Ooma Inc (OOMA) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Ooma Inc first-quarter fiscal year 2026 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to Matt Roberson. Please go ahead.

您好，感謝您的支持。歡迎參加 Ooma Inc 2026 財年第一季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。現在我想將會議交給馬特羅伯森。請繼續。

Thanks, Lisa. Good day, everyone and welcome to the fiscal first quarter of 2026 earnings call of Ooma Inc. My name is Matt Robison, Ooma's Director of IR and Corporate Development. On the call with me today are Ooma's CEO, Eric Stang; and CFO, Shig Hamamatsu.

謝謝，麗莎。大家好，歡迎參加 Ooma Inc. 2026 財年第一季財報電話會議。我叫 Matt Robison，是 Ooma 的 IR 和企業發展總監。今天與我一起通話的還有 Ooma 的執行長 Eric Stang 和財務長 Shig Hamamatsu。

After the market closed today, Ooma issued its fiscal first-quarter 2026 earnings press release. This release is also available on the company's website, ooma.com. This call is being webcast live and is accessible from a link on the Events and Presentations page of the Investor Relations section of our website. This link will be active for replay of this call for one year.

今天股市收盤後，Ooma 發布了 2026 財年第一季財報新聞稿。本新聞稿亦可於本公司網站 ooma.com 查閱。本次電話會議將進行網路直播，您可透過我們網站「投資者關係」板塊「活動及簡報」頁面的連結觀看。此連結將在一年內有效，用於重播此通話。

During today's presentation, our executives will make forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally relate to future events or future financial or operating performance.

在今天的演講中，我們的高階主管將根據聯邦證券法做出前瞻性陳述。前瞻性陳述通常與未來事件或未來財務或經營績效有關。

Our expectations and beliefs regarding these matters may not materialize, and actual results are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include those set forth in the press release we issued earlier today and those risks more fully described in our filings for the Securities and Exchange Commission.

我們對這些事項的期望和信念可能不會實現，實際結果會受到風險和不確定性的影響，可能導致實際結果與預測結果有重大差異。這些風險包括我們今天早些時候發布的新聞稿中提出的風險以及我們向美國證券交易委員會提交的文件中更詳細描述的風險。

The forward-looking statements in this presentation are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements except as required by law. Please note that other than revenue or as otherwise stated, the financial measures to be disclosed on this call will be on a non-GAAP basis. The non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP.

本簡報中的前瞻性聲明是基於我們截至本新聞稿之日所掌握的信息，除法律要求外，我們不承擔更新任何前瞻性陳述的義務。請注意，除收入或另有說明外，本次電話會議上揭露的財務指標將以非 GAAP 為基礎。非公認會計準則財務指標不應被單獨考慮或取代根據公認會計準則編制的結果。

A discussion of why we present non-GAAP financial measures and a reconciliation of the non-GAAP financial measures discussed in this call to the most directly comparable GAAP financial measures is included in our earnings press release, which is available on our website. On this call, we will give guidance for second-quarter and full-year fiscal 2026 on a non-GAAP basis.

我們在網站上發布的收益新聞稿中討論了我們為何採用非公認會計準則 (non-GAAP) 財務指標，以及本次電話會議中討論的非公認會計準則 (non-GAAP) 財務指標與最直接可比較的公認會計準則 (GAAP) 財務指標的對帳情況。在本次電話會議上，我們將以非公認會計準則為基礎提供 2026 財年第二季和全年的指導。

Also, in addition to our press release and 8-K filing, the overview page and Events and Presentations page in the Investor Relations section of our website as well as the quarterly results page of the financial information section of our website include links to information about costs and expenses not included in our non-GAAP values and key metrics of our core subscription businesses.

此外，除了我們的新聞稿和 8-K 文件外，我們網站投資者關係部分的概述頁面和活動和演示頁面以及我們網站財務資訊部分的季度業績頁面都包含有關未包括在我們的非 GAAP 價值和核心訂閱業務關鍵指標中的成本和費用資訊的連結。

These are titled Supplemental Financial Disclosure one and Supplemental Financial Disclosure two. Additionally, our investor presentation slides include GAAP to non-GAAP reconciliation that also provides the resolution of GAAP expenses that are excluded from non-GAAP metrics.

這些標題分別是補充財務揭露一和補充財務揭露二。此外，我們的投資者簡報幻燈片包括 GAAP 與非 GAAP 的對賬，也提供了非 GAAP 指標中排除的 GAAP 費用的解決方案。

Now I will hand the call over to Ooma CEO, Eric Stang.

現在我將把電話交給 Ooma 執行長 Eric Stang。

Thank you, Matt. Hi, everyone. Welcome to Ooma's first-quarter fiscal year 2026 earnings call. Thank you for joining us. We're pleased to report solid Q1 financial results and share with you the strong start we are making to this fiscal year.

謝謝你，馬特。大家好。歡迎參加 Ooma 2026 財年第一季財報電話會議。感謝您加入我們。我們很高興地報告第一季穩健的財務業績，並與您分享我們本財年的強勁開局。

For our first quarter of FY26, we achieved $65 million of revenue, $5.6 million of non-GAAP net income, and $6.7 million of adjusted EBITDA. We're particularly pleased that our net income and adjusted EBITDA exceeded the top end of our range, and we're off to a good start toward driving higher profitability this year.

在 2026 財年第一季度，我們實現了 6,500 萬美元的營收、560 萬美元的非 GAAP 淨收入和 670 萬美元的調整後 EBITDA。我們特別高興的是，我們的淨收入和調整後的 EBITDA 超出了我們的預期範圍的上限，並且我們在今年提高盈利能力方面取得了良好的開端。

Our revenue growth was 4% year over year, which was near the high end of our guidance range as we build momentum this year, particularly for growth. I'm pleased to say we made particularly great progress on AirDial in Q1 and are optimistic about our outlook, which I will touch on in a few moments.

我們的營收年增了 4%，這接近我們預期範圍的高端，因為我們今年的勢頭強勁，尤其是成長勢頭。我很高興地說，我們在第一季在 AirDial 上取得了特別大的進展，並且對我們的前景感到樂觀，稍後我將談到這一點。

As we focus on four market segments: cloud communications, specifically designed for smaller sized businesses; parts replacement for both business and residential customers; wholesale platform services; and residential telephony. We believe we're a leader in each of these segments.

我們專注於四個細分市場：專為小型企業設計的雲端通訊；為企業和住宅客戶提供的零件更換；批發平台服務；以及住宅電話。我們相信，我們在每一個領域都是領導者。

Our cloud communications solutions performed well in Q1, though our overall results were dampened a little by some expected rightsizing at our largest customer, Regus. Regus remains a very important customer, and I'm pleased to report that the rightsizing of their business, which we announced starting two quarters ago, is now fully behind us.

儘管我們最大的客戶雷格斯 (Regus) 的預期調整導致整體業績略有下降，但我們的雲端通訊解決方案在第一季表現良好。雷格斯仍然是一位非常重要的客戶，我很高興地告訴大家，我們在兩個季度前宣布的業務精簡計劃現在已經完全實施了。

Both Ooma Office and Ooma Enterprise performed well in Q1, especially in certain verticals we target. Sequentially versus Q4, Ooma Office expanded the number of new account wins and users. Success in verticals, such as dental and medical, insurance and financial services, and legal, helped drive this, as did an expanding number of larger sized account wins as we enhance Ooma Office's features to serve larger customers.

Ooma Office 和 Ooma Enterprise 在第一季都表現良好，尤其是在我們瞄準的某些垂直領域。與第四季相比，Ooma Office 新增帳戶數量和使用者數量均有所增加。牙科和醫療、保險和金融服務以及法律等垂直領域的成功有助於推動這一目標的實現，隨著我們增強 Ooma Office 的功能以服務更大的客戶，大型帳戶數量的不斷增加也起到了推動作用。

Along with this, 61% of new Office users in Q1 opted for a premium service tier, which may be our highest ever. Regarding the Enterprise, you recall that hospitality in hotels is one of our key verticals. Our steady progress in this vertical is paying off, and I'm pleased to report that we now serve more than 500 hotels across North America.

除此之外，第一季 61% 的新 Office 用戶選擇了高級服務級別，這可能是我們有史以來的最高水平。關於企業，您記得酒店業是我們主要的垂直行業之一。我們在這一垂直領域的穩步進展正在獲得回報，我很高興地報告，我們現在為北美 500 多家酒店提供服務。

Switching now to Ooma AirDial, our business pots replacement solution, has several pieces of good news to share. First, you'll recall that we announced a quarter ago that a major cable company will be reselling AirDial, and we hoped to launch with them in Q1 of this year. I'm very pleased to share with you today that this partner of ours is Comcast, and they launched AirDial on schedule.

現在切換到我們的商業鍋具替換解決方案 Ooma AirDial，有幾個好消息可以分享。首先，您會記得，我們​​一個季度前宣布一家大型有線電視公司將轉售 AirDial，我們希望在今年第一季與他們合作推出產品。今天我很高興與大家分享，我們的合作夥伴是康卡斯特，他們按時推出了AirDial。

As I'm sure you can appreciate, their reach is extensive, both with the largest companies in the United States and government entities as well. We are already engaged with them on some very large deals and are still just getting started.

我相信您能理解，他們的影響力非常廣泛，既包括美國最大的公司，也包括政府實體。我們已經與他們就一些非常大的交易展開合作，但一切才剛開始。

In addition, we have an expanding number of large deals in the sales funnel with our other resale partners as well and achieve some notable new customer wins in Q1, which we believe will expand in scope as these customers implement AirDial in stages over time.

此外，我們與其他轉售合作夥伴在銷售管道中達成的大型交易數量也在不斷增加，並在第一季贏得了一些顯著的新客戶，我們相信，隨著這些客戶逐步實施 AirDial，其範圍將會擴大。

Indicative of the AirDial momentum we see, we signed up several new AirDial reseller partners in Q1, our most ever in a single quarter. Some of these new reseller partners are CLEC. Some are what you might call aggregators, and one is an end equipment provider and servicer. With these wins, we now exceed 30 reseller partners for AirDial, which we believe is significant.

我們看到 AirDial 的發展勢頭，我們在第一季簽約了幾家新的 AirDial 經銷商合作夥伴，這是我們有史以來單季簽約數量最多的一次。其中一些新的經銷商合作夥伴是 CLEC。有些是所謂的聚合商，還有一個是終端設備供應商和服務商。憑藉這些勝利，AirDial 的經銷商合作夥伴現已超過 30 家，我們認為這意義重大。

Finally, you'll recall I mentioned last quarter that Marriott certified AirDial for use at its properties. I can report that this relationship is underway, and we now have more than 100 Marriott properties in our sales pipeline. Our wholesale platform services, sold as 2,600 Hz, also accelerated in Q1.

最後，您會記得我上個季度提到過，萬豪已認證 AirDial 可在其酒店使用。我可以報告的是，這種合作關係正在進行中，目前我們擁有超過 100 家萬豪酒店正在銷售中。我們的批發平台服務（以 2,600 Hz 的銷售量計算）在第一季也實現了加速成長。

I'm pleased to report we closed four new customers, which is our most ever in one quarter. These customers are relatively small in size and will take time to implement, but I think they are a great validation for our platform. We know these customers looked at other solutions before choosing Ooma 2,600 Hz.

我很高興地報告，我們簽下了四個新客戶，這是我們單季最多的客戶。這些客戶規模相對較小，需要時間來實施，但我認為他們對我們的平台來說是一個很好的驗證。我們知道這些客戶在選擇 Ooma 2,600 Hz 之前曾考慮過其他解決方案。

One customer is more of a CPaaS-type opportunity, much like our large customer win last year, ServiceTitan. As we're excited that our platform offers the APIs and other requirements to win these CPaaS-type opportunities, as well as replace Broadsoft and MetaSwitch in use by carriers and other UCAS providers. So overall, I believe we made solid progress in Q1 and are off to a good start for fiscal 2026.

一位客戶更像是 CPaaS 類型的機會，就像我們去年贏得的大客戶 ServiceTitan 一樣。我們很高興我們的平台提供 API 和其他要求來贏得這些 CPaaS 類型的機會，並取代營運商和其他 UCAS 提供者使用的 Broadsoft 和 MetaSwitch。因此，總體而言，我相信我們在第一季取得了堅實的進展，並為 2026 財年開了一個好頭。

I'll now turn the call over to Shig, our CFO, to discuss our results and outlook in more detail and then return with some closing remarks.

現在，我將把電話轉給我們的財務長 Shig，更詳細地討論我們的業績和前景，然後再做一些結束語。

Thank you, Eric, and good afternoon, everyone. I'm going to review our first-quarter financial results and then provide an outlook for the second-quarter and full-year fiscal 2026. First-quarter revenue was $65 million at the higher end of our guidance range and was up 4% year by year, driven by the growth of Ooma business, including AirDial.

謝謝你，埃里克，大家下午好。我將回顧我們第一季的財務業績，然後對 2026 財年第二季和全年做出展望。第一季營收為 6,500 萬美元，處於我們預期範圍的較高水平，年增 4%，這得益於包括 AirDial 在內的 Ooma 業務的成長。

In Q1, business subscription and services revenue accounted for 62% of total subscription and services revenue as compared to 60% in the prior quarter. Q1 product and other revenue came in at $4.8 million as compared to $4.1 million in the prior quarter. The year-over-year growth in product revenue was driven by growth in AirDial installations. On the profitability front, Q1 non-GAAP net income was $5.6 million above our guidance range and grew 56% over the prior year quarter.

第一季度，商業訂閱和服務收入佔總訂閱和服務收入的 62%，而上一季為 60%。第一季產品及其他收入為 480 萬美元，上一季為 410 萬美元。產品收入的年增率是由 AirDial 安裝量的成長所推動的。在獲利能力方面，第一季非公認會計準則淨收入比我們的預期範圍高出 560 萬美元，比去年同期成長 56%。

Now some details on our Q1 revenue. Business subscription and services revenue grew 6% year by year in Q1, driven by user growth and upward growth. On the residential side, subscription and services revenue was down 2% year by year. For the first quarter, total subscription and services revenue was $60.3 million or 93% of the total revenue as compared to $58.4 million or 93% of total revenue in the prior year quarter.

現在介紹一下我們第一季的收入的一些細節。受用戶成長及向上成長的推動，第一季企業訂閱及服務營收年增6%。住宅方面，訂閱和服務收入較去年同期下降2%。第一季度，總訂閱和服務收入為 6,030 萬美元，佔總收入的 93%，而去年同期為 5,840 萬美元，佔總收入的 93%。

Now some details on our key customer metrics. We ended the first quarter with 1,225,000 core users, which is down from 1,234,000 core users at the end of the fourth quarter. The sequential decline in total core users was primarily due to the seat reductions with IWG which was anticipated going into Q1. At the end of the first quarter, we had 499,000 business users, or 41% of total core users.

現在介紹一下我們的關鍵客戶指標的一些細節。第一季末，我們的核心用戶數為 1,225,000 名，低於第四季末的 1,234,000 名。核心用戶總數的環比下降主要是由於預計進入第一季的 IWG 席位減少所致。截至第一季末，我們擁有49.9萬名企業用戶，佔核心用戶總數的41%。

Our blended average monthly subscription and services revenue per core user or ARPU increased 4% year by year to $15.37 driven by an increasing mix of business users, including higher ARPU, Office Pro, and Pro Plus users.

我們的每核心用戶綜合平均每月訂閱和服務收入或 ARPU 年比成長 4% 至 15.37 美元，這得益於商業用戶數量的增加，包括更高的 ARPU、Office Pro 和 Pro Plus 用戶。

During the first quarter, we continue to see a healthy Office Pro and Pro Plus take rate with 61% of new Office users opting for these higher tier services, which was up from 57% in the prior year quarter. Overall, 36% of Ooma Office users have now subscribed to these higher tier services. Our annual exit recurring revenue was $234 million up 33% year over year. Our net dollar subscription retention rate for the quarter was 99% as compared to 98% in the fourth quarter.

在第一季度，我們繼續看到 Office Pro 和 Pro Plus 的採用率保持健康，61% 的新 Office 用戶選擇這些更高層級的服務，高於去年同期的 57%。總體而言，36% 的 Ooma Office 用戶現已訂閱這些更高層級的服務。我們的年度退出經常性收入為 2.34 億美元，年增 33%。本季我們的淨美元訂閱保留率為 99%，而第四季為 98%。

Now some details on a gross margin. Our subscription and services gross margin for the first quarter was 72% as compared to 72% in the prior year. Product in other gross margin for the first quarter was negative 41% as compared to negative 67% for the same period last year. The year-over-year improvement in product and at the gross margin was primarily due to a fully consuming higher cost components we had acquired during the pandemic in the first half of the last fiscal year.

現在來看看毛利率的一些細節。我們第一季的訂閱和服務毛利率為 72%，而去年同期為 72%。第一季其他產品毛利率為負41%，去年同期為負67%。產品和毛利率的同比增長主要是由於我們在上個財年上半年充分消耗了在疫情期間收購的高成本組件。

On an overall basis, the total gross margin for Q1 was 63% as compared to 63% in the prior quarter. The flat overall gross margin year over year reflects a heavier mix of product revenue in Q1 this year versus prior prior year due to an increase in add on installations which offsets the improvement in product growth margin.

總體而言，第一季的總毛利率為 63%，而上一季為 63%。整體毛利率與去年同期持平，反映出今年第一季產品收入結構較去年同期有所改善，原因是附加安裝量的增加抵消了產品成長率的提高。

And now some details on our operating expenses. Total operating expenses for the first quarter were $35.4 million up $0.2 million or 1% from the same period last year. So the market expenses for the first quarter were $18.3 million or 28% of total revenue of 3% year over year, primarily driven by higher marketing and channel development activity for AirDial in 20,600 Hz.

現在來談談我們的營運費用的一些細節。第一季總營運費用為 3,540 萬美元，比去年同期增加 20 萬美元，成長 1%。因此，第一季的市場費用為 1830 萬美元，佔總收入的 28%，年增 3%，這主要得益於 20,600 Hz 的 AirDial 的營銷和通路開發活動的增加。

Research and development expenses were $11.3 million or 17% of total revenue, down 6% on a year-over-year basis, primarily driven by headcount management as we continue to focus on R&D efficiency and operating leverage.

研發費用為 1,130 萬美元，佔總營收的 17%，年減 6%，主要原因是我們持續專注於研發效率和營運槓桿，因此員工管理受到影響。

G&A expenses were $5.8 million or 9% of total revenue for the first quarter compared to $5.5 million for the prior quarter. The year-over-year increase in G&A expenses was primarily due to an increase in personnel related costs.

第一季的一般及行政費用為 580 萬美元，佔總收入的 9%，而上一季為 550 萬美元。一般及行政費用較去年同期成長主要是由於人員相關成本的增加。

Non-GAAP net income for the first quarter was $5.6 million or diluted earnings per share of $0.20 as compared to $0.14 in the prior quarter. Adjusted EBITDA for the quarter was $6.7 million or 10.3% of total revenue and grew 33% over the prior year quarter. We ended a quarter with total cash and investments of $19 million.

第一季非公認會計準則淨收入為 560 萬美元，即每股攤薄收益 0.20 美元，而上一季為 0.14 美元。本季調整後的 EBITDA 為 670 萬美元，佔總營收的 10.3%，比去年同期成長 33%。本季結束時，我們的現金和投資總額為 1,900 萬美元。

In Q1, we generated $3.7 million of operating cash flow and $2.5 million of free cash flow. As a reminder, we have a seasonally lower cash flow quarter in Q1 due to the timing of an annual employee bonus payout. On a trailing 12-month basis, we generated $26.7 million of operating cash flow and $20.5 million of free cash flow.

第一季度，我們產生了 370 萬美元的營運現金流和 250 萬美元的自由現金流。提醒一下，由於年度員工獎金發放時間的原因，第一季的現金流量季節性較低。在過去 12 個月中，我們產生了 2,670 萬美元的營運現金流和 2,050 萬美元的自由現金流。

With strong free cash flow generation, we spent a total of $11.8 million over the last four quarters, including $3.7 million in Q1 to buy back stock through a combination of open market repurchase and RSU net share settlement. On the headcount front, we ended a quarter with 1,132 employees and contractors.

憑藉強勁的自由現金流生成，我們在過去四個季度中共花費了 1,180 萬美元，其中第一季花費 370 萬美元，透過公開市場回購和 RSU 淨股結算相結合的方式回購股票。在員工人數方面，本季末我們共有 1,132 名員工和承包商。

Now, I'll provide guidance for the second quarter in full fiscal year 2026. Our guidance is on a non-GAAP basis and has been adjusted for expenses such as stock-based compensation and amortization of intangibles. We expect total revenue for the second quarter of fiscal '26 to be in the range of $65.5 million to $66.1 million which includes $4.8 million to $5.2 million of product revenue. We expect the second quarter net income to be in the range of $5.6 million to $5.9 million.

現在，我將為 2026 財年第二季提供指導。我們的指導是基於非公認會計準則的，並已根據股票薪酬和無形資產攤銷等費用進行了調整。我們預計 26 財年第二季的總營收將在 6,550 萬美元至 6,610 萬美元之間，其中包括 480 萬美元至 520 萬美元的產品收入。我們預計第二季淨收入將在 560 萬美元至 590 萬美元之間。

Non-GAAP diluted EPS is expected to be between $0.20 to $0.21. We have assumed 28.2 million where the average diluted shares outstanding for the second quarter. For full fiscal year 2026, we are reaffirming our prior revenue guidance and expect total revenue to be in the range of $267 million to $270 million. The full year fiscal 2026 revenue guidance assumes business subscription and services revenue growth rate of 5% to 6% over fiscal '25 while residential subscription revenue to decline 1% to 2%. In terms of revenue mix for the year, we expect 91% -- 92% of total revenue to come from subscription and services revenue and the remainder from products and other revenue.

非公認會計準則 (Non-GAAP) 攤薄每股收益預計在 0.20 美元至 0.21 美元之間。我們假設第二季平均稀釋流通股數為 2,820 萬股。對於整個 2026 財年，我們重申先前的營收預期，總營收將在 2.67 億美元至 2.7 億美元之間。2026 財年全年營收指引預計，商業訂閱和服務收入將比 25 財年成長 5% 至 6%，而住宅訂閱收入將下降 1% 至 2%。就今年的收入結構而言，我們預計總收入的 91% 至 92% 來自訂閱和服務收入，其餘則來自產品和其他收入。

In terms of four-year non-GAAP net income guidance, we are raising the low end of the guidance range and now expected to be in the range of $22.5 million to $23.5 million. Updated non-GAAP net income guidance for fiscal '26 includes the impact of approximately $500,000 of tariffs, which is our current best estimate.

就四年非 GAAP 淨收入指引而言，我們正在提高指引範圍的低端，目前預計在 2,250 萬美元至 2,350 萬美元之間。更新後的 26 財年非公認會計準則淨收入指引包括約 50 萬美元關稅的影響，這是我們目前的最佳估計。

Based on this guidance range, we estimate about just the EBITDA for fiscal '26 to be $28 million to $29 million. We expect non-GAAP diluted EPS for fiscal '26 to be in the range of $0.79 to $0.83. We have assumed approximately 28.4 million weighted average diluted shares outstanding for fiscal 2026.

根據這項指引範圍，我們估計 26 財年的 EBITDA 約為 2,800 萬至 2,900 萬美元。我們預計2026財年非公認會計準則稀釋每股收益將介於0.79美元至0.83美元之間。我們假設2026財年的加權平均稀釋流通股數約為2840萬股。

In summary, we are pleased with a solid start to a fiscal '26, with a strong year growth and adjusted EBITDA along with robust free cash flow over $20 million for the past 12 months. We're excited about growth opportunities in front of us, and we remain focused on executing to a long-term strategy to achieve profitable growth.

總而言之，我們對 26 財年的良好開局感到滿意，全年增長強勁，調整後的 EBITDA 以及過去 12 個月超過 2000 萬美元的強勁自由現金流。我們對眼前的成長機會感到興奮，我們將繼續專注於執行長期策略以實現獲利成長。

I'll now pass it back to Eric for some closing remarks. Eric.

現在我將把它交還給 Eric，請他作一些結束語。埃里克。

Thank you, Shig. As Shig said, we now have a solid Q1 behind us, and more importantly, we increased momentum and added new partners in multiple parts of our business to support our plans this year.

謝謝你，Shig。正如 Shig 所說，我們現在已經取得了穩健的第一季業績，更重要的是，我們增強了發展勢頭，並在業務的多個部分增加了新的合作夥伴，以支持我們今年的計劃。

We've made significant investments to develop leading solutions in each of our four target segments and are executing well to capitalize on the significant opportunities in front of us. We look forward to sharing our progress in future quarters.

我們已投入大量資金，在四個目標領域開發領先的解決方案，並且執行良好，以利用我們面前的重大機會。我們期待在未來幾季分享我們的進展。

Thank you. We will now take your questions.

謝謝。我們現在將回答大家的提問。

(Operator Instructions) Alinda Li, William Blair.

（操作員指示） Alinda Li，William Blair。

Perfect, thank you. What contributed to the 1% increase in NRR this quarter and can we expect NRR to stay at around 99% or above going forward with IWG fully realized with their seat term?

非常好，謝謝。是什麼導致了本季 NRR 增加了 1%？在 IWG 完全實現其席位期限的情況下，我們是否可以預期 NRR 未來將保持在 99% 左右或以上？

Yes, so the retention rate improvement was largely due to the improvement in non-Regus subscription revenue. So we're talking about traditional gas solutions offerings and the residential solutions. In Q1, we saw the improvement in the retention rate for the other businesses, which offset the anticipated decline that came through for Regus. So that's really what happened. And, overall, I think we should be remaining 99%, which we have been at, prior to Regus churn, that we experienced in the last couple of quarters.

是的，因此保留率的提高很大程度上歸功於非雷格斯訂閱收入的提高。所以我們討論的是傳統的天然氣解決方案和住宅解決方案。在第一季度，我們看到其他業務的留存率有所提高，抵消了雷格斯預期的下滑。事實確實如此。總體而言，我認為我們應該保持 99% 的水平，在雷格斯客戶流失之前，也就是過去幾季我們經歷的這個水平。

Perfect. That's helpful. And what are you seeing in the demand -- what did you see in the demand environment in Q1 and what are you seeing in the recent months as well?

完美的。這很有幫助。您在需求方面看到了什麼—您在第一季的需求環境中看到了什麼？在最近幾個月的需求環境中又看到了什麼？

I'm sorry, demand and what?

對不起，需求又是什麼？

Environment.

環境。

Oh, in the demand environment.

哦，在需求環境中。

Yes.

是的。

I would almost -- I just say steady as she goes. I mean we haven't seen it improve or deteriorate to any noticeable degree. Yeah, I mean that's really the best I can say about it. That answers mainly from a UCAS and Ooma Office, Ooma Enterprise perspective.

我幾乎會——我只是說，隨著她的進展，保持穩定。我的意思是我們還沒有看到它有任何明顯的改善或惡化。是的，我的意思是這確實是我能說的最好的話。這個答案主要從 UCAS 和 Ooma 辦公室、Ooma 企業的角度來回答。

The demand environment for Ooma AirDial is accelerating. There's no question about that. More and more companies are realizing they need to do something. Prices continue to go up and so we're seeing much more interest and willingness to act on that front than perhaps a year ago.

Ooma AirDial 的需求環境正在加速成長。毫無疑問。越來越多的公司意識到他們需要採取行動。價格持續上漲，因此我們看到人們在這方面的興趣和採取行動的意願比一年前要大得多。

That's helpful. Thank you.

這很有幫助。謝謝。

(Operator Instructions) Brian Kinstlinger, Alliance Global Partners.

（操作員指示）Brian Kinstlinger，Alliance Global Partners。

Great, thanks so much. Two questions for me, it's great to hear all the details around AirDial. You mentioned just now demand is accelerating. The fiscal 2026 outlook is unchanged, so I'm curious, is there any change to visibility and when you think adoption will begin to ramp in terms of revenue dollars and in terms of larger scale implementations?

太好了，非常感謝。我有兩個問題，很高興聽到有關 AirDial 的所有細節。您剛才提到需求正在加速成長。2026 財年的前景沒有變化，所以我很好奇，可見性是否有任何變化，您認為何時採用率會在收入和更大規模實施方面開始上升？

Yeah, so we are -- I kind of put it in my script. We have opportunities before us that are greater in size than we've won in the past, and we're excited about them and I think they're moving along well. So that gives us some perspective on outlook.

是的，我們就是這樣的——我把它寫進了我的劇本裡。我們面前的機會比我們過去贏得的機會更大，我們對此感到興奮，我認為進展順利。這給了我們一些展望的觀點。

Our relationship with Comcast is still very early days, and it will be rolling out within Comcast across their sales teams over the rest of this year in a way. And it does take time with larger accounts to move through the sales cycle. So we're optimistic that the early opportunities we're seeing bode well for what we're going to continue to see growing through the rest of this year.

我們與康卡斯特的關係仍處於早期階段，並將在今年剩餘時間內以某種方式在康卡斯特的銷售團隊中推廣。對於較大的帳戶來說，完成銷售週期確實需要時間。因此，我們樂觀地認為，我們所看到的早期機會預示著我們在今年剩餘時間內將繼續看到成長。

Okay. My second question is you mentioned tariffs in your business which is relatively small, but tariffs have certainly had a disproportionate impact on SMBs in the short term. What's the impact on this on your subscriber base, as well as the sales cycle for new logos in your UCaaS business?

好的。我的第二個問題是，您提到了關稅，您的業務規模相對較小，但關稅在短期內肯定對中小企業產生了不成比例的影響。這對您的用戶群以及 UCaaS 業務中新標誌的銷售週期有何影響？

Yeah, I think that's something we all wonder about, but I can't point to any effect on our customer base or sales opportunity, driven from tariffs today. Maybe some of the pauses and tariffs have contributed to that, but we don't -- we're not hearing from our customer base that because of tariffs, they're going to do something differently.

是的，我想這是我們所有人都想知道的事情，但我無法指出今天的關稅對我們的客戶群或銷售機會有任何影響。也許一些暫停和關稅導致了這種情況，但我們沒有——我們沒有從我們的客戶群那裡聽說由於關稅，他們會採取不同的行動。

And I said in my script that sequentially versus Q4, we had a nice uptick in number of accounts and users that we want in Q1. Now Q1 is typically a stronger quarter than Q4, but still, if you look at it versus a year ago, it was also strong. So no evidence of that being an issue at this time.

我在腳本中說過，與第四季度相比，我們在第一季所需的帳戶數量和用戶數量都有了顯著的增長。通常來說，第一季比第四季表現強勁，但與去年同期相比，第一季的表現同樣強勁。因此目前沒有證據表明這是一個問題。

Okay, thanks.

好的，謝謝。

(Operator Instructions) Eric Martinuzzi, Lake Street Capital Markets.

（操作員指示）Eric Martinuzzi，Lake Street Capital Markets。

Yeah, I wanted to congratulate you on the profit outperformance. It looks to be in the operating expense items that you're getting good productivity there. And given the guidance, I'm assuming that that productivity persists. Is there anything that we should be anticipating in the out quarters as far as areas maybe that you'll be investing in? Obviously, the R&D is down here, but anything puts and takes between the three buckets between sales, R&D and G&A.

是的，我想祝賀你取得的超額利潤。看起來您在營運費用項目中獲得了良好的生產力。鑑於指導，我認為這種生產力將會持續下去。就您可能投資的領域而言，我們在未來幾季應該期待什麼嗎？顯然，研發費用在這裡處於較低水平，但任何費用都介於銷售、研發和一般行政費用這三個面向之間。

Yeah, hi Eric. Happy to go into that. I make two observations. One is within the bucket of sales and marketing, which runs 27%, 28% of revenue, we are making a slow and steady shift towards AirDial and to some degree towards 2,600 Hz versus the other two segments we serve. Not enough to really call out a fundamental change, but still, we rather than grow the sales and marketing spend, we are allocating where we see our biggest and most significant opportunities.

是的，嗨，埃里克。很高興能參與其中。我有兩點觀察。一方面是銷售和行銷領域，佔總收入的 27% 到 28%，我們正在緩慢而穩定地向 AirDial 轉變，並且在一定程度上向 2,600 Hz 轉變，而不是我們服務的其他兩個領域。雖然這還不足以真正引發根本性的變革，但我們並沒有增加銷售和行銷支出，而是將資金分配到我們認為最大、最重要的機會。

Now R&D running at 17% last quarter is still quite a sizable amount of spend. We spend close to $50 million a year on R&D in the company, and we do have several significant feature enhancements that we're driving towards this year, and they kind of differ by segment. But in a nutshell with Ooma Office, we're bringing out more advanced capabilities that make Office appeal to a little bit larger sized businesses, and that expands our TAM.

上個季度的研發支出佔比為 17%，這仍然是一筆相當大的支出。我們公司每年在研發上花費近 5,000 萬美元，今年我們確實正在推動幾項重要的功能增強，而且它們在不同領域有所不同。但簡而言之，透過 Ooma Office，我們推出了更先進的功能，使 Office 能夠吸引規模稍大的企業，從而擴大我們的 TAM。

And we've seen some success with that. We have customers now up to 300, 400 users. One of our Office customers is over 600 users. So we like that trend. AirDial is in pretty good feature shape, but we continue to make remote device management the way customers can monitor and operate the device more effective in -- well, not effective, more extensive, and that is well liked by our customers and a source of differentiation among many for AirDial.

我們已經看到了一些成功。我們現在擁有多達 300 到 400 名客戶。我們的一個 Office 客戶有超過 600 名使用者。所以我們喜歡這種趨勢。AirDial 的功能相當不錯，但我們將繼續進行遠端設備管理，讓客戶能夠更有效地監控和操作設備——嗯，不是更有效，而是更廣泛，這很受客戶的喜愛，也是 AirDial 在眾多產品中脫穎而出的來源。

And on 2,600 Hz, we are still in the process of bringing all of the Ooma IP and applications onto that platform which will appeal to new customers who want a more turnkey solution. And that's going to be a long-term project through this year, but we're making 2,600 Hz significantly stronger with that investment. So there's a lot going on in the company. We're also on 2,600 Hertz, continuing to invest particularly in contact center capability.

在 2,600 Hz 上，我們仍在將所有 Ooma IP 和應用程式引入該平台，這將吸引那些想要更交鑰匙解決方案的新客戶。這將是今年的一個長期項目，但透過這項投資，我們將使 2,600 Hz 變得更加強大。公司裡發生了很多事。我們也在 2,600 Hertz 上繼續投資，特別是在聯絡中心能力方面。

That's at the core of some of our recent customer wins. And so those are the areas we're working on, but yes, overall, our longer-term target, our mid-term range targets to R&D is percent of revenue be a little bit lower from what we're spending currently.

這是我們最近贏得一些客戶的核心原因。這些就是我們正在努力的領域，但總體而言，我們的長期目標，我們的中期目標，研發佔收入的百分比會比我們目前的支出略低一些。

Okay, and I guess I should have started with the gross margin. You're 72% on the subscription and service, and is that expected to persist at that same level?

好的，我想我應該從毛利率開始。您的訂閱和服務使用率已達到 72%，預計會維持在同一水平嗎？

In the short term, yes, and the main reason for that is we're also investing in the infrastructure and team resources to support the growing installed base and growing new installation as well of the AirDials. So we got the near term investment in those capacity a bit.

從短期來看，是的，主要原因是我們還在投資基礎設施和團隊資源，以支援不斷增長的安裝基礎和不斷增長的新安裝以及 AirDials。因此，我們在這些產能方面進行了一些短期投資。

And so perhaps, we start to see a little more -- better improvement towards the back end of the year, but the near term, that's the reason I see a relatively stable 72% subscription gross margin.

因此，也許我們會在年底看到更多更好的改善，但從短期來看，這就是我看到相對穩定的 72% 訂閱毛利率的原因。

Okay, and then my last question is on your AirDial partners. A year ago, you had 15 AirDial partners and today we're over 30. Curious to know about -- I'm less concerned about the number of partners you have and really more concerned about how productive the partners are that you have. What about those 15 from a year ago? Have you been pleased with the traction they've got? Have you been disappointed? What have you learned?

好的，我的最後一個問題是關於您的 AirDial 合作夥伴。一年前，AirDial 有 15 位合作夥伴，而今天已超過 30 位。我很好奇——我不太關心您有多少個合作夥伴，而更關心您擁有的合作夥伴的生產力。那一年前的 15 個呢？您對於他們所取得的進展感到滿意嗎？你失望過嗎？你學到了什麼？

So when we bring on a partner -- really a reseller, AirDial reseller, we know from the status of their business kind of what to expect, and some of them are smaller, some of them are more significant. We're very pleased with our largest relationships: T-Mobile, US Cellular, Comcast. Some of the larger aggregators we work with like Spectrotel and others, some of our partners are more focused.

因此，當我們引入合作夥伴（真正的經銷商，AirDial 經銷商）時，我們會從他們的業務狀況中了解會發生什麼，其中一些規模較小，而另一些規模較大。我們對我們最大的合作夥伴感到非常滿意：T-Mobile、US Cellular、Comcast。我們與一些較大的聚合商（如 Spectrotel 等）合作，我們的一些合作夥伴更專注。

They might be a small CLEC with only 5,000 to 10,000 users or something like that. But they're all contributing and that's the main thing. We did bring on a what I call medium sized CLEC, if you can say it that way. CLEC with the potential for 100,000 users for AirDial. We brought them on last fall and we talked about them, and they have started rolling out AirDial to their base and are discussing with us about accelerating how fast they go with that.

他們可能是小型 CLEC，只有 5,000 到 10,000 名用戶或類似的人數。但他們都在做出貢獻，這才是最重要的。我們確實帶來了所謂的中型 CLEC，如果你可以這麼說的話。CLEC 有可能為 AirDial 帶來 10 萬名用戶。去年秋天我們引入了他們並進行了討論，他們已經開始在他們的基地推出 AirDial，並正在與我們討論如何加快他們的實施速度。

It's very hard to put things like that into our forecasts till they happen. And so we're pretty conservative about trying to forecast things that are likely to develop until we see them developing. But we're excited that they're now having good success with AirDial and growing it. So, yeah, across our range of resellers, they're all important. We support them all and we think it's a great example of the strength of our product solution in the market because they have other folks they could go to and they've come to us.

在這樣的事情發生之前，我們很難將其納入預測之中。因此，在看到事情發展之前，我們對預測可能發生的事情持相當保守的態度。但我們很高興看到他們現在透過 AirDial 取得了巨大成功並不斷發展。是的，對於我們所有的經銷商來說，他們都很重要。我們為他們所有人提供支持，我們認為這是我們產品解決方案在市場上實力的一個很好的例子，因為他們有其他人可以求助，而且他們已經找到了我們。

Thanks for taking my questions.

感謝您回答我的問題。

Josh Nichols, B Riley.

喬許·尼可斯、B·萊利。

Well, thanks for taking my question. Real quick just to touch on, I don't think it's been brought up, but I mean you've seen some really good traction in the hospitality space, 500 hotels across North America. That's one of the largest in markets.

好的，感謝您回答我的問題。簡單提一下，我認為這個問題還沒有被提及，但我的意思是，你已經看到了酒店​​業的一些非常好的吸引力，北美有 500 家酒店。這是市場上最大的市場之一。

I'm just kind of curious if you could elaborate on how quickly that's been ramping up. And do you think that could be a significant driver going forward and what you think the opportunities that there is over the next year?

我只是有點好奇，你能否詳細說明一下這種成長速度有多快。您是否認為這會成為未來發展的重要推手？您認為明年有哪些機會？

Yeah, it is significant. When we stopped and looked at it, we were surprised ourselves in a way. We target winning 50 to 100 hotels a quarter. That's roughly where we aim. Now we hope that we can do better than that, perhaps now that the Marriott relationship has been solidified and we can leverage our certification there with Marriott Properties.

是的，這很重要。當我們停下來觀看它時，我們自己也感到有些驚訝。我們的目標是每季贏得 50 至 100 家酒店。這大概就是我們的目標。現在我們希望我們能夠做得更好，也許現在與萬豪的關係已經鞏固，我們可以利用我們在萬豪酒店的認證。

But all in, that's kind of the range we try to work in. And generally we achieve just sales each quarter in that range. Some hotels take Ooma Enterprise, some take Ooma AirDial and some take both, and in either case, getting one success with the customer is an opportunity to then build with the other.

但總的來說，這就是我們努力的範圍。通常我們每季的銷售額都在這個範圍內。有些飯店採用 Ooma Enterprise，有些飯店採用 Ooma AirDial，有些飯店兩種都採用，無論哪種情況，獲得一種客戶的成功都是與另一種客戶合作的機會。

But yeah, it's actually quite an extensive segment in terms of opportunity, and I think we could run with it for quite some time.

但是的，就機會而言，這實際上是一個相當廣泛的領域，我認為我們可以利用它相當長一段時間。

Thanks, and then just to take a little bit deeper dive, we touched on AirDial a good amount, but also 2,600 Hz. Like you don't break those out. I assume there's still a relatively immaterial piece of revenue today and like what's the plans in the future to maybe start divulging a little bit more into, like maybe some segment reporting or whatnot. And is there a timeline where you think that that may come into play given the backlog that you've been seeing build up over the last year or so?

謝謝，然後為了更深入地探討一下，我們大量討論了 AirDial，也討論了 2600 Hz。好像你沒有把它們單獨列出來。我認為今天仍有一​​部分收入相對不重要，未來有什麼計劃可以透露更多信息，例如一些分部報告或諸如此類。鑑於過去一年左右積壓的工作量不斷增加，您認為是否有一個時間表可以實現這一目標？

Well, let me give a general answer and Shig will add to what I say. Our outlook this year is built with acceleration of AirDial. It's built with acceleration of new customer wins on 2,600 Hz, but we don't expect them to contribute much until next year because of the time to ramp customers. So between the two, we expect more growth out of AirDial than we do out of 2,600 Hz this year.

好吧，讓我給一個一般性的答案，然後 Shig 會補充我所說的內容。我們今年的展望是基於 AirDial 的加速發展而建立的。它是透過加速 2,600 Hz 的新客戶贏得而建立的，但由於需要時間來增加客戶，我們預計它們要到明年才會做出太大的貢獻。因此，我們預計今年 AirDial 的成長幅度將大於 2,600 Hz 的成長幅度。

Both, of course, started from small bases. And so I think we're a ways' away from being in a position where we think about trying to break them out separately, but I don't know if Shig wants to share more.

當然，兩家公司都是從小規模起步的。因此我認為我們距離嘗試將它們分開還有一段距離，但我不知道 Shig 是否願意分享更多。

Yeah, I mean, you're obviously right, Josh, in that it's still a low single-digit percentage of revenue for -- that's in total revenue report today, but we're excited about the -- new customers coming on and pipeline longer sales cycle, but kind of the second part of your question.

是的，我的意思是，喬希，你顯然是對的，因為它仍然只佔收入的較低個位數百分比 - 這是今天的總收入報告，但我們對新客戶的到來和更長的銷售週期感到興奮，但這有點像你問題的第二部分。

We don't necessarily have a bright line sort of rule or expectation as to when we could start to report more separately, but I think once it starts to get into 10%, 15% of revenue kind of a scale, I think we would start to consider being a little bit more granular about how we disclose and inform the investors and analyst community to share a little more detail.

對於何時可以開始進行更多單獨報告，我們並沒有明確的規定或期望，但我認為，一旦收入比例達到 10% 或 15% 左右，我們就會開始考慮更細緻地了解我們如何披露信息，並告知投資者和分析師社區分享​​更多細節。

Sounds fair. I appreciate. Thank you.

聽起來很公平。我很感激。謝謝。

Patrick Walravens, Citizens.

帕特里克·沃爾拉文斯，公民。

Hi team, this is Kincaid on for Patrick Walravens. I was just wondering if you guys had any significant changes the competitive environment that you could highlight for us. Thanks.

大家好，我是 Kincaid，取代 Patrick Walravens。我只是想知道你們的競爭環境是否有任何重大變化，可以向我們強調嗎？謝謝。

Yeah. We're in a competitive environment all the time. And that's why we focus on the four segments we do where we think we can really bring the leading solution, and that's how we get competitive advantage and win. And in the segments we target, I think they're more immune to some of the pressures that our industry has had generally. Certainly AirDial, we're selling most of our customers on three- or five-year contracts, and these are applications where once they get installed, they just want them to run and aren't going to be wanting to touch them.

是的。我們始終處於競爭環境。這就是為什麼我們專注於我們認為能夠真正帶來領先解決方案的四個領域，這也是我們獲得競爭優勢並取得成功的方式。在我們瞄準的細分市場中，我認為它們對我們行業普遍面臨的一些壓力具有更強的免疫力。當然，對於 AirDial，我們向大多數客戶銷售的是三年或五年的合同，這些應用程式一旦安裝完畢，客戶就只想運行它們，而不想再碰它們。

There's installation effort to put them in place. So that's also a barrier once you get in. Small business UCaaS, small businesses need a unique combination of easy and turnkey installation and great support along with great value.

需要進行安裝工作才能將它們安裝到位。所以一旦你進入，這也是一個障礙。小型企業 UCaaS，小型企業需要簡單的交鑰匙安裝、強大的支援和巨大的價值的獨特組合。

And we've architected a solution built in that way and we think half or more of the small businesses out there across North America, 1 to 20 employees have yet to move to a cloud type solution, so we keep just going at that market pretty straightforwardly. And I don't know that we've seen any particular change in competition in that.

我們已經設計了一個以此方式建構的解決方案，我們認為北美一半或更多的小型企業（擁有 1 到 20 名員工）尚未轉向雲端類型的解決方案，因此我們將繼續直接開拓該市場。我不知道我們是否看到競爭方面有任何特別的變化。

So I think the general answer is not anything to call out specifically for you here. And we'll keep monitoring that, but I really think our outlook depends most of all on our own execution.

所以我認為一般的答案在這裡沒有什麼需要特別指出的。我們會持續關注這一點，但我確實認為我們的前景主要取決於我們自己的執行力。

All right. Thanks so much.

好的。非常感謝。

Matthew Harrigan, The Benchmark Company.

馬修·哈里根（Matthew Harrigan），基準公司。

Thank you. As we all well know that cable companies tend to emulate each other on the product pipeline and the tech roadmap, particularly since they don't directly compete and particularly on the business side. They tend to -- obviously, they don't have national footprints, so they work together there, especially well.

謝謝。眾所周知，有線電視公司傾向於在產品線和技術路線圖上相互模仿，特別是因為他們並不直接競爭，尤其是在業務方面。他們傾向於——顯然，他們沒有全國性的足跡，所以他們在那裡合作得特別好。

Are you already talking with other cable companies? I mean, you've got the largest guinea pig or maybe capybara and Comcast instance or are people kind of waiting to see how everything hardens out as far as their execution.

您是否已經與其他有線電視公司洽談？我的意思是，你有最大的豚鼠或水豚和康卡斯特實例，或者人們正在等待看他們的執行情況如何。

And then secondly, in response to your earlier question, you said, I think largely with reference to AirDial that there are other people that your clients could talk to. When you look at Europe, and I know Europe and Asia are not your point of emphasis right now, to say the least, but what are people doing there on the workaround on the copper line replacement and are there competitors over there that aren't present in North America, are they some of the very large telecom equipment companies?

其次，在回答您先前的問題時，您說，我認為，就 AirDial 而言，您的客戶可以與其他人交談。當您看歐洲時，我知道歐洲和亞洲現在不是您的重點，至少可以這麼說，但是人們在那裡採取什麼措施來解決銅線更換問題，那裡是否有北美沒有的競爭對手，他們是一些非常大的電信設備公司嗎？

Because you have a tremendously large TAM for AirDial and it's just -- I don't know what the workarounds would be other than paying a lot more money for your copper line right now. I mean, specifically, who are you seeing as competitors as some semblance of a comparable technology solution? Thanks.

因為 AirDial 的 TAM 非常大，而且——除了現在為銅線支付更多的錢之外，我不知道還有什麼解決方法。我的意思是，具體來說，您認為誰是具有可比較技術解決方案的競爭對手？謝謝。

Sure, yeah, thank you. So on your first question, we do have a broad effort trying to engage with new reseller partners for AirDial, as you would expect. And our goal is to add at least a couple partners every quarter and we've met that goal now for two years straight.

當然，是的，謝謝。因此，關於您的第一個問題，正如您所期望的那樣，我們確實在努力嘗試與 AirDial 的新經銷商合作夥伴合作。我們的目標是每個季度至少增加幾個合作夥伴，我們已經連續兩年實現了這個目標。

Yes, you're right that when you work with one cable company, others will notice and they don't directly compete often, and that can open some doors for collaboration or just referencing. So yeah, we're excited that we can continue to add more reseller partners on AirDial, and I think that'll be an important driver of growth for us.

是的，您說得對，當您與有線電視公司合作時，其他人會注意到，而且他們通常不會直接競爭，這可以為合作或僅僅是參考打開一些大門。是的，我們很高興能夠繼續在 AirDial 上增加更多的經銷商合作夥伴，我認為這將成為我們成長的重要動力。

On your second question, which I think was particularly focused on Europe, we have some engagements in Europe. Obviously we're in 32 countries with IWG, but that's on the UCA side. We have some engagements in Europe with 2,600 Hz customers. And I think I mentioned a quarter ago that we won a new one in Europe just a quarter ago, which was kind of exciting, in the Netherlands.

關於您的第二個問題，我認為這個問題特別關注歐洲，我們在歐洲有一些合作。顯然，我們的 IWG 業務遍及 32 個國家，但這只是 UCA 方面。我們與歐洲的一些 2,600 Hz 客戶有業務往來。我記得我在一個季度前提到過，我們剛剛在歐洲贏得了一個新獎項，在荷蘭，這有點令人興奮。

But with AirDial today, AirDial is not sold -- it's not used, I guess I would say outside of North America. We would love to win large carriers for AirDial in Europe or other parts of the world. We don't have a big sales effort going on on there, but at any point in time, we have some discussions going, I would say. And generally, our experience so far has been companies taking a slow approach to the problem and seeing if they can't delay the need or implement something internally that'll get by. But I do think opportunities will continue to unfold as we look forward.

但如今，AirDial 並未出售，也沒有在北美以外地區使用。我們非常希望能夠為 AirDial 贏得歐洲或世界其他地區的大型營運商的支持。我們在那裡沒有進行大規模的銷售活動，但我想說，在任何時候，我們都會進行一些討論。整體而言，到目前為止，我們的經驗是，公司會慢慢解決問題，看看是否能夠推遲需求或在內部實施一些可行的措施。但我確實認為，只要我們向前看，機會就會不斷出現。

Thanks, Eric.

謝謝，埃里克。

(Operator Instructions) Mike Lattimore, Northland Capital Markets.

（操作員指示）Mike Lattimore，Northland Capital Markets。

Hey, hi, this is [Vijay Dewar] on for Michael Lattimore, but two questions. One, when will you be done integrating Ooma apps into a 2,600 Hz?

嘿，大家好，我是 [Vijay Dewar]，代表 Michael Lattimore 回答兩個問題。首先，您什麼時候能將 Ooma 應用程式整合到 2,600 Hz 中？

I would say end of this year, and I know that seems like a long time and maybe a little bit longer than we originally intended, but 2,600 Hz really operates in three ways that it goes to market. There's our shared hosted, our private cloud, and our global infrastructure. And each one operates a little bit differently, so we actually have to enable the capabilities in each one. We have already though, launched our mobile app for some customers and our desktop app as well and so we're making, I think, good progress.

我想說是今年年底，我知道這似乎很長一段時間，可能比我們最初計劃的要長一點，但 2,600 Hz 實際上以三種方式進入市場。我們有共享託管、私有雲和全球基礎設施。而且每個系統的運作方式都略有不同，因此我們實際上必須啟用每個系統的功能。不過，我們已經為一些客戶推出了行動應用程序，也推出了桌面應用程序，所以我認為我們正在取得良好的進展。

Yeah. The second one, have you seen any change in sales cycles for 2,600 Hz, given the Metaswitch acquisition?

是的。第二個問題，考慮到 Metaswitch 的收購，您是否看到 2,600 Hz 的銷售週期有任何變化？

That's hard to answer because it's only really since that acquisition that we've invested in sales for 2,600 Hz, and we do have a small team there today and I will say they're doing a fantastic job. We had multiple wins of new customers in Q1. And so we are seeing customers receptive.

這個問題很難回答，因為實際上自從那次收購之後我們才開始投資 2,600 Hz 的銷售，而且我們今天在那裡確實有一個小團隊，我可以說他們做得非常出色。我們在第一季贏得了多位新客戶。因此我們看到顧客的接受度很高。

One of the customers, we won has their own solution in a vertical space and wants to add a communications to it and they could have, built it using CPaaS. They instead went with us and that was after looking at competitor solutions. So that was a really nice win for us.

我們贏得的一位客戶在垂直領域擁有自己的解決方案，並希望為其添加通訊功能，他們可以使用 CPaaS 來建構它。在研究了競爭對手的解決方案之後，他們選擇了與我們合作。所以這對我們來說是一場非常棒的勝利。

And another customer we that company also is small, but the person running it has a lot of deep knowledge and experience with large carriers in the industry and chose us over others. So I'm seeing good momentum, but I don't know if it's us or if it's the market.

我們的另一個客戶是那家公司，規模也很小，但其負責人對業內的大型承運商有著豐富的知識和經驗，因此選擇了我們。所以我看到了良好的勢頭，但我不知道這是我們的功勞還是市場的功勞。

Understood. Thank you.

明白了。謝謝。

(Operator Instructions) Brian Kinstlinger, Alliance.

（操作員指示） Brian Kinstlinger，聯盟。

Great, thanks so much. I have two questions again. The first one is I'm wondering if you can quantify the number of lines that churned over the last two quarters at Regus so we could evaluate the underlying growth of the business.

太好了，非常感謝。我又有兩個問題。第一個問題是，我想知道您是否可以量化雷格斯過去兩個季度流失的線路數量，以便我們可以評估業務的潛在成長。

Yeah, Brian.

是的，布萊恩。

It's about what we got.

這和我們所得到的東西有關。

Got. It is, but I guess you're asking for quantify, asking us to quantify. Yeah, it was about 12,000, 13,000, in that range in the last two quarters. And we a year ago, we talked about churning in total about 19,000 to 20,000 over the course of last fiscal year and good chunk of that slipped into Q1.

得到。是的，但我想你要求的是量化，要求我們量化。是的，過去兩個季度，這個數字大約是 12,000 到 13,000。一年前，我們談到上個財年總共流失了大約 19,000 到 20,000 名員工，其中很大一部分流失到了第一季。

So again, I remind you that with the 10,000 or so that churned in Q1, we ended up turning about the same as what we had expected in total a year ago.

因此，我再次提醒您，第一季流失了約 10,000 名員工，最終我們的業績與一年前預期的總數大致相同。

Got it, 19,000 to 20,000 in total, 12,000 to 13,000 in the last 2 quarters?

明白了，總共19,000到20,000，最近兩季有12,000到13,000？

Correct.

正確的。

And roughly 10,000 in the last quarter.

上個季度約為 10,000 人。

Yeah, that's helpful. I mean, obviously we can see the growth there and then. You've clearly in the last, I'd say, two quarters shifted your focus to driving stronger profits. Assuming AirDial does enjoy solid adoption, what's a reasonable goal for adjusted EBITDA margin maybe three years out or more?

是的，這很有幫助。我的意思是，顯然我們可以看到那裡的成長。我想說，在過去兩個季度裡，你們顯然已經將重點轉移到提高利潤上。假設 AirDial 確實得到了廣泛的應用，那麼三年或更長時間內調整後的 EBITDA 利潤率的合理目標是多少？

A lot higher than what we're at. We've brought our adjusted EBITDA up nicely over the last 12 to 18 months, but I think it's just the start. There's no reason why this business can't be very profitable with 72% margins. And our core solutions, each in our four segments, pretty well developed and not needing the level of R&D they've taken in the past.

比我們現在的水平高很多。在過去的 12 到 18 個月中，我們的調整後 EBITDA 取得了不錯的成長，但我認為這只是一個開始。72% 的利潤率讓這項業務沒有理由不能獲利。我們四個領域的核心解決方案都得到了相當好的發展，不需要像過去那樣進行研發。

Okay, thanks.

好的，謝謝。

Thank you. And at this time, I'm not showing any, I'd like to turn it back to Eric for close remarks. Please go ahead.

謝謝。目前，我還沒有表現出任何跡象，我想將其交還給 Eric 進行最後的評論。請繼續。

Well, thank you, Lisa, and thank you everyone for joining us today. We really appreciate it and I think we're off to a good start for the year. So thank you. I'll let you go. Bye-bye.

好吧，謝謝你，麗莎，也謝謝大家今天加入我們。我們真的很感激，我認為今年我們有一個好的開始。所以謝謝你。我放你走。再見。

Thank you all for participating in today's conference call. You may now disconnect.

感謝大家參加今天的電話會議。您現在可以斷開連線。