Asure Software Inc (ASUR) 2024 Q2 法說會逐字稿

Good afternoon, and welcome to Asure's Second Quarter 2024 Earnings Conference Call. Joining us today -- on today's call are Chairman and CEO, Pat Goepel; Chief Financial Officer, John Pence; and Vice President of Investor Relations, Patrick McKillop. Following the prepared remarks, there will be a question-and-answer session for the analysts and investor.

下午好，歡迎參加 Asure 2024 年第二季財報電話會議。今天參加我們今天的電話會議的是董事長兼執行長 Pat Goepel；財務長約翰·彭斯；和投資者關係副總裁 Patrick McKillop。在準備好的發言之後，將為分析師和投資人舉行問答環節。

I would now like to turn the call over to your host, Patrick McKillop, for introductory remarks. Please go ahead.

現在我想將電話轉給主持人派崔克‧麥基洛普 (Patrick McKillop)，請他做介紹發言。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining us for Asure's second quarter 2024 earnings results call. Following the close of the market, we released our financial results. The earnings release is available on the SEC's website and our Investor Relations website at investor.asuresoftware.com, where you can also find the investor presentation.

謝謝你，接線生。大家下午好，感謝您參加 Asure 2024 年第二季財報電話會議。收盤後，我們發布了財務業績。收益報告可在 SEC 網站和我們的投資者關係網站 Investor.asuresoftware.com 上獲取，您也可以在其中找到投資者簡報。

During our call today, we will reference non-GAAP financial measures, which we believe to be useful to investors and exclude the impact of certain items. A description and timing of these items along with the reconciliation of non-GAAP measures to their most comparable GAAP measures can be found in our earnings release.

在今天的電話會議中，我們將參考非公認會計準則財務指標，我們認為這些指標對投資者有用，並排除了某些項目的影響。這些項目的描述和時間安排以及非公認會計準則指標與其最具可比性的公認會計準則指標的調節可以在我們的收益報告中找到。

Today's call will also contain forward-looking statements that refer to future events, and as such, involve some risks. We use words such as expects, believes and may to indicate forward-looking statements, and we encourage you to review our filings with the SEC for additional information on factors that could cause actual results to differ materially from our current expectations.

今天的電話會議還將包含涉及未來事件的前瞻性陳述，因此涉及一些風險。我們使用「預期」、「相信」和「可能」等字眼來表示前瞻性陳述，我們鼓勵您查看我們向SEC 提交的文件，以獲取有關可能導致實際結果與我們當前預期產生重大差異的因素的更多資訊。

I will hand the call over to Pat in a moment, but I just wanted to take a moment to remind folks of our upcoming Investor Relations activities. On September 12, we will be hosting one-on-one meetings at the Barrington Fall Conference, which is being held virtually.

我稍後會將電話轉給帕特，但我只是想花點時間提醒大家我們即將開展的投資者關係活動。9 月 12 日，我們將在巴靈頓秋季會議上舉辦一對一會議，該會議以虛擬方式舉行。

Also, the team will have a member attending the Lake Street Conference in New York that same day. We are planning on some non-deal roadshows for September and October. Also in November, we are hosting one-on-one meetings at the Needham SaaS Conference, which is being held virtually.

此外，該團隊還將派一名成員參加當天在紐約舉行的湖街會議。我們計劃在九月和十月進行一些非交易路演。同樣在 11 月，我們將在 Needham SaaS 會議上舉辦一對一會議，該會議以虛擬方式舉行。

We anticipate more conference participation during the fall months based on last year's schedule and look forward to connecting with all of you soon. Investor outreach is very important to Asure, and I would like to thank all those that assist us in our efforts to connect with investors.

根據去年的日程安排，我們預計秋季會有更多的會議參與，並期待很快與大家聯繫。投資者宣傳對 Asure 非常重要，我要感謝所有幫助我們與投資者建立聯繫的人。

Finally, I would like to remind everyone that this call is being recorded, and it will be made available for replay via a link available on the Investor Relations section of our website.

最後，我想提醒大家，本次電話會議正在錄音，並將透過我們網站投資者關係部分的連結進行重播。

With that, I would now like to turn the call over to Pat Goepel, Chairman and CEO. Pat?

現在，我想將電話轉給董事長兼執行長 Pat Goepel。拍？

Thank you, Patrick, and welcome, everyone to Asure Software's second quarter 2024 earnings results call. I am joined on this call by our CFO, John Pence, and we will provide a business update for our second quarter 2024 results as well as our outlook for the rest of 2024. Following our remarks, we will be available to answer your questions.

謝謝派崔克，歡迎大家參加 Asure Software 的 2024 年第二季財報電話會議。我們的財務長 John Pence 也參加了本次電話會議，我們將提供 2024 年第二季業績的業務更新以及 2024 年剩餘時間的展望。在我們的發言之後，我們將回答您的問題。

Our second quarter revenues were very solid, coming in at $28 million, and our reoccurring revenues were up 18% during the quarter, which is a nice improvement. Our revenues were driven by strong contributions from our Asure Marketplace offering, Payroll Tax Management and interest earned from funds held for clients, which we refer to as float.

我們第二季的營收非常穩定，達到 2,800 萬美元，本季我們的經常性收入成長了 18%，這是一個不錯的進步。我們的收入主要來自 Asure Marketplace 產品、工資稅管理以及為客戶持有的資金賺取的利息（我們稱之為浮動資金）的強勁貢獻。

During Q2, we are pleased to see our organic growth rates increased to 7% from 3.5% during Q1, and we believe that we will deliver double-digit growth in the back half of 2024. In 2023, you may recall, we raised money to make acquisitions, improve our technology, roll over ERTC revenues and deliver double-digit growth.

在第二季度，我們很高興看到我們的自然成長率從第一季的 3.5% 提高到 7%，我們相信我們將在 2024 年下半年實現兩位數的成長。您可能還記得，到 2023 年，我們籌集資金進行收購、改進我們的技術、滾動 ERTC 收入並實現兩位數的成長。

We have executed this plan very well in the first half of 2024. We remain excited about the opportunities that lie ahead for our business and are very pleased with the continued momentum of our Payroll Tax Management business, as evidenced by the recent deal we announced with Vensure.

2024年上半年我們很好地執行了這個計畫。我們對我們的業務所面臨的機會仍然感到興奮，並對我們的工資稅管理業務的持續增長勢頭感到非常高興，我們最近宣布與 Vensure 的交易就證明了這一點。

Our deal with Vensure, the largest privately held organization in the HR technology and service sector, for our Payroll Tax Management solution will deliver comprehensive payroll tax management for PrismHR clients and Vensure's internal operation.

我們與人力資源技術和服務領域最大的私人組織 Vensure 就工資稅管理解決方案達成的協議將為 PrismHR 客戶和 Vensure 的內部營運提供全面的工資稅管理。

This is a significant win for our payroll tax solution. And coupled with the wins in the enterprise space with providers of Workday and SAP clients, we expect that over time, as this business grows, it will contribute to growing our float balances as well. Our pipeline for this solution remains robust, and we look forward to potentially announcing more deals in the future.

這是我們薪資稅解決方案的重大勝利。再加上 Workday 和 SAP 客戶提供者在企業領域的勝利，我們預計，隨著時間的推移，隨著這項業務的成長，它也將有助於增加我們的浮動餘額。我們的解決方案管道仍然強勁，我們期待未來可能宣布更多交易。

We have also recently formed a partnership with MyHRScreens, a premier provider of background screening services. This collaboration aims to expand access to a comprehensive background screening solutions for small and midsized businesses, facilitating a safer and more efficient hiring process.

我們最近也與背景篩選服務的主要提供者 MyHRScreens 建立了合作夥伴關係。此次合作旨在擴大中小型企業獲得全面背景篩選解決方案的機會，促進更安全、更有效率的招募流程。

Additionally, in July, we acquired an applicant tracking system technology company, which enhances Asure's product suite for small and medium-sized businesses. This highly rated applicant tracking system features an automated, simple, all-in-one hiring tool, which includes services such as job ad writing powered by AI, automated interview scheduling and auto submission to major job posting sites.

此外，7 月，我們收購了一家申請人追蹤系統技術公司，這增強了 Asure 面向中小型企業的產品套件。這項備受好評的申請人追蹤系統具有自動化、簡單、一體化的招聘工具，其中包括由人工智慧驅動的招聘廣告撰寫、自動面試安排和自動提交到主要招聘網站等服務。

The technology has good growth and creates a very good cross-sell opportunity for us, plus it is complementary to our existing HR Compliance solution.

該技術具有良好的成長勢頭，為我們創造了非常好的交叉銷售機會，而且它是我們現有的人力資源合規解決方案的補充。

Our portfolio of products and partnerships continues to grow in addition to others previously announced like HRlogics for tax credit and proactive health management program for health management tools and services. These partnerships are great additions that really enable Asure to offer more solutions in addition to our payroll processing for small and medium-sized businesses.

除了先前宣布的其他產品和合作夥伴關係（例如用於稅收抵免的 HRlogics 和用於健康管理工具和服務的主動健康管理計劃）之外，我們的產品組合和合作夥伴關係也在不斷增長。這些合作關係是很好的補充，使 Asure 除了為中小型企業提供薪資處理之外，還能夠提供更多解決方案。

Our sales teams now have a broader product offering in their arsenal to help win new business as well as upsell existing clients. Strategic sales initiatives such as bundling our payroll services with our 401(k) offering allow us to continue to win new clients, and they continue to see positive results.

我們的銷售團隊現在擁有更廣泛的產品供應，可以幫助贏得新業務以及追加銷售現有客戶。將薪資服務與 401(k) 產品捆綁在一起等策略性銷售措施使我們能夠繼續贏得新客戶，並且他們繼續看到積極的成果。

The need for small businesses to offer 401(k) plans is driven by many states mandating such plans as there is funding available to small businesses to set up these plans through tax credits from the SECURE 2.0 Act from the US government. Asure has the expertise to help small businesses navigate this process successfully.

許多州強制執行此類計劃，推動了小型企業提供 401(k) 計劃的需求，因為美國政府的 SECURE 2.0 法案提供的稅收抵免可以為小型企業提供資金來製定這些計劃。Asure 擁有幫助小型企業成功完成此流程的專業知識。

Our sales efforts during the second quarter resulted in a 131% increase in new bookings versus the prior year. We continue to work on expanding our sales force headcount, which we are projecting to go to about 130 reps by year-end 2024. Also, we continue to make use of digital marketing efforts to support the sales team with sales leads and help increase productivity.

我們第二季的銷售努力使新預訂量比前一年增加了 131%。我們持續努力擴大銷售團隊人數，預計到 2024 年底將達到約 130 名銷售人員。此外，我們繼續利用數位行銷努力為銷售團隊提供銷售線索並幫助提高生產力。

Based on our current business trends, we're updating our full year 2024 revenue guide to a range of $123 million to $129 million, and we still expect adjusted EBITDA margins of between 20% and 21%. The forward guidance range of 2024 is a result of variability of timing of closing and implementing both large enterprise arrangements and anticipated acquisition.

根據我們目前的業務趨勢，我們將 2024 年全年營收指南更新為 1.23 億至 1.29 億美元，預計調整後 EBITDA 利潤率仍將在 20% 至 21% 之間。2024 年的前瞻性指引範圍是大型企業安排和預期收購的關閉和實施時間變化的結果。

Our guidance in 2024 implies a very healthy double-digit growth rate if we exclude ERTC from 2023 revenues for comparison.

如果我們將 ERTC 排除在 2023 年收入之外進行比較，我們對 2024 年的指導意味著非常健康的兩位數成長率。

Now, I'd like to hand it off to John to discuss our financial results in more detail as well as our quarter three guidance. John?

現在，我想將其交給約翰，更詳細地討論我們的財務表現以及我們的第三季指導。約翰？

Thanks, Pat. As Patrick mentioned at the beginning of this call, several of the financial figures discussed today are given on a non-GAAP or adjusted basis. You will find a description of these GAAP to non-GAAP reconciliations in the earnings release that was made available earlier today. The reconciliations themselves are included in our most recent investor presentation posted in the Investor Relations section of our website at investor.asuresoftware.com.

謝謝，帕特。正如帕特里克在本次電話會議開始時所提到的，今天討論的一些財務數據是在非公認會計準則或調整後的基礎上給出的。您可以在今天稍早發布的收益報告中找到這些 GAAP 與非 GAAP 調整的說明。調節表本身包含在我們最新的投資者簡報中，該簡報發佈在我們網站 Investor.asuresoftware.com 的投資者關係部分。

Now on to the second quarter results. Second quarter revenues were $28 million, down $2.4 million or 8% year-over-year, owing to a $6.5 million reduction in ERTC revenue. However, excluding ERTC, total revenues were up 18% from prior year.

現在來看第二季的業績。第二季營收為 2,800 萬美元，年減 240 萬美元，成長 8%，原因是 ERTC 營收減少 650 萬美元。然而，不包括 ERTC，總收入比上年增長了 18%。

Recurring revenues for the second quarter grew 18% versus the prior year to $27.1 million. Recurring revenues accounted for 96% of our total revenues in the quarter. Second quarter recurring revenues grew on the strength of increased revenue from our Payroll Tax Management solutions and increased float revenues with an average client balance of approximately $220 million throughout the quarter, combined with revenues from new customers obtained through acquisitions.

第二季經常性收入較上年同期成長 18%，達到 2,710 萬美元。經常性收入佔本季總收入的 96%。第二季的經常性收入成長得益於我們的薪資稅管理解決方案收入的增加和浮動收入的增加，整個季度平均客戶餘額約為 2.2 億美元，再加上透過收購獲得的新客戶的收入。

Net loss for the second quarter was $4.4 million versus a net loss of $3.8 million during the prior year. Gross margins for the second quarter decreased to 67% from 72% in the prior year. Non-GAAP gross margins in the second quarter decreased to 73% from 77% in the prior year.

第二季淨虧損為 440 萬美元，去年同期淨虧損為 380 萬美元。第二季毛利率從去年同期的 72% 下降至 67%。第二季非 GAAP 毛利率從去年同期的 77% 下降至 73%。

The decrease in gross margins for the second quarter is primarily attributable to the decrease in total revenue. We continue to believe there is substantial margin upside over the longer term as the business scales.

第二季毛利率下降主要是由於總收入下降。我們仍然相信，隨著業務規模的擴大，從長遠來看，利潤率還有很大的上升空間。

EBITDA for the second quarter was $1.3 million, down from $3.3 million in the prior year. Adjusted EBITDA for the second quarter decreased to $4.1 million from $6.1 million in the prior year, consistent with the decrease in revenues. And our adjusted EBITDA margin was 15% in the quarter compared with 20% in the prior year. We ended the second quarter with cash and cash equivalents of $21 million, and we have debt of $6 million.

第二季 EBITDA 為 130 萬美元，低於去年同期的 330 萬美元。第二季調整後 EBITDA 從去年同期的 610 萬美元降至 410 萬美元，與營收的下降一致。本季調整後的 EBITDA 利潤率為 15%，而去年同期為 20%。第二季末，我們的現金和現金等價物為 2,100 萬美元，債務為 600 萬美元。

Now in terms of guidance for the third quarter of 2024, we are guiding third quarter revenues to be in the range of $30 million to $33 million. And adjusted EBITDA for the third quarter is anticipated to be between $6 million and $7 million. We are updating our 2024 guidance to be in the range of $123 million to $129 million with full year adjusted EBITDA margins of between 20% to 21%.

現在，就 2024 年第三季的指導而言，我們指導第三季營收在 3,000 萬美元至 3,300 萬美元之間。第三季調整後的 EBITDA 預計在 600 萬至 700 萬美元之間。我們將 2024 年指引值更新為 1.23 億至 1.29 億美元，全年調整後 EBITDA 利潤率在 20% 至 21% 之間。

As Pat mentioned in his comments earlier, the expanded guidance range figures for 2024 is the result of variability in the timing of closing, recognition of revenue from and implementing both large enterprise arrangements and anticipated acquisitions into our organization.

正如 Pat 先前在評論中提到的，2024 年指導範圍數據的擴大是由於大型企業安排和預期收購的關閉時間、確認收入和實施時間的變化所致。

Organic growth improved nicely from 3.5% in Q1 to 7% in Q2, and we expect to deliver double digits in the back half of this year. We feel good about how we have executed our acquisition strategy with $15 million in annual recurring revenue being acquired so far over the last 10 months.

有機成長從第一季的 3.5% 大幅提高到第二季的 7%，我們預計今年下半年將達到兩位數成長。我們對我們執行收購策略的方式感到滿意，在過去 10 個月中迄今已收購了 1500 萬美元的年度經常性收入。

And the average prices being paid has been consistent with our model, coming in at between 2 times and 3 times revenues. We continue to assume a combination of organic and inorganic growth in our current year guidance.

支付的平均價格與我們的模型一致，是收入的 2 到 3 倍。我們在今年的指導中繼續假設有機成長和無機成長相結合。

The outlook for the core products, we believe, remains robust, as evidenced by the strong increases in recurring revenue in the last two quarters. Our recurring revenue as a percentage of revenue this quarter was 96% versus 75% in last year's second quarter, which is very impressive improvement as we are replacing onetime ERTC revenue with high-value recurring revenue.

我們認為，核心產品的前景仍然強勁，過去兩季經常性收入的強勁成長就證明了這一點。本季我們的經常性收入佔收入的百分比為96%，而去年第二季為75%，這是非常令人印象深刻的進步，因為我們正在用高價值的經常性收入取代一次性的ERTC 收入。

In conclusion, we are optimistic about the remainder of 2024. We believe we have executed well against our plans as we move past ERTC. The ERTC headwinds will die down as we go through the back half of 2024 and enter 2025. Our focus remains on growing the business and delivering compelling solutions to our customers.

總之，我們對 2024 年剩餘時間持樂觀態度。我們相信，當我們通過 ERTC 時，我們已經很好地執行了我們的計劃。隨著 2024 年下半年進入 2025 年，ERTC 的阻力將會減弱。我們的重點仍然是發展業務並為客戶提供引人注目的解決方案。

With that, I will turn the call back to Pat for closing remarks.

接下來，我將把電話轉回給帕特，讓他發表結束語。

Thanks, John. We are pleased to have delivered solid results in the second quarter of 2024. Our second quarter was very active with our recurring revenues growing 18% year-over-year plus the combination of completing acquisitions and launching more products as we build Asure to be in a strong position for future success.

謝謝，約翰。我們很高興在 2024 年第二季取得了穩健的業績。我們的第二季非常活躍，經常性收入年增 18%，加上完成收購和推出更多產品，我們使 Asure 處於未來成功的有利地位。

Our focus on growing the business, improving our technology and offering more products will be a continuous effort, and we feel that we have made excellent progress in the first half of 2024.

我們將繼續致力於發展業務、改進技術和提供更多產品，我們認為我們在 2024 年上半年取得了出色的進展。

Over the last few quarters, we've announced multiple partnerships to be able to offer more valuable services to our clients in addition to our payroll services. Small and medium-sized business owners need assistance with more than just payroll.

在過去的幾個季度中，我們宣布了多個合作夥伴關係，以便除了薪資服務之外，還能夠為我們的客戶提供更有價值的服務。中小型企業主需要的不僅僅是工資方面的幫助。

Our ability to offer products to help them uncover tax credits that they may be eligible for, proactive health management programs, which again aid in lowering health care premiums.

我們有能力提供產品來幫助他們發現他們可能有資格獲得的稅收抵免、積極的健康管理計劃，這再次有助於降低醫療保健費用。

MyHRScreens, for example, which can aid them in performing preemployment background check, and an applicant tracking technology to aid them in their hiring practices are all very important tools that these business owners need to succeed.

例如，MyHRScreens 可以幫助他們進行就業前背景調查，而申請人追蹤技術可以幫助他們進行招募實踐，這些都是這些企業主成功所需的非常重要的工具。

Our HR Compliance offering is another example where we can help small business owners navigate all the complex laws regarding employment such as minimum wage laws, which have grown exponentially over the years. Harassment training and family leave act are also difficult for small business owners to manage.

我們的人力資源合規服務是另一個例子，我們可以幫助小企業主了解所有有關就業的複雜法律，例如多年來呈指數級增長的最低工資法。騷擾訓練和探親假法案對小企業主來說也很難管理。

The growth of Asure Marketplace is expected to continue, and our recent momentum with Payroll Tax Management has also a great potential, as evidenced by our recent deal with Vensure. The pipeline for Payroll Tax Management is robust, and we believe we will potentially announce more deals in the future.

Asure Marketplace 預計將繼續成長，我們最近在工資稅管理方面的勢頭也具有巨大潛力，我們最近與 Vensure 的交易就證明了這一點。工資稅管理的管道很強大，我們相信我們將來可能會宣布更多交易。

In summary, we're very pleased to have delivered another solid performance in Q2 against the backdrop of some unfavorable year-over-year comparisons due to ERTC. We believe we're executing extremely well on the plan we have laid out previously, which have included raising capital to make acquisitions, improve our technology and grow double digits, and we've done exactly that.

總之，我們很高興在第二季再次取得穩健的業績，儘管由於 ERTC 的影響，同比比較出現了一些不利的情況。我們相信，我們先前製定的計劃執行得非常好，其中包括籌集資金進行收購、改進我們的技術和實現兩位數的成長，而我們確實做到了這一點。

Over the last 10 months, we've made nine acquisitions, which bring in approximately $15 million in annual reoccurring revenue, improved our technology with the recent launch of best-in-class employee self-service, role-based identity access and more.

在過去 10 個月中，我們進行了 9 項收購，帶來了約 1500 萬美元的年度經常性收入，並透過最近推出的一流員工自助服務、基於角色的身份訪問等改進了我們的技術。

Our recurring revenues grew at double-digit rate of 18% in this quarter, and we believe that there will be more double-digit growth in the future. Recurring revenue as percentage of our revenues has increased from 75% in last year's second quarter to 96% in this quarter, which is a very impressive stat as we're replacing onetime ERTC revenue with more valuable reoccurring revenue.

本季我們的經常性收入以18%的兩位數成長率成長，我們相信未來還會有更多的兩位數成長。經常性收入占我們收入的百分比從去年第二季的75% 增加到本季的96%，這是一個非常令人印象深刻的統計數據，因為我們正在用更有價值的經常性收入取代一次性的ERTC 收入。

Our backlog balances have more than doubled versus last year as we continue to bring on new clients, both large and small. We look forward to providing more detail on our 2025 outlook when we issued guidance during our next earnings release in November.

隨著我們不斷吸引大大小小的新客戶，我們的積壓訂單餘額比去年增加了一倍以上。我們期待在 11 月的下一次財報發布期間發布指引時提供有關 2025 年前景的更多詳細資訊。

The headwinds from ERTC are now starting to dissipate, and we look forward to the remainder of 2024 and continue to deliver positive results. We will continue to provide innovative human capital management solutions that help small businesses thrive, human capital management providers grow their base and large enterprises streamline tax compliance.

ERTC 帶來的阻力現已開始消散，我們期待 2024 年剩餘時間並繼續取得積極成果。我們將繼續提供創新的人力資本管理解決方案，幫助小型企業蓬勃發展、人力資本管理供應商擴大基礎、大型企業簡化稅務合規性。

Thank you for listening to our prepared remarks. So with that, I'll send the call back to the operator for the question-and-answer session. Operator?

感謝您聆聽我們準備好的發言。因此，我會將電話轉回給接線員進行問答環節。操作員？

Thank you (Operator Instructions)

謝謝（操作員說明）

Joshua Reilly, Needham & Company.

約書亞賴利，李約瑟公司。

Nice job on the quarter here. So maybe just starting off, if we look at the wider range of guidance for 2024 revenue, can we just review your thoughts on what's different this quarter versus the prior quarter, whether it's changed assumptions around M&A, float income or the macro? And what is this comment around timing of large enterprise deals? I assume that refers to some payroll tax opportunities.

本季工作做得很好。因此，也許一開始，如果我們考慮更廣泛的 2024 年收入指引，我們是否可以回顧一下您對本季度與上一季有何不同的想法，是否改變了有關併購、浮動收入或宏觀的假設？關於大型企業交易時機的評論是什麼？我認為這指的是一些工資稅機會。

Yes, Josh, thanks for the question. First of all, John Pence, myself and Eyal Goldstein, our President, are available for questions. But just on that, Josh, first of all, we feel really good about what we did in the first half of the year.

是的，喬什，謝謝你的提問。首先，約翰·彭斯、我本人和我們的總統埃亞爾·戈爾茨坦可以回答問題。但就這一點而言，喬什，首先，我們對上半年所做的事情感覺非常好。

As we look in the second half, and primarily, it's around the enterprise deals and tax, we won a bunch. And some of them have phased installs. Some of them have start dates that could push a month or a quarter, so lining those up sometimes are difficult.

正如我們在下半年看到的那樣，主要是圍繞企業交易和稅收，我們贏得了很多。其中一些已經分階段安裝。其中一些的開始日期可能會推遲一個月或一個季度，因此有時很難安排這些日期。

And then we've had -- even in the second quarter, we had a large successful deal that started a month later.

然後我們——甚至在第二季度，我們就在一個月後開始了一項大型成功交易。

So when we're looking at that, we just want to give ourselves enough flexibility. It's not a question of if. It's a question of when. And we feel really good about sales, really good about the backlog. We just want to make sure we land -- we stick to landing on some of these enterprise deals that are relatively new to us.

因此，當我們考慮這一點時，我們只想給自己足夠的靈活性。這不是一個是否的問題。這是一個什麼時候的問題。我們對銷售、積壓訂單感覺非常好。我們只是想確保我們能夠達成——我們堅持達成一些對我們來說相對較新的企業交易。

And I'll give you some color. We won a large manufacturing company, 30,000 employees, et cetera, and it was full start in January. It's probably going to start here on August 1. That's one example. Another one, we have a new partnership with one of the enterprise ERP systems, and it's over 250,000 employees.

我會給你一些顏色。我們拿下了一家大型製造公司，3萬名員工等等，一月就全面啟動了。大概是從8月1日開始。這就是一個例子。另外，我們與企業 ERP 系統建立了新的合作夥伴關係，該系統擁有超過 250,000 名員工。

And it's supposed to start the back half of the year, could have slipped to January. It's not a question that's selling it. It's a question of installing it. So for those reasons and then even acquisitions by nature, sometimes it's when you convert some of the revenue in some phases.

它應該從今年下半年開始，可能會推遲到一月份。這不是賣東西的問題。這是安裝的問題。因此，出於這些原因，甚至出於本質上的收購，有時您需要在某些階段轉換部分收入。

So again, it's not a question of if. It's a question of when. We want to make sure we give ourselves some flexibility. And I would say what's different than last quarter, not much and just that we continue to execute on the plan.

再說一次，這不是一個是否的問題。這是一個什麼時候的問題。我們希望確保給自己一些彈性。我想說的是，與上季相比，變化不大，只是我們繼續執行計劃。

Got it. And if you look at that $15 million in ARR now that you've acquired, I guess that's in the last 12 months versus year-to-date. Is that consistent with what you would have expected entering the year?

知道了。如果你看看你現在已經獲得的 1500 萬美元的 ARR，我想那是在過去 12 個月內與今年迄今相比。這與您今年的預期一致嗎？

And does that -- is the amount of revenue you're actually going to recognize from those acquisitions in the current calendar year pretty consistent with what you expected entering the year?

那麼，您在當前日曆年中從這些收購中實際確認的收入金額是否與您進入今年的預期相當一致？

Thanks guys.

謝謝你們。

Yes, I think so. And just to be clear, that's 10 months. So it's kind of October of last year through July or through yesterday. So it gives you some sense as to the timing. And yes, it is pretty consistent with what we were expecting.

是的，我想是的。需要明確的是，這是 10 個月。所以這是去年的十月到七月或到昨天。所以它讓你對時間有一定的了解。是的，這與我們的預期非常一致。

And we've still got some more, I think, in the pipeline that we're hoping to close in the next few months. But yes, it's pretty consistent with what we were hoping for, if not a little bit more.

我認為，我們還有更多項目正在籌備中，希望在未來幾個月內完成。但是，是的，這與我們的期望非常一致，甚至更多。

Got it. I'll be back in the queue. Thanks guys.

知道了。我會回到隊列中。謝謝你們。

Bryan Bergin, TD Cowen.

布萊恩·伯金，TD·考恩。

Hi, thank you. This is Jared on for Bryan. I was just wondering if you could comment on the demand environment relative to prior quarters, maybe compare across your offerings or how the top-of-funnel activity is looking year-over-year. Thank you.

你好，謝謝。這是賈里德替布萊恩發言。我只是想知道您是否可以對相對於前幾季的需求環境發表評論，也許可以比較您的產品或漏斗頂部的活動與去年同期相比如何。謝謝。

Yes. No, I appreciate it. I think demand environment is very strong, both on the small business marketplace as well as some of the tax opportunities, et cetera. I might get Eyal into the conversation here. Eyal, do you want to talk a little bit about the sales demand environment?

是的。不，我很感激。我認為需求環境非常強勁，無論是小型企業市場還是一些稅收機會等。我可能會讓埃亞爾參與這裡的對話。Eyal，您想談談銷售需求環境嗎？

Sure. So yes, Jared, we're seeing consistent strong demand across the business. Small business, both in our direct and our reseller channel, continues to be really strong. In fact, we've seen an uptick in new payroll customers that we're bringing on.

當然。所以，是的，賈里德，我們看到整個企業的需求持續強勁。無論是在我們的直接通路還是經銷商通路中，小型企業仍然非常強勁。事實上，我們已經看到我們引入的新工資客戶增加。

So that's really healthy. Our tax business that Pat has been mentioning and John's been mentioning is -- we're seeing much higher increased activity there. And so I would say that one has gone up significantly from a pipeline perspective. But overall, very strong and across all the different businesses.

所以真的很健康。帕特和約翰提到的我們的稅務業務是——我們看到那裡的活動大幅增加。所以我想說，從管道的角度來看，這個數字已經顯著上升。但總體而言，非常強大，涵蓋所有不同的業務。

Great. Thank you.

偉大的。謝謝。

Eric Martinuzzi, Lake Street Capital.

馬丁努齊 (Eric Martinuzzi)，湖街資本。

Looking for a little more color on the applicant tracking company that you acquired in July. Just what did we pay for that? So kind of what would the pro forma cash balance be for the month ending July? And then what could we expect to revenue contribution there?

尋找更多有關您 7 月收購的申請人追蹤公司的資訊。我們為此付出了什麼？那麼截至 7 月的預計現金餘額是多少？那我們可以期望那裡的收入貢獻是什麼？

Yes. I mean I think we're going to talk about kind of acquisitions in aggregate. I believe there is some subsequent event disclosure in the Q on that one just in terms of -- because just of the size and the materiality of it.

是的。我的意思是，我認為我們將討論整體收購類型。我相信 Q 中會透露一些後續事件，因為它的規模和重要性。

But in general, really obviously, don't want to talk about third quarter since we're just talking about second quarter right now. But I think you can get some color with respect to the purchase price on that one. And again, we want to try to talk about the acquisitions in aggregate just because we've got some that are -- lots of different multiples, lots of different structures, but I'm trying to give some sense as the relative size of the overall portfolio of acquisitions.

但總的來說，很明顯，不想談論第三季度，因為我們現在只談第二季度。但我認為你可以從該產品的購買價格中獲得一些色彩。再說一遍，我們想嘗試從總體上討論收購，因為我們有一些收購——很多不同的倍數，很多不同的結構，但我試圖給出一些意義，因為收購的相對規模整體收購組合。

And then just on the applicant tracking company. First of all, we were attracted to that business. It's a technology that we didn't have in-house. We feel it's an easy -- we go to market with three value propositions, basically access to capital, compliance, and access to people.

然後就是申請人跟蹤公司。首先，我們被這項業務所吸引。這是我們內部沒有的技術。我們覺得這很容易——我們帶著三個價值主張進入市場，基本上就是要獲得資本、合規性和接觸人才。

We've been looking for the right company, and the culture around that is really strong. We're not telegraphing the name of that quite yet just as we're in the process of working through all the client notifications, et cetera.

我們一直在尋找合適的公司，而該公司的文化非常強大。正如我們正在處理所有客戶端通知等的過程中一樣，我們還沒有明確傳達該名稱。

But feel really good about the business scalability of it. And then we also think there's a tremendous opportunity to cross-sell because as we look at our small business owners, what they need is access to people.

但對它的業務可擴展性感覺非常好。然後我們也認為交叉銷售存在巨大的機會，因為當我們觀察我們的小企業主時，他們需要的是接觸人員。

We allow for kind of personalized websites around the people, job board integration, et cetera. We think this will be an area of business that will double here in a very short order. And so we feel really good about that. Any other thoughts or follow-ups, Eric?

我們允許圍繞人員建立個人化網站、求職板整合等等。我們認為這個業務領域將在很短的時間內翻倍。所以我們對此感覺非常好。艾瑞克，還有其他想法或後續行動嗎？

Yes, separate topic here. You talked about the good pipeline here and some large enterprise arrangements that may slip a little bit to the right. But what about the installed base, specifically the churn of your existing customers in Q2 versus prior quarters?

是的，這裡有單獨的主題。您談到了這裡良好的管道以及一些可能會向右滑動一點的大型企業安排。但安裝基礎如何，特別是第二季與前幾季相比現有客戶的流失？

Yes. All in, we're about 90% or 91% on retention. That's pretty consistent with where we've been. So we don't feel good about that. As far as kind of the customer base buying, we're somewhere around a 50-50 split. In some quarters, we've been as high as 70% new logos, 30% base sales.

是的。總而言之，我們的保留率約為 90% 或 91%。這與我們去過的地方非常一致。所以我們對此感覺不太好。就客戶群購買情況而言，我們的比例約為 50-50。在某些季度，我們的新商標比例高達 70%，基礎銷售額比例高達 30%。

So obviously, the cross-sell demand is pretty strong. And some of it is just we're coming out with more and more products as technology -- we improve the technology and go to market with more products. So it's -- happy customers buy more, and we feel like we're in a pretty good shape here as we enter into the second half.

顯然，交叉銷售需求相當強勁。其中一些只是我們推出了越來越多的技術產品——我們改進了技術，並向市場推出了更多產品。所以，高興的顧客會購買更多商品，進入下半年後，我們感覺我們的狀態非常好。

Got it. Thank you.

知道了。謝謝。

Jeff Van Rhee, Craig Hallum Capital Group.

傑夫·範·李（Jeff Van Rhee），克雷格·哈勒姆資本集團。

Great. Thanks guys. So a couple for me. Just on the acquisition front, first of all, applicant tracking bringing in some incremental capabilities looks like a nice fit. In terms of the pipeline and what you look at acquiring the rest of the year, is it predominantly resellers? Or are you seeing other technologies just kind of the mix of acquisitions to come ?

偉大的。謝謝你們。所以對我來說是一對。就招募而言，首先，申請人追蹤引入一些增量功能看起來很合適。就通路以及您預計今年剩餘時間收購的產品而言，主要是經銷商嗎？或者您是否看到其他技術只是即將到來的收購組合？

Yes, almost all will be resellers. We have one -- kind of one more product capability at some point in time here. But if I were to look at the rest of the year, I think the resellers will probably be more dominant.

是的，幾乎都是經銷商。我們在某個時間點擁有一種產品能力。但如果我看看今年剩下的時間，我認為經銷商可能會佔據主導地位。

Okay. And then on the acquisitions, not to split hairs here, but the 10-month time line, I mean, the way we built the model, at least for us, you're, call it, seven months in on a seven-month period. Where are you on the 10 to 15? Are we talking like $12 million? Or can you dial it in a little closer?

好的。然後是關於收購，這裡不是吹毛求疵，而是 10 個月的時間線，我的意思是，我們構建模型的方式，至少對我們來說，你可以這麼說，七個月後的七個月時期。10到15號你在哪裡？我們說的是 1200 萬美元嗎？或者你能把它撥近一點嗎？

Yes. I think it's about right. I think there was three or so we did in the fourth quarter of last year. So I think that's fair. But again, I'm trying to -- it gets a little hard to parse this because when you think about -- we did give organic versus inorganic growth stats for second quarter.

是的。我認為這是正確的。我認為去年第四季我們做了三個左右。所以我認為這是公平的。但我再次嘗試 - 解析這個有點困難，因為當你思考時 - 我們確實給出了第二季度的有機增長與無機增長統計數據。

So I think it was seven organic, 11 inorganic. And then again, in our guide for the third and fourth, we're pretty consistent in terms of our messaging here. I think it's going to be a similar type of complement of both organic and inorganic in the third and fourth quarter.

所以我認為有 7 種有機物質，11 種無機物質。再說一次，在我們的第三和第四指南中，我們在此處的訊息傳遞方面非常一致。我認為第三季和第四季將是有機和無機的類似補充。

So just trying to give directions. I mean it's hard to kind of nail these things to the percentage. But I think directionally, that's what you'll see for the balance of the year, too.

所以只是想給出方向。我的意思是很難將這些事情固定在百分比上。但我認為，從方向來看，這也是今年餘下時間你會看到的情況。

Yes, Jeff, maybe -- and John and I were talking about it ahead of the call. But we did 18% or so third quarter to low and the high imply a 23% year-over-year improvement to a 35%. Fourth quarter, if -- the guide implies a 32% to 44% on the low and the high.

是的，傑夫，也許──約翰和我在電話會議之前就討論過這個問題。但第三季我們的業績下降了 18% 左右，而高點意味著同比改善了 23% 至 35%。第四季度，如果—該指南暗示低點和高點為 32% 至 44%。

And I would say we're right on pace on acquisitions. The turn from ERTC to organic growth, as expected, it might be 1% or 2% lower coming out of the gate, but we feel really good about where we are. And then the backlog is more than doubled.

我想說，我們的收購步伐是正確的。正如預期的那樣，從 ERTC 轉向有機成長，一開始可能會降低 1% 或 2%，但我們對目前的情況感覺非常好。然後積壓的訂單增加了一倍以上。

So as we slot that in, the organic growth would definitely be over double digits here. So our plan is going pretty close to expected.

因此，當我們將其納入其中時，有機成長肯定會超過兩位數。所以我們的計劃非常接近預期。

Yes. Okay. Helpful. And then two last quick ones, if I could sneak them in. John, on the W-2 revenue, can you just remind me what that was in Q1? And then second, around the rev rec for the Vensure deal. Just as an example, what would a deal like that -- how would that play out from a rev rec standpoint?

是的。好的。有幫助。然後是最後兩個快速的，如果我能把它們偷偷溜進去的話。約翰，關於 W-2 收入，您能提醒我第一季的收入嗎？其次，圍繞 Vensure 交易的轉速記錄。舉個例子，這樣的交易會怎麼樣──從轉速記錄的角度來看，這會如何發揮作用？

Are we talking falls in one quarter period, like ratable over time? Just refresh me on how the deals like that -- because they tend to be larger, obviously, how is that going to play in rev rec?

我們是在談論四分之一周期內的下降，就像隨時間推移的可評級一樣嗎？請讓我重新了解這樣的交易——因為它們往往規模更大，顯然，這將如何影響轉速記錄？

Yes. At a high level, it's a multiyear deal. There's some upfront cash component. But what will happen is, despite the upfront cash, we'll amortize some of that upfront cash payment over the life of the agreement. So it gets more blended in even though the cash flows might not exactly match up.

是的。從高水準來看，這是一項多年期協議。有一些預付現金部分。但將會發生的情況是，儘管有預付現金，我們仍將在協議有效期內攤提部分預付現金。因此，即使現金流可能不完全匹配，它也會變得更加融合。

So we get some cash up front. That then ultimately amortizes in as we provide the service. To your question on W-2s, for the first quarter, it's about $5 million.

所以我們先拿到一些現金。最終在我們提供服務時攤提。對於你關於 W-2 的問題，第一季約為 500 萬美元。

Vincent Colicchio, Barrington Research.

文森特·科利奇奧，巴靈頓研究中心。

Yes. Pat, the bookings growth number you cited, was that adjusted for ERTC bookings in the year ago period?

是的。帕特，您提到的預訂成長數字是否針對去年同期的 ERTC 預訂進行了調整？

It was. The other thing, I guess, we got to be clear to -- back to that comment that Jeff just had, there is some kind of onetime money in that, that will get amortized into revenue. But we still have to pay commissions on the fact that the cash is coming in earlier.

是的。我想，我們必須明確另一件事——回到傑夫剛才的評論，其中有某種一次性的錢，它將被攤銷到收入中。但由於現金到帳較早，我們仍需要支付佣金。

So anyway, so it's a number that has both recurring as well as some onetime revenue in it, but it does have the ERTC out to answer your question best.

所以無論如何，這個數字既包含經常性收入，也包含一些一次性收入，但 ERTC 確實可以最好地回答你的問題。

And then a macro question. So if you look at your client base, are they expanding at a healthy clip, a modest clip or not at all?

然後是宏觀問題。因此，如果您觀察您的客戶群，您會發現他們的擴張速度是健康的、適度的還是根本沒有？

On the client base, and I'll let Eyal answer a couple of questions here. But on the client base in general, I think the client headcount, if you will, is about flat. So we're not seeing appreciable growth. There's still more jobs in people, especially in the areas of, let's say, the trade organizations and restaurants and stuff like that.

關於客戶群，我將讓 Eyal 在這裡回答幾個問題。但就整體客戶群而言，我認為客戶人數（如果你願意的話）大約持平。所以我們沒有看到明顯的成長。人們還有更多的工作機會，特別是在貿易組織和餐廳等領域。

What we are seeing though is cross-sell opportunities. And some of it's our capability, and some of it's the client buying patterns that they want to buy more. Eyal, anything else on your end?

但我們看到的是交叉銷售機會。其中一些是我們的能力，還有一些是客戶想要購買更多的購買模式。Eyal，你還有什麼事情嗎？

Yes. I would just say another big thing we're seeing, especially with the acquisition of the recruiting piece, is customers are looking for ways to find more employees. So there definitely are open positions. They're looking to grow. It's not massive like what it was, but there is a need to find good candidates and a healthy amount of candidates across our customer base right now.

是的。我只想說，我們看到的另一件大事，特別是在收購招聘部分後，客戶正在尋找方法來尋找更多員工。所以肯定有空缺職位。他們正在尋求成長。它並不像以前那樣龐大，但現在需要在我們的客戶群中找到優秀的候選人和大量的候選人。

Greg Gibas, Northland Securities.

吉巴斯 (Greg Gibas)，北國證券。

Regarding the doubling of your backlog year-over-year, great to see that. Wanted to kind of dive in a little deeper on kind of the drivers there. Would you say it's mostly just improving demand for products? Would you say there's kind of better go-to-market approach?

關於您的積壓訂單逐年翻倍，很高興看到這一點。我想更深入地了解那裡的司機。您是否認為這主要只是改善了產品需求？您認為有更好的進入市場的方法嗎？

And is there any impact just from longer implementation or time to deploy for some of your larger enterprise-type clients?

對於一些較大的企業類型客戶來說，更長的實施或部署時間是否會產生任何影響？

Yes, Greg. I think that's a thoughtful question. And I think, first of all, on tax, we're winning more in the enterprise space, which is very positive. Some of these pursuits are longer-term deals, too. And so for example, something like 37% as a backlog is in the year kind of, if you will, revenue.

是的，格雷格。我認為這是一個深思熟慮的問題。我認為，首先，在稅收方面，我們在企業領域贏得了更多，這是非常積極的。其中一些追求也是長期交易。舉例來說，大約 37% 的積壓訂單屬於當年的收入（如果你願意的話）。

And then you have multiyear deals as well. So some of it is a little bit of a demand environment based on newer products that we're offering and being very aggressive. We have integration opportunities that we previously announced with Workday and SAP.

然後你還有多年協議。因此，其中一些是基於我們提供的新產品的需求環境，並且非常積極。我們之前宣布了與 Workday 和 SAP 的整合機會。

And we have another one here that we haven't announced yet that you'll recognize that name as well as an integration opportunity. So we're pretty excited about that. That's driving some of the backlog.

我們這裡還有一個尚未宣布的產品，您會認出這個名字以及一個整合機會。所以我們對此感到非常興奮。這導致了一些積壓。

And then some of the things that we've talked about on other conference calls, 401(k) and the integration of payroll, that's happening right now. Some of it is because some of these products are relatively new. Book-to-bill is probably longer than I would like at this point in time.

然後我們在其他電話會議上討論過的一些事情，401(k) 和薪資整合，現在正在發生。部分原因是其中一些產品相對較新。從預訂到開單的時間可能比我現在想要的要長。

And in fact, we're on some calls today even that we're driving those book-to-bill numbers down in the second half and next year. And some of it is just we're brand new in offering some of these services. So there's a little combination of book-to-bill elongating a bit in some of the new products, but the bulk of it is really tax filing and our presence in the enterprise marketplace that's driving it.

事實上，我們今天接到了一些電話，即使我們正在推動下半年和明年的訂單出貨量下降。其中一些只是我們在提供其中一些服務方面是全新的。因此，在一些新產品中，訂單到帳單的交付時間有所延長，但其中大部分實際上是納稅申報以及我們在企業市場中的存在推動了這一點。

Great. That's helpful, Pat. And if I could just clarify, too, on your comments on kind of organic growth in the back half. I guess what's implied in guidance? Did you kind of say that roughly equal contributions from organic versus growth from acquisition?

偉大的。這很有幫助，帕特。如果我也能澄清一下您對後半段有機成長的評論。我猜指導中暗示了什麼？您是否說過有機成長的貢獻與收購成長的貢獻大致相等？

Yes, that's what -- I mean to say that it's been kind of our consistent message. It's hard to predict exactly. It's going to be 50-50, but it will be a healthy combination of both.

是的，這就是——我的意思是說，這是我們一貫的訊息。很難準確預測。將會是 50-50，但這將是兩者的健康組合。

Yes. And Greg, what I would say just in general, all along, if you think about it, we had onetime revenue last year kind of attributed to ERTC. When we built the plan, the big theme here was we're replacing repetitive revenue -- or excuse me, replacing non-repetitive revenue with repetitive revenue.

是的。Greg，我想說的是，總的來說，一直以來，如果你仔細想想，我們去年的一次性收入有點歸功於 ERTC。當我們制定計劃時，這裡的大主題是我們正在取代重複性收入 - 或者對不起，用重複性收入取代非重複性收入。

The first quarter, we had about 3.5% organic growth. This quarter, now it's 7%. But if you look at what we started, let's say, in May and June and even July, we had a really good -- payroll units were at a very strong July.

第一季度，我們的有機成長約為 3.5%。本季度，現在是 7%。但如果你看看我們開始的情況，比方說，5 月、6 月甚至 7 月，我們的表現非常好——7 月份的工資單位非常強勁。

So the organic engine is building momentum. I mentioned the low end guidance of 23% in third quarter, fourth quarter between 32% and 44%. We kind of did an implied guidance of half of it being organic, half of it being inorganic. We won't get it all perfect, but you could see it's an accelerating business story. And that's really, to me, the story that I want investors and yourself to take away from.

因此，有機引擎正在積蓄動力。我提到了第三季 23% 的低端指導，第四季在 32% 到 44% 之間。我們做了一個隱含的指導，其中一半是有機的，一半是無機的。我們不會讓一切變得完美，但你可以看到這是一個加速發展的商業故事。對我來說，這確實是我希望投資人和你自己從中學習的故事。

Robert Galvin, Stifel.

羅伯特·高爾文，斯蒂菲爾。

This is Rob on for Brad. I was wondering if the updated FY24 guide factors in any assumptions on rate cuts in the back half of the year for the float interest or if this assumes rates remain consistent to that?

這是羅布替補布萊德。我想知道更新後的 2024 財年指南是否考慮了下半年浮動利率降息的任何假設，或者是否假設利率與此保持一致？

Yes. We priced in -- we have our long-term portfolio managed by Goldman Sachs. And so we had a call with them. I guess it was last week, ahead of our Board meeting. And we do that quarterly. When we kind of took their advice, what they're predicting is kind of a quarter in September and a quarter in December.

是的。我們的定價是－我們的長期投資組合由高盛管理。所以我們和他們通了電話。我想那是上週，在我們的董事會會議之前。我們每季都會這樣做。當我們採納他們的建議時，他們預測是 9 月的一個季度和 12 月的一個季度。

So we kind of ran that through our model, and that's kind of implicit in the guide. So it's not a huge impact to us, but we did factor in two cuts and one in September and one in December.

所以我們透過我們的模型來運行它，這在指南中是隱含的。所以這對我們來說影響並不大，但我們確實考慮了兩次削減，一次在 9 月，一次在 12 月。

(Operator Instructions) There are no further questions. At this time, I'd like to turn the call back over to management for closing comments.

（操作員說明）沒有其他問題。此時，我想將電話轉回給管理層以徵求結束意見。

Yes. And I won't speak too long here, but pack up a little here. I really feel good about the momentum of the business. I think we were thinking about last year in the third, fourth quarter, and how we've grown past ERTC and some questions around that. We've outlined a plan and we've executed to the plan. We feel really good about that.

是的。我不會在這裡說太長的時間，但在這裡收拾一下。我對業務的發展勢頭感到非常滿意。我認為我們在考慮去年第三、第四季的情況，以及我們如何超越 ERTC 以及與之相關的一些問題。我們已經制定了一個計劃，並且已經執行了該計劃。我們對此感覺非常好。

In some cases, we're even ahead of plan and ahead of the sales adoption as we get the book-to-bill, the increasing level of growth. We start to lap compares. We think that will pop out. We have 2025 guidance coming up. We'll do that as usual in the November call. But we're a company on the move.

在某些情況下，隨著訂單出貨量的增長，我們甚至領先於計劃並領先於銷售採用。我們開始圈數比較。我們認為這會突然出現。我們即將發布 2025 年指導。我們將在 11 月的電話會議中像往常一樣這樣做。但我們是一家不斷前進的公司。

We appreciate your interest and appreciate you taking time today.

我們感謝您的關注，也感謝您今天抽出寶貴的時間。

This concludes today's conference. You may disconnect your lines at this time, and we thank you

今天的會議到此結束。此時您可以斷開線路，我們謝謝您