NerdWallet Inc (NRDS) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the NerdWallet, Inc second quarter 2025 earnings call. (Operator Instructions)

女士們、先生們，感謝你們的支持。現在，我歡迎大家參加 NerdWallet, Inc 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the conference over to Sara Colvin, Investor Relations. You may begin.

現在我想將會議交給投資者關係部的 Sara Colvin。你可以開始了。

Thank you, operator. Welcome to the NerdWallet Q2 2025 earnings call. Joining us today are Co-Founder and Chief Executive Officer, Tim Chen; and Chief Financial Officer, Jun Lee.

謝謝您，接線生。歡迎參加 NerdWallet 2025 年第二季財報電話會議。今天與我們一起出席的還有共同創辦人兼執行長 Tim Chen 和財務長 Jun Lee。

Our press release and shareholder letter are available on our Investor Relations website, and a replay of this update will also be available following the conclusion of today's call. We intend to use our Investor Relations website as a means of disclosing certain material information and complying with disclosure obligations under SEC Regulation FD from time to time. As a reminder, today's call is being webcast live and recorded.

我們的新聞稿和股東信可在投資者關係網站上查閱，今天的電話會議結束後也將提供此更新的重播。我們打算利用我們的投資者關係網站作為揭露某些重大資訊和不時遵守美國證券交易委員會公平揭露條例規定的揭露義務的一種手段。提醒一下，今天的電話會議正在進行網路直播和錄音。

Before we begin today's remarks and question-and-answer session, I would like to remind you that certain statements made during this call may relate to future events and expectations and as such, constitute forward-looking statements. Actual results and performance may differ from those expressed or implied by these forward-looking statements as a result of various risks and uncertainties, including the risk factors discussed in reports filed or to be filed with the SEC.

在我們開始今天的發言和問答環節之前，我想提醒大家，本次電話會議中所做的某些陳述可能與未來事件和預期有關，因此構成前瞻性陳述。由於各種風險和不確定性，包括已提交或將要提交給美國證券交易委員會的報告中討論的風險因素，實際結果和業績可能與這些前瞻性陳述所表達或暗示的結果和業績不同。

We urge you to consider these risk factors and remind you that we undertake no obligation to update the information provided on this call to reflect subsequent events or circumstances. You should be aware that these statements should not be considered a guarantee of future performance.

我們敦促您考慮這些風險因素，並提醒您，我們不承擔更新此通話中提供的資訊以反映後續事件或情況的義務。您應該意識到這些聲明不應被視為對未來表現的保證。

Furthermore, during this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release, except where we are unable without reasonable efforts to calculate certain reconciling items with confidence.

此外，在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的對賬，除非我們無法在沒有合理努力的情況下自信地計算某些對帳項目。

With that, I will now turn it over to Tim Chen, our Co-Founder and CEO. Tim?

現在，我將把發言權交給我們的聯合創始人兼執行長 Tim Chen。提姆？

Thanks, Sara. This quarter, we continued to improve our efficiency in service of our long-term vision. We earned $187 million in revenue, which was up 24% year-over-year, but below our guidance range of $192 million to $200 million, largely due to a temporary disruption to our insurance shopping funnel as we transition to a new platform partner.

謝謝，薩拉。本季度，我們持續提高效率，服務我們的長期願景。我們的營收為 1.87 億美元，年成長 24%，但低於我們 1.92 億美元至 2 億美元的預期範圍，這主要是因為我們在向新的平台合作夥伴過渡時保險購物管道暫時中斷。

However, our improved operational efficiency contributed to our bottom line outperformance. We delivered $21 million in non-GAAP operating income, above our guidance of $14 million to $18 million and representing a significant year-over-year improvement.

然而，我們提高的營運效率有助於我們實現更高的獲利。我們實現了 2,100 萬美元的非 GAAP 營業收入，高於我們預期的 1,400 萬美元至 1,800 萬美元，並且同比大幅提升。

I am particularly proud of our bottom line results when you consider the challenges all companies, including NerdWallet, have faced from organic search headwinds over the past year. These headwinds continued in Q2, and yet our NGOI is up $23 million year-over-year. I attribute this to a number of factors. We've expanded our top of funnel with other sources of organic referrals through our vertical integration and registered user experiences. We have improved our proficiency in performance marketing, and we have overhauled several of our vertical shopping experiences to capture more consumer and partner demand. And crucially, we've done this all while running leaner and faster.

當您考慮到包括 NerdWallet 在內的所有公司在過去一年中面臨的有機搜尋逆風帶來的挑戰時，我對我們的最終結果感到特別自豪。這些不利因素在第二季度仍在繼續，但我們的非政府組織投資 (NGOI) 年比增加了 2,300 萬美元。我將此歸因於多種因素。我們透過垂直整合和註冊用戶體驗，將我們的漏斗頂部擴展到其他有機推薦來源。我們提高了績效行銷的能力，並徹底改革了幾種垂直購物體驗，以滿足更多消費者和合作夥伴的需求。至關重要的是，我們在更精簡、更快速的運行過程中實現了這一切。

Our efficiency and healthy balance sheet give us options. We can make meaningful investments in our long-term vision, investments that will ensure we stay on offense with new capabilities and advantages. In particular, we're focused on vertical integration or the process by which we pair NerdWallet's brand and reach with best-in-class shopping experiences.

我們的效率和健康的資產負債表為我們提供了選擇。我們可以對長期的願景進行有意義的投資，這些投資將確保我們憑藉新的能力和優勢保持進攻態勢。具體來說，我們專注於垂直整合，或將 NerdWallet 的品牌和影響力與一流的購物體驗相結合的過程。

Examples include our SMB loan sales concierge and acquisition of Next Door Lending, a mortgage brokerage. These bolt-ons allow us to not only capture more down funnel economics, but also to establish relationships with consumers that bring them back to us directly for future transactions.

例如我們的中小企業貸款銷售禮賓服務和對抵押貸款經紀公司 Next Door Lending 的收購。這些附加功能不僅使我們能夠獲得更多的下行通路經濟效益，還能與消費者建立關係，讓他們直接回到我們這裡進行未來的交易。

This quarter, our SMB team expanded our concierge service to a broader range of businesses. Meanwhile, Next Door Lending has been scaling our operating capacity with additional licensing and hiring efforts. Our efficiency gains have created more flexibility to invest opportunistically, whether organically or inorganically or return value to customers or shareholders in the quarter to come. You can read more about the progress we made in our other strategic pillars this quarter in our shareholder letter.

本季度，我們的中小企業團隊將禮賓服務擴展到更廣泛的企業。與此同時，Next Door Lending 一直在透過增加許可和招聘來擴大我們的營運能力。我們的效率提升為我們創造了更大的靈活性，讓我們能夠進行機會性投資，無論是有機投資還是無機投資，或在未來一個季度為客戶或股東帶來回報。您可以在股東信中閱讀有關我們本季在其他策略支柱方面取得的進展的更多資訊。

In the meantime, I'll pass it over to Jun to cover our financial results in more detail.

同時，我將把報告交給 Jun，讓他更詳細地介紹我們的財務表現。

Thanks, Tim. Like Tim, I'm pleased with our profitability results this quarter and how they reflect our improved efficiency in service of our vision. As I mentioned last quarter, I believe the key drivers of long-term value creation for our shareholders are sustainable growth, strong free cash flow generation and disciplined capital allocation, all of which depend on our commitment to prioritizing profitability and our long-term vision over short-term goals.

謝謝，蒂姆。和蒂姆一樣，我對本季的獲利結果感到滿意，也對它如何反映出我們為實現願景而提高的效率感到滿意。正如我上個季度提到的，我相信為股東創造長期價值的關鍵驅動力是可持續增長、強勁的自由現金流產生和嚴格的資本配置，所有這些都取決於我們致力於優先考慮盈利能力和長期願景而不是短期目標的承諾。

With that in mind, let's discuss our Q2 results in more detail. You heard the headlines from Tim. Q2 revenue came in at $187 million. While this represents solid year-over-year growth of 24%, it is below where we guided last quarter due to lower-than-expected growth in insurance. Insurance delivered $55 million in revenue, growing at 86% year-over-year in Q2, but declining 26% quarter-over-quarter.

考慮到這一點，讓我們更詳細地討論第二季的業績。您已經聽到了提姆的頭條新聞。第二季營收為 1.87 億美元。雖然這代表著同比增長 24%，但由於保險增長低於預期，因此低於我們上個季度的預期。保險業務收入為 5,500 萬美元，第二季年增 86%，但季減 26%。

As Tim shared, the deceleration versus Q1 largely arose from our transition to a new platform partner. Notably, this transition wrapped up in mid-July, and we have since seen insurance revenue rebound to levels similar to last year. For more information on our other verticals performance in Q2, please refer to our shareholder letter.

正如蒂姆所分享的，與第一季相比，成長放緩主要是因為我們轉向了新的平台合作夥伴。值得注意的是，這一轉變於 7 月中旬結束，此後我們看到保險收入反彈至與去年類似的水平。有關我們第二季度其他垂直行業表現的更多信息，請參閱我們的股東信函。

Moving on to profitability. During Q2, we delivered $21 million of non-GAAP operating income, which was above our Q2 guidance range. Tim has already shared some of the drivers behind the $24 million year-over-year improvement in NGOI. Other operational efficiencies came from lower employee costs following our Q3 2024 restructuring and decreased brand spend mainly due to timing as we pulled forward our full year brand investments in Q1 to support the rollout of our national brand campaign at the Super Bowl.

邁向盈利。在第二季度，我們實現了 2,100 萬美元的非 GAAP 營業收入，高於我們的第二季度指引範圍。提姆已經分享了非政府組織內部投資年增 2,400 萬美元的一些驅動因素。其他營運效率的提高來自於我們在 2024 年第三季重組後降低的員工成本以及減少的品牌支出，這主要是由於時間原因，因為我們在第一季度提前了全年的品牌投資，以支持我們在超級盃上推出的全國品牌活動。

GAAP operating income for the second quarter was $11 million. Over the last four quarters, we generated $71 million of adjusted free cash flow and ended Q2 with a cash balance of $105 million. As a reminder, we introduced a trailing 12-month adjusted free cash flow disclosure last quarter. We believe adjusted free cash flow is an important measure of the health of our business, and we introduced this disclosure to better align our internal KPIs with our reported financial metrics. Please refer to today's earnings press release for a full reconciliation of our GAAP to non-GAAP measures.

第二季的 GAAP 營業收入為 1,100 萬美元。在過去四個季度中，我們產生了 7,100 萬美元的調整後自由現金流，第二季末的現金餘額為 1.05 億美元。提醒一下，我們在上個季度推出了過去 12 個月的調整後自由現金流揭露。我們認為調整後的自由現金流是我們業務健康狀況的重要指標，我們引入此揭露是為了更好地使我們的內部 KPI 與報告的財務指標保持一致。請參閱今天的收益新聞稿，以了解我們的 GAAP 與非 GAAP 指標的完整對照組。

Continuing on the theme of profitability and Tim's commentary on efficiency allowing us to invest in our future, I would like to touch on capital allocation and our philosophy in this area. This has been a key focus for me since I joined NerdWallet, and the good news is that we have a host of attractive capital allocation opportunities due to our strong balance sheet and cash flow profile.

繼續討論盈利能力的主題以及蒂姆關於效率使我們能夠投資未來的評論，我想談談資本配置和我們在這方面的理念。自從我加入 NerdWallet 以來，這一直是我關注的重點，好消息是，由於我們強大的資產負債表和現金流狀況，我們擁有大量有吸引力的資本配置機會。

In the current environment, we see two attractive options for deploying free cash flow, M&A and share buybacks. In terms of M&A, the current climate and our financial profile mean that we have a lot of leverage to pursue bolt-on acquisitions that will accelerate our vertical integration strategy. We'll continue to evaluate both opportunistically and with a focus on what will best serve our long-term value creation.

在當前環境下，我們看到兩個部署自由現金流的有吸引力的選擇，即併購和股票回購。在併購方面，當前的環境和我們的財務狀況意味著我們有很大的優勢來進行附加收購，這將加速我們的垂直整​​合策略。我們將繼續評估機會，並專注於最有利於我們長期價值創造的因素。

In the meantime, on to our financial outlook. Like last quarter, our guidance contemplates a wider range of potential outcomes given low visibility in the macro. In Q3, we expect to deliver revenue in the range of $189 million to $197 million, which at the midpoint would be up 1% versus prior year.

同時，我們來談談財務前景。與上一季一樣，鑑於宏觀經濟的低可見性，我們的指導考慮了更廣泛的潛在結果。我們預計第三季的營收將在 1.89 億美元至 1.97 億美元之間，中間值將比去年同期成長 1%。

In insurance, we expect a small decline year-over-year since our platform transition was not completed until mid-July. And we expect continued headwinds in our credit card business, offset by strength in areas like banking and personal loans.

在保險方面，由於我們的平台轉型直到 7 月中旬才完成，我們預計將年比將出現小幅下降。我們預期信用卡業務將繼續面臨阻力，但銀行業務和個人貸款等領域的強勁表現將抵銷這種阻力。

In terms of profitability, we expect Q3 non-GAAP operating income results in the range of $23 million to $27 million. This assumes continued benefit from the improvements we made to our shopping funnels and operational efficiency and that we continue to deploy performance marketing spend to take advantage of verticals with opportunities for profitable growth.

在獲利能力方面，我們預計第三季非 GAAP 營業收入將在 2,300 萬美元至 2,700 萬美元之間。這假設我們對購物管道和營運效率的改善將持續帶來收益，並且我們將繼續部署績效行銷支出，以利用具有獲利成長機會的垂直產業。

Looking ahead, we expect to generate full year 2025 non-GAAP operating income of $71 million to $79 million, an increase of $14.5 million at the midpoint from our previous guidance. Our strategic investments and commitments to operational efficiency have created more opportunities for us to add NGOI dollars through improved execution, so we enter the second half of the year with confidence that our full year NGOI goals for 2025 and 2026 are within reach.

展望未來，我們預計 2025 年全年非 GAAP 營業收入將達到 7,100 萬美元至 7,900 萬美元，比我們先前預期的中位數增加 1,450 萬美元。我們的策略性投資和對營運效率的承諾為我們透過改進執行來增加 NGOI 資金創造了更多機會，因此我們滿懷信心地進入下半年，相信我們 2025 年和 2026 年全年 NGOI 目標可以實現。

With that, we'll open it for questions. Operator?

接下來，我們將開始回答問題。操作員？

Thank you. We will now begin the question and answer session.(Operator Instructions)

謝謝。我們現在開始問答環節。 （操作員指示）

Justin Patterson, KeyBanc.

賈斯汀·帕特森，KeyBanc。

Great, thanks for taking the question. Just with respect to the traffic headwinds that you called out or organic search headwinds you called out that a lot of companies are facing, including yourself. Any sense of just how this is trending? Is it getting incrementally better, incrementally worse? And then what type of success are you having right now in terms of just driving more nudges and getting more repeat users back onto the platform? Thank you.

太好了，謝謝你回答這個問題。就您提到的流量逆風或自然搜尋逆風而言，許多公司都面臨著這些逆風，包括您自己。您知道這到底是怎樣的趨勢嗎？情況是逐漸好轉還是逐漸惡化？那麼，就推動更多推動力和讓更多重複用戶重返平台而言，您現在取得了哪些類型的成功？謝謝。

Yes. I'd say the story hasn't changed much since last quarter. Organic search is still pretty challenged. What's happened incrementally is we've seen AI overviews roll out to a much broader swath of queries in recent months, which is resulting in more people getting answers about ever clicking through to websites. However, this continues to mostly affect our learned content, which is why MAUs have been impacted far more than revenue. At the same time, we're also seeing early signs that LLMs are going to be a new organic channel for us. So the channel itself is obviously growing pretty quickly.

是的。我想說，自上個季度以來，情況並沒有太大變化。有機搜尋仍然面臨相當大的挑戰。近幾個月來，我們看到人工智慧概覽逐漸擴展到更廣泛的查詢領域，這使得更多的人能夠獲得點擊網站的答案。然而，這仍然主要影響我們所學的內容，這就是為什麼 MAU 受到的影響遠大於收入。同時，我們也看到早期跡象表明，法學碩士將成為我們的新有機管道。因此該頻道本身顯然成長得相當快。

And third-party data would suggest that we're leading the way there in terms of market share for financial queries. What's probably less obvious is that people who click through from LLMs have materially higher intent to transact than people who click through from search engines. So that -- while encouraging in terms of that being a new growth channel, it's still pretty small.

第三方數據表明，我們在財務查詢市場份額方面處於領先地位。可能不太明顯的是，透過法學碩士 (LLM) 點擊進來的人比透過搜尋引擎點擊進來的人有更高的交易意願。因此，儘管這是一個令人鼓舞的新成長管道，但它仍然很小。

And then I think to your question, we are definitely continuing to invest in our app and through vertical integration, our -- more soup to nuts financial services experiences. And yes, with those experiences, we gain a lot of information about the user and, of course, the nudges and personalization then become much more effective at reengaging them. So that's an important part of our strategy as well going forward

然後我想回答你的問題，我們肯定會繼續投資我們的應用程序，並透過垂直整合，提供更全面的金融服務體驗。是的，透過這些體驗，我們獲得了大量有關用戶的信息，當然，推動和個性化在重新吸引用戶方面變得更加有效。這也是我們未來策略的重要組成部分

Got it. And if I could squeeze in one more. Just when you step back and consider all the innovation that's taken place in GenAI, how does that change your internal approach toward product development? Or said differently, what type of new things can you do today that wasn't previously possible for NerdWallet? Thank you.

知道了。如果我能再擠進一個的話。當您退一步思考並考慮 GenAI 中發生的所有創新時，這些創新如何改變您對產品開發的內部方法？或者換句話說，您今天可以做哪些以前 NerdWallet 無法做到的新事？謝謝。

Well, I'd say, broadly speaking, AI allows really exceptional teams of Nerds and smaller teams of Nerds to just accomplish a lot more than they could before. So we're definitely seeing improvements in things like R&D efficiency. I mean, you can see the year-over-year impacts there on just dollars spent, but we're actually doing a lot more and a lot more quickly.

嗯，我想說，從廣義上講，人工智慧可以讓真正優秀的 Nerds 團隊和規模較小的 Nerds 團隊完成比以前多得多的事情。因此，我們確實看到研發效率等方面的提升。我的意思是，你可以看到僅花費的美元就產生的同比影響，但實際上我們做得更多、更快。

And then in terms of the user-facing product features, yeah, we can do a lot more personalization and a lot more bespoke experiences than before. So you can see that show up in things like people getting deeper financial advice. So there's definitely a few experiences there that are quite promising in terms of getting people to that next financial decision.

然後就面向用戶的產品功能而言，是的，我們可以比以前實現更多的個人化和更​​多客製化體驗。因此，你可以看到，人們正在獲得更深入的財務建議。因此，在幫助人們做出下一個財務決策方面，這方面的經驗肯定很有希望。

Great. Thank you, Tim.

偉大的。謝謝你，提姆。

Mike Infanate, Morgan Stanley.

摩根士丹利的麥克因法納特。

Hey guys, It's Michael. Thank you for taking my question. Tim, is there any data or qualitative commentary that you could share as to how registered user engagement has trended over the last, say, 6 months? I'm curious if you've seen any change in sort of usage pattern from that cohort, which obviously has been historically quite sticky from a usage perspective? Thanks.

嘿大家，我是麥可。感謝您回答我的問題。提姆，您能否分享一些數據或定性評論，說明過去 6 個月註冊用戶參與度的趨勢？我很好奇，您是否看到過該群體的使用模式有任何變化，從使用角度來看，這種變化顯然在歷史上相當固定？謝謝。

Yeah, nothing to share. I mean we continue to see that 5x better LTV for our registered users. And yeah, that LTV just goes up the more features of NerdWallet that people are using. So for sure, users of our app or if you look at our newer features like our cash management account or treasury or Robo, I mean, the usage is even higher. So I think the formula stays the same. It would just be helpful and then I encourage users to use more and more products over time.

是的，沒什麼好分享的。我的意思是，我們繼續看到註冊用戶的 LTV 提高了 5 倍。是的，隨著人們使用 NerdWallet 的功能越來越多，LTV 也會跟著上升。因此，可以肯定的是，我們的應用程式的用戶，或者如果您查看我們的新功能，例如我們的現金管理帳戶或財務或 Robo，那麼使用率甚至會更高。所以我認為公式保持不變。這將會很有幫助，然後我鼓勵使用者隨著時間的推移使用越來越多的產品。

Makes sense. And apologies if I missed it, but can you just explain the mechanics as to why the transition on the insurance platform partner side was sort of warranted or needed? I just want to make sure I fully understand that.

有道理。如果我錯過了，請原諒，但您能否解釋為什麼保險平台合作夥伴方面的轉變是合理的或必要的？我只是想確保我完全理解這一點。

Yes. So I guess for context, insurance referrals tend to run through third-party marketplace platforms given that the market is quite fragmented, both on the demand generation side as well as on the carrier side. So each network, each -- well, I guess, each marketplace platform has its own strengths and weaknesses and different pricing. So we decided to switch to one with better economics, but one that also had different features that suited our needs. So the platform transition timing happened kind of in the -- starting early Q2 and then concluded in the first half of July.

是的。因此，我猜想，就背景而言，保險推薦往往會透過第三方市場平台進行，因為市場相當分散，無論是在需求產生方面還是在承運人方面。所以每個網絡，每個——嗯，我想，每個市場平台都有自己的優勢和劣勢以及不同的定價。因此，我們決定換一款經濟性更好，但又具有滿足我們需求的不同功能的產品。因此，平台轉型時間發生在第二季初，並於 7 月上半月結束。

Thanks, Tim. I appreciate it.

謝謝，蒂姆。我很感激。

Ralph Schackart, William Blair.

拉爾夫·沙卡特、威廉·布萊爾。

Good afternoon. Thanks for taking the question. Just Tim, on your comment that people are clicking through -- the people that are clicking through OMs have higher intent. I know you said it's still pretty small, but just can you provide some perspective how this landscape may evolve and change if, obviously, if that trend continues? And then are you seeing any early-stage monetization there now? Again, I know it's early and small, but just sort of if you could provide some perspective on how you think that plays out and the monetization opportunity there? Thank you.

午安.感謝您回答這個問題。只是蒂姆，關於你的評論，人們正在點擊——點擊 OM 的人有更高的意圖。我知道您說過它仍然很小，但是您能否提供一些觀點，說明如果這種趨勢繼續下去，這種格局將如何演變和變化？那麼，您現在看到任何早期的貨幣化嗎？再說一次，我知道現在還為時過早，規模也較小，但您是否可以提供一些觀點，說明您認為這將如何發展，以及其中的盈利機會？謝謝。

I'll caveat by saying it's very early, but my -- the evidence we're seeing that it's higher intent is that for everyone who comes through, the monetization is materially higher than your average from other channels. And I think what's happening is people are kind of getting their preliminary questions out of the way. And then when they need the product, often these products require things like soft credit pools or some deeper kind of matching. And so as they come through, their intent tends to just be much higher, right?

我要提醒的是，現在還為時過早，但是我看到的證據表明，它具有更高的意圖，對於每個通過它的人來說，其貨幣化程度都遠遠高於其他管道的平均水平。我認為現在的情況是人們正在解決他們的初步問題。然後，當他們需要產品時，這些產品通常需要軟信用池或某種更深層的匹配。因此，當他們實現目標時，他們的意圖往往會更高，對嗎？

And so I think my bigger picture question is, are we able to activate more of the off-line demand that's traditionally going to direct mail or friends and family or just not making some of these decisions and sticking with what they have? And can we activate more of that online and take a share of that. So a lot of that remains to be answered.

所以我認為我更大的問題是，我們是否能夠啟動更多傳統上透過直效郵件或朋友和家人進行的線下需求，或者只是不做這些決定並堅持他們所擁有的？我們能否在網路上啟動更多這樣的活動並分一杯羹？因此，還有很多問題有待解答。

Okay, thank you.

好的，謝謝。

There are no further questions at this time. I would now like to turn the call back over to Tim Chen, CEO, for closing remarks.

目前沒有其他問題。現在我想將電話轉回給執行長陳永正，請他做最後發言。

All right. Thanks all for your questions today. As always, I'd like to thank the Nerds for their continued hard work over Q2, and I'm looking forward to sharing our Q3 results with you in a couple of months.

好的。感謝大家今天提出的問題。像往常一樣，我要感謝 Nerds 在第二季度的持續努力，並期待在幾個月後與大家分享我們的第三季業績。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。