Forge Global Holdings Inc (FRGE) 2024 Q3 法說會逐字稿

Good afternoon. My name is Angela and I will be your conference operator today. At this time, I'd like to welcome everyone to the Forge second-quarter 2024 financial results conference call.

午安.我叫安琪拉，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Forge 2024 年第二季財務業績電話會議。

On today's Forge Global's call will be Kelly Rodrigues, CEO; Mark Lee, CFO; Lindsay Riddell, Executive Vice President of Corporate Marketing and Communication; and Dominic Paschel, SVP of Finance and Investor Relations. (Operator Instructions)

執行長 Kelly Rodrigues 將出席今天的 Forge Global 電話會議；馬克李，財務長； Lindsay Riddell，企業行銷與傳播執行副總裁；財務與投資者關係資深副總裁多明尼克‧帕舍爾 (Dominic Paschel)。 （操作員說明）

And now I will now turn the call over to Lindsay Riddell. Ms. Riddell, you may begin your conference.

現在我將把電話轉給林賽·里德爾。 Riddell 女士，您可以開始會議了。

Thank you, John, and thank you all for joining us today for Forge's third-quarter 2024 earnings call. Joining me today are Forge's CEO, Kelly Rodriques; and Forge's CFO, Mark Lee. They will share prepared remarks regarding the quarter's results and then take your questions at the end.

謝謝約翰，也謝謝大家今天參加 Forge 的 2024 年第三季財報電話會議。今天加入我的是 Forge 的執行長 Kelly Rodriques；以及 Forge 的財務長 Mark Lee。他們將分享有關本季業績的準備好的評論，然後在最後回答您的問題。

Just after market closed today, we issued a press release announcing Forge's third-quarter 2024 financial results. A discussion of our results today complements the press release, which is available on the Investor Relations page of our website.

今天收盤後，我們發布了新聞稿，宣布 Forge 2024 年第三季財務業績。今天對我們業績的討論是對新聞稿的補充，該新聞稿可在我們網站的投資者關係頁面上找到。

This conference call is being webcast live and will be available as a replay for 30 days, beginning about one hour after the conclusion of this call. There's also an investor presentation on our IR page.

本次電話會議正在進行網路直播，並將在本次電話會議結束後約一小時開始重播，為期 30 天。我們的 IR 頁面上還有投資者介紹。

During this conference call, we may make forward-looking statements based on current expectations, forecasts and projections as of today's date. Any forward-looking statements that we make are subject to various risks and uncertainties, and there are important factors that could cause actual outcomes to differ materially from those included in these statements. We discuss these factors in our SEC filings, including our quarterly report on Form 10-Q, which can soon be found on the IR page of our website and the SEC filings website.

在本次電話會議中，我們可能會根據截至今天的當前預期、預測和預測做出前瞻性聲明。我們所做的任何前瞻性陳述都會受到各種風險和不確定性的影響，並且有一些重要因素可能導致實際結果與這些陳述中包含的結果有重大差異。我們在 SEC 文件中討論了這些因素，包括我們的 10-Q 表季度報告，很快就可以在我們網站的 IR 頁面和 SEC 文件網站上找到。

As a reminder, we are not required to update our forward-looking statements. In our presentation today, unless otherwise noted, we'll be discussing adjusted financial measures, which are non-GAAP measures that we believe are meaningful when evaluating the company's performance. For detailed disclosures on these measures and the GAAP reconciliations, you should refer to the financial data contained within our press release, which is also posted to the IR page of our website.

提醒一下，我們不需要更新我們的前瞻性陳述。在今天的演講中，除非另有說明，否則我們將討論調整後的財務指標，這些指標是我們認為在評估公司績效時有意義的非公認會計準則指標。有關這些措施和 GAAP 調節表的詳細披露，您應該參閱我們新聞稿中包含的財務數據，該新聞稿也發佈在我們網站的 IR 頁面上。

Additionally, we have posted our third-quarter supplemental information on the same page. Today's discussion will focus on third-quarter 2024 results. As always, we encourage you to evaluate both annual and quarterly results for a full picture of Forge's performance, which can be affected by unexpected events that are outside of our control.

此外，我們還在同一頁上發布了第三季的補充資訊。今天的討論將重點放在 2024 年第三季業績。一如既往，我們鼓勵您評估年度和季度業績，以全面了解 Forge 的業績，該業績可能會受到我們無法控制的意外事件的影響。

With that, I'll turn it over to Kelly.

有了這個，我會把它交給凱利。

Thank you, Lindsay and John. Good afternoon, everyone, and thank you for joining us today. I'll start today with a high-level summary of our results and touch on a few of the highlights from the quarter. These include exciting technology and product innovations that are helping us to expand access and improve the experience for all participants in the private market. In Q3, total revenue less transaction-based expenses for the quarter totaled $19.1 million, down from Q2 2024, but up compared to the year-ago quarter.

謝謝你們，林賽和約翰。大家下午好，感謝您今天加入我們。今天我將首先對我們的業績進行高度總結，並談論本季的一些亮點。其中包括令人興奮的技術和產品創新，這些創新正在幫助我們擴大私募市場所有參與者的准入範圍並改善其體驗。第三季度，總收入減去基於交易的費用總計 1,910 萬美元，低於 2024 年第二季度，但高於去年同期。

Net marketplace revenue slowed to $8.6 million as the pre-election summer months were marked by slower trading activity, but was up 21% year over year. We continue to see a broad set of investors engaging in the market through our platform. While we deliver access across the spectrum of participants, institutions make up our largest book of business. There are more than 20,000 institutions registered on our platform. And institutions account for at least 2/3 of our buy-side volume annually since 2021.

由於大選前的夏季交易活動放緩，市場淨收入放緩至 860 萬美元，但年增 21%。我們繼續看到廣泛的投資者透過我們的平台參與市場。雖然我們為各種參與者提供存取權限，但機構構成了我們最大的業務範圍。我們平台上註冊的機構超過20,000家。自 2021 年以來，機構每年至少占我們買方交易量的 2/3。

Institutional investors come to Forge because of our credibility, our track record of delivering access and closing trades and because of the unique proprietary pricing insights we're able to deliver through our platform to inform investment decisions. To that end, in Q3, we announced Forge Price, a breakthrough in pricing transparency for the private market. Forge Price is a single derived share price for more than 240 of the most liquid private companies. It serves as an indicator of the most current price per share of a company based on a combination of secondary market transactions, recent funding rounds and indications of interest. Forge Price is the pricing model that underlies our indices and that feeds the up-to-date pricing insights delivered through our platform.

機構投資者之所以來到 Forge，是因為我們的信譽、我們在提供准入和結束交易方面的記錄，以及我們能夠透過我們的平台提供的獨特的專有定價見解，為投資決策提供資訊。為此，我們在第三季宣布了 Forge Price，這是私人市場定價透明度的突破。 Forge Price 是 240 多家流動性最強的私人公司的單一衍生股票。它根據二級市場交易、最近的融資輪次和興趣跡象，作為公司最新每股價格的指標。 Forge Price 是我們指數的基礎定價模型，可提供透過我們平台提供的最新定價見解。

We believe that the unique insights into up-to-date pricing serves as an advantage when it comes to evaluating trends in the performance in the private market. In September, we identified the Private Market Magnificent 7, a group of the largest, most resilient, and best-performing companies in the private market. Forge Price makes this type of analysis and market insight possible. And we're excited about the potential for future partnerships and visibility now possible with Forge Price. Our continued investment in the Forge Next Generation Platform allows us to better expose pricing data, improve the client experience, and drive further efficiency into the trading process.

我們相信，在評估私募市場的表現趨勢時，對最新定價的獨特見解具有優勢。 9 月份，我們確定了私募市場 Magnificent 7 強，這是私募市場中最大、最有彈性、表現最好的公司。 Forge Price 讓這種類型的分析和市場洞察成為可能。我們對與 Forge Price 未來合作的潛力和現在可能的知名度感到興奮。我們對 Forge 下一代平台的持續投資使我們能夠更好地公開定價數據、改善客戶體驗並進一步提高交易流程的效率。

We believe we're already seeing results, from enhancements we made in Q3 to our client onboarding experience, that make it easier for clients to make decisions and enter competitive bids and offers in private market shares. We aim to provide the most advanced, globally scalable platform and expand access for participants, in support of the capital and liquidity needs of world-changing companies. Through the deployment of the Forge Next Generation Platform, we believe we are realizing that objective. Now before I turn it over to Mark Lee to give a detailed look at our financials for the quarter, I wanted to give an update on what we announced last quarter regarding our intention to

我們相信，從第三季的增強到客戶入職體驗，我們已經看到了成果，這使客戶能夠更輕鬆地做出決策並在私人市場份額中進行有競爭力的出價和報價。我們的目標是提供最先進的、全球可擴展的平台並擴大參與者的訪問範圍，以支援不斷變化的公司的資本和流動性需求。透過部署 Forge 下一代平台，我們相信我們正在實現這一目標。現在，在我將其交給 Mark Lee 詳細介紹本季度的財務狀況之前，我想介紹一下我們上季度宣布的有關我們打算的最新信息

accelerate our timeline to profitability with the aim of reaching breakeven adjusted EBITDA in 2026. We took additional actions in the third quarter to set that goal in motion.

加快實現盈利的時間表，目標是在 2026 年實現盈虧平衡調整後 EBITDA。

As you'll hear from Mark, you'll see an increase in adjusted EBITDA loss in the quarter. This is related to onetime severance expenses associated with the announced reduction in force, and other personnel expenses, as we prepare the organization for profitability. We anticipate narrowing our adjusted EBITDA losses in the coming quarters as per our plan. However, along the way we'll also invest in engineering support from offshore resources, which will ultimately reduce our future engineering costs, but may result in increased engineering spend over the next couple of quarters. So with that, I'll turn it over to Mark for the detailed financials and then will follow-up look at the broader market and a view into what's next for Forge.

正如您將從 Mark 那裡聽到的那樣，您將看到本季調整後 EBITDA 損失的增加。這與我們為組織盈利做好準備時宣布的裁員相關的一次性遣散費以及其他人員費用有關。我們預計按照我們的計劃，未來幾季將縮小調整後的 EBITDA 損失。然而，在此過程中，我們還將投資離岸資源的工程支持，這最終將降低我們未來的工程成本，但可能會導致未來幾季的工程支出增加。因此，我將把詳細的財務數據交給 Mark，然後跟進更廣泛的市場並了解 Forge 的下一步發展。

Mark?

標記？

Thanks, Kelly. In the third quarter of 2024, Forge's total revenue less transaction-based expenses was $19.1 million, as compared to $22 million from last quarter and $18.4 million in the year-ago quarter. After 5 quarters of sequential revenue growth, we experienced the anticipated seasonal summer slowdown. As we enter the fourth quarter, we are seeing positive trends in our leading private market indicators such as declining bid-ask spreads and improving valuations. However, factors including the highly contentious U.S.

謝謝，凱利。 2024 年第三季度，Forge 的總收入減去基於交易的費用為 1,910 萬美元，而上季度為 2,200 萬美元，去年同期為 1,840 萬美元。經過五個季度的連續收入成長後，我們經歷了預期的夏季季節性放緩。隨著進入第四季度，我們看到領先的私募市場指標出現正面趨勢，例如買賣價差下降和估值提高。然而，包括備受爭議的美國在內的因素

presidential election, the uncertain pace of Fed interest rate reductions, and continued geopolitical instability and conflicts, have weighed on investor sentiment. Total marketplace revenues, less transaction-based expenses, totaled $8.6 million in the current quarter compared to $11.4 million in the prior quarter. This represents a 21% improvement from $7.1 million in the year-ago quarter, and an 87% improvement from the trough of $4.6 million recorded in Q1 of 2023. Year-to-date total marketplace revenues, less transaction-based expenses, have increased 64%, to $28.6 million from $17.4 million for the corresponding 9 months in 2023. Transaction volume for the quarter of $338 million decreased from $426 million in the prior quarter.

總統大選、聯準會降息步伐的不確定性以及持續的地緣政治不穩定和衝突，都打壓了投資者的情緒。扣除基於交易的費用後，本季市場總收入總計 860 萬美元，而上一季為 1,140 萬美元。這比去年同期的 710 萬美元增長了 21%，比 2023 年第一季記錄的 460 萬美元的低潮增長了 87%。從2023 年同期9 個月的1,740 萬美元增至2,860 萬美元。

Meanwhile year-to-date volume is up 99% to $1 billion from $515 million, on a year-over-year basis. Our net take rate of 2.6% declined slightly from 2.7% in the prior quarter. As we've talked about in prior quarters, net take rate fluctuates depending upon the mix of trading in any given period. Through 2024, trade sizes have increased 11% over 2023, which has contributed to our significant volume growth, while at the same time, driving take rates lower. In addition, we are also observing greater customer interest in third-party investment vehicles.

同時，今年迄今的交易額年增 99%，從 5.15 億美元增至 10 億美元。我們的淨收入率為 2.6%，較上一季的 2.7% 略有下降。正如我們在前幾季討論的那樣，淨交易率會根據任何特定時期的交易組合而波動。到 2024 年，交易規模比 2023 年增加了 11%，這促進了我們交易量的顯著增長，同時降低了成交率。此外，我們也觀察到客戶對第三方投資工具的興趣越來越大。

While this adds another means of accessing liquidity in highly sought-after private companies, take rates are often lower for these types of transactions, which Forge facilitates. Total custodial administration fees were $10.5 million, roughly flat to the prior quarter. Our custodial cash balances totaled $470 million at the end of Q3 as compared to $495 million at the end of Q2 and $505 million at the end of 2023. The rate of decline in custodial cash balances has been steadily improving with a modest 7% year-to-date decline in 2024 from an annual decline of 20% in 2023 as the long anticipated declines in the Fed fund rates have finally started. As of the end of Q3, total custody accounts were $2.3 million and assets under custody were $16.6 billion, both essentially flat to last quarter.

雖然這增加了在備受追捧的私人公司中獲得流動性的另一種方式，但 Forge 所促進的此類交易的接受率通常較低。託管管理費總額為 1,050 萬美元，與上一季大致持平。第三季末，我們的託管現金餘額總計為4.7 億美元，而第二季末為4.95 億美元，2023 年底為5.05 億美元。 。截至第三季末，託管帳戶總額為 230 萬美元，託管資產為 166 億美元，兩者基本上與上季持平。

Our $18.8 million third quarter net loss increased from $14 million quarter-over-quarter. This higher loss was attributable to $2 million in lower -- $2.9 million, sorry, in lower revenue, $0.4 million in higher operating expenses and $1.5 million in lower other income, primarily due to less favorable reductions in the fair value of warrant liabilities. In the third quarter, our adjusted EBITDA loss was $11.4 million compared to a loss of $7.9 million last quarter, in line with the larger Q3 net loss, excluding non-cash items. The third quarter includes approximately $1.2 million of partial quarter run rate savings associated with our August cost reduction actions, offset by $2.6 million in associated severance expenses. Net cash used in operations during the quarter was $5.8 million compared to $14.4 million last quarter.

第三季淨虧損為 1,880 萬美元，較上一季的 1,400 萬美元增加。這一較高的損失歸因於200 萬美元的較低收入——抱歉，收入較低為290 萬美元，營業費用較高為40 萬美元，其他收入較低為150 萬美元，這主要是由於認股權證負債公允價值的不利減少所致。第三季度，我們調整後的 EBITDA 虧損為 1,140 萬美元，而上季虧損為 790 萬美元，與第三季較大的淨虧損（不包括非現金項目）一致。第三季包括與我們 8 月的成本削減行動相關的約 120 萬美元的部分季度運行費用節省，被 260 萬美元的相關遣散費所抵消。本季營運中使用的淨現金為 580 萬美元，而上季為 1,440 萬美元。

And as a reminder, the prior quarter included expenditures of $8.4 million associated with the resolution of legacy legal matters and payment of our annual corporate insurance premiums. Cash, cash equivalents and restricted cash ended the quarter at $115.6 million compared to $121.6 million last quarter. As of September 30, our total employee headcount sits at 307, down from 327 at June 30. This headcount excludes contractors, including a growing number located offshore, which augments our technology capabilities in a cost-effective manner. From a housekeeping perspective, our weighted average basic number of shares used to compute net loss was 184 million shares, and our fully diluted outstanding share count as of September 30 was 201 million shares.

提醒一下，上一季包括與解決遺留法律問題和支付年度企業保險費相關的 840 萬美元支出。本季末現金、現金等價物和限制性現金為 1.156 億美元，上季為 1.216 億美元。截至9 月30 日，我們的員工總數為307 人，低於6 月30 日的327 人。增強了我們的技術能力。從內務管理的角度來看，我們用於計算淨虧損的加權平均基本股數量為1.84億股，截至9月30日的完全稀釋流通股數為2.01億股。

For Q4, we estimate 186 million weighted average basic common shares for EPS modeling purposes in a loss position. As we've said in the past, we continue to focus on maintaining our cost discipline and expense management as we drive towards our goal of breakeven adjusted EBITDA in 2026. We will, however, continue to balance this against investment opportunities that we believe will have strong ROI. I'll hand it back to Kelly for a brief market overview before we turn it over for questions.

對於第四季度，出於 EPS 建模目的，我們估計有 1.86 億股加權平均基本普通股處於虧損狀態。正如我們過去所說，我們將繼續專注於維持我們的成本紀律和費用管理，以實現2026 年盈虧平衡調整後EBITDA 的目標。平衡。在我們將其轉交提問之前，我會將其交還給凱利，以獲取簡短的市場概述。

Thanks, Mark. Even while the market has been cautious in the lead up to the election and against the backdrop of mixed macroeconomic signals, we noted in our October private market update that median valuations for companies trading on the Forge platform are trending up. The median discount moved up to negative minus 8% and minus 12% to last funding round in the last 2 months of the quarter. These are the lowest -- the 2 lowest monthly discounts recorded in the last 2 years, and the bid-ask spread descended to 5.5% in September. AI is driving more of the rising valuations and our Forge Private Market Index, which tracks the 75 most liquid companies in the private market counts 34 AI companies among its constituents as of its most recent reconstitution on October 1.

謝謝，馬克。儘管市場在大選前和宏觀經濟訊號好壞參半的背景下一直保持謹慎，但我們在 10 月私人市場更新中指出，在 Forge 平台上交易的公司的估值中位數呈上升趨勢。本季最後 2 個月的最後一輪融資中，折扣中位數分別升至負 8% 和負 12%。這是過去 2 年來最低的 2 個月度折扣，9 月買賣價差降至 5.5%。人工智慧正在推動估值上升，我們的 Forge 私募市場指數追蹤私募市場中 75 家流動性最強的公司，截至 10 月 1 日最近一次重組，其成分股中有 34 家人工智慧公司。

While there are standout private companies across sectors, AI has become a more prominent influencer of private market performance with each passing month, and we expect to see AI continue to influence private market performance going forward. In terms of the IPO environment, we believe a known outcome for the election as well as continued improvement in additional economic factors such as interest rate reductions and an improving inflationary environment could lead to more robust primary funding and IPO markets in 2025. We've talked over the past several years about the private market tipping point. We have invested heavily in the growth drivers that will accelerate that tipping point now and in the future. This includes the Forge Next Generation Platform, where private market data and trading activity come together, creating greater transparency, insight and opportunities for participation.

儘管各行業都有傑出的私人公司，但人工智慧對私募市場表現的影響力逐月變得更加突出，我們預計人工智慧未來將繼續影響私募市場的表現。就 IPO 環境而言，我們認為已知的選舉結果以及降息和通膨環境改善等其他經濟因素的持續改善可能會導致 2025 年初級融資和 IPO 市場更加強勁。臨界點。我們對成長動力進行了大量投資，這將加速現在和未來的轉折點。這包括 Forge 新一代平台，該平台將私人市場數據和交易活動結合在一起，創造更大的透明度、洞察力和參與機會。

It's the basis on which we built Forge Pro, combining comprehensive data and order management capabilities in one. Approximately 280 of our most active clients who represent more than 16% of our revenue through the first 10 months of the year are now using Forge Pro. Forge Pro represents data-enabled revenue that we expect will grow to a more substantial part of our business over time. We previously announced the investable Forge Accuidity Private Market Index. What we haven't talked a lot about is Forge Global Advisors, our RIA, through which we've created more than 150 investment vehicles with about 100 currently active.

這是我們建立 Forge Pro 的基礎，將全面的資料和訂單管理功能融為一體。我們最活躍的客戶中約有 280 名（占我們今年前 10 個月收入的 16% 以上）現在正在使用 Forge Pro。 Forge Pro 代表了數據驅動的收入，我們預計隨著時間的推移，該收入將成長到我們業務的更重要部分。我們之前宣布了可投資的 Forge Accuidity 私人市場指數。我們沒有談論太多的是 Forge Global Advisors，我們的 RIA，透過它我們創建了 150 多個投資工具，其中大約 100 個目前處於活躍狀態。

These are relatively liquid and serve as the access point to the cap tables of many of the largest and most sought-after unicorns in the world. We believe these investment vehicles strengthen our relationships with companies and make us a continuous source of capital for them and of supply of private shares for investors. We will continue to scale and evolve the RIA as a central hub for capital sourcing for companies and investment access for market participants. And we'll share more about our plans for the RIA in coming months. In terms of our outlook for the quarter, our expectation is that we will come in at par or better to this quarter in terms of marketplace revenue based on what we know today.

這些資產的流動性相對較高，是世界上許多最大、最受歡迎的獨角獸公司股權結構表的入口。我們相信，這些投資工具加強了我們與公司的關係，使我們成為他們的持續資金來源，並為投資者提供私人股票。我們將繼續擴大和發展 RIA，使其成為公司資本採購和市場參與者投資准入的中心樞紐。我們將在未來幾個月分享更多有關 RIA 計劃的資訊。就我們對本季的展望而言，我們的預期是，根據我們今天所知，我們的市場收入將與本季持平或更好。

With the election behind us, we're hopeful that the uncertainty that weighed on investors throughout the last several months will subside and that we'll see sustained investor confidence, and a meaningful recovery of the primary funding and IPO markets in 2025. With that, let me turn it over for questions. Thank you. John, can you please remind participants --

隨著選舉的結束，我們希望過去幾個月給投資者帶來壓力的不確定性將會消退，我們將看到投資者持續的信心，以及 2025 年主要融資和 IPO 市場的有意義的復甦。 ，讓我翻過來提問。謝謝。約翰，你能提醒參與者—

(Operator Instructions) Devin Ryan, JMP Securities.

（操作員指示）Devin Ryan，JMP 證券。

Hi, Kelly and Mark. This is Alex stepping in for Devin Ryan. Hope you guys are doing well. Nice to see the progress you guys made this quarter, I guess first, just to start on the expense side, you guys gave a nice, a lot of nice color in your remarks. But with the expense actions you're taking, how should we think about a revenue range that's, that could support, you know, a break even level for the company going forward? Thank you.

嗨，凱利和馬克。這是亞歷克斯（Alex）接替德文·瑞安（Devin Ryan）。希望你們一切順利。很高興看到你們本季取得的進展，我想首先，從費用方面開始，你們在評論中給出了很好的、很多很好的色彩。但是，根據您正在採取的費用行動，我們應該如何考慮可以支持公司未來收支平衡水準的收入範圍？謝謝。

Yeah. Hey Alex, thanks for the question. So, I mean, if you're a, are you asking specifically about the revenue numbers that we were describing in our break even model? Yes.

是的。嘿亞歷克斯，謝謝你的問題。所以，我的意思是，如果您是，您是否特別詢問我們在盈虧平衡模型中描述的收入數字？是的。

Okay. So kind of as I said in my comments, what our revenue model did was to simply extrapolate revenues looking at the growth that we've experienced recently. So if you look at the revenues in the first half of 2024 compared to the back half of 2023 and calculate kind of the growth in marketplace revenues. We're using that as a proxy for growth and revenues going forward. And it was using that extrapolation of prior historical growth in order to model the break even point in 2026.

好的。正如我在評論中所說，我們的收入模式所做的只是根據我們最近經歷的增長來推斷收入。因此，如果您將 2024 年上半年的收入與 2023 年下半年相比，併計算市場收入的成長情況。我們用它作為未來成長和收入的指標。它利用先前歷史成長的推論來模擬 2026 年的損益平衡點。

Does that answer your question?

這能回答你的問題嗎？

Yeah, yeah. I believe so. That, that's helpful there. And then just to follow up on the trading volumes and take rates tra to trading can well above our expectations, take rate was a little lower. Was this a resurgence of more institutional players coming back to the platform or can you just walk us through the dynamic there? That'd be great. Thank you.

是啊是啊。我相信是這樣。那，那很有幫助。然後，只是為了跟進交易量並採取交易率，交易率可以遠高於我們的預期，採取率要低一些。這是更多機構參與者重新回到該平台的復甦，還是您能否向我們介紹那裡的動態？那太好了。謝謝。

Yeah, we definitely are seeing an increase in institutional interest, Alex. And as we've been communicating now for, I think the past couple of quarters, we've indicated how the ratio of IOIS between buyers and sellers, you know, has in the last several quarters shifted where we're seeing more interest and or by Iois come in exceeding the amount of sell side Iois, which was a very positive development, right? As we previously discussed during 2022 and 2023 it was a 2 to 1 ratio on the sell side. So it was very welcome to see the institutionals coming back in in 2024 as evidenced by the ratio of buy side Iois to sell side Iois.

是的，我們確實看到了機構興趣的增加，亞歷克斯。正如我們現在一直在溝通的那樣，我認為在過去的幾個季度中，我們已經表明了買家和賣家之間的IOIS 比率在過去幾個季度中發生了怎樣的變化，我們看到了更多的興趣和或 Iois 的收入超過了賣方 Iois 的數量，這是一個非常積極的發展，對吧？正如我們之前在 2022 年和 2023 年期間討論的那樣，賣方的比率為 2 比 1。因此，很高興看到機構在 2024 年回歸，買方 Iois 與賣方 Iois 的比率證明了這一點。

And the other thing that I would note is when you think about the increase in volume and the lower take rate, the 2.7% that we mentioned for Q2, this has happened in prior years, right? We see spikes in institutional volume and block trades in Q4 of 2022. Our take rate was 2.8% in Q4 of 2021. It was 2.9%. But in all three years, 2021 2022 and 2023 our blended weighted average take rate was 3.3% in each of those years. And so I think having that quarter in a period where you see heavier block trades and institutional activity that leads to a lower weighted average take rate. It's, it's something we've seen in the past, you know, and we expect we expect to see, you know, on a, on a go forward basis from time to time.

我要注意的另一件事是，當您考慮數量的增加和較低的採用率（我們提到的第二季的 2.7%）時，這在前幾年已經發生過，對嗎？我們看到 2022 年第四季機構交易量和大宗交易激增。但在所有三年中，2021 年、2022 年和 2023 年，我們每年的混合加權平均採用率為 3.3%。因此，我認為在該季度，您會看到大宗交易和機構活動較多，從而導致加權平均採用率較低。這是我們過去見過的事情，你知道，我們希望我們不時地看到，你知道，在前進的基礎上。

Great. Thank.

偉大的。感謝。

You guys for the call. I appreciate it.

你們來電話吧。我很感激。

Thanks, Alex.

謝謝，亞歷克斯。

Ken Worthington, JPMorgan.

肯‧沃辛頓，摩根大通。

Hi, good afternoon. Kelly and Mark. This is Michael Cho in for Ken Worthington. Thanks for, thanks for taking the question here. My, my first one I just wanted to touch on again on the comments around the cost actions and and really ultimately around the path to break even and the profitability in in 2026. I mean, can you also kind of provide some color or commentary in terms of maybe the the cash firm trajectory in relation to the, to the break even 2026 comments and, and while the path to profitability has ultimately accelerated or changes, actually, also, you know, change the longer term outlook for call it normalized for margins in the future as well.

嗨，下午好。凱利和馬克。這是邁克爾曹 (Michael Cho) 飾演肯沃辛頓 (Ken Worthington)。謝謝，謝謝您在這裡提出問題。天哪，我的第一個想法只是想再次談談有關成本行動的評論，以及最終圍繞 2026 年盈虧平衡和盈利能力的評論。的軌跡而言，到2026年收支平衡的評論，雖然獲利之路最終加速或改變，但實際上，你知道，改變長期前景，稱之為正常化未來的利潤率也是如此。

I think there's a bunch of questions that you kind of threw in there. Michael, 11 thing I would start with, make sure try to try to take them one by one. But when we built our model, we base it built on necessity. The primary delta between necessity that on cash flow break even is the interest income that we receive on our cash. And so adjusted ebits outbreak even even implies, you know, a a low level of of cash flow profitability given the interest income. So that was the first question. Sorry, can you repeat the second one?

我認為你在那裡提出了很多問題。邁克爾，我將從 11 件事開始，請務必嘗試一一考慮它們。但當我們建立模型時，我們是根據必要性來建構它的。現金流收支平衡的必要性之間的主要增量是我們從現金中獲得的利息收入。因此，調整後的息稅前利潤的爆發甚至意味著，你知道，考慮到利息收入，現金流獲利能力處於較低水平。這是第一個問題。抱歉，您能重複第二個嗎？

The second one is really just touching on, you know, the cost actions that you announced today and, and maybe the incremental automation and efficiencies that are coming on on board, you know, sometime in the near term, does that ultimately also impact the even the longer term forged model for normalized margins ahead?

第二個實際上只是涉及，你知道，你今天宣布的成本行動，也許是增量自動化和效率，你知道，在短期內的某個時候，這最終也會影響甚至未來標準化利潤率的長期鍛造模型？

Yeah. The specific reference to the improvement in productivity and efficiency that we built into our model kind of is based on detailed analysis we've done on the benefits of the investments that we're making in our technology platform. And so, you know, we've always said, right, we're just here to transform the private markets. And you know, as we see these tech tech improvements, you know, come, come, come into, come into place and we start to realize those productivity benefits, we expect our gross margins to improve, you know, in our core trading business. And that's kind of what we've modeled in, you know, over the next several years. As we talk about the path to break even. So it's a combination obviously of expecting that our revenues will continue to grow and we're using the extrapolation of revenues that I mentioned previously. We're building in the productivity and gross margin enhancements that we've modeled. And then we're expecting to basically keep our cost relatively flat, incorporating the expense savings that we announced earlier.

是的。我們在模型中建構的生產力和效率改進的具體參考是基於我們對技術平台投資的效益所做的詳細分析。所以，你知道，我們總是說，我們只是來改變私人市場的。你知道，當我們看到這些技術進步時，你知道，來，來，到位，到位，我們開始實現這些生產力優勢，我們預計我們的核心貿易業務的毛利率會提高。這就是我們在接下來的幾年中所建模的內容。當我們談論損益平衡之路時。因此，這顯然是預期我們的收入將繼續增長以及我們使用我之前提到的收入外推法的結合。我們正在建立我們建模的生產力和毛利率的提高。然後，我們期望基本上保持我們的成本相對平穩，包括我們之前宣布的費用節省。

And the only thing I'd add to this is we always contemplated in setting the strategy for next gen platform that it was going to ultimately result in a globally scalable and attractive gross margin business. I think what you should take away from today is in addition to realizing that we really are committed to moving up the point at which we get to cash flow break. We thought that was very important for the business and the investments we've made over the last couple of years. We think we wanted to start to share and show the market will result in that path of profitability being closer and perhaps proceed.

我唯一要補充的是，我們在製定下一代平台策略時始終考慮，它將最終帶來全球可擴展且具有吸引力的毛利率業務。我認為，除了認識到我們確實致力於提高現金流突破點之外，您還應該從今天學到什麼。我們認為這對我們過去幾年的業務和投資非常重要。我們認為我們希望開始分享並展示市場將導致獲利之路更加接近並可能繼續下去。

Great. Thanks guys. Thanks Michael.

偉大的。謝謝你們。謝謝邁克爾。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

Good afternoon and thank you for taking my question. Could you please remind us the dynamics between the IPO market and your transaction volume? But the IPO trigger more, let's say pre IPO trading to test the water. That's why your volume goes up even though there's still a kind of a big valuation discount compared to the last funding. Well, thanks.

下午好，感謝您提出我的問題。您能否介紹一下IPO市場與您的交易量之間的動態？但IPO觸發的更多，例如IPO前的試水交易。這就是為什麼你的交易量會增加，儘管與上次融資相比仍然有很大的估值折扣。嗯，謝謝。

Yeah, thanks for the question. And I think, you know, we have covered, we have discussed this kind of in the past, I would say from a qualitative standpoint, clearly, when we have a normally functioning IPO market and investors, you know, see private companies successfully come to market. You know, it generates a lot more enthusiasm to try to get in to invest in private companies prior to the time that they go public to be able to help participate in that private company alpha, right? You know, prior to the actual IPO, I think the other thing you know that we've talked about is that when a company announces that they're going to go public, and typically, that could be a year to 18 months ahead of the time that they go public. You know, there's increased activity historically, in those names as the shareholders typically see an opportunity to take their gains and avoid a six month lock up, you know, so investors are motivated to kind of take the bird in the hand and, and investors are, you know, motivated to try to get in prior the IPO S so that's the kind of qualitative explanation and discussion that we've had in the past I would say what we have done here is that if you look at the investor supplemental, right? It's included. Now, what we have done here for you is we've plotted the, the the relationship between changes in our markets revenue with the IPO count technically is the North America technology IPO count. And so you can see the relationship and it's a relatively high correlation in R squared. And so, so now we're kind of giving you data, quantitative data that, that really correlates or is very consistent with what we describe qualitatively.

是的，謝謝你的提問。我認為，你知道，我們過去已經討論過這種情況，我想說，從定性的角度來看，顯然，當我們有一個正常運作的IPO 市場和投資者時，你知道，看到私營公司成功地到來推向市場。你知道，在私人公司上市之前嘗試投資它們會產生更多的熱情，以便能夠幫助參與該私人公司的阿爾法，對嗎？你知道，在實際 IPO 之前，我想你知道我們討論過的另一件事是，當一家公司宣布他們將要上市時，通常可能會提前一年到 18 個月。你知道，從歷史上看，這些名稱的活動有所增加，因為股東通常會看到獲得收益並避免六個月鎖定的機會，所以投資者有動力採取行動，並且投資者你知道，他們有動力試著在IPO 之前參與進來，這就是我們過去進行過的定性解釋和討論，我想說的是，如果你看一下投資者補充材料，正確的？它包括在內。現在，我們在這裡為您所做的是，我們繪製了市場收入變化與 IPO 數量之間的關係，從技術上講，就是北美科技 IPO 數量。所以你可以看到這種關係，而 R 平方有相對較高的相關性。因此，現在我們向您提供數據，定量數據，這些數據與我們定性描述的內容真正相關或非常一致。

Yeah, I mean, we felt this though for a while and Kelly, we could, you know, we, we've talked about this in the past qualitatively, I think Mark has pointed it out. But we, we did want to include in the supplemental this time some of the historical correlation that we're seeing. So we're really trying to back it up with a little bit more detailed data. But we, we, we've seen a relationship here between between IPO activity and and late stage investment activity.

是的，我的意思是，我們有一段時間感覺到了這一點，凱利，我們可以，你知道，我們過去已經定性地討論過這一點，我認為馬克已經指出了這一點。但我們確實想在這次的補充中包含我們所看到的一些歷史相關性。所以我們真的在嘗試用更詳細的數據來支持它。但我們、我們、我們已經看到了 IPO 活動和後期投資活動之間的關係。

Got.

得到。

It and then going back to the Expansion reduction plan. Could you please maybe add more color on how much savings you expect to capture for the second half of this year? I mean, should we expect this half of the $11.3 million this year and then the full $11.3 million in 2025? And then will there be any like other reinvestment so that you know, the total expense saving will be lower than that any more color would be helpful? Thanks.

然後回到縮減擴張計畫。您能否對今年下半年預計節省的金額進行更多說明？我的意思是，我們是否應該預期今年 1,130 萬美元中的一半，然後在 2025 年獲得全部 1,130 萬美元？然後是否會有任何類似的其他再投資，以便您知道，節省的總費用將低於任何更多的顏色會有幫助？謝謝。

Yeah, thanks. Thanks for the question Owen, for, you know, as you kind of look at, at your models, what I would say, you know, specifically I broke out the 11.3 million, the 11.3 million is against our budgeted expenses and we kind of said it's primarily head count related, you know, with some other expense saves as well. Now, if you look at kind of the saves relative to kind of run rate, I think you can take that 11 0.3 million and assume that roughly roughly speaking, two thirds of it is against our current run rate and third is kind of cost future cost avoidance. So I think that that's the bulk of it should be achieved, you know, in Q3 and in Q4, but there's probably some straggling know, timing related issues but, but the vast majority should be released. We should should, should be should benefit as us in on a go forward basis. We, we are also very specific to say that excludes severance Owen and obviously, severance would be a one time expense.

是的，謝謝。感謝歐文提出的問題，因為，你知道，當你看看你的模型時，我會說，你知道，具體來說，我突破了 1130 萬，這 1130 萬是針對我們的預算支出的，我們有點說這主要與人員數量有關，你知道，還有其他一些費用節省。現在，如果你看看相對於運行率的節省，我認為你可以拿 11 30 萬並假設粗略地說，其中三分之二是針對我們當前的運行率，第三是未來的成本成本規避。因此，我認為其中大部分應該在第三季和第四季實現，但可能存在一些與時間相關的問題，但絕大多數應該被釋放。我們應該、應該讓我們在前進的基礎上受益。我們，我們也非常具體地說，不包括歐文的遣散費，顯然，遣散費將是一次性費用。

I got it. There was a question, there was a question too about any more new investments in there too. Is that, is that right? Owen?

我得到了它。有一個問題，也有一個關於那裡有更多新投資的問題。是這樣嗎？歐文？

Yeah, exactly. Like would, would you, would you we invest some of the safe into the business maybe this year or next year like including the service.

是的，完全正確。就像我們會在今年或明年將一些保險箱投資到業務中一樣，例如包括服務。

The short answer is no, we are fully committed to continuing the investment levels in the next gen platform with this taken into account. So we expect to, as Mark said, realize the full amount in 2025 and still continue to make investments in ongoing margin expansion and efficiency with the people that we've got here now.

簡而言之，答案是否定的，考慮到這一點，我們完全致力於繼續提高下一代平台的投資水準。因此，正如馬克所說，我們預計將在 2025 年實現全額，並繼續與我們現有的人員一起投資於持續的利潤擴張和效率。

You know, and I, I would, as we've said in prior calls, I mean, even though we've had a hiring freeze for the past seven quarters, right? We, we've worked really hard to try to make sure we're focusing our resources on the top priorities and opportunities, you know, and as we discussed before, even during those seven quarters of hiring freezes, we've been able to kind of initiate our efforts in for you up for a lot of our data product forge pro but at our our forge index, you know, our, our option based lending program. So, you know, even kind of in a constrained cost control environment, obviously, we always seek to prioritize our resources towards kind of the the opportunities that have the biggest pay.

你知道，我，我會，正如我們在之前的電話中所說的那樣，我的意思是，即使我們在過去七個季度凍結了招聘，對嗎？我們非常努力地確保我們將資源集中在最重要的優先事項和機會上，正如我們之前討論的那樣，即使在招聘凍結的七個季度中，我們也能夠我們開始努力為您提供我們的許多數據產品Forge Pro，但在我們的Forge 指數中，您知道，我們的基於選擇權的貸款計劃。所以，你知道，即使在成本控制有限的環境中，顯然，我們總是尋求將我們的資源優先用於報酬最高的機會。

Yeah, just a reminder to everybody on the call. We, we did talk last quarter about the rollout of our our, our Global Order book, the Extensible capability for us to now expose forge on a global level. This is as mark referenced earlier part of how our revenue contribution from Europe has started to emerge. And you know, we are seeing now that relationships in Europe, having access to counterparties through that extensible global global order book are now starting to drive revenue for the business. We'll talk more about that in future quarters.

是的，只是提醒通話中的每個人。我們上個季度確實談到了我們的全球訂單簿的推出，我們現在可以在全球範圍內公開偽造的可擴展功能。正如馬克之前提到的，我們來自歐洲的收入貢獻是如何開始出現的。你知道，我們現在看到，歐洲的關係，透過可擴展的全球訂單簿接觸到交易對手，現在開始推動業務收入。我們將在未來幾季詳細討論這一點。

Jeff Schmitt, William Blair.

傑夫·施密特，威廉·布萊爾。

Hi, thank you. So how is your data business doing in this environment with transaction activity up nicely in the quarter. And what are you doing to increase adoption there? I think you'd mentioned that last quarter versus kind of focusing on growth, but just curious what you're, what you're doing there and how that has been performing.

你好，謝謝。那麼，您的數據業務在這種環境下的表現如何，本季的交易活動成長良好。您正在採取哪些措施來提高那裡的採用率？我想你提到上個季度與關注成長不同，但只是好奇你是什麼，你在那裡做什麼以及表現如何。

So I think one of the things that, that we referenced previously is a focus on data adoption.

所以我認為我們之前提到的一件事是專注於數據採用。

And we have really employed a strategy this year to get forged data everywhere. I think we wanted to keep the focus of our statements today on our performance, our optimism and essentially the cost savings decisions that we've made. I, I will say this, we are seeing a very good update on forge pro and on the use of forge data. And I look forward to reporting on some specifics of this in our next earnings call, but I'll I'll let mark reference any of the specifics that we've got. Yeah.

今年我們確實採用了一種策略來到這裡獲取偽造數據。我認為我們希望今天的聲明重點關注我們的業績、我們的樂觀態度以及我們所做的成本節約決策。我想說的是，我們看到了 Forge Pro 和 Forge 數據使用方面的非常好的更新。我期待在下一次財報電話會議中報告這方面的一些細節，但我會讓馬克參考我們所掌握的任何細節。是的。

The, you know, the only thing else that I would add, Jeff is just as a reminder to, you know, the entire group. But you know, we think about, you can think about our, our data offerings kind of in three buckets. Our forge pro product targeted at institutional trading. Clients are subscription based forge intelligence product, you know, that's targeted really at, at clients that are not specifically looking to trade, but find the data very helpful, you know, to their business. A good example we've quoted in the past are, are like venture, you know, venture debt, you know, businesses. And then the third, you know, and what, as you know, Jeff, I'm personally really excited about that our whole drive data business and that's, you know, forge price and the forge indices, right? And there's, you know, two indices are forge private market index as well as the the Investable forge adity private market index. So, so, you know, we think about our data business kind of in those three different buckets. And you know, plug it away and have a lot of optimism for the future opportunity.

你知道，我唯一要補充的一點是，傑夫只是提醒整個團隊。但你知道，我們認為，你可以將我們的數據產品分成三個部分。我們的 Forge Pro 產品針對機構交易。客戶是基於訂閱的鍛造情報產品，您知道，它的真正目標客戶不是專門尋求交易，而是發現數據對他們的業務非常有幫助的客戶。我們過去引用的一個很好的例子是，就像創投，你知道，風險債務，你知道，企業。然後是第三個，你知道，傑夫，我個人對我們整個驅動數據業務感到非常興奮，那就是偽造價格和偽造指數，對嗎？您知道，有兩個指數：forge 私人市場指數和 Investable forge adity 私人市場指數。所以，你知道，我們在這三個不同的桶子中考慮我們的數據業務。你知道，放下它，對未來的機會抱持著很大的樂觀態度。

Great. And then, you know, what is the competitive landscape look like actually for private market indexes? I mean, is there, is there many out there today or I guess, do you foresee many kind of emerging in the market? And you know, what do you see is your kind of advantage if they, if they do?

偉大的。然後，您知道，私募市場指數的競爭格局實際上是什麼樣的呢？我的意思是，今天有很多嗎？你知道，如果他們這樣做，你認為你的優勢是什麼？

Yeah, this is, this is a really interesting question because there's been a fair amount of news actually coming out of some larger places. I'm sure everyone has seen the commitment that Blackrock just made in their recent acquisition about emerging passive strategies and products relating to the private market. We see this as an incredibly powerful sign of what's coming next in the market. We believe part of our excitement around derived and index data is that having funds that are built on, on, on passive strategies and passive opportunities is going to open up this market for a whole set of participants that aren't here now. And so we believed in this strategy for a couple of years. And as we've reported previously, we now have our first index Investible Index powered by Forge by Forge's private market index. We see more of that coming, but I'd say as it relates to competitive, most of what's out there today that have been cited as as indexes aren't using the depth of clean data that Forge has as the market volume leader. We're seeing indexes announced that are using fund marks, which we believe are less reliable and more stale source of data by which to build a product off.

是的，這是一個非常有趣的問題，因為實際上有相當多的新聞來自一些較大的地方。我相信每個人都看到了貝萊德在最近的收購中對與私募市場相關的新興被動策略和產品的承諾。我們認為這是市場未來發展的一個極為有力的訊號。我們相信，我們對派生數據和指數數據感到興奮的部分原因是，擁有建立在被動策略和被動機會基礎上的基金將為現在不在場的所有參與者打開這個市場。因此，我們多年來一直相信這項策略。正如我們之前報導的那樣，我們現在擁有 Forge 私人市場指數支持的第一個指數 Investible Index。我們看到更多這樣的事情即將發生，但我想說，因為它與競爭有關，今天大多數被引用為指數的東西都沒有使用 Forge 作為市場成交量領先者所擁有的深度乾淨數據。我們看到宣布的指數正在使用基金標記，我們認為這是不太可靠且用於建立產品的數據來源更陳舊。

And so we are we're really excited about our position in the market here as far as competition. This is still a business from a revenue generating standpoint that's pretty small and there's a number of small players out there that are aggregating data from third party sources.

因此，就競爭而言，我們對我們在市場中的地位感到非常興奮。從創造收入的角度來看，這仍然是一項規模相當小的業務，並且有許多小參與者正在從第三方來源匯總數據。

We believe that we've got a competitive advantage, given the depth of our global order book. We've talked about some of these metrics earlier in the call. And we expect that at some point, that part of the market's going to consolidate, there are just too many small players out there to raise capital with very little and meaningful revenue to support additional investment. So we're watching and we're continuing to lead from the front, but we think this is a really exciting part of our future and we're considering when and if to start breaking this out and start reporting on some of the KPIS separately, but we'll, we'll consider that in the future for now. We believe 2024 will largely be a year focused on continuing to build the highest source of high quality data in the space and getting our name and brand out there associated with the singular source of truth for pricing. So, we're excited about where this is going, but we'll we'll look for the future to start reporting on it.

我們相信，鑑於我們全球訂單的深度，我們擁有競爭優勢。我們之前在電話會議中討論了其中一些指標。我們預計，在某個時候，這部分市場將會整合，因為有太多的小企業無法籌集資金，而收入卻很少且有意義，以支持額外的投資。因此，我們正在觀察並繼續領先，但我們認為這是我們未來真正令人興奮的部分，我們正在考慮何時以及是否開始突破這一點並開始單獨報告一些 KPIS ，但我們現在會在將來考慮這一點。我們相信 2024 年將在很大程度上是專注於繼續在該領域建立最高品質資料來源的一年，並將我們的名字和品牌與唯一的真實定價來源聯繫起來。因此，我們對此事的進展感到興奮，但我們將展望未來並開始對此進行報告。

Hey, hey, Jeff, I would add just a few comments on top of Kelly's. Obviously, as Kelly referenced the Blackrock acquisition of Pre MS C I, you know, with their, they completed their acquisition of Burgess and rolled out 130 I think was the number in the CS. I mean, those are both as Kelly mentioned in reference, those are both situations where they have fun level information, which we think it's very different from the secondary market, you know, pricing at an individual company level. And then you see a lot of articles out about people, I mean, Larry Fink talk about indices. You, you hear discussions around ETF S, you know, there's a closed end fund out there that you know, has been in the press there, there is a lot of attention and desire for people to get access to the private markets. And we do think that in the investing is going to be part of that part of that answer. And it's it's different having an index composed of exposure in the individual names versus creating indices based on, you know, fun, fun, fun interest and, and, and, and fun information. So I would just kind of add that to Kelly's comments.

嘿，嘿，傑夫，我只想在凱利的基礎上添加一些評論。顯然，正如凱利提到的 Blackrock 收購 Pre MS C I 一樣，您知道，他們完成了對 Burgess 的收購，並推出了 130 個我認為是 CS 中的數字。我的意思是，正如凱利在參考文獻中提到的那樣，這些都是他們擁有有趣級別資訊的情況，我們認為這與二級市場非常不同，你知道，在單一公司層級定價。然後你會看到很多關於人的文章，我的意思是，拉里·芬克談論指數。你聽到圍繞 ETF S 的討論，你知道，有一種封閉式基金已經出現在媒體上，人們對進入私募市場有很多關注和渴望。我們確實認為投資將成為答案的一部分。擁有一個由個人姓名曝光組成的索引與基於有趣、有趣、有趣的興趣和、以及、和、以及有趣的資訊創建索引是不同的。所以我想將這一點添加到凱利的評論中。

Okay. Very helpful. Thank you.

好的。非常有幫助。謝謝。

(Operator Instructions) There are no further questions at this time. I will now turn the call over back to the presenters for any closing remarks.

（操作員說明） 目前沒有其他問題。現在，我將把電話轉回給主持人，讓他們發表結束語。

Yeah. Thank you all for dialing in today. We will be in New York at the Barclays and UBS Financial Tech conferences, Post Labor Day. Do you have any other questions? Feel free to email ir@forbesglobal.com. Otherwise, thank you for the time.

是的。感謝大家今天撥通電話。勞動節後，我們將在紐約參加巴克萊銀行和瑞銀金融科技會議。您還有其他問題嗎？請隨時發送電子郵件至 ir@forbesglobal.com。否則，謝謝你的時間。

That concludes today's conference call. Thank you all for joining you. May now disconnect.

今天的電話會議到此結束。感謝大家的加入。現在可以斷開連線。