Xunlei Ltd (XNET) 2023 Q4 法說會逐字稿

Welcome, ladies and gentlemen, and thank you for your patience.

歡迎，女士們先生們，感謝你們的耐心等待。

You've joined Xunlei's fourth quarter and fiscal year 2023 earnings conference call.

您已參加迅雷第四季及 2023 財年財報電話會議。

(Operator Instructions) I would now like to turn the call over to the host, Investor Relations Manager, Ms. Luhan Tang.

（接線員指示）我現在將電話轉給主持人投資者關係經理唐璐涵女士。

Thank you, and good morning, everyone, and thank you for joining Xunlei's 2023 fourth quarter earnings conference call.

謝謝大家，大家早安，謝謝大家參加迅雷2023年第四季財報電話會議。

On the call with me today are Eric Zhou, Chief Financial Officer; and [Ya Li], Vice President of Finance.

今天與我通話的是財務長 Eric Zhou；以及財務副總裁[李婭]。

Now our earnings press release is available on our IR website, which is intended to supplement our prepared remarks during today's call.

現在，我們的收益新聞稿可在我們的投資者關係網站上獲取，該網站旨在補充我們在今天的電話會議上準備好的言論。

For today's agenda, I will first read our prepared opening remarks on behalf of our Chairman and CEO, Mr. Jinbo Li, on highlight of our fourth quarter operations.

在今天的議程中，我將首先代表我們的董事長兼執行長李金波先生宣讀我們準備好的開場白，介紹我們第四季的營運重點。

Then Mr. Eric Zhou, our CFO, will walk you through the details on our financial results and wrap up with our revenue guidance for the first quarter of 2024.

然後，我們的財務長 Eric Zhou 先生將向您詳細介紹我們的財務業績，並總結我們 2024 年第一季的收入指引。

After the management's remarks, we would like to welcome any questions from you in our Q&A session.

管理層發言結束後，我們歡迎您在問答環節提出任何問題。

Today's call is recorded, and you can replay the call from our Investor Relations website at ir.xunlei.com.

今天的電話會議已錄音，您可以透過我們的投資者關係網站 ir.xunlei.com 重播電話會議。

Before we get started, I would like to take this opportunity to remind you that the discussion today will contain certain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995.

在我們開始之前，我想藉此機會提醒您，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的某些前瞻性陳述。

Such statements are based on management's current expectations under current market conditions that are subject to risks and uncertainties that are difficult to predict, which may cause actual results to differ materially from those made in the forward-looking statements.

此類陳述是基於管理階層在當前市場條件下的當前預期，存在難以預測的風險和不確定性，可能導致實際結果與前瞻性陳述中的結果有重大差異。

Please refer to our SEC filings for a more detailed description of the risk factors that may affect our results.

請參閱我們向 SEC 提交的文件，以了解可能影響我們結果的風險因素的更詳細描述。

Xunlei assumes no obligation to update any forward-looking statements, except as required under applicable law.

迅雷不承擔更新任何前瞻性聲明的義務，除非適用法律要求。

On this call, we will be using both GAAP and non-GAAP financial measures.

在這次電話會議上，我們將使用公認會計原則和非公認會計原則財務指標。

A reconciliation of non-GAAP to comparable GAAP measures can be found in our earnings press release.

在我們的收益新聞稿中可以找到非公認會計準則與可比較公認會計準則衡量標準的調節表。

Please note that all numbers are in US dollars unless otherwise stated.

請注意，除非另有說明，所有數字均以美元為單位。

Now the following is the prepared statement by Mr. Jinbo Li, Chairman and CEO of Xunlei Limited.

以下是迅雷有限公司董事長兼執行長李金波先生準備的演講稿。

Good morning, everyone.

大家，早安。

Thank you all for joining us today. we concluded 2023 with a solid fourth quarter results as our revenue exceeded the upper end of our guidance range, and we sustained profitability for the eighth consecutive quarter.

感謝大家今天加入我們。我們以穩健的第四季度業績結束了 2023 年，因為我們的收入超過了指導範圍的上限，並且我們連續第八個季度保持盈利。

Over the past year, we maintained a strong focus on enhancing our existing products and services, restructured our business operations, and explored new initiatives to seek potential breakthrough in our business development.

過去一年，我們緊緊圍繞著提升現有產品和服務、重整業務營運、探索新舉措，尋求業務發展的潛在突破。

Despite more short-term impact of our business adjustments, we're encouraged by what we have done so far, and I believe that we're on track to pursue future growth.

儘管我們的業務調整帶來了更多的短期影響，但我們對迄今為止所做的事情感到鼓舞，我相信我們正在追求未來的成長。

I look forward to sharing with you our progress in the near future.

我期待在不久的將來與您分享我們的進展。

Let me provide you with some insights into our fourth quarter operations.

讓我向您提供有關我們第四季度營運情況的一些見解。

As announced in our earnings press release earlier today, our flagship subscription business achieved a significant milestone with nearly 6 million subscribers at the end of 2023, and over 73% of them opted for premium subscription and our subscription revenue for the quarter reached $31.6 million, representing an increase year-over-year growth of 26.8%.

正如我們今天早些時候在財報新聞稿中宣布的那樣，我們的旗艦訂閱業務在2023 年底實現了一個重要的里程碑，擁有近600 萬訂閱者，其中超過73% 的訂閱者選擇了高級訂閱，本季度的訂閱收入達到3,160 萬美元，較去年同期成長26.8%。

This can be attributed to a comprehensive marketing initiatives implemented [to attract any] future acquisitions and retention to maintain and incentivizing the users to stay with us.

這可以歸因於我們實施了全面的行銷舉措，以吸引未來的收購和保留，以維持和激勵用戶留在我們身邊。

For the robust subscriber page and the continuous effort in order to provide the users to optimize future and multi-specific marketing campaign, we expect that the positive momentum will continue in the coming days.

由於強大的訂閱者頁面以及為用戶提供優化未來和多具體行銷活動的持續努力，我們預計未來幾天將繼續保持積極的勢頭。

We'll continue.

我們會繼續。

We're glad to see that despite the intense competition in the industry, our cloud computing business has managed to maintain its competitive edge.

我們很高興看到，儘管行業競爭激烈，我們的雲端運算業務仍然保持了競爭優勢。

In the fourth quarter of 2023, our cloud completed business generated $30.5 million in revenue, reflecting a 4.4% year-over-year decline primarily due to the reduced revenue from certain major clients.

2023年第四季度，我們的雲端完成業務產生了3,050萬美元的收入，年減4.4%，主要是因為某些主要客戶的收入減少。

However, we have observed an increase in the sales of our hardware products, namely OES, OEC, and OEA, which may give users more cash reward with sharing idle bandwidth resources.

然而，我們觀察到我們的硬體產品（即OES、OEC和OEA）的銷量有所增加，這可能會透過共享閒置頻寬資源為用戶帶來更多現金獎勵。

Meanwhile, Shenzhen launching a wholly owned subsidiary of Xunlei, and operator of our cloud computer business was ranked number three with a market share of 11.8% in the public edge cloud service market during the first half of 2023 according to the study conducted by International Data Corporation.

同時，深圳推出迅雷全資子公司，根據International Data的研究，2023年上半年，我們的雲端電腦業務營運商在公共邊緣雲端服務市場排名第三，市佔率為11.8%公司。

We will maintain optimistic about our market position in the edge cloud computing industry and maintain fully committed to consistent delivery, highly scalable, secure, and cost-effective services to our valued clients.

我們將保持對我們在邊緣雲端運算產業的市場地位的樂觀態度，並完全致力於為我們尊貴的客戶提供一致的交付、高度可擴展、安全且具有成本效益的服務。

Turning to our live streaming and Internet value-added services, we generated $15 million in revenue, reflecting a significant decrease of 62.5%.

在直播和網路增值服務方面，我們的收入為 1,500 萬美元，大幅下降 62.5%。

This sharp year-over-year decline was mainly due to our strategic downsizing of our domestic audio live streaming business since June 2023.

這一同比大幅下降主要是由於我們自2023年6月以來對國內音訊直播業務進行了策略性縮減。

To make up the lost revenue in the domestic market, we are actively expanding our presence in overseas markets.

為了彌補國內市場的收入損失，我們正積極拓展海外市場。

Additionally, our gaming business is experiencing a rebound in terms of revenue, primarily attributable to the implementation of refined operational strategies that have resulted in a higher revenue sharing model.

此外，我們的遊戲業務收入正在反彈，這主要歸功於精細化營運策略的實施，帶來了更高的收入分成模式。

Furthermore, our advertising business is also benefiting from the growth of our subscription services, which incentivizes more users to engage with advertisement.

此外，我們的廣告業務也受惠於訂閱服務的成長，這激勵了更多用戶參與廣告。

Although gaming and advertising currently make up a relatively small portion of our product portfolio, we're anticipating future growth opportunity in these areas.

儘管遊戲和廣告目前在我們的產品組合中所佔的比例相對較小，但我們預計這些領域未來將有成長機會。

Going forward, we will be facing both challenges and opportunities in the evolving industry.

展望未來，我們將在不斷發展的行業中面臨挑戰和機會。

By leveraging our solid cash reserves and a strong balance sheet, we will continue to execute a disciplined approach, optimize capital allocation efficiency and prioritize investments in key business areas that may bring us best value.

透過利用我們堅實的現金儲備和強大的資產負債表，我們將繼續執行嚴格的方法，優化資本配置效率，並優先投資可能為我們帶來最大價值的關鍵業務領域。

We remain committed to creating sustainable and long-term value for our shareholders.

我們仍然致力於為股東創造可持續的長期價值。

With that, I will turn this call over to Eric.

這樣，我會將這通電話轉給艾瑞克。

Eric will cover our financial results in detail and provide our revenue guidance for the first quarter of 2024.

Eric 將詳細介紹我們的財務業績，並提供 2024 年第一季的營收指引。

Thank you, and hello, everyone, and thank you again for joining Xunlei's 2023 fourth quarter and fiscal year earnings conference call.

謝謝大家，大家好，再次感謝大家參加迅雷2023年第四季及財年財報電話會議。

I will review the details of our financial results and provide a revenue guidance for the first quarter of 2024.

我將審查我們財務業績的詳細信息，並提供 2024 年第一季的收入指引。

In the fourth quarter, the total revenues were $77.1 million, representing a decrease of 20.4% year over year.

第四季總營收為7,710萬美元，較去年同期下降20.4%。

The decrease in total revenues was mainly attributable to decreased revenues generated from our live streaming business as we've downsized some of our domestic live streaming operations since June 2023.

總收入下降的主要原因是我們自 2023 年 6 月以來縮減了部分國內直播業務，導致直播業務收入減少。

Revenues from cloud computing were $30.5 million, representing a decrease of 4.4% year over year.

雲端運算收入為3050萬美元，年減4.4%。

The decrease in cloud computing revenues was mainly due to the decreased revenues from certain of our major customers of cloud consulting services.

雲端運算收入下降主要是由於我們的雲端諮詢服務的某些主要客戶的收入減少。

Revenues from subscriptions were $31.6 million, representing an increase of 26.8% year over year.

訂閱收入為 3,160 萬美元，年增 26.8%。

The increase in subscription revenues was mainly due to the increase in the number of subscribers and higher average revenue per subscriber for the quarter.

訂閱收入的成長主要是由於訂閱者數量的增加以及本季每個訂閱者的平均收入的增加。

The number of subscribers was 5.99 million as of December 31, 2023, compared with 4.99 million as of December 31, 2022.

截至2023年12月31日，訂戶數為599萬，而截至2022年12月31日，訂戶數為499萬。

The average revenue per subscriber for the fourth quarter was RMB36.5 compared with RMB35.4 in the same period of 2022.

第四季每用戶平均收入為人民幣 36.5 元，而 2022 年同期為 35.4 元。

The higher average revenue per subscriber was due to the continued increase in the proportion of the users opting for our premium membership.

每位訂閱者的平均收入較高是由於選擇我們高級會員的用戶比例持續增加。

Revenues from live streaming and other IVAS were $15 million, representing a decrease of 62.5% year over year.

直播及其他網路加值服務收入為1,500萬美元，較去年同期下降62.5%。

The decrease of live streaming and other IVAS revenues was mainly due to the downsizing of our domestic live streaming operations during the year.

直播及其他網路加值服務收入的下降主要是由於年內我們國內直播業務的規模縮減。

Cost of revenues were $36.8 million, representing 47.7% of our total revenues compared with $59 million or 60.5% -- or 60.9% of the total revenues in the same period of 2022.

收入成本為 3,680 萬美元，佔總收入的 47.7%，而 2022 年同期為 5,900 萬美元，佔總收入的 60.5%，即 60.9%。

The decrease in the cost of revenues was mainly attributable to decreased revenue sharing costs for our live streaming business, which was consistent with the decrease in live streaming revenues.

收入成本的下降主要是因為直播業務的收入分成成本下降，這與直播收入的下降是一致的。

Bandwidth cost, as included in the cost of revenues, were $26.4 million, representing 34.2% of our total revenues compared with $26.9 million or 27.7% of the total revenues in the same period of 2022.

包含在收入成本中的頻寬成本為 2,640 萬美元，占我們總收入的 34.2%，而 2022 年同期為 2,690 萬美元，佔總收入的 27.7%。

The remaining cost of revenues mainly consisted of costs related to the revenue-sharing costs for our live streaming business, payment handling charges, cost of inventories sold, and depreciation of servers and other equipment.

剩餘收入成本主要包括與直播業務的收入分享成本、付款手續費、銷售庫存成本以及伺服器和其他設備折舊相關的成本。

Gross profit for the fourth quarter of 2023 was $40.1 million, representing an increase of 6.5% year over year.

2023年第四季毛利為4,010萬美元，較去年同期成長6.5%。

Gross profit margin was 51.9% in the fourth quarter compared with 38.8% in the same period of 2022.

第四季毛利率為51.9%，而2022年同期毛利率為38.8%。

The increase in gross profit was mainly driven by the increase in gross profit of subscription business.

毛利成長主要是由於認購業務毛利成長帶動。

The increase in gross profit margin was mainly attributable to the increased portion of subscription revenues to total revenues, which has a high profit margin as well as decreased portion of live streaming revenues to total revenues, which has a relatively lower gross profit margin.

毛利率上升的主要原因是毛利率較高的訂閱收入佔總收入的比例增加，以及毛利率相對較低的直播收入佔總收入的比例下降。

Research and development expenses for the fourth quarter were $19.5 million, representing 25.3% of our total revenues, compared with $19.2 million or 19.8% of our total revenues in the same period of 2022.

第四季的研發費用為 1,950 萬美元，占我們總營收的 25.3%，而 2022 年同期為 1,920 萬美元，占我們總營收的 19.8%。

The increase was primarily due to increased labor costs incurred during the quarter.

這一增長主要是由於本季勞動力成本增加所致。

Sales and marketing expenses for the fourth quarter were $9.3 million, representing 12.1% of our total revenues compared with $8.7 million or 8.9% of our total revenues in the same period of 2022.

第四季的銷售和行銷費用為 930 萬美元，占我們總收入的 12.1%，而 2022 年同期為 870 萬美元，占我們總收入的 8.9%。

The increase was primarily due to the increase in customer service costs and more marketing activities held for subscription business for our ongoing efforts on user acquisition, partially offset by the decrease in employee bonuses accrued during the quarter.

這一增長主要是由於客戶服務成本的增加以及我們持續努力獲取用戶而為訂閱業務開展的更多營銷活動，但部分被本季度應計員工獎金的減少所抵消。

G&A expenses for the fourth quarter were $11.6 million, representing 15.1% of the total revenues, compared with $9.8 million or 10.1% of the total revenues in the same period of 2022.

第四季的一般管理費用為 1,160 萬美元，佔總收入的 15.1%，而 2022 年同期為 980 萬美元，佔總收入的 10.1%。

The increase was primarily due to the increase in labor costs and depreciation of Xunlei's headquarters building during the quarter, partially offset by the decrease in share-based compensation accrued during the quarter.

這一增長主要是由於本季迅雷總部大樓的勞動成本和折舊增加，部分被本季應計股權薪資的減少所抵銷。

Operating loss was $0.7 million compared with an operating income of $0.4 million in the same period of 2022.

營運虧損為 70 萬美元，而 2022 年同期營運收入為 40 萬美元。

The decrease in operating income was primarily attributable to the increase in operating expenses during the quarter.

營業收入下降主要是由於本季營業費用增加所致。

Other income was $3.5 million compared with other income of $0.7 million in the same period of 2022.

其他收入為 350 萬美元，而 2022 年同期其他收入為 70 萬美元。

The increase was primarily due to the increase in foreign exchange gains and investment income for short-term investments during the quarter.

增加的主要原因是本季外匯收益和短期投資的投資收益增加。

Net income was $3.7 million compared with $1.6 million in the same period of 2022.

淨利潤為 370 萬美元，而 2022 年同期為 160 萬美元。

Non-GAAP net income was $4.5 million in the fourth quarter of 2023 compared with $3.5 million in the same period of 2022.

2023 年第四季非 GAAP 淨利為 450 萬美元，而 2022 年同期淨利為 350 萬美元。

The increase of net income and non-GAAP income was primarily attributable to the increase in other income, partially offset by the decrease in operating income, as discussed above.

淨利潤和非公認會計原則收入的增加主要歸因於其他收入的增加，部分被營業收入的減少所抵消，如上所述。

Diluted earnings per ADS in the fourth quarter of 2023 was approximately $0.06 as compared with $0.02 in the same period of 2022.

2023 年第四季每份美國存託憑證的攤薄收益約為 0.06 美元，而 2022 年同期為 0.02 美元。

As of December 31, 2023, the company had cash, cash equivalents, and short-term investments of $271.9 million compared with $264.7 million as of September 30, 2023.

截至2023年12月31日，該公司擁有現金、現金等價物及短期投資2.719億美元，截至2023年9月30日為2.647億美元。

The increase in cash, cash equivalents, and short-term investments was mainly due to net cash inflow from operating activities and the release of certain restricted cash, partially offset by repayment of bank loans and spending on share buybacks during the quarter.

現金、現金等價物和短期投資的增加主要是由於經營活動產生的現金流量淨流入和某些限制性現金的釋放，部分被本季償還銀行貸款和股票回購支出所抵銷。

Now let me share with you our fiscal year 2023 financial results.

現在讓我與大家分享我們2023財年的財務表現。

In 2013, we generated $364.9 million in total revenues, representing an increase of 6.5% on a year-over-year basis.

2013年，我們的總收入為3.649億美元，年增6.5%。

The increase in total revenues was mainly attributable to the increased revenues from our subscription and cloud computing businesses.

總收入的成長主要歸因於我們的訂閱和雲端運算業務收入的增加。

Revenues from cloud computing were $123.4 million, representing an increase of 3.2% on a year-over-year basis.

雲端運算收入為1.234億美元，年增3.2%。

The increase in cloud computing was mainly attributable to the increased sales of our cloud computing hardware devices.

雲端運算的成長主要由於我們的雲端運算硬體設備的銷售增加。

Revenues from subscriptions were $119.3 million, representing an increase of 18.7% on a year-over-year basis.

訂閱收入為 1.193 億美元，年增 18.7%。

The increase was mainly due to the growing number of subscribers, which increased from 4.99 million as of December 31, 2022, to 5.99 million as of December 31, 2023.

這一增長主要是由於訂戶數量不斷增長，從截至2022年12月31日的499萬增加到截至2023年12月31日的599萬。

Revenues from live streaming and other IVAS were $122.2 million, representing a decrease of 0.2% on a year-over-year basis.

直播及其他網路加值服務收入為1.222億美元，較去年同期下降0.2%。

The cost of revenues were $200.6 million, representing 55% of our total revenues compared with $200.1 million or 58.4% of the total revenues in 2022.

收入成本為 2.006 億美元，占我們總收入的 55%，而 2022 年為 2.001 億美元，佔總收入的 58.4%。

Bandwidth cost as a major component of cost of revenues were $112.5 million, representing 30.8% of total revenues compared with $104.6 million or 30.5% of the total revenues in the previous year.

作為收入成本主要組成部分的頻寬成本為 1.125 億美元，佔總收入的 30.8%，而前一年為 1.046 億美元，佔總收入的 30.5%。

The increased bandwidth costs were mainly due to the increased demand for subscription and cloud computing services, which was consistent with the increase in subscription and cloud computing revenues.

頻寬成本增加主要是由於訂閱和雲端運算服務需求增加，這與訂閱和雲端運算收入的成長一致。

The remaining cost of revenues mainly consisted of the cost related to the revenue-sharing costs for our live streaming business, payment handling charges, cost of inventories sold, and depreciation of servers and other equipment.

剩餘收入成本主要包括與直播業務的收入分享成本、付款手續費、銷售庫存成本以及伺服器和其他設備折舊相關的成本。

Gross profit for the year was $163.1 million representing an increase of 15.3% on a year-over-year basis.

全年毛利為1.631億美元，年增15.3%。

Gross profit margin was 44.7% compared with 41.3% in the previous year.

毛利率為44.7%，而上年度為41.3%。

The increase in gross profit and gross profit margin was mainly driven by the increase in gross profit of subscription business and increased portion of subscription revenue to total revenues, which has a high gross profit margin.

毛利和毛利率的成長主要是由於訂閱業務毛利的增加以及訂閱收入佔總收入的比例增加所致，該業務的毛利率較高。

Research and development expenses for the year were $74.2 million, representing 20.3% of our total revenues compared with $67.7 million or 19.8% of total revenues in the previous year.

本年度的研發費用為 7,420 萬美元，佔總收入的 20.3%，而前一年為 6,770 萬美元，佔總收入的 19.8%。

The increase was primarily due to the increased labor costs as a result of the increased headcount as compared with the previous year.

增加的主要原因是與前一年相比，員工人數增加導致勞動成本增加。

Sales and marketing expenses for the year were $43.5 million, representing 11.9% of our total revenues compared with $24.8 million or 7.3% of our total revenues in the previous year.

本年度的銷售和行銷費用為 4,350 萬美元，占我們總收入的 11.9%，而前一年為 2,480 萬美元，占我們總收入的 7.3%。

The increase was primarily driven by the increase in marketing expenses for our subscription and live streaming businesses.

這一增長主要是由於我們的訂閱和直播業務的營銷費用增加所致。

G&A expenses for the year were $46.9 million, representing 12.8% of total revenues compared with $39.7 million or 11.6% of total revenues in the previous year.

本年度的一般管理費用為 4,690 萬美元，佔總收入的 12.8%，而前一年為 3,970 萬美元，佔總收入的 11.6%。

The decrease was primarily due to the increase in share-based compensation expenses, depreciation of Xunlei headquarter buildings, and one-off impairment of servers and network equipment incurred during the year.

減少的主要原因是年內發生的股權激勵費用增加、迅雷總部大樓折舊以及伺服器和網路設備一次性減損所致。

Operating loss was $1.6 million compared with an operating income of $10.1 million in the previous year.

營業虧損為 160 萬美元，而前一年的營業收入為 1,010 萬美元。

The decrease in operating income was primarily attributable to the increase in operating expenses during the year, partially offset by increase in gross profit of subscription business, as mentioned above.

營業收入減少主要是由於年內營業費用增加，但部分被上述訂閱業務毛利增加所抵銷。

Other income was $16.9 million compared with $13.5 million in the previous year.

其他收入為 1,690 萬美元，而前一年為 1,350 萬美元。

The increase was primarily due to an increase in investment income and the reversal of certain payables related to a previously disposed business with low payment of probability during the year.

增加的主要原因是投資收益增加以及與本年度支付可能性較低的先前處置業務相關的某些應付款項的轉回。

Net income was $14.3 million in 2023 compared with net income of $21.3 million in the previous year.

2023 年淨利為 1,430 萬美元，而上一年淨利為 2,130 萬美元。

Non-GAAP net income was $23.9 million in 2023 compared with $29.5 million in the previous year.

2023 年非 GAAP 淨利為 2,390 萬美元，而前一年為 2,950 萬美元。

The decrease in net income and non-GAAP net income was primarily driven by the decrease in operating income as discussed above.

淨利和非公認會計原則淨利的下降主要是由於上述營業收入的下降所致。

Diluted earnings per ADS in 2023 was approximately $0.22 as compared with $0.32 in the previous year.

2023 年每股美國存託股的攤薄收益約為 0.22 美元，而前一年為 0.32 美元。

Now turning to our shareholder purchase program.

現在轉向我們的股東購買計劃。

During 2023, we spent approximately $4.7 million on share buybacks.

2023 年，我們花了約 470 萬美元用於股票回購。

Let's talk about our earnings guidance.

讓我們談談我們的獲利指引。

For the first quarter of 2024, Xunlei estimates total revenues to be between $79 million and $84 million and at the midpoint of the range represents a quarter-over-quarter increase of approximately 5.7%.

迅雷預計 2024 年第一季的總收入將在 7,900 萬美元至 8,400 萬美元之間，該範圍的中點代表季度環比增長約 5.7%。

This estimate represents management's preliminary view as of the date of this press release which is subject to change and any change could be material.

這項估計代表了管理層截至本新聞稿發布之日的初步觀點，該觀點可能會發生變化，並且任何變化都可能是重大的。

Now we conclude prepared remarks for the conference call.

現在我們結束為電話會議準備的發言。

Operator, we are ready to take questions.

接線員，我們準備好回答問題。

(Operator Instructions) There seems to be no questions at this time.

（操作員說明） 目前似乎沒有任何問題。

We have a question in the queue.

我們有一個問題正在排隊。

We will take our first question.

我們將回答第一個問題。

Kim Wang, Halo Asset Management. (technical difficulty)

Kim Wang，光環資產管理公司。 （技術難度）