Zedge Inc (ZDGE) 2026 Q1 法說會逐字稿

Good day, and welcome to Zedge's earnings conference call for the first fiscal quarter of 2026. (Operator Instructions) I'll now turn the call over to Mr. Brian Siegel. Sir, the floor is yours.

大家好，歡迎參加 Zedge 2026 財年第一季財報電話會議。（操作員指示）我現在將電話轉接給布萊恩·西格爾先生。先生，請您發言。

Thank you, operator. During today's call, Jonathan Reich, Zedge's Chief Executive Officer; and Yi Tsai, Zedge's Chief Financial Officer, will discuss Zedge's financial and operational results that were reported today.

謝謝接線生。在今天的電話會議上，Zedge 執行長 Jonathan Reich 和 Zedge 財務長 Yi Tsai 將討論 Zedge 今天公佈的財務和營運表現。

Any forward-looking statements made during this conference call during the prepared remarks or in the question-and-answer session, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results in the future to differ materially from those discussed on today's call. These risks and uncertainties include, but are not limited to, specific risks and uncertainties disclosed in Zedge's periodic SEC filings.

在本次電話會議期間，無論是在事先準備好的發言中還是在問答環節中，任何前瞻性陳述，無論是概括性的還是具體的，都存在風險和不確定性，可能導致未來的實際結果與今天電話會議中討論的結果存在重大差異。這些風險和不確定性包括但不限於 Zedge 定期向美國證券交易委員會提交的文件中揭露的具體風險和不確定性。

Zedge assumes no obligation to update any forward-looking statements or to update the factors that may cause actual results to differ materially from those that they forecast. Please note that our earnings release is available on the Investor Relations page of the Zedge's website and has also been filed on Form 8-K with the SEC.

Zedge不承擔更新任何前瞻性聲明或更新可能導致實際結果與預測結果有重大差異的因素的義務。請注意，我們的收益報告可在 Zedge 網站的投資者關係頁面上找到，並且也已透過 8-K 表格提交給美國證券交易委員會。

Finally, on this call, we will use non-GAAP measures. Examples include non-GAAP EPS, non-GAAP net income, and adjusted EBITDA. Please see our earnings release for an explanation of our use of these non-GAAP measures.

最後，本次電話會議我們將使用非GAAP指標。例如，非GAAP每股盈餘、非GAAP淨收入和調整後EBITDA。有關我們使用這些非GAAP指標的解釋，請參閱我們的獲利報告。

Now I'd like to turn the call over to Jonathan.

現在我想把電話交給喬納森。

Thank you, Brian, and good afternoon, everyone. It has only been about six weeks since our last call, but we have continued to demonstrably execute against our stated priorities with discipline, focus and a strong sense of momentum. The themes we outlined last quarter remain the same ones guiding us today and form the strategic foundation for fiscal 2026.

謝謝你，布萊恩，大家下午好。距離我們上次通話僅過去了大約六週，但我們繼續以嚴謹的紀律、專注的態度和強勁的勢頭，切實地執行著我們既定的優先事項。我們在上個季度提出的主題仍然是今天指導我們的主題，並構成了 2026 財年的戰略基礎。

The early results of this quarter reinforce that our approach is sound and that our operating model is gaining strength. Of course, we will modify our course if things change materially. We delivered a solid start to fiscal 2026 with a return to mid-single-digit revenue growth and continued progress across our strategic priorities. What stands out to me this quarter is the quality of that growth for the Zedge marketplace.

本季的初步結果進一步證明，我們的方法是正確的，我們的營運模式正在不斷增強。當然，如果情況發生重大變化，我們會調整策略。2026 財年伊始，我們取得了穩健的開局，營收恢復到中等個位數成長，並在各項策略重點領域持續取得進展。本季最讓我印象深刻的是 Zedge 市場的成長品質。

Subscriptions remained a powerful engine with active subscriptions reaching a record 1.1 million, up more than 50% year-over-year. Average revenue per monthly active user increased again supported by healthy CPMs, higher value users and continued optimization and improvement in our ad and subscription stacks. This all happened while management was navigating through the anticipated declines at Emojipedia and GuruShots.

訂閱仍然是強勁的成長引擎，活躍訂閱用戶達到創紀錄的 110 萬，年成長超過 50%。由於健康的 CPM、更高價值的用戶以及我們在廣告和訂閱技術堆疊方面的持續優化和改進，每月活躍用戶平均收入再次成長。這一切都發生在管理層應對 Emojipedia 和 GuruShots 預期下滑之際。

The important takeaway is that strength across the rest of our ecosystem more than offset those headwinds. Our core business is healthy, resilient, and strengthening. I am encouraged by the traction we are seeing with DataSeeds. While the number of closed deals remain small, interest from world-class companies is growing. Recently, we received a second order from an existing customer, a leader in the AI sector.

最重要的結論是，我們生態系統其他部分的強勁表現足以抵銷這些不利因素。我們的核心業務發展良好、韌性十足，並且不斷壯大。DataSeeds 目前的進展令我倍感鼓舞。雖然成交數量仍然很少，但世界一流公司的興趣正在增長。最近，我們收到了一位現有客戶的第二份訂單，該客戶是人工智慧領域的領導者。

The new order size was approximately 25 times the value of the original order placed in Q4 FY25. This follows the B2B playbook, where the prospect places a modest initial order that is graded and accepted based on our ability to meet their technical specifications. Assuming we fulfill these requirements, the customer then scales order sizes, and we deliver custom fully rights cleared image, video, and audio data sets at spec.

新訂單的規模約為 2025 財年第四季原始訂單金額的 25 倍。這遵循 B2B 模式，潛在客戶會先下個規模較小的初始訂單，我們會根據滿足其技術規格的能力對訂單進行評級和接受。假設我們滿足了這些要求，客戶就可以擴大訂單規模，我們會按照規格交付客製化的、完全獲得版權許可的圖像、視訊和音訊資料集。

Our pipeline is robust with dozens of prospective customers and order sizes that started thousands of dollars and grow from there. Although it is early, and we will not close every opportunity. The strength of engagement speaks to the confidence customers are developing in our ability to execute. A key part of our value proposition is the DataSeeds Production Cloud, or DPC.

我們的銷售管道非常充足，擁有數十個潛在客戶，訂單金額從數千美元起步，而且還在持續成長。雖然現在還為時過早，我們也不會錯過每一個機會。客戶的高度參與顯示客戶對我們執行能力的信心日益增強。我們價值主張的關鍵部分是 DataSeeds 生產雲 (DPC)。

This is a managed global network of professional photographers, videographers and graphic artists who produce high-quality, purpose-built datasets on demand. Rather than relying solely on a static catalog, we can fulfill bespoke customer briefs that require controlled and consistent inputs with precision. This asset allows us to deliver rights cleared, ethically sourced and consistent datasets, which are essential for training advanced AI models.

這是一個由專業攝影師、攝影師和平面設計師組成的全球管理網絡，他們根據需求製作高品質的專用資料集。我們不會只依賴靜態的產品目錄，而是能夠精準地滿足客戶客製化的需求，提供可控且一致的輸入。這項資產使我們能夠提供已取得版權許可、來源符合道德規範且一致的資料集，這對於訓練高階人工智慧模型至關重要。

The DPC gives us a capability that is difficult to replicate and becomes more valuable as customer requirements become more specialized. We are also seeing meaningful confirmation of the broader market opportunity. For example, Reddit recently announced significant licensing agreements that allow major technology companies to use its content for AI model training.

DPC 賦予我們一種難以複製的能力，並且隨著客戶需求變得越來越專業化，這種能力也變得越來越有價值。我們也看到了更廣泛的市場機會得到了有力證實。例如，Reddit 最近宣布了多項重要的授權協議，允許大型科技公司使用其內容進行人工智慧模型訓練。

These deals demonstrate that enterprises are willing to pay for rights cleared and high-quality human-generated data at scale. That trend reinforces the demand environment we are serving. While Reddit provides access to broad conversational data, DataSeeds is focused on producing custom and highly structured visual and audio datasets that align with each customer's exact technical needs. This positions us well as companies look for reliable and legally sound sources of training data.

這些交易表明，企業願意為大規模獲取已獲授權的高品質人工生成數據付費。這一趨勢強化了我們所服務的需求環境。雖然 Reddit 提供了廣泛的對話數據，但 DataSeeds 專注於生產客製化的、高度結構化的視覺和音訊數據集，以滿足每個客戶的特定技術需求。這使我們處於有利地位，因為企業正在尋找可靠且合法有效的培訓資料來源。

Turning to Tapedeck. The pilot continues to progress and early artist feedback remains positive. Tapedeck is designed as a music service that gives independent artists a transparent and attractive economic model and the ability to earn more from their work than they would on traditional streaming platforms.

切換到 Tapedeck。試點計畫持續推進，早期藝術家回饋依然積極。Tapedeck 旨在為獨立藝術家提供透明且具有吸引力的經濟模式，使他們能夠從作品中獲得比在傳統串流平台上更高的收入，從而打造音樂服務。

Now the foundation of the service is in place, and our next steps focus on expanding the catalog increasing listener engagement and refining the features that deepen the connection between artists and their audiences. As we evaluate performance metrics, we will determine the timing for expansion across Android and web.

現在，該服務的基礎已經到位，我們的下一步重點是擴展目錄，提高聽眾參與度，並完善各項功能，以加深藝術家與其聽眾之間的聯繫。在評估效能指標的同時，我們將確定在 Android 和 Web 上擴充的時機。

Our approach remains disciplined. We want to ensure that Tapedeck scales in a way that delivers value to artists and listeners while maintaining a clear path to financial return. I also want to highlight continued progress from our product innovation team. Our framework allows us to validate demand before writing code and then leverage AI-driven development tools to accelerate build cycles.

我們的方法依然嚴謹。我們希望確保 Tapedeck 的規模化發展能為藝術家和聽眾帶來價值，同時保持清晰的財務回報路徑。我還想重點介紹一下我們產品創新團隊的持續進展。我們的框架允許我們在編寫程式碼之前驗證需求，然後利用人工智慧驅動的開發工具來加速建置週期。

Syncat was the first example of this approach, and we expect to introduce additional Alpha products throughout fiscal 2026. Each concept is designed to be small, focused, and capable of scaling if it demonstrates early product market fit. More shots on goal with low initial investment give us meaningful optionality while maintaining strong financial discipline.

Syncat 是這種方法的第一個例子，我們預計將在 2026 財年推出更多 Alpha 產品。每個概念都設計得小巧、專注，如果早期產品能夠與市場契合，就能夠進行規模化生產。用較少的初始投資獲得更多的射門機會，這為我們提供了有意義的選擇，同時保持了強大的財務紀律。

As I often remind our team and our investors, Rovio failed more than 50 times before launching the multibillion-dollar Angry Birds franchise, so iteration and experimentation matter. Before I turn the call over to Yi, I want to address free cash flow because several expected factors influenced our results this quarter.

我經常提醒我們的團隊和投資者，Rovio 在推出價值數十億美元的《憤怒的小鳥》系列遊戲之前失敗了 50 多次，所以迭代和實驗至關重要。在將電話轉交給 Yi 之前，我想談談自由現金流，因為有幾個預期因素影響了我們本季的表現。

Free cash flow this quarter reflected the timing of restructuring-related compensation tax payments, which have now largely been completed. We also reinvested part of our restructuring savings into high potential initiatives including DataSeeds, Tapedeck and our innovation pipeline. In addition, we experienced some quarter-specific movements in receivables and payables.

本季自由現金流反映了與重組相關的補償稅款支付的時間，這些稅款現在已基本支付完畢。我們也將部分重組節省下來的資金再投資於高潛力項目，包括 DataSeeds、Tapedeck 和我們的創新管道。此外，我們的應收帳款和應付帳款也出現了一些季度特有的波動。

These items created temporary pressure, but they do not change our expectation for strong cash generation across the remainder of fiscal 2026. This is fully aligned with the operating framework we discussed last quarter and the restructuring actions we executed earlier this year. Stepping back, we entered fiscal 2026 with a leaner cost structure, a more efficient operating model and multiple growth vectors that span both consumer and enterprise markets.

這些因素造成了暫時的壓力，但不會改變我們對 2026 財年剩餘時間內強勁現金流的預期。這與我們上個季度討論的營運框架以及今年稍早執行的重組措施完全一致。回顧過去，我們進入 2026 財年時，擁有了更精簡的成本結構、更有效率的營運模式以及涵蓋消費者和企業市場的多個成長方向。

We have a strengthening marketplace with a subscription engine that continues to scale and emerging enterprise business with data seeds and a pipeline of new products designed to broaden our reach. We also maintained our disciplined approach to capital allocation.

我們擁有一個不斷成長的市場，其訂閱引擎持續擴展，新興企業業務擁有數據種子和一系列旨在擴大我們業務範圍的新產品。我們也保持了嚴謹的資本配置方式。

During the quarter, we repurchased 240,000 Class B shares and paid our first-quarterly dividend, which reflects our confidence in the long-term value creation potential of the company. We are executing from a position of confidence, discipline, and momentum. Our focus remains simple: build products people love scale the ones that perform and allocate capital in a way that expands long-term shareholder value.

本季度，我們回購了 240,000 股 B 類股票，並支付了第一季股息，這反映了我們對公司長期價值創造潛力的信心。我們以自信、自律和動力執行任務。我們的重點仍然很簡單：打造人們喜愛的產品，擴大表現優異的產品規模，並以擴大股東長期價值的方式配置資本。

With the foundation we have in place, we believe fiscal 2026 will be a year defined by growth, innovation and expanding operating leverage, wishing all a wonderful holiday season. Thank you for your continued support, and we look forward to sharing our progress in 2026.

憑藉我們已有的基礎，我們相信 2026 財年將是成長、創新和擴大營運槓桿作用的一年，祝大家節日快樂。感謝您一直以來的支持，我們期待在 2026 年與您分享我們的進展。

Now I will turn the call over to Yi. Yi?

現在我將把通話交給易。易？

Thank you, Jonathan. Total revenue for the first-quarter was $7.6 million, up 5.8% from last year. There were a couple of items to note here. First, Zedge's Marketplace revenue was up nicely from last year, driven by strong advertising CPMs and subscription revenues. Also offsetting growth at Zedge Marketplace was a meaningful decline at Emojipedia, consistent with Jonathan's comments earlier and on our last call, as well as the expected year-over-year drop at GuruShots.

謝謝你，喬納森。第一季總營收為 760 萬美元，比去年同期成長 5.8%。這裡有幾點要注意。首先，Zedge 的 Marketplace 收入較去年大幅成長，這主要得益於強勁的廣告 CPM 和訂閱收入。Zedge Marketplace 的成長也被 Emojipedia 的大幅下滑所抵消，這與 Jonathan 先前的評論以及我們上次電話會議的內容一致，此外，GuruShots 也出現了預期的同比下降。

Although sequentially, the business was effectively flat, showing stabilization. Advertising revenue was up 6% for the quarter, as strong growth in the Zedge Marketplace was offset by lower ad revenue at Emojipedia. Zedge Plus subscription revenue increased 29% year-over-year, and our net active subscriber base grew 54%, reaching nearly 1.1 million subscribers. We continue to optimize our subscription plans and are seeing the benefits of those changes.

儘管從季度來看，該業務實際上保持平穩，顯示出趨於穩定。本季廣告收入成長了 6%，Zedge Marketplace 的強勁成長被 Emojipedia 廣告收入的下降所抵消。Zedge Plus 訂閱營收年增 29%，淨活躍用戶數成長 54%，達到近 110 萬用戶。我們不斷優化訂閱方案，並已開始看到這些改變帶來的好處。

Deferred revenue, which primarily represents subscription-related revenue, reached $5.7 million, up 7% sequentially and 55% year-over-year. This is an important metric, as it reflects future revenue that carries essentially a 100% gross margin. Zedge Premium GTV was down 3.7% from the year-ago quarter. And average revenue per monthly active user increased 29.2%, continuing the shift toward higher-value users and improved monetization efficiency.

遞延收入（主要指訂閱相關收入）達 570 萬美元，較上季成長 7%，較去年同期成長 55%。這是一個重要的指標，因為它反映了未來的收入，而未來的收入毛利率基本上為 100%。Zedge Premium GTV 較去年同期下降 3.7%。平均每月活躍用戶收入成長了 29.2%，繼續向高價值用戶轉型，並提高了貨幣化效率。

This quarter, now that our digital goods and services revenue includes both GuruShots and DataSeeds with the vast majority being GuruShots at this stage, as we recognized very little DataSeeds revenue in the quarter. We expect to begin lapping some of these weaker GuruShots comparisons in fiscal 2026.

本季度，我們的數位商品和服務收入包括 GuruShots 和 DataSeeds，其中 GuruShots 的收入佔絕大多數，因為我們在本季度確認的 DataSeeds 收入非常少。我們預計在 2026 財政年度開始超越 GuruShots 的一些較弱的比較數據。

Cost of revenue was 7.3%, which was up from 6.4% last year, due to the reduction in partner discounts from Google Cloud Services as well as the introduction of Tapedeck licensing fees and DataSeeds production costs. SG&A decreased about 13% to $5.9 million for the quarter. This reflects the net savings from our restructuring, partially offset by investment in ramping DataSeeds and Tapedeck. GAAP income from operations was $0.9 million compared to a loss of $0.5 million last year, primarily due to the restructuring savings we have seen this year. GAAP net income and EPS was $0.8 million and $0.06 compared to losses of $0.3 million and negative $0.02 last year, respectively.

由於 Google Cloud Services 合作夥伴折扣減少，以及引入 Tapedeck 授權費和 DataSeeds 生產成本，收入成本為 7.3%，高於去年的 6.4%。本季銷售、管理及行政費用下降約 13%，至 590 萬美元。這反映了我們重組帶來的淨節省，但部分被對 DataSeeds 和 Tapedeck 的快速發展投資所抵消。GAAP營業收入為90萬美元，而去年同期虧損50萬美元，這主要是由於我們今年透過重組節省了成本。GAAP淨利潤和每股收益分別為0.80萬美元和0.06美元，去年同期分別為虧損0.30萬美元和負0.02美元。

On a non-GAAP basis, net income was $0.9 million and EPS was $0.07 compared to breakeven last year. Cash flow from operations was $0.8 million and free cash flow was $0.6 million for the quarter. Free cash flow was negatively impacted by approximately $350,000. Cash outflow for tax withholding payments related to compensation associated with the restructuring that are not expected to repeat going forward as well as the timing of certain accounts receivable and accounts payable.

以非GAAP準則計算，淨收入為90萬美元，每股收益為0.07美元，去年同期為損益兩平。本季經營活動產生的現金流量為 80 萬美元，自由現金流量為 60 萬美元。自由現金流受到約 35 萬美元的負面影響。與重組相關的補償金的預扣稅款現金流出預計不會再發生，以及某些應收帳款和應付帳款的時間安排。

Adjusted EBITDA for the quarter was $1.2 million versus $0.3 million last year. From a liquidity perspective, we ended the quarter with $18.5 million in cash and cash equivalents and no debt. The sequential decrease includes our repurchase of approximately 240,000 shares during the quarter and as of October, about $600,000 remains available under our current buyback authorization.

本季調整後 EBITDA 為 120 萬美元，去年同期為 30 萬美元。從流動性角度來看，本季末我們擁有 1,850 萬美元現金及現金等價物，且無任何債務。環比下降包括我們在本季度回購了約 24 萬股股票，截至 10 月，根據我們目前的回購授權，仍有約 60 萬美元可用。

Thank you for listening to our first-quarter earnings call. We look forward to updating you again soon when we report results for the second-quarter of fiscal 2026. Operator, please open the line for questions.

感謝各位收聽我們第一季財報電話會議。我們期待在公佈 2026 財年第二季業績時再次向您報告。接線員，請開通提問線。

(Operator Instructions)

（操作說明）

Derek Greenberg, Maxim Group.

Derek Greenberg，Maxim集團。

Congrats on the quarter. My first question is just on the DataSeeds offering. I was wondering if you could help us understand how this gets recognized as revenue in terms of what line item that shows up in? And then just the structure of -- if you receive an order, is that recognized within that quarter or is it recognized over time? Or just how to think about these things?

恭喜你本季取得佳績。我的第一個問題是關於DataSeeds的產品。我想請教一下，這筆收入是如何確認為收入的，具體會顯示在哪個項目裡？還有一點就是結構問題——如果你收到一個訂單，是在該季度內確認，還是隨著時間的推移確認？或者，應該如何思考這些問題？

Yi, do you want to handle that.

易，你想處理這件事嗎？

Yes. So DataSeeds, when we receive an order, we start production, we only recognize the revenue when the products are delivered and accepted. So it could be a close quarter. For the time being, because the revenue is still insignificant, we just group it under physical goods and services, the same line as GuruShots legacy business. Did I answer your question, Derek?

是的。所以，DataSeeds 的做法是，當我們收到訂單時，我們開始生產，只有在產品交付並被驗收後，我們才確認收入。所以情況可能會很危急。目前，由於收入仍然微不足道，我們暫時將其歸類為有形商品和服務，與 GuruShots 的傳統業務歸為同一類。德瑞克，我的回答是否解決了你的問題？

Yes. That's helpful. And then in terms of just visibility or conversion, is there a general framework to think about how long it takes you to convert on some of these opportunities in the pipeline or what the typical sales process might look like? You had mentioned there's a ramp where the initial order was smaller and then it can scale from there. And I was wondering if you could just add any more details that might be helpful.

是的。那很有幫助。那麼，就可見性或轉換率而言，是否有一個通用的框架來思考將銷售管道中的某些機會轉化為實際銷售需要多長時間，或者典型的銷售流程可能是什麼樣的？你曾經提到過，訂單量會逐漸減少，然後才能逐步擴大。我想問您能否補充一些可能有幫助的細節。

Derek, it's Jonathan. Thank you. At this point, not a lot more details other than to say we've got a robust pipeline. And from the point that we actually receive a lead, there are a lot of operational things that have to happen aside from the production of the content itself, including contract negotiation and the like.

德瑞克，我是喬納森。謝謝。目前除了說我們擁有強大的產品線之外，沒有更多細節可以透露。從我們實際收到線索的那一刻起，除了內容製作本身之外，還有很多營運方面的事情需要處理，包括合約談判等等。

And we are investing a lot of time in terms of ensuring that from an operational perspective, or being efficient. I think that we'll need another couple of quarters until we have the clarity as to what happens from the point that we receive an order until it actually is delivered and being able to qualify based upon what type of content, the magnitude of these orders and various time frames accordingly. I wish I could give you more now, but it's really still very early in the process.

我們正在投入大量時間，從營運角度確保這一點，或者說提高效率。我認為我們還需要幾個季度的時間，才能清楚地了解從收到訂單到實際交付的整個流程，並能夠根據內容類型、訂單規模和各種時間範圍進行相應的評估。我很想現在就告訴你更多信息，但現在真的還處於非常早期的階段。

Okay. Got it. That makes sense. Could you talk a little bit more about just GuruShots and how that product is tied to DataSeeds?

好的。知道了。這很有道理。您能否再詳細介紹一下 GuruShots，以及該產品與 DataSeeds 之間的連結？

Sure. That's a great question. So there are a couple of facets to that answer. First of all, we have delivered content from both the existing catalog where users have opted in to have their content used for AI training as well as from launching competitions specific to meeting the prospects content needs.

當然。這是一個很好的問題。所以這個問題的答案包含幾個面向。首先，我們提供了現有目錄的內容（使用者已選擇將其內容用於人工智慧訓練），以及透過舉辦專門的競賽來滿足潛在客戶的內容需求。

And in terms of something that we've talked about in the past, mainly GuruShots 2.0, what is the direction that we want to take the product. We have not -- and we said this last quarter, we've not made a decision as of yet. We're going to need to get more runway under us in order to determine whether or not we want the direction of the foundational photo competition game to be there for content acquisition or to heavily weight it towards the gaming aspects that have existed as up until now.

至於我們過去討論過的一些問題，主要是 GuruShots 2.0，我們希望產品朝哪個方向發展。我們還沒有——正如我們上個季度所說，我們還沒有做出決定。我們需要更多時間來決定是否要將基礎攝影比賽遊戲的重點放在內容取得上，還是要像現在這樣，更重視遊戲方面。

Okay. That makes sense.

好的。這很有道理。

And then there's one sort of final piece there, and that is actually tapping into the creator community that exists to generate custom made or bespoke content needs that prospects have and that is a work in progress.

最後還有最後一塊拼圖，那就是要充分利用現有的創作者社區，為潛在客戶提供定製或專屬的內容，而這目前還在進行中。

Okay. Got it. And then just in terms of where that segment is on an operating loss income basis. I was wondering if you had that number on hand in terms of where GuruShots is operating at?

好的。知道了。然後，就該業務板塊在經營虧損收入方面的情況而言。我想知道您是否掌握 GuruShots 的營運地點的具體數字？

Yes, I can take that, Jonathan. Yes, so as we ramp in up DataSeeds, we incur certain fixed costs, and that obviously, right now, it's not a breakeven. We still incur losses. So part of the GuruShots losses can be attributed to DataSeeds. And in terms of legacy business right now, if you look at our financial, and we're going to publish later this afternoon, is stabilized at around $150,000 per month.

是的，我可以接受，喬納森。是的，隨著我們增加對 DataSeeds 的投入，會產生一些固定成本，顯然，目前還無法達到收支平衡。我們仍然遭受損失。因此，GuruShots 的部分損失可以歸因於 DataSeeds。就傳統業務而言，如果你看一下我們的財務數據（我們將在今天下午晚些時候發布），目前穩定在每月 15 萬美元左右。

It's just incurring some losses. We still not at a breakeven point. But as Jonathan mentioned, when we evolve GuruShots 2.0, and hopefully bringing it up to the breakeven point. Does that answer your question, Derek?

目前只是遭受了一些損失。我們尚未達到損益平衡點。但正如喬納森所提到的，當我們改進 GuruShots 2.0 時，希望能夠達到損益平衡點。德瑞克，這樣回答你的問題了嗎？

Yes, that's very helpful. And then in terms of Emojipedia. You've previously caught out some potential weakness there. (technical difficulty) I was wondering what the impact there looks like? And if you expect going forward further declines or if you think it has the potential to stabilize where it's at?

是的，這很有幫助。然後是表情符號百科方面。你之前已經發現了那裡的一些潛在弱點。（技術難題）我想知道那裡的影響看起來是什麼樣的？那麼，你預期未來會進一步下跌，還是認為它有可能穩定在目前的水平？

Yes. I'm sorry, my phone rang. Derek, can you repeat the question?

是的。不好意思，我的手機響了。德瑞克，你能再說一次問題嗎？

Yes. Just on Emojipedia, how that's doing in terms of if you anticipate further declines there, more of a stabilization?

是的。就 Emojipedia 而言，您認為它的發展如何？您預計它會進一步下滑，還是會趨於穩定？

Sure. I can't answer that as of now. I think we're going to need another quarter to see how Google continues to advance with the copy paste feature and what's happening with AI overviews. But my hope is that some of the activities that we have underway to protect our property will translate into slowing or ceasing the impact that has happened up until now.

當然。目前我無法回答這個問題。我認為我們還需要再觀察一個季度，看看谷歌在複製貼上功能方面會如何繼續發展，以及人工智慧概覽方面又會取得怎樣的進展。但我希望，我們目前正在進行的一些保護財產的活動能夠減緩或阻止迄今為止所發生的影響。

And then separately, from an industry perspective, there has been a lot of banter around how do websites that have been impacted by these AI overviews, how are they ultimately compensated, and we are monitoring that closely to ensure that if there is a mechanism that comes up and is accepted by the industry that we are able to benefit from that.

此外，從行業角度來看，關於受這些人工智慧概覽影響的網站最終如何獲得補償，已經有很多討論，我們正在密切關注，以確保如果出現一種機制並被行業接受，我們能夠從中受益。

Okay. That makes sense. And then just on the restructuring costs. You had mentioned free cash flow was impacted by a little bit of left of your restructuring costs. I was wondering if we could potentially quantify the impact of those costs?

好的。這很有道理。然後僅僅是重組成本。您曾提到，剩餘的重組成本對自由現金流造成了一定影響。我想知道我們是否有可能量化這些成本的影響？

And then maybe I think you had mentioned you plan on reinvesting this amount maybe into new products. I was wondering if you could just talk about that a little bit?

然後，我想您之前可能提到過，您計劃將這筆資金再投資於新產品。我想請您稍微談談這件事？

Let me talk a little bit about the reinvestments and then Yi can get in and provide the actual dollar amount. So the intention is that we take a portion and depending on where we see opportunity to invest that in accelerating, whether it be the innovation track that we have, whether it be DataSeeds and so on and so forth, but doing so in a measured fashion such that we are monitoring our KPIs and that we are seeing tangible results from those investments.

讓我先簡單談談再投資，然後 Yi 就可以加入並提供實際的美元金額了。因此，我們的目的是拿出一部分資金，根據我們看到的機會，將其投資於加速發展，無論是我們現有的創新軌道，還是數據種子等等，但我們會以謹慎的方式進行，以便監控我們的關鍵績效指標，並從這些投資中獲得切實可見的成果。

The innovation team itself, it's a little bit more nuanced because we will have likely many ideas that we test and that do not ultimately convert into full-fledged products. The idea there though is that we act quickly in order to move on to the next one if the ones that we select do not ultimately yield the results that we expect.

創新團隊本身的情況則更為複雜，因為我們可能會有許多想法可以測試，但最終這些想法並不會轉化為成熟的產品。但這樣做的目的是，如果我們選擇的方法最終沒有產生我們預期的結果，我們應該迅速採取行動，轉向下一個方法。

And I just want to remind you about something that we had last quarter, and that is before we undertake the development of a new product, before we even code any of the programming needed, we are actually doing marketing feasibility tests as well as competitive research in order to substantiate that the opportunity is there.

我只想提醒大家我們上個季度做過的一件事，那就是在我們著手開發新產品之前，甚至在我們編寫任何必要的程序之前，我們實際上都會進行市場可行性測試以及競品研究，以證實機會確實存在。

Once we've crossed those hurdles, then we are in a position where we can code and get an MVP, a lean MVP out in a contracted period of time and then begin to iterate from there with gating processes along the way. Yi, do you want to get into the numbers?

一旦我們克服了這些障礙，我們就可以編寫程式碼，在約定的時間內推出一個精簡的最小可行產品（MVP），然後從那裡開始迭代，並在過程中設置各種關卡流程。易，你想深入了解一下數字嗎？

Yes. So at the end of July, we paid out the severance pay for two senior people in Norway. So associated with those severance payment the company payroll tax is about 14%. And from an employee point of view, they need to pay taxes about 45%. And then additionally, there was some option exercise.

是的。因此，在七月底，我們向挪威的兩位高階員工支付了遣散費。因此，與這些遣散費相關的公司薪資稅約為 14%。從員工的角度來看，他們需要繳納約 45% 的稅金。此外，還有一些選擇權行使。

They have a large game and the company is responsible for up to 14%, again, taxes and tax withholding. So at the end of July, we booked somewhere around $330,000 withholding taxes, which was paid out in October, and that impacted our free cash flow during Q1 '26.

他們有一場大型遊戲，公司需要承擔高達 14% 的稅金和預扣稅。因此，在 7 月底，我們確認了約 33 萬美元的預扣稅款，這筆款項在 10 月支付，這影響了我們在 2026 年第一季的自由現金流。

Okay. Got it. That was really helpful. My last question is just on the share buyback program. I was wondering how much was left in that program?

好的。知道了。那真的很有幫助。我的最後一個問題是關於股票回購計畫的。我想知道那個專案還剩下多少時間？

Yes. There, we have 600,000 left under the current filing and by that authorization.

是的。根據目前的申報和授權，我們還有 60 萬。

(Operator Instructions)

（操作說明）

Okay, as we have no further questions on the line at this time, this will conclude our question-and-answer session and conference call. We thank you for attending today's presentation, and you may now disconnect.

好的，目前電話線上沒有其他問題了，我們的問答環節和電話會議就到此結束。感謝您參加今天的演講，您現在可以斷開連接了。