Professional Diversity Network Inc (IPDN) 2016 Q1 法說會逐字稿

Greetings and welcome to the Professional Diversity Network's First Quarter 2016 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎來到 Professional Diversity Network 2016 年第一季度財務業績電話會議。此時，所有參與者都處於只聽模式。正式介紹後將進行簡短的問答環節。 （操作員說明）提醒一下，正在錄製此會議。

I'd like to remind listeners that during the call, certain information presented contains forward-looking statements. These statements are based on management's current expectations and are subject to risks, uncertainties, and assumptions. Potential risks and uncertainties that could cause the company's business and financial results to differ materially from these forward-looking statements are described in the company's periodic reports filed with the SEC from time-to-time. All information discussed on this call is as of today, May 12, 2016, and Professional Diversity Network does not intend and undertakes no duty to update future events or circumstances.

我想提醒聽眾，在通話期間，所提供的某些信息包含前瞻性陳述。這些陳述基於管理層當前的預期，並受風險、不確定性和假設的影響。公司不時向美國證券交易委員會提交的定期報告中描述了可能導致公司的業務和財務結果與這些前瞻性陳述存在重大差異的潛在風險和不確定性。本次電話會議上討論的所有信息截至今天，即 2016 年 5 月 12 日，Professional Diversity Network 無意也不承擔更新未來事件或情況的義務。

It is now my pleasure to introduce your host, Jim Kirsch, Chairman of Professional Diversity Network. Thank you, Mr. Kirsch. You may begin.

現在我很高興向您介紹主持人 Jim Kirsch，Professional Diversity Network 主席。謝謝你，基爾希先生。你可以開始了。

Thank you, operator. Good afternoon and thank you for joining us today. This is Jim Kirsch, Chairman of Professional Diversity Network. I'm joined today by Kathy Butkevich, our new CEO; Star Jones, our President; David Mecklenburger, our CFO; and Chris Wesser, our Corporate Secretary.

謝謝你，運營商。下午好，感謝您今天加入我們。我是 Jim Kirsch，Professional Diversity Network 主席。今天，我們的新任首席執行官 Kathy Butkevich 加入了我的行列；我們的總裁 Star Jones；我們的首席財務官 David Mecklenburger；和我們的公司秘書 Chris Wesser。

I would like to take this opportunity to thank everyone for joining us today. I'm going to begin by discussing our operational accomplishments. Our adjusted EBITDA deficit was $474,000 in the first quarter, after excluding a one-time $500,000 settlement charge. This was our best quarter on an adjusted EBITDA basis since our IPO, and reflects our ongoing attention to productivity improvements. It represents almost $1 million improvement in the quarterly adjusted EBITDA loss when compared to the first quarter of 2015, when our adjusted EBITDA deficit was $1.4 million.

我想藉此機會感謝大家今天加入我們。我將首先討論我們的運營成就。扣除一次性 500,000 美元的結算費用後，我們第一季度調整後的 EBITDA 赤字為 474,000 美元。這是我們自首次公開募股以來調整後 EBITDA 基礎上最好的一個季度，反映了我們對提高生產力的持續關注。與 2015 年第一季度相比，調整後的 EBITDA 虧損減少了近 100 萬美元，當時我們調整後的 EBITDA 赤字為 140 萬美元。

We have focused on profitable revenue opportunities and continued to eliminate expenses that aren't tied to productive revenue generation. This has allowed each of our divisions to get closer to profitability when compared to the year ago quarter.

我們專注於有利可圖的收入機會，並繼續消除與生產性收入產生無關的費用。與去年同期相比，這使我們的每個部門都更接近盈利。

In the first quarter of 2016, we experienced a decline in comparable quarterly revenue due primarily to our focus on profitable revenue opportunities. Some of the year-to-year revenue decline was the direct result of planned staff reductions of underperforming sales reps, which is reflected across all of our business units. The good news as the year-over-year improvement in adjusted EBITDA shows is that the revenue decline was offset by a large corresponding revenue reduction in operating expenses demonstrating the success of our ongoing effort to drive toward profitability.

2016 年第一季度，我們的可比季度收入有所下降，這主要是由於我們專注於可盈利的收入機會。部分同比收入下降是計劃裁員表現不佳的銷售代表的直接結果，這反映在我們所有的業務部門。好消息是，調整後的 EBITDA 同比改善表明，收入下降被運營支出的相應收入大幅減少所抵消，這表明我們為實現盈利所做的持續努力取得了成功。

To give you some perspective, our Q1 revenue declined by $3.4 million over the year ago quarter, while our Q1 expense declined by $4 million over the comparable period. That's more than a dollar-per-dollar expense reduction. It is also part and parcel to how we are managing our business with a focus on profitable revenue.

為了給你一些觀點，我們第一季度的收入比去年同期下降了 340 萬美元，而我們的第一季度支出比同期下降了 400 萬美元。這不僅僅是一美元一美元的費用減少。這也是我們如何以盈利收入為重點來管理我們的業務的重要組成部分。

In order to accomplish this, we took a deep dive into each division's operating expense base. On the NAPW side, Kathy spent her first 90 days evaluating its recent operating performance, the existing management team, operating processes and systems, and the composition of the operating expense base. Kathy also evaluated the NAPW's market position, its current brand positioning, and membership engagement strategies. In her first quarter, she defined the key short and long-term operating goals for the NAPW, aligned the team's focus on those goals, and created a culture of transparency and team work. She also developed an internal management process to ensure all functions were properly aligned with key initiatives.

為了實現這一目標，我們深入研究了每個部門的運營費用基礎。在 NAPW 方面，Kathy 在她的頭 90 天裡評估了其最近的運營績效、現有的管理團隊、運營流程和系統，以及運營費用基礎的構成。凱西還評估了 NAPW 的市場地位、目前的品牌定位和會員參與策略。在她的第一個季度，她為 NAPW 制定了關鍵的短期和長期運營目標，調整了團隊對這些目標的關注，並營造了一種透明和團隊合作的文化。她還制定了內部管理流程，以確保所有職能都與關鍵舉措保持一致。

The next phase of our plan is to ensure that NAPW's target market and the value proposition is clearly defined for the optimal member, while developing an effective digital and face-to-face member engagement strategy. We intend to support these initiatives by conducting a comprehensive market analysis that is both quantitative and qualitative to identify key segments and trends in order to define appropriate product offerings.

我們計劃的下一階段是確保為最佳會員明確定義 NAPW 的目標市場和價值主張，同時制定有效的數字和麵對面會員參與策略。我們打算通過進行定量和定性的全面市場分析來支持這些舉措，以確定關鍵細分市場和趨勢，從而定義適當的產品供應。

The market analysis will include focus groups to learn from current and former members. We expect that our efforts will enable us to improve our engagement with our members and speak to them in an appropriate voice where we can effectively articulate our mission, vision, and the core value proposition. The plan also includes the hiring of a chief marketing officer, the expansion of our digital marketing team, optimization of all technology platforms, the development of a robust content strategy, and the implementation of big data strategies to leverage our marketing investment.

市場分析將包括焦點小組，以向現任和前任成員學習。我們期望我們的努力將使我們能夠改善與會員的互動，並以適當的聲音與他們交談，從而有效地闡明我們的使命、願景和核心價值主張。該計劃還包括聘請首席營銷官、擴大我們的數字營銷團隊、優化所有技術平台、制定強大的內容戰略以及實施大數據戰略以利用我們的營銷投資。

These efforts to drive revenue and operating cash flow include the following primary areas of focus -- number one, optimizing our member acquisition strategies; number two, improving member retention through digital and face-to-face engagement alongside new and improved product offerings; and three, monetizing our existing database through new product offerings and corporate sponsorships. Even as it stands today, we have already begun to implement a number of new member acquisition strategies, including efforts supported through our work-from-home model, digital engagement, member-to-member programs, and event driven recruiting.

這些推動收入和運營現金流的努力包括以下主要重點領域——第一，優化我們的會員獲取策略；第二，通過數字和麵對面的參與以及新的和改進的產品來提高會員保留率；第三，通過提供新產品和企業贊助將我們現有的數據庫貨幣化。即使在今天，我們已經開始實施一些新的會員獲取策略，包括通過我們的在家工作模式、數字參與、會員對會員計劃和事件驅動的招聘支持的努力。

We have also undertaken efforts to upgrade our event content and venues. It is critical that our members get value out of the content that we provide in both online and in live forms. From online perspective, it is all about resources and access whether it is individual or through our new eChapter. In both cases, we expect that we will be raising the bar to deliver value. We'll measure engagement and analyze what works best. We plan to follow a similar path in live engagements, and intend to optimize our meetings and topics for each individual audience to deliver more value. We intend to constantly evolve our content and engagement, and create a virtuous cycle of improvement; one that supports the drivers of revenue.

我們還努力升級我們的活動內容和場地。讓我們的會員從我們以在線和實時形式提供的內容中獲取價值至關重要。從在線的角度來看，無論是個人還是通過我們的新 eChapter，這都是關於資源和訪問的。在這兩種情況下，我們都希望提高交付價值的標準。我們將衡量參與度並分析最有效的方法。我們計劃在現場參與中遵循類似的路徑，並打算為每個觀眾優化我們的會議和主題，以提供更多價值。我們打算不斷發展我們的內容和參與，並創造一個改進的良性循環；一種支持收入驅動因素的方法。

At the same time, we expect that we will improve our operational processes and productivity to ensure that we are focused on improving the cash flow generating ability of the company. In short, we plan to run a data-driven digital marketing machine focused on optimizing engagement with our members.

同時，我們預計我們將改進我們的運營流程和生產力，以確保我們專注於提高公司的現金流產生能力。簡而言之，我們計劃運行一個數據驅動的數字營銷機器，專注於優化與我們會員的互動。

Our Diversity recruitment products and services are also improving. Our one-on-one career consultation services are matching more candidates to jobs because of the enhancements that we have made in our job matching technology. More and better matches means a higher ROI for both our client sponsors and our diverse jobseekers, which contribute to higher revenue with strong gross profit margins.

我們的多元化招聘產品和服務也在不斷改進。由於我們在工作匹配技術方面的改進，我們的一對一職業諮詢服務正在為更多求職者匹配工作。更多更好的匹配意味著我們的客戶贊助商和我們多樣化的求職者都有更高的投資回報率，這有助於提高收入和強勁的毛利率。

As a result, we are also increasing our staff of career advisors, and we are seeing the strong financial results that we expect. In fact, new referral agreements have enabled us to capture an 8% increase in revenue per monetized session so far in the current second quarter when compared with the first quarter of 2016. We have also recently brought on new partners to recruit diverse talent including MasterCard and General Dynamics. So far in 2016, we have been experiencing favorable renewal trends including a renewal this week with the Securities and Exchange Commission. Additionally, we mentioned on our last call that our relationship with Manpower continues to grow, and I am pleased to inform you that we have launched a custom branded Diversity recruitment portal with Manpower just last week. Finally, we continue to add new partners including the National Association of Women MBAs, who are expected to launch with our Career Center later this quarter.

因此，我們還增加了職業顧問人員，並且我們看到了預期的強勁財務業績。事實上，與 2016 年第一季度相比，新的推薦協議使我們在當前第二季度的每個貨幣化會話收入增長了 8%。我們最近還引入了新的合作夥伴來招聘包括 MasterCard 在內的多元化人才和通用動力公司。 2016 年到目前為止，我們一直在經歷有利的更新趨勢，包括本週與美國證券交易委員會的更新。此外，我們在上次通話中提到我們與 Manpower 的關係繼續發展，我很高興地通知您，就在上週，我們與 Manpower 一起推出了一個定製品牌的多元化招聘門戶。最後，我們繼續增加新的合作夥伴，包括全國女性 MBA 協會，他們預計將在本季度晚些時候與我們的職業中心一起推出。

If we look back, 2015 was a year of integrating our combined assets in a manner that enabled us to cut cost and apply collective structure. In 2016, we remain vigilant on expense reductions while at the same time we reinvest in people, process, and marketing to achieve our goal of increasing revenues and profitability.

如果我們回顧過去，2015 年是我們整合合併資產的一年，其方式使我們能夠削減成本並應用集體結構。 2016 年，我們在削減開支方面保持警惕，同時我們對人員、流程和營銷進行再投資，以實現增加收入和盈利能力的目標。

On that note, I would like to turn the floor over to Star Jones, our President, to talk a bit about our membership. Star?

關於這一點，我想請我們的總裁 Star Jones 談談我們的會員資格。星星？

Thank you, Jim. Good afternoon everyone. This is Star Jones. I'd like to thank you for listening first of all. And today, I'm going to talk primarily about our PDN and NAPW businesses. However, before I do, I would like to say that as one company, we continue to utilize the collective strength of our members, partners, and unique proprietary platform to strive to be the global standard in business diversity recruiting, networking, and professional development.

謝謝你，吉姆。大家下午好。這是星瓊斯。首先感謝大家的聆聽。今天，我將主要談談我們的 PDN 和 NAPW 業務。然而，在我開始之前，我想說，作為一家公司，我們將繼續利用我們的成員、合作夥伴和獨特的專有平台的集體力量，努力成為業務多元化招聘、網絡和專業發展的全球標準.

Now, with regard to PDN, we are indeed redefining diversity. It's not just about race, it is inclusive of women, minorities, veterans, the LGBT community, and disabled persons. And our charge is to help to all Americans find good paying job. We offer our members enhanced employment opportunities, networking and professional connection, and access to professional resources to further their professional goals. At the same time, we offer our corporate clients the opportunity to connect to a large pool of diverse professionals, recruitment services, and an EEO-OFCCP compliant inclusion solutions that are both scalable and measurable. In many respect, we facilitate a match made in heaven.

現在，關於PDN，我們確實在重新定義多樣性。這不僅僅是關於種族，它包括女性、少數民族、退伍軍人、LGBT 社區和殘疾人。我們的職責是幫助所有美國人找到高薪工作。我們為我們的會員提供更多的就業機會、網絡和專業聯繫，以及獲得專業資源的機會，以進一步實現他們的職業目標。與此同時，我們為我們的企業客戶提供了連接大量不同專業人士的機會、招聘服務以及符合 EEO-OFCCP 標準的包容性解決方案，這些解決方案既可擴展又可衡量。在許多方面，我們促進了天作之合。

As you all are well aware, diversity is not just about doing what's right. It's about doing what's good for business. Countless studies have shown that companies with diverse employees, particularly in positions of leadership, outperform companies that are homogenous. Diverse employees bring different experiences and perspectives that often lead to innovative ideas. And that innovation benefits a company's bottom line.

眾所周知，多元化不僅僅是做正確的事。這是關於做對企業有利的事情。無數研究表明，擁有多元化員工的公司，尤其是在領導職位上，比同質化的公司表現更好。多元化的員工帶來不同的經驗和觀點，而這些經驗和觀點往往會帶來創新想法。而這種創新有利於公司的底線。

In order to facilitate our mission, we have recently launched our PDN Recruits tool. We believe our technology is unique in this space, it's easy to use, and it's competitively priced. We have many exclusive partnerships with diverse professional organizations which guarantee a diverse candidate pool. This tool is being used now by more than 50 partners to match jobs with the right job seekers. Meanwhile, it conveniently keeps all of a company's recruiting needs in one centralized location. There is absolutely nothing else like PDN Recruits to identify diversity candidates, and it allows businesses who as I like to say stop fishing from the same pond when it comes to hiring diverse people.

為了促進我們的使命，我們最近推出了我們的 PDN Recruits 工具。我們相信我們的技術在這個領域是獨一無二的，它易於使用，而且價格具有競爭力。我們與不同的專業組織建立了許多獨家合作夥伴關係，這保證了多元化的候選人庫。現在有 50 多個合作夥伴正在使用該工具來為合適的求職者匹配職位。同時，它方便地將公司的所有招聘需求集中在一個位置。絕對沒有什麼比 PDN Recruits 更能識別多元化候選人，它允許那些我喜歡說的企業在招聘多元化人才時停止從同一個池塘釣魚。

Now, I'm going to switch gears. Let's talk a little bit about NAPW. At NAPW, we continue to offer networking community where professional women connect with others, develop professionally and personally, and promote themselves in their businesses. The NAPW provides its members with enhanced networking opportunities through more than 200 local chapters that host about 1,100 meetings and/or events per year.

現在，我要換檔了。讓我們談談 NAPW。在 NAPW，我們繼續提供網絡社區，職業女性可以在這裡與他人聯繫，在專業和個人方面發展，並在她們的企業中提升自己。 NAPW 通過每年舉辦約 1,100 場會議和/或活動的 200 多個地方分會為其成員提供更多的交流機會。

We also have more than 50 value-added benefits for premium members that provide a variety of networking opportunities, specialized education, career resources, professional resources, sales and partner opportunities, and other important services. We connect with our members in live settings and also online through our virtual networking eChapter.

我們還為高級會員提供 50 多項增值福利，提供各種社交機會、專業教育、職業資源、專業資源、銷售和合作夥伴機會以及其他重要服務。我們通過我們的虛擬網絡 eChapter 在現場設置和在線與我們的成員聯繫。

We rolled out the NAPW eChapter about six months ago. And it has truly been one of our largest successes to date. We have been running bi-weekly eChapter meeting and have attracted more than 4,500 members to these virtual meetings. Today, we have over 16,000 members of our eChapter and it's still growing. It is clearly our largest chapter.

大約六個月前，我們推出了 NAPW eChapter。這確實是我們迄今為止最大的成功之一。我們每兩週舉辦一次 eChapter 會議，並吸引了 4,500 多名成員參加這些虛擬會議。今天，我們的 eChapter 擁有超過 16,000 名成員，並且還在不斷增長。這顯然是我們最大的一章。

In addition, as this the overwhelming success of the eChapter is not enough, we've also found that by expanding our electronic footprint, we can better meet the modern needs of our members. Initially, we thought that the eChapter might appeal more to the homebody type. But the reality the appeal is universal, and there is significant crossover between local and eChapter member involvement.

此外，由於 eChapter 的壓倒性成功還不夠，我們還發現，通過擴展我們的電子足跡，我們可以更好地滿足我們會員的現代需求。最初，我們認為 eChapter 可能更適合宅男類型。但現實的吸引力是普遍的，並且在本地和 eChapter 成員參與之間存在顯著交叉。

In areas where local chapters are less actively, primarily outside of the largest metropolitan areas, our eChapter provides a sense of community and attachment of remote members to the larger NAPW group as a whole. On the other hand, in more active local areas, our members have used the eChapter to reach beyond their city limits.

在地方分會不太活躍的地區，主要是在最大的大都市區之外，我們的 eChapter 提供了一種社區感和遠程成員對整個更大的 NAPW 組的依戀感。另一方面，在更活躍的地區，我們的會員已經使用 eChapter 超越了他們的城市範圍。

As you know, we talk a lot about networking and engagement, that's the business that we're in. For the members who are jointly involved locally and with our eChapter, they're able to realize more value out of our membership. For this reason, getting members involved in both live and online settings has the potential to create the most sticky and active members, and those are the people who buy premium membership and renew at higher rates.

如您所知，我們經常談論網絡和參與，這就是我們所從事的業務。對於在本地和我們的 eChapter 共同參與的成員，他們能夠從我們的成員資格中實現更多價值。出於這個原因，讓會員參與實時和在線設置有可能創造出最粘性和最活躍的會員，而這些人會購買高級會員並以更高的價格續訂。

We look forward to expanding this eChapter program in the next quarter as we believe it represents the future of professional networking. Moreover, as we improve our business processes, as Jim discussed, we should continue to see strong engagement and increasing membership, which should lead to growing revenue and increasing profitability.

我們期待在下一季度擴展此 eChapter 計劃，因為我們相信它代表了專業網絡的未來。此外，正如吉姆所討論的那樣，隨著我們改進業務流程，我們應該會繼續看到強大的參與度和不斷增加的會員數量，這應該會帶來收入增長和盈利能力提高。

Moreover, we intend to continue to demonstrate our relentless dedication to serving our members and clients. And that is why I am proud to be president of one of the leading diversity resource companies in PDN and president of the number one networking organization for professional women in the country.

此外，我們打算繼續展示我們為會員和客戶服務的不懈奉獻精神。這就是為什麼我很自豪能成為 PDN 領先的多元化資源公司之一的總裁和全國第一大職業女性網絡組織的總裁。

At this time, I would also like to thank our listeners for your ongoing support. And now, I will turn the call over to David Mecklenburger to talk about our financials.

此時，我還要感謝我們的聽眾一直以來的支持。現在，我將把電話轉給 David Mecklenburger 來談談我們的財務狀況。

Thank you, Star. This is David Mecklenburger, CFO of Professional Diversity Network. I'm going to briefly review our financial results of the first quarter, and then I will open up the floor to questions.

謝謝你，星星。我是 Professional Diversity Network 的首席財務官 David Mecklenburger。我將簡要回顧一下我們第一季度的財務業績，然後我將開始提問。

Revenue was $7.3 million in the first quarter of 2016. This was down from $10.7 million in the comparable year ago quarter. The revenue decline was due primarily to organizational changes that we undertook to focus on profitable revenue opportunities. This resulted in foregoing some revenue opportunities in order to cut expenses significantly.

2016 年第一季度的收入為 730 萬美元。低於去年同期的 1070 萬美元。收入下降主要是由於我們為專注於有利可圖的收入機會而進行的組織變革。這導致放棄了一些收入機會，以大幅削減開支。

Our gross margin remains strong, we posted a gross margin percent of 88% in the first quarter of 2016, which was well above the gross margin of 84% in the year ago quarter. Operating expenses were $9.2 million and were down by $4 million versus Q1 of 2015. As previously mentioned, we cut expenses significantly from that first quarter a year ago.

我們的毛利率依然強勁，2016 年第一季度的毛利率為 88%，遠高於去年同期的 84%。運營費用為 920 萬美元，與 2015 年第一季度相比減少了 400 萬美元。如前所述，與一年前的第一季度相比，我們大幅削減了費用。

In Q1 2016, we also incurred a one-time charge of $500,000 that's included in operating expenses to settle some outstanding litigation. Excluding that litigation settlement, our adjusted EBITDA deficit shrank from $1.4 million in Q1 of 2015 to $474,000 in Q1 of 2016. This shrinking adjusted EBITDA deficit is the direct result of our ongoing cost cutting efforts.

2016 年第一季度，我們還產生了 500,000 美元的一次性費用，該費用包含在運營費用中，用於解決一些未決訴訟。不包括訴訟和解，我們調整後的 EBITDA 赤字從 2015 年第一季度的 140 萬美元減少到 2016 年第一季度的 474,000 美元。調整後的 EBITDA 赤字縮小是我們持續削減成本的直接結果。

The net loss per share was $0.10 in the first quarter of 2016 versus $0.12 in the first quarter a year ago. The combination of our high gross margin and reduced operating expenses bodes well for the future profitability. Our expense base is now at a level where we can enjoy significant operating leverage when revenue increases.

2016 年第一季度每股淨虧損為 0.10 美元，而去年同期為 0.12 美元。我們的高毛利率和減少的運營費用相結合預示著未來的盈利能力。我們的費用基礎現在處於一個水平，當收入增加時，我們可以享受顯著的經營槓桿。

On that note, I would like to turn the call back to the operator to poll for questions. Thank you.

關於這一點，我想將電話轉回給接線員以輪詢問題。謝謝。

(Operator Instructions) Our first question comes from the line of Andrew D'Silva of Merriman Capital. Please proceed with your question.

（操作員說明）我們的第一個問題來自 Merriman Capital 的 Andrew D'Silva。請繼續你的問題。

Good afternoon. Thanks for taking my call. Just a few quick questions here. I'm not sure if you mentioned this in your prepared remarks. But can you provide a bookings number for the first quarter? And then if possible if you have a comparable booking number for the fourth quarter, it could help me kind of pinpoint forward projections when modeling?

下午好。謝謝你接我的電話。這裡只是幾個簡單的問題。我不確定您是否在準備好的發言中提到了這一點。但是你能提供第一季度的預訂號碼嗎？然後，如果可能的話，如果你有第四季度的可比較預訂數量，它可以幫助我在建模時確定前瞻性預測嗎？

Andrew, I'm sorry, I don't have that information at my fingertips. Bookings were slightly below recognized revenue. And we can get back to you with the exact figures after the call.

安德魯，對不起，我手邊沒有這些信息。預訂量略低於確認的收入。我們可以在通話後向您提供確切的數字。

Great, thank you. And then, if you could, I don't know, you kind of seemed to have touched on this briefly, but I didn't hear you mention my footpath. How is the integration going on in there? And then maybe a little bit of color on their infrastructure, can it be utilized for hire advantage and if applicable maybe PDN hired as well?

太好了謝謝。然後，如果可以的話，我不知道，你似乎已經簡短地談到了這一點，但我沒有聽到你提到我的小徑。那裡的整合進展如何？然後他們的基礎設施可能有點顏色，它是否可以用於僱用優勢，如果適用，也可以租用 PDN？

Yes, I'll take that, David. So, as I mentioned in my comments Andrew, we were experiencing some measurable lift in terms of increase in revenue per engagement that we are conducting. And that's a comparison from end of the first quarter to the beginning of the second quarter. So that's our current kind of real-time read on the situation. So, as we anticipated, we're getting a nice bump in terms of revenue and in terms of margin, and we anticipate that that should continue to improve during the months ahead. So, that's gone as expected or a bit better than expected.

是的，我會接受的，大衛。因此，正如我在安德魯的評論中提到的那樣，我們在每次參與的收入增加方面經歷了一些可衡量的提升。這是從第一季度末到第二季度初的比較。這就是我們目前對情況的實時閱讀。因此，正如我們預期的那樣，我們在收入和利潤方面取得了不錯的進展，我們預計在未來幾個月內這種情況應該會繼續改善。所以，這是按預期進行的，或者比預期的要好一點。

Okay, great, great to hear that. And with PDN hired, I believe last call you said you were moving faster than expected, I think up to 80 customers. And you said that the deal sizes were between $500 and maybe $2,000 per month approximately. Can you maybe give an update on where you are with customers right now? And then what is the average deal size in between that $500 to $2,000 per month range?

好的，太好了，很高興聽到這個消息。在聘用 PDN 的情況下，我相信你上次打電話說你的移動速度比預期的要快，我認為最多有 80 個客戶。你說交易規模大約在每月 500 美元到 2,000 美元之間。你能不能更新一下你現在與客戶的關係？那麼每月 500 美元到 2,000 美元之間的平均交易規模是多少？

Sure. Thanks, Andrew. So, again, just more real-time commentary, the PDN Recruits product that we launched at the beginning of the year exceeded our internal expectations in the month of April. The price points as you mentioned are $495 to $1,995. Our average sale is approximately $712. And we are pacing as I said a bit ahead of our plan about 20% ahead of our internal plan.

當然。謝謝，安德魯。因此，再一次，更實時的評論，我們在今年年初推出的 PDN Recruits 產品在 4 月份超出了我們的內部預期。你提到的價格點是 495 美元到 1,995 美元。我們的平均銷售額約為 712 美元。正如我所說，我們的步伐比我們的計劃提前了大約 20%，比我們的內部計劃提前了 20%。

As you may have noticed, we did run television at the, actually just last month. And we saw a lot of traffic increase from television. And so the sales team is still working through perfecting those new inbound inquiries that we're having. Another thing that's happened that we didn't anticipate from PDN Recruits is it's raised our profile. And it's brought in additional new conversations that have percolated up to the enterprise level. So, when we're engaging these potential recruiting partners on the recruits' levels, recruits level only goes up to 15 job slots. And we are finding that we're engaging with recruiters that have more demand than 15 slots can accommodate. So it's incubating nice conversations with us on the larger enterprise client level.

您可能已經註意到，實際上就在上個月，我們確實在電視上運行過。我們看到電視流量增加了很多。因此，銷售團隊仍在努力完善我們正在進行的那些新的入站查詢。另一件我們沒有預料到 PDN Recruits 發生的事情是它提高了我們的知名度。它帶來了更多的新對話，這些對話已經滲透到企業層面。因此，當我們在新兵級別上聘請這些潛在的招聘合作夥伴時，新兵級別最多只能增加 15 個職位空缺。我們發現，我們正在與需求超過 15 個職位的招聘人員接洽。因此，它正在與我們在更大的企業客戶層面進行良好的對話。

Just to recap that, so you're saying PDN hired traditionally working with Recruits, but because you're having success there, you were getting higher up the chain more in the enterprise level where it's more than 15 applicants within the [Epo] product? Is that accurate?

只是回顧一下，所以你說 PDN 傳統上是與 Recruits 合作，但因為你在那裡取得了成功，你在企業級別上獲得了更高的鏈條，在 [Epo] 產品中有超過 15 名申請人？那是準確的嗎？

That's exactly correct.

這是完全正確的。

Okay, great. And then just a last question, I know you'd be doing a lot of interesting initiatives, upgrading your technology, adding eChapter for NAPW and really tying in all the different businesses to bring corporate access to NAPW members. Have you seen any either qualitative or quantitative progress that you can maybe discuss in relation to that? And if you can touch on how the churn rate is going, obviously cutting sales team isn't necessarily a bad thing if you can reduce that churn rate and generate profitable revenues. So, I'm just trying to kind of triangulate where we're at on that?

好的，太好了。然後是最後一個問題，我知道你會做很多有趣的舉措，升級你的技術，為 NAPW 添加 eChapter，並真正捆綁所有不同的業務，為 NAPW 成員帶來企業訪問。您是否看到任何可以與之相關討論的定性或定量進展？而且，如果您可以了解客戶流失率的變化情況，那麼如果您可以降低客戶流失率並產生有利可圖的收入，那麼顯然削減銷售團隊不一定是壞事。所以，我只是想對我們在這方面的進展進行三角測量？

Yes. So, you're exactly correct. I think it's very important and we're very focused on membership retention and also for that matter on our corporate client retention. As I mentioned in my remarks that we're seeing favorable renewal trends on the corporate side, we're exceeding, I think, approximately 75% renewal rates, which is really favorable for us and we're excited about that.

是的。所以，你完全正確。我認為這非常重要，我們非常關注會員保留以及我們公司客戶的保留。正如我在評論中提到的，我們看到了企業方面有利的續訂趨勢，我認為我們超過了大約 75% 的續訂率，這對我們來說非常有利，我們對此感到興奮。

And on the membership side, we've also experienced a bump in increasing the amount of retention. And Kathy is in the earliest stages of her implementation of her plan. I think it's also important to note, Andrew, that while we have and will continue to economize and wring out more efficiencies in the business, as you know we acquired some significant assets in the past 18 months. And so, as we integrate those assets, we continue to find new ways of doing business smarter and more effectively. But at the same time, we're reinvesting in the business where we have found success. And one of those areas is increasing the amount of retention. And the retention dollar-per-dollar dropped straight to the bottom line. So, it's an important aspect of our business and you're right to bring it up.

在會員方面，我們也經歷了增加保留量的顛簸。凱西正處於她實施計劃的最早階段。我認為同樣重要的是要注意，安德魯，雖然我們已經並將繼續節約並提高業務效率，但正如你所知，我們在過去 18 個月中收購了一些重要資產。因此，當我們整合這些資產時，我們將繼續尋找更智能、更有效地開展業務的新方法。但與此同時，我們正在對我們取得成功的業務進行再投資。其中一個領域是增加保留量。每美元的保留率直接下降到底線。所以，這是我們業務的一個重要方面，你提出來是對的。

Great, all right. Thank you so much for answering my questions and good luck going forward throughout the rest of the year.

太好了，好吧。非常感謝您回答我的問題，祝您在今年餘下的時間裡一切順利。

Thank you, Andrew.

謝謝你，安德魯。

(Operator Instructions) There are no further questions at this time. I would like to turn the conference back over to management for closing comments.

（操作員說明）目前沒有其他問題。我想將會議轉回管理層徵求結束意見。

Thank you very much. Greatly appreciate it, operator. And we thank you all for participating in our call today. And we want you to know as always that for anybody who would like to follow up with us directly, we're available to you and would love to have a conversation with you if you'd like to learn more about our business in a more in-depth manner. Thank you very much for participating in the call. We enjoyed having you. We look forward to speaking to you next quarter.

非常感謝。非常感謝，接線員。我們感謝大家今天參加我們的電話會議。我們希望您一如既往地知道，對於任何想直接跟進我們的人，如果您想更多地了解我們的業務，我們隨時為您服務，並且很樂意與您交談深入的方式。非常感謝您參與電話會議。我們很高興有你。我們期待在下個季度與您交談。

This concludes today's teleconference. You may disconnect your lines at this time.

今天的電話會議到此結束。此時您可以斷開線路。