Banzai International Inc (BNZI) 2025 Q2 法說會逐字稿

I'd like to welcome you to Banzai's second-quarter 2025 financial results and business update conference call. A question-and-answer session will follow the formal presentation. And as a reminder, this conference is being recorded.

歡迎您參加 Banzai 2025 年第二季財務表現與業務更新電話會議。正式演講結束後將進行問答環節。提醒一下，本次會議正在錄製中。

Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include predictions, estimates, or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect oaur opinions only as the date of this presentation.

在我們開始正式演講之前，我想提醒大家，電話會議和網路廣播中的陳述可能包括預測、估計或其他可能被視為前瞻性的資訊。雖然這些前瞻性陳述代表了我們目前對未來的判斷，但它們受制於風險和不確定性，可能導致實際結果大不相同。請注意不要過度依賴這些前瞻性陳述，這些陳述僅反映我們截至本簡報發布之日的觀點。

Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revisions to these forward-looking statements in light of new information or future events. Throughout today's discussion, we will attempt to present important factors relating to our business that may affect our predictions. You should also review our most recent Form 10-K and Form 10-Q for a more complete discussion of these factors and other risks, particularly under the heading risk factors. A press release detailing these results was issued this afternoon and is available in the investor relations section of our company's website, banzai.org.

請記住，我們沒有義務根據新資訊或未來事件修改或公開發布這些前瞻性陳述的任何修改結果。在今天的討論中，我們將嘗試提出與我們的業務相關的可能影響我們預測的重要因素。您還應該查看我們最新的 10-K 表格和 10-Q 表格，以更全面地討論這些因素和其他風險，尤其是在風險因素標題下。今天下午發布了一份詳細介紹這些結果的新聞稿，可在我們公司網站 banzai.org 的投資者關係部分查閱。

Your host today, Joe Davey, Chief Executive Officer, and I will present unaudited results of operations for the second quarter ended June 30, 2025. At this time, I will turn the call over to Banzai's Chief Executive Officer, Joe Davey.

今天的主持人、執行長喬戴維 (Joe Davey) 和我將公佈截至 2025 年 6 月 30 日的第二季未經審計的經營業績。現在，我將把電話轉給 Banzai 的執行長 Joe Davey。

Thank you, Dean, and good afternoon, everyone. I'm pleased to welcome you to Banzai second-quarter 2025 financial results conference call. I'll begin with a brief overview of our business and market opportunity before delving into Q2 2025 financial and operational highlights. I'll then touch on some product and strategy updates. Our new CFO Dean Ditto will then review our Q2 2025 financial results before I close and open up the call for questions.

謝謝 Dean，大家下午好。我很高興歡迎您參加 Banzai 2025 年第二季財務業績電話會議。在深入探討 2025 年第二季的財務和營運亮點之前，我將首先簡要概述我們的業務和市場機會。然後我將談一些產品和策略更新。我們的新任財務長 Dean Ditto 將審查我們 2025 年第二季的財務業績，然後我結束並開始提問。

For those new to our story, at Banzai, we're developing a platform of AI-powered marketing solutions that make our customers' lives 10 times faster and easier. Our products enable our robust customer base to target, engage, and measure both new and existing customers more effectively.

對於那些剛了解我們故事的人來說，在 Banzai，我們正在開發一個由人工智慧驅動的行銷解決方案平台，使我們的客戶的生活變得更快、更輕鬆 10 倍。我們的產品使我們強大的客戶群能夠更有效地定位、吸引和衡量新舊客戶。

Our focus is on the global Martech market, which is expanding rapidly due to increasing digital transformation, surging demand for personalized experiences, and the proliferation of automation and AI. These dynamics have created challenges for modern marketing teams which must navigate the expansive and complex network of available tools.

我們專注於全球行銷科技市場，由於數位轉型的不斷推進、個人化體驗需求的激增以及自動化和人工智慧的普及，該市場正在迅速擴張。這些動態為現代行銷團隊帶來了挑戰，他們必須駕馭廣泛而複雜的可用工具網絡。

Our core product suite addresses the issue of disjointed customer experiences and messy data by centralizing all essential marketing tools in the Banzai platform. We continue to expand our family of products through our target acquisition strategy, which positions us strongly for capitalizing on industry consolidation.

我們的核心產品套件透過將所有必要的行銷工具集中在 Banzai 平台上來解決客戶體驗脫節和數據混亂的問題。我們透過目標收購策略不斷擴大我們的產品系列，這使我們能夠充分利用產業整合的優勢。

Banzai continues to be focused on our strategy of building and buying products across four key areas: attracting leads, engagement, tracking, and intelligence. We feel these areas are key to marketing success both now and in the future.

Banzai 繼續專注於我們在四個關鍵領域的產品建立和購買策略：吸引潛在客戶、參與、追蹤和情報。我們認為這些領域是現在和將來行銷成功的關鍵。

The second quarter was marked by continued operational momentum and substantial growth, with revenue growing 205% year-over-year, driven by our Vidello and OpenReel subsidiaries, and continued strong performance for our products. We're seeing immediate results from having Vidello's next-generation video creation, editing, and marketing suite and OpenReel digital video creation platform in the Banzai family of products.

第二季度，公司持續維持營運動能並大幅成長，在 Vidello 和 OpenReel 子公司的推動下，公司營收年增 205%，產品也持續保持強勁表現。我們看到了 Banzai 系列產品中 Vidello 的下一代影片創作、編輯和行銷套件以及 OpenReel 數位影片創作平台帶來的即時的效果。

We achieved gross profit of $2.7 million in the quarter, a year-over-year increase of 267%. And gross margin expanded significantly year over year from 69.1% to 83%. We achieved annual recurring revenue of $12.6 million in the second quarter. This represents a 182% annual annualized ARR growth rate compared to Q2 2024.

本季我們實現毛利270萬美元，年增267%。毛利率較去年大幅擴大，由69.1%上升至83%。我們在第二季度實現了 1260 萬美元的年度經常性收入。與 2024 年第二季相比，這意味著年化 ARR 成長率達到 182%。

Adjusted EBITDA was a $1.5 million loss, which compared to a loss of $1.5 million in Q2 2024. Our cash balance at the second quarter end increased to $2.3 million, and stockholder's equity increased to $3.2 million. We secured an $11 million debt facility with an institutional investor to support acquisitions and ongoing operations.

調整後的 EBITDA 虧損 150 萬美元，而 2024 年第二季的虧損為 150 萬美元。我們第二季末的現金餘額增加至 230 萬美元，股東權益增加至 320 萬美元。我們從一家機構投資者那裡獲得了 1,100 萬美元的債務融資，以支持收購和持續營運。

We appointed Dean Ditto as Chief Financial Officer, bringing over 30 years of experience as a strategic financial leader with a track record of implementing critical business initiatives that drive profitable growth at both public and private companies. We also appointed Michael Kurtzman as Chief Revenue Officer, a veteran revenue and go-to-market executive to scale Banzai leading video engagement, production, and webinar solutions.

我們任命 Dean Ditto 為財務官，他擁有 30 多年的策略財務領導經驗，在實施推動上市公司和私人公司盈利增長的關鍵業務計劃方面有著良好的記錄。我們還任命 Michael Kurtzman 為首席營收官，他是一位經驗豐富的營收和行銷主管，負責擴展 Banzai 領先的影片參與、製作和網路研討會解決方案。

Our current customer base expanded to over 140,000 total customers, and we secured expanded agreements with RBC Capital Markets and other prominent enterprises for OpenReel. This reflects our strategy of expansion in the enterprise and an example of one of the key sectors where we're providing value.

我們目前的客戶群已擴大到超過 140,000 名客戶，並且我們與 RBC Capital Markets 和其他知名企業就 OpenReel 達成了擴展協議。這體現了我們的企業擴張策略，也是我們提供價值的關鍵領域之一的一個例子。

We entered 2025 with a key set of strategic priorities, and we're making meaningful progress on our goals. First, we've rapidly paid down and converted debt in recent quarters and intend to opportunistically continue reducing balance sheet leverage. Our existing lenders are receptive to conversions and early pay down provisions. Organic growth and expense management have provided an opportunity to continue improving the company's cash position.

我們帶著一系列關鍵的策略重點邁入 2025 年，並​​且朝著我們的目標取得有意義的進展。首先，我們在最近幾季迅速償還和轉換了債務，並打算抓住機會繼續降低資產負債表槓桿率。我們現有的貸款人願意接受轉換和提前還款條款。有機成長和費用管理為繼續改善公司的現金狀況提供了機會。

Second, M&A continues to be an important piece of our growth strategy. We follow a well-defined, repeatable process that ensures every M&A opportunity is approached with precision and best practices. This process starts with smart target identification, focusing only on opportunities that align with our strategic vision. From there, we track every step with clear processes and milestone benchmarks. We apply a standard modeling and evaluation method so we can accurately assess the upside and risks.

其次，併購仍是我們成長策略的重要組成部分。我們遵循明確定義、可重複的流程，確保以精確和最佳實踐來處理每個併購機會。這個過程從智慧目標識別開始，只專注於符合我們策略願景的機會。從那裡開始，我們透過清晰的流程和里程碑基準來追蹤每一步。我們採用標準建模和評估方法，以便準確評估優勢和風險。

Our due diligence is rigorous and designed to uncover both opportunities and potential challenges before we move forward. Importantly, we have the ability to close the right deals backed by thoughtful capital planning that ensures every acquisition strengthens our long-term position.

我們的盡職調查非常嚴格，旨在我們繼續前進之前發現機會和潛在挑戰。重要的是，我們有能力透過周到的資本規劃來完成正確的交易，確保每次收購都能加強我們的長期地位。

Third, accelerating organic growth of our current lines of business. We brought in top talent, including a new Chief Revenue Officer and key sales leaders. And we built an organizational structure that's engineered to drive new growth and unlock cross-selling opportunities across our product portfolio.

第三，加速我們現有業務的有機成長。我們引進了頂尖人才，包括新的首席營收長和主要銷售領導。我們建立了一個組織結構，旨在推動新的成長並釋放我們產品組合中的交叉銷售機會。

Finally, leadership strength. This year, we've welcomed Michael Kurtzman of CRO; Dean Ditto, as CFO, as I just mentioned. And most recently, Matt McCurdy is Vice President of Sales. These are proven leaders with the experience, discipline, and vision to help us capture the opportunities ahead.

最後，領導實力。今年，我們歡迎財務長 Michael Kurtzman 和財務長 Dean Ditto，正如我剛才所提到的。最近，Matt McCurdy 擔任銷售副總裁。這些都是經驗豐富的領導者，他們擁有豐富的經驗、嚴謹的紀律和遠見，能夠幫助我們抓住未來的機會。

We have substantially scaled our customer base to over 140,000 customers, which covers some blue chip names across a variety of sectors. Some of our key customers and partners include RBC Global Asset Management, which we recently expanded our contract with, as well as Cisco, Adobe, Thermo Fisher Scientific, United Health, Hewlett-Packard Enterprise, Capital One, and thousands of others. We serve a variety of industries including healthcare, financial services, e-commerce, technology, and media. And we operate in over 90 countries.

我們的客戶群已大幅擴大至超過 14 萬名客戶，涵蓋各行業的一些藍籌股。我們的主要客戶和合作夥伴包括最近擴大了與加拿大皇家銀行全球資產管理公司的合同，以及思科、Adobe、賽默飛世爾科技、聯合健康、惠普企業、Capital One 等數千家公司。我們服務於醫療保健、金融服務、電子商務、科技和媒體等多個行業。我們的業務遍及 90 多個國家。

We remain focused on targeting the mid-market and enterprise segment while continuing to support our small business customers. We're taking a disciplined approach to focus on acquiring stickier high value customers.

我們將繼續專注於中端市場和企業領域，同時繼續支援我們的小型企業客戶。我們採取嚴謹的方法來專注於獲取更具黏性的高價值客戶。

Our flywheel business model continues to be at the center of our strategy. Developing great products leads to growing customer usage. This drives additional data and content on our products which enables us to create additional value through integrations, automation and AI features. We're building a moat in two key areas: integrations and AI enablement. Integrating multiple products into a single platform allows us to simplify our customers' workflows and deliver on our brand promise of 10 times faster and easier solutions.

我們的飛輪商業模式仍然是我們策略的核心。開發優質的產品可以增加客戶的使用量。這將推動我們產品上額外的數據和內容，使我們能夠透過整合、自動化和人工智慧功能創造額外的價值。我們正在兩個關鍵領域建立護城河：整合和人工智慧支援。將多種產品整合到單一平台使我們能夠簡化客戶的工作流程，並兌現我們的品牌承諾，即提供 10 倍更快、更簡單的解決方案。

Continued investment in AI enablement will ultimately be key to long-term success. We believe that adding more solutions will over time expand the context available to us and will enable us to deliver more powerful AI capabilities.

持續投資於人工智慧最終將成為長期成功的關鍵。我們相信，隨著時間的推移，增加更多的解決方案將擴大我們可用的環境，並使我們能夠提供更強大的人工智慧功能。

Our vision is to generate substantial long-term value by scaling inorganically in addition to the growth of our existing products. Our acquisition framework is centered around profitable businesses that align with Banzai target enterprise and mid-market customer profile and our data and AI driven platform. We evaluate candidates on their ability to attract leads, engage, harness data and intelligence, and measure results.

我們的願景是在現有產品成長的基礎上，透過無機擴展來創造巨大的長期價值。我們的收購框架以符合 Banzai 目標企業和中端市場客戶形像以及我們的數據和人工智慧驅動平台的獲利業務為中心。我們根據候選人吸引潛在客戶、參與、利用數據和情報以及衡量結果的能力來評估他們。

The opportunity for Banzai is twofold. First, to increase our product capabilities by acquiring strategically aligned products that serve our customer base. And second, by accelerating our path to profitability and scale and to hopefully benefit from multiple expansion along the way. I will now turn the call over to Dean Ditto, Chief Financial Officer, to discuss our financial results.

Banzai 的機會是雙重的。首先，透過收購符合我們客戶群策略的產品來提高我們的產品能力。其次，加快實現盈利和規模化，並希望從這一過程中的多重擴張中獲益。現在我將把電話轉給財務長 Dean Ditto，討論我們的財務表現。

Thank you, Joe. Total revenue for the second quarter of 2025 was $3.3 million compared to $1.1 million in the second quarter of 2024. We believe the non-GAAP metric annual recurring revenue, or ARR is meaningful in evaluating the company's performance. ARR was $12.6 million for the second quarter of 2025 and represents a 182% increase from $4.5 million in the second quarter of 2024.

謝謝你，喬。 2025年第二季的總收入為330萬美元，而2024年第二季的總收入為110萬美元。我們認為非公認會計準則指標年度經常性收入（ARR）對於評估公司績效具有重要意義。2025 年第二季的 ARR 為 1,260 萬美元，比 2024 年第二季的 450 萬美元成長 182%。

Gross profit for the second quarter of 2025 was $2.7 million compared to $0.7 million in the second quarter of 2024. Gross margin was 83% in the second quarter of 2025, which is an increase of 1,390 basis points compared to 69.1% in the second quarter of 2024.

2025 年第二季的毛利為 270 萬美元，而 2024 年第二季的毛利為 70 萬美元。2025 年第二季毛利率為 83%，較 2024 年第二季的 69.1% 增加 1,390 個基點。

Total operating expenses for the second quarter of 2025 were $7.4 million compared to $4.1 million in the second quarter of 2024. The increase in operating expenses were primarily due to the additions of the OpenReel and Vidello businesses and overall operating expenses. Net loss for the second quarter of 2025 was $7.8 million compared to a net loss of $4.0 million in the second quarter of 2024.

2025 年第二季的總營運費用為 740 萬美元，而 2024 年第二季為 410 萬美元。營運費用的增加主要是由於OpenReel和Vidello業務的增加以及整體營運費用的增加。2025 年第二季淨虧損為 780 萬美元，而 2024 年第二季淨虧損為 400 萬美元。

For the three months ended June 30, 2025, adjusted EBITDA was a loss of $1.5 million compared to a loss of approximately $1.5 million for the three months ended June 30, 2024. Total revenue for the six months ended June 30, 2025 was $6.6 million, which was an increase of 209% compared to the prior year.

截至 2025 年 6 月 30 日的三個月，調整後的 EBITDA 虧損 150 萬美元，而截至 2024 年 6 月 30 日的三個月虧損約為 150 萬美元。截至 2025 年 6 月 30 日的六個月總收入為 660 萬美元，比上一年增長 209%。

Total cost of revenue for the six months ended June 30, 2025, was $1.2 million compared to $0.7 million in the prior year quarter, which was an increase of 63%. The increase was less than proportional to the revenue for the corresponding period resulting in improved gross profit.

截至 2025 年 6 月 30 日的六個月的總收入成本為 120 萬美元，而去年同期為 70 萬美元，成長了 63%。該增幅低於同期收入，導致毛利提高。

Gross profit for the year ended June for the -- excuse me, six months ended June 30, 2025, was $5.5 million compared to $1.4 million in the prior year period. Gross margin was 82.5% in the first half of 2025 compared to 66.9% for the first half of 2024.

截至 2025 年 6 月 30 日的六個月的毛利為 550 萬美元，而去年同期為 140 萬美元。2025 年上半年毛利率為 82.5%，而 2024 年上半年為 66.9%。

Total operating expenses for the six months ended June 30, 2025, were $15.1 million compared to $8.2 million in the prior year period. The increase in operating expenses was primarily due to the additions of the OpenReel and Vidello businesses and overall operating expenses.

截至 2025 年 6 月 30 日的六個月的總營運費用為 1,510 萬美元，而去年同期為 820 萬美元。營運費用的增加主要是由於OpenReel和Vidello業務的增加以及整體營運費用的增加。

Net loss for the six months ended June 30, 2025, was $11.4 million compared to $8.2 million in the prior year period. Adjusted EBITDA for the six months ended June 30, 2025 was $3.7 million compared to adjusted EBITDA of $3.5 million for the prior year period.

截至 2025 年 6 月 30 日的六個月淨虧損為 1,140 萬美元，而去年同期為 820 萬美元。截至 2025 年 6 月 30 日的六個月的調整後 EBITDA 為 370 萬美元，而去年同期的調整後 EBITDA 為 350 萬美元。

Net cash used in operating activities for the six months ended June 30, 2025 was $9.0 million compared to $3.8 million for the six months ended June 30, 2024. Cash totaled $2.3 million as of June 30, 2025, compared to $0.7 million as of March 31, 2025.

截至 2025 年 6 月 30 日的六個月，經營活動所用淨現金為 900 萬美元，而截至 2024 年 6 月 30 日的六個月為 380 萬美元。截至 2025 年 6 月 30 日，現金總額為 230 萬美元，而截至 2025 年 3 月 31 日為 70 萬美元。

I'll now turn the call back to Joe for some closing remarks.

現在我將把電話轉回給喬，請他發表一些結束語。

Thank you, Dean. We're seeing solid revenue growth across our business at much higher gross margin. Operationally, we're in a great place as we're positioned for improved results in cash position in 2025. We've worked diligently to strengthen our balance sheet and stockholders equity, increasing our cash and liquidity to advance long-term growth. Our debt facility is also available to support acquisitions and ongoing operations.

謝謝你，迪恩。我們看到整個業務的收入穩定成長，毛利率也大幅提高。從營運角度來看，我們處於良好的狀態，因為我們預計在 2025 年改善現金狀況。我們努力加強資產負債表和股東權益，增加現金和流動性，以促進長期成長。我們的債務融資也可用於支持收購和持續營運。

We have an expanded suite of synergetic products that drive real value for our massive customer base and the right team to achieve our objectives. We're very focused on generating sustainable value for our shareholders, and I look forward to providing additional updates throughout the year.

我們擁有擴展的協同產品套件，為我們龐大的客戶群和合適的團隊創造真正的價值，以實現我們的目標。我們非常注重為股東創造永續價值，我期待全年提供更多更新資訊。

Thank you everyone for attending, and I would now like to answer your questions.

感謝大家的出席，現在我想回答大家的問題。

(Event Instructions) So first question is from Howard at Taglich. Thanks, Howard. What is your sales cycle for mid-market and enterprise customers? When do you anticipate that your new team beginning to drive sequential revenue growth? Will you be able to continue reducing operating expenses sequentially over the next few quarters?

（活動說明）第一個問題來自 Taglich 的 Howard。謝謝，霍華德。您對中型市場和企業客戶的銷售週期是怎麼樣的？您預期新團隊何時開始推動連續營收成長？您能否在接下來的幾個季度內繼續連續降低營運費用？

That's a great question. Thank you, Howard. We've seen the sale cycle can vary especially depending on the size of the account. So we have some deals that were in the works that we think are very meaningful potentially but could be one-year plus sales cycles. A lot of our kind of mid-market sales cycle comes in between 30 and 60 days. And then obviously, we have a lot of customers that will also buy directly from us online. So maybe they'll buy self-serve and then they'll upgrade over time or maybe our account management team will get involved and help them upgrade over time.

這是一個很好的問題。謝謝你，霍華德。我們發現銷售週期可能會有所不同，尤其取決於帳戶規模。因此，我們正在進行一些交易，我們認為這些交易可能非常有意義，但銷售週期可能會超過一年。我們許多中階市場的銷售週期都在 30 到 60 天之間。顯然，我們有很多客戶也會在網路上直接從我們這裡購買。因此，也許他們會購買自助服務，然後隨著時間的推移進行升級，或者也許我們的客戶管理團隊會參與其中並幫助他們隨著時間的推移進行升級。

So that's I think a very meaningful -- I think it's a meaningful shift to our business model. From a year ago, we're now seeing much larger deals sitting in our pipeline. We're starting to see pipeline growth of those deals. And this is really why Michael is a part of the team now and Matt and some of the other folks is really just to focus on driving that additional pipeline and driving additional organic growth. And we're really pleased with how that's going so far.

所以我認為這是非常有意義的——我認為這是我們商業模式的有意義的轉變。與一年前相比，我們現在看到正在籌備的大型交易越來越多。我們開始看到這些交易的管道成長。這就是為什麼邁克爾現在是團隊的一員，而馬特和其他一些人實際上只是專注於推動額外的管道和推動額外的有機成長。我們對目前的進展感到非常滿意。

When do you anticipate your new team beginning to drive sequential revenue growth?

您預期新團隊何時開始推動營收持續成長？

We'll see. I think that the team is making progress on this already. Michael's been on board for a couple of months now I think. So he's starting to make some changes in the team. I think some of those things are starting to bear fruit. And I think he's doing everything he needs to be doing right now. So really supportive of the work that he's doing.

我們將拭目以待。我認為團隊在這方面已經取得了進展。我認為邁克爾已經加入公司幾個月了。所以他開始對球隊做出一些改變。我認為其中一些事情已經開始取得成果。我認為他現在正在做他需要做的一切。非常支持他所做的工作。

Will you be able to continue reducing operating expenses sequentially over the next few quarters?

您能否在接下來的幾個季度內繼續連續降低營運費用？

Yeah, look, I think, maybe I'll let Dean chime in on this. But my view on this is, even more important than operating expenses is I think cost of capital. And we definitely anticipate being able to bring that down, and I think that will make a direct bottom line impact. And probably will be the -- from our perspective, we can reduce cost to capital. That's much better than reducing operating expenses. So I think we'd much like much rather like to see increase in that income coming from reduced cost of capital and revenue growth versus necessarily coming from OpEx cuts at this moment.

是的，看，我想，也許我會讓 Dean 參與其中。但我的觀點是，比營運費用更重要的是資本成本。我們確實希望能夠降低這一數字，我認為這將對底線產生直接的影響。並且可能——從我們的角度來看，我們可以降低資本成本。這比減少營運費用要好得多。因此，我認為我們更希望看到收入的成長來自於資本成本的降低和收入的成長，而不是目前必然來自於營運支出的削減。

Dean, is there anything you want to add to that?

迪恩，您還有什麼要補充的嗎？

Yeah, we just build on what Joe just said. And as the company continues in its growth phase, I do think we'll very selectively add resources where we need to. I also think, yes, we are finding line items right now in our cost stack where we can continue to find efficiencies, especially with businesses that we've onboarded where we need to combine service providers and look for efficiencies there. So there certainly are opportunities, and we're working very hard to achieve those.

是的，我們只是根據喬剛才所說的內容來建構。隨著公司繼續發展，我認為我們會非常有選擇地在需要的地方增加資源。我還認為，是的，我們現在正在成本堆疊中尋找可以繼續提高效率的項目，特別是對於我們已經加入的企業，我們需要結合服務提供者並在那裡尋找效率。所以機會肯定存在，而且我們正在努力實現這些機會。

Yeah, thanks, Dean. And thanks, Howard, appreciate the questions.

是的，謝謝，迪恩。謝謝，霍華德，我很感謝你的提問。

Here's a question from Jackson. I'm going to pull this up on the screen. What's ARR growth normalized for each acquisition?

這是傑克森提出的一個問題。我要把它拉到螢幕上。每次收購的 ARR 成長標準化是多少？

I'll say, we're targeting ARR growth in the 20% to 30% range over the next year, normalized for acquisitions. So I think we may see it outpace that, depending on what happens with acquisitions. But that's obviously going to be lumpy. But we'll see. I think one of the reasons that we brought in Michael and Matt is they both had experience taking businesses from the stage that we're at right now to the $100 million stage and doing that in a three- to five-year period. And so that's kind of what we're looking to do here.

我想說的是，我們的目標是明年的 ARR 成長率達到 20% 到 30% 之間，以收購為正常。因此我認為我們可能會看到它超過這個速度，這取決於收購的情況。但這顯然會很不順利。但我們會看到。我認為我們聘請麥可和馬特的原因之一是，他們都有將企業從目前的階段帶入 1 億美元階段的經驗，並且只花了三到五年的時間。這就是我們在這裡想要做的事情。

I think our internal target is to get this organically to $50 million in the next three years. But there's a lot of work that goes into that. And there's a lot of work to be done. The team is definitely working on scaling, working on closing, new relationships. I think if you look at the customer slide that we showed earlier, a lot of new logos on that slide compared to last quarter.

我認為我們的內部目標是在未來三年內將這一數字自然增加到 5000 萬美元。但這需要做大量的工作。還有很多工作要做。團隊確實正在努力擴大規模、建立新的關係。我想，如果你看一下我們之前展示的客戶幻燈片，你會發現與上一季相比，該投影片上有很多新標誌。

So we wanted to highlight who some of those new customers are. So we're really excited about what the team's doing. But I think there's going to be work going into this. But that that organic growth is an important focus for us. So thank you for the question.

因此，我們想重點介紹一下這些新客戶是誰。因此，我們對團隊所做的事情感到非常興奮。但我認為這需要一些工作。但有機成長是我們關注的重點。謝謝你的提問。

Let me see. Just going through questions here. So there is a question from Mohammed. Can there be development of profitability with the urgent time?

讓我看看。只是在這裡回答一些問題。穆罕默德提出了一個問題。時間緊迫，能否實現獲利能力的發展？

I think, first of all, absolutely. I think when you look at our adjusted EBITDA, which is basically in a sense kind of the way that we look at kind of normalized cash flow. This was pretty flat from last quarter, and I think it is getting pretty small. And so we think just a slight nudge up, we'll get this into positive at this point.

我認為，首先，絕對是如此。我認為，當您查看我們的調整後 EBITDA 時，從某種意義上說，這基本上就是我們看待正常化現金流的方式。這與上一季相比基本持平，而且我認為它正在變得相當小。因此我們認為，只要稍微推動一下，我們就能將其轉化為正面的成果。

And Dean and I are working really hard on options for how to make that happen. And we think we have some good options there that we're pursuing right now. So we're excited to keep making progress towards that, and we'll keep you guys updated about that as we go. Thanks for the question.

迪恩和我正在努力研究如何實現這一目標。我們認為我們現在正在追求一些不錯的選擇。因此，我們很高興能夠繼續朝著這個目標前進，並且我們會隨時向大家通報進度。謝謝你的提問。

Here's a question from Patrick. Total deluded shares. Patrick, I actually don't know the number off the top of my head. I would refer you to the 10-Q which has a complete breakdown of this, embedded in it. Dean can maybe tell you if he has a better answer than that, but I know we have a breakdown of it in the 10-Q.

這是帕特里克提出的一個問題。全部都是被迷惑的股份。派崔克，事實上我不知道這個數字是多少。我建議您參考 10-Q，其中對此進行了完整的細分。如果他有更好的答案，Dean 也許可以告訴你，但我知道我們在 10-Q 中對此進行了分析。

Yeah, that 10-Q is filed and available. So I would say take a look there and certainly happy to follow up with any additional questions one on one.

是的，10-Q 已歸檔並可用。因此我想說，請看一下，並且很樂意一對一地跟進任何其他問題。

Yeah, if you want to reach out to -- I'll just advance the slide here so you can see if you want to reach out to Chris Tyson here. There's their email addresses our investor relations group. If you have a specific question that that doesn't get answered in the queue, let us know and we can help you with that. Thank you for the question.

是的，如果您想聯繫 - 我會把幻燈片放在這裡，這樣您就可以看到是否想聯繫這裡的克里斯泰森。這是我們投資者關係小組的電子郵件地址。如果您有特定問題在隊列中未得到解答，請告知我們，我們可以為您提供協助。謝謝你的提問。

And I think this is a follow-up question here from Patrick. So thanks, Patrick. So what's revenue retention on the two acquisitions? Have they driven any organic revenue on their own without counting across sales?

我認為這是帕特里克提出的後續問題。所以謝謝你，派崔克。那麼這兩次收購的營收保留情況如何？如果不計算銷售額，他們自己是否產生了任何有機收入？

So first of all, we've been acquiring new customers across both of these products. We're pleased with how that's going. I think, as with anything in the recurring revenue business, it takes time when a customer is acquired to then recognize that revenue and start to see that inflection take up. So hopefully, we'll start to see that reflected more and more coming up.

首先，我們一直在透過這兩種產品吸引新客戶。我們對目前的情況感到滿意。我認為，與經常性收入業務中的任何事物一樣，從獲得客戶到確認收入並開始看到收入轉折點的出現都需要時間。因此，希望我們能夠看到越來越多這樣的體現。

But I think, again, with the revenue retention, I'd direct you to the 10-Q. But we feel pretty good about how it's going overall on a manual basis. And I think especially in that core customer segment, we feel pretty good about it right now.

但我認為，再次強調，考慮到收入保留，我會引導您查看 10-Q。但我們對手動操作的整體進展感到十分滿意。我認為，特別是在核心客戶群中，我們現在對此感覺非常良好。

And then here's a question from Paul. Thanks, Paul. So revenue is quite low with many customers. How do you drive revenue up significantly? You need to move forward quickly is a very low revenue streaming margins. Percentage increase cannot be considered yet. Stock with the reverse is very low on a 52-week range.

這是保羅提出的問題。謝謝，保羅。因此，儘管客戶很多，但收入卻很低。如何大幅提高收入？您需要快速前進，因為收入流利潤率非常低。目前還不能考慮百分比的增加。具有反向特徵的股票在 52 週範圍內非常低。

So let me start from the back -- let me start from the end of that work backwards. First of all, I agree that the stock is very low on a 52-week range. I think it's low compared to comps in our space right now. And I think you look at all the progress we've delivered over the last year, you look at all the progress we've delivered to stockholders equity, to revenue, to gross profit, et cetera.

因此，讓我從後面開始——讓我從這項工作的結尾倒著開始。首先，我同意該股在 52 週範圍內的價格非常低。我認為與我們目前所在領域的同類公司相比，這一價格較低。我認為，看看我們在過去一年中取得的所有進展，看看我們在股東權益、收入、毛利等方面取得的所有進展。

We intend to keep pushing up on that and. When you're on an elevator and you're trying to go from the basement to the 100th floor, you're going to go past the 10th floor on the way up there. And that's what we're doing right now. So I think we've made a lot of good progress over the last 12 months and some continued progress even in the last quarter.

我們打算繼續努力。當您乘坐電梯從地下室前往 100 樓時，您將在途中經過 10 樓。這就是我們現在正在做的事情。所以我認為我們在過去 12 個月中取得了很多進展，甚至在最後一個季度也繼續取得了進展。

And I think we're going to continue to hopefully see that. So we appreciate everybody's support as a part of that because I agree with you. I think that the stock is low on a 52-week range right now when you look at comps.

我認為我們將繼續滿懷希望地看到這一點。因此，我們感謝大家的支持，因為我同意你們的觀點。我認為，如果從同行業比較來看，該股目前 52 週範圍內的價格處於低點。

To address your question, on the margins, I'm not sure I agree with you about the revenue being low on the margins. I think the 82 -- I think 83%, this is a 1% increase from last quarter. This is a close to 1,400 dips, increase over the last year. So I think we've seen the margins improve pretty dramatically.

回答你的問題，就利潤率而言，我不確定我是否同意你關於利潤率低的說法。我認為是 82——我認為是 83%，這比上一季增加了 1%。與去年相比，這一數字下降了近 1,400 點，但有所增加。所以我認為我們已經看到利潤率大幅提高。

I think margins in that range are pretty decent, when you compare them to comps. Across the industry, I think we do expect to see those margins move up a little bit more maybe into the 84% range. Over the next couple of quarters, we'll see how that goes. But we're pretty happy with the margins as they are.

我認為，與同類產品相比，這個範圍內的利潤率相當不錯。在整個行業中，我認為我們確實希望看到利潤率進一步上升，可能達到 84% 左右。在接下來的幾個季度裡，我們將看到情況如何。但我們對目前的利潤率非常滿意。

Obviously, yeah, we want the revenue to keep increasing. So to answer your question about that, I think what we've seen over the last -- in Q2, we've seen a surge of -- we've seen many new kind of core customers come in. But we've also seen a lot of smaller ones come in. And a lot of these small customers, the pattern is the customer might come in for a very small initial purchase price on a self-serve basis and then they're going to upgrade over time, they're going to expand over time.

顯然，是的，我們希望收入繼續增加。因此，要回答您的問題，我認為我們在過去的——第二季度——看到了激增——我們看到許多新的核心客戶湧入。但我們也看到很多規模較小的公司加入。許多小客戶都是以自助方式以非常低的初始購買價格購買的，然後他們會隨著時間的推移而升級，隨著時間的推移而擴大。

And so our business model isn't just about that initial revenue that comes when we bring in a new customer. It's really about seeing those customers expand over time too. And we've got a pretty good playbook for how to do that, and I think Michael and his team are really focused on that right now. We've made a couple of key additions there that are just focused on driving customer expansion right now.

因此，我們的商業模式不僅僅是引入新客戶時產生的初始收入。這實際上也是看到這些客戶隨著時間的推移而擴大。對於如何做到這一點，我們有一個非常好的劇本，我認為邁克爾和他的團隊現在非常專注於此。我們在那裡做了一些重要的補充，目前只專注於推動客戶擴張。

So we're expecting to see not -- kind of phase one is got a plumb in. We call this the more beers and bigger bottles approach. But we want to plumb in new customers, and then over time, see those customers grow. So we're seeing the customer number grow. That's great. We would hope that the customer expansion will follow that. So thank you for the question.

因此，我們預計第一階段不會有任何進展。我們稱之為「更多啤酒和更大瓶子」的方法。但我們希望吸引新客戶，然後隨著時間的推移，看到這些客戶的成長。因此我們看到客戶數量正在增加。那太棒了。我們希望客戶規模也能隨之擴大。謝謝你的提問。

I think we have time for one more question here, which is from Adam Dicks. Thanks, Adam. With such high profile clients and partners, do you foresee any additional expansion agreements like what we've seen with RBC? Is that something of focus at this time?

我想我們還有時間再回答一個問題，這個問題來自亞當‧迪克斯 (Adam Dicks)。謝謝，亞當。有瞭如此高知名度的客戶和合作夥伴，您是否預見到任何像我們與 RBC 看到的一樣的額外擴展協議？這是目前關注的重點嗎？

I mean, absolutely, it's a focus for us. I think customer expansion both just from cross sales and also from adding new seats, adding new upgrading users to higher tiers, all that is a big priority for our team. Both customer marketing and account management, Michael has already gotten in there, started to do a lot of work on improving our processes there. Some of our processes were already really good. Some of them, need some additional work.

我的意思是，這絕對是我們的重點。我認為客戶擴展不僅包括交叉銷售，還包括增加新席位、將新升級用戶添加到更高層級，這些都是我們團隊的首要任務。邁克爾已經涉足客戶行銷和帳戶管理領域，並開始做大量工作來改善我們的流程。我們的一些流程已經非常好了。其中一些需要一些額外的工作。

I think there's a lot of low-hanging fruit for Michael in what he's doing. And that's exactly why we brought somebody like that on to help support that. So yeah, we hope to see more of those coming down the line, and we'll see what happens. Thanks for the question.

我認為麥可所做的事情可以帶來很多唾手可得的成果。這正是我們聘請這樣的人來幫助支持這一點的原因。所以是的，我們希望看到更多這樣的事情發生，讓我們拭目以待。謝謝你的提問。

Okay. I'd like to thank everyone for joining the conference call today. Look forward to continuing to update you on our ongoing achievements, innovations, and growth. If we were unable to answer any of your questions, please reach out to our IR firm, MZ Group. The information is on the screen here. They'll be more than happy to assist, and direct those questions to us or answer them themselves if they can. Thank you very much.

好的。我要感謝大家今天參加電話會議。期待繼續向您通報我們不斷取得的成就、創新和發展。如果我們無法回答您的任何問題，請聯絡我們的 IR 公司 MZ 集團。訊息就在這裡螢幕上。他們會非常樂意提供協助，並將這些問題直接向我們提出，或者如果可以的話親自回答。非常感謝。