Crexendo Inc (CXDO) 2025 Q2 法說會逐字稿

Greetings and welcome to the crescendo second quarter 2025 earnings call. (Operator Instructions) I will now turn the conference over to your host, Jeff Korn, Chairman and CEO at Crescendo. Jeff, you may begin.

各位來賓，歡迎參加 Crescendo 公司 2025 年第二季財報電話會議。 （操作說明）現在我將會議交給主持人，Crescendo 公司董事長兼執行長 Jeff Korn。 Jeff，請開始。

Thank you, Paul, and good afternoon, everyone. Welcome to Crescendo's second quarter 2025 earnings call. As Paul just said, I'm Jeff Korn, Chairman and CEO. With me in the room today are Doug Gaylor, our President and COO; Ron Vincent, our CFO; Jon Brinton, our CRO, and Anand Buch, our Chief Strategy Officer.

謝謝保羅，大家下午好。歡迎參加 Crescendo 2025 年第二季財報電話會議。正如保羅剛才所說，我是董事長兼執行長傑夫‧科恩。今天與我一同出席的還有：總裁兼營運長道格·蓋勒；財務長羅恩·文森特；首席營收長喬恩·布林頓；以及首席策略長阿南德·布赫。

In a moment John will read the Safe Harbor statement. After that, I'll provide an overview of our performance and strategy. Ron will then dive into the financials, and Doug will close with an operational and business update before we open it up for questions. John, would you please read the Safe Harbor statement?

約翰馬上會宣讀安全港聲明。之後，我會概述一下我們的業績和策略。接下來，羅恩會深入講解財務數據，最後道格會報告營運和業務的最新進展，之後我們會開放提問環節。約翰，請你宣讀安全港聲明好嗎？

Thank you, Jeff. I want to take this opportunity to remind listeners that this call will contain forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for such forward-looking statements.

謝謝傑夫。我想藉此機會提醒各位聽眾，本次電話會議將包含1933年《證券法》和1934年《證券交易法》所界定的前瞻性陳述。 1995年《私人證券訴訟改革法案》為這類前瞻性聲明提供了安全港。

All statements made in this conference call, other than statements of historical fact, are either forward-looking statements. Forward-looking statements include, but are not limited to words like believe, expect, anticipate, estimate, will, and other similar statements of expectation identifying forward-looking statements.

本次電話會議中除歷史事實陳述外的所有陳述均為前瞻性陳述。前瞻性陳述包括但不限於「相信」、「預期」、「預期」、「估計」、「將」等詞語以及其他類似的預期性陳述。

Investors should be aware that any forward-looking statements are based on assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those discussed here today. These risk factors are explained in detail in the company's filings with the Security and Exchange Commission, including the Form 10-K for fiscal year ended December 31, 2024, and the Form 10-Q S file.

投資者應注意，任何前瞻性陳述均基於假設，並受風險和不確定性因素的影響，這些因素可能導致實際結果與今天討論的結果有重大差異。這些風險因素已在公司向美國證券交易委員會提交的文件中詳細說明，包括截至2024年12月31日財年的10-K表格和10-Q表格。

Crescendo does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. I'd now like to turn the call back over to Jeff. Jeff?

Crescendo公司不承擔任何公開更新或修訂任何前瞻性聲明的義務，無論是因為新資訊、未來事件或其他原因。現在我想把電話轉回給傑夫。傑夫？

Thank you, John. I'm pleased to report another exceptional quarter for Crescendo. We continue to deliver consistent and impressive profitable growth. This growth and our results underscore the scalability of our business model and the strength of our team.

謝謝約翰。我很高興地向大家匯報，Crescendo 又迎來了一個卓越的季度。我們持續實現了穩定且令人矚目的獲利成長。這一成長和我們的業績凸顯了我們商業模式的可擴展性以及我們團隊的實力。

Q2 was highlighted by significant success in our software solution segment, combined with growth in our telecom service segment as well as the achievement of key operational milestones. I'm pleased, as we reported a 13% increase in total revenue to $16.6 million, driven by a remarkable 31% year over year organic growth and software solutions revenue.

第二季度，我們的軟體解決方案業務取得了顯著成功，電信服務業務也實現了成長，同時也達成了多項關鍵營運里程碑。令人欣喜的是，總營收成長了13%，達到1,660萬美元，這主要得益於軟體解決方案營收年增31%的強勁成長。

Our GAAP net income was $1.2 million, and we delivered $2.8 million in adjusted EBITDA. This marks our eighth consecutive quarter of GAAP profitability and our 27th consecutive quarter of GAAP net income. This is clear evidence that our strategy is working, and Crescendo is on a very solid trajectory.

我們的GAAP淨利潤為120萬美元，調整後EBITDA為280萬美元。這標誌著我們連續第八個季度實現GAAP獲利，並連續第二十七個季度實現GAAP淨利。這清楚地表明我們的戰略行之有效，Crescendo正處於非常穩健的發展軌道上。

Our software platform continues to be a critical engine of our success. As we surpassed 6 million users on our software platform and are marching towards 7 million users. Our ability to scale efficiently was reflected in the continually strong margins we achieved.

我們的軟體平台一直是公司成功的關鍵引擎。目前，我們的軟體平台用戶已突破600萬，並朝著700萬用戶邁進。我們高效的規模化能力體現在我們持續保持強勁的利潤率。

We are very encouraged by the momentum in our licensee and partner ecosystem, which continues to gain traction in the wake of disruption from legacy vendors like Metaswitch and BroadSoft. Our differentiated struck architecture with session-based pricing, open APIs, and flexible cloud or on-premise deployment continues to resonate with customers seeking control, scalability, and reliability.

我們對授權商和合作夥伴生態系統的發展勢頭感到非常鼓舞，即使在Metaswitch和BroadSoft等傳統供應商帶來衝擊之後，該生態系統依然保持強勁增長勢頭。我們基於會話定價、開放API以及靈活的雲端或本地部署等差異化架構，持續受到尋求控制力、可擴展性和可靠性的客戶的青睞。

Simply put, we are building the platform of the future, and the market is responding. If you want the best products, services, people, and pricing, there really is no other choice. We continue to invest in the business and to expand our AI capabilities, and we are expecting to roll out over the next several quarters additional initiatives including AI call bots, and AI operator functions and messaging. This is in addition to the services already rolled out.

簡而言之，我們正在建立面向未來的平台，而市場也對此做出了積極回應。如果您想要最好的產品、服務、人才和價格，那麼別無選擇。我們將繼續投資業務並擴展人工智慧能力，預計在未來幾季內推出更多舉措，包括人工智慧呼叫機器人、人工智慧客服功能和訊息傳遞服務。這些措施是對現有服務的補充。

On the telecom side, while the UCaaS landscape remains competitive, we continue to take a disciplined approach. We are not chasing growth at the expense of profitability. Our award-winning VIP bundle and industry leading customer satisfaction scores as validated independently by G2, are helping us win in the right way, sustainably and with long term margin expansion in mind.

在電信領域，儘管統一通訊即服務 (UCaaS) 市場競爭仍然激烈，我們仍堅持穩健的策略。我們不會為了追求成長而犧牲獲利能力。我們屢獲殊榮的 VIP 套餐以及經 G2 獨立驗證的行業領先的客戶滿意度，正幫助我們以正確的方式贏得市場，實現可持續發展，並著眼於長期利潤增長。

With that said, we continue to look at aggressive promotions to compete with others in the space, but we'll only do that if it leads to profitable and scalable business. Importantly, we are executing well against our strategic priorities. We are in the final stages of sunsetting our classic platform, which will reduce operational drag and free up internal resources.

儘管如此，我們仍會繼續積極開展促銷活動以與業內其他公司競爭，但前提是這些活動能夠帶來盈利且可擴展的業務。重要的是，我們在策略重點的執行上進展順利。我們正處於逐步淘汰經典平台的最後階段，這將減少營運成本並釋放內部資源。

At the same time we are aggressively migrating to Oracle Cloud Infrastructure OCI, a move we expect to yield significant cost savings and improve focused on innovation and customer success. These infrastructure initiatives will help us to continue to improve margins and drive long-term efficiencies in 2026. This is particularly impressive as we continue to invest in the business.

同時，我們正積極遷移至Oracle雲端基礎設施（OCI），預計此舉將顯著降低成本，並使我們能夠更加專注於創新和客戶成功。這些基礎設施措施將有助於我們在2026年持續提升利潤率並實現長期效率成長。在我們持續投資業務的情況下，這一點尤其令人矚目。

We have no intention of resting on our loyal laurels, and we are continuing to build the future of telecom software and services. We also remain focused on inorganic opportunities. We are actively reviewing several potential acquisitions, including smaller tuck-ins as well as larger opportunities.

我們不會固步自封，而是會繼續建構電信軟體和服務的未來。同時，我們也會持續關注非有機成長機會。我們正在積極評估幾個潛在的收購目標，包括較小的補充收購以及較大的收購機會。

I and the team, however, remain disciplined and focused that any acquisition we pursue will be aggress accretive and aligned with our vision of strategic, profitable growth. With a strong cash position of $23.5 million and growing cash flow from operation, we are well positioned to support continued innovation, strategic M&A, and enhanced shareholder value. Finally, our ecosystem vendor partner program, EDP as we call it, continues to gain momentum.

然而，我和我的團隊始終秉持嚴謹的態度，專注於我們所進行的任何收購，確保其能夠積極提升公司業績，並符合我們實現戰略性盈利增長的願景。憑藉2350萬美元的充裕現金儲備和不斷增長的經營現金流，我們完全有能力支持持續創新、策略併購以及提升股東價值。此外，我們的生態系供應商合作夥伴計畫（簡稱EDP）也持續發展壯大。

As we lean into AI, analytics and automation, our open architecture is enabling new integrations that drive real value for our partners, further differentiating our platform from the market and continuing to get us to lead with our open APIs, which is a strong strategic advantage for us. In closing, I've never been more optimistic about where we are and where we're going.

隨著我們大力發展人工智慧、分析和自動化，我們的開放式架構正在賦能新的集成，從而為合作夥伴創造真正的價值，進一步凸顯我們平台在市場上的差異化優勢，並使我們繼續保持開放API的領先地位，這對我們來說是一項強大的戰略優勢。總之，我對我們目前的狀況和未來的發展方向從未像現在這樣充滿信心。

Over the last two years, we've transformed Crescendo into a high growth, consistently profitable software company with a clear vision and strong execution. We are building a flexible, scalable, and future ready platform, one that puts customer success and long-term value creation at the center of everything we do. With that, I'll turn the call over to Ron to walk through the financial results in more detail. Ron?

過去兩年，我們已將 Crescendo 轉型為一家高速成長、持續獲利的軟體公司，擁有清晰的願景和強大的執行力。我們正在建立一個靈活、可擴展且面向未來的平台，並將客戶成功和長期價值創造置於我們一切工作的核心。接下來，我會把電話交給 Ron，讓他更詳細地介紹財務表現。 Ron？

Thank you, Jeff. Good afternoon, everyone. Consolidated revenue for the quarter increased 13% to $16.6 million compared to $14.7 million for the second quarter of the prior year. Our service revenue for the quarter increased 4% to $8.4 million compared to $8.1 million for the second quarter of the prior year.

謝謝傑夫。大家下午好。本季綜合營收年增13%，達1,660萬美元，去年同期為1,470萬美元。本季服務營收年增4%，達840萬美元，去年同期為810萬美元。

Our software solutions revenue for the quarter increased 31% to $7 million compared to $5.3 million for the second quarter of the prior year, and our product revenue decreased 7% to $1.2 million compared to $1.3 million for the second quarter of the prior year. Our remaining performance obligations increased to $83.5 million at the end of the second quarter, compared to $81.9 million at the end of the first quarter of this year and $71.2 million at June 30, of the prior year.

本季軟體解決方案營收年增31%，達700萬美元，去年同期為530萬美元；產品營收年減7%，至120萬美元，去年同期為130萬美元。截至第二季末，剩餘履約義務增至8,350萬美元，而今年第一季末為8,190萬美元，去年同期為7,120萬美元。

Operating expenses for the quarter increased 10% to $15.4 million, compared to $14.1 million for the second quarter of the prior year. The operating margin for the quarter increased to 7%, compared to 4% for the same period of the prior year.

本季營業費用成長10%至1,540萬美元，而上年同期為1,410萬美元。本季營業利益率成長至7%，而上年同期為4%。

Net income of $1.2 million for the quarter, that's $0.04 per basic and diluted common share compared to a net income of $600,000 or $0.02 for basic and diluted common share for the second quarter of the prior year.

本季淨收入為 120 萬美元，即每股基本及攤薄收益 0.04 美元，而上年同期淨收入為 60 萬美元，即每股基本及攤薄收益 0.02 美元。

Non-GAAP net income of $2.9 million for the quarter, that's $0.10 per basic and $0.09 per diluted common share compared to non-GAAP net income of $2.1 million or $0.08 per basic and $0.07 per diluted common share for the second quarter of the prior year.

本季非GAAP淨收入為290萬美元，即每股基本收益0.10美元，每股攤薄收益0.09美元；而上年同期非GAAP淨收入為210萬美元，即每股基本收益0.08美元，每股攤薄收益0.07美元。

EBITDA for the quarter was $2 million, compared to $1.4 million for the second quarter of the prior year. Our adjusted EBITDA for the quarter came in at $2.8 million. That's compared to $2.2 million for the second quarter of the prior year. At cash and cash equivalents at June 30, 2025, was $23.5 million, compared to $18.2 million at December 31, 2024.

本季 EBITDA 為 200 萬美元，而去年同期為 140 萬美元。本季調整後 EBITDA 為 280 萬美元，去年同期為 220 萬美元。截至 2025 年 6 月 30 日，公司現金及現金等價物為 2,350 萬美元，而截至 2024 年 12 月 31 日為 1,820 萬美元。

Cash provided by operating activities for the six-month period of $2.5 million. That's compared to $2.5 million in cash provided by operating activities for the same period of the prior year. Cash provided by financing activities for the six month period generated $2.7 million, compared to cash provided by investing activities of $800,000 for the same period of the prior year.

本期經營活動產生的現金流量為250萬美元，與上年同期經營活動產生的現金流量相同。本期籌資活動產生的現金流量為270萬美元，而上年同期投資活動產生的現金流量為80萬美元。

Primarily related to $3 million net cash received from the stock option exercises and our issues offset by $3.3 million in notes payable repayments and finance lease payments. That I'll turn it over to Doug Gaylor, our President and COO, for additional comments on sales and business operations.

主要原因是股票選擇權行使和發行所得淨現金300萬美元，被應付票據償還和融資租賃付款330萬美元所抵銷。接下來，我將把發言權交給我們的總裁兼營運長道格·蓋勒，請他進一步介紹銷售和業務營運情況。

We continued to execute well on our business plan and had a strong Q2 layered on top of a strong Q1 to start the year. We had a 13% year over year increase in revenue for the quarter and a 212% year over year increase in GAAP profitability combined with strong positive cash flow.

我們繼續有效執行業務計劃，並在強勁的第一季基礎上，取得了第二季的良好開局。本季營收年增13%，GAAP獲利能力年增212%，同時現金流也維持強勁成長。

This was our eighth consecutive quarter of GAAP profitability and 27th consecutive quarter of non-GAAP net income, and the results were a direct result of our focus on growing organically and profitably. Our continued success earned us a coveted inclusion in the Russell 2000 index that was announced during the quarter.

這是我們連續第八個季度實現GAAP盈利，也是連續第二十七個季度實現非GAAP淨利潤，這一業績直接得益於我們專注於內生式盈利增長。我們持續的成功使我們榮幸地被納入羅素2000指數，該消息已在本季度公佈。

Our GAAP net income of $1.23 million for the quarter and non-GAAP net income of $2.9 million for the quarter were reflective of our success in managing the fundamentals of the business and continuing to maximize and recognize synergies within the business.

本季我們以 GAAP 計算的淨收入為 123 萬美元，以非 GAAP 計算的淨收入為 290 萬美元，這反映了我們在管理業務基本面以及繼續最大限度地發揮和實現業務內部協同效應方面的成功。

Our entire team is continually working to improve business processes and make our company more efficient, and we believe we will continue to see more efficiencies as we continue our growth.

我們整個團隊都在不斷努力改善業務流程，提高公司效率，我們相信隨著公司不斷發展，效率也會不斷提高。

During the quarter, we successfully completed our international data center migration to Oracle Cloud infrastructure, OCI and have closed down our international data centers and we continue our US data center migrations that should show additional meaningful cost savings over the next 12 months.

本季度，我們成功完成了國際資料中心向 Oracle 雲端基礎架構 (OCI) 的遷移，並關閉了我們的國際資料中心。我們將繼續推動美國資料中心的遷移，預計在未來 12 個月內將帶來更多顯著的成本節約。

We continue to see tremendous organic growth from our software solution segment of the business which grew 31% over Q2, compared to Q2, 2024 and has seen the 32% growth for the first half of the year for 2025, compared to the first half of the year of 2024.

我們的軟體解決方案業務部門持續保持強勁的內生成長，與 2024 年第二季相比，第二季成長了 31%；與 2024 年上半年相比，2025 年上半年成長了 32%。

In addition to strong upgrade orders from our existing licensees, we want one new logo from Metaswitch for the quarter and one new logo from Cisco's BroadSoft in the quarter as we continue to see opportunities created by uncertainties created by our two largest software solutions competitors, Cisco's Broadsoft and MetaSwitch.

除了現有授權商的強勁升級訂單外，我們還希望在本季從 Metaswitch 獲得一個新客戶，從 Cisco 的 Broadsoft 獲得一個新客戶，因為我們繼續看到我們最大的兩個軟體解決方案競爭對手 Cisco 的 Broadsoft 和 MetaSwitch 帶來的不確定性所帶來的機會。

Our unique pricing and support model for our software solutions platform combined with our robust feature set allows us to differentiate ourselves from the rest of our competition at a much stronger price point than they might currently be paying.

我們獨特的軟體解決方案平台定價和支援模式，加上我們強大的功能集，使我們能夠以比競爭對手目前可能支付的價格更具競爭力的價格，從其他競爭對手中脫穎而出。

Our telecom services retail segment, grew at 2% organically for the quarter. Our telecom service revenue was up 4% organically, offset by a reduction in product revenue of 7% to reach the blended 2% increase. As previously stated, we have proactively reduced selling some lower margin product opportunities to maintain margins, thus the decrease in product revenue and increase in segment gross margins.

本季度，我們的電信服務零售業務實現了2%的有機成長。電信服務收入實現了4%的有機成長，但由於產品收入下降了7%，最終綜合成長2%。如前所述，我們主動減少了部分低利潤產品的銷售，以維持利潤率，因此產品收入下降，業務毛利率上升。

We continue to see strong demand for our offerings from our channel partners and our master agent technology service distributors and expect retail segment revenue to continue to grow at a faster pace. The master agent technology service distributors saw an 88% increase in sales bookings year over year, and we expect that momentum to continue.

我們持續看到通路合作夥伴和總代理技術服務經銷商對我們產品的強勁需求，並預期零售​​業務收入將持續加速成長。總代理技術服務經銷商的銷售額年增了 88%，我們預計這一成長動能將持續下去。

As Jeff previously mentioned, we are focused on profitably growing this segment, and we are not pursuing low margin or unprofitable retail opportunities. Our remaining performance obligation, also referred to as backlog, is now at $83.5 million an increase of 17% from Q2 of 2024.

正如傑夫之前提到的，我們專注於實現該業務板塊的獲利成長，並不追求低利潤或無利可圖的零售機會。我們剩餘的履約義務（也稱為積壓訂單）目前為 8,350 萬美元，較 2024 年第二季成長 17%。

Our remaining performance obligation number is the sum of the remaining contract values for our telecom services and software solutions customers that will be recognized on a sliding scale over the next 60 months and is a strong indicator of our future revenue stream.

我們的剩餘履約義務金額是電信服務和軟體解決方案客戶剩餘合約價值的總和，這些價值將在未來 60 個月內按比例確認，是衡量我們未來收入流的重要指標。

Consolidated gross margin for Q2 was 63%, flat with Q2 of 2024. We continue to see strong gross margins in our software solution segment, where gross margins improved to 74% for the quarter compared to 73% in Q2 of 2024. For the first six months of the year, our software solutions gross margins were 76%, highlighting the scalability and operating leverage we have on the software segment of the business.

第二季綜合毛利率為 63%，與 2024 年第二季持平。我們的軟體解決方案業務毛利率持續強勁，本季毛利率提升至 74%，高於 2024 年第二季的 73%。今年上半年，我們的軟體解決方案業務毛利率為 76%，凸顯了我們在軟體業務領域的可擴展性和營運槓桿優勢。

Our telecom services segment gross margin was 56%, which was down from Q2 of 2024 and flat with Q1. Our telecom service gross margins are affected by product gross margins which declined year over year as a result of the decline in product revenue.

我們的電信服務業務毛利率為56%，低於2024年第二季的水平，與第一季持平。電信服務業務毛利率受產品毛利率的影響，而產品毛利率因產品收入下降而較去年同期下降。

We are confident that we will continue to see gross margin improvements in both segments of the business in the future as we start to recognize cost savings from our planned consolidation of our data centers to Oracle cloud infrastructure.

我們相信，隨著我們計劃將資料中心整合到 Oracle 雲端基礎架構中，成本節約將逐步顯現，未來公司兩個業務部門的毛利率都將持續提高。

Crescendo's engineering team continues to enhance and improve our award winning technology and our platform. Our cloud native platform with robust and advanced API integrations allows us to enhance offerings with both in-house and third party developed solutions.

Crescendo 的工程團隊不斷增強和改進我們屢獲殊榮的技術和平台。我們擁有強大且先進的 API 整合的雲端原生平台，使我們能夠利用內部開發和第三方開發的解決方案來增強產品和服務。

Artificial intelligence is leading the charge in these developments with many new and planned releases that will make small and mid-size businesses more efficient and more productive. We currently have a variety of AI solutions already available for end users, including our Voice AI studio, AI call recording, and contact center AI powered by ChatGPT, as well as new applications that are close to being released like our AI assistant and our AI operator solutions that will help end user customers do more with less.

人工智慧正引領這些發展，眾多全新及即將推出的產品將有助於中小企業提高效率和生產力。我們目前已為終端用戶提供多種人工智慧解決方案，包括語音AI工作室、AI通話錄音和由ChatGPT驅動的呼叫中心AI，以及即將發布的全新應用，例如AI助理和AI客服解決方案，這些應用將幫助終端用戶事半功倍。

Crescendo's performance for the quarter and first half of 2025 was very strong, and I couldn't be more excited about the future direction and opportunity for crescendo. We continue to see strong double-digit organic growth, combined with increasing GAAP profitability and strong positive cash flow.

Crescendo在2025年上半年和本季的業績表現非常強勁，我對Crescendo未來的發展方向和機會感到無比興奮。我們持續看到兩位數的強勁內生成長，同時GAAP獲利能力不斷提升，現金流也十分充裕。

We are positioned perfectly with the combination of strong demand for our product offerings, along with great solutions with a disruptive pricing model and the best and most talented workforce in the industry to continue our strong growth and success.

憑藉著強勁的產品需求、顛覆性的定價模式和業內最優秀、最有才華的員工隊伍，我們擁有得天獨厚的優勢，能夠持續保持強勁的成長和成功。

Committed to delivering the best UCaaS, CCaaS and [CASS] offerings in the sector to our customers and our partners and the best returns for our shareholders. We're proud to be the fastest growing platform solution in the country and excited to see how future AI enhancements will spur our growth to 7 million end users and higher.

我們致力於為客戶和合作夥伴提供業界最佳的統一通訊即服務 (UCaaS)、通訊即服務 (CCaaS) 和客戶輔助服務 (CASS) 產品，並為股東創造最佳回報。我們很自豪能成為全國成長最快的平台解決方案提供商，並期待未來人工智慧的增強將如何推動我們的終端用戶數量達到 700 萬甚至更高。

We're laser focused on enhancing our solutions, improving our efficiencies, and continuing to return strong results. And with that, I'll turn it back over to Jeff.

我們正全力以赴地改善解決方案，提高效率，並持續取得優異的績效。接下來，我將把發言權交還給傑夫。

Thank you, Doug. Thank you, Ron. Paul, you may open the call up to questions.

謝謝你，道格。謝謝你，羅恩。保羅，你可以開始接受提問了。

(Operator Instructions)

（操作說明）

Joshua Riley, Needham.

約書亞·萊利，尼德姆。

Alright. Thanks for taking my questions. Nice job on the quarter here. Maybe just starting off in terms of the pipeline, for the second half of the year. Congrats on adding two licenses in the quarter. Just wanted to verify, does that bring the total active license count to 240?

好的。謝謝您回答我的問題。本季業績不錯。也許下半年的業務拓展才剛開始。恭喜本季新增兩張許可證。我想確認一下，這樣一來，目前活躍許可證總數是否達到 240 份？

And I guess what are you just seeing overall in terms of the set up for the second half and in terms of ramping existing licensees to grow software solutions versus, adding that new licenses to the mix.

我想問的是，就下半年的規劃以及現有許可證持有者如何逐步擴大軟體解決方案規模，與增加新許可證相比，您整體上看到了什麼？

Josh, I'm going to go and reverse order. We see, we have a lot, we have a large number of sandboxes out and a large number of people interested, so we expect to see continued growth in new licenses while also seeing growth in upgrades.

喬希，我要反過來說。我們看到，我們有很多沙盒環境，也有很多人感興趣，所以我們預計新許可證數量會持續成長，升級數量也會增加。

Both seem to be on a strong trajectory. So we're excited about that. A the number, Doug, what is the current number of licensees? Do you?

兩者的發展勢頭似乎都很強勁，所以我們對此感到興奮。道格，目前有多少家持牌公司？你知道嗎？

Yeah. We always highlight Josh 235 plus, but I think that number is probably pretty accurate at 240 with the two additional licenses. We usually go with the licensee number when they actually go live. So when we sell an account, maybe, a couple of weeks or a month before that actual account goes live. So we don't actually give an ongoing live number as of the moment, but that number is in the right ballpark.

是的。我們總是強調 Josh 的 235+，但我認為加上另外兩個許可證，240 這個數字應該比較準確。我們通常會以許可證實際上線時的使用者數量為準。所以，當我們出售一個帳戶時，可能要等到帳戶正式上線前幾週或一個月。因此，目前我們不會提供一個持續上線的用戶數量，但這個數字大致正確。

And we do obviously promote when we get wins from BroadSoft and, Cisco, from BroadSoft and Metaswitch.

當然，當我們從 BroadSoft 和 Cisco 以及 Metaswitch 贏得訂單時，我們都會進行宣傳。

Got you, understood. And then US Cellular, obviously the key reseller for you on the telecom services side of the business. I believe their acquisition by T-Mobile just closed yesterday. Do you think this could create some incremental opportunities for you or how are you kind of manage this this relationship now that they've been acquired by T-Mobile?

明白了。還有美國行動通訊公司（US Cellular），顯然是你們電信服務業務的主要經銷商。我記得他們昨天才被T-Mobile收購。你覺得這會為你們帶來一些新的商機嗎？或者說，在他們被T-Mobile收購之後，你們會如何處理這段合作關係？

Yeah, I think there's a tremendous opportunity there. US Sailor has been a fantastic partner for us for over eight years now, one of our largest resellers out there. A lot of excitement going into the T-Mobile combination, and we anticipate, getting to the table with T-Mobile and seeing if we can expand that great success we've had with US Sailor to their team as well.

是的，我認為這裡蘊藏著巨大的機會。 US Sailor 已經和我們合作超過八年了，是我們最大的經銷商之一。我們對與 T-Mobile 的合併感到非常興奮，並期待與 T-Mobile 展開合作，看看能否將我們在 US Sailor 的巨大成功也推廣到他們的團隊中。

So, I know that we've got a tremendous amount of support with the USA folks and they're excited about the merger. Obviously, they're two or three days into the merger, so there's still a lot of things that they've got to get cleared up on their end.

我知道我們得到了美國的大力支持，他們對這次合併感到非常興奮。當然，合併才進行了兩三天，所以他們那邊還有很多事情要解決。

But we had a tremendously strong quarter and first half of the year with US Sailor, and we anticipate that excitement and momentum to continue with the T-Mobile acquisition, and we're hopeful that we get a really nice seat at the table with T-Mobile to expand that offering with them.

但是，我們與 US Sailor 合作的季度和上半年業績都非常強勁，我們預計這種興奮和勢頭將隨著 T-Mobile 的收購而延續，我們希望能夠與 T-Mobile 一起在談判桌上佔據一個非常重要的位置，從而與他們一起擴展產品和服務。

Awesome. Maybe I'll just sneak in one question on margins. Now that you've closed down the international data centers, what should we expect in terms of margin improvement for the second half of the year or is it going to be more weighted to next year when you're able to close down the domestic, data centers?

太好了。我或許可以偷偷問一個關於利潤率的問題。既然你們已經關閉了國際資料中心，那麼我們應該預期下半年的利潤率會有怎樣的改善呢？還是說利潤率的提升會比較取決於明年，也就是你們能夠關閉國內資料中心的時候？

Josh. It's going to be, I'll let Ron give a little more detail, but it's going to be more weighted last next year when we close more of the data centers in the United States. And as you understand, at the same time, we're continuing to invest back in the business, so that will also have some impact.

喬希，具體情況我還是讓羅恩詳細解釋一下吧，但明年隨著我們關閉更多位於美國的資料中心，影響會更大。你也知道，同時，我們還在繼續投資業務，所以這也會產生一定的影響。

Yeah, that's right. Jeff mentioned, we're looking for the major savings to be when we're able to shut down our US data centers, so that'll be, next year, the shutdown of the international data centers on our original timeline is a major accomplishment for us, but incremental savings is minimal as we reinvest that into the business as we add more resources.

是的，沒錯。傑夫提到過，我們預計最大的成本節約將來自於關閉美國資料中心，也就是明年。以原計劃關閉國際資料中心對我們來說是一項重大成就，但由於我們將節省下來的資金重新投入到業務中，增加資源，因此後續的節約幅度很小。

So, the international will not have an immediate impact in margins, but we do expect the margins to improve when we are able to shut down the US. So stay tuned on that.

因此，國際業務不會立即對利潤率產生影響，但我們預計，一旦美國業務恢復正常，利潤率將會提高。敬請關注。

Awesome. Thank you. I'll pass it along.

太棒了，謝謝。我會轉告的。

Mike Latimore, Northern Capital Markets.

Mike Latimore，北方資本市場。

Alright. Great. Thanks. Excellent results, great EBITDA software growth. You touched on master Asian growth being very strong, anything in particular that sparked that kind of growth through that channel?

好的，太好了，謝謝。業績非常出色，軟體業務的EBITDA成長強勁。您提到亞洲市場的成長非常顯著，請問是什麼特別的因素推動了該通路的這種成長？

Yeah, I'll start with my thoughts and then I'll let John add some color to it, but we've been working the telecom service distributors and brokers out there for quite some time and have some really strong relationships, and those relationships just take a lot of TLC to foster and grow.

是的，我先說說我的想法，然後讓約翰補充一些細節。我們已經和電信服務經銷商和經紀人合作了很長一段時間，建立了一些非常牢固的關係，而這些關係需要大量的用心來維護和發展。

And so I think as we continue to gain more momentum with them, it's because we do a great job of implementing their sales. And so, if an agent brings us an opportunity and we do a great job with it, they're likely to bring us more opportunities. We always highlight our G2 customer service and satisfaction results out there and that's pretty evident with, being able to gain traction with these master agents out there.

所以我認為，我們與他們合作不斷取得更大進展，是因為我們出色地執行了他們的銷售策略。因此，如果一位代理商為我們帶來商機，而我們又能出色地完成任務，他們很可能會為我們帶來更多商機。我們始終強調我們在G2客戶服務和客戶滿意度方面的卓越表現，而這一點在我們與這些頂級代理商的合作中也得到了充分體現。

If you stub your toe with the master agents, they can put you in the penalty box, and the fact of the matter is that we've been doing a great job with them. In fact, I think we're at one of the larger master agents conference as we speak with our team and making great inroads there.

如果你和總代理商鬧翻了，他們可能會把你踢出局。但事實是，我們和他們合作得非常愉快。實際上，我們團隊現在正在參加一個規模較大的總代理商會議，並且在那裡取得了巨大的進展。

But I think overall we're pleased with the results we're seeing there, and we continue to spend a lot of time and resources to make sure that we grow that that part of the business. John, any additional color?

但我認為整體而言，我們對目前的成果感到滿意，我們將繼續投入大量時間和資源，確保這部分業務持續成長。約翰，還有什麼補充嗎？

Yeah, I would just add to it, Mike. Our focus there has always been to not try to partner with all of the technology services distributors, but to focus on a small group and grow with them over time and our team. It's just been executing well and with the partners that we're aligned with.

是的，我補充一點，麥克。我們一直以來的重點不是與所有技術服務經銷商建立合作關係，而是專注於一小部分合作夥伴，並與他們以及我們的團隊共同成長。關鍵在於與志同道合的合作夥伴保持良好的執行力。

We're making investments in their program, their community, and we’re getting good word of mouth and repeat orders, based on some of the factors that Doug talked about with our G2 rankings for customer service and success and implementation ability. So, it's just continued pull through of long-term investment with those partners.

我們正在投資他們的項目和社區，並且基於Doug提到的我們在客戶服務、成功率和執行能力方面的G2排名等因素，我們獲得了良好的口碑和重複訂單。所以，這只是與這些合作夥伴持續進行長期投資的結果。

Okay, sounds good. And then, I just want to be clear that you did reiterate an expectation of growing at a double-digit rate. Is that what you said?

好的，聽起來不錯。然後，我想確認一下，您是否重申了兩位數成長率的預期？您是這麼說的嗎？

Yes, correct, organically, I think we're at 13% for the year, and we anticipate staying in that double digit organic growth rate.

是的，沒錯，就有機成長而言，我認為我們今年的成長率達到了 13%，我們預計能夠保持兩位數的有機成長率。

And what kind of, how would you bracket software revenue growth within that time?

那麼，您認為這段時間內軟體收入成長會是什麼樣的呢？您會如何界定？

Obviously, as you look at the organic growth, the 30% plus range that we've been in for software solutions for the last three or four quarters now, has been pretty exceptional, and that's helped raise the bar for the whole organization. But we continue to see great success with our licenses out there. They continue to grow and expand and as they do that, they expand with us.

顯然，從自然成長的角度來看，過去三、四個季度我們軟體解決方案的成長率一直保持在30%以上，這非常出色，也提高了整個公司的整體業績。同時，我們的授權許可業務也持續取得巨大成功。它們不斷增長和擴張，而我們也與它們共同成長。

So as we look at where we are today, strong software solutions growth combined with organic growth on the telecom services side. And as I highlighted in my comments, continuing to grow the telecom services revenue is critical for us.

所以，就我們目前的狀況而言，強勁的軟體解決方案成長與電信服務的內生成長相輔相成。正如我在發言中所強調的，持續提升電信服務收入對我們至關重要。

We'd like to get that back to double digits. Right now, we're seeing a lot more success, keeping in the high double digits with software solutions, but we continue to see great success on the telecom services side as well.

我們希望將成長率恢復到兩位數。目前，我們在軟體解決方案方面取得了更大的成功，成長率保持在兩位數的高位，同時我們在電信服務方面也持續取得了巨大成功。

Got it. And just last one I guess, as you look at potential acquisitions, how are the valuation expectations of the targets at this point?

明白了。最後一個問題，當您考慮潛在收購目標時，目前這些目標的估價預期如何？

Eric, when I look at acquisitions, I'm sorry, Mike, when I look at acquisitions, I try to find something that we are convinced that we can save, find some savings and we'll be accretive in no more than three quarters. That's the benchmark we look at.

艾瑞克，抱歉，麥克，當我考慮收購項目時，我會盡量找到我們確信能夠節省成本、實現盈利，並且能在三個季度內帶來收益的項目。這是我們衡量的標準。

Great. Okay. Thank you.

太好了。好的。謝謝。

Eric Martinuzzi, Lake Street.

埃里克·馬丁努齊，湖街。

Yeah, I wanted to go a layer deeper on the RPO slash backlog color that you gave. That's impressive growth there. You're up 17% year on year to $83.5 million. Just curious to know if the kind of the mix of the contract terms in there is similar to what we had in coming out of Q1 as far as you know how long people, what the, what's going to be recognized say in the remainder of 2025 or over the next 12 months compared to a quarter ago.

是的，我想更深入探討您提到的RPO/積壓訂單狀況。這方面的成長非常顯著，年增17%，達到8,350萬美元。我只是好奇，目前的合約條款組合是否與我們第一季末的情況類似，例如合約期限、合約確認期限（例如2025年剩餘時間或未來12個月）與上個季度相比有何變化。

Yeah, so on our RPOs, they're highly weighted to the first three years of the five-year runout. If you look at our five-year runout that we have in our footnotes, and there's $23 million and $0.25 remaining $27 million and $0.26 and $18 million and $0.27 then it trails off to $9 million and $0.05 million dollars. So it's heavily weighted to those first three years because we typically sell 36-to-60-month contracts heavily weighted in the three-year term.

是的，在我們的RPO（招募點計畫）中，前三年的收益佔比很高。如果您查看我們腳註中列出的五年計劃，您會發現剩餘的收益分別為2300萬美元和25萬美元，2700萬美元和26萬美元，1800萬美元和27萬美元，然後逐漸減少到900萬美元和5萬美元。因此，前三年的收益佔比很高，因為我們通常銷售36到60個月的合同，而這三年期的收益佔比很高。

Got it. And then, hardware, it is a small number, but it was below what I was modeling. I was coming in and around $5 million or so, and you guys did a little bit less than that. You did mention you called out that we're talking about, product is not a focus, low margin product is not a focus for you guys anymore.

明白了。硬體方面，雖然數量不多，但比我預想的少。我估計大概在500萬美元左右，你們實際的金額比這略少一些。你之前也提到過，你們現在不再專注於產品，低利潤產品對你們來說已經不是重點了。

But is there a kind of an annualized number that we should be thinking about or is it just, was there a one-off issue in Q2 or maybe we recognize them in Q1 and it'll come back in Q3?

但是，我們是否應該考慮某種年度化數字，或者這只是第二季度的一次性問題，或者我們在第一季發現了這些問題，而它們會在第三季度再次出現？

Yeah. As we, as we've said all along, we typically guide to the lower of our prior four, historical four quarter averages because we, it's hard to determine when that one-time revenue comes in, whether it's a cabling job of a school districts, or it's the desktop phones or any other equipment we may sell on our MSP division as far as routers and switches.

是的。正如我們一直以來所說，我們通常會採用過去四個季度平均值中的較低值作為參考，因為我們很難確定一次性收入何時到賬，無論是學區的佈線工程，還是我們MSP部門銷售的桌面電話或其他設備，例如路由器和交換機。

The timing on that is, unknown, it's kind of bumpy and it comes and goes from one quarter to the next. So it's hard for us to put a big number on products when we don't know what, which period or what quarter that revenue is going to come in.

具體時間無法確定，情況較不穩定，每季都有可能出現或消失。因此，在我們不知道具體收入會在哪個季度或哪個時期到達的情況下，很難對產品做出具體的數字預測。

And Eric, on top of that, as Doug had mentioned, we are strategically looking at product and trying to disassociate from some of the more labor intensive, very low margin business that just doesn't make sense for us.

艾瑞克，除此之外，正如道格所提到的那樣，我們正在從策略上審視產品，並試圖擺脫一些勞動密集、利潤率很低的業務，這些業務對我們來說沒有意義。

I think one last thing, Eric, just to highlight is that as Ron said, it does seem to ebb and flow, but in the last quarter we did see a higher component of customers that brought their own devices. So it used to be where the high majority of customers that we were selling were legacy premise-based customers, and now we're starting to see more and more customers that are moving from one [convoy] provider over to crescendo.

艾瑞克，我想最後強調一點，正如羅恩所說，情況確實有起伏，但上個季度我們確實看到自備設備的客戶比例有所上升。過去，我們銷售的客戶大多是傳統的本地部署客戶，而現在我們開始看到越來越多的客戶從[Convoy]供應商遷移到Crescendo。

So, if they move from a RingCentral or an 8x8 and move over to Crescendo and they bring their existing instruments with them, we can adapt them to our system and so we don't have a hardware component in those particular sales.

因此，如果他們從 RingCentral 或 8x8 遷移到 Crescendo，並且他們帶來了他們現有的樂器，我們可以將它們適配到我們的系統中，因此在這些特定的銷售中，我們不需要硬體組件。

Got it. Thanks for taking my question.

明白了。謝謝你回答我的問題。

George Sutton, Craig-Hallum Capital Group LLC.

喬治·薩頓，克雷格-哈勒姆資本集團有限責任公司。

Thank you. It’s nice to see both, even me a switch in a broad soft license come over. Could you just give us an update on the movement or activity that you're seeing within those licensee opportunities?

謝謝。很高興看到這兩項進展，甚至包括我自己也轉向了廣泛的軟體授權。您能否向我們介紹一下您在這些授權機會中觀察到的最新動態或活動？

Well, as I said previously, George, we do have a lot of sandboxes out. We do have a lot of excitement, but as you understand, it's a long sales process. So it's hard for us to give you an estimate of when we expect X number to close, but we are very excited by the interest we have seen and the discussions we're having with various potential customers.

正如我之前所說，喬治，我們確實推出了許多測試版產品。我們確實感到非常興奮，但你也明白，銷售是一個漫長的過程。因此，我們很難預估何時能完成多少筆交易，但我們對目前所看到的市場反應以及與潛在客戶的洽談感到非常振奮。

And I will highlight that the two opportunities that we did close during the quarter were larger on the larger scale. And so when we look at the amount of revenue that we're seeing out of the new logos, the amount of revenue that we saw in the new logos in Q2 was considerably higher on average than we've seen in previous quarters because there were larger opportunities.

我還要強調，本季我們成交的兩筆交易規模都比較大。因此，當我們審視新客戶帶來的收入時，會發現第二季度新客戶帶來的平均收入遠高於以往季度，因為這些交易機會規模更大。

Great point. So on your new innovations and as you add AI call bots for example, can you just walk through as you're adding these in. I assume my existing customers see the benefits, and my new customers are now more opportunistic with those add-ons is that how this will work from a pricing perspective?

說得對。那麼，關於你們的新創新，例如增加人工智慧呼叫機器人，能否在添加過程中詳細解說？我假設我的現有客戶看到了這些功能的優勢，而我的新客戶現在也更傾向於使用這些附加功能，那麼從定價的角度來看，情況會是怎麼樣的呢？

You nailed it.

你做得太棒了。

Yeah, we see a lot of opportunity for upscale to our existing customers, and in many cases it might be the reason why a new customer comes on board is they see the technology advantages. So in some cases customers who have been with us for quite some time, take for granted that, the system is the system, but you know we're constantly coming out with new enhancements and our customer base know about new enhancements.

是的，我們看到了許多為現有客戶升級的機會，在許多情況下，新客戶選擇加入我們也是因為他們看到了技術優勢。所以，有些長期客戶可能認為系統就是如此，但你知道，我們一直在不斷推出新的功能增強，我們的客戶群也了解這些新功能。

So, instead of them going out and looking on the market to see who can handle a particular application form, in many cases we already have that, and so their first call is hopefully to us and we can sell them an upsale on a new AI capability or a new feature capability within the system.

因此，他們無需到市場上尋找能夠處理特定申請表格的公司，在許多情況下，我們已經擁有了這些公司，所以他們第一個聯繫的公司很可能就是我們，我們可以向他們推銷新的 AI 功能或系統內的新功能。

Awesome. That's it for me. Thanks guys.

太棒了。我的情況就是這樣。謝謝大家。

Josh Nichols, B Riley Securities.

Josh Nichols，B Riley Securities。

Hi, this is Matthew on for Josh Nichols. Thanks for taking my questions. I guess to start off, I mean, product revenue and margins showed some nice sequential improvement. So do you think competitors are starting to pull back from the irrational pricing or what do you think the status on that is?

大家好，我是Matthew，代Josh Nichols提問。感謝您回答我的問題。首先，我想說的是，產品收入和利潤率都出現了不錯的環比成長。那麼，您認為競爭對手是否開始調整定價策略，或者您認為目前的情況如何？

Competitors have not started to pull back on the irrational pricing, and the market is just as competitive as it has been. We think we're winning more because of the value of our products, services, and customer service in particular. But as we said, we're going to continue to try and expand and continue to grow.

競爭對手並未開始停止不合理的定價策略，市場競爭依然激烈。我們認為，我們之所以能夠取得更多成功，主要歸功於我們產品、服務，尤其是客戶服務的價值。但正如我們所說，我們將繼續努力拓展業務，並持續發展壯大。

Got it. Great. And I guess just one last one for me. I mean just given Mattel's bankruptcy filing back in March, is there an update on the size of that opportunity for you or has there been any benefits from that that you that you've realized recently?

明白了。太好了。我想最後一個問題。鑑於美泰公司三月申請破產，您覺得這其中的機會有多大？或者您最近從中獲得了什麼好處？

This is John. I'll add that we continue to see, Michael had been kind of retracting themselves from their cloud business for some time, but we continue to see opportunity with partners who are Michael partners overall in who are looking for a transition or home for the future as we do in a lot of the legacy providers.

我是約翰。我還要補充一點，我們看到邁克爾公司已經有一段時間在逐步退出雲端業務了，但我們仍然看到，對於那些正在尋找未來發展方向或歸宿的邁克爾合作夥伴來說，仍然存在著機會，就像我們在許多傳統供應商身上看到的那樣。

So it continues to be a source for us for potential new licensees and also a part in our retail business and we've recently made some new introductions around that portfolio that we think will be of benefit to us even more. So we continue to see in that legacy communications market partners that are finding us as the home for the next 5 to 10 years for their customers.

因此，它仍然是我們尋找潛在新授權商的重要來源，也是我們零售業務的一部分。最近，我們圍繞著該產品組合推出了一些新產品，我們認為這些新產品將對我們更有利。因此，我們持續看到傳統通訊市場合作夥伴將我們視為其客戶未來5到10年的首選合作夥伴。

Got it. Great. Thanks for, thanks for the help.

明白了。太好了。謝謝你的幫忙。

Thank you, Paul. Let's take one more question.

謝謝你，保羅。我們再回答一個問題。

Jesse Sobelson, D. Boral Capital LLC.

Jesse Sobelson，D. Boral Capital LLC。

Hey guys, a lot of things have been hit on here. Thanks for taking one last question here. I guess just on international expansion, previously highlighted some strong demand in Europe. How has the international markets looked for you recently, and is there any specific interest in any geographies in particular recently? Thank you.

大家好，這裡討論了很多話題。感謝你們回答最後一個問題。我想問的是國際擴張方面，之前你們提到歐洲市場需求強勁。最近國際市場的情況如何？你們最近對哪些地區特別感興趣？謝謝。

Well, international continues to expand and we continue to do quite well there and the advantage of OCI is location is almost irrelevant to us because we can sell one instance in any one country and open up a data center there. So while we primarily rely on Europe, and Europe particularly Europe and Australia, we're willing to expand anywhere.

國際業務持續擴張，我們在這方面也做得相當不錯。 OCI 的優勢在於，地理位置對我們幾乎無關緊要，因為我們可以在任何一個國家/地區銷售一個實例，並在當地建立資料中心。因此，雖然我們主要依賴歐洲，尤其是歐洲和澳洲市場，但我們願意向全球任何地區擴張。

Okay. Thank you. Thank you. And this does conclude today's Q&A session. I will now hand the call back to Jeff Korn for closing remarks.

好的，謝謝，謝謝。今天的問答環節到此結束。現在我將把電話交還給傑夫·科恩，請他作總結發言。

Well, thank you very much, Paul, and thank all of you for your attention. We appreciate your support, and we hope to be delivering equally as exciting news on our Q3 conference call when we'll speak to you again. So everybody have a great afternoon or evening depending upon where you are, and we'll speak to you on Q3. Thank you.

非常感謝保羅，也感謝各位的關注。我們感謝大家的支持，並希望在第三季財報電話會議上再次與大家分享同樣令人振奮的消息。祝大家下午或晚上愉快，無論您身在何處，我們第三季財報電話會議再見。謝謝。

Thanks everybody.

謝謝大家。

Bye. Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

再見。謝謝。今天的會議到此結束，您可以斷開線路了。感謝您的參與。