Kaltura Inc (KLTR) 2024 Q2 法說會逐字稿

Good morning, everyone, and welcome to the Kaltura second-quarter 2024 earnings call. All material contained in the webcast is the sole propriety, sole property and copyright of culture 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.

大家早安，歡迎參加 Kaltura 2024 年第二季財報電話會議。網路廣播中包含的所有資料均為文化的專有、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. I'm joined by Ron Yekutiel, Kaltura's Co-Founder, Chairman, President and Chief Executive Officer; and John Doherty, Chief Financial Officer. Ron will begin with a summary of results for the second quarter ended June 30, 2024, and provide a business update. John will then review the financial results for the second quarter of 2024 in greater detail, followed by the company's outlook for the third quarter and full year of 2024. We will then open the call for questions.

謝謝你，早安。Kaltura 共同創辦人、董事長、總裁兼執行長 Ron Yekutiel 也加入了我的行列。和財務長約翰·多爾蒂（John Doherty）。Ron 將首先總結截至 2024 年 6 月 30 日的第二季業績，並提供業務更新。隨後，約翰將更詳細地回顧 2024 年第二季的財務業績，然後是公司對 2024 年第三季和全年的展望。然後我們將開始提問。

Please note 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，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有重大差異。

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, 2023, and other SEC filings, including the quarterly report on Form 10-Q for the quarter ended June 30, 2024, 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 2023 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（包括季度報告）中找到截至2024 年6月30 日的季度的10-Q 表，將提交給SEC。

Any forward-looking statements made during this conference call, including responses to your questions are based on current expectations as of today, and Kaltura assumes no obligation to update or revise them whether as a result of new developments or otherwise, except as required by law.

本次電話會議期間所做的任何前瞻性陳述（包括對您的問題的答案）均基於截至今天的當前預期，Kaltura 不承擔因新發展或其他原因而更新或修改這些陳述的義務，除非法律要求。

Please note during this call, we will be discussing a non-GAAP financial measure adjusted EBITDA. For 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. Now I'm pleased to hand the call over to Ron.

請注意，在本次電話會議中，我們將討論非 GAAP 財務指標調整後的 EBITDA。如需將此非 GAAP 財務指標與最直接可比較的 GAAP 指標進行調節，請參閱我們的收益發布，該發布可在我們的網站 www.investors.kaltura.com 上取得。現在我很高興將電話轉給羅恩。

Thank you, Erica, and welcome everyone, to our second quarter earnings call. Total revenue for the second quarter of 2024 was $44.0 million, up marginally year over year, while subscription revenue was $41.0 million, up 1% year over year. Of note, in the second quarter, we posted a company record ARR of $165.2 million. For a bottom line, we posted in the second quarter adjusted EBITDA of $1.6 million, representing our fourth consecutive quarter of adjusted EBITDA profitability and the highest results since the third quarter of 2020.

謝謝艾麗卡，歡迎大家參加我們第二季的財報電話會議。2024 年第二季總營收為 4,400 萬美元，年比小幅成長，訂閱收入為 4,100 萬美元，較去年同期成長 1%。值得注意的是，第二季我們的 ARR 達到了公司創紀錄的 1.652 億美元。就底線而言，我們第二季調整後 EBITDA 為 160 萬美元，這是我們連續第四個季度調整後 EBITDA 獲利能力，也是自 2020 年第三季以來的最高業績。

Cash used in operations decreased to $1.6 million, an improvement from $4.1 million in the second quarter of 2023. Taken together, our results for the second quarter lead us to increase our revenue and adjusted EBITDA guidance for the full year and to once again reaffirm our plan to post positive cash flow from operations for the full year.

營運中使用的現金減少至 160 萬美元，較 2023 年第二季的 410 萬美元有所改善。總而言之，我們第二季的業績使我們增加了全年收入並調整了 EBITDA 指導，並再次重申了我們實現全年營運正現金流的計畫。

Moving on to the business update. As expected, we saw renewed growth in new subscription bookings in the second quarter, which were at the highest level since the fourth quarter of 2022. In addition, the portion of new bookings from new enterprise education and technology customers was at its highest level since the second quarter of 2023.

繼續進行業務更新。正如預期的那樣，我們看到第二季新訂閱預訂量重新成長，達到 2022 年第四季以來的最高水準。此外，來自新企業教育和技術客戶的新預訂比例達到 2023 年第二季以來的最高水準。

Our bookings from new customers and upsells included 23 six-digit deals spanning a diverse array of industries use cases and geographies. Customers include a large European government institute, a global pharmaceutical leader, both new to Kaltura, one of the largest banks in the world, a leading healthcare software company to the world's largest tech companies, a large USR1 university in two large telecom companies. Use cases, ran the gamut from customer marketing and engagement, employee and channel communication and reskilling student learning and engagement and entertainment.

我們的新客戶預訂和追加銷售包括 23 筆六位數交易，涵蓋不同的行業用例和地區。客戶包括一家大型歐洲政府機構、一家全球製藥領導者（兩者都是Kaltura 的新成員）、世界上最大的銀行之一、一家領先的醫療軟體公司和世界上最大的科技公司、一家大型USR1 大學和兩家大型電信公司。使用案例涵蓋了客戶行銷和參與、員工和管道溝通以及學生學習、參與和娛樂的再培訓。

Gross retention in the second quarter of 2024 remained at a similar level compared with the first quarter, which again was better than all quarterly results of 2023. This continues to represent an annualized gross retention rate that is higher than the previous three calendar years. The combination of both higher gross subscription bookings, an increase in gross retention rates has yielded the highest level of net new subscription bookings in the last six quarters, helping to fuel future subscription revenue.

2024 年第二季的毛保留率與第一季保持相似水平，再次優於 2023 年所有季度業績。這仍然表明年化毛保留率高於前三個日曆年。總訂閱預訂量的增加和總保留率的提高相結合，產生了過去六個季度中淨新訂閱預訂量的最高水平，有助於推動未來的訂閱收入。

On the product front in the second quarter, we continued boosting our event platform functionality and user experience with an improved that and the flow between fashion and admin group targeting enhanced chat options and a more robust analytic dashboard. In addition, we enriched our video portal, content management and guest landing pages, added new features for administration in our real-time conferencing rooms and continued advancing our video player and the scalability and security of our platform.

在第二季的產品方面，我們繼續提升我們的活動平台功能和使用者體驗，改進了時尚和管理群組之間的流程，以增強聊天選項和更強大的分析儀表板為目標。此外，我們還豐富了視訊入口網站、內容管理和訪客登陸頁面，在即時會議室中添加了新的管理功能，並繼續改進我們的視訊播放器以及平台的可擴展性和安全性。

Related to AI, this quarter, we added a number of product enhancements. We launched our internally developed AI based automatic speech recognition service based on whisper as an improved alternative to the non AI based third party ASR services we previously provided. With the help of AI, captions are automatically generated within videos regardless of language spoken, enhancing accessibility and user experience.

與人工智慧相關，本季我們添加了許多產品增強功能。我們推出了內部開發的基於人工智慧的自動語音辨識服務（基於耳語），作為我們先前提供的非基於人工智慧的第三方 ASR 服務的改進替代方案。在人工智慧的幫助下，無論使用何種語言，影片中都會自動產生字幕，從而增強可訪問性和用戶體驗。

For our events and webinars products, we developed an AI based e-mail notification engine that automatically generates notifications for users based on ongoing session information, ensuring (inaudible) informed without manual intervention. We also developed a real-time AI based sentiment analysis of user chat communications for event organizers and presenters. For our video portal, we added an AI based quiz generator based on the transcript and for our video conferencing rooms, we launched an AI based noise cancellation feature for improved audio.

對於我們的活動和網路研討會產品，我們開發了基於人工智慧的電子郵件通知引擎，該引擎可以根據正在進行的會話資訊自動為用戶生成通知，確保（聽不清楚）無需人工幹預即可獲得通知。我們也為活動組織者和演示者開發了基於人工智慧的即時用戶聊天通訊情緒分析。對於我們的視訊門戶，我們添加了基於文字記錄的基於人工智慧的測驗生成器，對於我們的視訊會議室，我們推出了基於人工智慧的雜訊消除功能以改善音訊。

Our product leadership continued to yield industry awards as well this quarter, among them are the 2024 innovation and business martech awards for best virtual events platform. For 2024 event Technology Award for Best virtual and hybrid events platform and for 2024 event X award for best event technology this audience engagement technology, the data collection and event analytics technology and the virtual events platform.

我們的產品領先地位在本季度繼續獲得行業獎項，其中包括 2024 年創新和商業 Martech 最佳虛擬活動平台獎。2024年活動技術獎最佳虛擬和混合活動平台獎以及2024年活動X最佳活動技術獎包括觀眾參與技術、資料收集和活動分析技術以及虛擬活動平台。

In the past quarter, we also conducted our annual VIP events in New York, San Francisco and London. Hundreds of customers and prospects attended Kaltura connect on the road 2024 and discuss how AI infused video experiences could boost their business results. We had an amazing speaker lineup of Marketing and Corporate Communications leaders from customers such as Adobe salesforce Novartis, IBM, Mayo Clinic, Bloomberg, Siemens Healthineers, AstraZeneca and Red Hat.

在上個季度，我們還在紐約、舊金山和倫敦舉辦了年度 VIP 活動。數百名客戶和潛在客戶參加了 Kaltura connect on the road 2024，並討論人工智慧注入的視訊體驗如何提升他們的業務成果。我們有一個令人驚嘆的演講者陣容，由來自諾華、IBM、Mayo Clinic、Bloomberg、Siemens Healthineers、AstraZeneca 和 Red Hat 等客戶的營銷和企業傳播領導者組成。

During the event, we gave up total digital engagement awards to companies that have demonstrated creative and exceptional use of our platform and have expanded the possibilities of digital experiences in the enterprise. Recipients across nine different categories included ABN Amro, Adobe, Audible and Amazon company, Bank of America, Bloomberg, Citi, IBM, Intuit, Netflix, Salesforce and Siemens Healthineers.

活動期間，我們將總數位參與獎頒發給那些在我們的平台上表現出創造性和出色使用能力並擴展了企業數位體驗可能性的公司。九個不同類別的獲獎者包括荷蘭銀行、Adobe、Audible 和亞馬遜公司、美國銀行、彭博社、花旗、IBM、Intuit、Netflix、Salesforce 和西門子醫療。

Lastly, I want to mention a couple of recent executive changes in Kaltura. , (inaudible) our Chief Product Officer, and Lisa Bennett, our Chief Marketing Officer, are moving on after 10 and 17 years at Kaltura respectively. We are appreciative of renewals and leases, great contribution to Kaltura and wish them well in their new endeavors.

最後，我想提一下 Kaltura 最近的幾項高階主管變動。 （聽不清楚）我們的首席產品長和行銷長 Lisa Bennett 分別在 Kaltura 工作了 10 和 17 年後離職。我們感謝續約和租約，這是對 Kaltura 的巨大貢獻，並祝福他們在新的努力中一切順利。

Nabi Azaria will join Kaltura a 3.5 years ago as General Manager of our enterprise Education and Technology business in later held the role of Chief Revenue Officer succeeding on as our Chief Product Officer and will also oversee marketing.

Nabi Azaria 將於 3.5 年前加入 Kaltura，擔任我們企業教育和技術業務的總經理，後來擔任首席營收官，繼任我們的首席產品官，也將監督行銷。

Before joining Kaltura, Navi was the CEO of a data analytics company servicing enterprises and communications providers. Navi's prior experience included other leadership roles, overseeing product and engineering. We also hold a degree in computer engineering. The oldest car, who has been with Kaltura for over 10 years has assumed the role of Chief Revenue Officer.

在加入 Kaltura 之前，Navi 是一家為企業和通訊供應商提供服務的數據分析公司的執行長。Navi 之前的經驗包括擔任其他領導職務、監督產品和工程。我們還擁有計算機工程學位。最老的汽車在 Kaltura 工作了 10 多年，現已擔任首席營收長。

The other most recent role was that of Chief Business Development Officer. Prior to that, (inaudible) all our sales customers and partners in the technology sector, including the biggest and most complex enterprise education and technology sales cycles and customers, which also contributed the most to our growth. The odd holds an MBA from Columbia Business School and MA in Business Law and a degree in engineering.

另一個最近的職位是首席業務發展長。在此之前，（聽不清楚）我們在科技領域的所有銷售客戶和合作夥伴，包括最大、最複雜的企業教育和技術銷售週期和客戶，他們也對我們的成長貢獻最大。該奇數擁有哥倫比亞商學院 MBA 學位、商法碩士學位和工程學位。

In summary, as expected, in the second quarter, we saw sequential improvement in our new bookings and continued to yield a gross retention materially above quarterly results from last year. In light of that and following our revenue and adjusted EBITDA outperformance in both the first and second quarters of the year, we are incrementally raising our revenue and adjusted EBITDA guidance for the year.

總而言之，正如預期的那樣，第二季度我們的新預訂量連續改善，並且總保留率繼續大幅高於去年的季度業績。有鑑於此，在我們的營收和調整後 EBITDA 在今年第一季和第二季均表現出色之後，我們正在逐步提高今年的營收和調整後 EBITDA 指引。

We continue to believe there are stronger tailwinds ahead as companies we accelerate their investments in digital transformation and online experiences. Fueling these initiatives are factors such as increasingly hybrid workplace growth in Gen Z and millennial video savvy employees, cost savings by consolidating multiple enterprise video use cases around a single video platform.

我們仍然相信，隨著我們的公司加快對數位轉型和線上體驗的投資，未來將會有更強勁的推動力。推動這些措施的因素包括 Z 世代和千禧世代精通影片的員工日益混合的工作場所成長、透過圍繞單一視訊平台整合多個企業視訊用例來節省成本等。

At the advent of genAI, which will bring about more creation of consumption of videos and increased ROI. We believe these trends will continue to grow our new bookings, accelerate our revenue growth and increase our profits.

genAI的出現，將帶來更多的影片消費創作和投資報酬率的提升。我們相信這些趨勢將繼續增加我們的新預訂量，加速我們的收入成長並增加我們的利潤。

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

接下來，我會將其交給我們的財務長約翰，以更詳細地討論我們的財務表現。約翰？

Thanks, Ron, and hello to everyone on the call today, Kaltura continues to make important adjustments to its business, including improving our operating efficiency, focusing on further monetizing our existing customer base, adding new logos and reallocating resources towards higher ROI opportunities and markets.

謝謝羅恩，今天與會的各位大家好，Kaltura 繼續對其業務進行重要調整，包括提高運營效率、專注於進一步貨幣化現有客戶群、添加新徽標以及重新分配資源以實現更高投資回報率的機會和市場。

I want to touch on a few highlights in the quarter that demonstrate this. The highlights include our sequential and year-over-year increase in new bookings, which more than doubled from Q1 and represents the highest new bookings since Q4 2022. Our sustained low level of gross churn for the second quarter in a row, an improvement from all quarters last year and if annualized represents a high watermark for the last three fiscal years.

我想談談本季的一些亮點來證明這一點。亮點包括新預訂量環比和同比增長，較第一季增加一倍多，是 2022 年第四季以來新預訂量最高的。我們連續第二季的總客戶流失率持續保持在較低水平，比去年所有季度都有所改善，如果按年化計算，則代表了過去三個財年的高水位線。

Our seventh consecutive quarter of year-over-year revenue growth driven primarily by strength in our subscription revenue. Our growth in remaining performance obligations and the highest ARR to date. All of which has culminated in what we see a strong positioning to achieve our profitability targets with higher gross margin than the three prior quarters, lower year-over-year operating expenses and continued improvement in adjusted EBITDA, representing the fourth consecutive positive quarter, as Ron mentioned earlier.

我們連續第七個季度的營收年增主要是由訂閱收入的強勁推動的。我們剩餘履約義務的成長和迄今為止最高的 ARR。所有這些最終使我們看到了實現盈利目標的強大定位，毛利率高於前三個季度，同比運營費用較低，調整後 EBITDA 持續改善，這是連續第四個季度實現正增長，羅恩之前提到過。

With that, let me move on to our results. Our results exceeded expectations for both revenue and adjusted EBITDA for the quarter. Total revenue for the quarter ended June 30, 2024 was $44 million, up 35 basis points year over year and above the high end of our guidance range of $42.7 million to $43.5 million. Subscription revenue was $41 million, up about 1% year over year and above the high end of our guidance range of $39.6 million to $40.3 million.

接下來，讓我繼續討論我們的結果。我們的業績超出了本季營收和調整後 EBITDA 的預期。截至 2024 年 6 月 30 日的季度總收入為 4,400 萬美元，年增 35 個基點，高於我們指導範圍 4,270 萬美元至 4,350 萬美元的上限。訂閱收入為 4,100 萬美元，年成長約 1%，高於我們指導範圍 3,960 萬美元至 4,030 萬美元的上限。

Professional services revenue contributed $3 million for the quarter and is down 4% year over year. We expect professional services revenue to continue to vacillate. I will touch on this more when I provide an update on our guidance for the third quarter and full year. Remaining performance obligations were $177.8 million, up 8% sequentially and 2% year over year, of which we expect to recognize 60% as revenue over the next 12 months.

本季專業服務收入貢獻 300 萬美元，年減 4%。我們預計專業服務收入將持續波動。當我提供第三季度和全年指導的最新資訊時，我將更多地談到這一點。剩餘履約義務為 1.778 億美元，季增 8%，年增 2%，我們預計未來 12 個月將其中 60% 確認為營收。

Consistent with what I mentioned last quarter, this $12.5 million increase in RPO was anticipated and is a result of our strong booking of revenues and improvement in new bookings in both enterprise education, technology and media and telecom in the quarter. Annualized recurring revenue of $165.2 million, up 2% sequentially and 1% year over year.

與我上季度提到的一致，RPO 增加 1,250 萬美元是預期的，這是我們本季營收預訂強勁以及企業教育、技術、媒體和電信領域新預訂量改善的結果。年化經常性收入為 1.652 億美元，季增 2%，年增 1%。

This is the highest ARR we have achieved to date and is reflective of increased subscription revenue in our media and telecom business. Our net dollar retention rate for the quarter was 98%. This reflects no change from the first quarter and is down from 100% in Q2 2023. As I mentioned last quarter, we expected NDR for the quarter to be lower due to lower net bookings last year as NDR is a lagging indicator for gross retention and upsell booking.

這是我們迄今為止實現的最高 ARR，反映了我們媒體和電信業務訂閱收入的增加。本季我們的淨美元保留率為 98%。這與第一季相比沒有變化，並且比 2023 年第二季的 100% 有所下降。正如我上季度提到的，由於去年淨預訂量較低，我們預計本季的 NDR 會較低，因為 NDR 是總保留率和追加銷售預訂的延遲指標。

This result was therefore better than expected, and we continue to expect it to improve in the second half of 2024, given the sequential improvement in gross retention that we have demonstrated over the last four quarters and the sequential increase in bookings. Within our enterprise education and technology segment, total revenue for the second quarter was $31 million, down 1% year over year as expected. Subscription revenue was $29.8 million, down 2% year over year, while professional services revenue contributed $1.2 million, up 33% year over year.

因此，這一結果好於預期，鑑於我們在過去四個季度中展示的總留存率的連續改善以及預訂量的連續增加，我們繼續預計該結果將在 2024 年下半年有所改善。在我們的企業教育和技術部門，第二季總收入為 3,100 萬美元，年減 1%，符合預期。訂閱收入為 2,980 萬美元，年減 2%，而專業服務收入貢獻 120 萬美元，年增 33%。

Within our media and telecom segment, total revenue for the second quarter was $13.1 million, representing 3% year-over-year growth. Subscription revenue was $11.2 million, which is up 7% year over year, while professional services revenue contributed $1.8 million, down 19% year over year. GAAP gross profit in the second-quarter 2024 was $28.7 million compared to $28.6 million in second quarter 2023, resulting in a gross margin of 65% for the quarter, consistent with Q2 2023.

在我們的媒體和電信部門，第二季總收入為 1,310 萬美元，年增 3%。訂閱收入為 1,120 萬美元，年增 7%，而專業服務收入貢獻 180 萬美元，年減 19%。2024 年第二季的 GAAP 毛利為 2,870 萬美元，而 2023 年第二季為 2,860 萬美元，導致該季度毛利率為 65%，與 2023 年第二季一致。

Within our enterprise education and technology segment gross profit for the second quarter was $22.9 million, representing a gross margin of 74% similar to Q2 2024. Subscription gross margin was 81%, which is up from 79% in Q2 2023.

我們的企業教育和技術部門第二季的毛利為 2,290 萬美元，毛利率為 74%，與 2024 年第二季相似。訂閱毛利率為 81%，高於 2023 年第二季的 79%。

Within our media and telecom segment, gross profit for the second quarter was $5.7 million, representing a gross margin of 44%, up from 43% in Q2 2023. Subscription gross margin was 55%, down from 57% in Q2 2023. Total operating expenses in the quarter were $37.2 million compared to $38.2 million in the second quarter of 2023, a reduction of 2% year over year.

在我們的媒體和電信部門，第二季的毛利為 570 萬美元，毛利率為 44%，高於 2023 年第二季的 43%。訂閱毛利率為 55%，低於 2023 年第二季的 57%。該季度的總營運費用為 3,720 萬美元，而 2023 年第二季的總營運費用為 3,820 萬美元，年減 2%。

Adjusted EBITDA for the quarter was $1.6 million, an increase of $2.6 million from negative $1 million in Q2 2023. This result, along with our improving expense profile, indicates our focus on improving our operating efficiency over time.

本季調整後 EBITDA 為 160 萬美元，比 2023 年第二季的負 100 萬美元增加了 260 萬美元。這一結果以及我們不斷改善的費用狀況表明我們致力於隨著時間的推移提高營運效率。

GAAP net loss for the quarter was $10 million or $0.07 per diluted share. This is an improvement of $0.8 million or 7% year over year.

本季 GAAP 淨虧損為 1,000 萬美元，或攤薄後每股虧損 0.07 美元。這比去年同期增加了 80 萬美元，即 7%。

Turning to the balance sheet and cash flow. We ended the quarter with $71.3 million in cash and marketable securities. We consumed $1.6 million in cash from operations during the second quarter, which reflects a significant improvement of $2.5 million compared with $4.1 million in Q2 2023. This includes the impact of a delayed $2.3 million payment from a large customer that moved from Q2 2024 to Q3 2024 due to their corporate entity restructuring.

轉向資產負債表和現金流量。本季結束時，我們擁有 7,130 萬美元的現金和有價證券。我們第二季的營運現金消耗為 160 萬美元，與 2023 年第二季的 410 萬美元相比，顯著增加了 250 萬美元。這包括因公司實體重組而從 2024 年第二季推遲到 2024 年第三季的大客戶延遲支付 230 萬美元的影響。

With this payment, which has already been received, we would have generated positive cash from operations in the second quarter. In the first half of 2024, we consumed $2.8 million in cash from operations compared to $11.6 million in the same period last year and $8.8 million year over year improvement.

有了這筆已經收到的付款，我們將在第二季的營運中產生正現金。2024 年上半年，我們營運消耗了 280 萬美元的現金，而去年同期為 1,160 萬美元，年增了 880 萬美元。

I would now like to turn to our outlook for the third quarter of 2024 and for the fiscal year ending December 31, 2024. Throughout 2023, we experienced pressure on our revenue growth due to year-over-year declines in gross retention and new subscription bookings along with reduced demand for our lower margin professional services that was driven by our expansion into products that are easier and faster to deploy. While gross retention improved in recent quarters.

我現在想談談我們對 2024 年第三季和截至 2024 年 12 月 31 日的財年的展望。在整個 2023 年，由於毛保留率和新訂閱預訂量同比下降，以及由於我們擴展到更容易、更快速部署的產品，導致對利潤率較低的專業服務的需求減少，我們的收入增長面臨壓力。而近幾季的毛保留率有所改善。

New bookings were still low in the first quarter for reasons mentioned in the last earnings call. Last quarter, we guided towards an expected sequential decline in both subscription and professional services revenue for Q2 2024, expecting downward pressure on subscription revenue that had accumulated in prior quarters with catch up to us in the quarter.

由於上次財報電話會議中提到的原因，第一季新預訂量仍然較低。上季度，我們預計 2024 年第二季訂閱和專業服務收入將連續下降，預計前幾季累積的訂閱收入將面臨下行壓力，本季將追趕我們。

While we did feel some of that we were able to manage through with stronger gross retention and new bookings and have come out above guidance as I mentioned. Revenues from professional services were indeed sequentially lower as also expected. For the third quarter, we are forecasting a sequential stabilization of subscription revenue, which we believe will be followed by a return to growth. We are also forecasting a continued sequential decline in our lower-margin professional services revenue, which has the positive benefits of enabling faster deployments and higher gross margins.

雖然我們確實感覺到其中一些問題，但我們能夠透過更強的總保留率和新預訂來應對，正如我所提到的，我們已經得出了上述指導意見。正如預期的那樣，專業服務的收入確實環比下降。對於第三季度，我們預計訂閱收入將連續穩定，我們相信隨後將恢復成長。我們還預測利潤率較低的專業服務收入將持續下降，這具有實現更快部署和更高毛利率的正面好處。

Accordingly, we expect subscription revenue in the third quarter to be between $40.5 million and $41.2 million and total revenue to be between $42.6 million and $43.3 million. We expect adjusted EBITDA in the third quarter to be between negative $0.3 million and positive $0.7 million. As we look towards the full year, we expect to see an increase in subscription revenue, driven by our improved gross retention rate and new bookings as well as the continued decline in revenues from professional services.

因此，我們預計第三季的訂閱收入將在 4,050 萬美元至 4,120 萬美元之間，總收入將在 4,260 萬美元至 4,330 萬美元之間。我們預計第三季調整後 EBITDA 將在負 30 萬美元至正 70 萬美元之間。展望全年，我們預計訂閱收入將有所增長，這主要是由於毛保留率和新預訂量的提高以及專業服務收入的持續下降。

As a result for the full year we are increasing the bottom of our guidance ranges for subscription and total revenues up by $2 million and $1 million respectively, and narrowing both guidance ranges from $3 million to 2 million. Accordingly, we expect subscription revenue for the year to be between $163.2 million and $165.2 million and total revenue to be between $174.7 million and $176.7 million.

因此，我們將全年訂閱和總收入指導範圍的下限分別提高了 200 萬美元和 100 萬美元，並將兩個指導範圍從 300 萬美元縮小到 200 萬美元。因此，我們預計今年的訂閱收入將在 1.632 億美元至 1.652 億美元之間，總收入將在 1.747 億美元至 1.767 億美元之間。

We expect adjusted EBITDA for the year to be between $ 2 million to $3 million , which compared to the negative $2.5 million adjusted EBITDA of 2023 would be an improvement of $5 million at the midpoint of the guidance range. As Ron mentioned, we also continue to forecast a positive cash flow from operations for the full year.

我們預計今年調整後 EBITDA 將在 200 萬至 300 萬美元之間，與 2023 年負 250 萬美元調整後 EBITDA 相比，指導範圍中點將提高 500 萬美元。正如羅恩所提到的，我們也繼續預測全年營運現金流為正。

We believe the company continues to be well positioned to benefit from emerging tailwinds. We are seeing of spend consolidation to a single vendor, digital transformation and the hybrid workplace that is continuing to drive demand for video based offerings. As we move into the second half of 2024 and beyond, we expect to continue to demonstrate that we can achieve both revenue growth and sustained and improving profitability.

我們相信，該公司將繼續處於有利地位，並受益於新興的順風車。我們看到單一供應商的支出整合、數位轉型和混合工作場所將繼續推動對基於視訊的產品的需求。隨著我們進入 2024 年下半年及以後，我們預計將繼續證明我們能夠實現收入成長和持續改善的獲利能力。

We believe that we are on the right path to achieve these objectives and to drive consistent returns to our shareholders. We are encouraged by the increased adoption of our products, demonstrated by our increasing bookings our sustained high gross retention rate and deals in our pipeline that we believe could yield continued growth in bookings and by what we believe will be growing industry tailwinds in the second half of the year and in 2025.

我們相信，我們正走在實現這些目標並為股東帶來持續回報的正確道路上。我們對我們的產品採用率的增加感到鼓舞，預訂量的增加證明了我們持續的高毛保留率和我們管道中的交易，我們相信這可以帶來預訂量的持續增長，而且我們相信下半年行業的推動力將會持續成長今年和 2025 年。

With that, we'll open up the call for questions. Operator?

至此，我們將開始提問。操作員？

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員說明）

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hi, good morning. Thank you. Ron, you mentioned (inaudible) as well as on our larger customers that you have in the prepared remarks, we're hearing from a number of software companies that add some of these large enterprises evaluate their AI plan.

嗨，早安。謝謝。羅恩，您在準備好的演講中提到（聽不清楚）以及我們的大客戶，我們收到許多軟體公司的來信，其中一些大型企業正在評估他們的人工智慧計畫。

They can sometimes change how they're thinking about spending with one specific software vendor on core systems and software. Maybe share with us a little bit how some of the customers in the enterprise thinking about their AI roadmaps. And to what extent does that either pull forward their enablement with Telstra or perhaps in some cases push it out? Thank you.

他們有時可以改變與某一特定軟體供應商在核心系統和軟體上的支出的想法。也許可以與我們分享企業中的一些客戶如何思考他們的人工智慧路線圖。這會在多大程度上推動他們與 Telstra 的合作，或者在某些情況下將其推遲？謝謝。

Thank you Gabriela for the good or great question and good morning, everybody on the call. yeah, AI is very exciting. It is very exciting for large enterprises in our connect event around the world, we had very detailed discussion with a great, many of them, and they've all come dreamly excited and have come out even more so about the possibilities and opportunities behind AI. The huge discussion there is how you could bring about further content creation, faster moderation of content in order to make sure that the right people are getting the right content in the right time and in the right context in order to improve their results, whether be it internally for reskilling and learning and training or be it externally for better marketing and sales and better conversions of funnel.

謝謝加布里埃拉提出的好問題，大家早安。是的，人工智慧非常令人興奮。對於大型企業來說，在我們世界各地的連接活動中是非常令人興奮的，我們與許多偉大的企業進行了非常詳細的討論，他們都非常興奮，並且對人工智慧背後的可能性和機會更加興奮。廣泛的討論是如何進一步進行內容創建、更快地審核內容，以確保正確的人在正確的時間和正確的背景下獲得正確的內容，從而提高他們的結果，無論是它在內部用於重新技能、學習和培訓，或在外部用於更好的行銷和銷售以及更好的通路轉換。

And what people get excited about Kaltura is several things. Number one, the depth of the integration into the workflows, the fact that we don't just say here, we have video plus AI, but the video is going deep into learning with our integrations into LMS or going deep into marketing through our integration into the workflows for marketing.

人們對 Kaltura 感到興奮的有幾個方面。第一，與工作流程整合的深度，事實上，我們不僅僅在這裡說，我們有影片加人工智慧，而是影片透過我們與 LMS 的整合深入學習，或透過我們的整合深入行銷進入行銷工作流程。

The second thing they really like is that we have a federated approach towards data with very advanced data collecting information. And right now, increasingly, we're becoming the single vendor where people have all the data pool on our system. The reason this is really important to consider when you're trying to track the behavior of a prospect or a customer through multiple events, you want to have a system that would know how to track them across all their different interactions so that, you know, what is their days? What is their interest? What products do they like? What service do they appreciate and Kaltura is able to bring that to better prompt the system in order to yield better results.

他們真正喜歡的第二件事是我們對數據採用聯合方法，具有非常先進的數據收集資訊。現在，我們越來越成為人們在我們的系統上擁有所有資料池的單一供應商。當您嘗試透過多個事件追蹤潛在客戶或客戶的行為時，考慮這一點非常重要，您希望有一個系統能夠知道如何在所有不同的互動中追蹤他們，這樣，您就知道，他們的日子過得怎麼樣？他們的興趣是什麼？他們喜歡什麼產品？他們欣賞什麼服務，Kaltura 能夠更好地提示系統，從而產生更好的結果。

And of course, when you put on top of that integration into the workflow and the meta data and data information that we have, the engagement layer that we offer than we have a full sandwich. It's really exciting. So customers are looking forward, we have mentioned this quarter of all the exciting releases that we've done around AI across multiple areas.

當然，當您將整合到工作流程以及我們擁有的元資料和資料資訊之上時，我們提供的參與層比我們擁有一個完整的三明治。這真的很令人興奮。因此，客戶充滿期待，我們已經提到了本季我們在多個領域圍繞人工智慧所做的所有令人興奮的發布。

As stated, we have both on the E&T and DM&T, a lot of releases that have been put in place both the new transcription and translation engine that we have fueled by Kaltura as well as the way to analyze reactions in real time as well as in M&T's side, better ways to curate content as well as to further engage and better recommendation of the user level. So there's a lot there.

如前所述，我們在 E&T 和 DM&T 上都發布了許多版本，其中包括由 Kaltura 提供支援的新轉錄和翻譯引擎，以及即時和即時分析反應的方法。進一步參與並更好地推薦用戶級別。所以那裡有很多東西。

Absolutely. Thank you for the detail. The follow-up for either Ron or John is the normalized growth question. So which talks about how the bookings last year have impacted the revenue this year, your comments on bookings today are actually more positive given everything about what customers are doing with Kaltura new logos,(inaudible) et cetera. How do you think about the normalized growth profile of Kaltura in the medium term?

絕對地。謝謝你的詳細資料。羅恩或約翰的後續問題是標準化成長問題。因此，談到去年的預訂如何影響今年的收入，考慮到客戶使用 Kaltura 新標誌所做的一切（聽不清楚）等等，您今天對預訂的評論實際上更加積極。您如何看待 Kaltura 中期的正常化成長狀況？

Yeah, Let me say a few words about booking trends in this quarter and then let John speak a bit about maybe forward-looking and thoughts about where things could go. And so yes, Q2, as you said, were more positive. It's correct. It's the highest new bookings since the fourth quarter of 2022. So it's better than earlier quarters throughout all of last year. It was also as expected, a sequential increase compared to Q1.

是的，讓我談談本季的預訂趨勢，然後讓約翰談談可能的前瞻性和對事情可能走向的想法。所以，是的，正如您所說，第二季度更加積極。這是正確的。這是自 2022 年第四季以來最高的新預訂量。因此，去年全年的情況都比前幾季好。這也符合預期，與第一季相比連續成長。

We also had larger deals compared to Q1. So we had more six-digit deals than in general. We also saw a sequential increase in the number and in the dollar bookings from you customers. So not just total between upsells and new but also in the new. And that was also achieved with larger first deals. So our ARPU had grown, in fact, it's the highest ARPU since the first quarter of 2023.

與第一季相比，我們還有更大的交易。因此，我們的六位數交易比一般情況要多。我們也看到客戶的預訂數量和金額都在連續增加。因此，不僅是加售和新品之間的總和，而且是新品中的總和。這也是透過規模較大的首筆交易實現的。所以我們的 ARPU 有所成長，事實上，這是自 2023 年第一季以來的最高 ARPU。

By the way, just about trends, most of the new bookings came from North America enterprise, but most of the new logos came from Europe, from EMEA enterprise, both in the dollar and in the percentage in the number of units and in the dollar value. So we're seeing a good turnaround of the European market. We still see customers that continue to consolidate around Kaltura for both internal and external, and that touches on the earlier comment about having data across the Enterprise. And we're seeing success across many sectors.

順便說一句，就趨勢而言，大多數新預訂來自北美企業，但大多數新標誌來自歐洲、歐洲、中東和非洲企業，無論是美元還是單位數量百分比和美元價值。因此，我們看到歐洲市場出現了良好的轉變。我們仍然看到客戶繼續圍繞 Kaltura 進行內部和外部整合，這涉及到先前有關整個企業數據的評論。我們在許多領域都看到了成功。

Again, we've -- I've noted a few from tech and financial services and government and professional services and pharma and healthcare and education, of course. And we also see continued awakening in the media and telecom market. So both organically growing as well as new potential customers that are picking up. You remember that market tends to be a bit clunkier. And -- but we're seeing some good buying signs there and we're excited as we look into the future.

當然，我再次強調了科技和金融服務、政府和專業服務、製藥、醫療保健和教育領域的一些情況。我們也看到媒體和電信市場的持續覺醒。因此，既有有機成長，也有新的潛在客戶正在增加。你記得市場往往有點笨拙。而且 - 但我們在那裡看到了一些很好的購買跡象，當我們展望未來時，我們感到很興奮。

And maybe a couple of other points that I would note that we mentioned earlier, price increases in the first quarter, we said that, that had gone up. We continue to see that. It was actually 3x the booking we had a year prior in the second quarter of 2023. So competitively, we're able to command better prices for better value provided by Kaltura, even compared to our own services offered the year before.

也許我會注意到我們之前提到的其他幾點，第一季的價格上漲，我們說，價格上漲了。我們繼續看到這一點。實際上，我們在 2023 年第二季的預訂量是一年前的 3 倍。因此，即使與我們前一年提供的服務相比，我們也能夠以更好的價格獲得 Kaltura 提供的更好的價值。

And then from a lead gen perspective, we still saw a sequential increase in the meeting set by SDRs and RFP. So, all in all, the trend is going in a good direction. Again, this isn't as high as we expect it to continue to be and grow. There's a lot more to grow, a lot more to look forward to. We still broadly see the headwinds that we believe will turn into further tailwinds, but I'll let John comment on that.

然後從潛在客戶的角度來看，我們仍然看到 SDR 和 RFP 設定的會議數量連續增加。所以，總而言之，趨勢正在朝著好的方向發展。同樣，這個數字並沒有我們預期的那麼高並且持續成長。還有很多東西要成長，還有很多東西值得期待。我們仍然廣泛地看到逆風，我們相信這些逆風將變成進一步的順風，但我會讓約翰對此發表評論。

Thanks, Ron and thanks for the question Gabriela. So we talked about how we were working through some of the headwinds that were coming out of 2023. And that was -- some of that was in our guide for Q2. It's also a bit in our guide for Q3 overall, but we did come out and as we've mentioned, we would be where we guided to in Q2. So we're certainly managing through it. The stronger bookings, the increase in RPO, we think, bodes well for where we're headed as we finish this year and as we head into 2025. And our guide certainly supports that as well.

謝謝羅恩，也謝謝加布里埃拉提出的問題。因此，我們討論了我們如何應對 2023 年出現的一些不利因素。那是——其中一些內容在我們的第二季指南中。這也在我們第三季的整體指南中有所體現，但我們確實出來了，正如我們所提到的，我們將達到第二季的指導目標。所以我們肯定會克服它。我們認為，預訂量的增加和 RPO 的增加預示著我們今年結束和進入 2025 年的發展方向。我們的指南當然也支持這一點。

Thank you very much.

非常感謝。

George Iwanyc, Oppenheimer & Co.

喬治·伊凡尼克，奧本海默公司

Hi, thank you for taking the question. So John, maybe building on the guidance. Can you give us a sense of what linearity was like as the quarter progressed into July?

您好，感謝您提出問題。約翰，也許會以指導為基礎。您能否讓我們了解一下該季度進入 7 月時的線性情況如何？

For the quarter specifically, and yeah, I'll talk about through June. I won't necessarily talk about into July. But -- and it's not unlike any typical quarter, you see strength towards the back end of it. And that's what we saw in the second quarter. Guide reflects both for the third quarter and full year, where we expect. But certainly, as I said, there certain things that we're managing through as a business.

具體針對本季度，是的，我將討論整個六月。我不一定會談論七月。但是，這與任何典型的季度並沒有什麼不同，你會看到它後端的力量。這就是我們在第二季度看到的情況。指南反映了我們預期的第三季和全年情況。但當然，正如我所說，我們作為一家企業正在管理某些事情。

One of the keys that I'd focus folks on as we move forward is also what we're doing around gross profit and margin in particular. Our guide does support the fact that we're going to see a little bit lighter [PS], but PS comes with lower margins than subscription. We're confident where we're headed on the subscription side of things.

在我們前進的過程中，我希望人們關注的關鍵之一也是我們在毛利和利潤率方面所做的事情。我們的指南確實支持這樣一個事實，即我們將看到 [PS] 稍微輕一些，但 PS 的利潤率低於訂閱。我們對訂閱方面的發展充滿信心。

And as we've also talked about, we have a strong focus on each kind of line item of profitability. And I think that's showing up in terms of what we're doing with gross margin, where we expect gross margin to be plus our performance around adjusted EBITDA and cash flow, which is obviously a critical importance for us and for shareholders.

正如我們也談到的，我們非常關注每種獲利能力的項目。我認為這體現在我們對毛利率的處理上，我們預計毛利率將加上我們調整後的 EBITDA 和現金流的業績，這顯然對我們和股東來說至關重要。

All right. And Ron, with the leadership changes that you highlighted, are you making any changes to the organizational structure, especially on the sales side? And kind of following up on that, John, would you maybe give us some highlights from investment priority standpoint over the next six months?

好的。羅恩，隨著您強調的領導層變動，您是否會對組織結構進行任何更改，特別是在銷售方面？對此，約翰，您能否從未來六個月的投資優先順序的角度給我們一些亮點？

Yeah, thank you for the good question. Obviously, we continue to optimize the organization. We do that at least once a year as we look into the situation, both in the market as well as where we're at, where we could take it to the next level. As part of the changes that were made, yes, there were various optimizations made and everybody is excited about that. The energy levels are high. I'll give you an example. I mean marketing have been put now under Navi's organization, but trying to put together closer product marketing -- marketing together with sales enablement in a way that would streamline better.

是的，謝謝你提出的好問題。顯然，我們不斷優化組織。當我們研究市場情況以及我們所處的情況時，我們至少每年一次這樣做，我們可以將其提升到一個新的水平。作為所做更改的一部分，是的，進行了各種優化，每個人都對此感到興奮。能量水平很高。我給你舉個例子。我的意思是，行銷現在已歸入 Navi 的組織之下，但試圖將更緊密的產品行銷——行銷與銷售支援結合在一起，以一種更精簡的方式。

SDRs have been (inaudible) they were for a system period on the marketing organization, they're back in the sales organization. Within the sales teams, we had further double down on large enterprise opportunities within the core team that had moved the smaller ones into what's defined as kind of our operations team, or customer care group in a separate place where they are doubling down and kind of fishing with a net versus the others that are fishing with fishing rod in a more effective way. And within that, we have further focus on verticalization.

特別提款權（SDR）已經（聽不清楚）它們在行銷組織的系統週期內，它們又回到了銷售組織。在銷售團隊中，我們進一步加大了核心團隊內大型企業機會的力度，將較小的企業機會轉移到我們定義的營運團隊或客戶服務團隊中，在一個單獨的地方，他們加倍努力，用網釣魚比用魚竿釣魚更有效。其中，我們進一步關注垂直化。

So there's a list of things, as we get to any one of these changes, we think broadly, and we kind of collect all the (inaudible) points that we've gathered for recent quarters, and we've come back with a good outcome, and we have great leaders leading the teams going forward. Like I said, energy is really high.

所以有一個清單，當我們遇到任何一個變化時，我們都會進行廣泛的思考，並且我們收集了最近幾個季度收集到的所有（聽不清楚）觀點，並且我們帶著良好的結果回來了。我們有偉大的領導者帶領團隊前進。就像我說的，能量真的很高。

And I guess the other one was to me in terms of investment priorities. I covered some of that in -- when I spoke a moment ago, but just to kind of highlight. So continued improvement around operating efficiency. You certainly -- some of the leadership changes allowed us to do that at the top level as well as flow some of that through the organization. In addition, we talked about lighter PS, that also provides -- presents us with an opportunity to make some related cost adjustments there as well.

我想另一個對我來說是投資優先事項。我在剛才講話時介紹了其中的一些內容，但只是為了強調。因此圍繞營運效率持續改善。當然，一些領導層的變動使我們能夠在最高層做到這一點，並在整個組織中進行一些流動。此外，我們談到了更輕的 PS，這也為我們提供了一些相關成本調整的機會。

In addition, Ron covered kind of broad focus on AI across the business and how external customers are using it as well. Certainly, we'll present us with an opportunity, both to enhance our product portfolio as we deploy it across different parts of our product portfolio, but also in how we run our business and how we can gain some efficiencies from the deployment of that from an overall operating perspective.

此外，羅恩也廣泛關注了整個企業的人工智慧以及外部客戶如何使用它。當然，我們將為我們提供一個機會，既可以在我們將產品組合部署到產品組合的不同部分時增強我們的產品組合，也可以增強我們的業務運營方式以及如何通過部署產品組合來提高效率。營運視角。

Additionally, we have seen some growth in M&T. I don't want to say revitalization, but we think that business is also set up pretty well to provide some growth going forward, and that wasn't (inaudible) the case. So certainly, we're working closely with that team and that's one of our priorities.

此外，我們還看到了 M&T 的一些成長。我不想說振興，但我們認為業務也已經建立得很好，可以提供一些未來的成長，但事實並非如此（聽不清楚）。當然，我們正在與該團隊密切合作，這是我們的首要任務之一。

And then Ron touched on this, but it's key and also can be part of our profit and margin story is focusing on growing within our existing customer base. So, where they have a certain engagement, there's other opportunities for us to work across existing clients and you're starting -- you're certainly starting to see that based on what we reported this past quarter and what we see going forward from -- what we talked to from a bookings perspective.

然後羅恩談到了這一點，但這是關鍵，也可以成為我們利潤和利潤故事的一部分，重點是在我們現有的客戶群中成長。因此，只要他們有一定的參與度，我們就有其他機會與現有客戶合作，而且你已經開始——根據我們上個季度的報告以及我們對未來的展望，你肯定會開始看到這一點— — - 我們從預訂的角度討論了什麼。

Thank you.

謝謝。

DJ Hynes, Canaccord Genuity.

DJ 海因斯，Canaccord Genuity。

Hey guys, congrats on the nice bookings quarter here. Ron, how would you characterize the environment as we think about the go-forward opportunity between new customer growth versus cross-sell kind of as you look at the pipeline? Is one faring better than the other? Or how would you kind of frame that?

嘿夥計們，恭喜這裡的預訂季取得了不錯的成績。羅恩，當我們考慮新客戶成長與交叉銷售之間的前進機會（當您查看管道時），您如何描述環境？其中一個的表現比另一個更好嗎？或者你會如何建構它？

Yeah, hi DJ. So I'm going to take you back to my general comments that I've made on this topic in previous calls. And I said that way back, we were more or less on a 50-50. And then it had picked up during COVID to 75-25 favoring new logos. I guess there was a kind of a rush by those that didn't have it to go ahead and get it in a very short period.

是的，嗨，DJ。因此，我將帶您回到我在先前的電話會議中就該主題發表的一般性評論。我剛才說過，我們或多或少是 50-50。然後，在新冠疫情期間，支援新標誌的比例上升至 75-25。我猜那些沒有的人會急於在很短的時間內獲得它。

Followed by a turn to the other direction, which had become more 25-75 in favor of upsells after COVID, where people stuck to their guns and each one kind of stayed with a vendor because even though many had understood that there's a longer-term opportunity in consolidating or improving or going to a better solution, many were quite myopic in their budget process or risk averse to the point that they have stuck to the main vendor that they had.

隨後轉向另一個方向，在新冠疫情之後，這一比例變得更加傾向於追加銷售，25-75，人們堅持自己的立場，每個人都留在供應商那裡，因為儘管許多人都知道有一個更長期的市場在鞏固或改進或尋求更好的解決方案方面，許多人在預算過程中相當短視，或規避風險，以至於他們堅持使用他們擁有的主要供應商。

We expect it to continue to kind of shift back towards the 50-50, I'd say. There's a lot of opportunity around upsell as we offer new products. The number of customers over the years that have three-plus products like Kaltura has grown consistently year-over-year. And so people are buying more and moving from inside and outside in multiple events and multiple activities. We expect that to continue, but we do expect gradually to see a rebound in new logos.

我想說，我們預計它會繼續回到 50-50。當我們提供新產品時，追加銷售有很多機會。多年來，擁有 Kaltura 等三種以上產品的客戶數量逐年持續成長。因此，人們購買更多商品，並在多個事件和活動中從內部和外部轉移。我們預計這種情況會持續下去，但我們確實預期新商標會逐漸反彈。

Especially, as I said earlier, when companies stop being [myopic] and have the opportunity to think forward, what's better for them for the next few years, not just for that year. Should they switch to a vendor that would not just provide the more value but would actually offer them a more cost-efficient solution because there's economy of scale and you could save money on the mid to long term by switching to a unified leading vendor.

特別是，正如我之前所說，當公司不再[短視]並有機會向前思考時，什麼對他們在未來幾年而不是僅僅在那一年更好。他們是否應該轉向一家不僅能提供更多價值，而且實際上能為他們提供更具成本效益的解決方案的供應商，因為存在規模經濟，並且您可以通過轉向統一的領先供應商來節省中長期資金。

And as I said, this is where we win with a knockout. I mean we -- in various places are better. But if you're looking at a unified platform that brings it all together. And I also mentioned earlier the virtues of that from an application level insofar as data harmonization that people move to us. So, the short answer is expect a relatively faster growth in new bookings over time. Does it mean it's going to be next quarter or the one after it's gradual? But ultimately, we're coming back to the 50-50.

正如我所說，這就是我們透過淘汰賽獲勝的地方。我的意思是我們——在很多地方都做得更好。但如果您正在尋找一個將所有內容整合在一起的統一平台。我之前也提到了從應用程式層面來看人們轉移給我們的資料協調的優點。因此，簡短的回答是，隨著時間的推移，預計新預訂量將出現相對較快的成長。這是否意味著將在下個季度或漸進之後的下一個季度進行？但最終，我們會回到 50-50。

Yeah, sure. That's make perfect sense. John, a follow-up for you. So, look, we posted record bookings, I guess, record recent bookings. Churn has stabilized, but you're guiding subscription revenue down sequentially at the midpoint in Q3. Is there anything from a revenue recognition standpoint that we should be aware of? Or are you just trying to keep numbers in a spot where you know you can hit them?

是的，當然。這是完全有道理的。約翰，你的後續行動。所以，看，我們發布了記錄預訂，我想，記錄了最近的預訂。客戶流失率已趨於穩定，但您在第三季中點引導訂閱收入連續下降。從收入確認的角度來看，有什麼我們應該注意的嗎？或者你只是想把數字保持在你知道可以擊中它們的地方？

Certainly nothing from a revenue recognition perspective that you should be concerned about. As I mentioned, we're still working through some of what happened in 2023 relative to our lower bookings. We feel we're in a very strong shape. And as we said, I wouldn't characterize it as you did in terms of relative to how we approach guidance. But certainly, I would say our posture is still conservative, Yeah.

當然，從收入確認的角度來看，您沒有什麼值得擔心的。正如我所提到的，我們仍在解決 2023 年發生的一些與預訂量下降相關的問題。我們覺得我們的狀態非常強壯。正如我們所說，我不會像您那樣根據我們如何對待指導來描述它。但當然，我想說我們的態度仍然是保守的，是的。

Yeah, I'll add one more thing. Just to remind us, because we're working with large enterprises and in most cases, deployment takes a few months. I'm not even talking about M&T where it could take a year or sometimes more. But on the E&T front, it's not an immediate kind of launch in most cases. Then from a revenue recognition per your point, if you're seeing a revival or a growth in bookings, usually is at least a quarter lag into the behavior of revenue.

是的，我還要補充一件事。只是提醒我們，因為我們正在與大型企業合作，在大多數情況下，部署需要幾個月的時間。我甚至不是在談論 M&T，因為這可能需要一年甚至更長的時間。但在 E&T 方面，大多數情況下都不會立即啟動。然後，從每個點的收入確認來看，如果您看到預訂量的復甦或成長，通常至少落後於收入行為四分之一。

And so Q1 was a lower booking and Q2 was where it was. Q3 is more a reflection of Q1 than it would be of Q2. So that's not completely an odd. Put that aside, obviously, we're thoughtful in trying to leave space in order to achieve more than we guide for that. Every company does that, and so do we.

因此，第一季的預訂量較低，而第二季的預訂量則保持不變。Q3 更多地反映了 Q1，而不是 Q2。所以這並不完全奇怪。拋開這一點，顯然，我們在嘗試留出空間以實現超出我們指導目標的目標時經過深思熟慮。每個公司都是這樣做的，我們也是。

yeah. Very good. Thank you, guys.

是的。非常好。謝謝你們，夥計們。

Ryan Koontz, Needham & Co.

孔茲 (Ryan Koontz)，李約瑟公司

All right, thanks. Actually, the improvement in bookings, what are the top factors there you attribute that to across, say, change in the product or changing your own go-to-market processes? Thanks.

好的，謝謝。實際上，預訂量的改善，您將其歸因於產品的變化或您自己的上市流程的變化等最重要的因素是什麼？謝謝。

Yeah, thanks for asking. First of all, let's just remind us that the first quarter is typically lower. We also said there were a couple of deals that have been pushed from the first to the second, which had caused it to be lower. By the way, we had closed them in the second. And so we were expecting to see a rebound in the second.

是的，謝謝你的詢問。首先，讓我們提醒我們，第一季通常會較低。我們還表示，有幾筆交易已從第一個交易推遲到第二個交易，這導致價格較低。順便說一句，我們在第二次就關閉了它們。因此我們預計第二季度會出現反彈。

The second point is from the general macro move, 2023 was a historic low. We could come back to retention later. It was lower in retention. It was definitely low in bookings, and we expect that to turn around. It was a low behavior across the industry. It's not just Kaltura and we expected and are seeing better signs, better buying signs this year. But yeah, we are continuing to [beef] our products. We are continuing to strengthen and solidify our position across multiple markets.

第二點是從整體宏觀走勢來看，2023年是歷史低點。我們可以稍後再回到保留問題。保留率較低。預訂量肯定很低，我們預計這種情況會扭轉。這是整個產業的低級行為。不僅僅是 Kaltura，我們預計今年也會看到更好的跡象、更好的購買跡象。但是，是的，我們正在繼續[強化]我們的產品。我們正在繼續加強和鞏固我們在多個市場的地位。

In the case, for example, of our expansion from VOD and live into real time associated also with the move from internal solutions into external for CMOs, this has been getting stronger and stronger. And we're able to take away customers from other vendors and expand customers that are just internally into external and increasing ways. The ones that have started with us with one event or a few things are now consolidating further and growing. So we believe the momentum is being built, and we believe it will continue to be built in the quarters ahead.

例如，我們從 VOD 和直播擴展到即時，也與 CMO 從內部解決方案轉向外部解決方案相關，這種情況變得越來越強大。我們能夠從其他供應商奪走客戶，並將內部客戶擴展到外部並不斷增加。那些與我們一起從一項活動或幾件事開始的組織現在正在進一步鞏固和發展。因此，我們相信這種勢頭正在形成，我們相信它將在未來幾個季度繼續形成。

Great, thanks Ron. And on the core gross margin for your subscription product, what are the kind of keys to getting that margin up? Is it mainly scale because it picks costs? Or are there any other levers you have there to get that gross margin up?

太好了，謝謝羅恩。關於訂閱產品的核心毛利率，提高毛利率的關鍵是什麼？它主要是因為規模決定了成本嗎？或者有其他手段可以提高毛利率嗎？

Yes. It's truly scale and also making sure that we're focused on the right spaces from an overall customer profile perspective.

是的。它具有真正的規模性，並確保我們從整體客戶檔案的角度專注於正確的空間。

All right. Great. Thanks.

好的。偉大的。謝謝。

Just remind us on a good question that ultimately our gross margin is also a blend between subscription and PS. And regardless of our ability to build scale and increase subscription, the fact that we're going to have less PS and the fact that we're going to have a better blend is going to increase our blended gross margin to a higher level as well in addition to your question.

請提醒我們一個好問題，最終我們的毛利率也是訂閱和 PS 的混合。無論我們擴大規模和增加訂閱的能力如何，我們將擁有更少的 PS 以及我們將擁有更好的混合，這一事實也將使我們的混合毛利率提高到更高的水平除了你的問題。

Thanks, Ron.

謝謝，羅恩。

Thank you.

謝謝。

Michael Turrin, Wells Fargo.

麥可特林，富國銀行。

Hey, good morning. This is [Burnett Shaw] on for Michael or I would love to double click on the AI investment and how that's translating into deal pipeline conversion? Like any metrics that you guys would shine light on would be super helpful.

嘿，早安。這是 [Burnett Shaw] 為 Michael 做的節目，或者我想雙擊人工智慧投資，以及它如何轉化為交易管道轉換？就像你們所關注的任何指標都會非常有幫助。

Yeah, sure. Thank you for the question. Again, let me just reclarify what we've been doing by way of AI because it comes on the heels of more work that we've done earlier. I mentioned the fact that we added the new ASR solution, which is based on Whisper and that's automatic capturing. We use third parties to date to do the whole transcription work.

是的，當然。謝謝你的提問。讓我再次澄清一下我們一直在透過人工智慧所做的事情，因為它是在我們之前所做的更多工作之後進行的。我提到我們添加了新的 ASR 解決方案，該解決方案基於 Whisper，並且是自動捕獲。到目前為止，我們使用第三方來完成整個轉錄工作。

And from now on going forward, it's predominantly Kaltura, which not only improves the quality and the ability to do this real-time multiple leverages, et cetera. But also to earlier question about margin improvement could support margin improvement.

從現在開始，主要是 Kaltura，它不僅提高了即時多重槓桿的品質和能力，等等​​。但也提到了先前關於利潤率改善可能支持利潤率改善的問題。

I mentioned improvements around AI for events with capabilities to automatically generate e-mail notifications as well as the sentiment analysis for chat. So we're learning better our end users and how we could better cater to them. We had a new AI quiz generator in our video portal, which enables to increase ROI so that within the portal itself, it could generate the right quiz in the right context.

我提到了圍繞事件人工智慧的改進，具有自動生成電子郵件通知以及聊天情緒分析的功能。因此，我們正在更好地了解我們的最終用戶以及如何更好地滿足他們的需求。我們的視訊入口網站中有一個新的人工智慧測驗產生器，它可以提高投資回報率，以便在入口網站本身內，它可以在正確的上下文中產生正確的測驗。

This is taking us closer to a world where you could have kind of this [Khan Academy] on steroids where people continuously learn based on their individual knowledge and get pushed and creation -- created content for what they need to get.

這讓我們更接近一個世界，在這個世界裡，你可以擁有類似的[可汗學院]，人們可以根據自己的個人知識不斷學習，並得到推動和創造——為他們需要的東西創造內容。

We also talked about noise cancellation, so improved quality of audio in rooms. And as I said earlier, this is just the beginning. And the big focus for us in the second half is around content repurposing. We are -- a big package is going to be released, that is going to talk about how we -- to repurpose content in an automated way, provide AI summaries for key insights for specific users.

我們還討論了噪音消除，從而提高了房間內的音訊品質。正如我之前所說，這只是一個開始。我們下半年的重點是內容的重新利用。我們將發布一個大包，它將討論我們如何以自動化的方式重新調整內容的用途，為特定用戶提供關鍵見解的人工智慧摘要。

And of course, everything else I mentioned earlier about Media and Telecom. We have our TVG chatbot, which was for a search and recommendation, looking for similar people like you, personal home page and channels with daily recommendation feeds for each. And then for curation of content, we have our AI curator assistant for dynamic content editing and suggestions and clips and subtitling, so a lot.

當然，還有我之前提到的有關媒體和電信的所有其他內容。我們有 TVG 聊天機器人，用於搜尋和推薦，尋找像您這樣的類似人、個人主頁和頻道，每個頻道都有每日推薦來源。然後，對於內容的策劃，我們有人工智慧策展助理，用於動態內容編輯、建議、剪輯和字幕，等等。

To your question about how this is monetized. We keep on saying the same thing. It's a bit early days, and you'd find that across the entire industry and those that are talking about things getting picked up and maybe kind of a year-over-year growth in these things.

關於您關於如何將其貨幣化的問題。我們一直在說同樣的話。現在還為時過早，你會發現整個行業和那些正在談論的事情正在受到重視，而這些事情可能會逐年增長。

Its year-over-year were a zero number. And so we're going slowly on declaring exactly what the impact is going to be. Is it helping us win more business? Is this helping us increase the ARPU? As it were, like I said, the ARPU for new logo in the last quarter was the highest -- it's been for a long while.

其同比數字為零。因此，我們正在慢慢宣布具體的影響。它能幫助我們贏得更多生意嗎？這有助於我們提高 ARPU 嗎？正如我所說，上個季度新標誌的 ARPU 是最高的——這已經很長一段時間了。

And so yeah, it could be that it's supporting our ability to sell and sell at higher numbers. I also mention our ability to renew and increase the size of our existing customers. Could that be also supporting it because people are happy? It doesn't mean that we necessarily charge for it separately. At this point, we're not charging for separately. We will continue to consider our ways in the future.

所以，是的，它可能支持我們的銷售能力和更高的銷售能力。我還提到我們更新和增加現有客戶規模的能力。難道這也是因為人們高興才支持它嗎？這並不意味著我們必須單獨收費。目前，我們不單獨收費。未來我們會繼續考慮我們的方式。

Got it. That's super helpful color. And then just a follow-up for John. Can you remind us how you think about capital deployment given your current cash position on the balance sheet and the buyback that you announced earlier this quarter?

知道了。這是超級有用的顏色。然後是約翰的後續行動。您能否提醒我們，考慮到您目前資產負債表上的現金狀況以及本季早些時候宣布的回購，您如何看待資本部署？

Sure. I mean let's focus on the buyback first. I mean, certainly, where we announced it on the June 11, we effectively, we had a bit of a cooling off period. We started -- we launched it on June 25. So there's really only a few days actually in the quarter itself, where we were actually in the market.

當然。我的意思是，讓我們先專注於回購。我的意思是，當然，我們在 6 月 11 日宣布這一消息時，實際上我們有一段冷靜期。我們於 6 月 25 日啟動了它。因此，本季實際上只有幾天時間，我們實際上在市場上。

We purchased just over 100,000 shares during that window of time. And which effectively resulted in using about $130,000 of the $5 million that was authorized by the Board. We're going to -- we continue to invest in the business, first and foremost, in areas that where we see opportunity for growth. AI is being one from a main new focus point.

我們在那段時間購買了超過 100,000 股股票。這實際上導致使用了董事會授權的 500 萬美元中的約 13 萬美元。我們將繼續對業務進行投資，首先是在我們認為有成長機會的領域。人工智慧正在成為新的主要焦點之一。

However, we did feel it was important given where the stock had traded to for whatever reasons that we don't need to get into. But ultimately, it was in no way shape or form reflective of the underlying business performance. So with the Board's support, obviously, they authorized the buyback, and we thought it was an important tool for us to have in our toolkit. We continue to be active in the market this quarter and to monitor it. But certainly, we're doing what we can. And our main focus about -- around capital deployment is to doing what we need to do to ensure that we're moving this business in the right direction and putting it in place to maximize value for shareholders.

然而，考慮到股票因我們不需要介入的任何原因而交易到哪裡，我們確實認為這很重要。但歸根結底，它並不能反映基本的業務績效。因此，顯然，在董事會的支持下，他們授權了回購，我們認為這是我們工具箱中的一個重要工具。本季我們繼續活躍於市場並對其進行監控。但當然，我們正在盡力而為。我們圍繞資本部署的主要關注點是做我們需要做的事情，以確保我們將這項業務推向正確的方向，並將其落實到位，以實現股東價值最大化。

Thank you.

謝謝。

Matthew Niknam, Deutsche Bank.

馬修‧尼克南，德意志銀行。

This is Michael Allen on for Matt. I just want to dig in a little more on the churn. So it sounds like it's improving. Was there an area where there was improving more? I know you talked about last quarter, down sales were 75% of the churn. Just wondering if there's any area where you thought that there was improvement this quarter and where you're seeing the trajectory to be better?

我是邁克爾艾倫 (Michael Allen) 替馬特 (Matt) 發言。我只是想進一步了解客戶流失狀況。所以聽起來它正在改善。有沒有哪些方面需要改進？我知道您談到上個季度，折扣銷售佔流失率的 75%。只是想知道您是否認為本季有任何改進以及您認為哪些領域的發展軌跡會更好？

Yeah, thanks for the question. So yeah, from the second quarter, as noted, we posted the same high quarterly gross retention that we did in the first quarter of the year. And you remember there, it kind of followed three consecutive quarters of improvement. And we also noted that the current gross within rate is the highest since the fourth quarter of 2022, so better than last year, which again was abnormally high for us and for the industry. And also kind of saying that it represents an annualized retention rate that's better than the last three fiscal years as well. So, it's all together in a point that we're feeling good about.

是的，謝謝你的提問。所以，是的，如上所述，從第二季開始，我們發布了與今年第一季相同的高季度毛保留率。你還記得嗎，這是連續三個季度的改善之後的結果。我們還注意到，目前的毛利率是自 2022 年第四季以來的最高水平，比去年好，這對我們和整個產業來說再次異常高。也可以說它代表了比過去三個財年更好的年化保留率。所以，所有這些都集中在一個讓我們感覺良好的點上。

To your question about down churn versus or partial term versus full churn and still kind of the same, around 25% of our churn with full churn this quarter versus about 75%, which was down sales. So it's the same ratio. And it was both in M&T and in E&T. So there's no specific topical area that's associated with that.

對於您關於減少客戶流失或部分期限與全面客戶流失的問題，但仍然有點相同，本季度我們的客戶流失率約為 25%，而全面客戶流失率約為 75%，這是銷售下降的結果。所以比例是一樣的。M&T 和 E&T 都是如此。因此沒有與之相關的特定主題領域。

And so no special area to put a finger on other than it's at a better place than it was a while back and it's definitely maintaining the level of Q1. We continue to forecast that the second half of the year is going to be better than the second half of last year and then the year is going to come out with a much better place than last year.

因此，除了比前一段時間更好的位置之外，沒有什麼特別值得關注的地方，而且它肯定保持了第一季的水平。我們繼續預測今年下半年會比去年下半年好，然後今年會比去年好得多。

I will just note again the NDR discussion, which is a lagging indicator. In the second quarter, we posted the same results as the first quarter. In fact, as the fourth quarter since the last three quarters were the same number, it's a better result than what we had thought. We mentioned in the last earnings call that we expect it to dip further, so it's good that it didn't. And we do believe that the direction of the NDR being lagging that it will turn around in the coming quarters. So that's my summary.

我將再次提及 NDR 討論，這是一個落後指標。在第二季度，我們發布了與第一季相同的結果。事實上，由於第四季與過去三個季度的數字相同，所以這個結果比我們想像的要好。我們在上次財報電話會議中提到，我們預計它會進一步下跌，所以沒有下跌是件好事。我們確實相信 NDR 的方向滯後，它將在未來幾季內扭轉。這就是我的總結。

Awesome. Thank you.

驚人的。謝謝。

Patrick Walravens, JMP Securities.

帕特里克·沃爾拉文斯 (Patrick Walravens)，JMP 證券。

Well, great. Thank you. And It's nice to bookings rebound. So I noticed in the script that you guys called out deals with two of the world's largest technology companies. And then one thing that I've just noticed in my travels, Ron, is when I'm going to one of these user conferences, sometimes you got to wait a long time for the sessions to be available in the app.

嗯，太棒了。謝謝。預訂量反彈也很好。所以我在劇本中註意到你們與世界上最大的兩家科技公司達成了交易。羅恩，我在旅行中剛剛注意到的一件事是，當我要去參加其中一場用戶會議時，有時您必須等待很長時間才能在應用程式中提供會議。

And then other times, (technical difficulty) NVIDIA (inaudible) conference this year, as soon as you walk out, you can -- like literally the second you walk out of the session, you can start watching the replay. And then I noticed that's the Kaltura players.

然後其他時候，（技術困難）今年的 NVIDIA（聽不清楚）會議，只要您走出會議，您就可以 - 就像您走出會議的那一刻，您就可以開始觀看重播。然後我注意到那是 Kaltura 玩家。

So I'm just wondering how big is that opportunity for you guys to power more of the user conferences of these big companies? How much do you guys make when you get an AWS or Dreamforce or an NVIDIA [GTC]? And how many more of them are there out there?

所以我只是想知道你們為這些大公司的更多用戶會議提供支援的機會有多大？當你們拿到 AWS、Dreamforce 或 NVIDIA 時，你們能賺多少錢[GTC]？還有多少這樣的人？

Thank you for the question Patt. So yeah, first of all, you've mentioned great technology companies and some of the largest ones, we indeed are very glad and honored to be providing solutions for the companies you had mentioned and many others that are leading tech companies. We also appreciate the fact that these companies are the kind of, I'd say, "smartest" in choosing technology. They definitely understand what it takes to build great technology and how to test and vet great technologies. So the fact that we're able to be there, we believe, is a prelude to being able to do much more in other areas in which we're at.

謝謝帕特的提問。所以，是的，首先，您提到了偉大的科技公司和一些最大的科技公司，我們確實非常高興和榮幸地為您提到的公司和許多其他領先的科技公司提供解決方案。我們也欣賞這樣一個事實，即這些公司在選擇技術方面是「最聰明」的。他們絕對了解如何建立偉大的技術以及如何測試和審查偉大的技術。因此，我們相信，我們能夠到達那裡這一事實是我們能夠在我們所在的其他領域做更多事情的前奏。

I'd say to your question first about getting content immediately after you step out. Yes, part of the value of Kaltura is the fact that when we consolidate the various video use cases, we also consolidate various video technologies.

我首先會回答你的問題，即在你走出去後立即獲取內容。是的，Kaltura 的部分價值在於，當我們整合各種視訊用例時，我們也整合了各種視訊技術。

To remind you, we originally, we're a leading content management company based on Gartner, the number one for years. And we have expanded in 2020 from content management into also events and added real time. And we said that, we believe the historical divide between on-demand, live, and real time is not natural.

提醒您一下，我們最初是一家基於 Gartner 的領先內容管理公司，多年來排名第一。2020 年，我們已從內容管理擴展到事件管理，並添加了即時功能。我們說過，我們認為點播、直播和即時之間的歷史鴻溝並不自然。

But you'd expect to have a continuous experience that spans across various technologies because the users don't care about technology. They care about their experience to your point about stepping out wanting to get the video immediately. And so we've put a lot of emphasis on being able to insert [VOD] within live and real-time experiences and to immediately convert and experience VOD right after, so that you have a continuum of experience before, during and after then. So I'm happy you've noted that, and indeed, it is a big value that we provide.

但您希望擁有跨越各種技術的連續體驗，因為使用者並不關心技術。他們關心他們的經歷，以至於你想要立即獲得影片。因此，我們非常重視能夠在現場和即時體驗中插入 [VOD]，並在之後立即轉換和體驗 VOD，以便您在此之前、期間和之後擁有連續的體驗。所以我很高興您注意到這一點，事實上，這是我們提供的巨大價值。

Lastly, to your question about the potential of these deals. Amazon at the time, I could say to that because for a certain period, they will also define as north than 10% of our revenue. They remain the second largest customer of the company. They're very large, multi-multimillion and there's a lot more upside there as much as there's similar upside in some of the other large companies that you have mentioned and more others that you haven't.

最後，回答你關於這些交易潛力的問題。當時的亞馬遜，我可以這樣說，因為在一段時間內，他們也將定義為超過我們收入的 10%。他們仍然是該公司的第二大客戶。它們非常大，價值數百萬美元，而且還有更多的優勢，就像您提到的其他一些大公司和您沒有提到的其他一些大公司也有類似的優勢一樣。

We are in discussions with various companies about potential upsells and growing these accounts. Both by way of the number of activities they do have the same type that they do with us today, also consolidating other vendors. And as I said earlier, not just increasing quality, but also having better economy of scale. But also moving into other adjacent use cases so that they don't use this just externally but internally and for other use cases. So yeah, we expect this to grow.

我們正在與多家公司討論潛在的追加銷售和增加這些客戶的問題。從活動數量來看，他們的活動類型與我們今天的活動類型相同，而且還整合了其他供應商。正如我之前所說，不僅要提高質量，還要提高規模經濟。但也要進入其他相鄰的用例，以便他們不只是在外部使用它，而是在內部和其他用例中使用它。所以，是的，我們預期這一數字會成長。

I would just finalize by saying the one KPI that keeps on growing until Kaltura year after year after year is the average ARR per customer has always grown, continue to grow. And that is because we could offer more and more value for each customer.

最後我想說的是，在 Kaltura 年復一年持續成長的關鍵績效指標 (KPI) 中，每位客戶的平均 ARR 一直在成長，持續成長。這是因為我們可以為每個客戶提供越來越多的價值。

Great. Thanks for that perspective.

偉大的。感謝您的觀點。

Thank you, Patt.

謝謝你，帕特。

(Operator Instructions) There are no further questions at this time. I would like to turn the floor back over to Ron, you could feel for a closing comment.

（操作員說明） 目前沒有其他問題。我想把發言權交還給羅恩，你可以提出結束語。

Thank you very much for all your great questions and continued support and interest in Kaltura. It was a solid quarter from our perspective. But as we said, it's generally within the context of years that have been quite tough with quite a lot of headwinds. We're not declaring any form of victory. There's a lot more work ahead.

非常感謝您提出的所有重大問題以及對 Kaltura 的持續支持和興趣。從我們的角度來看，這是一個穩健的季度。但正如我們所說，這通常是在多年來非常艱難、面臨許多阻力的背景下發生的。我們不會宣布任何形式的勝利。未來還有很多工作要做。

There will be one key quarter this or that direction. But at the end of the day, we believe we're up and to the right, both by way of bookings and retention and how that translates into top line growth and for sure, how it also translates into bottom line profitability, both accrual-based and cash-based. We look forward to continue to demonstrate that and to generate both growth and profitability.

這個或那個方向將會有一個關鍵的季度。但歸根結底，我們相信，無論是在預訂量和保留率方面，還是在如何轉化為營收成長方面，我們都處於正確的位置，當然，它也如何轉化為盈利能力，兩者都是應計的——以現金為基礎。我們期待繼續證明這一點並實現成長和獲利。

Thank you, again, and have a great day and week.

再次感謝您，祝您有個愉快的一天和一周。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。