Financial Data and Key Metrics Changes - In Q3 2025, the company's revenue increased by 10.2% year-on-year, and adjusted EBITDA grew by 11.4% year-on-year, continuing a healthy growth trend since recovery began last year [4] - Adjusted EBITDA for the first nine months of 2025 grew by 15.4% on a pro forma basis after deconsolidating certain data center project companies [10] Business Line Data and Key Metrics Changes - The total new bookings for the first nine months reached 75,000 square meters, or 240 megawatts, with expectations to achieve nearly 300 megawatts for the full year, a significant increase from previous years [5] - Approximately 65% of the bookings in 2025 are AI-related, indicating a strong focus on AI infrastructure [5] Market Data and Key Metrics Changes - The domestic tech industry in China is at a critical juncture, with major players committing unprecedented financial resources to AI infrastructure, marking the end of a previous downturn [6] - The company has secured around 900 megawatts of powered land in tier one markets, suitable for AI demand, particularly for AI inferencing [7] Company Strategy and Development Direction - The company plans to adopt a more aggressive approach to new business while maintaining financial discipline, focusing on acquiring more powered land in cost-effective locations near tier one cities [9][19] - The establishment of a data center REIT provides a competitive advantage in accessing capital and monetizing assets efficiently [8][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming AI demand based on the development of domestic technologies and the ramp-up of local chip companies [7] - The company anticipates higher bookings next year, leading to growth acceleration thereafter, despite a subdued booking environment in Q2 2025 [15] Other Important Information - The CREET platform started trading on the Shanghai Stock Exchange, with units priced significantly higher than the IPO price, indicating strong market interest [10][11] - The company expects organic CapEx for the full year to be around RMB 4.8 billion, with net CapEx around RMB 2.7 billion after asset monetization proceeds [12][13] Q&A Session Summary Question: What is needed for the China market to reach an inflection point? - Management indicated strong market demand and significant investments from customers as key indicators, along with improvements in domestic chip efficiency and production capacity [18] Question: What is the new overall investment return with the CREET scheme? - The unit economics of data center investment in China are solid, with cash-on-cash yields typically around 11%-12%, and levered IRR well into the 20s [20][21] Question: Will new bookings include new powered land acquisitions? - Management stated that new bookings next year are not fully reliant on new land acquisitions, but securing additional land would enhance capacity [27] Question: What is the outlook on power quotas and potential difficulties in acquiring them? - Management expressed confidence in their established relationships with government and power companies, making it less challenging for them to secure power quotas [28] Question: What is the pricing trend and MSR outlook? - Management expects a 3-4% decrease in MSR over 2026 due to downward price resets and elevated movement levels, but noted that new build prices have remained stable [57] Question: How does the competitive landscape look? - Management emphasized that financial capability and access to capital markets are becoming critical competitive advantages, with the company well-positioned compared to competitors [60][61]

Financial Data and Key Metrics Changes - In Q3 2025, the company's revenue increased by 10.2% year-on-year, and adjusted EBITDA grew by 11.4% year-on-year, continuing a healthy growth trend since recovery began last year [4] - Adjusted EBITDA for the first nine months of 2025 grew by 15.4% on a pro forma basis after deconsolidating certain data center project companies [10] - The net debt to last quarter annualized adjusted EBITDA multiple decreased from 6.8 times at the end of 2024 to 6.0 times at the end of Q3 2025, primarily due to cash proceeds from asset monetization [13][14] Business Line Data and Key Metrics Changes - The total new bookings for the first nine months of 2025 reached 75,000 sq m, or 240 megawatts, with expectations to achieve nearly 300 megawatts for the full year [5] - Approximately 65% of the bookings in 2025 are AI-related, indicating a strong focus on AI infrastructure [5] Market Data and Key Metrics Changes - The domestic tech industry in China is at a critical juncture, with major players making significant financial commitments to AI infrastructure, marking the end of a previous downturn [6] - The company has secured around 900 megawatts of powered land in tier one markets, suitable for AI demand, particularly for AI inferencing [7] Company Strategy and Development Direction - The company plans to adopt a more aggressive approach to new business while maintaining financial discipline, focusing on acquiring more powered land in cost-effective locations [9][19] - The establishment of a data center REIT provides a competitive advantage in accessing capital and monetizing assets efficiently [8][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming AI demand based on the development of domestic technologies and the ramp-up of local chip companies [7] - The company anticipates higher bookings next year, leading to growth acceleration thereafter, despite a subdued booking environment in Q2 2025 [15] Other Important Information - The CREET platform started trading on the Shanghai Stock Exchange, with units priced significantly higher than the IPO price, indicating strong market interest [10][11] - The company expects organic CapEx for the full year to be around RMB 4.8 billion, with net CapEx around RMB 2.7 billion after asset monetization proceeds [12][13] Q&A Session Summary Question: What is needed for the China market to reach an inflection point? - Management indicated strong market demand and significant investments from customers as key indicators, along with improvements in domestic chip efficiency and production capacity [18] Question: What is the new overall investment return with the CREET scheme? - The unit economics of data center investment in China are solid, with cash-on-cash yields typically around 11%-12%, and levered IRR well into the 20s [20][21] Question: Will new bookings include new powered land acquisitions? - Management stated that new bookings next year will not fully rely on new land acquisitions but will focus on securing additional powered land [27] Question: How does the company view the impact of the tightened power quota in China? - Management believes that their established relationships with governments will mitigate challenges in acquiring new power quotas [28] Question: What is the outlook for customers acquiring GPUs and ramping installations? - Management noted a strong positive view for future demand, but could not provide specific details due to the independence of Day One [33][35] Question: How does the company view the pricing trend and competitive landscape? - Management expects a 3-4% decrease in MSR due to downward price resets and elevated movement levels, while emphasizing the importance of financial capability in the competitive landscape [57][60]

Financial Data and Key Metrics Changes - In Q3 2025, net yield increased by 7.1% year over year, reaching $617, the highest in Viking's history [5][12] - Adjusted gross margin rose by 21.4% year over year [12] - Adjusted EBITDA reached $704 million, up 26.9% year over year, with an adjusted EBITDA margin of 52.8% [15] - Net income improved to $514 million, an increase of almost $135 million compared to Q3 2024 [15][16] Business Line Data and Key Metrics Changes - In the river segment, capacity per capacity day (PCD) increased by 5.2% year over year, with adjusted gross margin rising by 14.3% to $1.4 billion [17] - Ocean segment capacity PCD increased by 15.3% year over year, with adjusted gross margin up 28.5% to $1.5 billion [17] Market Data and Key Metrics Changes - As of November 2, 2025, 96% of 2025 capacity was sold, and 70% of 2026 capacity was already booked [5][21] - Advanced bookings for 2025 reached $5.6 billion, a 21% increase compared to the same point in 2024 [21] - For 2026, advanced bookings are at $4.9 billion, 14% higher than the same point in 2025 [21] Company Strategy and Development Direction - The company focuses on destination and cultural enrichment, aiming to create a new category of travel that emphasizes meaningful discovery [9][10] - Viking plans to continue expanding its fleet and enhancing its product offerings, with a commitment to maintaining high standards of service and customer experience [11][19] - The company is exploring both organic and inorganic growth opportunities, including potential expansion into the Chinese market [76][77] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong booking environment and the resilience of their target customers [5][21] - The company remains committed to disciplined cost management while investing in talent and capacity to support long-term growth [14][19] - Management noted that the current capital structure provides financial flexibility to pursue growth opportunities [34] Other Important Information - Viking has been recognized as the number one cruise line for oceans and rivers by Condé Nast Traveler for five consecutive years [10][11] - The company controls or has priority access to 113 coveted docking locations, enhancing guest experiences [10] Q&A Session Summary Question: What is driving the pricing increase for 2026? - Management indicated that strong demand and consumer resilience are key factors driving pricing increases, with a focus on engaging consumers rather than aggressive pricing actions [30] Question: What does pursuing long-term growth mean for Viking? - Long-term growth includes organic growth through new ship orders and potential inorganic growth opportunities that are scalable and margin accretive [34] Question: Can you elaborate on demand trends and loyalty? - Management noted that demand remains strong, with a significant portion of guests being repeat customers, reflecting loyalty to the Viking brand [39][41] Question: How does Viking plan to respond to new competitors in the river space? - Management emphasized their unique advantages in docking locations and ship design, focusing on delivering outstanding products rather than worrying about competitors [52][64] Question: What are the expectations for future itineraries and market expansion? - The company plans to maintain its current successful itineraries while exploring new markets, including potential growth in the Chinese market [77][88]

Financial Data and Key Metrics Changes - In Q3 2025, Viking Holdings reported a net yield increase of 7.1% year over year, reaching $617, the highest in the company's history [4][11] - Adjusted gross margin increased by 21.4% year over year, with the highest quarterly adjusted EBITDA recorded at $704 million, up 26.9% year over year [11][13] - Net income for Q3 2025 was $514 million, an improvement of almost $135 million compared to the same period in 2024 [13][14] Business Line Data and Key Metrics Changes - In the river segment, capacity PCDs increased by 5.2% year over year, with an adjusted gross margin of $1.4 billion, up 14.3% year over year [15] - For the ocean segment, capacity PCDs increased by 15.3% year over year, with an adjusted gross margin of $1.5 billion, up 28.5% year over year [15] Market Data and Key Metrics Changes - As of November 2, 2025, 96% of Viking's 2025 capacity was sold, with advanced bookings of $5.6 billion, a 21% increase compared to the same point in 2024 [4][18] - For 2026, 70% of capacity is already booked, with advanced bookings of $4.9 billion, 14% higher than the same point in 2024 [18][22] Company Strategy and Development Direction - Viking focuses on destination and cultural enrichment, aiming to create a new category of travel that emphasizes meaningful discovery rather than traditional tourism [8][10] - The company is committed to expanding its fleet and enhancing its product offerings, with a focus on maintaining high standards of service and customer experience [10][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong booking environment and the resilience of their target customers, indicating a positive outlook for future growth [4][5] - The company remains focused on disciplined cost management while investing in talent and capacity to support long-term growth [12][17] Other Important Information - Viking has been recognized as the number one cruise line for oceans and rivers by Condé Nast Traveler for five consecutive years, reflecting strong brand loyalty and customer satisfaction [9][10] - The company has a total cash and cash equivalents of $3 billion and a net debt of $2.8 billion, with a net leverage ratio improved to 1.6 times [16] Q&A Session Summary Question: What is driving the pricing increase for 2026? - Management indicated that strong consumer demand and a resilient customer base are driving the pricing increase, with a focus on engaging consumers rather than aggressive pricing actions [26][28] Question: What does pursuing long-term growth mean for Viking? - Long-term growth is focused on organic growth through fleet expansion and potential inorganic growth opportunities that align with the brand ethos [31][32] Question: Can you elaborate on demand trends globally? - Management noted that demand remains strong, with a significant portion of bookings coming from repeat customers who appreciate the Viking experience [36][39] Question: How do you view the competitive landscape with new entrants? - Management expressed confidence in Viking's unique position and advantages, emphasizing a focus on delivering outstanding products rather than worrying about competitors [49][59] Question: What are the trends in repeat visitation and new-to-brand customers? - Approximately 53% of guests for the 2024 season had traveled with Viking before, with many guests booking additional trips while on board [74][78]

Financial Data and Key Metrics Changes - In Q3 2025, the company's revenue increased by 10.2% year-on-year, and adjusted EBITDA grew by 11.4% year-on-year, continuing a healthy growth trend since recovery began last year [4] - Adjusted EBITDA for the first nine months of 2025 grew by 15.4% on a pro forma basis after deconsolidating certain data center project companies [10] - The net debt to last quarter annualized adjusted EBITDA multiple decreased from 6.8 times at the end of 2024 to 6.0 times at the end of Q3 2025, primarily due to cash proceeds from asset monetization and deconsolidation of debt [13] Business Line Data and Key Metrics Changes - The total new bookings for the first nine months of 2025 reached 75,000 square meters, or 240 megawatts, with expectations to achieve nearly 300 megawatts for the full year [5] - Approximately 65% of the bookings in 2025 are AI-related, indicating a significant focus on AI infrastructure [5] Market Data and Key Metrics Changes - The domestic tech industry in China is at a critical juncture, with major players committing unprecedented financial resources to AI infrastructure, marking the end of a downturn and the beginning of a recovery for the data center sector [5] - The company has secured around 900 megawatts of powered land in tier one markets, suitable for AI demand, particularly for AI inferencing [6] Company Strategy and Development Direction - The company plans to take a more aggressive approach to new business while maintaining financial discipline, focusing on acquiring more powered land in strategic locations [8][9] - The successful IPO of a data center REIT in China provides a competitive advantage in accessing capital and monetizing assets efficiently [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the upcoming AI demand based on the development of domestic technologies and the ramp-up of local chip companies [6] - The company anticipates higher bookings next year, leading to growth acceleration thereafter, despite a subdued booking environment in Q2 2025 [14] Other Important Information - The company expects organic CapEx for the full year to be around RMB 4.8 billion, with net CapEx after asset monetization proceeds estimated at RMB 2.7 billion [12] - The effective interest rate has dropped to 3.3%, benefiting from the favorable interest rate environment in China [13] Q&A Session Summary Question: What is needed for the China market to reach an inflection point? - Management indicated strong market demand and significant investments from customers as key indicators, along with improvements in domestic chip efficiency and production capacity [18] Question: What is the new overall investment return with the CREET scheme? - The unit economics of data center investment in China are solid, with cash-on-cash yields typically around 11%-12% on new investments, and levered IRR well into the 20s [20][21] Question: Will new bookings next year include new powered land acquisitions? - Management clarified that new bookings will not solely rely on new land acquisitions, but securing additional land would enhance capabilities [27] Question: How does the company view the competitive landscape? - The company emphasized that financial capability and access to capital markets are becoming critical competitive advantages, beyond just land and power capabilities [60][61]

Global-E Online (NasdaqGS:GLBE) Q3 2025 Earnings Call November 19, 2025 08:00 AM ET Speaker1Welcome to the Global-e Third Quarter 2025 Earnings Conference Call. This call is being simultaneously webcast on the company's website in the Investor section under News and Events. For opening remarks and introduction, I will now turn the call over to Alan Katz, Global-e's Head of Investor Relations. Please go ahead.Speaker0Thank you, and good morning, everyone. With me on the call today are Amir Schlachet, Co-foun ...

Financial Data and Key Metrics Changes - Third-quarter net sales decreased by 1.5% compared to the previous year, slightly better than year-to-date performance but about 60 basis points softer than Q2 [35] - GAAP EPS for Q3 was $1.51, down from $1.85 a year ago, while adjusted EPS was $1.78, approximately 4% lower than the previous year [40] - Gross margin rate for Q3 was 28.2%, about 10 basis points lower than last year, with pressures from higher markdowns offset by lower inventory shrink [38][39] Business Line Data and Key Metrics Changes - Comparable sales in discretionary categories like home and apparel were down 2.7%, while food and beverage saw growth, particularly in beverages, which were up nearly 7% [26][27] - Digital comparable sales grew by 2.4%, driven by over 35% growth in same-day delivery [26] - The FUN 101 category delivered strong performance, with nearly 10% comp growth in toys and double-digit growth in music and video games [26] Market Data and Key Metrics Changes - Consumer sentiment is at a three-year low, with concerns about jobs and affordability impacting spending behavior [28] - The company is experiencing volatility in sales, with net sales close to flat in August and October but down about 4% in September [38] - The company is reaching around 80% of the U.S. population with same-day delivery, with sales growing more than 35% in this segment [21] Company Strategy and Development Direction - The company is focused on three priorities: solidifying design-led merchandising authority, enhancing the shopping experience, and leveraging technology for efficiency [9][10] - Plans for next year include increasing capital expenditures to about $5 billion, which is $1 billion more than the current year, to support store experience and remodel programs [23][45] - The company is committed to making investments that drive growth, particularly in technology and store experience [64] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that the business has not been performing up to its potential and is focused on returning to sustainable growth [6][9] - The company is actively making changes to improve merchandising authority and guest experience, with a strong emphasis on technology [10][48] - Management expresses confidence in the company's direction and the steps being taken to navigate the current challenging environment [46][49] Other Important Information - The company has eliminated approximately 1,800 roles at headquarters, about 8% of its footprint, to enhance agility and decision-making [10] - The company is introducing 20,000 new items into its holiday assortment, twice as many as last year, with over half exclusive to Target [33] Q&A Session Summary Question: Can we rule out a reset of margin during this investment phase? - Management is committed to making the right investments to achieve desired outcomes in merchandising authority and guest experience [51] Question: What are the most urgent gaps and capabilities? - Management is excited about the momentum in categories like FUN 101 and the focus on creating a consistently elevated experience [55] Question: How does the company view the $5 billion CapEx investment? - Investments will focus on areas that drive growth, including new stores, remodels, and technology enhancements [60][64] Question: How is the company addressing the need for change? - Management emphasizes the importance of driving change to achieve different outcomes and is focused on clear priorities [66]

Financial Data and Key Metrics Changes - The company's revenue for Q3 2025 reached RMB 2.48 billion, with a year-over-year growth rate accelerating from 24% in the previous quarter to 31% this quarter [7][19] - Adjusted gross profit for the quarter was RMB 393 million, representing a year-over-year increase of 28% [9][24] - The adjusted operating profit turned from a loss to a profit, reaching RMB 15.36 million, with an adjusted operating profit margin of 0.6% [9][25] - Adjusted net profit recorded a historical positive profit of RMB 28.73 million for the first time [9] Business Line Data and Key Metrics Changes - Public cloud revenue increased significantly by 49% year-over-year, reaching RMB 1.75 billion [7][10] - Intelligent Computing Cloud business gross billings reached RMB 782 million, with a year-over-year growth of around 122% [7][19] - Revenue from the Xiaomi and Kingsoft ecosystem reached RMB 691 million, increasing by 84% year-over-year, accounting for 28% of total revenue [8][9] Market Data and Key Metrics Changes - The demand for artificial intelligence is driving rapid development in Intelligent Computing Cloud and technological innovation in basic public cloud services [8] - The company is focusing on expanding customer coverage and cross-selling between Intelligent Computing Cloud and Basic Cloud services [10][11] Company Strategy and Development Direction - The company aims to leverage the integration of generative artificial intelligence and cloud services to enhance its offerings [7][8] - The strategic focus includes building a solid foundation through the Xiaomi and Kingsoft ecosystem and investing in intelligent computing infrastructure [18] - The company is targeting advantageous verticals and geographical regions to build core competitiveness for future growth [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of AI business demand and the potential for higher margins as inference demand increases [35][36] - The company plans to continue investing in infrastructure and enhancing technology to meet the growing demands of AI applications [26] Other Important Information - The company successfully raised HKD 2.8 billion in risk equity financing, with allocations for AI infrastructure and operational needs [21] - Capital expenditures for the quarter were RMB 2,787.8 million, primarily for intelligent cloud infrastructure investment [26] Q&A Session Summary Question: Key drivers of AI revenue growth in Q3 and margin trends - Management indicated that AI revenue growth was driven by the recognition of previously delayed revenues and the transition from training to inference demand [33][34] - Future inference demand is expected to exhibit a higher margin profile compared to current training demand [35] Question: Revenue outlook for next year and industry application scenarios - Management expressed confidence in subsequent demand growth for AI business and highlighted the rapid growth of robotic companies and API services as key revenue drivers [41][43] Question: Pricing methodology and trends between AI training and inference - Management noted that pricing for inference and training is based on resource usage, with API token services expected to yield better margins [50][51]

Financial Data and Key Metrics Changes - The company's revenue for Q3 2025 reached RMB 2.48 billion, with a year-over-year growth rate accelerating from 24% in the previous quarter to 31% this quarter [7][19] - Adjusted gross profit for the quarter was RMB 393 million, representing a year-over-year increase of 28% [9][24] - The adjusted operating profit turned from a loss to a profit, reaching RMB 15.36 million, with an adjusted operating profit margin of 0.6% [9][25] - Adjusted net profit recorded a historical positive profit of RMB 28.73 million for the first time [9] Business Line Data and Key Metrics Changes - Public cloud revenue increased significantly by 49% year-over-year, reaching RMB 1.75 billion [7][10] - Intelligent computing cloud business gross billings reached RMB 782 million, with a year-over-year growth of approximately 122% [7][19] - Revenue from the Xiaomi and Kingsoft ecosystem reached RMB 691 million, increasing by 84% year-over-year, accounting for 28% of total revenue [8][9] Market Data and Key Metrics Changes - The demand for artificial intelligence is driving rapid development in intelligent computing cloud and technological innovation in basic public cloud services [8][10] - The company is focusing on expanding customer coverage and cross-selling intelligent computing cloud and basic cloud services [10][11] Company Strategy and Development Direction - The company aims to leverage the integration of generative artificial intelligence and cloud services to enhance its product offerings and customer solutions [7][8] - The strategic focus includes investing in infrastructure and refining core products to create long-term value for stakeholders [18][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of AI business demand and the potential for higher margins as inference demand increases [36][37] - The company is optimistic about fulfilling business cooperation under the Xiaomi and Kingsoft ecosystem and anticipates further increases in quotas next year [8][9] Other Important Information - The company successfully raised HKD 2.8 billion in equity financing, with allocations for AI infrastructure and operational needs [20][21] - Capital expenditures for the quarter were RMB 2.79 billion, primarily for intelligent cloud infrastructure investment [26] Q&A Session Summary Question: What are the key drivers of AI revenue growth in Q3? - Management indicated that the growth was driven by clusters that began recognizing full quarter revenues and some delayed revenue from Q2 [34][35] Question: How does management see the margin trend in the coming quarters? - Management expects inference demand to exhibit a higher margin profile than current training demands, anticipating higher margins in the future [36][37] Question: Could management share the outlook and guidance on revenue for next year? - Management is confident in subsequent demand growth and is currently finalizing the budget process for next year [41][42] Question: How does management view the current market dynamics for procurement versus leasing? - Management stated that both procurement and leasing have their pros and cons, and resource allocation will depend on customer needs [42][43] Question: What is the pricing methodology between AI training and inference? - Management noted that pricing is based on resource usage, with inference services potentially offering better margin ratios [51][52]

Financial Data and Key Metrics Changes - The company's revenue for Q3 2025 reached RMB 2.48 billion, with a year-over-year growth rate accelerating from 24% in the previous quarter to 31% this quarter [5][16] - Adjusted gross profit for the quarter was RMB 393 million, representing a year-over-year increase of 28% [7][19] - The adjusted operating profit turned from a loss to a profit of RMB 15.36 million, with an adjusted operating profit margin of 0.6% [7][21] - Adjusted net profit recorded a historical positive profit of RMB 28.73 million for the first time [7] Business Line Data and Key Metrics Changes - Public cloud revenue increased significantly by 49% year-over-year, reaching RMB 1.75 billion [5][18] - Intelligent computing cloud business gross billings reached RMB 782 million, with a year-over-year growth of approximately 122% [5][16] - Revenue from the Xiaomi and Kingsoft ecosystem reached RMB 691 million, increasing by 84% year-over-year, accounting for 28% of total revenue [6] Market Data and Key Metrics Changes - The demand for artificial intelligence is driving rapid development in intelligent computing cloud and technological innovation in basic public cloud services [6] - The company is focusing on expanding customer coverage and cross-selling intelligent computing cloud and basic cloud services [9] Company Strategy and Development Direction - The company aims to provide stable and efficient integrated training and inference intelligent cloud computing services, positioning itself to capitalize on the growth of AI applications [4][5] - The strategy includes strengthening the control of costs and expenses while investing in intelligent computing infrastructure [7][15] - The company is targeting advantageous verticals and geographical regions to build core competitiveness for future growth [9] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of AI business demand and the potential for higher margins as inference demand increases [30][32] - The company plans to continue investing in infrastructure and enhancing service stability to meet the growing demand for AI capabilities [22] Other Important Information - The company successfully raised HKD 2.8 billion in equity financing, with allocations for AI infrastructure and operational needs [17] - Capital expenditures for the quarter were RMB 2.79 billion, primarily for intelligent cloud infrastructure investment [22] Q&A Session Summary Question: What are the key drivers of AI revenue growth in Q3? - Management indicated that the growth was driven by clusters that began recognizing full quarter revenues and some delayed revenue from Q2 [29] Question: How does management see the margin trend in the coming quarters? - Management expects inference demand to exhibit a higher margin profile than current training demand, anticipating higher margins in the future [31][32] Question: Could management share the outlook and guidance on revenue for next year? - Management is confident in subsequent demand growth and is currently finalizing the budget process for next year [35] Question: How does management view the current market dynamics for procurement versus leasing? - Management stated that both procurement and leasing have their pros and cons, and resource allocation will depend on customer needs [36][37] Question: What is the pricing methodology between AI training and inference? - Management noted that pricing is based on resource usage, with inference services potentially offering better margin ratios [42]