Research Solutions Inc (RSSS) 2023 Q4 法說會逐字稿

Good afternoon and welcome to the Research Solutions' fourth-quarter 2023 earnings conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加研究解決方案 2023 年第四季財報電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Steven Hooser, Investor Relations. Please go ahead.

我現在想將會議交給投資者關係部門的 Steven Hooser。請繼續。

Thank you, Gary, and good afternoon, everyone. Thank you for joining us today for Research Solutions' fourth-quarter and full year fiscal 2023 earnings call. On the call with me today are Roy W. Olivier, President and Chief Executive Officer; and Bill Nurthen, Chief Financial Officer.

謝謝你，加里，大家下午好。感謝您今天參加 Research Solutions 的第四季和 2023 財年全年財報電話會議。今天與我通話的是總裁兼執行長 Roy W. Olivier；和財務長 Bill Nurthen。

After the market closed this afternoon, the company issued a press release announcing its results for the fourth-quarter and full year fiscal 2023. The release is available on the company's website at researchsolutions.com.

今天下午收盤後，該公司發布了一份新聞稿，宣布了 2023 財年第四季度和全年業績。該新聞稿可在該公司網站 Researchsolutions.com 上查閱。

Before Roy and Bill begin their prepared remarks, I would like to remind you that some of the statements made today will be forward-looking and are made under the Private Securities Litigation Reform Act of 1995 actual results may differ materially from those expressed or implied due to a variety of factors. We refer you to Research Solutions' recent filings with the SEC for a more detailed discussion of the risks that could impact the company's future operating results and financial condition.

在羅伊和比爾開始準備好的發言之前，我想提醒您，今天發表的一些陳述具有前瞻性，並且是根據1995 年《私人證券訴訟改革法案》做出的，實際結果可能與明示或暗示的結果存在重大差異。受多種因素影響。我們建議您參閱 Research Solutions 最近向 SEC 提交的文件，以更詳細地討論可能影響該公司未來營運績效和財務狀況的風險。

Also on today's call, management will reference certain non-GAAP financial measures, which we believe provide useful information for investors. A reconciliation of those measures to GAAP measures is included in the earnings press release issued this afternoon.

此外，在今天的電話會議上，管理層還將參考某些非公認會計準則財務指標，我們相信這些指標為投資者提供了有用的信息。今天下午發布的收益新聞稿中包含了這些措施與公認會計準則措施的調整。

Finally, I would like to remind everyone that this call will be recorded and made available for replay via the link on the company's website. I would now like to turn the call over to Roy W. Olivier. Roy?

最後，我想提醒大家，這次通話將會被錄音，並可透過公司網站上的連結重播。我現在想把電話轉給羅伊·W·奧利維爾。羅伊？

Thank you, Stephen, and thanks to everyone joining us for our fourth-quarter and fiscal 2023 results. Our results for the full year were positive in several respects, and we accomplished several things that lay the groundwork for continued progress in FY or fiscal '24 and beyond. I'll review these in detail after Bill's full report on our financial results.

謝謝你，史蒂芬，也感謝所有與我們一起分享我們第四季和 2023 財年業績的人。我們全年的業績在多個方面都是積極的，我們完成了幾項工作，為 24 財年或 24 財年及以後的持續進展奠定了基礎。在比爾關於我們的財務表現的完整報告之後，我將詳細審查這些內容。

I'm proud of the team's efforts in generating nice organic growth, completing and integrating an acquisition, generating GAAP profitability and generating record adjusted EBITDA and cash, all while continuing to deliver new products and new features to our customers. In addition, on July 31, we announced the acquisition of ResoluteAI, an advanced search platform with knowledge management tools powered by AI and NLP technologies. We're excited about the medium and long-term prospects of this acquisition.

我為團隊在實現良好的有機成長、完成和整合收購、產生 GAAP 盈利能力以及創紀錄的調整後 EBITDA 和現金方面所做的努力感到自豪，同時繼續向我們的客戶提供新產品和新功能。此外，7月31日，我們宣布收購ResoluteAI，這是一個先進的搜尋平台，配備由人工智慧和自然語言處理技術支援的知識管理工具。我們對此次收購的中長期前景感到興奮。

In terms of expanding the number of solutions we can sell to our customers, expanding our TAM and growing ARR through cross-selling ResoluteAI's capabilities into our broad base of customers. I'll speak more about our accomplishments and the unique opportunities this acquisition provides shortly. But first, I'd like to pass it over to Bill to walkthrough our fiscal fourth quarter and 2023 year-end financial results in detail. Bill?

在擴大我們可以向客戶銷售的解決方案數量方面，透過向我們廣泛的客戶群交叉銷售 ResoluteAI 的功能，擴大我們的 TAM 並提高 ARR。我很快就會更多地談論我們的成就以及這次收購提供的獨特機會。但首先，我想請 Bill 詳細介紹我們第四財季和 2023 年底的財務表現。帳單？

Thank you, Roy, and good afternoon, everyone. I will begin with a recap of our results for the fourth quarter of fiscal 2023.

謝謝羅伊，大家下午好。我將先回顧 2023 財年第四季的業績。

Our total revenue was approximately $10 million, a 16% increase from the fourth quarter of fiscal 2022. In the last two quarters, we have now generated over $20 million in total revenue. Our platform subscription revenue increased 22% to $2.3 million, primarily driven by upsells in our existing customer base and a net increase of platform deployments from last year, including a net gain of 20% in the fourth quarter.

我們的總營收約為 1,000 萬美元，比 2022 財年第四季成長 16%。在過去兩個季度，我們的總營收現已超過 2,000 萬美元。我們的平台訂閱收入成長了 22%，達到 230 萬美元，主要是由於我們現有客戶群的追加銷售以及去年平台部署的淨成長，包括第四季 20% 的淨成長。

We ended the quarter with $9.4 million in annual recurring revenue or ARR up approximately 4% sequentially and 19% year over year, reflecting continued but slower growth in the economic environment where we are currently experiencing a few customers tightening their budgets and some elevated churn within our existing customer base. Please see today's press release for how we define and use annual recurring revenue and other non-GAAP terms. Our transaction revenue increased 15% to approximately $7.7 million from $6.7 million in the fourth quarter of 2022, a little over 9% of that growth was organic and the rest of it was coming from customers acquired as part of the FIZ transaction.

本季末，我們的年度經常性收入(ARR) 為940 萬美元，環比增長約4%，同比增長19%，反映出經濟環境持續但緩慢的增長，目前我們正經歷一些客戶收緊預算以及內部客戶流失率上升的情況。我們現有的客戶群。請參閱今天的新聞稿，以了解我們如何定義和使用年度經常性收入和其他非公認會計準則術語。我們的交易收入從 2022 年第四季的 670 萬美元增長了 15%，達到約 770 萬美元，其中略高於 9% 的增長是有機增長，其餘部分來自作為 FIZ 交易的一部分獲得的客戶。

Our total active customer count for the quarter was 1,404 compared to 1,213 from the same period a year ago. The increase in customer count is primarily related to the acquisition of certain customer contracts from the FIZ transaction in the second quarter of fiscal 2023, which became effective in our third quarter of fiscal 2023.

本季我們的活躍客戶總數為 1,404 人，去年同期為 1,213 人。客戶數量的增加主要與 2023 財年第二季 FIZ 交易中獲得的某些客戶合約有關，該合約於 2023 財年第三季生效。

Gross margin for the fourth quarter was 39.4%, a 110-basis point improvement over the fourth quarter of 2022. The increase was due to the ongoing revenue mix shift towards our higher margin platforms business. The platform business recorded gross margin of 88.1%, an 80-basis point improvement from the prior year quarter as we continue to be able to service more customers with proportionately lower labor costs. Gross margin in our transaction business increased 20 basis points from the prior year fourth quarter to 24.7%. The increase was primarily related to again, our ability to service more transaction revenue with proportionately lower labor costs.

第四季的毛利率為 39.4%，比 2022 年第四季提高了 110 個基點。這一成長是由於收入組合持續向利潤率更高的平台業務轉變。平台業務毛利率為 88.1%，較上年同期提高 80 個基點，因為我們繼續能夠以相對較低的勞動力成本為更多客戶提供服務。我們交易業務的毛利率比去年第四季成長了20個基點，達到24.7%。這一增長主要與我們以相對較低的勞動力成本提供更多交易收入的能力有關。

Total operating expenses in the quarter were $3.7 million, a slight decrease from the prior year quarter. We experienced lower costs in pretty much all operating expense categories, which were offset by an increase in stock compensation expense related to the new long-term executive restricted stock plan implemented in the second quarter of this fiscal year. Recall that the long-term stock plan is one which restricted shares only vest, if higher market prices for the company stock are retained.

該季度的總營運費用為 370 萬美元，比去年同期略有下降。我們幾乎所有營運費用類別的成本都降低了，但與本財年第二季實施的新的長期高階主管限制性股票計畫相關的股票補償費用的增加抵消了這一點。回想一下，長期股票計劃是一種僅在公司股票保留較高市場價格的情況下才授予限制性股票的計劃。

Net income for the quarter was $376,000 or $0.01 per diluted share compared to a loss of $438,000 or $0.01 per share in the prior year quarter. This represents two consecutive quarters of positive GAAP net income and three quarters in the last four with such a result. Adjusted EBITDA for the quarter was $825,000 compared to a negative $121,000 result in the year ago quarter.

本季淨利為 376,000 美元，即稀釋後每股收益 0.01 美元，而去年同期虧損 438,000 美元，即每股虧損 0.01 美元。這意味著連續兩個季度的 GAAP 淨利潤為正值，並且在過去四個季度中有三個季度出現這樣的結果。本季調整後 EBITDA 為 825,000 美元，而去年同期為負 121,000 美元。

Now turning to the full fiscal year 2023. Total revenue increased 14.5% to $37.7 million compared to $32.9 million in fiscal 2022. As mentioned in the press release, this growth rate is the highest the company has experienced in over a decade and is the first double digit growth rate since that time as well.

現在轉向2023 財年整個財年。總營收成長14.5%，達到3,770 萬美元，而2022 財年為3,290 萬美元。正如新聞稿中提到的，這一增長率是該公司十多年來經歷的最高成長率，也是首次自那時以來也以兩位數的成長率成長。

Our platform subscription revenue for the full year increased 28% year over year to $8.7 million. ARR was $9.4 million compared to $7.9 million at the end of fiscal 2022. Total platform deployment as of June 30 were 835, a net increase of 102 deployments or 14% from a year ago.

我們全年的平台訂閱收入年增 28% 至 870 萬美元。 ARR 為 940 萬美元，而 2022 財年末為 790 萬美元。截至 6 月 30 日，平台部署總數為 835 個，比一年前淨增加 102 個部署，增幅為 14%。

As I mentioned in my remarks regarding Q4, we did experience some slowing and overall platform growth as we move through the fiscal year, primarily due to elevated churn, which was more pronounced in certain customer segments like biotech. However, we continue to believe that this is more macroeconomic related, as we are not experiencing a material change in losses to competitors. It is more situations where customers are either being acquired, going out of business, or simply choosing to do without a third-party product to manage their research process.

正如我在第四季度的演講中提到的，隨著本財年的推移，我們確實經歷了一些放緩和整體平台增長，這主要是由於客戶流失率上升，這在生物技術等某些客戶領域更為明顯。然而，我們仍然認為這與宏觀經濟更為相關，因為我們對競爭對手的損失並沒有發生重大變化。在更多情況下，客戶要么被收購，要么倒閉，或者只是選擇不使用第三方產品來管理他們的研究流程。

Transaction revenue for the fiscal year was $29 million, an 11% increase from fiscal 2022. The FIZ acquisition contributed to this growth; however, the growth was primarily organic. This is exciting, as we've been speaking about an inflection point in our business where the amount of new platform customers onboarded will be such that our transaction revenues, which have been flat to down historically would start to grow again.

本財年的交易收入為 2,900 萬美元，比 2022 財年增長 11%. FIZ 收購促成了這一增長；然而，成長主要是有機成長。這是令人興奮的，因為我們一直在談論我們業務的轉折點，新平台客戶的加入量將使我們的交易收入（歷史上一直持平甚至下降）將開始再次成長。

We appear to be in a place now where transactions can grow. And as we experienced that growth, we are doing at a slightly better margin.

我們現在似乎處於交易量可以成長的地方。當我們經歷這種成長時，我們的利潤率略有提高。

As we look at gross margin for the full fiscal year 2023. Gross margin was 39%, a 250-basis point increase from the previous year. The result was due to the ongoing mix shift of platform revenue; however, it was also due to expansion in gross margin in both our platform and transaction business lines.

我們來看看 2023 年整個財年的毛利率。毛利率為 39%，比前一年增長了 250 個基點。其結果是由於平台收入的持續組合轉變所致；然而，這也是由於我們的平台和交易業務線毛利率的擴大。

Gross margin for the platform business was 88.2% compared to 86.2% in fiscal 2022. This was primarily due to lower software costs and proportionately lower labor costs in the survey stating this revenue.

平台業務的毛利率為 88.2%，而 2022 財年為 86.2%。這主要是由於軟體成本下降，以及在該收入調查中相應降低的勞動力成本。

Gross margin in our transaction business was 24.3% compared to 23.6% in fiscal 2022. This was due to lower labor cost to services revenue as well as some pricing initiatives, which served to expand our copyright margins.

我們交易業務的毛利率為 24.3%，而 2022 財年為 23.6%。這是由於服務收入的勞動成本降低以及一些定價措施擴大了我們的版權利潤率。

Total operating expenses in fiscal 2023 were $14.5 million compared to $13.7 million in the prior fiscal year. Excluding stock compensation expense, operating expenses were essentially flat compared to fiscal 2022, and this includes roughly $200,000 in recruiting expenses in fiscal year 2023 that are not likely to repeat going forward.

2023 財年的總營運支出為 1,450 萬美元，而上一財年為 1,370 萬美元。不包括股票薪酬費用，營運費用與 2022 財年基本持平，其中包括 2023 財年約 20 萬美元的招聘費用，這些費用今後不太可能重複。

Net income for fiscal 2023 was $573,000 or $0.02 per diluted share compared to a loss of $1.6 million or $0.06 per share in the prior year. This was the first time since 2015, the company recorded a GAAP profit and it was a true operational profit, whereas in the past, such profit typically related to some unique or one-time items.

2023 財年的淨利為 573,000 美元，或稀釋後每股 0.02 美元，而前一年虧損 160 萬美元，或每股 0.06 美元。這是該公司自 2015 年以來首次錄得 GAAP 利潤，而且是真正的營運利潤，而在過去，此類利潤通常與一些獨特或一次性項目相關。

Adjusted EBITDA in fiscal 2023 was $2 million compared to a negative $374,000 in the previous fiscal year. The result of over $2 million in adjusted EBITDA for fiscal year 2023 is a company record.

2023 財年調整後 EBITDA 為 200 萬美元，而上一財年為負 374,000 美元。 2023 財年調整後 EBITDA 超過 200 萬美元，創下公司紀錄。

Turning to our balance sheet, the aforementioned profit and cash flow did lead to an increase in cash. The company generated $3.4 million in cash flow from operations in fiscal year 2023, which is also a company high achievement. Cash and cash equivalents as of June 30, 2023, was $13.5 million versus $10.6 million on June 30, 2022. There were no outstanding borrowings under our $2.5 million revolving line of credit, and we have no long-term debt or liabilities.

轉向我們的資產負債表，上述利潤和現金流確實導致了現金的增加。該公司在2023財年產生了340萬美元的營運現金流，也是公司的最高成就。截至2023 年6 月30 日，現金及現金等價物為1,350 萬美元，而2022 年6 月30 日為1,060 萬美元。我們的250 萬美元循環信貸額度下沒有未償還借款，且我們沒有長期債務或負債。

On July 31, we announced the acquisition of ResoluteAI for a total closing consideration of $2.9 million, which includes certain holdback items related to working capital. The transaction had an earn-out based upon 3.5 times the level of ARR. On the date that is 18 months from the close date less than enterprise value of $3.2 million. At close, they had $1.3 million of ARR.

7 月 31 日，我們宣布以 290 萬美元的總成交價收購 ResoluteAI，其中包括與營運資金相關的某些保留項目。該交易的盈利是 ARR 水平的 3.5 倍。自成交日起 18 個月內的日期少於 320 萬美元的企業價值。截至收盤時，他們的 ARR 為 130 萬美元。

As we look ahead, the proxy matter we are presently navigating through is definitely clouding our near-term outlook, as the expenses related to it are material and to some extent hard to quantify at this time. In addition, we closed the Resolute transaction in July.

展望未來，我們目前正在處理的代理問題肯定會給我們的近期前景蒙上陰影，因為與之相關的費用是巨大的，並且在某種程度上目前難以量化。此外，我們在 7 月完成了 Resolute 交易。

And as previously disclosed, we are continuing to work on two additional pending transactions. These items will all serve to increase our legal and professional service-related expenses quite materially in Q1. As a result, I would not expect us to be adjusted EBITDA positive or cash flow positive in Q1. Keep in mind, we also pay our executive bonuses for the prior fiscal year in our Q1 and last year, we only had $100,000 of positive cash flow in the first quarter.

正如之前所披露的，我們正在繼續處理另外兩筆懸而未決的交易。這些項目都將在第一季大幅增加我們的法律和專業服務相關費用。因此，我預計第一季調整後的 EBITDA 或現金流量不會為正。請記住，我們還在第一季支付上一財年的高階主管獎金，去年第一季我們只有 10 萬美元的正現金流。

When we report our Q1 numbers, we will provide a breakdown of proxy related and M&A related expenses to help give a clear picture of our operational performance. All of that said, I do not see anything that has fundamentally changed the profit or cash flow profile of our business.

當我們報告第一季數據時，我們將提供代理相關費用和併購相關費用的明細，以幫助清楚了解我們的營運表現。綜上所述，我認為沒有任何事情從根本上改變了我們業務的利潤或現金流狀況。

The things that I have mentioned are unique items impacting our business. And while material and expensive, they did not change the core of what we do or alter the long-term momentum of the business that we saw as we exited fiscal year 2023. We will put the proxy issues behind us and feel strongly that the foundation we are building through M&A in the early part of fiscal year 2024, will serve the business well as we move in the back half of this -- of that fiscal year and beyond.

我提到的這些都是影響我們業務的獨特項目。雖然材料和成本高昂，但它們並沒有改變我們所做的核心，也沒有改變我們在2023 財年結束時所看到的業務的長期勢頭。我們將把代理問題拋在腦後，並強烈地感覺到，我們的基礎我們正在 2024 財年初期通過併購進行建設，這將為我們在該財年後半段及以後的業務提供良好的服務。

I'll now turn the call back to Roy. Roy?

現在我將把電話轉回給羅伊。羅伊？

Thanks, Bill. As mentioned in my comments a few moments ago. There's been a tremendous amount of progress in several areas of the business over the past year, some show up in our results and some are laying the strategic groundwork for future results. I'll quickly walk you through some of those.

謝謝，比爾。正如我剛才在評論中提到的。在過去的一年裡，我們的業務在多個領域取得了巨大的進步，有些已經體現在我們的業績中，有些正在為未來的業績奠定策略基礎。我將快速引導您完成其中的一些內容。

On the transactional or Doc del side of the business. We completed the customer acquisition of FIZ, which helped to build on an already strong and profitable transaction business and is laying a foundation for new platform customers via cross and upsell. Fiz had about 400 customers, 300 agreed to move over to Research Solutions' and over 200 of those have purchased documents from us in the past six months.

在業務的交易或文件方面。我們完成了 FIZ 的客戶獲取，這有助於鞏固本已強大且盈利的交易業務，並透過交叉和追加銷售為新平台客戶奠定基礎。 Fiz 擁有約 400 名客戶，其中 300 名同意轉移到 Research Solutions，其中 200 多名在過去六個月內從我們這裡購買了文件。

As a reminder, that acquisition was a small upfront payment and is primarily funded through an earn-out, which essentially pays for itself. In addition, the incremental revenue from those customers is being serviced by our existing Doc del team. Our overall headcount in that area has declined as revenues have gone up.

提醒一下，這次收購是一筆小額預付款，主要透過收益來資助，基本上可以收回成本。此外，我們現有的 Doc del 團隊正在為這些客戶帶來的增量收入提供服務。隨著收入的增加，我們在該領域的總人數有所下降。

We recently reported the Royal Danish library customer win. Which is a symbolic -- which is symbolic of the success of our Article Galaxy scholar or AGS workflow solution that academic libraries worldwide expect to provide documents not covered by their entitlements and to reduce their overall costs.

我們最近報道了丹麥皇家圖書館客戶的勝利。這是一個象徵性的——這象徵著我們的 Article Galaxy 學者或 AGS 工作流程解決方案的成功，世界各地的學術圖書館希望提供其權利未涵蓋的文件並降低其總體成本。

The increase in hybrid OA or open access publishing titles may be partly responsible for opening this market niche for us. And we are working on several other opportunities in this segment. As a reminder, this will increase our Doc del revenue in the short term and provides a platform upsell opportunity to the participating libraries in the long term.

混合 OA 或開放取用出版物的增加可能是為我們打開這一市場利基的部分原因。我們正在該領域尋找其他幾個機會。提醒一下，這將在短期內增加我們的 Doc del 收入，並從長遠來看為參與的圖書館提供平台追加銷售機會。

Over the past year, we've also focused on building our B2C capability directly and through partnerships to drive traffic to Article Galaxy. We believe this is a key step, along our product lead growth strategy to onboard individuals and leverage them as top of funnel for enterprise deals. And as a growing user base for upsells, cross-sells of new individual and enterprise relevant products in both the corporate and academic space.

在過去的一年裡，我們也專注於直接建立 B2C 能力並透過合作夥伴關係來增加 Article Galaxy 的流量。我們相信，這是沿著我們的產品領先成長策略邁出的關鍵一步，讓個人加入並利用他們作為企業交易管道的頂部。隨著追加銷售的用戶群不斷成長，在企業和學術領域交叉銷售新的個人和企業相關產品。

We have approximately 20,000 B2C users landing on the platform monthly and are working to convert them to a Doc del sale, and eventually a platform customer. We recently upgraded our guest checkout workflows, which have increased Doc del revenue and have helped us identify those guest users. We believe that over time, a material percentage of those B2C users will upgrade to our SaaS product based on the conversion rates we have seen in fiscal year 2023.

我們每月約有 20,000 名 B2C 用戶登陸該平台，並正在努力將他們轉化為 Doc del sale，並最終成為平台客戶。我們最近升級了訪客結帳工作流程，這增加了 Doc del 收入並幫助我們識別這些訪客使用者。我們相信，隨著時間的推移，根據我們在 2023 財年看到的轉換率，這些 B2C 用戶中很大一部分將升級到我們的 SaaS 產品。

Regarding the platform products, we continue to make progress on the product side, delivering new features, including several new AI based features. Over the past year, we have added PICO label recognition and AI based recommendation engine and ChatGPT capability to our platform's.

在平台產品方面，我們不斷在產品方面取得進展，提供新功能，包括一些基於人工智慧的新功能。在過去的一年裡，我們在平台上添加了 PICO 標籤識別和基於人工智慧的推薦引擎以及 ChatGPT 功能。

PICO label recognition allows users to accelerate screening of documents by searching and highlighting PICO terms in the documents. As a reminder, PICO stands for patient population intervention comparison and outcome. The AI based recommendation engine allows users to see a list of documents like the one they are reviewing without them doing manual screening.

PICO標籤識別允許使用者透過搜尋和突出顯示文件中的PICO術語來加速文件的篩選。提醒一下，PICO 代表患者群體介入比較和結果。基於人工智慧的推薦引擎允許用戶查看他們正在審閱的文檔列表，而無需進行手動篩選。

Finally, our recently released ChatGPT solution allows for users to ask for summaries of an article or a group of articles in a few seconds, thus providing users a fast and easier way to gain confidence that the articles they even access are what they need. We will continue to see headwinds in the new sales, upsells, and churn parts of our business. But we have continued to invest in sales and marketing, believing that the economy will recover in the foreseeable future, and we want to be positioned to take advantage of that upswing.

最後，我們最近發布的ChatGPT 解決方案允許用戶在幾秒鐘內詢問一篇文章或一組文章的摘要，從而為用戶提供了一種快速、更簡單的方法，讓他們確信他們所訪問的文章正是他們所需要的。我們將繼續看到我們業務的新銷售、追加銷售和流失部分所面臨的阻力。但我們繼續投資於銷售和行銷，相信經濟將在可預見的未來復甦，我們希望能夠利用這一復甦。

In late fiscal year 2022, we invested in rebuilding the marketing department and have seen some impressive improvements. Including doubling our website traffic from fiscal '22 to '23, doubling our B2C Doc Del revenue from '22 to '23, reducing our platform average days to sale from 79 days at the beginning of the year to 34 days at the end of the year.

在 2022 財年末，我們投資重建了行銷部門，並取得了一些令人印象深刻的改進。包括將我們的網站流量從22 財年到23 財年翻一番，將我們的B2C Doc Del 收入從22 財年到23 財年翻一番，將我們的平台平均銷售天數從年初的79 天減少到年底的34 天。年。

We increased our e-mail open rates by over 8x during the year, we improved our sales funnel conversion from a lead to a book demo by 48% points. We grew demo requests by 68% during the year. We also improved our demos attended by double during the year. And lastly, we increased our B2C sign-ups by 87%, our social media following by 22%, and traffic to our blog by 130%.

這一年裡，我們的電子郵件開啟率提高了 8 倍多，我們的銷售管道從潛在客戶到圖書演示的轉換率提高了 48%。這一年我們的演示請求增加了 68%。我們也改進了這一年中雙倍參加的演示。最後，我們的 B2C 註冊量增加了 87%，社群媒體關注量增加了 22%，部落格流量增加了 130%。

While we continue to see a challenging environment in terms of platform sales related spending, we think the groundwork and progress we're making in these areas will help us bounce back as the economy improves. We also made several investments and operational improvements during the year that we think line us up well to grow ARR in the future.

雖然我們在平台銷售相關支出方面繼續面臨充滿挑戰的環境，但我們認為我們在這些領域取得的基礎和進展將幫助我們隨著經濟的改善而反彈。我們在這一年中也進行了多項投資和營運改進，我們認為這有助於我們未來提高 ARR。

Some of those are, we move the company into one CRM platform that services our new sales, upsell churn, and marketing teams. As part of that, we implemented a configure price and quote tool or CTQ tool for the new sales team and expect to launch that for the upsell and churn teams in October. We expect that tool to improve our close rates and the software acquisition journey for our customers.

其中一些是，我們將公司遷移到一個 CRM 平台，為我們的新銷售、追加銷售和行銷團隊提供服務。作為其中的一部分，我們為新銷售團隊實施了配置價格和報價工具或 CTQ 工具，並預計在 10 月為追加銷售和流失團隊推出該工具。我們希望該工具能夠提高我們的成交率以及客戶的軟體採購流程。

We also moved to a single more flexible software engineering team while also increasing our development capacity. We formally move the company to a scrum agile methodology for both product development and software engineering teams and this has resulted in increasing the number of software releases we do per year and will allow us greater flexibility and adaptability when needed.

我們也組建了一個更靈活的軟體工程團隊，同時也提升了我們的開發能力。我們正式將公司的產品開發和軟體工程團隊轉向 Scrum 敏捷方法，這導致我們每年發布的軟體版本數量增加，並使我們在需要時具有更大的靈活性和適應性。

For FY23, we also implemented OKRs for the full year for the first time to make sure the entire company is aligned around executing our operational plan. FYI we've been working under Andy Grove's, OKR framework. On the acquisition front, we've also stayed very active.

2023 財年，我們也首次實施了全年 OKR，以確保整個公司圍繞執行我們的營運計畫保持一致。僅供參考，我們一直在 Andy Grove 的 OKR 框架下工作。在收購方面，我們也保持著非常正面的態度。

As mentioned above, we successfully completed the FIZ customer acquisition and in July announced the acquisition of ResoluteAI. This will bring a variety of AI technologies and expertise to Research Solutions' growing product ecosystem that will increase our ability to provide solutions to a much larger range of users in the entire innovation value chain in our current markets, as well as new markets that we have typically not pursued.

如上所述，我們成功完成了 FIZ 客戶收購，並於 7 月宣布收購 ResoluteAI。這將為 Research Solutions 不斷發展的產品生態系統帶來各種人工智慧技術和專業知識，從而提高我們為當前市場以及我們未來市場的整個創新價值鏈中更廣泛的用戶提供解決方案的能力。通常不會追求。

In addition to providing solutions on the verticals we do not serve today. The ResoluteAI solution can provide solutions into 13 areas of the innovation value chain versus the four that we service today. This materially increases our total addressable market or TAM as we roll out these solutions.

除了提供我們目前不服務的垂直領域的解決方案之外。 ResoluteAI 解決方案可以為創新價值鏈的 13 個領域提供解決方案，而我們目前服務的領域只有 4 個。當我們推出這些解決方案時，這大大增加了我們的總目標市場或 TAM。

In the short term which we define as six months post-closing, we plan on integrating document delivery into the ResoluteAI platform. Integrating Resolute's advanced search into our platform and rolling out five new or improved workflows to cross-sell into our customer base. Those include clinical trial, key opinion leader, competitive landscaping, and technology landscaping modules, along with enhancing our capability with our systematic literature review product Curedatis. In short, ResoluteAI provides the foundation for expanding our SaaS software offerings, our AI capability, and our advanced search capability, all of which is critical to our ability to execute our long-term strategy.

在我們定義為交屋後六個月的短期內，我們計劃將文件交付整合到 ResoluteAI 平台中。將 Resolute 的高級搜尋整合到我們的平台中，並推出五個新的或改進的工作流程，以向我們的客戶群進行交叉銷售。其中包括臨床試驗、關鍵意見領袖、競爭景觀和技術景觀模組，以及透過我們的系統性文獻綜述產品 Curedatis 增強我們的能力。簡而言之，ResoluteAI 為擴展我們的 SaaS 軟體產品、人工智慧能力和進階搜尋能力提供了基礎，所有這些對於我們執行長期策略的能力至關重要。

As mentioned in our press release, a few weeks ago, we have two additional acquisitions in the LOI stage which could add about $4 million in recurring revenue. Both are growing and are generating positive EBITDA and cash flow and will deepen our ability to serve search and discovery, as well as knowledge management use cases, while extending market share in both corporate and academic markets. We expect to have more to report on those soon.

正如我們在新聞稿中提到的，幾週前，我們在意向書階段進行了兩項額外收購，這可能會增加約 400 萬美元的經常性收入。兩者都在成長，並產生積極的 EBITDA 和現金流，並將加深我們服務搜尋和發現以及知識管理用例的能力，同時擴大企業和學術市場的市場份額。我們預計很快會有更多相關報告。

While we continue to see what we think are short term headwinds in the business. We're excited about the progress we are making in many areas that will result in continued improvements in the business going forward.

雖然我們繼續看到我們認為的業務短期阻力。我們對我們在許多領域取得的進展感到興奮，這將導致未來業務的持續改進。

Regarding the proxy issue. Other than Bill's comments earlier, we have no news to report at this time. Management and the independent board members believe in our strategy, and we are continuing to make excellent progress in many areas. I remain very excited about our future.

關於代理問題。除了比爾之前的評論外，我們目前沒有任何消息可報告。管理階層和獨立董事會成員相信我們的策略，我們將繼續在許多領域取得出色的進展。我對我們的未來仍然感到非常興奮。

With that, I'd like to turn to turn the call back over to the operator for Q&A.

說到這裡，我想把電話轉回接線生進行問答。

Operator?

操作員？

(Operator Instructions) Richard Baldry, ROTH Capital.

（操作員指令）Richard Baldry，羅斯資本。

Thanks. In the recent past seasonality, Q1 revenues oscillate from a little bit up to a little bit down. Can you talk to, given the acquisition impacts and sort of macro backdrop? Yeah. How should we think about the likely sequential seasonality impact on the revenue side?

謝謝。在最近的季節性因素中，第一季收入從小幅上升到小幅下降波動。考慮到收購的影響和宏觀背景，您能談談嗎？是的。我們應該如何考慮季節性因素對收入方面可能產生的影響？

Bill do you want to address that one?

比爾，你想解決這個問題嗎？

Yeah, sure. I think we will see the same seasonal trends that we have seen in prior years with respect to each quarter. But I think our expectation is from a transaction perspective.

好，當然。我認為我們每個季度都會看到與前幾年相同的季節性趨勢。但我認為我們的期望是從交易的角度來看的。

The growth rates we've seen sort of in Q3 and Q4, I still think we'll still get, we can still achieve double-digit growth rates on transactions. But those double-digit growth rates will just be off what they were in the prior year Q1, which as you know, is usually a little bit of a step down from Q3 and Q4 just due to being in the summer.

我們在第三季和第四季看到的成長率，我仍然認為我們仍然會得到，我們仍然可以實現兩位數的交易成長率。但這些兩位數的成長率將僅低於去年第一季的水平，正如您所知，由於正值夏季，通常比第三季和第四季略有下降。

In terms of acquisitions. The Resolute product is much more expensive than our typical Article Galaxy products, so it's a larger lumpier sale. We don't expect a material impact from Resolute in Q1 in terms of new logos or new sales. So I don't -- I wouldn't expect a big uptick on Resolute in our Q1.

在收購方面。 Resolute 產品比我們典型的 Article Galaxy 產品貴得多，因此銷售量更大。我們預計第一季 Resolute 不會在新商標或新銷售方面產生重大影響。所以我不認為 Resolute 在第一季會大幅上漲。

Then in terms of modelling on the sales and marketing side, it came down sequentially fairly materially. Was that more productivity, driven bonus type driven, over accruals and reversals? Or there -- was there a meaningful change to headcount or marketing strategies that drove that? That we should factor in going forward?

然後，在銷售和行銷方面的建模方面，它連續相當實質地下降。是不是更高的生產力，驅動獎金類型驅動，超過應計和沖銷？或者，員工數量或行銷策略是否發生了有意義的變化，從而推動了這項變化？我們應該考慮未來的發展嗎？

Yeah, there wasn't a meaningful change to headcount and strategy, but Bill can comment on the accruals.

是的，員工人數和策略沒有發生有意義的變化，但比爾可以對應計費用發表評論。

Yeah. So I would not use Q4 as kind of a run rate Richy, we definitely -- as we go through the year, conservatively accrue for a number of our reps to hit over attainment and accelerators and things like that.

是的。因此，我不會使用第四季度作為運行率，里奇，我們絕對——在我們度過這一年的過程中，保守地為我們的一些代表積累了超過成就和加速器之類的東西。

And we just -- this year with some of the slowness in the back half of the year on the platform sales, they did not hit those accelerators. And so for a number of those accruals reversed in the fourth quarter; I will say this as Roy said, there's nothing fundamentally changed there. So it's not like expenses are going to go back up above where you've seen them before, but the effect in Q4 was more to accrual reversal.

我們只是 - 今年下半年平台銷售出現一些放緩，他們沒有達到這些加速器。因此，其中一些應計項目在第四季度發生了逆轉；我會像羅伊所說的那樣說，沒有什麼根本的改變。因此，支出不會回升至之前的水平之上，但第四季度的影響更多是應計逆轉。

Thanks. And then without obviously, talking to directly about what you're looking at under the LOIs. Are you talking about -- would they be market extensions or TAM expansions again or more similar to what you're doing now, more consolidation oriented?

謝謝。然後，在不明顯的情況下，直接談論您在意向書下看到的內容。您是在談論——它們是市場擴展還是 TAM 擴展，還是與您現在所做的更相似，更以整合為導向？

I think if you -- we did a Three Part Advisor conference about a month ago. There's a webcast of my presentation, which kind of reflects the new strategy and explains this in a little more detail. But basically, it will add some new capability we do not have even post-Resolute. It will materially enhance the capability that we have today with Research Solutions products and Resolute's products.

我想如果你——我們大約一個月前舉行了一次由三部分組成的顧問會議。我的演講有一個網路廣播，它反映了新策略並更詳細地解釋了這一點。但基本上，它將添加一些我們甚至在 Resolute 之後都沒有的新功能。它將極大地增強我們目前研究解決方案產品和 Resolute 產品的能力。

And at least in one case, it expands us into another segment materially. And when I say segment, I mean, we typically derive a majority of our revenue in corporate, but there is also an academic and government segment, both of which are combined less than 10% of our revenue. And one of these has a fairly significant academic footprint, which is very interesting to us because of the cross-sell opportunity, not only of their product and the corporate, but our product into their academic base.

至少在一種情況下，它實質上將我們擴展到了另一個領域。當我說細分市場時，我的意思是，我們的大部分收入通常來自企業，但也有學術和政府細分市場，這兩個細分市場加起來不到我們收入的 10%。其中一個具有相當重要的學術足跡，這對我們來說非常有趣，因為交叉銷售的機會不僅是他們的產品和公司，還有我們的產品進入他們的學術基礎。

Got it. Thanks for your help and congrats on the record adjusted EBITDA number.

知道了。感謝您的幫助，並祝賀調整後 EBITDA 數字創歷史新高。

Thank you.

謝謝。

Thanks.

謝謝。

Allen Klee, Maxim Group.

艾倫克利，馬克西姆集團。

Yes, hi, good afternoon. Starting with a ResoluteAI, you said it does around $1.3 million in ARR. Should we be assuming that it's going to be overall losing money that will have a negative impact on the bottom line. And if so, how should we think about that?

是的，嗨，下午好。從 ResoluteAI 開始，您說它的 ARR 約為 130 萬美元。我們是否應該假設整體虧損，這將對利潤產生負面影響。如果是這樣，我們該如何思考？

And second, when you were talking about the earn out. Did you say that while it's around $1 million now that they get the earnout, if it gets to around $3.5 million. Is that what you meant, or did you mean something else? Thank you.

其次，當你談論收益時。您是否說過，雖然現在他們獲得的收益約為 100 萬美元，但如果達到 350 萬美元左右。你是這個意思，還是有別的意思？謝謝。

By the way, before I turn it over to Bill. FYI, we did file an 8-K that has an FAQ attached that goes into a bit more detail about the ResoluteAI acquisition and addresses some of your questions. But Bill, you want to go ahead and take those?

順便說一句，在我把它交給比爾之前。僅供參考，我們確實提交了一份 8-K，其中附有常見問題解答，其中更詳細地介紹了 ResoluteAI 收購的情況，並解決了您的一些問題。但是比爾，你想繼續拿走那些嗎？

Yeah. I'll just start with the acquisition terms question just real quick, just to clarify something. So yeah, it's basically 3.5 times -- their earn out is basically 3.5 times their ARR, 18 months after the close, less in assumed enterprise value of $3.2 million. So that's how the math will work on the earn out for Resolute.

是的。我將從收購條款問題開始，只是為了澄清一些事情。所以，是的，這基本上是 3.5 倍——交易結束後 18 個月，他們的利潤基本上是 ARR 的 3.5 倍，減去假設的企業價值 320 萬美元。這就是 Resolute 獲利的數學計算方式。

With respect to how it will impact performance, I do think -- as we put in that 8-K that Roy disclosed, we should expect it to be a drag on performance in the near term. We did disclose in there that when we did do the acquisition, they were burning about $125,000 of cash per month. I would say two things about that.

至於它將如何影響性能，我確實認為 - 當我們放入 Roy 披露的 8-K 時，我們應該預計它將在短期內拖累性能。我們確實在那裡透露，當我們進行收購時，他們每月消耗約 125,000 美元的現金。對此我想說兩件事。

One, we're working to basically improve that. On the cost side, there's already a number of steps that we've taken, we've cut about $130,000 sort of -- in the first week of the transaction, we cut about $130,000 of discretionary costs out of the business. And then there's a big component that are cost related to how they service their revenue in the cloud that we think we have some ideas to bring down that we'll be working on as well.

第一，我們正在努力從根本上改進這一點。在成本方面，我們已經採取了一些措施，我們削減了約 13 萬美元——在交易的第一周，我們削減了約 13 萬美元的業務可自由支配成本。還有一個很大的組成部分，與他們如何在雲端提供收入相關的成本有關，我們認為我們有一些想法可以降低，我們也將致力於解決這個問題。

The other important aspect of this is we are as Roy mentioned, working to get our cross-sell activity up. Those cross-sell products will not be ready probably first in six months, you're talking about January, February timeframe to start selling them. But again, that is another piece we are working on and that is where we really feel the value in the transaction is.

另一個重要方面是，正如羅伊所提到的，我們正在努力提高交叉銷售活動。這些交叉銷售產品可能在六個月內不會準備好，您所說的是一月、二月開始銷售它們的時間範圍。但同樣，這也是我們正在做的另一件事，也是我們真正感受到交易價值的地方。

The last thing I would say is that transaction is, one of sort of an acquisition strategy which involves the other two deals that Roy discussed. And those deals are, as you mentioned, profitable and cash flow positive. So this one just sort of happened to come first. We do have some other steps that we think we can execute on that, in addition to our operational improvement of Resolute's performance walls (technical difficulty) accretively from a cash flow and profit standpoint as well.

我要說的最後一件事是，該交易是一種收購策略，其中涉及羅伊討論的其他兩筆交易。正如您所提到的，這些交易是有利可圖的且現金流為正。所以這個剛好是第一個出現的。除了從現金流和利潤的角度不斷改進 Resolute 性能牆（技術難度）的營運改進之外，我們認為還可以執行一些其他步驟。

Thank you. Okay, how do you think about how you're budgeting -- how you would like to think about operating expense growth in fiscal '24 relative to revenues? Excluding what I'm viewing as kind of one-time costs related to the proxy and acquisitions.

謝謝。好的，您如何看待預算編制方式—您希望如何考慮 24 財年相對於收入的營運費用成長？不包括我所認為的與代理商和收購相關的一次性成本。

Sure, yeah. The answer to that is we're basically not in the core business budgeting high growth rates and expenses. We essentially give our employees raises, which on average amount to about 5%, so payroll will probably go up 5%. But otherwise, the core business, there is not sort of new investments we're launching for additional expenditures of headcount that are material to the business.

當然，是的。答案是我們基本上沒有在核心業務中為高成長率和費用制定預算。我們基本上給員工加薪，平均加薪約 5%，因此薪資可能會增加 5%。但除此之外，在核心業務方面，我們並沒有推出任何新的投資來增加對業務至關重要的員工額外支出。

What I will say is, the costs related to getting acquisitions done from a legal perspective, as well as the -- all the costs associated with the proxy issue we're dealing with are very material. And so we will when we report Q1, we'll itemize this stuff out and give everybody a clear picture. And be transparent about sort of what is operational versus what we think is unique. But it kind of goes back to my comments in the script, core business really hasn't changed.

我要說的是，從法律角度來看，與完成收購相關的成本，以及與我們正在處理的代理問題相關的所有成本都是非常重要的。因此，當我們報告第一季時，我們將逐項列出這些內容，並向每個人提供清晰的情況。並且對可操作的內容和我們認為獨特的內容保持透明。但這有點回到我在劇本中的評論，核心業務確實沒有改變。

But there are some material things we're dealing with on the acquisition side. I think that will prove out to be a wise investment in the legal spend in the long term to get these deals done and in-house, but they will impact us in the short term.

但我們在收購方面正在處理一些實質的事情。我認為，從長遠來看，這將被證明是對法律支出的明智投資，以完成這些交易並在內部進行，但它們將在短期內影響我們。

Okay, great. And then in terms of quarterly adding of ARR. How do you think about the actions you're taking? Do you think that's kind of the run rate for the last two quarters of incrementally added ARR that's probably a reasonable break going forward? Or is there any reason to think that either macro or things that you've done might change that?

好的，太好了。然後是按季度添加 ARR。您如何看待您正在採取的行動？您是否認為這就是最近兩個季度增量增加的 ARR 的運行率，這可能是未來合理的突破？或者有什麼理由認為宏觀或你所做的事情可能會改變這一點？

Well, I don't know how to answer that. We do remain concerned about some of the macro environment we're seeing. We are continuing to see a lot of companies that have spending freezes in place, others that want to reduce their spend through reducing a number of seats and that sort of thing. So I'm concerned about that, but I don't know that I have any data to support a specific number.

嗯，我不知道該怎麼回答。我們確實仍然對我們所看到的一些宏觀環境感到擔憂。我們繼續看到許多公司凍結了支出，還有一些公司希望透過減少座位數量等方式來減少支出。所以我對此感到擔心，但我不知道我有任何數據來支援特定的數字。

Okay. I have a housekeeping question. Can you tell us what your current share count is? And maybe what the average share count was for the fourth quarter?

好的。我有一個家政問題。您能告訴我們您目前的股份數量是多少嗎？也許第四季的平均股票數量是多少？

Bill?

帳單？

Yeah, sure. Current share count is probably, it was [29.5] at quarter end. We'll put our 8-K out for filing shortly.

好，當然。目前的股數可能是，季末為[29.5]。我們很快就會將 8-K 提交備案。

And that will you know share price about 29.6 million shares outstanding. As far as the average and I think that is around for the -- basically for the year, I think it was around 29.1 on a diluted basis, 49.1 million shares.

您就會知道大約 2,960 萬股流通股的股價。就平均而言，我認為基本上是今年的平均水平，我認為稀釋後約為 29.1 股，即 4910 萬股。

Okay, great. Okay. Thank you so much.

好的，太好了。好的。太感謝了。

Thank you.

謝謝。

(Operator Instructions) Peter Rabover, Artko Capital.

（操作員指令）Peter Rabover，Artko Capital。

Hey guys. Well first, I'd like to make a kind of a statement on the proxy battle. You know, I think it's incredibly embarrassing for Peter and Paul, for to even engage in this. And Paul's presence of the shareholder has been more negative than positive.

大家好。首先，我想就代理權之爭發表聲明。你知道，我認為彼得和保羅參與其中是非常尷尬的。保羅作為股東的存在帶來的負面影響多於正面影響。

And so Paul, if you're listening, we're more than happy to help buy out your stake. So I would highly encouraged for this matter to be settled soon as possible and to stop the very expensive stuff that's going on. So like I said, very, very embarrassing. And I hope you guys stop it.

所以保羅，如果你在聽的話，我們非常樂意幫你買斷你的股份。因此，我強烈鼓勵此事盡快解決，並制止正在發生的非常昂貴的事情。就像我說的，非常非常尷尬。我希望你們停止這樣做。

With respect to a question. Bill, you had mentioned that there was an inflection point with a new trend with new platform customers increasing transaction growth, and I was wondering if you could elaborate on that a little bit?

就一個問題而言。比爾，您曾提到新趨勢出現了轉折點，新平台客戶增加了交易成長，我想知道您是否可以詳細說明一下？

Yeah. So I mean, I think, what we've historically see on the transaction side of the business is pretty low growth. And sometimes even negative growth rate on transactions and that was basically historically, again, the company moving a lot of its existing transaction customers to the platform. And then when they go on the platform, they are typically experiencing cost savings, which is one of the huge sort of benefits of our -- that the platform offers to customers, a savings on their transaction spend.

是的。所以我的意思是，我認為，我們歷史上在業務交易方面看到的成長相當低。有時甚至交易出現負成長，這基本上是歷史上的情況，再次，該公司將許多現有的交易客戶轉移到該平台。然後，當他們進入該平台時，他們通常會節省成本，這是我們平台為客戶提供的巨大好處之一，節省了他們的交易支出。

And so basically transactions have been a headwind for us to overall company growth because typically each year they're flat to down. The analysis that we did was basically saying, hey, if we continue to onboard new customers that had material rates, which we did; especially in fiscal year 2022.

因此，基本上，交易一直是我們公司整體成長的阻力，因為通常每年交易都會持平或下降。我們所做的分析基本上是說，嘿，如果我們繼續吸引有材料費率的新客戶（我們確實這樣做了）；尤其是在 2022 財年。

And then again to a lesser extent but still materially in fiscal year 2023. That those transactions to tend -- those customers who tend to spend three times their annual fee on transactions are going to start to offset the transaction savings that the older customers are getting.

然後，在較小程度上，但在 2023 財年仍然是實質性的。那些傾向於在交易上花費三倍年費的客戶將開始抵消老客戶獲得的交易節省。

And I think that's what we're seeing here as we look at the growth. Now that growth, as you see in Q3 and Q4 is a little bit exaggerated because of FIZ, which I talked about. But more of the growth rather than less of that growth is organic. And we expect that organic growth can continue as we move into this fiscal year.

我認為這就是我們在看待成長時所看到的。現在，正如您在第三季和第四季看到的那樣，由於我談到的 FIZ，這種成長有點誇張。但更多而不是更少的成長是有機的。我們預計，隨著進入本財年，有機成長將持續下去。

So that's just a trend where I think we started to turn the quarter, whereas in the past, it's always been hard to predict that. And in some cases, we've been again like down or flat.

因此，我認為這只是我們開始扭轉季度的趨勢，而在過去，總是很難預測這一點。在某些情況下，我們的表現再次下滑或持平。

Okay, great. That was very helpful. I'll jump off now, thanks.

好的，太好了。這非常有幫助。我現在就跳下去，謝謝。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Roy Olivier for any closing remarks.

我們的問答環節到此結束。我想將會議轉回羅伊·奧利維爾（Roy Olivier）發表閉幕詞。

No, thank you. And thanks, everyone, for joining us on our call today. We look forward to speaking to you in November to discuss our first quarter fiscal 2024 results. Have a great day.

不，謝謝。感謝大家今天加入我們的電話會議。我們期待在 11 月與您交談，討論我們 2024 財年第一季的業績。祝你有美好的一天。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。