Bridgeline Digital Inc (BLIN) 2025 Q3 法說會逐字稿

Greetings and welcome to the Bridgeline Digital third quarter 2025 earnings call. (Operator Instructions) And please note this conference is being recorded.

問候並歡迎參加 Bridgeline Digital 2025 年第三季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Mr. Thomas Windhausen, Chief Financial Officer for Bridgeline Digital. Sir, the floor is yours.

現在，我將會議交給主持人、Bridgeline Digital 財務長 Thomas Windhausen 先生。先生，請您發言。

Great. Thank you. Thank you, and good afternoon, everyone. Thank you for joining us today. My name is Thomas Windhausen, I'm the Chief Financial Officer of Bridgeline Digital, Inc. I'm pleased to welcome you to our fiscal 2025 third quarter conference call.

偉大的。謝謝。謝謝大家，下午好。感謝您今天加入我們。我叫 Thomas Windhausen，是 Bridgeline Digital, Inc. 的財務長。很高興歡迎您參加我們的 2025 財年第三季電話會議。

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 with -- by taking questions.

今天下午與我們一起參加電話會議的是 Bridgeline 總裁兼執行長 Ari Kahn，他將首先討論我們的業務亮點。然後，我將向您通報本季的財務業績，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 of the 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.

在我們開始之前，我想提醒聽眾，在本次電話會議期間，我們對 Bridgeline 所做的非歷史事實的評論均屬於《1933 年證券法》第 27A 條和《1934 年證券法》第 21E 條含義內的前瞻性陳述，並且受風險和不確定性的影響，這些風險和不確定性可能導致此類結果與實際未來事件或實際陳述存在重大差異。

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。我們今天所依據的期望的內部預測和信念可能會隨著時間而改變，並且如果發生改變，我們明確否認並且不承擔通知您的義務。

The results report today should not be considered as an indication of future performance. Changes in economic, business, competitive, technological, regulatory or 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.

今天的結果報告不應被視為未來表現的指標。經濟、商業、競爭、技術、監管或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所表達或暗示的結果有重大差異。

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

有關這些因素以及可能對我們的業務產生影響的其他風險的詳細信息，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 performance. We provide a reconciliation of our GAAP financials to these non-GAAP measures in our earnings release. You can obtain a copy of the earnings release by visiting our website.

另外，請注意，在今天下午的電話會議上，我們將在評論公司業績時討論一些非 GAAP 財務指標。我們在收益報告中提供了我們的 GAAP 財務數據與這些非 GAAP 指標的對帳。您可以造訪我們的網站以取得收益報告的副本。

I'd now like to turn the call over to Ari Kahn, Bridgeline's President and CEO. Ari?

現在我想將電話轉給 Bridgeline 總裁兼執行長 Ari Kahn。阿里？

Thank you, Tom. Good afternoon, everybody. In our Q3 of FY25 -- fiscal year '25, we signed $1.7 million in contracts, which added $600,000 in ARR to our subscription revenue. Year-to-date, we have booked $6 million in contracts with over $2 million in ARR. This brings revenue from our core products to more than 60% of our total revenue with double-digit growth from HawkSearch.

謝謝你，湯姆。大家下午好。在 25 財年第三季（即 25 財年），我們簽署了價值 170 萬美元的合同，這為我們的訂閱收入增加了 60 萬美元的 ARR。年初至今，我們已簽訂了價值 600 萬美元的合同，其中 ARR 超過 200 萬美元。這使得我們核心產品的營收佔總營收的 60% 以上，其中 HawkSearch 的營收實現了兩位數的成長。

This year, we have added more than 20 new customers in addition to more than 30 licenses sold to existing customers, primarily from customers adding Hawk AI to their website. We do see some decline in our legacy products, which flattens our overall revenue, and we expect HawkSearch to continue to grow and outshine this dampening as early as Q1 of 2026.

今年，除了向現有客戶出售 30 多個許可證外，我們還增加了 20 多個新客戶，主要來自將 Hawk AI 添加到其網站的客戶。我們確實看到我們的傳統產品有所下滑，這使我們的整體營收趨於平緩，我們預計 HawkSearch 將繼續成長，並最早在 2026 年第一季擺脫這種下滑趨勢。

Our customers love HawkSearch. Our net revenue retention for HawkSearch is 114%. In fact, our average sale of expansion products to existing customers is double the size of our initial sale to new customers. On average, customers are starting with a $25,000 ARR contract for HawkSearch and then adding another $50,000 ARR above and beyond the $25,000 for advanced features such as our AI-powered Smart Search after they are live.

我們的客戶喜歡 HawkSearch。我們對 HawkSearch 的淨收入留任率為 114%。事實上，我們向現有客戶銷售的擴展產品的平均數量是向新客戶銷售的初始產品的兩倍。平均而言，客戶一開始會簽訂一份價值 25,000 美元的 HawkSearch ARR 合同，然後在這些功能上線後，再在 25,000 美元的基礎上額外增加 50,000 美元的 ARR，以使用我們的 AI 驅動的智能搜索等高級功能。

There's no greater demonstration of value that we deliver to our customers than them buying additional products from us. HawkSearch has an outstanding position in the market with huge customer successes as well as accolades from partners and analysts. This quarter, Gartner ranked HawkSearch as the number one B2B search software provider above all of our competitors.

沒有什麼比客戶向我們購買更多產品更能體現我們提供給客戶的價值了。HawkSearch 在市場上佔有突出的地位，獲得了巨大的客戶成功以及合作夥伴和分析師的讚譽。本季度，Gartner 將 HawkSearch 評為第一大 B2B 搜尋軟體供應商，超越了所有競爭對手。

Our number one ranking in B2B is driven by a number of factors, including our quantity of live customers using Hawk AI, our ability to solve complex sites at scale and the out-of-the-box value Hawk delivers to B2B customers.

我們在 B2B 領域排名第一是由多種因素驅動的，包括使用 Hawk AI 的即時客戶數量、我們大規模解決複雜網站的能力以及 Hawk 為 B2B 客戶提供的開箱即用的價值。

This week, we launched Do it Best hardware. Do it Best is using HawkSearch to power over 3,000 stores with real-time inventory and AI-enhanced search results. Only HawkSearch offers multisite management, so franchises and chains with a large number of sites can centrally manage search results, which can be set up to be impacted by live inventory.

本週，我們推出了 Do it Best 硬體。Do it Best 正在使用 HawkSearch 為 3,000 多家商店提供即時庫存和 AI 增強搜尋結果。只有 HawkSearch 提供多站點管理，因此擁有大量站點的特許經營店和連鎖店可以集中管理搜尋結果，並且可以設定為受即時庫存的影響。

Our sales success has been driven by a modest marketing budget. And in March, we made a small capital raise to expand that budget for lead generation. We doubled our ad spend from $250,000 a quarter to $500,000 a quarter.

我們的銷售成功得益於適度的行銷預算。今年三月，我們進行了小額融資，以擴大潛在客戶開發的預算。我們的廣告支出增加了一倍，從每季 25 萬美元增加到每季 50 萬美元。

We're seeing excellent results from this investment with qualified lead generation more than doubling. Our sales cycle is also contracting and has reduced from 125 days down to 112 days with three sales this quarter having less than 60 days between the initial introduction to signing a contract. The increased marketing budget, faster sales cycle and analyst recognition are expected to fuel even stronger growth in upcoming quarters.

我們從這項投資中看到了出色的成果，而合格的潛在客戶數量增加了一倍以上。我們的銷售週期也在縮短，從 125 天縮短至 112 天，本季有三筆銷售從最初介紹到簽訂合約的時間少於 60 天。預計增加的行銷預算、更快的銷售週期和分析師的認可將推動未來幾季更強勁的成長。

As part of our investment in lead generation, this quarter, we have expanded our lead gen programs through strategic partnerships. Insight25, our first HawkSearch Virtual Summit drew 400 registrants and featured partners, including Hewlett Packard, BigCommerce, Xngage and Crescent Electric.

作為我們對潛在客戶開發投資的一部分，本季度，我們透過策略合作夥伴關係擴展了我們的潛在客戶開發計劃。Insight25，我們的首屆 HawkSearch 虛擬高峰會吸引了 400 名註冊者，並有合作夥伴參與，包括惠普、BigCommerce、Xngage 和 Crescent Electric。

And at B2B Online in Chicago, we hosted a live river cruise dinner with Pimberly, Cronix and DDS. These co-hosted events generate more leads per marketing dollar and produce more qualified leads with faster sales cycles than we could do by ourselves.

在芝加哥的 B2B Online，我們與 Pimberly、Cronix 和 DDS 一起舉辦了現場河上遊船晚宴。這些共同舉辦的活動比我們自己能做的每美元行銷費用能產生更多的銷售線索，並且能以更快的銷售週期產生更多合格的銷售線索。

HawkSearch leads the market in AI-powered product discovery with new capabilities that give customers more control and insight than ever before. This quarter, we added Model Context Protocol, also known as MCP. We added MCP to HawkSearch, which allows AI agents to help manage HawkSearch alongside the human merchandising team that typically runs a website.

HawkSearch 憑藉其新功能引領人工智慧產品發現市場，為客戶提供比以往更多的控制力和洞察力。本季度，我們新增了模型上下文協定（也稱為 MCP）。我們在 HawkSearch 中加入了 MCP，這使得 AI 代理商可以與通常經營網站的人工行銷團隊一起協助管理 HawkSearch。

Our tailored AI approach expands our customers' existing teams so they can leverage AI agents today without having to blindly assume the AI is going to do everything for them correctly, which happens with many of the other AI products. In essence, we are treating AI as a team member, not a replacement to our customers' marketing program.

我們量身定制的人工智慧方法擴展了客戶現有的團隊，使他們能夠利用人工智慧代理，而不必盲目地認為人工智慧會為他們正確地完成所有事情，而這在許多其他人工智慧產品中都是如此。本質上，我們將人工智慧視為團隊成員，而不是客戶行銷計劃的替代品。

MCP also allows merchandisers and developers to control search results with natural language to boost key products, prioritize categories and target campaigns with precision. In fact, they can even ask complex questions to the MCP component of HawkSearch and get visual results, graphs, tables and other information to help them understand the performance of their own website and their sales processes.

MCP 還允許商家和開發人員使用自然語言控制搜尋結果，以推廣重點產品、確定類別的優先順序並精準地進行目標活動。事實上，他們甚至可以向 HawkSearch 的 MCP 組件提出複雜的問題，並獲得可視化結果、圖表、表格和其他信息，以幫助他們了解自己網站的性能和銷售流程。

Together with advanced analytics, these enhancements provide deeper performance insights, integrate with business intelligence tools and make enterprise-grade AI more accessible and impactful. A few examples of this quarter's business development successes include a Fortune 100 tech company signing a HawkSearch agreement to optimize global e-commerce search across high-volume multi-region sites.

這些增強功能與高級分析相結合，可提供更深入的效能洞察，與商業智慧工具集成，並使企業級人工智慧更易於存取和更具影響力。本季業務發展成功的幾個例子包括一家財富 100 強科技公司簽署了 HawkSearch 協議，以優化跨大容量多區域站點的全球電子商務搜尋。

One of the nation's largest electrical distributors selected HawkSearch to power AI-driven search across more than 70 storefronts. The implementation integrates with both Sitecore and Salesforce Commerce Cloud to unify product and content discovery. A top five US electrical distributor expanded its HawkSearch license to support hundreds of e-commerce portals using our multi-engine management to launch test personalized experiences.

美國最大的電力分銷商之一選擇 HawkSearch 為 70 多個商店提供人工智慧搜尋支援。該實施與 Sitecore 和 Salesforce Commerce Cloud 集成，以統一產品和內容發現。美國五大電氣經銷商擴展了其 HawkSearch 許可證，以支援數百個電子商務門戶，使用我們的多引擎管理來啟動測試個人化體驗。

Ivystone Group deployed HawkSearch across five e-commerce sites with multisite management, concept search recommendations and merchandising to improve intent matching and buyer engagement. And the leading JanSan distributor renewed and expanded its partnership to leverage semantic search and personalized e-commerce, boosting both conversion rates and average order value.

Ivystone Group 在五個電子商務網站上部署了 HawkSearch，具有多網站管理、概念搜尋推薦和商品推銷功能，以提高意向匹配和買家參與度。領先的 JanSan 經銷商更新並擴大了合作夥伴關係，利用語義搜尋和個人化電子商務，提高了轉換率和平均訂單價值。

HawkSearch is fueling Bridgeline's growth. As of this quarter, HawkSearch is more than 60% of our total quarterly revenue, is growing at a double-digit pace, is being recognized by top analysts as a number one solution and has outstanding customer satisfaction with 114% net revenue recognition.

HawkSearch 正在推動 Bridgeline 的發展。截至本季度，HawkSearch 占我們季度總營收的 60% 以上，並以兩位數的速度成長，被頂級分析師評為第一解決方案，並且擁有出色的客戶滿意度，淨收入確認率為 114%。

Our constant development and introduction of new features into HawkSearch is resulting in customers tripling their initial investment by adding new features like our AI capabilities and Smart Search.

我們不斷開發 HawkSearch 並引入新功能，透過添加我們的 AI 功能和智慧搜尋等新功能，客戶可以將初始投資增加兩倍。

We have doubled our lead budget to capitalize on this momentum and are already seeing economies of scale. That, along with the sales cycle of only 112 days, will soon make HawkSearch growth shine into our consolidated financials so that you can see overall growth for the whole company at the level in which HawkSearch is growing today.

為了充分利用這一勢頭，我們已將主要預算增加了一倍，並且已經看到了規模經濟。再加上只有 112 天的銷售週期，HawkSearch 的成長很快就會體現在我們的合併財務報表中，讓您可以看到整個公司在 HawkSearch 目前的成長水準上的整體成長。

Now I'll turn the call over to our Chief Financial Officer, Tom Windhausen, so he can share some additional details with you. Tom?

現在我將把電話轉給我們的財務長湯姆溫德豪森 (Tom Windhausen)，以便他可以與您分享一些更多細節。湯姆？

Thanks, Ari. I'll provide an update on our financial results for the third quarter of fiscal 2025, which ended June 30, 2025. Total revenue for the quarter ended June 30, 2025, was $3.8 million as compared to $3.9 million in the prior year period.

謝謝，阿里。我將提供截至 2025 年 6 月 30 日的 2025 財年第三季的財務業績更新。截至 2025 年 6 月 30 日的季度總收入為 380 萬美元，而去年同期為 390 萬美元。

Looking at each component of revenue, our subscription license revenue, which is comprised of SaaS licenses, maintenance and hosting revenue for the quarter ended June 30, 2025, was $3.1 million as compared to $3.0 million in the prior year period. As a percentage of total revenue, subscription and license revenue was 81% of total revenue for the quarter ended June 30, 2025.

從營收的各個組成部分來看，截至 2025 年 6 月 30 日的季度，我們的訂閱授權收入（包括 SaaS 授權、維護和託管收入）為 310 萬美元，而去年同期為 300 萬美元。以總收入的百分比計算，訂閱和授權收入佔截至 2025 年 6 月 30 日的季度總收入的 81%。

Services revenue was $700,000 for the quarter ended June 30, '25 compared to $900,000 in the prior year period. As a percentage of total revenue, services revenue accounted for 19% of total revenue for the quarter ended June 30, 2025.

截至 2025 年 6 月 30 日的季度服務收入為 700,000 美元，而去年同期為 900,000 美元。以總收入百分比計算，服務收入佔截至 2025 年 6 月 30 日的季度總收入的 19%。

Our cost of revenue was $1.3 million for the quarter ended June 30, 2025, compared to $1.2 million in the prior year period. And as a result, our gross profit was $2.5 million for the quarter ended June 30, 2025. Our overall gross profit margin was 66% for the quarter ended June 30, 2025, with our subscription and license gross margins of 70% for the quarter, June '25 compared to 72% in the prior year period and our services margins of 50% for the quarter ended June 30, 2025, compared to 58% in the same period in 2024.

截至 2025 年 6 月 30 日的季度，我們的營收成本為 130 萬美元，而去年同期為 120 萬美元。因此，截至 2025 年 6 月 30 日的季度，我們的毛利為 250 萬美元。截至 2025 年 6 月 30 日的季度，我們的整體毛利率為 66%，其中 2025 年 6 月季度的訂閱和授權毛利率為 70%，而去年同期為 72%，截至 2025 年 6 月 30 日的季度，我們的服務毛利率為 50%，而 2024 年同期為 584%。

Our operating expenses were $3.2 million for the quarter ended June 30 compared to $3.1 million in the prior year period. And our net loss was $800,000 for the fiscal year ended -- sorry, for the fiscal quarter ended June 30, '25, compared to a net loss of $300,000 in the prior year period.

截至 6 月 30 日的季度，我們的營運費用為 320 萬美元，而去年同期為 310 萬美元。截至 2025 年 6 月 30 日的財政季度，我們的淨虧損為 80 萬美元，而去年同期的淨虧損為 30 萬美元。

Our adjusted EBITDA for the quarter ended June 30, 2025, was negative $330,000 compared to positive $3,000 in the prior year comparable 3-month period.

截至 2025 年 6 月 30 日的季度，我們的調整後 EBITDA 為負 33 萬美元，而去年同期的 3 個月則為正 3,000 美元。

Moving to our balance sheet. On June 30, '25, we had cash of over $2.1 million and accounts receivable of $1.4 million. Our total debt outstanding as of June 30, '25 was under EUR300,000, approximately USD348,000, with a weighted average interest rate of 3.4% and principal payments due through 2028. We have no other debt or remaining earn-outs from any other previous acquisitions. And at June 30, '25, our total assets were $16.1 million with total liabilities of $6.2 million.

前往我們的資產負債表。截至 25 年 6 月 30 日，我們的現金超過 210 萬美元，應收帳款為 140 萬美元。截至 25 年 6 月 30 日，我們的未償還債務總額低於 30 萬歐元，約 34.8 萬美元，加權平均利率為 3.4%，本金支付到期日為 2028 年。我們沒有任何其他債務或來自任何其他先前收購的剩餘收益。截至 2025 年 6 月 30 日，我們的總資產為 1,610 萬美元，總負債為 620 萬美元。

Finally, with an update of our cap table. At June 30, it included 12.1 million shares outstanding, 862,000 warrants and 1.8 million options. The 862,000 warrants consist primarily of 167,000 warrants with a $2.85 exercise price expiring in May 2026 and 592,000 warrants with a $2.51 exercise price, which expired in November 2026.

最後，更新一下我們的資本表。截至 6 月 30 日，該公司包括 1,210 萬股流通股、862,000 份認股權證和 180 萬份選擇權。862,000 張認股權證主要包括 167,000 張行使價為 2.85 美元、於 2026 年 5 月到期的認股權證，以及 592,000 張行使價為 2.51 美元、於 2026 年 11 月到期的認股權證。

Bridgeline looks forward to continued growth and success in fiscal 2025 and beyond as we continue our focus on revenue growth, product innovation, customer success and delivering shareholder value.

Bridgeline 期待在 2025 財年及以後繼續成長和成功，我們將繼續專注於營收成長、產品創新、客戶成功和實現股東價值。

Thank you for joining us on the call today. And at this time, I'd like to open the call to questions and answers. Moderator?

感謝您今天參加我們的電話會議。現在，我想開始問答環節。主持人？

(Operator Instructions)

（操作員指示）

While we do that and get that set up, I do have a couple of questions that were sent in advance. So we'll go through those. We get some questions from Howard Halpern at Taglich Brothers. Probably got three questions here from Howard. Number one, how has your customer acquisition strategy evolved? Can you hear me all right?

當我們這樣做並進行設定時，我確實有幾個提前發送的問題。我們將討論這些。我們收到了 Taglich Brothers 的 Howard Halpern 的一些問題。霍華德可能在這裡提出了三個問題。第一，您的客戶獲取策略是如何演變的？你聽見我說話嗎？

Sorry, I was on mute, and I'm back. Okay. So the question was how is our customer acquisition?

抱歉，我剛才靜音了，現在回來了。好的。那麼問題是我們的客戶獲取情況如何？

Yeah. How has our customer acquisition strategy evolved?

是的。我們的客戶獲取策略是如何演變的？

Great. So we're very analytical in marketing, and we track all of our leads so that we know which marketing event was the leads first touch point and that we also know which marketing campaigns were follow-on influencing touch points. With this information, we're able to increase investments in campaigns that generate the best leads or have the biggest impact on lead conversion.

偉大的。因此，我們在行銷方面非常具有分析性，我們會追蹤所有的潛在客戶，以便我們知道哪個行銷活動是潛在客戶的第一個接觸點，我們也知道哪些行銷活動是後續影響接觸點。有了這些訊息，我們就能增加對產生最佳潛在客戶或對潛在客戶轉換產生最大影響的活動的投資。

Today, we have sufficient history and analytics to know where most of our new customers are coming from. A year ago, we were experimenting with two-thirds of our budget and investing one-third towards known lead sources.

今天，我們有足夠的歷史記錄和分析數據來了解大多數新客戶來自哪裡。一年前，我們用三分之二的預算進行試驗，並將三分之一投資於已知的潛在客戶來源。

And today, I'd say that, that ratio has really flipped where we are experimenting with a third, you always want to experiment in marketing world and then investing two-thirds of our budget towards known campaigns, campaigns that we know when or influence. These can be conferences, online ad sources, partnerships and other events.

今天，我想說，這個比例確實發生了轉變，我們正在嘗試三分之一，你總是想在行銷世界中進行實驗，然後將我們預算的三分之二投資於已知的活動，我們知道何時或有影響力的活動。這些可以是會議、線上廣告來源、合作夥伴關係和其他活動。

Because of the outstanding recognition that we've gotten from analysts like Gartner and softwarereviews.com and G2 Crowd and customer satisfaction, we're also now bringing both customers and analysts to the sales cycle to provide references and other details that help our prospective customers more quickly make their decisions.

由於我們獲得了 Gartner、softwarereviews.com 和 G2 Crowd 等分析師的認可以及客戶滿意度，我們現在還將客戶和分析師帶入銷售週期，提供參考和其他詳細信息，幫助我們的潛在客戶更快地做出決策。

Great. Thanks, Ari. Other question. Where does our pipeline stand in regards to reaching new customers or expanding within existing customers?

偉大的。謝謝，阿里。其他問題。在吸引新客戶或擴大現有客戶方面，我們的管道處於什麼位置？

So this year, we have more bookings to existing customers than to new customers, both in quantity and in booking size. About 60% of our sales have been to existing customers, and this is a healthy and great thing. This tells us that we have a product line that delivers tremendous value to our customers, and we need to increase awareness with a larger marketing megaphone, so to speak, a larger ad spend budget so that the rest of the world can find out why customers are staying with Bridgeline and doubling down and increasing their investment in Bridgeline, 114% net revenue retention.

因此，今年我們現有客戶的預訂量和預訂規模都比新客戶多。我們的銷售額約有 60% 來自現有客戶，這是一件健康又偉大的事。這告訴我們，我們擁有一條能為客戶帶來巨大價值的產品線，我們需要透過更大的行銷擴音器來提高知名度，也就是說，增加廣告支出預算，以便世界其他地方能夠了解為什麼客戶留在 Bridgeline，並加倍增加對 Bridgeline 的投資，淨收入保留率為 114%。

We expect existing customers to continue to represent probably 60% of license, even though we're expanding our marketing budget. So we're going to win more customers with a larger budget, but our existing customers are even more rapidly expanding their investment by buying products like our Smart Search, the AI-driven products and advanced analytics.

儘管我們正在擴大行銷預算，但我們預計現有客戶仍將佔據授權的 60% 左右。因此，我們將以更大的預算贏得更多的客戶，但我們現有的客戶透過購買我們的智慧搜尋、人工智慧驅動的產品和高級分析等產品，甚至更快地擴大他們的投資。

We have hundreds of customers who still have products that they can buy from Bridgeline. So this is a great trend. It reduces our overall customer acquisition costs. And these sales make Bridgeline a healthier company, less marketing dollars produce longer customer lifetimes and often result in innovations with new features coming from customers and driving additional sales into our customer base.

我們有數百名客戶仍然可以從 Bridgeline 購買產品。所以這是一個很好的趨勢。它降低了我們的整體客戶獲取成本。這些銷售使 Bridgeline 成為一家更健康的公司，更少的行銷費用可以延長客戶生命週期，並且經常帶來來自客戶的新功能創新，從而為我們的客戶群帶來更多銷售。

Excellent. I do have one more. Are you getting any customer feedback about the new technology enhancements? And how could those be deployed to expand revenue?

出色的。我還有一個。您是否收到任何有關新技術增強的客戶回饋？以及如何利用這些資源來擴大收入？

Okay. Well, most -- nearly all of our product releases in 2024 and 2025 were driven by customers. So we've got -- structurally, we've got a professional services division that helps our customers both implement our products and provide consultative advice to them as to how to better run their own websites.

好的。嗯，大多數——我們在 2024 年和 2025 年發布的幾乎所有產品都是由客戶推動的。因此，從結構上講，我們有一個專業服務部門，可以幫助我們的客戶實施我們的產品，並為他們提供如何更好地經營自己的網站的諮詢建議。

And then we've also got a sales team, our customer success team, which is helping our customers understand what other products we have and figure out when the right time is for them to buy one of our other products.

我們還有一個銷售團隊，即客戶成功團隊，它幫助我們的客戶了解我們有哪些其他產品，並確定何時是他們購買我們其他產品的最佳時機。

These two teams are always getting feedback, bringing that into our product management department run by John Murcott and several other people in the team. And a lot of times, those are producing ideas as to products that we should have and we don't have. We'll see two or three or four of our customers asking for something that's very similar. We figure out what the generalizations are between all of those customers.

這兩個團隊總是會收到回饋，並將回饋帶入由 John Murcott 和團隊中的其他幾個人管理的產品管理部門。很多時候，這些都會產生關於我們應該擁有但還沒有的產品的想法。我們會看到有兩三個或四個客戶要求非常相似的東西。我們弄清楚了所有這些客戶之間的普遍性。

And then rather than our customer having to build and maintain a bespoke implementation, something custom just to themselves, they get to just buy a license for something that we maintain and, of course, sell to our other customers.

然後，我們的客戶不必建造和維護客製化的實施，即為他們自己量身定制的東西，他們只需購買我們維護的東西的許可證，當然，再賣給我們的其他客戶。

So multisite management platform, an example that was driven by customers, our advanced analytics was driven by customers. Of course, all the Smart Search AI stuff was driven both by huge advances in large language models and neural nets and by customers as well.

因此，多站點管理平台是一個由客戶驅動的例子，我們的高階分析也是由客戶驅動的。當然，所有智慧搜尋人工智慧都是由大型語言模型和神經網路的巨大進步以及客戶推動的。

Excellent. Thanks. Moderator, do we have anyone who is on the phone line for Q&A?

出色的。謝謝。主持人，有誰可以接聽電話進行問答嗎？

Casey Ryan, WestPark Capital.

凱西·瑞安（Casey Ryan），WestPark Capital。

All right. Tom, thanks for the update today. It's encouraging.

好的。湯姆，謝謝你今天的更新。這令人鼓舞。

Thank you, Casey.

謝謝你，凱西。

Yeah, you bet. So I had a few questions. So sales and marketing has sort of ticked up over the last couple of quarters, which I think has been encouraging. And I think you're speaking to the fact that conversions are going well and that you're working in that area. Should we continue that absolute dollar level to kind of continue to tick up as we go through the end of the fiscal year and into FY26, is my first question.

是的，沒錯。所以我有幾個問題。因此，過去幾季銷售和行銷有所回升，我認為這令人鼓舞。我認為您說的是轉換進展順利，而且您正在該領域開展工作。我的第一個問題是，隨著財政年度結束並進入 26 財年，我們是否應該繼續保持絕對美元水準的上升趨勢。

Yeah, the way that we -- Okay. Great. And that's a very important question. It really drives our momentum. So for the previous six quarters, our lead gen spend, this is non-personnel, lead gen spend was budgeted at $250,000 per quarter, $1 million a year.

是的，我們的方式——好的。偉大的。這是一個非常重要的問題。它確實推動了我們的發展勢頭。因此，在前六個季度中，我們的潛在客戶開發支出（非人員支出）預算為每季 25 萬美元，每年 100 萬美元。

And then we did a $2 million capital raise in -- at the end of March. And those funds are almost all dedicated towards increasing that marketing spend. Right now, we've increased it from [$250,000 to $500,000. So our third quarter was at a solid $500,000. Fourth quarter is at a solid $500,000, and we expect our first quarter, which will be October to December to continue at the $500,000 level], and then we'll reevaluate it along the way. But we've got enough gas in the tank to stay at that level for a long time, and it is producing results.

然後我們在三月底籌集了 200 萬美元的資金。這些資金幾乎全部用於增加行銷支出。目前，我們已將其從[25萬美元]提高到[50萬美元]。因此，我們的第三季達到了穩定的50萬美元。第四季也達到了穩定的50萬美元，我們預計第一季（10月至12月）將繼續保持50萬美元的水平]，之後我們會重新評估。但我們的實力足以讓我們長期維持這一水平，而且正在產生效果。

That's excellent. I'm really happy to hear that you guys are actually pegging that at the high end because I think previously, we talked about you were targeting kind of [$250,000 to $500,000, but the fact that you're committing $500,000] suggest that results are pretty good in terms of what you're seeing in terms of pipeline development.

太棒了。我很高興聽到你們實際上將其定在了高端，因為我認為之前我們談到過你們的目標是[250,000 美元到 500,000 美元，但事實上你們承諾了 500,000 美元]，這表明從你們在管道開發方面看到的結果來看，結果相當不錯。

Tell me -- I'm curious, and it's hard to get information about this from our side all the time. As HawkSearch is having success, what are competitors doing who may not have the same technology or the same ability as HawkSearch? Are they cutting prices?

告訴我——我很好奇，而且一直以來都很難從我們這邊獲得有關這方面的資訊。當 HawkSearch 取得成功時，那些可能不具備 HawkSearch 相同技術或能力的競爭對手在做什麼呢？他們正在降價嗎？

Are they trying to bundle new services? Like what are you seeing in response to that? Or maybe there isn't a consistent organized response from the competition?

他們是否試圖捆綁新的服務？您對此有何反應？或者也許競爭對手沒有採取一致且有組織的應對措施？

Well, the one thing that we do consistently see, especially from a couple of competitors is them throwing in free professional services to make up the difference between their capabilities and ours. So maybe they don't have something that's as out of box as us or doesn't connect to underlying product information management system or something, and they'll just send a team of people in there to try to make up that difference, and they'll eat that cost. I don't think that's sustainable. I think they should just figure it out and put those things out of the box.

嗯，我們確實經常看到的一件事，特別是來自一些競爭對手的一件事是，他們提供免費的專業服務來彌補他們和我們之間的能力差距。因此，也許他們沒有像我們一樣開箱即用的東西，或者沒有連接到底層產品資訊管理系統或類似的東西，他們只會派遣一個團隊去嘗試彌補這種差異，他們會承擔這筆費用。我認為這是不可持續的。我認為他們應該想辦法把這些東西拿出來。

But we see that, and we have to answer it because they can say yes to anything if they're going to basically buy the customer, we've got to explain that if you build a custom solution sooner or later, the honeymoon is over and that custom solution is not going to be managed for free as opposed to if it was part of a product. So that's our response there. But that's the most kind of thing we --

但是我們看到了這一點，我們必須回答這個問題，因為如果他們基本上要購買客戶，他們可以對任何事情都說“是”，我們必須解釋說，如果你遲早要建立一個定制解決方案，蜜月期就會結束，而且定制解決方案不會像作為產品的一部分那樣免費管理。這就是我們的回應。但這是我們最善良的事情--

Okay. And so people have -- competitors have some ability to sort of offer that, but that's not infinite basically because they're basically losing money on those tactics, I guess.

好的。因此，人們——競爭對手有能力提供這種服務，但這並不是無限的，因為他們基本上在這些策略上虧錢，我猜。

Yeah.

是的。

Yeah. Okay. Terrific. And then I think this is part of the long-term shift in terms of revenue mix as well. But I think in terms of digital engagement services, that number is kind of slowly ticking down.

是的。好的。了不起。我認為這也是收入結構長期轉變的一部分。但我認為，就數位參與服務而言，這個數字正在慢慢下降。

And like I think certainly as a percentage of total revenue, but even in terms of absolute dollars. And like I think that's intentional on your part as you drive the company forward. Should we expect sort of the pace that we've seen to be continued in that? Or would there be some dramatic where you guys might exit a certain line or do something that's sort of bigger in terms of magnitude to that revenue line at some point in '26?

我認為這肯定是佔總收入的百分比，但即使是以絕對美元計算也是如此。我認為這是你推動公司前進的有意為之。我們是否應該期待我們所看到的這種速度能夠持續下去？或者你們可能會在 26 年的某個時候退出某條產品線，或者對該收入線做出更大規模的改變，這是否會發生一些戲劇性的變化？

Yeah. I think that throughout the rest of 2026, so from now all the way through 2026, people should expect us to be at around $750,000 per quarter in professional services revenue with a 50% gross margin.

是的。我認為，在 2026 年剩餘的時間裡，也就是從現在一直到 2026 年，人們應該預期我們每季的專業服務收入約為 75 萬美元，毛利率為 50%。

Our partners -- our agency partners like to do the professional services, and we partner with them, and they do a lot of the services with our guys really just coming in as the subject matter experts to do the really hard stuff, which is why we're at a higher margin.

我們的合作夥伴——我們的代理商合作夥伴喜歡提供專業服務，我們與他們合作，他們提供了很多服務，而我們的人員實際上只是作為主題專家來做真正困難的事情，這就是我們利潤率更高的原因。

And our customers also like to see things out of the box, and we try to provide that for them, which is very valuable. So that's where you don't see that area expected to grow. We're going to focus on growing the license and let our partners have some of that and us do the most complex components of an implementation.

我們的客戶也喜歡看到一些新奇的東西，我們也盡力為他們提供這些，這是非常有價值的。因此，您看不到該地區預計會成長。我們將專注於擴大許可證，讓我們的合作夥伴擁有其中的一部分，而我們則負責實施中最複雜的部分。

Okay. Super. So potentially consistent dollar contribution, but as we expect growth from HawkSearch and kind of your core growth engines shrinking as a percentage of the total?

好的。極好的。因此，潛在的美元貢獻是持續的，但我們預期 HawkSearch 的成長和核心成長引擎在總量中的百分比會縮小嗎？

That's right.

這是正確的。

Yeah. Okay. That's terrific. And then the last question, and again, I suspect maybe this is too granular. But within HawkSearch, do you guys have significant customers, I guess, or customer concentration? And like I'm just trying to get a sense of if anyone is even contributing 5% of revenues in like a given quarter or if everyone is sort of down lower towards 1% or sub-1% in terms of contribution?

是的。好的。太棒了。然後是最後一個問題，我再次懷疑這個問題可能太詳細。但在 HawkSearch 內部，我猜你們有重要的客戶嗎，或是客戶集中度如何？我只是想知道是否有人在某個季度貢獻了 5% 的收入，或者每個人的貢獻都低於 1% 或 1%？

Right. We do not have any 5% customers in HawkSearch, but we do have some guys that are significantly larger than other ones. And we speak about them a lot, and I'll tell you that Hewlett Packard is a partner, not just a customer and has driven a lot of innovation with us, and we've got an outstanding relationship with them, and they participate in our conferences, and it's a very important relationship. And also consolidated electrical distributors, same thing. We brought a lot of innovation and made great suggestions to us, but nobody is at 5%.

正確的。HawkSearch 中沒有任何 5% 的客戶，但我們確實有一些比其他客戶大得多的客戶。我們經常談論他們，我可以告訴你，惠普不僅僅是客戶，也是我們的合作夥伴，他們與我們一起推動了許多創新，我們與他們的關係非常好，他們也參加我們的會議，這是一種非常重要的關係。還有合併的電氣分銷商，同樣的事情。我們帶來了很多創新，也提出了很好的建議，但沒有人達到 5%。

Okay, great. Well, that's all really helpful. It feels like the execution is really good. And I appreciate you taking my questions and I appreciate the update. Thank you.

好的，太好了。嗯，這些都很有幫助。感覺執行效果非常好。感謝您回答我的問題並感謝您提供的最新消息。謝謝。

Thank you, Casey. Nice speaking.

謝謝你，凱西。講得真好。

(Operator Instructions)

（操作員指示）

Okay. As we have no further questions in line at this time, I would like to hand it back over to management for any closing remarks.

好的。由於我們目前沒有其他問題，我想將其交還給管理層以作結束語。

Great. Thank you. Well, thank you, everybody, for joining us today. We very much appreciate your continued support of our investors and of our customers and of our partners. We're excited about our business and ongoing growth prospects.

偉大的。謝謝。好吧，謝謝大家今天加入我們。我們非常感謝你們對我們的投資者、客戶和合作夥伴的持續支持。我們對我們的業務和持續的成長前景感到興奮。

We think that we are in the sweet spot right now with respect to B2B companies coming online and us being the number one B2B search platform. We're in the sweet spot with respect to artificial intelligence and how the large language models that are driving this revolution really are tailored very well for the type of product that we have.

我們認為，就 B2B 公司上線和我們成為第一大 B2B 搜尋平台而言，我們現在正處於最佳時機。我們在人工智慧方面處於最佳狀態，並且推動這場革命的大型語言模型確實非常適合我們擁有的產品類型。

And we're seeing HawkSearch grow. I know that everyone is anxious to see that growth shine through, and we expect to see that in 2026. And this is an exciting time for the company. Thank you all. Our next conference call will be in December 2025. Until then, be well.

我們看到 HawkSearch 正在成長。我知道每個人都渴望看到這種增長的光芒，我們預計在 2026 年就能看到這一點。對於公司來說，這是一個令人興奮的時刻。謝謝大家。我們的下一次電話會議將於 2025 年 12 月舉行。到那時，祝你一切安好。

Thank you, ladies and gentlemen. This does conclude today's conference, and you may disconnect your lines at this time. And we thank you for your participation.

謝謝各位，女士們、先生們。今天的會議到此結束，大家可以斷開線路了。我們感謝您的參與。