Crexendo Inc (CXDO) 2025 Q4 法說會逐字稿

Greetings. Welcome to the Crexendo fourth quarter 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded.

各位好。歡迎參加 Crexendo 2025 年第四季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to your host, Jeff Korn, CEO and Chairman of the Board. You may begin.

現在我將把會議交給本次主持人、執行長暨董事會主席 Jeff Korn。您可以開始了。

Thank you, John, and good afternoon, everyone. Welcome to Crexendo's Q4 year-end 2025 earnings conference call. As John just said, I'm Jeff Korn, Chairman of the Board and Chief Executive Officer. Joining me today are Doug Gaylor, our President and COO; Ron Vincent, our Chief Financial Officer; and Jon Brinton, our Chief Revenue Officer. In a moment, Jon will read our 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.

謝謝你，John，各位下午好。歡迎參加 Crexendo 2025 年第四季暨全年財報電話會議。如 John 剛才所說，我是 Jeff Korn，董事會主席兼執行長。今天與我一同出席的有：總裁兼營運長 Doug Gaylor；財務長 Ron Vincent；以及營收長 Jon Brinton。稍後 Jon 將宣讀我們的安全港聲明。之後我將概述我們的業績表現與策略。接著 Ron 會深入說明財務數據，而 Doug 將在我們開放提問前，以營運與業務更新作結。

Jon, would you please read the safe harbor?

Jon，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. All statements made in this conference call other than statements of historical fact are 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. Investors should be aware that any forward-looking statements are based on assumptions that 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 Securities and Exchange Commission, including the Form 10-K for fiscal year December 31, 2025, and the Forms 10-Q as filed. Crexendo 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.

謝謝你，Jeff。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》及《1934 年證券交易法》所定義的前瞻性陳述。《1995 年私人證券訴訟改革法》為此類前瞻性陳述提供安全港保障。本次電話會議中除歷史事實陳述之外的所有陳述，均屬前瞻性陳述。前瞻性陳述包括但不限於 believe（相信）、expect（預期）、anticipate（預估/預料）、estimate（估計）、will（將）及其他類似的預期性用語，用以識別前瞻性陳述。投資人應注意，任何前瞻性陳述均基於若干假設，而這些假設存在風險與不確定性，可能導致實際結果與我們今日討論內容出現重大差異。這些風險因素已在本公司向美國證券交易委員會（SEC）提交的文件中詳細說明，包括截至 2025 年 12 月 31 日會計年度的 Form 10-K，以及已提交的 Form 10-Q。Crexendo 不承擔公開更新或修訂任何前瞻性陳述的義務，無論係因新資訊、未來事件或其他原因所致。

I'd now like to turn the call back to Jeff. Jeff?

現在我想把電話會議交回給 Jeff。Jeff？

Thank you, Jon. I am extremely pleased with our 2025 performance and very proud of the team that delivered on our commitments of profitable double-digit organic growth. This month marks my third anniversary as CEO. It has been an impactful and impressive period for both the team and the company. When I assumed leadership in 2023, Crexendo was not GAAP profitable and was burning approximately $100,000 per month.

謝謝你，Jon。我對我們 2025 年的表現感到非常滿意，也為團隊兌現「具獲利性的兩位數有機成長」承諾而深感自豪。本月是我擔任執行長滿三週年。這段期間對團隊與公司而言都非常關鍵且令人印象深刻。當我於 2023 年接任領導時，Crexendo 尚未達到 GAAP 獲利，且每月約燒掉 10 萬美元的現金。

Revenue was roughly $53 million, and following those results, the stock had fallen to nearly $1.40. Over the last three years, we constantly delivered positive cash flows from operations. We have grown annual revenue by more than $15 million. We have expanded profitability and EBITDA while adding staff, enhancing products and investing in AI, security, and infrastructure. Our software platform has scaled meaningfully.

營收約為 5,300 萬美元，而在該等結果之後，股價一度跌至接近 1.40 美元。過去三年，我們持續交出營運活動帶來的正向現金流。我們的年度營收增加了超過 1,500 萬美元。我們在擴大獲利能力與 EBITDA 的同時，也增聘人員、強化產品，並投資於 AI、安全與基礎設施。我們的軟體平台已實現顯著的規模化擴展。

We have grown from just over 4 million users three years ago to more than 7 million users today, approximately 75% growth in under three years. We made clear commitments. We committed to disciplined execution. We committed to double-digit organic growth. We committed to achieving GAAP profitability.

我們的用戶數從三年前的略高於 400 萬，成長到今天超過 700 萬，在不到三年的時間內成長約 75%。我們做出了明確承諾。我們承諾嚴謹執行。我們承諾兩位數的有機成長。我們承諾達成 GAAP 獲利。

We committed to improving our services, products, and operational efficiency. We committed to integrating and optimizing prior acquisitions, and we committed to finding an accretive significant acquisition. We have kept every one of those commitments and it is reflected in the increase in our stock price over the last three years. And I particularly want to thank all of our shareholders for their confidence in me and the team. In 2025, we generated full year net income of $5.1 million and non-GAAP income of $11.4 million on revenue of $68.2 million, which represents 12% year-over-year organic growth.

我們承諾改善服務、產品與營運效率。我們承諾整合並優化先前的併購案，並承諾尋找一項具增益性的重大收購。我們已兌現上述每一項承諾，並反映在過去三年股價的上升上。我也特別要感謝所有股東對我與團隊的信任。2025 年，我們在 6,820 萬美元營收下，全年淨利為 510 萬美元，非 GAAP 淨利為 1,140 萬美元，代表年對年 12% 的有機成長。

Fourth quarter revenue increased 11% to $18.1 million with net income of $1.2 million and non-GAAP net income of $2.8 million. This marked our 10th consecutive GAAP profitable quarter. With the acquisition of one of our NetSapiens licensees, Estech Systems, or ESI, which we announced yesterday, we are now well on our way to reaching $100 million in annual revenues. Importantly, we committed to driving profitable organic growth while pursuing accretive acquisitions.

第四季營收成長 11% 至 1,810 萬美元，淨利為 120 萬美元，非 GAAP 淨利為 280 萬美元。這是我們連續第 10 個 GAAP 獲利季度。隨著我們收購其中一家 NetSapiens 授權客戶 Estech Systems（簡稱 ESI）—我們於昨日宣布—我們正穩步邁向年營收 1 億美元的目標。重要的是，我們承諾在追求具增益性併購的同時，推動具獲利性的有機成長。

Having successfully delivered on the organic component, our announced acquisition of ESI demonstrates how we will now use accretive growth -- now have accretive growth through disciplined M&A strategy. My guiding principle on acquisitions is simple. Management must believe the transaction will be accretive with -- in no more than two quarters. ESI meets that standard and will be a great acquisition for Crexendo.

在成功交付有機成長部分之後，我們宣布收購 ESI，展現了我們將如何透過嚴謹的併購（M&A）策略來取得具增益性的成長——也就是現在以具增益性的成長來推進。我對併購的指導原則很簡單。管理團隊必須相信該交易將在不超過兩個季度內具增益性（accretive）。ESI 符合這項標準，將會是 Crexendo 一筆很棒的收購。

We acquired ESI for $35 million, consisting of $27.3 million in cash and $7.7 million in common stock, representing approximately 1.35 times unaudited 2025 revenue. ESI generated approximately $26 million in 2025. And please note again, as I said, those are unaudited numbers. And if those numbers and results are confirmed by the audit would mean approximately $2.23 million in income with roughly 80% recurring UCaaS revenue. Gross margins on UCaaS averaged approximately 86%, with the majority of their customers on five-year contracts.

我們以 3,500 萬美元收購 ESI，其中包含 2,730 萬美元現金與 770 萬美元普通股，約相當於其未經審計之 2025 年營收的 1.35 倍。ESI 在 2025 年創造約 2,600 萬美元營收。並請再次注意，如我所說，這些數字尚未經審計。若這些數字與結果經審計確認，則意味著約 223 萬美元的獲利，且約 80% 為經常性 UCaaS 營收。其 UCaaS 的毛利率平均約 86%，且其大多數客戶簽訂五年期合約。

Following the completion of their audit, we will provide you with audited financial statements for the year ended December 31, 2025, along with pro forma financial information that will be filed on Form 8-K/A prior to or in connection with our Q1 2026 Form 10-Q filing. Please understand, due to SEC regulations, we are somewhat limited on what numbers we can discuss in light of the fact that the audit is not completed. The acquisition is expected to increase Crexendo's revenue, earnings and cash flow following the March 1, 2026, closing. It is a great acquisition for us. It is strategic, it is complementary, and I am confident it will make us a better and stronger company.

在其審計完成後，我們將提供截至 2025 年 12 月 31 日止年度的經審計財務報表，以及將於我們提交 2026 年第一季 Form 10-Q 之前或同時，以 Form 8-K/A 申報的備考（pro forma）財務資訊。請理解，由於 SEC 規範，鑑於審計尚未完成，我們在可討論的數字方面會有一定限制。預期在 2026 年 3 月 1 日完成交割後，本次收購將提升 Crexendo 的營收、獲利與現金流。這對我們而言是一筆很棒的收購。它具有策略性、互補性，我也有信心它將使我們成為一家更好、更強的公司。

As I said, ESI is a highly complementary business. Founded in 1987 and headquartered in Plano, Texas, it is a well-managed organization with approximately 85 employees. Through facilities consolidation, licensing optimization, cross utilization of employees, operational efficiencies, network expense improvements, and Oracle Cloud infrastructure migration, we see meaningful cost synergies. We will coordinate certain functions, which will also save money and both organizations stronger and more efficient. We will work working on coordinating legal, marketing and support quickly.

如我所說，ESI 是一項高度互補的業務。該公司成立於 1987 年，總部位於德州普萊諾（Plano），管理良好，約有 85 名員工。透過設施整併、授權最佳化、員工交叉運用、營運效率提升、網路費用改善，以及遷移至 Oracle Cloud 雲端基礎設施，我們看見可觀的成本綜效。我們將協調部分職能，這也將節省成本，並使兩個組織更強大且更有效率。我們將迅速著手協調法務、行銷與支援等工作。

There are strong revenue synergies through cross-selling through the expanded channel reach and platform expansion. I see ESI employees working across the entire organization and their deep bench strength may enable us to use ESI employees to fill some open positions within the Crexendo organization. ESI shares a passion for customer service and customer service remains a core differentiator for us. We continue to lead the industry in G2 customer satisfaction rankings, and these are based on verified customer reviews. Our AI strategy is advancing aggressively.

透過擴大的通路觸及與平台擴張進行交叉銷售，可帶來強勁的營收綜效。我看到 ESI 員工在整個組織中協同工作，他們深厚的人才儲備可能使我們能夠運用 ESI 員工來填補 Crexendo 組織內部分空缺職位。ESI 同樣熱衷於客戶服務，而客戶服務仍然是我們的核心差異化優勢。我們持續在 G2 客戶滿意度排名中領先業界，而這些排名是基於經驗證的客戶評論。我們的 AI 策略正積極快速推進。

Early feedback on CAIRO, our AI receptionist AI assistant has been highly encouraging as has the potential to -- and it has the potential to transform the SMB market by providing affordable access to enterprise-type technologies to the SMB market. We were recently recognized for the second consecutive year with the Generative AI Product of the Year Award, and we received 42 additional G2 Winter 2026 awards. Further, our newly launched marketplace will accelerate partner deployment, expand monetization, and create incremental revenue share opportunities.

市場對 CAIRO（我們的 AI 接待員／AI 助理）的早期回饋非常令人鼓舞；同時，它也有潛力透過為中小企業市場提供可負擔的企業級技術取得途徑，進而改變中小企業市場。我們近期連續第二年獲頒「年度生成式 AI 產品獎」，並另外獲得 42 項 G2 2026 年冬季獎項。此外，我們新推出的市集將加速合作夥伴部署、擴大變現能力，並創造額外的營收分成機會。

Three years ago, when I took over, we committed to transforming this company. We moved from cash burn to sustained profitability. We restored financial discipline. We scaled the platform. We strengthened governance. We added leadership and engineering talent. We grew revenue, improved margins, and increased shareholder value. And now with ESI, we are adding accretive acquisitions to help accelerate that trajectory.

三年前我接手時，我們承諾要改造這家公司。我們從現金消耗轉為持續獲利。我們恢復了財務紀律。我們擴展了平台規模。我們強化了公司治理。我們增補了領導與工程人才。我們提升營收、改善毛利率，並提高股東價值。而現在透過 ESI，我們正加入具增益性的併購，以協助加速這一成長軌跡。

In conclusion, I think it's important to point out that starting last year and continuing through this year, we have and are making deliberate and meaningful investments in our platform, in engineering talent, AI optimization and strengthening our security infrastructure. These were not optional improvements. They were strategic decisions to ensure that we protect our business, safeguard our customers and continue to lead in a rapidly evolving cloud communication market. We are building not just for today, but for the next generation of our platform, scalable, secure, resilient, and innovation-driven. These investments position us to stay ahead of emerging threats, accelerate product development, and deliver differentiated value to our partners and customers.

總結來說，我認為重要的是指出，自去年開始並延續至今年，我們已經且正在對平台、工程人才、AI 最佳化以及強化資安基礎設施進行有計畫且具實質意義的投資。這些並非可有可無的改善。這些是策略性決策，旨在確保我們保護自身業務、守護客戶，並在快速演進的雲端通訊市場中持續領先。我們打造的不僅是為了今天，更是為了下一代平台：可擴展、安全、具韌性，並以創新為驅動。這些投資使我們能夠領先因應新興威脅、加速產品開發，並為合作夥伴與客戶提供差異化價值。

In addition, we added resources to sales and marketing to strengthen our competitive position. While these investments require discipline and capital today, we fully expect them to generate substantial dividends in the future through stronger growth, expanded margins and long-term shareholder value. Based on our track record, we are confident we will continue to deliver, and I firmly believe our most significant opportunities remain ahead of us.

此外，我們也在銷售與行銷方面增添資源，以強化我們的競爭地位。雖然這些投資在當下需要紀律與資本投入，但我們完全預期它們將在未來透過更強勁的成長、擴大的利潤率以及長期股東價值，帶來可觀回報。基於我們的過往紀錄，我們有信心將持續交出成果，而我也堅信我們最重大的機會仍在前方。

With that, I will turn the call over to Ron for more detail on the financials and then Doug to discuss operations and some of our AI initiatives. Ron, would you walk us through the financials?

接下來，我會把電話會議交給 Ron，請他更詳細說明財務狀況，之後再由 Doug 討論營運以及我們的一些 AI 計畫。Ron，你可以帶我們回顧一下財務數據嗎？

Thank you, Jeff. Good afternoon, everyone. Our financial results for the quarter are as follows. As Jeff mentioned, our consolidated revenue for the quarter increased 11% to $18.1 million compared to $16.2 million for the fourth quarter of the prior year. Our service revenue for that quarter increased 8% to $8.6 million.

謝謝你，Jeff。各位下午好。我們本季的財務結果如下。如 Jeff 所提到，我們本季合併營收較去年第四季的 1,620 萬美元成長 11%，達到 1,810 萬美元。該季服務營收成長 8%，達到 860 萬美元。

Our software solutions revenue for the quarter increased 18% to $8.3 million and product revenue for the quarter decreased 6% to $1.1 million. Our service revenue gross margin for the quarter increased by 300 basis points year-over-year to 60%. Software solutions revenue gross margin for the quarter decreased by 500 basis points year-over-year to 63%. Product revenue gross margins for the quarter had no change over the prior year. Consolidated revenue gross margins for the quarter decreased by 100 basis points year-over-year to 60%.

本季軟體解決方案營收成長 18%，達到 830 萬美元，而本季產品營收下降 6%，至 110 萬美元。本季服務營收毛利率年增 300 個基點至 60%。本季軟體解決方案營收毛利率年減 500 個基點至 63%。本季產品營收毛利率與去年同期持平。本季合併營收毛利率年減 100 個基點至 60%。

Our remaining performance obligations increased to $89.1 million as compared to $87.9 million at September 30, 2025, and $85.6 million at December 31, 2024. Operating expenses for the quarter increased 8% to $16.9 million compared to $15.6 million for the fourth quarter of the prior year. The operating margin for the quarter was 6% as compared to 4% for the same period of the prior year, a 200-basis-point increase.

我們的剩餘履約義務增加至 8,910 萬美元，相較於 2025 年 9 月 30 日的 8,790 萬美元，以及 2024 年 12 月 31 日的 8,560 萬美元。本季營業費用增加 8% 至 1,690 萬美元，相較於去年第四季的 1,560 萬美元。本季營業利益率為 6%，相較於去年同期的 4%，提高 200 個基點。

Net income of $1.2 million for the quarter or $0.04 per basic and diluted common share. That's compared to net income of $500,000 or $0.02 per basic and diluted common share for the fourth quarter of the prior year. Non-GAAP net income of $2.8 million for the quarter, $0.09 per basic and diluted common share. That's compared to non-GAAP net income of $2 million or $0.07 per basic and $0.06 per diluted common share for the fourth quarter of the prior year.

本季淨利為 120 萬美元，或每股基本及稀釋普通股盈餘 0.04 美元。相較之下，去年第四季淨利為 50 萬美元，或每股基本及稀釋普通股盈餘 0.02 美元。本季非 GAAP 淨利為 280 萬美元，或每股基本及稀釋普通股盈餘 0.09 美元。相較之下，去年第四季非 GAAP 淨利為 200 萬美元，或每股基本普通股盈餘 0.07 美元、每股稀釋普通股盈餘 0.06 美元。

EBITDA for the quarter was $2 million. That's compared to $1.5 million for the fourth quarter of the prior year. And adjusted EBITDA for the quarter was $2.8 million or 15.3% of total revenue. That's compared to $2.2 million or 13.3% of total revenue for the fourth quarter of the prior year.

本季 EBITDA 為 200 萬美元。相較於去年第四季的 150 萬美元。本季調整後 EBITDA 為 280 萬美元，約占總營收的 15.3%。相較於去年第四季的 220 萬美元，約占總營收的 13.3%。

Our financial results for the full year are as follows: Total revenue for the year increased 12% to $68.2 million. Service revenue for the year increased 6% to $33.8 million. Our software solutions revenue increased 27% to $29.7 million. Our product revenue for the year decreased 16% to $4.7 million. Service revenue gross margins decreased by 1% year-over-year to 58%. Software solutions revenue gross margin increased by 1% year-over-year to 72%. Product revenue gross margins decreased by 3% to 40% and consolidated revenue gross margins increased by 1% year-over-year to 63%. Operating expenses for the year increased 8% to $63.5 million as compared to $59 million for the prior year.

我們全年的財務結果如下：全年總營收成長 12% 至 6,820 萬美元。全年服務營收成長 6% 至 3,380 萬美元。全年軟體解決方案營收成長 27% 至 2,970 萬美元。全年產品營收下降 16% 至 470 萬美元。全年服務營收毛利率年減 1% 至 58%。全年軟體解決方案營收毛利率年增 1% 至 72%。全年產品營收毛利率下降 3% 至 40%，而合併營收毛利率年增 1% 至 63%。全年營業費用增加 8% 至 6,350 萬美元，相較於前一年的 5,900 萬美元。

Net income of $5.1 million and $0.17 per basic common share and $0.16 per diluted common share. That's compared to net income of $1.7 million or $0.06 per basic and diluted common share for the prior year. Non-GAAP net income of $11.4 million for the year, that's $0.38 per basic and $0.36 per diluted common share.

全年淨利為 510 萬美元，每股基本普通股盈餘 0.17 美元、每股稀釋普通股盈餘 0.16 美元。相較之下，前一年淨利為 170 萬美元，或每股基本及稀釋普通股盈餘 0.06 美元。全年非 GAAP 淨利為 1,140 萬美元，即每股基本普通股盈餘 0.38 美元、每股稀釋普通股盈餘 0.36 美元。

EBITDA for the year was $8 million compared to $5.2 million for the prior year. And adjusted EBITDA for the year was $11.2 million or 17% of total revenue as compared to $8.2 million or 13.5% of total revenue for the prior year.

全年 EBITDA 為 800 萬美元，相較於前一年的 520 萬美元。全年調整後 EBITDA 為 1,120 萬美元，約占總營收的 17%；相較於前一年的 820 萬美元，約占總營收的 13.5%。

Our cash and cash equivalents at December 31, 2025, was $31.4 million as compared to $18.2 million at the end of the prior year. Cash provided by operating activities for the year of $9.3 million compared to $6.3 million for the prior year. With our cash provided by operating activities of $9.3 million and our $18,000 in capitalized expenditures, we generated non-GAAP free cash flow of $9.3 million for the year. That's 14% free cash flow margin. Cash used for investing activities for the year was $18,000 and cash provided by financing activities for the year was $3.9 million.

截至2025年12月31日，我們的現金及約當現金為3,140萬美元，相較於前一年度年底的1,820萬美元。本年度營運活動提供的現金為930萬美元，較前一年度的630萬美元增加。憑藉營運活動提供的現金930萬美元以及1.8萬美元的資本化支出，我們本年度產生的非GAAP自由現金流為930萬美元。這相當於14%的自由現金流利潤率。本年度投資活動使用的現金為1.8萬美元，而籌資活動提供的現金為390萬美元。

With that, I'll turn it over to Doug Gaylor, our President and COO, for additional comments on sales and business operations.

接下來，我把時間交給我們的總裁兼營運長Doug Gaylor，就銷售與業務營運提供更多評論。

Thanks, Ron. I'm extremely pleased with our record Q4 and year-end numbers that exceeded our expectations. 2025 was a great year for Crexendo, a year in which we surpassed both the 6 million and 7 million end-user milestones on our best-in-class software platform.

謝謝你，Ron。我對我們創紀錄的第四季與年終數字感到非常滿意，結果超出我們的預期。2025年對Crexendo而言是非常出色的一年；在這一年中，我們在同級最佳的軟體平台上，終端使用者數先後突破600萬與700萬兩個里程碑。

In addition, we were honored to be included into the Russell 2000 Index in 2025, along with being awarded top honors in 42 different categories for cloud communication providers by the leading business software review website g2.com. Our successful year culminated in a strong fourth quarter that was our 10th consecutive quarter of GAAP profitability and our 29th consecutive quarter of non-GAAP net income.

此外，我們很榮幸於2025年被納入Russell 2000指數，並在領先的商業軟體評論網站g2.com所評選的雲端通訊供應商42個不同類別中獲得最高榮譽。我們成功的一年以強勁的第四季作結，這是我們連續第10季達成GAAP獲利，以及連續第29季實現非GAAP淨利。

Our GAAP profitability continues to be positively affected by managing our costs and driving synergies within the business while attaining double-digit organic growth levels of 11% for the quarter and 12% for the year. Our strong GAAP income, combined with strong free cash flow allows us to continually reinvest in our people and our products to continue delivering the best solutions and best customer satisfaction in the industry.

我們的GAAP獲利能力持續受到正面影響，來自於我們對成本的管理、推動業務內部的協同效益，同時達成雙位數的有機成長：本季11%，全年12%。強勁的GAAP獲利，加上強勁的自由現金流，使我們能持續再投資於人才與產品，持續提供業界最佳解決方案與最佳客戶滿意度。

As we have previously discussed, our large project of migrating all of our legacy hosted infrastructure to Oracle Cloud Infrastructure, OCI, was targeted for completion early this year. And I am pleased to announce that we have successfully completed the full migration of all of our hosted infrastructure licensees to OCI and we will have the last of our legacy NetSapiens data centers decommissioned later this month, which should help improve our margins going forward.

如同我們先前討論過的，我們將所有既有託管基礎設施遷移至Oracle Cloud Infrastructure（OCI）的大型專案，目標是在今年年初完成。我很高興宣布，我們已成功完成所有託管基礎設施授權客戶向OCI的全面遷移，並將於本月稍晚完成最後一座既有NetSapiens資料中心的除役，這應有助於我們未來提升利潤率。

We continue to see tremendous organic growth from our software solutions segment of the business, which grew at 18% for the quarter and saw 28% organic growth for 2025. Our software solutions segment had a very strong quarter with 14 upgrade orders from our existing licensees, combined with five new logos that we won that chose Crexendo for their platform of choice moving forward.

我們持續看到軟體解決方案業務部門帶來可觀的有機成長，本季成長18%，2025年全年有機成長28%。我們的軟體解決方案部門本季表現非常強勁，既有授權客戶帶來14筆升級訂單，並且我們贏得5個新客戶標誌（new logos），他們選擇Crexendo作為未來的首選平台。

For the year, we had over 40 upgrade orders from our existing licensees, combined with winning 14 new logos. Of those 14 new logos, we continue to win new licensees moving to Crexendo from Metaswitch and BroadSoft, amongst others, and we continue to see opportunities created by uncertainties created by the competition. We are winning these customers as our unique pricing and support model for our software solutions platform, combined with our robust feature set, our open APIs and our deliverable AI applications and integrations allow us to differentiate ourselves from the rest of our competition at a much stronger price point than they might currently be paying.

全年而言，我們從既有授權客戶獲得超過40筆升級訂單，並贏得14個新客戶標誌。在這14個新客戶標誌中，我們持續贏得從Metaswitch與BroadSoft等競品轉移至Crexendo的新授權客戶，同時也持續看到競爭對手的不確定性所帶來的機會。我們能贏得這些客戶，是因為我們軟體解決方案平台獨特的定價與支援模式，結合強大的功能組合、開放式API，以及可交付的AI應用與整合能力，使我們能以更具競爭力的價格點，明顯區隔於其他競爭者（相較之下，客戶目前可能支付更高的價格）。

You may have also seen a press release during Q4 where we announced a significant win of landing a long-standing telecom provider, Altigen to the Crexendo family of licensees on our platform. Altigen has been a force in the telecom industry for over 30 years, and their decision to deploy the Crexendo platform for their future growth is a true validation of the power of our platform.

你們可能也在第四季看到一則新聞稿，我們宣布一項重要勝利：成功讓長期電信供應商Altigen加入Crexendo授權客戶大家庭，採用我們的平台。Altigen在電信產業深耕超過30年，他們決定部署Crexendo平台以支持未來成長，是真正驗證我們平台實力的明確背書。

Our telecom services Retail segment grew at 5% organically for the quarter, and our telecom services revenue was up 8% organically, offset by a small reduction in product revenue to reach the blended 5% increase. As we have previously mentioned, the reduction in product revenue was anticipated as we have proactively reduced selling some lower-margin product opportunities on the managed services front to help improve margins.

我們的電信服務零售（Retail）部門本季有機成長5%，電信服務營收有機成長8%，但產品營收小幅下滑抵銷部分增幅，使整體混合後成長為5%。如同先前提到的，產品營收的下降在預期之內，因為我們已主動在託管服務端減少銷售部分低毛利的產品機會，以協助提升利潤率。

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 grow at a faster pace. The master agent technology service distributors saw a 46% increase in sales bookings year-over-year, and we expect that momentum to continue, especially with our announcement last month of adding a leading technology service distributor, AppDirect, to our partner lineup. We have already seen a strong pipeline of opportunities being generated from AppDirect and are excited about the future prospects of this partnership. We had our strongest sales bookings quarter ever for this segment of the business in Q4 and are encouraged by the trends we are seeing.

我們持續看到通路合作夥伴以及主代理（master agent）技術服務分銷商對我們產品與服務的強勁需求，並預期零售部門營收將以更快速度成長。主代理技術服務分銷商的銷售訂單（bookings）年增46%，我們預期這股動能將延續，尤其是我們上月宣布新增領先的技術服務分銷商AppDirect加入合作夥伴陣容。我們已看到AppDirect帶來強勁的商機管線，並對此合作的未來前景感到振奮。第四季是該業務部門史上最強的銷售訂單季度，我們對目前觀察到的趨勢感到鼓舞。

Our remaining performance obligation, also referred to as our backlog, continues to grow and is now at $89.1 million, an increase of 4% from Q4 of 2024. Our remaining performance obligation number is the sum of the remaining contract values for our telecom services and our software solutions customers that will be recognized on a sliding scale over the next 60 months, and it's a very strong indicator of our future revenue stream.

我們的剩餘履約義務（remaining performance obligation，亦稱為backlog，積壓訂單）持續成長，目前為8,910萬美元，較2024年第四季增加4%。剩餘履約義務數字是我們電信服務與軟體解決方案客戶尚未履行合約價值的總和，將在未來60個月內按遞延比例逐步認列，這是我們未來營收流的非常強勁指標。

Consolidated gross margin for Q4 was 60%, which was anticipated as we have our annual user group meeting in Q4 that has an impact on margins for the quarter. But for the year, consolidated gross margin was 63%, which was up from 62% in 2024. And we continue to see strong gross margins in our software solutions segment, where gross margins were 72% for the year compared to 71% in 2024.

第四季合併毛利率為60%，符合預期，因為我們在第四季舉辦年度使用者大會，會對當季毛利率造成影響。但全年合併毛利率為63%，高於2024年的62%。我們在軟體解決方案部門也持續維持強勁毛利率，全年毛利率為72%，高於2024年的71%。

Our telecom services segment gross margin was 58% for the quarter, which was up from 54% in Q4 of 2024. And for the year, the telecom services segment gross margin was 56%, which was on par with 2024. Our telecom services gross margins were positively affected in Q4 by our focus on higher-margin UCaaS sales and less on low-margin product sales. We're confident that we should continue to see gross margin improvements in both segments of the business in the future as we start to recognize cost savings from our completed consolidation of our data centers to Oracle Cloud Infrastructure as well as our near completion of our legacy retail classic migration. Jeff mentioned artificial intelligence before, and artificial intelligence will be the biggest game changer in communications since the move to the cloud began over 20 years ago.

我們的電信服務部門本季毛利率為58%，高於2024年第四季的54%。全年電信服務部門毛利率為56%，與2024年持平。第四季電信服務毛利率受到正面影響，主要來自我們更聚焦於高毛利的UCaaS銷售，並降低對低毛利產品銷售的比重。我們有信心，隨著我們完成將資料中心整併至Oracle Cloud Infrastructure所帶來的成本節省開始逐步認列，以及既有零售classic遷移接近完成，未來兩個業務部門的毛利率都將持續改善。Jeff先前提到人工智慧，而人工智慧將是自20多年前雲端遷移開始以來，通訊領域最大的遊戲規則改變者。

Crexendo is leading the AI charge with many new releases that allow small and midsized businesses to be more efficient and productive. Crexendo's AI solutions are focused on helping businesses make more money as opposed to saving money. Our AI solutions are targeted at making small and midsized businesses more successful and more profitable by giving them affordable efficiency tools to help them run their business.

Crexendo正引領AI浪潮，推出多項新版本，讓中小企業能更有效率、更具生產力。Crexendo的AI解決方案著重於協助企業賺更多錢，而不是只著眼於省錢。我們的AI解決方案目標是透過提供可負擔的效率工具，協助中小企業更成功、更具獲利能力，讓他們更好地經營業務。

Our current roster of AI solutions includes our AI call recording with sentiment analysis, our contact center AI powered by ChatGPT, and our most exciting release yet, Crexendo's AI receptionist orchestrator or CAIRO that was released in January. CAIRO allows new and existing customers to leverage the power of an AI receptionist to answer all incoming calls, answer frequently asked questions, schedule, reschedule or cancel appointments, access customer records, and talk to a live person when needed.

我們目前的AI解決方案組合包括：具情緒分析的AI通話錄音、由ChatGPT驅動的聯絡中心AI，以及迄今最令人振奮的新產品——Crexendo的AI接待員協調器（AI receptionist orchestrator），或稱CAIRO，已於1月發布。CAIRO讓新舊客戶都能運用AI接待員的能力來接聽所有來電、回答常見問題、安排／改期／取消預約、存取客戶紀錄，並在需要時轉接真人服務。

For the typical SMB customer, this technology will allow their business to be more effective and productive for a minimal cost, while at the same time allowing Crexendo to significantly increase its average revenue per account. Crexendo's average retail revenue per account is roughly about $350 per month and early adoption numbers for our CAIRO solution could increase that average by over 25%.

對於典型的中小企業（SMB）客戶而言，這項技術將使其企業以最低成本變得更有效率、更具生產力，同時也讓 Crexendo 能夠大幅提高每個帳戶的平均營收。Crexendo 的每帳戶平均零售營收約為每月 350 美元，而我們 CAIRO 解決方案的早期採用數據可能使該平均值提升超過 25%。

Crexendo's Ecosystem Vendor Partner Program or our EVP program, as we call it, that was introduced last year continues to gain traction and is now has officially 41 partners involved in the program. These partners provide products, software and solutions to our platform that allow Crexendo and our partners to benefit from selling these solutions to end users that will make their businesses more efficient, productive, and profitable. The EVP program is generating new revenue streams, and we are very encouraged by the growth potential.

Crexendo 的生態系供應商合作夥伴計畫（Ecosystem Vendor Partner Program），也就是我們所稱的 EVP 計畫，於去年推出後持續獲得市場動能，目前已正式有 41 家合作夥伴參與。這些合作夥伴為我們的平台提供產品、軟體與解決方案，使 Crexendo 與合作夥伴能透過向終端用戶銷售這些解決方案而共同受益，並讓其企業更有效率、更具生產力且更具獲利能力。EVP 計畫正在創造新的營收來源，我們對其成長潛力感到非常振奮。

Crexendo had a great year in 2025, and we continue to meet and exceed our targeted goals. The goal I am most excited about is getting to the $100 million revenue run rate, hopefully by the end of 2026.

Crexendo 在 2025 年表現非常出色，我們也持續達成並超越既定目標。我最期待的目標是將營收年化運行率提升至 1 億美元，希望能在 2026 年底前達成。

With our recently announced acquisition of ESI, I believe we are well on our way to meeting that target. The acquisition will be transformative to Crexendo, and I am confident that the time between our last acquisition and this one will be worth the wait. We have always stated that we will be acquisitive, but that we will be patient to wait for the right opportunity to present itself. That patience will be rewarded with our acquisition of ESI for all the reasons that Jeff previously highlighted.

隨著我們近期宣布收購 ESI，我相信我們正穩步朝著達成該目標前進。這項收購將對 Crexendo 具有變革性影響，我也有信心，我們上一次收購與這一次收購之間的等待時間是值得的。我們一直表示會透過收購來成長，但也會耐心等待合適的機會出現。基於 Jeff 先前強調的所有原因，這份耐心將在我們收購 ESI 上獲得回報。

I couldn't be more excited about the future direction and opportunity for Crexendo. Our strong double-digit organic growth, combined with our ESI acquisition and our GAAP profitability and strong positive cash flow have laid a great foundation for our future success. We are positioned perfectly with the combination of strong demand for our product offerings along with great solutions, a disruptive pricing model and the best and most talented workforce in the industry to continue our strong growth.

我對 Crexendo 未來的方向與機會感到無比興奮。我們強勁的兩位數有機成長，結合 ESI 收購，以及我們的 GAAP 獲利能力與強勁的正向現金流，已為未來成功奠定了良好基礎。在產品需求強勁、解決方案優異、具顛覆性的定價模式，以及業界最優秀且最具才華的團隊等多重優勢結合下，我們已處於絕佳位置，可持續推動強勁成長。

We're excited about the additional opportunities to drive growth and innovation that our new AI offerings will infuse into our business, and we're very optimistic that applications like our AI receptionist will continue to drive even more demand and higher revenues. We're committed to delivering the best UCaaS, CCaaS and CPaaS offerings in the sector to our customers and our partners and the best returns for our shareholders. As the fastest-growing platform solution in the country, now supporting over 7 million end users, we're laser-focused on growing our business, enhancing our solutions, improving our efficiencies and continue to return strong results.

我們也對新 AI 產品為公司注入的成長與創新機會感到興奮，並非常樂觀地認為，像是我們的 AI 接待員等應用將持續帶動更高需求與更高營收。我們致力於為客戶與合作夥伴提供本產業中最佳的 UCaaS、CCaaS 與 CPaaS 產品，同時也為股東帶來最佳報酬。作為全國成長最快的平台型解決方案，目前支援超過 700 萬名終端用戶，我們將高度聚焦於擴大業務、強化解決方案、提升效率，並持續交出亮眼成果。

With that, I'll turn it back over to Jeff for any further comments.

接下來，我把時間交還給 Jeff，看看他是否還有其他補充。

Thank you, Doug. Actually, I do not have any further comments. So John, you may open the call up to questions.

謝謝你，Doug。其實我沒有其他補充。那麼 John，你可以開放電話會議進入提問環節。

Absolutely. (Operator Instructions) Joshua Reilly, Needham.

當然。（接線員指示）Joshua Reilly，Needham。

How should we think about the impact of the ESI acquisition, the scale and subsequent customer acquisition cost for your retail business and the benefit over the next few years of adding this scale? And maybe any more color on the magnitude of the EBITDA margin benefit from the acquisition?

我們應該如何看待收購 ESI 對你們零售業務的影響，包括規模以及後續的客戶取得成本？未來幾年增加這個規模所帶來的效益又會是什麼？另外，能否再多提供一些關於此次收購對 EBITDA 利潤率帶來的改善幅度？

Well, let me start backwards. We're really not in a position to discuss EBITDA margins until the audit is completed under SEC guidelines. So I wish I could answer that for you, but I can't, Josh. In regard to customer acquisition costs, I will let Ron answer that.

好，我先從後面那題回答。在依照 SEC 指引完成審計之前，我們其實不便討論 EBITDA 利潤率。所以我希望能回答你，但我目前無法，Josh。至於客戶取得成本，我讓 Ron 來回答。

Yes. So as far as acquisition goes, the acquisition of a large customer base and a business combination, it generates in the multiples that we pay, similar customer acquisition costs or a little lower than our actual organic customer acquisition cost from that standpoint.

好的。就收購而言，收購一個龐大的客戶基礎並進行企業合併，從我們支付的倍數來看，其所隱含的客戶取得成本與我們有機獲客的實際客戶取得成本相近，或略低一些。

On a go-forward basis, I don't think there's a material impact. We should have similar customer acquisition costs because there's not really an economies of scale on the acquisition cost other than marketing. And so we're going to continue to our existing marketing spend, and we'll benefit from additional customers from additional marketing we may provide for the acquisition target. But that would be minimal at this point based on my estimate.

展望未來，我不認為會有重大影響。我們的客戶取得成本應該會維持相近，因為在取得成本上並沒有真正的規模經濟，除了行銷之外。因此我們會維持既有的行銷支出，並且會因為我們可能為被收購標的提供額外行銷而受益、帶來更多客戶。但依我估計，目前那部分的增量會很小。

Got it. That's helpful. And then --

了解。這很有幫助。然後--

There is third question, sorry.

還有第三個問題，抱歉。

Well, I have some other questions, but that kind of wrapped up that first piece, I think. As we think about the free cash flow for the year, the last couple of years, you've done a really good job of converting 50% plus of your EBITDA to free cash flow. Is there any significant onetime items in 2026 that investors should be considering from the acquisition that would impact this ratio of conversion of EBITDA to free cash flow in 2026?

我還有一些其他問題，但我想第一部分大概就到這裡。談到今年的自由現金流，過去幾年你們在將 EBITDA 轉換為自由現金流方面做得非常好，轉換率達到 50% 以上。2026 年是否會有任何與收購相關的一次性重大項目，投資人需要納入考量，可能影響 2026 年 EBITDA 轉換為自由現金流的比率？

Yes. So we don't have any anticipated large capital improvements that would impact our free cash flow. So we should generate similar type of free cash flow from our adjusted EBITDA.

會的。我們沒有預期會有任何會影響自由現金流的大型資本改善支出。因此，我們應該能從調整後 EBITDA 產生類似型態的自由現金流。

Got it. And then last question for me is, if you look at some of my recent channel checks at industry conferences, it seems like you have a pretty strong pipeline of potential new licensees. I guess what are you hearing in terms of the demand environment there? And what key points are you hearing from them in terms of their consideration of converting from a legacy platform maybe to NetSapiens in 2026?

了解。我最後一個問題是，如果你看我最近在產業會議上做的一些通路調查，似乎你們有相當強勁的潛在新授權客戶（licensees）管線。我想問你們對那邊的需求環境聽到的是什麼？以及就他們在 2026 年考慮從傳統平台轉換到 NetSapiens 而言，你們聽到的關鍵考量點是哪些？

I'm going to let Jon answer that, Josh.

Josh，我讓 Jon 來回答。

Josh, this is Jon. Yes, we continue to have a high degree of partner interest. We continue to have many new opportunities looking at the platform. As you know from your conversations, some of them are coming from legacy platforms that don't have the investment level today that the NetSapiens platform does. Many of them like our sessions, not seats model across when you look at commercially our advantages.

Josh，我是 Jon。是的，我們持續看到合作夥伴高度的興趣。我們也持續有許多新的機會在評估這個平台。如同你從對話中所了解的，其中一些是來自傳統平台；那些平台目前的投資水準不如 NetSapiens 平台。在商業模式上，許多合作夥伴喜歡我們的「以 sessions 計價、而非以 seats 計價」的模式，這也是我們的優勢之一。

And then as Doug had mentioned, what we're doing with AI applications in our ecosystem. So I think what many of those partners see is that we do have a definitive road map to help them to modernize their solutions and stay competitive in the market. And because of that, we continue to have strong demand for new licensees for the platform.

另外如 Doug 所提到，我們正在生態系中推動 AI 應用。因此我認為，許多合作夥伴看到的是，我們確實有一個明確的路線圖，能協助他們現代化其解決方案並在市場上保持競爭力。也因為如此，我們持續看到平台的新授權客戶需求強勁。

Mike Latimore, Northland Capital.

Mike Latimore，Northland Capital。

Congrats on the great year and the ESI looks like it's a very high quality here. You highlighted the strong services bookings in the quarter. Was that mainly driven by the master agents? Or was there some broader factors there?

恭喜你們今年表現很棒，而且 ESI 看起來是非常高品質的標的。你們提到本季服務訂單（services bookings）很強勁。這主要是由主代理商（master agents）帶動的嗎？還是有其他更廣泛的因素？

Yes. I think we had a pretty good contribution across the board. We had great direct sales. We had a couple of very large opportunities on our direct sales side. The TSDs, technology service distributors actually had a great quarter for us.

是的。我認為各個面向都有相當不錯的貢獻。我們的直銷表現很強。在直銷端我們也拿下了幾個非常大型的案子。TSD（技術服務經銷商，technology service distributors）本季也為我們帶來了非常好的表現。

So we had -- fourth quarter was, as I said, a record retail quarter for us on the sales bookings, pretty excited. And the nicest part about some of the activity we're seeing is a lot larger type opportunities, and we won a couple of opportunities in Q4 that were upwards of 1,000 stations. So we're seeing some nice retail opportunity sizes coming from both the direct and from the master agents.

所以我們在第四季——如我所說，在銷售訂單（bookings）方面，第四季對我們而言是創紀錄的零售季度，我們非常振奮。而我們看到的一些活動中最令人欣喜的部分，是出現了更大型的機會類型；我們在第四季贏下了幾個機會，規模都超過 1,000 個站點（stations）。因此，我們看到不錯的零售機會規模，來源同時包括直銷與主代理（master agents）。

Okay. Great. And then on the service gross margin that ticked up nicely. Is that sustainable, do you think?

好的。很好。接著談到服務毛利率（service gross margin），它上升得很不錯。你認為這是可持續的嗎？

Yes. So that's as a result of the revenue growth that we're seeing at the current rate, I think that percentage is sustainable. At this time, I'm not projecting further increases, but let's take a look at it in a couple of quarters.

是的。這是我們目前所看到的營收成長所帶來的結果；以目前的成長速度來看，我認為這個百分比是可持續的。現階段我不預期會再進一步上升，但我們可以在接下來幾個季度再觀察看看。

Great. And then just last one for me on your AI receptionist. Like what percent of your customer base do you think that's applicable to or would have interest in that?

很好。最後一個問題，關於你們的 AI 接待員（AI receptionist）。你覺得你們的客戶群中，大概有多少比例適用或會對此有興趣？

Yes, it's a great question, Mike. I think that we feel like the CAIRO, which is, again, our Crexendo AI Receptionist and Orchestrator, we think that that is applicable to almost all of our customers out there. Now when I say that that means that customers have to evaluate it and make sure that's a good fit for their business. But we think that AI receptionist is going to have a tremendous take rate for us. We just introduced it in mid-January.

是的，這是個很好的問題，Mike。我想我們認為 CAIRO——也就是我們的 Crexendo AI Receptionist and Orchestrator——幾乎適用於我們所有客戶。當然我這麼說的意思是，客戶仍需要評估並確認是否適合他們的業務。但我們認為 AI 接待員對我們而言會有非常高的採用率（take rate）。我們在一月中旬才剛推出。

The early sales and early feedback we've gotten from customers has been top notch. So we're going to continue to monitor that. But again, if you think about the benefits it brings to a business, I can't see any many reasons why a business would decide that that's not for them. I think it's going to be a very affordable option for businesses to consider.

目前早期的銷售與客戶回饋都非常出色。所以我們會持續追蹤。但同樣地，如果你想想它能為企業帶來的好處，我看不出有太多理由會讓企業決定這不適合他們。我認為這會是企業可以考慮的一個非常可負擔的選項。

Jon is going to add a little bit.

Jon 會補充一點。

Yes. One other dimension on that, Mike, is we've also made that available for our NetSapiens platform licensees to offer to their customers, and we've had really strong interest from that community as well. So it's the type of thing that it's available on our retail offer, but we'll make it available across our whole community through our ecosystem program, and we're really excited about that part of the opportunity, too.

是的。Mike，另外一個面向是，我們也已讓 NetSapiens 平台的授權客戶（platform licensees）可以把這項功能提供給他們的客戶，而我們也從那個社群看到非常強烈的興趣。所以這類產品除了在我們的零售方案中可用之外，我們也會透過生態系計畫（ecosystem program）在整個社群全面提供，我們對這部分的機會也非常興奮。

And Mike, as I indicated, initial reaction has been very strong, but we're not in it long enough to give you sales projections yet, but wait, we will see what kind of adoption we're getting, but we're very excited about potential adoption.

而且 Mike，如我所提到的，初期反應非常強烈，但我們推出的時間還不夠長，暫時還無法給你銷售預測；不過我們會觀察採用情況會是什麼樣子，我們對潛在的採用率非常期待。

Sounds like a great start there. Congrats on the year and the acquisition.

聽起來是個很好的開始。恭喜你們這一年的表現以及這次收購。

Eric Martinuzzi, Lake Street.

Eric Martinuzzi，Lake Street。

Yes, Jeff, you entered 2025 with let's grow double digits organically and do it profitably. It wasn't guidance, but it was kind of the goal. Is that still the goal? Is 2026, can we anticipate organic growth in that double-digit range profitably?

是的，Jeff，你們在 2025 年一開始提出「有機成長要達到雙位數，並且要有獲利地做到」的方向。那不是正式指引（guidance），但算是一個目標。這仍然是目標嗎？那 2026 年，我們是否可以預期在可獲利的前提下，有機成長仍在雙位數區間？

Yes, Eric, I am still gearing for a 10% organic -- double-digit organic growth even with the expenditures we -- that I spoke about. It would be again, we are making the necessary investments we need to make in the business. This is imperative to me. I intend when I leave this job, believe it far stronger than when I came into it and with all the bells and whistles for us to be the lead company for maybe generations to come. Nonetheless, we will do the investments carefully, strategically with gearing toward double-digit organic growth at the same time.

是的，Eric，即使包含我提到的那些支出，我仍以 10% 的有機——雙位數有機成長為目標。再說一次，我們正在進行必要的投資。這對我而言至關重要。我希望當我離開這份工作時，公司會比我接手時強大得多，並且具備所有的「配備與功能」，讓我們成為未來可能好幾個世代的領導公司。儘管如此，我們會謹慎、策略性地進行投資，同時仍以雙位數有機成長為目標。

Okay. And then the congratulations on getting the ESI transaction done. I think you mentioned that it was a $26 million revenue run rate for 2025. What was the growth in 2025?

好的。另外也恭喜你們完成 ESI 這筆交易。我想你提到 2025 年的營收年化（run rate）是 2,600 萬美元。那 2025 年的成長是多少？

That growth was from 2024 was about 6% to 7%. Again, we don't have the audited financials, but in that range of 6% to 7%. So good, better growth than the industry, a little bit smaller than what we saw in our Q4 retail services growth, but really strong growth.

相較 2024 年的成長大約是 6% 到 7%。同樣地，我們還沒有經審計的財務報表，但大概就在 6% 到 7% 這個區間。所以成長不錯，優於產業水準；雖然比我們第四季零售服務的成長略小一些，但仍是非常強勁的成長。

(Operator Instructions) George Sutton, Craig-Hallum.

（接線員指示）George Sutton，Craig-Hallum。

Jeff, you ran through this real quick. I wondered if we could just spend a second on when you acquire a licensee like you have done with ESI, can you just walk through all the things you can do operationally to improve that business? Because I don't think that's clear people assume you're just buying a licensee and there isn't that much you can do. I think there's quite a bit you can do. You did walk through a few things. Just wondered if you could detail that a little bit.

Jeff，你剛剛很快帶過這段。我想花一點時間談談：當你們像收購 ESI 這樣收購一個被授權商（licensee）時，你能否帶我們走一遍，在營運上你們可以做哪些事情來改善那個業務？因為我覺得這點不太清楚，大家可能以為你只是買下一個被授權商，能做的事情不多。但我認為其實可以做很多。你確實提到了一些。只是想請你再更詳細說明一下。

Sure. There is a lot we can do. Fortunately, the acquisition we acquired here was already well run. And frankly, in anticipation of sale, they had reduced their staff to a sustainable number that makes sense. So automatically, when you get an acquisition, you go, I can cut 20% of the staff.

當然。我們能做的事情很多。幸運的是，我們這次收購的標的本來就經營得很好。坦白說，為了準備出售，他們已把人力縮減到一個合理且可持續的規模。所以一般來說，收購後你會想「我可以裁掉 20% 的人」。

I'm not in a position to do that there because they're so well run. But nonetheless, there are a number of coordinated things we can do. I mentioned that they have four or five employees that can actually help us with Crexendo. We have a number of employees who can help them. And as we get to know each other better, it will enable us to do less hires on both side of the equation that we were thinking about.

但在那邊我不太能這麼做，因為他們營運得非常好。不過，我們仍然可以做很多協同的事情。我提到過，他們有四、五位員工其實可以協助我們 Crexendo 的業務。我們也有不少員工可以協助他們。而隨著彼此更熟悉，將使我們在原本預期的兩邊招募需求上都能減少。

So there's some efficiencies there. We're going to combine a lot of licensing, which will -- economy of scale will have some substantial savings for us down the road. We are going to move ESI off of their servers onto our Oracle Cloud and get the discounts from there. There's going to be substantial savings there and long-term efficiencies.

所以這裡會有一些效率提升。我們會整合許多授權（licensing），這將——透過規模經濟——在未來為我們帶來相當可觀的節省。我們會把 ESI 從他們的伺服器遷移到我們的 Oracle Cloud，並取得那邊的折扣。那裡會有可觀的節省與長期效率。

Back-office functions are going to be coordinated. There's going to be efficiencies there, and there's going to be a number of cross-sell opportunities, which I expect to have large efficiencies on. So I may have run through it, but we would not have acquired this if I did not see a potential number of efficiencies, strong growth and operational combination that makes a lot of sense to both teams.

後台（back-office）職能也會進行協調。那裡會有效率提升，另外也會有許多交叉銷售（cross-sell）的機會，我預期這些也會帶來很大的效率效益。所以我可能剛剛帶過了，但如果我沒有看到一系列潛在的效率、強勁成長，以及對兩個團隊都很有意義的營運整合，我們是不會做這筆收購的。

You mentioned your patience relative to making an acquisition. I'm just curious, on the other side, you have seller patience in some cases or at least it's not the right time for the seller. What happens when you acquire a large licensee like this to the other licensees who sort of want to get teed up themselves for a similar opportunity?

你提到你們在進行收購時的耐心。我只是好奇，從另一面來看，有時候賣方也需要耐心，或者對賣方而言時機還不對。當你收購像這樣的大型被授權商時，對其他那些也想把自己準備好、以便未來有類似機會的被授權商，會發生什麼影響？

Well, I fully expect that this will tee up some interest in some of our licensees, and they will reach out to us regarding a potential acquisition. This happens all the time. There are several that we're looking at, not immediately, but in a quarter or two, we may be in a position to do it. Obviously, a press release like we put out and the community knowing that we're in acquisitive mode will open more doors for us. And it makes a lot of sense on both ends.

嗯，我完全預期這會引起我們部分被授權商的興趣，他們會就潛在收購與我們聯繫。這種情況一直都在發生。我們正在觀察幾個標的，不是立刻，但在一季或兩季之內，我們可能會具備執行的條件。顯然，像我們發布的那樣一則新聞稿，以及社群知道我們正處於積極併購模式，會為我們打開更多大門。而且這對雙方都很有意義。

If we acquire a licensee, there's automatic efficiencies because we don't have to migrate customers onto our platform. There's automatic efficiencies there because their customers don't have to worry about having to move to a different platform or seeing a change in their service. And there's operational efficiencies and that the employees are already used to working with the NetSapiens platform. So this opens a lot of exciting opportunities for us, and I'm very enthused about that, George.

如果我們收購一個被授權商，會立刻產生效率，因為我們不必把客戶遷移到我們的平台上。也會立刻產生效率，因為他們的客戶不必擔心要搬到不同的平台或看到服務發生變化。此外也有營運效率，因為員工已經習慣使用 NetSapiens 平台工作。因此，這為我們帶來許多令人振奮的機會，George，我對此非常興奮。

Josh Nichols, B. Riley Securities.

Josh Nichols，B. Riley Securities。

This is Matthew on for Josh Nichols. Congrats on the ESI closing a strong year. I guess to start off, on the cost synergy side with ESI, can you help us frame the timeline for the facilities consolidation and the OCI migration of their workloads in terms of like how quickly you expect those savings to flow through to EBITDA?

我是代替 Josh Nichols 的 Matthew。恭喜 ESI 在年末交出強勁的成績並完成交割。我想先從成本綜效的角度談 ESI：能否請你協助我們釐清時程，包括據點/設施整併，以及將其工作負載遷移至 OCI 的進度；也就是你預期這些節省會多快反映到 EBITDA 上？

You know what, I have not discussed that with the ESI team yet, so I don't want to surprise them by doing it on the conference call, and I really need to have our teams work with their teams to figure out the timing, but I would hope it would be done sometime this year.

你知道的，我還沒有和 ESI 團隊討論過這件事，所以我不想在電話會議上談這個而讓他們措手不及；我也確實需要讓我們的團隊與他們的團隊一起合作，釐清時程。不過我希望能在今年某個時候完成。

Got it. Great. And I guess just more generally, what -- can you help us walk through what excites you most about the setup this year for the combined company?

了解。很好。那更一般性地說，能否請你帶我們走一遍：對於今年合併後公司的布局，你最感到興奮的是什麼？

I am just -- the team and I went out to Dallas on Friday and talked to the ESI employees and the enthusiasm and the excitement they had for working for a bigger organization for helping us to grow really enthused me. I must have had 15 of the employees come over to me and tell me, we're going to make you proud. I don't get my son telling me that often. So this was really good news.

我只是——我和團隊在週五去了達拉斯，和 ESI 的員工交流；他們對於在更大的組織工作、協助我們成長所展現的熱情與興奮，真的讓我非常振奮。大概有 15 位員工走過來對我說：我們會讓你感到驕傲。我兒子可沒那麼常跟我這麼說。所以這真的是很好的消息。

The people here at both Crexendo and at our platform are excited about the growth. The enthusiasm I see in our employees for our plans for our future growth and to build -- to continue to build the best platform in the industry and provide the best services in the industry just excite me every morning. I get up excited to get to work, to work with our people and to continue to do this. I think this is going to be a great year for us.

Crexendo 以及我們平台這邊的同仁都對成長感到興奮。我看到員工對我們未來成長計畫、以及打造——持續打造業界最佳平台並提供業界最佳服務的熱情，讓我每天早上都充滿期待。我起床就很期待去上班，和我們的同仁一起工作並持續推進這些事情。我認為今年對我們來說會是很棒的一年。

And I would just add to that, Josh, or Matt, if you think about that meeting that we had with their team out there, they've got a tremendously tenured group of people there. And a lot of their people have known a lot of our people for a long time, including the executive management team. We've known their executive management team for quite some time. A lot of our support people have been working with their support people, some of them for longer than 10 years. So this is really one of the true benefits we have in fishing in our stock fishing pond is that they know us, we know them.

我也補充一下，Josh，或 Matt，如果你回想我們在那邊與他們團隊的那場會議，他們那裡有一群任職年資非常深的成員。而且他們很多人和我們很多人認識很久了，包括高階管理團隊。我們也認識他們的高階管理團隊相當一段時間。我們許多支援人員也一直和他們的支援人員合作，有些甚至超過 10 年。所以，這其實是我們在「我們的股票釣魚池」裡釣魚的一個真正優勢：他們了解我們，我們也了解他們。

There's not a lot of surprises. And they welcome the announcement, as Jeff highlighted, because when they were thinking about a potential change in their business strategy and doing an acquisition, they could have sold to anybody. And to sell to somebody that was a known entity and a friendly, that's a whole lot better than anything else that could have been accomplished. And so they're excited about the opportunity and their excitement is going to lead to us taking this to much, much higher heights.

幾乎沒有太多意外。而且他們也歡迎這項公告，正如 Jeff 所強調的，因為當他們在思考可能調整其商業策略並進行收購時，他們其實可以賣給任何人。但賣給一個熟悉、友善、已知的對象，遠比任何其他可能達成的結果都要好得多。因此他們對這個機會感到興奮，而他們的興奮將帶領我們把這件事推向更高、更高的高度。

Great. Sounds exciting. I guess just one quick one for me, last one. Where do you see the organic pace of growth going for software solutions given it grew faster for most of 2025 and sort of leveled out at 18% in Q4?

很好。聽起來很令人振奮。我這邊最後再問一個、很快的問題。軟體解決方案的有機成長速度你怎麼看？因為它在 2025 年大部分時間成長更快，而在第四季似乎持平在 18%。

I would hope it will remain at the same level, but I'm not going to commit to that. And obviously, our -- as Doug described, our offering is compelling. It saves you a substantial amount of money, and I believe you're getting better services and better products. Nonetheless, to migrate is not an inexpensive concept. And we have some people sitting on the fence waiting, looking at the macroeconomic conditions and deciding is this the right time to write a $400,000 or $500,000 jack. So I know these deals will come in, but I can't tell you what quarter.

我希望它能維持在同一水準，但我不會對此做出承諾。而且顯然，正如 Doug 所描述的，我們的產品/方案很有吸引力。它能為你節省相當可觀的成本，而且我相信你會得到更好的服務與更好的產品。不過，遷移並不是一個便宜的概念。我們有一些客戶仍在觀望，等待、評估總體經濟狀況，並決定現在是否是開出 40 萬或 50 萬美元支票的合適時機。所以我知道這些案子會進來，但我無法告訴你會在哪一季。

And I would also highlight that the Q4 number was only skewed a little bit by the fact that we have our UGM, which is our user group meeting in Q4, and so that number didn't grow incrementally as much as our software solutions revenue from our licensees grew. So the fact that we had five new logos and 14 upgrades was very consistent. So we don't see that slowing down at all. We still see tremendous demand within our licensee base and new logos for the software solutions division. So I think that was skewed a little bit by the fact that our user group meeting that we have every year in Q4 didn't expand percentage-wise as much as our growth in the licensee division.

我也想強調，第四季的數字只是在某種程度上被一個因素稍微扭曲：我們在第四季舉辦 UGM，也就是使用者群組大會，因此該數字的增幅，沒有像我們來自被授權商的軟體解決方案營收增幅那麼大。所以，新增 5 個新客戶標誌（new logos）以及 14 次升級其實非常一致。因此我們完全沒有看到放緩。我們仍然看到在被授權商基礎內，以及軟體解決方案事業部的新客戶標誌方面，有非常強勁的需求。所以我認為，這多少是因為我們每年第四季舉辦的使用者群組大會，在百分比上沒有像被授權商事業部的成長那樣擴張，因而造成些微扭曲。

We have no further questions in the queue. I would like to turn the floor back to Jeff Korn for any closing remarks.

目前佇列中沒有進一步的提問。我想把時間交回給 Jeff Korn，請他做結語。

Well, thank you, John, and I thank everybody for their attention. I hope we did a good job of explaining just how excited we are both about this acquisition and our future. We see things continuing to improve, and it is a very, very exciting time for us. And I look forward to meeting you all again in May when we announce Q1 results. So thank you for your attention, and have a great rest of the day.

好的，謝謝你，John，也感謝各位的專注聆聽。我希望我們已經把我們對這次收購以及對未來有多麼興奮，說明得很清楚。我們看到各項情況持續改善，這對我們來說是一個非常、非常令人振奮的時刻。我也期待在五月我們公布第一季結果時，再次與各位見面。所以謝謝各位的關注，祝各位今天剩下的時間一切順利。

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

今天的電話會議到此結束，您現在可以掛線。感謝您的參與。