Rumble Inc (RUM) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Rumble Incorporated's first-quarter 2025 earnings call. (Operator instructions) Please note this event is being recorded.

女士們、先生們，下午好，歡迎參加 Rumble Incorporated 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Shannon Devine, Investor Relations for Rumble. Please go ahead.

現在，我想將會議交給 Rumble 投資者關係部門的 Shannon Devine。請繼續。

Thank you, operator. I'm here today with Chris Pavlovski, Founder, Chairman, and CEO of Rumble; and Brandon Alexandroff, CFO. A press release detailing our first-quarter 2025 results was released today and available on the Investor Relations section of our website. Before we begin the formal presentation, I would like to remind everyone that statements made on this call may include predictions, estimates, or other information that might be considered forward-looking. All forward-looking statements are made only as of the date of this call and should be considered in conjunction with the cautionary statements in our earnings release and the factors included in our filings with the SEC. Future company updates will be available via press release and the company's identified social media channels.

謝謝您，接線生。今天我和 Rumble 的創辦人、董事長兼執行長 Chris Pavlovski 一起來到這裡；以及財務長 Brandon Alexandroff。今天發布了一份詳細介紹我們 2025 年第一季業績的新聞稿，可在我們網站的投資者關係部分查閱。在我們開始正式演講之前，我想提醒大家，本次電話會議中的陳述可能包括預測、估計或其他可能被視為前瞻性的資訊。所有前瞻性陳述均僅在本次電話會議之日作出，應與我們收益報告中的警示性聲明以及我們向美國證券交易委員會提交的文件中包含的因素一起考慮。未來的公司更新資訊將透過新聞稿和公司指定的社交媒體管道提供。

I will now turn the call over to Rumble's Founder, Chairman, and CEO, Chris Pavlovski.

現在我將把電話轉給 Rumble 的創辦人、董事長兼執行長 Chris Pavlovski。

Thanks, Shannon. Our first quarter marked the beginning of a new era, where we turned the page from the US election and solidified our balance sheet with the close of our tethered transaction in February. In addition to this, the first quarter showed real signs of success, especially around Rumble Video, Rumble Ads, and Rumble Cloud.

謝謝，香農。我們的第一季標誌著一個新時代的開始，我們從美國大選的陰影中走出，並隨著 2 月捆綁交易的結束而鞏固了我們的資產負債表。除此之外，第一季顯示出真正的成功跡象，尤其是在 Rumble Video、Rumble Ads 和 Rumble Cloud 方面。

With respect to the Video business, I was excited to see a clear payback from our investments in the Rumble product. Our user retention in Q1 greatly exceeded the previous post-midterm election cycle, something our team was laser focused on accomplishing since Q1 2023. Specifically, we posted MAU of 59 million this quarter, which is an 87% retention from Q4. This is a massive improvement from the 60% retention we experienced in Q1 2023 after the US midterm elections back in Q4 2022.

關於視訊業務，我很高興看到我們對 Rumble 產品的投資獲得了明顯的回報。我們第一季的用戶留存率大大超過了先前的中期選舉後週期，這是我們的團隊自 2023 年第一季以來一直致力於實現的目標。具體來說，本季我們的每月活躍用戶為 5,900 萬，比第四季保留了 87%。與 2022 年第四季美國中期選舉後我們在 2023 年第一季經歷的 60% 的保留率相比，這是一個巨大的進步。

While we still have a lot of work to do to continue to improve retention across our portfolio of applications, I am proud of how far we have come in so little time. In my mind, this was a critical temperature check for the video product. It is now our 13th consecutive quarter over 40 million MAUs and seventh consecutive quarter exceeding 50 million MAUs, further demonstrating the stability and continued growth of our core user base. In addition, I am pleased with our revenue growth of 34% compared to the same quarter last year.

雖然我們還有很多工作要做，以繼續提高我們應用程式組合的保留率，但我為我們在如此短的時間內取得的進步感到自豪。在我看來，這是對視訊產品的關鍵溫度檢查。這是我們連續第13個季度月活躍用戶超過4000萬，連續第7個季度每月活躍用戶超過5000萬，進一步證明了我們核心用戶群的穩定性和持續增長。此外，我對我們的收入與去年同期相比增長34％感到高興。

Now, with more positive news, let's dive into the Rumble Advertising business. We previously noted that we expect to see some of the artificial headwinds we face with corporate America to turn into tailwinds with the new administration in the US. While it is still very early, I can now confidently say we are starting to see traction.

現在，有了更多正面的消息，讓我們深入了解 Rumble 廣告業務。我們先前曾指出，我們預計，隨著美國新政府的上台，我們在美國企業中面臨的一些人為阻力將轉變為順風。雖然現在還為時過早，但我現在可以自信地說，我們已經開始看到進展。

In fact, we have some notable names and partnerships. These include a brand campaign we successfully executed with Netflix, and we are currently executing ad campaigns for Crypto.com and Chevron. These campaigns include a mix of media across Rack and Creator sponsorships, which validates the value of our diversified offering for larger brand advertisers.

事實上，我們有一些著名的名字和合作夥伴。其中包括我們與 Netflix 成功合作的品牌活動，目前我們正在為 Crypto.com 和 Chevron 執行廣告活動。這些活動包括 Rack 和 Creator 贊助的多種媒體，證明了我們為大型品牌廣告商提供多元化服務的價值。

On the product side with Rack, we are also actively exploring both programmatic and AI-based tools to expand and accelerate progress in this segment. While these technologies have great potential, we do expect the penetration of this segment at scale to take some time before it meaningfully contributes to our advertising business.

在 Rack 產品方面，我們也積極探索程式化和基於人工智慧的工具，以擴展和加速這一領域的進步。雖然這些技術具有巨大的潛力，但我們確實預計該領域的大規模滲透仍需要一段時間才能對我們的廣告業務做出有意義的貢獻。

Before I jump into Cloud, I want to touch on one of the more ambitious projects Rumble is undertaking in partnership with Tether, the Rumble Wallet.

在討論雲端運算之前，我想先談談 Rumble 與 Tether 合作的一個更雄心勃勃的項目，即 Rumble Wallet。

Rumble Wallet is still in its development stage, but I'm happy to announce that we'll be aiming to bring this product to market in Q3 of this year. Additionally, we're currently in talks with major crypto exchanges to become their on and off ramp partner. The Rumble Wallet will be Rumble's gateway to monetize international markets.

Rumble Wallet 仍處於開發階段，但我很高興地宣布，我們計劃在今年第三季將該產品推向市場。此外，我們目前正在與主要的加密貨幣交易所進行談判，希望成為他們的上行和下行合作夥伴。Rumble Wallet 將成為 Rumble 進入國際市場的門戶。

The development teams are also working expeditiously to localize the Rumble Video product in various languages so that we can launch all international markets simultaneously with the Wallet. Our management team sees this as a major growth opportunity for the company.

開發團隊也正在加緊努力，將 Rumble Video 產品在地化為各種語言，以便我們能夠同時透過 Wallet 推出所有國際市場。我們的管理團隊認為這是公司的重大成長機會。

Not only can this contribute to major MAU growth, but we also think there's an enormous potential to monetize with the wallet, either through the on off ramp exchanges and or through the crater economy.

這不僅可以促進 MAU 的大幅成長，而且我們認為，透過錢包賺錢的潛力巨大，無論是透過上下坡道交換還是透過火山口經濟。

To be very clear, Rumble Wallet, in partnership Tether, will directly compete with Coinbase. Our goal is to become the most prominent non-custodial Bitcoin and stablecoin wallet.

明確地說，Rumble Wallet 將與 Tether 合作，直接與 Coinbase 競爭。我們的目標是成為最傑出的非託管比特幣和穩定幣錢包。

Now, with respect to Rumble Cloud, we are super proud to have announced the cloud partnership with the government of El Salvador in the first quarter. Through this pertinent partnership, we expect to refine our product offering to serve the government vertical and expand into other opportunities.

現在，關於 Rumble Cloud，我們非常自豪地宣佈在第一季與薩爾瓦多政府建立雲端合作夥伴關係。透過這項相關的合作關係，我們希望改進我們的產品，為政府垂直領域提供服務，並擴展到其他領域。

It is becoming increasingly clear that there is a real appetite for the Rumble Cloud at the highest levels of government around the world. In addition, we also made further progress with the sports vertical, where we announced that the Tampa Bay Buccaneers will be joining our Cloud in leveraging our storage solutions. With these announcements, we continue to be energized by the potential of the Cloud business.

越來越明顯的是，世界各國政府最高層確實對隆隆雲有著濃厚的興趣。此外，我們在體育垂直領域也取得了進一步的進展，我們宣布坦帕灣海盜隊將加入我們的雲端服務，利用我們的儲存解決方案。透過這些公告，我們繼續對雲端業務的潛力充滿信心。

Before I conclude, I want to touch on one other strategy that might not be as noticeable as the rest. In the past, Rumble hasn't been shy to acquire businesses such as CallIn and Locals. In addition to investing in our core three products, Rumble Video, Rumble Ads, and Rumble Cloud, our management team is still very seriously focused on M&A strategy and evaluating strategic opportunities as they come.

在結束之前，我想談談另一個可能不那麼引人注目的策略。過去，Rumble 並不羞於收購 CallIn 和 Locals 等企業。除了投資我們的核心三大產品 Rumble Video、Rumble Ads 和 Rumble Cloud 之外，我們的管理團隊仍然非常重視併購策略並評估即將到來的策略機會。

2025 is off to a great start. The video product is sticking users in a way it couldn't after the 2022 midterm elections. Cloud continues to strengthen, and brands are finally starting to knock on our door. I have to say, on a personal note, I was waiting for the quarter that I could finally announce that we secured one brand advertiser. And today, I was able to name several.

2025 年開局良好。這款影片產品正在以 2022 年中期選舉後無法想像的方式吸引用戶。雲端運算不斷增強，品牌終於開始敲響我們的大門。我必須說，就我個人而言，我一直在等待一個季度，最終宣布我們獲得了品牌廣告商。今天，我就能說出其中幾個了。

Now, I'll pass to Brandon Alexandroff to walk through the financials.

現在，我將請布蘭登·亞歷山德羅夫 (Brandon Alexandroff) 介紹財務狀況。

Thanks, Chris. I'll now take you through our first-quarter 2025 financials at a very high level before turning the call over to the operator for Q&A.

謝謝，克里斯。現在，我將向您詳細介紹我們 2025 年第一季的財務狀況，然後將電話轉給接線員進行問答。

For the first quarter of 2025, we reported revenues of $23.7 million an increase of $6 million or 34% when compared to $17.7 million in the first quarter of 2024, of which $4.6 million is attributable to higher audience monetization, and $1.4 million was attributable to higher other initiatives.

2025 年第一季度，我們的營收為 2,370 萬美元，與 2024 年第一季的 1,770 萬美元相比增加了 600 萬美元，增幅為 34%，其中 460 萬美元歸因於更高的受眾貨幣化，140 萬美元歸因於更高的其他措施。

The increase in audience monetization revenues was due to $3.6 million in higher subscription revenue, as well as $1 million from tipping fees, licensing, platform hosting, and advertising. The increase in other initiatives revenue was due to a $1.1 million increase in advertising inventory being monetized by our publisher network and a $0.3 million increase in cloud services offered.

觀眾貨幣化收入的增加是由於訂閱收入增加了 360 萬美元，以及來自小費、授權、平台託管和廣告的 100 萬美元。其他計劃收入的增加是由於我們的出版商網路貨幣化的廣告庫存增加了 110 萬美元，以及提供的雲端服務增加了 30 萬美元。

ARPU was $0.34 for the first quarter compared to $0.39 in the fourth quarter of 2024. The decrease from the fourth quarter was attributable to lower advertising revenue offset by higher subscription revenue.

第一季的 ARPU 為 0.34 美元，而 2024 年第四季的 ARPU 為 0.39 美元。與第四季度相比，廣告收入的下降是由於訂閱收入的增加所抵消。

Cost of services decreased to $30 million for the quarter compared to $31.8 million in the first quarter of 2024, primarily due to a reduction in programming and content costs of $3 million offset by an increase of $1.2 million in other costs of services including payment processor fees and costs paid to publishers.

本季服務成本從 2024 年第一季的 3,180 萬美元下降至 3,000 萬美元，主要原因是節目和內容成本減少 300 萬美元，但其他服務成本（包括支付處理費和支付給出版商的費用）增加 120 萬美元。

Drawing your attention to general and administrative expenses of $16.6 million in the quarter, the $7.3 million increase compared to the first quarter of 2024 is primarily the result of two one-time payroll and related events.

請注意本季的一般及行政開支為 1,660 萬美元，與 2024 年第一季相比增加了 730 萬美元，這主要是由於兩次一次性工資及相關事件造成的。

First, a one-time $4.8 million increase in compensation costs related to the amicable departure of an executive and a director, of which $3.8 million was non-cash and as a result of accelerating the vesting of options in RSU and extending the exercise period of options. And second, a one-time $2.3 million increase in payroll taxes associated with stock options exercise in relation to the tender offer stemming from the strategic investment from Tether.

首先，由於一名高管和一名董事的友好離職，一次性增加了 480 萬美元的薪酬成本，其中 380 萬美元為非現金，是由於加速 RSU 期權的歸屬以及延長期權的行使期限而產生的。其次，與 Tether 策略投資引發的要約收購相關的股票選擇權行使將導致工資稅一次性增加 230 萬美元。

Adjusted EBITDA loss for the first quarter of 2025 was $22.7 million, a 14% improvement compared to a loss of $26.5 million in the first quarter of 2024. As we ramp up monetization and maintain discipline around our cost structure, we continue to expect to move materially towards adjusted EBITDA breakeven in 2025. This remains goal today, and with the recently closed capital infusion from Tether, we have the increased flexibility to further invest in initiatives that could accelerate and expand our business sooner than originally anticipated.

2025 年第一季調整後 EBITDA 虧損為 2,270 萬美元，較 2024 年第一季的 2,650 萬美元虧損改善 14%。隨著我們提高貨幣化程度並嚴格控製成本結構，我們預計 2025 年調整後的 EBITDA 將大幅達到損益兩平。這仍然是今天的目標，隨著 Tether 最近完成的資本注入，我們可以更靈活地進一步投資於可以比最初預期更快地加速和擴展我們業務的計劃。

Moving to our cash position, we ended the quarter with $301.3 million in cash and cash equivalents, a significant increase from the $114 million of cash we had at the end of 2024 as a result of the Tether investment. We also held approximately 211 Bitcoin at quarter-end, all of which was purchased during the quarter and is worth approximately $21.3 million as of noon today, May 8, 2025.

談到我們的現金狀況，本季末我們擁有 3.013 億美元的現金和現金等價物，由於對 Tether 的投資，與 2024 年底的 1.14 億美元現金相比有大幅增長。截至本季末，我們也持有約 211 比特幣，這些比特幣均在本季購買，截至 2025 年 5 月 8 日中午，價值約 2,130 萬美元。

That concludes my prepared remarks. I will now turn the call over to the operator to open up the line for questions.

我的準備好的發言到此結束。我現在將把電話轉給接線員，以便大家解答疑問。

(Operator instructions) Scott Devitt, Wedbush.

（操作員指示）斯科特·德維特，韋德布希。

Hey guys, I wanted to ask a little bit about the Bitcoin efforts and the Wallet. First, what ultimately are you trying to accomplish with the Bitcoin Treasury in terms of how you think of acquiring Bitcoin in relation to traditional cash and where you're comfortable taking Bitcoin levels to relative to the needs to possibly have more liquidity in terms of cash or you're thinking of them? Similarly in terms of being one exchange for the other so you can use the Bitcoin to fund the business when you need it as well. I'm just a little curious about that given the differences in the volatility. That's the first question, and then I had a follow-up on the Wallet.

嘿，大家好，我想問一些有關比特幣和錢包的問題。首先，您如何看待相對於傳統現金獲取比特幣，以及您是否願意將比特幣水平提高到與現金方面可能擁有更多流動性的需求相關的水平，或者您正在考慮如何透過比特幣財政部實現什麼目標？同樣，作為一個交易所，您也可以在需要時使用比特幣來為業務提供資金。考慮到波動性的差異，我只是對此有點好奇。這是第一個問題，然後我跟進了錢包。

Yeah. So thanks for the question. This is Chris. With respect to the Treasury, our Board approved up to $20 million of purchasing for the Bitcoin Treasury. There is no further strategy outside of that, that we've announced at this point right now. But this kind of dovetails into the strategy that we have with the Rumble Wallet.

是的。感謝您的提問。這是克里斯。關於財政部，我們的董事會批准購買高達 2,000 萬美元的比特幣財政部。除此之外，我們目前還沒有宣布其他策略。但這與我們 Rumble Wallet 的策略相吻合。

As we launch the Rumble Wallet, we're really looking to use that as one of the tools for the creator economy where people can tip and subscribe and transact, especially in international markets, to their favorite creators, and creators can use these wallets as a form of payment and as a form of receiving payment, et cetera. So as that becomes like a very important part of our business when we launched the Wallet later this year in Q3, that's one of the strategies behind having a Treasury so that we can be able to hold more and further Bitcoin with respect to that.

當我們推出 Rumble Wallet 時，我們真的希望將其用作創作者經濟的工具之一，人們可以向他們最喜歡的創作者提供小費、訂閱和交易，特別是在國際市場上，而創作者可以使用這些錢包作為支付方式和接收付款的方式等等。因此，當我們在今年第三季稍後推出錢包時，這成為我們業務的一個非常重要的部分，這是擁有財政部的策略之一，以便我們能夠持有更多的比特幣。

Got it. But no ambitions at the moment anyway that you've discussed about like raising the ratio of Bitcoin relative to the cash position beyond levels that it currently resides at?

知道了。但是目前您還沒有討論過將比特幣相對於現金的比例提高到現有水平的雄心嗎？

We're continuing to evaluate that, and we haven't really made any determinations or on that quite yet. But at this point right now, the only thing that we've approved at the Board level is up to $20 million of purchasing.

我們正在繼續評估這一點，但尚未做出任何決定。但目前，我們在董事會層級批准的唯一項目是高達 2000 萬美元的採購。

Okay4. And then on the wallet, can you just walk through the like the go-to-market or like the use case for the user in terms of why -- what are the reasons one, two, three, why a user ultimately will adopt the Rumble Wallet to store their crypto and utilize it for the functionality that provides versus Coinbase or others in the market, and kind of how you think about that why -- where you fit in the market and why.

好的4。然後關於錢包，您能否簡單介紹一下它的上市方式或用戶用例，說明為什麼——第一、二、三，為什麼用戶最終會採用 Rumble 錢包來存儲他們的加密貨幣，並利用它提供的功能，而不是 Coinbase 或市場上的其他產品，以及您如何看待這個原因——您在市場中的位置以及原因。

So one of the demands that we have on the creator side is to get paid in Bitcoin or get paid in a stablecoin. And there's obviously a huge demand for that on the creator end, and the creators that adopt Rumble have a huge trust factor with Rumble. So we believe that Rumble would be one of their most prominent places to hold and store with a Rumble non-custodial wallet.

因此，我們對創作者的要求之一就是以比特幣或穩定幣獲得報酬。創作者對此顯然有著巨大的需求，而採用 Rumble 的創作者對 Rumble 有著極大的信任。因此，我們相信，Rumble 將成為他們最突出的持有和儲存 Rumble 非託管錢包的地方之一。

In addition to that, there's when you start exploring these international markets, you start to notice that a lot of the viewers will transact in crypto rather than let's say typical visas that you see here in North America, so we think this is a really good strategy to monetize international use as we go international, and this is going to require a lot of work, and we're working on this as we speak right now and localizing -- using AI to help localize the entire Rumble app and all the Rumble content and be able to go to these markets and serve these different markets. But we do believe that Tether, with their amount of users around the world, we can very easily tap into that and bring a lot of that revenue into the creator economy.

除此之外，當你開始探索這些國際市場時，你會注意到很多觀眾會使用加密貨幣進行交易，而不是像北美那樣使用典型的簽證，所以我們認為這是一個非常好的策略，可以在我們走向國際的過程中實現國際使用貨幣化，這需要大量的工作，我們現在正在努力實現本地化——使用這些市場幫助整個 Rumble 應用程式和所有 Rumble 內容，並能夠進入這些市場。但我們確實相信，憑藉 Tether 在世界各地的大量用戶，我們可以非常輕鬆地利用這一點，並將大量收入帶入創作者經濟。

So I would say like starting from the top, the demand from the creators, the demand from the number is number one. Number two is the demand from the users, and this would be the first platform that I know of that attacks this market in the way that we're going to do it with the Wallet.

所以我想說，從頂樓開始，來自創作者的需求、來自數字的需求是第一位的。第二是來自用戶的需求，這將是我所知道的第一個以錢包的方式進軍這個市場的平台。

And last question, but given this is still relatively new, and you -- historically, you've had the Cloud business and the Content business and the overlay increasingly of motivation efforts in the Content business. How do you think about Bitcoin, crypto, the Wallet, in terms of how integral it is to the business in coming years, relative to what the operating business was prior to that?

最後一個問題，但鑑於這仍然相對較新，而且從歷史上看，您已經有了雲端業務和內容業務，並且在內容業務中越來越多地投入了激勵努力。與之前的營運業務相比，您如何看待比特幣、加密貨幣和錢包在未來幾年對業務的重要性？

I don't believe this changes the operating business at all. I think this complements the business in its entirety. We're seeing a lot of demand from like crypto customers on cloud. We have a bunch of them. We have a significant one actually testing it right now.

我認為這根本不會改變經營業務。我認為這對整個業務來說是補充。我們看到來自雲端加密客戶的需求很大。我們有很多。我們現在有一個重要的項目正在實際測試。

And then in addition to that, it's a tool that creators and our viewers actually want. A lot of these creators desire getting tips in Bitcoin. it's a very desirable way of getting paid for creators, and it's something that very great, I believe, will give us a real competitive advantage over YouTube. Having this on our platform is something that YouTube does not have, and creators in general are very pro Bitcoin, especially the crowd that you find on Rumble.

除此之外，它也是創作者和觀眾真正想要的工具。許多創作者都希望獲得比特幣的小費。對於創作者來說，這是一種非常理想的獲得報酬的方式，我相信，這將使我們在與 YouTube 的競爭中擁有真正的優勢。我們的平台上有這個功能，而 YouTube 則沒有，創作者一般都非常支援比特幣，尤其是在 Rumble 上看到的人群。

So we see this as like extremely complementary, not distracting at all, and it just drives home with our current ethos.

因此，我們認為這是非常互補的，不會分散注意力，而且它與我們當前的精神相符。

Perfect. Thank you so much.

完美的。太感謝了。

(Operator instructions) Francisco Momo, Maxim Group.

（操作員指示） Francisco Momo，Maxim 集團。

Yeah. Hi, everybody. Thank you for taking my question. Congratulations on the quarter. Two quick questions, from me, if I may. First of all, on the brand partnership side, great news. I was wondering whether you guys could share a bit more details on the partnership, maybe the scope, the duration, and maybe if you already have some initial feedback, either from the brands or the users?

是的。大家好。感謝您回答我的問題。恭喜本季。如果可以的話，我有兩個快速問題。首先，就品牌合作方面來說，這是一個好消息。我想知道你們是否可以分享一些有關合作的更多細節，例如範圍、持續時間，以及是否已經收到了一些來自品牌或用戶的初步回饋？

In terms of the only one brand campaign completed, and we received very positive feedback on that one brand campaign that was with Netflix. And currently ongoing right now, we have Chevron and we have Crypto.com, so we're hoping to get more feedback in the coming weeks and months on that.

就唯一完成的品牌活動而言，我們與 Netflix 合作的這項品牌活動收到了非常正面的回饋。目前，我們正在與雪佛龍和 Crypto.com 合作，因此我們希望在未來幾週和幾個月內獲得更多回饋。

But yeah, this is, to me, a major win. This is not something I was able to talk much about in the past. We never really had brand advertisers, and all of a sudden, now that's something we're talking about. So it's a huge win for Rumble. And it happened right after the elections, which I think says a lot. And I hope to see a lot more of that as the months progress.

但是，是的，對我來說，這是一場重大勝利。過去我不太能談論這個話題。我們實際上從來沒有品牌廣告商，但突然之間，我們就談論這個了。所以這對 Rumble 來說是一個巨大的勝利。這件事發生在選舉之後，我認為這說明了許多問題。我希望隨著時間的推移，能夠看到更多這樣的情況。

That's amazing. And I would look forward to hear more as the partnerships evolve. And then the second question on M&A, super, super high level, there is a comment in the opening remarks. I was wondering whether you guys give us a sense in terms of what you're thinking, what kind of assets maybe, what kind of work or what kind of capabilities you'd be interesting to -- you would be interested to add on?

太棒了。隨著合作關係的發展，我期待聽到更多消息。然後第二個問題是關於併購，超高水平，開場白中有一個評論。我想知道你們是否能告訴我們你們的想法，你們可能對什麼樣的資產、什麼樣的工作或什麼樣的能力感興趣——你們有興趣添加什麼？

I can't provide any more information other than what I already said. We're going to look at opportunities as they come, and this is a very important focus for us in the current year.

除了我已經說過的內容之外，我無法提供更多資訊。我們將抓住機遇，這是我們今年的一個非常重要的重點。

Okay, that makes perfect sense. Great. Thank you, and congratulations again.

好的，這很有道理。偉大的。謝謝，再次恭喜。

Thank you.

謝謝。

Thank you. This does conclude today's program. Thank you for your participation. You may disconnect at any time, and have a wonderful day.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連接，並享受美好的一天。