Inseego Corp (INSG) 2024 Q4 法說會逐字稿

Hello and welcome to Inseego Corp's fourth quarter and full-year 2024 financial results conference call. Please note that today's event is being recorded. (Operator Instructions)

您好，歡迎參加 Inseego Corp 2024 年第四季和全年財務業績電話會議。請注意，今天的活動正在記錄。（操作員指令）

On the call today are Juho Sarvikas, Chief Executive Officer; and Steven Gatoff, Chief Financial Officer. 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. An audio replay of this call will be also archived there.

今天參加電話會議的有執行長 Juho Sarvikas；以及財務長 Steven Gatoff。在本次電話會議中，我們將討論某些非公認會計準則財務指標。收益報告中包含與最直接可比較的 GAAP 財務指標的對賬，可在公司網站的「投資者」部分查閱。這次通話的音訊重播也將存檔在那裡。

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. 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.

還請注意，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預期和信念。有關可能導致實際結果與預期存在重大差異的因素的討論，請參閱公司 10-K 表、10-Q 表和其他 SEC 文件中所述的風險因素，這些文件可在公司網站上查閱。

Please also refer to the cautionary note regarding forward-looking statements section contained in today's press release. With that, I'd like to turn the call over to Juho Sarvikas, Chief Executive Officer. Please go ahead, sir.

另請參閱今天新聞稿中關於前瞻性陳述部分的警告說明。接下來，我想將電話轉給執行長 Juho Sarvikas。先生，請繼續。

Thank you and good afternoon, everyone. I'm incredibly excited to be here. First, I want to thank the Board for their trust and support. I also want to extend my deep appreciation to the Inseego team. You've given me a warm welcome throughout my first 45 days, and it already feels like home. This company has so much great talent, and I look forward to leading us into the next chapter.

謝謝大家，下午好。我非常興奮來到這裡。首先，感謝董事會的信任與支持。我還要向 Inseego 團隊表達深深的感謝。我在最初的 45 天裡得到了你們的熱情歡迎，讓我感覺像在家一樣。這家公司擁有如此多的優秀人才，我期待著帶領我們邁向下一篇章。

I want to take a moment to reflect on the past 12 months. During this time, Inseego has undergone a significant transformation. We have recapitalized the company by optimizing working capital, restructuring the balance sheet, and materially reducing debt.

我想花點時間回顧過去的 12 個月。在此期間，Inseego 經歷了重大的轉變。我們透過優化營運資本、重組資產負債表和大幅減少債務對公司進行了資本重組。

At the same time, we have streamlined our portfolio by divesting non-core assets and strengthening business fundamentals, laying a solid foundation for future growth and expansion.

同時，我們透過剝離非核心資產和加強業務基礎來精簡投資組合，為未來的成長和擴張奠定堅實的基礎。

These transformational efforts have positioned us for the future and as CEO I'm going to be more excited to focus my energy on driving our go-forward strategy.

這些轉型努力為我們的未來做好了準備，作為首席執行官，我將更加高興地集中精力推動我們的前進策略。

Again, I want to thank the team for their resilience and determination in getting us to this pivotal moment.

再次，我要感謝團隊的堅韌和決心，幫助我們到達這個關鍵時刻。

Next, I'd like to share why I joined Inseego, the compelling market opportunity in front of us, and what I'm driving as our strategic focus areas moving forward.

接下來，我想分享我加入Inseego的原因、我們面前的引人注目的市場機會以及我將推動我們未來的策略重點領域。

My entire career has been dedicated to wireless innovation and market expansion, whether in leadership roles across the North America carrier business at Nokia and Microsoft, founding an OEM company to relaunch Nokia phones and scaling it to $3 billion top line or serving as president of Qualcomm North America.

我的整個職業生涯都致力於無線創新和市場擴張，無論是擔任諾基亞和微軟北美營運商業務的領導職務，還是創立一家 OEM 公司重新推出諾基亞手機並將其擴大到 30 億美元的營業收入，還是擔任高通北美總裁。

I've had the privilege of driving industry transformation and shaping the evolution of wireless technology. I understand the space, its challenges, opportunities, and the immense potential. I think it's also important to note that when I ran Qualcomm North America, Inseego was my customer. This experience combined with my industry background gave me valuable insights into Inseego's position and market opportunity before I even came onboard. It's safe to say that I knew what I was stepping into.

我有幸推動產業轉型並塑造無線技術的發展。我了解這個領域、它的挑戰、機會和巨大的潛力。我認為同樣值得注意的是，當我經營高通北美公司時，Inseego 是我的客戶。這段經歷加上我的行業背景讓我在加入 Inseego 之前就對其地位和市場機會有了寶貴的見解。可以肯定地說，我知道自己正在做什麼。

There are three main reasons why I found the opportunity to join Inseego as CEO to be so compelling. First, Inseego sits right in front of a large and very attractive market opportunity. Wireless broadband is entering a golden age, evolving from niche use cases to become the preferred primary broadband solution for homes and businesses alike.

我認為加入 Inseego 擔任執行長的機會如此引人注目，主要有三個原因。首先，Inseego 面臨著一個巨大且極具吸引力的市場機會。無線寬頻正在進入黃金時代，從小眾用例發展成為家庭和企業首選的主要寬頻解決方案。

Today, there are 2 billion 5G connections globally, and by the end of the decade that number is expected to exceed 10 billion.

目前，全球5G連線數已達20億，預計到2020年這數字將超過100億。

According to Wireless Infrastructure Association, Fixed Wireless Access or FWA is the largest growing broadband technology in the US and has accounted for the maturity of net additions over the past 18 months, leading all other broadband segments.

根據無線基礎設施協會的數據，固定無線存取或 FWA 是美國成長最快的寬頻技術，並且在過去 18 個月中淨增量已趨於成熟，領先於所有其他寬頻領域。

The wireless broadband market is growing already today despite the current network capacity constrained environment. We believe this trend will only accelerate as 5G advanced and 6G take hold in conjunction with the new spectrum that I expect will get unlocked in the upper mid band and the 7 to 8 gigahertz spectrum in the 6G era. I'm very bullish on this whole market and the tremendous opportunity it presents.

儘管目前網路容量受限，但無線寬頻市場仍在成長。我們相信，隨著 5G 的發展和 6G 的普及，以及新頻譜的釋放，這一趨勢將會加速，我預計 6G 時代的中高頻段和 7 至 8 千兆赫頻譜將會被解鎖。我對整個市場以及它帶來的巨大機會非常看好。

The second reason I joined the company is Inseego's unmatched engineering expertise and track record of wireless innovation. Inseego has a long history of industry first and pioneering breakthroughs that have shaped the wireless industry.

我加入該公司的第二個原因是 Inseego 無與倫比的工程專業知識和無線創新記錄。Inseego 長期以來一直是業界首創和開創性突破的典範，塑造了無線產業。

From developing the world's first handheld cradle modem to inventing the MiFi hotspot, revolutionizing mobile connectivity to leading the pack in millimeter wave, it's safe to say that Inseego has always been a wireless pioneer.

從開發世界上第一台手持式底座調變解調器到發明 MiFi 熱點，從徹底改變行動連線到引領毫米波領域，可以肯定地說，Inseego 一直是無線領域的先驅。

We have a strong engineering team here in San Diego. Quite frankly, the best I've seen in wireless paired with an impressive prototyping and testing facility. This combination enables us not only to be the first to market with the latest technology, but also engineer superior products. All our core IP is created right here in the US, which is an invaluable asset. We are building the future of wireless broadband right here in San Diego.

我們在聖地牙哥擁有一支強大的工程團隊。坦白說，這是我見過的最好的無線產品，配有令人印象深刻的原型和測試設施。這種結合使我們不僅能夠率先將最新技術推向市場，而且能夠設計出更優質的產品。我們所有的核心智慧財產權均在美國創造，這是一筆無價的財富。我們正在聖地牙哥建設無線寬頻的未來。

Finally, the third reason I joined Inseego is because it represents a rare opportunity to create significant value. The combination of an incredible expanding market opportunity and Inseego's unique capabilities makes this an exciting moment to lead the company. With the right technology, talent, and market position, we have a clear path to expand our product portfolio and go-to-market strategy to capture the opportunity ahead of us. Opportunities like this don't come along very often.

最後，我加入Inseego的第三個原因是它代表著一個創造重大價值的難得機會。令人難以置信的不斷擴大的市場機會與 Inseego 獨特的能力相結合，使得現在成為領導公司的激動人心的時刻。憑藉正確的技術、人才和市場地位，我們有明確的途徑來擴大我們的產品組合和市場進入策略，以抓住擺在我們面前的機會。這樣的機會並不常有。

As CEO, my focus is on unlocking that value and driving sustained long-term growth. I could not be more excited about the journey ahead. Next, I'd like to share with you what I see looking ahead and the direction I'm going to take.

作為首席執行官，我的重點是釋放這一價值並推動長期持續成長。我對未來的旅程感到無比興奮。接下來，我想與大家分享我對未來的展望以及我將要採取的方向。

At Inseego, we believe that wireless is the future of broadband and will ultimately be the dominant connectivity paradigm. Our mission is to accelerate that through our technology leadership. We will be first to market with the latest advancements as 5G walls to 6G and by engineering superior high-performing cloud-managed products.

在 Inseego，我們相信無線是寬頻的未來，並最終將成為主導的連接模式。我們的使命是透過我們的技術領先地位來加速這一進程。我們將率先將最新的進步從 5G 牆推向市場，打造出性能卓越的高效能雲端管理產品。

We've identified two strategic vectors to drive sustained long-term success. The first is driving execution and scaling of our FWA and MiFi businesses. Second is accelerating our software and services roadmap. In addition, we will revisit our operation strategy.

我們確定了推動長期持續成功的兩個策略方向。首先是推動我們的 FWA 和 MiFi 業務的執行和擴展。第二是加速我們的軟體和服務路線圖。此外，我們將重新審視我們的營運策略。

Let me share some color on each of these. The first growth vector executing and scaling our FWA and MiFi businesses is a statement of both product and go to market. Our product roadmap will be evolved to be better aligned with carriers and their requirements, and we will expand to a tiered portfolio to drive higher velocity stock skews. For FWA, this means having stock products in the carrier business segment, and for MiFi, this includes expanding into high volume, mid and value tier segments.

讓我對每個問題分享一些細節。執行和擴展我們的 FWA 和 MiFi 業務的第一個成長載體是產品和市場走向的聲明。我們的產品路線圖將不斷發展，以更好地適應營運商及其要求，並且我們將擴展到分層產品組合以推動更高速度的庫存偏差。對於 FWA 而言，這意味著在營運商業務領域擁有庫存產品，而對於 MiFi 而言，這包括擴展到大容量、中端和價值層級領域。

We will also invest in scaling our product and solution offerings beyond the current prosumer, SMB, and mid-market enterprise to include upmarket enterprise as well as industrial segments. Alongside this renewed product strategy, we will strengthen our two-pronged go-to-market strategy.

我們還將投資擴大我們的產品和解決方案範圍，使其不再局限於當前的專業消費者、中小企業和中型企業，而是涵蓋高端企業以及工業領域。除了更新產品策略外，我們還將加強雙管齊下的市場策略。

We have long standing partnerships with the carriers in North America. Not only do we sell in to get our product stocked, but we also work alongside carrier sales teams to identify new opportunities, find the right solutions for the end customers, and close the deals. We also have a strong network of value-added resellers or wires that we partner with.

我們與北美的營運商保持著長期的合作關係。我們不只是透過銷售來補充我們的產品，我們還與營運商銷售團隊合作來發現新的機會，為最終客戶找到合適的解決方案，並達成交易。我們也擁有強大的加值經銷商或合作電線網路。

Oftentimes, the carrier tries an opportunity with an end customer while the bar fulfills the order. At other times, the bar directly leaves the deal. In both scenarios, Inseego plays a key role in aligning both parties to improve efficiency and to deliver the best possible customer outcome.

通常情況下，當酒吧履行訂單時，承運人會嘗試與最終客戶合作。其他時候，酒吧就直接放棄交易。在這兩種情況下，Inseego 在協調雙方以提高效率和提供最佳客戶結果方面發揮關鍵作用。

The second growth vector is doubling down on our investment in software for the entire solution stack, both device and in the cloud. We will further differentiate our FWA and MiFi products by introducing advanced routing capabilities to meet the needs of enterprise and industrial customers.

第二個成長方向是加倍投資整個解決方案堆疊（包括設備和雲端）的軟體。我們將透過引入先進的路由功能進一步區分我們的 FWA 和 MiFi 產品，以滿足企業和工業客戶的需求。

We will look to accelerate our investment in Inseego Connect, our cloud-based device and edge management [SaaS] platform, to establish leadership in ease of deployment and remote management. We will offer extensive API support for partner integrations and leverage new AI capabilities to enhance the data traffic prioritization and network slicing functionality coming with 5G Advanced.

我們將加快對基於雲端的設備和邊緣管理 [SaaS] 平台 Inseego Connect 的投資，以在易於部署和遠端管理方面確立領導地位。我們將為合作夥伴整合提供廣泛的 API 支持，並利用新的 AI 功能來增強 5G Advanced 的資料流量優先權和網路切片功能。

Inseego Connect is a compelling path to adding reoccurring revenue as well as an important contributor to [Crossmarch]. Also in our software and services portfolio, we have our very strong wireless subscriber management platform Inseego subscribe. This is an attractive business that we build and will continue to invest in, and I'm excited about the prospects of adding new features and functionality to the value proposition.

Inseego Connect 是增加經常性收入的有效途徑，也是[十字路口]。此外，在我們的軟體和服務組合中，我們擁有非常強大的無線用戶管理平台 Inseego subscribe。這是一項很有吸引力的業務，我們正在創建並將繼續投資它，而且我對在價值主張中添加新特性和功能的前景感到興奮。

We also need to revisit our operation strategy to be able to scale our FWA and MiFi businesses to compete in new segments and to improve our margins. I've already introduced material changes to our procurement practices, how we manage our key vendors, our development partnerships with ODMs, as well as our manufacturing partnerships. We need to better align ourselves with the best players in the industry for each business segment.

我們還需要重新審視我們的營運策略，以便擴大我們的 FWA 和 MiFi 業務，在新的領域競爭並提高我們的利潤率。我已經對我們的採購實務、我們如何管理我們的關鍵供應商、我們與ODM的開發合作關係以及我們的製造合作關係引入了重大變化。我們需要在每個業務領域與業界最優秀的企業進行更好的合作。

Just like with our US-based engineering team, I also view this as an area for us to differentiate from a geographic strategy perspective. I have deep expertise in this domain and have already identified focus areas for near-term improvements.

就像我們的美國工程團隊一樣，我也認為這是我們從地理戰略角度區分的領域。我在這個領域擁有深厚的專業知識，並且已經確定了近期改進的重點領域。

With that, I'd like to provide some perspective on my market- and customer-facing activities. I've only been here 45 days, but I've made it a priority to meet the large wireless broadband customers here in the US. It has been great to reconnect with my existing relationships and to see that Inseego is held at a high regard in the industry and our product leadership is widely acknowledged.

因此，我想提供一些關於我面向市場和客戶的活動的觀點。我來這裡才 45 天，但我的首要任務是會見美國大量的無線寬頻客戶。我很高興能與現有的客戶重新建立聯繫，並看到 Inseego 在業界享有很高的聲譽，我們的產品領導地位也廣受認可。

We've already identified both near-term growth as well as long-term strategic opportunities and are now hard at work to materialize them. I'm very encouraged by the momentum and look forward to sharing more in our next earnings call.

我們已經確定了近期成長和長期策略機遇，現在正在努力實現它們。我對這一勢頭感到非常鼓舞，並期待在下次財報電話會議上分享更多內容。

Above all, our focus remains on sustainable long-term growth. The wireless broadband industry operates on long cycles, and while we are laying down the groundwork today, the full impact of our strategy will emerge in late '25 and 2026.

最重要的是，我們的重點仍然是可持續的長期成長。無線寬頻產業的運作週期很長，雖然我們今天正在奠定基礎，但我們策略的全面影響將在2025年末和2026年顯現出來。

Next, I'd like to comment briefly on our '24 results and provide my thoughts on Q1 as we move into 2025.

接下來，我想簡單評論一下我們 24 年的業績，並提供我對 2025 年第一季的看法。

This [pack water] marked another important step in it equal transformation, demonstrating the power of our execution. I'm incredibly proud of the team's relentless focus, which delivers strong financial and operational performance.

這次[包裝水]標誌著it平等轉型又邁出了重要一步，彰顯了我們執行力的力量。我為團隊的不懈專注感到無比自豪，這帶來了強勁的財務和營運績效。

In Q4, we achieved 34% year-over-year revenue growth, improved cross margins, executed discipline, expense management, and delivered a third consecutive quarter of positive GAAP operating income. We delivered adjusted EBITDA margins again in the double digits. And we sharpened our strategic focus with the closing of the sale of our Telematics business.

第四季度，我們實現了同比增長 34% 的收入，提高了交叉利潤率，執行了紀律、費用管理，並連續第三個季度實現了正的 GAAP 營業收入。我們的調整後 EBITDA 利潤率再次達到兩位數。隨著我們的遠端資訊處理業務出售的完成，我們的策略重點也得到了加強。

Looking ahead, as we mentioned on the last call, we expect a sequential decline in Q1 revenue due to higher than anticipated customer inventory at year-end product transitions and a promotional initiative that is additive but not at the same robust levels as the second half of 2024 that was two to three times higher than historical levels. I'm confident in our long-term strategy and anticipate delivering overall year-over-year revenue growth for 2025.

展望未來，正如我們在上次電話會議上提到的那樣，我們預計第一季營收將環比下降，原因是年底產品轉型時客戶庫存高於預期，且促銷活動​​雖然有所增加，但不如 2024 年下半年那麼強勁，而 2024 年下半年的水平是歷史水平的兩到三倍。我對我們的長期策略充滿信心，並預計 2025 年將實現整體營收年增。

With that, I'd like to hand it off to Steven, who will provide more details on our financial results and outlook. Over to you, Steven.

說完這些，我想將其交給史蒂文，他將提供有關我們的財務表現和前景的更多詳細資訊。交給你了，史蒂文。

Thank you, Juho. We're thrilled to have you here and welcome your energy and hit the ground running leadership in driving the company forward.

謝謝你，Juho。我們很高興您能來到這裡，歡迎您發揮活力並發揮領導作用，推動公司向前發展。

Hi everyone, I'll cover two pretty concise topics today. First, I'll take you through our Q4 and full-year 2024 financial results. And second, I'll share some color on what we're seeing in the business that's consistent with our comments on the November call and around which we'll provide guidance for Q1 2025 and a high-level view of full-year 2025 top-line expectations, as noted and as we always do, we'll of course wrap up by opening the call to your questions.

大家好，今天我將討論兩個非常簡潔的主題。首先，我將向您介紹我們 2024 年第四季和全年的財務表現。其次，我將分享一些我們在業務中看到的情況，這些情況與我們在 11 月電話會議上的評論一致，並將圍繞此提供 2025 年第一季度的指導以及對 2025 年全年營收預期的高層展望，正如我們指出的那樣，正如我們一貫所做的那樣，我們當然會在會議結束時回答您的問題會議。

Let's start with our Q4 and 2024 results. First off, as we closed the sale of the Telematics business in late November 2024 for $52 million in cash. We're pleased with that price. That was roughly two times revenue or essentially double the multiple that the company received for the sale of the legacy South African Telematics business that Inseego sold back in 2021.

讓我們從第四季和 2024 年的業績開始。首先，我們於 2024 年 11 月下旬以 5,200 萬美元現金完成了遠端資訊處理業務的出售。我們對這個價格很滿意。這大約是該公司收入的兩倍，基本上是 Inseego 於 2021 年出售傳統南非遠端資訊處理業務所得收益的兩倍。

In so far, as our reporting of our financial results per US GAAP, the Telematics operations are reported in one net line item as discontinued operations on the P&L. As such, our Q4 and full-year 2024 financial results for the company's core revenue and expenses are presented on a continuing operations basis.

就目前而言，正如我們按照美國公認會計準則報告財務結果一樣，遠端資訊處理業務在損益表中被報告為已停止的業務，並列在淨項目中。因此，我們 2024 年第四季和全年公司核心收入和支出的財務表現均以持續經營基礎呈現。

As we provided on our last call, we've laid out the apples to apples pro-forma historical financial information for continuing operations by quarter for 2023 and 2024 in our earnings deck that's posted on our Investor Relations website.

正如我們在上次電話會議上所提供的那樣，我們在投資者關係網站上發布的收益報告中列出了 2023 年和 2024 年按季度劃分的持續經營業務的對應歷史財務信息。

With that, let's get into the numbers. As you mentioned, Q4 was a solid quarter. Total revenue came in at $48.1 million, an increase of more than 33% year over year. And for the third consecutive quarter, total revenue grew again year over year for the first time in many years.

下面，讓我們來看看數字。正如您所提到的，第四季度是一個強勁的季度。總收入達 4,810 萬美元，年增超過 33%。連續第三個季度，總收入多年來首次同比增長。

Consistent with Q3 2024, the two primary growth drivers were one, strong performance in the carrier hotspot product from the large carrier partner that we've talked about for the past few quarters, and that drove Q4 2024 mobile solutions revenue growth of more than 59% year over year. And two, year-over-year growth in our Inseego subscribed [fast] offering on the 2024 contract renewal that we've also mentioned on previous calls that drove services and other revenue growth of 62% year over year versus Q4 2023.

與 2024 年第三季一致，兩個主要成長動力是，我們過去幾季談到的大型營運商合作夥伴的營運商熱點產品的強勁表現，推動 2024 年第四季行動解決方案營收年增超過 59%。其次，我們在先前的電話會議中也提到過，2024 年合約續約的 Inseego 訂閱 [快速] 服務同比增長，推動服務和其他收入與 2023 年第四季度相比同比增長 62%。

Rounding out product revenue, Fixed Wireless Access, increased revenue sequentially from Q3 2024, but declined slightly year over year as expected and as communicated on a November call. This was primarily due to larger prior period purchases by a carrier customer who's focused on the consumer market that is being acquired by another carrier customer, as well as by some slower purchasing from another carrier customer who was managing their inventory at year end. As noted, both of these items are also impacting Q1 2025 that we've mentioned, and we'll discuss more shortly.

就產品收入而言，固定無線接取的收入較 2024 年第三季環比增加，但同比略有下降，這與 11 月電話會議上預期和傳達的信息一致。這主要是因為專注於消費市場的營運商客戶前期採購量較大，而該市場正被另一家營運商客戶收購，以及另一家營運商客戶在年底管理庫存，導致採購速度較慢。如上所述，這兩項也會影響我們提到的 2025 年第一季度，我們很快就會進行進一步討論。

Finishing revenue with a look at the full-year 2024. Inseego posted annual revenue growth for the first time since the pandemic. 2024 revenue came in at $191.2 million. The year-over-year growth of 14.3%. That consisted of product revenue that grew 8.3% year over year and services revenue that grew more than 40% year over year.

展望 2024 年全年，完成收入計算。Inseego 自疫情爆發以來首次實現年度收入成長。 2024 年收入為 1.912 億美元。較去年同期成長14.3%。其中產品營收年增 8.3%，服務收入較去年同期成長超過 40%。

Moving on to gross margin, Q4 2024, non-GAAP gross margin percentage increased both sequentially and year over year, coming in at 37.4%, a 260-basis-point improvement versus the 34.8% in Q3 2024 and a nearly 200-basis-point improvement to the 35.6% non-GAAP margin in the same quarter of 2023.

談到毛利率，2024 年第四季度，非 GAAP 毛利率百分比環比和同比均有所增加，達到 37.4%，較 2024 年第三季度的 34.8% 提高了 260 個基點，較 2023 年同期的 35.6% 非 GAAP 毛利率提高了近 200 個基點。

As we've talked about previously, this resulted from our driving higher value and higher margin products and a more favorable revenue mix of products and go-to-market channels.

正如我們之前所談到的，這是因為我們推動更高價值和更高利潤的產品以及更有利的產品和市場通路收入組合。

Looking next at non-GAAP operating expenses, as you've heard us say consistently, we continue to focus on operational excellence, and for another quarter, we successfully managed the business to both lower sequential dollar spend versus Q3 2024 and also lower year-over-year spend versus Q4 2024.

接下來看看非 GAAP 營運費用，正如您一直聽到我們所說的那樣，我們將繼續專注於卓越運營，並且在另一個季度，我們成功地管理了業務，與 2024 年第三季度相比，連續的美元支出有所降低，與 2024 年第四季度相比，同比支出也有所降低。

You'll also see a meaningful improvement in the spend efficiency as a lower percentage of revenue in Q4 year over year from 43% of revenue in 2023 to 30% in Q4 2024. And we'd make a point to note that that improvement includes an employee bonus in 2024 for the first time in a very long time.

您還將看到支出效率的顯著提高，因為第四季度的收入百分比比去年同期下降，從 2023 年的 43% 下降到 2024 年第四季的 30%。我們要特別指出的是，這項改進包括 2024 年的員工獎金，這是很長一段時間內的首次。

Pulling this all together, the Q4 revenue performance and focused expense management delivered strong Q4 2024 adjusted EBITDA dollars that came in at more than double the prior year quarter at $5.4 million -- the third largest result in years. Adjusted EBITA margin also came in at all-time high levels at 11.2% for Q4 2024.

綜合考慮所有這些因素，第四季度的收入表現和重點費用管理帶來了強勁的 2024 年第四季度調整後 EBITDA，達到 540 萬美元，較去年同期增長一倍以上——這是多年來第三大業績。2024 年第四季的調整後 EBITA 利潤率也達到了 11.2% 的歷史最高水準。

This strong execution is seen in the full-year 2024 results, as well. 2024 adjusted EBITDA came in at $20.5 million -- the single highest level on an apples-to-apples basis in more than a decade. And more than 2.5 times 2023 adjusted EBITDA of $8 million.

2024 年全年業績也反映了強勁的執行力。 2024 年調整後的 EBITDA 達到 2,050 萬美元——這是十多年來以同類比較計算的最高水準。並且是 2023 年調整後 EBITDA 800 萬美元的 2.5 倍以上。

Wrapping up our 2024 results with a balance sheet, as we've been methodical about restructuring the convertible notes, reducing overall debt levels, and supporting the value of common stockholders. We largely completed right sizing our capital structure in Q4 with the exchange of more than 91% of the company's $162 million in outstanding convertible notes. That series of transactions materially reduced our debt, improved our liquidity and will drive our ability to invest in the business going forward.

我們用資產負債表來總結 2024 年的業績，因為我們一直在有條不紊地重組可轉換票據、降低整體債務水準並支持普通股股東的價值。我們在第四季度基本上完成了資本結構的合理調整，公司已交換了 1.62 億美元未償還可轉換債券中的 91% 以上。這一系列交易大大減少了我們的債務，提高了我們的流動性，並將推動我們未來投資業務的能力。

When we started 2024, the company had more than $165 million in total debt that matured within 15 months and had $3 million in cash. We ended 2024 with $56 million in total debt and a healthy cash position of $40 million.

當我們開始 2024 年時，該公司的總債務超過 1.65 億美元，將在 15 個月內到期，並且擁有 300 萬美元的現金。截至 2024 年，我們的總債務為 5,600 萬美元，現金狀況良好，為 4,000 萬美元。

That total debt consists of the $15 million stub of the convertible note that will be paid off in full on May 1, and $41 million in the cost effective and long-term senior notes to 2029. These notes were part of the consideration received by bondholders who participated in the exchange of the convertible notes.

總債務包括將於 5 月 1 日全額償還的 1,500 萬美元可轉換票據存根，以及至 2029 年的 4,100 萬美元成本效益高且期限較長的優先票據。這些票據是參與可轉換票據交換的債券持有人收到的對價的一部分。

Our net debt position at December 31 was an exceedingly manageable $16 million. Overall, working capital was well managed this past year, and most importantly, we continue on a trajectory of generating positive operating cash flow. With that, let's finish with the second topic around what we're seeing in the business and provide guidance for Q1 2025.

截至 12 月 31 日，我們的淨債務狀況為極度可控的 1,600 萬美元。整體而言，過去一年的營運資金管理良好，最重要的是，我們繼續保持產生正營運現金流的軌跡。至此，讓我們結束第二個主題，圍繞我們在業務中看到的情況並為 2025 年第一季提供指導。

Consistent with what we talked about on the November call, Q1 presents a slow start to 2025 on a revenue basis for three primary reasons.

與我們在 11 月電話會議上討論的內容一致，由於三個主要原因，第一季的收入表現為 2025 年開局緩慢。

First, Q3 and Q4 2024 had record revenue dynamics that were driven by unprecedented mobile hotspot execution with one of our key carrier customers where product volumes were double and nearly triple historical norms.

首先，2024 年第三季和第四季的營收動態創下了紀錄，這得益於我們與一位主要營運商客戶前所未有的行動熱點執行，其產品數量是歷史標準的兩倍和近三倍。

Second, 2024 was the end of a special national mobile hotspot program at one of our North American carrier customers that had generated nice volumes in 2024, but that is not continuing.

其次，2024 年是我們的一個北美營運商客戶的特殊國家行動熱點計畫的結束，該計畫在 2024 年產生了不錯的流量，但不會繼續。

And third, like we discussed around the Q4 numbers, Q1 is also impacted by lower FWA purchases from a large carrier customer that is managing their inventory levels as they transition to the next generation FWA product.

第三，就像我們在第四季度數據中討論的那樣，第一季也受到大型營運商客戶 FWA 購買量下降的影響，這些客戶正在管理其庫存水平，以過渡到下一代 FWA 產品。

Having said that, we remain very positive on the prospects for FWA and specifically on our new products that we're looking to bring to market in the middle of 2025.

話雖如此，我們仍然對 FWA 的前景非常樂觀，特別是對我們希望在 2025 年中期推向市場的新產品。

For services and other revenue, we expect Q1 levels to be consistent with Q4 2024 on a dollar basis and meaning be higher than the prior year in Q1 2024. Thanks to the good work we've done with the Inseego Subscribe SaaS platform.

對於服務和其他收入，我們預計第一季的水準將與 2024 年第四季以美元計算保持一致，這意味著 2024 年第一季的水準將高於去年同期。感謝我們利用 Inseego Subscribe SaaS 平台所做的出色工作。

Insofar as gross margin percentage, we are driving continued improvement in Q1 2025 and expect gross margin percentage to increase both sequentially over Q4 2024 and year over year on a greater proportion of FWA and services revenue. Like we called out in the past, the final mix between mobile broadband, FWA, and services will be the ultimate determinant of where margins shake out.

就毛利率百分比而言，我們正在推動 2025 年第一季的持續改善，並預計毛利率百分比將比 2024 年第四季環比增長，並且隨著 FWA 和服務收入比例的增加而同比增長。正如我們過去所呼籲的那樣，行動寬頻、FWA 和服務之間的最終組合將決定利潤率的最終走向。

Pulling this all together, we're providing the following guidance for Q1 2025. total revenue in a range of $30 million to $33 million and adjusted EBITDA in a range of $2 million to $3 million. While there are some anticipated revenue challenges in Q1 as we start the year, we're bullish on the prospects for the business as we move into 2025.

綜合考慮所有這些，我們為 2025 年第一季提供以下指引。儘管今年年初第一季預計會面臨一些收入挑戰，但我們對 2025 年的業務前景充滿信心。

We expect our initiatives to introduce new products and diversify the customer base to drive overall revenue growth for the full-year 2025, and we expect to deliver sequential quarterly revenue growth each quarter as we move through 2025, beginning with Q2.

我們預計，我們的計劃將推出新產品並實現客戶群多元化，從而推動 2025 年全年整體收入增長，並且我們預計從第二季度開始，到 2025 年，每個季度都將實現連續的季度收入增長。

In closing, Inseego has overhauled its financial foundation and is now well positioned to fund our growth initiatives as we move through 2025. 2024 was a pivotal year where we delivered a return to total revenue growth, meaningfully expanded the company's profitability, disposed of a non-core asset that generated substantial cash to invest in the business, eliminated our convertible debt overhang, and invested in a scalable go-to-market model for long-term expansion.

最後，Inseego 已經徹底改革了其財務基礎，現在已準備好為我們邁向 2025 年的增長計劃提供資金。

With an industry veteran and a CEO role leading the company who has incredible relationships and industry perspectives and a diversified and expanding hardware and SaaS product portfolio, we continue to be focused on driving stockholder value through revenue growth, improved gross margins, operating profitability, and positive cash flow generation.

在一位行業資深人士和首席執行官的領導下，我們領導著公司，他擁有令人難以置信的關係和行業視角以及多元化和不斷擴展的硬體和 SaaS 產品組合，我們將繼續專注於透過收入成長、提高毛利率、營業盈利能力和正現金流來推動股東價值。

With that, we appreciate your time and support, and we're glad to open the call for your questions. Operator?

我們感謝您的時間和支持，並且很高興回答您的問題。操作員？

(Operator Instructions)

（操作員指令）

[Scott Zero], Roth Capital.

[斯科特·澤羅]，羅斯資本。

Hey, good afternoon. Thanks for taking the questions. Juho, welcome board. Congratulations. If I see someone of your caliber, as part of the Inseego organization going forward.

嘿，下午好。感謝您回答這些問題。Juho，歡迎登台。恭喜。如果我看到像你這樣有能力的人，作為 Inseego 組織的一部分，我會繼續前進。

Before diving into some of your comments, Juho, in terms of the opportunity set where you're taking the company in the future, I wanted to clarify, some of the guidance. In terms of, Steve, from an inventory standpoint, customer inventory, can you give us an idea in terms of how many weeks of inventory we're looking through to burn down? And I want to clarify the comments around 2025 growth for the year and that would imply a pretty significant uptick through the second to fourth quarters of this year, north of $50 million a quarter, I think on average, which is actually above where consensus numbers have been. I just want to clarify that if that's what you're communicating that type of growth into the middle and second half of '25?

Juho，在深入探討你的一些評論之前，關於你未來將為公司帶來的機遇，我想澄清一些指導。史蒂夫，從庫存的角度來看，客戶庫存，您能否告訴我們需要消耗多少週的庫存？我想澄清一下有關 2025 年成長的評論，這意味著今年第二季至第四季的成長將相當顯著，每季將超過 5000 萬美元，我認為平均而言，這實際上高於普遍預期的數字。我只是想澄清一下，您是否認為 25 年中期和下半年將出現這種增長？

Hey, Scott Stephen, we'll tag team of course on it if that's cool with you, but yes, you heard the outcome, explicitly as intended, which is the two dynamics, which is we are targeting and anticipate growing revenue for the full-year 2025/2024. So yes, that's the takeaway.

嘿，斯科特·斯蒂芬，如果您同意的話，我們當然會加入團隊，但是是的，您聽到了結果，明確符合預期，即兩種動力，也就是我們瞄準並預計 2025/2024 全年收入增長。是的，這就是要點。

Yes, it is a challenging revenue start to the year with Q1, but we anticipate growing starting in Q2, and I'm with you on a map that does portend that the back half of the year should see some really good traction from a whole host of initiatives that we've really begun in earnest in the last five weeks with you host arrival.

是的，第一季的營收開局對今年來說是一個挑戰，但我們預計從第二季開始會成長，我和你們一樣，在一張地圖上看到，今年下半年應該會看到一些非常好的進展，這些進展來自於我們在過去五週內隨著你們的到來而真正開始認真實施的一系列舉措。

And Scott, like I mentioned in my remarks, there's a significant opportunity that we see in the marketplace today with our existing large partners as well as broadening our customer base. So that's one of the key drivers why why we have the outlook for the entire year.

斯科特，正如我在演講中提到的，我們在當今市場上看到了巨大的機遇，我們擁有現有的大型合作夥伴，並且正在擴大我們的客戶群。這是我們展望全年業績的關鍵驅動因素之一。

Very helpful and maybe you know just to follow up on that comment, where do you see a lot of that growth coming from the second half of this year then? Is that, do you have visibility to new customers and design ones on that front? You mentioned some new products as well, I think on the hotspot front that'll start to kick in the middle of this year, but also, in your opening comments and in the release you talked about some other vertical market opportunities that you're starting to hit as well, such as medical device and some other markets. I'm wondering if you could expand on some of those thoughts.

非常有幫助，也許您知道只是為了跟進該評論，那麼您認為今年下半年的大部分增長來自哪裡？那麼，您是否了解這方面的新客戶和設計客戶？您也提到了一些新產品，我認為熱點方面將在今年年中開始興起，而且，在您的開場白和發布會中，您還談到了您開始涉足的一些其他垂直市場機會，例如醫療設備和其他一些市場。我想知道您是否可以詳細闡述其中的一些想法。

Yeah, absolutely. Happy to do that. If you look at our product plan for 2025, first of all, you'll see strong refreshes if you will, for the product lines that we have in the market today, which is absolute key for us going forward. We also see great expansion of opportunity. I would say particularly on the FWA side as we continue to invest in our broader device portfolio but also Inseego Connect. So you should see us continue to grow from S&P to mid-market enterprise and then even more so large enterprise and even industrial segments towards the end of the year. So those are some of the key code drivers that I see going forward in 2025.

是的，絕對是如此。很高興這麼做。如果你看一下我們 2025 年的產品計劃，首先，你會看到我們目前在市場上銷售的產品線進行了強有力的更新，這對我們未來的發展至關重要。我們也看到機會的巨大擴展。我想特別說的是，在 FWA 方面，我們將繼續投資於我們更廣泛的設備組合，同時也投資於 Inseego Connect。因此，到今年年底，你應該會看到我們繼續從標準普爾成長到中型企業，然後進一步成長到大型企業，甚至工業領域。這些就是我認為 2025 年將會出現的一些關鍵程式碼驅動因素。

And maybe just quickly to follow up and then I'll get back in the queue, but in terms of some of the relationships you've talked about with I think the wireless ISP that you mentioned, in the current quarter, but also your discussion about narrowing the digital divide.

也許只是快速跟進，然後我會回到隊列中，但就您談到的一些關係而言，我認為您提到的當前季度的無線 ISP，以及您關於縮小數位鴻溝的討論。

There's obviously a lot going on as it relates to be funding, and I think Fixed Wireless Access is gaining much greater traction in terms of probably the mix going forward in terms of those connections. Is that an opportunity for you guys or you guys a little bit behind the curve on that front and we'll see you focusing more on the higher end? I'll call them enterprise types of opportunities. Thanks.

顯然，在資金方面有很多事情要做，我認為，就未來的連接組合而言，固定無線存取可能會獲得更大的吸引力。這對你們來說是一個機會嗎？我將它們稱為企業類型的機會。謝謝。

I think it will be so you'll definitely see us expand our portfolio also in terms of tiering in the marketplace, right? So we are the household name today in premium MiFi.

我想會的，所以你肯定會看到我們在市場層次方面擴大我們的產品組合，對嗎？因此，我們如今已成為高階 MiFi 領域的家喻戶曉的品牌。

I see no reason why we wouldn't be participating in the marketplace in a broader sense. When it comes to government funding like once that picture clears out, we're definitely going to enjoy the benefit of that, together with the rest of the ecosystem. So we're paying close attention as to how that will play out.

我認為我們沒有理由不更廣泛地參與市場。一旦出現政府資助的情況，我們和整個生態系統肯定會一起享受其中的利益。因此，我們密切關注事態將如何發展。

If you look at Fixed Wireless Access, I'm also very excited to explore residential use cases in addition to the enterprise and commercial segment. There's definitely an opportunity with the broaden the partnership with the large wireless players in the industry, but there might also be wired partnerships that you'll see us enter during 2025.

如果你看看固定無線接入，除了企業和商業領域之外，我還非常高興探索住宅用例。擴大與業內大型無線公司的合作夥伴關係肯定是一個機會，但您也可能會看到我們在 2025 年建立有線合作夥伴關係。

Great. Thanks so much. I'll get back to you.

偉大的。非常感謝。我會回覆你。

You, too. Thank you.

你也是。謝謝。

Lance Vitanza, TD Cowen.

蘭斯·維坦扎 (Lance Vitanza)，TD Cowen。

Hi, thanks, for taking the questions. Juho, welcome, and I appreciate the background that you discussed on the call, but could you perhaps talk a bit more about the customer relationships that you bring to bear coming from Qualcomm and how quickly you think you can implement and improve and see those go-to-market processes? I mean, I did note the implication for the growth in the back half of the year and frankly that's a little bit faster than I would have expected, but I guess what I'm trying to drive toward is some the timeline on an expected sustainable revenue ramp, if we think that what we see in the second half of this year could extend out into the future or should we expect some additional lumpiness coming off of that strong back back half of this year?

嗨，謝謝您回答這些問題。Juho，歡迎您，我很感謝您在電話中討論的背景，但您能否再多談談您在高通公司帶來的客戶關係，以及您認為您可以多快實施和改進並看到這些上市流程？我的意思是，我確實注意到了對今年下半年成長的影響，坦白說，這比我預期的要快一點，但我想我試圖推動的是預期可持續收入增長的時間表，我們是否認為今年下半年看到的情況可能會延續到未來，或者我們是否應該預計今年下半年強勁的增長會帶來一些額外的波動？

Well, that's great to hear your voice. Excellent questions, and you're absolutely correct. If you look at the cycle in the wireless industry, like the way that the carriers decide their [stop keys], that is a 12-month cycle. But what's important to know that we already today have a broad portfolio, which is going to refresh and expand during 2025, of products that have been certified across multiple carriers, which is one of the strengths that we have given that we also operate in channel.

嗯，很高興聽到你的聲音。非常好的問題，你完全正確。如果你看看無線產業的週期，例如營運商決定他們的[停止密鑰]的方式，那是一個 12 個月的週期。但重要的是要知道，我們今天已經擁有廣泛的產品組合，這些產品將在 2025 年進行更新和擴展，這些產品已經通過多家運營商的認證，這是我們在通路運營的優勢之一。

Going back to your question on the relationships that I put there and what to expect in terms of engagement on that front, I think it's safe to say that we've engaged with all of the major players when it comes to broadband, wireless or wired, in North America. And what we're now hard at work is converting the opportunities that we discussed into a revenue road map. And that's one of the key things that's giving us the confidence to give the guide on a year-on-year growth for the full year of 2025 like Steven said.

回到你關於我提出的關係以及在這方面的參與度預期的問題，我認為可以肯定地說，我們已經與北美所有寬頻、無線或有線方面的主要參與者進行了接觸。我們現在努力的是將我們討論的機會轉化為收入路線圖。正如史蒂文所說，這是讓我們有信心提供 2025 年全年同比增長指引的關鍵因素之一。

And then, thank you that's helpful. And a similar question on the procurement/supply logistics side, are those processes that take several quarters to successfully implement, mean I would imagine that this year is the year that you put the pieces in place and then you begin reaping some of the benefits from these investments next year? Again, on the cost-side procurement and what not is that, is that sort of fair or do you think you could get more immediate relief through the numbers this year?

然後，謝謝你，這很有幫助。在採購/供應物流方面也有一個類似的問題，這些流程是否需要幾個季度才能成功實施，我想像這是否意味著今年你將把各個部分落實到位，然後明年你才能開始收穫這些投資的部分收益？再次，就成本方面的採購等而言，這是否公平，或者您認為今年可以透過數字獲得更直接的緩解？

As we grow our top line year on year, I think that burns new discussions with our supplier base. Whether it's key component vendors, ODMs, or our manufacturing partners for that matter. So I definitely look forward to engaging also the supply chain part of our partners, with the discussion. If you look at them from a time to market standpoint of view, one of the things that we have as a core asset for the company is the ability to rapidly develop prototype and basically iterate on the hardware design for new products. That's also very helpful as we're developing new, I'll call it delivery modalities for different segments in our portfolio.

隨著我們營業額逐年增長，我認為這會引發我們與供應商群體進行新討論的熱情。無論是關鍵組件供應商、ODM 或我們的製造合作夥伴。因此，我非常期待與我們的合作夥伴的供應鏈部門參與討論。如果從上市時間的角度來看，我們公司的核心資產之一就是快速開發原型和基本上迭代新產品硬體設計的能力。這也非常有幫助，因為我們正在開發新的，我稱之為我們投資組合中不同部分的交付模式。

So you, we'll definitely start engaging differently already during 2025 in terms of how we bring the products to market and how do we think about our development and manufacturing partnerships.

因此，我們肯定會在 2025 年開始以不同的方式參與，包括如何將產品推向市場以及如何看待我們的開發和製造夥伴關係。

Great and then one just one last one for me, with the Telematics sale now behind you, is it safe to assume that this is the right asset mix going forward and we really shouldn't be expecting to see any incremental sales vestitures or the need to go out and make any technology acquisitions going forward is sort of we have the pieces in place right now?

很好，然後對我來說是最後一個問題，現在遠端資訊處理銷售已經結束，是否可以安全地假設這是未來正確的資產組合，我們真的不應該期望看到任何增量銷售資產或需要出去進行任何技術收購，我們現在是否已經準備好了一切？

Look, so our objective is to become the leading provider, the partner of choice in both mobile and fixed broadband. That's statement of all that. Hardware portfolio, device software, the very unique cloud assets that we command as well as go to market. That is the area where you should expect to see us continue to invest qs we further accelerate our revenue roadmap.

我們的目標是成為行動和固定寬頻領域的領先供應商和首選合作夥伴。這就是全部內容的聲明。硬體產品組合、設備軟體以及我們掌握並推向市場的非常獨特的雲端資產。您應該期望看到我們繼續在該領域進行投資，以進一步加快我們的收入路線圖。

We will absolutely also consider inorganic opportunities, but that's going to be through a very diligent and thoughtful process as we start engaging in those activities.

我們當然也會考慮無機機會，但當我們開始參與這些活動時，這將經過一個非常勤勉和深思熟慮的過程。

Okay, great. Thanks for your help.

好的，太好了。感謝您的幫助。

Thanks, Lance.

謝謝，蘭斯。

[Tori Zamburg], Stifel.

[Tori Zamburg]，Stifel。

Yes, thank you, and, you, welcome to the show, and Steven, nice to talk to you. My first question is just a clarification question on the annual of the 2025 outlook. So you're saying that you would basically grow on top of the 191 that you reported for '24. There's no no other pro-forma number that we should think about in this sense.

是的，謝謝你，歡迎你參加節目，史蒂文，很高興與你交談。我的第一個問題只是對 2025 年展望的年度進行澄清。所以您的意思是，您基本上會在 24 年報告的 191 的基礎上實現成長。從這個意義上來說，我們沒有必要考慮其他任何形式上的數字。

Hey Tori, thanks. Yeah, that's basically right when you're coming off the base, as you was just going through, there's a whole bunch of initiatives and things that we're working on now that we see an acceleration to performance in the back half of the year and exiting the year, but that should portend to growth for the total year over year. So that is the correct takeaway and the numbers you have are correct.

嘿，Tori，謝謝。是的，這基本上是正確的，當你走出基礎時，正如你剛才經歷的那樣，我們現在正在進行一系列計劃和工作，我們看到今年下半年和年底的業績加速增長，但這應該預示著全年業績將同比增長。所以這是正確的結論，而且您得到的數字也是正確的。

Great. And I know this is a very difficult question to answer because obviously we're sort of you're just getting started here, but if you think about the mobile broadband versus FWA versus software services, how do you envision that mix to evolve the next several years? Because that's going to have some pretty major gross margin implications. So any sort of ballpark numbers that you have in have in mind?

偉大的。我知道這是一個很難回答的問題，因為很明顯我們才剛開始，但如果您考慮行動寬頻與 FWA 與軟體服務，您認為這種組合在未來幾年會如何發展？因為這將對毛利率產生相當大的影響。那麼，您心中有什麼大概的數字嗎？

I don't think I'm in a position to sort of give you ballpark numbers, but I'm definitely happy to help you on how to think about the overall strategy and what to expect going forward. First, I would like to say that, I look at this as a platform. So we have a very modular development strategy when it comes to our hardware. We have the same [rotor OS], which is the device software and key part of our secret source that writes on whether it's MiFi or SWA, and of course, Inseego Connect helps you manage your entire fleet, whether you're mobile or fixed with the broadband.

我認為我無法提供您大致的數字，但我非常樂意幫助您思考整體策略以及未來的預期。首先我想說，我將其視為一個平台。因此，我們在硬體方面有一個非常模組化的開發策略。我們有相同的 [rotor OS]，它是設備軟體，也是我們秘密來源的關鍵部分，它可以記錄它是 MiFi 還是 SWA，當然，Inseego Connect 可以幫助您管理整個車隊，無論您是移動的還是固定的寬頻。

These two opportunities are very different. So if you look at the future growth. FWA, what I expect to see happen is that while the carriers will be capacity constrained on their consumer deployments, there's going to be no cap when it comes to the business or enterprise segment part of the carrier FWA rollout.

這兩次機會非常不同。所以如果你看一下未來的成長。FWA，我預期會發生的情況是，雖然營運商在消費者部署方面會受到容量限制，但在營運商 FWA 推出的商業或企業部門部分則不會受到限制。

The reason why I say that is that the [argument] profitability is so strong that you'll continue to invest in network resource whatever you need to continue to drive your growth in the enterprise segment. That enterprise segment is also the area where our differentiation really shines. Whether it's the full-stack solution that I described or our go-to-market capability where we can bring the best of both worlds with the value added resellers as well as the carrier.

我這樣說的原因是，獲利能力非常強勁，你將繼續投資網路資源，無論你需要什麼，以繼續推動企業領域的成長。企業領域也是我們的差異化真正顯現的領域。無論是我所描述的全端解決方案，還是我們的市場進入能力，我們都可以透過加值經銷商和營運商帶來兩全其美的解決方案。

I strongly feel that FWA or carrier wire, but carrier being the volume driver in this S&P all the way to industrial segment is going to be a great growth journey for us.

我強烈感覺到，FWA 或營運商有線，但營運商作為標準普爾一直到工業領域的銷售驅動因素，對我們來說將是一次偉大的成長之旅。

On MiFi, the same applies. We have public sector, we have mobile enterprise use cases that our products are perfect and designed for. But then, if you look at the net new white space, if you will, where we're not operating today. That would be MyFi in the carrier core stocks skills, more in the mass market part of the line. So that's an area where I don't see any reason why we wouldn't go and participate more effectively.

在MiFi上，也是如此。我們有公共部門，我們有行動企業用例，我們的產品是完美的，並且是專為這些用例而設計的。但是，如果你看一下淨新增白色空間，你會發現我們目前尚未運作。那將是 MyFi 在運營商核心股票技能方面，更多地處於大眾市場部分。因此，我認為我們沒有理由不去更有效地參與這個領域。

That's great perspective. Just one last one for you, Steven, so, OpEx, based on my math, per your EBITDA guidance, somewhere, sort of high nines, is that sort of the run rate that we should use going forward, or will you see some step ups throughout [FY25], especially given some of these new go-to-market strategies that you had just talked about.

這是非常棒的觀點。史蒂文，我只想問您最後一個問題，根據我的計算，按照您的 EBITDA 指引，OpEx 在某個地方應該處於高 9% 左右，這是我們未來應該使用的運行率嗎？

Yeah, that's a good point, and your rationale is correct. We will step up how much we are spending, particularly early on in the first half of the year as we invest in a lot of the new products. You won't see that all flow through the P&L, specifically GAAP at least, but you will insofar as cash as you build new products until they go GA that's capitalized. And so you'll, if you look at those two, which we obviously disclose all of that, you'll see that pick up in Q1 and Q2 of the spend, and then it tapers in the back part of the year to drive that new product and growth.

是的，你的觀點很好，你的理由也很正確。我們將增加支出，特別是在今年上半年，因為我們對許多新產品進行了投資。您不會看到所有資金都流經損益表，至少是 GAAP 資金，但您會在製造新產品直至進入 GA 期間看到資本化的現金。因此，如果您看一下這兩個數據（我們顯然披露了所有這些數據），您會看到在第一季和第二季支出有所增加，然後在下半年逐漸減少，以推動新產品的推出和成長。

Sounds good. Thank you very much.

聽起來不錯。非常感謝。

Absolutely, thank you, Tori.

當然，謝謝你，托里。

Thank you.

謝謝。

That concludes our question-and-answer session. I'd like to turn the call back over to management for any closing remarks.

我們的問答環節到此結束。我想將電話轉回給管理階層，以便他們做最後發言。

Thank you, operator, and thank you everyone for the thoughtful questions. Inseego is at a pivotal moment with wireless broadband demand accelerating a strategy to expand in existing and to new markets and a team with the right capability to go and execute on it.

謝謝接線員，也謝謝大家提出這麼深刻的問題。Inseego 正處於一個關鍵時刻，無線寬頻需求正在加速其在現有市場和新市場的擴張策略，並需要一支有能力去執行這項策略的團隊。

We're deploying a scalable long-term growth plan, strengthening our carrier and valuing retailer partnerships, enhancing our solution portfolio, and positioning Inseego as a mobile and fixed wireless broadband provider of choice.

我們正在部署可擴展的長期成長計劃，加強我們的營運商並重視零售商合作夥伴關係，增強我們的解決方案組合，並將 Inseego 定位為首選的行動和固定無線寬頻供應商。

While we're laying the foundation today, the real impact of our strategy will unfold later this year and beyond, delivering significant value to our customers, partners, and investors.

雖然我們今天正在奠定基礎，但我們策略的真正影響將在今年稍後及以後顯現，為我們的客戶、合作夥伴和投資者帶來巨大的價值。

In two weeks, Steven and I will be at the Mobile World Congress in Barcelona, where we look forward to connecting with many of you and showcasing some of our latest innovations.

兩週後，史蒂文和我將參加巴塞隆納世界行動通訊大會，我們期待在那裡與大家聯繫並展示我們的一些最新創新。

In closing, I want to thank our employees, customers, and partners. Your dedication and hard work drive Inseego and the entire industry forward. I could have been more excited about the journey ahead.

最後，我要感謝我們的員工、客戶和合作夥伴。您的奉獻和努力推動了 Inseego 和整個行業向前發展。我本來可以對未來的旅程感到更加興奮。

The conference is now concluded.

會議現已結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的演講。您現在可以斷開連線。