Aurora Mobile Ltd (JG) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Aurora Mobile first-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，感謝你們的支持並歡迎參加 Aurora Mobile 2024 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I'd now like to hand the conference over to your host today, Rene [Regenstein Vanguestaine]. Thank you. Please go ahead, sir.

我現在想把今天的會議交給主持人雷內[雷根斯坦·範格斯坦]。謝謝。請繼續，先生。

Thank you, Amber. Hello, everyone, and thank you for joining us today. Aurora Mobile's earnings release was distributed earlier today and is available on the IR website at ir@jiguang.cn. On the call today are Mr. Shan-Nen Bong, Chief Financial Officer; and Mr. Guangyan Chen, General Manager.

謝謝你，琥珀。大家好，感謝您今天加入我們。Aurora Mobile 的財報已於今天稍早發布，可透過 IR 網站 ir@jiguang.cn 取得。今天參加電話會議的是財務長 Shan-Nen Bong 先生；陳光彥先生，總經理。

Following their prepared remarks, they will be available to answer your questions during the Q&A session that follows. Before we begin, I'd like to remind you that this conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the US Private Securities Litigation Reform Act of 1995.

在準備好發言後，他們將在接下來的問答環節回答您的問題。在開始之前，我想提醒您，本次電話會議包含經修訂的 1934 年證券交易法第 21E 條含義以及 1995 年美國私人證券訴訟改革法案中定義的前瞻性陳述。

These forward-looking statements are based upon management's current expectations and current market and operating conditions, which are difficult to predict and may cause the company's actual results, performance, or achievements to differ materially from those in the forward-looking statements.

這些前瞻性陳述是基於管理階層目前的預期以及目前的市場和營運狀況，這些預期很難預測，並可能導致公司的實際結果、績效或成就與前瞻性陳述中的結果有重大差異。

Further information regarding these and other risks, uncertainties, and or factors are included in the company's filings with the US Securities and Exchange Commission. The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required under applicable law.

有關這些和其他風險、不確定性和/或因素的更多資​​訊包含在該公司向美國證券交易委員會提交的文件中。除適用法律要求外，本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性聲明的義務。

With that, I will turn the conference over to Mr. Bong. Please go ahead.

接下來，我將把會議交給奉先生。請繼續。

Thanks, Rene. Greetings to all. Welcome to Aurora Mobile 2024 first quarter earnings call. And for our callers and listeners today, I would like to note that our CEO, Chris, is on a business trip. Thus, he is not able to attend the call today. And today, in Chris' absence, I shall have the privilege to share with you all on the great quarter we have.

謝謝，雷內。祝福大家。歡迎參加 Aurora Mobile 2024 年第一季財報電話會議。對於今天的來電者和聽眾，我想指出我們的執行長克里斯正在出差。因此，他今天無法參加電話會議。今天，在克里斯缺席的情況下，我將有幸與大家分享我們這個季度的精彩經歷。

Before I comment on our Q1 results, I would like to remind everyone that the quarterly earnings deck is available on our website. You may refer to the deck as you proceed with the call today. Similar to the prior quarter on what Chris has done, based on the Q1 numbers, I shall give an appropriate description for the performance of this quarter. And it would be a great start to 2024, and the reasons are as follows.

在評論我們第一季的業績之前，我想提醒大家，我們的網站上提供了季度收益報告。您可以在今天進行通話時參考該套牌。與上一季克里斯所做的類似，根據第一季的數據，我將對本季的表現做出適當的描述。這將是 2024 年的一個好開端，原因如下。

Firstly, as far as managing the business went, I think we have done a great job. In this quarter, we have recorded the third consecutive quarter of positive adjusted EBITDA. Secondly, developer subscription revenue recorded a 13% revenue growth year-over- year, showing great -- growth momentum over the years. Thirdly, our gross margin grew both year-over-year and quarter-over-quarter.

首先，就業務管理而言，我認為我們做得很好。在本季度，我們連續第三個季度實現調整後 EBITDA 為正值。其次，開發者訂閱營收年增13%，呈現出多年來強勁的成長動能。第三，我們的毛利率年比和季比均有所成長。

Fourthly, we are continuing to operate at a low level of OpEx, leveraging on our operational efficiency improvement over the past (technical difficulty). Our OpEx in this quarter is at a historic low since our IPO. Last but not least, our star overseas product, EngageLab, recorded excellent customer number and contract value growth this quarter again.

第四，我們將繼續以較低的營運支出水準運營，利用過去營運效率的提高（技術難度）。本季我們的營運支出處於 IPO 以來的歷史最低點。最後但並非最不重要的一點是，我們的海外明星產品EngageLab本季再次錄得出色的客戶數量和合約價值增長。

I believe all of you would agree that we have a great Q1 for 2024. We are truly looking forward to building up the momentum for the next few quarters with even more exciting numbers.

我相信大家都會同意我們 2024 年第一季的業績非常出色。我們真誠地期待在未來幾季以更令人興奮的數字來增強勢頭。

Next, let me share with you more. For total group revenue, it remained consistent at remaining at RMB65 million. In particular, developer service revenue recorded a 2% year-over-year slide and vertical application revenue decreased by 1% year-over-year. Developer service revenue, which consisted of subscription service and value-added service, decreased by 2% year-over-year. And within developer service, subscription revenue increased 13% year-over-year, but was offset by a 70% decrease in value-added service.

接下來就讓我來跟大家分享一下吧。集團總收入維持在人民幣6,500萬元不變。其中，開發者服務收入較去年同期下降2%，垂直應用收入較去年同期下降1%。開發者服務收入（包括訂閱服務和增值服務）較去年同期下降2%。在開發者服務中，訂閱收入年增 13%，但被增值服務 70% 的下降所抵消。

Next, I shall dive deeper into each business line. As for some business, revenue were at RMB42.4 million, up 13% year-over-year, but declined 13% quarter-over-quarter, as Q4 is the usually high year-end quarter for each year. The 13% year-over-year growth was mainly driven by a 12% increase in ARPU.

接下來，我將深入探討各個業務線。部分業務的收入為人民幣4,240萬元，年增13%，但較上季下降13%，因為第四季通常是每年年末的最高季度。13%的年成長主要是由ARPU成長12%所推動的。

For year-over-year comparison, the higher ARPU was mainly contributed by completion of more private cloud projects in 2024. Another key factor for this 13% revenue year-over-year growth was due to the revenue originated from EngageLab. The EngageLab recognized revenue has increased 10 times year-over-year. And I shall elaborate more on EngageLab business later.

與去年同期相比，較高的 ARPU 主要是由於 2024 年完成了更多的私有雲專案。營收年增 13% 的另一個關鍵因素是來自 EngageLab 的營收。EngageLab 確認的營收年增了 10 倍。稍後我會詳細闡述EngageLab業務。

And within subscription revenue, some of the notable new and renewer customers in this quarter include, but not limited to, Volkswagen China, Shunfeng Express, Huawei, Coticoffe, and Mihayu, just to name a few. And value-added service revenue were at RMB2.4 million, decreased 70% year-over-year, and decreased 64% quarter-over-quarter, which was due to lack of the major online shopping event in Q1.

在訂閱收入方面，本季一些值得注意的新客戶和續訂客戶包括但不限於大眾中國、順豐速運、華為、Coticoffe 和 Mihayu 等。增值服務收入為人民幣240萬元，年減70%，季減64%，主要是因為第一季缺乏大型網購活動。

And this low revenue in Q1 is within our expectation. However, we do foresee this business to bounce back in Q2 in anticipation of the 618 online shopping event.

第一季營收的低水準也在我們的預期之內。不過，我們預計該業務將在第二季因 618 網購活動而反彈。

Next, let me share with you on the great numbers we have recorded in our EngageLab business in Q1 of 2024. Firstly, by March 31, 2024, our EngageLab customer number has grown again from 170 to more than 220. We continue to make great progress in new customer acquisition in the overseas market. More and more new customers have signed up with us as they are seeking a reliable push and email service provider who can help them to improve message delivery rate and user engagement.

接下來，讓我與您分享 2024 年第一季我們的 EngageLab 業務所記錄的龐大數字。首先，到 2024 年 3 月 31 日，我們的 EngageLab 客戶數量再次從 170 家成長到 220 多家。我們在海外市場的新客戶獲取方面繼續取得長足進展。越來越多的新客戶與我們簽約，因為他們正在尋找可靠的推播和電子郵件服務供應商，可以幫助他們提高訊息傳遞率和用戶參與度。

Secondly, the cumulative signed contract value of EngageLab has another 60% quarter-over-quarter growth, bringing the total cumulative contract value to more than RMB24 million by Q1 of 2024, representing a RMB9 million growth quarter- over-quarter. Our EngageLab overseas customer bought both our public and private cloud version of our push service.

其次，EngageLab累計簽約合約金額較上季再成長60%，到2024年第一季累計合約總金額超過2,400萬元人民幣，較上季成長900萬元人民幣。我們的 EngageLab 海外客戶購買了我們的公有和私有雲版本的推播服務。

And thirdly, our EngageLab products are sold to customers in more than 20 countries around the world. It has proven that our EngageLab products are truly global and catering to businesses and enterprises around without borders.

第三，我們的EngageLab產品銷往全球20多個國家的客戶。事實證明，我們的 EngageLab 產品是真正的全球化產品，能夠無國界地服務各地的企業和企業。

Next, I shall go over the revenue for vertical application, where it is made up of financial risk management and market intelligence. Vertical application has a stable quarter where revenue remains relatively consistent year-over-year but declined 9% quarter-over-quarter from the usual high Q4 quarter. For financial risk management, we saw a revenue growth 14% year-over-year and 2% quarter-over-quarter.

接下來我會講一下垂直應用的收入，其中包括金融風險管理和市場情報。垂直應用季度表現穩定，營收年增率保持相對穩定，但較第四季通常較高的季度環比下降 9%。在財務風險管理方面，我們的營收年增 14%，季增 2%。

The 14% year-over-year revenue growth was positively impacted by a 41% customer number growth. And this is hot on the heels of a 26% year-over-year growth in Q4 of 2023. We did see pickup in demands for our financial risk management products year-over-year as lending activities in China has been on the rise.

14% 的年收入成長受到 41% 客戶數量成長的正面影響。繼 2023 年第四季年增 26% 之後，這一趨勢變得炙手可熱。隨著中國的貸款活動不斷增加，我們確實看到對我們的金融風險管理產品的需求逐年上升。

And looking back, the quarterly revenue has been growing consecutively in each quarter since Q1 of 2023 to the current quarter. And the Q1 customers that we have signed up or renew include, but are limited to Kundu Minhang, Suzhou Minhang, Mai Jingrong and many Maisons credit and financial institutions for China.

回顧過去，自2023年第一季到本季度，每季的季度營收都在連續成長。我們已簽約或續約的第一季客戶包括但不限於昆都閔行、蘇州閔行、麥景榮以及眾多Maisons中國的信貸和金融機構。

As for Market Intelligence, the revenue decreased by 21% year-over-year and decreased 9% quarter-over-quarter due to the continued weak market demand for Chinese APP data. In Q1 of 2024, we sign up some of the well-known and large customer such as [buy them, Korea, TimBar] and many top-tier global hedge funds and investment funds.

市場情報方面，由於市場對中國APP數據的需求持續疲軟，營收年減21%，季減9%。2024年第一季度，我們簽約了一些知名大客戶，如【buythey、韓國、TimBar】以及許多全球頂級對沖基金和投資基金。

And next, I'll go over some of the key expenses and balance sheet items. Onto operating expenses. The Q1 operating expenses was at RMB53 million, representing an 18% decrease year-over-year and 13% decrease quarter-over-quarter. And this RMB53 million OpEx was the lowest quarterly OpEx we have recorded since IPO in July 2018.

接下來，我將回顧一些關鍵費用和資產負債表項目。到營運費用。第一季營業費用為人民幣5,300萬元，較去年同期下降18%，較上季下降13%。而這 5,300 萬元人民幣的營運支出是我們自 2018 年 7 月 IPO 以來記錄的最低季度營運支出。

As shown on the financial statement. We are and have been making all the necessary steps and initiative to maintain optimal level of operating expenses. And we are very pleased with the current OpEx level.

如財務報表所示。我們正在並一直在採取一切必要的步驟和舉措，以維持最佳的營運費用水準。我們對目前的營運支出水準非常滿意。

And then if I go to the individual OpEx category. In particular, R&D expenses decreased by 28% year-over-year to RMB32.7 million, mainly due to the lower headcount, reduced salary cost and associated share-based compensation and a decrease in some litigation (Technical difficulty) expenses due to the growing cloud initiative we have undertaken.

然後如果我進入個人營運支出類別。其中，研發費用年減28%至人民幣3,270萬元，主要是由於人員數量減少、工資成本和相關股權激勵減少以及部分訴訟（技術難度）費用減少所致。

Selling and marketing expenses decreased by 8% year-over-year to RMB17.4 million, mainly due to the decrease in salary costs resulted from the headcount reduction as we made appropriate adjustment to operate at an optimal level.

銷售及行銷費用年減8%至人民幣1,740萬元，主要是由於我們適當調整以達到最佳營運水平，減少人員導致薪資成本下降。

And G&A expenses decreased by 9% year-over-year to RMB12.9 million, mainly due to the lower headcount, the reduced salary costs and associated share-based compensation. And for the quarter ended March 31, 2024, we recorded yet another positive adjusted EBITDA. And this is an historical event where we have three consecutive quarter of positive adjusted EBITDA.

一般及行政費用較去年同期下降 9% 至 1,290 萬元，主要是因為員工人數減少、薪資成本和相關股權激勵減少。截至 2024 年 3 月 31 日的季度，我們再次錄得正調整 EBITDA。這是一個歷史性事件，我們連續三個季度調整後的 EBITDA 為正值。

As mentioned above, we have tightly manage and control our OpEx over the years. We believe so long as we continue to grow our top line in the future, you will see more good quarterly results sooner rather than later. Onto the balance sheet, I again will share to a very important KPI that we closely monitor.

如上所述，多年來我們嚴格管理和控制我們的營運支出。我們相信，只要我們未來繼續成長我們的營收，您遲早會看到更多好的季度業績。在資產負債表上，我將再次分享我們密切監控的一個非常重要的關鍵績效指標。

We continue to monitor to maintain a healthy AR turnover days level at 47 days. It is still a low numbers and is peer leading in this market space. We are working hard to ensure that we actively collect cash from customer and ensure we have low turnover days. At the same time, mitigating the risk of bad and doubtful debts.

我們將繼續進行監控，以將 AR 週轉天數維持在 47 天的健康水平。該數字仍然較低，並且在該市場領域處於同行領先地位。我們正在努力確保積極向客戶收取現金，並確保我們的周轉天數較低。同時，降低壞帳和呆帳風險。

Secondly, one of the key financial KPI for tracking the performance of SaaS company is the total deferred revenue, which represents cash collected in advance from customers for future contract performance, which continued to be a high balance of RMB135.2 million. And this is the ninth consecutive quarter that we have deferred revenue balance above $130 million.

其次，追蹤SaaS公司業績的關鍵財務KPI之一是遞延收入總額，即為未來履行合約而向客戶預收的現金，其餘額持續保持在1.352億元人民幣的高位。這是我們的遞延收入餘額連續第九個季度超過 1.3 億美元。

Next, total assets were RMB334 million as of March 31, 2024, which includes cash and cash equivalent of RMB99 million, accounts receivable of RMB33 million, prepayments and other current assets at RMB23 million, fixed asset at RMB1.4 million, long-term investment of RMB113 million, goodwill at RMB37.8 million, intangible assets at RMB16.9 million resulted from the same club acquisition in March 2022.

其次，截至2024年3月31日，總資產為人民幣3.34億元，其中現金及現金等價物人民幣9,900萬元，應收帳款人民幣3,300萬元，預付款項及其他流動資產人民幣2,300萬元，固定資產人民幣140萬元，長期資產投資額為人民幣1.13億元，商譽為人民幣3780萬元，無形資產為人民幣1690萬元，是由於2022年3月收購同一俱樂部而產生的。

And total liabilities were at RMB227 million as of March 31, 2024. This includes accounts payable of RMB22 million, current operating leasability of RMB2 million, deferred revenue of RMB125 million and accrued liabilities of RMB64 million. At this juncture, let me recap on the great start to 2024 description that I have mentioned at the start of this call.

截至2024年3月31日，負債總額為人民幣2.27億元。其中包括應付帳款人民幣2,200萬元、目前經營租賃人民幣200萬元、遞延收入人民幣1.25億元以及應計負債人民幣6,400萬元。此刻，讓我回顧一下我在本次電話會議開始時提到的 2024 年美好開局描述。

In this quarter, our Developer Service revenue grew by 13% year-over-year. Number 2, our gross margin at the highest level since Q4 of 2021. Three, for the first time in history, we have three consecutive quarters of positive adjusted EBITDA. Four, quarterly OpEx at RMB53 million, which is at the lowest level since IPO. Five, EngageLab product recorder -- customer number growth of more than 30% quarter-over-quarter, and cumulative contract value grew more than 60% between the quarters.

本季度，我們的開發者服務收入較去年同期成長13%。第二，我們的毛利率達到 2021 年第四季以來的最高水準。第三，我們歷史上首次連續三個季度調整後的 EBITDA 為正值。四、季度營運支出為人民幣5300萬元，為IPO以來的最低水準。五、EngageLab產品記錄－客戶數量較上季成長超過30%，累計合約金額較上季成長超過60%。

And with the above, I believe the management team has done a great job delivering yet another quarter of good financial results. And this set of numbers do not come easy, and we have done a lot of work since two years ago during the pandemic. And let me spend a few minutes here to recap on what we have done to get to where we are now.

綜上所述，我相信管理團隊做得很好，又實現了一個季度的良好財務表現。而這組數字來得並不容易，兩年前疫情期間我們也做了很多工作。讓我花幾分鐘時間回顧我們為達到現在的目標所做的努力。

One, we have refocused our strategy during which we gather all the heads of products, we challenge them on the needs to maintain. And sell each product in the view of market potential. The end result, we have streamlined the number of product offerings. We cut down the products they are not bringing positive contributions to the books and putting all our resources to a handful of key products which are profitable in high demand domestically and overseas and with great potential.

第一，我們重新調整了策略重點，在此期間我們聚集了所有產品負責人，我們向他們提出維護需求的挑戰。並根據市場潛力銷售每種產品。最終結果是，我們簡化了產品的數量。我們砍掉那些對帳面沒有正面貢獻的產品，把所有的資源集中到少數一些國內外需求量大、獲利能力強、潛力大的重點產品。

Number two, we have restructured our teams and seriously look at the headcount. We have fewer products to be maintained and to improve operational efficiency. Our headcount has decreased close to 40% from the peak. Thereby helping us to cut down the fixed cost component of our OpEx.

第二，我們重組了團隊並認真考慮了員工人數。我們需要維護的產品更少，並提高了營運效率。我們的員工人數比高峰期減少了近 40%。從而幫助我們減少營運支出的固定成本部分。

And apart from the headcount, we have also reviewed orders to this contract with external vendors. And during the process, we have also managed to lower fixed operating expenses year-to-year to an optimal level.

除了人數之外，我們還審查了與外部供應商簽訂的合約訂單。在此過程中，我們也設法將固定營運費用逐年降低至最佳水準。

Number four, more importantly, we have chosen the right direction by going overseas to our EngageLab suite of products. And we have just combination of right steps that we have taken, we are now seeing the positive impact. Most notably is the three consecutive positive adjusted EBITDA that we have managed to deliver.

第四，更重要的是，我們選擇了正確的方向，走向海外，使用我們的 EngageLab 產品套件。我們剛剛採取了正確的步驟，現在我們看到了正面的影響。最值得注意的是我們成功實現了連續三年的正向調整 EBITDA。

As we continue to scale our business. I believe more good results will come, and I would like to thank the shareholders (Technical difficulty) and the vendor of Aurora Group employees with their support and patience throughout this past few years.

隨著我們不斷擴大業務規模。相信會有更好的成績，也感謝股東（技術難度）和供應商震旦集團員工這幾年的支持與耐心。

And lastly, before I conclude, I'll give a quick update on the share repurchase plan. In the quarter ended March 31, 2024, we have repurchased 17,000 ADS. Cumulatively, we have repurchased a total of 205,000 ADS -- since the start of our repurchase program.

最後，在結束之前，我將快速介紹股票回購計畫的最新情況。截至2024年3月31日的季度，我們回購了17,000股ADS。自回購計畫啟動以來，我們已累積回購了 205,000 個 ADS。

And with this, it concludes the management's prepared remarks and we will be happy to take your calls now. Operator, please proceed.

管理階層準備好的發言到此結束，我們現在很樂意接聽您的電話。接線員，請繼續。

Thank you. We will now begin the question-and-answer session. T(Operator Instructions)

謝謝。我們現在開始問答環節。T（操作員指令）

Calvin Wong, Spica Capital.

Calvin Wong，Spica Capital。

Thank you for taking my questions and congratulations again for another quarters of great results. I would like to have two, if I may.

感謝您接受我的問題，並再次祝賀您又一個季度取得了優異的成績。如果可以的話，我想要兩個。

Firstly, as we understand, Q1 is a relatively quiet quarter, but you still managed to deliver another quarter of positive adjusted EBITDA. So I would like to hear from the management how this was possible and are we now expecting another positive adjusted EBITDA in Q2? That's my first question.

首先，據我們了解，第一季是一個相對平靜的季度，但您仍然設法實現了另一個季度的正向調整 EBITDA。因此，我想聽聽管理層的意見，這是如何實現的？ 我們現在是否期待第二季再次出現正面的調整後 EBITDA？這是我的第一個問題。

And second question is I'd like to circle back on the EngageLab business. Again, based on the Q1 deck, you have upload and earlier management call. EngageLab had another great growth quarter. I would appreciate if management could shed more light on these business segments.

第二個問題是我想回顧 EngageLab 業務。同樣，基於 Q1 套牌，您有上傳和早期的管理通話。EngageLab 又迎來了一個強勁的成長季度。如果管理層能夠更了解這些業務部門，我將不勝感激。

So again, two questions. One on the adjusted EBITDA outlook and two, about the outlook of EngageLab business.

再說一遍，兩個問題。一是關於調整後的 EBITDA 前景，二是關於 EngageLab 業務的前景。

Sure, Calvin, let me recap. One is the question on the adjusted EBITDA number? And second is the EngageLab.

當然，卡爾文，讓我回顧一下。一是關於調整後的EBITDA數字的問題？第二個是參與實驗室。

I think if there's a honestly, we are truly happy that we have done a great job to deliver the another quarter of adjusted EBITDA positive numbers in Q1. As you rightly mention, that Q1 is typically a slow quarter because of the Chinese New Year, along with the February shorter month.

我認為，老實說，我們真的很高興我們做得很好，在第一季實現了另一個季度的調整後 EBITDA 正數。正如您正確地提到的，由於農曆新年以及二月份較短的月份，第一季通常是一個緩慢的季度。

Of course, this Q1 positive adjusted EBITDA number did not come easy. As I just mentioned earlier, we have made a lot of adjustments. We make tweaks, larger or smaller, try to be nimble, try to be adjourn, try to be fast enough to react to the market over the past two years.

當然，這第一季正調整後的 EBITDA 數字來得並不容易。正如我剛才提到的，我們做了很多調整。我們進行或大或小的調整，嘗試保持靈活，嘗試暫停，嘗試足夠快地對過去兩年的市場做出反應。

And I believe, right now, we are in a very good position with the right product and that we do with great potential and especially our overseas expansion being executed according to what we have set out to do and with the low level of operating expenses.

我相信，目前我們處於非常有利的位置，擁有合適的產品，並且我們具有巨大的潛力，特別是我們的海外擴張正在按照我們的計劃進行，並且營運費用水平較低。

And I guess, let me just recap what we have done with the things that we have done. We have recorded the subscription revenue that grew 13% and our EngageLab business has grown. The revenue has grown 10 times year-over-year, and we recorded the highest gross margin that grew year and quarter-over-quarter. And our operating expenses were record lows since IPO. And most importantly, a lot of investors and shareholders are looking for this three consecutive quarter of positive adjusted EBITDA.

我想，讓我回顧一下我們所做的事情。我們的訂閱收入成長了 13%，我們的 EngageLab 業務也在成長。營收年增10倍，毛利率較去年同期成長均創歷史新高。我們的營運費用創IPO以來的新低。最重要的是，許多投資者和股東都在尋求連續三個季度的正向調整 EBITDA。

I guess one may conclude that things are falling to the right places where they belong. And as well question on whether we are expecting another quarter of positive adjusted EBITDA number, I think we should not get ahead of ourselves. I think what we need to do is the management team will continue to focus on what we have done, right, namely, to scale our business domestically and overseas. And at the same time, we just need to closely monitor our operating expense. And if we do this right, I think the results will reflect itself. So this is my response to your first question.

我想人們可能會得出這樣的結論：事物正在落向它們所屬的正確位置。還有關於我們是否預計另一個季度的調整後 EBITDA 為正數的問題，我認為我們不應該超越自己。我認為我們需要做的是管理團隊將繼續專注於我們所做的事情，對的，即擴大我們在國內和海外的業務。同時，我們只需要密切監控我們的營運費用。如果我們做得正確，我認為結果將會反映出來。這就是我對你第一個問題的回答。

And on the EngageLab, if I you may use one word to describe EngageLab, it will be growth. Probably, you have seen since we just started showing the quarterly EngageLab business numbers in Q3 of 2023. The number has been growing ever since every single quarter. We recorded good numbers growth. And customer number has grown impressively and a cumulative contract value has grown certainly every quarter.

在EngageLab上，如果我可以用一個字來形容EngageLab，那就是成長。自從我們剛開始顯示 2023 年第三季的 EngageLab 季度業務資料以來，您可能已經看到了。自每個季度以來，這個數字都在增長。我們錄得良好的數位成長。客戶數量顯著成長，累計合約價值每季都在成長。

And therefore, obviously, we are very pleased with how the business has tracked so far. And also I can give a insight in terms of what we have seen recently. Just last week, we had approved it in Singapore for the Asia Tech Expo and both Chris and myself attended the event in person. So we went there in Singapore.

因此，顯然，我們對該業務迄今為止的發展感到非常滿意。我還可以根據我們最近所看到的情況提供一些見解。就在上週，我們批准了在新加坡舉辦的亞洲科技博覽會，克里斯和我自己都親自參加了這項活動。所以我們就去了新加坡。

And during -- the course of three days. And we received more than, I would say, more than 100 leads, more than 100 sales leads and Chris and myself spoke to many potential customer, be from Singapore, from Malaysia, my hometown in Indonesia, Philippines, even from as far as Romania.

在三天的時間裡。我想說，我們收到了超過 100 個潛在客戶，超過 100 個銷售線索，克里斯和我自己與許多潛在客戶進行了交談，他們來自新加坡、馬來西亞、我的家鄉印尼、菲律賓，甚至遠至羅馬尼亞。

So personally, I think I'm truly impressed with the interest we have received from customers on our EngageLab product in Asia, -- during the visit. And, I guess, from the technical standpoint, I think I'd just give us a brief on what we have done. And what we have done is we have incorporated our notification channel for all different phone operating system, whether you use IOS or you use Android or others. We are making this very easy for our customers to send a notification to their customer regardless of what phone they are using. So that is the business update on the EngageLab?

就我個人而言，在訪問期間，我認為亞洲客戶對我們的 EngageLab 產品的興趣給我留下了深刻的印象。而且，我想，從技術角度來看，我想我只想向我們簡單介紹一下我們所做的事情。我們所做的是，我們已經將我們的通知管道納入了所有不同的手機作業系統，無論您使用 IOS 還是 Android 或其他作業系統。我們讓客戶可以輕鬆地向他們的客戶發送通知，無論他們使用什麼手機。這就是 EngageLab 的業務更新嗎？

Hope this answer your question, Calvin.

希望這能回答你的問題，卡爾文。

Very clear. Thanks.

非常清楚。謝謝。

Thank you, Calvin. (Operator Instructions)

謝謝你，卡爾文。（操作員說明）

I'm showing no further questions. I'll now turn the conference back to Rene for closing comments. Rene, you may wish to do the closing comments.

我沒有再提出任何問題。現在我將把會議轉回雷內以徵求結束意見。Rene，您可能希望發表總結評論。

Thank you, everyone, for joining our call tonight. If you have any further questions and comments, please don't hesitate to reach out to the IR team. This concludes the call. Have a good night. Thank you all.

謝謝大家今晚加入我們的電話會議。如果您還有任何其他問題和意見，請隨時聯絡 IR 團隊。通話就此結束。祝你晚安。謝謝你們。

That concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。