Vince Holding Corp (VNCE) 2023 Q2 法說會逐字稿

Hello, and welcome to today's Vince Q2 2023 Earnings Conference Call. I'm now going to hand over to Caitlin Churchill, Investor Relations, to begin. Caitlin, please go ahead.

您好，歡迎參加今天的 Vince 2023 年第二季財報電話會議。我現在將把投資者關係事務交給凱特琳·邱吉爾 (Caitlin Churchill) 開始。凱特琳，請繼續。

Thank you, and good morning, everyone. Welcome to Vince Holding Corp's Second Quarter fiscal 2023 Results Conference Call. Hosting the call today are Jack Schwefel, Chief Executive Officer; and Michael Hand, Interim Chief Financial Officer.

謝謝大家，大家早安。歡迎參加 Vince Holding Corp 2023 財年第二季業績電話會議。今天主持電話會議的是執行長 Jack Schwefel；臨時財務長邁克爾·漢德（Michael Hand）。

Before we begin, let me remind you that certain statements made on this call may constitute forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ from those that the company expects. Those risks and uncertainties are described in today's press release and in the company's SEC filings, which are available on the company's website.

在我們開始之前，請允許我提醒您，本次電話會議中所做的某些陳述可能構成前瞻性陳述，這些陳述受到風險和不確定性的影響，可能導致實際結果與公司預期的結果不同。這些風險和不確定性在今天的新聞稿和公司向 SEC 提交的文件中進行了描述，這些文件可在公司網站上查看。

Investors should not assume that statements made during the call will remain operative at a later time, and the company undertakes no obligation to update any information discussed on the call.

投資者不應假設電話會議期間所做的聲明在以後仍然有效，並且公司不承擔更新電話會議中討論的任何資訊的義務。

In addition, in today's discussion, the company is presenting its financial results in conformity with GAAP and on an adjusted basis. The adjusted results the company presents today are non-GAAP measures. Discussions of these non-GAAP measures and information on reconciliations of them to their most comparable GAAP measures are included in today's press release and related schedules, which are available in the Investors section of the company's website at investors.vince.com.

此外，在今天的討論中，該公司將按照公認會計準則並在調整後的基礎上公佈其財務業績。本公司今天公佈的調整後業績是非公認會計原則衡量標準。對這些非公認會計準則衡量標準的討論以及有關這些衡量標準與最具可比性的公認會計準則衡量標準的調節信息均包含在今天的新聞稿和相關時間表中，這些內容可在公司網站Investors. vince.com 的投資者部分找到。

Finally, the company has filed a notification of late filing on Form 12b-25 with the Securities and Exchange Commission with respect to its quarterly report on Form 10-Q for the fiscal quarter ended July 29, 2023. The company expects to file the quarterly report within the extension period of 5 calendar days provided under Rule 12b-25 of the Securities Exchange Act of 1934 as amended. Following today's remarks, there will be no Q&A session.

最後，該公司已就截至 2023 年 7 月 29 日的財政季度的 10-Q 表格季度報告向美國證券交易委員會提交了 12b-25 表格延遲提交通知。該公司預計將提交季度報告。根據經修訂的1934 年證券交易法第12b-25 條規定，在5 個日曆日的延長期間內提交報告。今天的發言之後，將不會有問答環節。

Now I will turn the call over to Jack. Jack?

現在我將把電話轉給傑克。傑克？

Thank you, Caitlin, and thank you, everyone, for joining us this morning. The second quarter marks the beginning of a new chapter for Vince following the close of our transaction with Authentic Brands Group in late May. The transaction strengthened our liquidity position, allowing us to spend more time focusing on the product and the business. Since that time, we have continued to strengthen our balance sheet with the refinancing of our ABL facility in late June and enhanced our focus on improving our margin performance and executing our strategic growth initiatives.

謝謝凱特琳，也謝謝大家今天早上加入我們。繼五月底與 Authentic Brands Group 完成交易後，第二季標誌著 Vince 新篇章的開始。此交易增強了我們的流動性狀況，使我們能夠將更多時間專注於產品和業務。從那時起，我們透過 6 月底對 ABL 融資進行再融資，繼續強化我們的資產負債表，並更加重視提高利潤率表現和執行我們的策略成長計畫。

Before I provide an update on this progress, let me review highlights from our second quarter performance. As expected, we continue to navigate a challenging macro environment during the second quarter, which impacted both our direct-to-consumer and wholesale channels. That said, we are pleased with delivered sequential improvement in our direct-to-consumer channel compared to the first quarter, while our wholesale channel was more pressured due to the strategic decision to pull back the penetration of off-price and enhance our focus on the more profitable whole-price business. While this decision impacts our top line performance in the near term, we believe it's the right approach, especially as our inventories have normalized. Across both channels, we are pleased with the customer reception to our assortment. For both men's and women's, we also saw nice results from our pre-fall product assortment, which we believe bodes very well as we move into the key fall selling season for Vince.

在介紹這項進展的最新情況之前，讓我先回顧一下我們第二季業績的亮點。正如預期的那樣，我們在第二季度繼續應對充滿挑戰的宏觀環境，這影響了我們的直接面向消費者和批發管道。儘管如此，我們很高興與第一季相比，我們的直接面向消費者的管道取得了連續的改善，而我們的批發管道則由於策略決定減少折扣滲透並加強我們的關注而面臨更大的壓力。利潤較高的全價業務。雖然這個決定會影響我們短期內的營收表現，但我們相信這是正確的方法，特別是在我們的庫存已經正常化的情況下。在這兩個管道中，我們對客戶對我們產品的接受程度感到滿意。對於男裝和女裝，我們也看到了我們的早秋產品系列的良好業績，我們相信這在我們進入 Vince 關鍵的秋季銷售季節時是一個好兆頭。

With respect to profitability, we are pleased with the year-over-year improvement, we delivered in adjusted operating income, driven primarily by gross margin expansion due to lower freight costs. In addition, we also remain focused maintaining a disciplined approach to inventory management and operating a more streamlined organization, which we believe will continue to benefit us as we move forward.

就獲利能力而言，我們對年比改善感到滿意，我們實現了調整後的營業收入，這主要是由於貨運成本下降導致毛利率擴大。此外，我們也繼續致力於維持嚴格的庫存管理方法並運作更精簡的組織，我們相信這將在我們前進的過程中繼續使我們受益。

Turning to the progress against our strategic growth initiatives, including growing our customer base through leveraging our enhanced e-commerce capabilities and CDP platform, expanding our international presence and growing our men's business.

談到我們的策略性成長計畫的進展，包括透過利用我們增強的電子商務能力和 CDP 平台擴大我們的客戶群、擴大我們的國際業務以及發展我們的男裝業務。

First, with respect to leveraging our enhanced e-commerce capabilities and CDP platform, while we have continued to see relative outperformance of our store fleet compared to our e-commerce site, we experienced notable improvements in our e-commerce performance later in the quarter as we were able to better leverage our platform and CDP capabilities while also benefiting from increased marketing spend that drove traffic and conversion to the site.

首先，在利用我們增強的電子商務能力和 CDP 平台方面，雖然我們的商店群的表現繼續優於我們的電子商務網站，但我們在本季度晚些時候的電子商務表現出現了顯著改善因為我們能夠更好地利用我們的平台和CDP 功能，同時也受益於行銷支出的增加，從而推動了網站的流量和轉換。

We are particularly pleased with the results we saw from investments in social through partnerships with key influencers such as Arielle Charnas, who shared her Vince [Trion] with over with her over 1 million followers on Instagram and help drive significant traffic and demand to our e-commerce site. In addition, we continue to leverage our CDP platform, to better engage with our top customers and deliver more targeted communication across our customer base, which we believe will position us well to continue to drive increased loyalty and improve customer acquisition as we move forward.

我們對透過與Arielle Charnas 等主要影響者合作進行社交投資所取得的成果感到特別滿意，她在Instagram 上與超過100 萬粉絲分享了她的Vince [Trion]，並幫助推動了我們網站的大量流量和需求。 - 商業網站。此外，我們繼續利用我們的CDP 平台，更好地與我們的頂級客戶互動，並在我們的客戶群中提供更有針對性的溝通，我們相信這將使我們能夠在我們前進的過程中繼續提高忠誠度並改善客戶獲取。

Turning next to our focus on international expansion. We are excited to announce our plans to open 2 new stores in China in the coming months in Nanjing this fall and in Beijing in early spring '24. We have continued to be pleased with our first store in Shanghai, which opened in September of last year and look forward to expanding our presence in the country.

接下來轉向我們對國際擴張的關注。我們很高興地宣布，我們計劃在未來幾個月內在中國開設 2 家新店，分別是今年秋天的南京和 24 年初春的北京。我們對去年 9 月在上海開業的第一家商店感到非常滿意，並期待擴大我們在中國的業務。

Let me now discuss the progress in our men's business. We continue to be encouraged by the momentum we are seeing in our men's business, including the initial performance from our recently opened Roosevelt Field store. We believe we can grow this business to approximately 30% of our top line performance in the next 4 years and are well on track to achieving this goal.

現在讓我談談我們男士事業的進展。我們繼續對男裝業務的勢頭感到鼓舞，包括我們最近開業的羅斯福菲爾德店的初步業績。我們相信，在未來 4 年內，我們可以將這項業務成長到我們營收的 30% 左右，並且正在順利實現這一目標。

In Q2, we saw strength in our high summer products, Bouclé Cabana Stripe sets as well as Linen shirts and polos and see further opportunity in these areas for the future. In addition to the progress against our strategic initiatives, we are also pleased with our partnership with Authentic who recently announced a long-term agreement with Peerless, the largest producer of men's and boys tailored clothing in North America to design, manufacture and distribute it. Vince men's tailored clothing, dress shirts, neckwear and neckwear accessories across the United States and Canada. We believe this partnership is a great addition for the Vince brand, and we look forward to showcasing this product in our stores and online in fall '24.

在第二季度，我們看到了盛夏產品、Bouclé Cabana Stripe 套裝以及亞麻襯衫和 Polo 衫的強勢，並看到了這些領域未來的更多機會。除了我們的策略性舉措取得的進展外，我們還對與 Authentic 的合作夥伴關係感到高興，Authentic 最近宣布與北美最大的男士和男孩定制服裝生產商 Peerless 簽訂長期協議，負責設計、製造和分銷該產品。 Vince 男士訂製服裝、正裝襯衫、領飾和領飾配件遍佈美國和加拿大。我們相信這種合作關係對 Vince 品牌來說是一個很好的補充，我們期待在 24 年秋季在我們的商店和網上展示該產品。

As we look ahead to the remainder of the year, while we are remaining prudent with respect to our outlook, particularly for the wholesale business, we are encouraged by the improvements in trend we saw later in the second quarter continuing as we enter the third quarter. Our recently launched our Vince Heroes campaign, highlighting our most loved and versatile [pieces] as we lean into fall selling season. We will also be launching our Gray Matters campaign in the upcoming days, which will showcase timeless silhouettes in this season's color focus, which will be shown in the mix of varying tones and textures.

展望今年剩餘時間，雖然我們對前景保持審慎態度，尤其是批發業務，但進入第三季後，我們在第二季稍後看到的趨勢改善仍在繼續，這讓我們感到鼓舞。我們最近推出了 Vince Heroes 活動，在秋季銷售旺季來臨之際，突出展示我們最受喜愛和多才多藝的[單品]。我們也將在未來幾天內推出「Grey Matters」活動，以本季色彩焦點展示永恆的廓形，並以不同色調和紋理的混合形式呈現。

Along with this focus, we are also continuing to evaluate our entire cost basis and sourcing needs to continue to find efficiencies to drive margin expansion over time. We have recently engaged [Mackenzie] to help us with this evaluation as well as a review of our pricing architecture, operating expenses and overall working capital needs.

除了這個重點之外，我們還繼續評估我們的整個成本基礎和採購需求，以繼續尋找效率來推動利潤率隨著時間的推移而擴大。我們最近聘請了 [Mackenzie] 來幫助我們進行評估以及對我們的定價架構、營運費用和整體營運資金需求的審查。

Before I close, I want to thank all of our teams for their continued hard work and dedication as we have entered this new chapter for Vince. With our strengthened financial position and enhanced focus on our strategic growth initiatives, I believe we are well positioned to deliver long-term success.

在結束之前，我要感謝我們所有團隊在我們進入文斯的新篇章時持續的辛勤工作和奉獻精神。隨著我們財務狀況的增強和對策略性成長計畫的更加關注，我相信我們有能力實現長期成功。

With that, let me introduce our Interim CFO, Michael Hand, Michael joined us earlier this summer, bringing significant experience leading financial and accounting teams across retail, wholesale and the e-commerce businesses. As we continue our search for a permanent CFO, I am pleased to have his ongoing support leading our finance and accounting organization.

接下來，讓我介紹一下我們的臨時財務長邁克爾漢德(Michael Hand)，邁克爾於今年夏天早些時候加入我們，帶來了領導零售、批發和電子商務業務的財務和會計團隊的豐富經驗。當我們繼續尋找永久財務長時，我很高興得到他對領導我們財務和會計組織的持續支持。

Now I will turn it over to Michael to review our financial results in more detail. Michael?

現在我將把它交給邁克爾來更詳細地審查我們的財務表現。麥可？

Thank you, Jack, and good morning, everyone. I am pleased to be here and working with the Vince team during this exciting time. As Jack discussed, the second quarter was an important one for the company both as we strengthened our financial position following the transaction with Authentic and as we began to drive operational improvements through our enhanced focus on our strategic initiatives across the business.

謝謝你，傑克，大家早安。我很高興能在這個激動人心的時刻來到這裡並與文斯團隊一起工作。正如傑克所討論的，第二季度對公司來說是重要的一個季度，因為我們在與Authentic 交易後加強了我們的財務狀況，並且我們開始通過加強對整個業務的戰略舉措的關注來推動運營改進。

Before I review our financial results in more detail, as a reminder, this is the first quarter that reflects the impact of our partnership with Authentic. As noted in our press release, our second quarter results benefited from a $32 million gain on the sale of the Vince IP, partially offset by $2 million in transaction-related expenses. In addition, we have begun to pay royalties to ABG Vince, which will now be recorded in cost of goods sold, and we have officially transferred our licensing business for footwear and soft accessories to Authentic in accordance with the terms of the agreement.

在我更詳細地回顧我們的財務表現之前，請提醒一下，這是反映我們與 Authentic 合作關係影響的第一季。正如我們在新聞稿中指出的，我們第二季的業績受益於出售 Vince IP 帶來的 3,200 萬美元收益，部分被 200 萬美元的交易相關費用所抵銷。此外，我們已開始向 ABG Vince 支付特許權使用費，該費用現已計入銷售成本，並且我們已根據協議條款正式將鞋類和軟配件的授權業務轉讓給 Authentic。

The impact from these items was partially offset by the initial earnings attributed to our 25% ownership of ABG Vince and going forward, we expect to also benefit from the lower interest expense given our reduction in debt.

這些項目的影響被我們持有 ABG Vince 25% 所有權所帶來的初始收益部分抵消，展望未來，鑑於債務減少，我們預計還將受益於較低的利息支出。

Turning now to our results in more detail. Total company net sales for the second quarter decreased 22.1% to $69.4 million compared to $89.2 million in the second quarter of fiscal 2022. The year-over-year decrease was driven by a 98.7% decrease in Rebecca Taylor and Parker combined net sales due to the previously announced wind down of the Rebecca Taylor business, which is now complete and also a 14.3% decrease in Vince brand sales.

現在更詳細地討論我們的結果。該公司第二季總淨銷售額下降 22.1%，至 6,940 萬美元，而 2022 財年第二季為 8,920 萬美元。年減的原因是 Rebecca Taylor 和 Parker 的淨銷售額合計下降了 98.7%，原因是先前宣布的Rebecca Taylor 業務現已結束，Vince 品牌銷售額也下降了14.3%。

The Vince brand net sales decrease was driven by year-over-year declines in both our wholesale and direct-to-consumer segments. As Jack discussed, our top line performance was impacted by macro-related headwinds and the strategic decision to pull back on our off-price business within our wholesale channel.

Vince 品牌淨銷售額下降的原因是我們的批發和直接面向消費者的細分市場較去年同期下降。正如傑克所討論的，我們的營收業績受到宏觀相關不利因素以及在批發管道內縮減折扣業務的策略決策的影響。

In addition to this decision, our wholesale performance was also impacted by the later timing of select fall deliveries compared to last year. The transfer of the licensing business for footwear and soft accessories as well as ongoing cautiousness in the channel. In direct-to-consumer, we continue to see outperformance in our stores compared to e-commerce, but we are pleased with the overall sequential improvement in the segment compared to the first quarter.

除了這個決定之外，我們的批發業績也受到部分秋季交貨時間較去年較晚的影響。鞋類及軟配件授權業務的轉讓以及通路持續謹慎。在直接面向消費者方面，與電子商務相比，我們繼續看到我們商店的表現優於電子商務，但我們對該領域與第一季相比的整體連續改善感到滿意。

Gross profit in the second quarter was $32.3 million or 46.6% of net sales. This compares to $36.4 million or 40.8% of net sales in the second quarter of last year. The increase in gross margin rate was driven by lower freight costs, favorable year-over-year adjustments to inventory reserves, as well as approximately 120 basis points related to the wind down of the Rebecca Taylor business, which historically operated at a lower overall gross margin and partially offset by approximately 320 basis points of royalty expenses associated with the licensing agreement with Authentic.

第二季毛利為 3,230 萬美元，佔淨銷售額的 46.6%。相比之下，去年第二季的淨銷售額為 3,640 萬美元，佔淨銷售額的 40.8%。毛利率的成長是由於貨運成本下降、庫存儲備同比調整有利以及與 Rebecca Taylor 業務縮減相關的約 120 個基點推動的，該業務歷來以較低的總體毛利率運營利潤率並被與Authentic 的許可協議相關的約320 個基點的特許權使用費部分抵銷。

Selling, general and administrative expenses in the quarter were $31.5 million or 45.4% of net sales as compared to $39 million or 43.7% of net sales for the second quarter of last year. The decrease in SG&A dollars was primarily driven by the wind down of the Rebecca Taylor business, resulting in a $6.6 million net expense favorability in the second quarter of fiscal 2023.

本季的銷售、一般和管理費用為 3,150 萬美元，佔淨銷售額的 45.4%，而去年第二季的銷售、一般和管理費用為 3,900 萬美元，佔淨銷售額的 43.7%。 SG&A 美元的減少主要是由於麗貝卡泰勒 (Rebecca Taylor) 業務的縮減所致，導致 2023 財年第二季度的淨費用優惠為 660 萬美元。

In addition, we also had lower consulting and other third-party costs as well as lower expenses related to comp and benefits and product development. These lower costs were partially offset by $2 million in transaction expenses related to the Authentic transaction.

此外，我們的諮詢和其他第三方成本以及與薪資和福利以及產品開發相關的費用也較低。這些較低的成本被與 Authentic 交易相關的 200 萬美元交易費用部分抵消。

Operating income for the second quarter was $32.9 million compared to an operating loss of $5.2 million in the same period last year. Adjusted operating income which excludes the gain on sale of the Vince IP as well as the transaction expenses was $2.8 million for the second quarter of fiscal 2023.

第二季營業收入為 3,290 萬美元，去年同期營業虧損為 520 萬美元。 2023 財年第二季調整後營業收入（不包括 Vince IP 銷售收益以及交易費用）為 280 萬美元。

Net interest expense increased to $4.1 million compared to $1.9 million in the prior year. The increase was entirely driven by expenses related to the refinancing transactions in the quarter including the terminations of the term loan credit facility and the prior revolving credit facility.

淨利息支出從前一年的 190 萬美元增加到 410 萬美元。這一增長完全是由與本季再融資交易相關的費用推動的，包括終止定期貸款信貸安排和先前的循環信貸安排。

Going forward, we expect net interest expense to be lower given the reduction in debt. Income tax expense -- I'm sorry, income tax benefit for the second quarter was $0.6 million as a result of applying our estimated effective tax rate for the fiscal year to the 3-month loss before income taxes and equity in net income of equity method investment, excluding discrete items.

展望未來，鑑於債務減少，我們預期淨利息支出將會降低。所得稅費用—抱歉，第二季的所得稅優惠為 60 萬美元，這是由於將我們估計的本財年有效稅率應用於所得稅前 3 個月的虧損以及權益淨利潤中的權益方法投資，不包括離散項目。

Discrete items for the second quarter included the $32 million Vince IP sale gain and $2 million in transaction expenses. There was no tax expense associated with these discrete items as the company has substantial net operating losses, both at the federal and state levels, which are currently held in reserve with a valuation allowance. The tax benefit in the second quarter of fiscal 2023 compares to an income tax expense of $7.9 million in the same period last year.

第二季的離散項目包括 3,200 萬美元的 Vince IP 銷售收益和 200 萬美元的交易費用。這些離散項目沒有相關的稅收費用，因為該公司在聯邦和州層級都有大量的淨營業虧損，目前這些虧損是透過估價津貼保留的。 2023 財年第二季的稅務優惠與去年同期的所得稅費用 790 萬美元相比。

For the full year, we expect to report an income tax benefit of approximately $5.9 million. Net income for the second quarter was $29.5 million or $2.36 per diluted share compared to a net loss of $15 million or a $1.23 loss per share in the second quarter last year. Adjusted net loss for the second quarter of fiscal 2023, excluding the impact from the Vince IP sale gain as well as the transaction expenses was $0.5 million or $0.04 per share.

我們預計全年的所得稅收益約為 590 萬美元。第二季淨利為 2,950 萬美元，即稀釋後每股收益 2.36 美元，去年第二季淨虧損為 1,500 萬美元，即每股虧損 1.23 美元。排除 Vince IP 銷售收益以及交易費用的影響，2023 財年第二季調整後淨虧損為 50 萬美元，即每股 0.04 美元。

Moving to the balance sheet. Net inventory was $85.1 million at the end of the second quarter as compared to $129.5 million at the end of the second quarter last year. The year-over-year decrease in inventory was driven by the wind down of the Rebecca Taylor business as well as the normalization of inventory within Vince as we sold through higher levels of inventory from the prior year and rebalanced our inventory purchases for the current season.

轉向資產負債表。第二季末淨庫存為 8,510 萬美元，而去年第二季末淨庫存為 1.295 億美元。庫存較去年同期下降的原因是 Rebecca Taylor 業務的縮減以及 Vince 內部庫存的正常化，因為我們銷售了去年更高水準的庫存，並重新平衡了本季的庫存採購。

We continue to expect inventory levels to remain below the prior year as we move into the second half of fiscal 2023 reflecting the comparisons to last year as well as the actions we have taken to move through units and our more conservative buys for current season inventory.

我們繼續預計，隨著進入2023 財年下半年，庫存水準將保持低於上一年的水平，這反映了與去年的比較以及我們為轉移單位而採取的行動以及我們對當季庫存的更保守的購買。

As was discussed on the last earnings call, in May, we successfully closed our transaction with Authentic. With the proceeds from this transaction, we strengthened our overall liquidity position and increased our working capital. We repaid in full $27.7 million that was outstanding under the term loan credit facility and repaid a portion of the outstanding borrowings under our revolving credit facility.

正如五月上次財報電話會議上所討論的那樣，我們成功完成了與 Authentic 的交易。透過此交易的收益，我們增強了整體流動性狀況並增加了營運資金。我們全額償還了定期貸款信貸安排下未償還的 2,770 萬美元，並償還了循環信貸安排下的部分未償還借款。

Following these actions, in June, we successfully refinanced our ABL facility and entered into a new 5-year agreement with Bank of America. The new ABL facility replaced our prior credit facility and provides expanded capacity of $85 million expected to mature in June 2028.

繼這些行動之後，我們於 6 月成功為 ABL 融資進行了再融資，並與美國銀行簽訂了新的 5 年協議。新的 ABL 設施取代了我們先前的信貸設施，並提供了 8,500 萬美元的擴展容量，預計將於 2028 年 6 月到期。

Turning to our expectations for the balance of fiscal year 2023. While we are not providing formal earnings guidance at this time, given the momentum we are seeing in the business, macro headwinds notwithstanding, we expect to deliver sequential improvement in our top line performance in the third quarter compared to the second quarter.

談到我們對 2023 財年餘額的預期。雖然我們目前沒有提供正式的盈利指引，但考慮到我們在業務中看到的勢頭，儘管存在宏觀阻力，我們預計我們的營收業績將連續改善第三季度與第二季度相比。

With respect to the second half of fiscal 2023, we expect to continue to benefit from freight tailwinds and we'll continue to maintain a disciplined approach to inventory and expense management. We believe we will be well positioned to execute against our objectives, and we look forward to continuing to keep you updated with our progress. This concludes our remarks. Thank you for joining us this morning.

2023 財年下半年，我們預計將繼續受惠於貨運順風，並且我們將繼續保持嚴格的庫存和費用管理方法。我們相信，我們將有能力實現我們的目標，我們期待繼續向您通報我們的最新進展。我們的發言到此結束。感謝您今天早上加入我們。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。