FiscalNote Holdings Inc (NOTE) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Fiscal second quarter 2024 financial results conference call.

女士們、先生們，下午好，歡迎參加 2024 年第二季財務業績電話會議。

(Operator Instructions).

（操作員說明）。

I would now like to introduce your host for today's conference, Bob Burrows.

現在我想介紹今天會議的主持人鮑伯·伯羅斯。

Mr. Burrows.

伯羅斯先生。

You may begin.

你可以開始了。

Good evening.

晚安.

My name is Bob Burrows.

我叫鮑勃·伯羅斯。

I'm with Western Avenue Advisers LLC, which was hired in April as an Investor Relations consultant to the company following Sara Buda's departure.

我在 Western Avenue Advisers LLC 工作，該公司於 4 月在 Sara Buda 離職後被聘為公司投資者關係顧問。

I continue to act in that capacity and look forward to speaking to the company's investor stakeholders in the coming weeks and months ahead.

我將繼續以這一身份行事，並期待在未來幾週和幾個月內與公司的投資者利益相關者交談。

Thank you for joining the call today as we discuss FiscalNote's second quarter 2024 financial results.

感謝您參加今天的電話會議，我們將討論 FiscalNote 2024 年第二季的財務表現。

With me on today's call with prepared comments are Tim Hwang, Chairman, CEO and Co-Founder; and Jon Slabaugh, CFO and Chief Investment Officer.

與我一起參加今天電話會議的是董事長、執行長兼聯合創始人 Tim Hwang；財務長兼首席投資長 Jon Slabaugh。

Other members of the senior management team will be available during the Q&A session that will follow these prepared comments.

高階管理團隊的其他成員將在問答環節中參與這些準備好的評論。

Please note, copies of today's press release, the current report on Form 10-Q for the quarter as well as an updated version of the corporate overview presentation are all available on the company website.

請注意，今天新聞稿的副本、本季度 10-Q 表格的當前報告以及公司概述簡報的更新版本均可在公司網站上取得。

In terms of important housekeeping, it is important to mention the following: During this call, we may make certain statements related to our business that are forward-looking statements under federal securities laws.

在重要的內務處理方面，有必要提及以下幾點：在本次電話會議中，我們可能會做出與我們業務相關的某些聲明，這些聲明屬於聯邦證券法規定的前瞻性聲明。

These statements are not guarantees of future performance but rather, are subject to a variety of risks and uncertainties.

這些陳述並不是對未來績效的保證，而是受到各種風險和不確定性的影響。

Our actual results could differ materially from expectations reflected in any forward-looking statements.

我們的實際結果可能與任何前瞻性陳述中反映的預期有重大差異。

For a discussion of the material risks and important factors that could affect our actual results as well as the risks and other important factors discussed in today's earnings release, please refer to our SEC filings, which are available either on our company website or the Securities and Exchange Commission's EDGAR system.

有關可能影響我們實際結果的重大風險和重要因素的討論，以及今天收益報告中討論的風險和其他重要因素，請參閱我們的 SEC 文件，這些文件可在我們公司網站或證券和交易委員會的EDGAR 系統。

Additionally, non-GAAP financial measures will be discussed on this conference call.

此外，本次電話會議也將討論非公認會計準則財務指標。

Please refer to the tables in our earnings release or the updated version of the corporate overview presentation, both of which are available on the Investor Relations portion of our website for a reconciliation of these measures to their most directly comparable GAAP financial measure.

請參閱我們的收益報告中的表格或公司概述簡報的更新版本，這兩個表格都可以在我們網站的投資者關係部分找到，以便將這些指標與其最直接可比較的公認會計準則財務指標進行核對。

Finally, we use key performance indicators or KPIs in evaluating the performance of our business.

最後，我們使用關鍵績效指標或 KPI 來評估我們的業務績效。

These include run rate revenue or RRR, annual recurring revenue or ARR and net retention revenue.

其中包括運行率收入或 RRR、年度經常性收入或 ARR 以及淨保留收入。

Again, please refer to the earnings release or the updated corporate deck for definitions of these important metrics.

同樣，請參閱收益報告或更新後的公司資料，以了解這些重要指標的定義。

And with that, I'd like to turn the call over to FiscalNote's Chairman, CEO and Co-Founder, Tim Hwang.

接下來，我想將電話轉給 FiscalNote 的董事長、執行長兼聯合創辦人 Tim Hwang。

Tim?

提姆？

Thank you, Bob, for that introduction, and thank you all for joining us this afternoon.

謝謝鮑伯的介紹，也謝謝大家今天下午加入我們。

It's good to be with you today to discuss our second quarter 2024 results and provide an update on the state of our overall business.

很高興今天與您一起討論我們 2024 年第二季的業績並提供有關我們整體業務狀況的最新資訊。

I always look forward to these opportunities to connect with our shareholders and share with you the exciting developments here at FiscalNote.

我一直期待有這些機會與我們的股東建立聯繫，並與您分享 FiscalNote 令人興奮的發展。

First, let me take a few moments to remind you of some of the core fundamentals of FiscalNote.

首先，讓我花點時間提醒您 FiscalNote 的一些核心基礎知識。

As you've heard from me many times before, we're on a mission to help our customers make sense of the complicated and constantly changing world we live in by delivering a proprietary AI-enabled platform that aggregates and organizes regulatory, political and macroeconomic information and analyze the impacts on the organization overall.

正如您之前多次從我那裡聽到的那樣，我們的使命是透過提供一個專有的人工智慧平台來幫助我們的客戶理解我們所生活的複雜且不斷變化的世界，該平台聚合和組織監管、政治和宏觀經濟資訊資訊並分析對整個組織的影響。

We are the market-leading AI platform for the regulatory legislative policy and geopolitical intelligence sectors, essentially the Bloomberg Terminal for regulatory and legislative and strategic risk, drawing upon a deep reservoir of technical expertise, proprietary data and analytical tools.

我們是監管立法政策和地緣政治情報領域市場領先的人工智慧平台，本質上是監管、立法和戰略風險的彭博終端，利用深厚的技術專業知識、專有數據和分析工具。

Our proprietary high-quality and authoritative data on a range of aspects include international, federal, state and local legislation across 80,000 cities, all 50 states and every major federal regulatory

我們專有的高品質、權威數據涉及多個方面，包括 80,000 個城市、所有 50 個州以及每個主要聯邦監管機構的國際、聯邦、州和地方立法

agency as well as deep profiles of tens of thousands of policymakers, millions of legislative regulatory bodies and purpose-built analytical tools monitoring governments around the world that have enabled FiscalNote to build a market-leading position across thousands of customers.

機構以及數以萬計的政策制定者、數以百萬計的立法監管機構和監測世界各地政府的專用分析工具的深入資料，使 FiscalNote 能夠在數千名客戶中建立市場領先地位。

Many of our assets, including CQ, serve essentially at the Dow Jones of legislative and policy worlds, providing deep domain expertise with proprietary data.

我們的許多資產（包括 CQ）本質上服務於立法和政策領域的道瓊斯指數，透過專有數據提供深厚的領域專業知識。

CQ, as an example, has been providing Washington with information about congressional votes, budgets and congressional information since 1945.

例如，自 1945 年以來，CQ 一直為華盛頓提供有關國會投票、預算和國會資訊的資訊。

We operate in a large and growing $40 billion addressable market driven by increasing global uncertainty as well as operational and regulatory complexity that impacts almost every organization, from governments and nonprofit organizations through large enterprises who operate in a highly regulated global environment.

我們在一個價值400 億美元且不斷增長的龐大市場中運營，全球不確定性不斷增加，運營和監管複雜性不斷增加，影響到幾乎所有組織，從政府和非營利組織到在高度監管的全球環境中所經營的大型企業。

We have a strong and enduring competitive moat, underpinned by our decade-long investment in data, AI and human intelligence.

我們擁有強大而持久的競爭護城河，這得歸功於我們對數據、人工智慧和人類智慧長達十年的投資。

Our broad AI leadership in both generative AI and domain-specific AI is supported by the deep patent portfolio and is recognized by the world's preeminent AI platforms from OpenAI to Microsoft and Google.

我們在生成式人工智慧和特定領域人工智慧方面的廣泛人工智慧領先地位得到了深厚的專利組合的支持，並得到了從 OpenAI 到微軟和谷歌的世界卓越人工智慧平台的認可。

We are passionate about our customer success.

我們對客戶的成​​功充滿熱情。

Thousands of organizations ranging from government agencies and public sector organizations to major corporate customers in the Fortune 500 rely on FiscalNote every day to help interpret the impact of policies, legislation, elections, global conflicts, macroeconomic shifts on their institutions and more importantly, to take actions to achieve their business objectives and minimize political, operational and economic risk.

從政府機構和公共部門組織到財富500 強的主要企業客戶，數以千計的組織每天都依賴FiscalNote 來幫助解釋政策、立法、選舉、全球衝突、宏觀經濟變化對其機構的影響，更重要的是，為實現其業務目標並最大限度地減少政治、營運和經濟風險而採取的行動。

This forms the basis of our durable and long-term growth.

這構成了我們持久和長期成長的基礎。

We enjoy recurring compounding revenue streams of customers in the basis of annual subscription renewals, coupled with ongoing opportunities to upsell and cross-sell the same customers by offering incremental data sets, products and capabilities that enhance and expand their overall experience and, therefore, value.

我們享受以年度訂閱續訂為基礎的客戶經常性複合收入流，以及透過提供增量資料集、產品和功能來持續向同一客戶進行追加銷售和交叉銷售的機會，從而增強和擴展他們的整體體驗，從而創造價值。

Our net dollar retention has stayed in the high 90s on a consistent basis, and our revenue stream is approximately 90% recurring in nature, which provides for a high degree of visibility.

我們的淨美元留存率始終保持在 90 多歲的高水平，我們的收入流大約 90% 是經常性的，這提供了高度的可見性。

Driving our success as a management team with a strong record of innovation and product success, which, in turn, has enabled us to push the balance of the market and be innovative on behalf of our customers.

作為一個擁有良好創新和產品成功記錄的管理團隊，推動我們取得成功，這反過來又使我們能夠推動市場平衡並代表客戶進行創新。

We have relentlessly focus on capital allocation strategies that support our goal to build a durable, profitable compounding growth company that provides unique value to the world's most important decision-makers.

我們堅持不懈地關注資本配置策略，以支持我們的目標，即建立一家持久、盈利的複合成長公司，為世界上最重要的決策者提供獨特的價值。

As we scale the business, we expect to deliver long-term free cash flow margins in line with other information services leaders at scale.

隨著業務規模的擴大，我們預計將提供與其他大規模資訊服務領導者一致的長期自由現金流利潤率。

Just as S&P Global, IHS Markit, FactSet, Morningstar, CoStar and Avalara have innovated in their respective information fields, FiscalNote is forging a new path for global political, legislative and regulatory policy and market intelligence by delivering mission-critical information that has direct impact on our customers' operations.

正如S&P Global、IHS Markit、FactSet、Morningstar、CoStar 和Avalara 在各自的資訊領域進行創新一樣，FiscalNote 正在透過提供具有直接影響的關鍵任務訊息，為全球政治、立法和監管政策以及市場情報開闢一條新道路。

With our established AI pedigree and our vast array of validated trusted data, we are in a unique position to lead what is an entirely new category within the information services industry.

憑藉我們成熟的人工智慧譜系和大量經過驗證的可信數據，我們處於獨特的地位，可以引領資訊服務產業的全新類別。

We have a clear competitive advantage to deliver on this outcome.

我們擁有明顯的競爭優勢來實現這項成果。

With that as a backdrop, let me turn to our current state of the company.

以此為背景，讓我談談我們公司目前的狀況。

We continue to see positive signs through the business despite macroeconomic headwinds.

儘管宏觀經濟不利，但我們仍然看到業務的積極跡象。

We have an increased focus towards higher returning segments of our business, where we have reallocated resources towards improving retention rates, margins and profitability.

我們更加關注回報率較高的業務領域，並重新分配資源以提高保留率、利潤率和獲利能力。

Although we have revised full year revenues, our adjusted EBITDA is still tracking to meet expectations for the year, which highlights our improved profitability and margin profile.

儘管我們修改了全年收入，但調整後的 EBITDA 仍符合今年的預期，這凸顯了我們獲利能力和利潤率狀況的改善。

This is a testament to our operational discipline, our streamlined product portfolio and our focus on ensuring that we continue to maintain and increase profitability regardless of circumstance.

這證明了我們的營運紀律、精簡的產品組合以及我們致力於確保在任何情況下都能繼續保持和提高盈利能力的重點。

Ultimately, as we progress through 2025, we expect revenue growth to accelerate and more revenue to drop right to the bottom line as we improve operating leverage further.

最終，隨著 2025 年的進展，我們預計營收成長將加速，隨著我們進一步提高營運槓桿，更多收入將直接降至淨利。

In regards to revenue, we also still see modest growth in our European market and incremental growth from our Dragonfly acquisition, focused on operational risk and security.

在營收方面，我們也看到歐洲市場的溫和成長以及我們收購 Dragonfly 帶來的增量成長，並專注於營運風險和安全。

We continue to build the foundation for higher growth in the future.

我們將繼續為未來更高的成長奠定基礎。

We had many exciting product launches in the second quarter, including StressLens, which equips users with pioneering innovative new AI agent to help decode the human element of mission-critical calls, speeches, testimony and remarks given by policymakers, CEOs, regulators and other key decision makers.

我們在第二季推出了許多令人興奮的產品，包括StressLens，它為用戶配備了開創性的創新人工智慧代理，幫助解碼政策制定者、執行長、監管機構和其他關鍵人物的關鍵任務電話、演講、證詞和言論中的人為因素。

Copilot for Global Intelligence, which transforms policy, regulatory and legislative workflows, and Copilot for Policy, our second Copilot designed to enable increased efficiency and impact on policy and legislative workflows for government affairs professionals.

全球情報副駕駛(Copilot for Global Intelligence) 改變了政策、監管和立法工作流程，而政策副駕駛(Copilot for Policy) 是我們的第二個副駕駛，旨在提高政府事務專業人員的政策和立法工作流程的效率和影響力。

We highlighted these new products at our AI Day in June, which was received positively by analysts and customers and drove a significant volume of new sign-ups for Copilot for Policy in particular.

我們在 6 月的 AI Day 上重點介紹了這些新產品，受到了分析師和客戶的積極評價，尤其是 Copilot for Policy 的新註冊人數大幅增加。

As we've noted on prior calls, this year, we are increasing the velocity of our product launches and enhancements as the foundation for an enduring and sustainable growth.

正如我們在先前的電話會議中指出的那樣，今年我們將加快產品發布和增強的速度，以此作為持久和永續成長的基礎。

We have made strong progress to date with the launches that I've already noted and we'll have more to announce later this year regarding our core offerings.

到目前為止，我們已經在發布方面取得了巨大進展，我已經注意到，今年稍後我們將宣布更多有關我們核心產品的資訊。

We know that this is important to increasing client engagement retention overall.

我們知道這對於提高整體客戶參與度非常重要。

The enhancements we are bringing to market, which will take advantage of our industry lead in AI and data science will have a positive impact on retention and growth in the future as well.

我們向市場推出的增強功能將利用我們在人工智慧和數據科學方面的行業領先優勢，也將對未來的保留和成長產生積極影響。

As I mentioned earlier, the changes to our forecast for calendar 2024 reflect the ongoing focus on higher returning business segments, where we have reallocated resources towards improving client retention rates, margins and profitability.

正如我之前提到的，我們對 2024 年預測的變化反映了我們對高回報業務領域的持續關注，我們在這些領域重新分配了資源，以提高客戶保留率、利潤率和獲利能力。

We are focused on increasing efficiencies and productivity in our business in light of the challenging macroeconomic environment.

鑑於充滿挑戰的宏觀經濟環境，我們專注於提高業務效率和生產力。

In addition, we are focused on accelerating growth in future quarters through the product development efforts that I've discussed, which will further differentiate our product set and drive increased customer engagement.

此外，我們的重點是透過我所討論的產品開發工作來加速未來幾季的成長，這將進一步使我們的產品集脫穎而出並提高客戶參與度。

We are already seeing early indicators of this potential in our Copilot for Global Intelligence, which is driving new cross-sell leads.

我們已經在全球情報副駕駛中看到了這種潛力的早期跡象，它正在推動新的交叉銷售線索。

We have additional product development and enhancements on our road map for later this year, which will impact other areas of our portfolio.

我們在今年稍後的路線圖中進行了額外的產品開發和增強，這將影響我們產品組合的其他領域。

We expect these efforts to provide a tailwind to our revenue growth in 2025.

我們預計這些努力將為我們 2025 年的收入成長提供動力。

To wrap up, we conclude by saying we remain excited about the current state of our business and look to continue to execute across second half 2024 and bridging into 2025.

最後，我們對目前的業務狀況仍然感到興奮，並希望在 2024 年下半年繼續執行並過渡到 2025 年。

Our investments in AI, our focus on operational excellence and our commitment to customer success position us to capitalize on the vast opportunities ahead.

我們對人工智慧的投資、對卓越營運的關注以及對客戶成功的承諾使我們能夠充分利用未來的巨大機會。

I believe that the new AI-driven feature will mean that the old ways of analyzing legislative, regulatory and geopolitical risk will become obsolete and will drive enormous opportunities for FiscalNote.

我相信，新的人工智慧驅動功能將意味著分析立法、監管和地緣政治風險的舊方法將變得過時，並將為 FiscalNote 帶來巨大的機會。

As I said on our first quarter call in May, and I'll say it again, as we move through 2024, we view it as the first step in a multiyear journey to earning our place in history books and become the dominant player in our industry.

正如我在5 月的第一季電話會議上所說的那樣，我會再說一遍，隨著2024 年的到來，我們將其視為多年征程中的第一步，我們將在歷史書中贏得一席之地，並成為我們產業的主導者。

Our strategy is simple: deep and wide penetration across our core customer base with our core offerings, translating into higher revenues and accelerating adjusted EBITDA margins as we realize incremental operating leverage.

我們的策略很簡單：透過我們的核心產品深入且廣泛地滲透我們的核心客戶群，隨著我們實現增量營運槓桿，轉化為更高的收入並加速調整後的 EBITDA 利潤率。

It's a power formula and one that I believe will create significant value for all of our stakeholders in the years ahead.

這是一種力量公式，我相信它將在未來幾年為我們所有利益相關者創造重大價值。

With that, I'll turn it over to Jon Slabaugh, our CFO, for a detailed review of our numbers.

接下來，我會將其交給我們的財務長喬恩·斯拉博 (Jon Slabaugh)，以詳細審查我們的數據。

Jon?

喬恩？

Thank you, Tim.

謝謝你，提姆。

My comments this afternoon will be brief, so let me jump right in and walk through the numbers for Q2 2024, starting with the income statement.

我今天下午的評論將很簡短，所以讓我直接從損益表開始介紹 2024 年第二季的數據。

Total revenue for Q2 2024 was $29.2 million, lower than the prior year period due primarily to the divestiture of Board.org. While down period-to-period, subscription revenue remains the cornerstone of our business, accounting for 93% of total revenue this quarter, in line with the company's historical trends.

2024 年第二季的總收入為 2,920 萬美元，低於去年同期，主要是由於 Board.org 的剝離。雖然訂閱收入年減，但仍是我們業務的基石，佔本季總收入的 93%，與公司的歷史趨勢一致。

Digging deeper into revenue, let's look at our key performance metrics.

更深入研究收入，讓我們看看我們的關鍵績效指標。

As of Q2 2024, run rate revenue was $121 million and annual recurring revenue was $109 million.

截至 2024 年第二季度，運行率營收為 1.21 億美元，年度經常性收入為 1.09 億美元。

On a pro forma basis, adjusting for the impact of the Board.org divestiture, current year run rate revenue was level with the prior year second quarter and ARR was slightly higher than the prior year quarter.

在預期的基礎上，根據 Board.org 剝離的影響進行調整，本年度運行率收入與去年第二季度持平，ARR 略高於去年同期。

And as of Q2 2024, net revenue retention was 98%, level to the prior year.

截至 2024 年第二季度，淨收入保留率為 98%，與前一年持平。

Overall, on a true apples-to-apples basis, revenue performance for the current period was on par with last year, in line with our revised forecast and indicative of our existing operational capacity.

總體而言，在真正的同類基礎上，本期的收入表現與去年持平，符合我們修訂後的預測並表明我們現有的營運能力。

Turning to expenses.

轉向開支。

Principal operating expenses in Q2 2024 continued the trend of year-over-year decreases, reflecting the impact of cost-savings initiatives instituted in 2023 as well as the impact of the sale of Board.org and sunset products.

2024 年第二季的主要業務支出延續了同比下降的趨勢，反映了 2023 年實施的成本節約舉措的影響以及 Board.org 和日落產品銷售的影響。

Specifically, the cost of revenues decreased by over $2.5 million or 28%.

具體而言，收入成本減少了 250 萬美元以上，即 28%。

R&D decreased by $1.3 million or 29%.

研發費用減少了 130 萬美元，即 29%。

Sales and marketing decreased by approximately $2.6 million or 23% and G&A decreased by nearly $5 million or 30%.

銷售和行銷費用減少了約 260 萬美元，即 23%，一般管理費用減少了近 500 萬美元，即 30%。

In aggregate, total operating expenses in Q2 2024 fell over $11 million versus the prior year or 25%.

總體而言，2024 年第二季的總營運支出比前一年下降了 1,100 萬美元以上，即下降了 25%。

On a pro forma basis, excluding amortization expense, stock-based compensation and the impact of the sale of Board.org, OpEx decreased approximately $6 million or 16%.

按預估計算，不包括攤銷費用、股票薪酬和 Board.org 出售的影響，營運支出減少了約 600 萬美元，即 16%。

Looking at our profitability during the quarter, let's start above the line.

看看我們本季的獲利能力，讓我們從線上開始。

Gross margins remained strong in the quarter with Q2 2024 coming in at 77% on a GAAP basis and 85% on an adjusted basis, both increases over the prior year period.

本季毛利率依然強勁，2024 年第二季的毛利率以 GAAP 計算為 77%，以調整後計算為 85%，均較去年同期成長。

These improvements primarily reflect our focus on consistent adjusted EBITDA growth and the impact of the sale of Board.org, sunset products and improved efficiencies.

這些改進主要反映了我們對調整後 EBITDA 持續成長的關注，以及 Board.org 銷售、日落產品和效率提高的影響。

As we've said in past calls, we continue to pursue further incremental operating efficiencies.

正如我們在過去的電話會議中所說，我們將繼續追求進一步提高營運效率。

Transitioning to below the line.

過渡到線下。

GAAP net loss for Q2 2024 was approximately $13 million, an improvement over the prior year period.

2024 年第二季的 GAAP 淨虧損約為 1,300 萬美元，較去年同期有所改善。

EBITDA for Q2 2024 was negative $2 million, also an improvement versus the prior year.

2024 年第二季的 EBITDA 為負 200 萬美元，也較前一年有所改善。

And adjusted EBITDA was a positive $2 million versus a negative $4 million for the prior year.

調整後的 EBITDA 為正 200 萬美元，而前一年為負 400 萬美元。

With a positive adjusted EBITDA for the quarter, that brings FiscalNote to 4 consecutive quarters of positive performance for this key profitability metric, a total of approximately $7 million on a trailing four-quarter basis.

由於本季調整後的 EBITDA 為正值，FiscalNote 的這項關鍵獲利指標連續 4 個季度實現正值，在過去四個季度的基礎上總計約為 700 萬美元。

Turning to the balance sheet.

轉向資產負債表。

At quarter end, we had cash and cash equivalents of $38 million, which was bolstered by the sale of Board.org in March.

截至季末，我們的現金和現金等價物為 3,800 萬美元，這得益於 3 月份 Board.org 的出售。

Period-end cash also reflects the ongoing initiatives to improve efficiencies across the company and our continuing attention to prudently allocate capital to investments in the business with the highest potential for growth and positive return.

期末現金也反映了我們正在採取的提高整個公司效率的舉措，以及我們持續專注於審慎地將資本分配給具有最高成長潛力和正回報的業務投資。

Additionally, at quarter end, our total debt outstanding, including principal and accrued interest, stood at $172 million, sequentially lower than the end of the first quarter.

此外，截至季末，我們的未償債務總額（包括本金和應計利息）為 1.72 億美元，較上季末有所下降。

Turning to guidance.

轉向指導。

Today, we raised and tightened our full year profitability forecast for adjusted EBITDA to approximately $8 million, reflecting continued operational efficiencies.

今天，我們將調整後 EBITDA 的全年獲利預測上調並收緊至約 800 萬美元，反映了持續的營運效率。

At the same time, we lowered our full year revenue forecast for total revenues to approximately $121 million, reflecting the impact of the recently experienced higher rates of customer churn, driven by a number of factors, including macroeconomic headwinds and delays in the launch of certain product enhancements.

同時，我們將全年總收入預測下調至約 1.21 億美元，反映出近期客戶流失率上升的影響，這是由宏觀經濟逆風和某些產品推出延遲等多種因素推動的。

The weaker client retention experienced in recent quarters has led to slower ARR growth.

最近幾季的客戶保留率下降導致 ARR 成長放緩。

However, as we progress through the second half of 2024 and into 2025, our continued investments in product innovation and enhancements focused on improved customer experience, including those featured in our June AI Product Day, should drive higher customer engagement, retention rates and as a result, revenue growth and improved operating leverage.

然而，隨著我們在2024 年下半年和2025 年取得進展，我們對產品創新和增強的持續投資，重點是改善客戶體驗，包括我們6 月人工智慧產品日的特色內容，應該會推動更高的客戶參與度、保留率，並作為結果，收入成長並提高了營運槓桿。

We also today provided our initial guidance for Q3 2024 total revenues of approximately $29 million and adjusted EBITDA of approximately $2 million, both reflecting trends we've experienced thus far this year.

我們今天也提供了 2024 年第三季總收入約 2,900 萬美元的初步指導，調整後的 EBITDA 約 200 萬美元，兩者都反映了我們今年迄今所經歷的趨勢。

Finally, I wanted to note that the Board continues to review all strategic alternatives available to the company to maximize value for shareholders.

最後，我想指出的是，董事會將繼續審查公司可用的所有策略替代方案，以實現股東價值最大化。

As we stated before, we do not intend to provide updates on the outcome of this review until further disclosure is appropriate and required.

正如我們之前所說，在適當且需要進一步披露之前，我們不打算提供有關此審查結果的最新資訊。

Our business through the midpoint of the year remains well positioned to drive further impact and success.

到今年年中，我們的業務仍然處於有利地位，可以推動進一步的影響和成功。

We continue to implement our product strategy while executing on the operational efficiency initiatives as we further solidify our position as a critical partner to a diverse global customer base.

我們繼續實施我們的產品策略，同時執行營運效率計劃，進一步鞏固我們作為多元化全球客戶群關鍵合作夥伴的地位。

That concludes my prepared remarks.

我準備好的發言就到此結束。

I'll turn it over to the operator to begin the question-and-answer session.

我會將其交給接線員以開始問答環節。

Operator?

操作員？

Operator in queue.

操作員在隊列中。

(Operator Instructions)

（操作員說明）

Zach Cummins with B. Riley Securities.

康明斯 (Zach Cummins) 與 B. Riley 證券公司。

Hi, this is Ethan Widell calling in for Zach Cummins.

大家好，我是伊森‧維德爾 (Ethan Widell) 為 Zach Cummins 打電話。

Just one from my end.

我這邊只有一張。

So can you maybe elaborate a little bit on the factors behind the revs guidance?

那麼能否詳細說明一下轉速指導背後的因素？

Is it mostly just churn based on macros you were talking about?

它主要是基於你所說的宏的流失嗎？

Or is there anything else in play there?

還是還有其他事情在運作？

Thank you.

謝謝。

Yes, this is Josh.

是的，這是喬許。

I can address that.

我可以解決這個問題。

So in terms of what we're seeing there, there's certainly the macro in play.

因此，就我們所看到的情況而言，宏觀因素肯定在發揮作用。

We're seeing some slower decision-making, some softness on renewals as a result of the macro.

我們看到，由於宏觀政策的影響，決策速度有所放緩，續約也出現了一些疲軟。

We are very focused on driving improvements through what we can do in terms of the product improvements that Tim spoke about, and we are very confident in our ability to have a positive impact on customer engagement and retention, but macro is definitely playing a factor.

我們非常專注於透過蒂姆談到的產品改進來推動改進，我們對我們對客戶參與度和保留率產生積極影響的能力非常有信心，但宏觀因素肯定是一個因素。

And we're doing other things, too, around operational as well as we have continued to do over time, look at things like customer scoring models and the like that we think will drive improvement there as well.

我們也在圍繞營運做其他事情，以及隨著時間的推移我們一直在做的事情，例如客戶評分模型之類的事情，我們認為這也將推動那裡的改進。

Got it.

知道了。

Appreciate that.

很欣賞這一點。

Mike Latimore with Northland Capital Markets.

麥克‧拉蒂摩爾 (Mike Latimore)，北國資本市場 (Northland Capital Markets)。

Hi, this is Vijay Devar for Mike Latimore.

大家好，我是邁克·拉蒂摩爾 (Mike Latimore) 的維傑·德瓦 (Vijay Devar)。

Thanks for taking my questions.

感謝您回答我的問題。

The first one is on the Board.org. You've got 7 times revenue for that in terms of valuation.

第一個位於 Board.org 上。就估值而言，你的收入是它的 7 倍。

So wondering are there any other groups that could logically be independent.

所以想知道是否有其他團體在邏輯上可以獨立。

And if divestment strategies looked at for such groups, what valuations would be logical for those?

如果為這些集團考慮撤資策略，那麼對這些集團來說，什麼樣的估值才是合理的？

I'll take that.

我會接受的。

It's Jon Slabaugh.

我是喬恩‧斯拉博。

And I would say that we're not presently planning to make a divestiture that we were prepared to speak to at this time.

我想說的是，我們目前不打算進行我們此時準備討論的剝離。

And I think it's – I think we have a view of valuation in the underlying products that we own, and we think they're disconnected from where overall market value is, and we'll continue to explore ways to maximize shareholder value.

我認為這是 - 我認為我們對我們擁有的基礎產品的估值有自己的看法，我們認為它們與整體市場價值脫節，我們將繼續探索最大化股東價值的方法。

But presently, nothing imminent.

但目前還沒有什麼迫在眉睫的事情。

All right.

好的。

Got it.

知道了。

And secondly, on the majority of bookings tend to happen around the September-December time frame.

其次，大多數預訂往往發生在 9 月至 12 月期間。

So how are the leading indicators of bookings for that period?

那麼該時期的預訂領先指標如何？

We talked about a little bit macro headwinds, but any commentary on the leading indicators for bookings?

我們討論了一些宏觀阻力，但對預訂領先指標有什麼評論嗎？

That will be helpful.

這會有幫助的。

Sure.

當然。

Yes, this is Josh.

是的，這是喬許。

So I mean our forecast reflects what we expect to see from a bookings perspective for the second half.

所以我的意思是，我們的預測反映了我們從下半年預訂角度看到的情況。

As I mentioned, we have seen some slowness from the macro, but we're taking steps that we need to do to address what we can control internally.

正如我所提到的，我們已經看到了宏觀方面的一些緩慢，但我們正在採取我們需要採取的措施來解決我們可以在內部控制的問題。

We do have a healthy new logo pipeline.

我們確實有一個健康的新標誌管道。

So we're feeling better about the second half.

所以下半場我們感覺好多了。

Yes, thank you.

是的，謝謝。

There are no further questions.

沒有其他問題了。

I will now turn the call back over to Bob Burrows for any closing remarks.

現在，我將把電話轉回給鮑勃·伯羅斯 (Bob Burrows)，讓其發表結束語。

Please go ahead.

請繼續。

Thank you, Angelo.

謝謝你，安吉洛。

That concludes our call today.

我們今天的電話會議到此結束。

We appreciate everyone's participation on the call and if there are any additional questions, obviously feel free to reach out to any of us.

我們感謝大家參與此電話會議，如果還有任何其他問題，請隨時與我們任何人聯繫。

Again, we really appreciate the time, and thank you very much.

再次，我們非常感謝您的寶貴時間。

We'll speak to you all soon.

我們很快就會與大家交談。

That concludes today's call and thank you all for joining and you may now disconnect.

今天的電話會議到此結束，感謝大家的加入，現在您可以斷開連線了。