Forian Inc (FORA) 2024 Q3 法說會逐字稿

Greetings, and welcome to Forian Inc. third quarter 2024 financial results conference call and webcast. (Operator Instructions). Participating today from Forian are Max Wygod, Executive Chairman and Chief Executive Officer; and Michael Vesey, Chief Financial Officer.

問候，歡迎參加 Forian Inc. 2024 年第三季財務業績電話會議和網路廣播。（操作員指令）。今天參加會議的有 Forian 的執行主席兼執行長 Max Wygod；以及財務長 Michael Vesey。

Before we begin, I would like to remind you that management's remarks today may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by those forward-looking statements due to a variety of important factors, including those discussed in the Risk Factors section of the company's annual report on Form 10-K filed with the SEC on March 29, 2024.

在我們開始之前，我想提醒您，管理階層今天的言論可能包含 1995 年《私人證券訴訟改革法案》所定義的前瞻性聲明。由於各種重要因素，包括公司 2024 年 3 月 29 日向美國證券交易委員會提交的 10-K 表年度報告中「風險因素」部分中討論的因素，實際結果可能與這些前瞻性陳述所示的結果存在重大差異。

In particular, management will discuss an estimated of its full year 2024 revenue outlook as of today. Estimating financial performance accurately for future performance is difficult as it involves assumptions and internal estimates that may prove to be incorrect and is based on plans and circumstances that may change. There is, therefore, a significant risk that actual results could differ materially from the outlook provided today.

具體來說，管理層將討論截至今天其 2024 年全年收入前景的估計。準確估計未來財務表現非常困難，因為它涉及可能被證明不正確的假設和內部估計，並且基於可能發生變化的計劃和情況。因此，實際結果可能與今天提供的展望有重大差異，這是一個很大的風險。

Any forward-looking statements made on the call today represent the company's views as of this date and the company undertakes no obligation to update them except as required by law. Words such as estimates, projected, expect, anticipate, forecast, plan, intend, believe, seek, may, will, should, future, propose and variations of these words or similar expressions or versions of such words or expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding future growth, anticipated performance and prospects.

今天電話會議上做出的任何前瞻性陳述均代表本公司截至當日的觀點，除法律要求外，本公司不承擔更新這些陳述的義務。估計、預測、預期、預期、預報、計劃、打算、相信、尋求、可能、將、應該、未來、提出等詞語以及這些詞語的變體或類似表達或此類詞語或表達的版本旨在識別前瞻性陳述。這些聲明包括但不限於有關未來成長、預期業績和前景的聲明。

Today's presenters will also refer to certain non-GAAP financial measures on our call, such as adjusted EBITDA, which the company believes may be important to investors to assess its operating performance and should be considered a supplement to and not a substitute for financial measures prepared in accordance with GAAP. A reconciliation of the comparable GAAP metric can be found in today's press release and webcast, both of which are available on the company's website.

今天的演講者還將在電話會議上提及某些非 GAAP 財務指標，例如調整後的 EBITDA，公司認為這些指標對於投資者評估其經營業績可能很重要，應被視為對根據 GAAP 編制的財務指標的補充而不是替代。您可以在今天的新聞稿和網路廣播中找到可比較 GAAP 指標的對帳表，兩者均可在公司的網站上找到。

Those numbers are unaudited and any statement regarding the company's anticipated performance may be subject to change, including as a result of risks discussed in the Risk Factors section of the company's annual report on Form 10-K filed with the SEC on March 29, 2024. Today's call and webcast is being recorded. A copy of the recording webcast as well as the full transcript and copies of today's press release and SEC filings will be available at forian.com/investors.

這些數字未經審計，任何有關公司預期業績的聲明都可能發生變化，包括由於公司 2024 年 3 月 29 日向美國證券交易委員會提交的 10-K 表年度報告中「風險因素」部分中討論的風險而發生變化。今天的電話會議和網路直播正在錄音。錄音網路直播的副本以及今天的新聞稿和 SEC 文件的完整記錄和副本將在 forian.com/investors 上提供。

I am now pleased to introduce the company's Executive Chairman and Chief Executive Officer, Max Wygod. Sir, you may begin.

現在，我很高興介紹公司執行主席兼執行長馬克斯‧維戈德 (Max Wygod)。先生，您可以開始啦。

Good afternoon, and thank all of you for joining Forian's third quarter 2024 earnings call. In today's call, I'll review Forian's current performance and key highlights from the third quarter and provide insight into our positioning and updated outlook for the remainder of this fiscal year. Following this overview, Mike Vesey will discuss our financial results and the factors shaping our financial trajectory.

下午好，感謝大家參加 Forian 2024 年第三季財報電話會議。在今天的電話會議上，我將回顧 Forian 目前的業績和第三季的主要亮點，並深入了解我們對本財年剩餘時間的定位和最新展望。概述之後，Mike Vesey 將討論我們的財務表現以及影響我們財務軌跡的因素。

Revenue in the third quarter was relatively flat sequentially with the second quarter. However, we experienced increased sales wins in both health care services and life sciences. While the revenue impact from these sales has not been fully realized in the third quarter, we will benefit from this momentum as we close out the year.

第三季的營收與第二季相比基本持平。然而，我們在醫療保健服務和生命科學領域的銷售均取得了成長。雖然這些銷售帶來的收入影響在第三季尚未完全實現，但我們將在年底時受益於這一勢頭。

Since the first quarter of 2024, Forian's quarterly revenue has ranged steadily between $4.6 million and $5.4 million. This trend has been due to certain macro end market factors we have discussed previously and the full P&L impact of previous attrition of two customer accounts we referenced in last quarter's call. However, given current momentum, we are looking to break out of this range going into 2025.

自 2024 年第一季以來，Forian 的季度收入一直穩定在 460 萬美元至 540 萬美元之間。這種趨勢是由於我們之前討論過的某些宏觀終端市場因素，以及我們在上個季度的電話會議中提到的兩個客戶帳戶的流失對整體損益的影響。然而，鑑於目前的勢頭，我們希望在 2025 年突破這一範圍。

In the third quarter, we generated revenue of $4.7 million, which compares to $5.3 million year-over-year. Our net loss from the quarter was $0.2 million, and our adjusted EBITDA was $0.2 million, which compares to a net income of $4.3 million and adjusted EBITDA of $1.1 million year-over-year, respectively.

第三季度，我們的營收為 470 萬美元，去年同期為 530 萬美元。本季我們的淨虧損為 20 萬美元，調整後 EBITDA 為 20 萬美元，而去年同期的淨收入為 430 萬美元，調整後 EBITDA 為 110 萬美元。

Subsequent to the end of Q3, we acquired Kyber Data Science, which will expand our addressable market to include a financial service customers and adds valuable brand equity to our portfolio and strengthen our data science and predictive analytic capabilities. We believe that Kyber's data science expertise and analytical applications are well suited for our life science customer base interested in sophisticated pharmaceutical and device product performance competitive positioning and market access challenges.

在第三季結束後，我們收購了 Kyber Data Science，這將擴大我們的目標市場，包括金融服務客戶，並為我們的產品組合增加寶貴的品牌資產，並增強我們的數據科學和預測分析能力。我們相信，Kyber 的數據科學專業知識和分析應用非常適合對複雜的藥品和設備產品性能競爭定位和市場准入挑戰感興趣的生命科學客戶群。

I will spend a couple of minutes on Kyber's background. Kyber has become an advantaged source of insights for health care investors. It was founded in 2021 by investors for investors, and has since built a portfolio of data and analytic offerings that improve customers' trust to make more confident decisions earlier in the drug's life cycle as well as earlier in every quarter.

我將花幾分鐘介紹 Kyber 的背景。Kyber 已成為醫療保健投資者的寶貴洞察來源。該公司成立於 2021 年，由投資者為投資者服務，此後建立了一系列數據和分析產品，以提高客戶的信任度，使他們能夠在藥品生命週期的早期以及每個季度的早期做出更自信的決策。

Kyber has one of the most experienced and informed health care data science teams on Wall Street to help investors capitalize and drive decisions with complicated healthcare data. This team has combined data science excellence, advanced machine learning and healthcare context knowledge into a truly differentiated set of data products with very high predictive power.

Kyber 擁有華爾街最有經驗和最了解醫療數據科學的團隊之一，可幫助投資者利用複雜的醫療數據並推動決策。團隊將卓越的數據科學、先進的機器學習和醫療保健背景知識結合在一起，打造出一套真正差異化、具有極高預測能力的數據產品。

While still early as an operating company, Kyber has already assembled a very impressive roster of early adopter customers including some of the largest hedge funds in the world and significant brand equity within the market as evidenced by frequent mentions by Bloomberg and biotech IR departments. We believe that Kyber is an example of Forian building its competitive position of providing unique intelligence and insights derived from healthcare data.

儘管 Kyber 仍處於營運初期，但它已經累積了一群令人印象深刻的早期採用者客戶，其中包括世界上一些最大的對沖基金和市場上重要的品牌資產，彭博社和生物技術 IR 部門的頻繁提及就是明證。我們相信 Kyber 是 Forian 建立其競爭地位的一個例子，即提供來自醫療保健數據的獨特情報和見解。

As the information industry continues to struggle with data disruptions, we believe that cutting-edge services and analytics will create differentiated value to customers. However, we intend to continue to invest and strengthen our cost-effective long-term diverse data relationships and as previously mentioned, have already procured some alternative and/or expanded solutions.

隨著資訊產業繼續努力應對數據中斷，我們相信尖端服務和分析將為客戶創造差異化價值。然而，我們打算繼續投資並加強我們具有成本效益的長期多元化數據關係，並且如前所述，我們已經購買了一些替代和/或擴展的解決方案。

As a reminder, Forian's Data Factory is a sophisticated platform that aggregates, integrates, normalizes and cleanses a diverse array of data from multiple sources such as medical and pharmacy claims as well as EMR, laboratory and social determinants of health data. Through the Kyber acquisition, we now also incorporate financial data and proprietary panels.

提醒一下，Forian 的數據工廠是一個複雜的平台，可以匯總、整合、標準化和清理來自多個來源的各種數據，例如醫療和藥房索賠以及 EMR、實驗室和健康數據的社會決定因素。透過收購 Kyber，我們現在也整合了財務數據和專有面板。

We continue to actively evaluate strategic opportunities to increase value to our shareholders. Our corporate development efforts may come in various forms and also may include potential partnerships and strategic transactions to enhance and expand our product portfolio and client base as well as the opportunistic capital allocation initiatives to repurchase of outstanding shares or convertible notes.

我們將持續積極評估策略機遇，為股東增加價值。我們的企業發展努力可能有多種形式，也可能包括潛在的合作夥伴關係和策略交易，以增強和擴大我們的產品組合和客戶群，以及機會性資本配置舉措，以回購流通股或可轉換票據。

To summarize, Forian continues to work through the headwinds caused by the financial impact of previous customer losses and data disruptions. We are experiencing improved sales momentum and completed a strategic tuck-in acquisition to expand our product and addressable market. We remain confident in our competitive position, highlighted by our excellent team, agile technology and strong balance sheet.

總而言之，Forian 正在繼續努力克服先前客戶流失和資料中斷造成的財務影響所造成的阻力。我們的銷售動能正在增強，並完成了一項策略性收購，以擴大我們的產品和潛在市場。我們對我們的競爭地位充滿信心，這得益於我們優秀的團隊、靈活的技術和強勁的資產負債表。

I will now turn the call over to Mike for a review of the financials. Mike?

現在我將把電話轉給麥克，讓他審查一下財務狀況。麥克風？

Thanks, Max. Today, I will provide an overview of Forian's financial results for the quarter ended September 30, 2024. My discussion today will reference comparative results to our operations for the quarter ended September 30, 2023, unless noted otherwise. The press release issued today presents Forian's financial results on a GAAP basis.

謝謝，馬克斯。今天，我將概述 Forian 截至 2024 年 9 月 30 日的季度財務表現。除非另有說明，我今天的討論將參考截至 2023 年 9 月 30 日的季度營運結果。今天發布的新聞稿按照 GAAP 基礎介紹了 Forian 的財務業績。

As in prior quarters, we have also reported adjusted EBITDA, which management uses as a measure to track the performance of the business. As noted, the press release and these presentation materials include a detailed reconciliation of adjusted EBITDA to net income or loss.

與前幾季一樣，我們也報告了調整後的 EBITDA，管理層將其作為追蹤業務績效的指標。如上所述，新聞稿和這些簡報資料包括調整後的 EBITDA 與淨收入或虧損的詳細對帳。

Our consolidated revenues of $4.7 million were down $0.6 million compared to the same quarter last year. As discussed in the previous quarter, our revenue to date has been impacted by some customer attrition we experienced at the end of 2023, as well as reduced revenue from a few of our early-stage customers that have experienced difficulty in securing funding in the current environment.

我們的綜合收入為 470 萬美元，與去年同期相比下降了 60 萬美元。正如上一季所討論的那樣，我們迄今為止的收入受到了 2023 年底一些客戶流失的影響，以及一些在當前環境下難以獲得資金的早期客戶的收入減少。

Operating loss from continuing operations was approximately $0.8 million for both the third quarter of 2024 and 2023, as lower revenues were offset by lower sales and marketing costs and lower expenses related to the settlement of legacy litigation from the Helix acquisition. It should be noted that our third quarter 2024 expenses include a $0.5 million non-recurring benefit related to the termination of one of our inbound information contracts.

2024 年和 2023 年第三季的持續經營營業虧損均為約 80 萬美元，原因是收入下降被銷售和行銷成本下降以及與 Helix 收購遺留訴訟和解相關的費用下降所抵銷。值得注意的是，我們 2024 年第三季的費用包括與終止我們的一項入站資訊合約相關的 50 萬美元非經常性收益。

Excluding the impact of this benefit, our cost of revenues and operating loss from continuing operations would have been $0.5 million higher primarily due to increased information licensing and infrastructure costs related to our Data Factory. We entered into additional licensing agreements in the fourth quarter of 2023 and 2024 to diversify information sources and product offerings.

除去此收益的影響，我們的持續經營收入成本和經營虧損將增加 50 萬美元，這主要是由於與我們的數據工廠相關的資訊許可和基礎設施成本增加。我們在 2023 年和 2024 年第四季簽訂了額外的授權協議，以實現資訊來源和產品供應多樣化。

We plan to continue to invest in our information platform to enable innovation and growth in our product offerings. The non-recurring benefit related to the contract termination has been added back to our adjusted EBITDA for the quarter to provide a more meaningful comparison with prior periods.

我們計劃繼續投資我們的資訊平台，以促進我們的產品創新和成長。與合約終止相關的非經常性福利已加回到我們本季的調整後 EBITDA 中，以便與前期進行更有意義的比較。

Net other income decreased $5.9 million from the prior year from $6.4 million to $0.5 million due to a $5.8 million gain on sale of investment recorded in the prior year. As a result, loss from continuing operations was $0.2 million compared to a gain of $5.5 million in the prior year, a net change of $5.7 million.

其他淨收入較前一年減少 590 萬美元，從 640 萬美元降至 50 萬美元，原因是去年出售投資收益為 580 萬美元。結果，持續經營虧損為 20 萬美元，而上年的收益為 550 萬美元，淨變動為 570 萬美元。

Adjusted EBITDA, from continuing operations, which excludes stock-based compensation, depreciation, amortization, costs related to litigation and certain other non-recurring items, was $0.2 million compared to [$1.1 million](corrected by company after the call) in the same quarter last year.

調整後的 EBITDA（來自持續經營業務，不包括股票薪酬、折舊、攤提、訴訟相關費用和某些其他非經常性項目）為 20 萬美元，而去年同期為 [110 萬美元]（公司在電話會議後進行了更正）。

The decrease in adjusted EBITDA resulted primarily from the lower revenue and higher cost of revenue after adjusting for the previously discussed contract termination benefit. As noted earlier, a reconciliation of our net income or loss to adjusted EBITDA, along with an explanation of the reconciling items is included in today's earnings release.

調整後 EBITDA 的下降主要由於調整先前討論的合約終止福利後的收入下降和收入成本上升。如前所述，今天的收益報告中包含了我們的淨收入或虧損與調整後 EBITDA 的對賬，以及對帳項目的解釋。

Turning to our balance sheet. We ended the period with $49.4 million of cash and marketable securities and $24.4 million of convertible notes and accrued interest maturing in September 2025. During November 2024, the company redeemed $17.8 million of principal and accrued interest on convertible notes for an aggregate redemption price of $17.6 million, resulting in an anticipated gain of $0.1 million.

轉向我們的資產負債表。期末我們擁有 4,940 萬美元的現金和有價證券以及 2,440 萬美元的可轉換票據和應計利息，將於 2025 年 9 月到期。2024 年 11 月，該公司贖回了 1,780 萬美元的可轉換票據本金和應計利息，總贖回價為 1,760 萬美元，預期收益為 10 萬美元。

As previously mentioned, on October 31, 2024, we acquired the business of Kyber Data Sciences, an exchange for assuming its normal course operating liabilities on a going-forward basis. After considering these events, we continue to believe that we maintain adequate capital to operate our business and capitalize on incremental growth opportunities as they arise.

如前所述，2024 年 10 月 31 日，我們收購了 Kyber Data Sciences 的業務，以承擔其未來的正常經營責任。考慮到這些事件後，我們仍然相信，我們擁有足夠的資本來經營我們的業務，並利用出現的增量成長機會。

Reviewing our financial outlook. We previously provided an expectation for 2024 revenues to be in the range of $19 million to $20 million and our adjusted EBITDA in a range of negative $0.5 million to positive $0.5 million. We will include the results of Kyber Data Sciences in our operating results effective November 1, 2024. With the acquisition of Kyber, we expect 2024 revenues to be at the top end of our revenue range while maintaining our adjusted EBITDA within the previously provided range.

回顧我們的財務前景。我們先前預計 2024 年的營收將在 1,900 萬美元至 2,000 萬美元之間，調整後的 EBITDA 將在負 50 萬美元至正 50 萬美元之間。我們將從 2024 年 11 月 1 日起將 Kyber Data Sciences 的結果納入我們的營運績效。透過收購 Kyber，我們預計 2024 年的營收將達到我們營收範圍的最高端，同時將我們的調整後 EBITDA 保持在先前提供的範圍內。

I'll now turn the call over to the operator for questions. Thank you.

我現在將把電話轉給接線員以便回答問題。謝謝。

(Operator Instructions)

（操作員指令）

Richard Baldry, ROTH Capital.

羅仕資本（ROTH Capital）的理查德·鮑德里（Richard Baldry）。

Thanks. Can you maybe drill in a little bit to your sort of the opening comment on your revenues have been sideways for a bit, but you see an upward or breakout in 2025? Can you talk about sort of the pieces of that? I assume some is the acquisition, but are you seeing greater activity? Do you think sales cycle is starting to gel? So how do we get comfortable around that commentary? Thanks.

謝謝。您能否就您開場白稍微深入一點，您的收入暫時處於橫向波動狀態，但您認為 2025 年會出現上升或突破？能詳細談談其中的細節嗎？我認為其中一些是收購，但你是否看到了更大的活動？您認為銷售週期開始穩定了嗎？那麼，我們如何才能安心地接受這樣的評論呢？謝謝。

Sure, Rich. This is Max. That commentary was around Forian excluding Kyber, because Kyber was not in the third quarter. We saw some improved sales momentum. So while we don't report on the annual or total contract sales that we get in a quarter, we did see both expanded relationships and renewals that were at larger amounts than an initial contract.

當然，里奇。這是馬克斯。該評論是關於 Forian 排除 Kyber 的，因為 Kyber 沒有出現在第三節。我們看到銷售動能有所改善。因此，雖然我們沒有報告某個季度的年度或總合約銷售額，但我們確實看到擴大的關係和續約的金額都比最初的合約要大。

And as you know, most of our contracts go over a year in term. So when we saw those additions, we know that the revenue impact will come into the fourth quarter and later. And that's what we were seeing, which is a higher rate of wins versus what we saw in the previous quarters this year.

如您所知，我們的大多數合約期限都超過一年。因此，當我們看到這些新增功能時，我們知道其營收影響將在第四季及以後顯現。這就是我們所看到的，與今年前幾季相比，勝率更高。

And when talking to those clients, is there a way to discern sort of why the higher rate of wins? Is there something sort of macro freeing up? And then maybe broader perspective with just a general feel? How do you feel like the environment changes in a different federal leadership position?

與這些客戶交談時，有沒有辦法辨別出為什麼勝率更高？是否有某種宏可以釋放？然後也許只是從整體感覺出發，採用更廣闊的視角？您覺得在不同的聯邦領導職位下環境會發生怎樣的變化？

Right. I think the market has gone a little bit better as we noted, the disruptions that have happened earlier in Q1 are a little bit passed. So I think the appetite for clients to look at information contracts are a little bit more open, but it was a little bit also of seasonality where the end of Q3, Q4 typically are stronger for us, and we see that taking place.

正確的。我認為市場已經有所好轉，正如我們所注意到的，第一季早些時候發生的混亂已經被部分消除了。因此，我認為客戶對資訊合約的興趣更加開放一些，但也有一些季節性，通常第三季末和第四季末對我們來說更為強勁，我們看到這種情況正在發生。

And maybe just from the broadest perspective, you're sitting on a lot of cash, acquisitions haven't seen that use a lot of it. If you're seeing some early signs of improving demand or action in your pipeline, do you think it's the right time to invest a little more aggressively in the sales and marketing? Being positive adjusted EBITDA breakeven, it doesn't seem like it would be as important maybe as if you dip to negative, but did it because you were driving a lot more into your sales and marketing headcount with an idea that growth could really pick up? Or do you think that's more of a pushing on it string and not necessary?

也許從最廣泛的角度來看，你坐擁大量現金，但收購並沒有耗費太多現金。如果您看到管道中需求或行動改善的一些早期跡象，您是否認為現在是時候在銷售和行銷方面進行更積極的投資了？調整後的 EBITDA 損益平衡點為正值，這似乎並不像降至負值那麼重要，但是，這是否是因為您在銷售和行銷方面投入了更多人員，並認為成長確實會加快？或者您認為這更像是一種推動字串並且沒有必要？

It's a little bit mixed. I think actually with the acquisition we just completed with Kyber, we're picking up some really strong individuals. So while we could go and invest and bring more people on, and we're constantly looking for strong sales individuals, we think we get some of that in the acquisition that we did. And we still really want to be focused on the bottom line. So we would rather go and kind of build the efficiency and we have capacity within our current sales team to sell more.

有點混亂。我認為實際上，透過我們剛剛完成的對 Kyber 的收購，我們正在招募一些非常強大的人才。因此，雖然我們可以去投資並引進更多的人才，並且我們也一直在尋找強大的銷售人才，但我們認為我們在收購中獲得了部分機會。我們仍然希望專注於底線。因此，我們寧願去提高效率，我們現有的銷售團隊有能力銷售更多的產品。

I don't think it's just a pure numbers game of more salespeople equal (technical difficulty) number of(technical difficulty). But we are constantly looking for the best use of our cash. As we noted, we did redeem some of the debt at the end of the quarter. And then with acquisitions that can be accretive or bring new target markets or applications, I think, are really kind of synergistic in offering kind of a differentiated product to our kind of pharma clients. So that's really how we see more growth versus just numbers in the sales team.

我不認為這只是一個純粹的數字遊戲，即更多的銷售人員等於更多的（技術難度）。但我們一直在尋找現金的最佳用途。正如我們所指出的，我們確實在本季末贖回了部分債務。然後，我認為，透過收購可以實現增值或帶來新的目標市場或應用，這在為我們的製藥客戶提供差異化產品方面確實具有協同作用。因此，我們看到銷售團隊的成長不僅僅是數字而已。

Got it. Thanks.

知道了。謝謝。

(Operator Instructions)

（操作員指令）

One moment, for our next question in queue is from Eric Kraus.

請稍等，我們的下一個問題來自 Eric Kraus。

Well, I'd like to know what the terms were of the acquisition. Is that availabl?

嗯，我想知道收購的條款是什麼。有空嗎？

Yes. Eric, this is Max. We acquired Kyber and we're funding the operations going forward, how the acquisition was set forth, it wasn't just a pure purchase price. So Kyber is going to be able to operate differently under us versus a large bank. And then we will have more color into the revenue in Q1. So it's a small acquisition.

是的。埃里克，這是馬克斯。我們收購了 Kyber，並且正在為其未來的營運提供資金，此次收購的具體內容不僅僅是一個純粹的購買價格。因此，Kyber 將能夠像在我們這樣的大型銀行一樣以不同的方式運作。然後我們將對第一季的收入有更多的了解。因此這是一次小收購。

Thank you, Max.

謝謝你，馬克斯。

Thank you.

謝謝。

Thank you. And with that, ladies and gentlemen, we conclude our Q&A session and program for today. Thank you all who participated and you may now disconnect.

謝謝。女士們、先生們，今天的問答環節和節目到此結束。感謝所有參與的人，現在您可以斷開連接了。