AudioEye Inc (AEYE) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to AudioEye's third quarter 2023 earnings conference call. Joining us for today's call are AudioEye's CEO, Mr. David Moradi, and CFO, Mr. Kelly Georgevich. (Operator Instructions)

下午好，歡迎參加 AudioEye 2023 年第三季財報電話會議。參加今天電話會議的有 AudioEye 執行長 David Moradi 先生和財務長 Kelly Georgevich 先生。 （操作員說明）

I would like to remind everyone that this call will be recorded and made available for replay via a link available in the Investor Relations section of the company's website at www.audioeye.com.

我想提醒大家，本次電話會議將會被錄音，並可透過公司網站 www.audioeye.com 投資者關係部分的連結重播。

Before I turn the call over to AudioEye's Chief Executive Officer, the company would like to remind all participants that statements made by AudioEye management during the course of this conference call that are not historical facts are considered to be forward-looking statements.

在我將電話轉給 AudioEye 執行長之前，該公司想提醒所有參與者，AudioEye 管理層在本次電話會議期間發表的非歷史事實的聲明將被視為前瞻性聲明。

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for such forward-looking statements. The words believe, expect, anticipate, estimate, confident, will, and other similar statements of expectation identify forward-looking statements.

1995 年《私人證券訴訟改革法案》為此類前瞻性聲明提供了安全港。 「相信」、「期望」、「預期」、「估計」、「有信心」、「意願」等字眼以及其他類似的期望陳述均屬於前瞻性陳述。

These statements are predictions, projections, or other statements about future events and are based on current expectations and assumptions that are subject to risks and uncertainties.

這些陳述是對未來事件的預測、預測或其他陳述，基於當前的預期和假設，存在風險和不確定性。

Actual results could materially differ because of factors discussed in today's press release, in the comments made during this conference call, and in the Risk Factors section of the company's annual report on Form 10-K, its quarterly reports on Form 10-Q, and its other reports and filings with the Securities and Exchange Commission.

由於今天的新聞稿中討論的因素、本次電話會議期間發表的評論以及公司 10-K 表年度報告、10-Q 表季度報告和向美國證券交易委員會提交的其他報告和文件。

Participants on this call are cautioned not to place undue reliance on these forward-looking statements, which reflect management's beliefs only as of the date hereof. AudioEye does not undertake any duty to update or correct any forward-looking statements.

請參加本次電話會議的參與者不要過度依賴這些前瞻性陳述，這些陳述僅反映管理層截至本新聞稿發布之日的信念。 AudioEye 不承擔更新或更正任何前瞻性聲明的義務。

Further, management's remarks today will include certain non-GAAP financial measures. A reconciliation of the most directly comparable GAAP financial measures to these non-GAAP financial measures is available in the company's earnings release posted in the Investor Relations section of its website at www.audioeye.com.

此外，管理階層今天的演講將包括某些非公認會計準則財務指標。最直接可比較的 GAAP 財務指標與這些非 GAAP 財務指標的調整表可在公司網站 www.audioeye.com 投資者關係部分發布的收益報告中找到。

Now I'd like to turn the call over to AudioEye's Chief Executive Officer, Mr. David Moradi. Sir, please proceed.

現在我想將電話轉給 AudioEye 執行長 David Moradi 先生。先生，請繼續。

Thank you, operator. Welcome, everyone, and thank you for joining us. We've been hard at work and are pleased to deliver several exciting announcements.

謝謝你，接線生。歡迎大家，感謝您加入我們。我們一直在努力工作，很高興發布幾個令人興奮的公告。

First, record annual recurring revenue or ARR of $30.5 million, an increase of approximately $800,000 sequentially, representing the largest sequential growth in six quarters.

首先，年度經常性收入（ARR）創紀錄地達到 3,050 萬美元，比上一季增加了約 80 萬美元，是六個季度以來最大的連續增長。

Second, revenue of $7.84 million, representing the 31st sequential quarter of record revenue. Record reported non-GAAP profitability of $300,000 in the third quarter, ahead of expectations of $100,000.

其次，營收為 784 萬美元，連續第 31 季創紀錄收入。 Record 報告第三季非 GAAP 獲利能力為 30 萬美元，高於預期的 10 萬美元。

Lastly, remain on track to deliver positive free cash flow in the fourth quarter. Kelly will discuss the financial performance in more detail shortly.

最後，我們將繼續在第四季實現正的自由現金流。凱利很快將更詳細地討論財務表現。

During the quarter, we released the industry's first Digital Accessibility Index report. The results confirm that traditional consulting approaches to solving web accessibility have failed and that most of the Internet remains accessible to those with disabilities.

本季度，我們發布了業界第一份數位無障礙指數報告。結果證實，解決網路無障礙問題的傳統諮詢方法已經失敗，大多數互聯網仍然可供殘疾人使用。

As part of this study, AudioEye conducted an automated scan of over 2 million pages across 40,000 websites from companies with over $100 million in annual revenue. more than 3 billion site-specific elements were tested, including images, links, and headers. Following the scan, accessibility experts, including members of the disability community, audited the top sites in the industry revealing which issues are most disruptive to users.

作為這項研究的一部分，AudioEye 對年收入超過 1 億美元的公司的 40,000 個網站的超過 200 萬個頁面進行了自動掃描。測試了超過 30 億個網站特定元素，包括圖像、連結和標題。掃描後，包括殘疾人社區成員在內的無障礙專家對行業內的頂級網站進行了審核，揭示了哪些問題對用戶最具破壞性。

Of the 3 billion website elements tested, the findings concluded every page for at least one accessibility error and the average page had 37 items that failed one of the success criteria of WCAG.

在測試的 30 億個網站元素中，調查結果得出每個頁面至少存在一個可訪問性錯誤的結論，平均頁面有 37 個項目未達到 WCAG 的成功標準之一。

Our study found that the most frequent errors were related to image accessibility, descriptive links, and keyboard accessibility, which significantly impact people with a disability in the world trying to utilize the Internet.

我們的研究發現，最常見的錯誤與圖像可訪問性、描述性連結和鍵盤可訪問性有關，這些錯誤對世界上試圖利用網路的殘疾人產生了重大影響。

The barriers found were significant, preventing people with disabilities from accomplishing critical tasks that many of us regularly depend on such as online shopping, banking, news access, and job-related activity.

發現的障礙非常嚴重，阻礙了殘疾人完成我們許多人經常依賴的關鍵任務，例如線上購物、銀行業務、新聞訪問和與工作相關的活動。

AudioEye has the best product in the market to solve digital accessibility at scale, utilizing a unique combination of AI, coupled with a scalable approach to leverage human assistant technology to catch errors that technology alone cannot protect.

AudioEye 擁有市場上最好的產品，可大規模解決數位可訪問性問題，利用人工智慧的獨特組合，再加上可擴展的方法來利用人類助理技術來捕捉僅靠技術無法防止的錯誤。

Recently, we also shared findings from an analysis of over 900 legal claims from over 100 lawsuits and demand letters. The data is compelling. Customers using AudioEye managed plan are 67% less likely to receive a lawsuit with a valid WCAG issued compared to competitors, offering the highest rates of protection against legal claims in the industry.

最近，我們也分享了對 100 多起訴訟和要求函中的 900 多起法律索賠進行分析的結果。數據很有說服力。與競爭對手相比，使用 AudioEye 託管計劃的客戶收到有效 WCAG 訴訟的可能性降低了 67%，從而提供了業界最高的法律索賠保護率。

In addition, while digital accessibility lawsuits increased year over year, lawsuits against AudioEye customers are decreasing. In the first half of 2023, lawsuits against AudioEye customers decreased by over 33% compared to the first half of '22, despite an increase in industry-wide lawsuits.

此外，雖然數位無障礙訴訟逐年增加，但針對 AudioEye 客戶的訴訟卻在減少。 2023 年上半年，儘管全行業訴訟有所增加，但與 2020 年上半年相比，針對 AudioEye 客戶的訴訟減少了 33% 以上。

Moving on to guidance, we are guiding revenue between $7.9 million and $8 million for the fourth quarter of 2023. Fourth quarter will see the final sequential impacts of onetime revenue from the BoIA integration. We expect to generate a sequential increase in non-GAAP profitability in the fourth quarter and remain on track to deliver free cash flow in the quarter.

接下來是指導，我們預計 2023 年第四季的營收將在 790 萬美元至 800 萬美元之間。第四季將看到 BoIA 整合一次性收入的最終連續影響。我們預計第四季度非公認會計準則獲利能力將持續成長，並預計在本季度實現自由現金流。

I'll now turn the call over to AudioEye's CFO. Kelly?

我現在將把電話轉給 AudioEye 的財務長。凱莉？

Thank you, David. Q3 2023 marks the 31st straight quarter of record revenue with $7.84 million, which represents 2% growth over the comparable period of prior year. Annual recurring revenue or ARR at the end of the third quarter of 2023 was $30.5 million, an $800,000 increase from ARR at the end of the second quarter of 2023, and represents an ARR, annualized growth rate, of 10.8%.

謝謝你，大衛。 2023 年第三季營收連續 31 季創紀錄，達到 784 萬美元，比上年同期成長 2%。截至 2023 年第三季末的年度經常性收入或 ARR 為 3,050 萬美元，比 2023 年第二季末的 ARR 增加 80 萬美元，ARR 年化成長率為 10.8%。

We are pleased to see ARR growth at its highest rate in the year and a half. Our key revenue channels are continuing to deliver solid performance. The partner and marketplace channel includes all revenue from our SMB-focused marketplace products and revenue from a variety of partners to deploy these same products for their SMB customers.

我們很高興看到 ARR 成長達到一年半以來的最高水準。我們的主要收入管道繼續提供穩健的業績。合作夥伴和市場管道包括我們以中小型企業為中心的市場產品的所有收入以及來自各種合作夥伴為其中小型企業客戶部署這些相同產品的收入。

In the third quarter of 2023, this revenue channel grew 14% year over year and representing approximately 59% of revenue and 61% of ARR. Q3 2023 saw the highest growth in ARR for the partner and marketplace channel since Q4 of 2020, with growth coming from a variety of sources within this channel. We expect this momentum to continue in the next quarter.

2023 年第三季度，該營收管道年增 14%，約佔營收的 59% 和 ARR 的 61%。 2023 年第三季度，合作夥伴和市場通路的 ARR 成長幅度為 2020 年第四季以來最高，成長來自於該通路內的各種來源。我們預計這一勢頭將在下個季度繼續下去。

Our enterprise revenue channel, which consists of our larger customers and organization, made up 41% of revenue and 39% of ARR in the third quarter of 2023. As mentioned previously, this channel faced additional headwinds in the first half of 2023 with one large customer contract renegotiation having an impact on total enterprise revenue, which we expect to normalize in the first half of 2024.

我們的企業收入管道由較大的客戶和組織組成，在2023 年第三季佔收入的41%，佔ARR 的39%。如前所述，該管道在2023 年上半年面臨額外的阻力，其中一個大的客戶合約重新談判對企業總收入產生影響，我們預計這種影響將在 2024 年上半年正常化。

We have seen early success in the integration of BoIA and selling existing customers an expanded suite of services. So as expected, the conversion of one-time audit revenue to reoccurring services did have an approximately $200,000 impact to Q3 2023 revenue. Our Q4 revenue guidance incorporates a lesser impact to complete this process.

我們在整合 BoIA 以及向現有客戶銷售擴展服務套件方面取得了早期成功。因此，正如預期的那樣，將一次性審計收入轉換為重複服務確實對 2023 年第三季的收入產生了約 20 萬美元的影響。我們的第四季營收指引對完成此過程的影響較小。

The total customer count increased notably in Q3 2023 to approximately 107,000 customers from approximately 81,000 customers on September 30, 2022, and 104,000 customers on June 30, 2023.

2023 年第三季度，客戶總數顯著增加，從 2022 年 9 月 30 日的約 81,000 名客戶和 2023 年 6 月 30 日的 104,000 名客戶增至約 107,000 名客戶。

Increase in the customer count as a result of customer additions in our partner and marketplace channel. Gross profit for the third quarter was $6.1 million or about 77% of revenue compared to $5.8 million and 75% of revenue in Q3 of last year. We continue to gain efficiency in the delivering of our products and services, which has resulted in lower cost of revenue and our revenue's increase.

由於我們的合作夥伴和市場管道中的客戶增加，客戶數量增加。第三季的毛利為 610 萬美元，約佔營收的 77%，而去年第三季的毛利為 580 萬美元，約佔營收的 75%。我們不斷提高產品和服務的交付效率，從而降低了收入成本並增加了收入。

While revenues were relatively consistent with the comparable period of prior year with 2% growth, operating expenses decreased approximately 8% or $600,000 to $7.4 million. This decrease was the result of continued efficiencies in sales and marketing and G&A, offset by continued investment in R&D.

雖然營收與去年同期相對一致，成長 2%，但營運費用下降約 8%，即 60 萬美元，降至 740 萬美元。這一下降是由於銷售和行銷以及一般管理費用持續提高效率，並被研發的持續投資所抵消。

Our total R&D spend in Q3 2023 was approximately $2.1 million with approximately $500,000 reflected as software development costs in the investing section of the cash flow statement. The total R&D spend is about 31% of our revenue this quarter versus 33% sequentially.

我們 2023 年第三季的研發總支出約為 210 萬美元，其中約 50 萬美元在現金流量表的投資部分反映為軟體開發成本。本季研發總支出約占我們營收的 31%，而上一季為 33%。

We have invested notably in R&D over the last 12 months, improving our software and adding new products. We expect R&D investment as a percent of revenue to continue coming down over the next few quarters.

過去 12 個月，我們在研發方面投入了大量資金，改進了我們的軟體並添加了新產品。我們預計研發投資佔營收的百分比將在未來幾季持續下降。

Net loss in the third quarter of 2023 was $1.1 million or $0.11 per share compared to $2.3 million or $0.20 per share in the same year ago period. Total net loss decreased 41% or $900,000 from the comparable period of prior year, thanks to an increase in gross profit as well as strategic and efficient spending in all department.

2023 年第三季的淨虧損為 110 萬美元，即每股 0.11 美元，而去年同期的淨虧損為 230 萬美元，即每股 0.20 美元。由於毛利潤的增加以及所有部門的策略性和高效支出，淨虧損總額比去年同期減少了 41% 或 90 萬美元。

On a non-GAAP basis, our Q3 net profit was $300,000 or $0.02 per share compared to a net profit of $100,000 or $0.01 per share in the same year-ago period.

以非公認會計準則計算，我們第三季淨利為 300,000 美元，即每股 0.02 美元，而去年同期淨利為 100,000 美元，即每股 0.01 美元。

The final adjustments to GAAP earnings and EPS for Q3 2023 were non-cash share-based compensation, depreciation and amortization and other nonrecurring items. Cash decreased by $1 million in the quarter, which was the result of cash outlays for tax payments and employee share-based grants of approximately $100,000, non-GAAP litigation expenses of approximately $100,000, software capitalization of $500,000 thousand dollars, and $300,000 of net cash used from other operating activities.

2023 年第三季 GAAP 收益和每股盈餘的最終調整包括非現金股權激勵、折舊和攤銷以及其他非經常性項目。本季現金減少 100 萬美元，這是由於納稅和員工股份授予的現金支出約為 10 萬美元、非 GAAP 訴訟費用約為 10 萬美元、軟體資本化 5 億美元以及淨現金 30 萬美元用於其他經營活動。

As David mentioned, we expect to generate free cash flow and build cash in the fourth quarter. With that, we'll open up the call for questions. Operator, please give instructions.

正如大衛所提到的，我們預計將在第四季度產生自由現金流並累積現金。至此，我們將開始提問。請操作員指點。

(Operator Instructions) George Sutton, Craig-Hallum.

（操作員說明）George Sutton，Craig-Hallum。

Thank you. David, I wondered if you could work for a second with us on the DOJ proposed rule. The comment period ended last month, meaning we should get a final rule in the relative near term.

謝謝。大衛，我想知道你是否可以與我們一起討論司法部提議的規則。意見徵詢期已在上個月結束，這意味著我們應該會在相對近期內得到最終規則。

I assume you were actively reading the comments and have a bit of perspective. So I'm just curious what your perspective would be relative to the final rule. And then separate from that, how are you thinking of positioning the business to benefit from that ultimate rule?

我假設您正在積極閱讀評論並有一些觀點。所以我只是好奇你對最終規則的看法是什麼。除此之外，您如何考慮如何定位業務以從最終規則中受益？

Yeah, as you said, it's a good question. There's a 60-day comment period. We're really excited about this for the Title II.

是的，正如你所說，這是一個好問題。有 60 天的評論期。我們對 Title II 感到非常興奮。

Hopefully, we hear something soon and we're ramping up looking at this for the government sector as well in terms of what we're going to do on sales and marketing initiatives. But we think we're going to have some time. Demand probably picks up on this after the rule comes out in one to two years.

希望我們很快能聽到消息，我們正在加強關注政府部門的情況，以及我們將在銷售和行銷活動方面採取的措施。但我們認為我們還有一些時間。該規則在一到兩年內出台後，需求可能會增加。

Separate from that, you talked about building out your sales team over the last couple of quarters. Can you just give us an update on the go-to-market plans and how that feeds into your expectations for 2024?

除此之外，您還談到了在過去幾季中建立銷售團隊的問題。您能否向我們介紹一下上市計劃的最新情況以及該計劃如何滿足您對 2024 年的期望？

You're talking about the enterprise sales team?

你說的是企業銷售團隊嗎？

Yeah.

是的。

Yeah, we expect this process to ramp up over the next few months. We just hired the folks back in July, August. So they take about six months to ramp, but we're seeing really good progress so far. And pipeline is also building. So that gives us a lot of confidence. We're going to see a good growth into 2024.

是的，我們預計這個過程將在未來幾個月內加速。我們剛剛在七月、八月僱用了這些人。因此，它們需要大約六個月的時間才能完成，但到目前為止我們看到了非常好的進展。管道也在建設中。所以這給了我們很大的信心。到 2024 年，我們將看到良好的成長。

And I understand you're not giving guidance yet on '24, but and good growth in 2024, any perspective on what that might look like?

據我所知，您尚未就 24 世紀 24 日給予指導，但 2024 年將實現良好增長，您對這可能會是什麼樣子有什麼看法嗎？

More than that '23 and '22.

不僅僅是'23和'22。

Zach Cummins, B. Riley FBR.

康明斯 (Zach Cummins)、B. 萊利 (B. Riley) FBR。

Hi, David. Hi, Kelly. Thanks for taking my questions and congrats on the sequential increase in the ARR and strong profitability in this quarter.

嗨，大衛。嗨，凱利。感謝您回答我的問題，並祝賀本季度 ARR 的連續成長和強勁的獲利能力。

David, just starting off, I mean, can you talk a little bit more about the current environment, just speaking more so to the selling environment on both the partner and marketplace side, and obviously, enterprise will take a little more time to ramp up in accordance with your sales team, but just curious on your perspective of the overall environment and what's driving your confidence in continued ARR growth?

大衛，剛開始，我的意思是，您能多談談當前的環境嗎？更多地談談合作夥伴和市場方面的銷售環境，顯然，企業需要更多的時間來提升根據您的銷售團隊的說法，但只是想知道您對整體環境的看法以及是什麼推動您對ARR 持續增長的信心？

Yeah, the macro environment is a bit tough out there. And we're seeing some tightness on enterprise budgets. People are looking to cut costs, but we are seeing good pipeline growth because of our products and positioning. But there are definitely budget and cost pressures. I'm sure you're seeing that as well out there in enterprise SaaS.

是的，宏觀環境有點艱難。我們發現企業預算有些緊張。人們希望削減成本，但由於我們的產品和定位，我們看到了良好的管道成長。但肯定存在預算和成本壓力。我相信您在企業 SaaS 中也看到了這一點。

Got it. And in terms of the timeline to positive free cash flow, good to see that reaffirmed here in Q4, I'm just curious how you're thinking about the necessary capital to continue to execute upon growth plans moving forward, say demand really starts to pick up or you execute on the enterprise side, just how you're thinking about available or necessary capital you need to run the business?

知道了。就積極的自由現金流的時間表而言，很高興看到第四季度重申了這一點，我只是好奇您如何考慮繼續執行未來增長計劃所需的資本，假設需求真的開始增長您在企業方面選擇或執行，您如何考慮營運業務所需的可用或必要資本？

Yeah, I can take that, Zach. We do continue to believe that we have sufficient cash on hand to fund ongoing operations. We do expect revenue with the momentum on the partnership side and expansion on the enterprise side to grow and a lot of that to drop to the bottom line.

是的，我可以接受，札克。我們仍然相信我們手頭上有足夠的現金來資助持續運營。我們確實預計，隨著合作夥伴方面的勢頭和企業方面的擴張，收入將會成長，但其中很大一部分會下降到淨利潤。

And so, we feel good about our cash position and where we stand, especially with the generation expected in Q4 and beyond.

因此，我們對我們的現金狀況和現狀感到滿意，特別是考慮到第四季度及以後預計將出現的一代。

Understood. And final question for me is your are now going to have multiple quarters in a row of improving profitability? What's the approach to investing in growth versus continuing to expand margins here in the foreseeable future?

明白了。對我來說，最後一個問題是，你們現在將連續多個季度提高獲利能力嗎？在可預見的未來，投資成長與繼續擴大利潤的方法是什麼？

Yeah, it's a good question. We look at things holistically on the business, the side, if we should invest more in the sales and marketing with LTV to cap ratios or more into R&D. But we think that's coming down or we buy back stock with cash generation, that's a possibility.

是的，這是一個好問題。我們從整體角度來看業務，從側面看，我們是否應該在銷售和行銷上投入更多，以及生命週期價值與上限比率，或更多地投入研發。但我們認為這種情況正在下降，或者我們透過現金產生回購股票，這是有可能的。

Got it. Well, thanks for taking my questions. And best of luck to you in Q4.

知道了。嗯，謝謝你回答我的問題。祝您在第四季好運。

Thanks so much.

非常感謝。

Scott Buck, H.C. Wainwright.

巴克 (Scott Buck)，H.C.溫賴特。

Hi, good afternoon, guys. Thanks for taking my questions. Just a couple for me. First one on gross margin. It's a nice year-over-year expansion, but it looks like you've kind of stalled out here in the past couple of quarters. Are we at the ceiling here for gross margin or do you think you have a little bit more room to push higher?

嗨，大家下午好。感謝您回答我的問題。對我來說只是一對。第一個是毛利率。這是一個不錯的同比擴張，但看起來在過去的幾個季度你有點停滯不前。我們的毛利率是否達到了上限，或者您認為您還有更多的空間來提高毛利率？

We are happy to see gross margin grow year over year. I think we have proven we can find efficiencies and cost revenue. We did that over the last year. As we continue to grow revenue, we expect to continue to see efficiencies and we do think there's the ability to continue to grow gross margins going forward.

我們很高興看到毛利率逐年增加。我認為我們已經證明我們可以找到效率和成本收入。我們去年就這麼做了。隨著我們收入的不斷增長，我們預計將繼續提高效率，並且我們確實認為未來有能力繼續提高毛利率。

Great. I appreciate that Kelly. Second one for me. I heard that R&D expense is coming down a bit over the next few quarters. Is that due to cash constraints? Or is that more intentional just in terms of what you need to move the business forward?

偉大的。我很欣賞凱利。對我來說第二個。我聽說未來幾季研發費用會略有下降。這是因為現金緊張嗎？或者，這只是為了推動業務發展而更有意為之？

Yes, we've invested a lot in R&D over the past year, really improved the software and new products are out there. So we expect R&D is in a good place and investments should come down as a percentage of revenue over the next few quarters, more in line with industry metrics, which should be around 25% in SaaS.

是的，過去一年我們在研發方面投入了大量資金，確實改進了軟體，並且新產品已經面世。因此，我們預期研發狀況良好，未來幾季投資佔營收的比例應該會下降，更符合產業指標，SaaS 領域的投資比例應該在 25% 左右。

I'm sorry, you said you were at 31% in the quarter. Is that correct?

抱歉，您說本季的成長率為 31%。那是對的嗎？

Correct.

正確的。

All right. I appreciate that, David. That's it for me, guys. Thanks a lot.

好的。我很感激，大衛。我就是這樣，夥計們。多謝。

Thank you.

謝謝。

At this time, this concludes our question-and-answer session. I'd now like to turn the call back over to Mr. Moradi for his closing remarks.

至此，我們的問答環節就結束了。現在我想將電話轉回給莫拉迪先生，讓他作結束語。

Thank you for joining us today. As always, I want to thank our employees, partners, and investors for their continued support. We look forward to updating you on our next call.

感謝您今天加入我們。一如既往，我要感謝我們的員工、合作夥伴和投資者的持續支持。我們期待下次通話時向您通報最新情況。

Thank you for joining us today for AudioEye's third quarter 2023 earnings conference call. As always, we would like to thank our employees and stakeholders for your continued hard work and dedication. You may now disconnect.

感謝您今天加入我們參加 AudioEye 2023 年第三季財報電話會議。一如既往，我們要感謝我們的員工和利益相關者的持續辛勤工作和奉獻精神。您現在可以斷開連線。