领先的金属分销公司罗素金属(russell metals)报告称，在钢铁价格波动的情况下，该公司在2024年开局强劲，利润率和回报率都很稳定。在第一季度业绩电话会议上，执行副总裁兼首席财务官Marty Juravsky讨论了公司的财务业绩，包括11亿美元的收入，8400万美元的EBITDA和0.82美元的每股收益。罗素金属(Russel metals)的净现金头寸为2.77亿美元，该公司计划赎回1.5亿美元6%的债券，并宣布将季度股息提高5%，至每股0.42美元。该公司还专注于通过收购、设施现代化和增值项目实现战略增长。
关键的外卖
- 罗素我该公司报告称，2024年第一季度收入为11亿美元，EBITDA为8400万美元，每股收益为0.82美元。
- 该公司财务状况良好，净现金为2.77亿美元，并计划赎回1.5亿美元的6%债券。
- 公司宣布将季度股息提高5%至每股0.42美元。
- 罗素我塔尔正在积极寻求收购和现代化的设施，重点是增值项目。
- 塞缪尔收购正在修订，并向竞争局作出新的时间表承诺。
公司前景
- 罗素我Tals正在制定各种计划，以重新设计其盈利状况，旨在提高周期下限，减少波动性，并实现业务增长。
- 随着营运资金和项目支出的增加，该公司的资本配置为14亿美元。
- 他们正在寻求向更传统的方式过渡Nal投资级资本结构。
悲观的亮点
- 有轻微的下降与去年相比，服务中心部门的每吨成本略有增加。
- Samuel的收购不会像最初计划的那样在第二季度完成，这需要与竞争局进一步合作。
乐观的亮点
- 尽管市场价格较低，但该公司从第四季度到第一季度的每吨毛利率有所提高。
- 罗素我他的计划是通过增值项目和设备升级继续扩大利润。
- 他们不是。监控行业定价，这可以稳定由纽柯(纽交所股票代码:NUE)和悬崖最近的价格上涨。
错过
- 在所提供的上下文中没有突出指出具体的遗漏。
问答集锦
- 该公司讨论了潜在的收购，强调其战略侧重于较小的增量机会，而不是大型交易。
- 在响应回答问题a在钢铁价格方面，他们承认近期公布的价格对市场稳定可能产生积极影响。
罗素金属通过强劲的资产负债表和专注于战略举措，为未来的增长做好了准备。公司在升级设备、现代化设施和追求收购方面的努力旨在提高其市场地位并为股东提供价值。凭借改善资本结构的明确计划和向股东返还资本的承诺，罗素金属正在应对钢铁行业的挑战，同时为持续成功奠定基础。
全反式脚本-无(RUSMF) Q1 2024:
接线员:早上好，女士们，先生们，欢迎参加2024年第一季度罗素金属公司业绩电话会议。今天的电话会议将由执行副总裁兼首席财务官Marty Juravsky主持;John Reid, russell metals Inc.总裁兼首席执行官。今天的报告之后是问答环节。【操作说明】。现在请马蒂·尤拉夫斯基发言。请继续。
Marty Juravsky: Great. Thank you, operator, and good morning, everyone. I plan on providing an overview of the Q1 2024 results. And if you want to follow along, I'll be referencing the PowerPoint slides that are on our website. Just go into the Investor Relations section, and it's located in the Conference Call submenu. If you go to Page 3, you can read our cautionary statement on forward-looking information. So let me start with a little perspective on Q1. And I think about the quarter, it kind of highlights 2 key things. First, how we performed during periods of steel price volatility. Over the past couple of quarters, the benchmarks for sheet and plate have swung up and down by a fair amount, probably around 20%, give or take. And not only have we generated solid margins, earnings and returns over the past few quarters, but has been with relatively low volatility as compared to the underlying steel price environment. In the past, steel price volatility has occasionally led to significant inventory impairments and margin compression. And I think we are starting to see the benefits of our business changes with more of those opportunities on to come. Second, there have been a lot of behind-the-scenes initiatives that provide us with the springboard for the balance of 2024 and beyond. One, we have a series of our equipment upgrade and facility modernizations that are starting to come to fruition in Q2, Q3, Q4 and beyond. Two, we've set the stage for further enhancements to our debt structure that should lead to more flexibility and a lower cost capital structure. And three, we are continuing to look at new potential acquisition opportunities in addition to the extensive planning that is being done for the Samuel's acquisition. So let me now go through some of the materials and let's start with market conditions on Page 5. As said earlier, we've seen the underlying steel prices exhibit a fair amount of volatility over the past while. That said, hot-rolled sheet prices appear to have somewhat stabilized after hitting a trough in late March. The other interesting observation is that when we look at the trough price points that have been experienced over the past 18 months, HRC prices have bottomed at levels that are well above historical troughs. This speaks to the steel producers demonstrating some degree of discipline at the same time that demand is reasonable. For plate, we have seen prices taper off over the past several quarters. If we look back a few quarters ago, the spread between plate and sheet was well outside of the historical norm. As we look at the prevailing environment, the spread has come back to a level that makes more sense given the industry cost curves. Taking all that together, we are looking at price levels today that are relatively healthy by historical comparisons. On supply chain inventories, they have bounced around a bit, but remain in check. And last and more -- most importantly, demand is reasonably solid across our business. If we go to Page 6, we have a snapshot of our historical results. The start for 2024 was very similar to the end of 2023. We generated significant cash flow from operations and continue to have a very strong balance sheet, and that gives us flexibility to pursue a range of opportunities. If we look across the various charts going from top left, revenues for the quarter were $1.1 billion, which was up from $1 billion in Q4. EBITDA was $84 million, EBITDA margin was 8%, earnings per share were $0.82. All these were up slightly from Q4. Our annualized return on investment -- invested capital came in at 19% and remains above our minimum target return over a cycle, and we continue to be first quartile within our industry. Lastly, in terms of capital structure, which you see on the bottom right, we have net cash position of $277 million versus net debt of almost $500 million at the end of 2019, and we have a multidimensional approach to using that dry powder prudiciously over time. Going to more detailed financial results on Page 7. From an income statement perspective, I covered several of the high-level items on the previous page, but a few other items to note. Revenues of $1.1 billion was up 4% from Q4. Some of this was the impact of the volume recovery in Q1 versus Q4 as that normally evolves from a seasonal perspective. On gross margins, all segments were up a little bit, and I will discuss these in more detail in a minute. Interest expense came down to 0 as we are generating interest income on our growing cash reserve. Our Q1 results were impacted by a few non-operating-type items. Stock-based comp was nil for the quarter versus $7 million expense in Q4. We had a $3 million reversal in our inventory NRV reserves. Again, the proactive inventory management has reduced much of the NRV risks that we have experienced in the past. From a cash flow perspective, in Q1, we used $66 million for working capital, which was mostly the seasonal pickup in accounts receivable and the decline in accounts payable as a result of the timing of our annual variable compensation that gets paid out in Q1. No major changes in inventory for the quarter. CapEx of $24 million was in line with our tracking to be greater than $100 million for this year as our key discretionary projects continue to advance. In the quarter, there were no big projects, but rather a series of projects, including the installation of new lasers in Winnipeg, the near completion of our greenfield location in Saskatoon, as well as the commencement of a project to expand our Texarkana facility. From a balance sheet perspective, we are a net cash position of $277 million, which I said earlier. As a result of our strong position, we'll be completing the redemption of our $150 million 6% notes today. There are other debt structure enhancements that are in the works that should unfold in the coming quarters. As we said in the past, we managed the company with a conservative investment-grade-type credit bias. And this approach should give us better financial flexibility and reduce our capital cost on a go-forward basis. Our liquidity is near $1 billion. While one item to note is that the Canadian dollar did weaken in the quarter, which did have an impact on our OCI account in translating our U.S.-based financial results into Canadian dollars. In the quarter, we picked up 339,000 shares under our NCIB, which brings the total to 3.5 million shares since we put the program in place in August of 2022, and our average purchase price cumulatively to date is $35.56 per share. Our book value per share continued to go up and is almost $20 per share, notwithstanding our share buybacks in the quarter. Lastly, we have declared a 5% increase in our quarterly dividend to $0.42 per share, and I'll discuss that in more detail a little bit later on. On Page 8, we show our EBITDA variance analysis between last quarter and this quarter. Looking at Service Centers, the volumes were a positive pickup from Q4, and our margins were also up. There was a $13 million increase in operating expenses, which was a bit out of the norm as it was a combination of variable compensation tied to financial results, the implications from FX movements, and some nonrecurring costs related to the Samuel's acquisition. Energy field stores was up $3 million as it continued to benefit from a solid energy environment. Steel distributors was down $2 million. There was also a $5 million unfavorable variance in other and it was a number of all relatively modest items. We had a favorable impact from the lower mark-to-market on our stock-based comp, but it was more than offset by normal seasonal decline in our Thunder Bay terminal operations, some Samuel acquisition costs, and a few other small items. On Page 9, we have our segmented P&L information. And for Service Centers, revenues were up, and this is mostly driven by higher volumes, but we also saw a slightly higher price realizations as well as better margins. I'll go through the more detailed metrics for our service centers on the next page. But our overall results were pretty good in a quarter that experienced a fair amount of price volatility. In energy field stores, we are continuing to see solid performance. Q1 revenues and earnings were up as a result of good market conditions. Distributors' revenues and earnings were down due to some delays with inbound shipments and more conservative procurement due to those market conditions. That said, our margins did improve, albeit on lower revenue. On Page 10, we are showing a deeper dive on some of the metrics for our metals service center business. Top right graph is the past 5 years for tons shipped. The Q1 2024 volumes were up 4% versus Q4, but down 6% versus this time last year. The Q1 2023 comparison point did benefit from very strong demand and unusually good period last quarter, whereas Q1 2024 was solid, but it was also impacted early on in the quarter by some weather-related shipping constraints that did occur in January. On the bottom left graph, we have the revenue and cost of goods sold per ton. Revenue per ton our price realizations increased by $52 versus a $7 increase in our cost of goods sold, which resulted in a $44 per ton pickup in margin that is shown in the bottom right graph. For Q1, our gross margin was $487 per ton, which remains higher than our historical average of closer to $300. As we've said many times in the past, our investment initiatives should lead to higher average margins and lower volatility associated with those margins over the cycle. On Page 11, we have illustrated our inventory turns. This chart shows the inventory turns by quarter for each segment. Energy in red, Service Centers in green, and steel distributors in yellow. In addition, the black line is the average for the entire company. Overall, our inventory turns improved from 3.8 turns at December 31 to 3.9% for this quarter. By sector, our Service Centers improved to 4.6 turns, our energy field stores came up to 3.2, while our steel distributors declined a little bit to 2.4. On Page 12, we have the impact of inventory turns on inventory dollars. Overall, for the quarter, there wasn't a big change. It was very comparable at March 31 versus December 31. In Service Centers, tonnage was slightly lower and cost per ton was slightly higher than at year end. On Page 13, the overall impact on capital utilization and returns. Our capital deployment moved up to about $1.4 billion because of an increase in working capital and an increase in PPE as a result of our incremental spending on a variety of projects. More importantly, our returns continue to be industry-leading with last 12 months' return on invested capital at 23%. If we go to Page 14, I have an update of our capital structure. The continuation of our strong free cash flow and disciplined approach to utilization gives us a lot of flexibility. On the left table, our cash position was $575 million at March 31, which is up $174 million from this time last year. Our equity base increased to $1.7 billion in spite of our share buybacks. The chart on the right shows our book value per share, which is almost $20 per share, which is a little over $2 increase since this time last year. On Page 15, we have an update on our capital allocation priorities. Given our strong balance sheet, we continue to have this multipronged approach. As we've always said, for investment purposes, we're trying to see average returns greater than 15% over the cycle. And as already discussed, we have delivered well above that target for extended period of time. The ongoing initiatives are threefold. The identification and pursuit of value-added projects. We have over 40 projects on the go right now. And as every day, as every week goes by, we're identifying more and more interesting opportunities. Facility modernizations, we have 5 on the go that are tracking for completion at various times in late this year and early next year. As I mentioned earlier, Saskatoon is probably the first one on the come, and we're very excited about all those initiatives. In total, our CapEx project pipeline is greater than $200 million. It's as large as it's ever been. And the key thing for us is it continues to advance the opportunity for high-return, high-margin, low-volatility-type projects that serve our customers and serve our communities in which we operate. In terms of acquisitions, we are continuing to work on the Samuel deal. As we've said publicly, we are continuing our dialogue with the Competition Bureau to resolve their concerns related to a narrow segment of product in a specific geography. As much as I would like to go into more detail, it's not appropriate to be more specific at this time. In addition, we are actively looking at other acquisition opportunities that are coming available and are interesting complements to our existing platform. In terms of returning capital to shareholders, we have adopted a flexible approach over the last few years. For dividends, we are announcing a 5% increase in our quarterly dividend to take it to $0.42 per share, which will be payable on June 14 of this year. We believe the increase makes sense as we have a strong capital structure as well as continued strong earnings and cash flow. For the NCIB, we acquired 339 shares last quarter. As I said earlier, since we put this in place in August of 2022, we have acquired 3.5 million shares at an average price of $35.56 per share, and we expect to continue to utilize the NCIB on an opportunistic basis. If we compare our last 12 months' activity of our NCIB versus our new dividend run rate, they are each plus or minus about $100 million. So we are close to a balance between the 2 forms of capital repatriation. I've said in the past and that 50%, 50% is not a hardwire target, but it's a good litmus test for us of trying to be somewhat more balanced in terms of returning capital to shareholders. On Page 16, I want to provide a longer-term context around returning capital to shareholders. On the top left graph, you see our historical dividend profile with the just-announced increase to $0.42 per share per quarter from the $0.40 level, which was an increase from $0.38 at this time last year. We are showing that if we can successfully grow the underlying business, which we think we have, that could and should lead to a cadence for dividend growth. On the bottom left, you see our quarterly NCIB activities since we put it in place in middle of 2022. This illustrates that we don't have a fixed approach to the program on a daily or weekly or quarterly basis, but we view it as an opportunistic way to buy shares at a discount to our view of intrinsic value, and we have been more aggressive at certain price points than others. When we look at the bottom right chart, the impact of the NCIB has been a gradual reduction of our share count over the past couple of years. And on the top right chart, the aggregation of the dividends versus the NCIB shows that over the past couple of years, there's been that more balanced approach that I mentioned earlier. In closing, I want to use the graphical illustration on part -- Page 17 to discuss some approaches that we've changed to our business over the last couple of years. The left chart is where we have been in the past in terms of delivering results. And there's been a very conscious effort to reengineer our earnings profile. We operate a mature business that encounters some elements of cyclicality. However, over the last several years, we've consistently said that one of the outcomes of our portfolio changes should be to raise the cycle floor, raise the ceiling, reduce the volatility through the cycle, as well as grow the business. In many ways, Q1 illustrates this objective as we navigated through large swings in steel prices and managed to generate really good results in spite of that steel price volatility backdrop. In addition, with the ongoing initiatives to both reinvest internally and grow externally, we'll continue down this path that's illustrated on that right-hand chart. In closing, on behalf of John and other members of the management team, I would like to express our appreciation to everyone within the Russel family for your contributions to our performance and future success. That concludes my introductory remarks. So operator, please feel free to open the line for questions.
接线员:[接线员说明]你的第一个问题来自道明证券公司的Michael Tupholme。
Michael Tupholme:我想先从服务中心部门开始，问一个关于该部门毛利率的问题。你确实看到第一季度服务中心的毛利率环比有所提高。鉴于钢铁价格在第一季度的走势以及第二季度前半段的走势，我想知道您能否就2024年第二季度服务中心毛利率的预期发表一些评论?
Marty Juravsky:是的。这个问题问得好，迈克，因为你是对的，Q1比Q4平均要高。但在某些方面，不会——如果你仔细观察这个季度，很明显，进入2月和3月时，钢铁价格出现了一些波动。因此，一些动态显示，与季度初相比，本季度的利润率确实有所下降。显然，这取决于第二季度、第三季度和第四季度钢铁价格的走势，很明显，这将在时间上体现出来。我们过去谈到过钢铁市场的滞后效应，以及它如何影响我们的利润。但为了观察第一季度的退出点和第二季度的进入点，季度末的利润率比季度初略低。
Michael Tupholme:好的。这是有帮助的。如果我们看看服务中心的业务量，我知道你看到了一些循序渐进的改善。然而，如果我们从这个角度来看，第一季度的出货量是下降的。我想知道我们应该如何看待第二季度的同比增长。
Marty Juravsky:是的。迈克，有趣的是，从某些方面来说，这和你关于边际利润的问题很相似。显然我们有更多的详细信息。当我们从内部来看市场情况时，如果我们从月度或每周的角度来看市场情况，我们会发现2023年3月真的非常非常强劲。这是非常不寻常的，远高于正常水平，但这是一个异常值。所以，如果我们去掉2023年3月的动态，我们基本上是在追踪我们在任何其他月度比较中所处的位置——将2024年的一个月与2023年的一个月进行比较。所以如果你把Q1作为参考点，就Q2的体积而言，这是一个很好的参考点。
约翰·里德:是的，迈克，再补充一下。马蒂之前提到过，但我们确实在第一季度遇到了一些奇怪的天气动态。所以我们在很多地方也损失了很多运输时间。所以，如果你回顾一下我们实际出货的日子，销量真的很好，相当稳定。
Michael Tupholme:好的。这是有帮助的。也许就钢铁分销商而言，你们看到的海外运输延迟。你能详细说明一下情况吗?为了更好地理解那里发生了什么，你能谈谈情况是否已经解决，如果有的话，对第二季度的影响有什么影响吗?
Marty Juravsky:是的。所以这和中东正在发生的地缘政治事件有关。通过苏伊士运河(Suez Canal)和敏感政治地区运输的产品，会出现旋转延误。所以这句话是指从出口市场引进产品的部分业务可能需要重新调整进入北美的路线。所以，这只是一些问题的反映，每个人都遇到的产品从世界的一部分。
Michael Tupholme:好的。我的意思是，我意识到还有地缘政治问题。所以我之前的问题是它是否解决了，从这个意义上说，世界上仍然存在问题。但我想，随着路线的调整，一切都会恢复正常。我只是想知道，就产品流入而言，这种情况是否已经发生了，我们在第二季度是否看到了任何影响?还是说现在一切都恢复正常了?
约翰·里德:迈克，我认为我们现在已经正常化了，我们已经改变了路线，所以现在后面有一个顺序。这样就有了规律。所以重新规划，再一次，经过3周，4周左右，现在我认为我们回到了正轨。所以我不认为你会看到第二季度。
接线员:[接线员说明]你的下一个问题来自劳伦森银行的乔纳森·拉默斯。
乔纳森•拉默斯:我只是想问一下每吨毛利率的问题。因此，尽管市场价格较低，但从第四季度到第一季度的改善还是不错的。我的问题是，在第一季度和第四季度，是否有任何特定的增值项目开始对利润率做出积极贡献?在行动中采取明智的战术行动是否会带来一些好处?你能不能再告诉我们一些事情是怎么先后发生的?
约翰·里德:是的，乔纳森，我们没有一个具体的增值项目，但我们有多个项目在第四季度上线，在第一季度确实有所增加。所以我们开始看到额外的吸引力，加上他们一直在做的事情，他们有设备，我们增加了额外的班次。所以我们也开始看到这一趋势。这让我们在本季度扩大了利润率。所以我们对此感到非常高兴，我们将继续看到这种增长。所以我们认为这也是我们未来可以看到的。
乔纳森·拉默斯:好的。对于贵公司计划在2024年剩余时间内开展的增值项目，能否告诉我们这些项目在各业务部门的权重如何?他们主要是在msc还是在能源产品行业?
约翰·里德:几乎所有的钱都在金属服务中心那边。
Marty Juravsky: Jon，公平地说，就我们的地理组合而言，今年有一些项目是在加拿大完成的，但可能更多的是向美国的服务中心倾斜，其中一些项目将在接下来的一段时间内完成。
约翰·里德:没错。
乔纳森·拉默斯:好的。马蒂，在你事先准备好的发言中，你重申了在资产负债表上，你正在考虑其他的改进。你能给我们一些提示，告诉我们你在做什么吗?
Marty Juravsky:当然。乔纳森，正如我提到的，我们有一系列可调用的音符，这些音符在3月份是可调用的。这一交易就发生在今天。我们还有一系列遗留的高收益票据可以在10月份按面值赎回，考虑到我们的财务状况，认为这些票据也会从我们的体系中被清理出去，这不是不合理的。随着传统的高收益资本结构演变为更传统的投资级资本结构，其中一些将影响到我们新的银行债务安排，就更传统的投资级结构和我们资本结构的所有部分而言。因此，其中一部分是清理一些遗留的东西，就我们资本结构中的期限票据而言，然后以一种更传统、更灵活、更宽松的方式重新开始，坦率地说，成本也会随之降低。
乔纳森·拉默斯:好的。最后一个问题。在塞缪尔收购案的财务报表附注里，有条附注说罗素对局里做了时间承诺。你能解释一下时间承诺是什么吗?
Marty Juravsky:嗯，我们有效地完成了时间承诺，我们承诺在我们试图解决他们的问题和关切的同时，与他们保持对话。这又回到了为什么我们披露它不会在第二季度完成，这是我们最初的目标。所以Q2不会关闭。因此，我们已经向竞争局做出了时间上的承诺，我们将继续与他们合作。我们不能更具体，因为我们不知道确切的时间会是什么样子，除了我们有灵活性，以尽可能合作的方式与他们合作。
接线员:下一个问题来自道明证券公司的Michael Tupholme。
Michael Tupholme:在能源领域，你谈到了在第一季度开设一些新的门店。你能谈谈它们的位置吗以及今年剩下的时间里有什么额外的能源储存计划吗?
约翰·里德:是的，主要是加拿大西部，通过我们的Comco部门，我们在那里开展了一些新业务，签了一份新合同。然后在今年剩下的时间里，我们一直在寻找实地商店的增长。同样，这是一个低成本的进入，相当短期的租赁当我们这样做的时候。所以我们一直在关注美国和加拿大的情况。如果在能源领域有任何可行的收购机会，我们也会考虑的。
Michael Tupholme:好的。也许这就引出了下一个问题，关于收购。我想，马蒂，你提到过几次除了完成塞缪尔的收购，你还在考虑其他事情。你能提供更多关于你要找的东西的细节吗?我的意思是，约翰刚刚提到了能量场存储作为一种可能性，所以收集它是服务中心和能量场存储。也许你可以评论一下。你能提供的任何信息，比如特点、大小等等，都会很有帮助。
Marty Juravsky:是的。这是个好问题，迈克。我要说的是，这是非常强大的，这些东西又变得可用了。就像约翰说的，我们的能量场储存有一些很有趣的东西。在我们的金属服务中心有一些很有趣的东西。坦白说，有1到2个邻接点也会出现。所有这些都在考虑之中。它们中没有一个是我所认为的巨大的，但它们都是逐渐有趣的，它们的集合是我们会花一些时间思考的东西，我们会非常仔细地观察。在某种程度上，它代表了我们理想的轮廓。我过去曾开玩笑说，我们总是用棒球来类比，我们在增值计划中的位置是九局球赛的第四局。在某种程度上，另一个关于收购的棒球类比是这些是一垒或二垒球员，我们正在研究的类型。很容易与我们正在做的事情相匹配，与我们正在做的事情互补，可能是不同的产品组合或不同的目标客户，但与我们现在所做的非常相似，它们可能是独立的细分市场。这既包括能源领域的商店，也包括服务中心。这回答你的问题了吗，迈克?
接线员:[接线员说明]你的下一个问题来自史提菲尔的凯文·施。
凯文·施:给我来个简短的。我只是想听听你对纽柯和克里夫斯最近公布的钢铁价格上涨的看法。我想知道你是否——你是否看到了这方面的影响?我知道现在还为时尚早。如果不是，你认为油价可能会受到什么影响?
约翰·里德:谢谢你，凯文。看着它展开会很有趣。就像你说的，现在才刚刚开始。它确实为CRU的指数提供了一些有效性，那些正在上升的趋势是纽柯公司和其他公司的公共指数，现在有一个公布的价格。他们在其他产品中也这么做，而且非常成功，无论是在他们的长期产品中，他们已经这么做很多年了。很明显，这为市场趋势设定了标准。它在其他产品中被证明是非常有效的。我们将看到它的效果如何以及它是否能保持水分。但到目前为止，它似乎再次增加了一些可信度和有效性的指数，已经公布了。到目前为止，它似乎是有效的。我们会密切关注的。但在我从事这一行的30多年里，我从来没有见过有人用扁平卷有效地做到这一点。但是，我认为这对于游戏行业来说是必要的。因此，如果这个项目运作良好，我认为它将有助于稳定围绕定价的一些模糊性。
接线员:谢谢。现在没有其他问题了。请继续。
Marty Juravsky:很好。谢谢，接线员。非常感谢大家的参与。如果您有任何问题，请随时与我们联系。否则，我们期待在本季度的剩余时间里保持联系。谢谢,每一个人。
接线员:谢谢。女士们先生们，今天的电话会议到此结束。我们感谢您的参与，并请您断开您的线路。
本文是在人工智能的支持下生成的，并由编辑审阅。欲了解更多信息，请参阅我们的T&C。
