Phunware Inc (PHUN) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Good afternoon and welcome to the Phunware second-quarter conference call. (Operator Instructions)

女士們先生們，謝謝你們的支持。下午好，歡迎參加 Phunware 第二季電話會議。（操作員說明）

Participants of this call are advised that the audio of this conference call is being broadcast live over the Internet, and is also being recorded for playback purposes. A webcast replay of the call will be available approximately one hour after the end of the call through August 8, 2025.

本次電話會議的參與者請注意，本次電話會議的音訊正在透過網路進行現場直播，並且也被錄製用於回放。電話會議的網路廣播重播將在電話會議結束後約一小時內進行，直至 2025 年 8 月 8 日為止。

I will turn the call over to Joey Delahoussaye of CoreIR, the company's Investor Relations firm. Please go ahead, sir.

我會將電話轉交給該公司投資者關係公司 CoreIR 的 Joey Delahoussaye。請繼續，先生。

Thank you, operator. Good afternoon, and thank you for participating in today's conference call. Earlier this afternoon, the company released its financial results for the quarter ended June 30, 2024. A copy of that press release can be found on the company's websit at www.phunware.com by selecting Investors under the About tab from the corporate homepage. Joining me on today's earnings call from Phunware as management team are Mike Snavely, Chief Executive Officer; and Troy Reisner, our Chief Financial Officer.

謝謝你，接線生。下午好，感謝您參加今天的電話會議。今天下午早些時候，該公司發布了截至 2024 年 6 月 30 日的季度財務業績。透過選擇公司主頁“關於”選項卡下的“投資者”，可以在公司網站 www.phunware.com 上找到該新聞稿的副本。作為管理團隊與我一起參加今天 Phunware 財報電話會議的有執行長 Mike Snavely；以及我們的財務長 Troy Reisner。

During this call, management will be making forward-looking statements, including statements that address Phunware's expectation for future performance or operational results. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in Phunware's most recently filed annual report on Form 10-K in subsequent periodic reports filed with the SEC and Phunware press release that accompany this call, particularly the cautionary statements.

在本次電話會議中，管理層將做出前瞻性聲明，包括涉及 Phunware 對未來業績或運營業績預期的聲明。前瞻性陳述涉及風險和其他因素，可能導致實際結果與這些陳述有重大差異。有關這些風險的更多信息，請參閱Phunware 最近提交的10-K 表格年度報告、隨後向SEC 提交的定期報告以及本次電話會議隨附的Phunware 新聞稿中描述的風險因素，特別是警示性聲明。

The content of this call contains time-sensitive information that is accurate only as of today, August 8, 2024. Except as required by law, Phunware disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.

本次通話的內容包含時效性訊息，僅截至今天（2024 年 8 月 8 日）準確。除法律要求外，Phunware 不承擔任何公開更新或修改任何資訊以反映本次電話會議後發生的事件或情況的義務。

It's now my pleasure to turn the call over to CEO, Mike Snavely.

現在我很高興將電話轉給執行長 Mike Snavely。

Thanks, Joey, and good afternoon to everyone on the call. During the second quarter of 2024, we've continued building upon the momentum begun during our first quarter. In quarter two, we delivered 100% customer retention, strengthened our bench of advisers within the hospitality sector and most recently became part of the FTSE Russell Microcap Index.

謝謝喬伊，祝所有參加電話會議的人下午好。2024 年第二季度，我們將繼續鞏固第一季開始的勢頭。第二季度，我們實現了 100% 的客戶保留率，加強了我們在酒店業的顧問隊伍，最近也成為富時羅素微型股指數的一部分。

In the first half of 2024, our customer bookings, which are signed contracts with clients that generate revenues over the course of the multiyear contract period have already exceeded bookings for all of 2023 even as we preserve cash by reducing our team. This is a testament to the effectiveness and efficiency of our revamped sales team and our evolved sales model, which continues to drive a strong and consistent pipeline, including over $7 million in new pipeline identified so far in the third quarter.

2024 年上半年，我們的客戶預訂量（即與在多年合約期間產生收入的客戶簽訂的合約）已經超過 2023 年全年的預訂量，儘管我們透過減少團隊來保留現金。這證明了我們改進的銷售團隊和不斷發展的銷售模式的有效性和效率，該模式繼續推動強大而一致的管道，包括第三季迄今為止確定的超過 700 萬美元的新管道。

As leaders in the mobile applications platform industry, I think it's valuable to take a moment and review what sets us apart. We provide location-based services, content management, mobile engagement, audience monetization, and application analytics that help our clients at every stage of mobile application life cycle management. We help businesses create their ideal mobile app, monetize their audiences, and create hyper-personalized mobile experiences all in the interest of ensuring our clients' customers fully utilize their offerings through mobile interactions.

身為行動應用平台產業的領導者，我認為花點時間回顧我們的獨特之處是很有價值的。我們提供基於位置的服務、內容管理、行動參與、受眾貨幣化和應用程式分析，在行動應用程式生命週期管理的每個階段為我們的客戶提供協助。我們幫助企業創建理想的行動應用程式、透過受眾獲利並創造超個人化的行動體驗，所有這些都是為了確保我們客戶的客戶透過行動互動充分利用他們的產品。

We've been in this business for about 15 years, and we are its pioneers. The Phunware platform is a fully integrated enterprise cloud for mobile devices that provides our clients with products, solutions, data and services necessary to engage with our audiences globally, and manage and monetize their mobile app portfolios globally and at scale.

我們從事這個行業已經大約 15 年了，我們是這個行業的先驅。Phunware 平台是一個完全整合的行動裝置企業雲，為我們的客戶提供與全球受眾互動所需的產品、解決方案、數據和服務，並在全球範圍內大規模管理其行動應用程式組合併從中獲利。

Our model provides a faster time to market, requires less investment of resources and technical expertise, and does not require customer management and integrations. We create a white label product that is fully brandable, industry-specific, configurable, and with reusable modules that offer over-the-air app updates for continuous learning and testing without App Store approvals.

我們的模型提供了更快的上市時間，需要更少的資源和技術專業知識投資，並且不需要客戶管理和整合。我們創建了一款白標產品，該產品完全可品牌化、針對特定行業、可配置，並具有可重複使用的模組，可提供無線應用程式更新，以便在無需App Store 批准的情況下進行持續學習和測試。

Unlike other white label application services, the Phunware application framework creates native applications that leverage device-specific capabilities, such as location technologies, sensors and operating system specific design patterns, and guidelines. Because of the depth and scalability of our platform, we believe there are many other industries that we can serve.

與其他白標應用程式服務不同，Phunware 應用程式框架創建的本機應用程式利用特定於裝置的功能，例如定位技術、感測器和作業系統特定的設計模式和指南。由於我們平台的深度和可擴展性，我們相信我們可以服務許多其他行業。

During the second quarter, we plan to begin executing on elements of our go-forward strategies to continue our growth and diversify our opportunities matrix. In our core markets, hospitality and health care, we will prudently increase marketing spend and build innovative programs to drive awareness and revenue. We are also focused on hiring and making productive new account executives, while also partnering with industry leaders to reach additional opportunities and to make Phunware at the top of our prospect list.

在第二季度，我們計劃開始執行我們的前進策略的要素，以繼續我們的成長並使我們的機會矩陣多樣化。在飯店和醫療保健等核心市場，我們將謹慎增加行銷支出並制定創新計劃，以提高知名度和收入。我們也專注於招募和培養富有成效的新客戶經理，同時與行業領導者合作以獲得更多機會，並使 Phunware 成為我們的潛在客戶名單的首位。

Our solution delivers strong ROI, which is driving new sales conversions and cementing the relationships with existing customers, which leads to that 100% customer retention stat I mentioned earlier. We are also seeing interest from the operators of multi-property portfolios from regional resort destinations to some of the largest hospitality flags in the world. In addition to the organic growth strategies mentioned above, we also intend to grow in hospitality and elsewhere by investing in M&A. We are actively evaluating several potential transactions and may have announcements shortly.

我們的解決方案提供了強大的投資回報率，這推動了新的銷售轉換並鞏固了與現有客戶的關係，從而實現了我之前提到的 100% 客戶保留率。我們也看到了從地區度假勝地到世界上一些最大的酒店品牌的多物業投資組合運營商的興趣。除了上述有機成長策略外，我們還打算透過投資併購在酒店業和其他領域實現成長。我們正在積極評估幾項潛在交易，可能很快就會發佈公告。

To identify the next growth markets, we are investing in research and development and expect to reclaim our crown as an innovation leader. This will result in enhancements to and additional uses for our core product offering. We envision building more innovation capacity around our team of talented engineers and product managers by utilizing near and offshore engineering resources as needed. We expect this focus to bring forth new and differentiated products to serve markets beyond hospitality and healthcare.

為了確定下一個成長市場，我們正在投資研發，並期望重新奪回創新領導者的桂冠。這將增強我們的核心產品並增加其用途。我們設想透過根據需要利用近海和近海工程資源，圍繞我們的才華橫溢的工程師和產品經理團隊建立更多的創新能力。我們預計這一重點將帶來新的差異化產品，為飯店和醫療保健以外的市場提供服務。

Now, I'd like to turn the call over to Troy who will review our financial results in more detail. Troy?

現在，我想將電話轉給特洛伊，他將更詳細地審查我們的財務表現。特洛伊？

Thanks, Mike, and good afternoon everyone. I'd like to thank you for joining us today for a review of our second quarter of 2024 financial performance. As usual, I'll be discussing GAAP financial measures unless otherwise specifically noted. Our press release, 8-K, and website provide a reconciliation of all GAAP to non-GAAP financial results.

謝謝麥克，大家下午好。感謝您今天加入我們，回顧我們 2024 年第二季的財務表現。像往常一樣，除非另有特別說明，我將討論公認會計準則財務指標。我們的新聞稿、8-K 和網站提供所有 GAAP 與非 GAAP 財務表現的調整表。

As Mike indicated, a particular note is our bookings growth. Bookings is a forward-looking metric that reflects the commitment from our customers to pay Phunware money for subscriptions and services that we provide over time. When we use the term bookings, it will reflect the total contract value with the customer that was executed within the period defined.

正如麥克指出的，特別值得注意的是我們的預訂量成長。預訂量是一項前瞻性指標，反映了我們的客戶為我們長期提供的訂閱和服務向 Phunware 支付費用的承諾。當我們使用術語「預訂」時，它將反映在定義的期間內執行的與客戶的總合約價值。

Software bookings in 2024 have increased approximately 623% and 939% for the second quarter of 2024 and the six-month period then ended respectively as compared to the 2023 prior periods.

與 2023 年前期相比，2024 年第二季和截至該日期的六個月期間的軟體預訂量分別增加了約 623% 和 939%。

Revenues for the second quarter of 2024 were $1 million, nearly a 10% increase over the first quarter of 2024. And for the 6-month period ended June 30, 2024, revenues were $1.9 million. The decrease of approximately $0.7 million, or 26.8% for the six months ended June 30, 2024 compared to the corresponding period in 2023 was primarily due to a customer breakage fee in 2023.

2024年第二季營收為100萬美元，較2024年第一季成長近10%。截至 2024 年 6 月 30 日的 6 個月期間，收入為 190 萬美元。截至 2024 年 6 月 30 日止六個月，與 2023 年同期相比減少約 70 萬美元，即 26.8%，主要是由於 2023 年的客戶破損費。

Gross profit for the three months ended June 30, 2024, was $470,000, which is consistent with the prior year period. Gross profit for the six months ended June 30, 2024 was $994,000, an increase of approximately $400,000 or 63% compared to the corresponding period in 2023.

截至 2024 年 6 月 30 日止三個月的毛利為 47 萬美元，與去年同期一致。截至2024年6月30日止六個月的毛利為994,000美元，較2023年同期增加約40萬美元，即63%。

Total operating expenses for the three months ended June 30, 2024 were $3.4 million, which represents a decrease of over $3.2 million or 48.6% from the same period one year ago. For the six months ended June 30, 2024, operating expenses were $6.8 million, which is a decrease of $6.5 million or 49.2% from the same period ended June 30, 2023.

截至 2024 年 6 月 30 日止三個月的總營運費用為 340 萬美元，比一年前同期減少超過 320 萬美元，即 48.6%。截至2024年6月30日止六個月，營運費用為680萬美元，較截至2023年6月30日止同期減少650萬美元或49.2%。

On previous calls, I shared the nature of our focus areas and these operating expense reductions have resulted from the new management team's execution of doing what we said we would do. Excluding noncash stock-based compensation of approximately $1.3 million from the 6-month period in 2024, our monthly operating expense run rate was approximately $930,000 per month, as compared to approximately $1.8 million per month for the prior year six-month period. As Mike noted above, we plan to begin investing in sales and marketing, so we do expect a modest increase in this run rate over the back half of 2024.

在先前的電話會議中，我分享了我們重點領域的性質，這些營運費用的減少是由於新管理團隊執行了我們所說的事情。不包括 2024 年 6 個月期間約 130 萬美元的非現金股票薪酬，我們的每月營運費用約為 93 萬美元，而上一年 6 個月期間約為每月 180 萬美元。正如麥克上面指出的，我們計劃開始投資銷售和行銷，因此我們預計 2024 年下半年的運行率將小幅增長。

Net loss for the second quarter of 2024 was $2.6 million or a per share loss of $0.32, as compared to $6.5 million or a per share loss of $3.10 (sic - see press release, "$2.10") in the year ago quarter. The net loss for the six months ended June 30, 2024 was $4.9 million or a per share loss of $0.65 as compared to a net loss of $10.8 million or a per share loss of $5.18 from the same period in 2023.

2024 年第二季的淨虧損為260 萬美元，即每股虧損0.32 美元，而去年同期淨虧損為650 萬美元，即每股虧損3.10 美元（原文如此，請參閱新聞稿，「2.10 美元」） 。截至 2024 年 6 月 30 日的六個月淨虧損為 490 萬美元，即每股虧損 0.65 美元，而 2023 年同期淨虧損為 1,080 萬美元，即每股虧損 5.18 美元。

Our balance sheet remains strong. And as of June 30, we had cash of $20.4 million. In addition, during July, we opportunistically added approximately $16.2 million of cash through net proceeds from selling approximately 2.7 million shares via our ATM. Our cash position now provides the certainty and stability we need to navigate our path to profitability and to make the investments necessary to accelerate and sustain our growth.

我們的資產負債表仍然強勁。截至 6 月 30 日，我們擁有現金 2,040 萬美元。此外，7 月期間，我們透過 ATM 出售約 270 萬股股票的淨收益，機會性地增加了約 1,620 萬美元現金。我們的現金狀況現在提供了我們實現盈利之路所需的確定性和穩定性，並進行必要的投資以加速和維持我們的成長。

That concludes my prepared remarks and I'd like to turn the call back over to Mike for any remaining comments. Mike?

我準備好的發言就到此結束，我想將電話轉回給麥克，以徵求任何剩餘的意見。麥克風？

Thank you, Troy. As these numbers demonstrate, we're diligently working on increasing our foothold within the hospitality and healthcare markets, while consciously controlling costs. I want to take a moment to acknowledge the tremendous work of management and the great team members who have helped to turn around the future of Phunware. We now look forward to scaling the core of Phunware reaching new markets, creating new solutions and continuing to innovate.

謝謝你，特洛伊。正如這些數字所表明的，我們正在努力提高我們在酒店和醫療保健市場的立足點，同時有意識地控製成本。我想花點時間感謝管理層和優秀團隊成員所做的巨大工作，他們幫助扭轉了 Phunware 的未來。現在，我們期待擴展 Phunware 的核心，進入新市場、創建新解決方案並繼續創新。

I also wish to acknowledge and thank our loyal shareholders who have entrusted us with the mantle to drive Phunware forward. Thank you for your trust. We are honored by it and are dedicated to delivering lasting shareholder value.

我還要感謝我們忠實的股東，他們將推動 Phunware 向前發展的責任託付給我們。感謝您的信任。我們對此深感榮幸，並致力於提供持久的股東價值。

Now, I'd like to turn the call over to the operator, so that we can begin the question-and-answer session. Operator?

現在，我想將電話轉接給接線員，以便我們可以開始問答環節。操作員？

(Operator Instructions) Darren Aftahi, ROTH Capital.

（操作員指令）Darren Aftahi，羅斯資本。

Hi. This is Dylan on for Darren. Thanks for taking my question. To start Mike, when you talk about investment in R&D and some new products for other markets, could you maybe talk about what exactly you need in terms of technology-wise and why those other markets might be different from the hospitality and resort style that you're going after right now?

你好。這是迪倫替達倫發言。感謝您提出我的問題。首先，麥克，當您談論研發投資和其他市場的一些新產品時，您能否談談您在技術方面到底需要什麼，以及為什麼其他市場可能與您的酒店和度假村風格不同。 ？

Sure enough. We have built – I mean, over the last 15 years really an enormous capacity to deliver mobile applications at scale globally. And we have had that scale to 25 million concurrent users and a video-on-demand streaming, context, and otherwise throughout the history of the company. What we're looking to do is to really point that terrific technology asset toward continually larger markets.

果然。我的意思是，在過去 15 年裡，我們確實建立了在全球範圍內大規模交付行動應用程式的巨大能力。在公司的整個歷史中，我們的並髮用戶規模已達到 2500 萬，並提供視訊點播串流、上下文等。我們要做的就是真正將這項出色的技術資產引向不斷擴大的市場。

So hospitality is a terrific market. We like it. We are really making some progress in that market as you can see from the numbers that we've just shown. But we believe that there are other and additional and substantially larger markets that we can point our technology stack at.

因此，酒店業是一個非常棒的市場。我們喜歡它。正如您從我們剛剛顯示的數字中看到的那樣，我們確實在該市場取得了一些進展。但我們相信，我們的技術堆疊還可以瞄準其他更大的市場。

So R&D is going to be more about identifying those additional larger markets that we can go point our tech at and then probably some evolution and modification of the platform to meet the unique needs of those markets.

因此，研發將更專注於確定我們可以將我們的技術指向的其他更大市場，然後可能對平台進行一些演變和修改，以滿足這些市場的獨特需求。

Got it. Thank you. And then in terms of bookings, like obviously another really strong quarter. I guess, like when you're looking at three of your largest customers renewing is that accounting for most of the strength you're seeing so far? Or how much is coming from new customers as well? And what do you need to do to get those across the finish line into top line revenue?

知道了。謝謝。然後就預訂而言，顯然又是一個非常強勁的季度。我想，就像當你看到三個最大的客戶續訂時，這是否佔了你迄今為止所看到的大部分實力？或有多少來自新客戶？您需要做什麼才能讓這些人衝過終點線並轉化為頂線收入？

Yeah. I don't have the specific breakdown in front of me. But what I'll say is that we have – we're continually identifying new opportunities and moving them down the sales pipeline. I think we've identified – last quarter, I think we identified something like $5.5 million in total contract value. This quarter, we've already identified approximately $7 million on top of that and we expect to liquidate a reasonable percentage of those over a period of time. So I think the sales machine is really starting to work.

是的。我面前沒有具體的細分。但我要說的是，我們有——我們不斷發現新的機會，並將其推進銷售管道。我認為我們已經確定了——上個季度，我認為我們確定了大約 550 萬美元的合約總價值。本季度，我們已經確定了大約 700 萬美元，並預計在一段時間內清算其中合理比例。所以我認為銷售機器真的開始發揮作用了。

Great. Thank you. I’ll pass it on.

偉大的。謝謝。我會把它傳遞下去。

Howard Halpern, Taglich Brothers.

霍華德·哈爾彭，塔格利奇兄弟。

Congratulations, great quarter. In terms of implementing those customers, can you talk a little bit about the implementation cycle and what you expect in the second half in terms of deployments?

恭喜，很棒的季度。在實施這些客戶方面，您能否談談實施週期以及您對下半年部署的期望？

Yeah, you bet. We have – I would say if you think about the happy path for implementation it's about a 30-day process. Now that assumes that customer dependencies are fulfilled timely. It assumes that we have the delivery capacity available to deliver those applications, but don't forget that our platform is mostly a configuration engine. So we ingest customer content.

是的，你打賭。我們有 — 我想說，如果你考慮一下實施的最佳途徑，那就是大約 30 天的過程。現在假設客戶依賴性得到及時滿足。它假設我們具有可用於交付這些應用程式的交付能力，但不要忘記我們的平台主要是一個配置引擎。所以我們攝取客戶內容。

We work with the customer to ensure that the content meets the brand standards and is the correct description of the things that they want to display in the application. And so for that, we are substantially reliant upon the customer. We've seen implementations go as quickly as a week. We've seen other implementations take six months.

我們與客戶合作，確保內容符合品牌標準，並且正確描述了他們想要在應用程式中顯示的內容。因此，我們在很大程度上依賴客戶。我們看到實施速度最快只需一週。我們看到其他實施需要六個月的時間。

So I would say that our average is in that 30- to 45-day range, probably shading a little closer to the 45.

所以我想說，我們的平均值在 30 到 45 天的範圍內，可能稍微接近 45 天。

Okay. I believe in the previous call this year you talked about seeking I guess customers within the hospitality vertical, but in events customers or conventions and such have you had any success in that area yet? Or is it coming in the pipeline?

好的。我相信在今年的上一次電話會議中，您談到了尋找酒店垂直領域的客戶，但在活動客戶或會議等方面，您在該領域取得了任何成功嗎？或者它正在醞釀？

Yeah, it's coming in the pipeline. And so let me speak about that. So the bull's eye of our hospitality market is really going to be a destination property. Now it could be a destination property for a couple of reasons.

是的，它正在醞釀。讓我談談這一點。因此，我們酒店市場的焦點確實將是目的地酒店。現在，出於多種原因，它可能成為目的地房產。

Reason number one could be that it's a beautiful beach resort. Reason number two could be that it's a convention property. And so our relationship with Gaylord Hotels, for example, kind of falls into more of the convention category. And we're actually expanding our relationship with those guys to accommodate certain of their convention-related facilities and activities.

第一個原因可能是它是一個美麗的海灘度假村。第二個原因可能是它是約定財產。例如，我們與蓋洛德酒店的關係更屬於會議類別。我們實際上正在擴大與這些人的關係，以適應他們的某些與會議相關的設施和活動。

And we are also partnering with a couple of major players in the hosting of conventions to really penetrate that market. And the convention market is actually really interesting for us. And I'd say that we're making good progress and we'll certainly keep you apprised of that progress as those customer wins come in.

我們也與一些主要參與者合作舉辦會議，以真正滲透該市場。會議市場實際上對我們來說非常有趣。我想說的是，我們正在取得良好的進展，隨著客戶的成功，我們一定會隨時向您通報進展。

Okay. Well, thanks and keep up the great work.

好的。嗯，謝謝，繼續努力。

Thanks, sir.

謝謝，先生。

(Operator Instructions) Ed Woo, Ascendiant Capital.

（操作員指令）Ed Woo，Ascendiant Capital。

Yeah. Congratulations on the progress. My question is have you seen any changes in the sales cycle whether customers have been more cautious? Or has it been about the same in the past quarter?

是的。祝賀取得的進展。我的問題是，您是否看到銷售週期有任何變化，客戶是否變得更加謹慎？還是上季的情況大致相同？

It's really about the same. I mean, we're looking at a roughly speaking 90-day sales cycle. Sometimes it's shorter, sometimes it's faster. And we continue to work on our sales process to see if we can reduce the cycle time.

確實是差不多的。我的意思是，我們正在考慮大致 90 天的銷售週期。有時它更短，有時它更快。我們繼續改進我們的銷售流程，看看是否可以縮短週期時間。

Now notably, we are also highly focused on identifying one-to-many relationships. And here's what I mean by that.

現在值得注意的是，我們也高度關注識別一對多關係。這就是我的意思。

So it's one thing to sell an individual property. That's terrific and we love our customers. It's another thing altogether to approach management companies, property portfolio owners and others in such a way as to penetrate multiple properties at once. And so we have some very interesting conversations going on right now with such groups where we could potentially spend a similar amount of time on the sales cycle, but pick up five properties, 10 properties at a time.

因此，出售個人財產是一回事。這太棒了，我們愛我們的客戶。以同時滲透多個房產的方式接觸管理公司、房產投資組合所有者和其他人完全是另一回事。因此，我們現在與這些團體進行了一些非常有趣的對話，我們可能會在銷售週期上花費類似的時間，但一次會挑選 5 處房產，10 處房產。

So that's where I think that you're going to see what I would characterize as the pace of rooftop wins increasing because we're looking at those one-to-many relationships.

因此，我認為您將看到我所描述的屋頂勝利步伐加快的情況，因為我們正在研究這些一對多的關係。

Great. Well, thank you for answering my question and I wish you guys good luck. Thank you.

偉大的。好的，謝謝您回答我的問題，祝你們好運。謝謝。

Thanks very much, Ed.

非常感謝，艾德。

Thank you. Seeing as there are no more questions in the queue that concludes our question-and-answer session. I will now turn the call back over to Mike Snavely for closing remarks.

謝謝。鑑於隊列中沒有更多問題，我們的問答環節結束了。現在，我將把電話轉回給麥克‧斯納夫利 (Mike Snavely)，他將發表結束語。

Yeah. And I wanted to do these closing remarks live. I want to acknowledge that we've had a tough 2021 through 2023. And we've had to bad time, absolutely, and as we had to shed cost and we had to buy time for the company. As you can see we're off to a good start here in 2024. We've delivered a couple of successive quarters of growth and improvement to our bottom-line particularly when you look at it comparable to the previous year. We've sort up our balance sheet and we've gotten our sales rhythm down.

是的。我想現場做這些結束語。我承認，2021 年到 2023 年我們經歷了艱難的一年。我們確實經歷了一段糟糕的時光，因為我們必須削減成本，我們必須為公司贏得時間。正如您所看到的，我們在 2024 年有了一個好的開始。我們已經連續幾個季度實現了獲利成長和改善，尤其是與去年相比。我們已經整理了資產負債表，並且降低了銷售節奏。

Now we have the benefit of time, capital, and great interest amongst our loyal investors along with the seasoned management team and a Board with a big vision. We also have a track record of value delivery to the best brands in the world, including Fox, NBC, the Dallas Cowboys Stadium; along with more recent customers, like Ryman Entertainment and various Marriott properties.

現在，我們擁有時間、資本和忠實投資者的濃厚興趣，以及經驗豐富的管理團隊和遠大願景的董事會。我們還擁有為世界上最好的品牌提供價值的記錄，包括福克斯、NBC、達拉斯牛仔體育場；以及最近的客戶，如萊曼娛樂公司和萬豪酒店的各種酒店。

From this platform we could not be more excited about what markets we can tackle and the plays that we can run in software innovation crypto and AI. We intend to turn the attentions of tens of millions of lives back on Phunware and our solutions, and to make Phunware great again. Thanks a lot everybody.

透過這個平台，我們對我們可以應對哪些市場以及我們可以在軟體創新加密貨幣和人工智慧方面發揮作用感到非常興奮。我們打算將數千萬人的注意力重新轉移到 Phunware 和我們的解決方案上，讓 Phunware 再次偉大。非常感謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。