Aurora Mobile (JG) Q3 2026 Earnings Call Transcript

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DATE

Thursday, Nov. 12, 2026

CALL PARTICIPANTS

• Chairman and Chief Executive Officer - Weidong Luo
• Chief Financial Officer - Shan-Nen Bong
• General Manager - Guangyan Chen

TAKEAWAYS

• Revenue -- RMB 106.5 million, representing 17% growth driven by a 37% increase in Developer Services revenue.
• Core Developer Subscription Revenue -- RMB 77.0 million, reaching an all-time high fueled by the expansion of the EngageLab platform.
• EngageLab Revenue -- RMB 29.5 million, growing 124% year over year and now contributing 38% of total core developer subscription revenue.
• Vertical Applications Revenue -- RMB 18.3 million, decreasing 31% year over year due to regulatory adjustments in the financial risk management sector.
• Financial Risk Management Revenue -- Decreased 36% year over year and 19% quarter over quarter, reflecting tightened credit origination by customers in China.
• Market Intelligence Revenue -- Increased 18% year over year and 6% quarter over quarter, driven by rising customer demand for data services.
• Gross Profit -- RMB 70.9 million, an 11% year-over-year increase and the highest level reported since the first quarter of 2022.
• Net Income -- RMB 4.5 million, representing the strongest quarterly bottom-line result since the company's transition to a pure SaaS model.
• Adjusted EBITDA -- RMB 6.3 million, compared to RMB 2.8 million in the third quarter of the previous year.
• Net Dollar Retention -- 106% for the core developer subscription business, matching the record high level from the previous quarter.
• Operating Cash Flow -- RMB 6.6 million in net inflow, marking an inflection point for the sustainability of the SaaS operating model.
• Deferred Revenue -- RMB 185.2 million as of Sept. 30, 2026, a historic high reflecting strong prepaid customer commitments.
• Research and Development Expenses -- RMB 30.2 million, up 17% year over year primarily due to a RMB 2.1 million increase in personnel costs.
• Sales and Marketing Expenses -- RMB 29.0 million, up 9% year over year driven by staff costs associated with overseas business expansion.
• General and Administrative Expenses -- RMB 9.0 million, down 24% year over year due to improved bad debt collection efficiency.
• Accounts Receivable Turnover -- 36 days, an efficient collection cycle that management identified as an industry-leading metric.
• EngageLab Customer Count -- Exceeded 2,430 as of Sept. 30, 2026, representing 86% growth year over year.
• New Contract Wins -- RMB 32.8 million in new contracts for EngageLab signed during the third quarter alone.
• Revenue Guidance -- Revised to a range of RMB 405 million to RMB 415 million for the full year 2026, down from the previous range of RMB 450 million to RMB 480 million.
• Share Repurchases -- 99,432 ADSs repurchased for approximately $532,100 during the third quarter.
• Cash and Short-Term Investments -- RMB 165.0 million as of Sept. 30, 2026, compared with RMB 173.4 million at the end of 2025.

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RISKS

• Bong warned that the downward revision of full-year revenue guidance "primarily reflects revenue from our financial risk management business, which came in below our expectation," due to regulatory changes in China's consumer credit industry.
• Bong stated that the "depth and duration of the adjustment have exceeded our expectation" regarding the stabilization of customer demand in the financial risk management segment.

SUMMARY

Aurora Mobile Limited (NASDAQ:JG) reported its highest quarterly revenue since completing its transition to a pure SaaS model in the first quarter of 2021, marking two consecutive quarters above the RMB 100 million threshold. Management reported that performance was driven by record developer subscription revenue and the rapid expansion of the EngageLab platform, which now accounts for a significant portion of core revenue. The company maintained its sixth consecutive quarter of U.S. GAAP net profit while diversifying its revenue mix through asset-light international expansion in Southeast Asia and North Asia. Management indicated that operational discipline and improved collection efficiency contributed to a record high deferred revenue balance and positive operating cash flow.

• CEO Luo stated, "To reliably power our cross-border SaaS offerings, we have built out our global AI data infrastructure footprint."
• CFO Bong noted that achieving six consecutive quarters of profitability may expand the potential investor base, as some institutional investors require sustained profitability to initiate positions.
• The company maintains international security and privacy certifications including ISO 27001, ISO 27701, and SOC 2 to support its global solution delivery.
• Management reported a hybrid go-to-market model for international growth, utilizing direct sales teams alongside strategic partnerships with regional internet service providers.
• Bong indicated that the company's average 20-day share price increased 36% between the second and third quarter earnings releases.
• The company signed a three-year strategic memorandum of understanding with Exabytes to expand the reach of its AI agent solutions in Southeast Asia.

INDUSTRY GLOSSARY

• ADS: American Depositary Share, a U.S. dollar-denominated equity share of a non-U.S. company available for purchase on an American stock exchange.
• AR Turnover Days: Accounts Receivable turnover days, a metric measuring the average number of days it takes for a company to collect payment after a sale.
• EngageLab: Aurora Mobile's global flagship customer engagement platform.
• GPTBots.ai: The company's enterprise AI agent solution platform.
• NDR: Net Dollar Retention, a key performance indicator for SaaS companies measuring the percentage of recurring revenue retained from existing customers over a set period.
• OTP: One-Time Password, a security feature used for identity verification.
• SaaS: Software as a Service, a software licensing and delivery model in which software is licensed on a subscription basis.
• Vertical Applications: Software solutions tailored to specific industries, such as financial risk management or market intelligence.

Full Conference Call Transcript

Operator: Ladies and gentlemen, thank you for standing by, and welcome to the Aurora Mobile Third Quarter 2026 Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your host today, Christian Arnell. Thank you. Please go ahead, sir.

Christian Arnell: Thank you. Hello, everyone, and thank you for joining us today. Aurora Mobile's earnings release was distributed earlier today and is available on the IR website at ir.aurora-mobile.com. On the call today are Mr. Weidong Luo, Chairman and Chief Executive Officer; Shan-Nen Bong, Chief Financial Officer; and Mr. Guangyan Chen, General Manager. Following their prepared remarks, they will be available to answer your questions during the Q&A session that follows. Before we begin, I'd like to remind you that this conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended and as defined in the U.S. Private Securities Litigation Reform Act of 1995.

These forward-looking statements are based upon management's current expectations and current market and operating conditions, which are difficult to predict and may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties and/or factors are included in the company's filings with the U.S. SEC. The company does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law. With that, I'd now like to turn the conference call over to Mr. Luo. Please go ahead.

Weidong Luo: Thanks, Christian. Hi, everyone. Welcome to Aurora Mobile's 2026 Third Quarter Earnings Call. Before I comment on our Q3 results, I would like to remind everyone that we have uploaded the quarterly earnings deck on our IR website. You may refer to the deck as we proceed with the call today. I'm very pleased with the very strong quarter that we have delivered. The suitable description that I would give to the third quarter of 2026 is a quarter of broad-based record performance. Let me share more with you all on the great quarter we have had.

Our achievements in the third quarter of 2026 are as follows: firstly, for the fourth time in our history, we recorded SaaS revenue in excess of RMB 100 million in a single quarter. We now have back-to-back quarter revenue of more than RMB 100 million. More importantly, this quarter, revenue was at the highest level since we transitioned to pure SaaS model in Q1 of 2021. Secondly, our core developer subscription revenue of RMB 77 million reached the highest number in Aurora's history. Thirdly, our global flagship product, EngageLab, recorded highest quarterly revenue of RMB 29.5 million since its introduction, where it grew 124% year-over-year.

Fourthly, gross profit grew by 11% year-over-year to RMB 71 million, reached new high since Q1 of 2022. In this quarter, we delivered the 6 consecutive quarters of U.S. GAAP net profit. This quarter's net profit was also at the highest level since transition to pure SaaS model in Q1 of 2021. Our cash flows. Operationally, we brought in net cash inflow of RMB 6.6 million this quarter. This quarter marks an important inflection point for Aurora, validating years of disciplined transformation into a pure SaaS business. Our team's execution has unlocked a new higher revenue run rate anchored by our foundational developer subscription business and complemented by rapid traction in EngageLab, our global flagship offering.

Growth is no longer concentrated in a single stream; we are building 2 powerful recurring revenue pillars with improving gross profitability. Equally meaningful is our consistent track record of profitability. 6 straight quarters of U.S. GAAP net profit with net profit at a post-transition high demonstrates that our SaaS operating model is self-sustaining. These results are not episodic wins. They reflect rising customer adoption, strong retention dynamics and the operational discipline we have embedded across the organization. We believe this foundation positions us well to capture further global opportunity and deliver long-term value to our shareholders. Let me now share more on the business [indiscernible]. Our total Q3 group revenue reached RMB 106.5 million, representing a strong 17% year-over-year growth.

We now have 2 consecutive quarters of revenue north of RMB 100 million. Not only that, this is RMB 106.5 million revenue also marks the highest revenue level since we transitioned to pure SaaS model. This is very encouraging and a big thank you to the team who made this possible. A few key messages that I think are important that I share with you all today. Firstly, 2 consecutive quarters of revenue exceeding RMB 100 million, with Q3 group revenue of RMB 106.5 million, up 17% year-over-year establishes a sustained higher run rate and represents our peak revenue level since completing the pure SaaS strategic transformation.

Secondly, our growth profile is strengthened by record recurring core developer subscription revenue and rapid traction of EngageLab, our global flagship product reinforcing our dual-engine growth strategy and expanding our high-margin recurring revenue base. Thirdly, measured asset-light overseas expansion across key Asian markets is diversifying our revenue mix, complementing domestic momentum and opening new long-term avenues for scalable SaaS adoption. Fourthly, expanding revenue scale, paired with improved gross profitability extends our streak of U.S. GAAP net profit, demonstrating rising operating leverage and validating our execution towards consistent profitable growth for our shareholders. In this quarter, Developer Services recorded a strong 37% revenue growth year-over-year, but Vertical Applications revenue decreased year-over-year.

Developer Services revenue, which consists of subscription service and value-added services delivered an excellent performance in this quarter. Our core business, developer subscription services, delivered its best quarterly revenue number of RMB 77 million, representing growth of 34% year-over-year and 9% quarter-over-quarter. The year-over-year and quarter-over-quarter revenue growth was mainly driven by increases in both customer number and ARPU. The very strong Q3 development subscription revenue growth was mainly fueled by our global flagship product, EngageLab. Let me take a moment here to recap the mission we had when launching EngageLab back in late 2022. EngageLab was created to address our customers' need of reaching out and engaging with their users at a cost-efficient and effective way.

Through EngageLab, our customers can reach and engage with their users through any one or all of the following messaging channels as such, App push, Web push, e-mail service, SMS service, WhatsApp Business API and OTP. We have also made substantial foundational investments on the technical front to underpin our global solution delivery for customers. To reliably power our cross-border SaaS offerings, we have built out our global AI data infrastructure footprint. Our platform maintains leading international security and privacy certifications, including ISO 27001, ISO 27701 and SOC 2, which provide robust assurance around information security and data privacy for our worldwide customer base.

In this quarter, the highlights of EngageLab business includes: firstly, EngageLab won additional RMB 32.8 million worth of new contracts in this quarter alone. In our view, EngageLab's addressable market remains sizable and largely underpenetrated. We see a long growth runway ahead for the product with sustained expansion expected across many quarters to come. Secondly, the EngageLab customer number has exceeded 2,430 as of September 30, 2026. This represents a very strong 86% growth year-over-year. Global customers are continuing to sign up and switch to EngageLab, earning the recognized revenue for EngageLab. Thirdly, EngageLab revenue in Q3 2026 reached RMB 29.5 million, representing an outstanding 124% growth year-over-year.

Within subscription revenue, some of the notable wins in this quarter include, but are not limited to, Tesla China, Kai Tak Sports Park, BiliBili and CITIC Bank. Value-added services revenues were RMB 11.1 million, up 21% quarter-over-quarter and up 57% year-over-year. The year-over-year and quarter-over-quarter spike was mainly attributable to increased ad spending by our customers in this quarter. Let me switch gear here. I think it is time now to give an update on our overseas expansion progress. We continue to advance our major global expansion across key Southeast Asian and North Asian markets, with established local presence in Hong Kong, Malaysia, Thailand, Singapore and Japan.

Overseas markets now represent a meaningful and growing component of our business, as mentioned above, contributing approximately 34% of the group's total revenue in Q3. Our go-to-market model for international growth was direct sales team, supported by our on-the-ground local talent alongside strategic partnerships with regional ISPs and SIs. This hybrid approach balances market penetration with capital discipline. It allows us to build local market expertise, customer trust and channel reach without the burden of large upfront fixed investments in each new territory.

We view this partnership-led asset-light expansion framework as a sustainable blueprint to scale our pure SaaS offerings across new geographies, diversify our revenue base and capture the rising demand for our developer tools and EngageLab customer engagement solutions worldwide. Advancing our asset-light global playbook in August, we entered a 3-year strategic MOU with Southeast Asia-based Exabytes to market our EngageLab omnichannel engagement and GPTBots.ai, enterprise AI agent solutions across the region. By pairing our enterprise-ready AI technology stack with Exabytes' broad and local business ecosystem, we aim to solve real-world AI execution challenges for regional enterprises, expanding our international addressable market and reinforcing overseas revenue diversification alongside our direct sales operations in Hong Kong, Malaysia, Thailand, Singapore and Japan.

I expect this partnership to generate positive commercial traction and support our longer-term growth in Southeast Asia. And of course, we will continue to review this strategy and we will make the necessary tweaks to adapt to the ever-changing international business landscape. Now let me pass the call over to Shan-Nen, who will take you through the metrics on vertical applications and financial performance for this quarter.

Shan-Nen Bong: Thanks, Chris. And next, I'll go over the revenue for vertical application that includes financial risk management and market intelligence. Overall, vertical application revenue decreased year-over-year and quarter-over-quarter. And within Vertical Application, financial risk management revenue decreased 36% year-over-year and 19% quarter-over-quarter. And it is important to note that market conditions remain difficult. Against this backdrop, the team is making deliberate adjustment across our go-to-market model and the related strategy to recapture the market. The customers that we signed up or renewed in Q3 include but not limited to [ Cheng Du Yin Hang], Xiaomi, [indiscernible], [ Ping An ] [indiscernible] and many more licensed credit or financial institutions throughout China.

And Market Intelligence revenue, where we were very encouraged by the improvement in this quarter, where it recorded revenue increase of 18% year-over-year and 6% quarter-over-quarter, and this was mainly benefited from the increase in customer demand. Coming on to other P&L items. Our gross profit recorded another strong Q3 quarter with 11% year-over-year and 2% quarter-over-quarter growth to CNY 70.9 million. This CNY 70.9 million gross profit marked a new high since Q1 of 2022. The sequential gross profit growth is particularly encouraging. It signal that profitability gains are not one-off, but they're also being sustained as our revenue run rate step up.

This enlarged gross profit pool strengthens our financial optionality to pursue high return growth opportunity across domestic and overseas markets. This further confirms that our SaaS business is maturing into a more profit-generating operation at scale. On to net profit. Building on the positive momentum we established starting in Q1 2026, we extended our streak of U.S. GAAP profitability to 6 consecutive quarters. Net profit for the quarter reached CNY 4.5 million, marking the strongest bottom line results in Aurora Mobile history. And this sustained run of profitability is meaningful beyond a single quarter's result. One, it demonstrates that our SaaS operating model has matured into one that can consistently generate positive earnings.

It enhances our internal cash-generating capacity, and it reduces our reliance on external capital to fund operations. Secondly, it does give us greater confidence to continue investing selectively in high potential growth priorities, while maintaining financial discipline and delivers tangible proof that our multiyear transformation is creating predictable value for shareholders. And in this quarter, performance reflects a well-balanced execution across the business with strength flowing from the top line revenue expansion all the way through to sustained bottom line profitability. Now on to operating expenses. The Q3 OpEx was at CNY 68.1 million, up 1% quarter-over-quarter and 6% year-over-year. The OpEx came in line within our forecast, and we are very comfortable with the current spend level.

I'll now dive deeper into the individual OpEx categories. R&D expenses increased by 17% year-over-year to CNY 30.2 million, mainly due to higher staff costs and associated expenses. Technical service fees also contributed to the year-over-year increase. Selling and marketing expenses increased by 9% year-over-year to CNY 29 million, mainly due to higher staff costs driven by overseas business expansion. And G&A expenses decreased by 24% year-over-year to CNY 9 million, mainly due to the decrease in bad debt provision resulting from the improved collection efficiency and the reduction in other personnel associated costs. And next, I'll share 4 very important KPIs that we closely monitor.

Our net dollar retention rate, NDR, a commonly used KPI for SaaS company stood at 106% for our core developer subscription business for the trailing 12 months period ended September 30, 2026. And we recorded back-to-back NDR of 106%, which is the highest NDR to date. And this metric is a compelling indicator of the loyalty and the engagement within our existing customer base. This record NDR reflects robust product stickiness, deeper consumption from our installed account and the effective upsell and cross-sell motion within the customer that we have.

And although NDR may naturally shift period-over-period due to the individual renewal timing and customer circumstances, we view this milestone as an encouraging and where we remain focused on preserving strong retention dynamics going forward. Secondly, another financial KPI for tracking the performance of SaaS Company is total deferred revenue, and this represents cash collected in advance from our customers for future contract performance and it stood at CNY 185.2 million as of September 30, 2026. And this balance surpassed the prior quarter and as the historic high balance in our history. This high-quality reservoir of prepaid customer commitments provides enhanced predictability of our forward revenue pipeline and bolster our cash position as customer prepaid payments are received in advance.

Thirdly, we continue to maintain a healthy level of AR turnover days at 36. I believe this is an industry-leading low number that we are very proud of. This efficient collection cycle preserves strong working capital flexibility and reduces exposure to credit risk across our customer base. And on to cash flow. Another important financial KPI for us to manage the business. For the quarter ended September 30, 2026, we recorded net operating activities cash inflow of CNY 6.6 million. And this positive operating cash inflow underscore the quality of our earnings and give shareholders added assurance that our profit stream is cash-backed and sustainable.

And let's now recap on Chris, a quarter of broad-based record performance commentary at the beginning of this call. In the third quarter of 2026, we achieved another quarter of U.S. GAAP net profit in 2026. And this marks a streak of 6 consecutive quarter of net profit and our business has proven to be able to return GAAP profit consistently quarter-over-quarter. And second, highest quarterly revenue of CNY 106.5 million post transition to pure SaaS and our core developer subscription services recorded its highest revenue of CNY 77 million in history. It is simply fantastic. And our global flagship product, EngageLab recorded highest revenue quarter since its launch.

In this quarter, EngageLab contributed more than 1/3, and 38% to be precise, of our core developer subscription revenue. And equally important was EngageLab's revenue, which increased by 124% year-over-year. Number four, gross profit grew by 11% year-over-year and quarter-over-quarter to a new high since Q1 of 2022. And our NDR for core developers services and back-to-back record high of 106%. And we have a net cash inflow of CNY 6.6 million reporting from operating activities. And indeed, this quarter delivered an exceptionally strong set of financial results, and the results are not accidental. They stem from the sound strategic choices, disciplined operational decision and consistent execution across the organization.

And our financial performance is a direct reflection of the collective hard work and the alignment from every part of our team. And we drove meaningful top line growth this quarter, which paired with favorable profitability dynamics lift gross profit to a new post Q1 2022 high. And this operational strength flowed through to our bottom line and delivered our highest net profit since adopting to the pure SaaS model in Q1 of 2021. And with this proven operating model in place, we enter the next phase with confidence in our long-term growth prospects. And next is to the business outlook update.

And we are revising our full year 2026 revenue guidance from a range of CNY 450 million to CNY 480 million to a range of CNY 405 million to CNY 415 million, representing year-over-year growth of approximately 8% to 11% and the revision primarily reflects revenue from our financial risk management business, which came in below our expectation. And this shortfall was driven by the continued adjustment underway in the China consumer credit and loan facilitation industry. As regulatory requirements continue to be implemented in the greater depth, financial institution and loan facilitation platform has further adjusted their product offering, their pricing, customer mix and business scale.

And certain customers have tightened their new credit origination and taken a more prudent approach to business budgeting, which in turn has affected demand for our related data and technology service. And we have previously expected customer demand to gradually stabilize following the industry adjustment. However, the depth and duration of the adjustment have exceeded our expectation. And the above outlook is based on the current market condition and reflects the company's current and preliminary estimate of the market, operating conditions and customer demands, which are all subject to change. And lastly, before I conclude, I'll give a quick update on the share repurchase plan. In the quarter ended September 30, 2026, we repurchased 99,000 ADSs.

Cumulatively, we have repurchased a total of 585,000 ADSs since the start of our repurchase program. And this concludes our prepared remarks, and we are happy to take your questions now. Operator, please proceed.

Operator: [Operator Instructions]. And our first question comes from the line of [ Kevin Wong ] of [ Spike Capital ].

Unknown Analyst: Congrats to you, management. Ending today's Q3 earnings, we had a very solid quarter. So could management elaborate more on the key actions and strategic choices that help deliver such strong set of results?

Shan-Nen Bong: Sure, Kevin. Good to hear from you again, and thanks for the question. And the quarter's results, you're right, it did not come from a single one-off factors. They are cumulative outcome of consistent disciplined execution that we have done over the past few years. And I can elaborate more. Firstly, I think we stay focused on growing our high-quality recurring revenue foundation. And we continue to invest in our core developer subscription offering, and we deepen the engagement with existing enterprise customer, while we expand our installed base and also we delivered record subscription revenue in this quarter. In parallel to that, we have also prioritized EngageLab as our global flagship product refining the product capability and go-to-market motion.

And that focus is now translating into larger contract wins and rapid year-over-year growth for the product. And secondly, I think we -- our overseas expansion strategy has been deliberate and capital efficient. As Chris mentioned earlier during the call, we adopted a hybrid model of combining direct local team in key Asian markets together with the trusted ISV and SI partner. And this asset-light approach let us gain local market access without heavy upfront investment. And the international revenue is now a meaningful and growing part of our group revenue, and inching close to 30% mark this quarter.

And we also built the necessary global data infrastructure and maintain the critical security and privacy certification to earn enterprise customer trust across the border. And third, I would say, we have maintained tight operational discipline along targeted growth investment. We continuously optimize our product mix and cost structure to expand gross profit, which reached the highest level since Q1 leverage paired with average tariff, our focused revenue quality has allowed us to extend our streak of U.S. GAAP profitability to -- in where we deploy resources, even amid the challenging external environment it approaches and priorities, and we're doubling down on the highest return opportunities while managing our risk carefully.

And we are very hopeful and we are very confident in the future execution.

Operator: And our next question comes from the line of Marco Zhang of Gelonghui Research. Marco, please unmute and proceed with your question.

Marco Zhang: Can you hear me?

Operator: Yes, I can. Please proceed.

Marco Zhang: This is Marco from Gelonghui. Is the management still there because I got disconnected earlier?

Weidong Luo: Yes, I can hear you.

Marco Zhang: Sorry, congrats on the results. So we observed our share price faced downward pressure in Q2 of this year before staging a meaningful recovery through Q3. Could you walk us through like the key drivers behind this share price volatility? And what catalysts lie ahead that may support continued positive momentum?

Shan-Nen Bong: Marco. This is a tough question. Give me a few seconds. Let me just pull the data that you mentioned.

Marco Zhang: Sure.

Shan-Nen Bong: Just average 20 days share price prior to the Q2 earnings release versus the Q3. If I look at the numbers right now in front of my screen, the average 20 days share price prior to Q2 earnings release was $5.18. And the average share price -- 20-day share price prior to today's earnings release was $7.30. So indeed right, the share price has moved 36% between the 2 earnings release. I think it's important to separate share price performance from underlying business fundamentals because the 2 diverged in Q2. I think the pullback reflects a broader market sentiment rather than weakness within our operation. As a smaller cap name with limited trading liquidity and limited analyst coverage.

I think our stock price remains sensitive to the prevailing towards the Chinese equity where we released our Q2 earnings release, where we marked and we delivered 32% growth. That was all last year's -- last quarter's numbers. Revenue, and further traction across Japan and Southeast Asia, our ongoing buyback activity and an extended track record of consistent profitability. And the last point carries particular significance and a number of institutional investors have requirements around sustained profitability before they can initiate position. So each additional profitable quarters that we have expand our potential investor base. And with the strong Q3 numbers that we are sharing today, we are further reinforcing this proof point.

We have now delivered back-to-back CNY 100 million quarter revenue. We have multiple new business record high, and we expanded our U.S. GAAP net profit streak to 6 quarters at the highest level since we transitioned to pure SaaS transition. And we do believe that with this set of Q3 financials that we released today and more and more investors will look at us and we will follow us closely. I hope this answered your question, Marco.

Operator: Thank you. I am showing no further questions. I'll now turn the conference back to Christian for his closing comments.

Christian Arnell: This concludes the call and management's prepared remarks. Thank you, everyone, for joining our call tonight. If you have any further questions and comments, please don't hesitate to reach out to the IR team. Thank you, very nice -- thank you very much, and have a good night.

Operator: Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect your lines.

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