Digital Turbine Inc (APPS) 2024 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to the Digital Turbine reports fiscal 2024 third-quarter financial results conference call. (Operator Instructions) Please also note today's event is being recorded.

大家下午好，歡迎參加 Digital Turbine 公佈的 2024 財年第三季財務業績電話會議。（操作員說明）也請注意今天的活動正在錄製中。

At this time, I'd like to turn the floor over to Brian Bartholomew, Head of Investor Relations. Please go ahead.

現在，我想請投資人關係主管布萊恩‧巴塞洛繆 (Brian Bartholomew) 發言。請繼續。

Thank you. Good afternoon and welcome to the Digital Turbine fiscal year 2024 third-quarter earnings conference call. Joining me today on the call to discuss our results are CEO, Bill Stone; and CFO, Barrett Garrison.

謝謝。下午好，歡迎參加 Digital Turbine 2024 財年第三季財報電話會議。今天與我一起參加電話會議討論我們的業績的是首席執行官比爾·斯通 (Bill Stone)；財務長巴雷特·加里森。

Before we get started, I'd like to take this opportunity to remind you that our remarks today will include forward looking statements. These forward-looking statements are based on our current assumptions, expectations, and beliefs, including projected operating metrics, future products and services, anticipated market demand, and other forward-looking topics. Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will inevitably prove to be incorrect. Except as required by law, we undertake no obligation to update any forward-looking statements.

在我們開始之前，我想藉此機會提醒您，我們今天的言論將包括前瞻性陳述。這些前瞻性陳述是基於我們目前的假設、預期和信念，包括預期的營運指標、未來的產品和服務、預期的市場需求和其他前瞻性主題。儘管我們相信我們的假設是合理的，但它們並不能保證未來的業績，有些假設將不可避免地被證明是錯誤的。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

For discussion of the risk factors that could cause our actual results to differ materially from those contemplated by our forward-looking statements, please refer to the documents we filed with the Securities and Exchange Commission. Also during this call, we will discuss certain non-GAAP measures of our performance. Non-GAAP measures are not substitutes for GAAP measures. Please refer to today's press release for important information about the limitations of using non-GAAP measures, as well as reconciliations of these non-GAAP financial results to the most comparable GAAP measures.

有關可能導致我們的實際結果與前瞻性聲明中預期結果存在重大差異的風險因素的討論，請參閱我們向美國證券交易委員會提交的文件。此外，在本次電話會議中，我們也將討論某些非公認會計原則的績效衡量指標。非 GAAP 衡量標準不能取代 GAAP 衡量標準。請參閱今天的新聞稿，了解有關使用非 GAAP 衡量標準的局限性的重要信息，以及這些非 GAAP 財務業績與最具可比性 GAAP 衡量標準的調整表。

Now I'll turn the call over to our CEO, Bill Stone.

現在我將把電話轉給我們的執行長比爾·斯通。

Thanks, Bryan, and thank you all for joining our call today. I'm going to break my remarks into three areas. First, I want to summarize our December results. Second, I will describe the current state of our technology migrations and operations and changes we are making to improve our execution. And finally, I want to discuss the progress we're making against the future opportunities, which are very encouraging.

謝謝布萊恩，也謝謝大家今天加入我們的電話會議。我將把我的發言分為三個面向。首先，我想總結一下我們 12 月的結果。其次，我將描述我們的技術遷移和營運的現狀以及我們為提高執行力所做的改變。最後，我想討論一下我們針對未來機會所取得的進展，這是非常令人鼓舞的。

For the December quarter, we achieved $143 million of revenue, $25 million of EBITDA and $0.15 of non-GAAP earnings per share. We finished in line with our outlook expectations for our AGP business, but were below our expectations for our ODS business.

12 月季度，我們實現了 1.43 億美元的營收、2,500 萬美元的 EBITDA 和 0.15 美元的非 GAAP 每股盈餘。我們的業績符合我們對 AGP 業務的前景預期，但低於我們對 ODS 業務的預期。

We experienced three unique issues in our ODS business late in the quarter that were the difference between coming in below versus above our overall outlook.

本季末，我們的 ODS 業務遇到了三個獨特的問題，這就是低於我們的整體前景與高於我們的整體前景之間的差異。

First, despite our forecast in US device sales to continue facing headwinds year over year, they were even more disappointing than what our conservative expectations were.

首先，儘管我們預測美國設備銷售將繼續逐年面臨阻力，但它們比我們保守的預期更令人失望。

Secondly, we finalized the migration of our cloud hosting platform late in the quarter. The good news is that this is a major milestone is now complete. However, some elements of our software that we're working fine on our prior platform were not performing to the same on-the-new platform for a few weeks. These issues have now been fixed.

其次，我們在本季末完成了雲端託管平台的遷移。好消息是，這是一個重要的里程碑，現在已經完成。然而，我們軟體中的某些元素在先前的平台上運作良好，但幾週後在新平台上卻無法正常運作。這些問題現已解決。

And finally, we made some changes to our AI and machine learning models for the holidays to drive improved engagement from our customers. The good news is that the engagement happened, but it happened at the expense of advertisers willing to pay more money to be on the platform for the holiday season and less focused on engagement.

最後，我們對假期的人工智慧和機器學習模型進行了一些更改，以提高客戶的參與度。好消息是，參與度發生了，但代價是廣告商願意在假期期間支付更多的錢在平台上，而不太關注參與度。

Combined, these three things were the difference between our results being below versus above our outlook. I'll discuss later in my remarks what we are changing to improve our execution going forward, but we do view all three of these issues as temporary in nature and not structural.

綜合起來，這三件事就是我們的結果低於我們的預期與高於我們的預期之間的差異。我將在稍後的演講中討論我們正在做出哪些改變來改善未來的執行力，但我們確實認為這三個問題本質上都是暫時的，而不是結構性的。

From a segment perspective, our AGP, or ad tech business, showed sequential growth driven by improved eCPM rates from our advertisers despite our sunsetting of our legacy AdColony exchange. And now, we are fully operational on our consolidated DT exchange. We are also now seeing growth from our new features such as SDK bidding contributing more material revenues to our business.

從細分市場的角度來看，儘管我們淘汰了傳統的 AdColony 交易所，但我們的 AGP（即廣告技術業務）在廣告商 eCPM 率提高的推動下實現了連續成長。現在，我們的綜合 DT 交易所已全面投入營運。我們現在也看到 SDK 競價等新功能的成長為我們的業務帶來了更多的實質收入。

Bigger picture, we are seeing demand and advertisers return, which is much improved from 12 months ago. In particular, our brand business experienced more than 25% sequential growth despite one of our largest brand advertisers having their own temporary internal issues that impacted their spend on ours and others' networks. I'll provide more color later in my remarks on how we will continue to grow and scale our AGP business.

從更大的角度來看，我們看到需求和廣告商的回歸，比 12 個月前有了很大改善。特別是，儘管我們最大的品牌廣告商之一遇到了暫時的內部問題，影響了他們在我們和其他網路上的支出，但我們的品牌業務仍經歷了超過 25% 的環比增長。我將在稍後的評論中提供更多有關我們將如何繼續發展和擴大 AGP 業務的資訊。

The ODS business declined by 2% in the quarter, driven by short-term issues described above. With one US carrier exception that was only marginally up, our US operators had decline in devices from the prior quarter, which is unusual given it was the holiday selling season. We have heard some recent encouraging reports from chipset suppliers on future device volumes which tend to be lead indicators for future demand, so we are hopeful for better trends into the future. But for now, it is a major headwind and it is reflected in our guidance for the March quarter.

受上述短期問題的影響，本季 ODS 業務下降了 2%。除了一家美國營運商的例外情況僅略有上升之外，我們的美國營運商的設備數量較上一季有所下降，考慮到正值假日銷售季節，這種情況很不尋常。我們最近聽到了晶片組供應商關於未來設備數量的一些令人鼓舞的報告，這些報告往往是未來需求的領先指標，因此我們對未來出現更好的趨勢抱有希望。但就目前而言，這是一個主要阻力，這反映在我們對三月季度的指導中。

In addition to this, we are working to expand our device pipeline. I'm pleased to announce that we are expanding our relationship with Motorola with more devices in more countries, and also our relationship with one store in Korea that will add nearly 40 million devices with SingleTap capability. Our pipeline remains robust, and we look forward to sharing more device supply opportunities into the future.

除此之外，我們正在努力擴大我們的設備管道。我很高興地宣布，我們正在擴大與摩托羅拉的合作關係，在更多國家/地區推出更多設備，同時我們還與韓國一家商店建立了合作關係，該商店將增加近4000 萬台具有SingleTap 功能的裝置.我們的產品線仍然強勁，我們期待未來分享更多的設備供應機會。

Improving revenue per device outside of the United States to mirror where we are seeing the device growth is a top priority for us. We also made progress with different advertisers on SingleTap in the quarter, as we continue to expand with new contracts and new advertisers. We are not yet live with our large social media partner, Pilot.

提高美國境外每台設備的收入以反映設備成長的情況是我們的首要任務。隨著我們繼續拓展新合約和新廣告商，本季我們在 SingleTap 上與不同廣告商的合作也取得了進展。我們尚未與大型社群媒體合作夥伴 Pilot 合作。

It is not any operational or technical issue preventing us from launch, but a final administrative issue that is being worked on their side. The relationship with that party continues to be positive and becoming more strategic, but we understand the frustration we are all feeling on translating this enthusiasm into revenue.

這並不是任何阻止我們啟動的操作或技術問題，而是他們正在解決的最終管理問題。與該方的關係仍然是積極的，並且變得更具策略性，但我們理解我們在將這種熱情轉化為收入時所感到的挫折感。

I want to spend a few moments describing the changes we're making to improve our short-term execution that will drive future growth. Our issue is unique, and it is neither the what or the why. We are confident that we are working on the correct items as we can demonstrate product market fit and also how to make money on those things we are prioritizing. We also have a very clear vision on the why we are here.

我想花一些時間來描述我們為改善短期執行力所做的改變，這將推動未來的成長。我們的問題是獨特的，它既不是“是什麼”，也不是“為什麼”。我們相信我們正在開發正確的項目，因為我們可以證明產品適合市場，以及如何在我們優先考慮的事情上賺錢。對於我們為何來到這裡，我們也有著非常清晰的願景。

Digital Turbine can be a major disruptive force in the alternative app distribution with our unique assets and subject matter expertise. Most companies facing headwinds suffer from one of those two issues. We are unique, is those are not our issues. Rather, we have two things we need to do to improve our execution, which will drive future growth and cash flow.

憑藉我們獨特的資產和主題專業知識，Digital Turbine 可以成為替代應用程式分發的主要顛覆力量。大多數面臨逆風的公司都會遇到這兩個問題之一。我們是獨一無二的，但那些不是我們的問題。相反，我們需要做兩件事來提高我們的執行力，這將推動未來的成長和現金流。

The first is the material investment we are making on the modernization of our tech stack, which impacts short-term results; and the second is how we are working to execute. We need to demonstrate the ability on how we ramp new things into the market at scale to replace the exited businesses and the headwinds described earlier in my remarks. Those require new systems, new processes, and new leadership models.

首先是我們對技術堆疊現代化進行的物質投資，這會影響短期結果；第二是我們如何努力執行。我們需要證明我們有能力將新事物大規模推向市場，以取代退出的業務和我之前在演講中描述的不利因素。這些需要新的系統、新的流程和新的領導模式。

On the tech stack modernization, we have approximately 40% of our product and tech organization working on building for the future versus working on short-term non-strategic revenues. We're seeing early positive results from these modernization activities with things like our exchange consolidation, our hosting migrations, new ERP systems, and so on now live in the market.

在技​​術堆疊現代化方面，我們大約 40% 的產品和技術組織致力於建立未來，而不是致力於短期非戰略收入。我們看到這些現代化活動的早期積極成果，例如我們的交易所整合、託管遷移、新的 ERP 系統等現已投入市場。

But we still have much work to do, as we are implementing a lighter, more modular version of Ignite, a new demand-side platform or DSP, new back-end tools that will scale our AI machine learning efforts on the platform, and so on.

但我們還有很多工作要做，因為我們正在實施更輕、更模組化的Ignite 版本、新的需求方平台或DSP、新的後端工具，這些工具將在平台上擴展我們的AI 機器學習工作，等等在。

All of this work is mission critical to build a long-term company that will scale to all of our expectations. And we have made a conscious decision to prioritize this work. I want to be clear that it does come at the expense of a few items that could drive short-term revenue and EBITDA. But for long-term investors, I want to emphasize the importance of finishing the swing on these things, and you will see continued progress over the upcoming quarters, as we are very close to completing these activities that have been in the works now in some cases for many years.

所有這些工作對於建立一家能夠滿足我們所有期望的長期公司至關重要。我們有意識地決定優先考慮這項工作。我想澄清的是，這確實是以犧牲一些可以推動短期收入和 EBITDA 的項目為代價的。但對於長期投資者來說，我想強調完成這些事情的重要性，您將在接下來的幾個季度看到持續的進展，因為我們非常接近完成這些活動，這些活動目前在一些國家正在進行中。案件多年。

In addition to the system-level work, we're also changing our leadership model, our organizational structure, making some leadership changes, change in our internal processes for decision-making, and finally, improving our focus on the things that are going to drive short and long-term growth. And as we change these things, we are confident that the revenue and cash flow will follow, as we know we have demand for our offerings in the marketplace.

除了系統層面的工作之外，我們也在改變我們的領導模式、我們的組織架構，進行一些領導層的變動，改變我們內部的決策流程，最後，提高我們對未來事情的關注。推動短期和長期增長。當我們改變這些事情時，我們有信心收入和現金流將會隨之而來，因為我們知道市場對我們的產品有需求。

We are laser focused on these changes, which are being implemented in the current quarter. And these housings are working to change the what we're going to be for the catalyst of returning Digital Turbine to a growth company.

我們非常關注這些變化，這些變化正在本季實施。這些住房正在努力改變我們將成為的催化劑，使 Digital Turbine 回歸成長型公司。

And what makes all of this worth it is the bright future. We are uniquely positioned with our on-device technology, including our first-party data, our AI machine learning tools, and SingleTap, plus our extensive publisher relationships, and our operator, and OEM relationships.

而讓這一切變得值得的是光明的未來。我們憑藉我們的設備端技術（包括我們的第一方資料、AI 機器學習工具和 SingleTap）以及我們廣泛的發行商關係、營運商和 OEM 關係而處於獨特的地位。

We've launched our first alternative app distribution products which we brand as DT Hub with five operators here in the United States. We are leveraging our Aptoide investment and are generating revenue today. And as a reminder, our equity investment in Aptoide is now approximately 20%. We've also taken a minority investment in Flexion so we can improve our partnership on building great alternative app experiences as Flexion is a leading porting source for many alternative apps stores, such as Amazon, Samsung, Huawei, Xiaomi, and many others.

我們已經與美國的五家營運商一起推出了第一個替代應用程式分發產品，其品牌為 DT Hub。我們正在利用 Aptoide 的投資並正在創造收入。提醒一下，我們對 Aptoide 的股權投資目前約為 20%。我們也對Flexion 進行了少數投資，因此我們可以改善我們在構建出色的替代應用程式體驗方面的合作夥伴關係，因為Flexion 是許多替代應用程式商店（例如亞馬遜、三星、華為、小米等）的領先移植源。

And finally, many of you may have seen our press release from yesterday that we are also taking an equity stake in ONE Store. ONE Store is the largest alternative app store in Korea. And for context, for investors not familiar with them, they generate more revenue than Apple does in Korea for the Apple App Store. We are beginning our relationship with ONE Store by enabling Single-Tap on all of their 40 million Korean devices.

最後，你們中的許多人可能已經看到了我們昨天發布的新聞稿，我們也將入股 ONE Store 的股權。ONE Store 是韓國最大的另類應用程式商店。就背景而言，對於不熟悉他們的投資者來說，他們透過蘋果應用商店創造的收入比蘋果在韓國的收入還要多。我們透過在 ONE Store 的所有 4,000 萬台韓國設備上啟用 Single-Tap 來開始與 ONE Store 建立合作關係。

And this has three benefits: one, is it will allow us to leverage our DSP to deliver friction-free app downloads of alternative app versions to Korean customers; secondly, it's a way for us to expand scale of developed market device applied versus being constrained with the issues I mentioned here in the United States; and finally, we'll look to enhance our partnership with ONE Store into the future outside of Korea.

這有三個好處：一是它允許我們利用我們的 DSP 為韓國客戶提供替代應用程式版本的無摩擦應用程式下載；其次，這是我們擴大已開發市場設備應用規模的一種方式，而不是受到我在美國提到的問題的限制；最後，我們將尋求在韓國以外的未來加強與 ONE Store 的合作關係。

And combined with our Aptoide and Flexion relationships, we have the building blocks to be a dominant force in the alternative app market. And as a reminder, for investors, the Digital Markets Act, or DMA, will be launching in early March in the EU and we would encourage investors to pay close attention to the launch in the opportunities that it will present.

結合我們的 Aptoide 和 Flexion 關係，我們擁有成為替代應用市場主導力量的基礎。提醒投資者的是，歐盟將於 3 月初推出《數位市場法案》(DMA)，我們鼓勵投資者密切關注該法案的推出，以了解其帶來的機會。

I also want to emphasize that the alternative app strategy is not just about new revenues, but perhaps more importantly will also be a catalyst to return our current business to growth. Today, approximately 50% of our business is driven by user acquisition, and 50% driven by in-app advertising. Our app providers want to find ways to acquire more users at lower cost with those alternative users, and we believe that this will open up new app providers to leverage our ad tech stack as part of the strategy, thereby driving more AGP, or adtech revenue growth.

我還想強調的是，替代應用程式策略不僅僅是新收入，更重要的是，它也將成為我們當前業務恢復成長的催化劑。如今，我們大約 50% 的業務由用戶獲取驅動，50% 由應用程式內廣告驅動。我們的應用程式提供者希望找到方法以更低的成本透過這些替代用戶獲取更多用戶，我們相信這將開闢新的應用程式供應商利用我們的廣告技術堆疊作為策略的一部分，從而推動更多的AGP 或廣告技術收入生長。

We are live today, running both alternative app user acquisition campaigns and in-app advertising, leveraging our technologies into our current results. In other words, improving our present revenues and cash flows are both closely linked to the future strategy.

我們今天已經上線，運行替代應用程式用戶獲取活動和應用程式內廣告，將我們的技術融入當前的結果中。換句話說，改善我們現在的收入和現金流都與未來的策略緊密相關。

To close out my prepared remarks, our future continues to be very exciting, but we need to improve our short-term execution and return our business to growth. We have many specific growth drivers from devices, products, media partners, and cost optimization activities in flight that will accomplish that this year. Those things are the things that are going to return DT to a growth company in the short term, while we continue to pursue our very bright, longer-term vision.

在我準備好的發言的最後，我們的未來仍然非常令人興奮，但我們需要提高短期執行力，讓我們的業務恢復成長。我們有許多來自設備、產品、媒體合作夥伴和正在進行的成本優化活動的具體成長動力，這些成長動力將在今年實現。這些事情將使 DT 在短期內回歸成長型公司，同時我們將繼續追求我們非常光明的長期願景。

And with that, that'll conclude my prepared remarks, and I'll turn it over to Barrett to take you through the numbers.

至此，我準備好的演講就結束了，我將把它交給巴雷特，讓他帶你了解這些數字。

Thanks, Bill, and good afternoon, everyone. Total revenue of $142.6 million in the quarter was flat sequentially, and down 12% year on year. Within our on-device solutions, or ODS segment, revenues of $94.3 million were down 2% to prior-year December quarter. These results were below our expectations we provided on our November earnings call, largely due to further softening in US carrier device volumes during the holiday season even against our conservative outlook.

謝謝比爾，大家下午好。該季度總營收為 1.426 億美元，與上一季持平，年減 12%。在我們的設備端解決方案（即 ODS 部門）中，營收為 9,430 萬美元，比去年 12 月季度下降了 2%。這些結果低於我們在 11 月財報電話會議上提供的預期，這主要是由於即使與我們保守的前景相比，美國運營商設備銷量在假期期間進一步疲軟。

Combined with the temporary execution issues, Bill referenced stemming from certain platform integration efforts. These headwinds were partially offset by continued strength from improved US revenue per device growth year on year. Our content media revenues were slightly up sequentially in the quarter, and while this part of our business has experienced headwinds from the prepaid content media from a year-on-year comparison, this headwind was fully lapped in the December quarter. We're encouraged by both the developments of our new partnership to Bill shared and our robust pipeline, providing the opportunity to leverage our existing device footprint and grow revenues on new supply, particularly outside the US.

結合臨時執行問題，比爾提到源自於某些平台整合工作。這些不利因素被美國每台設備收入年增的持續強勁所部分抵銷。我們的內容媒體收入在本季環比略有上升，雖然與去年同期相比，我們的這部分業務經歷了預付費內容媒體的逆風，但這種逆風在 12 月季度完全消失了。我們對比爾共享的新合作夥伴關係的發展以及我們強大的管道的發展感到鼓舞，這提供了利用我們現有設備足跡並透過新供應增加收入的機會，特別是在美國以外的地區。

In our app growth platform, our AGP business, Q3 revenues of $49.2 million, which performed in line with our guidance expectations, grew 6.5% sequentially and declined 27% over prior year. We saw improving signs of spend levels, particularly within brands evidenced by greater than 25% sequential revenue increases.

在我們的應用程式成長平台中，我們的 AGP 業務第三季營收為 4,920 萬美元，符合我們的指導預期，季增 6.5%，比上年下降 27%。我們看到支出水準有所改善的跡象，特別是在品牌內部，收入較上季成長超過 25%。

While the overall decline in AGP year on year continues to be impacted in the short term by the consolidation and exiting of certain legacy business lines that we have discussed previously, we're pleased that as of the beginning of this calendar year, the revenue lines have been integrated and fully operational onto our consolidated DT exchange. I'd reiterate Bill's earlier comment that despite the near-term headwinds, we're encouraged by the platform consolidations we're making to bring the businesses together and expect these actions to have a positive return on our future growth.

雖然 AGP 同比整體下降在短期內繼續受到我們之前討論過的某些傳統業務線的整合和退出的影響，但我們很高興的是，截至本日曆年年初，收入線已集成到我們的綜合DT 交易所並全面運行。我想重申比爾早些時候的評論，即儘管近期存在阻力，但我們為將業務整合在一起而進行的平台整合感到鼓舞，並期望這些行動能為我們未來的成長帶來積極的回報。

Our consolidated gross margin was 45% in Q3, which was down 180 basis points sequentially from Q2, and compares to 50% from Q3 and the prior year. Sequentially, margins were influenced by modest ODS product mix shifts, where we experienced an increase in the mix of certain lower margin products. Last year's Q3 results also include the benefit of a contractual revenue share adjustment with an ODS partner; not repeated in this quarter.

第三季我們的綜合毛利率為 45%，比第二季連續下降 180 個基點，而第三季和去年同期為 50%。隨後，利潤率受到消耗臭氧層物質產品組合適度變化的影響，其中某些利潤率較低的產品組合有所增加。去年第三季的業績還包括與 ODS 合作夥伴的合約收入分成調整的好處；本季不再重複。

Within AGP, we saw a strength year on year and expanding margins of 500 basis points from improvement in overall brand margins and favorable product mix within the segment. As a reminder, while gross margin rates can fluctuate from quarter to quarter, we generally anticipate long-term margin expansion as we continue to execute on our growth strategies.

在 AGP 內部，我們看到了同比增長，由於整體品牌利潤率的提高和該細分市場內有利的產品組合，利潤率擴大了 500 個基點。提醒一下，雖然毛利率可能會因季度而波動，但隨著我們繼續執行成長策略，我們通常會預期長期利潤率會擴大。

We remain disciplined with expenses. And cash operating expenses were $38.8 million in Q3, a reduction of 6% from prior year and represented 27% of revenues in the quarter. In the period, we incurred lower-than-normal performance compensation expenses. And total GAAP operating expenses were $72.9 million, which were up 4% compared to the prior year, driven primarily by business transformation costs that we've discussed previously linked to the initiatives focused on integrating the technology platforms and back-office systems across our assets.

我們仍然嚴格控制開支。第三季現金營運支出為 3,880 萬美元，比去年同期減少 6%，佔該季收入的 27%。期內，我們發生了低於正常水準的績效補償費用。GAAP 營運支出總額為 7,290 萬美元，比上年增長 4%，這主要是由我們之前討論過的業務轉型成本推動的，這些成本與專注於在我們的資產中集成技術平台和後台系統的舉措相關。

While the recent periods have incurred increased costs due to the completion of these efforts and new growth initiatives, we expect both the efficiencies and growth to begin to be reflected in our results throughout fiscal 2025 and beyond. During this phase, we remain highly focused on operating efficiency and are encouraged by the savings we're realizing from these platform consolidations.

雖然最近一段時期由於完成這些努力和新的成長舉措而導致成本增加，但我們預計效率和成長將開始反映在我們整個 2025 財年及以後的業績中。在此階段，我們仍然高度關注營運效率，並對我們從這些平台整合中實現的節省感到鼓舞。

Turning to profitability, our adjusted EBITDA of $25.4 million in the quarter declined $2.2 million sequentially and was down from $40 million in the prior year, driven primarily from lower revenues and partially offset by a reduction in cash OpEx.

談到獲利能力，本季調整後的 EBITDA 為 2,540 萬美元，比前一年的 4,000 萬美元下降了 220 萬美元，這主要是由於收入下降造成的，部分被現金營運支出的減少所抵消。

Our EBITDA margin of 18%, compared sequentially to 19% in the September quarter. Given the inherent operating leverage in our business model, we expect that the active focus on expense measures and integration efforts we are taking will strengthen the platform as we return to growth and enable a greater portion of those dollars to fall to the bottom line.

我們的 EBITDA 利潤率為 18%，而上一季的 EBITDA 利潤率為 19%。考慮到我們業務模式中固有的營運槓桿，我們預計，隨著我們恢復成長，積極關注費用措施和我們正在採取的整合努力將加強該平台，並使這些美元中的更大一部分下降到底線。

In the quarter, we achieved non-GAAP adjusted net income of $15.7 million or $0.15 per share as compared to $30 million or $0.29 per share in the third quarter last year. As compared to prior year, we incurred greater interest expense driven by rising rates and partially offset by lower outstanding debt balance.

本季度，我們實現非 GAAP 調整後淨利潤 1,570 萬美元，即每股 0.15 美元，去年第三季為 3,000 萬美元，即每股 0.29 美元。與前一年相比，由於利率上升，我們產生了更多的利息支出，但未償債務餘額下降部分抵消了利息支出。

Our GAAP net loss was $14.1 million or a negative $0.14 per share based on 103.3 million diluted shares outstanding, compared to prior-year net income of $4.1 million, or $0.04 per share. $14.1 million in free cash flows generated for the quarter enabled us to exit Q3 with $49 million in cash after paying down an additional $10 million in debt using free cash flow from operations to further deleverage our debt position.

根據 1.033 億股稀釋後流通股計算，我們的 GAAP 淨虧損為 1,410 萬美元，即每股負 0.14 美元，而上年淨利潤為 410 萬美元，即每股負 0.04 美元。本季產生的 1,410 萬美元自由現金流使我們能夠在利用營運自由現金流進一步去槓桿化債務狀況額外償還 1,000 萬美元債務後，以 4,900 萬美元現金退出第三季。

Our debt balance ended the quarter at $376 million drawn on our revolving credit facility. Also, in support of the key growth initiatives we've discussed specifically around the pursuit of our alternative app store, strategic opportunity, and realizing the benefits from consolidating and modernizing our tech platforms, we recently amended our credit facility to provide additional flexibility and to align our capital requirements with the overall business needs. With these enhancements, we are confident in our ability to execute on our growth plans, and we continue to focus on balancing growth opportunities and cash flows to optimize financial performance and long-term enterprise value.

本季末，我們的循環信貸額度債務餘額為 3.76 億美元。此外，為了支持我們特別討論的關鍵成長計劃，圍繞著追求我們的替代應用程式商店、策略機會以及實現整合和現代化我們的技術平台的好處，我們最近修改了我們的信貸安排，以提供額外的靈活性並讓我們的資本要求與整體業務需求保持一致。透過這些增強功能，我們對執行成長計畫的能力充滿信心，並且我們將繼續專注於平衡成長機會和現金流，以優化財務表現和長期企業價值。

Because before covering our outlook, I wanted to provide some visibility into our guidance assumptions. Within our revenue guidance, we anticipate the headwinds associated with volume device declines to continue into Q4, principally on US operators. While we believe these -- we believe future devices trends should improve, we've seen accelerating declines early in the March quarter, and at this time, have limited visibility to the performance of the recent Samsung flagship device launch. And therefore, we have further tempered our ODS volume expectations.

因為在介紹我們的前景之前，我想對我們的指導假設提供一些了解。在我們的收入指引中，我們預計與設備銷售下降相關的不利因素將持續到第四季度，主要是美國營運商。雖然我們相信這些——我們相信未來的設備趨勢應該會改善，但我們在三月份季度初就看到了下滑的加速，並且目前對最近推出的三星旗艦設備的性能的了解有限。因此，我們進一步下調了消耗臭氧層物質數量預期。

We are optimistic about the future revenue growth from new partners and the successful execution against our pipeline in FY25. However, we do not expect material new revenues from these partner launches in our March quarter. I'd also point out as a reminder that in addition to the typical historical seasonal sequential impact experienced in Q4, with the exchange platform migration now completed, there will be approximately $4 million in sequential revenue migration headwind from the completed exchange platform consolidation in Q4. And as we've highlighted previously, we're encouraged by the future benefits of this integration.

我們對新合作夥伴的未來收入成長以及 2025 財年管道的成功執行持樂觀態度。然而，我們預計這些合作夥伴在三月季度不會帶來實質的新收入。我還想提醒一下，除了第四季度經歷的典型歷史季節性連續影響之外，隨著交易平台遷移現已完成，第四季度完成的交易平台整合將帶來約 400 萬美元的連續收入遷移逆風。正如我們之前強調的那樣，我們對這種整合的未來好處感到鼓舞。

Now, let me turn to our outlook. We currently expect revenue for full-year fiscal 2024 to be between $547,000,553, and adjusted EBITDA to be between $90,000,094, and non-GAAP adjusted net income per diluted share to be between $0.50 and $0.54 based on approximately $104 million diluted shares outstanding and an effective tax rate of 25%.

現在，讓我談談我們的展望。我們目前預計2024 財年全年營收將在547,000,553 美元之間，調整後EBITDA 將在90,000,094 美元之間，非GAAP 調整後每股攤薄淨利潤將在0.50 美元至0.54 美元之間，基於約1.04 億美元的稀釋後流通股和有效每股盈餘。稅率為25%。

With that, let me hand it back to the operator to open the call for questions. Operator?

接下來，讓我將其交還給接線員以開始提問。操作員？

(Operator Instructions) Darren Aftahi, ROTH MKM.

（操作員說明）Darren Aftahi，ROTH MKM。

Hey, guys. Thanks. So my questions, a couple if I may. I know the first one may not be an easy one to answer, but it seems like the advice headwind is pretty persistent. I'm just curious, are there any green shoots you're seeing in the market? I know, Barrett, you made some comments about some accelerated declines in the US, but any sense for when this to reverse itself?

大家好。謝謝。如果可以的話，我想問幾個問題。我知道第一個問題可能不容易回答，但似乎這個建議的逆風相當持久。我只是好奇，您在市場上看到了新芽嗎？我知道，巴雷特，你對美國經濟加速下滑發表了一些評論，但這種情況何時扭轉有什麼意義嗎？

To Bill, your comments about the tech stack. I'm just curious when are we going to be fully complete with implementation of that? And then just lastly, on the open app store initiatives and some of the stuff you're doing and investing in, when do you think that's going to start to have an impact on your P&L in a more material way? Thanks.

致比爾，請談談您對技術堆疊的評論。我只是好奇我們什麼時候才能完全完成該實施？最後，關於開放應用程式商店計劃以及您正在做和投資的一些事情，您認為這什麼時候會開始以更實質的方式對您的損益產生影響？謝謝。

Yeah. Thanks, Darren. I'll jump in on those and Barrett can provide any color. On the device headwinds, yeah, here in United States, we saw double-digit year-over-year declines with our US partners, which was something that we weren't expecting, that precipitous of decline, even though we'd forecasted one. So that continues to be an issue for us.

是的。謝謝，達倫。我會加入這些，巴雷特可以提供任何顏色。在設備逆風方面，是的，在美國，我們看到我們的美國合作夥伴出現了兩位數的同比下降，這是我們沒有預料到的，下降幅度如此之大，儘管我們曾預測過。所以這對我們來說仍然是一個問題。

And as Barrett referenced in his comments, January was off to a slow start, which reflects some of the things you saw in our outlook. The first weekend was encouraging for the S24. Although weekend does not make a trend, we'll see. But we want to make sure that we're being extra cautious regarding that.

正如巴雷特在評論中提到的那樣，一月份的開局緩慢，這反映了您在我們的展望中看到的一些事情。S24 的第一個週末令人鼓舞。儘管週末並未成為一種趨勢，但我們拭目以待。但我們希望確保對此格外謹慎。

Based on some of the comments we've heard from chipset suppliers, it sounds like those device supplies will get better as the year goes on. Also, as we start seeing anniversarying out of three-year -- three-year anniversaries of lease contracts here in United States on both Apple and Android devices from the US operators, I think will also be helpful.

根據我們從晶片組供應商那裡聽到的一些評論，隨著時間的推移，這些設備供應似乎變得更好。此外，當我們開始看到美國營運商在美國的蘋果和安卓設備上簽訂租賃合約三週年紀念日時，我認為這也會有所幫助。

And then the thing for us is rather than get focused on those uncontrollables, what can we control? Well, we can control getting more devices in places like Korea that I mentioned. We can also expand our relationships with some of our other partners. We can take advantage of a pretty attractive, competitive environment right now with bringing on new device supply. So we're really focused on doing that right now versus being reliant upon some of the operators here in the United States.

那麼對我們來說，我們不能把注意力集中在那些無法控制的事情上，而是我們能控制什麼？好吧，我們可以控制在我提到的韓國等地購買更多設備。我們還可以擴大與其他一些合作夥伴的關係。我們現在可以利用一個相當有吸引力、競爭激烈的環境來提供新的設備。因此，我們現在真正專注於這樣做，而不是依賴美國的一些營運商。

On the second question regarding the tech stack, it's going to be a rolling. So every quarter you're going to see improvements from us. And my expectation is that over the next 12 months, that will be done, but you're going to see material improvements in the next quarter we get on the call, and in the following quarter, and the following quarter, and so on.

關於技術堆疊的第二個問題，這將是一個滾動的問題。因此，每個季度您都會看到我們的進步。我的期望是，在接下來的 12 個月內，這將會完成，但你會在我們接到電話的下一個季度、下一個季度、下一個季度等等看到實質的改進。

And it's a super high priority for us, because in order to get to the business that we all want to get to a real scalable business, we've got to create a lighter, more modular tech stack be able to take advantage of all the data science and learnings on that. And those things are in flight. And I'm pleased that we're making good progress.

這對我們來說是一個非常重要的優先事項，因為為了實現我們都希望實現真正可擴展的業務，我們必須創建一個更輕、更模組化的技術堆疊，能夠利用所有數據科學和相關知識。這些東西正在飛行中。我很高興我們取得了良好的進展。

The issue is, it's just, right now, it's cannibalizing some very, very short-term issues where we could perhaps have some improved revenues, but it's absolutely not the right thing to do to just get too focused on the short term at the expense of where we want to go with the business.

問題是，現在，它正在蠶食一些非常非常短期的問題，我們也許可以在這些問題上提高收入，但過於關注短期而犧牲自己的利益絕對不是正確的做法。我們想要將業務發展到哪裡。

And then finally, on the app store P&L, it is already in our business. We're already seeing about rough -- let's call it roughly a seven-figure run rate of revenues from the alternative app store business. I mentioned in my remarks that we're running now campaigns through our pipes in terms of on the ad tech side as well as the in-app purchasing side and the user acquisition side. So this is not academic.

最後，在應用程式商店損益表上，它已經屬於我們的業務了。我們已經看到了粗略的情況——讓我們將其稱為替代應用商店業務的大約七位數的收入運行率。我在發言中提到，我們現在正在透過我們的管道在廣告技術方面以及應用程式內購買方面和用戶獲取方面開展活動。所以這不是學術性的。

It is early days. As we get into 2024, I think you're going to see it to be a more material growth driver and begin building each quarter for us.

現在還很早。當我們進入 2024 年時，我認為您會看到它成為更物質的成長動力，並開始為我們每個季度進行建設。

Thanks, Bill.

謝謝，比爾。

Omar Dessouky, Bank of America.

奧馬爾·德蘇基，美國銀行。

Hi, guys. Thank you for taking my question. I was intrigued by your partnership and your investment in ONE Store. And I was hoping that you could talk about the economics of the deal. For example, what's the fee structure like price per install, revenue share, things like that?

嗨，大家好。感謝您回答我的問題。我對你們的合作關係以及你們對 ONE Store 的投資很感興趣。我希望你能談談這筆交易的經濟效益。例如，每次安裝價格、收入分成等費用結構是怎樣的？

And then secondly, what part of the consumer journey are you going to be involved in with regards to, I guess, Korean customers? Is it just going to be the app install, or the in-app ads, or potentially the in-app purchases as well?

其次，我想，對於韓國客戶，您將參與消費者旅程的哪一部分？只是應用程式安裝，還是應用程式內廣告，或者也可能是應用程式內購買？

Yeah, sure, Omar. Yeah so we're viewing our relationship with ONE Store. This is really phase one and something we were planning to do, something bigger with those guys as we get into the future. And I think that as the Digital Markets Act becomes live over the next 30 days or so, we're looking forward to really collaborating with them in the EU, the opening up of the Google Play Store and Apple store there. So I stay tuned for something more strategic.

是的，當然，奧馬爾。是的，所以我們正在審視我們與 ONE Store 的關係。這確實是第一階段，也是我們計劃要做的事情，隨著我們進入未來，與這些人一起做更大的事情。我認為，隨著《數位市場法案》在未來 30 天左右生效，我們期待在歐盟與他們真正合作，在那裡開設 Google Play 商店和 Apple 商店。所以我會繼續關注更具戰略意義的事情。

More tactically in Korea, we've thought we'd really do three things. We've got to -- number one, we've got to show that we can improve our [device volumes], as I just answered on the prior question from Darren, and this helps us get our tech on about 40 million devices in Korea immediately. We can do that as one fell swoop.

在韓國，從戰術上講，我們認為我們實際上應該做三件事。我們必須——第一，我們必須證明我們可以提高我們的[設備數量]，正如我剛剛回答達倫之前的問題一樣，這有助於我們在大約 4000 萬台設備上使用我們的技術韓國馬上。我們可以一舉做到這一點。

Number two is we can drive user acquisition now with SingleTap, so we can be able to acquire more users into the ONE Store store with those alternative apps, leveraging our DSP and our SingleTap capabilities in a friction we freeway for Korean customers.

第二，我們現在可以透過 SingleTap 推動用戶獲取，因此我們能夠透過這些替代應用程式吸引更多用戶進入 ONE Store 商店，利用我們的 DSP 和 SingleTap 功能，為韓國客戶提供快速的服務。

And then number three, we can work with the local app publishers in Korea and then get our own in-app advertising tech stack onto those -- whether those are games or other types of applications, and now provides a new revenue stream for us in our AGP side. So those are really the things that we're focused on.

第三，我們可以與韓國當地的應用程式發行商合作，然後將我們自己的應用程式內廣告技術堆疊應用到這些應用程式上- 無論這些是遊戲還是其他類型的應用程序，現在為我們提供了新的收入來源我們的AGP這邊。所以這些才是我們真正關注的事情。

I am not going to disclose any specific terms or how we're working the revenue with ONE Store other than say that I think it's a good win-win partnership for both sides.

我不會透露任何特定條款或我們如何與 ONE Store 合作處理收入，只是說我認為這對雙方來說是一種良好的雙贏合作關係。

And could I just ask as well, how should we think about the strategic value of these deals coming together, right? You have the Aptoide, you have ONE Store. How do we think about the synergies and the strategic value across regions, and with multiple assets now?

我還想問一下，我們應該如何考慮這些交易的戰略價值，對嗎？您擁有 Aptoide，您就擁有 ONE Store。現在我們如何看待跨區域和多種資產的綜效和策略價值？

Yeah, I think what's important for investors is if you believe that the alternative app store space is going to grow and be extremely disruptive over the upcoming years, which obviously we believe we're uniquely positioned, and partnering with the companies that continue to bring the capabilities.

是的，我認為對投資者來說重要的是，如果你相信另類應用商店空間將會成長，並且在未來幾年內將具有極大的顛覆性，顯然我們相信我們處於獨特的地位，並與那些繼續帶來新應用的公司合作。的能力。

Because in order to enable this, there's a lot of things behind the scenes that have to happen whether that's porting the apps into the alternative versions, managing the payments, doing it in a friction-free way with customers, having the publisher relationships to do multi-variant, I can go on and on about all the different things. But anybody that wants to do that, whether it's us direct or whether it's with other mega-cap tech companies that have ambitions to go do this, there's a lot of those plumbing and electricity things that have to happen that make us super uniquely positioned to go out and help enable that.

因為為了實現這一點，幕後必須要做很多事情，無論是將應用程式移植到替代版本、管理支付、以與客戶無摩擦的方式進行、與發行商建立關係多變體，我可以​​繼續談論所有不同的事情。但任何想要做到這一點的人，無論是我們直接這樣做，還是與其他有雄心壯志去做這件事的大型科技公司合作，有很多管道和電力方面的事情必鬚髮生，這使我們處於超級獨特的地位走出去並幫助實現這一目標。

So now, having these relationships with these companies all together is something that I think is going to make it easier for a one-stop shop for any app publisher to come to what we're doing to be able to solve the single biggest issue they have in their P&L, which is the agreed -- just 30% tax that is getting paid to the two that are running the duopoly today.

因此，現在，我認為與這些公司建立這些關係將使任何應用程式發行商都能更輕鬆地了解我們正在做的事情，從而解決他們面臨的最大問題。在他們的損益表中，這是商定的— —只向今天經營雙頭壟斷的兩家公司支付30% 的稅。

Okay, great. Appreciate the explanation. Very clear. Thank you.

好的，太好了。感謝您的解釋。非常清楚。謝謝。

Thanks.

謝謝。

Dan Day, B. Riley Securities.

丹‧戴 (Dan Day)，B. 萊利證券 (Riley Securities)。

Yeah, guys, thanks for taking the questions. So Bill, in the prepared remarks, you talked about changes in leadership and new org structure. Just, it'd be great if you could elaborate on that. Would you be planning to bring in totally new people to run certain business lines, just switching around positions or imports? Should we get a sense of what you're looking to accomplish with those changes?

是的，夥計們，感謝您提出問題。比爾，在準備好的演講中，您談到了領導的變化和新的組織結構。只是，如果您能詳細說明這一點，那就太好了。您是否計劃引進全新人員來管理某些業務線，只是交換職位或進口？我們是否應該了解您希望透過這些改變實現什麼目標？

Yeah, absolutely. I think the biggest issue we need to improve in our execution is just getting alignment around the organization. So we need to make faster decisions, we need to have clearer accountability in what we're driving right now. So one of the things we're going to be doing is moving our business into a GM model, where we'll be able to have clearer accountability to make results and drive the short-term profit loss for different business lines each quarter.

是的，絕對是。我認為我們在執行上需要改進的最大問題就是在組織周圍保持一致。因此，我們需要更快地做出決策，我們需要對我們目前正在推動的事情有更明確的責任。因此，我們要做的一件事是將我們的業務轉變為通用汽車模式，在這種模式下，我們將能夠有更明確的責任來取得成果，並減少每季不同業務線的短期利潤損失。

So we're making leadership changes to accomplish that, but this is really about us just getting better focus externally with our customers, and better alignment internally between our different functions. And so we've got to change what we're doing.

因此，我們正在對領導層進行調整以實現這一目標，但這實際上是為了我們在外部更好地專注於客戶，並在內部不同職能之間更好地協調。所以我們必須改變我們正在做的事情。

And we've done a nice job assembling the companies, the legacy companies we've acquired, and now have standardized a lot of things of how we've worked versus the the legacy DT way versus the AdColony way versus the fiber way and so on.

我們在整合公司、我們收購的傳統公司方面做得很好，現在已經標準化了很多我們的工作方式、傳統 DT 方式、AdColony 方式、光纖方式等等。在。

So now we're at a point now where we can take that standardization, and now decentralized that standardization out that's closer to customers and have clear accountability internally to who's making decisions. So what we're doing is really aligned around that.

因此，現在我們正處於可以採用標準化的階段，現在將標準化分散到更接近客戶的地方，並對內部決策者負有明確的責任。所以我們正在做的事情確實是圍繞著這一點進行的。

Okay, great. Thanks. And then just, for me, you've you've consistently said that USRPD had sit around over $5 for the last few quarters. Has that held pretty steady even if devices have been not softer than you thought?

好的，太好了。謝謝。然後，對我來說，你一直說 USRPD 在過去幾個季度的價格大約在 5 美元左右。即使設備沒有你想像的那麼軟，這種情況是否保持相當穩定？

Yeah. Device RPDs have been pretty consistent. They were marginally down in the December quarter from the September quarter, and now is 100% driven by those two execution issues I mentioned earlier in my remarks. If you take out those two issues, it would have accreted again.

是的。設備 RPD 非常一致。12 月季度的業績較 9 月季度略有下降，現在 100% 是由我之前在演講中提到的那兩個執行問題驅動的。如果你把這兩個問題去掉，它就會再增加。

All right. Great. Thanks for taking the questions, guys.

好的。偉大的。謝謝你們提出問題，夥伴們。

Thanks, Dan.

謝謝，丹。

(Operator Instructions) Anthony Stoss, Craig-Hallum.

（操作說明）Anthony Stoss，Craig-Hallum。

Hey, Bill, I just wanted to follow up on your comment about why the SingleTap trial wasn't live? You talked about administrative issues, can you give us a little bit more color on that on when you expect that to be resolved? And then I had a couple of follow-ups.

嘿，Bill，我只是想跟進您關於為什麼 SingleTap 試用版沒有上線的評論？您談到了行政問題，您能告訴我們更多關於您預計該問題何時能得到解決的資訊嗎？然後我進行了一些後續行動。

Yeah, sure, Tony. Yeah, as we know we've all been impatiently waiting for us to go live, and we'd work through the final tech and ops issues. Yeah, they maybe confident and talk about it. Yeah, there's a final administrative decision that the partner wants to make with some other considerations that they're looking at bigger picture and they're going through that internal discussion right now.

是的，當然，托尼。是的，正如我們所知，我們都在不耐煩地等待我們上線，我們將解決最終的技術和營運問題。是的，他們可能充滿信心並談論它。是的，合作夥伴希望做出最終的行政決定，同時考慮到他們正在考慮更大的前景，並且他們現在正在進行內部討論。

So as soon as that discussion is done, then I expect us to go live with the Pilot. But I don't have a timeline, ideally still given our past here that I want to commit to on the call today, but I would just -- considerate to say, it's important for both sides to work through that.

因此，一旦討論完成，我希望我們能夠與試點一起上線。但我沒有時間表，理想情況下仍然考慮到我們在這裡的過去，我想在今天的電話會議上做出承諾，但我只是——體貼地說，雙方解決這個問題很重要。

Got it. And then maybe the -- this is probably more for Barrett, for your March guide the down sequential revenues, can you break out how much of the decline was from ODS? Or your expectations versus AGP, are they both down equally or worse than the other sequentially?

知道了。然後，也許 - 這可能對 Barrett 來說更重要，因為您的 3 月份收入連續下降指南，您能透露有多少下降是來自 ODS 的嗎？還是你對 AGP 的預期，是依序下降還是更糟？

Yeah. Hey, Tony. Yeah, here's what I would say. You know, we'd obviously don't guide by segment, but I would say, our seasonality is that you look -- if you look back at our seasonality for our AGP business, it's relatively constant even -- we had a little bit of headwind I mentioned on as we completed the consolidation of the exchange.

是的。嘿，東尼。是的，這就是我要說的。你知道，我們顯然不會按細分市場進行指導，但我想說，我們的季節性是你看的 - 如果你回顧我們 AGP 業務的季節性，它甚至是相對穩定的 - 我們有一點我在完成交易所合併時曾提到逆風。

The real factor that -- on the change is an accelerating decline on the Q4 US devices that we've contemplated in our guidance.

這一變化的真正因素是我們在指導中考慮到的第四季度美國設備的加速下降。

Got you. And Bill back to you, just curious if you could talk about what you're seeing in the competitive environment. If one source is having issues or not, just what you expect. And then I have one last question after that.

明白你了。比爾回到你身邊，只是好奇你是否能談談你在競爭環境中看到的情況。如果某個來源有問題或沒有問題，那就如您所料。然後我還有最後一個問題。

Yeah, I think in the competitive environment, obviously, there's been a lot of announced changes out there in the market for one of our competitors. So we're looking at that as an opportunity for our business, especially as we talked about, the softness in US device supply. And while we expect that to rebound by some of things I was talking about with chipset suppliers in flagship devices and all that, we also have take matters in our own hands.

是的，我認為在競爭環境中，顯然，我們的競爭對手之一在市場上宣布了許多變化。因此，我們將其視為我們業務的機會，特別是正如我們所討論的，美國設備供應疲軟。雖然我們預計這種情況會透過我與旗艦設備晶片組供應商討論的一些事情而反彈，但我們也必須自己處理事情。

And so we're viewing some of those changes happen in the macroenvironment with some of the competitors is a positive for us. And there's a lot of encouraging things going on in the pipeline right now.

因此，我們看到宏觀環境中發生的一些變化與一些競爭對手對我們來說是積極的。目前正在發生許多令人鼓舞的事情。

Got you. And then hopefully you can answer this or give everybody a sense. It's been a frustrating stock for some time, numbers keep going down. When you look over the next 12 months of fiscal 2025, would you expect at least revenue growth in '25 over '24?

明白你了。然後希望你能回答這個問題或給每個人一個感覺。一段時間以來，這隻股票一直令人沮喪，數字不斷下降。當您展望 2025 財年的未來 12 個月時，您是否預期 25 年的營收至少會比 24 年有所成長？

Tony, your question around run rate growth?

托尼，你對運行率成長有疑問嗎？

No, just fiscal year 2025 revenues, your next -- call it, June through the next March quarter. Do you expect growth, given everything that's going on in the tech stack and the issues that that's created?

不，只是 2025 財年的收入，你的下一個季度——稱之為 6 月到下一個 3 月的季度。考慮到技術堆疊中正在發生的一切以及由此產生的問題，您是否期望成長？

Yeah. All the things we're working towards -- all the things we have in our planning and execution that we talked about are to drive growth next year, now would be the expectation.

是的。我們正在努力實現的所有目標——我們所討論的規劃和執行中的所有目標都是為了推動明年的成長，現在這將是我們的期望。

Okay. Thank you.

好的。謝謝。

Thanks, Tony.

謝謝，托尼。

And ladies and gentlemen, with that, we'll be ending today's question-and-answer session. I'd like to turn the floor back over to our CEO, Bill Stone, for any closing remarks.

女士們、先生們，我們今天的問答環節就到此結束。我想請我們的執行長比爾史東 (Bill Stone) 發表結束語。

Yeah. Thanks, everyone, for joining the call tonight. We'll look forward to reporting on our progress against all the points we made on the call tonight, and we'll talk to you again on our fiscal '24 -- fourth quarter call in a few months. Thanks and have a great night.

是的。謝謝大家參加今晚的電話會議。我們期待根據今晚電話會議中提出的所有要點報告我們的進展，並且我們將在幾個月後的 24 財年第四季度電話會議上再次與您交談。謝謝，祝您有個美好的夜晚。

Ladies and gentlemen, that will conclude today's conference call. We thank you for attending today's presentation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您參加今天的演講。現在您可以斷開線路。