Smith Micro Software Inc (SMSI) 2024 Q3 法說會逐字稿

Good day and welcome to the Smith Micro Software’s financial results for the third quarter ended September 30, 2024. All participants will be in listen-only mode. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎閱讀 Smith Micro Software 截至 2024 年 9 月 30 日的第三季財務業績。所有參與者將處於僅聽模式。（操作員說明）今天的演示結束後，將有機會提問。（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 third quarter ended September 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 9 月 30 日的第三季財務表現。現在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, and Chief Executive Officer and Jim Kempton, our Chief Financial Officer.

出席今天的電話會議的有董事會主席、總裁兼執行長比爾史密斯 (Bill Smith) 和財務長吉姆肯普頓 (Jim Kempton)。

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 developments, migrations and or growth by new and existing customers, operating expenses, and company cash reserves.

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，未來的產品開發、新客戶和現有客戶的遷移和/或成長、營運費用和公司現金儲備。

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.

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。

For more information, please refer to the risk factors included in our most recently filed Form 10-K. Smith Micro assumes no obligation to update any forward-looking statements, which speak to the management’s beliefs and assumptions only as the date they are made.

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，這些陳述僅代表管理階層的信念和假設。

I want to point out in the forthcoming prepared remarks, we refer to specific 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，在即將發表的準備好的發言中，我們指的是具體的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 third quarter conference call. We appreciate your interest. Let me begin the call today with some quick updates on the overall business as we remain very focused and excited about the path forward. Our primary objective is to return to profitability and the generation of free cash flow.

謝謝，查理。下午好，感謝您今天參加我們的 2024 年第三季電話會議。我們感謝您的關注。讓我在今天的電話會議開始時先介紹整體業務的一些快速更新，因為我們對未來的道路仍然非常專注和興奮。我們的主要目標是恢復獲利能力並產生自由現金流。

Let's begin with our European carrier that we have discussed on earlier calls. I had hoped to be able to announce the carrier's name with you today, but we must continue to wait for the official launch, which we expect to happen soon.

讓我們從我們之前在電話中討論過的歐洲航空公司開始。我原本希望今天能夠與大家宣布該運營商的名稱，但我們必須繼續等待正式發布，我們預計很快就會發生。

We are looking forward to sharing details of the launch with our shareholders. Now let's look at the progress being made on the new business side of things. First, we expect to sign our first contract for the deployment of our SafePath OS solution with a US-based MVNO in the coming weeks.

我們期待與股東分享發布的細節。現在讓我們看看新業務方面所取得的進展。首先，我們預計在未來幾週內與一家美國 MVNO 簽署第一份部署 SafePath 作業系統解決方案的合約。

SafePath OS is yet another innovation within our SafePath platform that enables mobile operators to offer and otherwise standard mobile device as a kid's phone or tablet with built-in limits aimed at a safer and mobile experience that kids cannot bypass.

SafePath OS 是我們 SafePath 平台中的另一項創新，它使行動電信業者能夠提供標準行動裝置作為兒童手機或平板電腦，並具有內建限制，旨在提供兒童無法繞過的更安全的行動體驗。

We accelerated our deployment schedule for SafePath OS given the strong interest we are seeing in the market. We expect to see the first deployments of SafePath OS in the first quarter of 2025.

鑑於我們看到市場的強烈興趣，我們加快了 SafePath OS 的部署計畫。我們預計將在 2025 年第一季看到 SafePath 作業系統的首次部署。

Additionally, we are focusing on building our pipeline for SafePath OS, and we expect it will be a strong contributor to our business going forward. We believe that the recurring fees from this deployment model will meaningfully contribute to our 2025 revenues.

此外，我們正專注於為 SafePath OS 建立管道，我們預計它將為我們未來的業務做出強有力的貢獻。我們相信，這種部署模式產生的經常性費用將對我們 2025 年的收入做出有意義的貢獻。

I also want to note another key component that is the recurring theme as we expand our SafePath offerings, bringing our partners, solutions that build on the core values of what they do best, namely selling devices and subscription plans.

我還想指出另一個關鍵組成部分，這是我們擴展 SafePath 產品時反覆出現的主題，為我們的合作夥伴帶來了基於他們最擅長的核心價值（即銷售設備和訂閱計劃）的解決方案。

On our last call, we discussed our marketing and engagement agreement with the Competitive Carrier Association, CCA. This is the completion of that agreement. Smith Micro and CCA have partnered to market our SafePath Global Family Safety Solution to CCA's carrier members under a single brand name of SafeTools.

在上次通話中，我們討論了與競爭運營商協會 (CCA) 的營銷和合作協議。這就是該協議的完成。Smith Micro 和 CCA 合作，以 SafeTools 單一品牌向 CCA 的營運商會員推銷我們的 SafePath 全球家庭安全解決方案。

This partnership enables 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. We currently have contracts in process with multiple CCA members under this arrangement, and I expect it will sign additional CCA member carriers in the coming weeks and months.

這種合作夥伴關係使任何規模的 CCA 營運商成員都能夠在 SafePath Global 支援的快速上市模式下為其訂戶提供此有價值的解決方案。目前，根據這項安排，我們正在與多個 CCA 成員簽訂合同，我預計它將在未來幾週和幾個月內簽署更多 CCA 成員航空公司。

This quick to market approach truly expands our brand and market opportunity, delivering our SafePath platform to more families across the US. I want to touch on our reduced cost structure before turning the call over to Jim.

這種快速上市的方法真正擴大了我們的品牌和市場機會，將我們的 SafePath 平台提供給美國更多的家庭。在將電話轉給吉姆之前，我想談談我們降低的成本結構。

In our previous quarterly calls, we committed to eliminating at least $2 million in quarterly expenses by Q4 this year. I am pleased to tell you that we have already achieved $1.9 million in cost reductions in Q3 and have yet to realize the full quarterly benefit of these actions.

在先前的季度電話會議中，我們承諾在今年第四季消除至少 200 萬美元的季度支出。我很高興地告訴您，我們在第三季度已經實現了 190 萬美元的成本削減，但尚未實現這些行動的全部季度效益。

As Jim will describe in more detail, we are upping the range of quarterly cost savings that we were targeting for the fourth quarter to a goal of $2.4 million to $2.8 million.

正如吉姆將更詳細地描述的那樣，我們正在將第四季度的季度成本節約目標提高到 240 萬美元至 280 萬美元。

We believe these changes have positioned our company to execute with more agility and to be nimbler in responding to market demands. We believe that the actions we've taken to rationalize our costs coupled with the expansion of our revenue opportunities have positioned us for a return to profitability and free cash flow during 2025.

我們相信這些變化使我們公司能夠更敏捷地執行並更靈活地回應市場需求。我們相信，我們為合理化成本而採取的行動，加上收入機會的擴大，使我們能夠在 2025 年恢復盈利和自由現金流。

I'll take a deeper dive into this in a few minutes, but first let's turn the call over to Jim to review our financial results in more detail. Jim?

我將在幾分鐘內更深入地探討這一點，但首先讓我們將電話轉給吉姆，以更詳細地審查我們的財務表現。吉姆？

Thanks, Bill, and good afternoon, everyone. I'll now be covering the financial results for the third quarter of 2024. During the third quarter we recognized revenue of $4.6 million, compared to $11 million for the same quarter of 2023, a decrease of approximately 58%. When compared to the second quarter of 2024, revenue decreased by approximately $500,000 or 10%.

謝謝比爾，大家下午好。我現在將介紹 2024 年第三季的財務表現。第三季我們確認營收為 460 萬美元，而 2023 年同一季為 1,100 萬美元，下降約 58%。與 2024 年第二季相比，收入減少了約 50 萬美元，即 10%。

Year-to-date revenues through September 30, 2024 were $15.6 million versus $32.3 million through the third quarter of last year. The 52% year-to-date decline, compared to the prior year is primarily due to the conclusion of the Verizon Family Safety Contract in the fourth quarter of 2023, coupled with a decline in Sprint Safe and 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 9 月 30 日，年初至今的營收為 1,560 萬美元，而去年第三季的營收為 3,230 萬美元。與前一年相比，年初至今下降 52%，主要是由於 Verizon 家庭安全合約於 2023 年第四季度簽訂，加上 Sprint Safe 和 Found Family Safety 收入下降，這與持續的T-Mobile 收購Sprint 導致傳統Sprint 用戶流失。

During the third quarter of 2024, Family Safety revenue was $3.9 million, which decreased by approximately $5.2 million, or 57%, compared to the third quarter of the prior year, primarily due to our having recognized no Verizon Family Safety revenue during the third quarter of 2024. As that contract concluded in the fourth quarter of 2023, coupled with the continued decline in the legacy Sprint Safe and Found revenue as was expected.

2024 年第三季度，家庭安全收入為 390 萬美元，與前一年第三季相比減少了約 520 萬美元，即 57%，主要是因為我們在第三季度沒有確認 Verizon 家庭安全收入2024 年。由於該合約於 2023 年第四季結束，加上傳統 Sprint Safe and Found 收入如預期持續下降。

Family Safety revenues decreased by approximately $300,000 or 7% compared to the second quarter of 2024. During the third quarter of 2024, CommSuite revenue was approximately $600,000, which decreased by approximately $100,000 compared to the third quarter of 2023.

與 2024 年第二季相比，家庭安全收入減少了約 30 萬美元，即 7%。2024年第三季度，CommSuite營收約60萬美元，較2023年第三季減少約10萬美元。

Revenue from CommSuite increased by approximately $100,000, compared to the second quarter of 2024, as we have been experiencing subscriber growth on the boost CommSuite premium visual voicemail platform and expect that trend to continue in the fourth quarter.

與 2024 年第二季相比，CommSuite 的營收增加了約 10 萬美元，因為我們在提升的 CommSuite 高級視覺語音郵件平台上經歷了用戶成長，並預計這一趨勢將在第四季度持續。

ViewSpot revenue was approximately $100,000 for the third quarter of 2024, which declined by approximately $1 million, compared to the third quarter of the prior year. The decline in ViewSpot revenues compared to the third quarter of 2023 was primarily due to the previously announced terminations of two of our ViewSpot contracts.

ViewSpot 2024 年第三季營收約 10 萬美元，較上年第三季下降約 100 萬美元。與 2023 年第三季相比，ViewSpot 營收下降的主要原因是先前宣布終止了我們的兩份 ViewSpot 合約。

ViewSpot revenues decreased by approximately $300,000, compared to the second quarter of 2024. In the fourth quarter of 2024, we expect consolidated revenues to be in the range of approximately $5 million to $5.2 million. This anticipated growth in revenues as compared to the third quarter is driven in part by a projected increase in Family Safety revenues.

與 2024 年第二季相比，ViewSpot 營收減少了約 30 萬美元。2024 年第四季度，我們預計合併收入約為 500 萬美元至 520 萬美元。與第三季相比，預計收入成長的部分原因是家庭安全收入的預期成長。

For the third quarter of 2024, gross profit was approximately $3.3 million, compared to approximately $8.5 million during the same period of the prior year, a decrease of approximately $5.1 million primarily due to the period-over-period decline in revenues.

2024年第三季度，毛利約330萬美元，而去年同期約850萬美元，減少約510萬美元，主要是因為營收年減。

Gross margin was at 72% for the quarter compared to the 77% realized in the third quarter of 2023. Gross profit of $3.3 million in the third quarter of 2024 decreased by approximately $200,000 compared to the gross profit produced in the second quarter of 2024, driven by the sequential decline in revenues quarter-over-quarter.

本季毛利率為 72%，而 2023 年第三季毛利率為 77%。由於營收季減，2024 年第三季的毛利為 330 萬美元，與 2024 年第二季的毛利相比減少了約 20 萬美元。

In the fourth quarter of 2024, we expect gross margins to be in the range of 72% to 75%. For the year-to-date period ended September 30, 2024, gross profit was $10.7 million compared to $23.9 million during the corresponding period last year.

2024年第四季，我們預計毛利率將在72%至75%之間。截至 2024 年 9 月 30 日的年初至今，毛利為 1,070 萬美元，而去年同期為 2,390 萬美元。

Gross margin was 68% for the September 30, 2024 year-to-date period, compared to 74% for the nine months ended September 30, 2023.

截至2024年9月30日年初至今的毛利率為68%，而截至2023年9月30日止九個月的毛利率為74%。

GAAP operating expenses for the third quarter of 2024 were $9.8 million, a decrease of approximately $800,000 or 8%, compared to the third quarter of 2023, primarily attributable to the cost reduction activities undertaken during the second and third quarters of 2024, partially offset by severance-related costs.

2024 年第三季的GAAP 營運費用為980 萬美元，與2023 年第三季相比減少約80 萬美元，即8%，主要歸因於2024 年第二季和第三季開展的成本削減活動，部分被與遣散費相關的費用。

GAAP operating expenses for the year-to-date period ended September 30, 2024, were $55.6 million, compared to $36.2 million in the prior year-to-date period, an increase of $19.4 million, compared to last year.

截至 2024 年 9 月 30 日的年初至今，公認會計準則營運費用為 5,560 萬美元，而去年同期為 3,620 萬美元，比去年增加了 1,940 萬美元。

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, which was partially offset by reductions in personnel costs associated with the cost reduction activities undertaken in 2024 and decreases in marketing-related expenses. Non-GAAP operating expenses for the third quarter of 2024 were $6.8 million, compared to $7.7 million in the third quarter of 2023, a decrease of $900,000 or 12%.

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推動的，該費用被 2024 年開展的成本削減活動相關的人員成本減少以及營銷相關費用。2024 年第三季的非 GAAP 營運費用為 680 萬美元，而 2023 年第三季為 770 萬美元，減少了 90 萬美元，即 12%。

Sequentially, non-GAAP operating expenses decreased by approximately $700,000 or 10% from the second quarter of 2024. As we noted in our last earnings call, we did undertake further cost reduction actions in the third quarter as we worked to return the company to profitability.

隨後，非 GAAP 營運費用較 2024 年第二季減少約 70 萬美元，即 10%。正如我們在上次財報電話會議中指出的那樣，我們在第三季度確實採取了進一步的成本削減行動，努力使公司恢復盈利。

Through the third quarter, we successfully achieved $1.9 million in quarterly savings as a result of the actions taken. As such, we now expect to recognize quarterly savings in a range of $2.4 million to $2.8 million, which is higher than the targeted range of $2 million to $2.5 million that we have established on our prior earnings call.

透過這些行動，我們在第三季成功實現了 190 萬美元的季度節省。因此，我們現在預計季度節省將在 240 萬美元至 280 萬美元之間，高於我們在先前的財報電話會議上確定的 200 萬美元至 250 萬美元的目標範圍。

In other words, we anticipate that our total quarterly non-GAAP operating expenses and cost of sales will decrease by $2.4 million to $2.8 million, when comparing first quarter 2024 costs to the fourth quarter of 2024, based on the cost reduction activities executed this year.

換句話說，根據今年執行的成本削減活動，將2024 年第一季的成本與2024 年第四季的成本進行比較時，我們預計季度非GAAP 營運費用和銷售成本總額將減少240 萬美元至280萬美元。

As a result of the timing of the actions undertaken during the third quarter, we expect fourth quarter 2024 non-GAAP operating expenses to decrease by 7% to 12%, compared to the third quarter of 2024.

由於第三季採取行動的時間安排，我們預計 2024 年第四季非 GAAP 營運費用將比 2024 年第三季減少 7% 至 12%。

Non-GAAP operating expenses for the year-to-date period through September 30, 2024 were approximately $22.4 million, compared to approximately $27.3 million for the year-to-date period ended September 30, 2023, a decrease of approximately $4.8 million, or 18%, compared to last year.

截至2024 年9 月30 日的年初至今期間的非公認會計準則營運費用約為2,240 萬美元，而截至2023 年9 月30 日的年初至今期間的非公認會計準則營運費用約為2,730 萬美元，減少了約480 萬美元，或與去年相比，成長了 18%。

The GAAP net loss for the third quarter of 2024 was $6.4 million, or a $0.54 loss per share, compared to a GAAP net loss of $5.1 million, or a $0.61 loss per share in the third quarter of 2023. GAAP net loss for the nine months ended September 30, 2024 was $44.3 million, or $4.17 loss per share, compared to a gap net loss of $17.7 million or a $2.27 loss per share for the nine months ended September 30, 2023.

2024 年第三季的 GAAP 淨虧損為 640 萬美元，即每股虧損 0.54 美元，而 2023 年第三季的 GAAP 淨虧損為 510 萬美元，即每股虧損 0.61 美元。截至2024 年9 月30 日的9 個月，公認會計原則淨虧損為4,430 萬美元，即每股虧損4.17 美元，而截至2023 年9 月30 日的9 個月，缺口淨虧損為1,770 萬美元，即每股虧損2.27 美元。

The non-GAAP net loss for the third quarter of 2024 was $3.6 million or a $0.30 loss per share, compared to a non-GAAP net income of approximately $600,000 or an $0.08 earnings per share in the third quarter of 2023.

2024 年第三季的非 GAAP 淨虧損為 360 萬美元，即每股虧損 0.30 美元，而 2023 年第三季的非 GAAP 淨利潤約為 60 萬美元，即每股收益 0.08 美元。

Non-GAAP net loss for the nine months ended September 30, 2024 was $11.8 million or $1.11 loss per share, compared to a non-GAAP net loss of $3.6 million or $0.46 loss per share for the nine months ended September 30, 2023.

截至2024 年9 月30 日止九個月的非公認會計準則淨虧損為1,180 萬美元，即每股虧損1.11 美元，而截至2023 年9 月30 日止九個月的非公認會計準則淨虧損為360 萬美元，即每股虧損0.46 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 third quarter of 2024, the reconciliation includes adjustments for intangible asset amortization of $1.3 million, stock compensation expense of $1.2 million, severance-related costs of approximately $300,000, depreciation expense of approximately $100,000, and transaction-related expenses of approximately $100,000, partially offset by changes in the fair value of warrants of approximately $200,000.

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。2024 年第三季度，調節表包括無形資產攤提調整130 萬美元、股票補償費用120 萬美元、遣散費相關費用約30 萬美元、折舊費用約10 萬美元、交易相關費用約10 萬美元，部分調整被認股權證公允價值變動約 20 萬美元所抵銷。

For the year-to-date period, the non-GAAP reconciliation includes adjustments for goodwill impairment of $24 million, intangible asset amortization of $4.6 million, stock compensation expense of $3.5 million, depreciation of $300,000, and non-recurring expenses including severance-related costs of approximately $800,000, partially offset by approximately $400,000 in changes to the fair value of warrants.

年初至今，非公認會計原則調節表包括商譽減損調整2,400 萬美元、無形資產攤提460 萬美元、股票補償費用350 萬美元、折舊30 萬美元以及非經常性費用（包括與遣散費相關的費用）成本約為 80 萬美元，部分被認股權證公允價值變動約 40 萬美元所抵銷。

Due to our cumulative net losses over the past few years, our GAAP tax expenses primarily due to certain state and foreign income taxes. For non-GAAP purposes, we utilized a 0% tax rate for the third quarter of 2024 and 2023.

由於我們過去幾年的累積淨虧損，我們公認的會計準則稅務支出主要來自某些州和外國所得稅。出於非 GAAP 目的，我們對 2024 年和 2023 年第三季採用 0% 的稅率。

The resulting non-GAAP tax expense reflects the actual income taxes expense during each period. We reported $1.5 million of cash and cash equivalents as of September 30, 2024. As previously announced, we did complete a capital raise at the beginning of October, grossing approximately $6.9 million in cash before transaction-related fees.

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。截至 2024 年 9 月 30 日，我們報告的現金和現金等價物為 150 萬美元。正如先前宣布的，我們確實在 10 月初完成了融資，在扣除交易相關費用之前，現金總額約為 690 萬美元。

Bill, our Chief Executive Officer, led the capital raise by investing $3 million via private placement. The remaining $3.9 million was raised off our existing shelf registration. The purchase price per share of common stock was [$1.16.5] for both transactions.

我們的執行長 Bill 透過私募投資 300 萬美元領導了此次融資。剩下的 390 萬美元是從我們現有的貨架註冊中籌集的。兩次交易的每股普通股購買價格均為 [1.16.5 美元]。

Unregistered warrants were issued as part of both transactions with an exercise price of $1.04 per share. The warrants issued in each transaction become exercisable six months after the offering date and expire 5.5 years from the offering date.

兩筆交易均發行了未註冊認股權證，行使價為每股 1.04 美元。每筆交易中發行的認股權證可在發行日期後六個月後行使，並在發行日期後 5.5 年到期。

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. As I started the call by talking about some of our new customer opportunities, let me pivot to providing you with some updates on our ongoing carrier partners. Boost is ramping up the marketing of its SafePath-based Boost Family Guard in its retail footprint.

謝謝，吉姆。當我在電話會議開始時談論了我們的一些新客戶機會時，讓我轉向為您提供有關我們現有運營商合作夥伴的一些最新資訊。Boost 正在其零售業務中加大基於 SafePath 的 Boost Family Guard 的行銷。

They provided marketing collateral to their retail stores in September and are providing splits for their retail employees, which we believe is an effective tool to drive awareness of the new product offering. Outside of the retail stores, Boost continues to leverage other avenues to promote Boost Family Guard throughout its subscriber base, using SMS, email, and website promotions to promote Boost Family Guard and attract more family plan subscribers to the Boost Mobile Network.

他們在 9 月向零售店提供了行銷宣傳材料，並為其零售員工提供了分成，我們認為這是提高新產品認知度的有效工具。在零售店之外，Boost 繼續利用其他途徑在整個用戶群中推廣 Boost Family Guard，使用簡訊、電子郵件和網站促銷來推廣 Boost Family Guard 並吸引更多家庭計畫訂閱者加入 Boost 行動網路。

In addition to the progress being made with Boost Family Guard, Boost has continued to grow as value-added service premium visual voicemail, which is powered by our CommSuite platform during Q3. The expansion of subscribers Boost experienced on the premium visual voicemail platform during the third quarter translated into the meaningful increase in our CommSuite revenues, representing over 20% growth versus the second quarter.

除了 Boost Family Guard 的進展之外，Boost 作為增值服務高級視覺語音郵件也持續成長，該服務在第三季由我們的 CommSuite 平台提供支援。第三季優質視覺語音郵件平台上的 Boost 用戶數量的成長轉化為我們 CommSuite 營收的顯著成長，與第二季相比成長了 20% 以上。

Boost is continuing to conduct promotional activities for this product, which we believe will help to drive continued subscriber growth in the fourth quarter. Overall, we maintain a strong and collaborative relationship with Boost and are aligned with them on our goals for the success of both products.

Boost正在繼續對該產品進行促銷活動，我們相信這將有助於推動第四季度用戶的持續成長。總體而言，我們與 Boost 保持著牢固的合作關係，並在這兩種產品取得成功的目標上與他們保持一致。

Let's talk about AT&T and the new promotional activity for AT&T Secure Family that is currently happening. In November, we began a new social media influencer campaign for AT&T Secure Family with a group of selected influencers, who are purposely driving awareness of the product's features.

讓我們來談談 AT&T 以及目前正在進行的 AT&T Secure Family 新促銷活動。11 月，我們與一群選定的影響者一起為 AT&T Secure Family 發起了一項新的社交媒體影響者活動，他們有目的地提高對該產品功能的認識。

More than just focusing on family and relevant issues faced by parents in today's world, these influencers are also parents, who have the same concerns as all parents, which makes each of them an outstanding spokesperson on social media platforms to promote the benefits of AT&T Secure Family.

這些影響者不僅僅關注家庭和當今世界父母面臨的相關問題，他們也是父母，與所有父母有著同樣的擔憂，這使得他們每個人都成為社交媒體平台上宣傳 AT&T Secure 優勢的傑出代言人家庭。

This campaign is just getting started and we expect it to continue over the coming months and into 2025. In addition, AT&T Secure Family has been recently featured within connected television advertising. This advertising content has shown on platforms such as Paramount, Pluto, Warner Brothers Discovery, and Disney, just to name a few.

該活動才剛開始，我們預計它將在未來幾個月持續到 2025 年。此外，AT&T Secure Family 最近也出現在連網電視廣告中。該廣告內容已在派拉蒙、Pluto、華納兄弟探索和迪士尼等平台上展示。

This is another fresh approach to raising awareness of the benefits of this app. These activities are in addition to the ongoing digital advertising. With all these marketing efforts, we remain very optimistic about the opportunity with AT&T and are looking forward to seeing growth in the coming months resulting from these efforts.

這是提高人們對該應用程式優勢的認識的另一種新方法。這些活動是對正在進行的數位廣告的補充。透過所有這些行銷努力，我們對 AT&T 的機會仍然非常樂觀，並期待在未來幾個月看到這些努力帶來的成長。

At T-Mobile, we continue to explore our expanded SafePath platform for opportunities to broaden our relationship. Our sales and marketing teams are working together to further our progress by widening our reach within the organization. In the meantime, T-Mobile continues to be a key customer for us.

在 T-Mobile，我們繼續探索擴展的 SafePath 平台，尋找擴大我們關係的機會。我們的銷售和行銷團隊正在共同努力，透過擴大我們在組織內的影響力來進一步推動我們的進步。同時，T-Mobile 仍然是我們的重要客戶。

As I mentioned in my beginning remarks, we are focused on aligning our SafePath sales with those things that carriers do best, namely selling phones and rate plans to their customers. First, we start with how we can align with phone sales. SafePath OS is a groundbreaking delivery platform crafted to support the first connected experience for young users that guides them through their digital journey in a secure, age-appropriate way.

正如我在開場白中提到的，我們專注於將 SafePath 銷售與營運商最擅長的事情結合起來，即向客戶銷售手機和費率方案。首先，我們從如何與電話銷售保持一致開始。SafePath OS 是一個突破性的交付平台，旨在支援年輕用戶的首次互聯體驗，引導他們以安全、適合年齡的方式完成數位化旅程。

SafePath OS and powers, carriers, and MVNOs to launch dedicated kids-focused devices. Whether it's a Wi-Fi only or connected Android tablet or phone, carriers can offer a customized, child-friendly experience rather than just a generic device, enhancing value for both kids and parents.

SafePath 作業系統以及授權、營運商和 MVNO 推出專門針對兒童的裝置。無論是純 Wi-Fi 還是連網的 Android 平板電腦或手機，電信業者都可以提供客製化的、適合兒童的體驗，而不僅僅是通用設備，從而為孩子和家長提高價值。

SafePath OS complements our traditional over-the-top solution, providing partners with significant market flexibility. With carriers strong track record in device sales, SafePath OS offers an exceptional opportunity for differentiation and growth, positioning carriers and MVNOs as leaders in kid-focused technology.

SafePath OS 補充了我們傳統的 OTT 解決方案，為合作夥伴提供了顯著的市場彈性。憑藉著營運商在設備銷售方面的良好記錄，SafePath OS 提供了絕佳的差異化和成長機會，將營運商和 MVNO 定位為以兒童為中心的技術領域的領導者。

Second, we are introducing the SafePath Kids Plan, which allows us to align with the sale of rate plans. With SafePath Kids Plan, the carrier provides a rate plan that includes software to enforce the rules of the rate plan and sets predetermined time limits and age-appropriate content filters for kids.

其次，我們推出了 SafePath Kids Plan，該計劃使我們能夠與費率計劃的銷售保持一致。透過 SafePath Kids Plan，營運商提供了一個費率計劃，其中包括用於執行費率計劃規則的軟體，並為兒童設定預定的時間限制和適合年齡的內容過濾器。

These plans are shaped by industry-leading online child safety experts and thought leaders that have done scientific research in this field. Special plans incorporate best practices in digital parenting, offering tailored guidance on appropriate screen time by age with maximum limits for (inaudible) social media and video watching.

這些計劃是由行業領先的線上兒童安全專家和在該領域進行科學研究的思想領袖制定的。特別計劃納入了數位育兒的最佳實踐，提供針對不同年齡的適當螢幕時間的客製化指導，以及（聽不清楚）社交媒體和影片觀看的最大限制。

Crucially, parents have the flexibility to adjust these settings, providing them with a sense of control and peace of mind, while giving children safe, age-suitable online access. SafePath Kids Plan is designed to ease parental concern by addressing the harmful effects of excess screen time, which can impact children's physical and mental health.

至關重要的是，父母可以靈活地調整這些設置，為他們提供掌控感和安心感，同時為孩子提供安全、適合年齡的線上訪問。SafePath Kids Plan 旨在透過解決螢幕時間過長可能影響兒童身心健康的有害影響來緩解家長的擔憂。

Whether it be SafePath OS or SafePath Kids Plan, Smith Micro's Technology enables mobile operators to provide a trusted, balanced approach to digital wellness that also empowers parents. New laws and regulations around online safety for children in various stages of development across many countries can act as a catalyst for the adoption of either of these offerings.

無論是 SafePath OS 還是 SafePath Kids Plan，Smith Micro 的技術都使行動業者能夠提供值得信賴、平衡的數位健康方法，同時也為家長提供支援。許多國家針對處於不同發展階段的兒童的線上安全制定了新的法律和法規，可以成為採用這些產品的催化劑。

Our sales pipeline is quite strong. As I noted in my opening remarks, the competitive carrier association marketing agreement that we announced during the last earnings call is already yielding positive outcomes. In addition to opportunities with CCA and the SafePath OS contract under way that I touched on earlier, there are several other exciting opportunities in the sales pipeline.

我們的銷售管道非常強大。正如我在開場白中指出的那樣，我們在上次財報電話會議上宣布的競爭性運營商協會行銷協議已經產生了積極的成果。除了我之前提到的與 CCA 和正在簽訂的 SafePath OS 合約的機會之外，銷售管道中還有其他幾個令人興奮的機會。

In Europe, we have ongoing discussions with several carriers in various countries and truly believe that our European Tier 1 carrier launch will ignite further conversations. We are also in discussions here in the US with carriers to launch SafePath as a strategy to attract new family subscribers.

在歐洲，我們正在與不同國家的多家營運商進行討論，並堅信我們的歐洲一級營運商的推出將引發進一步的對話。我們也在美國與營運商討論推出 SafePath，作為吸引新家庭用戶的策略。

Overall, we believe that these new opportunities bring significant upside and that the potential for AT&T Secure Family with several new marketing initiatives positions us for growth over the coming quarters.

總體而言，我們相信這些新機會帶來了顯著的上升空間，而 AT&T Secure Family 的潛力以及多項新的行銷舉措將使我們在未來幾季實現成長。

I am very confident that the business case for SafePath is strong. Coupled with a significantly reduced cost structure, I believe that we are on the path back to profitability and positive cash flow. In fact, I'm so confident in our prospects, our business case, and our mission that in addition to the stock in the company I already own, I invested an additional $3 million into the company last month as part of our $6.9 million capital raise.

我對 SafePath 的商業案例非常有信心。再加上成本結構的顯著降低，我相信我們正在恢復盈利和正現金流。事實上，我對我們的前景、我們的業務案例和我們的使命充滿信心，除了我已經擁有的公司股票之外，我上個月還向該公司額外投資了300 萬美元，作為我們690 萬美元資本的一部分增加。

I believe in our team and our mission and in the solutions that we offer to our carriers and their subscribers around the world.

我相信我們的團隊、我們的使命以及我們為世界各地的營運商及其用戶提供的解決方案。

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

那麼，接線員，讓我們開始提問。

(Operator Instructions)

（操作員說明）

Scott Searle, Roth Capital Partners.

史考特‧塞爾，羅斯資本合夥人。

Hey, good afternoon. Thanks for taking the questions. Nice to see the sequential guide up, guys. Looks like we've put the bottom in here. Maybe first to dive in, Bill, it sounds like you're expecting the European operator to launch shortly. I just want to dig in on a little bit of that, if your expectation is still to see the launch in the current quarter, and then any other updates that you've got in terms of SafePath Global, what we could be expecting over the next couple of quarters?

嘿，下午好。感謝您提出問題。很高興看到順序指南，夥計們。看起來我們已經把底部放在這裡了。也許首先深入了解一下，比爾，聽起來您預計歐洲運營商很快就會推出。我只是想深入了解一下，如果您仍然期望看到本季度的發布，以及您在 SafePath Global 方面獲得的任何其他更新，我們可以期待什麼接下來的幾個季度？

Yeah, Scott, I fully expect the European carrier to launch before the end of the year. And we just have to be patient. It's part of a process when carriers of this size are launching new offerings. As far as other opportunities, I'm very excited about the SafePath OS opportunity that I mentioned. We're seeing good traction through the CCA with a number of different member carriers now in the process and expect more to follow. So overall, I feel very bullish about the overall growth of our sales going forward and the breadth of our customer relationships.

是的，斯科特，我完全希望這家歐洲航空公司能夠在今年年底前推出。我們只需要耐心等待。這是這種規模的營運商推出新產品流程的一部分。至於其他機會，我對我提到的 SafePath OS 機會感到非常興奮。我們看到 CCA 與許多不同的會員航空公司在這一過程中取得了良好的進展，並預計會有更多的航空公司跟進。總的來說，我對我們未來銷售的整體成長和客戶關係的廣度感到非常樂觀。

Maybe to dig in a little bit further, I think at the midpoint of guidance for December, you're looking at about a $500,000 sequential uplift. I wonder if you give us an idea of where that comes from. It sounds like the European carrier is part of that, but who else is providing a positive trajectory on that front and contributing to that increase?

也許進一步挖掘一下，我認為在 12 月指導的中點，您會看到大約 50 萬美元的連續上漲。我想知道你能否告訴我們它的來源。聽起來這家歐洲航空公司是其中的一部分，但還有誰在這方面提供了積極的軌跡並為這一增長做出了貢獻？

Yeah, I don't really want to get into the name by name on the thing, but it's coming from a collection of activities with current customers, as well as new customers. And so we feel very comfortable with it. And I think the other part to keep in mind is you add that growth to the fact that we're going to continue to reduce the overall expenses will allow us to narrow the losses that we will see in Q4 and lead us to a trend that will take us to profitability in ‘25.

是的，我真的不想逐一詳細介紹這件事，但它來自與現有客戶以及新客戶的一系列活動。所以我們對此感到非常舒服。我認為要記住的另一部分是，您將成長添加到我們將繼續減少整體支出的事實中，這將使我們能夠縮小第四季度的損失，並引導我們走向以下趨勢：將使我們在25 年內實現盈利。

And just to clarify that in terms of the new break even, Jim, it sounds like we're in the ballpark around $7 million or so is kind of the break-even level?

只是為了澄清一下，吉姆，就新的收支平衡而言，聽起來我們的估值大約在 700 萬美元左右，這算是收支平衡水平嗎？

Hey Scott, how are you? As far as the break-even, it's probably you know in the mid-7 range, when you take into effect cost of sales.

嘿斯科特，你好嗎？就損益平衡而言，當您考慮銷售成本時，您可能知道它可能在 7 左右。

Got it. And lastly, if I could, SafePath OS sounds like it's a very exciting opportunity. I'm wondered if you could talk a little bit more about the model itself to you guys. You talked about the opportunity and where it gets implemented, but are you charging for the one-time sale up front? Is it a subscription-based model? Are there advertising opportunities as well in terms of controlling content and otherwise on an ongoing basis?

知道了。最後，如果可以的話，SafePath OS 聽起來像是一個非常令人興奮的機會。我想知道你們是否可以和你們多談談模型本身。您談到了這一機會及其實施地點，但您是否會預先對一次性銷售收取費用？它是基於訂閱的模式嗎？在控制內容和其他方面是否有持續的廣告機會？

And then Bill, also curious, I guess Europe is further ahead on this front in terms of managing content to youth. Is that where you expect us to see some of the first traction. Thanks.

然後比爾也很好奇，我想歐洲在管理年輕人的內容方面在這方面走得更遠。您是否希望我們在這方面看到一些初步的牽引力？謝謝。

Okay, Scott. First off, it is a subscription model. So it's a fee that we'll collect month-after-month, as long as the device is still active and in use. So it's a gift that keeps on giving. It is a fee that, frankly, can be a little bit higher than what we get for value-added services, because it's actually part of the device of the phone.

好吧，斯科特。首先，它是訂閱模式。因此，只要設備仍然處於活動狀態並在使用中，我們就會逐月收取費用。所以這是一份持續贈送的禮物。坦白說，這個費用可能比我們獲得的增值服務要高一點，因為它實際上是手機設備的一部分。

It is a specialized version of the Android operating system. And we think that probably the most salient point is that if there's one thing that carriers know how to do and do really, really well, it's sell new devices. And to be able to align our business case with that activity, I think, increases our chances for really positive growth.

它是Android作業系統的專門版本。我們認為，最突出的一點可能是，如果運營商知道如何做一件事並且做得非常非常好，那就是銷售新設備。我認為，能夠使我們的業務案例與該活動保持一致，可以增加我們實現真正積極成長的機會。

We also talked about the SafePath Kids plan, which aligns with carriers selling rate plans to their base. In either case, we're tying the software sale to the actual either device sale or rate plan sale. And I think this is a difference. I think it's a difference that makes a lot of sense. And I think it will serve us very well going forward.

我們還討論了 SafePath Kids 計劃，該計劃與營運商向其基地銷售費率計劃相一致。無論哪種情況，我們都會將軟體銷售與實際的設備銷售或費率計劃銷售聯繫起來。我認為這是一個區別。我認為這是一個很有意義的差異。我認為這對我們未來的發展非常有利。

Hey Bill, just a couple of quick follow-ups and then I'll get back in the queue. But I think you said at the beginning that you expect to sign a relationship this quarter. So is that a commercial relationship where you'll see revenue this quarter or should we expect to see that in the future?

嘿，比爾，只需進行幾個快速跟進，然後我就會回到隊列中。但我想你一開始就說過你希望在本季簽署一份合作關係。那麼，這是一種商業關係嗎？

And then just two other follow-ups on the product itself. I'm just kind of curious as to the interest level in the European theater and whether or not, you are actually then becoming an MVNO on top of it? Thanks.

然後是關於產品本身的另外兩個後續行動。我只是有點好奇歐洲劇院的興趣程度，以及您是否真的會成為一個 MVNO？謝謝。

Well, let me answer that last question really quick. No, we are not becoming an MVNO, no. So what I will say is that the SafePath OS opportunity we believe will close this quarter. We have stated in the prepared remarks that we're looking for revenue to begin in 2025.

好吧，讓我快速回答最後一個問題。不，我們不會成為 MVNO，不會。所以我要說的是，我們相信 SafePath OS 機會將在本季結束。我們在準備好的評論中表示，我們希望在 2025 年開始實現收入。

It is possible we might be able to book some revenue in the current quarter, but we're really focusing on a first quarter launch. So, that's where we see this opportunity. And there were other parts you questioned may have to come back on.

我們有可能在本季度獲得一些收入，但我們真正關注的是第一季的發布。所以，這就是我們看到這個機會的地方。您所質疑的其他部分可能需要重新討論。

I think it's just Europe, just in terms of the interest level from the European carriers?

我認為這只是歐洲，就歐洲航空公司的興趣程度而言？

There's a lot of activity in Europe, but there's still an awful lot of activity here in North America. So I don't think one trumps the other. I think they both are complementary. The biggest difference between North America and Europe is in Europe is more greenfield opportunities.

歐洲有很多活動，但北美也有很多活動。所以我不認為其中一個勝過另一個。我認為他們都是互補的。北美和歐洲最大的差異在於歐洲有更多的綠地機會。

They have not been active in the Family Safety market in general in Europe before, where that is something that you see more prevalent in North America, but both are great markets for us and we expect to see real meaningful growth. I think the point that should be coming clear to all of you listening is the level of activity that we have ongoing right now on the sales front has really ratcheted up and I think it will continue to do so.

他們之前在歐洲的家庭安全市場上並不活躍，而這在北美更為普遍，但這兩個市場對我們來說都是巨大的市場，我們預計會看到真正有意義的成長。我認為你們所有人應該清楚的一點是，我們目前在銷售方面正在進行的活動水平確實有所提高，而且我認為它將繼續如此。

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

非常感謝。我會回到隊列中。

Leo Carpio, Joseph Gunnar.

裡奧·卡皮奧，約瑟夫·岡納爾。

Good afternoon gentlemen. A couple of quick questions. First one is regarding the operating cost savings that you realized. How is this incremental cost savings achieved in terms of what it sounds like you found more opportunities for automation and staff reductions? And what's left in that stone? Could there be more possibly to extract and just by cutting into 2025?

先生們下午好。幾個簡單的問題。第一個是關於您意識到的營運成本節省。聽起來您發現了更多自動化和裁員的機會，這種增量成本節約是如何實現的？那塊石頭裡還剩下什麼？只要縮短到 2025 年，是否還有更多可能可以提取？

I would say that as we went through the activities that we undertook in the third quarter, we achieved more savings through that process than we had initially targeted. And so you're going to see the full effect of that in Q4. In 2025, at the current time, we would not contemplate additional reductions or anything of that nature.

我想說，當我們完成第三季度開展的活動時，我們透過這個過程實現的節省比我們最初的目標要多。因此，您將在第四季度看到其全部影響。到 2025 年，目前我們不會考慮進一步削減或任何類似性質的事情。

Okay. And then in terms of your cash situation and cash runway, how much what type of cash runway are you looking at right now?

好的。然後就您的現金狀況和現金跑道而言，您現在正在考慮哪種類型的現金跑道？

Well, we finished the third quarter at $1.5 million in cash, and then we ended up with approximately $6.4 million of additional cash out of the capital raise. So that gives you some flavor. And then if you model it out from there, in terms of like how we're cutting down on the loss here as we go forward, you could kind of infer where that leads us.

嗯，第三季結束時我們有 150 萬美元的現金，然後我們最終從融資中獲得了大約 640 萬美元的額外現金。所以這會給你一些味道。然後，如果你從那裡進行建模，就像我們在前進過程中如何減少這裡的損失一樣，你可以推斷這會導致我們走向何方。

Okay, and then lastly, in terms of the CCA, what's the average deal size you're seeing there in terms of your contemplating?

好的，最後，就 CCA 而言，您考慮的平均交易規模是多少？

That was on the CCA.

那是在 CCA 上。

CCA, yeah.

CCA，是的。

Yeah, and they vary in size from relatively small carriers up to carriers with a few million subs. So we expect in total as we see a number of these carriers going through the process of executing contracts and launching the SafeTools product that will see a very nice collective increase for us going forward.

是的，它們的規模各不相同，從相對較小的運營商到擁有數百萬用戶的運營商。因此，我們預計，當我們看到許多此類營運商正在執行合約並推出 SafeTools 產品的過程時，我們預計這將為我們帶來非常好的集體成長。

Okay, thank you.

好的，謝謝。

Thanks Leo.

謝謝利奧。

Matthew Harrigan, Benchmark.

馬修·哈里根，《基準》。

Thank you. I actually have three. Probably just do them individually, it's a little bit easier. It feels like you have a nice path now on both the revenue side and the cost side. So congratulations. Feels like a nice inflection point. But I guess firstly, you have a lot of new activity, both in terms of the products and in terms of the clients.

謝謝。我其實有三個。可能只是單獨做，比較容易一些。感覺現在在收入方面和成本方面都有一條不錯的道路。所以恭喜你。感覺像是一個不錯的轉折點。但我想首先，你們有很多新活動，無論是在產品方面還是在客戶方面。

And it doesn't feel like you have a lot of implementation costs for what you're doing on a de novo basis. Presumably that's a function of SafePath Global and some other improvements you've made. But it's just really markedly low kind of the start of introduction costs and all that. I know in Europe sometimes you carry a few things piecemeal on a market-by-market basis, but I assume that's a correct assumption given the guidance you've given for Q4 and for 2025 as well? And then I have two more questions after that.

而且從頭開始做的事情並不覺得有很多實施成本。據推測，這是 SafePath Global 和您所做的其他一些改進的功能。但它的啟動成本和所有這些都非常低。我知道在歐洲有時你會根據每個市場的情況進行一些零碎的東西，但考慮到你為第四季和 2025 年提供的指導，我認為這是一個正確的假設？之後我還有兩個問題。

Yeah. When you see launches in Europe, it'll be launched. A carrier may operate in a number of countries, but they will launch country-by-country. So it will be a stair-step approach as to how it rolls out. It doesn't roll out over their entire footprint all at once.

是的。當你看到在歐洲推出時，它就會推出。一家營運商可能在多個國家運營，但他們會逐個國家推出服務。因此，關於如何推出，這將是一個階梯式的方法。它不會立即覆蓋他們的整個足跡。

But even apart from the country issue, it just feels like you're able to do things faster and cheaper now than you could have done 12 or 18 months ago when you have a new client or new product. Is that a fair assumption?

但即使撇開國家/地區問題不談，與 12 或 18 個月前擁有新客戶或新產品時相比，現在你可以更快、更便宜地做事。這是一個公平的假設嗎？

That's a good point. We talked about the various SafePath offerings, whether it's SafePath Global, SafePath Family, SafePath OS, SafePath Kids Plan, they're all different offerings, but at the core, they're all the same product. They're all the same code base. So we went through that very difficult period where we were incorporating different acquisitions. That's all behind us.

這是一個很好的觀點。我們討論了各種 SafePath 產品，無論是 SafePath Global、SafePath Family、SafePath OS、SafePath Kids Plan，它們都是不同的產品，但從本質上講，它們都是相同的產品。它們都是相同的程式碼庫。所以我們經歷了那個非常困難的時期，我們進行了不同的收購。這一切都在我們身後了。

And the core to SafePath is all the same. So this is a much more manageable process. And it's one that can be done in a very cost effective manner. And that's why you see us being able to reduce expense, while at the same time launching more product offerings. It all makes sense, but you just have to kind of work your way through how we go about doing that.

SafePath 的核心都是一樣的。所以這是一個更容易管理的過程。而且它可以以一種非常具有成本效益的方式完成。這就是為什麼我們能夠減少開支，同時推出更多產品。這一切都是有道理的，但你只需要用我們的方式去做就可以了。

And then secondly, I mean, clearly you have a multi $100 million TAM that someone has to fill. I know Verizon is kind of clumsily doing everything, trying to do everything in-house as they are willing to do on multiple fronts, but the demand is increasing rather than abating. Are you seeing anything on the competitive side? I mean, are you still kind of seeing the MNOs fumbling around and trying to emulate what you do in-house? Is there anything?

其次，我的意思是，顯然你有一個價值 1 億美元的 TAM，必須有人來填補。我知道 Verizon 做每件事都有點笨拙，試圖在內部做所有事情，因為他們願意在多個方面做，但需求正在增加而不是減少。您在競爭方面看到了什麼嗎？我的意思是，您是否仍然看到行動網路營運商摸索並試圖模仿您內部的做法？有什麼嗎？

Because it feels like that's the biggest risk to me. And frankly, I know you don't want to give competitive information, but you seem to maybe talk about that, not so much. Maybe that's just kind of how every company manages that issue. But if you had any thoughts in that regard, it would be helpful?

因為感覺這對我來說是最大的風險。坦白說，我知道您不想提供競爭性信息，但您似乎可能會談論這一點，但沒有那麼多。也許這就是每個公司處理這個問題的方式。但如果您在這方面有任何想法，會有幫助嗎？

Sure. I would say this, that if you look at the app ratings for the various SafePath offerings today, they're all in the upper 4s, pushing up towards 5. If you look at the offering that was created in-house at one of the large Tier 1s here in North America, you'll notice that their app ratings are very low. The acceptance of the product is not great.

當然。我想說的是，如果你看看今天各種 SafePath 產品的應用程式評級，它們都在 4 分以上，正在向 5 分靠攏。如果您查看北美大型一級供應商之一內部創建的產品，您會發現他們的應用程式評級非常低。產品的接受度並不高。

So while they may think they did the right thing bringing it in-house, the numbers don't prove that out. Our app ratings are growing and getting better all the time. And the acceptance of the product by the user base is something that's really critical.

因此，儘管他們可能認為將其引入內部是正確的做法，但數字並不能證明這一點。我們的應用程式評分一直在增長且越來越好。用戶群對產品的接受程度非常關鍵。

Now, as we move into more capabilities to enter mass markets through coupling with handset sales, coupling with rate plan sales, having those high app ratings going in, I think we're going to make a big difference. I think we're on the right path. I think it will lead us to strong growth, it will lead us to profitability, and all that should be borne out in the stock price going forward.

現在，隨著我們透過與手機銷售、費率計劃銷售相結合，獲得更多的能力來進入大眾市場，獲得高應用程式評級，我認為我們將帶來巨大的改變。我認為我們走在正確的道路上。我認為這將引領我們強勁成長，引領我們獲利，而這一切都應該在未來的股價中得到證實。

And then lastly, clearly when you look at that very substantial TAM, implicit in that is you have a 10, tens of millions of opportunity, per carrier, at least in the US, I know that the European market, I spend a lot of my time focused on Europe, especially the UK, where you have too many carriers.

最後，很明顯，當你看到那個非常可觀的 TAM 時，隱含著每個運營商都有 10、數千萬的機會，至少在美國，我知道在歐洲市場，我花了很多錢我的時間主要集中在歐洲，尤其是英國，那裡有太多的運營商。

But when you look at a really full-blown relationship with a European MNO, a Vodafone or Telefonica, Teff or whoever, I mean, do you think that relationship is potentially like half as valuable or 60% as valuable as a US guy, as a US carrier, or do you think that because you have so much uncertainty in terms of getting into all the markets and the timeline and all that it's hugely discounted to an AT&T or T-Mobile, thanks?

但是，當你審視與歐洲 MNO、沃達豐或 Telefonica、Teff 或任何其他公司的真正成熟的關係時，我的意思是，你是否認為這種關係的價值可能是美國公司的一半或 60%？運營商，或者您認為是因為您在進入所有市場和時間表方面存在很大的不確定性，並且與AT&T 或T-Mobile 相比，這一切都大幅折扣，謝謝？

Hey, I'll take that, Matt, Nice to talk to you. I think that when we look at Europe, one of the things that's interesting is Bill said it is country-to-country, but the countries work and talk to each other. So we see that as a good stepping stone and it's all Greenfield.

嘿，我會接受的，馬特，很高興與你交談。我認為，當我們觀察歐洲時，有趣的事情之一是比爾說這是國家與國家之間的關係，但這些國家彼此合作並交談。所以我們認為這是一個很好的墊腳石，而且這都是全新的。

There just isn't a large base there. In the US, yeah, there's still great opportunity with that as well. I mean, that camp is huge as well. But I think with Europe since it's so new, we think there's as big of an opportunity there as there is in the US. Does that make sense?

那裡沒有大型基地。是的，在美國仍然存在著很大的機會。我的意思是，那個營地也很大。但我認為，對於歐洲來說，由於它是如此新，我們認為那裡的機會與美國一樣大。這樣有道理嗎？

It does. Great. Thank you.

確實如此。偉大的。謝謝。

Thanks, Matt.

謝謝，馬特。

Brian Swift, Security Research Associates

Brian Swift，安全研究員

Thanks. Most of my questions have been asked, but I do have one on the yet to be named European customer. Can you give us a little bit of color? I mean, the history of you getting -- launching with new carriers for Sprint and then, T-Mobile, AT&T, it always seems to be taking forever to get significant revenue ramps out of these?

謝謝。我的大部分問題都被問到了，但我確實有一個關於尚未透露姓名的歐洲客戶的問題。你能給我們一點顏色嗎？我的意思是，從你的歷史來看，Sprint 推出了新的運營商，然後是 T-Mobile、AT&T，似乎總是需要很長時間才能從中獲得顯著的收入成長？

Can you tell us what, even though you can't say who your customer is, which really doesn't matter, what kind of marketing? What might be different? What's going on with that launch that could be different than what our experience has been up to this point?

儘管你不能說你的客戶是誰（這並不重要），你能告訴我們什麼樣的行銷嗎？可能有什麼不同？此次發布可能與我們迄今為止的體驗有所不同？

Thanks, Brian. That's a great question. Look, I've talked about this a couple of times now today, and the fact is that we are aligning our activities with the things that carriers do, and they do it incredibly well. They sell rate plans, and they sell devices.

謝謝，布萊恩。這是一個很好的問題。聽著，我今天已經多次討論過這個問題，事實上，我們正​​在將我們的活動與運營商所做的事情結合起來，而且他們做得非常好。他們出售費率計劃，也出售設備。

You should take this as we look to Europe, we're looking to really leverage that concept. And that brings you very quick access to a mass market versus going in and trying to sell a value at a service offering that builds slowly over time. I think that's the answer that I'd rather just leave it at that.

當我們展望歐洲時，您應該考慮這一點，我們希望真正利用這個概念。這可以讓你非常快速地進入大眾市場，而不是進入並試圖出售隨著時間的推移而緩慢建立的服務產品的價值。我想這就是我寧願保留的答案。

Anything on like what the size of the first country in terms of market opportunity?

就市場機會而言，第一個國家的規模有多大？

No, I really. Yeah, that was part of the rules of the game and we can't talk about who they are or what the country is or whatever. I would just say that it's all meaningful.

不，我真的。是的，這是遊戲規則的一部分，我們不能談論他們是誰或國家是什麼或其他什麼。我只想說這一切都很有意義。

So how long would you think it would take to get meaningful revenues out of it, European customer if they launch by the end of this fourth quarter?

那麼，如果歐洲客戶在第四季末推出，您認為需要多長時間才能從中獲得有意義的收入？

Well, that's something that because we don't have a history to base this on yet, it's a little bit difficult to get the smoke out of the crystal ball. But I will say this, I think that this has the capability of being a very strong growth driver for us and that is something that we would see almost immediately.

嗯，因為我們還沒有歷史作為基礎，所以要消除水晶球中的煙霧有點困難。但我要說的是，我認為這有能力成為我們非常強大的成長動力，而且我們幾乎會立即看到這一點。

Okay, thanks.

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。

I want to thank everyone for joining us today. We appreciate your interest in the company. As always, please reach out to us if you have further questions. I'll note that we'll be in New York next week. So if anyone happens to be in New York at the Roth Conference, please reach out. We'd love to sit and chat with you. And with that, have a great day everybody. Thank you.

我要感謝大家今天加入我們。我們感謝您對公司的興趣。與往常一樣，如果您有其他問題，請與我們聯繫。我會注意到我們下週將在紐約。因此，如果有人碰巧在紐約參加羅斯會議，請與我們聯繫。我們很樂意坐下來和您聊天。就這樣，祝大家有美好的一天。謝謝。

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。