Bridgeline Digital Inc (BLIN) 2026 Q2 法說會逐字稿

Good day, everyone. Welcome to the Bridgeline Digital second-quarter 2026 earnings call. At this time, participants have been placed on a listen-only mode. It is now my pleasure to turn the floor over to your host, Thomas Windhausen. The floor is yours.

大家好，日安。歡迎參加 Bridgeline Digital 2026 會計年度第二季財報電話會議。目前，與會者已被設定為僅收聽模式。現在我很榮幸將會議交給主持人 Thomas Windhausen。請開始。

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.

謝謝，各位下午好。感謝各位今天加入我們。我叫 Thomas Windhausen，我是 Bridgeline Digital 的財務長。

I'm pleased to welcome you to the fiscal 2026 second-quarter conference call. On the call with us today is Ari Khan, Bridgeline's President and CEO, who will begin the call with a discussion of our business highlights. I'll update you on the financial results and we'll conclude with some questions.

很高興歡迎各位參加 2026 會計年度第二季電話會議。今天與會的還有 Bridgeline 總裁暨執行長 Ari Khan，他將先就我們的業務亮點展開說明。我將向各位更新財務結果，最後我們會進行提問。

Before we begin, I'd like to remind everyone that our remarks and responses to your questions today may contain forward-looking statements that may be based upon the current expectations of management that involve inherent risks and uncertainties that could cause actual results to differ materially from those indicated, including without limitation, those identified in the risk factor section of our most recent annual report on Form 10-K and our most recent 10-Q filing in the company's other filings with the Securities and Exchange Commission.

在開始之前，我想提醒各位，我們今天的發言以及對各位問題的回覆可能包含前瞻性陳述，這些陳述可能基於管理層目前的預期，並涉及固有風險與不確定性，可能導致實際結果與所示內容存在重大差異，包括但不限於我們最近一期 Form 10-K 年報及最近一期 10-Q 季報，以及公司向美國證券交易委員會提交之其他文件中風險因素章節所識別者。

Such factors may be updated from time to time in our filings with the SEC, which are available on our website. We will take no obligation to publicly update or revise our form-looking statement as a result of new information, future events, or otherwise.

相關因素可能會不時在我們向 SEC 提交的文件中更新，這些文件可於我們的網站取得。因新資訊、未來事件或其他原因，我們不承擔公開更新或修訂我們前瞻性陳述的任何義務。

Be advised that today's results should not be viewed as an indication of future performance. The call will also include references to certain financial measures that are not calculated in accordance with Generally Accepted Accounting Principles or GAAP.

請注意，今天的結果不應被視為未來表現的指標。本次電話會議也將提及若干並非依據一般公認會計原則（GAAP）計算的財務衡量指標。

We jointly refer to these as non-GAAP financial measures. And reconciliations of the non-GAAP financial measures, the most comparable measures calculated and presented in accordance with GAAP are available in the earnings release.

我們將這些統稱為非 GAAP 財務衡量指標。非 GAAP 財務衡量指標與依 GAAP 計算並呈列之最可比較衡量指標的調節表，已載於財報新聞稿中。

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

現在我想把電話會議交給 Bridgeline 總裁暨執行長 Ari Khan。Ari。

Thank you, Tom. Good afternoon, everyone. Well, I'm happy to say that we tripled last quarter's sales and delivered the most new logo sales of any quarter in the company's history. We won 19 sales this quarter, nearly two a week, closing $2.8 million in TCD with $1.2 million in annual recurring revenue.

謝謝你，Tom。各位下午好。我很高興地宣布，我們本季銷售額是上季的三倍，並創下公司史上單季新客戶（new logo）銷售數量最高紀錄。本季我們拿下 19 筆銷售，幾乎每週兩筆，成交 TCD 2.8 百萬美元，並帶來 1.2 百萬美元的年度經常性收入（ARR）。

We also signed over $1 million in professional services agreements. The average sales price took a massive leap this quarter to $44,000 in ARR compared to $30,000 last quarter and $21,000 a year ago in Q2 of FY25.

我們也簽下超過 100 萬美元的專業服務合約。本季平均成交價大幅躍升至 44,000 美元 ARR，相較上季為 30,000 美元，而去年 FY25 第二季為 21,000 美元。

Above and beyond the increase in our new customer average license price, our existing customers bought an average of $28,000 in ARR for add-on products like our AI Visual Search. The increase in sales price is largely due to the new AI add-ons that our customers are choosing, as well as the fact that we're selling to larger companies with massive catalogs and web traffic requirements.

除了新客戶平均授權價格提升之外，我們的既有客戶也平均額外購買了 28,000 美元 ARR 的加購產品，例如我們的 AI 視覺搜尋。售價提升主要來自客戶選擇新的 AI 加購功能，以及我們正銷售給規模更大、擁有龐大型錄與網站流量需求的企業。

In addition to new sales, we continue to have outstanding customer satisfaction proven by our renewal rates and license expansions. This quarter, our core products had a net revenue retention of 107%. Bridgeline's core products led by HawkSearch's suite of AI products now represent 65% of the company's subscription revenue compared to 61% in Q2 last year.

除了新銷售之外，我們也持續維持卓越的客戶滿意度，並由續約率與授權擴張所證明。本季，我們核心產品的淨收入留存率（NRR）為 107%。Bridgeline 的核心產品（以 HawkSearch 的 AI 產品套件為主）目前占公司訂閱收入的 65%，高於去年第二季的 61%。

This was the best quarter ever for customer acquisition. The majority of our wins came from B2B manufacturers and distributors, a large total addressable market with Gartner ranked HawkSearch number one in their critical capabilities report.

這是我們史上客戶獲取表現最佳的一季。我們多數的勝出案源來自 B2B 製造商與經銷商，這是一個龐大的可服務市場（TAM），且 Gartner 在其關鍵能力報告中將 HawkSearch 評為第一名。

Some recent customer wins included a leading global gas provider selecting HawkSearch to power search across three e-commerce sites in one of the most technically complex implementations in HawkSearch's history.

近期部分客戶勝出案例包括：一家全球領先的天然氣供應商選擇 HawkSearch，為其三個電商網站提供搜尋功能，這也是 HawkSearch 史上技術最複雜的導入之一。

The site required multilingual search, customer-specific pricing, entitlement-based access, dimension-based search, and multi-site management. Also, a wholesale distributor selected Hawk Search to power five sites on its oral commerce platform, with a clear path for Hawk to power eight of their sites as the relationship expands.

該網站需要多語系搜尋、客戶專屬定價、基於權限（entitlement）的存取、基於尺寸（dimension）的搜尋，以及多站點管理。此外，一家批發經銷商選擇 Hawk Search，為其 OroCommerce 平台上的五個網站提供搜尋功能，且隨著合作擴大，Hawk 明確有機會支援其八個網站。

Hawk Search was chosen as the strength of its B2B capabilities, including keyword management, entitlements, personalization, product recommendations, unit of measure, and analytics. A national industrial supplier selected HawkSearch to PowerSearch across its large, specification-driven catalog of metal and specialty materials, with Unified Search and Concept Search driving their online revenue by improving conversion rates and reducing friction for specification-driven customer searches.

Hawk Search 之所以被選中，源於其 B2B 能力的優勢，包括關鍵字管理、權限（entitlements）、個人化、產品推薦、計量單位（unit of measure）以及分析功能。一家全國性工業供應商選擇 HawkSearch，為其龐大且以規格為導向的金屬與特殊材料型錄提供 PowerSearch；透過 Unified Search 與 Concept Search 提升轉換率並降低以規格為導向的客戶搜尋摩擦，進而帶動其線上營收。

Another important part of our growth strategy is partnerships. TalkSearch lends itself naturally to both agency and software platform partners that generate sales. TalkSearch received multiple 2026 honors from the InfoTech Research Group, including leader in enterprise search, top product catalog, top UX, top features across eight additional categories based on verified user feedback.

我們成長策略的另一個重要部分是合作夥伴關係。TalkSearch 天然適合與能帶來銷售的代理商與軟體平台夥伴合作。TalkSearch 獲得 InfoTech Research Group 頒發多項 2026 年度榮譽，包括企業搜尋領導者、最佳產品型錄、最佳 UX、最佳功能，並在另外八個類別中基於經驗證的使用者回饋獲得最高評價。

In terms of partnerships, HawkSearch and ZNode announced a partnership bringing AI-powered search, merchandising, and personalization to manufacturers and distributors on the ZNode B2B e-commerce platform, helping buyers find their right products faster, navigate larger catalogs more easily, and improve conversion across multiple store and multi-portal experiences.

在合作夥伴方面，HawkSearch 與 ZNode 宣布建立合作關係，將 AI 驅動的搜尋、商品陳列（merchandising）與個人化功能帶給使用 ZNode B2B 電商平台的製造商與經銷商，協助買家更快找到合適產品、更容易瀏覽更大的型錄，並在多店鋪與多入口（multi-portal）體驗中提升轉換。

Partners are a big part of our go-to-market strategy, and traditional marketing also drives leads for us. We're presenting at in-person conferences more and more, like B2B Online Chicago, and hosting customer conferences to drive sales. And I'm really happy to announce that we recently added a new SVP of Marketing to our team, Kelly Maltman.

合作夥伴是我們市場進入（go-to-market）策略的重要一環，而傳統行銷也為我們帶來商機線索。我們越來越常在實體會議上發表演講，例如 B2B Online Chicago，並舉辦客戶大會以推動銷售。我也很高興宣布，我們最近新增了一位行銷資深副總裁（SVP of Marketing）加入團隊：Kelly Maltman。

Kelly is a marketing exec with over a decade of experience leading B2B software sales and is working closely with our EVP of Sales, Carl Prizzi, to grow our sales pipeline. Our pipe grew by 82% compared to Q2 of FY25, with over 500 qualified leads and more than $5 million in ARR to drive ongoing revenue growth.

Kelly 是一位行銷高階主管，擁有超過十年的 B2B 軟體銷售領導經驗，並正與我們的銷售執行副總裁（EVP of Sales）Carl Prizzi 緊密合作，以擴大我們的銷售管線。相較 FY25 第二季，我們的管線成長了 82%，擁有超過 500 筆合格線索，以及超過 500 萬美元的 ARR，以推動持續的營收成長。

Hawk Search has been an AI-based product suite since long before the new wave of large language models and neural networks in AI that are making headlines today. This has allowed us to quickly adopt the latest AI technology faster than our competitors are able to. This quarter, we released the Hawk AI Shopping Assistant. B2C shopping assistants are starting to appear with Amazon Rufus and Walmart Sparky leading the way.

Hawk Search 早在如今因大型語言模型與神經網路而登上新聞版面的新一波 AI 浪潮之前，就已是一套以 AI 為基礎的產品套件。這使我們能夠比競爭對手更快採用最新的 AI 技術。本季我們發布了 Hawk AI 購物助理。B2C 購物助理正開始出現，由 Amazon Rufus 與 Walmart Sparky 領先帶動。

Most B2C sites are building their shopping assistants off their support chatbot, which is designed to answer questions about products, but not designed to drive online sales. TalkSearch's entire product suite is always focused on driving online sales for our customers.

多數 B2C 網站是以其客服聊天機器人為基礎來打造購物助理；客服聊天機器人的設計目的是回答產品相關問題，但並非為了推動線上銷售而設計。TalkSearch 的整套產品套件始終聚焦於為客戶推動線上銷售。

And it empowers companies to define merchandising rules to promote products that grow with full personalization, recommendation, and promotions at its core. The Hawk AI Shopping Assistant is built upon HawkSearch's AI merchandising infrastructure to truly align it with an online store's revenue goals. If you promote a product in Hawk.

此外，它也讓企業能夠制定商品陳列（merchandising）規則，以推廣能隨著成長而擴展的產品，並以完整的個人化、推薦與促銷為核心。Hawk AI 購物助理建立在 HawkSearch 的 AI 商品陳列基礎架構之上，使其真正與線上商店的營收目標一致。如果你在 Hawk 中推廣某項產品。

The AI will automatically promote it in Hawk's Assistant and vice versa. Furthermore, because HawkSearch has full B2B support, the HawkAI Shopping Assistant is empowered to handle the complexity of B2B online sales. Everyday B2C concepts like pricing, catalog, and shipping are more complex in the B2B world as they're negotiated per customer and shopping is performed by teams.

AI 會自動在 Hawk 的助理中推廣該產品，反之亦然。此外，由於 HawkSearch 具備完整的 B2B 支援，HawkAI 購物助理也能處理 B2B 線上銷售的複雜性。在 B2B 世界中，日常的 B2C 概念（如定價、型錄與運送）更為複雜，因為它們是按客戶逐一協商，且採購通常由團隊進行。

Each customer has pre-negotiated contracts to define which products they can access, custom pricing, freight schedules, credit lines, et cetera. The HawkSearch AI Shopping Assistant understands our customers' B2B contracts and merchandising rules so it can make commercially intelligent recommendations tailored to each individual customer. Here's an example of what the shopping assistant looks like in practice.

每位客戶都有預先協商的合約，用以界定可存取的產品、客製化價格、運費/貨運時程、信用額度等。HawkSearch AI 購物助理理解我們客戶的 B2B 合約與商品陳列規則，因此能提出具商業智慧、並針對每位個別客戶量身打造的推薦。以下是一個購物助理在實務中的示例。

One of our customers is a master B2B distributor for electronics. It has a massive inventory, and its customers are also B2B companies. Its customers are local distributors covering a smaller territory to supply individual electricians with Hoxer Shopping Assistance, a local distributor can log into the Master Distributor Shopping Assistant.

我們的一位客戶是電子產品的主要 B2B 總經銷商。它擁有龐大的庫存，而其客戶也都是 B2B 公司。其客戶是涵蓋較小區域的在地經銷商，為個別電工供貨；透過 Hoxer 購物助理，在地經銷商可以登入總經銷商的購物助理。

And make a query light. I have 50 electricians as customers. My electricians build two or three houses a year, each one 750K, approximately 5,000 square feet. Give me a plan for stocking circuit breakers and panels in my warehouse.

並提出查詢：照明。我有 50 位電工作為客戶。我的電工每年建兩到三棟房子，每棟約 75 萬美元，約 5,000 平方英尺。請給我一份在倉庫備貨斷路器與配電盤的備貨計畫。

Our shopping assistant presented by given that you're covering Southern Ohio and AC is required, you need 500 seventy-volt breakers, 600, 100 amp breakers, et cetera, and then suggest a 20% overage for backstop and surplus orders, surprise orders. It will say that since the distributor has a $10,000 credit line, it recommends quarterly replenishment, and to add 5,000-foot cable and bundle it with the breakers to increase its sales.

我們的購物助理會提出建議：鑑於你涵蓋俄亥俄州南部且需要 AC，你需要 500 個 70 伏斷路器、600 個 100 安培斷路器等，並建議額外多備 20% 作為緩衝與備援，以因應超額訂單、突發訂單。它會指出，由於該經銷商有 10,000 美元的信用額度，建議按季補貨，並加購 5,000 英尺電纜，與斷路器綁定銷售以提升其銷售額。

The shopping assistant then asks if it should place the order. That entire experience, the same type of experience you might have with an intelligent salesperson in an office, can now happen online, at scale, automated, and it happens in the complex B2B world where. Pricing, catalog, everything is custom negotiated on a per customer basis. We support that. HawkSearch supports that. HawkSearch is unique, and this is going to drive a ton of sales for our business.

接著購物助理會詢問是否要下單。整個體驗——就像你在辦公室與一位聰明的業務人員互動的那種體驗——現在可以在線上以規模化方式發生、可自動化，並且能在複雜的 B2B 世界中運作。在那裡，定價、型錄、所有內容都會按每位客戶逐一客製協商。我們支援這些。HawkSearch 支援這些。HawkSearch 是獨特的，而這將為我們的業務帶來大量銷售。

The dialogue that can continue from this can configure the total warehouse for our master distributor as a customer for its customers, local distributors, and drive their revenue.

從這裡延伸的對話還可以持續進行，為我們的總經銷商（作為客戶）針對其客戶——在地經銷商——配置整體倉庫，並帶動他們的營收。

With new products like the AI Hawk Shopping Assistant, we expect to see continued acceleration in Hawk Search Suite. Frankly, it's a great time to be in marketing technology because AI has empowered smaller businesses like Hawk Search and Bridgeline to leapfrog larger incumbents and reset the landscape with innovations in AI, like the AI Shopping Assistant. So with that, I'll turn it over to our Chief Financial Officer. Tom Wundhausen to share additional details.

隨著 AI Hawk 購物助理等新產品推出，我們預期 Hawk Search Suite 將持續加速成長。坦白說，現在是投入行銷科技的好時機，因為 AI 讓像 Hawk Search 與 Bridgeline 這樣的中小型企業得以超越更大型的既有業者，並透過 AI 購物助理等 AI 創新重塑競爭版圖。接下來，我把時間交給我們的財務長。由 Tom Wundhausen 分享更多細節。

Thanks, Ari. I'll provide an update on our financial results for the second-quarter of fiscal 2026, which ended on March 31, 2026. Total revenue for the quarter ended March 31, 2026 was $3.9 million, an increase compared to $3.9 million in the prior year period.

謝謝你，Ari。我將更新我們 2026 會計年度第二季（截至 2026 年 3 月 31 日止）的財務結果。截至 2026 年 3 月 31 日止當季總營收為 390 萬美元，與去年同期的 390 萬美元相比有所增加。

When we look at our components of revenue, we'll start with subscription revenue, which is comprised of staff, licenses, maintenance, and hosting. And for the quarter ended March 31, 2026, its revenue was $3.1 million, also increased from $3.1 million in the prior-year period. As a percentage of total revenue, subscription revenue was 80% for the quarter ending March 31, 2026.

在檢視營收組成時，我們先從訂閱營收開始，其包含人員服務、授權、維護與託管。截至 2026 年 3 月 31 日止當季，訂閱營收為 310 萬美元，也較去年同期的 310 萬美元增加。以總營收占比來看，截至 2026 年 3 月 31 日止當季訂閱營收占 80%。

Our services revenue was $799,000 for the quarter ended March '26, compared to $823,000 in the prior year period, and that's the 20%. That covers 20% of total revenue. Our cost of revenue was $1.4 million in the quarter ended March '26, compared to $1.3 million in the prior year period, and our gross profit was $2.5 million for the quarter ended March 2026, compared to $2.6 million in the prior year period.

截至 26 年 3 月止當季，我們的服務營收為 799,000 美元，較去年同期的 823,000 美元下降，而這部分為 20%。也就是占總營收的 20%。截至 26 年 3 月止當季，我們的營收成本為 140 萬美元，去年同期為 130 萬美元；截至 2026 年 3 月止當季毛利為 250 萬美元，去年同期為 260 萬美元。

Our overall gross margin was 64% for the quarter ended March '26, broken down into subscription revenue of 69% and services gross margin of 47%. Our average expenses were $2.9 million for the quarter ended March '26, down from $3.4 million in the prior-year period, and our net loss was $0.4 million, down from $0.7 million in the prior-year period. Finally, our adjusted EBITDA for the quarter was negative EUR43,000 compared to a negative EUR239,000 in March of 2025.

截至 26 年 3 月止當季，我們整體毛利率為 64%，其中訂閱營收毛利率為 69%，服務毛利率為 47%。截至 26 年 3 月止當季，我們的平均費用為 290 萬美元，低於去年同期的 340 萬美元；淨損為 40 萬美元，低於去年同期的 70 萬美元。最後，本季調整後 EBITDA 為負 43,000 歐元，相較於 2025 年 3 月的負 239,000 歐元。

Moving to our balance sheet, at March 31, 2026, we had cash of EUR1.4 million and receivables of EUR1.4 million. Our total debt was down to EUR182,000, about EUR209,000, with a weighted average interest rate of 3.2% and principal payments due through 2028. We have no other debt or earn-outs from our previous acquisitions, and our total assets at March 31, 2026 were $15.3 million, with liabilities of $6.1 million.

接著看我們的資產負債表，截至 2026 年 3 月 31 日，我們的現金為 140 萬歐元，應收款項為 140 萬歐元。我們的總負債已降至 182,000 歐元，約為 209,000 歐元，加權平均利率為 3.2%，本金償付期限至 2028 年。我們沒有其他來自先前收購的債務或或有對價（earn-outs），且截至 2026 年 3 月 31 日，我們的總資產為 1,530 萬美元，負債為 610 萬美元。

Moving to the cap table, at March 31, 2026, we had 12.6 million shares outstanding, just over 800,000 warrants, and 2.2 million options. The 829,000 warrants consists of 167,000 warrants at $2.85, which expire in May 26 and $592,000 awards for the $2.51 exercise price, which expired in November 2026.

接著看資本結構表（cap table），截至 2026 年 3 月 31 日，我們有 1,260 萬股流通在外股份，略高於 800,000 份認股權證，以及 220 萬份期權。829,000 份認股權證包括：167,000 份行使價為 2.85 美元、於 2026 年 5 月到期的認股權證，以及 592,000 份行使價為 2.51 美元、於 2026 年 11 月到期的獎勵。

Bridget looks forward to continued growth and success in '26 and beyond as we continue our focus on revenue growth, product innovation, customer success, and delivering shareholder value.

Bridget 期待在 2026 年及未來持續成長與成功，我們將持續聚焦於營收成長、產品創新、客戶成功，以及為股東創造價值。

Thank you for joining us on the call today. At this time, I'll share some questions that were sent in advance. Our first question was about the capital raise last year, and how is that driving current sales?

感謝各位今天加入我們的電話會議。接下來我會分享一些事先收到的問題。第一個問題是關於去年募資，以及這如何推動目前的銷售？

All right, okay, that's me. All right, so. This quarter that we just closed was the best quarter in the company's history for winning new logos. And that's exactly what our goal was when we raised capital at the end of March 2025, to inject $2 million, put that into marketing, get our name out there with all the great technology that we already have, let everybody know about it, and win a bunch of deals.

好的，嗯，那是我。好，那麼。我們剛結束的這一季，是公司歷史上贏得新客戶（new logos）表現最好的一季。而這正是我們在 2025 年 3 月底募資時的目標：注入 200 萬美元，把資金投入行銷，讓大家知道我們已經擁有的優秀技術，提升知名度，並拿下大量案子。

This quarter is directly the result of that raise. So raise the money, call it April 1. That's more or less what happened in 2025. Three months to deploy the capital. You got to sign up for conferences and so forth. This gets you more or less to July 1. Give yourselves a 120 to 150-day sales cycle, and all of a sudden, you're in January of this year, the first month of the quarter that we just closed. So this really bodes well for our ability from a marketing.

這一季的成果直接來自那次募資。所以募到資金，就算是 4 月 1 日。這大致就是 2025 年發生的情況。用三個月部署資金。你得報名參加各種會議等等。這樣大概就到 7 月 1 日。再給自己 120 到 150 天的銷售週期，突然之間，你就到了今年 1 月，也就是我們剛結束這一季的第一個月。因此，這對我們從行銷方面的能力而言，確實是非常好的訊號。

Organization to generate leads that convert from our ability as a technology company to create products that there is demand for and solve real-world problems. This is above and beyond what I'm super proud of: our customer retention. Remember.

從行銷組織的角度，我們能產生可轉換的線索；從科技公司的角度，我們能打造市場有需求、能解決真實世界問題的產品。除此之外，還有一點讓我非常自豪：我們的客戶留存。記得。

We also drive an excellent net revenue retention rate of 107%. That means our existing customers renew their subscriptions and buy the new stuff that we're innovating every day. So we're generating leads, we're going to the right places, we know how to deploy marketing capital, and our customers are super happy.

我們也帶動了 107% 的優異淨營收留存率（Net Revenue Retention）。這代表我們的既有客戶會續訂，並購買我們每天持續創新的新功能與新產品。所以我們能產生線索、去對的地方、知道如何部署行銷資金，而且客戶非常滿意。

Excellent. Another question came in about pipeline. So let's format is, what does the pipeline look like and how fast is it growing?

很好。另一個問題是關於銷售管線（pipeline）。所以我們把問題整理成：目前的管線長什麼樣子？成長速度有多快？

All right. Well, we have nearly doubled our pipeline since last year. I think it's an 82% year-over-year growth, Q2 of FY26 versus Q2 of FY25. When I talk about our pipeline, I'm talking about qualified leads. And qualified leads are not subjective qualification where a sales guy feels good this morning about the lead and he might not feel so good about it next day and so forth.

好的。我們的管線幾乎較去年翻倍。我認為年增率是 82%，也就是 FY26 的第二季相較 FY25 的第二季。我所說的管線，是指合格線索（qualified leads）。而合格線索不是主觀判斷，不是某位業務今天早上覺得這個線索不錯、隔天又覺得不怎麼樣之類的。

For us, we've got a metrics-driven marketing organization. That qualifies its lead based on objective behavior. Did the lead attend a webinar? Did they get a demo? Are they returning phone calls? Do they have a pulse, right? Clear, measurable things that define a lead objectively. So we've got 82% growth of that, and that rate of -- or that scale at which we're measuring the 82% growth, that's what we call an AQL. And our AQLs tend to have a 20% close rate.

對我們而言，我們有一個以指標驅動的行銷組織。它會依據客觀行為來判定線索是否合格。這個線索有參加網路研討會嗎？有看過產品示範（demo）嗎？有回電話嗎？有在互動、有反應嗎，對吧？用清楚、可衡量的事情來客觀定義線索。所以我們在這部分有 82% 的成長，而我們用來衡量這 82% 成長的那個層級或尺度，我們稱之為 AQL。而我們的 AQL 通常有 20% 的成交率。

Now, the AQL level today is over 500 leads today with nearly $5.5 million in ARR. So that. Lead pipeline by itself at a 20% rate, it's got $1,000,000 in ARR right there in itself. And with the sales cycle of 120 to 150 days, and the fact that this pipeline is twice as big as it was last year and we measure it the same way, I think that really puts us in a healthy position to continue with the momentum that we've got now. Okay, is that it?

目前 AQL 的層級已超過 500 條線索，對應的 ARR 接近 550 萬美元。所以。單就線索管線本身，以 20% 的比率來看，光這一塊就有 100 萬美元的 ARR。再加上 120 到 150 天的銷售週期，以及這條管線規模是去年的兩倍、且我們用相同方式衡量，我認為這讓我們處於非常健康的位置，能延續目前的動能。好，就這樣嗎？

All right, no other questions already.

好的，目前沒有其他問題了。

All right, good, Well, I want to thank everybody for joining us today, and we appreciate your continued support and the support of our customers and partners as well.

好的，很好。我想感謝大家今天的參與，我們也感謝各位持續的支持，以及客戶與合作夥伴的支持。

We're really excited about this business, and it's an exciting time to be in AI, to be in marketing technology, and to be a growing company that is in a space that's expanding with lots of new technology. We look forward to speaking with you all again on our third-quarter fiscal 2026 conference call that's going to be in April this summer. Until then, be well, and thank you.

我們對這項業務感到非常振奮；現在正是投入 AI、投入行銷科技、以及成為一家在新技術不斷湧現且市場持續擴張的領域中成長公司的令人興奮時刻。我們期待在今年夏天 4 月舉行的 2026 財年第三季法說會上再次與各位交流。在那之前，祝各位安好，謝謝。