Marin Software Inc (MRIN) 2024 Q3 法說會逐字稿

Greetings, and welcome to Marin Software's third-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, Chief Financial Officer of Marin Software. Thank you. You may begin.

您好，歡迎您參加 Marin Software 2024 年第三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，Marin Software 財務長 Bob Bertz。謝謝。你可以開始了。

Thank you. Good afternoon, everyone, and welcome to Marin Software's third-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.

謝謝。大家下午好，歡迎參加 Marin Software 2024 年第三季財報電話會議。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。

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.

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 strategy, 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 the expected revenue under our strategic agreement with Google, expectations for future economic activity in digital advertising spending, expected restructuring cost and cost savings from our restructuring efforts, our efforts to raise additional financing or to negotiate and complete potential strategic transactions and our expected Q4 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服務的期望、可能表明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能力的期望以及維持或發展我們的業務、我們對開支和現金資源的期望、產品和技術投資的影響、產品開發工作的進展、產品功能和優勢、我們與數位廣告市場中的出版商和其他各方的關係，以及我們與Google戰略協議下的預期收入、對數位廣告支出中未來經濟活動的預期、預期的重組成本和重組工作帶來的成本節約、我們籌集額外融資或談判和完成潛在戰略交易的努力以及我們對2024 年第四季的預期和未來的財務表現。

We make these statements as of October 31, 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 in our most recent reports on Form 10-Q and Form 10-K, as well as our other SEC filings.

我們截至 2024 年 10 月 31 日做出這些聲明，並且不承擔更新這些聲明的義務。有關這些風險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總體風險，我們建議您參閱標題為「風險因素」的部分在我們最新的 10-Q 表格和 10-K 表格報告以及我們向 SEC 提交的其他文件中。

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 third-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 年第三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. 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 third-quarter results for 2024 and our outlook for the fourth 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 年第三季業績以及 2024 年第四季展望的更多詳細資訊。

As we highlight each quarter, we are committed to sustaining and growing our business and maximizing 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, Q3 revenues came in above our guidance range at $4.3 million, down about 4% year-over-year, as our revenue decline moderates with progress in improving customer retention and new bookings.

正如今天的財報中所宣布的，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，第三季度收入超出了我們430 萬美元的指導範圍，同比下降了約4%。

Our Q3 non-GAAP operating loss also beat the high end of our guidance. Our non-GAAP operating loss was $1.1 million lower on a year-over-year basis, reflecting the benefits of our July 2023 restructuring and reduction in force plan.

我們第三季的非公認會計準則營運虧損也超出了我們指導的上限。我們的非 GAAP 營運虧損年減 110 萬美元，反映了我們 2023 年 7 月重組和裁員計畫的效益。

Our total cash balance at the end of Q3 was $5.6 million.

第三季末我們的現金餘額總額為 560 萬美元。

In mid-October, subsequent to the end of the quarter, we reduced headcount by 26%. The reduction is projected to result in annualized savings of approximately $3.6 million. We took this difficult step to better align our costs with our current revenues and to move Marin closer to breakeven.

10 月中旬，即季度末之後，我們裁員 26%。此次削減預計每年可節省約 360 萬美元。我們採取這一艱難的步驟是為了更好地調整我們的成本與當前收入，並使 Marin 更接近盈虧平衡。

As we announced last quarter, I am pleased to share that Marin Software has renewed its strategic partnership agreement with Google for another three years, commencing on October 1, 2024. The renewal is substantially similar to the revenue share agreement with Google that expired on September 30, 2024, including the same minimum quarterly payments. This agreement underscores our commitment to fostering innovation and providing advertisers with unparalleled tools for managing and optimizing their page search campaigns.

正如我們上季度宣布的那樣，我很高興地宣布，Marin Software 已與 Google 將戰略合作夥伴協議續簽三年，從 2024 年 10 月 1 日開始。此次續約與 2024 年 9 月 30 日到期的與 Google 的收入分成協議基本相似，包括相同的最低季度付款。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頁面搜尋活動。

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。Google、Facebook、亞馬遜和其他出版商（包括 TikTok、Snap 和 LinkedIn）的圍牆花園不能很好地合作。

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.

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。

We do this by serving as a performance layer that complements the tools that each of the ad platforms provides to its customers. These ad platform tools are understandably focused on the ad units offered on each platform and encourage brands to spend more within their walled guard.

我們透過充當性能層來實現這一目標，該層補充了每個廣告平台向其客戶提供的工具。可以理解的是，這些廣告平台工具專注於每個平台上提供的廣告單元，並鼓勵品牌在其圍牆內投入更多資金。

The ad platform tools generally don't compare advertising performance across platforms. They don't highlight opportunities to reallocate spending across platforms to improve performance, nor do they promote a unified view of a customer's journey across channels and devices. We supplement our software with support from our experienced team of digital marketing experts, who can help brands navigate the complex but rewarding world of digital advertising.

廣告平台工具通常不會比較跨平台的廣告效果。他們沒有強調跨平台重新分配支出以提高績效的機會，也沒有提倡跨通路和設備的客戶旅程的統一視圖。我們在經驗豐富的數位行銷專家團隊的支持下補充了我們的軟體，他們可以幫助品牌駕馭複雜但回報豐厚的數位廣告世界。

To address the varying needs of digital marketers and their agencies, we offer three primary products. Connect is a reporting-focused solution for advertisers looking to collect their performance marketing data from various sources and send it to data warehouses, BI tools, and spreadsheets.

為了滿足數位行銷人員及其代理商的不同需求，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效果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。

Marin provides marketers with unified revenue, cost, and ad performance data via our Connect offering. Building on the data foundation provided by Connect, Ascend is our budget management, pacing, and forecasting solution. It enables marketers to leverage Marin's AI-based optimization methodologies to deliver budget compliance, understand what-if from increased or decreased advertising spend, and understand optimal spend allocation across campaigns, publishers, and channels.

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 建立在 Connect 提供的資料基礎上，是我們的預算管理、節奏和預測解決方案。它使行銷人員能夠利用 Marin 基於人工智慧的優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。

Ascend supports a range of publishers and channels, including LinkedIn, TikTok, Apple Search Ads, Amazon, Reddit, X, formerly known as Twitter, and Taboola, in addition to Google and Meta. Ascend 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。Ascend 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。

Ascend complements the robust in-channel publisher bidding and provides an independent measure and means to allocate and pace online advertising investment, delivering optimal financial results and significant time savings compared to alternative manual approaches.

Ascend 補充了強大的管道內發布商競價，並提供了分配和調整線上廣告投資的獨立措施和方法，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。

This past quarter in Ascend, we introduced new budget floor controls, ensuring campaigns maintain a minimum spend to maximize impact and avoid underperformance due to budget shortfalls. These enhancements provide users with automated budget management that adheres to both maximum and minimum thresholds across all campaigns and publishers.

上個季度，我們在 Ascend 中引入了新的預算下限控制，確保行銷活動保持最低支出，以最大限度地發揮影響力，並避免因預算不足而導致績效不佳。這些增強功能為使用者提供了自動化的預算管理，該管理遵守所有廣告系列和發布商的最大和最小閾值。

And I want to highlight a recent Ascend customer success story with Fusion92, one of the Midwest's largest independent media agencies, who utilized Marin's budgeting platform to transform budget compliance for their client, a dental services organization with over 1,500 offices nationwide. In just under two months, they improved budget compliance from 9% to 96%, really outstanding results, saving over 15 hours of manual work per week.

我想重點介紹最近與Fusion92 合作的Ascend 客戶成功故事，Fusion92 是中西部最大的獨立媒體機構之一，他們利用Marin 的預算平台來改變其客戶的預算合規性，這是一家在全國擁有1,500 多個辦事處的牙科服務組織。在不到兩個月的時間裡，他們將預算合規性從 9% 提高到了 96%，成績非常出色，每週節省了超過 15 小時的體力工作。

We are encouraged to 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.

我們很高興看到更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。

Marin's third offering is MarinOne, our flagship cross-channel advertising management platform. Our goal with MarinOne is to complement publisher tools and allow advertisers to analyze, automate, and optimize their digital marketing campaigns more effectively. MarinOne is designed to enable management at scale for large paid media programs, driving time savings and financial lift.

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，並允許廣告主更有效地分析、自動化和優化其數位行銷活動。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效率。

As part of MarinOne, I'm pleased to announce our enhanced Reddit integration, which now supports full campaign management, including budgeting, forecasting, and automation. On top of our existing omnichannel reporting capabilities, marketers can manage their Reddit campaigns with the same precision and ease they apply across other publishers in Marin.

作為 MarinOne 的一部分，我很高興地宣布我們增強了 Reddit 集成，現在支援全面的活動管理，包括預算、預測和自動化。除了我們現有的全通路報告功能之外，行銷人員還可以像管理 Marin 的其他發布商一樣精確、輕鬆地管理他們的 Reddit 行銷活動。

I've mentioned Marin's work with AI on prior calls, and I'm pleased to share that we continue to advance Advisor, which is Marin's OpenAI-powered virtual teammate. With this, Marin users can interact with the platform in an entirely new way, unlocking the collective knowledge of digital marketing thought leaders and putting their best practices to work with a simple prompt.

我在之前的電話會議中提到了 Marin 與 AI 的合作，我很高興與大家分享，我們將繼續推進 Advisor，它是 Marin 的 OpenAI 支援的虛擬隊友。有了這個，Marin 用戶可以以全新的方式與平台進行交互，解鎖數位行銷思想領袖的集體知識，並透過簡單的提示將他們的最佳實踐付諸實踐。

Our new AI-powered virtual assistant allows marketers to streamline their workflow by automating tasks and receiving actionable insights. Powered by OpenAI and integrated with Marin's entire Knowledge Center, Advisor provides real-time performance analysis, recommended actions, and step-by-step guidance, helping users optimize their campaigns directly within Marin's platform.

我們全新的人工智慧虛擬助理使行銷人員能夠透過自動化任務和接收可行的見解來簡化他們的工作流程。Advisor 由 OpenAI 提供支持，並與 Marin 的整個知識中心集成，提供即時績效分析、推薦操作和逐步指導，幫助用戶直接在 Marin 平台內優化其活動。

Advisor is Marin's second AI offering, following our ChatGPT-powered anomaly detection reports, designed to identify and summarize performance outliers. These reports are delivered in a concise, easy-to-understand format via email on a daily or weekly basis, enabling marketers to review and address significant deviations in campaign performance quickly. 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 是 Marin 繼 ChatGPT 支援的異常檢測報告之後推出的第二款 AI 產品，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。我們的團隊打算擴大人工智慧的應用來優化線上廣告，並預計在未來幾季將更多創新推向市場。

As we've 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 is also the possibility of federal legislation to regulate the conduct of the leading publishers, which could benefit Marin's role as an independent ad management platform.

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機構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。

In particular, there is a pending Google ad tech antitrust case that will hear closing arguments beginning November 25, 2024, with a ruling from the judge expected in Q1 2025. Any decision by the judge will likely be subject to further hearings and appeals.

特別是，有一起懸而未決的谷歌廣告技術反壟斷案件，將於 2024 年 11 月 25 日開始聽取結案陳詞，法官預計將於 2025 年第一季做出裁決。法官的任何決定都可能需要進一步聽證和上訴。

Marin enjoys coopetition relationships with the leading publishers, and we do not expect significant changes in these relationships in the near term. And as you have heard me share on prior calls, you see early but encouraging signs that our latest efforts are resonating more with customers and prospects. Marin can benefit if consumers spend increasing time online and add dollars follow them, creating more need for brands to measure, manage, and optimize these investments to acquire customers and drive revenue outcomes.

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。正如您在之前的電話中聽到我分享的那樣，您看到了早期但令人鼓舞的跡象，表明我們最新的努力正在與客戶和潛在客戶產生更多共鳴。如果消費者花在網路上的時間增加，並隨之增加收入，那麼馬林就能受益，從而使品牌更需要衡量、管理和優化這些投資，以獲取客戶並推動收入成果。

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.

由於Google 和Meta 的線上廣告份額合計低於50%，而且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、蘋果搜尋廣告、LinkedIn、Reddit 還是TikTok 上，我們看到品牌對品牌的興趣日益濃厚利用 Marin 的跨通路報告、規模管理和預算優化，採用跨通路方法進行數位廣告投資。

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

現在，鮑伯將回顧我們第三季的財務業績和 2024 年第四季的前景。

Thank you, Chris. I'll provide an overview of our third-quarter results and then share our forecast for the fourth quarter of 2024. I'll begin with a review of our income statement.

謝謝你，克里斯。我將概述我們第三季的業績，然後分享我們對 2024 年第四季的預測。我將首先回顧我們的損益表。

For the third quarter of 2024, Marin generated $4.3 million in revenue, which was $0.1 million above the high end of our guidance. Third-quarter 2024 revenue was down approximately 4% when compared to total revenue for the 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 80% US and 20% international for the third quarter of 2024.

2024 年第三季度，Marin 創造了 430 萬美元的收入，比我們指導的上限高出 10 萬美元。與 2023 年季度的總收入相比，2024 年第三季的收入下降了約 4%，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 年第三季度，我們的營收地域分佈約為 80% 美國，20% 國際。

Moving on to our operating results. As a reminder, financial statements and a reconciliation of our GAAP to non-GAAP financial measures can be found in our earnings release issued earlier today.

繼續我們的經營業績。提醒一下，財務報表以及我們的 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。

Our non-GAAP operating loss was $1.8 million for the third quarter of 2024, as compared to a $2.9 million loss for the third quarter of 2023. The $1.8 million non-GAAP operating loss in Q3 was $0.1 million better than the high end of our guidance due to higher revenue. The decrease in operating losses compared to Q3 2023 is primarily attributable to real-life 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 年第三季我們的非 GAAP 營運虧損為 180 萬美元，而 2023 年第三季營運虧損為 290 萬美元。由於營收增加，第三季 180 萬美元的非 GAAP 營運虧損比我們指引的上限好 10 萬美元。與 2023 年第三季相比，營運虧損減少，主要歸因於我們在 2023 年下半年實施的重組計劃帶來的實際節省，但本期收入較去年同期下降部分抵消了這一節省。

Our non-GAAP operating expense in Q3 2024 of $4.4 million represents a 17% decrease when compared to the prior year quarter. The decrease is attributable to the implementation of our restructuring plan.

我們 2024 年第三季的非 GAAP 營運費用為 440 萬美元，與去年同期相比下降了 17%。減少是由於我們重組計劃的實施。

We ended the quarter with a 103 total headcount globally versus 116 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, which was completed in Q4 of 2023. About half of our team is in technology roles, which we believe allows us to continue to deliver new products, features, and functionality to drive results for leading brands and their agencies.

本季末，我們的全球員工總數為 103 人，而一年前為 116 人。員工人數同比減少的原因是，作為重組計劃的一部分，我們於 2023 年 7 月開始裁員，該計劃於 2023 年第四季度完成。我們團隊中大約有一半的人擔任技術職務，我們相信這使我們能夠繼續提供新產品、特性和功能，從而為領先品牌及其代理商帶來成果。

We commenced the implementation of a new restructuring plan in October of 2024. This restructuring plan is expected to further reduce our pre-tax cost structure by approximately $3.5 million on an annualized basis, all of which is expected to come from a reduction in force.

我們於 2024 年 10 月開始實施新的重整計畫。這項重組計畫預計將進一步將我們的稅前成本結構按年計算減少約350萬美元，預計所有這些成本都來自裁員。

The reduction in force will reduce our workforce globally by approximately 27 positions, as well as approximately 7 full-time equivalent contractor roles. We expect the restructuring to be completed by the end of this year, and we expect to incur approximately $0.8 million in restructuring costs, substantially all of which relate to severance and other one-time termination benefits.

此次裁員將使我們在全球範圍內的員工隊伍減少約 27 個職位，以及約 7 個全職等效承包商職位。我們預計重組將於今年底完成，預計將產生約 80 萬美元的重組成本，其中大部分與遣散費和其他一次性解僱福利有關。

In terms of our balance sheet, we ended the quarter with a total cash balance of $5.6 million, as compared to a $7.9 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 our ability to negotiate or complete any such transaction or the terms or timing of any such transaction.

就我們的資產負債表而言，本季末我們的現金餘額總額為 560 萬美元，而上一季末為 790 萬美元。正如我們在最近向SEC 提交的文件中所披露的，我們正在探索籌集額外融資以及潛在戰略交易的機會，但我們無法對我們談判或完成任何此類交易的能力或任何此類交易的條款或時間提供任何保證。

Moving on to our outlook. For Q4 2024, we expect revenue to be in the range of $4.0 million to $4.2 million, and our non-GAAP operating loss is expected to be in the range of $1.4 million to $1.1 million.

繼續我們的展望。對於 2024 年第四季度，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 140 萬美元至 110 萬美元之間。

This concludes our call for today. Thank you for your time, and we look forward to updating you again during our Q4 2024 earnings call.

我們今天的呼籲到此結束。感謝您抽出寶貴時間，我們期待在 2024 年第四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. Thank you for your participation, and have a wonderful day.

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，祝您有美好的一天。