Kaltura Inc (KLTR) 2025 Q2 法說會逐字稿

Good morning, everyone, and welcome to the Kaltura second quarter 2025 earnings call. All material contained in the webcast is the sole property and copyright of Kaltura with all rights reserved. For opening remarks and introductions, I will now turn the call over to Erica Mannion at Sapphire Investor Relations. Please go ahead, Erica.

大家早安，歡迎參加 Kaltura 2025 年第二季財報電話會議。網路廣播中包含的所有資料均為 Kaltura 的獨有財產和版權，保留所有權利。為了致開幕詞和介紹，我現在將電話轉給 Sapphire 投資者關係部的 Erica Mannion。請繼續，艾麗卡。

Thank you, operator, 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 the results for the second quarter ended June 30, 2025, and provide a business update. John will then review the financial results for the second quarter of 2025 in greater detail, followed by the company's outlook for the third quarter and full year 2025. We will then open the call for questions.

謝謝接線員，早安。與我一起出席的還有 Kaltura 共同創辦人、董事長、總裁兼執行長 Ron Yekutiel 和財務長 John Doherty。羅恩將首先總結截至 2025 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 2025 年第二季的財務業績，然後介紹公司對 2025 年第三季和全年的展望。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陳述，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期望和計劃的陳述。

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 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, 2024, and other SEC filings, including the quarterly report on Form 10-Q for the quarter ended June 30, 2025, to be filed with the SEC.

這些聲明既不是承諾也不是保證，並且涉及風險和不確定性，可能導致實際結果與此處討論的結果有重大差異。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 2024 年 12 月 31 日的財政年度的 10-K 表年度報告和其他 SEC 文件（包括截至 2025 年 6 月 30 日的季度的 10-Q 表季度報告）的風險因素部分中找到，這些報告將提交給 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.

本次電話會議中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 不承擔更新或修改這些陳述的義務，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 non-GAAP financial measures, adjusted EBITDA, non-GAAP net loss, and non-GAAP gross margin during this call. For a reconciliation of these measures 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'd like to turn the call over to Ron.

請注意，我們將在本次電話會議中討論非公認會計準則財務指標、調整後的 EBITDA、非公認會計準則淨虧損和非公認會計準則毛利率。如需了解這些指標與最直接可比較的 GAAP 指標的對照，請參閱我們的業績報告，該報告可在我們的網站 www.investors.kaltura.com 上取得。現在，我想將電話交給 Ron。

Thank you, Erica, and thanks to everyone for joining us on the call this morning. Today, we reported total revenue of $44.5 million for the second quarter of 2025, up 1% year over year and subscription revenue of $42.4 million, up 3% year over year.

謝謝你，艾麗卡，也謝謝大家今天早上參加我們的電話會議。今天，我們報告 2025 年第二季總營收為 4,450 萬美元，年增 1%，訂閱收入為 4,240 萬美元，年增 3%。

Our ARR and RPO grew by 3% and 6% year over year, respectively. Our year-over-year revenue growth this quarter was fueled by EE&T and curtailed as expected by M&T due to the delayed M&T churn for 2024 as discussed in the last two earnings calls.

我們的 ARR 和 RPO 分別年增 3% 和 6%。本季我們的年收入成長主要得益於 EE&T，而 M&T 的成長則如預期般有所減少，因為正如前兩次財報電話會議所討論的，2024 年的 M&T 流失被推遲。

Consequently, while EE&T total revenue grew in the second quarter by 7% year over year, its highest growth rate since the first quarter of 2022, M&T total revenue declined in the second quarter by 14% year over year, its sharpest decline ever.

因此，儘管 EE&T 總收入在第二季度同比增長 7%，創下 2022 年第一季以來的最高增長率，但 M&T 總收入在第二季度同比下降 14%，創下有史以來最大降幅。

With that said, as we look ahead, we expect to post sequential growth in M&T revenue in the fourth quarter, fueled by an expected improvement in M&T gross retention and also an increase in new bookings as also discussed in previous earnings calls.

話雖如此，展望未來，我們預計第四季度 M&T 收入將實現連續增長，這得益於 M&T 總保留率的預期改善以及新預訂量的增加，正如之前的財報電話會議中所討論的那樣。

The recently announced extension and expansion of our long-term contract with Vodafone, a global telecom leader and our largest customer throughout the last decade, supports that and highlights our continued leadership in the cloud TV market.

我們最近宣布延長和擴大與沃達豐的長期合同，沃達豐是全球電信行業的領導者，也是我們過去十年來最大的客戶，這支持了這一點，並凸顯了我們在雲端電視市場的持續領導地位。

In the second quarter, we posted a record non-GAAP net profit of $2.5 million. Adjusted EBITDA was $4.1 million, consistent with our record first quarter and represented our eighth consecutive quarter of adjusted EBITDA profitability. This was driven by a strong non-GAAP gross margin of 70%, up from 66% in the same quarter last year.

第二季度，我們的非公認會計準則淨利創歷史新高，達到 250 萬美元。調整後的 EBITDA 為 410 萬美元，與我們第一季的創紀錄水平一致，並且代表我們連續第八個季度實現調整後的 EBITDA 盈利。這是由於非公認會計準則毛利率強勁成長至 70%，高於去年同期的 66%。

Cash flow from operations was $2.7 million, the highest second quarter result since 2020. Moving on to the business update. New subscription bookings in the second quarter grew sequentially and comprised 21 6-digit deals, including with technology providers such as AWS and Xbox, which we can name, and with an employee experience platform provider and a leading financial services platform provider.

經營現金流為 270 萬美元，為 2020 年以來第二季的最高業績。繼續進行業務更新。第二季的新訂閱訂單較上季成長，共 21 筆六位數交易，其中包括與 AWS 和 Xbox 等科技供應商、員工體驗平台供應商和領先的金融服務平台供應商的訂單。

Our 6-digit deals also included two of the largest US banks, a top pharmaceutical company, a leading medical organization, one of the largest automakers, one of the leading global professional services firms, and several education institutions and media and telecommunications companies. Customers continue to consolidate around Kaltura and our average ARR per customer once again reached a record high.

我們的六位數交易還包括美國最大的兩家銀行、一家頂級製藥公司、一家領先的醫療機構、最大的汽車製造商之一、全球領先的專業服務公司之一以及多家教育機構和媒體和電信公司。客戶繼續圍繞 Kaltura 進行整合，我們每位客戶的平均 ARR 再次創下歷史新高。

I am pleased to update that in the second quarter, we closed our first three AI deals, which included sales of our exciting new offerings, Content Lab and Genie. Over the last few quarters, we progressed rapidly from initial product vision to development, proofs of concepts, data releases, and full commercialization.

我很高興地更新消息，在第二季度，我們完成了前三筆人工智慧交易，其中包括我們令人興奮的新產品 Content Lab 和 Genie 的銷售。在過去的幾個季度中，我們從最初的產品願景到開發、概念驗證、資料發布和全面商業化取得了快速進展。

Use cases included automation of manual workflows for video creation, enrichment, delivery, and measurement as well as providing end users interactive, hyper-personalized video-first onboarding, and upskilling experiences.

使用案例包括視訊創建、豐富、交付和測量的手動工作流程的自動化，以及為最終用戶提供互動式、超個人化的視訊優先入職和技能提升體驗。

Among the first customers is a leading professional services and consulting powerhouse with over 750,000 employees worldwide. We expect many more and bigger deals to follow in the quarters ahead as our growing sales pipeline already includes over 100 additional qualified opportunities with companies from all our target industries, including technology companies, regulated industries, including banking, insurance, health care and pharma, education institutions, and media and telecom companies. I'll discuss the AI opportunity further in my upcoming product update.

首批客戶之一是領先的專業服務和諮詢巨頭，在全球擁有超過 75 萬名員工。我們預計未來幾季將會有更多、更大的交易，因為我們不斷增長的銷售管道已經包括來自所有目標行業的 100 多個額外的合格機會，包括科技公司、受監管行業（包括銀行、保險、醫療保健和製藥）、教育機構以及媒體和電信公司。我將在即將發布的產品更新中進一步討論人工智慧機會。

On the gross retention front, as noted, we anticipated a lower rate of retention in the first and second quarters of the year due to delayed media and telecom trends from last year. That said, our gross retention rate in EE&T continued to be very strong in the second quarter, reaching again its best level since the fourth quarter of 2022.

在總留存率方面，如上所述，由於去年媒體和電信趨勢的延遲，我們預計今年第一季和第二季的留存率會較低。儘管如此，我們 EE&T 的總留存率在第二季度繼續保持強勁，再次達到 2022 年第四季以來的最佳水平。

We continue to forecast an annual EE&T gross retention rate in 2025 that is better than that of the previous four years and for M&T gross retention rate to improve in the fourth quarter, as stated earlier. We were also pleased that despite the strong temporary media and telecom headwinds, our net dollar retention in the second quarter was above 100% for the fourth quarter in a row.

我們繼續預測 2025 年 EE&T 年度總留存率將優於前四年，並且 M&T 總留存率將在第四季度提高，如前所述。我們也很高興，儘管媒體和電信業暫時面臨強勁阻力，但我們第二季的淨美元留存率連續第四個季度超過 100%。

Moving on to the product front. Let's begin with our continued and growing investment in our AI offerings. In the second quarter, we enhanced our Content Lab agent to support multilingual video metadata, summaries, and quizzes, making video more accessible, discoverable, and impactful across a diverse user base globally.

繼續討論產品方面。讓我們從我們對人工智慧產品的持續和不斷增長的投資開始。在第二季度，我們增強了內容實驗室代理，以支援多語言視訊元資料、摘要和測驗，使影片在全球不同用戶群中更易於存取、發現和產生影響。

We also integrated Content Lab natively into our virtual event offering, designed to help event organizers generate clips and video summaries, repurpose content, boost discoverability, and increase engagement.

我們還將內容實驗室原生整合到我們的虛擬活動產品中，旨在幫助活動組織者產生剪輯和影片摘要、重新利用內容、提高可發現性並增加參與度。

As for our family of Genie agents, work class, and TV Genies that power hyper-personalized video experiences for end users. In the passing quarter, we enabled them to pull insights and generate content not only from videos, but also from additional data sources such as documents, making their output much more rich, contextualized, and personalized.

至於我們的 Genie 代理商、工作級和 TV Genies 系列，它們為最終用戶提供超個人化的視訊體驗。在過去的一個季度中，我們使他們不僅能夠從影片中獲取見解並產生內容，而且還能從文件等其他資料來源中獲取見解並產生內容，從而使他們的輸出更加豐富、情境化和個性化。

We also enabled them to support anonymous and unauthenticated users, which is intended to broaden their reach and usability to external public websites and portals while maintaining privacy and compliance.

我們還使他們能夠支援匿名和未經身份驗證的用戶，旨在擴大他們對外部公共網站和入口網站的覆蓋範圍和可用性，同時保持隱私和合規性。

Lastly, regarding our homegrown AI-based automatic speech recognition transcription engine, in the second quarter, we launched our live captioning service and seamlessly integrated it into our live video workflows.

最後，關於我們自主研發的基於人工智慧的自動語音辨識轉錄引擎，我們在第二季推出了即時字幕服務，並將其無縫整合到我們的即時視訊工作流程中。

For previously released video-on-demand AI-based automated transcription engine, we added support for additional languages in a dictionary feature, which allows customers to define custom word substitutions and rules that improve accuracy and quality of captions, particularly for company-specific language and frequently used terms.

對於先前發布的基於 AI 的視訊點播自動轉錄引擎，我們在字典功能中添加了對其他語言的支持，這使得客戶可以定義自訂單字替換和規則，從而提高字幕的準確性和質量，特別是對於公司特定的語言和常用術語。

As we look forward to our planned AI developments in the second half of the year, we intend to expand Genie to include enhanced response formats beyond flash cards and videos, add conversational memory to increase response quality, and enable a more natural flowing dialogue and enable users to utilize Genie directly on any individual videos to extract deeper insights and information and drive deeper engagement.

我們期待下半年人工智慧發展的計劃，我們打算擴展 Genie，包括除閃存卡和視頻之外的增強響應格式，添加對話記憶以提高響應質量，實現更自然流暢的對話，並允許用戶直接在任何單個視頻上使用 Genie 來提取更深入的見解和信息並推動更深入的參與。

Beyond Genie enhancements, in the second half of this year, our planned road map includes a new AI agent for content publishing that would automate related manual processes, including complex repetitive tasks for content and metadata moderation and approval, accessibility, enrichment, repurposing, captioning, [slipping], and quiz insertion.

除了 Genie 增強功能之外，在今年下半年，我們計劃的路線圖還包括一個用於內容發布的新 AI 代理，它將自動執行相關的手動流程，包括內容和元數據審核和批准、可訪問性、豐富、重新利用、字幕、[滑動] 和測驗插入等複雜重複性任務。

We believe these updates will help enable content to be published at scale, faster, and cheaper with higher consistency and better compliance. Looking further down the road beyond the second half of the year, our vision is to transform our AI agents from reactive prompt-based agents into proactive automated ambient agents that will anticipate needs and take actions to optimize impact across the content life cycle of all our use cases, including marketing, sales and customer success, teaching, learning and training, communication and collaboration, and entertainment and monetization.

我們相信這些更新將有助於大規模、更快、更便宜地發佈內容，並具有更高的一致性和更好的合規性。展望下半年之後，我們的願景是將我們的人工智慧代理從基於提示的被動代理轉變為主動的自動化環境代理，這些代理將預測需求並採取行動來優化我們所有用例的內容生命週期的影響，包括行銷、銷售和客戶成功、教學、學習和培訓、溝通和協作以及娛樂和貨幣化。

We plan for our agents to not only drive productivity, but to become intelligent enough to replicate human rules and automate tasks, acting as AI twins, and to gradually further evolve into AI specialists that are intended to be role aware, use case-specific and ultimately also industry-specific as we plan to launch, for example, specific agents that will cater to video-first employee and customer experiences in the financial services, pharma, or education markets.

我們計劃讓我們的代理商不僅提高生產力，而且要變得足夠智能，可以複製人類規則並自動執行任務，充當人工智慧雙胞胎，並逐步發展成為人工智慧專家，旨在了解角色、特定於用例，最終也特定於行業，例如，我們計劃推出特定的代理，以滿足金融服務、製藥或教育市場中視訊優先的員工和客戶體驗。

Moving beyond our AI innovation. In the second quarter, we rolled out powerful updates across the Kaltura AI Video Experience Cloud, making video creation, management and engagement more intelligent, inclusive and scalable.

超越我們的人工智慧創新。在第二季度，我們推出了 Kaltura AI 視訊體驗雲的強大更新，使視訊創作、管理和參與更加智慧、包容和可擴展。

We enhanced our self-serve event platform to also support multi-track events without requiring professional services from Kaltura and also enable more personalized notifications based on session interest, improving event participation and engagement. We also expanded our event APIs, making them easier to integrate with external systems and to manage events at scale efficiently while generating more data and insights.

我們增強了自助活動平台，使其能夠支援多軌道活動，而無需 Kaltura 的專業服務，並且還可以根據會議興趣提供更個人化的通知，從而提高活動的參與度和參與度。我們還擴展了我們的事件 API，使其更容易與外部系統集成，並有效地大規模管理事件，同時產生更多資料和見解。

On the video portal front, we've expanded the streaming module to enable more consistent professionally branded experiences and introduced a content tab webpage that increases discoverability of public content. We also enhanced our LMS and CMS extensions with a modern folder structure that enables users to better manage large volumes of videos.

在影片入口網站方面，我們擴展了串流媒體模組，以實現更一致的專業品牌體驗，並引入了內容標籤網頁，以提高公共內容的可發現性。我們還透過現代資料夾結構增強了我們的 LMS 和 CMS 擴展，使用戶能夠更好地管理大量影片。

Lastly, in regard to our virtual classroom product, we enabled hosts to add audio files to their session storyboard to be used, for example, for narrations, added instructions, and shared music. Our product leadership continued to earn a strong industry recognition in the second quarter with our new Class Genie winning the e-Learning Innovation of the Year Award in the Seventh Annual EdTech Breakthrough Awards and our virtual events and webinars offering sweeping five goals at the 2025 Eventex Awards, earning us top honors in every category we competed in, including Best Event AI Technology, Best New Event Technology, Best Audience Engagement Technology, Best Data Collection and Event Analytics Technology, and Best Virtual Event Platform.

最後，關於我們的虛擬教室產品，我們允許主持人將音訊檔案添加到他們的課程故事板中，例如用於旁白、添加說明和共享音樂。我們在第二季的產品領導力繼續獲得業界的廣泛認可，我們的新產品 Class Genie 在第七屆年度 EdTech 突破獎中榮獲年度電子學習創新獎，我們的虛擬活動和網路研討會在 2025 Eventex 獎中實現了五大目標，在參與的每個類別中均獲得最高榮譽，包括最佳活動人工智慧技術、新活動、最佳活動以及最佳觀眾參與技術和最佳活動。

In the passing quarter, we were also recognized by IDC as a leader in their first-of-its-kind marketscape research and vendor assessment for AI-enabled enterprise video platforms. Report stated that we were named a leader due to our intelligent automation extensible workflows and advanced analytics and that our full spectrum platform built for both internal and external use cases stands out due to its modular API-first architecture, self-service capabilities, and support for content reuse.

在過去的一個季度中，我們也被 IDC 評為人工智慧企業視訊平台首個市場格局研究和供應商評估的領導者。報告指出，我們因智慧自動化可擴展工作流程和高級分析而被評為領導者，並且我們為內部和外部用例構建的全方位平台因其模組化 API 優先架構、自助服務功能和對內容重用的支援而脫穎而出。

It further states that a key factor in our strong positioning was the recent launch of our Agentic AI offerings, including Content Lab and Genie, which are designed to boost productivity and maximize content value. We're honored to be recognized and awarded time and again as leaders by so many industry experts and are excited to see the buzz around our new AI products.

它進一步指出，我們強大定位的一個關鍵因素是我們最近推出的 Agentic AI 產品，包括 Content Lab 和 Genie，旨在提高生產力並最大化內容價值。我們很榮幸能夠一次又一次地被眾多行業專家認可和授予領導者稱號，並且很高興看到我們的新 AI 產品受到熱議。

Moving beyond product. In the passing quarter, we hosted our Kaltura Connect on the Road 2025 events in New York, San Francisco, and London. Hundreds of marketing, communication, and video tech leaders from top organizations came together to discuss how AI-infused video can transform organizational knowledge and employee and customer experiences.

超越產品。在過去的一個季度，我們在紐約、舊金山和倫敦舉辦了 Kaltura Connect on the Road 2025 活動。來自頂級組織的數百名行銷、通訊和視訊技術領導者齊聚一堂，討論融合人工智慧的視訊如何改變組織知識以及員工和客戶體驗。

Speakers included leaders from leading corporations such as AWS, YouTube, Adobe, Salesforce, IBM, Visa, AstraZeneca, Pinterest, Vanguard, Bloomberg and many more. You could view recordings of this event on our website.

演講者包括來自 AWS、YouTube、Adobe、Salesforce、IBM、Visa、AstraZeneca、Pinterest、Vanguard、Bloomberg 等領先公司的領導人。您可以在我們的網站上觀看此活動的錄影。

In the second quarter, we also launched our Kaltura Connect in Education 2025 series of events with the first event in the Netherlands. Four additional events have already been held in the third quarter across the US and another two events are planned to be held later this year in Europe and Asia-Pacific. Information about these events is available on our website.

第二季度，我們也啟動了 Kaltura Connect in Education 2025 系列活動，首場活動在荷蘭舉行。第三季度，美國各地已舉辦了四場活動，並計劃今年稍後在歐洲和亞太地區舉辦另外兩場活動。有關這些活動的資訊可在我們的網站上查閱。

Lastly, we announced today that our Board of Directors has approved a reorganization plan that includes, among other things, downsizing approximately 10% of our current workforce. We expect to realize cost savings starting later in the third quarter. The plan is focused on realigning our operations to further increase efficiency and productivity.

最後，我們今天宣布，董事會已批准一項重組計劃，其中包括裁減約 10% 的現有員工。我們預計從第三季後期開始實現成本節約。該計劃的重點是重新調整我們的運營，以進一步提高效率和生產力。

John will provide details on the expected cost savings, but I want to highlight three high-level points. First, this type of reorganization was anticipated in connection with our stated goal earlier this year of doubling adjusted EBITDA in both 2025 and 2026 and returning to be a Rule of 30 company by 2028 or earlier through a combination of double digit revenue growth and adjusted EBITDA margin.

約翰將提供有關預期成本節約的詳細信息，但我想強調三個要點。首先，這種類型的重組與我們今年早些時候提出的目標有關，即通過兩位數的收入增長和調整後的 EBITDA 利潤率，在 2025 年和 2026 年使調整後的 EBITDA 翻一番，並在 2028 年或更早之前恢復成為 30 條規則公司。

Second, this organization plan moves us to a unified technology team, which includes all our engineering resources and a unified customer experience and sales team, which caters to all our customers and prospects across both EE&T and M&T.

其次，該組織計劃將我們轉變為一個統一的技術團隊，其中包括我們所有的工程資源和統一的客戶體驗和銷售團隊，以滿足 EE&T 和 M&T 的所有客戶和潛在客戶的需求。

Our plan is to gradually further verticalize both teams into more granular EE&T subindustries to develop, market, and sell more vertical SaaS AI-infused video solutions, for example, to the financial services, pharma, tech, and education markets.

我們的計劃是逐步將兩個團隊垂直化，進入更細化的 EE&T 子行業，以開發、行銷和銷售更多垂直的 SaaS AI 融合視訊解決方案，例如面向金融服務、製藥、科技和教育市場。

Translating to spending, the budget reduction applies to engineering, professional services, and administration spending items and not to our sales and marketing spend run rate, which is planned to remain at the same level and is gradually expected to grow.

就支出而言，預算削減適用於工程、專業服務和管理支出項目，而不適用於我們的銷售和行銷支出運行率，後者計劃保持在同一水平，並預計將逐步增長。

And third, factored into our total cost savings are our ongoing automation and modernization efforts through AI-driven productivity improvements across the company, which are already contributing to our efficiency and are expected to grow.

第三，我們透過人工智慧驅動的生產力改進，在公司範圍內持續進行自動化和現代化努力，這些努力已經提高了我們的效率，並且預計還會繼續增長，這些努力也計入了我們的總成本節約中。

In summary, we wrapped up another strong quarter where we surpassed the high end of our subscription revenue, total revenue, and adjusted EBITDA guidance ranges as well as our expected cash flow from operations.

總而言之，我們結束了又一個強勁的季度，我們的訂閱收入、總收入和調整後的 EBITDA 指導範圍以及預期的經營現金流均超過了最高水平。

Our new bookings grew sequentially and our sales pipeline indicates higher level of new bookings in the second half of the year for both EE&T and M&T, coupled with an expected return to a strong M&T gross retention rate in the fourth quarter.

我們的新訂單量連續成長，我們的銷售管道表明，今年下半年 EE&T 和 M&T 的新訂單量將有所增加，同時預計第四季度 M&T 毛留存率將恢復強勁。

We continue to be fueled by customer consolidation around our platform, the maturity of our newer products, and our exciting new GenAI offerings that started to yield revenue in the passing quarter and are expected to yield much more in the quarters ahead.

我們繼續受到圍繞我們平台的客戶整合、我們新產品的成熟以及我們令人興奮的全新 GenAI 產品的推動，這些產品在過去一個季度開始產生收入，預計在未來幾個季度將產生更多收入。

We continue to see momentum building across several parts of the business. And while this gives us confidence in our trajectory, we remain mindful of market uncertainties and continued geopolitical turbulence. And therefore, we are maintaining our previously provided revenue guidance for 2025 with refined ranges for both total revenue and subscription revenue.

我們繼續看到業務的多個部分都呈現出強勁的發展勢頭。雖然這讓我們對自己的發展軌跡充滿信心，但我們仍然警惕市場的不確定性和持續的地緣政治動盪。因此，我們維持先前提供的 2025 年收入指引，並對總收入和訂閱收入的範圍進行了細化。

We are, however, increasing once again our adjusted EBITDA guidance for the year and restating our expectation of stronger cash flow from operations throughout the second half of the year, resulting in an annual level similar to our guided adjusted EBITDA.

然而，我們再次提高了今年的調整後 EBITDA 指引，並重申了我們對下半年經營現金流將更加強勁的預期，從而使年度水準與我們指引的調整後 EBITDA 相似。

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

接下來，我將把主題交給我們的財務長約翰，更詳細地討論我們的財務結果。約翰？

Thanks, Ron, and I appreciate you all joining the call this morning. Kaltura continued its strong and focused execution in the second quarter with sequential growth in new bookings from existing and new customers, initial sales of our exciting new AI products, continued improvement in operating efficiency, and further reallocation of resources towards higher ROI opportunities and markets.

謝謝，羅恩，我很感謝大家今天早上參加電話會議。Kaltura 在第二季度繼續保持強勁而專注的執行力，現有客戶和新客戶的新預訂量連續增長，我們令人興奮的新型 AI 產品的初始銷售，營運效率的持續提高，以及進一步將資源重新分配給更高的投資回報率機會和市場。

Touching on a few highlights in the quarter that demonstrate this. For the 11th consecutive quarter, total revenue grew year over year, driven primarily by strength in our subscription revenue, which has once again grown year over year, consistent with all past quarters.

談到本季的一些亮點，可以證明這一點。連續第 11 個季度，總收入年增，主要得益於訂閱收入的強勁增長，訂閱收入再次同比增長，與過去所有季度保持一致。

Both total ARR and average ARR per customer continued to grow year over year with average ARR at a record high, the highest total revenue growth rate in EE&T since first quarter 2022 as well as the continued strong EE&T gross retention rate, which was at its highest level since the fourth quarter of 2022.

總 ARR 和每位客戶平均 ARR 均較去年同期成長，平均 ARR 創歷史新高，是 2022 年第一季以來 EE&T 總營收成長率的最高值，同時 EE&T 毛留存率持續強勁，達到 2022 年第四季以來的最高水準。

Work on the extension and expansion of the Vodafone contract, which we announced earlier in the week, fortifying our M&T segment, a record level of adjusted EBITDA matching the first quarter result, and representing the eighth consecutive positive quarter of adjusted EBITDA profitability, highlighting our continued focus on operating expense management and cash flow from operations was the highest second quarter result since 2020.

我們本週稍早宣布了與沃達豐續簽和擴大合約的工作，這鞏固了我們的 M&T 部門，調整後的 EBITDA 達到創紀錄的水平，與第一季度的業績持平，並且代表了調整後的 EBITDA 盈利連續第八個季度為正，突顯了我們持續關注運營費用管理和業績第二流，這是自 2020 年業績以來。

With that, let me move on to our results. Our results once again exceeded our guidance for both revenue and adjusted EBITDA for the quarter. Total revenue for the quarter ended June 30, 2025, was $44.5 million, up 1% year over year and above the high end of our guidance range of $43.4 million to $44.2 million. Subscription revenue was $42.4 million, up 3% year over year.

有了這些，讓我繼續介紹我們的成果。我們的業績再次超出了本季營收和調整後 EBITDA 的預期。截至 2025 年 6 月 30 日的季度總收入為 4,450 萬美元，年增 1%，高於我們預期的 4,340 萬美元至 4,420 萬美元的高端範圍。訂閱收入為 4,240 萬美元，較去年同期成長 3%。

This was also above the high end of our guidance range of $40.8 million to $41.6 million. Professional services revenue contributed $2.1 million for the quarter, similar to the first quarter, but down 31% year over year, consistent with the expected trends we discussed on previous earnings calls.

這也高於我們 4,080 萬美元至 4,160 萬美元的指導範圍的上限。專業服務收入為本季貢獻了 210 萬美元，與第一季相似，但同比下降 31%，與我們在先前的財報電話會議上討論的預期趨勢一致。

The remaining performance obligations were $188.1 million, up 2% sequentially and an increase of 6% year over year, of which we expect to recognize 61% as revenue over the next 12 months. The strength in RPO is driven by our strong renewals and upsells in the quarter and we expect this to continue to improve as we move through the year, consistent with past years, as Ron touched on earlier.

剩餘履約義務為 1.881 億美元，季增 2%，年增 6%，其中我們預計在未來 12 個月內將 61% 確認為收入。RPO 的強勁表​​現得益於本季度我們強勁的續約和追加銷售，我們預計，隨著全年的推進，RPO 的表現將繼續改善，與過去幾年保持一致，正如 Ron 之前提到的那樣。

Annualized recurring revenue was $170.4 million, up 3% year over year, driven by our increase in subscription revenue in the quarter. Our net dollar retention rate for the quarter was 101% compared to 107% last quarter and 98% in the same quarter last year. This sequential decrease was anticipated and reflective of the increased churn in M&T in the first half of 2025 due to the delayed churn from 2024, as Ron mentioned earlier.

年化經常性收入為 1.704 億美元，較去年同期成長 3%，這得益於本季訂閱營收的成長。本季我們的淨美元保留率為 101%，而上一季為 107%，去年同期為 98%。正如 Ron 之前提到的，這種連續下降是可以預料到的，並且反映了由於 2024 年客戶流失延遲導致 2025 年上半年 M&T 的客戶流失增加。

I will now touch on the segments briefly. EE&T segment performance was strong. Total revenue for the second quarter was $33.2 million, an increase of 7% year over year. Subscription revenue was $32.6 million, up 9% year over year, while professional services revenue contributed $0.7 million, down 44% year-over-year.

現在我將簡要地談一下這些部分。EE&T 部門表現強勁。第二季總營收為3,320萬美元，較去年同期成長7%。訂閱收入為 3,260 萬美元，年增 9%，專業服務收入為 70 萬美元，年減 44%。

M&T segment performance was challenged in the quarter due to the churn impacts that we previously discussed. Total revenue for the second quarter was $11.2 million, representing a decline of 14% year over year.

由於我們之前討論過的客戶流失影響，本季 M&T 部門的業績面臨挑戰。第二季總營收為 1,120 萬美元，年減 14%。

Subscription revenue was $9.8 million, down 13% year over year, while professional services revenue contributed $1.4 million, down 23% year over year. We do anticipate M&T's performance to improve in the fourth quarter through increased gross retention and new bookings.

訂閱收入為 980 萬美元，年減 13%，專業服務收入為 140 萬美元，年減 23%。我們確實預計，透過增加總保留率和新預訂量，M&T 的業績將在第四季度有所改善。

To that end, the renewed and extended long-term contract with Vodafone is a strong validation of our market and product leadership in M&T. GAAP gross profit in the second quarter was $31.2 million, up 9% year over year.

為此，與沃達豐續約並延長長期合約有力地證明了我們在 M&T 領域的市場和產品領導地位。第二季 GAAP 毛利為 3,120 萬美元，較去年同期成長 9%。

Subscription gross profit was $32.7 million, also up 9% year over year. Gross margin was 70%, which is up from 65% in the second quarter of 2024 and subscription gross margin was 77%, which is up from 74% in the second quarter of 2024. Total operating expenses in the quarter were $34 million compared to $37.2 million in the second quarter of 2024, a reduction of 9% year over year.

訂閱毛利為 3,270 萬美元，較去年同期成長 9%。毛利率為 70%，高於 2024 年第二季的 65%，訂閱毛利率為 77%，高於 2024 年第二季的 74%。本季總營運費用為 3,400 萬美元，而 2024 年第二季為 3,720 萬美元，年減 9%。

Adjusted EBITDA for the quarter was $4.1 million, an increase of $2.5 million from $1.6 million in the second quarter of 2024. This result matched the record that we set in the first quarter and along with our improving expense and margin profile, highlights our continued focus on improving our operating efficiency over time.

本季調整後的 EBITDA 為 410 萬美元，較 2024 年第二季的 160 萬美元增加 250 萬美元。這一結果與我們在第一季創下的記錄相符，並且隨著我們費用和利潤率狀況的改善，凸顯了我們持續致力於提高營運效率。

I will discuss this more in a moment. GAAP net loss in the quarter was $7.8 million or $0.05 per diluted share. This is an improvement of $2.3 million year over year. Beginning with the passing quarter, non-GAAP net income adjusts for gains or losses from foreign currency translation adjustments in addition to our historical adjustments highlighted in our earnings release.

我稍後會進一步討論這個問題。本季 GAAP 淨虧損為 780 萬美元，即每股虧損 0.05 美元。與去年同期相比，這一數字增加了 230 萬美元。從上一季開始，非公認會計準則淨收入除了調整我們在收益報告中強調的歷史調整外，還會根據外幣折算調整的收益或損失進行調整。

We have decided to begin making an adjustment for FX impact now given we incurred a material FX loss this quarter, primarily due to the depreciation of the US dollar against the Israeli shekel. Given the recent fluctuation of the dollar related to less certainty in the global economic environment, as Ron touched on earlier, we believe that this change will provide a better reflection of our overall operating performance on a non-GAAP net income or loss basis.

鑑於本季度我們遭受了重大外匯損失，主要原因是美元兌以色列謝克爾貶值，我們決定現在開始對外匯影響進行調整。鑑於近期美元波動與全球經濟環境不確定性降低有關，正如羅恩先前提到的，我們相信這項變更將更能反映我們在非公認會計準則淨收入或虧損基礎上的整體經營績效。

This results in non-GAAP net income in the quarter of $2.5 million or $0.01 per diluted share, an improvement of $4.5 million year over year.

這使得本季非 GAAP 淨收入達到 250 萬美元或每股攤薄收益 0.01 美元，比去年同期增加 450 萬美元。

Moving to the balance sheet and cash flow. We ended the second quarter with $75.3 million in cash and marketable securities. Net cash generated by operating activities was $2.7 million in the quarter, an increase of $4.3 million year over year and as I mentioned, was the strongest second quarter result since 2020.

轉到資產負債表和現金流量表。我們在第二季結束時擁有 7530 萬美元的現金和有價證券。本季經營活動產生的淨現金為 270 萬美元，年增 430 萬美元，正如我所提到的，這是自 2020 年以來最強勁的第二季業績。

Lastly, before moving to our updated guidance, we announced this morning a reorganization within Kaltura, as Ron mentioned earlier. This will result in a reduction of approximately 10% of our workforce. We expect to realize cost savings starting later in the third quarter.

最後，在轉向我們最新的指導方針之前，正如 Ron 之前提到的，我們今天早上宣布了 Kaltura 內部的重組。這將導致我們的員工人數減少約 10%。我們預計從第三季後期開始實現成本節約。

I want to reinforce that these reductions are not a reflection of market trends and that they will not impact our marketing and sales activities. We still plan to increase marketing and sales investment gradually to support our expected top line growth.

我想強調的是，這些削減並不反映市場趨勢，也不會影響我們的行銷和銷售活動。我們仍計劃逐步增加行銷和銷售投資，以支持我們預期的收入成長。

We remain very confident in the market opportunity available for Kaltura and have identified areas where we could streamline the business to more effectively target these opportunities and serve our customers.

我們對 Kaltura 的市場機會仍然充滿信心，並已確定可以簡化業務的領域，以更有效地抓住這些機會並為我們的客戶提供服務。

Total savings from workforce reductions associated with the reorganization expected for the balance of 2025 is approximately $2.6 million, which translates to $8.5 million on an annualized basis, strengthening our financial position moving forward. The total onetime charge related to the reorganization is expected to be approximately $0.7 million in the third quarter of 2025.

預計到 2025 年，重組帶來的裁員總節省金額約為 260 萬美元，以年率計算為 850 萬美元，這將增強我們未來的財務狀況。預計 2025 年第三季與重組相關的一次性費用總額約為 70 萬美元。

I would now like to turn our outlook for the third quarter of 2025 and for the fiscal year-ending December 31, 2025. We are executing well as our solid second quarter performance demonstrates while continuing to manage the uncertain macroeconomic environment and its impact on the general business landscape.

現在，我想談談我們對 2025 年第三季以及截至 2025 年 12 月 31 日的財政年度的展望。我們第二季的穩健業績表明，我們執行良好，同時繼續應對不確定的宏觀經濟環境及其對整體商業格局的影響。

We have been effectively addressing M&T churn and expect it to be materially lower in the fourth quarter, enabling a forecasted sequential M&T revenue growth in the fourth quarter.

我們一直在有效解決 M&T 流失問題，預計第四季度流失率將大幅下降，從而實現第四季度 M&T 收入的連續成長。

In addition, the pipeline of opportunities for both M&T and EE&T continue to grow, which we expect to drive new bookings in the second half of the year. As a result, we are maintaining our overall revenue guidance for the full year with another increase to our adjusted EBITDA guidance and our expectation of a much stronger cash flow from operations throughout the second half of the year and resulting in an annual level similar to our guided adjusted EBITDA.

此外，M&T 和 EE&T 的機會管道持續成長，我們預計這將推動下半年的新訂單。因此，我們維持全年整體收入預期，同時再次提高調整後 EBITDA 預期，並預計下半年經營現金流量將大幅增強，從而使年度水準與我們預期的調整後 EBITDA 預期水準相似。

Let's dive deeper into our guidance going forward. For the third quarter, we expect subscription revenue to range from a decrease of 3% to 1% year over year and to be between $40.8 million and $41.6 million and total revenue to range from a decrease of 3% to 2% and to be between $42.8 million and $43.6 million. We expect an adjusted EBITDA between $1.5 million to $2.5 million. This subscription revenue and adjusted EBITDA guidance is in line with last quarter's guidance as some of the anticipated top line headwinds rolled from the second quarter to the third.

讓我們更深入地了解我們未來的指導。對於第三季度，我們預計訂閱收入將年減 3% 至 1%，介於 4,080 萬美元至 4,160 萬美元之間；總收入將年減 3% 至 2%，介於 4,280 萬美元至 4,360 萬美元之間。我們預計調整後的 EBITDA 在 150 萬美元至 250 萬美元之間。由於一些預期的營收逆風從第二季度延續到第三季度，這項訂閱收入和調整後的 EBITDA 指引與上一季的指引一致。

The quarter's total revenue guidance incorporates lower expectations for revenue from professional services, in line with overall trend and last quarter's results. For the full year revenue, we are maintaining the midpoint of guidance while tightening the upper and lower balance of both subscription and total revenue.

本季的總收入指引包含了對專業服務收入的較低預期，與整體趨勢和上一季的業績一致。對於全年收入，我們維持指導的中點，同時收緊訂閱和總收入的上下限。

We expect subscription revenue to grow 2% to 3% over 2024 fiscal year and to be between $170.9 million and $172.9 million and total revenue to range from an increase of 1% to 2% year over year to be between $180.4 million and $182.4 million.

我們預計 2024 財年的訂閱營收將成長 2% 至 3%，達到 1.709 億美元至 1.729 億美元之間，總營收將年增 1% 至 2%，達到 1.804 億美元至 1.824 億美元之間。

For the full year adjusted EBITDA, we are again raising our guidance to be between $14.5 million and $16 million. This represents a tightening of the guidance range while also increasing the top of the range.

對於全年調整後的 EBITDA，我們再次將預期上調至 1,450 萬美元至 1,600 萬美元之間。這代表著指導範圍的收緊，同時也提高了範圍的上限。

Our guidance reflects more than a doubling of our adjusted EBITDA profit and margin versus 2024. In summary, the second quarter was better than expected as the impact of some revenue headwinds were pushed into the third quarter.

我們的預期反映出，與 2024 年相比，調整後的 EBITDA 利潤和利潤率將成長一倍以上。總的來說，第二季表現優於預期，因為一些收入逆風的影響被推遲到了第三季。

As we mentioned in the last earnings calls, we needed to manage through some delayed 2024 churn in M&T in the first half of 2025 and we have. We also expect it to continue to see solid performance in EE&T and we have.

正如我們在上次財報電話會議上提到的那樣，我們需要在 2025 年上半年應對 M&T 領域一些延遲的 2024 年客戶流失，而我們做到了。我們也預期它在 EE&T 領域將繼續保持穩健表現，事實也確實如此。

Going forward, we expect our M&T retention rate to improve in the fourth quarter to its typical strong level and we continue to forecast a strong annual EE&T gross retention rate for 2025 that will be better than that of the previous four years.

展望未來，我們預計我們的 M&T 保留率將在第四季度提高到其典型的強勁水平，並且我們繼續預測 2025 年的年度 EE&T 總保留率將比前四年更好。

We also expect both EE&T and M&T new bookings to continue to increase in the balance of the year, driven by momentum in our sales pipeline, which also includes exciting potential AI deals.

我們也預計，受銷售管道強勁成長的推動，EE&T 和 M&T 的新訂單量將在今年餘下時間繼續增加，其中還包括令人興奮的潛在 AI 交易。

While we continue to closely and prudently monitor the macroeconomic environment, as I mentioned earlier, we are navigating the currents well and we continue to believe that we will continue to benefit from the emerging tailwinds that we are seeing, including spend consolidation, digital and AI transformations, and the hybrid workplace that is continuing to drive demand for video-based offerings. This is certainly highlighted by our record average ARR this quarter.

正如我之前提到的，我們繼續密切、審慎地監測宏觀經濟環境，同時，我們正在順利地掌握形勢，並繼續相信，我們將繼續受益於我們所看到的新興順風，包括支出整合、數位化和人工智慧轉型，以及繼續推動基於視訊的產品需求的混合工作場所。本季我們創紀錄的平均 ARR 無疑突顯了這一點。

As we said in the past and I want to reinforce here, we will continue to target both revenue growth and sustained and improving adjusted EBITDA profitability, consistent with our guidance. Our results continue to demonstrate that we are on the right path to achieving these objectives and to drive consistent returns to our shareholders.

正如我們過去所說的那樣，我想在這裡強調，我們將繼續以收入成長和持續提高調整後的 EBITDA 獲利能力為目標，這與我們的指導方針一致。我們的業績繼續證明，我們正朝著實現這些目標和為股東帶來持續回報的正確方向前進。

We are confident that we remain in a good position to achieve modestly accelerated revenue, adjusted EBITDA profitability, and cash flow from operations growth profile beyond 2025. Our target continues to be to achieve double digit revenue growth and a Rule of 30 combination between revenue growth and adjusted EBITDA margin by 2028 or sooner.

我們有信心，到 2025 年以後，我們仍將保持良好的發展勢頭，實現收入適度增長、調整後 EBITDA 盈利能力和經營現金流增長。我們的目標仍然是到 2028 年或更早實現兩位數的收入成長，並實現收入成長與調整後 EBITDA 利潤率之間的 30 規則組合。

As I've said before, Kaltura has achieved its goal in the past and we firmly believe that we will achieve it again. With that, we'll open up the call for questions. Operator?

正如我之前所說，Kaltura 過去已經實現了其目標，我們堅信我們將再次實現這一目標。接下來，我們將開始提問。操作員？

(Operator Instructions) Gabriela Borges, Goldman Sachs.

（操作員指示）高盛的 Gabriela Borges。

Ron and John, I wanted to ask you a little bit about your bookings comments for the back half of the year. Talk to us a little bit as a follow-on from the Analyst Day. What do you think is working well in your incremental new bookings momentum? And is there anything that you're learning as you go through the year that is different to your expectations as you started the year?

羅恩和約翰，我想問你們對今年下半年預訂狀況的看法。作為分析師日的後續活動，請與我們簡單談談。您認為哪些因素對增加新預訂量有了正面作用？在這一年中，您學到的東西是否與您年初的期望有所不同？

Thank you, Gabriela, for the good question. Appreciate it. And for those, by the way, who have not had a chance to listen to our March event for investors, it's, of course, in the Investors section of our website. There's great insights there and also great demos there.

謝謝加布里埃拉提出的這個好問題。非常感謝。順便說一句，對於那些還沒有機會聽我們三月投資者活動的人來說，當然可以在我們網站的投資者部分收聽。那裡有很棒的見解，也有很棒的演示。

I think a few things are shifting gradually and are helping our bookings pick up. And they are some of them multi-quarter investments, some of them even multiyear investments. If I go far to 2020 when we started to add real-time conferencing and expand from the content management world into also events and webinars, we gradually moved from high services events into more self-serve, low-touch events that are enabling not just the multi-track events, but also simpler events and going down market, if you may, by way of the size and the complexities of events.

我認為有些事情正在逐漸改變並有助於我們的預訂量回升。其中一些是多季度投資，有些甚至是多年期投資。如果我回到 2020 年，當我們開始添加即時會議並從內容管理領域擴展到活動和網路研討會時，我們逐漸從高服務活動轉向更自助、低接觸的活動，這些活動不僅支援多軌道活動，還支援更簡單的活動，並且可以透過活動的規模和複雜性進入低端市場。

They've become much more stable, much more robust, much more successful and we are now very mature in that offering and taking a lot more business. That's one trend that's important, the maturity of our events offering. The second is consolidation that we've often discussed and mentioned.

它們變得更加穩定、更強大、更成功，我們現在在產品方面非常成熟，並且承接了更多的業務。這是一個重要的趨勢，即我們提供的活動日益成熟。第二是我們經常討論和提到的整合。

In part, as we've gotten further away from the post-COVID years, companies were able and are able to take a bit of a more strategic approach towards their video purchasing and understanding they don't need to have two, three, four, five, sometimes a lot more vendors.

在某種程度上，隨著我們離後疫情時代越來越遠，公司能夠並且能夠對視訊採購採取更具策略性的方法，並且明白他們不需要擁有兩家、三家、四家、五家，有時甚至更多的供應商。

It's the silos, it is the growth of workflows. It is also a more expensive investment. And so using Kaltura and that's quite unique, not just in how deep we go by APIs, but how wide we go in catering to multiple use cases and catering to multiple buyers. So people consolidate further.

這是孤島，這是工作流程的成長。這也是一項更昂貴的投資。因此，使用 Kaltura 是非常獨特的，不僅在於我們對 API 的深入程度，還在於我們在滿足多種用例和滿足多個買家方面所採取的廣泛措施。因此人們進一步鞏固。

And we're seeing that with the increase in the average ARR per in the company that's been going up and up and up and once again hit a record high. We have some very big deals ahead of us that are showing more of that.

我們看到，隨著公司平均 ARR 的增加，其一直在不斷上升，並再次創下歷史新高。我們面前有一些非常大的交易，它們更多地體現了這一點。

So again, consolidation would be a second piece. AI would be a third. We're at the beginning of that, but we expect to see a lot more. We have a strong pipeline. We have our initial products and more to follow. We've spoken a lot about these things.

因此，合併將是第二部分。人工智慧將是第三個。我們才剛開始，但我們期望看到更多。我們擁有強大的管道。我們已經有了自己的初始產品，也會有更多產品推出。我們已經談論過很多這些事情。

It's really the fact that we're now able to marry the creation of content with the distribution of content in real time that people could have a hyper-personalized, hyper-contextualized experience that is rich. And that enables us to continue to go further beyond just video and be a video-first experience.

事實上，我們現在能夠將內容創作與即時內容分發結合起來，讓人們獲得豐富的高度個人化、高度情境化的體驗。這使我們能夠繼續超越視頻，提供視頻優先的體驗。

But really, it's about customer experience, employee experience at large. It's immersive, but it's not just video. And that's quite exciting. There's a lot more that we expect around the quarter. So there's a lot of good moves.

但實際上，這與客戶體驗和員工體驗有關。它具有沉浸感，但它不僅僅是視頻。這非常令人興奮。我們預計本季還會有更多進展。所以有很多好的舉措。

I mean what we are adding to what I just stated is also further verticalization. We can talk more about that. We have had specific efforts on education, media, and telecom and have treated enterprise relatively horizontally.

我的意思是，我們在剛才所說的基礎上還添加了進一步的垂直化。我們可以就此進行更多討論。我們在教育、媒體、電信方面做了專門的努力，對企業方面則相對橫向。

We expect and plan in the months and quarters ahead to be able, especially with AI technology, to offer more verticalized additional efforts that take us deeper and deeper. And look, we're sitting in some of the biggest, brightest customers out there, the biggest banks, biggest insurance companies, some of the biggest tech companies and we've been growing. We think we could continue to grow materially with them.

我們期望並計劃在未來幾個月和幾個季度內，特別是藉助人工智慧技術，提供更垂直化的額外努力，讓我們走得更深入。看看吧，我們擁有一些最大、最聰明的客戶，包括最大的銀行、最大的保險公司、一些最大的科技公司，而且我們一直在成長。我們認為我們可以與他們一起繼續實現物質增長。

That all being said, we are seeing a significant increase in the size of our pipeline, the weighted pipeline. And so we have backing to the fact that we expect the second half of the year to be better than the first. And so we're looking forward again cautiously and to see where things take us.

綜上所述，我們看到我們的管道、加權管道的規模顯著增加。因此，我們有理由相信，下半年的表現會比上半年更好。因此，我們再次謹慎地展望未來，看看事情會如何發展。

Yes, absolutely. That makes sense. And then, John, just on your comments on addressing M&T churn. I know you've been talking about this consistently for some quarters now. Remind us, why do you think churn was elevated? And what are you doing to address it?

是的，絕對是。這很有道理。然後，約翰，請談談你對解決 M&T 流失問題的評論。我知道您幾個季度以來一直在談論這個問題。提醒我們一下，您認為客戶流失率為何會上升？您正在採取什麼措施來解決這個問題？

Yes. As you mentioned, Gabriela, we've signaled this from the back end of last year that we expected it coming into this year. There is a lot of shifting going on in that space with the move to IP in the cloud. So from that perspective, companies are continuously reevaluating how they want to go to market and also looking to refine the way in which they go to market.

是的。正如你所提到的，加布里埃拉，我們從去年年底就已經發出信號，預計它會在今年實現。隨著向雲端 IP 的轉移，該領域正在發生許多變化。因此從這個角度來看，公司正在不斷重新評估他們想要如何進入市場，並尋求改善他們進入市場的方式。

We're just -- this is happening. We're not unique to this. This is happening across that part of that space. That's why we made sure that we incorporated that into the guidance that we provided. That said, we've been working very, very hard with our major customer, Vodafone, and it was really good to see that we were able to sign this extension and expansion of a contract with them.

我們只是——這正在發生。我們並不是唯一一個有這種現象的人。這件事正在那個空間的那部分發生。這就是為什麼我們確保將其納入我們提供的指導中。話雖如此，我們一直在與我們的主要客戶沃達豐非常努力地合作，很高興看到我們能夠與他們簽署這份延期和擴展合約。

So I think that's also a validation that we are well-positioned and that's why we do expect -- while some of this also will impact the quarter, as we discussed, we do expect that we're kind of bottoming out and it's going to be up and to the right from here.

所以我認為這也證明了我們處於有利地位，這也是我們預期的原因——雖然其中一些也會影響本季度，但正如我們所討論的，我們確實預計我們會觸底反彈，然後從現在開始向上反彈。

And certainly, the Vodafone contract provides a little bit of extra wind in our sails.

當然，與沃達豐的合約也為我們帶來了額外的助力。

And if I could add just a couple more words and thank you, John. Some of the churns that we see are what we call OVP as opposed to OTT, online video platform as opposed to over-the-top or cloud TV. They are earlier customers that are less strategic because they're offering the video flow of encoding delivery as opposed to more of the end user experience for full-blown TV grade that is far more stickier and exciting.

如果我可以再說幾句話的話，謝謝你，約翰。我們看到的一些客戶流失就是我們所謂的 OVP（相對於 OTT）、線上視訊平台（相對於 over-the-top 或雲端電視）。他們是早期的客戶，策略性較弱，因為他們提供的是編碼傳輸的視訊串流，而不是提供更具黏性和令人興奮的成熟電視層級的最終用戶體驗。

When we look at the customer mix that we have ahead of us, a very good portion of that is extremely satisfied, extremely sticky and is not expected to be like us. So there's some elements of it that are peeling off, but the heart of it will not and has been strengthened to point Vodafone, as mentioned that we just increased for another decade this relationship, that they're very happy.

當我們審視我們面前的客戶組合時，我們發現其中很大一部分人非常滿意，非常忠誠，而且他們並不希望像我們一樣。因此，雖然其中的一些元素正在剝離，但其核心部分不會剝離，而且已經得到加強，正如沃達豐所說，我們剛剛將這種關係​​延長了十年，他們對此感到非常高興。

And there's a lot of discussion about expansion of this relationship, both by feature and capability, including AI as well as by geography and user base. So that's exciting and that's not a small feat for the type of customer they are.

關於擴展這種關係的討論很多，既包括特性和能力，也包括人工智慧，以及地理和用戶群。這非常令人興奮，對於他們這種類型的客戶來說，這不是一件小事。

To remind you, we have replaced Cisco, Ericsson and TiVo companies that are, I don't know, 100 or more times the size of our company. When we have done so, a lot of eyebrows were kind of bent and we -- they thought they were going to come back within a year because the small company Kaltura at the time 2014 would not have been able to have kept hold. And here we are a decade after growing and doing really well and being endorsed.

提醒一下，我們已經取代了思科、愛立信和 TiVo 公司，它們的規模不知道是我們的 100 倍還是更多。當我們這樣做時，很多人都感到很驚訝，我們認為他們會在一年內回來，因為當時 2014 年的小公司 Kaltura 無法維持下去。經過十年的發展，我們取得了長足的進步，並獲得了廣泛的認可。

So the reason I say that is because in that industry, Vodafone, Bouygues, PPF, some of the biggest guys around, people look at them and give great marks for Kaltura. Last thing I'd say is you've asked about churn, that's really also a question of net, which is also bookings. We've taken our foot off the gas in M&T by choice over the last few years.

我之所以這麼說，是因為在這個行業中，沃達豐、布伊格、PPF 等一些最大的公司，人們都對 Kaltura 給予了高度評價。最後我想說的是，你問到了客戶流失率的問題，這其實也是一個淨值問題，也就是預訂量的問題。在過去幾年裡，我們選擇不再加大 M&T 方面的投入。

We all know this industry has kind of slowed down at large. When I say this, video. And we needed to have made decisions and we doubled down on enterprise and on that move towards real-time and events and consolidation, everything else we've discussed and we're seeing that nice yearly growth and everything else.

我們都知道，這個行業總體上已經放緩了。當我說這個的時候，視頻。我們需要做出決定，我們加倍投入企業，朝著即時、事件和整合的方向發展，我們已經討論過的其他一切，我們看到了良好的年度成長和其他一切。

And we said, look, media is going to come back. It slowed down quite a bit. Now we're seeing a lot more interest in this industry. And now that we're profitable and growing, we're able to regrow our sales effort because we were on idle.

我們說，看，媒體將會回歸。速度慢了不少。現在我們看到人們對這個行業的興趣越來越濃厚。現在我們已經獲利並且不斷成長，由於之前我們處於閒置狀態，所以我們能夠重新加大銷售力度。

We were catering to our existing customers. Opportunistically, we were picking up stuff, but we declared that we're not strongly pushing into that market in sales, period. Now we started putting a few more and we have significant pipeline that's being added up.

我們正在滿足現有客戶的需求。我們正在抓住機會，收購一些東西，但我們聲明，我們不會大力推進該市場的銷售，僅此而已。現在我們開始投入更多資金，並且我們擁有大量正在增加的管道。

So I expect that the next -- we've said churn will go down by Q4 and then we expect sequential growth. As we look into the next few quarters, we expect to start reporting on bookings that are coming in, on deals that we've been long working on, and we expect revenue to turn around, start picking up, and growing because we're a strong leader in that space.

因此我預計，到第四季度，客戶流失率將會下降，然後我們預計會持續成長。展望未來幾個季度，我們預計將開始報告即將到來的預訂情況、我們長期致力於達成的交易，並且我們預計收入將出現好轉、開始回升和增長，因為我們是該領域的強大領導者。

Ryan Koontz, Needham.

瑞安·孔茨，尼德姆。

Wanted to ask you, Ron, how your new AI products are folded into your selling motion and your pricing? Is it currently an upsell to your current offering primarily on the EE&T side? And when do you think that maybe these AI products could become like a lead engagement tool for some of the sales efforts?

想問您，羅恩，您的新 AI 產品是如何融入您的銷售活動和定價的？它目前是否是對您目前在 EE&T 方面提供的產品的追加銷售？您認為這些人工智慧產品何時可以成為某些銷售活動的主導參與工具？

Yes. So yes, it is an upsell. And right now, we're talking about both the Content Lab and the Genies and there's more agents that are going to come around the corner. They're being used mostly based on FTE pricing like we have for the other ones, but depending on where and how they're inserted, they're augmenting and would be priced associated with the attached products.

是的。所以是的，這是一種追加銷售。現在，我們正在談論內容實驗室和精靈，並且會有更多的代理商出現。它們的使用主要基於 FTE 定價，就像我們對其他產品一樣，但根據它們的插入位置和方式，它們會不斷增加，並且會與附加產品一起定價。

So in the world of events, it's quite often the number of registrants or attendees or the number of permitted people to create events.

因此，在活動世界中，它通常是註冊者或參與者的數量，或允許創建活動的人數。

So there could be flexible pricing, but they're for sure, additive. It's not that there's no AI-infused components that might not be additive because they're just better replacements of existing products. An example of that could be our video-on-demand transcription engine that's whisper-based that's replaced with third-party vendors, enabling us to reduce costs and also provide greater quality and have a stronger hold on the technology, so we can add more feature sets, et cetera. But the core core AI products we've been discussing here are additive.

因此可能會有靈活的定價，但它們肯定是附加的。這並不是說沒有註入人工智慧的組件，它們可能不具有附加性，因為它們只是現有產品的更好的替代品。其中一個例子是，我們的基於耳語的視訊點播轉錄引擎被第三方供應商取代，這使我們能夠降低成本，同時提供更高的品質並更強地掌握技術，因此我們可以添加更多功能集等等。但我們在此討論的核心人工智慧產品是附加的。

In our vision in the quarters ahead, it's going to take a bigger and bigger part of what we're discussing, again, because we're becoming more and more a video creation tool in a way for people to generate video for customer experience and employee experience.

在我們未來幾季的願景中，它將佔據我們討論內容中越來越重要的部分，因為我們越來越成為一種影片創作工具，人們可以透過它為客戶體驗和員工體驗製作影片。

And we expect that also to find its way through different efforts we're doing to become more PLG so that you'd be able to put an embed code, whether it's in your website or in the learning environment. And to start off by enabling people to watch videos that are hyper relevant for them in real-time with conversational AI, et cetera.

我們也希望透過我們正在做的不同努力來實現這一點，使 PLG 變得更加便捷，這樣您就可以放置嵌入程式碼，無論是在您的網站還是在學習環境中。首先，透過對話式人工智慧等技術，人們可以即時觀看與他們高度相關的影片。

When that happens, that would become not only an increasing part of our revenue, but also the best starting point to insert Kaltura into companies that they could then gradually go deeper and deeper into the rest of what we do.

當這種情況發生時，這不僅會成為我們收入的一個成長點，而且也是將 Kaltura 引入公司的最佳起點，然後他們可以逐漸深入地參與我們所做的其他工作。

So we expect that to become more material in the percentage of our revenue and more material in the ability to convert to sell additional products for the company. And we've always been careful not to overstep our bounds and to set specific expectations.

因此，我們預計這將在我們的收入百分比中變得更加重要，並且在轉化為為公司銷售更多產品的能力方面變得更加重要。我們始終小心謹慎，不超越自己的界限，並設定具體的期望。

Originally, when we started, we said not yet monetized and we said, we'll let you know. And now we just have just started monetizing it and we'll keep you on track as we continue to advance on when it would become a big enough contributor to our revenue that we could start talking about that particularly and maybe carving it out and talking it more. It's just the very, very first quarter. So let's take it one quarter at a time.

最初，當我們開始時，我們說尚未貨幣化，我們說，我們會通知你。現在我們才剛開始將其貨幣化，我們會讓您了解情況，我們將繼續推進，直到它成為我們收入的足夠大的貢獻者，我們就可以開始特別談論它，也許可以將其分離出來並進行更多討論。這只是第一季。因此，讓我們一次討論一個季度。

That's great. Maybe a quick follow-up if I could. Are there any particular market verticals in EE&T that you're excited about in the second half of this year that are behaving well for you?

那太棒了。如果可以的話，也許可以快速跟進。今年下半年，EE&T 領域中是否有任何特定的垂直市場讓您感到興奮，並且表現良好？

Yes. I mean, they're all -- there's exciting stuff in all of them. I mean, we are talking about the main ones that we're breaking out in EE&T, of course, are education, tech. We have the regulated industries that include both financial services and pharma and government to some extent. And then we have technology, of course.

是的。我的意思是，它們全都是——裡面都有令人興奮的東西。我的意思是，我們正在討論在電子電氣與技術領域取得突破的主要領域當然是教育和技術。我們受監管的行業包括金融服務、製藥業以及某種程度上的政府。當然，我們還有技術。

And I could say that in each one of these different environments, we're seeing a lot of excitement around all the different elements I said earlier, the maturity of our events, the consolidation efforts, AI. And so we're quite excited about all of them.

我可以說，在每一個不同的環境中，我們都看到了圍繞著我之前提到的所有不同元素的興奮，包括我們活動的成熟度、整合工作、人工智慧。因此我們對所有這些都感到非常興奮。

We're going to go deeper into further verticalizing our product, product marketing, marketing, sales to offer more capabilities for each one of them that is unique and distinct and to be able to sell more aggressively deeper into each one of these areas with references across other competing or similar cases.

我們將更深入地垂直化我們的產品、產品行銷、行銷和銷售，為每個產品提供更多獨特而獨特的功能，並能夠透過參考其他競爭或類似案例，更積極地深入每個領域進行銷售。

So no, I can't say that any one of them sticks out much more than others, but these areas that I just mentioned are the top areas we're focused on.

所以，我不能說其中任何一個領域比其他領域更突出，但我剛才提到的這些領域是我們關注的重點領域。

D.J. Hynes, Canaccord.

D.J. Hynes，Canaccord。

So look, in your answer to Gabriela's question, you guys reiterated, you've been very transparent about the M&T churn that would hit in Q2. You told us that NRR would take a step back. But the sequential decline in EE&T revenue caught me a little by surprise this quarter when most of the metrics seem to be trending in the right direction over the last several quarters. Can you just help me understand what's happening there, if it's seasonality? Or I know your expectations are positive for the back half of the year, but just help me with the revenue dip here in Q2.

所以，在回答 Gabriela 的問題時，你們重申，你們對第二季將出現的 M&T 流失非常透明。您告訴我們 NRR 將會退後一步。但本季 EE&T 營收的連續下降讓我有點意外，因為過去幾季大多數指標似乎都朝著正確的方向發展。如果這是季節性現象，您能幫我了解那裡發生了什麼事嗎？或者我知道您對今年下半年的預期是正面的，但請幫我解決第二季的營收下降問題。

Yes, appreciate it. Yes, we actually guided by words to that because we don't provide separate guidances for each. And we said that, generally speaking, the first quarter of the year is very low and that what's leading the second quarter revenue really. So if the bookings are low and the churn, even if it's reasonable, doesn't contribute much.

是的，非常感謝。是的，我們實際上是透過文字來指導的，因為我們沒有為每個內容提供單獨的指導。我們說，總體而言，今年第一季的營收非常低，這才是導致第二季營收下降的真正原因。因此，如果預訂量較低且客戶流失率合理，則不會產生太大影響。

Also, very importantly, we also said that we had the on-prem revenue in the first quarter and that's almost only EE&T. And we said that was a big increment that causes Q2 to go below Q1. That's actually -- and everything we have discussed in the last quarter, it wasn't a surprise. And it's not that EE&T isn't doing well. It is that behavior that's governing it. I'll let John comment (inaudible).

此外，非常重要的是，我們還表示，我們在第一季有內部部署收入，而且這幾乎只是 EE&T。我們說這是一個很大的增量，導致第二季低於第一季。事實上——我們在上個季度討論的所有內容都不足為奇。但這並不意味著 EE&T 做得不好。正是這種行為在支配著它。我會讓約翰評論（聽不清楚）。

I think I forgot on-prem.

我想我忘記了本地。

Yes, Ron really touched on it, really the strength of the first quarter. So it was a tough comparison overall.

是的，羅恩確實觸及了這一點，這確實是第一季的優勢。所以整體來說這是一個艱難的比較。

Yes. Yes. Okay. Okay. Makes sense.

是的。是的。好的。好的。有道理。

And then, Ron, I'd love to have you talk a little bit about the bookings mix in terms of net new versus into the base and kind of if this quarter looked like previous quarters, kind of what the plan is to catalyze the net new business?

然後，羅恩，我想請您談談淨新增業務與基數業務的預訂組合情況，如果本季度與前幾個季度類似，那麼促進淨新增業務的計劃是什麼？

Could you clarify the question? I mean, I'm sure you're talking about net new, not necessarily new logo, but net new addition and what's --

你能澄清一下這個問題嗎？我的意思是，我確信你談論的是全新，不一定是新標誌，而是新增功能以及--

No, new logo, I guess, versus sales back into the base. I think the business has been doing quite well selling back into the base, maybe a little bit lighter on new logos. And I'm just kind of curious what the pipeline looks like for new logos in the back half and kind of what you guys are doing there.

不，我想，是新標誌與銷售額回到基礎。我認為業務表現相當不錯，銷售回流到基地，新標誌可能稍微少一些。我只是有點好奇後半部分新標誌的流程是什麼樣的，以及你們在那裡做什麼。

Got it. Appreciate it. So yes, I mean, we've been talking about that for the longest time that historically, this company had been about of a 50-50 between new versus upsells. And then kind of in the last few years, it's been a lot more upsells and new logo.

知道了。非常感謝。是的，我的意思是，我們一直在談論這個問題，從歷史上看，這家公司在新產品和追加銷售之間的比例大約是 50-50。然後在過去幾年裡，它的追加銷售和新標誌越來越多。

And we said that that's very much indicative of the state of the industry because a lot of folks are not jumping on replacing vendors and they're doubling down on existing vendors. I think a lot of companies have been seeing that, the switchover costs and all.

我們說這非常能說明產業的現狀，因為很多人並沒有急於更換供應商，而是加倍投入現有供應商。我認為很多公司都已經看到了這一點，包括轉換成本等等。

But we've been starting to add more and more. First, it's good that when we are alongside other vendors and we're taking from them as opposed to them from us more often than not. So even the upsells are really consolidating across Kaltura, which is great.

但我們已經開始添加越來越多的內容。首先，當我們與其他供應商合作時，我們從他們那裡獲取產品，而不是他們從我們這裡獲取產品，這是一件好事。因此，即使是追加銷售也確實在 Kaltura 中得到鞏固，這很好。

But we have been seeing some great new logos. I mean, we just mentioned Xbox this past quarter, which is a foray into the world of Microsoft. And there's other great names and there's great names in our pipeline. We definitely are seeing them come in.

但我們已經看到了一些很棒的新標誌。我的意思是，我們剛剛在上個季度提到了 Xbox，這是微軟進軍世界的一次嘗試。還有其他很棒的名字，我們的人才儲備也十分充足。我們確實看到他們進來了。

I think we're seeing, at least in the pipeline, more stuff than we've seen in the past. It remains to be concluded and signed so that we could talk more about them, but we are seeing them start to come in an expected faster rate than we had seen in past years.

我認為，至少在籌備階段，我們看到的東西比過去還要多。它還有待完成和簽署，以便我們可以更多地談論它們，但我們看到它們開始以比過去幾年更快的速度出現。

Let's see if it happens. I think part of that is, again, the fact that the industry had distanced itself from what had happened in COVID and part of it is the strength of the products and maybe part of it is the excitement around AI.

讓我們看看是否會發生這種情況。我認為部分原因在於，該行業已經與新冠疫情期間發生的事情保持距離，部分原因在於產品的優勢，也許部分原因在於人們對人工智慧的興奮。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

This is [Ronit] on for Michael. Just a question on the 10% lift. Maybe just talk about some of the drivers and thought processes that you guys had internally going into that. And would love some color on the areas that were most affected there and kind of how you expect it to ramp into cost savings through the back half of the year and next year?

我是 [Ronit]，為 Michael 服務。我只是想問一下關於 10% 升幅的問題。也許只是談論一下你們內部的一些驅動因素和思考過程。您是否想了解受影響最嚴重的地區，以及您預計今年下半年和明年將如何實現成本節約？

Appreciate it, Ronit. I'll say some words and pass it over to John to talk about the numbers. So this is really a reorg in order to continue to enhance productivity, streamline the operations, capture more synergies. It is to the tune of 10% of our total workforce. It's both full employees as well as offshore and full-time outsource.

非常感謝，羅尼特。我會說一些話，然後交給約翰來談數字。因此，這實際上是一次重組，目的是繼續提高生產力、簡化營運、獲得更多協同效應。這占我們總勞動力的 10%。它既包括全職員工，也包括離岸全職外包。

And that's the order of magnitude. We expect to realize the cost savings later this quarter and then next. And again, the numbers John will talk about. It's mostly engineering, professional services, administration, not sales and marketing that we are keeping intact and expect to continue to grow.

這就是數量級。我們預計將在本季末和下一季實現成本節約。再一次，約翰會談論這些數字。我們主要保留工程、專業服務和行政管理，而不是銷售和行銷，並且預計這些業務將繼續成長。

It has taken into consideration AI improvements, which we've seen quite significant, especially in our engineering world. So that's great. It's been already taken into consideration in past when we started the year and we said, look, we're going to double adjusted EBITDA.

它考慮到了人工智慧的改進，我們已經看到了它相當顯著的變化，特別是在我們的工程領域。這太棒了。當我們今年年初時就已經考慮到了這一點，我們說，看，我們要將調整後的 EBITDA 翻一番。

We knew that down the road, we're going to have some of that. So it's not a big surprise. And we feel that it's an opportune moment to do that. Throughout the different years, we've had to put a bit more gas on the pedal insofar as what we've developed in DAP, et cetera, we've got to that maturity around event platform.

我們知道，將來我們將會擁有一些這樣的產品。所以這並不奇怪。我們認為，現在正是採取這項行動的適當時機。在不同的年份裡，我們必須加強開發 DAP 等產品，以使事件平台更加成熟。

We're not getting into cycles that are faster in innovating around AI. And so we are able to do that with less. But it's really in support of our commitment to continue to be an and company, as John likes to state, growing both revenue as well as profitability.

我們還沒有進入圍繞人工智慧進行更快創新的周期。因此，我們可以用更少的資源來做到這一點。但它確實支持了我們繼續成為一家公司的承諾，正如約翰所說的那樣，既增加收入，又增加盈利能力。

You could see our gross margin have been always increasing in recent years by about 10 points over the last four, five years. And we're expecting, as we have shared with you guys on a multiyear basis to continue to grow that nicely.

您可以看到，我們的毛利率在過去四、五年裡一直在增加約 10 個百分點。正如我們多年來與你們分享的那樣，我們期待這一目標能夠繼續順利實現。

And the same for the bottom line, which is continue to grow up. So we're very much committed to achieving both of these and to become a Rule of 30 company again with double digit growth by 2020 (sic – 2030) or before. With that, let me pass it over to John.

底線也是一樣的，那就是繼續成長。因此，我們致力於實現這兩個目標，並在 2020 年（原文如此 - 2030 年）或之前再次成為 30 規則公司，實現兩位數成長。說完這些，讓我把它交給約翰。

Yes. Thanks, Ron. Appreciate it. First, we just announced it this morning. These things are never easy, but we did feel it was necessary and was part of kind of what we had in our guidance really even from the beginning of the year.

是的。謝謝，羅恩。非常感謝。首先，我們今天早上剛剛宣布了這一消息。這些事情從來都不是一件容易的事，但我們確實覺得這是必要的，而且從年初開始就是我們指導方針的一部分。

That said, these things will take time. Folks won't be coming off until sometime in the early September time frame. So we'll start seeing benefits from the September time frame. And this year, we expect, as we mentioned in the prepared remarks, it will be about $2.6 million for the year. If you annualize that, it's $8.5 million.

話雖如此，這些事情需要時間。人們要到九月初的某個時候才會離開。因此，我們將從九月開始看到效益。正如我們在準備好的演講中提到的那樣，我們預計今年的支出將達到約 260 萬美元。如果以年計算，那就是 850 萬美元。

Now that doesn't mean you take the straight $8.5 million and apply it to -- I'm sorry, to 2026, because we are going to continue to invest in sales and marketing.

現在，這並不意味著你直接拿出 850 萬美元並將其用於 - 對不起，到 2026 年，因為我們將繼續投資於銷售和行銷。

As Ron mentioned, the savings really are coming from what we're doing where we see that we have opportunities across our R&D organization as well as in for the most part, our G&A. And a lot of the moves as we've talked about, nothing to do with how we think about the market, the opportunities that are in front of us.

正如羅恩所提到的，節省的資金實際上來自於我們正在做的事情，我們發現我們在整個研發組織以及大部分一般和行政管理部門都有機會。正如我們所討論的，許多舉措與我們如何看待市場、如何看待擺在我們面前的機會無關。

I'm still very, very positive there. We just felt there was an opportunity for us to kind of make some moves, pivot the organization to be more reflective of where we're going from a strategic perspective in terms of the verticalization.

我對此仍然非常非常樂觀。我們只是覺得我們有機會採取一些行動，調整組織結構，從垂直化的策略角度更能反映我們的發展方向。

And it's consistent with our commitment to continue to be a more profitable company, but also go after the market and not sacrifice anything in the sales and marketing area.

這符合我們的承諾，即繼續成為一家更盈利的公司，同時追求市場，不犧牲銷售和行銷領域的任何東西。

Great. And just a quick follow-up kind of related to that, your sequential EBITDA guide has a step down. Just anything to call out there in terms of seasonality or anything to note as the risk kind of layers into the profitability metrics?

偉大的。與此相關的一個快速後續問題是，您的連續 EBITDA 指南有所下降。就季節性而言，有什麼需要注意的嗎？或是當風險層級影響獲利指標時，有什麼需要注意的嗎？

Yes, we're running a little bit short on time, but effectively, our adjusted EBITDA overall has been relatively strong. I mean, we did get some help in Q2 from some onetime items that really around a PTO reversal, withholding tax, bonus reversal. Some of that gave us some strength in the second quarter. So that would be reflective if you look at what we expect in the third quarter. But we do expect to have a very, very strong fourth quarter and fourth quarter to be better than any of the quarters before.

是的，我們的時間有點緊，但實際上，我們的調整後 EBITDA 總體上相對強勁。我的意思是，我們在第二季度確實從一些一次性項目中獲得了一些幫助，這些項目實際上涉及 PTO 逆轉、預扣稅、獎金逆轉。其中一些因素在第二季度給了我們一些力量。因此，如果你看看我們對第三季的預期，這將會有所反映。但我們確實預期第四季的表現會非常強勁，並且會比之前任何一個季度都要好。

Patrick Walravens, Citizens.

帕特里克·沃爾拉文斯，公民。

Great. This is [Kincade] on for Pat. I was really excited to see that you guys have announced the three big wins as well as the 100 qualified opportunities in the pipeline. I was wondering if we could get a little bit of color on how many of those three wins were really driven by the features you guys already have implemented versus features you have on the horizon? And the same question for those 100 qualified opportunities.

太好了。我是[Kincade]，為Pat主持。我很高興看到你們宣布了三項重大勝利以及即將獲得的 100 個合格機會。我想知道我們是否可以稍微了解一下這三次勝利中有多少是由你們已經實現的功能以及你們即將實現的功能所推動的？對於這 100 個合格機會，我們也有同樣的問題。

Yes, appreciate it. It's all things that we have and sold. It's not selling road map. It's existing products. Again, the Content Lab on the one hand, the Genie product at the other, they're quite exciting, inviting everybody to go to the website and check them out.

是的，非常感謝。這些都是我們擁有和銷售的東西。這不是在銷售路線圖。這是現有產品。再次，一方面是內容實驗室，另一方面是 Genie 產品，它們都非常令人興奮，邀請每個人訪問網站並查看它們。

So it's 100% selling what we have and not what we're planning to have. There's a lot more we're planning to have. And the same goes to the 100 qualified opportunities.

因此，我們 100% 銷售的是現有產品，而不是計劃銷售的產品。我們還計劃做更多的事情。這同樣適用於 100 個合格機會。

Is there anything you're hearing from customers about what they want beyond what you guys have?

除了你們現有的產品之外，你們是否還從客戶那裡了解到他們還想要什麼？

I think we're leading more than they're leading insofar as explaining the art of the possible. But I think that if you go to the -- Content Lab is really about automating the process of production of video. So you automate the clipping and the metadata addition and everything else that you have there, the enrichment so that you have far less people and far less time required to create clips and then deliver them to the right people in the right time in the right place.

我認為，在解釋可能性的藝術方面，我們比他們更領先。但我認為如果你去——內容實驗室實際上是關於自動化影片製作過程的。因此，您可以自動執行剪輯、元資料添加和其他所有操作，透過豐富這些操作，您可以用更少的人力和更少的時間來創建剪輯，然後在正確的時間、正確的地點將它們交付給正確的人。

So it reduces cost, reduces time, makes them more efficient and ultimately increases your ability to monetize quickly on video.

因此，它可以降低成本、減少時間、提高效率，並最終提高您透過影片快速獲利的能力。

The Genie product is an end user product as opposed to an admin product, which enables the end users to be hyper engaged in real-time with a video-first experience in which we deliver, for example, for learning, an interaction that gives you flash cards plus videos and clips to the videos pertaining to your very specific question in a safeguarded environment that's ring-fenced around your specific data.

Genie 產品是最終用戶產品，而不是管理產品，它使最終用戶能夠即時高度參與視訊優先體驗，例如，為了學習，我們提供互動，為您提供閃存卡以及與您的非常具體的問題相關的視訊和剪輯，在圍繞您的特定資料進行保護的安全環境中。

Both these are really exciting for folks. What we're offering down the road is adding it to additional data types far and beyond video, embedding it very quickly and easily in places like websites. So it could be the customer experience front for a video-first experience and increasingly having more and more live real-time experience across also avatars and across more interactivity and tighter interactivity.

這兩者對於人們來說都是非常令人興奮的。我們未來提供的服務是將其添加到影片以外的其他資料類型中，並將其快速輕鬆地嵌入到網站等地方。因此，它可以成為視訊優先體驗的客戶體驗前端，並且越來越多地透過化身、更多互動性和更緊密的互動性提供即時體驗。

So by doing so, we're becoming increasingly not just a video addition that supports employee customer experience, but become the video-first customer experience and employee experience platform. So it's increasing the breadth of what we do while keeping it something that's a complete stand-alone and you can plug in and start running with it.

因此，透過這樣做，我們不僅僅是一個支援員工客戶體驗的視訊附加元件，而且成為了視訊優先的客戶體驗和員工體驗平台。因此，它擴大了我們工作的廣度，同時保持了它的完全獨立性，您可以插入並開始運行它。

This concludes our question-and-answer session. I would like to turn the conference back over to Ron Yekutiel for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Ron Yekutiel 做結束語。

Thank you, everybody, for joining the call today. Have a beautiful rest of the week. Take care. Bye bye.

感謝大家今天參加電話會議。祝您本週剩餘時間過得愉快。小心。再見。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。