花旗趋势公司 (CTRN) 首席执行官布鲁斯史密斯在 2019年 第二季度业绩 - 收益电话会议记录

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Citi Trends, Inc. (NASDAQ:CTRN) Q2 2019 Results Earnings Conference Call August 22, 2019 9:00 AM ET

Citi Trends,Inc。(纳斯达克股票代码:[CTRN])2019年第二季度业绩收益电话会议2019年8月22日美国东部时间上午9:00

公司参与者

Bruce Smith - President and CEO
Stuart Clifford - CFO

  • 布鲁斯史密斯 - 总裁兼首席执行官
  • Stuart Clifford - 首席财务官

电话会议参与者

Eric Beder - SCC Research

  • Eric Beder - SCC研究

会议主持员

Greetings and welcome to the CTRN 2Q 2019 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session [Operator Instructions]. As a reminder, this conference is being recorded today, Thursday, August 22, 2019.
I would now like to turn the conference over to Ms. Niza [ph] McKee, Senior Associate. Please go ahead.

欢迎来到CTRN 2Q 2019年收益电话会议。 在演示期间,所有参与者将处于只听模式。 之后,我们将进行问答环节[操作员说明]。 提醒一下,这次会议将于今天,即2019年8月22日星期四举行。

我现在想把会议转交给高级助理Niza [ph] McKee女士。 请继续。

Unidentified Company Representative

下午好,感谢您加入我们Celestica 2019年第二季度收益电话会议。今天的电话会议是总裁兼首席执行官Rob Mionis;和首席财务官Mandeep Chawla。

提醒一下,在本次电话会议中,我们将根据1995年美国私人证券诉讼改革法案和适用的加拿大证券法,作出前瞻性陈述。这些前瞻性陈述基于管理层当前的预期,预测和假设,这些预期,预测和假设受风险不确定性和可能导致实际结果和结果与此类陈述中表达的结论,预测或预测产生重大差异的其他因素的影响。

有关此类因素和假设的识别和讨论以及有关财务指导的进一步信息,请参阅今天的新闻稿,包括其中有关前瞻性陈述的警示性说明,我们的20-F表格年度报告和其他公开文件,可在sec.gov和SEDAR.com访问。除非适用法律要求,否则我们不承担更新任何前瞻性陈述的义务。此外,在本次电话会议期间,我们将参考各种非IFRS指标,包括营业收入,营业利润率,调整后毛利率,调整后的投资资本回报率或调整后的ROIC,自由现金流量,总债务为非IFRS,为期12个月,调整后的EBITDA杠杆比率,调整后的净收益,调整后的每股收益,调整后的SG&A费用和调整后的有效税率。

应提醒听众,在本次电话会议中提及上述任何措施均表示非IFRS措施是否具体定义为此类措施。这些非IFRS指标没有IFRS规定的任何标准化含义,可能与使用IFRS的其他上市公司或根据美国GAAP报告并使用非GAAP指标描述类似操作指标的类似指标不具有可比性。

我们将向您介绍今天的新闻稿和2019年第二季度的盈利报告,这些报告可在celestica.com的“投资者关系”选项卡下获取,以获取有关这些和某些其他非IFRS措施的更多信息,包括对历史非IFRS措施的调节从我们的财务报表中直接比较IFRS措施。除非另有说明,否则本次电话中所有对美元的提及均为美元。

现在让我把电话转到Rob身上。

Thank you. Our earnings release was sent out this morning at 6:45 A.M. Eastern time. If you have not received a copy of the release, it is available on the company's website under the Investor Relations section at www.cititrends.com.
You should be aware that prepared remarks made during this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Management may make additional forward-looking statements in response to your questions. These statements do not guarantee future performance. Therefore, you should not place undue reliance on these statements.
We refer you to the company's most recent report on Form 10-K and other subsequent filings with the Securities and Exchange Commission for a more detailed discussion of the factors that can cause actual results to differ materially from those described in the forward-looking statements.
I will now turn the call over to our President and Chief Executive Officer, Bruce Smith. Bruce?

谢谢。我们的财报发布于今天上午6:45发出。东部时间。如果您尚未收到该版本的副本,可以在公司网站www.cititrends.com的“投资者关系”部分下载。

您应该知道,在本次电话会议期间所作的准备评论可能包含1995年“私人证券诉讼改革法案”界定的前瞻性陈述。管理层可能会针对您的问题提出更多前瞻性陈述。这些陈述不保证未来的表现。因此,您不应过分依赖这些陈述。

我们将向您介绍公司最新的Form 10-K报告以及随后向美国证券交易委员会提交的其他文件,以便更详细地讨论可能导致实际结果与前瞻性陈述中所述内容产生重大差异的因素。

我现在将把这个电话转给我们的总裁兼首席执行官布鲁斯史密斯。布鲁斯?

布鲁斯史密斯

Thanks Niza. Good morning everybody and thank you for joining us today. Also on the call is our Chief Financial Officer, Stuart Clifford; and our Senior Vice President of Merchandising, Christina Short.
As the second quarter progressed, our sales trends began to improve and I'm pleased to report that the momentum has continued early in the third quarter. Despite a slow start to the second quarter, our comparable store sales decrease of 1.2% was at the more favorable end of our guidance.
The non-apparel part of our business consisting of accessories and home merchandise continued to grow. And while apparel sales declined, the trend was better in the latter part of the second quarter and has also continued to show improved performance early in the third quarter.
We continued to strategically reallocate more inventory dollars towards the growing non-apparel lines, which will gain in importance as we approach the holiday season when non-apparel gift items resonate with our customers.
Although, we are shifting inventory dollars from apparel to non-apparel, we still believe that we can improve recent apparel sales trends during the back half of the year, particularly considering that we will be comparing results to a period of time last year when we had some specific ladies apparel fashion misses.
It's important to note that we were very pleased with our efforts in the second quarter to improve inventory turns and maintain inventory liquidity. We entered the third quarter in a very clean and a high quality inventory position as reflected in a 5% reduction in inventory levels, including a 14% decline in comparable stores inventory.
Now, I will turn the call over to Stuart to provide additional details on the results before I discuss future plans and expectations.

谢谢妮莎。大家早上好,谢谢你今天加入我们。我们的首席财务官Stuart Clifford也随叫随到;和我们的商品高级副总裁Christina Short。

随着第二季度的进展,我们的销售趋势开始改善,我很高兴地报告说,这种势头在第三季度初仍在继续。尽管第二季度开局较慢,但我们的可比店面销售额下降1.2%是我们指引的更有利的结果。

我们业务中由配饰和家居用品组成的非服装部分继续增长。虽然服装销售下降,但第二季度后期的趋势更好,并且在第三季度初期也继续表现出改善的表现。

我们继续战略性地将更多的库存资金重新分配给不断增长的非服装生产线,随着我们接近假日季节,非服装礼品与我们的客户产生共鸣,这将非常重要。

虽然我们正在将库存美元从服装转移到非服装,但我们仍然认为我们可以在今年下半年改善近期的服装销售趋势,特别是考虑到我们将比较去年的一段时间有一些特定的女士服装时尚未命中。

值得注意的是,我们对第二季度改善库存周转率和维持库存流动性的努力感到非常满意。我们进入第三季度的非常清洁和高质量的库存状况,反映出库存水平下降5%,包括可比店面库存下降14%。

现在,在讨论未来的计划和期望之前,我将把呼叫转交给Stuart,以提供有关结果的更多详细信息。

Stuart Clifford

Thanks Bruce. Total sales in the second quarter increased 0.5% to $183 million. Comparable store sales decreased 1.2% in the quarter. The decline in comp store sales during the second quarter was reflected in a 1.5% decrease in the average unit sale and a reduction in transaction counts of more than 1%, partially offset by an increase in the number of items per transaction of nearly 2%.
And looking at comp store sales for the individual merchandise categories, the home division again led the way with a 5% increase on top of an 11% increase in last year's second quarter.
Accessories were up 4% in this year's second quarter, while they were up 3% in the second quarter of 2018. Sales in the ladies division were down 2% after being up slightly during the same quarter last year.
Comp sales in the men's division were down 5% after increasing 5% in the same quarter last year, and children's comps were down six percent after increasing 3% in last year's second quarter. In the first half of the year, total sales decreased 1.3%, while comparable store sales were down 2.9%.
Gross margin in the second quarter was down 200 basis points due primarily to the need to take more markdowns in the light of the decrease in comparable store sales. For the first half of 2019, gross margin is 160 basis points lower than in the first half of 2018.
SG&A expenses continued to be very well controlled, increasing only 1.1% in the second quarter compared to last year's expenses despite a higher store count and normal inflation.
As a percent of sales, second quarter SG&A expenses increased 30 basis points to 34.5% from 34.2% in the second quarter of 2018 due primarily to the deleveraging effect that declining sales has on the expense ratio.
For the first half of 2019, SG&A expenses, when adjusted for $1 million of proxy contest expenses incurred in the first quarter, were virtually flat with the first half of 2018.
Net income in the second quarter of 2019 was $0.4 million or $0.03 per diluted share compared to $3.2 million or $0.24 per diluted share in last year's second quarter. For the first half of 2019, net income was $8.2 million or $9.1 million when adjusted for proxy contest expenses compared to $14.5 million in last year's first half. Earnings per diluted share were $0.68 in the first half of 2019 or $0.76 when adjusted for proxy contest expenses compared to $1.08 in the first half of 2018.
Finally, a reminder about a change that is having a significant impact on our balance sheet. As we discussed on our first quarter earnings call, following year-end, we completed the adoption of the new lease accounting standard using the transition method which applied the standard as of the effective date. Consequently, our 2019 balance sheet has $153 million in new right-of-use assets and $160 million in new lease liabilities not shown on last year's balance sheet.
Now, I'll turn the call back over to Bruce.

谢谢布鲁斯。第二季度的总销售额增长0.5%,达到1.83亿美元。本季度可比店面销售额下降1.2%。第二季度补偿店销售额的下降反映在平均单位销售减少1.5%和交易数量减少超过1%,部分被每笔交易项目增加近2%所抵消。

从各个商品类别的综合商店销售情况来看,在去年第二季度增长11%之后,房屋部门再次领先5%。

今年第二季度配件增长了4%,而2018年第二季度增长了3%。女装部门的销售额在去年同一季度略有上升后下降了2%。

男装部门的销售额在去年同一季度增长5%之后下降了5%,而去年第二季度增长3%后,儿童的销售额下降了6%。今年上半年,总销售额下降1.3%,而同店销售额下降2.9%。

第二季度毛利率下降200个基点,主要是由于可比店面销售额下降需要更多降价。 2019年上半年,毛利率比2018年上半年低160个基点。

SG&A费用继续得到很好的控制,尽管存储数量较高且通货膨胀正常,但第二季度的费用与去年相比仅增长了1.1%。

作为销售额的百分比,第二季度SG&A费用从2018年第二季度的34.2%增加30个基点至34.5%,主要是由于去杠杆化导致销售额下降对费用率的影响。

对于2019年上半年,SG&A费用在第一季度发生的代理竞赛费用调整为100万美元时,与2018年上半年基本持平。

2019年第二季度的净收入为40万美元或每股摊薄收益0.03美元,而去年第二季度为320万美元或每股摊薄收益0.24美元。在2019年上半年,根据代理竞赛费用进行调整后,净收入为820万美元或910万美元,而去年上半年则为1450万美元。 2019年上半年每股摊薄收益为0.68美元,或代表竞争费用调整后为0.76美元,而2018年上半年为1.08美元。

最后,提醒我们一项对我们的资产负债表产生重大影响的变更。正如我们在第一季度财报电话会议上讨论的那样,在年底之后,我们使用过渡方法完成了新租赁会计准则的采用,该方法在生效日期应用了标准。因此,我们的2019年资产负债表拥有1.53亿美元的新使用权资产和1.6亿美元的新租赁负债,这些资产未列入去年的资产负债表。

现在,我将把电话转回布鲁斯。

布鲁斯史密斯

Thanks Stuart. And looking forward, as we strive to improve over apparel fashion and execute shifts in the overall mix between apparel and non-apparel, we are working with our Board of Directors, including Peter Sachse, Special Advisor to the CEO, on a number of strategic initiatives.
Part of this work involves a survey of 1,300 respondents who were either familiar with or had made a purchase at Citi Trends. Our goal was to gain insight into a number of things, including merchandise preferences, retailer preferences, frequency of visits and other information. We do think the survey results would be valuable as we move forward in building strategies to better meet the needs of our customers.
In addition, the strategic initiatives include a review of our organizational structure designed to ensure that we have adequate resources and that those resources are focused on our priority areas.
Also, we are performing an analysis of our systems infrastructure to ensure that IT is prepared to fully support the merchandising and other needs of the business. And from a real estate perspective, we are considering a variety of strategic opportunities, including remodeling, relocating or expanding our existing stores and opening new stores, including in predominantly Hispanic markets.
We are off to good start thus far in the third quarter with comparable store sales up 4% during the first two-plus weeks of August despite going up against a 9% increase in the same period a year ago.
Considering our recent sales trends, together with the shift in merchandise mix more towards the growing non-apparel areas and our favorable inventory position, we expect comparable store sales to increase 1% to 3% in the back half of the year leading to earnings per diluted share in a range of $1.30 to $1.50 for the full year.
Now, Lila will open it up for questions.

谢谢斯图尔特。展望未来,随着我们努力改善服装时尚并在服装和非服装的整体组合中实施转变,我们正与董事会合作,包括首席执行官特别顾问Peter Sachse,参与多项战略举措。

这项工作的一部分涉及对1300名熟悉或已购买花旗趋势的受访者进行的调查。我们的目标是深入了解一些事物,包括商品偏好,零售商偏好,访问频率和其他信息。我们认为,随着我们在制定战略以更好地满足客户需求方面的进展,调查结果将是有价值的。

此外,战略举措包括审查我们的组织结构,旨在确保我们拥有足够的资源,并将这些资源集中在我们的优先领域。

此外,我们正在对我们的系统基础架构进行分析,以确保IT准备好全面支持商品推销和其他业务需求。从房地产的角度来看,我们正在考虑各种战略机遇,包括重塑,搬迁或扩建我们现有的商店和开设新店,包括主要是西班牙裔市场。

到目前为止,我们在第三季度开局良好,8月前两周内可比店面销售额增长了4%,尽管与去年同期相比增长了9%。

考虑到我们最近的销售趋势,加上商品组合的变化更多地转向不断增长的非服装领域和我们有利的库存状况,我们预计今年下半年可比店面销售额将增长1%至3%,从而导致每股盈利全年稀释后的份额为1.30美元至1.50美元。

现在,Lila将提出问题。

问答环节

Thank you. [Operator Instructions]
Our first question comes from the line of Mike Morales with Walthausen & Co. Please proceed. Mr. Morales your line is open; please go ahead with your question. We'll ask that you please verify your own mute button. All right. We'll continue with the next question, Mr. Morales.
[Operator Instructions] Our next question is from the line of Eric Beder with SCC Research. Please go ahead.

谢谢。 [操作说明]

我们的第一个问题来自Mike Morales与Walthausen&Co。的合作。请继续。 莫拉莱斯先生你的路线是敞开的; 请继续你的问题。 我们要求您验证自己的静音按钮。 行。 我们将继续提出下一个问题,莫拉莱斯先生。

[操作员说明]我们的下一个问题来自Eric Beder与SCC Research的合作。 请继续。

Eric Beder

Good morning Bruce. Congratulations.

布鲁斯,早上好。恭喜。

布鲁斯史密斯

Thanks. Good to hear from you Eric.

谢谢。 很高兴收到你的消息埃里克。

Eric Beder

Great. Could you talk a little bit about the share repurchase plan and kind of how -- what you're doing? I see you guys bought a little bit of your shares back. Do you still consider kind of where the stock is right now worthy of being -- utilizing cash for that?

非常好。 您能谈谈股票回购计划以及如何 - 您正在做什么? 我看到你们买回了一些股票。 你是否还在考虑现在股票的价值在哪里 - 利用现金?

布鲁斯史密斯

Yes. As you know, we have, over the past four years, now returned about $100 million to our shareholders in the form of repurchases and dividends, so it is an important part of our capital allocation. We've said historically that as long as we're over $80 million in cash and investments that we will return cash to the shareholders and that has worked out well for us.
And yes, we continued to buy in the second quarter, bought about twice as much as we bought in the first quarter. So, year-to-date, we're at $4.5 million of purchases and we have around $5 million left under the current authorization.

是。 如您所知,在过去四年中,我们已经以回购和股息的形式向股东返还了约1亿美元,因此它是我们资本配置的重要组成部分。 我们在历史上曾经说过,只要我们有超过8000万美元的现金和投资,我们就会将现金返还给股东,这对我们来说效果很好。

是的,我们继续在第二季度买入,买入的价格是第一季度的两倍。 因此,今年迄今为止,我们的采购额为450万美元,根据目前的授权,我们还剩下约500万美元。

Eric Beder

Great. When you look at -- you mentioned the Hispanic market, I know you guys have been working on that. How is the Hispanic market a little different than some of the core markets we have right now? And how desirable do you view that market?

非常好。 当你看到 - 你提到了西班牙裔市场,我知道你们一直在努力。 西班牙裔市场与我们现在的一些核心市场有何不同? 你认为这个市场多么令人满意?

布鲁斯史密斯

Yes. The demographic is probably actually larger than the traditional demographic that we are serving, so it is an important opportunity for us. There are nuances of serving a customer that we have learned through our stores that serve a combination of traditionally African American and Hispanic customers we have. I think its 36 stores that already have at least 40% of the population within three miles of them being Hispanic.
So, we're already serving that customer to an extent today. The new stores that we're opening up are in markets where it is 90% to 100% Hispanic. And so there are some different things in merchandising that we're -- that we have to do. Some of it involves sizing, some of it involves fashion versus core and some of those things. So, those are the high points.

是。 人口统计实际上可能比我们所服务的传统人口统计更大,因此对我们来说这是一个重要的机会。 我们通过我们的商店学习服务客户的细微差别,这些商店为传统的非裔美国人和西班牙裔客户提供服务。 我认为其36家商店已经拥有至少40%的人口,他们在三英里之内是西班牙裔。

因此,我们今天已经在一定程度上为该客户提供服务。 我们正在开设的新店位于西班牙裔90%至100%的市场。 因此,我们在商品推销中有一些不同的东西 - 我们必须这样做。 其中一些涉及尺寸调整,其中一些涉及时尚与核心以及其中一些。 所以,那些是高点。

Eric Beder

Great. And last question. So you've seen -- it's been a little bit tough to figure with some of the inventory shifts that you've been doing kind of how the categories have been changing. Have you seen in some respects a kind of permanent shift to reduction in apparel? And how should we be thinking about, going forward, the split between the products and if it drives any particular margins with it?

非常好。 最后一个问题。 所以你已经看到了 - 用一些库存变化来计算你的类别如何变化是有点困难的。 您是否在某些方面看到了服装减少的永久性转变? 我们应该如何思考,继续前进,产品之间的分歧,以及它是否会带来任何特定的利润?

布鲁斯史密斯

Sure. So, as far as what we've seen and what we expect to execute going forward, today, about 60% of our business is apparel, so 40% non-apparel. And that has grown over the past six or seven years. It was probably in the low 20s -- non-apparel was probably in the low 20s if you went back six or seven years ago. So, it's been a consistently growing area for us.
We have made merchandise shifts along the way to facilitate that -- the non-apparel lines, and what we've said is that we will continue to do that. And looking long-term -- or I should probably say mid-term, I think that getting to 50% apparel versus non-apparel is not out of the question.
Not sure that we would ever go higher than that because it is still important to be an apparel store in these neighborhoods that we operate in, but we certainly think that there's some run way there to continue to take the non-apparel piece up.

当然。 因此,就我们所看到的以及我们期望在未来实施的目标而言,今天约有60%的业务是服装,因此40%的非服装业务。 这在过去的六七年中有所增长。 这可能是在20年代的低点 - 如果你在六七年前回来,非服装可能在20多岁。 因此,它一直是我们不断增长的领域。

我们已经推动商品转移以促进这一点 - 非服装生产线,我们所说的是我们将继续这样做。 从长远来看 - 或者我可能会说中期,我认为服装与非服装相比,达到50%并不是不可能的。

不确定我们会不会比这更高,因为在我们经营的这些社区中成为一家服装店仍然很重要,但我们当然认为有一些继续采取非服装的方式。

Eric Beder

Great. Good luck for the holiday season.

非常好。 祝节日快乐。

布鲁斯史密斯

Thank you.

谢谢。

会议主持员

The next question is from the line of John Lawrence [ph], Private Investor. Please go ahead.

接下来的问题来自私人投资者John Lawrence [ph]。 请继续。

身份不明的分析师

Yes. Good morning Bruce.

是。 布鲁斯,早上好。

布鲁斯史密斯

Good morning John.

约翰,早上好。

身份不明的分析师

Could you comment just a little bit -- I know you've had some initiatives on the transportation and some other sort of initiatives underway. Can you give us a little update on digging through the numbers, on how some of those are progressing?

您能否稍微评论一下 - 我知道您已经对运输和其他一些举措进行了一些举措。 您能否向我们提供一些关于挖掘数字的最新信息,以及其中一些进展如何?

布鲁斯史密斯

Yes. So, as I mentioned, I guess it was last quarter; we have been working with a consulting group on both the inbound and the outbound sides of freight. To this point, we have made a lot of progress on the inbound side, particularly renegotiating contracts with our suppliers and some new suppliers or transporters. That has gone extremely well.
It really hasn't shown up in the numbers yet because the new contracts were not effective until early in the second quarter and freight -- inbound freight in the second quarter goes straight into inventory because we have to capitalize about one quarter's worth of freight cost.
So, as that benefit rolls out in the third quarter, we will see some benefit in freight and expense. The freight out piece is lagging the freight in piece, but we're still working on a number of things in that area, including the new transportation management system and then also a strategy to reduce the outbound cost.

是。 所以,正如我所提到的,我猜这是上个季度; 我们一直在与货运的入境和出境两方面的咨询小组合作。 到目前为止,我们在入境方面取得了很多进展,特别是与供应商和一些新的供应商或运输商重新谈判合同。 这非常顺利。

它确实没有出现在数据中,因为新合同直到第二季度初才开始生效,而第二季度的货运 - 入境货运直接进入库存,因为我们必须将大约四分之一的运费成本资本化。

因此,随着该福利在第三季度推出,我们将看到运费和费用的一些好处。 货运单件的运费滞后,但我们仍然在该领域开展多项工作,包括新的运输管理系统,以及降低出境成本的策略。

身份不明的分析师

Great. Thanks. And is it too early -- have any of the Hispanic stores been opened yet?

非常好。 谢谢。 是不是太早了 - 有没有西班牙裔商店开业了?

布鲁斯史密斯

Yes, we've opened two. Both of them opened in the second quarter, so it's still early. And we probably won't give any store-by-store information just for competitive reasons, but I will tell you from what we've seen from the first two openings that we want to continue to test that market and, in fact, have a third store that's coming up later this year.

是的,我们已经开了两个。 它们都在第二季度开业,所以现在还早。 我们可能不会出于竞争原因提供任何逐店商店信息,但我会告诉您我们从前两个开头看到的内容,我们希望继续测试该市场,事实上, 第三家商店将在今年晚些时候上市。

身份不明的分析师

Right. And last question from my standpoint, when your store -- when did the easy comparisons really start with that women's business? Was it mid-third quarter or was it earlier than that, that -- when that business really turned soft?

对。 从我的观点来看,最后一个问题是,当你的商店 - 简单比较的时候真的从女性的生意开始了吗? 是在第三季度中期还是早于那个时候 - 当那个企业真的变软了?

布鲁斯史密斯

Yes, it was really later in August and then through the rest of the quarter, so it's a little bit over two months of the quarter.

是的,它确实是在8月份的晚些时候,然后是整个季度的剩余时间,所以这个季度有两个多月的时间。

身份不明的分析师

Great. Thanks. Good luck.

非常好。 谢谢。 祝好运。

布鲁斯史密斯

Yes, thanks John.

是的,谢谢约翰。

会议主持员

Mr. Smith, there are no further questions on the phone lines at this time, so I'll turn the call back to you.

史密斯先生,目前电话线上没有其他问题,所以我会把电话转回给你。

布鲁斯史密斯

Okay. Thank you, everybody, for joining today. And as always, I'm available for one-on-one calls if you want to talk to me later this week. Thanks.

好的。 感谢各位今天的加入。 和往常一样,如果你想在本周晚些时候与我交谈,我可以进行一对一的通话。 谢谢。

会议主持员

That does conclude the conference call for today. We thank you all for your participation and we ask that you please disconnect your line.

这确实结束了今天的电话会议。 我们感谢大家的参与,我们要求您断开线路。

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