Kaltura Inc (KLTR) 2026 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Kaltura first-quarter 2026 earnings call. All material contained in the webcast is the sole property and copyright of Kaltura with all rights reserved.

各位早安，歡迎參加 Kaltura 2026 年第一季財報電話會議。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。

For opening remarks and introductions, I now turn the call over to Erica Mannion at Sapphire Investor Relations. Please go ahead, Erica.

接下來進行開場致詞與介紹，我將把電話交給 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.

謝謝主持人，大家午安。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）執行副總裁暨代理首席財務主管 Liron Sharon。

Ron will begin with a summary of the results for the first quarter ended March 31, 2026, and provide a business update. Liron will then review the financial results for the first quarter of 2026 in greater detail, followed by the company's outlook for the second quarter and full year 2026. We will then open the call for questions.

Ron 將先概述截至 2026 年 3 月 31 日止第一季的業績，並提供業務最新進展。接著 Liron 將更詳細地說明 2026 年第一季的財務結果，並提供公司對 2026 年第二季及全年展望。之後我們將開放提問。

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, management's expectations, and plans for the business, including execution on our strategic transition and upcoming product launches, integration and expected benefits of our recent acquisitions, trends in customer engagement, anticipated headwinds and our expectations around capabilities and benefits of our products, including AI technologies.

請注意，本次電話會議將包含符合聯邦證券法所定義的前瞻性陳述，包括但不限於：關於 Kaltura 預期未來財務結果、管理層的預期與業務計畫（包含我們策略轉型的執行與即將推出的產品）、近期收購案的整合與預期效益、客戶互動趨勢、預期逆風，以及我們對產品能力與效益（包含 AI 技術）的預期等陳述。

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 could cause actual results to differ from forward-looking statements can be found in the Risk Factors section of Kaltura's annual report on Form 10-K for the fiscal year ended December 31, 2025, and other SEC filings.

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有重大差異。可能導致實際結果與前瞻性陳述不同的重要因素，載於 Kaltura 截至 2025 年 12 月 31 日止會計年度之 Form 10-K 年度報告的「風險因素」章節，以及其他向 SEC 提交的文件中。

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

本次電話會議期間所作的任何前瞻性陳述（包含對各位提問的回覆）均以今日的現行預期為基礎；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的義務。

Please note, we will be discussing non-GAAP financial measures, adjusted EBITDA, adjusted EBITDA margin 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.

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，包括調整後 EBITDA、調整後 EBITDA 利潤率及非 GAAP 毛利率。關於這些指標與最直接可比的 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'd 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 today. We delivered a strong start to 2026, exceeding the high end of our guidance across revenue and adjusted EBITDA and generating for the first time in our history, positive cash flow from operations in a first quarter.

謝謝你，Erica，也謝謝各位今天加入我們。我們在 2026 年取得強勁開局，營收與調整後 EBITDA 皆超越指引區間上緣，並且在公司歷史上首次於第一季實現來自營運活動的正向現金流。

Total revenue was $44.6 million, down 5% year over year. Subscription revenue was $43.2 million, down 4% year over year. Adjusted EBITDA was $5.7 million, up 37% year over year and our highest first quarter result to date. These results reflect continued operating discipline, improving retention trends, and steady progress as we execute on our strategic transition.

總營收為 4,460 萬美元，年減 5%。訂閱營收為 4,320 萬美元，年減 4%。調整後 EBITDA 為 570 萬美元，年增 37%，並創下迄今最高的第一季表現。這些結果反映我們持續的營運紀律、留存趨勢改善，以及在執行策略轉型方面的穩健進展。

New subscription bookings in the first quarter followed our typical seasonal pattern with encouraging deal quality across both new logos and expansions. We closed 1 seven-digit deal, 14 six-digit deals, and 3 new AI-related deals. New logos included a global content delivery network, a leading healthcare system, two US universities and a major APAC broadcaster.

第一季的新訂閱訂單（bookings）符合我們一貫的季節性型態，且無論是新客戶（new logos）或擴充案，交易品質都令人鼓舞。我們完成了 1 筆七位數交易、14 筆六位數交易，以及 3 筆與 AI 相關的新交易。新客戶包括一家全球內容傳遞網路（CDN）、一家領先的醫療體系、兩所美國大學，以及一家主要的亞太地區（APAC）廣播業者。

As in prior quarters, the majority of bookings came from expansions within our existing enterprise customer base across technology, financial services, healthcare, education, and media. Gross retention improved to its highest level in the last five quarters. Net dollar retention continued to reflect the lagging impact of elevated media and telecom churn in 2025, which we expect to improve over the course of this year.

與先前季度相同，多數訂單來自我們既有企業客戶基礎的擴充，涵蓋科技、金融服務、醫療保健、教育，以及媒體等產業。總留存率（gross retention）提升至過去五個季度以來的最高水準。淨美元留存率（net dollar retention）仍反映 2025 年媒體與電信客戶流失率偏高的遞延影響；我們預期在今年內將逐步改善。

During the quarter, we continued to expand our AI capabilities across both content creation and user engagement. We announced the general availability of our conversational Avatar technology, along with developer tools that enable integration into enterprise workflows.

本季期間，我們持續在內容創作與使用者互動兩方面擴展 AI 能力。我們宣布對話式 Avatar 技術正式全面可用（general availability），並推出可支援整合至企業工作流程的開發者工具。

We also launched a beta version and last week moved to general availability of our Avatar Video Production Studio, which enables automated creation of avatar-based video content from text and other materials. These capabilities build on our existing AI tools such as Content Lab and Genie, extending them into more interactive and conversational use cases.

我們也推出了測試版（beta），並於上週正式全面可用我們的 Avatar 影片製作工作室（Avatar Video Production Studio），可從文字與其他素材自動生成以 Avatar 為基礎的影片內容。這些能力建立在我們既有的 AI 工具（如 Content Lab 與 Genie）之上，並將其延伸至更具互動性與對話式的使用情境。

Importantly, we also achieved ISO/IEC 42001 certification for Artificial Intelligence Management Systems during this quarter, reinforcing our commitment to responsible enterprise-grade AI deployment. We also completed the acquisition of PathFactory on April 1, following the signing of the definitive agreement during the first quarter.

重要的是，我們也在本季取得人工智慧管理系統的 ISO/IEC 42001 認證，進一步強化我們對負責任、企業級 AI 部署的承諾。此外，我們已於 4 月 1 日完成對 PathFactory 的收購；該交易的最終協議於第一季簽署。

PathFactory adds content intelligence and journey orchestration built to enable enterprises to better understand user intent and dynamically deliver personalized digital experiences. Since closing, we have moved quickly to integrate teams and align product and go-to-market efforts. We're already jointly presenting our combined platform in the market and seeing encouraging early engagements.

PathFactory 帶來內容智慧（content intelligence）與旅程編排（journey orchestration）能力，旨在協助企業更好地理解使用者意圖，並動態提供個人化的數位體驗。自完成交割以來，我們迅速推動團隊整合，並對齊產品與市場推進（go-to-market）工作。我們已在市場上共同展示整合後的平台，並看到令人鼓舞的早期互動。

With the combination of Kaltura, eSelf, and PathFactory, we believe we now have the core building blocks to evolve from a video platform into an AI-powered rich Agentic digital experience platform. Kaltura provides enterprise-grade video experiences and rich media infrastructure; eSelf adds multimodel conversational avatar technology for Agentic real-time and on-demand interactions; and PathFactory adds content intelligence and journey orchestration. Together, these capabilities are designed to allow enterprises to move from static one-size-fits-all digital experiences or more personalized, interactive and outcome-driven journeys.

結合 Kaltura、eSelf 與 PathFactory，我們相信如今已具備核心基石，可從影音平台演進為由 AI 驅動、具豐富功能的 Agentic 數位體驗平台。Kaltura 提供企業級影音體驗與豐富媒體基礎設施；eSelf 增添多模型（multimodel）的對話式 Avatar 技術，用於 Agentic 的即時與隨選互動；而 PathFactory 則提供內容智慧與旅程編排。這些能力的整合旨在讓企業從靜態、千篇一律的數位體驗，轉向更個人化、更具互動性且以成果為導向的旅程。

Now I will spend some time discussing how customers are engaging with us across the four journeys we power: customers, employees, learners, and audiences as this is where we are seeing the most meaningful early validation of our strategy. First, customer journeys. Customer-facing use cases are the most advanced and showed the strongest early traction.

接下來我將花一些時間說明客戶如何在我們所支援的四大旅程中與我們互動：客戶、員工、學習者與受眾；因為我們在這些領域看到了對我們策略最具意義的早期驗證。首先是客戶旅程。面向客戶的使用情境最為成熟，且展現最強的早期動能。

We are seeing growing interest in our revenue engagement suite, which brings together video, AI-powered content creation, conversational avatars and journey orchestration into a unified solution for marketing, sales and customer engagement teams. Discussions with both new and existing customers are shifting from deploying video tools to broader conversations around improving lead conversion, scaling personalized engagement and augmenting sales and customer success teams.

我們看到市場對我們的營收互動套件（revenue engagement suite）興趣日增；該套件將影音、AI 驅動的內容創作、對話式 Avatar 與旅程編排整合為一體化解決方案，服務行銷、銷售與客戶互動團隊。與新舊客戶的討論正從部署影音工具，轉向更廣泛的議題，包括提升潛在客戶轉換率、擴大個人化互動規模，以及強化銷售與客戶成功團隊的能力。

We are in proof-of-concept discussions with large enterprises, including Fortune 500 organizations across technology, financial services, healthcare, and media and telecom. These include use cases such as personalized content journeys and microsites, AI-powered conversational interfaces across websites and events, automated creation and scaling of targeted video content, 24/7 digital agents supporting customer and partner engagement and onboarding, and AI-powered SDR agents.

我們正與大型企業進行概念驗證（proof-of-concept）討論，其中包括科技、金融服務、醫療保健，以及媒體與電信等產業的《財富》500 強（Fortune 500）組織。這些使用情境包括：個人化內容旅程與微型網站（microsites）、跨網站與活動的 AI 驅動對話式介面、自動化建立並擴大特定目標的影片內容、24/7 數位代理支援客戶與合作夥伴互動及導入（onboarding），以及 AI 驅動的 SDR 代理。

In several of these engagements, we are progressing from initial proof of concept to broader platform discussions, reflecting growing confidence in the combined value of our offerings. Importantly, these conversations increasingly involve multiple business stakeholders, including marketing, sales and customer success leaders, expanding our buyer base beyond IT.

在其中數個合作案中，我們正從初步概念驗證（proof of concept）推進至更廣泛的平台層級討論，反映客戶對我們整體方案所帶來的綜合價值之信心日益提升。重要的是，這些對話愈來愈多地涉及多個業務利害關係人，包括行銷、銷售與客戶成功（customer success）主管，使我們的買方基礎從以 IT 為主擴展至更廣泛的業務端。

Second, employee journeys. Across employee-facing use cases, we're seeing strong interest in leveraging AI to improve productivity, training and knowledge access. Customers are engaging with us around four primary themes: extending workforce capacity through AI-assisted interactions, accelerating content creation and internal communications, turning large content libraries into interactive knowledge bases, and enhancing training through more personalized and interactive experiences.

第二，員工旅程。在面向員工的各類使用情境中，我們看到市場對運用 AI 提升生產力、訓練與知識存取有強勁興趣。客戶與我們的互動主要聚焦於四大主題：透過 AI 輔助互動延伸人力產能、加速內容製作與內部溝通、將大型內容資料庫轉化為互動式知識庫，以及透過更個人化且更具互動性的體驗強化訓練。

We're seeing adoption of tools such as Content Lab and Genie expand within large enterprises, including global financial institutions, pharmaceutical companies, and professional services firms. These deployments are creating a strong foundation for future expansion into more advanced conversational and avatar-based use cases.

我們看到 Content Lab 與 Genie 等工具在大型企業內的採用持續擴大，包括全球金融機構、製藥公司與專業服務公司。這些部署正為未來擴展至更進階的對話式與虛擬人（avatar）為基礎的使用情境奠定堅實基礎。

For example, a large global professional services firm is expanding its use of our AI tools to scale internal communications and knowledge access across hundreds of thousands of employees, while a major financial institution has begun transforming support content into interactive, self-serve learning experiences using our Genie platform. We also see growing interest in our avatar-based offerings for content creation, knowledge discovery and role play simulations for sales training, enablement and field support.

例如，一家大型全球專業服務公司正擴大使用我們的 AI 工具，以在數十萬名員工之間規模化內部溝通與知識存取；同時，一家主要金融機構已開始使用我們的 Genie 平台，將支援內容轉化為互動式、自助式的學習體驗。我們也看到市場對我們以虛擬人為基礎的產品興趣日增，應用於內容創作、知識探索，以及用於銷售訓練、賦能（enablement）與前線支援的角色扮演模擬。

Third, learner journeys. In education, discussions are increasingly centered around how AI can enable more personalized and interactive learning experiences. Use cases include AI-powered teaching assistants and tutors, personalized learning paths, automated content creation and adaptation, and improved accessibility. We're engaged in discussions with universities around using our Avatar video production studio to generate rich instructional content.

第三，學習者旅程。在教育領域，討論焦點愈來愈集中在 AI 如何促成更個人化且更具互動性的學習體驗。使用情境包括 AI 驅動的教學助理與家教、個人化學習路徑、自動化內容創作與調整，以及提升可近用性。我們正與多所大學討論使用我們的 Avatar 影片製作工作室來產出豐富的教學內容。

We're also in discussions with institutions regarding the use of our Agentic Avatars as academic tutors, role play simulation tools, and support agents for administration and admissions. Our modular architecture and integrations with learning systems position us well in these conversations, and we're seeing continued engagement from both existing institutions and new prospects.

我們也正與機構討論使用我們的 Agentic Avatars 作為學術家教、角色扮演模擬工具，以及用於行政與招生入學（admissions）的支援代理。我們的模組化架構與對學習系統的整合能力，使我們在這些對話中具備良好定位；同時，我們也看到既有機構與新潛在客戶持續投入互動。

Fourth, audience journeys. In media and telecom, we're discussing how AI can enhance audience engagement and monetization. These discussions include more advanced content discovery and recommendations, personalized viewing experiences, new monetization models and the introduction of interactive and conversational interfaces.

第四，受眾旅程。在媒體與電信領域，我們正討論 AI 如何提升受眾互動與變現能力。這些討論涵蓋更進階的內容探索與推薦、個人化觀看體驗、新的變現模式，以及導入互動式與對話式介面。

These discussions range from AI-powered content recommendation and avatar concierge experiences to broader applications such as digital signage and customer engagement in large venues. It is worth noting, we're also seeing growing interest from media and telecom companies to leverage our platform beyond traditional entertainment use cases, including customer journeys such as marketing and customer care and employee journeys such as sales enablement.

這些討論範圍從 AI 驅動的內容推薦與虛擬人禮賓（avatar concierge）體驗，到更廣泛的應用，例如數位看板，以及大型場館中的客戶互動。值得注意的是，我們也看到媒體與電信公司對於將我們的平台延伸至傳統娛樂使用情境之外的興趣日增，包括如行銷與客戶關懷等客戶旅程，以及如銷售賦能等員工旅程。

In summary, the increasing depth and breadth of these engagements reflects the progress we're making in our transition. As we evolve from powering video experiences to powering end-to-end rich Agentic digital experiences, our focus in 2026 is on integrating eSelf.ai and PathFactory, packaging rich Agentic solutions around clear use cases, and driving early adoption.

總結而言，這些合作案在深度與廣度上的提升，反映我們在轉型過程中所取得的進展。隨著我們從支援影片體驗演進為支援端到端、豐富的 Agentic 數位體驗，我們在 2026 年的重點是整合 eSelf.ai 與 PathFactory、圍繞明確使用情境封裝豐富的 Agentic 解決方案，並推動早期採用。

We are seeing early signs of momentum in customer engagement and pipeline activities and continue to expect revenue contribution from our new product portfolio to begin in the second half of the year with a more meaningful impact in 2027.

我們已在客戶互動與銷售管線活動中看到初步動能，並仍預期我們新產品組合將於下半年開始帶來營收貢獻，並在 2027 年產生更具實質性的影響。

Before I close, I also want to highlight our upcoming Kaltura Connect on the Road 2026 events. We will be hosting events in New York, San Francisco, and London this week and next, bringing together customers and partners to discuss the evolution toward more personalized AI-powered digital experiences. We are pleased to have participation from leading organizations, including AWS, Cisco, IBM, MetLife, Morgan Stanley, and Palo Alto Networks.

在我結語之前，我也想強調我們即將舉辦的 Kaltura Connect on the Road 2026 活動。我們將於本週與下週在紐約、舊金山與倫敦舉辦活動，匯聚客戶與合作夥伴，共同討論朝向更個人化、AI 驅動的數位體驗之演進。我們很高興有多家領先組織參與，包括 AWS、Cisco、IBM、MetLife、Morgan Stanley 與 Palo Alto Networks。

These events provide an important opportunity for customers and prospects to engage directly with our platform and roadmap, and we view the strong participation as further validation of the relevance of our strategy. Early feedback and participation levels are exceeding our expectations with strong engagement from both existing customers and new prospects. You're invited to register for in-person or virtual participation through our website.

這些活動為客戶與潛在客戶提供重要機會，可直接與我們的平台與產品路線圖互動；我們也將熱烈的參與視為對我們策略相關性的進一步驗證。早期回饋與參與程度均超出我們預期，既有客戶與新潛在客戶皆展現強勁互動。歡迎透過我們的網站報名現場或線上參與。

To summarize, we delivered a strong Q1, exceeding expectations across revenue and adjusted EBITDA and achieving a key milestone with positive first quarter operating cash flow. We launched new products based on the eSelf acquisition and completed the PathFactory acquisition and are progressing well on integration. We've been expanding our platform capabilities and seeing encouraging early validation across all four journeys we support and are headed into the rest of the year with increased confidence reflected in our updated guidance.

總結來說，我們在第一季交出強勁成績，營收與調整後 EBITDA 均超出預期，並達成一項關鍵里程碑：第一季營運現金流轉正。我們推出基於 eSelf 併購的新產品，並完成 PathFactory 併購，整合進展順利。我們持續擴展平台能力，並在我們所支援的四大旅程中都看到令人鼓舞的早期驗證；在更新後的財測指引中也反映出我們對於今年後續表現更具信心。

With that, I'll turn it over to Liron. Liron?

接下來，我把時間交給 Liron。Liron？

Thanks, Ron, and hello to everyone on the call today. As Ron noted, in the first quarter, we once again exceeded the high end of our guidance across all metrics, subscription revenue, total revenue, and adjusted EBITDA and generated for the first time, cash flow from operations in the first quarter of the year.

謝謝你，Ron，也向今天參與電話會議的各位問好。如 Ron 所提到的，在第一季，我們再次在所有指標上超越財測指引區間上緣，包括訂閱營收、總營收與調整後 EBITDA，並且在年度第一季首次產生來自營運活動的現金流。

Let me now walk through the quarter in more detail. Total revenue for the quarter ended March 31, 2026, was $44.6 million, down 2% sequentially and 5% year over year and exceeding the high end of our guidance range of $42.6 million to $43.4 million. Subscription revenue was $43.2 million, up 1% sequentially and down 4% year over year and also exceeding the high end of our guidance range of $41.2 million to $42 million.

接下來我將更詳細說明本季表現。截至 2026 年 3 月 31 日止季度，總營收為 4,460 萬美元，較前一季下降 2%，較去年同期下降 5%，並高於我們財測指引區間 4,260 萬至 4,340 萬美元的上緣。訂閱營收為 4,320 萬美元，較前一季成長 1%，較去年同期下降 4%，同樣高於我們財測指引區間 4,120 萬至 4,200 萬美元的上緣。

As discussed during our last earnings call, this year-over-year decline was fueled by the elevated media and telecom churn experienced in 2025, which we forecast will improve this year as well as by a large EE&T customer that shifted from conducting large virtual events to many smaller ones that are planned to be conducted later in the year.

如同我們在上次財報電話會議中所討論的，這項年對年下滑主要受到兩項因素影響：其一是 2025 年媒體與電信（media and telecom）領域較高的客戶流失（churn），我們預期今年將有所改善；其二是一家大型 EE&T 客戶從舉辦大型線上活動轉為多場較小型活動，而這些活動預計將在今年稍晚舉行。

Professional services revenue was $1.4 million, down 50% sequentially and 31% year over year, consistent with our increased multiyear focus on recurring subscription revenue. On a segment basis, EE&T total revenue was $34.2 million, down 1% year over year and subscription revenue was $33.7 million, flat year over year, while professional services revenue contributed $0.5 million, down 42% year over year.

專業服務營收為 140 萬美元，較前一季下降 50%，較去年同期下降 31%，符合我們在多年期策略上更聚焦於經常性訂閱營收的方向。以部門別來看，EE&T 總營收為 3,420 萬美元，較去年同期下降 1%；其中訂閱營收為 3,370 萬美元，與去年同期持平；專業服務營收貢獻 50 萬美元，較去年同期下降 42%。

Within M&T, total revenue was $10.5 million, down 17% year over year, and subscription revenue was $9.5 million, down 16% year over year, while professional services revenue contributed $1 million, down 24% year over year. GAAP gross profit for the first quarter was $32.1 million, resulting in gross margin of 72%, up 200 basis points from Q1 2025. Subscription gross margin was 77%, in line with Q1 2025. The year-over-year improvement in gross margin reflects the continued benefit of our mix shift towards higher-margin subscription revenue.

在 M&T 部門，總營收為 1,050 萬美元，較去年同期下降 17%；訂閱營收為 950 萬美元，較去年同期下降 16%；專業服務營收貢獻 100 萬美元，較去年同期下降 24%。第一季 GAAP 毛利為 3,210 萬美元，毛利率為 72%，較 2025 年第一季提升 200 個基點。訂閱毛利率為 77%，與 2025 年第一季一致。毛利率年對年改善反映我們持續受惠於營收組合轉向毛利率較高的訂閱營收。

GAAP operating expenses for the quarter were $33.3 million compared to $34.3 million in the first quarter of 2025, an improvement of 3% year over year, and that is despite incremental operating costs associated with the eSelf acquisition and FX headwinds. Adjusted EBITDA for the quarter was $5.7 million, an increase of $1.5 million from $4.1 million in the first quarter of 2025 and exceeding the high end of our guidance range of $2.3 million to $3.3 million. Adjusted EBITDA margin was 13%, an increase of 400 basis points year over year, which underscores our commitment to operational profitability also amid our strategic transition and investment in growth.

本季 GAAP 營業費用為 3,330 萬美元，相較於 2025 年第一季的 3,430 萬美元，年增年減改善 3%，且這是在計入與 eSelf 收購相關的新增營運成本以及外匯逆風的情況下達成的。本季調整後 EBITDA 為 570 萬美元，較 2025 年第一季的 410 萬美元增加 150 萬美元，並高於我們指引區間 230 萬至 330 萬美元的上緣。調整後 EBITDA 利潤率為 13%，年增 400 個基點，凸顯我們即使在策略轉型與成長投資期間，仍致力於提升營運獲利能力。

GAAP net loss for the quarter was $3.8 million or $0.03 per diluted share compared to a net loss of $1.1 million or $0.01 per diluted share in Q1 2025. The year-over-year change in GAAP net loss reflects primarily noncash and nonrecurring expenses, including $3.8 million for noncash stock-based compensation and $1.9 million for acquisition costs and other strategic initiatives.

本季 GAAP 淨損為 380 萬美元，或每股稀釋後虧損 0.03 美元，相較於 2025 年第一季淨損 110 萬美元，或每股稀釋後虧損 0.01 美元。GAAP 淨損的年對年變動主要反映非現金及非經常性費用，包括 380 萬美元的非現金股份基礎給付，以及 190 萬美元的收購成本與其他策略性計畫相關費用。

Non-GAAP net profit for the quarter was $2.1 million or $0.01 per diluted share compared to $2 million or $0.01 per diluted share in Q1 2025. Remaining performance obligations, or RPO, were $154.5 million, flat year over year. We expect to recognize 67% of this amount as revenue over the next 12 months.

本季非 GAAP 淨利為 210 萬美元，或每股稀釋後 0.01 美元，相較於 2025 年第一季的 200 萬美元，或每股稀釋後 0.01 美元。剩餘履約義務（RPO）為 1.545 億美元，年對年持平。我們預期在未來 12 個月內將其中 67% 認列為營收。

Annualized recurring revenue in the first quarter was $168.8 million, flat sequentially and down 3% year over year. Net dollar retention for the quarter was 95% compared to 107% in the prior year period and 97% in Q4 2025. As a reminder, NDR is a lagging indicator and reflects prior period bookings and retention dynamics. As such, it has been significantly impacted by last year's heightened M&T gross churn, which we expect will materially improve this year alongside also higher M&T and EE&T bookings.

第一季年化經常性收入為 1.688 億美元，季對季持平，年對年下降 3%。本季淨美元留存率為 95%，相較於去年同期的 107% 以及 2025 年第四季的 97%。提醒一下，NDR 為落後指標，反映前期的訂單與留存動態。因此，它受到去年 M&T 毛流失率升高的顯著影響；我們預期今年將隨著更高的 M&T 與 EE&T 訂單而大幅改善。

Moving to the balance sheet and cash flow, we ended the quarter with $61.8 million in cash, cash equivalents and marketable securities. Net cash generated from operating activities in the quarter was $0.7 million compared to $1 million used in operating activities in Q1 last year. This meaningful year-over-year improvement of $1.7 million also contributed to this quarter being our first Q1 with positive cash flow from operations.

接著看資產負債表與現金流，我們在季末持有 6,180 萬美元的現金、約當現金及有價證券。本季營運活動產生的淨現金為 70 萬美元，相較於去年第一季營運活動使用 100 萬美元。這項年對年 170 萬美元的顯著改善，也使本季成為我們首個第一季營運現金流為正的季度。

I will now turn to our outlook for the second quarter of 2026 and for the full fiscal year ending December 31, 2026. For the second quarter of 2026, we expect subscription revenue to grow 2% to 4% year over year to between $43.3 million and $44.1 million, total revenue to grow between 2% to 3% year over year to between $45.2 million and $46 million, and adjusted EBITDA to be between $2 million and $3 million.

接下來我將說明 2026 年第二季以及截至 2026 年 12 月 31 日止完整會計年度的展望。就 2026 年第二季而言，我們預期訂閱營收年對年成長 2% 至 4%，介於 4,330 萬至 4,410 萬美元；總營收年對年成長 2% 至 3%，介於 4,520 萬至 4,600 萬美元；調整後 EBITDA 介於 200 萬至 300 萬美元。

For the full year 2026, we are thoughtfully raising all our guidance numbers and slightly narrowing the guidance ranges. We now expect subscription revenue to grow 1% to 3% to between $174.5 million and $176.7 million, total revenue to grow 1% to 2% to between $182.6 million and $184.8 million, and adjusted EBITDA to be between $13.8 million and $15.2 million.

就 2026 年全年而言，我們審慎地上調所有指引數字，並略為縮窄指引區間。我們目前預期訂閱營收成長 1% 至 3%，介於 1.745 億至 1.767 億美元；總營收成長 1% 至 2%，介於 1.826 億至 1.848 億美元；調整後 EBITDA 介於 1,380 萬至 1,520 萬美元。

We continue to expect subscription and total revenue to pick up gradually throughout the year. 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 our new product portfolio, which is expected to start contributing revenue in the second half of the year with a stronger impact in 2027.

我們仍預期訂閱營收與總營收將在全年逐步回升。我們預期 EE&T 的年對年成長率將高於 2025 年，主要受惠於 PathFactory 客戶基礎的貢獻以及我們的新產品組合；該新產品組合預計將於下半年開始貢獻營收，並在 2027 年帶來更強的影響。

We continue to forecast M&T year-over-year revenue decline this year due to the elevated churn in 2025 but expect to achieve both higher M&T new bookings and retention this year, which are forecasted to regenerate sequential quarterly M&T revenue growth in 2027. On the cost side, our guidance continues to take into consideration the PathFactory acquisition and expected post-merger integration costs as well as the continued expected impact of FX headwinds.

由於 2025 年流失率偏高，我們仍預測今年 M&T 年對年營收將下滑，但預期今年可同時達成更高的 M&T 新訂單與留存，並預計在 2027 年帶動 M&T 營收逐季恢復成長。在成本端，我們的指引仍納入 PathFactory 收購及預期的併購後整合成本，以及外匯逆風預期持續帶來的影響。

To close, Q1 marked a solid start to the year. We remain focused on disciplined execution, careful capital allocation, and balancing growth with profitability to maximize long-term shareholder value.

最後，第一季為今年奠定了穩健的開局。我們將持續專注於紀律執行、審慎的資本配置，並在成長與獲利之間取得平衡，以最大化長期股東價值。

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) Ryan Koontz, Needham & Company.

（接線員指示）Ryan Koontz，Needham & Company。

Ron, I want to ask you about some questions about kind of the expanded portfolio, clearly, very forward leaning here and seems highly differentiated. But can you kind of map us how your customer engagements are going or give us some color relative to a different set of stakeholders, who you've traditionally sold to, what those engagements are like? And how are you kind of positioning the new portfolio to really take a broader swath of engagement from your customers and then obviously helping your customers improve their engagements with their end customers.

Ron，我想就擴展後的產品組合問幾個問題；很明顯，這裡非常前瞻，而且看起來高度差異化。但你能否說明一下你們的客戶互動進展如何，或就不同利害關係人提供一些背景？也就是相較於你們傳統的銷售對象，這些互動是什麼樣子？另外，你們如何定位這個新產品組合，以便從客戶端取得更廣泛的互動範圍，並且顯然也協助你們的客戶改善他們與終端客戶的互動？

Yes. I appreciate it, Ryan, and thank you all for joining here today. So again, going backwards to the last couple of quarters and discussions we've had about our move from powering video experiences to powering agentic rich experiences that cover the entire journey of customers, of employees, of learners and of audiences. So I'll give you examples of each one of them.

好的。謝謝你，Ryan，我很感謝，也謝謝各位今天參與。再回到過去幾季以及我們討論過的內容：我們正從「驅動影片體驗」轉向「驅動具代理能力（agentic）的豐富體驗」，涵蓋客戶、員工、學習者以及受眾的完整旅程。我會分別舉例說明每一項。

But before that, we've been beefing our content creation management and experience layer with more tools. On content creation, to remind you, we have our VOD-based avatar, which enables to create automatic content with avatars. And this runs on top of our Content Lab capabilities and some more creation tools that we've developed.

但在此之前，我們一直在以更多工具強化內容創作、管理與體驗層。在內容創作方面，提醒各位，我們有基於 VOD 的虛擬分身（avatar），可透過分身自動生成內容。這是建立在我們的 Content Lab 能力之上，以及我們所開發的更多創作工具。

On the content management, we have the PathFactory intent-based content analytics, content intelligence platform that understands users and delivers them the next piece of content in the right context for the right reason at the right time. And then on the engagement layer, we have our Agentic Avatars and now also the role play simulation on top of that plus the delivery of the traditional Genie products that we had.

在內容管理方面，我們有 PathFactory 以意圖為基礎的內容分析與內容智慧平台，能理解使用者，並在正確的情境、基於正確的原因、於正確的時間，提供下一則內容。而在互動層方面，我們有 Agentic Avatars，現在也加入其上的角色扮演模擬（role play simulation），再加上我們既有的傳統 Genie 產品交付。

So it's quite a lot of new things, and they all come together into this flywheel when content is created, managed and delivered in real time in conversational form.

因此這是一大套新事物，而它們在內容被創作、管理並以對話形式即時交付時，會共同形成這個飛輪效應。

Let me give you examples about what's happening in each one of the four kind of learning -- sorry, journeys examples. So we started closing initial deals. Again, they're small. We expect to have the more significant contribution into revenue in the second half of the year.

我來舉例說明這四種學習——抱歉，是四種旅程——各自正在發生什麼事。所以我們開始成交一些初期案子。同樣地，它們規模不大。我們預期較顯著的營收貢獻會落在下半年。

At the beginning, they're more around right now customer journey, POCs around sales, marketing, customer support. They're coming from places like traditional tech, real estate, hospitality, consumer goods, M&T and all over the place.

一開始，這些目前多半圍繞在客戶旅程上，例如銷售、行銷、客戶支援相關的 POC（概念驗證）。它們來自傳統科技、不動產、旅宿、消費品、媒體與電信（M&T）等各種產業。

So if you look at our pipeline right now on a broader sense, we have a few dozen opportunities and they're mostly around the Agentic Avatars together with Genie, albeit that there's already a few around the Avatar video production suite. And these are about half and half between North America and Europe, about half and half between upsells and new logos.

如果你從更宏觀的角度看我們目前的管線，我們有數十個機會，主要集中在 Agentic Avatars 搭配 Genie，儘管也已經有少數是圍繞 Avatar 影片製作套件。這些機會大約一半在北美、一半在歐洲；在加購（upsell）與新客戶（new logos）之間也大約各半。

We have more of them on the customer side, customer journey side, but not too far after the employee side and then not too far after that, the learner side and the smaller one is the audience. So by order, again, customers and employees and learners and audience.

我們在客戶端、客戶旅程這一側的案子最多，但員工端也緊追在後，再來是學習者端，而最少的是受眾端。所以依序是：客戶、員工、學習者、受眾。

I will just note that audience is one part of what M&T customers do because M&T are also using us not just for TV, but in this case, also for their customer engagement and even employees. That doesn't mean that we have less on the M&T vertical, just the TV use case, that's the order.

我補充一下，受眾只是媒體與電信（M&T）客戶所做事情的一部分，因為 M&T 使用我們不僅是為了電視；在這個案例中，也用於客戶互動，甚至員工相關。這不代表我們在 M&T 垂直領域的案子較少，只是若單看「電視」使用情境，排序是如此。

From an industry perspective, we have the most coming from tech and actually M&T as well. And like I said, across multiple areas followed by education, followed by financial services and then we have pharma and real estate and gaming and BPO and manufacturing and oil and gas and food. So there's quite a few verticals that are within these pipelines for the new solutions.

從產業角度來看，最多來自科技業，實際上媒體與電信（M&T）也很多。如我所說，涵蓋多個領域；接著是教育，其次是金融服務，然後還有製藥、不動產、遊戲、BPO、製造、石油與天然氣、食品。因此，在這些新解決方案的管線中，涵蓋相當多的垂直產業。

I'll give you now examples in each one of these. So customer journeys. Folks are coming to us for marketing, website personalization, customer outreach, ABM market tiers that are creating the full personalized experiences through interaction with what we do. We have also personalized event follow-ups with quite a few that we already have done events and now they're looking at the one-on-one following up on these events with individuals.

我現在分別舉例說明。先談客戶旅程。大家來找我們做行銷、網站個人化、客戶外聯、ABM 分層（market tiers），透過與我們所做的互動，打造完整的個人化體驗。我們也有個人化的活動後續跟進；不少客戶已經辦過活動，現在希望針對參與者做一對一的後續跟進。

We have a couple that are already starting to look into using us for SDRs, the full-on basic sales on the website. We got customer training a few. They're looking to better enable their customers with information and also customer care. We have renewal enablement. And we also have folks that are working with us towards their partners, the large companies that have marketplaces for their partners and looking to have better tools for both enablement and support.

我們也有幾個客戶已開始評估用我們來做 SDR（銷售開發代表），也就是在網站上進行完整的基礎銷售流程。也有一些是客戶訓練。他們希望用資訊更好地賦能客戶，同時也涵蓋客戶服務。我們有續約賦能（renewal enablement）。另外也有人與我們合作面向其合作夥伴——那些擁有合作夥伴市集的大型公司——希望在賦能與支援兩方面都有更好的工具。

So look at this breadth around customer journey in a second, I'll talk about the rest. So far from what we've originally done by way of providing video on the website plus portals, plus events, plus webcast, these were mere tools, whereas now you fulfill the full task, you fulfill the full role, you're really becoming agentic. And the outcomes -- the outputs that are being looked at are not just of people engaged with video, but are you increasing your pipeline? Are you accelerating conversion? Are you reducing costs?

先看看客戶旅程這一塊的廣度，稍後我會談其他部分。到目前為止，我們原本提供的是網站影片、入口網站、活動、網路直播等工具；但現在你是在完成整個任務、扮演完整角色，真正變得具代理性（agentic）。而大家關注的成果——輸出——不再只是「有人看了影片」，而是你是否在增加銷售管線？是否在加速轉換？是否在降低成本？

And so these are real business. And to your question about buyers, we've always had kind of elements of the marketing department involved. Now we have far deeper interest by C-level on the marketing side and on the revenue side and on the customer care side.

所以這些是真正的商業議題。回到你關於買方的問題，我們過去一直都有行銷部門某些角色參與。現在在行銷端、營收端以及客戶服務端，C-level 的興趣與投入都更深。

Going to move towards employee journeys. We got folks looking at internal recruiting, communications, L&D and onboarding is significant, IT help desk, digital reception is, sales enablement, quite a few. So consider using an Avatar plus tool to train sales and to deliver them the right content they need in the right time in the right place right there when they need it, including snippet and documents together with Genie. And we also have folks that are looking at the field support. So imagine people out there trying to install stuff and they need real-time information.

接著談員工旅程。我們看到有人在看內部招募、內部溝通、學習與發展（L&D）與到職訓練（onboarding，這塊很顯著）、IT 服務台、數位接待，以及不少的銷售賦能。所以可以想像用 Avatar 加上工具來訓練業務，並在他們需要的時間、地點即時提供正確內容，包括片段與文件，並與 Genie 搭配。我們也有人在看外勤支援。想像有人在現場安裝設備，需要即時資訊。

Learners, we got a bunch of tutors who are looking to provide teaching and learning on a one-on-one basis. So again, look at what we've historically done. We had LMS integrations with video. We have some rooms for classes. Now it's about the full teaching and learning.

學習者方面，我們有一批家教／導師希望提供一對一的教與學。同樣地，回頭看我們過去做的。我們有與影片的 LMS 整合。我們有一些用於課堂的房間。而現在重點是完整的教學與學習。

So it's significantly more value. We're in schools looking at role play like nursing schools and negotiation classes and places where people need to do stuff in front of an avatar. We got people that are using content creation and math. Consider they have all these documents and all these long videos. They want to create automatic shorter videos from either a slide deck or a document or long videos.

所以價值顯著更高。我們在學校端看到角色扮演的需求，例如護理學校、談判課程，以及人們需要在 Avatar 面前進行演練的場景。也有人在使用內容製作與數學相關的應用。想像他們有大量文件與很長的影片。他們希望從投影片、文件或長影片，自動生成更短的影片。

And we also have even folks looking at admissions assistance and community education.

另外甚至也有人在看入學申請協助與社區教育。

And lastly, on the audience side, recommendations, TV concierge, virtual assistant and even physical events, big venues, point of sales, kiosks. So it's by far more robust type of interactions that we've had than in the past. The beauty about it is that this is not a pivot. This is not a dropping video and suddenly getting into all these areas. This is the new way to use rich media and many of them are connected to the other products we have.

最後是受眾端：推薦、電視禮賓（TV concierge）、虛擬助理，甚至是實體活動——大型場館、銷售點（POS）、自助服務機（kiosks）。因此，這些互動型態比我們過去做的要強健得多。其美妙之處在於，這不是轉向（pivot）。不是放棄影片、突然跑去做所有這些領域。這是使用豐富媒體的新方式，而且其中很多都與我們既有的其他產品相連。

So people are seeing this, okay, great. We need within this new ABM, the website, and we need within this engagement of customers, the events. So it's added to what we've done.

所以大家看到這些會說，好，太好了。在這個新的 ABM 裡，我們需要網站；在客戶互動裡，我們需要活動。所以這是在我們既有成果之上再加上去的。

So a long answer, but hopefully, it gives you color, Ryan.

回答得有點長，但希望能讓你更有概念，Ryan。

(Operator Instructions) DJ Hynes, Canaccord Genuity.

(接線員指示) DJ Hynes，Canaccord Genuity。

This is Ryan on for DJ. So you've obviously added a ton of new functionality to the platform with eSelf and now PathFactory. And I know PathFactory is obviously new. But do you anticipate any sort of sales cycle elongation or digestion period as the sales force gets up to speed with the new platform?

我是代 DJ 發言的 Ryan。所以你們顯然透過 eSelf，現在又透過 PathFactory，為平台新增了大量新功能。我知道 PathFactory 顯然是新的。但你是否預期，隨著銷售團隊熟悉並跟上新平台，銷售週期會有任何拉長或消化期？

Yes. Thank you, Ryan, for that question. Not necessarily. But then again, let's remember, sales cycles have always been kind of classic large enterprise sales cycles. Historically, Needham telecom could have been 1.5 years and the classic enterprise sales cycles, not only us, if you have Salesforce.com or whatever, I mean, they're 14 months.

是的。謝謝你，Ryan，提出這個問題。不一定。不過話說回來，我們要記得，銷售週期一直以來都很典型地屬於大型企業的銷售週期。從歷史來看，Needham 的電信案子可能要 1.5 年，而典型的企業銷售週期不只我們如此；如果你看 Salesforce.com 或其他公司，我是說，他們也要 14 個月。

So not to say that this is a typical sales cycle, but I don't think that they're further elongated. I think that they are typical long sales cycles. We've already had inbounds coming for POCs and interest at the beginning of this year through interaction in 2026 that we expect and see them converting in the second half of this year. So they're not all going to be extra long, but some of them might be.

所以不是說這是一個典型的銷售週期，但我不認為它們被進一步拉長。我認為它們就是典型的長銷售週期。我們今年年初就已經收到一些針對 POC 的主動詢問與興趣，並且透過互動延續到 2026 年；我們預期並看到它們會在今年下半年轉換。所以不會全部都特別長，但其中有些可能會。

Okay. Makes sense. And then if I could sneak one more in. So we saw that you opened the platform to AI coding agents recently. Could you maybe just clarify -- so I guess, how often are you seeing customers kind of build these AI-led digital experiences internally or off the Kaltura platform?

好的。明白了。如果我可以再塞一個問題。我們看到你們最近把平台開放給 AI 程式碼代理（coding agents）。你能否再澄清一下——我想問的是，你們看到客戶多常會在內部自行打造這些由 AI 驅動的數位體驗，或是在 Kaltura 平台之外打造？

And I guess, are you able to monetize this third-party access?

另外，你們是否能將這種第三方存取變現？

Yes. To be very clear, what we've enabled is the integration into Kaltura to be by way of a code that they could run and do. This is not us open sourcing our core technology or our core offering. So the avatars and the fullness of Kaltura platform is definitely our code and it's not being released. But what we generally find is that there's an interest out there to go ahead, take these tools and insert them in a very flexible, open, transparent way into the workflows and into the agents that third parties are building.

是的。非常明確地說，我們所啟用的是：以他們可以執行與運行的程式碼方式，來整合進 Kaltura。這不是我們把核心技術或核心產品開源。因此，Avatar 以及 Kaltura 平台的完整功能絕對是我們的程式碼，並不會釋出。但我們通常看到的是，市場上確實有興趣把這些工具以非常彈性、開放、透明的方式，嵌入到第三方正在打造的工作流程與代理（agents）之中。

Now we've always taken the approach that video is in an island and also the experiences and the agents that we provide now are not in island. They need to be connected into databases. They need to be connected into third-party systems. They need to be connected into enterprise workflows. And we want to enable the lowest barrier for folks to take our tools and customize them, integrate them, insert them into workflows and have them embedded within the environment that things are happening now.

我們一直以來的觀點是，影片不是一座孤島；而且我們現在提供的體驗與代理也不是孤島。它們需要連接到資料庫。它們需要連接到第三方系統。它們需要連接到企業工作流程。我們希望把門檻降到最低，讓大家能夠使用我們的工具進行客製化、整合、插入到工作流程中，並嵌入到目前各項事情正在發生的環境裡。

And this is even more so the case, the more in-depth you are connected into the actual value generation of key KPIs of the company. And so that is enabled.

而且越是深入連結到公司關鍵 KPI 的實際價值產生，這種需求就越明顯。因此，這些能力已經被啟用。

So what we're seeing is that folks definitely are thinking about their agents. We're not the first or last agent that's going to be around. What we're adding is that richness in the end user experience around the Agentic interface. And in order for that to work, it needs to be natively connected to the rest of the agentic logic. And yes, we're seeing an increased amount of definitely tech companies but beyond saying, listen, we got our own agent factory.

所以我們看到的是，大家確實都在思考他們的代理。我們不會是第一個或最後一個存在的代理。我們所增加的是：在 Agentic 介面周邊，終端使用者體驗的豐富度。而要讓這件事運作，它需要原生地連接到其餘的 agentic 邏輯。而且是的，我們看到越來越多——當然包含科技公司，但不僅限於此——在說：聽著，我們有自己的代理工廠。

We've got a bunch of things we do. But we definitely appreciate everything that you just talked about and how we -- need to turn our website into dynamically created generative environment or we need to turn our training or learning for customers or employees. We just need to have these tools connected to the rest of our agentic logic, our own RAG to whatever LLMs we use, to whatever applications we are developing to whatever agents we're putting in place, and that's what we've enabled.

我們有一堆事情在做。但我們確實很欣賞你剛才談到的一切，以及我們如何——需要把我們的網站變成動態生成的生成式環境，或是需要把我們對客戶或員工的訓練／學習轉型。我們只是需要讓這些工具連接到我們其餘的 agentic 邏輯、我們自己的 RAG、我們使用的任何 LLM、我們正在開發的任何應用，以及我們正在部署的任何代理，而這就是我們所啟用的。

Ladies and gentlemen, this concludes the question-and-answer session. I would now like to hand the conference over to Ron Yekutiel, the CEO, for the closing remarks.

各位女士先生，問答環節到此結束。接下來我想把會議交給執行長 Ron Yekutiel，請他做結語。

Yes, I appreciate that, and thank you all for joining. Again, I think we're on track. We are seeing interest in the new stuff that we have brought in. As stated, we have our event around the corner that's happening in both New York, San Francisco and London with great attendance. We're inviting all of you to register to it online.

是的，謝謝，我很感激，也謝謝各位參與。再次強調，我認為我們正按計畫推進。我們看到市場對我們帶來的新內容有興趣。如先前所述，我們即將舉辦活動，分別在紐約、舊金山與倫敦舉行，出席情況非常好。我們也邀請各位上網註冊參加。

We're also going to be at the Needham 21st Annual Technology Conference, inviting you to come meet us there. And lastly, you may have seen, as noted in our earnings PR, we've put in our quarterly investor deck presentation, our conversational Agentic Avatar that walks you through the deck through the presentation of an aid. You could ask it to explain to you and take you through the slides. You could ask him to address additional questions when I say him, actually is my avatar, but we could have put any avatar out there. And I'm sure you're going to find that helpful and it's something that showcases our technology.

我們也將出席 Needham 第 21 屆年度科技大會，邀請你們到現場與我們會面。最後，你們可能也看到了——如我們財報新聞稿所提——我們在季度投資人簡報（investor deck）中加入了我們的對話式 Agentic Avatar，作為輔助，帶你逐頁走過簡報內容。你可以請它為你解釋並帶你看每一張投影片。你也可以請他回答更多問題；我說「他」其實是我的 Avatar，但我們也可以放上任何 Avatar。我相信你會覺得這很有幫助，而這也展示了我們的技術。

This is one of many, many, many things that we can and will do with our new tech.

這只是我們能夠、也將會用新技術做到的眾多、眾多、眾多事情之一。

So we're excited and looking forward to what's ahead. Have a beautiful day, beautiful week, and thank you for your time.

所以我們很興奮，也期待接下來的發展。祝各位有美好的一天、美好的一週，謝謝你們的時間。

Ladies and gentlemen, the conference call of Kaltura has now concluded. Thank you for your participation. You may now disconnect your lines.

各位女士先生，Kaltura 的電話會議到此結束。感謝各位的參與。現在您可以掛斷電話線。