Shapeways Holdings Inc (SHPW) 2023 Q3 法說會逐字稿

Greetings, and welcome to Shapeways' Third Quarter 2023 earnings call. (Operator Instructions) As a reminder, the conference is being recorded.

您好，歡迎參加 Shapeways 2023 年第三季財報電話會議。 （操作員說明）謹此提醒，會議正在錄製中。

Before we get started, I'd like to remind everyone that management will be making statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

在我們開始之前，我想提醒大家，管理層將在本次電話會議中發表聲明，其中包括聯邦證券法含義內的前瞻性聲明，這些聲明是根據私人證券訴訟改革的安全港條款制定的1995 年法案。

Any statements contained in this call that are not statements of historical facts should be deemed to be forward-looking statements. All forward-looking statements, including without limitation, statements regarding our business strategy, future financial and operating performance, projected financial results for the fourth quarter of 2023, timing or results of any strategic transactions or future cost-cutting measures, impact of recent acquisitions, new offerings, and market opportunities are based upon current estimates and various assumptions.

本次電話會議中包含的任何非歷史事實陳述的陳述均應被視為前瞻性陳述。所有前瞻性陳述，包括但不限於有關我們的業務策略、未來財務和經營業績、2023 年第四季度的預期財務業績、任何策略交易或未來成本削減措施的時間或結果、近期收購的影響的陳述、新產品和市場機會是基於目前的估計和各種假設。

These statements involve material risks and uncertainties that could cause actual results to differ materially from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements.

這些陳述涉及重大風險和不確定性，可能導致實際結果與這些前瞻性陳述預期或暗示的結果有重大差異。因此，您不應過度依賴這些陳述。

For description of the risks and uncertainties associated with our business, please see the company's SEC filings, including the company's quarterly report on Form 10-Q for the quarter ended September 30, 2023. The information provided in this conference call speaks only to the broadcast today, November 14, 2023. Shapeways disclaims any obligation, except as required by law, to update or revise forward-looking statements.

有關與我們業務相關的風險和不確定性的描述，請參閱本公司向SEC 提交的文件，包括本公司截至2023 年9 月30 日的季度10-Q 表格季度報告。本次電話會議中提供的資訊僅適用於廣播今天，2023 年 11 月 14 日。除法律要求外，Shapeways 不承擔任何更新或修改前瞻性聲明的義務。

Also, during the course of today's call, we refer to adjusted EBITDA, which is a non-GAAP financial measure. There is a reconciliation schedule showing GAAP versus non-GAAP results currently available in our press release issued before market opened, which can be found on our website, shapeways.com. On the call today are Greg Kress, Chief Executive Officer; and Alberto Recchi, Chief Financial Officer.

此外，在今天的電話會議中，我們提到了調整後的 EBITDA，這是一項非 GAAP 財務指標。我們在開盤前發布的新聞稿中提供了一份顯示 GAAP 與非 GAAP 結果的核對錶，您可以在我們的網站 shapeways.com 上找到該表。今天參加電話會議的是執行長 Greg Kress；和財務長阿爾貝托·雷基 (Alberto Recchi)。

And now I'd like to turn the call over to Greg. Greg?

現在我想把電話轉給格雷格。格雷格？

Good afternoon, everyone. Thanks for joining us to discuss Shapeways' third quarter 2023 financial results and progress on our key initiatives and strategic growth plan. I will begin by providing a business update and Alberto Recchi, our CFO, will then discuss our third quarter financial results and outlook for the fourth quarter.

大家下午好。感謝您與我們一起討論 Shapeways 2023 年第三季的財務表現以及我們的關鍵舉措和策略成長計畫的進展。我將首先介紹業務最新情況，然後我們的財務長 Alberto Recchi 將討論我們第三季的財務業績和第四季度的前景。

In the third quarter, we continued to execute our strategy to grow software and enterprise manufacturing revenues. Our conviction for Shapeways' opportunity remains unchanged. We believe that the market is shifting towards digitization of manufacturing and is approaching an inflection point in the overall adaption of digital manufacturing solutions. And we believe that we are well positioned to take advantage of this market opportunity across an array of industries due to our platform that combines high quality, flexible, on-demand manufacturing with purpose built proprietary software.

第三季度，我們持續執行增加軟體和企業製造收入的策略。我們對 Shapeways 機會的信念保持不變。我們認為，市場正在向製造數位化轉變，並且正在接近數位製造解決方案整體適應的轉折點。我們相信，由於我們的平台將高品質、靈活、按需製造與專門構建的專有軟體相結合，我們處於有利地位，能夠在一系列行業中利用這一市場機會。

We are encouraged by our progress with regards to our software business and the increasing traction with enterprise manufacturing customers. Additionally, we remain disciplined and prudent as we execute our operating plan has continued to refine our cost structure.

我們對軟體業務的進展以及對企業製造客戶日益增長的吸引力感到鼓舞。此外，我們在執行營運計劃時保持紀律和審慎，並繼續改善我們的成本結構。

Our software businesses scaling as expected, and we remain encouraged by our growing traction of SaaS contract commitments, increased customer acquisition, improved retention, lifetime value expansion, and new initiatives such as MFG materials which was launched in late Q2. Through energy materials, we believe we are providing a compelling value proposition to our customers by helping them save on raw material costs.

我們的軟體業務按預期擴展，我們對 SaaS 合約承諾的不斷增長的吸引力、增加的客戶獲取、提高的保留率、終身價值的擴展以及第二季度末推出的 MFG 材料等新舉措仍然感到鼓舞。我們相信，透過能源材料，我們可以幫助客戶節省原材料成本，從而為他們提供令人信服的價值主張。

We recognized 2.2 million of software revenues year to date, up 81% from prior year period. Our software products provide a critical tool for manufacturers, allowing them to leverage and manufacturing software to scale their business and shift to digital manufacturing in order to increase productivity.

今年迄今為止，我們確認了 220 萬美元的軟體收入，比去年同期成長 81%。我們的軟體產品為製造商提供了關鍵工具，使他們能夠利用製造軟體來擴展業務並轉向數位製造，以提高生產力。

Turning to our enterprise manufacturing sales. We continue to increase our customer focus towards middle market and enterprise opportunities and anticipate seeing accelerating benefit from these investments in the coming quarters.

談談我們企業的製造銷售。我們將繼續加強客戶對中間市場和企業機會的關注，並預計在未來幾季從這些投資中獲得加速收益。

We secured two new long-term agreements in Q3 with leading automotive and transportation manufacturers for multi-year production programs expected to ramp up to approximately 4 million annualized revenue by the end of next year. This affirms our commitment, cued, and proficiency in partnering with Tier 1 manufacturers to support OEM volume production.

我們在第三季與領先的汽車和運輸製造商就多年生產計劃達成了兩項新的長期協議，預計到明年底年化收入將增至約 400 萬美元。這證實了我們與一級製造商合作支持 OEM 批量生產的承諾、暗示和熟練程度。

We continue to increase our share of wallet with existing customers on multi-year revenue projects and saw revenues from the first nine months of this year from our top 250 customers grow 18% compared to the same period last year.

我們繼續在多年收入項目中增加現有客戶的錢包份額，今年前 9 個月，我們前 250 位客戶的收入與去年同期相比增長了 18%。

In our self-service eCommerce operation sales remained stable, providing a good foundation for our growth initiatives. We are optimistic that we are seeing a more rational competitive backdrop with regards to our eCommerce business.

在我們的自助電子商務業務中，銷售保持穩定，為我們的成長舉措提供了良好的基礎。我們樂觀地認為，電子商務業務的競爭背景更理性。

While we remain encouraged by the momentum in our business in light of the elongated sales cycle and near-term macroeconomic uncertainty and certainty, we also initiated a number of cost reduction measures in the quarter. This included a reduction in force completed in October 2023, a reduction in new hires, and a reduction in noncritical capital and discretionary operating expenditures.

儘管鑑於銷售週期延長和近期宏觀經濟的不確定性和確定性，我們的業務動能仍然令人鼓舞，但我們也在本季啟動了多項成本削減措施。這包括 2023 年 10 月完成的裁員、減少新員工以及減少非關鍵資本和可自由支配的營運支出。

In addition, we have also been working with advisers and considering the strategic alternatives available for the company, potential strategic alternatives may include, without limitation, the capital raise, a merger, a business combination, a sale of a material portion of the company's assets, or other strategic transactions. We have not made any decisions regarding any potential transaction and at this time do not have any additional details to share. I would like to thank the entire Shapeways team, our customers, our investors, all our stakeholders for their ongoing support.

此外，我們也一直在與顧問合作，考慮公司可用的策略選擇，潛在的策略選擇可能包括但不限於融資、合併、業務合併、出售公司資產的重要部分，或其他策略交易。我們尚未就任何潛在交易做出任何決定，目前沒有其他細節可供分享。我要感謝整個 Shapeways 團隊、我們的客戶、我們的投資者、所有利害關係人的持續支持。

Alberto will now discuss our financial results in more detail.

阿爾貝托現在將更詳細地討論我們的財務表現。

Thanks, Greg, I'll provide a recap of our third quarter 2023 performance, give an update on our balance sheet position and provide guidance for the fourth quarter.

謝謝，格雷格，我將回顧我們 2023 年第三季的業績，更新我們的資產負債表狀況，並提供第四季的指導。

In the third quarter revenue was 8.4 million, flat from the prior year and slightly below guidance due to shipment delays from the third quarter into the fourth quarter. We're about 0.5 million worth of contracted revenue related to three enterprise customers. We saw growth in software and enterprise sales, partially offset by lower sales from marketplace and self-service.

第三季的營收為 840 萬美元，與去年同期持平，由於第三季到第四季的出貨延遲而略低於預期。我們與三個企業客戶相關的合約收入約為 50 萬美元。我們看到軟體和企業銷售的成長，但部分被市場和自助服務銷售額的下降所抵消。

Our gross margins in the third quarter were 41% compared to 44% in the third quarter of 2022 but grew sequentially compared to the second quarter by about 100 basis points. We continued to deliver solid gross margin, and the year-over-year change was primarily due to the ramping of recently deployed new technologies and mix shift to non 3D printing and higher shipping costs, partially offset by softer growth and price increases.

我們第三季的毛利率為 41%，而 2022 年第三季為 44%，但與第二季相比則是環比成長了約 100 個基點。我們繼續提供穩健的毛利率，同比變化主要是由於最近部署的新技術的增加以及向非 3D 列印的混合轉變以及運輸成本的上升，但部分被增長疲軟和價格上漲所抵消。

We anticipate realizing margin expansion over time as we see more contribution from higher margin software sales. The benefits from the consolidation of our US manufacturing operation as well as our cost optimization plan.

我們預計隨著時間的推移，利潤率將擴大，因為我們看到利潤率較高的軟體銷售將做出更多貢獻。受益於我們美國製造業務的整合以及我們的成本優化計劃。

Third quarter adjusted EBITDA was a loss of 5 million compared to a loss of 4.6 million in the third quarter of last year.

第三季調整後 EBITDA 虧損 500 萬美元，而去年第三季則虧損 460 萬美元。

SG&A expenses for the third quarter were 11 million compared to 7.6 million in the prior year. Primary reflecting increased professional fees and a write-off of certain equipment that will not be utilized in our operation and prepaid services associated with such equipment.

第三季的 SG&A 費用為 1,100 萬美元，而去年同期為 760 萬美元。主要反映了專業費用的增加以及我們營運中不會使用的某些設備的註銷以及與此類設備相關的預付費服務。

As Greg mentioned, we have recently implemented cost alignment initiatives including a reduction in force of 15% of our employees, including OpEx, which was completed subsequent to quarter end. We anticipate realizing approximately 2.4 million in annualized cost savings as a result of our headcount reorganization.

正如 Greg 所提到的，我們最近實施了成本調整計劃，包括裁減 15% 的員工，其中包括在季度末後完成的營運支出。我們預計，由於人員重組，每年可節省約 240 萬美元的成本。

Turning to our balance sheet. As of September 30, 2023, our cash, cash equivalents, and marketable securities totaled 17.7 million. During the quarter, we deployed approximately 7 million in cash, and we remain prudent and focused on further improving our cash burn while proactively monitoring our liquidity.

轉向我們的資產負債表。截至2023年9月30日，我們的現金、現金等價物及有價證券總計1,770萬美元。本季度，我們部署了約 700 萬現金，我們保持謹慎態度，專注於進一步改善現金消耗，同時主動監控流動性。

Looking ahead for the fourth quarter of 2023, we anticipate revenues to be in the range of 9.3 million to 10 million.

展望 2023 年第四季度，我們預計營收將在 930 萬至 1,000 萬美元之間。

With this, we completed our prepared remarks, and we will now open the call for questions. Operator?

至此，我們完成了準備好的發言，現在開始提問。操作員？

(Operator Instructions) Greg Palm, Craig-Hallum.

（操作員說明）Greg Palm，Craig-Hallum。

Yes, thanks. This is Danny Eggerichs on for Greg today. I appreciate you taking the questions. I'd like to just kind of start with kind of more broadly what you're seeing on in terms of demand, how it progressed throughout the quarter?

對了謝謝。我是丹尼·埃格里克斯，今天為格雷格發言。感謝您提出問題。我想先更廣泛地了解您在需求方面所看到的情況，整個季度的進展如何？

And then maybe, in terms of some of the push-outs, maybe at some of your enterprise customers, I think you said around 500,000 from Q3 to Q4. What's your confidence level that those in fact you hit in Q4? And is there any risk that maybe that and some of the others that you thought would get hit in Q4 get pushed into 2024 just given some maybe customers managing their year-end budgets?

然後，也許就一些推出而言，也許是在您的一些企業客戶中，我想您說從第三季度到第四季度大約有 500,000 個。您對第四季實際達到的信心水準是多少？考慮到一些可能的客戶管理年終預算，是否存在任何風險，即您認為會在第四季度受到影響的其他一些問題會被推遲到 2024 年？

Yes. Thanks, Danny. Thanks for the -- One, thanks for joining and a good question. I would say one from a demand perspective on the sales side, we're still seeing really good traction. Our strategy of going out and supporting enterprise customers I feel is working and we continue to build a strong pipeline, and not only are we bringing on new customers, but the customers that we have brought on are also expanding their wallet. So, we're feeling quite good about that on the manufacturing side.

是的。謝謝，丹尼。感謝您——一，感謝您的加入和一個很好的問題。我想說，從銷售方面的需求角度來看，我們仍然看到了非常好的吸引力。我認為我們走出去並支持企業客戶的策略正在發揮作用，我們繼續建立強大的管道，我們不僅帶來了新客戶，而且我們帶來的客戶也在擴大他們的錢包。因此，我們在製造方面對此感覺非常好。

To your point related to the revenue, which that pushed from Q3 into Q4, a lot of that is already shipped and I think one thing that we're finding with enterprise-level customers is in the process they are reviewing or potentially signing off on different steps to process that, whether it's a quality check or acceptance of the order or whatever it might be that. Historically, we thought we'd be able to move through quite quickly and I think we are just less in control of making that happen as fast as we'd like.

對於您與收入相關的觀點，從第三季度推到第四季度，其中許多已經發貨，我認為我們在企業級客戶中發現的一件事是他們正在審查或可能簽署的過程中不同的步驟來處理這個問題，無論是品質檢查還是接受訂單或其他任何事情。從歷史上看，我們認為我們能夠很快地度過難關，但我認為我們只是無法控制讓這一切按照我們希望的速度發生。

And so, we may reach out to a customer, and it may take them a week or two to get back to us to set up that reviewer or from step to step. And so, I think we'll get better and better at it as we go. But at the end of the day, I feel like the orders that we're closing are strong, where we continue to win more orders from the same customer base, so the expansion of wallet is really there. And then I think the that we will see how the end of the year goes. But we actually were making really, really strong progress already. So, we're feeling quite good about the guidance that we're setting for you.

因此，我們可能會聯絡客戶，他們可能需要一兩週的時間才能回覆我們來設定審核員或逐步進行。因此，我認為我們會做得越來越好。但歸根結底，我覺得我們正在完成的訂單很強勁，我們繼續從同一客戶群中贏得更多訂單，所以錢包的擴張確實存在。然後我想我們會看到年底的情況如何。但我們實際上已經取得了非常非常強勁的進展。因此，我們對為您設定的指導感到非常滿意。

Got it. That makes sense.

知道了。這就說得通了。

Maybe if I can just hit quick on gross margin and kind of the outlook there I guess maybe if you assume more of kind of a consistent macro environment, maybe less, fixed cost absorption, but then you also have the higher software contribution and some of the cost initiatives that you've taken and previously and the new ones. So, and I guess how should we think about gross margin in the next couple of quarters? Or can you get back to kind of that low to mid 40s?

也許如果我能快速確定毛利率和前景，我想也許如果你假設更多的是一致的宏觀環境，也許更少，固定成本吸收，但你也有更高的軟體貢獻和一些您之前採取的成本舉措以及新採取的成本措施。那麼，我想我們應該如何考慮未來幾季的毛利率？或者你能回到40歲左右嗎？

Yes, anything you got there. Thanks.

是的，你那裡得到的任何東西。謝謝。

Yes, from our perspective, we see line of sight to getting back to that. There's a lot of opportunity for further price in the market. I think one of the things that we've talked about in the past is some of the pressure specifically on price from more of our eCommerce channels than what you've seen is some of the competitors in the space. We have reversed a lot of those decisions while we've kind of maintained that price.

是的，從我們的角度來看，我們看到了回到這一點的視線。市場上有許多進一步提高價格的機會。我認為我們過去討論過的一件事是，我們的電子商務管道比您所看到的該領域的一些競爭對手所帶來的價格壓力。我們推翻了許多這樣的決定，同時維持了這個價格。

And so, with more volume coming back into the business that allows us to optimize more and more of our manufacturing production volumes and reach more gross margin from the same cost basis. And so, we see line of sight to that continuing. And then again, software continues to scale and as that becomes more and more disproportionate amount of our revenue, that allows obviously a much significant higher impact to the gross margin then. And so yes, we see line of sight to that continuing to move in the right direction.

因此，隨著更多的產量重新投入業務，我們能夠優化越來越多的製造產量，並在相同的成本基礎上實現更高的毛利率。因此，我們看到這種情況仍在繼續。話又說回來，軟體繼續規模化，隨著它與我們收入的比例越來越不成比例，這顯然會對毛利率產生更大的影響。所以，是的，我們看到視線繼續朝著正確的方向發展。

All right. Great. I'll leave it there, thanks.

好的。偉大的。我會把它留在那裡，謝謝。

Jim Ricchiuti, Needham & Co.

吉姆‧里基烏蒂 (Jim Ricchiuti)，李約瑟公司

Thank you. I think in the last call you mentioned that there was a piece of business in order that you're expecting to ship [Kadix] been expecting to ship in Q2. And from an enterprise customer that you anticipate shipping in Q3, did that order shipped or is that part of some of this ongoing slippage that you're seeing?

謝謝。我想在上次通話中您提到有一項業務是為了讓您預計在第二季度發貨 [Kadix]。您預計在第三季出貨的企業客戶的訂單是否已出貨，或是您所看到的持續下滑的一部分？

Well, thanks, Jim, for joining, appreciate question.

好吧，謝謝吉姆的加入，謝謝提問。

Yes, that order that we referenced back in Q2 did ship in Q3 and actually part of the orders that didn't ship in Q3 and of Q4 was an additional order from that exact end customer. And so -- but yes, the order that we referenced back in Q2 did ship out in Q3.

是的，我們在第二季引用的訂單確實在第三季出貨，實際上，第三季和第四季未出貨的部分訂單是來自該最終客戶的額外訂單。所以 - 但是，是的，我們在第二季度提到的訂單確實在第三季度發貨了。

Got it. And you may I joined the call a little bit late, you may have provided this detail, but I think in the first half of the year, I believe you said you generated about a little over half your revenues from better enterprise customers. What does that look like in Q3? And I apologize if you gave that.

知道了。你可能我加入電話會議的時間有點晚了，你可能已經提供了這個細節，但我想在今年上半年，我相信你說你的收入一半多一點來自更好的企業客戶。第三季情況如何？如果你這麼做了，我深感抱歉。

No, we didn't give that. And I don't have that number ready for right off the top of my head, but we can always follow up with you. But again, I think that what we did mention in the script was in our prepared remarks that we did see 18% revenue growth year over year for the first nine months for those enterprise customers. So, we are continuing to speed that customer base grow.

不，我們沒有給這個。我暫時還沒準備好這個號碼，但我們可以隨時與您聯絡。但我再次認為，我們在腳本中確實提到的是在我們準備好的發言中，我們確實看到這些企業客戶的前 9 個月收入同比增長了 18%。因此，我們正在繼續加快客戶群的成長。

And then we've talked a lot about our eCommerce channels and some of the pressure that we've had on that revenue line over time. But we're actually seeing that, although we may still have year-over-year pressure, it's really stabilized over the last six, nine months. And so, pretty consistently we're seeing that business stabilize and continue, but we'll see most of our growth coming from our enterprise manufacturing customers, only some on the manufacturing side.

然後我們討論了很多關於我們的電子商務管道以及隨著時間的推移我們在該收入線上所面臨的一些壓力。但我們實際上看到，儘管我們可能仍然面臨同比壓力，但在過去六、九個月裡確實穩定了。因此，我們幾乎一致地看到業務穩定並持續，但我們將看到我們的大部分成長來自我們的企業製造客戶，只有一些來自製造方面。

Obviously, there's some moving parts here but with what you're seeing in the market and some of the cost actions you've taken that, I'm wondering if you can give us some sense as to how you're looking at the cash burn in Q4?

顯然，這裡有一些變動的部分，但根據您在市場上看到的情況以及您採取的一些成本行動，我想知道您是否可以告訴我們您如何看待現金第四季度燒毀？

Yeah, our goal is to continue to make progress on reducing that cash burn on a quarterly basis. And the way that we're doing that is really by focusing on one driving top line growth. And so I think we have pretty good line of sight to the revenue forecast that we have in place and the guidance that we set for Q4, continued improvement in gross margin, not only from just mix but also there's some opportunity to price, and a lot of value-added services that we're providing to our customer base.

是的，我們的目標是繼續在減少季度現金消耗方面取得進展。我們這樣做的方式實際上是專注於推動營收成長。因此，我認為我們對我們現有的收入預測和我們為第四季度設定的指導有很好的視野，毛利率持續改善，不僅來自混合，而且還有一些定價的機會，並且我們為客戶群提供許多增值服務。

And then last, we want to continue to optimize our OpEx. And so, there's projects pretty much across the board focused on reduction of our operating expense and trying to make sure our cost structure is aligned as closely as I can to the revenue lines in the business that are showing the most progress, right.

最後，我們希望繼續優化我們的營運支出。因此，有一些項目幾乎全面專注於減少我們的營運費用，並試圖確保我們的成本結構盡可能與顯示最大進展的業務收入線保持一致，對吧。

And so, when we made some of those changes on to the business in October, it was really around making sure that we tightened up areas where we weren't seeing the best ROI. And so, ultimately, we'll continue to do that moving forward. So, we should see continued improvement in our cash burn on a quarter-by-quarter basis.

因此，當我們在 10 月對業務進行一些改變時，實際上是為了確保我們收緊那些沒有看到最佳投資回報率的領域。因此，最終我們將繼續這樣做。因此，我們應該看到我們的現金消耗逐季度持續改善。

And were those reductions that you made across the organization, were they focused in certain areas, Greg?

格雷格，您在整個組織中進行的削減是否集中在某些領域？

They were pretty much across the organization. I think it impacted six to seven individual function. And ultimately, we didn't make a lot of impact to commercial function business because of commercial function today are delivering strong results or at least meeting our expectations on results and so far with strong pipelines.

他們幾乎遍布整個組織。我認為它影響了六到七個個人的功能。最終，我們沒有對商業功能業務產生很大影響，因為今天的商業功能正在交付強勁的成果，或至少滿足我們對結果的預期，並且到目前為止擁有強大的管道。

And so, most of the support resources that we had been working on over the last 12 months that maybe weren't returning as much as we had hoped for. And so we started tightening up a lot of those luxury.

因此，我們在過去 12 個月中一直在努力提供的大部分支持資源可能沒有像我們希望的那樣得到回報。所以我們開始收緊很多奢侈品。

Okay. Thanks a lot.

好的。多謝。

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

我們的問答環節到此結束。我想將會議轉回格雷格·克雷斯（Greg Kress）發表閉幕詞。

I just wanted to thank everyone for joining us today, and we continue to focus on executing on our strategy and we see a lot of opportunity in front of the business. We will continue to provide updates as we go. But thanks for joining us today, and we'll talk to you soon.

我只是想感謝大家今天加入我們，我們將繼續專注於執行我們的策略，我們看到了業務面前的許多機會。我們將繼續提供更新。但感謝您今天加入我們，我們很快就會與您交談。

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。