Riskified Ltd (RSKD) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Riskified third-quarter 2024 earnings call. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 2024 年第三季風險報酬電話會議。（操作員說明）

Please be advised today's conference is being recorded. I would now like to turn the conference over to your speaker today, Chett Mandel, Head of Investor Relations.

請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人，投資者關係主管 Cheett Mandel。

Good morning and thank you for joining us today. My name is Chett Mandel, Riskified's Head of Investor Relations. We are hosting today's call to discuss Riskified's financial results for the third quarter of 2024. Participating on the call today are Eido Gal, Riskified's Co-Founder and Chief Executive Officer; and Agi Dotcheva, Riskified's Chief Financial Officer. We released our results for the third quarter of 2024 earlier today.

早安，感謝您今天加入我們。我叫切特‧曼德爾 (Chett Mandel)，Riskified 投資人關係主管。我們今天召開電話會議，討論 Riskified 2024 年第三季的財務表現。參加今天電話會議的有 Riskified 共同創辦人兼執行長 Eido Gal；以及 Riskified 財務長 Agi Dotcheva。我們今天早些時候發布了 2024 年第三季的業績。

Our earnings materials, including a replay of today's webcast, will be available on our Investor Relations website at ir.riskified.com. Certain statements made on the call today will be forward-looking statements related to our operating performance, business and financial goals, outlook as to revenues, gross profit margin, adjusted EBITDA profitability, adjusted EBITDA margins and expectations as to positive cash flows, which all reflect management's best judgment based on currently available information and are not guarantees of future performance.

我們的收益資料，包括今天網路廣播的重播，將在我們的投資者關係網站 ir.riskified.com 上提供。在今天的電話會議上所做的某些陳述將是與我們的經營業績、業務和財務目標、收入前景、毛利率、調整後EBITDA 盈利能力、調整後EBITDA 利潤率以及對正現金流的預期相關的前瞻性陳述，所有這些反映管理階層根據目前可用資訊所做的最佳判斷，並非對未來績效的保證。

We intend all forward-looking statements to be covered by the Safe Harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our expectations as of the date of this call. And except as required by law, we undertake no obligation to revise this information as a result of new developments that may occur after the time of this call.

我們希望所有前瞻性聲明均受 1995 年《私人證券訴訟改革法案》中包含的安全港條款的約束。這些前瞻性陳述反映了我們截至本次電話會議之日的預期。除法律要求外，我們不承擔因本次電話會議後可能發生的新事態發展而修改此資訊的義務。

These forward-looking statements involve risks, uncertainties and other factors, some of which are beyond our control, that could cause actual results to differ materially from our expectations. You should not put undue reliance on any forward-looking statement. Please refer to our annual report on Form 20-F for the year ended December 31, 2023 and subsequent reports we file or furnish with the SEC for more information on the specific factors that could cause actual results to differ materially from our expectations.

這些前瞻性陳述涉及風險、不確定性和其他因素，其中一些因素超出了我們的控制範圍，可能導致實際結果與我們的預期有重大差異。您不應過度依賴任何前瞻性陳述。請參閱我們截至 2023 年 12 月 31 日的 20-F 表格年度報告以及我們向 SEC 提交或提供的後續報告，以了解有關可能導致實際結果與我們的預期存在重大差異的具體因素的更多資​​訊。

Additionally, we will discuss certain non-GAAP financial measures and key performance indicators on the call. Reconciliations to the most directly comparable GAAP financial measures are available in our earnings release issued earlier today and also furnished with the SEC on Form 6-K and in the appendix of our Investor Relations presentation, all of which are posted on our Investor Relations website.

此外，我們將在電話會議上討論某些非公認會計準則財務指標和關鍵績效指標。我們今天稍早發布的收益報告中提供了與最直接可比較的GAAP 財務指標的調節表，並向SEC 提供了表格6-K 以及我們投資者關係演示文稿的附錄，所有這些都發佈在我們的投資者關係網站上。

I will now turn the call over to Eido.

我現在將把電話轉給 Eido。

Thanks, Chett, and hello, everyone. Our revenue growth during the third quarter and first 9 months of '24 continued to be primarily driven by the execution of our go-to-market strategy, which contributed to 10% year-over-year revenue growth in both periods.

謝謝，切特，大家好。我們在 2024 年第三季和前 9 個月的營收成長持續主要受到我們的市場進入策略的執行推動，這兩個時期的營收年增了 10%。

For the first nine months of '24, we've achieved GMV growth of 16% and our non-GAAP gross profit growth of 17% year-over-year outpaced our revenue growth, demonstrating our ongoing commitment to adjusted EBITDA margin expansion. I am pleased that we are flowing through some of the outperformance that we've seen in the third quarter to the annual guide. We are executing on our goal of expanding our merchant base through new logo wins.

2024 年前九個月，我們的 GMV 成長了 16%，非 GAAP 毛利年增了 17%，超過了我們的營收成長，這表明我們對調整後 EBITDA 利潤率擴張的持續承諾。我很高興我們正在將第三季看到的一些出色表現寫入年度指南。我們正在執行透過贏得新標誌來擴大我們的商業基礎的目標。

Our top 10 new logos added in the third quarter included key wins across each of our 6 verticals, further broadening our network. We continue to add to our portfolio of merchants in our more established areas such as fashion and luxury and tickets and travel and captured share in newer areas such as remittance and food. I want to highlight an important win in a newer sub-vertical for us.

第三季新增的前 10 個新標誌包括我們 6 個垂直領域的關鍵勝利，進一步拓寬了我們的網路。我們繼續在時尚、奢侈品、門票和旅行等更成熟的領域增加我們的商家組合，並在匯款和食品等新領域佔據份額。我想強調我們在新的垂直領域中取得的重要勝利。

During the third quarter, we went live with our core Chargeback Guarantee product with our first traditional grocery merchant who has GMV of over $1 billion. We have helped this merchant reduce its fraud cost by approximately 40% by fully automating their fraud efforts, and upon initial contract, captured all of their eligible chargeback volume for a multi-year term.

第三季度，我們與第一家 GMV 超過 10 億美元的傳統雜貨商一起推出了我們的核心退款保證產品。我們透過將詐欺工作完全自動化，幫助該商家降低了約 40% 的詐欺成本，並在最初簽訂合約時，捕獲了其多年期限內所有符合條件的退款量。

As the way consumers shop continues to migrate towards online channels, we are being strategic in how we focus our go-to-market efforts towards both discretionary and especially non-discretionary areas. Overall, I am excited about the expansion in our food category.

隨著消費者的購物方式繼續轉向線上管道，我們正在製定策略，將我們的市場推廣工作集中在可自由支配的領域，尤其是非可自由支配的領域。總的來說，我對我們食品類別的擴張感到興奮。

Year-to-date, we've been successful with our new business generation. I believe that our focus on strong merchant performance, combined with the sophistication and accuracy of our platform, continues to differentiate us from our competitors. In the third quarter, we closed more new business than in each of the first and second quarters and we anticipate a similarly strong fourth quarter.

今年迄今為止，我們的新一代業務取得了成功。我相信，我們對強大商家績效的關注，加上我們平台的複雜性和準確性，將繼續使我們從競爭對手中脫穎而出。在第三季度，我們完成的新業務比第一季和第二季都多，我們預計第四季也會同樣強勁。

Notably, in the first nine months of the year, we have already matched the number of new business contracts with an annual value of $1 million or more that we achieved throughout all of '23. We believe that our pipeline for '25 is robust and that we are well positioned to further diversify our revenue across verticals, geographies and product lines.

值得注意的是，今年前 9 個月，我們已經將年度價值 100 萬美元或更多的新業務合約數量與我們在 2023 年全年實現的目標相匹配。我們相信，我們 25 年的產品線非常強勁，我們有能力進一步實現跨垂直行業、地理和產品線的收入多元化。

It is important to note that we have made this progress against an uneven backdrop and a recent uptick in competitive pressure. We were recently made aware that a large merchant, which makes up a significant portion of our home category, would be leaving the Riskified network at the end of October. We are taking this opportunity to refine our pricing and product bundling strategies, enhance our go-to-market coverage and strengthen our contract renewal processes in order to best position the business to win and retain customers.

值得注意的是，我們是在不平衡的背景和最近競爭壓力上升的情況下取得這一進展的。我們最近獲悉，一家大型商家（占我們家庭類別的很大一部分）將於 10 月底離開 Riskified 網路。我們正在藉此機會完善我們的定價和產品捆綁策略，擴大我們的市場覆蓋範圍並加強我們的合約續約流程​​，以便使業務處於最佳位置以贏得併留住客戶。

I want to highlight that during the third quarter, we achieved 100% renewal rate across our top 20 contracts up for renewal. And outside of this churn event, we anticipate a similarly strong fourth quarter of renewal activity as well. I believe that our underlying business fundamentals remain strong.

我想強調的是，在第三季度，我們的前 20 份續約合約實現了 100% 的續約率。除了這次流失事件之外，我們預計第四季的續約活動也會同樣強勁。我相信我們的業務基礎依然強勁。

I believe that we have developed one of the most powerful and differentiated AI platforms in the market. This platform is powered by our advanced machine learning intelligence models, which are built from proprietary and vast data sets comprising billions of historical transactions, hundreds of billions of data attributes and repeat interaction histories for hundreds of millions of consumers captured over a more than 10-year period.

我相信我們已經開發了市場上最強大、最差異化的人工智慧平台之一。該平台由我們先進的機器學習智能模型提供支持，該模型是根據專有的龐大數據集構建的，其中包括數十億歷史交易、數千億數據屬性以及在超過10 個時間段內捕獲的數億消費者的重複互動歷史記錄。

I believe that this large global merchant network has created a unique data advantage for us and is what sets us apart. Our algorithms learn from every transaction by being fed back into the system for model training, creating a constant feedback loop that strengthens our platform's predictive capabilities, generating strong performance for our merchants. We believe that by focusing on improvements to our technology, we are continuing to strengthen the accuracy and performance of our artificial intelligence.

我相信這個龐大的全球商業網絡為我們創造了獨特的數據優勢，也是我們與眾不同的原因。我們的演算法透過回饋到模型訓練系統中從每筆交易中學習，創造一個持續的回饋循環，增強我們平台的預測能力，為我們的商家帶來強勁的業績。我們相信，透過專注於技術改進，我們將繼續增強人工智慧的準確性和效能。

As has been reported widely, scammers are now leveraging artificial intelligence tools in areas beyond typical card-not-present fraud. Just as an example, we are now seeing scammers use chatbots to automate return and refund requests, generate phony tracking numbers and find other vulnerabilities in merchants' back-end systems to deliberately return empty boxes, while keeping goods for themselves.

正如廣泛報導的那樣，詐騙者現在在典型的無卡詐欺之外的領域利用人工智慧工具。舉個例子，我們現在看到詐騙者使用聊天機器人來自動執行退貨和退款請求，產生虛假的追蹤號碼，並找到商家後端系統中的其他漏洞，故意退回空盒子，同時為自己保留貨物。

It's imperative for merchants to fight bad actors and outmatch these fraudsters by leveraging the technological capabilities of advanced next-generation solutions like Riskified. That's why I'm really excited about the enhanced suite of tools that we recently released for Policy Protect, which are aimed at preventing this type of behavior.

商家必須利用 Riskified 等先進的下一代解決方案的技術能力來打擊不良行為者並擊敗這些詐欺者。這就是為什麼我對我們最近為 Policy Protect 發布的增強工具套件感到非常興奮，這些工具旨在防止此類行為。

These sophisticated tools place our machine learning network directly in our merchants' hands by providing automated self-service capabilities for the creation, simulation and management of customer-facing policy decisions. We are able to deliver unmatched flexibility and precision in automating and setting policies based on Riskified's identity and risk models. These enhancements, in part, have contributed to our [rising] platform adoption.

這些複雜的工具透過提供自動化的自助服務功能來創建、模擬和管理面向客戶的政策決策，從而將我們的機器學習網路直接置於商家手中。我們能夠在基於 Riskified 的身份和風險模型的自動化和製定策略方面提供無與倫比的靈活性和精確度。這些增強功能在一定程度上促進了我們平台採用率的上升。

I am excited that in the third quarter, we went live with the largest Policy Protect deal since launch, worth nearly $2 million in annual contract value. We have been able to deliver value to the merchant by blocking an incremental 7% of abusive returns, while working to keep customer complaints in line with the merchant's target. Overall, I believe that we have the best product in a huge market and are well positioned to capture more market share.

我很高興在第三季實現了自推出以來最大的 Policy Protect 交易，年度合約價值近 200 萬美元。我們透過阻止 7% 的濫用退貨行為，為商家創造了價值，同時努力讓客戶投訴符合商家的目標。總的來說，我相信我們在龐大的市場中擁有最好的產品，並且有能力佔領更多的市場份額。

As we continue to layer in additional capabilities to help enterprise e-commerce merchants manage their businesses better, become more profitable and further understand their customers, we are only extending our leadership position. I am proud of our ability to execute on our gross profit objectives as we scale our global network.

隨著我們不斷增加額外的功能來幫助企業電子商務商家更好地管理他們的業務，提高利潤並進一步了解他們的客戶，我們只會擴大我們的領導地位。我為我們在擴展全球網路時實現毛利目標的能力感到自豪。

We have improved our adjusted EBITDA outlook for the third consecutive quarter and are working towards delivering further adjusted EBITDA margin expansion in the quarters and years to come. We are generating meaningful free cash flow and our strong cash reserves with no debt empower us to utilize our capital strategically.

我們連續第三個季度改善了調整後 EBITDA 前景，並致力於在未來幾季和幾年內進一步實現調整後 EBITDA 利潤率擴張。我們正在產生有意義的自由現金流，我們強大的現金儲備且沒有債務，使我們能夠策略性地利用我們的資本。

We are assessing product bolt-on M&A to help accelerate growth and expand our platform. And we are looking for opportunities for potential consolidation of smaller players to drive scale and synergies. We have a high bar for M&A and we'll always weigh shareholder value when assessing potential M&A opportunities.

我們正在評估產品補強併購，以幫助加速成長並擴大我們的平台。我們正在尋找小型企業潛在整合的機會，以推動規模和協同效應。我們對併購有很高的標準，在評估潛在的併購機會時，我們將始終權衡股東價值。

That being said, in the near-term, we believe that we have capital available to accomplish these capital allocation goals, while also leveraging our large cash position to opportunistically repurchase shares. To this end, our Board has recently approved an additional $75 million buyback authorization.

話雖如此，在短期內，我們相信我們有足夠的資本來實現這些資本配置目標，同時也利用我們大量的現金部位來機會性地回購股票。為此，我們的董事會最近批准了額外 7,500 萬美元的回購授權。

Given our past buyback activity and our current intent to strategically utilize our strong cash position for additional repurchases, we believe that we have the capacity to remove approximately 10% to 15% of our shares outstanding annually over the coming years.

鑑於我們過去的回購活動以及我們目前策略性地利用我們強大的現金狀況進行額外回購的意圖，我們相信我們有能力在未來幾年每年刪除約 10% 至 15% 的已發行股票。

Putting this all together, I am confident that our business is resilient and that we have the best team in place to attack the opportunities in front of us. As we head into the holiday season, I am looking forward to driving value for our merchants and shareholders.

綜上所述，我相信我們的業務具有彈性，我們擁有最好的團隊來抓住我們面前的機會。隨著假期的到來，我期待為我們的商家和股東創造價值。

Now over to Agi.

現在轉到阿吉。

Thank you, Eido, team and everyone, for joining today's call. Our GMV for the third quarter was $34.7 billion, reflecting a 17% increase year over year. We achieved record third quarter revenue of $78.8 million, up 10% year over year.

感謝 Eido、團隊和所有人參加今天的電話會議。第三季的 GMV 為 347 億美元，較去年同期成長 17%。我們第三季營收達到創紀錄的 7,880 萬美元，年增 10%。

Our GMV and revenue growth during this quarter was primarily driven by continued new merchants and upsell activity. Consistent with the first half of the year, our growth in our fashion and luxury vertical was primarily driven by new business activity and growth in fast fashion merchants.

本季我們的 GMV 和營收成長主要是由持續的新商家和追加銷售活動所推動的。與今年上半年一致，我們在時尚和奢侈品垂直領域的成長主要是由新業務活動和快時尚商家的成長所推動的。

This growth was partially offset by continued same-store sales pressures within our High-End Fashion sub-vertical. Overall, our fashion and luxury category grew by low-single-digits in the third quarter, which represents a good proxy for the expected growth in this vertical for the full year.

這一成長被我們高端時尚子垂直領域持續的同店銷售壓力所部分抵消。總體而言，我們的時尚和奢侈品類別在第三季度實現了低個位數成長，這很好地反映了該垂直領域全年的預期成長。

Our tickets and travel vertical grew over 20% in the third quarter, an acceleration from the first half of the year, primarily due to new business activity, seasonal strong performance in the live event space and better than expected summer travel.

第三季度，我們的門票和旅行垂直業務成長了 20% 以上，較上半年有所加速，這主要是由於新的業務活動、現場活動領域的季節性強勁表現以及好於預期的夏季旅行。

Based on activity levels in October and early November, we're expecting this acceleration to continue into the fourth quarter. This is being driven by better than anticipated activity across both travel and live events, fueled by continued strength of new business in this category.

根據 10 月和 11 月初的活動水平，我們預計這種加速將持續到第四季度。這是由於旅遊和現場活動的活動好於預期，以及該類別新業務的持續強勁推動的。

Our general vertical, which includes both food and general retail merchants, grew 15% in the third quarter, primarily driven by growth in our Food sub-vertical, offset by weakness in our general retail sub-vertical. In addition, we saw over 70% growth in our payments and money transfer category, driven predominantly by new business activity, which remains a key area of expansion. The Home category declined by 2% year over year.

我們的一般垂直行業（包括食品和一般零售商）在第三季度增長了 15%，這主要是由食品子垂直行業的增長推動的，但被我們一般零售子垂直行業的疲軟所抵消。此外，我們的支付和匯款類別成長了 70% 以上，這主要是由新業務活動推動的，這仍然是一個關鍵的擴張領域。家居品類較去年同期下降 2%。

Going forward, as a result of the churn event that Eido referenced earlier, we expect to have non-comparable periods in this category until the fourth quarter of 2025. Finally, we also saw revenue growth across all geographies.

展望未來，由於 Eido 先前提到的客戶流失事件，我們預計在 2025 年第四季之前該類別將出現不可比較的時期。最後，我們也看到了所有地區的收入成長。

Our third quarter revenue in the United States, our largest region, grew by 14% year-over-year and we experienced 9% year-over-year growth in EMEA, exceeding our expectations. I'm excited about the growth we experienced in the other Americas, which represents Canada and Latin America and the APAC region, which grew by 9% and 25% respectively, both fueled by market share gains achieved through the addition of new logos.

我們第三季在最大地區美國的營收年增 14%，在 EMEA 地區年增 9%，超出了我們的預期。我對我們在其他美洲（包括加拿大、拉丁美洲和亞太地區）所經歷的增長感到興奮，這些地區分別增長了 9% 和 25%，這都得益於通過添加新徽標實現的市場份額增長。

Moving to the discussion of our gross profit margin, operating expenses and adjusted EBITDA. Unless otherwise noted, I will be referencing non-GAAP financial measures with respect to these metrics. We have provided a reconciliation of GAAP to non-GAAP financial measures in our earnings release.

接下來討論我們的毛利率、營運費用和調整後的 EBITDA。除非另有說明，我將參考與這些指標相關的非公認會計準則財務指標。我們在收益報告中提供了 GAAP 與非 GAAP 財務指標的調整表。

As a reminder, I encourage you to continue analyzing our gross margin on an annual basis, given individual quarters can vary due to many factors, including the ramping of new merchants and the risk profiles of transactions approved. Our gross profit margin for the third quarter of 2024 was 50%, in line with our expectations.

提醒一下，我鼓勵您繼續按年度分析我們的毛利率，因為各個季度可能會因許多因素而有所不同，包括新商家的增加和已批准交易的風險狀況。我們2024年第三季的毛利率為50%，符合我們的預期。

We continue to benefit from improvements in our overall core machine learning models and the positive impact of new product revenue, offset by the impact of ramping of significant new merchants and quarterly variability in our revenue mix. For modeling purposes, we continue to expect our non-GAAP gross profit margin to be between 52.5% to 53.5% for the full year and expect our Q4 margin to be above this range.

我們繼續受益於整體核心機器學習模型的改進和新產品收入的正面影響，但被重要新商家增加和收入組合季度變化的影響所抵消。出於建模目的，我們繼續預計全年非 GAAP 毛利率將在 52.5% 至 53.5% 之間，並預計第四季度利潤率將高於該範圍。

Moving to our operating expenses. We continue to manage the business in a focused and disciplined manner. Total operating expenses were $38.7 million for the third quarter, representing a year-over-year decline of 4%. We saw year-over-year operating expense declines in each of R&D, sales and marketing and G&A.

轉向我們的營運費用。我們繼續以專注和紀律的方式管理業務。第三季總營運費用為 3,870 萬美元，年減 4%。我們發現研發、銷售和行銷以及一般管理費用等方面的營運費用均較去年同期下降。

The absolute dollar expenses represented the lowest level in three years, while continuing to grow our business. Our operating expenses as a percentage of revenue declined from 56% in the prior year period to 49% in the third quarter of 2024, reflecting leverage in the business model.

在我們的業務持續成長的同時，絕對美元支出達到了三年來的最低水準。我們的營運費用佔收入的百分比從去年同期的 56% 下降至 2024 年第三季的 49%，反映了業務模式的槓桿作用。

For the fourth quarter of the year, we continue to expect approximately $39 million in expenses. We achieved positive adjusted EBITDA of $0.9 million in Q3 of '24 as compared to negative $8.4 million in Q3 of '23, representing the ninth consecutive quarter of year-over-year improvement and the fourth quarter in a row achieving positive adjusted EBITDA.

對於今年第四季度，我們仍然預計支出約為 3900 萬美元。我們在24 年第三季實現了90 萬美元的正調整EBITDA，而在23 年第三季實現了負840 萬美元，這是連續第九個季度同比改善，也是連續第四個季度實現正調整EBITDA。

This quarter's positive adjusted EBITDA represents year-over-year margin improvement of approximately 1,300 basis points, which is on top of the approximately 1,000 basis points improvement achieved in each of the last three quarters.

本季調整後的正 EBITDA 意味著利潤率年增約 1,300 個基點，而過去三個季度每季均實現約 1,000 個基點的提高。

Moving to the balance sheet. We ended the third quarter with approximately $390 million of cash, deposits and investments and we carry zero debt. In the third quarter, we increased the pace of our share repurchases from the previous two quarters. During the third quarter, we repurchased 8.6 million shares for a total price of approximately $47 million. As a result, total shares outstanding has decreased sequentially by approximately 6.5 million shares from the second quarter.

轉向資產負債表。截至第三季末，我們擁有約 3.9 億美元的現金、存款和投資，且債務為零。第三季度，我們比前兩個季度加快了股票回購的步伐。第三季度，我們回購了 860 萬股股票，總價約 4,700 萬美元。因此，流通股總數較第二季連續減少約 650 萬股。

For the first nine months of 2024, we have repurchased 21.8 million shares for a total price of approximately $116 million. As Eido just mentioned, I'm excited to announce that our Board of Directors has authorized an additional $75 million of share repurchases, subject to the satisfaction of certain Israeli regulatory requirements.

2024 年前 9 個月，我們回購了 2,180 萬股股票，總價約 1.16 億美元。正如 Eido 剛才提到的，我很高興地宣布，我們的董事會已授權額外回購 7,500 萬美元的股票，但須滿足以色列的某些監管要求。

When combined with the amounts that remain available under our existing share repurchase authorization, our total outstanding authorization is approximately $85 million. As a result of our continued strong buyback activity and commitment to managing dilution to meaningfully lower levels than in prior years, we continue to expect our share count to decline year over year.

加上我們現有股票回購授權下剩餘的可用金額，我們未償還的授權總額約為 8,500 萬美元。由於我們持續強勁的回購活動以及致力於將稀釋度控制在比前幾年大幅降低的水平，我們仍然預計我們的股票數量將逐年下降。

We continue to believe that our strong balance sheet and liquidity position are valuable assets. We intend to remain thoughtful in how we utilize our capital to drive shareholder value. In addition, we continue to maintain a healthy cash flow model.

我們仍然相信，我們強大的資產負債表和流動性狀況是寶貴的資產。我們打算在如何利用我們的資本來推動股東價值方面保持深思熟慮。此外，我們繼續保持健康的現金流模型。

And in the third quarter, we achieved quarterly free cash flow of $14 million, the highest in our history. As a result of our strong cash flow generation in the first nine months of the year, we now expect to exceed $35 million of positive free cash flow in 2024, up from $30 million previously.

第三季度，我們實現了 1,400 萬美元的季度自由現金流，這是我們歷史上最高的。由於今年前 9 個月我們產生了強勁的現金流，我們現在預計 2024 年的正自由現金流將超過 3500 萬美元，高於之前的 3000 萬美元。

Now turning to our outlook. I'm pleased that we're able to raise our 2024 guidance that we previously shared on our last earnings call. We now anticipate revenue between $322 million and $327 million for the full year 2024 or $324.5 million at the midpoint.

現在轉向我們的展望。我很高興我們能夠提高我們先前在上次財報電話會議上分享的 2024 年指引。我們現在預計 2024 年全年營收在 3.22 億美元至 3.27 億美元之間，中間值為 3.245 億美元。

This improvement in our guide is primarily driven by anticipated outperformance in our new business activity and an improved outlook for our tickets and travel vertical in Q4, offset by continued softness in our fashion and luxury vertical and the expected impact of the recent uptick in competitive pressures we're currently seeing, including the churn event in the home category referenced earlier.

我們的指南的改善主要是由於我們新業務活動的預期表現出色以及第四季度我們的機票和旅行垂直領域的前景改善，但被我們的時尚和奢侈品垂直領域的持續疲軟以及近期競爭壓力上升的預期影響所抵消我們目前正在看到，包括前面提到的家庭類別中的流失事件。

As a result of our improved revenue outlook, we're also improving our adjusted EBITDA outlook. We now anticipate that our full year adjusted EBITDA will be between $14 million and $20 million or $17 million to the midpoint. The current midpoint of our adjusted EBITDA guide represents additional margin expansion of approximately 900 basis points from the prior year, demonstrating leverage in the business model. Overall, we had a strong third quarter, which led us to a healthy first nine months of the year.

由於我們改善了營收前景，我們也改善了調整後的 EBITDA 前景。我們現在預計全年調整後 EBITDA 將在 1,400 萬美元至 2,000 萬美元之間，即 1,700 萬美元至中點。我們調整後的 EBITDA 指南目前中點代表利潤率比上一年增加約 900 個基點，顯示了業務模式的槓桿作用。總體而言，我們的第三季表現強勁，這使得我們今年前九個月的業績表現健康。

I continue to believe that our leading product platform and disciplined approach in managing the business will allow us to continue delivering value to our broad-based and diversified portfolio of merchants and ultimately to our shareholders.

我仍然相信，我們領先的產品平台和嚴格的業務管理方法將使我們能夠繼續為我們廣泛且多元化的商家組合併最終為我們的股東創造價值。

Operator, we're ready to take the first question, please.

接線員，我們準備好回答第一個問題了。

(Operator Instructions) Ryan Tomasello, KBW.

（操作員說明）Ryan Tomasello，KBW。

Just wanted to start out on the churn call out in the home category. First, if there's any way to size the impact of that on a revenue or GMV basis and if that's impacting the 4Q guidance at all? And then just broadly, any color you can provide on maybe what drove that merchant's decision to move off the platform?

只是想從家庭類別的流失呼籲開始。首先，是否有任何方法可以衡量其對收入或 GMV 的影響，以及這是否會影響第四季度的指導？然後，從廣義上講，您可以提供任何顏色來說明是什麼促使該商家決定離開平台嗎？

If they're moving to a competitor? And I think you also called out, Eido, taking this as an opportunity to review your pricing and bundling strategy. So just maybe elaborate on what you mean by that? If this is perhaps indicative of pricing pressure or changes you might need to make to your pricing strategy?

如果他們要轉向競爭對手？我想你也喊出了 Eido，以此為契機審查你的定價和捆綁策略。那也許可以詳細說明一下您的意思？如果這可能表明定價壓力或您可能需要對定價策略進行更改？

Ryan, thanks for the question. So I'll start with giving you more context and then I'll hand it over to Agi to do some of the sizing. So look, for context, in the six years that we've been involved with this merchant, they've experimented with a lot of different set-ups for managing risk and fraud. I think they used about 4 different vendors, including an in-house model. And right now, they're moving the volume in-house under a different model.

瑞安，謝謝你的提問。因此，我將首先向您提供更多背景信息，然後將其交給 Agi 進行一些調整。因此，看看背景，在我們與這家商家合作的六年中，他們嘗試了許多不同的設定來管理風險和詐欺。我認為他們使用了大約 4 個不同的供應商，其中包括一個內部模型。現在，他們正在以不同的模式在內部轉移該磁碟區。

This is something they've actually tried before, it was not successful and that's when they ramped up usage of Riskified. I think it's important to mention that most recently, this merchant had the highest approval rate and the lowest chargeback rate, at least in the six years that we've been working with them.

這是他們之前實際嘗試過的方法，但並不成功，於是他們加大了 Riskified 的使用。我認為值得一提的是，最近，該商家擁有最高的認可率和最低的退款率，至少在我們與他們合作的六年中是如此。

So we definitely don't think it's a product issue and we're going to stay close to this merchant to see if there's an opportunity to collaborate again. Some other items that might have influenced this decision is kind of the merchant's current financial profile and also some personnel and leadership changes, especially in the areas and teams that we were working with. So that's just a bit more context on this specific merchant.

所以我們絕對不認為這是產品問題，我們將與該商家保持密切聯繫，看看是否有再次合作的機會。其他一些可能影響這項決定的因素包括商家目前的財務狀況以及一些人員和領導層的變化，特別是在我們合作的領域和團隊中。這只是關於這個特定商家的更多背景資訊。

When we think about how are we going to adapt to this moving forward, just being a public call, I don't want to go into all the tactical details of what we're going to be doing. But I think theoretically, we do want to lean into our product platform a bit more and make sure that it's easier to integrate, go-live and price for our largest clients because we have seen great adoption and stickiness once we've been successful there.

當我們考慮如何適應這一進展時，只是作為一個公開呼籲，我不想詳細討論我們將要做的事情的所有戰術細節。但我認為從理論上講，我們確實希望更多地依賴我們的產品平台，並確保為我們最大的客戶更容易整合、上線和定價，因為一旦我們在那裡取得成功，我們就看到了巨大的採用率和黏性。

Another thing we're looking at the task force that the leadership team is focused on is how do we build better incentives for kind of earlier and longer-term renewals and leveraging the relationships that we've built over time in order to execute that. And that's definitely a core focus for us moving forward.

我們正在研究領導團隊關注的工作小組的另一件事是，我們如何為早期和長期更新建立更好的激勵措施，並利用我們長期以來建立的關係來執行這一目標。這絕對是我們前進的核心焦點。

And just to help you size the events, right now, the biggest impact will be seen in 2025 as it was a partial event in Q4. It was approximately $5 million in the fourth quarter. And without this, we will have seen much higher growth rates in the fourth quarter and obviously an acceleration from the third quarter. But I think the right way to think about for 2025 is probably around $18 million impact next year and mostly lapping in Q4 of next year.

為了幫助您確定事件的規模，目前最大的影響將出現在 2025 年，因為它是第四季度的部分事件。第四季約 500 萬美元。如果沒有這一點，我們將看到第四季度的成長率要高得多，並且明顯比第三季加速。但我認為，考慮 2025 年的正確方法可能是明年產生約 1800 萬美元的影響，並且大部分在明年第四季完成。

Okay. Got it. And then, I guess, congrats on the large upsell to -- for Policy Protect. Any way you can size what that uplift represented to ACV for that client? I guess, I'm just curious, how this meaningful win compares to what I think you previously said is maybe like a 10% to 30% ACV uplift that you think you can get from these additional products like policy protect and dispute resolve. So just generally, what you're seeing as you start to find more of a rhythm in these cross-sells in terms of the ACV uplift?

好的。知道了。然後，我想，祝賀政策保護的大幅追加銷售。您可以透過什麼方式來衡量該客戶對 ACV 的提升程度？我想，我只是很好奇，與我認為您之前所說的相比，這一有意義的勝利如何，您認為您可以從政策保護和爭議解決等附加產品中獲得10% 到30% 的ACV 提升。那麼一般來說，當您開始在這些交叉銷售中找到 ACV 提升的更多節奏時，您會看到什麼？

You're right. I think historically, we've said kind of 10% to 20%, maybe on the higher end, it was 10% to 30%. This specific deal is actually much bigger than that as a percent of ACV. I wouldn't get ahead of our skis and go updating all the models. We think it's a great proof point, but it's not something that we're seeing as common right now.

你說得對。我認為從歷史上看，我們說過 10% 到 20%，也許更高端，是 10% 到 30%。這筆具體交易實際上比 ACV 的百分比大得多。我不會超越我們的滑雪板去更新所有的型號。我們認為這是一個很好的證據，但目前我們認為這並不常見。

I think maybe the more interesting opportunity is that this is a very large merchant where we actually have a subset of the chargeback volume. So we think potentially as we scale policy and becomes more successful, there's definitely more bundling opportunities and platform opportunities which can drive acceleration on both end. So I think that's really exciting for us.

我認為也許更有趣的機會是，這是一個非常大的商家，我們實際上擁有退款量的子集。因此，我們認為，隨著我們擴大政策範圍並變得更加成功，肯定會有更多的捆綁機會和平台機會，可以推動兩端的加速。所以我認為這對我們來說真的很令人興奮。

Ramsey El-Assal, Barclays.

拉姆齊·阿薩爾，巴克萊銀行。

This is Owen on for Ramsey. I appreciate you taking our question this morning. You called out weakness in kind of luxury and home goods, but you also have some good wins in newer categories such as Remittances, seeing good growth with kind of grocers come to the platform as well. Just interested in your kind of capacity to grow wallet share on your kind of land and expand strategy within those sort of faster-growing new logo verticals. Any kind of context there would be helpful.

這是歐文替補拉姆齊。感謝您今天早上回答我們的問題。您指出了奢侈品和家居用品方面的弱點，但您在匯款等新類別中也取得了一些不錯的成績，看到雜貨店也進入該平台取得了良好的增長。只是對您在自己的土地上增加錢包份額的能力感興趣，並在那些增長更快的新徽標垂直行業中擴展策略。任何類型的背景都會有幫助。

Yes. So I would say, broadly, we're really happy with how the new business has been tracking. And if you remember, I think we mentioned a few quarters ago that we're making a conscious effort to diversify from kind of the discretionary areas to have a more kind of resilient and diversified business in some of these categories.

是的。所以我想說，總的來說，我們對新業務的進展非常滿意。如果你還記得的話，我想我們在幾個季度前提到過，我們正在有意識地努力實現多元化，從可自由支配的領域轉向在其中一些類別中擁有更具彈性和多元化的業務。

Groceries, food and remittance that we focused on, we're definitely starting to see the success there. And in areas where we have had this initial success historically, like live events and like luxury fashion, we've been able to build a very kind of unique and differentiated network.

我們專注於雜貨、食品和匯款，我們肯定已經開始看到那裡的成功。在我們歷史上取得初步成功的領域，例如現場活動和奢侈時尚，我們已經能夠建立一個非常獨特和差異化的網路。

So kind of leveraging the early successes to capture more. I think the dynamics around increasing wallet share within our existing clients and also adding newer clients are very similar right now with grocery and remittance to some of the other categories. So yes.

因此，利用早期的成功來獲得更多。我認為，增加現有客戶的錢包份額以及增加新客戶的動態與目前的雜貨和匯款到其他一些類別非常相似。所以是的。

Understood. And just a quick follow-up on that kind of implied Q4 revenue growth rate. Just interested, you called out maybe kind of $5 million from that merchant getting kind of pulled out. But just interested on kind of anything else that's baked into kind of that Q4, some of that macro deceleration that you called out last quarter and anything else as we exit into 2025 would be helpful as well?

明白了。這只是對第四季度隱含收入成長率的快速跟進。只是有興趣，你從那個被撤資的商人那裡打電話說可能有 500 萬美元。但只是對第四季度中包含的其他內容感興趣，您上季度提到的一些宏觀減速以及我們進入 2025 年的其他內容也會有幫助嗎？

Yes, of course, Owen, thank you for the question. So when we reported in Q2 in August, early in August, we talked about some trends that we've seen around travel and fashion. And I was actually pleasantly surprised at the end of the quarter, things reversed a bit, especially in the live events space.

是的，當然，歐文，謝謝你的提問。因此，當我們在八月初的第二季度進行報告時，我們討論了我們在旅行和時尚方面看到的一些趨勢。事實上，我在本季末感到驚喜，事情發生了一些逆轉，尤其是在現場活動領域。

But also in travel, things turned out to be much more active than we thought. And that helped us actually outperform in the quarter. Also positively kind of thinking and looking at the first few weeks in November and the month of October, we've seen this activity continue to persist.

但在旅行方面，事情也比我們想像的要活躍得多。這實際上幫助我們在本季度取得了優異的表現。同樣積極地思考並觀察 11 月和 10 月的前幾週，我們看到這種活動繼續持續下去。

And this is like overall positive trends for these categories and for the year kind of helping us push through some of the outperformance towards the annual guide. In terms of fashion, I think that we've just seen maybe more of the same, maybe kind of a little bit worse actually than what we previously said. So -- and it's just in the same categories that we've been mentioning like high-end fashion and sneakers. It's difficult in this category and we are kind of like factoring in this in Q4 as well.

這就像這些類別和今年的整體積極趨勢一樣，幫助我們在年度指南中取得一些優異的表現。就時尚而言，我認為我們剛剛看到的可能比我們之前所說的更多相同，甚至可能更糟。所以——它與我們一直提到的高端時裝和運動鞋屬於同一類。在這個類別中這很困難，我們也想在第四季度考慮到這一點。

And lastly, I'm very happy with our performance from our new logos, continuing to kind of expand our penetration in new markets and this is kind of seen in the numbers where predominantly the growth continues to be kind of driven by new merchant generation.

最後，我對我們的新標誌的表現感到非常滿意，我們繼續擴大我們在新市場的滲透率，這從數字中可以看出，成長主要繼續由新一代商人推動。

Cris Kennedy, William Blair.

克里斯甘迺迪，威廉布萊爾。

Just a follow-up on the last question. Any way to think about the growth profile in 2025 given the customer loss and some of the emerging categories?

只是最後一個問題的後續。考慮到客戶流失和一些新興類別，有什麼方法可以考慮 2025 年的成長狀況嗎？

Cris, sure. So let me start off. The things that are working well are the new merchant wins and additions, right? I think we mentioned that already nine months into the year, we've already increased the amount of new logos worth over $1 million, diversification of the client base. So seeing a lot of good success there.

克里斯，當然。那麼就讓我開始吧。運作良好的是新商家的勝利和增加，對嗎？我想我們提到過，今年已經九個月了，我們已經增加了價值超過 100 萬美元的新標誌數量，實現了客戶群的多元化。所以在那裡看到了很多成功的案例。

On the -- net of this kind of one-off churn event, seen a slightly more competitive environment overall and probably just a bit more related to an uneven kind of macro landscape. And I think that on the macro side, I don't think there's any kind of difference or anticipation into '25 on our end.

在這種一次性客戶流失事件的網路上，我們看到了整體上競爭稍微激烈一些的環境，並且可能與不平衡的宏觀環境更相關。我認為，從宏觀角度來看，我認為我們對 25 年沒有任何差異或預期。

Obviously, hoping for improvements, but nothing baked into the model. So I think that's how we're thinking about the build for next year right now.

顯然，希望有所改進，但模型中沒有任何內容。所以我認為這就是我們現在考慮明年建設的方式。

Okay. And any updated thoughts on your 2026 EBITDA margin goals of 15% to 20%?

好的。對於 2026 年 15% 至 20% 的 EBITDA 利潤率目標有什麼最新想法嗎？

Sure. No, I would say, that's definitely still kind of our North Star in marching order. Again, obviously, this is -- this merchant churn would be a setback to that, but we still think it's achievable based on some of the strength and success we've had in other areas. And in kind of over two years, we have to achieve those targets, we continue to feel confident in our ability to reach them.

當然。不，我想說，這絕對仍然是我們的北極星行進順序。顯然，這種商人流失將是一個挫折，但我們仍然認為，基於我們在其他領域的一些實力和成功，這是可以實現的。在兩年多的時間裡，我們必須實現這些目標，我們仍然對實現這些目標的能力充滿信心。

Terry Tillman, Truist Securities.

特里·蒂爾曼，Truist 證券公司。

This is Connor Passarella on for Terry. Just curious, the first one, any indication so far about the strength of the holiday season? Just any commentary you can provide on what maybe merchants are seeing or what they expect to see in terms of consumer strength? And then maybe how that impacts your thoughts around growth into the end of the year versus continued new logo activity being strong?

我是特里的康納·帕薩雷拉。只是好奇，第一個，到目前為止，有任何跡象表明假期的強度嗎？您能否對商家可能看到的情況或他們期望在消費者實力方面看到的情況提供任何評論？那麼，這可能會如何影響您對年底成長與持續強勁的新標誌活動的看法？

Yes, Terry, thank you for the question. So just looking at what we see on our end broadly for Q4, but also some of the industry reports that have been reporting for the holiday season. All in all, we expect a healthy season, a healthy holiday season.

是的，特里，謝謝你的提問。因此，只要看看我們在第四季度的整體情況，以及一些關於假期季節的行業報告。總而言之，我們期待一個健康的季節，一個健康的假期。

And I wouldn't call it like extraordinarily strong or -- but overall positive. And I don't have enough view to understand how the sales season is kind of being aligned in terms of timing. Sometimes there's pre-sales that kind of last longer and maybe the few days that it is just the actual holiday are softer. I don't have a view of this yet, but all in all, we do expect a healthy holiday season.

我不會稱其為異常強勁或——但總體而言是積極的。我沒有足夠的觀點來理解銷售季節在時間上是如何協調的。有時預售會持續更長的時間，也許真正的假期的那幾天會比較溫和。我對此還沒有看法，但總而言之，我們確實期待一個健康的假期。

Got it. Okay. And then as a follow-up, just around the operating expense discipline and the focused investment there. Could you maybe just speak to where you're investing and what kind of projects you're seeing having a pretty high ROI, either from a go-to-market perspective or maybe a product platform perspective?

知道了。好的。然後作為後續行動，圍繞營運費用紀律和重點投資。您能否從進入市場的角度或產品平台的角度談談您正在投資的地方以及您認為哪些類型的項目具有相當高的投資回報率？

I would say, just taking a step back, I think over the past two years, we've really been focused on kind of increasing throughput, whether it's leveraging AI tools internally to increase productivity, looking at all the various bottlenecks and automating them so that we have more throughput from our existing team. So I think overall, that's been like a very successful enterprise for us.

我想說，退後一步，我認為在過去的兩年裡，我們確實專注於提高吞吐量，無論是在內部利用人工智慧工具來提高生產力，還是查看所有各種瓶頸並將其自動化，以便我們現有團隊的吞吐量更高。所以我認為總的來說，這對我們來說是一個非常成功的企業。

Most of our investments right now on the product side is definitely on expanding the platform. And just based on the demand that we're seeing, investing in those products and in the key areas that are showing the most success.

我們現在在產品方面的大部分投資肯定是在擴展平台上。只是根據我們所看到的需求，投資這些產品以及最成功的關鍵領域。

And when I think about probably the sales and marketing team, a lot of it has been on kind of growth and lead generation, especially in those newer verticals and attacking some of those non-discretionary areas as well.

當我想到銷售和行銷團隊時，許多工作都集中在成長和潛在客戶開發上，特別是在那些較新的垂直領域，以及攻擊一些非自由裁量領域。

Reggie Smith, JPMorgan.

雷吉史密斯，摩根大通。

I guess, I wanted to follow-up on the client loss. And I wanted to confirm that it was an expiring contract and not just kind of a cancellation mid-contract. I was curious, when you heard about that loss. And I guess, I'm asking because I was somewhat surprised at how quickly they were able to migrate off. And maybe any color you could add around that would be great. And I have a few follow-ups.

我想，我想跟進客戶的流失。我想確認這是一份即將到期的合同，而不僅僅是合約中途取消的合約。當你聽到那次損失時，我很好奇。我想，我這麼問是因為我對它們能夠如此迅速地遷移感到有些驚訝。也許你可以在周圍添加任何顏色都會很棒。我還有一些後續行動。

Sure. So it was an end of a contract. It was not mid-contract. We knew about it during this quarter, which is during Q4. And the last piece around the reduced submission, so like we mentioned, this is a client that's already tested a lot of different models over the years and had four to five different vendors integrated. So I think because of that, it was relatively easier for them to adopt this newer strategy.

當然。所以這是合約的終止。這還不是合約中期。我們在本季（即第四季）就知道了這一點。關於減少提交的最後一部分，就像我們提到的那樣，這個客戶多年來已經測試了很多不同的模型，並且整合了四到五個不同的供應商。所以我認為正因為如此，他們相對更容易採用這種新的策略。

Got it. And thinking about, it sounds like you guys are going to stay close with them and they may come back if it doesn't work out. The reintegration process, we never kind of experienced that with you guys, but I know you guys integrate very deeply with the website and the checkout experience. Would it be easier or easy -- relatively easy for you to reactivate that if they decided to come back?

知道了。想一想，聽起來你們會和他們保持密切聯繫，如果他們不成功他們可能會回來。重新整合的過程，我們從來沒有和你們一起經歷過，但我知道你們與網站和結帳體驗融合得非常深入。如果他們決定回來，你重新啟動它會更容易還是容易——相對容易嗎？

Yes. So that would be similar to what we've already done with this merchant historically where we've had these instances, correct.

是的。因此，這將類似於我們歷史上對這個商人所做的事情，我們曾經有過這些實例，正確的。

Understood. Okay. And then one more just kind of big picture question. With all the interest in AI and ML, I was curious, if your capabilities could be repurposed beyond retail? If there's a use case or an expertise that could possibly be monetized in other ways. Obviously, you're doing Policy Protect, but just thinking more broadly, is there something else that your capabilities lend themselves well to?

明白了。好的。然後又是一個大局問題。由於對人工智慧和機器學習很感興趣，我很好奇，您的能力是否可以重新用於零售以外的領域？是否存在可以透過其他方式貨幣化的用例或專業知識。顯然，您正在執行策略保護，但更廣泛地思考，您的能力是否還適合做其他事情？

Yes. So taking a step back, we really believe that our capabilities are in machine learning -- or sorry, I should say, AI right now on building these models, leveraging our large data set and consortium of merchants, spinning up models, optimizing them, leveraging new data to update them.

是的。因此，退一步說，我們確實相信我們的能力在於機器學習——或者抱歉，我應該說，人工智慧現在正在建立這些模型，利用我們的大數據集和商家聯盟，旋轉模型，優化它們，利用新數據來更新它們。

So we call that our machine learning factory. And to your point, right now, we're focused on -- we initially started by focusing on looking at a transaction and understanding if it's fraudulent or not. We've expanded that to look at a transaction or I should say an identity in understanding if it's abusive or not.

所以我們稱之為機器學習工廠。就你的觀點而言，我們現在的重點是——我們最初是從關注交易並了解其是否存在欺詐開始的。我們已經將其擴展為查看交易，或者我應該說身份，以了解它是否是濫用行為。

We're expanding that to give merchants self-service tools to leverage our identity engine, to use that to build their own kind of policy and ways to manage their business. So we definitely see a lot of additional applications here.

我們正在擴展它，為商家提供自助服務工具來利用我們的身分引擎，利用它來建立自己的政策和管理業務的方式。所以我們肯定會在這裡看到很多額外的應用程式。

Again, just from a competitive perspective, I don't want to outline all of them right now. But that's how we think about it long-term, the suite of services enabled by AI for enterprise e-commerce clients.

再次強調，僅從競爭的角度來看，我現在不想概述所有這些內容。但這就是我們長期思考的方式，即人工智慧為企業電子商務客戶提供的一套服務。

Got it. Is there anything like potentially on the demand side? So like knowing all the data or recognizing all the data that you have like to drive incremental sales, is there anything on the road map or does that even make sense to you guys?

知道了。需求方面是否有類似的潛在情況？那麼，就像了解所有數據或識別您想要推動增量銷售的所有數據一樣，路線圖上有什麼內容嗎？

Again, there are a lot of things that you could use the predictive capabilities and the data that we have to make a smarter outcome for these enterprise e-commerce clients. And I think, hopefully, we can share more in the quarters ahead about the next big thing.

同樣，您可以使用我們的預測功能和數據為這些企業電子商務客戶提供更明智的結果。我認為，希望我們能夠在未來幾季分享更多關於下一件大事的資訊。

And I'm not showing any further questions at this time. I'd like to turn the call back to Eido Gal for any closing remarks.

目前我不會提出任何進一步的問題。我想將電話轉回給 Eido Gal，讓其發表結束語。

All right. Thank you, everyone, for joining this call, and I look forward to updating you on our progress in the quarters ahead.

好的。感謝大家參加本次電話會議，我期待向您通報我們未來幾季的最新進展。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect. And have a wonderful day.

女士們、先生們，今天的演講到此結束。您現在可以斷開連線。祝你有美好的一天。