Yunhong Green CTI Ltd (YHGJ) 2023 Q2 法說會逐字稿

Good day, and welcome to the Yunhong CTI second-quarter and year-to-date 2023 earnings conference call. (Operator Instructions) This conference is being recorded today, August 3, 2023.

大家好，歡迎參加運鴻CTI 2023年第二季及年初至今業績電話會議。 （操作員指示）本次電話會議將於2023年8月3日（今天）錄製。

The earnings press release accompanying this conference call was issued last night. On the call today is Yunhong CTI's Chief Executive Officer, Frank Cesario; as well as Chief Operating Officer, Jana Schwan.

本次電話會議的收益新聞稿已於昨晚發布。今天出席電話會議的有雲鴻CTI執行長Frank Cesario和營運長Jana Schwan。

Before we begin, we want to note that we should read the forward-looking statements in the company's earnings press release. During today's call, management will make certain predictive statements that reflect its current views about future performance and financial results. The company bases these statements and certain assumptions and expectations on future events that are subject to risk and uncertainties. The company's Form10-K for the year ended December 31, 2022 lists some of the most important risk factors that could cause actual results to differ from its predictions.

在開始之前，我們想提醒大家，請務必閱讀公司財報新聞稿中的前瞻性陳述。在今天的電話會議上，管理層將做出一些預測性陳述，以反映其當前對未來業績和財務結果的看法。本公司基於未來事件做出這些陳述以及某些假設和預期，這些事件可能存在風險和不確定性。該公司截至2022年12月31日的10-K表格列出了一些可能導致實際結果與預測不同的最重要的風險因素。

Please also note that the company's earnings press release makes reference to adjusted EBITDA, a non-GAAP financial measure. The company views adjusted EBITDA as an operating performance measure, and as such, the company believes that the GAAP financial measures most directly comparable to it is net income or loss. For further information, please refer to the earnings press release and the company's periodic filings with the Securities and Exchange Commission.

另請注意，公司財報新聞稿中提及的是調整後EBITDA，一項非公認會計準則（GAAP）財務指標。本公司將調整後EBITDA視為經營績效指標，因此，本公司認為與其最直接可比較的GAAP財務指標為淨利或淨虧損。更多信息，請參閱財報新聞稿以及公司定期向美國證券交易委員會提交的文件。

At this time, I'd like to turn the call over to Frank Cesario, Chief Executive Officer of Yunhong CTI. Sir, please go ahead.

現在，我想把電話轉給運鴻CTI執行長弗蘭克·塞薩裡奧。先生，請講。

Thank you, Matthew. Good morning, and thank you for everyone joining us on our call today. We'll review the numbers in a bit, but first, I'd like to address the rebranding that many of you have seen in our public filings and annual shareholders meeting materials.

謝謝馬修。早安，感謝各位今天參加我們的電話會議。我們稍後會回顧一下數據，但首先，我想談談大家在我們的公開文件和年度股東大會資料中看到的品牌重塑。

As we've been discussing for some time, our company has been working increasingly on compostable and biodegradable solutions, both involved in our existing product families and separate from them. Our name for decades, CTI, stood for Container Technologies Incorporated. In 2020, we added Yunhong as a way to connect to the Yunhong China Group. For the first time, we weren't alone, now supported by a diverse enterprise.

正如我們一段時間以來一直在討論的那樣，我們公司一直在不斷增加對可堆肥和可生物降解解決方案的投入，這些解決方案既涵蓋我們現有的產品系列，也獨立於現有產品系列。幾十年來，我們公司的名稱「CTI」代表著貨櫃技術公司（Container Technologies Incorporated）。 2020年，我們新增了“運鴻”，以便與運鴻中國集團建立聯繫。這是我們第一次不再孤軍奮戰，現在我們得到了多元化企業的支持。

This year, we decided to add the term Green to share that we do more than containers. The term Container includes our balloons and packaging films, with our gift items being a natural extension of the balloon products. Now, we are presenting other solutions unrelated to containers, which offer better stewardship for our planet. That's why we are asking our shareholders to approve the name of Yunhong Green CTI Limited as our company name.

今年，我們決定添加“綠色”一詞，以表明我們不僅僅生產容器。 「容器」一詞涵蓋了我們的氣球和包裝膜，而我們的禮品產品則是氣球產品的自然延伸。現在，我們正在推出與容器無關的其他解決方案，以更好地保護我們的地球。因此，我們請求股東批准將「運鴻綠色CTI有限公司」作為我們的公司名稱。

As a related matter, our trading symbol of CTIB was easy to remember, CTI Balloons. That was a fine symbol in the past, but today isn't as descriptive as it used to be. That's why we have reserved YHGJ, the YH for Yunhong and G for Green. We plan to do many things unrelated to our past. And I should mention that trading symbol is not in use as of now. But if our shareholders approve the name change, then we can deploy it, and we intend to.

順便提一下，CTIB 的交易代碼很容易記住，CTI Balloons。這在過去是個不錯的符號，但如今已不像以前那麼具有描述性。因此，我們保留了 YHGJ、YH 代表運鴻、G 代表綠能。我們計劃開展許多與過去無關的業務。值得一提的是，該交易代碼目前尚未啟用。但如果股東批准更名，我們就可以部署，我們也打算這麼做。

We plan to do many things in the future through our well-established retail channel. That process was part of the initial investment calculus we continue to build. The Yunhong Group sells quite a variety of items from health supplements to solar panels to software apps with tens of millions of subscribers to advanced material solutions. They have an industrial park in China with companies spread across China and interests around the world.

我們計劃在未來透過我們完善的零售通路開展多項業務。這個流程是我們持續建構的初始投資規劃的一部分。運鴻集團銷售的產品種類繁多，從保健品到太陽能電池板，從擁有數千萬用戶的軟體應用程式到先進的材料解決方案。他們在中國擁有工業園區，公司遍佈中國各地，業務遍及全球。

Our company serves as a valuable point of connectivity for the North American market, one which hasn't been served in the past. At the same time, we benefit from the financial support that helped us pay down debt and weather storms when they occur and material solutions that we could never develop on our own.

我們公司是北美市場寶貴的連結點，而北美市場過去從未得到過如此多的合作。同時，我們也受益於財務支持，這些支持幫助我們償還債務，渡過難關，並提供了我們自身無法獨立開發的物質解決方案。

With that as our backdrop, let's talk about numbers. Year-to-date sales were $9.1 million this year, compared to $10.2 million last year. Helium was the story of 2022, as a good start to that year became particularly challenging with the skyrocketing cost of helium following the loss of Russian supply after the invasion of Ukraine and a short-term supply issue in the United States that has since been resolved. It's no surprise that Q1 2022 was a strong balloon quarter and Q2 '22 was weak, while 2023 has been more consistent, building as the year went along.

以此為背景，我們來談談數字。今年迄今的銷售額為910萬美元，而去年為1020萬美元。氦氣是2022年的主題，因為開局良好，但由於烏克蘭入侵後俄羅斯供應中斷，以及美國出現短期供應問題（現已解決），氦氣價格飆升，這一年變得尤為艱難。毫不奇怪，2022年第一季氣球業務表現強勁，2022年第二季表現疲軟，而2023年則表現得更加穩定，並隨著時間的推移不斷增長。

Film products bounced back from a non-existent first quarter this year to narrowly beat last year's second quarter. Film product orders ebb and flow in a market where consolidation is common and competitors are plentiful. So each quarter has a wide range of potential outcomes.

今年，薄膜產品從第一季的低迷中反彈，略微超過去年第二季。在整合盛行、競爭對手眾多的市場中，薄膜產品訂單起伏不定。因此，每個季度都可能出現各種各樣的結果。

Our other categories, led by balloon-inspired gift items, which reported an increase of $1.7 million from full year '21 to '22. Because we record all of our Valentine's Day shipments by the end of December '22, something we did not do during '21, the first six months of this year shows a drop in that category despite an increase in overall order flow. It's hard to complain about shipping a bit earlier, so I won't, but it does make comparability more difficult and thought an important for our shareholders to be aware of this as you review our results.

我們其他類別的銷售額，以氣球主題禮品為主，較2021年全年增長了170萬美元。由於我們在2022年12月底之前記錄了所有情人節的發貨量，而2021年期間則沒有這樣做，因此儘管今年上半年整體訂單量有所增加，但該類別的銷售額卻有所下降。提前發貨其實沒什麼好抱怨的，所以我不會抱怨，但這確實增加了可比性的難度，我們認為，在各位回顧我們的業績時，讓股東意識到這一點非常重要。

The gross margin was identical during the first six months of each year despite a 10% drop in reported revenue during '23. We believe that bodes well for future profitability as we find ways to deal with the cost challenges that have exploded broadly in the last couple years.

儘管2023年報告收入下降了10%，但每年上半年的毛利率都保持不變。我們相信，這預示著我們未來的獲利能力將良好，因為我們找到了應對過去幾年大幅成長的成本挑戰的方法。

As is often the case, we had unusual items flowing in either direction. We spoke in the past about an employee retention tax credit claims that were factored for $0.9 million in proceeds in 2022, but for which related income or expense offsets weren't recognized until those returns were ultimately processed. That has now happened, resulting in non-cash income recognition of that deferred income.

像往常一樣，我們經常會有不尋常的項目流入或流出。我們之前談到一項員工保留稅收抵免申請，該申請在2022年被計入了90萬美元的收益，但相關的收入或費用抵扣直到這些申報最終處理完畢後才確認。現在這種情況已經發生，導致該遞延收入被確認為非現金收入。

Audit fees were very high as we onboard a new audit firm during the first quarter for immediate service on our year-end audit and annual report in the Form 10-K filing. Those are coming down for the rest of the year. But I note auditing expenses are expected to remain stubbornly high going forward as the profession has been impacted by personnel shortages. We also have to deal with interest rates like everybody else.

由於我們在第一季聘請了一家新的審計公司，以便立即為我們的年終審計和10-K表格年度報告提供服務，因此審計費用非常高昂。今年剩餘時間的審計費用將會下降。但我注意到，由於該行業受到人員短缺的影響，預計未來審計費用仍將持續居高不下。我們也必須像其他人一樣應對利率問題。

We've discussed using automation in our manufacturing process to create efficiencies and, in the long term, lower our operating costs. The leader of that charge is our Chief Operating Officer, Jana Schwan.

我們討論過在生產過程中運用自動化來提高效率，並從長遠來看降低營運成本。這項工作的負責人是我們的營運長 Jana Schwan。

Jana, may I ask for an update on our automation campaign?

Jana，我可以詢問一下我們的自動化活動的最新進展嗎？

Thank you, Frank. And hello, everyone. We have talked in the past about gradual investments in our automation on our manufacturing floor. The first robotic cell we installed is consistently our most profitable line in terms of cost reduction coupled with throughput.

謝謝弗蘭克。大家好。我們之前談到過逐步投資於生產車間的自動化系統。我們安裝的第一個機器人單元一直是我們最賺錢的生產線，因為它不僅降低了成本，還提高了產量。

I'm pleased to share that we are currently installing automation on our second manufacturing line and expect it to be operational in the coming days. We are also planning for the installation of a third line, which we currently expect to be completed by early next year. Each requires fewer people which allows us to allocate scarce human resources to more optimal activities.

我很高興地告訴大家，我們目前正在為第二條生產線安裝自動化系統，預計未來幾天就能投入營運。我們也正在計劃安裝第三條生產線，目前預計明年初完工。每條生產線所需的人工更少，這使我們能夠將稀缺的人力資源分配到更優化的環節。

Gradual investment has been effective for us as we are ready for each new installation. I would also like to go faster, but appreciate the measured approach in which we are integrating. I would be remiss if I didn't mention that customer indication of upcoming Valentine's Day orders looks like a solid increase over the past year. Frank?

循序漸進的投資對我們來說非常有效，因為我們為每一次新安裝都做好了準備。我也希望能加快速度，但我很欣賞我們整合過程中的審慎方法。如果我不提一下，客戶對即將到來的情人節訂單的預期在過去一年中穩步增長，那真是失職了。弗蘭克？

Thanks for the heads up, Jana. In addition to the company branding and new products we're trying to launch domestically, we also have the conclusion of our credit facility in September. We'll advise you just as soon as we have an agreement to replace this facility, something we expect to be successful in doing. But nobody around here declares victory until it's done. I'm hoping to have quite a bit to talk to you on our next call.

謝謝你的提醒，Jana。除了公司品牌推廣和我們計劃在國內推出的新產品之外，我們的信貸安排也將於9月結束。一旦我們達成替代協議，我們會立即通知您，我們預計這筆交易會成功。不過，在協議完成之前，我們不會輕易宣布勝利。我希望下次通話時能和你聊得更深入一些。

For now, I'm pleased that our shareholders' equity has increased as we continue to find our footing. Helium pricing continues to moderate but remains stubbornly elevated and must be managed, particularly while the Russian supply is unavailable. People desire to celebrate, and we can play an important role in making those experiences special and memorable.

目前，我很高興看到股東權益隨著我們不斷站穩腳跟而有所成長。氦氣價格持續回落，但仍處於高位，必須加以控制，尤其是在俄羅斯供應中斷的情況下。人們渴望慶祝，而我們可以發揮重要作用，讓這些體驗變得特別而難忘。

Our balloon-inspired gift category continues to grow, and we offer our customers outstanding designs and quality products. Adding more automation will help us, as will the development of new product areas. And customer indications of stronger upcoming holiday orders certainly indicates their optimism in future sales.

我們的氣球禮品類別持續成長，我們為客戶提供卓越的設計和優質的產品。增加自動化程度以及開發新的產品領域將對我們有所幫助。客戶表示，即將到來的假期訂單將更加強勁，這無疑表明他們對未來的銷售充滿信心。

We know that most people catch this call in the replay, but for anyone who's on live, we invite you to ask a question. Matthew, will you please start the Q&A session?

我們知道大多數人都是透過回放聽到這通電話的，但對於所有正在直播的觀眾，我們邀請您提問。馬修，請您開始問答環節好嗎？

(Operator Instructions) Your first question is coming from Glenn Hamilton. Your line is live.

(接線員指示) 第一個問題來自格倫漢密爾頓 (Glenn Hamilton)。您的線路正在直播。

Hi, Glenn.

你好，格倫。

Hey Frank. I'm probably the only one on the line here, right? As always.

嘿，弗蘭克。我大概是唯一一個在線上的人吧？一如既往。

I don't know, but you're the only one for me. So what's going on?

我不知道，但對我來說你就是唯一。所以到底是怎麼回事？

Well, this question is going to -- actually, I have two questions; one's going to be for Jana. Jana, does your dad, John Schwan, aware of the name change, number of shares increasing, the symbol change? I cannot believe your dad would be on board for this. You may not answer that question.

嗯，這個問題……實際上，我有兩個問題；一個是問Jana的。 Jana，你爸爸John Schwan知道公司更名、股份增加、股票代號變更的事嗎？我真不敢相信你爸爸會同意。你可能不會回答這個問題。

So let me chime in for a moment. For anyone who listens to this and doesn't know, we're talking about our former chairman, John Schwan, who's been retired for years. So Glenn, you're welcome to talk to him. I know you know him on the side, but I can tell you there's a lot of support for what we're doing with everybody associated with our company.

所以，請容許我插播一下。對於那些聽到這個消息卻不了解情況的人，我們談論的是我們的董事長約翰·施萬，他已經退休多年了。格倫，歡迎你和他談談。我知道你私下認識他，但我可以告訴你，我們公司所有相關人員都大力支持我們的工作。

All right. Here's my fear. Just yesterday, China has been announcing that it's increasing its petroleum reserve beyond belief. And you say, well, who cares? The rumor on the street is China's preparing for a possible invasion of Taiwan next year. That's why it's stocking up its oil beyond belief. And guess what our country's doing? Our country's depleting its reserves, geniuses that we are.

好吧。我的擔憂就在這裡。就在昨天，中國宣布正在大幅增加石油儲備。你會說，算了，誰在乎呢？街頭巷尾的傳言是，中國正在為明年可能入侵台灣做準備。所以它才要大肆囤積石油。你猜我們國家在幹嘛？我們國家正在消耗石油儲備，真是天才。

So my question is -- not question, observation -- if there is any form of invasion by China here, we are -- basically, CTI is primarily owned by a Chinese investor who we all, I think, know very little about. For the past year, I've been hearing all this green stuff, green stuff, green stuff. I haven't seen $1 revenue coming in, just a lot of talk. I have a lot of Chinese friends over there who have their doubts also.

所以我的問題是——不是問題，而是觀察——如果中國在這裡有任何形式的入侵，我們——基本上，CTI主要由一位中國投資者擁有，我想我們對此知之甚少。過去一年，我一直聽到各種關於綠色環保的宣傳。我沒有看到任何一美元的收入，只是空談而已。我在那裡有很多中國朋友也對此表示懷疑。

So I know you're not going to say anything, Frank. I just don't see them doing anything that benefits shareholders. Increasing the shares to the billions is unbelievable. It doesn't work; ask Nokia. So I don't know what you can say here, but I just don't see shareholder interests being aligned with management. I just don't see it. And if you can convince me, please do. Okay, I'm done.

所以我知道你不會說什麼，弗蘭克。我就是看不出他們做了任何對股東有利的事。把股票增發到數十億美元簡直難以置信。這根本行不通；問問諾基亞就知道了。所以我不知道你還能說什麼，但我就是看不出股東利益與管理階層的利益一致。我就是看不出。如果你能說服我，請儘管說。好了，我說完了。

Okay, so let me tackle that as best I can. Obviously, that's a very large, broad series of questions. But let me do what I can. So first, whenever there's instability anywhere in the world, and we saw this with Ukraine, that's damaging. It consumes resources, it causes inefficiencies, it causes problems, and that's true of anything. So I'm not singling out anybody and anybody. I'm just saying, to the extent there's disruption, that's mostly bad. So if there is, we'll deal with that as best we can like everyone else because that's the only choice that you've got.

好的，讓我盡力解答。顯然，這是一個非常龐大、廣泛的問題。但我還是盡力而為吧。首先，世界上任何地方出現不穩定，就像我們在烏克蘭看到的一樣，都是有害的。它會消耗資源，導致效率低下，引發問題，任何事情都是如此。所以我不是針對任何人。我只是說，只要出現了混亂，那通常都是壞事。所以，如果出現了混亂，我們會像其他人一樣盡力應對，因為這是我們唯一的選擇。

When we get to the US and China, with the two largest economies, we're natural trading partners, there's a lot of stuff. And oh, by the way, we've gotten a lot of support from this investor group, which allowed us to pay down our debt. If we hadn't, the increase in interest rates would have hurt us tremendously, quite a bit more than they did, and already wasn't trivial.

說到美國和中國，這兩個最大的經濟體，我們是天然的貿易夥伴，有很多合作。對了，順便說一句，我們得到了這個投資者團體的大力支持，這讓我們得以償還債務。如果沒有這些支持，利率上調會對我們造成巨大的傷害，比現在嚴重得多，而且已經不小了。

But I understand your concerns. At the same time, I will tell you that this investor group has been helpful and continues to be helpful and is giving us things that we're both working on that hopefully can be commercialized successfully. That's what we're all trying to do.

但我理解你們的擔憂。同時，我要告訴你們，這個投資者團體一直以來都很有幫助，並且會繼續提供幫助，他們為我們提供了一些我們共同研發的項目，希望這些項目能夠成功商業化。這正是我們所有人都在努力的方向。

Are there any guarantees of this green stuff, as you put on, being tremendous? We never said we'd have revenue this year. We said we're working on it. We're prototyping it. We're doing a lot of work around it because the payoff could be huge. So yes, that's why we're committed to this path. And that's why we're doing what we're doing.

正如您所說，這種綠色產品能帶來巨大的效益嗎？我們從未承諾今年就能獲利。我們只是說我們正在努力，正在製作原型。我們正在圍繞它做大量工作，因為它的回報可能非常巨大。所以，是的，這就是我們致力於這條道路的原因。這也是我們目前所做的一切的原因。

But I do want to specifically call out your mention of billions of shares so that everyone understands what this is and isn't. In our materials for the upcoming annual meeting of shareholders, our Board has asked the shareholders to approve authorizing additional shares, specifically to the tune of 2 billion total outstanding shares. And it's a huge number for us. The old number, the current number is 50 million. So why 2 billion?

但我確實想特別強調你提到的數十億股，讓大家理解這到底是什麼，不是什麼。在我們即將召開的年度股東大會的資料中，董事會已請求股東批准增發股份，具體來說是20億股流通股。這對我們來說是一個巨大的數字。之前的發行量，現在的數字是5000萬股。那麼，為什麼是20億股呢？

In authorizing these shares, not a single share gets issued automatically or by any process other than the normal one, which is the Board agrees to terms of some sort of share issuance. They're bound by the rules of the Nasdaq Stock Exchange, the SEC, the US laws. They can go down all day long. At the end of the day, if any of those shares are ultimately issued, then they would be subject to all the rules around issuance today. We have 50 million authorized shares today, of which 21 million are accounted for. That gives 29 million shares that could be issued subject to all the rules that we talk about. So whether that's 29 million or a larger number, it's the same thing.

在授權這些股份時，每一股不會自動發行，也不會透過任何程序發行，除非董事會同意某種股份發行條款。這些股份受納斯達克證券交易所、美國證券交易委員會和美國法律的約束。它們可能會整天下跌。最終，如果這些股份中的任何一股最終發行，那麼它們將受到目前所有發行規則的約束。我們目前有5,000萬股授權股份，其中2,100萬股已入帳。這意味著有2900萬股可以按照我們所說的所有規則發行。所以，無論是2900萬股還是更大的數字，都是一樣的。

The reason I asked the shareholders for this change is to be ready. We're going into a whole other line of business, truly. And that might include new facilities, it might include merger partners, M&A, joint ventures, and so we want to already be ready to then come to those agreements, go through shareholder approval, if appropriate, for whatever that is, and move forward. But none of that is committed as of today. We're not issuing additional shares because of that request of shareholders.

我請求股東做出這項改變是為了做好準備。我們確實要進入一個全新的業務領域。這可能包括新增設施，也可能包括合併合作夥伴、併購、合資企業等，所以我們希望做好準備，以便達成這些協議，並在適當的情況下獲得股東批准，然後繼續推進。但截至今天，這些都尚未得到承諾。我們不會因為股東的請求而增發股份。

So everyone should just understand we don't have an immediate plan for deploying those share assets. We just want to be able to if circumstances warrant. So I know that was long, and I apologize for that. But Glenn, you raised a lot of important issues, and we wanted to be responsive to them.

所以大家應該明白，我們目前沒有立即部署這些共享資產的計畫。我們只是希望在情況允許的情況下能夠這樣做。我知道你講得有點長，對此我深感抱歉。但是格倫，你提出了很多重要的問題，我們希望能夠回應。

Yeah, and I understand that. You and I, we've talked separately about it. And I would have no problem issuing 1 billion, 2 billion shares if you were in a $2 stock. If you're a $10 stock, $20 stock, it makes sense maybe to do that for acquisition purposes. It just doesn't make sense at $2. And I just don't know what's going to get the stock up from $2 to $4. There's very little trading volume these days, as you can see. And the market doesn't seem to perceive these future developments as bringing in revenues because I think we see more institutional activity, just volume. The stock is just like a little hamster on a wheel, just going nowhere.

是的，我理解。我們倆已經分別討論過這個問題了。如果你持有的是每股2美元的股票，我發行10億到20億股股票是沒有問題的。如果你持有的是每股10美元或20美元的股票，那麼出於收購目的發行股票或許是合理的。但股價跌到每股2美元就不合理了。而且我也不知道什麼能把股價從2美元漲到4美元。如你所見，最近交易量非常小。市場似乎並沒有將這些未來的發展視為收入來源，因為我認為我們看到的更多是機構活動，只是交易量。這隻股票就像一隻在輪子上旋轉的小倉鼠，哪裡也去不了。

And I appreciate that. It wasn't long ago it was quite a bit under $2. And we shouldn't lose sight of the fact that the largest entity in our space is currently in Chapter 11. So this has been a hard year since the price of helium went bananas a year and a half ago, and so we fought through it.

我很感激。不久前，它的價格還低於2美元。我們不應該忽視這樣一個事實：我們這個領域最大的實體目前正處於破產保護階段。所以，自從一年半前氦氣價格暴漲以來，今年是艱難的一年，我們努力克服了困難。

And frankly, I take a measure of pride in how this team has fought through it. We do more with less, I think, than anybody, and that shows. And we think it's going to show through as we get out of this, as we see the sales volume perking up, as things like helium get resolved.

坦白說，我對這支球隊的克服困難感到無比自豪。我認為，我們比任何人都更能用更少的資源做更多的事情，這一點顯而易見。我們相信，隨著我們走出困境，隨著銷售回升，隨著氦氣問題解決，我們的努力也會得到體現。

If we ever get the Russian supply in the market, I can't wait to see what those prices go to. But in the meantime, we're not counting on that. So we're going to fight through and do the very best that we can, and hopefully, we'll impress people. We'll see.

如果我們真的能把俄羅斯的供應推向市場，我迫不及待想看看價格會漲到什麼程度。但目前，我們並不指望這一點。所以我們會全力以赴，盡我們所能，希望我們能給人們留下深刻印象。讓我們拭目以待吧。

Okay. No more questions. I'm good. Thank you.

好的。沒有其他問題了。我很好。謝謝。

All right. Thanks, Glenn.

好的。謝謝，格倫。

(Operator Instructions) Thank you. That concludes our Q&A session. I'll now hand the conference back to Frank Cesario, Chief Executive Officer of Yunhong CTI, for closing remarks. Please go ahead.

（操作員指示）謝謝。我們的問答環節到此結束。現在，我將會議交還給運鴻CTI執行長弗蘭克·塞薩裡奧（Frank Cesario），請他致閉幕詞。請大家繼續。

Thank you, Matthew. I hope people weren't intimidated by all that, but we did get a lot of topics out, and that's good. So we look forward to the next quarter when we'll have new things to talk about.

謝謝馬修。希望大家沒有被這些嚇到，但我們確實討論了很多話題，這很好。所以我們期待下個季度能有新的話題可以討論。

We appreciate everyone who's voted their shares already for the upcoming annual meeting. For anyone who hasn't, this is a great time to do it. And we look forward to talking to you soon. Take care.

我們感謝所有已為即將舉行的年度股東大會投票的各位。對於尚未投票的各位，現在正是投票的好時機。我們期待很快與您聯繫。保重。

Thank you, everyone. This concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.

謝謝大家。今天的活動到此結束。您可以暫時退出遊戲，祝您有美好的一天。感謝您的參與。