Smith Micro Software Inc (SMSI) 2024 Q2 法說會逐字稿

Good day and welcome to the Smith Micro second-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 Smith Micro 2024 年第二季財報電話會議。（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 Charles Messman, Vice President of Marketing. Please go ahead.

我現在想將會議轉交給行銷副總裁查爾斯·梅斯曼 (Charles Messman)。請繼續。

Thank you, operator. Good afternoon, everyone. We appreciate you joining us today to discuss Smith Micro Software's financial results for the second quarter ended June 30, 2024. By now, you should have received a copy of the press release with the financial results. If you do not have a copy and would like one, please visit the Investor Relations section of our website at www.smithmicro.com.

謝謝你，接線生。大家下午好。感謝您今天加入我們討論 Smith Micro Software 截至 2024 年 6 月 30 日的第二季財務表現。到目前為止，您應該已經收到一份包含財務業績的新聞稿。如果您沒有副本但想要一份，請訪問我們網站 www.smithmicro.com 的投資者關係部分。

On today's call, we have Bill Smith, our Chairman of the Board, President, Chief Executive Officer; and Jim Kempton, our Chief Financial Officer. Please note that some of the information you will hear during today's discussion consists of forward-looking statements, including without limitations, those regarding the company's future revenue and profitability, our plans and expectations, new product development and availability, new and expanded market opportunities, future product deployments, migration, and our growth by new and existing customers, operating expenses, and the company's cash reserves.

出席今天的電話會議的有比爾史密斯（Bill Smith），我們的董事會主席、總裁兼執行長；和吉姆·肯普頓，我們的財務長。請注意，您在今天的討論中聽到的一些資訊包含前瞻性陳述，包括但不限於有關公司未來收入和盈利能力、我們的計劃和期望、新產品開發和可用性、新的和擴大的市場機會的訊息，未來的產品部署、遷移以及新客戶和現有客戶的成長、營運費用以及公司的現金儲備。

Forward-looking statements involve risk and uncertainties, which could cause actual results or trends to differ materially from those expressed or implied by our forward-looking statements. For more information, please refer to the risk factors included in our most recent filing, Form 10-K. Smith Micro assumes no obligation to update any forward-looking statements which speak to our management's belief and assumptions only as the date they are made.

前瞻性陳述涉及風險和不確定性，可能導致實際結果或趨勢與我們的前瞻性陳述明示或暗示的結果或趨勢有重大差異。如需了解更多信息，請參閱我們最近提交的表格 10-K 中包含的風險因素。史密斯微公司不承擔更新任何前瞻性陳述的義務，這些陳述僅代表我們管理層的信念和假設，僅在其作出之日進行。

I want to point out that in our forthcoming prepared remarks, we refer to non-GAAP financial measures. Please refer to our press release disseminated earlier today for reconciliation of these non-GAAP financial measures.

我想指出，在我們即將發表的準備好的發言中，我們指的是非公認會計準則財務指標。請參閱我們今天稍早發布的新聞稿，以了解這些非公認會計準則財務指標的調節情況。

With that said, I'll turn the call over to Bill. Bill?

話雖如此，我會把電話轉給比爾。帳單？

Thanks, Charlie. Good afternoon and thank you for joining us today for our 2024 second-quarter conference call. Let me start the presentation today with some quick updates on the business as we continue to work our way back to growth and profitability.

謝謝，查理。下午好，感謝您今天參加我們的 2024 年第二季電話會議。在我們繼續努力恢復成長和盈利的過程中，讓我以一些有關業務的快速更新開始今天的演講。

On our last call, we announced that DISH would be our first customer to launch SafePath Global. We are very pleased to confirm that DISH launched Boost Family Guard, which is powered by SafePath Global during the second quarter. This was a significant milestone for us, not only for the growth potential of Boost Family Guard, but also because it is our first SafePath Global deployment and demonstrates the potential of this accelerated deployment model, going from contract execution to launch in about six weeks. This is a duplicable model for us, and we expect to see more SafePath Global wins in the near term.

在最後一次通話中，我們宣布 DISH 將成為我們推出 SafePath Global 的第一個客戶。我們非常高興地確認 DISH 在第二季度推出了由 SafePath Global 支援的 Boost Family Guard。這對我們來說是一個重要的里程碑，不僅因為Boost Family Guard 的成長潛力，而且因為這是我們的首次SafePath 全球部署，並展示了這種加速部署模型的潛力，從合約執行到發布大約需要六週時間。這對我們來說是一個可複製的模式，我們預計在短期內會看到更多 SafePath Global 的勝利。

In addition to the faster launch cycle, The SafePath Global model also allows us to move quickly to deploy updates to the app with new features and functionality and offers a significant upgrade path with other tools that can be added to the platform. Marketing activities have begun for Boost Family Guard, and we anticipate subscriber growth on that platform over the remainder of this year.

除了更快的啟動週期之外，SafePath Global 模型還允許我們快速部署具有新功能和功能的應用程式更新，並提供可新增至平台的其他工具的重要升級路徑。Boost Family Guard 的行銷活動已經開始，我們預計今年剩餘時間該平台的用戶將會成長。

Next, we are nearing the completion of our development efforts on the unique SafePath-enabled family safety offering with our European Tier 1 carrier partner that we previously referenced. We are excited to be in the last phase of this process and expect that our Tier 1 partner will launch an innovative, widespread go-to-market strategy across a multitude of different channels, bringing a new solution to the European market in the early fall. We expect it to be quite visible and open the door to new opportunities for expansion throughout Europe and the rest of the world.

接下來，我們即將與我們之前提到的歐洲一級營運商合作夥伴一起完成獨特的支援 SafePath 的家庭安全產品的開發工作。我們很高興能進入這個過程的最後階段，並期望我們的一級合作夥伴將在多個不同管道推出創新、廣泛的進入市場策略，在初秋為歐洲市場帶來新的解決方案。我們預計它將非常引人注目，並為整個歐洲和世界其他地區的擴張新機會打開大門。

Turning to our cost structure, we have completed our cost reduction of approximately $1 million to $1.3 million per quarter, which I discussed on our last call. Some of that impact is reflected in the Q2 quarter results, and the full impact will be reflected in the third-quarter results.

談到我們的成本結構，我們已經完成了每季約 100 萬至 130 萬美元的成本削減，我在上次電話會議中對此進行了討論。其中部分影響反映在第二季業績中，全部影響將反映在第三季業績。

As we remain focused on returning the company to profitability, we have determined to further streamline our resources and will target an additional $1 million to $1.2 million in cost reductions per quarter, which we will implement in the very near term to better align our resources. This action will help position the company for a return to growth and profitability and generation of free cash flow.

由於我們仍然專注於使公司恢復盈利，因此我們決定進一步精簡我們的資源，並將目標定為每季度額外削減100 萬至120 萬美元的成本，我們將在近期實施這一目標，以更好地調整我們的資源。此舉將有助於公司恢復成長和獲利能力並產生自由現金流。

Like the previous cost rationalizations, there will be some benefit in the third quarter from the second cost reduction, with the full benefit of these additional adjustments being recognized in the fourth quarter. We believe these changes will strengthen our company for both the long and short term, enabling us to be more agile and faster to market.

與先前的成本合理化一樣，第二次成本削減將在第三季帶來一些好處，這些額外調整的全部好處將在第四季度得到認可。我們相信這些變化將在長期和短期內增強我們公司的實力，使我們能夠更敏捷、更快地進入市場。

As we also discussed on our last call, we plan to add a new wave of enhancements to our SafePath platform. This will include SafePath Premium, which will use enhanced AI machine learning to optimize and customize families' online experience and provide cyber bullying protection, social media intelligence, and public safety notifications.

正如我們在上次電話會議中所討論的那樣，我們計劃為 SafePath 平台添加新一波的增強功能。其中包括 SafePath Premium，它將使用增強的人工智慧機器學習來優化和定製家庭的線上體驗，並提供網路霸凌保護、社交媒體情報和公共安全通知。

Overall, I believe we are very close to seeing the turn in our business case for the better, and our teams are working hard to get us there. But let's turn the call over to Jim to review the financial results in more detail. Jim?

總的來說，我相信我們已經非常接近看到我們的業務案例變得更好，我們的團隊正在努力實現這一目標。但讓我們把電話轉給吉姆，讓他更詳細地審查財務表現。吉姆？

Thanks, Bill, and good afternoon everyone. I'll now be covering the financial details of the second quarter of 2024. Please note all of my comments today regarding per share metrics reflect the impact of the 1-for-8 reverse stock split that was approved by our shareholders and effectuated in April 2024.

謝謝比爾，大家下午好。我現在將介紹 2024 年第二季的財務細節。請注意，我今天關於每股指標的所有評論都反映了我們股東批准並於 2024 年 4 月實施的 8 股 1 股反向股票分割的影響。

For the second quarter, we posted revenue of $5.1 million compared to $10.3 million in the same quarter of 2023, a decrease of approximately 50%. When compared to the first quarter of 2024, revenue decreased by approximately $700,000, or 11%.

第二季度，我們公佈的收入為 510 萬美元，而 2023 年同一季度的收入為 1,030 萬美元，下降了約 50%。與 2024 年第一季相比，收入減少了約 70 萬美元，即 11%。

Year-to-date revenues through June 30, 2024 were $10.9 million versus $21.3 million through the second quarter of last year. The 48% year-to-date decline is primarily due to the conclusion of the Verizon Family safety contract in the fourth quarter of 2023, coupled with the decline in legacy Safe & Found family safety revenue related to the continued attrition of legacy Sprint subscribers driven by T-Mobile's acquisition of Sprint.

截至 2024 年 6 月 30 日，年初至今的營收為 1,090 萬美元，而去年第二季的營收為 2,130 萬美元。年初至今下降 48%，主要是由於 Verizon 家庭安全合約於 2023 年第四季簽訂，加上傳統 Sprint 用戶持續流失導致傳統 Safe & Found 家庭安全收入下降。

During the second quarter of 2024, Family Safety revenue was $4.2 million, which decreased by approximately $4.5 million, or 52%, compared to the second quarter of the prior year, primarily due to our having recognized no Verizon Family S\safety revenues during the second quarter of 2024 as that contract concluded in the fourth quarter of 2023, coupled with a continued decline in legacy Sprint Safe & Found revenue.

2024 年第二季度，家庭安全收入為420 萬美元，與上一年第二季度相比減少了約450 萬美元，即52%，主要是因為我們在2024 年第二季度沒有確認Verizon Family S\ safety 收入該合約於 2023 年第四季簽訂，預計將在 2024 年第二季到期，而且傳統 Sprint Safe & Found 收入持續下降。

Family Safety revenues decreased by approximately $200,000, or 5%, compared to the first quarter of 2024, primarily driven by the continued decline in legacy Sprint Safe & Found revenue.

與 2024 年第一季相比，家庭安全收入減少了約 20 萬美元，即 5%，這主要是由於傳統 Sprint Safe & Found 收入持續下降所致。

During the second quarter of 2024, CommSuite revenue was approximately $500,000, which decreased by approximately $200,000 compared to the second quarter of 2023. Revenue from CommSuite decreased by approximately $100,000 compared to the first quarter of 2024.

2024年第二季度，CommSuite營收約50萬美元，較2023年第二季減少約20萬美元。與 2024 年第一季相比，CommSuite 的營收減少了約 10 萬美元。

However, we have been experiencing subscriber growth on the Boost CommSuite premium visual voicemail platform more recently and expect CommSuite revenue to increase modestly in the third quarter as a result. ViewSpot revenue was approximately $400,000 for the second quarter of 2024, which declined by approximately $500,000 compared to the second quarter of the prior year.

然而，我們最近在 Boost CommSuite 高級視覺語音郵件平台上看到了用戶成長，因此預計第三季 CommSuite 營收將小幅成長。ViewSpot 2024 年第二季營收約 40 萬美元，較去年第二季下降約 50 萬美元。

The decline in ViewSpot revenues compared to the second quarter of 2023 was primarily due to the previously announced termination of one of our ViewSpot contracts in the second half of 2023. ViewSpot revenues decreased by approximately $300,000 compared to the first quarter of 2024.

與 2023 年第二季相比，ViewSpot 營收下降的主要原因是先前宣佈在 2023 年下半年終止我們的一份 ViewSpot 合約。與 2024 年第一季相比，ViewSpot 營收減少了約 30 萬美元。

In the third quarter of 2024, we are expecting consolidated revenues to be in the range of approximately $4.5 million to $5 million. This anticipated decline in revenue as compared to the second quarter, is driven in part by a projected decrease in ViewSpot revenues.

2024 年第三季度，我們預計合併收入約為 450 萬美元至 500 萬美元。與第二季相比，預計營收下降的部分原因是 ViewSpot 營收預計下降。

For the second quarter of 2024, gross profit was $3.5 million compared to $7.7 million during the same period of the prior year, a decrease of approximately $4.2 million, primarily due to the period over period decline in revenues. Gross margin was at 69% for the quarter compared to 75% realized in the second quarter of 2023. The gross profit of $3.5 million in the second quarter of 2024 decreased sequentially by approximately $300,000 compared to the gross profit produced in the first quarter of 2024, driven primarily by the sequential decline in revenues quarter over quarter.

2024 年第二季度，毛利為 350 萬美元，較上年同期的 770 萬美元減少約 420 萬美元，主要是由於收入年減。本季毛利率為 69%，而 2023 年第二季毛利率為 75%。2024 年第二季的毛利為 350 萬美元，與 2024 年第一季的毛利相比，環比減少了約 30 萬美元，這主要是由於收入環比下降所致。

In the third quarter of 2024, we expect gross margins to be in the range of 70% to 73%. For the year-to-date period ended June 30, 2024, gross profit was $7.3 million compared to the $15.4 million during the corresponding period last year. Gross margin was 67% for the June 30, 2024 year-to-date period.

2024年第三季度，我們預期毛利率將在70%至73%之間。截至 2024 年 6 月 30 日的年初至今，毛利為 730 萬美元，而去年同期為 1,540 萬美元。截至 2024 年 6 月 30 日，年初至今的毛利率為 67%。

GAAP operating expenses for the second quarter of 2024 were $10.5 million, a decrease of approximately $500,000, or 4%, compared to the second quarter of 2023, primarily as a result of the effect of cost reduction activities undertaken during the second quarter of 2024, partially offset by severance-related costs.

2024 年第二季的 GAAP 營運費用為 1,050 萬美元，與 2023 年第二季相比減少約 50 萬美元，即 4%，這主要是由於 2024 年第二季採取的成本削減活動的影響，部分被遣散費相關費用抵銷。

GAAP operating expenses for the year-to-date period ended June 30, 2024 were $45.8 million compared to $25.6 million in the prior year-to-date period, an increase of $20.2 million compared to the last year. This period-over-period increase was driven by the non-cash goodwill impairment charge of $24 million incurred in the first quarter of this year.

截至 2024 年 6 月 30 日的年初至今，公認會計準則營運費用為 4,580 萬美元，而去年同期為 2,560 萬美元，比去年增加了 2,020 萬美元。這一同比增長是由今年第一季產生的 2,400 萬美元非現金商譽減損費用所推動的。

Non-GAAP operating expenses for the second quarter of 2024 were $7.5 million compared to $8.3 million in the second quarter of 2023, a decrease of approximately $700,000, or 9%. Sequentially, non-GAAP operating expenses decreased by approximately $600,000, or 7% from the first quarter of 2024.

2024 年第二季的非 GAAP 營運費用為 750 萬美元，較 2023 年第二季的 830 萬美元減少約 70 萬美元，即 9%。隨後，非 GAAP 營運費用比 2024 年第一季減少了約 60 萬美元，即 7%。

As we noted on our last earnings call, we did undertake cost reduction actions in the second quarter as we worked to return the company to profitability. We continue to expect to achieve the targeted savings that we established on our last earnings call. In other words, based on the actions taken to date, we anticipate that our total non-GAAP operating expenses and cost of sales for the third quarter will decrease by $1 million to $1.3 million compared to the first quarter of 2024.

正如我們在上次財報電話會議上指出的那樣，我們確實在第二季度採取了成本削減措施，努力使公司恢復盈利。我們繼續期望實現我們在上次財報電話會議上確定的節省目標。換句話說，根據迄今為止的行動，我們預計第三季的非 GAAP 營運費用和銷售成本總額將比 2024 年第一季減少 100 萬美元至 130 萬美元。

In addition, as Bill had discussed in his opening remarks, we plan to undertake additional expense reductions in the very near term to further realign our cost structure. As a result of both of these cost reduction initiatives, we expect third-quarter 2024 non-GAAP operating expenses to decrease by 6% to 10% compared to the second quarter of 2024.

此外，正如比爾在開場白中所討論的那樣，我們計劃在短期內進一步削減開支，以進一步調整我們的成本結構。由於這兩項成本削減舉措，我們預計 2024 年第三季非 GAAP 營運費用將比 2024 年第二季下降 6% 至 10%。

Given the timing of the actions that we plan to take in the third quarter, a partial quarter effect of these reductions will be realized in Q3 2024 and the full quarterly effect of the additional reductions will be realized in the fourth quarter of 2024. As such, we would anticipate a further decline in non-GAAP operating expenses in the fourth quarter of 2024 as compared to the third quarter of 2024.

考慮到我們計劃在第三季採取行動的時間，這些削減的部分季度效應將在 2024 年第三季實現，額外削減的全部季度效應將在 2024 年第四季實現。因此，我們預計 2024 年第四季的非 GAAP 營運費用將比 2024 年第三季進一步下降。

Non-GAAP operating expenses for the year-to-date period through June 30, 2024 were $15.6 million compared to $19.5 million for the year-to-date period ended June 30, 2023, a decrease of $3.9 million, or 20% compared to last year.

截至2024 年6 月30 日止的年初至今期間的非公認會計準則營運費用為1,560 萬美元，而截至2023 年6 月30 日止的年初至今期間的非公認會計原則營運費用為1,950 萬美元，減少了390 萬美元，即20%去年。

The GAAP net loss for the second quarter of 2024 was $6.9 million, or a $0.66 loss per share, compared to the GAAP net loss of $5.7 million, or a $0.73 loss per share in the second quarter of 2023. The non-GAAP net loss for the second quarter of 2024 was $4 million, or a $0.38 loss per share, compared to a non-GAAP net loss of approximately $600,000, or an $0.08 loss per share in the second quarter of 2023.

2024 年第二季的 GAAP 淨虧損為 690 萬美元，即每股虧損 0.66 美元，而 2023 年第二季的 GAAP 淨虧損為 570 萬美元，即每股虧損 0.73 美元。2024 年第二季的非 GAAP 淨虧損為 400 萬美元，即每股虧損 0.38 美元，而 2023 年第二季的非 GAAP 淨虧損約為 60 萬美元，即每股虧損 0.08 美元。

Within today's press release, we have provided a reconciliation of our non-GAAP metrics to the most comparable GAAP metric. For the second quarter of 2024, the reconciliation includes adjustments for intangible asset amortization of $1.5 million, stock compensation expense of $1.1 million, depreciation expense of $100,000, and other non-recurring charges, including severance-related costs of $300,000, partially offset by nominal changes to the fair value of warrants.

在今天的新聞稿中，我們提供了非 GAAP 指標與最具可比性 GAAP 指標的調整表。對於2024 年第二季度，調節表包括無形資產攤銷調整150 萬美元、股票補償費用110 萬美元、折舊費用100,000 美元以及其他非經常性費用，包括300,000 美元的遣散費相關費用，部分由名義費用抵銷認股權證公允價值的變動。

For the year-to-date period, the non-GAAP reconciliation includes adjustments for goodwill impairment of $24 million, intangible asset amortization of $3.3 million, stock compensation expense of $2.3 million, depreciation of approximately $200,000, and non-recurring expenses including severance-related costs of approximately $400,000, partially offset by approximately $200,000 in changes to the fair value of warrants.

年初至今，非公認會計準則調節表包括商譽減損調整 2,400 萬美元、無形資產攤提 330 萬美元、股票補償費用 230 萬美元、折舊約 20 萬美元，以及非經常性費用（包括遣散費）相關成本約40 萬美元，部分被認股權證公允價值變動約20 萬美元所抵銷。

Due to our cumulative net losses over the past few years, our GAAP tax expense is primarily due to certain state and foreign income taxes. For non-GAAP purposes, we utilized a 0% tax rate for the second quarter of 2024 and 2023. The resulting non-GAAP tax expense reflects the actual income taxes expense during each period.

由於我們過去幾年的累積淨虧損，我們的公認會計準則稅收支出主要是由於某些州和外國所得稅。出於非 GAAP 目的，我們對 2024 年第二季和 2023 年第二季採用 0% 的稅率。由此產生的非公認會計準則稅務費用反映了每個期間的實際所得稅費用。

We did conduct a capital raise during the second quarter grossing approximately $4.1 million in cash before transaction-related fees. As a result of this equity offering, we reported $5.6 million of cash and cash equivalents as of June 30, 2024.

我們確實在第二季進行了融資，扣除交易相關費用後，現金總額約為 410 萬美元。截至 2024 年 6 月 30 日，透過本股權發行，我們報告了 560 萬美元的現金和現金等價物。

This concludes my financial review. Now, back to Bill.

我的財務審查到此結束。現在，回到比爾。

Thanks, Jim. Let me begin with DISH and provide further color on the activities that I touched on to begin today's call. Boost Family Guard had a successful launch in May and DISH has begun marketing activities on several fronts. DISH has been very collaborative in driving awareness for this new offering and has been receptive to exploring different ways to market this product.

謝謝，吉姆。讓我從 DISH 開始，對我在今天的電話會議開始時談到的活動進行進一步闡述。Boost Family Guard 已於 5 月成功推出，DISH 已開始在多個方面開展行銷活動。DISH 在提高這項新產品的知名度方面一直非常合作，並且樂於探索行銷該產品的不同方式。

We believe the timing is very good for Boost Family Guard right now with the recently launched new branding for DISH mobile services under the Boost brand. This branding campaign is creating a fresh new look and feel for the DISH mobile services business. And we are working with DISH on plans to capitalize on the new branding with several new awareness marketing campaigns for Boost Family Guard.

我們相信 Boost Family Guard 的時機非常好，最近在 Boost 品牌下推出了 DISH 行動服務新品牌。此次品牌宣傳活動為 DISH 行動服務業務打造了全新的外觀和感覺。我們正在與 DISH 合作制定計劃，利用新品牌為 Boost Family Guard 進行多項新的認知行銷活動。

Some examples include the use of their internal channels such as SMS, email, and website promotions, as well as capitalizing on in-house ad inventory that can be distributed among the several different DISH properties. These campaigns will not only promote the new brand, but also promote Boost Family Guard, which could help bring more family plan subscribers to the DISH mobile network.

一些例子包括使用簡訊、電子郵件和網站促銷等內部管道，以及利用可在多個不同 DISH 資產之間分配的內部廣告庫存。這些活動不僅會宣傳新品牌，還會宣傳 Boost Family Guard，這有助於吸引更多家庭計畫訂閱者加入 DISH 行動網路。

DISH has also recently launched our Ambassador Program, which drives the product promotion directly to consumers and stores and enables different types of stiff and bonus programs to incentivize in-store promotion of the product.

DISH 最近也推出了我們的大使計劃，該計劃直接向消費者和商店推動產品促銷，並啟用不同類型的硬性和獎勵計劃來激勵產品的店內促銷。

As part of this program there are also different training modules for Boost employees as well as for authorized retail store representatives to teach them about Boost Family Guard, while also informing them of the bonus opportunities associated with selling this product. We have enhanced the Ambassador Program by adding the ability for store managers and sales representatives to download different promotional materials directly from the platform, such as signage replacement throughout the store, which accelerates the rollout of the latest marketing collateral as compared with the traditional store pack out process that is regularly mailed out to the stores.

作為該計劃的一部分，還為 Boost 員工以及授權零售店代表提供不同的培訓模組，向他們教授 Boost Family Guard，同時告知他們與銷售產品相關的獎金機會。我們增強了大使計劃，增加了商店經理和銷售代表直接從平台下載不同促銷材料的能力，例如更換整個商店的標牌，與傳統商店包相比，這加速了最新營銷材料的推出定期郵寄到商店的流程。

This is an exciting opportunity for growth of Boost Family Guard, as Boost Mobile has a large base of stores with approximately 5,000 throughout the United States. Although we are still in the early days of these marketing efforts, we are excited about the progress made in such a short amount of time for Boost Family Guard, and we are just getting started.

對於 Boost Family Guard 的發展來說，這是一個令人興奮的機會，因為 Boost Mobile 在美國擁有約 5,000 家門市，數量龐大。儘管我們仍處於這些行銷工作的早期階段，但我們對 Boost Family Guard 在如此短的時間內取得的進展感到興奮，而且我們才剛剛開始。

In addition to the process being made with Boost Family Guard, DISH has now fully deployed CommSuite across the Boost network on all Android devices. DISH will also include among its value-added services premium visual voicemail, which is powered by our CommSuite platform.

除了使用 Boost Family Guard 進行的流程之外，DISH 現在已在所有 Android 裝置上在 Boost 網路上全面部署 CommSuite。DISH 還將在其增值服務中包括優質視覺語音郵件，該服務由我們的 CommSuite 平台提供支援。

As Jim touched on in his remarks, we have seen an uptick in subscribers on the premium visual voicemail platform more recently, which should translate into revenue growth in the third quarter for CommSuite. DISH recently conducted some new promotional activities for this product, which we believe is helping to drive the subscriber growth. Overall, we continue to maintain a strong and collaborative relationship with DISH and are aligned with them on our goals for success of both products.

正如 Jim 在演講中提到的那樣，我們最近看到優質可視語音郵件平台的訂閱者數量有所增加，這應該會轉化為 CommSuite 第三季的收入成長。DISH 最近針對該產品開展了一些新的促銷活動，我們相信這有助於推動訂戶成長。總體而言，我們繼續與 DISH 保持牢固的合作關係，並在我們這兩種產品成功的目標上與他們保持一致。

Let's talk about AT&T. We remain very optimistic about the opportunity for subscriber growth at both AT&T and Cricket. We continue to drive awareness of AT&T Secure Family through different marketing channels, a recent example of which is a new promotion with the National Parent Teacher Association that just launched. AT&T Secure Family is now being promoted on the National PTA's website, helping to raise awareness within our targeted demographic for digital family safety.

我們來談談AT&T。我們對 AT&T 和 Cricket 的用戶成長機會仍然非常樂觀。我們繼續透過不同的行銷管道提高 AT&T Secure Family 的知名度，最近的一個例子是剛剛與全國家長教師協會推出的一項新促銷活動。AT&T Secure Family 現已在國家 PTA 網站上進行推廣，有助於提高目標族群對數位家庭安全的認識。

Additionally, we have also been methodically expanding the affiliate influencer program that was launched during the second quarter. We anticipate further expansion of the influencer campaigns in the third quarter to drive more visibility to AT&T's secure family, which we expect will significantly broaden our reach. The campaign will include some great new activities for back to school, which we are very excited about as this timing aligns very nicely with the utility of AT&T secure family. I am encouraged with the progress we are making and I'm looking forward to seeing growth in the coming months because of these efforts.

此外，我們也一直在有條不紊地擴大第二季啟動的聯盟影響者計畫。我們預計第三季將進一步擴大影響者活動，以提高 AT&T 安全系列的知名度，我們預計這將顯著擴大我們的影響力。活動將包括一些重返校園的精彩新活動，我們對此感到非常興奮，因為這個時機與 AT&T 安全家庭的實用性非常吻合。我對我們所取得的進展感到鼓舞，並期待在未來幾個月看到由於這些努力而取得的成長。

At T-Mobile, we continue to see strong interest in our expanded roadmap enhancements that we believe could help springboard new activities to drive subscriber growth. We are continuing to work on expanding the portfolio of products that we are supporting at T-Mobile. Our sales and marketing teams are working together to further our progress with widening our reach throughout the organization. In the meantime, T-Mobile continues to be a key customer for us.

在 T-Mobile，我們繼續看到人們對我們擴展的路線圖增強功能表現出濃厚的興趣，我們相信這有助於開展新活動，從而推動用戶成長。我們將繼續致力於擴大 T-Mobile 支援的產品組合。我們的銷售和行銷團隊正在共同努力，擴大我們在整個組織中的影響力，以進一步推動我們的進步。同時，T-Mobile 仍然是我們的重要客戶。

In Europe, we expect to launch our Tier 1 carrier partner in the next few months. This family safety solution will be a unique go-to-market approach for SafePath and we believe it will drive new demand, opening the door for new contracts with carriers throughout the world. I look forward to providing you with additional insight on this contract soon. There's much more to come regarding this carrier and the approach that they're taking to digital family safety, enabled by SafePath and the opportunities we believe the launch of this product will create for us in Europe.

在歐洲，我們預計在未來幾個月內推出我們的一級營運商合作夥伴。這個家庭安全解決方案將成為 SafePath 獨特的上市方式，我們相信它將推動新的需求，為與世界各地的營運商簽訂新合約打開大門。我期待很快為您提供有關此合約的更多見解。關於該運營商以及他們在 SafePath 的支持下採取的數位家庭安全方法以及我們相信該產品的推出將為我們在歐洲創造的機會，還有更多的事情要做。

Our sales pipeline is also quite strong. We are also in the final stages of concluding a marketing engagement agreement with the Competitive Carriers Association, CCA. Upon completion of this agreement, Smith Micro and CCA will partner to market our SafePath Global Family Safety Solution to CCA's carrier members under a single branded application. This partnership will enable CCA carrier members of any size to offer this valuable solution to their subscribers under the rapid go-to-market model that SafePath Global supports.

我們的銷售管道也相當強大。我們也處於與競爭營運商協會 (CCA) 簽訂行銷合作協議的最後階段。該協議完成後，Smith Micro 和 CCA 將合作透過單一品牌應用程式向 CCA 的營運商成員行銷我們的 SafePath 全球家庭安全解決方案。此次合作將使任何規模的 CCA 營運商成員能夠在 SafePath Global 支援的快速上市模式下為其用戶提供此有價值的解決方案。

We believe this agreement will provide access to a collectively large number of subscribers from the many smaller carriers operating in the United States. Without this agreement, reaching these carriers would be a difficult task. In addition to the expected completion of the CCA agreement, there are several other exciting opportunities in the sales pipeline. In Europe, we have opened discussions with another Tier 1 carrier, interested in launching SafePath on an accelerated schedule.

我們相信，該協議將為美國許多規模較小的業者提供大量用戶。如果沒有這項協議，聯繫這些業者將是一項艱鉅的任務。除了 CCA 協議的預期完成之外，銷售管道中還有其他幾個令人興奮的機會。在歐洲，我們已與另一家有興趣加快推出 SafePath 的一級業者展開討論。

We also are in advanced discussions here in the US with carriers to launch SafePath as a strategy to attract new family subscribers. Overall, these opportunities, combined with our recent successes at DISH and our upcoming launch with our major Tier 1 European carrier, give us strong confidence that our strategy will be effective.

我們也在美國與營運商進行深入討論，以推出 SafePath 作為吸引新家庭用戶的策略。總體而言，這些機會，再加上我們最近在 DISH 上的成功以及我們即將與歐洲主要一級運營商合作推出的服務，使我們對我們的策略將發揮作用充滿信心。

Before I close, I would like to briefly introduce you to our plans for a new expansion of the SafePath platform that we are calling SafePath Live. While I don't want to go into detail about the product, I do want to mention that this product will utilize our technological strength for family location controls. The offering will provide a premium model for our carrier partners that we believe will greatly expand their reach and further enhance their competitive position.

在結束之前，我想向您簡要介紹我們對 SafePath 平台進行新擴充的計劃，我們將其稱為 SafePath Live。雖然我不想詳細介紹該產品，但我確實想提一下，該產品將利用我們的技術優勢進行家庭位置控制。該產品將為我們的營運商合作夥伴提供一種優質模式，我們相信這將極大地擴大他們的覆蓋範圍並進一步增強他們的競爭地位。

The addition of this product to our portfolio builds on a key focus to expand our reach and market opportunities while leveraging strong relationships with our existing carrier partners. We also see SafePath Live as a strong marketing opportunity to drive users to our full featured SafePath family safety offerings.

將該產品添加到我們的產品組合中，重點是擴大我們的覆蓋範圍和市場機會，同時利用與我們現有營運商合作夥伴的牢固關係。我們也認為 SafePath Live 是一個強大的行銷機會，可以推動用戶使用我們功能齊全的 SafePath 系列安全產品。

We are truly excited about this next wave of innovation. We are already in the market discussing SafePath live with our growing list of carrier customers and they like it. We remain confident that the business case for SafePath is strong. It is our core belief that the overall family safety market is expanding, particularly in the current environment as we continue to see new initiatives and legislation across the United States and around the world with a clear focus on online safety.

我們對下一波創新浪潮感到非常興奮。我們已經在市場上與越來越多的營運商客戶即時討論 SafePath，他們很喜歡。我們仍然相信 SafePath 的商業案例是強大的。我們的核心信念是，整個家庭安全市場正在擴大，特別是在當前環境下，因為我們不斷看到美國和世界各地明確關注網路安全的新措施和立法。

We plan to capitalize on this momentum and leverage it to expand the reach of our solutions. We have a solid base to build from and believe that we are driving toward meaningful subscriber growth across multiple carrier customers which is key to putting us on a path to growth and profitability.

我們計劃利用這一勢頭並利用它來擴大我們解決方案的範圍。我們擁有堅實的基礎，並相信我們正在推動多個營運商客戶實現有意義的用戶成長，這是讓我們走上成長和獲利之路的關鍵。

With that said, operator, let's open the call for questions. Operator?

話雖如此，接線員，讓我們開始提問吧。操作員？

(Operator Instructions) Scott Searle, Roth Capital.

（操作員指令）Scott Searle，Roth Capital。

Hey, good afternoon. Thanks for taking the questions. Hey, Bill, maybe to jump right in, timing has really been the headwind in terms of carrier launches, but it seems like as we're looking into the third quarter, we're starting to see the bottom here in SafePath.

嘿，下午好。感謝您提出問題。嘿，比爾，也許直接說吧，時機確實是運營商推出方面的逆風，但似乎在我們展望第三季度時，我們開始看到 SafePath 觸底。

I'm wondering if you could talk directionally about what you're expecting for SafePath into the third quarter. And then given the anticipated launch schedules of the European carrier ramping up at DISH and some potential other carriers getting a little bit more aggressive, should we expect SafePath to be rebounding then into the fourth quarter?

我想知道您是否可以直接談談您對 SafePath 第三季的預期。然後，考慮到這家歐洲營運商在 DISH 上的預期啟動時間表以及一些潛在的其他營運商變得更加激進，我們是否應該預期 SafePath 將在第四季度反彈？

Yes. Look, I would say this, I would say that we will you know get the launch behind us in Europe. It'll happen hopefully before the end of the third quarter. And that will put us on a strong direction for growth for fourth quarter. I expect fourth quarter to show some meaningful leverage of the SafePath revenues. And I think that that will be the sign that everybody's been waiting for.

是的。聽著，我想說的是，我想說的是，我們會在歐洲推出這款產品。這有望在第三季結束之前發生。這將為我們第四季的成長指明強有力的方向。我預計第四季度 SafePath 收入將顯示出一些有意義的槓桿作用。我認為這將是每個人都在等待的跡象。

Great. And maybe just to follow up on SafePath Global, it's nice to see the rapid launch on DISH. I'm wondering if you could frame that a little bit in terms of how you're going to characterize success there in terms of penetration of that base.

偉大的。也許只是為了跟進 SafePath Global，很高興看到 DISH 上的快速發布。我想知道您是否可以根據如何描述基地的成功來描述這一點。

And then it sounds like the pipeline continues to grow there, and I think you referenced another opportunity in Europe, but it wasn't clear to me if that was SafePath Global or if that's a more traditional type deployment. So specifically on the SafePath Global front, I'm wondering how big is that pipeline in terms of carriers and your expectations in terms of what you can close this year.

然後，聽起來那裡的管道繼續增長，我認為您提到了歐洲的另一個機會，但我不清楚那是 SafePath Global 還是更傳統的部署類型。因此，特別是在 SafePath Global 方面，我想知道就運營商而言，該管道有多大，以及您對今年可以關閉的項目的期望。

Yes. I would say that all of the opportunities I talked about is being in process. The added Tier 1 carrier in Europe as well as others here in North America will be based around SafePath Global. So the time to market should be very rapid, and so that's another positive sign. As we move into fourth quarter and then in the first quarter of '25, that should provide the leverage that we're looking for to turn us into a profitable company and start to really grow our revenues.

是的。我想說的是，我談到的所有機會都在進行中。歐洲以及北美其他地區新增的一級營運商將以 SafePath Global 為基礎。因此，上市時間應該非常快，這是另一個積極的跡象。當我們進入第四季度和 25 年第一季時，這應該會提供我們所尋求的槓桿，使我們成為一家盈利的公司並開始真正增加我們的收入。

The only exception to that is the launch of the first Tier 1 carrier in Europe that I'm alluding to is going to be using a slightly different product. And we can't talk about it yet. As soon as it launches, we will announce what that product is and what its purpose is.

唯一的例外是歐洲第一家一級營運商的推出，我提到的這家營運商將使用略有不同的產品。我們還不能談論它。一旦推出，我們將宣布該產品是什麼及其用途。

It is an exciting market opportunity in and of itself, and it is repeatable. So I think that's the really strong message that we have here. I think that we have reached the point now where we've consolidated everything, we've streamlined our operations, and we're on a course for meaningful growth.

這本身就是一個令人興奮的市場機會，而且是可重複的。所以我認為這是我們在這裡傳達的非常強烈的訊息。我認為我們現在已經整合了一切，簡化了運營，並且正在走上有意義的成長之路。

Great. And lastly, if I could, CCA is very interesting, a little bit of a stealth growth agreement there. I'm wondering if you could frame that in terms of size. How many subscribers are contained with CCA carriers? And it sounds like you could ramp this up pretty quickly. So I'm wondering when you would expect to see some of the results with SafePath Global and CCA. Thanks.

偉大的。最後，如果可以的話，CCA 非常有趣，有點像隱形成長協議。我想知道你是否可以根據尺寸來建造它。CCA 業者包含多少訂戶？聽起來你可以很快地提高這個速度。所以我想知道您什麼時候可以看到 SafePath Global 和 CCA 的一些結果。謝謝。

Okay. Yeah, we're pretty excited about the CCA opportunity. It provides us an access to a large number, about 40, 50 different carriers around the US. And I'm not including T-Mobile, who is also a member of CCA. So that's -- they're excluded from this opportunity because we already do business with them.

好的。是的，我們對 CCA 機會感到非常興奮。它使我們能夠訪問美國各地大約 40、50 家不同的營運商。我不包括 T-Mobile，它也是 CCA 的成員。所以，他們被排除在這個機會之外，因為我們已經與他們做生意了。

So collectively, we're talking about tens of millions of subs. And individually, there are a number of carriers that are smaller that would be very difficult to market to without this marketing arrangement. And we're very, very excited, as is CCA, to be able to leverage their footprint to find some more meaningful growth.

總的來說，我們談論的是數千萬訂閱者。就個別而言，有許多規模較小的營運商，如果沒有這種行銷安排，就很難向其行銷。我們和 CCA 一樣非常非常興奮，能夠利用他們的足跡來尋找更有意義的成長。

Again, we will focus on SafePath Global with all of these accounts. We are looking for very rapid deployment, and we'll be back talking about that in the weeks to come.

同樣，我們將重點關注 SafePath Global 的所有這些帳戶。我們正在尋求非常快速的部署，我們將在未來幾週內再次討論這一點。

Great. Thanks so much. I'll get back in the queue.

偉大的。非常感謝。我會回到隊列中。

Matthew Harrigan, Benchmark.

馬修·哈里根，《基準》。

Thank you. One really broad question and one fairly narrow one.

謝謝。一個非常廣泛的問題和一個相當狹窄的問題。

Matt, we can't hear you. Can you get louder?

馬特，我們聽不到你的聲音。你能大聲一點嗎？

Sure. Hopefully you're at an inflection point now for SafePath, really both here and in Europe. And you've certainly phone down your costs repeatedly now. And you just did an equity raise last quarter. So how is it that you are really embarking on some more fairly aggressive cost reductions just as you did the equity raise and you seem to be hopefully be hitting an operational inflection point? And then I'll say the next question after your answer.

當然。希望您現在正處於 SafePath 的轉折點，無論是在美國還是在歐洲。而且您現在肯定已經多次降低成本。您上個季度剛剛進行了股權融資。那麼，就像您進行股權融資一樣，您實際上是如何著手進行一些更激進的成本削減的，並且您似乎有望達到營運拐點呢？然後我會在你回答之後說下一個問題。

First, the power of SafePath Global is that it does not require a lot of customization to reach the deployment. The first deployment was done in six weeks. We actually believe we could deploy in less than that. And so that's part of our overall strategy. Because we're not doing a lot of heavy customizing and we're looking to deploy a number of other carrier customers, we have looked at our resources and determined that we can do this with less headcount.

首先，SafePath Global 的強大之處在於它不需要大量自訂即可實現部署。第一次部署在六週內完成。我們實際上相信我們可以用更少的時間進行部署。這是我們總體戰略的一部分。因為我們沒有進行大量的定制，並且我們希望部署許多其他運營商客戶，所以我們查看了我們的資源，並確定我們可以用更少的人員來完成此任務。

We also have been able to streamline the cost structure and that all of the ring costs for the ring platform, which were substantial, can now be ended and are in the process of having that happen. So we're talking about multiple hundreds of thousands of dollars that was involved in running the Ring platform and that is being rung out of our business model. It has been rung out over the course of this year.

我們還能夠簡化成本結構，並且環形平台的所有環形成本現在都可以結束，並且正在實現這一目標。因此，我們談論的是運行 Ring 平台所涉及的數十萬美元，而這些資金正在我們的商業模式中消耗殆盡。它已經在今年的過程中被敲響了。

So we've done a lot to streamline our go-to market, to streamline what it takes to bring new carrier customers into the fold, and we look forward to talking about a number of new names and showing you some meaningful growth.

因此，我們做了很多工作來簡化我們的市場進入流程，簡化吸引新營運商客戶的流程，我們期待談論一些新名稱並向您展示一些有意義的成長。

And I guess this is also relevant to SafePath Global, but when you look at the European Tier 1 carriers, as you know, that tend to have a lot of autonomy on a national basis. And I know that your product introduction to some extent in live market. So I don't know how much customization there is, if you go from Chechnya to Greece to Spain or wherever.

我想這也與 SafePath Global 相關，但當你看看歐洲一級運營商時，如你所知，它們往往在國家層面擁有很大的自主權。而且我知道你們的產品介紹在某種程度上是在現場市場上進行的。所以我不知道如果你從車臣到希臘再到西班牙或任何地方，有多少定制。

But it's just something that's really going to allow you or the [Apple] or Vodafone to really hit the map much more -- much faster. When you're operating in 15 or 20 countries and you might have a trial in one country and other in the old world, maybe a three-year process to have for adoption.

但這確實會讓你、[蘋果]或沃達豐真正更快、更快地在地圖上佔有一席之地。當您在 15 或 20 個國家/地區開展業務時，您可能會在一個國家/地區和舊世界的其他國家/地區進行試驗，可能需要三年的時間才能採用。

Yes. Look, what I can say is this, this launch will be launched in a first country. It is a country where they have meaningful size, and we are already in conversations about who the next countries will be. So this is just the beginning.

是的。看，我能說的是，這次發布將在第一個國家發布。這是一個擁有相當規模的國家，我們已經在討論下一個國家將是誰。所以這只是一個開始。

So when we launch in a couple of months, yes, that's just the first country and there's more to follow, and that can be done in rapid fashion. Really the only difference is just changing the language, so that the users can read the props.

因此，當我們在幾個月後推出時，是的，這只是第一個國家，還有更多國家需要跟進，而且可以快速完成。實際上，唯一的區別只是改變語言，以便用戶可以閱讀道具。

That's great. Thank you.

那太棒了。謝謝。

(Operator Instructions) Leo Carpio, Joseph Gunnar.

（操作員說明）Leo Carpio，Joseph Gunnar。

Good afternoon, gentlemen. I actually have two quick questions. The first one regarding the operating expenses. It seems like you're doing a great job in terms of reducing the costs. It sounds like the second round is coming in. How much more opportunity is there in terms of reducing costs going forward? Could it be a third or fourth round invasion?

下午好，先生們。我實際上有兩個簡單的問題。第一個關於營運費用。看來你們在降低成本方面做得很好。看來第二輪即將到來了。未來在降低成本還有多少機會？難道是第三輪或第四輪入侵？

And then secondly, in terms of the pipelines of opportunity, CCA sounds like an exciting opportunity. Are there other similar associations that are out in the market available, either in Europe or in the US, that you haven't reached out to and could be a possibility? Thanks.

其次，就機會管道而言，CCA 聽起來是一個令人興奮的機會。市場上是否還有其他類似的協會（無論是在歐洲還是在美國）您尚未聯繫過並且有可能聯繫？謝謝。

Yes, Leo. I mean, we're pretty excited about getting the first one done with CCA. We are always looking to work with other industry organizations to broaden our reach and do it in a much more effective manner. So you'll have to stay tuned for that.

是的，利奧。我的意思是，我們對使用 CCA 完成第一個專案感到非常興奮。我們一直尋求與其他行業組織合作，擴大我們的影響範圍，並以更有效的方式做到這一點。所以你必須繼續關注這一點。

But the CCA opportunity, I think, will bode very, very well for us. And it's a section of the market that we haven't really been able to focus on, and it's pretty exciting. So let's just wait and see. Let's get them launched with some new names and see how it grows.

但我認為 CCA 機會對我們來說是非常非常好的兆頭。這是我們一直未能真正關注的市場部分，但它非常令人興奮。所以讓我們拭目以待吧。讓我們以一些新名稱推出它們，看看它如何發展。

Leo? We can't hear you.

利奧？我們聽不到你的聲音。

Oh, it did. Just quickly, to follow up on the cost question. You've already had two rounds of $1-plus million on cost savings. Is there a vision of possibly even more cost savings going forward or it's as much as you can extract from Ops at this point?

哦，確實如此。很快，跟進成本問題。您已經節省了兩輪超過 100 萬美元的成本。是否有未來可能節省更多成本的願景，或者目前您可以從營運中獲得的盡可能多的成本？

Well, we always look at our cost structure and look to optimize it, but at this point that between the two reduction initiatives, we're talking about $2 million to $2.5 million in total. So that's what we are targeting currently.

嗯，我們總是關注我們的成本結構並尋求優化它，但此時，在兩項削減舉措之間，我們討論的總額約為 200 萬至 250 萬美元。這就是我們目前的目標。

All right. Thank you.

好的。謝謝。

Brian Swift, Security Research.

布萊恩·斯威夫特，安全研究人員。

Yeah, I have a couple questions. First, just to clarify, I think, Jim, in your comments, you guided Q3 to $4.5 million to $5 million, And I think you also said that much of that decline was your anticipated results from ViewSpot. And since the ViewSpot went down $300,00 to $400,000, is it going to zero or what maybe you can give me a little color on that?

是的，我有幾個問題。首先，我想澄清一下，吉姆，在您的評論中，您將第三季度的收入引導至 450 萬至 500 萬美元，而且我認為您還說過，大部分下降是您對 ViewSpot 的預期結果。既然 ViewSpot 的價格下降了 30 萬美元至 40 萬美元，它會降到零嗎？

We certainly expected to decline further from where it's at now. I will say that we don't expect it to go all the way to zero, but we are expecting a decline there.

我們當然預期會比現在進一步下降。我想說的是，我們預計它不會一直降至零，但我們預計會下降。

Yeah. Let me add that we also have new opportunities for ViewSpot that we are exploring and they're with meaningful names. So let's just -- we'll monitor the process, we'll report it safely every quarter, but I think it's a nice product. It's had sort of a checkered role in the market in the last year or so, but that doesn't mean that we can't turn it around. So we'll see.

是的。我要補充一點，我們正在探索 ViewSpot 的新機會，而且它們的名稱很有意義。所以我們會監控這個過程，每個季度都會安全地報告它，但我認為這是一個很好的產品。在過去一年左右的時間裡，它在市場上扮演了一個不穩定的角色，但這並不意味著我們無法扭轉這種局面。所以我們拭目以待。

Okay. And secondly, we've had a continual slide in the Sprint revenues that seems to be consistently more than offsetting anyway whatever gains you're getting at T-Mobile. Can you give us a little bit more color on each quarter? It seems like you're optimistic about what T-Mobile is doing in terms of promotions and such. I remember when you really started accelerating with Sprint was when you had a program where they were really doing a lot of training with the in-store people doing promotions and such.

好的。其次，我們的 Sprint 收入持續下滑，這似乎始終足以抵消您在 T-Mobile 獲得的任何收益。您能為我們每季提供更多的色彩嗎？看來您對 T-Mobile 在促銷等方面所做的事情感到樂觀。我記得當你真正開始加速 Sprint 時，你有一個項目，他們確實對店內人員進行了大量培訓，進行促銷等活動。

Do you see any kind of activity like that at T-Mobile and as well as at AT&T where we could see? Because it seems like we should be seeing some uptick here, but when you guide to [$4.5 million, $5 million], it means we haven't hit the trough yet. It's a little discouraging, to say the least.

您在 T-Mobile 以及我們可以看到的 AT&T 中是否看到過類似的活動？因為看起來我們應該會看到一些上升，但當你指導到[450萬美元，500萬美元]時，這意味著我們還沒有觸及低谷。至少可以說，這有點令人沮喪。

Anyway, I'd like to see what your thoughts are on how you plan to get this thing moving in the right direction here other than what you've already talked about.

不管怎樣，除了你已經討論過的之外，我想看看你對如何計劃讓這件事朝著正確的方向發展有什麼想法。

Well, I think you've brought up Sprint and you've brought up the success we had at Sprint. And we've always thought it would be very repeatable. Based on the commentary I've already made, I think you can see that DISH is doing everything that Sprint did plus more.

嗯，我認為您提到了 Sprint，也提到了我們在 Sprint 的成功。我們一直認為它是非常可重複的。根據我已經發表的評論，我想您可以看到 DISH 正在做 Sprint 所做的一切，甚至更多。

So I think where you really want to watch is to watch the growth for DISH and the Boost Family Guard. I believe that's going to be a rather exciting event. I haven't said much. I didn't say much about T-Mobile on this call. The decline of Sprint users is getting down to a fairly small number overall. So I think that issue is one that's probably going to just sort of take its course.

所以我認為你真正想專注的是 DISH 和 Boost Family Guard 的成長。我相信這將是一個相當令人興奮的事件。我還沒說太多。我在這次電話會議上沒有過多談論 T-Mobile。Sprint 用戶的下降總體上已經減少到相當小的數量。所以我認為這個問題可能會順其自然。

But look, watch what happens at DISH, and I think you're going to see some meaningful growth there, and that's what you ought to be looking for and then we'll launch the European carrier. These new carriers are excited. They are full of energy, they want to be very successful, they believe family safety is right for the time.

但看看 DISH 發生的事情，我認為你會在那裡看到一些有意義的成長，這就是你應該尋找的，然後我們將推出這家歐洲航空公司。這些新的運營商很興奮。他們充滿活力，他們希望取得成功，他們相信家庭安全是正確的時機。

Look at all the laws that are being talked about and being passed. The Senate passed a bill to today. It's got to -- we're waiting for the House. But there's all kinds of things going on, not only in the US, but also in Europe. This is an exciting market, and yes, we've tested your patience, Brian, but you know I know you're a patient guy. So we'll work our way through it.

看看所有正在討論和通過的法律。參議院今天通過了一項法案。必須——我們正在等待眾議院。但各種各樣的事情正在發生，不僅在美國，而且在歐洲。這是一個令人興奮的市場，是的，我們測試了你的耐心，布萊恩，但你知道我知道你是一個有耐心的人。所以我們會努力解決這個問題。

All right. Thank you.

好的。謝謝。

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

我們的問答環節到此結束。我想將會議轉回查爾斯·梅斯曼（Charles Messman）發表閉幕詞。

Well, I thank everyone for joining us today. If you have any follow-up questions, please feel free to reach out to us. We appreciate you taking the time, and we'll look forward to talking to you on our next earnings call. Thanks, everybody.

好的，我感謝大家今天加入我們。如果您有任何後續問題，請隨時與我們聯繫。感謝您抽出寶貴時間，我們期待在下次財報電話會議上與您交談。謝謝大家。

The conference is now concluded. Thank you for attending today's presentation and you may now disconnect.

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。