Universal Corp (UVV) 2025 Q4 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Universal Corporation fourth-quarter fiscal year 2025 earnings call. (Operator Instructions)

您好，感謝您的支持。我叫蒂芬妮，今天我將擔任您的會議主持人。現在，我歡迎大家參加環球公司2025財年第四季財報電話會議。（操作員指示）

I would now like to turn the call over to Wushuang Ma, Vice President and Treasurer. Please go ahead.

現在我想將電話轉給副​​總裁兼財務主管馬無雙。請繼續。

Good evening, and thank you for joining us. Preston Wigner, our Chairman, President and CEO; and Johan Kroner, our Chief Financial Officer, are here with me today.

晚上好，感謝您的收看。我們的董事長、總裁兼執行長 Preston Wigner 和我們的財務長 Johan Kroner 今天也和我一起在場。

Our agenda is for Prest and Johan to provide an update on our fourth-quarter and full-year fiscal 2025 operating and financial results and share some strategic thoughts about the company. We will then open up the call for questions.

我們的議程是讓 Prest 和 Johan 介紹我們 2025 財年第四季和全年的營運和財務業績，並分享一些有關公司的策略想法。然後我們將開始提問。

During the course of this call, we will be making forward-looking statements that are based on our current knowledge and some assumptions about the future. These are representative as of today only. Actual results, performance and achievements could differ materially from the anticipated results, prospects, performance or achievements expressed or implied by such forward-looking statements, and we assume no obligation to update any forward-looking statements, except as required by law.

在本次電話會議中，我們將根據我們目前的知識和對未來的一些假設做出前瞻性的陳述。這些僅代表今天的狀況。實際結果、績效和成就可能與此類前瞻性陳述所表達或暗示的預期結果、前景、績效或成就有重大差異，我們不承擔更新任何前瞻性陳述的義務，除非法律要求。

For information on some of the risks and uncertainties related to these forward-looking statements, please refer to the reports we file with the SEC and under cautionary statements regarding forward-looking statements in our current earnings press release.

有關這些前瞻性陳述的一些風險和不確定性的信息，請參閱我們向美國證券交易委員會提交的報告以及我們當前收益新聞稿中有關前瞻性陳述的警示聲明。

Finally, some of the information we have for you today may be based on unaudited allocations and may be subject to reclassification.

最後，我們今天為您提供的一些資訊可能基於未經審計的分配，並且可能會重新分類。

Our comments today may also include certain non-GAAP financial measures. For details regarding these measures, including a reconciliation of these non-GAAP measures to the most comparable GAAP measures, please refer to our current earnings press release and other public materials.

我們今天的評論可能還涉及某些非公認會計準則財務指標。有關這些指標的詳細信息，包括這些非公認會計準則指標與最具可比性的公認會計準則指標的對賬，請參閱我們當前的收益新聞稿和其他公開資料。

This call is being webcast live and will be available for replay on our website through August 28, 2025. Other than the replay, we have not authorized and disclaim responsibility for any recording, replay or distribution of any transcription of this call. This call is being copyrighted and may not be used without our permission.

本次電話會議將進行網路直播，並將於 2025 年 8 月 28 日之前在我們的網站上提供重播。除重播外，我們沒有授權對本次通話的任何記錄進行錄音、重播或分發，並且不承擔任何責任。此通話受版權保護，未經我們許可不得使用。

I would like now to turn the call over to Preston.

現在我想把電話轉給普雷斯頓。

Thank you, Wush. Good evening, and thank you for taking the time to join us today. I am new to the CEO role, but not new to Universal, having joined the company over 20 years ago. Over the last 20 years, I've seen many stages of our company's evolution, complete with both triumphs and challenges. Our ability to adapt to change and to turn challenges into opportunities have helped shape Universal into the company that we are today. I'm honored to lead such a strong company and excited about the opportunities ahead of us.

謝謝你，Wush。晚上好，感謝您今天抽出時間來參加我們的活動。我剛剛擔任首席執行官，但對環球影業來說卻並不陌生，因為我已經加入該公司 20 多年了。在過去的20年裡，我見證了公司發展的許多階段，既有成功，也有挑戰。我們適應變化和將挑戰轉化為機會的能力幫助環球影業發展成為今天的公司。我很榮幸能夠領導這樣一家強大的公司，並對我們未來的機會感到興奮。

Our fiscal year 2025 was a good example of how our teams around the world adapted to change and executed our strategies. We had an exceptional fiscal year with revenue and operating income 7% and 5% higher, respectively, versus our strong fiscal year 2024. We navigated weather-impacted tobacco crops in certain origins and historically high green tobacco prices, while at the same time, we continued the development of Universal Ingredients, our plant-based Ingredients business.

我們的 2025 財年很好地展示了我們世界各地的團隊如何適應變化並執行我們的策略。與強勁的 2024 財年相比，我們度過了一個出色的財年，收入和營業收入分別成長了 7％ 和 5％。我們應對了某些產地受天氣影響的菸草作物和歷史高點的綠色菸草價格，同時，我們繼續發展植物性原料業務 Universal Ingredients。

We are also pleased to have declared our 55th annual dividend increase. Our quarterly dividend of $0.82 per share equates to an annualized rate of $3.28 per common share. This reflects our ongoing commitment to returning value to the shareholders through consistent performance and operational excellence.

我們也很高興地宣布第 55 次年度股息增加。我們的季度股息為每股 0.82 美元，相當於每股普通股 3.28 美元的年化股息。這體現了我們透過持續的業績和卓越的營運為股東帶來回報的持續承諾。

As we will discuss today, fiscal year 2026 is well underway, and it will present new challenges and changes for us. If we can continue to execute our business strategy, I believe we can once again navigate those changes and challenges and pursue the resulting opportunities and continue to strengthen our company for the future.

正如我們今天所討論的，2026財年已經順利開始，它將為我們帶來新的挑戰和變化。如果我們能夠繼續執行我們的業務策略，我相信我們能夠再次應對這些變化和挑戰，並抓住由此帶來的機遇，繼續加強我們公司的未來。

Our business strategy focuses on three pillars: maximizing and optimizing our Tobacco Operations segment, growing our Ingredients Operations segment and strengthening our organization. First, in our Tobacco Operations segment, we continuously look for opportunities to increase our sales volumes and market share, expand services across our customers' supply chain, participate in the evolution of next-generation products and pursue efficiencies in our operations. Universal provides unparalleled access to tobacco that is supported by our farmer relationships, agronomy expertise and sustainability practices and backed by our investment-grade credit rating and access to financing.

我們的業務策略集中在三大支柱上：最大化和優化我們的菸草業務部門、發展我們的配料業務部門以及加強我們的組織。首先，在我們的菸草業務部門，我們不斷尋找機會增加銷售量和市場份額，擴展客戶供應鏈服務，參與下一代產品的開發，並提高營運效率。環球菸草公司提供無與倫比的菸草獲取管道，這得益於我們與農民的關係、農業專業知識和永續發展實踐，以及我們的投資級信用評級和融資管道。

We are capable of handling all varieties of tobacco, commercializing all stock positions and sourcing and supplying from all major leaf tobacco exporting regions. Reliability, service, and predictability are all the hallmarks of our Tobacco business. As our customers look to optimize their capital allocation and seek supply chain efficiencies or to expand their next-generation product business, we believe that we have an ability to play an increasingly important role in supporting them while generating additional earnings.

我們有能力處理所有品種的菸草、商業化所有庫存以及從所有主要菸葉出口地區採購和供應。可靠性、服務和可預測性都是我們菸草業務的標誌。當我們的客戶尋求優化其資本配置、提高供應鏈效率或擴大其下一代產品業務時，我們相信我們有能力在支持他們的同時發揮越來越重要的作用，同時創造額外的收益。

I believe that our geographic diversity, local expertise developed through decades of hand-in-hand work with farmers and suppliers and global relationships with multinational customers are the keys to our ability to continue to generate stable cash flow and deliver a unique value proposition for our shareholders.

我相信，我們的地理多樣性、透過數十年與農民和供應商攜手合作而積累的本地專業知識以及與跨國客戶的全球關係是我們能夠繼續產生穩定現金流並為股東提供獨特價值主張的關鍵。

Turning to our Ingredients Operations segment. We intend to seek opportunities to grow Universal Ingredients, both organically and through measured acquisitions to provide our customers with a solution-based portfolio of value-added product offerings.

轉向我們的原料營運部門。我們打算尋求機會透過有機成長和有節制的收購來發展 Universal Ingredients，以便為我們的客戶提供基於解決方案的增值產品組合。

Since we set our strategy in 2018 to build a plant-based food and beverage Ingredients business, we took a proactive but deliberate approach in recruiting a management team, making acquisitions and setting and executing commercial strategies. We paced ourselves as we integrated the three acquisitions to form a coherent platform, and we made key investments in expanding platform capabilities and capacity. As a result, operating income grew in fiscal year 2025 despite broader headwinds in the consumer products market.

自 2018 年制定打造植物性食品和飲料配料業務的策略以來，我們在招募管理團隊、進行收購以及製定和執行商業策略方面採取了積極主動但深思熟慮的方式。我們按照自己的步調整合了三次收購，形成了一個連貫的平台，並對擴展平台能力和容量進行了重點投資。因此，儘管消費品市場面臨更大阻力，但 2025 財年的營業收入仍實現成長。

And the platform has given us a firm foothold in a very deep multi-segment market. We strive to leverage our strong reputation for quality and service as well as our long-standing relationships with customers to be a premier player in this space.

該平台使我們在非常深入的多細分市場中站穩了腳跟。我們努力利用我們在品質和服務方面的良好聲譽以及與客戶的長期關係，成為該領域的領先企業。

The third pillar of our strategy is strengthening our organization. As a corporation, we will pursue strategies and initiatives designed to support and strengthen our operations for the future. These strategies and initiatives will focus on areas such as efficient financial management, effective human capital management, optimal utilization of technology and operational synergies between our business segments. Ultimately, our goal is to position Universal for long-term success and value creation, and I look forward to sharing more about these initiatives in the quarters to come.

我們策略的第三個支柱是加強我們的組織。作為一家公司，我們將推行旨在支持和加強我們未來營運的策略和措施。這些策略和舉措將重點放在高效的財務管理、有效的人力資本管理、技術的最佳利用以及業務部門之間的營運協同效應等領域。最終，我們的目標是讓環球影業長期成功並創造價值，我期待在未來幾季分享更多有關這些舉措的資訊。

I cannot talk about our strategy without talking about our strong regional and local management teams around the world. While our operations span five continents and over 30 countries, the coordination between our executive management and our regional and local management teams makes our decision-making quite nimble.

談到我們的策略，就不能不提到我們遍布全球的強大的區域和本地管理團隊。雖然我們的業務遍及五大洲和 30 多個國家，但我們的執行管理層與區域和當地管理團隊之間的協調使我們的決策非常靈活。

We are not afraid to make the right calls like when we and our South America management team decided to accelerate green tobacco buying in Brazil last year. That decision temporarily increased the level of debt on our balance sheet, but established a favorable cost position and secured the green tobacco needed to supply our customers in a very tight weather-impacted market. These types of decisions and the ability to execute on them are key to our success.

我們不怕做出正確的決定，就像去年我們和我們的南美管理團隊決定加快在巴西的綠色菸草採購一樣。這項決定暫時增加了我們資產負債表上的債務水平，但建立了有利的成本地位，並確保了在受天氣影響非常緊張的市場中向客戶提供所需的綠色菸草。這些類型的決策以及執行這些決策的能力是我們成功的關鍵。

I'd like now to hand it over to Johan to provide details of our financial and operational performance, after which I will have a high-level outlook for fiscal year 2026 and share a few additional thoughts.

現在，我想將時間交給約翰，讓他詳細介紹我們的財務和營運業績，之後我將對 2026 財年進行高水準展望，並分享一些額外的想法。

Thank you, Preston. Good evening, everyone. As Preston mentioned, Universal just delivered exceptional results for the full year of fiscal year 2025. Within the fiscal year, we saw accelerated timing for tobacco shipments to some customers, which shifted some sales volume from the fourth quarter to earlier in the year. The results for our fourth quarter, therefore, reflected the effect of such timing shifts.

謝謝你，普雷斯頓。大家晚上好。正如普雷斯頓所說，環球影業剛剛在 2025 財年全年取得了出色的業績。在本財政年度內，我們發現向一些客戶發貨菸草的時間加快了，導致部分銷售量從第四季度轉移到了年初。因此，我們第四季度的業績反映了這種時間變化的影響。

For the fourth quarter of fiscal year 2025, sales and other operating revenue were $702.3 million as compared to $770.9 million for the same quarter in fiscal year 2024. The decrease in revenue was mainly due to lower tobacco sales volumes as a result of the timing shift I just mentioned.

2025 財年第四季度，銷售額和其他營業收入為 7.023 億美元，而 2024 財年同期為 7.709 億美元。收入的下降主要是因為我剛才提到的時間變化導致菸草銷售量下降。

Operating income for the quarter was $42.8 million as compared to $68.2 million for the same quarter in fiscal year 2024. The lower operating income was also mainly due to lower tobacco sales volumes.

本季營業收入為 4,280 萬美元，而 2024 財年同期為 6,820 萬美元。營業收入下降也主要因為菸草銷售下降。

Selling, general, and administrative expenses were $9.5 million lower during the quarter as compared to the same quarter in fiscal year 2024, mainly due to lower compensation costs, a better currency comparison, but partially offset by higher legal and professional fees associated with the Mozambique embezzlement investigation.

本季的銷售、一般及行政開支與 2024 財年同期相比減少了 950 萬美元，這主要是由於薪酬成本降低、貨幣比較更佳，但與莫三比克貪污調查相關的法律和專業費用增加部分抵消了這一影響。

Net income attributable to Universal Corporation was $9.3 million or $0.37 per share on a fully diluted basis as compared to $40.3 million, or $1.61 per share for the same quarter in fiscal year 2024. During the quarter ended on March 31, 2025, Universal completed a pension risk transfer transaction, which resulted in a onetime pretax pension settlement charge of approximately $14 million.

環球公司的淨收入為 930 萬美元，即每股 0.37 美元（完全稀釋後），而 2024 財年同期為 4,030 萬美元，即每股 1.61 美元。在截至 2025 年 3 月 31 日的季度中，環球保險完成了一項退休金風險轉移交易，導致一次性稅前退休金結算費用約為 1,400 萬美元。

Adjusted net income, which excludes certain nonrecurring items, was $20.2 million, or $0.80 per share for the fourth quarter of fiscal year 2025 as compared to $44.8 million, or $1.79 per share for the same quarter in fiscal year 2024. Segment operating income for the Tobacco Operations segment was $45.8 million for the quarter as compared to $73.5 million for the same quarter of fiscal year 2024. The lower segment operating income was driven mainly by lower sales volumes, partially offset by better pricing.

2025 財年第四季度，調整後淨收入（不包括某些非經常性項目）為 2,020 萬美元，即每股 0.80 美元，而 2024 財年同期為 4,480 萬美元，即每股 1.79 美元。本季菸草業務部門的部門營業收入為 4,580 萬美元，而 2024 財年同期為 7,350 萬美元。分部營業收入下降主要是因為銷售量下降，但部分被更好的定價所抵銷。

Segment operating income for the Ingredients Operations segment was $4.4 million for the quarter as compared to a $1 million loss for the same quarter of fiscal year 2024. The higher segment operating income was driven mainly by higher sales volumes.

本季原料營運部門的營業收入為 440 萬美元，而 2024 財年同期的虧損為 100 萬美元。分部營業收入增加主要得益於銷售量增加。

For the full year of fiscal year 2025, sales and operating revenue were $2.95 billion as compared to $2.75 billion for fiscal year 2024. The increase in revenue was mainly due to higher tobacco sales prices, partially offset by lower volumes.

2025 財年全年銷售額和營業收入為 29.5 億美元，而 2024 財年為 27.5 億美元。收入的成長主要是由於菸草銷售價格的上漲，但銷售的下降部分抵消了這一增長。

Operating income for fiscal year 2025 was $232.8 million as compared to $222 million for fiscal year 2024. The increase was mainly driven by higher sales revenue, partially offset by higher green tobacco purchase prices.

2025 財年的營業收入為 2.328 億美元，而 2024 財年的營業收入為 2.22 億美元。成長主要得益於銷售收入的增加，但被綠色菸草採購價格的上漲部分抵銷。

SG&A expenses were $305.3 million during fiscal year 2025 as compared to $310.6 million for fiscal year 2024. The lower SG&A expenses were mainly the result of lower compensation costs and better recoveries on farmer advances partially offset by higher legal and professional fees associated with the Mozambique embezzlement investigation and higher sales commissions.

2025 財年的銷售、一般及行政費用為 3.053 億美元，而 2024 財年為 3.106 億美元。銷售、一般及行政費用 (SG&A) 較低的主要原因是賠償成本較低以及農民預付款回收較好，但與莫三比克貪污調查相關的法律和專業費用增加以及銷售佣金增加部分抵消了這一影響。

Net income attributable to Universal Corporation was $95 million for fiscal year 2025 or $3.78 per share on a fully diluted basis as compared to $119.6 million or $4.78 per share for fiscal year 2024.

2025 財年環球公司的淨收入為 9,500 萬美元，即完全攤薄後每股 3.78 美元，而 2024 財年為 1.196 億美元，即每股 4.78 美元。

Net income was lower, mainly as a result of higher operating income being offset by higher interest expenses, the aforementioned pension settlement charge and restructuring and impairment charges related to the consolidation and restructuring of our European sheet operations.

淨收入較低，主要原因是營業收入增加被利息支出增加、前述退休金結算費用以及與合併和重組歐洲板材業務有關的重組和減值費用所抵消。

Adjusted net income, which excludes certain nonrecurring items, was $116.3 million or $4.63 per share on a fully diluted basis for fiscal year 2025 as compared to $127.1 million or $5.08 per share for fiscal year 2024. Segment operating income for the Tobacco Operations segment was $240.2 million for fiscal year 2025 as compared to $222.4 million for fiscal year 2024. The higher segment operating income was driven mainly by higher sales prices, partially offset by lower volumes.

2025 財年的調整後淨收入（不包括某些非經常性項目）為 1.163 億美元或每股 4.63 美元（以完全稀釋後計算），而 2024 財年為 1.271 億美元或每股 5.08 美元。2025 財年菸草業務部門的部門營業收入為 2.402 億美元，而 2024 財年為 2.224 億美元。分部營業收入增加主要由於銷售價格上漲，但銷售下降部分抵銷了這一影響。

Segment operating income for the Ingredients Operations segment was $12.3 million for fiscal year 2025 as compared to $3.9 million for fiscal year 2024. The higher operating income was mainly driven by higher sales volumes. Strong cash flow generated by this financial performance supported our effort to delever.

2025 財年，原料營運部門的分部營業收入為 1,230 萬美元，而 2024 財年為 390 萬美元。營業收入增加主要得益於銷售量增加。這一財務業績產生的強勁現金流支持了我們的去槓桿努力。

Effective revenue collection efforts and a more normalized green tobacco buying pattern in Brazil for the crop currently being purchased also improved our working capital usage. As of March 31, 2025, our net debt, which is defined as the sum of notes payable, overdrafts and long-term obligations, including current portion, plus customer advances and deposits less cash and cash equivalents was $817 million, $180 million lower than March 31 of last year.

有效的稅收徵收工作和巴西目前採購的作物更規範的綠色菸草購買模式也提高了我們的營運資金使用率。截至 2025 年 3 月 31 日，我們的淨債務（定義為應付票據、透支和長期債務（包括當前部分）加上客戶預付款和存款減去現金和現金等價物的總和）為 8.17 億美元，比去年 3 月 31 日減少 1.8 億美元。

Additionally, as of March 31, 2025, our accounts receivable balance was over $100 million higher than at the end of fiscal year 2024. We remain focused on prudently and efficiently managing our working capital to maintain a conservative leverage level and solidify our investment-grade credit ratings.

此外，截至 2025 年 3 月 31 日，我們的應收帳款餘額比 2024 財年末高出 1 億美元以上。我們繼續專注於審慎有效地管理我們的營運資金，以維持保守的槓桿水平並鞏固我們的投資等級信用評級。

I will now hand it back to Preston to discuss our outlook for the next fiscal year.

現在我將把會議交還給普雷斯頓，討論我們對下一財年的展望。

Thank you, Johan. Looking to fiscal year 2026. On the Tobacco side, we see strong customer demand and industry uncommitted inventory remains at low levels. Per our estimate, excluding China, global flue-cured production is expected to increase this current growing season by about 20% and burley production is expected to increase by about 30% as compared to the last growing season.

謝謝你，約翰。展望2026財年。在菸草方面，我們看到強勁的客戶需求，產業未承諾庫存仍處於低水準。根據我們的估計，除中國外，本生長季全球烤煙產量預計將比上一生長季增加約 20%，白肋煙產量預計將增加約 30%。

If these anticipated production increases are achieved, we believe the incremental availability of tobacco will move the market from the recent undersupply position towards a more balanced or slight oversupply position.

如果這些預期的產量成長得以實現，我們相信菸草供應的增加將使市場從最近的供應不足狀態轉向更加平衡或略微過剩的狀態。

On the Ingredients side, during fiscal year 2025, we completed our major expansion project in Lancaster, Pennsylvania, which added an industry-leading combination of extraction, blending, aseptic packaging and other capabilities. We also invested in strengthening our sales, marketing and product development teams and focused on creating value across the entire platform. The platform level support enables us to deliver unique customized products to our customers.

在原料方面，2025財年，我們完成了位於賓州蘭開斯特的重大擴建項目，增加了業界領先的提取、混合、無菌包裝和其他功能的組合。我們也投資加強我們的銷售、行銷和產品開發團隊，並專注於在整個平台上創造價值。平台級支援使我們能夠向客戶提供獨特的客製化產品。

Entering fiscal year 2026, we are energized by strong customer interest in these new innovative products as we shift our focus from platform building to organic growth. I would be remiss not to highlight some of our key accomplishments and sustainability as well.

進入 2026 財年，隨著我們將重點從平台建設轉向有機成長，客戶對這些創新產品的濃厚興趣為我們注入了活力。如果我不再強調我們的一些主要成就和永續性，那將是失職的。

As the largest global leaf tobacco supplier that directly contracts with over 175,000 farmers around the world, sustainability has been deeply embedded in our DNA. To us, a strategic part of our business is our commitment to setting high standards, promoting a sustainable supply chain and providing transparency about our sustainability efforts. Sustainability is good for our business and represents good stewardship in the communities in which we operate.

作為全球最大的菸葉供應商，我們直接與全球 175,000 多名菸農簽訂了合同，可持續發展已深深植根於我們的 DNA 中。對我們來說，我們業務的策略部分是我們致力於制定高標準、促進永續的供應鏈並提供永續發展努力的透明度。永續性對我們的業務有利，並代表我們經營所在社區的良好管理。

Finally, I'll end my remarks with a note about our prior filing delays related to our investigation in Mozambique. I'm pleased that the investigation is complete and our filings have been made, and the embezzlement did not and is not expected to have any material impact on our financials. As an organization, we learned from the matter, and we implemented various initiatives to improve our processes and internal controls. We believe these incremental improvements will make us an even stronger and better company.

最後，我想以關於我們之前在莫三比克調查中提交文件延遲的情況來結束我的發言。我很高興調查已經完成，我們也提交了文件，而且挪用公款行為沒有、預計也不會對我們的財務狀況產生任何重大影響。作為一個組織，我們從此事中吸取了教訓，並實施了各種措施來改善我們的流程和內部控制。我們相信，這些漸進式的改進將使我們成為一家更強大、更好的公司。

Operator, please open up the call for questions.

接線員，請打開電話詢問。

Ann Gurkin, Davenport & Company.

安·古爾金（Ann Gurkin），達文波特公司。

Congrats to Preston. Congrats on completing the investigation or at least filing the appropriate paperwork. And congrats on a very excellent fiscal '25. I wanted to spend a few minutes thinking about fiscal '26 and see what you can share, beginning with SG&A.

祝賀普雷斯頓。恭喜您完成調查或至少提交了適當的文件。恭喜您 25 財年取得優異成績。我想花幾分鐘時間思考一下 26 財年，看看您可以分享些什麼，從銷售、一般和行政費用 (SG&A) 開始。

How should I think about SG&A for fiscal '26?

我該如何考慮 26 財年的銷售、一般及行政費用 (SG&A)？

Ann, I'll take that. We can't provide forward-looking guidance on our SG&A run rate, but I can help you understand some of the components of our SG&A. Fiscal year '25 full year SG&A was about $305 million, down $5 million versus prior year. There were a couple of moving pieces, some one-offs. There's legal and professional fees, of course, were up related to the Mozambique investigation.

安，我會接受的。我們無法提供有關銷售、一般和行政費用運行率的前瞻性指導，但我可以幫助您了解銷售、一般和行政費用的一些組成部分。25 財年全年銷售、一般及行政費用約 3.05 億美元，較上年下降 500 萬美元。有幾個可移動的部件，有些是一次性的。當然，與莫三比克調查相關的法律和專業費用有所上漲。

And we had some costs associated with value-added tax settlement in '24. So there's always these moving pieces.

我們在 24 年產生了一些與增值稅結算相關的費用。所以總是有這些移動的部分。

Other variances may be related to some specific aspects of our operations. For example, we had higher recoveries of farmer advances during fiscal year 2025 due to strong market demand and pricing and some higher commissions due to a shift in customer mix. Please also keep in mind that foreign currency comparisons could also impact SG&A. Overall, as we look to strengthen and grow the corporation, we may invest in additional SG&A to build capabilities, while at the same time, we seek opportunities to drive efficiencies and reduce costs.

其他差異可能與我們營運的某些具體方面有關。例如，由於市場需求和定價強勁，我們在 2025 財年收回的農民預付款增加，而且由於客戶結構的變化，佣金也有所增加。還要記住，外幣比較也可能影響銷售、一般和行政費用 (SG&A)。總體而言，當我們尋求加強和發展公司時，我們可能會投資額外的銷售、一般和行政費用來建立能力，同時，我們尋求提高效率和降低成本的機會。

So are you going to have ongoing legal expenses that continue in fiscal '26 for the Mozambique situation?

那麼，在 26 財年，您是否會繼續為莫三比克事件承擔法律費用？

Not with regard to the Mozambique investigation. No, that investigation has been completed.

與莫三比克調查無關。不，調查已經完成。

That's complete. Okay. Great. Okay. And then switching to Tobacco, very strong margins, nice business in fiscal '25.

這就完成了。好的。偉大的。好的。然後轉向菸草，利潤率非常高，25 財年的生意很好。

I guess in talking to tobacco companies, customers, it looks like demand is strong. They're talking about lower -- expecting lower tobacco cost moving forward. So that raises the question of their expectations their inventory levels versus the likely move towards a more balanced tobacco leaf global supply given the forecast. So how should I think about margins and the ability to price and ability to drive growth in Tobacco segment in fiscal '26 versus fiscal '25?

我想，在與菸草公司和顧客交談時，看起來需求很強。他們正在談論降低——預計未來菸草成本將會降低。因此，這就提出了一個問題：根據預測，他們的庫存水準預期與全球菸葉供應可能趨於更平衡的趨勢如何。那麼，我該如何看待 26 財年與 25 財年相比菸草部門的利潤率、定價能力和推動成長的能力？

Yeah, that's -- you've touched on the key issue. And as we go from undersupply into a balanced market with larger crops and prices expected to come down. I think we're aligned with our customers in that viewpoint as well. But as those crops grow, we're trying to think through, and of course, we coordinate with our customers to find out what their indications are, and we try to do that as far in advance as we can. So we know what we need to be growing with our farmers.

是的，您觸及了關鍵問題。隨著我們從供應不足走向平衡的市場，產量增加，價格預計會下降。我認為我們的觀點與客戶的觀點是一致的。但隨著這些作物的生長，我們正在努力思考，當然，我們會與客戶協調，了解他們的適應症，並盡可能提前做到這一點。因此我們知道我們需要與農民一起種植什麼。

But an open question is what are they going to do with their durations? Are customers going to build them back up? Are customers going to continue with where they are and allocate resources in other areas of their company, which is for capital allocation strategy is on the minds of some of our customers. So it's still too early in the season to tell, but we know that there is still strong demand this year as we go into this market, even though we have really big crops coming in. We think the lower prices will help, and we'll be able to meet our customers' demands.

但一個懸而未決的問題是他們將如何利用這些時間？客戶會重建它們嗎？客戶是否會繼續維持現狀並在公司的其他領域分配資源，這是我們一些客戶所考慮的資本配置策略。所以現在判斷這個季節還為時過早，但我們知道，儘管今年我們的收成非常大，但進入這個市場時，需求仍然強勁。我們認為較低的價格會有所幫助，並且我們能夠滿足客戶的需求。

It's just -- at this time, it's a little difficult to know what the scope and extent of those demands are going to be until we really have a better understanding from all of our customers of how they're going to manage those durations.

只是——目前，在我們真正從所有客戶那裡更好地了解他們將如何管理這些持續時間之前，很難知道這些需求的範圍和程度。

Some of them, those durations got very low. So we benefited last year. And even though it was a historically high green price crop in lots of origins and short crops in some places like Brazil, we were able to help them and source the tobacco that they needed and they paid high prices for those. And this year, they're expecting better pricing, and we would expect better pricing as well. But we really have to have a better understanding of what their real needs are going to be throughout the whole crop season in all of these areas, starting with Brazil and then into Africa and then around the world.

其中一些持續時間非常短。所以我們去年受益了。儘管在許多產地，菸草的青貯價格都創歷史新高，而巴西等地的產量卻很少，但我們還是能夠幫助他們採購所需的煙草，而他們也為此付出了高昂的代價。今年，他們期待更好的定價，我們也期待更好的定價。但我們確實必須更好地了解所有這些地區整個作物生長季的真正需求，從巴西開始，然後是非洲，最後是世界各地。

Great. Do you anticipate growing volumes for the Tobacco business in fiscal '26?

偉大的。您預期 26 財年的菸草業務銷售會成長嗎？

Again, it's going to -- to me, it's going to depend on what they're going to do with those durations. That would be the variable for me. They had -- we had a slight decrease in volume last year, even though really strong demand. And even though a place like Brazil is going to have a much larger crop, doesn't mean automatically that everybody is going to be buying 20% more. We're just going to have to see.

再說一次，對我來說，這將取決於他們如何利用這些持續時間。這對我來說是一個變數。儘管需求非常強勁，但去年我們的銷量略有下降。儘管像巴西這樣的地方將獲得更大的產量，但這並不意味著每個人都會購買多 20% 的產量。我們只需要拭目以待。

Some of them are certainly going to increased durations and some, I think, are going to live with the tighter durations and rely on us to give them opportunities, especially maybe later in the crop year, where in the crop season, where they might be able to come in if there's excess tobacco that we can buy on the market and help them where last year in undersupply in tight markets, we couldn't all the time.

他們中的一些人肯定會延長煙草銷售期限，而我認為，有些人會忍受更緊的煙草銷售期限，並依靠我們給他們提供機會，特別是在作物年份的後期，在作物季節，如果市場上有多餘的煙草，我們可以購買，他們可能會進來，幫助他們解決去年市場緊張、供應不足的問題，而我們無法一直這樣做。

If I may add, Preston, all things being equal, and crops are larger, we're going to buy our share. But we do not buy on a speculative basis. So again, this is where the customer angle comes in. But under normal circumstances, we buy our share, and we have the contracts with our farmers. If the farmers grow more, that's what we're buying, but we will end up with some additional tobacco.

普雷斯頓，如果我可以補充一點的話，如果所有條件都相同，並且農作物產量更大，我們就會購買我們的份額。但我們不會以投機為基礎進行購買。所以，再次強調，這就是客戶角度發揮作用的地方。但在正常情況下，我們會購買自己的份額，並與農民簽訂合約。如果農民種植更多菸草，我們就會購買，但最終我們也會得到一些額外的菸草。

It's cheaper, so that will help us a little bit. But we do expect volumes to go up a little bit and -- but we have to be able to place, and that's where the big question is at the moment.

它比較便宜，所以對我們有一點幫助。但我們確實預計銷量會略有上升——但我們必須能夠定位，這就是目前最大的問題所在。

And what are Universal's uncommitted inventory levels right now, tobacco inventory?

環球影業目前未承諾的庫存水準是多少，菸草庫存是多少？

We're currently at 20% as of March 31, 2025.

截至 2025 年 3 月 31 日，這一比例目前為 20%。

And worldwide uncommitted leaf inventories?

全球範圍內未投入使用的葉子庫存是多少？

So the estimated unsold flue-cured and burley stock was 22 million kilos as of March 31, which is up 11 million from December 31.

因此，截至 3 月 31 日，未售出的烤煙和白肋煙庫存估計為 2,200 萬公斤，比 12 月 31 日增加了 1,100 萬公斤。

Okay. And how does the US crop look right now, tobacco crop?

好的。目前美國菸草作物的長勢如何？

Too early, Ann.

太早了，安。

Yes, it's a little too early.

是的，有點太早了。

Too early. Okay. Okay. Switching to Ingredients, nice to see the improvement in the operating profit versus 2024 for the Ingredients segment. How do I think about the profit outlook for the Ingredients segment?

太早了。好的。好的。前往原料業務，很高興看到原料業務部門的營業利潤相對於 2024 年有所提高。我如何看待原料部門的獲利前景？

And are you still targeting Ingredient -- profit for the Ingredients segment to total 10% to 12% of EBITDA? Is that still a long-term target for that segment?

您是否仍將配料部門的利潤目標定為佔 EBITDA 的 10% 至 12%？這仍然是該領域的長期目標嗎？

Well, we put that target out a while back, Ann. So we hit it and then we moved on. Again, we have made some significant investments, and that's where we need to deliver. And that's what we have been saying the entire time that by putting in these additional capabilities and all these things that we can do, now the sales guys need to do their thing. We ramped up the commercial department.

嗯，安，我們不久前就提出了這個目標。所以我們達成了目標，然後繼續前進。再次強調，我們已經進行了一些重大投資，這就是我們需要實現的目標。這就是我們一直在說的，透過增加這些額外的能力和我們能做的所有這些事情，現在銷售人員需要做他們的事情。我們擴大了商業部門。

We ramped up the R&D. There is a lot of costs associated with that in the numbers, which you can see in '25 and before. So you're going to see the fruits of this going forward, which is now we just need to sell it. And we need to margin up. Some of these things, we don't like to be in the commodity business.

我們加大了研發力道。從數字上看，這與許多成本有關，你可以在 25 年及之前看到這一點。因此，您將會看到這項舉措的成果，現在我們只需要將其出售。我們需要提高利潤率。對於其中的一些事情，我們不喜歡從事商品業務。

We like to be in the specialized stuff, and that's why we did what we did and we made the significant investment in Lancaster, Pennsylvania.

我們喜歡從事專業領域，這就是我們這樣做的原因，我們在賓州的蘭開斯特進行了大量投資。

Yeah. We were certainly pleased for the year with increased sales, increased volumes for the platform and ending the quarter on a strong note. And our goal is to grow -- that's our strategy, grow Ingredients. And we expect to do that. We need to leverage as much as we can with our platform resources, get as much value from those resources as we can.

是的。我們對今年的銷售成長、平台銷售增加以及本季的強勁表現感到非常高興。我們的目標是發展──這就是我們的策略，發展原料。我們也希望這樣做。我們需要盡可能地利用我們的平台資源，從這些資源中獲取盡可能多的價值。

It's been paying off this year, and that's our goal for next year and in the continuing years.

今年我們已經獲得了回報，這也是我們明年以及未來幾年的目標。

Can you quantify the increased sales due to anticipated tariffs? I assume some business shifted into Q4.

您能量化預期關稅帶來的銷售額成長嗎？我認為一些業務轉移到了第四季。

Yeah, there was some -- I'd say there was some modest activity in the fourth quarter in anticipation of tariffs. And tariffs, it depends on what time of day you want to check the news to know what's going to tariffs. But we would expect with those types of challenges, we'll have opportunities. And we're working through those. We've seen tariffs in the past.

是的，我想說，第四季由於預期關稅，出現了一些適度的活動。至於關稅，這取決於你在一天中的什麼時間查看新聞來了解關稅情況。但我們預計，在面臨這些挑戰的同時，我們也將擁有機會。我們正在努力解決這些問題。我們過去曾見過關稅。

It's really going to be a focus on what the tariffs really are. And are there other areas that we can also source products from to mitigate maybe additional costs with tariffs and have a more diversified supply base to mitigate any impacts like that.

我們真正關注的是關稅的真正意義。我們是否可以從其他地區採購產品，以減輕關稅帶來的額外成本，並擁有更多樣化的供應基礎來減輕任何類似的影響。

So about 10% of the sales in Q4 would have been due to timing of tariff purchases?

那麼第四季約 10% 的銷售額是由於關稅購買時機造成的？

No, not that high. No.

不，沒那麼高。不。

Not that high.

沒有那麼高。

No, no.

不，不。

Okay. Okay. And then can you talk about tariffs? What is caught up in tariffs for you all? What -- both on the Tobacco side and the Ingredients side?

好的。好的。那麼您能談談關稅嗎？你們都陷入了關稅的泥淖嗎？什麼－菸草方面和成分方面？

Is there anything?

有什麼事嗎？

Yes. I guess it sort of depends on what --

是的。我想這取決於--

As of today --

從今天起--

If we're thinking of tariffs with China, that's going to impact how much, if anything, the Chinese are going to buy in the US. For us, that's not a large part of our business. We handle some processing for them. So for the Chinese side, that's really -- for the US, maybe volumes go down in the US, it gives us opportunities in other areas where they're going to shift their needs because they do have requirements. And we worked very hard last year to meet those requirements in tough markets, and we'll do the same this year as well.

如果我們考慮對中國徵收關稅，這將影響中國人在美國購買的數量（如果有的話）。對我們來說，這不是我們業務的主要部分。我們為他們進行一些處理。因此，對於中方來說，這確實是——對於美國來說，也許美國的產量會下降，這為我們在其他領域提供了機會，因為他們確實有要求，所以他們會轉移需求。去年，我們在艱難的市場中付出了巨大的努力來滿足這些要求，今年我們也會這樣做。

I think on the Ingredients side, it's for the Chinese sourcing we have, which is really our dehydrated vegetable company, Silva International. that's going to depend on the level of tariffs where they end up.

我認為在原料方面，我們的原料來自中國，也就是我們的脫水蔬菜公司 Silva International。這將取決於最終的關稅等級。

And as we saw that customers were buying forward a little bit, and we're working on additional areas of supply in case the tariffs go up. If the tariffs come down, we're in good shape. We also carry as part of our strategy, a little longer inventories at Silva with our products. So we've got some breathing room with that as we navigate the changes. If tariffs apply to other origins, that's really going to impact purchases that our US customers have from our operations around the world.

我們看到客戶提前購買，我們正在努力擴大供應範圍，以防關稅上漲。如果關稅下降，我們的狀況就會很好。作為我們策略的一部分，我們還在 Silva 保留了我們產品的較長庫存。因此，當我們應對這些變化時，我們有一定的喘息空間。如果對其他產地徵收關稅，這將嚴重影響我們美國客戶從我們全球業務中採購的產品。

And we're keenly aware of our commitment to our customers to help them any way we can. And we'll work with them. If there are unexpected tariffs and origins that they typically would buy from, we work with them and help them in other origins as best we can.

我們深知我們對客戶的承諾，我們會盡一切努力為他們提供幫助。我們將與他們合作。如果他們通常會購買意外的關稅和產地，我們會與他們合作並盡力幫助他們找到其他產地。

So it's just a tough one to predict even today. It's -- tariffs are off, tariffs are on, tariffs are stayed. We're just going to wait and see. But we've dealt with these types of challenges in the past, whether they're tariffs and other things. And we always make a plan, and we will produce results despite the challenge. There's always an opportunity with every challenge.

因此，即使在今天，這也很難預測。關稅有取消、有徵收、有暫停。我們只能拭目以待。但我們過去也處理過這些類型的挑戰，無論是關稅還是其他問題。我們總是製定計劃，並且無論面臨挑戰我們都會取得成果。每個挑戰背後都蘊藏著機會。

So are you buying products from China that has the 145% tariff on it? Or did you build enough inventory to not have to buy that at that moment? I know the tariffs drop now in the 30%, but where are you in that cycle, sorry?

那麼，您是否購買了被徵收 145% 關稅的中國產品？或者您已經累積了足夠的庫存，以至於當時無需購買？我知道現在關稅下降了 30%，但抱歉，您處於這個週期的哪個階段？

Yeah. I'd say I don't think we're buying anything at that level. It would just be too difficult to move. I think we bought at some strategic times to avoid the tariffs or to have minimal tariffs. And that plus our inventory, we're fine.

是的。我想說，我認為我們不會購買任何價格如此高的東西。移動太困難了。我認為我們在一些戰略時刻購買是為了避免關稅或將關稅降至最低。再加上我們的庫存，我們就沒問題了。

But we'll have to see how long the tariffs last also.

但我們還必須看看關稅持續多久。

And then you talked about recent increases in raw material prices for certain traditional products. What does that mean? I'm sorry. I don't know what that is.

然後您談到了最近某些傳統產品的原物料價格上漲。這意味著什麼？對不起。我不知道那是什麼。

So for our Ingredients business, for example, there's been historically low prices for apples, which impact FruitSmart, our operation in Washington on the fruit processing company and on vanilla or Shank's, which is one of their core products. Those sales have been good. It's just historically low levels, which impacts our dollar margins on that business. So we've got good sales. We've got good margin percentages.

以我們的食材業務為例，蘋果的價格一直處於歷史低位，這影響了 FruitSmart（我們在華盛頓的水果加工公司）以及香草或 Shank's（他們的核心產品之一）。這些產品的銷售情況都很好。這只是歷史最低水平，這影響了我們該業務的美元利潤率。因此我們的銷售業績很好。我們的利潤率很高。

But of course, if your raw material prices are low, it's impacting your absolute dollar margins.

但當然，如果原材料價格低，就會影響您的絕對美元利潤。

Can you grow margin on the Ingredients business in fiscal '26 versus '25?

與 25 財年相比，26 財年的配料業務利潤率能提高嗎？

And that's again why I said that we need to margin up on these things. So that's where we -- our goal is to improve the margins on that business. And that's why we did what we did in Lancaster, Pennsylvania by creating something that is a differentiator for us and for the market.

這就是我再次說我們需要在這些事情上增加利潤的原因。所以，我們的目標是提高該業務的利潤率。這就是為什麼我們在賓州蘭開斯特所做的就是創造一些對我們和市場都有差異化的東西。

Right. And add on to that, the big part of our strategy in growing Ingredients is to grow volume and grow scale. We've got a platform investments in product development and in sales and marketing. And the more we scale up, the more we spread those costs across our units, and we become even more competitive and then we've got better pricing and better margins as well. We get the return that we need for those investments.

正確的。除此之外，我們增加原料的策略很大一部分是增加產量和擴大規模。我們在產品開發、銷售和行銷方面都有平台投資。我們的規模越大，我們越能將這些成本分攤到各個部門，我們的競爭力就會越強，我們就能獲得更好的定價和更高的利潤率。我們獲得了這些投資所需的回報。

Have you invested in the sales force to support growth to fill that platform?

您是否已投資於銷售團隊來支援成長並填補該平台？

Yes.

是的。

Great. That's great. And then can I just ask two more things. One about the $100 million share repurchase program and you didn't buy any stock back in the quarter. What are your thoughts on using that program?

偉大的。那太棒了。然後我可以再問兩件事嗎？一個是關於 1 億美元股票回購計劃，但本季你沒有回購任何股票。您對使用該程式有何想法？

You ended the year with, I think, $260 million in cash, and you've done a lot of work on reducing working capital needs or managing working capital. How should I think about that opportunity to buy back stock?

我認為，您在年底擁有 2.6 億美元現金，並且您在減少營運資金需求或管理營運資金方面做了很多工作。我該如何看待回購股票的機會？

Well, according to the capital allocation strategy, and we have some other things that are more prioritized at the moment. So it's out there. If the timing is right, we will use it. But right now, we would like to delever more and we want to do some other things, make some investments, strategic investments if the opportunity arises. So all those things are before we start buying back stock big time.

嗯，根據資本配置策略，我們目前還有一些其他更優先的事情。所以它就在那裡。如果時機合適，我們就會利用它。但現在，我們想進一步去槓桿，如果有機會，我們想做一些其他的事情，做一些投資，戰略投資。所以所有這些都是在我們開始大量回購股票之前發生的事情。

Okay. And how do I think about interest expense for '26 versus '25?

好的。我如何看待 26 年與 25 年相比的利息支出？

Interest expense, we have to work on clearly, because of the pricing last year, the early buying in Brazil, that was elevated. Working capital was up. This year, it's certainly better in Brazil. It's a more normal buying season, it appears. So that will help.

我們必須明確處理利息支出，因為去年巴西早期的購買定價較高。營運資金增加了。今年，巴西的情況肯定更好。看起來，這是一個更正常的購買季節。這會有幫助的。

We set on quite a bit of cash at the end of the year. So all of that, the goal is to bring interest expense down.

我們在年底累積了相當多的現金。所以所有這些的目標都是降低利息支出。

Great. And then CapEx for fiscal '26, it looks like it was $62 million in '25. What's '26?

偉大的。然後是 26 財年的資本支出，看起來 25 年是 6,200 萬美元。'26 是什麼？

Yeah. Currently, we're looking at between $45 million and $55 million, Ann.

是的。目前，我們正在考慮 4500 萬美元到 5500 萬美元之間，安。

Chris Reynolds, Neuberger Berman.

克里斯·雷諾茲，Neuberger Berman。

I wanted to see if you can provide some general comments about nicotine pouches. And obviously, there's been explosive growth there. And I'm wondering how that affects your demand for tobacco leaf. It's my understanding that these products use nicotine from tobacco leaf, but I guess there's always a possibility you could use some sort of synthetic nicotine. But based on sort of what you're seeing right now, is this something that potentially increases demand for leaf tobacco?

我想看看您是否可以提供一些有關尼古丁袋的一般性評論。顯然，那裡出現了爆炸性增長。我想知道這對您對菸葉的需求有何影響。據我了解，這些產品使用菸葉中的尼古丁，但我猜想總是有可能使用某種合成尼古丁。但根據您現在看到的情況，這是否會增加對菸葉的需求？

Or are these products going to reduce demand for tobacco leaf? It's hard to figure that out.

或者這些產品會減少對菸葉的需求嗎？這很難弄清楚。

Yeah, Chris, I understand. It is hard to figure out. For our customers, this is part of their portfolio. They've got their traditional products. They've got their next-generation products, some use tobacco pouches, some use nicotine derived from tobacco.

是的，克里斯，我明白。這很難弄清楚。對於我們的客戶來說，這是他們產品組合的一部分。他們有自己的傳統產品。他們有下一代產品，有的使用煙草袋，有的使用從煙草中提取的尼古丁。

The way we see it, there are opportunities in nicotine. It is a commodity at the moment, and it is being produced in a number of places around the world. We, of course, through AmeriNic, we further refine it here in the US. But it's really driven by cost and how you can produce it at the lowest cost and where that tobacco is at the lowest cost, which, for example, is overseas and not currently really in the United States.

我們認為，尼古丁中蘊藏著機會。它目前是一種商品，並且在世界各地許多地方都有生產。當然，我們透過 AmeriNic 在美國對其進行了進一步完善。但這實際上取決於成本以及如何以最低的成本生產菸草，以及菸草成本最低的地方在哪裡，例如在海外，而不是在美國。

For us, we still see strong demand for our leaf business. And we support our customers in all of our portfolios. And part of our strategy is to participate in their next-generation product categories. So if they use leaf, we want to be in that leaf. And if they use nicotine in the most efficient and effective, cost-effective way for us where it makes sense, we want to participate in that, too.

對我們來說，我們仍然看到對葉子業務的強勁需求。我們為所有產品組合的客戶提供支援。我們的策略之一就是參與他們的下一代產品類別。因此，如果他們使用葉子，我們就希望位於該葉子中。如果他們能以最有效、最經濟的方式使用尼古丁，我們也願意參與其中。

That nicotine market is pretty volatile and it's very cost sensitive. And so we keep an eye on it. We participate in it, but it's hard to predict where it's really going longer term and how it might change. And to your point, what role synthetic nicotine might play long term in the market.

尼古丁市場非常不穩定，而且對成本非常敏感。因此我們對此保持關注。我們參與其中，但很難預測它的長期發展方向和變化。就您的觀點而言，合成尼古丁在市場上可能長期發揮什麼作用。

And one other follow-up question. Let's just say you have a customer that wants nicotine derived from your tobacco leaf and you do some form of processing to extract it. What happens with that tobacco leaf afterwards? Is it something that's just discarded? Or is there another use for it?

還有一個後續問題。假設您有一位客戶想要從您的菸葉中提取尼古丁，並且您採取某種形式的加工來提取它。那片菸葉後來會怎麼樣呢？這是被丟棄的東西嗎？或者它還有其他用途嗎？

No, I think in that -- I think in most of those processes, and we don't extract directly from leaves ourselves. I think in that process, what's left is not used. It's waste. You can't reuse.

不，我認為在大多數過程中，我們不會直接從葉子中提取。我認為在這個過程中，剩下的東西就沒有被利用了。太浪費了。您不能重複使用。

There are no further questions at this time. I will now turn the call over to Preston Wigner for closing remarks.

目前沒有其他問題。現在我將把電話交給普雷斯頓·維格納 (Preston Wigner) 來做結束語。

Thank you, Tiffany. Thank you all for taking the time to join us today. We look forward to connecting again during our next earnings call. Thank you.

謝謝你，蒂芙尼。感謝大家今天抽出時間來參加我們的活動。我們期待在下次財報電話會議上再次與您聯繫。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。