Marin Software Inc (MRIN) 2024 Q2 法說會逐字稿

Greetings, welcome to the Marin Software second-quarter 2024 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Bob Bertz, Marin's Chief Financial Officer.

您好，歡迎您參加 Marin Software 2024 年第二季財務業績電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，鮑勃貝爾茨 (Bob Bertz)，馬林公司的財務長。

Thank you, Bob. You may begin.

謝謝你，鮑伯。你可以開始了。

Thank you. Good afternoon, everyone, and welcome to Marin Software's second-quarter 2024 earnings conference call. My name is Bob Bertz. I'm Marin's CFO, and joining me today is Chris Lien, Marin's CEO. By now, you should have received a copy of our earnings release, which crossed the wire a short time ago. The release can also be obtained on our website at investors.marinsoftware.com.

謝謝。大家下午好，歡迎參加 Marin Software 2024 年第二季財報電話會議。我叫鮑伯‧伯茨。我是 Marin 的財務官，今天加入我的是 Marin 的執行長 Chris Lien。到目前為止，您應該已經收到了我們不久前發布的財報副本。新聞稿也可在我們的網站 Investors.marinsoftware.com 上取得。

Call participants are advised that the audio of this conference call is being recorded for playback purposes and that the recording will be made available on the Investor Relations section of our website within a few hours.

請電話會議參與者註意，本次電話會議的音訊正在錄製用於回放，並且錄音將在幾個小時內在我們網站的投資者關係部分提供。

Before we begin, I'd like to note that our discussion today will include forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements include statements about our business outlook and strategies; our expectations for customer adoption and use of our services; historical results that may suggest trends for our business; our expectations about our ability to improve customer retention and new business bookings, and to sustain or grow our business; our expectations about our expenses and cash resources; the impact of investments in product and technology; progress on product development efforts; product capabilities and benefits; our relationships with publishers and other parties in the digital advertising market and expected revenue under our strategic partnership agreement with Google; expectations for future economic activity in digital advertising spending; expected restructuring costs and cost savings from our restructuring efforts; our efforts to raise additional financing or to negotiate and complete potential strategic transactions; and our expected Q3 2024 and future financial results.

在開始之前，我想指出，我們今天的討論將包括 1933 年證券法和 1934 年證券交易法含義內的前瞻性陳述。這些前瞻性陳述包括有關我們的業務前景和策略的陳述；我們對客戶採用和使用我們的服務的期望；可能顯示我們業務趨勢的歷史結果；我們對提高客戶保留率和新業務預訂以及維持或發展業務能力的期望；我們對開支和現金資源的期望；產品和技術投資的影響；產品開發工作有進展；產品功能和優勢；我們與數位廣告市場中的發布商和其他方的關係以及我們與 Google 的策略合作夥伴協議規定的預期收入；對數位廣告支出未來經濟活動的預期；預期的重組成本以及我們重組工作所節省的成本；我們為籌集額外融資或談判並完成潛在策略交易所做的努力；以及我們預期的 2024 年第三季及未來財務表現。

We make these statements as of August 1, 2024, and disclaim any duty to update them. For more information regarding these and other risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements as well as risks relating to our business. In general, we refer you to the section entitled Risk Factors and our most recent reports on Form 10-Q and Form 10-K as well as our other SEC filings.

我們於 2024 年 8 月 1 日做出這些聲明，並且不承擔更新這些聲明的義務。有關這些和其他風險和不確定性的更多信息，這些風險和不確定性可能導致實際結果與這些前瞻性陳述中明示或暗示的結果存在重大差異，以及與我們業務相關的風險。一般來說，我們建議您參閱標題為「風險因素」的部分以及我們關於表格 10-Q 和表格 10-K 的最新報告以及我們向 SEC 提交的其他文件。

This presentation contains certain financial performance measures that are different from the financial measures calculated in accordance with GAAP and may also be different from similar calculations or measures used by other companies. A quantitative reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is available in our second-quarter 2024 earnings release.

本簡報包含某些財務績效指標，這些指標不同於根據 GAAP 計算的財務指標，也可能不同於其他公司使用的類似計算或指標。我們的 2024 年第二季財報中提供了這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的定量調整表。

With that, let me turn the call over to Chris.

現在，讓我把電話轉給克里斯。

Thank you, Bob. Good afternoon, everyone, and thank you for joining our call today. I'll share my observations on the quarter and provide an update on our initiatives to sustain and grow our business. Bob will then provide additional detail on our second-quarter results for 2024 and our outlook for the third quarter of 2024.

謝謝你，鮑伯。大家下午好，感謝您今天加入我們的電話會議。我將分享我對本季的觀察，並提供我們維持和發展業務舉措的最新資訊。然後，鮑伯將提供有關 2024 年第二季業績以及 2024 年第三季展望的更多詳細資訊。

As we highlight each quarter, we are committed to our efforts to sustain and grow our business and to maximize shareholder value. Our plan to achieve this is focused on delivering a leading cross-channel advertising management platform to enable brands and their agencies to maximize the return from their online advertising investments.

正如我們每季所強調的那樣，我們致力於努力維持和發展我們的業務並最大化股東價值。我們實現這一目標的計劃重點是提供領先的跨通路廣告管理平台，使品牌及其代理商能夠最大限度地提高線上廣告投資的回報。

As announced in today's earnings release, Q2 revenues came in within our guidance range at $4 million, down about 7% year over year as our revenue decline moderates with progress in improving customer retention and new bookings. Our Q2 non-GAAP operating loss beat the high end of our guidance. Our non-GAAP operating loss was materially lower on a year-over-year basis, reflecting the benefits of our July 2023 restructuring and reduction in force plan.

正如今天的財報中所宣布的那樣，第二季度收入處於我們400 萬美元的指導範圍內，同比下降約7%，因為隨著我們在提高客戶保留率和新預訂方面取得的進展，我們的收入下降幅度有所放緩。我們第二季度的非公認會計原則營業虧損超出了我們指導的上限。我們的非 GAAP 營運虧損年比大幅下降，反映了我們 2023 年 7 月重組和裁員計畫的好處。

Our total cash balance at the end of Q2 was $7.9 million. As we announced earlier this week, I'm pleased to share that Marin Software has renewed its strategic partnership agreement with Google for another three years commencing on October 1, 2024. This agreement underscores our commitment to fostering innovation and providing advertisers with unparalleled tools for managing and optimizing their paid search campaigns.

第二季末我們的現金餘額總額為 790 萬美元。正如我們本週早些時候宣布的那樣，我很高興地宣布，Marin Software 已與 Google 續簽策略合作夥伴協議，自 2024 年 10 月 1 日起續簽三年。該協議強調了我們致力於促進創新並為廣告商提供無與倫比的工具來管理和優化其付費搜尋活動。

Consistent with our current agreement with Google that is scheduled to expire on September 30, 2024, Google will continue to make payments to Marin based on the total paid search spend managed through our platform across Google and other search publishers, including the same minimum quarterly payments as under our current agreement. This partnership helps enable us to advance the Marin platform, ensuring it meets the evolving needs of the world's leading search advertisers.

根據我們與Google 的當前協議（計劃於2024 年9 月30 日到期），Google 將繼續根據透過我們的平台管理的Google 和其他搜尋發布商的付費搜尋總支出向Marin 付款，包括相同的最低季度付款根據我們目前的協議。這種合作夥伴關係有助於我們推動 Marin 平台，確保其滿足世界領先搜尋廣告商不斷變化的需求。

As I've shared before, Marin seeks to be an ally in digital for the world's leading brands and their agencies. The online path to purchase traverses a range of channels, devices, and publishers. Marketers need to engage at all points of this customer journey and the walled gardens of Google, Facebook, Amazon, and the other publishers, including TikTok, Snap, and LinkedIn do not play well together.

正如我之前分享的那樣，馬林尋求成為世界領先品牌及其代理商的數位盟友。線上購買路徑跨越一系列管道、設備和發行商。行銷人員需要參與客戶旅程的各個環節，而Google、Facebook、亞馬遜和其他發布商（包括 TikTok、Snap 和 LinkedIn）的圍牆花園不能很好地協同運作。

Brands must connect the dots. Marin helps these advertisers to measure, manage, and optimize their online advertising investments, driving performance, time savings, and better business insights. We do this by serving as a performance layer that complements the tools that each of the publishers provides to its customers. These publisher tools understandably are focused on the ad units of each publisher and encourage brands to spend more with that publisher.

品牌必須將各點連結起來。Marin 幫助這些廣告商衡量、管理和優化他們的線上廣告投資，提高績效、節省時間並獲得更好的業務洞察力。我們透過充當性能層來實現這一點，該層補充了每個發布商向其客戶提供的工具。可以理解的是，這些發布商工具專注於每個發布商的廣告單元，並鼓勵品牌在該發布商上投入更多資金。

The publisher tools generally don't compare advertising performance across publishers, don't highlight opportunities to reallocate spend across publishers to improve performance, and don't promote a unified view of a customer's journey across channels, devices, and publishers. We supplement our Marin platform with support from our experienced team of digital marketing experts who can help brands to navigate a complex but rewarding world of digital advertising.

發布商工具通常不會比較各個發布商的廣告效果，不會強調在發布商之間重新分配支出以提高效果的機會，也不會促進跨渠道、設備和發布商的客戶旅程的統一視圖。我們經驗豐富的數位行銷專家團隊的支持是 Marin 平台的補充，他們可以幫助品牌駕馭複雜但回報豐厚的數位廣告世界。

As a reminder, we've been investing over the past quarters to give brands and agencies a user-friendly, cross-channel advertising management platform, enabling them to sell more by unifying the fragmented world of performance marketing.

提醒一下，我們在過去幾個季度一直在投資，為品牌和代理商提供一個用戶友好的跨通路廣告管理平台，使他們能夠透過統一分散的效果行銷世界來銷售更多產品。

To address the varying needs of digital marketers and the agencies we offer three primary products. Connect is a reporting-focused solution for advertisers looking to collect their performance, marketing data from a variety of sources, and send to data warehouses, BI tools, and spreadsheets. Step one of understanding your digital advertising spending is to have reliable, comprehensive reporting in a format that addresses your particular business needs. Marin provides marketers with unified revenue cost and ad performance data via our Connect offering.

為了滿足數位行銷人員和代理商的不同需求，我們提供三種主要產品。Connect 是一款以報告為中心的解決方案，適用於希望從各種來源收集績效、行銷資料並將其發送到資料倉儲、BI 工具和電子表格的廣告商。了解您的數位廣告支出的第一步是以滿足您特定業務需求的格式提供可靠、全面的報告。Marin 透過我們的 Connect 產品為行銷人員提供統一的收入成本和廣告成效數據。

Ascend builds on the data foundation provided by Connect. Ascend is designed to address the three Fs of performance marketing: fragmentation, forecasting, and frequency. Fragmentation is the need to allocate advertising investment across a range of publishers and campaigns. Forecasting is identifying what is the likely return from a given marginal dollar of online advertising investment. And frequency is the need for software to reallocate and pace the online advertising investment to deliver the best return.

Ascend 建立在 Connect 提供的資料基礎上。Ascend 旨在解決效果行銷的三個 F：分散化、預測和頻率。碎片化是指需要在一系列發布商和活動之間分配廣告投資。預測是確定給定邊際美元在線廣告投資的可能回報是多少。頻率是軟體重新分配和調整線上廣告投資以提供最佳回報的需要。

Ascend is our budget management pacing and forecasting solution that enables marketers to leverage Marin's AI-based optimization methodologies to deliver budget compliance as well as to understand what if from increased or decreased advertising spend and to understand optimal spend allocation across campaigns, publishers, and channels.

Ascend 是我們的預算管理節奏和預測解決方案，使行銷人員能夠利用Marin 基於人工智慧的最佳化方法來實現預算合規性，了解廣告支出增加或減少的情況，並了解跨行銷活動、發布商和管道的最佳支出分配。

Historically, these kinds of budgeting decisions have been done with spreadsheets in a highly manual and potentially error-prone approach. Marin is able to provide marketers with a powerful UI to automate these budgeting decisions while providing flexible budgeting controls and the ability to use a range of bidding approaches, including support for Google Smart Bidding.

從歷史上看，此類預算決策都是透過電子表格以高度手動且可能容易出錯的方法完成的。Marin 能夠為行銷人員提供強大的 UI 來自動化這些預算決策，同時提供靈活的預算控制和使用一系列出價方法的能力，包括對 Google 智慧出價的支援。

Ascend supports a range of publishers and channels, including LinkedIn, TikTok, Apple Search Ads, Amazon, reddit, X, which was formerly known as Twitter, and Taboola, in addition to Google and Meta. Our optimization tools now allow fine-grain control of the posting of budgets and/or targets to add platforms with Ascend. This feature ensures that budgets are dynamically adjusted to maximize campaign performance without manual intervention.

Ascend 支援一系列發布商和管道，除了 Google 和 Meta 之外，還包括 LinkedIn、TikTok、Apple Search Ads、Amazon、reddit、X（以前稱為 Twitter）和 Taboola。我們的最佳化工具現在可以對預算和/或目標的發布進行細粒度控制，以透過 Ascend 新增平台。此功能可確保動態調整預算，以最大限度地提高行銷活動績效，而無需人工幹預。

In the past quarter, we introduced in-grid pacing charts and upgraded the strategy setting slide panel to make monitoring and managing campaigns easier. Ascend complements the robust in-channel publisher bidding and provides an independent measure and means to allocate and pace online advertising investments, delivering optimal financial results and significant time savings compared to your alternative manual approaches.

在過去的季度中，我們引入了網格內進度圖表並升級了策略設定滑動面板，以使監控和管理活動變得更加容易。Ascend 補充了強大的通路內發布商競價，並提供了獨立的衡量標準和方法來分配和調整線上廣告投資，與其他手動方法相比，可提供最佳的財務結果並節省大量時間。

With each passing quarter, we are encouraged as we see more advertisers and agencies benefiting from Marin Ascend, as well as growing interest in evaluating Ascend. As I've shared, Ascend is already helping drive both new business and renewals. At this time, just under a quarter of Marin's customers are using Ascend's functionality and we expect further adoption in the coming months.

隨著每個季度的過去，我們都感到鼓舞，因為我們看到越來越多的廣告商和代理商從 Marin Ascend 中受益，並且對評估 Ascend 的興趣與日俱增。正如我所分享的，奧升德已經在幫助推動新業務和續訂。目前，Marin 的客戶中有不到四分之一正在使用 Ascend 的功能，我們預計在未來幾個月內會進一步採用。

Marin's third offering is MarinOne, our flagship cross-channel advertising management platform. Our goal with MarinOne is to complement publisher tools and empower advertisers to analyze, automate, and optimize their digital marketing campaigns more effectively.

Marin 的第三個產品是 MarinOne，我們的旗艦跨通路廣告管理平台。我們與 MarinOne 的目標是補充發布商工具，並使廣告主能夠更有效地分析、自動化和優化其數位行銷活動。

MarinOne is designed to enable management at scale for large paid media programs, driving time savings, and financial lift. And I want to highlight a recent customer success story with EasyGo, an Australian pioneer in online gaming, who leverage Marin's powerful optimizations and automations to reduce their cost per conversion by 40% and cost per click by 30% while increasing their conversions by 41% with Apple Search Ads.

MarinOne 旨在實現大型付費媒體專案的大規模管理，從而節省時間並提高財務收益。我想重點介紹一下澳洲線上遊戲先驅EasyGo 最近的客戶成功案例，該公司利用Marin 強大的優化和自動化功能將每次轉換成本降低了40%，將每次點擊成本降低了30%，同時將轉換率提高了41%與蘋果搜尋廣告。

This past quarter, Marin enhanced our core paid search functionality to include listing group support for performance max campaigns wherein users can create and edit listing groups across all Microsoft Ad and Google Performance Max campaigns, a functionality not available in the publisher platforms. We are fortunate to live in a time of AI promising to transform our business and personal lives with efficiency gains and new capabilities.

上個季度，Marin 增強了我們的核心付費搜尋功能，包括對效果最大化廣告系列的列表組支持，其中用戶可以在所有Microsoft Ad 和Google 效果最大化廣告系列中創建和編輯列表組，這是發布商平台中不提供的功能。我們很幸運生活在人工智慧時代，人工智慧有望透過提高效率和新功能來改變我們的業務和個人生活。

With powerful large language learning models now developed, the focus turns to how a modern marketer begins to apply AI to his or her marketing program to deliver results for the business. Marin debuted ChatGPT-powered anomaly detection reports designed to identify and summarize performance outliers. These reports are delivered in a concise, easy-to-understand format by e-mail on a daily or weekly basis, enabling marketers to review and address significant deviations in campaign performance quickly.

隨著強大的大型語言學習模型的開發，焦點轉向現代行銷人員如何開始將人工智慧應用到他或她的行銷計劃中，以交付業務成果。Marin 首次推出了由 ChatGPT 支援的異常檢測報告，旨在識別和總結效能異常值。這些報告每天或每週透過電子郵件以簡潔、易於理解的格式提供，使行銷人員能夠快速審查和解決行銷活動績效中的重大偏差。

Marin's team also delivered an initial release of Advisor, a ChatGPT powered teammate trained on Marin-specific content. The client can advise you on Marin and digital advertising best practices such as account linking and setup in Marin, troubleshooting campaign or platform issues, and how to apply digital marketing best practices to your Marin campaigns.

Marin 的團隊也發布了 Advisor 的初始版本，這是一個由 ChatGPT 支持的隊友，接受了 Marin 特定內容的培訓。客戶可以為您提供有關 Marin 和數位廣告最佳實踐的建議，例如 Marin 中的帳戶連結和設定、對活動或平台問題進行故障排除，以及如何將數位行銷最佳實踐應用於您的 Marin 活動。

Advisor helps Marin customers to see tangible benefits from the use of AI. Our team intends to expand the application of AI to optimize online advertising and expects to bring additional innovations to market in the coming quarters.

Advisor 幫助 Marin 客戶看到使用人工智慧帶來的實際好處。我們的團隊打算擴大人工智慧的應用以優化線上廣告，並預計在未來幾季將更多創新推向市場。

As we have discussed on past calls, our activities to support brands and their agencies take place against an active backdrop of governmental antitrust investigations of the businesses of leading publishers in the digital advertising market at the federal and state levels and in the EU. There also is the potential for federal legislation to regulate the conduct of the leading publishers, which could benefit Marin's role as an independent ad management platform. Marin enjoys cooperative relationships with the leading publishers, and we do not expect significant changes in these relationships in the near term.

正如我們在過去的電話會議中所討論的那樣，我們支持品牌及其代理商的活動是在政府對聯邦和州層面以及歐盟數位廣告市場領先出版商的業務進行反壟斷調查的積極背景下進行的。聯邦立法也有可能規範主要出版商的行為，這可能有利於 Marin 作為獨立廣告管理平台的角色。馬林與領先的出版商保持合作關係，我們預計這些關係在短期內不會發生重大變化。

As I mentioned on our last call, we see early but encouraging signs that our latest efforts are resonating more with customers and prospects. Marin can benefit as consumers spend increasing time online and ad dollars follow them, creating more needs for brands to measure, manage, and optimize these investments to acquire customers and drive revenue outcomes.

正如我在上次電話會議中提到的，我們看到了早期但令人鼓舞的跡象，表明我們的最新努力正在與客戶和潛在客戶產生更多共鳴。隨著消費者上網時間的增加和廣告收入的增加，品牌也需要衡量、管理和優化這些投資以獲取客戶並推動收入成果，從而使馬林受益。

With the combined online advertising share of Google and Meta below 50% and the growing fragmentation of digital advertising outside of these two leading publishers, be it on Amazon, Apple Search Ads, LinkedIn, Reddit, or TikTok, we see increasing interest in brands taking a cross-channel approach to their digital advertising investments, leveraging Marin's cross-channel reporting management at scale and budget optimization.

隨著Google 和Meta 的線上廣告份額合計低於50%，以及這兩家領先出版商之外的數位廣告日益分散（無論是在亞馬遜、Apple Search Ads、LinkedIn、Reddit 或TikTok 上），我們看到品牌對TikTok 的興趣與日俱增。

And now Bob will review our second-quarter financial results and our outlook for the third quarter of 2024.

現在鮑伯將回顧我們第二季的財務表現以及我們對 2024 年第三季的展望。

Thank you, Chris.

謝謝你，克里斯。

I'll provide an overview of our second quarter results and then share our forecast for the third quarter of 2024. I'll begin with a review of our income statement. For the second quarter of 2024, Marin generated $4 million of revenue toward the low end of our guidance. Second-quarter revenue was down approximately 7% when compared to total revenue for the second quarter of 2023, indicating a moderation of our revenue decline when compared to prior quarters. The decrease in revenue year over year is primarily attributable to the fact that existing customer churn outpaced new bookings. Our geographic split for revenue was approximately 81% US and 19% international for the second quarter of 2024.

我將概述我們第二季的業績，然後分享我們對 2024 年第三季的預測。我將首先回顧我們的損益表。2024 年第二季度，Marin 的營收為 400 萬美元，接近我們指引值的下限。與 2023 年第二季的總收入相比，第二季的收入下降了約 7%，這表明與前幾季相比，我們的收入下降幅度有所放緩。收入較去年同期下降的主要原因是現有客戶流失速度超過了新預訂速度。2024 年第二季度，我們的營收地域分佈約為 81% 美國，19% 來自國際。

Moving on to our operating results. As a reminder, our financial statements and a reconciliation of our GAAP to non-GAAP financial measures can be found in our earnings release issued earlier today. As I have discussed on previous calls, we commenced the implementation of a restructuring plan in July of 2023. The restructuring plan is expected to reduce our pretax cost structure from prior levels by approximately $10 million to $13 million on an annualized basis, close to $10 million of the year.

繼續我們的經營業績。提醒一下，我們的財務報表以及 GAAP 與非 GAAP 財務指標的調整表可以在我們今天早些時候發布的收益報告中找到。正如我在之前的電話會議中討論過的那樣，我們於 2023 年 7 月開始實施重組計劃。重組計畫預計將使我們的稅前成本結構從先前的水平減少約 1,000 萬美元至 1,300 萬美元，年化成本接近 1,000 萬美元。

Estimated annualized cost savings is expected to come from the reduction in force, which reduced our workforce globally by 64 positions as well as 15 full-time equivalent contractor roles. The reduction in force was complete as of the end of 2023. We incurred approximately $1.8 million in restructuring costs, substantially all of which relate to severance and other one-time termination benefits. We began to realize the associated cost savings during the third quarter of 2023. We expect to fully realize the estimated savings in 2024. As of the end of Q2 2024, we are on track to achieve our savings targets.

預計年度成本節省將來自人力的減少，我們在全球範圍內減少了 64 個職位以及 15 個全職等效承包商職位。截至 2023 年底，兵力裁減已完成。我們產生了約 180 萬美元的重組成本，其中大部分都與遣散費和其他一次性解僱福利有關。我們在 2023 年第三季開始實現相關成本節省。我們預計將在 2024 年完全實現預計的節省。截至 2024 年第二季末，我們預計將實現節省目標。

Our non-GAAP operating loss was $1.7 million for the second quarter of 2024 as compared to a $4.8 million loss for the second quarter of 2023. The $1.7 million non-GAAP operating loss in Q2 was $0.1 million better than the high end of our guidance through our expenses. The decrease in operating loss as compared to Q2 2023 is primarily attributable to realized savings from our restructuring plan implemented during the second half of 2023, which were partially offset by lower revenue in the current period as compared to last year.

2024 年第二季我們的非 GAAP 營運虧損為 170 萬美元，而 2023 年第二季營運虧損為 480 萬美元。第二季非 GAAP 營運虧損為 170 萬美元，比我們支出指引的上限低 10 萬美元。與 2023 年第二季度相比，營業虧損減少，主要是由於我們在 2023 年下半年實施的重組計劃實現了節省，但本期收入較去年同期下降部分抵消了節省。

Our non-GAAP operating expenses in Q2 2024 of $4.1 million represents a 38% decrease when compared to the prior year quarter. The decrease is attributable to the implementation of our restructuring plan. We ended the quarter with 104 total headcount globally versus 172 a year ago. The decrease in headcount year over year is due to the reduction in force that was commenced in July 2023 as part of our restructuring plan. About half of our remaining team is in technology roles, which we believe allows us to continue to deliver new product features and functionalities to drive results for leading brands and their agencies.

我們 2024 年第二季的非 GAAP 營運費用為 410 萬美元，與去年同期相比下降了 38%。減少是由於我們重組計劃的實施。本季結束時，我們的全球員工總數為 104 人，而一年前為 172 人。員工人數年減是由於作為我們重組計劃的一部分於 2023 年 7 月開始的裁員。我們剩下的團隊中約有一半擔任技術職務，我們相信這使我們能夠繼續提供新的產品特性和功能，以推動領先品牌及其代理商取得成果。

In terms of our balance sheet, we ended the quarter with a total cash balance of $7.9 million as compared to $8.6 million at the end of the previous quarter. As we have disclosed in our recent SEC filings, we are exploring opportunities to raise additional financing as well as potential strategic transactions, but we cannot provide any assurances about the terms or timing of any such transactions.

就我們的資產負債表而言，本季末我們的現金餘額總額為 790 萬美元，而上一季末為 860 萬美元。正如我們在最近向 SEC 提交的文件中所揭露的，我們正在探索籌集額外融資以及潛在策略交易的機會，但我們無法對任何此類交易的條款或時間表提供任何保證。

As Chris mentioned above, we renewed our strategic partnership agreement with Google in July for an additional three-year term, and the new agreement will commence on October 1. Under the terms of the new agreement, we expect to recognize the same quarterly revenue payments from Google as under the current agreement that is scheduled to expire on September 30. In addition to the expected quarterly revenue payments, we may also be eligible for incremental payments from Google under the new agreement if our managed spend exceed specified levels.

正如 Chris 上面提到的，我們在 7 月與 Google 續簽了為期三年的策略合作夥伴協議，新協議將於 10 月 1 日生效。根據新協議的條款，我們預計將確認來自 Google 的季度收入付款與計劃於 9 月 30 日到期的當前協議相同。除了預期的季度收入付款外，如果我們的管理支出超過指定水平，我們還可能有資格根據新協議獲得 Google 的增量付款。

Moving on to our outlook for Q3 2024, we expect revenue to be in the range of $4 million to $4.2 million and non-GAAP operating losses expected to be in the range of $2.1 million to $1.9 million.

展望 2024 年第三季度，我們預計營收將在 400 萬美元至 420 萬美元之間，非 GAAP 營運虧損預計將在 210 萬美元至 190 萬美元之間。

This concludes our call for today. Thank you for your time. We look forward to updating you again during our Q3 2024 earnings call.

我們今天的呼籲到此結束。感謝您抽出時間。我們期待在 2024 年第三季財報電話會議上再次向您通報最新情況。

This concludes today's teleconference. You may disconnect your lines at this time and thank you for your participations.

今天的電話會議到此結束。此時您可以斷開線路，感謝您的參與。