Near Intelligence Inc (NIR) 2023 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Near Intelligence second-quarter 2023 earnings conference call. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加Near Intelligence 2023 年第二季度收益電話會議。 （操作員說明）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to hand the conference over to Mark Griffin, the Investor Relations.

我現在想將會議交給投資者關係部門的馬克·格里芬 (Mark Griffin)。

Hello and welcome to the Near Intelligence second-quarter 2023 earnings call. Today, we'll be discussing the results announced in our earnings press release issued after the market closed yesterday. With me on the call today are Anil Mathews, Near's Chief Executive Officer, and Rahul Agarwal, the company's Chief Financial Officer.

大家好，歡迎參加 Near Intelligence 2023 年第二季度財報電話會議。今天，我們將討論昨天收盤後發布的收益新聞稿中公佈的結果。今天與我一起參加電話會議的是 Near 首席執行官阿尼爾·馬修斯 (Anil Mathews) 和公司首席財務官拉胡爾·阿加瓦爾 (Rahul Agarwal)。

The primary purpose of today's call is to provide you with information regarding our second-quarter 2023 performance and offer an outlook for our third-quarter 2023. Certain statements made on this call that are not historical facts, including those related to our future plans, objectives, and expected performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

今天電話會議的主要目的是向您提供有關我們2023 年第二季度業績的信息，並對2023 年第三季度進行展望。本次電話會議中做出的某些非歷史事實的陳述，包括與我們未來計劃相關的陳述，目標和預期業績屬於 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

These forward-looking statements represent our outlook only as of the date of this conference call. While we believe any forward-looking statements made on this call are reasonable, actual results may differ materially because the statements are based on our current expectations and are subject to risks and uncertainties. These risks and uncertainties are discussed in our filings with the SEC, including our most recently quarterly report on Form 10-Q, which we refer to and consider these factors when relying on such forward-looking information.

這些前瞻性陳述僅代表我們截至本次電話會議之日的展望。儘管我們認為本次電話會議中所做的任何前瞻性陳述都是合理的，但實際結果可能會存在重大差異，因為這些陳述基於我們當前的預期，並受到風險和不確定性的影響。這些風險和不確定性在我們向 SEC 提交的文件中進行了討論，包括我們最近的 10-Q 表格季度報告，我們在依賴此類前瞻性信息時參考並考慮了這些因素。

Any forward-looking statement made speaks only as of the date on which it was made, and we do not undertake and expressly disclaim any obligation to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. I encourage you to visit our Investor Relations website at investors.near.com to access our second-quarter earnings press release, SEC reports, and the webcast replay of today's call.

所做的任何前瞻性陳述僅代表截至其作出之日的情況，我們不承擔並明確否認任何更新或更改我們的前瞻性陳述的義務，無論是由於新信息、未來事件還是其他原因，除非適用法律要求。我鼓勵您訪問我們的投資者關係網站 Investors.near.com，以獲取我們的第二季度收益新聞稿、SEC 報告以及今天電話會議的網絡廣播重播。

During the course of today's call, we will refer to certain non-GAAP or adjusted financial measures. We use these non-GAAP financial measures to review and assess our performance and for planning purposes. These non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from GAAP measures.

在今天的電話會議中，我們將提及某些非公認會計原則或調整後的財務指標。我們使用這些非公認會計準則財務指標來審查和評估我們的業績並用於規劃目的。這些非公認會計原則財務措施應作為公認會計原則措施的補充，而不是替代或孤立於公認會計原則措施之外。

Additional information about these non-GAAP measures, including a reconciliation of non-GAAP measures to comparable GAAP measures, is included in our press release issued after the market closed yesterday and is available on our website.

有關這些非 GAAP 指標的更多信息，包括非 GAAP 指標與可比 GAAP 指標的調節表，包含在我們昨天收盤後發布的新聞稿中，也可在我們的網站上獲取。

Finally, unless otherwise noted, all financial comparisons on this call will be made to our 2Q or fiscal year 2022 results on a historical basis.

最後，除非另有說明，本次電話會議的所有財務比較都將根據歷史數據與我們的第二季度或 2022 財年業績進行。

And with that, let me turn the call over to Anil.

接下來，讓我把電話轉給阿尼爾。

Welcome, everyone, and thank you for joining us today. We are pleased with our execution during our first full quarter as a public company. Second-quarter revenue was $17.7 million, the midpoint of our guidance range. Our net revenue retention for the quarter continues to be greater than 100% and came in at 112%.

歡迎大家，感謝您今天加入我們。我們對作為上市公司第一個完整季度的執行情況感到滿意。第二季度收入為 1770 萬美元，是我們指導範圍的中點。本季度我們的淨收入保留率繼續高於 100%，達到 112%。

More importantly, we were able to achieve our revenue target while maintaining discipline with our cost structure, resulting in an adjusted EBITDA of negative $5.1 million for Q2, which is better than expected. We continue to remain focused on improving our year-end adjusted EBITDA results.

更重要的是，我們能夠實現收入目標，同時保持成本結構的紀律，導致第二季度調整後 EBITDA 為負 510 萬美元，好於預期。我們繼續專注於改善年終調整後 EBITDA 業績。

For some of our newer listeners, I would like to briefly review how our products work, highlight our go-to-market strategy, and then review some of this quarter's highlights. Near solution brings together different types of data to help our customers understand people and places better. Our customers use this info to make smart decisions in their marketing or operations. This means they can learn more about their customers and figure out things like where to open new stores or how to attract more people to their businesses.

對於我們的一些新聽眾，我想簡要回顧一下我們的產品如何運作，重點介紹我們的上市策略，然後回顧本季度的一些亮點。 Near 解決方案匯集了不同類型的數據，幫助我們的客戶更好地了解人和地點。我們的客戶使用這些信息在營銷或運營中做出明智的決策。這意味著他們可以更多地了解客戶，並弄清楚在哪裡開設新店或如何吸引更多人加入他們的業務。

Now let's revisit our three core pillars: data, privacy, and AI. These pillars work together to elevate our solutions to unparalleled height. First up, data. This is what makes Near standout. We have worked hard to gather the best data around. It's unique to us and really massive. The painstaking investment we have made in refining data quality and scope is the bedrock upon which our AI models are trained. With strong data, we're helping companies make better decisions.

現在讓我們重新審視我們的三大核心支柱：數據、隱私和人工智能。這些支柱共同努力，將我們的解決方案提升到無與倫比的高度。首先，數據。這就是近市脫穎而出的原因。我們努力收集最好的數據。它對我們來說是獨一無二的，而且非常龐大。我們在完善數據質量和範圍方面所做的艱苦投資是我們訓練人工智能模型的基石。憑藉強大的數據，我們正在幫助公司做出更好的決策。

The second pillar, privacy, is super important to us. It isn't just a word; it's a guiding staff for Near. We know that being a trusted data company means we need to protect people's and our customers' privacy. Our products are meticulously crafted with our privacy leading tools, affording us the honor of being an unparalleled source of people and places included.

第二個支柱，隱私，對我們來說非常重要。這不僅僅是一個詞；而是一個詞。是Near的嚮導。我們知道，作為一家值得信賴的數據公司意味著我們需要保護人們和客戶的隱私。我們的產品採用領先的隱私工具精心打造，使我們有幸成為無與倫比的人員和場所來源。

Lastly, AI. We've been using AI for 10 years now. It's like our secret sauce. Our platform uses AI to do cool things like answering questions in regular language and helping us find trends in the data.

最後，人工智能。我們使用人工智能已有 10 年了。這就像我們的秘密醬汁。我們的平台使用人工智能來做一些很酷的事情，例如用常規語言回答問題並幫助我們發現數據趨勢。

Looking ahead, we're getting ready for a big shift with generative AI, a transformation that's about to shake industries, including our own. We foresee a proprietary data emerging as a strategic differentiator, setting us apart as we train our models, not only to unearth invaluable insights, but also to bridge knowledge gaps, all while safeguarding the sacred tenants of privacy.

展望未來，我們正在為生成式人工智能的重大轉變做好準備，這一轉變將撼動各行業，包括我們自己的行業。我們預見專有數據將成為戰略差異化因素，使我們在訓練模型時脫穎而出，不僅可以挖掘寶貴的見解，還可以彌合知識差距，同時保護隱私的神聖租戶。

To sum it up, Near's power comes from data, privacy, and AI working together. We believe the convergence of high-quality, proprietary data, with generative AI and an ever-changing regulatory compliance landscape will give us an even greater advantage in the future. Our goal is to maximize data utility while protecting privacy.

總而言之，Near 的力量來自於數據、隱私和人工智能的共同作用。我們相信，高質量的專有數據與生成式人工智能以及不斷變化的監管合規環境的融合將為我們在未來帶來更大的優勢。我們的目標是在保護隱私的同時最大化數據效用。

We believe our high-quality data, coupled with generative AI, will put an end to having to choose between the value of data and compliance. A good example of the power of our combination of data, privacy, and AI is our customer, Earth.Vision, a mapping and research services company, providing a range of offerings to the retail focus to commercial real estate industry such as retailers, property owners, and brokers.

我們相信，我們的高質量數據與生成式人工智能相結合，將結束必須在數據價值和合規性之間做出選擇的情況。我們的客戶Earth.Vision 是我們將數據、隱私和人工智能相結合的力量的一個很好的例子，Earth.Vision 是一家地圖和研究服務公司，為商業房地產行業的零售重點提供一系列產品，例如零售商、房地產業主和經紀人。

Earth.Vision has helped its real estate clients to identify customer demographics, analyze trade areas, and assess cannibalization risks to make informed decisions, optimize market strategies, and close real estate transactions using Near's privacy-safe platform, resulting in almost 488 successfully completed projects.

Earth.Vision 使用 Near 的隱私安全平台幫助其房地產客戶識別客戶人口統計數據、分析貿易區域並評估蠶食風險，以做出明智的決策、優化市場策略並完成房地產交易，從而成功完成了近 488 個項目。

Before discussing our quarterly highlights, I want to review our go-to-market strategy and how we'll accelerate our growth in 2024 and beyond. Our GTM strategy has been a land-and-expand model. We target a small specific use case in one geography or division. And then through superior execution, we are able to expand to more use cases to other geographies and additional divisions within a large company.

在討論我們的季度亮點之前，我想回顧一下我們的上市策略以及我們將如何在 2024 年及以後加速增長。我們的 GTM 戰略是土地擴張模式。我們針對一個地區或部門的一個小型特定用例。然後，通過卓越的執行力，我們能夠將更多用例擴展到其他地區和大公司內的其他部門。

A good part of our customer base is large multinational corporations that understand we can provide solutions across the globe with the strength of our master data universe of 1.6 billion unique user IDs across 44 countries, which means these customers have significant expansion opportunities.

我們的客戶群中有很大一部分是大型跨國公司，他們了解我們可以利用我們在44 個國家/地區擁有16 億個唯一用戶ID 的主數據宇宙的優勢，在全球範圍內提供解決方案，這意味著這些客戶擁有巨大的擴展機會。

Our go-to-market strategy also relies on a mix of direct sales and channel partners. To unlock the fullest potential of our data and attain optimal outcomes, the integration of diverse systems into an activation platform, a visualization tool, or personalized dashboard commands a reasonable investment in professional services. Fulfilling this crucial requirement for our customers, we rely on our valued channel partners to deliver these indispensable and strategically significant services.

我們的進入市場策略還依賴於直接銷售和渠道合作夥伴的結合。為了充分發揮數據的潛力並獲得最佳結果，將不同的系統集成到激活平台、可視化工具或個性化儀表板中需要對專業服務進行合理的投資。為了滿足客戶的這一關鍵要求，我們依靠我們尊貴的渠道合作夥伴來提供這些不可或缺且具有戰略意義的服務。

Since our inception, we have placed significant emphasis on technology and the development of our robust data platform. This journey has been facilitated by our agile and streamlined direct sales strategy, complemented by robust partner model, both of which have been instrumental in shaping our successful land-and-expand methodology. A pivotal catalyst driving our decision to go public has been the imperative -- to amplify our direct sales force, bolster sales support infrastructure, and allocate the necessary resources to fortify our robust enterprise sales machinery.

自成立以來，我們非常重視技術和強大數據平台的開發。我們靈活、精簡的直銷策略推動了這一旅程，並輔以強大的合作夥伴模式，這兩者都有助於塑造我們成功的土地和擴張方法。推動我們做出上市決定的一個關鍵催化劑是當務之急——擴大我們的直接銷售隊伍，加強銷售支持基礎設施，並分配必要的資源來加強我們強大的企業銷售機制。

In preparation for our transition into a public company, we proactively made strategic investments to strengthen our direct sales force, led by a dynamic new leadership team. By the close of 2022, our dedicated team of sales representatives had grown to 25, complemented by an additional 50 experts providing exceptional pre- and post-sales support.

為了準備向上市公司轉型，我們在充滿活力的新領導團隊的領導下，積極進行戰略投資，以加強我們的直銷隊伍。截至 2022 年底，我們的專業銷售代表團隊已增至 25 名，另外還有 50 名專家提供卓越的售前和售後支持。

This remarkable expansion represented an impressive surge of approximately 100% compared to our figures in 2021. And our aspirations were high, aligned with our commitment to growth. However, as a thriving in young organization, we recognize the importance of striking the right balance between ambition and prudence. While we celebrated the commendable progress of numerous new team members, we acknowledge that certain areas experienced variations in performance, primarily stemming from a need for enhanced support and comprehensive training initiatives.

與 2021 年的數據相比，這一顯著的擴張令人印象深刻，增長了約 100%。我們的抱負很高，這與我們對增長的承諾是一致的。然而，作為一個蓬勃發展的年輕組織，我們認識到在雄心和謹慎之間取得適當平衡的重要性。雖然我們慶祝許多新團隊成員取得的值得稱讚的進步，但我們承認某些領域的績效存在差異，這主要是由於需要加強支持和全面的培訓舉措。

In response to those observations, we embrace the opportunity for refinement. While the initial trajectory anticipated a nine-month ramp-up period for reps, we are adapting to new realities and trending towards a year-long expectation. This adjustment reflects our dedication to ensuring that each team member is well equipped for success and that they receive the guidance needed to flourish.

為了回應這些觀察結果，我們抓住了改進的機會。雖然最初的軌跡預計代表將有九個月的提升期，但我們正在適應新的現實，並傾向於長達一年的預期。這一調整反映了我們致力於確保每個團隊成員都為成功做好充分準備，並獲得蓬勃發展所需的指導。

In alignment with our commitment to optimization, we undertook a strategic restructuring process to align our sales organization with the scale of our pipeline and the evolving needs of our value channel partners. This evolution included the establishment of a cutting-edge channel partnership team strategically focused on specific verticals. The inspiration for this innovation was drawn from our achievements within the tourism vertical, further emphasizing our commitment to innovation and excellence. As we embrace these transformative changes, we remain steadfast in our pursuit of excellence, nurturing a sales force that embodies our dedication to delivering exceptional value to our customers and stakeholders alike.

為了履行我們對優化的承諾，我們進行了戰略重組流程，以使我們的銷售組織與我們的管道規模和價值渠道合作夥伴不斷變化的需求保持一致。這一演變包括建立一個戰略性地專注於特定垂直領域的尖端渠道合作夥伴團隊。這項創新的靈感來自於我們在旅遊業垂直領域取得的成就，進一步強調了我們對創新和卓越的承諾。在我們擁抱這些變革的同時，我們仍然堅定不移地追求卓越，培養一支體現我們致力於為客戶和利益相關者提供卓越價值的銷售隊伍。

Let me run through some quarterly highlights. As mentioned earlier, expanding our utility and use cases within our existing customers is a leading driver of our business, which you can see in our net revenue retention room number. Last quarter, we mentioned a large European retailer who signed on a few years ago with a six-figure subscription that expanded greatly in 2022 to a seven-figure deal.

讓我回顧一下一些季度亮點。如前所述，在現有客戶中擴展我們的實用程序和用例是我們業務的主要驅動力，您可以在我們的淨收入保留房間數中看到這一點。上個季度，我們提到了一家大型歐洲零售商，該零售商幾年前以六位數的訂閱價格簽約，並在 2022 年大幅擴大到七位數的交易。

In Q1 of 2023, not only did they renew their seven-figure ARR contract, they expanded yet again to an eight-figure deal. We were pleased to execute on that expansion during Q2 2023 and continue to operate as an integral part of their operations.

2023 年第一季度，他們不僅續簽了七位數的 ARR 合同，還再次擴大到八位數的合同。我們很高興在 2023 年第二季度執行這一擴張，並繼續作為其運營的一個組成部分進行運營。

Over time, we have invested in verticalizing our solutions with the help of our partners who have strong practices focused on a particular niche. One of our strongest verticals is tourism. We work with over 50 major travel destinations globally, including New York & Company as well as Hawaii Tours.

隨著時間的推移，我們在合作夥伴的幫助下投資於垂直化我們的解決方案，這些合作夥伴在特定領域擁有強大的實踐。我們最強大的垂直行業之一是旅遊業。我們與全球 50 多個主要旅遊目的地合作，包括 New York & Company 以及 Hawaii Tours。

Last quarter, we mentioned the tourism partner in New York State that continued to expand the number of points of interest that we offer to the New York clients. During Q2, it was the breadth of our tourism partners that collectively were a strong driver of new revenue.

上個季度，我們提到紐約州的旅遊合作夥伴繼續擴大我們為紐約客戶提供的景點數量。在第二季度，我們的旅遊合作夥伴的廣泛性共同成為新收入的強大推動力。

In summary, we're very pleased with our second-quarter results and our ability to continue to execute on our initiatives, which we believe will drive a strong 2023.

總之，我們對第二季度的業績以及繼續執行我們的舉措的能力感到非常滿意，我們相信這將推動 2023 年的強勁發展。

With that, let turn the call over to my colleague, Rahul Agarwal.

現在，讓我們將電話轉給我的同事拉胡爾·阿加瓦爾 (Rahul Agarwal)。

Thank you, Anil. For the second quarter of 2023, GAAP revenue was $17.7 million, at the midpoint of our guidance, and up 19% year over year. Revenue from subscription customers came in at 89% of our topline revenue.

謝謝你，阿尼爾。 2023 年第二季度，GAAP 收入為 1770 萬美元，處於我們指導的中點，同比增長 19%。來自訂閱客戶的收入占我們總收入的 89%。

Net revenue retention or NRR, which measures our success in retaining and growing revenue from our existing customers, was 112% in the quarter. We have seen this number fluctuate from quarter to quarter and the second-quarter NRR was in line with our expectations.

淨收入保留率 (NRR) 衡量我們在保留和增加現有客戶收入方面的成功程度，本季度為 112%。我們看到這個數字每個季度都有波動，第二季度的 NRR 符合我們的預期。

Now looking at some key profitability metrics. GAAP gross profit was $12.1 million in Q2, representing a 68% gross profit margin. Our long-term GAAP gross profit margin is expected to be relatively steady in the 68% to 72% range, barring any unusual items.

現在看看一些關鍵的盈利指標。第二季度 GAAP 毛利潤為 1210 萬美元，毛利率為 68%。除非有任何異常項目，我們的長期 GAAP 毛利率預計將相對穩定在 68% 至 72% 的範圍內。

GAAP operating expenses were $28.2 million in Q2. This included stock-based compensation of $5.1 million and one-time transaction-related expenses of $3.2 million. Given the revised focus on sustainable and profitable growth, we have worked on rationalizing our cost structure, bringing in further efficiencies. We expect our operating expense structure to remain fairly stable over the next few quarters.

第二季度 GAAP 運營費用為 2820 萬美元。其中包括 510 萬美元的股票薪酬和 320 萬美元的一次性交易相關費用。鑑於對可持續和盈利增長的重新關注，我們致力於合理化成本結構，進一步提高效率。我們預計未來幾個季度我們的運營費用結構將保持相當穩定。

GAAP operating loss for Q2 was $16.1 million and GAAP net loss was $17.7 million. Non-GAAP operating loss for Q2 was $7.8 million and non-GAAP net loss was $9.4 million. Adjusted EBITDA loss for Q2 was $5.1 million, slightly better than our guidance.

第二季度 GAAP 運營虧損為 1,610 萬美元，GAAP 淨虧損為 1,770 萬美元。第二季度非 GAAP 運營虧損為 780 萬美元，非 GAAP 淨虧損為 940 萬美元。第二季度調整後 EBITDA 損失為 510 萬美元，略好於我們的指導。

Looking at the balance sheet, we ended the quarter with $54.1 million in cash and cash equivalents, including restricted cash. Our total outstanding debt based on GAAP as of June 20 was $101.3 million.

從資產負債表來看，本季度末我們的現金和現金等價物為 5,410 萬美元，其中包括限制性現金。截至 6 月 20 日，根據 GAAP 計算，我們的未償債務總額為 1.013 億美元。

Subsequent to the quarter close, the company came into an agreement with its senior secured lender, Blue Torch Capital, to prepay a portion of the total outstanding debt. Details of which have already been filed publicly to an 8-K.

本季度結束後，該公司與其高級擔保貸款人 Blue Torch Capital 達成協議，提前償還未償債務總額的一部分。其詳細信息已公開提交給 8-K。

Our Q2 accounts receivable balance was $23.2 million, a $2 million reduction from the first quarter, but accounts receivable balances remain elevated due to delayed collections. We continue to work on reducing the overall days sales outstanding and expect our AR balance to normalize before the end of this year.

我們第二季度的應收賬款餘額為 2320 萬美元，比第一季度減少 200 萬美元，但由於收款延遲，應收賬款餘額仍然較高。我們繼續努力減少總銷售天數，並預計我們的應收賬款餘額在今年年底前恢復正常。

Moving to our outlook. For Q3, we currently expect revenue to be in the range of $18 million to $20 million. Adjusted EBITDA is expected to be in the range of negative $1.5 million to negative $2.5 million. The company will need to raise additional capital in order to fund operating and investing cash flow needs and to satisfy its minimum liquidity covenant under the financing agreement, which provides that the company may not permit liquidity to be less than $20 million.

轉向我們的展望。對於第三季度，我們目前預計收入將在 1800 萬美元至 2000 萬美元之間。調整後 EBITDA 預計在負 150 萬美元至負 250 萬美元之間。公司將需要籌集額外資金，以滿足運營和投資現金流需求，並滿足融資協議規定的最低流動性契約，該契約規定公司不得允許流動性低於 2000 萬美元。

While we have been continuing to execute on the business front to mitigate the risk of fundraising, the Board and the management have prioritized focus on executing towards a profitable growth.

雖然我們一直在業務方面繼續執行以降低融資風險，但董事會和管理層已優先關注執行以實現盈利增長。

In summary, we continue to execute well, delivering top- and bottom-line results as per our forecast and guidance and believe that Near remains well positioned to maintain its momentum and operating discipline throughout 2023 and beyond.

總而言之，我們繼續執行良好，根據我們的預測和指導提供頂線和底線結果，並相信 Near 仍然處於有利位置，可以在 2023 年及以後保持其勢頭和運營紀律。

And now, I'd like to turn the call over to the operator for questions. Operator, please.

現在，我想將電話轉給接線員詢問問題。接線員，請說。

(Operator Instructions)

（操作員說明）

Mike Latimore, Northland Capital Markets.

邁克·拉蒂摩爾 (Mike Latimore)，北國資本市場。

All right. Good morning. Thanks. Quarter results look very good here. I think you had mentioned that the tourism vertical was strong in the second quarter. Just wanted to clarify that. And as you look at the pipeline, are there any particular verticals that will drive second-half bookings here?

好的。早上好。謝謝。季度業績看起來非常好。我想您已經提到第二季度的旅遊業表現強勁。只是想澄清這一點。當您查看管道時，是否有任何特定的垂直領域將推動下半年的預訂？

Hi, Mike. It's Anil here. Thanks for the question. Yes, the tourism vertical has been strong for us. Typically, tourism has been a very strong vertical for us in the past as well with a lot of big customers that -- we could only name a few there. A lot of big customers that we work with. The other vertical that you see that's working really well for us is property, which is real estate. And of course, we see good traction at R&D all the time.

嗨，邁克。我是阿尼爾。謝謝你的提問。是的，旅遊業對我們來說一直很強大。通常，旅遊業過去對我們來說一直是一個非常強大的垂直行業，也有很多大客戶——我們只能舉出其中的幾個。我們有很多合作的大客戶。您看到的另一個對我們來說非常有效的垂直行業是財產，即房地產。當然，我們一直在研發方面看到良好的牽引力。

Great. And you had mentioned that you ended 2022 with I think you said 25 salespeople. Kind of sound like you're making some changes. I guess how many salespeople do you currently have?

偉大的。您曾提到，到 2022 年結束時，您說的是 25 名銷售人員。聽起來好像你正在做出一些改變。我猜你們目前有多少銷售人員？

And then just to clarify, if there is changes there, you sound like you maybe are making that up with more channel management reps?

然後澄清一下，如果那裡有變化，你聽起來可能會用更多的渠道管理代表來彌補？

Yeah. So what we have done is -- like I had mentioned, we actually relooked at how do we create verticalized approach, and tourism was one of the examples that I gave. So we created it a channel partner team, which goes to market specifically looking at these verticals. Today, we -- and that resulted in the number of reps changing from 25 to 20 globally at the moment.

是的。所以我們所做的是——就像我提到的，我們實際上重新審視瞭如何創建垂直化方法，旅遊業就是我給出的例子之一。因此，我們創建了一個渠道合作夥伴團隊，專門針對這些垂直領域進入市場。今天，我們的全球代表人數從 25 人變更為 20 人。

Okay. And then just -- I know you're giving third-quarter guidance here. I guess in terms of fourth quarter, is there any seasonality there? Positive or negative tied to marketing or verticals? How do you generally think about Q4 seasonality?

好的。然後，我知道您在這裡給出了第三季度的指導。我想第四季度有季節性嗎？與營銷或垂直領域相關的積極或消極因素？您一般如何看待第四季度的季節性？

Sure. Rahul, want to take that?

當然。拉胡爾，想要那個嗎？

Yeah, sure. Hi, Mike. So typically, we've seen fourth quarter either flat or higher than third quarter. At this stage, we are not giving out guidance given that work that is being done around capital raising and reworking on the overall team structure. But we don't expect the fourth quarter to be lower than Q3.

好，當然。嗨，邁克。通常情況下，我們看到第四季度要么持平，要么高於第三季度。鑑於目前圍繞融資和重新設計整體團隊結構的工作正在進行，我們不會給出指導。但我們預計第四季度的業績不會低於第三季度。

Great. And I guess just one last question on AI. Can you give an example of how generative AI may improve the user experience or capabilities of your platform?

偉大的。我想這只是關於人工智能的最後一個問題。您能否舉例說明生成式人工智能如何改善用戶體驗或平台功能？

Yes, of course. So generative AI, one of the reason we are so excited about this is -- and I touched upon this earlier as well, is if you look at the father for training monitors is actually data, superior data. And we're sitting on a lot of that. So you would see generative AI being implemented in many aspects of our offering. And I don't think there will be any offering that will be untouched with that in the future.

是的當然。因此，生成式人工智能，我們對此如此興奮的原因之一是——我之前也談到過這一點，如果你看看訓練監視器的父親實際上是數據，高級數據。我們正坐擁很多這樣的事情。因此，您會看到生成式人工智能在我們產品的許多方面得到實施。我認為未來不會有任何產品不受此影響。

The immediate things that you would see coming up is one is because we get a lot of data, there is -- which is used to understand consumer journey, there's still gaps in those journeys. So generative AI allows us to actually plug in these gaps and give a fuller picture of consumer journey without sacrificing privacy. So that's one of the big things that you would see coming from us.

您會立即看到的事情是，因為我們獲得了大量數據，這些數據用於了解消費者的旅程，但這些旅程中仍然存在差距。因此，生成式人工智能使我們能夠真正填補這些空白，並在不犧牲隱私的情況下更全面地了解消費者的旅程。所以這是你會從我們身上看到的重大事情之一。

Okay. Great. Thanks very much.

好的。偉大的。非常感謝。

Thank you so much.

太感謝了。

Mark Zgutowicz, Benchmark Company.

馬克·茲古托維奇 (Mark Zgutowicz)，基準公司。

Thank you, Anil and Rahul. Just so I'm clear here. So initially and specifically on your direct sales force, initially, you had targeted 25 and now you're targeting 20. Is that reduction based on your measures to stay closer to profitability? And how is that impacting your pipeline, if you will?

謝謝你們，阿尼爾和拉胡爾。這樣我就清楚了。因此，最初，特別是對於您的直銷隊伍，最初的目標是 25 人，現在的目標是 20 人。這一減少是基於您為更接近盈利而採取的措施嗎？如果您願意的話，這對您的管道有何影響？

It looks like your guidance for 3Q at the low end implies flat sequentially. So just curious if that is a result of a change in your direct sales force count? I'll start there. Thanks.

看來您對第三季度低端的指導意味著連續持平。所以只是好奇這是否是您的直銷人員數量變化的結果？我將從這裡開始。謝謝。

Yeah. Thanks, Mark, for the question. So the way to look at this is obviously we are realigning to market realities. These are folks that we spoke about, the 25 to 20, is more -- moved from one focus to -- they're focusing more on a channel approach, channel partner approach rather than going direct to market.

是的。謝謝馬克提出這個問題。因此，看待這個問題的方式顯然是我們正在重新調整市場現實。我們談到的這些人，25 到 20 人，更多的是——從一個焦點轉移到——他們更多地關注渠道方法、渠道合作夥伴方法，而不是直接進入市場。

And that, we have seen because we have seen the past the channel partner approach working really well for us, which I touched upon in detail as well. Because the channel partners are able to provide additional services on top of our offering, which becomes a lot more valuable and stickier for our customers.

我們已經看到了這一點，因為我們已經看到過去的渠道合作夥伴方法對我們來說非常有效，我也詳細談到了這一點。因為渠道合作夥伴能夠在我們的產品之外提供額外的服務，這對我們的客戶來說變得更有價值和更具粘性。

So we are, I would say, leading a little bit more towards that channel approach than the direct approach in based on where the market is shifting and how we are seeing the sales cycles are getting longer and things like that.

因此，我想說，基於市場的變化以及我們如何看待銷售週期變長等問題，我們比直接方法更傾向於渠道方法。

The pipeline for our direct sales still remains strong. And like you've seen in the guidance for this quarter is primarily because we obviously have a big focus on profitability by next quarter and that becomes a priority for us now.

我們的直銷渠道仍然強勁。就像您在本季度的指導中看到的那樣，主要是因為我們顯然非常關注下季度的盈利能力，這成為我們現在的首要任務。

Rahul, do you want to add something?

拉胡爾，你想補充點什麼嗎？

Nothing. That was it. So, Mark, just reiterating, yes, there is some realignment on the overall growth expectations given the core focus on profitable and sustainable growth. So it will have some short-term impact. But overall, I think we are trying to make sure that we still grow at a healthy run rate while becoming profitable. That will be our goal for the next two quarters.

沒有什麼。就是這樣。因此，馬克，只是重申，是的，考慮到核心關注點是盈利和可持續增長，總體增長預期有所調整。所以會產生一些短期的影響。但總的來說，我認為我們正在努力確保我們在實現盈利的同時仍以健康的運行速度增長。這將是我們未來兩個季度的目標。

Okay. And are you still expecting -- or do you expect, I should say, NRR to improve through the balance of the year? And secondly, do you still expect adjusted breakeven -- adjusted EBITDA breakeven by fourth quarter? Thanks.

好的。您是否仍然期望——或者我應該說，您是否期望 NRR 在今年餘下時間裡有所改善？其次，您是否仍預計第四季度調整後的盈虧平衡點——調整後的 EBITDA 盈虧平衡點？謝謝。

Yeah. So the EBITDA breakeven is definitely going to be the most important aspect. But with respect to our NRR, we are not expecting it to go down. We hopefully -- we have seen some incremental NRR uplift in the second quarter over the first quarter. We expect that momentum to continue.

是的。因此，EBITDA 盈虧平衡肯定是最重要的方面。但就我們的 NRR 而言，我們預計它不會下降。我們希望——我們看到第二季度的 NRR 較第一季度有所上升。我們預計這種勢頭將持續下去。

Okay, great. And maybe just one follow-up on the channel partner realignment. Are there new channel partners that you are utilizing now or are these existing channel partners?

好的，太好了。也許只是渠道合作夥伴調整的一項後續行動。您現在正在使用新的渠道合作夥伴還是現有的渠道合作夥伴？

No. There are new channel partners. There are new channel partners, yes. So basically, it's a combination of obviously working closely with existing channel partners and adding newer partners as well. So you would see that we have added another significant partner in Europe and we continue to add new partners.

不會。有新的渠道合作夥伴。是的，有新的渠道合作夥伴。所以基本上，這是與現有渠道合作夥伴密切合作和增加新合作夥伴的結合。因此，您會看到我們在歐洲增加了另一個重要合作夥伴，並且我們將繼續增加新的合作夥伴。

Okay. That's good to know. Thank you very much.

好的。很高興知道這一點。非常感謝。

Of course.

當然。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。