Bridgeline Digital Inc (BLIN) 2024 Q1 法說會逐字稿

Thanks you for standing by, and welcome to Bridgeline Digital's First Quarter 2024 earnings conference call. (Operator instructions) I would now like to hand the call over to CFO, Tom Windhausen. Please go ahead.

感謝您的耐心等待，歡迎參加 Bridgeline Digital 2024 年第一季財報電話會議。（接線生指示）我現在想將電話轉交給財務長 Tom Windhausen。請繼續。

Thank you, and good afternoon, everyone. Thank you for joining us today for names Tom Windhausen, Chief Financial Officer of Bridgeline Digital. I'm pleased to welcome you to our fiscal 2024 first quarter conference call.

謝謝大家，大家下午好。感謝您今天加入我們，介紹 Bridgeline Digital 財務長 Tom Windhausen。我很高興歡迎您參加我們的 2024 財年第一季電話會議。

On the call with us this afternoon is Ari Kahn, Bridgeline's President and CEO, who will begin the call with a discussion of our business highlights. I will then update you on our financial results for the quarter, and we will conclude by taking questions.

今天下午與我們通話的是 Bridgeline 總裁兼執行長 Ari Kahn，他將首先討論我們的業務亮點。然後，我將向您介紹本季的財務業績最新情況，最後我們將回答問題。

Before we begin, I'd like to remind listeners that during this conference call comments that we make regarding Bridgeline that are not historical facts are forward-looking statements within the meaning of Section 27A have a Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to risks and uncertainties that could cause such statements to differ materially from actual future events or results.

在開始之前，我想提醒聽眾，在本次電話會議中，我們就Bridgeline 發表的非歷史事實的評論屬於1933 年《證券法》第27A 條和《證券法》第21E 條含義內的前瞻性陳述。1934 年法案，並受到風險和不確定性的影響，可能導致此類陳述與未來實際事件或結果有重大差異。

These statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The internal projections and beliefs upon which we base our expectations today may change over time, and we expressly disclaim and assume no obligation to inform you if they do.

這些聲明是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。我們今天的期望所依據的內部預測和信念可能會隨著時間的推移而發生變化，如果發生變化，我們明確否認也不承擔通知您的義務。

The results that we report today should not be considered as an indication of future performance. Changes in economics, business, competitive technological, regulatory and other factors could cause Bridgeline's actual results to differ materially from those expressed or implied by the projections or forward-looking statements made today.

我們今天報告的結果不應被視為未來績效的指標。經濟、商業、競爭性技術、監管和其他因素的變化可能導致 Bridgeline 的實際結果與今天所做的預測或前瞻性陳述明示或暗示的結果有重大差異。

For more detailed information about these factors and other risks that may have an impact on our business. Please review the reports and documents filed from time to time by Bridgeline Digital with the Security and Exchange Commission.

有關這些因素以及可能對我們業務產生影響的其他風險的更多詳細資訊。請查看 Bridgeline Digital 不時向美國證券交易委員會提交的報告和文件。

Also, please note that on the call this afternoon, we will discuss some non-GAAP financial measures. When commenting on the company's financial performance, we provide a reconciliation of our GAAP financials to these non-GAAP measures in our earnings release, you can obtain a copy of our earnings release by visiting our website.

另請注意，在今天下午的電話會議上，我們將討論一些非公認會計準則財務指標。在評論公司的財務表現時，我們會在收益發布中提供我們的 GAAP 財務數據與這些非 GAAP 指標的調整表，您可以透過造訪我們的網站取得我們的收益發布副本。

I would now like to turn the call over to Ari Kahn Bridgeline President and CEO. Ari

我現在想將電話轉給 Ari Kahn Bridgeline 總裁兼執行長。阿里

Thank you, Tom. Good afternoon, everyone. Our first quarter of fiscal 2024 has the strongest subscription sales since I joined Bridgeline. We signed over $2.5 million in new customer contracts with 28 license sales, adding $750,000 in ARR, annual recurring revenue. Sales were driven by HawkSearch, with the release of Smart Search and Rapid UI creating demand that will continue to drive new sales in the future.

謝謝你，湯姆。大家下午好。2024 財年第一季的訂閱銷售是我加入 Bridgeline 以來最強大的。我們簽署了超過 250 萬美元的新客戶合同，並銷售了 28 個許可證，年度經常性收入 ARR 增加了 75 萬美元。HawkSearch 推動了銷售，智慧搜尋和快速 UI 的發布創造了需求，未來將繼續推動新的銷售。

Search is now well over 50% of subscription revenue for the company, and that percentage is expected to increase. Subscription revenue overall is 82% of our total revenue. Professional services revenue was down this quarter to $670,000 in part because we invested in making their products out of the box with the Rapid UI release last quarter that allows new customers to install HawkSearch with no implementation cost.

目前，搜尋佔該公司訂閱收入的 50% 以上，而且這一比例預計還會增加。訂閱收入總體占我們總收入的 82%。本季專業服務收入下降至 67 萬美元，部分原因是我們投資了上季發布的 Rapid UI，讓他們的產品開箱即用，讓新客戶無需實施成本即可安裝 HawkSearch。

This is a competitive advantage that shortens our sales cycle increases our total addressable market. Rapid UI expands the total addressable market to include companies who seek to invest more of their budgets into the subscription and to go to market more quickly than a custom implementation would allow.

這是一種競爭優勢，可以縮短我們的銷售週期，增加我們的總目標市場。Rapid UI 擴大了整個潛在市場，將那些尋求將更多預算投入訂閱並比自訂實現更快進入市場的公司納入其中。

These customers can use the same budget to purchase additional subscriptions from Bridgelines such as our Smart Search product or invest in customer enhancements in the future after they launch and go live.

這些客戶可以使用相同的預算從 Bridgelines 購買額外的訂閱，例如我們的智慧搜尋產品，或在未來推出並上線後投資於客戶增強功能。

Smart Search is the most important product release we have ever made. It delivers a clear value proposition to our customers and increases their online revenue by allowing their customers to find products to buy that they may not have realized that they need or would not have found with traditional keyword-based search.

智慧搜尋是我們有史以來最重要的產品發布。它為我們的客戶提供了明確的價值主張，並透過允許客戶找到他們可能沒有意識到他們需要或不會透過傳統的基於關鍵字的搜尋找到的產品來購買，從而增加他們的線上收入。

100% of Bridgeline's over 500 search customers can increase their online revenue with Smart Search customers can add smart search to their existing HawkSearch license for an additional subscription fee, which gives great flight an opportunity to significantly grow our HawkSearch revenue from our current customer base above and beyond the fact that Smart Search helps us win more new customers because along with Rapid UI that allows a new customer to make an immediate improvement to their own revenue.

Bridgeline 超過500 家搜尋客戶中的100% 可以透過智慧搜尋增加線上收入。客戶可以將智慧搜尋添加到其現有的HawkSearch 授權中，但需支付額外的訂閱費，這為偉大的飛行提供了從我們目前的客戶群中顯著增加HawkSearch 收入的機會除此之外，智慧搜尋幫助我們贏得更多新客戶，因為快速使用者介面可以讓新客戶立即提高自己的收入。

Smart Search is an AI-base enhancement to HawkSearch that allows the shopper to find products with more intelligent natural search. First, while shopping you can take a photograph with your smartphone and find products that have a Smart Search-powered website.

智慧搜尋是 HawkSearch 的基於人工智慧的增強功能，讓購物者透過更聰明的自然搜尋來尋找產品。首先，在購物時，您可以使用智慧型手機拍照並尋找具有智慧搜尋支援的網站的產品。

Secondly, on the Smart Search powered website, you can describe your goal creators to create a shopping list rather than have to specify the individual items that you want to buy. And thirdly, you can do all of this in more than 50 languages.

其次，在智慧搜尋支援的網站上，您可以描述您的目標創建者以建立購物清單，而不必指定您想要購買的單一商品。第三，您可以用 50 多種語言完成所有這些操作。

Here's an example, let's say you have a camper planning a trip. That camper can simply ask the website. What should I bring on a two week camping trip for cooking? Smart Search response will include all the expected products such as cooking, silver, propane tank and will also include products such as a meal ready to eat food pouch with the camp or may not have thought about in the first place.

舉個例子，假設您有一位露營者正在計劃旅行。該露營者只需詢問該網站即可。兩週的露營旅行做菜時我該帶什麼？智慧搜尋回應將包括所有預期的產品，如烹飪、銀器、丙烷罐，還將包括營地的即食食品袋或最初可能沒有考慮過的產品。

The camper may then see a person on the street with cool hiking boots that they like and they can quickly snap a picture with their camera, and the Smart Search-powered website to take that picture and immediately find those boots and allow that person to buy those services from the websites.

然後，露營者可能會在街上看到一個人穿著他們喜歡的很酷的登山靴，他們可以用相機快速拍照，智能搜索支持的網站會拍攝該照片並立即找到這些靴子並允許該人購買來自網站的這些服務。

These experienced are not possible without Smart Search. Smart Search leverages the latest advancements in AI, including large language models, transformers and vector databases to deeply understand your online catalog, including what products look like, how products can be used, and how products are related to each other.

如果沒有智慧搜索，這些經驗是不可能實現的。智慧搜尋利用人工智慧的最新進展，包括大型語言模型、轉換器和向量資料庫，以深入了解您的線上目錄，包括產品的外觀、產品的使用方式以及產品之間的相互關係。

The future of online shopping is for websites to become intelligent sales advisers who can understand your needs and recommend solutions Smart Search empowers your site to see and converse with customers today, to help them find products that they may not even realize they need it.

線上購物的未來是網站成為智慧銷售顧問，可以了解您的需求並推薦解決方案智慧搜尋使您的網站能夠查看當今的客戶並與客戶交談，幫助他們找到他們甚至可能沒有意識到自己需要的產品。

From a competitive point of view, Smart Search offers natural intelligent capabilities that do not exist elsewhere in the market, along with Rapid UI that offers these abilities without the need to invest thousands of dollars and weeks of time site redesigns or data integration.

從競爭的角度來看，智慧搜尋提供了市場上其他地方不存在的自然智慧功能，以及提供這些功能的快速使用者介面，而無需投資數千美元和數週的時間進行網站重新設計或資料整合。

Because Smart Search is out of the box for existing HawkSearch customers, they could upgrade without a complicated technical investment or the politics that accompany changes to their customer experience and branding. HawkSearch sales are largely driven through our platform partnerships with big commerce sales force and optimizely. We also have agency partners, including Xngage and AmericanEagle.com that help drive HawkSearch sales.

由於 Smart Search 對於現有 HawkSearch 客戶來說是開箱即用的，因此他們可以進行升級，而無需複雜的技術投資或伴隨客戶體驗和品牌變化而產生的政治因素。HawkSearch 的銷售主要是透過我們與大型商業銷售人員的平台合作夥伴關係來推動並優化的。我們也有代理商合作夥伴，包括 Xngage 和 AmericanEagle.com，幫助推動 HawkSearch 的銷售。

Sales in the first quarter includes Schaedler Yesco on electrical distributor with 29 locations and 1,000 brands. Schaedler Yesco chose Smart Search for its unique part number search functionality that allows shoppers to make full and partial part number searches will automatically performing unit of measurement conversions.

第一季的銷售額包括 Schaedler Yesco 電氣經銷商，擁有 29 個地點和 1,000 個品牌。Schaedler Yesco 選擇智慧搜尋是因為其獨特的零件編號搜尋功能，該功能允許購物者進行完整和部分零件編號搜索，並自動執行測量單位轉換。

Smart search will go further for Yesco and allow an electrician to take a picture of a part while on the job and immediately find that part in their catalog. Another electrical distributor selected Smart Search to enhance their e-commerce site, bring over 700 to allow contractors to search for products and images are described more complex needs to the site to find electrical components.

Yesco 的智慧搜尋將更進一步，讓電工在工作時拍攝零件的照片，並立即在他們的目錄中找到該零件。另一家電氣經銷商選擇了智慧搜尋來增強他們的電子商務網站，讓承包商能夠搜尋超過 700 個產品和描述更複雜需求的圖像以在網站上找到電氣元件。

For total contract value for this enhancement, it's more than $875,000, a leading national insurance provider selected HawkSearch for its custom research portal and smartphone app insurance company used Rapid UI to immediately solve their clients' needs to find facts, policy information and documents from their resource library.

此增強功能的總合約價值超過875,000 美元，一家領先的國家保險提供商選擇HawkSearch 作為其定制研究門戶，智慧型手機應用程式保險公司使用Rapid UI 立即解決客戶從他們的網站中查找事實、保單資訊和文檔的需求。資源庫。

Saviynt, a leader in cloud identity and access governance collected start to Smart Search to help its customers support team. It's customer support team to find information across several third-party knowledge bases. And this is an example of what is called federated search were HawkSearch indexes information from multiple repositories.

雲端身分和存取治理領域的領導者 Saviynt 開始推出智慧搜尋來幫助其客戶支援團隊。它的客戶支援團隊在多個第三方知識庫中尋找資訊。這是所謂的聯合搜尋的一個範例，其中 HawkSearch 對來自多個儲存庫的資訊進行索引。

A retailer specializing in agriculture and farming products chose HawkSearch and Smart Search to boost sales across their 25,000 product catalog. Smart Search will analyze their brochures and images to allow shoppers to find products using photographs or natural language. The customer tested Smart Search with Hundreds of images taken in the field from a smartphone to ensure that their customers could find parts in the real world scenarios.

專門從事農業和農產品的零售商選擇 HawkSearch 和 Smart Search 來提高其 25,000 種產品目錄的銷售量。智慧搜尋將分析他們的宣傳冊和圖像，以便購物者使用照片或自然語言尋找產品。客戶使用智慧型手機在現場拍攝的數百張圖像測試了智慧搜索，以確保客戶能夠在現實場景中找到零件。

A leading building materials retailer selected HawkSearch to enhance their e-commerce site improving product discovery and their catalog of over 5,000 products Rainbow Resource Center, a top educational retailer selected HawkSearch to power their e-commerce site. The HawkSearch capability for keyword triggered promotional campaigns will allow the retailer to highlight special offers and featured products.

一家領先的建築材料零售商選擇 HawkSearch 來增強其電子商務網站，改善產品發現及其 5,000 多種產品的目錄 Rainbow 資源中心，頂級教育零售商選擇 HawkSearch 為其電子商務網站提供支援。HawkSearch 的關鍵字觸發促銷活動功能將使零售商能夠突出顯示特別優惠和特色產品。

Nail Gun Depot, a leading home improvement retailer chose HawkSearch to auto-complete and granular relevancy journey that will grow its revenue significantly streamline product discovery process for their large complex product catalogs.

Nail Gun Depot 是一家領先的家居裝修零售商，選擇 HawkSearch 來自動完成和精細的相關性旅程，這將顯著增加其收入，並簡化其大型複雜產品目錄的產品發現流程。

Overall, our marketing and lead generation is focused at narrow industries such as building supplies where we can become the industry leader to make future sales even more efficient. We're also efficiently selling to our existing customers with products like Smart Search to further drive revenue without incurring large marketing expenses.

總體而言，我們的行銷和潛在客戶開發主要集中在建築用品等狹窄行業，我們可以成為行業領導者，使未來的銷售更有效率。我們也有效地向現有客戶銷售智慧搜尋等產品，以進一步增加收入，而不會產生大量行銷費用。

Although cumulative subscription revenue is flat, due to legacy product for HawkSearch has outstanding customer retention, is winning new customers rapidly and upsell opportunities within our customer base and it continues to have double digit growth.

儘管累積訂閱收入持平，但由於 HawkSearch 的舊產品具有出色的客戶保留率，正在快速贏得新客戶並在我們的客戶群中增加銷售機會，並且繼續保持兩位數的成長。

Our partnership with optimizing and Xngage important part of our go-to-market strategy. In October, we joined optimized at their annual user conference where we announced HawkSearch integration with optimizely-configured commerce using the Xngage connector.

我們與 optimization 和 Xngage 的合作關係是我們進入市場策略的重要組成部分。10 月份，我們參加了optimized 的年度用戶大會，會上我們宣布使用 Xngage 連接器將 HawkSearch 與優化配置的商務整合。

This announcement was followed with online webinars to further promote sales, HawkSearch now in a unique position to improve site search for more than 1,000 optimizely reconfigured customers, and several have already purchased a license.

此公告發布後，我們舉辦了線上網路研討會，以進一步促進銷售，HawkSearch 現在處於獨特的地位，可以為 1,000 多個經過優化重新配置的客戶改進網站搜索，其中一些客戶已經購買了許可證。

We recently announced a reseller partnership with accessiBe, the market leader in web accessibility accessiBe helps over 180,000 companies, including PlayStation Johnson & Johnson and NBC to improve compliance with the American Disability Act and similar legislation in Canada and Europe.

我們最近宣布與accessiBe 建立經銷商合作夥伴關係，accessiBe 是網路輔助功能的市場領導者，accessiBe 幫助PlayStation Johnson & Johnson 和NBC 等超過180,000 家公司提高對《美國殘疾人法案》以及加拿大和歐洲類似立法的遵守情況。

Bridgeline will sell accessiBe to our 600-plus customers, many of whom have an active interest in accessibility, which not only increases their online sales, but also reduces litigation risks with compliance litigation legislation. HawkSearch has the only big commerce connector for search that supports multiple storefronts, and this is a big differentiator for our big commerce partnership.

Bridgeline 將向我們的 600 多名客戶出售 accessiBe，其中許多客戶對可訪問性有著積極的興趣，這不僅增加了他們的線上銷售額，還透過合規訴訟立法降低了訴訟風險。HawkSearch 擁有唯一支援多個店面的大型搜尋商業連接器，這是我們大型商業合作夥伴關係的一大優點。

Multi-store front, just HawkSearch and advantage in the franchise and chain store market, while recently led to a furniture store in Europe to select HawkSearch, the store will use HawkSearch's Rapid UI, quickly go to market across multiple countries in Europe and multiple languages with a unique user experience where users can see different prints or colors in the auto complete drop down from HawkSearch, a search bar.

多店面，正好HawkSearch在特許經營和連鎖店市場上有優勢，同時最近導致歐洲一家家具店選擇HawkSearch，該店將使用HawkSearch的Rapid UI，快速走向歐洲多個國家和多種語言的市場具有獨特的用戶體驗，使用者可以在搜尋列HawkSearch 的自動完成下拉清單中看到不同的列印或顏色。

Bridgeline will showcase the latest versions of this connector in May at the BigCommerce with BigCommerce as the B2B online Chicago conference.

Bridgeline 將於 5 月在 BigCommerce 和 BigCommerce 芝加哥 B2B 線上會議上展示連接器的最新版本。

Going forward, we expect HawkSearch to drive much of the growth for Bridgeline, with investments in AI to lead to new sales and upgrades in our existing customer base. Smart Search has been especially strong with seven sales in just the last two months and a pipeline of more than $700,000 annual recurring revenue. Our go-to-market strategy relies on partnerships and targeting and narrow markets to maximize sales per marketing dollar.

展望未來，我們預計 HawkSearch 將在很大程度上推動 Bridgeline 的成長，透過人工智慧投資為我們現有的客戶群帶來新的銷售和升級。Smart Search 的表現尤其強勁，僅在過去兩個月就實現了 7 筆銷售，並且每年的經常性收入超過 70 萬美元。我們的進入市場策略依賴合作夥伴關係、目標定位和縮小市場範圍，以最大限度地提高每行銷美元的銷售額。

So at this time, I'd like to hand off to our Chief Financial Officer, Tom Windhanusen. Tom?

因此，現在我想將工作交給我們的財務長 Tom Windhanusen。湯姆？

Thanks, Ari. I'll provide an update on our financial results for the first quarter of fiscal 2024, which ended December 31, 2023. Total revenue for the quarter ended December 31, 2023 was $3.8 million compared to $4.1 million in the prior year period.

謝謝，阿里。我將提供截至 2023 年 12 月 31 日的 2024 財年第一季財務業績的最新資訊。截至 2023 年 12 月 31 日的季度總收入為 380 萬美元，而去年同期為 410 萬美元。

Subscription license revenue, which is comprised of SaaS licenses, maintenance and hosting revenue, for the quarter ended December 31, 2023 was $3.1 million compared to $3.2 million in the prior year period. As a percentage of total revenue, subscription and license revenue was 82% of total revenue for the quarter.

截至 2023 年 12 月 31 日的季度，訂閱許可證收入（包括 SaaS 許可證、維護和託管收入）為 310 萬美元，而去年同期為 320 萬美元。從佔總收入的百分比來看，訂閱和授權收入佔本季總收入的 82%。

Services revenue was $669,000 for the quarter ended December 31, 2023, a decrease from $854,000 in the prior year first quarter. As a percentage of total revenue, services revenue accounted for 18% of total revenue in the quarter. Cost of revenue was $1.2 million for this quarter, a slight decrease from $1.3 million in the prior year period.

截至 2023 年 12 月 31 日的季度服務收入為 669,000 美元，較去年第一季的 854,000 美元有所下降。從佔總收入的比例來看，服務收入佔本季總收入的18%。本季的收入成本為 120 萬美元，比去年同期的 130 萬美元略有下降。

And as a result our gross profit was $2.6 million for the quarter, as compared to $2.8 million in the prior year period. Overall gross profit margin was 68% for the quarter ended December 31, 2023, compared to 69% in the prior year comparable period.

因此，本季我們的毛利為 260 萬美元，去年同期為 280 萬美元。截至 2023 年 12 月 31 日的季度整體毛利率為 68%，而去年同期為 69%。

Subscription and license gross margins were 73% for the quarter, consistent with the prior year period. And services gross margins were 44% compared to 51% in the prior year period. Operating expenses were $3.2 million for the quarter ended December 31, 2023, consistent with $3.2 million in the prior year period.

本季訂閱和授權毛利率為 73%，與去年同期一致。服務毛利率為 44%，去年同期為 51%。截至 2023 年 12 月 31 日的季度營運費用為 320 萬美元，與去年同期的 320 萬美元一致。

Moving below operating expenses, the change in fair value of our liability classified warrants in the quarter resulted in noncash income of $18,000 compared to income of $300,000 in the prior year period. Net loss was $0.6 million or $600,000 for the quarter ended December 31, 2023, compared to a net loss of $100,000, $0.1 million in the prior year period. And finally, adjusted EBITDA for the quarter was negative $117,000 compared to a positive $115,000 in the prior year period.

低於營運費用，本季我們的負債分類認股權證的公允價值變化導致非現金收入為 18,000 美元，而去年同期的收入為 300,000 美元。截至 2023 年 12 月 31 日的季度淨虧損為 60 萬美元或 60 萬美元，而去年同期淨虧損為 10 萬美元或 10 萬美元。最後，本季調整後 EBITDA 為負 11.7 萬美元，而去年同期為正 11.5 萬美元。

Moving on to the balance sheet. At December 31, 2023, we had cash of $1.4 million and accounts receivable of nearly $1.3 million. Our total debt outstanding as of December 31, 2023, for capacity of EUR585,000, USD646,000. That debt has a weighted average interest rate of 4.68%, the principal payments due through 2028.

繼續看資產負債表。截至2023年12月31日，我們擁有現金140萬美元，應收帳款近130萬美元。截至 2023 年 12 月 31 日，我們的未償債務總額為 585,000 歐元、646,000 美元。該債務的加權平均利率為 4.68%，本金到期至 2028 年。

We have no other or in any debt earn-outs from any business previous acquisitions. And at December 31, our total assets were $16.6 million and our total liabilities were $5.7 million. We did have a decrease in cash in the quarter and that was a result of timing of collections of receivables as well as timing of vendor payments, particularly the quarter included over $200,000 of payments to a certain partner vendor, which will not recur.

我們沒有從先前收購的任何業務中獲得其他或任何債務收益。截至 12 月 31 日，我們的總資產為 1,660 萬美元，總負債為 570 萬美元。本季我們的現金確實有所減少，這是由於應收帳款催收時間以及供應商付款時間的結果，特別是該季度向某個合作夥伴供應商支付了超過200,000 美元的款項，而這種情況不會再發生。

Finally, I'll give an update on our cap table. As of the end of the period, December 31, 2023, our cap table included 10.4 million outstanding shares, 39,000 shares of Series C preferred stock on an as-converted basis, 1.7 million of warrants and 1.8 million option.

最後，我將更新我們的上限表。截至2023年12月31日期末，我們的上限表包括1,040萬股已發行股票、39,000股按轉換後的C系列優先股、170萬股認股權證及180萬股選擇權。

In October 2023. During the quarter, 54,000 warrants expired another nearly 900,000 warrants whose exercise price was $4, which will expire in approximately seven months in September 2024. After that, we'll have 800,000 warrants outstanding, primarily including 180,000 warrants with a $2.85 exercise price expiring in May 2026 and just under 600,000 warrants with a $2.51 exercise price, which expire in November of 2026.

2023 年 10 月。本季度，有 54,000 張認股權證到期，另外近 90 萬張認股權證的行使價為 4 美元，將於 2024 年 9 月約七個月後到期。此後，我們將有800,000 張未到期認股權證，主要包括將於2026 年5 月到期的180,000 份行使價為2.85 美元的認股權證，以及將於2026 年11 月到期的近600,000 份行使價2.51 美元的認股權證。

We look forward to continued growth and success in fiscal 2024 and beyond as we continue our focus on revenue growth, product innovation, customer success and delivering shareholder value. Thank you all for joining us on the call today.

我們持續專注於營收成長、產品創新、客戶成功和股東價值，期待在 2024 財年及以後實現持續成長和成功。感謝大家今天加入我們的電話會議。

And at this time, we'd like to open the call for questions-and-answers. Moderated?

此時，我們想開啟問答徵集。已審核？

(Operator instructions) Howard Halpern, Taglich Brothers.

（操作員說明）Howard Halpern，Taglich Brothers。

Good afternoon, guys. With all the recent innovation that you we have announced. What are we looking at now in terms of sales cycle and potential deal size? And how that might translate into future growth?

下午好，夥計們。我們最近宣布了您的所有創新。我們現在在銷售週期和潛在交易規模方面關注什麼？這將如何轉化為未來的成長？

Great, great. So this has been a big focus of ours. We've been a lot of investments and specifically making our software easier to buy, by allowing our customers to have immediate value towards their own businesses. And the two big releases that happened last quarter to this end include Rapid UI and Smart Search.

很棒很棒。所以這是我們的一個重點。我們進行了大量投資，特別是讓我們的軟體更容易購買，讓我們的客戶能夠立即為其自己的業務帶來價值。為此，上季發布的兩個重大版本包括快速 UI 和智慧搜尋。

But Rapid UI does that allows our customers to launch their site immediately without having to purchase any of our professional services for our customer implementations. This allows us to take all of the expressive power and HawkSearch that powers massive sites like hp.com and make that available for small, medium businesses that can't invest a huge amount of money in a customer implementation.

但 Rapid UI 確實允許我們的客戶立即啟動他們的網站，而無需為我們的客戶實施購買任何專業服務。這使我們能夠利用為 hp.com 等大型網站提供支援的所有表達能力和 HawkSearch，並將其提供給無法在客戶實施中投入大量資金的中小型企業。

It increases our total addressable market. It also changes the structure of initial deals. So that are initial deals now our primarily license and many of them had zero services whatsoever. This allows us to increase our license fee because now the budget can be allocated that way for recurring high margin revenue. It allows us to win customers. We couldn't win otherwise because they either don't have the time or they don't have the money to on site to do a custom implementations.

它增加了我們的總目標市場。它也改變了初始交易的結構。因此，這是我們現在主要許可的初始交易，其中許多交易的服務為零。這使我們能夠增加許可費，因為現在可以透過這種方式分配預算來獲得經常性的高利潤收入。它使我們能夠贏得客戶。否則我們無法獲勝，因為他們要么沒有時間，要么沒有錢在現場進行客製化實施。

And it decreases our sales cycle by allowing us to avoid having to spec out a customer implementation, which takes a lot of time, and also allowing us to just immediately take the customer's website and give them a customized demo with their own product catalog rather than a generic demo with ours around catalog. So that's huge.

它允許我們避免指定客戶實施（這需要花費大量時間），並且還允許我們立即獲取客戶的網站並為他們提供帶有他們自己的產品目錄的定制演示，從而縮短了我們的銷售週期。我們圍繞目錄進行的通用演示。所以這是巨大的。

Now in addition to that, so there, so there's Rapid UI to increase our TAM, Our total addressable market decreased our sales cycle shift revenues from services to subscription. What Smart Search does, and this is my background, artificial intelligence are really passionate. Excited about this is it leverages huge advancements that have happened in the last 18 months around on what are called large language models and artificial intelligence.

除此之外，還有快速 UI 來增加我們的 TAM，我們的總目標市場減少了我們的銷售週期，將收入從服務轉移到訂閱。智慧搜尋所做的事情，這就是我的背景，人工智慧真的很熱情。令人興奮的是，它利用了過去 18 個月在所謂的大型語言模型和人工智慧方面取得的巨大進步。

A lot of us have seen the news around chatGPT and other companies that are on allowed enabling natural language agents to automatically converse and find information for you. Will, those that those fundamental libraries cost billions of dollars to create and what companies like OpenAI did a very good job. It was to create interfaces. So the people that don't have billions of dollars to leverage those products with infrastructure.

我們很多人都看過有關 chatGPT 和其他公司的新聞，這些公司允許自然語言代理自動對話並為您查找資訊。那些基礎庫花費了數十億美元來創建，而像 OpenAI 這樣的公司做得非常好。這是為了創建介面。因此，那些沒有數十億美元資金來利用這些產品和基礎設施的人。

Because we understand artificial intelligence very well, not just myself, but many of the engineers in our team were able to look at those capabilities that are now available, looked very carefully at our customers and our prospective customers from a use case scenario and connect the dots to put that together into a set of capabilities that are very different from what you can get from other companies in the directly deliver value to our customers.

因為我們非常了解人工智慧，而不僅僅是我自己，我們團隊中的許多工程師都能夠了解現在可用的這些功能，從用例場景中非常仔細地觀察我們的客戶和潛在客戶，並將將這些點組合成一群組功能，這些功能與您從其他公司直接為客戶提供價值所獲得的功能非常不同。

Here's how we can deliver value and we can build value for our customer is increasing their online revenue. And one of the challenges that they have is that their customers don't even know what they want to buy some time. They know what they want to do, but they don't necessarily know what they want to buy or they don't know that the online store has the products that they need.

以下是我們如何提供價值，以及如何為客戶創造價值，即增加他們的線上收入。他們面臨的挑戰之一是，他們的客戶有時甚至不知道他們想買什麼。他們知道自己想做什麼，但不一定知道自己想買什麼，或不知道網路商店有他們需要的產品。

I need to fix this tractor, and I know that I need to replace a certain gear. What I don't know as an alternate to replace certain washers and other things, well, I'm underneath the tractor, I can take a picture of the gearbox, have Smart Search automatically figure out what parts in the Tractor Supply catalog are necessary for performing that task and tell me which ones I can purchase.

我需要修理這台拖拉機，我知道我需要更換某個齒輪。我不知道作為替換某些墊圈和其他東西的替代方案，好吧，我在拖拉機下面，我可以拍攝變速箱的照片，讓智能搜索自動找出拖拉機供應目錄中的哪些零件是必要的執行該任務並告訴我可以購買哪些。

I might not realized I needed that washer other component, but now I do it instead of running down to the local Tractor Supply store and buying it from TSC, I'm actually buying it online from the customer that own Smart Search. These capabilities allow our customers to avoid revenue leakage in a huge way, avoid their customers for getting to buy something that they can do without it or buying something from someone else because they don't realize that they have a clear revenue impact.

我可能沒有意識到我需要洗衣機的其他組件，但現在我這樣做了，而不是跑到當地的 Tractor Supply 商店從 TSC 購買，我實際上是從擁有 Smart Search 的客戶那裡在線購買的。這些功能使我們的客戶能夠在很大程度上避免收入流失，避免他們的客戶因為沒有意識到自己對收入有明顯的影響而購買不需要它也可以做的東西或從其他人那裡購買東西。

Now, one of the great things that we've done is that we've made smart search completely backwards compatible, with our standard HawkSearch keyword capabilities. And this is super important because that means every single one of our HawkSearch customers can push buttons and turn out a smart search.

現在，我們所做的一件很棒的事情是，我們讓智慧搜尋與我們的標準 HawkSearch 關鍵字功能完全向後相容。這是非常重要的，因為這意味著我們的每位 HawkSearch 客戶都可以按下按鈕並進行智慧搜尋。

So our sales cycle into our existing customers, to upgrade Smart Search is super short. Every single one of them can derive value from this. So we've got a great market right there that can increase our Smart Search revenue by over 30%, all by itself, in addition to us being more competitive to other search products in the market.

所以我們的銷售週期進入我們現有的客戶，升級智慧搜尋是超短的。他們每個人都可以從中獲得價值。因此，我們擁有一個巨大的市場，它可以使我們的智慧搜尋收入增加 30% 以上，而且我們比市場上其他搜尋產品更具競爭力。

So these two features by themselves we think are really important. You can see an impact in our financial statement. We do have a lot less services revenue this quarter than we traditionally have shown. And our subscription revenue bookings don't hit the P&L on day one. But we're excited that we're going to start seeing a greater revenue mix of subscription versus total revenue and faster sales cycles, thanks to these two products that we've got more in the pipe.

因此，我們認為這兩個功能本身就非常重要。您可以在我們的財務報表中看到影響。本季我們的服務收入確實比傳統上顯示的要少得多。我們的訂閱收入預訂並沒有在第一天就達到損益表。但我們很高興我們將開始看到訂閱與總收入的更大收入組合以及更快的銷售週期，這要歸功於我們正在開發的這兩種產品。

Okay. And talking about sales movement of sales growth, how are we going to start to see now sequential sales growth as that legacy customer has had they completely wound down and sequential --

好的。談到銷售成長的銷售走勢，我們將如何開始看到現在的連續銷售成長，因為傳統客戶已經完全關閉並連續銷售--

It took a year for them to wind down, which was good because we were able to get additional revenue along the way in December was there last month, which had the final decrease of specifically $25,000 in MRR. And we've got substantial new sales and continuing momentum that gets to fill that hole and weeks we expect to start seeing growth.

他們花了一年時間才結束，這很好，因為我們能夠在上個月的 12 月獲得額外的收入，最終 MRR 減少了 25,000 美元。我們已經獲得了大量的新銷售和持續的動力來填補這個漏洞，我們預計將在幾週內開始看到成長。

Okay. And one other question I have was with regard to search, now that that is an independent product. So if you were to we sell it to a new customer, is that then a potential down the road to backfill and then sell them your HawkSearch product?

好的。我的另一個問題是關於搜索，因為它是一個獨立的產品。因此，如果您要我們將其出售給新客戶，那麼是否有可能回填然後向他們出售您的 HawkSearch 產品？

Yeah, we have -- so our customers are new customers can start with Smart Search or HawkSearch or both. Either way, what we expect to see is that most companies will either start with HawkSearch or start with both. We don't expect people to just do Smart Search and part of that is because humans have trained themselves over the past 20 years to search for things with keywords rather than suggesting what their goals are.

是的，我們有 - 所以我們的客戶是新客戶，可以從 Smart Search 或 HawkSearch 或兩者開始。無論哪種方式，我們期望看到的是大多數公司要么從 HawkSearch 開始，要么從兩者開始。我們並不期望人們只進行智能搜索，部分原因是人類在過去 20 年中已經訓練自己使用關鍵字搜索內容，而不是建議他們的目標是什麼。

And as a consequence of you won't have effective as effective results for most sites if you leave the keyword search out of it for basically cultural reasons, and that's fine. And also for a lot of domains, people know, especially in the B2B world, exactly what product they want. You don't want to miss out on those.

因此，如果您出於文化原因而將關鍵字搜尋排除在外，那麼對於大多數網站來說，您將無法獲得有效的結果，但這沒關係。而且對於許多領域，人們確切地知道他們想要什麼產品，尤其是在 B2B 領域。您不想錯過這些。

So you're going to get. But I think most customers buying both they're buying HawkSearch and the decision to upgrade to Smart Search is, I think, very easy. It's really a financial one for most customers, whether right now it makes sense for them. And based in London, they're marketed.

所以你會得到。但我認為大多數購買 HawkSearch 的客戶都在購買 HawkSearch，而且我認為升級到 Smart Search 的決定非常容易。對於大多數客戶來說，這確實是一種財務問題，無論現在對他們是否有意義。他們的總部設在倫敦，並進行行銷。

So if we can get a faster sale by just selling HawkSearch today and give them a little bit of time to reap the benefits of that and come out of back in six months and do the upgrade that works just as well.

因此，如果我們今天只出售 HawkSearch 就能獲得更快的銷售，並給他們一點時間來獲得收益，並在六個月內回來並進行同樣有效的升級。

And one last question, because I know the search it is for our stores and car and to improve the ROI from customer inquiries. Is it also are you seeing customers who want to use it internally, to help their efficiencies.

最後一個問題，因為我知道搜尋是為了我們的商店和汽車，並提高客戶查詢的投資回報率。您是否也看到客戶希望在內部使用它來提高他們的效率。

We have and that's not the most common use case, but we did sales every quarter to that end. And what are the examples in in even the most recent quarter is a customer who whose customer support team has a huge number of databases with and FAQ and other third-party information. And they use search internally, HawkSearch to find that.

我們有，這不是最常見的用例，但我們每個季度都會為此進行銷售。最近一個季度的例子是，有一位客戶的客戶支援團隊擁有大量資料庫，其中包含常見問題解答和其他第三方資訊。他們使用內部搜尋 HawkSearch 來尋找該內容。

And an interesting use case that happened just this quarter is a customer that has thousands of tens of thousands of PDF of products descriptions that they consider proprietary information, and they don't want to share that online, but they want smart search to read all of that information and learn more about their products. And then to be able to more intelligently help their customers find products that they need.

本季度發生的一個有趣的用例是，一位客戶擁有成千上萬個 PDF 的產品描述，他們認為這些產品描述是專有信息，他們不想在線共享這些信息，但他們希望智能搜索能夠閱讀所有內容這些資訊並了解有關其產品的更多資訊。然後能夠更聰明地幫助客戶找到他們需要的產品。

So when you think of Smart Search, what it can do is a couple of different components. One large language model that is -- so understanding our in general, what somebody is speaking about and asking for. And then two, what's called a vector database and then select the long-term memory for the our first smart search that allows it to study and existing catalog brochures about those products and so forth and understand what is in the product.

因此，當您想到智慧搜尋時，它可以做的是幾個不同的組件。一種大型語言模型是——總體上理解某人在談論什麼和要求什麼。然後兩個，所謂的向量資料庫，然後為我們的第一個智慧搜尋選擇長期記憶，使其能夠研究有關這些產品的現有目錄手冊等，並了解產品中的內容。

And then we bring those two together. We have more intelligent results. So we can train also proprietary internal information that you don't want to share to the outside world to just make our Smart Search, understand your products even better and get more intelligent results for your customers.

然後我們將兩者結合在一起。我們有更聰明的結果。因此，我們還可以訓練您不想與外界分享的專有內部信息，以便我們進行智能搜索，更好地了解您的產品並為您的客戶獲得更智能的結果。

Okay. Well, thanks for the info and keep up the great work, guys.

好的。好吧，感謝您提供的信息，繼續努力，夥計們。

Thank you, Howard.

謝謝你，霍華德。

(Operator instructions) -- [Jacobsen].

（操作員說明）--[雅各森]。

Yeah, hello. Good afternoon, guys, and Happy Valentine's Day.

是的，你好。下午好，夥計們，情人節快樂。

Yeah. That's right, Happy Valentine's. I've got to run out down the store and get some tacos for my wife. I forgot.

是的。沒錯，情人節快樂。我得跑到商店去買一些玉米餅給我妻子。我忘了。

Hey, I think I got two things. The first thing is I really want to congratulate the team on this entry into AI in an intelligent and profitable manner that's great to see. I really appreciate that. It's late.

嘿，我想我有兩件事。首先，我真的想祝賀團隊以一種聰明且有利可圖的方式進入人工智慧領域，這是很高興看到的。我真的很感激。現在已經太晚了。

With the second piece is, I guess, can you provide some sort of color and maybe what's the thinking here on the balance sheet situation with respect to current assets? I mean, pragmatically and I did hear, the $200,000 a caveat that there that the but we've got this whole. But pragmatically, we talk about deterioration of $530,000 I think, in that range and on the current assets, one quarter. Is there anything that you can tell us about this?

我想，第二個問題是，您能否提供某種顏色，以及對於當前資產的資產負債表情況有何想法？我的意思是，從務實的角度來看，我確實聽到了，20 萬美元的警告，但我們已經得到了這一切。但實際上，我們談論的是 53 萬美元的惡化，我認為，在這個範圍內，就流動資產而言，四分之一。對此您有什麼可以告訴我們的嗎？

Yeah. And I plan to provide a little bit additional detail, but I'll provide some higher-level color, which is that first and foremost, the company has sufficient cash and it has no intention of doing any capital raises to bolster that cash position. And second of all, we have the ability this fiscal year to become cash positive was that closed. So there isn't a recurring or structural cash drain challenge at all Tom can speak a moment more by here.

是的。我計劃提供一些額外的細節，但我將提供一些更高層次的色彩，即首先也是最重要的是，該公司擁有足夠的現金，並且無意進行任何融資來增強現金狀況。其次，我們有能力在本財年結束時實現現金正值。因此，根本不存在經常性或結構性的現金流失挑戰，湯姆可以在這裡多講一點。

You can see we have decreased our cash. If you look on the in those current assets, you'll see receivables are up $200,000 or so. So that is in cash or we can go out there and collect and bring that in some in drilling, not much in short term assets, short term liabilities that control in the quarter? It's timing and of receivables and payables.

你可以看到我們減少了現金。如果您查看這些流動資產，您會發現應收帳款增加了 20 萬美元左右。那麼，這是現金，還是我們可以出去收集並在鑽探中引入一些現金，而不是控製本季度的短期資產和短期負債？這是時間以及應收帳款和應付帳款的時間。

Okay. I guess. Yeah. Thanks for that. I appreciate it. So we have an expectation that will become cash flow positive, can we sort of like quantify that when do we think that will happen? And can you also sort of like you maybe provide some color on that rig, is that driven by the expectation of increased sales of reduced expenses? Or was that was that the weather profitability going to come from?

好的。我猜。是的。感謝那。我很感激。因此，我們預期現金流量將變成正數，我們可以量化一下我們認為這種情況何時會發生嗎？您是否也可以在該設備上提供一些顏色，這是由銷售增加和費用減少的預期所驅動的嗎？還是這就是天氣獲利能力的來源？

Right, right. Okay, great. So on as an expectation, it will be towards the end of this fiscal year. And it's going to be driven by increases in gross profit, not decreases in expenses. It's not going to be huge positive cash flow. It's going to be positive cash flow. We never expect to fall into less than $1 million in cash.

是的是的。好的，太好了。因此，預計將在本財年結束時進行。其驅動力將是毛利的增加，而不是費用的減少。這不會是巨大的正現金流。這將是正現金流。我們絕對不會想到現金會少於 100 萬美元。

And on top, but we don't see any need to reduce expenses. We think that strategically continuing to invest in R&D and improve our market position, especially in artificial intelligence, generates the most long-term values of the company as well as, of course, investing in marketing and in winning new customers.

最重要的是，我們認為沒有必要減少開支。我們認為，從策略上繼續投資於研發並提高我們的市場地位，特別是在人工智慧方面，可以為公司創造最長期的價值，當然，投資於行銷和贏得新客戶也是如此。

So look at gross profit increases, in the gross profit is primarily driven through subscription at a 73%, I think, GM this quarter on our versus our services. And we expect that revenue mix between services and subscriptions to continue to be in the 80's.

因此，看看毛利的成長，我認為，毛利主要是透過訂閱驅動的，我認為，通用汽車本季我們的服務與我們的服務相比。我們預計服務和訂閱之間的收入組合將繼續保持在 80 年代。

Yes. So I thought that the gross margins up quite nice. I mean that's well done. And when the when we look at the increases in the in license sales we have we've been projecting a sort of a Rapid increase or as a line here from this point out, what are we looking at?

是的。所以我認為毛利率上升得相當不錯。我的意思是這做得很好。當我們觀察許可證銷售的成長時，我們一直預期會出現某種快速成長，或從現在開始，我們在看什麼？

No it's more linear, and that's the nature of SaaS. So most of our new sales are in the arm, our $25,000, $50,000 in annual recurring revenue per sales, and generally in the HawkSearch. And often they are have an initial engagement of 24 months to 36 months in that range. And we typically see five year total, lifetime with HawkSearch customers. So they start with the two year or three year renewal, they renewed several times in a row.

不，它更加線性，這就是 SaaS 的本質。所以我們的大部分新銷售都在手臂上，我們每次銷售的年度經常性收入為 25,000 美元、50,000 美元，而且一般都在 HawkSearch 中。通常，他們的初始參與時間在該範圍內為 24 個月到 36 個月。我們通常會看到 HawkSearch 客戶的總生命週期為五年。所以他們從兩年或三年的續約開始，連續續約好幾次。

Now because that initial deal is largely subscription, it gets recognized as revenue pro rata over the life of that initial contract. So we don't get bikes. And our current quarter, which was it was an outstanding and very excited about it is on is not going to be able to just generate a big spike in our Q2 from a revenue perspective and I know it does from a bucket.

現在，由於初始交易主要是訂閱，因此它在初始合約的有效期內按比例確認為收入。所以我們沒有自行車。我們目前的季度非常出色，並且非常令人興奮，從收入的角度來看，我們的第二季將無法產生大幅成長，而且我知道從收入角度來看確實如此。

Now an important component to revenue growth is on net revenue retention NRR. And Bridgeline's products broadly fall into two categories. We've got our growth products, which is really HawkSearch, when I talk about search, I talked about HawkSearch, but Celebros, which is our other search product and both of those customers are migrating over to the Hawk platform is really kind of one efforts.

現在收入成長的一個重要組成部分是淨收入保留NRR。Bridgeline 的產品大致分為兩類。我們有我們的成長產品，這實際上是HawkSearch，當我談論搜尋時，我談論了HawkSearch，但是Celebros，這是我們的另一個搜尋產品，這兩個客戶都遷移到Hawk 平台，這確實是一個產品努力。

And that our group of products has a net revenue retention in the high 90-percentile. And when we look at some of our legacy products, they have lower net revenue retention, and large customers that have maybe $20,000, $30,000 in monthly recurring revenue, $300,000 in annual recurring revenue.

我們的產品組的淨收入保留率高達 90%。當我們觀察一些傳統產品時，它們的淨收入保留率較低，而大客戶的每月經常性收入可能為 20,000 美元、30,000 美元，年度經常性收入為 300,000 美元。

Which and one of the reasons we don't sell those anymore because that whole marketplace is so expensive. It's dominated by larger players like SAP or salesforce that can demand those products and they have long sales cycles. But those are those types of products will bleed down and they create little clips, of our revenue because of just the size, that they have and those costs will be more apparent.

這也是我們不再銷售這些產品的原因之一，因為整個市場太貴了。它由 SAP 或 salesforce 等較大的參與者主導，他們可以需求這些產品，而且銷售週期很長。但這些類型的產品將會流失，它們對我們的收入造成的影響很小，因為它們的規模很大，而且這些成本會更加明顯。

Now that HawkSearch is on, I think it's over 56% of our subscription revenue and growing very rapidly. Those clips become more and more units so this is the year 2024 when we really start enjoying the domination of our search platform, lots of smaller customers, our steady growth, predictable growth and the ability for us to continue to make investments and marketing and -- predictable revenue streams and therefore predictable cash flows.

現在 HawkSearch 已經上線，我認為它占我們訂閱收入的 56% 以上，而且成長非常迅速。這些剪輯變得越來越多，所以到了2024 年，我們將真正開始享受我們搜尋平台的統治地位、大量的小客戶、我們的穩定成長、可預測的成長以及我們繼續進行投資和行銷的能力，以及 - - 可預測的收入流，因此可預測的現金流。

Okay. Yeah, I appreciate that. And thanks for providing that information. And with respect to the details of the product mix, I mean that's actually really great. So with respect to the new customer excuse me, the new contracts, whatever determines that will be reached a new benchmark in the time, at least that you have been here. What was the comparables in the last quarter on debt to do we have any idea of that.

好的。是的，我很欣賞這一點。感謝您提供這些資訊。至於產品組合的細節，我的意思是這實際上非常棒。因此，關於新客戶，請原諒，新合同，無論什麼決定都將達到一個新的基準，至少你已經在這裡了。我們知道上個季度的債務可比情況是多少。

I'm sorry, I broke up a little bit there, the comparables in the last quarter on new customer wins?

抱歉，我在那裡有點分手了，上個季度的新客戶贏得情況可比嗎？

Yeah. So I believe that in the press release and also in the call you referred to, I believe the number was $2.5 million in new news or something. And I'm I have --

是的。所以我相信在新聞稿和你提到的電話中，我相信新消息或其他內容的數字是 250 萬美元。而我就是我有--

So this most recent quarter was a little bit better than twice as big as our previous quarter, and our annual recurring revenue that was won. So we won about twice as much as we did in the previous quarter. And one of the most exciting things that we saw. Was that on many of the sales that we had this quarter, started in the in our first quarter and ended in our first quarter.

因此，最近一個季度的業績比上一季的兩倍要好一些，我們贏得了年度經常性收入。因此，我們贏得的獎金大約是上一季的兩倍。這是我們看到的最令人興奮的事情之一。我們本季的許多銷售都是如此，從第一季開始到第一季結束。

So that speaks to the length of our sales cycle being less than 90 days for many of those sales. And then also on Smart Search was only pre-released in late October, and a lot of those sales happened in December. So we think that we've been we think that we've got something here that is going to allow us to grow the different level and we need to invest in sales and marketing, not just innovation we need to because that will feed back and it will pay for R&D hits.

這說明我們許多銷售的銷售週期不到 90 天。此外，Smart Search 也在 10 月底才預發布，其中大部分銷售發生在 12 月。因此，我們認為我們已經有了一些東西，可以讓我們提高不同的水平，我們需要投資於銷售和行銷，而不僅僅是我們需要的創新，因為這會反饋和它將支付研發費用。

So we need to balance those off those investments and continue to hit those markets and being efficient and customer acquisition cost is a big focus, and that is why we specifically look for markets that are underserved, that we can win and tried to become a dominant player in there like this niche market of electrical distributors that frankly wasn't even on my radar 18 months ago that now we just today, we're at the New York built conference at the Javits Center, talking to electrical distributors. So those narrow markets are efficient way for us to win new customers.

因此，我們需要平衡這些投資，並繼續進入這些市場，提高效率，客戶獲取成本是一個重點，這就是為什麼我們專門尋找服務不足的市場，我們可以贏得這些市場，並試圖成為主導者。那裡的參與者喜歡電氣分銷商這個利基市場，坦白說，18 個月前我什至沒有註意到這個市場，現在我們就在今天，我們在紐約賈維茨中心舉行的會議上與電氣分銷商交談。因此，這些狹窄的市場是我們贏得新客戶的有效方法。

Okay. Thank you very much. That's all I got. Thank you

好的。非常感謝。這就是我得到的。謝謝

Thank you --

謝謝--

Thank you. I would now like to turn the conference back to management for closing remarks.

謝謝。我現在想將會議轉回管理階層進行閉幕致詞。

Well, thank you, everybody, for joining us today. I have to say this is a very exciting time in computer science. It's an opportunity for people that understand artificial intelligence to do exciting things for people who understand their customers and their markets, and what those specific needs are to make a real impact.

好的，謝謝大家今天加入我們。我不得不說，這是計算機科學領域非常令人興奮的時刻。對於了解人工智慧的人來說，這是一個機會，可以為了解客戶和市場的人做令人興奮的事情，以及這些特定需求如何產生真正的影響。

And I think they were there to do that. We appreciate the continued support from all of our customers and our partners, and of course, our shareholders who are excited about the business, ongoing growth prospects, we look forward to speaking with you again in our second quarter fiscal '24 conference call, which will be in May. Be well.

我認為他們就是這麼做的。我們感謝所有客戶和合作夥伴的持續支持，當然還有對我們的業務和持續增長前景感到興奮的股東，我們期待在 24 財年第二季度的電話會議上再次與您交談。將在五月。祝你一切順利。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。