Phunware Inc (PHUN) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Good afternoon, and welcome to the Phunware Third Quarter 2024 Earnings Conference Call. (Operator Instructions) Participants on this call are advised that the audio of this conference call will be 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 November 7, 2025.

女士們、先生們，感謝你們的支持。下午好，歡迎參加 Phunware 2024 年第三季財報電話會議。（操作員指示）請參加本次電話會議的人員注意，本次電話會議的音訊將透過網路現場直播，並且還將錄製以供回放。通話結束後約一小時即可觀看本次通話的網路重播，直至 2025 年 11 月 7 日。

I would now like to turn the call over to Brooks Hamilton of MZ Group, the company's Investor Relations firm. Please go ahead, sir.

現在我想將電話轉交給公司投資者關係公司 MZ Group 的布魯克斯·漢密爾頓 (Brooks Hamilton)。先生，請繼續。

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 September 30, 2024. A copy of that press release can be found on the company's website at www.phunware.com by selecting Investors under the About tab from the corporate home page.

謝謝您，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，該公司公佈了截至 2024 年 9 月 30 日的季度財務業績。您可以在公司網站 www.phunware.com 上找到該新聞稿的副本，方法是選擇公司主頁上「關於」標籤下的「投資者」。

I further encourage you to visit investors.phunware.com to access not only the earnings press release but also the current investor presentation, SEC filings, Phunware's recently released letter to shareholders and additional information on Phunware. Joining me on today's earnings call from Phunware's management team are Stephen Chen, Interim Chief Executive Officer; and Troy Reisner, Chief Financial Officer.

我進一步鼓勵您訪問 investors.phunware.com，不僅可以查看收益新聞稿，還可以查看當前投資者介紹、SEC 文件、Phunware 最近發布的致股東信以及有關 Phunware 的其他資訊。今天與我一起參加 Phunware 管理團隊收益電話會議的還有臨時執行長 Stephen Chen 和財務長 Troy Reisner。

During this call, management will be making forward-looking statements, including statements that address Phunware's expectations 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.

在本次電話會議中，管理層將做出前瞻性陳述，包括涉及 Phunware 對未來業績或營運結果的預期的陳述。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。

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 and subsequent periodic reports filed by Phunware with the SEC and Phunware's press release that accompanies this call, particularly the cautionary statements in it.

有關這些風險的更多信息，請參閱 Phunware 最近提交的 10-K 表格年度報告中描述的風險因素以及 Phunware 向美國證券交易委員會提交的後續定期報告和隨附本次電話會議的 Phunware 新聞稿，特別是其中的警示性聲明。

Additionally, the matters being discussed today may include non-GAAP financial measures. Reconciliation of GAAP to non-GAAP financial information is set forth in the earnings press release. The content of this call contains time-sensitive information that is accurate only as of today, November 7, 2024. Except as required by law, Phunware disclaims any obligation to publicly update or revise any information provided on this call to reflect events or circumstances that occur after this call.

此外，今天討論的事項可能包括非公認會計準則財務指標。收益新聞稿中闡述了 GAAP 與非 GAAP 財務資訊的對帳情況。本次通話內容包含時間敏感訊息，僅截至今天（2024 年 11 月 7 日）準確。除法律要求外，Phunware 不承擔任何義務公開更新或修改本次通話中提供的任何資訊以反映本次通話後發生的事件或情況。

It is now my pleasure to turn the call over to Phunware's Interim CEO, Stephen Chen. Stephen?

現在我很高興將電話轉給 Phunware 的臨時執行長 Stephen Chen。史蒂芬？

Thank you, everyone, for joining today's earnings call. I'm Stephen Chen, and I am excited to update you on Phunware's progress. We're rooted in our legacy as a pioneer in mobile technology and our commitment to becoming a leader in the mobile plus AI solutions space. As we communicated in our recent shareholder letter, Phunware's mission is to leverage mobile devices as a foundation for AI-driven personalized engagement that allows businesses to connect more effectively with their customers, partners, and employees.

感謝大家參加今天的收益電話會議。我是 Stephen Chen，我很高興向您通報 Phunware 的進展。我們根植於作為行動技術先驅的傳統，並致力於成為行動加人工智慧解決方案的領導者。正如我們在最近的股東信中所傳達的那樣，Phunware 的使命是利用行動裝置作為人工智慧驅動的個人化參與的基礎，使企業能夠更有效地與客戶、合作夥伴和員工建立聯繫。

Phunware's history in mobile engagement uniquely positions us for an era where mobile technology and AI converge. From the beginning, Phunware was among the first to recognize the transformative power of mobile devices as a primary way people interact with technology and with one another. This foundation allows us to now deliver generative AI directly into users' hands, creating experiences that are highly personalized, relevant, and impactful.

Phunware 在行動領域的歷史使我們在行動技術和人工智慧融合的時代佔據了獨特的地位。從一開始，Phunware 就率先認識到行動裝置作為人們與科技以及彼此互動的主要方式的變革力量。這個基礎使我們能夠將生成性人工智慧直接交到使用者手中，創造出高度個人化、相關且有影響力的體驗。

This legacy is more than history. It's also the springboard for our next chapter. As we step into the era of AI, we see mobile plus AI as the future standard for all enterprise engagements. By merging our strength in mobile with generative AI, we are committed to turning mobile devices into dynamic, context-aware tools that offer unique insights and highly customized experiences tailored to each user's needs.

這項遺產不僅僅是歷史。這也是我們下一章的跳板。隨著我們步入人工智慧時代，我們將行動加人工智慧視為所有企業參與的未來標準。透過將我們在行動領域的優勢與生成性人工智慧相結合，我們致力於將行動裝置轉變為動態的、情境感知的工具，提供獨特的見解和高度客製化的體驗，以滿足每個用戶的需求。

Mobile devices remain one of the most accessible universal technologies globally, making them the ideal platform for our AI solutions. By combining mobile and AI, we're enabling businesses to create entirely new opportunities for meaningful engagement, transforming devices into highly adaptable, real-time tools for connecting with customers and employees.

行動裝置仍然是全球最容易存取的通用技術之一，使其成為我們人工智慧解決方案的理想平台。透過將行動技術和人工智慧結合起來，我們幫助企業創造全新的有意義的參與機會，將設備轉變為與客戶和員工聯繫的高度適應性的即時工具。

Our vision spans both consumer-facing applications and internal employee productivity tools. For consumers, we're building personalized, context-aware experiences that elevate engagement, service, and satisfaction. For internal use, we're designing AI-enhanced productivity tools that streamline workflows, improve decision-making, and boost operational efficiency. This dual approach empowers enterprises to harness AI to enhance customer engagement while optimizing internal productivity.

我們的願景涵蓋面向消費者的應用程式和內部員工生產力工具。對於消費者，我們正在建構個人化、情境感知的體驗，以提升參與、服務和滿意度。對於內部使用，我們正在設計人工智慧增強生產力工具，以簡化工作流程、改善決策並提高營運效率。這種雙重方法使企業能夠利用人工智慧來增強客戶參與度，同時優化內部生產力。

Our next-generation AI-driven SaaS platform anticipated to launch in mid-2025 is designed to democratize mobile app creation by allowing companies of all sizes to create, build and deploy custom mobile apps quickly and affordably.

我們的下一代人工智慧驅動的 SaaS 平台預計將於 2025 年中期推出，旨在透過允許各種規模的公司快速且經濟地創建、構建和部署定制行動應用程式來實現行動應用程式創建的民主化。

This platform is rooted in our understanding that modern businesses need fast, scalable AI solutions that reduce both the cost and complexity of mobile app development, giving them the flexibility to design high-quality apps that respond directly to user preferences.

該平台植根於我們的理解，即現代企業需要快速、可擴展的人工智慧解決方案，以降低行動應用程式開發的成本和複雜性，使他們能夠靈活地設計直接響應用戶偏好的高品質應用程式。

Phunware's extensive experiences working with Fortune 500 companies has given us a robust understanding of what it takes to deploy technology at scale. This expertise allows us to create modular rapidly deployable AI solutions that can adapt to a wide range of industry needs.

Phunware 與財富 500 強公司合作的豐富經驗使我們對大規模部署技術所需的條件有了深刻的理解。這些專業知識使我們能夠創建模組化、快速部署的人工智慧解決方案，以適應廣泛的行業需求。

From retail and health care to advocacy and large-scale enterprise applications, we are where our customers need us to be and allow for a quick mobile plus AI deployment for specific use cases or a comprehensive cross-departmental AI integration, and we're built to scale. This gives our customers a unique advantage to adopt AI incrementally while leveraging our infrastructure to scale their operations seamlessly.

從零售和醫療保健到宣傳和大型企業應用，我們始終致力於滿足客戶的需求，並允許針對特定用例進行快速的行動加 AI 部署或進行全面的跨部門 AI 集成，而且我們具有可擴展性。這為我們的客戶提供了獨特的優勢，可以逐步採用人工智慧，同時利用我們的基礎設施無縫擴展他們的營運。

Let's talk about some of the specifics. Through our relationship with MyCanvass, we are actively exploring AI-powered solutions to transform civic engagement, leveraging Phunware's expertise in mobile and AI. This partnership enables us to deliver a next-generation platform that combines mobile engagement with advanced AI capabilities tailored for both federal and local applications and powered by localized LLMs.

讓我們來討論一些具體的事情。透過與 MyCanvass 的合作，我們正在積極探索人工智慧解決方案來改變公民參與，利用 Phunware 在行動和人工智慧方面的專業知識。此次合作使我們能夠提供下一代平台，該平台將行動參與與先進的人工智慧功能相結合，專為聯邦和地方應用量身定制，並由本地化的 LLM 提供支援。

Our vision is to go beyond traditional voter outreach, equipping advocacy groups, nonprofits, and public agencies with tools for broader civic participation and engagement. We can provide nuanced, context-specific insights to support a wide range of activities.

我們的願景是超越傳統的選民外展，為倡導團體、非營利組織和公共機構提供更廣泛的公民參與和參與的工具。我們可以提供細緻入微、針對具體情況的見解來支持廣泛的活動。

And we allow organizations and governments to have tools that deliver precise data-informed strategies and help them connect more effectively with diverse communities. This is a real-time optimized outreach approach based on hyper local data and allows us to have community messaging. We hope to set a new standard in civic engagement.

我們為組織和政府提供工具，提供精確的資料知情策略，並幫助他們更有效地與不同的社群建立聯繫。這是一種基於超本地數據的即時優化外展方法，使我們能夠進行社區訊息傳遞。我們希望在公民參與方面樹立新的標準。

Phunware's investment in infrastructure has positioned us to capture strong demand in the market for AI-driven solutions. We have a focus on scalable modular frameworks that integrate with existing platforms, giving our partners a foundation for sustainable growth. We can support high-value customer engagements across a myriad of industries and fuel momentum in both bookings and sales.

Phunware 在基礎設施方面的投資使我們能夠抓住人工智慧驅動解決方案市場強勁的需求。我們專注於與現有平台整合的可擴展模組化框架，為我們的合作夥伴提供可持續成長的基礎。我們可以支持各行各業的高價值客戶互動，並推動預訂和銷售的成長動能。

Phunware remains debt-free. We have adequate resources to support our continued investment in AI, sales, and engineering. We have financial stability that allows us to pursue a growth strategy judiciously while also ensuring we deliver long-term value to stockholders. Our commitment to fiscal responsibility is demonstrated in our efficient use of capital and in our balanced investment in strategic areas that align with our vision. We have a robust level of liquidity and allows to support operational flexibility and resilience and will allow us to respond effectively to emerging opportunities and address challenges while allowing us to have sustained stability and growth.

Phunware 仍然沒有債務。我們擁有充足的資源來支持我們在人工智慧、銷售和工程方面的持續投資。我們的財務穩定性使我們能夠明智地推行成長策略，同時確保為股東帶來長期價值。我們對財務責任的承諾體現在我們對資本的有效利用以及我們對符合我們願景的策略領域的平衡投資。我們擁有強大的流動性，能夠支援營運靈活性和彈性，並使我們能夠有效應對新出現的機會和挑戰，同時使我們能夠保持持續的穩定和成長。

Phunware's vision, leading a $500 billion generative AI market. Phunware's foundational work in mobile technology is now propelling us into the rapidly expanding generative AI marketplace. We see our role as the AI integration engine that provides scalable, adaptable solutions to enterprises looking to enhance their mobile platforms with personalized AI.

Phunware 的願景是引領 5,000 億美元的生成式人工智慧市場。Phunware 在行動技術領域的基礎工作正在推動我們進入快速擴張的生成式人工智慧市場。我們將自己視為人工智慧整合引擎，為希望透過個人化人工智慧增強其行動平台的企業提供可擴展、適應性強的解決方案。

By driving engagement, operational efficiency and long-term growth, we believe Phunware is exceptionally well positioned to redefine how businesses and governments engage with customers, citizens and employees in the AI era.

透過推動參與、營運效率和長期成長，我們相信 Phunware 完全有能力重新定義企業和政府在人工智慧時代與客戶、公民和員工的互動方式。

Phunware's journey from a mobile pioneer to a leader in mobile plus AI represents an exciting evolution. And with our recent changes, including the search for a new CFO, underscores our commitment to aligning our team with this strategic direction.

Phunware 從行動先驅到行動加人工智慧領域的領導者的歷程代表著令人興奮的演變。我們最近的變化，包括尋找新的財務官，強調了我們致力於使我們的團隊與這一戰略方向保持一致的承諾。

This leadership adjustment is part of a broader effort to strengthen our alignment across all levels, ensuring we can fully leverage our foundation in mobile engagement while advancing our AI-driven initiatives. We're actively seeking individuals who can provide fresh perspectives and guide us towards achieving this vision with precision and agility.

此次領導層調整是我們加強各個層面協調的更廣泛努力的一部分，確保我們能夠充分利用我們在行動參與方面的基礎，同時推進我們的人工智慧驅動計畫。我們正在積極尋找能夠提供新視角並指導我們精準、靈活地實現這一願景的個人。

Thank you. And now I'll turn over the call to Troy to discuss our financial performance.

謝謝。現在我將把電話轉給特洛伊，討論我們的財務表現。

Thank you, Stephen, and good afternoon, everyone. I'd like to thank you for joining us today for our review of Phunware's third quarter 2024 financial performance. As we move through our results, 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.

謝謝你，史蒂芬，大家下午好。感謝您今天加入我們對 Phunware 2024 年第三季財務業績的回顧。隨著我們討論結果，我將討論 GAAP 財務指標，除非另有特別說明。我們的新聞稿、8-K 和網站提供了所有 GAAP 與非 GAAP 財務結果的對帳。

As a reminder, our previous business, Lyte Technology, is reflected in our financials as a discontinued operation in accordance with GAAP. The financial information I'm about to share is solely focused on our continuing operations. And with that said, let's take a look at the numbers.

提醒一下，根據 GAAP，我們之前的業務 Lyte Technology 在我們的財務報表中反映為已停止的業務。我將要分享的財務資訊僅關注我們的持續經營。話雖如此，讓我們來看看這些數字。

Year-to-date software subscriptions and service bookings, which represent executed contracts and future revenue, for the nine months ended September 30 were approximately $2.2 million in 2024 as compared to approximately $600,000 in 2023, nearly a 300% increase.

截至 9 月 30 日的九個月內，年初至今的軟體訂閱和服務預訂（代表已執行的合約和未來收入）在 2024 年約為 220 萬美元，而 2023 年約為 60 萬美元，增長了近 300%。

Net revenues for the third quarter of 2024 totalled approximately $665,000 compared to approximately $1.3 million in the third quarter of 2023, with 2023 net revenue benefiting nearly $300,000 from a contract breakage fee. Net revenues for the nine months ended September 30 were approximately $2.6 million in 2024 as compared to $3.9 million in 2023.

2024 年第三季的淨收入總計約為 665,000 美元，而 2023 年第三季約為 130 萬美元，其中 2023 年淨收入從合約違約金中獲得近 30 萬美元。截至 9 月 30 日的九個月的淨收入在 2024 年約為 260 萬美元，而 2023 年為 390 萬美元。

Gross margin for the nine months ended September 30 was approximately 51% in 2024 as compared to approximately 32% in 2023. Excluding noncash stock-based compensation, gross margin was approximately 56% in 2024 as compared to approximately 43% for the comparable period in 2023.

截至 9 月 30 日的九個月的毛利率在 2024 年約為 51%，而 2023 年約為 32%。不含非現金股票薪酬，2024 年毛利率約為 56%，而 2023 年同期約為 43%。

Total operating expense was approximately $3.5 million for the third quarter of 2024 versus approximately $4.9 million for Q3 2023, which excludes $9 million of goodwill impairment expense in Q3 2023. Excluding the 2023 goodwill impairment, our operating costs decreased approximately 28% period-over-period. On a year-to-date comparison, excluding the goodwill impairment, our operating expenses decreased approximately 44% in 2024 as compared to 2023.

2024 年第三季的總營運費用約為 350 萬美元，而 2023 年第三季的總營運費用約為 490 萬美元，其中不包括 2023 年第三季的 900 萬美元商譽減損費用。不包括 2023 年商譽減損，我們的營運成本較上季下降約 28%。與年初至今的比較相比，不包括商譽減值，我們的 2024 年營業費用與 2023 年相比下降了約 44%。

Non-GAAP adjusted EBITDA loss was approximately $2.9 million in the third quarter of 2024 compared to a loss of approximately $3.3 million for the third quarter of 2023. Year-to-date, our non-GAAP adjusted EBITDA loss was approximately $7.3 million versus approximately $13 million for the comparable period in 2023. Net loss from continuing operations for the third quarter of 2024 was approximately $2.8 million or $0.25 per share compared to a net loss from continuing operations of approximately $13.7 million or $5.72 per share for the third quarter of 2023, which reflects a 96% improvement.

2024 年第三季非公認會計準則調整後 EBITDA 虧損約 290 萬美元，而 2023 年第三季虧損約 330 萬美元。年初至今，我們的非 GAAP 調整後 EBITDA 虧損約 730 萬美元，而 2023 年同期約為 1,300 萬美元。2024 年第三季持續經營淨虧損約 280 萬美元或每股 0.25 美元，而 2023 年第三季持續經營淨虧損約為 1,370 萬美元或每股 5.72 美元，改善率為 96%。

The weighted average shares used to calculate earnings per share was approximately $11.1 million versus approximately $2.4 million in the third quarter of 2023, which does reflect the reverse stock split effectuated in February 2024.

用於計算每股收益的加權平均股數約為 1,110 萬美元，而 2023 年第三季約為 240 萬美元，這確實反映了 2024 年 2 月實施的反向股票分割。

Moving to the balance sheet. We closed the quarter of 2024 with approximately $35.6 million in cash and no debt. During the third quarter of 2024, our cash increased as a result of utilizing the at-the-market equity program, having sold approximately 2.9 million shares of common stock, which raised gross proceeds of approximately $16.8 million before commissions and fees.

轉到資產負債表。截至 2024 年季度，我們擁有約 3,560 萬美元現金，且無債務。在 2024 年第三季度，由於利用了以市價出售的股票計劃，我們的現金有所增加，出售了約 290 萬股普通股，扣除佣金和費用前籌集的總收益約為 1,680 萬美元。

Subsequent to the end of the third quarter, we have continued to periodically utilize our ATM equity program, selling additional shares of approximately 8 million, which raised gross proceeds of approximately $79.8 million through November 5, 2024. Phunware has approximately $70 million of capacity remaining under our existing ATM program.

第三季結束後，我們繼續定期利用 ATM 股權計劃，出售約 800 萬股額外股份，截至 2024 年 11 月 5 日，總收益約為 7,980 萬美元。Phunware 現有的 ATM 計畫下還剩餘約 7,000 萬美元的容量。

As a result of all that, as of November 6, we have approximately $100 million of cash and cash equivalents on hand. The utilization of our ATM equity program has significantly boosted Phunware's cash reserves and fortified our balance sheet.

由於所有這些，截至 11 月 6 日，我們手頭上有大約 1 億美元的現金和現金等價物。我們的 ATM 股權計劃的利用大大增加了 Phunware 的現金儲備並增強了我們的資產負債表。

With that, we'd like to turn the call back over to the operator so that we can begin the question-and-answer session. Please go ahead, operator.

說完這些，我們想將電話轉回給接線生，以便我們開始問答環節。請繼續，接線生。

(Operator Instructions) Darren Aftahi, ROTH Capital.

（操作員指示） ROTH Capital 的 Darren Aftahi。

This is [Don] on for Darren. First, regarding some of your plans around your SaaS platform that you're set to launch sort of mid next year. Can you talk about some of your goals with that? And then do you have some of the resources that you need to get there such as staff or technology? Or like how are you looking at investing in that in order to get from where you're at today to the platform that you envision when you're launching that?

我是 [Don]，代表 Darren 發言。首先，關於您計劃於明年年中推出的 SaaS 平台的一些計劃。能談談你的一些目標嗎？那麼，您是否擁有實現這一目標所需的一些資源，例如員工或技術？或者您如何看待對此進行投資，以便從現在的狀況發展到您在啟動時所設想的平台？

Yes, this is Steve Chen. I'm happy to take that call. Thanks for that call -- thanks for that question. It is actually not as much of a shift as what we've traditionally done already. Phunware has been around for 19 years in the mobile space. And what we've historically done is when customers would like to have a mobile app, we can spin it up in a matter of days, sometimes a matter of hours.

是的，我是陳士駿。我很高興接聽這個電話。感謝您的來電－感謝您的提問。事實上，它並不像我們傳統上所做的那樣發生了很大的轉變。Phunware 在行動領域已經存在了 19 年。我們過去的做法是，當客戶想要一款行動應用程式時，我們可以在幾天甚至幾小時內將其啟動。

Typically, the limiting reagent is actually the Apple Store, the Google Store. We've accelerated that process now even further. On the back end, historically, our engineers have been pulling together different modules to create the app. All we're doing now with our platform is adding a field to the very front end of it so that you can put in the desired app you'd like to create. And we're currently in the process of automating everything on the back end.

通常，限制因素實際上是 Apple Store 和 Google Store。現在我們進一步加快了這一進程。在後端，從歷史上看，我們的工程師一直在整合不同的模組來創建應用程式。我們現在在平台的最前端所做的就是添加一個字段，以便您可以輸入您想要創建的應用程式。我們目前正在實現後端一切的自動化。

To answer your question, yes, we are best in class. We have done it for among some of the biggest companies in the US on the Fortune 500. So we absolutely do have the tools to do that. We're focused also on being -- it's actually kind of the opposite. We understand that we currently have a burn. And we're looking at ways that we can be more cost effective and be mindful of shareholder dollars. Thank you.

回答你的問題，是的，我們是班上最好的。我們已經為美國財富 500 強中的一些最大的公司做過這件事。所以我們絕對有工具來做到這一點。我們也關注的是──事實上恰恰相反。我們知道我們目前處於困境之中。我們正在尋找更具成本效益並關注股東利益的方法。謝謝。

And as a follow-up, with the balance sheet now, how do you think about growth sort of organically with some of the things you're working on and also inorganically? And then what sort of -- if it is through acquisition, what sort of companies would you be looking for?

接下來，根據目前的資產負債表，您如何看待您正在進行的一些工作的有機成長和無機成長？那麼，如果是透過收購，您會尋找什麼樣的公司？

Yes, we want to be judicious in the way that we're looking at this. I think that from an organic growth process, we're looking at opportunities that will allow us to scale the SaaS platform. With most of these SaaS platforms, we're still testing out the price point, but it would take a lot of volume for us to reach the kind of volumes or revenues that we're looking for. So while we're focused on automating that process and building a sales automation approach, that's what we'll be pursuing.

是的，我們希望以明智的方式看待這個問題。我認為，從有機成長過程來看，我們正在尋找能夠擴展 SaaS 平台的機會。對於大多數 SaaS 平台，我們仍在測試價格點，但需要大量的交易量才能達到我們想要的數量或收入。因此，當我們專注於實現該流程的自動化並建立銷售自動化方法時，這就是我們所追求的。

Above and beyond that, we have a desire to lean on our history. Both as a public company now with a very strong balance sheet, with audited financials and a highly professional team, we think we can take a meaningful approach towards engaging with enterprises as well as federal governments and helping them apply AI tools.

除此之外，我們也希望依靠我們的歷史。作為一家擁有非常強勁的資產負債表、經過審計的財務狀況和高度專業化的團隊的上市公司，我們認為我們可以採取有意義的方式與企業和聯邦政府合作並幫助他們應用人工智慧工具。

And specifically within that approach, there's many very powerful LLMs out there that folks are very aware of. However, with both enterprise as well as governmental contracts, one would need to have a localized solution that is easy to audit, that is easy to secure, where you could tie back every data input. And should things go awry, one would need to be able to tie back to the exact line of code.

特別是在這種方法中，有許多非常強大的 LLM 是人們非常了解的。然而，無論是企業合約還是政府合同，都需要一個易於審計、易於保護的本地化解決方案，可以追溯每個資料輸入。如果出現問題，就需要能夠追溯到確切的程式碼行。

I think that because we have that focus on it and because we have the long history of building enterprise apps, for example, our old history with 21 Century Fox, where we were streaming content all around the world, we have a tool that is built to scale.

我認為，因為我們對此非常關注，而且我們在建立企業應用程式方面有著悠久的歷史，例如，我們與 21 世紀福斯的合作歷史，當時我們在全球範圍內傳輸串流內容，所以我們擁有一個可擴展的工具。

We'd like to use that historical legacy and use some of the balance sheet dollars that we now have to build out teams that can help us engage and go solicit some of these enterprise as well as federal-type contracts.

我們希望利用這一歷史遺產，並使用我們現在擁有的一些資產負債表資金來組建團隊，以幫助我們參與並爭取一些企業以及聯邦類型的合約。

In terms of in terms of an M&A approach, what you'll come to find is that our team is highly metric-based and highly rubric based. Internally what we've done is, without going into too much detail, we have a diligence checklist on rubric, which talks about -- I'll give you sort of the highlights to help you understand.

就併購方法而言，您會發現我們的團隊高度基於指標和規則。我們內部所做的是，無需過多細節，我們有一個關於評分標準的盡職調查清單，其中談到了——我會給你一些重點來幫助你理解。

We're looking at a market analysis. Does -- on a scale from one to five, does it help us position -- be in a stronger position for AI federal contracting as well as for enterprise? From a financial assessment, look at how strong they are in terms of revenue growth or stability.

我們正在研究市場分析。從一到五的等級來看，它是否有助於我們在人工智慧聯邦承包以及企業方面處於更有利的地位？從財務評估來看，他們的收入成長或穩定性有多強。

Profitability margin is important to us. We're not interested in accelerating cash burn of any capacity. And we're really interested in products that are in the ticket size of somewhere between $1 million to $10 million. Any of the smaller, more traditional SaaS products, while are interesting, and we can do quite easily now, simply don't have the ability to move the revenue dollars in the speed and velocity we'd like it to.

利潤率對我們很重要。我們對加速任何程度的現金消耗不感興趣。我們真正感興趣的是價值在 100 萬美元到 1000 萬美元之間的產品。任何規模較小、較為傳統的 SaaS 產品雖然很有趣，而且我們現在可以輕鬆做到，但卻無法以我們希望的速度和速率轉移收入。

We look at things like operational fit, the fit with what we're doing already. We're standardizing a lot of our processes internally. We brought on external parties to evaluate if we're using best practices. Everything that we're focused on is KPI-driven, metric-driven as well as scalability. If we can't scale, it becomes very unattractive to us.

我們會考慮諸如營運契合度、與我們目前所做工作的契合度等因素。我們正在內部對許多流程進行標準化。我們引入了外部機構來評估我們是否採用了最佳實踐。我們關注的一切都是由 KPI 驅動、指標驅動以及可擴展性。如果我們不能擴大規模，它對我們來說就變得非常沒有吸引力。

From a technology evaluation, we're looking at the tech stack, what are the integrations and how can we use whatever they're building into what were existing -- into what our existing infrastructure is. If it doesn't fit within our modular app ecosystem, it becomes very hard because we spent two decades building it. No matter how powerful it is, it'd probably make more sense just to build it for ourselves internally.

從技術評估的角度來看，我們正在研究技術堆疊，整合是什麼，以及如何將它們建置到現有的技術中——我們現有的基礎設施中。如果它不適合我們的模組化應用生態系統，那就變得非常困難，因為我們花了二十年的時間來建構它。無論它有多強大，在我們內部建立它可能更有意義。

In terms of a synergy assessment, we are very much focused on cross-selling opportunities. If it's a consultancy, if they're currently selling to federal contracts, if they're currently selling cloud solutions to enterprise companies and they're profitable and they're rapidly scaling up their book of business, that becomes interesting to us.

在綜效評估方面，我們非常關注交叉銷售機會。如果是一家顧問公司，如果他們目前正在向聯邦合約銷售產品，如果他們目前正在向企業公司銷售雲端解決方案，並且他們盈利並且正在迅速擴大業務規模，那麼這對我們來說就很有趣。

That said, I think we're very reticent in overpaying for anything. I have a background in the ABL credit markets, and I'm very much around aligning sort of success together collaboratively, which you'll see, for example, the Campaign Nucleus transaction we've done. That's largely stock based, and that -- it shares our philosophy of how we grow together.

話雖如此，我認為我們對任何東西都不願意支付過高的價格。我有 ABL 信貸市場的背景，我非常注重透過合作來取得某種成功，例如，你會看到我們所做的 Campaign Nucleus 交易。這主要是基於股票，並且——它分享了我們如何一起成長的理念。

And then lastly, we look at regulatory compliance, of course, but cultural fit is something that I care a lot about. Do they align with the culture, the corporate culture that we want to build? And for us, the way we think about it and that we're measuring all of the folks on our team as well as folks that we'd be engaging externally will be based on a metric of integrity, a sense of urgency, a sense of ownership, a sense of innovation and curiosity because it's my belief that with those characteristics rigorously measured against and ticked and tied, we can really build the kind of culture that I think would be needed to be nimble in this space.

最後，我們當然會考慮法規遵循性，但文化契合度也是我非常關心的事情。它們是否符合我們想要建立的文化、企業文化？對我們來說，我們思考這個問題的方式以及我們對團隊中所有成員以及外部人員的衡量標準將基於誠信、緊迫感、主人翁意識、創新意識和好奇心，因為我相信，透過嚴格衡量、勾選和綁定這些特徵，我們真的可以建立一種我認為在這個領域保持靈活所需的文化。

There's a lot of dollars floating around within the AI space, and there's a lot of opportunities. But only if we have a high sense of ethical standards, if we have a sense of personal integrity that will be infused throughout the organization as well as a sense of urgency and ownership would be the only way that we could do this. Internally, the tools are advancing so quickly that without a sense of curiosity, we'd be left in the dust. And without sense of innovation and engagement with our customers, we would have no one to work with.

人工智慧領域有大量資金投入，並且存在著許多機會。但只有當我們具有高度的道德標準意識，當我們在整個組織中都具有個人誠信意識以及緊迫感和主人翁意識時，我們才能做到這一點。從內部來看，工具的進步如此之快，如果沒有好奇心，我們就會被拋在後面。如果沒有創新意識和與客戶的互動，我們就沒有人可以合作。

So given our history of working with hospitality and history of working with hospitals and other clients of the sort of political sort of affiliations, we're eager to work with partners. So for those that are currently out there that are looking for a well-positioned, highly -- high integrity, highly motivated folks that move with lots of urgency and ownership, reach out to us because we're taking a hard look at ourselves, and we'd love to work with you.

因此，鑑於我們與酒店業、醫院以及其他具有政治背景的客戶的合作歷史，我們渴望與合作夥伴合作。因此，對於那些目前正在尋找一個位置優越、高度誠信、積極主動、具有緊迫感和主人翁精神的人，請聯繫我們，因為我們正在認真審視自己，我們很樂意與您合作。

And for organizations that have products that can use a capital partner and build something really great, please reach out to our partners. Thank you.

對於擁有可以利用資本合作夥伴並打造真正偉大產品的組織，請聯絡我們的合作夥伴。謝謝。

Scott Buck, H.C. Wainwright.

斯科特·巴克、H.C. 溫賴特。

Stephen, very nice to meet you. Can you help us understand what exactly you're getting with MyCanvass and Campaign Nucleus? Is there a real revenue-generating business there? Or is it more about people and tech?

史蒂芬，很高興見到你。您能幫助我們了解 MyCanvass 和 Campaign Nucleus 到底能為您帶來什麼嗎？那裡有真正能產生收入的業務嗎？還是更多與人和科技有關？

Yes, I'm happy to answer that to the extent that I can. The answer is -- and I'll have to couch it to a certain extent just because it's a new partnership, and we're still working our way around when to disclose, how to disclose and what those approval processes are.

是的，我很樂意盡我所能回答這個問題。答案是——我必須在一定程度上加以表述，因為這是一種新的合作關係，我們仍在研究何時披露、如何披露以及審批流程是怎樣的。

With MyCanvass, absolutely, we've worked out -- how do I put this? Campaign tools are largely developed from the hyper local all the way up to the state, the federal, the national level, so on and so forth. Those are largely mature. The part that is -- that remains sort of largely segmented and fragmented is this hyper local canvassing.

有了 MyCanvass，我們確實已經解決了——我該怎麼說呢？競選工具基本上是從超地方層面一直發展到州、聯邦、國家等各個層面。這些基本上已經成熟了。在很大程度上仍處於分割和碎片化狀態的部分是這種超本地化的拉票活動。

Put it this way. When I was a high school kid, I ran around and I did canvasing for different elected officials. And that process was largely still the cash transaction. That's the same process as this is today. Your local assembly person -- it's a manual process. It's a messy process.

這麼說吧。當我還是高中生時，我到處奔走，為不同的民選官員拉票。而這個過程基本上仍然是現金交易。這與今天的過程是一樣的。您當地的裝配人員—這是一個手動過程。這是一個混亂的過程。

And it is not a data-effective process, right? It's -- the assembly person wants to get into office. And they find 20 people. They take a map. They carve it out. They send 10 people there and 15 people there, and they pay for what comes back. You might leave some door knockers. You might get your -- you might get rejected away.

這不是一個數據有效的過程，對嗎？這是——議員想要就職。他們找到了 20 個人。他們拿了一張地圖。他們把它雕刻出來。他們派出 10 個人去那裡，又派出 15 個人去那裡，然後支付回來的費用。您可能會留下一些門環。你可能會被拒絕。

In the way that we imagine it, we can have lots of highly relevant content on matters that matter to these individuals and/or communities, and we're able to track it real time on a platform. And that level of rich data to better understand your constituency and better figure out how to plan for rules and regulations and policies is a tremendous power for civic engagement and democratization of having your voice heard. And the value of that to interested parties, government or otherwise, is tremendous. We have a robust pipeline, I guess, of folks that are ready, willing, and able to pay us already.

按照我們的想像，我們可以擁有大量與這些個人和/或社群關心的問題高度相關的內容，並且我們能夠在平台上即時追蹤它。豐富的數據可以幫助你更了解你的選民，更好地制定規則、法規和政策，這對於公民參與和民主化表達你的聲音有著巨大的力量。這對於相關方（無論是政府還是其他方面）的價值是巨大的。我想，我們擁有一支強大的隊伍，其中的人們已經準備好、願意並且能夠向我們付款。

From a tools perspective, we're ready. This is not a product that we need to work on very much. It's been in motion for a very long time. And it's not just for presidential elections. It's effectively for any type of civic discourse, local elections, national elections.

從工具的角度來看，我們已經準備好了。這不是一個我們需要付出很多努力的產品。它已經運行了很長時間了。這不僅適用於總統選舉。它適用於任何類型的公民討論、地方選舉和全國選舉。

The technology is the same, even for sentiment analysis. Being able to break it up not just by ZIP code but on a mile-by-mile basis is tremendous. As you know, we have a long history of way finding and being best in class in that.

即使對於情緒分析來說，技術也是一樣的。能夠不僅按郵政編碼而且按英里進行細分，這真是太棒了。如您所知，我們在尋路方面有著悠久的歷史，並且是業內佼佼者。

And there's just a tremendous amount of power to have hyper localized contextual information combined with generative AI, combined with insights and all on the power of your hand that you now transform these canvassers into real-time ambassadors to share with their fellow citizens things they really care about. At the heart of it, it's what democracy is, right?

將超本地化的上下文資訊與生成式人工智慧相結合，再加上洞察力，就能產生巨大的力量，所有這些都在你的掌控之中，你現在可以將這些調查員轉變為實時大使，與同胞分享他們真正關心的事情。從本質上來說，這就是民主，對嗎？

It's true civic engagement in a really meaningful way. And information only gets better with time. These are conversations that folks are not necessarily willing to have. And given how polarized the country is, this is one way where we can share our core beliefs in a meaningful fashion with our peers. So I hope that answers some of your questions.

這是真正有意義的公民參與。而資訊只會隨著時間的推移而變得更好。人們不一定願意進行這樣的對話。考慮到這個國家兩極化的現狀，這是我們與同齡人以有意義的方式分享核心信念的一種方式。我希望這能回答你的一些問題。

Yes. I can appreciate that. And my second one is just in terms of visibility. Speaking for myself, it's a challenge at this point to envision what this business looks like 12 months from now or 24 months from now. I know there are a lot of kind of things in the pipeline here. But if you could give us any kind of color on how to think about how kind of revenue develops from where we are today, which is basically zero.

是的。我對此表示讚賞。我的第二個問題只是關於可見性。就我個人而言，現在很難想像 12 個月或 24 個月後這個業務會是什麼樣子。我知道這裡有很多事情正在籌備中。但是如果您能給我們講講如何從目前的收入水平（基本上為零）來考慮收入的增長。

I really appreciate that. I'm not one to sort of blow smoke, but your assessment is accurate. And that's part of the reason why we are as harsh with ourselves as -- we're more harsh with ourselves and why I started with the word around integrity. We truly value -- we understand that this is shareholder capital.

我真的很感激。我不是那種喜歡吹牛的人，但你的評估是準確的。這就是為什麼我們對自己如此嚴厲——我們對自己更加嚴厲，也是我首先談到誠信的原因。我們真正重視──我們明白這是股東資本。

It's not our capital. And a desire to build something and scale it is what we really care about because it's what folks have entrusted us with. Because we're starting with zero, that's actually an opportunity for us. And that's afforded us an opportunity to delve into things like localized AI and generative AI.

這不是我們的首都。我們真正關心的是創造並擴大某些事物的願望，因為這是人們委託給我們的。因為我們是從零開始，所以這對我們來說實際上是一個機會。這為我們提供了深入研究在地化人工智慧和產生人工智慧等領域的機會。

How we approach this was we said, hey, look, we have a very robust balance sheet now, and we have no debt. And we have increasingly culturally aligned individuals that are passionate about building something. And as we look at the macro trends, the most obvious thing that hits you in the face, that's untapped where there are no market leaders and would be generative AI space.

我們處理這個問題的方式是說，嘿，看，我們現在有非常強勁的資產負債表，而且我們沒有債務。我們擁有越來越多具有文化認同感、熱衷於創造事物的個人。當我們觀察宏觀趨勢時，最明顯的是，沒有市場領導者的尚未開發的領域就是產生人工智慧領域。

And then when you look at it, you say, hey, look, we -- the power of technology will never be a guy whipping a laptop off his pocket. That just won't be the case, right? What we have is the legacy of the most powerful computing devices inside your pocket. If we can merge those two and help everyone be able to access this in a meaningful way, in a hyper secure way, whether you work for government or otherwise, that becomes incredibly powerful.

然後當你看到它時，你會說，嘿，看，我們——科技的力量永遠不會是一個人從口袋裡掏出一台筆記型電腦。事實不會如此，對吧？我們所擁有的是您口袋裡最強大的計算設備的遺產。如果我們能夠將這兩者合併，並幫助每個人都能以有意義的方式、以超安全的方式訪問它，無論你是在政府工作還是在其他機構工作，這都會變得非常強大。

Admittedly, because we're building from the ground up, it will take some time and work. And what we've done is we've built out -- what we've done is we've done a postmortem-type approach. So we now have a very long runway to the tune of two decades if we stretch that out.

不可否認，由於我們是從頭開始建設，因此需要花費一些時間和精力。我們所做的就是建立了——我們所做的就是採取了事後分析的方法。因此，如果我們將其延伸的話，我們現在擁有長達二十年的漫長跑道。

But at least a decade, even without being particularly conservative. We're looking at it and saying, hey, look, in two years on a post mortem and we completely mess this up and deliver no shareholder value, what went wrong? Where do we not put the time and effort to focus on it? And then we're doing everything we can to do tabletop scenario plan to completely avoid that scenario.

但至少要十年，即使不是特別保守。我們看著這一切，然後說，嘿，看，經過兩年的事後分析，我們發現我們完全搞砸了，沒有給股東帶來任何價值，到底出了什麼問題？我們為什麼不把時間和精力放在關注它上呢？然後，我們會盡一切努力製定桌面情景計劃，以完全避免這種情況。

And the way we look at it is that some of the biggest wins are within enterprise and the federal government. And that does require a different Rolodex. It does require different partners. And it does require a different approach to market, engaging in conferences and talking to hospitality. It's great.

我們認為，最大的勝利來自企業和聯邦政府。而這確實需要不同的 Rolodex。它確實需要不同的合作夥伴。它確實需要一種不同的行銷方式，參與會議並與酒店業進行交流。這很棒。

I think we have a legacy of doing it. But the things that I'm much more interested in is engaging in channel partners that already are working with enterprise customers that we want to work with, that are already working with federal government and on GovCloud and how can we add our unique value, our stability, our insight, our urgency, our dedication and how can we deliver value in a way that, that broadens the pie. And for those type of engagements, it's just a different world.

我認為我們有這樣做的傳統。但我更感興趣的是與已經與我們希望合作的企業客戶合作的通路合作夥伴合作，這些合作夥伴已經與聯邦政府和 GovCloud 合作，我們如何增加我們獨特的價值、我們的穩定性、我們的洞察力、我們的緊迫感、我們的奉獻精神，以及如何以擴大市場份額的方式提供價值。對於這些類型的約定來說，這只是一個不同的世界。

It's a slightly longer sales cycle. But frankly, our sales cycle has been dismal anyway. That's what we're looking for. We're looking for those $1 million to $10 million type bogeys, building a long, strong rapport, building out Board advisers and continuing to leverage the relationships we've historically had and are now only deepening with individuals like those affiliated with MyCanvass, and those are increasingly coming into our constellation as we have a renewed focus on things that have a high sense of integrity and delivering real products and solving real problems.

銷售週期稍長一些。但坦白說，我們的銷售週期一直很糟糕。這正是我們所尋找的。我們正在尋找那些價值 100 萬到 1000 萬美元的大型項目，建立長期、牢固的關係，建立董事會顧問，並繼續利用我們過去建立的關係，現在我們與 MyCanvass 附屬個人的關係正在不斷加深，隨著我們重新關注具有高度誠信意識、提供真實產品和解決實際問題的事物，這些人越來越多地進入我們的群體。

Super. Well, I appreciate that, guys.

極好的。好吧，我很感激你們。

Absolutely. These are conversations we're having with ourselves. So -- but always happy to share what we're thinking.

絕對地。這些都是我們與自己進行的對話。所以——但總是很高興分享我們的想法。

Ed Woo, Ascendiant.

吳彥祖，Ascendiant。

It's very nice to meet you. My question is, will you still predominantly focus on the U.S.? Or have you thought about international opportunities?

很高興認識你。我的問題是，您仍然會主要關注美國嗎？或者您有考慮過國際機會嗎？

I come from a very -- I come from emerging markets background. I've spent much of the last few years overseas. And the answer is absolutely. That said, I realize that much of our core relationships are here domestically, and now affiliations and current partnerships are domestic.

我來自一個非常——新興市場的背景。過去幾年我大部分時間都在海外度過。答案是肯定的。話雖如此，我意識到我們的許多核心關係都在國內，現在的附屬關係和當前的夥伴關係也在國內。

We plan on roll-up -- as we look at differentiation, we look at niche specialization. We look at cost effectiveness, and we look at our Rolodex. The rollout plan is identify target clienteles, establish, and deepen those channel partnerships, be highly compliant and create a robust moat based on the relationships that we have and government contracts we hope to sign up.

我們計劃進行整合——當我們考慮差異化時，我們會考慮利基專業化。我們關注成本效益，也關注我們的 Rolodex。推廣計畫是確定目標客戶，建立並深化通路合作夥伴關係，高度合規，並根據我們現有的關係和我們希望簽署的政府合約建立強大的護城河。

From that, we plan on launching pilot programs and case studies which will demonstrate our capabilities and success. And yes, I'll call it Phase 3, three years out, we can start looking at larger market outreach and leverage our success stories and attend more international events and do more targeted digital campaigns.

由此，我們計劃啟動試點計畫和案例研究，以展示我們的能力和成功。是的，我稱之為第三階段，三年後，我們可以開始考慮更大的市場拓展，利用我們的成功案例，參與更多的國際活動，進行更有針對性的數位行銷活動。

Our partners are doing that today, but they also have a much more robust and fully built-out business. We want to walk before we run. We want to demonstrate real value. We want to sell and solve real problems, and then we'll engage in a larger conversation. But until we can look ourselves in the face and say, hey, we solve someone's problem and we got paid adequately for -- and profitably for solving that problem, we'll be looking to the US principally.

我們的合作夥伴今天正在這樣做，但他們的業務也更加強大和完善。我們先要學會走，然後再跑。我們想要展現真正的價值。我們希望銷售並解決實際問題，然後我們再進行更廣泛的對話。但是，除非我們能夠正視自己並說，嘿，我們解決了某人的問題，並且因為解決了這個問題而獲得了足夠的報酬和利潤，否則我們將主要關注美國。

Howard Halpern, Taglich Brothers.

霍華德‧哈爾彭 (Howard Halpern)，塔格利奇兄弟。

Congratulations on this big transformation. So we know this part of going to enterprises and going to the federal government through channel partners and -- is going to take time. What about the digital advertising part or opportunities out there? And might that bring in revenue quicker using the AI technologies?

祝賀這一重大轉變。因此，我們知道，透過通路合作夥伴進入企業和聯邦政府這一部分需要時間。那麼數位廣告部分或機會又如何呢？那麼使用人工智慧技術是否可以更快地帶來收入呢？

That's such a great question. And thank you for the well wishes. We are focused on our transformation, and that transformation is not skin deep. It cuts straight to the core. You've seen the recent management movements, and we wish our former colleagues very well, but we're also moving in a dramatically different direction. And it truly is a transformation and one that will take a lot of dedication and focus and mindset and just a real cultural shift and true to its heart.

這真是一個好問題。謝謝大家的美好祝福。我們專注於自身的轉型，而這種轉型不只是表面的。它直擊核心。您已經看到了最近的管理層變動，我們祝福我們的前同事一切順利，但我們也朝著一個截然不同的方向前進。這確實是一個轉變，需要大量的奉獻、專注和心態，以及真正的文化轉變和忠於其本質。

And I really want to emphasize that cultural component because you can launch -- I mean, Phunware has a history of pivoting into a number of different things. But that's not a true transformation in the sense that if the mindset and the people are the same that it doesn't change anything.

我真的想強調文化因素，因為你可以推出——我的意思是，Phunware 有著轉向許多不同事物的歷史。但這並不是真正的轉變，因為如果思考方式和人都是一樣的，那麼它就不會改變任何事。

And that's really where the departure is and why I transition from being the Chair, and with the support of my former colleagues, have now become not independent but taken on a day-to-day role because I care, we care. The people we are surrounding ourselves care about a transformation, about protecting shareholder dollars.

這就是真正的轉變，也是我從主席職位轉變的原因，在前同事的支持下，我不再獨立，而是承擔起日常工作，因為我關心，我們也關心。我們周遭的人關心的是轉型，關心的是保護股東的資金。

Your question is great. And it's salient. If we look at it at the revenues, you got $5 million. $2.5 million came from hospitality and hotels and hospitals, and $2.5 million came from advertising. Our burn largely comes from the former, and our revenue comes from the latter. What we've done is we've engaged with an external sales consultant focused on SaaS, procedural documentation, standard operating procedures, and scalability and focusing on that and understanding lead attribution and sales automation and how to scale that up.

你的問題很好。而且它很突出。如果我們看一下收入，就有 500 萬美元。其中 250 萬美元來自飯店、醫院，250 萬美元來自廣告。我們的消耗主要來自前者，而我們的收入則來自後者。我們所做的是，我們與一位專注於 SaaS、程序文件、標準作業程序和可擴展性的外部銷售顧問合作，並專注於此，了解潛在客戶歸因和銷售自動化以及如何擴大規模。

So the answer is absolutely that is what we're focused on. That team is relatively small, and it's profitable. And we are very excited to shift individuals over to that team to give it the love and the support demand. And we're -- the team is excited and we're engaged. We're paying attention to this.

所以答案是肯定的，這就是我們關注的重點。該團隊規模相對較小，而且獲利豐厚。我們非常高興能夠將人員調到團隊，為其提供所需的愛和支持。我們——整個團隊都很興奮並且積極參與。我們正在關注此事。

We're focused on value attribution, breaking down variable cost, breaking down fixed cost, chopping and chipping. We've come up with a new rubric of who we bring onboard, ensuring that we reduce our cost while maintaining revenues.

我們專注於價值歸因、分解變動成本、分解固定成本、削減和分解。我們制定了新的員工招募標準，以確保我們在維持收入的同時降低成本。

And we've put metrics to it, right? So if a guy comes in, this is the salary while we plan on making double that in terms of revenues within six months. And we set the acquisition is day 1 of 30 days is what you expect, 60 days is what you expect and 90 days is what we expect and we proceed from there.

我們已經為其設定了指標，對嗎？因此，如果有人加入，這就是薪水，而我們計劃在六個月內將收入翻倍。我們將收購設定為第 1 天，您預期為 30 天，您預期為 60 天，我們預期為 90 天，然後我們從那裡開始。

The same thing with being mindful with shareholder dollars, right? I personally as a CFO equate integrity with stewardship of capital. And that is very core to who I am, and I'm sure many of the CFOs out there believe the same way.

這和關注股東資金是一樣的，對嗎？身為財務官，我個人認為誠信與資本管理同等重要。這是我的核心思想，我相信很多財務長也這麼認為。

And the other half of this, of course, is being mindful of dollars and reducing our burn. If we were to bring on more folks, how quickly can we automate things? How quickly can we do more things with -- more things with less capital resources and what can we code? Even some of the automation tools out there, we've now added as a metric internally of how can we accelerate productivity because if you're not using these tools internally, then what are we doing?

當然，另一半就是要注意節省資金，減少燒錢。如果我們招募更多的人，我們能多快實現自動化？我們能多快用更少的資本資源做更多的事情，我們能寫什麼程式碼？甚至對於一些現有的自動化工具，我們現在也在內部添加瞭如何提高生產力的指標，因為如果您不在內部使用這些工具，那麼我們在做什麼？

Right. And so you're going to be using your own developed generative AI internally to help productivity and advance.

正確的。因此，您將在內部使用自己開發的生成式人工智慧來提高生產力並促進進步。

We have been doing that every single day for the last two months. We are particularly seeing adopters. We are clearly seeing the non-adopters. And it goes back to that same metric of curiosity, right? This is the most transformative technology for God knows how long. And if we are not using it, I could only imply that we're not curious about it. So yes, very much we are using that tool every single day.

過去兩個月我們每天都在做這件事。我們特別看到了採用者。我們清楚地看到了不採用者。這又回到了同樣的好奇心標準，對嗎？這是迄今為止最具變革性的技術，只有上帝知道。如果我們不使用它，我只能暗示我們對它不好奇。是的，我們每天都在使用這個工具。

Okay. I look forward to the future.

好的。我對未來充滿期待。

We all are.

我們都是。

Thank you. As we have no further questions in queue at this time, I will turn the call back over to Mr. Chen for his closing remarks.

謝謝。由於我們目前沒有其他問題，我將把電話轉回給陳先生，請他作最後發言。

Thank you all for joining us today. We're excited about the future, and we expect to -- I think we're well positioned for our next phase of growth. We have strong financial stewardship and disciplined execution. And we look forward to reengaging you shortly.

感謝大家今天的參與。我們對未來充滿期待，我們期待——我認為我們已經為下一階段的成長做好了準備。我們擁有強大的財務管理和嚴格的執行力。我們期待很快再次與您合作。

Thank you, ladies, and gentlemen. This concludes today's call, and you may disconnect your lines at this time. And we thank you for your participation.

謝謝各位，女士們，先生們。今天的通話到此結束，您可以斷開線路了。我們感謝您的參與。