Digital Media Solutions Inc (DMS) 2023 Q2 法說會逐字稿

Thank you for standing by and welcome to the Digital Media Solutions, Inc. second-quarter 2023 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Tony Saldana, DMS General Counsel. Please go ahead, sir.

感謝您的耐心等待並歡迎參加 Digital Media Solutions, Inc. 2023 年第二季財報電話會議。 （操作員指示）提醒一下，今天的節目正在錄製中。現在我想介紹一下今天節目的主持人，DMS 總法律顧問 Tony Saldana。請繼續，先生。

Thank you for joining us to discuss our financial results for the second quarter of 2023. With me on the call are, Joe Marinucci, co-founder and CEO, and Vanessa Guzmán-Clark, our Interim CFO. Earlier this afternoon, we posted our earnings announcement in a press release and on our investor relations website.

感謝您與我們一起討論 2023 年第二季度的財務業績。與我一起參加電話會議的有聯合創始人兼首席執行官 Joe Marinucci 和我們的臨時首席財務官 Vanessa Guzmán-Clark。今天下午早些時候，我們在新聞稿和投資者關係網站上發布了收益公告。

Before we begin, I would like to call your attention to our safe harbor provision for forward-looking statements and our earnings release. The safe harbor provision identifies risk factors that may cause actual results to differ materially from the contents of our forward-looking statements. For a more detailed description of the risk factors that may affect our results, please refer to our earnings release and our SEC filings.

在開始之前，我想提請您注意我們對前瞻性陳述和收益發布的安全港條款。安全港條款確定了可能導致實際結果與我們前瞻性陳述的內容有重大差異的風險因素。有關可能影響我們業績的風險因素的更詳細說明，請參閱我們的收益報告和 SEC 文件。

In addition, management's commentary will include non-GAAP financial measures. Reconciliations between GAAP and non-GAAP financial measures can be found in the tables of our earnings release. The additional financial and other information discussed on this call can also be found on our investor relations website.

此外，管理階層的評論將包括非公認會計準則財務指標。公認會計原則和非公認會計原則財務指標之間的調節可以在我們的收益發布表中找到。本次電話會議討論的其他財務和其他資訊也可以在我們的投資者關係網站上找到。

Now I'd like to turn the call over to Joe Marinucci, our CEO.

現在我想將電話轉給我們的執行長喬·馬裡努奇 (Joe Marinucci)。

Thank you, Tony, and good afternoon, everyone. Welcome to our second quarter of 2023 earnings call. Our second-quarter results are as follows. Second-quarter net revenue was $82.6 million, down 9.5% year over year. Our gross margin and variable marketing margin came in at 23.3% and 27.4%, respectively. Adjusted EBITDA came in at $902,000, which was down $3 million (sic - see press release, "down from $3 million) from last year. Vanessa's going to add more details, dig deeper into the numbers, and go over guidance for the third quarter of 2023 later in the call.

謝謝你，東尼，大家下午好。歡迎參加我們的 2023 年第二季財報電話會議。我們的第二季業績如下。第二季淨收入為 8,260 萬美元，年減 9.5%。我們的毛利率和可變行銷利潤率分別為 23.3% 和 27.4%。調整後的EBITDA 為902,000 美元，比去年減少了300 萬美元（原文如此- 請參閱新聞稿，“低於300 萬美元）”。瓦妮莎將添加更多細節，更深入地研究數字，並回顧第三季的指導2023 年稍後的電話會議中。

In Q2, we continue to navigate market challenges by prioritizing progress and growth within areas we control. While our actions will not fully show their impact within the Q2 results, they're aligned with our long-term strategy, which is going to create durable, scalable, and sustainable growth across both our marketplace and brand-direct solutions.

在第二季度，我們繼續透過優先考慮我們控制領域內的進展和成長來應對市場挑戰。雖然我們的行動不會在第二季的業績中充分顯示其影響，但它們與我們的長期策略保持一致，該策略將在我們的市場和品牌直接解決方案中創造持久、可擴展和可持續的增長。

Our second-quarter results we're discussing today reflect continued market challenges we're experiencing. Despite a decrease in net revenue and adjusted EBITDA due to the challenging business cycle, gross profit margin for Q2 2023 was within our guidance range.

我們今天討論的第二季業績反映了我們正在經歷的持續市場挑戰。儘管由於商業週期充滿挑戰，淨收入和調整後 EBITDA 有所下降，但 2023 年第二季的毛利率仍在我們的指導範圍內。

We're continuing to face pressure in our insurance vertical as P&C carrier loss ratios persist. This is an impact we're seeing across agent counts, bid prices, and overall advertiser sped. That said, we do see positive trends here inside the P&C segment in Q3, and therefore we maintain a positive long-term outlook and expect P&C carrier spend to start to recover in 2024. We believe that recover should ultimately result in P&C advertising spend surpassing previous peak levels, and since DMS has continued to invest in our core solutions in this category, and since we maintain strong relationships with the major carriers, we believe we're well-positioned to capture our share of this spend.

由於財產和意外險承運人損失率持續存在，我們在保險領域繼續面臨壓力。這是我們在代理商數量、出價和整體廣告商速度方面看到的影響。也就是說，我們確實看到了第三季財產和意外傷害領域的積極趨勢，因此我們保持積極的長期前景，並預計財產和意外傷害承運人支出將於2024 年開始復甦。我們認為，復甦最終應導致財產和意外險廣告支出超過由於DMS 繼續投資於我們在這一類別中的核心解決方案，並且由於我們與主要運營商保持著牢固的關係，因此我們相信我們處於有利地位，能夠在這一支出中佔據份額。

In other segments of our business, we remain optimistic. We're encouraged by growth in our home services vertical stemming from our recent ClickDealer acquisition. We also have the health insurance enrollment periods opening again in Q4, where we expect to see an increase in revenue pull through from carrier marketing spend.

在我們業務的其他領域，我們仍然保持樂觀。我們對最近收購 ClickDealer 帶來的家庭服務垂直成長感到鼓舞。我們也將在第四季再次開放健康保險投保期，我們預計營運商行銷支出將帶來收入增加。

As we've discussed in the past, we monitor both our enterprise customers and our SMBs. The SMBs include the insurance agents we serve. For Q2, we closed with a significant enterprise customer count of 379, including the ClickDealer acquisition, which is up from 291 last quarter. As a reminder, our significant enterprise customers are advertisers spending in excess of $100,000 annually with DMS.

正如我們過去所討論的，我們同時監控企業客戶和中小企業。中小型企業包括我們服務的保險代理人。第二季度，我們的重要企業客戶數量達到 379 家，其中包括對 ClickDealer 的收購，這一數字高於上季度的 291 家。請注意，我們的重要企業客戶是每年在 DMS 上花費超過 10 萬美元的廣告商。

For Q2, ARPU per significant enterprise customer was $1.1 million, down from $1.3 million last quarter. For Q2, SMBs on the DMS platform totaled 4,406 active insurance agents, down from 6,477 agents in Q1 2023. Most of this reduction in active SMBs in the quarter is tied to volatility in insurance and various state pauses at the carrier level. We do expect our SMB count to remain stable at or above these levels and then to recover once stability returns to insurance.

第二季度，每位重要企業客戶的 ARPU 為 110 萬美元，低於上季的 130 萬美元。第二季度，DMS 平台上的中小型企業共有4,406 名活躍保險代理人，低於2023 年第一季度的6,477 名代理人。本季活躍中小型企業數量的減少大部分與保險波動和運營商層面的各種狀態暫停有關。我們確實預計我們的中小企業數量將保持穩定在這些水平或之上，然後一旦穩定恢復到保險狀態，就會恢復。

The breakout of vertical revenue for Q2 is as follows: insurance, which includes property and casualty along with health, $21 million in Q2 revenue, which was 25% of total revenue for the quarter; consumer finance, $14 million in Q2 revenue, which was 17% of total revenue for the quarter; career and education, $14 million in Q2 revenue, which was 16% of total revenue for the quarter; international revenue, $14 million in Q2 revenue, which was 17% of total revenue for the quarter; and e-commerce, $12 million in Q2 revenue, which was 15% of total revenue for the quarter.

第二季垂直收入突破如下：保險，包括財產險和健康險，第二季收入為 2,100 萬美元，佔該季總收入的 25%；消費金融，第二季營收1400萬美元，佔該季總營收的17%；職業與教育，第二季收入 1,400 萬美元，佔該季總收入的 16%；國際收入，第二季收入 1,400 萬美元，佔該季度總收入的 17%；電子商務，第二季營收為 1,200 萬美元，佔該季總營收的 15%。

Outside of insurance, diversity in our customer mix and our verticals is what continues to differentiate DMS. We did see growth in consumer finance over the comparable period the prior year, and we also see home services as an emerging category for us.

除了保險之外，我們的客戶組合和垂直行業的多樣性是 DMS 持續脫穎而出的原因。我們確實看到了去年同期消費金融的成長，我們也將家庭服務視為我們的新興類別。

So to summarize, for our go-forward 2003 plan, the main objective is to foster business growth in our core business by executing on the following strategies. Prioritizing our significant enterprise customers in key verticals as we head into our seasonal high point of the year here in Q4. Marketplace diversification, here our focus will be on enhancing existing marketplaces and owned and operated websites and P&C insurance, education, home services, consumer finance, and health insurance.

總而言之，對於我們 2003 年的展望計劃，主要目標是透過執行以下策略來促進我們核心業務的業務成長。隨著我們在第四季度進入今年的季節性高峰，優先考慮關鍵垂直領域的重要企業客戶。市場多元化，我們的重點將是增強現有市場以及自有和經營的網站以及財產和意外保險、教育、家庭服務、消費金融和健康保險。

Brand-direct consolidation and unification, this is where we're going to focus on enhanced advertiser integrations, leveraging DMS-owned and operated assets to build exclusive campaigns that create strong value for both the consumer and the advertiser. And finally, continuing to streamline our operations and enhancing efficiency, so far in 2023, our team has commissioned $10.3 million in annualized cost savings across operating expenses.

品牌直接整合和統一，這是我們將專注於增強廣告客戶整合的地方，利用 DMS 擁有和經營的資產來打造獨家行銷活動，為消費者和廣告客戶創造強大的價值。最後，繼續簡化我們的營運並提高效率，截至 2023 年，我們的團隊已在營運支出方面實現了 1,030 萬美元的年度成本節省。

As a final note, we also announced today that we've reached an agreement in principle with a substantial majority of our bank group to amend the company's credit agreement. This agreement will provide flexibility to the business while we navigate the challenging business conditions that we've discussed. We're currently in the process of finalizing this amendment, which is subject to unanimous lender consent. We'd like to thank our lender group for their continued confidence and support as we position the company for future growth.

最後，我們今天也宣布，我們已與銀行集團的絕大多數成員原則上達成協議，以修改公司的信貸協議。該協議將為我們在應對我們所討論的充滿挑戰的業務條件時提供業務靈活性。我們目前正在最終確定這項修正案，該修正案需要得到貸方的一致同意。我們要感謝我們的貸方團隊在我們為公司未來發展做好定位時給予我們的持續信任和支持。

Now I have the pleasure of turning the call over to Vanessa who will provide more details on our financial results and also give an update on guidance.

現在，我很高興將電話轉給瓦妮莎，她將提供有關我們財務業績的更多詳細信息，並提供最新的指導意見。

Thank you, Joe, and good afternoon, everyone. I'll begin by discussing our financial results for the second quarter and conclude with our guidance for the third quarter. All comparisons are on a year-over-year basis unless otherwise noted.

謝謝喬，大家下午好。我將首先討論我們第二季的財務業績，並以我們對第三季的指導作為結束。除非另有說明，所有比較均按年比較。

Net revenue was $82.6 million, down 9.5% year-over-year. Insurance accounted for approximately 28% of our total revenue in Q2, which was down 62%. The breakdown of the insurance business was as follows: auto contributed 62% of total insurance, while health was 27%, followed by life at 4%, and home at 7%.

淨收入為 8,260 萬美元，年減 9.5%。保險業務約佔第二季總收入的 28%，下降了 62%。保險業務的細分如下：車險佔總險種的62%，健康險佔27%，其次是壽險佔4%，居家佔7%。

The declining revenue reflects the impact of lower carrier demand while this industry restabilizes. DMS continues to be a diversified digital performance advertising business. Career and education, which was approximately 16% of our total revenue in Q2, was down 6%. E-commerce represented 15% of our total revenue and was flat year over year. Consumer finance accounted for 17% of our total revenue and was up 21%.

收入下降反映了該行業恢復穩定期間營運商需求下降的影響。 DMS 仍然是一家多元化的數位效果廣告公司。職業和教育約佔第二季總收入的 16%，下降了 6%。電子商務占我們總營收的 15%，與去年同期持平。消費金融占我們總收入的 17%，成長 21%。

Gross profit was $19.2 million for Q2, equating to a 23.3% margin versus a 25.7% margin in Q2 of 2022. The decline was driven by continued margin compression within the insurance across both auto and health. Variable marketing margin was 27.4% compared to 35.5% in Q2 of 2022.

第二季的毛利為 1,920 萬美元，利潤率為 23.3%，而 2022 年第二季的利潤率為 25.7%。這一下降是由於汽車和健康保險領域的利潤率持續壓縮所致。可變行銷利潤率為 27.4%，而 2022 年第二季為 35.5%。

Moving on to our segment results, which is net of intercompany revenue. For the three-month-ended June 30, 2023, brand-direct solutions' gross margin was 20.2%, up from 19.3% in Q2 of 2022. Marketplace solutions' gross margin was 21.6%, down from 23.3% in Q2 of 2022. And technology solutions' gross margin was 77.1%, down from 83.7% in Q2 of 2022.

接下來是我們的部門業績，這是扣除公司間收入後的結果。截至2023年6月30日的三個月，品牌直接解決方案的毛利率為20.2%，高於2022年第二季的19.3%。市場解決方案的毛利率為21.6%，低於2022年第二季的19.3%。市場解決方案的毛利率為21.6%，低於2022年第二季度的23.3%。技術解決方案的毛利率為 77.1%，低於 2022 年第二季的 83.7%。

Now, looking at operating expenses, we continue to focus on driving efficiency in our business through consolidation and reduction of operating expenses. During Q2, operating expenses were $71.6 million, an increase of $38.6 million when compared to the second quarter in the prior year, with the increase largely driven by the goodwill and intangible impairments. When excluding non-cash items, operating expenses were $24.3 million, representing a drop of $1.7 million when compared to Q2 of last year, which is the direct result of our continued focus on cost reduction and business optimization.

現在，在營運費用方面，我們繼續專注於透過整合和減少營運費用來提高業務效率。第二季度，營運費用為 7,160 萬美元，比去年第二季增加 3,860 萬美元，成長主要是由商譽和無形減損推動的。剔除非現金項目後，營運費用為2,430萬美元，比去年第二季下降170萬美元，這是我們持續專注於成本降低和業務優化的直接結果。

Moving on to business profitability, our adjusted EBITDA for the quarter was $902,000, down $2.1 million, driven primarily by lower net adjustments to adjusted net income. Our net loss was $47.5 million versus the net loss of $11.9 million for the same quarter, driven by the impairment of goodwill, increased interest expense from the impact of rising interest rates, and expenses related to the discontinuation of our DMS voice operations offset by the warrants expense as a result of the share price volatility.

說到業務盈利能力，本季調整後的 EBITDA 為 902,000 美元，減少了 210 萬美元，這主要是由於調整後淨利潤的淨調整減少所致。我們的淨虧損為4,750 萬美元，而同一季度的淨虧損為1,190 萬美元，這是由於商譽減損、利率上升影響導致的利息支出增加以及與我們的DMS 語音業務中止相關的費用（被DMS語音業務中止所抵銷）所致。因股價波動而產生的認股權證費用。

Shifting our focus to the balance sheet and liquidity, we ended the quarter with $25.2 million in cash and cash equivalents, which was down approximately $1.2 million compared to the same quarter last year. As a reminder, we did close and fund the most recent acquisition, which was ClickDealer, but crashed from our balance sheet on March 30, 2023.

我們將重點轉向資產負債表和流動性，本季末我們的現金和現金等價物為 2,520 萬美元，比去年同期減少了約 120 萬美元。提醒一下，我們確實完成了最近一次收購並為其提供了資金，該收購是 ClickDealer，但於 2023 年 3 月 30 日從我們的資產負債表中崩潰了。

At quarter end, our total debt was $270.5 million (sic - see press release, "$266.4 million"). As Joe mentioned, we'd reached an agreement in principle with a substantial majority of the lenders under the senior secure credit facility to amend certain provisions of that facility, including, among other things, the total net leverage ratio covenant and the addition of a payment-in-kind option for the next four calendar quarters.

截至季末，我們的總債務為 2.705 億美元（原文如此 - 請參閱新聞稿，「2.664 億美元」）。正如喬所提到的，我們已與高級安全信貸安排下的絕大多數貸方達成了原則協議，以修改該安排的某些條款，其中包括總淨槓桿率契約和增加接下來四個日曆季度的實物付款選項。

We are currently in the process of finalizing the amendment with the lenders and obtaining the necessary unanimous consent of the lenders to affect the amendment. The amendment is not completed today. We will file a Form 12b-25 with the Securities and Exchange Commission to extend our 10-Q filing deadline. We currently anticipate obtaining the amendment and filing our Form 10-Q by August 21, 2023.

我們目前正在與貸款人最終確定修正案，並獲得貸款人必要的一致同意以影響修正案。修正案今天尚未完成。我們將向美國證券交易委員會提交 12b-25 表，以延長 10-Q 提交截止日期。目前，我們預計將在 2023 年 8 月 21 日之前獲得修正案並提交 10-Q 表格。

Turning over to our outlook. For Q3 of 2023, we expect net revenue in the range of $70 million to $72 million and adjusted EBITDA of $500,000 to $1 million. Our guidance range for growth margin is 23% to 26% and variable marketing margin between 29% and 34%. When we come back in November for our Q3 earnings, we will provide guidance for Q4 and full year 2023.

轉向我們的展望。對於 2023 年第三季度，我們預計淨收入在 7,000 萬美元至 7,200 萬美元之間，調整後的 EBITDA 為 50 萬美元至 100 萬美元。我們的成長利潤指引範圍為 23% 至 26%，可變行銷利潤範圍為 29% 至 34%。當我們在 11 月公佈第三季收益時，我們將為第四季度和 2023 年全年提供指導。

In summary, as Joe noted, we remain heads down and focused on our strategic growth initiative. These are items we believe we can control, and we are pleased with the progress we are making, along with the associated positive trends. Still, we believe we will continue to face headwinds in the coming quarters with an unsettled insurance market and further shifts in consumer behavior. Despite these headwinds, we are confident we have the right people, processes, and technology in place to be agile and successfully navigate our company through these volatile times and execute our growth initiative.

總而言之，正如喬指出的那樣，我們仍然低著頭，專注於我們的策略成長計劃。這些是我們相信我們可以控制的項目，我們對我們正在取得的進展以及相關的積極趨勢感到滿意。儘管如此，我們相信未來幾季我們將繼續面臨保險市場不穩定和消費者行為進一步轉變的不利因素。儘管有這些不利因素，我們相信我們擁有合適的人員、流程和技術，能夠保持敏捷，成功引導我們的公司度過這些動盪的時期並執行我們的成長計劃。

With that, we thank you for your interest in DMS, and I'll turn the call over to the operator for Q&A.

在此，我們感謝您對 DMS 的關注，我會將電話轉給接線員進行問答。

(Operator Instructions) Maria Ripps, Canaccord.

（操作員說明）Maria Ripps，Canaccord。

Great. Good afternoon, and thanks so much for taking my questions. First, it seems like trends continue to be challenged here in the near term. Do you think we may start seeing any early signs of recovery as we head into seasonally stronger Q4? And then any thoughts on the pace of recovery throughout 2024 based on what you are seeing today?

偉大的。下午好，非常感謝您回答我的問題。首先，短期內趨勢似乎持續受到挑戰。您認為當我們進入季節性強勁的第四季度時，我們是否可能開始看到任何復甦的早期跡象？那麼根據您今天所看到的情況，您對 2024 年全年的復甦速度有何想法？

Hi, Maria. This is Joe speaking. Good to have you. So, with regards to trends being challenged, I'll take that inside of property and casualty first. We do see some positive trends here in Q3, although it's hard to extrapolate what that will mean as we head out into Q4. I think it's more of a 2024 recovery in P&C insurance. The trends we're seeing would be more agent reactivations across the major carriers and states as rate increases go into effect and marketing spend starts to open back up. So, these are early-stage green shoots that we're seeing. Overall, the category is still challenged.

嗨，瑪麗亞。這是喬在講話。很高興有你。因此，關於受到挑戰的趨勢，我將首先考慮財產和傷亡方面的問題。我們確實在第三季度看到了一些積極的趨勢，儘管很難推斷當我們進入第四季度時這意味著什麼。我認為這更多的是財產與意外傷害保險 2024 年的復甦。我們看到的趨勢是，隨著費率上調的生效以及行銷支出開始回升，主要營運商和各州將有更多的代理商重新啟動。所以，這些是我們看到的早期萌芽。總體而言，該類別仍面臨挑戰。

Generally, positive trends, what I could say is the Q4 look forward for us. We've got the holiday e-commerce season. We've got our expected bump that we get as a result of holiday e-commerce, which we've historically seen domestically. And now we'll see some of that internationally as well on both brand-direct businesses, the domestic and the international business. And then we also have the open enrollment periods that would be opening in Q4 in health insurance. And we would expect to see increased marketing spend there by the carriers. That's how we're looking at the remainder 2023 across the business and then broader recovery in P&C, hopefully in 2024.

總的來說，積極的趨勢，我可以說的是我們對第四季的期望。我們迎來了假日電子商務季節。由於假日電子商務，我們已經實現了預期的成長，這是我們在國內歷史上看到的。現在我們將在國際以及品牌直接業務、國內和國際業務中看到其中的一些變化。然後，我們還有一個將於第四季開放的健康保險開放註冊期。我們預計營運商將增加行銷支出。這就是我們對整個業務 2023 年剩餘時間的展望，以及財產險和意外傷害險（希望在 2024 年）更廣泛復甦的方式。

Got it. That's very helpful. And then secondly, a few competitors in the health vertical exited the space recently. Can you maybe talk about any implications that you expect for the business given sort of the shifting competitive landscape across that vertical?

知道了。這非常有幫助。其次，健康垂直領域的一些競爭對手最近退出了該領域。您能否談談考慮到整個垂直領域競爭格局的變化，您對業務的預期影響？

In terms of how that might advantage us, or maybe you could just rephrase the question there slightly.

就這對我們有何好處而言，或者您可以稍微改變那裡的問題。

Yeah, just kind of what does the shift in the competitive landscape mean for your business there? And I guess, how are you especially positioned in over 65 segments sort of heading into kind of seasonal stronger Q4?

是的，競爭格局的轉變對您在那裡的業務意味著什麼？我猜，您在超過 65 個細分市場中的具體定位如何，即將進入季節性強勁的第四季？

Well, we're focused on the significant enterprise customers we have. So that would be the customers that we've served. And that's the customers that we've served in that segment of the market for the last few enrollment periods that we've been active. We're engaged with them. We expect, based on the preliminary indications that we've received and some of the feedback that's come through as a result of CMS, we expect to see an open enrollment period marketing spend that's at least equal to what we saw last year.

嗯，我們專注於我們擁有的重要企業客戶。這就是我們服務過的客戶。這就是我們在過去幾個活躍的註冊期間內在該市場領域所服務的客戶。我們正在與他們交往。我們預計，根據我們收到的初步跡像以及 CMS 帶來的一些回饋，我們預計開放註冊期的行銷支出將至少與去年持平。

And we're positively inclined to think that there's some upside there as a result of some competitors exiting the space. I think that they were in the premium commission segment where they were actually writing policies and in the various segments of the health insurance business. And that doesn't have an impact on our business. We don't see that as comparable to what we're doing on the marketing side in those two segments.

我們積極地認為，由於一些競爭對手退出該領域，該領域存在一些上升空間。我認為他們處於保費佣金領域，他們實際上在撰寫保單，並且處於健康保險業務的各個領域。這不會對我們的業務產生影響。我們認為這與我們在這兩個領域的營銷方面所做的事情沒有可比性。

Got it. That's very helpful. Thank you.

知道了。這非常有幫助。謝謝。

(Operator Instructions) David Marsh, Singular Research.

（操作員說明）David Marsh，Singular Research。

Hey, guys. Thanks for taking the questions. I'm sorry I jumped on a bit late. Maybe you could just, if I apologize by asking something you've already commented on. But my question is specifically related to auto. Could you just talk about, are you seeing any stabilization on the auto insurance side? And if not, what do you think it would take to get us there, Joe?

大家好。感謝您提出問題。抱歉我來晚了一點。也許你可以，如果我問你已經評論過的事情來道歉的話。但我的問題與汽車特別相關。您能否談談，您認為汽車保險方面是否有穩定的跡象？如果沒有，你認為我們需要怎樣才能實現這個目標，喬？

Well, as compared to Q2, as we just discussed with Maria, we do believe that there's stability in the agent count, although it's down substantially for us as a result of the reasons cited. We are seeing in Q3 more agent reactivations across the major carriers this quarter as rate increases go into effect in various states and marketing spend starts to open back up. We've seen compression there as state markets are closed for both the enterprise and the agent customers. Thus putting pressure on our agent counts as agents go. They're not off the platform. They're effectively dormant until those markets open back up, and then they would come back in as those markets open back up, become active again, and start spending.

嗯，與第二季度相比，正如我們剛剛與瑪麗亞討論的那樣，我們確實相信代理數量保持穩定，儘管由於上述原因，我們的代理數量大幅下降。我們在第三季度看到，隨著各州費率上調以及行銷支出開始回升，主要業者將有更多代理商重新啟用。由於州市場對企業和代理客戶都關閉，我們看到那裡的壓縮。因此，隨著代理人的離開，給我們的代理人施加壓力是很重要的。他們並沒有脫離平台。在這些市場重新開放之前，它們實際上處於休眠狀態，然後當這些市場重新開放時，它們就會重新活躍起來，再次變得活躍並開始支出。

So we do think we're stable at this count. As noted, it was just over 4,400 active agents. We're seeing more agent activations across that network this quarter, although I can't give line of sight into how that materially increases right now because it's too early.

所以我們確實認為我們在這一點上是穩定的。如前所述，活躍代理人數剛剛超過 4,400 名。本季度我們在該網絡上看到了更多的代理激活，儘管我現在無法了解這一數量如何大幅增加，因為現在還為時過早。

Okay. I appreciate that color. Just shifting a bit to the ClickDealer acquisition, it seems like things are going reasonably okay there. Could you just talk about efficiencies gained and if there are any further opportunities to maybe wring out a little bit of expense there as you continue to integrate that acquisition?

好的。我很欣賞那種顏色。只是稍微轉向一下對 ClickDealer 的收購，看起來事情進展得相當順利。您能否談談所獲得的效率，以及在繼續整合收購過程中是否還有進一步的機會可以節省一點費用？

So, I mean, that's an international business for the most part. They do have the home services business, which is a domestic marketplace. There was not a tremendous amount of overlap in their business and our business. The acquisition was really focused on growth over the longer term as opposed to cost takeout.

所以，我的意思是，這在很大程度上是一項國際業務。他們確實有家庭服務業務，這是一個國內市場。他們的業務和我們的業務沒有太多重疊。這次收購真正著眼於長期成長，而不是成本削減。

So, to the extent that there was or is an opportunity to be more efficient, look, we're generally focused on efficiency at this point, as most others are, which is why the team was able to take out on an annualized basis nine figures of cost. But our main focus there is integrating our core assets, data, technology, media, helping grow the home services business on the marketplace side, and then engaging our current enterprise customers here domestically that have an international presence to leverage their international distribution network. And that's really where the growth is going to come from. And that's what excites us.

因此，就曾經或現在有機會提高效率而言，我們現在通常像大多數其他人一樣專注於效率，這就是為什麼該團隊能夠按年化計算 9成本數字。但我們的主要重點是整合我們的核心資產、數據、技術、媒體，幫助在市場方面發展家庭服務業務，然後吸引我們現有的國內企業客戶，這些客戶在國際上擁有業務，以利用其國際分銷網路。這確實是成長的來源。這就是讓我們興奮的地方。

But we just closed this acquisition a little over 90 days ago. So, we're still early days. Our integration is well underway. We're excited about the team, and we're seeing good momentum in the business. However, we've got quite a ways to go here, only being, less than 120 days into this thing.

但我們在 90 天前剛完成了這項收購。所以，我們還處於早期階段。我們的整合正在順利進行中。我們對這個團隊感到很興奮，我們看到了業務的良好勢頭。然而，我們還有很長的路要走，距離這件事還不到 120 天。

Right. Understood. All right, guys, well, good luck with the back half of the year and keep marching forward.

正確的。明白了。好吧，夥計們，祝下半年好運，繼續前進。

Thanks, David.

謝謝，大衛。

Thank you. This does conclude the question-and-answer session as well as today's program. Thank you, ladies and gentlemen, for your participation. You may now disconnect. Good day.

謝謝。問答環節和今天的節目到此結束。謝謝女士們先生們的參與。您現在可以斷開連線。再會。