Mind CTI Ltd (MNDO) 2011 Q4 法說會逐字稿

Thank you and good morning, everyone, and welcome to MIND's conference call.

謝謝大家，大家早上好，歡迎參加 MIND 的電話會議。

Before we begin, I would like to point out that this call includes information that constitutes forward-looking statements. Although we believe that expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include but are not limited to the effects of general economic conditions and such other risks as discussed in our earnings release and at greater length in the Company's filings with the SEC. MIND may elect to update these forward-looking statements at some point in the future. However, the Company specifically disclaims any obligation to do so.

在開始之前，我想指出，本次電話會議包含構成前瞻性陳述的資訊。儘管我們認為此類前瞻性陳述中反映的預期是基於合理的假設，但我們不能保證我們的預期一定會實現，也不能保證任何偏差都不會重大。此類陳述涉及風險和不確定性，可能導致未來結果與預期不同。這些風險包括但不限於總體經濟狀況的影響以及我們的收益報告中以及公司向 SEC 提交的文件中詳細討論的其他風險。MIND 可能會選擇在未來某個時候更新這些前瞻性聲明。然而，公司明確表示不承擔任何這樣做的義務。

Yesterday, MIND reported the results of its fourth quarter and full year 2011. The full financials can be found in our Form 6-K and on our website.

昨天，MIND 公佈了 2011 年第四季和全年業績。完整的財務數據可以在我們的表格 6-K 和我們的網站上找到。

On the call today from MIND is Mrs. Monica Iancu, MIND's CEO, who will summarize our major achievements in 2011 and discuss our business. I would now like to turn the call over to Monica. Monica, please go ahead.

今天，MIND 女士接聽了電話。MIND執行長Monica Iancu將總結我們2011年的主要成就並討論我們的業務。我現在想把電話轉給莫妮卡。莫妮卡，請繼續。

Thank you, Andrea. Good day, ladies and gentlemen. Thank you for your interest in MIND and for joining us today.

謝謝你，安德里亞。美好的一天，女士們先生們。感謝您對 MIND 的興趣並今天加入我們。

I would like to start the call today with a short reminder of MIND's history, business, strategy, and goals. MIND was incorporated in Israel in 1995 and started providing our call accounting solutions in that year. In 1997, we introduced our billing and customer care software for Voice-over-IP. We have enhanced our billing solutions since then to support all types of service providers. We made three acquisitions through the years in 2001, 2005 and 2007. We supply billing and customer care solutions for Tier 2 and Tier 3 carriers around the world, enabling them to offer all types of wireless, wireline, Voice-over-IP and broadband services.

在今天的電話會議開始時，我想簡短地回顧 MIND 的歷史、業務、策略和目標。MIND 於 1995 年在以色列註冊成立，並於當年開始提供電話計費解決方案。1997 年，我們推出了 IP 語音計費和客戶服務軟體。從那時起，我們增強了我們的計費解決方案，以支援所有類型的服務提供者。我們在 2001 年、2005 年和 2007 年進行了三次收購。我們為世界各地的二級和三級營運商提供計費和客戶服務解決方案，使他們能夠提供所有類型的無線、有線、IP 語音和寬頻服務。

Our convergent billing and customer care solution supports multiple services, including voice, data, and content services, as well as both prepaid and postpaid payment models in a single platform. Prepaid subscribers can enjoy the full range of services offered by the provider with their special bundles, rating plans, and limits. The prepaid solution authorizes each service and controls each session in real time, taking care that the balance is not exceeded. Postpaid subscribers, whether retail or business customers, including credit limited and unlimited, are fully supported in one single system from the sale of the services through collection. All services used by a postpaid customer appear in a single bill which consists of all charges.

我們的整合計費和客戶服務解決方案支援多種服務，包括語音、數據和內容服務，以及單一平台中的預付費和後付費模式。預付費訂戶可以享受提供者提供的全套服務及其特殊捆綁、評級計劃和限制。預付費解決方案對每項服務進行授權並即時控制每個會話，確保餘額不會超出。後付費訂戶，無論是零售客戶或企業客戶，包括有限信用和無限信用，從服務銷售到收款，都在一個系統中得到全面支持。後付費客戶使用的所有服務均顯示在包含所有費用的單一帳單中。

Our solution uniqueness is driven by the fact that the rating real-time engine is one engine for both postpaid and prepaid and because it includes not only the expected customer care and billing but also additional modules developed on the same platform. These modules include our own integrated real-time mediation product that provides interfaces with IP, meaning Internet protocol, and IN, meaning mobile intelligent networks, and traditional telecommunication equipment, as well as our own point-of-sale solution.

我們解決方案的獨特性是由以下事實驅動的：評級即時引擎是後付費和預付費的一個引擎，因為它不僅包括預期的客戶服務和計費，還包括在同一平台上開發的附加模組。這些模組包括我們自己的整合即時中介產品，提供與IP（互聯網協定）和IN（行動智慧網路）和傳統電信設備的接口，以及我們自己的銷售點解決方案。

Our billing and customer care solution includes a powerful workflow engine to support the creation and execution of business processes such as order management, travel ticket and debt collection.

我們的計費和客戶服務解決方案包括強大的工作流引擎，支援訂單管理、旅遊票務和追債等業務流程的創建和執行。

The MIND solution supports real-time distributed processing, achieving performance, scalability and high availability. It uses an open architecture, thus enabling easy integration with other systems and applications.

MIND解決方案支援即時分散式處理，實現高效能、可擴展性和高可用性。它採用開放式架構，因此可以輕鬆與其他系統和應用程式整合。

We also provide professional services consisting of installation, turnkey projects, implementation services, customer support, training and maintenance services, customization and project management. Our professional services also include enhanced support options known as managed services, which are mainly offered to customers in the United States and are performed from our offices. These managed services include performing day-to-day billing operational tasks.

我們也提供專業服務，包括安裝、統包工程、實施服務、客戶支援、培訓和維護服務、客製化和專案管理。我們的專業服務還包括稱為託管服務的增強支援選項，這些服務主要提供給美國的客戶並在我們的辦公室執行。這些託管服務包括執行每日計費操作任務。

In addition to our billing solutions, we offer call management systems used by organizations for call accounting, telecom expense management, traffic analysis and fraud detection. Our enterprise software product has been installed on about 20,000 switches around the world. Our high end product, PhonEX ONE, delivers one unified solution for all voice communication expenses, including traditional IP and mobile telephony. The flexible and scalable architecture of PhonEX ONE meets the needs of large enterprises supporting an unlimited number of extensions in sites.

除了計費解決方案之外，我們還提供呼叫管理系統，供組織用於呼叫計費、電信費用管理、流量分析和詐欺偵測。我們的企業軟體產品已安裝在全球約 20,000 台交換器上。我們的高階產品 PhonEX ONE 為所有語音通訊費用（包括傳統 IP 和行動電話）提供一種統一的解決方案。PhonEX ONE 靈活且可擴展的架構滿足大型企業支援站點無限數量分機的需求。

We primarily use two business models when we sell our solutions, the license model and the managed services model. In the license model, the customer pays a one-time implementation fee, a one-time license fee for a perpetual license limited by the traffic metrics chosen by the customer and additional fees to expand above the limitation. In addition, we are paid maintenance fees to renew periodically the maintenance agreement at the customer's discretion.

當我們銷售解決方案時，我們主要使用兩種業務模式：授權模式和託管服務模式。在許可模式中，客戶支付一次性實施費、受客戶選擇的流量指標限制的永久許可的一次性許可費以及超出限制的擴展費用。此外，我們也收取維護費用，以便客戶自行決定定期更新維護協議。

In the managed services model, the customer pays a one-time implementation fee and then a monthly fee that includes a periodic license, or right to use, maintenance and service fees calculated by the metrics chosen by the customer, mainly by number of subscribers.

在託管服務模型中，客戶支付一次性實施費，然後支付月費，其中包括定期許可證或使用權、維護和服務費，這些費用根據客戶選擇的指標（主要是訂戶數量）計算。

2011 was an eventful year with exciting new wins and follow-on orders, including our first billing deal in Israel and our first full MVNO deal, an unfortunate loss of a few customers either with managed services agreements in UK or consolidating new solutions, exchange rates fluctuations and towards year end the decision to increase the Company's size during 2012.

2011 年是不平凡的一年，我們取得了令人興奮的新勝利和後續訂單，包括我們在以色列的第一個計費交易和我們的第一個完整的MVNO 交易，不幸失去了一些在英國簽訂託管服務協議或整合新解決方案的客戶，匯率波動以及接近年底時決定在 2012 年期間擴大公司規模。

In general, we are pleased with our results for 2011, especially with the new wins and with the rising interest in our solutions. The most important metrics, in our view, are customer satisfaction, margins, visibility, and especially the cash flow from operations. We executed on these metrics and we will continue to focus on them.

總的來說，我們對 2011 年的業績感到滿意，尤其是新的勝利以及人們對我們的解決方案日益增長的興趣。我們認為，最重要的指標是客戶滿意度、利潤、可見性，尤其是營運現金流。我們執行了這些指標，並將繼續關注它們。

At MIND, we believe that, whatever the market conditions are, we need to execute our strategy. We believe that we have proven since inception that we are effective in planning the steps to overcome crisis conditions, and at the same time we are ready to show growth in positive market sentiment and improved economy.

在 MIND，我們相信，無論市場狀況如何，我們都需要執行我們的策略。我們相信，自成立以來，我們已經證明我們能夠有效地規劃克服危機狀況的步驟，同時我們已準備好展現積極的市場情緒和經濟改善的成長。

We support mission-critical activities for our customers around the world, including managed services with long-term contracts. This drives strong recurrent revenue with high visibility and strong backlog.

我們為世界各地的客戶支援關鍵任務活動，包括具有長期合約的託管服務。這透過高知名度和大量積壓推動了強勁的經常性收入。

Now, something about our competition -- in the market for billing and customer care, competition is intense and we expect competition to continue to be strong. We compete with many local companies and lately, more than before, with the largest billing vendors such as Amdocs. We believe that our competitive advantage is based on our reputation of on-time and within-budget delivery combined with the committed support, on our ability to deploy a complete turnkey product-based solution that is offering a lower total cost of ownership, on our solutions' functionality, which includes billing, customer care, point of sale, mediation, provisioning, rating for multiple services, and prepaid IN and IP functionality and on our flexibility to meet customer requirements.

現在，關於我們的競爭——在計費和客戶服務市場，競爭非常激烈，我們預計競爭將繼續激烈。我們與許多本地公司競爭，最近又與 Amdocs 等最大的計費供應商競爭。我們相信，我們的競爭優勢是基於我們按時和在預算內交付的聲譽以及堅定的支持，基於我們部署完整的交鑰匙產品解決方案的能力，該解決方案提供較低的總擁有成本，基於我們的解決方案的功能，包括計費、客戶服務、銷售點、中介、供應、多種服務的評級以及預付費IN 和IP 功能，以及我們滿足客戶要求的靈活性。

Some of our competitors have a larger customer base and greater financial, sales, marketing, and other resources and greater name recognition than we do. Other competitors have a limited product and lower cost structure and compete with us on pricing.

我們的一些競爭對手比我們擁有更大的客戶群、更多的財務、銷售、行銷和其他資源以及更高的知名度。其他競爭對手的產品有限，成本結構較低，並在定價上與我們競爭。

We continue to invest in enhancing our solutions with new functionality, releasing new modules every year. During the last three years, we added to our IP, voice and data prepaid capabilities the IN prepaid solution for mobile carriers. We added, among many other small features, some large enhancements such as the point of sale solution, the business intelligence, reporting and the online store solution. In 2011, we focused our development towards the end user experience, enhancing both customer access and notification either by IVR, Web, mobile or the online store. We believe that these additions were crucial to winning new business, mainly in the US.

我們繼續投資以新功能增強我們的解決方案，每年發布新模組。在過去三年中，我們在 IP、語音和數據預付費功能的基礎上，為行動營運商添加了 IN 預付費解決方案。除了許多其他小功能外，我們還添加了一些大型增強功能，例如銷售點解決方案、商業智慧、報告和線上商店解決方案。2011 年，我們將開發重點放在最終用戶體驗上，透過 IVR、Web、行動裝置或線上商店增強客戶存取和通知。我們相信，這些新增業務對於贏得新業務（主要是在美國）至關重要。

We continue to focus on our targets -- satisfied customers, successful project implementations, winning new business and positive cash flow. We continue to believe that, as always, these targets built our great Company culture and the unprecedented spirit and team effort drives towards a successful future.

我們繼續專注於我們的目標——滿意的客戶、成功的專案實施、贏得新業務和正現金流。我們仍然相信，一如既往，這些目標建構了我們偉大的公司文化，前所未有的精神和團隊努力將推動我們走向成功的未來。

For the full year of 2011, revenues were $18.9 million compared with $19.9 million in 2010. The operating income was $3.9 million or 21% of revenue compared with $5 million or 25% of revenue in 2010. Our net income was $4.3 million or $0.23 per share compared with $4.9 million or $0.26 per share in 2010. Cash flow from operating activities was $4.4 million. Our balance sheet continues to be strong with total cash position of $19 million at the end of the year, including available-for-sale securities.

2011 年全年營收為 1,890 萬美元，而 2010 年為 1,990 萬美元。營業收入為 390 萬美元，佔收入的 21%，而 2010 年為 500 萬美元，佔收入的 25%。我們的淨利潤為 430 萬美元，即每股 0.23 美元，而 2010 年為 490 萬美元，即每股 0.26 美元。經營活動產生的現金流量為 440 萬美元。我們的資產負債表依然強勁，截至年底現金部位總額為 1,900 萬美元，其中包括可供出售的證券。

In 2011, we succeeded to secure five new customers as well as several multiple follow-on orders. The two new wins in the fourth quarter are with rural telephone carriers based in the United States. One carrier chose MIND to supply the proven fully convergent postpaid and prepaid MIND platform to support wireless, both CDMA and LTE infrastructure, wireline, broadband and IPTV services. The other selected MIND to replace its existing postpaid solution in order to better support the carrier's wireless services over a CDMA network.

2011年，我們成功獲得了五位新客戶以及多個後續訂單。第四季的兩場新勝利來自於美國的農村電話營運商。一家業者選擇 MIND 來提供經過驗證的完全融合後付費和預付費 MIND 平台，以支援無線、CDMA 和 LTE 基礎設施、有線、寬頻和 IPTV 服務。另一家選擇 MIND 來取代其現有的後付費解決方案，以便更好地支援營運商透過 CDMA 網路提供的無線服務。

Additional wins this year include Pelephone, the first Israeli mobile operator with over 2.8 million subscribers. MIND provides Pelephone with an integrated end-to-end convergent billing and customer care solution for full support of its MVNE, mobile virtual network enabled operations.

今年的其他勝利包括 Pelephone，這是第一家擁有超過 280 萬用戶的以色列行動營運商。MIND 為 Pelephone 提供整合的端對端聚合計費和客戶服務解決方案，以全面支援其 MVNE（行動虛擬網路支援的營運）。

The second is a provider of wireline and wireless services in the US region who had selected MIND to provide a complete prepaid billing solution. This customer is operating both GSM and CDMA networks, and is also a provider of data services using multiple network elements.

第二家是美國地區的有線和無線服務供應商，他們選擇MIND 來提供完整的預付計費解決方案。該客戶同時營運 GSM 和 CDMA 網絡，並且也是使用多個網路元素的資料服務提供者。

The third is an Israeli MVNO that selected MIND to supply a complete MVNO-in-a-box solution, including the platform required as well as all the integration and implementation services where MIND will deploy a full network implementation and business support system for the MVNO.

第三個是一家以色列 MVNO，它選擇 MIND 提供完整的 MVNO 一體式解決方案，包括所需的平台以及所有整合和實施服務，MIND 將為 MVNO 部署完整的網路實施和業務支援系統。

The multiple follow-on orders we announced in 2011 include five significant orders from US customers, regional mobile operators for either additional functionality, system enhancements, including an e-commerce portal or upgrade to a newer product release.

我們在 2011 年宣布的多項後續訂單包括來自美國客戶、地區行動電信商的五份重要訂單，這些訂單涉及附加功能、系統增強（包括電子商務入口網站或升級到更新的產品版本）。

An additional one is an upgrade to a major release of MINDBill, our billing solution, with a provider of fixed voice and data services in Turkey who has been a customer of MIND since 2004. Migrations to new MIND releases enable the carrier to benefit from advanced rating schemes and product catalog offerings to achieve a competitive advantage of convergent services offerings. In addition, the technological improvements would provide operational efficiencies and cost savings.

另外一項是 MINDBill（我們的計費解決方案）主要版本的升級，土耳其的固定語音和數據服務提供商自 2004 年以來一直是 MIND 的客戶。遷移到新的 MIND 版本使營運商能夠受益於先進的評級方案和產品目錄產品，從而獲得整合服務產品的競爭優勢。此外，技術改進將提高營運效率並節省成本。

Regarding the dividend distribution, based on our dividend policy and taking into account the strong cash flow in 2011 and the remaining cash after the distribution, the Board at MIND declared, on February 29, 2012, a cash dividend of $0.24 per share before withholding tax. We continue to believe that our dividend policy enhances shareholders' value and that we are well-positioned and have the required resources to respond to potentially increasing market needs. The record date for the dividend will be March 14, 2012, and the payment date will be March 28, 2012. Tax will be withheld at the rate of 25%.

關於股息分配，根據我們的股息政策，並考慮到 2011 年強勁的現金流以及分配後的剩餘現金，MIND 董事會於 2012 年 2 月 29 日宣布派發預扣稅前每股 0.24 美元的現金股息。我們仍然相信，我們的股息政策可以提高股東的價值，並且我們處於有利地位並擁有所需的資源來應對潛在不斷增長的市場需求。股利登記日為2012年3月14日，股利支付日為2012年3月28日。稅金將以25%的稅率扣繳。

To summarize, we plan to increase the Company's size in the first half of 2012 to support the new projects and the multiple requests of engineering resources we receive from our growing customer base. We expect the latest important wins to have a positive impact on our 2012 results.

總而言之，我們計劃在 2012 年上半年擴大公司規模，以支援新專案以及不斷增長的客戶群對工程資源的多種需求。我們預計最新的重要勝利將對我們 2012 年的業績產生正面影響。

At the same time, mainly due to consolidation of platforms at large existing customers where we supply niche solutions, some maintenance agreements will not be renewed in 2012. We expect that will bear some negative impact on our 2012 revenues and profitability.

同時，主要由於我們提供利基解決方案的大型現有客戶的平台整合，一些維護協議將在2012年不會續約。我們預計這將對我們 2012 年的收入和盈利能力產生一些負面影響。

We are proud of our execution in 2011 that includes the completion of important milestones in different projects, the timing and the process of implementation, and completion of some as well. We are extremely pleased with the enhancements we win with our customers. We believe it is the best proof of customer satisfaction in that it strengthens our ongoing relationship. Our technical teams, both development and support, are to be praised for their great work.

我們對 2011 年的執行情況感到自豪，包括完成不同專案的重要里程碑、實施的時間表和流程，以及一些專案的完成。我們對我們贏得客戶的增強感到非常滿意。我們相信這是客戶滿意度的最佳證明，因為它加強了我們持續的關係。我們的技術團隊（無論是開發團隊還是支援團隊）的出色工作值得讚揚。

We feel that we have reached many of our targets, very high visibility, increased average deal size, significant recurrent revenue and fully convergent technology. We believe that, now, with our highly qualified team, our proven methodology and technology, we can aim to the next long-term target, internal growth.

我們認為我們已經實現了許多目標：非常高的知名度、增加的平均交易規模、可觀的經常性收入和完全融合的技術。我們相信，現在，憑藉我們高素質的團隊、經過驗證的方法和技術，我們可以瞄準下一個長期目標：內部成長。

Operator?

操作員？

(Operator Instructions). James Lee, Potrero Capital Research.

（操作員說明）。詹姆斯李，Potrero 資本研究部。

Great. Thanks for taking the questions. On the [pressure loss] what -- how much revenue contribution were they in 2011?

偉大的。感謝您提出問題。關於[壓力損失]，他們在 2011 年貢獻了多少收入？

The different maintenance agreements -- you are asking about the maintenance agreements that have not been (multiple speakers) --

不同的維護協議——你問的是沒有的維護協議（多位發言者）——

Right, like (multiple speakers) expect them to lose.

是的，就像（多個發言者）預計他們會輸一樣。

I can't tell you a definite number because there were some small ones, and on the other hand, maybe there was one or two larger ones. But on the other hand, there isn't a clear cut, like it's not that it is going to end January 1. So I can't give you a real number, but we really hope that the new projects will compensate for those losses.

我不能告訴你確切的數字，因為有一些小的，另一方面，也許還有一兩個較大的數字。但另一方面，並沒有明確的削減，就像不是說它會在 1 月 1 日結束一樣。所以我不能給你一個真實的數字，但我們真的希望新項目能彌補這些損失。

But in aggregate, were they more like 5% of revenue? Were they 10% of revenue? What's the range? I understand you may not be giving out the exact amount, but is it more like 5% or 10%?

但總的來說，它們是否更像收入的 5%？它們佔收入的 10% 嗎？範圍是多少？我知道您可能沒有給出確切的金額，但更像是 5% 還是 10%？

I would say that somewhere between 5% and 10%, but closer to the 5%.

我想說介於 5% 到 10% 之間，但更接近 5%。

Okay. That -- you expect those to be, eventually, they will be gone? May not happen January 1, but it will be gone, right, those revenues?

好的。那--你期望那些最終會消失嗎？1 月 1 日可能不會發生，但它會消失，對吧，那些收入？

This is how things look at this point in time.

這就是目前情況的情況。

Okay, and so -- and in terms of the increasing size of the Company, how much operating expenses are you planning to bring on and how many employees do you -- or, I guess, more operating expenses are you planning to add on in 2012?

好的，所以 - 就公司規模的擴大而言，您計劃帶來多少營運費用以及您有多少員工 - 或者，我猜，您計劃增加更多的營運費用2012年？

We plan to add around 10%. So, if we are now at 320 people, we expect that gradually we will enlarge the workforce with (technical difficulty) hopefully we will find those experts that we are looking for. But we expect to add something like 20 people by the end of Q2 and maybe 10 more during Q3, something like this.

我們計劃增加 10% 左右。因此，如果我們現在有 320 名員工，我們預計我們將逐漸擴大勞動力（技術難度），希望我們能找到我們正在尋找的專家。但我們預計在第二季末增加約 20 名員工，在第三季可能再增加 10 名員工，就像這樣。

Okay, so that (inaudible) is about a 10% increase in OpEx in 2012?

好的，那麼（聽不清楚）2012 年營運支出大約增加了 10%？

Not exactly, because OpEx is not only salaries; it's also third-party either hardware or software or services and travel and offices and so on. So again, we plan to increase but we do not think that will have -- it will be less than 10%.

不完全是這樣，因為營運支出不僅是工資，而且是工資。它也是第三方硬體或軟體或服務以及旅行和辦公室等。所以，我們再次計劃增加，但我們認為不會增加——會低於 10%。

Okay. These increases -- obviously, you guys are anticipating increasing revenue, right, too? So that -- given both the positive factors and the negative factors talked about, what is the overall impact, do you think, on your revenue, your operating margin and cash flow in 2012?

好的。這些成長——顯然，你們也預期收入會增加，對吧？那麼，考慮到所討論的正面因素和負面因素，您認為這對您 2012 年的收入、營業利潤率和現金流量有何整體影響？

First of all, we always plan for the future. So you can see now that there is more interest in our solutions. If we see that there are prospects that are moving forward to the next steps, even if they are not deals that closed already or if we get from our existing customer base the budget that they project for 2012. In order to enable, to maintain our reputation of on-time delivery and excellent support, we need to increase both the professional team and the development team in order to be able to support those needs of both existing customers and customers that we expect to close.

首先，我們總是為未來做計劃。所以您現在可以看到，人們對我們的解決方案更加感興趣。如果我們發現有潛在客戶正在進入下一步，即使這些交易尚未結束，或者我們從現有客戶群中獲得了他們預計的 2012 年預算。為了維持我們按時交付和卓越支援的聲譽，我們需要增加專業團隊和開發團隊，以便能夠支援現有客戶和我們希望關閉的客戶的需求。

I'm not going to give you any real exact kind of expected number, but I think that even the fact that we talk about planning to increase the Company is because we expect more action.

我不會給你任何真正準確的預期數字，但我認為，即使我們談論計劃擴大公司規模，也是因為我們期望採取更多行動。

Do you -- on a directional base, do you anticipate revenue and cash flow to be up this year versus last year?

從方向上看，您預計今年的收入和現金流是否會比去年增加？

I will not give an estimate.

我不會給出估計。

Okay. Lastly, on gross margin, it looks like in Q4 it is a bit lower than what you guys typically have done. Is there anything specific there? Is it the new gross margin level we should expect, or is there -- do you anticipate it to go, to trend back towards what you guys typically have in the past?

好的。最後，就毛利率而言，第四季的毛利率似乎比你們通常所做的要低。有什麼具體的事情嗎？這是我們應該期望的新的毛利率水準嗎？

We think that the normal -- you are talking about gross margin or operational?

我們認為這是正常的——你是在談論毛利率還是營運利潤？

Yes, gross margin, your gross margin. I believe it's 53% this quarter versus I believe 73% a year ago?

是的，毛利率，你的毛利率。我認為本季這一比例為 53%，而一年前為 73%？

I think that somewhere between 60% and 70% is the range that we expect to be.

我認為 60% 到 70% 之間是我們期望的範圍。

(Operator Instructions). We currently do not have any questions in the queue.

（操作員說明）。目前我們隊列中沒有任何問題。

Okay. So I thank you.

好的。所以我謝謝你。