Brightcove Inc (BCOV) 2024 Q2 法說會逐字稿

Good afternoon and welcome to Brightcove's second-quarter of 2024 earnings presentation. Today, we will discuss the results announced in our press release issued after the market closed.

下午好，歡迎來到 Brightcove 的 2024 年第二季財報。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 as amended, including statements concerning our financial guidance for the third fiscal quarter of 2024 and the full year 2024, expected revenue, 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，我們將做出與我們的業務相關的聲明，這些聲明可能被視為前瞻性的，並根據經修訂的1995 年《私人證券訴訟改革法案》的安全港條款做出，包括有關我們第三財季財務指引的聲明2024 年和 2024 年全年、預期收入、獲利能力和自由現金流、我們執行上市和成長策略的地位、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獲取新客戶的能力。

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 management's belief as of today and should not be reflected upon as representing our views as of any subsequent date. These statements are subject to a variety of risks, uncertainties, and changes in circumstances that are difficult to predict, and many of which are outside of our control.

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。這些陳述反映了管理層截至目前為止的信念，不應被視為代表我們在任何後續日期的觀點。這些陳述受到各種難以預測的風險、不確定性和情況變化的影響，其中許多是我們無法控制的。

For 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. It is updated by our subsequent 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。我們隨後向 SEC 提交的文件對此進行了更新。

Also, during the course of today's presentation, we will refer to certain non-GAAP financial measures. There is a reconciliation schedule showing the most directly comparable GAAP financial measures versus non-GAAP measures available in our press release issued after market close 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一份調整表，顯示了最直接可比較的 GAAP 財務指標與非 GAAP 財務指標，您可以在我們的網站 www.brightcove.com 上找到該表。

Thank you all for joining today. I'm Marc DeBevoise, CEO here at Brightcove and with me today is Brightcove's CFO, John Wagner.

感謝大家今天的加入。我是 Marc DeBevoise，Brightcove 的首席執行官，今天和我在一起的是 Brightcove 的財務長 John Wagner。

As always, we're pleased to be streaming this to you on our own video cloud platform. Today, we'll discuss our second quarter results, provide an update on our strategic progress, and update our view for the second half of the year and beyond. I'll begin with a quick overview of the strong financial results we delivered in Q2, which were meaningfully above the high end of our guidance range.

像往常一樣，我們很高興在我們自己的視訊雲端平台上將其串流傳輸給您。今天，我們將討論第二季度的業績，提供有關我們戰略進展的最新信息，並更新我們對下半年及以後的看法。我將首先快速概述我們在第二季度交付的強勁財務業績，該業績明顯高於我們指導範圍的上限。

Total revenue for Q2 was $49.2 million above the high end of our guidance range. While revenue and revenue excluding overages were modestly down year-over-year, this was expected as we anniversary the large Yahoo new business deal of Q1 2023.

第二季的總收入比我們指導範圍的上限高出 4,920 萬美元。儘管收入和不計超額收入的收入同比小幅下降，但在我們慶祝 2023 年第一季雅虎大型新業務交易週年之際，這一情況是預料之中的。

Adjusted EBITDA was $3.8 million meaningfully above the high end of our guidance range and up slightly year-over-year. It was especially strong given we shifted our standard merit pay increases this year to Q2 versus Q1 in 2023.

調整後 EBITDA 為 380 萬美元，明顯高於我們指導範圍的上限，並且比去年同期略有上升。鑑於我們將今年的標準績效薪資成長從 2023 年第一季轉移到第二季度，這一趨勢尤其強勁。

I'm pleased by our ability to exceed our guidance for Q2 across the board, including another strong profitability quarter. I'm also specifically pleased with our year-to-date first half financial performance for a few reasons. First and foremost, we are well on our way to deliver on our full year guidance across the board, revenue, EBITDA, and free cash flow.

我很高興我們能夠全面超越第二季的指導，包括另一個強勁的獲利季度。基於幾個原因，我對我們今年迄今上半年的財務表現也特別滿意。首先也是最重要的是，我們正在全面實現全年指引、收入、息稅折舊攤提前利潤 (EBITDA) 和自由現金流。

Revenue in the first half was flat year-over-year, but on a constant currency basis, revenue actually grew roughly $1 million in the first half. On EBITDA, we were up dramatically year-over-year, delivering nearly $9 million in EBITDA in the first half of this year versus just under $1 million in the first half of 2023. And it would have been even better on a constant currency basis.

上半年營收年持平，但以固定匯率計算，上半年營收實際上成長了約 100 萬美元。在 EBITDA 方面，我們年比大幅成長，今年上半年實現了近 900 萬美元的 EBITDA，而 2023 年上半年則略低於 100 萬美元。如果以固定匯率計算，情況會更好。

We are clearly delivering on our commitment to disciplined management while continuing to invest in our key strategic priorities. On free cash flow, we generated nearly $1 million in the first half and expect to continue to generate cash through the rest of 2024 and added $5.5 million in cash to our balance sheet, taking into account the positive impact of the patent sale in Q1 and some negative FX impact across the first half. Ultimately, we hope you take away from our results is that we have transformed our business to be structurally EBITDA positive and free cash flow generative and laid the foundation for future growth.

我們明確地履行了對嚴格管理的承諾，同時繼續投資於我們的關鍵策略重點。在自由現金流方面，考慮到第一季專利出售和上半年匯率受到一些負面影響。最終，我們希望您從我們的業績中得到的收穫是，我們已經將我們的業務轉型為結構性 EBITDA 正值和自由現金流生成型，並為未來的成長奠定了基礎。

Digging into our business and sales performance in the quarter, it was in line with our expectations. However, the mix of business was a little different than we've seen in the recent quarters. Positively, we had our best add-on sales performance in well over a year in Q2. Add-on sales in Q2 were approximately 25% above our trailing four quarter average and above last quarter and the year ago quarter, and average add-on deal sizes were the largest they've been in six quarters.

深入研究我們本季的業務和銷售業績，符合我們的預期。然而，業務組合與我們最近幾季看到的略有不同。積極的一面是，我們在第二季度取得了一年多來最好的附加銷售業績。第二季的附加銷售比我們過去四個季度的平均水平高出約 25%，也高於上一季和去年同期的水平，平均附加交易規模是六個季度以來最大的。

This helped deliver record ARPU again this quarter at $99,000. This was all driven by strong upsell and cross sell act combined with improved entitlement add-ons primarily in international markets. One key thing that's been missing in recent quarters has been this add-on entitlement growth, which we saw return this quarter from numerous global media companies. This isn't broad based yet, and we still have other customers going through entitlement downgrades to right size their entitlement base, but the quarter did see a reversal of recent trends.

這使得本季的 ARPU 再次創下新紀錄，達到 99,000 美元。這一切都是由強勁的追加銷售和交叉銷售行為以及主要在國際市場上改進的權利附加產品所推動的。最近幾季缺少的一個關鍵因素是附加權利的成長，我們在本季看到許多全球媒體公司的回報。這還不是廣泛的基礎，我們仍然有其他客戶正在經歷權利降級以適當調整他們的權利基礎，但本季確實看到了近期趨勢的逆轉。

We also saw a modest increase in overages, which is another data point that gives us some optimism we are getting through and closer to working through this down sell cycle. Another important part of our add-on strategy is to diversify our sales opportunities with purpose built, use case specific solutions. To that end, we continue to make progress building pipeline and signing some nice wins with Marketing Studio, Communication Studio, and also now with a new sales use case. We are still relatively early in widely selling some of these newer offerings.

我們還看到超額數量略有增加，這是另一個數據點，讓我們對我們正在度過的並接近度過這個降價週期感到樂觀。我們附加策略的另一個重要部分是透過專門建立的、特定於用例的解決方案來使我們的銷售機會多樣化。為此，我們繼續在管道建設方面取得進展，並與行銷工作室、通訊工作室簽署了一些不錯的合同，現在還簽署了新的銷售用例。我們在廣泛銷售其中一些較新產品方面還處於相對較早的階段。

Overall, Q2 was a net positive in improving the performance of our add-on sales and getting that part of the business closer to stabilization, but it remains early to say that we are all the way where we want to be. Conversely, our new business performance was a little more mixed in the quarter. We signed quality wins with enterprise and media customers and continue to be pleased with the size of our new business transactions, which remained in line with our stronger, more recent quarters.

總體而言，第二季度對於改善我們的附加銷售業績並使這部分業務更接近穩定來說是一個淨積極因素，但現在說我們已經完全達到我們想要的目標還為時過早。相反，本季我們的新業務表現則有些複雜。我們與企業和媒體客戶簽署了品質合同，並對我們的新業務交易規模繼續感到滿意，這與我們最近幾個季度的強勁表現保持一致。

However, we did find that the new business environment was more challenging this quarter as it progressed. Customer interest and demand signals remain positive, but we saw sales cycles generally get longer and experienced an increase in the number of deals that pushed out of the quarter. This is most notable amongst our larger potential customers.

然而，我們確實發現本季新的商業環境隨著進展更具挑戰性。客戶興趣和需求訊號仍然積極，但我們看到銷售週期普遍更長，並且本季度推出的交易數量有所增加。這在我們較大的潛在客戶中最為顯著。

While we believe this is largely a function of more challenging software spending environment, which has been noted by a number of SaaS companies in recent months, we do believe we can execute better than we did in Q2, including this third quarter.

雖然我們認為這在很大程度上是軟體支出環境更具挑戰性的結果，最近幾個月許多SaaS 公司都注意到了這一點，但我們確實相信我們可以比第二季（包括第三季）執行得更好。

From an expense perspective, we were pleased with our progress in driving productivity and efficiency across the business. For example, non-GAAP operating expenses were down 6% year-over-year in Q2. We are confident that we can hold expenses relatively flat in the coming quarters while continuing to invest in our key focus areas that we expect will return the business to consistent revenue growth.

從費用的角度來看，我們對提高整個企業的生產力和效率所取得的進展感到滿意。例如，第二季非 GAAP 營運費用年減 6%。我們有信心在未來幾季保持支出相對平穩，同時繼續投資於我們的關鍵重點領域，我們預計這將使業務恢復持續的收入成長。

Expanding margins over time is core focus for us and we believe we have a number of levers to deliver that outcome. One of those newer levers is AI. The team has been working to identify ways to utilize AI to improve our overall efficiency and specifically that of our platform to improve gross margins.

隨著時間的推移擴大利潤是我們的核心關注點，我們相信我們有很多手段來實現這一成果。這些新的槓桿之一就是人工智慧。該團隊一直致力於尋找利用人工智慧提高整體效率的方法，特別是提高平台整體效率的毛利率。

As I mentioned last quarter, we partnered with AWS to evolve our award winning customer service and success to deliver answers about our solutions using Amazon's Q technology, making our teams more responsive, productive, and efficient. That is just the beginning of bearing fruit for us in terms of time and efficiency savings.

正如我上季度提到的，我們與AWS 合作，發展我們屢獲殊榮的客戶服務，並成功使用Amazon Q 技術提供有關我們的解決方案的答案，使我們的團隊反應更快、生產力更高、效率更高。這只是我們在時間和效率節省方面取得成果的開始。

We're now turning our sights on ways we can use AI internally, including some of our own AI technologies like Context Aware Encoding. We believe this can help improve our gross and operating margins over time. As I mentioned, we did sign a number of exciting new business add-on and renewal transactions in Q2 across a wide range of industries and geographies. This included networks and streaming services like Canela Reels, TV Asahi, TVB, Tver, Virgin Media, Media24/7 Network, Sky Mexico, Coupang [Gaya], Télé-Québec, and TV New Zealand.

我們現在將目光轉向內部使用人工智慧的方式，包括我們自己的一些人工智慧技術，例如上下文感知編碼。我們相信，隨著時間的推移，這有助於提高我們的毛利率和營業利潤率。正如我所提到的，我們確實在第二季簽署了許多令人興奮的新業務附加和續訂交易，涉及各個行業和地區。其中包括 Canela Reels、TV Asahi、TVB、Tver、Virgin Media、Media24/7 Network、Sky Mexico、Coupang [Gaya]、Télé-Québec 和 TV New Zealand 等網路和串流服務。

One media win I would like to highlight was an important multi-year, nearly seven-figure annual new business, new customer deal with a North American television network who is replacing a significant portion of its existing video tech delivery stack with Brightcove. This will be a great example of the flexibility and cost efficiency of our platform and that it can provide any streaming company and was a strong competitive win. We expect to see more opportunities in this part of the market going forward.

我想強調的一個媒體勝利是與北美電視網絡達成的一項重要的多年期、年度近七位數的新業務、新客戶協議，該電視網絡正在用Brightcove 替換其現有視頻技術交付堆棧的很大一部分。這將是我們平台靈活性和成本效率的一個很好的例子，它可以為任何串流媒體公司提供服務，並且是一個強有力的競爭勝利。我們預計未來這部分市場將出現更多機會。

Additionally, we closed deals with content brands like BBC Studios, Debbie Barr Mercury United World Wrestling, and Jukin Media. We also had a number of renewals and add-ons that continued our success in sports, including RayCom Sports Atlantic Coast Conference, Wimbledon, the ATP Tour, PGA of America, Formula E, Canadian Football League, and Japanese sports streaming leader, Undo Tsushin.

此外，我們也與 BBC Studios、Debbie Barr Mercury United World Wrestling 和 Jukin Media 等內容品牌達成了交易。我們還進行了許多續訂和附加項目，以延續我們在體育領域的成功，包括RayCom Sports 大西洋海岸會議、溫布頓、ATP 巡迴賽、美國PGA、電動方程式、加拿大橄欖球聯盟以及日本體育流媒體領導者Undo Tsushin 。

We're also proud to be coming to the end of a successful Summer Olympics, which we helped support the streaming efforts of numerous customers over the past few weeks. In addition to enabling the streaming of the UEFA Euro and Copa America finals just a few weeks ago.

我們也為夏季奧運會的成功落幕而感到自豪，在過去的幾周里，我們幫助支持了眾多客戶的串流媒體工作。除了幾週前還啟用了歐洲盃和美洲盃決賽的直播。

Plus, we continued our success in the arts vertical with the Queensland Performing Arts Center, the Academy of Motion Picture Arts and Sciences, the British Film Institute, The Met Opera, and The Lincoln Center Chamber Music Society. There are also three recent customer go-lives that are great examples of the broader opportunity we see in the media streaming market.

此外，我們也與昆士蘭表演藝術中心、電影藝術與科學學院、英國電影學院、大都會歌劇院和林肯中心室內樂協會繼續在垂直藝術領域取得成功。最近的三個客戶上線也是我們在媒體串流市場中看到的更廣泛機會的一個很好的例子。

J:COM, the largest cable company in Japan, recently launched its newest streaming service, J:COM's Animal Watch, which broadcasts content from across Japan's zoos and aquariums to its millions of subscribers.

日本最大的有線電視公司 J:COM 最近推出了最新的串流媒體服務 J:COM 的 Animal Watch，該服務向數百萬訂閱者播放來自日本動物園和水族館的內容。

J:COM is a big media company expanding with alternative ideas, and this concept represents a number of additional growth opportunities for us over time. FrightPix, a new free AVOD streaming service focused on horror, thriller, and true crime, successfully launched on Brightcove's platform as well. This is a great example of how independent media companies can meet the demand for specialized content with a top-tier viewing experience from Brightcove much faster and for less money than building it on their own.

J:COM 是一家以另類理念不斷擴張的大型媒體公司，隨著時間的推移，這一理念為我們帶來了許多額外的成長機會。FrightPix 是一項新的免費 AVOD 串流服務，專注於恐怖片、驚悚片和真實犯罪片，也在 Brightcove 平台上成功推出。這是一個很好的例子，說明獨立媒體公司如何能夠透過 Brightcove 的頂級觀看體驗來滿足對專業內容的需求，並且比自己建立內容更快、成本更低。

Sunn Stream, a new streaming service offering family-friendly movies, music, and educational content, also launched on Brightcove. Sunn Stream was drawn to our ability to provide an intuitive, personalized viewer experience and best-in-class analytics that will enable them to make it easier for their customers to find the content they love.

Sunn Stream 是一項新的串流服務，提供適合家庭觀看的電影、音樂和教育內容，也在 Brightcove 上推出。Sunn Stream 被我們提供直覺、個人化的觀看體驗和一流分析的能力所吸引，這將使他們能夠讓客戶更輕鬆地找到他們喜歡的內容。

Both Sunn Stream and FrightPix are great examples of that next set of streaming providers we often talk about that will become more important as the streaming industry matures. In the enterprise space, we also signed a meaningful set of new add-on and renewal deals with B2B software companies like Acquia, AMD, Autodesk, Broadcom, DocuSign, HP, Palo Alto Networks, and ServiceNow. Consumer and retail customers like Nestle, Longchamp, and Cars.com.

Sunn Stream 和 FrightPix 都是我們經常談論的下一批串流媒體提供商的絕佳例子，隨著串流媒體行業的成熟，它們將變得更加重要。在企業領域，我們也與 Acquia、AMD、Autodesk、Broadcom、DocuSign、HP、Palo Alto Networks 和 ServiceNow 等 B2B 軟體公司簽署了一系列有意義的新附加和續約協議。雀巢、Longchamp 和 Cars.com 等消費者和零售客戶。

Healthcare companies like Express Scripts, Blue Cross Blue Shield, and Pfizer. Financial and business services companies like McKinsey, Invesco, E&Y, RBC, and Temasek. And then public sector and nonprofit and educational customers like the 9/11 Memorial & Museum, APAC, the Paley Center, Oxford University Press, Kaplan, and then other sizable enterprises including Airstream, Chevron, Marriott, and Havas.

Express Scripts、Blue Cross Blue Shield 和 Pfizer 等醫療保健公司。麥肯錫、景順、安永、加拿大皇家銀行和淡馬錫等金融和商業服務公司。然後是公共部門、非營利和教育客戶，如 9/11 紀念博物館、APAC、佩利中心、牛津大學出版社、Kaplan，以及其他大型企業，包括 Airstream、Chevron、Marriott 和 Havas。

From a product perspective, there were two interesting wins in the quarter that were excellent examples of our evolution into a true engagement leader and business driver for enterprises. These examples also demonstrate how we can revamp and redeploy existing product capabilities to address new use cases.

從產品的角度來看，本季有兩場有趣的勝利，它們是我們發展成為企業真正的參與領導者和業務推動者的絕佳例子。這些範例也展示了我們如何改造和重新部署現有產品功能來解決新的用例。

I like to think of it as leveraging our horizontal platform capabilities, but with use case specific and vertical solutions to deliver value for enterprises. This expands our market opportunity and is a highly efficient way to leverage our investment in R&D. The first example is a win with Palo Alto Networks. They are a long time Brightcove customer that is expanding its thought leadership capabilities by launching Palo Alto Networks TV, which is built on our Brightcove.TV offering previously called CorpTV.

我喜歡將其視為利用我們的水平平台功能，但透過特定用例和垂直解決方案為企業提供價值。這擴大了我們的市場機會，是利用我們研發投資的高效方法。第一個例子是 Palo Alto Networks 的勝利。他們是 Brightcove 的長期客戶，正在透過推出 Palo Alto Networks TV 來擴展其思想領導能力，Palo Alto Networks TV 是基於我們以前稱為 CorpTV 的 Brightcove.TV 產品構建的。

Similar to how we have utilized Brightcove Play TV to evangelize our thought leadership positions to the world, Palo Alto Networks TV will be their own digital streaming channel for B2B and B2C marketing, always on to engage their target audiences more deeply.

與我們利用 Brightcove Play TV 向世界傳播我們的思想領導地位的方式類似，Palo Alto Networks TV 將成為他們自己的 B2B 和 B2C 行銷數位串流頻道，始終更深入地吸引目標受眾。

The second is a sizable win with a long time global real estate services customer that recently engaged us to enable their nearly 30,000 agents and affiliates to send personalized and branded videos at scale to elevate and promote their luxury home portfolio in a unique and differentiated way. We believe this use case with this customer alone represents a seven figure growth opportunity for us as we expand our relationship with their various subsidiaries.

第二個是與一家長期的全球房地產服務客戶取得的巨大勝利，該客戶最近與我們合作，幫助他們的近30,000 名代理商和附屬公司大規模發送個性化和品牌視頻，以獨特和差異化的方式提升和推廣他們的豪華住宅組合。我們相信，隨著我們擴大與他們各個子公司的關係，光是該客戶的這個用例就為我們帶來了七位數的成長機會。

Beyond real estate, we see this use case with an opportunity to expand in financial services, insurance, and any organization with large distributed sales and support teams that can leverage personalized videos to better engage and communicate with their audiences. It's effectively a new sales use case similar to marketing or communication studio today. For us, it's taking advantage of the majority of what we've already developed with a bit of tweaking and customization and now purpose built for this sales use case.

除了房地產之外，我們還認為此用例有機會擴展到金融服務、保險以及任何擁有大型分散式銷售和支援團隊的組織，這些團隊可以利用個人化影片更好地與受眾互動和溝通。它實際上是一個新的銷售用例，類似於當今的行銷或傳播工作室。對我們來說，它利用了我們已經開發的大部分內容，經過一些調整和定制，現在是專門針對這個銷售用例而構建的。

Our go to market teams are seeing momentum with this capability and beginning to offer it across other verticals as I previously mentioned. This vertical use case specific approach is a strategy we are focused on moving forward and are specifically pursuing it with our go to market teams to find new and repeatable revenue motions.

正如我之前提到的，我們的行銷團隊看到了這種功能的勢頭，並開始在其他垂直領域提供這種功能。這種垂直用例特定方法是我們專注於推進的策略，並與我們的市場團隊一起專門追求它，以尋找新的、可重複的收入動議。

Additionally, we've been pursuing a multi-year deal strategy to better align with customers over the long term and deliver us a more predictable and growing annual recurring revenue base. While we're not all the way where we want to be yet, the record 12 month or greater subscription backlog this quarter of $59 million and near record total subscription backlog of over $180 million are strong leading indicators of where we are headed with a very strong recurring revenue base and seeking to improve net revenue retention over time.

此外，我們一直在追求多年交易策略，以便從長遠來看更好地與客戶保持一致，並為我們提供更可預測且不斷增長的年度經常性收入基礎。雖然我們還沒有完全達到我們想要的目標，但本季創紀錄的12 個月或更長的訂閱積壓金額達到了5,900 萬美元，並且接近創紀錄的總積壓訂閱金額超過1.8 億美元，這些都是強有力的領先指標，顯示我們的發展方向強大的經常性收入基礎，並尋求隨著時間的推移提高淨收入保留。

Continued innovation is foundational to our success and is a significant reason why Brightcove is the most trusted streaming technology company and engagement leader for enterprises. The latest validation of our technical strength was Brightcove being named a leader in Aragon Research's 2024 Research Globe for Enterprise Video for the third consecutive year.

持續創新是我們成功的基礎，也是 Brightcove 成為最值得信賴的串流媒體科技公司和企業參與領導者的重要原因。Brightcove 連續第三年被 Aragon Research 的 2024 Research Globe 企業影片領域評為領導者，這是對我們技術實力的最新驗證。

And we're not stopping. We have innovated and thrived through a series of technological revolutions, from the dawn of the Internet and streaming media to the digital transformation shaping major industries and enterprises, and now to an era defined by engagement automation and the rise of AI.

我們不會停止。我們經歷了一系列科技革命，從網路和串流媒體的興起，到塑造主要產業和企業的數位轉型，再到如今由互動自動化和人工智慧興起定義的時代，我們不斷創新並蓬勃發展。

Last quarter, I briefly introduced our approach and strategy to our future AI product suite. I'm extremely excited to say we've made tremendous progress and expect to announce our broad capability AI suite later in Q3 and are in process with over a dozen customers on piloting its capabilities. Our strategy in AI is customer driven and focused on how we can drive growth and opportunity for them, be it engagement audience or revenue, and increase their efficiency, be it in cost or time savings.

上個季度，我簡要介紹了我們未來人工智慧產品套件的方法和策略。我非常高興地說，我們已經取得了巨大進展，並預計在第三季稍後宣布我們具有廣泛功能的人工智慧套件，並且正在與十多個客戶一起試用其功能。我們的人工智慧策略以客戶為導向，專注於如何為他們推動成長和機會（無論是參與受眾還是收入），並提高他們的效率（無論是節省成本還是時間）。

Our differentiation will be in AI being straightforward and being integrated into our video cloud platform and also continuing to integrate our platform with our customers' other related systems, and keeping our customers' data and content secure and only included in the back end engines they approve, and utilizing best in class partners for back end engines and keeping the customer interaction in our platform, effectively securing our role at the app layer. And using the data we have to predict outcomes with our insights engine and then automating those actions for our customers.

我們的差異化在於人工智慧簡單並整合到我們的視訊雲端平台中，並繼續將我們的平台與客戶的其他相關係統集成，並確保客戶的數據和內容安全，並且僅包含在他們批准的後端引擎中，並利用一流的合作夥伴作為後端引擎，並在我們的平台中保持客戶交互，從而有效地確保我們在應用程式層的角色。我們必須使用數據透過洞察引擎預測結果，然後為客戶自動執行這些操作。

I'm excited to say we have now we now have beta products in flight on numerous parts of our AI suite and over a dozen customers agreed to test and are already actively using at least one of its modules. Stay tuned. Later this quarter we will announce the full depth and breadth of our AI suite, the way we intend to use its predictive capabilities to increase engagement and revenue for our customers and save them time and money.

我很高興地說，我們現在已經在人工智慧套件的許多部分上推出了測試版產品，並且十多個客戶同意測試並且已經在積極使用其至少一個模組。敬請關注。本季度晚些時候，我們將宣佈人工智慧套件的全面深度和廣度，我們打算利用其預測功能來提高客戶的參與度和收入，並為他們節省時間和金錢。

Before I turn the presentation over to John, let me finish by reiterating that we had a solid first half of the year and are well positioned to deliver on our full year targets. We've made good progress building out a more consistent, predictable demand generation and sales motion and continue to push the pace of innovation all while operating with prudent, expense discipline.

在我將演講交給約翰之前，請允許我重申，我們今年上半年表現出色，並且有能力實現全年目標。我們在建立更一致、可預測的需求產生和銷售活動方面取得了良好進展，並繼續推動創新步伐，同時以審慎的費用紀律運作。

We are highly focused on the things we can control and positioning the business to return to consistent revenue growth and further margin expansion.

我們高度關注我們可以控制的事情，並定位業務以恢復持續的收入成長和進一步的利潤率擴張。

While we are pleased that our share price has increased since our last earnings call, we continue to believe we trade at a significant discount to our intrinsic value and that our stock represents an incredibly attractive investment opportunity.

雖然我們很高興自上次財報電話會議以來我們的股價有所上漲，但我們仍然相信我們的交易價格比我們的內在價值大幅折扣，並且我們的股票代表了一個極具吸引力的投資機會。

And with that, let me turn things over to John to walk through the financials and our guidance in more detail. John?

接下來，讓我將事情交給約翰，讓他更詳細地介紹財務狀況和我們的指導。約翰？

Thank you, Marc. I'll begin with a detailed review of our second quarter results and then finish with our outlook for the third quarter and full year 2024. Total revenue in the second quarter was $49.2 million above the high end of our guidance range and down 3% year-over-year. Breaking revenue down further, if we exclude overages of $1.3 million in the quarter, revenue was $47.9 million down approximately 4% year-over-year.

謝謝你，馬克。我將首先詳細回顧我們第二季的業績，然後展望第三季和 2024 年全年。第二季總收入為 4,920 萬美元，高於我們指引範圍的上限，年減 3%。進一步細分收入，如果排除本季 130 萬美元的超額收入，收入為 4,790 萬美元，年減約 4%。

Subscription and support revenue, which includes overages, was $47.4 million and professional services revenue was $1.8 million down 3% and 6% year-over-year respectively. 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 $123.3 million, a decrease of 1% year-over-year.

訂閱和支援收入（包括超額費用）為 4,740 萬美元，專業服務收入為 180 萬美元，分別較去年同期下降 3% 和 6%。 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 1.233 億美元，年減 1%。

Total backlog was $182.2 million, up 3% year-over-year, including a record backlog of $59 million, related to the portion of committed revenue in the period greater than 12 months in the future. On a geographic basis, we generated 61% of our revenue in North America in the quarter and 39% internationally. Breaking down international revenue a bit more, Europe generated 17% of revenue and Japan and Asia Pacific generated 22% of revenue in the quarter.

未完成訂單總額為 1.822 億美元，年增 3%，其中未完成訂單達到創紀錄的 5,900 萬美元，與未來超過 12 個月期間承諾收入的部分相關。從地理來看，本季我們 61% 的營收來自北美，39% 來自國際。如果進一步細分國際收入，歐洲佔本季收入的 17%，日本和亞太地區佔收入的 22%。

Turning to the supplemental metrics we share on a quarterly basis. Recurring dollar retention rate in the second quarter was 83%, which was down from 85% in the previous quarter, due in part to the trend we've seen in recent quarters of reductions in entitlements at contract renewal, especially with our longer duration contracts that originated during the pandemic.

轉向我們每季分享的補充指標。第二季的經常性美元保留率為 83%，低於上一季的 85%，部分原因是我們最近幾季看到合約續約時的權利減少的趨勢，特別是我們的長期合約起源於大流行期間。

As a reminder, this metric only captures renewals in the quarter and upsells at the time of renewal and does not factor in the impact of add-ons during the contract term or multi-year agreements, both of which meaningfully improve our dollar retention.

提醒一下，該指標僅反映當季的續約和續約時的追加銷售，並未考慮合約期限或多年協議期間附加產品的影響，這兩者都有意義地提高了我們的美元保留率。

Net revenue retention rate, which provides a more complete view of year-over-year revenue retention, including the benefit of our growing multi-year customer commitments, was 93% in the quarter, which compares to 92% in the previous quarter and 95% in the second quarter of 2023.

本季的淨收入保留率為 93%，可以更全面地了解年比收入保留情況，包括我們不斷增長的多年客戶承諾的收益，而上一季為 92%，上一季為 95%。二季度的百分比。

On a constant currency basis, net revenue retention was 94% in both quarters. Retention is benefiting in part from our growing mix of multi-year commitments. Our customer count at the end of the second quarter was 2,444, of which 1,958 were classified as premium customers.

以固定匯率計算，兩季的淨收入保留率為 94%。保留率部分得益於我們不斷增加的多年承諾。截至第二季末，我們的客戶數量為 2,444 名，其中 1,958 名被歸類為優質客戶。

Looking at our ARPU within our premium customer base, our annualized revenue per premium customer was a record $99,000 and excludes our entry level pricing for starter customers, which averaged $4,800 in annualized revenue.

看看我們的高端客戶群中的 ARPU，我們每個高端客戶的年化收入達到了創紀錄的 99,000 美元，這還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 4,800 美元。

Though we don't expect ARPU to always increase in a linear manner as it has in recent quarters, we do think strong ARPU is a reflection of our strategy to focus on and super serve larger customers with more sophisticated requirements where we are able to win, grow and retain customers more effectively.

儘管我們並不期望ARPU 總是像最近幾季那樣以線性方式成長，但我們確實認為強勁的ARPU 反映了我們的策略，即專注於並為具有更複雜要求的大客戶提供超級服務，我們能夠在這些客戶中贏得勝利，更有效地發展和留住客戶。

Looking at our results on a GAAP basis, our gross profit was $29.8 million for the quarter, giving us a gross margin of 61% compared to 64% in the second quarter of 2023. Operating loss was $5 million and net loss per share was $0.12 based on 44.7 million weighted average shares outstanding.

根據 GAAP 基準來看，我們本季的毛利為 2,980 萬美元，毛利率為 61%，而 2023 年第二季為 64%。根據 4,470 萬股加權平均計算，營業虧損為 500 萬美元，每股淨虧損為 0.12 美元。

Turning to our non-GAAP results, our non-GAAP gross profit in the quarter was $30.6 million compared to $33.4 million in the second quarter of 2023, and represented a gross margin of 62% compared to 66% in the year ago period. Non-GAAP operating loss was $477,000 in the second quarter compared to non-GAAP operating income of $537,000 in the second quarter of 2023.

談到我們的非 GAAP 業績，我們本季的非 GAAP 毛利為 3,060 萬美元，而 2023 年第二季為 3,340 萬美元，毛利率為 62%，而去年同期為 66%。第二季非 GAAP 營運虧損為 477,000 美元，而 2023 年第二季非 GAAP 營運收入為 537,000 美元。

Adjusted EBITDA was $3.8 million, representing an adjusted EBITDA margin of 8% and above the high end of our guidance range. The ongoing strength in adjusted EBITDA reflects our continued benefit of prior cost saving actions and our ongoing expense discipline.

調整後 EBITDA 為 380 萬美元，調整後 EBITDA 利潤率為 8%，高於我們指引範圍的上限。調整後 EBITDA 的持續強勁反映了我們先前的成本節約行動和持續的費用紀律所帶來的持續效益。

Non-GAAP diluted net loss per share was $0.02 based on 44.7 million weighted average shares outstanding. This compares to net income per share of $0.01 based on 43.1 million weighted average shares outstanding in the year ago period.

根據 4,470 萬股加權平均計算，非 GAAP 每股稀釋淨虧損為 0.02 美元。相較之下，根據上年同期已發行加權平均股數 4,310 萬股計算，每股淨利為 0.01 美元。

Turning to the balance sheet and cash flow, we ended the quarter with cash and cash equivalents of $24.2 million and remained debt free. Free cash flow for the quarter was $1.8 million after taking into account $2.2 million in capital expenditures and capitalized internal use software. I'll finish by providing our guidance for the third quarter and the full year 2024.

談到資產負債表和現金流，本季末我們的現金和現金等價物為 2,420 萬美元，並且保持無債務狀態。考慮到 220 萬美元的資本支出和資本化內部使用軟體後，本季的自由現金流為 180 萬美元。最後，我將提供我們對第三季和 2024 年全年的指導。

For the third quarter, we are targeting revenue of between $48 million and $49 million including approximately $800,000 of overages and approximately $1.8 million of professional services revenue. From a profitability perspective, we expect non-GAAP operating loss to be between $2 million and $1 million and positive adjusted EBITDA to be between $2.5 million and $3.5 million.

第三季度，我們的目標收入為 4,800 萬美元至 4,900 萬美元，其中包括約 80 萬美元的超額收入和約 180 萬美元的專業服務收入。從獲利能力的角度來看，我們預計非 GAAP 營運虧損將在 200 萬美元至 100 萬美元之間，調整後的 EBITDA 正值將在 250 萬美元至 350 萬美元之間。

Non-GAAP net income per share is expected to be in the range of a loss of $0.05 to $0.03 based on 45 million weighted average shares outstanding. For the full year, we are increasing our revenue guidance to $195.5 million to $198 million which includes an estimate of approximately $4 million of overage revenue and approximately $8 million of professional services revenue.

根據 4,500 萬股加權平均計算，非 GAAP 每股淨利預計將虧損 0.05 美元至 0.03 美元。對於全年，我們將收入指引提高至 1.955 億美元至 1.98 億美元，其中包括估計約 400 萬美元的超額收入和約 800 萬美元的專業服務收入。

This reflects our strong first half performance and absorbs the FX headwind from the first half of the year. We are increasing our full year guidance from a profitability perspective and expect non-GAAP operating expense to be between $2.5 million and $1 million and positive adjusted EBITDA to be between $14.5 million and $16 million based on our continued commitment to our top line guidance as well as our commitment to manage the business to 20% to 30% EBITDA growth or more.

這反映了我們上半年的強勁表現，並吸收了上半年的外匯逆風。我們正在從盈利角度提高全年指導，並根據我們對營收指導的持續承諾，預計非GAAP 運營費用將在250 萬美元至100 萬美元之間，調整後的EBITDA 將在1,450 萬美元至1,600 萬美元之間作為我們管理業務 EBITDA 增長 20% 至 30% 或更高的承諾。

Non-GAAP loss per share is expected to be in the range of $0.08 to $0.05 based on 44.7 million weighted average shares outstanding. Lastly, we are maintaining our full year free cash flow guidance, which is expected to be between $5.6 million and $8 million. We expect to be free cash flow positive for each of the remaining quarters of the year, modestly in Q3 and more significantly in Q4.

根據 4,470 萬股加權平均計算，非 GAAP 每股虧損預計在 0.08 至 0.05 美元之間。最後，我們維持全年自由現金流指引，預計在 560 萬美元至 800 萬美元之間。我們預計今年剩餘的每季的自由現金流將為正，第三季適度，第四季更為顯著。

A few things to keep in mind as you think about our guidance. We are increasing our full year guidance despite unfavorable foreign exchange rates that impacted our revenue in the first half of the year by nearly $1 million from the original time that we gave our full year guidance.

當您考慮我們的指導時，需要記住一些事項。儘管不利的外匯匯率影響了我們上半年的收入，較我們最初給出的全年指導值減少了近 100 萬美元，但我們仍在提高全年指導值。

Though rates have turned more favorably in recent days, we are both absorbing the unfavorable trends from the first half of the year and taking into account some uncertainty with respect to the rates for the remainder of the year in our guidance. Despite this first half FX headwind, we are raising the low end of all of our full year guidance ranges.

儘管利率最近幾天變得更加有利，但我們正在吸收今年上半年的不利趨勢，並在我們的指導下考慮到今年剩餘時間利率的一些不確定性。儘管上半年存在外匯逆風，但我們仍上調了所有全年指導範圍的下限。

To wrap up, we are pleased with the results in Q2, exceeding the high end of our guidance range on both the top and bottom line while generating meaningful free cash flow. We are focused on executing on our key strategic areas that we expect will return the business to consistent revenue growth in the future. We will continue to deliver on our commitment to disciplined expense management, which will position us well to deliver on our profitability and free cash flow targets this year and in future.

總而言之，我們對第二季的業績感到滿意，在頂線和底線方面都超出了我們指導範圍的高端，同時產生了有意義的自由現金流。我們專注於執行我們的關鍵策略領域，我們預計這些領域將使業務在未來恢復持續的收入成長。我們將繼續履行對嚴格費用管理的承諾，這將使我們能夠很好地實現今年和未來的獲利能力和自由現金流目標。

Please give us a moment to transition to Q&A and we'll be back to discuss our results further.

請給我們一些時間來過渡到問答，我們將回來進一步討論我們的結果。

Max Michaelis, Lake Street Capital Markets.

馬克斯‧米凱利斯 (Max Michaelis)，湖街資本市場。

Thanks for take my questions. And then so we talk about your commentary about growth going forward. I would like to know what your pipeline growth was for these new business deals. I know you said it was mixed, I believe. What was that growth rate in Q2? And then I guess, do you think you have pipeline in place for 2025, but we could potentially return to revenue growth?

感謝您回答我的問題。然後我們談談您對未來成長的評論。我想知道這些新業務交易的管道成長情況如何。我知道你說它是混合的，我相信。第二季的成長率是多少？然後我想，您認為 2025 年的通路已經到位，但我們有可能恢復收入成長嗎？

I'll take that one. Yes, obviously, we don't disclose specific pipeline and specific pipeline growth, but I think we can say that the, certainly the big deal pipeline, which is much further out and we can see further into those deals, although we don't know exactly when we can close them because they do have the longest sales cycles, has maintained or grown in recent quarters.

我會接受那個。是的，顯然，我們沒有透露具體的管道和具體的管道增長，但我認為我們可以說，當然是大交易管道，它距離更遠，我們可以進一步了解這些交易，儘管我們不知道確切地知道我們什麼時候可以關閉它們，因為它們確實有最長的銷售週期，並且在最近幾季保持或成長。

It's very, it's meaningfully large and it continues to be something we are very optimistic about going forward. And I think those type of larger chunkier deals could certainly drive us back to growth.

它非常非常大，而且我們仍然對未來非常樂觀。我認為這類規模更大、規模更大的交易肯定可以推動我們恢復成長。

The second thing I'll bring up is some of those new sort of product innovations and things we talked about. The new sales use case, the addition of an AI portfolio that's coming later this quarter. We certainly think those give us an upgrade path for existing customers, but also things that can help bring in new customers. And we're starting to pipe customers into those things already. I even talked about that one sales use case that even the existing customer has other units that we can go into and really expand there.

我要提到的第二件事是一些新的產品創新和我們討論過的事情。新的銷售用例，即本季稍後推出的人工智慧產品組合。我們當然認為這些為我們現有客戶提供了升級途徑，同時也有助於吸引新客戶。我們已經開始引導客戶參與這些事情。我什至談到了一個銷售用例，即使現有客戶也有其他單位，我們可以進入並真正在那裡擴展。

So we think hitting those things over the next couple of quarters and building that pipeline will really give us the strength to guide hopefully to growth going into 2025. But obviously we need to go execute over Q3 and Q4 to make that the truth.

因此，我們認為在接下來的幾個季度實現這些目標並建立管道將真正為我們帶來力量，有望引導我們進入 2025 年實現成長。但顯然我們需要執行第三季和第四季才能使這一點成為事實。

I'm curious what the sales cycle, like the length of time for these larger fields is. Have you shared that or can you share that with us now?

我很好奇銷售週期是多少，例如這些較大領域的時間長度是多少。您分享過嗎？

Yes, sometimes the larger media deals can take up to 9 to 12 months. Since so we do see long sales cycles on some of the larger media side of the business. But some of those can also be on new business as short as sort of four to six.

是的，有時較大的媒體交易可能需要長達 9 至 12 個月的時間。因此，我們確實看到一些較大的媒體業務方面的銷售週期很長。但其中一些也可能是新業務，短至四到六個。

We usually don't move a new business deal much faster than that. I mean, it has happened, but that's not average. Obviously, add-on moves significantly differently, right. We can do an add-on in less than 30 days and sometimes those can be larger new projects, cross sells, upsells that can take months at a time.

我們通常不會比這更快地達成新的業務交易。我的意思是，這種事已經發生了，但這不是平均值。顯然，附加元件的移動方式明顯不同，對吧。我們可以在不到 30 天的時間內完成一個附加項目，有時這些可能是更大的新項目、交叉銷售、追加銷售，一次可能需要幾個月的時間。

So add-on business, much shorter cycles. Obviously, new business, a little bit longer cycles. And it usually does take sort of in that over a quarter from a new business perspective, but can be less than a quarter or a little over a quarter in terms of add-on.

所以附加業務，週期短很多。顯然，新業務的周期要長一點。從新業務的角度來看，它通常確實需要四分之一以上的時間，但就附加而言，可能會少於四分之一或略多於四分之一。

I mean, so given your commentary, I mean, has that gotten longer than the average? -- Did these push outs you've talked about?

我的意思是，考慮到你的評論，我的意思是，這是否比平均水平更長？ -- 您有談過這些退出嗎？

No. Great question, Max. I think on the new business side, what we were suggesting is that we felt like we had a good number of deals and some of them just happened to push out of the quarter, sort of predicting those exact close dates were hard. Take the large new business deal we talked about, the near seven figure media win with the US Television Network, that was kind of a Q1 deal that slipped a little bit into Q2 is the way I would describe that one. And I think we had a number of those this quarter that we're still actively working on to make happen in this quarter.

不。好問題，馬克斯。我認為在新業務方面，我們建議的是，我們感覺我們有大量交易，其中一些交易恰好超出了本季度，因此很難預測這些確切的截止日期。以我們談論的大型新業務交易為例，與美國電視網達成近七位數的媒體勝利，這是第一季的交易，但在第二季度有所下滑，這是我描述該交易的方式。我認為本季我們已經完成了一些工作，我們仍在積極努力在本季實現這些目標。

Steve Frankel, Rosenblatt Securities.

史蒂夫·弗蘭克爾，羅森布拉特證券公司。

Thanks, guys. Growing revenue remains a challenge for break of, what steps can the company take between now year-end to position the company for a return to growth?

謝謝，夥計們。收入成長仍然是一個挑戰，從現在到年底，公司可以採取哪些措施來使公司恢復成長？

Thanks for that. What I would say is returning to growth, is our goal, is our focus. Obviously, we've had some quarters of growth and some quarters of shrink. In the first half of the year, we actually grew on a constant currency basis. Unfortunately, the currency moved against us on a revenue basis. We need to get that to consistency and get that to faster.

謝謝你。我想說的是恢復成長，是我們的目標，是我們的重點。顯然，我們經歷了一些季度的成長和一些季度的萎縮。今年上半年，我們實際上是在固定匯率基礎上成長的。不幸的是，從收入角度來看，貨幣走勢對我們不利。我們需要使其保持一致並加快速度。

Over the next couple of quarters, it's always about bookings and retention, right. Can we book new business, add on business with our existing customers, and then retain them. And the struggle for us has been we've always had sort of one or two of those working and not the third. And I think you see that a little bit in Q2, right, where we had new business was a little below our expectations, but we felt like add-on sort of made up for it and had us have a good quarter.

在接下來的幾個季度中，重點始終是預訂和保留，對吧。我們能否預訂新業務，增加現有客戶的業務，然後留住他們？對我們來說，困難在於我們總是只有一兩個人在工作，而不是第三個人。我想你會看到第二季度的情況，對吧，我們的新業務有點低於我們的預期，但我們覺得附加項目彌補了這一點，讓我們度過了一個不錯的季度。

We need to dial those things together, and I think we're starting to put together the right go-to-market motions that can really make that happen. Again, I would point you to existing use cases, the new use cases we’ve pointed to like that sales use case that’s coming out now. Adding on new product innovation that we can sell for upgrade pass for our customer like DII, pieces that we'll release later this quarter.

我們需要將這些事情放在一起，我認為我們正在開始製定正確的上市動議，以真正實現這一目標。再次，我會向您指出現有的用例，我們指出的新用例，例如現在出現的銷售用例。添加新產品創新，我們可以將其出售給我們的客戶以獲得升級通行證，例如 DII，我們將在本季度稍後發布這些產品。

And then really delivering on the value for our customers when they're as they're coming back for entitlements, our hope is that that is a sustainable trend. So far, we've got a quarter under our belts where this has come back. Our hope is that that's going to be more than a quarter. As we move forward, you see those things line up and I would say that's how we line up for growth coming through the back half.

然後，當我們的客戶回來索取權利時，真正為他們提供價值，我們希望這是一個可持續的趨勢。到目前為止，我們已經有四分之一的時間恢復了這種情況。我們希望這一數字將超過四分之一。當我們前進時，你會看到這些事情在排列，我想說這就是我們在後半段實現成長的方式。

And the last question is, where are you in the process of working through the excess entitlements that have been creating downward pressure on renewals?

最後一個問題是，您在解決對續約帶來下行壓力的過多權利的過程中處於什麼階段？

That's the challenging part is working through that. Just as we were signing up, sort of what I would say some international media companies coming back for more entitlements, we still had others hitting the end of their long term contract terms and downgrading for their own actual traffic needs, right, They were effectively overbought or oversold coming out of COVID with optimism on their storage and their usage, and we've seen those downgrades continue.

這就是解決這個問題的挑戰性部分。正如我們正在簽約一樣，我會說一些國際媒體公司回來獲得更多權利，我們仍然有其他人達到了長期合約條款的末尾並根據自己的實際流量需求降級，對吧，他們實際上是由於對它們的儲存和使用持樂觀態度，超買或超賣出現了，而且我們已經看到這些降級仍在繼續。

They have been declining, I believe, for three to four straight quarters. Those downgrades are getting less impactful. So our hope is that this sort of dissipates over the rest of the year and that we can really get this company back to a consistent growth lever rather than a sort of one quarter growth and one quarter not, and that's our goal.

我相信，它們已經連續三到四個季度下降。這些降級的影響越來越小。因此，我們希望這種情況在今年剩餘時間內消失，並且我們能夠真正讓這家公司恢復到穩定的成長水平，而不是四分之一成長和四分之一不成長，這就是我們的目標。

Thanks. I appreciate all the questions, guys. I want to thank everyone for joining us today. As John and I mentioned, we were extremely pleased with the Q2 results coming in above the high end of our guidance across the board.

謝謝。夥計們，我很感激所有的問題。我要感謝大家今天加入我們。正如約翰和我所提到的，我們對第二季的業績全面高於我們指導的上限感到非常滿意。

And we had a strong first half with meaningful EBITDA growth modest revenue growth on a constant currency basis and delivered on our commitment to generate cash. We're excited about the innovations and the customer opportunities on the horizon in the second half year, and we're pleased to be raising our guidance, especially given the current market conditions.

我們上半年業績強勁，息稅折舊及攤銷前利潤 (EBITDA) 成長顯著，以固定匯率計算，收入略有成長，並兌現了我們創造現金的承諾。我們對下半年即將出現的創新和客戶機會感到興奮，並且很高興能提高我們的指導，特別是考慮到當前的市場狀況。

We obviously continue to believe our share price at this level provides a great opportunity for investors and we look forward to updating you on our progress next quarter. Thanks again for joining.

顯然，我們仍然相信我們目前的股價為投資者提供了絕佳的機會，我們期待向您通報我們下個季度的最新進展。再次感謝您的加入。