财报电话会议:OneSpan报告第二季度强劲增长,重申全年预期

   日期:2024-08-06     来源:大智报    浏览:3    
核心提示:数字安全和电子签名解决方案的全球领导者oneSpan (NASDAQ:OSPN)举行了2024年第二季度财报电话会议,公布了强劲的财务业绩和组织更新。自1月份起担任临时首席执行官的Victor Limongelli被确认为总裁兼首席执行官。该公司公布收入增长9%,年度经常性收入(ARR)增长15%,调整后息税折旧摊销前利润(EBITDA)大幅增长至1600万美元。随着向软件业务的战略转变,oneS

数字安全和电子签名解决方案的全球领导者oneSpan (NASDAQ:OSPN)举行了2024年第二季度财报电话会议,公布了强劲的财务业绩和组织更新。自1月份起担任临时首席执行官的Victor Limongelli被确认为总裁兼首席执行官。该公司公布收入增长9%,年度经常性收入(ARR)增长15%,调整后息税折旧摊销前利润(EBITDA)大幅增长至1600万美元。随着向软件业务的战略转变,oneSpan预计全年订阅收入将实现两位数的增长。目前,软件业务占总收入的75%。尽管预计硬件收入将下降,但该公司仍将保持其今年的指导方针,预计收入在2.38亿美元至2.46亿美元之间,ARR在1.66亿美元至1.7亿美元之间。

关键的外卖

  • 维克多豪华轿车恩格利是。被确认为OneSpan的总裁兼首席执行官。
  • 第二季度收入增长9%,ARR增长15%。
  • 调整后的EBITDA达到1600万美元,经营现金为200万美元。
  • 软件和服务目前占总收入的75%。
  • 全年潜艇脚本收入预计将以两位数增长,而硬件收入可能会下降。
  • oneSpan计划在年底前重新评估资本配置,重点关注股东回报。
  • 重申了全年收入指导,增加了ARR和调整后的EBITDA预测。

公司前景

  • o《新闻周刊》预计会有软件收入持续增长,全年订阅业务实现两位数增长但收入。
  • 该公司预计全年收入将达到2.38亿美元至2.46亿美元的指导目标。
  • 预计ARR将在今年年底达到1.66亿至1.7亿美元。
  • 调整后的EBITDA预计在5500万美元至5900万美元之间。
  • 该公司将评估其现金生成和资本需求,旨在向股东返还资本。

悲观的亮点

  • 由于遗留永久合同的减少,维护和支持收入略有下降。
  • 数字协议业务的毛利率下降由于迪斯科,从72%下降到63%持续的研发投资。

乐观的亮点

  • 第二季度认证解决方案的收入增长了19%,达到1490万美元。
  • Digipass硬件代币收入稳定在1970万美元。
  • 毛利率从去年的59%上升至67%。
  • 营业收入从2023年第二季度的850万美元增加到2070万美元,增长了一倍多。
  • 数字协议ARR增长25%至6100万美元,第二季度收入增长30%。

错过

  • 财报电话会议中没有报告重大失误。

问答集锦

  • 该公司讨论了其业务的“不稳定”性质,收入确认受到交货时间和交货时间表的影响。
  • 市场对硬件行业收入的不确定性持谨慎态度,但对预期的较高区间持乐观态度。
  • 由于安全和数字协议业务的表现仍然强劲,销售组织的变化得到了满意的满足。
  • 欧洲市场虽然并不繁荣,但并没有陷入严重的衰退,宏观环境也是如此政府被形容为“还行”。
  • 成本节约正在接近目标,未来的调整可能是微小的,而不是实质性的。
  • 可以在提供客户利益的产品领域进行小的增量投资。

oneSpan本季度结束时拥有6,430万美元现金和现金等价物,没有长期债务。从地理分布来看,41%的收入来自EMEA, 35%来自美洲,24%来自亚太地区。该公司专注于节约成本和有针对性的投资,反映了在优先考虑客户价值的同时,驾驭当前经济格局的战略方法。管理团队对与会者的参与表示感谢,并期待在接下来的季度分享进一步的进展。

InvestingPro见解

oneespan最近公布的2024年第二季度财报显示,该公司财务状况强劲,战略重点明确放在软件和服务领域。为了进一步了解OneSpan的市场地位和未来潜力,我们转向InvestingPro了解更多背景。

InvestingPro Data显示,oneSpan的市值为5.4989亿美元,这反映了市场对该公司的估值。该公司的市盈率为34.76,截至2024年第二季度,过去12个月的调整后市盈率为20.46,市盈率倍数表明投资者预期收益增长。此外,PEG比率为0.23,表明OneSpan的股价相对于预期盈利增长率被低估了,这使得它对价值投资者具有潜在的吸引力。

该公司的收入增长也很强劲,截至2024年第二季度,过去12个月的收入增长了8.99%,与第二季度报告的9%的收入增长保持一致。这一增长得益于69.43%的强劲毛利率,表明了高效的成本管理和坚实的商业模式。

InvestingPro Tips强调了投资者可能会感到鼓舞的几个关键点。管理层积极的股票回购计划表明了对公司价值和未来前景的信心。此外,OneSpan的资产负债表状况良好,持有的现金多于债务,提供了财务灵活性和稳定性。最后,该公司在过去的一个月和三个月里获得了强劲的回报,价格回报率分别为14.96%和17.19%,表明市场情绪乐观。

对于有兴趣深入了解OneSpan财务状况和市场潜力的读者,还有额外的InvestingPro Tips,提供更细致入微的分析和投资考虑。

全反式脚本- VASCO数据安全(OSPN) 2024年第二季度:

接线员:您好,谢谢您的等待。欢迎参加2024年第二季度oneSpan财报电话会议。此时,所有参与者都处于仅听模式。演讲结束后,将有一个问答环节。[接线员说明]请注意,今天的会议正在录音。现在我想把会议交给今天的第一位发言人,Joe Maxa,投资者关系副总裁。

乔·玛莎:谢谢,接线员。大家下午好,欢迎参加oneSpan 2024年第二季度财报电话会议。这次电话会议正在进行网络直播,可以在OneSpan网站的投资者关系部分访问:invests.onespan.com。今天下午,在市场收盘后,oneSpan发布了一份新闻稿,并向美国证券交易委员会提交了一份8-K表格,宣布了我们2024年第二季度的业绩。此外,公司计划在今天下午提交一份单独的8-K表格,宣布任命Victor Limongelli为总裁兼首席执行官。Victor自2024年1月4日起担任公司的临时首席执行官。要获取新闻稿、8- k表格和其他投资者信息,请访问我们的网站。Victor Limongelli和我们的CFO Jorge Martell将和我一起参加今天的电话会议。在准备好的评论之后,我们将开始提问。请注意,在本次电话会议期间所作的与未来计划、事件或业绩有关的陈述,包括对2024年全年的展望和其他长期财务目标,均为前瞻性陈述。这些陈述涉及风险和不确定性,并基于当前的假设。因此,实际结果可能与这些前瞻性陈述中所表达的预期有重大差异。我建议您关注今天的新闻稿以及公司向美国证券交易委员会提交的文件,以讨论此类风险和不确定性。另请注意,本次电话会议中可能讨论的某些财务指标是在非公认会计准则基础上表达的,并已从相关的公认会计准则财务指标进行了调整。我们在收益新闻稿和我们网站上的投资者介绍中提供了这些非公认会计准则财务指标与最直接可比的公认会计准则财务指标的解释和调整。此外,请注意,除非另有说明,本次电话会议中讨论的所有增长率均为同比增长率。本次电话会议日期为2024年8月1日。任何前瞻性陈述和相关假设均在此日期作出。除法律要求外,我们不承担因新信息或未来事件或任何其他原因而更新这些声明的义务。我现在把电话交给维克多。

Victor Limongelli: Thank you, Joe and thanks, everyone, for joining the call today. Over the last 7 months, I've got to know the oneSpan team and it's been a real pleasure to work side by side with them as we've improved OneSpan's operational performance. I'm looking forward to further improvements. I'm excited to keep the momentum going and I'm honored that the Board felt the same way in making my role permanent. As you know, we've made significant progress this year, underscored by a strong second quarter which included 9% revenue growth, 15% ARR growth and adjusted EBITDA of $16 million, or 27% of revenue. We also generated $2 million in cash from operations in the second quarter, a tremendous improvement as compared to the prior year period when we used $20 million in cash. And we ended the quarter with $64 million in cash on hand. Our focus on operational excellence and accountability throughout the company is driving profitable growth. Over the past few years, we've continued to grow our software business. And in the first half of 2024, we've reached the point where software and services is approximately 3/4 of total revenue and hardware is about 1/4 of revenue. In comparison, if you look at our business 3 years ago, the split was approximately 64% software, 36% hardware. Our sales team has done a great job in transitioning the company to more higher-margin software revenue. In particular, our sales team executed very well during the second quarter with bookings coming in ahead of our internal plan. The sales team has been working hard to stay close to customers so that we can continue to improve our performance in response to customer feedback. As you might imagine, I'm very pleased with the team's performance. In addition to the strong performance by the sales team, our renewals team has made strides in closing maintenance renewals in a timely fashion. Year-to-date, our on-time renewal rate has improved compared to 2023 and the rate of renewals closed within 30 days of the due date also improved year-over-year. That is good progress and a testament to the good work of our renewals team. Our R&D team has continued to make improvements to our SaaS offerings and we expect to see improved operational efficiency reflected in increased gross margins as we move through the remainder of the year. Looking ahead, our R&D team in security is, I think it's fair to say, reenergized and is working on enhancements and new products such as FIDO hardware tokens. Turning to our two business units. I'm thrilled with the second quarter delivered by our team in the digital agreements business. Digital agreements grew strongly and became profitable, excluding onetime costs which Jorge will discuss in more detail. In Digital Agreements, we have substantially completed our transition to a SaaS model. Our strong second quarter revenue and ARR growth rates were driven primarily by expansion contracts and, to a lesser extent, new logos. In our Security business unit, we saw strong subscription revenue growth and overall revenue growth was on par with our low- to mid-single-digit growth rate expectation for 2024. It also continued to be a strongly profitable business. Our goal is to have both business units deliver growth and profitability and we are well on our way to achieving that goal. I am, of course, thrilled with the strong ARR growth and our improved profitability and cash flow, as well as the strong sales quarter the team delivered. It would be too much to say the team closed every opportunity but there were certainly deals that closed in Q2 that might have been expected to occur in Q3. That is great, of course and that we'd rather have the deals closed earlier but it does make Q3 more challenging. In addition, the third quarter, in terms of seasonality, is typically not a particularly strong bookings quarter for us. Given that context, coupled with the strong first half performance, for the balance of the year, we expect our subscription revenue to be up double-digits over the prior year, while we expect maintenance revenue to decline somewhat, largely due to the end of life of the Dealflo product as well as perpetual to term conversions. In addition, given our current visibility into our hardware pipeline and anticipated customer hardware delivery schedules, we anticipate a decline in hardware revenues in the second half as compared to the prior year. That said, we expect both business units to be profitable in both the third and fourth quarters. So we now expect our full-year adjusted EBITDA to be higher than previously forecast. Finally, I'd like to note that the Board plans to undertake by year-end a review of our cash generation and capital needs, balancing those factors with a desire to return capital to shareholders. Overall, we remain committed to operational excellence and to driving efficient revenue growth to help ensure we achieve our annual profitability and cash flow commitments. With that, I will turn the call over to Jorge. Jorge?

Jorge Martell: Thank you, Victor and good afternoon, everyone. I'll start by providing a brief update on our cost reduction activities. We realized $8.5 million in annualized cost savings from our restructuring efforts in the second quarter of 2024. Cumulative annualized savings totaled $73.5 million. We believe we are on track to achieve our goal of $75 million in cumulative annualized cost savings by the end of this year. Now turning to our second quarter results. ARR grew 15% to $165 million and our net retention rate was 112%, up from 107% last quarter. During the quarter, we saw a strong increase in digital agreements in new ACV and strong increases in contract expansions from existing customers in both business units. Second quarter 2024 revenue grew 9% to $60.9 million as compared to the same period last year, driven by 4% growth in Security Solutions and 30% growth in Digital Agreements. Subscription revenue grew 29% to $29.6 million, including 19% growth from Security Solutions and 41% growth from Digital Agreement. The strong growth in subscription revenue was partially offset by a modest decline in maintenance revenue which is by design as we transition to a SaaS and subscription license model. Hardware revenue was flat year-over-year. Second quarter gross margin was 66.2% compared to 61.5% in the prior year quarter. Gross margins were impacted by 2.4 percentage points in Q2 2024 and by 2.8 percentage points in Q2 2023 due to onetime costs. Excluding these onetime costs, the increase in gross margin was primarily driven by favorable product mix due to growth in subscription revenue, partially offset by an increase based on depreciation of capitalized software costs. Second quarter GAAP operating income was $7.6 million compared to an operating loss of $17.8 million in the second quarter of last year. Increases in revenue and gross profit margin, combined with a decrease in operating expenses, primarily from lower head count-related costs and lower restructuring costs, led to the improved performance. GAAP net income per share was $0.17 in the second quarter of 2024 compared to a GAAP net loss per share of $0.44 in the same period last year. Non-GAAP earnings per share was $0.31 in the second quarter of 2024. This compares to a non-GAAP loss per share of $0.18 in the second quarter of 2023. Second quarter adjusted EBITDA and adjusted EBITDA margin was $16.1 million and 26.5% compared to negative $3.8 million and negative 7% in the same period of last year, respectively. Turning to our Security Solutions business unit. ARR grew 9% in the second quarter to $105 million. ARR growth was negatively impacted by approximately 1.5 percentage points due to the relocation of identity verification products to our digital agreements business unit at the beginning of this year. Second quarter revenue increased 4% to $45.5 million. Subscription revenue increased 19% to $14.9 million, driven primarily by expansion of licenses from existing customers for authentication solutions. Maintenance and support revenue declined by less than $1 million year-over-year to $9.7 million with growth from on-premise subscriptions, offset by the expected declines from legacy perpetual contracts. Digipass hardware token revenue was basically flat with the prior year at $19.7 million. Q2 2024 gross profit margin was 67% as compared to 59% in the second quarter of 2023. The increase in margin is primarily attributable to favorable product and customer mix. In addition, Q2 2023 gross margin was impacted by approximately 3.5 percentage points related to an inventory write-off charge. Operating income was $20.7 million and operating margin was 46% compared to $8.5 million and 19% in last year's second quarter. The increases in revenue and gross profit margin, combined with reduced operating expenses, primarily attributed to restructuring and other cost reduction activities throughout the majority of the improved performance. Turning to our financial results for our digital agreements business. ARR grew 25% to $61 million. ARR growth benefited by approximately 3 percentage points due to the relocation of identity verification products to digital agreements at the beginning of this year. Second quarter revenue grew 30% to $15.5 million, driven primarily by both new contracts and expansion of renewal contracts and to a much lesser extent, the relocation of identity verification products. Subscription revenue, consisting of 100% cloud-based solutions in both Q2 2024 and in the prior year quarter, grew 41% to $14.8 million. Second quarter gross profit margin was 63% as compared to 72% in the prior year quarter. During the quarter, we made a decision to discontinue R&D investments in our Trust Vault blockchain product. Excluding onetime costs related to this decision, Digital Agreements' Q2 2024 gross margin would have been 10 percentage points higher. Operating loss was $0.2 million as compared to an operating loss of $7.1 million in Q2 last year. The improved performance was driven by an increase in revenue and a decrease in operating expenses, primarily attributed to restructuring and other cost reduction activities and was partially offset by an increase in cost of revenues. Excluding onetime costs of approximately $1.8 million, Digital Agreements' second quarter 2024 operating income would have been positive. Now turning to our balance sheet. We ended the second quarter of 2024 with $64.3 million in cash and cash equivalents compared to $42.5 million at the end of 2023. We generated $2 million in cash from operations during the quarter and used $2 million in capital expenditures, primarily capitalized software costs. We have no long-term debt. Geographically, our revenue mix by region in the second quarter of 2024 was 41% from EMEA, 35% from the Americas and 24% from Asia-Pacific. This compares to 48%, 33% and 19% from the same regions in the second quarter of last year, respectively. I will now provide our financial outlook. For the full year 2024, we are reaffirming our previously issued revenue guidance. We are increasing our ARR guidance to reflect its year-to-date strength, partially offset by some second half contraction related to previously sunset products and we are increasing our adjusted EBITDA guidance to reflect an increase in operating leverage. More specifically, we expect revenue to be in the range of $238 million to $246 million; ARR to end the year in the range of $166 million to $170 million, as compared to our previous guidance range of $160 million to $168 million; and adjusted EBITDA to be in the range of $55 million to $59 million, as compared to our previous guidance range of $51 million to $55 million. Absent share repurchases, we continue to expect to end the year with more than $70 million of cash. That concludes my remarks. Victor?

Victor Limongelli:谢谢你,Jorge。我们在2024年第二季度和上半年都表现出色。展望今年下半年,我们知道,为了交出一个出色的一年,我们还有更多的工作要做。我很兴奋也很自豪能领导oneSpan团队,我们将继续专注于为客户提供价值,从而为股东创造价值。乔治和我现在很乐意回答你们的问题。

接线员:[接线员说明]我们的第一个问题来自BTIG的格雷·鲍威尔。

格雷·鲍威尔:好的。恭喜你取得了这么好的成绩。

Victor Limongelli:谢谢。

格雷·鲍威尔:是的,当然。也许是维克多,开始吧。我的意思是,你在oneSpan担任CEO已经7个月了。你发表了两篇很好的报告。你认为有什么主要的地方需要改变吗?或者有什么地方你想要增加你的关注和投资水平吗?

Victor Limongelli:是的。让我谈谈这些结果。我们对ARR的增长和软件业务的整体实力感到非常满意。我的背景,我的历史,20多年来,一直在软件方面。所以我不懂硬件,这对我来说是一个较新的业务。但我不得不说,我也喜欢这个行业。这是一项利润丰厚的业务,我们与客户建立了多年的长期关系。它不像软件即服务(SaaS)那样是一个平稳的、可评估的业务,但总的来说,它是一个不错的业务。我们在那里做了一些投资。我之前说过,我们的目标是让业务部门既增长又盈利。我们已经在这方面取得了巨大的进步。我确实认为,安全业务需要从产品更新方面的一些额外投资中受益。我们已经开始这样做了,我们将在制定2025年计划时继续这样做。

格雷·鲍威尔:明白了。好吧。这是有帮助的。总的来说,整个软件业的第二季度到目前为止相当艰难。你在电话会议或事先准备的讲话中暗示了这一点,但我的意思是,你本季度新增ARR净额比前三个季度的总和还要多。我是说,你最惊讶的是什么?是什么推动了上涨?公司内部有什么变化吗?

维克多:嗯,我认为如果你看看结果,我们提到过,但我们有很多好的结果,就像你评论的那样。但有一件事对我来说很突出,那就是NRR,对吧?如果你在1.12、1.10、1.12这些区间,这对你的生意是非常有益的。当然,提高ARR要容易得多。双方都有优势。我们在安全方面也有很强的NRR结果。这很好。这个团队的工作非常出色。

接线员:我们的下一个问题来自鲁迪·克辛格和戴维森检察官的连线。

鲁迪·克辛格:维克多,祝贺你获得永久冠军。

Victor Limongelli:谢谢。谢谢,鲁迪。

Rudy Kessinger:是的。我想再深入探讨一下格雷的问题。1030万美元的新ARR净额,这比你的ARR还要多,大约等于你过去三个季度的ARR总和。你的NRR是TTM的数字。TTM NRR在一个季度内上升了5个百分点,这表明你可能有价格上涨或一些相当大规模的客户扩张。你能解释一下1000万美元的净新ARR和ARR的跳跃吗?谈谈你所拥有的任何可能的集中,也许是一些大的扩展或向前推进之类的?因为与过去几个季度相比,这些数字相当可观,与下半年指引中暗示的数字相比也相当可观。

Victor Limongelli:是的。谢谢,鲁迪。我在准备好的发言中提到了一点。我们完成了大量的业务,包括一些大交易,销售团队的表现非常出色。我会让豪尔赫深入讨论他想要解决的任何数字,但球队在第二季度的预订量表现非常强劲。

Jorge Martell:是的。再补充一点,我们确实看到了巨大的扩张。特别是,我们看到一笔低至7位数的交易更像是交叉销售。这是NRR的一部分,我们在地方检察官那边看到的。本季度,我们还看到了认证产品或软件的巨大扩张。上个季度我们也看到了类似的吸引力。本季度更为强劲。但另一件要考虑的事情是,鲁迪,我们确实看到了这个季度的低流失率和收缩,我们已经看到了过去。在某种程度上,生命的终结并不是一个实质性的数字。本季度约为50万美元。上个季度更有意义一些。因此,我认为我们对双方都有好处。我们进行了大规模的扩张。我提到的交叉销售,在DA这边我们也看到了更低的流失率和收缩。所以我们都受益了。

Rudy Kessinger:好的。接着我再问一个问题。低7位数的交叉销售,也就是单次交叉销售的低7位数的净新ARR,对吧?

Jorge Martell:正确。

Victor Limongelli:是的。

Rudy Kessinger:好的,这很有帮助。然后是指引——EBITDA指引,就像在第一季度,你们有很多多年期的许可证。下半年,听起来你的硬件会比通常的季节性低一些。但是,下半年的EBITDA指引,我认为它暗示下半年大约为2000万美元,而上半年为3600万美元,你说毛利率会更强。很明显,你已经削减了成本。OpEx似乎在下半年有所提升。你能不能把这个也解释一下?

Jorge Martell:是的,我可以插话。所以我认为它会比你说的调整后息税折旧摊销前利润多一点但是我们有,鲁迪。但显然,EBITDA很大程度上取决于收入。正如Victor所说,基于我们今天的稳定,我们预计硬件业务将逐年下降。这主要与预定的客户交付有关,对吗?所以我们在交货的时候很明显会确认收入。正如我们提到的,鲁迪,这是一个不稳定的行业。你有提前转移生产,然后交货的提前期,然后将这些与我们的客户群联系起来,对吗?所以这是一个整体——要在一个一致的基础上做到这一点需要付出很多努力。因此,由于硬件方面的收入存在一些不确定性,所以我们一直对指引持谨慎态度。显然,我们是根据我们的数据和预测提高了这个数字。我们希望更多的是在这个范围的高端,我们会继续更新你的家伙,因为我们继续取得进展。

接线员:我们的最后一个问题来自Anja Soderstrom对Sidoti的提问。

安雅·索德斯特罗姆:祝贺你取得了伟大的季度和[听不清],维克多。

Victor Limongelli:谢谢。非常感谢。

安雅·索德斯特罗姆:本季度,你将负责销售部门的变革。那么你认为这种顺风在多大程度上是由需求驱动的,而不是你在执行方面的变化?

Victor Limongelli:嗯,很难把它们分开。我认为球队执行得更好了。我们确实看到了全面的良好表现。无论是在安全领域还是在地方检察官领域。所以很难说这其中有多少是由于潜在需求。我不知道能否给你一个确切的数字。我非常满意我们与客户的互动方式,确保我们花时间与他们面对面会面,看看我们可以为他们解决什么问题。但我不能给你一个需求和执行的精确数字。

Anja Soderstrom:好的。理解。让我换个更好的方式问你。宏观环境对你来说怎么样?你还觉得这很有挑战性吗?一旦你开始执行,宏观环境开始改善,希望最终,客户的动力是什么?

Victor Limongelli:这是个好问题。对我们来说,欧洲是一个巨大的市场,欧洲经济并没有那么好,但也没有陷入严重的衰退。所以除非是极端情况,否则我不喜欢讨论宏观?如果经济繁荣,很好,这可能会带来一些提振,或者如果经济严重衰退,显然会带来伤害。我不认为宏观环境很好,但我的意思是,我们必须能够通过这样的经济来执行。我的意思是,这与我在大衰退期间经营一家上市软件公司所经历的最糟糕的经济状况相去不远。所以我觉得还好吧。明白了吗?

Anja Soderstrom:是的。在节省成本方面,听起来你几乎达到了今年的目标。你还在寻找其他可能的方式吗,还是你已经在推动它了?

Victor Limongelli: Jorge,你想报道这个吗?

Jorge Martell:是的。安雅,从节约成本的角度来看,我们就快成功了。正如我们之前提到的,我们在最近几次财报电话会议上宣布的增长影响了DA,这与他们的使命有关,即让两家公司都实现盈利增长。现在我们到了。显然,在微调方面会有增量,对吧?可以是1到2个业务部门,也可以是整个公司。但是我不认为我们会在上面放霓虹灯。这只是经营的一部分,对吧?我们必须意识到这一点,并努力改善这一点,扩大营业利润率。所以我认为我们——就像你说的,我们差不多做到了,它还会继续下去,但我希望有更多的微调,而不是出现另一个巨大的数字。

安雅·索德斯特罗姆:在成本方面,维克多,你提到你会投资一些产品,并拥有它们。这是否会导致成本大幅增加?

Victor Limongelli:正如Jorge在他的评论中提到的,我们正在努力密切关注开支。我们还没有完成2025年的计划。在这个领域可能会有一个小的增量投资。但在大多数情况下,我们都在努力指导我们的团队。我们有一个强大的团队。我们正试图引导他们进入能够为我们的客户带来最大利益的领域,而不仅仅是砸钱。我不认为这是正确的方法。

接线员:谢谢。我现在没有其他问题了。我现在把电话转回给乔·马克萨做总结发言。

乔·玛莎:谢谢大家。我们感谢您的宝贵时间,并期待下个季度再次与您分享我们的进展。再次感谢您,祝您愉快。

接线员:谢谢。这将结束程序,您现在可以断开连接。

本文是在人工智能的支持下生成的,并由编辑审阅。欲了解更多信息,请参阅我们的T&C。

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