Travelzoo (TZOO) 2020 Q4 法說會逐字稿

Hello, everyone. Welcome to the Travelzoo Fourth Quarter 2020 Financial Results Conference Call. (Operator Instructions) Today's call is being recorded.

大家好。歡迎參加 Travelzoo 2020 年第四季財務績效電話會議。 （操作員說明）今天的通話正在錄音。

The company would like to remind you that all statements made during this conference call and presented in the slides that are not statements of historical facts constitute forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could vary materially from those contained in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements are described in the company's Form 10-K and 10-Q and other periodic filings with the SEC.

本公司謹提醒您，本次電話會議期間以及幻燈片中提出的所有非歷史事實陳述的陳述均構成前瞻性陳述，並且是根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的實際結果可能與前瞻性陳述中所包含的結果有重大差異。本公司向 SEC 提交的 10-K 表格和 10-Q 表格以及其他定期文件中描述了可能導致實際結果與前瞻性陳述中的結果有重大差異的因素。

Unless required by law, the company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Please refer to the company's website for important information, including the company's earnings press release issued earlier this morning. An archive recording of this conference call will be made available on the Travelzoo Investor Relations website at travelzoo.com/ir.

除非法律要求，本公司沒有義務公開更新任何前瞻性陳述，無論是由於新資訊、未來事件或其他原因。請參閱該公司網站以了解重要信息，包括今天早上早些時候發布的公司收益新聞稿。本次電話會議的存檔記錄將在 Travelzoo 投資者關係網站 Travelzoo.com/ir 上提供。

Now it's my pleasure to turn the floor over to Travelzoo's Global CEO, Holger Bartel; and its Chief Accounting Officer, Lisa Su. Lisa will start with an overview of the third (sic) [fourth] quarter 2020 financial results.

現在我很高興將發言權交給 Travelzoo 的全球執行長 Holger Bartel；及其首席會計官 Lisa Su。麗莎將首先概述 2020 年第三（原文如此）[第四]季度的財務表現。

Thank you, operator, and welcome to those of you joining us today. Please open the management presentation to follow along with our prepared remarks. The presentation in PDF format is available on our Investor Relations website at travelzoo.com/ir.

謝謝您，運營商，並歡迎你們今天加入我們。請開啟管理層演示文稿，跟隨我們準備好的評論。 PDF 格式的簡報可在我們的投資者關係網站 Travelzoo.com/ir 上取得。

On the first slide on Page #3, you can see our Q4 revenue was $12.5 million. We see continued improvement in our business. Q4 revenue was, in our opinion, not indicative of this trend. The revenue for Q1 2021 is expected to grow and the stabilizing trend that also shows in our significant increase in EPS from Q3 to Q4. Starting with Q3 2020, Travelzoo has decided to provide information on our non-GAAP operating income going forward as we believe it better explains how management evaluates performance.

在第 3 頁的第一張投影片上，您可以看到我們第四季的收入為 1250 萬美元。我們看到我們的業務持續改善。我們認為，第四季度的收入並不顯示這一趨勢。預計 2021 年第一季的營收將成長，並且穩定的趨勢也體現在我們從第三季到第四季的每股收益大幅成長。從 2020 年第三季度開始，Travelzoo 決定提供有關我們未來非 GAAP 營業收入的信息，因為我們相信這可以更好地解釋管理層如何評估業績。

Slide 4 shows the non-GAAP operating income, which changed year-over-year from $3.1 million to $547,000. We believe the financial performance is in line with our expectations. Slide 5 provides details on the items that are excluded in the calculation of non-GAAP operating income. Let's continue now to Slide 6. Our continued success in voucher sales keeps pushing the positive development in our cash balances. As of December 31, 2020, consolidated cash, cash equivalents, and restricted cash were $64.2 million.

幻燈片 4 顯示了非 GAAP 營業收入，年比從 310 萬美元增至 547,000 美元。我們相信財務表現符合我們的預期。幻燈片 5 提供了計算非 GAAP 營業收入時排除的項目的詳細資訊。現在讓我們繼續看投影片 6。截至 2020 年 12 月 31 日，合併現金、現金等價物及限制性現金為 6,420 萬美元。

Slide 7 and 8 detail our revenues by business segment. When neutralizing FX changes, the North America business segment recorded a decrease in revenue of 45% year-over-year, and the Europe business segment recorded a decrease in revenue of 72% year-over-year. While revenues from local still stagnated in Q4, advertising revenue picked up compared to the previous quarter as advertisers have started coming back to make use of Travelzoo's reach.

幻燈片 7 和 8 詳細介紹了我們按業務部門劃分的收入。剔除匯率變動後，北美業務部門營收年減45%，歐洲業務部門營收年減72%。儘管第四季本地收入仍停滯不前，但隨著廣告主開始重新利用 Travelzoo 的影響力，廣告收入較上一季回升。

On Slide 9, you can see that the quick adjustments of our cost structure at the beginning of the pandemic has resulted in lower fixed costs. Non-GAAP operating expenses were reduced by 47%, mostly coming from headcount adjustments in sales and marketing and process optimization in the company. In summary, as you see on Slide 10, Q4 was in line with our expectations. Looking ahead, we expect revenue for Q1 to be in the range of $14 million to $15 million. For operating expenses, we expect approximately $14.7 million. We expect for Q1 to result close to breakeven or at a profit.

在投影片9上，你可以看到我們在疫情初期對成本結構的快速調整導致了固定成本的降低。非 GAAP 營運費用減少了 47%，主要來自公司銷售和行銷的人員調整以及流程優化。總而言之，正如您在投影片 10 中看到的那樣，第四季度符合我們的預期。展望未來，我們預計第一季的營收將在 1,400 萬美元至 1,500 萬美元之間。對於營運費用，我們預計約為 1,470 萬美元。我們預計第一季的業績將接近收支平衡或獲利。

Now Holger will provide additional information and insights.

現在霍爾格將提供更多資訊和見解。

Thank you, Lisa. Please turn to Slide 11. As we see vaccination programs progressing and consumer confidence slowly strengthening, our members are becoming more active in responding to deals and buying them. We started seeing this trend, in particular, in the U.S. during the last 2 weeks. We now see the strongest activity from Travelzoo members in the U.S. since March 2020, as measured by user sessions on the Travelzoo site and app.

謝謝你，麗莎。請參閱投影片 11。過去兩週我們開始看到這種趨勢，尤其是在美國。根據 Travelzoo 網站和應用程式上的使用者會話衡量，我們現在看到美國 Travelzoo 會員的活動是自 2020 年 3 月以來最強勁的。

In the U.K., we noticed a spike in purchases in week 8. What happened? Prime Minister Boris Johnson announced a time line for removal of COVID-related restrictions. We clearly see as soon as the situation improves consumers quickly wish to travel. We arrive at Slide 12. Travelzoo is loved by travel enthusiasts who look for high-quality deals. Travelzoo members are affluent, active and open for new experiences. 75% say that Travelzoo influences their travel destinations because they trust Travelzoo. We feel that trust will become a much more important competitive advantage of the Travelzoo brand going forward.

在英國，我們注意到第 8 週的購買量激增。英國首相鮑里斯·約翰遜宣布了取消與新冠病毒相關的限制的時間表。我們清楚地看到，一旦情況好轉，消費者很快就會希望出行。我們到達了 Slide 12。 Travelzoo 會員豐富、活躍且樂於接受新體驗。 75% 的人表示 Travelzoo 影響了他們旅行的目的地，因為他們信任 Travelzoo。我們認為信任將成為 Travelzoo 品牌未來更重要的競爭優勢。

Finally, on Slide 14, we provide an overview of management's focus. We will expand and seize the exceptional industry opportunities for sourcing high-quality travel, entertainment and local deals; continue to offer members flexible and worry-free deals for future travel; grow Jack's Flight Club's profitable subscription revenue; and grow profitability as the demand for travel returns.

最後，在投影片 14 中，我們概述了管理階層的重點。我們將擴大並抓住難得的產業機會，尋找高品質的旅遊、娛樂和當地優惠；繼續為會員未來的旅行提供靈活無憂的優惠；增加傑克飛行俱樂部可獲利的訂閱收入；並隨著旅行需求的回升而提高獲利能力。

Now back to the operator.

現在回到操作員。

(Operator Instructions) Our first question comes from the line of Michael Kupinski of NOBLE Capital Markets.

（操作員說明）我們的第一個問題來自 NOBLE Capital Markets 的 Michael Kupinski。

Can you talk a little bit about the competitor that exited the market in the U.S.? And how were you able to pick up the 2 million subscribers there? And then how big was the competitor? And what is the potential subscribers that you might eventually pick up? And I have a couple follow-ups.

能談談退出美國市場的競爭對手嗎？你們是如何吸引 200 萬訂閱者的呢？那麼競爭對手有多大？您最終可能會吸引哪些潛在訂閱者？我還有一些後續行動。

Michael, I cannot comment on this topic today, but we will issue some more information on this when we are ready to do so.

邁克爾，我今天無法評論這個主題，但當我們準備好時，我們將發布更多相關資訊。

Okay. And then can you talk a little bit about the declines in subscribers in Europe and the competitive position there? When do you feel that you will need to step on the investment accelerator to gain subscribers to kind of -- as kind of -- as a result of the balance of the mitigation efforts kind of waning of COVID?

好的。然後您能談談歐洲訂戶數量的下降以及那裡的競爭地位嗎？您什麼時候覺得需要踩下投資加速器來吸引訂閱者，以應對新冠疫情緩解努力的平衡減弱？

Sure. The decline of the subscribers in Europe is actually more a result of adding new subscribers a little bit more slowly, as we know, particularly in the U.K. and in Europe, in the European Union, there have been quite a lot of travel restrictions. Businesses are shut down. Unsubscribed rates have actually been lower than in the past. So net-net, we just see a small decline right now because we're not adding as many members as we have done in the past. But once travel resumes and we see clearly the trend in the U.K. picking up strongly, we are planning to add more subscribers and reverse this trend and grow again.

當然。歐洲用戶的下降實際上更多是由於新用戶增加速度較慢所致，正如我們所知，特別是在英國和歐洲，在歐盟，存在相當多的旅行限制。企業都關門了。退訂率實際上低於過去。所以，淨淨，我們現在只是看到了小幅下降，因為我們沒有像過去那樣增加那麼多的成員。但一旦旅行恢復，並且我們清楚地看到英國的趨勢強勁回升，我們計劃增加更多訂閱者並扭轉這一趨勢並再次增長。

Got you. And then if you could talk a little bit about Jack's Flight Club because the revenues seemed a little disappointing to me. I mean a little softer than I would have expected. I know this is a promising new growth vehicle for you. And I was just wondering if you could talk about your plans to accelerate revenue growth there and what you think looking forward we might look for from Jack's Flight Club.

明白你了。然後你能談談傑克的飛行俱樂部嗎？我的意思是比我預期的要軟一點。我知道這對您來說是一個有前途的新增長工具。我只是想知道您是否可以談談您加速那裡收入增長的計劃以及您認為我們可以從傑克飛行俱樂部期待什麼。

Yes. Same here. It's just simply a matter of time. In the Travelzoo business, we are right now offering our members deals for future travel. They have a lot of flexibility. We've been very successful with the vouchers that we've been selling over the last 10 to 11 months. Jack's Flight Club is focused solely on airline -- on the airline -- on airfares -- airline tickets. And that's obviously something that takes a little bit longer to come back. But as soon as people are more flying, then I think we will see that revenue grow in the future.

是的。同樣在這裡。這只是時間問題。在 Travelzoo 業務中，我們現在為會員提供未來旅行的優惠。他們有很大的靈活性。過去 10 到 11 個月我們銷售的優惠券非常成功。傑克飛行俱樂部只專注於航空公司——航空公司——機票——機票。顯然，這需要更長的時間才能恢復。但一旦人們更多地乘坐飛機，我想我們未來就會看到收入成長。

And Holger, if I remember, you were planning on moving Jack's Flight Club beyond just the airline travel. You were trying to incorporate other aspects of your business into Jack's Flight Club. Has that not happened yet? Or what are your thought -- what are you doing there yet at this point to integrate?

霍爾格，如果我沒記錯的話，您曾計劃將傑克飛行俱樂部的業務擴展到航空旅行以外的領域。您試圖將您業務的其他方面納入傑克的飛行俱樂部。那還沒發生嗎？或者你的想法是什麼——此時你正在做什麼來整合？

Yes. Yes, we are doing this when the timing is right. We started introducing Jack's Flight Club to our U.S. members. And we just have to pick the right time when it's good to do. So we expect that to happen in the next couple of months.

是的。是的，我們會在適當的時機這樣做。我們開始向美國會員介紹傑克飛行俱樂部。我們只需要選擇合適的時間就可以了。因此，我們預計這將在未來幾個月內發生。

Our next question comes from the line of Jim Goss with Barrington Research.

我們的下一個問題來自 Barrington Research 的 Jim Goss。

First, I'll follow-up on Michael's questions about Jack's Flight Club. I was wondering if the challenging situation that cause some write-downs related to it would impact the price you'd have to pay to purchase the rest of that asset? Or is it cast in stone from the first deal?

首先，我將跟進邁克爾關於傑克飛行俱樂部的問題。我想知道導致與之相關的一些減記的挑戰性情況是否會影響您購買其餘資產所需支付的價格？還是第一筆交易就已經一成不變了？

Lisa, do you want to answer this question, please?

麗莎，你想回答這個問題嗎？

Yes. So we have a put call option to purchase the remaining 40% based on if they achieve certain thresholds. At this time, that number is undeterminable. It depends on how the 2021 results come out. But I would expect that that's something that we will discuss later this year. It's not fixed on stone at all.

是的。因此，我們有一個看跌期權，可以根據剩餘的 40% 是否達到特定閾值來購買。目前，這個數字還無法確定。就看2021年的結果如何出來了。但我預計我們將在今年晚些時候討論這個問題。它根本不是固定在石頭上的。

But just to be clear, Jim, the choice is in our hands. So we have the full right to acquire this total 100% of Jack's site though. And then we will consolidate it fully. Right now, we are not consolidating it fully.

但要明確說明的是，吉姆，選擇權在我們手中。所以我們完全有權利收購 Jack 網站 100% 的所有權。然後我們將充分鞏固它。目前，我們還沒有完全整合它。

Okay. Secondly, staffing. I know it's -- maybe one of the silver linings is then while it's unpleasant to cut down on staff, it's helped your cost structure. But I imagine some of that might have to be rebuilt as you resume some growth profile, particularly in sales and marketing. And I'm wondering if you could comment on how that might roll out and how you might strategize the return of some of those costs and expenses that have been saved to this point?

好的。其次，人員配置。我知道，也許一線希望之一是，雖然裁員令人不快，但它有助於你的成本結構。但我想，當你恢復一些成長態勢時，其中一些可能必須重建，特別是在銷售和行銷方面。我想知道您是否可以評論這可能會如何推出，以及您如何制定迄今為止已節省的一些成本和費用的回報策略？

We are not anticipating, Jim, any significant increases in the cost structure this year. Yes, you are right. We will probably increase marketing spend, particularly for subscriber acquisition, but the expenses will be far well below pre-COVID levels.

吉姆，我們預計今年的成本結構不會有任何顯著增加。是的你是對的。我們可能會增加行銷支出，特別是在訂閱用戶獲取方面的支出，但支出將遠低於新冠疫情前的水平。

Okay. And finally, I was wondering if there are any key metrics we should be looking at to evaluate resurgence in leisure travel that would impact you domestically or, I guess, in the United States and North America, but also, it would be great to hear some insights in terms of Europe, which seems to have had even more strict border controls. And how you see that market reopening in terms of travel, both within Europe and from Europe to other countries?

好的。最後，我想知道我們是否應該考慮任何關鍵指標來評估休閒旅行的復甦，這會影響您在國內，或者我想，在美國和北美，而且，很高興聽到關於歐洲的一些見解，歐洲似乎有更嚴格的邊境管制。您如何看待歐洲內部以及從歐洲到其他國家的旅行市場的重新開放？

Yes. It's really about consumer confidence overall, correct. And the metric is probably to see how consumers are looking to jump back into travel. What we are seeing here as well as other companies -- and that's why I gave earlier this U.K. example. As soon as there's clarity on when people can travel again, there's an immediate jump. And we heard from other companies in the U.K. that their revenues went up after that Boris Johnson speech by quite a bit. Also what we are seeing is that people are much more interested now in destinations they might not have thought about before. Places like Maldives, Southeast Asia, further away, one-of-a-kind experiences, safaris. It's clear that there is, on the one hand, very strong pent-up demand for travel in general, but in particular, for experiences that might even cost more. So I think this is something that will be good for the entire industry and particularly for us.

是的。這其實關係到消費者的整體信心，正確的。該指標可能是為了了解消費者如何希望重新開始旅行。我們在這裡以及其他公司所看到的情況——這就是我之前舉這個英國例子的原因。一旦明確人們何時可以再次旅行，就會立即出現跳躍。我們從英國其他公司得知，在鮑里斯·約翰遜演講後，他們的收入大幅增加。我們也看到，人們現在對他們以前可能沒有想到的目的地更感興趣。馬爾地夫、東南亞等更遠的地方，獨一無二的體驗、狩獵之旅。顯然，一方面，整體而言，人們對旅行有非常強烈的、被壓抑的需求，尤其是對可能花費更高的體驗的需求。所以我認為這對整個行業，特別是對我們來說都是好事。

Okay. And am I correct in thinking that the European continent has been more restrictive and contagiously more restrictive than certain other borders? And are we thinking -- are you thinking later this summer or into 2022 or how soon before you sense there's going to be any relief that would enable people to make those choices?

好的。我認為歐洲大陸比某些其他邊界更嚴格且具傳染性的限制是否正確？我們是否在考慮——您是否在考慮今年夏天晚些時候或 2022 年，或者多久之後您才會感覺到會有任何緩解，使人們能夠做出這些選擇？

U.S. recovered the most quickly. Actually, you see traffic and member interest is already higher than 12 months ago. Next is the U.K., which has accelerated quite a bit since the middle of February. And we expect Germany, Spain and France to come soon after. I don't think it's a matter of 6 to 9 months. I think the recovery will happen more quickly. And we will see that on the revenue side of Travelzoo as well.

美國復甦最快。事實上，你看到流量和會員興趣已經比12個月前更高了。接下來是英國，自 2 月中旬以來成長速度明顯加快。我們預計德國、西班牙和法國也將很快跟進。我認為這不是6到9個月的問題。我認為復甦會更快。我們也會在 Travelzoo 的收入方面看到這一點。

Our next question comes from the line of Ed Woo with Ascendiant Capital.

我們的下一個問題來自 Ed Woo 與 Ascendiant Capital 的對話。

You mentioned that as soon as the travel restrictions are done, that you plan on adding more subscribers. Is that similar to your expectations for revenue growth in terms of you expect to add marketing expenses maybe at the end of this quarter or maybe next quarter to ramp up the subscriber growth?

您提到，旅行限制一結束，您就會計劃增加更多訂閱者。這是否與您對營收成長的預期相似，您希望在本季末或下個季度增加行銷費用以提高訂戶成長？

It depends on the opportunity for us. In fact, we have increased a little bit marketing spend this quarter because we are able to acquire in the U.S. right now new members at lower acquisition costs than in the last 12 months or even before COVID. So that's good. And when we see these opportunities, we will take advantage of it -- of them.

這取決於我們的機會。事實上，我們本季增加了一點行銷支出，因為我們現在能夠以比過去 12 個月甚至新冠疫情之前更低的獲取成本在美國獲取新會員。所以這樣很好。當我們看到這些機會時，我們將充分利用它們。

Great. At least for now, as subscriber costs have been lower or about the same or have increased as things are opening up?

偉大的。至少就目前而言，隨著事情的開放，訂戶成本已經降低或大致相同或增加？

Right now in the U.S., they are lower than what we've seen in the past. In Europe, we are not really doing much subscriber acquisition because it's not the right time.

目前在美國，它們比我們過去看到的要低。在歐洲，我們並沒有真正進行太多的用戶獲取工作，因為現在還不是合適的時機。

Great. And my last question is, there was a lot of discussion. The rise of alternative accommodations. People don't want to stay in hotels. They want to stay in houses. Have you seen a shift back to hotels as cases have come down? Or do you think it's more of a permanent shift in the way people travel?

偉大的。我的最後一個問題是，有很多討論。另類住宿的興起。人們不想待在飯店。他們想住在房子裡。隨著病例減少，您是否看到人們開始返回酒店？還是您認為這更像是人們出行方式的永久性轉變？

What we have seen in the U.K. is really a strong interest on domestic travel. Very quickly after, hopefully, in May, the travel restrictions will go away and hotels will reopen. In the U.S., there's more interest in actually going to faraway places and being a little bit more adventurous.

我們在英國看到的確實是對國內旅遊的濃厚興趣。很快，希望在五月，旅行限制將取消，酒店將重新開放。在美國，人們更願意去遙遠的地方並進行更多的冒險。

Our last question comes from the line of Steve Silver with Argus Research.

我們的最後一個問題來自阿格斯研究中心的史蒂夫·西爾弗（Steve Silver）。

A couple from me. First, I noticed that talking about the licensing revenues coming out of Asia, that obviously is just getting off the ground there with the lag. So the Q4 revenues would reflect Q3, which was really just at the beginning of the transaction. I was just curious to know if even directionally, if there's any insights you might have in terms of the rebound of travel in Asia that might just give some sense of the trajectory in that region moving forward?

我的一對。首先，我注意到，談到來自亞洲的授權收入，這顯然是剛起步，但存在落後。因此，第四季度的收入將反映第三季的情況，而第三季實際上才剛開始交易。我只是想知道，即使在方向上，您對亞洲旅遊業的反彈是否有任何見解，可能只是讓我們對該地區的未來發展軌跡有所了解？

Steve, so as you saw from previous announcement, we have done license agreements in some of these countries. In Japan, our licensee is reporting that things are recovering. So that's good. And in Australia, Singapore and Southeast Asia, our activity or the activity level of the licensee is not that great yet. But keep in mind that in Southeast Asia and China, travel is still a little bit more restricted than it is in North America.

史蒂夫，正如您從先前的公告中看到的那樣，我們已經在其中一些國家/地區達成了許可協議。在日本，我們的被授權人報告情況正在恢復。所以這樣很好。而在澳洲、新加坡和東南亞，我們的活動或被授權人的活動水準還沒有那麼好。但請記住，在東南亞和中國，旅行仍然比北美受到更多限制。

Okay. Great. And then last one, given the competition leaving the U.S. market, as you mentioned in the press release, as well as the divestiture of your interest in the WeGo subsidiary. I'm just trying to get a sense as to whether the marketplace has a lot of start-up activity going on that might present new opportunities given all the disruption and changes in travel around the world? And whether there might be opportunity for smaller players to get in or really if just a lot of the larger players are maintaining a dominant share of the market moving forward?

好的。偉大的。最後一個問題是，正如您在新聞稿中提到的，考慮到競爭離開美國市場，以及您剝離 WeGo 子公司的權益。我只是想了解市場上是否有大量新創活動正在進行，鑑於世界各地旅行的所有乾擾和變化，這些活動可能會帶來新的機會？較小的參與者是否有機會進入，或者是否只有許多較大的參與者繼續保持市場的主導份額？

We still believe that Jack's Flight Club -- that subscription service is a really big opportunity for us. It would be much further today than I think if COVID and the pandemic had not happened. So that just was paused, but that's still a big opportunity for us going forward. Beyond that, we've all seen Tripadvisor make announcements about subscription programs. This obviously is a great opportunity for us as well. We have provided our services, and it's a very valuable service to Travelzoo members because we are providing them with exclusive offers already. We have provided the service completely for free over many years. But we believe, going forward, in the future, there are probably opportunities to also implement some fees for members paying for some of the excellent services that we have.

我們仍然相信傑克飛行俱樂部的訂閱服務對我們來說確實是一個巨大的機會。如果沒有發生新冠肺炎和大流行，今天的情況會比我想像的要遠得多。所以這只是暫停，但這對我們來說仍然是一個前進的巨大機會。除此之外，我們都看到 Tripadvisor 發布了訂閱方案的公告。這顯然對我們來說也是一個很好的機會。我們已經提供了我們的服務，這對 Travelzoo 會員來說是一項非常有價值的服務，因為我們已經為他們提供了獨家優惠。多年來我們完全免費提供這項服務。但我們相信，展望未來，可能還有機會向會員支付我們提供的一些優質服務的費用。

Congratulations on the execution in a very challenging year.

恭喜您在充滿挑戰的一年中的執行。

Great. Thank you so much, Steve.

偉大的。非常感謝你，史蒂夫。

Okay. I'll turn back now to Mr. Holger Bartel.

好的。我現在回過頭來談談霍爾格·巴特爾先生。

Yes, ladies and gentlemen, thank you for your time and support. And we look forward to speaking with you again next quarter. Have a great day.

是的，女士們先生們，感謝你們的時間和支持。我們期待下個季度再次與您交談。祝你有美好的一天。

Thank you. Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time. Have a nice day.

謝謝。女士們、先生們，今天的電話會議到此結束。此時您可以斷開線路。祝你今天過得愉快。