational expertise, efficiency, strong balance sheet, and the strategic actions we are taking every day will unlock meaningful shareholder value, which is paramount. Operator, we would now like to open the call up for questions.

最後，我們相信我們的營運專業知識、效率、強勁的資產負債表以及我們每天採取的策略行動將釋放有意義的股東價值，這是至關重要的。接線員，我們現在想開始回答問題。

Thank you. We will now conduct a question and answer session. [Operator instructions] Our first question comes from Josh Jane with Daniel Energy Partners. Please proceed.

謝謝。我們現在將進行問答環節。[操作員指示] 我們的第一個問題來自 Daniel Energy Partners 的 Josh Jane。請繼續。

Thanks, good morning. First question I had was just on the sand business. Could you talk about the uplift in volumes in Q1, maybe a little, expand a little bit on your outlook for the rest of the year and how you ultimately see sand prices in the near to intermediate term.

謝謝，早安。我的第一個問題是關於沙子的事情。您能否談談第一季銷售的成長情況，稍微詳細談談您對今年剩餘時間的展望，以及您最終如何看待近期至中期的沙價。

Sure, for Q1, we saw strong demand in the Western Canada in regards to pricing. We see a fairly stable environment right now, and expect that to persist through the remainder of 25.

當然，對於第一季度，我們看到加拿大西部地區對定價的需求強勁。我們看到目前環境相當穩定，並預計這種穩定將持續到 2025 年剩餘時間。

Okay, thanks. And then when we think about, I think you had alluded to, the 1.5 active fleets that you were expecting on average over the course of the year, but in the event that there's some potential weakness in the back half of the year. There are some cost actions that you could potentially take. Could you just go into a little bit of detail of what those are and how you're thinking about maybe adjusted over the course of the year relative to your cap back spend. That'd be great, thanks.

好的，謝謝。然後，當我們考慮時，我想您已經提到過，您預計全年平均活躍艦隊數量為 1.5 艘，但如果下半年出現一些潛在的疲軟情況。您可以採取一些成本措施。您能否詳細說明一下這些是什麼，以及您考慮如何根據全年的上限支出進行調整。太好了，謝謝。

Yeah, good question. So as we look at the pressure pumping business for the remainder of the year, the biggest lever that we can pull on that side in regards to utilization is on both the staffing front as well as on the repairs and maintenance side.

是的，好問題。因此，當我們展望今年剩餘時間的壓力泵業務時，我們在利用率方面可以發揮的最大槓桿是在人員配備方面以及維修和維護方面。

And historically, the team has done an excellent job of managing their cost structure. So to the extent we see weakness and utilization for the remainder of 25, we'll certainly lean on that team to cut costs where they can. To manage the business according to demand.

從歷史上看，該團隊在管理成本結構方面做得非常出色。因此，如果我們發現剩餘 25 個團隊的弱點和利用率，我們肯定會依靠該團隊盡可能地削減成本。依需求管理業務。

Okay, thanks very much.

好的，非常感謝。

Thank you. This now concludes the Q&A session. At this time, I would like to turn it back to management for closing comments.

謝謝。問答環節到此結束。現在，我想將其交還給管理層，徵求他們的最後意見。

Thank you again for joining us on the call today. We continue to focus on positioning mammoth for future growth and unlocking value. we will achieve this through operational excellence, efficiency, and strategic capital deployment. This concludes our conference call, and we look forward to speaking to you all again next quarter.

再次感謝您今天參加我們的電話會議。我們將繼續致力於為猛獁象的未來成長和釋放價值做好準備。我們將透過卓越的營運、效率和策略資本部署來實現這一目標。我們的電話會議到此結束，我們期待下個季度再次與大家交談。

Thank you. This does concludes today's teleconference.

謝謝。今天的電話會議到此結束。