Cerence Inc (CRNC) 2024 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Cerence’s third quarter 2024 earnings call. At this time all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today’s conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Cerence 的 2024 年第三季財報電話會議。此時所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。（操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today Richard Yerganian, Senior Vice President, Investor Relations. Richard, please go ahead.

現在我想將會議交給今天的第一位發言人理查德·耶加尼安（Richard Yerganian），他是投資者關係高級副總裁。理查德，請繼續。

Thank you, Felicia. Welcome to Cerence’s third quarter of fiscal year 2024 conference call. Before we begin, I would like to remind you that this call may involve certain forward-looking statements.

謝謝你，費莉西亞。歡迎參加 Cerence 2024 財年第三季電話會議。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。

Any statements that are not statements of historical fact, including statements related to our expectations, estimates, assumptions, beliefs, outlook, strategy, goals, objectives, targets, and plans, should be considered to be forward-looking statements. Cerence makes no representations to update those statements after today.

任何非歷史事實陳述的陳述，包括與我們的預期、估計、假設、信念、前景、策略、目的、目的、指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。

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 preceding today’s call, our Form 10-K filed on November 29, 2023 and our most recent Form 10-Q.

這些聲明存在風險和不確定性，可能導致實際結果與此類聲明有重大差異，如我們向SEC 提交的文件中所述，包括今天電話會議之前新聞稿中的8-K 表、我們提交的10 -K 表2023 年 11 月 29 日以及我們最新的 10-Q 表格。

In addition, the company may refer to certain non-GAAP measures, key performance indicators, and pro forma financial information during this call.

此外，本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、關鍵績效指標和預期財務資訊。

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. Joining me on today’s call are Stefan Ortmanns, CEO of Cerence, and Tony Rodriquez, Interim CFO of Cerence. As a reminder, the only authorized spokespeople for the company are Stefan, Tony, and me.

請參閱今天的新聞稿，以了解有關這些衡量標準的定義、限制和用途的更多詳細信息，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表。新聞稿可在我們網站的投資者關係部分取得。參加今天電話會議的還有 Cerence 執行長 Stefan Ortmanns 和 Cerence 臨時財務長 Tony Rodriquez。提醒一下，公司唯一授權的發言人是 Stefan、Tony 和我。

Now onto the call. Stefan?

現在開始通話。斯特凡？

Thank you, Rich, and good morning everyone. To begin, I would like to briefly comment on our third quarter results. Our financial performance was as expected with revenue in the middle of our guidance.

謝謝你，里奇，大家早安。首先，我想簡單評論一下我們第三季的業績。我們的財務表現符合預期，收入在我們指導的中間。

Due to the decline in our stock price, we performed a goodwill assessment following completion of the quarter that resulted in a goodwill impairment charge of approximately $357 million, negatively impacting our GAAP profitability. With the exception of gross margin, which was within the range, all other non-GAAP profitability metrics were above the guidance we provided on our last call.

由於股價下跌，我們在本季結束後進行了商譽評估，導致商譽減損費用約為 3.57 億美元，對我們的 GAAP 獲利能力產生了負面影響。除了毛利率在該範圍內之外，所有其他非公認會計準則獲利指標均高於我們在上次電話會議中提供的指引。

Additionally, we had a strong quarter for cash flow from operations, which came in at $12.9 million. We remain substantially on track to achieve the full year guidance we provided our last conference call and Tony will provide the details later in the call.

此外，我們季度營運現金流強勁，達到 1,290 萬美元。我們基本上仍然有望實現上次電話會議提供的全年指導，托尼將在稍後的電話會議中提供詳細資訊。

We recognized that some of you may be listening to our call for the first time and thought it would be helpful to provide a high-level overview of Cerence and our business. Cerence creates AI and voice powered user experiences across the transportation industry, primarily for automobiles.

我們認識到，你們中的一些人可能是第一次收聽我們的電話會議，並認為提供有關 Cerence 和我們業務的高級概述會有所幫助。Cerence 在整個運輸產業（主要是汽車）創造人工智慧和語音驅動的使用者體驗。

We were among the first to bring voice interaction to cars and today we count nearly all the world’s leading OEMs and tier 1 suppliers as our customers and partners. More than half of cars that roll off the production line globally includes Cerence solutions.

我們是最早將語音互動引入汽車的公司之一，如今幾乎所有全球領先的 OEM 廠商和一級供應商都是我們的客戶和合作夥伴。全球超過一半下線的汽車都採用了 Cerence 解決方案。

So as many of you have interfaced with Cerence as the company behind the audio and voice technology in your cars, whether it be Mercedes-Benz, Volkswagen, Stellantis, Toyota, or many others.

因此，無論是梅賽德斯-奔馳、大眾、Stellantis、豐田或許多其他公司，你們中的許多人都曾與 Cerence 作為汽車音頻和語音技術背後的公司進行過合作。

In fact, we recently surpassed half a billion cars shipped with our technology. As the automotive industry faces an incredible transformation, we believe Cerence is well positioned to partner with automakers to deliver what drivers want and need from the in-car experience. That is an intuitive, seamless interaction in which they can complete virtually any task, all without comprising safety.

事實上，最近使用我們技術的汽車銷量已超過 5 億輛。隨著汽車產業面臨令人難以置信的轉型，我們相信 Cerence 完全有能力與汽車製造商合作，從車內體驗中提供駕駛員想要和需要的東西。這是一種直覺、無縫的交互，他們幾乎可以完成任何任務，而且不會影響安全。

We believe there are three key differentiators that distinguish our offering. First, we have a lengthy history and deep customer relationships giving us critical understanding of the unique dynamics in the automotive industry.

我們相信我們的產品有三個關鍵的差異化優勢。首先，我們擁有悠久的歷史和深厚的客戶關係，使我們能夠對汽車行業的獨特動態有批判性的了解。

We have extensive experience in both in production and in development systems and we work closely with our customer as an innovation partner, helping to define and design their next generation infotainment system.

我們在生產和開發系統方面擁有豐富的經驗，並且作為創新合作夥伴與客戶密切合作，幫助定義和設計他們的下一代資訊娛樂系統。

Second, we have a strong IP position, approximately 700 patents and automotive specific data supporting an end to end solution that improves all aspects of the in-car user experience from the moment a driver begins speaking all the way through to task completion. Additionally, our global footprint spans more than 70 languages to support OEMs worldwide.

其次，我們擁有強大的智慧財產權地位，大約 700 項專利和汽車特定數據支援端到端解決方案，從駕駛員開始說話的那一刻一直到任務完成，改善車內用戶體驗的各個方面。此外，我們的業務遍及全球，涵蓋 70 多種語言，為全球 OEM 提供支援。

Third, we are deeply customer centric, empowering our OEM customers with flexible and customizable solutions that puts their brands at the forefront so they can not only differentiate themselves from their competitors, but also maintain ownership of their data.

第三，我們深深以客戶為中心，為我們的OEM 客戶提供靈活、可自訂的解決方案，使他們的品牌處於領先地位，這樣他們不僅可以從競爭對手中脫穎而出，還可以保持對數據的所有權。

Think about it. The infotainment system is a car brand’s main interface with their customers on a daily basis. They don’t want to just hand that brand equity over to a partner who doesn’t have their interest as its top priority. Plus, we believe that OEMs want to maintain their ability to monetize the valuable data generated from their systems rather than handing it off to a third party. Our solutions address all of these considerations. As we look to the future as a preferred supplier of voice and AI in the car, we are moving quickly to advance generative AI and large language model powered innovation that we believe will be central to the automotive user experience of the future. I will provide more details on that in a few minutes.

想一想。資訊娛樂系統是汽車品牌與顧客日常接觸的主要介面。他們不想將品牌資產交給一個不以他們的利益為首要任務的合作夥伴。此外，我們相信原始設備製造商希望保持其將系統產生的有價值數據貨幣化的能力，而不是將其交給第三方。我們的解決方案解決了所有這些問題。展望未來，作為汽車語音和人工智慧的首選供應商，我們正在迅速推動生成式人工智慧和大型語言模型驅動的創新，我們相信這將成為未來汽車用戶體驗的核心。我將在幾分鐘內提供更多詳細資訊。

Given our relationships with nearly all the world’s leading OEMs, we have deep insight into the many challenges automakers are facing today.

鑑於我們與幾乎所有世界領先的原始設備製造商的關係，我們對汽車製造商當今面臨的許多挑戰有深入的了解。

First, pressure for faster development cycles that consistently deliver a fresh user experience; second, increasing software development requirements and the push on AI, all while balancing cost; and lastly, growing pressure from an evolving regulatory landscape.

首先，要求更快的開發週期以持續提供新鮮的使用者體驗的壓力；其次，增加軟體開發要求並推動人工智慧，同時平衡成本；最後，不斷變化的監管環境帶來的壓力越來越大。

These factors are driving automakers and their suppliers to assess their strategies and investment, and that includes Cerence. As such, we are undergoing a business transformation intended to position Cerence to meet the current and future needs of our customers.

這些因素促使汽車製造商及其供應商評估其策略和投資，其中包括 Cerence。因此，我們正在進行業務轉型，旨在使 Cerence 能夠滿足客戶當前和未來的需求。

On our last conference call, we also shared that given our lower revenue run rate profile we will be undertaking cost reduction actions that we expect to position us to consistently deliver positive adjusted EBITDA and positive cash flows.

在上次電話會議上，我們還表示，鑑於收入運行率較低，我們將採取降低成本的行動，預計這將使我們能夠持續提供正的調整後 EBITDA 和正現金流。

Along these lines, our objective is to realign our cost structure to create a more efficient organization while also focusing our resources on the product areas we expect to reach the most reward driving faster growth and improved profitability. We have partnered with a specialized firm to support us through our transformation efforts, which are well underway.

沿著這些思路，我們的目標是重新調整我們的成本結構，以創建一個更有效率的組織，同時將我們的資源集中在我們期望獲得最大回報的產品領域，從而推動更快的成長和提高獲利能力。我們與專業公司合作，支持我們正在進行的轉型工作。

As one of our first steps, we recently unified our product and core technology teams, which we believe will help to accelerate innovation and to drive efficiency to meet customer demands and elevate pain points, as well as deliver on our AI roadmap.

作為我們的第一步，我們最近統一了我們的產品和核心技術團隊，我們相信這將有助於加速創新並提高效率，以滿足客戶需求和解決痛點，並實現我們的人工智慧路線圖。

We expect to begin the next steps in our cost reduction efforts within the months. Our initial expectations are to achieve net annualized cost savings on a run rate basis of approximately $35 million to $40 million, which will be predominantly realized in fiscal year 2025. Next quarter. We will provide fiscal year 2025 guidance and give more specifics on where those savings fall in the P&L.

我們預計將在幾個月內開始下一步的成本削減工作。我們最初的預期是，以運行率計算，年化淨成本節省約為 3,500 萬至 4,000 萬美元，這將主要在 2025 財年實現。下個季度。我們將提供 2025 財年指導，並提供有關這些節省在損益表中的具體位置的更多細節。

The gross savings are expected to be higher, allowing us to reinvest in the resources that are required to bring innovative, new solutions to the market, including advancing our generative AI road map and next generation platform. We expect that some of the expense reductions will have an impact on certain revenue streams, primarily those that are less profitable. We are carefully managing these actions to mitigate the impact and focus our investments in the areas that we expect will drive our future growth and support OEMs as they continue to prioritize software and AI innovation.

節省的總成本預計會更高，使我們能夠再投資於為市場帶來創新的新解決方案所需的資源，包括推進我們的生成式人工智慧路線圖和下一代平台。我們預計，部分費用削減將對某些收入來源產生影響，主要是那些利潤較低的收入來源。我們正在謹慎管理這些行動，以減輕影響，並將投資集中在我們預計將推動我們未來成長的領域，並支持原始設備製造商繼續優先考慮軟體和人工智慧創新。

Tony will discuss this more in his remarks, and he will provide specifics along with official fiscal year 2025 guidance on our next call.

托尼將在他的演講中對此進行更多討論，他將在我們下次電話會議上提供具體細節以及 2025 財年的官方指導。

From a product and technology perspective, we have three main areas of focus. First, advance our core technology stack as a foundation for everything we do. We continue to innovate across input, output, conversational AI, audio AI and other solutions like emergency vehicle detection, bring in advanced capabilities and new features. Our turnkey offering, Cerence assistant, provides a strong foundation for our new generative AI solutions.

從產品和技術的角度來看，我們有三個主要關注領域。首先，推進我們的核心技術堆疊，作為我們所做一切的基礎。我們不斷在輸入、輸出、對話式人工智慧、音訊人工智慧和緊急車輛偵測等其他解決方案方面進行創新，引入先進的功能和新功能。我們的交鑰匙產品 Cerence 助理為我們新的生成式 AI 解決方案奠定了堅實的基礎。

Second, we continue to capitalize on the traction we generated at CES in January for our generative AI powered solutions that enables OEMs to leverage AI with customization and cost efficiency.

其次，我們繼續利用 1 月 CES 上我們的生成式人工智慧驅動解決方案所產生的吸引力，使原始設備製造商能夠利用人工智慧進行客製化和提高成本效率。

We have made fast progress with eight OEM design wins since January and several global OEMs, including Volkswagen, Audi, SEAT and Å koda, already going live with these solutions not only in new cars, but also those already on the road. We expect another four Gen AI customer programs to go live before the end of the calendar year. Also based on a small sample size and short time frame, we are seeing a positive increase in price per unit for these offerings and an increase in user adoption and usage.

自1 月以來，我們取得了快速進展，贏得了8 個OEM 設計，包括大眾、奧迪、SEAT 和Åkoda 在內的多家全球OEM 不僅已經在新車上使用了這些解決方案，而且還在上路的汽車上使用了這些解決方案。我們預計另外四個 Gen AI 客戶計劃將在今年年底前上線。同樣基於小樣本量和短時間框架，我們看到這些產品的單位價格出現積極增長，並且用戶採用和使用的增加。

Lastly, as OEMs are moving quickly and looking to Cerence as a trusted partner to help them efficiently bring AI into their cars, we are laying a strong foundation and developing an eager customer base that we have the potential to convert to our next generation AI computing platform, down the line. This new platform leverages Cerence’s proprietary automotive large language model, enabling a single conversation interface to work across application to complete tasks based on user preferences.

最後，隨著原始設備製造商(OEM) 迅速採取行動，並希望Cerence 作為值得信賴的合作夥伴來幫助他們高效地將人工智慧引入汽車，我們正在奠定堅實的基礎並發展熱切的客戶群，我們有潛力將其轉化為下一代人工智慧運算平台，下線。這個新平台利用 Cerence 專有的汽車大語言模型，使單一對話式介面能夠跨應用程式運作，以根據使用者偏好完成任務。

To give you a real-world example, imagine getting into your car after a busy workday. You ask the in care assistant to summarize the text messages you received throughout the day, it filters out a few less important messages and highlights one from your spouse that says, we are low on groceries, should we go out to dinner tonight? You ask the assistant to find you a French restaurant with outdoor seating and an open reservation. Confirm the details, then send a test message back to your spouse, filling them in on the plans.

給你一個現實世界的例子，想像一下在忙碌的工作日後進入你的車。你要求護理助理總結一下你一整天收到的短信，它會過濾掉一些不太重要的信息，並突出顯示你配偶發來的一條信息，內容是：我們的雜貨不多了，我們今晚應該出去吃晚餐嗎？您要求助理為您找到一家有戶外座位且開放預訂的法國餐廳。確認詳細信息，然後向您的配偶發送測試訊息，將其填寫到計劃中。

The assistant confirms that there is a charging station near the restaurant that you have enough battery to get there, and then starts the navigation. This is all done in a single interaction rather than multiple steps that require switching back and forth between applications. And you can speak naturally and comfortably to the system just as you would to another human.

助理確認餐廳附近有充電站，您有足夠的電力到達那裡，然後開始導航。這一切都是在一次互動中完成的，而不是需要在應用程式之間來回切換的多個步驟。您可以自然舒適地與系統交談，就像與其他人交談一樣。

This new platform is in development and we’re working closely with several customers on their specific needs. We do not expect our transformation plans to slow this program down. In fact, our plan is to take some of the gross savings cost savings to reinvest them to scale and accelerate our GenAI roadmap.

這個新平台正在開發中，我們正在與一些客戶密切合作，以滿足他們的特定需求。我們預計我們的轉型計劃不會減慢該計劃的速度。事實上，我們的計劃是利用部分節省的成本進行再投資，以擴大和加速我們的 GenAI 路線圖。

In summary, we believe that our product strategy will further strengthen our ability to serve customers and lead to a healthy pipeline of business opportunities.

總而言之，我們相信我們的產品策略將進一步增強我們服務客戶的能力，並帶來健康的商機。

I would like to now hand the call off to Tony to review our Q3 results and outlook for Q4. Tony joined us in early June as our Interim CFO as we continue our search for a permanent CFO. Tony brings over 25 years of experience as a financial leader, managing all aspects of finance and accounting for both public and private global companies. After Tony’s comments, I will be back for a few closing remarks and then we will take your questions.

我現在想將電話交給托尼，讓他回顧我們第三季的業績和第四季的前景。托尼於 6 月初加入我們，擔任臨時首席財務官，同時我們仍在尋找永久財務長。Tony 擁有超過 25 年的財務領導經驗，負責管理全球上市和私人公司財務和會計的各個方面。在托尼發表評論後，我將回來發表一些結束語，然後我們將回答您的問題。

Tony?

托尼？

Thank you, Stefan.

謝謝你，斯特凡。

I will now talk through our Q3 results, Q4, and full year guidance and continue the revenue framework discussion for fiscal year 2025 that was introduced last quarter.

我現在將討論我們的第三季業績、第四季和全年指引，並繼續討論上季推出的 2025 財年營收框架。

For Q3, our revenue was $70.5 million, landing in the middle of our range of guidance of $66 million to $72 million. This represents an increase of $8.8 billion, or 14% over last year’s Q3 revenue of $61.7 million.

第三季度，我們的收入為 7,050 萬美元，處於我們 6,600 萬至 7,200 萬美元指導範圍的中間位置。這意味著比去年第三季 6,170 萬美元的收入增加了 88 億美元，即 14%。

At $12.5 million, our Q3 adjusted EBITDA for the quarter was $9.7 million, higher than a year ago and above the higher end of the guidance range.

第三季調整後 EBITDA 為 1,250 萬美元，為 970 萬美元，高於去年同期，也高於指引範圍的上限。

This quarter’s revenue and profitability benefited from increased fixed license revenue as compared to prior year. Our cash flow from operations for the quarter was $12.9 million and our balance sheet at the end of the quarter included total cash and marketable securities of $126 million.

與去年相比，本季的收入和獲利能力受益於固定授權收入的增加。本季我們的營運現金流為 1,290 萬美元，季末的資產負債表包括現金和有價證券總額 1.26 億美元。

As to what Stefan mentioned a few minutes ago, our GAAP results were negatively affected by a $357 million goodwill impairment. This is a non-cash impairment charge that only affects our GAAP results.

至於斯特凡幾分鐘前提到的，我們的 GAAP 業績受到 3.57 億美元商譽減損的負面影響。這是一項非現金減損費用，僅影響我們的 GAAP 結果。

Turning to our detailed revenue breakdown, variable license revenue was $23.1 million, down $2.7 million, or 10% from the same year same quarter last year. Fixed license revenue came in at $20 million for the quarter compared to a Q3 last year where we had no fixed license revenue. This brings our fiscal year-to-date 2024 fixed license revenue total to approximately $30.4 million, and we do not expect additional fixed license revenue in Q4.

詳細的收入明細顯示，可變許可收入為 2,310 萬美元，比去年同期減少 270 萬美元，即 10%。本季固定許可證收入為 2000 萬美元，而去年第三季我們沒有固定許可證收入。這使得我們 2024 財年迄今的固定授權收入總額達到約 3,040 萬美元，我們預計第四季不會有額外的固定授權收入。

Connected services revenue was $10.9 million. This was slightly higher than last year’s connected services revenue of $10.2 million. When excluding $8.4 million of revenue from the legacy contract that we will discuss again in a little more detail later.

互聯服務收入為 1,090 萬美元。這略高於去年 1,020 萬美元的互聯服務收入。當從遺留合約中排除 840 萬美元的收入時，我們將在稍後更詳細地再次討論。

Our professional services revenue was down 4% year-over-year. As a reminder, our professional services are not a revenue growth driver for us in itself, but rather an enabler of both license and connected services revenue. We expect professional services revenue to be flat to down year-over-year going forward.

我們的專業服務收入較去年同期下降 4%。提醒一下，我們的專業服務本身並不是我們收入成長的驅動力，而是授權和連結服務收入的推動者。我們預計專業服務收入未來將與去年同期持平或下降。

Moving on with more detail on our license business, as a reminder, pro forma royalties is an operating measure representing the total value of variable licenses shipped in a quarter as it includes consumption of previously recognized fixed license contracts. Our pro forma royalties were $39.6 million, which were flat to Q2 but down as compared to Q3 of last year due to lower volume of licensing royalties. Consumption of our previously recognized fixed license contracts totaled $16.5 million this quarter, lower than same quarter of last year by 12%.

繼續詳細介紹我們的許可證業務，提醒一下，形式特許權使用費是一種營運指標，代表一個季度內發貨的可變許可證的總價值，因為它包括先前認可的固定許可證合約的消耗。我們的預計特許權使用費為 3,960 萬美元，與第二季持平，但由於許可特許權使用費數量減少，與去年第三季相比有所下降。本季我們先前認可的固定許可合約的消耗總額為 1,650 萬美元，比去年同期下降 12%。

Because the annual value of fixed contracts has been trending down over time this result in smaller consumption of royalties associated with past fixed contracts. As consumption levels decline, we expect that should correspondingly result in variable license revenue growth in future periods as royalties will accrue directly to the revenue line as production occurs.

由於固定合約的年度價值隨著時間的推移呈下降趨勢，因此與過去固定合約相關的特許權使用費消耗量減少。隨著消費水準下降，我們預計這將相應地導致未來時期許可收入的可變增長，因為隨著生產的發生，特許權使用費將直接計入收入線。

We continue to expect consumption run rates to normalize by the end of fiscal year 2026, at which time new fixed contracts should roughly align with the level of consumption during the year. As we review our key performance indicators this quarter, our penetration of global auto production for the trailing 12 months declined slightly to 53% due to weaker production volumes among our top customers.

我們繼續預期消費運行率將在 2026 財年末正常化，屆時新的固定合約應大致與年內的消費水準保持一致。當我們回顧本季的關鍵績效指標時，由於我們的頂級客戶的產量疲軟，我們在過去 12 個月的全球汽車生產滲透率略有下降至 53%。

We shipped 11.7 million cars with Cerence technology in the quarter, down 6.2% year-over-year, while IHS production for the same period declined 0.5%. Quarter-over-quarter we were up 3% while IHS production was also up 3%. The number of cards produced that use our connected services increased 19% on a trailing 12-month basis compared to the same metric a year ago as some programs that were previously delayed started ramping production.

本季採用 Cerence 技術的汽車出貨量為 1,170 萬輛，年減 6.2%，而 IHS 同期產量下降 0.5%。我們的季度環比增長了 3%，而 IHS 產量也增長了 3%。與去年同期相比，使用我們互聯服務生產的卡片數量在過去 12 個月中增加了 19%，因為一些先前被推遲的項目開始增加產量。

Adjusted total billings increased 3% for the trailing 12-month period this year compared to the previous year. As a reminder, we provide updates on our five-year backlog on our second and fourth quarter earnings calls.

與去年相比，今年過去 12 個月的調整後總帳單增加了 3%。提醒一下，我們在第二季和第四季的財報電話會議上提供了五年積壓的最新資訊。

Now, before I review our outlook for the fourth quarter and fiscal year, I’d like to address our outstanding convertible notes. As you may be aware, we have $87.5 million of convertible notes that have gone current and are due in June of 2025. Because of the conversion price of $37 per share, these notes are viewed as debt.

現在，在我回顧第四季和財年的前景之前，我想談談我們未償付的可轉換票據。如您所知，我們有 8,750 萬美元的可轉換票據已到期，將於 2025 年 6 月到期。由於轉換價格為每股 37 美元，這些票據被視為債務。

Given the coupon rate of 3%, these notes are favorable to the company compared to similar instruments available in the current debt market. We are reviewing options for next steps, including evaluating the trade-off between cash flow and dilution, and we’ll prioritize a solution that we believe to be in the long-term interest of the company and our shareholders. We will update you when a decision has been made.

鑑於票面利率為 3%，與當前債務市場上的類似工具相比，這些票據對公司有利。我們正在審查後續步驟的選項，包括評估現金流量和稀釋之間的權衡，並且我們將優先考慮我們認為符合公司和股東長期利益的解決方案。做出決定後，我們會向您通報最新情況。

Moving on to our guidance. We are guiding the fourth quarter revenue to be between $44 million and $50 million. For the full fiscal year, we expect revenue to be between $321 million and $327 million.

繼續我們的指導。我們預計第四季的營收將在 4,400 萬美元至 5,000 萬美元之間。我們預計整個財年的營收將在 3.21 億美元至 3.27 億美元之間。

Excluding the cash impact of our transformation activities, we expect fiscal year 2024 cash flow from operations to be in the range of $10 million to $15 million. We do expect total cash restructuring charges in the range of $18 million to $22 million related to the transformation efforts. We expect to incur these charges in the fourth quarter of fiscal year 2024 and the first quarter of fiscal year 2025.

排除我們轉型活動的現金影響，我們預計 2024 財年的營運現金流將在 1,000 萬至 1,500 萬美元之間。我們預計與轉型工作相關的現金重組費用總額將在 1,800 萬至 2,200 萬美元之間。我們預計將在 2024 財年第四季和 2025 財年第一季產生這些費用。

Consistent with what we explained in last quarter’s call, I want to take a moment to discuss the legacy contract with Toyota. This contract was a connected services contract acquired by our former parent Nuance Communications in 2013. Toyota decommissioned the solution in Q1 of fiscal 2024, resulting in accelerated deferred revenue in Q1 of this year for Toyota and a directly related contract.

與我們在上季度電話會議中所解釋的一致，我想花點時間討論與豐田的遺留合約。該合約是我們的前母公司 Nuance Communications 於 2013 年收購的互聯服務合約。豐田於 2024 財年第一季停用了該解決方案，導致豐田今年第一季的遞延收入和直接相關合約加速。

So as of the first fiscal quarter of this year, the contract is behind us. It is important to view fiscal year 2024 revenue excluding the impacts from those services. We believe this provides a new revenue run rate profile from the company. If you take the mid-point of our current fiscal year 2024 revenue guidance I just discussed on the previous slide of $324 million and exclude $87 million of legacy related revenue recognized in Q1, the adjusted revenue for the fiscal adjusted revenue for the company for fiscal year 2024 is approximately $237 million.

因此，截至今年第一財季，合約已經完成。重要的是要查看 2024 財年的收入，排除這些服務的影響。我們相信這為公司提供了新的收入運行率概況。如果您採用我剛剛在上一張幻燈片中討論的當前2024 財年收入指導的中點3.24 億美元，並排除第一季度確認的8700 萬美元的遺留相關收入，則公司的財政調整後收入的調整後營收2024 年約 2.37 億美元。

We consider this new revenue run rate relevant for both our cost model and as well as planning our business activities going forward. With this adjusted new run rate of our expected revenue, I do want to take a moment to look forward. While I’m not prepared to provide fiscal year 2025 guidance at this time, I can discuss the framework we provided last quarter of how to think about the fiscal year 2025 revenue and profitability.

我們認為這項新的收入運作率與我們的成本模型以及未來業務活動的規劃有關。根據我們調整後的新預期營收運行率，我確實想花點時間展望未來。雖然我目前不准備提供 2025 財年指導，但我可以討論我們上季度提供的關於如何思考 2025 財年收入和盈利能力的框架。

As first, as Stefan mentioned, we expect to begin implementation of our recently identified cost reduction efforts within the month and our initial expectation is to achieve net annualized cost savings on a run rate basis of approximately $35 million to $40 million, which will predominantly be realized in fiscal 2025.

首先，正如Stefan 所提到的，我們預計將在本月內開始實施我們最近確定的成本削減工作，我們最初的期望是在運行率基礎上實現約3500 萬至4000 萬美元的年度淨成本節約，其中主要是於 2025 財年實現。

Since fixed contracts have been trending down, we would expect significantly less fixed license consumption in fiscal year 2025 compared to fiscal year 2024, assuming flat OEM production and mix and pricing mix. In addition, if you assume $20 million of new fixed licenses in fiscal year 2025, very modest growth in run rate connected services and some modest revenue impact related to the cost reduction efforts of the Q4 transformation, it would be reasonable to anticipate a range of flat to low-single digit percentage decline off of the new estimated revenue run rate of $237 million.

由於固定合約呈下降趨勢，假設 OEM 生產、組合和定價組合持平，我們預計 2025 財年的固定許可消耗量將顯著低於 2024 財年。此外，如果您假設2025 財年新增固定許可證價值2000 萬美元，連接服務的運行率增長非常溫和，並且與第四季度轉型的成本削減工作相關的收入影響不大，那麼可以合理地預期一系列與 2.37 億美元的新估計收入運行率相比，出現持平或低個位數百分比下降。

For some additional color on sensitivity of this view, those assumptions could be lower or higher depending on global auto production changes, date shifts in the introduction of new platforms, pricing and mix shifts. Again, this does not represent guidance, but rather as a framework of how to think about fiscal year 2025 revenue, which is subject to changes based on a number of operating industry and customer related factors.

對於這種觀點敏感性的一些額外色彩，這些假設可能會更低或更高，具體取決於全球汽車產量變化、引入新平台的日期變化、定價和組合變化。同樣，這並不代表指導，而是作為如何思考 2025 財年收入的框架，該框架可能會根據許多營運行業和客戶相關因素而變化。

In terms of profitability, with a lower anticipated mix of professional services in the revenue framework, we expect improved gross margins as compared to a fiscal year 2025 business without legacy revenue, including the impact of our cost saving efforts, in the near-term, we are striving for positive adjusted EBITDA in the single-digit margin range as we progress toward our higher long-term profitability goals.

就獲利能力而言，由於收入框架中專業服務的預期組合較低，我們預計與沒有遺留收入的2025 財年業務相比，毛利率將有所提高，包括我們在短期內節省成本的努力的影響，隨著我們朝著更高的長期獲利目標邁進，我們正在努力將調整後的 EBITDA 控制在個位數的正值範圍內。

I’d now like to hand the call back off to Stefan for closing remarks.

我現在想將電話轉回給斯特凡，讓他發表結束語。

Thank you, Tony. As we close out the fiscal year, we have three main priorities. First, accomplish our fiscal fourth quarter and full year financial objectives. Second, execute on our transformation plan while minimizing any disruptions to our ongoing customer operations. And third, deliver on our AI innovation roadmap.

謝謝你，托尼。當我們結束本財年時，我們有三個主要優先事項。首先，實現我們第四季和全年的財務目標。其次，執行我們的轉型計劃，同時盡量減少對我們正在進行的客戶營運的干擾。第三，落實我們的人工智慧創新路線圖。

That concludes our prepared remarks. And we will now open the call up for questions.

我們準備好的演講到此結束。我們現在開始接受提問。

Thank you. One moment, while we compile the Q&A.

謝謝。一會兒，我們正在寫問答。

(Operator Instructions)

（操作員說明）

Jeff Van Rhee of Craig-Hallum Capital Group

Craig-Hallum 資本集團的 Jeff Van Rhee

Great. Thanks for taking my questions. Just a couple for me. First Stefan, on the AI wins, maybe just talk to what you’re seeing early understandably, but what are you seeing in terms of the actual usage on an apples-to-apples basis? I think you got a slide in the deck that talks a little bit about that, but wonder if you could quantify it a little more precisely. And then also along those same lines, any quantification around average revenue per unit or user, however you want to dial it in, what you’re seeing on revenue impact there?

偉大的。感謝您回答我的問題。對我來說只是一對。首先，Stefan，關於人工智慧的勝利，也許只是談談你早期看到的可以理解的內容，但你在同類基礎上的實際使用方面看到了什麼？我認為您在幻燈片中對此進行了一些討論，但想知道您是否可以更精確地量化它。然後，同樣沿著同樣的思路，圍繞每單位或用戶的平均收入進行任何量化，無論您想如何進行調整，您看到的收入影響是什麼？

Hey, good morning, Jeff, and thanks for your question here. Yes. So I think it’s too early to quantify all the details here. I think in the near-term there’s not a significant impact on the revenue and billings as the programs are just launched, yes, and have been rolled out. Feedback from the OEMs directly are very positive, yes. There is also a good growth potential, but still, as said at the early stage and this depends heavily on the user adaption and user subscriptions. And as a reminder, our business is B2B.

嘿，早安，傑夫，謝謝你的提問。是的。因此，我認為現在量化所有細節還為時過早。我認為短期內不會對收入和帳單產生重大影響，因為這些計劃剛剛啟動，是的，並且已經推出。是的，來自原始設備製造商的直接回饋非常積極。還有良好的成長潛力，但正如早期所說，這在很大程度上取決於用戶的適應和用戶訂閱。提醒一下，我們的業務是 B2B。

Nevertheless, what you can see from the graph in the deck is that it’s not just about Chat Pro who sees a tremendous improvement for general questions. It’s across all domains here, from navigation up to simple command and control calling mom and so on, so forth. And that shows actually or is a proof of concept that we’re doing the right thing here.

然而，您可以從平台中的圖表中看到，這不僅僅是 Chat Pro 在一般問題上看到了巨大的改進。它涵蓋了所有領域，從導航到簡單的命令和控制呼叫媽媽等等。這實際上表明或證明了我們在這裡所做的是正確的事情。

What we said also earlier, right, this kind of ChatGPT or Chat Pro is heavily integrated in the OEM assisted OEM branded assistant and the assistant has full control about the solution. And also by feeding the system with our own automotive data, we see less hallucinations, right. And overall, it’s also a very cost effective approach for the OEM.

我們之前也說過，對，這種ChatGPT或Chat Pro大量整合在OEM輔助的OEM品牌助理中，助手對解決方案有完全的控制權。而且透過向系統提供我們自己的汽車數據，我們看到的幻覺會減少，對吧。總體而言，對於 OEM 而言，這也是一種非常經濟高效的方法。

Got it. As you think about the usage of in car sort of engagement systems, if you will, and you’ll look at the broad landscape, obviously you’ve dominated the what I would call the in car systems, but then you’ve got people Bluetoothing in CarPlay, Android Auto, when you do your studies on the market and the TAM, so to speak, how are you seeing the evolution of the percent of users that are opting for which of those solutions?

知道了。當您考慮汽車內參與系統的使用時，如果您願意的話，您會看到廣闊的前景，顯然您已經主導了我所說的汽車內系統，但是您 -人們在CarPlay、Android Auto 中使用藍牙，當您對市場和TAM 進行研究時，您如何看待選擇這些解決方案的使用者百分比的變化？

I’m talking like over time. But do you have any sense of how many people are opting for just simple Bluetooth versus embedded in car systems? And if they are, which brands are using, how that’s playing out?

我說的是隨著時間的推移。但是您是否知道有多少人選擇僅使用簡單的藍牙而不是嵌入汽車系統中？如果是的話，哪些品牌正在使用，效果如何？

I mean, I cannot disclose all information, but when referring to Mercedes, clearly they want to see a higher boost in their solution with respect to CarPlay and that’s indeed what they are achieving now. For us, it’s much more than just bring in large language models, right. It’s all about AI computing platform with multi-seat capabilities, right, and full interaction with the car, right, and also bring in general knowledge, right, so overall, I think that’s a trend that is really appreciated by OEMs and I’m pretty sure also with their end consumers.

我的意思是，我無法透露所有信息，但當談到梅賽德斯時，顯然他們希望看到他們的解決方案在 CarPlay 方面有更高的提升，而這確實是他們現在所實現的。對我們來說，這不僅僅是引入大型語言模型，對吧。這一切都是關於人工智慧計算平台，具有多座位功能，對，與汽車充分互動，對，並且還引入常識，對，所以總的來說，我認為這是一個真正受到人們讚賞的趨勢。設備製造商（OEM）和我對他們的最終消費者也很確定。

Okay, great. I'll leave it there. Thank you.

好的，太好了。我會把它留在那裡。謝謝。

Colin Langan of Wells Fargo. Colin

富國銀行的科林·蘭根。柯林

Great. Thanks for taking my questions. The comments are now, I thought last quarter you mentioned 25, you expected mid-single-digit growth and now it’s flat to low. Is that right? And what sort of if I’m right, what drove the slightly softer outlook into next year?

偉大的。感謝您回答我的問題。現在的評論是，我想上個季度您提到了 25，您預計會出現中等個位數的增長，但現在卻持平至低位。是這樣嗎？如果我是對的，是什麼原因導致明年的前景稍微疲軟？

Maybe let me start first, Colin, and good morning to you as well. And then I will ask Tony to share his view. So overall, I think we have this significant reduction in costs, right. And we assume also there will be a modest impact on the revenue side, as we said, okay, we are with this kind of product rationalization, right. And we believe that also some products with lower margin, we are going to downsize and but Tony, what’s your view on this?

也許讓我先開始吧，科林，也祝你早安。然後我會請托尼分享他的觀點。總的來說，我認為我們的成本顯著降低了，對吧。我們假設對收入方面也會產生適度的影響，正如我們所說，好吧，我們支持這種產品合理化，對吧。我們相信，對於一些利潤率較低的產品，我們也會縮小規模，但托尼，你對此有何看法？

No, I think that’s exactly right. As you think about the guidance at single-digit growth year-over-year last quarter, really, it’s the impact of the cost restructuring. As we take a significant amount of cost out of the business to realign our cost, it will have an impact to the top line. So we’ve brought that down slightly.

不，我認為這是完全正確的。當你想到上個季度同比增長個位數的指導時，實際上，這是成本重組的影響。當我們從業務中削減大量成本來重新調整成本時，這將對營收產生影響。所以我們稍微降低了這一點。

Got it. And in your comments, you mentioned the debt coming due next year. What are the options? It sounded like you were alluding to potentially maybe issuing equity to pay that down. But also, I look at the balance sheet, I think you have over $100 million. I mean, can you fund a lot of that repayment with the cash on the balance sheet? And are the debt markets open to refinance it?

知道了。在您的評論中，您提到了明年到期的債務。有哪些選擇？聽起來您似乎在暗示可能會發行股票來償還債務。而且，我看一下資產負債表，我認為你有超過 1 億美元。我的意思是，你能用資產負債表上的現金來支付大部分還款嗎？債務市場是否開放為其再融資？

Yes, that’s exactly right. I think we’re looking at all options. Certainly, as we mentioned, 3% notes are beneficial at the company at this point, but we want to address the liquidity concerns of it coming due in June of 2025.

是的，完全正確。我認為我們正在考慮所有選擇。當然，正如我們所提到的，目前 3% 的票據對公司有利，但我們希望解決 2025 年 6 月到期的流動性問題。

So we’re looking at all options, including refinancing using our existing cash as well, and looking at that, the benefit of the liquidity from a lower coupon rate, which would be adjusted higher on refinancing and certainly the conversion price would be lower than currently in the notes. So we’re looking at all those. But yes, the markets are open to refinance.

因此，我們正在考慮所有選擇，包括使用我們現有的現金進行再融資，並考慮較低票面利率帶來的流動性好處，再融資時票面利率將調整得更高，當然轉換價格也會更低比當前在註釋中。所以我們正在研究所有這些。但是，是的，市場對再融資持開放態度。

Got it. All right. Thanks for taking my questions.

知道了。好的。感謝您回答我的問題。

Nick Doyle of Needham & Company.

李約瑟公司的尼克‧多伊爾。

Hey, guys. Good morning and thanks for taking my questions also. You had we just talked about, the lower OpEx will impact revenue, and you talked about it a couple of times in your script. Could you just be a little more specific on which product streams are impacted or at least which segment? And then that adjusted net cost savings of $35 million to $40 million, would that put you in the $140 million a year range for 2025 or is still too early? Thanks.

嘿，夥計們。早安，也感謝您提出我的問題。我們剛才談到，較低的營運支出將影響收入，您在腳本中多次談到這一點。您能否更具體地說明哪些產品流受到影響，或至少是哪些細分市場受到影響？然後，調整後的淨成本節省為 3500 萬至 4000 萬美元，這是否會讓您在 2025 年達到每年 1.4 億美元的範圍，還是還為時過早？謝謝。

Yes, so I’ll take that. Yes. When you think about the impacts of the cost reductions, it will be primarily related to professional services revenue. So that’s where Stefan had mentioned that if that mix is a bit lower than prior expectations, we’d expect higher gross margins overall. So and then, I’m sorry, I missed the last question about the $140 million.

是的，所以我接受。是的。當您考慮成本降低的影響時，它主要與專業服務收入有關。因此，斯特凡提到，如果這種組合略低於先前的預期，我們預期整體毛利率會更高。抱歉，我錯過了關於 1.4 億美元的最後一個問題。

Just asking if that, the adjusted net cost savings number of $35 million to $40 million would put you around a $140 million a year in total OpEx.

只是問一下，調整後的 3500 萬至 4000 萬美元的淨成本節省金額是否會使您每年的總營運支出約為 1.4 億美元。

Yes. Well, there's that when you think about it, there's there's a combination of things we've got run rate from 2024, but that's entire year. We also have increases in 25. And so we're we're looking at really a run rate off of Q4 run rate and the expenses would be off of that number.

是的。嗯，當你思考這個問題時，我們得到了 2024 年以來的運行率，但那是全年的。我們還增加了 25 個。因此，我們正在考慮第四季度運行率的實際運行率，並且費用將低於該數字。

Got it. Thank you. And then on the fixed contract consumption, you’re saying you hope to normalize by 2026, and the consumption should go lower over time as that normalizes, and that all makes sense. But do you have a specific number that you’re looking at for the fourth quarter? And maybe what we’re thinking of through 2025 is that 10 million a quarter number. I get that, it moves up and down?

知道了。謝謝。然後在固定合約消費方面，你說希望在 2026 年實現正常化，隨著正常化，消費應該會隨著時間的推移而下降，這一切都是有道理的。但您是否有第四季的具體數字？也許我們想到的到 2025 年是四分之一的 1000 萬。我明白了，它是上下移動的嗎？

Yes. I don’t have specifics that I can speak of now on consumption rates, other than what we’ve said, that we expect that to be lower in fiscal 2025.

是的。除了我們所說的，我們預計 2025 財年消費率會更低之外，我現在沒有可以透露的具體消費率。

Okay, thank you.

好的，謝謝。

Luke Junk from Baird.

貝爾德的路克垃圾。

Good morning. Thanks for taking the questions. Stefan wanted to start with maybe just a higher level question and understanding the approach to the R&D organization going forward. Clearly, it sounds like there’s going to be some impacts in terms of the pro-services element of R&D. I think you also mentioned sort of a unified product and core technology team in your prepared remarks? Maybe could expand on that, and I know you’re not breaking out the cost reductions into individual buckets right now, but R&D is going to be an important part of that, clearly. So maybe just at a high level, if you could come in on R&D opportunities on cost? Thank you.

早安.感謝您提出問題。Stefan 希望從一個更高層次的問題開始，了解研發組織未來的發展方向。顯然，聽起來會對研發的支援服務元素產生一些影響。我想您在準備好的發言中也提到了某種統一的產品和核心技術團隊？也許可以在此基礎上擴展，我知道您現在不會將成本削減分解為單獨的部分，但顯然，研發將成為其中的重要組成部分。那麼，也許只是在高水準上，您是否可以在成本方面獲得研發機會？謝謝。

Yes. So, as said, our focus is clearly on our Gen AI roadmap, including the new AI computing platform. We have recently unified our product and core technology teams. We believe that we will see some efficiency here, and also this will help us to accelerate innovation and again, drive efficiency to meet also the demands of our OEMs, that’s very important.

是的。因此，如前所述，我們的重點顯然是我們的 Gen AI 路線圖，包括新的 AI 運算平台。我們最近統一了我們的產品和核心技術團隊。我們相信我們會在這裡看到一些效率，這也將幫助我們加速創新，並再次提高效率以滿足我們的原始設備製造商的需求，這非常重要。

Overall, what I said is that our solution our new solution is well received by a couple of OEMs across the globe. I think we are doing the right things here also with respect to cost optimization, finding synergies between the two teams, right. And Nils Schanz, who joined us one-and-a-half-year ago from Mercedes, who was also essential for various launches over the last couple of weeks here. He is extremely qualified, and he will run both R&D and product and professional services.

總的來說，我所說的是我們的解決方案和新解決方案受到全球多家 OEM 廠商的好評。我認為我們在成本優化方面也做了正確的事情，尋找兩個團隊之間的協同效應，對吧。還有尼爾斯·尚茨（Nils Schanz），他一年半前從梅賽德斯加入我們，他在過去幾週的各種發布中也發揮了重要作用。他非常有資格，將負責研發、產品和專業服務。

Mark Delaney of Goldman Sachs. Mark

高盛的馬克·德萊尼。標記

Yes, good morning. Thanks very much for taking my questions.

是的，早安。非常感謝您回答我的問題。

First, I was hoping to better understand how you’re thinking about professional services going forward. I think in the past you’ve used that as a lead generator and you’ve described it as part of your investments that helps with your longer term traction and revenue growth. It sounds like you want to make some cuts there and understand the lower margins, but maybe help us better understand the implications for revenue growth and why you’re making some of the cuts in that part of your business?

首先，我希望能更了解您對未來專業服務的看法。我認為過去您已將其用作潛在客戶生成器，並將其描述為投資的一部分，有助於您的長期吸引力和收入成長。聽起來您想在該領域進行一些削減並了解較低的利潤率，但也許可以幫助我們更好地理解對收入成長的影響以及您為什麼要在這部分業務中進行一些削減？

So first, I mean, professional services is a very important tool for us for enabling licenses, whether it’s be embedded or cloud services, right? So don’t get us wrong here. We see some optimizations in professional services and also for streamlining our products. We see also efficiencies in deploying our new products.

首先，我的意思是，專業服務對我們來說是啟用授權的非常重要的工具，無論是嵌入式服務還是雲端服務，對嗎？所以請不要誤會我們的意思。我們看到專業服務和簡化產品方面的一些優化。我們也看到了部署新產品的效率。

To give you also an example, a POC so proof of concept can be done within a car within less than two-and-a-half-weeks. And then of course for doing the fine tuning and optimization and customizations with respect to the OEM demands, like Brandon and so on so forth, it takes us between four to six months. Compare this with the past where it took us 12 to 18, 24 months, right? And of course then PS revenue goes down.

再舉個例子，概念驗證可以在不到兩周半的時間內在汽車內完成。當然，為了根據 OEM 需求（例如 Brandon 等）進行微調、優化和定制，我們需要四到六個月的時間。與過去相比，我們花了 12 到 18、24 個月，對嗎？當然，PS 收入也會下降。

But nevertheless, PS is the enabler for the licensed business, and that goes also hand-in-hand with the expectations from OEMs, right. What we said also in the earnings call earlier is that, I mean, there’s clearly a demand for more flexibility and a faster deployment and also keeping the system fresh and up to date, and we’re supporting these new requests from the OEMs and finally from the consumers.

但無論如何，PS 是授權業務的推動者，這也與 OEM 的期望密切相關，對吧。我們在早些時候的財報電話會議上也說過，我的意思是，顯然需要更大的靈活性和更快的部署，並保持系統的新鮮度和最新狀態，我們正在支持來自以下方面的這些新要求： OEM 廠商，最後是消費者。

Understood. Thank you. My other question was just better understanding your commentary, Stefan, around how to think about monetization for the new Gen AI types of subscriptions. You mentioned your revenue is going to depend on usage and what the OEM customers are seeing in terms of how often these services are being used.

明白了。謝謝。我的另一個問題是更好地理解你的評論，Stefan，關於如何考慮新一代人工智慧訂閱類型的貨幣化。您提到您的收入將取決於使用情況以及 OEM 客戶對這些服務的使用頻率的看法。

Can you elaborate a little bit more on how your revenue will flow through? Is there some piece of it that is more committed in terms of the subscription rates you’re seeing? And then how much is maybe based on usage rates of your products in the car themselves, and just is it more tilted towards usage rates more? You guys have more guaranteed subscription fees? Just trying to better understand that dynamic, if I could, please? Thanks

能否詳細說明一下您的收入將如何流動？就您所看到的訂閱率而言，其中是否有更堅定的部分？那麼多少可能是基於你的產品在汽車本身的使用率，只是它更傾向於使用率？你們有更有保障的訂閱費用嗎？只是想更好地理解這種動態，如果可以的話，可以嗎？謝謝

So again, we are currently at an early stage with those OEMs and our new products. We see an uptick in usage of about 50% to 70%. We see also nice increase in our price per unit per year. Most of the services are cloud services. So we should also focus in the future a bit more on billings. Then you asked about monetization of the data here. We are still in discussion with OEMs what we can do together. And as said before, right, we are still a B2B partner of the OEMs, but nevertheless we see for those deals really a significant increase in price per unit.

再說一次，我們目前正處於這些原始設備製造商和我們的新產品的早期階段。我們發現使用率上升了約 50% 至 70%。我們也看到每年單位價格的大幅上漲。大多數服務都是雲端服務。因此，我們未來還應該多關注帳單。然後您在這裡詢問了數據貨幣化的問題。我們仍在與原始設備製造商討論我們可以一起做什麼。正如之前所說，我們仍然是 OEM 的 B2B 合作夥伴，但儘管如此，我們看到這些交易的單位價格確實大幅上漲。

(Operator Instructions) I see no further questions at the moment. So I would now like to hand the call back over to Richard Yerganian, Senior Vice President, Investor Relations. Richard, please go ahead.

（操作員說明）我目前沒有看到更多問題。因此，我現在想將電話轉交給投資者關係高級副總裁理查德·耶加尼安 (Richard Yerganian)。理查德，請繼續。

Thank you, Felicia, and thank you for everyone joining us on the call this morning, and we look forward to further discussions. Thank you and have a good day.

謝謝你，費莉西亞，也感謝今天早上加入我們電話會議的所有人，我們期待進一步的討論。謝謝您，祝您有美好的一天。

This does conclude today’s conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。