Cerence Inc (CRNC) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Cerence Quarter 3 2023 Earnings Call. (Operator Instructions) Please be advised that today's conference call is being recorded. I would now like to hand the conference over to your speaker today, Rich Yerganian, Senior Vice President of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Cerence 2023 年第三季度財報電話會議。 （操作員說明）請注意，今天的電話會議正在錄音。現在我想將會議交給今天的發言人，投資者關係高級副總裁 Rich Yerganian。請繼續。

Thank you, Brittany, and welcome to Cerence's Third Quarter Fiscal Year 2023 Conference Call. Before we begin, I would like to remind you that this call may involve certain forward-looking statements. Any statements that are not statements of historical fact, including statements related to our expectations, estimates, assumptions, goals, targets and plans, should be considered to be forward-looking statements. Cerence makes no representations to update those statements after today. These statements are subject to risks and uncertainties, which may cause actual results to differ materially from such statements as described in our SEC filings, including the Form 8-K with the press release proceeding today's call; our Form 10-Q filed on August 8, 2023; and our Form 10-K filed on November 29, 2022.

謝謝布列塔尼，歡迎參加 Cerence 2023 財年第三季度電話會議。在我們開始之前，我想提醒您，本次電話會議可能涉及某些前瞻性陳述。任何非歷史事實陳述的陳述，包括與我們的預期、估計、假設、目的、目標和計劃相關的陳述，均應被視為前瞻性陳述。塞倫斯今天之後沒有發表任何更新這些聲明的聲明。這些聲明存在風險和不確定性，可能導致實際結果與我們向 SEC 提交的文件（包括今天電話會議新聞稿中的 8-K 表）中描述的聲明存在重大差異；我們於 2023 年 8 月 8 日提交的 10-Q 表格；以及我們於 2022 年 11 月 29 日提交的 10-K 表格。

In addition, the company may refer to certain non-GAAP measures, key performance indicators and pro forma financial information during this call. Please refer to today's press release for further details of the definitions, limitations and uses of those measures and reconciliations of non-GAAP measures to the closest GAAP equivalent. The press release is available in the IR section of our website.

此外，公司可能會在本次電話會議中參考某些非公認會計準則衡量標準、關鍵績效指標和預估財務信息。請參閱今天的新聞稿，了解有關這些衡量標準的定義、限制和用途以及非公認會計準則衡量標準與最接近的公認會計準則同等衡量標準的調節的更多詳細信息。該新聞稿可在我們網站的投資者關係部分獲取。

Joining me on today's call are Stefan Ortmanns, CEO of Cerence; Tom Beaudoin, CFO of Cerence; and Iqbal Arshad, our Chief Technology Officer. As a reminder, the only authorized spokespeople for the company are Stefan, Tom and me.

參加今天電話會議的還有 Cerence 首席執行官 Stefan Ortmanns； Tom Beaudoin，Cerence 首席財務官；以及我們的首席技術官 Iqbal Arshad。提醒一下，公司唯一授權的發言人是 Stefan、Tom 和我。

Before handing the call over to Stefan, I would like to mention that we will be presenting at the Goldman Sachs Communacopia Tech Investor Conference in San Francisco on September 6th in the Raymond James Virtual Lean, Mean and Green Vehicle Investor Conference on September 18th.

在將電話轉交給Stefan 之前，我想提一下，我們將於9 月6 日在舊金山舉行的高盛Communacopia 科技投資者大會上進行演講，並於9 月18 日在雷蒙德·詹姆斯虛擬精益、平均和綠色汽車投資者大會上進行演講。

Now on to the call. Stefan?

現在開始通話。斯特凡？

Thank you, Rich. Welcome, everyone, and thank you for joining us to discuss our third quarter results. There were several important developments in the quarter I would like to highlight.

謝謝你，里奇。歡迎大家，感謝您加入我們討論我們的第三季度業績。我想強調本季度有幾項重要進展。

First, we delivered solid results with revenue of approximately $62 million, coming in at the high end of our guidance. In addition, our strong focus on operational excellence contributed to all profitability metrics performing better than expected, except for GAAP net income, which included a charge associated with our convertible debt financing.

首先，我們取得了穩健的業績，收入約為 6200 萬美元，處於我們指導的上限。此外，我們對卓越運營的高度重視使得所有盈利指標的表現都好於預期，但 GAAP 淨利潤除外，其中包括與我們的可轉換債務融資相關的費用。

Operationally, we delivered on everything we committed to investors on our last call. I'm extremely pleased with the progress the company has made in the last 12 months, creating an organizational structure committed to 3 key principles: first, continue to lead innovation in AI for the transportation space; second, delight our customers with on-time and quality products; third, win strategic accounts that support our long-term growth.

在運營方面，我們兌現了上次電話會議中向投資者做出的承諾。我對公司在過去 12 個月中取得的進展感到非常滿意，創建了一個致力於 3 個關鍵原則的組織結構：第一，繼續引領交通領域人工智能創新；第二，以準時、優質的產品取悅我們的客戶；第三，贏得支持我們長期增長的戰略客戶。

At the core of our commitment to innovation are the enhancements we are making to several Cerence products using large language models and generative AI. Iqbal will detail these important product updates in his remarks. At a high level, our deep expertise in AI for automotive and strong OEM relationships put us in a unique and favorable position to partner with our customers to deliver game-changing application of these technologies, bringing us 1 step closer to our future product vision, the immersive companion.

我們致力於創新的核心是我們使用大型語言模型和生成式人工智能對多種 Cerence 產品進行增強。伊克巴爾將在講話中詳細介紹這些重要的產品更新。在高水平上，我們在汽車人工智能領域的深厚專業知識和強大的OEM 關係使我們處於獨特且有利的地位，可以與客戶合作，提供這些技術的改變遊戲規則的應用，使我們離未來的產品願景又近了一步，身臨其境的伴侶。

As a result, Cerence remains well positioned to capitalize on the transformative trends within AI, incorporating new inputs into our versatile mobility AI platform as we continuously strive to enhance customer experience and expand product functionality.

因此，Cerence 仍然能夠充分利用人工智能領域的變革趨勢，將新的投入融入到我們的多功能移動人工智能平台中，同時我們不斷努力增強客戶體驗並擴展產品功能。

Our core auto business continues to perform well with our global auto penetration rising to 54%. That means that 54% of total new global light vehicle production include some level of technology from Cerence. This is the third consecutive quarter of increasing penetration. And this figure is now the highest we have seen in nearly 2 years. This elevated level of penetration continues to be a straightforward endorsement of Cerence superior technology. Tom will comment on the product mix associated with this market expansion in a few minutes.

我們的核心汽車業務繼續表現良好，全球汽車滲透率升至 54%。這意味著全球新輕型汽車總產量的 54% 都採用了 Cerence 的某種程度的技術。這是滲透率連續第三個季度增長。現在這個數字是我們近兩年來看到的最高值。這種更高的滲透水平仍然是對 Cerence 卓越技術的直接認可。湯姆將在幾分鐘內評論與此市場擴張相關的產品組合。

While there are some crosscurrents creating a level of uncertainty about the macroeconomic environment, we remain quite confident in our visibility and our ability to deliver a strong Q4 and full fiscal year. While semiconductor shortages for the auto industry are becoming less of an issue, the uncertain effect of rising interest rates and the slowing global economy remain a motor's concern on auto demand and production. We are monitoring this closely and have considered this for our Q4 and full year guidance.

雖然宏觀經濟環境存在一定程度的不確定性，但我們對我們的知名度以及實現第四季度和整個財年強勁表現的能力仍然充滿信心。雖然汽車行業的半導體短缺問題已不再是一個問題，但利率上升和全球經濟放緩的不確定影響仍然是汽車需求和生產的一個擔憂。我們正在密切關注這一情況，並在我們的第四季度和全年指導中考慮了這一點。

Also in the quarter, we successfully restructured our debt through the insurance of new convertible notes. We used the proceeds to pay off the term loan that was at a high variable interest rate and to buy back half of the existing notes at half the coupon rate. The net effect is cash interest savings of approximately $8 million a year, while moving a sizable portion of our debt from 2025 maturity to 2028, where we're pleased with the result of the transaction.

同樣在本季度，我們通過新可轉換票據的保險成功重組了我們的債務。我們用所得款項來償還高浮動利率的定期貸款，並以一半的票面利率回購一半的現有票據。淨效應是每年節省約 800 萬美元的現金利息，同時將我們很大一部分債務的到期日從 2025 年移至 2028 年，我們對交易結果感到滿意。

Overall, we continue to make solid progress across key areas, as we advance toward destination next, our vision for the future for all aspects of our business: product innovation, target markets and the financial model and performance. We believe in our ability to achieve our long-term objective of double-digit revenue growth with strong EBITDA margins.

總體而言，我們繼續在關鍵領域取得紮實進展，朝著下一個目標邁進，即我們對業務各個方面的未來願景：產品創新、目標市場以及財務模式和業績。我們相信我們有能力實現兩位數收入增長和強勁 EBITDA 利潤率的長期目標。

And of course, one of the keys to achieving our long-term objective is winning new business with customers. Securing new business and next-generation platform wins is key to our future success. As many of you know, once you sign in, you are the supplier of the technology for the program's life. This means a new contract can generate revenue for many years.

當然，實現我們長期目標的關鍵之一是贏得客戶的新業務。確保贏得新業務和下一代平台是我們未來成功的關鍵。正如你們許多人所知，一旦您登錄，您就是該程序生命週期的技術供應商。這意味著一份新合同可以產生多年的收入。

I'm happy to say that in Q3, we had several strategic wins, and I'm expecting additional ones in Q4. In our core auto business, we had 2 strategic wins. The first was for a major Japanese OEM, where we displaced a competitor to provide connected services. The second was for our Emergency Vehicle Detection technology for a major Korean car company.

我很高興地說，在第三季度，我們取得了幾項戰略勝利，我預計第四季度還會取得更多戰略勝利。在我們的核心汽車業務中，我們取得了兩項戰略勝利。第一個是針對一家大型日本 OEM，我們取代了競爭對手來提供互聯服務。第二個是我們為韓國一家大型汽車公司提供的緊急車輛檢測技術。

We also continued to make progress in the 2-wheeler and truck markets. We were excited when an iconic motorcycle brand chose our technology over several other competitors, including niche players and consumer tech. While revenue contribution from the 2-wheeler segment is expected to be small this year, 4, 2-wheeler solutions started production in Q3 and should support revenue growth in this segment in FY '24 and beyond.

我們還在兩輪車和卡車市場繼續取得進展。當一個標誌性摩托車品牌選擇我們的技術而不是其他幾個競爭對手（包括利基市場參與者和消費技術）時，我們感到很興奮。雖然今年 2 輪車細分市場的收入貢獻預計較小，但 4、2 輪車解決方案已於第三季度開始生產，應該會支持該細分市場 24 財年及以後的收入增長。

Our sales team is laser focused on finishing the fiscal year strong, and I'm confident we will win key strategic pipeline opportunities to drive our business forward. We continue to be extremely pleased with our continued success in building up on our strong core and capitalizing on adjacent market opportunities. On our Q4 earnings call, Tom will provide you with an update on bookings and their expected contribution to backlog and revenue growth.

我們的銷售團隊專注於強勁地完成本財年，我相信我們將贏得關鍵的戰略渠道機會，推動我們的業務向前發展。我們對在建立強大的核心和利用鄰近市場機會方面不斷取得的成功感到非常高興。在我們的第四季度財報電話會議上，湯姆將為您提供有關預訂的最新信息及其對積壓訂單和收入增長的預期貢獻。

While it may be repetitive for some of you, I want to again highlight our operational priorities as they are vitally important to our near- and long-term success. This means meeting or exceeding our customers' expectation for our technology, maintaining a strong competitive advantage, continuing to focus on operational excellence and locking down the new business opportunities in front of us, including several win-back opportunities. We believe very strongly in meeting our commitments to our customers, employees and you, our investors. We are on a strong track to deliver fiscal year results better than we anticipated at the beginning of the fiscal year.

雖然對某些人來說這可能是重複的，但我想再次強調我們的運營優先事項，因為它們對於我們的近期和長期成功至關重要。這意味著滿足或超越客戶對我們技術的期望，保持強大的競爭優勢，繼續專注於卓越運營並鎖定我們面前的新商機，包括一些贏回的機會。我們堅信能夠履行對客戶、員工和您（我們的投資者）的承諾。我們正在穩步交付比我們年初預期更好的財年業績。

With that, I'm excited to have Iqbal Arshad, our Chief Technology Officer, on the call with us today. Since joining the company 3-plus months ago, Iqbal has had an immediate impact, and we were excited about how he and Nils Schanz, our Chief Product Officer, are teaming up to execute the future vision and direction of our technology. Iqbal will brief you on how we are leveraging the latest in generative AI and large language models to enhance our product offerings. I'm looking forward to how these advancements can help us deliver a truly immersive companion experience to our customers. And I look forward to the role sales can play in continuing to unite a wide array of technology in the car while maintaining a uniquely branded experience for our customers and delighting our end users. Iqbal?

因此，我很高興今天有我們的首席技術官 Iqbal Arshad 與我們通話。自三個多月前加入公司以來，Iqbal 立即產生了影響，我們對他和我們的首席產品官 Nils Schanz 如何合作執行我們技術的未來願景和方向感到興奮。 Iqbal 將向您介紹我們如何利用最新的生成人工智能和大型語言模型來增強我們的產品組合。我期待著這些進步如何幫助我們為客戶提供真正身臨其境的伴侶體驗。我期待銷售能夠發揮作用，繼續整合汽車中的各種技術，同時為我們的客戶保持獨特的品牌體驗並取悅我們的最終用戶。伊克巴爾？

Thank you, Stefan. With decades of extensive vertical expertise in the automotive industry and a rich history of leading AI innovation, Cerence is uniquely positioned to bring the latest advances in AI into the car. We bring unmatched experience and knowledge to the application of generative AI and large language models in transportation as well as a strategic methodical focus on creating groundbreaking user experiences.

謝謝你，斯特凡。憑藉數十年在汽車行業豐富的垂直專業知識以及領先人工智能創新的豐富歷史，Cerence 具有獨特的優勢，可以將人工智能的最新進展帶入汽車。我們為生成式人工智能和大型語言模型在交通領域的應用帶來了無與倫比的經驗和知識，並以戰略性、系統性的方式專注於創造突破性的用戶體驗。

As we envision the future of in-car experiences, we are keenly focused on solving user problems by harnessing transformer-based foundational AI models. These models enable us to develop intuitive voice and multimodal user interfaces as well as generative AI applications that empower our customers to deliver high-value user experiences. These new capabilities seamlessly extend our existing AI-based product portfolio.

當我們展望車內體驗的未來時，我們熱衷於通過利用基於 Transformer 的基礎人工智能模型來解決用戶問題。這些模型使我們能夠開發直觀的語音和多模式用戶界面以及生成式人工智能應用程序，使我們的客戶能夠提供高價值的用戶體驗。這些新功能無縫擴展了我們現有的基於人工智能的產品組合。

At the core of this offering is a next-generation Cerence Assistant, powered by generative AI. Through the implementation of large language models in our architecture, we are taking significant strides towards realizing our vision of an immersive companion.

該產品的核心是由生成式 AI 提供支持的下一代 Cerence 助手。通過在我們的架構中實施大型語言模型，我們在實現沉浸式伴侶的願景方面取得了重大進展。

The next-generation Cerence Assistant is optimized to provide users with more natural, intuitive and accurate interactions. Cerence Assistant adeptly handles complex queries and multistep tasks within a single request. The Assistant's deep customizability caters to both our automaker customers and end users, effortlessly adapting to their preferences as it learns. Please allow me to show you some of Cerence Assistant's new generative AI-powered capabilities.

新一代Cerence Assistant經過優化，為用戶提供更自然、直觀、準確的交互。 Cerence Assistant 能夠熟練地處理單個請求中的複雜查詢和多步驟任務。助手的深度可定制性迎合了我們的汽車製造商客戶和最終用戶的需求，在學習過程中毫不費力地適應他們的偏好。請允許我向您展示 Cerence Assistant 的一些新的人工智能生成功能。

(presentation)

（推介會）

Designed to be friendly helpful and enjoyable the next-generation Cerence Assistant adds meaningful value to drivers, daily journeys. These capabilities will be available to our existing Cerence customers who will greatly benefit from these new generative AI-powered features.

下一代 Cerence 助手旨在為駕駛員提供友好、樂於助人且令人愉悅的體驗，為駕駛員和日常出行增添有意義的價值。這些功能將提供給我們現有的 Cerence 客戶，他們將從這些新的生成式 AI 驅動功能中受益匪淺。

In addition to Cerence Assistant, we continue to gain traction for our generative AI-powered Car Knowledge product discussed during our last quarter's earnings call. Cerence Car Knowledge offers users real-time contextual answers to all car-related queries. We are engaged with customers globally to adopt an expanded Car Knowledge product that leverages large language models and the specific data associated with the car supplied by the OEM.

除了 Cerence Assistant 之外，我們在上個季度的財報電話會議上討論的基於人工智能的生成式汽車知識產品也繼續受到關注。 Cerence Car Knowledge 為用戶提供所有與汽車相關的查詢的實時上下文答案。我們與全球客戶合作，採用擴展的汽車知識產品，該產品利用大型語言模型以及與 OEM 提供的汽車相關的特定數據。

This is just the beginning. We are expanding our architecture with fine-tuned LLMs based on our curated transportation data and leveraging our industry leading-edge technologies like audio AI, automatic speech recognition, neural text-to-speech, biometrics, emotional AI and in-car communications to create the future of automotive user experiences.

這僅僅是個開始。我們正在根據我們策劃的交通數據通過微調法學碩士來擴展我們的架構，並利用我們行業領先的技術（如音頻人工智能、自動語音識別、神經文本轉語音、生物識別、情感人工智能和車載通信）來創建汽車用戶體驗的未來。

I will now turn it over to Tom to review the Q3 results in more detail.

我現在將把它交給 Tom 來更詳細地審查第三季度的結果。

Thank you, Iqbal. I will review our guidance for Q4 and the full fiscal year in a moment. But first, I want to share more details on our Q3 results.

謝謝你，伊克巴爾。我稍後將回顧我們對第四季度和整個財年的指導。但首先，我想分享有關我們第三季度業績的更多細節。

Our Q3 results continues Stefan and my commitment to consistently deliver on our guidance. Q3 revenue came in just shy of $62 million, at $61.6 million, at the high end of our guidance. This is due to strength in our core business. As we guided on our last call, we closed a new fixed contract in Q4, originally planned for Q3. Consumption of fixed contracts was higher than expected. I will explain why in a few minutes.

我們第三季度的業績延續了 Stefan 和我對持續兌現我們的指導的承諾。第三季度收入略低於 6200 萬美元，為 6160 萬美元，處於我們指導的上限。這是由於我們核心業務的實力。正如我們上次電話會議的指導那樣，我們在第四季度完成了一份新的固定合同，原計劃在第三季度進行。固定合同消費高於預期。我將在幾分鐘內解釋原因。

As revenue came in at the high end of the range, combined with our focus on operational excellence, we exceeded most of the key profitability metrics we guided for the quarter. Non-GAAP gross margin was 66.5%, non-GAAP operating margin was a positive 0.5%, adjusted EBITDA was $2.8 million or 4.5% margin, and non-GAAP loss per share was $0.04. Except for GAAP net income, which was impacted by the refinancing of our convertible debt, most key financial metrics came in above the high end of our guidance.

由於收入處於該範圍的高端，加上我們對卓越運營的關注，我們超出了本季度指導的大多數關鍵盈利指標。非 GAAP 毛利率為 66.5%，非 GAAP 營業利潤率為正 0.5%，調整後 EBITDA 為 280 萬美元，即 4.5% 利潤率，非 GAAP 每股虧損為 0.04 美元。除了受到可轉換債務再融資影響的公認會計準則淨利潤外，大多數關鍵財務指標都高於我們指導的上限。

During the quarter, we had negative cash flow, as expected. Cash flow from operations was approximately negative $8.2 million. We expect positive cash flow in Q4 and for the full fiscal year. Our balance sheet remained strong with total cash and marketable securities of approximately $116 million.

正如預期的那樣，本季度我們的現金流為負。運營現金流約為負 820 萬美元。我們預計第四季度和整個財年將出現正現金流。我們的資產負債表依然強勁，現金和有價證券總額約為 1.16 億美元。

Here is our breakdown of revenue for the quarter. Variable license revenue was up 16% from the same quarter last year and down slightly quarter-over-quarter due to a higher-than-expected level of fixed contract consumption. As you will see in a few moments, our penetration of global auto production rose to 54% as we continue to maintain a strong position in the market. The higher level of penetration is partially due to single component solutions in emerging markets, which yield a lower revenue per car. We view this as a strategic market expansion opportunity and potential launching point for gaining further business and eventual higher PPUs with OEMs in emerging markets.

這是我們本季度的收入明​​細。可變許可收入較去年同季度增長 16%，但由於固定合同消費水平高於預期，環比略有下降。正如您稍後將看到的，隨著我們繼續保持在市場上的強勢地位，我們在全球汽車生產中的滲透率上升至 54%。滲透率較高的部分原因是新興市場的單一組件解決方案，導致每輛車的收入較低。我們認為這是一個戰略市場擴張機會和潛在的啟動點，可以在新興市場與原始設備製造商獲得更多業務並最終獲得更高的 PPU。

New connected services revenue was up 3% from the same quarter last year, while down 3% from the last quarter. You may recall last quarter, we had a true-up of approximately $700,000 from a customer. Adjusting for the onetime true-up, new connected revenue was up quarter-over-quarter. We expect our new connected services to continue to ramp up in FY '24, as several key programs that have been delayed by customers go into production.

新互聯服務收入較去年同季度增長 3%，環比下降 3%。您可能還記得上個季度，我們從一位客戶那裡得到了大約 700,000 美元的調整。調整一次性調整後，新的互聯收入環比增長。我們預計，隨著被客戶推遲的幾個關鍵項目投入生產，我們的新互聯服務將在 24 財年繼續增加。

Finally, and as expected, our professional services revenue was down 24% year-over-year and down 8% quarter-over-quarter. As we have stated previously, professional services will vary based on the progress or completion of customer projects. We do not project professional services as a revenue growth driver for the company, but instead as an enabler for future license and connected revenue. Additionally, our newer products and solutions include improved implementation and integration features, which lowers the requirement for professional services.

最後，正如預期的那樣，我們的專業服務收入同比下降 24%，環比下降 8%。正如我們之前所說，專業服務將根據客戶項目的進度或完成情況而有所不同。我們並不將專業服務視為公司收入增長的驅動力，而是將其視為未來許可和關聯收入的推動者。此外，我們的新產品和解決方案包括改進的實施和集成功能，這降低了對專業服務的要求。

Moving on to the details in our license business. Overall, the license business remained strong and is indicating improvement from the issues that have plagued auto production over the last few years. While the semiconductor shortage seems to be receding, the macro economy and especially higher interest rates have the potential to slow demand and production growth. This and other factors have led IHS to reduce their calendar year production growth to 1%.

繼續討論我們的許可業務的細節。總體而言，牌照業務依然強勁，表明過去幾年困擾汽車生產的問題有所改善。雖然半導體短缺似乎正在消退，但宏觀經濟，尤其是利率上升，有可能減緩需求和生產增長。這一因素和其他因素導致 IHS 將日曆年產量增長率降低至 1%。

Pro forma royalties were up 7% year-over-year and 6% quarter-over-quarter due to increased auto production and penetration of our technology. Part of the growth in pro forma royalties in the quarter was due to a onetime true-up with a customer that had underreported royalties of approximately $1 million. Most of this upside revenue was reported in consumption as this customer was operating under a minimum commitment deal. As a result, you can see higher-than-expected consumption in the quarter.

由於汽車產量的增加和我們技術的滲透，預計特許權使用費同比增長 7%，環比增長 6%。本季度預計特許權使用費增長的部分原因是與一位少報約 100 萬美元特許權使用費的客戶進行了一次校準。大部分上漲收入都體現在消費中，因為該客戶是在最低承諾協議下運營的。因此，您可以看到本季度的消費高於預期。

Our Q3 pro forma royalties represented the highest amount in over 2 years even when adjusting for the true-up. As we discussed in the call last quarter, we pushed out an expected fixed contract from Q3 to Q4. As a result, we did no fixed contracts in Q3. Since the quarter closed, we have signed the expected fixed contract, and we'll be staying within our commitment of $40 million for the full year.

即使根據實際情況進行調整，我們第三季度的預計特許權使用費也達到了兩年多來的最高金額。正如我們在上個季度的電話會議中討論的那樣，我們將預期的固定合同從第三季度推遲到了第四季度。因此，我們在第三季度沒有簽訂固定合同。自本季度結束以來，我們已經簽署了預期的固定合同，並且我們將遵守全年 4000 萬美元的承諾。

As you may recall, we have previously stated, we modeled prepay fixed contracts based on an assumed 6 quarter consumption period. We have also noted the Q1 fixed contracts we signed had an expected consumption over 8 quarters, leading to lower consumption in FY '23 versus our model and extending consumption through FY '24. The fixed contract we signed in Q4 has an expected consumption period of 4 quarters, shorter than our model.

您可能還記得，我們之前說過，我們根據假設的 6 個季度的消費期對預付款固定合同進行建模。我們還注意到，我們簽署的第一季度固定合同的預期消耗量超過 8 個季度，導致 23 財年的消耗量低於我們的模型，並將消耗量延長到 24 財年。我們在第四季度簽訂的固定合同的預期消費期為 4 個季度，比我們的模型要短。

The net effect of the prepaid contracts we signed in FY '23 will yield lower FY '23 consumption versus our model and estimated higher consumption of approximately $10 million in FY '24. We are providing you with an additional data point this quarter regarding fixed contracts. We expect the inventory balance of fixed contracts at the end of fiscal 2023 to be approximately $98 million, down from approximately $125 million at the end of fiscal 2022. We currently estimate the balance of fixed contracts to be approximately $70 million at the end of FY '24 and approximately $57 million in FY '25. The balance at the end of each year assumes the addition of $40 million of new fixed contracts, less expected fixed quarter consumption.

與我們的模型相比，我們在 23 財年簽署的預付合同的淨效應將導致 23 財年的消耗量降低，並且預計 24 財年的消耗量將增加約 1000 萬美元。本季度我們將向您提供有關固定合同的額外數據點。我們預計 2023 財年末固定合同的庫存餘額約為 9800 萬美元，低於 2022 財年末的約 1.25 億美元。我們目前估計 2023 財年末固定合同的庫存餘額約為 7000 萬美元'24 財年約為5700萬美元，'25 財年約為5700 萬美元。每年年底的餘額假設增加 4000 萬美元的新固定合同，減去預期的固定季度消耗。

The majority of our KPIs continue to indicate strength in the business. Our penetration of global auto production for the trailing 12 months increased to 54% from 53% last quarter. This means over half of global auto production includes some level of Cerence technology. 12.2 million cars with Cerence technology were shipped in the quarter. This is up 25% year-over-year and reflects the improving production environment and our continuing strong competitive position. Cars produced that use our connected services increased 50% year-over-year and reflects the trend of more and more cars being connected and the growth and our ability to successfully provide our customers with innovative cloud-based solutions.

我們的大多數 KPI 繼續表明業務實力。過去 12 個月，我們在全球汽車生產中的滲透率從上季度的 53% 增至 54%。這意味著全球一半以上的汽車生產都採用了一定程度的 Cerence 技術。本季度搭載 Cerence 技術的汽車出貨量為 1,220 萬輛。這一數字同比增長 25%，反映了生產環境的改善和我們持續強大的競爭地位。使用我們的互聯服務生產的汽車同比增長 50%，反映了越來越多的汽車互聯的趨勢，以及我們成功為客戶提供基於雲的創新解決方案的增長和能力。

We also saw a large increase in monthly active users, 29% year-over-year, indicating increased popularity among consumers of our technology. Billings per car KPI declined 6%, including a negative FX impact of 200 basis points. The decline is primarily due to product mix. Some of the new business contributing to growing license and increased penetration is coming from emerging markets where OEMs initially are adopting components of our full software stack. These are important wins that are driving penetration and the opportunity for these customers to drive higher revenue per car over time as they adopt additional components of our technology.

我們還看到每月活躍用戶大幅增長，同比增長 29%，這表明我們的技術在消費者中越來越受歡迎。每輛車的比林斯 KPI 下降了 6%，其中包括 200 個基點的外匯負面影響。下降的主要原因是產品組合。有助於增加許可證和提高滲透率的一些新業務來自新興市場，在這些市場，原始設備製造商最初採用了我們完整軟件堆棧的組件。這些都是重要的勝利，可以推動滲透率，並且隨著時間的推移，隨著這些客戶採用我們技術的其他組件，他們有機會提高每輛車的收入。

The other factor, which we mentioned on our last conference call, are macroeconomic and OEM-driven delays in the start of production, a higher price per car next-generation platforms. We see a positive trend in this KPI and expect it to trend higher over the next few quarters.

我們在上次電話會議上提到的另一個因素是宏觀經濟和 OEM 驅動的生產開始延遲，以及下一代平台每輛車的更高價格。我們看到該 KPI 呈積極趨勢，並預計其在未來幾個季度將呈上升趨勢。

Now turning to revenue guidance for Q4 and fiscal year. As I mentioned earlier, as expected, we closed the Q4 fixed contract of approximately $13 million. For Q4, we are guiding revenue from $72 million to $76 million for Q4. The tight range is due to knowledge of the fixed contract already closed and strong visibility to our other revenue sources.

現在轉向第四季度和財年的收入指引。正如我之前提到的，正如預期的那樣，我們完成了約 1300 萬美元的第四季度固定合同。對於第四季度，我們將第四季度的收入指導從 7200 萬美元增至 7600 萬美元。範圍狹窄是由於了解已經關閉的固定合同以及對我們其他收入來源的強烈可見性。

With our strong first 3 quarter results and strong visibility to Q4, we are providing a narrow range for our full fiscal year guidance of $286 million to $290 million, raising the midpoint of our full year guidance to $288 million. You can see on this slide the revenue guidance and the effect of the associated financial metrics. Overall, the business continues to perform. As we outlined at the beginning of the fiscal year, we remain focused on innovation, operational excellence and strong bookings in the second half to achieve our long-term goals.

憑藉我們強勁的前 3 季度業績和對第四季度的強勁可見性，我們將整個財年指導的範圍縮小為 2.86 億美元至 2.90 億美元，將全年指導的中點提高至 2.88 億美元。您可以在此幻燈片上看到收入指導和相關財務指標的影響。總體而言，業務繼續表現。正如我們在本財年年初所概述的那樣，我們在下半年仍然專注於創新、卓越運營和強勁的預訂，以實現我們的長期目標。

This concludes our prepared remarks, and now we will open the call for questions.

我們準備好的發言到此結束，現在我們將開始提問。

(Operator Instructions) Our first question comes from the line of Colin Langan with Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的 Colin Langan。

Do you want to follow up on the -- I think you made some comments on billings. They were down again year-over-year. I think at your Investor Day, you talked about kind of going from $380 million to $480 million in '23 to '24. How are you tracking now? I mean is the '23 actually lower because the billings are coming in lower? And is there a risk to 2024 sales targets if some of these launches get pushed out too much?

你想跟進嗎——我想你對比林斯做了一些評論。他們再次同比下降。我想在您的投資者日上，您談到了 23 年至 24 年期間從 3.8 億美元增至 4.8 億美元。現在追踪得怎麼樣了？我的意思是 23 年實際上較低是因為賬單較低嗎？如果其中一些產品的推出時間被推遲太多，2024 年的銷售目標是否會面臨風險？

Yes. So first of all, the metrics are related but different. So the numbers that you talked about, where the embedded PP is. And as we've talked about, we have seen some production delays across OEMs, and we'll provide updated -- we'll provide our guidance for '24 in November.

是的。首先，這些指標是相關但又不同的。所以你談到的數字，即嵌入式 PP 的位置。正如我們所討論的，我們發現 OEM 廠商出現了一些生產延遲，我們將提供更新的信息——我們將在 11 月提供 24 日的指導。

With respect to billings per car, which includes both embedded and connected, it's a factor of that, which some of those higher PPUs get delayed. It's also a factor of, I think, this is a trailing 12-month metric. I think during some of the supply chain shortages, some of the OEMs were leveraging to the higher cars, which have more of our technology. And then as we just pointed out, some of our higher penetration is driven by winning new opportunities in emerging markets where they start out with 1 or 2 of our components, and therefore, it has a relatively lower billings per car, but does provide an opportunity for accelerated penetration for winning additional business with those OEMs in those markets and then adding additional components and features over time in association with those OEMs.

就每輛車的賬單而言，包括嵌入式和聯網，這是其中一些較高 PPU 延遲的一個因素。我認為，這也是影響過去 12 個月指標的一個因素。我認為在供應鏈短缺期間，一些原始設備製造商正在利用更高的汽車，這些汽車擁有更多我們的技術。然後，正如我們剛才指出的，我們的一些更高的滲透率是通過在新興市場贏得新機會來推動的，在這些市場中，他們從我們的1 或2 個組件開始，因此，每輛車的賬單相對較低，但確實提供了加速滲透的機會，以便在這些市場中贏得這些原始設備製造商的額外業務，然後隨著時間的推移與這些原始設備製造商合作添加額外的組件和功能。

Got it. All right. Just a second question. The other KPI that sort of stood out is the contract duration was 6.4 years. I think it was -- I think Q4, it was over 7 years. What is causing the average contract to shrink? What is driving that?

知道了。好的。只是第二個問題。另一個突出的 KPI 是合同期限為 6.4 年。我想是——我想是第四季度，已經過去了 7 年多了。是什麼導致平均合約萎縮？是什麼推動了這一點？

It's just a mix issue of deals and how those deals play out. I mean it's still -- it depends on how OEMs sign up for production schedules. It's still quite a long commitment level for OEMs.

這只是交易以及這些交易如何進行的混合問題。我的意思是，這仍然取決於原始設備製造商如何簽署生產計劃。對於原始設備製造商來說，這仍然是一個相當長的承諾水平。

Our next question comes from the line of Luke Junk with Baird.

我們的下一個問題來自盧克·垃圾與貝爾德的對話。

I wanted to start with a follow-up question on the billings per car metric. Again, really through the lens of what you're expecting from a content per vehicle standpoint in fiscal 2024. And specifically, I'm just wondering to what extent the single component solutions that you've spoken to today were already contemplating your outlook. Or just how they impact the outlook for fiscal '24 in general for starters?

我想從每輛車計費指標的後續問題開始。再次，真正從您對 2024 財年每輛車內容的期望的角度來看。具體來說，我只是想知道您今天談到的單一組件解決方案已經在多大程度上考慮了您的前景。或者首先它們如何影響 24 財年的總體前景？

Thanks, Luke. I really can't comment much on FY '24. We'll provide our '24 guidance and we'll take a look at the longer-range plans when we do the Q4 guidance in November. But I think if you look across almost all the KPIs, it does show that we're continuing to win new business. We're continuing to get more active users. The connected and embedded are continuing to grow. And the billings per car, I think, is just a factor of all the things that I mentioned, and it does provide some growth opportunities for us with some of these newer OEMs and some of these emerging countries. And so I don't think it's a bad thing.

謝謝，盧克。我真的無法對 24 財年發表太多評論。我們將提供 24 年的指導，並在 11 月份發布第四季度指導時考慮長期計劃。但我認為，如果你縱觀幾乎所有的關鍵績效指標，它確實表明我們正在繼續贏得新業務。我們正在繼續吸引更多活躍用戶。連接和嵌入式正在持續增長。我認為，每輛車的賬單只是我提到的所有因素的一個因素，它確實為我們與一些較新的原始設備製造商和一些新興國家的合作提供了一些增長機會。所以我不認為這是一件壞事。

Got it. And then for my follow-up, maybe just a bigger-picture question, a question of revenue models going forward. So the press release discussed the idea of positioning Cerence as an enabler for large language models and consumer attack in the car, sitting on top of the white label proposition that we all know. Just wondering to what extent you think you can get paid for that incrementally? And just any thoughts you can share on what that revenue model might look like? Are you conceiving it is something that's more license-like that would be onetime? Or could we see more connected like sort of subscription models come out of this?

知道了。然後對於我的後續行動，也許只是一個更大的問題，一個未來收入模式的問題。因此，新聞稿討論了將 Cerence 定位為大型語言模型和汽車消費者攻擊的推動者的想法，它位於我們都知道的白標主張之上。只是想知道您認為您可以在多大程度上逐步獲得報酬？對於這種收入模式，您有什麼想法可以分享嗎？您是否認為它更像是一次性的許可？或者我們可以看到更多的聯繫，比如訂閱模式由此產生？

Maybe let me take this question. And I think what we just said and what Tom mentioned, right? So overall, we have a very high penetration rate. That's our foundation. We have a strong IP from conversational AI and the rock solid business model and also a good relationship with OEMs. And now how we can further improve the quality of our products, right? And what we have seen also in the video. I think that's based on the integration of large language models and generative AI.

也許讓我回答這個問題。我想我們剛才所說的和湯姆提到的，對吧？所以總的來說，我們的滲透率非常高。這是我們的基礎。我們擁有來自對話式人工智能的強大知識產權和堅如磐石的商業模式，並且與原始設備製造商也有著良好的關係。現在我們如何進一步提高我們產品的質量，對嗎？我們也在視頻中看到了這一點。我認為這是基於大型語言模型和生成式人工智能的集成。

We are working across the globe with all big OEMs on our new applications, for example, Car Knowledge, right? We are prototyping with them. And we're also in discussion on the business model, right? I cannot go into the details here, but we have huge opportunities. And you know also that ChatGPT is quite expensive. And Iqbal and team are working on a very efficient -- cost-efficient solution, also covering privacy topics. Maybe Iqbal, do you want to add a bit from your side on the technology here?

我們正在全球範圍內與所有大型原始設備製造商合作開發我們的新應用程序，例如汽車知識，對嗎？我們正在與他們一起製作原型。我們也在討論商業模式，對吧？我無法在這裡詳細介紹，但我們有巨大的機會。而且您也知道 ChatGPT 非常昂貴。伊克巴爾和團隊正在研究一種非常高效、經濟高效的解決方案，也涵蓋隱私主題。也許伊克巴爾，你想在技術方面添加一些你的觀點嗎？

No, I think you covered for the most part. Unless there is any other specific questions, I'll be more than happy to answer that.

不，我想你已經涵蓋了大部分內容。除非還有其他具體問題，否則我很樂意回答。

I'll go ahead and leave it there for now.

我先把它留在那裡。

(Operator Instructions) Our next question comes from the line of Nicholas Doyle with Needham.

（操作員說明）我們的下一個問題來自尼古拉斯·道爾（Nicholas Doyle）和李約瑟（Needham）的對話。

I wanted to ask how you're thinking about the 2-wheeler contributions next year. You had talked about production -- total production around 50 million or 60 million units and kind of making up the difference in your longer-term assumptions. That difference is coming from these transportation adjacencies. So just wondering how big are these 3 models? Do they make up a decent portion of those units? And then also, you talked about 7 design wins, I think, in the first quarter this year. Are these 3 wins coming out of that pipeline?

我想問您如何看待明年的兩輪車捐款。您談到了生產——總產量約為 5000 萬或 6000 萬台，並在一定程度上彌補了您的長期假設中的差異。這種差異來自於這些交通鄰近地區。那麼只是想知道這 3 個模型有多大？它們在這些單位中佔相當大的比例嗎？然後，您還談到了今年第一季度的 7 項設計勝利。這 3 場胜利是從這個渠道中產生的嗎？

Yes. So Stefan, let me -- I'll hand it over to you. Yes, we've had a number of design wins. I think it's a -- we had some go in production in Q3, and we have some more going in -- in Q4. The 2-wheeler market is about half the size of the auto. And this is a new market for us. So we'll have to see how these ramp. As we've said in some of the comments here, it's not going to be a big contributor to FY '23. But as these go into production and they start ramping and we get royalty reports, and these are kind of hybrid solutions, so some of it will get -- some of it, the connected side of it will have to get amortized over the service life of the agreement. Then again, we'll provide some updates on this particular transportation adjacency market in November.

是的。所以斯特凡，讓我——我把它交給你。是的，我們已經獲得了許多設計勝利。我認為，我們在第三季度進行了一些生產，並且在第四季度進行了更多生產。兩輪車市場規模約為汽車市場規模的一半。這對我們來說是一個新市場。所以我們必須看看這些是如何增長的。正如我們在這裡的一些評論中所說，它不會對 23 財年做出重大貢獻。但隨著這些投入生產並開始增加，我們會收到特許權使用費報告，這些是混合解決方案，所以其中一些將得到——其中一些，它的連接部分將必須在使用壽命內攤銷協議的內容。不過，我們將在 11 月份提供有關這一特定交通鄰近市場的一些最新信息。

And maybe let me also just add here that we have in total 8 design wins, 4 went live into production in last quarter. I think it's also distributed across the globe, in China, in India. There's mass volume in Japan, North America and also Europe. And I expect that we will see also revenue growth in FY '24, as Tom mentioned.

也許我還要在這裡補充一下，我們總共贏得了 8 項設計，其中 4 項於上季度投入生產。我認為它也分佈在全球各地，在中國、在印度。日本、北美和歐洲的銷量很大。正如 Tom 提到的，我預計 24 財年我們也會看到收入增長。

Okay. And then for the emerging market wins, they're adopting 1 or 2 components. Is that related to the 2-wheelers, like side question? And can you just tell us more maybe what the 1 or 2 components are? What customers really are liking, taking to? And then how they're working with the software component? And how much of that is related to the immersive containment?

好的。然後，為了贏得新興市場的勝利，他們會採用 1 或 2 個組件。這與兩輪車有關嗎，就像附帶問題一樣？您能否告訴我們更多信息，也許這 1 個或 2 個組件是什麼？客戶真正喜歡什麼、喜歡什麼？那麼他們如何使用軟件組件呢？其中有多少與沈浸式收容有關？

So overall, I think that was actually a contribution to this high penetration in the emerging markets here. That's cars in the mid- to low range -- cost range. They're starting with typical audio AI, let's say, for speech signal enhancement for enabling third-party opportunities like CarPlay, but this gives us also the huge opportunity for bringing in our future solution for creating with those new OEMs, also OEM-branded compensation AI solutions.

總的來說，我認為這實際上是對新興市場高滲透率的貢獻。那是中低檔的汽車——成本範圍。他們從典型的音頻人工智能開始，比如說，用於語音信號增強，以實現CarPlay 等第三方機會，但這也給我們帶來了巨大的機會，可以引入我們未來的解決方案，與這些新的OEM（也是OEM 品牌）一起創造補償人工智能解決方案。

(Operator Instructions) Our next question comes from the line of Daniel -- I'm sorry, I can't pronounce your last name, (inaudible).

（操作員說明）我們的下一個問題來自丹尼爾——抱歉，我無法念出您的姓氏（聽不清）。

No. This is Daniel on for Jeff of Craig Hallum. Just on the connected units, really strong performance. I see it up 50% year-over-year, the number of units. Just wondering, would you view that sort of as lumpy numbers? Or indicative really of a long intra trend there in terms of the strength of connected? And in terms of if that is more of a larger trend, more successful than we've been seeing in a while. Would you view that as a change in buyer behavior? Is that the product sort of reaching a critical mass on the capabilities? Just how would you see that momentum?

不，我是克雷格·哈勒姆 (Craig Hallum) 的傑夫 (Jeff) 的丹尼爾 (Daniel)。僅在連接的單元上，性能就非常強大。我預計單位數量同比增長 50%。只是想知道，您會認為這種數字是不穩定的嗎？或者確實表明在連接強度方面存在長期內部趨勢？就這是否是一個更大的趨勢而言，比我們一段時間以來所看到的更成功。您是否認為這是買家行為的改變？該產品的功能是否已達到臨界質量？您如何看待這種勢頭？

So let me start first, and then I will hand it over to Tom. So overall, we reported over the last 3, 4 quarters a couple of design wins and went back also on connected services. And again, this is our foundation and also across the globe. I think we have clearly improved the quality for connected services. And also, we are in discussion for more because we have -- as I said also in the last call, this auto opportunities, and we're driving quite a lot of new innovation, especially on the connected side. And clearly, this is our advantage also in various benchmarks with OEMs across the globe. Tom?

所以讓我先開始，然後我會把它交給湯姆。總的來說，我們在過去的 3、4 個季度報告了一些設計勝利，並且還回顧了互聯服務。再說一次，這是我們的基礎，也是全球的基礎。我認為我們已經明顯提高了互聯服務的質量。而且，我們正在討論更多內容，因為正如我在上次電話會議中所說的那樣，我們擁有這種汽車機會，而且我們正在推動大量新的創新，特別是在互聯方面。顯然，這也是我們在全球 OEM 的各種基準測試中的優勢。湯姆？

Yes. I mean, as we have said, I mean, connected is a great opportunity for us because it sits on top of our embedded, and it provides some of the key elements of our destination next and immersive cabin. You do have to adjust a little bit the previous quarter where we had a $700,000 true-up from a customer that under reported. But even when you adjust to that, you're right, we're starting to see growth there. And that's the stuff on to that some of these programs going live.

是的。我的意思是，正如我們所說，互聯對我們來說是一個很好的機會，因為它位於我們的嵌入式之上，並且它提供了我們下一個目的地和沈浸式客艙的一些關鍵元素。你確實需要在上一季度進行一些調整，我們從一位客戶那裡得到了 700,000 美元的真實報告，但報告不足。但即使你適應了這一點，你也是對的，我們開始看到那裡的增長。這就是其中一些節目上線的內容。

We've also talked about over the last few quarters that there were some older contracts that were coming to the end of their amortization schedule, and they weren't up for renewals. They're just older programs. They're separate from the legacy one that we split out separate. And for the most part, we probably replaced newer technologies on newer platforms going forward. So as those continue to wind down, that kind of tailwind gets minimized in the effect of the newer platforms start to take effect. So we're pretty excited about the connected opportunities, and a lot of it plays to what Iqbal was talking about around the enhancements that are being made to the products.

在過去的幾個季度中，我們還談到了一些舊合同的攤銷計劃即將結束，並且無法續約。它們只是較舊的程序。它們與我們分開的遺留系統是分開的。在大多數情況下，我們可能會在未來更新的平台上更換更新的技術。因此，隨著這些繼續減少，隨著新平台開始生效，這種順風的影響就會最小化。因此，我們對互聯機會感到非常興奮，其中很多都與伊克巴爾所談論的有關產品增強的內容有關。

And then just one follow-up for me. On the -- actually jumping back to the press release that you got cut out in July, talking about working with a partner on IoT use cases. Can you just refresh us, reiterate what the nature of the agreement with Nuance is? What the freedom is to enter adjacencies? And is this just sort of tech development? Or is there an ability to really go in actually to customers? Or where we're at in that kind of timetable?

然後是我的一個後續行動。實際上，回到您在 7 月份刪除的新聞稿，談論與合作夥伴在物聯網用例方面的合作。您能否讓我們重提一下，重申一下與 Nuance 達成的協議的性質是什麼？進入鄰接關係的自由是什麼？這只是一種技術發展嗎？或者是否有能力真正深入到客戶身邊？或者我們在這樣的時間表中處於什麼位置？

So also here, I think you now, we have a restriction here, the field of use restriction with (inaudible) with Nuance on our Microsoft. And this view expires in a year from now, October '24. And as you can imagine, we're already planning here the areas where we can go in. There was also recently a press release from us that we have also optimized the embedded AI stack for new devices. And we see huge potential for us also in the future beyond '24.

因此，我想您現在也在這裡，我們在這裡有一個限制，即我們 Microsoft 上的 Nuance 的使用領域限制（聽不清）。這個觀點將在一年後即 24 年 10 月到期。正如你可以想像的那樣，我們已經在規劃我們可以涉足的領域。最近我們還發布了一份新聞稿，稱我們還針對新設備優化了嵌入式人工智能堆棧。我們也看到了 24 世紀之後的未來的巨大潛力。

But in the short term, these 2 or 3 technologies that were developed and owned by Cerence that we can play, some of it's in our audio stack, some of it's in our text-to-speech. We also have developed our own voice biometrics technology, separate from what came over at the time of the spin. So there are opportunities that we're pursuing in those particular areas that are exempt from the FOU for the next year. And then as Stefan said, pretty much a year from now, there are no restrictions.

但在短期內，我們可以使用 Cerence 開發和擁有的這 2 或 3 種技術，其中一些在我們的音頻堆棧中，一些在我們的文本轉語音中。我們還開發了自己的語音生物識別技術，與旋轉時的技術分開。因此，我們正在那些明年不受 FOU 約束的特定領域尋求機會。然後，正如斯特凡所說，差不多一年後，就不再有任何限制了。

Yes. And we have also established a team fully dedicated on non-transportation opportunities for us, business development and R&D people.

是的。我們還建立了一個團隊，專門為我們、業務開發和研發人員提供非交通機會。

I am showing no further questions at this time. I would now like to turn the conference back to Rich for closing remarks.

我目前沒有提出任何進一步的問題。現在我想請 Rich 發表閉幕詞。

Thank you, Brittany, and thank you for everyone joining us on the call this morning. We look forward to having further discussions. Enjoy the rest of the summer. Thank you.

謝謝布列塔尼，也感謝今天早上加入我們電話會議的所有人。我們期待進行進一步的討論。享受夏天剩下的時光。謝謝。

All right. Thank you so much. This concludes today's conference call. Thank you for participating. You may now disconnect.

好的。太感謝了。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。