Climb Global Solutions Inc (CLMB) 2026 Q1 法說會逐字稿

Please stand by. Your meeting is about to begin.

請稍候。您的會議即將開始。

Good morning, everyone, and thank you for participating in today's conference call to discuss Climb Global Solutions' financial results for the first quarter ended March 31, 2026.

各位早安，感謝各位參與今天的電話會議，討論 Climb Global Solutions 截至 2026 年 3 月 31 日止第一季的財務業績。

Joining us today are Climb's CEO, Mr. Dale Foster, the company's CFO, Mr. Matthew Sullivan, and the company's investor relations advisor, Mr. Sean Mansouri with Elevate IR

今天與會者包括 Climb 的執行長 Dale Foster 先生、公司財務長 Matthew Sullivan 先生，以及公司投資人關係顧問、來自 Elevate IR 的 Sean Mansouri 先生。

By now, everyone should have access to the first quarter 2026 earnings press release, which was issued yesterday afternoon at approximately 4:05 p.m. Eastern Time.

目前各位應已取得 2026 年第一季財報新聞稿，該新聞稿於昨日美東時間下午約 4:05 發布。

The release is available in the Investor Relations section of Climb Global Solutions website at www.climbglobalsolutions.com.

該新聞稿可於 Climb Global Solutions 官網 www.climbglobalsolutions.com 的「投資人關係」專區取得。

This call will also be available for webcast replay on the company's website.

本次電話會議亦將於公司網站提供網路重播。

Following management remarks, we'll open the call for your questions. Elevate IR Sean Mansouri

管理層發言結束後，我們將開放提問。Elevate IR 的 Sean Mansouri。

I'd now like to turn the call over to Mr. Mansouri for introductory comments.

接下來我想把電話會議交給 Mansouri 先生進行開場說明。

Thank you. Before I introduce Dale, I'd like to remind listeners that certain comments made on this conference call and webcast are considered forward-looking statements under the Private Securities Litigation Reform Act of 1,995.

謝謝。在我介紹 Dale 之前，我想提醒各位聽眾，本次電話會議與網路直播中的部分評論，依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）屬於前瞻性陳述。

These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements.

這些前瞻性陳述受若干已知與未知的風險與不確定性以及假設影響，可能導致實際結果與前瞻性陳述所反映者存在重大差異。

These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC.

這些前瞻性陳述亦受其他風險與不確定性影響，相關內容不時載於公司向美國證券交易委員會（SEC）提交的文件中。

Do not place undue reliance on any forward-looking statements, which are being made only as of the date of this call.

請勿過度依賴任何前瞻性陳述；該等陳述僅截至本次電話會議日期為止。

Except as required by law, the company undertakes no obligation to revise or publicly release the results of any revision to any forward-looking statements.

除法律另有規定外，公司不承擔修訂或公開發布任何前瞻性陳述修訂結果之義務。

Our presentation also includes certain key operational metrics and non-GAAP financial measures, including gross billings. Adjusted EBITDA, adjusted net income and EPS, and effective margin as supplemental measures of performance of our business.

我們的簡報亦包含若干關鍵營運指標與非 GAAP 財務衡量指標，包括總開票額（gross billings）、調整後 EBITDA、調整後淨利與每股盈餘（EPS），以及有效毛利率（effective margin），作為衡量本公司業務表現的補充指標。

All non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules.

所有非 GAAP 指標均已依 SEC 規定，與最直接可比的 GAAP 指標進行調節（reconcile）。

I'd now like to turn the call over to Climb's CEO, Dale Foster.

接下來我想把電話會議交給 Climb 的執行長 Dale Foster。

Thank you, Sean, and good morning, everyone. In the first quarter, we generated double-digit organic growth in our core business and also had some benefit from our acquisition of InnerWorks.cloud.

謝謝你，Sean，各位早安。第一季，我們核心業務實現了兩位數的有機成長，同時也受惠於我們收購 InnerWorks.cloud。

We have remained disciplined in our signing high-quality vendors to our line card while moving slower-performing vendors to our Climb Elevate division.

我們在將高品質供應商納入產品線（line card）方面持續保持紀律，同時把表現較慢的供應商轉至我們的 Climb Elevate 事業部。

Our performance underscores the momentum across the business, driven by the strength of our global platform and the depth of both vendors and partners.

我們的表現凸顯了全公司業務動能，這主要由我們全球平台的優勢，以及供應商與合作夥伴的深度所驅動。

During the quarter, we evaluated 39 net new brands and selected only two consistent with our strategy of cultivating strong high-impact vendor relationships across our platform.

本季我們評估了 39 個淨新增品牌，最終僅選擇其中兩個，符合我們在平台上培育強大且高影響力供應商關係的策略。

Notably, we signed CheckMK, an industry-recognized innovator in comprehensive enterprise-grade monitoring and observability. As a strategic distributor, we provide channel partners with streamlined access to CheckMK's unified monitoring and observability platforms.

值得一提的是，我們簽下了 CheckMK——業界公認在全面性企業級監控與可觀測性（observability）方面的創新者。作為策略性經銷商，我們為通路合作夥伴提供更精簡的方式，取得 CheckMK 的整合式監控與可觀測性平台。

Delivering deep visibility across hybrid environments and key domains, including infrastructure, networks, and applications from a single solution.

透過單一解決方案，為混合式環境及關鍵領域提供深度可視性，包括基礎架構、網路與應用程式。

Combined with enterprise-grade scalability, high automation, and open core architecture, CheckMK enables partners to confidently position and sell and deploy unified monitoring platform that scales seamlessly across diverse customer environments and use cases.

結合企業級可擴展性、高度自動化與開放核心（open core）架構，CheckMK 使合作夥伴能有信心地定位、銷售並部署可統一監控的平台，並可在多元客戶環境與使用情境中無縫擴展。

We also launched a company called Logic Monitor during the. Quarter, following the successful pilot with a large customer in the fourth quarter of 2025.

我們也在本季推出了一家公司 Logic Monitor，此前於 2025 年第四季與一位大型客戶成功完成試點。

Logic Monitor is an AI-powered hybrid observability platform that provides unified visibility across cloud, on-prem and multi-cloud environments, enabling organizations to proactively identify and resolve issues.

Logic Monitor 是一個由 AI 驅動的混合式可觀測性平台，可在雲端、本地端與多雲環境中提供整合式可視性，協助組織主動識別並解決問題。

Through this partnership, we are bringing LogicMonitor's capabilities to our partner ecosystems, equipping VARs and MSPs with a differentiated solution, enhanced visibility, improves operational resilience, and drives long-term customer value. We look forward to building our relationship with both CheckMK and LogicMonitor as we take their products to market.

透過此合作夥伴關係，我們將 LogicMonitor 的能力帶入我們的合作夥伴生態系，為 VAR 與 MSP 提供差異化解決方案、提升可視性、強化營運韌性，並推動長期客戶價值。我們期待與 CheckMK 與 LogicMonitor 持續深化合作，並將其產品推向市場。

Alongside expanding our vendor portfolio, in February, we acquired Innerworks, a Greek distributor that brings over 600 cloud resellers and managed service. Provider relationships as well as strong vendor to our existing strong line card. While early in the integration process, we are seeing meaningful opportunities to deepen our presence in Southeastern Europe by leveraging InterWork's established network as well as expanding cross-sell opportunities across our broader platform. Overall, we are encouraged by this early progress we're seeing and look forward to generating additional synergies as we fully integrate the Teams in the months ahead.

除擴充供應商組合外，我們於二月收購了 Innerworks——一家希臘的經銷商，帶來超過 600 家雲端轉售商與受管服務供應商（MSP）關係，並為我們既有強大的產品線增添優質供應商。雖然整合仍在早期階段，我們已看到具意義的機會：透過 InnerWork 既有網路深化我們在東南歐的布局，並在更廣泛的平台上擴大交叉銷售機會。整體而言，我們對目前看到的早期進展感到鼓舞，並期待在未來數月完成團隊整合後，創造更多綜效。

As we continue to scale our global platform, we are focused on driving greater alignment and efficiency across our organization. To support this effort, we promoted Sarah Peters to Senior Director of Alliances to our EMEA team. There is working closely with regional leadership to replicate the process, discipline and execution framework that we have produced that have produced strong results in North America. Importantly, our underlying alliance strategy remains unchanged. We continue to take highly selective approach to onboarding new vendors while prioritizing deep engagement with existing partners.

在持續擴大全球平台規模的同時，我們專注於推動組織內更高程度的一致性與效率。為支持此一工作，我們將 Sarah Peters 晉升為 EMEA 團隊的聯盟資深總監（Senior Director of Alliances）。她將與區域領導層密切合作，複製我們在北美所建立、並已帶來強勁成果的流程、紀律與執行框架。重要的是，我們的核心聯盟策略維持不變。我們仍以高度審慎的方式導入新供應商，同時優先深化與既有合作夥伴的互動。

As our pipeline of opportunities expands, we are also seeing increased activity across both new evaluations and re-evaluations, which require a similar level of effort and reflect the deep growth and maturity of our vendor portfolio.

隨著機會管線擴大，我們也看到新評估與重新評估的活動增加；這兩者都需要相近程度的投入，也反映出我們供應商組合的深度成長與成熟度。

Looking ahead, we remain focused on driving organic growth while maintaining a disciplined approach to capital allocation. As we continue to scale the business, we are investing in infrastructure needed to support that growth, including advanced automation and AI-enabled tools that enhance visibility, streamline our workflows and improve overall operating efficiencies.

展望未來，我們仍專注於推動有機成長，同時維持資本配置的紀律。隨著業務規模持續擴大，我們正投資於支援成長所需的基礎建設，包括先進自動化與 AI 賦能工具，以提升可視性、精簡工作流程並改善整體營運效率。

We currently have over 41 IT projects in the works that have streamlined and will continue to streamline our workflows. We're using AI tools and agents to connect our partners that will help our team be more efficient as we grow. These initiatives are designed to increase throughput across the platform and enable us to support higher volumes of activity without the commensurate increase in headcount. At the same time, we continue to view M&A as a strategic lever to complement our organic growth. We're actively evaluating opportunities that. With our high-performance culture, as well as our service offerings and in our geographic reach. We believe these initiatives will enable us to execute on our 2026 plan and deliver yet another year of strong results.

目前我們有超過 41 個 IT 專案正在進行，這些專案已精簡、並將持續精簡我們的工作流程。我們正使用 AI 工具與代理（agents）來串聯合作夥伴，協助團隊在成長過程中提升效率。這些計畫旨在提高平台整體吞吐量，使我們能在不按比例增加人力的情況下支援更高的活動量。同時，我們仍將併購（M&A）視為補強有機成長的策略槓桿。我們正積極評估相關機會，以強化我們的高績效文化、服務內容與地理覆蓋範圍。我們相信，這些舉措將使我們得以落實 2026 年計畫，並再度交出強勁成果的一年。

With that, I will turn the call over to our CFO, Matthew Sullivan

接下來，我將把電話會議交給我們的財務長 Matthew Sullivan。

Thank you, Dale, and good morning, everyone. A quick reminder, as we review the financial results for our first quarter, all comparisons and variance commentary refer to the prior-year quarter unless otherwise specified.

謝謝你，Dale，各位早安。先快速提醒一下，在我們回顧第一季的財務結果時，除非另有說明，所有比較與差異說明皆以去年同期為基準。

As reported in our earnings press release, gross billings in Q1 2026 increased 14% to $542.8 million, compared to $474.6 million in the year-ago quarter.

如同我們在財報新聞稿中所揭露，2026 年第一季的總開票金額（gross billings）年增 14% 至 5.428 億美元，去年同期為 4.746 億美元。

Distribution segment gross billings increased 15% to $520.9 million, and Solutions segment gross billings increased 4% to $21.9 million.

分銷（Distribution）部門的總開票金額年增 15% 至 5.209 億美元，而解決方案（Solutions）部門的總開票金額年增 4% 至 2,190 萬美元。

Net sales in the first quarter of 2026 increased 32% to $182.4 million, compared to $138 million in the year-ago period. This reflects double-digit organic growth from new and existing vendors, as well as contributions from our acquisition of InterWorks on February 24, 2026.

2026 年第一季淨銷售額（net sales）年增 32% 至 1.824 億美元，去年同期為 1.38 億美元。此成長反映新舊供應商帶來的雙位數有機成長，以及我們於 2026 年 2 月 24 日收購 InterWorks 的貢獻。

Gross profit in the first quarter of 2026 increased 13% to $26.5 million, compared to $23.4 million for the same period in 2025.

2026 年第一季毛利（gross profit）年增 13% 至 2,650 萬美元，2025 年同期為 2,340 萬美元。

The increase was driven by organic growth from new and existing vendors in both North America and Europe, as well as the contribution from InterWorks.

此增幅主要來自北美與歐洲新舊供應商帶動的有機成長，以及 InterWorks 的貢獻。

Selling, general, and administrative expenses in the first quarter of 2026 were $20.3 million, compared to $16.8 million in the year-ago period. The increase in SG&A expenses was primarily driven by one-time investments to drive organic growth from new vendors and in our infrastructure to support long-term growth initiatives. More specifically, we expanded our IT capabilities to enhance system efficiencies, further aligned our sales organization across teams and geographies, and continued to build out our Fortinet-focused sales resources.

2026 年第一季銷售、一般及行政費用（SG&A）為 2,030 萬美元，去年同期為 1,680 萬美元。SG&A 費用增加主要是因一次性投資所致，用以推動新供應商帶來的有機成長，以及投資於我們的基礎設施以支援長期成長計畫。更具體而言，我們擴充了 IT 能力以提升系統效率，進一步在團隊與地區間整合我們的銷售組織，並持續擴建以 Fortinet 為重點的銷售資源。

In addition, SG&A reflects higher legal and professional fees associated with strategic initiatives, including our stock split.

此外，SG&A 亦反映與策略性計畫相關的較高法律與專業服務費用，包括我們的股票分割。

SG&A as a percentage of gross billings was 3.7% for the first quarter of 2026, compared to 3.5% for the prior-year period.

2026 年第一季 SG&A 佔總開票金額的比率為 3.7%，去年同期為 3.5%。

Net income in the first quarter of 2026 was $3.3 million, or $0.18 per diluted share, compared to $3.7 million, or $0.20 per diluted share for the prior-year period.

2026 年第一季淨利為 330 萬美元，稀釋後每股盈餘 0.18 美元；去年同期淨利為 370 萬美元，稀釋後每股盈餘 0.20 美元。

Adjusted net income was $3.6 million, or $0.19 per diluted share, compared to $3.9 million, or $0.22 per diluted share for the year-ago period.

調整後淨利為 360 萬美元，稀釋後每股盈餘 0.19 美元；去年同期為 390 萬美元，稀釋後每股盈餘 0.22 美元。

Both net income and adjusted net income in the first quarter of 2026 were impacted by a higher effective tax rate compared to the prior-year period.

2026 年第一季的淨利與調整後淨利皆受到較去年同期更高的有效稅率影響。

Adjusted EBITDA in the first quarter of 2026 increased 4% to $7.9 million, compared to $7.6 million for the same period in 2025.

2026 年第一季調整後 EBITDA 年增 4% 至 790 萬美元，2025 年同期為 760 萬美元。

The increase was primarily driven by organic growth from both new and existing vendors, partially offset by the aforementioned investments in our infrastructure to support long-term growth initiatives.

此增幅主要由新舊供應商帶來的有機成長所驅動，但部分被前述為支援長期成長計畫而進行的基礎設施投資所抵銷。

Effective margin, which is defined as adjusted EBITDA as a percentage of gross profit, was 29.9% compared to 32.7% for the same period in 2025.

有效利潤率（effective margin，定義為調整後 EBITDA 佔毛利的百分比）為 29.9%，2025 年同期為 32.7%。

Excluding the previously mentioned one-time investments and costs, effective margin for the first quarter of 2026 was higher compared to the prior-year period.

若排除前述一次性投資與成本，2026 年第一季的有效利潤率較去年同期更高。

Turning to our balance sheet, cash and cash equivalents were $41.8 million as of March 31, 2026, compared to $36.6 million on December 31, 2025.

接著看資產負債表，截至 2026 年 3 月 31 日，現金及約當現金為 4,180 萬美元；相較之下，2025 年 12 月 31 日為 3,660 萬美元。

The increase in cash was primarily attributed to the timing of receivable collections and payables.

現金增加主要歸因於應收款項收款與應付款項付款時點的影響。

As of March 31, 2026, we had no outstanding debt or borrowings outstanding under our $50 million revolving credit facility.

截至 2026 年 3 月 31 日，我們沒有任何未償還債務，且在 5,000 萬美元的循環信用額度下亦無任何未償借款。

As previously mentioned, our board approved a four-for-one forward stock split effective in March to enhance liquidity and broaden access to our shares while maintaining each stockholder's proportionate ownership.

如先前所提，我們董事會核准於 3 月生效的 1 拆 4（four-for-one）的股票分割，以提升流動性並擴大投資人取得我們股票的便利性，同時維持各股東按比例的持股權益。

We believe this action improves the accessibility of our stock and supports a more efficient trading environment for a broader base of investors.

我們相信此舉可提升本公司股票的可及性，並為更廣泛的投資人基礎提供更有效率的交易環境。

Looking ahead, our balance sheet remains a strategic asset. With over $41 million of cash and no outstanding debt, we have ample liquidity and flexibility to execute on our growth initiatives in 2026. We remain active in evaluating accretive M&A opportunities that can deepen our vendor portfolio, broaden our geographic footprint, and enhance our operating platform. We believe these initiatives, coupled with our demonstrated track record of success, will enable us to continue driving value creation for our shareholders.

展望未來，我們的資產負債表仍是策略性資產。在擁有超過 4,100 萬美元現金且無未償債務的情況下，我們具備充足的流動性與彈性，可於 2026 年推動各項成長計畫。我們仍積極評估具增益性的併購（M&A）機會，以深化供應商組合、擴大地理版圖，並強化我們的營運平台。我們相信，這些計畫加上我們已證明的成功紀錄，將使我們能持續為股東創造價值。

This concludes our prepared remarks. We'll now open up the line for questions. Operator.

以上為我們事先準備的發言。接下來我們將開放提問。請接線員。

Operation Instructions

操作說明

We'll move first to Keith Halsam with North Coast Research. Your line is open.

我們先請 North Coast Research 的 Keith Halsam。您的線路已開通。

Good morning, guys, and thanks for the opportunity here. In terms of the extra spending here on the SG&A for the quarter, I noticed you guys said the number one-time items, including IT and legal costs and investments, like, before in that. Can you perhaps bifurcate that a little bit more so we understand, like, I'm assuming increased costs before that will continue going forward, some of your one-time IT costs, probably one-time in nature. Any way to bifurcate some of that growth in SG&A to understand a little bit more going forward?

各位早安，謝謝給我這個提問機會。就本季 SG&A 額外支出而言，我注意到你們提到其中包含一些一次性項目，包括 IT 與法律成本及相關投資等。你們是否可以再更細分一些，讓我們理解：我猜測其中部分成本增加未來會持續，而某些一次性的 IT 成本可能屬於一次性性質。有沒有辦法把 SG&A 的成長拆分一下，讓我們更了解未來走勢？

Keith, the biggest section go ahead, Matt.

Keith，最大的一塊——Matt，你先說。

I was going to say, the largest driver there or a big piece of the driver there was the Ford net investment and the investment in that relationship has been is slightly different than. The investment in a typical onboarding of a new vendor where we had increased costs, building out teams and additional one-time costs as we start that relationship here in Q1 of 2026. So that really was about half a million dollars worth of costs that were in.

我想說的是，最大的驅動因素，或其中很大一部分，是 Fortinet 的投資，而在這段合作關係上的投資，確實與一般情況略有不同。這不同於典型新供應商導入（onboarding）的投資；我們在 2026 年第一季開始這段合作關係時，增加了成本，用於擴編團隊以及一些額外的一次性成本。因此，這部分成本大約是 50 萬美元左右。

In the first quarter that it was a negative reduction to adjusted EBITDA that we expect to turn the other direction as we move into the remainder of 2026.

在第一季，這對調整後 EBITDA 造成了負向影響；我們預期在 2026 年剩餘期間，這個影響會轉為正向。

Keith, real quick, this is one of the things. We typically, when we sign vendors, we'll do some small investments and a lot of times it's paid by the vendors. If you take a look at Fortinet, it's a.

Keith，很快補充一下，這也是其中一點。我們通常在簽下供應商時會做一些小額投資，而且很多時候是由供應商支付。但如果你看 Fortinet，它是一家——

Market cap, $60 billion company, I think $6 billion in annual sales.

市值 600 億美元的公司，我想年銷售額約 60 億美元。

And the relationship was just a little different. We agreed and didn't have it in all of our budgets.

因此這段合作關係就稍微不同。我們同意了相關安排，而這些並未納入我們所有的預算中。

To put this investment out there because we see it as such an opportunity. It's an anchor for us as we go forward, and it's one of the top four cybersecurity vendors in the world. So that's why we put this investment in there. The sales are coming along, and we'll be able to report those better in Q2 as we have been ramping those up along with the team that we brought on board.

我們之所以提出這項投資，是因為我們把它視為一個絕佳的機會。它是我們未來前進的基石之一，而且它是全球前四大的資安供應商之一。所以這就是我們進行這項投資的原因。銷售正在推進中，隨著我們與新加入的團隊一起加速推動，我們將能在第二季更好地回報這些成果。

Yeah, that was going to be a follow-up question. What's kind of the break-even point for that and how fast does it take to ramp up some makeup Fortinet? Will you see a return on investment here before the end of the year on that?

對，這本來就是我接著要問的問題。那個大概的損益兩平點在哪裡？要多快才能把 Fortinet 的一些缺口補起來並拉升起來？你們在今年年底前能在這方面看到投資報酬嗎？

We will. I mean, Q2 is already ramping up pretty quickly, but it'll be Q3 when we'll see that return on investment. So, yeah, there'll be some of those SG&A costs in Q2 of that team and then covered in Q3.

會的。我的意思是，第二季已經拉升得相當快，但我們會在第三季看到投資報酬。所以，是的，第二季會有那個團隊的一些銷售、一般及管理費用（SG&A）成本，然後在第三季被覆蓋掉。

Okay.

好的。

Gotcha. And then it looks like the mix between gross and net revenue here spiked really on the gross side. I think the highest has been several quarters, if not several years.

了解。另外，看起來這裡毛收入與淨收入的組合在毛收入端大幅跳升。我想這可能是好幾季、甚至好幾年來的最高水準。

Is that attributed to some of the new vendors, or is there anything you can point to as we think about going forward, the split between gross and net revenue?

這是因為一些新供應商所致嗎？或者就未來來看，毛收入與淨收入的拆分，你能指出有什麼因素嗎？

I was going to say, it's not an impact of the new vendors. It's really just the product mix of our existing vendors. And that can fluctuate from a given quarter. You're right, it is the highest this quarter of any quarter in recent time. But that's really driven by our existing vendors and what specific products we are selling to them.

我想說，這不是新供應商的影響。這其實只是我們既有供應商的產品組合所致。而且這會在不同季度之間波動。你說得對，這一季確實是近期任何一季中最高的。但這主要是由我們既有供應商，以及我們向他們銷售的特定產品所驅動。

Okay, gotcha.

好的，了解。

The memory issue is, wreaking havoc in the hardware world.

記憶體問題正在硬體世界掀起混亂。

In your realm, in the software space, are you guys seeing a benefit as people prioritize from their spending away from hardware with increased prices towards software? Is it too early to tell? What's your thoughts on that?

在你們的領域、也就是軟體市場，你們是否看到一些好處——因為硬體價格上漲，人們把支出優先順序從硬體轉向軟體？還是說現在判斷還太早？你怎麼看？

We do not see the impact, Keith. I mean, some of the delays on potential, people doing installs or, if they're doing a hybrid cloud or. Going to a data center, we see some of that. But remember, 80% to 90% of ours are reoccurring revenue and renewals. So we just haven't seen that slow down. We haven't seen the seed licenses. Decreased like everybody got crazy in Q1 to talk about. I think the adults are coming back and saying, Hey, man, this is sophisticated software that people are selling. We've got two things going for us. Number one, we have a strong renewal stream. And number two, we're 60%-some percent in the cybersecurity world, which people are always going to protect their infrastructure first.

Keith，我們沒有看到這方面的影響。我的意思是，在一些潛在案子上，若客戶要做安裝，或是做混合雲，或是要進資料中心，我們確實看到一些延遲。但請記得，我們有 80% 到 90% 是經常性收入與續約。所以我們還沒有看到放緩。我們也沒有看到席次授權（seat licenses）像大家在第一季瘋狂討論的那樣下滑。我覺得理性的人正在回來並說：嘿，這是人們在賣的高階軟體。我們有兩個優勢。第一，我們有強勁的續約收入流。第二，我們有 60% 多的業務在資安領域，而人們永遠會先保護他們的基礎設施。

Gotcha. And maybe the last question for you. In terms of the targeted one-time investments like in IT in the first quarter, what's your expected ROI on that? And I guess, are you satisfied with some of the progress you've made with those initiatives?

了解。也許最後一個問題。就第一季像 IT 這類有目標的一次性投資而言，你們預期的投資報酬率（ROI）是多少？另外，我想問，你們對這些計畫的進展滿意嗎？

Yeah, so our new CIO that's done on board will be coming up in a year in Q2.

是的，我們新任 CIO 上任後，到第二季就滿一年了。

I wanted to point out, the first time I pointed out how many projects we have going because the list continues to grow.

我想指出的是，我第一次提到我們有多少個專案在進行，因為清單還在持續增加。

Went to our no ERP over a year and a half ago, and we've been streamlining it, but now we're using so many of the AI tools to just make our systems faster.

我們在一年半以前就轉向不使用 ERP，而我們一直在精簡流程；但現在我們正在使用許多 AI 工具，讓我們的系統更快。

And that is not only the ERP piece of it, but all of the associate applications that we can use agents to do a lot of the work that we've had to do before manually. So here's our goal that Matt and I have set, and that is we're throwing technology at it so we don't have to increase headcount, as I mentioned in my remarks. And that is we need to be able to scale this business.

而這不僅是 ERP 的部分，還包括所有相關的員工應用程式；我們可以用代理（agents）來做很多過去必須手動完成的工作。所以這裡是 Matt 和我設定的目標：如我在發言中提到的，我們要投入科技，讓我們不必增加人頭。也就是說，我們必須能夠擴大這個業務規模。

Our goal is to double it in the next three years, but not double our headcount because we just would just be running on a treadmill at that point. So that's our goal is using the technology, and it's out there to use.

我們的目標是在未來三年把業務規模翻倍，但不要把人力也翻倍，因為那樣我們就只是在跑跑步機而已。所以我們的目標就是運用科技，而這些工具就在那裡可以使用。

We just keep putting the project on the list to make it more efficient.

我們只是持續把專案加到清單上，讓它更有效率。

Great, thanks. I'll turn it over.

很好，謝謝。我把時間交回去。

Thanks.

謝謝。

We'll move next to Vincent Colicchio with Barrington Research. Your line is open.

接下來是 Barrington Research 的 Vincent Colicchio。你的線路已開通。

Yeah, Dale, was the organic growth broad base in the quarter, of course, your TOP20, and were there any lumpy deals that impacted the period?

是的，Dale，這一季的有機成長是否是廣泛基礎的——當然包括你們的 TOP20——另外，有沒有任何較不均勻（lumpy）的交易影響了本期？

Yeah, it is our TOP20 that happened. We had some fallover. It typically happens from Q4 that come in, that deals didn't get closed on that side. But no, it was just a good quarter for us when you look at.

是的，主要是我們的 TOP20 帶動的。我們有一些遞延到本季的案子。這通常會從第四季延續過來，也就是有些交易在那邊沒有完成結案。但沒有，整體來看對我們而言就是一個不錯的季度。

Just the vendor performances, we had some vendors that finished their fiscal year at the end of March, so there's going to be, and some of our new members or new vendors that did that, but other than that, it's just across all of our vendors and decent performance.

就供應商表現來看，我們有一些供應商的會計年度在三月底結束，所以會有一些影響；其中也包括一些新成員或新供應商是這樣，但除此之外，就是我們所有供應商整體都表現不錯。

Momentum carry through April?

動能有延續到四月嗎？

Yes, I mean, we're closing out April. We don't want to talk too much about that. But yes, we are not seeing a slowdown definitely in our workloads. So that's where our focus is, right, is how would it become more efficient with those workloads. But if you look at our adjusted gross building, so the whole talk about AI and it's going to take over this and it's going to take over seats.

有，我們正在結束四月。我們不想對此談太多。但有，我們確實沒有看到放緩，尤其是在我們的工作量上。所以我們的重點就在這裡，對吧：如何讓這些工作量變得更有效率。但如果你看我們調整後的毛帳單（adjusted gross billings），整個關於 AI 的討論——它會接管這個、會接管席次——

Here's my comment on that, and I've commented before on it, is that we're going to use AI more than we're going to sell it this year, including our vendors are going to use it more internally to develop their products faster.

我對此的看法是，而且我之前也評論過：今年我們使用 AI 的程度會高於我們銷售 AI 的程度；包括我們的供應商也會更多地在內部使用它，以更快地開發產品。

That's the thing that gets talked about the most when we have all of our QBRs with our vendors, is how much faster they're being able to develop products. AI does a great job with repetitive process, and that's how we're using it inside a client. But when it comes to sophisticated, somebody is going to go and attack your network.

這是在我們與供應商進行所有季度業務回顧（QBR）時被談得最多的事情：他們能以多快的速度開發產品。AI 在重複性流程上做得很好，而這就是我們在客戶端內部使用它的方式。但當談到高階、有人要去攻擊你的網路時。

We're seeing the tools that we're selling as important as ever, and we haven't seen that slow down.

我們看到我們所銷售的工具比以往任何時候都更重要，而且我們沒有看到這種情況放緩。

And curious about VAST data, does the pipeline remain substantial there?

另外想請教關於 VAST Data，那邊的銷售管線是否仍然相當可觀？

Yeah, it's still going to be lumpy with VAST, but it's still, I mean, if you look at VAST as a company, how much money they've raised.

是的，VAST 的案子仍然會比較不均勻、起伏較大，但仍然——我的意思是，如果你把 VAST 當作一家公司來看，他們募了多少資金。

They appeal to the high-speed data pull for AI engines, and that's where their claim to fame is. They're still doing a good job. So you'll see throughout this year some more lumpy deals that are coming in. But it's just hard to predict because they're all based and going back to Keith's comment about memory, they're going to be affected by that.

他們主打的是為 AI 引擎提供高速資料擷取，這也是他們成名之處。他們仍然做得不錯。所以你會在今年看到一些更不均勻、起伏較大的交易進來。但這很難預測，因為這些交易都——回到 Keith 對記憶體的評論——都會受到那方面影響。

Anybody that's going into the data center is going to be affected by some of the chip stuff.

任何要進入資料中心的業者，都會受到一些晶片相關因素的影響。

Are you able to give us some help in terms of when Interworks will provide meaningful cross-selling synergies, or is that tough to talk about in terms of timing?

就 Interworks 而言，你們能否在何時會帶來具體且有意義的交叉銷售綜效方面給我們一些指引，還是說時點上很難談？

It's the cross-sell that we have, and this is our strategic plan when we acquire companies in various regions, and that has the opportunities that typically start with vendors in the U.S. And move there. They have a big Microsoft practice, which goes right in line with our Microsoft practice in.

我們的交叉銷售策略——這也是我們在不同區域併購公司時的策略規劃——通常機會會先從美國的供應商開始，然後推進到當地。他們有很大的 Microsoft 業務實務，這與我們在的 Microsoft 業務實務非常一致。

The UK, and I mentioned that before, that we meet the threshold to stay as a distributor. We're working on becoming a frontier distributor, which is a new designator by Microsoft. We think that -- and here's the uniqueness about InnoWorks. They transact all of their business through a cloud platform, which we have a small portion of our business. So, we want some of that DNA to come to our newly dedicated MSP team in the U.S.

英國，我之前提過，我們達到門檻可以繼續作為經銷商。我們正在努力成為「frontier distributor」，這是 Microsoft 新的指定類別。我們認為——而這也是 InnoWorks 的獨特之處。他們所有業務交易都透過雲端平台進行，而我們目前只有一小部分業務是這樣做。因此，我們希望把這種 DNA 帶到我們在美國新成立、專注的 MSP 團隊。

And then. To the greater company in Europe as well, that we can transact on a platform as we keep getting better and better with our system. So it's going to be going both ways. Them from the Greek team to us on how they actually transact and from vendors to the Greek team that they're looking to add more vendors. So you'll see the cross-selling and really the onboarding of new vendors in Southern Europe with.

然後。也帶到歐洲更大的公司體系中，隨著我們的系統越來越成熟，我們也能在平台上完成交易。所以這會是雙向的。他們從希臘團隊教我們如何實際完成交易；而我們也會把供應商資源帶給希臘團隊，因為他們希望增加更多供應商。因此你會看到交叉銷售，以及在南歐導入新供應商的進展，會隨著。

With, and as I mentioned, Sarah Peters taking that role, and that was one of the reasons for it.

隨著——如我提到的——Sarah Peters 接下那個角色，這也是其中一個原因。

Thanks, Dale.

謝謝，Dale。

We'll move next to Howard Root with Fairhope Capital. Your line is open.

接下來我們請 Fairhope Capital 的 Howard Root。您的線路已開通。

Good morning, and thanks for taking my call, guys.

早安，謝謝各位接聽我的電話。

I want to follow-up a little bit more on the SG&A line. So that if you look sequentially, I think it went up about $2 million and year-over-year about a $3.5 million increase.

我想再追問一下 SG&A 這一項。如果按季來看，我認為大約增加了 200 萬美元，而年對年大約增加了 350 萬美元。

You kind of pointed out the Fortinet was about $500,000 of that and then you called it primarily one-time investments. Can you the the other like $1.5 million sequentially, can you kind of give us a little bit more detail on what that was and quantify it? And then. When you say one time, does that mean one quarter or is that going to continue into Q2 and for the rest of the year?

你們提到 Fortinet 約占其中 50 萬美元，然後你們說主要是一次性投資。那麼其餘按季大約 150 萬美元的部分，你們能否再多給一些細節並量化說明？然後。你們說的一次性，是指只有一個季度，還是會延續到第二季以及今年剩餘時間？

Yeah.

是的。

So when we refer to that as one time, I mean, specifically with the Fortinet relationship, that was a net cost of about half a million dollars to climb as a company. We expect that to begin to turn to a positive contribution in the later part of 2026. And we start to see that in Q2 here and really see that ramp up in Q3 and beyond. And like I said earlier, that was a different type of investment than our usual investment cycle. And then we had other one-time professional and legal-type costs associated with the stock split and some other initiatives there. So like I had mentioned in the prepared remarks, if you exclude those items, our effective margin from Q1 of 2026 compared to Q1 of. 2025 increased. And typically, Q1 is our lowest effective margin quarter of the fiscal year. So even if you look back at 2025, that 32.5% or so, that continued to climb as the year progressed, and we expect no changes to that trajectory as we move forward here in 2026.

所以我們提到一次性時，我的意思是，特別就 Fortinet 的合作關係而言，作為公司要爬升到那個層級，淨成本大約是 50 萬美元。我們預期在 2026 年後段開始轉為正向貢獻。我們會在這裡的第二季開始看到一些跡象，並在第三季及之後真正看到加速成長。如我先前所說，那是一種不同於我們一般投資週期的投資。另外，我們也有一些與股票分割及其他計畫相關的一次性專業服務與法律類成本。因此如我在事先準備的發言中提到的，如果排除這些項目，我們 2026 年第一季相較於 2025 年第一季的有效毛利率是上升的。而通常第一季是我們整個會計年度有效毛利率最低的一季。所以即使回頭看 2025 年，那大約 32.5% 左右的水準也會隨著年度推進而持續攀升，而我們預期在 2026 年往前走時，這個趨勢不會改變。

So just looking forward on a... Go ahead, Dale, sorry.

那麼往前看，在一個……你先說，Dale，不好意思。

Yeah, real quick, Howard. And when Matt and I looked at it, as we were going through the quarter, we just have some messy, like we say one-time things, but we have some legal stuff that we typically didn't have in the past for those quarters. So it was unfortunate, but a lot of those are one-time things.

好的，很快補充一下，Howard。Matt 和我在檢視這一季時，我們確實有一些比較雜亂的——我們稱之為一次性的——項目，但我們也有一些法律相關事項，是過去那些季度通常沒有的。所以這很不巧，但其中很多都是一次性的。

As the quarter as we pointed out. If you look at the actual SG&A, I think it went from 3.5% to 3.7%, but yes, we got to get that in the other direction. And as you often point out, can we get to the and I talk about it now with some of our investors and of course, our Board, how do we get to our 5% to more of a 50-50 on our SG&A and our effective margin. So that is the goal that we have and we do not see and our vision has not changed on that.

就像我們在本季指出的。如果你看實際的 SG&A，我想它從 3.5% 變成 3.7%，但沒錯，我們必須把它往另一個方向拉回去。而如你常提到的，我們能否達到——我現在也會跟一些投資人以及當然我們的董事會談——我們要如何讓 SG&A 與有效毛利率的結構，從 5% 走向更接近 50-50 的配置。所以這是我們的目標，我們也不認為——我們的願景在這方面沒有改變。

So I wish you guys would start giving a little bit of guidance, but just looking at this line, generally, it's around a little $20 million, $20.5 million for the quarter. Do you see Q2 on a dollar basis being a decrease from that, an increase from that, or relatively the same?

我希望你們能開始提供一些指引，但就這一項來看，一般每季大概在 2,000 萬到 2,050 萬美元左右。你們認為第二季以金額來看會比這個水準下降、上升，還是大致相同？

Well, it all depends. We'd have to go by percentages, Howard, because it all depends on our Q2 is going to be typically higher than Q1. We're going in with our education, that's where all the buying starts happening and all the quoting starts happening. And that's how our gross profit is affected by the commissions that we put out there, so I can't give you a hard number that way, but percentage-wise, we're going to see that drop.

嗯，這要看情況。我們得用百分比來看，Howard，因為第二季通常會比第一季高。我們進入教育市場，那是所有採購開始發生、所有報價開始進行的時點。而我們的毛利會受到我們發放的佣金影響，所以我沒辦法用那種方式給你一個確切金額，但就百分比而言，我們會看到它下降。

Okay. So then, yeah, you mentioned the 532, which we talked about before.

好的。那麼，是的，你提到 532，我們之前也談過。

I mean, 5% gross profit off of your gross billings, which is kind of the way to look at your business, I think. Then 3% for SG&A, leaving 2% roughly for income from operations, depreciation as well. And you said that's still kind of your target, but is that a goal? Is that an expectation or is that just kind of...

我的意思是，以你的總開票額來看，你的毛利率大約是 5%，我認為這算是看你們業務的一種方式。然後 SG&A 佔 3%，大約剩下 2% 作為營業利益，也包含折舊在內。你說這仍然算是你們的目標，但那是目標嗎？那是預期，還是只是有點像……

What is that?

那到底是什麼？

Our goal, Howard, and in our executive meetings we kicked off this year, including presenting to the Board, is to get that to a 50/50. And we had our sales kickoff both in the U.S. And overseas, and it's to get the 5% to 2.5%, 2.5%. I mean, we know where our competitors are. We know we can get there, but it's an efficiency play for us to get to split that 5% in half and drop that through. So that is. Our hard target to get to, that we have set for ourselves as a management team.

Howard，我們的目標是——我們今年在高階主管會議上啟動的方向（也包含向董事會簡報）——要把它做到 50/50。我們在美國以及海外都辦了銷售啟動會，目標是把 5% 分成 2.5%、2.5%。我的意思是，我們知道競爭對手在哪裡。我們知道我們能做到；但對我們而言，這是一個效率提升的策略，把那 5% 對半切，並把效益往下傳導。所以就是這樣。這是我們管理團隊為自己設定的硬目標。

And our expectation is that 532 doesn't change.

而我們的預期是 532 不會改變。

Okay, 532, but two and a half would be what your real goal is here, not just two. Correct.

好，532，但兩個半才是你們這裡真正的目標，而不只是 2。沒錯。

That's where we have our sights set, is to take the five and just put in half, and half of it's going to rest, and the other half's going and dropping through.

我們鎖定的方向就是把 5% 直接對半切，一半會保留，另一半會往下傳導、落到損益上。

Okay, all right. Then just bigger picture, and I don't want to get too nitty. I mean, congrats on the revenue growth. You guys are still doing a great job. On the M&A environment, though, the InnerWorks, it was kind of one of these new things where it was kind of acquire or go out. Because of the Microsoft vendor that you talked about before, and they had to get bigger or they just weren't going to have that card. Do you see that continuing in the environment? Or how do you see more generally the M&A environment in terms of the opportunities and the valuations today?

好，了解。那再從更大的角度來看，我不想鑽得太細。我是說，恭喜營收成長。你們仍然做得很棒。不過在併購環境方面，InnerWorks 那筆交易有點像是這種新情況：要嘛被收購、要嘛出局。因為你之前提到的那家 Microsoft 供應商，他們必須做大，不然就拿不到那張牌。你覺得這種情況在市場環境中會持續嗎？或者更一般地說，你怎麼看今天併購環境的機會與估值？

So, yeah, so the valuations have still stayed, and this is targeting mostly in Europe, a little bit in the Middle East that we're looking at, because we'll prospect two years out into some territories.

所以，是的，估值仍然維持在那個水準；我們主要鎖定歐洲，另外也看一點中東，因為我們會提前兩年在一些區域做開發與布局。

But yeah, it was opportunistic that we did it with this company 'cause we already had a relationship with them from the cloud platform piece of it. So yeah, we're doing it that way. But right now, yeah, there's still a lot of opportunities on my list, a lot that I've met with when I was, Matt and I were over in Greece with the team and did a stop by to talk to some other potential targets is out there. So it's good, it all depends and everything is. Depends on what that company internally does, right? Are they reliant on one vendor, one territory?

不過是的，這次跟這家公司合作算是機會型的，因為我們在雲端平台那一塊本來就跟他們有合作關係。所以是的，我們是用這種方式在做。但就目前來說，是的，我名單上仍然有很多機會；我也見了很多家——我跟 Matt 之前和團隊在希臘時，也順道停下來跟一些其他潛在標的談過，外面確實有。所以整體不錯，一切都取決於……取決於那家公司內部的狀況，對吧？他們是否依賴單一供應商、單一區域？

There's all different factors that go into the valuation piece of it, from where we acquired Douglas Stewart at a 4.5 up to paying close to 8.5 for other companies, and it just depends on what their makeup is and where we see that we can effectively grow them and how quickly we can grow them is what we pay.

影響估值的因素很多；我們收購 Douglas Stewart 時的倍數是 4.5 倍，到其他公司我們付到接近 8.5 倍都有，這就取決於他們的組成結構，以及我們認為能否有效地把他們做大、以及能多快做大，這些決定了我們願意付多少。

Great. All right. Thanks. Congrats on the progress, and thanks for taking my questions.

很好。好。謝謝。恭喜進展，也謝謝回答我的問題。

Thanks, Howard.

謝謝你，Howard。

Move next to Bill Dezellum with Titan Capital. Your line is open.

接下來請 Titan Capital 的 Bill Dezellum。你的線路已開通。

Thank you. After signing the Fortinet agreement, given the size of that organization, has that led to any follow-on effects with other large vendors that.

謝謝。在簽下 Fortinet 的協議之後，考量到那個組織的規模，這是否對其他大型供應商帶來任何後續效應……

It basically raised their eyes to what Climb may be able to accomplish.

基本上讓他們注意到 Climb 可能有能力做到什麼。

Hey, thanks for the question, Bill. It actually has, we've had this.

Bill，謝謝你的問題。確實有，我們一直有這樣的……

Our talk track is we're going after emerging vendors. And if you look at our line card and even our top vendors that we talk about, SolarWinds and Sophos have been great partners for us and continue to be that. But as far as looking at like a Tier 1 vendor like a Juniper, Fortinet that are out there, we typically don't market toward that environment. So when this one came up, it was not an immediate, oh my gosh, this is going to be great, it's going to change climb.

我們的說法是：我們鎖定的是新興供應商。如果你看我們的產品線，甚至我們常提到的前幾大供應商，SolarWinds 和 Sophos 一直是很棒的合作夥伴，也會持續如此。但若是像 Juniper、Fortinet 這種一線（Tier 1）供應商，我們通常不會朝那樣的市場環境去行銷。所以當這個機會出現時，我第一時間並不是覺得「天啊，這會很棒、會改變 Climb」。

For the better, my first reaction to was, I don't want it to change our culture where we become like a broadline distributor, right, because I think there's so much value in what we do and what we take to market, but to your point, after that happened.

我第一個反應反而是：我不希望它改變我們的文化，讓我們變得像廣線型（broadline）通路商，對吧？因為我認為我們在做的事情、以及我們帶到市場上的價值非常大；但如你所說，在那之後……

Charles Bass, which runs our Alliances team, we've had some pretty large companies reach out to us and say, Hey, I didn't realize you guys did this. I didn't realize you went as wide in some of the markets that you do. And if you look at the North American market, you have the three large distributors, now all public, with Ingram going public last year.

負責我們聯盟團隊的 Charles Bass，有一些規模相當大的公司主動聯絡我們，說：「嘿，我不知道你們也做這個。我不知道你們在某些市場的覆蓋面可以做到這麼廣。」而如果你看北美市場，有三家大型通路商——現在都已上市，Ingram 去年也上市了。

And then it's all the way down to where we see climb. We're very small compared to these $50 billion, $60 billion other companies. We don't want to be them.

然後再一路往下看，才會看到我們認為的 Climb 所在的位置。跟那些 500 億、600 億美元規模的公司相比，我們非常小。我們不想成為他們那樣。

But we're having vendors that are coming to us and saying, Hey, either we want to keep them H1st or we want to do a targeted approach to a group of resellers that we think you touch much better than the broadliners do. So the answer is yes. I won't give you names, of course, until we announce them. But yes, it's nice to have them coming to us instead of us going and trying to knock on every door.

但現在有供應商來找我們說：「嘿，我們要嘛希望維持 H1st（優先/第一）策略，要嘛希望針對一群我們認為你們比廣線型通路商更能觸及的經銷商，做一個更聚焦的策略。」所以答案是肯定的。當然在我們正式公告之前，我不會說出名字。但沒錯，讓他們來找我們，而不是我們去敲每一扇門，這感覺很好。

So, Dale, the implication then of what you just said is that there are other meaningful.

所以，Dale，你剛才那段話的含意是，還有其他具實質影響力的……

Potentially needle-moving vendors that you are in discussions with now.

可能會帶來顯著成長動能的供應商，你們目前正在洽談中。

I'll leave it at that, yes.

我就先說到這裡，是的。

And I'll try to not let you leave it at that. Would you anticipate that.

我會試著不讓你只說到這裡。你是否預期……

If these, if any one of these come to fruition, that it would happen this calendar year or these discussions much more drawn out than that.

如果這些之中任何一個能夠落地成真，會在今年曆年內發生？還是說這些討論會拖得更久？

No, that would happen this calendar year on the ones we're looking at. But I mean, it's just like we expected Fortinet to have a little faster start than we have. It always is you're putting energy, and as we showed in Q1, we're putting resources and expenses into getting it going. But as I told my field sales team that I'm putting tons of pressure on, right, to launch this and getting into net new customers, and that's where we're really going after, is that is, hey, we're going to take advantage of this vendor line for the next 5, 10, 15 years. Right, because I think we're just a better go-to-market play than our competitors. So that's why we're putting the energy in right now. I mean, everybody has their day job to do, but we're pushing to our field teams to say, Hey, this is important to us. It's going to drag along a lot of cross-sell opportunities. If you take a look at Fortinet's technology partner page on their website, you'll see all the vendors that they work with. There's quite a few on the list. Number one, there are seven or eight that we already work with, so there's cross-selling and we do marketing. Programs together with them. But if you look at that list, it is big on the cybersecurity side and associated platform side, even on the monitoring piece of it. So, yes, more new targets for us, but yes, I see more and more of that coming our way.

不，那會在我們正在關注的那些項目上於今年這個曆年內發生。但我的意思是，這就像我們預期的那樣，Fortinet 的起步會比我們稍微快一些。一向都是你得投入精力，而正如我們在第一季所展示的，我們正在投入資源與費用把它推動起來。但正如我跟我那支我施加了很大壓力的外勤銷售團隊說的，對吧，要把這件事推出去並切入全新客戶（net new customers），而那正是我們真正要攻的方向；也就是說，嘿，我們要在未來 5、10、15 年善用這條供應商產品線。對，因為我認為我們在市場進入（go-to-market）上就是比競爭對手更強。所以這就是我們現在投入精力的原因。我的意思是，每個人都有本職工作要做，但我們正推動外勤團隊說：嘿，這對我們很重要。它會帶動很多交叉銷售機會。如果你去看 Fortinet 官網上的技術合作夥伴頁面，你會看到他們合作的所有供應商。名單上有不少。第一，其中有七、八家我們已經在合作，所以有交叉銷售，我們也會和他們一起做行銷。一起做方案。但如果你看那份名單，在資安（cybersecurity）以及相關平台端，甚至在監控那一塊，都占了很大比重。所以，是的，對我們來說有更多新的目標；但同時，是的，我看到越來越多這類機會會朝我們這邊來。

Thank you for that. And if you were to sign one more of them, the one-time investments that you've discussed here relative to Fortinet, would those scale to, let's just call them vendor B?

謝謝你的說明。如果你再簽下一家，那些你在這裡談到、相對於 Fortinet 的一次性投資，是否也會按比例擴大到——我們就稱它為供應商 B？

Are these resources really dedicated to Fortinet and you would then have this same scaling that you would do for vendor B? Would you help us understand behind the scenes how that would work?

這些資源真的是專門投入在 Fortinet 上嗎？然後你會對供應商 B 做同樣的擴展嗎？能否幫我們理解一下幕後會如何運作？

Yeah, I'll give you an example that's real-time. So when we acquired Douglas Stewart. Adobe was a big part of that relationship and they had a separate team and that team we maintained separate until we put them to our ERP. Now, the Adobe platform, the Adobe marketing, all that stuff is part of Climb, right? We want a one Climb approach to how we go to market. Same thing with Fortinet, it will eventually morph into our overall team and become part of the Climb ecosystem. But right now, we kept it separate so we can track it, so we can show our progress, but everybody -- we have. See some sellers in North America, they're all selling Fortinet products just like they're all selling Adobe. It wasn't that way to start with. So, it depends on the -- and you're not going to like the stance, but it depends on the opportunity, right? If the vendor -- if it already is in our same work stream like most of the vendors we sign are, it just goes right in. And as I mentioned in my remarks, we are pushing vendors that are not in our TOP70 or that are. Drifting or don't have the investment to our ClimbElevate team, which is really a transactional team. It doesn't get marketing, it doesn't get sales support, but just transactional. And I'm trying to continue to move vendors off so we can focus on our core. I would like -- we started at 100 vendors, we're down to 70 in our core. I would like that number to go down to 50 because if you look at our TOP20, they represent 90-some percent of our business. We want to keep doing that focus, and that's what our vendors want on the top side, and that's what our. Customers expect to be able to deliver the message, how many vendors can a sales rep really represent. So we want to limit that. So we're really extension of that vendor sales force.

可以，我給你一個即時的例子。當我們收購 Douglas Stewart 的時候，Adobe 是那段關係中的很大一部分，他們有一個獨立團隊，而我們在把他們導入我們的 ERP 之前，一直維持那個團隊獨立運作。現在，Adobe 平台、Adobe 行銷等等，全部都已經是 Climb 的一部分了，對吧？我們希望用「一個 Climb」的方式來推進我們的市場策略（go-to-market）。Fortinet 也是一樣，最終它會融入我們的整體團隊，成為 Climb 生態系的一部分。但目前我們先把它獨立出來，這樣我們可以追蹤、可以展示進展；但每個人——我們有。你看北美有一些業務，他們都在賣 Fortinet 產品，就像他們也都在賣 Adobe 一樣。一開始不是這樣的。所以，這取決於——你可能不喜歡這個立場——但它取決於機會本身，對吧？如果供應商——如果它本來就已經在我們相同的工作流程裡（work stream），就像我們簽的大多數供應商那樣，它就直接併入。而且如我在發言中提到的，我們正把不在我們 TOP70、或是。正在下滑、或沒有投資的供應商推到我們的 ClimbElevate 團隊，那其實是一個以交易為主的團隊。它不做行銷、不提供銷售支援，只做交易。而我正試著持續把供應商移出來，讓我們能聚焦在核心。我希望——我們一開始有 100 家供應商，現在核心已降到 70 家。我希望這個數字能降到 50，因為如果你看我們的 TOP20，它們代表了我們業務的 90% 多。我們想持續維持這種聚焦，這也是我們頂端供應商想要的，也是我們的。客戶所期待的——我們要能傳遞訊息：一位業務代表到底能代表多少家供應商？所以我們想要限制這個數量。因此我們其實是那個供應商銷售團隊的延伸。

Great.

很好。

Thank you for the additional perspective.

謝謝你補充的觀點。

Thanks, Bill.

謝謝你，Bill。

And there are no further questions at this time. I would now like to hand back to Dale Foster for any additional or closing remarks.

目前沒有其他問題。我現在把時間交回給 Dale Foster，請他做任何補充或結語。

Thank you, operator. Again, thanks to the entire client team, hard work this year, a lot of things going on, a lot of moving parts.

謝謝你，接線員。再次感謝整個客戶團隊今年的辛勞，有很多事情在進行中，有很多環節在推動。

Also, I want to welcome the team members from our new acquired Greek team in both Thessaloniki and Athens. Matt and I had a chance to go over and spend time with them, and it was just a doubling down on the culture that we have. Climb, it's the same thing. That same strand goes right through our team in Greece and just a great time. So they fit with not only our go-to-market, but they have the same kind of values that we have as far as taking care of our customers and our vendors. Last thing I want to mention is we will be doing an Investor Day on July 7th in New York City. And for our shareholders, we'll be sending out invites to that. I'd love to see you in New York.

另外，我也想歡迎我們新收購的希臘團隊成員，分別在塞薩洛尼基（Thessaloniki）與雅典（Athens）。Matt 和我有機會過去和他們相處一段時間，這讓我們更堅定地投入我們既有的文化。Climb 也是一樣。同樣的脈絡也貫穿我們在希臘的團隊，真的很棒。所以他們不僅符合我們的市場策略（go-to-market），在照顧客戶與供應商的價值觀上也與我們一致。最後我想提的是，我們將在 7 月 7 日於紐約市舉辦投資人日（Investor Day）。對於我們的股東，我們會寄出邀請函。我很期待在紐約見到各位。

Thank you, operator.

謝謝你，接線員。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位撥冗與會並參與。您現在可以掛線。