Karooooo Ltd (KARO) 2025 Q4 法說會逐字稿

Hello and welcome to Karooooo's Fourth quarter and full year fiscal 2025 financial results presentation. On behalf of Karoooo, we would like to thank you for joining us today. I'm Paul Bieber, VP of Investor Relations and Strategic Finance.

您好，歡迎參加 Karooooo 2025 財年第四季和全年財務業績報告。我謹代表 Karoooo 感謝您今天的參與。我是保羅‧比伯 (Paul Bieber)，投資人關係與策略財務副總裁。

We are joined today by Zach Calisto, Founder and Group CEO, Hoe Shin Goy, Chief Financial Officer, and Carmen Calisto, Chief strategy and Marketing Officer.

今天與我們一起出席的嘉賓有：創辦人兼集團執行長 Zach Calisto、財務長 Hoe Shin Goy 和首席策略兼行銷長 Carmen Calisto。

I would like to remind everyone that some of the statements that we make today regarding our business, operations, and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions.

我想提醒大家，我們今天就我們的業務、營運和財務表現所做的一些聲明可能被視為前瞻性的。這些聲明是基於當前的預期和假設。

They are subject to several risks and uncertainties. Our actual results could differ materially. Please refer to the safe harbor statement in our Form 20, including the risk factors and the 6K that we filed yesterday. We undertake no obligation to update any forward-looking statements during this call, we will present both IFRS and non-IFRS financial measures.

它們面臨多種風險和不確定性。我們的實際結果可能會有重大差異。請參閱我們 20 表中的安全港聲明，其中包括風險因素和我們昨天提交的 6K。我們不承擔在本次電話會議期間更新任何前瞻性聲明的義務，我們將提供國際財務報告準則和非國際財務報告準則的財務指標。

A reconciliation of non IFRS to IFRS measures is included in the 6K that we filed with the SEC yesterday. Our comments will refer to year over year comparisons unless stated otherwise.

我們昨天向美國證券交易委員會 (SEC) 提交的 6K 文件中包含了非國際財務報告準則與國際財務報告準則衡量標準的對帳。除非另有說明，我們的評論將參考同比比較。

Before handing the call over to Carmen, we'd like to present a six-minute video of our SAS platform to illustrate the depth and breadth of our platform's capabilities.

在將電話交給卡門之前，我們想播放一段六分鐘的 SAS 平台視頻，以展示我們平台功能的深度和廣度。

(video playing)

（影片播放）

Welcome to Karoo's Q4 and full year fiscal 2025 financial results presentation. We hope you enjoyed the demonstration of our SASS platform. For those new to Karoo, we operate a SASS platform for connected vehicles and mobile assets that enables businesses to enhance operational efficiency, reduce costs, improve safety, and ensure compliance. We help businesses across industries simplify decision making to optimize their physical operations.

歡迎參加 Karoo 2025 財年第四季及全年財務業績報告。我們希望您喜歡我們的 SASS 平台的演示。對於 Karoo 的新用戶，我們經營一個用於連網汽車和行動資產的 SASS 平台，使企業能夠提高營運效率、降低成本、提高安全性並確保合規性。我們幫助各行各業的企業簡化決策，以優化其實體營運。

We serve a large, under penetrated market with strong, sustained demand driven by digital transformation, a constant need to improve operational efficiency, and an increasing focus on safety and compliance.

我們服務於一個龐大但滲透率較低的市場，該市場在數位轉型的推動下需求強勁且持續，需要不斷提高營運效率，並且越來越注重安全和合規性。

As a founder-led business, we have a strong financial profile, a proven track record of execution excellence, and a cultural focus on disciplined capital allocation. Our platform supports more than 2.3 million subscribers across more than 125,000 businesses in South Africa, Southeast Asia, and Europe, spanning industries such as logistics, mining, agriculture, construction, retail, and the public sector.

作為一家由創辦人領導的企業，我們擁有強大的財務狀況、卓越的執行記錄以及注重規範資本配置的文化。我們的平台支援南非、東南亞和歐洲超過 125,000 家企業的 230 多萬用戶，涉及物流、採礦、農業、建築、零售和公共部門等行業。

Our financial model is anchored by high margin subscription revenue and robust customer retention. We continue to scale our proprietary data asset, now generating over 200 billion data points monthly, which we leverage to drive actionable insights for our customers and long-term customer value.

我們的財務模式以高利潤的訂閱收入和強大的客戶保留率為基礎。我們繼續擴大我們的專有數據資產，現在每月產生超過 2000 億個數據點，我們利用這些數據為我們的客戶提供可行的見解和長期客戶價值。

During our presentation, we will review both of Karooooo's operating segments, Cartrack and Karoo Logistics. Cartrack is our operations management SASS platform. Cartrack operates at scale and has a very attractive financial profile. Cartrack's operating momentum has primarily driven Karooooo's growth and strong financial performance.

在我們的演示中，我們將回顧 Karooooo 的兩個營運部門，Cartrack 和 Karoo Logistics。Cartrack 是我們的營運管理 SASS 平台。Cartrack 營運規模龐大，財務狀況也十分優異。Cartrack 的營運動能主要推動了 Karooooo 的成長和強勁的財務表現。

Cartrack's momentum continued in FY25. In FY25, Cartrack generated ZAR4.1 billion in subscription revenue, an increase of 15% or 19% on a US dollar basis, and Cartrack's operating profit margin was a healthy 31%.

Cartrack 的勢頭在 25 財年得以延續。25 財年，Cartrack 的訂閱營收為 41 億南非蘭特，成長 15%（以美元計算為 19%），Cartrack 的營業利潤率達到健康的 31%。

Karoo Logistics is our rapidly growing delivery as a service business that empowers large enterprise customers to scale their e-commerce and logistics operations. Karoo Logistics is a structurally lower margin business in Carrack, showing strong growth momentum.

Karoo Logistics 是我們快速發展的配送服務業務，它可以幫助大型企業客戶擴大其電子商務和物流業務。Karoo Logistics 是卡拉克一家結構性利潤率較低的企業，但顯示出強勁的成長動能。

Karoo Logistics is strategically important to us as it empowers our customers to scale their e-commerce and logistics operations through a capital light model while driving high cartrak customer retention.

Karoo Logistics 對我們具有戰略重要性，因為它使我們的客戶能夠透過輕資本模式擴大其電子商務和物流業務，同時提高 cartrak 客戶保留率。

We continue to profitly scale the Karoo logistics business in FY25. In FY25, Karoo Logistics' delivery as a service revenue reached (ZAR420 million) an increase of 33% or 37% on a US dollar basis. Given Karoo Logistics' robust revenue growth, we are very excited about the long-term growth opportunity for the business.

我們在 25 財年持續擴大 Karoo 物流業務的獲利規模。25 財年，Karoo Logistics 的配送即服務收入達到（4.2 億南非蘭特），成長 33%，以美元計算成長 37%。鑑於 Karoo Logistics 強勁的營收成長，我們對該業務的長期成長機會感到非常興奮。

Karoo exited FY25 with growing momentum despite a fluid macro backdrop. In Q4, ZAR20 million, an increase of 16%, subscription revenue of ZAR1,086 million, an increase of 16%, and adjusted earnings per share of ZAR9.48, an increase of 39%, delivering profitable growth at scale. In Q4, we were a rule of 60 company when adding our Q4 subscription revenue growth of 16% and our Q4 Cartrack adjusted EBITDA margin of 48%.

儘管宏觀背景不穩定，Karoo 25 財年仍維持成長動能。第四季，營收2,000萬南非蘭特，成長16%，訂閱營收10.86億南非蘭特，成長16%，調整後每股盈餘9.48南非蘭特，成長39%，實現規模獲利成長。在第四季度，我們的訂閱收入成長了 16%，Cartrack 調整後的 EBITDA 利潤率為 48%，因此我們成為了 60 強公司。

I operating profit margin extended 17%, and operating profit margin of 34% remained robust in Q4 and underpins our stellar financial. Performance. It's noteworthy that the Q4 Cartrack subscriber growth rate of 17% was consistent throughout FY25 and represented a 200-basis point acceleration versus FY24.

我的營業利潤率擴大了 17%，第四季的營業利潤率仍然保持強勁，達到 34%，這支撐了我們出色的財務狀況。表現。值得注意的是，Cartrack 第四季的用戶成長率為 17%，與 2025 財年持平，與 2024 財年相比成長了 200 個基點。

Also, Cartrack's FY25 operating profit margin expanded modestly while FY25 subscriber growth accelerated. Before detailing our Q4 business and operational accomplishments, we want to take a moment to underscore our distinctive financial profile, something that is exceptionally rare in the public markets, particularly among small cap companies.

此外，Cartrack 25 財年的營業利潤率小幅擴大，而 25 財年用戶成長則加速。在詳細介紹我們第四季度的業務和營運成就之前，我們想花點時間強調我們獨特的財務狀況，這在公開市場，尤其是在小型公司中極為罕見。

We believe we are among a select few SAS companies operating at a rule of 50 plus based on 2025 GAAP Street estimates. Notably, within a SAS universe of approximately 160 companies, we believe we are the only small cap company operating at this level.

我們相信，根據 2025 年 GAAP Street 的估計，我們是少數幾家按照 50 以上的規則運作的 SAS 公司之一。值得注意的是，在 SAS 大約 160 家公司中，我們相信我們是唯一一家在此級別運營的小型股公司。

Being part of this elite group reflects our unwavering commitment to disciplined and profitable growth. In Q4, Cartrack's total subscribers increased 17%, highlighted by stable growth in South Africa and 100 basis points quarter on quarter acceleration in Europe. Net subscriber additions were strong and increased 25% and 30% in Q4 and FY25 respectively.

成為這個精英團體的一部分體現了我們對有紀律和獲利成長的堅定承諾。第四季度，Cartrack 的總用戶數成長了 17%，其中南非地區的成長穩定，歐洲地區的用戶數量較上季成長了 100 個基點。淨用戶成長強勁，第四季和2025財年分別成長了25％和30％。

With ongoing investments in sales, marketing, and infrastructure to support future growth, we believe we have ample runway to accelerate our organic growth while maintaining strong, robust earnings. Annualized recurring revenue, or ARR, accelerated 300 basis points quarter on quarter to 17%, and ARR increased 21% in US dollars.

透過持續投資於銷售、行銷和基礎設施以支持未來的成長，我們相信我們有足夠的空間來加速我們的有機成長，同時保持強勁、穩健的獲利。年度經常性收入（ARR）較上季成長 300 個基點至 17%，以美元計算 ARR 成長 21%。

We delivered healthy subscriber editions in Q4 while maintaining strong unit economics. Our results reflect our ability to grow at scale with discipline. Our Q4 financial highlights included. Cartrack subscription revenue accelerated 200 basis points quarter on quarter to 16%.

我們在第四季度推出了健康的訂閱版本，同時保持了強勁的單位經濟效益。我們的成果反映了我們在規範的前提下實現規模化發展的能力。其中包括我們的第四季財務亮點。Cartrack 訂閱營收季增 200 個基點，達到 16%。

Cartrack's subscription revenue increased 20% on a US dollar basis. Southeast Asia, constant currency revenue growth accelerated to 31% compared to 26% in Q3. Cartrack's operating profit margin was a robust 34%. We remained a rule of 60 company, and Karooo's adjusted earnings per share increased 39% to ZAR9.48.

Cartrack 的訂閱收入以美元計算成長了 20%。東南亞，以固定貨幣計算的收入成長率加速至 31%，而第三季為 26%。Cartrack 的營業利益率高達 34%。我們仍然遵循 60 規則的公司，Karooo 的調整後每股收益成長 39%，達到 9.48 南非蘭特。

Our balance sheet remained strong and unleveraged, and we ended the quarter with net cash and cash equivalents of ZAR838 million. Our healthy subscription gross margin, efficient customer acquisition, and attractive commercial retention rates continued to drive our healthy unit economics.

我們的資產負債表依然強勁且無槓桿，本季末我們的淨現金和現金等價物為 8.38 億南非蘭特。我們健康的訂閱毛利率、高效的客戶獲取和有吸引力的商業保留率繼續推動我們健康的單位經濟。

In Q4, our subscription gross margin was 76%. Our LTV to CAC ratio remained above 9%, and our commercial retention rate was 95%. It's noteworthy that we accelerated our subscriber growth by 200 basis points in FY25 while maintaining healthy unit economics. We are excited about our massive TAM and remain committed to profitable growth as we pursue the expansive growth opportunity ahead of us.

第四季度，我們的訂閱毛利率為 76%。我們的 LTV 與 CAC 比率維持在 9% 以上，商業保留率為 95%。值得注意的是，我們在 25 財年將使用者成長速度提高了 200 個基點，同時維持了健康的單位經濟效益。我們對我們龐大的 TAM 感到興奮，並在追求未來廣闊的成長機會的同時，繼續致力於實現獲利成長。

We ended FY25 with more than 1.7 million subscribers in South Africa, representing 75% of our global subscriber base. Our recent investment in a newly built central office supports our long-term growth strategy in the region by enabling us to scale operations.

截至 25 財年，我們在南非擁有超過 170 萬用戶，佔全球用戶群的 75%。我們最近對新建中央辦公室的投資使我們能夠擴大營運規模，從而支持我們在該地區的長期成長策略。

Enhance customer service and drive deeper platform penetration within our existing customer base. We are optimistic about the future of our business in South Africa, driven by ongoing digital transformation, rising demand for video solutions, and the market expanding impact of Cartrack tag.

增強客戶服務並推動平台在現有客戶群中的更深層滲透。我們對南非業務的未來充滿信心，這得益於持續的數位轉型、不斷增長的視訊解決方案需求以及 Cartrack 標籤的市場擴大影響。

With a trusted brand and an experienced team, we're well positioned for continued success in South Africa. We are encouraged by the strong momentum that we are building to accelerate our organic growth in the region. We ended FY25 with more than 274,000 subscribers in Southeast Asia and the Middle East, with most of the subscribers in Southeast Asia.

憑藉著值得信賴的品牌和經驗豐富的團隊，我們有能力在南非繼續取得成功。我們正在建立的加速該地區有機成長的強勁勢頭令我們感到鼓舞。截至 2025 財年，我們在東南亞和中東擁有超過 274,000 名用戶，其中大多數用戶位於東南亞。

Southeast Asia and the Middle East comprise 12% of total subscribers. In Q4, our constant currency subscription revenue growth in the region reached an impressive 31%, and acceleration compared to 26% in Q3. As the second largest contributor to group revenue, Southeast Asia continues to present the most compelling growth opportunity for the group in the medium to long term.

東南亞和中東用戶佔總用戶的12%。第四季度，我們在該地區的固定匯率訂閱營收成長率達到了令人印象深刻的 31%，與第三季的 26% 相比有所加速。作為集團收入的第二大貢獻者，東南亞繼續為集團提供中長期最具吸引力的成長機會。

In September 2024, we started a strong yet prudent drive to increase sales and marketing in Southeast Asia and believe that we will begin to see results in FY26. We aim to increase our sales headcount by 70% in FY26 in the region. Our differentiated SAS platform, growing brand equity built on superior customer service delivery and distribution.

2024 年 9 月，我們開始強而有力且審慎地推動東南亞地區的銷售和行銷成長，並相信我們將在 2026 財政年度開始看到成果。我們的目標是在 2026 財年將該地區的銷售員工數量增加 70%。我們差異化的 SAS 平台，建立在卓越的客戶服務交付和分銷基礎上不斷增長的品牌資產。

And attractive regional macro trends provide us with a solid foundation to drive continued growth and expansion in the region for years to come. We ended FY25 with more than 200,000 subscribers in Europe, which comprised 9% of our total subscribers. Our subscriber growth in the region accelerated 100 basis points, quarter on quarter to 20% in Q4.

而有吸引力的區域宏觀趨勢為我們未來幾年推動該地區持續成長和擴張提供了堅實的基礎。截至 2025 財年，我們在歐洲擁有超過 20 萬名用戶，占我們總用戶數的 9%。第四季度，該地區的用戶成長率環比加快了 100 個基點，達到 20%。

We remain focused on increasing our presence in the region, especially through OEM partnerships. We have partnered with leading OEMs to provide easy access to our platform, seamlessly integrating their connected vehicle data into our platform through application programming interfaces or APIs.

我們將繼續致力於擴大我們在該地區的影響力，特別是透過 OEM 合作夥伴關係。我們與領先的 OEM 合作，提供對我們平台的輕鬆訪問，並透過應用程式介面或 API 將他們的聯網車輛數據無縫整合到我們的平台中。

We expect these partnerships to contribute to our results in the medium term. In addition, we are experiencing encouraging demand for our proprietary compliance technology in the region, as customers seek to simplify compliance with evolving legislation and enforcement.

我們期望這些合作關係能夠在中期內為我們的業績做出貢獻。此外，由於客戶尋求簡化對不斷發展的立法和執法的遵守，我們在該地區對我們專有的合規技術的需求正在令人鼓舞。

In FY 25, Karooo Logistics continued to build scale and delivered revenue of ZAR420 million, an increase of 33%, and a 9% operating profit margin immersing our platform into large customers operations, contributing to strong customer retention.

在 25 財年，Karooo Logistics 繼續擴大規模，實現了 4.2 億南非蘭特的收入，成長了 33%，營業利潤率達到了 9%，使我們的平台沉浸在大客戶營運中，有助於提高客戶保留率。

Karoo Logistics also enables us to learn about the operational and logistics challenges confronting our large customers. We see a large opportunity for Karoo Logistics going forward, as large businesses seek to increase their e-commerce offerings and optimize their logistics capabilities through a capital light model. Our platform simplifies decision-making by seamlessly unifying and contextualizing data from a wide range of sources.

Karoo Logistics 也使我們能夠了解大客戶面臨的營運和物流挑戰。我們看到 Karoo Logistics 未來面臨著巨大的機遇，因為大型企業正在尋求透過輕資本模式增加其電子商務產品並優化其物流能力。我們的平台透過無縫統一和情境化來自各種來源的數據來簡化決策。

Including OEM devices and proprietary devices, as well as open APIs. By consolidating business operations into a single centralized hub, we enable our customers to overcome complex operational challenges related to safety, compliance, productivity, service delivery, cost control, fuel management, maintenance, routing, resource allocation, and workforce retention.

包括OEM設備和專有設備，以及開放API。透過將業務營運整合到單一集中中心，我們幫助客戶克服與安全、合規性、生產力、服務交付、成本控制、燃料管理、維護、路線、資源分配和勞動力保留相關的複雜營運挑戰。

Powered by our extensive data asset, advanced AI, and robust analytics, our platform delivers actionable insights that drive meaningful improvements to our customers' physical operations. We are deeply committed to continuous innovation, ensuring our platform remains intuitive, fast, and adaptable to the ever-evolving business needs of our customers.

憑藉我們廣泛的數據資產、先進的人工智慧和強大的分析能力，我們的平台可以提供可行的見解，從而推動客戶實體營運的有意義的改進。我們致力於持續創新，確保我們的平台保持直覺、快速並適應客戶不斷變化的業務需求。

Simplicity is at the core of our solution, from implementation to daily use, helping customers make smarter decisions faster while driving ROI. The Cartrack Operations Cloud is an end-to-end SAS platform that delivers significantly more than traditional telematics.

從實施到日常使用，簡單性是我們解決方案的核心，幫助客戶更快做出更明智的決策，同時提高投資報酬率。Cartrack Operations Cloud 是一個端到端的 SAS 平台，其功能遠遠超出傳統的遠端資訊處理。

By unifying mission critical capabilities into one intelligent solution, we help customers enhance safety, boost productivity and reduce operating costs, driving measurable ROI. Key platform capabilities include real-time telematics, fleet management and asset optimization, video and AI powered safety monitoring, field service and workforce management, risk management and compliance, last mile delivery and logistics management, seamless integration via open APIs and analytics and reporting.

透過將關鍵任務功能統一到一個智慧解決方案中，我們幫助客戶提高安全性、提高生產力並降低營運成本，從而實現可衡量的投資報酬率。主要平台功能包括即時遠端資訊處理、車隊管理和資產優化、視訊和人工智慧安全監控、現場服務和勞動力管理、風險管理和合規性、最後一英里交付和物流管理、透過開放 API 的無縫整合以及分析和報告。

By delivering a unified, feature-(ri) platform, we empower our customers to scale efficiently, improve operational and financial performance, and drive long-term growth.

透過提供統一的功能（ri）平台，我們使客戶能夠有效擴展規模、提高營運和財務績效並推動長期成長。

We remain deeply committed to investing in product innovation, and Cartrack tag exemplifies our commitment to innovation and expanding the power of our platform. In Q4, we launched Cartrack tag, a next generation wireless asset tag that extends our platform to any mobile asset in South Africa, delivering secure, near real-time visibility, even in areas with limited or no cellular coverage.

我們始終堅定地致力於對產品創新的投資，而 Cartrack 標籤則體現了我們對創新和擴大平台功能的承諾。在第四季度，我們推出了 Cartrack 標籤，這是下一代無線資產標籤，它將我們的平台擴展到南非的任何移動資產，即使在蜂窩覆蓋有限或沒有蜂窩覆蓋的地區也能提供安全、近乎實時的可視性。

Built for demanding commercial environments, Cartrack tag helps businesses locate misplaced or stolen assets, reduce operating costs, and simplify asset management. Powered by our proprietary RF network and cloud integration, Cartracktag offers tamper resistant protection. When paired with a Cartrack IOT device, it can detect signal interference and instantly alert both the asset owner and our 24/7 surveillance team, enabling rapid response and recovery.

Cartrack 標籤專為要求嚴苛的商業環境而設計，可協助企業定位放錯或被竊的資產、降低營運成本並簡化資產管理。在我們專有的 RF 網路和雲端整合的支援下，Cartracktag 可提供防篡改保護。與 Cartrack IOT 設備配對後，它可以檢測信號幹擾並立即向資產所有者和我們的 24/7 監控團隊發出警報，從而實現快速響應和恢復。

We're excited about Cartracktag's potential to deliver unparalleled asset protection, advanced risk management, and expanded operational oversight. It's easy installation on a wide range of mobile assets such as trailers, generators, compressors, heavy machinery, and large tools, reduces friction to adoption and supports our committed TAM expansion across industries.

我們對 Cartracktag 提供無與倫比的資產保護、先進的風險管理和擴展的營運監督的潛力感到非常興奮。它可輕鬆安裝在各種移動資產上，例如拖車、發電機、壓縮機、重型機械和大型工具，減少採用過程中的摩擦，並支援我們致力於跨行業的 TAM 擴展。

Our customers choose us because we deliver tangible ROI by reducing costs, boosting productivity, and enhancing safety through a user-friendly platform backed by a best-in-class service team. The value proposition of our platform is significant, with a proven ability to create meaningful business impact.

我們的客戶選擇我們是因為我們透過由一流服務團隊支援的用戶友好平台降低成本、提高生產力和增強安全性，從而提供實際的投資回報。我們平台的價值主張非常重要，並且具有創造有意義的商業影響力的能力。

FY25 was a year of strong execution, impactful innovation, and significant progress. We accelerated customer acquisition, enhanced our platform with more advanced AI video capabilities and other features, and successfully launched the Cartrack tag. We also continue to invest in strategic headcount expansion, ensuring we are very well positioned for durable long-term growth.

25 財年是執行力強、創新力強、取得重大進展的一年。我們加快了客戶獲取速度，透過更先進的 AI 視訊功能和其他功能增強了我們的平台，並成功推出了 Cartrack 標籤。我們也將繼續投資於策略性的員工擴張，確保我們為長期持久的成長做好準備。

Our solid financial performance and robust balance sheet underscore the strength of our operating model. We remain confident in our competitive positioning across regions and believe we are exceptionally well positioned to accelerate our growth in FY26.

我們穩健的財務表現和強勁的資產負債表凸顯了我們營運模式的優勢。我們對自己在各地區的競爭地位仍然充滿信心，並相信我們完全有能力在 2026 財年加速成長。

Looking ahead, our key strategic priorities for FY26 are as follows cement our leadership position in the countries we have achieved scale, expand our distribution footprint in Asia and Europe, broaden platform adoption by driving deeper customer engagement with our platform and capturing growing demand for video capabilities, including AI video.

展望未來，我們 2026 財年的主要策略重點是鞏固我們在已實現規模化的國家中的領導地位，擴大我們在亞洲和歐洲的分銷範圍，透過推動客戶更深入地參與我們的平台來擴大平台的採用，並滿足對視訊功能（包括 AI 視訊）日益增長的需求。

Capital allocation is a fundamental part of our culture, and we aim to remain disciplined with our capital allocation strategy rooted in a 20-year culture of profitable growth and prudent financial management, key drivers of long-term shareholder value.

資本配置是我們文化的基本組成部分，我們的目標是保持嚴謹的資本配置策略，該策略植根於 20 年的獲利成長和審慎的財務管理文化，這是長期股東價值的關鍵驅動力。

Our capital allocation framework is unchanged and prioritizes organic growth and innovation. Our paramount priority is investing in organic growth and product innovation, given our strong unit economics, sustained profitability, and large market opportunity, returning capital to shareholders.

我們的資本配置框架保持不變，優先考慮有機成長和創新。鑑於我們強大的單位經濟效益、持續的獲利能力和巨大的市場機會，我們的首要任務是投資有機成長和產品創新，向股東返還資本。

At current growth rates, our business generates significant excess cash. With our strong balance sheet and net cash position, we aim to return surplus capital to shareholders when we cannot efficiently invest it for growth, primarily through an annual dividend.

按照目前的成長率，我們的業務產生了大量過剩現金。憑藉我們強大的資產負債表和淨現金狀況，當我們無法有效地將剩餘資本投資於成長時，我們的目標是將剩餘資本返還給股東，主要透過年度股息。

As to avoid doubt, management prioritizes growth over dividends. Strategic M&A. We take a prudent and strategic approach to M&A. We view M&A as a tool to accelerate time to market in key geographies, expand our product portfolio, or strengthen our competitive position.

為避免疑問，管理階層優先考慮成長而不是股息。戰略併購。我們對併購採取審慎且有策略的態度。我們將併購視為加速關鍵地區產品上市時間、擴大產品組合或加強競爭地位的工具。

However, given our compelling organic growth profile, customer centric culture, and attractive unit economics, we set a high bar for any potential acquisitions. M&A opportunities must offer clear strategic value or optionality to meet our criteria.

然而，鑑於我們引人注目的有機成長狀況、以客戶為中心的文化和誘人的單位經濟效益，我們對任何潛在的收購都設定了很高的標準。併購機會必須提供明確的策略價值或可選性才能滿足我們的標準。

Ultimately, we see it as our responsibility to allocate capital thoughtfully, always with the goal of maximizing long term shareholder returns. I will now hand it over to Hu Xin, who will discuss our Q4 and full year FY25 financial performance, as well as our outlook for FY26.

最終，我們認為我們的責任是審慎分配資本，並始終以最大化長期股東回報為目標。現在我將把時間交給胡欣，他將討論我們 2025 財年第四季和全年的財務業績，以及 2026 財年的展望。

Thank you, Carmen. I will now discuss Karoooo's financial performance for quarter four FY25 and the full year FY25. Please note my comments will refer to year over year comparisons unless we state otherwise. Our proven and profitable sales business model continues to deliver strong results in quarter four. Karooo's total subscription revenue increased 16% to 1,086 million rand.

謝謝你，卡門。現在我將討論 Karoooo 25 財年第四季和 25 財年全年的財務表現。請注意，除非我們另有說明，否則我的評論將參考同比比較。我們經過驗證且獲利的銷售業務模式在第四季度繼續取得強勁業績。Karooo 的總訂閱收入成長 16%，達到 10.86 億蘭特。

On a US dollar basis, Karoo's subscription revenue increased 20%. Operating profit increased 30% to 385 million RAND, and adjusted earnings per share increased 39% to 9 rand and $0.48. For FY 25, Karoo's total subscription revenue increased 15% to 4,068 million RAND. On a US dollar basis, Karoo's subscription revenue increased 19%.

以美元計算，Karoo 的訂閱收入成長了 20%。營業利潤成長30%，達到3.85億蘭特，調整後每股盈餘成長39%，達到9蘭特和0.48美元。 25財年，Karoo的總訂閱收入成長15%，達到40.68億蘭特。以美元計算，Karoo 的訂閱收入成長了 19%。

Operating profit increased 26% to 1,312 million RAND. Adjusted earnings per share increased 33% to 31 RAND and $0.67. We will now focus on Cartrack's financial performance, which is fueled by revenue momentum. In quarter four, Cartrack's subscription revenue increased 16% to 1,084 million rand and comprised 98% of Cartrack's total revenue.

營業利潤成長26%，達到13.12億蘭特。調整後每股盈餘成長33%，達到31蘭特，每股盈餘0.67美元。我們現在將聚焦在Cartrack的財務表現，其表現得益於營收成長動能。第四季度，Cartrack 的訂閱營收成長 16%，達到 10.84 億蘭特，佔 Cartrack 總營收的 98%。

On a US dollar basis, Cartrack subscription revenue increased 20%. For FY 25, Cartrack's subscription revenue increased 15% to 4,055 million RAND and comprised 98% of Cartrack's total revenue.

以美元計算，Cartrack 訂閱收入成長了 20%。25 財年，Cartrack 的訂閱營收成長 15%，達到 40.55 億蘭特，佔 Cartrack 總營收的 98%。

On a US dollar basis, Cartrack's subscription revenue increased 19%. In quarter four, ARR increased 17% and 21% in rent and US dollar respectively. As you can see from the trend of the charts, Cartrack has a proven track record of scaling in varying macroeconomic conditions given our consistent executions, resilient subscription revenue model, and attractive historical retention rates.

以美元計算，Cartrack 的訂閱收入成長了 19%。第四季度，ARR以租金和美元計算分別成長了17%和21%。從圖表趨勢可以看出，憑藉我們一致的執行力、有彈性的訂閱收入模式和具有吸引力的過往留存率，Cartrack 在不同的宏觀經濟條件下擁有良好的擴展記錄。

In quarter four, Cartrack experienced healthy customer acquisitions and quarter four subscribers increased 17% to 2.3 million. Subscription revenue increased 16% to 1,084 million RAND and operating profit increased 30% to a record 377 million RAND. Cartrack experienced solid customer acquisition in quarter four with net subscriber additions of about 79,000, an increase of 25%.

第四季度，Cartrack 的客戶成長動能良好，第四季訂閱用戶數量成長 17%，達到 230 萬。訂閱收入成長 16% 至 10.84 億蘭特，營業利潤成長 30% 至創紀錄的 3.77 億蘭特。Cartrack 在第四季度實現了穩健的客戶成長，淨增用戶約 79,000 人，增幅達 25%。

For FY 25, net subscriber edition exceeded 330,000. Increase of 30%. Carre continues to grow its subscription revenue across geographies, most notably in quarter four, our Asia and Europe constant currency subscription revenue growth was 31% and 19% respectively, and we are encouraged by our momentum in both regions. South Africa's subscription revenue growth was 15% in quarter four, and we remain excited about the opportunity in this region.

25 財年，淨訂閱用戶數超過 33 萬份。增加30%。Carre 各地區的訂閱收入持續成長，最明顯的是第四季度，我們的亞洲和歐洲固定匯率訂閱收入分別成長 31% 和 19%，我們對這兩個地區的成長勢頭感到鼓舞。南非第四季的訂閱收入成長了 15%，我們仍然對該地區的發展機會感到興奮。

Cartrack continues to grow its subscription revenue across geographies, most notably in quarter four, our Asia and Europe constant currency subscription revenue growth was 31% and 19% respectively, and we are encouraged by our momentum in both regions. South Africa's subscription revenue growth was 15% in quarter four, and we remain excited about the opportunity in this region.

Cartrack 各地區的訂閱收入持續成長，最顯著的是在第四季度，我們的亞洲和歐洲固定匯率訂閱收入分別成長了 31% 和 19%，我們對這兩個地區的成長勢頭感到鼓舞。南非第四季的訂閱收入成長了 15%，我們仍然對該地區的發展機會感到興奮。

We are proud of the momentum in our business highlighted by the underlying acceleration in FY 25, most notably, Cartrack subscriber growth accelerated 200 basis points in FY25 to 17%, reflecting strong execution, investment in sales and marketing, and a broader distribution footprint. ARR also accelerated 100 basis points to 17% in FY25.

我們為業務的成長勢頭感到自豪，25 財年的基本加速突顯了這一勢頭，最值得注意的是，Cartrack 用戶增長率在 2025 財年加速了 200 個基點，達到 17%，這反映了強大的執行力、對銷售和營銷的投資以及更廣泛的分銷範圍。25 財年 ARR 也加速了 100 個基點，達到 17%。

Karoooo's adjusted earnings per share increased 39% to 9 RAND and $0.48 in quarter four, driven by higher subscription revenue, expanding gross margins, and discipline expense management. For FY 25, Karo's adjusted earnings per share increased 33% to 31 RAND and $0.67. In quarter four, Cartrack adjusted earnings per share increased 42% to 9 RAND and $0.28, and Karoo's logistic earnings per share increased 54% to $0.20 RAND.

受訂閱收入增加、毛利率提高和費用管理規範的推動，Karoooo 在第四季度調整後每股收益增長 39%，達到 9 蘭特和 0.48 美元。25財年，Karo調整後每股盈餘成長33%，至31蘭特和0.67美元。第四季，Cartrack調整後每股盈餘成長42%，至9蘭特和0.28美元；Karoo物流每股收益成長54%，至0.20蘭特。

For FY25, Cartrack adjusted earnings per share increased 25% to 30 RAND and $0.90, and Kareo's logistic earnings per share increased 60% to $0.77 RAND.

2025 財年，Cartrack 調整後每股收益成長 25%，至 30 蘭特和 0.90 美元，Kareo 的物流每股收益成長 60%，至 0.77 蘭特。

In FY25, we continue to generate significant free cash flow. Adjusted free cash flow was 425 million RAND. In quarter four, we proactively scaled up our IOT device investment to meet anticipated demand. We also made additional growth-oriented investment that impacted working capital and other property plan and equipment, further influencing adjusted fee cash flow in quarter four.

在25財年，我們持續產生大量自由現金流。調整後的自由現金流為4.25億蘭特。第四季度，我們積極擴大物聯網設備投資以滿足預期需求。我們也進行了額外的成長導向投資，影響了營運資金和其他財產計畫和設備，進一步影響了第四季的調整後費用現金流。

Importantly, we experience an acceleration in subscriber growth. These performance underscores the soundness of our strategy and reflects disciplined executions. As our growth accelerates, it's natural that capital expenditure and strategic investment temporarily increase as a percentage of revenue to support the planned growth.

重要的是，我們的用戶成長正在加速。這些表現凸顯了我們策略的合理性並體現了嚴格的執行。隨著我們的成長加速，資本支出和策略投資佔收入的百分比暫時增加以支持計劃的成長是自然的。

When we stabilize at a higher growth rate, we also expect adjusted fee cash flow to normalize at higher levels.

當我們以更高的成長率穩定下來時，我們也預期調整後的費用現金流將在更高水準上正常化。

To be clear, the recent decline in quarterly adjusted fee cash flow does not indicate a structural issue with our ability to generate strong fee cash flow. The decline is a result of deliberate investment made to support growth, as evidenced by our growth in quarter four and our outlook for accelerating cartrack subscription revenue growth.

需要明確的是，最近季度調整後費用現金流的下降並不表明我們產生強勁費用現金流的能力存在結構性問題。這一下降是我們為支持成長而進行的刻意投資的結果，正如我們第四季度的成長以及我們對加速 cartrack 訂閱收入成長的展望所證明的那樣。

The adjusted fee cash flow generated is in line with Karoooo's discipline capital allocation strategy and support our future growth. Our balance sheet reflects our track record of growth at scale, profitability, and cash generations.

產生的調整費用現金流符合 Karoooo 的紀律資本配置策略並支持我們未來的成長。我們的資產負債表反映了我們在規模、獲利能力和現金創造方面的成長記錄。

Our net cash on hand plus cash in bank fixed deposits was 838 million RAND. We expect our disciplined approach to capital allocation coupled with our earnings and free cash flow growth to continue to bolster our strong balance sheet.

我們的現金淨額加上銀行定期存款為 8.38 億蘭特。我們預計，我們嚴謹的資本配置方式加上我們的獲利和自由現金流成長將繼續增強我們強勁的資產負債表。

Debtors' collection days remain extremely healthy and within our historical norms at 32 days. Last August, we paid a cash dividend of $33.4 million or $1.08 per share to our shareholders. The dividend per share increased 27%.

債務人的收款天數仍然非常健康，並且符合我們 32 天的歷史標準。去年 8 月，我們向股東支付了 3,340 萬美元或每股 1.08 美元的現金股利。每股股利增加27%。

We have strong unique economics, robust operating margins, and unleveraged balance sheet, and attractive cash conversions. We remain confident that our track record of consistent execution and success, especially our ability to generate healthy cash flow, is sustainable. We are proud of our execution in financial year 2025 as we comfortably met our outlook.

我們擁有強大的獨特經濟效益、強勁的營業利潤率、無槓桿的資產負債表以及具有吸引力的現金轉換率。我們仍然相信，我們一貫的執行和成功的記錄，特別是我們產生健康現金流的能力，是可持續的。我們對 2025 財年的執行情況感到自豪，因為我們輕鬆實現了預期目標。

Moving on to our outlook for financial 2026. Over the last several years, COVID and the challenges associated with the post-COVID labor market negatively impacted our growth. In financial year 2025, we accelerated the pace of our Cartrack subscriber growth.

接下來是我們對 2026 年財務的展望。在過去幾年中，COVID 以及後 COVID 勞動市場的挑戰對我們的成長產生了負面影響。在2025財年，我們加快了Cartrack用戶成長的腳步。

In financial year 2026, we aim to continue to accelerate Cartrack subscription revenue growth by expanding our distribution footprint in existing market. Driving broader platform adoptions and capitalizing on growing demand for our solutions.

在 2026 財年，我們的目標是透過擴大現有市場的分銷範圍來持續加速 Cartrack 訂閱營收的成長。推動更廣泛的平台採用並利用對我們解決方案日益增長的需求。

With that said, our guidance for financial year 2026 is as follows Cartrack subscription revenue between 4,700 million to 4,900 million RAND, which implies Cartrack's subscription revenue growth between 16% to 21%. Cartrack's operating profit margin between 26% to 31%. And Karo's earning per share between 32.5 to 35.5 RAND.

話雖如此，我們對 2026 財年的預期是 Cartrack 訂閱收入在 47 億至 49 億蘭特之間，這意味著 Cartrack 的訂閱營收成長率在 16% 至 21% 之間。Cartrack的營業利益率介於26%至31%之間。Karo 的每股盈餘在 32.5 至 35.5 蘭特之間。

As we expand our distribution footprint in existing market, we expect lower earnings per share growth in financial year 2026, given our plan upfront investment in sales and marketing for the year. Our strong and proven track record of discipline execution, sustained growth at scale, and highly profitable business model is supported by a solid balance sheet and a healthy cash position.

隨著我們在現有市場的分銷覆蓋範圍不斷擴大，考慮到我們計劃在 2026 財年對銷售和行銷進行前期投資，我們預計每股收益成長將會下降。我們擁有穩健的資產負債表和健康的現金狀況，並擁有出色且經過驗證的紀律執行記錄、持續的規模增長和高利潤的商業模式。

We believe our ongoing investment in AI platform innovation and customer experience will continue to drive durable growth and robust results. We are excited about the year ahead. With that, I will turn the presentation over to Zach Callisto for Q&A.

我們相信，我們對人工智慧平台創新和客戶體驗的持續投資將繼續推動持久成長和強勁業績。我們對未來的一年充滿期待。接下來，我將把演講交給 Zach Callisto 進行問答。

Hello. Good morning, good afternoon. Good evening. Thank you, everybody for joining us today. I will go through the questions. I'll start off the first questions from Dylan from William Blair.

你好。早安，下午好。晚安.感謝大家今天的參與。我將解答這些問題。我先從威廉布萊爾的迪倫開始提問。

My team, handful of questions below. And question one, Car track tag launch, use cases, you've seen receptivity of the product. And now you're looking and thinking about the opportunity to drive incremental adoption of this product within the core subscription base.

我的團隊，下面有幾個問題。問題一，汽車追蹤標籤的推出，使用案例，您已經看到了產品的接受度。現在，您正在尋找並考慮在核心訂閱群體中推動該產品逐步採用的機會。

Dlan, we've only put up the infrastructure in Southern Africa. So that infrastructure goes all the way from Cape Town up till about Kenya. We've started very successfully, providing the product to our customers. It's been taken up really well by both businesses and by consumers in South Africa.

德蘭，我們只在南部非洲建立了基礎建設。因此，該基礎設施從開普敦一直延伸到肯亞。我們已經開始向客戶提供產品，並且取得了圓滿成功。它受到了南非企業和消費者的熱烈歡迎。

And I believe it's got traction. It's very robust. We've, we now feel very comfortable that we are already reaching quite a, quite a substantial amount of scale. So we feel very comfortable it was the right decision that we took and that once it's working well, we can then decide which is the next region that we can do the same. And it's pro would probably be Asia.

我相信它具有吸引力。它非常堅固。我們現在感到非常高興，我們已經達到了相當大的規模。因此，我們感到非常放心，這是我們做出的正確決定，一旦它運作良好，我們就可以決定在下一個地區做同樣的事情。其優勢可能在於亞洲。

Drivers for acceleration for 2026. Via ROI offering, but how would you think about components growth algorithm between subscriber count from new logos, incremental product, upsell and AI cameras, camera tag and asset, to existing customers and roll out incremental assets.

2026 年加速發展的驅動因素。透過 ROI 提供，但您如何考慮新標誌、增量產品、追加銷售和 AI 攝影機、攝影機標籤和資產、現有客戶和推出增量資產之間的組件成長演算法。

We have planned that in FY 26, we haven't given an an outlook on subscribers. Because we've decided that this year specifically in Southern Africa, we're going to be very much focused on the tag. We're going to be focused on the video.

我們計劃在 26 財年對訂閱用戶數量做出展望。因為我們已經決定，今年我們將特別關注南部非洲的標籤。我們將專注於視訊。

We're going to focus on a lot of other sales to existing customers because we need to, we've got the footprint into the customers, so we need to now enhance the customer offering. So that's going to be our primary focus in FY26 and we believe that will lead definitely to high RPO. We're expecting an increase in RPO by year end of about 10%.

我們將專注於對現有客戶的大量其他銷售，因為我們需要這樣做，我們已經在客戶中佔據了一席之地，因此我們現在需要增強客戶服務。因此，這將是我們 26 財年的主要關注點，我們相信這肯定會帶來較高的 RPO。我們預計到年底 RPO 將增加約 10%。

Hiring, how are you thinking about the opportunity for added capacity here and where are you in the ran maturation of existing salesforce across reasons as they look increasingly on the entire customer footprint.

招聘，您如何看待這裡增加產能的機會，以及在他們越來越關注整個客戶足蹟的情況下，您對現有銷售人員的成熟度有何看法。

I think as we continue to hire, we now have got more than 5,000 employees. I think this is an ongoing challenge because if you want to grow and you want to accelerate your growth, it, if you, for instance, typically the mathematics behind it would be if you increase, for instance, in Asia, 70% of your sales force in with in a perfect world, that should give you about 70% net ads.

我認為，隨著我們繼續招聘，我們現在擁有超過 5,000 名員工。我認為這是一個持續的挑戰，因為如果你想要發展，並且想要加速發展，那麼，例如，通常背後的數學原理是，如果你增加，例如在亞洲，70% 的銷售人員，在理想的世界裡，這應該會給你帶來大約 70% 的淨廣告。

70% net ads is probably it will definitely increase the subscriber growth. But that just can, you can sort of see. Compounding effect. So this year, we last year we increased our staff by about 1,000 people. We expecting this year we could do as much as 1,500 people. So it's an ongoing exercise, but I certainly believe that we started to get really good traction in the last six months. And I believe in FY 26, we'll continue with that good traction.

70% 的網路廣告很可能肯定會增加用戶的成長。但這只是可以的，你可以看到。複合效應。因此，今年，我們去年增加了約 1,000 名員工。我們預計今年可以接待多達 1,500 人。所以這是一項持續的工作，但我確信，在過去六個月裡，我們開始取得非常好的進展。我相信在 26 財年，我們將繼續保持良好的勢頭。

Regions continue to strengthen in South Africa, acceleration in Europe, strong momentum in Southeast Asia. Anything to call out relative to each of the core markers in enabling sustained broad-based success.

南非地區持續走強，歐洲地區加速發展，東南亞地區勢頭強勁。任何與核心標記相關的事都可以引起關注，從而實現持續廣泛的成功。

We focus on all the regions. I think all our regions offer a huge opportunity for growth. Over the long term, or we believe Asia's got the best, it's the biggest market with the highest growth opportunity. But I believe we'll get good growth in FY26 from all the regions.

我們關注所有地區。我認為我們所有地區都提供了巨大的成長機會。從長遠來看，我們相信亞洲擁有最好的市場，它是最大的市場，擁有最高的成長機會。但我相信2026財年所有地區都會達到良好的成長。

Next question from Alexandra's car. Calling for an impressive acceleration growth outlook for FY26. What is giving you the confidence on being able to execute on the sales hiring plans.

下一個問題來自亞歷珊卓的車。預計 26 財年將實現令人印象深刻的加速成長前景。是什麼讓您有信心執行銷售招募計畫？

Alex, the reality is we saw good momentum in the last six months, and we really believe that we're going to get even accelerated momentum during FY26. I think the work from home culture that we saw globally, I think most companies have realized that doesn't actually work.

亞歷克斯，事實上，我們在過去六個月中看到了良好的勢頭，我們真的相信在 2026 財年我們將獲得更快的發展勢頭。我認為，我們在全球範圍內看到的在家辦公文化，我想大多數公司已經意識到這實際上是行不通的。

So, and that plays exactly into the way we operate our business. We've never had a culture of work from home. And, now that I believe the, it's normalizing to pre-COVID, I believe that we'll have less headwinds in hiring people.

所以，這恰恰影響了我們的業務運作方式。我們從來沒有在家工作的文化。而且，我相信現在情況已經恢復到新冠疫情之前的狀態，我們在招募人員方面遇到的阻力也會減少。

Second question, how would you think about potential blended RPU growth in came across, as I said before, we're expecting about a 10% increase in our RPU during FY26.

第二個問題，您如何看待潛在的混合 RPU 成長，正如我之前所說，我們預計 26 財年我們的 RPU 將成長約 10%。

(Really fake). You ended the period with net cash of about 840 million and no dividend declared. What is your thinking about the net cash balance?

（真的是假的）。本期間結束時，您的淨現金約為 8.4 億，並且沒有宣布派發股息。您對淨現金餘額有何看法？

Really, we remain very much focused that, it's all about how quickly can we allocate this capital for shareholders because our return on investment on is very high and we will deploy as much capital as we can to customer acquisition.

實際上，我們仍然非常關注這一點，關鍵在於我們能多快為股東分配這些資本，因為我們的投資回報率非常高，我們將部署盡可能多的資本來獲取客戶。

Failing which, we will, return any excess cash that we believe the board will look at it and to shareholders. Typically we look at this at the end of Q1 and we typically have in the past decided whether we're paying a dividend or not in Q2 and we pay the dividend also in Q2. Typically this is how we've done it in the past.

否則，我們將把我們認為董事會會審核的任何多餘現金回饋給股東。通常我們會在第一季末考慮這個問題，過去我們通常會在第二季度決定是否支付股息，而且我們也在第二季度支付股息。通常我們過去都是這麼做的。

It's a follow-up question from Rudy. What is your current view on share buybacks?

這是魯迪提出的後續問題。您目前對股票回購有何看法？

I think share buybacks, it's very difficult for with the low liquidity. We've tried to do it earlier on, with little success. So I think we must put our focus into other things at this point in time. We weren't very successful given the low liquidity.

我認為，由於流動性低，股票回購非常困難。我們之前也嘗試過這樣做，但收效甚微。所以我認為我們現在必須把注意力放在其他事情上。由於流動性低，我們的成功並不多。

Another question from Alex. Total net, APA net subscribers add in FY25 are slightly down versus the FY24 levels. Is there anything you'd call out in the market and how do you feel about the existing sales productivity in those markets and embark on great hiring?

亞歷克斯的另一個問題。25 財年的總淨額、APA 淨訂戶數量較 24 財年的水準略有下降。您對市場有什麼要求？您對這些市場現有的銷售效率有何看法？您打算如何招募人才？

I think the sales productivity in Asia, was strong, and we certainly believe as we hire more people, that the sales productivity will probably take a little bit of a dip until typically these salespeople have been with us for over six months. And then I believe we'll get productivity even in the sales that, salespeople that we'll hire. In the first two months of the year, we've done very good progress already in the first two months.

我認為亞洲的銷售效率很高，我們確信，隨著我們僱用更多的人，銷售效率可能會下降，通常這些銷售人員在我們這裡工作了六個月以上。然後我相信，即使在銷售方面，我們僱用的銷售人員也會提高生產力。今年前兩個月，我們已經取得了非常好的進展。

Alex, the 10% R to growth outlet, is there any like for like pricing increases for the core bundle plans or just camera tag attached growth?

亞歷克斯，10% R 的成長管道，核心捆綁計劃是否有類似的價格上漲，或者只是相機標籤附加的成長？

It's mostly on the back of camera and the tag growth. So to get a 10% increase, you obviously can only sell to a small percentage of your base. And it's, we expect a small percentage of your base to take up the products in year one and year two and as we progress, that should increase further.

它主要位於相機背面和標籤生長處。因此，為了獲得 10% 的成長，你顯然只能向一小部分客戶銷售產品。我們預計，第一年和第二年，會有一小部分客戶使用這些產品，隨著我們的發展，這一比例還會進一步增加。

I think that's all the questions for today. Thank you very much, everybody that's joined us. Thank you. Bye-bye.

我想這就是今天所有的問題了。非常感謝與我們一起的每一個人。謝謝。再見。