Intellinetics Inc (INLX) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Intellinetics first quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Roger Grabner, Director of Marketing. Thank you. You may begin.

您好，歡迎參加 Intellinetics 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人，行銷總監 Roger Grabner。謝謝。你可以開始了。

Thank you, and good afternoon, everyone. I'm pleased to welcome you to Intellinetics 2025 first quarter conference call. Before we begin, I would like to remind listeners that during this conference call, comments made by management may include forward-looking statements regarding Intellinetics, Inc. that are not historical facts.

謝謝大家，下午好。我很高興歡迎您參加 Intellinetics 2025 第一季電話會議。在我們開始之前，我想提醒聽眾，在這次電話會議中，管理層所發表的評論可能包括有關 Intellinetics, Inc. 的前瞻性陳述，這些陳述並非歷史事實。

These forward-looking statements are based on current expectations and beliefs of management, and they are subject to risk and uncertainties that could cause such statements to differ materially from actual future events or results. Intellinetics, Inc. undertakes no duty to update any forward-looking statements.

這些前瞻性陳述是基於管理階層目前的預期和信念，並且受風險和不確定性的影響，可能導致此類陳述與實際未來事件或結果有重大差異。Intellinetics, Inc. 不承擔更新任何前瞻性陳述的義務。

For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release issued today as well as risk and uncertainties included in the section under the caption Risk Factors and Management's Discussion and Analysis of Financial Conditions and Results of Operations and Intellinetics annual report on Form 10-K or the quarterly report on Form 10-Q filed today.

有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多信息，請參閱今天發布的新聞稿以及“風險因素和管理層對財務狀況和經營成果的討論和分析”標題下部分中包含的風險和不確定性以及 Intellinetics 今天提交的 10-K 表年度報告或 10-Q 表季度報告。

Also, please note that on the call today, management will discuss non-GAAP financial measures such as adjusted EBITDA and total contract value. Non-GAAP financial measures are not limited -- are not intended to be considered in isolation or a substitute for results prepared in accordance with GAAP and may be different from non-GAAP financial measures presented by other companies. A reconciliation between GAAP and non-GAAP measures can be found in the press release issued today.

另外，請注意，在今天的電話會議上，管理層將討論非 GAAP 財務指標，例如調整後的 EBITDA 和合約總價值。非公認會計準則財務指標不受限制－並非旨在單獨考慮或取代依照公認會計準則編制的結果，並且可能與其他公司提供的非公認會計準則財務指標不同。在今天發布的新聞稿中可以找到 GAAP 和非 GAAP 指標之間的對帳。

With all that said, I would like now to turn the call over to Jim DeSocio, Intellinetics' President and CEO. Jim, the call is yours.

說了這麼多，現在我想把電話轉給 Intellinetics 總裁兼執行長 Jim DeSocio。吉姆，你來決定。

Thank you, Roger. Our Payables Automation solution provides an extremely quick return on investment for our customers and offers our company a clear organic growth opportunity to rapidly grow our SaaS revenue over the next four to five years, just with continuing a successful rollout with existing partners.

謝謝你，羅傑。我們的應付款項自動化解決方案為我們的客戶提供了極快的投資回報，並為我們的公司提供了一個明確的自然成長機會，只需繼續與現有合作夥伴成功推廣，即可在未來四到五年內快速增加我們的 SaaS 收入。

We view Payables Automation as a transformative opportunity for our company, and we plan to continue to make investments to position the product for as rapid and adoption as we can drive. We have more reference accounts than we ever have, and that number will grow quarterly.

我們將應付帳款自動化視為我們公司的轉型機遇，我們計劃繼續進行投資，以盡可能快速地推動產品的採用。我們擁有的參考帳戶比以往任何時候都多，而且這個數字每季都會成長。

With our HomeBuilder ERP partner, we closed two orders in February and two in March. And with our K-12 partner, we closed three more in the first quarter. In addition to sales and marketing initiatives, we plan to enhance our development capabilities to bring features to market more quickly and to bring our solutions to new ERP partnerships, which become additional ecosystems for happy customers.

我們與 HomeBuilder ERP 合作夥伴在二月和三月分別完成了兩份訂單。我們與 K-12 合作夥伴在第一季又完成了三筆交易。除了銷售和行銷計劃之外，我們還計劃增強我們的開發能力，以便更快地將功能推向市場，並將我們的解決方案帶給新的 ERP 合作夥伴，從而成為讓客戶滿意的額外生態系統。

Because we have a solution with a very rapid and identifiable payback with an identifiable market that drives our historic performance, now is the time for us to invest in scaling our business as we transform into a predominantly SaaS-driven company with a diverse growing suite of solutions for customers in the digital transformation space.

因為我們擁有一個能夠帶來非常快速且可識別的回報的解決方案，並且擁有一個可識別的市場來推動我們的歷史業績，所以現在是我們投資擴大業務規模的時候了，因為我們正在轉型為一家主要由 SaaS 驅動的公司，為數位轉型領域的客戶提供多樣化且不斷增長的解決方案套件。

We've continued in 2025 to strengthen and institutionalize our sales tools and processes, for example, by hiring a sales engineer, senior Payables Automation solutions consultant and VP of Sales, all of whom have significant experience with both the solutions we offer and markets we serve.

2025 年，我們將繼續加強和製度化我們的銷售工具和流程，例如，聘請銷售工程師、高級應付款自動化解決方案顧問和銷售副總裁，他們都對我們提供的解決方案和服務的市場擁有豐富的經驗。

We've also made investments in IT infrastructure and controls for SOC 2 certification, believing certification offers significant benefits, including increased customer trust and loyalty, improved cybersecurity risk mitigation and creates a competitive advantage over non-compliant SaaS providers.

我們也對 SOC 2 認證的 IT 基礎架構和控制進行了投資，相信認證可以帶來顯著的好處，包括提高客戶信任度和忠誠度、改善網路安全風險緩解，並在與不合規的 SaaS 供應商的競爭中佔據優勢。

As expected, and called out in prior communications, these investments reduced our EBITDA temporarily. We believe that these investments will bring additional revenue opportunities that should exceed the speed and be accretive -- exceed the spend and be accretive at some point in later 2025 and into 2026.

正如預期的那樣，並且在先前的溝通中提到，這些投資暫時降低了我們的 EBITDA。我們相信，這些投資將帶來額外的收入機會，這些機會應該會超過速度並實現增值 - 超過支出並在 2025 年下半年和 2026 年的某個時候實現增值。

While our SaaS business continues to grow, our professional services business had a weak quarter. Shareholders should know that orders have already picked up this quarter. Earlier this quarter, we achieved our biggest single order intake week in years. The record-breaking week for over $2.4 million of total contract value in new project contracts was driven by numerous state agencies and commercial clients, with revenue expected to be recognized over the next six to seven months as work is completed.

雖然我們的 SaaS 業務持續成長，但我們的專業服務業務本季表現疲軟。股東應該知道本季訂單已經回升。本季度早些時候，我們實現了多年來最大的單週訂單量。在眾多政府機構和商業客戶的推動下，本週新項目合約總額創下超過 240 萬美元的紀錄，預計隨著工程的完成，未來六到七個月內將實現收入。

In addition, last week, we received authorization to begin work and therefore, begin revenue recognition on an $880,000 deal, total contract value, multi-month scanning project that was sold in Q4 of 2024, but had document pickup delayed by the client. These projects -- so we just started picking up those -- that work this week. These projects will enable us to resume work at more historical levels in the coming months.

此外，上週，我們獲得授權開始工作，因此開始確認一項合約總價值 880,000 美元、為期數月的掃描項目的收入，該項目於 2024 年第四季度售出，但客戶推遲了文件提取。這些項目——我們剛開始著手——本週開始實施。這些項目將使我們能夠在未來幾個月內恢復更具歷史意義的工作。

Hopefully, recent political events that created uncertainty in the first part of this year are moving behind us, and we will enjoy more of the tailwind our products and services, ROI in gender.

希望今年上半年造成的不確定性的政治事件能夠逐漸過去，我們將享受更多順風，我們的產品和服務以及性別投資回報率也會隨之提高。

At this time, I would like to turn the call over to our Chief Financial Officer, Joe Spain. Joe?

現在，我想將電話轉給我們的財務長喬‧斯佩恩 (Joe Spain)。喬？

Thank you, Jim. I will now review our financial results for the first quarter 2025. Total revenue for the quarter ended March 31, '25, decreased 5.8% to $4.2 million as compared to $4.5 million for the same period last year.

謝謝你，吉姆。我現在將回顧我們 2025 年第一季的財務表現。截至 25 年 3 月 31 日的季度總營收與去年同期的 450 萬美元相比下降 5.8% 至 420 萬美元。

The following are the material components of our revenue presented on our statements of operations. First, SaaS, including hosting revenue, grew 9.8% to $1.5 million for the quarter from $1.4 million for the same period last year, primarily driven by continued Payables Automation early success. Software maintenance services were down as expected, decreasing $23,000 or 6.4% from '24. As a reminder, these maintenance revenues are from support agreements with customers continuing on our premise solution.

以下是我們的經營報表中列示的收入的主要組成部分。首先，包括託管收入在內的 SaaS 收入從去年同期的 140 萬美元增長 9.8% 至本季度的 150 萬美元，這主要得益於應付帳款自動化業務的持續早期成功。軟體維護服務如預期下降，比 24 年減少了 23,000 美元，即 6.4%。提醒一下，這些維護收入來自與繼續使用我們的前提解決方案的客戶簽訂的支援協議。

Professional services revenue decreased 13.2% to $2.2 million for the quarter from $2.5 million for the same period last year. Jim has just discussed the timing issues driving this decrease. As a percent of total revenue, professional services revenue was 51% of total revenue for the quarter compared to 55% last year.

本季專業服務收入從去年同期的 250 萬美元下降 13.2% 至 220 萬美元。吉姆剛剛討論了導致這種下降的時機問題。作為總收入的百分比，專業服務收入佔本季總收入的 51%，而去年同期為 55%。

Consolidated gross margin percent increased 322 basis points to 67.6% for Q1 this year compared to 64.3% last year. The increase was driven by a better revenue mix as a result of reduced professional services revenue, but also importantly, strengthening of our SaaS margins, which grew 142 basis points to 86.1% from 84.6% last year.

今年第一季綜合毛利率為 67.6%，較去年同期的 64.3% 上升 322 個基點。這一增長得益於專業服務收入減少帶來的收入結構改善，但同樣重要的是，我們的 SaaS 利潤率增強，從去年的 84.6% 增長 142 個基點至 86.1%。

Operating expenses increased 21.1% to $3.6 million for Q1 '25 compared to $2.9 million in Q1 '24. The increase is driven by our investments in sales and marketing as well as infrastructure, which is reflected in admin. Jim has discussed these already as part of our strategy to accelerate sales and enabling us to scale.

2025 年第一季的營運費用為 360 萬美元，而 2024 年第一季為 290 萬美元，成長 21.1%。這一成長是由我們在銷售、行銷以及基礎設施方面的投資所推動的，這反映在管理上。吉姆已經討論過這些，作為我們加速銷售和擴大規模的策略的一部分。

Net loss for Q1 was $728,000 compared to a net loss of $175,000 for the same period last year. The primary driver here was the increased spending levels in SG&A to enable us to achieve our sales growth this year, in '26 and beyond. Loss per share was $0.17 per share compared to loss per share of $0.04 last year.

第一季淨虧損為 728,000 美元，而去年同期淨虧損為 17.5 萬美元。這裡的主要驅動力是銷售、一般及行政費用 (SG&A) 支出水準的提高，這使我們能夠在今年、26 年及以後實現銷售成長。每股虧損為 0.17 美元，而去年每股虧損為 0.04 美元。

Our adjusted EBITDA for the quarter was $77,000 compared to an adjusted EBITDA of $673,000 for the same period in '24. The difference again are the same investment factors we just discussed.

本季我們的調整後 EBITDA 為 77,000 美元，而 24 年同期的調整後 EBITDA 為 673,000 美元。差別在於我們剛才討論的投資因素。

Next, I'll turn to a brief overview of our balance sheet. At March 31, we had cash of $2.1 million and accounts receivable net of $1.4 million. Our total assets were $18 million, including $9.1 million in intangible assets and goodwill as part of acquisitions made since 2020.

接下來，我將簡要概述我們的資產負債表。截至 3 月 31 日，我們擁有現金 210 萬美元，應收帳款淨額 140 萬美元。我們的總資產為 1,800 萬美元，其中包括 2020 年以來收購的 910 萬美元無形資產和商譽。

Total liabilities were $7.6 million, including $2.9 million in deferred revenues, reflecting signed SaaS and maintenance contracts and $1.35 million in debt principal as of March 31, '25. Given our sales and marketing initiatives, we've temporarily paused our aggressive prepayments of our debt, and we will continue to assess the best use of our capital.

總負債為 760 萬美元，其中包括 290 萬美元的遞延收入，反映了截至 25 年 3 月 31 日簽署的 SaaS 和維護合約以及 135 萬美元的債務本金。鑑於我們的銷售和行銷舉措，我們暫時停止了積極的債務預付，並將繼續評估資本的最佳利用方式。

For those watching our filings, you'll have seen our Form S-3 for a shelf registration. This will enable us to act quickly to further strengthen our balance sheet. As Jim noted, we do not want to miss the market opportunity we see before us.

對於那些關注我們文件的人來說，你們會看到我們的擱置註冊表格 S-3。這將使我們能夠迅速採取行動，進一步加強我們的資產負債表。正如吉姆所說，我們不想錯過眼前的市場機會。

I want to wrap up with our financial outlook. Based on our current plans and assumptions and subject to risks and uncertainties we described in our filings in this call, we expect no change to the guidance we just gave in March, that we will grow revenues on a year-over-year basis for fiscal '25, particularly growing SaaS revenues and maintaining positive adjusted EBITDA. The company expects its '25 adjusted EBITDA will be reduced by more than half compared to fiscal '24 due to the increased investments in sales and marketing, intended to provide returns on those investments in late '25 and beyond.

我想總結一下我們的財務展望。根據我們目前的計劃和假設，並受我們在本次電話會議的文件中描述的風險和不確定性的影響，我們預計我們在 3 月份給出的指導不會發生變化，即我們的 25 財年收入將同比增長，特別是 SaaS 收入的增長和保持正的調整後 EBITDA。該公司預計，由於銷售和行銷方面的投資增加，其 25 年調整後的 EBITDA 將比 24 財年減少一半以上，旨在在 25 年末及以後獲得這些投資的回報。

With that, we thank you all for listening. And at this time, we'd like to open the call up to Q&A.

最後，我們感謝大家的聆聽。現在，我們想開始問答環節。

(Operator Instructions) Howard Halpern, Taglich Brothers.

（操作員指示）Howard Halpern，Taglich Brothers。

Congratulations on continuing to move SaaS forward. That's a good sign. In terms of -- so you talked about, I guess, seven new customers, I guess, in the first quarter. With those being implemented over the next number of months, how many implementations will you have? And what would those implementations mean in terms of annual recurring revenue?

恭喜您繼續推動 SaaS 向前發展。這是個好兆頭。就……而言，我想您談到了第一季的七個新客戶。這些措施將在未來幾個月內實施，您將實施多少項措施？那麼這些實施對於年度經常性收入來說又意味著什麼呢？

We still have -- I don't have the revenue -- I don't have the recurring revenue off the top of my head for the ones that are going live, but we'll have about 22 to 23 customers at this point using the SaaS product -- the Payables Automation product.

我們仍然有 - 我沒有收入 - 我沒有立即想到那些正在上線的產品的經常性收入，但目前我們將有大約 22 到 23 個客戶使用 SaaS 產品 - 應付給自動化產品。

And how is the -- I don't know if the implementation is the right word, but on the -- not the Payables, but the other side of the equation, the purchase orders?

那麼——我不知道「實施」這個詞是否正確，但——不是應付款，而是等式的另一邊，即採購訂單？

The purchase orders, we released our first -- we had our first release of payables -- our purchase order just went out in the end of April. We've already done four or five presentations. We're getting good feedback on the product, look and feel. Again, just to keep in mind, it is a first release. So it is maturing. We have other future releases planned as we go forward, but we're very bullish on that. And the initial feedback we've gotten has been very, very strong.

我們發布了第一批採購訂單——我們發布了第一批應付款項——我們的採購訂單剛剛在四月底發出。我們已經做過四、五次演講了。我們收到了有關產品、外觀和感覺的良好回饋。再次強調，請記住，這是首次發布。所以它正在成熟。我們計劃在未來發布其他版本，但我們對此非常樂觀。我們收到的初步回饋非常非常強烈。

I've actually had an outside consultant who's been in the Payables Automation space for 15 years or so, worked for SAP and some of the other big ERP players, and he gave it very, very high marks for look and feel and initial functionality. But again, it is a first release. And in any first release, we have more -- we have a development road map to continue to enhance that product.

我實際上有一位外部顧問，他在應付款項自動化領域工作了 15 年左右，曾為 SAP 和其他一些大型 ERP 公司工作過，他對外觀和初始功能給予了非常高的評價。但再次強調，這是首次發布。在任何第一個版本中，我們都有更多內容——我們有一個開發路線圖來繼續增強該產品。

And I'll just ask this, but it seems like it might not be impacting you based on the number of implementations you're going to have this year. You're not seeing any customer hesitation at all in maybe stretching out the timing of implementations? Or is that sort of fear behind us?

我只是想問一下，但根據您今年要實施的數量來看，這似乎不會對您造成影響。您沒有看到客戶對延長實施時間有任何猶豫嗎？或者說，這種恐懼已經過去了嗎？

Well, it's actually the hesitation, I would think, is what's going on in the market, the headwinds that the tariffs have created between the US and Canada. Interest rates are high in the building industry. So that slowed a little bit more in aware of how many new houses they're selling. So it's more from that side, anything to do with our product with hesitation to buy our product. It's more about what's going on in our key demographic, which is the building industry.

嗯，我認為，實際上猶豫是市場正在發生的事情，也是關稅在美國和加拿大之間造成的阻力。建築業的利率很高。因此，當他們意識到自己銷售了多少新房子時，速度就慢了一點。因此，從這個方面來說，任何與我們的產品有關的事情都會讓人猶豫是否要購買我們的產品。這更與我們的主要人口群體，即建築業的情況有關。

And with the new orders coming in, in the professional services side, are those relatively stable to margin type of opportunities that we should model into?

隨著新訂單的到來，在專業服務方面，這些相對穩定的利潤機會是否值得我們借鏡？

Yes, most definitely. We had a dip as we always have been very successful selling a big, I want to say, seven-figure deal, high six-figure deal. And we did sell one in the fourth quarter. And for their reasons, they said, well, we signed and then when we went to pick it up, they said, well, we need to delay it for a couple of months, and they just committed for us to start that project.

是的，絕對是。我們經歷了一段低谷，因為我們總是能成功賣出大額交易，我想說，七位數的交易，六位數的高額交易。我們確實在第四季賣出了一台。至於他們的理由，他們說，好吧，我們簽了字，然後當我們去拿的時候，他們說，好吧，我們需要推遲幾個月，然後他們就承諾讓我們開始這個計畫。

So with the $2.4 million we sold in March, which was obviously great, great for our backlog. That other $880,000 is added on top of that. So we're well over $3 million of work we have in our queue to perform going forward, which should really help get our numbers back to where they've been historically.

因此，我們在 3 月份的銷售額為 240 萬美元，這顯然是件好事，對我們的積壓訂單來說非常好。在此基礎上又增加了 88 萬美元。因此，我們接下來要完成的工作價值遠遠超過 300 萬美元，這應該真正有助於讓我們的數字恢復到歷史水平。

And then just one last one. This is more of a -- not a base business question. You have -- do you still have overall -- is it a little bit in excess of 600 K-12 customers that you serve?

最後再說一句。這更像是一個——不是一個基本的商業問題。您服務的 K-12 客戶總數是否略多於 600 名？

Yes. That's another part of our growth strategy for the Payables Automation and capture as a service solution that we offer. So we just launched that. I want to say in April -- beginning of April, we just trained our sales -- our K-12 sales staff on that product, and we've already started selling into that marketplace we sold. I think we have four to five right now. We had a couple of beta sites. The beta sites went very well.

是的。這是我們提供的應付帳款自動化和捕獲即服務解決方案的成長策略的另一部分。所以我們剛剛推出了它。我想說，在四月初，我們剛剛對我們的銷售人員——我們的 K-12 銷售人員——進行了該產品的培訓，並且我們已經開始向我們銷售的市場銷售該產品。我認為我們現在有四到五個。我們有幾個測試站點。測試網站運作非常順利。

And then we did have a press release of Independent School District of Iowa and with the financial department, we can send that to anybody who's interested, touting the great -- how great the product was and has actually done a testimonial for us and actually spoke at a K-12 user group for us, touting how great the product was. So we expect a good growth on that side.

然後，我們確實有一份愛荷華州獨立學區的新聞稿，並與財務部門合作，我們可以將其發送給任何感興趣的人，吹捧該產品有多棒，並且實際上為我們做了推薦，實際上在 K-12 用戶組上為我們做了發言，吹捧該產品有多棒。因此我們預計這方面將出現良好的成長。

And one other thing, we just renegotiated our contract with our K-12 partner, Software Unlimited, that they will now be selling and representing the Payables Automation product as well. So a lot of good things happening on all sides with that product, Howard. We're very bullish on the future.

還有一件事，我們剛剛與我們的 K-12 合作夥伴 Software Unlimited 重新協商了合同，他們現在也將銷售和代表應付帳款自動化產品。霍華德，這款產品為各方面都帶來了許多好處。我們對未來非常樂觀。

And we have reached the end of the question-and-answer session. I would like to turn the floor back to President and CEO, Jim DeSocio, for closing remarks.

問答環節現已結束。我想請總裁兼執行長 Jim DeSocio 致最後總結。

Thank you. As I said, Intellinetics is well positioned for continued success. We believe in our strong competitive position in growing markets and our diverse set of solutions with ample cross-selling opportunities. We further believe that it is absolutely the right strategy to reinvest our historically strong cash flow into the company, particularly sales and marketing and development in order to accelerate our growth. We appreciate the continued support of our long-term shareholders and aim to attract new investors as well by delivering strong and consistent financial results.

謝謝。正如我所說，Intellinetics 已做好持續成功的準備。我們相信，我們在不斷成長的市場中擁有強大的競爭地位，並且我們擁有多樣化的解決方案和充足的交叉銷售機會。我們進一步相信，將我們歷史上強勁的現金流重新投資於公司，特別是銷售、行銷和開發，以加速我們的成長，這絕對是正確的策略。我們感謝長期股東的持續支持，並致力於透過提供強勁而穩定的財務表現來吸引新的投資者。

Thank you for joining us today, and we look forward to speaking again at our next conference call. Thank you, and have a great evening.

感謝您今天加入我們，我們期待在下次電話會議上再次交談。謝謝，祝您有個愉快的夜晚。

Thank you, and this does conclude today's conference. You may disconnect your lines at this time. We thank you for your participation, and have a great day.

謝謝大家，今天的會議到此結束。現在您可以斷開線路。感謝您的參與，祝您有個愉快的一天。