Kaltura Inc (KLTR) 2023 Q2 法說會逐字稿

Good morning everyone, and welcome to the Kaltura Second Quarter 2023 Earnings Call.

大家早上好，歡迎參加 Kaltura 2023 年第二季度收益電話會議。

All material contained in the webcast is the sole property and copyright of Kaltura with all rights reserved. For opening remarks and introductions, I will now turn the call over to Erica Mannion at Sapphire Investor Relations. Please go ahead.

網絡廣播中包含的所有材料均為 Kaltura 的專有財產和版權，保留所有權利。對於開場白和介紹，我現在將把電話轉給 Sapphire 投資者關係部的 Erica Mannion。請繼續。

Thank you, and good morning. With me today from Kaltura are Ron Yekutiel, Co-Founder, Chairman and Chief Executive Officer; and Yaron Garmazi, Chief Financial Officer. Ron will begin with a summary of the results for the second quarter ended June 30, 2023 and provide a business update. Yaron will then review in greater detail the financial results for the second quarter of 2023 followed by the company's outlook for the third quarter and full year of 2023. We will then open the call for questions.

謝謝你，早上好。今天與我一起來自 Kaltura 的有聯合創始人、董事長兼首席執行官 Ron Yekutiel；和首席財務官 Yaron Garmazi。 Ron 將首先總結截至 2023 年 6 月 30 日的第二季度業績，並提供業務更新。然後，Yaron 將更詳細地回顧 2023 年第二季度的財務業績，然後是公司對 2023 年第三季度和全年的展望。然後我們將開始提問。

Please note that this call will include forward-looking statements within the meaning of the federal securities laws including, but not limited to, statements regarding Kaltura's expected future financial results and management's expectations and plans for the business. These statements are neither promises, nor guarantees and involve risks and uncertainties that may cause actual results to differ materially from those discussed here.

請注意，本次電話會議將包括聯邦證券法含義內的前瞻性聲明，包括但不限於有關 Kaltura 預期未來財務業績以及管理層對業務的預期和計劃的聲明。這些陳述既不是承諾，也不是保證，並且涉及風險和不確定性，可能導致實際結果與此處討論的結果存在重大差異。

Important factors that could cause actual results to differ from forward-looking statements can be found in the Risk Factors section of Kaltura's annual report on Form 10-K for the fiscal year ended December 31, 2022 and other SEC filings, including the quarterly report on Form 10-Q for the quarter ended June 30, 2023 to be filed with the SEC.

可能導致實際結果與前瞻性陳述不同的重要因素可以在 Kaltura 截至 2022 年 12 月 31 日的財年 10-K 表格年度報告的風險因素部分以及其他 SEC 文件中找到，包括關於截至2023 年6 月30日的季度的10-Q 表將提交給SEC。

Any forward-looking statements made in this conference call, including responses to your questions, are based on current expectations as of today, and Kaltura assumes no obligations to update or revise them, whether as a result of new developments or otherwise, except as required by law. Please note, we will be discussing a non-GAAP financial measure, adjusted EBITDA during this call. For a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP metric, please refer to our earnings release, which is available on our website at www.investors.kaltura.com.

本次電話會議中所做的任何前瞻性陳述（包括對您的問題的答复）均基於截至今天的當前預期，Kaltura 不承擔更新或修改這些陳述的義務，無論是由於新的發展還是其他原因，除非有要求根據法律。請注意，我們將在本次電話會議期間討論非 GAAP 財務指標、調整後 EBITDA。有關此非 GAAP 財務指標與最直接可比的 GAAP 指標的調節，請參閱我們的收益發布，該發布可在我們的網站 www.investors.kaltura.com 上獲取。

Now I'd like to turn the call over to Ron.

現在我想把電話轉給羅恩。

Thank you, Erica, and thanks to everyone for joining us on the call this morning.

謝謝你，艾麗卡，也感謝大家今天早上加入我們的電話會議。

Today, we reported total revenue for the second quarter of 2023 of $43.9 million, up 5% year-over-year and subscription revenue of $40.7 million, up 7% year-over-year. Adjusted EBITDA for the quarter was negative $1 million. For the third quarter in a row, we posted record subscription revenue, and our year-over-year total revenue growth rate was the highest since the first quarter of 2022. Subscription revenue represented 93% of total revenue compared to 90% in quarter 2 2022. Given the results of the first half of the year, we are cautiously increasing our revenue guidance for the full year.

今天，我們報告 2023 年第二季度總收入為 4390 萬美元，同比增長 5%，訂閱收入為 4070 萬美元，同比增長 7%。本季度調整後 EBITDA 為負 100 萬美元。我們連續第三季度發布了創紀錄的訂閱收入，總收入同比增長率是 2022 年第一季度以來的最高水平。訂閱收入佔總收入的 93%，而第二季度為 90% 2022年。鑑於上半年的業績，我們謹慎上調全年收入指引。

We continue to focus on returning to profitable growth and achieved the lowest adjusted EBITDA loss of the last 8 quarters. Given the results of the first half of the year, we're also cautiously increasing our adjusted EBITDA guidance for the full year. We are once again reaffirming our plans to achieve a positive adjusted EBITDA in 2024.

我們繼續專注於恢復盈利增長，並實現了過去 8 個季度最低的調整後 EBITDA 虧損。鑑於上半年的業績，我們還謹慎地提高了全年調整後的 EBITDA 指引。我們再次重申我們計劃在 2024 年實現正調整 EBITDA。

Regarding cash flow, we materially reduced our cash consumption from operations in this quarter to $4.1 million compared with $22.5 million in quarter 2 2022. This brings our total H1 '23 cash consumption from operations to $11.6 million compared to $42.1 million in H1 '22. We expect to post positive cash flow from operations in the second half of 2023 and following our typical seasonal greater cash losses in the first half of next year, arrive at cash flow from operations breakeven with sufficient cash reserves. As stated before, we were adjusted EBITDA and cash flow from operations profitable in 2019 and in 2020 and are committed to getting there again very soon independent of our top line growth.

關於現金流，我們本季度的運營現金消耗大幅減少至410 萬美元，而2022 年第二季度為2250 萬美元。這使我們23 年上半年運營現金消耗總額降至1160 萬美元，而22 年上半年為4210 萬美元。我們預計 2023 年下半年將實現正的運營現金流，繼明年上半年出現典型的季節性較大現金損失後，我們將在擁有充足現金儲備的情況下實現運營現金流盈虧平衡。如前所述，我們對 2019 年和 2020 年盈利業務的 EBITDA 和現金流進行了調整，並致力於很快再次實現這一目標，而不受我們營收增長的影響。

Moving on to the business update. We landed this quarter a new Fortune 50 bank customer that is consolidating their video content libraries into a single platform and supporting interactive video for learning and training within the organization. For a new global investment bank customer, we are powering all internal and external events in their internal video portal.

繼續進行業務更新。本季度我們迎來了一位新的財富 50 強銀行客戶，該客戶正在將其視頻內容庫整合到一個平台中，並支持用於組織內學習和培訓的交互式視頻。對於新的全球投資銀行客戶，我們正在為其內部視頻門戶中的所有內部和外部活動提供支持。

Two Silicon Valley trailblazers have chosen Kaltura for the first time this quarter to power events and internal communications. We were also selected by a leading global health care organization to provide live streaming and webinars for all their events by a newly signed European government institution to power their worldwide events and by an online learning company, that is starting to use Kaltura to consolidate several video experiences previously powered by multiple video platforms.

兩位矽谷開拓者本季度首次選擇 Kaltura 來支持活動和內部溝通。一家全球領先的醫療保健組織還選擇我們為他們的所有活動提供直播和網絡研討會，一家新簽署的歐洲政府機構為他們的全球活動提供支持，一家在線學習公司開始使用 Kaltura 來整合多個視頻以前由多個視頻平台提供支持的體驗。

While the industry headwinds that we have been reporting on persist, and we are observing these translating into lower budgets, increased price pressure and elongated sales cycles, we are glad to see our leading demand indicators continue to grow. We posted this quarter a sequential increase in the number of new qualified leads and the number of meetings set by our SDRs and in the number and size of our RFP submissions. The growth in all these parameters was also fueled by increased demand for our newer Event Platform and Virtual Classroom products.

雖然我們一直在報告的行業逆風持續存在，並且我們觀察到這些逆風會轉化為預算減少、價格壓力增加和銷售週期延長，但我們很高興看到我們的領先需求指標繼續增長。本季度，我們公佈了新的合格潛在客戶數量、特別提款權設定的會議數量以及 RFP 提交的數量和規模的連續增長。對我們更新的活動平台和虛擬教室產品的需求增加也推動了所有這些參數的增長。

We believe that these top-of-the-funnel demand indicators as well as our growing sales pipeline signaled that we are positioned well competitively, that our newer products are well embraced and that the market interest in Kaltura is growing. This was also echoed this quarter with us winning industry awards, such as the Overall E-learning Solution of the Year category at the 2023 EdTech Breakthrough Awards, and 5 awards at the Global Eventex 2023, including in the Best Events Technology, Best Virtual Event Platform and Webinar Software categories.

我們相信，這些漏斗頂部的需求指標以及我們不斷增長的銷售渠道表明我們處於良好的競爭地位，我們的新產品受到廣泛歡迎，並且市場對 Kaltura 的興趣正在增長。本季度我們贏得了行業獎項，例如2023 年EdTech 突破獎的年度整體電子學習解決方案類別，以及Global Eventex 2023 的5 個獎項，包括最佳活動技術獎、最佳虛擬活動獎，這也印證了這一點。平台和網絡研討會軟件類別。

This quarter, we hosted Kaltura Connect on the Road 2023, a series of 5 exclusive events across New York, San Francisco, Atlanta, London and Berlin. These were the first Kaltura organized physical industry events held since 2020. We were thrilled to have a speaker lineup of 24 top industry executives from global leading companies, including Kaltura customers such as AWS and SAP, Salesforce, VMware and IBM. Hundreds of SMBs have the opportunity to network with industry leaders and visionaries and participate in hands-on workshops and interactive roundtables discussing the use of video experiences for marketing and learning and development. The event focused on helping organizations achieve better ROI and meet their ESG goals through video-based digital engagement particularly in the context of widespread marketing budget cuts and reduction of in-person training sessions.

本季度，我們在紐約、舊金山、亞特蘭大、倫敦和柏林舉辦了 Kaltura Connect on the Road 2023，這是一系列 5 場獨家活動。這是 Kaltura 自 2020 年以來首次組織的實體行業活動。我們很高興有來自全球領先公司的 24 位行業頂級高管組成的演講嘉賓陣容，其中包括 AWS 和 SAP、Salesforce、VMware 和 IBM 等 Kaltura 客戶。數百家中小型企業有機會與行業領導者和遠見者建立聯繫，並參加實踐研討會和互動圓桌會議，討論如何使用視頻體驗進行營銷、學習和發展。該活動的重點是通過基於視頻的數字參與幫助組織實現更好的投資回報率並實現其 ESG 目標，特別是在廣泛的營銷預算削減和減少現場培訓課程的背景下。

Speakers and [attendees] exchange insights about hybrid events, the role of artificial intelligence and video experiences, how online video experiences further diversity, equity and inclusion and the need to converge around a single video platform across multiple products and use cases. All these aspects were also identified by speakers and attendees as areas where Kaltura brings great differentiated value, helping them to achieve their business goals.

演講者和[與會者]就混合活動、人工智能和視頻體驗的作用、在線視頻如何體驗進一步的多樣性、公平性和包容性以及跨多個產品和用例融合單一視頻平台的必要性交換了見解。所有這些方面也被演講者和與會者認為是 Kaltura 帶來巨大差異化價值的領域，幫助他們實現業務目標。

Lastly, on the product development front. This quarter, we continue beefing up our events platform, enhancing event templatization and theme editing, registration management, user authentication, session moderation and content distribution. We enhanced our video portal with a dashboard for content creators to track better engagement with their content and added better support from multi-language content.

最後，在產品開發方面。本季度，我們繼續加強我們的活動平台，增強活動模板化和主題編輯、註冊管理、用戶身份驗證、會話審核和內容分發。我們通過儀表板增強了我們的視頻門戶，供內容創建者跟踪其內容的更好參與度，並增加了多語言內容的更好支持。

We also upgraded our video conferencing rooms to improve production studio features such as [room] branding and lower thirds, storyboard capabilities that enable preparation of session segments and content in advance, a mirror integration for collaborative whiteboarding and enhanced customization and branding capabilities.

我們還升級了視頻會議室，以改進製作工作室功能，例如[房間]品牌和下三分之一、能夠提前準備會議片段和內容的故事板功能、用於協作白板的鏡像集成以及增強的定制和品牌功能。

We also launched cloud regions for our global SaaS service to address regional requirements for data privacy and security and localized support. This also lays the groundwork for us to be able to launch additional specialized cloud services for highly regulated markets such as federal, health care and financial services.

我們還為全球 SaaS 服務推出了雲區域，以滿足數據隱私和安全以及本地化支持的區域要求。這也為我們能夠為聯邦、醫療保健和金融服務等高度監管的市場推出更多專門的雲服務奠定了基礎。

We would also like to share our move into the world of generative AI, where we are already starting to collaborate with customers to boost our video-based experiences for marketing, communication, learning and training and entertainment and increase their return on investment. The new capabilities are intended to leverage Kaltura's extensive content libraries and in-depth analytics to add enterprise-grade generative AI that will drive efficiency and reduce content production costs for our customers across learning, knowledge creation, marketing and entertainment use cases.

我們還想分享我們進入生成人工智能世界的進展，我們已經開始與客戶合作，以​​提升我們基於視頻的營銷、溝通、學習和培訓以及娛樂體驗，並提高他們的投資回報。新功能旨在利用 Kaltura 廣泛的內容庫和深入分析來添加企業級生成人工智能，從而提高客戶在學習、知識創造、營銷和娛樂用例方面的效率並降低內容製作成本。

Kaltura's in-depth analytics enable optimization of the models as well as feedback loops for continuous learning. We plan to insert generative AI capabilities into a broad range of our products and cater to enhance content creation, search and discovery, interactivity and analytics reporting. This includes, for example, using AI to create new assets from existing content, like repurposing event or webinar content into many highlight reels for highly targeted distribution across social platforms, and for enriching our immersive and intelligent content search and discovery services with new interactive capabilities and for making content more widely accessible to help customers comply with regulatory requirements.

Kaltura 的深入分析可以優化模型以及持續學習的反饋循環。我們計劃將生成式人工智能功能插入到我們廣泛的產品中，並增強內容創建、搜索和發現、交互性和分析報告。例如，這包括使用人工智能從現有內容中創建新資產，例如將活動或網絡研討會內容重新利用到許多精彩片段中，以便在社交平台上進行高度針對性的分發，以及通過新的交互功能豐富我們的沉浸式智能內容搜索和發現服務以及讓內容更廣泛地訪問以幫助客戶遵守監管要求。

Building on our new generative AI capabilities, we also plan to launch a system event creation capabilities for event hosts that include auto generation of content and improved insights intended to streamline event creation, grow attendance, boost content discovery and reach end user experience and increase engagement.

在我們新的生成人工智能功能的基礎上，我們還計劃為活動主辦方推出系統活動創建功能，包括自動生成內容和改進的見解，旨在簡化活動創建、增加出席率、促進內容髮現、達到最終用戶體驗並提高參與度。

As an open and flexible company and platform, we continue to harness innovation from across the tech ecosystem. Kaltura's partner program already includes generative AI providers that have integrated their solutions into our video experience cloud and are available to Kaltura customers. As part of our partner program, we tend to launch a Kaltura AI accelerator program that will connect AI start-ups with Kaltura products while facilitating, brainstorming, knowledge sharing and value creation with Kaltura enterprise customers.

作為一家開放、靈活的公司和平台，我們繼續利用整個技術生態系統的創新。 Kaltura 的合作夥伴計劃已經包括生成式 AI 提供商，他們已將其解決方案集成到我們的視頻體驗雲中，並可供 Kaltura 客戶使用。作為我們合作夥伴計劃的一部分，我們傾向於推出 Kaltura AI 加速器計劃，將 AI 初創企業與 Kaltura 產品連接起來，同時與 Kaltura 企業客戶促進、集思廣益、知識共享和價值創造。

We are excited about the great promise that generative AI holds to create hyper-personalized, hyper-engaging experiences on the fly. We believe that this will significantly increase the creation, consumption and ROI from video experiences and that Kaltura and its customers would stand to benefit from it tremendously.

我們對生成式人工智能在動態創造超個性化、超引人入勝的體驗方面所擁有的巨大前景感到興奮。我們相信，這將顯著提高視頻體驗的創作、消費和投資回報率，Kaltura 及其客戶將從中受益匪淺。

In summary, we continue to make progress towards our goal to return to profitable growth. We posted again record subscription revenue, continued to increase our year-over-year total revenue growth rate and further reduce our adjusted EBITDA losses and cash consumed from operations. Despite the continued industry headwinds, we continue to be encouraged by leading demand indicators and are excited about the adoption of our newer products and about our continued innovation, especially around generative AI that has the potential to significantly grow the demand, usage and value of our solutions.

總而言之，我們繼續朝著恢復盈利增長的目標取得進展。我們再次發布創紀錄的訂閱收入，繼續提高我們的同比總收入增長率，並進一步減少調整後的 EBITDA 損失和運營現金消耗。儘管行業逆風持續存在，但我們繼續受到領先需求指標的鼓舞，並對我們新產品的採用和我們的持續創新感到興奮，特別是在生成人工智能方面，它有可能顯著增加我們的需求、使用和價值。解決方案。

We are cautiously increasing both our revenue and adjusted EBITDA guidance numbers for 2023 and are reaffirming our plans to achieve a positive adjusted EBITDA in 2024. We plan to post positive cash flow from operations in the second half of 2023 and to achieve cash flow from operations breakeven by the second half of 2024 with sufficient cash reserves.

我們正在謹慎增加 2023 年的收入和調整後 EBITDA 指導數字，並重申我們計劃在 2024 年實現正調整 EBITDA。我們計劃在 2023 年下半年實現正運營現金流，並實現運營現金流到2024年下半年，現金儲備充足，實現收支平衡。

With that, I'll turn it over to Yaron, our CFO, to discuss our financial results in more detail. Yaron?

接下來，我會將其交給我們的首席財務官 Yaron，以更詳細地討論我們的財務業績。亞龍？

Thank you, Ron, and good morning, everyone. As I review our second quarter results today, please note that I will be referring to a non-GAAP metric adjusted EBITDA. A reconciliation of GAAP to non-GAAP financials is included in today's earnings release, which is available on our website at www.investors.kaltura.com.

謝謝你，羅恩，大家早上好。當我今天回顧第二季度業績時，請注意，我將指的是非 GAAP 指標調整後的 EBITDA。今天的收益報告中包含了 GAAP 與非 GAAP 財務數據的調節表，可在我們的網站 www.investors.kaltura.com 上查看。

Total revenue for the second quarter ended June 30, 2023 was $43.9 million, up 5% year-over-year. Subscription revenue was $40.7 million, up 7% year-over-year, while professional services revenue contributed $3.2 million, down 21% year-over-year. The remaining performance obligations were $174.3 million, up 1% year-over-year, of which we expect to recognize 59% as revenue over the next 12 months.

截至 2023 年 6 月 30 日的第二季度總收入為 4390 萬美元，同比增長 5%。訂閱收入為 4070 萬美元，同比增長 7%，而專業服務收入貢獻 320 萬美元，同比下降 21%。剩餘履約義務為 1.743 億美元，同比增長 1%，我們預計未來 12 個月將其中 59% 確認為收入。

After the close of the quarter, we had a customer reduced their 3 years' commitment by approximately $7 million, spread equally over the years. We posted in the second quarter a record annualized recurring revenue of $163.4 million, up 8% year-over-year. Our net dollar retention rate was 100% the same as Q2 2022.

本季度結束後，我們的一位客戶將其 3 年承諾減少了約 700 萬美元，並在以後的年份中平均分配。我們第二季度的年化經常性收入創歷史新高，達 1.634 億美元，同比增長 8%。我們的淨美元保留率為 100%，與 2022 年第二季度相同。

Within our EE&T segment, total revenue for the second quarter was $31.2 million, up 2% year-over-year. Subscription revenue was $30.3 million, up 7% year-over-year, while professional services revenue contributed $0.9 million, down 58% year-over-year. Within our M&T segment, total revenue for the second quarter was $12.7 million, representing a 10% year-over-year growth. Subscription revenue was $10.5 million, up 8% year-over-year, while professional services revenue contributed $2.3 million, up 20% year-over-year.

在我們的 EE&T 部門，第二季度總收入為 3120 萬美元，同比增長 2%。訂閱收入為 3030 萬美元，同比增長 7%，而專業服務收入貢獻 90 萬美元，同比下降 58%。在 M&T 部門，第二季度總收入為 1,270 萬美元，同比增長 10%。訂閱收入為 1050 萬美元，同比增長 8%，專業服務收入貢獻 230 萬美元，同比增長 20%。

GAAP gross profit in the quarter was $28.6 million, representing a gross margin of 65%, the highest gross margin since Q1 2018. Within our EE&T segment, gross profit for the second quarter was $23.1 million, representing a gross margin of 74%, up from 68% gross margin in Q2 2022. Within our M&T segment, gross profit for the second quarter was $5.5 million, representing a gross margin of 43% down from 52% gross margin in Q2 2022. GAAP net loss in the quarter was $10.8 million or $0.08 per diluted share. Adjusted EBITDA for the quarter was a negative of $1 million, improving from a negative of $8.5 million in Q2 2022.

本季度GAAP 毛利潤為2860 萬美元，毛利率為65%，為2018 年第一季度以來的最高毛利率。在我們的EE&T 部門，第二季度毛利潤為2310 萬美元，毛利率為74%，同比增長毛利率較2022 年第二季度的68% 有所下降。在我們的M&T 部門中，第二季度的毛利潤為550 萬美元，毛利率較2022 年第二季度的52% 下降了43% 。本季度GAAP 淨虧損為1,080 萬美元或稀釋後每股 0.08 美元。本季度調整後 EBITDA 為負 100 萬美元，較 2022 年第二季度的負 850 萬美元有所改善。

Turning to the balance sheet and cash flow. We ended the quarter with $70.6 million in cash and marketable securities. Net cash using operating activities was $4.1 million in the quarter compared to $22.5 million in Q2 2022.

轉向資產負債表和現金流量。本季度結束時，我們擁有 7060 萬美元的現金和有價證券。本季度使用經營活動的淨現金為 410 萬美元，而 2022 年第二季度為 2250 萬美元。

I would now like to turn to our outlook for the first quarter of 2023 and for the fiscal year ending December 31, 2023. In the third quarter, we expect subscription revenue to grow by 5% to 7% to between $39.8 million and $40.6 million, and the total revenue to increase by 4% to 6% to between $42.7 million and $43.5 million. We expect a negative adjusted EBITDA between $0.5 million and $1 million.

我現在想談談我們對2023 年第一季度和截至2023 年12 月31 日的財年的展望。在第三季度，我們預計訂閱收入將增長5% 至7%，達到3980 萬美元至4060 萬美元之間，總收入將增長 4% 至 6%，達到 4270 萬美元至 4350 萬美元。我們預計調整後的 EBITDA 為負數在 50 萬至 100 萬美元之間。

For the full year, we expect subscription revenue to grow by 5% to 6% to between $159.6 million and $161.7 million and the total revenue to increase by 1% to 2% to between $170 million and $173 million. We expect a negative adjusted EBITDA between $4.5 million and $5.5 million.

我們預計全年訂閱收入將增長 5% 至 6%，達到 1.596 億至 1.617 億美元，總收入將增長 1% 至 2%，達到 1.70 億至 1.73 億美元。我們預計調整後的 EBITDA 為負數在 450 萬美元至 550 萬美元之間。

In summary, despite the macro environment and our industry headwinds, given the positive results of the first quarter and our leading demand indicator, we are cautiously increasing our revenue and adjusted EBITDA guidance for the rest of the year and expecting to generate a positive cash flow from operations in the second half of 2023. We are encouraged by our continued progress towards a profitable growth and are reaffirming our commitment to positive adjusted EBITDA in 2024 and to achieving cash flow from operations breakeven by the second half of 2024 with sufficient cash reserves in dependence of top line growth.

總而言之，儘管宏觀環境和我們的行業逆風，鑑於第一季度的積極業績和我們的領先需求指標，我們正在謹慎增加收入並調整今年剩餘時間的 EBITDA 指導，並期望產生正現金流2023 年下半年，我們的業務將實現盈利。我們對盈利增長的持續進展感到鼓舞，並重申我們致力於在2024 年實現正調整EBITDA，並在2024 年下半年實現運營現金流盈虧平衡，並擁有充足的現金儲備收入增長的依賴性。

With that, we will open the call for questions. Operator?

至此，我們將開始提問。操作員？

(Operator Instructions) Our first question comes from DJ Hynes with Canaccord.

（操作員說明）我們的第一個問題來自 Canaccord 的 DJ Hynes。

Ron, I wanted to ask about what you're seeing in terms of retention dynamics in the core EE&T segment. Look, I would have expected to see a bit more sequential growth there coming off of last quarter. Year-over-year growth ticked back down to 2% against an easier comp. You mentioned this 3-year customer that is reducing its commitment by $7 million over the term of their contract. Maybe just unpack gross retention dynamics as we think about how the model plays out over the next couple of years?

Ron，我想問一下您對核心 EE&T 領域的保留動態有何看法。看，我預計上季度會出現更多的環比增長。與較輕鬆的比較相比，同比增長率回落至 2%。您提到這個 3 年期客戶在合同期內將承諾減少 700 萬美元。當我們思考該模型在未來幾年如何發揮作用時，也許只是解開總保留動態？

Thanks for the question. Happy to do so. So first, from an NDR perspective, you've seen that it was 100%, slightly decreased to 102% last quarter, 100% quarter last year and aligned with our general expectation for the year. We expect that to be gross (inaudible) around that same number, but things are going to pick up again.

謝謝你的提問。很高興這樣做。首先，從 NDR 的角度來看，您已經看到它是 100%，上季度略有下降至 102%，去年季度為 100%，與我們今年的總體預期一致。我們預計這一數字將非常嚴重（聽不清），但情況將會再次好轉。

From a gross retention perspective, so the gross retention levels were somewhat lower compared to the recent quarters in this quarter. We had approximately 2/3 of the first half reduction in both Q1 and Q2 from parcel reductions. So that means that customers are still with us. And only 1/3 came from kind of full churn or nonrenewal. So we're no longer working with the customers. So it's more kind of an uptick on parcel reduction because of price pressures or certain projects that people are doing less of -- even in the case of what we've mentioned on the RPO side of next quarter, this is a reduction. It's not a complete departure of a customer, and that's a separate one that we've announced on.

從總留存率的角度來看，本季度的總留存率水平較前幾個季度有所下降。第一季度和第二季度上半年的大約 2/3 的減少來自包裹減少。這意味著客戶仍然和我們在一起。只有 1/3 來自完全流失或不更新。所以我們不再與客戶合作。因此，由於價格壓力或人們減少的某些項目，包裹減少量有所增加 - 即使我們在下季度的 RPO 方面提到的情況下，這也是減少。這並不是客戶的完全離開，而是我們已經宣布的另一項客戶離開。

The majority of the churn is due to kind of no longer requiring the product, but it could sometimes be virtual events that turn physical. And so they're kind of stopping at this point in time. And then the second reason would be certain price pressure. Only 5% of the reduction is due to, I'd say, product feature gap or service level issues.

大多數流失是由於不再需要該產品，但有時也可能是虛擬事件變成了實體事件。所以他們在這個時候就停下來了。第二個原因是一定的價格壓力。我想說，只有 5% 的減少是由於產品功能差距或服務水平問題造成的。

From a segment perspective question, on the M&T front, there was an improvement from last quarter actually better retention, still lower than usual. On the EE&T side, it was a bit lower than quarter 1. It's lower than usual. But one thing to note is that we had a quarter with even lower EE&T retentions that we had this quarter in each one of the last 2 years. In fact, quarter 2 '23, the exact same quarter of the year before, was lower in EE&T. So it goes up and down from time to time.

從細分市場的角度來看，在 M&T 方面，與上季度相比有所改善，實際上保留率有所提高，但仍低於平時。在 EE&T 方面，比第一季度略低。比平常低。但需要注意的一件事是，我們有一個季度的 EE&T 保留率比過去兩年中的每個季度還要低。事實上，2023 年第 2 季度（即去年的同一季度）EE&T 的水平較低。所以它時而上升時而下降。

We do expect next quarter to still be lower than usual, and that's fueled in part by that customer that we had mentioned. But then in Q4, we expect given current forecast things to come back to usual levels. And all in all, just to frame things in an overall kind of size, we forecast for this year to be a few percent lower than the usual retention rate. So nothing much more drastic than that. We're not seeing a crazy reduction, but it will be a few percent lower than the typical gross retention rate. We think it's more than anything else to sign at the time, like we said, squeezing and stopping certain projects and then coming back.

我們確實預計下季度仍低於平常，這在一定程度上是由我們提到的客戶推動的。但在第四季度，根據目前的預測，我們預計情況將恢復到正常水平。總而言之，為了確定總體規模，我們預測今年的保留率將比平常低幾個百分點。所以沒有什麼比這更激烈的了。我們沒有看到瘋狂的減少，但會比典型的總保留率低幾個百分點。我們認為當時簽署比其他任何事情都重要，就像我們說的那樣，擠壓和停止某些項目然後再回來。

Does that address your question?

這能解決你的問題嗎？

Yes, it sure does. I want to follow up maybe on the pipeline generation metrics. I mean, you sound pretty excited around qualified leads, RFPs, the meetings and all that sort of stuff. How are things progressing through the pipeline? Like what are you seeing in terms of time lines to get deals over the finish line?

是的，確實如此。我想跟進管道生成指標。我的意思是，你聽起來對合格的潛在客戶、RFP、會議和所有類似的事情非常興奮。事情進展如何？您對完成交易的時間有何看法？

That's a good question. So because we did indicate that we are seeing meetings set by SDR tick up, and we are seeing kind of a year-over-year sequential growth in that, and it was declining mid last year, and we are seeing from an RFP submission continued year-over-year and sequential increase and also that was the decline in the second half of last year.

這是個好問題。因為我們確實表明，我們看到特別提款權設定的會議有所增加，而且我們看到這種會議逐年連續增長，去年中期有所下降，我們從提交的 RFP 中看到繼續同比和環比的增長，也是去年下半年的下降。

And also to the extent that the specific products that are looked at on RFP, there's a lot more requests for newer products, Event Platform, Virtual Classroom, and that's also to continue to pull up the average opportunity side in RFP. So just to give you an example, the Event Platform responses were more than double compared to Q1 and Q4 last year. So Q2 was like the sum of Q1 and Q4 and a bit more. So it's pulling up. So that's on the top side of the funnel that QBM meetings RFPs are pulling up.

而且就 RFP 上查看的特定產品而言，對新產品、活動平台、虛擬教室的需求也越來越多，這也將繼續拉動 RFP 中的平均機會面。舉個例子，Event Platform 的響應量比去年第一季度和第四季度增加了一倍多。所以 Q2 就像 Q1 和 Q4 的總和，甚至更多。所以它正在拉升。這就是 QBM 會議 RFP 所拉動的漏斗的頂部。

At the bottom side from a win rate, we continue to do well. In fact, it was record it was even better than the last x quarters, and it's a really strong number. So that's not the issue. But the bigger issue and that pertains to kind of the general headwinds of the industry of lower budgets, increased price pressure and longer the tail cycles is that they are getting prolonged.

從勝率來看，我們仍然表現出色。事實上，這是創紀錄的，甚至比過去幾個季度還要好，而且這是一個非常強勁的數字。所以這不是問題。但更大的問題是，與預算減少、價格壓力增加和尾部周期更長等行業普遍不利因素有關的是，它們正在變得越來越長。

So they are taking longer to go through the funnel. It's not that we're losing the deals, and it's not that new opportunities are not opening up, but they're taking longer to go through the process. And so for Q3 now, we have a pretty rich pipeline. And let's -- if it closes in Q3, it goes on in Q4 if delays continue. But that's the biggest story around booking, not the top and not the bottom, but the middle.

因此，他們需要更長的時間才能通過渠道。這並不是說我們正在失去交易，也不是沒有新的機會出現，而是他們需要更長的時間來完成這個過程。因此，現在第三季度，我們擁有相當豐富的渠道。如果它在第三季度結束，如果繼續延遲，它會在第四季度繼續。但這是關於預訂的最大故事，不是頂部也不是底部，而是中間。

Our next question comes from George Iwanyc with Oppenheimer.

我們的下一個問題來自喬治·伊万尼克和奧本海默。

Maybe following up on the environmental answer that you just provided. Can you give us a little bit more color on the pricing pressure you mentioned and the competitive dynamics? Are you seeing vendors be more aggressive to take share? Or is this more IT spend driven that your customers are just looking to be more cost efficient?

也許會跟進您剛才提供的環境答案。您能給我們更多關於您提到的定價壓力和競爭動態的信息嗎？您是否看到供應商更加積極地搶占份額？或者，這是否更多是由 IT 支出驅動的，而您的客戶只是希望提高成本效率？

It starts with the latter of the customers need to have less money -- to spend less money, and that it does also affect competitors' willingness to reduce prices, both for new bids as well as existing customers, even more so existing. The biggest story in Kaltura has been that over the years, we've received again and again the people want to switch to us, and we still have quite a lot of switches.

首先，後者客戶需要更少的錢——花更少的錢，而且它也確實影響了競爭對手降價的意願，無論是對新投標還是現有客戶，尤其是現有客戶。 Kaltura 最大的故事是，多年來，我們一次又一次地收到人們想要切換到我們的消息，而且我們仍然有相當多的切換。

And that's both because the product is better and stronger, but also because we could uniformly address multiple use cases across external, internal on-demand live. And we also see a lot of that, a lot of consolidation. And so the question is when they do that? In a typical year, they jump on and say, look, we already want to do this. It saves us money. It's more efficient. It's great. And the year like this, if existing vendors says, you know what I'll reduce our cost by 10%, just stick with us, then they might say, you know what, can we push that by year, we'll just continue with the existing vendor.

這不僅是因為該產品更好更強，還因為我們可以跨外部、內部點播直播統一解決多個用例。我們也看到了很多這種情況，很多整合。所以問題是他們什麼時候這樣做？通常情況下，他們會跳上來說，看，我們已經想這麼做了。它為我們節省了錢。效率更高。這很棒。像這樣的一年，如果現有供應商說，你知道我會將成本降低 10%，只要堅持使用我們，那麼他們可能會說，你知道嗎，我們可以按年推進嗎？我們會繼續與現有供應商。

So we get more statements on bids that had interest to replace to us that they want to delay this a bit until it's a year to make such a switch. And so I'd say it's a combination of both of these aspects. And like I said, from a retention perspective, the majority of the retention behavior are people that are reducing and a portion of that reduction is pertaining to price. It's not just a change in need, like a physical -- a virtual event moving physical, but people say, you know what, let's just go to a more affordable option right now.

因此，我們收到了更多有興趣更換的投標聲明，他們希望稍微推遲一下，直到一年後才能進行此類轉換。所以我想說這是這兩個方面的結合。正如我所說，從保留的角度來看，大多數保留行為都是減少的人員，其中一部分減少與價格有關。這不僅僅是需求的變化，就像實體活動——虛擬活動轉移到實體活動一樣，但人們會說，你知道嗎，我們現在就選擇更實惠的選擇吧。

Then following up on the customer engagement with the platform. I know over the last year, you've been gradually adding more low-touch opportunities for customers to directly engage with the platform. Can you give us an update on what you're seeing there?

然後跟進客戶與平台的互動情況。我知道在過去的一年裡，你們一直在逐漸增加更多低接觸機會，讓客戶直接與該平台互動。您能給我們介紹一下您在那裡看到的最新情況嗎？

Yes, happy to do that. So as I said, the low-touch is divided to 2 parts. There's the enterprise offerings that are not complete self-serve credit card, but you could have that and have less services. And an example of that would be our Event Platform, our [EP] product, which was a reincarnation of our original [VE], Virtual Event solution that was rich with services that were required by Kaltura, that automated things, so you could do it yourself through templatization.

是的，很高興這樣做。正如我所說，低接觸分為兩部分。有些企業產品不是完整的自助信用卡，但您可以擁有它並獲得較少的服務。一個例子就是我們的活動平台，我們的 [EP] 產品，它是我們最初的 [VE] 虛擬活動解決方案的轉世，該解決方案富含 Kaltura 所需的服務，自動化的事情，所以你可以做通過模板化自己實現。

And then the second piece is complete self-serve, which is credit card, and that also lends itself more to departmental sales and even more so SMB and SME. So let me start with the first one, which is lower touch. Yes, indeed, a lot of what's happening is increased sales that are using products that are more lower touch. That's what I said earlier also, the demand that's growing for our EP product that's picking up. And you can see that the ratio of professional services over revenues continue to go down, and there's continued to be nominal decrease in our professional services on a year-over-year basis, and we expect that to do this year, et cetera.

第二部分是完全自助服務，即信用卡，這也更適合部門銷售，更適合中小企業。讓我從第一個開始，即較低的接觸。是的，確實，正在發生的很多事情都是使用更少接觸的產品來增加銷量。這也是我之前所說的，對我們的 EP 產品的需求正在增長。您可以看到，專業服務與收入的比率繼續下降，而且我們的專業服務同比繼續名義下降，我們預計今年也會出現這種情況，等等。

From a complete self-serve, we're making good progress on optimizing the products. We've had more pickup of users. But I said earlier that this is not one of these things that's going to make a big change to this year's revenue. And I'm not trying to overpromote it until such time as we could tell you, look, this is now really moving the needle for us as a company and our bookings and growth. Are we making progress and deploying it? Yes. But I wouldn't -- again, I wouldn't start talking about the revenue impact of this over the next few quarters until next year, it should be an impact.

從完全自助服務開始，我們在優化產品方面取得了良好進展。我們吸引了更多的用戶。但我之前說過，這不會對今年的收入產生重大變化。我不會試圖過度宣傳它，直到我們可以告訴你，看，這現在確實對我們作為一家公司以及我們的預訂和增長產生了推動作用。我們是否正在取得進展並進行部署？是的。但我不會——再說一遍，我不會開始談論這對未來幾個季度的收入影響，直到明年，這應該是一種影響。

Great. And last question for me. On the generative AI functionality that you're putting into platform. Can you give us some perspective on timing? Is this something that you look at as primarily driving customer stickiness and potential expansion? Or do you see some price changes also or new products that could fall out of the [efforts]?

偉大的。還有我的最後一個問題。關於您放入平台的生成人工智能功能。您能給我們一些關於時機的看法嗎？您認為這是主要推動客戶粘性和潛在擴張的因素嗎？或者您是否也看到一些價格變化或可能會因[努力]而失敗的新產品？

Yes. So we started to collaborate already with customers to boost our experiences with AI. Broadly, the AI plans are divided into, I'd say, 3 buckets. There's the video analysis and metadata enrichment. So it's not creating video, but it is around the video. And that's where our [rich] media asset is enhanced with AI. So for example, if you're adding better ASR, which is transcription, using, for example, Whisper open-source project or are we doing better OCR in understanding the -- what's inside the video, or we doing speaker identification, what's called diarization, that you can actually understand who's talking when in the video or titling or chaptering or keyword identification or summarization of the text or post creation.

是的。因此，我們已經開始與客戶合作，以​​提升我們的人工智能體驗。總的來說，人工智能計劃分為 3 個部分。有視頻分析和元數據豐富。所以它不是創造視頻，而是圍繞視頻。這就是我們的[豐富]媒體資產通過人工智能得到增強的地方。例如，如果您要添加更好的 ASR（即轉錄），例如使用 Whisper 開源項目，或者我們是否在理解視頻內容方面做了更好的 OCR，或者我們正在進行說話人識別，這就是所謂的日記化，您可以在視頻或標題或章節或關鍵字識別或文本或帖子創建的摘要中實際了解誰在說話。

So all these is expected to happen over the next few months. There's already pilots out there running with customers, and we're excited about that. The next step after is content creation when it's the actual video creation and editing. And here too, I divided it into 2 parts. There is a part where there is existing video and all you doing is repurposing. It's more like clips or highlight reels, and that's going to come in sooner.

因此，所有這些預計將在未來幾個月內發生。已經有試點項目與客戶一起運行，我們對此感到很興奮。下一步是實際視頻創建和編輯時的內容創建。在這裡，我也將其分為兩部分。有一部分已有視頻，而您所做的只是重新調整用途。它更像是剪輯或精彩片段，而且會更快推出。

And then there is the more robust full generation of videos, so you insert text, you insert audio and images, and you get a video in an automatic way. That's not in the immediate short future plans, but we do expect to get there. I'd say, by and large, the big opportunity that AI introduces is compressing 2 things that used to have been separate, which is production and distribution and the ability to have that on the fly and highly personalized so that each person gets the video and the right content, the right context at the right time to maximize the actual engagement is really, really interesting.

然後是更強大的完整視頻生成，因此您可以插入文本，插入音頻和圖像，然後以自動方式獲取視頻。這不在近期的計劃中，但我們確實希望能夠實現這一目標。我想說，總的來說，人工智能帶來的巨大機會是壓縮過去分開的兩件事，即製作和分發，以及動態和高度個性化的能力，以便每個人都能獲得視頻在正確的時間提供正確的內容、正確的背景，以最大限度地提高實際參與度，這真的非常非常有趣。

And then on top of creation of video, there's image generation for social posts, like thumbnails that are creating on the fly. And then the third category, I said there is 3, there's the big analysis (inaudible). There's content creation. The third is just general AI-powered features that are not related to video, but are touching the experience. So for example, assistance for the events or wizard for automatic generation of events and webinars, so you basically insert what you want to do and it creates you the webinar.

然後，除了創建視頻之外，還可以生成社交帖子的圖像，例如即時創建的縮略圖。然後第三類，我說有3，這是大分析（聽不清）。還有內容創作。第三個只是一般的人工智能功能，與視頻無關，但涉及體驗。例如，對事件的幫助或自動生成事件和網絡研討會的嚮導，因此您基本上可以插入您想要執行的操作，它會為您創建網絡研討會。

That third piece is also advancing in parallel to the first one. So it's less video-centric, but it is experience-centric. So it's all going to happen over the next few months, but pieces of it are going to take longer. It's a multiyear strategy. As I said earlier in my script, we are also banking on partners, and we are historically known to do that really well, and we expect to do that. And yes, we're excited about AI, but it's -- we're in an interesting place because we have the content, we have the experience, and we have a lot of data, and we own the data horizontally in the enterprise for users for a lot of different use cases. So if you add the AI on top of that, that's going to be quite powerful.

第三部分也與第一部分並行推進。所以它不是以視頻為中心，而是以體驗為中心。因此，這一切都將在接下來的幾個月內發生，但其中某些部分將需要更長的時間。這是一項多年戰略。正如我之前在劇本中所說，我們也依賴於合作夥伴，而且我們歷史上在這方面做得非常好，我們也希望能夠做到這一點。是的，我們對人工智能感到興奮，但我們正處於一個有趣的地方，因為我們擁有內容，我們有經驗，我們有大量數據，並且我們在企業中橫向擁有這些數據用戶有很多不同的用例。因此，如果在此基礎上添加人工智能，那將會非常強大。

Our next question comes from Ryan Koontz with Needham & Co.

我們的下一個問題來自 Needham & Co 的 Ryan Koontz。

Ron, sounds like you're relatively pleased with the sales execution here. And I wonder if you could reflect on what you can share in terms of color on organizational strategy, process changes you've made to improve your predictability and productivity. I mean, despite, obviously, some of the headcount cuts you guys have turned it around here. So -- what can you reflect that you've made some changes to -- in the organization that you think is having results?

羅恩，聽起來您對這裡的銷售執行情況比較滿意。我想知道您是否可以反思一下您可以在組織戰略、為提高可預測性和生產力而進行的流程更改方面分享哪些內容。我的意思是，儘管很明顯，你們已經扭轉了一些裁員的局面。那麼，您認為在您認為正在取得成果的組織中，您對哪些方面進行了一些改變？

I appreciate that. Again, I'll put the parenthesis. I'm very happy with what we're doing in the market. I think we're doing better than the other folks. There are headwinds that are impacting the slower execution and bookings, and this is not a typical year. We expect to do much better than that. I am pleased that we're out there reaching out and beyond anything else have made very well the expansion from the internal use case into both internal and external together with our marketing CMO fronting products. And that's enabling us to grow our ARPU, but also double down on our unique offering to be that horizontal platform to consolidate all different video use cases in the enterprise. So that's very powerful.

我很感激。再次，我會加上括號。我對我們在市場上所做的事情感到非常滿意。我認為我們比其他人做得更好。一些不利因素影響了執行和預訂的放緩，而且今年不是典型的一年。我們期望做得比這更好。我很高興我們能夠與我們的營銷 CMO 前端產品一起，很好地從內部用例擴展到內部和外部。這使我們能夠提高 ARPU，同時也加倍努力打造我們獨特的產品，成為整合企業中所有不同視頻用例的橫向平台。所以這是非常強大的。

And I'm also happy that our win rates are holding and actually doing even better. So -- so that's good. Now insofar as what are the changes that we've done in order to accommodate for that. So first, no big revolution that's done over this quarter. For example, we've gone through planning and execution on a multi-quarter basis. I could tell you that general trends are to: a, further train and enable our staff to grow from internal to external and to do CMO sales together; b, enable our team to work better in lower touch product environments and more product-led growth where people could start playing with the product and then getting the sale done, even if it's an enterprise sale, not complete self-serve sale, and how to support that from product marketing through sales, but also earlier than that from product and marketing and the whole organization is aligned to do so well.

我也很高興我們的勝率保持不變，而且實際上做得更好。所以——所以這很好。現在我們已經做了哪些改變來適應這一點。首先，本季度沒有發生重大變革。例如，我們已經在多個季度的基礎上進行了規劃和執行。我可以告訴你，大的趨勢是：a、進一步培訓和讓我們的員工從內部到外部成長，一起做CMO銷售； b，使我們的團隊能夠在低接觸產品環境和更多以產品為主導的增長中更好地工作，人們可以開始玩產品，然後完成銷售，即使是企業銷售，而不是完全的自助銷售，以及如何從產品營銷到銷售來支持這一點，但也早於從產品和營銷開始，整個組織都一致做好這一點。

And I'd say that by doing so, we've also gotten other competitors that we have done less work against in recent years. And I think we're doing better in being able to tell the story and why Kaltura and how we're better situated. We're getting a lot of folks that are interested in making these switches. And I think you're going to see a lot more of that in the quarters to come. So these are some of the improvements that we've made.

我想說，通過這樣做，我們還獲得了其他競爭對手，而近年來我們對這些競爭對手的工作較少。我認為我們在講述故事、為什麼選擇 Kaltura 以及我們如何處於更好的位置方面做得更好。我們有很多人對進行這些轉變感興趣。我認為在接下來的幾個季度你會看到更多這樣的情況。這些是我們所做的一些改進。

That's great. I wonder if you could comment at a high level kind of what you see strategically happening in the industry. We saw kind of the Brightcove, Yahoo announcement, I don't know if you saw this morning, but Hopin was acquired by RingCentral. It's a little bit of a stretch for them. I don't think they know much about events and such. But what are your thoughts on the industry consolidation, collaboration? Are there strategic channel relationships? We've discussed in the past, do you think can come to bear for Kaltura and any thought on industry, I'd appreciate.

那太棒了。我想知道您是否可以對您所看到的行業中戰略性發生的事情進行高層次的評論。我們看到了 Brightcove 和雅虎的公告，我不知道你今天早上是否看到了，但 Hopin 被 RingCentral 收購了。這對他們來說有點牽強。我認為他們對事件之類的事情了解不多。但您對行業整合、合作有何看法？是否存在戰略渠道關係？我們過去討論過，您認為可以對 Kaltura 以及對行業的任何想法產生影響，我將不勝感激。

Yes, great question. Starting with Brightcove and Yahoo, that's not a channel, nor a strategic kind of statement. It's a customer, it's a bigger customer for them, which is great, but it's not a strategic shift. They've focused on media companies and the classic kind of OVP, online video platform. As you know, in the media and telecom, we've put a bit more focus on the TV rate delivery, which are more mission-critical and could yield greater stickiness and less commoditization, better gross margins ultimately. So there's a bit of a different direction. We are coming down market to also larger media companies. But Yahoo is in the bull's eye of the focus that Brightcove had always been in.

是的，很好的問題。從 Brightcove 和雅虎開始，這不是一個渠道，也不是一種戰略聲明。這是一個客戶，對他們來說是一個更大的客戶，這很好，但這不是戰略轉變。他們專注於媒體公司和經典的 OVP（在線視頻平台）。如您所知，在媒體和電信領域，我們更加關注電視費率交付，這對任務更為關鍵，可以產生更大的粘性和更少的商品化，最終獲得更好的毛利率。所以方向有點不同。我們也正在向更大的媒體公司進軍市場。但雅虎一直是 Brightcove 關注的焦點。

Insofar as the acquisition of Hopin, congrats. It just tells that there will be continued consolidation in the space. Hopin are an off -- product that's geared and fitted to the low end or smaller companies, not the large enterprises. It's kind of the classic self-serve load touch all the way to SMB, SME and not large enterprise. And so it will be interesting to see what the make of it. We don't compete with them much in the market where we are today. And even in the places we did go for complete self-serve. It was more towards webinar and less towards the event size and the event size, we're doing work with the bigger folks.

就收購 Hopin 而言，恭喜。它只是表明該領域將繼續整合。 Hopin 是一種非主流產品，適合低端或小型公司，而不是大型企業。這是一種經典的自助式負載接觸方式，一直適用於中小型企業（SMB）、中小型企業（SME）和小型企業。因此，看看它的用途將會很有趣。在今天的市場上，我們與他們的競爭並不多。即使在我們確實追求完全自助服務的地方。更多的是針對網絡研討會，而不是針對活動規模和活動規模，我們正在與更大的人合作。

But it is yet another example of more consolidation that will continue to happen. Do we believe in consolidation? The answer is, yes. And I'm sure we're going to take place in consolidation in whatever form. The good thing about Kaltura is that we are very horizontal. We're in multiple markets. We're with multiple products. And we are an open architecture that enables to scale and grow and add to a lot of different components. So we could be a very strong consolidator in the market.

但這是將繼續發生更多整合的又一個例子。我們相信整合嗎？答案是，是的。我確信我們將以任何形式進行整合。 Kaltura 的好處是我們非常橫向。我們處於多個市場。我們有多種產品。我們是一個開放的架構，可以擴展、增長並添加許多不同的組件。因此，我們可以成為市場上非常強大的整合者。

Insofar as your comment about channels, yes, channel is really important. Historically, we've had 5% to 10% bookings from channels, and it's remained consistent this quarter as well. And I said a few quarters ago that I expect that as part of our expansion into real-time conferencing power products and move into SME, we'll be able to provide more channel sales, and that's still the case. We're working on a few deals right now that will be quite interesting. Hopefully, we'll be able to announce, and they are channels that will go to market together with us and our products. So yes, the future will be more channels and more consolidation.

就您對渠道的評論而言，是的，渠道確實很重要。從歷史上看，我們有 5% 到 10% 的預訂來自渠道，本季度也保持穩定。我在幾個季度前說過，我預計，作為我們擴展到實時會議電源產品和進軍中小企業的一部分，我們將能夠提供更多的渠道銷售，情況仍然如此。我們現在正在處理一些非常有趣的交易。希望我們能夠宣布，它們是與我們和我們的產品一起進入市場的渠道。所以是的，未來將會有更多的渠道和更多的整合。

That's great, Ron. Thanks for really thorough response, appreciate that.

太好了，羅恩。感謝您的認真回复，非常感謝。

Our next question comes from Michael Turrin with Wells Fargo.

我們的下一個問題來自富國銀行的邁克爾·特林。

You got Michael Berg, on for Michael Turrin. Congrats on the quarter. I just have follow-up question around the customer who downgraded by $7 million in the quarter. Anything to point to across the rest of your large key customers? How is the positioning, whether it's expansion downwards? Anything to point to in color in relation to that $7 million customer you referenced in the [script]?

邁克爾·伯格 (Michael Berg) 替補邁克爾·特林 (Michael Turrin)。恭喜本季度。我只是有一個關於本季度降級 700 萬美元的客戶的後續問題。您的其他大主要客戶有什麼需要指出的嗎？定位如何，是否向下擴張？與您在[腳本]中提到的價值 700 萬美元的客戶有關，有什麼可以用顏色指出的嗎？

Yes. First of all, as you saw, we mentioned this customer reduction around the RPO numbers. You saw that RPO numbers jumped nicely in this quarter on a sequential basis. And the main reason for this is the fact that it was a very good season of renewal for us. And the reason that I mentioned this customer is not because it's such a material customer for the quarterly or even for the annual revenue of the company just because of the fact that it's a $7 million, approximately $7 million impact on the future RPO. So we will report, for example, next quarter.

是的。首先，正如您所看到的，我們提到了 RPO 數字方面的客戶減少。您看到本季度的 RPO 數字環比大幅躍升。主要原因是這對我們來說是一個非常好的續約賽季。我之所以提到這個客戶，並不是因為它對公司的季度甚至年度收入來說是一個重要的客戶，只是因為它對未來的 RPO 產生了 700 萬美元、大約 700 萬美元的影響。因此，我們將在下個季度進行報告。

On an annual basis, as we mentioned, it's basically roughly 1/3 of it going to impact us on the next 12 months. This customer is still a major customer. It's important customers. Actually, we are discussing with them some other deals, and they are still paying us a big chunk of money. So the bottom line is that there will be a short-term impact on the RPO. We don't believe that the RPO will go below the levels that we saw earlier this year. But at the same time, we do not anticipate it to continue to grow significantly in the coming quarter.

正如我們提到的，按年計算，基本上大約 1/3 的影響將在未來 12 個月內影響我們。該客戶目前仍是大客戶。都是重要的客戶。事實上，我們正在與他們討論其他一些交易，他們仍然支付給我們一大筆錢。因此，最重要的是，這將對 RPO 產生短期影響。我們認為 RPO 不會低於我們今年早些時候看到的水平。但與此同時，我們預計下一季度不會繼續大幅增長。

Yes. And in the case of this specific customer, it's a reshift in their strategic direction that caused them to do something a bit different. And as I said earlier, about different reasons for churn not related to our product, not related to competitors, it's not related to service level. It's related to a decision that we've made to do a bit -- something a bit different.

是的。就這個特定客戶而言，他們的戰略方向發生了轉變，導致他們做了一些不同的事情。正如我之前所說，流失的不同原因與我們的產品無關，與競爭對手無關，與服務水平無關。這與我們決定做一些不同的事情有關。

And in the next 12 months, the impact is immaterial to the business.

在接下來的 12 個月內，影響對業務來說並不重要。

Our next question comes from Gabriela Borges with Goldman Sachs.

我們的下一個問題來自高盛的加布里埃拉·博爾赫斯。

This is Jake Titleman, on for Gabriela. Ron, you've talked about customers consolidating all of their video content on Kaltura. It would be great to get a little bit more detail on how that typically increases your deal sizes? And maybe try and quantify what the upsell and cross-sell opportunity looks like within the installed base?

我是傑克·蒂特曼，替加布里埃拉發言。 Ron，您談到了客戶將他們的所有視頻內容整合到 Kaltura 上。如果能更詳細地了解這通常如何增加您的交易規模，那就太好了？也許嘗試量化已安裝基礎中的追加銷售和交叉銷售機會是什麼樣的？

Yes, happy to do that. So there's a nice large Silicon Valley company that's been speaking at our conferences that's been sharing their story of 12 different instances and 6 different vendors, that they've consolidated into Kaltura, including the names that you all know. And their view is that they've broken workflows otherwise, and it's a lot more costly. And this -- you can also get unified analytics across the enterprise and much better ROI if you move to one platform, and so they started replacing many of them, and it's a repeated theme for us.

是的，很高興這樣做。有一家很棒的矽谷大公司在我們的會議上發言，分享了他們將 12 個不同實例和 6 個不同供應商整合到 Kaltura 中的故事，其中包括你們都知道的名字。他們的觀點是，否則他們就破壞了工作流程，而且成本要高得多。如果您遷移到一個平台，您還可以在整個企業範圍內獲得統一的分析，並獲得更好的投資回報率，因此他們開始替換其中的許多平台，這對我們來說是一個重複的主題。

And so what the motion is usually from an upsell and cross-sell. It varies. I mean historically, we've entered through the internal use case and more VOD, call it the video portal or video content management layer, working with the CIO or with the HR or L&D department, learning and development. And then the expansion would be there more and more instances across different groups or would be moving out to also include marketing groups through events or external use cases with similar products.

因此，這種動議通常來自於追加銷售和交叉銷售。它有所不同。我的意思是，從歷史上看，我們已經通過內部用例和更多 VOD 進入，將其稱為視頻門戶或視頻內容管理層，與 CIO 或 HR 或 L&D 部門合作，學習和發展。然後，擴展將是越來越多的實例跨越不同的組，或者將通過事件或類似產品的外部用例來包括營銷組。

So when you think about the video portal, it could serve internally, they could also service externally. And so what we increasingly see is that the CIO was tasked with owning all video workflows on behalf of the CMO and others. Of course, they're involved in the purchasing decision, but they're trying to get to a point where there's one platform that get us to all that.

因此，當您考慮視頻門戶時，它可以在內部提供服務，也可以在外部提供服務。因此，我們越來越多地看到，CIO 的任務是代表 CMO 和其他人擁有所有視頻工作流程。當然，他們參與了購買決策，但他們正在努力達到這樣一個目標：有一個平台可以讓我們實現這一切。

Now forever, there will be a stand-alone separate conferencing system for the productivity and collaboration stack, and these would be kind of the usual suspects. But everything except that is consolidating to be provided by a single vendor. And you'd note that most other, if not all other vendors have not even taken the approach of consolidation. This isn't something we started talking about this or last year. This goes back to our origin that we've stated, we believe there's a need for one Lego kit that goes across the enterprise that is tightly integrated, so it could power workflows, but also horizontal and interoperable.

現在，永遠都會有一個用於生產力和協作堆棧的獨立會議系統，這些都是常見的嫌疑人。但除此之外的所有內容都將由單一供應商提供。您可能會注意到，大多數其他供應商（如果不是所有其他供應商）甚至都沒有採取整合方法。這不是我們今年或去年開始談論的事情。這又回到了我們所說的起源，我們相信需要一種能夠跨越整個企業、緊密集成的樂高套件，這樣它就可以為工作流程提供動力，而且還可以是橫向的和可互操作的。

Insofar as how that's affecting ARPU, we'll look at the company, I mean, we've consistently grown and grown and grown our ARPU. We don't report on that on a quarterly basis. We talk more about it on an annualized basis, just state that it's growing, but it's the new deals they're going up and the average MR per customers pulling up, and we're just getting bigger and bigger deals. Obviously, that works to the other direction that in parallel, we're also getting into more SMEs and ultimately will self-serve smaller customers, but that's my choice.

就這對 ARPU 的影響而言，我們將關注該公司，我的意思是，我們的 ARPU 一直在不斷增長。我們不會按季度報告這一情況。我們在年化基礎上更多地談論它，只是說它正在增長，但這是新交易的增加和每個客戶的平均 MR 的增加，我們只是獲得越來越大的交易。顯然，這會朝著另一個方向發展，同時我們也會進入更多的中小企業，並最終為較小的客戶提供自助服務，但這是我的選擇。

But if you think about the size of deals with large customers, this is very big. So if you take a bank, we are in 6 of the leading banks in the U.S. as a vendor. They may have started with training and then it moved into webcasting and then it moved into events and are now using also for mission-critical empowerment of their wealth managers to offer video for wealth management. And they've grown from accounts that were worth a few hundred thousand into accounts that are in the multimillion.

但如果你考慮一下與大客戶的交易規模，就會發現這是非常大的。因此，如果您選擇一家銀行，我們是美國 6 家領先銀行的供應商。他們可能從培訓開始，然後進入網絡廣播，然後進入活動，現在也用於向財富經理提供關鍵任務授權，以提供財富管理視頻。他們的賬戶已經從價值幾十萬的賬戶發展到價值數百萬的賬戶。

So it's anywhere between a 5x. We ultimately believe it could be a 10x growth in these accounts and that's going to pull up our MDR. So we're seeing the beginning of it because this year is a tough year in the last couple of years coming out of COVID and then getting into this financial situation is causing a lot of these companies to say we're going to do it more gradually. We're going to wait it off. We want to do this. But at the moment, it hits, it's going to pull us back up, we believe, into not only the historical MDR rates, but even higher rates.

所以它介於 5 倍之間。我們最終相信這些賬戶可能會增長 10 倍，這將提高我們的 MDR。所以我們看到了它的開始，因為今年是過去幾年中從新冠疫情中走出來的艱難的一年，然後陷入這種財務狀況導致很多公司說我們將做得更多逐步地。我們要等它結束。我們想要這樣做。但目前，我們相信，它不僅會拉回曆史 MDR 利率，還會拉升更高的利率。

The last thing I'd say is that a lot of these things, because they're moving into the world of content creation, not just content management, could lend themselves to be more usage-based and therefore, could even have even higher MDR and could be the gift that keeps on giving. And we believe that the model could change for more FTE base into more usage base as we continue to progress. But let's take it 1 quarter at a time and see how this hits.

我要說的最後一件事是，很多這些東西，因為它們正在進入內容創建的世界，而不僅僅是內容管理，可以使自己更加基於使用，因此甚至可以具有更高的 MDR並且可能是不斷贈送的禮物。我們相信，隨著我們的不斷進步，該模型可能會發生變化，將更多的 FTE 基礎轉變為更多的使用基礎。但讓我們一次看一個季度，看看效果如何。

Yes, that makes sense. And then I guess just a follow-up on that. What needs to happen to get Kaltura back to 10% growth? And how much of that is in your control versus depending on the overall spending environment needing to improve?

是的，這是有道理的。然後我想這只是後續行動。需要做什麼才能讓 Kaltura 恢復 10% 的增長？其中有多少是你可以控制的，而不是取決於需要改善的整體支出環境？

That's a good question. So let's start from the other side of it, by the way. Nothing needs to happen for us to be profitable. We are on the way to do that. We've always promised that. We're executing on that cash flow profitability, that's done. Insofar as growing, as you can see, we're doing better than the other companies out there that are guiding down, that are reducing revenue, we are not. Not to say that we're celebrating because this is a far cry from what should happen, but it's a very, very tough couple of years for the industry.

這是個好問題。順便說一下，讓我們從另一面開始吧。我們不需要發生任何事情就能盈利。我們正在努力做到這一點。我們一直這樣承諾。我們正在執行現金流盈利能力，就這樣。正如你所看到的，就增長而言，我們比其他正在減少收入的公司做得更好，但我們卻沒有。並不是說我們慶祝是因為這與應該發生的事情相去甚遠，但這對於該行業來說是非常非常艱難的幾年。

I think that what keeps us more optimistic is the fact that we're seeing, a, the type of companies, the logos are great, big leaders, top blue chip customers that are signing with us, including [popped] up tech companies that are choosing nothing but the best. And that we've landed, we've stuck the landing around expansion into the new markets that we are entering now as we've done historically because we've entered for the first time, many markets and have done so well. And so I think that what needs to happen other than continue to optimize and finesse what we're up to is for the markets to start turning around for budgets to start being more available for the squeeze to start coming down.

我認為讓我們更加樂觀的事實是，我們看到的公司類型、徽標都很棒，大領導者、頂級藍籌客戶正在與我們簽約，包括[突然出現]的科技公司只選擇最好的。我們已經登陸了，我們已經將登陸目標鎖定在我們現在正在進入的新市場上，就像我們歷史上所做的那樣，因為我們是第一次進入許多市場並且做得很好。因此，我認為，除了繼續優化和完善我們所做的事情之外，還需要讓市場開始轉變，讓預算開始變得更容易用於緊縮的情況開始下降。

Now is it the same that until markets don't flourish, we're not going to get to north of 10%? No, that's not the case. We do believe that the second half of the year, given all the deals that have come into our pipeline, albeit taking more time, will come to fruition. We do expect that we will continue to grow and accelerate. And we expect that after a certain period, we will reach that milestone. But it's hard to say, honestly, in our industry, how quickly that will take place. We're very, very confident that ultimately, we're going to do that much better than that, because we've always been on the top of the heap of companies in our industry, and we're going to come back to that.

現在，在市場不繁榮之前，我們不會達到 10% 以上嗎？不，事實並非如此。我們確實相信，鑑於我們正在醞釀的所有交易，儘管需要更多時間，但今年下半年將會取得成果。我們確實期望我們將繼續增長和加速。我們預計，經過一段時間後，我們將達到這一里程碑。但老實說，在我們的行業中，很難說這種情況會以多快的速度發生。我們非常非常有信心，最終我們會做得比這更好，因為我們一直處於行業中公司的頂端，我們將回到這一點。

Our next question comes from Mike Funk with Bank of America.

我們的下一個問題來自美國銀行的邁克·芬克。

A couple if I could. I think earlier you mentioned you expect churn to remain elevated for the remainder of the year. Just curious, extension of that. Does that imply you expect it to improve next year? And I guess, if so, why? Or was that comment is more about your forecast period for the calendar '23 year?

如果可以的話，一對。我想您之前提到過您預計今年剩餘時間裡客戶流失率將保持在較高水平。只是好奇，延伸一下。這是否意味著您預計明年情況會有所改善？我想，如果是這樣，為什麼？或者該評論更多的是關於您對 23 年日曆的預測期？

Yes. One correction, I'll let Yaron to answer this, he is jumping to answer. But before, just one comment. I mentioned that we expected to still not be amazing next quarter, but that in Q4, it will already improve, not next year.

是的。更正一下，我會讓 Yaron 來回答這個問題，他正在跳著回答。但在此之前，只有一條評論。我提到我們預計下個季度仍然不會令人驚嘆，但在第四季度，它已經有所改善，而不是明年。

Go ahead, Yaron.

繼續吧，亞龍。

Yes. So as Ron mentioned, the most important point that we do see it turning around in Q4 and not even waiting for Q1 next year. And one of the reasons that we are still pointing to the fact that maybe next quarter, it's still going to be down is mainly because of the fact that we mentioned this specific customer that actually -- the actual reduction happened in July and not in Q2. So it will impact the retention number in Q2. Without it, it will be different.

是的。正如羅恩提到的，最重要的一點是我們確實看到它在第四季度出現好轉，甚至不用等到明年第一季度。我們仍然指出也許下個季度仍然會下降的原因之一主要是因為我們提到了這個特定客戶實際上 - 實際減少發生在 7 月份而不是第二季度。因此，這將影響第二季度的保留數量。沒有它，一切都會不同。

The other point that I mentioned regarding that we are still projecting that the net-dollar retention rate is going to be in the same level for next quarter. So despite the fact that we see lower retention, we do see a very balanced situation in the net dollar retention rate. And as mentioned, the situation around the retention is going to turn around based on what we see right now in Q4 this year.

我提到的另一點是，我們仍然預計下季度的淨美元保留率將處於同一水平。因此，儘管我們看到保留率較低，但我們確實看到淨美元保留率的情況非常平衡。正如所提到的，根據我們今年第四季度目前所看到的情況，圍繞保留的情況將會發生逆轉。

Okay. Thank you for the clarification on that.

好的。感謝您對此的澄清。

Yes. I just want to say that we have decent visibility because these are large enterprises. It's not SMBs or SMEs, and it's not something that's kind of flooding all our different customers in specific cases, which we see and we know. So that's where we're at. Yes. Go ahead. You had another question.

是的。我只是想說，我們有不錯的知名度，因為這些都是大企業。這不是中小型企業或中小型企業，也不是在特定情況下淹沒我們所有不同客戶的事情，我們看到並知道這一點。這就是我們現在的情況。是的。前進。你還有另一個問題。

Sure. One more quick one. You also mentioned pricing pressure earlier. I mean it seems that the industry has been relatively competitive for some time. And obviously, competitors willing to discount from the bundle or a discount to win deals. Can you just give us some more detail on the intensity of the pricing pressure? Has it increased recently? Are there signs there might be some maybe improvement in pricing? Any kind of comments around pricing and the dynamics there would be helpful.

當然。再來一張快點。您之前也提到了定價壓力。我的意思是，這個行業似乎已經相對競爭有一段時間了。顯然，競爭對手願意通過捆綁折扣或折扣來贏得交易。您能否為我們提供有關定價壓力強度的更多詳細信息？最近有增加嗎？是否有跡象表明定價可能會有所改善？任何有關定價和動態的評論都會有所幫助。

Yes. I think by and large, it's to the tune of 10%, 15% type of price pressure when you're looking at renewals, it's not 20%, 30%, 40%. I think it's just more companies -- more contracts have come to renewal as the more time it passed in the situation. And so it's -- there are some quarters that are more affected than others. I can't tell you that tactically, we're seeing in quarter, [exit] quarter why a big, big difference. But I can tell you that it's still there. And we do expect that to gradually ease.

是的。我認為總的來說，當你考慮續約時，價格壓力大約是 10%、15%，而不是 20%、30%、40%。我認為只是更多的公司——隨著這種情況過去的時間越長，續籤的合同就越多。因此，有些地區比其他地區受到的影響更大。我無法從戰術上告訴你，我們在季度、[退出]季度看到了為什麼會有很大的差異。但我可以告訴你，它仍然存在。我們確實預計這種情況會逐漸緩解。

Like I said, the bigger issue or the interesting part is that people do want to make the switch. And so it's just a question of when they're not going to care that much about in their budget that they're going to say, you know what, this is more efficient for the mid- to long term, this is a better solution. We're now raising our eyes beyond the immediate term and are doing what's right for our company for the midterm. And when that happens, then they chose Kaltura.

就像我說的，更大的問題或有趣的部分是人們確實想要做出轉變。所以問題只是他們什麼時候不會太關心預算，他們會說，你知道嗎，這對中長期來說更有效，這是一個更好的解決方案。我們現在的目光超越了眼前的目標，並在中期做對我們公司有利的事情。當這種情況發生時，他們選擇了 Kaltura。

When all they look at is myopically at 2023, then they choose otherwise. And they're honest about that. And so I just -- I cannot tell you do they change their perspective in this or that quarter, I can tell you that it will change. It has changed. Every time in the past, the cycles like this have occurred. And when it does, we're going to be even more in a better position. And again, I got to take you back and again to the point that we are executing better than the other folks out there. And you could see the growth rates and the impact that both retention as well as booking limitations have on them. We're still doing that.

當他們目光短淺地只關注 2023 年時，他們就會做出其他選擇。他們對此很誠實。所以我只是 - 我不能告訴你他們在這個或那個季度是否改變了他們的觀點，我可以告訴你它會改變。它已經改變了。過去每一次，這樣的循環都會發生。當它發生時，我們將處於更加有利的位置。再次，我必須一次又一次地告訴你們，我們的執行力比其他人更好。您可以看到增長率以及保留率和預訂限制對他們的影響。我們仍在這樣做。

So it's all very helpful.

所以這一切都非常有幫助。

(Operator Instructions) Our next question comes from Austin Cole with JMP Securities.

（操作員指令）我們的下一個問題來自 JMP 證券的 Austin Cole。

So I'm just wondering about the plan, looks like there's still the $33 million in debt that's current on the balance sheet. If you could comment on that?

所以我只是想知道這個計劃，看起來資產負債表上目前仍有 3300 萬美元的債務。您能否對此發表評論？

Yes. This debt will mature early next year, but we are in the final stage of negotiation on refinance of the whole thing. So the net impact on our cash level is going to be -- it's basically going to be 0, and we believe that this quarter, we'll be able to refinance it. We have a few proposals on the table and the proposal by the way, are better than what we have right now. So no impact on our cash, and it's going to be renewed and maybe even we'll have some positive impact on our cash level.

是的。該債務將於明年初到期，但我們正處於整個債務再融資談判的最後階段。因此，對我們現金水平的淨影響基本上是 0，我們相信本季度我們將能夠為其再融資。我們有一些提案擺在桌面上，順便說一句，這些提案比我們現在的提案要好。因此，這對我們的現金沒有影響，而且它將會更新，甚至可能會對我們的現金水平產生一些積極的影響。

Great. And then if I could just throw in a quick follow-up for Ron. Just to follow up on the Gen AI topic. You guys mentioned some of the new features, sounds pretty intriguing. Can you comment, is there any new talent you guys are bringing aboard there? Any testing you guys are doing? And then how can we think about any incremental revenue in the out years?

偉大的。然後我能否為羅恩做一個快速的跟進。只是為了跟進 Gen AI 主題。你們提到了一些新功能，聽起來很有趣。您能評論一下，你們有引進什麼新人才嗎？你們正在做任何測試嗎？那麼我們如何看待未來幾年的增量收入呢？

Yes. So we are absolutely bringing in talent and looking at different options of -- we've always been a build by partner, and we are looking at more partnerships in this space, and there's a lot of great stuff, and hopefully, we could update you in the near future. And so far, as incremental revenue, too early to say that. I mean, for sure, it's going to impact and it's going to do well. I think demand and usage of the platform is going to go up. But at this point, it's not changing. I mean coming back to showing that we have increased guidance for the year. We are -- we've done okay for quarter 2 versus expectations. We beat them. And also for quarter 3, we're coming ahead of Street. And for the year, we've increased all numbers cautiously, and we're doing that bearing in mind that there's still the headwinds, and we're taking them into consideration. So yes, we're not inserting AI into these assumptions. This is all upside, and we believe that the upside will come.

是的。因此，我們絕對會引進人才並考慮不同的選擇——我們一直是由合作夥伴建立的，我們正在尋找這個領域的更多合作夥伴關係，並且有很多很棒的東西，希望我們可以更新在不久的將來的你。到目前為止，就增量收入而言，現在說這個還為時過早。我的意思是，它肯定會產生影響，而且會做得很好。我認為該平台的需求和使用將會上升。但在這一點上，它並沒有改變。我的意思是回過頭來表明我們增加了今年的指導。我們第二季度的表現與預期相比還不錯。我們打敗了他們。在第三季度，我們也領先於 Street。今年，我們謹慎地增加了所有數字，我們這樣做時考慮到仍然存在阻力，並且我們正在考慮它們。所以，是的，我們不會將人工智能插入到這些假設中。這都是積極的一面，我們相信積極的一面將會到來。

That concludes our question-and-answer session. I would like to turn the call back over to Ron Yekutiel, Chief Executive Officer, for any closing remarks.

我們的問答環節到此結束。我想將電話轉回給首席執行官羅恩·耶庫蒂爾 (Ron Yekutiel)，讓其發表結束語。

Yes. I'd like to thank you all for your great questions and continued support. As I mentioned, I think it was a good quarter and a lot of good signs into the future in the parentheses of the market that we're all in, but we're excited about the top of the funnel trends that we're seeing as well as with additional developments, including AI and other stuff and are excited to see how this year continues to unfold.

是的。我要感謝大家提出的好問題和持續的支持。正如我所提到的，我認為這是一個很好的季度，在我們所處的市場括號中，我們看到了未來的很多好跡象，但我們對我們所看到的漏斗趨勢的頂部感到興奮以及其他發展，包括人工智能和其他東西，我們很高興看到今年如何繼續發展。

Have a wonderful day. Stay safe, be well.

祝你有美好的一天。保持安全，一切順利。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。