Innovate Corp (VATE) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to INNOVATE Corp.'s second-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加INNOVATE公司2025年第二季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference call over to Neel Nick Sikka with Investor Relations. Please go ahead.

現在我將把電話會議交給投資者關係部門的尼爾·尼克·西卡。請繼續。

Good afternoon. Thank you for being with us to review INNOVATE's second-quarter 2025 earnings results. We are joined today by Paul Voigt, INNOVATE's Interim CEO; and Mike Sena, INNOVATE's CFO. We have posted our earnings release and our slide presentation on our website at innovatecorp.com. We will begin our call with prepared remarks to be followed by a Q&A session. This call is also being simulcast and will be archived on our website.

午安.感謝您與我們一起回顧 INNOVATE 2025 年第二季的收益報告。今天我們邀請到了 INNOVATE 的臨時執行長 Paul Voigt 和 INNOVATE 的財務長 Mike Sena。我們已在公司網站innovatecorp.com上發布了盈利報告和簡報。電話會議將首先進行事先準備好的發言，隨後是問答環節。本次電話會議將進行同步直播，並將存檔於我們的網站上。

During this call, management may make certain statements and assumptions, which are not historical facts, will be forward-looking and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risks, assumptions and uncertainties and are subject to certain assumptions and risk factors that could cause INNOVATE's actual results to differ materially from these forward-looking statements.

在本次電話會議中，管理階層可能會做出一些陳述和假設，這些陳述和假設並非歷史事實，而是前瞻性的，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。任何此類前瞻性陳述都涉及風險、假設和不確定性，並受某些假設和風險因素的影響，這些因素可能導致 INNOVATE 的實際結果與這些前瞻性陳述有重大差異。

The risk factors that could cause these differences are more fully discussed in the cautionary statement that is included in our earnings release and the slide presentation and further detailed in our 10-K and other filings with the SEC. In addition, the forward-looking statements included in this conference call are only made as of the date of this call and as stated in our SEC reports. INNOVATE disclaims any intent or obligation to update or revise these forward-looking statements, except as expressly required by law.

可能導致這些差異的風險因素在我們的盈利報告和幻燈片演示中包含的警示聲明中有更全面的討論，並在我們提交給美國證券交易委員會的 10-K 表格和其他文件中有更詳細的說明。此外，本次電話會議中所包含的前瞻性陳述僅代表截至本次電話會議之日以及我們在提交給美國證券交易委員會（SEC）的報告中所述的觀點。除法律明確要求外，INNOVATE 不承擔更新或修改這些前瞻性聲明的任何意圖或義務。

Management will also refer to certain non-GAAP financial measures such as adjusted EBITDA. We believe that these measures provide useful supplemental data that, while not a substitute for GAAP measures, allow for greater transparency in the review of our financial and operational performance.

管理階層也會參考某些非GAAP財務指標，例如調整後的EBITDA。我們認為，這些措施提供了有用的補充數據，雖然不能取代 GAAP 指標，但可以提高我們財務和營運績效審查的透明度。

At this point, it is my pleasure to turn things over to Paul Voigt.

接下來，我很高興將麥克風交給保羅‧沃伊特。

Good afternoon. We are pleased to report our second-quarter 2025 financial results and will provide you with an update on our three operating segments. INNOVATE delivered consolidated revenues of $242 million and adjusted EBITDA of $15.7 million in the second quarter.

午安.我們很高興向您報告 2025 年第二季財務業績，並將向您介紹我們三個營運部門的最新情況。INNOVATE 在第二季實現合併營收 2.42 億美元，調整後 EBITDA 為 1,570 萬美元。

The second quarter continued to showcase our commitment to long-term value creation. We took meaningful steps to allow us to focus on executing our strategic plans, including advancing a series of refinancing transactions to extend our debt maturities. We remain focused on execution across each of our operating segments, and I'm proud of the momentum our teams are building.

第二季持續展現了我們對創造長期價值的承諾。我們採取了切實有效的措施，使我們能夠專注於執行策略計劃，包括推進一系列再融資交易以延長債務到期日。我們將繼續專注於各個營運部門的執行，我為我們團隊正在取得的進展感到自豪。

To start the review of the subs at Infrastructure, DBM Global achieved revenues of $233.1 million and adjusted EBITDA of $19.3 million. During the quarter, DBM has seen gross margin compression year over year of approximately 230 basis points to 17.9% and adjusted EBITDA margin compression of approximately 240 basis points to 8.3% year over year.

在開始對基礎設施部門的子公司進行審查時，DBM Global 實現了 2.331 億美元的收入和 1,930 萬美元的調整後 EBITDA。本季度，DBM的毛利率年減約230個基點至17.9%，調整後EBITDA利潤率較去年同期下降約240個基點至8.3%。

Despite the year-over-year decrease in margins, we remain impressed by the performance of DBMG who delivered better-than-expected margins in the second quarter.

儘管利潤率同比下降，但我們仍然對DBMG的表現印象深刻，該公司第二季的利潤率超出了預期。

As far as our adjusted backlog, it has increased year-over-year by approximately $300 million to just over $1.3 billion. We also are happy to report that DBM has a sizable project that will add approximately $400 million to adjusted backlog in the third quarter, and we remain very optimistic on the pipeline.

就我們調整後的積壓訂單而言，與去年同期相比增加了約 3 億美元，達到略高於 13 億美元。我們也很高興地報告，DBM 有一個規模可觀的項目，將在第三季度為調整後的積壓訂單增加約 4 億美元，我們對未來的項目儲備仍然非常樂觀。

Given the deferment of awards in the second half of 2024, the outcomes for DBM for the first half of 2025 are aligned with what we anticipated. DBM remains well positioned in the second half of 2025 with a strong backlog and robust pipeline. Despite the fluctuating tariff situation, DBM continues to book projects into its backlog and are not seeing an impact to the demand from its customers.

鑑於 2024 年下半年的撥款被推遲，2025 年上半年 DBM 的撥款結果與我們的預期一致。DBM在2025年下半年仍維持良好地位，擁有強勁的訂單儲備和穩健的專案儲備。儘管關稅情勢波動，但DBM仍在繼續將項目納入其積壓訂單，並且沒有看到對客戶需求的影響。

Operationally, the team remains focused on margin discipline and control as we manage through the inflationary pressure. Nevertheless, we continue to pursue strategic bids that align with our risk return profile. We remain confident in DBM's positioning as one of the leading integrated steel fabrication and construction service firms in North America.

在營運方面，團隊將繼續專注於利潤率紀律和控制，以應對通膨壓力。儘管如此，我們仍將繼續尋求符合我們風險回報狀況的策略性收購目標。我們仍然對DBM作為北美領先的綜合鋼結構製造和施工服務公司之一的地位充滿信心。

Within Life Sciences, MediBeacon continues to make steady traction in exploring the potential application for transdermal GFR monitoring systems with clinicians in hospitals and other settings. Additionally, we previously announced that the National Medical Products Administration in China also approved MediBeacon. TGFR monitor and TGFR sensor.

在生命科學領域，MediBeacon 繼續穩步推進經皮腎小球濾過率監測系統在醫院和其他場所與臨床醫生合作的潛在應用。此外，我們先前宣布，中國國家藥品監督管理局也已批准 MediBeacon。TGFR 監測儀和 TGFR 感測器。

Lumitrace continues to be under review and is on track for approval by the end of this year. The Journal of the American Society of Nephrology August print edition is expected to include transdermal GFR data published online earlier this year. MediBeacon's TGFR system is still on track to be available for commercial sale in the fourth quarter of this year. While we continue to make progress on our strategic alternatives, there is no further information on any strategic alternatives since our last call.

Lumitrace目前仍在審核中，預計在今年年底前獲得批准。《美國腎臟病學會雜誌》8 月印刷版預計將收錄今年稍早線上發表的經皮腎絲球濾過率數據。MediBeacon 的 TGFR 系統仍有望在今年第四季上市。雖然我們在策略選擇方面持續取得進展，但自上次通話以來，沒有任何關於策略選擇的新資訊。

R2 built on its recent momentum with another strong quarter, increasing top line revenue to $3.2 million in the second quarter of 2025 compared to $1.7 million in the second quarter of 2024. This momentum was fueled by increased shipments outside North America. R2 now carries a backlog of approximately 50 units globally, positioning the company for continued growth.

R2 延續了近期的成長勢頭，又一個強勁的季度業績，2025 年第二季營收增至 320 萬美元，而 2024 年第二季為 170 萬美元。這一增長勢頭得益於北美以外地區出貨量的增加。R2 目前在全球擁有約 50 台的積壓訂單，為公司的持續成長奠定了基礎。

With this sizable backlog, another significant order received from its partner in China and growing consumable revenue associated with the continually increasing installed base, we expect R2 to return another strong quarter in the third quarter.

憑藉這筆可觀的積壓訂單、從中國合作夥伴處收到的另一筆重要訂單，以及與不斷增長的裝機量相關的耗材收入的增長，我們預計 R2 在第三季度將再次迎來強勁的季度業績。

R2's providers love Glacial Skin for the device's unique ability to deliver controlled cooling for inflammation reduction, skin brightening and pigment correction, all without any downtime. Along with providing stunning results for patients, Glacial skin devices deliver impressive business outcomes for providers.

R2 的供應商喜歡 Glacial Skin，因為該設備具有獨特的可控冷卻功能，能夠減輕發炎、提亮膚色和糾正色素沉著，而且無需任何恢復期。Glacial皮膚治療設備不僅為患者帶來顯著的治療效果，也為醫療機構帶來可觀的商業效益。

In Q2 2025, patient treatments grew 115.1% while average monthly utilization per provider increased 28.5% compared to the same period last year. Glacial's skin rising brand awareness is proven to be a powerful sales driver with social media engagements growth outperforming industry competitors by 823%. Supporting this surge, R2 saw quarter-over-quarter increases of 51.6% in social media mentions and 140.6% in web users. We are very satisfied with R2's achievements and maintain our belief that the market potential for R2 is substantial. We are extremely pleased with the progress the company has made over the past year.

2025 年第二季度，患者治療量增加了 115.1%，而每位醫療服務提供者的平均月使用量與去年同期相比增長了 28.5%。Glacial 保養品品牌知名度的提升已被證明是強大的銷售驅動力，其社群媒體互動成長比產業競爭對手高出 823%。受此增長的支撐，R2 的社交媒體提及量環比增長了 51.6%，網絡用戶數環比增長了 140.6%。我們對 R2 的成就非常滿意，並且仍然相信 R2 的市場潛力巨大。我們對公司過去一年的進展感到非常滿意。

Moving to Spectrum. Second quarter revenues was $5.7 million and adjusted EBITDA was $1 million. While first half results were principally impacted by two network cancellations, we see promising trends with recent launches on our platform of three strong networks, Marathon Ventures Nosey and Confess, which both launched in April and are performing well and the August 1 launch of Lionsgate's MovieSphere Network, a channel of mostly recent films, which represent new and exciting content for the over-the-air market.

遷移到 Spectrum。第二季營收為 570 萬美元，調整後 EBITDA 為 100 萬美元。雖然上半年的業績主要受到兩個頻道停播的影響，但我們平台上最近推出的三個實力雄厚的頻道展現出令人鼓舞的趨勢，分別是 Marathon Ventures 的 Nosey 和 Confess（均於 4 月推出，目前表現良好）以及 8 月 1 日推出的 Lionsgate 的 MovieSphere Network（一個主要播放這些電影的無線頻道。

We expect to see more over-the-air network content, particularly from streaming space, which has become overcrowded. Ad sales softness, which the industry experienced in the first half year in the wake of volatility in the economy has started to improve with the outlook for the fourth quarter 2025 looking very promising. We continue to review data casting as a compelling long-term opportunity for us, and we are actively engaged in exploring commercial applications, principally using ATSC 3.0 for now.

我們預計會看到更多無線電視網路內容，尤其是來自串流媒體領域的內容，因為串流媒體領域已經變得過於擁擠。受經濟波動影響，廣告業上半年經歷了廣告銷售疲軟的局面，但這種情況已經開始好轉，2025 年第四季的前景看起來非常光明。我們繼續將資料鑄造視為一個極具吸引力的長期機遇，並且我們正在積極探索商業應用，目前主要使用 ATSC 3.0。

We continue to work closely with a large global network group that's exploring broader commercial applications of broadcast data technology, focusing on gaming, entertainment, health care and auto manufacturers, among other sectors that have interest. We just launched our fourth ATSC 3.0 station in collaboration with them as we move toward commercial deployment.

我們繼續與一家大型全球網路集團密切合作，該集團正在探索廣播數據技術的更廣泛商業應用，重點關注遊戲、娛樂、醫療保健和汽車製造商等感興趣的行業。我們剛剛與他們合作推出了第四個 ATSC 3.0 基地台，朝著商業部署邁進。

As before, we are open-minded on technology protocols and have worked closely with Qualcomm in exploring 5G broadcast. We already have a station converted to 5G in Fort Wayne, Indiana and have done extensive and successful testing on carrying video signals to smartphones.

和以前一樣，我們對技術協議持開放態度，並與高通公司密切合作，探索 5G 廣播技術。我們在印第安納州韋恩堡已經有一個基地台改造為 5G 網絡，並且已經對向智慧型手機傳輸視訊訊號進行了廣泛而成功的測試。

The petition we filed with the FCC to allow the voluntary adoption of 5G broadcast low-power TVs received considerable support from broadcasters and vendors during the comment period ended July 1, 2025. We continue to expect a decision on the petition by the end of the year.

我們向 FCC 提交的允許自願採用 5G 廣播低功率電視的請願書，在 2025 年 7 月 1 日結束的意見徵詢期內，得到了廣播公司和供應商的大力支持。我們仍然期待在年底前對該請願書作出決定。

With that, I'll turn it over to Mike for a review of our financial and capital structure.

接下來，我將把這項工作交給麥克，讓他審查我們的財務和資本結構。

Thanks, Paul. Consolidated total revenue for the second quarter of 2025 was $242 million, a decrease of 22.7% compared to $313.1 million in the prior year period. The decrease was driven by our Infrastructure segment and to a lesser extent, our Spectrum segment, which was partially offset by an increase at our Life Sciences segment.

謝謝你，保羅。2025 年第二季合併總收入為 2.42 億美元，與去年同期的 3.131 億美元相比下降了 22.7%。下降主要由基礎設施部門推動，其次是頻譜部門，但生命科學部門的成長部分抵消了這種影響。

Net loss attributable to common stockholders and participating preferred stockholders for the second quarter of 2025 was $22 million or $1.67 per fully diluted share compared to net income of $14.1 million or $1.03 per fully diluted share in the prior year period, which has been retroactively adjusted to reflect the 1-for-10 reverse stock split effected on August 8, 2024.

2025 年第二季歸屬於普通股股東和參與優先股股東的淨虧損為 2,200 萬美元，即每股完全稀釋虧損 1.67 美元，而上年同期淨利為 1,410 萬美元，即每股完全稀釋收益 1.03 美元。這些數據已追溯調整，以反映 2024 年 8 月 8 日實施的 1 比 10 的反向股票分割。

Total adjusted EBITDA was $15.7 million in the second quarter of 2025, a decrease from $26.7 million in the prior year period. The decrease was primarily driven by our Infrastructure segment and to a lesser extent, our Spectrum segment, which was partially offset by our Life Sciences segment and to a lesser extent, our Non-Operating Corporate segment.

2025 年第二季調整後 EBITDA 總額為 1,570 萬美元，低於去年同期的 2,670 萬美元。此次下滑主要由我們的基礎設施部門推動，其次是我們的頻譜部門，而生命科學部門和（程度較輕的）非經營性公司部門則部分抵消了這一下滑。

At Infrastructure, revenue decreased 23.6% to $233.1 million from $305.2 million in the prior year quarter. This decrease was primarily driven by the timing and size of projects at Banker Steel, DBMG's commercial structural steel fabrication and erection business, the industrial maintenance and repair business, and the construction modeling and detail business, which had increased activity in the comparable period on certain large commercial construction projects that have since been completed or are nearing completion in the current period.

基礎設施業務收入較上年同期下降 23.6%，從 3.052 億美元降至 2.331 億美元。這一下降主要是由於 Banker Steel、DBMG 的商業結構鋼製造和安裝業務、工業維護和維修業務以及建築建模和細部設計業務的項目時間和規模所致，這些業務在上一年度的某些大型商業建設項目活動有所增加，而這些項目在本年度已經完成或即將完成。

Infrastructure adjusted EBITDA for the second quarter of 2025 decreased to $19.3 million from $32.5 million in the prior year period. The decrease was primarily driven by a decrease in revenue and gross margins at DBMG's commercial structural steel fabrication and erection business a decrease in revenue at Banker Steel and a decrease in revenue and gross margin at the construction modeling and detailing business due to timing of certain large commercial construction projects that have since been completed or are nearing completion in the current period.

2025 年第二季基礎設施調整後 EBITDA 從去年同期的 3,250 萬美元降至 1,930 萬美元。此次下降主要是由於 DBMG 商業結構鋼製造和安裝業務的收入和毛利率下降，Banker Steel 的收入下降，以及由於某些大型商業建設項目的時間表（這些項目在本期已經完成或即將完成）導致建築建模和細部設計業務的收入和毛利率下降。

This decrease was partially offset by an improvement in gross margins at the industrial maintenance and repair business and a decrease in recurring SG&A expenses, primarily driven by a decrease in compensation-related expenses due to timing and to a lesser extent, decreases in travel expenses and professional and consulting fees.

工業維護和維修業務毛利率的提高以及經常性銷售、一般及行政費用的減少部分抵消了這一下降，這主要是由於時間安排導致薪酬相關費用減少，其次是差旅費和專業諮詢費的減少。

As of June 30, 2025, reported backlog and adjusted backlog, which takes into consideration awarded but not yet signed contracts, was $1.3 billion compared to reported backlog of $1 billion and adjusted backlog of $1.1 billion at the end of 2024.

截至 2025 年 6 月 30 日，已報告的積壓訂單和已調整的積壓訂單（考慮了已授予但尚未簽署的合約）為 13 億美元，而 2024 年底已報告的積壓訂單為 10 億美元，已調整的積壓訂單為 11 億美元。

DBMG ended the quarter with $115.2 million in principal amount of debt, which is a decrease of $29.5 million from the end of 2024, primarily driven by its refinancing and a decrease in their credit line. As a reminder, the credit line balance tends to fluctuate based on timing of DBMG collections.

DBMG 本季末的債務本金為 1.152 億美元，比 2024 年底減少了 2,950 萬美元，主要原因是其再融資和信貸額度的減少。提醒各位，信用額度餘額會根據 DBMG 收款時間而波動。

At the end of the second quarter, the balance dipped due to collection timing, but we expect it to increase again during the second half of the year. At Life Sciences, revenue increased 88.2% to $3.2 million from $1.7 million in the prior year quarter.

第二季末，由於收款時間的原因，餘額下降，但我們預計下半年餘額將再次上升。生命科學業務的營收較上年同期成長 88.2%，從 170 萬美元增至 320 萬美元。

The increase in revenue was attributable to R2, primarily driven by increases in Glacial Spa unit sales, consumable sales and Glacial fx unit sales outside of North America as well as an increase in Glacial fx unit sales and consumable sales in North America. The increase was partially offset by a decrease in Glacial Rx unit sales in North America.

營收的成長主要歸功於 R2，這主要歸功於北美以外地區 Glacial Spa 產品銷量、耗材銷量和 Glacial fx 產品銷量的成長，以及北美地區 Glacial fx 產品銷量和耗材銷量的成長。北美地區 Glacial Rx 銷量下降，部分抵消了這一增長。

Life Sciences adjusted EBITDA losses decreased for the quarter, which was primarily driven by a decrease in equity method losses from MediBeacon, as Pansend was unable to recognize any losses from MediBeacon due to Pansend's net carrying amount of its investment in MediBeacon being zero. As well as an increase in gross profit at R2, primarily driven by the increase in revenue and a decrease in SG&A expenses at R2.

本季生命科學調整後 EBITDA 虧損減少，這主要是由於 MediBeacon 的權益法虧損減少所致，因為 Pansend 無法確認 MediBeacon 的任何虧損，因為 Pansend 對 MediBeacon 的投資淨帳面價值為零。R2 的毛利有所成長，這主要得益於收入的成長和 SG&A 費用的減少。

At Spectrum, year-over-year revenue decreased $500,000 to $5.7 million and adjusted EBITDA decreased $500,000 to $1 million. The decreases were primarily driven by the loss of certain customers and a decrease in direct response advertising, which was partially offset by the launch of new networks subsequent to the comparable period.

Spectrum 的年營收年減 50 萬美元至 570 萬美元，調整後的 EBITDA 年減 50 萬美元至 100 萬美元。下降的主要原因是部分客戶的流失和直接回應廣告的減少，但隨後推出的新網路在一定程度上抵消了這些影響。

Net operating corporate adjusted EBITDA losses were $2 million for the second quarter of 2025, a $500,000 improvement from the second quarter of 2024.

2025 年第二季淨經營企業調整 EBITDA 虧損為 200 萬美元，比 2024 年第二季改善了 50 萬美元。

The decrease in losses was primarily driven by a decrease in legal fees due to legal matters settled subsequent to the comparable period as well as a slight decrease in employee-related expenses, accounting and other professional expenses and insurance expense.

損失減少的主要原因是，由於在同期之後解決的法律事務導致法律費用減少，以及員工相關費用、會計和其他專業費用和保險費用略有減少。

At the end of the second quarter, the company had $33.4 million of cash and cash equivalents, excluding restricted cash, compared to $48.8 million as of December 31, 2024. On a stand-alone basis, as of June 30, 2025, our non-operating corporate segment had cash and cash equivalents of $3.1 million compared to cash and cash equivalents of $13.8 million at the end of 2024.

截至第二季末，該公司擁有現金及現金等價物 3,340 萬美元（不包括受限現金），而截至 2024 年 12 月 31 日，該公司擁有現金及現金等價物 4,880 萬美元。截至 2025 年 6 月 30 日，我們的非經營性公司部門的現金及現金等價物為 310 萬美元，而 2024 年底的現金及現金等價物為 1,380 萬美元。

Prior to the recently announced indebtedness refinancing transactions as of June 30, 2025, INNOVATE had total principal outstanding indebtedness of $641.3 million, down $27 million from $668.3 million at the end of 2024, driven by the decrease in infrastructure's outstanding debt, which was partially offset by R2's debt with Lancer Capital, which capitalizes unpaid interest into the principal balance.

在最近宣布的債務再融資交易之前，截至 2025 年 6 月 30 日，INNOVATE 的未償債務本金總額為 6.413 億美元，比 2024 年底的 6.683 億美元減少了 2700 萬美元，這主要是由於基礎設施未償債務的減少，但部分被支付給本

Yesterday, we announced the early settlement of the indebtedness refinancing transactions. The refinancing transactions included the initial closing of an exchange of corporate's senior secured notes, privately negotiated exchanges of certain of corporate's convertible senior notes, amendment and extension of corporate's credit line, amendment, and extension of corporate's note with CGIC, amendment and extension of the spectrum notes and amendment and extension of the R2 notes.

昨天，我們宣布提前完成債務再融資交易。再融資交易包括：公司高級擔保票據交換的初步交割、公司某些可轉換高級票據的私下協商交換、公司信貸額度的修訂和延期、公司與CGIC的票據的修訂和延期、頻譜票據的修訂和延期以及R2票據的修訂和延期。

This transaction allows for us to extend our debt maturities to continue to pursue our strategic plans. We expect the final settlement of the exchange offer to occur on August 15, subject to all conditions to the exchange offer having been satisfied or waived.

這項交易使我們能夠延長債務到期日，從而繼續推進我們的戰略計劃。我們預計，在交換要約的所有條件均已滿足或被豁免的情況下，交換要約的最終結算將於 8 月 15 日完成。

With that, operator, we'd now like to open up the call for questions.

話筒，接下來我們將開始接受提問。

(Operator Instructions)

（操作說明）

As there are no questions in the queue, I now hand the conference over to Mike Sena for his closing comments.

由於沒有其他問題需要提問，我現在將會議交給麥克·塞納，請他作總結發言。

Thank you for joining the call this afternoon, and we look forward to providing further updates as they become available. Thank you.

感謝您今天下午參加電話會議，我們將在獲得更多資訊後及時向您提供最新進展。謝謝。

Thank you. Ladies and gentlemen, the conference of INNOVATE has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。女士們、先生們，INNOVATE大會已經圓滿結束。感謝您的參與。現在您可以斷開線路了。