Kaltura Inc (KLTR) 2025 Q4 法說會逐字稿

Good day, everyone, and welcome to the Kaltura fourth-quarter and full year 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,

各位好，歡迎參加 Kaltura 2025 年第四季暨全年財報電話會議。網路直播中所包含的所有資料均為 Kaltura 的專有財產並受著作權保護，保留一切權利。接下來進行開場致詞與介紹，

I'll now turn the call over to Erica Mannion at Sapphire Investor Relations. Please go ahead, Erica.

我現在把電話交給 Sapphire Investor Relations 的 Erica Mannion。Erica，請開始。

Thank you, operator, and good afternoon. I am joined by Ron Yekutiel, Kaltura's Co-Founder, Chairman, President and Chief Executive Officer; and Liron Sharon, Executive Vice President of FP&A and Interim Principal Financial Officer. Ron will provide a summary of the results for the fourth quarter ended December 31, 2025, along with a business and strategy update.

謝謝接線員，大家下午好。今天與我一同出席的有 Kaltura 共同創辦人、董事長、總裁兼執行長 Ron Yekutiel，以及財務規劃與分析（FP&A）執行副總裁暨臨時首席財務主管 Liron Sharon。Ron 將就截至 2025 年 12 月 31 日止第四季的業績作摘要，並提供業務與策略更新。

Liron will then review financial results for the quarter and full year 2025 as well as the company's outlook for the first quarter and full year 2026. We will then open the call for questions. 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, management's expectations and plans for the business, including our pending acquisition of PathFactory and upcoming product launches and our expectations around capabilities and benefits of our AI technologies.

接著 Liron 將回顧本季與 2025 全年的財務結果，以及公司對 2026 年第一季與 2026 全年的展望。之後我們將開放提問。請注意，本次電話會議將包含符合聯邦證券法意義之「前瞻性陳述」，包括但不限於關於 Kaltura 預期未來財務結果、管理層對業務的預期與計畫（包括我們尚待完成的 PathFactory 收購案與即將推出的產品），以及我們對 AI 技術能力與效益的預期。

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 Form 10-K for the year ended December 31, 2024, and other SEC filings, including our annual report on Form 10-K for the fiscal year ended December 31, 2025, to be filed with the SEC.

這些陳述既非承諾亦非保證，且涉及風險與不確定性，可能導致實際結果與此處討論內容存在重大差異。可能導致實際結果與前瞻性陳述不同的重要因素，載於 Kaltura 截至 2024 年 12 月 31 日止年度之 Form 10-K 年報「風險因素」章節，以及其他向 SEC 提交的文件中，包括我們將向 SEC 提交之截至 2025 年 12 月 31 日止會計年度 Form 10-K 年報。

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.

本次電話會議中所作的任何前瞻性陳述（包括對各位提問的回覆）均以今日之現行預期為基礎；除法律要求外，Kaltura 不承擔因新發展或其他原因而更新或修訂該等陳述之義務。

Please note, we will be discussing non-GAAP financial measures, adjusted EBITDA and adjusted EBITDA margin during this call. For a reconciliation of adjusted EBITDA to the most directly comparable GAAP metric, please refer to our earnings release, which is available on our website at www.investors.kaltura.com.

另請注意，我們將在本次電話會議中討論非 GAAP 財務衡量指標：調整後 EBITDA 與調整後 EBITDA 利潤率。關於調整後 EBITDA 與最直接可比 GAAP 指標之調節表，請參閱我們的財報新聞稿，該新聞稿可於我們網站 www.investors.kaltura.com 取得。

Now I would like to turn the call over to Ron.

現在我想把電話交給 Ron。

Thank you, Erica, and thanks, everyone, for joining us on the call this afternoon. Today, we reported total revenue of $45.5 million for the fourth quarter of 2025 and subscription revenue of $42.7 million. We posted a record adjusted EBITDA of $6.3 million, representing our 10 consecutive quarter of adjusted EBITDA profitability.

謝謝你，Erica，也謝謝各位今天下午加入我們的電話會議。今天我們公布 2025 年第四季總營收為 4,550 萬美元，訂閱營收為 4,270 萬美元。我們創下調整後 EBITDA 6.3 百萬美元的紀錄，這是我們連續第 10 個季度實現調整後 EBITDA 獲利。

This brought full year 2025 adjusted EBITDA to $18.6 million, a 150% year-over-year increase and materially above our original guidance of 100% growth. We're pleased with the continued improvement in our operating efficiency while advancing our long-term strategic positioning.

這使得 2025 全年調整後 EBITDA 達到 1,860 萬美元，年增 150%，且顯著高於我們原先 100% 成長的指引。我們對在推進長期策略定位的同時，營運效率持續改善感到滿意。

New subscription bookings in the fourth quarter were at the highest level of 2025. We closed two 7-digit and 15 6-digit new deals across industries, including technology, financial services, health care, manufacturing, education and media and telecom.

第四季的新訂閱簽約金額達到 2025 年最高水準。我們在各產業完成兩筆七位數與 15 筆六位數的新交易，涵蓋科技、金融服務、醫療保健、製造、教育以及媒體與電信等領域。

We also closed seven AI-related deals for Content Lab and Genie, reflecting continued customer interest in our automation and personalization capabilities. Gross retention in the fourth quarter was also stronger than in any previous quarter in 2025, and we concluded the year as expected with the highest EE&T gross retention level in five years.

我們也完成了七筆與 AI 相關的 Content Lab 與 Genie 交易，反映客戶對我們自動化與個人化能力的持續興趣。第四季的總留存率也強於 2025 年任何先前季度；並如預期在年底以五年來最高的 EE&T 總留存率水準作結。

Our market leadership was once again recognized by tech analysts in the passing quarter, this time by Frost & Sullivan in their 2025 global enterprise video platform market radar research, where they also cited our advanced AI capabilities and early move into agentic AI.

在剛結束的季度中，我們的市場領導地位再次獲得科技分析師肯定；這次是 Frost & Sullivan 在其 2025 年全球企業影片平台市場雷達研究中，同時也提及我們先進的 AI 能力以及在代理式 AI（agentic AI）上的早期布局。

In other exciting news, earlier today, we announced that we entered into a definitive agreement to acquire PathFactory. This acquisition remains subject to customary closing conditions. PathFactory is a provider of AI-driven content journey orchestration and conversation automation.

另外一則令人振奮的消息是，我們今天稍早宣布已簽署收購 PathFactory 的最終協議。本次收購仍須符合慣常的交割條件。PathFactory 是一家提供 AI 驅動的內容旅程編排與對話自動化的供應商。

The company helps enterprises understand user context and intent and automatically assemble and sequence personalized digital experiences designed to improve engagement and outcomes. PathFactory serves over 100 enterprise customers, including global brands such as NVIDIA, Cisco, AVEVA, Palo Alto Networks and LG.

該公司協助企業理解使用者情境與意圖，並自動組裝與排序個人化的數位體驗，以提升互動與成果。PathFactory 服務超過 100 家企業客戶，包括 NVIDIA、Cisco、AVEVA、Palo Alto Networks 與 LG 等全球品牌。

The company was recently recognized as a leader in the Q4 2025 Forrester Wave report on conversation automation solutions for B2B. The report acknowledged PathFactory's unique approach of leveraging generative AI and content intelligence to help B2B go-to-market teams create personalized self-service B2B buying journeys.

該公司近期在 2025 年第四季 Forrester Wave 的 B2B 對話自動化解決方案報告中被評為領導者。報告肯定 PathFactory 以生成式 AI 與內容智慧為基礎的獨特方法，協助 B2B 市場進入（go-to-market）團隊打造個人化、自助式的 B2B 購買旅程。

The other recognized leaders in this wave were Qualified that was recently acquired by Salesforce for over $1 billion and 6sense, whose last funding round was at a reported valuation of over $5 billion. PathFactory adds an important layer of agentic journey level intelligence to our platform, while Kaltura has long powered rich media creation, management and experience delivery at enterprise scale and eSelf.ai, which we acquired last quarter, enriched our real-time conversational capabilities and content creation with avatars. PathFactory will bring the ability to understand what each user is trying to accomplish and orchestrate the most impactful personalized sequence of content delivery and interaction accordingly.

本次 Wave 中其他獲認可的領導者包括 Qualified（近期以逾 10 億美元被 Salesforce 收購）以及 6sense（其上一輪融資據報估值超過 50 億美元）。PathFactory 為我們的平台增添了重要的一層「代理式旅程層級智慧」。Kaltura 長期以來在企業規模上支援豐富媒體的創作、管理與體驗交付；而我們在上一季收購的 eSelf.ai，則以虛擬人像（avatars）強化了即時對話能力與內容創作。PathFactory 將帶來理解每位使用者想要完成什麼，並據此編排最具影響力的個人化內容交付與互動序列的能力。

To date, PathFactory's primary applicability has been in improving B2B top-of-funnel marketing conversion by supporting account-based marketing motions, ABM, with insights, personalized customer microsites and chat agents. We plan to continue supporting this valuable use case and to gradually expand its applicability to additional B2B and B2C customer experience use cases, including bottom-of-funnel marketing, sales enablement, customer and partner enablement, onboarding and support as well as employee and learner experiences such as internal communications, training and education.

迄今為止，PathFactory 的主要應用在於透過提供洞察、個人化客戶微型網站與聊天代理，支援以帳戶為基礎的行銷（ABM）運作，以提升 B2B 漏斗頂端的行銷轉換。我們計畫持續支援這一有價值的使用情境，並逐步將其適用範圍擴展至更多 B2B 與 B2C 的客戶體驗使用情境，包括漏斗底端行銷、銷售賦能、客戶與合作夥伴賦能、導入（onboarding）與支援，以及員工與學習者體驗（如內部溝通、訓練與教育）。

Organizations are producing more content, engaging users across more channels and particularly in the age of agentic AI are increasingly seeking systems of engagement that move beyond static one-size-fits-all digital experiences to deliver personalized, contextual, interactive and conversational experiences at scale. Our expanded platform is well aligned with this shift.

各組織正在產出更多內容、透過更多渠道與使用者互動；尤其在代理式 AI 時代，越來越尋求能超越靜態、千篇一律數位體驗的互動系統，以規模化提供個人化、具情境、互動式與對話式的體驗。我們擴展後的平台與此一趨勢高度契合。

With the combination of Kaltura, eSelf and PathFactory, we believe we will have in place the required pillars to complete our long-discussed multiyear evolution from a video platform to an agentic digital experience platform that specializes in harnessing AI-powered video and rich media to drive engagement and business outcomes.

結合 Kaltura、eSelf 與 PathFactory 後，我們相信將具備完成我們長期討論之多年期演進所需的關鍵支柱：從影片平台轉型為代理式數位體驗平台，專注於運用 AI 驅動的影片與豐富媒體來提升互動與商業成果。

Within this expanded platform, Kaltura provides the video enrich media foundation, creation, management, governance and delivery at enterprise scale, including AI-based rich media repurposing and personalized conversation delivery through Kaltura Genie. eSelf added avatar-based content creation and real-time multimodal photorealistic conversational interaction with Genie in over 30 languages, including screen and camera comprehension.

在此擴展平台中，Kaltura 提供影片與豐富媒體的基礎：在企業規模下的創作、管理、治理與交付，包括以 AI 為基礎的豐富媒體再利用，以及透過 Kaltura Genie 進行個人化對話式交付。eSelf 則新增以虛擬人像為基礎的內容創作，以及與 Genie 進行即時多模態、擬真（photorealistic）的對話互動，支援超過 30 種語言，並包含螢幕與鏡頭理解能力。

And PathFactory will boost Genie's grains by adding to it agentic journey intelligence, understanding user context and intent and orchestrating personalized engagement paths. Our combined platform, therefore, evolves beyond serving as the backbone of video experiences to becoming a comprehensive enabler of rich multimodal agentic conversational digital experiences that are hyper-personalized, contextual, outcome-oriented and deeply integrated into enterprise workflows.

而 PathFactory 將透過加入代理式旅程智慧來強化 Genie 的能力：理解使用者情境與意圖，並編排個人化的互動路徑。因此，我們的整合平台將不再僅作為影片體驗的骨幹，而是演進為全面的賦能者，提供豐富的多模態、代理式、對話式數位體驗；這些體驗具備高度個人化、情境化、以成果為導向，並深度整合至企業工作流程之中。

Following the eSelf and contemplated PathFactory acquisitions, two very meaningful steps in our long-planned evolution to become a full AI-infused agentic digital experience platform, we intend to formally update our mission statement from powering any video experiences for any organization to powering rich agentic digital experiences across organizational journeys for customers, employees, learners and audiences.

在完成 eSelf 收購以及規劃中的 PathFactory 收購之後——這是我們長期規劃、邁向完整 AI 注入之代理式數位體驗平台演進的兩個非常重要步驟——我們打算正式更新使命宣言：從「為任何組織提供任何影片體驗的動力」，更新為「在組織旅程中，為客戶、員工、學習者與受眾提供豐富的代理式數位體驗動力」。

PathFactory is a revenue-generating business with a current annual revenue run rate in the teens of millions and a professional team across North America and India. In addition to them meaningfully strengthening our strategic evolution into an agentic digital experience platform, we believe there is an immediate opportunity of cross-selling our respective offerings to our customer bases and great value in expanding our enterprise customer footprint and employee talent base in the marketing technology and customer experience domains.

PathFactory 是一項具營收的業務，目前年度營收年化（run rate）約為一千多萬美元，並在北美與印度擁有專業團隊。除了能大幅強化我們向代理式數位體驗平台的策略演進之外，我們也相信可立即把握向彼此客戶群交叉銷售各自產品的機會，並在行銷科技與客戶體驗領域擴大企業客戶版圖與人才基礎，創造可觀價值。

Under the terms of the acquisition agreement and subject to customary closing conditions, we expect to acquire PathFactory for approximately $22 million in cash. We believe we have sufficient cash available to execute on our goals, and we believe we will continue generating cash in 2026 and beyond. For further details, please refer to today's acquisition press release.

依據收購協議條款並在符合慣常交割條件之前提下，我們預期將以約 2,200 萬美元現金收購 PathFactory。我們相信手上有足夠現金可執行我們的目標，並相信我們將在 2026 年及其後持續產生現金。更多細節請參閱今日發布的收購新聞稿。

Moving to the product front. We announced last week the general availability of our agentic Avatars. Since acquiring eSelf, we have migrated their code base to Kaltura's enterprise-grade infrastructure and further strengthen its robustness, scalability and security. We have continued enhancing the core AI models and integrating the conversational avatars with Kaltura's Genie product, enabling both to operate across our experience products and embeddable video players. This allows interactive contextual conversations to occur anywhere using text, video snippets, flash cards and avatars.

接著談產品面。我們上週宣布我們的代理式（agentic）Avatar 已正式全面上市（general availability）。自收購 eSelf 以來，我們已將其程式碼基礎遷移至 Kaltura 的企業級基礎架構，並進一步強化其穩健性、可擴展性與安全性。我們持續強化核心 AI 模型，並將對話式 Avatar 與 Kaltura 的 Genie 產品整合，使兩者可在我們的體驗型產品與可嵌入式影片播放器中運作。這讓互動式、具情境脈絡的對話可透過文字、影片片段、快閃卡與 Avatar 在任何地方發生。

Throughout 2026, we plan to continue enhancing Avatar quality, enriching the generative content that can be presented during conversations, expanding integrations with third-party systems and strengthening our agentic brain through deeper understanding of user context and intent powered by PathFactory technology.

在 2026 年全年，我們計畫持續提升 Avatar 品質、豐富可在對話中呈現的生成式內容、擴大與第三方系統的整合，並透過 PathFactory 技術所驅動、對使用者情境與意圖更深入的理解，強化我們的代理式大腦（agentic brain）。

We also announced last week the general availability of our Avatar SDK, which enables ISVs, system integrators and in-house development groups to leverage our text-to-video and audio-to-video models and connect them to their own RAG pipelines, AgenticLogic, databases and enterprise systems. Over the course of the year, we plan to expand the SDK with additional APIs and developer tools.

我們也在上週宣布 Avatar SDK 正式全面上市（general availability）。該 SDK 讓獨立軟體供應商（ISV）、系統整合商與企業內部開發團隊能運用我們的文字轉影片（text-to-video）與音訊轉影片（audio-to-video）模型，並將其連接到自有的 RAG 流程、AgenticLogic、資料庫與企業系統。在今年期間，我們計畫以更多 API 與開發者工具擴充該 SDK。

Today, we are pleased to announce the launch of a beta program for our Avatar video creation Studio. This solution enables customers to easily create avatar-based and Avatar narrated videos on demand at scale. These prerecorded avatars can also come to life in real time upon request, transforming into an interactive conversational avatar to respond to users' questions about the recorded video-related topics.

今天，我們很高興宣布推出 Avatar 影片製作 Studio 的 Beta 計畫。此解決方案讓客戶能輕鬆且大規模按需建立以 Avatar 為基礎、或由 Avatar 旁白的影片。這些預錄 Avatar 也可在需要時即時「活化」，轉變為互動式對話 Avatar，以回應使用者對錄製影片相關主題的提問。

Customers can apply for the beta program through our website, and we plan to make this offering generally available in the upcoming second quarter. For all three of these new products, we're also developing self-serve versions targeting smaller organizations, departments within larger enterprises, content creators and individual developers. We believe these versions will also support an expansion of our channel sales.

客戶可透過我們的網站申請加入 Beta 計畫，我們計畫在即將到來的第二季讓此產品正式全面上市（general availability）。針對這三項新產品，我們也正在開發自助式（self-serve）版本，鎖定較小型組織、大型企業內部部門、內容創作者與個別開發者。我們相信這些版本也將支持我們通路銷售的擴張。

In parallel with the initial commercialization of these offerings, our sales team has been trained on the new go-to-market motions and are already in discussions with various prospective launch partners spanning across a wide array of industries and use cases, including agentic marketing, sales, customer care, field services, training, teaching, internal communications and recruiting.

在這些產品初期商業化推進的同時，我們的銷售團隊已完成新上市策略（go-to-market）動作的訓練，並已與多家潛在的首發合作夥伴展開討論，涵蓋多元產業與使用情境，包括代理式行銷、銷售、客戶服務、外勤服務、訓練、教學、內部溝通與招募。

Since the commercial activity associated with these new offerings did not impact the fourth quarter of 2025, which we are reporting today, we will share more concrete information about these activities in our next earnings call.

由於與這些新產品相關的商業活動並未影響我們今天所報告的 2025 年第四季，我們將在下一次財報電話會議中分享更具體的相關資訊。

As a reminder, we expect to begin recognizing revenue from these products in the second half of the year. In 2026, we believe AI is reshaping the market in ways that structurally favor our platform. AI strengthens each layer of what we do. First, we are deeply embedded in mission-critical enterprise workflows and business processes across marketing, training, compliance, education, communications and media delivery. These are governed, integrated and operationally critical environments with high switching costs. AI enhances these workflows by making them more intelligent and automated. It does not replace them.

提醒一下，我們預期將在今年下半年開始認列這些產品的營收。展望 2026 年，我們認為 AI 正以結構性方式重塑市場，並有利於我們的平台。AI 強化我們所做的每一層。首先，我們深度嵌入企業在行銷、訓練、法遵、教育、溝通與媒體傳遞等領域的關鍵任務工作流程與業務流程。這些環境具備治理、整合且對營運至關重要，轉換成本高。AI 透過讓這些工作流程更智慧、更自動化來加以強化，而非取代它們。

Second, we manage large volumes of rich media assets, metadata and behavioral engagement data for our customers that carry a high migration cost. With the addition of PathFactory, we expect to further expand our ability to generate insights and understand user context and intent. In the age of AI, longitudinal data and intent intelligence become increasingly valuable assets that enable more precise personalization and orchestration and that are harder to switch away from and replicate.

第二，我們為客戶管理大量豐富的媒體資產、後設資料（metadata）與行為互動資料，而這些資料的遷移成本很高。隨著 PathFactory 的加入，我們預期將進一步擴大產出洞察、理解使用者情境與意圖的能力。在 AI 時代，縱向（longitudinal）資料與意圖智慧（intent intelligence）成為愈來愈有價值的資產，能支援更精準的個人化與旅程編排（orchestration），且更難被替換、複製或重建。

Third, AI expands how we create and monetize value. Personalized content generation, dynamic journey orchestration and conversational engagement lend themselves naturally to usage-based and outcome-oriented pricing models, not just seat-based pricing and platforms that help drive meaningful engagement can benefit from organic growth and high net dollar retention.

第三，AI 擴展我們創造與變現價值的方式。個人化內容生成、動態旅程編排與對話式互動，天然適合採用以用量為基礎（usage-based）與以成果為導向（outcome-oriented）的定價模式，而不僅是以席位（seat-based）計價；同時，能推動有意義互動的平台也可受益於自然成長與較高的淨美元留存率（net dollar retention）。

Fourth, AI is synergistic across all layers of our platform, content creation, content management and intelligence and agentic experiences. Insights generated in one layer can power new content, new experiences and new conversations in another. This creates a flywheel effect. Existing data fuels richer experiences and real-time content generation. Those experiences generate new behavioral insights, and those insights further enhance personalization and automation.

第四，AI 在我們平台的各層之間具備協同效應，涵蓋內容創作、內容管理與智慧，以及代理式體驗（agentic experiences）。在某一層產生的洞察可在另一層驅動新內容、新體驗與新對話，形成飛輪效應。既有資料促成更豐富的體驗與即時內容生成；而這些體驗又會產生新的行為洞察，進一步強化個人化與自動化。

And finally, because we provide a unified digital experience platform that consolidates multiple use cases and buyers rather than a single point solution, AI amplifies our platform advantage rather than fragmenting it. In short, we believe AI is a structural tailwind for our strategy and an amplifier of our competitive moat as a provider of rich, personalized agentic digital experiences at scale.

最後，因為我們提供的是統一的數位體驗平台，能整合多種使用情境與採購方，而非單點解決方案，因此 AI 會放大我們的平台優勢，而不是使其碎片化。總之，我們相信 AI 是我們策略的結構性順風，並能強化我們作為可大規模提供豐富、個人化代理式數位體驗供應商的競爭護城河。

With that foundation in place, let me outline our anticipated growth drivers for the year ahead, fueling what, how and to whom we sell. First, platform expansion. The integration of rich media, conversational AI and journey orchestration into a unified agentic digital experience platform positioned to expand our addressable market and strengthens our competitive positioning. We believe we're differentiated by the breadth and depth of our content creation, management and agentic experience offerings, by our API driven flexibility, by our ability to consolidate multiple use cases on one platform and by our proven track record of powering complex enterprise scale deployments.

在此基礎上，我來概述我們對未來一年預期的成長驅動因素，將推動我們賣什麼、怎麼賣、以及賣給誰。第一，平台擴張。將豐富媒體、對話式 AI 與旅程編排整合為統一的代理式數位體驗平台，有助於擴大我們的可服務市場（addressable market）並強化競爭定位。我們相信我們的差異化在於內容創作、管理與代理式體驗產品的廣度與深度、API 驅動的彈性、在單一平台整合多種使用情境的能力，以及在支援複雜企業級部署方面的成熟實績。

Second, broader applicability. Our expanded platform addresses a significantly wider range of use cases across customers, employees, learners and audiences. Many of these use cases are more mission-critical and can generate tangible ROI through cost and labor efficiencies and revenue uplifts.

第二，更廣泛的適用性。我們擴展後的平台可涵蓋顯著更廣的使用情境，面向客戶、員工、學習者與受眾。其中許多使用情境更具關鍵任務屬性，並可透過成本與人力效率提升以及營收增長，帶來可量化的投資報酬（ROI）。

Examples include performing and supporting tasks and roles of marketeers, sellers, customer support representatives, field agents, recruiters, educators, health professionals and financial advisers. In certain cases, this also expands our reach into industries where we have historically been less active.

例如，執行並支援行銷人員、銷售人員、客服代表、外勤人員、招募人員、教育工作者、醫療專業人士與理財顧問的任務與角色。在某些情況下，這也擴大我們在過去相對較少著力的產業中的觸及範圍。

Third, installed base upsell. Our base of over 800 large enterprise customers represents a substantial cross-sell and upsell opportunity. Our new capabilities leverage the deep workflow integrations, enterprise trust and significant content repositories we already manage for these organizations, creating meaningful expansion potential.

第三，既有客戶加值銷售（installed base upsell）。我們超過 800 家大型企業客戶的基礎，代表可觀的交叉銷售與加值銷售機會。我們的新能力可運用我們已為這些組織管理的深度工作流程整合、企業信任與大量內容資產庫，創造具意義的擴張潛力。

Fourth, new customer acquisition. agentic conversational experiences represent a fast emerging category, generating strong market interest. Unlike the more mature video segment, where vendor consolidation limited new vendor adoption, this evolving category creates opportunities to engage new prospects. To support these opportunities, we are increasing our outbound go-to-market efforts.

第四，新客戶獲取。代理式對話體驗正快速成為新興類別，帶來強勁的市場關注。不同於較成熟的影片市場（供應商整併限制了新供應商的採用），這個演進中的類別創造了接觸新潛在客戶的機會。為把握這些機會，我們正加大對外拓展的上市推進（outbound go-to-market）投入。

Fifth, channel and down market expansion. Our new content creation and agentic offerings are well suited for self-serve PLG models targeting SMEs, SMBs, enterprise departments and developers as well as expanded channel partnerships, including co-sellers, resellers, OEMs and marketplace partners. We plan to grow these motions throughout the year.

第五，通路與下沉市場擴張。我們新的內容創作與代理式產品非常適合採用自助式 PLG（產品驅動成長）模式，鎖定中小企業（SMEs、SMBs）、企業內部部門與開發者，同時也適合擴大通路合作夥伴關係，包括共同銷售（co-sellers）、經銷商（resellers）、OEM 與市集合作夥伴。我們計畫在今年持續擴大這些推進動作。

Sixth, PathFactory cross-sell. We believe there are meaningful opportunities to introduce broader Kaltura capabilities into PathFactory's customer base of over 100 enterprises, while also enhancing the value delivered to our existing customers through journey orchestration and intent intelligence.

第六，PathFactory 交叉銷售。我們相信有顯著機會將更廣泛的 Kaltura 能力導入 PathFactory 超過 100 家企業客戶的客群，同時也能透過旅程編排與意圖智慧，提升我們既有客戶所獲得的價值。

Seventh, competitive landscape. We believe recent consolidation activity in the video market may create additional displacement opportunities, positioning Kaltura as a stable innovation driven alternative in both the traditional video and emerging agentic engagement categories.

第七，競爭格局。我們認為近期影片市場的整併活動可能帶來額外的替換（displacement）機會，使 Kaltura 在傳統影片與新興代理式互動兩大類別中，成為穩健且以創新驅動的替代選擇。

Lastly, eighth, while M&T revenue in 2026 is expected to still decline year-over-year because of last year's heightened churn, we believe that M&T net bookings will improve this year compared to last, fueled by both lower gross churn and higher new bookings. We believe this will generate sequential quarterly M&T revenue growth in 2027.

最後，第八，雖然由於去年較高的流失（churn），我們預期 2026 年的 M&T 營收仍將年減，但我們相信今年的 M&T 淨訂單（net bookings）將較去年改善，動能來自較低的總流失（gross churn）與較高的新訂單。我們相信這將在 2027 年帶來 M&T 營收逐季的連續成長。

In summary, 2025 was a year of operational strengthening and strategic transformation. We materially improved our adjusted EBITDA results while working on two strategic acquisitions that we believe significantly expand our long-term opportunity. We're entering 2026 with an evolved mission and are excited by the expanded product suite and broader market opportunity across use cases, industries and customer segments that our two complementary strategic acquisitions will bring to the table.

總結而言，2025 年是營運強化與策略轉型的一年。我們在推進兩項策略性收購的同時，亦顯著改善調整後 EBITDA 表現；我們相信這兩項收購將大幅擴展我們的長期機會。我們以更進化的使命進入 2026 年，並對擴展後的產品組合，以及兩項互補的策略性收購將帶來、跨使用情境、產業與客戶區隔的更廣泛市場機會感到振奮。

We plan to deepen engagement with existing customers, expand into new accounts, extend our reach down market and leverage channel partnerships, all while strengthening our competitive positioning in our traditional video markets, including regrowing our M&T business.

我們計畫深化與既有客戶的互動、拓展新客戶帳戶、將觸及範圍延伸至下沉市場並運用通路合作夥伴關係，同時強化我們在傳統影片市場的競爭定位，包括讓我們的 M&T 業務重回成長。

We see 2026 as a transition year, and we expect revenue contribution from our new portfolio to begin in the second half of the year with a stronger impact in 2027. We are tapering our adjusted EBITDA profitability and cash flow from operation growth for this year in support of acquisition costs and integration efforts and related growth investments, though both metrics are forecasted to remain in the teens and in light of higher FX headwinds that are affecting our operating costs. We continue to be committed to carefully balancing growth and profitability to maximize long-term shareholder value.

我們將 2026 年視為過渡年，並預期新產品組合的營收貢獻將於下半年開始，並在 2027 年帶來更明顯的影響。今年我們將調整後 EBITDA 獲利能力與營運現金流成長的目標下修（tapering），以支援收購成本、整合工作與相關成長投資；儘管如此，在更高外匯（FX）逆風推升營運成本的情況下，兩項指標仍預計維持在十幾個百分點的水準。我們仍致力於審慎平衡成長與獲利，以最大化長期股東價值。

To that end, we are reiterating our goal of achieving double-digit revenue growth in a Rule of 30 profile by 2028 or sooner.

為此，我們重申目標：在 2028 年或更早，於「Rule of 30」的財務輪廓下實現營收雙位數成長。

Lastly, we continue to progress in our CFO search and succession process, and we'll provide updates as appropriate. In the meantime, our finance organization continues to operate under the strong leadership of our Executive Vice President of Finance and Interim Principal Accounting Officer, Mrs. Claire Rochstein; and our Executive Vice President of FP&A and Interim Principal Financial Officer, Liron Sharon. I would like to thank both for their leadership.

最後，我們在 CFO 招募與接班流程方面持續取得進展，並將在適當時機提供更新。在此期間，我們的財務組織在財務執行副總裁兼臨時首席會計官 Claire Rochstein 女士，以及 FP&A 執行副總裁兼臨時首席財務官 Liron Sharon 的強力領導下持續運作。我想感謝兩位的領導。

With that, I will turn it over to Liron to review our financial results in greater detail and discuss our 2026 guidance. Liron?

接下來，我將把時間交給 Liron，請他更詳細地回顧我們的財務結果並討論我們對 2026 年的指引。Liron？

Thanks, Ron, and hello to everyone on the call today. In the fourth quarter, we exceeded once again the midpoint of our guidance across subscription revenue, total revenue, and adjusted EBITDA and delivered through disciplined execution, a record level of both adjusted EBITDA and non-GAAP net profit. We also posted, as forecasted, a sequential quarterly growth in our new subscription bookings and the highest gross retention level of 2025.

謝謝你，Ron，也向今天參與電話會議的各位問好。第四季，我們在訂閱營收、總營收與調整後 EBITDA 方面再次超越指引中位數，並透過嚴謹的執行，創下調整後 EBITDA 與非 GAAP 淨利的歷史新高。我們也如先前預測，實現新訂閱預訂（bookings）的季度環比成長，並達成 2025 年最高的總續約率（gross retention）。

Total revenue for the quarter ended December 31, 2025, was $45.5 million, up 4% sequentially, almost flat year-over-year and above the midpoint of our guidance range of $45 million to $45.7 million. Subscription revenue was $42.7 million, up 2% sequentially, down 2% year-over-year and above the high end of our guidance range of $41.6 million to $42.3 million. Professional services revenue was $2.9 million for the quarter, up 31% year-over-year and consistent with our previously forecasted increase.

截至 2025 年 12 月 31 日止季度的總營收為 4,550 萬美元，季增 4%，年增幾乎持平，且高於我們 4,500 萬至 4,570 萬美元指引區間的中位數。訂閱營收為 4,270 萬美元，季增 2%，年減 2%，且高於我們 4,160 萬至 4,230 萬美元指引區間的上緣。專業服務營收本季為 290 萬美元，年增 31%，符合我們先前預測的增幅。

On a segment basis, EE&T total revenue increased 4% year-over-year in the fourth quarter, while M&T total revenue declined 12% year-over-year due to the elevated churn experienced earlier in the year as discussed on prior calls.

以事業部別來看，第四季 EE&T 總營收年增 4%，而 M&T 總營收年減 12%，原因是如先前電話會議所討論，今年稍早經歷較高的流失（churn）。

GAAP gross profit for the fourth quarter was $33 million, up 7% sequentially and 2% year-over-year. Gross margin was 72% compared to 71% in Q4 2024. Subscription gross margin was 78%, up from 77% in Q4 2024. Total operating expenses for the quarter were $32.1 million compared to $36.1 million in the fourth quarter of 2024, representing an 11% year-over-year reduction.

第四季 GAAP 毛利為 3,300 萬美元，季增 7%，年增 2%。毛利率為 72%，相較 2024 年第四季的 71%。訂閱毛利率為 78%，高於 2024 年第四季的 77%。本季總營業費用為 3,210 萬美元，相較 2024 年第四季的 3,610 萬美元，年減 11%。

Adjusted EBITDA for the quarter was a record $6.3 million, above the high end of our guidance range of $4.2 million to $5.2 million. This represents a year-over-year increase of $3.6 million compared to $2.7 million in the fourth quarter of 2024, effectively more than doubling our adjusted EBITDA results year-over-year.

本季調整後 EBITDA 創下 630 萬美元新高，高於我們 420 萬至 520 萬美元指引區間的上緣。相較 2024 年第四季的 270 萬美元，年增 360 萬美元，等同於調整後 EBITDA 年增超過一倍。

GAAP net loss for the quarter was $0.6 million or $0.00 per diluted share, representing a $6 million year-over-year improvement. Non-GAAP net profit for the quarter was a record $5.2 million or $0.03 per diluted share, representing an improvement of $4.9 million year-over-year.

本季 GAAP 淨損為 60 萬美元，或稀釋後每股 0.00 美元，較去年同期改善 600 萬美元。本季非 GAAP 淨利創下 520 萬美元新高，或稀釋後每股 0.03 美元，較去年同期改善 490 萬美元。

Remaining performance obligations, or RPO, were $166.3 million, representing a 4% sequential increase and a 6% year-over-year decrease. We expect to recognize 64% of this amount as revenue over the next 12 months. Historical comparison RPO figures have been adjusted as discussed in our previous earnings call. Annualized recurring revenue in the fourth quarter was $168.2 million, down 3% year-over-year. Net dollar retention was 97%, unchanged sequentially and compared to 103% in the same quarter last year.

剩餘履約義務（Remaining performance obligations，RPO）為 1.663 億美元，季增 4%，年減 6%。我們預期其中 64% 將在未來 12 個月內認列為營收。歷史比較用的 RPO 數據已依我們先前財報電話會議所述進行調整。第四季年化經常性收入（ARR）為 1.682 億美元，年減 3%。淨美元留存率（net dollar retention）為 97%，與前一季持平，且低於去年同期的 103%。

For the full year ended December 31, 2025. Total revenue was $180.9 million, up 1% year-over-year. Subscription revenue was $171.9 million, up 3% year-over-year. Professional services revenue was $8.9 million, down 19% year-over-year, consistent with the expected trends we discussed on the previous earnings calls.

截至 2025 年 12 月 31 日止全年，總營收為 1.809 億美元，年增 1%。訂閱營收為 1.719 億美元，年增 3%。專業服務營收為 890 萬美元，年減 19%，符合我們在先前財報電話會議中討論的預期趨勢。

On a segment basis, EE&T total revenue increased 4% year-over-year, while M&T total revenue declined 7% due to elevated churn as previously discussed. Net dollar retention for 2025 was 100%, consistent with 2024 levels.

以事業部別來看，EE&T 總營收年增 4%，而 M&T 總營收年減 7%，原因是如前所述的較高流失。2025 年淨美元留存率為 100%，與 2024 年水準一致。

While flat overall, this reflects improved net retention in EE&T, offset by lower net retention in M&T. GAAP gross profit for 2025 was $127.7 million, up 7% year-over-year, representing a gross margin of 71%, up from 67% in 2024. Subscription gross margin improved to 77%, up from 75% in 2024.

雖然整體持平，但這反映 EE&T 的淨留存改善，並被 M&T 較低的淨留存所抵銷。2025 年 GAAP 毛利為 1.277 億美元，年增 7%，毛利率為 71%，高於 2024 年的 67%。訂閱毛利率提升至 77%，高於 2024 年的 75%。

Adjusted EBITDA for 2025 was record $18.6 million, representing more than 150% year-over-year growth compared to $7.3 million in 2024. This performance, together with our improved expenses discipline and margin profile reflects our continued focus on operating efficiency. GAAP net loss for 2025 was $12.1 million or $0.08 per diluted share, an improvement of $19.2 million compared to a net loss of $31.3 million or $0.21 per diluted share in 2024.

2025 年調整後 EBITDA 創下 1,860 萬美元新高，相較 2024 年的 730 萬美元，年增超過 150%。此表現連同我們在費用紀律與利潤率輪廓上的改善，反映我們持續聚焦營運效率。2025 年 GAAP 淨損為 1,210 萬美元，或稀釋後每股 0.08 美元；相較 2024 年 GAAP 淨損 3,130 萬美元或稀釋後每股 0.21 美元，改善 1,920 萬美元。

For the full year 2025, non-GAAP net profit was a record $11.5 million or $0.07 per diluted share, reflecting a $16.2 million improvement from a non-GAAP net loss of $4.7 million or $0.03 per diluted share in 2024.

2025 年全年非 GAAP 淨利創下 1,150 萬美元新高，或稀釋後每股 0.07 美元；相較 2024 年非 GAAP 淨損 470 萬美元或稀釋後每股 0.03 美元，改善 1,620 萬美元。

Moving to the balance sheet and cash flow. We ended the fourth quarter with $62.8 million in cash and marketable securities. Net cash provided by operating activities was $3.6 million in the quarter compared to $4.3 million in Q4 2024. For the full year 2025, net cash provided by operating activities was $14.5 million compared to $12.2 million in 2024.

接著談資產負債表與現金流。我們在第四季末持有現金與有價證券 6,280 萬美元。本季營運活動提供的淨現金為 360 萬美元，相較 2024 年第四季的 430 萬美元。2025 年全年營運活動提供的淨現金為 1,450 萬美元，相較 2024 年的 1,220 萬美元。

I will now turn to our outlook for the first quarter of 2026 and for the full fiscal year ending December 31, 2026. For the first quarter of 2026, we expect subscription revenue between $41.2 million and $42 million. Total revenue between $42.6 million and $43.4 million, adjusted EBITDA between $2.3 million and $3.3 million.

接下來我將說明我們對 2026 年第一季以及截至 2026 年 12 月 31 日止會計年度全年的展望。2026 年第一季，我們預期訂閱營收介於 4,120 萬至 4,200 萬美元；總營收介於 4,260 萬至 4,340 萬美元；調整後 EBITDA 介於 230 萬至 330 萬美元。

We expect a similar seasonal level of negative cash flow from operations as in the first quarter of last year. Our Q1 guidance incorporates a short-term EE&T revenue headwind due to a large customer that shifted priority and budget from conducting large virtual events to many smaller ones, which are planned to be conducted with us later in the year.

我們預期營運現金流將出現與去年第一季相近的季節性負值。我們的第一季指引納入一項短期 EE&T 營收逆風：某大型客戶將優先事項與預算從舉辦大型虛擬活動轉向多場較小型活動，而這些活動計畫於今年稍晚與我們合作舉辦。

The guidance also incorporates a first quarter year-over-year M&T revenue decline in the mid- to high teens due to the aggregate effect of last year's higher churn. We expect an improvement in the following quarters.

該指引亦納入 M&T 第一季年對年營收在中段至高段十幾個百分點的下滑，原因是去年較高流失的綜合影響。我們預期在後續季度將有所改善。

For the full year 2026 revenue, we expect subscription revenue between $172.5 million and $175.5 million. Total revenue between $181.2 million and $184.2 million. We are expecting subscription and total revenue to pick up gradually throughout the year.

就 2026 年全年營收而言，我們預期訂閱營收介於 1.725 億至 1.755 億美元；總營收介於 1.812 億至 1.842 億美元。我們預期訂閱與總營收將在全年逐步回升。

We expect EE&T to post a higher year-over-year growth rate compared to 2025, fueled by contribution from the PathFactory customer base and from our new product portfolio, which we expect would affect the second half of 2026.

我們預期 EE&T 的年對年成長率將高於 2025 年，動能來自 PathFactory 客戶基礎的貢獻，以及我們的新產品組合；我們預期其影響將反映在 2026 年下半年。

That said, given the early stage of our new product commercialization, we have thoughtfully assumed that the more meaningful growth acceleration from them will occur in 2027. We expect to still post an M&T year-over-year revenue decline this year due to the elevated churn in 2025, but forecast to achieve both higher M&T new bookings and retention this year, which, as Ron mentioned, is expected to regenerate sequential quarterly M&T revenue growth in 2027.

儘管如此，鑑於我們新產品商業化仍處於早期階段，我們審慎假設更具意義的成長加速將發生在 2027 年。我們預期今年 M&T 仍將出現年對年營收下滑，原因是 2025 年較高的流失；但我們預測今年 M&T 的新預訂與留存都將提升，而如 Ron 所提，這預期將在 2027 年帶動 M&T 營收恢復季度環比成長。

As for our bottom line figures this year, our 2026 adjusted EBITDA guidance and cash flow from operation forecast thoughtfully incorporate the expected impact of the PathFactory acquisition and related integration and investments and our continued commitment to carefully balance growth and profitability to maximize long-term shareholder value. It also incorporates increased FX headwinds affecting operating costs.

至於今年的獲利端數據，我們對 2026 年調整後 EBITDA 的指引與營運現金流預測，已審慎納入 PathFactory 收購案及相關整合與投資的預期影響，以及我們持續致力於在成長與獲利之間謹慎取得平衡，以最大化長期股東價值。同時也納入影響營運成本的外匯（FX）逆風增加。

Accordingly, we are providing the same annual adjusted EBITDA guidance range that we originally provided for 2025, which is between $12.7 million to $14.7 million. We also forecast that we will generate low double-digit cash flow from operations this year with most of it generated in the second half of the year, consistent with historical trends.

因此，我們提供與先前針對 2025 年所給出的相同年度調整後 EBITDA 指引區間，介於 1,270 萬美元至 1,470 萬美元之間。我們也預期今年將產生低雙位數的營運現金流，其中大部分將在下半年產生，與歷史趨勢一致。

As Ron mentioned, we remain committed to achieving a Rule of 30 combination between double-digit revenue growth and adjusted EBITDA margin by 2028 or sooner.

如 Ron 所提到的，我們仍致力於在 2028 年或更早達成「Rule of 30」的組合，也就是雙位數營收成長與調整後 EBITDA 利潤率的結合。

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

接下來，我們將開放提問。接線員？

(Operator Instructions) Matt Cavanaugh, Needham & Company.

（接線員指示）Matt Cavanaugh，Needham & Company。

Congratulations on today's results and announcements. Coming out with the PathFactory acquisition, could you expand a little bit about the sales synergy and cross-selling abilities you might expect to see now with both eSelf and PathFactory under the platform along with the core Kaltura products?

恭喜今天的業績與公告。關於收購 PathFactory，能否請你多談一些你們預期的銷售綜效與交叉銷售能力？現在 eSelf 與 PathFactory 都納入平台，再加上 Kaltura 的核心產品，可能會帶來哪些效益？

Yes, 100% love to do that, and thank you, everybody, for joining. So let's talk about PathFactory and the reasons for the acquisition. So we've been communicating to the market all along the need to evolve from video into a full CX, EX, DX digital experience platform where the market is bigger, the growth is faster, the multiples are higher.

是的，百分之百很樂意說明，也謝謝各位參與。我們來談談 PathFactory 以及收購的原因。我們一路以來都在向市場傳達：我們需要從「影片」進化為完整的 CX、EX、DX 數位體驗平台，因為那個市場更大、成長更快、估值倍數更高。

And we believe that the advent of AI is enabling that. The ability to create real-time videos and to turn that into conversational avatars, conversational videos enables to close the flywheel effect, create content on the fly, manage it on the fly, engage people on the fly and move from static experiences into dynamic engaging experiences.

我們相信 AI 的出現正在促成這件事。即時生成影片並將其轉化為對話式化身、對話式影片的能力，能夠閉合飛輪效應：即時生成內容、即時管理內容、即時與人互動，並從靜態體驗轉向動態且更具互動性的體驗。

So that was the impetus of the general move, and we've brought in eSelf to double down on the ability to create these agents, immersive agents. As we've said, they've added kind of the eyes and ears and mouth to our gen and then, of course, the face.

這就是整體轉型的動因，而我們引入 eSelf，是為了加碼強化打造這些代理（沉浸式代理）的能力。如我們所說，他們等於為我們的生成式能力加上了眼睛、耳朵與嘴巴，當然還有臉。

So why did we move on and do this additional move into PathFactory? PathFactory from a product perspective, adds a few things. They add content intelligence, understanding the content itself. Then they're enabling us to add multiple assets and not just video assets, so we could go beyond video, talk about documents and files and connect it to third-party CRMs, marketing automation platforms, DAMs, et cetera.

那為什麼我們還要再往前一步收購 PathFactory？從產品角度來看，PathFactory 增加了幾項能力：他們帶來內容智慧（content intelligence），也就是理解內容本身；同時讓我們能加入多種資產而不僅是影片資產，因此我們可以超越影片，涵蓋文件與檔案，並連結到第三方 CRM、行銷自動化平台、DAM 等。

Very importantly, they have user analysis, user intent, user understanding. We -- our system has been basically a content management system for video. And now we have a user understanding. And that's key because we need to serve the right content to the right people in the right time in the right context.

更重要的是，他們具備使用者分析、使用者意圖與使用者理解。我們的系統基本上一直是影片的內容管理系統；而現在我們有了對使用者的理解。這很關鍵，因為我們需要在正確的時間、正確的情境下，把正確的內容提供給正確的人。

And so what they're able to do is to provide orchestration for user journeys. Right now, they've been identified as one of the top providers in this space. I'll say about it a few things. They've been working mainly on top of the funnel B2B marketing. But we are going to take it to the bottom of the funnel to address SDRs like qualified is and other CX customer experiences like customer and partner onboarding, training, customer care and later take the same technology to deliver paths for learning and internal use.

因此，他們能做的是為使用者旅程提供編排（orchestration）。目前他們被認為是此領域的頂尖供應商之一。我補充幾點：他們主要聚焦在漏斗上端的 B2B 行銷，但我們會把它延伸到漏斗下端，以服務 SDR（如 Qualified 等）以及其他 CX 客戶體驗場景，例如客戶與合作夥伴導入、訓練、客戶關懷，之後再把同樣的技術用於學習路徑與內部使用。

And so right now, they're also able not just to provide the orchestration, but pipeline and revenue attribution, and they're also connected to their own applications that they've developed for chat-based interface and stuff of that nature.

此外，他們不僅能提供編排，還能做管線與營收歸因（attribution），並且也連結到他們自行開發的應用程式，例如以聊天為基礎的介面等。

So what that enables us before I talk about how and what we're going to sell is to appreciate that we're entering deeper into a market of conversation automation solutions. in the B2B front, but later across the board.

在我談我們將如何、以及要賣什麼之前，這讓我們能先理解：我們正在更深入進入「對話自動化解決方案」的市場——先從 B2B 端開始，之後再擴展到更廣泛的領域。

Forrester in their Q4 2025 report, had identified them as leaders alongside Qualified that was just acquired for $1.5 billion and by Salesforce, of course, in 6sense, whose last valuation from a long time ago had been at $5 billion. So they're in good neighborhoods.

Forrester 在其 2025 年第四季報告中，將他們與 Qualified（剛以 15 億美元被 Salesforce 收購）以及 6sense（很久以前的最新估值約為 50 億美元）一同列為領導者。所以他們所處的「鄰里」很不錯。

And this strengthens our position in that market. That is a big market. I would assume twice the size or doubling the size of our current market and also based on our analysis, growing very fast unlike the traditional video market.

這也強化了我們在該市場的地位。那是一個很大的市場。我估計其規模約為我們目前市場的兩倍，或至少是倍增；而且依我們的分析，它成長非常快，不像傳統影片市場。

So it's an interesting market. And that adds up to another element before I kind of answer the specific question about sales, we've just gone deeper into the ability to add brains to our agents, not just good looks so that they can deliver the right content at the right time while you're teaching, learning, marketing, selling, et cetera.

所以這是一個很有意思的市場。再加上一個面向——在我回答你關於銷售的具體問題之前——我們已更深入強化為代理加入「大腦」的能力，而不只是外表，讓它們能在教學、學習、行銷、銷售等情境下，在正確時間提供正確內容。

And we've done that at the same time that we've just launched our VOD avatar that makes us deeper to content creation aligned with companies like Synthesia that are also reportedly valued at $4 billion. So I think that movement from just content management and video experiences towards content creation and towards real-time conversational technology with brains and agentic logic behind it turns us into the full digital experience platform that we've been waiting to turn.

同時，我們也剛推出 VOD avatar，讓我們在內容創作上更進一步，並與像 Synthesia 這類據報估值也達 40 億美元的公司對齊。因此，我認為從單純的內容管理與影片體驗，走向內容創作，再走向具備「大腦」與代理式（agentic）邏輯支撐的即時對話技術，讓我們成為我們一直期待轉型成的完整數位體驗平台。

To the question of cross-sell and upsell, maybe that now becomes clear through my statement here. So first, they themselves have about 400 customers, of which 100 large enterprises like Cisco, NVIDIA, MetLife, LG, about 10 of them only are overlapping from the big guys. Means that there's a lot of folks that are not.

至於交叉銷售與加購（upsell）的問題，透過我剛才的說明，現在應該更清楚了。首先，他們本身約有 400 家客戶，其中 100 家是像 Cisco、NVIDIA、MetLife、LG 這樣的大型企業；而在這些大型客戶中，重疊的只有大約 10 家。這表示還有很多客戶並未重疊。

We've had great calls with a bunch of them, and they've expressed a lot of excitement about this combination. They understand the synergy. There's to their statements, even active RFPs running for avatars. They've been talking to us about the opportunity to displace other video vendors because you'd want to have a full end-to-end connection in the agentic world between the medium that is engaging and the logic that is used towards that medium and the actual conversation technology.

我們已與其中不少客戶進行了很好的通話，他們對這個組合表達了高度興奮，也理解其中的綜效。依他們的說法，甚至有正在進行中的化身（avatar）RFP。他們也與我們討論了取代其他影片供應商的機會，因為在代理式世界中，你會希望在「吸引人的媒介」與「驅動該媒介的邏輯」以及「實際的對話技術」之間，形成完整端到端的連結。

So it all comes very much together. So now we've been -- and again, later we can talk more about guidance, I've been careful in assuming when and if and how we kind of start making a lot of money here from the synergy, but we do believe that, a, we could take this insert it to our products and get a significant bump in value and revenue within a combined product.

所以這些都非常緊密地結合在一起。再次強調，之後我們也可以再多談指引；我在假設何時、是否、以及如何從綜效中開始賺到很多錢這件事上一直很謹慎，但我們確實相信：a）我們可以把這些能力嵌入我們的產品中，並在整合後的產品裡帶來顯著的價值與營收提升。

But also, b, that we could very well go back to their customers and upsell them and support them with the Kaltura products. So let me know if you have any more specific questions about the cross-sell, upsell opportunity.

同時，b）我們也很可能回到他們的客戶群，向他們加購並以 Kaltura 產品來支援他們。如果你對交叉銷售、加購機會有更具體的問題，請告訴我。

That's great, Ron. Just touching on what you mentioned at the end there. Could you -- on your 2026 outlook, could you talk a little bit more about kind of the puts and takes that went into the assumptions there?

很好，Ron。延續你最後提到的部分，關於你們對 2026 年的展望，能否多談一些你們在假設中納入的正反因素（puts and takes）？

Yes, happy to do that. From a top line, bottom line, both.

可以，很樂意說明。包含營收端與獲利端，兩者都可以談。

Yes, that would be great.

是的，那會很棒。

Okay. So look, generally speaking, we're looking at a year in which we expect gross retention to be better because we all knew media and telecom in the past year wasn't good. By the way, EE&T was fine. But if we improve M&T, so gross retention is going to get better. Booking, we believe will pull up.

好。整體來說，我們預期今年的總留存（gross retention）會更好，因為大家都知道過去一年媒體與電信（M&T）表現不佳。順帶一提，EE&T 表現是好的。但如果我們改善 M&T，那麼總留存就會提升。我們也相信預訂（bookings）會回升。

Again, we're hoping for this to be as early as possible, but we are assuming it's going to be mostly at the second half of the year, in line with both the PathFactory synergies as well as with our own product releases. And while we've just started putting them out, we have some good pilots and excitement and interest, which we'll share more about. We did say last time we're saying yet again now that we expect that to start pulling up more in the second half of the year.

同樣地，我們希望越早越好，但我們的假設是主要會發生在下半年，這與 PathFactory 的綜效以及我們自身的產品發布節奏一致。雖然我們才剛開始推出，但已經有一些不錯的試點（pilots）、興奮度與興趣，我們之後會分享更多。我們上次就說過，現在再次重申：我們預期這會在下半年開始帶動回升。

So when you think about the revenue guidance that we've set, so we're guiding at the similar kind of level that was expected, but we hopefully coming at it very carefully, given the amount of changes that are happening so early in the year, swing one acquisition, creating another one, yet to see exactly when it will close, hopefully quickly.

因此，當你看我們設定的營收指引時，我們的指引大致與原先預期的水準相近，但我們希望以非常審慎的方式來給出，因為今年一開始就有很多變化：一方面完成一項收購、另一方面又在推動另一項收購，而我們仍需觀察其確切何時完成交割，希望能很快。

And so we want to make sure that we're able to achieve the numbers that we were discussing. And I think at the end of the day, to your question about the pluses and minuses, I think that we're still seeing some of the headwinds come from M&T's last year performance that are going to cause double-digit decline this year because of the delay between net bookings and M&T to how they impact revenue. We did say we expect this year for net bookings to start pulling up and for that to affect sequential growth in 2027.

所以我們要確保能達成我們所討論的數字。回到你問的正反因素，我認為我們仍看到一些逆風來自 M&T 去年的表現；由於淨預訂（net bookings）在 M&T 端到反映在營收之間存在時間落差，這些因素將導致今年出現雙位數下滑。我們也說過，我們預期今年淨預訂會開始回升，並在 2027 年帶來逐季成長的影響。

But for 2026, it's a headwind on the revenue side. And then from a Core EE&T, again, there is some growth, but most of it is pegged towards the new stuff, and that's going to come in the second half. And lastly, PathFactory, as mentioned, their run rate is in the teens, and we don't know when they're going to come in the middle of the year or in the second quarter or early or later in the second quarter.

但就 2026 年而言，營收端會面臨逆風。接著從核心 EE&T 來看，同樣會有一些成長，但大多數是與新產品相關，而那將在下半年才會進來。最後，如先前所提到的 PathFactory，他們的 run rate 約在十幾（%）的水準，我們也不確定他們會在年中、第二季、或第二季初、或第二季較晚的時點進來。

So we got to be careful in our assumptions. We do assume it's in the second quarter, maybe earlier within that quarter, we'll see. But given that, we've put a certain amount that we feel comfortable that should be reasonable and that what's brought it all together.

所以我們在假設上必須謹慎。我們確實假設會在第二季，可能在該季較早的時候，我們再觀察。但基於此，我們放入了一個我們覺得有把握、應該合理的金額，這也把整體串起來了。

So that's for the top line. I will say from a bottom line, just to remind all of us, last time after the acquisition of eSelf, we've reduced what we had planned. So even going before, we've increased dramatically our adjusted EBITDA last year, more than 150% growth, much more than we said. We said we're going to double. We delivered on it.

以上是營收端。我也想從獲利端補充一下，提醒大家：上次在收購 eSelf 之後，我們已經下調了原先的規劃。所以即便在那之前，我們去年調整後 EBITDA 大幅提升，成長超過 150%，遠高於我們原先所說的。我們說要翻倍，而我們做到了。

Originally, we said we're going to continue to pull it up, but that was before we decided to go and do these two acquisitions and go for the bigger market, bigger opportunity. Again, we could stick along and have a bit more profit and not put the engine in place to be able to become an exciting company again or we could do the moves that we've just done now over the last couple of acquisitions to take us there.

原本我們說會繼續把它往上拉，但那是在我們決定進行這兩筆收購、進軍更大的市場與更大的機會之前。再說一次，我們可以選擇維持現狀、獲利多一點，而不去建立引擎讓公司再次變得令人興奮；或者我們也可以像過去幾次收購所做的那樣採取行動，把我們帶到那個位置。

So we've tapered down the expectations the last time we reduced it to somewhere around 20%, and we said, look, it's a function of a few things. It's both the eSelf acquisition costs and investments. It's the lower M&T results. It's the higher FX because of the Israeli shekel. And now we've come to do another readjustment.

所以上次我們已經把預期下修到大約 20% 左右，並且說，這取決於幾個因素：包括 eSelf 的收購成本與投資、M&T 較低的表現、以及因以色列謝克爾造成的較高匯損（FX）。而現在我們又做了另一輪調整。

And once again, we're looking at the PathFactory integration investment and additional FX cushion that continued to go the other way on the Israeli shekel. So between all of them, we've come the exact same guidance we did last year.

而這一次，我們考量的是 PathFactory 整合投資，以及以色列謝克爾持續朝不利方向變動所需要的額外匯率緩衝。綜合這些因素，我們給出的指引與去年完全相同。

To remind you, we started with that guidance and ended up far higher. Maybe that will happen this year, maybe not. We'd like to stick to our guidance and see where things go. There's still a question on the revenue. There's a question on the cost, there's integration of companies. We believe we've been thoughtful and we hope to be able to overdeliver, but let's wait and see where we get to.

提醒各位，我們去年也是以那個指引起步，最後的結果高出很多。今年可能也會發生，也可能不會。我們希望先維持指引，看看事情如何發展。營收仍有不確定性，成本也有不確定性，還有公司整合。我們相信我們已經審慎思考，也希望能夠超額達成，但先看看最後會走到哪裡。

And ultimately, to the extent that there will be any upside on the bottom line, it could be driven by the top side with a higher revenue because there's a lot of things that are pulling the revenue, as I noted earlier, but also maybe better FX. Let's wait and see. So that's my two cents about both top and bottom line.

最終，如果獲利端有任何上行空間，可能會由營收端帶動，因為如我先前提到，有很多因素正在拉動營收；另外也可能來自更好的匯率表現。先觀察看看。所以以上就是我對營收與獲利兩端的一點看法。

Okay. Perfect. And just lastly for me, could you share an updated view on how you're seeing the competitive landscape and how these recent acquisitions are further differentiating Kaltura from your competitors?

好的。非常好。最後我想請教一下，您能否分享一下您對競爭格局的最新看法，以及這些近期收購如何進一步讓 Kaltura 與競爭對手形成差異化？

By design, we are moving to a gradually moving and expanding, I wouldn't say moving because we're both in the other market and the new market into a larger, more exciting market. So let me be clear. In the world of pure video experiences, we had another research done in Q4 that had put Kaltura in the far right corner as the best product in its case.

按我們的設計，我們正在逐步擴張——我不會說是「轉移」，因為我們同時在原有市場與新市場——走向一個更大、更令人興奮的市場。讓我說清楚：在純粹的影音體驗領域，我們在第四季做了另一份研究，把 Kaltura 放在最右上角，作為該領域中最好的產品。

We also think that the recent consolidation that has taken place in our traditional market would enable us to be even better competitively positioned, let alone with the rest of what we just said now. When we talk to our own customers, there's a lot of synergy with the new products that we offer now that our existing video vendors -- competitors do not around the agentic experiences, but also around content creation.

我們也認為，近期在我們傳統市場發生的整併，將使我們在競爭上更具優勢，更不用說我們剛才提到的其他因素。當我們與自己的客戶交流時，對於我們現在提供的新產品有很大的協同效應——我們既有的影音供應商／競爭對手在 agentic 體驗方面並沒有同樣的能力，同時在內容創作方面也是如此。

And therefore, we think that given both their consolidation as well as the improved amount of offerings that we have, we could do better within our classic core market in selling more of our current product and adding or not adding some of these new things.

因此，我們認為，考量到他們的整併，以及我們提供的產品組合更為完整，我們在傳統核心市場中，無論是銷售更多現有產品，或是加上（或不加上）一些新功能，都有機會做得更好。

But I think the bigger point here is that we are now gradually moving to the point that we're not a video technology company. Yes, we're differentiated by the richness of the media that we provide and video is a core key piece of it, will continue to be a core key piece of it. But it becomes more a mean than an end in the sense that what we offer is agentic digital experiences in real time that are able to deliver conversational agents that are performing tasks that otherwise just humans would do.

但我認為更重要的一點是：我們現在正逐步走向一個狀態——我們不再只是一家影音技術公司。是的，我們的差異化來自於我們提供的媒體豐富度，而影音是其中的核心關鍵要素，並且會持續是核心關鍵要素。但在某種意義上，它更像是一種手段而非目的：我們提供的是即時的 agentic 數位體驗，能夠交付對話式代理（conversational agents），去執行原本只有人類才會做的任務。

And again, I don't think they're going to replace them. I think they're going to augment them. I think they're going to boost them. I think they're going to support them. But this is something completely different. Now when we reach out to our own customers, there's a lot of excitement much more than previous because video have been relatively similar in recent years, and this is at the hype level of, oh my God, I want to use this.

再說一次，我不認為它們會取代人類。我認為它們會增強人類、提升人類、支援人類。但這是完全不同的事情。現在當我們接觸自己的客戶時，興奮程度比以前高很多，因為近年來影音產品相對同質化，而這件事在熱度上是那種「天啊，我想用這個」的層級。

So this is exciting. And plus, this is a ticket for us to get to a lot more new logos. In recent years, it's been harder in our industry because people have kept to their own vendors even if there was a better solution. But this opens the door for a complete different conversation and one that is synergistic and complementary.

所以這很令人振奮。此外，這也讓我們有機會拿下更多新客戶（new logos）。近年來在我們的產業中更難做到，因為即便有更好的解決方案，人們也傾向留在原本的供應商。但這為我們打開了完全不同的對話空間，而且是具有協同與互補性的。

So in short, I think that, a, we're going to be better positioned to compete with our existing "competitors" but also, b, we're expanding to now be at the same neighborhood the bigger companies that are valued higher that are in faster-growing markets are in, and I mentioned qualified, you can look at how PathFactory is put in the same report as they are right by them as a leader.

總之，我認為：a，我們在與既有「競爭對手」競爭時會更有利；同時 b，我們正在擴張，進入與那些估值更高、所處市場成長更快的大公司相同的「鄰域」。我提到過 Qualified，你可以看到 PathFactory 在同一份報告中與他們並列，而且就在他們旁邊，被評為領導者。

And you could also look, like I said, at Synthesia. I'm not suggesting that one-to-one, we have the same product set that we're going to do the same growth, so we have the same revenue. But when you look at the products we just released and the ones that's just now in beta, and appreciate our advantages in entering that market, then you would appreciate that we have not only the ability to create avatar-based videos, but they could come to life and become conversational. That's new. They're connected to our platform so that you can connect that to any other video experience and content management.

你也可以看看我提到的 Synthesia。我不是在暗示我們一對一擁有相同的產品組合、會有相同的成長、或相同的營收。但當你看到我們剛發布的產品，以及目前正在 beta 的產品，並理解我們進入該市場的優勢，你就會明白：我們不僅能製作以虛擬人（avatar）為基礎的影片，還能讓它們「活起來」並成為可對話的角色。這是新的。它們與我們的平台相連，因此你可以把它連結到任何其他影音體驗與內容管理。

And that's the opposite direction that companies like Synthesia are working hard to do. So that's powerful. We have our existing 800 enterprise customers to upsell this to. And so there's a lot of things that are helping us to come from a place that has been relatively flattish to something that we believe and we hope, and again, we've been very thoughtful and careful, we'll continue to be, could potentially gradually increase our growth, and that's the strategy.

而這正是像 Synthesia 這類公司正在努力要做到的相反方向。所以這很有力量。我們現有的 800 家企業客戶可以用來進行加值銷售（upsell）。因此，有很多因素正在幫助我們，從一個相對平坦的狀態，走向我們相信並希望——而且我們一直非常審慎、也會持續審慎——可能逐步提升成長的狀態，這就是策略。

(Operator Instructions) We have reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

（接線生指示）我們的問答環節到此結束。接下來把時間交還給管理層，請問是否有任何補充或結語。

So thank you all for joining today. Fresh start for a fresh year. I want to thank you all for your continued support and trust and wish upon all of us a great fiscal year and a great year altogether filled with financial success, but also some more peace, hopefully around us around the world.

感謝各位今天的參與。新的一年，新的開始。我要感謝大家持續的支持與信任，也祝福大家在本財年以及整個年度都能有很好的表現，充滿財務上的成功，同時也希望我們周遭、乃至全世界能有更多和平。

Looking forward to following up with each of the other ones to reach out. Have a beautiful day. Take care. Bye-bye.

期待後續再與各位逐一跟進聯繫。祝大家有美好的一天。保重。再見。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議與網路直播到此結束。您現在可以掛線，祝您有美好的一天。感謝您今天的參與。