Alarum Technologies Ltd (ALAR) 2023 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Alarum Technologies Corporate Update Conference Call for the three and nine months ended September 30, 2023.

早安，女士們，先生們。謝謝你的支持。歡迎參加 Alarum Technologies 公司最新動態電話會議（截至 2023 年 9 月 30 日的三個月和九個月）。

(Operator instructions) This conference is being recorded today, November 28, 2023.

（操作員說明）本次會議於今日（2023 年 11 月 28 日）錄製。

Before we get started, I will read a disclaimer about forward-looking statements. This conference call may contain in addition to historical information, forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws.

在我們開始之前，我將閱讀有關前瞻性陳述的免責聲明。除歷史資訊外，本次電話會議還可能包含 1995 年《私人證券訴訟改革法案》和其他聯邦證券法的安全港條款含義內的前瞻性聲明。

Forward-looking statements include statements about plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are different than historical facts. These forward-looking statements are based on current management expectations and are subject to risks and uncertainties that may result in expectations not being realized and may cause actual outcomes to differ materially from expectations reflected in these forward-looking statements.

前瞻性陳述包括有關計劃、目標、目標、策略、未來事件或績效以及基本假設的陳述以及與歷史事實不同的其他陳述。這些前瞻性陳述是基於目前管理層的預期，並受到風險和不確定性的影響，這些風險和不確定性可能導致預期無法實現，並可能導致實際結果與這些前瞻性陳述中反映的預期存在重大差異。

Potential risks and uncertainties include those discussed under the Risk Factors in Alarum's annual report from 20-F filed with the Securities and Exchange Commission, SEC, on March 31, 2023, and in any subsequent filings with the SEC.

潛在風險和不確定性包括 Alarum 於 2023 年 3 月 31 日向美國證券交易委員會 (SEC) 提交的 20-F 年度報告以及隨後向 SEC 提交的任何文件中的風險因素中討論的風險和不確定性。

All such forward-looking statements, whether written or oral, made on behalf of the company are expressly qualified by these cautionary statements, and such forward-looking statements are subject to risks and uncertainties, and we caution you not to place all undue reliance on these.

所有代表公司做出的此類前瞻性陳述，無論是書面還是口頭，均明確受到這些警告性陳述的限制，並且此類前瞻性陳述存在風險和不確定性，我們提醒您不要過度依賴這些。

At this time, I'd like to turn the call over to Shachar Daniel, the company's CEO. The floor is yours.

現在，我想把電話轉給公司執行長 Shachar Daniel。地板是你的。

Thank you very much, and welcome, everyone to Alarum's Technologies third quarter 2023 earnings results conference call. As is customary with me Shai Avnit, our Chief Financial Officer. I am pleased to highlight some key achievements and strategic directions that have shaped our recent performance and our vision for the future. Before we begin, I want to quickly note that reconciliation tables for any non-GAAP or non-IFRS metrics referenced on this call are available in the press release we published earlier today.

非常感謝並歡迎大家參加 Alarum Technologies 2023 年第三季財報電話會議。按照我們的財務長 Shai Avnit 的慣例。我很高興地強調一些關鍵成就和策略方向，這些成就和策略方向塑造了我們近期的業績和未來的願景。在開始之前，我想快速指出，本次電話會議中引用的任何非 GAAP 或非 IFRS 指標的調整表可在我們今天早些時候發布的新聞稿中找到。

We are thrilled to announce that we have achieved our first ever profitable quarter. This significant milestone is a testament to the dedication and hard work of our team and demonstrate our commitment to delivering value to our shareholders. At the end of 2022, we made it our leading goal to set our best to profitability. We are excited that in the third quarter, we have managed to achieve our goal and announced on a net profit of $1.1 million.

我們很高興地宣布，我們已經實現了第一個獲利季度。這一重要的里程碑證明了我們團隊的奉獻和辛勤工作，並表明了我們致力於為股東創造價值的承諾。 2022年底，我們以全力實現獲利作為首要目標。我們很高興在第三季實現了我們的目標並宣布淨利潤為 110 萬美元。

As mentioned, our success can be attributed to the strategic decision we have made in the recent years. We have successfully executed acquisitions that have boosted our capabilities in line with our vision and direction. We have also been agile in making decisions like scaling down low profitable revenues, allowing us to allocate resources more efficiently towards growth and profitability.

如前所述，我們的成功歸功於近年來所做的策略決策。我們成功地進行了收購，這些收購增強了我們的能力，符合我們的願景和方向。我們也靈活地做出決策，例如縮減低利潤收入，使我們能夠更有效地分配資源以實現成長和獲利。

Most importantly, we are focused on our successful business NetNut, our Enterprise Data collection business. When we took this strategic decision, we know it might have impact on our revenue stream. We are happy to present a positive trajectory with minimal impact due to our directional decision.

最重要的是，我們專注於我們成功的業務 NetNut，也就是我們的企業資料收集業務。當我們做出這項策略決策時，我們知道它可能會對我們的收入來源產生影響。由於我們的方向性決定，我們很高興能夠以最小的影響呈現出積極的軌跡。

$6.7 million revenues for the quarter represent a significant growth in our enterprise business and excellent performance quarter-after-quarter. Our accumulated revenues from the beginning of 2023 amounted to a standing $19.4 million and exceeding revenues for the whole year of 2022.

本季 670 萬美元的營收代表了我們企業業務的顯著成長以及逐季的出色表現。自 2023 年初以來，我們的累計收入達到 1,940 萬美元，超過 2022 年全年的收入。

In a short period of time, we have managed to generate record revenues and net profit for the first time. Additional highlights for the third quarter include the attractive gross margin of 77% and recorded adjusted EBITDA of $1.9 million.

在很短的時間內，我們首次實現了創紀錄的收入和淨利潤。第三季的其他亮點包括極具吸引力的 77% 毛利率和 190 萬美元的調整後 EBITDA。

In July 2023, we announced the closing of $4.25 million private placement, a private placement we reached senior management, including myself, took part due to a strong belief in its promising prospects. The investment further strengthened our balance sheet were well funded with approximately $8 million in cash, as of September 30, 2023, no debt, and a lower amount of loans.

2023 年 7 月，我們宣布完成 425 萬美元的私募，包括我在內的高階管理層都參與了這項私募，因為我們對其前景充滿信心。這項投資進一步強化了我們的資產負債表，截至 2023 年 9 月 30 日，我們擁有約 800 萬美元的現金，沒有債務，貸款金額也較低。

I would like now to elaborate on our Enterprise Data Collection business, NetNut. NetNut was acquired in 2019 with annual revenues of approximately $3 million. Over the past few years, we have transformed NetNut from a small company with minimal revenues into a market leader in the IP Proxy Network segment.

我現在想詳細介紹一下我們的企業資料收集業務 NetNut。 NetNut 於 2019 年被收購，年收入約 300 萬美元。在過去的幾年裡，我們已將 NetNut 從一家收入微薄的小公司轉變為 IP 代理網路領域的市場領導者。

This achievement has positioned us at the forefront of the data industry infrastructure layer. Over the last two years, we have invested significant resources to build one of the fastest, most reliable, and advanced network.

這項成就使我們處於數據產業基礎設施層的最前沿。在過去兩年中，我們投入了大量資源來建立最快、最可靠、最先進的網路之一。

In the past few quarters, we have expanded our product offerings and expanded our footprint to the data collection market estimated by $17.1 billion by Frost & Sullivan. This market is driven by the growing importance of data back decisions for businesses, necessities of a constant flow of data. It is supported also by the AI-based product expansion, in which data collection and labelling play a critical role in model development, accuracy and functioning of AI systems and products.

在過去的幾個季度中，我們擴大了產品範圍，並將業務範圍擴大到 Frost & Sullivan 估計價值 171 億美元的資料收集市場。這個市場是由數據支持決策對企業日益重要、持續數據流的必要性所推動的。它還得到基於人工智慧的產品擴展的支持，其中數據收集和標籤在人工智慧系統和產品的模型開發、準確性和功能中發揮關鍵作用。

In addition, the social media segment in which monitoring and understanding of social media activity, enabling more effective marketing, and improving user experience through digital marketing grows. NetNut is a well-known brand in its field, enabling us to constantly identify and penetrate new market segments, among our recently entered customer segments are the artificial intelligence, power sales intelligence market, feeder market, AI recruitment markets and more. In each field, NetNut has already won multiple new customers and continue to do so.

此外，監控和了解社交媒體活動、實現更有效的行銷以及透過數位行銷改善用戶體驗的社交媒體領域也在不斷增長。 NetNut是該領域的知名品牌，使我們能夠不斷識別和滲透新的細分市場，最近進入的客戶細分包括人工智慧、售電智慧市場、支線市場、人工智慧招聘市場等。在每個領域，NetNut 都贏得了多個新客戶，並將繼續這樣做。

Our vision is to continue our growth in the IP Proxy Network vertical, building on strength and success we have achieved thus far. As the data collection market rapidly grows, it is our mission to introduce new innovative products to meet new emerging needs. In this regard, we took our first step this quarter by releasing our natural products in this vertical the SERP API Scraper.

我們的願景是在我們迄今取得的實力和成功的基礎上，繼續在 IP 代理網絡垂直領域發展。隨著數據採集市場的快速成長，我們的使命是推出新的創新產品來滿足新的需求。在這方面，我們本季邁出了第一步，在這個垂直領域發布了我們的天然產品 SERP API Scraper。

Our overarching goal for the future is to leverage our success in the infrastructure layer of the data collection industry with dozens of satisfied successful customers already on board. We aspire to become the one-stop vendor for all the chain and needs of our customers. This means providing comprehensive solutions that span the entire data collection process from infrastructure to data extraction and beyond. I want to mention one more reason remarkable achievement by NetNut, the granting of our U.S. patent that further strengthened the company assets and innovation.

我們未來的總體目標是利用我們在資料收集產業基礎設施層的成功，並擁有數十名滿意的成功客戶。我們立志成為滿足客戶所有鏈條和需求的一站式供應商。這意味著提供涵蓋從基礎設施到資料提取等整個資料收集過程的全面解決方案。我想再提一下 NetNut 有卓越成就的另一個原因，就是我們獲得美國專利，進一步增強了公司資產和創新能力。

I would like now to turn the call over to Shai to discuss the financials for the quarter in more detail. Shai?

我現在想將電話轉給 Shai，更詳細地討論本季的財務狀況。謝？

Thank you, Shachar, and hello, everyone. I will summarize our third quarter 2023 financial results from continuing activity which are compared to our third quarter of 2022 results from continuing activity unless otherwise stated.

謝謝你，沙查爾，大家好。除非另有說明，我將總結我們持續活動的 2023 年第三季財務業績，並將其與持續活動的 2022 年第三季財務業績進行比較。

All figures in this summary were rounded up for simplicity.

為簡單起見，本摘要中的所有數字均已四捨五入。

Revenue for the third quarter of 2023 totalled $6.7 million, and revenue for the first nine months ended September 30, 2023, was $19.4 million. This compared to revenues of $4.8 million and $13.4 million, respectively, for the equivalent periods in 2022. The increase is attributed to the organic growth in the enterprise excess business revenues, despite a reduction in the consumer excess business revenues.

2023年第三季的收入總計為670萬美元，截至2023年9月30日的前九個月的收入為1,940萬美元。相較之下，2022 年同期的營收分別為 480 萬美元和 1,340 萬美元。儘管消費者超額業務收入有所減少，但這一成長歸因於企業超額業務收入的有機成長。

Gross profit for the third quarter of 2023 was $5.2 million, compared to a gross profit for the corresponding period in 2022 of $2.6 million only. The increase in gross profit was primarily driven by the increased revenues. Gross profit for the nine months of 2023 was $13.5 million, compared to a gross profit for the corresponding period in 2022 of $7.3 million.

2023年第三季的毛利為520萬美元，而2022年同期的毛利僅260萬美元。毛利的成長主要是由於收入的成長所致。 2023 年 9 個月的毛利為 1,350 萬美元，而 2022 年同期的毛利為 730 萬美元。

Our third quarter 2023 operating expenses decreased 25% year-over-year to $3.7 million from $5 million in the third quarter of 2022. This decrease is mainly due to operations strategy scale-down in the consumer Internet access business. Operating expenses in the first nine months of 2023 sum to $20.8 million, an increase of 22% from the $17 million in the first nine months of 2022.

我們的 2023 年第三季營運費用年減 25%，從 2022 年第三季的 500 萬美元降至 370 萬美元。這一下降主要是由於消費者網路存取業務的營運策略規模縮減。 2023 年前 9 個月的營運費用總計 2,080 萬美元，比 2022 年前 9 個月的 1,700 萬美元增加 22%。

The increase reflects recording a one-time goodwill and intangible assets in permit loss of $8.5 million in the second quarter of this year, which is related to the CyberKick cash generating unit due to the decrease in its forecasted operating results. This increase was partially offset by the company's success in minimizing the actual operating expenses in this segment, as well as reducing the general and administrative expenses from $5.3 million to $3.2 million due to lower professional fees.

這一增長反映了今年第二季許可證損失中的一次性商譽和無形資產850萬美元，這與Cyber​​Kick現金產生部門由於其預測經營業績下降有關。這一增長被公司成功地最大限度地減少了該部門的實際運營費用以及由於專業費用降低而將一般和管理費用從 530 萬美元減少到 320 萬美元所部分抵消。

As a result, and after the impact of finance expenses and tax benefits, IFRS Net Profit for the third quarter of 2023 reached $1.1 million, or $0.03 basic profit per ordinary share, compared to a net loss of $2.3 million, or $0.07 basic loss per ordinary share, for the third quarter of 2023. For the first nine months of 2023, IFRS Net Loss totalled $7.3 million, mainly due to the CyberKick impairment losses, or $0.20 basic loss per ordinary share, compared to a net loss of $9.4 million, or $0.30 basic loss per ordinary share, in the first nine months of 2022.

因此，在扣除財務費用和稅收優惠的影響後，2023 年第三季的IFRS 淨利潤達到110 萬美元，即每股普通股基本利潤0.03 美元，而淨虧損為230 萬美元，即每股普通股基本虧損0.07 美元。普通股，2023 年第三季。2023 年前9 個月，IFRS 淨虧損總計730 萬美元，主要是由於Cyber​​Kick 減損損失，即每股普通股基本虧損0.20 美元，而淨虧損為940 萬美元，或 2022 年前 9 個月每普通股基本虧損 0.30 美元。

The company monitors key business metrics to help it evaluate and establish budgets, measure the effectiveness of the sales and marketing efforts, and assess operational efficiencies. The non-IFRS key business metrics the company uses are EBITDA and Adjusted EBITDA. EBITDA, or EBITDA loss, is a non-IFRS financial measure that we define as a net profit or loss before depreciation, amortization-- amortization and impairment of intangible assets, interest and tax.

該公司監控​​關鍵業務指標，以幫助其評估和製定預算、衡量銷售和行銷工作的有效性以及評估營運效率。本公司使用的非國際財務報告準則關鍵業務指標是 EBITDA 和調整後 EBITDA。 EBITDA 或 EBITDA 損失是一種非國際財務報告準則財務指標，我們將其定義為折舊、攤提（無形資產、利息和稅收的攤銷和減損）之前的淨利潤或虧損。

Adjusted EBITDA, or Adjusted EBITDA loss, is a non-IFRS financial measure that we define as EBITDA, or EBITDA loss, as further adjusted to remove the impact of impairment of goodwill, if any, and share based compensation. Adjusted EBITDA for the third quarter of 2023 was positive at $1.9 million, compared to Adjusted EBITDA loss of $1.6 million in the same period of 2022.

調整後的 EBITDA 或調整後的 EBITDA 損失是一項非國際財務報告準則財務指標，我們將其定義為 EBITDA 或 EBITDA 損失，經過進一步調整以消除商譽減損（如有）和股權激勵的影響。 2023 年第三季調整後 EBITDA 為正，為 190 萬美元，而 2022 年同期調整後 EBITDA 虧損 160 萬美元。

For the first nine months of 2023, Adjusted EBITDA totalled positive $3 million, compared to an Adjusted EBITDA loss of $6.5 million in the ninth first month of 2022. Companies' cash and cash equivalents as of September 30, 2023, totalled $7.7 million, compared to $3.3 million as of December 31, 2022. As of September 30, 2023, shareholders' equity totalled $10.9 million, or approximately $1.87 per outstanding American depository share, compared to shareholders' equity of $13.3 million on December 31, 2022.

2023 年前9 個月，調整後EBITDA 總計為正300 萬美元，而2022 年第9 個月調整後EBITDA 虧損為650 萬美元。截至2023 年9 月30 日，公司現金及現金等價物總計為770 萬美元，而截至2022年12月31日，股東權益總計為1,090萬美元，即每股已發行美國存託股票約1.87美元，而截至2022年12月31日，股東權益為1,330萬美元。

The reduction is due mainly to the goodwill and intangible assets impairment recorded in the second quarter of 2023, offset by September 2023 private placement. Lastly, I wanted to touch base upon our share count as it stands today. On an outstanding basis, we have around 58.6 million ordinary shares, or 5.86 million ADSs. On a fully diluted basis, we currently have around 81.4 million shares, or 8.14 million ADSs outstanding.

減少的主要原因是2023年第二季記錄的商譽和無形資產減值，被2023年9月私募所抵銷。最後，我想談談我們目前的股份數量。在已發行的基礎上，我們擁有約 5,860 萬股普通股，或 586 萬股美國存託股份。在完全稀釋的基礎上，我們目前擁有約 8,140 萬股，即 814 萬股已發行美國存託股。

With that, I'll turn the call back over to Shachar.

這樣，我會將電話轉回給 Shachar。

Thanks, Shai. We undertook ambitious goals in recent years, and Alarum's current position is definitely a testament of the remarkable journey and the milestones we have achieved to date. These achievements underscore our ability to adapt and thrive in a dynamic business landscape.

謝謝，謝。近年來，我們實現了雄心勃勃的目標，Alaram 目前的地位無疑證明了我們迄今為止所取得的非凡歷程和里程碑。這些成就凸顯了我們適應動態商業環境並蓬勃發展的能力。

Our growth engines have been realized, and our significant competitive advantages have been crystallized. Both our financial and non-financial scheme metrics are moving in the right direction and align perfectly with our strategic vision.

我們的成長引擎已經實現，我們的顯著競爭優勢已具體化。我們的財務和非財務規劃指標都在朝著正確的方向發展，並與我們的策略願景完美契合。

In conclusion, we are extremely proud of our recent achievements, especially our first profitable quarter, and the growth we have experienced in our core business segment. We are excited about the future as we continue to expand our footprint in the data industry, delivering value to our customers and shareholders alike.

總而言之，我們對我們最近的成就感到非常自豪，特別是我們的第一個獲利季度，以及我們在核心業務領域所經歷的成長。我們對未來感到興奮，因為我們將繼續擴大在數據產業的足跡，為我們的客戶和股東創造價值。

Now, I would like to open the call for any questions. Operator, please go ahead.

現在，我想打開電話詢問任何問題。接線員，請繼續。

Thank you. (Operator Instructions) Thank you. Our first question comes from Brian Kinstlinger from Alliance Global Partners. Please proceed.

謝謝。 （操作員說明）謝謝。我們的第一個問題來自 Alliance Global Partners 的 Brian Kinstlinger。請繼續。

Great, thanks. I've got several questions. First, I wanted to talk about the expense base of the business. It's the first time we're seeing results excluding CyberKick.

萬分感謝。我有幾個問題。首先，我想談談業務的費用基礎。這是我們第一次看到不包括 Cyber​​Kick 的結果。

So, Brian, can you change your (inaudible)-- I barely hear you.

所以，布萊恩，你能改變一下你的（聽不清楚）──我幾乎聽不到你的聲音。

Okay, hold on. Can you hear me now?

好的堅持住。你聽得到我嗎？

Yeah, it's better.

是的，好多了。

Hello? Great. So, first, I wanted to talk about the expenses. It's the first time we're seeing results excluding CyberKick. So, the gross margin of 77%, is it sustainable and what would drive that to increase or decrease from here? And then, I'm curious, on the OpEx side, are there any significant investments you need to make? And are there any significant variable cost to sales?

你好？偉大的。首先，我想談談費用。這是我們第一次看到不包括 Cyber​​Kick 的結果。那麼，77% 的毛利率是否可持續？什麼因素會導致毛利率在此基礎上增加或減少？然後，我很好奇，在營運支出方面，您是否需要進行任何重大投資？銷售成本是否存在重大的變動成本？

Okay, first of all, hi. Second, so, for your first question, so, basically, as you know, we scaled down the CyberKick business. Due to this, some of the cost of goods, you know, major part of the cost of goods is not in our expenses anymore.

好的，首先，你好。其次，對於你的第一個問題，基本上，正如你所知，我們縮減了 Cyber​​Kick 業務的規模。因此，一些商品成本，你知道，大部分商品成本不再屬於我們的費用。

In addition, as we discussed in the past about our data business, about the enterprise business, so, basically, we succeeded to improve our cost of goods, in addition to the growth in the in the revenues, made us to achieve this 77%. Regarding the future, and let's talk about, I don't know, next year, for example, we think that the current OpEx structure or expense's structure, more or less, not significantly, if you ask if we need to significantly invest in order to keep the growth.

此外，正如我們過去討論的關於我們的數據業務、關於企業業務，所以基本上，我們成功地改善了我們的商品成本，除了收入的增長之外，使我們實現了 77% 。關於未來，讓我們談談，我不知道，例如明年，我們認為當前的營運支出結構或費用結構，或多或少，不是很大，如果你問我們是否需要大量投資才能保持成長。

So, at this point of time, we don't see a significant invest in order to keep the trend of our growth in the IPPN market, including releasing, as I mentioned in my pitch, this year, one of our targets, we start next year is to expand to the next level, to the next layer of the data business, which is the products layer of the scrapers and others. So, basically, also in order to expand to this market we will need to invest, but we don't see a significant change from our current expenses structure.

因此，目前，我們沒有看到重大投資來保持 IPPN 市場的成長趨勢，包括發布，正如我在推介中提到的，今年我們的目標之一，我們開始明年是要拓展到下一個層次，到數據業務的下一層，也就是爬蟲等的產品層。因此，基本上，為了擴展到這個市場，我們也需要投資，但我們目前的費用結構並沒有看到重大變化。

Great. Great. And then on the internet access piece that's driving growth, how are you differentiating from the competition? Why are enterprises choosing your solution? And what does the competitive landscape look like?

偉大的。偉大的。那麼在推動成長的網路存取領域，您如何與競爭對手區分開來？企業為何選擇您的解決方案？競爭格局又是怎麼樣的呢？

Okay. So, I will do it very simply. It's a question of brand and performance. And maybe brand is driven by the performance. So, as I mentioned, also, in the last two years, and by the way we are going to do it all the time, but we invested a lot in our product, in our network, in the stability of our network, in the geographical coverage, and in our space, customers are very sensitive to the performance, to the speed, to the downtime, et cetera.

好的。所以，我會做得非常簡單。這是一個品牌和性能的問題。也許品牌是由性能驅動的。所以，正如我所提到的，在過去的兩年裡，順便說一句，我們將一直這樣做，但我們在我們的產品、我們的網路、我們網路的穩定性、地理覆蓋範圍，在我們的領域，客戶對性能、速度、停機時間等非常敏感。

So, the size of our network, the stability of our network, allowing us now to work with big customers with huge demand, and that's what made us to be a leader in this space together with additional two or three companies. But, basically, if I am looking back for two and a half years ago, I think that we went all the way from being, I don't know, in the eighth place, seventh place in this space to be in the first three leading vendors in this space.

因此，我們網路的規模和穩定性使我們現在能夠與具有巨大需求的大客戶合作，這使我們與另外兩三家公司一起成為該領域的領導者。但是，基本上，如果我回顧兩年半前，我認為我們從這個領域的第八名、第七名一路走到了前三名，我不知道。該領域的領先供應商。

And, again, it's due to the stability, to the performance, to the support, to the sales teams, et cetera, et cetera. But regarding the competitive advantage, these are the main topics.

再說一遍，這是由於穩定性、性能、支援、銷售團隊等等。但關於競爭優勢，這些是主要議題。

Great. You mentioned some new customer wins in the AI intelligence market and also entering the FinTech market. Can you just maybe tell us where these customers are generally located, and can you also describe how they're using your technology?

偉大的。您提到在人工智慧智慧市場以及進入金融科技市場方面贏得了一些新客戶。您能否告訴我們這些客戶通常位於哪裡，並且您能否描述一下他們如何使用您的技術？

Yeah, of course. It's all about data. In these spaces, I think 80% of our customers are based in the US, and the rest, I think we have one in Paris, maybe one or two in Europe, but, basically, most of them are in the US in these spaces. And, as I mentioned, Brian, it's all about data. So, imagine yourself that you have a kind of rising intelligence, so a recruitment intelligence or others that, when you say intelligence, so they have their own algorithm that knows how to analyse data from many, many web and internet sources.

嗯，當然咯。一切都與數據有關。在這些空間中，我認為我們 80% 的客戶位於美國，其餘的，我認為我們在巴黎有一個，也許在歐洲有一兩個，但基本上，這些空間中的大多數都在美國。而且，正如我所提到的，布萊恩，一切都與數據有關。因此，想像一下你自己有一種不斷增長的智力，例如招募智力或其他人，當你說智力時，他們有自己的演算法，知道如何分析來自許多網路和網路來源的數據。

In order to be able to scrape and to collect this data in scale, they must use solely our kind of products behind. The same regarding the AI tools. At the end of the day, everybody, all these industries are based on data that they need to collect from the web. They need to get a transparent data. They need not to be blocked. They need to simulate themselves like they are coming from all over the world in order to get the relevant data in the relevant geographical zone.

為了能夠大規模地抓取和收集這些數據，他們必須只使用我們的產品。人工智慧工具也是如此。歸根結底，每個人、所有這些行業都基於他們需要從網路收集的數據。他們需要獲得透明的數據。他們不需要被阻止。他們需要模擬自己來自世界各地，以便獲得相關地理區域的相關數據。

So, without our products behind, just from their domain or from their premise, they cannot do it. They must have an automatic tools behind, and our IP proxy is mandatory for them to have and to get the data and to analyse it.

因此，如果沒有我們的產品支持，無論是從他們的領域還是從他們的前提，他們都無法做到這一點。他們必須擁有自動工具，而我們的 IP 代理是他們必須擁有、取得資料並分析資料的強制要求。

Got it. So, you're enabling AI to do their analytics.

知道了。因此，您可以讓人工智慧進行分析。

Exactly.

確切地。

To do their algorithms.

做他們的算法。

Enabling them to collect data.

使他們能夠收集數據。

Yeah.

是的。

To collect the data. The analytics is from their side.

收集數據。分析來自他們這邊。

Yeah. Okay. I'm going to ask one more question, and then I'm going to get back in the queue. I'm going to ask questions. I have a couple more. I'm just curious, with the recent offering, what the fully diluted share count is today. Again, I'll get back in the queue and ask some more. Fully dilute?

是的。好的。我要再問一個問題，然後我會回到隊列。我要問問題。我還有幾個。我只是好奇，透過最近的發行，今天完全稀釋的股票數量是多少。我會再次回到隊列並詢問更多問題。完全稀釋？

The fully diluted share count.

完全稀釋的股份數量。

Yeah. Yes, it's about 8.1 million ADSs.

是的。是的，大約有 810 萬個 ADS。

Great. I got a few more. I'll get back in the queue and hit star 1 again. Okay.

偉大的。我還有幾個。我會回到隊列並再次點擊 1 星。好的。

Our next question comes from George Moore from Carter, Terry. Please proceed.

我們的下一個問題來自卡特特里的喬治摩爾。請繼續。

Hi, guys. Congratulations. What a very good quarter. My question is real quick. It goes twofold. Is the impact of scaling down on the consumer segment, right? With that, are you still deriving revenue from there? When will that ultimately end? And then, going along with Brian's question, on the growth of a large vision for the next couple of years, how do you expand and grow off of that?

嗨，大家好。恭喜。多麼好的一個季度。我的問題問得真快。它是雙重的。縮減規模對消費族群的影響是吧？那麼，您還從那裡獲得收入嗎？這最終什麼時候才能結束？然後，根據布萊恩的問題，關於未來幾年的宏偉願景的發展，你如何擴展並成長？

Okay. So, thanks for your question. Thanks for the compliment. I will merge your two questions to one answer from my side. So, as I mentioned, yes, we took a decision to scale down the consumer business. When I'm saying scale down, we're not investing in the consumer business. We're not investing anymore, not in R&D at this point of time, and not in consumer acquisition.

好的。所以，謝謝你的提問。謝謝你的稱讚。我會將您的兩個問題合併為我這邊的一個答案。因此，正如我所提到的，是的，我們決定縮減消費者業務。當我說縮小規模時，我們並不是投資消費者業務。我們不再投資，目前不再投資研發，也不再投資消費者取得。

And we are just maintaining our current product and currently bearing fruit from our current customers that are paying on a monthly basis. And when we took this decision, we took into account that we are going to kind of losing maybe significant revenues, but for the future, it's the right strategy for the company.

我們只是維持現有的產品，並從按月付費的現有客戶那裡獲得成果。當我們做出這個決定時，我們考慮到我們可能會損失大量收入，但對於未來來說，這對公司來說是正確的策略。

We are very happy that even from revenues perspective, the impact is minimal, almost zero. And from profitability and strategy and focus of the company, the impact is huge. So, at this point of time, the revenues from our consumer business is not material comparing to the enterprise business. And basically, it's going to stay like this for the coming future.

我們非常高興的是，即使從收入的角度來看，影響也很小，幾乎是零。而且從公司的獲利能力和策略以及重點來看，影響是巨大的。所以，目前來看，我們的消費者業務的收入與企業業務相比並不重要。基本上，在未來的將來它會保持這樣的狀態。

Regarding the question for--Regarding your question, sorry, for the vision. So, the vision is basically to expand our product penetration in current markets, to continue to develop innovative products in addition segments of the data collection market and leverage them with our current customer base. Meaning, the data collection market and space, like many other spaces, are built from layers.

關於你的問題，抱歉，關於願景。因此，我們的願景基本上是擴大我們的產品在當前市場的滲透率，繼續在資料收集市場的其他領域開發創新產品，並利用我們目前的客戶群來利用它們。這意味著，資料收集市場和空間與許多其他空間一樣，是分層建構的。

Now, we took a step and the leadership in our layer of the infrastructure, which is the IP proxy network. We have hundreds of satisfied customers. The next stage is to offer them also the product, the scraper, the data sets, the AI tools, the insights or the analytics of the data, which direction that we will choose and to come and say to them, okay, you are working with us anyway. You are very satisfied. You prefer to work with one vendor than to split your infrastructure and your solutions for a few vendors.

現在，我們在基礎設施層（即IP代理網路）上邁出了一步並處於領先地位。我們有數百名滿意的客戶。下一階段是向他們提供產品、抓取工具、資料集、人工智慧工具、資料洞察或分析，我們將選擇哪個方向並對他們說，好吧，你正在工作無論如何，和我們在一起。你很滿意。您更願意與一個供應商合作，而不是將您的基礎架構和解決方案拆分給幾個供應商。

And now, let's cross-sell these customers with our new and innovative products. This is our strategy how to take the market. And we see that it currently works quite well. We released the first product just in the middle of 2023. And the future looks very bright from this perspective. I hope it answers your question.

現在，讓我們向這些客戶交叉銷售我們的創新產品。這就是我們如何佔領市場的策略。我們看到它目前運行得很好。我們在 2023 年中期發布了第一個產品。從這個角度來看，未來看起來非常光明。我希望它能回答你的問題。

Yes, thank you. I'll go back to queue.

是的，謝謝。我會回去排隊。

Thank you.

謝謝。

Our next question comes from Emily Patterson who is a Private Investor. Please proceed.

我們的下一個問題來自私人投資者艾米麗·帕特森。請繼續。

Good morning. My question is pretty quick and simple. Does the path to profitability come at expense of growth?

早安.我的問題非常快速和簡單。獲利之路是否以犧牲成長為代價？

Sorry, but I didn't hear you well. Yes, can you hear me now?

抱歉，我沒聽清楚。是的，你現在聽得到我說話嗎？

Yes, Can you hear me now?

是的，你現在聽得到我說話嗎？

Yeah, now it's better.

是的，現在好多了。

My question is pretty quick and simple. Does the path to profitability come at expense of growth?

我的問題非常快速和簡單。獲利之路是否以犧牲成長為代價？

Okay. So, it's a very-- very good question. So, basically, our transition to profitability was made possible thanks to a calculated balance that we made between growth and profit. It is our intention to continue keeping this balance that will allow the company to continue growing alongside sustain itself.

好的。所以，這是一個非常非常好的問題。因此，基本上，我們向獲利的轉變之所以成為可能，要歸功於我們在成長和利潤之間的平衡。我們打算繼續保持這種平衡，使公司能夠在維持自身發展的同時繼續發展。

As you can see, as we did it before, management will consider and we will consider the two aspects all the way. For example, if we will decide to invest in development of a new product or a new demand or new market, investing more in marketing to enter a new segment, all of those actions will be taken in order to save future growth and profitability.

大家可以看到，就像我們之前所做的那樣，管理階層會考慮，我們也會全程考慮這兩方面。例如，如果我們決定投資開發新產品、新需求或新市場，增加行銷投入以進入新細分市場，那麼所有這些行動都將是為了保存未來的成長和獲利能力。

Meaning, we proved the world and more important to ourselves that our current business can be profitable and can fund itself. And our intention is to stay profitable and to stay efficient. Of course, you will see an amazing opportunity of expanding, developing, investing in R&D or in new markets. And maybe we'll take a decision to change a little bit this balance, but the direction is this direction. I hope it answers your question.

這意味著，我們向世界證明了，對我們自己更重要的是，我們目前的業務可以獲利並且可以為自己提供資金。我們的目的是保持獲利和效率。當然，您會看到擴展、開發、投資研發或新市場的絕佳機會。也許我們會決定稍微改變一下這個平衡，但方向就是這個方向。我希望它能回答你的問題。

It does. Thank you so much.

確實如此。太感謝了。

Thank you.

謝謝。

Our next question comes from Robert Smith from the Center Performance Investing. Please proceed.

我們的下一個問題來自績效投資中心的羅伯特史密斯。請繼續。

Thanks for taking my questions. Congratulations on the steps to profitability. You mentioned that in the particular area that you've been addressing that you leap from eighth or ninth to about third. Can you give me some ideas to the first two companies that are basically ahead of you at this point? And what kind of volume of business do they do?

感謝您回答我的問題。恭喜您邁出了獲利的步伐。您提到，在您一直致力於解決的特定領域，您從第八或第九躍升至第三位。您能給我一些目前基本上領先於您的前兩家公司的想法嗎？他們的業務量是多少？

Okay. These are two companies. Again, they are private companies. What I can mention is only for my knowledge and understanding the business, not from any formal numbers or statistics or data that we have about these companies. And the leading company in this space, according to my knowledge, is an Israeli-based company. The name is ByData.

好的。這是兩家公司。再次強調，它們是私人公司。我能提到的只是我對業務的了解和理解，而不是我們擁有的有關這些公司的任何正式數字或統計數據或數據。據我所知，這個領域的領先公司是一家以色列公司。名稱是ByData。

And the second company in the second place, again, according to our knowledge, is a European company. The name is Oxylabs, and it's basically a sister company of the biggest, maybe, consumer VPN in the world, which is NordVPN. These two leaders are leading the market.

據我們所知，排名第二的第二家公司也是歐洲公司。這個名字是 Oxylabs，它基本上是世界上最大的（也許是）消費者 VPN（NordVPN）的姊妹公司。這兩位領導者正在引領市場。

They are more mature than us, and they started a few years before we started. Regarding the numbers, I don't want to mislead you, but I can tell you in high level that as far as we know, both of them are doing more than $100 million a year, and they are growing.

他們比我們成熟，而且比我們早幾年就開始了。關於數字，我不想誤導您，但我可以高水準地告訴您，據我們所知，他們每年的收入都超過 1 億美元，而且還在成長。

Thanks so much. I'm grateful. Good luck.

非常感謝。我很感激。祝你好運。

Thank you.

謝謝。

Our next question comes from Brian Kinstlinger from Alliance Global Partners. Please proceed.

我們的下一個問題來自 Alliance Global Partners 的 Brian Kinstlinger。請繼續。

Great. I want to follow up on one of the questions that was just asked. I'm curious of the KPIs that you look at in order to give you confidence that you continue this growth path for the next 12 to 18 months, and is that growth path similar to the growth that you are seeing currently in the business? Is it a little bit slower? Is it a little bit faster? I'm just trying to understand that piece.

偉大的。我想跟進剛才提出的問題之一。我很好奇您所關注的關鍵績效指標(KPI)，以便讓您有信心在未來12 到18 個月內繼續保持這種成長路徑，這種成長路徑與您目前在業務中看到的成長是否相似？是不是有點慢了？是不是有點快了？我只是想理解那篇文章。

Okay. First of all, it's not only in our company or space. The major KPI in order to maintain growth and sustainable business is there is a retention of the current customers. The purpose, of course is to have a minimal amount of churn. And, of course, the second target is to have new customers or upsets that will be higher than the churn month after month.

好的。首先，這不僅僅是在我們公司或空間中。為了維持成長和永續業務，主要的關鍵績效指標是保留現有客戶。目的當然是盡量減少客戶流失。當然，第二個目標是擁有比每月流失率更高的新客戶或煩惱。

And by this, we can maintain current customers, talent, and a stream of revenues and to grow. From this perspective, I can tell you that in the last, let's say one and a half years, six, eight, seven quarters, since we invested a lot, as I mentioned before, in our network and the stability of our product and the performance of our product, we see an amazing retention for most of our customers that some of them are in an annual mode, that some of them half six-month subscriptions.

透過這種方式，我們可以維持現有的客戶、人才和收入流並實現成長。從這個角度來看，我可以告訴你，在過去，比如說一年半，六年，八個，七個季度，因為正如我之前提到的，我們在我們的網絡和產品的穩定性以及我們的產品性能，我們看到大多數客戶的保留率驚人，其中一些是年度模式，其中一些是半六個月的訂閱。

Basically, most of them are in monthly recurring revenue basis. This is our space. This is also the competition so, we are trusting the level of satisfaction of our customers and the professionalism of our business development and sales team that will maintain them in addition to bringing new customers upsets and cross-sells of our new product.

基本上，大多數都是按月經常性收入計算的。這是我們的空間。這也是競爭，因此，我們相信客戶的滿意度以及我們業務開發和銷售團隊的專業精神，除了給新客戶帶來困擾和新產品的交叉銷售之外，他們還將維持這些水平。

Regarding the growth and this year, we grew in amazing numbers to be honest with you, even more than I expected, which was an amazing surprise. I will be surprised all my life from this kind of growth. The target is to keep the growth all the time. We are a growth company by bringing new customers, by releasing new products, by cross-sells, by upsets.

關於成長，說實話，今年我們的成長速度驚人，甚至超出了我的預期，這是一個驚人的驚喜。這樣的成長我一生都會感到驚訝。目標是始終保持成長。我們是一家成長型公司，透過引進新客戶、發布新產品、交叉銷售和顛覆。

Now to tell you if we have the same rate of growth.The target is to grow. Of course, we have our target numbers, we have our budget, and we know what we want. But I don't want at this point to talk about numbers just to tell you that we are trusting our team, trusting the industry, the market that is growing, the AI that came in, the data-based decisions.

現在告訴你我們是否有相同的成長率。目標是成長。當然，我們有我們的目標數字，我們有我們的預算，我們知道我們想要什麼。但我現在不想談數字，只是為了告訴你們我們信任我們的團隊，信任這個產業，信任正在成長的市場，信任人工智慧的出現，信任基於數據的決策。

There are many huge organizations are announced themselves. The fact that everybody needs data and understands that data is the blightlight of everything. Also, providing us a level of trust that we will grow together with the market and the fact that we are one of the leading brands in this space.

有許多大型組織都宣布了自己。事實上，每個人都需要數據，並且明白數據是一切的禍根。此外，這也為我們提供了一定程度的信任，讓我們相信我們將與市場共同成長，並且我們是該領域的領先品牌之一。

So just to follow up, can you share what Churn is today and maybe what it was three years ago? And then in addition, is there any pipeline metrics for your potential new customer wins over the next 12 to 18 months? Is there any way to track that?

那麼，接下來，您能否分享一下今天的流失率以及三年前的流失率？此外，是否有任何管道指標可以衡量您在未來 12 到 18 個月內贏得的潛在新客戶？有什麼辦法可以追蹤嗎？

Yes. The Churn is very-- It's not a one number, okay? Because you can measure Churn in many ways. And we have our formulas, but it's a very complicated explanation. I can tell you that the Churn is 1-- 2.5 times better than the Churn that we had two years ago. And we didn't-- We are planning, I guess, in the next quarter, also to release KPIs for our retention and Churn lifetime value of our customers.

是的。客戶流失率非常——這不是一個數字，好嗎？因為您可以透過多種方式衡量流失率。我們有公式，但這是一個非常複雜的解釋。我可以告訴你，流失率比我們兩年前的流失率好 1 - 2.5 倍。但我們沒有——我想，我們還計劃在下個季度發布客戶保留率和客戶流失生命週期價值的 KPI。

And then we will explain and then it will be much easier for me also to elaborate about it in the investors' call. So basically, at this point of time, I prefer not to miss a lead and then starting to explain about our Churn formulas, LTV formulas, et cetera.

然後我們將進行解釋，然後我在投資者電話會議中詳細說明這一點也會容易得多。所以基本上，在這個時候，我不想錯過任何線索，然後開始解釋我們的客戶流失公式、LTV 公式等等。

And can you discuss in any way pipeline to evaluate the new customer side of the equation?

您能否討論以任何方式評估新客戶方面的管道？

You know, we have now basically pipeline of millions of dollars that we are discussing, negotiating. We are in trial proof of concept. We call it trial, but it's the same like proof of concept in our pipeline. Some of them, it's a very short sales process that can take one to two weeks. By the way, most of our customers are in a very short sales process.

你知道，我們現在基本上已經有數百萬美元的資金正在討論、談判中。我們正在進行概念驗證試驗。我們稱之為試驗，但這與我們管道中的概念驗證相同。其中一些銷售過程非常短，可能需要一到兩週的時間。順便說一句，我們大多數客戶的銷售流程都很短。

And some of them, it will take time because they are big organizations. You know, they have their chain of approvals. You need to go through due diligence, procurement, and due diligence calls, et cetera. But we have pipe from new money perspective of millions for 2024 that according to our formulas, you know, we have probability some of them are in 70%, some of them are in 90%, some of them are in 50%.

其中一些需要時間，因為它們是大型組織。你知道，他們有一系列的批准。您需要進行盡職調查、採購和盡職調查電話等。但我們從 2024 年新資金的角度來看，有數百萬的資金，根據我們的公式，你知道，我們有可能其中一些是 70%，有些是 90%，有些是 50%。

And we have our formula that we generate from this formula our projections for new customers slash new absence crosses the next four quarters of 2024.

我們有一個公式，根據這個公式我們對新客戶的預測將在 2024 年接下來的四個季度大幅減少。

Okay. The last question I have is, I believe from your, when you pre-announced the numbers. I think you said you were at-- you generated operating cash flow. Can you share what your third quarter operating cash flow is? And as we think about going forward, should adjusted EBITDA somewhat track cash flow or will it be lumpy?

好的。我的最後一個問題是，我相信你是在你預先公佈這些數字時提出的。我想你說過你正在產生營運現金流。能分享一下第三季的營運現金流嗎？當我們考慮未來時，調整後的 EBITDA 應該在某種程度上追蹤現金流量還是不穩定？

So as we announced, Shai, correct me if I'm wrong, our operating cash flow is around $1.5 million for the quarter.

因此，正如我們宣布的那樣，Shai，如果我錯了，請糾正我，我們本季的營運現金流約為 150 萬美元。

Yes, we said more than $1.5 million, a bit more than this.

是的，我們說超過 150 萬美元，比這個多一點。

Yeah. A bit more. The adjusted EBITDA is always $1.9 million Your question, Brian, is how do we see this gap in the next quarter?

是的。多一點。調整後的 EBITDA 始終為 190 萬美元，布萊恩，您的問題是我們如何看待下一季的這一差距？

Is that a similar ratio we should think about going forward of cash flow to adjusted EBITDA?

我們應該考慮現金流量與調整後 EBITDA 的比率是否相似？

As we see it, there shouldn't be any huge differentiation going forward, at least for the foreseen future, between the EBITDA and the generation of cash from operating-- from operating activities.

正如我們所看到的，至少在可預見的未來，EBITDA 和經營活動產生的現金之間不應該有任何巨大的差異。

Right. Thank you so much. Certainly a 20% operating margin even though it's not even smaller is much better than a break-even operating result. So congratulations.

正確的。太感謝了。當然，20% 的營業利潤率即使不算更小，也比損益兩平的營業結果好得多。所以恭喜你。

Thank you very much, Brian. Appreciate it.

非常感謝你，布萊恩。欣賞它。

Thank you.

謝謝。

Our next question comes from Robert Smith from the Center for Performance Investing. Please proceed.

我們的下一個問題來自績效投資中心的羅伯特史密斯。請繼續。

Yes. Just a couple more questions. First, do you feel that you have financial resources to proceed without raising additional capital in the foreseeable future, say, in the next 12-18 months?

是的。還有幾個問題。首先，您是否認為在可預見的未來（例如未來 12-18 個月）內，您是否有足夠的財務資源在不籌集額外資金的情況下繼續進行？

Yes.

是的。

Okay. And secondly,

好的。其次，

Just to add more comments, besides of, you know, maybe we will make a decision in the future to have a special, you know, events like M&A or something like this. But for our current operation, our current cash in the bank, and of course the fact that we are not burning money, the opposite is correct. We are generating cash so we don't need to raise money.

只是為了添加更多評論，此外，您知道，也許我們將來會做出決定，舉辦一場特殊的、您知道的活動，例如併購或類似的活動。但是對於我們現在的經營，我們現在銀行裡的現金，當然還有我們沒有燒錢這個事實，相反的情況是正確的。我們正在產生現金，所以我們不需要籌集資金。

Okay. And are you hiring people now?

好的。你們現在在招人嗎？

Of course. All the time.

當然。每時每刻。

And how would you characterize the availability of talent out there?

您如何評估人才的可用性？

In Israel?

在以色列？

Well, whoever is a possible to help you to help you in growing the business.

好吧，無論誰有能力幫助您，都可以幫助您發展業務。

No, you asked the availability of talent globally or specifically in our region, in our country, which is Israel.

不，您問的是全球或特別是我們地區、我們國家（以色列）的人才供應情況。

You know. Yes.

你知道。是的。

So, you know, I'm saying it proudly, Israel is, you know, full of talent, but full of great companies. And I can say, by the way, I didn't discuss about it because it's not measurable, but I can say also proudly that due to the fact that due to these numbers and, the success of the company, you know, employees want to work in a place that demonstrates success and like a winner place.

所以，你知道，我自豪地說，以色列充滿了人才，也充滿了偉大的公司。順便說一句，我可以說，我沒有討論這個問題，因為它是不可衡量的，但我也可以自豪地說，由於這些數字和公司的成功，你知道，員工想要在一個展示成功、像勝利者的地方工作。

So we see a trend that a lot of CVs of employees are sending to us. A lot of employees want to work here and we can sometimes even do a hunting and we are doing it for talents from other companies. So at this point of time, with the help of God, it will stay like this. We are an attractive place for employees. Of course, in Israel, the talent is a very expensive resource, but we are managing it.

所以我們看到了很多員工向我們發送履歷的趨勢。很多員工想在這裡工作，有時我們甚至可以進行狩獵，我們正在為其他公司的人才做這件事。所以這時候，有神的幫助，才會一直這樣。我們對員工來說是一個有吸引力的地方。當然，在以色列，人才是一種非常昂貴的資源，但我們正在管理它。

Are you impacted by what's happening in everything that's happening in the Middle East there?

您是否受到中東地區發生的一切影響？

You are asking if we see an impact on our business?

您是問我們的業務是否受到影響？

Well, I mean, through personnel.

嗯，我的意思是，透過人員。

Ah, from a personnel perspective?

啊，從人事角度來說？

No, personnel.

不，人員。

Ah, personnel. Yeah, of course. You know, we have some employees that are in the army now and by the way, most of them are in the intelligence unit so they are sitting in front of computers, but they are still in the army. So first of all, our country is more important than everything, so we are supporting them.

啊，人員。嗯，當然咯。你知道，我們現在有一些員工在軍隊，順便說一句，他們大多數在情報部門，所以他們坐在電腦前，但他們仍然在軍隊。所以首先，我們的國家比一切都重要，所以我們支持他們。

And second, our employees and myself know that one of the targets of our enemies is to kill our economy. So even if someone is not in the army now, we feel that our donation and value is to maintain the economy of this country and to show our enemies that nothing will break us.

其次，我們的員工和我自己都知道，我們敵人的目標之一是扼殺我們的經濟。因此，即使現在有人不在軍隊，我們也覺得我們的捐贈和價值是為了維持這個國家的經濟，並向我們的敵人表明沒有什麼能打敗我們。

So we are starting and succeeding to recover from this and by the way, to do it even better because you know, the motivation and the spirit of everybody now in Israel is something that is, you know, in regular days is much higher.

因此，我們正在開始並成功地從中恢復過來，順便說一句，我們做得更好，因為你知道，現在以色列每個人的動力和精神比平時要高得多。

Best wishes to work through current future prosperity.

祝愿您在當前的未來繁榮昌盛。

Thank you very much.

非常感謝。

This concludes our question-and-answer session. I would like to turn the floor back over to Shachar Daniel for closing comments.

我們的問答環節到此結束。我想把發言權交還給沙查·丹尼爾（Shachar Daniel）以供結束評論。

Thank you, operator, and thank you all of your for joining us today. Thank you for your continued support. And we look forward to continue providing positive updates on our business progress.

謝謝運營商，也謝謝大家今天加入我們。感謝您一如既往的支持。我們期待繼續提供有關我們業務進展的積極更新。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。