Franklin Covey Co (FC) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by.

您好，感謝您的支持。

Welcome to Q1 2025 Franklin Covey earnings conference call.

歡迎參加 2025 年第一季富蘭克林柯維收益電話會議。

(Operator Instructions).

（操作員指令）。

Please be advised that today's conference is recorded.

請注意，今天的會議已被錄音。

I would now like to turn the conference over to Derek Hatch, Corporate Controller.

現在，我想將會議交給公司財務總監德里克·哈奇 (Derek Hatch)。

Please go ahead.

請繼續。

Hello, everyone, and thanks so much for joining us today.

大家好，非常感謝您今天加入我們。

We're glad to have the opportunity to talk with you today.

我們很高興今天有機會與您交談。

Participating on the call this afternoon are Paul Walker, our Chief Executive Officer; Steve Young, our Chief Financial Officer; Jennifer Colosimo, President of the Enterprise division; Sean Covey, President of the Education Division; and Holly Procter, our Chief Revenue Officer.

參加今天下午電話會議的有我們的執行長保羅沃克 (Paul Walker)；我們的財務長史蒂夫楊 (Steve Young)；企業部門總裁 Jennifer Colosimo；教育部門總裁 Sean Covey；以及我們的首席營收長 Holly Procter。

Before we get started, I would like to remind everyone that this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在我們開始之前，我想提醒大家，本簡報包含 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。

Forward-looking statements are based upon management's current expectations and are subject to various risks and uncertainties, including, but not limited to, the ability of the company to grow revenues, the acceptance of and renewal rates for our subscription offerings, including the All Access Pass and the Leader in Me memberships; the ability of the company to hire productive sales and other client-facing professionals general economic conditions, competition in the company's targeted marketplace, market acceptance of new offerings or services and marketing strategies, changes in the company's market share, changes in the size of the overall market for the company's products, changes in the training and spending policies of the company's clients and other factors identified and discussed in the company's most recent annual on Form 10-K and other periodic reports filed with the Securities and Exchange Commission.

前瞻性陳述基於管理層當前的預期，並受各種風險和不確定性的影響，包括但不限於公司增加收入的能力、我們的訂閱產品的接受度和續訂率，包括 All Access Pass 和 Leader in Me 會員資格；公司聘用高效的銷售人員和其他面向客戶的專業人員的能力；一般經濟狀況、公司目標市場的競爭、市場對新產品或服務及營銷策略的接受度、公司市場份額的變化、公司產品整體市場規模的變化、公司客戶的培訓和支出政策的變化以及公司最近提交給美國證券交易委員會的 10-K 表年度報告和其他定期報告中確定和討論的其他因素報告。

Many of these conditions are beyond our control or influence, any one of which may cause future results to differ materially from the company's current expectations, and there can be no assurance the company's actual future performance will meet management's expectations.

其中許多情況是我們無法控製或影響的，其中任何一個都可能導致未來結果與公司當前的預期存在重大差異，並且不能保證公司未來的實際業績將滿足管理層的預期。

These forward-looking statements are based upon management's current expectations, and we undertake no obligation to update or revise these forward-looking statements to reflect events or circumstances after the date of today's presentation, except as required by law.

這些前瞻性陳述是基於管理層目前的預期，除非法律要求，否則我們不承擔更新或修改這些前瞻性陳述以反映今天報告日期之後的事件或情況的義務。

With that out of the way, we'd like to turn the time over to Mr. Paul Walker.

說完這些，我們想把時間交給保羅沃克先生。

Thank you, Derek.

謝謝你，德里克。

Welcome, everyone.

歡迎大家。

It's great to be with you.

很高興和你在一起。

Today, I'd like to provide an update on two areas.

今天，我想就兩個領域提供最新資訊。

First, our Q1 performance; and second, the progress we're making on the transformation of our North American enterprise efforts, what we've been referring to as project expand and project land and when we have these investments, we'll begin to meaningfully accelerate our revenue growth.

首先，我們的第一季的表現；其次，我們在北美企業轉型方面取得了進展，我們一直稱之為專案擴展和專案落地，當我們有了這些投資後，我們將開始大幅加速我們的營收成長。

So first, just a comment on two about the first-quarter performance.

首先，我只想就第一季的表現發表兩點評論。

Our first-quarter revenue grew 1% to $69.1 million compared to $68.4 million in last year's first quarter.

我們第一季的營收與去年第一季的 6,840 萬美元相比成長了 1%，達到 6,910 萬美元。

This reflects strong growth in education, where sales grew 11%, and flat sales in enterprise, which really in line with what we had hoped and expected as we undertook the transitioning of our sales force with an even more powerful go-to-market model in Enterprise North America in the quarter.

這反映了教育領域的強勁成長，其銷售額成長了 11%，而企業領域的銷售額持平，這確實符合我們所希望和預期，因為我們在本季度進行了銷售隊伍的轉型，並在北美企業中採用了更強大的行銷模式。

First-quarter adjusted EBITDA was $7.7 million, or $8.1 million in constant currency.

第一季調整後的 EBITDA 為 770 萬美元，以固定匯率計算為 810 萬美元。

This is right in line with our expectation and our guidance that adjusted EBITDA in constant currency in the first quarter between $7.5 million and $8.5 million.

這完全符合我們的預期和指導，即第一季調整後的固定匯率 EBITDA 在 750 萬美元至 850 萬美元之間。

This compares with adjusted EBITDA of $11 million in last year's first quarter, primarily reflecting the first quarter share of the $16 million total in growth investments we're making this year.

相較之下，去年第一季的調整後 EBITDA 為 1,100 萬美元，主要反映了我們今年 1,600 萬美元成長投資總額中第一季的份額。

As we discussed in November, and we'll address more in a moment, we've transformed our sales structure so that one large group of salespeople will focus exclusively on expanding existing business within our existing clients, while another significant group of salespeople will be hunters focused exclusively on landing new logos.

正如我們在 11 月討論的那樣，我們稍後會詳細討論，我們已經改變了我們的銷售結構，以便一大批銷售人員將專注於擴大現有客戶的現有業務，而另一批重要的銷售人員將專注於尋找新客戶。

You can see as shown on slide 4, the investments being made to support these two efforts.

如投影片 4 所示，您可以看到為支持這兩項工作而進行的投資。

These investments include: first, our investment in client expansion, which includes additional implementation strategists, practice leaders and consultants to help us achieve significant penetration in our existing All Access Pass-holding clients.

這些投資包括：首先，我們對客戶擴展的投資，其中包括額外的實施策略師、實踐領導者和顧問，以幫助我們在現有的全通行證持有客戶中實現顯著滲透。

The second area of investment is in our new hunting team.

第二個投資領域是我們的新狩獵團隊。

It's the hunter salespeople themselves, and then marketing and lead generation and closing support for those hunting client partners.

這是獵人頭銷售人員本身，然後是那些獵人頭客戶合作夥伴的行銷、銷售線索產生和成交支援。

The third area is investments in sales leadership and sales operations to allow us to scale this whole new structure.

第三個領域是對銷售領導力和銷售營運的投資，以使我們能夠擴展這個全新的結構。

And then the final area is a slight increase in content and technology.

最後一個方面是內容和技術的略微增加。

We expect these investments to accelerate our revenue growth from single digit to consistent double-digit levels with a high flow-through of this increased revenue to increases in adjusted EBITDA and cash flow.

我們預計這些投資將加速我們的收入成長，從個位數成長至穩定的兩位數水平，並且這些增加的收入將大量轉化為調整後 EBITDA 和現金流的增加。

Our growth investments in the first quarter came in right where we expected they would.

我們第一季的成長投資達到了我們的預期。

I'd also like to share just a bit more about the results in our Education division.

我也想分享一些我們教育部門的成果。

As I mentioned, revenue in the first quarter grew a significant 11% with the number of contracted leader in meet schools increasing 58% over last year's first quarter from 52 schools last year to 82 schools in the first quarter this year.

正如我所提到的，第一季的收入顯著增加了 11%，簽約學校領導者的數量比去年第一季增加了 58%，從去年的 52 所學校增加到今年第一季的 82 所學校。

Importantly, we're achieving continued success in making sales to entire districts and even to some states rather than selling only to individual schools.

重要的是，我們在向整個地區甚至一些州銷售而不是僅僅向個別學校銷售方面取得了持續的成功。

In fact, last year, 74% of our schools that were brought -- on were brought on as part of a district contract.

事實上，去年我們 74% 的學校都是作為學區合約的一部分納入的。

And in a few cases, we're now beginning to engage, as I said, in statewide opportunities.

正如我所說，在少數情況下，我們現在開始參與全州範圍內的機會。

I'll just maybe share an example of this transition is what's happening with a new statewide contract in the Southeastern United States.

我可能只想分享這種轉變的一個例子，那就是美國東南部新的州級合約正在發生的情況。

For many years, we brought on numerous single schools in this state.

多年來，我們在這個州引進了多所單獨的學校。

After partnering with these schools to achieve strong results in our first quarter, we signed a contract at the state level that will include more than 100 initial schools to come on throughout this year with many more schools to follow.

在與這些學校合作並在第一季度取得強勁業績後，我們簽署了一份州級合同，其中將包括今年將加入的 100 多所初始學校，隨後還會有更多學校加入。

The second thing I'd like to provide a deeper dive into is our progress on the investments to accelerate our go-to-market efforts.

我想深入探討的第二件事是我們在加速市場進入努力的投資方面取得的進展。

Specifically, I'll identify the key leverage points on which the realignment of our sales force is focused.

具體來說，我將確定我們銷售團隊調整的重點關鍵槓桿點。

In our earnings call in November, we shared that we were pleased to have substantially achieved the three big strategic initiatives we've undertaken in the previous years.

在11月份的財報電話會議上，我們表示很高興看到過去幾年採取的三大策略舉措基本實現。

Specifically, first, that we've transitioned our entire business model to subscription.

具體來說，首先，我們已經將整個商業模式轉變為訂閱模式。

Second, we've invested heavily with knowledge enablement of all of our solutions so that they can be delivered seamlessly across entire organizations in a variety of modalities and in more than 25 languages worldwide, as well as institutionalizing our significant ongoing investments in technology.

其次，我們對所有解決方案的知識支援進行了大力投資，以便它們能夠以多種方式和超過 25 種語言在整個組織內無縫交付，並且使我們在技術方面的持續重大投資制度化。

The third is that we've made significant investments to ensure that our content and solutions represent the gold standard in our space and have also institutionalized our processes and ongoing investments in content, so that our solutions will continue to define this gold standard.

第三，我們進行了大量投資，以確保我們的內容和解決方案代表我們所在領域的黃金標準，並且還將我們的流程和持續的內容投資制度化，以便我們的解決方案將繼續定義這一黃金標準。

In addition, we have some exciting new additions to our content lineup which we'll be launching in the coming periods in which we expect will help to further penetrate existing clients and accelerate winning new clients.

此外，我們的內容陣容中還有一些令人興奮的新內容，我們將在未來一段時間內推出這些內容，預計這將有助於進一步滲透現有客戶並加速贏得新客戶。

These include a new communications suite of offerings, which is one of our most requested new solution areas, as well as additional leadership solutions to fill out the leadership map to help support leaders on the journey from being a new leader all the way to being the leader of an enterprise.

其中包括一套新的通訊產品，這是我們最需要的新解決方案領域之一，還包括額外的領導解決方​​案，以填補領導力圖譜，幫助支持領導者從新領導者一路成長為企業領導者。

Having completed the heaviest lifting involved in each of these important strategic initiatives, we're now positioned to leverage the collective impact of these initiatives by accelerating our go-to-market efforts to capture an even greater share of our very large TAM.

在完成了每項重要策略舉措中最繁重的工作後，我們現在可以利用這些舉措的集體影響力，加快我們的市場進入力度，從而佔據我們龐大的 TAM 中的更大份額。

The two key areas of focus and investment in this go-to-market acceleration are: first, to focus a large number of our client partners solely on increasing client penetration and retention and to provide them with the additional client support resources necessary to achieve this expansion within our clients.

此次市場加速的兩個重點關注和投資領域是：首先，讓大量客戶合作夥伴專注於提高客戶滲透率和保留率，並為他們提供在客戶群中實現擴張所需的額外客戶支援資源。

The second area is to build a large and growing, specially trained team of new logo hunting client partners, who will have the sole responsibility to win a significantly increasing number of new logos.

第二個領域是建立一支規模龐大、不斷壯大、經過專門培訓的新標誌搜尋客戶合作夥伴團隊，他們將全權負責贏得更多新標誌。

As previously mentioned, we expect the combined impact of these focused initiatives to result in a significant increase in our sustainable ongoing revenue growth rate from single digits to consistently achieving double-digit growth and also generate accelerated levels of adjusted EBITDA and cash flow.

如前所述，我們預期這些重點措施的綜合影響將使我們可持續的持續收入成長率從個位數大幅提升至持續實現兩位數的成長，並加速調整後 EBITDA 和現金流的水平。

Importantly, because almost all of our investment dollars are going into client-facing people and activities, the impact of these investments can be very direct.

重要的是，由於我們幾乎所有的投資資金都投入到面向客戶的人員和活動，因此這些投資的影響可能非常直接。

Over the coming quarters, we'll be reporting our progress against the key leading and lagging indicators that will track our progress towards achieving consistent double-digit revenue and adjusted EBITDA growth.

在接下來的幾個季度中，我們將報告關鍵領先和落後指標的進展情況，這些指標將追蹤我們在實現持續兩位數收入和調整後 EBITDA 成長方面的進展。

The path of impact from these investments will be seen first in increases in the size of our pipelines of opportunities, then in the magnitude of our growth in invoice sales, and finally, in our reported revenues, as the invoice sales that have gone on to our books as deferred revenue are recognized over the ensuing 12 or more months.

這些投資的影響路徑將首先體現在我們的機會管道規模的增加上，然後體現在我們的發票銷售額的增長幅度上，最後體現在我們的報告收入上，因為作為遞延收入記入我們賬簿的發票銷售額將在接下來的 12 個月或更長時間內得到確認。

Given this cycle, we expect that our increased investments will begin to result in an increase in our volume of invoice sales in the back half of fiscal '25, followed by the beginning of a fundamental shift in our growth curve of reported sales in the quarters thereafter.

鑑於這一週期，我們預計，我們增加的投資將開始導致我們在25財年下半年的發票銷售量增加，隨後在隨後的幾個季度中，我們的報告銷售額成長曲線將開始發生根本性轉變。

I'd like to provide some additional detail on the key points of leverage for each of these efforts.

我想就每項努力的關鍵槓桿點提供一些額外的細節。

As noted, the first of our new go-to-market investments is focused on achieving even further penetration within our existing clients.

如上所述，我們新上市投資的首要重點是進一步滲透現有客戶。

We call this project expand.

我們稱這個項目為擴展。

As we've previously reported, since our conversion to subscription, our average annual revenue per client has expanded from approximately $39,000 to $85,000.

正如我們之前所報導的，自從我們轉向訂閱以來，我們每位客戶的平均年收入已經從約 39,000 美元增加到 85,000 美元。

This 218% increase results from the efficacy of our solutions in consistently helping clients achieve their desired results.

這 218% 的成長源自於我們的解決方案的有效性，能夠持續幫助客戶實現他們期望的結果。

This expansion occurs when organizations who have been utilizing one or more of our solutions for a portion of their overall population, not only renews for that portion, but expand their subscription to make the same or additional solutions available to an even broader portion of their overall organization.

這種擴展發生在這樣的情況：那些已經為其整體人口的一部分使用我們的一種或多種解決方案的組織不僅為該部分人續訂，而且擴大了其訂閱範圍，以使相同或其他解決方案可供其整個組織中更廣泛的人群使用。

Where in the past, several client partners may have been working with different operating units of the same company. but with none of those client partners having responsibility for achieving an overall penetration level throughout the client's entire organization.

過去，多個客戶合作夥伴可能與同一家公司的不同營運部門合作。但這些客戶合作夥伴中沒有一個有責任實現整個客戶組織的整體滲透程度。

Under our new go-to-market structure, a single client partner on the expand side of our sales force is now responsible for expanding the use of our solutions across the client's entire organization.

在我們新的行銷架構下，我們銷售團隊擴展的單一客戶合作夥伴現在負責在客戶的整個組織中擴大我們解決方案的使用。

We're already experiencing the power of this new high-focus penetration model.

我們已經感受到這種新型高聚焦滲透模式的威力。

An example is our work with one of the world's largest food and beverage companies, we're working within one of the company's operating units over the last five years, generating around $500,000 a year annually.

例如，我們與世界上最大的食品和飲料公司之一合作，過去五年來我們在該公司的一個營運部門內工作，每年創造約 50 萬美元的收入。

However, as significant as the work within this unit has been under our prior organizational structure, the assigned client partner had little to no visibility into the broader needs of the parent company.

然而，在我們先前的組織結構下，這個部門的工作非常重要，但指定的客戶合作夥伴對母公司的更廣泛需求卻很少或根本沒有了解。

Under our new Project Expand structure, a single client partner is now responsible not only for penetrating the operating unit to which they had traditionally been assigned, but for understanding and meeting needs of the company's entire global organization.

在我們新的專案擴展結構下，單一客戶合作夥伴現在不僅負責滲透他們傳統上被分配的營運部門，還負責了解和滿足公司整個全球組織的需求。

Over the past 18 months or so as part of our Project Expand pilot, this client partner took on the expanded responsibility and in so doing identified a large global leadership development initiative being driven by the CEO and most of the senior leaders in the organization.

在過去 18 個月左右的時間裡，作為我們專案擴展試點的一部分，該客戶合作夥伴承擔了擴大的責任，並在此過程中確定了一項由首席執行官和組織中的大多數高級領導推動的大型全球領導力發展計劃。

Having developed broad relationships within the client's overall organization, our client partner was able to demonstrate how All Access Passes collection of best-in-class leadership solutions offered in more than 25 languages could meet their needs globally.

在與客戶的整個組織內建立了廣泛的關係後，我們的客戶合作夥伴能夠展示 All Access Passes 如何透過提供超過 25 種語言的一流領導力解決方案來滿足他們的全球需求。

This resulted in our being selected at their partner of choice for their global leadership development rollout, and this is now shaping up to be a three-year $5 million opportunity and partnership.

這使得我們被他們選為全球領導力發展推廣的首選合作夥伴，現在這是一個為期三年、價值 500 萬美元的機會和合作夥伴關係。

This is a great example of the significant white space for expansion we have across the majority of our client base, where as significant as our expansion of revenue per client has been over the years, we're still reaching only approximately 10% of these clients' addressable populations.

這是一個很好的例子，說明我們在大多數客戶群中都擁有巨大的擴展空間，儘管多年來我們的每位客戶收入都有了顯著的增長，但我們仍然只能覆蓋這些客戶可覆蓋人群的約 10％。

Achieving the magnitude of client penetration achieved in just this specific client is exactly the focus of Project Expand.

在這特定客戶中達到如此規模的客戶滲透率正是 Project Expand 的重點。

By reducing the number of client accounts for which each of our existing client partners is responsible and providing these expansion client partners with access to a larger pool of implementation strategist, consultant and practice leader resources, we expect to unleash the same kinds of breakthroughs and client penetration just discussed across a significant number of clients.

透過減少每個現有客戶合作夥伴負責的客戶帳戶數量，並為這些擴展的客戶合作夥伴提供更大的實施策略師、顧問和實踐領導者資源池，我們希望在大量客戶中實現剛才討論過的相同類型的突破和客戶滲透。

Our second area of focus is on winning a significantly increased number of new logos.

我們的第二個重點領域是贏得大量新標誌。

What we're calling Project Land or in other words, for landing new logos.

我們稱之為“Project Land”，或者換句話說，是為了登陸新標誌。

Since our conversion to subscription, we've won thousands of new logos.

自從我們轉向訂閱以來，我們已經贏得了數千個新標誌。

However, even with this success, we're only scratching the surface of the potential that exists for winning new clients and partnering with them to address their big opportunities and challenges within the large markets we serve.

然而，即使取得了這樣的成功，我們在贏得新客戶、與他們合作以應對我們所服務的廣闊市場中的巨大機會和挑戰的潛力仍然只是觸及了表面。

As shown on slide 5, we've organized the market into four segments based on organization, employee size and have assigned our hunting client partner teams accordingly.

如投影片 5 所示，我們根據組織、員工規模將市場分為四個部分，並相應地分配了我們的狩獵客戶合作夥伴團隊。

Here, you can see the number of clients in each segment that are not yet Franklin Covey clients into which we have massive headroom for growth and for hire many, many more hunting client partners.

在這裡，您可以看到每個細分市場中尚未成為富蘭克林柯維的客戶的數量，在這些客戶中，我們有巨大的成長空間，可以僱用更多的狩獵客戶合作夥伴。

We're significantly increasing our investment in both marketing and sales closing support resources to help our significant group of partners whose entire focus is now solely on winning new logos.

我們正在大幅增加對行銷和銷售結束支持資源的投資，以幫助我們重要的合作夥伴群體，他們現在的全部注意力都集中在贏得新標誌上。

We're also making investments into central sales leadership and sales operations functions to allow us to scale our sales force even more rapidly in the future.

我們也對中央銷售領導和銷售營運職能進行了投資，以便我們將來能夠更快地擴大銷售團隊。

We fully transitioned the sales force approximately five weeks ago, and are really encouraged by the tremendous energy they're bringing to these focused roles.

大約五週前，我們完成了銷售團隊的全面轉型，他們為這些重點職位注入的巨大活力令我們深受鼓舞。

As it relates to winning new logos, we set an initial target to have 100% of our new logo hunting client partners in place by March 1 of this year.

至於贏得新標識，我們設定了一個初步目標，在今年 3 月 1 日之前讓 100% 的新標識搜尋客戶合作夥伴到位。

I'm pleased to report that as of today, 95% of these hunting client partners are already in place.

我很高興地報告，截至今天，95％的狩獵客戶合作夥伴已經到位。

Being months ahead in filling these key roles will help us ensure that we achieve and possibly exceed our new logo targets in fiscal '25 and we're already realizing some important new logo wins.

提前幾個月填補這些關鍵職位將有助於我們確保在 25 財年實現甚至超越我們的新標誌目標，而且我們已經實現了一些重要的新標誌勝利。

For example, we recently won as a new logo, one of the five largest banks in America.

例如，我們最近以新標誌贏得了美國五大銀行之一的頭銜。

We're partnering with this bank and the development of 2,000 of their leaders.

我們正在與這家銀行合作，培養 2,000 名領導者。

This is an initial portion of their many thousands of leaders.

這是他們數千名領導人中的最初一部分。

In our old selling model, this prospect would have been assigned to several client partners because there are multiple buyers distributed across the country.

在我們先前的銷售模式中，這個潛在客戶會被分配給幾個客戶合作夥伴，因為全國各地都有多個買家。

And in our old model, we would have likely won business, but initially for only a portion of the 2,000 leaders.

而按照我們原來的模式，我們可能會贏得業務，但最初只能贏得 2,000 名領導者中的一小部分。

In our new selling model, this opportunity was owned by a single account executive focused solely on win new logos and with the skill and expertise aligned to the needs of our large enterprise segment clients.

在我們的新銷售模式中，這個機會由一位客戶經理擁有，他只專注於贏得新標誌，並且擁有與我們大型企業部門客戶的需求一致的技能和專業知識。

This new alignment resulted in this $350,000 new logo win, which is approximately 8 or 9 times the size of our historical average.

這次新的調整為我們帶來了 35 萬美元的新標誌收益，這大約是我們歷史平均收益的 8 到 9 倍。

We supported this sale with new closing resources partnered with our client partners to determine the right solution to deploy to this client.

我們透過與客戶合作夥伴合作的新成交資源來支援此次銷售，以確定為該客戶部署的正確解決方案。

This is just one of the many deals we're developing in our pipeline are benefiting from the focused attention of our new logo hunting team and the investment in our new closing resources.

這只是我們正在開發的眾多交易之一，這些交易受益於我們新標誌狩獵團隊的集中關注和對我們新的成交資源的投資。

In conclusion, our target was to begin the second quarter on December 1, fully transitioned into our new go-to-market structure.

總之，我們的目標是從 12 月 1 日開始第二季度，全面過渡到新的市場結構。

I'm pleased to report that we hit that target.

我很高興地報告，我們達到了這個目標。

Today, in Enterprise North America, every salesperson has focused 100% on expanding and retaining existing clients or they're focused 100% on winning brand-new clients.

如今，在北美企業公司，每位銷售人員要麼 100% 專注於擴大和留住現有客戶，要麼 100% 專注於贏得全新客戶。

As we shared, fiscal '25 will be an investment year in which we expect to generate a significant amount of new pipeline and add a lot of new invoiced revenue to our balance sheet, which will then be recognized as reported sales in subsequent periods, ultimately shifting our growth from single digits to consistent double-digit growth.

正如我們所分享的，25財年將是一個投資年，我們預計將產生大量新的管道，並在我們的資產負債表上增加大量新的發票收入，這些收入將在後續期間確認為報告的銷售額，最終將我們的增長從個位數轉變為持續的兩位數增長。

We're really excited about our accelerated go-to-market focus and look forward to reporting our progress.

我們對加速進入市場的重點感到非常興奮，並期待報告我們的進展。

Now with those remarks out of the way, I'd like to turn the time over to Steve to discuss our specific results for Q1 in a bit more detail and also share our guidance.

現在，我想將時間交給史蒂夫，讓他更詳細地討論我們第一季的具體業績，並分享我們的指導。

Thank you, Paul.

謝謝你，保羅。

In Q1, revenue, adjusted EBITDA, cash flows from operating activities and free cash flow continued to be strong and essentially in line with expectations.

第一季度，營收、調整後 EBITDA、經營活動現金流和自由現金流持續保持強勁，基本上符合預期。

Specifically, as shown on slide 6.

具體來說，如幻燈片 6 所示。

In Q1, revenue was $69.1 million, up 1% compared to Q1 last year.

第一季營收為6,910萬美元，較去年第一季成長1%。

In Q1, due primarily to growth investments we have discussed and which came in essentially right in line with our expectations.

在第一季度，這主要歸功於我們討論過的成長投資，而且其結果基本上符合我們的預期。

Adjusted EBITDA was $7.7 million compared with the $11 million generated last year and constant currency, adjusted EBITDA was $8.1 million.

調整後的 EBITDA 為 770 萬美元，而去年同期為 1,100 萬美元，以固定匯率計算，調整後的 EBITDA 為 810 萬美元。

Cash flows from operating activities remained strong at $14.1 million compared to $17.4 million last year.

經營活動現金流保持強勁，為 1,410 萬美元，去年同期為 1,740 萬美元。

The difference was also primarily due to our growth investments.

這一差異主要源自於我們的成長投資。

Free cash flow for the first quarter was also strong at $11.4 million compared to $13.7 million generated in the first quarter of FY24.

第一季的自由現金流也表現強勁，為 1,140 萬美元，而 2024 財年第一季的自由現金流為 1,370 萬美元。

The foundation for increased future growth is being established by the increase in our balancing of deferred subscription revenue, which increased 10% from Q1 last year to $95.7 million.

我們平衡遞延訂閱收入的增加為未來成長奠定了基礎，遞延訂閱收入較去年第一季成長了 10%，達到 9,570 萬美元。

We are encouraged by the double-digit increase in our service booking rate in Q4 in Enterprise North America and importantly, that the strong momentum has continued in this year's first quarter.

我們很高興看到北美企業第四季的服務預訂率實現了兩位數的成長，更重要的是，這一強勁勢頭在今年第一季得以延續。

Now I'd like to briefly provide more detail on the factors underlying our performance in three key areas of our company, specifically our enterprise business in North America, our enterprise business internationally in both our direct offices and international licensee operations and our education business.

現在，我想簡要介紹我們公司三個關鍵領域的業績影響因素，具體來說，分別是我們在北美的企業業務、我們在國際上的企業業務（包括我們的直屬辦事處和國際授權運營機構）以及我們的教育業務。

I'll start with our Enterprise division.

我先從企業部門開始。

In FY24, our Enterprise division generated 73% of the company's overall revenue, with the Education division generating 26% of the company's revenue.

在 24 財年，我們的企業部門創造了公司整體收入的 73%，教育部門創造了公司收入的 26%。

In Q1, revenue on our Enterprise Division was down 2%, primarily due to the difficult business environment in Asia.

第一季度，我們企業部門的營收下降了 2%，這主要是由於亞洲的經營環境艱難。

Slide 7 shows results in our enterprise business in North America, which represented 75% of our total Enterprise division revenue in FY24.

幻燈片 7 展示了我們在北美的企業業務業績，該業績占我們 24 財年企業部門總收入的 75%。

Revenue in North America for Q1 FY25 was $40.1 million compared to $40.3 million last year.

2025 財年第一季北美營收為 4,010 萬美元，去年同期為 4,030 萬美元。

Subscription revenue in North America for Q1 was $21.8 million compared to $22.5 million last year.

第一季北美訂閱收入為 2,180 萬美元，去年同期為 2,250 萬美元。

The combination of subscription and subscription services revenue in North America was $34.3 million, which is down 2% compared to the first quarter of last year.

北美地區訂閱及訂閱服務收入合計為3,430萬美元，較去年第一季下降2%。

Our balance of billed deferred subscription revenue in North America was $41.8 million, which is down 7% from last year.

我們在北美的已計費遞延訂閱收入餘額為 4,180 萬美元，比去年下降 7%。

And our balance of unbilled deferred revenue was $66.5 million, which is down 13% from last year.

我們的未開票遞延收入餘額為 6,650 萬美元，比去年下降了 13%。

The percentage of North America's All Access Passes contracted for multi-year periods increased to 55% from 54% in the first quarter last year.

北美簽訂多年合約的全通行證比例從去年第一季的 54% 上升至 55%。

And the percentage of invoiced revenue represented by multi-year contracts remain consistent with the first quarter last year at 60%.

多年合約佔發票收入的百分比與去年第一季保持一致，為 60%。

As shown on slide 8, revenue from our international direct operations, which account for approximately 16% of our total Enterprise division revenue in FY24 was $8.2 million, a decrease of $0.5 million primarily as a result of our business in Asia decreasing due to challenging business conditions.

如投影片 8 所示，我們的國際直接營運收入約占我們 24 財年企業部門總收入的 16%，為 820 萬美元，減少了 50 萬美元，主要是由於我們的亞洲業務因商業環境嚴峻而減少。

Also shown on slide 8, our international licensee revenue was $3.2 million, a decrease of $200,000 from Q1 last year.

第 8 頁顯示，我們的國際授權收入為 320 萬美元，比去年第一季減少了 20 萬美元。

Finally, as shown on slide 9, revenue in our Education business, grew 11% to $16.5 million for the quarter and grew 8% for the latest 12 months.

最後，如投影片 9 所示，我們的教育業務收入本季成長 11%，達到 1,650 萬美元，最近 12 個月的營收成長了 8%。

Education invoiced amounts grew to $12.2 million in Q1, which represents 43% growth over the prior year.

第一季教育發票金額成長至 1,220 萬美元，較上年成長 43%。

The invoiced amounts for the last 12 months grew 9%.

過去 12 個月的發票金額增加了 9%。

This significant growth over last year is due in part to a contract with the State Board of Education that Paul referenced in his remarks.

與去年相比，這一顯著增長部分歸功於保羅在演講中提到的與州教育委員會簽訂的合約。

Education subscription and subscription services revenue grew 12% to $14.9 million for the quarter and was up 6% for the last 12 months.

本季教育訂閱和訂閱服務收入成長 12% 至 1,490 萬美元，過去 12 個月成長 6%。

Education's balance of billed deferred subscription revenue increased 29% or $10 million to $44.2 million, establishing a strong foundation for continued growth in future years.

教育部門的已計費遞延訂閱收入餘額成長了 29%，即 1,000 萬美元，達到 4,420 萬美元，為未來幾年的持續成長奠定了堅實的基礎。

Now a little bit about cash flows and the balance sheet.

現在來談談現金流和資產負債表。

As shown on slide 10, our cash flows from operating activities for Q1 was a strong $14.1 million compared to the $17.4 million generated in the first quarter of last year, reflecting a decrease in our net income due to the first quarter's share of this year's $16 million growth investment.

如投影片 10 所示，我們第一季的經營活動現金流強勁成長，為 1,410 萬美元，而去年第一季為 1,740 萬美元，這反映出由於今年第一季 1,600 萬美元的成長投資份額導致我們的淨收入減少。

Our free cash flow was $11.4 million for the quarter, compared to $13.7 million in the prior year.

本季我們的自由現金流為 1,140 萬美元，去年同期為 1,370 萬美元。

In Q1 FY25, we purchased 146,000 shares of Franklin Covey stock at a cost of $6 million.

25 財年第一季度，我們以 600 萬美元的成本購買了 146,000 股富蘭克林柯維股票。

Since 2021, we have invested approximately $96 million in stock repurchases.

自 2021 年以來，我們已投資約 9,600 萬美元用於股票回購。

We have approximately $116 million in total liquidity at the end of FY -- end of Q1 FY25 even after these purchases of stock, including $53.3 million in cash and $62.5 million available under our revolving credit agreement.

即使在購買這些股票之後，我們在財年末至25財年第一季末的總流動資金仍約為1.16億美元，其中包括5,330萬美元的現金和根據我們的循環信貸協議可用的6,250萬美元。

The company remains in a strong position to continue to execute on our key objectives.

公司仍處於強勢地位，可以繼續實現我們的關鍵目標。

Now let me turn to guidance.

現在讓我來談談指引。

We are affirming the guidance provided at year-end that we expect revenue in the range of $295 million to $305 million in constant currency.

我們確認年底提供的指導，即預計收入在 2.95 億美元至 3.05 億美元之間（以固定匯率計算）。

Reflecting the expectation that growth will accelerate in the back half of this year as our investments continue to take effect.

隨著我們的投資持續發揮作用，我們預期今年下半年成長將會加速。

We also note that a significant portion of that growth will be reported on the balance sheet as deferred subscription revenue and then be recognized in future quarters as reported revenue.

我們還注意到，該成長的很大一部分將在資產負債表中報告為遞延訂閱收入，然後在未來幾季確認為報告收入。

Also consistent with the guidance provided at year-end, which reflected a $16 million of growth investments we are making this year, we expect to achieve adjusted EBITDA in the range of $40 million to $44 million in constant currency.

此外，根據年底提供的指引，我們預計今年我們將進行 1,600 萬美元的成長投資，以固定匯率計算，我們預計調整後的 EBITDA 在 4,000 萬至 4,400 萬美元之間。

For the second quarter of FY25, we expect revenue to be higher than last year or between $61.5 million and $63 million in constant currency.

對於 25 財年第二季度，我們預計營收將高於去年，或以固定匯率計算在 6,150 萬美元至 6,300 萬美元之間。

We expect adjusted EBITDA to be between $1.5 million and $2.5 million, again, in constant currency compared to the $7.4 million last year.

我們預計調整後的 EBITDA 將在 150 萬美元至 250 萬美元之間，以固定匯率計算，去年同期為 740 萬美元。

With the vast majority of the difference coming from the impact of the second quarter's portion of the $16 million in incremental growth investments that we've been talking about.

其中絕大部分差額來自於我們一直在談論的 1,600 萬美元增量成長投資中第二季部分的影響。

We recognize that in order to achieve our full year guidance, we'll need to achieve accelerated revenue growth in the back half of the year, and we expect this to happen.

我們認識到，為了實現全年預期，我們需要在下半年實現加速收入成長，我們預計這將會發生。

To give some additional context to some areas of strength we are seeing in the business that support our confidence in an enterprise North America in Q1 were subscription invoiced amounts declined from the prior year more than 100% of this decline was due to five contracts of which four were timing related, and we expect to renew all four this year.

為了進一步說明我們在業務中看到的一些優勢領域，這些優勢支撐了我們對北美企業的信心，北美第一季度的訂閱發票金額較上年同期下降，其中 100% 以上的下降是由於五份合同，其中四份與時間有關，我們預計今年將續簽所有四份合同。

Additionally, we are pleased with the Q2 forecast for invoice growth in Enterprise North America and expect to achieve meaningful growth in this important metric in the quarter.

此外，我們對北美企業第二季發票成長預測感到滿意，並預計本季這項重要指標將實現有意義的成長。

We are pleased with the tremendous progress being made in North America enterprise growth initiatives.

我們很高興看到北美企業成長計畫取得巨大進展。

While it is, of course, very difficult to forecast long-term results, we remain optimistic about our ability to generate increasing revenue and adjusted EBITDA growth in coming years, ultimately moving from single digit to consistent double-digit growth rates.

當然，雖然預測長期結果非常困難，但我們仍然對未來幾年創造不斷增長的收入和調整後 EBITDA 成長的能力持樂觀態度，最終從個位數轉變為持續的兩位數成長率。

Now I'll turn the time back to Paul.

現在我將時間轉回保羅身上。

Thank you, Steve.

謝謝你，史蒂夫。

Maybe just a final comment here before we open the line to questions.

在我們開始回答問題之前，也許我只是想做最後一則評論。

We feel very good about our progress and the path that we're pursuing to accelerate our growth in revenue and adjusted EBITDA and cash flow.

我們對我們的進展以及我們為加速收入和調整後 EBITDA 和現金流成長所採取的道路感到非常滿意。

To do this in the coming quarters and as we move into next year and beyond.

我們將在接下來的幾個季度以及明年及以後實現這一目標。

And also at the same time, feel great about just our continued increase in our ability to partner with our clients and to deliver extraordinary impact as their partners, grateful to all of our associates around the world for all that they're doing as well and grateful to each of you.

同時，我們對我們與客戶合作的能力不斷提升、作為合作夥伴產生非凡影響感到非常高興，也對我們在世界各地的所有同事所做的一切表示感謝，也對你們每一個人表示感謝。

So with that, we'd now like to invite the operator to open the line for your questions.

因此，我們現在想請接線員開通熱線來回答您的問題。

(Operator Instructions) Alex Paris, Barrington Research.

（操作員指示）Alex Paris，Barrington Research。

I guess the first one would be a little bit more discussion on growth investments.

我想第一個問題應該要多討論成長投資。

In Q1, revenues were essentially in line with your constant currency guidance for the quarter and adjusted EBITDA on a constant currency basis was right in the middle of that forecasted range.

在第一季度，營收基本上與您對該季度的固定匯率指引一致，並且以固定匯率計算的調整後 EBITDA 正好處於該預測範圍的中間。

Looking at your guidance for Q2, It looks like adjusted EBITDA will be more significantly below my expectation of $5.9 million and the FactSet consensus of $5.0 million, you were guiding to 1.5% to 2.5%.

查看您對第二季的指引，調整後的 EBITDA 似乎將大幅低於我預期的 590 萬美元和 FactSet 預測的 500 萬美元，而您預期的成長幅度為 1.5% 至 2.5%。

Is that attributable to increased growth investments -- this is the first quarter.

這是否歸因於成長投資的增加——這是第一季。

So I guess the question is 2 parts.

所以我猜這個問題分成兩個部分。

Of the $16 million, how much was expended in Q1?

在這 1600 萬美元中，第一季支出了多少？

And how much do you expect to expand on these growth investments in Q2?

您預計第二季這些成長投資將擴大多少？

Steve, do you want to take that?

史蒂夫，你想接受這個嗎？

Yes, Alex.

是的，亞歷克斯。

So we spent a little bit under $3 million in Q1.

因此，我們在第一季的支出略低於 300 萬美元。

We expect to spend a little bit over $4 million in Q2 and then probably pretty even like $4.5 million in each of Q3 and Q4, adding up to $16 million.

我們預計第二季的支出將略高於 400 萬美元，第三季和第四季的支出可能分別約為 450 萬美元，總計 1,600 萬美元。

So there was a $1-plus million, million couple of hundred thousand additional spending in Q2 versus Q1.

因此，與第一季相比，第二季的支出增加了一百多萬美元。

Got you.

明白了。

And then I think you called out some of the early returns from these initiatives in Q1, you gave the new logo example and the increase in deferred subscription revenue, I think.

然後，我認為您提到了第一季這些舉措的一些早期回報，您給出了新標誌的例子，我想遞延訂閱收入的增加。

What else can you share with us in terms of early return KPIs realizing that we're going to see this more substantially in the second half and beyond.

在早期回報 KPI 方面，您還能與我們分享什麼？

Yes, yes.

是的，是的。

Great.

偉大的。

Thanks for that caveat as well.

也感謝您的警告。

So just from a timing standpoint, so to back everybody up for a second.

因此，僅從時間角度而言，請大家支持一下。

A little over 18 months ago, we initiated some pilots to test this out.

十八個多月前，我們啟動了一些試點計畫來測試這一點。

We liked what we saw in those pilots.

我們喜歡這些飛行員的表現。

And that is what gave us the connection to actually move forward with the transition in the go-to-market that we've been talking about the last two quarters.

這讓我們能夠真正推進過去兩季我們一直在談論的市場進入轉型。

Q1 was a quarter of preparation, and we actually wasn't until the first day of Q2, so December 1 that we are now fully in the new structure.

Q1 是一個準備季度，但實際上直到 Q2 的第一天，也就是 12 月 1 日，我們才完全進入新的結構。

And so a couple of those examples we shared are people who had transitioned earlier as part of the pilot.

我們分享的幾個例子是早些時候作為試點計畫的一部分進行轉變的人。

And are now in those same roles moving forward, they're either expanders or their new logo hunters.

現在他們繼續扮演同樣的角色，要么是擴張者，要么是新標誌的獵人。

And so we really expect, Alex, this is kind of -- this is really the first quarter.

因此，亞歷克斯，我們真的很期待，這確實是第一季。

So we had two weeks before the holidays or so and now -- and then the holidays, and now we're back and everybody is in their roles.

因此，在假期之前我們還有大約兩週的時間，然後就是假期，現在我們回來了，每個人都在各自的崗位上。

And so as far as KPIs go, what we expect and what we'll be reporting in our following reports here will be kind of the walk from, by the way, everybody is in place.

就 KPI 而言，我們的期望以及我們將在以下報告中報告的內容將是這樣的，順便說一下，每個人都已到位。

We mentioned that a minute ago as well.

我們剛才也提到這一點。

And so we've got everybody here.

現在我們把所有人都聚集在這裡。

They're all in place.

一切已就位。

They're all firing now in their new roles.

他們現在都在新的崗位上幹勁十足。

And what we expect to see is increased marketing and lead generation from marketing investments that we will be making throughout the increased marketing investments throughout the year.

我們期望看到的是，透過全年增加的行銷投資，行銷和潛在客戶開發將會增加。

We expect larger new logo pipelines.

我們期待更大的新標誌管道。

We expect good like we've had an even better retention of clients and the revenue associated with that.

我們期待更好的客戶保留率以及與此相關的收入。

But the leading indicators would be lead flow, would be pipeline, sales activity, that would then turn into more invoiced revenue growth in the back half of the year, which is then, of course, will come off the balance sheet and be reported as revenue in future periods.

但領先指標將是銷售線索流、通路和銷售活動，這些活動將在下半年轉化為更多的發票收入成長，當然，這些收入將從資產負債表中剔除，並在未來期間作為收入報告。

So in terms of early returns, I would point to the quality of the hires that we've been able to bring in.

因此，就早期回報而言，我想指出的是，我們所能招募到的人才的品質。

And in fact, maybe on that one in just a second, I have Holly Procter, who's on talk about some of the great new logo hunting folks we brought in, that will be an indicator of success.

事實上，關於這一點，馬上就請到 Holly Procter 來談談我們引進的一些出色的新標誌搜尋人員，這將是成功的指標。

And then we'll be looking closely at the growing and building pipelines as we move forward.

然後，我們將在前進的過程中密切關注管道的成長和建設。

But this is -- we're just a couple of weeks into this whole new structure now.

但這是——我們現在才進入這個全新結構幾週。

Holly, any thought on the -- you want to offer on the people we've been able to attract?

霍莉，對於我們已經吸引到的人才，你有什麼想法嗎？

Yes, sure.

是的，當然。

Alex, it's great to meet you.

亞歷克斯，很高興見到你。

I can share a little bit on the speed and quality of the hires we've made so far.

我可以稍微分享一下我們迄今為止招募的速度和品質。

So as Paul alluded to, we've been able to fill the new logo on the board well ahead of schedule.

因此，正如保羅所提到的，我們已經能夠提前在板上填滿新的標誌。

So we're excited about the speed.

所以我們對速度感到非常興奮。

In addition to the speed, though, probably the thing I'm most excited about is the quality of the candidates we've been able to attract.

除了速度之外，可能最讓我興奮的是我們能夠吸引到的候選人的素質。

And so pulled over sales coming from Zoom, LinkedIn, Udemy, SkillSoft, EY, some of the best brands, and we're eager to bring their skills into Franklin Covey.

因此，我們吸引了來自 Zoom、LinkedIn、Udemy、SkillSoft、EY 等一些頂級品牌的銷售人員，我們渴望將他們的技能帶入富蘭克林柯維。

They are certainly excited to have and running and eager to get in their February.

他們當然很高興能夠跑步並渴望進入二月。

So thrilled not just about the speed but also the quality.

令我興奮的不僅是速度，還有品質。

That's great.

那太棒了。

And in terms of quantity, on the hunter side, the target was just to be clear, 44 or so.

而從數量上來說，獵人這邊的目標很明確，就是44隻左右。

And then on the farmer side or the expand side, 88 client-facing CPs?

那麼在農民方面或擴展方面，有 88 個面向客戶的 CP 嗎？

Yes.

是的。

Yes.

是的。

And just a quick note on that to follow up on that.

我只想簡短地說明一下，以便跟進此事。

So the great thing is the 88 on the expand side, we don't want to call -- we don't call them -- nobody is a farmer here because you got to expand what you have. and grow it.

因此，最棒的事情是，在擴展方面，我們不想稱之為——我們不稱之為——這裡沒有人是農民，因為你必須擴展你所擁有的。並使其發展。

But those are all incumbents.

但這些都是現任者。

So we went through -- those are the best of the best that we've had at client retention and expansion.

所以我們經歷了——這些是我們在客戶保留和擴展方面所擁有的最佳成果。

That's the group that's been responsible for the 218% expansion in revenue per client we've achieved over the last few years.

這個團隊在過去幾年中為我們帶來了每位客戶的收入 218% 的成長。

And now that's all we've asked them to focus on.

現在我們要求他們只關注這一點。

And so yes, they're all in place, and that was not a lot of new hiring.

是的，他們都到位了，而且沒有招募很多新員工。

Those people are in here and they're doing the job that they've been doing even more focused now in this new structure.

這些人都在這裡，他們正在做自己的工作，在新的架構下，他們做得更專注。

On the other side, the 44, yes, the 42, the 44 here today, yes.

另一方面，44，是的，42，今天在這裡的44，是的。

And those are the quality hires that Holly you were referring to coming from Udemy and LinkedIn and SkillSoft, et cetera.

這些都是 Holly 所指的來自 Udemy、LinkedIn、SkillSoft 等公司的優質人才。

Correct.

正確的。

Great.

偉大的。

And then just a quick maybe a gen question.

然後可能只是一個簡單的問題。

But on our last call, we had talked about launching 7.5 at 5.0, it had been done in the weeks prior to the call, maybe a week prior to that call, the early read-throughs of that product launch or relaunch.

但在我們上次電話會議上，我們談到了在 5.0 時推出 7.5，這在電話會議召開前的幾週就已經完成了，也許是在電話會議召開前一周，對該產品的發布或重新發布進行了早期的通讀。

Jennifer Colosimo

珍妮佛·科洛西莫

Executive

管理人員

Thanks, Alex.

謝謝，亞歷克斯。

Well, as you know, we did quite a bit of marketing in Q1, and we had very significant growth in registrations in our marketing events.

嗯，如您所知，我們在第一季做了相當多的行銷工作，我們的行銷活動的註冊量也取得了非常顯著的成長。

We grew about 15%.

我們成長了大約15%。

One of the great indicators is that we had over 2,000 people come live to 7 Habits events in the US and Canada.

一個重要指標是，有超過 2,000 人現場參加了在美國和加拿大舉辦的「七個習慣」活動。

And in fact, they took place all over the world and over 4,000 people for our webcast.

事實上，這些活動在世界各地舉行，有超過 4,000 人觀看了我們的網路直播。

So we really believe in the strength of this solution.

所以我們確實相信這個解決方案的實力。

Steve alluded to our excitement about our booking pace, and we've definitely seen that impacted by the 7 Habits, timeless principles, but as we've updated some of the practices, our clients are very excited about it, and it's also gotten us into some new prospects.

史蒂夫提到了我們對預訂速度的興奮，我們確實看到這受到了 7 個習慣和永恆原則的影響，但隨著我們更新了一些做法，我們的客戶對此感到非常興奮，這也為我們帶來了一些新的前景。

(Operator Instructions) Dave Storms, Stonegate.

（操作員指示）戴夫·斯托姆斯（Dave Storms），Stonegate。

I kind of want to start on the first one around your TAM and how you see it per client.

我想先了解您的 TAM 以及您如何看待每位客戶。

And just bear with me on the math here.

請耐心聽我計算這裡的數字。

If the rough math is $85,000 per client, that's about a 10% penetration on average.

如果粗略計算每位客戶 85,000 美元，平均滲透率約為 10%。

Does that then full 100% penetration rate factor in only the current offerings that you guys have in place?

那麼，100% 的全面滲透率是否只考慮了你們目前提供的產品？

Or does that factor in any offerings that you may be able to add on down the line?

或者這是否考慮到了您以後可能添加的任何產品？

And apologies if I didn't ask that question quite right.

如果我沒有正確地問出這個問題，請原諒。

I think I understand the question.

我想我明白了這個問題。

And so Dave, I think the answer to -- if I understand the question right, so moving from the 10% -- so yes, your math is right that on average, across our client base, we're generating $85,000 a year in revenue per client.

所以戴夫，我認為答案是 — — 如果我理解正確的話，從 10% 開始 — — 是的，你的計算是正確的，平均而言，在我們的客戶群中，我們每個客戶每年創造 85,000 美元的收入。

And obviously, that number looks a little bit different depending on the segment, the size of the organization that we're in, but that is the average.

顯然，根據我們所在的部門和組織規模的不同，這個數字會有些不同，但這是平均值。

And that's -- we're achieving that average today with about 10% average penetration into those organizations in terms of number of seats that we could be selling All Access Pass into.

而這就是 — — 我們今天已經實現了這一平均水平，以我們可以銷售全通行證的席位數量計算，這些組織的平均滲透率約為 10%。

In terms of your question about where do we go from here and what are the drivers of moving that 10% penetration to 15%, 20%, 25%, 30% driving that higher.

至於你問的我們下一步該怎麼做，以及將滲透率從 10% 提高到 15%、20%、25%、30% 的驅動因素有哪些。

There are a couple of drivers of that.

造成這種情況的原因有幾個。

You asked about the content parts.

您詢問的是內容部分。

Let me answer that first, and then I'll come back to the second driver.

讓我先回答這個問題，然後再回答第二個驅動因素。

So on the content side, we have been working hard over the last couple of years to build solutions that naturally should radiate further into our client organizations.

因此，在內容方面，過去幾年我們一直在努力建立能夠自然地進一步輻射到我們的客戶組織的解決方案。

I'll give you an example, prior to the most recent launch of the Speed of Trust.

我給你舉一個例子，在最近推出「信任速度」計畫之前。

So in the prior version of Speed of Trust going back now a year ago, we really had a version of that solution that was geared only to leaders.

因此，在一年前的「信任速度」早期版本中，我們確實有一個僅面向領導者的解決方案版本。

So that right there meant that if there are about 10% or 15% of your company is leaders, then that kind of define the population of that solution could be utilized by.

所以這意味著，如果貴公司大約有 10% 或 15% 的人是領導者，那麼就可以利用這種解決方案的人。

When we launched the new version of Trust this past year, we created a working at the Speed of Trust companion offering to the traditional leading at the Speed of Trust offering.

當我們去年推出新版 Trust 時，我們創建了一款以「信任速度」為特色的配套產品，以取代傳統的以「信任速度」為特色的產品。

That right there is built to scale to the rest of a broad organization.

這項權利的建立是為了擴展到整個廣泛組織的其他部分。

And so we've taken that approach across a number of our different solutions such that even with the current set of offerings, we believe that they can scale, and we should be able to see business to more users inside organizations.

因此，我們在許多不同的解決方案中都採用了這種方法，即使使用當前的產品，我們也相信它們可以擴展，並且我們應該能夠在組織內部為更多用戶提供業務。

A second example of that was the investment in the Impact platform, right?

第二個例子是對 Impact 平台的投資，對嗎？

We bought Strive a few years ago.

我們幾年前收購了 Strive。

We rebranded that as our impact platform.

我們將其重新命名為我們的影響力平台。

Again, to give us the technology backbone and the ability to support a variety of delivery modalities so that we could address larger portions of organizations.

再次，為我們提供技術支撐和支援各種交付模式的能力，以便我們能夠滿足更大規模組織的需求。

And then the third part of the content is we are building and launching more solutions.

第三部分內容是我們正在建立和推出更多解決方案。

You'll recall, there was a time when we invested 4%, 4.5% a year in new solution development.

您可能還記得，曾經有一段時間，我們每年投資 4% 到 4.5% 來開發新的解決方案。

That's about double that amount now and that's a percent of revenue.

這個數字大約是現在的兩倍，佔收入的百分比。

And so on our product road map that this year and in the coming years are more solutions that are built with scale in mind.

因此，我們今年和未來幾年的產品路線圖將更多地以規模為考慮地構建解決方案。

And the reason that, that was important to get that in place first is that now that we've transitioned the sales force, we now have a group of expanding client partners on that side of the sales force that that's their entire job.

首先要落實這一點，因為現在我們已經完成了銷售團隊的轉型，銷售團隊中現在有一群不斷擴大的客戶合作夥伴，這是他們的全部工作。

Their entire job is to take these organizations that are now All Access Pass holders, and focus intently on moving us from 10% penetration to something much more significant.

他們的全部工作就是帶領這些現在是全通行證持有者的組織，全心全意地致力於將我們的滲透率從 10% 提升到更重要的水平。

And the good news is that's all they're focused on.

好消息是他們只關注這一點。

And they have and increasingly will have a product set that's built to support that kind of expansion.

他們已經擁有並將繼續擁有一套為支持這種擴張而打造的產品。

That's incredibly helpful.

這非常有幫助。

And then just one more for me.

然後對我來說再來一個。

With the expanding capability of the landing team, I guess what kind of early profile is this allow you to target that maybe you could have before.

隨著登陸隊能力的不斷擴大，我猜想這會是什麼樣的早期概況允許您瞄準以前可能擁有的目標。

Are you going to be able to maybe go up in size because the landing team will have more ability to be more focused or are you going to be able to go down in size because you're just going to have more eyes on a type of logo.

您是否可以擴大規模，因為登陸團隊將更有能力更加專注，還是可以縮小規模，因為您將有更多的眼睛關注某種徽標。

Just trying to get a sense of maybe where you're -- there is it all of the above?

只是想了解您所在的位置——是否存在以上所有情況？

Just trying to get a sense of where your focus shifts on the landing side going forward?

只是想了解未來您在著陸方面的重點將轉移到哪裡？

Dave, just to be clear, and I'll turn it over to Holly.

戴夫，為了說清楚，我將把它交給霍莉。

Your question is about the target companies we're selling to and what happens kind of the average deal size there, it's not about who we go higher in as new landing hunting client partners, right?

您的問題是關於我們銷售的目標公司，以及那裡的平均交易規模如何，而不是關於我們作為新登陸狩獵客戶合作夥伴的排名如何，對嗎？

You're asking about the clients that we focus?

您問的是我們關注的客戶嗎？

Correct.

正確的。

Yes, about maybe wins on the client side.

是的，客戶端可能會獲勝。

Yes.

是的。

Great.

偉大的。

Holly, do you want to opine on that?

荷莉，你想對此發表意見嗎？

Yes, no problem.

是的，沒問題。

So first, just to take a step back on how we were organized prior to this transformation.

首先，我們來回顧一下在這次轉型之前我們是如何組織起來的。

We had client partners that were set up in all major geos across the US and Canada.

我們的客戶合作夥伴遍佈美國和加拿大各主要地區。

And so they were very much focused on our local geography.

因此他們非常關注我們當地的地理。

In this new model, we've adjusted to be organized by segments, and those segments are SMB, major accounts, enterprise and key accounts.

在這個新的模型中，我們已經調整為按細分市場進行組織，這些細分市場包括中小企業、大客戶、企業和重要客戶。

And those are organized by two things.

它們是由兩件事構成的。

The first is the size of the company, so the FTE count of the company.

首先是公司的規模，也就是公司的全職員工人數。

And then on the customer side of the house, there's also an inclusion of how much they spend.

然後在客戶方面，還包括他們花了多少錢。

And so now that we have them organized by the size of the company, will not just organize the sales team, but then their associated team members across the company and other functions like product and marketing and sale support to go with our segment-based customers.

現在，我們已經按照公司規模對它們進行了組織，不僅會組織銷售團隊，還會組織整個公司的相關團隊成員以及產品、行銷和銷售支援等其他職能部門，以滿足我們基於細分的客戶的需求。

So to your point, there's likely a very different solution that we'll give to our SMB audience, that's a high elasticity sale, very large volume and lower price point.

所以正如您所說，我們很可能會為 SMB 受眾提供一個非常不同的解決方案，那就是高彈性銷售、非常大的銷售和較低的價格點。

And then as we go all the way up the stack to our key account audience, it's the largest brands in the world, the company is over 25,000 employees where our key differentiator is that we're offering them a global solution at scale.

然後，當我們一路向上延伸到我們的關鍵客戶受眾時，他們是世界上最大的品牌，公司擁有超過 25,000 名員工，我們的主要區別在於我們為他們提供大規模的全球解決方案。

(Operator Instructions) Nehal Chokshi, Northland Capital Markets.

(操作員指示) Nehal Chokshi，Northland Capital Markets。

Steve, thank you for the detail on the driver of the invoice, subscription invoice decline.

史蒂夫，感謝您提供有關發票驅動因素和訂閱發票拒付的詳細資訊。

Do you guys believe that that's any way the timing because they were largely related to timing, is that in any way related to the transition to the Hunter Farmer sales model here?

你們是否認為這就是時機，因為它們很大程度上與時機有關，這是否與向 Hunter Farmer 銷售模式的過渡有關？

Steve, want me take that?

史蒂夫，想讓我拿著它嗎？

Yes.

是的。

Actually, no, not on those deals, Nehal.

事實上，不是的，Nehal，這些交易不是這樣的。

So where the timing is on those.

那麼這些的時間安排在哪裡呢？

One is a large government contract.

一是大型政府合約。

And the timing on that is actually tied to the election and potential government shutdown, which has now been resolved, and so that just moved it out of the first quarter, the renewal of that All Access Pass subscription out of the quarter.

而這個時間安排實際上與選舉和潛在的政府關門有關，目前這個問題已經得到解決，因此就將其從第一季度移出了，All Access Pass 訂閱的續訂也從本季度移出了。

In fact, the salesperson that's assigned to that account was assigned to -- it's still assigned to it.

事實上，分配給該帳戶的銷售人員已被分配給 - 仍被分配給該帳戶。

We're not moving that away from the great successful client partner we've had attached to that.

我們不會將其從我們已經擁有的非常成功的客戶合作夥伴中轉移開。

Another example is a client that we actually was quite a large client we won the first quarter last year.

另一個例子是我們去年第一季贏得的一個相當大的客戶。

And the renewal of that contract was always going to be a Q2 renewal to get it into -- to tie to their calendar year -- sorry, to their fiscal year, which is the calendar year, and so that shifted it from our Q1 to our Q2.

並且該合約的續約始終將在第二季度進行，以使其與他們的日曆年（對不起，是他們的財政年度，即日曆年）保持一致，因此將其從我們的第一季度轉移到了第二季度。

So it's examples of some things like that.

這些都是類似事物的例子。

And therefore, four of the five, we expect fully expect we'll get back in this year, and that will help our invoiced amounts here over the coming three quarters.

因此，我們預計這五個中的四個將在今年完全恢復，這將有助於我們在未來三個季度的發票金額。

Great.

偉大的。

Okay.

好的。

Fantastic.

極好的。

Let's see Steve, as you disclosed how much shares you bought back in the quarter?

讓我們看看史蒂夫，您披露了本季回購了多少股票嗎？

146,000 shares.

146,000股。

Nehal, good to talk with you.

Nehal，很高興與您交談。

Yes.

是的。

So that translates to about $4.5 million.

所以這相當於約 450 萬美元。

$6

6美元

million.

百萬。

$6

6美元

Million.

百萬。

Okay.

好的。

All right.

好的。

And that's a nice healthy pace expected to continue at a healthy pace going forward here, essentially even accelerated?

這是一個很好的健康步伐，預計未來將繼續以健康的速度發展，甚至加速？

Well, as you know, we don't project what we're going to do.

嗯，如你所知，我們並沒有計劃要做什麼。

We see the same things that you see and we have a history of buying back shares.

我們看到的情況與您看到的一樣，並且我們有回購股票的歷史。

So we'll definitely be looking at it.

所以我們一定會關注它。

Okay.

好的。

All right.

好的。

Look, we are big believers that shift to the Hunter Farmer model will drive the key metrics on churn on an expansion positively.

我們堅信，轉向 Hunter Farmer 模式將對擴張過程中的客戶流失關鍵指標產生正面影響。

Of these three metrics, which one do you think is going to have the biggest impact as you make this transition here?

在這三個指標中，您認為哪一個會在您進行這項轉變時產生最大的影響？

The three metrics -- sorry, which -- say the three?

這三個指標──抱歉，哪一個──說的是這三個？

Churn.

流失。

Churn.

流失。

Hunting or landing and then the expansion or farming basically.

基本上是狩獵或登陸，然後擴張或耕種。

These are your three key metrics performance.

這是您的三個關鍵指標績效。

Yes.

是的。

Okay.

好的。

Yes, I think the -- where this new go-to-market engine will benefit us.

是的，我認為這個新的市場進入引擎將使我們受益。

I think we'll be across those.

我想我們會遇到這些的。

And what we should see -- what we expect to see, and we're seeing early green shoots of this in a number of different places across the company is, to your point, that this will improve client and revenue churn, right?

而我們應該看到的——我們期望看到的，而且我們在公司多個不同地方都看到了這方面的早期進展，正如您所說，這將改善客戶和收入流失，對嗎？

So no question that we expect that will be the case.

毫無疑問，我們預計情況將會發生這種情況。

It will also equally should improve new client acquisition, right?

這也同樣應該能提高新客戶的獲取率，對嗎？

And both of those then ladder up to the ever important metric, which is invoiced subscription growth, right?

然後，這兩者都上升到一個非常重要的指標，即發票訂閱成長率，對嗎？

And as that starts to grow at a pace ahead of reported revenue growth then that's the -- obviously, the leading indicator that those sales, which initially end up deferred on the balance sheet will come back over into reported sales there's a bit of a lag there before the reported revenue starts to grow, and that's why our guidance for the midpoint of our guidance for this year is around 4% or 4.5%, revenue growth, and then we expect it to meaningfully accelerate from there as we're building out those balances of deferred sales.

而且，隨著銷售額開始以超過報告收入增長的速度增長，這顯然是一個領先指標，表明那些最初在資產負債表上遞延的銷售額將重新回到報告的銷售額中。

But I think, Nehal, it is a -- I think it's -- we will get better retention and more expansion with our existing customers, and we will get more new logo sales.

但是我認為，Nehal，這是一個——我認為是——我們將更好地保留現有客戶並擴大其規模，並且我們將獲得更多新標誌的銷售。

And then all we have to do is maintain -- if we even maintain anywhere near the same services attach rate we've had, which has been 50%, 60%-ish service attach rate.

然後我們要做的就是維持——如果我們甚至維持接近原來的服務附加率，即 50%、60% 左右的服務附加率。

If that remains the same on those larger balances of invoice sales, that would be a meaningful growth in services as well.

如果這些較大額度的發票銷售餘額保持不變，那麼服務業也將實現有意義的成長。

And so those are the three legs of the stool that we're focused on with this transformation.

這就是我們在這次轉型中關注的重點。

Great.

偉大的。

Has the level of confidence of being able to achieve fiscal year 2025 guidance changed relative to the quarter ago call?

與上一季相比，實現 2025 財年目標的信心水準是否發生了變化？

I'd say we still see it the same way.

我想說我們仍然以同樣的方式看待它。

Okay.

好的。

Good.

好的。

And then the service attach rate does look like it did tick down year-over-year in enterprise?

那麼，企業的服務附加率看起來確實比去年同期下降了嗎？

And any thoughts on why that was?

對此您有什麼想法嗎？

Boyd, do you have that?

博伊德，你有這個嗎？

Just one second, Nehal.

稍等一下，Nehal。

All service attach rate for the quarter was 55% compared to 55% last quarter, same quarter.

本季所有服務附加率為 55%，上一季及同一季度均為 55%。

So Nehal, we show it being the same Q1 last year to Q1 this year, 55%.

所以 Nehal，我們的數據顯示，去年第一季與今年第一季相比成長了 55%。

Okay.

好的。

I must have had that wrong.

我肯定搞錯了。

Sorry about that.

很抱歉。

And then you did mention that you can achieve and exceed new logo targets for fiscal year '25.

然後您確實提到過，您可以實現並超越 25 財年的新標誌目標。

You're willing to share what is the actual new logo targets or how much of the year-over-year increase you're looking for here?

您願意分享新標誌的實際目標是什麼，或者您希望實現多少同比增長？

So I mentioned that we -- that comment was specifically tied to the fact that we were -- we wanted to have all of our new hunters in place by the first of March, and they're in place now.

因此我提到，我們 — — 該評論特別與以下事實相關 — — 我們希望在 3 月 1 日之前讓所有新獵人到位，現在他們已經到位了。

We still need to get to.

我們還需要繼續前進。

They're essentially on place.

他們基本上都在原地。

That extra couple of months makes a difference.

多出來的幾個月是有影響的。

And so that as we ramp them, that's the thing that might allow us to exceed the targets.

因此，隨著我們加大力度，這可能會讓我們超越目標。

We're not ready to share the target yet, but I think that's something that as we go into future quarters, we'll be sharing more kind of a little more detail into some of those metrics to both picture for people and also there's a few metrics here that we haven't disclosed in the past that we're on like we will disclose in the future.

我們尚未準備好分享目標，但我認為，隨著我們進入未來幾個季度，我們將分享更多有關這些指標的細節，以便為人們提供參考，同時也有一些我們過去沒有披露過的指標，我們將來會披露。

(Operator Instructions) Jeff Martin, ROTH Capital Markets.

（操作員指示）傑夫馬丁（Jeff Martin），羅仕資本市場。

Excellent.

出色的。

So Paul, I wanted to just understand a little more about the lessons and experience of doing the pilot project for the past 18 months under this new model. what are some of the most important or more important lessons that you learned along the way.

所以保羅，我想多了解一點過去 18 個月在這個新模式下進行試點計畫的經驗教訓。在這個過程中，您學到了哪些最重要的或更重要的教訓？

And what are you most optimistic about that you learned during that pilot process.

在試辦過程中，您最樂觀的是什麼？

Yes.

是的。

A couple of things as it relates to pilot.

有幾件事與飛行員有關。

First of all, we recognized before 18 months ago that this was a transformation that we needed to make, right?

首先，我們在 18 個月前就認識到了這是我們需要做出的轉變，對嗎？

We've grown the invoiced we've grown our subscription business nicely from its conversion now it's been, what, nine years ago.

我們的發票業務已經成長，我們的訂閱業務也從轉換到現在已經有九年了，並且取得了很好的發展。

And we've seen good growth on that year-on-year.

而且我們看到了逐年好的成長。

And then we saw that start to flatten out.

然後我們看到它開始趨於平穩。

And as we looked at what we could do to accelerate that, we recognize that we have good product.

當我們研究如何加速這一進程時，我們意識到我們擁有好的產品。

There's big demand for what we are doing in the market.

市場對我們所做的事情有很大的需求。

In fact, I would say that the need for what we're doing actually is growing day by day, not getting less.

事實上，我想說我們所做的事情的需求實際上正在日益增長，而不是減少。

And yet, we were a little bit kind of a victim of the success that got us to where we were and that structure was not going to get us to where we needed to go.

然而，我們在某種程度上是成功的受害者，這種成功讓我們達到了今天的地步，而這種結構卻無法讓我們達到我們需要去的地方。

And what I mean by that is that I think going through the conversion to subscription nine years ago and not disrupting the sales force while we disrupted just about everything else we were doing, I think that was a good decision.

我這樣說的意思是，我認為九年前我們進行訂閱式轉換，並沒有擾亂銷售隊伍，而我們卻擾亂了我們正在做的幾乎所有其他事情，我認為這是一個很好的決定。

However, as we built the subscription business up to be as large as it is, the task of maintaining and expanding all the existing clients we've built up and then also going out and finding new became just too big of a job for the same salesperson to come in every day and do and not just a salesperson, but their managers and the people that surrounded them.

然而，隨著我們的訂閱業務發展到如此規模，維護和擴展我們現有的所有客戶，然後出去尋找新客戶，這項任務對於同一個銷售人員來說變得過於繁重，無法每天都來做，不僅是銷售人員，還有他們的經理和他們周圍的人。

We kind of -- everybody coming in every day thinking having to be responsible for everything from finding a new client all the way to retaining and expanding.

我們－每個人每天來上班時都認為自己必須對所有事情負責，從尋找新客戶到保留和擴展業務。

And so we became aware of that and it became a question of when, when should we move in this direction.

因此我們意識到了這一點，問題是我們何時應該朝這個方向發展。

So that led to the pilot.

因此這導致了試點。

And we entered the pilot kind of already thinking this.

我們在進入試運行階段時就已經想到了這一點。

We're piling this to test the idea not to and to kind of prove it.

我們將其堆積起來是為了測試這個想法，並證明它。

So a couple of things we learned.

我們了解到了一些事情。

One, we did learn that by focusing people on either landing or expanding and then by special -- making sure that they had the best live resources around them to help them land and to help them expand.

首先，我們確實了解到，透過讓人們專注於登陸或擴張，然後透過特別的方式——確保他們周圍有最好的即時資源來幫助他們登陸並幫助他們擴張。

We saw good results from there and some returns from those pilots.

我們從中看到了良好的效果，並從這些試點中獲得了一定的回報。

Another thing we learned is, and this was a challenging lesson, but there were a number of salespeople who were great people and who were good at doing both, but not exceptional at either landing or expanding.

我們學到的另一件事是，這是一個具有挑戰性的教訓，但有很多銷售人員非常優秀，並且擅長做這兩件事，但在登陸或擴展方面並不出色。

And so that led to -- we turned some salespeople over, as you know, both starting in Q3 last year and then the first quarter this year as we really refine that profile and said now you either need to be a world-class hunter or you need to be a world-class expander.

因此，正如你所知，我們更換了一些銷售人員，從去年第三季度開始，然後是今年第一季度，我們真正完善了這個形象，現在我們說你要么成為世界級的獵人，要么成為世界級的擴張者。

And that was another key learning is that actually by separating those two, it kind of opened the aperture up and kind of when we flip that outside, we said, wow, now the profile looks different.

另一個關鍵的教訓是，實際上透過將這兩者分開，它就像打開了光圈一樣，當我們將其翻轉到外面時，我們會說，哇，現在輪廓看起來不一樣了。

We're not trying to look for this needle in a haystack person that could do both of those things.

我們並不是想在大海撈針中尋找能夠同時完成這兩件事的人。

We really just need to find the people who are exceptional at one of those two jobs.

我們實際上只需要找到在這兩份工作中的一份上表現出色的人才。

And that's made a big impact in terms of hiring and recruiting.

這對僱用和招募產生了很大的影響。

I think a third lesson is, and then I'll just maybe stop and let you jump back in if you have another question in a lot more detail.

我認為第三課是，然後我可能會停下來，如果你還有其他更詳細的問題，讓你重新回來。

Third lesson is we were compensating in terms of sales compensation on kind of maintaining and retaining the overall book of business, and that didn't put enough compensation leverage on the new logo side.

第三個教訓是，我們在銷售補償方面對維持和保留整體業務進行了補償，但這並沒有在新標誌方面施加足夠的補償槓桿。

Nor did it put enough compensation leverage on the -- you got to go expand and grow your business if you have these existing clients.

它也沒有對補償施加足夠的槓桿作用——如果您擁有這些現有客戶，您就必須擴大和發展您的業務。

And so I think we've we learned that there were some tweaks that we could and should make there as well.

因此我認為我們已經了解到我們可以而且應該在那裡進行一些調整。

So those are a few of the lessons learned throughout the 18 months that we've been applying.

這些就是我們在 18 個月的實踐中所學到的一些經驗教訓。

Maybe just the last, Jeff would be the point Holly mentioned that we were going to market and every client partner's book of business had some very large customers to medium size and some smaller size.

也許只是最後一個，傑夫將是霍莉提到的我們要去行銷的重點，每個客戶合作夥伴的業務簿都有一些非常大的客戶到中等規模和一些較小的客戶。

And we recognize that actually by having people assigned to a segment you're either assigned only to large companies or only the medium-size or only to SMB that we could actually get a lot more velocity and focus and specialization well.

我們認識到，實際上，透過將人員分配到某個細分市場，要么只分配到大公司，要么只分配到中型公司，或者只分配到中小企業，這樣我們實際上可以獲得更快的速度、更集中的注意力和更專業的水平。

So those would be four lessons we learned that we've been now applying in this new structure.

所以，這些就是我們學到的四個教訓，現在我們已經將它們運用在這個新的結構中。

Got it.

知道了。

Okay.

好的。

And with a lot of the initial investment in personnel happening pretty much up to this point already.

到目前為止，我們已經完成了大量的人員初步投資。

Just curious how the residual or the remaining part of that $16 million growth investment plan this year, is going to be allocated?

只是好奇今年 1,600 萬美元成長投資計畫的剩餘部分將如何分配？

Are you going to do some brand repositioning?

您要進行品牌重新定位嗎？

Are you doing specificating marketing?

你們在做特定行銷嗎？

Is it more driving marketing events where you're doing seminars and sales meetings, those sorts of things.

它是否更有利於推動行銷活動，例如舉辦研討會和銷售會議等之類的活動。

Help us understand what's been remaining this year, how that's going to be allocated.

幫助我們了解今年剩餘的資金以及如何分配。

Yes, great question.

是的，很好的問題。

So largely the people are placed, as you said.

正如您所說，人們的安置情況大致如此。

There are two more areas of people-related investments bring to bring in.

還有兩個與人才相關的投資領域將帶來效益。

One, is the group that precedes the hunters, which kind of the SDR function we're augmenting the team that we had with a few more people.

一個是獵人之前的小組，這是一種 SDR 功能，我們會在原有的團隊中增加幾個人來擴充團隊。

We just made a great new leader hire there.

我們剛剛聘請了一位出色的新領導者。

And that's the team responsible that kind of sits between marketing and the salespeople to gin up lots of client meetings for our new hunter sales people.

這個團隊負責介於行銷人員和銷售人員之間，為我們的新獵人頭銷售人員安排大量的客戶會議。

So that's an area of people.

所以，那是人們的一片區域。

And then we have a few more people that go on kind of the -- as the invoice subscription growth in the back half of the year, we'll need more implementation strategies.

然後我們又有幾個人繼續做這件事——隨著下半年發票訂閱的成長，我們將需要更多的實施策略。

We talked about them.

我們談論了他們。

That's our CSM function.

這就是我們的 CSM 功能。

So there's a few more people there.

因此那裡還有更多的人。

But then to your point, there will be some investment -- increased investment in marketing, as we sharpen the brand up.

不過正如您所說，隨著我們品牌的提升，我們會在行銷方面增加一些投資。

But that marketing is really focused on lead generation to feed the new logo salespeople and also lead generation into our existing customers as we expand from our current approximately 10% penetration to larger populations.

但隨著我們從目前約 10% 的滲透率擴展到更大的人群，行銷的真正重點是潛在客戶開發，為新標誌的銷售人員提供信息，並為我們現有的客戶開發潛在客戶。

So marketing and a few additional roles that are part of this transformation.

行銷和一些其他角色也屬於這項轉型的一部分。

Thank you.

謝謝。

That does conclude today's Q&A session.

今天的問答環節到此結束。

I would now like to turn the call back over to Paul Walker for closing remarks.

現在我想將發言權交還給保羅·沃克，請他作最後發言。

Please go ahead.

請繼續。

Wonderful.

精彩的。

Thank you.

謝謝。

Just want to say Happy New Year to everyone.

只想對大家說聲新年快樂。

Thanks for joining us today.

感謝您今天加入我們。

Thanks for your great questions and for the work that you do understand, Franklin Covey, our business and where we're trying to go here, feel really good about the speed at which we're executing on this new set of initiatives.

感謝您提出的精彩問題，也感謝您所做的工作，富蘭克林柯維，您了解我們的業務以及我們在這裡試圖發展的方向，對我們執行這一系列新舉措的速度感到非常滿意。

I feel great about where Sean and the education team came in the first quarter and the trajectory and the momentum in that business. and look forward to reporting again at the end of our second quarter and hope you all have a wonderful rest of your day.

我對肖恩和教育團隊在第一季取得的成績以及該業務的發展軌跡和勢頭感到非常滿意。並期待在第二季末再次報告，並希望大家度過美好的一天。

This does conclude today's conference call.

今天的電話會議到此結束。

You may all disconnect.

你們都可以斷開連線。