领先的能源和服务公司Emera Inc. (EMA)在其2024年第二季度财报电话会议上报告称,在加强其财务状况方面取得了实质性进展。该公司通过一系列战略行动成功改善了其信用指标和资产负债表,包括5亿美元的美国混合发行和资产出售。
这些措施为Emera提供了大约20亿美元的流动资金,并大大减少了控股公司的债务。该公司对其盈利增长潜力仍持乐观态度,并正在推进其88亿美元的三年资本计划,其中包括其服务区域内的几个主要项目。
关键的外卖
- Emera通过5亿美元的美国混合发行和资产出售增强了其财务稳定性,增加了20亿美元的流动性,减少了13亿美元的控股公司债务。
- 出售新墨西哥天然气预计将进一步减少控股公司的债务大约10亿美元。
- Emera是。对经济增长前景充满信心正在进行的基础设施项目投资,例如升级坦帕电气的贝赛德工厂。
- Peoples Gas表现强劲,而疲软的加元略微增加了美国业务的收益。
- 该公司正准备在8月就坦帕电力(Tampa Electric)的费率案举行诉讼听证会,最终裁决预计将在11月做出。
公司前景
- Emera正在按计划实施其广泛的资本计划,重点关注增长和基础设施改善。
- 该公司预计今年剩余时间的运营现金流强劲。
- Emera的目标是保持稳定的投资级评级,并预计将在今年晚些时候公布2025年至2027年的融资计划。
悲观的亮点
- 年初至今调整后每股收益下降,原因是企业成本增加来自某些部门的贡献,以及更高的份额。
- 企业成本上升的部分原因是利息支出增加以及以美元计价的短期债务的不利折算效应。
乐观的亮点
- 该公司已获得新墨西哥天然气公司费率案和解的批准。
- Emera正在从事co与新斯科舍省政府就延期燃料成本的进一步证券化进行了富有建设性的会谈。
- 坦帕电力公司和人民天然气公司取得了强劲的业绩,坦帕电力公司受益于新的合同利率和客户增长。
错过
- 从出售拉布拉多岛一号的股权中获得1.07亿美元的收益该季度调整后的收益中不包括墨水。
问答集锦
- Emera的目标是每年将信贷指标提高50个基点,并在门槛指标上寻求100个基点的缓冲。
- 到2027年,派息率预计将达到约80%,预计随后几年将下降。
- 下一次分析师电话会议定于11月8日举行E进一步更新将提供e。
总而言之,Emera在2024年第二季度财报电话会议上展示了该公司通过战略资产管理和资本投资来加强财务健康和追求增长的努力。Emera专注于运营效率和客户服务,将继续保持稳定增长,为股东创造价值。
全反式脚本-无(EMRAF) Q2 2024:
接线员:早上好,女士们,先生们,欢迎来到Emera电话会议。此时,所有行都处于仅监听模式。演讲结束后,我们将进行问答环节。【操作说明】。现在我想把会议交给Dave Bezanson。请继续。
大卫·贝赞森:谢谢你,珍妮,谢谢大家今天早上参加Emera第二季度2024电话会议和网络直播。Emera的第二季度收益发布于今天上午通过新闻通讯社发布,财务报表、管理层的讨论和分析以及本次电话会议中引用的演示文稿可在我们的网站emera.com上获得。今天上午,Emera总裁兼首席执行官Scott Balfour, Emera首席财务官Greg Blunden以及Emera管理团队的其他成员与我一起参加了电话会议。今天上午的讨论将包括前瞻性信息,这些信息将以附在幻灯片中的警示性声明为准。今天的讨论和演示也将包括参考非公认会计准则财务指标。有关历史非公认会计准则指标与最接近的公认会计准则财务指标的定义信息和调整,请参阅附录。现在我想把话筒交给斯科特。
Scott Balfour: Thank you, Dave, and good morning, everyone. Before we get into the results for the quarter, I'd like to spend a few minutes on the significant steps we've taken recently to improve our credit metrics and balance sheet and reposition the company for future growth. In the second quarter, we announced a $500 million US hybrid offering. The sale of our interest in the Labrador-Island link and the securitization of $117 million of unrecovered fuel costs at Nova Scotia Power. Combined, these actions have provided approximately $2 billion in liquidity and have resulted in a reduction of holding company debt for credit rating purposes of approximately $1.3 billion. These actions have significantly improved our holding company debt to total debt metric by approximately 400 basis points to end the quarter at 35%, and they have added 90 basis points to our CFO to debt metric. In June, we followed these actions with the reduction of our dividend growth rate, which, when matched with our 5% to 7% target EPS growth, will lead to a steady improvement in our dividend payout ratio over time. The sale of New Mexico Gas, as announced earlier this week, will further reduce holding company debt, strengthen our balance sheet and more efficiently contribute to funding our capital investments in our high growth markets. The New Mexico Gas sale proceeds will further reduce holding company debt by approximately $1 billion and improve our holding company to debt metric approximately 200 basis points. This transaction will also reduce our requirement for new equity and improve our ratio of cash from operations to debt by 50 basis points. New Mexico Gas has been an important part of Emera since 2016 and we're proud of what we've accomplished with the New Mexico Gas team over the past eight years. We've strengthened the business and its performance and have invested in all parts of the business to expand and maintain a safe, reliable system that will serve customers in the state for decades to come. As I said to employees in New Mexico earlier this week, this announcement comes with mixed emotions for all of us at Emera. But Bernhard Capital Partners clearly recognized what we know at Emera, and that is that New Mexico Gas is a great business with a skilled and dedicated team. We look forward to continuing to work closely with our New Mexico Gas colleagues over the next year along with the team at Bernhard to secure regulatory approval and ensure a smooth transition for New Mexico gas customers and of course, the New Mexico Gas team. once closed, proceeds from this sale, along with the recent Labrador-Island link transaction, will more than exceed the 15% of our funding plan that we set as a target last year. All these actions, the sale of LIL, the hybrid offering, the FAM securitization, adjusting the dividend growth rate, and finally, the sale of New Mexico gas were part of a very strategic effort to strengthen our balance sheet, improve credit metrics and fund our ambitious capital plan. We've worked with focus and determination over the past eight months to optimize our portfolio and to put ourselves in a stronger position where we can deploy capital in areas where it is most valuable to deliver higher quality earnings and cash flows, creating an even stronger Emera today and into the future. Greg will take us through the results for the quarter, but I want to reiterate that we remain confident in our forward-looking earnings. The comparatively weak start to 2024 does not change our view in the forward earnings growth potential of our business, including the average 5% to 7% medium term growth guidance that we rolled out in June. When we announced our plan to fund part of our capital plan through asset sales last November, we highlighted the significant customer growth and the growing demand for cleaner and more reliable energy. These dynamics continue. Just to touch on a few of the important projects we have underway across the business in Florida. Tampa Electric recently completed advanced gas path combustion turbine upgrades at its Bayside plant, which resulted in 157 megawatts of new capacity and a 3.7% improvement in the station's overall operating efficiency, all for only $87 million. As a result, this facility now has more generation capacity, with lower emission profile and produces energy at a lower cost per megawatt. The team is also making good strides with respect to the South Tampa Resiliency Project, where they're working closely with the team at MacDill Air Force base to install four reciprocating natural gas fired engines on the base. This project provides the base with the resiliency they need while strengthening the Tampa electric grid and avoiding costly transmission upgrades otherwise needed to serve the fast-growing load in South Tampa. As the people of Florida know all too well, hurricane season is upon us, and Hurricane Debby moved into Western Florida earlier this week. With benefit of its underground system, there was virtually no impact to people's gas system or its customers. And while the storm was not in the direct path of Tampa Electric service territory, there were of course impacts from the severe wind and rain. But the team was able to restore all customers safely and quickly, with all customers fully restored before the end of the day. Further evidence of the value of our investments in resiliency through the storm protection plan. In Nova Scotia, we have a number of transformational projects underway. In June, the regulator approved Nova Scotia Power's 150 megawatt battery energy storage system project. The application sought the approval for collection of $237.7 million required to develop 350 megawatt four hour grid scale battery facilities. The project includes financial support from the federal government's smart renewables and electrification pathways and electricity pre development programs, as well as a financial agreement with the candidate infrastructure bank and the WMA, enabling Nova Scotia's 13 Mi'kmaq communities to make an equity investment in connection with the project while also lowering the cost for customers. These projects will come into service in late 2025 and early 2026. Additionally, Nova Scotia Power's Wreck Cove hydro facility, comprised of two 106 megawatt units, has been undergoing a $102 million major life extension program. To maintain continued operation the life extension work is being staggered, with unit one wrapping up early in September of this year. These units will now operate more efficiently over a wider range, operating down to 30 megawatts compared to a previous 50 megawatt floor. This added flexibility is beneficial as we transition to higher renewable and variable generation sources like wind and solar. This major investment on this extremely valuable asset will extend the life of Wreck Cove by an additional 50 years. Overall, we're on track to deliver our $8.8 billion, three year capital plan. Our utilities are investing in reliability and storm hardening, modernizing our grids and keeping pace with customer growth in Florida and Nova Scotia. So far this year we've invested $1.4 billion in capital, with over 75% of that in the state of Florida. Earlier this quarter, we received unanimous approval from the New Mexico Public Regulation Commission for the rate case settlement agreement at New Mexico Gas. As a reminder, the settlement included a base revenue increase of $30 million US, which will come into effect on October 1 of this year. It also maintained the ROE at 9.375% and capital structure of 52% equity, 48% debt and made the weather normalization adjustment mechanism a regular part of the tariff. You will note from our New Mexico Gas company sale announcement that we and Bernhard have committed to fully respect the future test year that the rate application was based on, which is October 1, 2024 to September 30, 2025, which means, unless otherwise directed by the PRC, the targeted closing date for the transaction will not occur earlier than October 1, 2025. Looking ahead, there are two more important initiatives on the immediate horizon that will be important drivers of growth and de risking. First, in Nova Scotia, the potential securitization of additional deferred fuel costs related to delayed energy deliveries from Muskrat Falls. Both the provincial and federal governments have publicly indicated their focus on this issue and we are optimistic there will be more clarity in the coming months. This is an important affordability initiative for customers in Nova Scotia and would also provide critical assistance in stabilizing Nova Scotia Power's credit rating position. The team at Nova Scotia Power is supporting these efforts in partnership with both governments. Secondly, the team at Tampa Electric continues to advance its rate application, with the regulatory hearing scheduled for the week of August 26 and a final decision due in early November for new rates to be effective January 1, 2025. It's been an incredibly busy and productive quarter and indeed the year so far. I'm more confident than ever that we are taking the right strategic steps to deliver for customers and shareholders. With that, I'll turn it over to Greg to walk us through the highlights of the quarterly and year-to-date results.
Greg Blunden: Thank you, Scott, and good morning, everyone. This morning, we reported second quarter adjusted earnings of $151 million and adjusted earnings per share of $0.53 compared to $162 million and $0.60 in Q2 of 2023. Year-to-date, adjusted earnings were $367 million and adjusted earnings per share was $1.28, compared to $430 million and $1.58 for the same period in 2023. Consistent with Q1, the reduction in adjusted EPS for this quarter was expected. ongoing higher operating costs resulting largely from higher interest expense have impacted our results. On the positive side, this quarter's results continue to reflect the favorable customer growth in Tampa Electric, Peoples Gas and Nova Scotia Power, and the new rates at Peoples Gas and Tampa Electric. I would like to note that we have excluded the $107 million after tax gain on our sale of our equity interest in the Labrador-Island link from our adjusted earnings for the quarter. This would have otherwise increased adjusted EPS by $0.37. Peoples Gas continues to deliver robust performance driven by the new rates at the beginning of this year that reflect the growth it has experienced over the last three years. This increase was somewhat offset by higher operating costs in New Mexico Gas and as a result the gas segment was up $6 million or $0.03. Tampa Electric delivered strong results with growth of $7 million, or $0.02 over Q2 of 2023, driven primarily by new base rates that went into effect on January 1 and strong customer growth partially offset by higher operating costs. Weather in the quarter was consistent with the very favorable weather experienced in Q2 of 2023 and Tampa Electric will have the opportunity to recover forecasted 2025 operating costs as a outcome of its base rate application previously mentioned by Scott. I would also like to note that Q3 is an important quarter for Tampa Electric, with earnings contributions in the quarter comparable to the first two quarters combined. The weakening Canadian dollar modestly increased earnings contribution from our US operations by $3 million for the quarter. Corporate costs increased by $15 million or $0.06 this quarter, primarily driven by higher interest expense and the unfavorable translation of US dollar, short term debt partially offset by lower corporate taxes, and higher share count decreased adjusted earnings per share by $0.03 in the quarter, largely because of our drip and ATM activity over the past twelve months. Our Canadian utilities earnings were $7 million or $0.02 lower quarter-over-quarter, primarily due to Nova Scotia Power's higher operating cost to support the customer growth we are experiencing and income tax expense partially offset by higher revenue as a result of that customer growth. And lastly, contributions from Amer Energy decreased very modestly by $3 million or $0.01 for the quarter. Year-to-date adjusted earnings per share decreased by $0.30 to $1.28 driven by higher corporate costs, lower contributions from Tampa Electric, Nova Scotia Power, New Mexico Gas and Amer Energy, as well as an increased share count. These were partially offset by increased earnings at Peoples Gas. Higher interest costs, losses on foreign currency, bank balances and higher operating and maintenance costs due to the timing of long-term compensation hedges contributed to the increase in corporate costs year-over-year, partially offset by increased corporate income tax recoveries. The higher share count decreased adjusted earnings per year-to-date earnings by $0.07 compared to 2023. At Tampa Electric, new rates and strong customer growth were offset by higher interest costs and unfavorable weather, resulting in a decrease of $15 million, or $0.06 year-over-year. As a reminder, in the first six months of 2023, Tampa Electric experienced an extraordinarily strong weather driven load compared to historical norms, whereas in the first quarter of this year it was the mildest weather experienced in West Central Florida in 50 years. As we have discussed previously, minimizing regulatory lag, especially in an environment of high interest rates, rising costs and customer growth is an important piece of our overall company strategy. Tampa Electric's rate case continues to progress forward with the final decision expected in early November and new rates effective January 1 of 2025. We continue to be confident that we will receive a constructive outcome that will allow Tampa Electric to recover its higher operating costs and recover on the base rate investments it has been making since 2022. Year-to-date, Emera Energy's results were solid, but they did not compare to the strength of 2023 that benefited from a much stronger natural gas market. Emera Energy is down $13 million or $0.05. However, we continue to expect annual earnings to be within our guidance range of USD 15 million to USD 30 million. Our Canadian utilities earnings were $12 million or $0.04 lower year-to-date, primarily due to Nova Scotia Power's higher operating costs to support the customer growth we are experiencing and income tax, partially offset by higher revenues as a result of customer growth. The weakening Canadian dollar modestly increased the earnings contribution from our U.S. operations by $3 million year-to-date. And on a positive note, the Gas Utilities year-to-date results increased $10 million or $0.04, with the segment benefiting from new rates at Peoples Gas, offset by lower asset management optimization revenues and higher operating costs in New Mexico Gas. Stepping back from the adjusted earnings discussion, we want to turn our focus again to the continued progress we are making towards improving key credit metrics. As Scott discussed earlier in the presentation, the strategic decisions and work completed to date demonstrate our firm commitment to retaining investment-grade ratings. Continued execution of the strategy in support of a stronger balance sheet will position us to return to stable investment-grade ratings in the near future. The previously announced transactions, the sale of the Labrador Island link, the USD 500 million hybrid offering and the $117 million FAM securitization at Nova Scotia Power provided approximately $1.3 billion of debt reduction. Compared to Q2 2023, these actions have improved our holding company debt to total debt metric by 400 basis points, bringing us to approximately 35%. The announced sale of New Mexico Gas will strengthen our balance sheet in a material way. The equity proceeds will further reduce holding company debt by approximately $1 billion and further improve our holding company to total debt by approximately 200 basis points, while reducing our need for new equity in the future. Year-to-date, our operating cash flow was $1.2 billion, an increase of 7% over the same period in 2023. And on a trailing 12-month basis, our operating cash flow was $2.4 billion. This results in a strong ratio of reported operating cash flow to debt of approximately 12.5% at June 30. This is the ratio of our actual cash flow available to service our debt and meet our obligations. We expect strong reported operating cash flow over the balance of the year. While the collection of fuel deferrals is winding down in Tampa, the potential for the securitization of Nova Scotia Power FAM would accelerate our cash flow growth in the second half of the year, which we would expect to result in a record full year operating cash flows. Of course, our reported cash flow includes net over-recoveries of fuel and storm-related deferrals. We acknowledge that normalizations are appropriate in periods of extreme year-over-year volatility in cash flow linked to commodity prices and storm costs. And we have demonstrated our ability to effectively manage through these periods of high costs. And as of June 30, the deferred fuel and storm cost balances at Tampa Electric, Peoples Gas and New Mexico Gas were immaterial. The Nova Scotia Power FAM balance of $314 million is the only remaining material deferral, and as has been previously discussed, we are pursuing an opportunity to securitize those costs. Looking ahead, we expect our 2024 cash flow to debt metric to be in the range of 11.5% to 12%. And if you adjust these on a pro forma basis for the impact of the sale of New Mexico Gas, the range increases to 12% to 12.5% for Moody's (NYSE:MCO) and 11% to 11.5% for S&P. Improvements now and toward -- between now and the end of the year are expected to be driven by a number of factors: the full year impact of new base rates at Peoples Gas; improved cash flow from Tampa Electric, supported by the 2024 GBRA and lower interest costs; lower corporate interest costs due to lower expected rates and lower debt volumes, driven by our asset sales and our continued and normal use of our ATM and DRIP; and lastly, the potential for securitization of additional fuel costs at Nova Scotia Power. We have also made significant headway in our holdco debt to total debt metric, where we ended last year at approximately 40%. We have already improved that by 500 basis points to 35%, or 33% you adjust the June 30 numbers to reflect the impact of the New Mexico Gas sale. We continue to deleverage by making the appropriate capital allocation decisions, whether it is selling assets, issuing equity through the ATM or DRIP, or leaning into the hybrid market when it's available. We have shown that we are focused on doing the right thing for shareholders and creditors alike. Before I turn it back over to Scott, I would like to reiterate that we are confident in our ability to grow our EPS at the pace that we set out back in June. We are already starting to see interest rates subside. And when coupled with our recent debt repayments, we expect our corporate interest expense to be materially lower in the second half of 2024. The growth we are experiencing in our utilities show no signs of abating, which will make it easier for us to make the investments that our utilities require. No doubt there will be periods or weaknesses in some quarters, but our plan is solid, and we continue to work on it. And now, I'll turn it back over to Scott.
斯科特·鲍尔弗:谢谢你,格雷格。我想用两条留言来结束这次通话。首先,感谢我们的团队。你们都知道,出售部分投资组合的过程并不容易,我们在两个多月的时间里完成了两个过程,至少可以说是具有挑战性的。其次,由于这些努力工作,我们优化了投资组合,巩固了业务,加强了资产负债表,解决了我们的派息率,并确保我们达到或超过我们的目标信贷指标。我相信,我们现在处于非常有利的位置,拥有具有竞争力的强劲股息收益率,强劲的利率基础和每股收益增长,以及专注于佛罗里达州的重大增长机会,佛罗里达州是北美拥有和经营公用事业的最佳地区之一。我比以往任何时候都更有信心,我们有能力在未来几年为股东提供具有竞争力的价值。说到这里,我把电话转回给戴夫。
David Bezanson:谢谢你,Scott。今天的演讲到此结束,现在请各位分析师提问。
接线员:你的第一个问题来自丰业银行的Rob Hope。请提问。
罗伯特·霍普:大家早上好。随着新墨西哥和LIL出售的宣布,你如何看待你在24年、25年和26年的融资计划与你之前的评论?具体来说,一旦新墨西哥州关闭,我们能看到自动取款机停止使用吗?
Gregory Blunden:是的。早上好,罗伯,我是格雷格。我会把它分成两部分。我不认为在今年的剩余时间里我们的融资方式会有任何实质性的变化。但可以肯定的是,随着新墨西哥天然气的增量销售,以补充LIL,这确实为未来提供了一些灵活性。可能有点为时过早。我们将在今年晚些时候推出涵盖25至27年期间的资助计划。但在所有条件相同的情况下,我们预计未来几年对自动取款机的依赖会减少。
罗伯特·霍普:谢谢。然后,我想,这是一个分两部分的问题。但是我们在新斯科舍剩余燃料成本的证券化方面进展如何?根据你的评论,我们是否可以假设,比如说,与新斯科舍省政府的讨论或关系正在朝着正确的方向发展?
彼得·葛雷格:罗布,我是新斯科舍电力公司的彼得·葛雷格。谢谢你的问题。是的,两部分。我会从底部开始,从最后一个开始。我们与新斯科舍省政府有着非常富有成效的工作关系。我们每天都和他们一起处理一些关键文件。所以,是的,我对这种关系的力量非常有信心。至于证券化的潜力,我想我能说的不多,斯科特和格雷格已经说过了。但我想说的是,我们正在与联邦政府进行富有成效的讨论,我们确实看到了证券化的潜力,正如斯科特和格雷格提到的那样。
罗伯特·霍普:谢谢。
接线员:[接线员说明]下一个问题是加拿大皇家银行资本市场的莫里斯·蔡提出的。请提问。
Maurice Choy:谢谢,大家早上好。那么,让我们回到幻灯片11,在那里你分享了你的观点,如果没有通过,12%的首席财务官债务门槛,关于这一点的一些事情。对于11的区间,你能帮我们把50个基点降到12%吗?对此,我记得在过去,您谈到在达到12%之后每年将这一指标提高50个基点。你还能预见到这一点吗?这些通常都是通过新客户利率来实现的吗?或者它们只是你在思考的交易?
Gregory Blunden:是的。莫里斯,这是格雷格。早上好。实际上,我们试图提供一个范围,因为,很明显,在任何特定时期,现金流都会有一些波动。因此,50个基点的区间是为了反映这一点,而不是与任何需要采取的具体行动或类似的东西挂钩,而只是我们所期望的一段时间内潜在现金流的正常波动。在所有条件都相同的情况下,考虑中间点的上下波动。一旦我们达到了我们想要达到的目标,是的,我们仍然致力于每年改善我们的信用指标。我认为,正如我们之前所说,我们希望在门槛指标上有至少100个基点的缓冲,并相信我们能够在未来一两年内实现这一目标。
Maurice Choy:获得这100个基点缓冲的途径,通常只是客户利率还是其他什么?
Gregory Blunden:是的。不,我认为应该考虑的是业务的总体增长。在接下来的几年里,我们所有的公用事业都要缴纳电费。坦帕电力公司,现在,带着客户的一个相当重要的要求。所以,是的,我们业务的正常增长将会得到客户投资所需利率的支持。
莫里斯·崔:明白了。既然你提到了坦帕电力公司的费率案,你显然也看到了杜克大学的和解协议。你认为你是否也会有类似的结果?
斯科特·鲍尔弗:我找阿奇。阿奇,你想回应一下吗?
阿奇博尔德·柯林斯:当然,我很乐意这么做。莫里斯,我想,首先,我想说的是,我们为杜克和调停者的案子喝彩他们达成了一个各方都觉得公平和平衡的解决方案。我想你的具体问题是,和解协议的存在是否增加了坦帕电力在我们的诉讼听证会日期之前达成和解的可能性?我认为答案是否定的,莫里斯。我们一直对和解持开放态度,但现在,这扇窗正在迅速关闭。昨天我们举行了预审,目前所有迹象都表明将在8月26日那一周举行诉讼听证会。
Maurice Choy:在这次预审中,有没有什么特别的项目是双方需要克服的更大的障碍?
阿奇博尔德·柯林斯:不,一点也不。昨天的预审只是常规程序,审查悬而未决的问题,看看哪些问题可以在和解前解决。在整个过程中,我们与所有参与各方的关系都是专业的,非常亲切的。所以,昨天的预审与此一致。果然不出所料。我们显然对我们提出的这个案子感觉很好。再说一次,我们准备在这里提起诉讼。
Maurice Choy:谢谢。最后再讲一个。Scott,你提到,考虑到NMGC的潜在出售,你再次确认了5%到7%的每股复合年增长率。但你能确认到27年,根据NMGC的模型,派息率约为80%吗?
阿奇博尔德·柯林斯:是的。所以,我们在六月的公告中提到的内容没有改变,莫里斯。因此,我们的预期是,随着摆在我们面前的盈利增长,我们应该看到派息率在指导期内非常接近80%的数字,显然,在接下来的几年里,派息率会继续下降。
Maurice Choy:非常感谢。
接线员:谢谢。[操作员说明]目前没有其他问题了。现在我把话筒交还给戴夫·贝赞森做结束语。
David Bezanson:谢谢你,Jenny,谢谢大家对Emera的兴趣。在结束之前,请注意我们的下一次分析师电话会议将于11月8日下午5点举行。东部时间。希望你们在接下来的夏天都过得愉快。
接线员:谢谢。女士们,先生们,会议到此结束。感谢大家的参与。你们都可以拔掉电话线了。
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