Brightcove Inc (BCOV) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to Brightcove's Second Quarter 2023 Earnings Presentation. Today, we'll discuss the results announced in our press release issued after the market closed.

下午好，歡迎來到 Brightcove 2023 年第二季財報發表會。今天，我們將討論收市後發布的新聞稿中公佈的結果。

During today's presentation, we will make statements related to our business that may be considered forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements concerning our financial guidance for the third fiscal quarter of 2023 and the full year 2023, expected profitability and free cash flow, our position to execute on our go-to-market and growth strategy, our ability to expand our leadership position, our ability to maintain and upsell existing customers as well as our ability to acquire new customers.

在今天的演示中，我們將根據1995 年《私人證券訴訟改革法案》的安全港條款，做出與我們的業務相關的可能被視為前瞻性的聲明，包括有關我們2019 年第三財季財務指導的聲明。2023 年和 2023 年全年、預期盈利能力和自由現金流、我們執行上市和增長戰略的地位、我們擴大領導地位的能力、我們維護和追加銷售現有客戶的能力以及我們的能力以獲得新客戶。

Forward-looking statements may often be identified with words such as we expect, we anticipate, upcoming or similar indications of future expectations. These statements reflect our views only as of today and should not be reflected upon as representing our views of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations, including the effect of macroeconomic conditions currently affecting the global economy.

前瞻性陳述通常可以用「我們期望」、「我們預期」、「即將到來」或類似的未來預期跡像等字眼來識別。這些陳述僅反映我們今天的觀點，不應被視為代表我們以後任何日期的觀點。這些陳述受到各種風險和不確定性的影響，可能導致實際結果與預期有重大差異，包括目前影響全球經濟的宏觀經濟狀況的影響。

For a discussion on material risks and other important factors that could affect our actual results, please refer to those contained in our most recently filed annual report on Form 10-K and as updated by our other SEC filings.

有關可能影響我們實際結果的重大風險和其他重要因素的討論，請參閱我們最近提交的 10-K 表格年度報告中包含的內容以及我們其他 SEC 文件更新的內容。

Also, during the course of today's presentation, we will refer to certain non-GAAP financial measures. There is a reconciliation schedule showing GAAP versus non-GAAP results currently available in our press release issued after market closed today, which can be found on our website at www.brightcove.com.

此外，在今天的演示過程中，我們將提及某些非公認會計準則財務指標。我們今天收盤後發布的新聞稿中提供了顯示 GAAP 與非 GAAP 結果的核對錶，您可以在我們的網站 www.brightcove.com 上找到該表。

Thank you all for joining. I'm Marc DeBevoise, CEO of Brightcove. And with me today is Rob Noreck, our CFO.

感謝大家的加入。我是 Brightcove 執行長 Marc DeBevoise。今天和我在一起的是我們的財務長 Rob Noreck。

We're pleased to be streaming our earnings to discuss our second quarter results, provide an update on our strategic progress and share our view of the future for Brightcove. I'll begin with a quick overview of our financial results for Q2, which were strong across the board.

我們很高興透過直播財報來討論我們第二季度的業績，提供我們戰略進展的最新信息，並分享我們對 Brightcove 未來的看法。我將首先快速概述我們第二季的財務業績，該業績全面強勁。

Total revenue for Q2 was $51 million, at the high end of our guidance range, and adjusted EBITDA was $3.6 million, exceeding the high end of our guidance range. Free cash flow was $7.1 million, the second highest quarter of free cash flow generation in company history, which was expectedly strong, driven by the catch-up on collections from the SVB-impacted first quarter. So from a financial perspective, we had a solid quarter.

第二季的總收入為 5,100 萬美元，處於我們指導範圍的高端，調整後 EBITDA 為 360 萬美元，超出了我們指導範圍的高端。自由現金流為 710 萬美元，是公司歷史上自由現金流產生量第二高的季度，受受 SVB 影響的第一季收款追趕的推動，這一數字符合預期的強勁。因此，從財務角度來看，我們度過了一個穩健的季度。

From an operational perspective, the quarter was a little more mixed. Positively, we made very encouraging progress on several of our key initiatives and have a higher degree of conviction about our opportunity and likelihood of success in many areas.

從營運角度來看，本季的情況有些複雜。積極的一面是，我們在幾項關鍵措施上取得了非常令人鼓舞的進展，並對我們在許多領域的機會和成功的可能性更有信心。

Conversely, as we described in the last call, we made some difficult but necessary changes to the organization in Q2, and there are some parts of the business that continue to be under near-term pressure or are taking longer to materialize.

相反，正如我們在上次電話會議中所述，我們在第二季度對組織進行了一些困難但必要的改變，並且業務的某些部分繼續面臨短期壓力或需要更長的時間才能實現。

We will continue to balance pursuing actions to speed up and improve performance with urgency with an ongoing focus on cost management. Taken together, we remain optimistic about the long-term success of our strategy. We still anticipate exiting 2023 with mid-single-digit revenue growth and double-digit adjusted EBITDA margins along with positive free cash flow and on our way to achieving our long-term targets.

我們將繼續在採取緊急行動加速和提高績效與持續關注成本管理之間取得平衡。總的來說，我們對我們策略的長期成功保持樂觀。我們仍然預計 2023 年將實現中個位數的收入成長和兩位數的調整後 EBITDA 利潤率以及正的自由現金流，並有望實現我們的長期目標。

Let me walk us through now the strategic areas we're seeing success and that drive our optimism, review some of our product innovation from the quarter, highlight some key customer wins and also describe what we are seeing in the business and market overall.

現在讓我向我們介紹一下我們正在取得成功並推動我們樂觀的策略領域，回顧本季度的一些產品創新，重點介紹一些關鍵的客戶勝利，並描述我們在業務和市場中看到的整體情況。

I'll start with the customer side of things and specifically focus on the strategic pillar seeing the greatest traction. Our focus upmarket on winning and super serving strategically large accounts.

我將從客戶方面開始，特別關注最具吸引力的策略支柱。我們的重點是在高端市場贏得策略性大客戶並為其提供超級服務。

In the quarter, we had some very interesting customer wins, add-ons and renewals, including new customers like the Canadian Premier League, In The Black Network and Yes TV, renewing customers like Macy's and the Metropolitan Opera and add-on buyers like Palo Alto Networks. This demonstrates our depth and breadth of solutions and customers. But I'd really like to highlight 2 great indicative examples of the strategic move upmarket.

本季度，我們贏得了一些非常有趣的客戶、附加服務和續約客戶，包括加拿大超級聯賽、In The Black Network 和Yes TV 等新客戶，梅西百貨和大都會歌劇院等續約客戶，以及Palo等附加客戶阿爾托網路。這展示了我們解決方案和客戶的深度和廣度。但我真的很想強調向高端市場策略轉移的兩個很好的指示性例子。

Last quarter, we talked about our largest ever new business win with a major digital media company, and I'm excited to now be able to tell you that this customer is Yahoo. Yahoo and Brightcove came together to solve Yahoo's need for a highly scalable, reliable and performant technology solution to power its streaming video operations. This is a case where we are effectively replacing meaningful in-house streaming capabilities and supporting infrastructure while also saving them millions of dollars.

上個季度，我們談論了我們與一家大型數位媒體公司有史以來最大的新業務勝利，我很高興現在能夠告訴您，這個客戶就是雅虎。雅虎和 Brightcove 攜手解決雅虎對高度可擴展、可靠和高效能技術解決方案的需求，以支援其串流視訊營運。在這種情況下，我們正在有效地替換有意義的內部串流功能和支援基礎設施，同時也為他們節省了數百萬美元。

Yahoo has told us that they chose Brightcove for numerous reasons, including our proven track record of scale and performance, our ability to deliver meaningful cost efficiencies and savings, stating that we delivered an over 5x to 6x ROI on their investment in our technology.

雅虎告訴我們，他們選擇Brightcove 的原因有很多，包括我們在規模和性能方面的良好記錄、我們提供有意義的成本效率和節省的能力，並表示我們為他們的技術投資帶來了超過5 倍到6 倍的投資報酬率。

For our portfolio of market-proven products and solutions that can support their current and projected video road map plus do it even faster than they were doing it in-house. For our developer-friendly tools documentation and team and easy integration capabilities into their web, mobile web app and CTV experiences; and finally, our advanced advertising integrations and capabilities, delivering an ability to seamlessly sync into their ad tech stack and quickly increase yield and boost revenue performance.

我們經過市場驗證的產品和解決方案組合可以支援他們當前和預期的視訊路線圖，而且比他們內部的速度更快。對於我們開發人員友好的工具文件和團隊以及輕鬆整合到他們的網路、行動網路應用程式和 CTV 體驗中的功能；最後，我們先進的廣告整合和功能，能夠無縫同步到他們的廣告技術堆疊並快速提高產量並提高收入績效。

We are thrilled to be working with Yahoo, to provide them and their users the best experience possible. This win is a perfect example of what we believe Brightcove can deliver. Big savings for big media with world-class solutions.

我們很高興與雅虎合作，為他們及其用戶提供最好的體驗。這場勝利是我們相信 Brightcove 能夠實現的完美例證。透過世界級的解決方案為大媒體節省大量成本。

This quarter, we also signed an exciting multiyear agreement with the National Hockey League to power streaming VOD for the league and its teams. We are winning in sports because we provide a flexible platform that gives sports entities the ability to iterate on new engagement models quickly while having the ability to scale to any size. Some of our other sports-related success stories include Major League Soccer, the Canadian Soccer League, the USGA, the ACC and the United States Olympic & Paralympic Committee, in addition to delivering major live sports programming for broader streamers like Sky and Coupang.

本季度，我們還與國家冰球聯盟簽署了一項令人興奮的多年協議，為聯盟及其球隊提供串流視訊點播服務。我們在體育領域獲勝是因為我們提供了一個靈活的平台，使體育實體能夠快速迭代新的參與模式，同時能夠擴展到任何規模。我們的其他一些與體育相關的成功案例包括美國職業足球大聯盟、加拿大足球聯盟、USGA、ACC 和美國奧林匹克與殘奧委員會，此外還為Sky 和Coupang 等更廣泛的串流媒體提供主要的體育直播節目。

In addition, while our large deals with Yahoo or the NHL might feel like one-offs, they are not. Over the past year, we have built a meaningful pipeline of strategic large deals with dozens of opportunities exceeding $500,000 of ARR and a meaningful number in the low to mid-7 figures in ARR as well. Naturally, it takes time to get the large deal pipeline flywheel going. And the sales cycles for these transactions are often longer and less predictable. That said, they provide us with an amazing future growth opportunity.

此外，雖然我們與雅虎或 NHL 的大型交易可能感覺像是一次性的，但事實並非如此。在過去的一年裡，我們建立了一系列有意義的策略性大型交易，其中有數十個 ARR 超過 50 萬美元的機會，還有大量 ARR 處於低至中 7 位數的機會。當然，讓大型管道飛輪運轉起來需要時間。而這些交易的銷售週期往往更長且更難以預測。也就是說，它們為我們提供了驚人的未來成長機會。

We believe our success with Yahoo, and the NHL will further benefit our reputation and pipeline by serving as important validations of our ability to support any large media company considering outsourcing all or part of its streaming technology stack.

我們相信，我們與雅虎和 NHL 的成功將進一步有利於我們的聲譽和管道，因為它們是我們支持任何考慮外包其全部或部分串流媒體技術堆疊的大型媒體公司的能力的重要驗證。

Our large-deal pipeline isn't just media deals either with numerous upmarket enterprise deals now developing as well. We view this pipeline growth as a key indicator that our greater focus upmarket will pay off, and we will expect to demonstrate this in the second half of this year in larger closed opportunities.

我們的大型交易管道不僅僅是媒體交易，目前也在發展眾多高端企業交易。我們將這一管道成長視為關鍵指標，表明我們對高端市場的更大關注將得到回報，我們預計將在今年下半年在更大的封閉機會中證明這一點。

The other primary focus in our go-to-market effort has been building a larger and more diversified partner ecosystem, one that we can use to deliver more end-to-end solutions for our customers and one that could help accelerate new customer growth, too.

我們進入市場工作的另一個主要重點是建立一個更大、更多元化的合作夥伴生態系統，我們可以利用這個生態系統為我們的客戶提供更多的端到端解決方案，並且可以幫助加速新客戶的成長，也。

We have had good recent success here, including 2 recent announcements that expand our capabilities, most often with add-on opportunities. The first is a new partnership with 3Play, the world's leading media accessibility platform. We are working together to address much-needed digital accessibility in video with real-time language and caption generation based on user preferences. We've seen good early momentum in this partnership having already signed a good number of add-on wins of meaningful value.

我們最近在這方面取得了良好的成功，包括最近發布的 2 項擴展我們能力的公告，其中最常見的是附加機會。第一個是與全球領先的媒體無障礙平台 3Play 建立新的合作關係。我們正在共同努力，透過根據用戶偏好生成即時語言和字幕來解決影片中急需的數位可訪問性。我們已經看到了這種合作關係的良好早期勢頭，已經簽署了大量具有有意義價值的附加合約。

The other is a strategic agreement with PubMatic, a leading digital advertising supply chain technology company that will combine their programmatic ad solutions with our video platform. This will significantly enhance and boost demand for our ad monetization service, which helps media companies better monetize their content across our video platform.

另一個是與領先的數位廣告供應鏈技術公司 PubMatic 達成的策略協議，將把他們的程式化廣告解決方案與我們的視訊平台結合。這將顯著增強和推動對我們廣告貨幣化服務的需求，從而幫助媒體公司更好地透過我們的影片平台將其內容貨幣化。

These deals come on top of the meaningful Q1 partnerships we struck with Magnite and SpringServe to power our ad monetization capabilities and frequency to boost our FAST capabilities.

這些交易是我們在第一季與 Magnite 和 SpringServe 達成的有意義的合作夥伴關係的基礎上達成的，旨在增強我們的廣告貨幣化能力和頻率，從而提高我們的 FAST 能力。

We also remain focused on delivering additional partnerships that will accelerate our business through those partners and believe this is a particularly meaningful opportunity at the lower-price part of the market with the right partner.

我們也繼續致力於提供更多的合作夥伴關係，透過這些合作夥伴加速我們的業務發展，並相信與合適的合作夥伴在低價市場領域這是一個特別有意義的機會。

Our other strategic pillars to push to be a more end-to-end provider generally and to accelerate our customers' businesses as well are predominantly driven by our own product innovation. Our strides here are definitely improving the strategic conversations we're having with media and enterprise customers and are teed up to drive growth for us going forward.

我們的其他策略支柱主要是由我們自己的產品創新所驅動的，即推動成為更端到端的提供者並加速我們客戶的業務。我們在這裡取得的進步無疑改善了我們與媒體和企業客戶的策略對話，並準備好推動我們未來的成長。

For example, this quarter, we introduced our new Ad Insights solution, strengthening our recently launched Ad Monetization service. By leveraging ad -- advanced machining learning -- by leveraging advanced machine learning models and proprietary metrics, Ad Insights provides Brightcove customers with detailed analytics and insights that accurately portray viewer tolerance for ads. Customers will now be able to make informed ad frequency and duration decisions based on first-party data integrated across all Brightcove powered experiences to maximize revenue while upholding an engaging viewer experience.

例如，本季度，我們推出了新的 Ad Insights 解決方案，加強了我們最近推出的廣告貨幣化服務。透過利用廣告——先進的機器學習——透過利用先進的機器學習模型和專有指標，Ad Insights 為 Brightcove 客戶提供詳細的分析和見解，準確地描繪觀眾對廣告的容忍度。客戶現在將能夠根據所有 Brightcove 支援的體驗中整合的第一方數據做出明智的廣告頻率和持續時間決策，以最大限度地提高收入，同時保持引人入勝的觀眾體驗。

Together with recent product introductions like Communication Studio, Ad Monetization, QoE and our advanced e-commerce integrations, we have meaningfully expanded the breadth and depth of our product and solutions portfolio. I am pleased with our pace of innovation and product velocity this year and believe it will help us grow faster and improve retention going forward.

加上最近推出的 Communication Studio、Ad Monetization、QoE 和我們先進的電子商務整合等產品，我們有意義地擴展了我們產品和解決方案組合的廣度和深度。我對今年我們的創新步伐和產品速度感到滿意，並相信這將幫助我們更快成長並提高未來的保留率。

While our belief in our product strength matters here, we are buttressed by the validation of third-party industry experts that our solutions and approach are truly market leading. In Q2, IDC placed us in their Leader Category in the MarketScape report for media and entertainment based on our excellence in delivering end-to-end native cloud products, services and solutions that are, in fact, helping lower operating expenses for our customers.

雖然我們對產品實力的信念在這裡很重要，但第三方行業專家的驗證也為我們提供了支持，證明我們的解決方案和方法確實是市場領先的。第二季度，IDC 在MarketScape 媒體和娛樂報告中將我們列為領導者類別，因為我們在提供端到端本地雲端產品、服務和解決方案方面表現出色，事實上，這些產品、服務和解決方案有助於降低客戶的營運費用。

We're also proud to be recognized as a leader in the Aragon Research Globe for Enterprise Video in 2023 for the second consecutive year based on significant progress in our strategic priorities that have broadened our solutions and services, which when combined with our scale and reliability are strong differentiators for large enterprises. The key takeaway from these expert evaluations is that they reinforce Brightcove's solutions and our ability to thrive in the markets we serve.

我們也很自豪能夠連續第二年被評為2023 年Aragon Research Globe 企業影片領域的領導者，因為我們在策略重點方面取得了重大進展，拓寬了我們的解決方案和服務，再加上我們的規模和可靠性是大型企業的強大差異化因素。這些專家評估的主要結論是，它們強化了 Brightcove 的解決方案以及我們在所服務的市場中蓬勃發展的能力。

Focusing back on Q2 performance, there are positives and negatives to highlight. Our sales performance in Q2 shows many of our go-to-market initiatives are having success, especially with new customers. In the first half, new business bookings grew 175% year-over-year, still up 20% year-over-year, excluding the Yahoo deal. This success is being driven by a durable, now 3 straight quarters, 2x to 3x increase in average deal size.

回顧第二季的表現，有值得強調的正面因素和負面因素。我們第二季的銷售業績表明，我們的許多上市計劃都取得了成功，尤其是在新客戶方面。上半年，新業務預訂量年增 175%，若不包括雅虎交易，年比仍成長 20%。這項成功是由平均交易規模持續成長（現已連續 3 個季度成長 2 至 3 倍）所推動的。

North America has been the primary source of our new business strength, and we feel there is further potential growth in new business by applying our recent learnings here in Europe, Asia Pacific and Japan.

北美一直是我們新業務實力的主要來源，我們認為透過在歐洲、亞太地區和日本應用我們最近的經驗，新業務有進一步成長的潛力。

As we build on our initial success and new business bookings become a larger portion of our business mix, it will begin to have a more meaningful impact on our overall performance.

隨著我們在最初的成功的基礎上不斷發展，新的業務預訂成為我們業務組合的重要組成部分，它將開始對我們的整體業績產生更有意義的影響。

Our success upmarket, the growing size of our new business wins and the accelerated pace of product innovation are clear positives. These are essential to our long-term strategy and our progress in these areas gives us great confidence for the future. However, in the near term, this improvement is being offset by 2 dynamics. The first, continued weakness in add-on sales activity, especially in our largest territory of North America and especially with our media customer base on entitlements. And second, some of our newer initiatives are taking longer or require some adjustments in order to begin driving meaningful revenue.

我們在高端市場的成功、新業務規模的不斷擴大以及產品創新的步伐加快都是明顯的正面因素。這些對於我們的長期策略至關重要，我們在這些領域的進展讓我們對未來充滿信心。然而，在短期內，這種改善被 2 個動態所抵消。首先，附加銷售活動持續疲軟，尤其是在我們最大的北美地區，尤其是我們的媒體客戶基礎。其次，我們的一些新措施需要更長的時間或需要進行一些調整才能開始帶來有意義的收入。

As we discussed last quarter, the slowing rate of usage growth in the streaming market and the increased capacity purchased by many customers during COVID, has led to lower overages and an increase in flat to down renewals and fewer add-on increases in entitlement spending. Since add-on bookings are historically a sizable majority of our bookings in a quarter, the decline in this part of the business is offsetting our strong new business growth. This dynamic was more pronounced than we anticipated last quarter, and our updated forecast anticipate similar dynamics to the second quarter for the remainder of 2023. We continue to believe this weakness will be temporary as we work through our renewal cycle, and we keep bringing additional products and services to market that we can upsell to our customer base.

正如我們上個季度所討論的，串流媒體市場的使用成長速度放緩以及許多客戶在新冠疫情期間購買的容量增加，導致超量減少、持平到下降續訂增加以及權利支出的附加增加減少。由於從歷史上看，附加預訂占我們季度預訂的相當大一部分，因此這部分業務的下降抵消了我們強勁的新業務成長。這種動態比我們上季度的預期更加明顯，我們更新的預測預計2023 年剩餘時間將出現與第二季度類似的動態。我們仍然相信，當我們完成續約週期時，這種疲軟將是暫時的，並且我們將繼續帶來更多我們可以向我們的客戶群追加銷售的產品和服務。

The other dynamic impacting growth is the expected impact from some of our newer initiatives taking longer than initially expected. At our Investor Day last year, we laid out a number of strategic initiatives we were working on. Several of them are working quite well, including super serving strategically large customers, the introduction of Communication Studio and the launching of our FAST offering.

另一個影響成長的動態因素是我們一些新措施的預期影響，其耗時比最初預期的要長。在去年的投資者日上，我們提出了一些我們正在研究的策略性舉措。其中一些進展順利，包括超級服務策略性大客戶、推出 Communication Studio 以及推出我們的 FAST 產品。

We talked about the large-deal pipeline already. and the FAST and Communication Studio have both developed millions in pipeline as well, and we expect will generate additional revenue over the coming quarters.

我們已經討論過大宗交易的管道。 FAST 和 Communication Studio 也都已開發數百萬美元的產品，我們預計將在未來幾季產生額外的收入。

Several of the other initiatives are falling into 3 other current states though. The first, either delivered and driving new conversations but not necessarily immediate pipeline; second, deals that are in discussion but not necessarily shaping up like standard pipeline; and third, areas where the dialogue with customers has us reshaping the initiative or pausing to focus on areas that can make us money sooner. This is always a portfolio approach, and we're seeing that play out now that we're deep enough into the development of these initiatives. Given this dynamic, we are pulling back on some, revamping others and doubling down where we see real immediate opportunity.

不過，其他幾項措施目前仍屬於其他 3 個狀態。第一個，要么交付並推動新的對話，但不一定是直接的管道；其次，正在討論中但不一定會像標準管道那樣形成的交易；第三，與客戶的對話讓我們重新制定計劃或停下來專注於可以更快賺錢的領域。這始終是一種組合方法，現在我們已經足夠深入地參與這些舉措的開發，我們正在看到這種方法的發揮。鑑於這種動態，我們正在撤回一些，改造其他一些，並在我們看到真正的直接機會的地方加倍努力。

In closing, I want to make a point about our markets and why we believe we are on the right track long term. Streaming has become the dominant form of media consumption over the past decade, larger than broadcast and cable now. It continues to grow and is expected to be a $250 billion market by 2026. The media portion of the market is definitely in transition, and that plays to some of our strengths.

最後，我想談談我們的市場以及為什麼我們相信我們長期走在正確的軌道上。過去十年，串流媒體已成為媒體消費的主要形式，規模超過了現在的廣播和有線電視。它持續成長，預計到 2026 年將達到 2,500 億美元的市場。市場的媒體部分肯定正在轉型，這發揮了我們的一些優勢。

IDC said it clearly in their market guide recently, that media companies can "no longer focus on in-house solutions as investors continue to apply pressure on ROI results. They must seek out key strategic vendor partners that are aligned on road maps and vision and can no longer afford to spend time gluing together and maintaining integrations with a multitude of technology vendors."

IDC 最近在其市場指南中明確表示，媒體公司「不能再專注於內部解決方案，因為投資者繼續對投資回報率結果施加壓力。他們必須尋找與路線圖和願景一致的關鍵策略供應商合作夥伴，不能再花時間與眾多技術供應商粘合並保持集成。”

We agree. Not to mention the needs of the growing number of services comprising what we call the next set of up-and-coming services. For enterprises, video is becoming an indispensable part of how they work, whether it be for driving marketing goals like purchase intent and conversion, or for delivering for employees as companies manage communications in the now durable hybrid and anywhere-work models. The bottom line is that I believe we are pointed in the right direction with the right solutions. Our new business strength in both enterprise and media gives me confidence.

我們同意。更不用說日益增長的服務需求，其中包括我們所謂的下一組新興服務。對於企業而言，視訊正在成為其工作方式中不可或缺的一部分，無論是推動購買意圖和轉換等行銷目標，還是在公司以現在持久的混合和隨時隨地工作模式管理溝通時為員工提供服務。最重要的是，我相信我們已經透過正確的解決方案指明了正確的方向。我們在企業和媒體方面的新業務實力給了我信心。

We believe by Q4, we will demonstrate that we can grow this business and do it with positive and growing EBITDA and free cash flow as well. It's important to recognize we are making significant changes across many parts of this business in people, processes and solutions. In some cases, that has required more change than initially expected, but it doesn't change our confidence in the long-term potential.

我們相信，到第四季度，我們將證明我們可以發展這項業務，並以積極且不斷增長的 EBITDA 和自由現金流來實現這一目標。重要的是要認識到我們正在該業務的許多部分的人員、流程和解決方案方面做出重大改變。在某些情況下，這需要比最初預期更多的改變，但這並沒有改變我們對長期潛力的信心。

We acknowledge that forecasting the timing of when each aspect of the strategy will begin positively impacting the business has been challenging. But the progress made to date and our detailed plan to drive further improvement gives us confidence it will.

我們承認，預測策略各個面向何時開始對業務產生正面影響一直是一項挑戰。但迄今為止的進展以及我們推動進一步改進的詳細計劃讓我們有信心做到這一點。

The streaming market and our solutions for it presents an incredibly attractive opportunity for Brightcove, our customers and to generate more profitable growth for our shareholders.

串流媒體市場和我們的解決方案為 Brightcove 和我們的客戶提供了極具吸引力的機會，並為我們的股東創造了更多利潤成長。

With that, I'm going to turn the call over to Rob for a deeper dive on Q2 and the numbers, and I'll be back for Q&A. Rob?

這樣，我將把電話轉給 Rob，以更深入地了解第二季度和數據，然後我會回來進行問答。搶？

Thank you, Marc, and good afternoon, everyone. I will begin with a detailed review of our second quarter, and then I will finish with our outlook for the third quarter and the full year 2023.

謝謝你，馬克，大家下午好。我將首先對第二季進行詳細回顧，然後對第三季和 2023 年全年進行展望。

Total revenue in the second quarter was $51 million, which was at the high end of our guidance range. Breaking revenue down further, subscription and support revenue was $49 million, and professional services revenue was $2 million. Overage revenue in the quarter was $1.2 million.

第二季的總收入為 5,100 萬美元，處於我們指引範圍的高端。進一步細分收入，訂閱和支援收入為 4,900 萬美元，專業服務收入為 200 萬美元。該季度的超額收入為 120 萬美元。

12-month backlog, which we define as the aggregate amount of committed subscription revenue related to future performance obligations in the next 12 months, was $124.8 million. This represents a 3% year-over-year increase. Total backlog was $176.7 million, up 16% year-over-year, which reflects the positive impact from the large multiyear deals we have signed recently.

12 個月的積壓（我們將其定義為與未來 12 個月的未來履約義務相關的承諾訂閱收入總額）為 1.248 億美元。這意味著同比增長 3%。未完成訂單總額為 1.767 億美元，年增 16%，這反映了我們最近簽署的大型多年期交易的正面影響。

On a geographic basis, we generated 60% of our revenue in North America during the quarter and 40% internationally. Breaking down international revenue a little more. Europe generated 16% of our revenue and Japan and Asia Pacific generated 24% of revenue during the quarter.

從地理來看，本季我們 60% 的營收來自北美，40% 來自國際。進一步細分國際收入。本季歐洲占我們營收的 16%，日本和亞太地區占我們營收的 24%。

Let me now turn to the supplemental metrics we share on a quarterly basis. Net revenue retention in the quarter was 95%, which compares to 94% in the first quarter of 2023 and 95% in the second quarter of 2022. Since the beginning of 2019, net revenue retention has ranged from 92% to 100%. We expect that as we continue to make improvements in our renewals business and our focus on multiyear deals, this metric will consistently be 100% over time.

現在讓我談談我們每季分享的補充指標。本季的淨收入保留率為 95%，而 2023 年第一季為 94%，2022 年第二季為 95%。自 2019 年初以來，淨收入保留率一直在 92% 至 100% 之間。我們預計，隨著我們繼續改進續約業務以及對多年交易的關注，隨著時間的推移，該指標將始終保持 100%。

Recurring dollar retention rate in the second quarter was 86%. As we continue our strategic focus on multiyear deals, this metric becomes less meaningful as it only captures upsells at the time of renewal.

第二季經常性美元保留率為 86%。隨著我們繼續將策略重點放在多年交易上，這個指標變得不再那麼有意義，因為它只捕捉續約時的追加銷售。

Our customer count at the end of the second quarter was 2,691, of which 2,131 were classified as premium customers.

截至第二季末，我們的客戶數量為 2,691 家，其中 2,131 家被歸類為優質客戶。

Looking at our ARPU within our premium customer base, our annualized revenue per premium customer was $94,800 and excludes our entry-level pricing for starter customers, which averaged $3,900 in annualized revenue. This compares to $98,000 in the second quarter of 2022. Excluding overages, especially given the fluctuations we've seen recently, our ARPU is starting to grow year-over-year. Our ARPU, excluding overages, is now up to nearly $93,000 versus roughly $91,000 in the second quarter of 2022. We believe this will continue given our strategy and path.

看看我們的高級客戶群中的 ARPU，我們每個高級客戶的年化收入為 94,800 美元，不包括我們針對初級客戶的入門級定價，其平均年化收入為 3,900 美元。相較之下，2022 年第二季的營收為 98,000 美元。排除超額費用，特別是考慮到我們最近看到的波動，我們的 ARPU 開始逐年成長。我們的 ARPU（不包括超額費用）目前已高達近 93,000 美元，而 2022 年第二季度約為 91,000 美元。考慮到我們的策略和路徑，我們相信這種情況將持續下去。

Looking at our results on a GAAP basis, our gross profit was $32.5 million, operating loss was $6.2 million and net loss per share was $0.14 for the quarter.

根據 GAAP 基準來看，本季我們的毛利為 3,250 萬美元，營業虧損為 620 萬美元，每股淨虧損為 0.14 美元。

Turning to our non-GAAP results. Our non-GAAP gross profit in the second quarter was $33.4 million compared to $36.4 million in the year ago period and represented a gross margin of 66%, which was down from 67% in the second quarter of 2022. Gross margin showed significant improvement from the first quarter as we focused on driving efficiencies across our delivery stack.

轉向我們的非公認會計準則績效。我們第二季的非 GAAP 毛利為 3,340 萬美元，而去年同期為 3,640 萬美元，毛利率為 66%，低於 2022 年第二季的 67%。第一季度，我們專注於提高整個交付堆疊的效率。

Non-GAAP operating income was $537,000 in the second quarter compared to $5.3 million in the second quarter of 2022.

第二季非 GAAP 營業收入為 537,000 美元，而 2022 年第二季為 530 萬美元。

Adjusted EBITDA was $3.6 million in the second quarter compared to $6.7 million in the year ago period and above our guidance range. The primary driver in the change in profitability is the lower revenue this quarter over the second quarter of 2022.

第二季調整後 EBITDA 為 360 萬美元，而去年同期為 670 萬美元，高於我們的指引範圍。獲利能力變化的主要驅動因素是本季營收低於 2022 年第二季。

Non-GAAP diluted net income per share was $0.01 based on 43.1 million weighted average shares outstanding. This compares to net income per share of $0.10 on 42 million weighted average shares outstanding in the year ago period.

根據 4,310 萬股加權平均計算，非 GAAP 攤薄後每股淨利為 0.01 美元。相比之下，去年同期已發行的 4,200 萬股加權平均股的每股淨利潤為 0.10 美元。

Turning to the balance sheet and cash flow. We ended the quarter with cash and cash equivalents of $19.1 million. We generated $10.8 million in cash flow from operations, and free cash flow was $7.1 million after taking into account $3.7 million in capital expenditures and capitalized internal use software.

轉向資產負債表和現金流量。本季結束時，我們的現金和現金等價物為 1,910 萬美元。我們從營運中產生了 1,080 萬美元的現金流，考慮到 370 萬美元的資本支出和資本化內部使用軟體後，自由現金流為 710 萬美元。

As expected, we had a very strong cash collections quarter in the second quarter as we collected most of the receivables that were delayed due to the short-term disruption from switching our collections out of Silicon Valley Bank to Bank of America.

正如預期的那樣，我們在第二季的現金收款季度表現非常強勁，因為我們收回了大部分因收款從矽谷銀行轉至美國銀行而造成的短期中斷而延遲的應收帳款。

I would like to finish by providing our guidance for the third quarter and full year 2023. For the third quarter, we are targeting revenue of $50 million to $51 million, including $1 million of overages, and approximately $2.2 million of professional services revenue.

最後，我想提供我們對 2023 年第三季和全年的指導。第三季度，我們的目標收入為 5,000 萬至 5,100 萬美元，包括 100 萬美元的超額收入和約 220 萬美元的專業服務收入。

From a profitability perspective, we expect non-GAAP operating income to be $500,000 to $1.5 million and adjusted EBITDA to be between $4 million and $5 million.

從獲利能力角度來看，我們預計非 GAAP 營業收入為 50 萬至 150 萬美元，調整後 EBITDA 為 400 萬至 500 萬美元。

Non-GAAP net income per share is expected to be in the range of breakeven to $0.03 based on 43.4 million weighted average shares outstanding.

根據 4,340 萬股加權平均計算，非 GAAP 每股淨利潤預計將在盈虧平衡至 0.03 美元之間。

For the full year, we are now targeting revenue of $201 million to $203 million, including $4.6 million of overages and approximately $8.1 million of professional services revenue.

我們目前的全年目標收入為 2.01 億至 2.03 億美元，其中包括 460 萬美元的超額收入和約 810 萬美元的專業服務收入。

From a profitability perspective, we expect non-GAAP operating loss of $2.2 million to $200,000 and adjusted EBITDA to be between $11 million and $13 million.

從獲利能力角度來看，我們預計非 GAAP 營運虧損為 220 萬美元至 20 萬美元，調整後 EBITDA 為 1,100 萬美元至 1,300 萬美元。

Non-GAAP net loss per share is expected to be in the range of $0.08 to $0.04 based on 43 million weighted average shares outstanding.

根據 4,300 萬股加權平均計算，非 GAAP 每股淨虧損預計在 0.08 至 0.04 美元之間。

For the full year, we are now targeting free cash flow of negative $4 million to breakeven. We've lowered the free cash flow target for the year in conjunction with the lower adjusted EBITDA guidance. However, we expect to be cash flow positive in each of the quarters going forward.

目前，我們的全年自由現金流目標為負 400 萬美元，以達到損益兩平。我們降低了今年的自由現金流目標，同時調整了較低的調整後 EBITDA 指引。然而，我們預計未來每季的現金流將為正值。

There are a couple of things to keep in mind about our guidance. First, the $6 million change in the high end of our guidance is being driven by 3 things: lower add-on revenue and bookings, a more muted benefit from some of our newer initiatives than originally expected and a $700,000 reduction in our professional services revenue forecast.

關於我們的指導，有幾點需要牢記。首先，我們的指導上限發生了600 萬美元的變化，這是由三件事驅動的：附加收入和預訂量下降，我們的一些新舉措帶來的收益比最初預期的要小，以及我們的專業服務收入減少了70 萬美元預報。

In terms of profitability, our updated outlook is being driven by the changes to the revenue outlook. We are taking a disciplined approach to our spending and implemented aggressive steps to streamline expenses in April. We believe it's premature to take action at this time, given the encouraging new business activity Marc discussed, and our view that we'll begin to see positive revenue impact from some of our newer strategic initiatives in the coming quarters.

就獲利能力而言，我們更新的前景是由收入前景的變化所推動的。我們對支出採取嚴格的方法，並在四月採取了積極的措施來精簡支出。鑑於 Marc 討論的令人鼓舞的新業務活動，以及我們認為未來幾季我們將開始看到一些新的策略舉措對收入產生積極影響，我們認為現在採取行動還為時過早。

Even with our reduced guidance, we expect mid-single-digit revenue growth in the fourth quarter. We also expect that we will be adjusted EBITDA and free cash flow positive each quarter going forward.

即使我們降低了指導，我們預計第四季度的收入將實現中個位數成長。我們也預計，未來每季調整後的 EBITDA 和自由現金流將為正值。

We continue to be confident in our strategic plan and believe we'll begin to see that reflected in our financial results in the coming quarters as our newer initiatives gain traction and the near-term headwinds we are currently working through, subside. The level and scale of customer engagements we are having is a clear indication that we are targeting the right part of the market. Our focus for the remainder of the year is to execute on our strategic priorities as quickly as possible to position the business for improved top and bottom-line results in 2024 and beyond.

我們仍然對我們的策略計劃充滿信心，並相信隨著我們的新舉措獲得關注以及我們目前正在克服的近期阻力的消退，我們將開始在未來幾季的財務業績中看到這一點。我們的客戶參與程度和規模清楚地表明我們瞄準了正確的市場部分。今年剩餘時間裡，我們的重點是盡快執行我們的策略重點，以確保業務在 2024 年及以後實現更好的營收和利潤。

With that, we will now take your questions.

現在我們將回答您的問題。

Thank you, everyone, for joining us this afternoon. We'll begin our Q&A with questions from Steve Frankel, Rosenblat Securities. Steve.

謝謝大家今天下午加入我們。我們將從羅森布拉特證券公司的史蒂夫·弗蘭克爾 (Steve Frankel) 提出的問題開始我們的問答。史蒂夫.

Marc, maybe start with a little look at the economy. What are you seeing out there? And how is that impacting the business?

馬克，也許可以先看看經濟。你在外面看到什麼？這對業務有何影響？

Thanks, Steve. The good news is that on the big-deal side, we are winning things like Yahoo and the NHL because we provide a unique benefit to companies of that size and scale that we can deliver a better total cost of ownership than pretty much anybody else out there, and we deliver something that can actually improve their operating cost profile. So we saw a 5x to 6x ROI, for example, we delivered to Yahoo there.

謝謝，史蒂夫。好消息是，在大交易方面，我們正在贏得像雅虎和 NHL 這樣的公司，因為我們為這種規模和規模的公司提供了獨特的好處，我們可以比其他任何人提供更好的總擁有成本在在那裡，我們提供的東西可以真正改善他們的營運成本狀況。所以我們看到了 5 到 6 倍的投資回報率，例如，我們向雅虎交付了產品。

So I think because of the pressure on those companies to do things for less, we can actually win meaningful sizable new business up market. But it has a double-edged sword, right? We've certainly seen the pressures on the add-on side of our business. I think those are both economic, right? In the lengthening sales cycles we see either in bigger deals or sometimes mid-sized deals or add-ons to some of our customers.

因此，我認為，由於這些公司面臨著以更少的成本做事的壓力，我們實際上可以贏得有意義的、規模可觀的上游市場新業務。但它有一把雙刃劍，對吧？我們當然已經看到了我們業務附加方面的壓力。我認為這些都是經濟上的，對嗎？在延長的銷售週期中，我們看到要么是較大的交易，要么是有時是中型的交易，或者是對某些客戶的附加服務。

And then look, there is definitely something in our business where the sales coming out of COVID in a year posed -- entitlements were purchased by many of our especially North American media customers that they're still growing into. And as they grow into those and we hit those renewal cycles, they're either renewing flat to down. And I think we're going to age through that cycle here in the next few quarters, but it certainly has been a headwind we've been combating here over the past year.

然後看，我們的業務中肯定有一些東西是由新冠疫情帶來的一年內的銷售額構成的——我們的許多特別是北美媒體客戶購買了權利，他們仍在成長。當它們成長為這些並且我們進入這些更新周期時，它們的更新要么持平，要么下降。我認為我們將在接下來的幾個季度中度過這個週期，但這無疑是我們在過去一年中一直在應對的逆風。

Okay. And then you mentioned a couple of initiatives that are working really well. How about some specifics on what's not working and what do you need to do going forward?

好的。然後你提到了一些非常有效的措施。能否詳細說明哪些內容不起作用以及您今後需要做什麼？

For sure. I think there's a couple of initiatives that have taken long enough to come to this stage where we're actually, I wouldn't say pausing, but at least pulling back on resource commitment to them. We had an initiative called like a CDN switching initiative, sort of supply that to customers and see if that would benefit them. We found that us just solving the CDN problem is a better solution for them right now, and they don't need that sort of technology. So we've backed away from that pretty quickly.

一定。我認為有一些舉措花了足夠長的時間才達到這個階段，我不會說暫停，但至少撤回了對它們的資源承諾。我們有一個名為 CDN 切換計劃的計劃，類似於向客戶提供該計劃，看看這是否會讓他們受益。我們發現我們現在解決CDN問題對他們來說是一個更好的解決方案，而且他們不需要那種技術。所以我們很快就放棄了這一點。

The second thing I'd say is our advisory practices. We're sort of in between on those. We have a media advisory practice and an enterprise advisory practice. We have a small number of people focused on it, but we have not ramped the hiring there as we're waiting to see if we can really build that out.

我要說的第二件事是我們的諮商實務。我們的立場介於兩者之間。我們有媒體諮詢業務和企業諮詢業務。我們有一小部分人專注於此，但我們還沒有加強招募力度，因為我們正在等待，看看我們是否真的能做到這一點。

And then finally, I'd bring up Ad Monetization, which has been going well in terms of setting it up. But in terms of that, actually producing revenue for us here in the back half. I think it's going to come more in the flavor of services we provide to companies. It will still come in that inventory, but I think that inventory is going to take much longer to scale than I think we originally expected, which I think is fine. I think we have the right approach. We're helping customers we're getting in more conversations because we have that capability, but I think it's going to be a more services-style approach here in the next couple of quarters rather than pure inventory and benefiting from moving that inventory for our customers.

最後，我會提出廣告貨幣化，它的設定進展順利。但就這一點而言，實際上是在後半段為我們創造了收入。我認為這將更多地體現在我們為公司提供的服務中。它仍然會出現在庫存中，但我認為庫存規模的擴大需要的時間比我們最初預期的要長得多，我認為這很好。我認為我們有正確的方法。我們正在幫助客戶進行更多對話，因為我們有這種能力，但我認為在接下來的幾個季度中，這將是一種更服務的方法，而不是純粹的庫存，並從為我們的庫存轉移中受益。顧客。

Okay. And then maybe how long do you think it takes for the halo effect from Yahoo to help you land a couple more deals like that?

好的。然後，您認為雅虎的光環效應需要多長時間才能幫助您獲得更多這樣的交易？

Yes. Like we said, that pipeline has been building, not just starting on Monday when we were able to announce Yahoo as that customer but for over a year now. And we have a dozen plus, if not, almost 2 dozen opportunities, I think greater than $0.5 million or $1 million, certainly a number in 7 figures that we've not seen in recent years or quarters. So we're very optimistic that the opportunities that we're seeing there are -- we're going to close here in the near term, right, in the next quarter or 2. And that gives us great visibility into where that could play out over the next year or so.

是的。正如我們所說，這條管道一直在建立，不僅僅是從週一我們宣布雅虎成為該客戶時開始的，而且已經持續了一年多了。我們有十多個，如果沒有的話，幾乎有兩打機會，我認為超過 50 萬美元或 100 萬美元，當然是我們近年來或幾個季度從未見過的 7 位數的數字。因此，我們對所看到的機會非常樂觀 - 我們將在短期內關閉這裡，對吧，在下一個或兩個季度。這使我們能夠很好地了解可以發揮作用的地方在未來一年左右的時間裡。

And we view it as a pipeline, we are going to continue to build sort of it's a flywheel, right? As we win more, I think more people will have that confidence, we can provide better rates on entitlements as we grow and scale. And it certainly gives us an advantage that I think nobody else has. So I think we're in a great spot there over the long run. It's just those deals are not things that we can sort of wish into fruition earlier than those companies are ready to move on those larger deals.

我們將其視為一條管道，我們將繼續建造某種飛輪，對吧？隨著我們贏得更多，我認為更多的人會有信心，隨著我們的成長和規模擴大，我們可以提供更好的權益費率。這確實為我們帶來了我認為其他人沒有的優勢。所以我認為從長遠來看我們處於一個很好的位置。只是在這些公司準備好進行更大的交易之前，我們無法希望這些交易能夠實現。

And then the last question is, do you fundamentally still believe once you get this thing on the right track that you can grow the business double digits on the top line.

最後一個問題是，你是否仍然相信，一旦你讓這件事走上正確的軌道，你的業務收入就能實現兩位數的成長。

We do. We certainly do think that 10% plus growth target is there for us. I think we are going to start to see the results of what we've been doing here in Q4. You'll start to see that growth come back again. And we want to do it on an EBITDA -- and we're going to do it on an EBITDA positive and free cash flow positive basis.

我們的確是。我們確實認為 10% 以上的成長目標對我們來說是可行的。我認為我們將開始看到我們在第四季度所做的事情的結果。您將開始看到增長再次回來。我們希望在 EBITDA 為正且自由現金流為正的基礎上做到這一點。

And so I think you'll see that start to happen in Q4 and into next year over time. And we certainly do think we can grow at that speed. And I think we're trying to do it, frankly, at this point without that add-on entitlement growth that we've been having for years in the past, and we've seen this dip in the last couple of quarters. But I think my long-term view there is that, that will come back. We will effectively lap that renewal cycle over time here, probably in the next 2 to 4 quarters. And I think after that, we should see sort of that come back as we built out our cross-sell, upsell muscle a little bit stronger.

因此，我認為隨著時間的推移，您會看到這種情況在第四季度開始發生，並持續到明年。我們確實認為我們可以以這樣的速度成長。坦白說，我認為我們目前正在努力做到這一點，而沒有過去幾年我們一直在享受的附加權利增長，而且我們在過去幾個季度看到了這種下降。但我認為我的長期觀點是，這種情況將會回來。隨著時間的推移，我們將有效地完成更新週期，可能是在接下來的 2 到 4 個季度內。我認為在那之後，隨著我們增強交叉銷售、追加銷售的實力，我們應該會看到這種情況回來。

Thanks, Steve. And we'll take our next questions from Mike Latimore at Northland Securities.

謝謝，史蒂夫。接下來我們將回答 Northland Securities 的 Mike Latimore 提出的問題。

Great. Yes, I was interested in a little more color on the media pipeline. Can you talk a little bit about what you're seeing there? Are you -- are the opportunities largely replacing other vendors or replacing DIYs? Is there any kind of concentration in one of those 2 categories? And also, is the opportunity in the media pipeline more kind of the full stack or more selling a component?

偉大的。是的，我對媒體管道上更多的色彩感興趣。您能談談您在那裡看到的情況嗎？您是否認為這些機會主要是取代其他供應商或取代 DIY 廠商？這兩個類別中的一個是否有某種集中？此外，媒體管道中的機會是更多的是全端還是更多的是銷售組件？

Great news, it's a mix of almost all those things, right, because it's enough different and differentiated deals that I see a little bit of everything there. Maybe the one thing you didn't mention is what I would call, new project growth, right?

好消息，它幾乎是所有這些東西的混合體，對吧，因為它有足夠不同和差異化的交易，我在那裡看到了一些東西。也許你沒有提到的一件事就是我所說的新專案成長，對吧？

There are companies out there that want to head into a new space, launch a new service do something different than they've done in the past, and they're turning to us to help advise them on what to do, how to build it and then whether we can help them build it together and use our platform to do it at scale very, very quickly.

有些公司想要進入一個新的領域，推出一項新的服務，做一些與過去不同的事情，他們正在向我們尋求幫助，為他們提供建議，告訴他們該做什麼、如何建造它然後我們是否可以幫助他們一起建立它並使用我們的平台非常非常快地大規模實現它。

So I'd say there's sort of new projects, there's rip and replace sort of the do-it-yourself model, can we rip and replace a large portion of that infrastructure. There are slices of that infrastructure that we can replace. There are land and expands, where we go in with a piece and have some growth there with some of the larger companies, into either other divisions or other areas of our stack that we can grow.

所以我想說有一些新項目，有一些拆除和更換的DIY模型，我們可以拆除和更換大部分基礎設施嗎？我們可以替換該基礎設施的某些部分。我們有土地和擴張，我們可以在那裡與一些大公司一起發展，進入其他部門或我們可以發展的堆疊的其他領域。

So it's multifaceted, and each company is its own beast, so to speak, in terms of how they approach the market. And I think we are seeing unique opportunities, especially in the North American market, where we have all flavors of that. And I think what we're trying to leverage now is how do we build that new business pipeline in a much more global fashion.

所以它是多方面的，可以說，就其進入市場的方式而言，每家公司都是自己的野獸。我認為我們看到了一個獨特的機會，特別是在北美市場，我們擁有各種類型的機會。我認為我們現在正在嘗試利用的是如何以更全球化的方式建立新的業務管道。

Got it. And then on the Yahoo deal, how is that deployment going? And when is that supposed to be complete?

知道了。那麼在雅虎交易方面，部署進度如何？那什麼時候該完成？

We're actively deploying, it's literally hundreds, if not 1,000, I think, properties across their full entity that we're enabling. So it's -- will take some time to fully implement probably through most of this year, but we are in the middle of it. We are already live on a number of things, and it's going very, very well. I have an episode of PLAY, which is our video series that we launched on our video service, where I talked to the President and GM of their home ecosystem business. And I think we talked a little bit about the breadth and depth of their properties there. And when we talked to them on that call, they felt very good about where we were in terms of implementation already.

我們正在積極部署，我認為，我們正在啟用的整個實體中的屬性實際上是數百個（如果不是 1,000 個）。因此，可能需要一些時間才能在今年的大部分時間裡全面實施，但我們正處於其中。我們已經在做很多事情，而且進展得非常非常順利。我有一集《PLAY》，這是我們在視訊服務上推出的影片系列，我在其中與他們的家庭生態系統業務的總裁和總經理進行了交談。我認為我們討論了他們在那裡的財產的廣度和深度。當我們在那次電話會議上與他們交談時，他們對我們在實施方面已經取得的進展感到非常滿意。

Great. And just last, gross margins. How should we think about those in the second half of the year here?

偉大的。最後是毛利率。我們該如何看待下半年的情況？

Yes. I'd think about the second half much closer to the second quarter than the combined first half where we saw that lower first quarter. Team has done a great job driving efficiency across our top to bottom tech stack, working with our vendors to drive better pricing for us. So as you look at the second half, think more like the second quarter.

是的。我認為下半年比第二季度的合併更接近第二季度，我們看到第一季較低。團隊在提高我們自上而下技術堆疊的效率方面做得非常出色，與我們的供應商合作為我們提供了更好的定價。因此，當你看下半場時，請多思考第二季。

And with that, we'll hand it over to Eric Martinuzzi from Lake Street Capital Markets for our final questions.

接下來，我們將把最後的問題交給 Lake Street Capital Markets 的 Eric Martinuzzi。

Yes. Could you revisit the cash expectations for 2023? What was the number again? And then, how does it flow through Q3, Q4?

是的。您能否重新檢視 2023 年的現金預期？又是多少號？那麼，它是如何流經Q3、Q4的呢？

Yes. So cash expectations for the year now are kind of a negative $4 million to breakeven for the full year. If you remember, we had that $17.5 million free cash flow burn in the first quarter. We just saw $7.1 million. So you can think about the back half of the year kind of averaging between those 2 quarters with a little bit of improvement in Q4.

是的。因此，今年的現金預期為負 400 萬美元，全年損益兩平。如果你還記得的話，我們第一季的自由現金流消耗了 1750 萬美元。我們剛剛看到 710 萬美元。因此，您可以考慮今年下半年這兩個季度的平均情況，第四季度略有改善。

Okay. And then you talked about the partners, one of the new ones that I took note of was PubMatic, explain to me how that is different or similar versus Magnite.

好的。然後你談到了合作夥伴，我注意到的新合作夥伴之一是 PubMatic，請向我解釋它與 Magnite 有何不同或相似之處。

Yes. Our first partnership in the ad business was with Magnite and SpringServe. And SpringServe is the ad-serving technology we're using to deliver for our partners when they ask that from us. So I think of SpringServe as the core ad serving. Magnite, it has SSP that stitches in there and can help fill demand or supply that we throw into the system with demand.

是的。我們在廣告業務的第一個合作夥伴是 Magnite 和 SpringServe。 SpringServe 是我們用來在合作夥伴提出要求時為他們提供的廣告服務技術。所以我認為SpringServe是核心的廣告投放。 Magnite，它有 SSP，可以縫合在那裡，可以幫助滿足我們隨需求投入系統的需求或供應。

PubMatic is doing the same thing as effectively Magnite but brings a different set and a broader set of advertisers to the mix for our customer base and should help boost demand that we can deliver from the supply we throw into that marketplace. But like I said, I think it's going to take us a little bit of time to get that supply to really flow through from the customers we have. The dialogues we're having are fantastic with many of our customers. It's helping us win deals. But I think it's going to take a little bit longer to have revenue generate in meaningful chunks off of those customers. And I think a services approach we're going to have in the back half of the year on how we can supply ad operations and ad audits and those types of things through our team are going to be the way we see revenues sooner.

PubMatic 正在做與 Magnite 相同的事情，但為我們的客戶群帶來了不同的、更廣泛的廣告商組合，並且應該有助於增加我們可以從我們投入該市場的供應中提供的需求。但正如我所說，我認為我們需要一些時間才能真正從我們擁有的客戶那裡獲得供應。我們與許多客戶的對話非常精彩。它幫助我們贏得交易。但我認為，要從這些客戶身上獲得大量收入，還需要更長的時間。我認為，我們將在今年下半年採用一種服務方法，了解如何透過我們的團隊提供廣告營運和廣告審計以及此類事情，這將是我們更快看到收入的方式。

Okay. And then on the new business generation, you're obviously having some success here, but the growth in deal size is -- historically larger deal size means longer timeline. Can you juxtapose kind of the large deal flow between the media side versus the enterprise side?

好的。然後，在新一代業務中，您顯然在這裡取得了一些成功，但交易規模的成長是——從歷史上看，更大的交易規模意味著更長的時間表。您能否將媒體方與企業方之間的大型交易流並置起來？

Yes. I think the great news is that the large deal pipeline is building on both sides of the business. It's slightly different in terms of scale, right? You're going to see fewer 7-figure deals on the enterprise side, although there are a handful that are possible and mostly 6-figure deals when we talk about moving upmarket. And on the media side, you can see a number of 7-figure deals in that mix for us in the pipeline. So we're excited about where that takes us.

是的。我認為好消息是，大型交易管道正在雙方業務中建立。就規模而言略有不同，對吧？在企業方面，你會看到更少的 7 位數交易，儘管有少數可能，而且當我們談論進入高端市場時，大多數是 6 位數的交易。在媒體方面，您可以看到我們正在醞釀一系列價值 7 位數的交易。因此，我們對這將我們帶到何處感到興奮。

And it's just a slightly different go-to-market motion, right? We're selling multiple products into the enterprise side, we sell a marketing product, we sell a communications product and solution, and we can go and customize those in different ways for different types of companies. Whereas on the media side, we have a full suite and it's really a question of are we doing that full thing for someone or are we picking and choosing a use case in terms of how they're doing it. So it really does depend customer to customer and territory to territory.

這只是一個略有不同的上市行動，對吧？我們向企業端銷售多種產品，我們銷售行銷產品，我們銷售通訊產品和解決方案，我們可以以不同的方式為不同類型的公司客製化這些產品。而在媒體方面，我們有一套完整的套件，這實際上是一個問題，我們是為某人做全套事情，還是我們根據他們的做法來挑選和選擇用例。因此，這確實取決於客戶與客戶、地區與地區。

Thanks, Eric. Marc?

謝謝，埃里克。馬克？

Great. Thank you very much for the questions. We appreciate you joining the call. Hopefully, your takeaways are that we are on the right track and the right market and that we have the right solutions for our customers that you can see the new business success is helping us get confidence in where we're headed over the long run and that we hope to deliver and we plan to deliver in Q4, the growth that we've been talking about, along with EBITDA and free cash flow positive version of that growth. So we're excited to do that over the back half of the year.

偉大的。非常感謝您的提問。我們感謝您加入此通話。希望您的收穫是，我們走在正確的軌道和正確的市場上，我們為客戶提供了正確的解決方案，您可以看到新業務的成功正在幫助我們對長期發展方向充滿信心，並且我們希望並計劃在第四季度實現我們一直在談論的成長，以及EBITDA 和自由現金流的正值成長。因此，我們很高興能在今年下半年做到這一點。

Thanks so much for joining. We look forward to speaking to you next quarter, and we'll talk again. Thanks.

非常感謝您的加入。我們期待下個季度與您交談，我們將再次交談。謝謝。