Alarum Technologies Ltd (ALAR) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen.

美好的一天，女士們先生們。

Thank you for standing by.

謝謝你的支持。

Welcome to the Alarum Technologies third-quarter 2024 corporate update conference call.

歡迎參加 Alarum Technologies 2024 年第三季企業更新電話會議。

During today's presentation, all parties will be on a listen-only mode.

在今天的演示過程中，各方都將採用只聽模式。

(Operator Instructions) This conference is being recorded today, November 25, 2024.

（操作員說明）本次會議已於今天（2024 年 11 月 25 日）錄製。

Before we get started, I would like to read a forward-looking statements disclaimer.

在我們開始之前，我想閱讀一份前瞻性聲明的免責聲明。

This conference call may contain, in addition to historical information, forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws.

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 and performance, and underlying assumptions and other statements that are different than historical fact.

前瞻性陳述包括有關計劃、目的、目標、策略、未來事件和績效的陳述，以及基本假設和其他與歷史事實不同的陳述。

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 that may cause actual outcomes that are different materially from expectations reflected in these forward-looking statements.

這些前瞻性陳述是基於當前管理層的預期，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，這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 heading Risk Factors in Alarum's Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 14, 2024, and in any subsequent filings with the SEC.

潛在風險和不確定性包括 Alarum 於 2024 年 3 月 14 日向美國證券交易委員會提交的 20-F 表格年度報告以及隨後向 SEC 提交的任何文件中風險因素標題下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.

所有代表本公司所做的前瞻性陳述，無論是書面或口頭，均明確受到這些警訊的限制。

Such forward-looking statements are subject to risks and uncertainties, and we caution you not to place undue reliance on these.

此類前瞻性陳述有風險和不確定性，我們提醒您不要過度依賴這些陳述。

On the call, the company will also present non-IFRS key business metrics.

在電話會議上，該公司也將介紹非國際財務報告準則的關鍵業務指標。

The non-IFRS key business metrics the company uses are EBITDA and adjusted EBITDA, non-IFRS gross margin, non-IFRS net profit or loss, and non-IFRS basic earnings or loss per share or ADS.

本公司使用的非國際財務報告準則關鍵業務指標包括EBITDA 和調整後的EBITDA、非國際財務報告準則毛利率、非國際財務報告準則淨利潤或虧損以及非國際財務報告準則基本每股收益或虧損或美國存託股。

The exact definitions of these non-IFRS key business metrics are described in the company's third quarter of 2024 financial results press release.

該公司 2024 年第三季財務業績新聞稿中描述了這些非 IFRS 關鍵業務指標的確切定義。

I'll now turn the call over to Shachar Daniel, Alarum Technologies' CEO.

現在我將把電話轉給 Alarum Technologies 執行長 Shachar Daniel。

Mr. Daniel, the floor is yours.

丹尼爾先生，請發言。

Thank you, and welcome everyone to Alarum Technologies third-quarter 2024 results conference call.

謝謝大家，歡迎大家參加 Alarum Technologies 2024 年第三季業績電話會議。

Joining me on today's call is Shai Avnit, our CFO.

我們的財務長 Shai Avnit 也參加了今天的電話會議。

I will discuss recent development, the progress of our strategic initiatives, and our longer-term vision.

我將討論最近的發展、我們策略舉措的進展以及我們的長期願景。

Shai will review the financials and provide our Q4 2024 and full-year 2024 guidance.

Shai 將審查財務狀況並提供 2024 年第四季和 2024 年全年指引。

I will conclude the prepared remarks with a summary.

我將對準備好的發言進行總結。

And we will then open the call for your questions.

然後我們將開始電話詢問您的問題。

I am pleased to share that in Q3 2024, we continue to bear the fruits of our strategic shift to focusing on NetNut, our data collection business unit.

我很高興與大家分享，在 2024 年第三季度，我們持續結出策略轉型的成果，專注於我們的資料收集業務部門 NetNut。

NetNut contributed nearly 100% on both quarterly and accumulated business.

NetNut 對季度和累積業務的貢獻率接近 100%。

We topped the full-year 2023 revenues during the first three quarters of 2024.

2024 年頭三季度，我們的收入超過了 2023 年全年收入。

Total Q32024 revenues hit the high end of our guidance as revenues came in at $7.2 million of which $7 million were attributed to NetNut.

2024 年第三季總收入達到了我們指導的上限，收入為 720 萬美元，其中 700 萬美元來自 NetNut。

We exceeded our Q3 2024 adjusted EBITDA guidance, recording an adjusted EBITDA of $1.4 million.

我們超越了 2024 年第三季調整後 EBITDA 指導，調整後 EBITDA 為 140 萬美元。

We demonstrated once again continued success in cash flow generation.

我們再次證明了在現金流產生方面的持續成功。

Testament to our profitable business model, our cash and cash equivalent at the end of the quarter increased to $24 million.

本季末我們的現金和現金等價物增加至 2,400 萬美元，證明了我們獲利的業務模式。

Our strong cash balance position us to invest in opportunities that will drive long-term success, allowing us to focus on expanding our business and laying the groundwork for sustained growth.

我們強大的現金餘額使我們能夠投資於能夠推動長期成功的機會，使我們能夠專注於擴大業務並為持續成長奠定基礎。

Consistent with our strategy and long-term vision, in Q3, we significantly advanced our main growth engines.

根據我們的策略和長期願景，在第三季度，我們顯著地推進了我們的主要成長引擎。

We increased our market share in the IP Proxy Network, the IPPN segment, and further penetrated to the data collection and labeling market.

我們增加了 IP 代理網路、IPPN 細分市場的市場份額，並進一步滲透到資料收集和標籤市場。

Our focus on forming the broadest data collection and insight offerings positions us to effectively address evolving market needs while driving long-term value for our stakeholders.

我們專注於形成最廣泛的數據收集和洞察產品，使我們能夠有效地滿足不斷變化的市場需求，同時為利害關係人帶來長期價值。

I will start with the IPPN.

我將從 IPPN 開始。

Our expanding IP network is a key asset to serve diverse industries and companies relying on our IP Proxy Network for their critical data needs.

我們不斷擴展的 IP 網路是一項重要資產，可為依賴我們的 IP 代理網路滿足其關鍵資料需求的不同行業和公司提供服務。

We have significantly enhanced its infrastructure coverage and end points.

我們顯著增強了其基礎設施覆蓋範圍和端點。

At the same time, we prioritize improving our capacity to handle larger traffic volumes, aligning with the strategy to build a scalable and profitable infrastructure for future growth.

同時，我們優先考慮提高處理更大流量的能力，與為未來成長建立可擴展且獲利的基礎設施的策略保持一致。

One of our main product enhancements introduced this quarter was a new dashboard which significantly improves our customers' experience and already received excellent feedback from both users and potential customers.

我們本季推出的主要產品增強功能之一是新的儀表板，它顯著改善了客戶的體驗，並且已經收到了用戶和潛在客戶的良好回饋。

Through our IPPN, organizations can access public online sources with data regularly updated based on IP location and other demographic attributes.

透過我們的 IPPN，組織可以存取公共線上資源，並根據 IP 位置和其他人口統計屬性定期更新資料。

We enable them to securely and anonymously capture reliable data while protecting their sensitive research and online activities.

我們使他們能夠安全、匿名地捕獲可靠數據，同時保護他們的敏感研究和線上活動。

What clearly sets us apart in the scale of our network is stability, strong performance, and our ongoing global expansion.

我們在網路規模上的明顯優勢在於穩定性、強大的效能以及我們持續的全球擴張。

Building on the strength of our IP network, let's move to the second pillar of our growth strategy, the data collection and labeling market.

依託我們 IP 網路的優勢，讓我們轉向成長策略的第二個支柱：資料收集和標籤市場。

On our Q2 call, I shared with you that we have started generating initial engagement with new customers for our website and local products, and that we are seeing a growing pipeline of opportunities for these products which has been tested and weighted as a market leader by industry experts.

在我們的第二季電話會議上，我與您分享了我們已經開始與新客戶就我們的網站和本地產品進行初步接觸，並且我們看到這些產品的機會不斷增長，這些產品已經過市場領導者的測試和衡量。

We recently reached an important milestone in executing our strategy.

最近，我們在執行策略方面達到了一個重要的里程碑。

The Fortune 200 Company that began using our IPPN product in the third quarter expanded its subscription by adopting our unique Website Unblocker in less than three months.

財富 200 強公司在第三季度開始使用我們的 IPPN 產品，在不到三個月的時間內透過採用我們獨特的 Website Unblocker 擴大了其訂閱範圍。

Two impactful factors make this win stand out.

有兩個影響因素使這場勝利脫穎而出。

First, [more sales] the fact that they added the Website Unblocker shortly after subscribing for our IPPN.

首先，[更多銷售]他們在訂閱我們的 IPPN 後不久就添加了網站解鎖器。

Second, the significance of this win lies in the extensive large-scale evaluation conducted.

其次，這次獲獎的意義在於進行了廣泛的大規模評估。

The new customer operating a multi-million cross-region network and the multi-billion US-dollar business chose our solution to enhance automation and its own customer spending while gaining a competitive edge.

經營數百萬跨區域網路和數十億美元業務的新客戶選擇了我們的解決方案來增強自動化和自身客戶支出，同時獲得競爭優勢。

The Website Unblocker is a crucial enabler for our entry into the multi-billion dollar data collection and labeling market.

Website Unblocker 是我們進入價值數十億美元的資料收集和標籤市場的關鍵推動者。

It provides our customers with enhanced data access and improved operational efficiency allowing them to penetrate to new markets, gain deeper insights into customer behavior, and optimize their strategies.

它為我們的客戶提供增強的數據存取和提高的營運效率，使他們能夠滲透到新市場，更深入地了解客戶行為並優化他們的策略。

One notable market trend we are seeing in the increasing demand for data sets.

我們看到的一個顯著的市場趨勢是對資料集的需求不斷增長。

As companies face growing challenges in accessing reliable and up-to-date data, our planned AI data collector solution will offer a major advantage by providing continuous access to how to find data, giving our customers a competitive edge.

隨著公司在存取可靠和最新數據方面面臨越來越大的挑戰，我們計劃的人工智慧資料收集器解決方案將透過提供持續存取如何找到資料來提供主要優勢，從而為我們的客戶提供競爭優勢。

The AI data collector will enable companies to quickly create a collection in just minutes.

人工智慧資料收集器將使公司能夠在短短幾分鐘內快速建立集合。

Thanks to its intuitive no-code interface, its advanced AI will automatically adapt to website changes, ensuring continuous data collection with minimal downtime.

由於其直覺的無程式碼介面，其先進的人工智慧將自動適應網站的變化，確保持續收集數據，並最大限度地減少停機時間。

We all value the importance of data in every aspect of our lives.

我們都重視數據在生活各方面的重要性。

The considerable investments we have made in NetNut in the recent years serves as the key to our entry into the data world.

近年來我們對 NetNut 的大量投資是我們進入數據世界的關鍵。

The rapid growth of artificial intelligence further validates the core principle behind this investment, highlighting its potential to drive innovation and unlock new opportunities.

人工智慧的快速成長進一步驗證了這項投資背後的核心原則，凸顯了其推動創新和釋放新機會的潛力。

At this point, I would like to highlight the key trends we are seeing and share the metrics you consider most important and insightful in evaluating our most recent progress.

在這一點上，我想強調我們看到的主要趨勢，並分享您認為在評估我們最新進展時最重要和最有洞察力的指標。

First, the Website Unblocker.

首先，網站解鎖器。

It's clear that the market recognizes the value of this solution, and we are addressing a real and pressing need.

顯然，市場已經認識到該解決方案的價值，我們正在解決一個真實而迫切的需求。

Alongside the success we have already shared, we are seeing a significant demand in the market reflected in an expanding pipeline.

除了我們已經分享的成功之外，我們還看到市場的巨大需求反映在不斷擴大的產品線中。

While it's early to project the immediate revenue impact, it's clear that our innovative high-quality solution is in demand.

雖然現在預測直接收入影響還為時過早，但很明顯，我們創新的高品質解決方案很受歡迎。

In Q4, in line with the projected year-over-year growth, we expect to continue to enjoy strong solid customer rotation rates across most verticals.

在第四季度，根據預期的同比增長，我們預計大多數垂直行業將繼續享有強勁而穩定的客戶輪換率。

Our growth strategy in the dynamic data collection market emphasizes the importance of consistent investment in our network, serving as the foundation for expanding our customer base and driving success and adoption of our innovative new products.

我們在動態資料收集市場的成長策略強調了對我們的網路進行持續投資的重要性，這是擴大我們的客戶群並推動我們創新新產品的成功和採用的基礎。

At Alarum, we put clear emphasis on achieving sustained growth and profitability.

在 Alarum，我們明確強調實現持續成長和獲利能力。

I will now turn the call over to Shai for a review of the financials.

我現在將把電話轉給 Shai，以審查財務狀況。

Shai, go ahead.

夏伊，繼續吧。

Thank you, Shachar, and hello everyone.

謝謝你，沙查爾，大家好。

I will start today with a summary of the key financial results of the third quarter in the first nine months of 2024, comparing them to the same period in 2023 results respectively, unless otherwise stated.

今天，除非另有說明，我將首先總結 2024 年前 9 個月第三季的主要財務業績，並將其分別與 2023 年同期業績進行比較。

I will then provide guidance for Q4.

然後我將為第四季度提供指導。

All figures have been rounded for simplicity.

為簡單起見，所有數字均已四捨五入。

Let's move on to the results.

讓我們繼續看結果。

Revenues in Q3 2024 were at the high end of our guidance reaching $7.2 million, up 6.6% from $6.8 million in Q3 2023.

2024 年第三季的營收達到我們指引的上限，達到 720 萬美元，比 2023 年第三季的 680 萬美元成長 6.6%。

The NetNut portion represented 97% of the total revenue, increasing to $7 million in Q3 2024 and up 13.7% from $6.1 million in Q3 2023.

NetNut 部分佔總營收的 97%，到 2024 年第三季增至 700 萬美元，比 2023 年第三季的 610 萬美元成長 13.7%。

Non-IFRS gross margin for the third quarter of 2024 was 73.6%. compared to 79.4% in Q3 2023.

2024 年第三季非 IFRS 毛利率為 73.6%。相比之下，2023 年第三季為 79.4%。

The change in gross margins is correlated to our strategic decision to invest in expanding and broadening our IP network, enabling us to serve our customers' requirements for stability, responsiveness, and speed.

毛利率的變化與我們投資擴大和拓寬 IP 網路的策略決策有關，使我們能夠滿足客戶對穩定性、回應能力和速度的要求。

We can now support much higher customer demand and revenues with only marginal cost.

我們現在只需邊際成本即可支援更高的客戶需求和收入。

Operating expenses in Q3 2024 were $4.1 million. compared to $3.7 million in Q3 2023.

2024 年第三季的營運費用為 410 萬美元。相比之下，2023 年第三季為 370 萬美元。

In Q3 2024, we recorded non-cash finance income of $3.5 million. compared to a non-cash finance expense of $700,000 in the corresponding quarter in 2023.

2024 年第三季度，我們的非現金財務收入為 350 萬美元。相比之下，2023 年同期的非現金財務費用為 70 萬美元。

The difference is mainly due to a fair value decrease of warrants issued between 2019 and 2020 related to the lower share price from June 30, 2024, to September 30, 2024.

差異主要是由於2019年至2020年期間發行的認股權證的公允價值下降，原因是2024年6月30日至2024年9月30日期間股價較低。

The vast majority of the warrants are due to expire in 2025.

絕大多數認股權證將於 2025 年到期。

IFRS net profit increased to $4.2 million for the third quarter of 2024, up from a net profit of $1.1 million in Q3 2023 mainly as a result of the higher finance income.

2024 年第三季的 IFRS 淨利從 2023 年第三季的 110 萬美元增至 420 萬美元，主要是由於財務收入增加。

We exceeded our adjusted EBITDA guidance for the third quarter of 2024.

我們超越了 2024 年第三季調整後 EBITDA 指引。

We reached $1.4 million.

我們達到了 140 萬美元。

This is compared to the $1.9 million adjusted EBIDA in the third quarter of 2023.

相比之下，2023 年第三季調整後的 EBIDA 為 190 萬美元。

While revenues increased year-over-year, they were offset by the higher cost of sales and operating expenses.

雖然收入同比增長，但被較高的銷售成本和營運費用所抵消。

Our current share count is 68.9 million ordinary shares or 6.9 million ADSs.

我們目前的股份數量為 6,890 萬股普通股或 690 萬股美國存託股份。

On a fully diluted basis, the count is 80 million ordinary shares or 8 million ADSs.

在完全稀釋的基礎上，數量為 8,000 萬股普通股或 800 萬股美國存託股。

Q3 2024 non-IFRS basic earnings per share was $0.02 per share or $0.20 per ADS, compared to $0.03 basic earnings per share or $0.25 per ADS in Q3 2023.

2024 年第三季非國際財務報告準則每股基本收益為每股0.02 美元或每股美國存託股0.20 美元，而2023 年第三季每股基本收益為0.03 美元或每股美國存托股0.25 美元。

As of September 30, 2024, the company's shareholders' equity rose to a record of $25 million up from $13.2 million on December 31, 2023.

截至2024年9月30日，該公司的股東權益從2023年12月31日的1,320萬美元增加至創紀錄的2,500萬美元。

The increase in net profit, combined with the warrant and option exercises, contributed to this $11.8 million increase.

淨利潤的增加，加上認股權證和選擇權的行使，導致了 1,180 萬美元的成長。

Q3 2024 marks the fifth consecutive quarter of generating cash flow from operations.

2024 年第三季標誌著連續第五個季度產生營運現金流。

The company's cash and cash equivalent balance at the end of Q3 2024 was $24 million up from $10.9 million as of December 31, 2023.

截至 2024 年第三季末，該公司的現金及現金等價物餘額為 2,400 萬美元，高於截至 2023 年 12 月 31 日的 1,090 萬美元。

Our cash position enable us to continue investing in our strategy and grow our business responsibly.

我們的現金狀況使我們能夠繼續投資於我們的策略並負責任地發展我們的業務。

Turning to guidance, we anticipate Q4 2024 revenue to continue the year of regrowth trend and estimate revenues of $7.5 million plus/minus 3%.

談到指導，我們預計 2024 年第四季的營收將延續今年的再成長趨勢，並估計營收為 750 萬美元正負 3%。

As a reminder, the NetNut portion of our revenues in Q4 2023 was $6.8 million. Q4 2024

提醒一下，我們 2023 年第四季營收中的 NetNut 部分為 680 萬美元。 2024 年第四季

adjusted EBITDA is expected to range from $1.3 million to $1.7 million.

調整後的 EBITDA 預計在 130 萬美元至 170 萬美元之間。

To summarize my part, our Q3 2024 results and guidance for the remainder of the year 2024 reflects solid performance which is supported by a robust balance sheet.

總而言之，我們的 2024 年第三季業績和 2024 年剩餘時間的指導反映了穩健的業績，這是由穩健的資產負債表支撐的。

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

這樣，我會將電話轉回給 Shachar。

Thank you, Shai.

謝謝你，謝。

Alarum has once again delivered strong results.

Alarum 再次取得了強勁的業績。

As the company will, for the long haul, remain focused on expanding our customer base and investing in technological innovation, our expanding network allow us to serve an increasing number of customers, driving scalable and profitable growth across multiple sectors now and in the future.

從長遠來看，公司將繼續專注於擴大客戶群和投資技術創新，不斷擴大的網路使我們能夠為越來越多的客戶提供服務，推動現在和未來多個行業的可擴展和盈利增長。

We are committing to launching new products that meet the evolving needs of the market, positioning us to address market demands while creating long-term value for our stakeholders.

我們致力於推出滿足市場不斷變化的需求的新產品，使我們能夠滿足市場需求，同時為利害關係人創造長期價值。

We are laying the grounds for future success as a leader in the global data collection market through innovation, strategic asset creation, and the focus on both short- and long-term results.

透過創新、策略資產創建以及對短期和長期成果的關注，我們正在為未來作為全球數據收集市場領導者的成功奠定基礎。

We will now open the call for the Q&A section.

我們現在將開始問答部分的徵集。

Operator, please.

接線員，請說。

(Operator Instructions)

（操作員說明）

Kingsley Crane, Canaccord Genuity.

金斯利起重機，Canaccord Genuity。

Hi.

你好。

Thanks for taking the questions.

感謝您提出問題。

So it's great to see that you're upgrading the IPPN network.

很高興看到您正在升級 IPPN 網路。

Just curious, would like some more clarification, those investments, are those fully made in Q3?

只是好奇，想要更多澄清，這些投資是在第三季完全完成的嗎？

Do you feel that they were customer-driven or internally-driven?

您認為他們是客戶驅動的還是內部驅動的？

And I guess how should we expect gross margins to trend going forward?

我想我們應該如何預期毛利率的未來趨勢？

And do you think that you could make more of these investments in the future as well?

您是否認為未來也可以進行更多此類投資？

Thanks.

謝謝。

Okay.

好的。

Thanks for this question.

謝謝你提出這個問題。

I will split my answer to two parts.

我將把我的答案分為兩部分。

So first of all, regarding the first part of your question, at the end of the day, it's a combination of the feedback that we are getting from customers which is driving all the time internal decisions and investments.

首先，關於你問題的第一部分，歸根結底，這是我們從客戶那裡得到的回饋的結合，這些回饋一直在推動內部決策和投資。

As a basic, in the IP Proxy Network market and customers' needs, you always need to serve the customers with a fast and reliable network and you always need to invest in your network which it's a kind of a game between revenues and investment in the COGS, which is basically the network for your question, in order to keep on the balance and to keep on the gross margins.

作為一個基礎，在IP代理網絡市場和客戶的需求中，您總是需要為客戶提供快速可靠的網絡，並且您總是需要對您的網絡進行投資，這是一種收入與投資之間的博弈。

So the answer is yes.

所以答案是肯定的。

Our purpose is to stay more or less in the same gross margins.

我們的目標是保持大致相同的毛利率。

Unless we see a unique opportunity for one-time investment or something like this, maybe -- we don't have something like this on the table; but looking at the future, in general, that we will see an opportunity to increase significantly our network, maybe it will have a short-term impact on the gross margins.

除非我們看到一次性投資或類似的獨特機會，否則我們可能沒有這樣的機會；但展望未來，總的來說，我們將看到大幅增加網路的機會，也許這會對毛利率產生短期影響。

But for sure, for the long term, the impact will be higher growth rate and of course, great gross margins.

但可以肯定的是，從長遠來看，影響將是更高的成長率，當然還有更高的毛利率。

Hope it answered your questions.

希望它能回答您的問題。

Okay.

好的。

Yeah, that's helpful.

是的，這很有幫助。

And so on the Fortune 200 customer, that's a great example.

財富 200 強客戶就是一個很好的例子。

Thanks for including that.

感謝您將其包括在內。

Would just love to think more through about how expansive that deal is, what the revenue uplift has been so far.

只是想多思考這筆交易的範圍有多大，到目前為止收入的成長有多少。

And then if you, to the extent that you can, can give a sense are they a customer that could continue expanding over the next year or two years?

然後，如果您能盡可能地說明他們是否是可以在未來一年或兩年內繼續擴張的客戶？

Yes.

是的。

So first of all, bear with me because these kind of customers are basically very sensitive to their confidentiality.

首先，請耐心等待，因為這類客戶基本上對自己的機密性非常敏感。

So at this point of time, I cannot expose the number, but it's a respectful number.

所以在這個時候，我不能公開這個數字，但這是一個值得尊敬的數字。

It's just the beginning.

這只是開始。

Meaning, as I mentioned in the script, in the call, so basically, they went both directions, also for the IPPN, and cross-sell with the Unblocker.

這意味著，正如我在腳本中提到的，在通話中，基本上，他們是雙向的，也是針對 IPPN，並與 Unblocker 進行交叉銷售。

And they started with lower traffic in order to evaluate the system.

他們從較低的流量開始，以評估系統。

And the (inaudible) all goes well, again, according to their strategy, is to triple and maybe more than triple their traffic.

而且（聽不清楚）一切都很順利，根據他們的策略，他們的流量將增加兩倍甚至三倍以上。

And then directly, it will impact the revenues of this customer.

然後，它將直接影響該客戶的收入。

And it's supposed to be a long-term engagement.

這應該是長期的參與。

For this point of time, it's six months.

到現在為止，已經是六個月了。

But they're supposed to renew and even to extend the duration of this engagement.

但他們應該續約，甚至延長合約的期限。

Okay.

好的。

And then last one for me and I'll pass it on is I just want to think through, NRR 1.42 is quite strong with NetNut growing single digits.

最後一個我要轉達的就是我想仔細想想，隨著 NetNut 成長個位數，NRR 1.42 相當強勁。

So I guess I'll just ask this another way and perhaps we can sync offline, what percentage of customers are still with NetNut this year or how could we think about the existing customer expansion and the net new customer contribution in Q3?

所以我想我會以另一種方式問這個問題，也許我們可以離線同步，今年仍有多少客戶使用 NetNut，或者我們如何考慮第三季的現有客戶擴展和新客戶淨貢獻？

Okay.

好的。

So basically, you can guess that in our stage, most of the revenues in a specific quarter are coming from an existing customers from previous quarters.

所以基本上，你可以猜測，在我們這個階段，特定季度的大部分收入都來自前幾季的現有客戶。

So something like, let's say, 80% or more are a result of our current customers from their retention from previous quarters.

比如說，80% 或更多是我們目前客戶在前幾個季度的保留的結果。

So this is for your first question.

這是你的第一個問題。

For your second question, the NRR is the indicator that indicates on the four measures that we are doing every time, four quarters versus the previous four quarters.

關於你的第二個問題，NRR是一個指標，顯示我們每次都在做的四項措施，四個季度與前四個季度的比較。

And then we do it 4 times and then we take the average.

然後我們做 4 次，然後取平均值。

So regarding your question, you can guess from this KPI, which is common in our industry, the typical customer over the time, over four quarters versus four quarters, will do 42% more than in its initial period.

因此，關於您的問題，您可以從這個在我們行業中很常見的 KPI 中猜測，典型的客戶在過去四個季度與四個季度相比，將比初始時期多執行 42%。

That's the average customer.

這就是普通顧客。

That's the typical customer.

這就是典型的客戶。

That's why our NRR is 1.42. And maybe in the next quarters, according to your question, maybe we can deep dive a little bit and expose some more data regarding shorter terms, regarding customers that are coming from the previous or maybe two previous quarters.

這就是我們的 NRR 為 1.42 的原因。也許在接下來的幾個季度，根據你的問題，也許我們可以深入研究一下，並公開一些有關短期條款、來自前一個或前兩個季度的客戶的更多數據。

But for this point of time, this is the official KPI that can indicate to your question.

但就目前而言，這是可以回答您問題的官方 KPI。

Hope it answered your question, Kingsley.

希望它能回答你的問題，金斯利。

Okay.

好的。

That's helpful.

這很有幫助。

I think we can sync up more later.

我想我們稍後可以進一步同步。

But that's it for me.

但對我來說就是這樣。

Thank you so much.

太感謝了。

Thank you very much.

非常感謝。

Appreciate it.

欣賞它。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，聯盟全球合作夥伴。

Hi.

你好。

Good morning.

早安.

Thanks for taking my questions.

感謝您回答我的問題。

Just kind of a follow-up and maybe I missed it as part of the answer.

只是一種後續行動，也許我錯過了它作為答案的一部分。

Last quarter, you highlighted you had dozens of new customers that generated $400,000 in first month revenue.

上個季度，您強調您有數十個新客戶，第一個月的收入為 400,000 美元。

Can you provide that metric that's comparable in the September quarter?

您能否提供與 9 月季度相當的指標？

And I guess I'm curious from a bigger picture, have you seen any changes in the paces of business development?

我想我很好奇，從更大的角度來看，您看到業務發展的步伐有什麼變化嗎？

Okay.

好的。

So I know I didn't mention it this time.

所以我知道這次我沒有提及。

We will do it from time to time.

我們會時不時地這樣做。

But if you already asked, I can tell you that in this quarter, it was better than the previous one, this indicator, this KPI.

但如果你已經問了，我可以告訴你，這個季度，比上一個季度，這個指標，這個KPI都好。

And what was your second question, Brian?

布萊恩，你的第二個問題是什麼？

I guess I'm wondering if you're seeing any changes to the pace of business development as we've started, and you're halfway through the fourth quarter, more than halfway.

我想我想知道，正如我們開始的那樣，您是否看到業務發展速度發生了任何變化，而第四季度已過半，已經過半了。

So first of all, I guess you heard that we released the guidance.

首先，我想您聽說我們發布了該指南。

So we project to close this quarter with $7.5 million plus/minus 3%.

因此，我們預計本季末營收為 750 萬美元，正負 3%。

So in high level business, as usual, I don't see something significant that I can mention that would be interesting for you.

因此，在高層業務中，像往常一樣，我沒有看到任何可以讓您感興趣的重要內容。

Okay.

好的。

On the Website Unlocker, can you describe how you're pricing this project?

在 Website Unlocker 上，您能描述一下您是如何為該項目定價的嗎？

Is it usage based?

它是基於使用情況的嗎？

Is it a recurring monthly charge, it's a minimum that has upside?

這是每月定期收費嗎？

And then how does it scale?

那麼它是如何擴展的呢？

Is it usage or is there some other factor that drives expansion of any customer, not even this customer?

是使用情況還是其他因素推動了任何客戶（甚至是該客戶）的擴張？

Okay.

好的。

So on high level, the same pricing model like the IPPN, based on duration and usage and bandwidth or amount of request, it depends.

因此，在高層次上，與 IPPN 相同的定價模型，基於持續時間、使用情況以及頻寬或請求量，這取決於情況。

As we just started, you know, we are slowly, slowly increasing our customer base.

正如我們剛剛開始的那樣，您知道，我們正在慢慢增加我們的客戶群。

We are still investigating what is the best pricing model for us versus the best pricing model for our customers and the best way to scale up.

我們仍在研究什麼是對我們來說最好的定價模式，對客戶來說最好的定價模式，以及擴大規模的最佳方式。

But for this point of time, it's based on bandwidth, mostly on requests and duration.

但就目前而言，它基於頻寬，主要基於請求和持續時間。

You can buy X amount of requests for one month, for three months, for six months, for one year, etcetera.

您可以購買 X 數量的請求一個月、三個月、六個月、一年等等。

Okay.

好的。

Staying with the Website Unlocker, can you quantify the number of valuations you have going on or your initial target customers, ones that are already customers of other Alarum applications, I guess, you mentioned the expanding pipeline, so I'm looking for any quantitative details.

繼續使用Website Unlocker，您能否量化您正在進行的估值數量或您的初始目標客戶，這些客戶已經是其他Alarum 應用程式的客戶，我猜，您提到了不斷擴大的管道，所以我正在尋找任何定量的數據細節。

Okay.

好的。

So we need to differentiate between the pipeline and current customers.

因此，我們需要區分管道客戶和當前客戶。

And regarding your question, I will explain.

關於你的問題，我會解釋一下。

The Unlocker product is a little bit different than the IP Proxy Network.

Unlocker 產品與 IP 代理網路略有不同。

Meaning, instead of being an infrastructure, it's a product that is dedicated for websites and it's very sensitive for changes in the website and needs to handle millions or more than millions of requests.

意思是，它不是一個基礎設施，而是一個專門用於網站的產品，它對網站的變化非常敏感，需要處理數百萬甚至數百萬以上的請求。

Meaning, you need to have a great infrastructure and the economics behind it to make sense because we are profitable and we want to stay profitable in the same levels.

這意味著，你需要擁有良好的基礎設施及其背後的經濟效益才有意義，因為我們是盈利的，並且我們希望保持相同水準的利潤。

So we took a decision a few months or even a few quarters ago in this case of the Unblocker to go step by step.

因此，我們在幾個月甚至幾個季度前就做出了決定，在 Unblocker 的案例中逐步進行。

And for example, winning with this Fortune 200 Company was a big step for us because this was the point we decided to go one level up with biggest customers and use cases.

例如，贏得這家財富 200 強公司的勝利對我們來說是一大進步，因為這是我們決定在最大的客戶和用例方面更上一層樓的關鍵。

And then to stop to investigate, to get the feedback from our customers, and then to go to the next phase and add some more customers.

然後停下來調查，獲取客戶的回饋，然後進入下一階段並添加更多客戶。

So for this point of time, we have the few first customers.

因此，目前我們只有少數首批客戶。

The most important of these customers is the one that we mentioned.

這些客戶中最重要的是我們提到的客戶。

But the pipeline looks very good.

但管道看起來非常好。

And we have dozens of customers that are waiting to get our solution and that are in touch with us.

我們有數十家客戶正在等待獲得我們的解決方案並與我們聯繫。

And basically, with each one of them, we define timeline and the goals.

基本上，我們對每一項都定義了時間表和目標。

And hopefully, in the next quarter and the next, next quarter, every quarter, we can elaborate and explain what are the milestone that we crossed and the amount of customers that joined our platform.

希望在下一個季度、下一個季度、每個季度，我們都能詳細闡述和解釋我們跨越的里程碑以及加入我們平台的客戶數量。

Okay.

好的。

Lastly, could you discuss how the set of customers that were facing industry challenges that resulted in your lower consumption during the September quarter, the trends there, are there any signs of recovery?

最後，您能否討論一下那些面臨行業挑戰並導致您在 9 月季度消費量下降的客戶群，那裡的趨勢，是否有任何復甦的跡象？

And maybe you can highlight the industry or whether that industry is seeing improvement that could lead to those customers coming back and increasing their usage.

也許您可以強調該行業，或者該行業是否正在改善，這可能會導致這些客戶回來並增加他們的使用量。

Okay.

好的。

So basically, for this question -- I will start with something, okay?

所以基本上，對於這個問題——我將從一些事情開始，好嗎？

So as you know, we continue to add new customers every quarter.

如您所知，我們每季都會繼續增加新客戶。

At this point of time, these specific customers haven't returned to increase their usage.

目前，這些特定客戶還沒有回來增加他們的使用量。

And you know, this is a natural part of ongoing business dynamics.

您知道，這是持續業務動態的自然組成部分。

All in all, our focus remains on improving retention rates while simultaneously driving growth by adding new customers and upselling to our existing ones.

總而言之，我們的重點仍然是提高保留率，同時透過增加新客戶和向現有客戶追加銷售來推動成長。

Because churn will always be -- at the previous quarter, it was more significant, so it comes to a reality with the results, but churn is part of the business.

因為流失率永遠是——在上一季度，它更為重要，所以它隨著結果而成為現實，但流失率是業務的一部分。

And our target from one side, we have an account management team and the customer success team that they need to make sure that the retention -- the customers will stay with us and the retention rate will go higher and higher.

從一方面來說，我們的目標是，我們有一個客戶管理團隊和客戶成功團隊，他們需要確保保留率——客戶將留在我們身邊，並且保留率會越來越高。

But churn will happen.

但流失將會發生。

And from the other side, our purpose is to add more and more customers, more and more verticals to decrease the risk.

從另一方面來說，我們的目的是增加越來越多的客戶、越來越多的垂直領域來降低風險。

And from the other side, for our current customers, not just to retain them, but to upsell and cross-sell them with new products, innovative products, and etcetera.

另一方面，對於我們現有的客戶，不僅要留住他們，還要向他們追加銷售和交叉銷售新產品、創新產品等。

Okay.

好的。

Thank you.

謝謝。

Thank you very much.

非常感謝。

[Mike Killian], Shore Equity Group.

[Mike Killian]，Shore Equity Group。

Hey guys.

嘿夥計們。

Congratulations on the quarter.

恭喜本季。

I have two questions.

我有兩個問題。

First one is you also filed the F-3 for a capital raise.

第一個是您還提交了 F-3 申請以籌集資金。

Could you touch base on that?

你能談談這一點嗎？

Do you have anything in the pipeline looking forward to that?

有什麼期待的事嗎？

And with $24 million of cash on the books, is there an immediate need for capital?

帳面上有 2400 萬美元現金，是否迫切需要資金？

I'll follow it up with my next question after this.

之後我將提出下一個問題。

Okay.

好的。

Thank you very much.

非常感謝。

So I will start and say that as you saw and everybody saw it reported today and in the last few quarters, we are profitable and well funded.

因此，我首先要說的是，正如您所看到的，每個人都看到了今天和過去幾個季度的報道，我們盈利且資金充足。

So we have no actual short-term plans to do so.

所以我們沒有實際的短期計劃來做這件事。

The renewal of the shelves, I don't know if you're aware of it or not, but it's a technical common practice which provide us with flexibility to raise capital if needed in the future.

貨架的更新，我不知道你是否意識到，但這是一種技術上的常見做法，這為我們在未來需要時籌集資金提供了靈活性。

It ensures that we are prepared for strategic growth opportunities like M&A and strengthen our ability to respond to market conditions if they come up.

它確保我們為併購等策略性成長機會做好準備，並增強我們應對市場狀況的能力。

But it's a technical common and that's what we did today.

但這是技術上的共同點，這就是我們今天所做的。

We just renewed our shelves.

我們剛剛更新了貨架。

Okay.

好的。

And a follow-up onto that, basically, Shai addressed some warrants that basically expired at the end of 2025.

基本上，Shai 的後續行動是解決了一些基本上在 2025 年底到期的逮捕令。

Can you touch base on the number of warrants still out there and what their exercise prices are?

您能否了解一下現有的認股權證數量及其行使價格為何？

Yes, Shai, you want to take it?

是的，Shai，你想接受嗎？

Shai?

謝？

Yes, I will take it.

是的，我會接受的。

We are talking about, as I said, on a warrant that was issued a long time ago.

正如我所說，我們正在談論很久以前發出的逮捕令。

They were issued to investors back then when we raised money in 2020, 2019, and 2020.

它們是我們在 2020 年、2019 年和 2020 年籌集資金時向投資者發行的。

Let me just draw for you the numbers.

讓我為您畫出數字。

We are talking about total of, let's say, like the whole series, it's about 240,000 warrants which means it's about less than 3% than the total fully diluted basis of the equity.

我們談論的是，就像整個系列一樣，大約有 240,000 份認股權證，這意味著它比完全稀釋後的股權總額大約不到 3%。

And the exercise prices are mainly, I would say, it's around $33 and some of them are $12.

我想說，行權價格主要在 33 美元左右，其中一些是 12 美元。

So some of them are basically in the money or close to the money.

所以有些基本上是在錢或接近錢的。

And some of them are quite far out of the money according to the share price today.

而以今天的股價來看，其中有些公司的股價已經相當虛值了。

Shai, just say again the number in ADS.

Shai，請再說一次 ADS 中的數字。

Yes, it is in ADSs.

是的，它在 ADS 中。

Okay.

好的。

Sorry.

對不起。

It's in ADS.

它在ADS中。

240,000 ADSs.

24 萬張美國存託憑證。

Okay?

好的？

And we have about $8 million ADSs on fully diluted basis.

在完全稀釋的基礎上，我們擁有約 800 萬美元的美國存託股份。

Okay.

好的。

Wonderful.

精彩的。

Potential opportunities to raise $5 million to $8 million just strictly through exercise of warrants on a minimal amount of shares.

僅透過行使最低數量股票的認股權證，就有可能籌集 500 萬至 800 萬美元的潛在機會。

That's great.

那太棒了。

Thank you.

謝謝。

Okay.

好的。

Thank you very much.

非常感謝。

Thank you.

謝謝。

We have reached the end of our question-and-answer session.

我們的問答環節已經結束。

I would now like to hand the call back over to Shachar Daniel for any closing comments.

我現在想將電話轉回給 Shachar Daniel，以徵求結束意見。

Okay.

好的。

So thank you, everyone, for your time today.

謝謝大家今天抽出時間。

As always, we look forward to hosting you on Alarum Technologies' Q4 2024 and full-year results call.

與往常一樣，我們期待在 Alarum Technologies 的 2024 年第四季和全年業績電話會議上接待您。

Thank you very much.

非常感謝。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

We appreciate your participation.

我們感謝您的參與。

You may disconnect your lines at this time.

此時您可以斷開線路。

Enjoy the rest of your day.

享受你一天剩下的時間。