Synchronoss Technologies Inc (SNCR) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Synchronoss Technologies third-quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Ryan Gardella of Investor Relations.

大家好，歡迎參加 Synchronoss Technologies 2024 年第三季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹投資者關係部門的 Ryan Gardella。

Thanks, Scott. Good afternoon, and welcome to the Synchronoss Technologies third-quarter 2024 earnings conference call. Joining us today are Synchronoss Technologies President and CEO, Jeff Miller; and CFO, Lou Ferraro. By now, everyone should have access to the company's third-quarter 2024 earnings press release issued this afternoon, which is available on the Investor Relations section of our website. Today's call will begin with remarks from Jeff and Lou, after which we will host a question-and-answer session.

謝謝，斯科特。下午好，歡迎參加 Synchronoss Technologies 2024 年第三季財報電話會議。今天加入我們的是 Synchronoss Technologies 總裁兼執行長 Jeff Miller；和財務長盧·費拉羅。到目前為止，每個人都應該可以訪問該公司今天下午發布的 2024 年第三季收益新聞稿，該新聞稿可在我們網站的投資者關係部分找到。今天的電話會議將以 Jeff 和 Lou 的演講開始，之後我們將舉行問答環節。

Before we conclude, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call. I would like to remind everyone that this call will be recorded and made available for replay via a link in the Investor Relations section of the company's website. With that, I'll turn the call over to Jeff Miller.

在我們結束之前，我將就管理層在本次電話會議中所做的前瞻性陳述提供必要的警告。我想提醒大家，這次電話會議將會被錄音，並可透過公司網站投資人關係部分的連結重播。這樣，我會將電話轉給傑夫米勒。

Thank you Ryan. Welcome everyone and thank you for joining today's call. The third quarter continued our steady advance of operational and financial progress. And I'm pleased to report some of the strongest year over year comparisons since our transformation to a global SaaS cloud solutions provider.

謝謝瑞安。歡迎大家，感謝您參加今天的電話會議。第三季我們的營運和財務進展持續穩步推進。我很高興地報告自我們轉型為全球 SaaS 雲端解決方案供應商以來一些最強勁的同比比較。

For the quarter, we recorded revenue of $43 million an 8% increase over the prior year period and strong adjusted even results of $12.7 million which represented a 37% increase to last year's comparable result of $9.2 million.

本季度，我們的營收為 4,300 萬美元，比上年同期成長 8%，調整後的平均業績為 1,270 萬美元，比去年同期的 920 萬美元成長 37%。

We also reported another quarter of positive net cash flow generation and solid subscriber growth of 5.1% year over year. As a result of the continuing positive progress we've achieved with our financial results, we are pleased to be in a position to increase our full year guidance for revenue, adjusted gross margin, recurring revenue, and adjusted EBITDA.

我們還報告稱，另一個季度淨現金流量為正值，用戶年增 5.1%。由於我們的財務表現持續取得積極進展，我們很高興能夠提高全年收入、調整後毛利率、經常性收入和調整後 EBITDA 的指導。

Our transformation to a global-cloud solutions provider has succeeded and our strong growth and profitability results speak to that success in the execution of our strategy. In addition to the positive financial results, we were also thrilled to have announced today a key client renewal.

我們向全球雲端解決方案供應商的轉型已經成功，我們強勁的成長和獲利結果證明了我們策略執行的成功。除了正面的財務表現外，我們還很高興今天宣布與關鍵客戶續約。

In early October, SFR signed a three-year contract extension to continue offering our Personal Cloud storage platform to their subscriber base. SFR is part of Altice France, and it operates high-speed, fixed, and mobile networks across France and serves more than 27 million individuals, businesses and communities.

10 月初，SFR 簽署了一份為期三年的延期合同，繼續向其用戶群提供我們的個人雲端儲存平台。SFR 是 Altice France 的一部分，在法國各地運作高速、固定和行動網絡，為超過 2,700 萬人、企業和社區提供服務。

Our extension with SFR builds on our eight-year partnership with them as SFR recognizes the value and enhanced user experiences that our platform offers. This extension represents a meaningful expansion of our relationship and will allow us to integrate more deeply into their marketing efforts and ecosystems.

我們與 SFR 的擴展建立在我們與他們八年的合作夥伴關係的基礎上，因為 SFR 認識到我們平台提供的價值和增強的用戶體驗。此次延期代表了我們關係的有意義的擴展，將使我們能夠更深入地融入他們的行銷工作和生態系統。

However, we are not resting there. We have an extensive pipeline of opportunities with new customers as well as high-level confidence in upcoming renewals for existing customers, which are both important as a part of our plan to achieve double-digit top line growth in future years. These potential new customers are interested in pursuing the same successes that we've attained with our current top-tier clients in providing additional sources of revenue to their bottom line while improving the retention of their existing subscribers with our personal cloud platform.

然而，我們並沒有就此止步。我們與新客戶擁有廣泛的機會，並對現有客戶即將進行的續約充滿信心，這對於我們未來幾年實現兩位數收入成長計畫的一部分非常重要。這些潛在的新客戶有興趣追求我們在當前頂級客戶身上取得的相同成功，為他們的利潤提供額外的收入來源，同時透過我們的個人雲端平台提高他們現有訂戶的保留率。

To ensure that we drive substantial differentiation from our competitors, we are dedicated to updating, improving and refining our product to maintain the competitive edge that we have in the marketplace. Perhaps the most important way we do this is by offering a security and privacy-focused product that our customers and their subscribers can rely on. This is the bedrock of our personal cloud platform.

為了確保我們與競爭對手相比具有顯著的差異化，我們致力於更新、改進和完善我們的產品，以保持我們在市場上的競爭優勢。也許我們做到這一點的最重要方法是提供我們的客戶及其訂閱者可以信賴的以安全和隱私為中心的產品。這是我們個人雲端平台的基石。

Customer data is protected at every level with strong encryption and safeguards, making sure that subscribers are the only people who can access their content. We never use customer data to train AI models, and we never resell any customer or subscriber information.

透過強大的加密和保護措施，客戶資料在各個層級受到保護，確保訂閱者是唯一可以存取其內容的人。我們從不使用客戶資料來訓練人工智慧模型，也從不轉售任何客戶或訂戶資訊。

We have been and remain an innovator in data security, such as being the first cloud storage provider to give end users the now ubiquitous private folder capability, which allows users to secure confidential content behind a pin code or biometric security. The comprehensive nature of our backup capabilities is also second to none in the industry.

我們一直是並且仍然是資料安全領域的創新者，例如成為第一家為最終用戶提供現在無處不在的私人資料夾功能的雲端儲存提供商，該功能允許用戶透過密碼或生物識別安全性來保護機密內容。我們備份能力的綜合性在業界也是首屈一指的。

As a platform-agnostic service, Synchronoss personal cloud solution is in a unique position of being able to serve as a single point of all-encompassing backup for families and households across a full range of possible devices and operating systems. As part of our innovation and development, we've also implemented smart AI adoption policy. And as a part of our AI strategy, we utilize pretrained, open-source AI models, and then we tune them to fit our product and security needs to provide end users with innovative features that drive engagement with their content.

作為一項與平台無關的服務，Synchronoss 個人雲端解決方案處於獨特的地位，能夠為家庭和家庭提供跨各種可能的裝置和作業系統的單點全方位備份。作為我們創新和發展的一部分，我們也實施了智慧人工智慧採用政策。作為我們人工智慧策略的一部分，我們利用預先訓練的開源人工智慧模型，然後對它們進行調整以適應我們的產品和安全需求，為最終用戶提供創新功能，推動其內容的參與。

In September, we announced the latest version of our personal cloud, which introduced several enhanced features and capabilities. On the user side, we added Memories, which is an AI curation of content in a movie format that can be shared with friends, and AI-enhanced Genius with one-click editing, which allows users to edit, optimize or transform photos with an array of filters.

九月，我們發布了最新版本的個人雲，其中引入了多項增強的功能和功能。在用戶方面，我們添加了Memories，這是一種可以與朋友分享的電影格式內容的AI管理，以及具有一鍵編輯功能的AI增強Genius，它允許用戶使用過濾器數組。

We added significant enhancements as well to improve backup and notification management, a feature that many users may not see but is nonetheless crucial to their experience. Finally, earlier this year, we discussed driving operational and financial efficiencies in our platform, particularly in the form of auto-scaling, which dynamically adjusts the capacity of our personal cloud platform to account for fluctuations in demand. We have subsequently launched auto-scaling across multiple customers who are now seeing material benefits.

我們還添加了重大增強功能來改善備份和通知管理，這是許多用戶可能看不到的功能，但對他們的體驗至關重要。最後，今年早些時候，我們討論瞭如何提高平台的營運和財務效率，特別是以自動擴展的形式，動態調整我們個人雲端平台的容量以適應需求的波動。隨後，我們為多個客戶推出了自動擴展功能，這些客戶現在已經看到了實質的好處。

The compute expenses for one of our major customers, in particular, has dropped by almost 50% since the implementation of auto-scaling. Taken together, our technology and innovation drive significant value for our customers and delivers an engaging experience for direct users. We're excited about how this differentiate is being received by our current and potential new customers as well as the future cost savings to us and our partners that can be generated.

特別是，自實施自動擴展以來，我們的主要客戶之一的計算費用下降了近 50%。總而言之，我們的技術和創新為我們的客戶帶來了巨大的價值，並為直接用戶提供了引人入勝的體驗。我們對我們目前和潛在的新客戶如何接受這種差異化以及未來為我們和我們的合作夥伴帶來的成本節省感到興奮。

We are focused on driving consistent progress, and the third quarter was no exception. We posted excellent financial results, highlighted by the 8% growth in revenue and 37% growth in adjusted EBITDA. And after the quarter ended, we announced a three-year extension with SFR. We also released this latest version of our personal cloud which builds upon the already robust platform and gives users upgrades that they've asked for and enhancements to usability.

我們專注於推動持續進步，第三季也不例外。我們公佈了出色的財務業績，其中收入增長 8%，調整後 EBITDA 增長 37%。該季度結束後，我們宣布與 SFR 續簽三年。我們也發布了最新版本的個人雲，它建立在已經強大的平台之上，並為用戶提供了他們所要求的升級和可用性的增強。

We're listening to our subscribers and our carrier partners to add functionality users want while enhancing the security and operational efficiency of our personal cloud platform. Now, I'd like to turn the call over to Lou for a more detailed review of our financial performance. Lou?

我們正在聽取訂戶和營運商合作夥伴的意見，以添加用戶想要的功能，同時提高我們個人雲端平台的安全性和營運效率。現在，我想將電話轉給盧，以便更詳細地審查我們的財務表現。盧？

Thanks, Jeff, and thanks again to everyone for joining us here today. First, I'd like to go over our key performance indicators, which we believe serve as an important benchmark for our company's success. Quarterly recurring revenue was 92.2% of total revenue versus 89.5% in the prior year period. We recorded year over year cloud subscriber growth of approximately 5.1% in Q3.

謝謝傑夫，再次感謝大家今天加入我們。首先，我想回顧我們的關鍵績效指標，我們認為這是我們公司成功的重要基準。季度經常性收入佔總收入的 92.2%，去年同期為 89.5%。第三季雲端用戶年增約 5.1%。

Turning now to our financial results for the third quarter ended September 30, 2024. Total revenue in the third quarter increased to $43 million from $39.8 million in the prior year period, an increase of 8%, as Jeff had mentioned. This revenue performance was primarily the result of growth in cloud subscribers.

現在就來看看我們截至 2024 年 9 月 30 日的第三季財務表現。正如傑夫所提到的，第三季的總收入從去年同期的 3,980 萬美元增至 4,300 萬美元，成長了 8%。這項收入表現主要是雲端用戶成長的結果。

Adjusted gross profit in the third quarter increased 12.4% to $34.2 million or 79.6% of total revenue, up from $30.4 million and 76.4% of total revenue in the prior year period. Third-quarter income from operations was $5.5 million, a significant improvement from a loss of $3.8 million in the prior year period. The increases in adjusted gross profit and income from operations were primarily due to the rise in revenue, coupled with continued post-divestiture expense management measures taken to streamline operations.

第三季調整後毛利成長 12.4%，達到 3,420 萬美元，佔總營收的 79.6%，高於去年同期的 3,040 萬美元，佔總營收的 76.4%。第三季營運收入為 550 萬美元，較去年同期的 380 萬美元虧損有了顯著改善。調整後毛利和營運收入的成長主要是由於收入的成長，以及為簡化營運而持續採取的剝離後費用管理措施。

As we discussed last quarter. Our term loan financing in June provided material savings to the company on an ongoing basis. While our interest expense line is up sequentially and year over year, primarily due to replacing our preferred stock and the associated 14% dividend with a lower interest bearing term loan.

正如我們上季度討論的那樣。我們六月的定期貸款融資持續為公司節省了大量資金。雖然我們的利息支出線連續且逐年上升，主要是由於用較低利息的定期貸款取代了我們的優先股和相關的 14% 股息。

When all factors are considered the term loan financing structure results in new quarterly interest expense of $4.7 million compared to a combined $5.1 million preferred stock dividend and interest expense in the prior quarter. Additionally, we also expect to benefit from falling interest rates as our financing is based on SOFR plus 550 basis points.

考慮到所有因素後，定期貸款融資結構導致新的季度利息支出為 470 萬美元，而上一季的優先股股息和利息支出總計為 510 萬美元。此外，我們也預計將從利率下降中受益，因為我們的融資是基於 SOFR 加 550 個基點。

And finally, we expect to amortize 2.5% of the loan per quarter, which result in a $200,000 reduction in interest expense each year at current interest rates. Net loss in Q3 was $5.7 million or $0.56 per share as compared to a loss of $5.2 million or $0.53 per share in the prior year period.

最後，我們預計每季攤提 2.5% 的貸款，以當前利率計算，每年的利息支出將減少 20 萬美元。第三季淨虧損為 570 萬美元，即每股 0.56 美元，去年同期淨虧損為 520 萬美元，即每股 0.53 美元。

I wanted to call out the effect of realized and unrealized foreign exchange losses on our net loss line, which had a negative impact of approximately $5.5 million due to the netting of intercompany balances that must occasionally occur.

我想指出已實現和未實現的外匯損失對我們的淨損失線的影響，由於偶爾會發生的公司間餘額的淨額結算，這產生了約 550 萬美元的負面影響。

In Q3, adjusted EBITDA improved to $12.7 million, representing an adjusted EBITDA margin of 29.5%, up from $19.2 million and 23.2% adjusted EBITDA margin in the prior year period. Moving on to the balance sheet.

第三季度，調整後 EBITDA 增至 1,270 萬美元，調整後 EBITDA 利潤率為 29.5%，高於去年同期的 1,920 萬美元和 23.2%。繼續看資產負債表。

Cash and cash equivalents were $25.2 million on September 30, 2024, compared to $23.6 million as of June 30, '24. In Q3, our free cash flow declined to negative $27,000 from positive $1.1 million in the same period last year. Our adjusted free cash flow declined to $1.8 million compared to $3.9 million in the prior year period primarily due to the add-back of higher litigation and remediation costs in the prior year period.

截至 2024 年 9 月 30 日，現金及現金等價物為 2,520 萬美元，而截至 2024 年 6 月 30 日為 2,360 萬美元。第三季度，我們的自由現金流從去年同期的正 110 萬美元降至負 27,000 美元。我們調整後的自由現金流從去年同期的 390 萬美元下降至 180 萬美元，主要是因為去年同期較高的訴訟和補救成本的加回。

Next, I would like to provide an update on our tax refund status. We did not receive any additional federal tax refunds during the period, leaving the remaining balance due at approximately $28 million. We have taken a number of active steps to increase the pressure on the regulatory bodies that control this process and express the immediate need for action on their part. First, we have contacted the IRS Taxpayer Advocate Service, an independent organization within the IRS responsible for ensuring timely service for taxpayers.

接下來，我想介紹一下我們的退稅狀態的最新情況。在此期間，我們沒有收到任何額外的聯邦退稅，剩餘餘額約為 2800 萬美元。我們已採取一系列積極措施，加大對控制此過程的監管機構的壓力，並表示他們迫切需要採取行動。首先，我們聯繫了國稅局納稅人倡導服務部，這是國稅局內的一個獨立組織，負責確保為納稅人提供及時服務。

Second, we are currently working with our local and state-level representatives and attempt to expedite our tax refund to the extent possible. Despite pulling every reasonable lever possible, it now appears that our $28 million IRS refund plus the applicable interest is estimated to be received in 2025.

其次，我們目前正在與地方和州級代表合作，試圖盡可能加快退稅速度。儘管採取了一切可能的合理手段，但現在看來，我們的國稅局 2800 萬美元退款加上適用的利息預計將於 2025 年收到。

Due to the delayed timing of the anticipated tax refund, we are updating our net cash flow to be approximately $5 million this year. This does not reflect any change in the efficiency of the business, operating expenses or cash outflows. As a reminder, once we receive this refund, we plan to use 50% of the proceeds from the anticipated $28 million IRS tax refund plus half of the applicable interest to prepay a portion of the term loan at par.

由於預期退稅時間推遲，我們將今年的淨現金流量更新為約 500 萬美元。這並不反映業務效率、營運費用或現金流出的任何變化。提醒一下，一旦我們收到這筆退款，我們計劃使用預期的 2800 萬美元 IRS 退稅收益的 50% 加上一半的適用利息來按面值預付部分定期貸款。

Moving to guidance. As we move into the final quarter of 2024, we determined it to be most prudent to revise four of our outlook items upward in order to more accurately reflect our results. For revenue, we now expect a range of between $172 million and $175 million for the full year 2024, which is up from the previous range of between $170 million and $175 million.

轉向指導。當我們進入 2024 年最後一個季度時，我們認為最謹慎的做法是向上修改我們的四個展望項目，以便更準確地反映我們的結果。對於收入，我們目前預計 2024 年全年收入範圍為 1.72 億美元至 1.75 億美元，高於先前的 1.7 億美元至 1.75 億美元範圍。

For adjusted gross margin, we now expect a range of between 77% and 78% for the full year 2024, which is up from the previous range of between 73% to 77%. For recurring revenue, we now expect a range of between 90% and 92% of total revenue for the full year of '24, again, which is up from a range of between 85% and 90% of total revenue.

對於調整後毛利率，我們目前預計 2024 年全年毛利率將在 77% 至 78% 之間，高於先前的 73% 至 77% 之間。對於經常性收入，我們現在預計 24 年全年的經常性收入將佔總收入的 90% 至 92%，高於總收入的 85% 至 90%。

And finally, for adjusted EBITDA, we now expect a range of between $47 million and $48 million, which is up from the previous range of between $43 million and $46 million. I'll now turn the call over to the operator for Q&A. Thank you very much for joining us.

最後，對於調整後的 EBITDA，我們現在預計範圍為 4,700 萬美元至 4,800 萬美元，高於先前 4,300 萬美元至 4,600 萬美元的範圍。我現在將把電話轉給接線員進行問答。非常感謝您加入我們。

(Operator Instructions) Jonathan Hickman, Ladenburg Thalmann.

（操作員說明）Jonathan Hickman、Ladenburg Thalmann。

Hi. Could you elaborate a little bit on the revenues this quarter? They were down sequentially. Was there something seasonal or something out of the ordinary that would have accounted for kind of a down sequential move there?

你好。您能否詳細說明一下本季的營收狀況？他們依次下降。是否有季節性因素或異常因素導致了那裡的連續下跌？

The only modification we actually saw on a quarter-over-quarter basis was a slight reduction in professional services. Our recurring or subscription revenue is actually up even higher on a year-over-year basis. It's up over 11%. And our professional services dropped a little bit from the prior quarter as we completed the implementation of our SoftBank deployment.

我們實際看到的環比變化是專業服務略有減少。我們的經常性收入或訂閱收入實際上比去年同期成長更高。漲幅超過11%。隨著我們完成軟銀部署的實施，我們的專業服務比上一季略有下降。

Okay. Thank you. Appreciate it.

好的。謝謝。欣賞它。

Thanks.

謝謝。

Michael Latimore, Northland Capital.

麥可‧拉蒂摩爾 (Michael Latimore)，北國資本。

Hi, this is Aditya on behalf of Mike Latimore. Could you give some color on what is the status of AT&T renewal?

大家好，我是 Aditya，代表 Mike Latimore。您能否透露一下 AT&T 續約的情況？

Yeah, happy to do so. AT&T, fortunately, continues to be a very robust grower in their subscriber base, consistently growing quarter over quarter, which is only increasing the relevance of our platform to their business and to their subscribers. As such, we are working very well with AT&T to finalize the contract extension, which we are confident will be concluded before the end of the year.

是的，很高興這樣做。幸運的是，AT&T 的用戶群持續保持強勁成長，逐季持續成長，這只會增加我們平台與其業務和用戶的相關性。因此，我們正在與 AT&T 密切合作，以完成續約事宜，我們有信心在今年年底前完成續約。

Got it. And how many paying users do you have with SoftBank?

知道了。軟銀有多少付費用戶？

We don't go to the specifics of any particular client. But as I mentioned previously, we are now measuring that in the hundreds of thousands of customers. And we have continued to see very strong growth since the last time I had an opportunity to talk to you about that 12, 13 weeks ago. It's been quite consistent, and we've been pleased at our constant collaboration with them to continue to expand its reach.

我們不會關注任何特定客戶的具體情況。但正如我之前提到的，我們現在正在對數十萬名客戶進行衡量。自從 12、13 週前我上次有機會與大家談論這個問題以來，我們繼續看到非常強勁的成長。它非常一致，我們很高興與他們不斷合作，繼續擴大其影響力。

Got it. Fine. Thank you.

知道了。美好的。謝謝。

All right. Thank you.

好的。謝謝。

(Operator Instructions) Ladies and gentlemen, there are no further questions at this time. I would like to turn the call back to Jeff Miller with those are remarks.

（操作員指示）女士們、先生們，目前沒有其他問題。我想將電話轉回給傑夫米勒，並發表以下評論。

Great. Thank you. And I'd like to thank all of you again for joining us today, and thanks to all our investors who have continued to support the Synchronoss story. The results we achieved this quarter would not have been possible without the contributions of our entire team. So a special thanks to all of my hardworking Synchronoss colleagues.

偉大的。謝謝。我要再次感謝大家今天加入我們，並感謝所有繼續支持 Synchronoss 故事的投資者。如果沒有我們整個團隊的貢獻，我們本季的成果是不可能實現的。特別感謝所有辛勤工作的 Synchronoss 同事。

We are privileged to work alongside such a group of talented individuals. As a final note, we will be participating this week, in fact, tomorrow in the Sidoti conference and in the Northland Growth Conference on December 12. If you would like a meeting with myself and Lou, please do not hesitate to reach out. Thank you all once again, and back to you, Ryan.

我們很榮幸能與這樣一群才華橫溢的人一起工作。最後一點，我們將在本週（實際上是明天）參加 Sidoti 會議和 12 月 12 日舉行的北國增長會議。如果您想與我和盧會面，請隨時與我們聯繫。再次感謝大家，也謝謝你，瑞安。

Thanks, Jeff. Before we conclude today's call, I'd like to provide the Synchronoss Safe Harbor statement that includes important cautions regarding forward-looking statements made during this call. During this call, management discussed certain factors that are likely to influence the company's business going forward.

謝謝，傑夫。在我們結束今天的電話會議之前，我想提供 Synchronoss 安全港聲明，其中包括有關本次電話會議期間做出的前瞻性陳述的重要警告。在這次電話會議中，管理層討論了可能影響公司未來業務的某些因素。

Any factors that are discussed today that are not historical, particularly comments regarding our prospects and market opportunities, should be considered forward-looking statements within the meaning of the applicable securities laws. These forward-looking statements include comments about the company's plans and expectations of future performance.

今天討論的任何非歷史因素，特別是有關我們的前景和市場機會的評論，應被視為適用證券法含義內的前瞻性陳述。這些前瞻性陳述包括有關公司計劃的評論和對未來業績的預期。

Forward-looking statements are subject to a number of risks and uncertainties, which could cause actual results to differ materially. All listeners are encouraged to review the company's SEC filings, including its most recent 10-K and 10-Q for a description of these risks.

前瞻性陳述受到許多風險和不確定性的影響，這可能導致實際結果有重大差異。我們鼓勵所有聽眾查看該公司向 SEC 提交的文件，包括最新的 10-K 和 10-Q，以了解這些風險的描述。

Statements made during this call are made as of today, and the company does not undertake any obligation to update or revise any such forward-looking statements, whether as a result of new information, future events, changes in expectations or otherwise.

本次電話會議中所做的陳述截至今天，本公司不承擔任何更新或修改任何此類前瞻性陳述的義務，無論是由於新資訊、未來事件、預期變更或其他原因。

Please note that throughout today's call, management discussed certain non-GAAP financial measures such as adjusted EBITDA. Although the non-GAAP measures are derived from GAAP numbers, adjusted EBITDA does not necessarily equate to cash generated by operations as it does not account for such items as deferred revenue or the capitalization of software development.

請注意，在今天的電話會議中，管理階層討論了某些非公認會計準則財務指標，例如調整後的 EBITDA。儘管非 GAAP 指標源自 GAAP 數據，但調整後的 EBITDA 並不一定等於營運產生的現金，因為它沒有考慮遞延收入或軟體開發資本化等項目。

Today's earnings release describes the differences between the company's non-GAAP and GAAP reporting and presents a reconciliation for the periods reported in the release. Thank you for joining today's conference call. You may now disconnect.

今天的收益報告描述了該公司的非公認會計原則和公認會計原則報告之間的差異，並提供了該報告中報告期間的調節表。感謝您參加今天的電話會議。您現在可以斷開連線。

Thank you. This concludes today's conference. We appreciate your participation.

謝謝。今天的會議到此結束。我們感謝您的參與。