FiscalNote Holdings Inc (NOTE) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

My name is Christa and I will be your conference operator today.

我叫克里斯塔，今天我將擔任你們的會議操作員。

At this time.

此時。

I would like to welcome everyone to FiscalNote Holdings Inc third quarter, 2024 financial results conference call, all lines have been placed on mute to prevent any background noise.

歡迎大家參加 FiscalNote Holdings Inc 2024 年第三季財務業績電話會議，所有線路均已設為靜音，以防止任何背景噪音。

And after the speaker's remarks, there will be a question-and-answer session.

演講者發言後，將進行問答環節。

(Operator instructions).

（操作員說明）。

Thank you.

謝謝。

I would now like to turn the conference over to the company.

我現在想把會議轉交給公司。

Please go ahead.

請繼續。

Good evening.

晚安.

My name is Bob Burrows, Founder and Principal of Western Avenue Advisors, LLC, an investor relations consultancy.

我叫 Bob Burrows，投資人關係顧問公司 Western Avenue Advisors, LLC 的創辦人兼負責人。

I am interim Investor relations Officer for Fiscal Note, having been hired by the company back in April following the departure of the former IRO.

我是 Fiscal Note 的臨時投資者關係官，於 4 月前 IRO 離職後被公司聘用。

Thank you for joining the call today as we discuss Fiscal note third quarter, 2024 financial results as well as the additional news today regarding the announced leadership change for the company with me on today's call with prepared comments are Tim Hwang, current Chairman, CEO and co-founder, Josh Resnick, current President and Chief Operating Officer and Jon Slabaugh CFO and Chief Investment Officer.

感謝您參加今天的電話會議，我們討論了2024 年第三季度財務報告以及今天有關公司宣布的領導層變動的其他新聞，在今天的電話會議上與我一起討論的是現任董事長、首席執行官黃(Tim Hwang) 和聯合創始人喬什·雷斯尼克 (Josh Resnick) 現任總裁兼首席營運官，喬恩·斯拉博 (Jon Slabaugh) 首席財務官兼首席投資官。

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

在問答環節中，高階管理團隊的其他成員將根據需要出席，問答環節將遵循這些準備好的意見。

Please note copies of today's press release.

請注意今天的新聞稿副本。

The current report on form 10-Q for the quarter and the required current report on form 8K related to today's disclosures, as well as an updated version of the corporate overview presentation are all available on the company website in terms of important housekeeping.

本季度 10-Q 表格的當前報告和與今天披露相關的 8K 表格所需的當前報告，以及公司概述簡報的更新版本都可以在公司網站上獲得重要的內務處理。

It is important to mention the following.

重要的是要提及以下內容。

During this call, we may make certain statements related to our business that are forward-looking statements under federal securities laws.

在本次電話會議中，我們可能會做出某些與我們業務相關的聲明，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 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.

我們的實際結果可能與任何前瞻性陳述中反映的預期存在重大差異，這些前瞻性陳述討論了可能影響我們實際結果的重大風險和重要因素，以及今天的收益發布中討論的風險和其他重要因素。

Please refer to our sec filings which are available either on our company website or the Securities and Exchange Commission's Edgar system.

請參閱我們的 sec 文件，這些文件可在我們公司網站或美國證券交易委員會的 Edgar 系統上取得。

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 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上找到，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 KPI's 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, annual recurring revenue or ARR and net retention revenue or NRR.

其中包括運行率收入、年度經常性收入或 ARR 以及淨保留收入或 NRR。

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 fiscal not's current Chairman, CEO and co-founder, Tim Hong Tim.

說到這裡，我想將電話轉給財務公司現任董事長、執行長兼聯合創始人 Tim Hong Tim。

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

謝謝鮑伯的介紹，也謝謝大家今晚加入我們。

It's great to be with you today as we discuss a variety of items on the company including our third quarter, 2024 results, the fate of our overall business.

很高興今天與大家一起討論公司的各種問題，包括 2024 年第三季的業績、我們整體業務的命運。

And of course, the leadership transition also announced this evening.

當然，領導層換屆也在今晚宣布。

Given that change, I'll share my thoughts on the company I co-founded before turning the call over to Josh.

鑑於這一變化，在將電話轉給喬許之前，我將分享我對我共同創立的公司的看法。

We'll provide an update on the state of the business first.

我們將首先提供有關業務狀況的最新資訊。

Let me adjust the rationale for taking a step now to transition the leadership of the company to Josh starting January 1 2025 when we set up more than 10 years ago.

讓我調整一下現在採取措施的理由，從 2025 年 1 月 1 日起，我們在 10 多年前成立，將公司領導權移交給喬許。

On founding fiscal note, our guiding principle and mission was to help customers make sense of the complicated and constantly changing world we live in by delivering a proprietary AI platform that aggregates and organizes regulatory political and macroeconomic information and analyse the impact on the organizations overall as of today.

在創始財務報告中，我們的指導原則和使命是透過提供專有的人工智慧平台來幫助客戶理解我們所生活的複雜且不斷變化的世界，該平台可以聚合和組織監管政治和宏觀經濟訊息，並分析對組織的整體影響：今天的。

And reflecting back over that time frame, that is exactly what we have done back then.

回顧那個時間段，這正是我們當時所做的。

Applying machine learning and big data analytics to texts and laws and regulations were just an equally given idea.

將機器學習和大數據分析應用於文字和法律法規也是一個同樣被提出的想法。

Fast forward.

快轉.

Today, we are now living in what I believe will be one of the largest technology transformations in my generation.

今天，我相信我們正生活在我們這一代中最大的技術變革之一。

Today, we are the market leading AI platform for the regulatory legislative policy and geopolitical intelligence sectors.

如今，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。

As you've heard from me many times, we are essentially the Bloomberg terminal for regulatory legislative strategic risk.

正如您多次從我那裡聽到的那樣，我們本質上是監管立法策略風險的彭博終端機。

Drawing upon a deep reservoir of technical expertise, proprietary data and analytical tools.

利用深厚的技術專業知識、專有數據和分析工具。

I take tremendous pride in knowing that we have a mass collection of proprietary high quality and authoritative data on a range of aspects including international Federal state and local legislation across 80,000 cities, All 50 states and every major federal regulatory agency, as well as the profiles and tens of thousands of policymakers, millions of regulatory bodies and purpose built and [oal] tools monitoring governments around the world in resulting what we have established as of today, a market leading position across thousands of customers.

我非常自豪地知道，我們在一系列方面擁有大量專有的高品質和權威數據，包括跨 80,000 個城市、所有 50 個州和每個主要聯邦監管機構的國際聯邦州和地方立法，以及概況數以萬計的政策制定者、數以百萬計的監管機構以及監控世界各地政府的專用工具和[oal]工具，使我們迄今為止在數千名客戶中建立了市場領先地位。

More than that we have grown to become several 100 passionate individuals around the world, serving thousands of customers from the White House to the dod to almost half the fortune 100 empowering decision makers around the world.

不僅如此，我們已成長為全球 100 名充滿熱情的個人，為從白宮到國防部的數千名客戶以及全球 100 強決策者中近一半的客戶提供服務。

With the intelligence they need the success of the company.

憑藉智慧，他們需要公司的成功。

From the very beginning of three guys in a laptop with an idea happened because we focused on the customer cared about our employees and continue to push the envelope on innovation from aggregating the world's legal data to putting predictive analytics on it.

從一開始，三個拿著筆記型電腦的人就有了一個想法，因為我們專注於客戶，關心我們的員工，並繼續推動創新的極限，從聚合世界法律數據到對其進行預測分析。

Pushing the boundaries of cloud collaboration and not pushing the envelope on generative AI [FMO] has been at the forefront of innovation at every turn all while saying true to customer needs and making it a great place to work.

突破雲端協作的界限，而不是挑戰生成式 AI [FMO] 的極限，始終處於創新的最前沿，同時滿足客戶需求並使其成為一個理想的工作場所。

Looking ahead the company like any startup now requires new leadership and a fresh perspective on the strategies and approaches to realizing the next phase of growth for the business.

展望未來，像任何新創公司一樣，該公司現在需要新的領導層以及對策略和方法的全新視角，以實現下一階段的業務成長。

After almost 12 years at the helm of operating fiscal note every day and after deep considerable thought, I've decided to pass the baton and transition to the role of executive chair, allowing me to step into a new chapter.

在掌管日常財務票據近12年之後，經過深思熟慮，我決定交接力棒並過渡到執行主席的角色，讓我進入新的篇章。

Returning to my founder roots with renewed passion and focus as you continue to scale fiscal, not to even greater heights.

隨著您繼續擴大財務規模，而不是達到更高的高度，以新的熱情和專注回到我的創始人的根源。

Josh Resnik current President and COO is the absolute right person for that task.

現任總裁兼營運長喬許‧雷斯尼克 (Josh Resnik) 是執行這項任務的絕對合適人選。

I'll continue to work to reinforce my continued commitment to the company's vision and success in this new role where I will continue to focus on strategic initiatives and the continuity of six-month mission as it enters the next phase of growth.

在這個新職位上，我將繼續努力加強我對公司願景和成功的持續承諾，當公司進入下一個成長階段時，我將繼續專注於策略舉措和六個月任務的連續性。

I'm incredibly proud of what Cisco has accomplished and excited to direct my passion, energy and motivation and the role of executive Chairman, working closely with Fiscal Motors on culture, nurturing new innovative products, accelerating our gender to [bi group], working on strategy and being a continuous advocate for fiscal and externally.

我對思科所取得的成就感到無比自豪，並很高興能夠發揮我的熱情、精力和動力以及執行主席的角色，與Fiscal Motors 在文化方面密切合作，培育新的創新產品，加速我們的性別[雙性群體]，工作策略並持續倡導財政和對外政策。

And I'm of course happy to support Josh who has been an effective and impactful.

我當然很高興支持喬希，他是一位有效率且有影響力的人。

Number two for the last four years, the future is part of fiscal node and the company could not be better positioned for the future.

過去四年中排名第二的是，未來是財政節點的一部分，公司為未來做好了最好的定位。

We are now living in a world where our customers need our products more than ever to navigate a rapidly changing geopolitical environment and why our level of invention and innovation continues to push the boundaries of our products at the intersection of law and AI.

我們現在生活在一個客戶比以往任何時候都更需要我們的產品來應對快速變化的地緣政治環境的世界，這也是我們的發明和創新水平不斷突破我們產品在法律和人工智慧交叉領域的界限的原因。

With this leadership transition, that feature has become even more promising as we continue to pursue our multiyear journey to earning our place in history books and becoming the dominant player in our industry.

隨著這一領導層的轉變，隨著我們繼續追求多年的旅程，在歷史書中贏得一席之地並成為我們行業的主導者，這項功能變得更加有前途。

It has been both an honour and a privilege to have served as CEO of fiscal note, Josh and I over the course of next month and a half will work together with the rest of the senior team ensuring a smooth transition.

擔任財務票據執行長是一種榮幸，喬許和我將在下一個半月內與其他高階團隊成員合作，確保順利過渡。

So that come January 1, we enter the new year well positioned to execute on the company's mission and vision and to ensuring we continue to impact the daily lives of our thousands of customers around the world.

因此，從 1 月 1 日開始，我們將進入新的一年，以良好的狀態執行公司的使命和願景，並確保我們繼續影響全球成千上萬客戶的日常生活。

Thank you and I'll now turn over to Josh up to you on the current state of the company.

謝謝您，我現在將向 Josh 報告公司目前的狀況。

Thank you, Tim for those kind words and for your heartfelt views about the company.

提姆，謝謝您的善意之言以及您對公司的衷心看法。

I want to thank everyone here for joining us this afternoon and I look forward to discussing our third quarter results as well as what you can expect to see from us in the future.

我要感謝大家今天下午加入我們，我期待討論我們的第三季業績以及您對我們未來的期望。

But first, I want to take a moment to address the change in Tim's role.

但首先，我想花點時間談談蒂姆角色的變化。

Like a number of fiscal note team members.

像是一些財注團隊成員。

I joined fiscal note because of Tim in the early part of the startup lifespan, its success rests on the founder's shoulders.

我加入財注是因為 Tim 在新創公司生命週期的早期階段，它的成功取決於創辦人的肩膀。

And from the moment I first met him and ongoing throughout my time working at fiscal mode with him, I've continued to be impressed by his unique qualities and skills, his vision, his creativity, his boldness, and his commitment and in particular, his passion for fiscal moe, his understanding of our market and his relentless drive to achieve a successful return for all our shareholders.

從我第一次見到他的那一刻起，一直到我在財務模式下與他一起工作，我一直對他獨特的品質和技能、他的遠見、他的創造力、他的大膽和他的承諾印象深刻，特別是，他對財務部的熱情、對我們市場的了解以及為我們所有股東實現成功回報的不懈努力。

And that's why I'm so glad Tim isn't leaving fiscal note and that he'll continue to work with us actively on strategy and other drivers of this next phase.

這就是為什麼我很高興蒂姆沒有留下財務票據，並且他將繼續與我們積極合作制定下一階段的策略和其他驅動因素。

In the fiscal note story.

在財政票據的故事中。

As for me, I've succeeded at both ends of the spectrum including in senior roles at some of the world's largest companies, as well as with hands on experience with tech startups, as an early hire venture advisor and leader and mentor to founders and teams.

就我而言，我在這兩個領域都取得了成功，包括在一些世界上最大的公司擔任高級職務，以及在科技新創公司中擔任早期聘用風險顧問、領導者和創始人的導師等方面的實務經驗。

So I bring a balanced perspective that supports growth and innovation at any scale.

因此，我提出了一個平衡的觀點，支持任何規模的成長和創新。

I'm looking forward to continuing to collaborate with Tim as each of us steps into our new role with that.

我期待著繼續與蒂姆合作，因為我們每個人都將步入新的角色。

Let me turn now to the stage of the company with a focus on what we've done and what you can expect to see from fiscal note going forward.

現在讓我談談公司的階段，重點關注我們所做的事情以及您可以從未來的財務報告中看到的內容。

Let me begin by first taking a broad view of the recent past.

讓我先對最近的過去進行一個廣泛的回顧。

We've spent the last two years right, sizing our cost structure as well as going from consistently negative adjusted EBITA to five quarters in a row of positive adjusted EBITDA including this most recent quarter.

過去兩年我們的成本結構調整是正確的，並且從持續的負調整息稅折舊攤銷前利潤（EBITDA）轉變為連續五個季度的正調整息稅折舊攤銷前利潤（包括最近一個季度） 。

Importantly, today, we are announcing an upward revision for the full year 2024 to approximately $9 million suggested EBITDA.

重要的是，今天，我們宣布將 2024 年全年的建議 EBITDA 上調至約 900 萬美元。

This is a tremendous accomplishment for all of our fiscal teams and a testament to their hard work.

這對我們所有的財務團隊來說都是一項巨大的成就，也是他們辛勤工作的證明。

And it also should serve as a clear statement from the entire system of team as to the discipline with which we are operating the company in 2023 we were laser focused on achieving adjusted EBITDA profitability for the first time and we did that one quarter sooner than planned in 2024.

這也應該成為整個團隊系統對我們在 2023 年運營公司的紀律的明確聲明，我們首次專注於實現調整後的 EBITDA 盈利能力，而且我們比計劃提前了一個季度2024年。

We wanted to expand that profitability and we've done that regardless of circumstances, we've been continuing to refine our product portfolio so that we can apply focus in the areas with the greatest foundation for future profitable growth.

我們希望擴大獲利能力，無論情況如何，我們都做到了這一點，我們一直在繼續完善我們的產品組合，以便我們能夠將重點放在為未來獲利成長奠定最堅實基礎的領域。

This includes the sales aboard.org and more recently ail as well as sunsetting of noncore underperforming products, all of which continues our ongoing initiative to divest non-core businesses, reduce business complexity, deliver the balance sheet and drive efficient and profitable growth excellence matters.

這包括aboard.org 的銷售以及最近的銷售以及非核心表現不佳產品的淘汰，所有這些都將繼續我們剝離非核心業務、降低業務複雜性、交付資產負債表並推動高效和盈利增長的卓越事項的持續舉措。

And we simply cannot be excellent if our teams are spread too thin, trying to advance unproductive or unprofitable initiatives.

如果我們的團隊過於分散，試圖推進無成效或無利可圖的計劃，那麼我們就不可能表現出色。

As I'll discuss in a moment, we are actively evaluating other elements of our current product mix as we proactively reduce our organizational complexity and focus on the ways in which we best deliver value to our core customers.

正如我稍後將討論的，我們正在積極評估當前產品組合的其他要素，同時主動降低組織複雜性並專注於為核心客戶提供最佳價值的方式。

This has the additional benefit of positioning us to realize increasing margins and profitability.

這還有一個額外的好處，可以讓我們實現更高的利潤和獲利能力。

We have continued to optimize our commercial organization giving us a solid foundation on which we can embark on a new phase of growth and sustain financial performance.

我們不斷優化商業組織，為我們開啟新的成長階段並維持財務表現奠定了堅實的基礎。

We're driving alignment and replicating playbooks across our global teams to increase customer engagement and improve performance, management and sales productivity.

我們正在全球團隊中推動協調和複製行動手冊，以提高客戶參與度並提高績效、管理和銷售效率。

We have leveraged AI technologies as the centrepiece of new products such as our Copilots for policy and Global Intelligence.

我們利用人工智慧技術作為新產品的核心，例如我們的政策副駕駛和全球情報。

And we have integrated these technologies into our core offerings as a means to surface critical information more quickly and to help our customers be more productive and drive better outcomes for their organizations.

我們已將這些技術整合到我們的核心產品中，作為更快地顯示關鍵資訊並幫助我們的客戶提高生產力並為其組織帶來更好成果的手段。

And we continue to see promise in our ability to leverage our unique mix of data sets, proprietary content and both human and artificial intelligence to better serve our customers' needs.

我們繼續看到我們有能力利用我們獨特的數據集、專有內容以及人類和人工智慧的組合來更好地滿足客戶的需求。

And now we're increasing our focus on product under the leadership of our new Chief Product Officer Can Babaoglu who's hiring, we announced in the third quarter, Can pioneered the development of KEX and helped drive its rapid expansion by creating engaging customer experiences and leveraging new technologies such as generated AI has become one of the top products in all of legal tech, leading to a successful $650 million cash sale to Thomson Reuters.

現在，在我們新任首席產品長Can Babaoglu 的領導下，我們正在加大對產品的關注，我們在第三季宣布，Can 率先開發了KEX，並透過創造有吸引力的客戶體驗和利用資源來幫助推動其快速擴張。

Importantly, given fiscal in its own roots and our desire for a product culture cantered on rapid iteration and innovation.

重要的是，考慮到財政本身的根源以及我們對以快速迭代和創新為中心的產品文化的渴望。

John is a true entrepreneur having founded companies on his own as well as helping build and grow case tests.

約翰是一位真正的企業家，他自己創辦了公司，並幫助建立和發展案例測試。

So he knows what it means to protect and provide a return on investor capital.

因此，他知道保護投資者資本並為其提供回報意味著什麼。

So with that brief look back, I'll turn to the future, first and foremost.

因此，在簡短回顧之後，我將首先展望未來。

Building on what I just noted regarding our emphasis on product, we will focus on delivering best in class product experiences, leveraging our strength in data collection aggregation normalization, synthesis and analysis in artificial intelligence and in our proprietary content, the whole of which provides us with a competitive advantage that it is difficult to replicate as a core component of that.

基於我剛才提到的關於我們對產品的重視，我們將專注於提供一流的產品體驗，利用我們在資料收集聚合標準化、人工智慧綜合和分析以及我們專有內容方面的優勢，這一切為我們提供了具有難以複製的競爭優勢作為其核心組成部分。

Under our new Chief product officer's leadership, we are consolidating and deprecating legacy platforms in parallel with our prioritization on creating new product experiences that address the core challenges our customers face with the targeted use of generated AI where it puts customer value first, as well as by leveraging other cutting-edge technologies and our data science capabilities.

在新任首席產品長的領導下，我們正在整合和棄用舊平台，同時優先創建新產品體驗，透過有針對性地使用生成的人工智慧來解決客戶面臨的核心挑戰，將客戶價值放在首位，並透過利用其他尖端技術和我們的數據科學能力。

We will deliver robust intuitive solutions that empower and enable our customers to achieve outsized outcomes.

我們將提供強大、直覺的解決方案，幫助我們的客戶取得巨大成果。

The end result will be improved customer experiences that drive higher growth and retention, more product led growth and product led sales that will decrease our customer acquisition costs over time and streamline operations that enable us to continue to increase profitability.

最終結果將是改善客戶體驗，從而推動更高的成長和保留，更多的產品主導型成長和產品主導型銷售，這將隨著時間的推移降低我們的客戶獲取成本，並簡化運營，使我們能夠繼續提高獲利能力。

Second, we will be increasingly focused in areas and segments where we see the greatest growth and opportunities including international, where we are experiencing demand for our global policy data, as well as our EU policy analysis and global intelligence and Corporates where there's continued room for expansion in our core markets and where we've seen traction and growing opportunity in key segments such as large enterprise and mid-market.

其次，我們將越來越關注成長和機會最大的領域和細分市場，包括國際領域和企業領域，我們正經歷對全球政策數據的需求，以及我們的歐盟政策分析和全球情報以及企業領域的持續發展空間。

Tied to this, we will continue to evaluate further portfolio rationalization and the emphasis in areas that we see as noncore or suboptimal including sunset of any noncore underperforming products.

與此相關，我們將繼續評估進一步的投資組合合理化，以及我們認為非核心或次優領域的重點，包括取消任何表現不佳的非核心產品。

While this may include wholesale reduction or elimination of non-core initiatives, we also are digging into areas where we don't view the growth profile as a long-term fit.

雖然這可能包括大規模減少或消除非核心舉措，但我們也正在深入研究那些我們認為成長狀況不適合長期的領域。

For example, we've implemented more margin discipline on one time revenue from our advisory business, which has had a near term impact on top line growth, but which will better enable our increased profitability and returns over time.

例如，我們對諮詢業務的一次性收入實施了更多的利潤約束，這對營收成長產生了短期影響，但隨著時間的推移，這將更好地提高我們的獲利能力和回報。

Third, we will continue to take steps necessary to improve our capital structure as you're aware.

第三，如您所知，我們將繼續採取必要措施來改善我們的資本結構。

And as I reiterated earlier, we've already begun this process with the sales and [board.org] in April.

正如我之前重申的，我們已經在四月透過銷售和 [board.org] 開始了這個過程。

And we will continue to take advantage of opportunities in the market where we feel we can realize value for shareholders de leverage further and refine our focus so that we can better drive growth.

我們將繼續利用市場上的機會，我們認為我們可以為股東實現價值，進一步去槓桿化並完善我們的重點，以便我們能夠更好地推動成長。

John and his team have done an excellent job in driving successes this year and they will continue to do so.

約翰和他的團隊今年在推動成功方面做得非常出色，他們將繼續這樣做。

As we look ahead, overall, the changes we've made and are making to our organization and our portfolio are intended to position us to return to a trajectory of sustainable growth and increasing profitability.

展望未來，總體而言，我們已經和正在對我們的組織和產品組合進行的變革旨在使我們回到可持續增長和不斷提高盈利能力的軌道。

We have delivered on profitability; we continue to get more profitable and that's just the start.

我們實現了盈利；我們繼續獲得更多利潤，而這只是開始。

We better positioned our organization for growth, and we are investing in the product improvements that will drive that growth.

我們更好地定位了我們的組織以實現成長，並且我們正在投資將推動成長的產品改進。

John and his team will continue to take steps to improve our capital structure while we maintain our commitment to driving growth in the core business and compete to retain our existing customers and win new business every day together.

約翰和他的團隊將繼續採取措施改善我們的資本結構，同時我們將繼續致力於推動核心業務成長，並努力留住現有客戶並每天共同贏得新業務。

These initiatives are foundational to the next phase of long-term sustainable growth for the company.

這些舉措是公司下一階段長期可持續成長的基礎。

I'm both humbled and honoured to step into the role of CEO at the outset of the new year.

在新年伊始就擔任執行長一職，我感到既謙卑又榮幸。

But mostly I'm excited about the large global opportunity that lies ahead, and I look forward to updating you on our progress across 2025 and beyond.

但最重要的是，我對未來巨大的全球機會感到興奮，我期待向您通報我們在 2025 年及以後的最新進展。

With that, I'll now turn the call over to John to take us through the numbers, John.

現在，我將把電話轉給約翰，讓他帶我們了解這些數字，約翰。

Thank you, Josh.

謝謝你，喬許。

My comments will be brief this afternoon and given today's other news, I want to take a moment to congratulate Tim on his transition to executive chair, Tim's contribution.

今天下午我的評論將很簡短，考慮到今天的其他新聞，我想花一點時間祝賀蒂姆就任執行主席，這是蒂姆的貢獻。

As founded CEO and Chairman cannot be understated, Tim.

身為創辦人兼執行長和董事長，蒂姆的地位不容低估。

It has been a pleasure working with you these past five years and I look forward to continuing to collaborate with you in your new capacity.

過去五年與您合作非常愉快，我期待在新的職位上繼續與您合作。

And Josh, I'm equally thrilled to continue our work together as you step into the CEO role and continue driving the next phase of profitable growth for fiscal notes.

喬希，當您擔任執行長並繼續推動下一階段的財政票據獲利成長時，我同樣很高興能夠繼續與您合作。

With that, let me turn to the quarterly performance starting with the income statement.

接下來，讓我從損益表開始討論季度業績。

Total revenue for Q3 2024 was $29.4 million in line with our forecast and lower than the prior year due primarily to the divestiture of board.org all down period to period.

2024 年第三季的總收入為 2,940 萬美元，符合我們的預測，但低於去年同期，主要是由於 board.org 的剝離情況逐年下滑。

Subscription revenue remains the cornerstone of our business, accounting for 93% of total revenue this quarter.

訂閱收入仍然是我們業務的基石，佔本季總收入的 93%。

And in line with the company's historical trends, looking at our key performance metrics as of Q3 2024 run rate revenue is $119 million and annual recurring revenue is $109 million on a pro forma basis.

根據該公司的歷史趨勢，截至 2024 年第三季度，我們的關鍵績效指標預計運行收入為 1.19 億美元，年度經常性收入為 1.09 億美元。

Adjusting for the impact of the board.org divestiture.

針對 board.org 剝離的影響進行調整。

Current year run rate revenue is $5 million lower than the prior year.

本年度的運行收入比前一年減少了 500 萬美元。

Third quarter and AR R was level with prior year third quarter.

第三季的 AR R 與去年第三季持平。

And as of Q3 2024 net revenue retention was 99% slightly lower than the prior year.

截至 2024 年第三季度，淨收入留存率為 99%，略低於前一年。

Turning to expenses, principal operating expenses in Q3 2024 continued the trend of year over year decreases reflecting the impact of cost saving initiatives instituted last year, the board.org divestiture in sunset products during the current year, cost of revenues decreased by over $4 million or 40% due to certain technology related amortization expenses in 2023 that did not recur in 2024 R&D decreased by $1.2 million or 28%.

在費用方面，2024 年第三季度的主要營運費用延續了同比下降的趨勢，反映出去年實施的成本節約舉措的影響，board.org 在本年度剝離了日落產品，收入成本下降了超過 400 萬美元或40%，由於2023 年某些與技術相關的攤銷費用在2024 年沒有重複發生，研發減少了120 萬美元或28%。

Sales and marketing decreased by just over $2 million or 19%.

銷售額和行銷費用減少了 200 萬美元多一點，即 19%。

And G&A decreased by just under $4 million or 26% in aggregate total operating expenses in Q3 fell over $11 million versus the prior year or 24%.

G&A 減少了近 400 萬美元，即 26%，第三季總營運支出比前一年減少了 1,100 萬美元以上，即 24%。

A perform base excluding amortization expenses, stock-based compensation and the impact of the sale of board.org OpEx decreased approximately $4 million or 12%.

不包括攤銷費用、股票薪酬和出售 board.org 營運支出的影響的業績基礎減少了約 400 萬美元，即 12%。

Looking at profitability for the quarter.

看看本季的獲利能力。

Let's start above the line.

讓我們從線上開始。

Gross margins remain strong in the quarter with Q3 2024 coming in at 79% on a GAAP basis and 86% on an adjusted basis.

本季的毛利率依然強勁，2024 年第三季的毛利率以 GAAP 計算為 79%，以調整後計算為 86%。

Both increases over prior year period.

兩者均較上年同期增加。

These improvements primarily reflect our focus on consistent adjusted e to do 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持續調整的成長以及 board.org Sunset 產品銷售和效率提高的影響的關注。

As I've stated at each of our earnings calls this year, we continue to pursue and find further incremental operating efficiencies.

正如我在今年的每次財報電話會議上所說的那樣，我們將繼續追求並尋求進一步提高營運效率。

The GAAP in net loss for Q3 2024 was approximately $14.9 million slightly higher than the prior year period.

2024 年第三季的 GAAP 淨虧損約為 1,490 萬美元，略高於去年同期。

EBITDA for Q3 2024 was negative $5 million slightly higher versus the prior year period and adjusted EBITDA was positive $3.4 million versus just under $1 million for the prior year period with a positive adjusted even off of the quarter.

2024 年第三季的 EBITDA 為負 500 萬美元，略高於去年同期，調整後的 EBITDA 為正 340 萬美元，而去年同期略低於 100 萬美元，即使本季調整後也為正值。

That brings fiscal note to five consecutive quarters of positive performance.

這帶來了連續五個季度積極業績的財務記錄。

For this key profitability metric, a total of $9.4 million on a trailing four quarter basis.

對於這項關鍵獲利指標，過去四個季度的獲利總額為 940 萬美元。

At quarter end, we had cash and cash equivalents including short term investments of approximately $33.4 million which continues to reflect the positive contribution from the sale of [board.org] in March.

截至季末，我們擁有約 3,340 萬美元的現金和現金等價物（包括短期投資），這繼續反映了 3 月份出售 [board.org] 帶來的積極貢獻。

Dividend cash also reflects the ongoing initiatives to improve efficiencies across the company and our continuing intention to fly allocate capital to investments in the business with the highest potential for growth and positive return.

股息現金也反映了整個公司正在採取的提高效率的舉措，以及我們持續將資本分配給具有最高成長潛力和正回報的業務投資的意圖。

Additionally, a quarter ended after giving effect to our sale of ail and the principal repayment, our total debt outstanding including principal and accrued interest stood at $168 million sequentially lower than $172 million at the end of the second quarter, to me the guidance today, taking into consideration the visibility we have on the remainder of the year, we revised our full year 2024 numbers slightly specifically, we raised our four year profitability forecast for adjusted EBITDA to $9 million up from approximately $8 million forecast in August.

此外，在我們出售所有石油並償還本金後，一個季度結束時，我們的未償債務總額（包括本金和應計利息）為1.68 億美元，比第二季末的1.72 億美元低，對我來說，今天的指引是，考慮到我們對今年剩餘時間的能見度，我們對2024 年全年數據進行了小幅修正，將調整後EBITDA 的四年盈利預測從8 月份的約800 萬美元上調至900 萬美元。

At the same time, we lowered our full year revenue forecast for total revenue to $120 million down from the previous $121 million forecast.

同時，我們將全年總收入預測從先前的 1.21 億美元下調至 1.2 億美元。

In August.

八月。

This $1 million reduction reflected the [vestitures asil] and also the impact of anticipated lower advisory revenue as we continue to evaluate the trajectory of that business going forward, offset by the realization of improved operating leverage resulting from further operational.

這 100 萬美元的減少反映了 [vestitures asil] 以及隨著我們繼續評估該業務未來發展軌跡而預期諮詢收入下降的影響，進一步運營所帶來的營運槓桿的提高所抵消。

Right.

正確的。

Sizing initiatives of note the forecast of $9 million in adjusted EBITDA marks the first full calendar year of adjusted even dot profitability for fiscal debt.

值得注意的是，調整後的 EBITDA 預測為 900 萬美元，這標誌著財政債務調整後偶點獲利能力首次實現完整日曆年。

The company expects to continue to drive [new aag] and therefore improvement of its capital structure, reduce complexity of its product portfolio and strengthen customer experience and retention rates through the ongoing optimized product strategy and road map to the end of 2024 and continuing into 2025.

該公司預計將繼續推動[新的aag]，從而改善其資本結構，降低產品組合的複雜性，並透過持續優化的產品策略和路線圖增強客戶體驗和保留率，直至2024年底並持續到2025年。

We also today provided guidance for Q4 2024 total revenues of approximately $29 million and adjusted even down to approximately $2.5 million both reflecting divested and sunset products and the continued trends we've experienced throughout the year.

今天，我們也為 2024 年第四季的總收入提供了約 2,900 萬美元的指導，甚至調整至約 250 萬美元，這反映了剝離和日落產品以及我們全年經歷的持續趨勢。

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選擇，以最大限度地為股東創造價值。

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

與往常一樣，在適當或需要進一步披露之前，我們不打算提供有關本次審查結果的最新資訊。

In summary, our business in the first nine months of 2024 remains stable and well positioned to drive future impact and success.

總之，我們的業務在 2024 年前 9 個月保持穩定，並有能力推動未來的影響力和成功。

We continue to implement our product strategy while executing our operational efficiency initiatives.

我們繼續實施我們的產品策略，同時執行我們的營運效率計劃。

As we further solidify our position as a critical partner to our diverse customer base.

隨著我們進一步鞏固我們作為多元化客戶群重要合作夥伴的地位。

This concludes my prepared remarks.

我準備好的發言到此結束。

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

我會將其交給操作員以開始問答環節。

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

[If you would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. And if you'd like to withdraw that question again, press star one].

[如果您想提問，請按電話鍵盤上的星號一舉手並加入隊列。如果您想再次撤回該問題，請按星號]。

Jesse Sobelson, D. Boral Capital.

Jesse Sobelson，D. Boral Capital。

Hi, everyone.

大家好。

Thanks for taking my question.

感謝您提出我的問題。

Congrats on the shift in the

恭喜你的轉變

[C suite].

[C套件]。

It's a big move and I think investors are going to be, you know, excited to, to see some, some changes with the business.

這是一個重大舉措，我認為投資者會很高興看到業務發生一些變化。

I am curious, you know, looking forward here in terms of the target capital structure, you know, over the medium term, we've sold some assets, we've improved profitability quite dramatically or quite recently.

我很好奇，你知道，就目標資本結構而言，你知道，從中期來看，我們已經出售了一些資產，我們的盈利能力顯著提高或最近提高了。

What is the goal for the capital structure maybe on a net debt on EBITDA basis?

以 EBITDA 為基礎的淨債務基礎上的資本結構目標是什麼？

and how do we get there from here?

我們如何從這裡到達那裡？

What's the vision over the medium term?

中期願景是什麼？

Thanks for the question, Jesse, it's Jon and that's something that we, we spend a lot of time thinking about the right, the right capital structure.

謝謝你的提問，傑西，我是喬恩，我們花了很多時間思考正確的資本結構。

As we said, we're still continuing to kind of evaluate that and other strategic moves we might make.

正如我們所說，我們仍在繼續評估這一點以及我們可能採取的其他策略舉措。

The company has you know, a senior credit facility and subordinated debt as well.

你知道，該公司還有優先信貸安排和次級債務。

We're looking at ways to reduce our overall cost of capital and be able to service that with the cash flow that we plan to generate in in subsequent years as we get into our budgeting and planning for the upcoming years, that will really be informative about kind of the right level of debt that the company can sustain long term.

我們正在尋找方法來降低我們的總體資本成本，並能夠在我們進入未來幾年的預算和規劃時，用我們計劃在未來幾年產生的現金流來服務，這將真正提供資訊。維持的適當債務水平。

But I think we'll continue to try to find ways to deleverage and reduce the overall debt profile of the company that will be a driver of long-term equity value for the company.

但我認為我們將繼續努力尋找去槓桿化和減少公司整體債務狀況的方法，這將成為公司長期股權價值的驅動力。

Yeah, understood.

是的，明白了。

I think just one quick follow up for me just you know, there's a lot of talk on, on the bigger picture on the business here.

我想我只想快速跟進一下，你知道，這裡有很多關於業務大局的討論。

I'm just kind of drilling into specifics.

我只是想深入研究細節。

You know, one thing that I think a lot of people are really excited to hear about with this Copilot program with AI being utilized.

你知道，我認為很多人都非常高興聽到這個利用人工智慧的副駕駛程式。

I was wondering, you know, some, some pilots done earlier in the year, there's certainly been some progress there.

我想知道，今年早些時候完成的一些試點項目肯定取得了一些進展。

Would you guys be able to elaborate on any customer reception with the new technologies that you guys are executing on implementing with your product and any developments there, please.

你們能否詳細說明你們正在使用你們的產品實施的新技術以及那裡的任何開發的任何客戶接待情況。

Thank You.

謝謝。

Sure, Jesse.

當然，傑西。

This is Josh, I'll address that.

我是喬希，我來解決這個問題。

So we launched two copilots earlier this year.

因此，我們在今年稍早啟用了兩名副駕駛。

One is our copilot for policy.

其中一位是我們的政策副駕駛。

One is the copilot for Global Intelligence with the copilot for Global Intelligence that's essentially combined with the other aspects of our product experience.

一個是全球情報的副駕駛，全球情報的副駕駛本質上是與我們產品體驗的其他方面結合的。

It gives our end users a new way to interact with our data and analysis in a way in which they can get to the heart of answers to their most pressing issues.

它為我們的最終用戶提供了一種與我們的數據和分析互動的新方式，使他們能夠找到最緊迫問題答案的核心。

Much more quickly.

快得多。

We've been really happy with the customer that we've seen a very, very broad uptake among our customer bases.

我們對客戶感到非常滿意，因為我們看到我們的客戶群得到了非常廣泛的採用。

We're seeing a lot of good healthy metrics in terms of things like return visits, repeated kind of repeated inquiries.

我們在回訪、重複查詢等方面看到了許多良好的健康指標。

And we like actually the nature of the questions that we're seeing being asked and we've also seen promise in terms of the potential that that has to help drive Upsell and cross sell through product led sales and product led growth, which is important for us going forward as well.

我們實際上喜歡我們所看到的問題的性質，我們也看到了透過產品主導的銷售和產品主導的成長來幫助推動追加銷售和交叉銷售的潛力，這很重要對於我們前進也是如此。

So a lot of good success is there and we feel really good about that product and what it will be able to do to help drive us to more growth going forward for a copilot.

因此，我們取得了許多成功，我們對該產品以及它將能夠幫助我們推動副駕駛取得更大成長的感覺非常好。

That was a bit of a different nature of launch.

這是發射的一個有點不同的性質。

So that was taking an approach of essentially slicing off a single piece of functionality making that available to users to interact with in a different way.

因此，我們採取了一種從本質上切掉單一功能的方法，使用戶可以以不同的方式進行互動。

So taking just really a small subset of what our core product is able to do for users from a policy standpoint, giving them the chance to interact much more simply around just a simplified set of functionality.

因此，從政策的角度來看，我們的核心產品能夠為使用者做的事情只是一小部分，讓他們有機會圍繞一組簡化的功能進行更簡單的互動。

And what's been good about that is again, we've had a lot of learnings from how users have interacted with it some different types of users than we have typically worked with in the past.

這樣做的好處是，我們從用戶如何與一些不同類型的用戶互動中學到了很多東西，而不是我們過去通常與之合作的用戶。

And we've been able to leverage both that technology that we developed in the earnings from that to bring a lot of that functionality directly back into our new core product initiative as well, which is something I talked about in terms of how we're focused on driving these improved customer experiences across the core.

我們已經能夠利用我們在收益中開發的技術，將許多功能直接帶回我們的新核心產品計劃中，這就是我談到的我們如何專注於推動整個核心客戶體驗的改善。

So again, a lot of good work from that and good morning is coming from that one.

再說一次，我們做了很多好的工作，早安。

Great.

偉大的。

Thank you very much for taking the questions.

非常感謝您接受提問。

Thank you.

謝謝。

Mike Latimer with Northland capital markets.

邁克·拉蒂默 (Mike Latimer) 負責北國資本市場。

All right, great.

好吧，太好了。

Yeah, thanks and congrats, Tim and Josh on your new roles.

是的，謝謝並祝賀蒂姆和喬什擔任新角色。

The gross margin was well, overall profitability was great.

毛利率良好，整體獲利能力良好。

The gross margin, you know goes up nicely, I guess is that seems like that would be sustainable given the drivers here.

你知道，毛利率上升得很好，我想考慮到這裡的司機，這似乎是可持續的。

But do you view gross margin levels sustainable?

但您認為毛利率水準可持續嗎？

Hi Mike.

嗨，麥克。

It's Jon Slabaugh.

我是喬恩‧斯拉博。

We believe so there the gross margins increased by virtue of the board.org divestiture we had which had a little bit of a different cost profile to it and it's also improved as we deemphasized some of the advisory and service-oriented lines of business.

我們相信，由於我們剝離了 board.org，其成本狀況略有不同，因此毛利率增加，而且隨著我們不再強調一些諮詢和服務導向的業務線，毛利率也有所改善。

They, they had a higher fulfilment cost as well.

他們的履行成本也更高。

So as we kind of double and triple down on our core policy and global insights business, those are subscription businesses with really great margin profiles.

因此，當我們在核心政策和全球洞察業務上加倍或三倍投入時，這些訂閱業務的利潤率非常高。

Got it, got it good and then we in terms of thinking about a return to growth, it sounds like, you know, new products are, are key.

明白了，做得很好，然後我們在考慮恢復成長方面，聽起來，你知道，新產品是關鍵。

Do you feel like the new products you just talked about are the are sufficient to get back to growth or are there going to be others that you're launching here that are kind of critical?

您是否覺得您剛才談到的新產品足以恢復成長，或者您在這裡推出的其他產品是否至關重要？

So, hey Mike, it's Josh.

所以，嘿麥克，我是喬許。

So thanks for the question there.

謝謝你的提問。

So a good part of what's going to help us get back to the level of growth that we expect is what I talked about.

因此，我所談論的內容將有助於我們回到預期的成長水平。

Generally speaking, regarding product and the focus that we have on product going forward.

一般來說，關於產品以及我們未來對產品的關注重點。

What's really key for us is creating the right customer experiences that can drive the right levels of engagement that can help us drive better retention as well as that cross sell up sell.

對我們來說真正關鍵的是創造正確的客戶體驗，可以推動適當的參與度，從而幫助我們提高保留率以及交叉銷售和向上銷售。

I mentioned before, those are where we have the most significant challenges.

我之前提到過，這些是我們面臨最重大挑戰的地方。

And so what we want to do is bring those new experiences to our core products and our core customers that will give us a very strong basis for growth going forward and a basis of not just growth but long-term profitable growth.

因此，我們想要做的就是為我們的核心產品和核心客戶帶來這些新體驗，這將為我們未來的成長奠定堅實的基礎，不僅是成長的基礎，也是長期獲利成長的基礎。

And that will give us the ability to continue to invest in new product development over time as well.

這將使我們有能力隨著時間的推移繼續投資於新產品開發。

Okay.

好的。

Got it.

知道了。

And then just last, oh, actually on the, on the third quarter that I believe historically has been an important quarter for government bookings, I guess.

最後，哦，實際上是第三季度，我認為從歷史上看，這是政府預訂的重要季度。

How does the government perform in the quarter?

政府本季的表現如何？

So yeah, Mike it's Josh.

是的，麥克，這是喬許。

So we saw good government performance in Q3 and that continues to be a strong basis for us going forward as well.

因此，我們在第三季看到了良好的政府表現，這也仍然是我們前進的堅實基礎。

And just last one, you know, you talked a lot about looking at de-emphasizing or divesting noncore product areas, I guess.

我想，就在最後一個問題上，您談到了很多關於不再強調或剝離非核心產品領域的問題。

Can you give us a sense of you know, what percent of the revenue or AR could be in that non-core category.

您能否讓我們了解一下，收入或 AR 的百分比有多少可能屬於非核心類別。

I get on, really want to give any kind of guidance on that.

我真的很想就此提供任何指導。

Right now, I think it's fair to say that, you know, substantial portion of our revenue really is in businesses that we intend to be in for the long haul.

現在，我認為可以公平地說，我們收入的很大一部分確實來自我們打算長期從事的業務。

But you know, we're still going through that evaluation and need to kind of make decisions.

但你知道，我們仍在進行評估，需要做出決定。

Kind of one by one as we continue to focus on simplifying the business and kind of clearing the past that to grow.

隨著我們繼續專注於簡化業務並清理過去的成長點，我們會一一進行處理。

Okay.

好的。

Makes sense.

有道理。

Thanks a lot.

多謝。

Thank you.

謝謝。

Thanks, bye.

謝謝，再見。

Zach Cummins, B Riley Securities.

康明斯 (Zach Cummins)，B 萊利證券 (Riley Securities)。

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

大家好，我是 Ethan WDL，替扎克·康明斯打電話。

Thanks for taking my questions to start Tim congrats on the transition.

感謝您在開始時提出我的問題，蒂姆祝賀您的過渡。

Can you elaborate maybe on why now is the right time for the leadership transition?

您能否詳細說明為什麼現在是領導階層換屆的最佳時機？

Yeah.

是的。

No, I appreciate the question.

不，我很欣賞這個問題。

I mean, I think first of all, you know, it's been a great run here, kind of running the company day to day and operating for the last 12 years.

我的意思是，我認為首先，你知道，在過去 12 年裡，公司的日常運作和營運一直非常出色。

As I mentioned in my remarks, I started a company with three guys in a laptop in a motel.

正如我在演講中提到的，我和三個人在汽車旅館裡用筆記型電腦創辦了一家公司。

Six room in Silicon Valley have been, you know, grinding three or five days a year ever since.

你知道，從那以後，矽谷的六個房間每年都要待上三、五天。

And so I do think that the company is quite well positioned.

所以我確實認為該公司的定位非常好。

We have launched a number of new products have gone to a place where we have several 1,000 customers.

我們已經推出了一些新產品，已經到了我們有好幾個1000個客戶的地方。

And as was mentioned today, you know, we've had effectively sort of record profitability on a just to do basis and now consecutive profitability five quarters in a row.

正如今天所提到的，您知道，我們實際上已經在「只做事」的基礎上實現了創紀錄的盈利能力，現在已經連續五個季度實現了連續盈利。

And so looking at 2025 and beyond, I think, you know, we are quite well positioned to make the transition.

因此，展望 2025 年及以後，我認為，我們已經做好了實現轉型的充分準備。

As I mentioned, I'm still, you know, very involved in the business.

正如我所提到的，你知道，我仍然非常熱衷於這項業務。

You know, got a strong interest in making sure that the company continues to be successful leading the board and strategy and quite a number of different product and culture-based initiatives.

你知道，我們對確保公司繼續成功領導董事會和策略以及許多不同的產品和基於文化的舉措抱有濃厚的興趣。

And so I think, you know, been working with Josh for the last you know, almost six years now, just seem like the right time to make that transition here.

所以我認為，你知道，在過去你知道的情況下，我一直與喬許一起工作，差不多六年了，現在似乎是在這裡進行這種轉變的最佳時機。

Got it, it's helpful.

明白了，很有幫助。

Thank you.

謝謝。

And then looking towards fiscal '25 maybe what assumptions are underpinning your confidence, and we return to growth next year.

然後展望 25 財年，也許哪些假設可以支撐您的信心，我們明年將恢復成長。

Sure.

當然。

So this is Josh, I'll address that, you know, we actually we obviously look very deeply in the business to see where things that are working and things that are not.

這是喬希，我要解決這個問題，你知道，我們實際上顯然非常深入地研究業務，看看哪些事情有效，哪些事情無效。

And as I mentioned, a big part of what we're doing going forward is making sure that we're doing the right thing to focus on the areas where we see that and the opportunity for growth.

正如我所提到的，我們未來所做的很大一部分是確保我們做正確的事情，專注於我們看到的領域和成長機會。

So a couple of sectors and segments that I've mentioned, we're seeing a lot of promise in international that includes areas of our global policy data sets, our [EU] policy analysis and global intelligence.

因此，我提到的幾個部門和細分市場，我們在國際上看到了許多希望，包括我們的全球政策資料集、我們的[歐盟]政策分析和全球情報領域。

And we see that as a very strong foundation as well as in Corporates and especially in large enterprise and mid-market.

我們認為這是一個非常堅實的基礎，對於企業來說也是如此，尤其是在大型企業和中型市場中。

So we're seeing some good signs in the mix of what we review.

因此，我們在審查的內容中看到了一些好的跡象。

And then, you know, as I said, in addition to just generally speaking, bringing that focus in those areas that will work is bringing the focus on the product as well and bring the right product experiences in front of our customers to help drive that retention and that cross sell up, sell, that will be a foundation for growth as well.

然後，正如我所說，除了一般而言，將重點放在那些可行的領域之外，還將重點放在產品上，並將正確的產品體驗帶到我們的客戶面前，以幫助推動這一目標保留和交叉銷售、銷售，這也將成為成長的基礎。

And we've been undertaking efforts in that regard.

我們也一直在這方面做出努力。

We have improvements underway for our core products and the early signs there that we're seeing are very promising.

我們正在對核心產品進行改進，我們看到的早期跡象非常有希望。

So we feel excited about the direction that we're going there as well.

因此，我們也對我們要去那裡的方向感到興奮。

I appreciate.

我很欣賞。

Thank you.

謝謝。

(Operator instructions).

（操作員說明）。

John Roy, water tower research.

約翰·羅伊，水塔研究。

Thank you.

謝謝。

Obviously, there's a lot of focus on growth on the top line and new products and possibly new GEO's which would seemingly require new products.

顯然，人們非常關注營收的成長和新產品，可能還有新的 GEO，這似乎需要新產品。

I was curious if you could give us any colour on the competitive landscape?

我很好奇您能否為我們介紹一下競爭格局？

Are these seeming to you purely Greenfield opportunities that no one is there?

在您看來，這些機會純粹是無人問津的新機會嗎？

Are you, do you see players that are already there?

你看到已經在那裡的球員了嗎？

Just curious if you could give us some colour on the competitive landscape?

只是好奇您能否為我們介紹一下競爭格局？

Sure.

當然。

So this is Josh and maybe I can help clarify a bit in terms of what I'm talking about in terms of international.

這是喬什，也許我可以幫助澄清一下我在國際方面所談論的內容。

Well, you know what I'm talking about there in the areas that we see promise is really about the global data sets that we have in part and policy analysis that we have regarding markets outside the US.

嗯，你知道我在我們認為有希望的領域所談論的內容實際上是關於我們擁有的部分全球數據集以及我們對美國以外市場的政策分析。

So these are assets that we already have, we have customers already engaging with them.

所以這些是我們已經擁有的資產，我們已經有客戶與它們互動。

And we're seeing a lot of, as I said, we're seeing metrics and indicators underneath that, that are giving us an indication of a lot of promise in terms of the demand for those existing data sets and content sets that we already have.

正如我所說，我們看到了很多指標和指標，這些指標和指標向我們表明了對我們已經存在的現有數據集和內容集的需求方面有很多希望。

And so when I'm talking about the optimism that we have in terms of where we see that promise going forward.

因此，當我談論我們對未來前景的樂觀態度時。

It is in regard to data, we already have content we already have and focuses in on products we already have.

就數據而言，我們已經擁有了我們已經擁有的內容，並專注於我們已經擁有的產品。

But the improvements to those products that we are making, in order to drive better engagement with our existing customer set, we do see promise in new logo as well.

但是，為了更好地與現有客戶群互動，我們正在對這些產品進行改進，我們也確實看到了新徽標的前景。

And but in terms of key areas that we're focused on in terms of driving that continued improvement.

但就我們重點關注的關鍵領域而言，推動持續改善。

A lot is focused on that retention, cross sell and that's where the improvements to our existing current core products come into play.

我們的重點是保留和交叉銷售，這就是我們現有核心產品的改進發揮作用的地方。

Does that help answer the question?

這有助於回答問題嗎？

You got a lot already in hand to really get to these new areas?

為了真正進入這些新領域，您已經掌握了很多東西嗎？

That sounds.

聽起來是這樣。

Great.

偉大的。

Yeah.

是的。

We have no further questions in our queue.

我們的隊列中沒有其他問題了。

At this time.

此時。

I will now turn the conference over to Bob Burrows for closing comments.

我現在將把會議轉交給鮑勃·伯羅斯（Bob Burrows）徵求總結意見。

Great.

偉大的。

Thanks Christa.

謝謝克里斯塔。

That concludes our call this evening.

我們今晚的電話會議到此結束。

We appreciate everyone's participation on the call with any additional questions.

我們感謝大家參與電話會議並提出任何其他問題。

Please contact any of us.

請聯繫我們任何人。

And again, all materials related to the company's third quarter '24 financial results are available on the website.

同樣，與公司 24 年第三季財務業績相關的所有資料都可以在網站上找到。

We look forward to speaking with all of you again in the future.

我們期待將來能再次與大家交談。

Good night.

晚安。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation and you may now disconnect.

感謝您的參與，您現在可以斷開連接。