Kaltura Inc (KLTR) 2024 Q3 法說會逐字稿

Greetings. And welcome to the Kaltura Third quarter 2024 conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad.

問候。歡迎參加 Kaltura 2024 年第三季電話會議。此時，所有參與者都處於只聽模式。正式演講後將舉行簡短的問答環節。如果有人在會議期間需要接線員協助，請按下電話鍵盤上的星號零。

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Erica Mannion, Kaltura Investor Relations. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興向您介紹主持人，Kaltura 投資者關係部門的 Erica Mannion。你可以開始了。

Thank you, operator, and good morning, I Am 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 the results for the third quarter ended September 30,2024 and provide a business update. John will then review the financial results for the third quarter of 2024 in greater detail, followed by the company's outlook for the fourth quarter and full year 2024. We will then open the call for questions.

謝謝您，運營商，早上好，Kaltura 聯合創始人、董事長、總裁兼首席執行官 Ron Yekutiel 和首席財務官 John Doherty 也加入其中。Ron 將首先總結截至 2024 年 9 月 30 日的第三季業績，並提供業務更新。隨後，約翰將更詳細地回顧 2024 年第三季的財務業績，然後是公司對 2024 年第四季和全年的展望。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.

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。

These statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to differ materially from those discussed here. 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 Form10-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 September 30,2024 to be filed with the SEC.

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。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 日的財政年度 Form10-K 年度報告的風險因素部分以及其他 SEC 文件（包括 Form 季度報告）中找到。 9 月30 日的季度10-Q 資料將提交給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 不承擔更新或修改它們的義務，無論是由於新的發展還是其他原因，除非法律要求。

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.

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，以便將此非 GAAP 財務指標與最直接可比較的 GAAP 指標進行調整。請參閱我們的收益報告，該報告可在我們的網站 www.investors.Kaltura.com 上取得。

Now, I Am pleased to hand the call over to Ron.

現在，我很高興將電話轉給羅恩。

Thank you, Erica and welcome, everyone to our third quarter earnings call. We reported today total revenue for the third quarter of 2024 of 44.3 million up 2% year over year and record subscription revenue of 42.1 million up 3% year over year in the third quarter. We also posted a record ARR for the second consecutive quarter as well as a record RPO.

謝謝艾麗卡，歡迎大家參加我們的第三季財報電話會議。我們今天公佈的 2024 年第三季總收入為 4,430 萬美元，年增 2%，第三季訂閱收入創歷史新高，達到 4,210 萬美元，年增 3%。我們還連續第二個季度創下了創紀錄的 ARR 以及創紀錄的 RPO。

As for our bottom line in the third quarter, we posted adjusted EBITDA of 2.4 million representing our fifth consecutive quarter of adjusted EBITDA profitability and the highest result since the second quarter of 2020 fuelled in part by a record gross margin in the third quarter, We also generated a record cash flow from operations of 10.7 million, A significant improvement from 1.7 million in the third quarter of 2023. In light of these results, we are once again increasing our full year revenue and adjusted EBITDA guidance and are expecting to post positive cash flow from operations in the fourth quarter, As well as for the full year in 2024.

至於第三季的利潤，我們公佈的調整後EBITDA 為240 萬美元，這是我們連續第五個季度實現調整後EBITDA 獲利能力，也是自2020 年第二季以來的最高業績，部分原因是第三季度創紀錄的毛利率。鑑於這些結果，我們再次增加全年收入並調整 EBITDA 指引，並預計第四季度以及 2024 年全年將實現正營運現金流。

Moving on to the business update in the third quarter, we posted both year-over-year and sequential growth in new subscription bookings for the second consecutive quarter. These new bookings were at the highest level since the fourth quarter of 2022 and came from two seven-digit deals and 22 six-digit deals across a diverse array of industries, use cases and geographies.

接下來是第三季的業務更新，我們公佈了連續第二季的新訂閱預訂量年比和季比成長。這些新預訂量達到 2022 年第四季以來的最高水平，來自不同行業、用例和地區的兩筆七位數交易和 22 筆六位數交易。

New customers included a ortune 500 automotive manufacturer that is now using our video portal and content management system for internal, live and on-demand communication and collaboration, a leading training and certification provider that is now using our virtual events and webinars for internal learning and development, a leading visual discovery engine that is now using our virtual events and webinars for marketing sales and customer success in a North American TV company that is now using our streaming platform for entertainment and monetization.

新客戶包括一家Ortune 500 強汽車製造商，該製造商現在正在使用我們的視訊入口網站和內容管理系統進行內部、即時和點播溝通與協作，一家領先的培訓和認證提供商，現在正在使用我們的虛擬活動和網路研討會進行內部學習和協作。進行娛樂和貨幣化。

The majority of our new bookings came, again from providing additional solutions empowering new use cases for our existing customers including for example, providing marketing sales and customer success solutions to an S&P 500 health insurance company to a leading provider of an employee experience platform to a Fortune 100 Bank into a Top ranked music college. From providing communication and collaboration solutions to a Fortune 100 Tech company into a leading health care software company. From providing teaching training and certification solutions to universities in the US and Europe and from providing entertainment on and monetization solutions to Telcos.

我們的新預訂大多同樣來自於提供額外的解決方案，為我們現有的客戶提供新的用例，包括例如，為一家標準普爾500 強健康保險公司、一家領先的員工體驗平台提供商、一家企業提供行銷銷售和客戶成功解決方案。從為財富 100 強科技公司提供通訊和協作解決方案到領先的醫療保健軟體公司。從向美國和歐洲的大學提供教學培訓和認證解決方案，到向電信公司提供娛樂和貨幣化解決方案。

Up sales to our customers continue to be fuelled by an increased interest to consolidate around Kaltura across multiple internal and external use cases, which is also evident through our increased average subscription revenue per customer, which was also at an all-time high in the third quarter.

Up sales to our customers continue to be fuelled by an increased interest to consolidate around Kaltura across multiple internal and external use cases, which is also evident through our increased average subscription revenue per customer, which was also at an all-time high in the third四分之一.

In addition to growing new bookings growth retention in the third quarter of 2024 continued to improve year-over-year, and net dollar retention. Which as we stated in the past is a lagging indicator started reacting to the recent improvements bouncing back to 101% after posting 98% in the last three quarters.

除了新預訂量成長外，2024 年第三季的留存率和淨美元留存率也持續較去年同期改善。正如我們過去所說，這是一個滯後指標，在過去三個季度達到 98% 後，開始對最近的改進做出反應，反彈至 101%。

The combination of increased growth, new subscription bookings and continued improved growth. Retention rates has yielded for the first time since the second quarter of 2021, 2 consecutive quarters with a year-over-year increase in net new subscription bookings which is fuelling the pick-up in our year-over-year subscription revenue growth.

成長的增加、新的訂閱預訂和持續改善的成長相結合。留存率自 2021 年第二季以來首次出現，連續兩季新訂閱淨預訂量年增，這推動了我們訂閱營收年增的回升。

On the product front, in the third quarter, we continued boosting events and webinars with automated email scheduling and enhance our chat and collaboration widget and integration with a third-party marketing platform. Further enabling our customers to run their marketing automation via their preferred market partner or directly in Kaltura.

在產品方面，第三季度，我們繼續透過自動電子郵件安排來推動活動和網路研討會，並增強我們的聊天和協作小部件以及與第三方行銷平台的整合。進一步使我們的客戶能夠透過他們首選的市場合作夥伴或直接在 Kaltura 中運行行銷自動化。

On the video conflict management and portal side, we completed our integration with Microsoft teams and together with our other Zoom and Webex integrations now offer a comprehensive archiving solution that enables organizations using multiple conferencing tools to seamlessly and flexibly access, manage and share video content across these leading platforms with a unified workflow.

在視訊衝突管理和入口網站方面，我們完成了與Microsoft 團隊的集成，並與其他Zoom 和Webex 整合一起提供了全面的存檔解決方案，使組織能夠使用多種會議工具無縫、靈活地存取、管理和共享視訊內容。

We launched an updated VPAT for our video player as part of our continued commitment to accessibility, enhanced content layout in our conferencing room and in our cloud TV platform, enhanced subscription management capabilities and further security and protection around operator works.

我們為視訊播放器推出了更新的 VPAT，作為我們對可訪問性、增強會議室和雲端電視平台內容佈局、增強訂閱管理功能以及圍繞運營商工作的進一步安全和保護的持續承諾的一部分。

On the AI front. We are continuing to move to the future where video content will be created and modified seamlessly for the benefit of each individual viewer. Over the prior quarters, we conducted successful pilots for content repurposing where Gen AI was used to analyse video captions and viewership engagement data of existing videos to create new clips, highlight reels and other immersive experiences in real time that are hyper-personalized and hyper-contextualized. This functionality is designed to address individual, and user wants and needs at the right time and context and to achieve heightened engagement and interactivity and boost business results at a fraction of the current time and costs.

在人工智慧方面。我們正在繼續邁向未來，為了每個觀眾的利益，影片內容將無縫地創建和修改。在前幾季中，我們成功進行了內容再利用試點，其中Gen AI 用於分析現有影片的影片字幕和觀眾參與度數據，以創建新的剪輯、精彩片段和其他超個人化和超即時的沉浸式體驗。此功能旨在在正確的時間和環境下滿足個人和用戶的需求，並以當前時間和成本的一小部分實現更高的參與度和互動性並提高業務成果。

In the third quarter. We said we started productizing this functionality by adding it into our video content management system in a new component called Kaltura Content Lab. We also showcased the beta version of our Gen AI offerings for Media and Telecom at the IBC 2024 conference in Amsterdam. Among the features presented to excited customers and prospects were AI generated metadata enrichment, subtitles, dubbing, chaptering, highlights and content recommendations for live streaming, ZOD assets and user-generated content.

在第三季。我們表示，我們開始將該功能產品化，方法是將其添加到我們的視訊內容管理系統中一個名為 Kaltura Content Lab 的新元件中。我們也在阿姆斯特丹舉行的 IBC 2024 會議上展示了媒體和電信導向的 Gen AI 產品的測試版。向興奮的客戶和潛在客戶展示的功能包括人工智慧生成的元數據豐富、字幕、配音、章節、亮點和即時串流、ZOD 資產和用戶生成內容的內容推薦。

Over the next few quarters, we plan to further enhance our content lab and integrate it into our product portfolio including streamlining with our other Gen AI developments such as our transcription engine, quiz generator, sentiment analyzer notification engine and Gen AI assistance for events.

在接下來的幾個季度中，我們計劃進一步增強我們的內容實驗室並將其整合到我們的產品組合中，包括與我們的其他Gen AI 開發專案（例如我們的轉錄引擎、測驗產生器、情緒分析器通知引擎和Gen AI 事件輔助）進行簡化。

Our product leadership was recently recognized with the receipt of two additional industry awards, The Best Overall Event Management solution award in the 7 annual International Martech Breakthrough Award program and The Best Video Management Platform award in the 2024-digit day technology awards.

我們的產品領先地位最近獲得了另外兩項行業獎項的認可，即第七屆年度國際Martech 突破獎計劃中的最佳整體活動管理解決方案獎和2024 年數位日技術獎中的最佳視訊管理平台獎。

We are pleased to have posted a record quarter across many top-line and bottom-line parameters. We continue to see both sequential and year-over-year growth in new subscription bookings and a gross retention rate that materially improves over last year, both resulting in an uptick in year-over-year subscription revenue growth.

我們很高興在許多頂線和底線參數上公佈了創紀錄的季度業績。我們繼續看到新訂閱預訂量環比和同比增長，總保留率比去年大幅提高，這都導致訂閱收入同比增長加快。

In addition, we saw continued expansion of our growth and net margins as well as cash flow leading us to forecast for the year. A positive annual adjusted EBITDA and cash flow from operations for the first time since 2020. And we plan to continue expanding our growth margins, adjusted EBITDA margin and cash from operations in 2025 and beyond.

此外，我們看到我們的成長、淨利潤以及現金流的持續擴張，這促使我們對今年進行了預測。年度調整後 EBITDA 和營運現金流自 2020 年以來首次實現正值。我們計劃在 2025 年及以後繼續擴大我們的成長利潤率、調整後 EBITDA 利潤率和營運現金。

In recent years, we and our entire industry have experienced strong downward pressure on bookings retention and revenue growth that was induced by post-COVID and economic downturn headwinds.

近年來，我們和整個行業在預訂保留和收入成長方面經歷了巨大的下行壓力，這是由後疫情和經濟衰退的逆風引起的。

To that end. While we are not content with our slower revenue growth, we do appreciate the fact that unlike many other companies in our industry, our quarterly subscription revenue always continues to grow year-over-year. And with the exception of only the third quarter of 2022 our year-over-year total revenue has also grown every quarter despite the purposeful decline in our revenue from professional services in order to accelerate our deployment time and increase growth margin.

為此。雖然我們對營收成長放緩並不滿足，但我們確實欣賞這樣一個事實：與我們行業中的許多其他公司不同，我們的季度訂閱收入始終持續同比增長。除 2022 年第三季外，儘管我們為了加快部署時間並提高成長利潤而故意減少了專業服務的收入，但我們每季的年比總收入都在成長。

In summary, we believe the tide is gradually turning on the industry and Kaltura and the improved booking and retention trend we began to see in recent quarters will continue and strengthen in 2025 and beyond. Fueled by renewed industry and macroeconomic tailwinds as well as product enhancements like Gen AI that are expected to bring about further digital transformation and proliferation of video experiences.

總而言之，我們相信產業和 Kaltura 的潮流正在逐漸轉向，我們在最近幾季開始看到的預訂和留存趨勢的改善將在 2025 年及以後持續並加強。在新的行業和宏觀經濟順風以及 Gen AI 等產品增強的推動下，預計將帶來進一步的數位轉型和視訊體驗的激增。

We are excited about the opportunities ahead, especially since we believe Kaltura's flexible and extendable platform uniquely caters to the widest array of enterprise video experiences while also providing the tightest integrations with their mission critical workflows.

我們對未來的機會感到興奮，特別是因為我們相信 Kaltura 靈活且可擴展的平台能夠獨特地滿足最廣泛的企業視訊體驗，同時也提供與其關鍵任務工作流程的最緊密整合。

We expect that as the market gradually recovers customers will further accelerate the consolidation of their video needs around Kaltura to boost all of their employee and customer experiences across communication and collaboration, training, teaching and learning, marketing, sales and customer success and entertainment and monetization. So through a single platform is designed to help our customers avoid unnecessary content and data silos broken workflows complexities and costs that can result from using many disparate point solutions and increase their productivity in AI-infused insights, engagement and business results.

我們預計，隨著市場逐漸復甦，客戶將進一步加速整合 Kaltura 周圍的視訊需求，以提升所有員工和客戶在溝通和協作、培訓、教學、行銷、銷售和客戶成功以及娛樂和貨幣化方面的體驗。因此，透過單一平台旨在幫助我們的客戶避免使用許多不同的單點解決方案可能導致的不必要的內容和資料孤島、破壞工作流程的複雜性和成本，並提高他們在人工智慧注入的見解、參與度和業務成果方面的生產力。

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

這樣，我將把它交給我們的財務長約翰，更詳細地討論我們的財務業績，約翰。

Thanks Ron, and hello to everyone on the call today. Kaltura continued its strong and focused execution in the third quarter, achieving continued growth in new subscription bookings, sustained high gross retention rate. Further monetization of our existing customer base. In addition of new customers and continued improvement in operating efficiency and reallocation of resources towards higher ROI opportunities and markets.

謝謝羅恩，並向今天參加電話會議的所有人問好。Kaltura 在第三季繼續保持強勁而專注的執行力，實現了新訂閱預訂的持續成長，並維持了較高的毛保留率。我們現有客戶群的進一步貨幣化。除了新客戶、營運效率的持續提高以及資源的重新分配，以獲得更高的投資報酬率機會和市場。

I want to touch on a few highlights in the quarter that demonstrate this. The highlights include new subscription bookings continue to grow both sequentially and year-over-year for the second consecutive quarter, posting the highest new bookings since Q4 2022. Gross retention continued to improve year-over-year. And in the third quarter, represented an annualized run rate similar to the two years preceding last year's gross retention declined our eighth consecutive quarter of year-over-year total revenue growth driven primarily by strength in our subscription revenue, which has grown year over year in this and all past quarters. Our growth in remaining performance obligations in ARR with both methods at the highest level to date and our reinforced belief that we are strongly positioned to achieve our profitability targets with gross margin at a record high level. Lower year over year operating expenses, continued improvement in adjusted EBITDA representing the fifth consecutive positive quarter and the highest results since the second quarter of 2020 a record cash flow from operations quarter.

我想談談本季的一些亮點來證明這一點。亮點包括新訂閱預訂量連續第二個季度環比和同比持續增長，創下 2022 年第四季以來的最高新預訂量。毛保留率繼續逐年提高。在第三季度，年化運行率與去年前兩年相似，總收入連續第八個季度同比下降，這主要是由於訂閱收入的強勁增長所致，訂閱收入同比增長在本季度和過去所有季度中。透過這兩種方法，我們的 ARR 剩餘履約義務的增長達到了迄今為止的最高水平，並且我們更加堅信，我們有能力實現我們的盈利目標，毛利率達到創紀錄的高水平。營運費用年減，調整後 EBITDA 持續改善，連續第五個季度實現正成長，創下 2020 年第二季以來的最高業績，營運季度現金流創歷史新高。

With that, let me move on to our results. Our results succeeded our guidance for both revenue and adjusted EBITDA for the quarter. Total revenue for the quarter ended September 30th, 2024, was 44.3 million up 2% year-over-year. And above the high end of our guidance range of 42.6 million to 43.3 million subscription revenue was 42.1 million. A 3% year over year. This is also above the high end of our guidance range of 40.5 million to 41.2 million professional services revenue contributed 2.2 million for the quarter and was down 18% year over year. Consistent with the expected trends we discussed on the second quarter earnings call, the remaining performance obligations were 187.8 million. Up 6% sequentially and 15% year over year of which we expect to recognize 59% as revenue over the next 12 months. Consistent with what I mentioned last quarter, the increase in RPO is a result of our increased renewal bookings this quarter as well as improvement in new bookings, analyzed recurring revenue was 168.9 million. Up 2% sequentially and 4% year over year. This is the highest ARR we have achieved to date and is reflective of increased subscription revenue in the quarter.

接下來，讓我繼續討論我們的結果。我們的業績超越了我們對本季營收和調整後 EBITDA 的指導。截至 2024 年 9 月 30 日的季度總收入為 4,430 萬美元，年增 2%。高於我們指引範圍 4,260 萬至 4,330 萬的上限，訂閱收入為 4,210 萬。較去年同期成長3%。這也高於我們指導範圍 4,050 萬至 4,120 萬的上限。與我們在第二季財報電話會議上討論的預期趨勢一致，剩餘履約義務為 1.878 億美元。環比成長 6%，年增 15%，我們預計未來 12 個月將其中 59% 確認為營收。與我上季度提到的一致，RPO 的成長是我們本季續訂預訂量增加以及新預訂量改善的結果，經分析，經常性收入為 1.689 億。季增 2%，年增 4%。這是我們迄今為止實現的最高 ARR，反映了本季訂閱收入的增加。

Our net dollar retention rate for the quarter was 101%. An improvement from 98% in the previous three quarters. It is also consistent with our expectations for improvement in the second half of 2024 that we mentioned on the second quarter earnings call. This result has been driven by the improved growth retention profile throughout the last four quarters. And the sequential and year-over-year increase in new subscription bookings over the past two quarters.

本季我們的淨美元保留率為 101%。較前三個季度的 98% 有所改善。這也與我們在第二季財報電話會議上提到的 2024 年下半年改善的預期一致。這一結果是由過去四個季度成長保留狀況的改善所推動的。過去兩季新訂閱預訂量較去年同期成長。

Within our Enterprise, Education and Technology segment. Total revenue for the third quarter was 32.3 million. Up 4% year-over-year subscription revenue was 31.5 million a 5% year-over-year. While professional services revenue contributed 0.8 million down 20% year-over-year within our Media and Telecom segment. Total revenue for the third quarter was 12 million. A decrease of 4% year over year subscription revenue was 10.6 million which was down 2% year-over-year. While professional services revenue contributed 1.4 million down 17% year over year.

在我們的企業、教育和技術領域。第三季總收入為3230萬美元。訂閱收入年增 4%，達到 3,150 萬，年增 5%。而媒體和電信部門的專業服務收入貢獻了 80 萬美元，年減 20%。第三季總收入為1200萬。年減4% 訂閱收入為1060萬，年減2%。而專業服務收入貢獻140萬，較去年同期下降17%。

GAAP Gross profit for the third quarter was 29.5 million, Up 3% sequentially and 7% year-over-year. Gross margin was 67%, which is up from 64% in Q3, 2023. And subscription gross margin was 75%, which is up from 73% in Q3, 2023 within our enterprise education and technology segment. Gross profit for the third quarter was 24.5 million, Up 7% sequentially and 8% year-over-year EE&T gross margin was 76%, which is up from 73% in Q3, 2023 And subscription gross margin was 82%, which is up from 79% in Q3, 2023.

第三季 GAAP 毛利為 2,950 萬美元，季增 3%，年增 7%。毛利率為 67%，高於 2023 年第三季的 64%。我們的企業教育科技部門的訂閱毛利率為 75%，高於 2023 年第三季的 73%。第三季毛利為 2,450 萬美元，季增 7%，年增 8% EE&T 毛利率為 76%，高於 2023 年第三季的 73%，訂閱毛利率為 82%，年增2023 年第三季度為79%。

Within our media and telecom segment. Gross profit for the third quarter was 5 million, down 13% sequentially and up 1% year-over-year media and telecom gross margin was 42%, up from 40% in Q3 2023. And subscription gross margin was 55%, consistent with Q3, 2023.

在我們的媒體和電信部門。第三季毛利為 500 萬美元，季減 13%，年增 1%。訂閱毛利率為 55%，與 2023 年第三季一致。

Total operating expenses in the quarter were 34 million, compared to 36 million in the third quarter of 2023, a reduction of 6% year-over-year adjusted for the quarter was 2.4 million. An increase of 2.1 million from 0.3 million in the third quarter of 2023. This result along with our improving expense profile highlights our continued focus on improving our operating efficiency over time. GAAP net loss for the quarter was 3.6 million or negative 0.02 per diluted share. This is an improvement of 7.1 million year-over-year.

該季度總營運費用為 3,400 萬，相比 2023 年第三季的 3,600 萬，年減 6%，該季調整後為 240 萬。比 2023 年第三季的 30 萬增加了 210 萬。這一結果以及我們不斷改善的費用狀況突顯了我們對隨著時間的推移提高營運效率的持續關注。本季 GAAP 淨虧損為 360 萬美元，攤薄後每股虧損為 0.02 美元。這比去年同期增加了 710 萬。

Turning to the balance sheet and cash flow. We ended the quarter with 79.9 million in cash and marketable securities. We generated a record 10.7 million in cash from operations during the third quarter which reflects a significant improvement of 9 million compared with 1.7 million in Q3 2023.

轉向資產負債表和現金流量。本季結束時，我們擁有 7,990 萬現金和有價證券。第三季我們從營運中產生了創紀錄的 1,070 萬現金，與 2023 年第三季的 170 萬現金相比顯著增加了 900 萬現金。

In the quarter, this is aided by our lower operating expenses, collections, seasonality in which the third quarter is our highest collections quarter, primarily in the EE&T segment. As well as the delay of a 2.3 million payment from a large customer from the second quarter to the third quarter that I mentioned on the last earnings call. Through the first three quarters of 2024, We generated 7.9 million in cash from operations, compared to consuming 9.9 million in the same period last year, a 17.8 million year-over-year improvement.

本季度，這得益於我們較低的營運費用、收款和季節性，其中第三季度是我們收款最高的季度，主要是在 EE&T 領域。以及我在上次財報電話會議上提到的，大客戶的 230 萬付款從第二季推遲到第三季。截至2024年前三季度，我們從營運中產生了790萬現金，而去年同期消耗了990萬現金，較去年同期增加了1,780萬現金。

I would now like to turn to our outlook for the fourth quarter of 2024 and for the fiscal year ending December 31st, 2024. As we have mentioned in the past, throughout 2023 we experienced pressure on our revenue growth through the 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. With the improvement in gross retention in recent quarters and two successive quarters of increased new subscription bookings, our overall outlook on the business is brighter.

我現在想談談我們對 2024 年第四季和截至 2024 年 12 月 31 日的財年的展望。正如我們過去提到的，2023 年全年，我們的收入成長面臨壓力，毛保留率和新訂閱預訂量同比下降，加上我們向產品領域擴張，對利潤率較低的專業服務的需求減少。部署起來更容易、更快速。隨著近幾季毛保留率的改善以及連續兩季新訂閱預訂的增加，我們對業務的整體前景更加光明。

Last quarter, we guided to a sequential stabilization of subscription revenue in the third quarter followed by a return to growth. We also forecast a continued sequential decline in our lower margin, professional services revenue with positive benefits from enabling faster deployments and higher gross margins. Well, we were right on one count and pleasantly surprised. On the second, we did see a continued sequential decline in lower margin professional services revenue. However, subscription revenue returned to growth faster than anticipated with revenue of approximately 1 million above the higher end of our previous Q3, 2024 guidance and up 3% sequentially, this result was driven by our continued solid gross retention results as well as increased new bookings. I would now like to discuss our outlook for the fourth quarter of 2024 and for the fiscal year ending December 31st, 2024, in the fourth quarter, we expect subscription and total revenue to be consistent with the third quarter with subscription revenue between 41.8 million and 42.5 million, in total revenue between 44 million and 44.7 million. We expect adjusted EBITDA in the fourth quarter to be between 0.5 million and 1.5 million. Accordingly, for the full year, we expect subscription revenue to be between 166.1 million and 166.8 million, total revenue to be between 177.1 million and 177.8 million, and adjusted EBITDA to be between 5.1 million and 6.1 million, which compared to the negative 2.5 million adjusted EBITDA of 2023, would be an improvement of 8.1 million at the midpoint of the guidance range

上個季度，我們預計第三季訂閱收入將連續穩定，隨後恢復成長。我們還預測，我們的利潤率較低的專業服務收入將持續下降，而更快的部署和更高的毛利率將帶來積極的好處。嗯，我們在一方面是正確的並且感到驚喜。第二，我們確實看到利潤率較低的專業服務收入持續持續下降。然而，訂閱收入恢復成長的速度快於預期，收入比我們之前2024 年第三季指引的上限高出約100 萬美元，環比增長3%，這一結果是由我們持續穩健的毛保留結果以及新預訂的增加推動的。我現在想討論一下我們對2024 年第四季度以及截至2024 年12 月31 日的財年的展望，在第四季度，我們預計訂閱量和總收入將與第三季度保持一致，訂閱收入在4180萬美元到4,180 萬美元之間。我們預計第四季度調整後 EBITDA 在 50 萬至 150 萬之間。因此，我們預計全年訂閱營收將在1.661 億至1.668 億之間，總營收將在1.771 億至1.778 億之間，調整後EBITDA 將在510 萬至610 萬之間，而調整後的EBITDA 則為負250 萬。

As Ron mentioned and as supported by our third quarter results, we are also expecting to post positive cash from operations in the fourth quarter as well as for the full year in 2024 as compared to a negative 8.3 million in 2023 and a negative 46.8 million in 2022.

正如羅恩所提到的，並得到我們第三季業績的支持，我們也預計第四季以及 2024 年全年的營運現金為正，而 2023 年為負 830 萬，2023 年為負 4,680 萬。年。

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 fourth quarter of 2024 and beyond, we continue to target 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，隨著我們進入2024 年第四季度及以後，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，我們繼續以收入成長和持續成長為目標。

We believe our results demonstrate 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, highlighted by our increase in new bookings, our sustained high growth retention rate and the deals in our pipeline that we believe could deal with continued growth in bookings and by growing industry tailings. As we bring 2024 to a close, we are also confident that this sets us up for a modestly accelerated growth profile for 25 and a sustainable increasing adjusted EBITDA profitability and cash flow from operations profile. We will provide guidance for 2025 when we report Q4, 2024 and 2024 full year in February of 2025. With that, we will open up the call for questions, operator.

我們相信，我們的結果表明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。我們對產品採用率的增加感到鼓舞，特別是新預訂量的增加、持續高增長的保留率以及我們相信可以應對預訂量持續增長和行業尾礦不斷增長的管道交易。隨著 2024 年即將結束，我們也有信心這將為我們在 25 年內實現適度加速的增長以及可持續增長的調整後 EBITDA 盈利能力和運營現金流提供依據。當我們在 2025 年 2 月報告第四季、2024 年和 2024 年全年時，我們將提供 2025 年的指導。這樣，我們將開放提問，接線生。

Thank you. At this time, we will be conducting a question-and-answer session. If you would like to ask your question, please press star one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star two. If you would like to remove your question from the queue, we ask that you limit your questions to one and a follow up so that others may have an opportunity to ask questions. You may re-enter the queue by pressing star one for participants using speaker equipment. It may be necessary to pick up your handset before pressing the star key one moment, please, While we pull for questions.

謝謝。此時，我們將進行問答環節。如果您想提出問題，請按下電話鍵盤上的一號星星。確認音將表示您的線路已在問題佇列中。您可以按星二號。如果您想從佇列中刪除您的問題，我們要求您將您的問題限制為一個問題和後續問題，以便其他人有機會提問。對於使用揚聲器裝置的參與者，您可以按星號一重新進入佇列。當我們提問時，請先拿起您的聽筒，然後再按星號鍵。

Our first question comes from Gabriela Borges with Goldman Sachs. Please proceed with your question.

我們的第一個問題來自高盛的加布里埃拉·博爾赫斯。請繼續你的問題。

Hi, good morning and good evening, Ron and John congratulations on the quarter. This seems like some of the cleanest beat and raise results that you have had in a number of quarters. So Ron I Am hoping you can comment. Is there one or two things that you would point to from a company specific standpoint that you think are really driving incremental stability in your business now, relative to all of the heavy lifting that you have been doing over the last quarter at 4 to 6 quarters.

大家好，早安，晚上好，羅恩和約翰祝賀本季的業績。這似乎是您在多個季度中獲得的最乾淨的擊敗和加註結果。所以羅恩我希望你能發表評論。相對於您在上個季度（4 到 6 個季度）所做的所有繁重工作，您是否從公司特定的角度指出一兩件事，您認為這些事情現在真正推動了您業務的增量穩定性。

Thank you, Gabriela and good morning to everybody on the call today. What can I say? Luck savers are prepared. We have been working hard towards it and it is showing results. I think the industry is gradually turning around. You could see a bit of it from some of the other vendors in this industry, which is good. We have always outperformed, and we continue to outperform and continue to climb and grow and we are seeing increased demand and definitely continued success in being able to deliver against that demand. I Am happy to give you a bit more color around what is happening on the business side. So, you do know that we had the highest new bookings since Q422 and it is both sequential and year over year growth. Now for the second quarter in a row, we did have bigger deals. So we had 27 digit deals this quarter compared to non last quarter and one deal in Q1, we also had 22 six-digit deals. So they are bigger. We do see customers continue to consolidate around Kaltura, which have been the strategy. We have said we expect to see more and more of that especially as times improve because people have the time and the bandwidth to think forward and not myopically and not go for the better solution. But also, one that is also financially making sense to demand and long term because we are saving costs, and they are just providing better solutions. We have seen success across all industries, tech, financial services, automotive professional services, health care, education. If I look at it per industry and give you a bit of an analysis there, we have seen most of the new bookings come in this last quarter from the tech companies. They also grew most year-over-year and sequentially. And after that, I would say regulated industries. So that would be financial services, it will be government, it will be insurance, it will be health care because of the integrated workflows that we offer connected to compliance. And all these detailed things that regulated industries require. And then after that, we are seeing folks like M&T education and professional and commercial services from a geo perspective, you know, we mentioned back that Europe was doing well in balancing. They still did well, they still did better year-over-year in Europe compared to Q3 the year before. But in this quarter, most of the new booking came from North America. And it was more on a percentage basis and an absolute basis as well compared to Q1 and Q2. So it was definitely looking well from a product perspective, it is across the board. We have seen most of it come from our video content management core. And then followed by virtual events and the TV platform. And from a use case perspective, again, a healthy blend between CX customer experience and training and teaching and certification externally, but also EX around Corp communication and collaboration and also entertainment and monetization. The other point that I note, we have said throughout the year that we were doing okay in price increases. We also had this quarter about a three X booking from price increase compared to the same quarter last year. We are able to continue to show customers that we are a premium product, and we should be paid for it.

謝謝你，加布里埃拉，今天參加電話會議的每個人都早安。我能說什麼？運氣好者已做好準備。我們一直在努力，並且正在取得成果。我認為這個行業正在逐漸扭轉。您可以從這個行業的其他一些供應商那裡看到一些，這很好。我們一直表現出色，我們將繼續表現出色，繼續攀登和成長，我們看到需求不斷增加，並且在滿足這一需求方面肯定會持續取得成功。我很高興為您提供有關業務方面正在發生的事情的更多資訊。所以，您確實知道，我們的新預訂量是自 2022 年第四季以來最高的，而且無論是連續成長還是同比增長。現在連續第二個季度，我們確實有更大的交易。因此，與上季相比，本季我們有 27 筆交易，第一季有一筆交易，我們還有 22 筆六位數交易。所以它們更大。我們確實看到客戶繼續圍繞 Kaltura 進行整合，這是我們的策略。我們說過，我們希望看到越來越多的這種情況，特別是隨著時代的進步，因為人們有時間和頻寬去思考，而不是目光短淺，不尋求更好的解決方案。而且，從長遠來看，這在經濟上也是有意義的，因為我們正在節省成本，而他們只是提供更好的解決方案。我們在科技、金融服務、汽車專業服務、醫療保健、教育等所有行業都取得了成功。如果我按行業進行分析並進行一些分析，我們會發現大部分新訂單都來自上個季度的科技公司。它們的同比和環比增長也最多。之後，我想說的是受監管的行業。因此，這將是金融服務、政府、保險、醫療保健，因為我們提供了與合規性相關的整合工作流程。以及受監管行業所需的所有這些詳細資訊。之後，我們從地理角度看到 M&T 教育、專業和商業服務等，我們剛才提到歐洲在平衡方面做得很好。他們仍然表現出色，與去年第三季相比，他們在歐洲的表現仍然比去年同期更好。但本季新增預訂大部分來自北美。與第一季和第二季相比，它更多地基於百分比和絕對基礎。所以從產品的角度來看，它絕對看起來不錯，而且是全面的。我們已經看到其中大部分來自我們的影片內容管理核心。然後是虛擬活動和電視平台。從用例的角度來看，CX 客戶體驗與外部培訓、教學和認證之間的健康融合，以及圍繞公司溝通和協作以及娛樂和貨幣化的 EX 之間的健康融合。我注意到的另一點是，我們全年都在說，我們在價格上漲方面做得很好。與去年同期相比，本季我們的預訂量也因價格上漲而增加了三倍。我們能夠繼續向客戶展示我們是優質產品，我們應該為此付費。

And maybe lastly, the record average ARR, you know, we have mentioned, ARPUs and ARR continue to climb up as it is, you know, it is at about 200 grand and some of the other players, there are maybe 1/10 of that. So it is real true enterprise deals. And when you think about that and it is growing significantly, I mean, grew, grew year-over-year by more than 10%. That, that is a tribute to the continued consolidation around Kaltura. So as we think into the future, not only do we see continued up sell and hopefully continued pick up an NDR and the ability to serve our customers more with more consolidation and more penetration. We are looking forward to having more new logos. And I mean, that is the one point that I have slowed down in these last few years for most because people have done limited jumps from one vendor to another. We expect to see more of that that is going to fuel our growth.

也許最後，創紀錄的平均 ARR，你知道，我們已經提到過，ARPU 和 ARR 繼續攀升，你知道，它大約是 200 盛大，而其他一些玩家，可能有 1/10那。所以這是真正的企業交易。當你想到這一點時，你會發現它正在顯著增長，我的意思是，增長，同比增長超過 10%。這是對 Kaltura 持續整合的貢獻。因此，當我們展望未來時，我們不僅會看到持續的銷售，並希望繼續提高 NDR，而且有能力透過更多的整合和更多的滲透來為我們的客戶提供更多服務。我們期待有更多新徽標。我的意思是，這是我在過去幾年中對大多數人來說放慢了速度的一點，因為人們從一個供應商到另一個供應商的跳躍有限。我們期望看到更多這樣的事情將推動我們的成長。

Yeah, absolutely. Thanks for the call. The follow up is for John. So this will be your 1st year with Kaltura for the annual planning process for 2025. Talk to us a little bit about your framework for 2025 forecasting any early call you are willing to give on how to think about revenue growth and margins for 2025 and maybe how you are applying all of the dynamics that Ron was just talking about to coming up with the, with the forecast for 2025. Thank you.

是的，絕對是。感謝您的來電。後續是約翰的。因此，這將是您使用 Kaltura 進行 2025 年年度規劃流程的第一年。與我們談談您的 2025 年框架，預測您願意就如何考慮 2025 年收入增長和利潤率的任何早期電話會議，以及您如何應用羅恩剛才談到的所有動態以及 2025 年的預測。謝謝。

Yeah, sure. And it sounds a little bit like a set up but appreciate the question in terms of you going deeper on on guidance for 25 which as I mentioned and as is typical for us, we will provide in February when we do the full year and fourth quarter, you know, that said, you know, I think one of the things about our performance this quarter and also which sets us up well for 2025 you know, hence my comment around, you know, us, you know, seeing what we consider to be a bit of a, you know, brighter kind of forecast overall and we will leave it at that in terms of, you know, you know, a general comment, it is basic blocking and tackling you know, the company is executing well, you know, expenses are down, hence, you know, profitability is up. It just is the EBITDA moving in the right direction. Company continues to grow revenue. You know, Ron touched on this a bit, but, you know, it Is been a very consistent focus of ours on a couple areas of customer profitability. You know, we have been dissecting our profitability by customer over the course of the past year and the company started doing that before I joined and we have just, you continued, which will call basic blocking and tackling. And ultimately, some of that is what driving some of the price increases because, you know, we, we are targeting what we are doing and where we have opportunities to derive additional value from our products that we are doing it. In addition, you know, we have also you realign, you know, some of our you know, workforce if you will, which has driven additional improvement in operating expenses. You know, OpEx is better 2 million year over year, 3 million sequentially. And, you know, we continue to expect to go down that path. So, you know, for 2025 as we mentioned, we think we are going to have a modestly improving growth and profitability profile.

是的，當然。這聽起來有點像一個設置，但感謝你更深入地討論 25 的指導問題，正如我提到的，這對我們來說是典型的，我們將在 2 月份提供全年和第四季度的指導，你知道，這就是說，你知道，我認為我們本季的表現之一，也為我們為2025 年奠定了良好的基礎，因此我的評論是，你知道，我們，你知道，看看我們考慮了什麼總體而言，這是一種更光明的預測，我們將就一般性評論而言，這是基本的阻止和解決，你知道，公司執行得很好，你知道，費用下降了，因此，你知道，獲利能力上升了。這只是 EBITDA 朝著正確的方向發展。公司收入持續成長。你知道，羅恩談到了這一點，但是，你知道，我們一直非常關注客戶獲利能力的幾個領域。你知道，在過去的一年裡，我們一直在按客戶剖析我們的盈利能力，公司在我加入之前就開始這樣做，你繼續說，我們剛剛進行了基本的阻止和處理。最終，其中一些因素推動了價格上漲，因為，你知道，我們的目標是我們正在做的事情，以及我們有機會從我們正在做的產品中獲得額外價值的地方。此外，我們還對我們的一些員工進行了重新調整，這推動了營運費用的進一步改善。您知道，OpEx 年增 200 萬，季增 300 萬。而且，你知道，我們繼續期望走這條路。所以，你知道，正如我們所提到的，到 2025 年，我們認為我們的成長和獲利狀況將略有改善。

Sounds good. Thank you for the call.

聽起來不錯。謝謝您的來電。

Thank you, Gabriel.

謝謝你，加布里埃爾。

Our next question comes from DJ Heinz with Canaccord Genuity. Please proceed with your question.

我們的下一個問題來自 Canaccord Genuity 的 DJ Heinz。請繼續你的問題。

Hey, guys. I will echo Gabriela's comments. Congrats on the nice bookings quarter and nice to see that dollar based net retention back in the triple digits. Maybe we could start there and, and actually something you alluded to Ron in your answer to Gabriela. So the majority of bookings I think you noted in the quarter were new use cases or expansion with existing customers. What is the pipeline for new customers look like? And, and how important is that to the sustainability of renewed growth from here?

嘿，夥計們。我會回應加布里埃拉的評論。恭喜預訂季度的良好表現，也很高興看到基於美元的淨留存率回到了三位數。也許我們可以從這裡開始，實際上你在給加布里埃拉的回答中提到了羅恩。因此，我認為您在本季度注意到的大部分預訂都是新用例或現有客戶的擴展。新客戶的管道是什麼樣的？而且，這對於未來恢復成長的可持續性有多重要？

Yeah, thanks DJ. I appreciate it. Let me first comment on that first part about up sales, which has been the core focus for us and then dr and taking care of our existing customers and especially the bigger ones. We posted in the third quarter, the similar kind of high quarterly gross retention that we have seen in the last few quarters, and it is materially improved from the same quarter last year. And our current gross retention forecast for the full year is at this moment expected to be even at higher levels than 2021 and 22 not to mention 23 which was the one single bad year that we have said that was to our belief, an outlier and we have seen that in some other companies in the industry with different metrics that have also seen a dip in gross retention in 23. So it has been a very good rebound to the tune of better than the other years. Most of the lost MRR from a gross term perspective had been partial. So, it is down sells as opposed to full term and that continues and only a small piece of it have been associated with a certain year of product or service GAAP like 15% but most of it is still budget limitations, product services that are no longer needed, etcetera. And so, we did expect NDR given the last improvements and given the rebound and bookings to continue to go up and we are having to have seen it go up again north of 100. And we expect that trend to, to continue into the future to your question about new logos. Ob obviously, we have had some good quarters in between and, and some are picking up. It is choppy, it is not something that you will 100% see growing in a linear way, but we expect that to continue to grow. The reason as I said earlier that that took a bit longer in, in these times is that a lot of folks were very thoughtful about the time effort risk budget that is associated with moving to a different vendor altogether. And so, when existing vendors were willing to provide discounts, they would rather stay with them even if the product was cheaper, sorry, was less successful. Not as good. And also, if it was more expensive to some extent because when you move to a consolidated vendor like Kaltura, you could save more costs in the mid-term.

是的，謝謝 DJ。我很感激。讓我先評論關於提升銷售的第一部分，這一直是我們的核心焦點，然後是照顧和照顧我們現有的客戶，尤其是大客戶。我們在第三季發布了與過去幾季類似的高季度毛保留率，並且比去年同期有了實質改善。我們目前對全年的毛保留率預測預計將高於2021 年和22 年的水平，更不用說23 年了，這是我們所說的唯一一個糟糕的一年，我們認為這是一個異常值，我們發現，業內其他一些採用不同指標的公司也出現了這種情況，其中 23 家公司的總留存率也有所下降。因此，這是一個非常好的反彈，比其他年份更好。從整體角度來看，大部分 MRR 損失都是部分的。因此，它是降價銷售，而不是全期限銷售，並且這種情況仍在繼續，其中只有一小部分與特定年份的產品或服務GAAP 相關，例如15%，但大部分仍然是預算限制，產品服務不適用需要更長的時間，等等。因此，考慮到最近的改善以及反彈和預訂量繼續上升，我們確實預計 NDR 會再次上升到 100 以上。我們預計這種趨勢將持續到未來您關於新標誌的問題。顯然，我們在這之間經歷了一些不錯的季度，而且有些正在好轉。它是不穩定的，你不會 100% 看到它以線性方式增長，但我們預計它會繼續增長。正如我之前所說，在這些時候花費更長的時間的原因是，很多人都非常考慮與完全轉向不同供應商相關的時間投入風險預算。因此，當現有供應商願意提供折扣時，即使產品更便宜，他們也寧願留下來，抱歉，不太成功。沒那麼好。而且，如果它在某種程度上更昂貴，因為當您轉向像 Kaltura 這樣的整合供應商時，您可以在中期節省更多成本。

Now, we have heard for many that they are interested in our better solution or more affordable solution in the mid to long term, that had been the case over the last few years. And they said we are willing, we are waiting for the right time to execute on this. And now we are seeing a lot of them discuss that a lot of these are in cycle. A lot of these are active within our pipeline and our discuss to happen in the next few quarters, we expect to see more. We expect to see a rebound. That being said, you know, it is a show me market, not a tell me market. And as you know, we as a company are very thoughtful about how we talk about things into the future and how we forecast. And let us wait and see and that this happens, but we 100% believe that is going to be a material growth that would be added to the company that will bring us back to what we believe is the right growth for us.

現在，我們聽說許多人對我們更好的解決方案或更實惠的中長期解決方案感興趣，過去幾年的情況就是如此。他們說我們願意，我們正在等待合適的時機來執行這件事。現在我們看到很多人都在討論其中很多都是循環的。其中許多都在我們的管道中活躍，我們的討論將在接下來的幾個季度進行，我們預計會看到更多。我們預計會出現反彈。話雖這麼說，你知道，這是一個展示市場，而不是告訴我市場。如您所知，作為一家公司，我們對於如何談論未來以及如何預測非常深思熟慮。讓我們拭目以待，看看這種情況是否會發生，但我們 100% 相信，這將為公司帶來實質成長，讓我們回到我們認為對我們來說正確的成長方向。

Yeah. Yeah, that makes sense and helpful color. Maybe it is a follow up run. You have got new leaders now in the product and sales lead roles, obviously not new to Kaltura, but new to those responsibilities. Are, there any changes those folks have implemented or contemplating that we should be aware of? I mean, I I know you have talked about focusing on larger opportunities, verticalization of the sales force. Any anything else we should be thinking about.

是的。是的，這很有意義並且很有幫助的顏色。也許這是一次後續行動。現在產品和銷售領導角色有了新的領導者，顯然對 Kaltura 來說並不陌生，但對這些職責來說卻是新的。這些人已經實施或正在考慮進行哪些我們應該注意的改變？我的意思是，我知道您談到關注更大的機會、銷售隊伍的垂直化。我們應該考慮的任何其他事情。

So, first of all, yes, we have to some extent new, but to another extent, they are not new to the company and have been around for a long time and they are you know, have been extremely well accepted and are doing an amazing, amazing job.

所以，首先，是的，我們在某種程度上是新的，但在另一個程度上，他們對公司來說並不陌生，並且已經存在很長時間了，你知道，他們已經被非常廣泛地接受，並且正在做一個太棒了，太棒了。

We have Navi that has moved from Chief Revenue Officer to lead our product and tech. And to remind everybody when we said that last quarter, Navi's background was from engineering and as a CEO of an analytics BI and AI company

我們的 Navi 已從首席營收長轉為領導我們的產品和技術。提醒大家，我們上個季度說過，Navi 的背景是工程學，並且是一家分析 BI 和人工智慧公司的首席執行官

He is also coming from a lot of data and enterprise sales. When they join, the company was supposed to have been a GM. And then when things slowed down, he was put to run revenue and understanding our customers and their needs, he is in the best situation now to bring about continued success and the changes within our R&D department. He is done a great job there and we are pushing, continue to push forward very aggressively on the AI front.

他也是來自於大量的數據和企業銷售。當他們加入時，公司應該是一名總經理。然後，當事情放緩時，他被派去管理收入並了解我們的客戶及其需求，他現在處於最佳狀態，可以為我們的研發部門帶來持續的成功和變革。他在那裡做得很好，我們正在推動、繼續在人工智慧領域積極推進。

So, it is not a change, but it is doubling down and continue to push forward. And I want to state their very clearly. We think that is a huge back opportunity and the reason is that we are integrated deep into the workflow, and we are the ones that are harmonizing all the data external and internal in the company, so we could prompt the system and the LLM in the best way in order to generate the experiences which we also power.

所以，這不是改變，而是加倍努力，繼續前進。我想非常清楚地說明它們。我們認為這是一個巨大的回報機會，原因是我們深入融入了工作流程，並且我們是協調公司外部和內部所有數據的人，因此我們可以在系統中促進系統和法學碩士的發展。動力的體驗的最佳方式。

So if you look at that sandwich workflow integration, data harmonization, AI and on top of that, the experience we could offer all that. And again, we spoke this quarter about how we are bringing to market the latest AI updates around content lab.

因此，如果你看看三明治工作流程整合、數據協調、人工智慧以及最重要的是，我們可以提供所有這些體驗。本季我們再次討論如何將內容實驗室的最新人工智慧更新推向市場。

We are launching what we call a class genie and a work genie that is enabling basically people at work in a school to get hyper personalized, hyper contextualized content, either repurposed or created from scratch. And that is because we are atomizing all of the content that is on our system.

我們正在推出所謂的“班級精靈”和“工作精靈”，基本上使學校的工作人員能夠獲得超個性化、超情境化的內容，無論是重新調整用途還是從頭開始創建。這是因為我們正在霧化系統上的所有內容。

Remember, we are sitting on a gold mine of data, sitting on all of the data that is recorded in universities, most of the data and the 25% of the fortune 100 companies. And we are adding a lot of logic into the content and how they are being used in order to best cater to the needs. So, point number one on the go on the product side is more AI on the go to market side with Lia was already led our most strategic customers. He is back now to leading the higher team and has been for more than a decade in the company knows it inside out, very well embraced and hit the ground running and the team is further verticalizing our efforts, bringing in more into mission critical capabilities and expanding globally. He has been traveling the world. He is now in Europe. He was in Asia-PAC. So we are doubling down and going deep into all the initiatives we had before. So no news, but a lot more of what you have seen before, and we are excited.

請記住，我們坐擁數據金礦，坐擁大學記錄的所有數據、大部分數據以及財富 100 強公司中 25% 的數據。我們在內容及其使用方式中添加了大量邏輯，以便最好地滿足需求。因此，產品方面的第一點是市場方面更多的人工智慧，Lia 已經領導了我們最具戰略意義的客戶。他現在回來領導更高的團隊，在公司工作了十多年，他對公司的情況瞭如指掌，非常了解並立即投入工作，團隊正在進一步垂直化我們的工作，將更多的精力投入到關鍵任務能力和全球擴張。他一直在環遊世界。他現在在歐洲。他在亞太地區。因此，我們正在加倍努力，深入研究我們之前採取的所有措施。所以沒有新聞，但有更多你以前見過的東西，我們很興奮。

Very good. Thank you, guys. Congrats.

非常好。謝謝你們，夥計們。恭喜。

Thank you, DJ.

謝謝你，DJ。

Our next question comes from Ryan Koontz with Needham and Company. Please proceed with your question.

我們的下一個問題來自 Needham and Company 的 Ryan Koontz。請繼續你的問題。

Hi. Thanks. Congrats on the great results. Really nice to see this. Maybe you can unpack a couple of the customer applications that you talked about there in the in the strong tech vertical run can maybe unpack that a little bit. In terms of, you know what some of these USE cases are and where your real value is in terms of either are these renewals versus new logos, etcetera. Thanks.

你好。謝謝。祝賀取得的優異成績。很高興看到這個。也許您可以解壓縮您在強大的技術垂直運行中談到的一些客戶應用程序，也許可以解壓縮一點。就這一點而言，您知道這些用例是什麼，以及您的真正價值在哪裡，無論是這些更新還是新徽標，等等。謝謝。

Yeah, happy to do that. So again, the beauty of Kaltura is that we have the widest array of products, and we cater to the widest array of use cases in the market. So from a products perspective, what we have been selling are both the underlying VCMS, the video content management system to run all the content across the enterprise. And on top of which at the enterprise level, we have our video portals that are enabling both internal and external gatherings as well as creation of content user generated and otherwise, we have the events and webinar offering that originally was for very large events and has come down to power thousands of events in a highly engaging way for both marketeers and trainers. We have the virtual classroom product that in a real time teaching and learning for partners for customers, as well as internally for employees specializing in these non-symmetrical places where the teacher has or the trainer has these pervasive meetings that have a purpose, and they prepare the room before during and after. And this is where we shine. We also have our integration into LMS and CMSs for both schools and organizations. And of course, we have the media and telecom suite.

是的，很高興這樣做。再說一遍，Kaltura 的優點在於我們擁有最廣泛的產品，並且滿足市場上最廣泛的用例。所以從產品的角度來看，我們一直在銷售的是底層的VCMS，也就是運行整個企業所有內容的視訊內容管理系統。除此之外，在企業層面，我們擁有視訊門戶，可以實現內部和外部聚會以及創建用戶生成的內容，否則，我們擁有最初用於大型活動的活動和網路研討會產品，並且具有以一種對行銷人員和培訓師都極具吸引力的方式為數千場活動提供支援。我們擁有虛擬教室產品，可以為合作夥伴、客戶以及內部專門從事這些不對稱場所的員工進行即時教學和學習，在這些場所中，老師或培訓師舉行有目的的普遍會議，他們之前、期間和之後準備房間。這就是我們的閃光點。我們還為學校和組織整合了 LMS 和 CMS。當然，我們還有媒體和電信套件。

What we see generally is that people start with one and move to another. Sometimes they want to have the content management and the video portal experience internally and sometimes externally and then they move internally, and they go through both

我們通常看到的是，人們從一個開始，然後轉向另一個。有時他們希望在內部獲得內容管理和視訊入口體驗，有時在外部獲得體驗，然後他們轉向內部，他們會經歷這兩個過程

And from a use case perspective. If it is employee related, it Is either communication and collaboration or teaching learning and development. And we are seeing both. So some people come in and say, look, we just want to have a unified system to record store and manage all of our conferencing stuff or have more advanced webcasting capabilities than the classic meeting solutions offer today. That is more in the communication collaboration, by the way, we added in this quarter, the ability to also record and manage teams together with zoom and together with Webex. And it is a unified tool that does all of that together. And some are just bringing it deep into L&D where they use our system in order to better train and learn and educate their employees and their lifelong learning, adaptive learning experiences.

從用例的角度來看。如果與員工相關，則是溝通與協作，或是教學學習與發展。我們兩者都看到了。因此，有些人進來說，看，我們只是想要一個統一的系統來記錄儲存和管理我們所有的會議內容，或者擁有比當今經典會議解決方案提供的更先進的網路廣播功能。順便說一句，我們在本季度添加了與 Zoom 和 Webex 一起記錄和管理團隊的能力。它是一個統一的工具，可以同時完成所有這些工作。有些人只是將其深入到 L&D 中，他們使用我們的系統來更好地培訓、學習和教育他們的員工以及他們的終身學習、適應性學習體驗。

By the way, when you add our AI tools that are not coming in with this work genie and class genie, it enables each employee or each student to basically have their dynamic learning path. And for based on what we know that they are interested in, based on quiz results, based on test results, based on interaction to create in real time, the video that they need from all the material that is in the company slash from text and deliver that to them kind of a can academy on steroids if you may, that happens in real time, the use case externally with customers partners is divided between again, teaching, training, learning educating

順便說一句，當您添加我們的人工智慧工具（這些工具不隨工作精靈和班級精靈一起提供）時，它使每個員工或每個學生基本上都可以擁有自己的動態學習路徑。基於我們所知道的他們感興趣的內容，基於測驗結果，基於測試結果，基於實時創建的交互，他們需要的視頻來自公司中的所有材料，從文本和如果可以的話，向他們提供類固醇學院，這是即時發生的，與客戶合作夥伴的外部用例再次劃分為教學、培訓、學習教育

where we are offering use cases that enable full certification with the any and all analytics that comes with that and then reaching out for sales, customer success and marketing for folks around events around sales enablement.

我們提供的用例可以對附帶的任何和所有分析進行全面認證，然後圍繞銷售支援活動為人們提供銷售、客戶成功和行銷服務。

We have tools for banks that enable them to reach out, for example, to wealth management customers with the right videos for them to make a trade and in health care to enable the patient communication in order for them to understand what they need to take and have a better relationship with doctors. So across each one of the industries, the engagement is a bit different, but we are integrated into all the systems that they require.

我們為銀行提供了一些工具，使他們能夠接觸財富管理客戶，為他們提供合適的交易視頻，並在醫療保健方面幫助患者進行溝通，以便他們了解自己需要採取什麼措施以及與醫生有更好的關係。因此，在每個行業中，參與度都略有不同，但我們已整合到他們所需的所有系統中。

And the beauty is that sounds like a very wide array of capability. That is exactly the power of culture. We run deep and we run wide, we run deep because we are in the mission critical workflows, which is why we are able to be stickier and then able to have much hire our pool and to really be mission critical. But we also run wide in their ability to have a single system. The power is seemingly very different use cases with a wide array of products.

美妙之處在於，這聽起來像是一個非常廣泛的功能。這正是文化的力量。我們深入、廣泛、深入，因為我們處於關鍵任務工作流程中，這就是為什麼我們能夠更具黏性，然後能夠僱用更多人才，真正成為關鍵任務。但我們也廣泛了解他們擁有單一系統的能力。各種產品的功能似乎非常不同的用例。

And as I said earlier, it saves costs, but more so it makes sure they do not have silos of content because the same content that you use internally for training and learning, communication, collaboration, you should and can use externally depending on the right permissions and rights and workflows and approvals. And we enable all of that in a highly secured environment with high compliance.

正如我之前所說，它節省了成本，但更重要的是，它確保了他們沒有內容孤島，因為您在內部用於培訓和學習、溝通、協作的內容相同，您應該並且可以根據正確的情況在外部使用權限和權利以及工作流程和批准。我們在高度安全、高度合規的環境中實現這一切。

And so people save money on production, they save money on finding and they increase the shelf life of their content because now it does not go stale. You can actually again, now we powered with AI find the right content and the right content to deliver it to the right customer at the right time in the right place. So there is just a lot, there is a lot of things and that is the beauty of Kaltura, and we are doing all of this.

因此，人們可以節省製作成本，節省尋找成本，並延長內容的保質期，因為現在內容不會過時。實際上，現在我們可以透過人工智慧找到正確的內容，並在正確的時間、正確的地點將其交付給正確的客戶。所以有很多，有很多事情，這就是 Kaltura 的美妙之處，我們正在做這一切。

That's really great. Sounds like what you have been working on for years and, and the markets maybe finally coming to you. Thanks for the question.

那真是太棒了。聽起來像是你多年來一直在做的事情，而且市場可能終於來找你了。謝謝你的提問。

100%, I Appreciate that, Ryan. I will say there for years video has been used as an end as opposed to as a mean, here is a video player run it. That is how they commoditize. It was never interesting for us. Our vision was always how to use video in order to better learn better market, better sell as part of the workflow. And this has been the Cultural promises inception. I think that it started picking up things were doing great, then came a few years where things were, you know, a bit harder from a budget perspective. We think this is gradually and emphasizing gradually. I do not think it is an overnight, you know, next quarter, everything is suddenly hunky dory, but it is picking up. And we think that now the value of video as a mean, not as an end, fueled with AI infused feature sets will really enable to drive all these mission critical use cases with video. And that enables a 10x growth for the opportunities around video and we think would be a leader there.

100%，我很欣賞這一點，瑞安。我想說的是，多年來視頻一直被用作目的而不是手段，這是一個運行它的視頻播放器。這就是他們商品化的方式。這對我們來說從來都不有趣。我們的願景始終是如何使用影片來更好地了解市場、更好地銷售，作為工作流程的一部分。這就是文化承諾的開始。我認為，事情一開始進展順利，但幾年後，從預算的角度來看，事情變得有點困難。我們認為這是逐步的、逐步強調的。我不認為這是一夜之間的事，你知道，下個季度，一切都會突然好起來，但它正在好轉。我們認為，現在視訊的價值作為一種手段，而不是作為目的，在人工智慧注入的功能集的推動下，將真正能夠透過視訊驅動所有這些關鍵任務用例。這使得視訊相關的機會成長了 10 倍，我們認為這將成為該領域的領導者。

Great Ron. Thanks a lot.

偉大的羅恩。多謝。

Appreciate it.

欣賞它。

Our next question comes from Patrick Walravens of citizens JMP. Please proceed with your question.

我們的下一個問題來自 Citizen JMP 的 Patrick Walravens。請繼續你的問題。

Oh, great, thank you. And let me add my congratulations. The RPO growth is particularly nice to see. So I have two questions. Ron for you, Nice to see the seven figure deals come in Q3. Usually, you think of that as sort of the end of the year phenomenon.

哦，太好了，謝謝。讓我表達我的祝賀。RPO 的成長尤其令人欣喜。所以我有兩個問題。羅恩，對你來說，很高興看到第三季出現七位數的交易。通常，您認為這是一種年終現象。

So how does how does the seven-figure pipeline look going forward? Are there still things in it?

那麼七位數的管道未來前景如何呢？裡面還有東西嗎？

Yes, there are. Thank you. And yes, thank you for noting Q3 versus Q4. I mean it, it varies. Sometimes Q4, sometimes Q3, our pipeline does have a bunch of seven figure deals, and we are hoping to continue to land them in Q4 and beyond. Yes.

是的，有。謝謝。是的，感謝您注意到第三季和第四季。我的意思是，它有所不同。有時是第四季度，有時是第三季度，我們的管道確實有一堆七位數的交易，我們希望繼續在第四季度及以後實現這些交易。是的。

All right, great. And then John for you, I noticed in your script, you made a comment about reallocating resources to I forget how you worded it but sort of higher return opportunities. I thought it would be really interesting for investors to see some examples of what were some of the places you took resources from and where did you put them?

好吧，太好了。然後約翰對你來說，我注意到在你的劇本中，你發表了關於重新分配資源的評論，我忘記了你是如何措辭的，但有點更高的回報機會。我認為投資者看到一些例子會非常有趣，了解您從哪些地方獲取資源以及將它們放在哪裡？

Yeah, if you look at, you know, our revenue results and kind of one of the themes that we have talked about is really themes, you know, number one focusing on customer profitability. So ultimately, you know, we have a team that works on that you know, regularly and we use the information that comes out of that process to target a specific, you know, price increase opportunities where we have, you know, resell opportunities and, and we have been able to benefit from some of that. In addition, we have been very focused on across the sales organization.

是的，如果你看看我們的收入結果，我們討論過的主題之一確實是主題，你知道，第一個重點是客戶獲利能力。因此，最終，您知道，我們有一個團隊定期從事您知道的工作，我們使用該流程中產生的信息來瞄準特定的提價機會，您知道，我們擁有轉售機會和，我們已經能夠從中受益。此外，我們一直非常關注整個銷售組織。

You know, it is one thing about landing customers if we have a really deep and I think underappreciated a customer profile and ultimately, you know, part of our success this quarter and we saw some of its last quarter and we expect it to continue is our ability to go deeper within existing customers. And and we are very much aligned, you know, with the sales team supporting the sales team. And certainly, that also takes a bit of a shift in focus and investment.

你知道，如果我們有一個非常深入的、我認為低估的客戶檔案，那麼登陸客戶是一回事，最終，你知道，我們本季度成功的一部分，我們看到了上個季度的一些成功，我們預計它會繼續下去我們有能力深入現有客戶。你知道，我們與銷售團隊非常一致，為銷售團隊提供支援。當然，這也需要重點和投資的一些轉變。

Awesome. Well, let me add my congratulations again, Thank you.

驚人的。好吧，讓我再次表示祝賀，謝謝。

Thank you, Pat. And I would just like to add because I have really spoken a lot about the upside of the opportunities and growth and hopeful continued growth. I do want to say I Am worried about the bottom line because as John has referenced it and some of his answers, this is a big and important focus for us. And John has said that multiple times that we are an and company we are going to grow top and bottom line. You have seen gross margin. We expect that to continue to happen and we are expecting our bottom line to continue to grow, and we are doing both and so we are looking very carefully on this and where and what we do to support that. And I and the entire company are fully committed to achieving that in the next quarter and beyond. So, and that obviously goes towards cash flow as well. You have seen this was a strong cash flow quarter. And again, some of these results might jump in any given quarter to the left to the right and they could be, but they could be a bit clunky. So I would not take any one of these statements verbatim for A Q4 versus A Q1. But the general trend that we are going to continue to post here is one of increased cash flows, increased profitability and an increased growth.

謝謝你，帕特。我想補充一點，因為我確實談論了很多關於機會和成長的好處以及充滿希望的持續成長。我確實想說，我擔心底線，因為正如約翰提到的那樣以及他的一些答案，這對我們來說是一個重要的焦點。約翰曾多次說過，我們是一家公司，我們將實現營收和利潤的成長。您已經看到了毛利率。我們預計這種情況將繼續發生，我們預計我們的利潤將繼續增長，我們正在做這兩件事，因此我們正在非常仔細地考慮這一點以及我們在哪裡以及採取什麼措施來支持這一點。我和整個公司都完全致力於在下個季度及以後實現這一目標。所以，這顯然也有利於現金流。您已經看到，這是一個現金流強勁的季度。再說一次，其中一些結果可能會在任何給定的季度從左到右跳躍，它們可能是這樣，但它們可能有點笨拙。因此，對於 A Q4 與 A Q1 的比較，我不會逐字採納這些陳述中的任何一個。但我們將繼續在這裡發布的總體趨勢是現金流增加、獲利能力提高和成長加快。

As a reminder, if you would like to ask a question, please press star one on your telephone keypad.

提醒一下，如果您想提問，請按電話鍵盤上的星號一。

Anything else.

還要別的嗎。

It appears there are no further questions at this time. So, I would now like to turn the floor back over to Ron Yekutiel for closing comments.

目前似乎沒有其他問題了。所以，我現在想把發言權交還給 Ron Yekutiel 進行總結評論。

Yeah, appreciate it. So yeah, we feel good about the quarter, but we feel that there is a lot more hard work ahead of us and we are heads down to continue to execute to bring things onward and upward. I do appreciate everybody making time, especially in a special day like this and just a word maybe as in the US. Everybody is is now coming together to be again, one nation and put our divides aside. I think we as Kaltura and definitely the tech industry is at the forefront of putting people together and collaborating in an open, flexible and collaborative way. So onward and upward to us into the industry, have a beautiful day and a great week. Thank you. Take care.

是的，很感激。所以，是的，我們對本季感覺良好，但我們覺得我們還有很多艱苦的工作要做，我們正在埋頭繼續執行，以推動事情向前發展。我非常感謝大家抽出時間，特別是在像這樣的特殊日子，也許只是在美國說一句話。現在每個人都再次團結起來，成為一個國家，並把我們的分歧放在一邊。我認為我們 Kaltura 以及科技業無疑處於將人們聚集在一起並以開放、靈活和協作的方式進行協作的最前沿。所以，祝我們繼續前進，進入這個行業，祝你度過美好的一天和美好的一周。謝謝。小心。

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

這包括今天的電話會議。此時您可以斷開線路。感謝您的參與。