Bristow Group Inc (VTOL) 2024 Q4 法說會逐字稿

Good day everyone and welcome to Bristow Group reports fourth-quarter and full year 2024 earnings call. Today's call is being recorded. (Operator Instructions)

大家好，歡迎參加布里斯托集團 2024 年第四季和全年財報電話會議。今天的通話正在錄音。（操作員指示）

At this time, I would like to turn the call over to Red Tilahun, Senior Manager of Investor Relations and Financial Reporting.

現在，我想將電話轉給投資者關係和財務報告高級經理 Red Tilahun。

Thank you, Angela. Good morning, everyone, and welcome to Bristow Group's fourth quarter and full year 2024 earnings call. I am joined on the call today with our President and Chief Executive Officer, Chris Bradshaw; and Senior Vice President and Chief Financial Officer, Jennifer Whalen.

謝謝你，安吉拉。大家早安，歡迎參加布里斯托集團 2024 年第四季和全年財報電話會議。今天我與我們的總裁兼執行長 Chris Bradshaw 一起參加了電話會議；以及高級副總裁兼財務長 Jennifer Whalen。

Before we begin, I'd like to take this opportunity to remind everyone that during the course of this call, management may make forward-looking statements that are subject to risks and uncertainties that are described in more detail on slide three of our investor presentation. You may access our investor presentation on our website.

在我們開始之前，我想藉此機會提醒大家，在本次電話會議期間，管理層可能會做出前瞻性陳述，這些陳述會受到風險和不確定性的影響，這些風險和不確定性在我們的投資者演示文稿的第三張幻燈片中進行了更詳細的描述。您可以在我們的網站上造訪我們的投資者介紹。

We will also reference certain non-GAAP financial measures such as EBITDA and free cash flow. A reconciliation of such measures, the GAAP is included in the earnings release and our investor presentation. I'll now turn the call over to our President and CEO. Chris?

我們也將參考某些非 GAAP 財務指標，例如 EBITDA 和自由現金流。這些措施的調節，GAAP 包含在收益報告和我們的投資者報告中。現在我將把電話轉給我們的總裁兼執行長。克里斯？

Thank you, Red. I want to thank all the Bristow team members around the world for their continued focus on safety, which is Bristow's number one core value and our highest operational priority. In terms of workplace safety, the company delivered a 32% decrease in lost work days in 2024 compared to the prior year which represents a significant HSE performance improvement.

謝謝你，雷德。我要感謝布里斯托 (Bristow) 團隊在世界各地的所有成員對安全的持續關注，這是布里斯托 (Bristow) 的首要核心價值和我們的最高營運重點。在工作場所安全方面，該公司 2024 年的工作損失天數與前一年相比減少了 32%，這意味著 HSE 績效顯著提高。

With respect to aviation safety, as a reminder, we experienced a tragic air accident during a search and rescue training exercise offshore Norway on February 28, 2024. With six crew members on board. While 5 crew members were rescued, we tragically experienced one fatality as a result of the accident. And we will carry this loss with us always.

關於航空安全，需要提醒的是，2024 年 2 月 28 日，我們在挪威近海的搜救訓練演習中發生了一起悲慘的空難。船上有六名船員。儘管有 5 名船員獲救，但不幸的是，這起事故造成 1 人死亡。我們將永遠承受著這損失。

The investigation process is ongoing, and we will refer you to the preliminary reports published by the authorities in Norway. We continue to fully cooperate in the investigation process. We do not have any other material updates at this time.

調查過程仍在進行中，我們將向您提供挪威當局發布的初步報告。我們將繼續全力配合調查過程。目前我們還沒有其他重大更新。

While always a difficult transition to make, I will now turn our comments to the company's operational and financial performance. We are pleased to report very strong fourth-quarter financial results, which exceeded the upwardly revised outlook range for Q4 and full year 2024. This outperformance was driven by strong growth in our offshore Energy Services business, where industry fundamentals remain positive, and we continue to believe that we are in the midst of a multi-year upcycle.

儘管轉變總是很困難，但現在我將轉向對公司營運和財務表現的評論。我們很高興地報告第四季度財務業績非常強勁，超出了對第四季度和 2024 年全年上調的預期範圍。這一優異表現得益於我們海上能源服務業務的強勁增長，該行業基本面依然良好，我們仍然相信我們正處於多年的上升週期之中。

In our government services business, we are focused on the ongoing launch of SAR services for the Irish Coast Guard and the transition of operations to the UKSAR2G contract in the United Kingdom. Those are large and complex projects with extended transition timelines running through the second half of 2025 in Ireland and through the end of 2026 for UKSAR2G.

在我們的政府服務業務中，我們專注於為愛爾蘭海岸警衛隊推出 SAR 服務，並將業務過渡到英國的 UKSAR2G 合約。這些都是大型而複雜的項目，其過渡時間延長，愛爾蘭將持續到 2025 年下半年，UKSAR2G 將持續到 2026 年底。

While we are facing challenges along the way with unexpected regulatory and supply chain challenge delays, our commitment to delivering successful outcomes for the governments and communities we serve remains unwavering.

儘管我們面臨意想不到的監管和供應鏈挑戰延遲等挑戰，但我們為所服務的政府和社區取得成功成果的承諾仍然堅定不移。

I will now hand it over to our CFO for a more detailed discussion of financial results and guidance. Jennifer?

現在我將把它交給我們的財務官，以便更詳細地討論財務結果和指導。詹妮弗？

Thank you, Chris. Today I will begin with a review of Bristow's sequential quarter financial results on a consolidated basis before moving on to an introduction of our newly realigned business segment and review of the full year 2024 results on a segment basis.

謝謝你，克里斯。今天，我將首先回顧布里斯託的合併季度財務業績，然後介紹我們新調整的業務部門，並回顧 2024 年全年分部門業績。

Adjusted EBITDA in the fourth quarter of 2024 with $57.8 million compared to $60.2 million in the third quarter. Revenues decreased $11.6 million, primarily due to lower aircraft availability and unfavorable foreign exchange rate impacts across all segments, partially offset by the commencement of a new government services contract in Ireland.

2024 年第四季調整後 EBITDA 為 5,780 萬美元，而第三季為 6,020 萬美元。收入減少了 1,160 萬美元，主要原因是飛機可用性降低以及所有部門的不利外匯匯率影響，但愛爾蘭新政府服務合約的開始部分抵消了這一影響。

Operating expenses were $9.6 million lower due to lower operating personnel costs as a result of the finalization of a labor agreement in the UK in the third quarter, lower fuel costs due to fewer flight hours and decreases in global fuel prices, and lower repairs and maintenance costs, primarily due to decreased power by the hour or PBH expenses. These decreases were partially offset by higher costs related to the commencement of the new government services contract.

營運費用減少了 960 萬美元，原因是第三季在英國達成了一項勞工協議，導致營運人員成本降低，燃料成本因飛行小時數減少和全球燃料價格下降而降低，以及維修和保養成本降低（主要由於按小時或 PBH 費用減少）。這些減少被新政府服務合約開始實施導致的成本增加部分抵消。

General and administrative expenses were $1.5 million higher, primarily due to higher incentive compensation costs related to the company's full year financial results. Other expenses of $6.2 million resulted from foreign exchange losses of $12.6 million, which, as noted in previous earnings calls, primarily comprises non-cash foreign currency gains and losses that are excluded from our adjusted EBITDA calculations.

一般及行政開支增加了 150 萬美元，主要原因是與公司全年財務績效相關的激勵薪酬成本增加。620 萬美元的其他費用是由 1,260 萬美元的外匯損失造成的，正如先前的收益電話會議所指出的，這主要包括非現金外匯收益和損失，這些收益和損失不包括在我們的調整後 EBITDA 計算中。

These foreign exchange losses were partially offset by an insurance recovery of $4.5 million and a favorable interest adjustment to our company's pension liability of $1.7 million.

這些外匯損失被 450 萬美元的保險賠償和我們公司 170 萬美元的退休金負債的有利利息調整部分抵消。

I will now move on to an explanation of our newly realigned business segment and a brief introduction to each operating segment. Due to the recent expansion of our government services business via the addition of new contracts in multiple jurisdictions, we re-evaluated the various factors that make our existing service lines of service unique, such as end customer profile, management responsibility, and contract dynamics.

現在，我將解釋我們新調整的業務部門，並對每個營運部門進行簡要介紹。由於我們最近透過在多個司法管轄區增加新合約來擴展政府服務業務，我們重新評估了使我們現有的服務線獨一無二的各種因素，例如最終客戶概況、管理責任和合約動態。

In the fourth quarter of 2024, we realigned our segments from a single reportable segment, aviation services to three reportable segments. The first is Offshore Energy Services, or OES, which provides aviation services to, from, and between offshore energy installations globally. The second is government services, which provides search and rescue or SAR and support helicopter services to government agencies globally. And lastly, other services, which primarily comprise comprises fixed wing services, providing transportation through scheduled passenger flights and aircraft charter services, dry leasing of aircraft to third party operators, and part sales.

2024 年第四季度，我們將業務分部從單一報告分部（航空服務）調整為三個報告分部。第一家是海上能源服務公司（OES），該公司為全球海上能源設施提供往返其間的航空服務。第二是政府服務，為全球政府機構提供搜救或SAR和支援直升機服務。最後，其他服務主要包括固定翼飛機服務、透過定期客運航班和飛機包機服務提供運輸、向第三方營運商幹租飛機以及零件銷售。

The realignment of our segment resulted in certain presentation changes that include a reclassification of our fixing revenues supporting our energy business in Africa to our OES segment. Combining our fixed wing airline operations in Australia into the other services segment. And combining reimbursable and operating revenues as well as combining reimbursable and operating expenses. The financial years presented, including our forward-looking guidance have been recast to conform with the revised presentation for ease of comparison.

我們部門的重新調整導致了一些列的改變，包括將支持我們在非洲的能源業務的固定收入重新歸類到我們的 OES 部門。將我們在澳洲的固定翼航空業務合併到其他服務部門。並將可報銷收入和營業收入以及可報銷費用和營業費用結合起來。所呈現的財政年度，包括我們的前瞻性指引，已重新制定，以符合修訂後的呈現方式，以便於比較。

I will now cover our full year 2024 financial results by segment. Bristow's revenues from OES were $113 million higher in 2024 compared to 2023. This increase is attributed to higher utilization and increased rates in Africa, the commencement of new contracts in Brazil, higher utilization in other parts of the Americas, and the commencement of a new contract in Norway. This increase in activity and revenues was partially offset by higher repairs and maintenance costs of $20.1 million and operating personnel costs of $8.7 million due to the increased activity.

我現在將按部門介紹我們 2024 年全年財務表現。2024 年，布里斯托從 OES 獲得的收入將比 2023 年高出 1.13 億美元。這一增長歸因於非洲利用率和費率的提高、巴西新合約的開始、美洲其他地區利用率的提高以及挪威新合約的開始。由於活動增加，維修和維護成本增加 2,010 萬美元，營運人員成本增加 870 萬美元，部分抵銷了活動和收入的增加。

Adjusted operating income from OES was $84 million higher in 2024. Revenues from government services were $7.6 million lower than 2023, primarily due to a change in rates after transitioning to the long-term contract with the Dutch Caribbean Coast Guard or DCCG.

2024 年 OES 的調整後營業收入將增加 8,400 萬美元。政府服務收入比 2023 年減少了 760 萬美元，主要原因是與荷屬加勒比海岸警衛隊或 DCCG 簽訂長期合約後費率發生了變化。

Adjusted operating income was $10 million lower in 2024, primarily due to aircraft availability penalties related to supply chain challenges in UKSAR, startup costs for Irish SAR or IRCG, and the transition to the long-term DCCG contract. However, it is important to note that the duration of these contracts, generally lasting 10 or more years with additional one-to-three-year extension options, provides stable long-term cash flows with high credit quality customers, strong margins, and reliable capital returns once operations are fully ramped, which I will discuss in more detail when we cover the government services outlook momentarily.

2024 年調整後營業收入減少 1000 萬美元，主要原因是英國 SAR 的供應鏈挑戰導致的飛機可用性損失、愛爾蘭 SAR 或 IRCG 的啟動成本以及向長期 DCCG 合約的過渡。然而，值得注意的是，這些合約的期限通常為 10 年或更長時間，並可選擇額外延長一到三年，一旦業務全面展開，就能為高信用質量的客戶、強勁的利潤率和可靠的資本回報提供穩定的長期現金流，我將在稍後討論政府服務前景時更詳細地討論這一點。

Moving on to other services. Revenues from this segment were $12.6 million higher in 2024, primarily due to higher utilization and increased rates. Adjusted operating income was consistent with the prior year as higher revenues were offset by higher operating costs in fixed wing services of $12.7 million.

轉向其他服務。2024 年該部門的收入增加了 1,260 萬美元，主要原因是利用率提高和費率提高。調整後的營業收入與去年持平，因為固定翼服務 1,270 萬美元的營運成本增加抵消了收入的增加。

As Chris noted, we are pleased with the stronger than expected fourth quarter, which exceeded our upwardly revised outlook range for Q4 and the full year 2024. Our consolidated financial performance in 2024 culminated in revenues increasing by $118 million and adjusted EBITDA increasing by $66.3 million, which is a 39% increase compared to the prior year.

正如克里斯所指出的，我們對第四季度表現強於預期感到滿意，這超出了我們對第四季和 2024 年全年上調的預期範圍。我們 2024 年的綜合財務表現最終實現營收增加 1.18 億美元，調整後 EBITDA 增加 6,630 萬美元，與前一年相比成長 39%。

Turning now to cash flows, the $145 million increase in operating cash flows is attributed to the increase in operating income and an improvement in working capital in 2024. Additionally, our adjusted free cash flows were $161 million in 2024 compared to $28 million in 2023. Bristow continues to benefit from a strong balance sheet and liquidity position. As of December 31, our available liquidity was approximately $312 million.

現在談談現金流，經營現金流增加 1.45 億美元歸因於 2024 年經營收入的增加和營運資本的改善。此外，我們 2024 年的調整後自由現金流為 1.61 億美元，而 2023 年為 2,800 萬美元。布里斯托繼續受益於強勁的資產負債表和流動性狀況。截至 12 月 31 日，我們可用的流動資金約為 3.12 億美元。

We have now funded 84% of the capital investments needed for our UK and IRCG contracts. The remaining capital investment is expected to largely conclude in the first half of the year. As we have noted in past earning calls and continue to reiterate now, we believe that our business model will continue to generate strong cash flows. This is becoming more evident through our new capital allocation framework.

我們目前已為英國和印度洋領地協調部合約所需的 84% 資本投資提供資金。剩餘資本投入預計將在上半年基本完成。正如我們在過去的財報電話會議上所指出的以及現在繼續重申的那樣，我們相信我們的商業模式將繼續產生強勁的現金流。透過我們的新資本配置框架，這一點變得更加明顯。

Moving on to Bristow's outlook. At this time we are confirming our previously reported 2025 revenues guidance of $1.4 billion to $1.6 billion and adjusted EBITDA range of $230 million to $260 million, as well as our 2026 target guidance of $1.5 billion to $1.8 billion in total revenues and adjusted EBITDA range of $275 million to $335 million.

繼續討論布里斯託的觀點。此時，我們確認先前報告的 2025 年收入預期為 14 億美元至 16 億美元，調整後 EBITDA 範圍為 2.3 億美元至 2.6 億美元，以及 2026 年目標預期為總收入 15 億美元至 18 億美元，調整後 EBITDA 範圍為 2.75 億美元。

2024 was a year of increased utilization, rates, and full year impact of contract commencement. With Nigeria and Brazil as standout markets. And while market conditions in our OES segment are expected to remain constructive in 2025, we expect headwinds from our continued supply chain shortages persist during the year. Additionally, the cadence of our contract renewals is such that more of the contracts would commence in late 2025 or 2026. So the more meaningful increases will be visible in 2026.

2024 年是利用率、費率和合約生效全年影響均增加的一年。其中尼日利亞和巴西為突顯市場。儘管我們 OES 部門的市場狀況預計在 2025 年將保持良好，但我們預計持續的供應鏈短缺帶來的阻力將在今年持續存在。此外，我們的合約續約節奏是這樣的，更多的合約將在 2025 年末或 2026 年生效。因此，更有意義的成長將在 2026 年顯現。

However, given our current utilization levels coupled with unmet lift demand and long lead times for new bills, we expect to perform well, if not better in 2025, as reflected in our OES adjusted operating income range of $190 million to $210 million compared to the $173 million in 2024.

然而，考慮到我們目前的利用率水平，加上未滿足的電梯需求和新法案的較長準備時間，我們預計 2025 年的表現將良好，甚至更好，這反映在我們的 OES 調整後營業收入範圍為 1.9 億美元至 2.1 億美元，而 2024 年為 1.73 億美元。

Regarding our outlook for our government services segment, adjusted operating income for the government services segment declined by approximately $14 million from 2022 to 2024, primarily due to startup expenses of $4 million in support of our new IRCG contract. Higher aircraft penalties in UKSAR of $6 million due to significant supply chain challenges and $4 million in adverse foreign exchange impact.

關於我們對政府服務部門的展望，政府服務部門的調整後營業收入從 2022 年到 2024 年下降了約 1400 萬美元，這主要是由於支持我們的新 IRCG 合約的 400 萬美元啟動費用。由於嚴重的供應鏈挑戰和 400 萬美元的不利外匯影響，英國特別行政區的飛機罰款增加至 600 萬美元。

As the transition progresses for both IRCG and UKSAR2G contracts, we expect adjusted operating income margins to return to 2023 levels at a minimum and for aggregate adjusted operating income generated by our government service segment to increase by approximately 25% in 2026 relative to 2022.

隨著 IRCG 和 UKSAR2G 合約的過渡進展，我們預計調整後的營業收入利潤率至少將恢復到 2023 年的水平，並且我們政府服務部門產生的總調整後營業收入將在 2026 年相對於 2022 年增長約 25%。

We expect full year impacts in subsequent years will contribute meaningfully to our financial results, and the strong margins, stable long-term cash flows with high credit quality customers will provide reliable capital returns well into the middle of the next decade, as illustrated on slide 14. We continue to believe the growth in our government services segment and diversification of Bristow's revenues will provide long-term value to our customers, investors, as evidenced by the commencement of a dividend payments in Q1 2026.

我們預計，隨後幾年的全年影響將對我們的財務業績產生重大貢獻，強勁的利潤率、穩定的長期現金流以及高信用品質的客戶將在下一個十年中期提供可靠的資本回報，如幻燈片 14 所示。我們仍然相信，政府服務部門的成長和布里斯託收入的多樣化將為我們的客戶和投資者帶來長期價值，2026 年第一季開始的股息支付證明了這一點。

At this time I'll turn the call back to Chris for further remarks. Chris?

現在我將把電話轉回給克里斯，請他進一步評論。克里斯？

Thank you. As summarized in our press release and slide 19 of the earnings presentation, We are pleased to announce Bristow's new capital allocation framework. With strategic priorities that include protect and maintain a strong balance sheet and liquidity position. Pursue high impact, high return growth opportunities. And return capital to shareholders via opportunistic share buybacks and quarterly dividend payments.

謝謝。正如我們的新聞稿和收益報告第 19 張投影片中所總結的那樣，我們很高興地宣布布里斯託的新資本配置框架。其策略重點包括保護和維持強勁的資產負債表和流動性狀況。追求高影響力、高回報的成長機會。並透過機會性股票回購和季度股利支付向股東返還資本。

Understanding that Offshore Energy Services, our largest business segment is inherently volatile. We must sustain a robust balance sheet that can withstand all market cycles. As such, the company intends to pay down debt to a balance of approximately $500 million of gross debt by the end of 2026.

了解到我們最大的業務部門——海上能源服務——本質上是不穩定的。我們必須保持強勁的資產負債表，以承受所有市場週期。因此，該公司打算在 2026 年底將債務餘額減少至約 5 億美元。

At the same time, we will continue to execute on compelling growth opportunities. Such as the long term governments SAR contracts. As well as the attractive opportunities we have to introduce new AW189 helicopters to meet customer demand and boost profitability in our Offshore Energy Services segment.

同時，我們將繼續抓住引人注目的成長機會。例如政府的長期搜救合約。我們還有一個吸引人的機會來引進新的 AW189 直升機，以滿足客戶需求並提高我們海上能源服務部門的獲利能力。

Furthermore, Bristow is committed to return capital to shareholders via a new quarterly dividend program intended to commence in Q1 2026 with an initial dividend payment of $0.125 per share or $0.50 per share annualized. As well as opportunistic share buybacks under the company's new $125 million share repurchase program. We believe this disciplined and focused capital allocation approach provides multiple avenues to create additional value for Bristow's stakeholders.

此外，布里斯托承諾透過新的季度股息計劃向股東返還資本，該計劃將於 2026 年第一季開始，初始股息為每股 0.125 美元或年化每股 0.50 美元。以及根據該公司新的 1.25 億美元股票回購計劃進行機會性股票回購。我們相信，這種嚴謹而專注的資本配置方法為布里斯託的利害關係人創造了多種價值。

With that, let's open the line for questions, Angela.

安吉拉，讓我們開始提問吧。

(Operator Instructions)

（操作員指示）

Jason Bandel, Evercore.

傑森‧班德爾 (Jason Bandel)，Evercore。

Well, thanks. Good morning, Chris, and Jennifer and Red.

嗯，謝謝。早上好，克里斯、珍妮佛和雷德。

Good morning.

早安.

My first question, let's start with Offshore Energy Services. The business seems to be doing quite well. The outlook sounds constructive. We're kind of used to hearing about white space headwinds and commodity macro headwinds and so forth. So can you guys start by highlighting some of the dynamics that are going on in OES and expand a little bit on how you're keeping utilization levels so high currently.

我的第一個問題，讓我們從海上能源服務開始。看來生意做得相當不錯。前景聽起來很有建設性。我們已經習慣聽到有關白色空間逆風和商品宏觀逆風等等的消息。那麼，你們能否先強調 OES 中正在發生的一些動態，並稍微詳細說明如何維持當前如此高的利用率水準。

Yes, happy to do so, Jason, and thanks again for joining the call. So I think as we look at our sector, obviously we are impacted by a lot of the same market drivers that impact other offshore services spaces like the drillers for example, and we certainly do follow those indicators, especially the floating offshore red count as that's mostly the water depth of the market that we serve.

是的，傑森，很高興這樣做，再次感謝您參加電話會議。因此，我認為，當我們審視我們的行業時，顯然我們會受到許多相同的市場驅動因素的影響，這些因素也影響著其他海上服務領域，例如鑽井行業，而且我們確實會關注這些指標，尤其是浮動海上紅色計數，因為這主要是我們所服務市場的水深。

Our equipment sector is really different from that. We have our own supply demand dynamics, and so what's keeping utilization levels so high and again today they really are at or near 100% effective utilization for the relevant heavy super medium and medium helicopter models is the fact that we had about a decade's period where there were very few, if any new deliveries coming into the market. Over that period of time you had a number of helicopters that were sold into other end markets or were aged out or otherwise disposed out of the available fleet.

我們的設備產業與此確實不同。我們有自己的供需動態，而今天相關重型、超中型和中型直升機型號的有效利用率確實達到或接近 100% 的原因是，在大約十年的時間裡，進入市場的新交付量非常少，甚至沒有。在那段時間內，有許多直升機被賣到了其他終端市場，或者老化了，或者從現有機隊中被處理掉了。

So there's been a significant tightening of the supply. So as demand has picked up over the last several years, we've resulted in this very tight supply demand dynamic that's informing those at or near 100% effective utilization levels and importantly, with a very finite number of OEMs who manufacture helicopters, the lead times today are really two plus years if you're looking for a new aircraft to be delivered. So that's part of what informs our visibility on the supply demand dynamic for our space over the next couple of years.

因此，供應已經明顯收緊。因此，隨著過去幾年需求的回升，我們導致了這種非常緊張的供需動態，這告知那些處於或接近 100% 有效利用水平的人，重要的是，由於製造直升機的原始設備製造商數量非常有限，如果您正在尋找一架待交付的新飛機，那麼今天的交貨時間實際上要兩年以上。因此，這在某種程度上決定了我們未來幾年對空間供需動態的了解程度。

Great. And if you dig in a little bit deeper Chris, just on I guess the 2025 outlook here, just some of the key drivers to your growth and maintain that utilization kind of go around the globe here and then kind of note one or two or three pockets of strength that you're seeing.

偉大的。克里斯，如果你深入挖掘一下，我猜想這裡的 2025 年展望，只是一些推動成長的關鍵驅動因素，並保持這種利用率在全球範圍內傳播，然後注意你所看到的一兩個或三個優勢領域。

Sure, happy to do that. So for the purposes of this, I'll focus on the OES portion of our business. The markets where we're seeing more growth continue to be in West Africa. Nigeria has been a very strong positive contributor to our business. We expect that to continue in 2025, '26 and really beyond. Also Brazil. Brazil is an area where we pushed more helicopters on contract. Both with Petrobras as well as independent producers there. So Brazil is an area that has driven growth. So far, we expect that to continue particularly in the latter half of '25 and into 2026.

當然，我很樂意這麼做。因此，出於這個目的，我將重點放在我們業務的 OES 部分。我們看到成長較快的市場仍然是西非。尼日利亞對我們的業務做出了非常積極的貢獻。我們預計這種趨勢將在 2025 年、2026 年及以後持續下去。還有巴西。巴西是我們透過合約推動更多直升機的地區之一。既與巴西石油公司合作，也與那裡的獨立生產商合作。因此，巴西是一個推動成長的地區。到目前為止，我們預計這種趨勢將持續下去，尤其是在 2025 年下半年和 2026 年。

And then the Caribbean Triangle, namely thinking about -- right now for the purposes of these comments, Suriname is an area where we're seeing additional projects come up, additional demand for our offshore helicopter services there. So from a growth rate standpoint, those are the markets that I would highlight. But we also have strength in some of our more mature markets like the Gulf of Mexico, for example. Not the same growth rates given the size, but there is incremental demand here in the US. We just started a new S92 contract for a customer here in the US at the beginning of this year, and we see incremental demand over the course of '25 and '26 as well.

然後是加勒比海三角區，即現在就這些評論的目的而言，我們看到蘇利南地區出現了更多的項目，對我們的海上直升機服務有額外的需求。因此，從成長率的角度來看，這些都是我要重點關注的市場。但我們在一些比較成熟的市場（例如墨西哥灣）也具有實力。雖然規模不同，成長率也不一樣，但美國的需求在增加。我們今年年初剛剛為美國一位客戶簽訂了新的 S92 合同，並且我們還看到 25 年和 26 年期間的需求也將增加。

Great, that's helpful, Chris. And let me get one last question in here. In your appendix, you have a slide in the presentation on net asset value. We would love to kind of hear your thoughts on the importance of that slide and also hear your thoughts about why you think your thoughts to kind of trade out the discount to the NAV calculation you show on that slide. Thanks.

太好了，這很有幫助，克里斯。讓我在這裡問最後一個問題。在您的附錄中，有一張有關淨資產價值的簡報投影片。我們很想聽聽您對這張投影片的重要性的看法，也想聽聽您為什麼認為可以用這張投影片上顯示的 NAV 計算折扣來換取它。謝謝。

Yeah, thank you for the question, Jason. Once a year we do have a third-party firm that does an appraisal of all of the owned aircraft in Bristow's fleet. So this does not include any attributed value to the least helicopters. This is really just focused on all the aircraft that we own in the fleet. So this third party appraisal is done on an individual aircraft basis. We roll that up into their estimation of the fair market value of the overall owned aircraft fleet, which is a little over $1.5 billion. To that we add the net book value of other tangible assets that track total debt as well as other liabilities such as deferred taxes, and this year that resulted in an aggregate net asset value of about $1.7 billion which on a per share basis is roughly $57 per share of NAV, which is a significant premium to where the stock price is trading today.

是的，謝謝你的提問，傑森。每年我們都會請第三方公司對布里斯托機隊的所有自有飛機進行評估。因此，這不包括對最少的直升機的任何歸因價值。這實際上只是關注我們機隊中擁有的所有飛機。因此，第三方評估是針對單一飛機進行的。我們將其計入他們對整體自有飛機隊的公平市場價值的估計中，該價值略高於 15 億美元。除此之外，我們還添加了追蹤總債務以及遞延稅項等其他負債的其他有形資產的帳面淨值，今年的總淨資產價值約為 17 億美元，按每股計算約為每股 57 美元的資產淨值，與今天的股票交易價格相比有顯著溢價。

In terms of why there is such a discount to that NAV, probably leave that for other market participants to speculate. Obviously as a management team, we always think our stock price could be higher. That's a given. But we are pleased to release this year's version of the NAV which again we disclosed once a year.

至於為何會出現如此大的淨值折扣，或許留給其他市場參與者去猜測吧。顯然，作為管理團隊，我們始終認為我們的股價可以更高。這是理所當然的。但我們很高興發布今年版本的資產淨值，我們每年都會再次披露一次。

Great, thanks so much for the time. I'll turn it back.

太好了，非常感謝您抽出時間。我會把它轉回去。

Jason Bandel, Evercore.

傑森‧班德爾 (Jason Bandel)，Evercore。

I think we just had Jason.

我想我們剛剛有傑森。

I'm sorry.

對不起。

Josh Sullivan, Benchmark Company.

喬許·沙利文 (Josh Sullivan)，Benchmark 公司。

Good morning. Sorry, I just want to make sure. So you just mentioned Suriname there as an opportunity for growth. Is pricing coming back in that market? At one point there seemed to be a dislocation, our customers changing their perspective there?

早安.抱歉，我只是想確認一下。您剛才提到蘇利南是一個成長機會。那個市場的價格會回落嗎？有一次似乎出現了混亂，我們的客戶改變了他們的觀點？

Good morning, Josh, and thanks again for the question. So we continue to see a really positive, strong, stable pricing across our Offshore Energy Services business. I think that is informed by the tight utilization or the high utilization levels, the type of supply and demand dynamic. So when we're looking to bid on new projects or new contracts that's the type of consistency and sustainability that we're seeing in the pricing in the market right now, and that includes Suriname.

早安，喬希，再次感謝您的提問。因此，我們繼續看到海上能源服務業務的真正積極、強勁、穩定的定價。我認為這是由緊張的利用率或高的利用率水準、供需動態的類型決定的。因此，當我們尋求競標新項目或新合約時，我們目前在市場定價中看到的是一致性和可持續性，其中包括蘇利南。

Really the growth in Suriname, I would attribute more to incremental project demand as you have -- you've had some very successful which is prompting the initiation beginning later this year of more development and exploration -- development and production work as well as its promoting additional exploration work by other operators who are looking to potentially hit promising reserves like those that have been discovered there already.

蘇利南的成長實際上更多的是歸功於增量項目需求，正如你們所看到的——你們已經取得了一些非常成功的項目，這促使你們在今年晚些時候開始更多的開發和勘探——開發和生產工作，同時也促進了其他運營商的額外勘探工作，他們希望有可能找到像那些已經在那裡發現的有前景的儲量。

Okay, got it. And then I guess just looking at the '24 results, you beat your own guidance, what was the outsized driver compared to maybe what you saw at the end of Q3?

好的，明白了。然後我想，只要看一下 24 年的結果，您就超出了自己的預期，與您在第三季末看到的情況相比，最大的驅動力是什麼？

Thank you, Josh. Good morning. So we were pleased to deliver a better-than-expected results for the quarter. There were several items. Africa has continued to be a driver. Our OES business as a driver in Africa particularly, but also in Q4 you had both in the Brazil and the UK some attractive ad hoc opportunities as well to help drive that.

謝謝你，喬希。早安.因此，我們很高興看到本季的業績優於預期。有幾件物品。非洲繼續發揮推動作用。我們的 OES 業務尤其在非洲起到了推動作用，而且在第四季度，您在巴西和英國也獲得了一些有吸引力的臨時機會來幫助推動這項業務。

Got it. And then I guess just -- excuse me, relatedly as we look at '25, why keep the current guide done, what are the major puts and takes to '25 I guess?

知道了。然後我想只是——對不起，當我們看 25 時，為什麼要保留當前的指南，我猜 25 的主要投入和產出是什麼？

Sure, we always knew that 2025 was going to be a transition year with both the UKSAR2G and the Irish Coast Guard contracts ramping up. Our OES business continues to do well. However, as I noted in my prepared remarks, we do expect supply chain shortages to persist.

當然，我們一直都知道 2025 年將是一個過渡年，UKSAR2G 和愛爾蘭海岸警衛隊的合約都將增加。我們的OES業務持續表現良好。然而，正如我在準備好的發言中指出的那樣，我們確實預計供應鏈短缺將持續存在。

In addition, many of our contract renewals commenced in late '25 or '26, so the impact of those really get reflected in 2026 and beyond. And for those reasons, we affirmed the guidance as we had put it out previously.

此外，我們的許多合約續約都是在 2025 年底或 2026 年開始的，因此這些合約的影響實際上會在 2026 年及以後得到體現。基於這些原因，我們確認了先前發布的指導意見。

Which I think -- just if I could add there I think is a positive statement to make in light of what's going on elsewhere and in this climate for the Offshore Services space. Hopefully it's sending a positive message that we can affirm our outlook for both '25 and '26, given the strength that we see for Bristow's business.

我認為——如果我可以補充一點的話，我認為考慮到其他地方正在發生的事情以及離岸服務領域的這種氣氛，這是一個積極的聲明。希望它能傳遞出積極的訊息，鑑於我們所看到的布里斯托業務的強勁勢頭，我們可以肯定我們對 25 年和 26 年的展望。

Got it. And then I guess just one -- actually a couple on the new capital allocation framework, congratulations on that. But if we take the priorities as you mentioned just one by one, maybe first in the debt, how quickly should we expect you to start paying that down?

知道了。然後我想只有一個 - 實際上是關於新的資本配置框架的幾個，對此表示祝賀。但是，如果我們按照您提到的優先順序逐一考慮，也許首先是債務，那麼我們應該期望您多快開始償還債務？

Thank you for the comments on that, Josh. We are pleased to roll that out and introduce and start implementing that. On the debt, we are looking to pay down debt to a gross debt balance of approximately $500 million by the end of next year, and we expect to initiate those advance payments beginning in Q2 of this year. So just over the next couple of months we should initiate those advanced debt payments.

謝謝你對此的評論，喬希。我們很高興推出、介紹並開始實施這項措施。關於債務，我們希望在明年年底前將債務總額減少至約 5 億美元，並且我們預計將從今年第二季開始預付款。因此，在接下來的幾個月裡，我們應該開始償還這些預付的債務。

And then on the second priority is on growth outlets, with the Irish SAR and UK contracting the helicopters associated with that coming to the end at some point, what are the other growth outlets that might require some capital over the next few years.

第二個優先事項是成長管道，隨著愛爾蘭特別行政區和英國與此相關的直升機承包即將結束，未來幾年還有哪些成長管道可能需要一些資金。

Nothing immediately identified. Although we do think there will be some additional opportunities that may come to market. Those include Australia, where we expect that the existing SAR support services there for the government in Australia will come to tender over the next couple of years.

尚未確定任何情況。儘管我們確實認為市場上可能會出現一些額外的機會。其中包括澳大利亞，我們預計澳洲政府現有的 SAR 支援服務將在未來幾年內進行招標。

There might be some opportunities in the Middle East where we're seeing some potential interest to launch search and rescue services to privatize those services for those communities. As well as in Europe, probably more around training opportunities that could exist. There's obviously a high focus on military and security in Europe right now. And I think there's an interest in looking to the private sector to help support some of the training necessary to keep pace with that increased defense activity.

中東可能存在一些機會，我們看到一些潛在的興趣推出搜救服務，並將這些服務私有化給這些社區。和歐洲一樣，可能還有更多的培訓機會。顯然，歐洲目前高度關注軍事和安全問題。我認為，人們有興趣尋求私營部門的幫助，以支持一些必要的培訓，以跟上日益增長的國防活動。

So those would be a few areas that we would highlight, but again, nothing identified at this time that would impact CapEx over the timeframe you referenced.

因此，這些是我們要強調的幾個領域，但同樣，目前還沒有發現任何會影響您所提到的時間範圍內的資本支出的因素。

And then it just goes on the buybacks, when should we expect those to begin and on the new dividend policy, what is the strategy there? Is there a ratio or metric that you're following?

然後就談到回購，我們應該預期回購什麼時候開始，以及新的股利政策的策略是什麼？您是否遵循某個比率或指標？

Thanks for that question as well. On the buybacks, we are planning to take an opportunistic approach to deployment of capital to repurchase shares, so there's nothing problematic about the timing or cadence for those. It'll depend on the situation and prevailing market conditions.

也感謝您提出這個問題。在回購方面，我們計劃採取機會主義的方式部署資本來回購股票，因此這些回購的時機或節奏沒有任何問題。這將取決於具體情況和當前的市場條件。

On the dividends, our intention is to initiate that quarterly dividend payment beginning in Q1 of 2026. We're initiating that at $0.125 per share quarterly or $0.50 per share annualized initially. That's informed really by the size and stability of the government services cash flows that the company is expected to generate. So sizing really -- I would think about as being a function of our government services business. We do have a long term ambition on being able to grow that dividend payout over time, but again, that's the amount that we intend to initiate in Q1 of '26.

關於股息，我們打算從 2026 年第一季開始支付季度股息。我們最初的定價是每季每股 0.125 美元或每年每股 0.50 美元。這實際上是由該公司預計產生的政府服務現金流的規模和穩定性決定的。因此，我認為規模實際上是我們政府服務業務的功能。我們確實有一個長期目標，那就是隨著時間的推移增加股息支付，但這是我們打算在 2026 年第一季開始支付的金額。

And just one last one on the advanced mobility market, you've got some of the EV players talking about international markets seeing some of the first areas for operations. Obviously, you guys have some very good operating certificates globally. What's your perspective on the market right now and how it might develop over the next year or so?

最後再談談先進移動出行市場，一些電動車廠商正在討論國際市場是其開展業務的首批領域。顯然，你們在全球範圍內擁有一些非常好的營運證書。您對目前的市場有何看法？未來一年左右市場將如何發展？

Yeah, as you're aware, Josh but just for the benefit of the broader audience, we have spent some time and resources over the last several years now, really analyzing that space, advance their mobility, studying, understanding the technology, understanding the variances between the different products that are being developed and may come to market, the teams that are behind them. We've been in a lot of discussions with those. We have announced some partnerships with some of those. We are interested in how the new technology can be deployed to meet demand from our existing customer base as well as a potential new set of customers.

是的，正如你所知，喬希，但只是為了更廣泛的受眾的利益，我們在過去幾年中投入了一些時間和資源，真正分析這個領域，提高他們的移動性，研究，了解技術，了解正在開發和可能上市的不同產品之間的差異，以及它們背後的團隊。我們已經就這些問題進行了許多討論。我們已經宣布與其中一些公司建立合作關係。我們感興趣的是如何部署新技術以滿足現有客戶群以及潛在的新客戶的需求。

In terms of timing, really those aircraft are still in the certification stage. It's uncertain exactly what those timelines will be. I think there's a lot of optimism that the first Western Advanced air mobility products will be certified later this year. Obviously, there's some uncertainty around that, particularly with what's going on with the regulatory authorities that are relevant here. But we'll be optimistic that those timelines will advance. We were pleased to publicly announce that Bristow will be participating in really a first of its kind exercise later this year in a regulatory sandbox in Norway, where we will be operating one of those products, namely Beta eVTOL or conventional takeoff and landing aircraft in Norway on a real world, real life-basis testing that technology in partnership with not just Beta but also the government there.

從時間上看，這些飛機實際上仍處於認證階段。目前還不確定這些時間表的具體內容。我認為，人們普遍樂觀地認為，首批西方先進空中機動產品將在今年稍後獲得認證。顯然，這方面存在一些不確定性，特別是與此相關的監管機構的行動。但我們樂觀地認為這些時間表將會提早。我們很高興地公開宣布，布里斯托將於今年稍晚在挪威的監管沙箱中參加首次此類演習，我們將在挪威真實世界中運行其中一款產品，即 Beta eVTOL 或常規起降飛機，並與 Beta 以及當地政府合作，在真實世界中測試該技術。

So that's an exciting opportunity to demonstrate some real-world data, help prove out some of the assumptions and use cases, and I think hopefully clarify, a visible path to more commercial operations for these technologies moving forward.

這是一個令人興奮的機會，可以展示一些真實世界的數據，幫助證明一些假設和用例，並且我希望能夠闡明這些技術未來走向更多商業運營的可見道路。

Great, thank you for all time.

太好了，一直感謝您。

Savi Syth, Raymond James.

薩維西斯、雷蒙德詹姆斯。

Hey, good morning, everyone. I just had actually a couple of follow up questions. Just on the government services side, I recognize those are kind of longer term contracts, and you've mentioned this a little bit in terms of Europe, but clearly there's a lot of noise around government spending in the US, and I was just kind of wondering if you're seeing anything today that gives you kind of reason to be more optimistic or have concerns on the US side of things.

嘿，大家早安。我其實只是有幾個後續問題。就政府服務方面而言，我認識到這些都是長期合同，您在歐洲也提到了這一點，但顯然美國政府支出方面存在很多噪音，我只是有點想知道您今天看到的任何事情是否讓您有理由對美國方面的事情感到更加樂觀或擔憂。

Obviously, thank you for the question. There's a lot to follow there heavy news flow in the US certainly. I think our view right now is, we expect a continuation of the same with some optimism for potential incremental opportunities or growth over time, particularly if the government is focused on being more efficient and thinking about how they can adopt and work with more of a private sector model to capture some of those efficiencies that could be an incremental opportunity, but we will continue to actively monitor the news flow and look to see where we could potentially glean some of those opportunities for Bristow.

顯然，感謝您的提問。當然，美國有很多值得關注的新聞。我認為我們現在的觀點是，我們預計這種情況將持續下去，並對潛在的增量機會或隨著時間的推移的增長持樂觀態度，特別是如果政府專注於提高效率，並思考如何採用和與更多的私營部門模式合作來抓住一些可能成為增量機會的效率，但我們將繼續積極監測新聞流，並尋找可能為布里斯托爾帶來一些機會的地方。

Appreciate that, and just to follow up on that kind of advanced mobility side of the world, I realize it's still very early days across, but if you look at your operations globally, where do you think it will be kind of easier to initiate or where there might be more demand to initiate some of these operations?

我很感激，只是為了跟進世界上這種先進的移動性，我意識到現在還處於早期階段，但如果您看看全球的業務，您認為在哪裡啟動會更容易，或者在哪裡啟動這些業務的需求會更大？

Yeah, our view is that it could be outside of some of the major countries and regulatory bodies, so maybe not the US or Europe, but maybe some of the first places where you can actually put these to work at scale would be in places like the Middle East where you have a lot of interest, very heavy state sponsorship that can make things like that happen quickly.

是的，我們認為它可能在一些主要國家和監管機構之外，所以可能不在美國或歐洲，但也許可以真正大規模實施這些措施的一些首批地方是中東等地，那裡有很多興趣，有非常強大的政府支持，可以使這樣的事情迅速發生。

Or in Africa where again there's perhaps fewer hurdles there to launching operations of this nature. So in things that we're looking to do either directly with the aircraft manufacturers or in partnership with other players in the space, those are some of the areas that could move more quickly than others in our view.

或者在非洲，那裡進行此類行動的障礙可能更少。因此，在我們希望直接與飛機製造商合作或與該領域的其他參與者合作的事情中，我們認為這些領域可能比其他領域更快。

Helpful, appreciate it. Thank you.

有幫助，謝謝。謝謝。

Thank you.

謝謝。

Nicolai Tornfeldt, Fearnley Securities.

尼古拉‧托恩菲爾德 (Nicolai Tornfeldt)，費恩利證券公司 (Fearnley Securities)。

Hi there, good morning. So I believe most of my questions already have been covered, but just one final question from my side. With the Irish Coast Guard and the UKSAR2G contract being in sort of the transition phase. When do you sort of believe that we -- when do you anticipate that we will see the full ramp up and the full earnings potential with these contracts.

大家好，早安。所以我相信我的大部分問題都已經被解答了，但我還剩最後一個問題。愛爾蘭海岸警衛隊和 UKSAR2G 合約正處於過渡階段。您何時相信我們—您何時預期我們會看到這些合約的全面成長和全部獲利潛力？

You'll start to see a cleaner picture in 2026. That won't be a perfectly clean one, really. That'll be '27 beyond, but we've always known that both 2024 and 2025 this year, we're going to be transition years as we were launching those services. We do have, a pretty extended period of time of startup costs given the scale and complexity of these operations.

到 2026 年，你會開始看到更清晰的圖像。確實，那不會是一個完全乾淨的。那將是 27 年後，但我們一直都知道，2024 年和 2025 年將是過渡年，因為我們將推出這些服務。考慮到這些操作的規模和複雜性，我們的啟動成本確實需要相當長的時間。

So certainly a bit of a drag from some of the startup costs impacting both '24 and '25 profitability margins, but '26 again should be a cleaner picture of the earnings potential. Particularly from Ireland. And then '27 and beyond should be -- we think an even cleaner view on the earnings potential and profitability from that part of our business which we expect to carry on well into the middle of the next decade.

因此，一些啟動成本肯定會對 24 年和 25 年的獲利率產生一定拖累，但 26 年應該能更清楚地看到獲利潛力。特別是來自愛爾蘭。然後，我們認為 27 年及以後，我們對該部分業務的盈利潛力和盈利能力會有更清晰的認識，我們預計這種前景將持續到下一個十年中期。

All right, that's good. Thank you.

好的，那很好。謝謝。

Thank you.

謝謝。

Colby Sasso.

科爾比·薩索。

All right, thanks for having me on the call. Multiples in the offshore -- multiples have compressed for Offshore Energy levered equities in the last 12 months. When you think about opportunities for growth for your business, have you seen any more opportunities become available given the multiple compression in the energy space?

好的，感謝您接受我的電話訪問。近海能源槓桿股票的本益比－過去 12 個月內，近海能源槓桿股票的本益比有所壓縮。當您考慮業務成長機會時，您是否看到，鑑於能源領域的多重壓縮，出現了更多機會？

Hey, good morning and thank you for the question. In our sector, since since Bristow is really the only public company today, there are not directly some other public multiples to reference for what could be potential M&A opportunities since they're private. Nevertheless, similar dynamics prevail, right. So I think certainly understand the nature of the question. We'll continue to look at those opportunities and they're relatively finite in number in our space. There's only a few players out there, but for ones that meet our parameters and become actionable, we will spend the time to analyze them and see if there's a way to implement M&A that could be value added for shareholders.

嘿，早上好，謝謝你的提問。在我們的行業中，由於布里斯托實際上是目前唯一的上市公司，因此沒有直接其他一些公共倍數可以參考潛在的併購機會，因為它們是私有的。儘管如此，類似的動態仍然存在，對吧。所以我認為肯定了解問題的本質。我們將繼續尋找這些機會，而且在我們的領域中，這些機會的數量相對有限。雖然市場上只有少數參與者，但對於符合我們的參數並可採取行動的參與者，我們將花時間對其進行分析，看看是否有辦法實施可以為股東增加價值的併購。

Certainly we did that with the [Aero] Bristow merger in 2020. We were able to also add via a direct acquisition of business to our government services, which expanded us into the Falklands and UK MOD business. So do have I believe a track record of being able to execute when the opportunities are there, and we'll continue to monitor them and see if any of them become actionable over the near to medium term.

當然，我們在 2020 年與 [Aero] Bristow 的合併中做到了這一點。我們也能夠透過直接收購業務來擴大我們的政府服務範圍，從而將業務擴展到福克蘭群島和英國國防部。所以我相信，當機會出現時，我們確實有能力執行，我們將繼續監控它們，看看其中是否有任何一個在短期到中期內變得可行。

Perfect. And as a quick follow up, I know you've already touched on the US government a little bit, but tariffs are on again, off again, and there seems to be no concrete answer. But I want to ask how you're thinking about the potential impact of your company, given you have some new build aircraft coming over the next few years and if you're planning for this impact at all.

完美的。順便問一下，我知道您已經稍微談到了美國政府，但關稅時斷時續，似乎沒有具體的答案。但我想問一下，考慮到貴公司未來幾年將推出一些新型飛機，您如何看待這些飛機對貴公司的潛在影響，以及您是否正在為這些影響做任何計劃。

Yes, that's an important question, definitely something that we're actively monitoring. As an aviation operator, we do have a large and very international complex supply chain, so tariffs are really anything that introduces uncertainty to that supply chain would be a potential issue for our business. We do have a portion of our supply chain that comes through Canada, our engines and other components, and we have a heavy portion of our supply chains that's coming out of Europe.

是的，這是一個重要的問題，絕對是我們正在積極關注的事情。作為一家航空運營商，我們確實擁有龐大且非常國際化的複雜供應鏈，因此關稅實際上會為該供應鏈帶來不確定性，從而對我們的業務造成潛在問題。我們的供應鏈確實有一部分來自加拿大，包括我們的引擎和其他零件，而且我們的供應鏈中有很大一部分來自歐洲。

So this is definitely an important issue that we monitor. As it relates to the new deliveries that we're bringing in to the fleet. Whether it's the H135 light twins that we're taking delivery of right now or the AW189 orders that we have in place, those are fixed and firm prices, so will not be impacted by tariffs.

所以這絕對是我們監控的重要問題。因為這與我們向船隊引入的新交付有關。無論是我們現在正在交付的 H135 輕型雙胞胎還是我們已經下的 AW189 訂單，這些都是固定的價格，因此不會受到關稅的影響。

Thank you, that's all I have.

謝謝，這就是我所知道的全部。

(Operator Instructions) Thank you. We have no raised hands at this time.

（操作員指示）謝謝。目前我們還沒有人舉手。

I will now turn it back over for closing remarks.

現在我將把它轉回並作結束語。

Thank you, Angela, and thanks everyone for joining the call. Appreciate the time and look forward to speaking again next quarter. Stay safe and well.

謝謝你，安吉拉，也謝謝大家參加電話會議。感謝您的時間並期待下個季度再次交談。保持安全和健康。

Thank you. The call has now concluded. Please feel free to disconnect.

謝謝。通話現已結束。請隨意斷開連線。