Appfolio Inc (APPF) 2024 Q3 法說會逐字稿

Good afternoon. Thank you for standing by, and welcome to AppFolio Inc.'s third-quarter 2024 financial results conference call. Please be advised that today's conference is being recorded, and a replay will be available on AppFolio's Investor Relations website.

午安.感謝您的耐心等待，歡迎參加 AppFolio Inc. 的 2024 年第三季財務業績電話會議。請注意，今天的會議正在錄製中，重播將在 AppFolio 的投資者關係網站上提供。

I would now like to hand the conference over to Lori Barker, Investor Relations.

我現在想將會議交給投資者關係部門的 Lori Barker。

Thank you, Victor. Good afternoon, everyone. I'm Lori Barker, Investor Relations for AppFolio. And I'd like to thank you for joining us today as we report AppFolio's third quarter 2024 financial results. With me on the call today are Shane Trigg, AppFolio's President and CEO; and Fay Sien Goon, AppFolio's Chief Financial Officer.

謝謝你，維克多。大家下午好。我是 AppFolio 投資者關係部的 Lori Barker。我要感謝您今天加入我們，我們將報告 AppFolio 2024 年第三季的財務表現。今天與我一起參加電話會議的是 AppFolio 總裁兼執行長 Shane Trigg；以及 AppFolio 財務長 Fay Sien Goon。

This call is simultaneously being webcast on the Investor Relations section of our website at appfolioinc.com.

本次電話會議同時在我們網站 appfolioinc.com 的投資人關係部分進行網路直播。

Before we get started, I would like to remind everyone of AppFolio's safe harbor policy. Comments made during this conference call and webcast contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties. Any statement that refers to expectations, projections or other characterizations of future events, including financial projections, future market conditions, business performance or future product enhancements or development, is a forward-looking statement. AppFolio's actual future results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in our SEC filings. AppFolio assumes no obligation to update any such forward-looking statements, except as required by law.

在開始之前，我想提醒大家 AppFolio 的安全港政策。本次電話會議和網路廣播中發表的評論包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，並存在風險和不確定性。任何涉及未來事件的預期、預測或其他特徵的聲明，包括財務預測、未來市場狀況、業務績效或未來產品增強或開發，均屬於前瞻性聲明。AppFolio 的實際未來結果可能因任何原因與此類前瞻性聲明中表達的結果存在重大差異，包括我們在 SEC 文件中列出的結果。AppFolio 不承擔更新任何此類前瞻性聲明的義務，除非法律要求。

For greater detail about risks and uncertainties, please see our SEC filings, including our Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 1, 2024.

有關風險和不確定性的更多詳細信息，請參閱我們向 SEC 提交的文件，包括我們於 2024 年 2 月 1 日向 SEC 提交的截至 2023 年 12 月 31 日的年度 10-K 表格。

In addition, this call includes non-GAAP financial measures. Reconciliations of these non-GAAP financial measures with the most directly comparable GAAP measures are included in our third quarter earnings release, which has been posted to the Investor Relations section of our website.

此外，本次電話會議還包括非公認會計準則財務指標。這些非公認會計原則財務指標與最直接可比較的公認會計原則指標的對帳包含在我們的第三季收益發布中，該發布已發佈在我們網站的投資者關係部分。

With that, I'll turn the call over to Shane Trigg. Shane, please go ahead.

這樣，我會將電話轉給肖恩·特里格。謝恩，請繼續。

Thanks, Lori, and welcome to everyone joining us for AppFolio's third quarter 2024 financial results, results that demonstrate strong performance and reflect our relentless focus on customers.

謝謝 Lori，並歡迎大家加入我們，了解 AppFolio 2024 年第三季的財務業績，這些業績展示了強勁的業績並反映了我們對客戶的不懈關注。

Revenue was up 24% year over year to $206 million in the third quarter, while non-GAAP operating margin expanded to 29% and non-GAAP free cash flow margin grew to 27%.

第三季營收年增 24%，達到 2.06 億美元，非 GAAP 營業利潤率成長至 29%，非 GAAP 自由現金流利潤率成長至 27%。

We continue to invest in innovation that builds the platform where the real estate industry comes to do business. For several quarters, you've heard me talk about the exciting potential we see in creating additional value for residents through our platform, a key component of our long-term vision.

我們持續投資創新，建構房地產產業開展業務的平台。幾個季度以來，您一直聽到我談論我們在透過我們的平台為居民創造額外價值方面所看到的令人興奮的潛力，這是我們長期願景的關鍵組成部分。

Yesterday, we unveiled FolioSpace, a next-generation resident experience that will redefine how property managers and residents connect throughout the entire resident journey. FolioSpace will enable AppFolio's 20,000 property management customers to create a unified and elevated experience for the millions of residents they serve, from application through renewal.

昨天，我們推出了 FolioSpace，這是一種下一代住戶體驗，它將重新定義物業經理和住戶在整個住戶旅程中的聯繫。FolioSpace 將使 AppFolio 的 20,000 名物業管理客戶能夠為他們所服務的數百萬居民創造從申請到續約的統一且優質的體驗。

A recent survey we conducted of more than 2,000 US renters shows their expectations are growing across all aspects of the resident experience, from timely communication to on-demand digital experiences and a frictionless move-in process. Meeting these expectations is critical for property managers to gain an edge in an increasingly competitive market, and FolioSpace is poised to help them attract and retain residents.

我們最近對 2,000 多名美國租戶進行的一項調查顯示，他們對住戶體驗各個方面的期望都在不斷增長，從及時溝通到按需數位體驗，再到無摩擦的入住流程。滿足這些期望對於物業管理者在競爭日益激烈的市場中獲得優勢至關重要，FolioSpace 準備幫助他們吸引和留住居民。

Our acquisition of LiveEasy, which we also announced yesterday, accelerates the potential we see in the resident industry segment. By vertically integrating LiveEasy and offering its services as part of FolioSpace resident onboarding, we'll reduce the stress of moving, deliver increased convenience and save renters time and money. We're excited to welcome LiveEasy team and customers to AppFolio.

我們昨天也宣布了對 LiveEasy 的收購，這加速了我們在居民產業領域看到的潛力。透過垂直整合 LiveEasy 並將其服務作為 FolioSpace 居民入職的一部分提供，我們將減輕搬家壓力、提供更多便利性並節省租戶的時間和金錢。我們很高興歡迎 LiveEasy 團隊和客戶來到 AppFolio。

FolioSpace is just one example of new innovation we are delivering that helps us differentiate to win, which is one of our enduring strategic pillars.

FolioSpace 只是我們正在提供的新創新的一個例子，它幫助我們實現差異化以贏得勝利，這是我們持久的策略支柱之一。

We continue to lead the industry by embracing generative AI technology for the benefit of our customers. Starting next week, we are releasing Realm-X Assistant and Messages to all customers and Realm-X Flows to customers on our AppFolio Property Manager Plus and Max plans. These AI-powered solutions automate routine tasks and key workflows, streamline communications and enable property managers to transform their operational performance. We worked with hundreds of customers to jointly develop this technology and ensure it is secure, easy to use and delivers the outcomes they're looking for.

為了客戶的利益，我們採用生成式人工智慧技術，持續引領業界。從下週開始，我們將向所有客戶發布 Realm-X Assistant 和 Messages，並向 AppFolio Property Manager Plus 和 Max 計劃的客戶發布 Realm-X Flows。這些人工智慧驅動的解決方案可自動執行日常任務和關鍵工作流程，簡化通信，並使物業經理能夠轉變其營運績效。我們與數百家客戶合作，共同開發這項技術，確保其安全、易於使用並提供他們所尋求的結果。

The average time saved by our Realm-X beta customers in completing their to-dos is a remarkable 10 hours each week based on their feedback. We also looked at hard data. In the last 30 days, our beta customers have sent almost 0.5 million Realm-X generated messages, saving 26 seconds on average compared to a message composed without it. That's three full work weeks every year that each beta customer has saved just from implementing Realm-X Messages.

根據 Realm-X 測試版客戶的回饋，他們每周平均節省完成待辦事項的時間達 10 小時。我們也查看了硬數據。在過去 30 天裡，我們的測試版客戶發送了近 50 萬個 Realm-X 產生的訊息，與沒有使用 Realm-X 產生的訊息相比，平均節省了 26 秒。每個測試版客戶每年僅透過實施 Realm-X 訊息就節省了三個完整的工作週。

The impact of Realm-X extends beyond time savings, improving our customers' performance. Take the example of Atlas Real Estate, with 6,500 multifamily, single-family and commercial units running on AppFolio Property Manager Max. Recently, Atlas ran a competition for the staff member achieving the highest number of lease renewals. At the time, Atlas was participating in the Realm-X beta program, testing our Realm-X renewal flow at one of its property portfolios. The property manager overseeing this particular portfolio outperformed their colleagues by a significant margin, claiming victory in the competition.

Realm-X 的影響力不僅限於節省時間，還提高了客戶的績效。以 Atlas Real Estate 為例，該公司有 6,500 個多戶型、單戶型和商業單位在 AppFolio Property Manager Max 上運作。最近，Atlas 舉辦了一場競賽，選出最多續租的員工。當時，Atlas 正在參與 Realm-X 測試版計劃，在其一個房地產投資組合中測試我們的 Realm-X 續約流程。負責管理這一特定投資組合的物業經理以顯著的優勢超越了他們的同事，聲稱在競爭中獲勝。

Impressed by these results, Atlas quickly adopted Realm-X Flows across all its properties. The outcome has been remarkable, an 8% overnight increase in renewal rates. Just imagine, an 8% improvement in your business overnight.

這些結果給 Atlas 留下了深刻的印象，Atlas 很快就在其所有資產中採用了 Realm-X Flows。結果非常顯著，續訂率一夜之間增加了 8%。試想一下，您的業務一夜之間提高了 8%。

The future is here, and we can't wait to get it into the hands of our customers to help them be more productive, give their teams and customers an exceptional experience and fuel the performance of their business.

未來已來，我們迫不及待地將其交到客戶手中，幫助他們提高工作效率，為他們的團隊和客戶提供卓越的體驗，並推動他們的業務績效。

A second component of our strategy is to unlock upmarket customers. We are winning larger customers by extending the value of our platform to scale with their complex operations. In the accounting domain, we are beta-launching a new budget creation tool for Plus and Max customers where users can input and adjust their assumptions for future leasing metrics and watch the system predict the resulting revenue in real time. Additionally, our bill approvals process has a new interface that allows users to design custom approval workflows that runs automatically based on conditions they establish, improving the pace and accuracy of their monthly payable cycles.

我們策略的第二個組成部分是解鎖高端客戶。我們透過擴展我們平台的價值以適應他們複雜的運營，從而贏得了更大的客戶。在會計領域，我們正在為 Plus 和 Max 客戶推出新的預算創建工具，用戶可以在其中輸入和調整對未來租賃指標的假設，並觀看系統即時預測由此產生的收入。此外，我們的帳單審批流程有一個新介面，允許使用者設計自訂審批工作流程，該工作流程根據他們建立的條件自動運行，從而提高每月應付週期的速度和準確性。

Another way we support mixed portfolio of customers, both large and small, is by expanding our coverage of property types. We continue to innovate in the area of affordable housing, exemplified by our new waitlist capabilities that allow customers managing HUD units to oversee critical waitlist requirements directly in AppFolio Property Manager.

我們支援混合客戶組合（無論大小）的另一種方式是擴大我們的房地產類型覆蓋範圍。我們在經濟適用房領域不斷創新，新的候補名單功能就是一個例證，該功能允許管理 HUD 單元的客戶直接在 AppFolio Property Manager 中監督關鍵的候補名單要求。

Pat Shumaker, Executive Vice President of Artcraft Management, with 5,300 units on AppFolio Property Manager Plus, recently told us, AppFolio's HUD waitlist feature enhances our ability to efficiently manage applicant queues, ensuring compliance and transparency throughout the rental process. This feature will make it easier to manage our HUD properties but also improve the overall experience for both our team and prospective residents, aligning perfectly with our commitment to providing quality management services.

Artcraft Management 執行副總裁Pat Shumaker 在AppFolio Property Manager Plus 上擁有5,300 個單位，他最近告訴我們，AppFolio 的HUD 候補名單功能增強了我們有效管理申請人隊列的能力，確保整個租賃過程的合規性和透明度。此功能將使管理我們的 HUD 物業變得更加容易，同時也改善我們團隊和潛在居民的整體體驗，完全符合我們提供優質管理服務的承諾。

A third component of our strategy is to elevate our customer by driving their adoption and success on our platform. Across the industry, cases of rental fraud are rising and consequently, so are the time and resources it takes to qualify prospects for units. To help our property management customers combat this with less effort and better accuracy, we're launching new antifraud solutions like document verification, which detects pay stub tampering, improves authenticity, and a new ID verification solution that verifies an applicant's identity in real time.

我們策略的第三個組成部分是透過推動客戶在我們平台上的採用和成功來提升他們的水平。在整個行業中，租賃詐欺案件不斷增加，因此，確定單位前景所需的時間和資源也在增加。為了幫助我們的物業管理客戶以更少的努力和更高的準確性來應對這一問題，我們推出了新的反詐騙解決方案，例如文件驗證（可檢測薪資篡改、提高真實性）以及新的身份驗證解決方案（可即時驗證申請人的身份）。

Combined with our existing income verification offering, these services give customers access to a complete, integrated, anti-fraud screening solution. It's one way we're delivering on our company value to build trust every day.

與我們現有的收入驗證產品相結合，這些服務使客戶能夠獲得完整、整合的反詐騙篩選解決方案。這是我們每天實現公司價值、建立信任的一種方式。

The final strategic pillar I'd like to cover today is great people and culture. Thoughtfully evolving our organization as we scale continues to enable our strategy. Since our last call, we have onboarded Marcy Campbell as our new Chief Revenue Officer, leading our sales and client services organizations, where she will focus on optimizing the customer journey and strengthening our go-to-market capabilities. Her leadership will be instrumental in inspiring new customers to choose AppFolio and elevating existing customers to grow with us.

我今天要介紹的最後一個策略支柱是優秀的人才和文化。隨著規模的擴大，深思熟慮地發展我們的組織將繼續實現我們的策略。自上次通話以來，我們已任命 Marcy Campbell 為新任首席營收官，領導我們的銷售和客戶服務組織，她將專注於優化客戶旅程並加強我們的上市能力。她的領導力將有助於激勵新客戶選擇 AppFolio 並提升現有客戶與我們一起成長。

Through our progress in the strategic areas I've highlighted, AppFolio's future has never been brighter.

透過我們在我所強調的策略領域的進展，AppFolio 的未來從未如此光明。

Speaking of the future, I look forward to seeing many of you at our FUTURE conference in San Diego next week, where our industry-leading innovation and customer impact will be on full display.

談到未來，我期待在下週於聖地牙哥舉行的 FUTURE 會議上見到你們，我們業界領先的創新和客戶影響力將在會上充分展現。

As you may have seen in our 8-K, Fay Sien Goon, our CFO, is leaving the company. Tim Eaton, our Chief of Staff, will assume the role of interim CFO while we conduct an extensive and inclusive search for her successor.

正如您可能在我們的 8-K 中看到的那樣，我們的財務長 Fay Sien Goon 即將離開公司。我們的幕僚長 Tim Eaton 將擔任臨時財務官，同時我們將廣泛而包容地尋找她的繼任者。

As I hand it over to Fay Sien to share more about AppFolio's third quarter financial results, I also want to take an opportunity to thank her for her leadership over the past three years. She has helped foster an efficiency-driven mindset across the organization and brought deep finance expertise to streamline and optimize our processes. On behalf of the entire AppFolio team, we wish her the best in her next chapter.

當我將其交給 Fay Sien 來分享更多有關 AppFolio 第三季度財務業績的信息時，我也想藉此機會感謝她在過去三年中的領導。她幫助整個組織培養了效率驅動的思維方式，並帶來了深厚的財務專業知識來簡化和優化我們的流程。我們代表整個 AppFolio 團隊祝福她在下一章一切順利。

Take it away, Fay Sien.

把它拿走，費西恩。

Thank you, Shane. Before I start, I want to take a moment to thank you and the rest of the team for these last three years. It has truly been a rewarding experience to help AppFolio become a more healthy, resilient business. I have total confidence that AppFolio is headed in the right direction and will be cheering from the sidelines as a shareholder.

謝謝你，謝恩。在開始之前，我想花點時間感謝您和團隊其他成員在過去三年的努力。幫助 AppFolio 成為更健康、更有彈性的企業，這確實是一次有益的經驗。我完全相信 AppFolio 正朝著正確的方向前進，並將作為股東在場外歡呼。

Now on to our results. We are pleased with our execution and third quarter growth in revenue and profitability. Our industry-leading innovation and our exceptional customer focus are driving our third quarter financial results.

現在來看我們的結果。我們對我們的執行力以及第三季營收和獲利能力的成長感到滿意。我們行業領先的創新和卓越的客戶關注推動了我們第三季度的財務表現。

In the third quarter, we delivered revenue of $206 million, growing 24% year over year. Non-GAAP operating margin expanded to 28.7% from 16.1% last year. And we generated free cash flow margin of 27.1% compared to 20.3% last year.

第三季度，我們營收 2.06 億美元，年增 24%。非 GAAP 營運利潤率從去年的 16.1% 擴大至 28.7%。我們的自由現金流利潤率為 27.1%，而去年為 20.3%。

Core solutions revenue was $46 million in Q3, a 15.8% year over year increase, driven by new customers and additional total units on platform. In addition, we are winning larger, new customers, and we continue to see growth in the adoption of AppFolio Property Manager Plus and Max.

第三季核心解決方案營收為 4,600 萬美元，年增 15.8%，這主要得益於新客戶和平台總單位數的增加。此外，我們正在贏得更大的新客戶，而 AppFolio Property Manager Plus 和 Max 的採用率持續成長。

At the end of this quarter, we managed approximately 8.5 million units from 20,403 customers compared to 7.8 million units from 19,418 customers a year earlier. This represents a 5% increase in customers and a 9% increase in ending units as we continue to emphasize residential portfolios.

截至本季末，我們管理著 20,403 名客戶的約 850 萬台設備，而去年同期管理著 19,418 名客戶的 780 萬台設備。隨著我們繼續強調住宅投資組合，這意味著客戶數量增加了 5%，最終單位數量增加了 9%。

Third quarter revenue from value-added services grew 28% year over year to $158 million. The growth primarily resulted from higher usage of our online payments platform and our decision to stop waiving our eCheck fees in August of 2023, partially offset by reduced fees associated with certain card-based payments. Additionally, Q3 risk mitigation and screening services grew in line with our seasonal expectations.

第三季加值服務營收年增 28%，達到 1.58 億美元。這一增長主要是由於我們的線上支付平台使用量增加以及我們決定在 2023 年 8 月停止免除電子支票費用，但部分被某些卡支付相關費用的減少所抵消。此外，第三季風險緩解和篩檢服務的成長符合我們的季節性預期。

Turning to spending. We exited the quarter with 1,549 employees, up slightly from the prior quarter. This reflects our continued investment in innovation, including strategic initiatives like Realm-X, the resident experience and expanding into new property types. These investments are aimed at delivering even more value to our customers.

轉向支出。本季末，我們擁有 1,549 名員工，比上一季略有增加。這反映了我們對創新的持續投資，包括 Realm-X 等策略舉措、居民體驗以及擴展到新的房地產類型。這些投資旨在為我們的客戶提供更多價值。

Cost of revenue, exclusive of depreciation and amortization, was 34% of revenue compared to 36% last year. The decrease was primarily due to eCheck fees and internal operational improvements. On a sequential basis, costs were down slightly from 35% of revenue due to the seasonality of certain value-added services and product mix.

收入成本（不包括折舊和攤提）佔收入的 34%，而去年為 36%。減少的主要原因是電子支票費用和內部營運改善。由於某些增值服務和產品組合的季節性，成本佔收入的 35% 環比略有下降。

Demand for our screening services and risk mitigation product is typically seasonally higher in the second and third quarters and slower in the fourth quarter as leasing activity declined during the winter months.

對我們的篩檢服務和風險緩解產品的需求通常在第二季和第三季季節性較高，而在第四季則放緩，因為冬季租賃活動下降。

As a percentage of revenue, combined sales and marketing, R&D and G&A fell to 35% from 44% last year due to growth in revenue and our collective focus on operational efficiency. Sales and marketing expenses as a percentage of revenue decreased from 15% in the third quarter of last year to 11% this quarter.

由於收入成長以及我們對營運效率的共同關注，銷售和行銷、研發和一般行政費用合計佔收入的百分比從去年的 44% 下降至 35%。銷售和行銷費用佔收入的百分比從去年第三季的 15% 下降至本季的 11%。

Our conference-related expenses are shifting from the third quarter to the fourth quarter of this year. Our R&D expenses as a percentage of revenue decreased from 20% in the third quarter of last year to 16% this quarter. We achieved this through operational efficiencies and disciplined allocation of investments.

我們的會議相關費用將從今年第三季轉移到第四季。我們的研發費用佔營收的百分比從去年第三季的20%下降到本季的16%。我們透過提高營運效率和嚴格的投資分配來實現這一目標。

G&A expenses as a percentage of revenue decreased from 10% in the third quarter of last year to 8% this quarter.

G&A 費用佔收入的百分比從去年第三季的 10% 下降至本季的 8%。

Overall, non-GAAP operating margin grew to 28.7% compared to 16.1% last year. Free cash flow margin this quarter was 27.1% compared to 20.3% in the third quarter of last year. Our strong cash and investment position of $331 million at the end of the quarter is a testament to our disciplined approach to execution and investment. The acquisition of LiveEasy for $80 million in cash exemplifies how creating investment flexibility has enabled us to deliver on our strategy. Revenue for LiveEasy will be immaterial in the fourth quarter, and we anticipate adding approximately 65 employees to our operations.

總體而言，非 GAAP 營運利潤率從去年的 16.1% 成長至 28.7%。本季自由現金流利潤率為 27.1%，而去年第三季為 20.3%。截至本季末，我們擁有 3.31 億美元的強勁現金和投資頭寸，證明了我們嚴謹的執行和投資方法。以 8000 萬美元現金收購 LiveEasy 體現了創造投資靈活性如何使我們能夠實現我們的策略。LiveEasy 第四季的收入並不重要，我們預計將增加約 65 名員工。

We are raising our projected full year revenue guidance to $786 million to $790 million, which implies an annual growth rate of 27% based on the midpoint of the range. Our updated guidance reflects our expectations for continued customer upgrades to premium product tiers and adoption of our value-added services. Our guidance also factored in a modest increase in card usage and reduced transaction fees associated with card-based payments.

我們將預計的全年收入指引提高至 7.86 億至 7.9 億美元，這意味著基於該範圍中點的年增長率為 27%。我們更新的指導反映了我們對客戶持續升級到優質產品層和採用我們的增值服務的期望。我們的指導還考慮到卡片使用量的適度增長以及與卡片支付相關的交易費用的降低。

Cost of revenue, exclusive of depreciation and amortization, is expected to decrease slightly as a percentage of revenue compared to the prior year due to the eCheck fees, product mix and operational efficiencies. We expect the fourth quarter of 2024 to have a higher percentage of revenue than the third quarter, primarily due to the seasonal nature of some of our value-added services.

由於電子支票費用、產品組合和營運效率的影響，預計收入成本（不包括折舊和攤提）佔收入的比例將比去年略有下降。我們預計 2024 年第四季的營收百分比將高於第三季度，這主要是由於我們一些增值服務的季節性。

We are raising our guidance for the full year non-GAAP operating margin to 24.5% to 25.5%. Our free cash flow margin guidance remains 22% to 24%. This reflects continued growth in units and in ARPU, partially offset by reduced card-based fees and increasing head count, enabling us to achieve our strategic objectives, all while we continue focusing on operational efficiencies. On a sequential basis, we expect a decline in operating margin in the fourth quarter as our revenue resumes its typical seasonal pattern, the timing and increased investments of our FUTURE conference and the partial quarter impact of operating expenses associated with the LiveEasy acquisition.

我們將全年非 GAAP 營業利潤率指引上調至 24.5% 至 25.5%。我們的自由現金流利潤率指引仍為 22% 至 24%。這反映了單位和 ARPU 的持續成長，部分被卡片費用的減少和員工數量的增加所抵消，使我們能夠實現我們的策略目標，同時我們繼續專注於營運效率。從環比來看，我們預計第四季度的營業利潤率將下降，因為我們的收入恢復了典型的季節性模式，我們的FUTURE 會議的時間安排和投資增加以及與LiveEasy 收購相關的營業費用對部分季度的影響。

Diluted weighted average shares outstanding are expected to be approximately 37 million shares for the full year.

預計全年稀釋加權平均已發行股數約3,700萬股。

In summary, we are pleased with our revenue growth, profitability and strong financial discipline, which has provided us with the flexibility to continue strategic acquisitions that benefit our customers.

總而言之，我們對我們的收入成長、獲利能力和強大的財務紀律感到滿意，這為我們提供了繼續策略性收購的靈活性，使我們的客戶受益。

Thank you all for joining us today. Operator, this concludes today's call.

感謝大家今天加入我們。接線員，今天的通話到此結束。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。大家，祝你有美好的一天。