Remark Holdings Inc (MARK) 2023 Q1 法說會逐字稿

Good afternoon and welcome to the Remark Holdings Fiscal First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加 Remark Holdings 2023 年第一季度財報電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Fay Tian, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給投資者關係副總裁田飛。請繼續。

Thank you, Gary. Good afternoon, everyone, and welcome to Remark Holdings Fiscal First Quarter 2023 Financial Results Conference Call. I am Fay Tian, Vice President of Investor Relations for Remark. On the call with me this afternoon is Kai-Shing Tao, Remark's Chairman and Chief Executive Officer; and Mr. Todd Brown, Vice President of Finance.

謝謝你，加里。大家下午好，歡迎參加 Remark Holdings 2023 財年第一季度財務業績電話會議。我是投資者關係副總裁田飛，請發言。今天下午與我通話的是 Remark 董事長兼首席執行官陶開成。以及財務副總裁 Todd Brown 先生。

In just a moment, Mr. Tao will provide an update on our businesses, and Mr. Brown will recap our first quarter 2023 financial results. Following these remarks, we will open the call to questions.

稍後，陶先生將介紹我們業務的最新情況，布朗先生將回顧我們 2023 年第一季度的財務業績。在這些發言之後，我們將開始提問。

But before I turn the call over to Mr. Tao, I would like to take this opportunity to remind you that some of the statements made today may be forward-looking statements. These statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements reflect Remark Holdings' current views, and Remark Holdings expressly disclaims any obligation to update or revise any forward-looking statements after the date hereof. This disclaimer is only a summary of Remark Holdings' statutory forward-looking statements disclaimer, which is included in full in its filings with the SEC.

但在我把電話轉給陶先生之前，我想藉此機會提醒您，今天發表的一些陳述可能是前瞻性陳述。這些陳述涉及風險、不確定性和其他因素，可能導致實際結果與這些前瞻性陳述明示或暗示的結果存在重大差異。任何前瞻性陳述均反映 Remark Holdings 目前的觀點，並且 Remark Holdings 明確表示不承擔在本協議日期之後更新或修改任何前瞻性陳述的義務。本免責聲明只是 Remark Holdings 法定前瞻性聲明免責聲明的摘要，該免責聲明完整包含在其向 SEC 提交的文件中。

I will now turn the call over to Remark's Chairman and Chief Executive Officer, Mr. Tao, so he can provide additional information on Remark's businesses and recent developments. Shing, please take the floor. Thank you.

現在我將把電話轉給 Remark 董事長兼首席執行官陶先生，以便他提供有關 Remark 業務和近期發展的更多信息。盛，請發言。謝謝。

Thank you for taking the time to listen to our quarter 1 update. We gave a fairly comprehensive update on our most recent conference call about a month ago, but today, we'll be more focused on giving some updates. Just like artificial intelligence, where every week yields significant advancement, at Remark, we are no different as each week presents us with new opportunities to attack as the demand of our platform is unprecedented.

感謝您抽出時間收聽我們的第一季度更新。大約一個月前，我們在最近的電話會議上提供了相當全面的更新，但今天，我們將更專注於提供一些更新。就像人工智能每週都會產生重大進步一樣，在 Remark，我們也沒有什麼不同，因為我們平台的需求是前所未有的，每週都會給我們帶來新的攻擊機會。

As you know, with generational opportunities like AI and cloud technology for AI, it takes roughly 10 years from inception to fruition for all the efforts. For Remark AI, we are no different and certainly are not magicians. It took us approximately 5 years to build the foundation to where our AI technology is today and then the next 3 years to win the gold standard of customers around the world. And now our strategy is simple and straightforward: land and expand.

如您所知，隨著人工智能和人工智能雲技術等代際機會的出現，所有努力從開始到取得成果大約需要10年時間。對於 Remark AI 來說，我們沒有什麼不同，當然也不是魔術師。我們花了大約 5 年的時間為我們的人工智能技術奠定了基礎，然後在接下來的 3 年裡贏得了全球客戶的黃金標準。現在我們的策略簡單明了：土地和擴張。

Starting in the East. With our Smart Schools business, our business continues to grow as we have now deployed to over 650 city schools in China, consisting of over 1 million students. With schools now coming back online and education remaining one of the most important priorities of China, we are seeing a strong recovery in this particular segment.

從東方開始。憑藉智慧學校業務，我們的業務持續增長，目前已部署到中國 650 多所城市學校，涵蓋超過 100 萬學生。隨著學校現已恢復在線，教育仍然是中國最重要的優先事項之一，我們看到這一特定領域的強勁復甦。

In addition, some of our new core technology developments in education include our Remark AI education quality evaluation system. Using Remark AI's computer vision, we are now able to help, analyze and assess student performance in the reading, speaking, art, science and physical education classes. This system has been accepted by many school districts as a standard student performance evaluation tool, and we are now anticipating deployment to over 1,000 schools by the end of this year.

此外，我們在教育方面的一些新的核心技術開發包括我們的Remark AI教育質量評估系統。使用 Remark AI 的計算機視覺，我們現在能夠幫助、分析和評估學生在閱讀、口語、藝術、科學和體育課程中的表現。該系統已被許多學區接受作為標準的學生成績評估工具，我們預計到今年年底將部署到 1,000 多所學校。

Smart communities. After several years of postponement due to COVID, China Mobile is gradually restarting its smart community, and we in turn have resumed our own smart community deployment with them. We've completed over 100 smart communities in Q1. Just to remind all of you of the incredible opportunity here. We believe the smart community platform in China to be a multibillion-dollar annual opportunity. There are over 160,000-plus number of communities -- smart communities, each with an annual upgrade budget for digital transformation of roughly USD 100,000.

智慧社區。因疫情推遲了幾年後，中國移動正在逐步重啟智慧社區，我們也與他們一起恢復了自己的智慧社區部署。第一季度我們已經完成了100多個智慧社區。只是為了提醒大家這裡有難以置信的機會。我們相信中國的智能社區平台每年將帶來數十億美元的機遇。智慧社區數量超過16萬個，每個社區每年的數字化轉型升級預算約為10萬美元。

Remark AI smart community platform includes facial ID-based resident management system, AI parking system, safety and security system and visitor access control. We had originally commenced our deployment back in Q3 of 2020 and are excited now to resume what we originally started a few years back.

Remark AI智慧社區平台包括基於人臉ID的居民管理系統、AI停車系統、安全防範系統和訪客門禁系統。我們最初於 2020 年第三季度開始部署，現在很高興能夠恢復幾年前開始的部署。

In the U.K., we continue to build momentum. What started from a little booth at a security trade show in London has now expanded to 6-figure contract wins. Our Remark AI platform provides metadata search, people counting, vehicle accounting for traffic and parking availability. One key win in the U.K. is helping with the migrant issue the country is dealing with in Dover. We were awarded this contract earlier this year and now looking to expand into additional opportunities as the U.K. is looking for ways to better handle the situation.

在英國，我們繼續增強勢頭。從倫敦安全貿易展上的一個小展位開始，現在已經擴大到六位數的合同勝利。我們的 Remark AI 平台提供元數據搜索、人數統計、交通車輛統計和停車位可用性。英國的一項關鍵勝利是在多佛幫助解決該國正在處理的移民問題。我們於今年早些時候獲得了這份合同，現在隨著英國正在尋找更好地處理這種情況的方法，我們希望擴大更多的機會。

Moving to the U.S. public and venue safety. We continue to complete pilot tests in the public and private venue space and expect to provide more details during the current quarter and beyond. Public safety is the #1 priority on every administer, parent's and student's mind as guns have been compensating both middle and high schools in our hometown of Clark County and Las Vegas, making it a more pressing need for rapid adoption of our solution upon proving efficacy. We started here in Vegas, which is one of the top 5 largest school districts in the country. And we have already commenced similar discussions with the other school districts of comparable sizes as they have the same problems that Las Vegas is facing and are looking for solutions like ours to address them.

前往美國公眾和場地安全。我們將繼續在公共和私人場地空間完成試點測試，並預計在本季度及以後提供更多細節。公共安全是每個管理者、家長和學生心目中的第一要務，因為槍支一直在我們的家鄉克拉克縣和拉斯維加斯的初中和高中進行補償，這使得在證明有效性後迅速採用我們的解決方案變得更加迫切。我們從拉斯維加斯開始，這裡是全國最大的 5 個學區之一。我們已經開始與其他規模相當的學區進行類似的討論，因為他們面臨著拉斯維加斯面臨的相同問題，並且正在尋找像我們這樣的解決方案來解決這些問題。

Obviously, #1 issue is weapons detection but extends beyond that. It includes fire and smoke detection, license plate recognition, fight detection, vandalism detection and et cetera. We expect to announce further strategic partnerships with both vendors and system integrators who can benefit from, including Remark AI, as part of their complete product suite solution as we jointly market to the public and private venue sectors previously mentioned.

顯然，第一個問題是武器檢測，但還不止於此。它包括火災和煙霧檢測、車牌識別、打鬥檢測、故意破壞檢測等。我們預計將宣布與供應商和系統集成商建立進一步的戰略合作夥伴關係，他們可以從中受益，包括 Remark AI，作為我們向前面提到的公共和私人場館部門聯合營銷的完整產品套件解決方案的一部分。

The early demand for both our fixed and mobile Sentry units is unprecedented, and we are currently gathering deposits for shipments in Q3 and Q4, constrained only by the tight supply chain and delivery times. Once again, the budget has already been allocated and the need has been clearly defined, so it is up to us to execute and capture this once-in-a-generation opportunity.

對我們的固定式和移動式 Sentry 裝置的早期需求是前所未有的，我們目前正在為第三季度和第四季度的發貨籌集定金，僅受到供應鍊和交貨時間緊張的限制。預算已經分配，需求也已經明確，因此我們有責任執行並抓住這個千載難逢的機會。

We continue to focus on the mutual goals of positive cash flow generation and growth. Our business model is built upon annual multiyear recurring subscription model revenue that provides a total turnkey AI-powered platform for customers and partners. One of the key advantages to Remark AI is the speed we're able to move in the versatility of our Remark AI platform.

我們繼續關注正現金流產生和增長的共同目標。我們的業務模式建立在年度多年定期訂閱模式收入的基礎上，為客戶和合作夥伴提供了一個完整的交鑰匙人工智能驅動平台。 Remark AI 的主要優勢之一是我們能夠快速實現 Remark AI 平台的多功能性。

Recently, we were presented with a very small window of opportunity to present our platform to address the 911, 311 call center problems that cities around the U.S. are facing. Our competitors thought we would be unable to answer the call. But in a very short period of time, we presented to the mayor as well as the Head and Chief Technology Officer for over 40 different agencies. In a matter of days, we built a platform that was unique and embraced the latest and AI technology to help address the issues the city was facing.

最近，我們獲得了一個非常小的機會來展示我們的平台，以解決美國各地城市面臨的 911、311 呼叫中心問題。我們的競爭對手認為我們無法接聽電話。但在很短的時間內，我們向市長以及 40 多個不同機構的負責人和首席技術官進行了展示。幾天之內，我們就建立了一個獨特的平台，採用最新的人工智能技術來幫助解決城市面臨的問題。

Many of you know the wait times for 311, 911 are very long. A key reason for that is the lack of dispatchers. Our platform will do several things which combine the best in generative AI and computer vision AI. When a caller dials 311, our AI agent will speak to them to help understand the situation. Simultaneously, as they're speaking with our AI agent, the AI agent fills out the necessary paperwork to document the call.

很多人都知道 311、911 的等待時間很長。造成這種情況的一個關鍵原因是缺乏調度員。我們的平台將做幾件事，結合生成式人工智能和計算機視覺人工智能的最佳技術。當呼叫者撥打 311 時，我們的人工智能代理會與他們交談以幫助了解情況。同時，當他們與我們的人工智能代理交談時，人工智能代理會填寫必要的文件來記錄通話。

Lastly, as they say, a picture is worth a thousand words. The caller would take a picture or video to showcase the situation, and our computer vision AI would better understand and independently verify the nature of the call. This solution is unique and very well received by our listeners. We are confident that after we win this opportunity, similar opportunities will present itself not only in other cities, but in any business that deals with forms and paperwork and obviously as well as anything to do with customer service like airports and restaurants.

最後，正如人們所說，一圖胜千言。呼叫者會拍攝照片或視頻來展示情況，我們的計算機視覺人工智能將更好地理解並獨立驗證呼叫的性質。這個解決方案是獨一無二的，深受我們聽眾的歡迎。我們相信，在我們贏得這個機會後，類似的機會不僅會出現在其他城市，而且還會出現在任何涉及表格和文書工作的企業中，顯然還有與客戶服務有關的任何行業，如機場和餐館。

Another breakthrough in the U.S. that we look forward to revealing more details is our expansion in the U.S. retail market using our visual checkout AI platform. Soon, we plan to announce our partnership with one of the largest retailing and technology companies to bring our AI technology to their customers, which mainly consists of convenience stores, chains and pharmacies with well over 2,500 locations. The technology addresses the current problems for self-service stores like Amazon Go, which are unable to accurately track the products being selected and checked out as well as using facial recognition as a form of payment. We are excited about this new venture as recent companies in this specific field achieved valuations well over USD 1 billion.

我們期待透露更多細節的美國另一項突破是我們使用視覺結賬人工智能平台擴展美國零售市場。很快，我們計劃宣布與最大的零售和科技公司之一建立合作夥伴關係，將我們的人工智能技術帶給他們的客戶，這些客戶主要包括便利店、連鎖店和藥店，擁有超過 2,500 個門店。該技術解決了 Amazon Go 等自助商店當前的問題，這些商店無法準確跟踪正在選擇和結賬的產品，也無法使用面部識別作為支付方式。我們對這個新企業感到非常興奮，因為這一特定領域的最新公司估值遠超 10 億美元。

We also recently announced a partnership with one of the best companies in the people counting space called WaitTime. We expect to share sales resources with them as they have very established sales channels with Cisco and Intel and have made a strong entry here in the U.S. selling their people counting technology. Our strategy is to piggyback their sales team and relationships to help expand their offerings to their customers with our Remark AI platform.

我們最近還宣布與人數統計領域最好的公司之一 WaitTime 建立合作夥伴關係。我們希望與他們共享銷售資源，因為他們與思科和英特爾建立了非常成熟的銷售渠道，並且在美國銷售其人數統計技術，並已在美國取得了強勁的表現。我們的策略是利用他們的銷售團隊和關係，通過我們的 Remark AI 平台幫助他們向客戶擴展產品。

On our last call, I mentioned our expansion into Latin America and the Middle East. We will be unveiling more in the next several months regarding our opportunities in the Middle East. However, I'm excited to talk about our current expansion efforts in one of the largest cities in South America. We are in the final stages of winning with the respective city's police forces to utilize our license plate recognition and mobile facial recognition on their entire police car force in the city which amounts to thousands of vehicles.

在我們上次通話中，我提到了我們向拉丁美洲和中東的擴張。我們將在接下來的幾個月內公佈更多有關我們在中東的機會的信息。然而，我很高興談論我們目前在南美洲最大的城市之一的擴張工作。我們正處於與各城市警察部隊合作的最後階段，將我們的車牌識別和移動面部識別技術應用於該市的整個警車隊伍（總計數千輛）。

As you know, once we win this many similar opportunities will present themselves after we win in South America. As a point of reference, these deals are all 7-figure opportunities with a combination of both hardware and software, which ultimately means high-margin businesses for Remark AI.

如你所知，一旦我們贏得了這麼多類似的機會，我們在南美獲勝後就會出現。作為參考，這些交​​易都是硬件和軟件結合的 7 位數機會，這最終意味著 Remark AI 的高利潤業務。

Finally, to fully utilize the power of Remark AI's platform, we look forward to officially announcing our SaaS initiative with one of the world's top 3 cloud providers. Currently, the majority of our training of our AIOps models happen on-premise. We will now add our cloud component imminently as it allows us to an additional track for expansion to customers around the world. In short, we are offering our secret sauce of our AI-powered analytics solution, which are trained 3x faster than our competitors despite the constraints of a limited data set to everyone on a SaaS model basis. More to come.

最後，為了充分利用 Remark AI 平台的力量，我們期待與全球三大雲提供商之一正式宣布我們的 SaaS 計劃。目前，我們的 AIOps 模型的大部分訓練都是在本地進行的。我們現在將立即添加我們的雲組件，因為它使我們能夠為向世界各地的客戶擴展提供額外的途徑。簡而言之，我們正在提供人工智能驅動的分析解決方案的秘密武器，儘管基於 SaaS 模型的每個人都受到有限數據集的限制，但該解決方案的訓練速度比競爭對手快 3 倍。未來還會有更多。

Todd?

托德？

Thank you, Shing, and thank you to everybody for joining us on today's call. As we have discussed with you previously, COVID-19 and China's former zero-Covid policy had been adversely affecting our business in China. Although we were certainly pleased to see China and its zero-COVID policy at the end of 2022, the policy is lingering effects as well as COVID infections continued during the first quarter of 2023. Business and economic recovery efforts have been slow and methodical as our clients and other Chinese companies learn that they likely do not have to fear the immediate reimposition of lockdowns or other severe restrictions on their ability to do business.

謝謝成，也感謝大家參加今天的電話會議。正如我們之前與您討論過的那樣，COVID-19 和中國之前的零新冠政策對我們在中國的業務產生了不利影響。儘管我們當然很高興看到中國在 2022 年底實施零新冠病毒政策，但該政策的影響揮之不去，而且新冠病毒感染在 2023 年第一季度仍在繼續。客戶和其他中國公司了解到，他們可能不必擔心立即重新實施封鎖或對其開展業務的能力進行其他嚴格限制。

Even in the face of the COVID-related restrictions and their lingering impacts, we were still able to complete several projects in China primarily related to our smart community installations on behalf of China Mobile, which led to revenue for the first quarter of 2023 totaling $0.8 million, which represented an 82% decrease from the $4.7 million that we earned during the same quarter of 2022. We obviously would have preferred to achieve more of the project completions that we had planned for this first quarter of 2023, but we believe our project completions in China will begin to accelerate late in the second quarter and into the third quarter of 2023 as our customers begin to restart projects put on hold during the zero-COVID period and initiate new projects that had been on the drawing board when the strict preventative measures were ongoing in 2022.

即使面對與新冠病毒相關的限制及其揮之不去的影響，我們仍然能夠代表中國移動在中國完成幾個主要與智能社區安裝相關的項目，這導致 2023 年第一季度的收入總計為 0.8 美元百萬，這比我們在 2022 年同一季度賺取的 470 萬美元減少了 82%。我們顯然希望在 2023 年第一季度完成更多的項目，但我們相信我們的項目隨著我們的客戶開始重啟在零新冠疫情期間擱置的項目，並啟動在嚴格的預防措施期間一直在繪圖板上的新項目，中國的竣工量將從第二季度末開始加速，並進入 2023 年第三季度。 2022 年措施仍在繼續。

Gross profit remained essentially unchanged at approximately $0.4 million as our cost of revenue decreased roughly commensurate with the decrease in revenue. In addition to the changes in revenue and cost of revenue, we experienced a significant decline in operating expense that reduced our operating loss to $3.0 million in the first quarter of 2023, a 27% improvement from the operating loss of $4.2 million we reported in the same period of 2022. The improvement in our operating expense mainly resulted from a $0.7 million decrease in certain expenses related to our development of our business. And we were also positively affected by decreases of $0.3 million in stock compensation expense, which is reported in general and administrative expense; and our receipt of a refundable tax credit of approximately $0.5 million from the government of the United Kingdom, which we recorded as a decrease in our technology and development expense.

毛利潤基本保持不變，約為 40 萬美元，因為我們的收入成本隨著收入的下降而大致相應地下降。除了收入和收入成本的變化外，我們還經歷了運營費用的大幅下降，使我們在 2023 年第一季度的運營虧損減少至 300 萬美元，比我們在 2023 年第一季度報告的 420 萬美元的運營虧損減少了 27%。與 2022 年同期相比。我們運營費用的改善主要是由於與我們業務發展相關的某些費用減少了 70 萬美元。我們還受到 30 萬美元股票補償費用減少的積極影響，該費用在一般和管理費用中報告；我們從英國政府收到了約 50 萬美元的可退還稅收抵免，我們將其記錄為技術和開發費用的減少。

A large batch of stock options granted prior to 2022 became fully expensed in January of 2023, which led to the decrease in stock compensation expense, while the tax credit we received in March of '23 resulted from our research and development activities in the U.K.'s tax jurisdiction during the 2022 tax year.

2022年之前授予的一大批股票期權在2023年1月全部費用化，這導致股票補償費用減少，而我們在23年3​​月獲得的稅收抵免來自我們在英國的研發活動。 2022 納稅年度的稅務管轄區。

Net loss totaled $8.2 billion or $0.63 per basic and diluted share in the first quarter of 2023 compared to a net loss of $25.4 million or $2.42 per basic and diluted share in the same quarter of 2022. In addition to the impacts of items affecting operating loss, our net loss decreased primarily because the first quarter of 2022 included a $19 million loss on marketable securities, and that loss -- or that type of loss was not repeated in 2023. The decrease in loss on marketable securities, plus roughly a $0.6 million decrease in interest expense, was partially offset by an increase in finance costs of $3.6 million.

2023 年第一季度的淨虧損總計 82 億美元，或每股基本股和稀釋股 0.63 美元，而 2022 年同一季度的淨虧損為 2540 萬美元，或每股基本股和稀釋股 2.42 美元。除了影響運營虧損的項目的影響之外，我們的淨虧損減少主要是因為 2022 年第一季度包括 1900 萬美元的有價證券損失，而這種損失或此類損失在 2023 年沒有重複。有價證券損失的減少加上大約 60 萬美元利息支出的減少被財務費用增加 360 萬美元部分抵消。

On March 14, 2023, we consummated transactions with Ionic Ventures, LLC with our senior lenders. First, we entered into another debenture purchase agreement with Ionic Ventures, pursuant to which we authorize the issuance of 2 convertible subordinated debentures in the aggregate principal amount of $2.8 million for an aggregate purchase price of $2.5 million. We issued the first of the convertible debentures during the first quarter of 2023 and received $1.5 million pursuant to such debenture.

2023 年 3 月 14 日，我們與高級貸款人完成了與 Ionic Ventures, LLC 的交易。首先，我們與 Ionic Ventures 簽訂了另一份債券購買協議，根據該協議，我們授權發行 2 份可轉換次級債券，本金總額為 280 萬美元，總購買價為 250 萬美元。我們在 2023 年第一季度發行了第一批可轉換債券，並根據此類債券收到了 150 萬美元。

We also received a total advance of $1 million in January of 2023 pursuant to the equity line of credit we have with Ionic Ventures that was established in October of 2022. The convertible debentures were issued in October of 2022 -- or that were issued in October of 2022 and March 2023, plus the advance pursuant to the equity line of credit gave rise to obligations to issue our common stock and in turn caused the increase in finance costs.

根據我們與 Ionic Ventures 於 2022 年 10 月建立的股權信貸額度，我們還於 2023 年 1 月收到了總計 100 萬美元的預付款。可轉換債券於 2022 年 10 月發行，或於 2022 年 10 月發行。 2022 年和 2023 年 3 月的債務，加上根據權益信貸額度預付的款項，產生了發行普通股的義務，進而導致財務成本增加。

Also on March 14, 2023, we entered into new notes payable agreements with our existing senior lenders, which will result in our repaying an aggregate of $16.3 million to the lenders by October 31, 2023.

同樣在 2023 年 3 月 14 日，我們與現有的高級貸款人簽訂了新的應付票據協議，這將導致我們在 2023 年 10 月 31 日之前向貸款人償還總計 1,630 萬美元。

At March 31, 2023, we had a cash balance of $0.4 million compared to a cash balance of $0.1 million at December 31, 2022. Net cash used in operating activities during the first quarter of 2023 was $2.1 million.

截至 2023 年 3 月 31 日，我們的現金餘額為 40 萬美元，而 2022 年 12 月 31 日的現金餘額為 10 萬美元。2023 年第一季度經營活動使用的現金淨額為 210 萬美元。

With that, I will turn the call back over to Fay.

這樣，我會將電話轉回給 Fay。

Thank you, Shing. Thank you, Todd. Gary, could you please give the instruction to the audience on how to queue in for the Q&A? Thank you.

謝謝你，盛。謝謝你，托德。 Gary，您能指導一下觀眾如何排隊參加問答嗎？謝謝。

(Operator Instructions) Showing no questions, this concludes our question-and-answer session. I would like to turn the conference back over to Fay Tian, for any closing remarks.

（操作員說明）沒有顯示任何問題，我們的問答環節就此結束。我想將會議轉回給田飛，讓他發表閉幕詞。

Thank you, Gary, and thank you, everyone, for participating in Remark Holdings Fiscal First Quarter 2023 Financial Results Conference Call. A replay will be available in approximately 4 hours through the same link issued in our May 17 press release. Have a good evening. Thank you.

謝謝 Gary，也謝謝大家參加 Remark Holdings 2023 財年第一季度財務業績電話會議。重播將在大約 4 小時後通過我們 5 月 17 日新聞稿中發布的相同鏈接進行。祝你晚上愉快。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。