Markforged Holding Corp (MKFG) 2024 Q2 法說會逐字稿

Greetings and welcome to the Markforged second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 Markforged 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Austin Bohlig, Director of Investor Relations. Thank you, Austin. You may begin.

現在我很高興向您介紹主持人，投資者關係總監 Austin Bohlig。謝謝你，奧斯汀。你可以開始了。

Good afternoon. I'm often Austin Bohlig, Director of Investor Relations of Markforged Holding Corporation. Welcome to our second quarter of 2024 results conference call. We will be discussing the results announced in our earnings press release issued after market close today. With me on the call is our President and CEO, Shai Terem, and CFO, Assaf Zipori.

午安.我通常是 Markforged Holding Corporation 投資者關係總監 Austin Bohlig。歡迎參加我們的 2024 年第二季業績電話會議。我們將討論今天收盤後發布的收益新聞稿中公佈的結果。與我一起參加電話會議的是我們的總裁兼執行長 Shai Terem 和財務長 Assaf Zipori。

Before we get started, I'd like to remind everyone that management will be making statements during this call that include estimates and other forward-looking statements, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that are not statements of historical facts should be deemed to be forward-looking statements.

在我們開始之前，我想提醒大家，管理層將在本次電話會議期間發表聲明，其中包括估計和其他前瞻性聲明，這些聲明是根據1995 年《私人證券訴訟改革法案》的安全港條款做出的。本次電話會議中包含的任何非歷史事實陳述的陳述均應被視為前瞻性陳述。

These statements represent management's views as of today, August 8, 2024, and are subject to material risks and uncertainties that could cause actual results to differ materially. A description of these risks and uncertainties and other factors that could affect our financial results and performance are included in our SEC filings, including in our most recent annual report on Form 10-K for the fiscal year ended December 31, 2023, and subsequent quarterly reports on our Form 10-Q, which may be obtained on the SEC's website and on our Investor Relations website. Markforged disclaims any intention or obligation, except as required by law to update or revise forward-looking statements.

這些陳述代表了截至今天（2024 年 8 月 8 日）管理層的觀點，並受到重大風險和不確定性的影響，可能導致實際結果出現重大差異。這些風險和不確定性以及可能影響我們財務表現和績效的其他因素的描述均包含在我們向SEC 提交的文件中，包括我們截至2023 年12 月31 日的財年的最新10-K 表格年度報告以及隨後的季度報告我們的 10-Q 表格上的報告，可以在 SEC 網站和我們的投資者關係網站上取得。除法律要求更新或修改前瞻性陳述外，Markforged 不承擔任何意圖或義務。

Also during the course of today's call, we refer to certain non-GAAP financial measures. These non-GAAP measures should be considered as a supplement to and not a substitute for our GAAP financial measures. There's a reconciliation schedule showing the GAAP versus non-GAAP results currently available in our press release issued after market close today. It can also be found on our Investor Relations website at investors.markforged.com. I'll now turn the call over to Sean to wrap up President and CEO of Markforged.

在今天的電話會議中，我們也提到了某些非公認會計準則財務指標。這些非公認會計原則措施應被視為我們公認會計原則財務措施的補充，而不是替代。今天收盤後發布的新聞稿中提供了顯示 GAAP 與非 GAAP 結果的核對錶。您也可以在我們的投資者關係網站 Investors.markforged.com 上找到這些資訊。現在，我將把電話轉給 Sean，讓 Markforged 總裁兼執行長的演講結束。

Thank you, Austin, and thank you everyone for joining us on our Q2 2024 earnings call. We demonstrated strong execution in Q2 while effectively navigating industry sector challenges. We remain encouraged by the market response to our new products. The positive feedback and growing pipeline underscore the strength of our newest innovations and our ability to meet the needs of our manufacturing customers.

謝謝 Austin，也謝謝大家參加我們的 2024 年第二季財報電話會議。我們在第二季度展現了強大的執行力，同時有效應對了行業挑戰。我們對新產品的市場反應仍然感到鼓舞。正面的回饋和不斷成長的產品線凸顯了我們最新創新的實力以及我們滿足製造業客戶需求的能力。

As we look ahead, through the second half of the year, we see a restoration of growth driven by the continued rollout of our newest platform innovation. They have extend FX20, PX100 and new materials to maximize our cash resources and best enable us to achieve sustainable growth while implementing a $25 million cost reduction initiative that we expect will reduce our annual operating expenses run rate to approximately $70 million in 2025.

展望今年下半年，我們看到在不斷推出最新平台創新的推動下，經濟將恢復成長。他們擴展了FX20、PX100 和新材料，以最大限度地利用我們的現金資源，並最好地使我們能夠實現可持續增長，同時實施2500 萬美元的成本削減計劃，我們預計該計劃將在2025 年將我們的年度營運費用降低至約7000 萬美元。

These cost reduction actions have been initiated and we expect to be completed by the end of the year. We have a strong product line and these cost reductions are not expected to compromise our ability to grow and keep us on a sustainable growth trajectory in Q2.

這些成本削減行動已經啟動，我們預計將在今年年底前完成。我們擁有強大的產品線，這些成本削減預計不會損害我們的成長能力，並使我們在第二季度保持可持續成長軌道。

We also accelerated shipments of the FX10, underscoring the product's innovative features and superior capabilities are printing mission critical parts for the factory floor. We enter Q3 with a robust pipeline and intend to release additional capabilities, which increases our confidence that this momentum will continue to drive growth.

我們還加快了 FX10 的出貨量，強調該產品的創新功能和卓越功能正在為工廠車間列印關鍵任務零件。我們在進入第三季時擁有強大的產品線，並打算發布更多功能，這增強了我們對這一勢頭將繼續推動成長的信心。

In the second half of the year. We also launched two new materials Onyx at par flame retardant and Vega with high-temperature continuous fiber is new materials, further expand the capabilities of the digital Forge and especially the FX20, which will help our manufacturing customers to solve even more applications on the factory floor.

下半年的時候。我們也推出了兩種新材料Onyx at par阻燃和Vega高溫連續纖維新材料，進一步擴展了數位鍛造的能力，特別是FX20，這將幫助我們的製造客戶解決更多的工廠應用地面。

We believe these innovations amplified the capabilities of our newest platforms and will support the increased adoption and growth. I'm also excited to announce that we have successfully shipped the first PX100 in Q2, marking a significant milestone in our company's journey to this milestone is the culmination of extensive development and rigorous testing to ensure we deliver high-quality, innovative solutions to our customers.

我們相信這些創新增強了我們最新平台的功能，並將支援更多的採用和成長。我還很高興地宣布，我們已在第二季度成功發貨了第一台PX100，這標誌著我們公司邁向這一里程碑的旅程中的一個重要里程碑，是廣泛開發和嚴格測試的頂峰，以確保我們為我們的客戶提供高品質、創新的解決方案。

Our customers believe in the PX100s potential to set new standards in highly regulated markets such as automotive, medical aerospace and luxury goods, thereby supporting mark for future growth. We remain on plan to ship additional units in the second half of this year.

我們的客戶相信 PX100 有潛力在汽車、醫療航空航太和奢侈品等嚴格監管的市場中樹立新標準，從而支持 Mark 的未來成長。我們仍計劃在今年下半年出貨更多設備。

Our customers across the world increasingly recognized digital forge as a powerful platform to reduce costs and improve manufacturing operations. Carsen Corporation, which designs and deliver custom automation and robotic systems for manufacturers provides a good example, a prominent American snack food company Engage Carson to automate the collection and transport of small food products plants.

我們世界各地的客戶越來越認識到數位鍛造是降低成本和改善製造營運的強大平台。Carsen Corporation 為製造商設計和提供客製化自動化和機器人系統，這是一個很好的例子，美國著名休閒食品公司 Engage Carson 致力於實現小型食品工廠的收集和運輸自動化。

When conventional aluminum factoring approached proved incapable of meeting their customers' needs, Karsan team turned to the digital forge to boost design flexibility and production opportunities, parts and produced over 80 small package containers that were production ready for the packaging line while meeting a lean manufacturing budget for the customer.

當傳統的鋁保理方法被證明無法滿足客戶的需求時，Karsan 團隊轉向數位鍛造來提高設計靈活性和生產機會，零件並生產了80 多個小型包裝容器，這些容器已為包裝線的生產做好了準備，同時滿足精益製造的要求客戶的預算。

This is just one of many examples of how Firestone is solving its customer packaging challenges with the digital Forge. Another example is with Suntory product Limited, a leading global company specializing in the production of a premium non-alcoholic beverages, which also solves manufacturing challenges using the digital board.

這只是 Firestone 如何利用數位 Forge 解決客戶包裝挑戰的眾多範例之一。另一個例子是三得利產品有限公司，這是一家全球領先的公司，專門生產優質非酒精飲料，該公司也使用數位板解決了製造挑戰。

I've logged over 12,000 hours with the digital board producing over 1,000 parts such as jigs for cube replacements. We're a fraction of the cost of traditional sourcing, except the RONA plant led to expansion across Suntory product and the entire Suntory group enhancing productivity and innovation. It's multiple sites driven by innovative new products as well as robust utilization rates across our growing installed base. We are on plan to return to growth in the second half of the year.

我已經使用數位板記錄了 12,000 多個小時，生產了 1,000 多個零件，例如用於更換立方體的夾具。我們的成本只是傳統採購成本的一小部分，除了 RONA 工廠導致了三得利產品的擴張以及整個三得利集團提高了生產力和創新。它是由創新的新產品以及不斷增長的安裝基礎中強勁的利用率驅動的多個站點。我們計劃在下半年恢復成長。

There is a massive opportunity to help manufacturers bring industrial production to the point of need, and we remain confident that Mark forge offers the best solution with effective cost controls, prudent cash management and our new product line. We remain excited about the future of the Company and our ability to continue to drive the adoption of additive manufacturing on the factory floor.

我們有巨大的機會幫助製造商將工業生產滿足需求，我們仍然相信 Mark forge 能夠透過有效的成本控制、審慎的現金管理和我們的新產品線提供最佳解決方案。我們對公司的未來以及我們繼續推動增材製造在工廠車間採用的能力仍然感到興奮。

With that, I now turn the call over to Assaf reporting, our CFO, who will offer more details on our financial performance and guidance for the remainder of the year.

現在，我將電話轉交給我們的財務長阿薩夫報告，他將提供有關我們今年剩餘時間的財務表現和指導的更多詳細資訊。

Thank you, Shay, and good evening, everyone. I will now be covering our financial results for the second quarter of 2024 and the outlook for the full year. Please note that my comments reflect our non-GAAP results and outlook for your reference, our earnings press release issued earlier this afternoon and posted to our Investor Relations website includes our GAAP to non-GAAP reconciliations to assist with my commentary.

謝謝你，謝伊，大家晚上好。我現在將介紹 2024 年第二季的財務表現和全年展望。請注意，我的評論反映了我們的非GAAP 業績和前景，供您參考，我們今天下午早些時候發布並發佈在投資者關係網站上的收益新聞稿包括我們的GAAP 與非GAAP 調節表，以協助我的評論。

Revenue for Q2 was $21.7 million compared to $25.4 million in the second quarter of 2023. Our revenue performance was largely driven by lower system revenue, which continues to be impacted by tough market conditions with high interest rates. Gross margin for the quarter was 51.9% at 3.6% from the second quarter of 2023.

第二季的營收為 2,170 萬美元，而 2023 年第二季的營收為 2,540 萬美元。我們的收入表現很大程度上是由系統收入下降所推動的，而係統收入繼續受到嚴峻的市場條件和高利率的影響。該季度的毛利率為 51.9%，較 2023 年第二季的 3.6% 提高。

This margin expansion was driven by operational efficiencies and product mix. Operating expenses were $23.3 million in the second quarter of 2024, down from $26.6 million in the second quarter of 2023. This improvement is a result of our ongoing efforts to reduce operating expenses and optimize our cash utilization.

這種利潤成長是由營運效率和產品組合所推動的。2024 年第二季營運費用為 2,330 萬美元，低於 2023 年第二季的 2,660 萬美元。這項改進是我們不斷努力減少營運費用和優化現金利用率的結果。

As we previously highlighted, we initiated an approximately $25 million annualized cost reduction initiative that is expected to reduce our annual OpEx run rate to approximately $70 million in 2025. We expect savings to begin to be realized in Q3 2024 with the cost reduction program almost entirely completed by the end of the year 2024.

正如我們之前所強調的，我們發起了一項約 2500 萬美元的年度成本削減計劃，預計到 2025 年將我們的年度營運支出降低至約 7000 萬美元。我們預計成本節約將於 2024 年第三季開始實現，成本削減計畫將在 2024 年底前幾乎完全完成。

I also want to note that in Q3, we reached an agreement to terminate the lease agreement covering our previous headquarters location in Watertown, Massachusetts. As consideration for the lease termination, we made a onetime payment of $2.75 million to the landlord, avoiding approximately $600,000 of rent in 2024, and we expect to save a cumulative additional amount of approximately $6.2 million in 2025 and beyond.

我還想指出的是，在第三季度，我們達成協議，終止了我們先前位於馬薩諸塞州沃特敦總部所在地的租賃協議。作為終止租約的對價，我們向房東一次性支付了 275 萬美元，避免了 2024 年約 60 萬美元的租金，我們預計在 2025 年及以後將累計額外節省約 620 萬美元。

Our operating loss for the quarter was $12 million, an improvement from $14.3 million in the second quarter of 2023. Net loss in the second quarter of 2024 was $10.8 million, an improvement from a loss of $12.5 million in Q2 2023.

我們本季的營運虧損為 1,200 萬美元，較 2023 年第二季的 1,430 萬美元有所改善。2024 年第二季的淨虧損為 1,080 萬美元，較 2023 年第二季的 1,250 萬美元虧損有所改善。

Second quarter loss per share was $0.05 based on our weighted average shares outstanding for the quarter of [201.3 million]. Our net cash used in operating activities in the first six months of 2024 was $21.9 million, which is an improvement of approximately 29% from the first six months of 2023. We expect our cash utilized in operations to improve throughout 2025 as a result of higher revenues, gross margin expansion, cost saving initiatives and working capital efficiencies.

根據我們本季已發行股票的加權平均數，第二季每股虧損為 0.05 美元[2.013 億]。2024 年前六個月我們用於經營活動的淨現金為 2,190 萬美元，比 2023 年前六個月增加了約 29%。由於收入增加、毛利率擴大、成本節約措施和營運資金效率提高，我們預計 2025 年營運中使用的現金將有所改善。

Our cash and cash equivalents, including restricted cash were $93.9 million at the end of Q2, down from $109.4 million from the end of Q1. Our restricted cash includes $19.1 million to cover certain liabilities associated with the continuous composite lawsuit and the judgment of $17.3 million in monetary damages. Last $1.8 million of interest for the prejudgment period and the expected duration of the appeal process.

在第二季末，我們的現金和現金等價物（包括限制性現金）為 9,390 萬美元，低於第一季末的 1.094 億美元。我們的限制性現金包括 1,910 萬美元，用於支付與持續複合訴訟相關的某些責任以及 1,730 萬美元金錢損失的判決。最後 180 萬美元的利息用於判決前期間和上訴過程的預期持續時間。

We expect these funds will remain in restricted cash as we continue to explore and pursue all available options with respect to the continuous composite matter, including seeking to overturn the verdict through the appeal process following the verdict continues. Composites also asserted through post-trial motions, claims for royalty payments for sales of certain products manufactured and or sold in the United States. After December 31, 2023, we anticipate a ruling on the post-trial warranty claims. It occurred during the second half of 2024.

我們預計這些資金仍將是受限制的現金，因為我們將繼續探索和尋求連續複合事項的所有可用選項，包括在判決繼續後尋求透過上訴程序推翻判決。Composites 也透過審後動議主張，要求為在美國製造和/或銷售的某些產品支付特許權使用費。2023 年 12 月 31 日之後，我們預計會對審後保固索賠做出裁決。事情發生在2024年下半年。

As we note in our 10 Q filings for the period ended June 30, 2024, filed today with the SEC and available on our Investor Relations website. We estimated the loss contingency related to continuous composites royalty payments claims to be in the range of [0] at $2.7 million for the six months ended June 30, 2024. In accordance with applicable accounting standards and guidance, we recorded no accrual for Q2 because the low end of this range was estimated to be zero and we believe that no amount within this range have a better estimate than any other amount.

正如我們在截至 2024 年 6 月 30 日的 10 Q 文件中指出的那樣，該文件今天向 SEC 提交，並可在我們的投資者關係網站上查看。我們估計，截至 2024 年 6 月 30 日的六個月內，與連續複合材料特許權使用費索賠相關的或有損失在 [0] 範圍內為 270 萬美元。根據適用的會計標準和指南，我們第二季度沒有記錄應計費用，因為該範圍的下限估計為零，並且我們認為該範圍內的金額沒有比任何其他金額更好的估計值。

These estimates were based on information available to us at the time of assessment. If additional information becomes available or there are future developments. In the case, we may reassess the potential liability related to this matter. In May, we revised our estimates in the event continuous composite both dry and royalty payment claims are successful and royalties are awarded.

這些估計是基於我們在評估時可獲得的資訊。如果有更多資訊可用或有未來的發展。在這種情況下，我們可能會重新評估與此事相關的潛在責任。5 月份，如果連續複合乾貨和特許權使用費索賠成功並授予特許權使用費，我們修訂了我們的估計。

We expect the court's remedy to be a fixed fee assessment of royalty payments for each machine sold and or manufactured in the United States after December 31, 2023, that includes our carbon fiber reinforcement technology. In the near term, we would expect royalty payments if awarded to result in a five-percentage-points to seven-percentage-points reduction in our gross margins. There may be additional impacts as well, which are discussed in our Form 10-Q filing for the period ended June 30, 2024 a copy of which is available on our Investor Relations website.

我們預計法院的補救措施是對 2023 年 12 月 31 日之後在美國銷售和/或製造的每台機器（包括我們的碳纖維加固技術）進行固定費用評估。在短期內，我們預計如果授予特許權使用費，將導致我們的毛利率下降 5 個百分點至 7 個百分點。還可能存在其他影響，我們在截至 2024 年 6 月 30 日的 10-Q 表格文件中對此進行了討論，該文件的副本可在我們的投資者關係網站上獲取。

As discussed previously, we continue to strongly disagree with the verdict in the continuous composite case and the associated post-trial royalty claims. We have engaged a leading law firm to support us through the appeal process and defend against the post-trial royalty claims and continue to explore all other available options. We are also exploring measures to help mitigate the impact of an ongoing royalty payment obligation if awarded by the court such as shifting more of our manufacturing operations to sites outside of the United States.

正如之前所討論的，我們仍然強烈不同意連續複合案件的判決以及相關的審判後特許權使用費索賠。我們聘請了一家領先的律師事務所來支持我們完成上訴程序，並對審判後的版稅索賠進行辯護，並繼續探索所有其他可用的選擇。我們也正在探索措施，以幫助減輕法院裁定的持續特許權使用費支付義務的影響，例如將我們的更多製造業務轉移到美國以外的地點。

Now moving on to our guidance at this time, our guidance does not reflect any additional relief continuous composite may receive as a result of it post-trial playing. Our guidance does not include the adjustment in future quarter to account for developments in the ongoing continuous composite litigation. We anticipate fiscal year 2024 revenues to be between $90 million and $95 million, which acknowledges more persistent macroeconomic headwinds than previously anticipated.

現在轉向我們的指導，我們的指導並不反映連續複合材料可能因試玩後而獲得的任何額外緩解。我們的指導不包括未來季度的調整，以考慮正在進行的連續複合訴訟的發展。我們預計 2024 財年的營收將在 9,000 萬美元至 9,500 萬美元之間，這表明宏觀經濟阻力比先前的預期更為持續。

However, we expect revenues to grow low single digits quarter over quarter in Q3 and continued to see double digit year-over-year growth returns in the second half, driven by sales of new products, particularly the FX10. Given strong execution over the first half, we now expect non-GAAP gross margins to be in the upper range of our previous 48% to 50% guidance. Non-GAAP operating loss is expected to be in the range of $42.5 million to $47 million for the year, resulting in a non-GAAP loss per share in the range of $0.19 to $0.22 per share.

然而，我們預計，在新產品（尤其是 FX10）銷售的推動下，第三季營收將實現低個位數季度環比成長，並在下半年繼續實現兩位數年成長回報。鑑於上半年的強勁執行力，我們現在預計非 GAAP 毛利率將處於我們先前 48% 至 50% 指引的上限範圍內。今年非 GAAP 營運虧損預計將在 4,250 萬美元至 4,700 萬美元之間，導致非 GAAP 每股虧損在 0.19 美元至 0.22 美元之間。

That concludes our prepared remarks. Today, please open the call for questions.

我們準備好的演講到此結束。今天，請打開提問電話。

Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員說明）

Brian Drab, William Blair.

布萊恩德拉布、威廉布萊爾。

Hi, thanks for taking my questions. If just as we were closing talking about the legal issues, I'm wondering and maybe I missed it but can you talk about how much on the legal issues have cost you at this point? Just in terms of legal fees cumulatively, and we're seeing that in the in the P&L.

您好，感謝您回答我的問題。如果就在我們結束討論法律問題時，我想知道，也許我錯過了，但您能談談目前您在法律問題上花費了多少費用嗎？就累積的法律費用而言，我們在損益表中看到了這一點。

So Brian, this is Assaf. The legal fees are available in the GAAP to non-GAAP reconciliation. It's excluded from the non-GAAP P&L, you can see that number over there.

布萊恩，這是阿薩夫。法律費用可在 GAAP 與非 GAAP 調整中找到。它不包括在非 GAAP 損益表中，您可以在那裡看到該數字。

Okay. Tom, you have a top of mind. I guess I'll look forward. No problem (multiple speakers) No problem. No problem. I'll look for it in the fine I just haven't had time to look through all the numbers yet. And can you can you elaborate a little bit on the cost reduction initiative and what areas are you focused on what functions are a little bit more. I think you think you touched on some of the areas, but if you can you can you just put a little more detail around where you are where you're cutting, sir?

好的。湯姆，你有頭腦。我想我會期待。沒問題（多個發言者）沒問題。沒問題。我會在罰款時尋找它，只是還沒有時間查看所有數字。您能否詳細說明降低成本的措施以及您重點關注哪些領域以及哪些功能更多。我認為您認為您已經觸及了某些領域，但是如果可以的話，您可以在您正在剪輯的位置提供更多細節嗎，先生？

So thank you for the question. Brian, as you may just be, we announced a $25 million cost saving initiative here very committed to get to what we see as sustainable growth for our company. The majority of the savings are now coming from the R&D side. Now as we released three new platforms we're ready to start growing with them. That's the right prudent thing to do get to sustainable growth by hopper.

謝謝你的提問。Brian，正如您所想，我們在此宣布了一項 2500 萬美元的成本節約計劃，致力於實現我們公司的可持續增長。現在大部分節省都來自研發方面。現在，隨著我們發布了三個新平台，我們已準備好開始與它們一起發展。這是實現料斗可持續成長的正確、謹慎的做法。

Okay, thanks. And just last one is if you have enough, I know the guidance has come down a little bit, and that's really tough macro environment. But it can you can you just talk a little bit about why we're going to see a big increase in revenue from a little over $40 million in the first half to 50-ish, [50 times] in the second half? Thanks.

好的，謝謝。最後一個是，如果你有足夠的資金，我知道指導意見已經下降了一點，這確實是一個艱難的宏觀環境。但你能簡單談談為什麼我們會看到收入大幅增長，從上半年的 4000 萬美元多一點到下半年的 50 美元左右，[50 倍]？謝謝。

So see there's a slight growth between Q2 and Q1. And we see our pipelines are growing and that our leading indicator. So assuming that the convergence play the same, we believe that we will see the growth and it's highly based on the new innovation with the pipeline growing significantly with FX10. You see we shipped the first PX100 and there's more to come. So I think it's consist of kind of it is challenging the interest environment for capital equipment, but the new innovation definitely supports the growth in the second half.

所以看到第二季和第一季之間有輕微的成長。我們看到我們的管道正在成長，這是我們的領先指標。因此，假設融合發揮相同的作用，我們相信我們將會看到成長，並且它高度基於新的創新，隨著 FX10 的管道顯著增長。您會看到我們已經發貨了第一台 PX100，而且還會有更多。因此，我認為這對資本設備的利益環境構成了挑戰，但新的創新肯定會支持下半年的成長。

Yeah. Okay. All right. Thanks very much.

是的。好的。好的。非常感謝。

Thank you, Brian.

謝謝你，布萊恩。

(Operator Instructions) There are no further questions at this time, I'd like to hand the floor back over to Shai Terem for any closing comments.

（操作員說明） 目前沒有其他問題，我想將發言權交還給 Shai Terem 以徵求結束意見。

Thank you, everyone, for joining us for our second quarter results. We talk again in Q3.

感謝大家與我們一起了解第二季的業績。我們在第三季再次討論。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。