Opera Ltd (OPRA) 2024 Q3 法說會逐字稿

Welcome to the Opera Limited third quarter, 2024 earnings call. At this time. All participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session to ask a question. During this period. You will need to press star one on your telephone keypad. If you want to remove yourself from the queue, please press the pound key. Please be advised that today's call is being recorded. Lastly. If you should need an operator assistance, please press star zero. I would now like to turn the call over to your speaker today, Matt Wolfson, head of Investor Relations. Please go ahead, sir.

歡迎參加 Opera Limited 2024 年第三季財報電話會議。此時。所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節以提出問題。在此期間。您需要按下電話鍵盤上的一號星號。如果您想將自己從佇列中刪除，請按井號鍵。請注意，今天的通話正在錄音。最後。如果您需要操作員協助，請按星號零。我現在想將電話轉給今天的發言人、投資者關係主管馬特沃爾夫森 (Matt Wolfson)。請繼續，先生。

Thank you for joining us this morning. I'm joined by our co CEO Song Lin and our CFO Frode Jacobson. Before I hand over the call to Song Lin, I would like to remind you that some of the statements that we make today regarding our business operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties, actual results to differ materially, please refer to the safe harbor statements in our earnings. Press release and our form 20 f including the risk factors. We undertake no obligation to update any forward-looking statements during this call. We will present both IFRS and non ifrs financial measures. Reconciliation of non ifrs to IFRS measures is included in today's earnings press release which is distributed and available to the public through our investor relations website located at investor dot opera dotcom. Our comments will be on a year over year comparisons unless we state otherwise with that, let me turn the conference call over to our co CEO Song Lin who will cover our third quarter operational highlights and strategy and then Frode Jacobsen, who will discuss our financials and expectations going forward.

感謝您今天早上加入我們。我們的聯合執行長宋林和財務長弗羅德·雅各布森也加入了我的行列。在將電話轉交給宋林之前，我想提醒您，我們今天發表的有關我們業務運營和財務業績的一些聲明可能被認為是前瞻性的。此類聲明基於當前的預期和假設，受到許多風險和不確定性的影響，實際結果可能存在重大差異，請參閱我們收益中的安全港聲明。新聞稿和我們的 20f 表格（包括風險因素）。我們不承擔在本次電話會議期間更新任何前瞻性陳述的義務。我們將介紹國際財務報告準則和非國際財務報告準則的財務指標。非《國際財務報告準則》與《國際財務報告準則》措施的協調已包含在今天的收益新聞稿中，該新聞稿透過我們位於投資者網歌劇網的投資者關係網站向公眾分發和提供。除非我們另有說明，否則我們的評論將針對同比進行比較，讓我將電話會議轉給我們的聯合首席執行官宋林，他將介紹我們第三季度的運營亮點和戰略，然後弗羅德·雅各布森將討論我們的財務狀況以及對未來的期望。

Sure. Thank you Matt and thanks to everyone joining us today for a business update and more color on our short color.

當然。謝謝馬特，也感謝今天加入我們的所有人，了解我們的業務更新和我們的短款顏色的更多顏色。

As you can see from our financial results, we find ourselves in a great position.

正如您從我們的財務表現中看到的，我們發現自己處於有利地位。

Our product lineup has never been better and continues to gain traction among these high up users. And our efforts to broaden monetization is paying off as a result in the short total revenue was $123 million. Growing 20% year over year rate represents an acceleration from the 17% growth rate experienced in the first half of the year.

我們的產品陣容從未如此出色，並繼續受到這些高端用戶的青睞。我們擴大貨幣化的努力正在獲得回報，短期總收入達到 1.23 億美元。年比成長 20%，較上半年 17% 的成長率加快。

And what's more as you can tell from our updated guidance today, waiting to the growth rate may increase even further in the fourth quarter.

更重要的是，從我們今天更新的指導中可以看出，等待第四季成長率可能會進一步提高。

Our analyzed output grow 27% year over year to a new record of $1.66.

我們分析的產出年增 27%，達到 1.66 美元的新紀錄。

The adjusted EBITA was $41 million representing a margin of 25%.

調整後的 EBITA 為 4,100 萬美元，利潤率為 25%。

We are very proud that both revenue and JSIC IBI exceeded the high end of our guidance ranges in terms of the year as a whole, we had a material upward adjustment of guidance after Q2.

我們感到非常自豪的是，就全年而言，收入和 JSIC IBI 都超過了我們指導範圍的高端，我們在第二季度之後對指導進行了重大上調。

And now with Q3, we repeat that exercise with the new range for revenue above the high end of the previously provided guidance range. And the adjusted Ebida guidance range also moves higher advertising revenue was$77 million in the column growing 26% year over year, which represents the highest rate of growth since 2022.

現在，在第三季度，我們重複了這一做法，新的收入範圍高於先前提供的指導範圍的高端。調整後的 Ebida 指導範圍也上調，廣告收入達到 7,700 萬美元，年成長 26%，這是 2022 年以來的最高成長率。

Near outperformance was led in particular by the ecommerce and travel categories.

電子商務和旅遊類別的表現尤其領先。

Our e-commerce initiative benefited in particular from our PC browser monetization as well as our success in expanding our reach to new inventories through our platform.

我們的電子商務計劃尤其受益於我們的 PC 瀏覽器貨幣化以及我們透過我們的平台成功擴大新庫存的範圍。

The proven results of Q3 also gives us greater confidence in a continued step up of monetization during the second strong for scholar.

第三季的經過驗證的結果也讓我們對第二次學者強賽期間貨幣化的持續提升更有信心。

So revenue was $46 million in the colon up 13% year over year.

因此，結腸癌的收入為 4,600 萬美元，年增 13%。

This was a test about our own expectations.

這是對我們自己期望的測試。

We have seen some impact in July and August due to the native, but we're also pleased to see September returning to 15% annual growth.

由於本土因素，我們在 7 月和 8 月看到了一些影響，但我們也很高興看到 9 月恢復到 15% 的年增長率。

We remain cautiously optimistic that as an independent challenger in the browser space.

作為瀏覽器領域的獨立挑戰者，我們仍然保持謹慎樂觀。

We stand to benefit from increased social competition in key markets. As we look ahead, I'd like to make a few comments on our user base also, which may not be directly visible as you look at our overall figures.

我們將從主要市場日益激烈的社會競爭中受益。展望未來，我還想對我們的用戶群發表一些評論，當您查看我們的整體數據時，這些評論可能無法直接看到。

We continue to focus on the most valuable, globally, minimum wage are found in Western markets.

我們持續關注西方市場最有價值的全球最低工資。

Our overall Western market and you can have been quite stable through the summer photos.

我們整個西方市場在整個夏季照片中都相當穩定。

We keep directing our product development and marketing efforts towards the most active and valuable subsegments leading to increased engagement within the user base.

我們不斷將產品開發和行銷工作轉向最活躍和最有價值的細分市場，從而提高用戶群的參與度。

A result of that is our up growth in investment markets growing significantly faster than our overall.

其結果是我們投資市場的成長速度明顯快於我們的整體成長速度。

This is also the main driver of our growth in marketing spend higher value grows and higher average cost. As opposed to being a pure volume game within the broad strength of the color, the type of strength was spending a million times.

這也是我們行銷支出成長更高的價值成長和更高的平均成本的主要驅動力。與顏色廣泛強度內的純粹體積遊戲不同，強度類型是花費一百萬次。

As previously mentioned, we are seeing great momentum in retail.

如前所述，我們看到零售業的強勁勢頭。

The strengths we called out over the summer continued into the back to school season with the combination of our owned and operated properties and the opera ads, audience extension platform.

透過將我們擁有和經營的資產與歌劇廣告、受眾擴展平台相結合，我們在夏季所展現的優勢一直延續到返校季。

We offer our advertising partners a level of performance that is increasingly appreciated.

我們為廣告合作夥伴提供的績效水準越來越受到讚賞。

We already observed how this momentum is carried over into the seasonally strongest fourth collar with merchants positioning themselves for the smoking season.

我們已經觀察到，隨著商家為吸煙季節做好準備，這種勢頭是如何延續到季節性最強的第四領的。

The other trend to go out is travel which was also strong in the South.

另一個外出趨勢是旅行，這種趨勢在南方也很流行。

We benefited from the combination of more high-value resources with a higher propensity to spend on travel, combined with the cost of vacations continuing to increase this higher volume and higher prices translate into enhanced revenues from this category.

我們受益於更多高價值資源和更高的旅行支出傾向的結合，再加上假期成本的持續增加，數量和價格的增加轉化為該類別收入的增加。

Oh, wait before we last spoke in late August, we have introduced our refreshed one for our espresso.

哦，等一下，在我們八月下旬上次講話之前，我們已經推出了我們的濃縮咖啡。

And at the time, we were excited about the new and how favorably it compared to the default.

當時，我們對新功能以及它與預設功能相比的優勢感到興奮。

We can now report that the inflow of new IOS users was up 33% year over year during the short quarter. Despite the new browser only been available for less than half of the quarter, the growth was even more impressive in the eu while the inflow of new results was up 66% from August to September.

現在我們可以報告稱，短期內 iOS 新用戶流入量年增 33%。儘管新瀏覽器只上線了不到一半的季度，但在歐盟的成長更加令人印象深刻，從 8 月到 9 月，新結果的流入量增加了 66%。

We believe there is a lot of opportunity on this platform to further innovate the product and grow the innova.

我們相信這個平台上有很多機會進一步創新產品並發展創新。

Last week, we released one R two, the newest version of our flash browser for computers.

上週，我們發布了 1 R 2，這是我們用於電腦的 Flash 瀏覽器的最新版本。

We have made it even more powerful and even more beautiful.

我們讓它變得更強大，更美麗。

Our A I assistant area is the further integrated into the browser being accessible directly from a browser shortcut as a way to lift A I features out of a dedicated chat box and into the core of the browser experience, our collective web browsing habits are strong and we believe that it is important to bring A I to where the users are as the browser. They play to our strengths where our native A I area can be still the content over page, assisted in shopping or on scan images.

我們的A I 助理區域進一步整合到瀏覽器中，可直接透過瀏覽器快捷方式訪問，作為將A I 功能從專用聊天框提升到瀏覽器體驗核心的一種方式，我們集體的網絡瀏覽習慣很強烈，我們相信將 AI 帶到用戶作為瀏覽器的位置非常重要。它們發揮了我們的優勢，我們的本地人工智慧區域仍然是頁面上的內容，協助購物或掃描影像。

These issues have matured in our developer portion and are now live in our flagship portion.

這些問題在我們的開發人員部分已經成熟，現在也存在於我們的旗艦部分。

Not to mention the fact that auto users can now access im without logging in with the profile.

更不用說汽車用戶現在無需使用設定檔登入即可存取即時通訊。

Next up for Opra. One is the ability for ARA to manage open taps like close all tabs playing video or organize open taps into logical tap items that productivity has always been a TV show of opera and opera. One R two also comes with an innovative split screen view. This enables greater multitasking pro productivity something which rating could be as game changing as our initial pioneering of TABS and our 2023 introduction of TAB is with the first version of opera. One, the list goes on. We have also launched a concept called Tab Traces which highlights your most recent TS to quickly retrace your online journey. And of course, still support the slightly amusing happy emojis, which turns out the user habit really helps visualize what what on an otherwise dense computer screen.

接下來是歐普拉。其中之一是 ARA 能夠管理打開的水龍頭，例如關閉所有正在播放視頻的選項卡或將打開的水龍頭組織到邏輯水龍頭項目中，而生產力一直是歌劇和歌劇的電視節目。One R 2 還配備了創新的分割畫面。這可以提高多工處理的專業生產力，就像我們最初開創的 TABS 以及我們在 2023 年在 Opera 第一個版本中引入 TAB 一樣，它的評級可能會改變遊戲規則。一，這樣的例子不勝枚舉。我們還推出了一個名為 Tab Traces 的概念，它將突出顯示您最近的 TS，以快速回顧您的線上旅程。當然，仍然支持稍微有趣的快樂表情符號，事實證明，用戶習慣確實有助於在密集的電腦螢幕上可視化內容。

As we also introduced an enhanced music player decoupled from the sidebar along with detachable video, meaning that you can continue browsing while viewing videos or participating in a video conference os. Our incredible gaming browser remains our fastest growing browser with over $1.8 million negative results in the portal to $31.9 million a 22% increase compared to last year.

我們還引入了與側邊欄分離的增強型音樂播放器以及可拆卸的視頻，這意味著您可以在觀看視頻或參加視頻會議操作系統時繼續瀏覽。我們令人難以置信的遊戲瀏覽器仍然是我們成長最快的瀏覽器，入口網站中的負面結果超過 180 萬美元，達到 3,190 萬美元，比去年成長 22%。

We were also able to increase our analyzed output to $3.68 a 12% increase year over year rate. GX output investment markets growing nearly twice as fast.

我們還能夠將分析產出增加到 3.68 美元，年增 12%。GX 產出投資市場的成長速度幾乎是兩倍。

We recently announced a new multiyear sponsorship with Riot for League of Legends was the largest esports event in the world have been running from late September to early November to give you a sense of its popularity. The World Tournament attracted over $50 million total viewers last year. And League of Legends is the second most streamed game on Twitch. During the tournament. GXS can download exclusive modes and content drops as well as physical items. In addition, Opera GX is to be featured prominently in the tournament. It is a good example of how we seek to expand the G partnerships with content that resonates with gamers.

我們最近宣布與 Riot 為英雄聯盟提供新的多年贊助，英雄聯盟是世界上最大的電競賽事，從 9 月底到 11 月初舉辦，讓您感受到它的受歡迎程度。去年世界錦標賽吸引了超過 5000 萬美元的觀眾。《英雄聯盟》是 Twitch 上第二大直播遊戲。比賽期間。GXS 可以下載專屬模式、內容掉落以及實體物品。此外，Opera GX 也將在比賽中佔據重要地位。這是我們如何尋求透過與遊戲玩家產生共鳴的內容來擴大 G 合作夥伴關係的一個很好的例子。

Last quarter. We commented on the partnership with the TV. Show the boys today, I would invite all of the G to venom your browser with the deadly host mode in partnership with Venom. The last dance, the most recent instrument in that franchise, which was released last weekend and be on the lookout for an opera. GX is the egg in the movie that is only the beginning. The number of gamers is in the billions and G is a unique browser and the ecosystem for this highly engaged segment.

上個季度。我們評論了與電視台的合作關係。今天向孩子們展示，我會邀請所有 G 與 Venom 合作，使用致命的主機模式毒害您的瀏覽器。《最後一支舞》是該系列中最新的樂器，於上週末發布，敬請期待歌劇。GX是電影中的彩蛋，而這只是一個開始。遊戲玩家數量達數十億，G 是一個獨特的瀏覽器和這個高度參與的細分市場的生態系統。

That's an opportunity that we will continue to cultivate. And within this current portal, you will see us launch also the next generation of operatives.

這是我們將繼續培育的機會。在目前的入口網站中，您將看到我們還推出了下一代特工。

I will leave the details and excitement to the upcoming launch. But I will say that we will not only continue to offer more features that game of love, but also take the experience beyond just one device to the next level. So stay tuned all you know, we are moving ahead at full speed and with the excitement about our opportunities now it's all hands on deck for BBQ four and I look forward to keeping you posted on our progress with that. I'll turn it over to further to dive deeper into our. So for the results and our guidance for the remainder of the year.

我將把細節和興奮留給即將到來的發布。但我要說的是，我們不僅會繼續提供更多愛情遊戲的功能，而且還將超越單一設備的體驗提升到一個新的水平。所以請大家繼續關注，我們正在全速前進，我們對我們的機會感到興奮，現在大家都在準備燒烤四，我期待著讓您隨時了解我們的進展情況。我將把它轉到更進一步的部分，以更深入地研究我們的。因此，對於今年剩餘時間的結果和我們的指導。

Thank you, Zhong. We are certainly keeping with the tradition to pair healthy operational development with attractive financials coming in even ahead of our latest expectations. The quarter set new records across our key financial metrics, revenue adjusted ebita and cash flows starting with revenue. We had guided for a modest sequential increase in our year over year revenue growth though adding 3% points to reach a 20% year over year growth rate was well beyond our expectations and guidance range on a constant currency basis. Our growth would have been 6% points higher or 26% that trajectory including initial e-commerce opportunities continuing to materialize on top of our continued focus on high value users, sets the stage for a very nice update to our outlook on the fourth quarter, which I'll get back to shortly.

謝謝你，鐘。我們當然會秉承傳統，將健康的營運發展與有吸引力的財務狀況結合，甚至超越我們的最新預期。本季我們的關鍵財務指標、收入調整後的息稅前利潤和以收入為基礎的現金流量都創下了新紀錄。我們預計收入同比增長率將小幅環比增長，但按固定匯率計算，增加 3 個百分點以達到 20% 的同比增長率遠遠超出了我們的預期和指導範圍。我們的成長將高出 6 個百分點或 26%，包括在我們繼續關注高價值用戶的基礎上繼續實現最初的電子商務機會，這為我們對第四季度的前景進行非常好的更新奠定了基礎，我很快就會回來討論這一點。

We kept our overall cost base in line with expectations resulting in adjusted EBITA also overperforming well above the high end of our guidance range and coming in at a 25% margin that Q3 marks our 14th consecutive quarter as a rule of company and yet another quarter of meeting or exceeding our guidance.

我們保持整體成本基礎符合預期，導致調整後的EBITA 表現也遠高於我們指導範圍的高端，利潤率達到25%，第三季度標誌著我們連續第14 個季度成為公司的一項規則，也是我們的又一個季度。

I've spoken before about the health and predictable nature of our revenue streams but also about our preference to be cautious. When we guide among such rapid growth opportunities, we always try to strike a balance between reasonable expectations while keeping in mind that we operate in a highly dynamic and competitive environment.

我之前曾談到我們收入來源的健康和可預測性，但也談到我們傾向於保持謹慎。當我們把握如此快速成長的機會時，我們始終努力在合理期望之間取得平衡，同時牢記我們正在一個高度動態和競爭的環境中運作。

Looking more closely at cost. The quarter evolved to a slightly different mix than anticipated that was mentioned within the expected total of $92 million OpEx pre adjusted EBITA.

更仔細地考慮成本。本季的結構與預期略有不同，營運支出預調整 EBITA 預期總額為 9,200 萬美元。

Relative to the second quarter, we increased marketing cost by $3.5 million to $32.5 million. Though our guidance had allowed for an even greater increase.

與第二季相比，我們的行銷成本增加了 350 萬美元，達到 3,250 萬美元。儘管我們的指導允許實現更大的成長。

This was partially offset by cost of revenue items, scaling with the revenue over performance and relative to revenue increased by about half a percentage point beyond expectations coming in at $33.1 million driven by the acceleration within opera ads compensation cost was also somewhat higher due to increased bonus provisions in light of our performance. Though it did decrease as a percentage of revenue as expected and came in at $19.1 million.

這部分被收入項目成本所抵消，隨著收入與業績的比值擴大，相對於收入的增長超出預期約半個百分點，由於歌劇廣告加速，補償成本也有所提高，達到 3310 萬美元。提供獎金。儘管它佔收入的百分比確實如預期有所下降，為 1910 萬美元。

All other OpEx items pre adjusted EBITA came in at $7.7 million declining in line with expectations.

所有其他營運支出項目經調整後的 EBITA 為 770 萬美元，下降符合預期。

Our operating cash flow also came in at an all time high with $34.9 million in the quarter, representing 100 and 13% of adjusted EBITA and lifting the year to today's conversion to 101%.

本季我們的營運現金流也創下歷史新高，達到 3,490 萬美元，分別佔調整後 EBITA 的 100% 和 13%，並將今年到今天的轉換率提高到 101%。

As mentioned earlier, this metric is expected to normalize as the year progresses. And we expect that operating cash flow will ultimately represent about the same percentage of adjusted ebita in 2024. As we saw last year free cash flow from operations was $29.7 million or 97% of adjusted euc that resulted in a net increase in cash even within the quarter that we paid our semi annual dividend that came with a $27.6 million cash expense net of the $7.8 million offset from the remainder of our receivable related to the sale of star X. In 2022 year-to-date, we have converted 63% of adjusted ebita to free cash flow from operations or 86% if excluding the $19.1 million Q1 investment in our A I cluster in Iceland.

如前所述，隨著時間的推移，這項指標預計將趨於正常化。我們預計，到 2024 年，營運現金流最終將佔調整後 EBITA 的相同比例。正如我們去年所看到的，來自營運的自由現金流為2,970 萬美元，即調整後EUC 的97%，即使在我們支付半年度股息的季度內，現金仍出現淨增長，其中現金支出為2,760 萬美元，扣除7.8 美元。2022 年迄今，我們已將 63% 的調整後息稅前利潤轉換為營運自由現金流，如果不包括冰島 AI 集群第一季的 1,910 萬美元投資，則為 86%。

This quarter, we are also launching a new non IFRS metric namely adjusted net income and the resulting adjusted earnings per A DS.

本季度，我們也推出了一項新的非 IFRS 指標，即調整後淨利潤和由此產生的調整後每 A DS 收益。

This metric most importantly excludes PNL impacts of non operational investments, equity, based compensation and the amortization of acquired intangible assets net of tax effects. For clarity, I will note that the acquired intangible assets relate to opera itself from the privatization of our company. In 2016, we have observed various approaches to strip out such items to get to the underlying net profit per ads and hope the metric will be a useful supplement. When reviewing our financial results, historical values are included in the Excel table that we published together with our quarterly reports.

最重要的是，該指標排除了非經營性投資、股權、基礎薪酬以及扣除稅收影響後收購的無形資產攤銷對盈虧的影響。為了清楚起見，我要指出的是，所收購的無形資產與我們公司私有化過程中的歌劇本身有關。2016 年，我們觀察到了各種去除此類項目的方法，以獲得每個廣告的基本淨利潤，並希望該指標能夠成為有用的補充。在審查我們的財務表現時，歷史值包含在我們與季度報告一起發布的 Excel 表格中。

Then turning to our guidance for the fourth quarter and the resulting further increases in our full year view.

然後轉向我們對第四季度的指導以及由此產生的全年展望的進一步增長。

I said it earlier. The fact that revenue growth accelerated in Q3 with a manifestation of expanded monetization opportunities increases our confidence in a year end. Well beyond what's been implied in our guidance to date.

我之前就說過了。第三季營收成長加速，貨幣化機會擴大，這一事實增強了我們對年底的信心。遠遠超出了我們迄今為止的指南中暗示的內容。

As mentioned last quarter, we have seen particular strength in the e-commerce vertical and we are increasingly confident that such benefits will become even more pronounced during the holiday season in the final months of the year.

正如上個季度提到的，我們看到了電子商務垂直領域的特別優勢，並且我們越來越有信心，這種優勢將在今年最後幾個月的假期期間變得更加明顯。

In parallel, we are increasing our expectations of the Q4 ramp up in marketing activities following the release of Opera one R two. As well as the upcoming GX release. We want to take advantage of our strong underlying profitability to ensure that we are in a position to seize growth opportunities on the back of these releases and set ourselves up with good momentum into 2025 while still coming in ahead of expected profitability for 2024 for the fourth quarter. We got revenue of 135 to $138 million or 21% year over year growth at the midpoint. That represents an addition of $4 million versus the midpoint of our implicit prior Q4 guidance or adding 3.6% points of growth, we guide adjusted EBITA of 30 to $32 million or a 23% margin at the midpoints pre adjusted EBITA. Our total OpEx is then implied at $105.5 million at the midpoints we build in over $40 million of marketing spend. So this category represents about two thirds of the $13 million sequential increase in our total costs. And we add just over a percentage point of cost of revenue items relative to revenue.

同時，我們提高了對 Opera one R 2 發布後第四季度行銷活動增加的預期。以及即將發布的 GX。We want to take advantage of our strong underlying profitability to ensure that we are in a position to seize growth opportunities on the back of these releases and set ourselves up with good momentum into 2025 while still coming in ahead of expected profitability for 2024 for the fourth四分之一.我們的營收為 135 至 1.38 億美元，年增 21%。這意味著與我們之前隱含的第四季度指導中位數相比增加了400 萬美元，或者增加了3.6% 的成長點，我們指導調整後的EBITA 為30 至3200 萬美元，或者按照預先調整後的EBITA 中點計算的利潤率為23%。以我們在超過 4000 萬美元的行銷支出中所建立的中位數計算，我們的總營運支出預計為 1.055 億美元。因此，這一類別約占我們總成本連續增加的 1,300 萬美元的三分之二。我們將相對於收入的收入項目成本增加了一個多百分點。

We expect compensation costs to modestly reduce in dollar amounts and the total of other OpEx items preadjusted EBITA is expected to remain quite stable versus the third quarter both then declining as a percentage of revenue.

我們預計補償成本以美元金額計算將略有下降，而其他營運支出項目的預調整 EBITA 總額預計將與第三季保持相當穩定，然後佔收入的百分比將下降。

Our Q4 expectations translate to a full year revenue guidance of 470 to $473 million or 19% growth at the midpoint with a range starting well above the high end of our prior guidance.

我們對第四季的預期是全年營收指引為 4.7 至 4.73 億美元，中間值成長 19%，範圍遠高於我們先前指引的上限。

Full year adjusted EBITA guidance increases to 112 to $114 million or 24% margin at the midpoints.

全年調整後 EBITA 指引增至 112 至 1.14 億美元，中間利潤率為 24%。

With this, we continue to expect a 40 basis point increase in our ebita margin for the year 2024 relative to 2023.

因此，我們繼續預期 2024 年的息稅前利潤率將比 2023 年增加 40 個基點。

Our guidance implies marketing costs remaining relatively stable as a percentage of revenue between the years. Cost of revenue items combined are expected to tick up relative to revenue. Though this is then more than offset by compensation and other OpEx items reducing as percentage of revenue all in all. We expect to exit 2024 with a momentum ahead of even quite recent expectations setting us up for an exciting continuation in the year and years to come. As a reminder, we report our fourth quarter results towards the end of February and we look forward to providing the first look at our 2025 guidance at that time for now, I'll wrap it up by pointing to our long streak as a rule of 40 company and the fact that we will certainly work hard to stay in that terrain with that. I'll turn the call back to the operator for questions.

我們的指導意味著多年來行銷成本佔收入的百分比保持相對穩定。預計收入項目的總成本相對於收入將會上升。儘管這被補償和其他營運支出項目佔收入百分比的減少所抵消。我們預計 2024 年將以超出最近預期的勢頭結束，這為我們在這一年和未來幾年的激動人心的延續奠定了基礎。提醒一下，我們將在 2 月底報告第四季度業績，我們期待屆時提供我們 2025 年指導的初步看法，我將通過指出我們的長期連續性作為總結40 公司，事實上我們一定會努力保持在這個領域。我會將電話轉回給接線生詢問問題。

Thank you. As a reminder to ask a question, please press star one on your telephone keypad to withdraw your question. Please press the pound key. When posing your questions, we do ask that you pick up your handset for optimal sound quality.

謝謝。作為提問提醒，請按下電話鍵盤上的星號一以撤回您的問題。請按井號鍵。在提出問題時，我們要求您拿起聽筒以獲得最佳音質。

Thank you. Our first question will come from navcone with B Riley Securities. Your line is now open.

謝謝。我們的第一個問題將來自 B Riley Securities 的 navcone。您的線路現已開通。

Great. Thank you very much. Just a couple of questions for me, please. One maybe just on this on this top line momentum that you're seeing driven by e-commerce. Can you just kind of give us a sense of how fast that e-commerce advertisement revenue stream is growing within, within the advertising bucket. If you can just give us a sense of that, that would be great. And also how, how big can it be over time in terms of overall revenue? The second question I had was about Ebida for Q4 and looks like you are increasing marketing spend in the fourth quarter. And that you do have some, some sort of one time kind of activities like the new browser launch and upcoming GX launch. Also maybe the even the League of Legends sponsorship. Can you just kind of talk about how much of the increase is associated with these versus just regular marketing? Thank you.

偉大的。非常感謝。請問我幾個問題。其中一個可能是您所看到的由電子商務推動的營收動能。您能否讓我們了解廣告領域內電子商務廣告收入流的成長速度。如果您能讓我們感受到這一點，那就太好了。隨著時間的推移，總收入會達到多大？我的第二個問題是關於第四季的 Ebida，看起來你們正在增加第四季的行銷支出。而且您確實有一些一次性的活動，例如新瀏覽器的發布和即將推出的 GX。甚至可能還有英雄聯盟的贊助。您能談談與常規行銷相比，有多少成長是與這些相關的嗎？謝謝。

Sure. I mean, I can go first, I would say on e-commerce, it's growing faster than the advertising overall growth rate. So it's continuing to increase as a percentage of our advertising mix. I think it is hard to quantify, but it is certainly becoming material and, and yet we're still in the early days of addressing the opportunity in terms of the Q4 EBITA number marketing implied we have more or less shifted the let's say, unused marketing budget of Q3 into Q4. It's a conscious decision since we, we just now came out with R two in October and our new version of GX is also soon to come out. And, and we want to be in a good position to take advantage of that while at the same time, ending up with the EBITA for the year higher than, than what we had guided. Last.

當然。我的意思是，我可以先說電子商務，它的成長速度超過了廣告的整體成長率。因此，它在我們廣告組合中所佔的比例正在持續增加。我認為這很難量化，但它肯定正在變得重要，而且我們仍處於解決第四季度 EBITA 數位行銷機會的早期階段，這意味著我們或多或少已經改變了，比如說，未使用的第三季的行銷預算進入第四季。這是一個明智的決定，因為我們剛剛在 10 月推出了 R 2，而且我們的新版本 GX 也即將推出。而且，我們希望能夠充分利用這一優勢，同時最終獲得比我們指導的更高的年度息稅折舊攤提前利潤 (EBITA)。最後的。

Understood. And maybe just on the, on your response showed about the e-commerce. How are the customers finding the opportunity and coming to offer for it? And maybe just talk about if you look out in a few years, maybe 23 years, five years out. Do you think e-commerce could be a majority of the advertising revenue or how should we be thinking about this opportunity?

明白了。也許只是在您的回覆中顯示了有關電子商務的資訊。客戶如何找到機會並為其提供報價？也許只是談談如果你展望幾年後，也許是 23 年，五年後。您認為電子商務可能佔廣告收入的大部分嗎？

So, so, so many Hill, I think I'll just try, try to answer that. So, so first of all, I think, I think our e-commerce revenue is very strong just because almost all of them are performance based, right? So, so, so unlike maybe some other, some other advertisers, our, you know, revenue is almost purely based on the performance that eventually we bring to the advertisers and the fact that it's growing so fast, It's a good indication that they are very happy and then I think that's also a result we actually see some major growth even for the in Q4 when we actually move into the the shopping season. So, so very comfortable about that. And I, I think percentage wise it's actually like, I guess it's almost a bit, you know, comes to classification of what you count as, you know, what it is not. But in general, I think what we see is that is already a major revenue stream for company as a whole if we out. So, so I think it can be meaningful and it also have to give us strong strong growth potential for us in the future. So that's why we are quite excited.

所以，這麼多希爾，我想我會嘗試，嘗試回答這個問題。所以，首先，我認為，我認為我們的電子商務收入非常強勁，因為幾乎所有收入都是基於績效的，對吧？所以，所以，與其他一些廣告商不同，我們的收入幾乎純粹基於我們最終為廣告商帶來的業績以及它增長如此之快的事實，這是一個很好的跡象，表明他們非常高興，我認為這也是我們實際上看到一些重大成長的結果，即使在第四季度，當我們真正進入購物季節時。所以，對此感到非常舒服。我認為，從百分比來看，實際上，我想這幾乎是你算什麼的分類，你知道，它不是什麼。但總的來說，我認為我們看到的是，如果我們退出，這已經成為整個公司的主要收入來源。因此，我認為這很有意義，而且還必須為我們未來帶來強大的成長潛力。這就是為什麼我們非常興奮。

Great. Thank you.

偉大的。謝謝。

Thank you. Our next question will come from Lance Veza with TD Callin.

謝謝。我們的下一個問題將來自 TD Callin 的 Lance Veza。

Hi guys. Thanks just a couple of questions. The first on the on the balance sheet, it looks like cash at the end of the period came in actually quite a bit ahead of where we had modeled and, and I know obviously your EBITA was, was strong, but I was wondering if there was anything kind of below the EBITA line that may have favorably impacted your cash flow in the quarter. I don't know if if taxes were lower than expected or CapEx was lower than expected or if there's anything on the working capital. And then the other question I had is with respect to the OPA stake and I apologize if I missed this in the prepared remarks. But, I'm wondering if there's any change in the valuation there? I haven't had a chance to, to get through all of the materials that you've disclosed. But if there's any change to the valuation there or any update on your thoughts around the potential monetization of that stake, I think you had it on the books at around $250 million recently. So obviously, quite material. Thanks.

嗨，大家好。謝謝，只是幾個問題。資產負債表上的第一個，看起來期末的現金實際上比我們建模的地方提前了很多，而且我顯然知道你的 EBITA 很強勁，但我想知道是否有低於EBITA 線的任何因素都可能對您本季的現金流產生有利影響。我不知道稅收是否低於預期，資本支出是否低於預期，或營運資金是否有任何變化。我的另一個問題是關於 OPA 股份的，如果我在準備好的發言中錯過了這一點，我深表歉意。但是，我想知道那裡的估值是否有任何變化？我還沒有機會仔細閱讀你所揭露的所有資料。但如果估值有任何變化，或者您對這些股份潛在貨幣化的想法有任何更新，我認為您最近帳面上的價值約為 2.5 億美元。顯然，非常重要。謝謝。

Yeah, I'll answer that. There wasn't anything particular driving the strong cash other than the fact that we actually reduced our working capital by just over $4 million from, from Q2 to Q3. So that's on top of it, just leave it all translates more or less to the operating cash flow. In terms of the old pay valuation, it's, it's unchanged, we'll reassess it at year end, but we've maintained the same value as we had in the prior quarters.

是的，我會回答這個問題。除了我們實際上從第二季到第三季減少了超過 400 萬美元的營運資金之外，沒有什麼特別的因素推動了強勁的現金成長。因此，最重要的是，將其全部或多或少地轉化為經營現金流。就舊的薪酬估值而言，它沒有變化，我們將在年底重新評估它，但我們保持了與前幾季相同的價值。

And, and any sort of update or any thoughts on potential monetization of that asset.

並且，以及對該資產的潛在貨幣化的任何形式的更新或任何想法。

Same as the same as before. It's, it has performed well and we are not actively involved in its operation. So we, we essentially are a financial investor at this stage and we do plan to divest it either if we get a, an offer while the company is still private or post a future IPO just to chime in by the way on, on the cash part of it or go back to the cash part of the question you also asked about tax. We didn't really pay tax this quarter. So it's really two Q and four Q that are the tax paying quarters. But I think as I indicated on the call that will affect Q4 and rather point to sort of the full year operating cash flow generation of last year and, and set the expectation that the percentage conversion from EBITA to operating cash flow in 2024 will be about the same.

和以前一樣一樣。就是,它表現得很好,我們沒有積極參與它的運營。因此，我們在現階段本質上是一個金融投資者，如果我們在公司仍處於私有狀態時收到要約，我們確實計劃剝離它，或者在未來進行首次公開募股，只是為了順便獲得現金。回到您也問過的有關稅收的問題的現金部分。本季我們並沒有真正納稅。所以其實是兩個 Q 和四個 Q 是納稅季度。但我認為，正如我在電話會議上指出的那樣，這將影響第四季度，而是指向去年全年營運現金流量的產生，並預計 2024 年從 EBITA 到營運現金流量的百分比轉換約為相同。

Great. Okay, thanks guys.

偉大的。好的，謝謝大家。

Thank you. Our next question will come from Mark Argento with Lake Street.

謝謝。我們的下一個問題將來自 Lake Street 的 Mark Argento。

Hi, good morning guys. I just want to drill down a little bit on the A I opportunity. It looks like you guys relaunched a new browser opera one or two. Just wanted to maybe dig in a little bit in terms of the product road map, how you're thinking about the A IA I opportunity, excuse me as things evolve here in the marketplace.

嗨，大家早安。我只是想深入了解 A I 機會。看來你們重新推出了一兩個新的瀏覽器歌劇。只是想深入了解產品路線圖，以及您如何看待 A IA I 機會，請原諒我，因為市場上的事情正在不斷發展。

Yeah, so yeah, so it's, it's only here. So, yeah, I think, I think as we also mentioned in the paper of notes. So, so one of the major things that we do launch in in the open AR is, is actually A I and area, our own assistant A I. And then we also see that you know, we, we've already launched it for about one week. But we also already see some big, I think all that. And then also if you compare quarter to quarter like from where we are now, it's already again, some major increase with some of them. So I think overall quite, quite excited more like without actually dig too deep into it. I think essentially we, we basically see A I as a long term differentiator and then it will be there, it will be always with, with those. And I think browser is a very good medium that we can make use of it. You know, like not only like you also see that we are also moving both on the U I and just make it more emotive in the browser, but also on media. And we say last quarter, we lost a lot on the multimedia part of the images. And then we will have more things worked on also from this call.

是的，所以是的，所以就是這樣，只有在這裡。所以，是的，我認為，正如我們在筆記中也提到的那樣。所以，我們在開放 AR 中推出的主要內容之一實際上是人工智慧和區域，我們自己的助理人工智慧。然後我們也看到，您知道，我們已經推出了大約一周。但我認為我們也已經看到了一些大的事情。然後，如果你像我們現在的情況一樣逐季度進行比較，你會發現其中一些已經再次出現了重大增長。所以我認為總體來說非常非常興奮，更像是沒有真正深入研究它。我認為本質上我們基本上將 A I 視為一個長期的差異化因素，然後它將在那裡，它將永遠與那些一起。我認為瀏覽器是一個非常好的媒介，我們可以利用它。您知道，不僅像您也看到的那樣，我們也在用戶介面上進行移動，使其在瀏覽器中更加富有情感，而且在媒體上也是如此。我們說上個季度，我們在圖像的多媒體部分損失了很多。然後我們也將透過這次電話會議處理更多事情。

And then I think from the other angle, we will also actually do more on those local LL MS but also how to make it activated through the cloud. So essentially, I think that that I think A I will be there, it will be super important, it will be indispensable for everyone. But then we also took a long term sustainable view because there's also so many other things you have to be respected people, like how to make sure you know, privacy are well protected in a local scenario how to make sure that we uphold the highest safety standard. So all those are into consideration when we are building our products. So, so again, very excited. I, I think we are definitely a bit of a i it will be a long time. It will be with everybody that has already impacted everybody's life. It can be more and we are go there for the long run.

然後我認為從另一個角度來看，我們實際上也會在那些本地LL MS上做更多的事情，而且還會如何讓它透過雲端啟動。所以本質上，我認為我會在那裡，這將是非常重要的，這對每個人來說都是不可或缺的。但我們也採取了長期可持續的觀點，因為還有很多其他事情你必須受到尊重，例如如何確保你知道，隱私在當地情況下得到很好的保護，如何確保我們維護最高的安全標準。因此，我們在建立產品時會考慮所有這些因素。所以，再次，非常興奮。我，我想我們肯定會有點不一樣，這會是很長一段時間。它將與已經影響每個人生活的每個人在一起。它可以更多，從長遠來看我們會這樣做。

Is there any any thoughts around? I mean, you look at like the success that perplexity having almost kind of, you know, tweaking the whole kind of concept of browsing, almost kind of putting A I first and obviously being able to charge for a product like that, I think they're charging $20 a month, not too dissimilar to chat GP T Is there anything in the road map or potential you know, subscription type product that you guys can launch? Just given the features of deep rich feature sets that you guys have built out?

周圍還有什麼想法嗎？我的意思是，你會看到成功的困惑，你知道，調整了整個瀏覽概念，幾乎把我放在第一位，並且顯然能夠對這樣的產品收費，我認為他們'每月收費20 美元，與聊天GP T 沒什麼不同，可以推出路線圖或潛在的訂閱產品嗎？剛剛給了你們所建構的深度豐富的功能集的功能？

Yeah, it's, it's, that's a very good question, right? So I would almost say, I think in general also if you see in the past our historical track, right? So I think in general, we are more in favor of how to make those you know, A I products more accessible to everyone out there. Instead of prioritize on charging or subscription base, I think that's all that's, that's also part of why we are also being careful in launch it in the right time. That's also why, for instance, we are doing you know, we are not working on potentially cloud hosting. Which, which the course is actually a very from our end but still be able to man maximize you know, engagement. So, so yeah, so I think all you might even be that, I think we will probably prioritize how to make this more accessible to the end of user to the users instead of pure subscription based. But we're contemplating all the aspect of it. We do also have subscription based product like V PM. So it's not surprising, but I would say at this point, our strengths would probably be how to make sure it reaches the maximum of audiences. I I think partly also because yeah, like route itself, we managed to make it quite good profit, the product. So unlike some A I startups, we don't really need to maximize for for revenue short term. I think that's also perhaps one of the strengths that, that we would have against some of the other startups, which they are just spend money. So, so, so that's where I'm quite proud of.

是的，這是，這是，這是一個很好的問題，對吧？所以我幾乎想說，我認為總的來說，如果你看到過去我們的歷史軌跡，對嗎？所以我認為總的來說，我們更傾向於如何讓你知道的 A I 產品更容易被每個人使用。我認為這就是全部，而不是優先考慮收費或訂閱基礎，這也是我們在正確的時間推出它時小心謹慎的部分原因。這也是為什麼，例如，我們不致力於潛在的雲端託管。這門課程實際上是一個非常從我們的目的出發，但仍然能夠最大限度地提高參與度的課程。所以，是的，所以我認為你們甚至可能會這樣，我認為我們可能會優先考慮如何使用戶更容易訪問它，而不是純粹基於訂閱。但我們正在考慮它的所有方面。我們也有訂閱制的產品，例如 V PM。所以這並不奇怪，但我想說，在這一點上，我們的優勢可能是如何確保它吸引最多的觀眾。我認為部分原因是，是的，就像路線本身一樣，我們設法使其產品獲得了相當可觀的利潤。因此，與一些人工智慧新創公司不同，我們實際上並不需要在短期內實現收入最大化。我認為這也許也是我們對抗其他一些新創公司的優勢之一，因為他們只是花錢。所以，所以，這就是我感到非常自豪的地方。

Thank you.

謝謝。

Thank you. Our next question will come from Eric Sheridan with Goldman Sachs. Your line is open.

謝謝。我們的下一個問題將來自高盛的艾瑞克·謝裡丹。您的線路已開通。

Hey, this is eric on for air. Thanks so much for taking the question. Just want to dig into the I Os opportunity in Europe. Now that you've had a few months under your belt, more than a few months under your belt since the D MA went into effect, Anything, any color you can give on user retention rate, sort of browsing behavior, our po for I OS users in Europe and on the investment side for, for I OS, is it really just on marketing spend at this point or is there any sort of product development or other investments that you need to make in, in, in Europe to tackle the I Os opportunity? Thanks so much.

嘿，這是艾瑞克的廣播。非常感謝您提出問題。只是想挖掘歐洲的 I Os 機會。現在您已經有幾個月的時間了，自 DMA 生效以來已經有好幾個月了，您可以在用戶保留率、瀏覽行為等方面提供任何內容、任何顏色，我們的 PO歐洲的作業系統用戶以及I OS 的投資方面，目前是否真的只是在行銷支出上，還是需要在歐洲進行任何類型的產品開發或其他投資來解決這個問題我有機會嗎？非常感謝。

Yeah. Yeah, it's only I think also very so, yeah, so I think as we also adjust a bit in the paper of notes and we are quite happy with the progress that we have in I Os. It has been growing significantly if we see the whole I Os at all. But I think we also particularly think about the inflow of users of the increase more than 60% that we see in Europe. So, so I think it's actually pretty much above what our expectation is before this summer and we are also happy to see that this trend continues. So yeah, so I think in Q4, we'll probably see stronger growth in I OS. We are very happy of how that has been received and also together with the new opera launch of Opera one R two, which we are proud of, we will also have corresponding release on the I Os accompany that because we, we also feel that there is also good potentials of, you know, combining many of those desktop users which are already using OPRA. But then hopefully, you know, a big portion of them also have the I OS phone. So I think that when that material is also a good opportunity for us, both are open for I OS but also potentially for GX Mobile. So that's what we're focused on in Q4. Again, very excited because you know, if you look at our penetrations in investor market, we still have a lot of growth potential even if we just make sure that all the o you know, investor market and PC are also using that mobile for instance. So, so quite excited about the opportunities.

是的。是的，只是我認為也非常如此，是的，所以我認為我們也在筆記中進行了一些調整，我們對 I Os 中取得的進展感到非常滿意。如果我們看到整個 I Os，它就會顯著增長。但我認為我們也特別考慮到歐洲的用戶流入量增加了 60% 以上。所以，我認為這實際上遠遠高於我們今年夏天之前的預期，我們也很高興看到這種趨勢持續下去。所以，是的，我認為在第四季度，我們可能會看到 iOS 的強勁成長。我們對收到的反饋感到非常高興，並且隨著我們感到自豪的新歌劇《Opera one R 2》的推出，我們還將在 I Os 上發布相應的版本，因為我們也覺得有您知道，將許多已經使用OPRA 的桌面用戶結合起來也具有良好的潛力。但希望他們中的很大一部分也擁有 I OS 手機。所以我認為，當這些材料對我們來說也是一個很好的機會時，兩者都對 iOS 開放，但也有可能對 GX Mobile 開放。這就是我們第四季的重點。再次，非常興奮，因為你知道，如果你看看我們在投資者市場的滲透率，我們仍然有很大的成長潛力，即使我們只是確保所有你知道的人，例如投資者市場和PC 也在使用該移動設備。所以，我對這些機會感到非常興奮。

Thank you. Once again, if you would like to ask a question, please press star one on your telephone keypad.

謝謝。再次強調，如果您想提問，請按電話鍵盤上的星號一。

Our next question will come from Alicia Yap with city. Your line is open.

我們的下一個問題將來自艾麗西亞·葉（Alicia Yap）和城市。您的線路已開通。

Alicia, your line is open. Please make sure your phone is not on mute.

艾莉西亞，您的路線已開通。請確保您的手機未處於靜音狀態。

Again, we are hearing that we can hear you. Now, please go ahead.

我們再次聽到我們可以聽到您的聲音。現在，請繼續。

Thanks management for taking my questions and I have one follow up question. Would you please share with us latest user majors and feedback on area on opera one and also with management shares, our initial view on this on the next year, topline growth expectations and digita and any investment area that we should be aware of. Thank you.

感謝管理層提出我的問題，我還有一個後續問題。請您與我們分享最新的用戶專業和對 Opera One 領域以及管理層股份的反饋、我們對明年的初步看法、營收成長預期和數字以及我們應該注意的任何投資領域。謝謝。

Yeah, so it's, it's only now, I'm not sure if I hear you fully because the voice is a bit vague, but I guess you have asked about our at a lot of area. So I more like I would say that we already see, like compared with Q32 to Q2 points, we already see some major uptakes of areas. Like I take a great look, it's probably, well almost up, you know, up to 50%. So some major growth very excited. But of course, we see that we potentially will be even more growth in Q4, which is our focus because we have also decided now that it's the right time to make us even more easier to discover area and also to be able to use it without having to register account for instance at this initially. So all those will probably have some major impact on the area usage which we are very excited about and close the monitoring upon. Yeah, so, so I think that's part of what quite excited. I I have not heard the second part of the question.

是的，所以，只是現在，我不確定我是否完全聽到你的聲音，因為聲音有點模糊，但我猜你已經在很多地方詢問過我們的情況。所以我更想說的是，我們已經看到，與 Q32 到 Q2 點相比，我們已經看到了一些主要領域的採用。就像我仔細觀察一樣，它可能幾乎達到了 50%。所以一些主要的增長非常令人興奮。但當然，我們看到我們可能會在第四季度實現更大的成長，這是我們的重點，因為我們現在也決定現在是讓我們更容易發現區域並能夠在不使用它的情況下使用它的正確時機。因此，所有這些都可能會對區域使用產生一些重大影響，我們對此感到非常興奮並關閉了監控。是的，所以，所以我認為這是令人興奮的一部分。我還沒聽到問題的第二部分。

I I can address that it, it was about investments as I understood it in, in the fourth quarter. And I think the, the key point we we want to make there is that it, it will be in our core product portfolio. That's what we always do with ongoing development, of course. But now with new releases on both the two of our very key products with offer one and GX, our marketing budget will follow. So we guide for a substantial increase from Q3 to Q4 in marketing. Still within sort of the original guidance of marketing spend for the year, but we've reserved budget for the fourth quarter and, and that opportunity.

我可以解決這個問題，這是關於我在第四季度所理解的投資。我認為，我們想要提出的關鍵點是，它將出現在我們的核心產品組合中。當然，這就是我們持續開發的一貫做法。但現在隨著我們兩個非常關鍵的產品（offer one 和 GX）的新發布，我們的行銷預算將隨之而來。因此，我們預計第三季到第四季的行銷力道將大幅增加。仍然在今年行銷支出的原始指導範圍內，但我們已經為第四季度和這個機會保留了預算。

Thank you.

謝謝。

Thank you. It appears we have no further questions at this time. I'll now turn the program back over to Song Lin for any additional or closing remarks.

謝謝。目前看來我們沒有其他問題了。我現在將把節目交還給宋林，讓他發表補充或結束語。

Sure. So once again, thank you all for joining us today to cover some of the highlights from Result Portal. We have been looking forward to share these results with you and to update you on our trajectory for the rest of the year.

當然。再次感謝大家今天加入我們，了解結果入口網站的一些亮點。我們一直期待與您分享這些結果，並向您介紹我們今年剩餘時間的最新發展軌跡。

We think the sort hotel really demonstrates how we have navigated our into a position with continued and strong online growth and how we stand to gain from our focus on us with the highest output potential and multi nation areas that are truly scalable.

我們認為，這種酒店真正展示了我們如何實現持續強勁的線上成長，以及我們如何從對具有最高產出潛力和真正可擴展的跨國區域的關注中獲益。

We wish you a good rest of the day and look forward to reconnecting on our Q4 results.

我們祝您今天休息愉快，並期待重新連接我們的第四季度結果。

Thank you. Ladies and gentlemen, this concludes today's event. You may now disconnect.

謝謝。女士們、先生們，今天的活動到此結束。您現在可以斷開連線。