Mitek Systems Inc (MITK) 2023 Q2 法說會逐字稿

Good day, and welcome to the Mitek Fiscal 2023 Second Quarter Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 Mitek 2023 財年第二季財報電話會議。 （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 Todd Kehrli of MKR Investor Relations. Please go ahead.

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

Thank you, operator. Good afternoon, and welcome to Mitek's Fiscal 2023 Second Quarter and First 6 Months Earnings Conference Call. With me on today's call are Mitek's CEO, Max Carnecchia; and Interim CFO, Fuad Ahmad.

謝謝你，接線生。下午好，歡迎參加 Mitek 的 2023 財年第二季和前 6 個月財報電話會議。參加今天電話會議的有 Mitek 執行長 Max Carnecchia；和臨時財務長福阿德·艾哈邁德。

Before I turn the call over to Max and Fuad, I'd like to cover a few quick items. This afternoon, Mitek issued a press release announcing its fiscal 2023 financial results for its second quarter and first 6 months. This 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.

在將電話轉給 Max 和 Fuad 之前，我想先簡單介紹一些內容。今天下午，Mitek 發布新聞稿，公佈了 2023 財年第二季和前 6 個月的財務表現。此版本可在公司網站miteksystems.com 上取得。此次電話會議將透過網路向所有有興趣的各方進行現場直播，網路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. These forward-looking statements may include comments about the company's plans and expectations of future performance.

我想提醒大家，在今天的電話會議上，管理階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。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。

Forward-looking statements are subject to a number of risks and uncertainties, which could 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.

前瞻性陳述受到許多風險和不確定性的影響，這可能導致實際結果有重大差異。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。

Our statements on this call are made as of today, September 14, 2023, and the company undertakes no obligation to revise or update publicly any of the forward-looking statements contained herein, whether as a result of new information, future events, changes in expectations or otherwise.

我們在本次電話會議上的聲明截至今天，2023 年 9 月 14 日，本公司沒有義務公開修改或更新此處包含的任何前瞻性聲明，無論是由於新資訊、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 the 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，並提供了新聞稿中報告期間兩者之間的調整。

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 的執行長 Max。

Thanks, Todd. Good afternoon, everyone. Thanks for joining us today. We're very excited to be talking with you today, having just released our fiscal 2023 second quarter and first 6 months results. We expect to file our 10-Q for the second quarter soon and anticipate filing our 10-Q for the third quarter before the expiration of our NASDAQ extension deadline of October 13. With that filing, we will be current with our SEC filings.

謝謝，托德。大家下午好。感謝您今天加入我們。我們剛剛發布了 2023 財年第二季和前 6 個月的業績，很高興今天與您交談。我們預計很快就會提交第二季的10-Q 報告，並預計在10 月13 日納斯達克延期截止日期到期之前提交第三季的10-Q 報告。提交該報告後，我們將及時提交SEC 報告。

Before I review the second quarter results, I want to take this opportunity to recognize and thank the Mitek [nation] for their tremendous efforts, which has resulted in an exceptionally strong quarter. You have shown resilience despite the disruptions and distractions presented through the rigorous audit process. Thank you for your commitment to building a stronger Mitek.

在回顧第二季業績之前，我想藉此機會認可並感謝 Mitek [國家] 的巨大努力，正是他們的努力帶來了異常強勁的季度業績。儘管嚴格的審核過程中出現了乾擾和乾擾，但您仍然表現出了韌性。感謝您致力於打造更強大的 Mitek。

Now let me talk about fiscal 2023 second quarter results. We recorded record second quarter revenue of $45.3 million, representing growth of 35% year-over-year. We delivered GAAP net income of $4.4 million for the second quarter and non-GAAP net income of $13.1 million. Also, we delivered cash flow from operations of $6.3 million during the quarter. These stellar Q2 results, coupled with our record first quarter results, reflect some of our major accomplishments in the first 6 months of fiscal 2023, including being first to market with a multimodal biometric solution to elevate the fight against growing fraud.

現在讓我談談2023財年第二季的業績。我們第二季的營收達到創紀錄的 4,530 萬美元，年增 35%。我們第二季的 GAAP 淨利潤為 440 萬美元，非 GAAP 淨利潤為 1,310 萬美元。此外，本季我們還交付了 630 萬美元的營運現金流。這些出色的第二季業績，加上我們創紀錄的第一季業績，反映了我們在2023 財年前6 個月取得的一些重大成就，包括率先向市場推出多模式生物辨識解決方案，以加強打擊日益嚴重的詐欺行為。

Beyond just our record revenue and earnings performance in the first 6 months of the fiscal year, we have distinguished ourselves as a critical solution in the fight against fraud.

除了本財年前 6 個月創紀錄的收入和盈利表現外，我們還作為打擊詐欺的關鍵解決方案而脫穎而出。

So let's dive a bit deeper into our 2 lines of business, starting with deposits. The 2 major products, Mobile Deposit and Check Fraud Defender, continue to yield strong revenue growth with deposits revenue increasing 35% year-over-year. Mobile Deposit continues to gain traction with consumers due to its convenience and ease of use, and the adoption of our Check Fraud Defender product showed positive momentum as bank losses associated with check fraud continued to skyrocket.

因此，讓我們從存款開始，更深入地了解我們的兩條業務線。行動存款和支票詐欺防禦兩大主要產品收入持續強勁成長，存款收入較去年同期成長 35%。行動存款因其便利性和易用性而繼續受到消費者的青睞，隨著與支票詐欺相關的銀行損失持續飆升，我們的支票詐欺防禦產品的採用顯示出積極的勢頭。

Check Fraud Defender is a secure, cloud-based consortium that strengthens the financial institution's existing fraud prevention. Check Fraud Defender uses proprietary image analysis to extract data from stolen checks, account screens and identification documents sold in criminal channels to provide alerts of potentially compromised accounts. As it is a consortium-based, relevant data is shared with all participating banks, making it a powerful offering. We believe Check Fraud Defender will continue to grow its growth trajectory and be a growth driver for our deposits business for years to come.

Check Fraud Defender 是一個基於雲端的安全聯盟，可增強金融機構現有的詐欺防制能力。 Check Fraud Defender 使用專有的圖像分析從被盜支票、帳戶螢幕和透過犯罪管道出售的身份證明文件中提取數據，以提供可能受損的帳戶警報。由於它是一個基於聯盟的，相關數據與所有參與銀行共享，使其成為一個強大的產品。我們相信 Check Fraud Defender 將繼續發展其成長軌跡，並成為未來幾年我們存款業務的成長動力。

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. Our declaratory judgment action is currently on appeal to the U.S. Court of Appeals for the Federal Circuit after the District Court found it did not possess jurisdiction to adjudicate our claims. Oral arguments on our appeal are expected late this year or early next year.

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援。銀行客戶。在地方法院發現其不具備裁決我們的索賠的管轄權後，我們的宣告性判決訴訟目前正在向美國聯邦巡迴上訴法院提出上訴。我們的上訴預計將於今年年底或明年初進行口頭辯論。

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 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.

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) 已宣布其一直依賴的5 項USAA 專利無效，其中2 項是他們一直依賴的起訴各金融機構的專利。與自動捕捉有關。

We expect the PTAB to invalidate more of USAA's patents in the coming months as they continue their review of additional USAA patents, including 1 additional USAA patent related to auto capture. We also intend to continuously -- 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.

我們預計 PTAB 將在未來幾個月內使更多 USAA 專利無效，因為他們將繼續審查其他 USAA 專利，其中包括 1 項與自動捕獲相關的額外 USAA 專利。我們也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，我們相信我們的產品不會侵犯任何 USAA 專利。

Turning our focus now to the identity line of business. We are pleased to report a robust 35% year-over-year growth in identity revenue, which is a remarkable achievement considering the challenging macroeconomic conditions we face. This outstanding performance underscores the increasing importance of identity verification in today's digital landscape.

現在將我們的注意力轉向身份業務。我們很高興地報告身分收入年增 35%，考慮到我們面臨的充滿挑戰的宏觀經濟條件，這是一項了不起的成就。這一出色的表現凸顯了身份驗證在當今數位環境中日益重要的重要性。

In the era of ongoing digital transformation, organizations are constantly striving to deliver seamless and secure online experiences for their customers. Identity verification has emerged as a crucial component of every customer interaction and journey. It plays a pivotal role in ensuring regulatory compliance, detecting and preventing attempted impersonation fraud and enhancing the success rate of customers onboarding with minimal friction.

在持續數位轉型的時代，組織不斷努力為其客戶提供無縫且安全的線上體驗。身份驗證已成為每次客戶互動和旅程的重要組成部分。它在確保合規性、檢測和防止企圖冒充詐欺以及以最小的摩擦提高客戶入職成功率方面發揮關鍵作用。

We have positioned ourselves strategically to meet the growing demands of our customers, whether it's at the point of initial customer onboarding or during the reverification and authentication process for returning customers. MiVIP, our leading identity verification and authentication solution, leverages the power of AI with multimodal biometrics to provide our customers -- consumers with the utmost convenience and highest levels of security to meet the growing demands of the digital savvy consumer.

我們對自己進行了策略定位，以滿足客戶不斷增長的需求，無論是在最初的客戶加入階段還是在回訪客戶的驗證和認證過程中。 MiVIP 是我們領先的身份驗證和身份驗證解決方案，利用人工智慧和多模態生物識別技術的力量，為我們的客戶（消費者）提供最大的便利和最高級別的安全性，以滿足精通數位的消費者不斷增長的需求。

Mitek's Verified Identity Platform, MiVIP, is a fully integrated identity platform that leverages our IP in biometrics, capture, computer vision and data intelligence and present it to the customer via a low-code implementation platform.

Mitek 的驗證身分平台 MiVIP 是一個完全整合的身份平台，利用我們在生物識別、捕獲、電腦視覺和資料智慧方面的 IP，並透過低程式碼實施平台將其呈現給客戶。

In the first half of fiscal 2023, we added MiPass to its capabilities. MiPass is the industry's first multimodal biometric solution for continuous identity authentication. MiPass combines voice, and face recognition using sophisticated liveness detection technology to defend against digital and deepfake attacks in real time.

在 2023 財年上半年，我們在其功能中新增了 MiPass。 MiPass 是業界首個用於持續身份驗證的多模式生物辨識解決方案。 MiPass 使用先進的活體偵測技術將語音和臉部辨識結合起來，即時防禦數位和深度偽造攻擊。

With the onslaught of machine-driven fraud attacks, voice and face biometrics used together with built-in liveness checks are becoming the strongest and most effortless means to authenticate someone's identity online.

隨著機器驅動的詐欺攻擊的猛烈攻擊，語音和臉部生物識別技術與內建活體檢查一起使用，正在成為在線驗證某人身份的最強大、最輕鬆的手段。

Combining the 2 biometrics is a significant security improvement beyond the face recognition only system many use today. Authenticating digital identities with MiPass also reduces the risk associated with on-device stored biometrics, which can easily be compromised, shared between people or overwritten with a simple passcode.

結合這兩種生物辨識技術是一項重大的安全改進，超越了當今許多人使用的僅臉部辨識系統。使用 MiPass 驗證數位身分還可以降低與裝置上儲存的生物辨識資訊相關的風險，這些資訊很容易被洩露、在人與人之間共用或被簡單的密碼覆蓋。

MiPass is delivered for developer-friendly SDK, which makes it easy to embed into a variety of customer use cases such as simple account information updates, password resets, device rebinding and high-risk financial transactions.

MiPass 是為開發人員友好的 SDK 提供的，可輕鬆嵌入到各種客戶用例中，例如簡單的帳戶資訊更新、密碼重設、裝置重新綁定和高風險金融交易。

Experts estimate that more than 80% of hacking breaches involve the use of stolen passwords or credentials, fraud that can cost a large company millions of dollars a year. By moving to a more secure passwordless approach to digital account authentication, companies can both increase customer loyalty and reduce their own risk for identity theft and account takeover attacks.

專家估計，超過 80% 的駭客攻擊涉及使用被盜密碼或憑證，這種詐欺行為每年可能對大公司造成數百萬美元的損失。透過採用更安全的無密碼方法進行數位帳戶身份驗證，公司既可以提高客戶忠誠度，又可以降低自身遭受身份盜竊和帳戶接管攻擊的風險。

Staying with account takeover, the highlights -- and highlighting our tremendous work in biometrics, Gartner predicts that in 2023, 20% of successful account takeover attacks will leverage deepfakes. Mitek's latest innovation, IDLive Face Plus, addresses the growing security threat posed to the institutions and consumers by deepfakes and digital injection attacks. IDLive Face Plus has detection of digital injection attacks where fraudsters use hardware and software hacks to substitute a biometric capture with a fake digital image.

Gartner 預測，到 2023 年，20% 的成功帳號接管攻擊將利用 Deepfakes。 Mitek 的最新創新 IDLive Face Plus 解決了深度造假和數位注入攻擊對機構和消費者造成的日益嚴重的安全威脅。 IDLive Face Plus 可以偵測數位注入攻擊，詐騙者使用硬體和軟體駭客手段，以虛假數位影像取代生物辨識擷取。

It is the first known product to help ensure proper selfie capture on both desktop and mobile devices with a frictionless approach that eliminates user abandonment caused by complicated security checks.

它是第一個已知的產品，可幫助確保在桌面和行動裝置上正確拍攝自拍照，並以無摩擦的方式消除因複雜的安全檢查而導致的用戶放棄。

As deepfakes have become more realistic and easier to produce, injection attacks are an increasingly common method used to spoof biometrics. The innovative approach to combating deepfakes utilized by IDLive Face Plus will help our customers stay ahead of this increasing problem.

隨著深度偽造變得更加真實且更容易製作，注入攻擊成為越來越常見的欺騙生物辨識技術的方法。 IDLive Face Plus 採用的創新方法來打擊深度造假，將有助於我們的客戶領先於此日益嚴重的問題。

Also in the first half of the fiscal year, a patent was awarded to Mitek's ID R&D subsidiary for their novel approach to securing virtual assistant and chatbot sessions on a mobile device. The method involves the collection of multiple biometrics throughout the chat session without added comps or tasks for the user. It provides a unique method to enable an intelligent chatbot to continuously confirm a person's identity, and that they are, in fact, a live human being while maintaining a natural user experience.

同樣在本財年上半年，Mitek 的 ID 研發子公司因其在行動裝置上保護虛擬助理和聊天機器人會話安全的新穎方法而獲得了一項專利。該方法涉及在整個聊天會話中收集多個生物識別信息，而無需為用戶添加組件或任務。它提供了一種獨特的方法，使智慧聊天機器人能夠持續確認一個人的身份，並且他們實際上是一個活生生的人，同時保持自然的用戶體驗。

The timing of the patent award coincides with the launch and rise of the popularity of ChatGPT, a chatbot prototype that demonstrates dramatic advancements in conversational intelligence. The technology opens the door to a variety of new applications where interactive human-to-machine collaboration is productive.

專利授予的時機恰逢 ChatGPT 的推出和普及，ChatGPT 是一個聊天機器人原型，展示了對話智慧方面的巨大進步。該技術為各種新應用打開了大門，在這些應用中，互動式人機協作是富有成效的。

From a large multinational banks to government agencies, our customers and partners use our identity verification solutions to enable effortless and safe experiences for new and returning consumers. To quote our customer, Virgin Money, who are a proud digital-first bank with a clear ambition to disrupt the status quo, "It is of paramount importance that Virgin Money platform and the digital experiences the bank's customers encounter are world-class. We want our smart digital tools to put our customers in control. And with Mitek, the journey helps our customers to successfully pass KYC where traditional name, address checks have failed."

從大型跨國銀行到政府機構，我們的客戶和合作夥伴使用我們的身分驗證解決方案為新消費者和回頭客提供輕鬆、安全的體驗。引用我們的客戶Virgin Money 的話來說，「Virgin Money 平台和銀行客戶所遇到的數位體驗是世界一流的，這一點至關重要。Virgin Money 是一家自豪的數位優先銀行，有著顛覆現狀的明確雄心。我們“希望我們的智慧數位工具能夠讓我們的客戶掌控一切。透過 Mitek，這一過程可以幫助我們的客戶成功通過 KYC，而傳統的姓名、地址檢查卻失敗了。”

We at Mitek 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.

Mitek 為我們所產生的正面影響感到自豪，我們將繼續致力於推進我們的技術，並在打擊數位身分詐欺的鬥爭中為我們的客戶提供更大的價值。

During the first half of the year, our marketing efforts were concentrated on building momentum. We bolstered our digital presence and increased brand visibility through a series of global events, resulting in thousands of meaningful customer engagements. Our sales and marketing teams are not simply product sellers. They are dedicated to cultivating relationships and crafting tailored solutions. We firmly believe that this approach sets Mitek apart and is a vital element of our future ready strategy.

上半年，我們的行銷工作主要集中在造勢上。我們透過一系列全球活動增強了我們的數位影響力並提高了品牌知名度，從而實現了數千次有意義的客戶互動。我們的銷售和行銷團隊不僅僅是產品銷售人員。他們致力於培養關係並制定量身定制的解決方案。我們堅信，這種方法使 Mitek 與眾不同，並且是我們面向未來的策略的重要組成部分。

As we continue to innovate and adapt to the evolving digital landscape, our identity line of business remains a cornerstone of our success. We are committed to delivering solutions that exceed our customers' expectations in an increasingly interconnected and security-conscious world.

隨著我們不斷創新並適應不斷發展的數位環境，我們的身分認同業務線仍然是我們成功的基石。我們致力於在日益互聯和安全意識日益增強的世界中提供超越客戶期望的解決方案。

Looking ahead, I want to acknowledge the difficult macroeconomic environment and its impact on new enterprise spending. While we have delivered significant growth in the first half of our fiscal year, due to the timing of large deals, we do not expect the same type of growth to continue in the second half of our fiscal year. We, along with many other enterprise software companies, are seeing customers in our pipeline extend sales cycles and delay new purchases in an effort to control expenses in this challenging environment.

展望未來，我想承認困難的宏觀經濟環境及其對新企業支出的影響。雖然我們在上半財年實現了顯著成長，但由於大型交易的時機，我們預計下半財年不會繼續出現同樣類型的成長。我們與許多其他企業軟體公司一樣，發現我們的客戶正在延長銷售週期並推遲新的採購，以努力在這個充滿挑戰的環境中控制費用。

While this posture continues, we will experience slower growth than we have, but we remain well positioned to capitalize on new business -- on our new business pipeline and the significant market opportunity ahead of us once conditions begin to improve.

雖然這種態勢持續下去，但我們的成長速度將比以前慢，但我們仍處於有利地位，可以充分利用新業務——我們的新業務管道以及一旦情況開始改善，我們面前的重大市場機會。

Having said all of that, we are reiterating our annual guidance, which calls for revenue growth of 18% year-over-year at the midpoint and for the non-GAAP operating margin in the range of 30% to 31% for the full fiscal year.

話雖如此，我們重申了我們的年度指導，其中要求收入同比增長 18%，整個財年的非 GAAP 營業利潤率在 30% 至 31% 範圍內。

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

現在我將把電話轉給福阿德，更詳細地討論財務表現。在福阿德發表演說後，我們將開始提問。福阿德，請繼續。

Thanks, Max, and thank you, everyone, for joining us this afternoon. I'll start with our Q2 of fiscal 2023 revenue and operating results. For the second quarter of fiscal '23, Mitek generated $45.3 million of revenue, a 35% increase year-over-year. Software and hardware revenue was $25.3 million, up 39% year-over-year. The increase in software and hardware revenue is primarily due to the growing contribution of ID R&D and continuing Mobile Deposit reorders. As we have previously noted, ID R&D is transactional in nature and is part of our Identity business. However, since it is offered on-premise, we put that revenue into software line for accounting purposes.

謝謝麥克斯，也謝謝大家今天下午加入我們。我將從 2023 財年第二季的營收和營運表現開始。 23 財年第二季度，Mitek 創造了 4,530 萬美元的收入，年增 35%。軟體和硬體收入為2530萬美元，年增39%。軟硬體收入的成長主要得益於ID研發貢獻的不斷增長以及行動存款訂單的持續增長。正如我們之前指出的，ID 研發本質上是交易性的，是我們身分認同業務的一部分。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體產品線。

Services and other revenue, which includes transactional SaaS revenue, maintenance and professional services, was $20.1 million for the quarter, up 31% year-over-year. Moreover, our transactional SaaS revenue increased 33% year-over-year to $13.9 million. Driving this growth in the transactional SaaS strategy was increased Mobile Verify volume as well as the addition of HooYu revenue. Deposits revenue for the second quarter increased 35% year-over-year to $28.8 million, driven by Mobile Deposit reorders.

本季服務和其他收入（包括交易 SaaS 收入、維護和專業服務）為 2,010 萬美元，較去年同期成長 31%。此外，我們的交易 SaaS 營收年增 33%，達到 1,390 萬美元。行動驗證量的增加以及 HooYu 收入的增加推動了交易 SaaS 策略的成長。在行動存款重新下單的推動下，第二季存款收入年增 35% 至 2,880 萬美元。

Identity revenue also increased 35% year-over-year to $16.6 million, driven by the addition of HooYu SaaS revenue and strong contribution from ID R&D and Mobile Verify products. We delivered software and hardware gross margin up 99% for the quarter. Gross margin on services and other revenue was 72%, and total gross margin for the quarter was 87%, consistent with gross margins in the last year of the second quarter.

在HooYu SaaS營收的增加以及身分研發和行動驗證產品的強勁貢獻的推動下，身分收入也較去年同期成長35%，達到1,660萬美元。本季我們的軟體和硬體毛利率成長了 99%。服務和其他收入的毛利率為72%，本季總毛利率為87%，與去年第二季的毛利率一致。

Total GAAP operating expenses, including concept revenues, were $37.4 million compared to $30.8 million in Q2 of last year. This increase is due to the investments to grow our identity business and additional costs associated with the acquisition of HooYu, as well as higher G&A expenses related to enhancing our back office systems and teams.

包括概念收入在內的 GAAP 營運支出總額為 3,740 萬美元，而去年第二季為 3,080 萬美元。這一增長是由於發展我們的身分業務的投資和與收購 HooYu 相關的額外成本，以及與增強我們的後台系統和團隊相關的一般管理費用增加。

Sales and marketing expenses for the quarter were $9.6 million compared to $9.2 million a year ago. R&D expenses were $7.5 million compared to $7.1 million last year, and our G&A expenses were $10.1 million compared to $6.1 million a year ago. The increase in G&A expenses was primarily a result of increased onetime fees associated with our delayed filings. Additional resources to our corporate services team to accommodate a rapidly scaling business and certain onetime restructuring and executive separation expenses.

本季的銷售和行銷費用為 960 萬美元，而去年同期為 920 萬美元。研發費用為 750 萬美元，去年為 710 萬美元；一般管理費用為 1,010 萬美元，去年為 610 萬美元。一般管理費用的增加主要是由於與我們延遲提交文件相關的一次性費用增加所致。為我們的企業服務團隊提供額外資源，以適應快速擴展的業務以及某些一次性重組和高階主管離職費用。

GAAP net income for the quarter was $4.4 million or income of $0.10 per diluted share. Our diluted share count was 45.6 million compared to 46.1 million a year ago.

該季度 GAAP 淨利潤為 440 萬美元，或稀釋後每股收益 0.10 美元。我們的稀釋後股票數量為 4560 萬股，而一年前為 4610 萬股。

Turning to non-GAAP results. Non-GAAP net income for Q2 of fiscal '23 was $13.1 million or $0.29 per diluted share compared to a non-GAAP net income of $9.7 million or $0.21 per share for the same period last year.

轉向非 GAAP 業績。 23 財年第二季的非 GAAP 淨利為 1,310 萬美元，或稀釋後每股 0.29 美元，而去年同期的非 GAAP 淨利潤為 970 萬美元，或每股 0.21 美元。

We believe non-GAAP net income provides a useful measure of the company's operating profitability and cash flow by excluding amortization and acquisition-related costs, stock compensation expense, onetime or nonrecurring litigation expenses, amortization of debt discounts and issuance costs, restructuring costs and the related tax impact 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可以有效衡量公司的營運獲利能力和現金流，不包括攤銷和收購相關成本、股票補償費用、一次性或非經常性訴訟費用、債務折扣和發行成本攤銷、重組成本以及這些項目的相關稅務影響。今天稍早發布的新聞稿中提供了 GAAP 與非 GAAP 表述的對帳。

Now turning to the balance sheet. We generated $6.3 million in cash flow from operations during the second quarter, bringing our total cash and investments to $114.5 million as of March 31, 2023.

現在轉向資產負債表。我們第二季的營運現金流為 630 萬美元，截至 2023 年 3 月 31 日，我們的現金和投資總額達到 1.145 億美元。

For the first 6 months of fiscal 2023, which includes the record first quarter results we reported earlier this month, we report $91 million of revenue, a 38% increase year-over-year.

2023 財年的前 6 個月（包括我們本月稍早公佈的創紀錄的第一季業績），我們報告營收為 9,100 萬美元，較去年同期成長 38%。

Deposits revenue for the first 6 months increased 47% year-over-year to $59 million, driven by solid mobile deposit reorders and signing of a large multiyear contract in the first quarter has locked in favorable pricing for us over 4 years. Due to the unique terms of this contract, we recognized additional license revenue related to the future periods of approximately $7 million in the first quarter.

前 6 個月的存款收入同比增長 47%，達到 5,900 萬美元，這得益於穩定的移動存款再訂單以及第一季度簽署的大型多年期合同，為我們鎖定了 4 年多的優惠定價。由於該合約的獨特條款，我們在第一季確認了與未來期間相關的約 700 萬美元的額外授權收入。

Identity revenue for the first 6 months increased 24% year-over-year to $32 million, driven by addition of HooYu revenue and strong contribution from ID R&D and Mobile Verify products.

前 6 個月的身份收入年增 24%，達到 3,200 萬美元，這得益於 HooYu 收入的增加以及 ID 研發和行動驗證產品的強勁貢獻。

Moving on to guidance. As Max noted, 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 $169 million to $171 million, an increase of approximately 18% year-over-year from the midpoint of the guidance range. In addition, we expect full year fiscal 2023 non-GAAP operating margin to be in the range of 30% to 31%.

繼續指導。正如 Max 指出的那樣，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 1.69 億美元至 1.71 億美元之間，比指導範圍的中位數年增約 18%。此外，我們預計 2023 財年全年非 GAAP 營業利潤率將介於 30% 至 31% 之間。

In closing, we are pleased with the second quarter results, which included a record second quarter revenue, as well as solid operating margins.

最後，我們對第二季的業績感到滿意，其中包括創紀錄的第二季營收以及穩健的營業利潤率。

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

接線員，我們準備好的發言到此結束。請打開提問專線。

(Operator Instructions) Our first question comes from Jake Roberge with William Blair.

（操作員說明）我們的第一個問題來自 Jake Roberge 和 William Blair。

Congrats on the results. I know the check business is lumpy and you expect growth to decelerate through the year just given the timing of deals. But growth in that segment has been very durable. If you had to stack rank growth drivers, what could be the highest contributors between the conversion of more checks to Mobile Deposit, Check Fraud Defender layering deeper into the model? Or are price increases starting to be more meaningful? Just would love to kind of really understand what's driving growth in that segment this year.

祝賀結果。我知道支票業務不穩定，考慮到交易的時機，您預計今年的成長將會放緩。但該領域的成長非常持久。如果您必須疊加排名成長驅動因素，那麼將更多支票轉換為行動存款、支票詐欺防禦者在模型中更深層的轉換之間的最大貢獻者可能是什麼？或者漲價開始變得更有意義？只是想真正了解今年推動該領域成長的因素。

Sure, Jake. I would stack rank from highest impact to lowest impact, mobile check deposit adoption. So the online banking apps on your phone and use of that for depositing checks instead of going down the branch, number one. Number two, Check Fraud Defender. And number three, price increases, in that order. I think over time, Check Fraud Defender, as it becomes a more significant part of our business, certainly has an opportunity to move up that lead table.

當然，傑克。我會將行動支票存款採用率從最高影響到最低影響進行排名。因此，手機上的網上銀行應用程式並使用它來存入支票而不是去分行，這是第一名。第二，檢查欺詐衛士。第三，依序是價格上漲。我認為，隨著時間的推移，Check Fraud Defender 將成為我們業務中更重要的一部分，它肯定有機會提升領先地位。

Okay. Helpful. And then given these results for the quarter ended March, could you talk more about when you started to really feel the impact from the macro on those transactional volumes? Did you actually see any headwinds in Q2? Or did that become a lot more pronounced in Q3 and Q4? And then from your comments, it seems like ID verification may be getting more impacted than Mobile Deposit, but would love to kind of hear the puts and takes that you're seeing in each business as it relates to the macro.

好的。有幫助。然後考慮到截至 3 月的季度的這些結果，您能否更多地談談您何時開始真正感受到宏觀經濟對這些交易量的影響？您實際上在第二季度看到了任何阻力嗎？或者說這在第三季和第四季變得更加明顯？然後從您的評論來看，身份驗證似乎比行動存款受到的影響更大，但我很想聽聽您在每項業務中看到的與宏觀相關的看跌期權和拿單。

Yes. I think we've probably seen it going all the way back to -- you may not see it in the numbers, but -- the revenue numbers, but we've seen it probably going all the way back to November, December of last year, just the nature of how revenue gets formed meets those businesses being so different, there's kind of a lag in the way some of the contracts come up for deposits. So it's not as pronounced there. But I think those are contextualization I would give you for both lines of business.

是的。我認為我們可能已經看到它一直追溯到 - 你可能在數字中看不到它，但是 - 收入數字，但我們已經看到它可能一直追溯到去年 11 月、12 月今年，收入形成方式的本質與這些業務的差異如此之大，一些合約的存款方式存在一定的滯後性。所以它在那裡不那麼明顯。但我認為這些是我為您提供的這兩個業務領域的情境化資訊。

Our next question comes from Mike Grondahl with Northland Securities.

我們的下一個問題來自北國證券公司的麥克·格隆達爾。

Mobile ID and Mobile Deposits both grew 35%. Is there really anything to call out for either of those high growth rates, sort of what drove it? Or anything onetime?

行動 ID 和行動存款均成長 35%。這些高成長率真的有什麼值得稱讚的嗎？推動它的因素是什麼？或什麼一次性的事？

Yes, I wouldn't say there's anything onetime. It seems like Q2 FY '23 was the quarter of 35, right? 35% growth in both lines of business and then overall for the company.

是的，我不會說一次性有什麼。 23 財年第二季度似乎是 35 個季度，對吧？兩條業務線以及公司整體成長 35%。

In the mobile identity business, I would tell you on the Mobile Verify business, the identity business, we definitely had greater impact in the revenue from long-time existing customers that had increased volumes and increased usage. I think that was a contributor there for sure. We have some -- the banks that had some real big successful marketing campaigns for acquiring new customers.

在行動身分業務中，我想告訴您，在行動驗證業務、身分業務中，我們肯定對長期現有客戶的收入產生了更大的影響，這些客戶的數量和使用量都增加了。我認為這肯定是個貢獻者。我們有一些銀行為獲取新客戶進行了一些真正成功的大型行銷活動。

And then in Mobile Deposit, we had -- I wouldn't call it an outlier, we had a couple of big contracts. But every quarter, we typically have a -- the team has just done a wonderful job of smoothing out as best as possible the big contracts that come in that way.

然後在行動存款方面，我們有——我不會稱之為異常值，我們有幾個大合約。但每個季度，我們通常都會有一個——團隊剛剛完成了一項出色的工作，盡可能地平滑了以這種方式獲得的大合約。

Got it. And then going back to the March quarter, you had that contract extension with a large reseller and they got a 4-year price lock. Can you talk about the price increase that you got there? And are there other large retailers where you think you could get a similar price increase?

知道了。然後回到三月季度，您與一家大型經銷商延長了合同，他們獲得了 4 年的價格鎖定。您能談談您那裡的價格上漲嗎？您認為有其他大型零售商可以獲得類似的漲價嗎？

Yes, I'd remind you, Mike, we've been on the -- I want to call it just -- it's more principled approach to pricing, right? If we kind of go back to 4 years ago when we -- when the team undertook this endeavor, we primarily sell the Mobile Deposit solution through a channel of resellers. And the historical nature of those relationships was very inconsistent, and it was kind of hard to see a true line as to how pricing works. And as we've adjusted pricing and those contracts have come up, we've done it on a much more principled approach, and that's allowed us, in many instances, to increase pricing.

是的，我想提醒你，麥克，我們一直在——我想稱之為——這是一種更有原則的定價方法，對嗎？如果我們回到 4 年前，當我們團隊進行這項工作時，我們主要透過經銷商通路銷售行動存款解決方案。這些關係的歷史性質非常不一致，很難看出定價如何運作的真正界線。當我們調整定價並且簽訂這些合約時，我們採用了更原則性的方法，這使得我們在許多情況下能夠提高定價。

What you saw in the Q1 number and Fuad reiterated today in the prepared remarks, this kind of outside contract that we ended up with that we're very proud to have, it was the reengineering of a long-standing contract that had probably been not one of our best. And so I'm not going to go into any of the specifics other than to say we got them to what we think the general market for our product and our resellers is. And that's good for the market, and we think it's good for the partner, and certainly, it's good for Mitek and our shareholders.

您在第一季數據中看到的內容以及福阿德今天在準備好的發言中重申的內容，我們最終簽訂的這種外部合同，我們對此感到非常自豪，這是對長期合同的重新設計，而該合約可能不是我們最好的之一。因此，我不會透露任何具體細節，只是說我們已經將它們帶到了我們認為我們的產品和經銷商的整體市場。這對市場有利，我們認為這對合作夥伴有利，當然，對 Mitek 和我們的股東也有利。

Got it. Are there other large retailers, you got to play catch up on?

知道了。您還有其他大型零售商需要追趕嗎？

We're 4 years into this. There may be 1 or 2 left, but I don't think you'd -- I wouldn't model in anything like as extreme as what we saw in the Q1 results.

我們已經做了四年了。可能還剩下 1 或 2 個，但我認為你不會——我不會像我們在第一季的結果中看到的那樣極端。

Got it. And lastly, Max, now that you're almost caught up with your filing, what 2 things are you going to be most focused on?

知道了。最後，麥克斯，既然你已經快要完成你的歸檔工作了，那麼你最關注哪兩件事呢？

I'm going to Disney World. Just kidding around there, Mike. Yes, certainly, we're coming up on the end of our fiscal year. So not only do we want to get current, but we want to finish our FY '23 strong. So we're focused on that, we're focused on getting our annual operating plan in place. And then we're going to be focused on kicking off, right, getting everybody armed, aimed and excited about the opportunity that's before us and the adjustments and the improvements that we have to make for FY '24.

我要去迪士尼世界。只是在那兒開玩笑，麥克。是的，當然，我們的財政年度即將結束。因此，我們不僅要跟上潮流，而且要在 23 財年結束時表現強勁。因此，我們專注於這一點，我們專注於制定年度營運計劃。然後我們將專注於開始，對吧，讓每個人都武裝起來，瞄準我們面前的機會，並為我們必須為 24 財年做出的調整和改進感到興奮。

Our next question comes from Allen Klee with Maxim Group.

我們的下一個問題來自 Maxim Group 的 Allen Klee。

Yes. In identity, strong growth. Trying to understand to what degree -- I remember that maybe it was a year or 2 ago, there was 1 quarter where a marketing campaign of a bank ended and it had some impact. Is there anything of that the strength is maybe not recurring because there's kind of a shorter-term contract that might be ending? Or do you just think that you're just being a little cautious on macro overall?

是的。在身份上，強勢成長。試著了解什麼程度——我記得可能是一兩年前，有一個季度，一家銀行的行銷活動結束了，產生了一些影響。是否有任何事情可能不會再次出現，因為短期合約可能會終止？還是你只是認為你只是對宏觀整體有點謹慎？

Sure, Allen. Well, I think 2 things. First, the example you're using, I think it was a little over 12 months ago. We had a -- one of our partners supports a gaming customer, online gaming. And the gaming company introduced a new game, and there was an age verification requirement. And we used that as an example of some of the episodic nature of transaction volumes in our identity business. And that was a very popular game, and you had to verify that you were over 13 years old to be able to play. And they had over 1 million kids or adults sign up to play the game and that drove some revenues for us that they just weren't going to repeat the next quarter because unless there was a new spectacular blockbuster game.

當然，艾倫。嗯，我想有兩件事。首先，您使用的範例，我認為是 12 個月多前的事了。我們有一個——我們的合作夥伴之一為遊戲客戶提供線上遊戲支援。而遊戲公司推出了一款新遊戲，並且有年齡驗證的要求。我們以此作為我們身分業務中交易量的一些偶發性的例子。那是一款非常受歡迎的遊戲，你必須驗證自己年滿 13 歲才能玩。他們有超過 100 萬的兒童或成人註冊玩這款遊戲，這為我們帶來了一些收入，但他們不會在下個季度再重複這種情況，因為除非有一款新的精彩的重磅遊戲。

We see that the banking community, when they run a marketing campaign, I don't think there's anything here to call out. We had strong transaction volumes with the banks, as I indicated. I think the other thing that I neglected to indicate is, obviously, we've got the benefit of the HooYu acquisition. So we had -- we had HooYu team with us for the -- I think it was almost a full quarter on a year-over-year same-store basis comparison.

我們看到銀行界在進行行銷活動時，我認為沒有什麼值得指出的。正如我所指出的，我們與銀行的交易量很大。我認為我忽略的另一件事是，顯然，我們已經從收購HooYu 中受益。因此，我們有 - 我們有 HooYu 團隊與我們一起進行 - 我認為與去年同店比較相比，這幾乎是整個季度。

That's helpful. And then for your full biometric solution, can you give us an update of kind of where it stands in terms of where you are going to the market? And how we can think about maybe the sales process and what the size of those deals could potentially be compared to what you've been doing before?

這很有幫助。然後，對於您的完整生物辨識解決方案，您能否向我們提供有關您將進入市場的最新情況？我們如何考慮銷售流程以及這些交易的規模可能與您之前所做的相比？

No problem. So yes, this is -- obviously, you would imagine that MiPass, the multimodal biometric solution, which allows you to use both face and voice and the corresponding liveness of both of those biometric attributes, to have a very high assurance, very low friction way of authenticating who's on the other side of that device. And with a liveness, obviously, it's not a -- it's not an AI or a bot or some sort of recording or a replay.

沒問題。所以，是的，這顯然是，您會想像MiPass，一種多模式生物識別解決方案，它允許您同時使用面部和語音以及這兩種生物識別屬性的相應活躍度，以具有非常高的保證、非常低的摩擦驗證誰在該設備另一端的方式。顯然，有了活躍性，它不是人工智慧或機器人，也不是某種錄音或重播。

But back to your question, that's a very new thing. We announced it at Money 2020 last year. It's now in full production and available. We've got a couple of customers for it. We've got even more, not just pipeline, but folks who are testing it and using it to figure out how they're going to insert it into their production environments.

但回到你的問題，這是一個非常新的事情。我們去年在 Money 2020 上宣布了這項消息。目前已全面投入生產並可供使用。我們有幾個客戶。我們還有更多，不僅僅是管道，還有正在測試它並使用它來弄清楚如何將其插入生產環境的人。

Hard for me, I think just based on the amount of data we have, it's probably hard for me to give you a sense of what we think the average deal size is going to be, but there's a pretty wide swing there is to the place where we can add value. We certainly could find smaller opportunities in midsized businesses where we're going to manage that service for them, maybe in conjunction with MiVIP. And that's going to be something that's maybe $50,000 or EUR 50,000 a year, where we've got some much larger opportunities where this could be not just hundreds of thousands, but potentially millions of dollars a year and more oriented towards a true subscription as opposed to a transaction pricing model. Hopefully, that's helpful, Allen.

對我來說很難，我認為僅根據我們擁有的數據量，我可能很難讓您了解我們認為的平均交易規模將會是多少，但這個地方存在相當大的波動我們可以在哪裡增加價值。我們當然可以在中型企業中找到較小的機會，我們將為他們管理該服務，也許與 MiVIP 結合。這可能是每年 50,000 美元或 50,000 歐元，我們有一些更大的機會，這可能不僅僅是數十萬美元，而且可能是每年數百萬美元，並且更傾向於真正的訂閱，而不是到交易定價模型。希望這對你有幫助，艾倫。

That's great. My last question, it sounds like you're doing great on the patent side. What should we, from the outside, be kind of looking for over the next 6 to 12 months of news flow related to what's going on?

那太棒了。我的最後一個問題，聽起來你們在專利方面做得很好。從外部來看，我們應該在未來 6 到 12 個月內尋找與正在發生的事情相關的新聞流？

Yes, the 2 things I would keep an eye open for. The first is the ongoing PTAB rulings. So having that patent trade office rule on the patents that are out there that USAA is using to try to campaign against the banking industry. So more news there. Obviously, we're not involved in that, but we're following that very closely.

是的，我會密切關注兩件事。第一個是正在進行的 PTAB 裁決。因此，讓專利貿易辦公室對 USAA 用來試圖打擊銀行業的專利進行裁決。那裡有更多新聞。顯然，我們沒有參與其中，但我們正在密切關注。

And then as we indicated in the prepared remarks, we still have our declaratory judgment action that's on appeal. And we do expect over the course of the next 6 months to hear something in that matter.

然後，正如我們在準備好的發言中指出的那樣，我們仍然有正在上訴的宣告性判決行動。我們確實希望在接下來的 6 個月內聽到有關此事的消息。

(Operator Instructions) Our next question comes from Scott Buck with H.C. Wainwright.

（操作員說明）我們的下一個問題來自 Scott Buck 和 H.C.溫賴特。

First one, Max, on the macro, is it just as simple as folks getting better visibility around what the Fed is going to do and interest rates and what else is out there that could potentially alleviate some of these potential customer concerns?

首先，馬克斯，就宏觀而言，這是否就像人們更好地了解聯準會將要做什麼、利率以及還有什麼可以減輕潛在客戶擔憂一樣簡單？

Gosh, Scott. I think you're giving me way too much credit to be for a global economist here. What we hear from our customers is things are slowing for them, right? We're a B2B company. And from B2B to C, I mean, obviously, there's end consumers on the endpoint of the device, but we're mostly going through those -- those banking institutions or through partners. And they are the ones that are seeing loan growth and mortgage refinancing and e-locks and credit card delinquencies. That's where they're seeing the slowdown.

天哪，史考特。我認為你對我作為全球經濟學家的評價過高了。我們從客戶那裡聽到的是，他們的發展速度正在放緩，對嗎？我們是一家 B2B 公司。從 B2B 到 C，我的意思是，顯然，設備端點上有最終消費者，但我們主要是透過那些銀行機構或透過合作夥伴。他們是貸款成長、抵押貸款再融資、電子鎖和信用卡拖欠的人。這就是他們看到經濟放緩的地方。

Now that's -- a big part of our business is helping these customers grow their portfolios and grow their revenues. With the fraud dimension of where we're playing, where we've been growing, when the economy slows, fraud goes up, and so there is, I wouldn't call it silver lining, but there is a -- there's a positive cycle that thinks that the negative side outweighs the positive side by a couple of factors.

現在，我們業務的很大一部分是幫助這些客戶擴大他們的產品組合併增加他們的收入。就我們正在開展業務的地方、我們一直在增長的地方的欺詐維度而言，當經濟放緩時，欺詐就會增加，所以，我不會稱之為一線希望，但有一個——有一個積極的一面認為負面影響超過正面影響的循環有幾個因素。

No, that's fair. I appreciate that color. Second one, if we could talk a little bit about capital allocation, you're starting to build a fair amount of cash back onto the balance sheet here. What are you thinking about in terms of use cases? Is M&A back on the table? Or thinking about paying down some of the debt -- what is kind of your thoughts?

不，這很公平。我很欣賞那種顏色。第二，如果我們可以談談資本配置，你就會開始在資產負債表上建立相當數量的現金。您在用例方面有什麼想法？併購又回到桌面了嗎？或考慮償還一些債務——你有什麼想法？

Maybe I'll take that, and I'll ask Max to jump in. I think at this point, the first thing we got to do is kind of get completely current on our filings, right? So before we start thinking about potential M&A or even stock buyback, I think we have to be current on our filings, and we're going to get, hopefully, as Max said in his prepared remarks, before the filing (inaudible) that we committed to NASDAQ, which is October 13.

也許我會接受這個，我會請馬克斯介入。我想在這一點上，我們要做的第一件事就是全面了解我們的文件，對嗎？因此，在我們開始考慮潛在的併購甚至股票回購之前，我認為我們必須及時了解我們的文件，並希望我們能夠像馬克斯在他準備好的講話中所說的那樣，在提交文件之前（聽不見清）我們承諾於10月13日在納斯達克上市。

So I think that's got to be and has to be and is our priority right now. And then after that, I think then we do open up for business again, so to speak. So I think that's the way I'd say it for now.

所以我認為這必須是、必須是、也是我們現在的首要任務。然後在那之後，我想我們確實會再次開放業務，可以這麼說。所以我想這就是我現在要說的。

Our capital allocation, the way I was thinking about it is more focused internally, how we invest wisely and efficiently to grow the business at -- maximally the AOP, we go through that exercise and making sure that the capital that we have available, that we're allocating that prudently internally. And prudently meaning efficient, right? So right now, that's the focus. An outward focus. I think that's going to be not until we get ourselves current on the filings.

我們的資本配置，我的思考方式更注重內部，我們如何明智而有效地投資以最大程度地發展業務，AOP，我們會進行這項練習並確保我們擁有的可用資本，我們正在內部謹慎分配。謹慎意味著高效，對嗎？所以現在，這就是焦點。外在的焦點。我認為，直到我們了解最新的文件後，這才會發生。

Yes. I think, Scott, the only thing I'd add to that is just because of the very favorable terms of that convertible debt, it's hard for me to imagine we would prepay that or pay that down prematurely. Not to say it's impossible that there's some circumstance that we wouldn't be interested in doing that, but it's -- under course and (inaudible), current doesn't make any sense.

是的。我想，斯科特，我唯一要補充的是，由於可轉換債務的條款非常優惠，我很難想像我們會提前償還或提前償還。並不是說在某些情況下我們不會對此感興趣，但在當然情況下（聽不清楚），當前沒有任何意義。

Yes. That makes sense, guys. Congrats again on the results.

是的。這是有道理的，夥計們。再次恭喜結果。

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 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. Have a wonderful day.

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

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。您現在可以斷開連線。