Immersion Corp (IMMR) 2021 Q2 法說會逐字稿

Good day, everyone, and welcome to the Immersion's Second Quarter 2021 Earnings Call.

大家好，歡迎參加 Immersion 2021 年第二季財報電話會議。

At this time, I would like to turn the conference over to Aaron Akerman.

這次，我想把會議交給亞倫·阿克曼 (Aaron Akerman)。

Please go ahead.

請繼續。

Good afternoon.

午安.

And thank you for joining us today on Immersion's Second Quarter 2021 Conference Call.

感謝您今天參加 Immersion 2021 年第二季電話會議。

This call is also being broadcast live over the web and can be accessed from the Investor Relations section our website at ir.immersion.com.

此次電話會議也透過網路進行現場直播，您可以透過我們網站 ir.immersion.com 的投資者關係部分進行存取。

With me on today's call is Jared Smith, our interim CEO.

與我一起參加今天電話會議的是我們的臨時執行長賈里德史密斯 (Jared Smith)。

During this call, we may make forward-looking statements, which may include any expectations, projections or other characterizations of future events or circumstances; and include statements regarding the impact of COVID-19 on our business and the business of our customers and suppliers as well as on the economy in general; and also include projected financial results or operating metrics, business strategies, litigation or absence of litigation, anticipated future products, future expense reductions, anticipated tax expenses, anticipated market demand or opportunities, our operating model and other forward-looking topics.

在本次電話會議中，我們可能會做出前瞻性陳述，其中可能包括對未來事件或情況的任何預期、預測或其他特徵；並包括有關 COVID-19 對我們的業務、我們的客戶和供應商的業務以及總體經濟影響的聲明；還包括預期的財務表現或營運指標、業務策略、訴訟或無訴訟、預期的未來產品、未來的費用削減、預期的稅收費用、預期的市場需求或機會、我們的營運模式和其他前瞻性主題。

These statements are subject to risks, uncertainties and assumptions, especially in light of the ongoing adverse effects of the COVID-19 global pandemic.

這些陳述受到風險、不確定性和假設的影響，特別是考慮到 COVID-19 全球大流行的持續不利影響。

Many of these risks and uncertainties are beyond the control of Immersion.

其中許多風險和不確定性超出了 Immersion 的控制範圍。

For a more detailed discussion of these factors and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in the press release we issued today after market close, Immersion's annual report on Form 10-K for 2020 and its most recent quarterly report on Form 10-Q, which are on file with the U.S. Securities and Exchange Commission.

要更詳細地討論這些因素以及可能導致實際結果出現重大差異的其他因素，有興趣的各方應查看我們今天收盤後發布的新聞稿中列出的風險因素、Immersion 的2020 年10-K 表格年度報告以及其最新的 10-Q 表格季度報告已在美國證券交易委員會備案。

The forward-looking statements mentioned on this call reflect Immersion's beliefs and predictions as of today.

本次電話會議中提到的前瞻性陳述反映了 Immersion 截至目前的信念和預測。

Immersion does not intend to update these forward-looking statements as a result of financial, business or any other developments occurring after the date of this release or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future, except as required by law.

Immersion 無意因本新聞稿發布後發生的財務、業務或任何其他事態發展而更新這些前瞻性陳述，也不打算更新實際結果可能與這些前瞻性陳述中的預期存在重大差異的原因，即使如果將來有新資訊可用，除非法律要求。

Additionally, please note that during this call, we may discuss non-GAAP financial measures.

此外，請注意，在本次電話會議中，我們可能會討論非公認會計準則財務指標。

For each non-GAAP financial measure discussed, a presentation of the most directly comparable GAAP financial measure and a reconciliation of the differences between the non-GAAP financial measure discussed and the most directly comparable GAAP financial measure is available in today's press release.

對於所討論的每項非公認會計原則財務指標，我們在今天的新聞稿中提供了最直接可比較的公認會計原則財務指標的介紹，以及所討論的非公認會計原則財務指標與最直接可比的公認會計原則財務指標之間差異的調節表。

With that said, I'll turn the call over to Jared.

話雖如此，我會把電話轉給賈里德。

Thanks, Aaron, and thanks, everyone, for joining us on the call today or listening via webcast.

謝謝亞倫，也謝謝大家今天加入我們的電話會議或透過網路廣播收聽。

The results that we are reporting today reflect the continued success of our customers and partners in developing and shipping high-performance haptic products and solutions in our core markets of automotive, gaming and mobile.

我們今天報告的結果反映了我們的客戶和合作夥伴在汽車、遊戲和行動核心市場開發和交付高性能觸覺產品和解決方案方面的持續成功。

Our revenue grew 94% compared to the second quarter of 2020, and our GAAP net income was $5.3 million compared to a GAAP net loss of $0.7 million in the same quarter of last year.

與 2020 年第二季相比，我們的營收成長了 94%，我們的 GAAP 淨利潤為 530 萬美元，而去年同期的 GAAP 淨虧損為 70 萬美元。

We saw revenue growth in all of our core markets.

我們在所有核心市場都看到了收入成長。

In automotive, we remain on track for double-digit percent revenue growth in fiscal 2021 compared to fiscal 2020.

在汽車領域，與 2020 財年相比，我們 2021 財年的營收成長仍有望達到兩位數百分比。

In Q2, we expanded our license agreement with Stanley, a leading provider of electronic components, to cover automotive products.

第二季度，我們擴大了與電子元件領先供應商 Stanley 的授權協議，涵蓋汽車產品。

Stanley now has access to our innovative haptic technology for touch-based automotive products.

Stanley 現在可以使用我們用於觸摸式汽車產品的創新觸覺技術。

The addition of Stanley strengthens our position in the market as it builds on our existing Tier 1 licensee base, including Faurecia, Alps Alpine, Continental and many others.

Stanley 的加入增強了我們的市場地位，因為它建立在我們現有的一級授權商基礎之上，其中包括佛吉亞 (Faurecia)、阿爾卑斯阿爾派 (Alps Alpine)、大陸集團 (Continental) 等。

We are engaged with several OEMs and Tier 1s who are evaluating our technology in haptics for new vehicles and interfaces.

我們與多家 OEM 和一級供應商合作，他們正在評估我們的新車和介面觸覺技術。

We continue to believe in the long-term potential of haptics in automotive and our ability to address this market.

我們仍然相信觸覺在汽車領域的長期潛力以及我們應對這一市場的能力。

In gaming, we're excited that Sony Interactive Entertainment recently announced that PlayStation 5 surpassed 10 million units sold, making it the fastest-selling console in Sony's history.

在遊戲方面，我們很高興索尼互動娛樂公司最近宣布 PlayStation 5 的銷量突破 1000 萬台，成為索尼歷史上銷售最快的遊戲機。

Immersion innovations are central to the PlayStation 5 experience.

沉浸式創新是 PlayStation 5 體驗的核心。

The DualSense controller has become the industry benchmark for performance, and gamers are purchasing them to use on a range of platforms.

DualSense 控制器已成為行業性能基準，遊戲玩家購買它們以在各種平台上使用。

Sony also previously announced that many of the haptic innovations from the DualSense controller will be implemented in its forthcoming new VR controller.

索尼先前也宣布，DualSense 控制器的許多觸覺創新將在其即將推出的新型 VR 控制器中實現。

The success of our technology in Sony products positions us nicely with the growing use of advanced haptics in gaming and VR.

我們的技術在索尼產品中的成功使我們在遊戲和虛擬實境中越來越多地使用先進觸覺技術方面處於有利地位。

We also remain on track to achieve double-digit percent revenue growth in gaming in fiscal 2021 compared to fiscal 2020.

與 2020 財年相比，我們仍有望在 2021 財年實現遊戲收入兩位數的成長。

In mobile, we continue to focus on driving revenue growth from the China market through our channel licensing program.

在行動領域，我們持續致力於透過通路許可計畫推動中國市場的收入成長。

We recently announced a new channel partnership with TITAN Haptics, a Canadian-based developer of advanced haptic motors, to make our haptic IP available to mobile phone and wearable OEMs that incorporate its actuators.

我們最近宣布與加拿大先進觸覺電機開發商 TITAN Haptics 建立新的通路合作夥伴關係，以使我們的觸覺 IP 可供採用其執行器的手機和可穿戴 OEM 廠商使用。

TITAN Haptics' actuators are based on a new technology that developed to deliver compelling high-definition experiences.

TITAN Haptics 的執行器基於一項新技術，旨在提供引人注目的高清體驗。

This partnership expands the footprint of component suppliers offering a channel license option servicing China and other global markets.

此次合作擴大了零件供應商的足跡，為中國和其他全球市場提供通路許可選項。

Haptics is essential to today's smartphone experiences including mobile gaming.

觸覺對於當今的智慧型手機體驗（包括手機遊戲）至關重要。

We're pleased to share that ASUS, the company behind the powerful ROG gaming smartphones, executed a multiyear renewal license for its use of Immersion TouchSense software and technology in its mobile products.

我們很高興地宣布，強大的 ROG 遊戲智慧型手機背後的公司華碩為其行動產品中使用 Immersion TouchSense 軟體和技術執行了多年續訂授權。

Our mobile segment revenue remains on track to meet or exceed our 2020 segment revenue.

我們的行動部門收入仍有望達到或超過 2020 年部門收入。

We also see interest in haptics from companies in adjacent markets who are seeking to leverage tactile feedback to improve the user experience in their products.

我們也看到鄰近市場的公司對觸覺感興趣，他們正在尋求利用觸覺回饋來改善其產品的使用者體驗。

I'm pleased to share that Peloton, a leading interactive fitness platform provider, executed a technology license with Immersion in Q2.

我很高興地告訴大家，領先的互動健身平台提供者 Peloton 在第二季與 Immersion 簽署了技術許可。

As part of the agreement, we are also providing engineering services to support development of new products.

作為協議的一部分，我們還提供工程服務以支援新產品的開發。

As part of our long-term strategy to support continued adoption of advanced haptics in our target market segments, we are leading development of industry standards.

作為我們支持在目標細分市場中繼續採用先進觸覺技術的長期策略的一部分，我們正在引領業界標準的發展。

Last quarter, we reported that MPEG approved a call for proposals for coding of haptic effects.

上個季度，我們報告了 MPEG 批准了觸覺效果編碼提案徵集。

Multiple companies have submitted candidate proposals which are currently under evaluation.

多家公司已提交候選提案，目前正在評估中。

We look forward to keeping you updated on this initiative.

我們期待向您通報此舉措的最新情況。

These wins and developments demonstrate our continued progress driving adoption of our technology across the ecosystem.

這些勝利和發展表明我們在推動整個生態系統採用我們的技術方面不斷取得進展。

I'll now turn the call over to Aaron for a review of our Q2 results.

我現在將把電話轉給亞倫，以審查我們第二季的業績。

Thanks, Jared.

謝謝，賈里德。

Let me begin by referring you to this afternoon's press release for information regarding our Q2 2021 financial performance.

首先，我請您參閱今天下午的新聞稿，以了解有關我們 2021 年第二季財務業績的資訊。

Total revenue of $11 million for Q2 2021 was up 94% from total revenue of $5.7 million in the same quarter last year.

2021 年第二季的總營收為 1,100 萬美元，比去年同期的總營收 570 萬美元成長 94%。

Revenue from per-unit royalty arrangements increased approximately $4.8 million or 111% compared with the prior year quarter, primarily due to increased volume from both mobility and gaming licensees.

與去年同期相比，每單位特許權使用費安排的收入增加了約 480 萬美元，即 111%，這主要是由於行動和遊戲被許可人的數量增加。

Fixed fee license revenue increased $0.5 million in the 3 months ended June 30, 2021 compared to the same period in 2020, mainly due to fixed fee payments from new and existing automotive licensees.

截至 2021 年 6 月 30 日的三個月，固定費用牌照收入比 2020 年同期增加了 50 萬美元，主要是由於新的和現有的汽車牌照持有者支付了固定費用。

Recurring revenues represented 91% of revenues in Q2 2021 versus 98% of revenues in the second quarter last year.

經常性收入佔 2021 年第二季營收的 91%，而去年第二季則為 98%。

Our revenue mix for each line of business typically fluctuates quarterly due to seasonality patterns.

由於季節性模式，我們每個業務線的收入組合通常會按季度波動。

And for the second quarter of 2021, our breakdown by line of business as a percentage of total revenues was as follows: 61% from mobility, 21% from gaming and 18% from automotive.

2021 年第二季度，我們按業務線佔總收入的百分比細分如下：行動性佔 61%，遊戲佔 21%，汽車佔 18%。

Gross profit was $11 million compared to gross profit of $5.6 million in the same quarter of 2020.

毛利為 1,100 萬美元，而 2020 年同一季度的毛利為 560 萬美元。

Turning to operating expenses, GAAP operating expenses of $5.2 million for the second quarter of 2021 were down 23% or $1.5 million from the comparable period last year.

營運費用方面，2021 年第二季 GAAP 營運費用為 520 萬美元，比去年同期下降 23%，即 150 萬美元。

The reduction in expenses for the quarter reflected our disciplined focus on costs through our various cost reduction initiatives, which resulted in $0.5 million lower litigation, patent-related and general legal costs, $0.4 million lower professional service costs, $0.4 million lower facilities expenses as well as $0.2 million lower other expenses in the quarter.

本季費用的減少反映了我們透過各種成本削減措施對成本的嚴格關注，這導致訴訟、專利相關和一般法律成本減少了50 萬美元，專業服務成本減少了40 萬美元，設施費用也減少了40 萬美元本季其他費用減少 20 萬美元。

Looking at our net results, GAAP net income for the second quarter of 2021 was $5.3 million or $0.17 per diluted share compared to GAAP net loss of $0.7 million or $0.03 per diluted share in the same quarter of 2020.

從我們的淨利潤來看，2021 年第二季的GAAP 淨利潤為530 萬美元，或稀釋後每股0.17 美元，而2020 年同一季度的GAAP 淨虧損為70 萬美元，或稀釋後每股0.03美元。

In addition to GAAP metrics, we use non-GAAP net income and non-GAAP net income per share to track our business performance.

除了 GAAP 指標外，我們還使用非 GAAP 淨利潤和非 GAAP 每股淨利潤來追蹤我們的業務績效。

As a reminder, we define non-GAAP net income as GAAP net income adjusted to reflect cash tax expense, less stock-based compensation, depreciation and restructuring expenses.

提醒一下，我們將非 GAAP 淨利潤定義為經過調整以反映現金稅費用、減去股票薪酬、折舊和重組費用的 GAAP 淨利潤。

On a non-GAAP basis, we had net income of $7.2 million or $0.23 per diluted share in the second quarter compared to non-GAAP net income of $0.8 million or $0.03 per diluted share in the same period last year.

以非 GAAP 計算，第二季我們的淨利潤為 720 萬美元，即稀釋後每股收益 0.23 美元，而去年同期的非 GAAP 淨利潤為 80 萬美元，即稀釋後每股收益 0.03 美元。

Moving on to the balance sheet, overall, we had total cash and cash equivalents of $107.3 million as of June 30, 2021.

轉向資產負債表，截至 2021 年 6 月 30 日，我們的現金和現金等價物總額為 1.073 億美元。

This represents a $47.8 million increase from the $59.5 million as of December 31, 2020.

這比截至 2020 年 12 月 31 日的 5,950 萬美元增加了 4,780 萬美元。

Overall, our Q2 revenue performance was better than originally anticipated.

整體而言，我們第二季的營收表現優於最初的預期。

And as a result of the uncertainty caused by the recent Delta variant, and the potential impact that may have on our licensees businesses, we may not see continued increases in revenue on a quarterly basis off of this Q2's performance.

由於最近的達美航空變體造成的不確定性，以及可能對我們的被許可人業務產生的潛在影響，我們可能不會看到第二季度業績的季度收入持續增長。

We remain cautiously optimistic about our future performance, but at the same time also recognize that Q2 was an outstanding quarter, and we may face tougher headwinds from the impact of the resurfacing of COVID and supply chain issues on our licensees.

我們對未來的業績保持謹慎樂觀，但同時也認識到第二季度是一個出色的季度，我們可能會因新冠疫情和供應鏈問題對我們的被許可人的影響而面臨更嚴峻的阻力。

We remain confident in our ability to manage our cost structure and expect to remain profitable and to continue to generate positive free cash flow in the coming quarters despite the tough business environment.

儘管商業環境嚴峻，我們對管理成本結構的能力仍然充滿信心，並期望在未來幾季保持盈利並繼續產生正的自由現金流。

Thanks, Aaron.

謝謝，亞倫。

We are very pleased with the significant improvement in our financial results compared to Q2 2020.

與 2020 年第二季相比，我們的財務表現取得了顯著改善，我們對此感到非常高興。

We generated 94% revenue growth while reducing our operating expenses by over 20% and strengthened our balance sheet considerably in the same period.

我們的收入成長了 94%，同時營運費用減少了 20% 以上，並在同一時期大幅增強了我們的資產負債表。

We continue to achieve sustained profitability under our optimized operating structure.

在優化的經營結構下，我們持續實現持續獲利。

I'm excited that we remain on track to deliver double-digit percent year-over-year growth in revenue and profitability.

我很高興我們仍有望實現收入和盈利能力同比兩位數的成長。

I look forward to keeping you updated on our progress.

我期待著向您通報我們的最新進展。

Before we open up the call for questions, I'd like to note that given the circumstances, Aaron and I and the support team are all in separate locations, so please bear with us as we take a little extra time to process your questions and deliver answers in real time.

在我們開始提問之前，我想指出，鑑於目前的情況，亞倫和我以及支援團隊都位於不同的地點，因此請耐心等待，因為我們需要一些額外的時間來處理您的問題，並且實時提供答案。

We appreciate your patience.

我們感謝您的耐心等待。

With that, I will turn the call over to the operator to start Q&A.

這樣，我會將電話轉交給接線生開始問答。

Operator?

操作員？

(Operator Instructions) And first, we'll go to Anthony Stoss from Craig Hallum.

（操作員說明）首先，我們請來 Craig Hallum 的 Anthony Stoss。

Really nice quarter.

真的很不錯的季度。

Easy one for you first, Aaron.

首先給你一個簡單的，亞倫。

On the OpEx side of things, do you expect it to remain relatively flat going forward?

在營運支出方面，您預計未來會保持相對穩定嗎？

Or up or down a little bit?

還是向上或向下一點？

And then I know you're not guiding for Q3, but typically and seasonally your September quarter would be up sequentially.

然後我知道您不會為第三季度提供指導，但通常和季節性您的 9 月份季度會連續上升。

Any reason to believe that that wouldn't be the case this time?

有理由相信這次不會出現這種情況嗎？

And then maybe for Jared, related to, I guess, TITAN and just your penetration into the Chinese handset marketplace, how much do you think TITAN will help you within the China smartphone space?

然後，也許對於 Jared 來說，我想，與 TITAN 以及您對中國手機市場的滲透有關，您認為 TITAN 會給您在中國智慧型手機領域提供多少幫助？

Okay.

好的。

Thanks for the question, Tony.

謝謝你的提問，托尼。

So first on the OpEx, our previous guidance was that we expected to be sustainably within $17 million to $19 million of non-GAAP OpEx.

首先在營運支出方面，我們先前的指導是，我們預計非 GAAP 營運支出將持續保持在 1700 萬美元至 1900 萬美元之間。

We're running below that now.

我們現在正在低於這個水平。

And while we previously said that could go up once we start traveling more and doing more marketing activities, certainly, we're not anticipating doing a lot of that next quarter given the resurfacing of COVID and some of those other issues.

雖然我們之前說過，一旦我們開始更多的旅行和進行更多的行銷活動，這個數字可能會上升，但考慮到新冠疫情和其他一些問題的重新出現，我們預計下個季度不會做太多的事情。

So I don't expect it to increase significantly.

所以我預計它不會大幅增加。

But longer term, it could be in the range of $17 million to $19 million, as we've previously said.

但從長遠來看，正如我們之前所說，它可能在 1700 萬美元到 1900 萬美元之間。

And with respect to the seasonality, while it's true that Q3 typically is a strong quarter for us, given the outstanding performance in Q2 and how that was above our expectations, and the resurfacing of COVID and supply chain issues on our licensees, we may not continue to beat quarterly -- Q3 on a sequential basis compared to Q2.

就季節性而言，雖然第三季度對我們來說通常是一個強勁的季度，但考慮到第二季度的出色表現以及超出我們預期的表現，以及我們的被許可人重新出現的新冠疫情和供應鏈問題，我們可能不會與第二季相比，第三季繼續優於季。

Okay.

好的。

And then, Jared, the channel licensing?

然後，賈里德，通路許可？

(inaudible) Yes.

（聽不清楚）是的。

On -- again, we're pleased with how things are going with our channel licensing.

再次，我們對通路許可的進展感到滿意。

With TITAN, it's -- I'm not able to actually estimate the specific impact.

對於 TITAN，我無法實際估計具體影響。

This is coming at it from the angle of actuators and a new technology.

這是從執行器和新技術的角度來解決的。

It may take some time for that technology to be adopted.

該技術的採用可能需要一些時間。

But we see the potential to grow the overall China licensing program with their participation.

但我們看到了他們的參與推動整個中國許可計劃發展的潛力。

Okay.

好的。

Then if I may, 2 quick follow-ups.

如果可以的話，我會進行兩次快速跟進。

I think in the past, you've commented about you think the auto segment will likely be your fastest-growing, albeit it's smaller than the other 2. I'm curious if that's still the case.

我想在過去，您曾評論過您認為汽車領域可能是您成長最快的領域，儘管它比其他兩個領域要小。

And then I don't think you've disclosed in the past what you mentioned on this call about Peloton being a license.

然後我認為你過去沒有透露過你在這次電話會議中提到的有關 Peloton 是許可證的內容。

How are they using it?

他們如何使用它？

Do you think there's other applications for kind of consumer devices?

您認為消費性設備還有其他應用嗎？

So on the first question with automotive, we -- just based on the adoption and what the OEMs are saying, we do consider that it will keep growing.

因此，關於汽車的第一個問題，我們——僅根據採用情況和原始設備製造商的說法，我們確實認為它將繼續增長。

There's a longer lag time or longer time to production in that market.

該市場的滯後時間或生產時間較長。

So that's something that just grows steadily over time.

所以這是隨著時間的推移而穩定增長的東西。

So -- but we still anticipate that over time, that will continue to grow.

所以，但我們仍然預計，隨著時間的推移，這個數字將繼續增長。

And then on your second question, in regards to -- I can't talk too much about specifically what we're doing with them.

關於你的第二個問題，關於——我不能談太多我們正在對他們做什麼。

But as far as other markets, we do see the potential in other markets for haptics outside of our core markets in other consumer devices, kind of outside of gaming and phones; there is some potential there.

但就其他市場而言，我們確實看到了除了遊戲和手機之外的其他消費性設備核心市場之外的其他市場的觸覺潛力；那裡有一些潛力。

So that's something that we keep an eye on, and we do talk to some customers about, but there is some longer-term potential for that, definitely.

所以這是我們密切關注的事情，我們確實與一些客戶討論過，但肯定有一些長期潛力。

(Operator Instructions) Next, we'll go to Derek Soderberg from Colliers Securities.

（操作員說明）接下來，我們請高力證券的德里克·索德伯格 (Derek Soderberg) 發言。

My congrats as well on the strong results.

我也對取得的優異成績表示祝賀。

I want to start with automotive.

我想從汽車開始。

I was wondering if you guys could provide any more detail about what's sort of going on in there on the upside.

我想知道你們是否可以提供更多有關上行情況的詳細資訊。

I think in the past, you guys have received upfront payments in that segment.

我認為過去，你們已經收到了該領域的預付款。

Is that the reason at all for any of the upside?

這是任何好處的根本原因嗎？

And if you guys could sort of segment where that revenue growth is coming from by application?

你們是否可以按應用程式對收入成長的來源進行分類？

Is it primarily touchscreen infotainment systems?

主要是觸控螢幕資訊娛樂系統嗎？

How much of it is screens versus buttons and the steering wheel?

螢幕佔了多少，按鈕和方向盤佔了多少？

Anything there would be great.

任何事情都會很棒。

Yes.

是的。

So I'll respond to the first part of it, part of your question.

所以我將回答它的第一部分，也就是你問題的一部分。

Yes, go ahead.

是的，繼續吧。

Aaron.

亞倫.

Yes.

是的。

There were a couple of upfront payments in the automotive sector, which I alluded to earlier in my comments.

汽車行業有一些預付款，我在前面的評論中提到過。

Part of those were fixed-fee payments that we received from automotive licensees.

其中一部分是我們從汽車許可證持有者收到的固定費用。

And then (inaudible)

然後（聽不清楚）

And then regarding -- yes.

然後關於——是的。

Regarding the different applications, it's actually -- it's -- we're seeing button applications and screen applications.

關於不同的應用程序，實際上，我們看到的是按鈕應用程式和螢幕應用程式。

The different applications, whether the buttons are in the center console or on the dash, say -- so that continues.

不同的應用程序，無論按鈕位於中央控制台還是儀表板上，都如此——所以繼續。

And then interest in screens -- as screens become more prevalent in cars, not just at the high-end range.

然後是對螢幕的興趣——隨著螢幕在汽車中變得越來越普遍，而不僅僅是在高端車型上。

I don't have a specific distribution, that kind of changes over time.

我沒有特定的分佈，這種分佈會隨著時間的推移而改變。

But I would say that the applications are still across those different modalities.

但我想說的是，這些應用程式仍然跨越這些不同的模式。

Got it.

知道了。

Got it.

知道了。

And then just looking at your cash balance and operating model, I think you guys are going to be generating cash from here.

然後只要看看你們的現金餘額和營運模式，我認為你們將從這裡產生現金。

You guys talked about sustained profitability.

你們談到了持續獲利。

I guess I was just curious if you could provide some reasons on why you guys are going out and raising money.

我想我只是好奇你能否提供一些理由來解釋為什麼你們要出去籌錢。

It seems like to me, it could be for an acquisition.

在我看來，這可能是為了收購。

You guys -- I'm just curious if you're more active in that space in M&A.

你們——我只是好奇你們是否在併購領域更加活躍。

And then what sort of would be the area of interest for you guys in that case?

那麼在這種情況下，你們會感興趣什麼樣的領域呢？

Would it be for more patents or hardware or both?

是為了更多的專利還是硬件，還是兩者兼具？

Any detail there would be helpful.

任何細節都會有幫助。

So we have no ongoing engagements with respect to M&A activities.

因此，我們沒有持續參與併購活動。

I mean we do look at things from time to time and keep our eyes open on what's out there.

我的意思是，我們確實會時不時地觀察事物，並密切注意外面的情況。

But there's nothing that we're engaged with at the current time.

但目前我們還沒有參與任何事情。

And with respect to the ATM in general, I'd refer you to our public filings, which has complete information of that.

關於一般的 ATM，我建議您參閱我們的公開文件，其中包含完整的資訊。

Got it.

知道了。

And then where are you at with that new offering?

那麼您對這項新產品的進度如何？

How much have you sort of gone out and sold so far?

到目前為止，你們已經賣了多少？

And do you guys -- what sort of a timeline are you guys using that?

你們使用什麼樣的時間表？

Any updated commentary on that would be helpful as well.

任何對此的最新評論也會有所幫助。

Yes.

是的。

So any of the information that we're able to disclose is in our 10-Q filed this afternoon as well as in our previous public filings.

因此，我們能夠披露的所有資訊都在今天下午提交的 10-Q 以及之前的公開文件中。

And at this time, I'll turn it back to Jared Smith for closing remarks.

此時，我將把它轉回賈里德·史密斯（Jared Smith）做結束語。

Thanks, operator, and thanks to you all for joining us on the call today.

謝謝接線員，也謝謝大家今天加入我們的電話會議。

I'm very excited with our continued progress and financial results.

我對我們的持續進步和財務表現感到非常興奮。

We're well positioned to drive continued adoption of haptics in our core markets and grow the company.

我們處於有利位置，可以推動觸覺在我們的核心市場中的持續採用並發展公司。

We look forward to sharing updates on this effort in future calls.

我們期待在未來的電話會議中分享這項工作的最新進展。

Thank you, and goodbye.

謝謝你，再見。

And that does conclude our call for today.

我們今天的呼籲到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。