Unitil Corp (UTL) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Q1 2024 Unitil earnings conference call. At this time, all participants are in a listen only mode after the speakers' presentation, there will be a question and answer session to ask a question. During the session, you'll need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one. Again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Chris Golding, Vice President of Finance and Regulatory Services. Please go ahead.

美好的一天，感謝您的支持，歡迎參加 2024 年第一季 Unitil 收益電話會議。此時，所有參與者都處於只聽模式，在演講者演講後，將有一個問答環節來提問。在會議期間，您需要在電話上一一按星號。然後您將聽到一條自動訊息，建議您舉手。若要撤回您的問題，請按星號一一。再次。請注意，今天的會議正在錄製中。現在，我想將會議交給今天的第一位發言人，財務和監管服務副總裁克里斯·戈爾丁 (Chris Golding)。請繼續。

Good morning, and thank you for joining us to discuss Unitil Corporation's First Quarter 2024 financial results. Speaking on the call today will be Tom Meissner, Chairman and Chief Executive Officer, and Dan Harrisdirect, Senior Vice President, Chief Financial Officer, and Treasurer. Also with us today are Bob Havard, President and Chief Administrative Officer, and Todd Dickens, Chief Accounting Officer and Controller. We will discuss financial and other information on this call as we mentioned in the press release announcing today's call, we have posted information, including a presentation to the Investors section of our website at unitil.com. We will refer to that information during this call.

早安，感謝您與我們討論 Unitil Corporation 2024 年第一季的財務表現。董事長兼執行長 Tom Meissner 和高級副總裁、財務長兼財務主管 Dan Harrisdirect 在今天的電話會議上發表演說。今天與我們在一起的還有總裁兼首席行政官鮑勃·哈瓦德 (Bob Havard) 和首席會計官兼財務總監托德·狄更斯 (Todd Dickens)。正如我們在宣布今天電話會議的新聞稿中提到的那樣，我們將討論本次電話會議的財務和其他信息，我們已經發布了信息，包括向我們網站unitil.com的投資者部分提供的演示文稿。我們將在本次通話中參考該資訊。

Moving to Slide 2. The comments made today about future operating results or events are forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted. Statements made on this call should be considered together with cautionary statements and other information contained in our most recent annual report on Form 10 Q and other documents we have filed with or furnished to the Securities and Exchange Commission forward looking statements speak only as of today, and we assume no obligation to update them. And this presentation contains non-GAAP financial measures. The accompanying supplemental information more fully describes these non-GAAP financial measures and includes a reconciliation to the nearest GAAP financial measures. The company believes these non-GAAP financial measures are useful in evaluating its performance.

轉到投影片 2。今天對未來營運績效或事件的評論屬於 1995 年《私人證券訴訟改革法案》安全港條款下的前瞻性陳述。前瞻性陳述本質上涉及風險和不確定性，可能導致實際結果與預測有重大差異。本次電話會議中所做的聲明應與我們最新的10 Q 表年度報告以及我們向美國證券交易委員會提交或提供的其他文件中包含的警告性聲明和其他資訊一起考慮。今天的情況，我們不承擔更新它們的義務。本簡報包含非公認會計準則財務指標。隨附的補充資訊更全面地描述了這些非 GAAP 財務指標，並包括與最接近的 GAAP 財務指標的調整。該公司相信這些非公認會計準則財務指標有助於評估其績效。

With that, I will now turn the call over to Chairman and CEO, Tom Meissner.

現在，我將把電話轉給董事長兼執行長湯姆‧邁斯納 (Tom Meissner)。

Great. Thanks, Chris, and good morning, everyone. Thank you for joining us beginning on Slide 3. Today, we announced strong results for the first quarter of 2024 with net income of $27.2 million or $1.69 per share, which represents an incr2ease of $0.18 per share or approximately 12% over the first quarter of 2023. We are executing well in all areas of our business, which has allowed us to fully earn our authorized regulatory returns over the last 12 months. On a consolidated basis, we remain focused on operational efficiency and have continued our disciplined approach to cost management as reflected in the minimal increase in operation and maintenance expenses in the first three months of 2024 compared to 2023, we are reaffirming our long-term guidance of 5% to 7% growth in earnings per share supported by long-term rate base growth in the range of 6.5% to 8.5% and a dividend payout ratio of between 55% and 65% I'll also mention that corporate sustainability is fully embedded in all of our key initiatives, strategies and values. We were pleased to learn that Unitel was recently honored with the 2024 climate and energy sustainability award by the New Hampshire businesses for social responsibility. This award is a clear recognition of our commitment to the same sustainability of our company. Our communities our customers and our planet.

偉大的。謝謝克里斯，大家早安。感謝您從投影片 3 開始加入我們。今天，我們宣布了 2024 年第一季的強勁業績，淨利潤為 2,720 萬美元，即每股 1.69 美元，比 2023 年第一季增加了每股 0.18 美元，即成長約 12%。我們在所有業務領域都表現良好，這使我們能夠在過去 12 個月內充分賺取授權的監管回報。在綜合基礎上，我們仍然關注營運效率，並繼續採取嚴格的成本管理方法，這反映在 2024 年前三個月的營運和維護費用與 2023 年相比略有增加，我們重申了我們的長期指導每股盈餘成長5% 至7%，由6.5% 至8.5% 的長期利率基數成長率和55% 至65% 的股息支付率支持。我們很高興地獲悉，Unitel 最近榮獲新罕布夏州企業頒發的 2024 年氣候和能源永續發展社會責任獎。該獎項是對我們對公司永續發展承諾的明確認可。我們的社區、我們的客戶和我們的星球。

Moving now to slide 4, I'd like to provide a brief update on our Kingston, New Hampshire solar project. The project received all required permits earlier in the year and Construction began in February. Everything is proceeding on schedule, and we fully expect the facility to be operational in the first half of 2025. The project has continued to receive positive recognition from a variety of stakeholders and was recently nominated for the Project of the Year energy Champion Award by Clean Energy, New Hampshire.

現在轉到幻燈片 4，我想簡要介紹一下我們新罕布夏州金斯頓太陽能專案的最新情況。該項目於今年稍早獲得了所有必需的許可，並於二月開始施工。一切都按計劃進行，我們完全預計該設施將於 2025 年上半年投入營運。該項目繼續獲得各利益相關方的積極認可，最近被新罕布什爾州清潔能源公司提名為年度能源冠軍項目獎。

With that, I'll now pass it over to Dan, who will provide greater detail on the first quarter results. Dan?

現在，我將把它交給 Dan，他將提供有關第一季業績的更多詳細資訊。擔？

Thank you, Tom. Good morning, everyone. I'll begin on Slide 5. As Tom mentioned today, we announced first quarter net income of $27.2 million or $1.69 per share. Net income increased $3.1 million, or $0.18 per share compared to the same period in 2023, representing approximately 12% growth in earnings per share. In Maine, our only non decoupled service area weather negatively affected earnings by approximately $0.02 per share compared to 2023 and by approximately $0.1 per share compared to normal weather conditions. Despite the unseasonably warm weather, we are pleased with the earnings growth we achieved, which was largely driven by the successful rate case outcome in Maine and our disciplined approach to cost management.

謝謝你，湯姆。大家，早安。我將從幻燈片 5 開始。正如 Tom 今天提到的，我們宣布第一季淨利潤為 2720 萬美元，即每股 1.69 美元。與 2023 年同期相比，淨利潤增加 310 萬美元，即每股 0.18 美元，每股收益成長約 12%。在緬因州，我們唯一的非脫鉤服務區天氣對收益產生了負面影響，與 2023 年相比，每股收益約 0.02 美元，與正常天氣條件相比，每股收益約 0.1 美元。儘管天氣異常溫暖，但我們對所實現的盈利增長感到滿意，這在很大程度上得益於緬因州成功的費率案例結果以及我們嚴格的成本管理方法。

And turning to slide 6, I will discuss our electric and gas adjusted gross margins beginning with electric operations for the three months ended March 31, 2024 electric adjust electric, adjusted gross margins was $27.1 million an increase of $0.4 million or 1.5% compared to the same period in 2023. The increase in electric adjusted gross margin reflects higher distribution rates and customer growth with a year-over-year increase of approximately 500 customers. As a reminder, the Company's electric distribution revenues are substantially decoupled, which eliminates the dependency of distribution revenue on the volume of electricity sales.

轉向幻燈片 6，我將討論我們的電力和天然氣調整後毛利率，從截至 2024 年 3 月 31 日止三個月的電力業務開始。電力調整毛利率的成長反映了更高的分銷率和客戶成長，比去年同期增加了約 500 名客戶。需要提醒的是，公司的配電收入已基本脫鉤，消除了配電收入對售電量的依賴。

Moving to gas operations for the three months ended March 31, 2024, gas adjusted gross margin was $61 million, an increase of $6.1 million or approximately 11% compared to the same period in 2023. The increase in gas adjusted gross margin reflects higher distribution rates and customer growth, partially offset by warmer winter weather in Maine, weather-normalized unit sales increased 0.3% year over year based on weather data collected in the company's main service area. This quarter was one of the warmest winter periods over the past 50 years. However, approximately 60% of the Company's gas customers are under decoupled rates rates, which mitigates the effects that lower sales due to warmer weather have on a portion of our gas distribution revenue. Higher gas adjusted gross margin for the three months ended March 31st, 2024 is in large part due to the recent Maine rate case and the new rates that took effect on October first, 2023, as well as a year-over-year increase of approximately 1,100 gas customers, one additional note for gas adjusted gross margin. New distribution rates recently took effect on May 1, 2024 for the Company's gas infrastructure replacement programs in both Maine and Massachusetts, providing combined rate relief of approximately $4.3 million on an annual basis.

截至 2024 年 3 月 31 日止的三個月內，天然氣業務的天然氣調整後毛利率為 6,100 萬美元，與 2023 年同期相比增加了 610 萬美元，約 11%。天然氣調整後毛利率的成長反映了更高的分銷率和客戶成長，部分被緬因州溫暖的冬季天氣所抵消，根據公司主要服務區域收集的天氣數據，天氣正常化單位銷售額同比增長了0.3 %。本季是過去 50 年來最溫暖的冬季之一。然而，該公司約 60% 的天然氣客戶採用脫鉤費率，這減輕了天氣變暖導致的銷售下降對我們部分天然氣分銷收入的影響。截至2024 年3 月31 日的三個月，天然氣調整後毛利率較高，很大程度上是由於最近的緬因州費率案例和2023 年10 月1 日生效的新費率，以及同比增長約1,100 名天然氣客戶，針對天然氣調整後的毛利率額外附註。新的分配費率最近於 2024 年 5 月 1 日生效，適用於公司在緬因州和馬薩諸塞州的天然氣基礎設施更換計劃，每年提供約 430 萬美元的綜合費率減免。

Moving to slide 7, we provide an earnings bridge comparing 2024 first quarter results to the same period in 2023, as I just discussed. First quarter adjusted gross margin increased $6.5 million, primarily as a result of higher distribution rates and customer growth partially offset by warmer winter weather in 2024. Operation and maintenance expenses increased $0.1 million due to higher utility operating costs. This nominal increase in operation and maintenance expenses is well below the increase in inflation over the same period. While we did experience store events in the first few months of the year, we have storm recovery mechanisms in both Massachusetts and New Hampshire that mitigate the effect of storm costs on earnings.

轉到投影片 7，我們提供了一個收益橋樑，將 2024 年第一季的業績與 2023 年同期的業績進行比較，正如我剛才所討論的。第一季調整後毛利率增加 650 萬美元，主要是由於分配率提高和客戶增長部分被 2024 年溫暖的冬季天氣所抵消。營運和維護費用的名目成長遠低於同期通貨膨脹的成長。雖然我們在今年的前幾個月確實經歷了商店事件，但我們在馬薩諸塞州和新罕布什爾州都有風暴恢復機制，可以減輕風暴成本對收入的影響。

Depreciation and amortization increased by $1.3 million, reflecting higher levels of utility plant and service and higher amortization of storm and other deferred costs. Taxes other than income taxes increased by $0.4 million due to higher local property taxes on higher utility plant and service and higher payroll taxes. Interest expense increased $0.2 million, reflecting higher interest expense on short-term borrowings and higher levels of long-term debt, partially offset by higher interest income on regulatory assets and higher allowance for funds used during construction. Other expense increased by $0.3 million, largely due to higher retirement benefit costs. And lastly, income taxes increased $1.1 million, reflecting higher pretax earnings in 2024.

折舊和攤銷增加了 130 萬美元，反映了公用設施和服務水準的提高以及風暴和其他遞延成本的攤銷增加。由於公用事業工廠和服務的地方財產稅增加以及工資稅增加，所得稅以外的稅款增加了 40 萬美元。利息支出增加了 20 萬美元，反映出短期借款利息支出增加和長期債務水平較高，但部分被監管資產利息收入增加和建設期間使用的資金準備金增加所抵消。其他費用增加了 30 萬美元，主要是因為退休福利成本增加。最後，所得稅增加了 110 萬美元，反映出 2024 年稅前收入增加。

Turning to Slide 8. Our Fitchburg electric and gas base rate proceedings are progressing as expected, and we expect to receive orders in these cases in late June, we concluded evidentiary hearings in the first quarter and we anticipate new base distribution rates will become effective on July 1, our requested gross revenue increase is approximately $6.8 million for the electric division and $11.2 million for the Gas division. The final revenue increases are expected to be net of certain revenues that are currently collected through capital trackers, we are proposing inclusion of $2.7 million and $4.2 million of electric and gas revenues respectively, in base rates, which were previously recovered through capital trackers. After these amounts, the net revenue increase would be approximately $4.1 million for the electric division and $7 million for the Gas division. As a reminder, we proposed a five year performance based rate making plans for both the electric and gas divisions. We look forward to providing additional updates regarding these rate cases during our next earnings call.

轉到投影片 8。我們的菲奇堡電力和天然氣基本費率程序正在按預期進行，我們預計在6 月下旬收到這些案件的訂單，我們在第一季度結束了證據聽證會，我們預計新的基本分配費率將於7 月1 日生效，我們要求電力部門的總收入增加約 680 萬美元，天然氣部門的總收入增加約 1,120 萬美元。最終的收入成長預計將扣除目前透過資本追蹤器收取的某些收入，我們建議在基本費率中分別納入270 萬美元和420 萬美元的電力和天然氣收入，這些收入之前是透過資本追蹤器收回的。扣除這些金額後，電力部門的淨收入將增加約 410 萬美元，天然氣部門的淨收入將增加 700 萬美元。作為提醒，我們為電力和天然氣部門提出了基於績效的五年費率制定計劃。我們期待在下次財報電話會議上提供有關這些費率案例的更多更新。

Moving to Slide 9. As noted during our previous earnings call, we recently submitted our electric sector modernization plan in support of Massachusetts' climate goals. Evidentiary hearings regarding the company's plan and the plans of other Massachusetts utilities recently concluded our plan highlights the substantial investments that will be necessary to support the Commonwealth goals and outline certain projects that represent approximately $43 million in capital spending through 2028, a portion of which would be incremental to our current capital investment plan.

轉到投影片 9。正如我們在先前的財報電話會議上所指出的，我們最近提交了電力部門現代化計劃，以支持馬薩諸塞州的氣候目標。關於該公司計劃和馬薩諸塞州其他公用事業公司計劃的證據聽證會最近得出結論，我們的計劃強調了支持英聯邦目標所需的大量投資，並概述了到2028 年資本支出約4300 萬美元的某有些項目，其中一部分將用於是我們目前資本投資計畫的增量。

Moving to Slide 10. Our capital investment plan for 2024 is progressing as planned.

轉到投影片 10。我們2024年的資本投資計畫正按計畫進行。

As noted during our prior earnings call, our projected 5-year investment plan totaled $910 million, an increase of approximately 47% over the prior five years. Our thoughtful approach to prudent system investment informs the capital investment plan, and we believe that this approach will enable continued stable rate-based growth within the range of 6.5% to 8.5%. We continue to expect operating cash flows less dividends to fund the vast majority of our financing plan with the remaining financing needs met through a combination of debt and equity. Our financing plan will maintain our strong balance sheet and support our investment grade credit rating.

正如我們在先前的財報電話會議上所指出的，我們預計的 5 年投資計畫總計 9.1 億美元，比前五年成長約 47%。我們對審慎系統投資的深思熟慮的方法為資本投資計劃提供了信息，我們相信這種方法將使基於利率的增長在6.5%至8.5%的範圍內持續穩定。我們仍預期營運現金流減去股利即可為我們的絕大多數融資計畫提供資金，其餘融資需求將透過債務和股權的組合來滿足。我們的融資計劃將維持我們強勁的資產負債表並支持我們的投資等級信用評級。

Turning to slide 11, we continue to maintain investment grade credit ratings through our focus on responsibly managing managing the balance sheet and generating strong cash flows. Our current borrowing levels and short-term rates were higher than the first quarter of 2023, resulting in approximately $1 million of higher short-term and long-term interest expense. Net interest expense only increased by $0.2 million.

轉向投影片 11，我們透過專注於負責任地管理資產負債表和產生強勁的現金流，繼續維持投資等級信用評級。我們目前的借款水準和短期利率高於 2023 年第一季度，導致短期和長期利息支出增加約 100 萬美元。淨利息支出僅增加了 20 萬美元。

As you can see from the chart on this slide, approximately 80% of our short term debt balance is offset by carrying charges on construction balances and regulatory deferrals. Later this year, we expect to recapitalize portions of our short-term debt with long-term debt to reduce interest rate volatility, enhance our liquidity profile by reducing the outstanding balance on our credit facility, maintaining our strong balance sheet and our investment grade credit ratings remain a top priority, and we believe we compare favorably to other utility companies on certain credit metrics such as FFO-to-debt.

正如您從這張投影片的圖表中看到的，我們大約 80% 的短期債務餘額被建築餘額的帳面費用和監管延期所抵銷。今年晚些時候，我們預計將以長期債務對部分短期債務進行資本重組，以減少利率波動，透過減少信貸安排的未償餘額來增強我們的流動性狀況，維持強勁的資產負債表和投資級信貸評級仍然是重中之重，我們相信，在FFO 債務比等某些信用指標上，我們與其他公用事業公司相比具有優勢。

I will now turn the call back over to Tom.

我現在將把電話轉回給湯姆。

Thanks, Dan. Moving on to Slide 12. Our best-in-class operational performance was on full display in early April is our emergency response organization responded to a major snow and wind storm affecting our New Hampshire service area. During this event, we did not experience any mainline outages, which is a credit to our system hardening investments and storm resiliency efforts, including our vegetation management programs. As a result of being able to restore power quickly to our customers, we were able to provide mutual assistance to neighboring utilities. Our customer satisfaction currently ranks among the top utilities in the eastern United States and is the best in the Northeast. We've achieved these high levels of customer satisfaction and operational excellence, while managing O&M expense increases well below broader inflationary metrics. As Dan mentioned earlier, O&M expense was only higher by $0.1 million compared to 2023 and was actually $0.3 million lower than the first quarter of 2022. I'll also mention that we recently completed a significant upgrade of our customer facing information and billing systems. As part of this upgrade, we introduced new functionality, including a mobile application that will enable customers to quickly and easily access their usage, data, billing information and to update various profile settings. We believe this enhanced functionality will be helpful to customers in managing their energy needs. It will continue to enhance the customer experience.

謝謝，丹。繼續看投影片 12。4 月初，我們的緊急應變組織對影響新罕布夏州服務區的大雪和風暴做出了反應，充分展現了我們一流的營運績效。在此事件期間，我們沒有經歷任何主線中斷，這歸功於我們的系統強化投資和風暴防禦工作，包括我們的植被管理計劃。由於能夠迅速為客戶恢復供電，我們能夠向鄰近的公用事業公司提供互助。我們的客戶滿意度目前在美國東部公用事業公司中名列前茅，在東北部也是最好的。我們實現了高水準的客戶滿意度和卓越運營，同時管理營運和維護費用的成長遠低於更廣泛的通貨膨脹指標。正如 Dan 之前提到的，與 2023 年相比，維運費用僅增加了 10 萬美元，實際上比 2022 年第一季減少了 30 萬美元。我還要提到的是，我們最近完成了面向客戶的資訊和計費系統的重大升級。作為此次升級的一部分，我們引入了新功能，包括行動應用程序，使客戶能夠快速輕鬆地存取其使用情況、數據、帳單資訊並更新各種配置文件設定。我們相信這項增強的功能將有助於客戶管理他們的能源需求。它將持續提升客戶體驗。

Wrapping up on Slide 13, we had a strong start to the year. Looking ahead we expect full year earnings in 2024 to be consistent with our long-term guidance. Our capital investment plan remains on track. Regulatory outcomes remain constructive. And as mentioned earlier, we are fully earning our authorized returns. We expect our current dividend payout to remain at the lower end of our target range after increasing the 2024 dividend by $0.08 on an annualized basis, which supports our competitive and stable expected shareholder returns of 8% to 10%.

在幻燈片 13 上結束時，我們今年有了一個好的開始。展望未來，我們預計 2024 年全年獲利將與我們的長期指導保持一致。我們的資本投資計劃仍在按計劃進行。監理成果仍具有建設性。正如前面提到的，我們完全獲得了授權回報。我們預計，在將 2024 年股息按年化計算增加 0.08 美元後，我們當前的股息支付將保持在目標範圍的下限，這支持我們具有競爭力且穩定的 8% 至 10% 的預期股東回報。

With that, I'll pass the call back to Chris.

這樣，我會將電話轉回給克里斯。

Thanks, Tom. That wraps up the prepared material for this call. Thank you for attending. I will now turn the call over to the operator, who will coordinate questions in queue.

謝謝，湯姆。本次電話會議所準備的資料到此結束。感謝您的出席。我現在將把電話轉給接線員，接線員將協調隊列中的問題。

At this time, we will conduct the question and answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced to withdraw your question, please press star one one. Again, please stand by while we compile the Q&A roster. Our first question comes from Shelby Tucker of RBC. Your line is now open.

這時，我們將進行問答環節。提醒一下，要提問，您需要在電話上按星一一，並等待宣布您的名字以撤回您的問題，請按星一一。再次，請大家耐心等待，我們正在整理問答名單。我們的第一個問題來自加拿大皇家銀行的謝爾比·塔克。您的線路現已開通。

Thank you and good morning, everyone. On my question. A question on the on your kind of cadence for 2024 looking at this at the first quarter, obviously a better number than expected. But despite the storm activity on, you've got a rate case in July with which Fitchburg and even if you look at the fourth quarter of last year, it was not a particularly stellar quarter in terms of being being outsized. If you start adding that all together, it looks like it could be trending to not just to the upper end of the five to seven, but even above that, is there anything that's in the in the subsequent quarters for this for this year that that could come that you should be thinking about that could bring you more within the five to seven?

謝謝大家，早安。關於我的問題。關於 2024 年第一季的節奏的問題，顯然比預期的要好。但是，儘管有風暴活動，您仍會在 7 月看到 Fitchburg 的費率案例，即使您看看去年第四季度，就規模過大而言，這並不是一個特別出色的季度。如果你開始將所有這些加在一起，看起來它可能不僅會趨向於五到七的上限，而且甚至會高於這個水平，今年接下來的幾個季度是否有任何事情表明您是否應該考慮在五到七天內為您帶來更多？

Yes. So we've been I think interest rates is certainly a consideration. We've been able to effectively navigate the higher rates through the first quarter, but I think we'll see the effects of higher interest expense to the rest of the year. We've done a really good job on O&M. I still think that for the full year, we would expect that to be under those levels of inflation for the same period. But that may be maybe a little bit higher than just the 0.1 increase we saw in the first quarter. So I think you're right, there's a lot of good that we see ahead of us this year for Massachusetts for possibly grant state as well. But there are a couple of headwinds that that we think will keep us squarely in the 5% to 7%.

是的。所以我認為利率肯定是一個考慮因素。我們已經能夠在第一季有效地應對利率上升的問題，但我認為我們將看到利息支出上升對今年剩餘時間的影響。我們在維運方面做得非常好。我仍然認為，我們預計全年的通膨率將低於同期的通膨水準。但這可能比我們在第一季看到的 0.1 的增幅略高一些。所以我認為你是對的，今年我們看到馬薩諸塞州也可能獲得資助州有很多好處。但我們認為有一些不利因素將使我們的成長率保持在 5% 到 7% 之間。

Got it. Thanks very much.

知道了。非常感謝。

Thank you. And one moment. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced to withdraw the question, please press star one one.

謝謝。一會兒。提醒一下，要提問，您需要在電話上按星一一，並等待宣布您的名字以撤回問題，請按星一一。

Again, please stand by a moment. I'm showing no further questions at this time. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

再次請您稍等片刻。我目前沒有提出任何進一步的問題。感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。