OneSpan Inc (OSPN) 2025 Q2 法說會逐字稿

Welcome to the Q2 2025 OneSpan earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

歡迎參加 2025 年第二季 OneSpan 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to Joe Maxa, Vice President of Investor relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁喬·馬克薩 (Joe Maxa)。請繼續。

Thank you, operator. Hello, everyone, and thank you for joining the OneSpan second quarter 2025 earnings conference call. This call is being webcast and can be accessed on the Investor Relations section of OneSpan's website at investors.onespan.com.

謝謝您，接線生。大家好，感謝您參加 OneSpan 2025 年第二季財報電話會議。本次電話會議正在進行網路直播，您可以透過 OneSpan 網站的投資者關係部分（網址為 investors.onespan.com）存取。

Joining me on the call today is Victor Limongelli, our Chief Executive Officer; and Jorge Martell, our Chief Financial Officer. This afternoon, after market closed, OneSpan issued a press release announcing results for our second quarter 2025.

今天與我一起參加電話會議的還有我們的執行長 Victor Limongelli 和我們的財務長 Jorge Martell。今天下午，市場收盤後，OneSpan 發布了一份新聞稿，宣布了我們 2025 年第二季的表現。

To access a copy of the press release and other investor information, please visit our website. Following our prepared comments today, we will open the call for questions.

如需新聞稿和其他投資者資訊的副本，請造訪我們的網站。根據我們今天準備好的評論，我們將開始提問。

Please note that statements made during this conference call that relate to future plans, events, or performance, including the outlook for full year 2025 and other long-term financial targets are forward-looking statements.

請注意，本次電話會議中與未來計畫、事件或績效相關的陳述，包括 2025 年全年展望及其他長期財務目標，均為前瞻性陳述。

These statements involve risks and uncertainties and are based on current assumptions. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. I direct your attention to today's press release and the company's filings with the US Securities and Exchange Commission for a discussion of such risks and uncertainties.

這些聲明涉及風險和不確定性，並且基於當前的假設。因此，實際結果可能與這些前瞻性陳述中所表達的預期有重大差異。我請您關註今天的新聞稿以及公司向美國證券交易委員會提交的有關此類風險和不確定性的討論文件。

Also note that certain financial measures that may be discussed on this call are expressed on a non-GAAP basis and have been adjusted from a related GAAP financial measure. We have provided an explanation for and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures in the earnings press release and in the investor presentation available on our website.

另請注意，本次電話會議中可能討論的某些財務指標是以非 GAAP 為基礎表示的，並且已根據相關的 GAAP 財務指標進行了調整。我們在收益新聞稿和我們網站上的投資者介紹中提供了這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的解釋和對帳。

In addition, please note that all growth rates discussed on this call refer to a year over year basis unless otherwise indicated. The date of this conference call is August 5, 2025. Any forward-looking statements and related assumptions are made as of this date. Except as required by law, we undertake no obligation to update these statements as a result of new information or future events or for any other reason.

此外，請注意，除非另有說明，本次電話會議中討論的所有成長率均指同比成長率。本次電話會議日期為2025年8月5日。任何前瞻性陳述和相關假設均截至本日期作出。除法律要求外，我們不承擔因新資訊或未來事件或任何其他原因更新這些聲明的義務。

I will now turn the call over to Victor.

現在我將把電話轉給維克多。

Thank you, Joe. Hello, everyone, and thank you for joining us on the call today. Before turning to our results, as we are halfway through my second year at the company, I thought I'd take a moment to review our trajectory and the overall position of our business.

謝謝你，喬。大家好，感謝你們今天參加我們的電話會議。在談到我們的表現之前，由於我在公司任職已經過了第二年，我想花點時間回顧我們的發展軌跡和業務的整體狀況。

Last year, as you know, we focused on restructuring OneSpan to enhance its profitability so that it remains viable as a business and continue to be a long-term reliable partner for our customers. With that accomplished, our focus in 2025 has been on building the foundation necessary for OneSpan to not only be profitable, but also to grow the business and strengthen our product offerings for our customers.

如您所知，去年我們專注於重組 OneSpan 以提高其盈利能力，使其保持業務可行性並繼續成為我們客戶的長期可靠合作夥伴。實現這一目標後，我們在 2025 年的重點是建立必要的基礎，使 OneSpan 不僅能夠獲利，還能發展業務並加強我們為客戶提供的產品。

Right before the year started, we hired a new CTO, Ashish Jain to lead our R&D team. Part of our strategy is to augment our increased internal development efforts with targeted M&A so that we can move faster in delivering great products to our customers.

就在年初之前，我們聘請了一位新的技術長 Ashish Jain 來領導我們的研發團隊。我們的策略之一是透過有針對性的併購來加強我們不斷增加的內部開發力度，以便我們能夠更快地向客戶提供優質的產品。

You saw that in the second quarter, both with our acquisition of Nok Nok Labs and with the establishment of a new line of credit to facilitate that kind of targeted M&A. As we move through the second half of the year, we will continue to enhance our go-to-market capabilities so that we can deliver our great products to more customers.

您在第二季度就看到了這一點，我們收購了 Nok Nok Labs，並建立了新的信貸額度來促進這種有針對性的併購。隨著下半年的到來，我們將繼續增強我們的市場進入能力，以便能夠向更多客戶提供優質的產品。

As we have said previously, our goal is to grow the business while delivering strong profitability and to do both of those things while also returning cash to shareholders. Halfway through my second year, I'm happy to say that our transformation of OneSpan is on track.

正如我們之前所說，我們的目標是在實現強勁盈利的同時發展業務，並同時向股東返還現金。在我任職的第二年已經過去一半的時候，我很高興地說，我們對 OneSpan 的轉型正在步入正軌。

Looking ahead, our goal is that by the beginning of next year, we will have made significant progress in evolving our go-to-market capabilities as well as our product suite under Ashish's leadership. Such that we are well positioned to accelerate top line growth in 2026 as we continue to drive to a Rule of 40 performance.

展望未來，我們的目標是到明年年初，在 Ashish 的領導下，我們在提升市場進入能力和產品套件方面取得重大進展。這樣，我們就有能力在 2026 年加速營收成長，並繼續努力實現「40 法則」績效。

Turning to our results. I'm pleased to report another strong quarter and a solid first half of 2025, reflecting our team's disciplined execution. This focus by our team is driving our strong performance and positions us well to deliver sustained long-term value for our shareholders.

轉向我們的結果。我很高興地報告，本季業績再創佳績，2025 年上半年業績穩健，這反映了我們團隊的嚴謹執行力。我們團隊的這種專注推動了我們強勁的業績，並使我們能夠為股東提供持續的長期價值。

As I mentioned a moment ago, I'm also pleased and excited by our acquisition of Nok Nok Labs during the quarter, which brings to us FIDO2 passwordless authentication software, to add to our FIDO2 hardware security keys.

正如我剛才提到的，我也很高興也很興奮我們在本季度收購了 Nok Nok Labs，這為我們帶來了 FIDO2 無密碼身份驗證軟體，以補充我們的 FIDO2 硬體安全密鑰。

We've long been an industry leader in multifactor authentication and transaction signing technologies with our solutions widely trusted by many of the world's largest financial institutions, for their strong security, flexibility and innovation.

長期以來，我們一直是多因素身份驗證和交易簽名技術的行業領導者，我們的解決方案因其強大的安全性、靈活性和創新性而受到全球許多大型金融機構的廣泛信賴。

The addition of Nok Nok's FIDO2 software, combined with our recently launched FIDO2 security keys hardware, enables the company to provide customers worldwide with the industry's most innovative, comprehensive and future-ready authentication portfolio.

Nok Nok 的 FIDO2 軟體的加入，加上我們最近推出的 FIDO2 安全金鑰硬件，使公司能夠為全球客戶提供業界最具創新性、最全面、面向未來的身份驗證產品組合。

Whether on-prem or in the cloud, OTP or FIDO, software or hardware, including DIGIPASS and FIDO2 protocols and Cronto solutions for transaction signing, OneSpan now offers customers maximum flexibility to meet their authentication needs.

無論是在本地還是在雲端、OTP 還是 FIDO、軟體還是硬件，包括 DIGIPASS 和 FIDO2 協議以及用於交易簽名的 Cronto 解決方案，OneSpan 現在都為客戶提供最大的靈活性來滿足他們的身份驗證需求。

As you can see, Nok Nok was exactly the kind of targeted acquisition that enhances our product portfolio and delivers value to our customers. With respect to the second quarter, we were solidly profitable in the quarter with adjusted EBITDA of $18 million or 29.5% of revenue.

如您所見，Nok Nok 正是那種有針對性的收購，它增強了我們的產品組合併為我們的客戶帶來了價值。就第二季而言，我們實現了穩健的獲利，調整後的 EBITDA 為 1,800 萬美元，佔營收的 29.5%。

Also, for the first half of the year, we achieved record adjusted EBITDA of $41 million, representing 33% of revenue, our highest first half performance to date. We ended the quarter with annual recurring revenue of $178 million, up 8% year over year, including $8 million from the Nok Nok acquisition.

此外，今年上半年，我們的調整後息稅折舊攤銷前利潤 (EBITDA) 達到創紀錄的 4,100 萬美元，佔營收的 33%，這是我們迄今為止上半年的最高業績。本季結束時，我們的年度經常性收入為 1.78 億美元，年增 8%，其中包括來自 Nok Nok 收購的 800 萬美元。

Excluding Nok Nok, ARR grew 3%, in line with the low to mid-single-digit growth rate that we expected and discussed last quarter. As a reminder, we had a few very large contracts in last year's second quarter, which made for a challenging year over year ARR comparison this quarter.

不包括 Nok Nok，ARR 成長了 3%，與我們上個季度預期和討論的低至中等個位數成長率一致。提醒一下，我們在去年第二季度簽訂了幾份非常大的合同，這使得本季度的 ARR 同比比較具有挑戰性。

By the end of 2025, we anticipate our ARR to grow at a mid-single-digit percentage rate from the June 30 ARR level. Subscription revenue grew 22% in the second quarter of 2025, led by 39% growth in security and 5% growth in digital agreements. Security growth was primarily driven by on-prem authentication and app shielding software. As expected, total revenue declined modestly in the quarter.

到 2025 年底，我們預計我們的 ARR 將從 6 月 30 日的 ARR 水平以中等個位數百分比增長。2025 年第二季訂閱收入成長 22%，其中安全收入成長 39%，數位協議收入成長 5%。安全性的成長主要由內部部署身份驗證和應用程式屏蔽軟體推動。正如預期的那樣，本季總收入略有下降。

Strong subscription revenue growth was primarily offset by the three trends we've discussed on prior calls. First, banks in EMEA and to a lesser extent, in APAC and have been adopting mobile-first authentication strategies with respect to consumer banking. This has reduced the security hardware revenue over time.

強勁的訂閱收入成長主要被我們在先前的電話會議上討論過的三種趨勢所抵消。首先，歐洲、中東和非洲地區的銀行以及亞太地區的銀行（程度較輕）一直在針對消費者銀行業務採用行動優先身分驗證策略。隨著時間的推移，這減少了安全硬體的收入。

Second, our 2024 transition of certain legacy perpetual maintenance contracts to term-based subscriptions lowered maintenance revenue compared to the prior year. Third, revenue was impacted by $1.2 million from sunsetted products. However, this was partially offset by $300,000 of acquired revenue during the quarter.

其次，我們將於 2024 年將某些傳統的永久維護合約轉變為基於期限的訂閱，這導致維護收入與前一年相比有所下降。第三，產品停產影響了 120 萬美元的收入。然而，這一增幅被本季 30 萬美元的收購收入部分抵銷。

Looking at geographies. In July 2024, we started a dedicated sales effort in North America focused on our security business. I'm pleased to report that, that team had a great first half, and we expect continued high performance in that region in the second half of the year.

看看地理位置。2024 年 7 月，我們開始在北美進行專注於安全業務的銷售工作。我很高興地報告，該團隊在上半年表現出色，我們期待下半年該地區繼續保持高水準表現。

As you know, historically, North America has represented only 10% to 12% of our overall security revenue. So we see that as a growth opportunity heading into 2026. In the first half of 2025, we also saw strong bookings performance in our Latin American region. In terms of the overall outlook, Jorge will provide additional details on the second half in a few minutes.

如您所知，從歷史上看，北美僅占我們整體安全收入的 10% 至 12%。因此，我們認為這是 2026 年的一個成長機會。2025 年上半年，我們在拉丁美洲地區的預訂量也表現強勁。就整體前景而言，豪爾赫將在幾分鐘後提供更多有關下半場的細節。

Both business units remained solidly profitable at the segment level. and we believe we are well positioned to achieve our stated goals of delivering growth and strong profitability across both segments. We also continued to generate significant cash from operations. In the first half of the year, we generated $36 million and ended the second quarter with $93 million in cash on hand.

兩個業務部門在細分市場層面都保持了穩健的獲利能力。我們相信，我們完全有能力實現既定目標，即在兩個細分市場中實現成長和強勁盈利。我們也繼續從營運中產生大量現金。今年上半年，我們的收入為 3,600 萬美元，第二季末，我們的現金餘額為 9,300 萬美元。

As we have discussed previously, our Board remains committed to a balanced capital allocation strategy, weighing shareholder returns, organic investments and targeted M&A. In the first half of the year, we returned cash to shareholders through two quarterly dividend payments of $0.12 per share, which totaled close to $10 million of cash returned to shareholders.

正如我們之前所討論的，我們的董事會仍然致力於平衡的資本配置策略，權衡股東回報、有機投資和有針對性的併購。上半年，我們透過兩次每股 0.12 美元的季度股息向股東返還現金，總計向股東返還近 1,000 萬美元的現金。

The Board has also approved another $0.12 per share dividend to be paid in the current quarter. In addition, we used cash to make the strategic acquisition of Nok Nok consistent with our plan to pursue targeted, technology-driven acquisitions with proven market fit, enabling us to bring additional value-added products to our customers and prospects.

董事會還批准在本季支付每股 0.12 美元的額外股息。此外，我們利用現金對 Nok Nok 進行策略性收購，這與我們追求有針對性、技術驅動且符合市場需求的收購計劃相一致，使我們能夠為客戶和潛在客戶帶來更多增值產品。

We have a strong global customer base and a leading position in the authentication market. With AI increasingly being used to amplify the scale and sophistication of account takeover attacks, we remain focused on innovating to stay ahead of emerging threats and to enable customers to adopt a wide range of flexible, future-proof authentication solutions.

我們擁有強大的全球客戶群，並在認證市場中佔據領先地位。隨著人工智慧越來越多地被用於擴大帳戶接管攻擊的規模和複雜程度，我們仍然專注於創新，以保持領先於新興威脅，並使客戶能夠採用廣泛靈活、面向未來的身份驗證解決方案。

As a result, we will continue to invest in internal R&D and explore targeted M&A opportunities to enhance our product portfolio. And we plan to help our clients succeed by continuing to provide them with seamless and secure user solutions to meet their authentication needs and address related security challenges.

因此，我們將繼續投資內部研發，並探索有針對性的併購機會，以增強我們的產品組合。我們計劃繼續為客戶提供無縫、安全的用戶解決方案，以滿足他們的身份驗證需求並解決相關的安全挑戰，從而幫助他們取得成功。

As we look to the future, we are committed to operational excellence and to driving efficient, sustainable revenue growth while maintaining strong profitability.

展望未來，我們致力於卓越運營，在保持強勁盈利能力的同時推動高效、可持續的收入成長。

With that, I'll turn the call over to Jorge.

說完這些，我將把電話轉給 Jorge。

Thank you, Victor, and good afternoon, everyone. I am pleased to report another strong quarter, and I'm excited about our acquisition of Nok Nok Labs, which enhances our authentication portfolio and allows us to bring a broader suite of authentication solutions to our customers. We acquired Nok Nok on June 4, as such, our second quarter results include Nok Nok's financials from the acquisition date or for about a month.

謝謝你，維克多，大家下午好。我很高興地報告又一個強勁的季度，我對我們收購 Nok Nok Labs 感到非常興奮，這增強了我們的身份驗證產品組合，並使我們能夠為客戶提供更廣泛的身份驗證解決方案。我們於 6 月 4 日收購了 Nok Nok，因此，我們的第二季業績包括 Nok Nok 從收購之日起或大約一個月的財務狀況。

ARR grew 8% to $178 million, including $8 million from the Nok Nok acquisition. Our net retention rate, or NRR was 101%. As previously discussed, we anticipated a tough year over year ARR and NRR comparison this quarter, primarily due to large expansion contracts that benefited last year's Q2.

ARR 成長 8% 至 1.78 億美元，其中包括收購 Nok Nok 帶來的 800 萬美元。我們的淨留存率（NRR）為 101%。如前所述，我們預計本季 ARR 和 NRR 年比將比較困難，這主要是由於去年第二季受益的大型擴張合約。

In addition, this quarter, there was contraction at a few customers that reduced our overall ARR. Second quarter revenue was $59.8 million, down 2% compared to last year's Q2, primarily due to the anticipated decline in security hardware as a result of the long-term trends of banks moving to a mobile-first authentication approach.

此外，本季度，一些客戶的業務出現萎縮，導致我們的整體 ARR 下降。第二季營收為 5,980 萬美元，與去年第二季相比下降 2%，主要原因是由於銀行轉向行動優先身分驗證方式的長期趨勢導致安全硬體預計會下降。

Digital agreements revenue grew 1%, while security solutions revenue declined 3%, both in line with expectations. Second quarter gross margin was 73%, up from 66% in Q2 of last year. The improvement was driven by favorable product and customer mix, including increased software and reduced hardware revenues as well as the absence of approximately $1.5 million in asset write-off charges recorded in the second quarter of last year.

數位協議收入成長 1%，而安全解決方案收入下降 3%，均符合預期。第二季毛利率為 73%，高於去年第二季的 66%。業績改善的動力來自於良好的產品和客戶組合，包括軟體收入增加、硬體收入減少，以及去年第二季沒有記錄約 150 萬美元的資產註銷費用。

GAAP operating income was $10.5 million compared to $7.6 million in Q2 last year. The increase reflects higher gross profit and lower restructuring costs, partially offset by increased operating expenses related to share-based compensation, commission expenses legal and consulting costs associated with the Nok Nok acquisition and incremental operating expenses from Nok Nok.

GAAP 營業收入為 1,050 萬美元，而去年第二季為 760 萬美元。這一增長反映了毛利的增加和重組成本的降低，但部分被與股權激勵相關的營運費用增加、與收購 Nok Nok 相關的佣金費用、法律和諮詢費用以及來自 Nok Nok 的增量營運費用所抵消。

GAAP net income per share was $0.21, up from $0.17 in the same period last year. As a reminder, we made changes to our non-GAAP net income and non-GAAP net income per share reporting framework last quarter to better reflect our profitability trajectory and to ensure consistency across interim periods in 2025 and in future years. Please refer to our Q2 earnings release and investor presentation for additional details.

以美國通用會計準則計算，每股淨利為 0.21 美元，高於去年同期的 0.17 美元。提醒一下，上個季度我們對非公認會計準則淨收入和非公認會計準則每股淨收入報告框架進行了修改，以更好地反映我們的盈利軌跡，並確保 2025 年及未來幾年中期的一致性。請參閱我們的第二季財報和投資者介紹以了解更多詳情。

Non-GAAP earnings per share was $0.34 compared to $0.31 in Q2 of 2024. This metric excludes long-term incentive compensation and related payroll taxes amortization, restructuring charges and nonrecurring items and the impact of tax adjustments. Adjusted EBITDA and adjusted EBITDA margin was $17.6 million and 29.5% compared to $16.2 million and 26.5% in the same period of last year.

非公認會計準則每股收益為 0.34 美元，而 2024 年第二季為 0.31 美元。此指標不包括長期激勵薪酬和相關工資稅攤提、重組費用和非經常性項目以及稅收調整的影響。調整後 EBITDA 和調整後 EBITDA 利潤率分別為 1,760 萬美元和 29.5%，而去年同期分別為 1,620 萬美元和 26.5%。

Turning to our security solutions business, ARR was $114.5 million, up 9% year over year. Excluding Nok Nok, ARR grew 2%. Security revenue declined 3% to $44.2 million. Strong subscription revenue growth of 39%, including a material amount of revenue from Nok Nok was offset by expected declines in hardware and maintenance revenues and headwinds from sunsetted products.

談到我們的安全解決方案業務，ARR 為 1.145 億美元，年增 9%。不包括 Nok Nok，ARR 成長了 2%。安全收入下降 3% 至 4,420 萬美元。訂閱收入強勁成長 39%，其中包括 Nok Nok 的大量收入，但這一成長被硬體和維護收入的預期下降以及產品停產帶來的不利因素所抵消。

The strong growth in subscription revenue was primarily driven by the timing of multiyear renewals and conversion to multiyear customer contracts in the quarter, expansion of licenses and, to a lesser extent, new logos. This growth was partially offset by the sunsetting of our legacy Dealflo solution. Gross margin for security was 74%, up from 67% in the second quarter of last year, reflecting favorable product and customer mix.

訂閱收入的強勁成長主要得益於本季度多年期續約和轉換為多年期客戶合約的時間、許可證的擴展以及在較小程度上新標識。這一增長因我們傳統的 Dealflo 解決方案的終止而被部分抵消。安全毛利率為 74%，高於去年第二季的 67%，反映出良好的產品和客戶組合。

Segment operating income was $19.8 million or 45% of revenue compared to $20.7 million or 46% of revenue in the prior year quarter. This slight decline was primarily due to higher commission expense and increased operating expenses related to the Nok Nok acquisition.

分部營業收入為 1,980 萬美元，佔營收的 45%，去年同期為 2,070 萬美元，佔營收的 46%。這一小幅下降主要是由於佣金費用增加以及與 Nok Nok 收購相關的營運費用增加。

Turning to our digital agreements business. ARR grew 4.5% to $63 million. Revenue grew 1% to $15.6 million. New SaaS contracts and expansion of renewal contracts were partially offset by reduced maintenance revenue from the sunsetting of our on-premise e-signature product. Headwinds related to sunsetted products impacted revenue growth by about 3 percentage points subscription revenue grew 5% to $15.6 million.

轉向我們的數位協議業務。ARR 成長 4.5%，達到 6,300 萬美元。營收成長 1% 至 1560 萬美元。由於我們的內部電子簽名產品停產，維護收入減少，部分抵消了新的 SaaS 合約和續約合約的擴展。與產品停產相關的不利因素影響了營收成長約 3 個百分點，訂閱收入成長 5% 至 1,560 萬美元。

As mentioned earlier, we faced a tough year over year comparison due to a few large contracts that benefited Q2 of last year. Maintenance and support revenue was negligible this quarter compared to $0.5 million in Q2 of last year.

如前所述，由於去年第二季的一些大合約給我們帶來了好處，我們面臨著同比困難。與去年第二季的 50 萬美元相比，本季的維護和支援收入微不足道。

The year over year decline is attributed to the sunsetting of on-premise e-signature solution. Gross margin for digital agreements was 71%, up from 63% in the prior year quarter. The increase was primarily due to the absence of $1.5 million in asset write-off charges for the quarter last year.

年比下降的原因是內部電子簽章解決方案的淘汰。數位協議的毛利率為 71%，高於去年同期的 63%。成長的主要原因是去年該季度沒有發生 150 萬美元的資產註銷費用。

Segment operating income was $2.9 million or 18% of revenue compared to a loss of $0.2 million or negative 1% in Q2 of last year. The improvement was driven by higher gross profit and lower operating expenses primarily due to lower head count and variable expenses.

分部營業收入為 290 萬美元，佔營收的 18%，而去年第二季虧損 20 萬美元，佔營收的 1%。這項改善主要得益於毛利的提高和營運費用的降低，這主要歸因於員工人數和變動費用的減少。

Now turning to our balance sheet. We ended the quarter with $92.9 million in cash and cash equivalents. Compared to $105.2 million at the end of Q1 and $83.2 million at the end of 2024. We generated $6.2 million in operating cash flow during the quarter, up from $2.3 million in the second quarter of last year. We used $4.6 million to pay our quarterly cash dividend and $12.1 million net of cash acquired as part of the consideration for the Nok Nok acquisition. We expect to pay an additional $1.9 million in Q3 and the remaining balance in late 2026.

現在轉向我們的資產負債表。本季末，我們的現金和現金等價物為 9,290 萬美元。相比之下，第一季末為 1.052 億美元，2024 年底為 8,320 萬美元。本季我們的營運現金流為 620 萬美元，高於去年第二季的 230 萬美元。我們使用了 460 萬美元來支付季度現金股息，並使用了 1,210 萬美元的淨現金作為 Nok Nok 收購對價的一部分。我們預計在第三季額外支付 190 萬美元，並在 2026 年底支付剩餘款項。

As you are already aware, during the quarter, we entered into a five year syndicated revolving credit facility in the amount of $100 million, which may be used for general corporate purposes, including to support our strategic growth priorities, including targeted M&A.

如您所知，在本季度，我們簽訂了一項為期五年、金額為 1 億美元的銀團循環信貸協議，該協議可用於一般公司用途，包括支持我們的策略性成長重點，包括有針對性的併購。

Except for a small letter of credit supporting an office lease we currently have no borrowings under the credit agreement and have no long-term debt. Geographically, our revenue mix was 39% from EMEA, 40% from the Americas and 21% from APAC. This compares to 41%, 35% and 24%, respectively, in the second quarter of last year.

除支持辦公室租賃的一筆小額信用狀外，我們目前沒有根據信貸協議進行借款，也沒有長期債務。從地理來看，我們的收入結構為 39% 來自歐洲、中東和非洲地區、40% 來自美洲、21% 來自亞太地區。相比之下，去年第二季的比例分別為 41%、35% 和 24%。

Moving to our modeling notes and financial outlook. We're very pleased with our second quarter and first half performance and expect a return to positive revenue growth in the second half of the year. We expect double-digit subscription revenue growth for the full year 2025, along with a modest revenue contribution from the acquisition of Nok Nok. We expect to see continued hardware headwinds, primarily in Q3 with gradual improvement in Q4.

前往我們的建模說明和財務展望。我們對第二季和上半年的業績非常滿意，並預計下半年營收將恢復正成長。我們預計 2025 年全年訂閱營收將達到兩位數成長，同時收購 Nok Nok 也將帶來適度的營收貢獻。我們預計硬體逆風將持續存在，主要在第三季度，第四季將逐步改善。

Also in the second half of the year as compared to the first half we expect reduced year over year maintenance revenue headwinds from the transition of perpetual contract to term-based licenses and from the Impact of sunsetted of products.

此外，與上半年相比，我們預計下半年維護收入同比阻力將有所減少，這主要源於永久合約向基於期限的許可證的轉變以及產品停產的影響。

Regarding hardware, due to the increased visibility into orders and shipping schedules as compared to earlier in the year, including the delay to 2026 of the shipment of certain already booked hardware deals, we now expect total second half 2025 hardware revenue to be similar to the first half, with the majority of the second half revenue recognized in the fourth quarter.

關於硬件，由於與今年早些時候相比，訂單和發貨時間表的可見性有所提高，包括某些已預訂的硬件交易的發貨推遲到 2026 年，我們現在預計 2025 年下半年的硬件總收入將與上半年相似，下半年的大部分收入將在第四季度確認。

On a sequential basis, in the second half of 2025, we expect an increase in year over year ARR growth and an increase in NRR for both the third and fourth quarters.

以環比計算，我們預計 2025 年下半年 ARR 年成長，第三季和第四季 NRR 都將成長。

For the full year 2025, we are maintaining our revenue guidance in the range of $245 million to $251 million. We expect incremental revenue from the Nok Nok acquisition to be offset by a similar reduction in hardware revenue.

對於 2025 年全年，我們維持 2.45 億美元至 2.51 億美元的營收預期。我們預計，收購 Nok Nok 帶來的增量收入將被硬體收入的類似減少所抵銷。

We are increasing our ARR guidance to be in the range of $186 million to $192 million as compared to our previous guidance range of $180 million to $186 million. The increase in guidance is attributed to our acquisition of Nok Nok, partially offset by a few reductions by the customers that I discussed earlier.

我們將 ARR 指引範圍從先前的 1.8 億美元至 1.86 億美元提高到 1.86 億美元至 1.92 億美元之間。指導價的成長歸因於我們對 Nok Nok 的收購，但部分被我之前討論過的客戶減少所抵消。

And we are maintaining our adjusted EBITDA guidance in the range of $72 million to $76 million. We expect the acquisition of Nok Nok to be slightly accretive to adjusted EBITDA in the fourth quarter of 2025.

我們將調整後的 EBITDA 預期維持在 7,200 萬美元至 7,600 萬美元的範圍內。我們預計收購 Nok Nok 將在 2025 年第四季略微增加調整後的 EBITDA。

That concludes my remarks. I will now turn the call over to Victor.

我的發言到此結束。現在我將把電話轉給維克多。

Thanks, Jorge. To recap, we had another strong quarter, and I'm very proud of the OneSpan team's disciplined execution and commitment to operational excellence. I'm also excited about our strategic acquisition of Nok Nok, which expands our authentication offering to include software-based FIDO2 capabilities and provides us with an additional proven value-added solution that we can bring to our customers and prospects.

謝謝，豪爾赫。總而言之，我們又度過了一個強勁的季度，我為 OneSpan 團隊的嚴格執行和對卓越營運的承諾感到非常自豪。我也很高興我們對 Nok Nok 進行策略性收購，這擴展了我們的身份驗證產品範圍，包括基於軟體的 FIDO2 功能，並為我們提供額外的經過驗證的增值解決方案，可以帶給我們的客戶和潛在客戶。

Looking ahead, we remain focused on delivering value for our customers, and executing well as of business in the second half, which we believe will position OneSpan for profitable growth. To that end, we remain committed to maintaining our strong profitability as we drive towards our goal of achieving a Rule of 40 performance as a business. Jorge and I will now be happy to take your questions.

展望未來，我們將繼續專注於為客戶提供價值，並在下半年順利完成業務，我們相信這將使 OneSpan 實現盈利成長。為此，我們將繼續致力於維持強勁的獲利能力，努力實現「40 法則」的企業績效目標。豪爾赫和我現在很樂意回答你們的問題。

(Operator Instructions)

（操作員指示）

Catharine Trebnick, Rosenblatt.

凱瑟琳‧特雷布尼克 (Catharine Trebnick)，羅森布拉特 (Rosenblatt)。

Yes, thank you for taking my question. On this acquisition, that's interesting that you're headed in this direction. Can you give us some more detail on how competitive you feel you'll be with this by buying Nok Nok and adding this to your capabilities? Thanks.

是的，感謝您回答我的問題。關於這次收購，您朝這個方向發展很有趣。您能否向我們提供一些更詳細的信息，說明您認為通過購買 Nok Nok 並將其添加到您的能力中，您的競爭力會有多大？謝謝。

Vic, do you want to take this one? I'll jump in, Catherine, maybe Vic can chime in. So thanks for the question, Catherine. So I think this is one of the areas that we have been talking about in terms of complementing our solutions in the security software space.

維克，你想拿這個嗎？我來加入吧，凱瑟琳，也許維克也可以加入。謝謝你的提問，凱瑟琳。因此，我認為這是我們在補充安全軟體領域的解決方案方面一直在討論的領域之一。

It fits really well when it comes to -- it's a tuck-in acquisition where we like the technology and we can also plug it into an existing technology for FIDO. As you remember, we launched FIDO security keys, our hardware, a few of those keys last year.

它非常適合——這是內部收購，我們喜歡這項技術，我們也可以將其插入 FIDO 的現有技術中。大家還記得，我們​​去年推出了 FIDO 安全金鑰，即我們的硬件，其中有幾個金鑰。

And so when you think about where this is headed in terms of security for user seamless authentication within FIDO2 is also going to be an important part of the mix that our banking and financial services customers will head and will move towards in the future.

因此，當您考慮 FIDO2 中使用者無縫身分驗證的安全性時，這也將成為我們銀行和金融服務客戶未來將要採用和將邁向的組合的重要組成部分。

And so we think that this is going to be a very, very good acquisition in the long term for us as we provide, again, the maximum flexibility as Vic alluded in terms of offering a becoming the authentication company for -- particularly for banks and financial institutions. So happy to answer any additional questions you have on that.

因此，我們認為從長遠來看，這對我們來說將是一次非常非常好的收購，因為我們再次提供了最大的靈活性，正如維克所暗示的那樣，我們可以成為一家認證公司——特別是針對銀行和金融機構。很高興回答您對此提出的任何其他問題。

Well, is this more like of -- if it's already installed customers more -- are you looking at this as maybe new landed because it's the newer tech but also an upselling to your existing banking customers?

那麼，這是否更像是——如果它已經安裝了更多客戶——您是否將其視為新登陸，因為它是較新的技術，但也是對您現有銀行客戶的追加銷售？

Yeah. So that's a very good question, Catherine. So when you think about one of the biggest assets, and Vic has mentioned this in the past, one of the biggest assets this company has an been. It's a long tenured customer base. So we service over 1,000 banks globally.

是的。這是一個非常好的問題，凱瑟琳。因此，當您考慮最大的資產之一時，維克過去曾提到過這一點，這就是這家公司最大的資產之一。這是一個長期的客戶群。因此，我們為全球 1,000 多家銀行提供服務。

And so when you think about that, so we really -- the purpose of this acquisition was not for the revenue, let's just be clear. The purpose of this acquisition was because of the technology and the cross-sell opportunity that we can have from this technology to our existing customer base, okay? And so we see that as an opportunity.

所以當你考慮到這一點時，我們就會明白，這次收購的目的不是為了收入，讓我們明確一點。此次收購的目的是為了獲得這項技術以及透過這項技術我們可以向現有客戶群進行交叉銷售的機會，好嗎？因此，我們認為這是一個機會。

Obviously, more in 2026 than 2025 in terms of the cross-sell. We're getting, obviously, the teams aligned. The product needs to be put in the same server, so it would be a seamless product for our customer base. And there's obviously the team I mentioned sales teams getting aligned as well is that we feel pretty good about not only the product that we are part of the team that we acquired as well.

顯然，就交叉銷售而言，2026 年將比 2025 年更多。顯然，我們正在讓團隊協調一致。該產品需要放在同一台伺服器上，因此對於我們的客戶群來說它將是一個無縫的產品。顯然，我提到的銷售團隊也得到了協調，我們不僅對產品感到滿意，而且我們也是收購團隊的一部分。

Catherine, it's a very experienced team that has been a pioneer in this area in the FIDO2 space. They also have a board seat in terms of the FIDO alliance that -- now we have a Board seat as well. And so we feel good about where we are. Again, this is (multiple speakers) we can hear you now, Vic -- this is more about the cross-sell opportunity into our existing customer base. But Vic, feel free to chime in.

凱瑟琳，這是一支經驗豐富的團隊，也是 FIDO2 領域這一領域的先驅。他們在 FIDO 聯盟中也擁有一個董事會席位——現在我們也擁有一個董事會席位。因此，我們對目前的狀況感到滿意。再次，這是（多位發言者）我們現在可以聽到你的聲音，維克 - 這更多的是有關向我們現有的客戶群進行交叉銷售的機會。但是維克，請隨意加入吧。

Thank you.

謝謝。

Thanks for the questions, Catharine.

謝謝你的提問，凱瑟琳。

Anja Soderstrom, Sidoti.

安雅·索德斯特羅姆，西多蒂。

Hi, and thank you for taking my question. So I have a question about the ARR guidance and the increase there about $6 million, but Nok Nok said added about $8 million for the second quarter. How should we think about that?

您好，感謝您回答我的問題。因此，我對 ARR 指導和約 600 萬美元的增幅有疑問，但 Nok Nok 表示第二季增加了約 800 萬美元。我們該如何看待這個問題？

Yeah, I can answer that. Thanks for the question, Anja. So yeah, we mentioned knockout added about $8 million into ARR pool. Part of the -- and when you -- when we sort of like get new guidance, we increased it by $6 million on both the low end and the high end.

是的，我可以回答這個問題。謝謝你的提問，Anja。是的，我們提到淘汰賽為 ARR 池增加了約 800 萬美元。當我們獲得新的指導時，我們會將低端和高端的指導金額分別增加 600 萬美元。

So the remaining $2 million is primarily related to a couple of contractions that one that we have mentioned in the past calls really about a bank that was selling operations, particularly in the Middle East. And so that accelerated a little bit more than we expected in the first half of the year.

因此，剩下的 200 萬美元主要與我們過去提到的幾次收縮有關，這實際上與一家正在出售業務的銀行有關，特別是在中東地區。因此，今年上半年的成長速度比我們預期的要快一些。

And then the second component of that was we also had another, I would say, seven-figure customer that impacted ARR that is moving slower than anticipated in implementing our solutions because of their internal delays. And so conservatively, we decided to move that out of the ARR for the remainder of the year. And so that's all the puts and takes for getting the [6%] increase on both low and high end.

然後，第二個因素是，我們還有另一個七位數的客戶，它影響了 ARR，由於其內部延遲，它在實施我們的解決方案方面進展比預期的要慢。因此，我們保守地決定在今年剩餘時間內將其從 ARR 中移除。這就是為實現低端和高端 [6%] 的成長所做的所有努力和付出。

Okay, thank you. And then just in general, regarding the pipeline, how is that shaping up for you?

好的，謝謝。那麼總體而言，關於管道，您覺得進展如何？

Sorry, say that one more time, Anja, you got off for me a little bit.

抱歉，安雅，我再說一遍，你有點讓我失望了。

The pipeline, how is that shaping up for you just in general?

管道，整體來說進展如何？

Vic, do want to take that one?

維克，你想拿那個嗎？

Hello.

你好。

Yeah, we can hear it now.

是的，我們現在可以聽到。

Okay. Great. I'm sorry, could you repeat the question? I had a little Internet trouble there.

好的。偉大的。抱歉，您能重複這個問題嗎？我在那裡遇到了一點網路問題。

No problem. Yeah, I'm just curious about the pipeline just in general, how is that shipping up for you?

沒問題。是的，我只是對管道整體情況很好奇，你的運輸情況怎麼樣？

Well, we had a great first half of the year in terms of bookings. And then in the second half of the year, of course, the way our business works, the third quarter and the fourth quarter are much bigger -- tend to be much bigger quarters in terms of closing business. We've been very happy with the progress overall on our go-to-market.

嗯，就預訂量而言，我們上半年表現非常好。當然，在下半年，按照我們的業務運作方式，第三季和第四季的規模要大得多——就完成業務而言，往往是規模大得多的季度。我們對進入市場的整體進展感到非常滿意。

And the -- as we mentioned on the prepared remarks, the hardware business, we think will be a little bit tougher in the back half of the year, but we're excited about having something new to offer to customers as well with respect to the Nok Nok Labs FIDO2 capability. So the second half of the year, I think, is shaping up pretty well for us.

正如我們在準備好的發言中提到的那樣，我們認為硬體業務在下半年會變得更加困難，但我們很高興能夠在 Nok Nok Labs FIDO2 功能方面為客戶提供一些新產品。所以我認為，今年下半年我們的情況會很好。

Okay, thank you. That was all for me.

好的，謝謝。對我來說這就是全部了。

Trevor Rambo, BTIG.

特雷弗·蘭博，BTIG。

Great. Thanks for taking the question. This is Trevor on for Gray Powell. So a lot was happening in the quarter from a macro perspective with the tariff announcement we had in April, then the 90-day pause and then an extension of that pause.

偉大的。感謝您回答這個問題。這是特雷弗 (Trevor) 代替格雷鮑威爾 (Gray Powell)。因此，從宏觀角度來看，本季發生了很多事情，包括我們在 4 月宣布的關稅，然後是 90 天的暫停期，然後是暫停期的延長。

And you mentioned in the prepared remarks that a few customers contracted in the quarter. But maybe from a higher level, can you give some more color on what you saw in the quarter? And then given the uncertainty in the macro had an impact on general customer buying behavior? And then has any of that spilled over into the first month of Q3 so far? Thanks.

您在準備好的發言中提到，本季有幾位客戶簽訂了合約。但也許從更高的層面來看，您能否更詳細地描述本季所看到的情況？那麼宏觀的不確定性對一般顧客的購買行為產生了影響嗎？那麼到目前為止，這些影響是否已經蔓延到第三季的第一個月？謝謝。

Yeah. Thanks, Trevor. So we had a good first half in terms of bookings. So what we report, of course, is revenue, it's not exactly analogous to our bookings. But we had a good first quarter. The tariff situation for us was very minimal.

是的。謝謝，特雷弗。因此，就預訂量而言，我們上半年表現不錯。因此，我們報告的當然是收入，它與我們的預訂量並不完全類似。但我們第一季表現不錯。對我們來說，關稅情況非常少。

I think we talked about it last year when I think the tariffs -- the initial tariffs proposed were much higher. It was still not going to be that big of an impact. And the way things have shaken out, it's a few hundred thousand dollar impact for us. So that's a very minor thing.

我認為我們去年就討論過這個問題，當時我認為最初提出的關稅要高得多。它仍然不會造成太大的影響。事情發展到這一步，對我們來說影響就達到了幾十萬美元。所以這是一件非常小的事情。

And then the other aspect that a lot of people talked about in the second quarter was done the federal cuts, the DOGE cuts. And we have, I think 2% of our revenue is from the federal government. So that had a relatively small impact as well. So overall, things have been going pretty well in terms of our performance.

然後，許多人在第二季度談論的另一個方面是聯邦削減、DOGE 削減。我認為我們的收入中有 2% 來自聯邦政府。所以這的影響也相對較小。整體而言，我們的表現進展順利。

I mean I would say, geographically, Europe -- and I mentioned this last quarter, Europe has been a little weaker for us, and we've done a little bit better in the Americas in North and South America. And EMEA is typically a strong market for us. So we'd love to see that turn around. But overall, it has been solid so far.

我的意思是，從地理位置上看，歐洲——我在上個季度提到過，歐洲對我們來說有點弱，而我們在北美和南美的表現要好一些。歐洲、中東和非洲地區通常是我們強勁的市場。因此我們很高興看到這種轉變。但總體而言，到目前為止，情況一直很穩定。

Great. That's some great color. And then maybe for my second, you talked on the prepared remarks and a bit earlier about evolving the go-to-market program by the start of next year. Can you dive a bit deeper into what that's going to look like? And maybe you can provide some more color on the process and maybe what the outcome is? Thanks.

偉大的。這顏色真棒。然後也許對於我的第二個問題，您談到了準備好的發言以及早些時候關於在明年年初之前製定上市計劃的問題。您能否更深入地解釋一下它會是什麼樣子？也許您可以更詳細地介紹一下這個過程以及結果是什麼？謝謝。

Yeah. I mean, so part of it is we're just putting additional resources where things are going well. So we talked about this on the call, we started up in North America. Before we had a combined team in North America, we had a sales team if you go back a year plus ago, a sales team that was supposed to sell both product lines, very different buyers, very different competitive set.

是的。我的意思是，部分原因是我們只是在事情進展順利的地方投入額外的資源。我們在電話中討論了這個問題，我們在北美開始了業務。在我們組建北美聯合團隊之前，如果追溯到一年前，我們有一個銷售團隊，這個銷售團隊應該銷售兩條產品線，買家非常不同，競爭對手也非常不同。

So when we started last July, so a year ago, as we split the North American sales team to a dedicated security team and a dedicated digital agreements team. And what we're doing is continuing to invest as that's starting to pay off. So we've increased the size of the North American security sales team. We added additional resources when we did the Nok Nok acquisition as well. So that's part of it.

因此，當我們去年 7 月開始工作時，也就是一年前，我們將北美銷售團隊分成了專門的安全團隊和專門的數位協議團隊。我們正在做的是繼續投資，因為投資已經開始獲得回報。因此，我們擴大了北美安全銷售團隊的規模。我們在收購 Nok Nok 時也增加了額外的資源。這就是其中的一部分。

And then part of it is us refining our approach on the DA side and really trying to -- without giving too many competitive details, trying to do better in the new logo acquisition. That business, as we've talked about in the past, is a land and expand business. So we're really focused on trying to land more because we know the expansion happens.

然後，其中一部分是我們在 DA 方面改進我們的方法，並真正嘗試 - 在不提供太多競爭細節的情況下，嘗試在新標誌收購中做得更好。正如我們過去談到的，這項業務是一項土地和擴張業務。因此，我們真正專注於嘗試獲得更多，因為我們知道擴張會發生。

Great. That's it for me. Thanks for taking the questions guys.

偉大的。對我來說就是這樣。謝謝大家回答這些問題。

(Operator Instructions)

（操作員指示）

Rudy Kessinger, D.A. Davidson.

魯迪凱辛格、地方檢察官戴維森。

Great. Thanks for taking my questions guys. Jorge, could you maybe expand or just quantify maybe the contraction with those two large customers? Because understanding you're saying second half bookings are stronger historically, but your first half net new ARR $2 million relative to past years. I know last year, Q2 is a tough compare even relative to several years prior to that, still down quite a bit. So could you quantify maybe what the impact there was from those two customers?

偉大的。謝謝你們回答我的問題。豪爾赫，您能否擴大或量化與這兩個大客戶的收縮？因為您說的是下半年的預訂量在歷史上更為強勁，但上半年的淨新 ARR 相對於過去幾年而言為 200 萬美元。我知道去年第二季的情況比較艱難，即使與前幾年相比，仍然下降了不少。那麼，您能否量化這兩位客戶的影響力呢？

Yeah, Rudy, thanks for the question. It was about $3 million, Rudy, between those two customers at the year over year contraction.

是的，魯迪，謝謝你的提問。魯迪，這兩位客戶的年減量約為 300 萬美元。

Okay. And with that one customer selling off assets in the Middle East. Is there a risk that they sell off more assets in other geographies or any further contraction risk from that one?

好的。而該客戶正在出售其在中東的資產。他們是否會在其他地區出售更多資產，或者是否有進一步收縮的風險？

So obviously, we don't have the stability of the quantification ruling, specifically for that particular client. I think my sense is that, as I mentioned, this accelerated in the first half. I think there's still going to be some of it, but it may be a little more muted, but we still have yet to see it.

因此，顯然，我們沒有量化裁決的穩定性，特別是針對特定客戶。我認為，正如我所提到的，這一趨勢在上半年加速了。我認為仍然會有一些，但可能會更加柔和一些，但我們還沒有看到它。

Okay. Got it. And then with Nok Nok, could you maybe just quantify or try to size up for us just the upsell, cross-sell opportunity that they bring? What percent of your installed base do you believe could really use this capability or that you could sell to over the next couple of years?

好的。知道了。那麼對於 Nok Nok，您能否量化或嘗試為我們評估他們帶來的追加銷售和交叉銷售機會？您認為在未來幾年內，您的安裝用戶群中有多少比例的人能夠真正使用此功能，或者您可以向其銷售產品？

Yeah. So this is an interesting topic because I think it's fair to say that the Fido authentication protocol is something that is has grown over the past few years and will grow even more over the next three to five years. So part of this strategy is for us to be able to offer a complete solution to our customers.

是的。這是一個有趣的話題，因為我認為可以公平地說，Fido 身份驗證協議在過去幾年中已經發展起來，並且在未來三到五年內還會有更大的發展。因此，這項策略的一部分是我們能夠為客戶提供完整的解決方案。

And we saw this, if you go back 10 years-plus ago, when banks in EMEA and in APAC were doing largely their consumer authentication was largely through hardware. And over time, we've talked about this before, it shifted to mobile first, so we needed to have a mobile offering. And we did.

我們看到，如果回顧 10 多年前，當時歐洲、中東和非洲地區以及亞太地區的銀行主要透過硬體進行消費者身份驗證。隨著時間的推移，我們之前已經討論過這個問題，它首先轉向行動端，所以我們需要提供行動端產品。我們確實這麼做了。

So with respect to the FIDO Authentication Protocol, we wanted to make sure that we had an offering both in hardware which we introduced those recently and software. So it gives us the opportunity to grow with those banks, to grow with our customers into the FIDO ecosystem without losing them to competitors and offering them a solution where they don't have to rush all at once into FIDO like flipping a light switch, they can start using FIDO and they can still use our Digipass approach.

因此，就 FIDO 身份驗證協定而言，我們希望確保我們能夠提供最近推出的硬體和軟體。因此，它使我們有機會與這些銀行一起成長，與我們的客戶一起成長進入 FIDO 生態系統，而不會將他們輸給競爭對手，並為他們提供一種解決方案，讓他們不必像打開電燈開關一樣一下子衝進 FIDO，他們可以開始使用 FIDO，並且仍然可以使用我們的 Digipass 方法。

So I think ultimately, all of our customers, if you fast forward 5 to 10 years out, we'll be using FIDO. Exactly how fast that goes. Hard to say right now, but passkeys are here, and we see banks rolling it out in some markets, and other markets will probably take a little bit longer.

所以我認為，最終，我們所有的客戶，如果快轉 5 到 10 年後，我們都會使用 FIDO。速度到底有多快。現在很難說，但密碼已經出現，我們看到銀行在某些市場推出它，而其他市場可能需要更長的時間。

Thank you. This concludes the question-and-answer session. I would now like to turn it over to Joe Maxa for closing remarks.

謝謝。問答環節到此結束。現在我想請喬·馬克薩 (Joe Maxa) 致閉幕詞。

Thanks, everyone, and glad you could join us. Have a nice day.

謝謝大家，很高興你們能加入我們。祝你今天過得愉快。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。