Westwood Holdings Group Inc (WHG) 2025 Q3 法說會逐字稿

Thank you for standing by and welcome to Westwood Holding Group third quarter 2025 earnings conference call. (Operator Instructions)

感謝您的耐心等待，歡迎參加 Westwood Holding Group 2025 年第三季財報電話會議。（操作說明）

I would now like to hand the call over to Jill Meyer, chief legal counsel. Please go ahead.

現在我將把電話交給首席法律顧問吉爾·邁耶。請繼續。

Thank you and welcome to our third quarter of 2025 earnings conference call. The following discussion will include forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors which may cause actual results to be materially different from those contemplated by the forward-looking statements. Additional information concerning the factors that Could cause such a difference is included in our press release issued earlier today as well as in our Form 10Q for the quarter ended September 30, 2025 that will be filed with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information. Future events or otherwise, you are cautioned not to place undue reliance on forward-looking statements.

謝謝大家，歡迎參加我們2025年第三季財報電話會議。以下討論將包含前瞻性陳述，這些陳述受到已知和未知風險、不確定性及其他因素的影響，這些因素可能導致實際結果與前瞻性陳述中所設想的結果有重大差異。有關可能導致這種差異的因素的更多信息，請參閱我們今天早些時候發布的新聞稿以及我們將向美國證券交易委員會提交的截至 2025 年 9 月 30 日的季度 10-Q 表格。我們不承擔因新資訊而公開更新或修改任何前瞻性聲明的義務。未來事件或其他情況，請勿過度依賴前瞻性陳述。

In addition, in accordance with SEC rules concerning non-GAAP financial measures, the reconciliation of our economic earnings and economic earnings per share to the most comparable GAAP measures is included at the end of our press release issued earlier today.

此外，根據美國證券交易委員會關於非公認會計準則財務指標的規定，我們今天稍早發布的新聞稿末尾附有我們的經濟收益和每股經濟收益與最可比較公認會計準則指標的調節表。

On the call today, we have Brian Casey, our Chief Executive Officer, and Terry Forbes, our Chief Financial Officer. I will now turn the call over to Brian Casey.

今天參加電話會議的有我們的執行長布萊恩凱西和財務長特里福布斯。現在我將把通話交給布萊恩凱西。

Good afternoon and thank you for joining us for Westwood's third quarter 2025 earnings call. I'm pleased to share this quarter's results and key developments as well as our outlook for the remainder of the year. Before we dive into the details, I'd like to highlight several key points from the quarter. Our enhanced midstream income ETF MDST, surpassed $150 million in AUM. We recorded positive net flows in energy and real assets. Our private fundraising continues to exceed our annual goal by a significant margin. WEB's launched 11 new sector ETFs.

下午好，感謝各位參加 Westwood 2025 年第三季財報電話會議。我很高興與大家分享本季的業績和主要進展，以及我們對今年剩餘時間的展望。在深入探討細節之前，我想先強調本季的幾個關鍵點。我們增強型中游收益 ETF MDST 的資產管理規模已超過 1.5 億美元。我們在能源和實體資產方面均錄得正淨流入。我們的私人籌款活動持續大幅超越年度目標。WEB推出了11檔新的產業ETF。

Income Opportunity maintained its top decile since inception ranking and earned a Morningstar ratings upgrade to four stars. We've all witnessed a broad market rally this quarter driven by sustained enthusiasm for artificial intelligence, strong corporate earnings, and a pivotal interest rate cut by the Federal Reserve. Strength in cyclical areas like industrials and consumer discretionary all pointed to widespread confidence in economic growth.

自成立以來，《收入機會》一直保持著前10%的排名，並獲得了晨星評級提升至四星。本季度，受人工智慧持續高漲的市場熱情、強勁的企業盈利以及聯準會關鍵性的降息舉措的推動，市場全面上漲。工業和非必需消費品等週期性產業的強勁表現，都顯示人們普遍對經濟成長充滿信心。

However, large cap gains remain highly concentrated in a handful of mega cap stocks. For small caps, the long awaited rotation of leadership from large cap giants to smaller companies finally showed up, and once the Fed cuts rates in September, the bond market responded by sending Treasury yields lower. High yielding corporate credit outperformed government bonds as recession fears eased, and gold broke through $4000 given the prospect of lower real yields and global US dollar weakness.

然而，大盤收益仍然高度集中在少數幾隻市值超大的股票。對於小盤股而言，人們期待已久的領導權從大盤巨頭向小公司輪換終於出現，而聯準會在9月降息後，債券市場也隨之做出反應，導致國債殖利率下降。隨著經濟衰退擔憂緩解，高收益公司債表現優於政府公債；鑑於實際殖利率可能下降以及美元全球走弱，黃金價格突破 4000 美元大關。

Turning to our long-term performance, our investment professionals delivered solid results across multiple strategies and asset classes.

從長期績效來看，我們的投資專家在多種策略和資產類別中都取得了穩健的成果。

In our US value strategies, our smid cap strategy continues to post strong rankings and is firmly positioned in the top third over trailing 3-year periods. Our multi-asset strategies continue to deliver compelling results. Our income opportunity and multi-asset income funds achieve Top 3rd rankings for the trailing 3-year period and TOP5% over the trailing 5-year period in the Morningstar universe.

在我們的美國價值策略中，我們的小市值策略持續保持強勁的排名，並在過去 3 年中穩居前三分之一。我們的多元資產策略持續取得令人矚目的成果。我們的收益機會基金和多元資產收益基金在晨星評級體系中，過去 3 年的排名位居前 3%，過去 5 年的排名排名前 5%。

Our Income opportunity Fund, WHGIX also recently received a Morningstar ratings upgrade to 4 stars. Within our salient strategies, our energy products continue to perform very well. Our MLP SMA strategy remains ahead of the Illyrian midstream Index across trailing 3 year and 5-year periods. Enhanced midstream income, MDST, and enhanced Energy Income WEEI have delivered solid yields to income-focused investors, with MDST maintaining an annualized indicated dividend yield exceeding 10%. While WEEI has an indicated dividend yield of over 13%.

我們的收益機會基金 WHGIX 最近也獲得了晨星評級提升，達到 4 星。在我們各項重點策略中，我們的能源產品持續表現非常出色。在過去 3 年和 5 年的周期內，我們的 MLP SMA 策略仍然領先於伊利裡亞中游指數。增強型中游收入 (MDST) 和增強型能源收入 (WEEI) 為注重收益的投資者帶來了穩健的收益，其中 MDST 的年化指示股息收益率超過 10%。WEEI 的預期股息殖利率超過 13%。

At seasoned value investors, we seek to unlock opportunities in mispriced, misunderstood, and often less popular names. In times like these, fundamentals are often brushed aside, allowing for emotion and momentum to dominate. But as students of market history know, this stage of the current market cycle typically precedes periods when quality and value regain momentum.

作為經驗豐富的價值投資者，我們致力於發掘那些定價錯誤、被誤解且往往不太受歡迎的股票的投資機會。在這樣的時期，基本面往往被忽視，讓情緒和動力佔據主導地位。但正如市場歷史研究者所知，當前市場週期的這個階段通常預示著品質和價值將重新獲得動力。

On balance, we remain cautiously optimistic with below trend growth, sticky inflation, and elevated market valuations concentrated in a handful of mega-cap tech stocks. We believe that investment opportunities are shifting. Undervalued segments, especially small cap stocks and the broader value style, are beginning to look more attractive. As markets evolve and investors rotate away from the most expensive segments, our focus on high-quality businesses with attractive relative valuations positions us well. Quality and attractive relative value have consistently outperformed across market cycles, and we fully expect this dynamic to reassert itself as the market environment matures.

整體而言，我們仍保持謹慎樂觀，因為成長低於趨勢水平，通膨居高不下，而且市場估值偏高，這些問題集中在少數幾家市值巨大的科技公司。我們認為投資機會正在改變。被低估的板塊，尤其是小型股和更廣泛的價值型股票，開始顯得更具吸引力。隨著市場不斷變化，投資者紛紛撤離估值最高的板塊，我們專注於估值相對有吸引力的高品質企業，這使我們處於有利地位。品質和有吸引力的相對價值在各個市場週期中一直表現出色，我們完全預期隨著市場環境的成熟，這種動態將再次體現。

Our distribution channels delivered impressive results in the third quarter, building on the momentum we've established throughout the year. Year-to-date net sales through September 30th improved versus last year by 17% and by 57% versus 2023. Our intermediary and institutional channels have contributed equally to this performance. Our institutional channel had negative net flows this quarter, primarily driven by sub advisory business rebalancing. Our pipeline remains robust across value and energy strategies, with several new opportunities added during the quarter.

第三季度，我們的分銷管道取得了令人矚目的成績，延續了我們全年以來的發展勢頭。截至 9 月 30 日，今年迄今的淨銷售額比去年同期成長了 17%，比 2023 年同期成長了 57%。我們的中介管道和機構通路對此業績做出了同等貢獻。本季我們的機構通路淨流入為負，主要原因是子諮詢業務的再平衡。我們在價值和能源策略方面依然保持強勁的發展勢頭，本季新增了多個機會。

Looking ahead in the institutional space, we anticipate winning more mandates and mid-cap for defined contribution plans supported by the largest national consultants. We continue to have constructive meetings regarding our managed investment solutions capability, and there's continued interest in our energy offerings for both public and private strategies.

展望未來，在機構領域，我們預計將贏得更多委託，並為由最大的全國性顧問公司支持的固定繳款計畫贏得中型企業。我們繼續就我們的管理投資解決方案能力舉行建設性會議，並且無論是公共還是私人策略，各方對我們的能源產品都持續表現出濃厚的興趣。

We anticipate continued stability with our existing clients as we expand our presence with public plans, OCIOs, and single multi-family offices. The intermediary channel had particular success with our private fundraising initiative, which has so far exceeded our 2025 annual goal by 1.5 times through September 30th. And our private funds have earned approval on several broker dealer platforms, further expanding our distribution capabilities.

我們預計，隨著我們在公共計劃、OCIO 和單一多家族辦公室領域的業務拓展，我們與現有客戶的合作關係將保持穩定。中介管道在我們的私人募款活動中取得了特別大的成功，截至 9 月 30 日，該活動已超過我們 2025 年的年度目標 1.5 倍。我們的私募基金已獲得多家經紀交易商平台的批准，進一步擴大了我們的分銷能力。

Our energy and real asset strategies continue to lead Westwood in both growth and net sales in 2025, and our enhanced midstream income ETF MDST continues to gain approval from major national platforms. Putting it all together, the tailwinds and energy combined with the breadth of Westwood offerings are appealing to intermediary clients, particularly in the family office and RIA space. Our well-rounded offerings within the multi-asset and tactical suite of products are well positioned to ride out equity market volatility.

2025 年，我們的能源和實體資產策略將繼續引領 Westwood 的成長和淨銷售額，而我們增強的中游收益 ETF MDST 也繼續獲得主要國家平台的批准。綜上所述，順風和活力，再加上 Westwood 提供的廣泛服務，對中介客戶，特別是家族辦公室和 RIA 領域的客戶，都極具吸引力。我們在多元資產和戰術產品組合中提供的全面產品，能夠很好地應對股票市場的波動。

Our wealth management business is on track to meet our client retention goals for the calendar year. We've reduced costs versus last year, and this trend will continue throughout the rest of the year. The operational efficiencies we're building will underpin early winds in 2026, and we're continuing to evaluate the best path to enhance our services as we move into 2026.

我們的財富管理業務預計將實現本年度的客戶留存目標。與去年相比，我們降低了成本，而且這一趨勢將在今年餘下的時間裡繼續下去。我們正在建立的營運效率將為 2026 年初的風能發展奠定基礎，我們將繼續評估在 2026 年提升服務品質的最佳途徑。

Beyond our core business performance, several transformative initiatives and milestones demonstrate our continued commitment to innovation and strategic growth. Our ETF platform expansion. Our MDST ETF reached a significant milestone, surpassing $150 million in assets under management. MDST was the second best selling fund compared to peer midstream funds in September, accounting for approximately 30% of midstream product ETF flows.

除了核心業務表現之外，多項變革性舉措和里程碑事件也顯示了我們對創新和策略成長的持續承諾。我們的ETF平台擴展。我們的 MDST ETF 達到了一個重要的里程碑，管理資產規模超過 1.5 億美元。9 月份，MDST 是同類中游基金中銷售第二高的基金，約佔中游產品 ETF 資金流入的 30%。

Since inception, MDST has consistently delivered on its objective to provide a steady stream of monthly income with an annualized distribution rate exceeding 10%. The fund's rapid growth and enthusiastic investor engagement underscore the increasing demand for innovative income generating strategies in today's evolving market environment.

自成立以來，MDST 一直致力於實現其目標，即提供穩定的每月收入流，年化分配率超過 10%。該基金的快速成長和投資者的熱情參與凸顯了在當今不斷變化的市場環境中，對創新收益創造策略日益增長的需求。

WEBs innovation. Westwood and WEBs Investments launched 11 new sector funds during the quarter. The new WEBs defined volatility sector ETFs, a suite of 11 funds which apply the defined volatility strategy to individual sectors within the S&P 500. By expanding this suite, we can offer investors more precise control over risk and sector exposure using a transparent framework that adjusts portfolio exposure based on real-time market volatility.

WEB的創新。Westwood 和 WEBs Investments 在本季推出了 11 檔新的產業基金。WEBs 推出的全新定義波動率產業 ETF，包含 11 檔基金，將定義波動率策略應用於標普 500 指數中的各個產業。透過擴展此套件，我們可以利用透明的框架，根據即時市場波動調整投資組合敞口，從而為投資者提供對風險和行業敞口的更精確控制。

Each fund tracks a defined volatility index created by syntax, with each index providing investment exposure to an underlying select sector spider ETF. The web's flagship ETFs, DVSP and DBQQ, which launched late last year, demonstrated the effectiveness of a volatility managed approach this past quarter. These ETFs also implement a rules-based strategy of volatility adjusted exposure, adding market exposure when volatility is low, and reducing market exposure when volatility is high.

每個基金都追蹤透過語法創建的特定波動率指數，每個指數都提供對底層特定行業蜘蛛 ETF 的投資曝險。該公司的旗艦ETF DVSP 和 DBQQ 於去年底推出，上個季度證明了波動率管理方法的有效性。這些 ETF 還實施了基於規則的波動率調整策略，在波動率較低時增加市場敞口，在波動率較高時減少市場敞口。

After underperforming their underlying ETFs, SPY and QQQ during a very choppy first half that experienced elevated market volatility, our defined volatility approach really proved its worth this quarter. As volatility calmed down, DBSP outperformed SPY by 636 basis points, and DVQQ outperformed the QQQ by 726 basis points.

在經歷了市場波動劇烈的上半年，我們的波動率預測策略表現遜於其對應的 ETF SPY 和 QQQ 之後，本季它真正證明了自身的價值。隨著波動性趨於平靜，DBSP 的表現比 SPY 高出 636 個基點，DVQQ 的表現比 QQQ 高出 726 個基點。

In summary, we remain confident in our strategic positioning and the value we provide to our clients. Our year-to-date performance demonstrates meaningful progress with net sales improving. Our diversified platform spanning traditional value strategies, innovative ETF products, energy and real asset solutions, custom index solutions, private investments, and wealth management services, positions us to take advantage quickly of evolving market dynamics. With strong long-term performance rankings across our multi-asset and energy strategies, growing momentum in both institutional and intermediary channels, and innovative new products gaining marketplace traction, we believe Westwood is well positioned to deliver value to our clients and shareholders.

總之，我們對自身的策略定位以及為客戶創造的價值依然充滿信心。今年迄今的業績表明，淨銷售額有所提高，並取得了顯著進展。我們多元化的平台涵蓋傳統價值策略、創新 ETF 產品、能源和實體資產解決方案、客製化指數解決方案、私募投資和財富管理服務，使我們能夠迅速掌握不斷變化的市場動態。憑藉我們在多元資產和能源策略方面強勁的長期業績排名、在機構和中介管道不斷增長的勢頭，以及不斷獲得市場認可的創新產品，我們相信 Westwood 已做好充分準備，為我們的客戶和股東創造價值。

Thank you for your continued support and confidence in Westwood. I will now turn the call over to CFO Terry Forbes.

感謝您一直以來對韋斯特伍德的支持與信任。現在我將把電話交給財務長特里·福布斯。

Thanks Brian, and good afternoon everyone. Today we reported total revenues of $24.3 million for the third quarter of 2025 compared to $23.1 million in the second quarter and $23.7 million in the prior year's third quarter. Revenues were higher than both periods due to higher average assets under management.

謝謝布萊恩，大家下午好。今天我們公佈了 2025 年第三季的總收入為 2,430 萬美元，而第二季為 2,310 萬美元，去年同期為 2,370 萬美元。由於平均管理資產規模擴大，收入高於前兩個期間。

Our third quarter income of $3.7 million or $0.41 per share compared with 1 million or $0.12 per share in the second quarter on higher revenues and unrealized appreciation on private investments partially offset by higher income taxes. Non-GAAP economic earnings were $5.7 million, or $0.64 per share in the current quarter versus $2.8 million or $0.32 per share in the second quarter. Our third quarter income of $3.7 million or $0.41 per share compared favourably to last year's third quarter income of $0.1 million due to 2025's higher revenues and unrealized appreciation on private investments and changes in the fair value of contingent consideration in 2024, all partially offset by higher income taxes in 2025.

第三季營收為 370 萬美元，即每股 0.41 美元，而第二季為 100 萬美元，即每股 0.12 美元，這主要得益於更高的收入和私人投資的未實現增值，但部分被更高的所得稅所抵消。本季非GAAP經濟收益為570萬美元，即每股0.64美元，第二季為280萬美元，即每股0.32美元。由於 2025 年收入增加、私人投資未實現增值以及 2024 年或有對價公允價值的變化，我們第三季度收入為 370 萬美元，即每股 0.41 美元，與去年第三季度 10 萬美元的收入相比，情況有所改善，但所有這些都被 2025 年更高的所得稅部分抵消了。

Economic earnings for the quarter were $5.7 million or $0.64 per share compared with $1.1 million or $0.13 per share in the third quarter of 2024. Firmwide assets under management and advisement totalled $18.3 billion at quarter end, consisting of assets under management of $17.3 billion and assets under advisement of $1 billion. Assets under management consisted of institutional assets of $9 billion or 52% of the total, wealth management assets of $4.3 billion or 25% of the total, and mutual fund and ETF assets of $4 billion or 23% of the total. Over the quarter, our assets under management experienced net outflows of $0.7 billion and market appreciation of $0.7 billion, and our assets under advisement experienced market appreciation of $30 million and net outflows of $3 million.

本季經濟收益為 570 萬美元，即每股 0.64 美元，而 2024 年第三季為 110 萬美元，即每股 0.13 美元。截至季末，公司管理的資產和諮詢資產總額為 183 億美元，其中管理資產為 173 億美元，諮詢資產為 10 億美元。管理資產包括機構資產 90 億美元（佔總額的 52%）、財富管理資產 43 億美元（佔總數的 25%）以及共同基金和 ETF 資產 40 億美元（佔總數的 23%）。本季度，我們的管理資產淨流出 0.7 億美元，市場增值 0.7 億美元；我們的顧問資產市場增值 3,000 萬美元，淨流出 300 萬美元。

Our financial position continues to be solid with cash and liquid investments at quarter end totalling $39.2 million and a debt-free balance sheet. Happy to announce that our board of directors approved a regular cash dividend of $0.15 per common share payable on January 2, 2026 to stockholders of record on December 1, 2025.

我們的財務狀況依然穩健，截至季末，現金和流動投資總額達 3,920 萬美元，且資產負債表上無任何債務。很高興地宣布，我們的董事會批准向2025年12月1日登記在冊的股東派發每股0.15美元的常規現金股息，將於2026年1月2日支付。

That brings our prepared comments to a close. We encourage you to review our investor presentation we have posted on our website, reflecting quarterly highlights, as well as a discussion of our business, product development, and longer-term trends in revenues and earnings. We thank you for your interest in our company and we'll open the line to questions.

我們的發言到此結束。我們鼓勵您查看我們已發佈在網站上的投資者演示文稿，其中反映了季度亮點，並討論了我們的業務、產品開發以及收入和盈利的長期趨勢。感謝您對我們公司的關注，我們將開通熱線解答您的疑問。

(Operator Instructions) MaCrae Sykes, GAMCO

（操作說明）MaCrae Sykes，GAMCO

Oh, good afternoon, gentlemen, and congratulations on the ETF success. That was where my question is.

哦，下午好，先生們，祝賀你們的ETF取得成功。這就是我的問題所在。

If you could just talk about, how you're leaning into the success to leverage it further at this point, it seems like you're accelerating your inflows. So what are you doing to to make that even more fruitful? And is there any capacity constraint with respect to, the capital coming in and investing it?

如果你能談談你目前是如何利用成功來進一步擴大優勢的，看起來你正在加速你的收入流入。那麼，你正在採取哪些措施來使其更大的成果呢？就流入和投資的資本而言，是否有任何能力限制？

Good afternoon, MaCrae. Thanks for your question. Yeah, so we have worked really hard to grow our ETF business and we've done it through a lot of the traditional channels and as each of the various platforms have different thresholds that you have to meet in order to get your ETF on. Onto the platform and some of them have fairly low bars where you need $25 million in assets and a certain number of shares traded per day, and some have very high bars with a high level of assets and a lot of shares traded per day.

下午好，MaCrae。謝謝你的提問。是的，我們一直在努力發展我們的 ETF 業務，我們透過許多傳統管道實現了這一目標，但每個平台都有不同的門檻，你必須滿足這些門檻才能讓你的 ETF 上架。進入這些平台後，你會發現有些平台的門檻相當低，只需要 2500 萬美元的資產和每天一定數量的股票交易量；而有些平台的門檻則非常高，需要很高的資產水平和大量的股票交易量。

So, we've been doing it that way, and we've got, of course, our distribution team is out calling on both RIAs and the platforms. So, we've had some success there, and I'm really pleased to report that we are very close to gaining access to one of the largest wire house platforms in the world, and we've worked really hard to get there and we feel confident that that will happen over the next month or two. Thank you.

所以，我們一直都是這樣做的，當然，我們的分銷團隊也在積極地拜訪RIA和各個平台。所以，我們在這方面取得了一些成功，我很高興地報告說，我們即將獲得全球最大的券商平台之一的訪問權限，我們為此付出了巨大的努力，我們有信心在未來一兩個月內實現這一目標。謝謝。

Thank you. I would now like to turn the conference back to Brian Casey for closing remarks.

謝謝。現在我謹將會議交還給布萊恩·凱西，請他作閉幕致詞。

All right, well, thanks everyone for listening to our call today. Certainly, the outflows this quarter were disappointing, but fortunately concentrated in our large cap area, which is our lowest fee product. Our pipeline for new business remains very strong at $1.6 billion. We have a one but not yet funded mandate of close to $450 million for our Smid cap product. Our private fundraising is going exceptionally well, and we'll have more to report to you early next year, and we continue to look for opportunities to launch ETFs that are income focused and leverage our broad investment capabilities, and performance for our MIS client in a real assets and infrastructure product has been excellent. And our prospect list has really grown, and we feel really close to landing our first institutional client.

好的，謝謝大家今天收聽我們的電話會議。當然，本季的資金流出令人失望，但幸運的是，這些資金流出集中在我們的大盤股領域，而這正是我們收費最低的產品。我們的新業務儲備依然非常強勁，達到 16 億美元。我們有一項金額接近 4.5 億美元的投資授權，用於我們的中型市值產品，但尚未獲得資金支持。我們的私人募款進展非常順利，明年年初我們將向您匯報更多進展，我們將繼續尋找機會推出以收益為重點的 ETF，並利用我們廣泛的投資能力，我們 MIS 客戶在實物資產和基礎設施產品方面的表現非常出色。我們的潛在客戶名單確實成長了很多，我們感覺離拿下第一位機構客戶已經非常接近了。

And then in closing, I do want to acknowledge the passing of our dear friend and colleague Rolanda Williams. Rolanda joined Westwood 26 years ago as our receptionist, and through her unwavering dedication, sharp intellect, and warm spirits, she rose to lead support for our sub advisory client business. And her journey was a testament to her strength, resilience, and commitment to excellence, and Rolanda was really more than a colleague. She was a force Her presence lit up every room. Her laughter was contagious, and her kindness touched everyone who had the privilege of knowing her. She was deeply loved, and her legacy will live on in the hearts of all of us at Westwood, and we extend our heartfelt condolences to her family and loved ones. Rolanda will be profoundly missed but never forgotten.

最後，我想對我們親愛的朋友和同事羅蘭達威廉斯的離世表示哀悼。羅蘭達 26 年前加入 Westwood 擔任接待員，憑藉她堅定不移的奉獻精神、敏銳的智慧和熱情的性格，她晉升為我們子諮詢客戶業務支持的領導。她的經歷證明了她的堅強、韌性和對卓越的追求，羅蘭達不僅僅是一位同事。她氣場強大，她的出現讓每個房間都熠熠生輝。她的笑聲極具感染力，她的善良感動了所有有幸認識她的人。她深受愛戴，她的精神將永遠銘刻在我們韋斯特伍德所有人的心中，我們向她的家人和親人致以最深切的慰問。羅蘭達將被人們深深懷念，永不被遺忘。

Thanks for listening to our call today. Please reach out to me or Terry if you need anything.

感謝您今天收聽我們的電話會議。如有需要，請聯絡我或Terry。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。