Inseego Corp (INSG) 2024 Q3 法說會逐字稿

Good afternoon, everyone. Welcome to Inseego Corp.'s third quarter 2024 financial results conference call. Please note that today's event is being recorded. (Operator Instructions) On the call today are Philip Brace, Executive Chairman of Inseego's Board of Directors; and Steven Gatoff, the company's Chief Financial Officer.

大家下午好。歡迎加入 Inseego Corp. 2024 年第三季財務業績電話會議。請注意，今天的活動正在錄製中。（操作員說明）今天參加電話會議的是 Inseego 董事會執行主席 Philip Brace；以及公司財務長史蒂文·加托夫(Steven Gatoff)。

During this call, certain non-GAAP financial measures will be discussed. A reconciliation to the most directly comparable GAAP financial measures is included in the earnings release, which is available on the Investors section of the company's website.

在本次電話會議期間，將討論某些非公認會計準則財務指標。收益報告中包含了與最直接可比較的 GAAP 財務指標的調節，可在公司網站的投資者部分查看。

An audio replay of this call will also be archived there. Please also be advised that today's discussion will contain forward-looking statements. These forward-looking statements are not historical facts, but rather are based on the company's current expectations and beliefs.

這次通話的音訊重播也將存檔在那裡。另請注意，今天的討論將包含前瞻性陳述。這些前瞻性陳述並非歷史事實，而是基於公司目前的期望和信念。

For a discussion on factors that could cause actual results to differ materially from the expectations, please refer to the risk factors described in the company's Form 10-K, 10-Q, and other SEC filings, which are available on the company's website.

有關可能導致實際結果與預期產生重大差異的因素的討論，請參閱公司 10-K、10-Q 表格和其他 SEC 文件中描述的風險因素，這些文件可在公司網站上找到。

Please also refer to the cautionary note regarding the forward-looking statements section contained in today's press release. With that, I'd like to turn the floor over to Phil Brace, Executive Chairman of Inseego. Please go ahead.

另請參閱今天新聞稿中包含的有關前瞻性陳述部分的警告說明。接下來，我想請 Inseego 執行主席 Phil Brace 來演講。請繼續。

Thank you, operator. Good afternoon, everyone. It's a pleasure to be with you today. I'll be making some opening remarks, and then I'll be passing it over to Steven, who will provide much of the detail. Q3 2024 was a significant quarter for Inseego.

謝謝你，接線生。大家下午好。今天很高興和大家在一起。我將做一些開場白，然後將其交給史蒂文，他將提供大部分細節。2024 年第三季對 Inseego 來說是一個重要的季度。

We had a number of major events that when combined, set the company on a positive trajectory for the future. In particular, the company delivered strong financial results. We completed the restructuring of our debt and right sized our capital structure.

我們舉辦了許多重大活動，這些活動結合在一起，使公司的未來走上了積極的軌道。特別是，該公司取得了強勁的財務業績。我們完成了債務重組並調整了資本結構規模。

We divested a non-core international Telematics asset for $52 million, and we continue to invest in our people, the product roadmap, and channel expansion to drive opportunities in the future. Let me provide some color.

我們以 5,200 萬美元剝離了一項非核心國際遠端資訊處理資產，並繼續投資於我們的員工、產品路線圖和管道擴張，以推動未來的機會。讓我提供一些顏色。

First and importantly, our financial results for the quarter were ahead of our expectations. Total company revenue came in at $61.9 million, 27% growth versus the same quarter last year and above our guidance. The outperformance was driven by strong carrier promotions for our mobile products and good execution by our sales and operations team to capitalize on the increase in demand and delivering the product.

首先也是重要的是，我們本季的財務表現超出了我們的預期。公司總收入為 6,190 萬美元，比去年同期成長 27%，高於我們的指導。出色的業績得益於營運商對我們行動產品的大力促銷，以及我們的銷售和營運團隊利用需求成長和交付產品的良好執行力。

Our subscribe SaaS management platform also contributed meaningfully with good year-over-year growth in revenue and profit. Adjusted EBITDA was also significantly ahead of expectations at $9.3 million for the total company based on good cost control and strong revenue results.

我們的訂閱 SaaS 管理平台也做出了有意義的貢獻，營收和利潤較去年同期成長良好。基於良好的成本控制和強勁的營收業績，調整後的 EBITDA 也大大超出了公司整體 930 萬美元的預期。

This delivered the highest adjusted EBITDA margin in years. Second, we substantially reduced our debt and announced the closing of that transaction today. In addition to the convert restructuring, based on the strong financial performance throughout the quarter, the company has been paying down the $20 million short-term loan and now has only a $6 million remaining balance.

這帶來了多年來最高的調整後 EBITDA 利潤率。其次，我們大幅減少了債務，並宣布今天完成交易。除了轉換重組之外，基於整個季度強勁的財務業績，該公司已經償還了 2000 萬美元的短期貸款，現在只剩下 600 萬美元的餘額。

Once the $15 million stub of the convertibles and the $6 million short-term loan are repaid, the company will have a manageable $41 million of long-term senior debt outstanding, down from over $160 million a year ago. This represents a dramatic improvement in the company's capital structure and positions Inseego well looking ahead to the future.

一旦償還了 1500 萬美元的可轉換債券存根和 600 萬美元的短期貸款，該公司將有 4,100 萬美元的未償長期優先債務，低於一年前的 1.6 億美元。這代表著公司資本結構的顯著改善，並使 Inseego 對未來充滿信心。

Third, we signed an agreement to divest our non-core international telematics business for $52 million in cash, which we expect to close this quarter. This transaction provides increased liquidity for the company and enables us to focus on the US 5G wireless connectivity business. You will see that the financial results for this business are now required to be reported as discontinued operations in our financial statements. And fourth, Inseego continues to invest in a strong product road map.

第三，我們簽署了一項協議，以 5,200 萬美元現金剝離我們的非核心國際遠端資訊處理業務，預計將於本季完成。此次交易為公司提供了更多的流動性，使我們能夠專注於美國5G無線連接業務。您將看到，該業務的財務表現現在需要在我們的財務報表中報告為已終止經營業務。第四，Inseego 繼續投資強大的產品路線圖。

There are a number of new and exciting growth opportunities in front of us, and we continue to focus on diversifying our revenue base with multi-carrier products for the broader channel ecosystem in addition to expanding our business with the major US carriers.

我們面前有許多令人興奮的新成長機會，除了擴大與美國主要營運商的業務外，我們還繼續致力於透過多營運商產品實現更廣泛的通路生態系統的收入基礎多元化。

This diversification of our revenue base is important to help us weather the potential volatility that comes from us being tied to major carrier promotional activity. It's also an important incremental driver of our long-term growth. Finally, as we look ahead in the current quarter, we see continued year-over-year growth in revenue and adjusted EBITDA for our continuing operations.

我們收入基礎的多元化對於幫助我們應對因與主要營運商促銷活動相關而帶來的潛在波動非常重要。這也是我們長期成長的重要增量驅動力。最後，當我們展望本季時，我們看到我們持續營運的營收和調整後 EBITDA 持續年成長。

Before I hand the call over to Steven, I'd like to update you on our CEO search and what I see ahead for Inseego. The Board, along with a leading executive search firm, have been actively engaged with a number of strong candidates, and we are encouraged with where things stand. While you can never predict exactly when this will get closed, our current expectation is we'll have someone in place by the end of Q1 2025.

在將電話轉交給 Steven 之前，我想向您介紹我們執行長搜尋的最新情況以及我對 Inseego 的展望。董事會與一家領先的獵人頭公司一直在積極與一些實力雄厚的候選人接洽，我們對目前的情況感到鼓舞。雖然您永遠無法準確預測何時關閉，但我們目前的預期是在 2025 年第一季末之前有人到位。

Inseego now has a solid capital structure, a new management team, is growing, is profitable, is generating free cash flow and has a strong product road map, a dramatically different position than at the beginning of the year. With that, I would like to thank our stakeholders who worked collaboratively to enable the restructuring and the Inseego employees who have been working hard to grow the business and deliver the financial results I share with you today. I'm glad to take any questions in a few minutes. Right now, I'd like to pass the call over to Steven.

Inseego 現在擁有堅實的資本結構、新的管理團隊、不斷成長、盈利、產生自由現金流，並擁有強大的產品路線圖，這與年初的情況截然不同。在此，我要感謝我們的利害關係人，他們為實現重組而共同努力，感謝 Inseego 員工，他們一直在努力發展業務，並實現了我今天與大家分享的財務表現。我很高興在幾分鐘內回答任何問題。現在，我想把電話轉給史蒂文。

Thanks, Phil. Hey, everyone. I'd like to cover four topics with you today. First, I'll take you through the details of our Q3 2024 financial results. Second, I'd like to update you on the completion of our capital structure overhaul and debt reduction that just closed.

謝謝，菲爾。嘿，大家。今天我想和大家談四個話題。首先，我將向您詳細介紹 2024 年第三季的財務表現。其次，我想向您通報剛完成的資本結構改革和債務削減的最新情況。

Third, I'll provide an overview of the sale of our telematics business. And fourth, I'll share some color on what we're seeing in the core business and provide guidance for Q4 as we finish out the year. As Phil said, as we always do, we'll, of course, wrap up by opening the call to your questions. With that, let's start with our Q3 2024 results.

第三，我將概述我們的遠端資訊處理業務的銷售情況。第四，我將分享一些我們在核心業務中看到的情況，並在今年結束時為第四季度提供指導。正如菲爾所說，正如我們一貫所做的那樣，我們當然會開始回答您的問題來結束通話。接下來，讓我們從 2024 年第三季的業績開始。

First off, please note that given the signed agreement to sell the telematics business US GAAP dictates that those operations be reported as held for sale on the balance sheet and in one net line item as discontinued operations in the P&L. As such, the Q3 2024 results present the company's revenue and expenses on a continuing operations basis.

首先，請注意，鑑於已簽署的出售遠端資訊處理業務的協議，美國公認會計準則規定，這些業務應在資產負債表上報告為持有待售業務，並在損益表中作為已終止業務在一個淨項目中報告。因此，2024 年第三季的業績顯示了公司持續經營基礎上的收入和支出。

And importantly, we've laid out the apples-to-apples proforma historical financial information for continuing operations for the prior six quarters in the earnings press release and in a new earnings deck that's on our Investor Relations website. This data will give you the consistent quarterly info and visibility for all of 2023 and 2024 to see the trends and relevant performance in our go-forward core business. With that, let's get into the numbers.

重要的是，我們在收益新聞稿和投資者關係網站上的新收益表中列出了前六個季度持續運營的同類歷史財務資訊。這些數據將為您提供 2023 年和 2024 年全年一致的季度資訊和可見性，以了解我們未來核心業務的趨勢和相關績效。有了這個，讓我們進入數字。

As Phil said, Q3 was a very strong quarter. Total revenue for the company, which will include for this review to include both continued and discontinued operations, came in at $61.9 million, an increase of more than 27% year over year versus Q3 2023 and for the second consecutive quarter, delivered total revenue growth for the first time in years.

正如菲爾所說，第三季是一個非常強勁的季度。該公司的總收入（本次審查包括持續營運和終止營運）為 6,190 萬美元，與 2023 年第三季相比同比增長超過 27%，並且連續第二個季度實現總收入增長多年來第一次。

The two primary growth drivers were, one, strong continued performance in the carrier mobile hotspot products from the large carrier partner MiFi promotion that we've talked about for the past few quarters and that drove Q3 2024 mobile solutions revenue growth of more than 43% year over year.

兩個主要成長動力是，一是大型營運商合作夥伴MiFi 促銷活動帶來的營運商行動熱點產品的持續強勁表現，我們在過去幾個季度中一直在討論這一點，推動2024 年第三季度移動解決方案收入成長超過43%年復一年。

And two, growth in our Inseego subscribed SaaS offering on a contract renewal that we also mentioned on the last call that drove services and other revenue growth of 33% year-over-year. Rounding out product revenue, fixed wireless access or FWA revenue came in lower in Q3 on lower consumer-based purchases by one of our carrier customers that is being acquired by another carrier customer and subsequently reduced its purchases and on some slower purchasing from a carrier who is managing their inventory heading into year-end.

第二，我們的 Inseego 訂閱 SaaS 產品透過續約合約成長，我們在上次電話會議中也提到了這一點，這推動了服務和其他收入同比增長 33%。總結產品收入，第三季固定無線存取或FWA 收入下降，原因是我們的一個營運商客戶基於消費者的購買量減少，該客戶被另一家營運商客戶收購，隨後減少了購買量，以及來自一家業者的購買速度放緩正在管理年底前的庫存。

Finishing up with our telematics offerings, which, as I said a moment ago, we've entered into a contract to sell and is therefore reported as one net line item in discontinued operations in the P&L. The business came in at a consistent solid growth on good, continued demand and execution.

完成我們的遠端資訊處理產品，正如我剛才所說，我們已經簽訂了一份銷售合同，因此在損益表中作為已終止業務的淨項目進行報告。由於良好、持續的需求和執行力，該業務實現了持續穩健的成長。

Moving on to gross margin. Q3 2024 gross margin percentage for total company that combines continued plus discontinued ops came in at approximately 38% compared to 33% on a non-GAAP basis in the same quarter in 2023.

轉向毛利率。2024 年第三季度，持續經營業務和已終止經營業務相結合的公司總毛利率約為 38%，而 2023 年同一季度按非公認會計準則計算的毛利率為 33%。

As we previewed on the last call, the 100 basis point lower sequential gross margin in Q3 2024 was driven in large part by the overperformance of the mobile hotspot business that had a record quarter but contributed at a lower gross margin level.

正如我們在上次電話會議中預測的那樣，2024 年第三季毛利率環比下降100 個基點，很大程度上是由於移動熱點業務的優異表現，該業務季度創紀錄，但毛利率水平較低。

Looking next at non-GAAP operating expenses. We've continued our focus on operational excellence and have successfully managed the business to both lower sequential dollar spend versus Q2 2024 and to a meaningful improvement in efficiency as a lower percentage of revenue.

接下來看看非公認會計準則營運費用。我們繼續專注於卓越運營，並成功管理業務，與 2024 年第二季度相比降低了連續美元支出，並以較低的收入百分比實現了效率的有意義的提高。

Sound headcount and expense management and operating efficiency efforts delivered total Q3 non-GAAP OpEx that was a favorable 3% lower sequentially over Q2 and came in at 28% of revenue on a continuing operations basis, improved from 30% in the prior quarter and meaningfully improved from 34% in Q3 of 2023, and that is including a fully funded bonus this year.

良好的員工人數、費用管理和營運效率努力使第三季的非公認會計原則營運支出總額比第二季下降了3%，佔持續營運收入的28%，較上一季的30% 有所改善，意義重大較 2023 年第三季的 34% 有所提高，其中包括今年的全額獎金。

We realized OpEx efficiencies on a percentage of revenue basis in Q3 in both sales and marketing efficiencies and R&D improvements. Pulling this all together, the very strong Q3 revenue performance and focused expense management drove record Q3 2024 adjusted EBITDA dollars that came in at more than double the prior year quarter at $9.3 million on a combined continuing plus discontinued operations basis.

我們在第三季的銷售和行銷效率以及研發改善方面實現了以收入百分比為基礎的營運支出效率。綜上所述，非常強勁的第三季營收表現和集中的費用管理推動了2024 年第三季調整後EBITDA 創歷史新高，按持續經營業務和非持續經營業務相結合計算，調整後EBITDA 美元比去年同期成長了一倍多，達到930 萬美元。

This also enabled us to deliver a record high adjusted EBITDA margin of 15% for the quarter. Wrapping up our Q3 results with the September balance sheet. As you know, we largely completed right sizing our capital structure, materially reducing our debt and improving the company's outlook going forward.

這也使我們本季的調整後 EBITDA 利潤率達到創紀錄的 15%。以 9 月份的資產負債表總結我們第三季的業績。如您所知，我們基本上完成了資本結構的調整，大幅減少了債務並改善了公司的未來前景。

At the very beginning of the quarter on July 1, in fact, we repurchased a large $45 million position in our convertible bonds at a discount of 30%. I'll talk about this more in a moment as a material improvement to our capital structure as a subsequent event to the quarter, but we ended the September quarter with $107 million in convertible debt outstanding and a small stub of $6 million out of the original $19.5 million short-term loan that we had utilized to take advantage of the opportunity to buy in the large convertible position.

事實上，在 7 月 1 日季度初，我們以 30% 的折扣回購了價值 4,500 萬美元的可轉換債券。作為本季的後續事件，我將在稍後詳細討論這一點，作為我們資本結構的重大改進，但在9 月份季度結束時，我們的未償還可轉換債務為1.07 億美元，原始債務中還有600 萬美元的小存根我們利用 1,950 萬美元的短期貸款來利用購買大型可轉換頭寸的機會。

Overall, working capital continues to be well managed these past several quarters, and we continue on our trajectory of generating cash flow. The final point to make on the balance sheet, is that with the capital structure improvements and convertible restructuring that's further bolstered by ongoing cash generation, we no longer have the going concern risk that became part of the company's disclosure earlier this year.

總體而言，過去幾季營運資金繼續得到良好管理，我們繼續沿著產生現金流的軌道前進。資產負債表上要指出的最後一點是，隨著資本結構的改善和可轉換重組，以及持續現金產生的進一步支持，我們不再面臨今年稍早公司揭露的持續經營風險。

With that, let's move to the second topic and look at the debt restructuring and the overall capital structure improvements that we have accomplished in the past several months. As you heard us say since we arrived at Inseego, we've been methodical about driving a thoughtful and optimized outcome for our stockholders and restructuring the convertible notes and reducing overall debt levels. This has been a complicated multi-step process with many considerations, constituents, and moving pieces.

接下來，我們進入第二個主題，看看過去幾個月我們所完成的債務重組和整體資本結構的改善。正如您聽到我們所說的，自從我們來到 Inseego 以來，我們一直有條不紊地為我們的股東帶來深思熟慮和優化的結果，重組可轉換票據並降低整體債務水平。這是一個複雜的多步驟過程，涉及許多考慮因素、組成部分和移動部分。

As you saw, we closed the restructuring of the convertible notes this past week. In total, we repurchased or converted to long-term debt and equity $147 million or more than 91% of the outstanding notes. The total overall consideration in the exchange consisted of four elements, one, $34 million in cash; two, $41 million in new senior secured notes due in 2029; three, the issuance of 2.9 million shares of common stock; and four, the issuance of 2.5 million warrants to purchase common stock at a premium to when the agreements were signed.

正如您所看到的，我們上週完成了可轉換票據的重組。我們總共回購或轉換為長期債務和股權 1.47 億美元，佔已發行票據的 91% 以上。本次交易的整體對價由四部分組成，一是3,400萬美元現金；二是現金3,400萬美元。二是2029年到期的4,100萬美元新優先擔保票據；三、發生290萬股普通股；第四，發行 250 萬張認股權證，以高於協議簽署時的溢價購買普通股。

Pro forma for these transactions, total debt has been reduced to $62 million and is heading lower. It consists of the $41 million in long-term senior notes, a small remaining stub of $15 million on the convert and the remaining $6 million of the short-term loan that you heard me mention a few minutes ago.

根據這些交易的預計，總債務已減少至 6,200 萬美元，並且還在繼續下降。它包括 4,100 萬美元的長期優先票據、一小部分剩餘的 1500 萬美元的可轉換存根以及您幾分鐘前聽到我提到的剩餘的 600 萬美元的短期貸款。

Further to this point, and as I'll talk more about in a moment, we anticipate the $6 million short-term loan and the $15 million convert stub to be fully repaid from a combination of balance sheet cash, free cash flow generation and a portion of the proceeds from the telematics sale.

除此之外，正如我稍後將詳細討論的那樣，我們預計 600 萬美元的短期貸款和 1500 萬美元的轉換存根將透過資產負債表現金、自由現金流產生和遠端資訊處理銷售收益的一部分。

Going forward, pro forma for the planned additional paydown of the small remaining debt balances that I just described and for our anticipated excess cash on the balance sheet post-closing of the Telematics sale, the company's net debt is expected to be approximately $25 million with an ongoing annual interest expense of approximately $3.7 million.

展望未來，按計劃額外償還我剛才描述的少量剩餘債務餘額，以及我們預計遠程信息處理出售結束後資產負債表上的多餘現金，該公司的淨債務預計約為 2500 萬美元，其中持續的年度利息支出約370 萬美元。

Our pro forma capital structure provides the company with significant flexibility as we allocate capital and our free cash flow to driving growth. As a final note on the capital structure improvement, we wanted to also call out a meaningful positive for the company. We were successful in structuring the warrants that were issued in the exchanges to be cash-paid.

當我們分配資本和自由現金流來推動成長時，我們的預期資本結構為公司提供了極大的靈活性。作為資本結構改善的最後一點，我們也想指出對公司有意義的正面因素。我們成功地將在交易所發行的認股權證設計為現金支付。

As such, upon their exercise, the company expects to receive approximately $38 million in cash, a further enhancement to our liquidity and financial flexibility. We're pleased to have executed these transactions and accomplished a meaningful reduction of debt and rightsizing of our capital structure.

因此，在他們行使權力後，公司預計將收到約 3,800 萬美元的現金，進一步增強我們的流動性和財務靈活性。我們很高興執行了這些交易，並實現了有意義的債務削減和資本結構調整。

Adding that strong dynamic to our profitable operations, free cash flow generation, and continuing growth, we see the company as now well-positioned and financially strong to support driving further stockholder value through growth in our new product portfolio.

為我們的獲利業務、自由現金流產生和持續成長增添強勁活力，我們認為該公司目前處於有利地位且財務實力雄厚，可以透過新產品組合的成長來支持進一步推動股東價值。

With that, let me share some info on the telematics sale. Our decision to divest that business was based on a combination of factors, including the strategic fit within our North American-centric 5G wireless solutions business, our desire to deleverage our capital structure, and our intended streamlining of our focus and resource allocation on the strongest growth opportunities in our core product road map.

接下來，讓我分享一些有關遠端資訊處理銷售的資訊。我們剝離該業務的決定是基於多種因素的綜合考慮，包括我們以北美為中心的5G 無線解決方案業務的戰略契合度、我們去槓桿化資本結構的願望，以及我們打算簡化對最強者的關注和資源分配。

We ran a solid process. It's a strong business, and it attracted interest from multiple buyers, and we're pleased with the sale price at roughly 2 times revenue, essentially twice the multiple that the company received for the sale of the legacy South Africa telematics business that Inseego sold back in 2021. We expect the transaction to close this quarter.

我們運行了一個可靠的流程。這是一項強勁的業務，吸引了多個買家的興趣，我們對大約2 倍收入的銷售價格感到滿意，基本上是該公司出售Inseego 回售的傳統南非遠程信息處理業務所獲得的倍數的兩倍2021年。我們預計交易將於本季完成。

And as I mentioned a few moments ago, we provided pro forma historical financial info for the core continuing operations going back six quarters to Q1 2023, so you have the full period of comparable quarterly history.

正如我剛才提到的，我們提供了可追溯到 2023 年第一季度六個季度的核心持續運營的備考歷史財務信息，因此您可以獲得完整的可比季度歷史記錄。

With that, let's turn to the fourth discussion topic today on what we're seeing in the business in the current quarter and provide our guidance for Q4, which we want to reiterate with the telematics sale is for continuing operations only.

說到這裡，讓我們轉向今天的第四個討論主題，討論我們在本季度的業務中所看到的情況，並提供我們對第四季度的指導，我們想重申，遠端資訊處理銷售僅用於持續營運。

Q4 2024 faces a tough sequential comp for two reasons, first, delivering on the heels of a record revenue and adjusted EBITDA quarter in Q3 2024; and second, the impact of the recurring annual seasonality of a lower sequential Q4 on carrier purchasing trends in the second half of December.

2024 年第四季面臨著艱難的連續比較，原因有二，首先，在 2024 年第三季創紀錄的收入和調整後的 EBITDA 季度之後實現了增長；其次，第四季季減的週期性季節性因素對 12 月下半月業者採購趨勢的影響。

Nonetheless, we are bullish on delivering both meaningful revenue growth and material improvements in adjusted EBITDA year over year. In product revenue, while we have reasonably good visibility on mobile broadband and a continued promotion at our largest carrier customer and offsetting end of a promotion at a North American carrier customer and some inventory management focus in another carrier customer temper our expectations to produce another breakout quarter in mobile in Q4 like we did in Q3.

儘管如此，我們仍然看好年比實現有意義的收入成長和調整後 EBITDA 的實質改善。在產品收入方面，雖然我們在行動寬頻方面有相當好的知名度，並且對我們最大的運營商客戶進行了持續促銷，並抵消了對北美運營商客戶的促銷結束，並且對另一個運營商客戶進行了一些庫存管理重點，但我們對實現另一個突破的預期有所下降就像我們在第三季度所做的那樣，第四季度的移動季度。

On FWA, while our new channel-specific products won't hit the market until late in the first half of 2025, our investments in building pipeline overall channel program are getting some traction, and we expect to be able to offset the typical seasonal decline and deliver fairly consistent FWA sequential revenue in Q4.

在 FWA 方面，雖然我們的新通路特定產品要到 2025 年上半年末才會上市，但我們在建設管道整體通路計畫方面的投資正在獲得一些牽引力，我們預計能夠抵消典型的季節性下降並在第第四季提供相當一致的FWA 連續收入。

On services and other revenue, we expect to have another solid quarter in Q4 that comes in at levels consistent with Q3 2024 on a dollar basis and meaningfully higher than the prior year in Q4 2023, thanks to the good work we've done on the Inseego subscribe platform.

在服務和其他收入方面，我們預計第四季度將再次實現穩健的季度，以美元計算，該季度的收入水平與2024 年第三季度一致，並且2023 年第四季度顯著高於上一年，這要歸功於我們在服務和其他收入方面所做的出色工作。

Insofar as gross margin, and again, on an apples-to-apples continuing operations basis, we expect Q4 2024 gross margin percentage to increase over Q3 2024 on a greater proportion of FWA and services revenue. Like our last call, we would again note that the final revenue mix between mobile broadband, FWA, and services and other will be the ultimate determinant.

就毛利率而言，同樣，在同類持續經營業務的基礎上，我們預計 2024 年第四季的毛利率百分比將比 2024 年第三季有所增加，因為 FWA 和服務收入的比例更大。就像我們上次的電話會議一樣，我們再次指出，行動寬頻、FWA、服務和其他之間的最終收入組合將是最終的決定因素。

Q4 non-GAAP operating expense from continuing operations is expected to be relatively flat over Q3 2024. And so pulling this all together, we're providing Q4 2024 guidance for continuing operations, that is the core ongoing business that does not include the telematics operations as follows, total revenue from continuing operations in a range of $43 million to $47 million, a growth rate of 25% year over year at the midpoint and adjusted EBITDA from continuing operations in a range of $3 million to $4 million, a more than 50% growth year-over-year at the midpoint.

預計第四季持續營運業務的非 GAAP 營運費用將與 2024 年第三季相比相對持平。因此，將所有這些綜合起來，我們為持續營運提供2024 年第四季度指導，這是不包括遠端資訊處理業務的核心持續業務，如下所示，持續營運的總收入在4,300 萬美元至4,700 萬美元之間，中點同比增長率為 25%，持續經營業務調整後的 EBITDA 在 300 萬美元至 400 萬美元之間，中點同比增長超過 50%。

In closing, we're happy and not surprised to see the strong growth and profitability delivered in Q3, and we're encouraged by the positive dynamics in the business that are driving continued traction as we close out 2024 and invest in new products to drive revenue growth in 2025. With that, we appreciate your time and support, and we're glad to open the call for questions. Operator?

最後，我們很高興看到第三季度實現的強勁增長和盈利能力，並且並不感到驚訝，並且我們對業務的積極動態感到鼓舞，這些積極動態在我們結束 2024 年並投資新產品以推動2025 年收入增長。在此，我們感謝您的時間和支持，我們很高興開始提問。操作員？

(Operator Instructions) Scott Searle, ROTH Capital.

（操作員指示）Scott Searle，羅斯資本。

Nice to see all the efforts on the restructuring come into fruition here, guys. Maybe just to quickly follow up, I just want to clarify on the net debt commentary. At the current time, the $52 million from the telematics sale is not being reflected in terms of how you're addressing the balance sheet. Is that correct? Or are you assuming some of that in the paydown of the $15 million stub and the $6 million term loan?

夥計們，很高興看到重組方面的所有努力在這裡取得成果。也許只是為了快速跟進，我只是想澄清一下網債評論。目前，遠端資訊處理銷售帶來的 5,200 萬美元並未反映在您處理資產負債表的方式中。這是正確的嗎？或者您會在 1500 萬美元存根和 600 萬美元定期貸款的還款中承擔其中的一部分？

Yeah, Scott, the net debt numbers on a go-forward basis, we would include paying down the $15 million stub. But as of the balance sheet date and as of the numbers today, the debt amounts that you see on the presentations and in the press release do not include application of the cash from the telematics sale.

是的，斯科特，未來的淨債務數字，我們將包括償還 1500 萬美元的存根。但截至資產負債表日和今天的數據，您在簡報和新聞稿中看到的債務金額不包括遠端資訊處理銷售現金的應用。

Got you. Okay, helpful. And look, you've given a lot of sequential guidance in terms of the different business segments. I'm wondering if you could look a little bit further out in terms of seasonality into the March quarter, what your early thoughts are on that front. And then if we look at the different business segments of mobile hotspot, fixed wireless access, and Inseego Subscribe, what are the growth rates that you are thinking about at the current time in 2025?

明白你了。好的，有幫助。看，您已經針對不同業務部門提供了許多連續的指導。我想知道您是否可以在三月季度的季節性方面進一步了解您在這方面的早期想法。然後，如果我們看看行動熱點、固定無線存取和 Inseego Subscribe 的不同業務領域，您目前考慮的 2025 年成長率是多少？

Scott, it's Phil. Look, I think it's a little bit early for us to comment on what's happening in 2025. I mean, based on what we see now, if you kind of look at it, I think the Q1 tends to be a little bit seasonally down from the Q4 time frame. I'm not seeing anything that would suggest abnormal seasonal patterns.

史考特，我是菲爾。聽著，我認為我們現在評論 2025 年發生的事情還為時過早。我的意思是，根據我們現在所看到的情況，如果你仔細觀察一下，我認為第一季的季節性趨勢往往比第四季的時間框架稍微低一些。我沒有看到任何表明異常季節性模式的資訊。

And for us, we commented that, for example, from FWA, that growth in FWA is really going to come from new products we got coming kind of in the mid part of next year and also kind of coming off some lows where we've got some customers that got some acquisitions of their own that they're kind of working through.

對我們來說，我們評論說，例如，從 FWA 來看，FWA 的成長實際上將來自於我們在明年中期推出的新產品，並且也擺脫了我們之前的一些低點。一些收購，他們正在處理這些收購。

So we're kind of expecting that to grow from there. So I'd suggest that our FWA growth is maybe not -- we've got some puts and takes that are different than what we might see in the market just based on what's happening to our customer base.

所以我們希望這種情況能夠從那裡開始成長。因此，我建議我們的 FWA 成長可能不會——我們的一些看跌期權和看跌期權與我們在市場上看到的不同，只是基於我們的客戶群發生的情況。

And then, mobile growth really depends on kind of promotions and what's happened there and seasonality there. So it's a little bit early to tell, but kind of how I think about 2025 is look at where we're kind of coming in 2024 and kind of progress what I would say, normal seasonal patterns from what we've seen in the last couple of years. So that's kind of what we're looking at.

然後，行動成長實際上取決於促銷活動的類型以及那裡發生的事情以及那裡的季節性。所以現在說還為時過早，但我對 2025 年的看法是看看我們在 2024 年會取得什麼進展，以及我想說的進步，從我們過去所看到的正常季節性模式來看幾年了。這就是我們正在尋找的。

Okay. Fair enough. And Phil, maybe on the hotspot front, just to think a little bit out further and I guess, strategically how you're thinking about the business, are there different go-to-market strategies and ways that you're thinking about enhancing the gross margin and the differentiation of the product portfolio? And then last one, just to throw in and I'll get back in the queue. You're in a position that the company hasn't been in a long time with a very healthy balance sheet. Do you start to think about some inorganic opportunities going forward?

好的。很公平。菲爾，也許在熱點方面，只是想進一步思考一下，我想，從戰略上講，您如何考慮業務，是否有不同的進入市場策略和方法，您正在考慮增強業務毛利率和產品組合的差異化？然後是最後一個，只是為了投入，我會回到隊列。您所處的位置是公司很長時間以來都沒有擁有非常健康的資產負債表的情況。您是否開始考慮未來的一些無機機會？

Yeah. Good question. Look, on the gross margin side, I mean, we're never satisfied with where they are. I think I've been clear about the fact that I think the company has got a long way that we can go not only in the cost structure of our products, but frankly, doing things like monetizing our software and doing a much better job of valuing and getting value for our software products there. So frankly, that's an area where I'm not happy where we are yet as a company, and it's an area that we're going to continue to focus on building going forward.

是的。好問題。你看，在毛利率方面，我的意思是，我們永遠不會滿足於他們的現狀。我想我已經清楚地認識到這樣一個事實：我認為公司還有很長的路要走，我們不僅可以在產品的成本結構方面取得進展，而且坦率地說，可以通過我們的軟體貨幣化並做得更好。坦白說，作為一家公司，我對這個領域還不滿意，但我們未來將繼續專注於建立這個領域。

I'm kind of pushing on that front. So I would not expect us to be done there. And I think when we look at the hotspot -- I mean, one of the areas we're looking at is diversifying our revenue base, right, making sure that we've got products that can support multiple carriers, maybe different use cases, go out to the channel environments, different approaches there to help diversify our revenue base, improve our gross margin. So I think we have a number of levers to pull, and the company is kind of focused on building those areas going forward. And then I think your second question -- what was your second question?

我正在推動這方面的工作。所以我不希望我們到此為止。我認為當我們關注熱點時 - 我的意思是，我們正在關注的領域之一是使我們的收入基礎多樣化，對吧，確保我們擁有可以支援多個運營商的產品，也許是不同的用例，深入通路環境，採取不同的方法來幫助我們實現收入基礎多元化，提高我們的毛利率。因此，我認為我們有很多槓桿可以拉動，而且公司未來將專注於建立這些領域。然後我想你的第二個問題──你的第二個問題是什麼？

Just thoughts on the inorganic front, Phil. Given where you guys are in business, how are you thinking about that?

只是關於無機方面的想法，菲爾。考慮到你們所處的行業，您對此有何看法？

It's wonderful to be in that position right now. I mean, from where we were three quarters ago. I think that right now, we're going to have a disciplined approach to capital. We're going to be careful. I think we've still got a couple of more things we just need to take care of, including paying down the stab and the remaining loan. But look, we're going to take a disciplined view for that. If there are things that are accretive and that will be right in our wheelhouse, then we'll certainly look at that, but nothing imminent.

現在能處於這個位置真是太棒了。我的意思是，從四分之三前的情況來看。我認為現在我們將對資本採取嚴格的態度。我們會小心的。我認為我們還有一些事情需要處理，包括償還貸款和剩餘的貸款。但是看，我們將對此採取嚴格的看法。如果有一些事情是有增值性的，而且是我們所擅長的，那麼我們肯定會考慮這一點，但不會是迫在眉睫的事情。

Lance Vitanza, TD Cowen.

蘭斯·維坦扎，TD·考恩。

Nice job on the quarter. A couple of questions on the fixed wireless side. You mentioned that there was some M&A. I think you said that a couple of your customers emerged and that was putting some pressure on sales in the quarter. Could you elaborate on that a little bit in terms of magnitude and time frame?

本季工作做得很好。關於固定無線方面的幾個問題。你提到有一些併購。我想您說過您的一些客戶出現了，這給本季的銷售帶來了一些壓力。您能否從規模和時間框架方面詳細說明一下？

Like do you expect that, that's going to revert to the mean at any point? Or is this just sort of like a step function lower? And then also, I think you called out that you had another customer, and I may be getting this wrong, I apologize, but that was choosing to -- that chose to reduce inventory levels into year-end. And I'm wondering if you could provide any additional color on that? And is that sort of, again, like a permanent destocking?

就像您期望的那樣，它會在任何時候恢復到平均值嗎？或者這只是有點像較低的階躍函數？然後，我想你說你還有另一個客戶，我可能弄錯了，我很抱歉，但那是選擇——選擇減少年底的庫存水平。我想知道你是否可以提供任何額外的顏色？這是否又類似於永久性去庫存？

Or is that something that we think comes back in either the fourth quarter or early in the first quarter perhaps? And then I have a follow-up about the asset sales.

或者我們認為這種情況可能會在第四季或第一季初回歸？然後我對資產出售進行了跟進。

Yeah. This is Phil. Look, I think the one -- I mean, it's pretty public. There's a large US carrier that's being acquired by another large US carrier. The one that is being acquired was one of our customers and so you might expect they are taking a very conservative posture with respect to what they're purchasing and all that other kind of stuff.

是的。這是菲爾.聽著，我認為這個——我的意思是，它是相當公開的。美國一家大型航空公司正被另一家美國大型航空公司收購。被收購的是我們的客戶之一，因此您可能會認為他們對所購買的產品和所有其他類型的東西採取非常保守的態度。

So I don't necessarily -- we're not planning on that to somehow magically get back better, and we'll see what happens when -- if and when the companies combine and do all that stuff. I just -- I don't know much more I can comment on that publicly. And the other one you commented about was just managing inventory.

所以我不一定 - 我們並不打算以某種方式神奇地恢復更好，我們會看看當公司合併並做所有這些事情時會發生什麼。我只是——我不知道更多我可以公開評論的事情。您評論的另一項只是管理庫存。

Look, my guess is that's going to come back. I mean it's hard for us to tell right now, and that's just kind of what we're seeing. I think that one customer in particular is just looking at the end of the quarter and trying to be a little bit more conservative with how they position that. So it's not something that is raising alarm bells in my brain yet, and it's something we're just -- we're kind of watching. And I think that's something we'll see how that plays out.

聽著，我猜那會回來的。我的意思是我們現在很難說，這只是我們所看到的。我認為，特別是有一個客戶只是著眼於季度末，並試圖對他們的定位更加保守。所以這還沒有在我的大腦中敲響警鐘，而是我們正在關注的事情。我認為我們將會看到結果如何。

I think last quarter, you'd mentioned a newly implemented channel program that was beginning to ramp and that there was some question as to how successful and/or how quickly that ramp would play out. Any updates there? Are you pleased with the results there? Is that sort of going on alongside the sort of the noise from what we just discussed? Or is that also helping or hurting the results?

我認為上個季度，您提到了一個新實施的通路計劃，該計劃開始加速，並且存在一些問題，即該加速將如何成功和/或多快地發揮作用。有更新嗎？您對那裡的結果滿意嗎？這種情況是否與我們剛才討論的噪音一起發生？或者這對結果也有幫助還是有害？

Look, I think we're making gradual incremental progress on that. I'm never satisfied with where that is. So no, I'm not satisfied with that. It's the similar question that I guess Scott asked on the software gross margin side. No, are we making progress?

看，我認為我們正在這方面逐步取得進展。我對那個地方永遠不滿意。所以不，我對此並不滿意。我猜斯科特在軟體毛利率方面也問過類似的問題。不，我們有進步嗎？

Yes. Is an area that's strategically important for us to continue to do? Yes. And you'll see us, like as an example, some of the things we're trying to do is put more products out there that are certified across multiple channels because -- or multiple carriers because if you're a channel partner, you have to be able to offer multiple different options for them depending on the particular use case. So some of those product announcements that we're just starting now, right, are just kind of getting out there.

是的。對我們來說，這個領域是否具有戰略重要性，需要持續進行？是的。你會看到我們，就像舉個例子，我們正在嘗試做的一些事情是推出更多經過多個管道認證的產品，因為——或者多個運營商，因為如果你是通路合作夥伴，你必須能夠根據特定的用例為他們提供多種不同的選項。因此，我們現在剛開始發布的一些產品公告只是剛剛發布。

So I would say that we are seeing green shoots. I think that it's positive. I think it continues to be an investment area for us, and I'm not satisfied where we are, and I don't expect to be satisfied where we are for quite some time just because I want to keep us growing in this space.

所以我想說我們正在看到萌芽。我認為這是積極的。我認為這仍然是我們的一個投資領域，我對我們的現狀並不滿意，而且我不希望在相當長的時間內對我們的現狀感到滿意，只是因為我想讓我們在這個領域不斷成長。

And then just last one for me on the telematics sale. It looks like that business -- the residual -- the services business that you have left, the subscription or subscribe rather, that's running at about 85% gross margin. It looks like the business that you are selling is less than 60% gross margin. Could you explain why the remaining business is so much more profitable? And was this a factor in the decision to divest?

然後是我的遠端資訊處理銷售的最後一項。看起來你剩下的業務——剩餘的——服務業務，訂閱或訂閱，毛利率約為 85%。您出售的業務的毛利率似乎低於 60%。您能解釋為什麼剩下的業務利潤更高嗎？這是決定撤資的因素嗎？

Sure. We'll tag team on it, Lance. So the residual business, do that first to your question, is the Inseego subscribe business that is a very complementary SaaS offering that we provide to a large carrier customer that enables 5G and wireless subscriber management. So it's a nice kind of complementary offering that we have, and it's a SaaS platform. So it has very high margins.

當然。我們將標記團隊，蘭斯。因此，剩餘業務，首先回答你的問題，是 Inseego 訂閱業務，它是一個非常互補的 SaaS 產品，我們向大型運營商客戶提供該產品，支援 5G 和無線用戶管理。因此，這是我們提供的一個很好的補充產品，它是一個 SaaS 平台。所以它的利潤率非常高。

And that's what that business has been operating at. We've been improving it lately. We've kind of been running the business a little bit differently, and it's been working out quite well. That has not a lot to do with the Telematics disposition though. They really run separately from an operations standpoint.

這就是該業務一直以來的經營方式。我們最近一直在改進它。我們的業務經營方式有點不同，而且效果很好。但這與遠端資訊處理配置沒有太大關係。從營運的角度來看，它們確實是分開運作的。

And as we mentioned on the call, the Telematics business is a nice business. It's just something insofar as our strategic focus. If we, like other companies, have limited capital that we want to put to work and deploy, we're going to put it in our core sweet spot of our product portfolio and our growth area and our 5G network services in the US. And for now, that's where we chose to focus, and it was an attractive asset in so far as generating capital to address capital structure and the other needs in the business.

正如我們在電話中提到的，遠端資訊處理業務是一項不錯的業務。這只是我們的策略重點。如果我們像其他公司一樣，想要投入和部署的資本有限，我們會將其投入到我們的產品組合、成長領域以及美國 5G 網路服務的核心最佳位置。目前，這就是我們選擇專注的領域，就產生資本來解決資本結構和業務中的其他需求而言，這是一項有吸引力的資產。

Tore Svanberg, Stifel Nicolaus.

托雷·思文凱 (Tore Svanberg)、史蒂費爾·尼古拉斯 (Stifel Nicolaus)。

This is Jeremy calling for Tore. Congratulations on the nice restructuring and the solid cash flows. I guess maybe my first question for the mobile solutions business. It sounds like it was aided by some nice promotions in the quarter. At the same time, there's some last time buys, I think. Can you just give us a sense of what the steady state for this business is? And maybe a little bit more insight into how much 4G is left here and just kind of the makeup of this business, please?

這是傑里米打電話給托雷。祝賀良好的重組和穩定的現金流。我想這可能是我對行動解決方案業務的第一個問題。聽起來這得益於本季一些不錯的促銷活動。同時，我認為還有一些最後一次購買的東西。您能否讓我們了解一下該業務的穩定狀態？也許更深入地了解這裡還剩下多少 4G 以及該業務的組成，好嗎？

Well, this is Phil. I'll try my best to answer that. I mean I don't think there wasn't any material last time buys in there. So I mean, I don't think any of that was a big play. I mean the promotional activity it's one of those things where, generally speaking, we always have some sort of promotional activity going on.

嗯，這是菲爾。我會盡力回答這個問題。我的意思是，我不認為上次購買時沒有任何材料。所以我的意思是，我不認為這是什麼大戲。我的意思是促銷活動，一般來說，我們總是會進行某種促銷活動。

That's the nature of this business in the carrier space. This particular one is going really, really well, and we did a great job responding to it. And our customer is happy with it, and they seem to be extending it into the public sector markets, and we seem to be going pretty well.

這就是運營商領域這項業務的本質。這個特別的事情進展得非常非常好，我們對此做出了很好的回應。我們的客戶對此感到滿意，他們似乎正在將其擴展到公共部門市場，而且我們似乎進展順利。

So I mean, you can just look at our historic performance over the last three quarters in that space, and you can kind of see that we've got a pretty good run on that. I don't think we put a number on what that is, but it's a material part of the business.

所以我的意思是，你可以看看我們過去三個季度在該領域的歷史性表現，你可以看到我們在這方面的表現相當不錯。我認為我們沒有具體說明這是什麼，但它是業務的重要組成部分。

But I think we're looking to try and figure out how to extend it, how to diversify our revenue base and how to grow our business and taking advantage of, frankly, making hay when the sun shines, right. The customer has strong demand, and we execute cleanly and we got it. And our guidance going forward is reflective of a certain level of promotional activity going forward as well.

但我認為我們正在尋求嘗試找出如何擴展它，如何使我們的收入基礎多樣化以及如何發展我們的業務並坦率地利用，在陽光明媚的時候做乾草，對吧。客戶有強烈的需求，我們執行得很乾淨，我們得到了它。我們未來的指導也反映了未來一定程度的促銷活動。

Got it. That's very helpful. Maybe if we can, I guess, shift gears a little bit to the fixed wireless business. Can you -- and I guess this might be -- is this one of the businesses that will be helped by the channel strategy going forward? And maybe a question on that.

知道了。這非常有幫助。我想，也許我們可以稍微轉向固定無線業務。你能——我想這可能是——這是未來通路策略將幫助的業務之一嗎？也許還有一個問題。

The -- would there -- do you expect any OpEx changes over the coming year just to support that new initiative? Also, is there going to be a need to maybe stock the channel? Or how do you expect to manage the inventory of the products that are aimed specifically at the channel?

您是否預計來年會發生任何營運支出變化以支持這項新計劃？另外，是否需要儲備管道？或者您希望如何管理專門針對該通路的產品的庫存？

Yeah. Look, I think our channel presence are certainly probably disproportionately benefit the FWA space, but I think the mobile space may also be helped by this as well. I think from an investor perspective -- or excuse me, an investment perspective in OpEx, we've already kind of reallocated some of our investments along. And if you look at some of the comments that Steven made, we've actually improved our total spending. We've certainly improved all the metrics of the spending.

是的。看，我認為我們的頻道存在肯定會為 FWA 領域帶來不成比例的好處，但我認為行動領域也可能因此受益。我認為從投資者的角度來看——或者對不起，從營運支出的投資角度來看，我們已經重新分配了一些投資。如果你看看史蒂文提出的一些評論，我們實際上已經改善了我們的總支出。我們確實改善了支出的所有指標。

And we expect to maintain a pretty disciplined focus on that going forward. I'm not expecting any step function change in operating expense going into 2025. I think you may see some things around the margins here or there, but we have what we have, and we're going to allocate the capital accordingly.

我們預計未來將保持相當嚴格的關注。我預計 2025 年營運費用不會出現任何階梯函數變化。我認為你可能會在這裡或那裡看到一些邊緣的東西，但我們有我們所擁有的，我們將相應地分配資本。

Great. And maybe just a housekeeping item on the modeling side. Is the interest expense, I think it was $3.7 million, is that what we should be modeling for the other income line? Or are there other meaningful puts and takes there that we should be aware of?

偉大的。也許只是模特兒方面的一個家事用品。利息支出（我認為是 370 萬美元）是我們應該為其他收入線建模的嗎？或者還有其他我們應該注意的有意義的看跌期權和看跌期權嗎？

Yeah. We think, generally speaking, interest expense should start to wind its way down, Jeremy, after we get through the retirement or the pay down of the convert stub and the senior loan. So we talked about a kind of a steady state, if you will, of $3.5 million, $3.7 million compared to kind of $5 million annual run rate now. So we see an improvement in interest expense from the new cap structure.

是的。傑里米，我們認為，一般來說，在我們退休或償還轉換存根和優先貸款後，利息支出應該開始逐漸減少。所以我們討論了一種穩定狀態，如果你願意的話，是 350 萬美元、370 萬美元，而現在的年運行率是 500 萬美元。因此，我們看到新上限結構的利息支出有所改善。

Great. And one more if I could squeeze it in. With all the restructuring that you've done, the increase in shares, and the warrants, can you give us where you expect pro forma share count to end up both on a fully diluted and basic share count basis, please?

偉大的。如果我能把它塞進去的話，還有一個。透過您所做的所有重組、股票增加和認股權證，您能否告訴我們您預計在完全稀釋和基本股票數量基礎上預計的預計股票數量是多少？

Yeah, sure. The good news for the timing of all of these transactions, so we closed everything last week, which we're thrilled about for many, many reasons, not the least of which is that the answer to your question is on the cover of the 10-Q that's getting filed tonight because it will have the current total share count outstanding. And that number to preview it will be approximately 15.5 million shares, which is up marginally from 12.5 million shares on the last quarter 10-Q. And that includes the shares that were issued, et cetera.

是的，當然。對於所有這些交易的時間安排來說，好消息是，我們上週關閉了所有交易，我們對此感到興奮，原因有很多很多，其中最重要的是，你的問題的答案就在10 期的封面上。預覽數量約 1550 萬股，略高於上一季 10 季的 1250 萬股。這包括已發行的股票等。

Thank you very much, and congrats on the strong execution.

非常感謝，並對強大的執行力表示祝賀。

And ladies and gentlemen, with that, we will be concluding today's question-and-answer session and conference call. We do thank you for attending today's presentation. You may now disconnect your lines.

女士們、先生們，我們今天的問答環節和電話會議都到此結束。我們非常感謝您參加今天的演講。現在您可以斷開線路。