Mitek Systems Inc (MITK) 2022 Q4 法說會逐字稿

Good afternoon and welcome to the Mitek Systems Fiscal 2022 Fourth Quarter and Full Year Earnings Conference Call. (Operator Instructions). Please note that this event is being recorded.

下午好，歡迎參加 Mitek Systems 2022 財年第四季度和全年收益電話會議。 （操作員說明）。請注意，該事件正在被記錄。

I would now like to turn the conference over to Todd Kehrli of MKR Investor Relations. Please go ahead.

我現在想將會議轉交給 MKR 投資者關係部的 Todd Kehrli。請繼續。

Thank you, operator. Good afternoon, and welcome to Mitek's Fourth Quarter and Full Year Fiscal 2022 Earnings Conference Call. With me on today's call are Mitek's CEO, Max Carnecchia; and Interim CFO, Fuad Ahmad. Before I turn the call over to Max and Fuad, I'd like to cover a few quick items.

謝謝你，接線員。下午好，歡迎參加 Mitek 2022 年第四季度和全年財報電話會議。參加今天電話會議的有 Mitek 首席執行官 Max Carnecchia；和臨時首席財務官福阿德·艾哈邁德。在將電話轉給 Max 和 Fuad 之前，我想簡單介紹一下一些內容。

This afternoon, Mitek issued a press release announcing its fourth quarter and full year fiscal 2022 financial results. That release is available on the company's website at miteksystems.com. This call is being broadcast live over the Internet for all interested parties, and the webcast will be archived on the Investor Relations page of the company's website.

今天下午，Mitek發布新聞稿，公佈了其2022財年第四季度和全年財務業績。該版本可在該公司網站 miteksystems.com 上獲取。此次電話會議將通過互聯網向所有感興趣的各方進行現場直播，網絡廣播將存檔在公司網站的投資者關係頁面上。

I want to remind everyone that on today's call, management will discuss certain factors that are likely to influence the business going forward. Any factors discussed today that are not historical facts, particularly comments regarding our long-term prospects and market opportunities, should be considered forward-looking statements.

我想提醒大家，在今天的電話會議上，管理層將討論可能影響未來業務的某些因素。今天討論的任何非歷史事實的因素，特別是有關我們的長期前景和市場機會的評論，都應被視為前瞻性陳述。

These forward-looking statements may include comments about the company's plans and expectations of future performance. Forward-looking statements are subject to a number of risks and uncertainties, which cause actual results to differ materially. We encourage all of our listeners to review our SEC filings, including our most recent 10-K and 10-Q for a complete description of these risks. Our statements on this call are made as of today, June 29, 2023, and the company undertakes no obligation to update or revise publicly any of the forward-looking statements contained herein, whether as a result of new information, future events, changes in expectations or otherwise.

這些前瞻性陳述可能包括有關公司計劃的評論和對未來業績的預期。前瞻性陳述受到許多風險和不確定性的影響，導致實際結果存在重大差異。我們鼓勵所有聽眾查看我們向 SEC 提交的文件，包括我們最新的 10-K 和 10-Q，以完整描述這些風險。我們在本次電話會議上的聲明截至今天，即 2023 年 6 月 29 日，公司沒有義務公開更新或修改此處包含的任何前瞻性聲明，無論是由於新信息、未來事件、變化期望或其他。

Additionally, throughout this call, we'll be discussing certain non-GAAP financial measures. Today's earnings release and the related current report on Form 8-K describe the differences between our non-GAAP and GAAP reporting and present a reconciliation between the 2 for the periods reported in the release.

此外，在整個電話會議中，我們將討論某些非公認會計準則財務指標。今天的收益發布和 8-K 表格中的相關當前報告描述了我們的非 GAAP 報告和 GAAP 報告之間的差異，並提供了發布中報告期間兩者之間的調節表。

With that said, I'll now turn the call over to Mitek's CEO, Max.

話雖如此，我現在將把電話轉給 Mitek 的首席執行官 Max。

Thanks, Todd. Good afternoon, everyone. Thank you for joining us today. I'm very excited to finally report our full year fiscal 2022 results. The enlisting of BDO has enhanced our financial controls and governance and while it temporarily impacted the filing of periodic fiscal reports, we are now a stronger business.

謝謝，托德。大家下午好。感謝您今天加入我們。我很高興終於能夠報告 2022 財年全年業績。 BDO 的加入增強了我們的財務控制和治理，雖然暫時影響了定期財務報告的提交，但我們現在的業務更加強大。

Fiscal 2022 was another record year for Mitek, record revenue, record earnings and strong cash flow from operations. Product innovation also continued during that time. We launched Mitek's Integrated Identity Platform, MiVIP, ID Live, Face Plus and enhanced check intelligence within the Check Fraud Defender offer. We were also awarded patents recognizing our commitment to biometric excellence. This ongoing momentum reinforces our optimism about our long-term prospects and our ability to further penetrate our large target addressable markets.

2022 財年對 Mitek 來說又是創紀錄的一年，收入、盈利和運營現金流均創歷史新高。在此期間，產品創新也在持續進行。我們推出了 Mitek 的集成身份平台、MiVIP、ID Live、Face Plus 以及 Check Fraud Defender 產品中增強的檢查智能。我們還獲得了多項專利，以表彰我們對卓越生物識別技術的承諾。這種持續的勢頭增強了我們對長期前景和進一步滲透大型目標市場的能力的樂觀態度。

Quickly looking at the numbers for fiscal 2022, we have recorded record revenue of $143.9 million, representing growth of 20% year-over-year. We also generated record non-GAAP net income of $40 million or $0.87 per diluted share, up 17% year-over-year as well as strong cash flow from operations of $26 million.

快速查看 2022 財年的數據，我們的收入達到創紀錄的 1.439 億美元，同比增長 20%。我們還創造了創紀錄的非 GAAP 淨利潤 4000 萬美元，即稀釋後每股收益 0.87 美元，同比增長 17%，運營現金流強勁，達到 2600 萬美元。

We accomplished a lot in fiscal 2022 beyond just our record revenue and earnings performance. We provided exceptional customer value from our world's leading banks, fintechs and marketplaces as they move more of their businesses online in a secure and trusted way. Mitek continues to distinguish itself as a critical component in the fight against fraud. And during the year, we expanded the breadth of our product offerings and the markets we serve.

我們在 2022 財年取得了很多成就，不僅僅是創紀錄的收入和盈利表現。我們為全球領先的銀行、金融科技公司和市場提供了卓越的客戶價值，幫助他們以安全可靠的方式將更多業務轉移到網上。 Mitek 繼續將自己視為打擊欺詐的關鍵組成部分。在這一年裡，我們擴大了產品供應和服務市場的廣度。

With that now, let me touch on our 2 lines of business and their performance during the fiscal year. Our deposits line of business continued to grow in fiscal 2022, with revenue growth of 14% year-over-year. Mobile check deposit is used by over 7,500 financial institutions and continues to gain traction with consumers due to its convenience and ease of use. Adoption of our Check Fraud Defender product also increased as losses associated with check fraud started to skyrocket.

現在，讓我談談我們的兩條業務線及其在本財年的業績。 2022 財年，我們的存款業務繼續增長，收入同比增長 14%。超過 7,500 家金融機構使用移動支票存款，並因其便利性和易用性而繼續受到消費者的青睞。隨著與支票欺詐相關的損失開始飆升，我們的支票欺詐防禦產品的採用率也有所增加。

Check Fraud Defender helps banks identify and defend against these fraudulent activities, significantly reducing fraud losses and our most recent innovation, check liveness, enhances the detection of forgeries and synthetic checks. We added several new Check Fraud Defender customers during fiscal 2022, and we believe it will be a growth driver for our Deposits business for years to come.

Check Fraud Defender 幫助銀行識別和防禦這些欺詐活動，顯著減少欺詐損失，而我們最新的創新支票活性增強了對偽造和合成支票的檢測。我們在 2022 財年增加了幾位新的 Check Fraud Defender 客戶，我們相信這將成為我們未來幾年存款業務的增長動力。

Before we move on to our identity business, I'd like to provide a quick update on the USAA litigation situation. While Mitek is not a party to any of the USAA lawsuits, we continue to pursue our declaratory judgment action against USAA to prove that our products do not infringe the 4 auto capture patents at issue in the USAA lawsuits as we look to provide support to our banking clients. Along with our efforts, there have been some positive developments in the matters related to USAA as the U.S. Patent Trial and Appeal Board, the PTAB, has, in the last 6 months, invalidated 5 of the USAA patents that they have been relying on to sue various financial institutions, 2 of which are related to auto capture. We expect the PTAB to invalidate more USAA patents in the coming months as they continue their review of additional USAA patents, including 1 additional USAA patents related to auto capture. We also intend to continue to vigorously prosecute our case as Mitek invented all of its core technology, and we believe our products do not infringe on any USAA patents.

在我們繼續討論身份業務之前，我想快速介紹一下 USAA 訴訟情況的最新情況。雖然 Mitek 不是任何 USAA 訴訟的當事人，但我們將繼續對 USAA 採取宣告性判決行動，以證明我們的產品沒有侵犯 USAA 訴訟中涉及的 4 項自動捕捉專利，因為我們希望為我們的產品提供支持。銀行客戶。在我們的努力下，與 USAA 相關的事務取得了一些積極的進展，美國專利審判和上訴委員會 (PTAB) 在過去 6 個月內宣布了他們一直依賴的 5 項 USAA 專利無效。起訴多家金融機構，其中2家與自動捕獲有關。我們預計 PTAB 將在未來幾個月內宣布更多 USAA 專利無效，因為他們將繼續審查其他 USAA 專利，其中包括 1 項與自動捕捉相關的額外 USAA 專利。我們還打算繼續大力起訴我們的案件，因為 Mitek 發明了其所有核心技術，並且我們相信我們的產品沒有侵犯任何 USAA 專利。

Switching to identity. I'd like to take this opportunity to highlight the tremendous market opportunity that lies within this sector. As the world becomes increasingly interconnected and digital, the need for robust identity verification solutions has never been more crucial. Financial crimes are becoming more sophisticated, posing significant risks to individuals and organizations alike. The rapid rise of digital transformation has created a demand for seamless and secure online experiences. Mitek is at the forefront of addressing these challenges by providing AI and biometric identity verification solutions that not only mitigate risks, but also enable smooth and trustworthy interactions throughout the customer life cycle.

切換到身份。我想藉此機會強調該行業蘊藏的巨大市場機遇。隨著世界變得日益互聯和數字化，對強大的身份驗證解決方案的需求變得前所未有的重要。金融犯罪變得越來越複雜，給個人和組織帶來巨大風險。數字化轉型的快速興起創造了對無縫、安全的在線體驗的需求。 Mitek 走在應對這些挑戰的最前沿，提供人工智能和生物識別身份驗證解決方案，不僅可以降低風險，還可以在整個客戶生命週期中實現順暢且值得信賴的交互。

With the acquisition of HooYu in 2022 and the subsequent full integration of those platform technologies with our leading biometrics and existing computer vision solutions, we are strategically positioned to capture a substantial share of this expanding market and create significant value for our shareholders.

隨著 2022 年收購 HooYu 以及隨後將這些平台技術與我們領先的生物識別技術和現有計算機視覺解決方案的全面整合，我們的戰略定位是在這個不斷擴大的市場中佔據相當大的份額，並為我們的股東創造巨大的價值。

In 2022, we launched Mitek's Verified Identity Platform, MiVIP. Positioned as our leading growth product, this fully integrated identity platform leverages our IP biometrics, capture computer vision and data intelligence and present it to the customer in a low-code implementation model. Already adopted by leading banks, MiVIP has expanded our addressable markets and delivered improved unit economics.

2022 年，我們推出了 Mitek 的身份驗證平台 MiVIP。作為我們領先的增長產品，這個完全集成的身份平台利用我們的 IP 生物識別技術，捕獲計算機視覺和數據智能，並以低代碼實施模型將其呈現給客戶。 MiVIP 已被領先銀行採用，擴大了我們的目標市場並提高了單位經濟效益。

Shortly following the close of fiscal 2022, we launched MiPass, the industry's first multimodal biometric solution for continuous identity authentication. With the onslaught of machine-driven attacks, voice and face biometrics fused together with built-in liveness checks becomes the strongest and most effortless means to authenticate somebody's identity online. I couldn't be prouder of the team's vigilance in getting this product to market, and I'm eager to see and implement it as quickly as possible from those who have already purchased it. MiPass further expands Mitek's footprint in this category as well as our overall addressable market.

2022 財年結束後不久，我們推出了 MiPass，這是業界首個用於持續身份驗證的多模式生物識別解決方案。隨著機器驅動攻擊的猛烈攻擊，語音和麵部生物識別技術與內置活體檢查融合在一起，成為在線驗證某人身份的最強大、最輕鬆的手段。我對團隊在將該產品推向市場時所表現出的警惕性感到無比自豪，我渴望看到已經購買該產品的人盡快看到並實施它。 MiPass 進一步擴大了 Mitek 在這一類別中的足跡以及我們的整體潛在市場。

During the past quarter, I had the privilege of attending our annual European customer summit, where I had the opportunity to engage directly with our valued customers. It was an incredibly insightful experience, as I heard firsthand about the value that our company is creating and the ongoing vow against digital identity fraud. From large multinational banks to government-associated screening agencies, our customers use our identity verification solution to enable effortless and safe experiences with their -- for their new and returning consumers.

在過去的季度中，我有幸參加了我們的年度歐洲客戶峰會，在那裡我有機會直接與我們尊貴的客戶接觸。這是一次令人難以置信的富有洞察力的經歷，因為我親耳聽到了我們公司正在創造的價值以及反對數字身份欺詐的持續誓言。從大型跨國銀行到政府相關篩查機構，我們的客戶使用我們的身份驗證解決方案，為新消費者和回頭客提供輕鬆、安全的體驗。

Their testimonials serve as evidence of our commitment to combating fraudulent activities and providing innovative solutions that address the evolving needs of the market. We are proud of the positive impact we are making and we remain dedicated to advancing our technologies and delivering even greater value to our customers in the fight against digital identity fraud.

他們的推薦證明了我們致力於打擊欺詐活動並提供創新解決方案來滿足市場不斷變化的需求。我們為我們所產生的積極影響感到自豪，我們將繼續致力於推進我們的技術，並在打擊數字身份欺詐的鬥爭中為我們的客戶提供更大的價值。

In fiscal 2022, our identity business grew 31% year-over-year. Our product achievements and customer wins in fiscal 2022 reaffirm our leadership position, and I would like to thank every Mitek employee worldwide for their unique contributions to our success. Together, we will continue delivering significant value to our customers.

2022 財年，我們的身份業務同比增長 31%。我們在 2022 財年的產品成就和客戶贏得的勝利重申了我們的領導地位，我要感謝全球每一位 Mitek 員工為我們的成功做出的獨特貢獻。我們將共同努力，繼續為客戶創造巨大的價值。

Before closing, please note that we are planning an Investor Day event for later in the calendar year. This will be an opportunity for interested parties to attend a dedicated event to learn of our long-term strategy with specific detail on the next chapter of the Deposits business and the significant growth opportunity for our identity products.

在結束之前，請注意，我們計劃在今年晚些時候舉辦投資者日活動。這將為感興趣的各方提供參加專門活動的機會，以了解我們的長期戰略，其中包括存款業務下一章的具體細節以及我們身份產品的重大增長機會。

Now I'll turn the call over to Fuad, to discuss the financial results in more detail. Following Fuad's remarks, we will open the call for questions. Fuad, please go ahead.

現在我將把電話轉給福阿德，更詳細地討論財務業績。在福阿德發言之後，我們將開始提問。福阿德，請繼續。

Thanks, Max, and thank you, everyone, for joining us today this afternoon. I will start with Q4 revenue and operating results. For Q4 of fiscal '22, Mitek generated $38.8 million of revenue. A 17% increase year-over-year. Software and hardware revenue was $19.8 million, up 11% year-over-year. The increase in software and hardware revenue is primarily due to the growing contribution of ID R&D, as ID R&D has another strong quarter and continued mobile deposit reorders. As such, we are pleased with the continued progress in the Deposit business.

謝謝麥克斯，也謝謝大家今天下午加入我們。我將從第四季度的收入和運營業績開始。 22 財年第四季度，Mitek 創造了 3880 萬美元的收入。同比增長17%。軟件和硬件收入為1980萬美元，同比增長11%。軟件和硬件收入的增長主要是由於 ID R&D 的貢獻不斷增長，因為 ID R&D 又一個強勁的季度以及持續的移動存款重新訂購。因此，我們對存款業務的持續進展感到高興。

As we have noted previously, ID R&D revenue is transactional in nature and as part of our identity business. However, since it's offered on-prem, we put that revenue in the software line for accounting purposes. Services and other revenue, which includes transactional SaaS revenue, maintenance and professional services revenue, was $19 million for the quarter, up 22% year-over-year. Notably, our transactional SaaS revenue increased 31% year-over-year to $13.4 million.

正如我們之前指出的，ID 研發收入本質上是交易性的，是我們身份業務的一部分。然而，由於它是在本地提供的，出於會計目的，我們將該收入計入軟件產品線。該季度服務和其他收入（包括交易 SaaS 收入、維護和專業服務收入）為 1900 萬美元，同比增長 22%。值得注意的是，我們的交易 SaaS 收入同比增長 31% 至 1,340 萬美元。

Revenues growth in transaction SaaS revenue with increased Mobile Verify volumes as well as the addition of HooYu SaaS revenue.

隨著移動驗證量的增加以及 HooYu SaaS 收入的增加，交易 SaaS 收入也隨之增長。

For Q4 '22, deposit revenue increased 7% year-over-year to $22.6 million, driven by global deposit reorders. Identity revenue increased 34% year-over-year to $15.2 million, driven by addition of previous SaaS revenue and strong contribution from ID R&D and growth in our Mobile Verify product line.

22 年第 4 季度，在全球存款再訂單的推動下，存款收入同比增長 7% 至 2,260 萬美元。身份收入同比增長 34%，達到 1,520 萬美元，這得益於之前 SaaS 收入的增加以及 ID 研發和移動驗證產品線增長的強勁貢獻。

We delivered software and hardware gross margins up 98% for the quarter. Gross margin on services and other revenue was 74% for the quarter, and total gross margin for the quarter was 87% compared to 90% in Q4 of last year.

本季度我們的軟件和硬件毛利率增長了 98%。本季度服務和其他收入的毛利率為 74%，本季度總毛利率為 87%，而去年第四季度為 90%。

Total GAAP operating expenses, including cost of revenue, were $35.8 million compared with $29.3 million in Q4 of last year. This increase is due to investments to grow our identity business and additional costs associated with the acquisitions of ID R&D and HooYu.

包括收入成本在內的 GAAP 運營支出總額為 3,580 萬美元，而去年第四季度為 2,930 萬美元。這一增長是由於我們為發展身份業務而進行的投資以及與收購 ID R&D 和 HooYu 相關的額外成本。

Sales and marketing expenses for the quarter were $10 million compared to $8.4 million a year ago. R&D expenses were $8.3 million compared to $8.2 million last year, and our G&A expenses were $8 million compared to $6.1 million a year ago. GAAP net loss for the quarter was $300,000 or a loss of $0.01 per share. Our diluted share count was 45.3 million compared to 46.2 million a year ago.

本季度的銷售和營銷費用為 1,000 萬美元，而去年同期為 840 萬美元。研發費用為 830 萬美元，去年為 820 萬美元；一般管理費用為 800 萬美元，去年為 610 萬美元。該季度 GAAP 淨虧損為 300,000 美元，即每股虧損 0.01 美元。我們的稀釋後股票數量為 4530 萬股，而一年前為 4620 萬股。

Now turning to our non-GAAP results. Non-GAAP net income for Q4 was $9 million or $0.20 per share, a decrease of 11% year-over-year as a result of additional headcount and other expenses from the acquisition of HooYu.

現在轉向我們的非 GAAP 業績。第四季度非公認會計準則淨利潤為 900 萬美元，即每股 0.20 美元，同比下降 11%，原因是收購 HooYu 後增加了員工人數和其他費用。

We believe non-GAAP net income provides a useful measure of company's operating profitability and cash flow by excluding amortization and acquisition-related costs, stock compensation, one-time and nonrecurring litigation expenses, amortization of debt discount and issuance costs, restructuring and related tax impacts of those items. A reconciliation of GAAP to non-GAAP presentation is provided in our press release issued earlier today.

我們認為，非公認會計原則淨利潤提供了衡量公司經營盈利能力和現金流的有用指標，其中不包括攤銷和收購相關成本、股票補償、一次性和非經常性訴訟費用、債務貼現和發行成本攤銷、重組和相關稅費這些項目的影響。今天早些時候發布的新聞稿中提供了 GAAP 與非 GAAP 表述的對賬。

Now looking at results for the full year fiscal '22. Total revenue was a record $143.9 million, an increase of 20% year-over-year on strong growth in the Deposit business that grew 14% and the growth of our identity product line that grew 31% over fiscal '21.

現在看看 22 財年全年的業績。總收入達到創紀錄的 1.439 億美元，同比增長 20%，這得益於存款業務的強勁增長（較 21 財年增長 14%）以及身份產品線的增長（較 21 財年增長 31%）。

Software and hardware revenue was $72.9 million, up 21% with the prior year due primarily due to growth in mobile deposits and our Check Fraud Defender product line as well as the growth in ID R&D. As a result, our gross margin decreased 200 basis points from 96% in fiscal '21 to 98% in fiscal '22.

軟件和硬件收入為 7290 萬美元，比上年增長 21%，這主要是由於移動存款和我們的 Check Fraud Defender 產品線的增長以及 ID 研發的增長。結果，我們的毛利率下降了 200 個基點，從 21 財年的 96% 降至 22 財年的 98%。

Services and other revenue was $71 million for fiscal '22, an increase of 19% over $59.7 million in fiscal '21. This increase is due to primarily to growth in transactional SaaS revenue, which increased 25% to $50.3 million.

22 財年的服務和其他收入為 7100 萬美元，比 21 財年的 5970 萬美元增長了 19%。這一增長主要歸因於交易 SaaS 收入的增長，該收入增長了 25%，達到 5030 萬美元。

Gross margin on services and other revenue was 74% for the year compared to 80% from the comparable period in fiscal '21. For our full year fiscal '22, deposits revenue increased 14% to $85.8 million, driven primarily by continued adoption of mobile deposits and Check Fraud Defender product lines.

今年服務和其他收入的毛利率為 74%，而 21 財年同期毛利率為 80%。 22 財年全年，存款收入增長 14%，達到 8580 萬美元，這主要得益於移動存款和 Check Fraud Defender 產品線的持續採用。

Identity verification revenue increased 31% to $58.1 million, driven by 25% growth in transactional revenue, SaaS revenue and inclusion of additional SaaS revenue from acquisition of HooYu.

受交易收入、SaaS 收入增長 25% 以及收購 HooYu 帶來的額外 SaaS 收入的推動，身份驗證收入增長了 31%，達到 5810 萬美元。

Total GAAP operating expenses for fiscal '22 were $132.6 million, an increase of 24% compared to total operating expenses of $106.5 million in fiscal '21. This increase is due to additional investments made throughout the year to fuel our growth in the Identity business and additional costs associated with the acquisition of ID R&D and the inclusion of additional headcount and expenses from the acquisition of HooYu.

22 財年的 GAAP 運營支出總額為 1.326 億美元，與 21 財年的運營支出總額 1.065 億美元相比增長了 24%。這一增長是由於全年為推動身份業務增長而進行的額外投資以及與收購 ID 研發相關的額外成本以及收購 HooYu 帶來的額外人員和費用。

GAAP Net income for fiscal '22 was $3 million or $0.07 per share compared to GAAP net income of $8 million or $0.18 per share for fiscal '21. Non-GAAP net income increased 16% for the year to $39.6 million or $0.87 per share compared to non-GAAP net income of $34.2 million or $0.76 per share in fiscal '21.

22 財年的 GAAP 淨利潤為 300 萬美元，即每股 0.07 美元，而 21 財年的 GAAP 淨利潤為 800 萬美元，即每股 0.18 美元。本年度非 GAAP 淨利潤增長 16%，達到 3,960 萬美元，即每股 0.87 美元，而 21 財年非 GAAP 淨利潤為 3,420 萬美元，即每股 0.76 美元。

Again, please refer to the reconciliation of GAAP to non-GAAP presentation in our press release. Fully diluted share count for fiscal '22 was 45.8 million for both GAAP and non-GAAP EPS.

再次，請參閱我們新聞稿中的 GAAP 與非 GAAP 表述的調節表。 22 財年完全攤薄後的 GAAP 和非 GAAP 每股收益均為 4580 萬股。

Now turning to the balance sheet. We generated $10.3 million in cash flow from operations during the quarter and $26.4 million for the full year, bringing our total cash and investments to $101 million as of September 30, 2022. As noted recently, we continue to generate meaningful cash flow from operations. Our cash and investments at the end of March 31, 2023, increased by $13.5 million to $114.5 million.

現在轉向資產負債表。我們本季度的運營現金流為 1,030 萬美元，全年為 2,640 萬美元，截至 2022 年 9 月 30 日，我們的現金和投資總額達到 1.01 億美元。正如最近指出的，我們繼續從運營中產生有意義的現金流。截至 2023 年 3 月 31 日，我們的現金和投資增加了 1350 萬美元，達到 1.145 億美元。

Moving on to guidance. We are reiterating the fiscal 2023 guidance we provided earlier this month. We expect revenue for the fiscal year ending September 30, 2023, to be in the range of $162 million to $165 million, an increase of approximately 14% year-over-year from the midpoint of the guidance range. In addition, Mitek expects its full year fiscal 2023 non-GAAP operating margin to be in the range of 29.5% to 30.5%.

繼續指導。我們重申本月早些時候提供的 2023 財年指引。我們預計截至 2023 年 9 月 30 日的財年收入將在 1.62 億至 1.65 億美元之間，比指導範圍的中值同比增長約 14%。此外，Mitek 預計其 2023 財年全年非 GAAP 運營利潤率將在 29.5% 至 30.5% 之間。

In closing, we are pleased with our results, which included record revenue for fiscal 2022 as well as record non-GAAP net income. We look forward to continuing to deliver industry-leading, fraud prevention identity service to our valued global customers.

最後，我們對我們的業績感到滿意，其中包括創紀錄的 2022 財年收入以及創紀錄的非 GAAP 淨利潤。我們期待繼續為我們尊貴的全球客戶提供行業領先的防欺詐身份服務。

With that, operator, that concludes our prepared remarks. Please open the line for questions.

操作員，我們準備好的發言到此結束。請打開提問熱線。

(Operator Instructions). Our first question is from Mike Grondahl with Northland Securities.

（操作員說明）。我們的第一個問題來自北國證券公司的邁克·格隆達爾。

In both mobile check and mobile ID, could you talk a little bit about transaction activity and trends and pricing? Just trying to get a feel for volume and price trends in both areas.

在移動支票和移動ID方面，您能談談交易活動、趨勢和定價嗎？只是想了解這兩個領域的數量和價格趨勢。

So for the period that we're talking about here, FY '22, in both Mobile Deposits as well as Mobile Verify, transaction volumes increased, right? So we continue to see increased transaction volumes from existing customers and then the addition of new customers for the identity verification. And for mobile check deposit or yes, for mobile check deposit, similarly -- although, as you know, Chad -- Mike that business can be a little lumpy. And when customers reorder and when those orders actually hit and refill the tank.

因此，在我們在這裡討論的 22 財年期間，移動​​存款和移動驗證的交易量都增加了，對嗎？因此，我們繼續看到現有客戶的交易量增加，然後又增加了新客戶進行身份驗證。對於移動支票存款，或者是的，對於移動支票存款，類似 - 儘管，正如你所知，查德 - 邁克，業務可能有點不穩定。當客戶重新訂購時以及當這些訂單實際到達並重新裝滿油箱時。

I think in the case of Mobile Deposits, we know that we've continuously tried to push, take price and be able to push price increases. We've been methodical about that. It's no surprise, partners, customers push back on that pretty hard, but we've been able to do it consistently. And that has continued. You see that reflected in addition to the adoption of mobile banking and increased usage of mobile check deposit, you're seeing the other side of that, which is the increase of pricing.

我認為就移動存款而言，我們知道我們一直在努力推動價格上漲並能夠推動價格上漲。我們對此一直有條不紊。毫不奇怪，合作夥伴和客戶都強烈反對這一點，但我們一直能夠堅持不懈地做到這一點。這種情況一直持續著。您會看到，除了移動銀行的採用和移動支票存款的使用增加之外，您還看到了另一面，即定價的增加。

Got it. And then are you breaking out the number of banks you have signed up for Check Fraud Defender or the revenue in the fourth quarter of '22?

知道了。那麼您是否列出了已註冊 Check Fraud Defender 的銀行數量或 22 年第四季度的收入？

No, we're not. And you probably won't see us do that for a while. I mean we continuously increase the number of customers, but it's coming off a very small base. We're watching some customers adopt and jump straight into the network and use the online offering. Some are starting with a small on-premise implementation to kind of get their arms wrapped around it. But I think we'll talk about it when we drop the Qs as well. We continue to see just a big, big interest in that product.

沒有，我們沒有。您可能有一段時間不會看到我們這樣做。我的意思是，我們的客戶數量不斷增加，但基數很小。我們看到一些客戶採用並直接跳入網絡並使用在線產品。有些人從一個小型的本地實施開始，以期獲得成功。但我想當我們放棄 Q 時我們也會討論這個問題。我們繼續看到對該產品的巨大興趣。

The pipelines are strong. We do testing with customers, a pretty elaborate test with customers, and we've got a number of those underway. I think as we've talked before, Mike, just check fraud has exploded in the course of the last 18 months, so this is a very big topic for retail banks.

管道很堅固。我們與客戶一起進行測試，這是一項非常複雜的測試，並且我們已經進行了許多這樣的測試。我認為，正如我們之前所說，邁克，支票欺詐在過去 18 個月中呈爆炸式增長，因此這對零售銀行來說是一個非常大的話題。

Sure. Yes. No, we're just we're trying to track it. So the number of banks and revenue, I guess, we'll keep bugging you. Lastly, what should our expectations be for the timing on the 10-K and then December and March?

當然。是的。不，我們只是想追踪它。所以我想，銀行的數量和收入，我們會一直困擾你。最後，我們對 10-K 以及 12 月和 3 月的時間安排應該有何期望？

Yes, Mike. So I think we've released our preliminary numbers now, unaudited. We'll follow it up with a 10-K with the next week to 10 days. We're talking about we just need to -- we need to make sure that we get everything buttoned up. But we felt comfortable releasing our numbers today to you guys.

是的，邁克。所以我認為我們現在已經發布了未經審計的初步數據。我們將在下周到 10 天內通過 10-K 進行跟進。我們正在談論我們只需要——我們需要確保我們把一切都搞定。但我們今天很樂意向你們公佈我們的數據。

In terms of the Q, that process will continue once the K is filed. And we feel that, few weeks. I can't be more precise than that at this point. But it's weeks, not months, and we'll follow it up. And the idea for us, our expectation is to start becoming current on our filings, soon after that in its entirety, including Q3. So that's the expectation right now. I can't be more precise on the quarterly numbers as of today.

就 Q 而言，一旦提交 K，該過程將繼續。我們感覺到了，幾週後。目前我無法比這更準確了。但這是幾週，而不是幾個月，我們會跟進。我們的想法是，我們的期望是開始在我們的文件中變得最新，不久之後整個文件，包括第三季度。這就是現在的期望。截至今天，我無法更準確地說明季度數據。

But we are looking forward to getting back on the regular schedule.

但我們期待著恢復正常的日程安排。

The next question is from Jake Roberge with William Blair.

下一個問題是傑克·羅伯格和威廉·布萊爾提出的。

Max, could you just talk about how the macro is impacting each of your business units more specifically? From your comments, seems like ID verification may be impacted a little bit more than Mobile Deposit, but would love to hear kind of the puts and takes that you're seeing in each business as it relates to the macro.

Max，您能否更具體地談談宏觀經濟對您每個業務部門的影響？從您的評論來看，身份驗證可能比移動存款受到的影響更大一些，但我很想听聽您在每個業務中看到的與宏觀相關的看跌期權和索取期權。

Yes. So I don't think in the time line that we're talking about here, FY '22 and September, any quarter, there's probably not a lot to talk about from the macro impact. A little bit on the identity, we had a very -- relative to our competitors in the identity space, we have very little exposure to crypto. And it was that June of 2022, July and then kind of the crypto winter that follows from there.

是的。因此，我認為在我們在這裡討論的時間線上，即 22 財年和 9 月，任何季度，宏觀影響可能都沒有太多可討論的內容。關於身份，相對於身份領域的競爭對手，我們對加密貨幣的接觸非常少。那是 2022 年 6 月、7 月，然後是隨之而來的加密貨幣冬天。

We had a handful of crypto customers, we watch them retrace pretty hard, but nothing worth kind of pointing out. Since then, when we get into the Qs, definitely it almost changed. And in summer, we just talked about Check Fraud Defender and all the things that are happening with Check Fraud, I think that's been a positive on our deposits business.

我們有一些加密貨幣客戶，我們觀察他們非常努力地回溯，但沒有什麼值得指出的。從那時起，當我們進入 Q 階段時，情況肯定幾乎發生了變化。在夏天，我們剛剛討論了支票欺詐防御者以及支票欺詐所發生的所有事情，我認為這對我們的存款業務產生了積極的影響。

On the Identity business, if you're an interest-sensitive business like mortgage refinancing or [B-locks] and things like that, we seem to see tough on those businesses. So more to come as we drop those Qs, though, Jake.

在身份業務方面，如果您是利率敏感型業務，例如抵押貸款再融資或 [B-locks] 等，我們似乎會看到這些業務的嚴厲程度。不過，傑克，當我們放棄這些問題時，還會有更多的事情發生。

Okay, helpful. And then just want to touch on Generative AI. It seems to me like there could be some secular tailwinds around AI and how that could impact the fraud and identity universe. But would love to get your thoughts on that and then how you could plan to integrate the technology into your core platform.

好的，有幫助。然後我想談談生成式人工智能。在我看來，人工智能可能會帶來一些長期的推動力，以及這將如何影響欺詐和身份領域。但很想了解您對此的想法，以及您如何計劃將該技術集成到您的核心平台中。

Sure. So much ink has been spilled on Gen AI. I want to be mindful that I don't know that I have a lot to add or generally, it's clearly going to be transformative.

當然。關於 Gen AI 的研究已經有很多筆墨了。我要注意的是，我不知道我有很多東西要補充，或者總的來說，它顯然會帶來變革。

In our own business, we see it through 2 lenses. The first is what we're being able to do using the technology, I mean, we've got a very long and robust history with machine learning and AI. So this is just built on top of a very deep base of that knowledge and experience, our engineers and computer scientist staff. So our ability to use that in model building, model testing, and that's already underway. I mean you see it with our biometrics teams. We're seeing it with the core identity teams around documents, obviously, the faces and voices.

在我們自己的業務中，我們通過兩個視角來看待它。首先是我們能夠使用該技術做什麼，我的意思是，我們在機器學習和人工智能方面擁有悠久而穩健的歷史。因此，這只是建立在我們的工程師和計算機科學家人員深厚的知識和經驗基礎之上。因此，我們在模型構建、模型測試中使用它的能力已經在進行中。我的意思是你在我們的生物識別團隊中看到了這一點。我們在圍繞文件的核心身份團隊中看到了這一點，顯然是面孔和聲音。

So in that regard, I think there's some very interesting things for us to increase this velocity of development, new ideas that can be tested much more cheaply or much more quickly. That's for us internally and things that then result in customer-facing offerings.

因此，在這方面，我認為我們可以做一些非常有趣的事情來提高開發速度，可以更便宜或更快速地測試新想法。這是我們內部的事情，然後是面向客戶的產品。

I think the bigger challenge just generally, not just for banks but for anybody out there, right, these same tools can be used as weapons. And we anticipate we're already seeing the deep fakes and the kind of things that can happen with voices and faces and every other image and video. All the stuff that you're seeing every day, that can be applied towards trying to create identity fraud with banks, with other finance, financial institutions. So I think it just puts a bigger focus and more meaning on having the right defenses and partnering with the right organization like Mitek.

我認為更大的挑戰只是一般而言，不僅對銀行而言，對任何人來說都是如此，對的，這些相同的工具可以用作武器。我們預計我們已經看到了深度偽造以及聲音、面孔以及所有其他圖像和視頻可能發生的事情。所有你每天看到的東西，都可以用來試圖對銀行、其他金融機構、金融機構進行身份欺詐。因此，我認為它只是將更大的重點和更多的意義放在擁有正確的防禦以及與 Mitek 這樣的正確組織合作上。

Yes, agree. Very helpful and interesting opportunity as we move forward. And then if I could just sneak one more in. I understand you've been working a lot with your consultants and auditors. But what does your dialogue with the NASDAQ look like throughout the process? And what type of feedback have they been providing you on regaining clients just over the past few weeks since we passed over that June 12 time line?

是的，同意。隨著我們前進，這是一個非常有幫助和有趣的機會。然後我可以再偷偷地進來一次嗎？我知道您一直在與您的顧問和審計師合作。但整個過程中您與納斯達克的對話是什麼樣的呢？自從我們超越 6 月 12 日的時間表以來，在過去幾週內，他們在重新獲得客戶方面向您提供了哪些類型的反饋？

Sure. Well, Jake, obviously, NASDAQ, the market that we sit on, the SEC is the regulator and being current with the SEC is a requirement for the NASDAQ. So NASDAQ has a very rigorous and structured process under which we're currently working. We're working in a very positive, constructive way with them but we're late, right?

當然。好吧，傑克，顯然，納斯達克，我們所在的市場，美國證券交易委員會是監管者，與美國證券交易委員會保持同步是納斯達克的要求。因此，納斯達克有一個非常嚴格和結構化的流程，我們目前正在按照這個流程開展工作。我們正在以非常積極、建設性的方式與他們合作，但我們遲到了，對吧？

And so we've brought in advisers, as you mentioned. At this point, we have high confidence based on the performance of our business, the fact that we are cash-flow positive, we got cash in the bank, we continue to grow. There are no allegations of misconduct here. We have high confidence that we will regain that filing status. Ultimately, the NASDAQ is the arbiter, the ultimate arbiter of that. But working hard towards it every day.

因此，正如您提到的，我們聘請了顧問。在這一點上，我們對我們的業務表現充滿信心，事實上我們現金流為正，我們在銀行有現金，我們繼續增長。這裡沒有不當行為的指控。我們對重新獲得備案狀態充滿信心。最終，納斯達克是仲裁者，最終的仲裁者。但每天都在朝著這個目標努力。

Next question is from Stephanie Moore with Jefferies.

下一個問題來自杰弗里斯的斯蒂芬妮·摩爾。

Good afternoon. Thanks for the update. I wanted to touch on either targets for your ID segment and the target to turn a profit in 2024, the second half of 2024. Could you maybe talk a little bit about what you need to see for that target to be achieved? What needs to happen maybe for that to happen earlier? Or on the flip side, what could delay you from actually achieving this target would be helpful.

下午好。感謝更新。我想談談你們 ID 細分市場的目標以及 2024 年（2024 年下半年）實現盈利的目標。您能否談談要實現該目標需要做什麼？為了更早發生，需要發生什麼？或者另一方面，那些可能會延遲你實際實現這一目標的事情也會有所幫助。

Sure. Well, thanks for the question, Stephanie. For those who maybe are a little newer to the story, we've been working -- we've got very profitable unit with deposits. And we want to get our identity business to that as well. We've seen it that by the end of fiscal 2024, we'd like to be able to get to breakeven with that business, with the identity business, looked at it in isolation.

當然。嗯，謝謝你的提問，斯蒂芬妮。對於那些可能對這個故事不太了解的人來說，我們一直在努力——我們擁有非常有利可圖的存款單位。我們也希望我們的身份業務能夠實現這一點。我們已經看到，到 2024 財年末，我們希望能夠通過該業務、身份業務（單獨來看）實現收支平衡。

And we believe we're on path, still the current intent here. The things that could make that happen sooner is the top line growth happening faster. The things that could maybe take longer is if we didn't get the top line that we're currently forecasting and that we're guiding to here in the current guidance.

我們相信我們正在走上正軌，仍然是當前的意圖。能夠更快實現這一目標的是營收增長速度更快。可能需要更長時間的事情是，如果我們沒有達到我們目前預測的以及我們在當前指導中所指導的最高水平。

When I kind of think about as we've laid those markers down and as we've worked to operate the business within our budgeting and then day-to-day discipline of living on those budgets, probably the biggest thing is the world's changed pretty considerably in the course of the last 5 quarters relative to just uncertainty in the macroeconomic circumstance. So I think that's probably the biggest unknown or biggest question mark.

當我想到我們已經制定了這些標記，並在我們的預算範圍內努力經營業務，然後按照這些預算生活的日常紀律時，可能最重要的事情是世界發生了很大的變化與宏觀經濟環境的不確定性相比，過去 5 個季度的變化相當大。所以我認為這可能是最大的未知數或最大的問號。

Great. No, that's really helpful, and I appreciate it. And I know that the last time we spoke a couple of weeks ago, I think you touched a little bit about maybe within the ID business, a slight shift in strategy, where you're offering your customers more of an end-to-end platform kind of managing their entire -- the life cycle. Could you maybe talk a little bit, I'd love to hear because I think that's a really interesting point. If you could kind of speak to any cross-sell opportunities, do you think this opens up or pricing or why this is -- you've kind of come to terms that this is in the incremental kind of right strategy versus maybe what you were originally thinking about as you're moving inside the space. I'd love to hear kind of the opportunity there.

偉大的。不，這確實很有幫助，我很感激。我知道，我們幾週前最後一次交談時，我認為您可能涉及到了 ID 業務方面的一些內容，戰略上的輕微轉變，您為客戶提供了更多的端到端服務平台可以管理它們的整個生命週期。你能談談嗎？我很想听，因為我認為這是一個非常有趣的觀點。如果你能談談任何交叉銷售機會，你認為這會打開或定價嗎？或者為什麼會這樣——你已經明白這是一種漸進式的正確策略，而不是你以前的策略最初是在你在空間內移動時思考的。我很想听聽那裡有什麼機會。

Sure. Well, I think this is not some sudden change or anything like that. I mean we've been working towards this for the better part of 30 years. It was the underpinning of the acquisition of ID R&D from a world-leading biometrics capability in liveness and then it was really the foundational associated with the HooYu acquisition and capturing a platform and easy-to-manage low-code, no-code platform.

當然。嗯，我認為這不是突然的變化或類似的事情。我的意思是，30 年來我們一直在為此努力。它是從世界領先的活性生物識別能力中收購 ID 研發的基礎，也是收購 HooYu 並捕獲平台和易於管理的低代碼、無代碼平台相關的基礎。

We're orchestrating multiple signals not just for onboarding big customers and opening new accounts, but those in life, the life cycle use cases of persistent identity or knowing your customer and being able to do [money-laundering] checks well after somebody signs up for a new account or new card or something.

我們正在精心策劃多個信號，不僅是為了吸引大客戶和開設新賬戶，還為了生活中的信號，即持久身份或了解您的客戶以及在有人註冊後能夠很好地進行[洗錢]檢查的生命週期用例換個新賬戶或者新卡之類的。

So that's been the strategy here going back for years. I think we've been able to fine-tune it as we go. That's where the market is. That's where the market is going. And I think we're very fortunate to have not just captured incredible capabilities, but the talent and the teams that go with that. And you'll see us continue to leverage that and continue to evolve that strategy so that it's beyond and not just beyond identity but identity and fraud. And you're starting to see that with the first signals that we're getting as a result of our Deposits business and being able to intersect our Deposits, that was the Check Fraud Defender as a broad signal with our Identity business.

這就是多年來的策略。我認為我們已經能夠在進行過程中對其進行微調。這就是市場所在。這就是市場的發展方向。我認為我們非常幸運，不僅擁有令人難以置信的能力，而且還擁有與之相伴的人才和團隊。你會看到我們繼續利用這一點，並繼續發展這一戰略，使其超越身份，不僅超越身份，還超越身份和欺詐。您開始看到，我們通過存款業務獲得的第一個信號並能夠與我們的存款相交，這就是支票欺詐防御者，它是我們身份業務的廣泛信號。

The next question is from Allen Klee with Maxim Group.

下一個問題來自 Maxim Group 的 Allen Klee。

Can you give us some color on how you think about the relative growth rates of the Deposits versus the Identity business in fiscal '23?

您能否告訴我們您如何看待 23 財年存款業務與身份業務的相對增長率？

Sure thing, Allen. We're probably not going to break the guidance down by line of business, but I'm happy to give you a sense of it. We've expected that -- and I think we're on record and it's been a while since we've talked about it, but we're on record relative to the deposits with Check Fraud Defender and many of the new things that have been introduced. And we see that business as being a high single-digit, low double-digit growth business.

當然可以，艾倫。我們可能不會按業務範圍細分該指南，但我很樂意讓您有所了解。我們已經預料到了這一點——我認為我們已經記錄在案，而且我們已經有一段時間沒有討論過這個問題了，但我們已經記錄了與 Check Fraud Defender 的存款以及許多新事物有關的情況。被介紹了。我們認為該業務是一個高個位數、低兩位數增長的業務。

Obviously, we just talked about fiscal year '22 with 14% growth, so very much on the high end of that range. But I think we stand behind that. We anticipate that the traditional check business will slowly modulate relative to its growth. It will continue to grow, just maybe it won't grow as fast as it did in '21 and '22, and that will be offset by the continued uptake of Check Fraud Defender. So that's on the Deposit side.

顯然，我們剛剛談到了 22 財年的增長 14%，因此非常處於該範圍的高端。但我認為我們支持這一點。我們預計傳統支票業務將隨著其增長緩慢調整。它會繼續增長，只是可能不會像 21 年和 22 年那樣增長得那麼快，這將被 Check Fraud Defender 的持續採用所抵消。這是存款方面的情況。

On the Identity side, we definitely see the market for identity being a little different, not just for us, but just the market itself. Being a little different today than it was 1 year, 1.5 years ago. But the idea is we can deliver high teens growth in that business in FY '23. I think that's a good number, maybe a good range to have in your mind.

在身份方面，我們確實看到身份市場有點不同，不僅對我們而言，而且對市場本身也是如此。今天與 1 年、1.5 年前有些不同。但我們的想法是，我們可以在 23 財年實現該業務的高速增長。我認為這是一個很好的數字，也許是你心目中的一個不錯的範圍。

And when we look at operating expenses, how do you think about, to the extent that you're trying to position, that you've already spent for some future growth? Or do you think that this continues to kind of grow kind of in track with revenues?

當我們考慮運營費用時，在您試圖定位的範圍內，您如何看待您已經為未來增長支出的費用？或者您認為這會繼續與收入同步增長嗎？

Yes. Without getting into very specific, so maybe Fuad has something to add here. But as we get bigger with scale, we should be able to increase our leverage. We've done a lot to integrate both the ID R&D and the HooYu teams product systems. So starting to get some of the synergies and starting to see that kind of make its way through the P&L.

是的。沒有討論得非常具體，所以也許福阿德在這裡需要補充一些東西。但隨著我們規模不斷擴大，我們應該能夠增加我們的影響力。我們做了很多工作來整合ID研發和HooYu團隊的產品系統。因此，我們開始獲得一些協同效應，並開始看到這種協同效應滲透到損益表中。

But as we continue to grow the business, we expect that we're going to be able to take more and more of the bottom line and be able to expand operatively.

但隨著我們業務的不斷發展，我們預計我們將能夠獲得越來越多的利潤並能夠有效擴張。

And just kind of add a little bit. I think you see that in our guidance for 2023. That's our operating -- non-GAAP operating margin guidance is 29.5% to 35% and on the high end, it is higher than where we ended 2022 at. And we're still obviously growing the business and consolidating and going through a consolidation of the HooYu business and the synergies that will come from that. So they'll have to be included in it. But despite all of that, we're projecting a slightly higher non-GAAP operating margin for 2022.

只需添加一點點即可。我認為您在我們的 2023 年指導中看到了這一點。這就是我們的運營 - 非 GAAP 運營利潤率指導為 29.5% 至 35%，在高端，它高於我們 2022 年年底的水平。顯然，我們仍在發展業務並整合併經歷 HooYu 業務的整合以及由此產生的協同效應。所以他們必須包含在其中。但儘管如此，我們預計 2022 年的非 GAAP 營業利潤率將略高。

Last question. Do you think once you've caught up on your financials that you might be able to release your Qs and Ks on the same day that you report your earnings?

最後一個問題。您認為一旦掌握了財務狀況，您就可以在報告收入的同一天發布您的 Q 和 K 嗎？

I wouldn't set that expectation. I think we will do that sequentially. And that's just the way the auditor process their work. They'll complete all their work for fiscal 2022, and then they'll move to 2023. So we'll do that sequentially.

我不會設定這樣的期望。我想我們會按順序這樣做。這就是審核員處理工作的方式。他們將完成 2022 財年的所有工作，然後移至 2023 年。所以我們將按順序進行。

As I said earlier on the call. We're talking about a week, 10 days for the K. And then weeks after that with the Qs. A lot of the auditors finish their work and complete and then we'll release those. And with the expectations that we get back to the normal cadence starting in Q3 and thereafter.

正如我之前在電話中所說。我們談論的是 K 的一周、10 天。然後是 Q 的幾週後。許多審計員完成了他們的工作並完成，然後我們將發布這些內容。並期望我們從第三季度及之後開始恢復正常節奏。

This concludes our question-and-answer session. I would like to turn the conference back over to Todd Kehrli for any closing remarks.

我們的問答環節到此結束。我想將會議轉回托德·凱利 (Todd Kehrli) 發表閉幕詞。

Thank you, operator, and thank you, everyone, for joining us today. We look forward to updating you again next quarter. Our call has concluded, and have a wonderful day.

謝謝運營商，也謝謝大家今天加入我們。我們期待下季度再次為您提供最新消息。我們的通話結束了，祝您有美好的一天。

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。