Consensus Cloud Solutions Inc (CCSI) 2024 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Consensus Q2 2024 earnings call.

女士們、先生們，美好的一天，歡迎參加 Consensus 2024 年第二季財報電話會議。

My name is Paul, and I will be the operator assisting you today.

我叫保羅，我是今天為您提供幫助的接線生。

(Operator Instructions).

（操作員說明）。

I will now turn the call over to Adam Brown, Senior Vice President of Finance at Consensus.

我現在將把電話轉給 Consensus 財務高級副總裁 Adam Brown。

Thank you.

謝謝。

You may begin.

你可以開始了。

Good afternoon and welcome to the Consensus investor call to discuss our Q2 2024 financial results, other key information, our Q3 2024 quarterly guidance, and full-year 2024 guidance

下午好，歡迎參加共識投資者電話會議，討論我們的 2024 年第二季度財務業績、其他關鍵信息、我們的 2024 年第三季度季度指導和 2024 年全年指導

Joining me today are Scott Turicchi, CEO; Johnny Hecker, CRO and EVP of Operations; and Jim Malone, CFO.

今天加入我的是執行長 Scott Turicchi； Johnny Hecker，首席風險長兼營運執行副總裁；和首席財務官吉姆·馬龍。

The earnings call will begin with Scott providing opening remarks.

財報電話會議將以史考特的開場白開始。

Johnny will give an update on operational progress since our Q1 2024 investor call, and then Jim will discuss Q2 2024 financial results, our Q3 2024 quarterly and full-year 2024 guidance.

Johnny 將介紹自 2024 年第一季投資者電話會議以來營運進展的最新情況，然後 Jim 將討論 2024 年第二季的財務業績、我們的 2024 年第三季和 2024 年全年指引。

After we finish our prepared remarks, we will conduct a Q&A session.

在我們完成準備好的發言後，我們將進行問答環節。

At that time, the operator will instruct you on the procedures for asking a question.

屆時，接線員將指導您提問的程序。

Before we begin our prepared remarks allow me to direct you to our forward-looking statements and risk factors on Slide 2.

在我們開始之前，請容許我先向您介紹投影片 2 上的前瞻性陳述和風險因素。

As you know, this call and the webcast will include forward-looking statements.

如您所知，本次電話會議和網路廣播將包含前瞻性陳述。

Such statements may involve risks and uncertainties that would cause actual results to differ materially from the anticipated results.

此類陳述可能涉及風險和不確定性，導致實際結果與預期結果有重大差異。

Some of those risks and uncertainties include, but are not limited to the risk factors that we have disclosed in our 10-K SEC filing.

其中一些風險和不確定性包括但不限於我們在 10-K SEC 文件中揭露的風險因素。

Now, let me turn the call over to Scott.

現在，讓我把電話轉給史考特。

Thank you, Adam.

謝謝你，亞當。

We had a strong Q2 outperforming on both channels of revenue, adjusted EBITDA, adjusted earnings, adjusted EPS, and free cash flow.

我們第二季的營收、調整後 EBITDA、調整後收益、調整後每股盈餘和自由現金流兩個管道均表現強勁。

As we laid out in our Q4 earnings call, our goals for this year include the following.

正如我們在第四季財報電話會議中所闡述的那樣，我們今年的目標包括以下內容。

First, eliminating certain costs of the SoHo channel, especially in the area of marketing, to provide for stabilization of the base of revenue over time.

首先，消除 SoHo 通路的某些成本，尤其是行銷領域的成本，以長期穩定收入基礎。

Second, continuing to pursue the acquisition of customers primarily in the healthcare space for our corporate channel.

其次，繼續為我們的企業管道爭取主要在醫療保健領域的客戶獲取。

Third, reviewing and improving our overall cost structure with the goal of driving adjusted EBITDA margins to the higher end of our 50% to 55% range.

第三，檢視並改善我們的整體成本結構，目標是將調整後的 EBITDA 利潤率推至 50% 至 55% 範圍的高端。

And fourth, continuing to repurchase our debt to further reduce our total debt to adjusted EBITDA ratio in anticipation of the first tranche maturing in October 2026.

第四，繼續回購我們的債務，以進一步降低我們的總債務與調整後 EBITDA 的比率，預計第一批債務將於 2026 年 10 月到期。

Let me provide a few additional highlights before turning the call over to Johnny.

在將電話轉給約翰尼之前，讓我提供一些額外的要點。

Our corporate channel continued to add new customers, primarily through upgrades from our SoHo base as well as our relatively new e-commerce offering eFax Protect.

我們的企業通路持續增加新客戶，主要是透過 SoHo 基地的升級以及相對較新的電子商務產品 eFax Protect。

Notwithstanding the lower ARPA of these customers than our current average, we were still able to maintain a $310 ARPA and a tight range over the past several quarters of between $305 and $320.

儘管這些客戶的 ARPA 低於我們目前的平均水平，但我們仍然能夠維持 310 美元的 ARPA 以及過去幾個季度 305 美元至 320 美元之間的狹窄範圍。

We continue to see additional sites from the VA rolling out, driving new levels of and revenue.

我們繼續看到 VA 推出更多站點，推動新的水平和收入。

Our SoHo revenues beat our expectations for the quarter.

我們的 SoHo 收入超出了我們對本季的預期。

I would remind you that in Q2 2023, we finished the price increase to our base and actually saw a slight growth in revenues versus Q2 2022.

我想提醒您的是，在 2023 年第二季度，我們完成了基本價格上漲，實際上收入與 2022 年第二季度相比略有增長。

As we stated, at the time, we viewed this growth as anomalous.

正如我們所說，當時我們認為這種增長是反常的。

We continue to track ahead of our 2023 budget and have found additional marketing opportunities while maintaining a strong LTV to CAC.

我們繼續追蹤 2023 年預算，並發現了額外的行銷機會，同時保持了強勁的 CAC 生命週期價值。

We were able to substantially reduce our marketing spend and still generate 61,000 paid ads more than Q4 2023, and similar to Q3 2023, which had higher levels of spend.

我們能夠大幅減少行銷支出，但仍比 2023 年第四季多產生 61,000 個付費廣告，與支出水準較高的 2023 年第三季類似。

Our cost structure benefited from a full quarter of the cost optimization that we discussed on our Q4 call.

我們的成本結構受益於我們在第四季度電話會議上討論的整整一個季​​度的成本優化。

As a reminder, most of those cost reductions came primarily from the SoHo marketing mentioned earlier.

提醒一下，大部分成本降低主要來自前面提到的 SoHo 行銷。

The result was a 4.7 percentage point pickup on our adjusted EBITDA margin to 56.1% for the quarter, which is above the upper end of our long-term range.

結果是，本季調整後的 EBITDA 利潤率上升了 4.7 個百分點，達到 56.1%，高於我們長期範圍的上限。

The combination of improved adjusted EBITDA, strong cash collections, and retirement of debt allowed us to improve our free cash flow by more than 11 million from Q2 2023.

調整後 EBITDA 的改善、強勁的現金回籠和債務清償相結合，使我們的自由現金流比 2023 年第二季增加了超過 1,100 萬。

We were able to repurchase an additional 29.7 million of debt during the quarter.

本季我們能夠額外回購 2,970 萬美元的債務。

This brings our total repurchases since launching the program in November of 2023 to 156 million and reducing our outstanding total debt to 649 million or 3.4 times our trailing 12-month adjusted EBITDA and 3.1 times on a net debt basis.

這使得我們自2023 年11 月啟動該計劃以來的回購總額達到1.56 億美元，並將我們的未償債務總額減少到6.49 億美元，即過去12 個月調整後EBITDA 的3.4 倍，按淨債務計算是3.1 倍。

I will now turn the call over to Johnny, who will provide you more operating details.

我現在將把電話轉給約翰尼，他將為您提供更多操作細節。

Thank you, Scott, and hello everyone.

謝謝你，斯科特，大家好。

Today I will share business and go-to-market updates covering both our corporate and SoHo businesses, along with more details on the public sector, specifically the VA rollout and product enhancements.

今天，我將分享涵蓋我們企業和 SoHo 業務的業務和上市更新，以及有關公共部門的更多詳細信息，特別是 VA 推出和產品增強。

Let's start by sharing our sales and operations update and then the solid performance in the corporate business.

讓我們先分享我們的銷售和營運最新情況，然後分享公司業務的穩健表現。

We are pleased to report revenue of $51.7 million versus $50.4 million last year for Q2 marking an approximate 3% increase over the same period last year.

我們很高興地報告第二季的營收為 5,170 萬美元，而去年為 5,040 萬美元，比去年同期成長了約 3%。

This outcome serves as a testament to use cases for cloud fax in corporate settings, especially in healthcare.

這項結果證明了雲端傳真在企業環境中的使用案例，尤其是在醫療保健領域。

I am most pleased with the increase in the variable portion of our revenues, indicating mostly upmarket growth.

我對我們收入的可變部分的成長感到非常滿意，這表明主要是高端市場的成長。

It marks another record-setting quarter for our corporate business, emphasizing the unwavering strength and effectiveness of our offerings.

這標誌著我們企業業務又一個創紀錄的季度，凸顯了我們產品的堅定實力和有效性。

The e-commerce and SoHo upsell strategy continues to be a valuable source of customer acquisition with approximately 2,700 customers added in Q2 demonstrating the effectiveness of our strategy.

電子商務和 SoHo 追加銷售策略仍然是獲取客戶的寶貴來源，第二季新增了約 2,700 名客戶，證明了我們策略的有效性。

During the last call, we projected a decline in our SoHo to corporate upsell during Q2 due to planned operational changes.

在上次電話會議中，我們預計由於計劃中的營運變化，第二季 SoHo 到企業的追加銷售將會下降。

However, the growth of our eFax Protect service helped us offset the slowdown to a large extent.

然而，我們的 eFax Protect 服務的成長在很大程度上幫助我們抵消了放緩的影響。

We will continue to invest in and expand this e-commerce offering, which aligns with the go-to-market realignment strategy we shared last year.

我們將繼續投資並擴大這項電子商務產品，這與我們去年分享的市場調整策略一致。

The next phase of this offering will include in-product upsell options for our customers, eliminating the need for in-person interaction with customers for that process.

該產品的下一階段將包括為我們的客戶提供產品內追加銷售選項，從而消除在過程中與客戶面對面互動的需要。

The metrics we share reveal that the growth in corporate accounts driven by those new customers at the lower end of our customer continuum also leads to a higher corporate cancellation rate.

我們分享的指標顯示，由處於客戶連續體低端的新客戶推動的企業帳戶成長也導致了更高的企業取消率。

It has increased by 103 basis points year-over-year and 37 basis points quarter-over-quarter, reaching 2.29% in the second quarter of 2024.

年成長103個基點，季增37個基點，2024年第二季達2.29%。

Normalized for eFax Protect, the cancer rate in corporate, remain significantly below the 2% mark.

在 eFax Protect 進行標準化後，企業癌症發生率仍遠低於 2%。

I would remind you that our cancellation rate is based on accounts and not on revenue.

我想提醒您的是，我們的取消率是基於帳戶而不是收入。

We foresaw this trend with the launch of the e-commerce channel and are pleased to report that corporate ARPA has remained steady for several quarters within the $305 to $320 range at just above $310 this quarter.

隨著電子商務管道的推出，我們預見了這一趨勢，並很高興地報告說，企業 ARPA 在幾個季度中一直穩定在 305 美元至 320 美元的範圍內，本季度略高於 310 美元。

During Q2, advanced products accounted for 14% of new sales aligning with the performance of the second half of the last year while being lower than the Q1 contribution.

第二季度，先進產品佔新銷售量的14%，與去年下半年的表現持平，但低於第一季的貢獻。

This temporary slowdown is mainly attributed to our Unite offering after a strong sales performance in Q1.

這種暫時的放緩主要歸因於第一季強勁的銷售業績之後我們的 Unite 產品。

It's important to note that this percentage fluctuates and is also influenced by the new sales of our core fax services.

值得注意的是，這個百分比會波動，也受到我們核心傳真服務的新銷售的影響。

Overall, we're on track with the execution of our go-to-market plan in 2024.

總體而言，我們正在按計劃執行 2024 年的上市計劃。

We're increasingly closing customers in the lower ARPA spectrum through fully automated e-commerce processes, allowing for our sales team to focus on larger deals driving up overall sales productivity.

我們透過全自動電子商務流程越來越多地吸引較低 ARPA 範圍的客戶，使我們的銷售團隊能夠專注於更大的交易，從而提高整體銷售效率。

I'd also like to highlight our public sector business.

我還想強調一下我們的公共部門業務。

The implementation of EC Fax at the VA is proceeding as planned, and our enthusiasm for its potential remains unwavering.

EC 傳真在 VA 的實施正在按計劃進行，我們對其潛力的熱情仍然堅定不移。

We are observing steady growth in line with our projections, and we confidently confirm that we forecast more than $2 million in revenue from the EC Fax program in 2024 and expect continued growth in the coming months and years as we move forward.

我們觀察到的穩定成長符合我們的預測，我們自信地確認，我們預計 2024 年 EC 傳真計畫的收入將超過 200 萬美元，並預計隨著我們的前進，未來幾個月和幾年將持續成長。

EC Fax stands out as the sole cloud fax solution on the FedRAMP marketplace with the additional exceptional distinction of complying with the high impact level controls.

EC Fax 作為 FedRAMP 市場上唯一的雲端傳真解決方案脫穎而出，並具有遵守高影響力等級控制的額外卓越特徵。

This attests to the utmost level of security, integrity, and availability vital for government agencies operating in sensitive sectors like law enforcement, healthcare, finance, and defense.

這證明了最高水準的安全性、完整性和可用性對於在執法、醫療保健、金融和國防等敏感領域運作的政府機構至關重要。

As we advance our relationships with these agencies, it becomes increasingly apparent that meeting the FedRAMP high impact standard is a prerequisite for even being considered as a potential solution by the government.

隨著我們與這些機構的關係不斷發展，越來越明顯的是，滿足 FedRAMP 高影響標準甚至被政府視為潛在解決方案的先決條件。

We are pleased to share the discussions with other agencies are proceeding.

我們很高興與其他機構分享正在進行的討論。

We're witnessing heightened demand for our solutions in a second relevant area of the public sector, state and local government, and education.

我們看到公共部門、州和地方政府以及教育的第二個相關領域對我們的解決方案的需求不斷增加。

This prompts us to explore strengthening our emphasis on the public sector as a critical pillar in our corporate business beyond healthcare and commercial as we approach our 2025 planning process.

這促使我們在接近 2025 年規劃流程時探索加強對公共部門的重視，將其作為我們企業業務（醫療保健和商業之外）的關鍵支柱。

Regarding our cloud fax business, we remain committed to investing in the ongoing development and enhancement of our cloud fax platform.

關於我們的雲端傳真業務，我們仍然致力於投資於雲端傳真平台的持續開發和增強。

Adopting a fully cloudified approach has demonstrated to be the optimal strategy, particularly in terms of scalability, resilience, and innovation.

採用完全雲端化的方法已被證明是最佳策略，特別是在可擴展性、彈性和創新方面。

We consistently strive to enhance the platform, keeping our customers' best interest at the forefront, while ensuring our continued economic success.

我們始終如一地努力增強該平台，將客戶的最大利益放在首位，同時確保我們持續的經濟成功。

We continue to receive robust interest in our AI offering Clarity, which leverages our proprietary LLM and related technologies to unlock valuable insights from unstructured data.

我們的人工智慧產品 Clarity 繼續引起人們的濃厚興趣，該產品利用我們專有的法學碩士和相關技術從非結構化資料中釋放有價值的見解。

Customers and potential clients are particularly intrigued by the possibility of tailoring Clarity models to their specific use cases, enabling them to extract actionable intelligence and automate workflows in ways never before possible.

客戶和潛在客戶對根據其特定用例自訂 Clarity 模型的可能性特別感興趣，使他們能夠以前所未有的方式提取可操作的情報並自動化工作流程。

This heightened interest is reflected in the growing number of proof-of-concept requests, which are currently contributing to our expanding implementation backlog.

這種興趣的增加反映在概念驗證請求的數量不斷增加，這導致我們目前的實施積壓工作不斷擴大。

Turning to our SoHo business, Q2 revenue was $35.8 million versus $42.4 million previous year, consistent with the focused marketing changes we announced last year, the total SoHo account base has decreased from 808,000 to 785,000 during the quarter.

談到我們的 SoHo 業務，第二季度收入為 3580 萬美元，而去年為 4240 萬美元，與我們去年宣布的重點營銷變革一致，本季度 SoHo 帳戶總數從 808,000 減少到 785,000。

Similar to last quarter, we again remain slightly ahead of expectations with a continued reduction in free trials and the majority of customers signing up for a first-month discounted price plan, allowing us to increase revenue velocity inside the customer population.

與上季類似，我們再次略微領先於預期，免費試用的持續減少以及大多數客戶簽署了第一個月的折扣價格計劃，使我們能夠提高客戶群中的收入速度。

We see ARPA stable at $14.97 in Q2, while the cancel rate is improving slightly to 3.4% sequentially and improved from 3.57% in Q2 of the previous year.

我們預計 ARPA 在第二季度穩定在 14.97 美元，而取消率比上一季的 3.57% 略有改善，至 3.4%。

Our smarter ad spend strategy, which centers around boosting profitability in customer acquisition continues to yield positive results.

我們更明智的廣告支出策略以提高客戶獲取獲利能力為中心，並持續取得正面成果。

We have successfully automated and optimized this program leading to improved outcomes.

我們已經成功地自動化和優化了該程序，從而改善了結果。

Coupled with robust organic returns from our SEO initiatives and our refreshed eFax web presence, we are pleased to report that the SoHo business is meeting the intended objectives and marginally outperforming expectations as evidenced by certain stable key metrics.

加上我們的 SEO 計劃和更新的 eFax 網路帶來的強勁有機回報，我們很高興地報告，SoHo 業務正在實現預期目標，並略微超出預期，某些穩定的關鍵指標證明了這一點。

As a result, we expect to nominally increase our marketing spend using this new approach in the second half of 2024 by approximately $2 million.

因此，我們預計 2024 年下半年使用這種新方法的行銷支出名義上會增加約 200 萬美元。

This concludes my update on our SoHo business.

我對 SoHo 業務的更新到此結束。

In closing, in light of ongoing economic uncertainty, cost awareness, and limited IT resources for our customers and prospects, their decision-making processes remain slow.

最後，鑑於持續的經濟不確定性、成本意識以及我們的客戶和潛在客戶的 IT 資源有限，他們的決策過程仍然緩慢。

To navigate these challenging market conditions, we maintain a high level of flexibility in our go-to-market approach and prioritize sales efficiency.

為了應對這些充滿挑戰的市場條件，我們在進入市場的方法上保持高度的靈活性，並優先考慮銷售效率。

We remain committed to our strategy with a strong focus on cash generation and profitability, while our go-to-market efforts will continue to center on driving growth within the corporate business.

我們仍然致力於我們的策略，重點關注現金生成和盈利能力，而我們的市場推廣工作將繼續以推動企業業務成長為中心。

And now I'll hand the call over to our CFO, Jim Malone, who will provide further details about our financial results and guide.

現在我將把電話轉交給我們的財務長吉姆·馬龍，他將提供有關我們財務表現和指南的更多詳細資訊。

Thank you, Johnny, and good afternoon, everyone.

謝謝強尼，大家下午好。

In our press release and on this earnings call today, we are discussing Q2 2024 results and Q3 2024 guidance.

在我們的新聞稿和今天的財報電話會議上，我們正​​在討論 2024 年第二季的業績和 2024 年第三季的指導。

We are reaffirming full-year 2024 revenue and adjusted EBITDA guidance while increasing our full-year adjusted EPS guidance range.

我們重申 2024 年全年收入和調整後 EBITDA 指導，同時提高全年調整後 EPS 指導範圍。

We expect to file the 10-Q today.

我們預計今天提交 10-Q。

Let's start with our corporate business results.

讓我們從我們的企業業績開始。

Q2 2024 revenue was a record at 51.7 million, an increase of 1.4 million or 2.7% over the prior year, and performing in line with our expectations.

2024 年第二季營收創歷史新高，達到 5,170 萬美元，比前一年增加 140 萬美元，成長 2.7%，表現符合我們的預期。

Corporate offer of $310 down from $317 or 2% in the prior year, and in line with the last several quarters ranging from $305 to $320.

該公司報價為 310 美元，比去年的 317 美元下降了 2%，與過去幾個季度的 305 美元至 320 美元一致。

Q2 2024 customer churn of 2.29% increased the 103 basis points year over year and 37 basis points sequentially, primarily driven by new customers at the lower end of our customer continuum.

2024 年第二季的客戶流失率為 2.29%，較去年同期增加 103 個基點，較上季增加 37 個基點，這主要是由我們客戶群低端的新客戶推動的。

As Johnny mentioned in his script, normalized for the eFax Protect project, the cancel rate would've been below 2%.

正如 Johnny 在他的劇本中提到的那樣，針對 eFax Protect 項目進行了標準化，取消率將低於 2%。

Notwithstanding this, these customers are net economically beneficial, and I would also remind you that our cancel rate is based upon customers not revenue.

儘管如此，這些客戶還是有淨經濟效益的，我還要提醒您，我們的取消率是基於客戶而不是收入。

Corporate delivered a trailing 12-month revenue retention of 99% and improvement over Q1 2024.

企業過去 12 個月的營收保留率為 99%，比 2024 年第一季有所改善。

Moving to SoHo, Q2 2024 revenue of 35.8 million is a decrease of 6.7 million or 15.8% over the prior year and better than our expectations.

轉向 SoHo，2024 年第二季營收為 3,580 萬，比上年減少 670 萬或 15.8%，優於我們的預期。

The year-over-year decrease was driven by planned reduced advertising spend and year-over-year base reduction due to fewer paid ads.

年比下降的原因是計劃中的廣告支出減少以及付費廣告減少導致的同比基數減少。

With an increase of $0.02 sequentially, ARPA of $14.97 decreased 4.6% year-over-year as a result of shifting to price plans with a discounted first month versus a free trial resulting in higher paid ads in the quarter.

ARPA 環比增長 0.02 美元，為 14.97 美元，年減 4.6%，原因是轉向第一個月打折的價格計劃而不是免費試用，導致本季度廣告付費更高。

These plans are net economically beneficial.

這些計劃具有淨經濟效益。

Churn declined 17 basis points to 3.4% year-over-year and was in line with expectations.

客戶流失率年減 17 個基點至 3.4%，符合預期。

As you recall, Q2 2023 was the final quarter of our price increase cycle.

您還記得，2023 年第二季是我們漲價週期的最後一個季度。

Moving to Q2, consolidated results revenue of 87.5 million is a decrease of 5.3 million or 5.7% over Q2 2023 in line with our expectations and driven by the plan reduction in SoHo revenue.

進入第二季度，綜合業績收入為 8,750 萬美元，比 2023 年第二季度減少 530 萬美元或 5.7%，符合我們的預期，並受到 SoHo 收入計劃減少的推動。

Adjusted EBITDA of 49.1 million an increase of 1.4 million or 2.9% over Q2 2023 was driven by the cost structure optimization primarily in the area of SoHo advertising.

調整後 EBITDA 為 4,910 萬美元，比 2023 年第二季增加 140 萬美元或 2.9%，主要是由 SoHo 廣告領域的成本結構優化所推動的。

Adjusted EBITDA margin of 56.1% was 4.7 points above the prior year, exceeding expectations at the high end of our range, which is 55%.

調整後 EBITDA 利潤率為 56.1%，比前一年高出 4.7 個百分點，超出了我們區間上限的預期（55%）。

Adjusted net income of 28.1 million is an increase of 1.3 million or 4.9% over the prior year, driven by adjusted EBITDA flow through and net interest expense as a result of the bond repurchase activity offset by higher D&A and income tax expense.

調整後淨利為2,810 萬美元，較上年增加130 萬美元，增幅為4.9%，主要是由於債券回購活動導致的調整後EBITDA 流量和淨利息費用被較高的D&A 和所得稅費用所抵消。

Adjusted EPS of $1.45 is higher than the prior year by 6.6% or $0.09 driven by the items I mentioned and a modestly lower share count.

調整後每股收益為 1.45 美元，比上年增長 6.6%，即 0.09 美元，這是由於我提到的項目和股份數量略有減少所致。

Q2 2024 non-GAAP tax rate and share count was 21.3% and 19.3 million shares both consistent with our Q2 guidance.

2024 年第二季非 GAAP 稅率和股票數量為 21.3%，股數為 1,930 萬股，均符合我們第二季的指引。

Let's talk about our capital allocation strategy.

我們來談談我們的資本配置策略。

As mentioned in our Q3, November 2023 earnings call, we announced a $300 million three-year bond repurchase program.

正如我們在 2023 年 11 月第三季財報電話會議中所提到的，我們宣布了一項 3 億美元的三年期債券回購計畫。

In Q2 ‘24, we repurchased approximately 30 million face value for $28 million in cash.

2024 年第二季度，我們以 2,800 萬美元現金回購了約 3,000 萬面額的債券。

Program to date, we've repurchased 156 million face value for 143 million in cash.

計劃迄今為止，我們已以 1.43 億現金回購了 1.56 億面額的債券。

We have approximately 144 million in remaining under this program.

該計劃下我們還有大約 1.44 億剩餘資金。

Total debt to adjusted EBITDA leverage with a debt repurchases mentioned, our debt to adjusted EBITDA ratio is 3.1x well on our way to achieving our goal of 3x.

總債務與調整後 EBITDA 槓桿率以及提到的債務回購，我們的債務與調整後 EBITDA 比率為 3.1 倍，我們正在實現 3 倍的目標。

We ended Q2 with 49 million in cash, which is sufficient to fund our operations and repurchases of debt and equity.

第二季末，我們擁有 4,900 萬現金，足以為我們的營運以及債務和股權回購提供資金。

Q2 free cash flow was 15.8 million or 295% positive versus the prior comparable period.

第二季自由現金流為 1,580 萬美元，與上一期相比為 295%。

Q2 2024 CapEx spend of 8.5 million is down 1.6 million versus the prior year.

2024 年第二季資本支出為 850 萬美元，較前一年減少 160 萬美元。

Based on our year-to-date results, we are increasing our full-year EPS guidance range and reaffirming full-year 2024 revenue and adjusted EBITDA guidance at the midpoint as follows: Revenue between 338 million and 353 million with 345 million at the midpoint; adjusted EBITDA between 182 million and 194 million with 188 million at the midpoint; adjusted EPS guidance range from $5.45 to $5.55 with $5.50 at the midpoint; our estimated share count and non-GAAP income tax rate was 19.3 million to 19.4 million shares; and a tax rate of 20.5% to 22.5%.

根據我們今年迄今的業績，我們正在提高全年EPS 指導範圍，並重申2024 年全年收入和調整後的EBITDA 指導中點如下： 收入在3.38 億至3.53 億美元之間，中點為3.45 億美元;調整後的 EBITDA 在 1.82 億至 1.94 億之間，中間值為 1.88 億；調整後每股收益指引範圍為 5.45 美元至 5.55 美元，中間為 5.50 美元；我們估計的股票數量和非 GAAP 所得稅稅率為 1,930 萬股至 1,940 萬股；稅率為20.5%至22.5%。

For additional guidance within the quarter spread of guidance, we are providing Q3 2024 guidance results as follows: Revenues are expected to be between 83.5 million and 87.5 million with 85.5 million at the midpoint; adjusted EBITDA between 44.5 million and 47.5 million with 46 million at the midpoint; adjusted EPS between $1.25 to $1.35 with $1.30 at midpoint; Q3 2024 estimated share count; and income tax rates are 19.3 million to 19.4 million shares and a tax rate of 20.5% to 22.5% respectfully.

在季度指導範圍內的其他指導，我們提供 2024 年第三季指引結果如下： 營收預計在 8,350 萬至 8,750 萬之間，中間為 8,550 萬；調整後的 EBITDA 在 4,450 萬至 4,750 萬之間，中間為 4,600 萬；調整後每股收益在 1.25 美元至 1.35 美元之間，中間為 1.30 美元； 2024 年第三季預計股數；所得稅稅率分別為1,930萬股至1,940萬股，稅率分別為20.5%至22.5%。

This concludes my formal remarks.

我的正式發言到此結束。

Now I'd like to turn the call back to the operator for Q&A.

現在我想將電話轉回給接線生進行問答。

(Operator Instructions)

（操作員說明）

Jon Tanwanteng from CJS Securities.

來自 CJS 證券的 Jon Tanwanteng。

Hi Good afternoon, it's actually Charlie Strauzer for Jon Tanwanteng in here.

大家好，下午好，我是 Jon Tanwanteng 的 Charlie Strauzer。

And my question with unemployment slightly teeing up a little bit.

我關於失業的問題稍微有點尖銳。

Do you think that the healthcare clients might be starting to be able to stack back up and reduce kind of the friction in deployments or is that still a ways off?

您是否認為醫療保健客戶可能開始能夠進行備份並減少部署中的摩擦，還是還有很長的路要走？

Or is that slow result?

還是結果很慢？

(inaudible)

（聽不清楚）

You faded in and out?

你淡入又淡出？

I'm not sure what the issue is with the audio.I know you had something to do about unemployment ticking up, but could you rephrase it again?

我不確定音頻出了什麼問題。

Yeah.

是的。

Absolutely.

絕對地。

Do you think that your healthcare clients might be starting to be able to stack back up and reduce kind of friction in deployment?

您是否認為您的醫療保健客戶可能開始能夠進行備份並減少部署中的摩擦？

Yeah, got it.

是的，明白了。

Understood.

明白了。

So, interesting questions.

所以，有趣的問題。

It’s a good question.

這是一個好問題。

Appreciate it.

欣賞它。

Thank you.

謝謝。

This is Johnny.

這是約翰尼。

So right now, we don't have any indicators that we see clients really finding the talent that they need to drive more IT projects.

因此，目前我們沒有任何跡象表明客戶確實找到了推動更多 IT 專案所需的人才。

We don't see any changes in that dynamic in the market at all, to be honest.

老實說，我們根本沒有看到市場動態有任何變化。

Yes.

是的。

Thank you very much.

非常感謝。

(Operator Instructions)

（操作員說明）

David Larsen from BTIG.

來自 BTIG 的大衛·拉森 (David Larsen)。

Hi, can you talk about the deployment process at the VA?

您好，您能談談 VA 的部署流程嗎？

How far along are you any metrics around like how many sites the VA has, how many you're deployed at?

您的任何指標（例如 VA 有多少個網站、您部署在多少個網站）進展到什麼程度了？

When did that start?

那是從什麼時候開始的？

And then when will you sort of get to sort of we'll call it, not a full ramp up, but a pretty good pace and the total dollars tied to the VA, just more color there would be very helpful.

然後你什麼時候才能達到我們稱之為的某種程度，不是全面提升，而是相當好的節奏和與 VA 相關的總美元，只是更多的顏色會非常有幫助。

And how has that situation evolved?

這種情況是如何演變的？

Is it improving in terms of access and deployment timing?

在存取和部署時間方面是否有所改善？

Thanks very much.

非常感謝。

Yes.

是的。

Hi David.

嗨大衛。

This is Johnny.

這是約翰尼。

Good question.

好問題。

Thank you.

謝謝。

I think it’s, we're at a we can't really say what percentage we're at on the site metric, they have about 2,200 sites of what we currently know but a site can be a handful of people operating an office at a cemetery, or it can be a huge hospital.

我認為，我們無法真正說出我們在網站指標上所佔的百分比，據我們目前所知，他們擁有大約 2,200 個網站，但一個網站可能是由少數人運營的墓地的辦公室，也可以是一家大型醫院。

So the site is not really a metric that gives us a good indication of volume.

因此，該網站實際上並不是一個可以很好地指示流量的指標。

It's more about the number of employees, the number of seats that we have.

更重要的是我們的員工數量和座位數。

And then beyond that what applications are these people using and we don't have a clear inventory of that at the moment.

除此之外，這些人正在使用哪些應用程序，我們目前還沒有明確的清單。

Remember we are rolling this out in close collaboration with our partner Accenture and Federal Services.

請記住，我們正在與我們的合作夥伴埃森哲和聯邦服務部門密切合作推出這項計畫。

They are driving the majority of the rollout at the site and training the end users.

他們負責推動該站點的大部分部署並培訓最終用戶。

We are the provider of the infrastructure.

我們是基礎設施的提供者。

Right now, like I said in my opening remarks, we're on pace, we're on track with the rollout of what we had expected but obviously, there is a tremendous potential in that account.

現在，就像我在開場白中所說的那樣，我們正在穩步推進，我們正在按預期推出我們的產品，但顯然，該帳戶蘊藏著巨大的潛力。

We don't really want to put a final number on it because I don't think the VA knows themselves, it's a very, very large organization with hundreds of fax servers, thousands of multifunctional devices and machines that they're operating and they're step-by-step migrating over to the EC fax solution.

我們真的不想給出最終數字，因為我認為退伍軍人管理局不了解自己，這是一個非常非常大的組織，擁有數百台傳真伺服器、數千台多功能設備和機器，他們正在操作並且他們正在逐步遷移到EC 傳真解決方案。

So, as we go along and as we roll out, we will get a better understanding of how large that the total opportunity is.

因此，隨著我們的進展和推出，我們將更好地了解總機會有多大。

But we're still at the very beginning.

但我們仍處於起步階段。

And I would just add to what Johnny said, David, that in terms of the first part of your question, you’ll recall, it was really about a year ago, literally almost a year ago, September of ‘23, when the real rollout started because that first phase from March to June, July was really the test cases.

我想補充約翰尼所說的，大衛，就你問題的第一部分而言，你會記得，那實際上是大約一年前，實際上幾乎一年前，即 23 日 9 月，當真正的推出開始時，因為從三月到六月的第一階段，七月實際上是測試案例。

And then there was a big bring down meeting to discuss both how those rollouts had been done, the format in which they had proceeded, and alternative ways because the VA has a similar incentive as we do, which is to see it roll out at a faster pace.

然後舉行了一次大型會議，討論這些推廣是如何完成的、進行的形式以及替代方法，因為退伍軍人事務部有與我們類似的激勵措施，即看到它以一定的速度推出。

And then that resulted in a number of months of going back and forth of alternative structures beyond just bringing a facility online.

然後，這導致了幾個月來來回選擇替代結構，而不僅僅是將設施上線。

So the original view was, yes, it would be facility by facility, and eventually you'd be at 2,200.

所以最初的觀點是，是的，它將逐個設施，最終會達到 2,200。

While that is still true and there's been a dramatic acceleration of the number of facilities that have access to the service.

雖然這仍然是事實，並且可以使用該服務的設施數量急劇增加。

Since a year ago as Johnny pointed out, that's really it's only one of really several metrics that matter because I think, close to a million employees that are within the VA.

正如約翰尼指出的那樣，從一年前開始，這實際上只是幾個重要指標中的一個，因為我認為，退伍軍人管理局有近百萬員工。

So that constitutes another block of users.

這樣就構成了另一個用戶塊。

And then you've got embedded applications.

然後您就擁有了嵌入式應用程式。

And so what we have seen is what I'll call a liberalization of how the rollout is and will take place on a going-forward basis.

因此，我們所看到的是我所說的在未來的基礎上推出方式的自由化。

So we're seeing basically each month, some degree of rollout relative to the previous month, and as a result, increasing traffic on a sequential basis.

因此，我們基本上每個月都會看到相對於上個月的某種程度的推出，因此流量會連續增加。

And so as Johnny referenced in his remarks we think two million-ish of revenue this year, which is like an infinite increase versus last year.

因此，正如約翰尼在演講中提到的那樣，我們認為今年的收入將達到 200 萬左右，這與去年相比幾乎是無限增長。

But I would expect significant growth in that number as we go into ‘25, just based on the run rate exit that we'll have at the end of ‘24 before you even get to adding new users or new facilities in ‘25.

但我預計，當我們進入 25 點時，這個數字會顯著增長，僅基於 24 點結束時我們將獲得的運行率退出，甚至在您開始添加新用戶或新設施之前。

So, I know that's not the exact quantification you want, but we're not going to give it to you because as Johnny pointed out, it's very challenging even with the VA.

所以，我知道這不是您想要的確切量化，但我們不會給您，因為正如約翰尼指出的那樣，即使對於 VA 來說，這也非常具有挑戰性。

I think a lot of times, there's just so many different embedded applications and systems and regions that it's a challenge for them to even come up with what that number is.

我認為很多時候，有太多不同的嵌入式應用程式、系統和區域，對他們來說，計算出這個數字是一個挑戰。

But I think we have several years of growth relative to where we sit today in terms of getting to what you might consider to be a meaning full not full penetration, but substantial penetration of the VA opportunity.

但我認為，相對於今天的情況，我們已經取得了幾年的增長，達到了您可能認為的完全滲透，但不是完全滲透，而是對 VA 機會的實質滲透。

It sounds like things are improving is, is what I'm kind of hearing.

聽起來情況正在改善，這就是我所聽到的。

And then also when you list - okay, was that a yes?

然後當你列出時 - 好吧，那是肯定的嗎？

Yes, that was a yes.

是的，那是肯定的。

And then also when you listen to the publicly traded hospitals report, they each are consistently saying that labor shortages are being resolved.

然後，當你聽到上市醫院的報告時，他們都一致表示勞動力短缺問題正在解決。

They're saying that inflation rates have improved.

他們說通貨膨脹率有改善。

Their reliance on contract labor has been reduced.

他們對合約工的依賴已經減少。

Volumes actually look very good at the publicly traded hospitals as do the EBITDA margins.

事實上，上市醫院的銷售量和 EBITDA 利潤率看起來都非常好。

I guess, any thoughts on like I guess this is similar to that first question, but any thoughts on the sort of demand level from the hospital market and the healthcare facilities that you're working with now?

我想，我想這與第一個問題類似，但是對醫院市場和您現在正在合作的醫療機構的需求水平有什麼想法嗎？

Has there been any improvement?

有改善嗎？

Again, good question.

再說一遍，好問題。

Right now, we're seeing both sides of that coin.

現在，我們看到了硬幣的兩面。

We see hospitals that are doing very well.

我們看到醫院做得很好。

I think they are covering on the clinical side, which is what you are hearing is that they're actually hiring that kind of staff.

我認為他們在臨床方面進行報道，這就是你所聽到的，他們實際上正在僱用這種員工。

They're still very cost-conscious and trying to manage their bottom line as well.

他們仍然非常注重成本，並努力管理自己的利潤。

We don't see a necessarily increase in the IT staff, which is where we need most of the support.

我們認為 IT 人員的數量不一定會增加，而這正是我們最需要支援的地方。

And then you also do see the flip side of the coin where you see hospitals that are in distress, right?

然後你也會看到硬幣的另一面，你會看到陷入困境的醫院，對嗎？

I mean, very public is probably the Steward Health case that they just filed Chapter 11 recently.

我的意思是，他們最近剛提交第 11 章的 Steward Health 案件可能是非常公開的。

So I think you have both sides of that coin in the healthcare industry.

所以我認為在醫療保健產業，硬幣有兩面性。

You have the very large ones that are doing well.

你們有一些表現良好的大型企業。

But you also have the ones that continue to struggle.

但也有一些人仍在繼續掙扎。

Now, that's not necessarily bad for us, right, because they're looking to optimize their costs as well.

現在，這對我們來說不一定是壞事，因為他們也在尋求優化成本。

And we can contribute to that.

我們可以為此做出貢獻。

So we can use that as an opportunity to help them save some money and get rid of legacy infrastructure, which is usually costly.

因此，我們可以以此為契機，幫助他們節省一些資金並擺脫通常成本高昂的遺留基礎設施。

But on the labor side, we don't see a lot of improvement at the moment.

但在勞動力方面，目前我們並沒有看到太多改善。

Okay.

好的。

That's helpful.

這很有幫助。

And there's just one more quick one from me.

我還有一封快信。

Any comments on the clarity prior auth solution or clarity clinical documentation?

對清晰度優先驗證解決方案或清晰度臨床文件有何評論？

What sort of uptake rate are you seeing there and any way to sort of take a stab at total dollar, incremental dollar flow from your clients or incel opportunity?

您在那裡看到了什麼樣的採用率，以及有什麼方法可以嘗試增加總美元、來自客戶的增量美元流量或 incel 機會？

Thank you very much.

非常感謝。

Yes, so we do see increased interest in that product line.

是的，所以我們確實看到對該產品線的興趣增加。

We have a lot of customer engagement, as I said, particularly in POCs.

正如我所說，我們有很多客戶參與，特別是在概念驗證方面。

So we have to go through these motions.

所以我們必須完成這些議案。

It is building backlog on our implementation teams, as we're building out that implementation capacity.

當我們增強實施能力時，我們的實施團隊積壓了許多工作。

But I think, it would be with that large amount of fax revenue that the company has, which is still growing, which we're adding to every quarter, the clarity contribution on the revenue side is not material at this point.

但我認為，由於公司擁有大量傳真收入，而且仍在成長，我們每季都會增加收入，因此目前收入的明確貢獻並不重要。

Okay.

好的。

Thank you so much.

太感謝了。

Congrats on a good quarter.

恭喜季度表現良好。

Before we take any more live questions, Paul, we've got a couple of questions that have come in by email, which I'd like to address and then you can recheck for the queue if there's any other questions that want to come in.

保羅，在我們提出更多即時問題之前，我們透過電子郵件收到了幾個問題，我想解決這些問題，然後您可以重新檢查隊列是否還有其他問題想要提出。

So we have a question regarding the SoHo business.

我們有一個關於 SoHo 業務的問題。

It's really a perspective question to ‘25 about the expected rate of decline in SoHo in ‘25 versus ‘24, and how that might be changing given the increase in our marketing spend.

這確實是一個關於 25 年前的前瞻性問題，關於 25 年前與 24 年前 SoHo 的預期下降率，以及考慮到我們行銷支出的增加，這種情況可能會如何變化。

So let me actually answer a question that's maybe even more near-term relevant, which is the last two-quarters of ‘24.

因此，讓我實際上回答一個可能與近期更相關的問題，即 24 月的最後兩個季度。

So just so everybody understands, but we have a certain pace of spend in the first half of ‘24 that is substantially lower than the first half of ‘23.

所以大家都明白，但我們在 2024 年上半年的支出速度明顯低於 23 年上半年。

And some of that was in my prepared remarks.

其中一些內容是我準備好的發言中的。

Some of that has been noted by Johnny and Jim.

約翰尼和吉姆已經注意到了其中的一些內容。

We have seen, based on the cohort analysis and based on the marketing programs, the ability to spend incrementally.

根據隊列分析和行銷計劃，我們已經看到了增量支出的能力。

Now from a budgetary standpoint or a forecast standpoint, we've assumed an incremental million dollars in each of Q3 and Q4.

現在，從預算的角度或預測的角度來看，我們假設第三季和第四季各增加 100 萬美元。

And as a result, that's particularly in the near term, I hit the EBITDA in the Q3 quarter.

結果，特別是在短期內，我在第三季達到了 EBITDA。

What I think is important to understand is that is not an authorized amount of spend, that's a budgeted amount of spend.

我認為重要的是要理解，這不是授權的支出金額，而是預算的支出金額。

The key is really that both the marginal contribution and the average of that spend maintains what we consider to be a strong LTV to CAC.

關鍵在於，邊際貢獻和平均支出都維持了我們認為對 CAC 而言強勁的 LTV。

If we see in given programs or chunks of programs that you just can't spend more beyond a certain limit, we don't intend to spend it.

如果我們在給定的程式或程式區塊中發現您無法花費超過一定限度的費用，那麼我們就不打算花費它。

So a lot of the answer to the ‘25 question, or at least a portion of it, is a function of what will be the sustained level of marketing spend as we exit ‘24 and go into ‘25.

因此，對於 25 個問題的許多答案，或者至少是其中的一部分，取決於我們退出 24 點並進入 25 點時行銷支出的持續水平。

It is our current expectation and certainly our hope we can fully spend that million dollars in each of Q3 and Q4.

這是我們目前的期望，當然我們也希望我們能夠在第三季和第四季分別充分支出這 100 萬美元。

So you should be expecting a lesser decline in the SoHo business in Q3 and Q4.

因此，您應該預期第三季和第四季 SoHo 業務的下降幅度會較小。

Those are easier comps for us than Q2, which was our toughest comp of the four quarters of this year.

對我們來說，這些比賽比第二季更容易，第二季是我們今年四個季度中最艱難的比賽。

And then as we address the Q3 results on the November call, I think we'll have good insight in terms of what we expect in ‘25.

然後，當我們在 11 月的電話會議上討論第三季的結果時，我認為我們將對 25 月的預期有很好的了解。

I expect a lesser rate of decline in the SoHo business than we saw or seeing from ‘23 to ‘24.

我預計 SoHo 業務的下降速度將低於我們在 23 點至 24 點看到的情況。

But in terms of quantifying it now, a lot of it will hinge on the exact level of marketing spend and what is that stabilized run rate as we look forward into ‘25.

但就目前的量化而言，很大程度上取決於行銷支出的確切水平以及我們展望 25 年後的穩定運行率是多少。

The second question had to do with one of capital deployment or CapEx.

第二個問題與資本部署或資本支出之一有關。

It's premised on the question of the nearing and refinancing.

它的前提是臨近和再融資的問題。

So I would just remind people that we have as was noted by Jim, 649 million of debt.

因此，我只想提醒人們，正如吉姆所指出的那樣，我們有 6.49 億美元的債務。

There are two tranches of that.

其中有兩個部分。

The 6% notes are due in October of ‘26, so more than two years away.

6% 的票據將於 10 月 26 日到期，距此還有兩年多的時間。

Although, as the question is premised, I think we will be looking at what our options are certainly in ‘25 or at a minimum addressing the tranche that will be maturing in ‘26.

儘管如此，正如問題所提出的那樣，我認為我們將在 25 年內考慮我們的選擇，或至少解決將在 26 年內到期的部分。

The second tranche, which is larger, the 6.5 mature in October of ‘28.

第二批較大，6.5 於 10 月 28 成熟。

Our CapEx this year has been more front-end weighted.

我們今年的資本支出更加重視前端。

So we've given you a range of 26 million to 30 million for the year.

因此，我們為您提供了今年 2600 萬至 3000 萬的範圍。

We believe we're going to come in near the high end of the range for ‘24, around 30 million.

我們相信 24 英鎊的價格將接近該範圍的高端，約 3,000 萬左右。

So you'll see step-downs on a sequential basis in Q3 relative to Q2 and Q4 relative to Q3.

因此，您將看到第三季相對於第二季以及第四季相對於第三季的連續下降。

This is really a budgetary question as it relates to our level of capital investment in ‘25.

這實際上是一個預算問題，因為它與我們 25 年的資本投資水準有關。

We obviously have not started that process yet.

顯然我們還沒有開始這個過程。

I would say sitting here today, I don't see any material change in the level of CapEx spend.

我想說，今天坐在這裡，我沒有看到資本支出水準有任何實質變化。

Could it be 2 million or 3 million lower or 2 million or 3 million higher?

會不會低200萬、300萬，或高200萬、300萬？

Yes, a lot will be the function of what projects are we carrying into ‘25, which ones are we green lighting, which ones are we not green lighting, but I actually don't see the amount of CapEx on the margin as being in any way influential in terms of how we think about refinancing either tranche of debt.

是的，很大程度上取決於我們在 25 世紀進行哪些項目，哪些項目是綠色照明，哪些不是綠色照明，但我實際上並沒有看到邊際上的資本支出金額就我們如何考慮對任何一批債務進行再融資而言，它都具有一定的影響力。

Paul, back to you if there's any more live questions.

保羅，如果還有其他即時問題，請回覆您。

There are no other live questions at this time, Scott.

斯科特，目前沒有其他即時問題。

Okay.

好的。

So we want to thank all of you for participating in our Q2 earnings call and look for press releases in terms of various upcoming conferences that we may be participating in.

因此，我們要感謝大家參加我們的第二季財報電話會議，並尋找有關我們可能參加的各種即將舉行的會議的新聞稿。

As I just mentioned, we will announce our Q3 results in first, I think a full week of November.

正如我剛才提到的，我們將首先公佈第三季的業績，我想是 11 月的整整一周。

So there will be a press release as we get closer to the exact date and time.

因此，當我們接近確切的日期和時間時，我們將會發布新聞稿。

And of course, if any of you have any other questions, you can reach out to us by e-mail or call us as you digest the results.

當然，如果您有任何其他問題，您可以透過電子郵件與我們聯繫，或在消化結果後致電我們。

Thank you.

謝謝。

Thank you.

謝謝。

This does conclude today's conference.

今天的會議到此結束。

You may disconnect at this time and have a wonderful day and thank you for your participation.

此時您可能會斷開連接，祝您度過愉快的一天，感謝您的參與。