Magic Software Enterprises Ltd (MGIC) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Magic Software Enterprise 2025 second-quarter financial results conference call. Magic's second-quarter 2025 earnings release was issued before the market opened this morning, and it has been posted on the company's website at www.magicsoftware.com.

女士們、先生們，感謝你們的支持。歡迎參加Magic Software Enterprise 2025第二季財務業績電話會議。Magic 的 2025 年第二季財報於今天早上開市前發布，並已在公司網站 www.magicsoftware.com 上發布。

(Operator Instructions)

（操作員指示）

With us on the line today are Magic CEO, Mr. Guy Bernstein; Magic CFO, Mr. Asaf Berenstin; and Magic CTO, Mr. Yuval Lavi. Before we start, I would like to remind everyone that projections or other forward-looking statement may be provided on this conference call, the safe harbor provision provided in the press release issued today also applies to the content of this call.

今天與我們一起在線的有 Magic 首席執行官 Guy Bernstein 先生、Magic 首席財務官 Asaf Berenstin 先生和 Magic 首席技術官 Yuval Lavi 先生。在我們開始之前，我想提醒大家，本次電話會議可能會提供預測或其他前瞻性陳述，今天發布的新聞稿中提供的安全港條款也適用於本次電話會議的內容。

Magic expressly disclaims an obligation to update or advise any of these forward-looking statements, whether because of future events, new information, a change in its view or expectations or otherwise. Also during the course of today's call, management will refer to non-GAAP financial measures.

Magic 明確表示不承擔更新或建議任何前瞻性陳述的義務，無論是由於未來事件、新資訊、觀點或預期的變化還是其他原因。此外，在今天的電話會議中，管理階層將參考非公認會計準則財務指標。

A reconciliation schedule showing GAAP versus non-GAAP results has been provided in the press release issued before the market opened this morning. A replay of this call will be available after the call on the Investor Relations section of the company's website.

今天早上開市前發布的新聞稿中提供了一份顯示 GAAP 與非 GAAP 結果的對帳表。電話會議結束後，您可以在公司網站的投資者關係部分重播本次電話會議。

I will now turn the call to Mr. Asaf Berenstin, CFO of Magic Software. Please go ahead.

現在我將電話轉給 Magic Software 的財務長 Asaf Berenstin 先生。請繼續。

Thank you, operator, and thank you, everyone, for joining us today as we report our second quarter 2025 financial results. During the call today, I will review highlights from our second quarter results and provide an overview of our outlook. Revenue in the second quarter of 2025 increased to a quarterly all-time record of $151.6 million, up approximately 11.3% from the second quarter of 2024 and sequential growth of 2.8%.

謝謝接線員，也謝謝大家今天加入我們，一起報告 2025 年第二季的財務表現。在今天的電話會議中，我將回顧我們第二季度業績的亮點並概述我們的前景。2025 年第二季營收增至 1.516 億美元的季度歷史最高水平，較 2024 年第二季成長約 11.3%，季增 2.8%。

This quarter showcase solid execution with Israel delivering a year-over-year double-digit growth of 18.8% with more than 90% organic, primarily resulted from strong demand for our cloud, DevOps and AI services, along with continued strong demand for our services in the defense sector. Our North American operations delivered strong performance this quarter, with revenue increasing approximately 6.5% year-over-year and 6% on a sequential basis.

本季表現穩健，以色列實現了 18.8% 的同比增長，其中有機增長超過 90%，這主要得益於對我們的雲端、DevOps 和 AI 服務的強勁需求，以及對我們在國防部門服務的持續強勁需求。本季度，我們的北美業務表現強勁，營收年增約 6.5%，季增 6%。

In the United States results for the first half of 2025 reflected approximately 9% year-over-year revenue growth, driven by agreements executed in late 2024 and early 2025. We are beginning to see signs of improvement in the US market, reinforcing our positive momentum and positioning us for continued growth through the second half of the year.

在美國，2025 年上半年的業績顯示營收年增約 9%，這得益於 2024 年末和 2025 年初簽署的協議。我們開始看到美國市場改善的跡象，這增強了我們的積極勢頭，並為我們在今年下半年繼續成長奠定了基礎。

We remain steadfast in our global commitment and confident in our ability to drive continued growth through sales of our world-class product suit and delivery of high-value services. Leveraging our AI low-code/no-code cloud-based platform and managed services, we are well positioned to meet the accelerating demand for automation, digitization and innovative software solutions.

我們堅定不移地履行全球承諾，並有信心透過銷售世界一流的產品和提供高價值的服務來推動持續成長。利用我們的 AI 低程式碼/無程式碼雲端平台和託管服務，我們能夠滿足對自動化、數位化和創新軟體解決方案日益增長的需求。

Our teams continue to execute with excellence and our customers increasingly recognize the unique value we deliver, engaging us as a preferred partner for transformative digital initiative. These trends, combined with exciting opportunities across cloud, technology and AI reinforce our positive momentum, position us for a strong second half of the year.

我們的團隊繼續以卓越的表現執行，我們的客戶也越來越認識到我們提供的獨特價值，並將我們視為變革性數位計畫的首選合作夥伴。這些趨勢，加上雲端、科技和人工智慧領域令人興奮的機遇，增強了我們的積極勢頭，為我們在今年下半年的強勁表現奠定了基礎。

At Magic, we are redefining the way organization unlock the full potential of generative AI. As AI continues to reshape industries and everybody's life, we are at the forefront, transforming our internal operations, reimagining our products and delivering next-generation services that drive measurable business impact. Today, we manage over 270 projects, spanning across more than 20 industries, have expanded our expert team from over 30 to over 50 specialists and also comprehensive end-to-end solutions for successful GenAI adoption.

在 Magic，我們正在重新定義組織釋放生成式 AI 全部潛力的方式。隨著人工智慧不斷重塑產業和每個人的生活，我們走在前列，改變我們的內部運營，重新構想我們的產品，並提供可帶來可衡量業務影響的下一代服務。如今，我們管理超過 270 個項目，涉及 20 多個行業，我們的專家團隊已從 30 多名專家擴展到 50 多名專家，並為成功採用 GenAI 提供了全面的端到端解決方案。

From proof of concept to large-scale deployment, our customers enjoy a remarkable 70% success rate, nearly 6 times higher than the industry average of 12%. Supported by more than 100 AI-focused events and over 10 strategic alliances with global leaders such as AWS, Azure and Google Cloud, we empower organizations in finance, health care, government, defense and manufacturing to accelerate innovation, enhance productivity and secure the competitive advantage in the AI era.

從概念驗證到大規模部署，我們的客戶享有高達 70% 的成功率，幾乎比業界平均 12% 高出 6 倍。在 100 多場以人工智慧為重點的活動以及與 AWS、Azure 和 Google Cloud 等全球領導者建立的 10 多個戰略聯盟的支持下，我們幫助金融、醫療保健、政府、國防和製造業的組織加速創新、提高生產力並確保人工智慧時代的競爭優勢。

With an average of three major AI developments announced weekly, we ensure our clients gain the benefits of the latest breakthrough, while keeping their strategies aligned with core business objectives. Backed by deep expertise and proven success, we see unprecedented opportunities to further expand and elevate our offering. Proceeding to address our second quarter geographic revenue breakdown.

我們平均每週發布三項重大人工智慧發展成果，確保客戶獲得最新突破的好處，同時確保他們的策略與核心業務目標一致。憑藉著深厚的專業知識和成功的實踐，我們看到了進一步擴展和提升我們產品的前所未有的機會。繼續討論我們第二季的地理收入細分。

In the second quarter of 2025, our revenues in North America increased by 6.5% from $58.4 million to $62.2 million. Revenue from our Israeli operation totaled $68.7 million, an increase of 18.8% compared to $57.8 million in the same period last year. On a constant currency basis, revenues grew by 13.5%. This performance underscores our strength in the region and reaffirms our long-term strategic focus on mature, stable and technology-driven sectors. Revenues from our Israeli operations accounted for 47% of our overall quarterly revenues.

2025年第二季度，我們在北美的營收從5,840萬美元成長6.5%至6,220萬美元。我們以色列業務的營收總計 6,870 萬美元，較去年同期的 5,780 萬美元成長 18.8%。以固定匯率計算，營收成長了13.5%。這項業績凸顯了我們在該地區的實力，並重申了我們對成熟、穩定和技術驅動型產業的長期策略重點。我們以色列業務的收入占我們季度總收入的 47%。

Turning to profitability. Our non-GAAP gross margin for the second quarter of 2025 was 28.7% of revenue, amounting to $43.6 million compared to 29.4% or $40.1 million in the corresponding quarter of 2024. The year-over-year change in gross margin primarily reflects the composition of our revenue mix and the timing of renewals of our term-based software agreements.

轉向盈利能力。我們 2025 年第二季的非 GAAP 毛利率為營收的 28.7%，即 4,360 萬美元，而 2024 年同期為 29.4%，即 4,010 萬美元。毛利率的同比變化主要反映了我們的收入結構以及基於期限的軟體協議續約的時間。

In the current fiscal year, the majority of these renewals are scheduled for the fourth quarter with a smaller portion in the third quarter compared to the first and second quarters of the prior year. Sequentially, our gross margin improved by 20 basis points, rising from 28.5% in the first quarter of 2025 to 28.7% in the second quarter.

在本財政年度，大多數續約安排在第四季度，與去年第一季和第二季相比，第三季的續約比例較小。我們的毛利率較上季提高了 20 個基點，從 2025 年第一季的 28.5% 上升至第二季的 28.7%。

This improvement came despite the timing of the past over holiday, which reduced second quarter billable days by approximately 4.5 days compared to the first quarter. That reduction was equivalent to about 7% of time and material billable capacity in our Israel operations. The breakdown of our revenue mix for the second quarter of 2025 was approximately 17% related to our software solutions with a gross margin of approximately 65% and 83% related to our professional services with a gross margin of approximately 21%.

儘管過去處於假期期間，導致第二季度的計費天數與第一季相比減少了約 4.5 天，但仍然取得了這一改善。這項減少相當於我們以色列業務中時間和材料計費能力的 7% 左右。我們 2025 年第二季的營收組成細分為：約 17% 來自軟體解決方案，毛利率約為 65%；83% 來自專業服務，毛利率約為 21%。

Compared to 18% related to our software solutions with a gross margin of approximately 64% and 82% related to our professional services with a gross margin of approximately 22% in 2024 as a whole. Our non-GAAP operating income for the second quarter of 2025 increased by 1.9% to $18.6 million compared to $18.2 million in the same period last year.

相較之下，到 2024 年全年，我們的軟體解決方案相關毛利率為 18%，毛利率約為 64%，我們的專業服務相關毛利率為 82%，毛利率約為 22%。2025 年第二季度，我們的非 GAAP 營業收入較去年同期的 1,820 萬美元成長 1.9% 至 1,860 萬美元。

Financial expenses. During the second quarter, we had financial expenses of $700,000 compared to $1.2 million. The decrease in our financial expenses was mainly attributed to the continued decrease of our overall financial debt due in 2024 in the first half of 2025 for an -- from an average debt of $72 million during the second quarter of 2024 to $63 million during the second quarter of 2025.

財務費用。第二季度，我們的財務支出為 70 萬美元，而去年同期為 120 萬美元。我們的財務費用的減少主要歸因於我們2024年到期的整體金融債務在2025年上半年持續減少－從2024年第二季的平均債務7,200萬美元減少到2025年第二季的6,300萬美元。

The balance of our financial debt as of June 30, 2025, amounts to approximately $70 million. Net income attributable to non-controlling interest as our business combination model occasionally relies on keeping former shareholders in acquired entities as minority stakeholders.

截至 2025 年 6 月 30 日，我們的金融債務餘額約為 7,000 萬美元。歸屬於非控制權益的淨收入，因為我們的業務合併模式有時依賴於保留被收購實體的前股東作為少數股東。

In addition to their managerial role in such entities, we are allocating a portion of net income to these minority shareholders. Non-GAAP net income attributable to noncontrolling interest decreased to $1.8 million compared to $2 million for the same period last year. Our non-GAAP net income attributable to shareholders for the second quarter increased by 8.7% to $12.7 million or $0.26 per fully diluted share compared to $11.7 million or $0.24 per fully diluted share.

除了他們在這些實體中擔任的管理角色之外，我們還將一部分淨收入分配給這些少數股東。非公認會計準則下歸屬於非控制權益的淨利下降至 180 萬美元，去年同期為 200 萬美元。第二季度，我們歸屬於股東的非公認會計準則淨利潤為 1,270 萬美元，即每股攤薄收益 0.26 美元，相比去年同期的 1,170 萬美元或每股攤薄收益 0.24 美元增長 8.7%。

Turning to the balance sheet. As of June 30, 2025, cash and cash equivalent and short-term bank deposits amounted to approximately $90 million compared to $112.8 million as of December 31, 2024. Our total financial debt as of June 30, 2025, amounted to approximately $70 million compared to $60 million as of December 31, 2024.

轉向資產負債表。截至 2025 年 6 月 30 日，現金及現金等價物及短期銀行存款約為 9,000 萬美元，而截至 2024 年 12 月 31 日為 1.128 億美元。截至 2025 年 6 月 30 日，我們的總金融債務約為 7,000 萬美元，而截至 2024 年 12 月 31 日為 6,000 萬美元。

On January 8, 2025, and on May 7, 2025, in accordance with our dividend distribution policy, we paid our shareholders cash dividends on the aggregate of approximately $27.6 million or $0.562 per share for the first and second half of 2024.

2025 年 1 月 8 日和 2025 年 5 月 7 日，根據我們的股息分配政策，我們向股東支付了 2024 年上半年和下半年的現金股息，總額約為 2,760 萬美元或每股 0.562 美元。

In addition, today, in accordance with our dividend distribution policy, our Board of Directors declared a semiannual cash dividend amount of $0.296 per share and in the aggregate amount of approximately $14.5 million, reflecting approximately 75% of our distributable profit for the first half of 2025.

此外，今天，根據我們的股息分配政策，我們的董事會宣布每半年派發每股 0.296 美元的現金股息，總額約為 1,450 萬美元，約占我們 2025 年上半年可分配利潤的 75%。

The dividend is payable on October 22, 2025, to all of the company's shareholders of record at the close of trading on Nasdaq Global Select Market on October 6, 2025. Cash flow from operating activities for the first half of 2025 amounted to $21.2 million compared to $41.4 million in the corresponding period of 2024.

股息將於 2025 年 10 月 22 日支付給 2025 年 10 月 6 日納斯達克全球精選市場交易結束時登記在冊的所有公司股東。2025 年上半年經營活動現金流為 2,120 萬美元，而 2024 年同期為 4,140 萬美元。

For the 12-month period ended June 30, 2025, cash flow from operating activities totaled $54.6 million compared to $67.7 million recorded in the respective period. The decline in our first half cash flow from operating activities primarily reflects our increased investment in working capital to support our revenue growth trajectory.

截至 2025 年 6 月 30 日的 12 個月期間，營業活動現金流總計 5,460 萬美元，而同期為 6,770 萬美元。我們上半年經營活動現金流的下降主要反映了我們增加了營運資本投資以支持我們的營收成長軌跡。

This is particularly evident in our record-setting top line performance with second quarter revenues reaching an all-time high. These dynamics do not reflect a deterioration in our underlying performance. On the contrary, both operating income and net income increased compared to the same period last year. We expect cash conversion to normalize over the coming quarters.

這在我們創紀錄的營收表現中尤其明顯，第二季營收創下歷史新高。這些動態並不反映我們基本業績的惡化。相反，營業收入和淨收入與去年同期相比都有所增加。我們預計未來幾季現金轉換將恢復正常。

Turning to our guidance. For 2025, we continue to observe a healthy demand across our markets and are building a strong and growing pipeline that supports our expectation for sustained growth throughout the year. Accordingly, we revised our full year 2025 revenue guidance, increasing the previous estimate of $593 million to $603 million to a revised range of $600 million to $610 million based on current currency exchange rates.

轉向我們的指導。展望 2025 年，我們將繼續觀察到整個市場的健康需求，並正在建立強大且不斷增長的產品線，以支持我們對全年持續成長的預期。因此，我們修改了 2025 年全年收入預期，根據當前貨幣匯率，將先前估計的 5.93 億美元至 6.03 億美元上調至 6 億美元至 6.1 億美元的修訂範圍。

This updated guidance reflects the sustained operational momentum and favorable outlook for the remaining part of the year, representing an anticipated annual revenue growth rate of approximately 8.6% to 10.4% as compared to the prior fiscal year.

更新後的指引反映了今年剩餘時間持續的營運動能和良好的前景，預計年收入成長率與上一財年相比約為 8.6% 至 10.4%。

In conclusion, I would like to reiterate the announcement made in March regarding the signing of a memorandum of understanding to enter into negotiation for the contemplated merger of Magic into Matrix. This proposed transaction represents a significant inflection point in our corporate journey, one that holds the potential to be transformative for both organizations.

最後，我想重申 3 月宣布的關於簽署諒解備忘錄的聲明，就 Magic 與 Matrix 的合併事宜展開談判。這項擬議的交易代表著我們公司發展歷程中的一個重要轉折點，有可能為兩個組織帶來改變。

The contemplated merger is expected to combine the strength of two well-established technology leaders, creating a more diversified and resilient global IT service provider. The combined entity would possess enhanced capabilities to serve a broader range of customers across geographies and industries, faster accelerated innovation and deliver sustainable long-term value to shareholders. We continue advancing through the execution phase of the transaction and anticipate presenting the transaction for shareholders' endorsement in the fourth quarter of 2025.

預計此次合併將結合兩家知名技術領導者的優勢，打造更多元化、更具彈性的全球 IT 服務供應商。合併後的實體將擁有更強大的能力，為跨地區、跨行業的更廣泛客戶提供服務，加快創新速度，並為股東帶來可持續的長期價值。我們繼續推進交易的執行階段，並預計將於 2025 年第四季提交交易以供股東認可。

I will now turn the call over to the operator for questions.

我現在將把電話轉給接線員來回答問題。

(Operator Instructions)

（操作員指示）

Chris Reimer, Barclays.

巴克萊銀行的克里斯雷默 (Chris Reimer)。

Hi. Congratulations on the strong results and thanks for taking my questions. Can you give us any color on customer behavior in the US and perhaps to what degree, if any, you're seeing a recovery in IT spend in that region?

你好。恭喜您取得優異的成績，並感謝您回答我的問題。您能否向我們介紹美國客戶的行為？您認為該地區 IT 支出復甦的程度如何？

Overall, it varies, of course, between the different operations that we have in the US, but with the major clients that we hold, we see increased demand. We need to remember that for pretty much, almost a year, we saw a segment level of demand. And now from the first quarter to the second quarter and on a -- basing on expectations for the remaining of the year, we see some expected recuperation in the demand for our services.

總體而言，當然，我們在美國不同業務之間的情況有所不同，但隨著我們擁有主要客戶，我們看到需求不斷增加。我們需要記住，在將近一年的時間裡，我們看到了細分程度的需求。現在從第一季到第二季度，基於對今年剩餘時間的預期，我們看到對我們服務的需求將出現一些預期的復甦。

Got it. And can you talk about some of the drivers that are impacting margins? And how do you see these drivers evolving towards the end of the year through the year-end?

知道了。能談談影響利潤率的一些因素嗎？您認為這些驅動因素在年底到年底會如何發展？

As I mentioned, mainly we were impacted by the timing of the recognition of -- or the selling of our term license software, which last year mainly occurred during the first half of the year. And this year, it is much concentrated on the renewal terms, much concentrated on the fourth quarter of the year with a small portion in Q3. This is on one hand. On the second hand and more primarily is the mix of our revenues. Basically, we see a significant increase in revenues from our projects and service operations.

正如我所提到的，我們主要受到定期許可軟體的確認或銷售時間的影響，去年這主要發生在上半年。今年，它更集中在續約條款上，主要集中在第四季度，一小部分集中在第三季度。這是一方面。其次，更重要的是我們的收入結構。基本上，我們的項目和服務營運收入顯著增加。

And these operations, as I mentioned, carry a gross margin of around 21% versus our technology operation that carries a 64% to 65% gross margin. So this quarter and for the second quarter and for the first half of 2025, we saw the entire increase in gross profit coming from the professional service side of the business. We expect for that to improve in the second half towards the software which will improve the margins that you currently see, and we level them on an annual basis at around 29%.

正如我所提到的，這些業務的毛利率約為 21%，而我們的技術業務的毛利率為 64% 至 65%。因此，本季、第二季以及 2025 年上半年，我們看到毛利的整體成長都來自於專業服務業務。我們預計下半年軟體業務的利潤率會有所提高，這將提高您目前看到的利潤率，我們預計年利潤率將穩定在 29% 左右。

Got it. That's very helpful. If I could just ask one more around cloud. How would you describe the progress of customers transitioning to cloud solutions now, let's say, versus last year?

知道了。這非常有幫助。如果我可以再問一個有關雲端的問題。與去年相比，您如何描述現在客戶向雲端解決方案過渡的進展？

I'll let Yuval Lavi answer that.

我請 Yuval Lavi 來回答這個問題。

Yeah, I can take it. We see more and more adoption of cloud from all around. Again, new customers are jumping directly into the cloud and legacy customer, even in our Japanese territory, starting to address and adopt the cloud solution and the cloud offering. So as we are a traditional business, and we have some legacy customers, but we're starting to see more and more move towards the cloud, and we are looking forward to the bigger cloud adoption.

是的，我可以接受。我們看到世界各地越來越多地採用雲端運算。再次，新客戶直接進入雲端，而傳統客戶，甚至在我們日本境內，也開始解決和採用雲端解決方案和雲端產品。因此，由於我們是一家傳統企業，並且擁有一些傳統客戶，但我們開始看到越來越多的客戶轉向雲端運算，我們期待更大規模的雲端運算應用。

Got it. Thanks, that's it for me.

知道了。謝謝，對我來說就這樣了。

Maggie Nolan, William Blair.

瑪吉諾蘭、威廉布萊爾。

Hi, thank you. I'm hoping you could give us a little more commentary on how the pipeline is building, maybe the size and types of deals that you're seeing from customers?

你好，謝謝。我希望您能為我們提供更多關於通路建立情況的評論，也許您從客戶那裡看到的交易規模和類型？

I think that the significant driver touching given back on the prior question, is coming from cloud and AI. We see -- as I mentioned, we have hundreds of projects that are in the midst. We managed to convert those projects in a higher -- in a much higher rate than industry standard. Those projects push also for cloud services.

我認為，回到前面的問題，重要的驅動因素來自雲端運算和人工智慧。我們看到——正如我所提到的，我們有數百個項目正在進行中。我們設法以高於行業標準的速度轉化這些項目。這些項目也推動了雲端服務的發展。

We managed to increase our position in that aspect, not only in the Israeli market, not only in the Israeli defense sector, but in many sectors, including the US and also in the -- recently also in Canada and the UK. So this is one of the significant drivers that we see today in the business.

我們成功地提升了我們在這方面的地位，不僅在以色列市場，不僅在以色列國防領域，而且在許多領域，包括美國，以及最近在加拿大和英國。這是我們今天在業務中看到的重要驅動因素之一。

Yeah. And I can add that the GenAI opportunities are definitely of the type of land and expand, okay? So we see a lot of lending, as you hear, 270 and more projects. But this project is not ending. We keep on expanding. This is just the nature of what GenAI is doing to all of us in the market.

是的。我可以補充一點，GenAI 的機會肯定是屬於土地和擴張類型的，好嗎？因此，我們看到了很多貸款，正如您所聽到的，有 270 多個項目。但這個計畫還沒結束。我們不斷擴張。這只是 GenAI 對市場上的我們所有人所做的事情的本質。

Understood. And then can you comment a little on the strategy behind the acquisition that was done in July and the contribution to the financials for this year. Thank you.

明白了。然後，您能否稍微評論一下 7 月收購背後的策略以及對今年財務的貢獻？謝謝。

We didn't acquire any company in July.

七月我們沒有收購任何公司。

A small manufacturing company?

一家小型製造公司？

Axiom, it's a very small operation. It's something at around $2.5 million in terms of turnover [rate] It's a kind of a consultancy firm that we work with them as a partner, and we acquired them in order to push forward our business --

公理，這是一個非常小的手術。它的營業額大約在 250 萬美元左右。這是一家顧問公司，我們與他們合作，收購他們是為了推動我們的業務。--

FactoryEye.

工廠之眼。

FactoryEye AI operation in the US.

FactoryEye AI 在美國營運。

Got it. Okay, thank you for taking the questions.

知道了。好的，感謝您回答這些問題。

(Operator Instructions)

（操作員指示）

There are no further questions at this time. Mr. Berenstin, would you like to make a concluding statement?

目前沒有其他問題。貝倫斯汀先生，您想做最後發言嗎？

Thank you, everybody, for joining us to the call today. We hope to continue in giving you good news on our upcoming call.

感謝大家今天參加我們的電話會議。我們希望在即將召開的電話會議上繼續向您帶來好消息。

Thank you. This concludes the Magic Software Enterprises' 2025 second-quarter results conference call. Thank you for your participation. You may go ahead and disconnect.

謝謝。至此，Magic Software Enterprises 2025 年第二季業績電話會議結束。感謝您的參與。您可以繼續並斷開連線。