Consensus Cloud Solutions Inc (CCSI) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Consensus' Q3 2025 earnings call. My name is Paul, and I will be the operator assisting you today. (Operator Instructions)

各位女士、先生，大家好，歡迎參加 Consensus 2025 年第三季財報電話會議。我叫保羅，今天將由我來為您服務。（操作說明）

On this call from Consensus will be Scott Turicchi, CEO; Jim Malone, CFO; Johnny Hecker, CRO and Executive Vice President of Operations; and Adam Varon, Senior Vice President of Finance.

出席本次 Consensus 電話會議的有：執行長 Scott Turicchi；財務長 Jim Malone；首席營收長兼營運執行副總裁 Johnny Hecker；以及財務資深副總裁 Adam Varon。

I'll now turn the call over to Adam Varon, Senior Vice President of Finance at Consensus. Thank you. You may begin.

現在我將把電話交給 Consensus 的高級財務副總裁 Adam Varon。謝謝。你可以開始了。

Good afternoon and welcome to the Consensus Investor call to discuss our Q3 2025 financial results, other key information, and our Q4 2025 quarterly guidance. Joining me today are Scott Turicchi, CEO; Johnny Hecker, CRO and EVP of Operations; and Jim Malone, CFO. The earnings call will begin with Scott providing opening remarks. Johnny will give an update on operational progress since our Q2 2025 investor call, then Jim will provide Q3 2025 financial results and our Q4 2025 guidance range.

下午好，歡迎參加共識投資者電話會議，我們將討論 2025 年第三季財務業績、其他重要資訊以及 2025 年第四季業績指引。今天與我一同出席的有：執行長 Scott Turicchi；首席營收長兼營運執行副總裁 Johnny Hecker；以及財務長 Jim Malone。財報電話會議將以斯科特的開場致詞開始。Johnny 將介紹自 2025 年第二季投資者電話會議以來的營運進度，然後 Jim 將提供 2025 年第三季財務業績和 2025 年第四季業績指引範圍。

After we finished our prepared remarks, we will conduct a Q&A session. At that time, the operator will instruct you for asking a question.

在我們結束事先準備好的發言後，我們將進行問答環節。屆時，接線員會指導您如何提問。

Before we begin our prepared remarks, allow me to direct you to our forward-looking statements and risk factors on slide 2 of our investor presentation.

在我們開始正式發言之前，請允許我引導各位查看我們投資者簡報第 2 頁上的前瞻性陳述和風險因素。

As you know, this call on the webcast will include forward-looking statements. Such statements may involve risks and uncertainties that would cause actual results to materially differ from the anticipated results. Some of those risks and uncertainties include but are not limited to the risk factors that we have disclosed in our regulatory filings, including our annual 10-K and quarterly 10-Q SEC filings.

如您所知，本次網路直播電話會議將包含前瞻性陳述。此類聲明可能涉及風險和不確定性，導致實際結果與預期結果有重大差異。這些風險和不確定性包括但不限於我們在監管文件中揭露的風險因素，包括我們的年度 10-K 和季度 10-Q SEC 文件。

Now let me turn the call over to Scott for his opening remarks.

現在我把電話交給史考特，請他致開幕詞。

Thank you, Adam. We had another solid quarter in Q3 with a slight increase in revenue over Q3 2024. Our corporate channel continued to lead the way with another 6%-plus growth quarter, despite there being a difficult comparable presented by Q3 2024. This was led once again by record usage from our customers and a record quarterly amount of net ads from our eFax Protect service. In addition, the VA also hit record high usage and revenue for the quarter.

謝謝你，亞當。第三季我們又取得了穩健的業績，營收比 2024 年第三季略有成長。儘管 2024 年第三季面臨嚴峻的同比形勢，但我們的企業通路依然保持領先地位，又一個季度實現了 6% 以上的成長。這再次得益於客戶使用量的創紀錄增長以及 eFax Protect 服務季度淨廣告收入的創紀錄增長。此外，退伍軍人事務部本季的使用率和收入也創下歷史新高。

So revenue was in line with our expectations and showed an improvement in its rate of decline from Q2 2025.

因此，收入符合我們的預期，與 2025 年第二季相比，其下降速度有所改善。

Adjusted EBITDA was slightly ahead of our expectations and generated a 52.8% adjusted EBITDA margin. In the quarter, we added key personnel that we outlined in our original guidance in February, and we expect to continue to hire Q4. As a result, due to these hires and seasonal cash costs associated with the year-end audit, we would expect a lower adjusted EBITDA margin in Q4 than we experienced in Q3.

調整後 EBITDA 略高於我們的預期，調整後 EBITDA 利潤率為 52.8%。本季度，我們增加了 2 月最初指導意見中概述的關鍵人員，我們預計將在第四季度繼續招募。因此，由於這些招聘以及與年末審計相關的季節性現金成本，我們預計第四季度的調整後 EBITDA 利潤率將低於第三季。

Free cash flow in the quarter was an exceptional amount of $44.4 million, up 32% from $33.6 million in Q3 of 2024. This was due in large part to the adjusted EBITDA conversion to fresh flow coupled with an outstanding rate of collections, especially in our corporate channel, which has driven our total DSOs down to 25 days for the company as a whole.

本季自由現金流達到驚人的 4,440 萬美元，比 2024 年第三季的 3,360 萬美元成長了 32%。這主要歸功於調整後的 EBITDA 轉化為新的收入流，以及出色的收款率，尤其是在我們的企業管道，這使得我們公司的整體 DSO 降至 25 天。

As a reminder, we pay our interest on the bonds semi-annually in Q4 and as a result, we do not expect the quarter to generate much, if any, free cash flow. However, based on our nine-month free cash flow, we would expect the free cash flow for the year to be in excess of $95 million, which is ahead of our original expectations.

提醒一下，我們在第四季度按半年支付債券利息，因此，我們預計本季不會產生太多自由現金流，甚至可能沒有。然而，根據我們前九個月的自由現金流，我們預計今年的自由現金流將超過 9,500 萬美元，這超出了我們最初的預期。

On October 15, we drew approximately $200 million of our credit facility and retired a like amount of the 6% notes. We have issued a call notice for the remaining $34 million, which will be funded with a further drop of $20 million from the credit facility and $14 million from our cash balances. This will reduce our total indebtedness from the original $805 million to $569 million and will put us very close to our target of 3 times gross debt to adjusted EBITDA.

10 月 15 日，我們提取了約 2 億美元的信貸額度，並償還了同等金額的 6% 票據。我們已發出催繳通知，要求償還剩餘的 3,400 萬美元，這筆款項將透過從信貸額度中再撥付 2,000 萬美元和從我們的現金餘額中撥付 1,400 萬美元來籌集。這將使我們的總債務從最初的 8.05 億美元減少到 5.69 億美元，並將使我們非常接近總債務與調整後 EBITDA 比率為 3 倍的目標。

In addition, the interest rate on the new debt will be 5.65% or 35 basis points below the cost of the notes that we are retiring. We will continue to look for opportunistic repurchases of both our debt and equity.

此外，新債務的利率將比我們正在償還的票據成本低 5.65%，即 35 個基點。我們將繼續尋找機會回購我們的債務和股權。

I will now turn the call over to Johnny to provide more operational details.

現在我將把電話交給約翰尼，讓他提供更多操作細節。

Thank you, Scott, and hello, everyone. During my remarks, I will focus on our key performance indicators such as revenue and customer metrics, and we'll discuss the go-to-market strategies for our corporate and soho business channels. I will also provide operational updates and show several key highlights from the quarter.

謝謝你，斯科特，大家好。在我的演講中，我將重點介紹我們的關鍵績效指標，例如收入和客戶指標，我們還將討論我們面向企業和小型辦公室業務管道的市場進入策略。我還會提供營運方面的最新信息，並展示本季度的一些關鍵亮點。

Our corporate channel continues to demonstrate strong execution and sustained positive momentum. In Q3 2025, revenue reached a record $56.3 million, a 6.1% increase over $53.1 million in Q3 of 2024 and a sequential increase from the $55.3 million in revenue we reported in Q2 2025.

我們的企業通路持續展現出強勁的執行力和持續的正向發展動能。2025 年第三季度，營收達到創紀錄的 5,630 萬美元，比 2024 年第三季的 5,310 萬美元成長了 6.1%，比 2025 年第二季報告的 5,530 萬美元營收環比成長。

As we noted last quarter, Q3 2024 was a particularly strong comparable, which makes this continued 6%-plus year-over-year growth even more encouraging. This growth is driven by the sustained expansion and increased usage within our upper enterprise accounts and the continued momentum in our public sector business complimented by stable growth in advanced products and strong performance in our corporate e-commerce channels.

正如我們上個季度所指出的，2024 年第三季是一個特別強勁的同業比較數據，這使得今年持續 6% 以上的同比增長更加令人鼓舞。這一成長得益於我們高端企業客戶的持續擴張和使用量的增加，以及公共部門業務的持續成長勢頭，同時先進產品的穩定成長和企業電子商務管道的強勁表現也為此提供了助力。

This reaffirms our corporate go-to-market strategy in place of the foundation for our future go to market, which I will address later in my remarks.

這再次印證了我們公司的市場進入策略，並為我們未來的市場進入奠定了基礎，我將在稍後的演講中對此進行闡述。

I am pleased to announce that our trailing 12-month revenue retention rate stands at 101.9%. This is stable from 102% in the previous quarter, again, confidently meeting our greater than 100% target, up from 99.8% in Q3 2024.

我很高興地宣布，我們過去 12 個月的收入留存率達到了 101.9%。這一比例與上一季的 102% 持平，再次自信地實現了 100% 以上的目標，高於 2024 年第三季的 99.8%。

Our corporate customer base expanded to a new record of approximately 65,000 at the close of Q3. This represents an increase of over 12% from 58,000 in Q3 of last year and the sequential increase from approximately 63,000 at the close of Q2. The primary driver for this growth remains our eFax Protect offering, which expanded by approximately 6,700 new customers this quarter contributing to our SMB cohort.

截至第三季末，我們的企業客戶群已成長至約 65,000 家，創下新紀錄。這比去年第三季的 58,000 人增長了 12% 以上，也比第二季末的約 63,000 人環比增長了 12% 以上。推動這一成長的主要動力仍然是我們的 eFax Protect 產品，該產品本季新增了約 6700 名客戶，為我們的中小企業客戶群做出了貢獻。

Corporate ARPA was $293 compared to $301 in the prior quarter and $310 in Q3 of last year. This expected trend is a direct result of two counterbalancing factors: the successful expansion of our small SMB cohort, which includes our eFax Protect product at an ARPA of around $50 balanced by strong high value performance from our large enterprise clients.

企業平均每用戶收入為 293 美元，而上一季為 301 美元，去年第三季為 310 美元。這一預期趨勢是兩個相互限制的直接結果：一是我們小型中小企業客戶群的成功擴張，其中包括我們的 eFax Protect 產品，其 ARPA 約為 50 美元；二是我們大型企業客戶強勁的高價值表現。

Importantly, we are proud to report strong sustained growth in our corporate ARPA net of eFax Protect for several quarters now, which demonstrates the underlying strength and growing value of our core enterprise customer base.

值得一提的是，我們很自豪地報告，我們扣除 eFax Protect 後的企業 ARPA 已連續幾個季度保持強勁的持續增長，這表明我們核心企業客戶群的內在實力和不斷增長的價值。

Our corporate performance this quarter continued to trend from recent quarters, demonstrating sustained success at all levels of the market, where effectively pairing robust revenue growth at high retention rates from our enterprise clients with steady customer base expansion in the SMB cohort. This balanced approach to growth proofs our ability to execute across the entire customer continuum and provides significant stability to our business, which is evident by continued expansion on two key metrics in our eFax network, the number of participants or endpoints and the volume of data we process across the network.

本季度，我們的公司業績延續了近幾個季度的良好勢頭，在市場各個層面都取得了持續的成功，有效地將企業客戶的強勁收入增長和高留存率與中小企業客戶群的穩步擴張相結合。這種平衡的成長方式證明了我們有能力在整個客戶群中執行，並為我們的業務提供了顯著的穩定性，這一點從我們 eFax 網路的兩個關鍵指標的持續成長中可見一斑，即參與者或終端的數量以及我們在整個網路中處理的資料量。

Turning to the public sector, I want to make a clear distinction. Our main revenue driver in this vertical, the VA, saw its rollout and usage remain unfazed by the government shutdown. The VA continues to set new all-time high records for usage, a clear proof of (inaudible) adoption that has persisted even during the shutdown. Separately, since achieving our official FedRAMP high impact certification, we have built a solid pipeline among other government agencies and non-government organizations.

談到公共部門，我想明確區分一下。我們在該垂直領域的主要收入來源－退伍軍人事務部（VA）的推廣和使用並未受到政府停擺的影響。退伍軍人事務部 (VA) 的使用率持續創下歷史新高，這清楚地證明了即使在政府停擺期間，退伍軍人事務部仍然保持著（聽不清楚）普及率。此外，自從獲得 FedRAMP 高影響力認證以來，我們已經與其他政府機構和非政府組織建立了穩固的合作關係。

We are successfully winning and onboarding new customers onto the eFax product. While the temporary government shutdown has led to some delayed decision making, we see this as a short-term timing impact on the conversion pace, and it does not affect our positive outlook for this new pipeline.

我們正在成功地吸引新客戶並引導他們使用 eFax 產品。雖然政府暫時停擺導致一些決策有所延遲，但我們認為這只是對轉換速度的短期時間影響，並不影響我們對這條新管道的樂觀展望。

Moving on to our SoHo business. We recorded Q3 revenue of $31.5 million representing a strategic planned year over year decrease of 9.2% from $34.7 million in Q3 2024. This is a spike sequential decrease from $32.4 million in Q2 2025 reflecting our continued strategic focus and optimizing profitability and maximizing the efficiency of our advertising investments in this channel.

接下來談談我們在SoHo的業務。我們第三季營收為 3,150 萬美元，較 2024 年第三季的 3,470 萬美元按計劃年減 9.2%。與 2025 年第二季的 3,240 萬美元相比，這一數字出現了環比大幅下降，反映了我們持續的策略重點，即優化獲利能力，並最大限度地提高我們在該管道的廣告投資效率。

The Global SoHo comp base declined from approximately 682,000 in the prior quarter to approximately 661,000 during Q3. SoHo ARPA for Q3 2025 was $15.56 compared to $15.62 in Q2 2025 and $15.38 in Q3 of last year. Our SoHo cancellation rate in Q3 2025 was .71%, down from 3.84% in the previous quarter.

全球 SoHo 同店銷售額基數從上一季的約 682,000 人次下降到第三季的約 661,000 人次。2025 年第三季 SoHo 的平均每戶收入 (ARPA) 為 15.56 美元，而 2025 年第二季為 15.62 美元，去年第三季為 15.38 美元。2025 年第三季度，SoHo 地區的取消率為 0.71%，低於上一季的 3.84%。

As I explained in our Q2 call, our SoHo customer acquisitions strategy led to an unusual spike in ads last quarter, which temporarily influenced the cancel rate in both Q2 and Q3. Since then, our customer acquisition had more normal pattern. Yet like all businesses that rely on digital marketing, we are actively navigating the recent changes in the search environment. This has created a near-term headwind, contributing to a slight decline in organic signups in Q3, which we believe will continue in Q4.

正如我在第二季電話會議中所解釋的那樣，我們的 SoHo 客戶獲取策略導致上季廣告數量異常激增，這暫時影響了第二季和第三季的取消率。從那時起，我們的客戶獲取模式就變得更正常了。然而，與所有依賴數位行銷的企業一樣，我們也在積極應對搜尋環境的最新變化。這造成了短期不利影響，導致第三季自然註冊用戶略有下降，我們認為這種情況將在第四季度繼續。

We are already executing a multi-step plan for cover for these impacts while we continue to manage profitability with discipline. We are determined to return our paid ads numbers to the mid-50s, which we expect several months to fully realize.

我們已經在執行一項多步驟計劃來應對這些影響，同時我們將繼續以嚴謹的態度管理獲利能力。我們決心將付費廣告數量恢復到 50 多張，預計需要幾個月的時間才能完全實現這一目標。

One key factor in this plan is to emphasize one of our greatest assets, our trademarked and redesigned eFax brand. This strategic focus on eFax follows a yearlong intensive brand study. From day one, more than three years ago, eFax was a pioneer and leader in digital transformation, and we have invested heavily over decades. With this brand refresh, we now better leverage that established trust proven by millions of visitors to our web assets every month to unify our advanced solutions.

該計劃的一個關鍵因素是強調我們最大的資產之一，即我們擁有商標權並重新設計的 eFax 品牌。此次對 eFax 的策略重點關注，源自於一項為期一年的深入品牌研究。從三年多前成立之初，eFax 就一直是數位轉型領域的先驅和領導者，過去幾十年我們投入了大量資金。透過此次品牌升級，我們現在可以更好地利用每月數百萬訪客訪問我們網站所建立的信任，從而統一我們的先進解決方案。

That allows us to bring our entire go to market portfolio from Cloud fax to interoperability and AI and one familiar name, clarifying our evolution from a simple fax service to a comprehensive platform for secure data exchange and digital transformation. Consensus Cloud Solutions, which has also received a brand refresh, will remain the company's Nasdaq-listed brand for investor continuity, and as universal home for employees.

這使我們能夠將從雲端傳真到互通性和人工智慧的整個市場產品組合整合到一個熟悉的名稱中，從而清晰地展現我們從簡單的傳真服務發展成為安全數據交換和數位轉型的綜合平台的過程。Consensus Cloud Solutions 也進行了品牌更新，將繼續作為該公司在納斯達克上市的品牌，以保持投資者的權益，並作為員工的通用平台。

To summarize, we are very pleased with the quarter's performance and remain highly confident in our outlook. We will continue on our go-to-market path, which has proven to be very effective. Healthcare remains at the center of our strategy, complimented by strong execution on our automated e-commerce channel for the down market. We are expanding our efforts in the corporate SMB and upper enterprise markets which has extended into the public sector.

總而言之，我們對本季的業績非常滿意，並且對前景仍然充滿信心。我們將繼續沿用目前行之有效的市場推廣策略。醫療保健仍然是我們策略的核心，同時，我們在市場低迷時期也大力推動自動化電子商務通路的營運。我們正在擴大在企業、中小企業和大型企業市場的業務，並將業務拓展到公共部門。

We expect our SoHo business to continue on its trajectory with a clear focus on profitability.

我們預計 SoHo 業務將繼續保持成長勢頭，並明確專注於獲利能力。

Before handing the call over, I want to express my sincere thanks to our employees for their hard work and dedication this past quarter. My gratitude also extends to our customers and partners for their ongoing trust and collaboration. We have delivered another excellent quarter, and we're focused on building on this momentum.

在將電話交給其他人之前，我想對我們員工在過去一個季度中的辛勤工作和奉獻精神表示衷心的感謝。我還要感謝我們的客戶和合作夥伴一直以來的信任與合作。我們又完成了一個出色的季度，我們將專注於保持這一勢頭。

With that I am handing to our CFO Jim Malone, who will now provide a detailed update on our financial performance and outlook. Jim?

接下來我將把發言權交給我們的財務長吉姆·馬龍，他將詳細介紹我們的財務表現和前景。吉姆？

Thank you, Johnny, and good afternoon, everyone. In our press release and on this call today, we are discussing Q3 2025 results and guidance for Q4 2025. We expect to file our 10-Q by close of business today.

謝謝你，強尼，大家下午好。在今天的新聞稿和電話會議上，我們將討論 2025 年第三季業績和 2025 年第四季業績指引。我們預計今天下班前提交 10-Q 表格。

Moving to corporate. Beginning with our corporate business results, Q3 2025 was another strong for corporate with record revenue of $56.3 million, an increase of $3.2 million or 6.1% versus prior year -- versus the prior year quarter.

轉入企業界。首先來看公司業務業績，2025 年第三季公司業績依然強勁，營收創下 5,630 萬美元的歷史新高，比上年同期增長 320 萬美元，增幅達 6.1%。

As Johnny just mentioned, Q3 2024 was a particularly strong comparable quarter, which makes the continued 6%-plus corporate growth even more meaningful. Our record of Q3 2025 corporate revenue delivered a trailing 12-month revenue retention rate of approximately 102%, up from 99.8% from the prior comparable period and stable sequentially.

正如約翰尼剛才提到的，2024 年第三季度是一個相對強勁的季度，這使得 6% 以上的企業持續成長更具意義。我們2025年第三季的企業營收記錄顯示，過去12個月的營收留存率約為102%，高於去年同期的99.8%，較上季維持穩定。

Our corporate customer base expanded to approximately 65,00 in Q3 2025 versus 63,000 in Q2 2025, and 58,000 in the prior comparable period. Corporate ARPA was $293 versus $301 in Q2 2025 and $310 in Q3 2024.

2025 年第三季度，我們的企業客戶群擴大到約 65,000 家，而 2025 年第二季度為 63,000 家，去年同期為 58,000 家。企業平均每用戶收入為 293 美元，而 2025 年第二季為 301 美元，2024 年第三季為 310 美元。

This trend is in line with our expectations and our expanding customer base in the lower SMB cohort, primarily due to record eFax Protect paid ads, which generated an approximate $50 ARPA. Johnny stated corporate ARPA net of eFax Protect has experienced growth for several quarters, demonstrating strong performance from our core enterprise customer base.

這一趨勢與我們的預期以及我們在中小企業群體中不斷擴大的客戶群相符，這主要歸功於 eFax Protect 付費廣告創紀錄的增長，其平均每次轉換費用約為 50 美元。Johnny 表示，eFax Protect 的企業 ARPA 淨額已連續幾季成長，顯示我們的核心企業客戶群表現強勁。

Moving to SoHo. Q3 2025 revenue of $31.5 million compared to $34.7 million representing a strategic decline of $3.2 million or 9.2% from the prior comparable period, and a slowing decline from the Q2 2025 comparable year-over-year period of 9.4%.

搬到蘇豪區。2025 年第三季營收為 3,150 萬美元，而去年同期為 3,470 萬美元，較上年同期下降 320 萬美元或 9.2%，較 2025 年第二季年減 9.4%，降幅放緩。

Q3 2025 ARPA of $15.56 had an improvement from the prior year comparable period of $0.18 and was in line sequentially. The SoHo [cancer] rate improved sequentially to 3.71% from 3.84% in Q2 2025.

2025 年第三季 ARPA 為 15.56 美元，比去年同期成長 0.18 美元，季增 0.18 美元。SoHo 地區的癌症發生率從 2025 年第二季的 3.84% 逐步改善至 3.71%。

Moving to consolidated results. $87.8 million revenue was consistent with the prior year comparable period. Adjusted EBITDA of $46.4 million is a decrease of $0.6 million or 1.2% versus Q3 2024, primarily driven by planned headcount additions. We delivered a healthy 52.8% adjusted EBIDTA margin or approximately 16 basis points favorable to the midpoint of our Q3 2025 guidance range.

接下來是合併業績。營收為8,780萬美元，與去年同期持平。經調整的 EBITDA 為 4,640 萬美元，比 2024 年第三季減少了 60 萬美元或 1.2%，主要原因是計劃增加員工人數。我們實現了 52.8% 的健康調整後 EBITDA 利潤率，比我們 2025 年第三季指導範圍的中點高出約 16 個基點。

Q3 2025 adjusted net income of $26.6 million is a decrease of $0.2 million or 0.8% versus Q3 2024, primarily driven by lower interest expense and depreciation and amortization, offset in part by lower adjusted EBITDA and higher income tax. Adjusted EPS of $1.38 was [sustained] for the prior year comparable period. Q3 2025 non-GAAP tax rate and share count was 22.3% and 19.3 billion shares.

2025 年第三季調整後淨收入為 2,660 萬美元，比 2024 年第三季減少 20 萬美元或 0.8%，主要原因是利息支出和折舊攤提減少，部分被調整後 EBITDA 減少和所得稅增加所抵銷。經調整後的每股收益為 1.38 美元，與去年同期持平。2025 年第三季非 GAAP 稅率和股份數量分別為 22.3% 和 193 億股。

Capital allocation, free cash flow. Q3 2025 free cash flow was $44.4 million, an increase of approximately $11 million or 32% versus the prior comparable period driven primarily by operational performance. Q3 2025 CapEx of $7.2 million, a decrease of $0.8 million or approximately 10% versus the prior year.

資本配置，自由現金流。2025 年第三季自由現金流為 4,440 萬美元，較上年同期增加約 1,100 萬美元，增幅達 32%，主要得益於營運績效。2025 年第三季資本支出 720 萬美元，較前一年減少 80 萬美元，降幅約 10%。

Cash and cash equivalents. We ended Q3 2025 with cash of approximately $98 million, which is sufficient to point of operations and repurchases of equity and debt. 6% notes debt retirement. As noted in our 8-K filed on July 14, 2025, we executed a $225 million [three bank clump] deal including standard covenants to retire our a 6% notes to October 2026.

現金及現金等價物。截至2025年第三季末，我們持有約9,800萬美元現金，足以滿足日常營運、股票和債券回購以及償還6%票據債務的需求。正如我們在 2025 年 7 月 14 日提交的 8-K 文件中所述，我們執行了一項 2.25 億美元的 [三家銀行] 交易，其中包括標準契約，以償還我們截至 2026 年 10 月的 6% 票據。

The loan consists of $150 million delayed drawn term loans plus of $75 million revolving credit facility. The interest rate is [sulfa], plus an applicable margin based on total net leverage ratio. Subsequent to the quarter end on October 15, 2025, or equal of $200 million of our 6% notes at par, leaving $34 million outstanding. We utilized our $150 million delayed drawn term loan, plus $50 million on the revolver.

該貸款包括 1.5 億美元的延期提取定期貸款和 7,500 萬美元的循環信貸額度。利率為[sulfa]，加上以總淨槓桿比率計算的適用利差。截至 2025 年 10 月 15 日季末，我們將以面額發行 2 億美元或等值的 6% 票據，剩餘 3,400 萬美元未償還。我們動用了 1.5 億美元的延期提取定期貸款，加上循環信貸額度中的 5,000 萬美元。

We didn't retire the entire $234 million as our secure lean capacity under our bond indentures was $200 million based upon our June 30, 2025, cash balance. The borrowing cost will be approximately 10 to 35 basis points lower than our current 6% rate. We have notified our trustee, and we were called the remaining balance of the 6% notes, $34 million on or about November 10, with a combination of $14 million balance sheet cash and $20 million of the remaining revolver.

我們沒有償還全部 2.34 億美元，因為根據我們 2025 年 6 月 30 日的現金餘額，我們在債券契約下的安全精簡融資能力為 2 億美元。借貸成本將比我們目前的 6% 利率低約 10 至 35 個基點。我們已通知受託人，並於 11 月 10 日左右要求我們償還剩餘的 6% 票據餘額 3,400 萬美元，其中包括 1,400 萬美元的資產負債表現金和 2,000 萬美元的剩餘循環信貸。

Equity repurchases. In February 2025, the Board approved an extension to the previously approved program for another three years and up to $67 million. In Q3 2025, we repurchased 121,000 shares for $2.7 million, bringing the total equity purchases to date of approximately 1.8 million shares for approximately $47 million. There were no bond repurchases in Q3 2025.

股權回購。2025 年 2 月，董事會批准將先前批准的計畫再延長三年，最高可達 6,700 萬美元。2025 年第三季度，我們以 270 萬美元的價格回購了 121,000 股股票，使迄今為止的股權回購總額達到約 180 萬股，約 4,700 萬美元。2025年第三季沒有進行債券回購。

Moving to guidance. We are providing Q4 2025 guidance as follows. Revenues between $84.9 million and $88.9 million with $86.9 million at the midpoint. Adjusted EBITDA between $43.1 million and $46 million, with $44.5 million at the midpoint. Adjusted EPS of $1.27 to $1.37, with $1.32 at the midpoint.

進入指導環節。我們提供以下2025年第四季業績指引。營收在 8,490 萬美元至 8,890 萬美元之間，中間值為 8,690 萬美元。調整後 EBITDA 在 4,310 萬美元至 4,600 萬美元之間，中間值為 4,450 萬美元。調整後每股收益為 1.27 美元至 1.37 美元，中間值為 1.32 美元。

Estimated Q4 2025 share count is approximately 19.4 million shares with a tax rate between 20.5% and 22.5%, with 21.5% at the midpoint. Please remember that as previously mentioned, our 2025 guidance and actual results exclude foreign exchange gain or losses on revaluation of intercompany accounts.

預計 2025 年第四季股份數量約為 1,940 萬股，稅率在 20.5% 至 22.5% 之間，中位數為 21.5%。請記住，如前所述，我們的 2025 年業績指引和實際業績不包括公司間帳戶重估產生的外匯損益。

That concludes my formal remarks. I'd like to turn the call back to the operator for Q&A. Thank you.

我的正式發言到此結束。我想把電話轉回接線生進行問答環節。謝謝。

(Operator Instructions) David Larsen, BTIG.

（操作說明）David Larsen，BTIG。

Hi, congratulations on the good quarter. Can you maybe talk a bit about the VA and corporate sales, and I think I heard you say that the VA had their highest usage rate yet. Just any sort of color in terms of incremental growth going forward? And any other thoughts there would be helpful. Thank you.

您好，恭喜您本季業績良好。您能否談談虛擬助理和企業銷售的情況？我好像聽到您說虛擬助理的使用率達到了歷史最高水準。任何一種顏色，只要能帶來持續成長就好？還有其他建議嗎？謝謝。

Great, yeah, I'll turn it over to Johnny.

好的，我會把它交給強尼。

Yeah, thank you, David. Good question. So what we're seeing increased usage in the existing base, but we're also continue to roll out to new facilities. We still haven't rolled out the solution to the entire base of facilities and sites within the VA. That is an ongoing process which we know it's going to continue throughout 2026 to do that.

是的，謝謝你，大衛。問得好。因此，我們看到現有基地的使用率有所提高，但我們也繼續向新設施推廣。我們尚未將該解決方案推廣到退伍軍人事務部的所有設施和站點。這是一個持續進行的過程，我們知道它將持續到 2026 年。

But we also think there is room for expansion and increased adoption within the existing base. We see that happening, we see growth with within the usage and existing sites. So basically, same store sales.

但我們也認為，在現有用戶群中，還有拓展和提高普及率的空間。我們看到這種情況正在發生，我們看到用戶數量和現有網站都在增加。所以基本上就是同店銷售。

But also, with new site coming on and as I stated on the call, we do see record highs in usage on weekdays, and overall, the volume is growing as well. So that is very encouraging and we expect that growth to continue into 2020.

但隨著新網站的上線，正如我在電話會議上所說，我們看到工作日的使用量創下歷史新高，而且總體而言，訪問量也在增長。這非常令人鼓舞，我們預計這種成長勢頭將持續到 2020 年。

How many VA sites are you in now and what is the total potential or from a scale of 1 to 10, 10 being 100% penetrated across all potential VA sites, what number would you put yourself at now?

您目前在多少個虛擬助理 (VA) 站點？總潛力是多少？或者，從 1 到 10 的等級，10 代表在所有潛在虛擬助理網站中 100% 滲透，您現在會給自己幾分？

I think there's two elements to that. So one is we're more than 50% in the absolute raw number of sites deployed. But not all sites are equal, so that's one element. But the other element is even in the sites where we are deployed, we do not yet have in many instances, all the traffic. And there are some reasons for that, such as incumbent contracts that have to burn off before we'll capture some traffic.

我認為這其中包含兩個要素。首先，我們部署的站點絕對數量已經超過目標的 50%。但並非所有網站都一樣，這是其中一個因素。但另一方面，即使在我們部署的網站中，很多情況下我們還沒有獲得全部流量。這其中有一些原因，例如，在我們獲得一些流量之前，必須先履行現有的合約。

In some instances, the site didn't fully appreciate all the different ways in which faxes could be either sent or received or outbound is easier to do, so you've got to port the numbers before you get the inbound traffic.

在某些情況下，網站沒有充分意識到發送或接收傳真的各種不同方式，或者發送傳真更容易，所以你必須先轉移號碼才能獲得接收流量。

So that's why I tagged on to what Johnny said, which is, we're on the $5 million-plus pace for this year in terms of actual revenue. And we'll meet that goal. We'll go somewhat north of $5 million. And then what we're citing is the exit run rate going into '26. That'll give us a book of business based on the number of pages processed on average per business day peak volumes.

所以，我才附和了強尼的說法，那就是，就實際收入而言，我們今年的進度將超過 500 萬美元。我們一定能達成這個目標。我們最終的預算會略高於 500 萬美元。然後我們引用的是 2026 年的退出運行率。這將使我們能夠根據每個工作日高峰時段平均處理的頁數來計算業務量。

And then the exercise we're going through now from a budgetary standpoint is what is the pace at which we pick up incremental traffic in the sites where we're already deployed but don't yet have all of it?

然後，從預算角度來看，我們現在正在進行的練習是，在我們已經部署但尚未完全實現流量成長的網站上，我們以多快的速度獲得增量流量？

So it's all of those pieces together, but if you don't bind it to a given year and I understand kind of where you're headed because people are looking trying to build '26 models, but if you could look out over say a 2-to-3-year time frame, it leads us to believe there are multiples of revenue available to what we've booked in 2025. How many multiple? That's what's still under discussion.

所以，這一切都是綜合考慮的，但如果你不把它限定在某個特定的年份，我大概明白你的意思，因為人們都在努力打造 2026 年的車型，但如果你能放眼未來 2 到 3 年的時間範圍，這讓我們相信，2025 年的收入將是我們已預訂收入的數倍。有多少倍？這個問題目前仍在討論中。

So could the $5 million turn into $10 million or $20 million?

那麼，這500萬美元有可能變成1000萬美元甚至2000萬美元嗎？

$10 million or $20 million. I think $10 million is a highly confident number, and it's the number we talked about when this contract was originally won, but I think we have good reason to believe it's a higher number than that, but the question is how much higher than $10 million? And in order to get confidence in that number, we need to be in conjunction with the VA, do some additional analytical work and then see what is a reasonable time frame over which that traffic can be captured.

1000萬美元或2000萬美元。我認為 1000 萬美元是一個非常有把握的數字，也是我們當初贏得這份合約時討論的數字，但我認為我們有充分的理由相信實際金額會更高，問題是會比 1000 萬美元高出多少？為了確保這個數字的準確性，我們需要與VA合作，進行一些額外的分析工作，然後看看在合理的時間範圍內可以捕獲這些流量。

Now, all of which is in our control. It's all it has to do with the VA. Some of it has to do with the way they roll things out and as I said, existing contracts that carried over that need to expire.

現在，這一切都在我們的掌控之中。這一切都與退伍軍人事務部有關。部分原因在於他們的推行方式，正如我所說，現有的、需要延續下去的合約也需要到期。

So I think it is probably (technical difficulty)

所以我覺得很可能是這樣。（技術難題）

Okay, great. And then another quick one, if you don't mind. The SoHo, yearly revenue growth was down 9%. What would you expect that like deceleration rate to be, let's say, in 2027 or 2028, when are we going to see that sort of level off?

好的，太好了。如果你不介意的話，再快速問一個問題。SoHo 的年收入成長下降了 9%。您預計到 2027 年或 2028 年，這種減速率會是多少？我們什麼時候才能看到這種趨於平穩的趨勢？

Yeah, I think that's a good question, but it's very difficult to predict. I don't think we can give guidance in that direction two years out at this point. We've been talking about it for a year and a half now and where is that, at one point is it going to like reach that steady base and then the decline will go into the low single-digits, but it's very difficult to monitor.

是的，我認為這是個好問題，但很難預測。我認為目前我們還無法對兩年後的情況給予明確的指導。我們已經討論這個問題一年半了，它到底會在哪裡？什麼時候它才能達到穩定的基數，然後下降幅度會降至個位數？但這很難監測。

There are so many moving parts to this business. We've seen it slow down over time, but I don't think we can give you a clear number on '27 just yet.

這個行業牽涉的環節太多了。我們看到這種情況隨著時間的推移而放緩，但我認為我們現在還無法給出 2027 年的確切數字。

Look, it's clearly -- even if the accelerating pace, it's not going to happen in '26, probably depending on where your goal is, it's not going to happen in '27, so it's '28 or later and the input factors that are relevant to us are as the base ages, how we see that cancel rate come down.

你看，很明顯——即使速度加快，也不會在 2026 年發生，可能取決於你的目標在哪裡，也不會在 2027 年發生，所以是在 2028 年或更晚，而與我們相關的輸入因素是隨著基礎的老化，我們看到取消率如何下降。

You saw it come down sequentially from Q2 to Q3, about 13, 14 basis points. It's negatively influenced by certain excess customers that were acquired in Q2, which could [operate] quickly, but they're very cheap acquisition costs. So we're actually looking and studying the various cohorts to see where is that stabilized base of cancel as that base ages. So that's one element of the equation.

你可以看到它從第二季到第三季逐一下降了大約 13、14 個基點。受到第二季獲得的某些過剩客戶的負面影響，這些客戶可能營運速度很快，但他們的獲客成本非常低。所以，我們實際上是在觀察和研究各個群體，看看隨著群體年齡的增長，取消的穩定基礎在哪裡。這是等式中的一個要素。

And the other element is not only how many gross ads you bring in, meaning new net customers and they get, well, what kind of customers do you bring in?

另一個因素不僅是你帶來了多少毛廣告收入（即新增淨客戶），而且他們獲得的是什麼樣的客戶？

Attractive LTV to CAC, but they might only be around two, three, or four months, or are they longer costs because there's a whole range of use cases that will dictate the life of the customer. For us, it's really a matter of the right expense against their life, not so much whether their life is 4 months or 12 months or 18 months, but what are you paying to get that stream of revenue?

LTV 與 CAC 的比值很有吸引力，但可能只有兩、三或四個月，或者成本會更長，因為有許多用例會決定客戶的生命週期。對我們來說，這實際上是一個關於合理支出與其生命價值是否相符的問題，而不是關於他們的生命是 4 個月、12 個月還是 18 個月，而是關於你為了獲得這筆收入流付出了多少代價的問題。

So all those things are going in, we will be crunching those models as we go through our budgeting process, which has commenced, but it's still early stage.

所以所有這些因素都會被考慮在內，我們將在預算編制過程中對這些模型進行分析。預算編制工作已經開始，但仍處於早期階段。

Okay. And just one more quick one, can you talk a little bit about the advanced products upsells into corporate? Just any color there on the use of AI, RCM acceleration. Thanks very much.

好的。最後一個問題，您能談談企業客戶對高級產品的追加銷售狀況嗎？任何顏色都可以用於人工智慧和RCM加速。非常感謝。

Yeah, I can comment on that, David. It's a couple of things that we saw accelerate in Q3. One of them, Clarity adoption and Clarity bee, which is that AI product that strikes data turns that unstructured data into structured data so I've commented on it, I think on the last call, a little bit, but that is one of the key -- was one of the key drivers.

是的，我可以就此發表一些看法，大衛。有幾件事我們在第三季加速發展。其中之一是 Clarity 的採用和 Clarity Bee，這是一款人工智慧產品，可以將非結構化資料轉換為結構化資料。我在上次電話會議上稍微談到了它，但這是關鍵因素之一——曾經是關鍵驅動因素之一。

And the other one was in combination with that really our integration into business right where we customers connect their EHR systems to provide that interoperability. That has also been performing quite well and the combination of those, with the connectivity to our eFax network is what's driving the revenue there.

另一個方面是與此相結合，真正實現了我們與業務的整合，客戶將他們的 EHR 系統連接起來，從而提供互通性。這方面也表現得相當不錯，而這些因素，再加上與我們的電子傳真網路連接，正是推動營收成長的因素。

(Operator Instructions) Gene Mannheimer, Freedom.

（操作說明）吉恩‧曼海默，《自由》。

Congrats on the good numbers. Question on that SoHo paid ads, I know Johnny, you talked about that at $50 million. It's the lowest in a while and just so for my justification, that was due to a spike last quarter around promotional pricing or is there also some level of conversion of the SoHo customers to enterprise that was a factor?

恭喜取得這麼好的數據。關於SoHo的付費廣告，我知道Johnny，你之前說過那筆廣告費用高達5000萬美元。這是近一段時間以來的最低水平，至於原因，是因為上個季度促銷價格的飆升，還是因為部分 SoHo 客戶轉化為企業客戶也是一個因素？

No, I think well, we mentioned, Gene, thanks for the question. Yeah, what we mentioned was last quarter we had a little bit of a spike, because of an acquisition channel for our new customers that was commercially very interesting for us. But as Scott mentioned earlier, those customers come on at a low price, but they also fall off fairly quickly, so they burn off, they have a shorter lifetime.

不，我想，嗯，我們剛才提到了，吉恩，謝謝你的提問。是的，我們之前提到過，上個季度我們的業績出現了一個小高峰，因為我們找到了一個對我們來說在商業上非常有吸引力的新客戶獲取管道。但正如 Scott 之前提到的，這些客戶雖然入場價格低廉，但流失速度也很快，所以他們的生命週期很短。

We did see a little bit of a decline in our paid ads this quarter. There was multiple factors to it, the change in search that we're, seeing. A little bit of headwind in the in the organic, but we have put some measures in place and we already seeing some recovery of that we're getting, additional signups and, reverting back to that to that mid-fifty number. I think it's going to happen overnight.

本季我們的付費廣告收入確實略有下降。我們看到的搜尋方式的變化是由多種因素造成的。自然成長方面遇到了一些阻力，但我們已經採取了一些措施，並且已經看到一些復甦跡象，新增註冊用戶數量有所增加，並恢復到 50 人左右的水平。我認為這件事會在一夜之間發生。

I don't think we will see, we will probably not reach that by the by the end of this quarter. Q4 is usually a slow quarter for SoHo anyways, but we're expecting it The first few months of the next year to get back to that number.

我認為我們不會，我們可能在本季末之前都無法達到那個目標。第四季通常是SoHo的淡季，但我們預計明年頭幾個月的銷售額將恢復到先前的水平。

Okay, yeah, that helps out. Thanks, Johnny. And then just my follow-up is on the on the vision, getting from say $10 million in revenue to to $20 million or whatever the number happens to be, is that can be accomplished based on the scope of the agreement you have in place today, or would it involve selling additionals into the into the VA.

好的，那很有幫助。謝謝你，強尼。然後，我的後續問題是，關於願景，比如說將收入從 1000 萬美元增加到 2000 萬美元或其他任何數字，這是否可以根據您目前所簽訂的協議範圍來實現，還是需要向退伍軍人事務部 (VA) 出售額外的產品。

That's a good question. I think we are, right now we're just talking about the fax platform, right, about the ECA platform that is that Rem high certified There's obviously potential to upsell other solutions into the VA. They would have to go through, as the fax platform to be certified on the FedRAM platform or environment.

這是個好問題。我認為我們現在正在討論的是傳真平台，對吧？是 ECA 平台，它是 Rem 高級認證的。顯然，它有潛力向退伍軍人事務部 (VA) 追加銷售其他解決方案。他們需要通過認證，因為傳真平台必須在 FedRAM 平台或環境下才能獲得認證。

I think we've learned a lot, so it wouldn't take us as long as it did for eFax, but what we're talking about right now is really only the fax platform we're not adding in any additional products into that potential Within the be under a different contract. Within the be under a different contract.

我認為我們已經學到了很多，所以不會像 eFax 那樣花費我們那麼多時間，但我們現在討論的實際上只是傳真平台，我們沒有將任何其他產品添加到該平台中，這可能需要簽訂另一份合約。可能受另一份合約約束。

Before we go to more like questions, we've got a question email So one has to do with capital allocation. Our thoughts really as we look forward to 2026. Between retirement of debt and share repurchases. As I noted in my opening remark, I think both are going to be opportunistic in nature. Right now there's no mix that we've set between the two as it relates to balances or free cash flow generated in 2026.

在我們開始討論更多問題之前，我們收到了一封問題郵件。其中一個問題與資本配置有關。展望2026年，我們心中充滿這樣的想法。償還債務和回購股票之間。正如我在開場白中提到的，我認為這兩者都具有機會主義性質。目前，我們還沒有就 2026 年的餘額或自由現金流設定兩者之​​間的任何組合。

One of the things that we're going to be looking at is as we get into '27 and we look at the 65. What is sort of the right level of debt as we think about that. So that may influence some retirement of debt which could be a combination of either the continuation of buying the 6.5% in the open market, but as I've noted before, the volume there has been limited because we've taken about $150 million out over the last couple of years, but we do have the ability to generate cash to take our revolver down.

我們要關注的事情之一是，當我們進入 2027 年時，我們會關注 65 號車。我們思考一下，什麼樣的債務水準才算適合？因此，這可能會影響部分債務的償還，具體方式可能是繼續在公開市場上購買 6.5% 的債券，但正如我之前提到的，由於過去幾年我們已經提取了約 1.5 億美元，因此這方面的交易量有限，但我們確實有能力產生現金來減少我們的循環信貸額度。

And I think if we're going to prepay or repay any bank debt or credit facility, it would be in the revolt because that We can reborrow The delayed drop term loan by its terms does have some mandatory prepayments per quarter of slightly under $2 million per quarter, so you will see about a little under $8 million come out next year just for the delayed draw a term loan, but if we do have excess cash and we can't buy bonds and we don't like the stock price. We can't get enough stock.

我認為，如果我們要提前償還任何銀行債務或信貸，那也應該是在反抗時期，因為我們可以重新借款。根據條款，延期提取定期貸款確實有一些強制性的季度預付款，略低於每季200萬美元，所以明年你會看到僅延期提取定期貸款一項就支出略低於800萬美元。但是，如果我們確實有多餘的現金，又買不起債券，而且我們也不看好股價。我們進不到足夠的貨。

We could pay down revolver and then if we have needs in the future, we could reborrow the. All. So that's kind of how we got it now as I mentioned, we're still in the relatively early stages of budgeting, so things like how much free cash flow and Based on our current balances, what kind of capital is available is also a question of the jurisdictional issue of where that cash sits, not only at 12:30, 125, but as it's earned over ' 26.

我們可以先償還循環貸款，如果將來有需要，我們可以再藉款。全部。所以這就是我們現在的情況，正如我所提到的，我們仍處於預算編制的相對早期階段，因此像有多少自由現金流以及基於我們目前的餘額，有多少可用資本等問題，也取決於這些現金的存放地點，不僅在 12:30、125，而且在 '26 賺取時也是如此。

Clearly there'll be an amount in the US, but there also are amounts in foreign jurisdictions and so we'll have to look about how much of that cash we can bring back home to the US because both Stock repurchases, debt and debt retirement, whether it is up follow another life (inaudible).

顯然，一部分資金會在美國，但也有一部分資金在海外，所以我們需要考慮能把多少現金帶回美國，因為股票回購、債務和債務償還，無論是否屬於其他情況，都會影響到我們的財務狀況。（聽不清楚）

I've got another email question.

我還有一封郵件要問。

Okay, so the second email question that came in, how to do, I think I can interpret this in terms of its quote it stated the marketing related disruption we mentioned in So, which I think is really what Johnny commented both in his prepared remarks but also in response to Gene's question. Is that likely disrupt the improvement year over year going into Q4 and 26.

好的，收到的第二個電子郵件問題是，如何……我想我可以根據郵件中的引述來理解這個問題，郵件中提到了我們在……中提到的與營銷相關的干擾，我認為這確實是約翰尼在他準備好的發言以及對吉恩問題的回答中所評論的內容。這是否有可能影響到第四季和第二十六季年增速？

If you mean the weight of the declining, it may very well impact Q4 somewhat. In other words, we've been seeing on a pretty much sequential basis, the rate of decline coming down, so it went from 9.4 to 9.2 from Q2 to Q3, break trend modestly in Q4.

如果你指的是下滑的幅度，那很可能會對第四季產生一定影響。換句話說，我們看到下降速度幾乎是按順序遞減的，從第二季到第三季從 9.4 降至 9.2，第四季略微打破了這一趨勢。

We'll have to see because I think, as Johnny mentioned, it's probably going to take up to A few months, which will take us into early 26, possibly through Q1 to get that normalized base back to around 55,000 net ads For port so you could see a little bit of friction in Q4 might carry haven't done to say enough budgeting and enough quaization of that to know what kind of fact there might be.

我們得看看情況，因為我認為，正如約翰尼提到的，這可能需要幾個月的時間，也就是到2026年初，甚至可能要到第一季才能使正常基數恢復到大約55,000個淨廣告。所以，你可能會在第四季看到一些摩擦，因為我們還沒有做足夠的預算和量化工作，所以不知道實際情況會如何。

But I think, yeah, you should expect the boys in Q4, possibly in Q1 as well. Paul will open up if there's any further live questions.

但我認為，是的，你應該期待他們在第四季度，甚至可能在第一季就能看到他們。如果還有其他現場提問，保羅會回答。

There were no further questions from the line, Scott. I will, hand it back to you for closing remarks.

史考特，電話那頭沒有其他問題了。我會把它交還給你，請你做總結發言。

Great, thank you. Appreciate everybody for joining us today for our Q3 call. We will be at a couple of conferences, I think more high yield market than the equity market between now and our next earnings call, so stay tuned for those activities, we will also We'll also be putting out a release probably in late January early February in terms of timing for the Q4 release, at which time we will give full year 2026 guidance at this point we would intend, as we've done in the past, to give a range of revenues adjusted Ibada and adjusted net earnings per share.

太好了，謝謝。感謝各位今天參加我們的第三季電話會議。從現在到下次財報電話會議期間，我們將參加幾個會議，我認為主要是高收益債券市場會議，而不是股票市場會議，所以請關注這些活動。我們也將在1月底或2月初發布一份關於第四季度財報發佈時間的公告，屆時我們將給出2026年全年業績指引。屆時，我們將像過去一樣，給出經調整後的Ibada收入和經調整後的每股淨收益範圍。

So obviously it'll be a call that'll look back to '25, report the quarter the full FY what we're seeing as we look forward to 2026, and that obviously if there's any question that you have between now and then feel free to reach out. And contact Laura or any one of us, and we can either arrange a call or if it's a fairly straightforward question answered by email.

所以很顯然，這次電話會議將回顧 2025 年，報告季度和整個財年的情況，並展望 2026 年。當然，如果您從現在到那時有任何問題，請隨時與我們聯繫。請聯絡勞拉或我們中的任何一位，我們可以安排通話，或者如果問題比較簡單，我們會透過電子郵件回答。

Thank you, and this does conclude today's conference. You met this time and have a wonderful day. Thank you for your participation.

謝謝大家，今天的會議到此結束。你們這次見面了，祝你們有美好的一天。感謝您的參與。