Ooma Inc (OOMA) 2026 Q3 法說會逐字稿

Hello, and welcome to Ooma Inc.'s, third-quarter fiscal year 2026 financial results. (Operator Instructions)

您好，歡迎來到 Ooma 公司 2026 財年第三季財務業績報告。（操作說明）

I'd now like to hand the conference over to Matthew Robinson. Sir, you may begin.

現在我將把會議交給馬修·羅賓遜。先生，您可以開始了。

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

謝謝你，托萬達。大家好，歡迎參加 Ooma 公司 2026 財年第三季財報電話會議。我是 Matt Robison，投資者關係與企業發展總監。今天和我一起通話的是 Ooma 的執行長 Eric Stang 和財務長 Shig Hamamatsu。

After the market closed today, Ooma issued its fiscal third-quarter 2026 earnings press release. This release is also available on the company's website, ooma.com.

今天股市收盤後，Ooma 發布了 2026 財年第三季財報新聞稿。該版本也可在公司網站 ooma.com 上取得。

This call is being webcast live and is accessible from a link on the Events & Presentations page of the Investor Relations section of our website. This link will be active for replay of this call for one year.

本次電話會議將進行網路直播，您可以透過我們網站投資者關係版塊的「活動與演示」頁面上的連結訪問本次會議。此連結將有效一年，可用於回放本次通話。

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. 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.

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的財務或經營績效有關。我們對這些問題的預期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，這些風險和不確定性可能導致實際結果與預期結果有重大差異。

These risks include those set forth in the press release we issued earlier today, and those risks more fully described in our filings with the Securities and Exchange Commission. 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.

這些風險包括我們今天早些時候發布的新聞稿中列出的風險，以及我們在提交給美國證券交易委員會的文件中更詳細描述的風險。本簡報中的前瞻性聲明是基於截至本簡報發布之日我們所掌握的信息，除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

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. 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.

請注意，除收入或另有說明外，本次電話會議所揭露的財務指標將以非公認會計準則 (non-GAAP) 為基礎。非公認會計準則財務指標不應被孤立地看待，也不應被視為替代依照公認會計準則編制的結果。我們已在獲利新聞稿中討論了我們為何採用非公認會計準則財務指標，並將本次電話會議中討論的非公認會計準則財務指標與最直接可比的公認會計準則財務指標進行了調整，該新聞稿可在我們的網站上查閱。

On this call, we will give guidance for fourth-quarter and full-year 2026 on a non-GAAP basis. Also, in addition to our press release and 8-K filing, the Overview page and Events & Presentations page in the Investors 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. These are titled Supplemental Financial Disclosure 1 and Supplemental Financial Disclosure 2.

在本次電話會議上，我們將以非GAAP準則給予2026年第四季及全年的業績指引。此外，除了我們的新聞稿和 8-K 文件外，我們網站投資者部分的「概覽」頁面和「活動與演示」頁面以及我們網站財務資訊部分的「季度業績」頁面還包含指向有關未包含在我們非 GAAP 值和我們核心訂閱業務關鍵指標中的成本和費用的資訊的連結。這兩份文件分別名為《補充財務揭露1》和《補充財務揭露2》。

Additionally, our investor presentation slides include GAAP to non-GAAP reconciliation that also provides resolution of GAAP expenses that are excluded from non-GAAP metrics.

此外，我們的投資者簡報投影片還包括 GAAP 與非 GAAP 的調整表，其中還提供了 GAAP 費用未計入非 GAAP 指標的解決方案。

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

現在，我將把電話交給 Ooma 的執行長 Eric Stang。

Thank you, Matt. Hi, everyone, and welcome to Ooma's third-quarter fiscal year 2026 earnings call. Thank you for joining us. We're pleased to report solid Q3 financial results and to discuss the progress we are making across our business. We will also provide more information about the two acquisitions we recently announced, one of which, FluentStream, has now closed.

謝謝你，馬特。大家好，歡迎參加 Ooma 2026 財年第三季財報電話會議。感謝您的參與。我們很高興地宣布第三季財務業績穩健，並討論我們業務在各個方面取得的進展。我們還將提供更多關於我們最近宣布的兩項收購的信息，其中一項收購 FluentStream 現已完成。

Financially, we grew our revenue in Q3 to $67.6 million and ended the quarter with $242.7 million of annual exit recurring revenue. We achieved new records in the quarter for non-GAAP net income, which increased to $7.7 million and adjusted EBITDA, which increased to $8.6 million. Our adjusted EBITDA for Q3 as a percentage of revenue was 13%, up from 11% of revenue in Q2 of this year and 10% of revenue in Q1 of this year.

財務方面，我們第三季的營收成長至 6,760 萬美元，季末年度退出經常性收入為 2.427 億美元。本季度，我們的非GAAP淨收入和調整後EBITDA均創下新紀錄，分別增至770萬美元和860萬美元。第三季調整後的 EBITDA 佔營收的 13%，高於今年第二季的 11% 和今年第一季的 10%。

We are proud of our increased bottom-line results and believe our business has significant potential not only for revenue growth, but also for further bottom-line expansion.

我們為公司利潤的成長感到自豪，並相信我們的業務不僅在收入成長方面具有巨大的潛力，而且在利潤進一步增長方面也具有巨大的潛力。

Our business solutions performed well in Q3. We continue to invest in growth across Ooma Office, Ooma Enterprise, AirDial, and 2600Hz. Ooma Office and Ooma Enterprise added new customers in line with our expectations, and we maintained our development efforts focused on AI, contact center, vertical integrations, and other features, which will boost our Pro and Pro Plus service tiers and appeal to larger-sized businesses. We expect to launch our AI solutions early next year.

我們的業務解決方案在第三季表現良好。我們將繼續投資於 Ooma Office、Ooma Enterprise、AirDial 和 2600Hz 的發展。Ooma Office 和 Ooma Enterprise 的新客戶數量符合預期，我們繼續致力於人工智慧、聯絡中心、垂直整合和其他功能的開發，這將提升我們的 Pro 和 Pro Plus 服務級別，並吸引規模更大的企業。我們預計將於明年初推出我們的人工智慧解決方案。

I'm pleased to note, too, that Ooma Enterprise secured its largest hospitality win to date, a hotel in Las Vegas with nearly 1,000 rooms. Regarding AirDial, we made solid progress in Q3 as we continued our efforts to expand sales and increase awareness of our solution. I'm pleased to report that we continue to add new resale partners every quarter. In fact, in Q3, we added nine new resale partners, our strongest quarter to date.

我也很高興地註意到，Ooma Enterprise 獲得了迄今為止最大的酒店項目訂單，即拉斯維加斯一家擁有近 1000 間客房的酒店。關於 AirDial，我們在第三季取得了穩步進展，我們繼續努力擴大銷售並提高用戶對我們解決方案的認知度。我很高興地報告，我們每季都在持續增加新的經銷商合作夥伴。事實上，在第三季度，我們新增了九家經銷商合作夥伴，這是我們迄今為止業績最好的一個季度。

In general, we are seeing an influx of interest in reselling AirDial from entities wanting to take advantage of the POTS replacement market opportunity, including from some wanting to move away from competitive solutions.

總的來說，我們看到越來越多的實體對轉售 AirDial 產生了興趣，他們希望利用 POTS 替代市場的機遇，其中一些實體希望擺脫競爭性解決方案。

I'm also pleased to report that in Q3, we launched an updated version of AirDial, which incorporates a new processor and is designed to provide improved cellular band support and longer battery life. It is also less costly to manufacture. Along with this, we launched new remote device management features for use by partners reselling AirDial.

我很高興地宣布，在第三季度，我們推出了 AirDial 的更新版本，該版本採用了新的處理器，旨在提供更好的蜂窩頻段支援和更長的電池續航時間。它的製造成本也更低。同時，我們也推出了新的遠端設備管理功能，供轉售 AirDial 的合作夥伴使用。

Overall, we remain committed to our long-term goal to secure 300,000 AirDial lines, generating $100 million of AirDial annual recurring revenue.

總體而言，我們仍然致力於實現我們的長期目標，即獲得 30 萬條 AirDial 線路，從而產生 1 億美元的 AirDial 年度經常性收入。

Regarding 2600Hz, we made further progress in Q3, adding Ooma's IP and applications onto the platform, and we're able to upsell a significant number of existing 2600Hz customers. We also continued our sales and marketing to new customers focused mainly on carriers and other UCaaS providers.

關於 2600Hz，我們在第三季度取得了進一步進展，將 Ooma 的 IP 和應用程式添加到平台中，並且我們能夠向大量現有的 2600Hz 客戶追加銷售。我們也持續向新客戶進行銷售和市場推廣，主要目標客戶是營運商和其他 UCaaS 供應商。

On the residential front, a combination of good user additions and slightly lower churn allowed us to hold our user count close to flat with Q2. And so far, we are off to a good start this quarter as well.

在住宅用戶方面，良好的用戶成長和略低的用戶流失率相結合，使我們的用戶數量與第二季度基本持平。到目前為止，本季我們也開局良好。

Turning now to the two acquisitions we recently announced. This is an exciting time for Ooma. As a reminder, we announced that we recently closed on the acquisition of FluentStream and are expected to close on the acquisition of Phone.com around the end of this month. Combined, these two businesses are expected to add more than 165,000 users, $45 million of revenue, and $10 million of adjusted EBITDA to Ooma annually before synergies.

現在來談談我們最近宣布的兩項收購。對Ooma來說，這是一個令人興奮的時刻。再次提醒大家，我們已宣布近期完成了對 FluentStream 的收購，預計本月底完成對 Phone.com 的收購。合併後，預計這兩家公司每年將為 Ooma 增加超過 165,000 名用戶、4500 萬美元的收入和 1000 萬美元的調整後 EBITDA（未計協同效應）。

Each acquisition is expected to be accretive to Ooma's adjusted EBITDA and non-GAAP earnings per share starting on the closing date of the transaction. Approximately 155 employees and contractors will be joining Ooma as a result of these two transactions. Strategically, we believe that FluentStream and Phone.com fit well with Ooma's focus on serving small- and medium-sized businesses.

預計每次收購都將從交易完成之日起增加 Ooma 的調整後 EBITDA 和非 GAAP 每股收益。透過這兩項交易，將有大約 155 名員工和承包商加入 Ooma。從策略角度來看，我們認為 FluentStream 和 Phone.com 與 Ooma 專注於服務中小企業的策略非常契合。

We believe each company is well regarded by its customers, performing well and presents an opportunity to leverage Ooma's scale and investment spending over a larger base. Furthermore, we believe we have been able to acquire each business at a price, which allows us to achieve cost-effective growth. Overall, these acquisitions allow us to optimize how we spend to grow our business, to achieve greater scale, and to bring new capabilities to Ooma.

我們相信每家公司都深受客戶好評，業績良好，並有機會利用 Ooma 的規模和投資支出來覆蓋更大的客戶群。此外，我們相信我們已經能夠以合理的價格收購每家企業，從而實現成本效益高的成長。總的來說，這些收購使我們能夠優化支出方式，從而發展業務，實現更大的規模，並為 Ooma 帶來新的能力。

In the case of FluentStream, our focus will primarily be to continue FluentStream's business success and a high level of profitability. There are, however, a few select areas where we believe synergies are possible. These include bringing Ooma's scale to FluentStream's vendor relationships, combining certain initiatives involving new feature developments, and leveraging FluentStream's channel relationships to sell other Ooma products, most notably AirDial.

對於 FluentStream，我們的主要目標是繼續保持 FluentStream 的業務成功和高獲利能力。然而，我們認為在某些特定領域可以產生協同效應。這些措施包括將 Ooma 的規模引入 FluentStream 的供應商關係，結合某些涉及新功能開發的舉措，以及利用 FluentStream 的通路關係來銷售其他 Ooma 產品，尤其是 AirDial。

In the case of Phone.com, our focus will be to strengthen the Phone.com brand in the market. We believe Phone.com's memorable URL and website and their focus on providing a streamlined and relevant e-commerce experience represents an attractive opportunity for Ooma.

就 Phone.com 而言，我們的重點將是加強 Phone.com 在市場上的品牌影響力。我們認為 Phone.com 易於記憶的網址和網站，以及他們專注於提供精簡且相關的電子商務體驗，對 Ooma 來說是一個極具吸引力的機會。

We also believe significant synergies are possible. Once the acquisition closes, we intend to leverage our vendor relationships, R&D activities, customer support systems, and G&A processes to make Phone.com both stronger and more profitable.

我們也相信，兩者之間能夠產生顯著的綜效。收購完成後，我們將利用我們的供應商關係、研發活動、客戶支援系統和一般及行政流程，使 Phone.com 變得更強大、更盈利。

In sum, we believe these two acquisitions present a tremendous opportunity for Ooma to build shareholder value. It is our intent to capitalize on them to increase Ooma's adjusted EBITDA, cash flow, and growth, and we are excited as we look out toward the years ahead.

總之，我們認為這兩項收購為 Ooma 創造了巨大的股東價值。我們的目標是利用這些優勢來提高 Ooma 的調整後 EBITDA、現金流和成長，展望未來幾年，我們感到非常興奮。

I will 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.

現在我將把電話交給我們的財務長Shig，讓他更詳細地討論我們的業績和展望，然後我再做一些總結發言。

Thank you, Eric, and good afternoon, everyone. Before I dive into our third-quarter financial results, I would like to recap the status and financial aspects of the two acquisitions we announced last month. Please note that these two acquisitions did not impact our fiscal third-quarter results I'm going to discuss in a minute as each of these acquisitions either completed or expected to be completed in our fourth fiscal quarter.

謝謝你，埃里克，大家下午好。在深入探討我們第三季的財務表現之前，我想先回顧一下我們上個月宣布的兩項收購的現狀和財務狀況。請注意，這兩項收購併未影響我們第三財季的業績，我稍後會詳細討論，因為這兩項收購要么已經完成，要么預計將在我們的第四財季完成。

We completed the acquisition of FluentStream on December 1, 2025, for approximately $45 million in cash, which was funded by a $45 million term loan. FluentStream is expected to add $24 million to $25 million of revenue and $9.5 million to $10.5 million of adjusted EBITDA to Ooma annually based on current run rates.

我們於 2025 年 12 月 1 日完成了對 FluentStream 的收購，收購金額約為 4,500 萬美元現金，資金來自 4,500 萬美元的定期貸款。根據目前的運行速度，FluentStream 預計每年將為 Ooma 增加 2400 萬至 2500 萬美元的收入和 950 萬至 1050 萬美元的調整後 EBITDA。

As for the acquisition of Phone.com, it is expected to be completed later in the fourth fiscal quarter. The cash purchase price of approximately $23.2 million is expected to be funded by a combination of cash on hand and a bank loan.

至於對 Phone.com 的收購，預計將在第四財季稍後完成。預計此次收購的現金價格約為 2,320 萬美元，資金來源為自有現金和銀行貸款。

Phone.com is expected to add $22 million to $23 million of revenue and $0.5 million to $1.5 million of adjusted EBITDA to Ooma annually based on current run rates and before synergies. There are no other contingency payments for either of these acquisitions.

根據目前的營運速度，在不考慮綜效的情況下，Phone.com 預計每年將為 Ooma 增加 2,200 萬至 2,300 萬美元的收入和 50 萬至 150 萬美元的調整後 EBITDA。這兩項收購均無其他或有付款項。

Now I'm going to review our third quarter financial results and then provide our guidance for the fourth quarter and full year fiscal '26. Our third-quarter revenue was $67.6 million, up 4% year over year, driven by the growth of Ooma business, including AirDial.

現在我將回顧我們第三季的財務業績，然後對2026財年第四季和全年業績進行展望。第三季營收為 6,760 萬美元，年增 4%，主要得益於 Ooma 業務（包括 AirDial）的成長。

In Q3, business subscription and services revenue accounted for 63% of total subscription and services revenue as compared to 61% in the prior-year quarter. Q3 product and other revenue came in at $5.7 million and was up 14% year over year due to growth in AirDial installations. On the profitability front, Q3 non-GAAP net income was $7.7 million, meaningfully above our guidance range and grew 68% year over year.

第三季度，企業訂閱和服務收入佔總訂閱和服務收入的 63%，而去年同期為 61%。第三季產品及其他營收為 570 萬美元，年增 14%，這主要得益於 AirDial 安裝量的成長。在獲利能力方面，第三季非GAAP淨收入為770萬美元，顯著高於我們的預期範圍，較去年同期成長68%。

Higher-than-expected non-GAAP net income was mainly driven by an additional operating leverage realized in R&D, continuing effort to optimize sales and marketing spend, and lower-than-expected impact of tariffs.

非GAAP淨利高於預期，主要得益於研發方面實現的額外營運槓桿、持續優化銷售和行銷支出，以及關稅影響低於預期。

Now some details on our Q3 revenue. Business subscription and services revenue grew 6% year over year in Q3, driven by user growth and ARPU growth. On the residential side, subscription and services revenue was down 1% year over year. For the third quarter, total subscription and services revenue was $61.9 million, or 91.6% of total revenue as compared to $60.1 million or 92.3% of total revenue in the prior-year quarter.

現在來看看我們第三季的營收狀況。第三季度，企業訂閱和服務收入年增 6%，主要得益於用戶成長和 ARPU 成長。在住宅用戶方面，訂閱和服務收入較去年同期下降了 1%。第三季度，訂閱和服務總收入為 6,190 萬美元，佔總收入的 91.6%，而上年同期為 6,010 萬美元，佔總收入的 92.3%。

Now some details on our key customer metrics. We ended our third quarter with 1,233,000 core users, up from 1,230,000 core users at the end of the second quarter. At the end of the third quarter, we had 513,000 business users or 42% of our total core users, an increase from 5,000 from Q2.

現在來詳細了解我們的關鍵客戶指標。第三季末，我們的核心用戶數為 1,233,000 人，高於第二季末的 1,230,000 人。第三季末，我們的企業用戶數為 51.3 萬人，占我們核心用戶總數的 42%，比第二季的 5,000 人增加。

Our blended average monthly subscription and services revenue per core user or ARPU increased 4% year over year to $15.82 and driven by an increase in mix of business users, including higher-ARPU Office Pro and Pro Plus users.

我們每位核心用戶的平均每月訂閱和服務收入（ARPU）年增 4%，達到 15.82 美元，這主要得益於企業用戶比例的增加，其中包括 ARPU 更高的 Office Pro 和 Pro Plus 用戶。

During the third quarter, we continue to see a healthy Office Pro and Pro Plus take rate with 57% of new Office users opting for these high-tier services. Overall, 38% of Ooma Office users have now subscribed to these higher-tier services. Our annual exit recurring revenue was $242.7 million, up 4% year over year.

第三季度，Office 專業版和專業增強版的使用率仍然保持良好勢頭，57% 的新 Office 用戶選擇了這些高級服務。總體而言，38% 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 2.427 億美元，年增 4%。

Our net dollar subscription retention rate for the quarter was 99%. Now some details on our gross margin. Our subscription and services gross margin for the third quarter was 71.5% and as compared to 71.6% in the prior year. Product and other gross margin for the third quarter was negative 45% as compared to negative 56% for the same period last year.

本季我們的淨美元訂閱留存率為 99%。現在來看看我們的毛利率詳情。第三季我們的訂閱和服務毛利率為 71.5%，而去年同期為 71.6%。第三季產品及其他毛利率為負 45%，去年同期為負 56%。

On an overall basis, the total gross margin for Q3 was 62% as compared to 62% in the prior-year quarter. The flat overall gross margin in Q3 this year reflects a heavier mix of product revenue versus prior year due to an increase in AirDial installations, which offset the improvement in product gross margin.

整體而言，第三季的總毛利率為 62%，與去年同期持平。今年第三季整體毛利率持平，反映出產品收入佔比較上年同期有所增加，原因是 AirDial 安裝量的增加抵消了產品毛利率的改善。

And now some details on operating expenses. Total operating expenses for the third quarter were $34.2 million and down $1.4 million year over year. Sales and marketing expenses for the third quarter were $17.9 million or 26% of total revenue, up 2% year over year, primarily driven by higher channel development activity for AirDial.

現在來詳細說說營運費用。第三季總營運支出為 3,420 萬美元，比上年同期減少 140 萬美元。第三季的銷售和行銷費用為 1,790 萬美元，佔總營收的 26%，年增 2%，主要得益於 AirDial 通路開發活動的增加。

Research and development expenses were $10.8 million or 16% of total revenue, down 10% on a year-over-year basis, primarily driven by headcount management as we continue to focus on R&D efficiency and operating leverage. G&A expenses were $5.5 million or 8% of total revenue compared to $6.1 million for the prior year.

研發費用為 1,080 萬美元，佔總收入的 16%，年減 10%，主要原因是由於我們繼續專注於研發效率和營運槓桿，因此進行了人員精簡管理。一般及行政費用為 550 萬美元，佔總收入的 8%，而前一年為 610 萬美元。

Non-GAAP net income for the third quarter was $7.7 million or diluted earnings per share of $0.27 as compared to $0.17 in the prior-year quarter. Adjusted EBITDA for the quarter was a record $8.6 million or 13% of total revenue and grew 50% year over year. We ended the quarter with total cash and investments of $21.7 million.

第三季非GAAP淨收入為770萬美元，稀釋後每股收益為0.27美元，去年同期為0.17美元。本季調整後 EBITDA 達到創紀錄的 860 萬美元，佔總營收的 13%，年成長 50%。本季末，我們持有的現金和投資總額為 2,170 萬美元。

In Q3, we generated $6.9 million of operating cash flow and $5.4 million of free cash flow. On a trailing 12-month basis, we generated $25 million of operating cash flow and $19 million of free cash flow. With strong free cash flow generation, we spent a total of $16.2 million over the last four quarters, including $4 million in Q3 to buy back stock through a combination of open market repurchase and RSU net share settlement.

第三季度，我們產生了 690 萬美元的營運現金流和 540 萬美元的自由現金流。過去 12 個月，我們產生了 2,500 萬美元的營運現金流和 1,900 萬美元的自由現金流。憑藉強勁的自由現金流，我們在過去四個季度共花費了 1,620 萬美元，其中包括第三季花費的 400 萬美元，透過公開市場回購和 RSU 淨股結算的方式回購股票。

As mentioned earlier, we completed the acquisition of FluentStream with a $45 million term loan with an interest rate of approximately 6.4% on December 1, 2025. Although the new term loan has a five-year amortization schedule, we expect to use a portion of free cash flow in the future to pay it down faster.

如前所述，我們於 2025 年 12 月 1 日透過一筆 4,500 萬美元的定期貸款完成了對 FluentStream 的收購，該貸款的利率約為 6.4%。雖然新的定期貸款有五年攤銷計劃，但我們預計未來將利用部分自由現金流來加快還款速度。

We also expect to draw an additional $20 million in term loan with a similar interest rate when we complete Phone.com acquisition later in the fourth quarter. The additional details on the term loans are available in our Form 8-K filed on December 2, 2025, and as well as in our Q3 Form 10-Q to be filed later this week. On the headcount front, we ended the quarter with 1,223 employees and contractors.

我們還預計將在第四季度稍後完成對 Phone.com 的收購時，以類似的利率提取額外的 2000 萬美元定期貸款。有關定期貸款的更多詳情，請參閱我們於 2025 年 12 月 2 日提交的 8-K 表格，以及我們將在本週稍後提交的第三季 10-Q 表格。在人員編制方面，本季末我們共有 1223 名員工和承包商。

Now I'll provide guidance for the fourth quarter and full fiscal year '26. Please note that the guidance does include the impact of FluentStream acquisition completed on December 1, 2025, but does not include the impact of Phone.com acquisition as it is expected to close later in the fourth quarter.

現在我將提供2026財年第四季和整個財年的業績指引。請注意，該指導意見確實包含了於 2025 年 12 月 1 日完成的 FluentStream 收購的影響，但不包括 Phone.com 收購的影響，因為該收購預計將在第四季度稍後完成。

Our guidance is on a non-GAAP basis and has been adjusted for expenses such as stock-based compensation, amortization of intangibles, and acquisition-related expenses. We expect total revenue for the fourth quarter of fiscal '26 to be in the range of $71.3 million to $71.9 million, which includes $4 million to $4.1 million of revenue contribution from FluentStream. Within this total revenue guidance, we expect $5 million to $5.3 million of product revenue.

我們的業績指引是基於非GAAP準則的，並已根據股權激勵、無形資產攤銷和收購相關費用等支出進行了調整。我們預計 2026 財年第四季的總營收將在 7,130 萬美元至 7,190 萬美元之間，其中包括 FluentStream 貢獻的 400 萬美元至 410 萬美元的收入。在上述總收入預期中，我們預期產品收入為 500 萬美元至 530 萬美元。

We expect the fourth-quarter non-GAAP net income to be in the range of $8.4 million to $8.9 million, which includes approximately $1.5 million to $1.6 million of non-GAAP net income contribution from FluentStream. Q4 non-GAAP net income guidance also includes an impact of interest expense related to the $45 million term loan, which is estimated to be approximately $0.5 million.

我們預計第四季非GAAP淨利將在840萬美元至890萬美元之間，其中包括FluentStream貢獻的約150萬美元至160萬美元非GAAP淨利潤。第四季非GAAP淨利預期還包括與4,500萬美元定期貸款相關的利息支出影響，預計約50萬美元。

Non-GAAP diluted EPS is expected to be between $0.30 to $0.32. We have assumed 28 million weighted average diluted shares for the fourth quarter. For full year fiscal '26, we're raising the guidance and expect total revenue to be in the range of $270.3 million to $270.9 million, which includes approximately $4 million to $4.1 million of revenue contribution from FluentStream.

預計第四季非GAAP稀釋後每股收益在0.30美元至0.32美元之間。我們假設第四季加權平均稀釋後股份數為2800萬股。對於 2026 財年全年，我們提高了業績預期，預計總收入將在 2.703 億美元至 2.709 億美元之間，其中包括 FluentStream 貢獻的約 400 萬美元至 410 萬美元的收入。

The updated revenue guidance also reflects our current expectation for the timing of AirDial installations, some of which have been pushed out to the next fiscal year due to the timing of customer orders and the impact of normal seasonality associated with the holiday schedule in Q4, which limits customers' availability for installations.

更新後的收入預期也反映了我們目前對 AirDial 安裝時間的預期，其中一些安裝由於客戶訂單的時間表以及第四季度假期安排帶來的正常季節性影響而被推遲到下一個財政年度，這限制了客戶進行安裝的時間。

The full-year fiscal '26 revenue guidance assumes business subscription and services revenue growth rate of approximately 9% over fiscal '25, while residential subscription revenue to decline 1% to 2%. In terms of revenue mix for the year, we expect approximately 92% of total revenue to come from subscription and services revenue and the remainder from products and other revenue.

2026 財年全年營收預期假設企業訂閱和服務收入較 2025 財年增長約 9%，而住宅訂閱收入下降 1% 至 2%。就全年收入組成而言，我們預計總收入的約 92% 將來自訂閱和服務收入，其餘部分來自產品和其他收入。

As for the full year fiscal '26 non-GAAP net income, we are also raising the guidance and now expect it to be in the range of $28.2 million to $28.7 million, which includes approximately $1.5 million to $1.6 million of contribution from FluentStream and $0.5 million of term loan interest expense I mentioned earlier.

至於 2026 財年全年非 GAAP 淨收入，我們也提高了預期，現在預計在 2820 萬美元至 2870 萬美元之間，其中包括 FluentStream 貢獻的約 150 萬美元至 160 萬美元，以及我之前提到的 50 萬美元定期貸款利息支出。

Based on this guidance range, we estimate our adjusted EBITDA for fiscal '26 to be $32.4 million to $32.9 million. We expect non-GAAP diluted EPS for fiscal '26 to be in the range of $1 to $1.02. We have assumed approximately 28.2 million weighted average diluted shares for fiscal '26.

根據此指引範圍，我們預計 2026 財年的調整後 EBITDA 為 3,240 萬美元至 3,290 萬美元。我們預計2026財年非GAAP攤薄後每股收益將介於1美元至1.02美元之間。我們假設2026財年加權平均稀釋後股份約為2820萬股。

In summary, we are pleased with the solid results for the third quarter with a record adjusted EBITDA of $8.6 million, which grew 50% year over year and improved our adjusted EBITDA margin to 13%. We are also very excited about the prospect of adding FluentStream and Phone.com to the Ooma family and continuing to grow revenue, profitability, and free cash flow in the fourth quarter and the next fiscal year.

總而言之，我們對第三季的穩健業績感到滿意，調整後 EBITDA 創下 860 萬美元的歷史新高，年增 50%，調整後 EBITDA 利潤率提高至 13%。我們也非常高興能將 FluentStream 和 Phone.com 加入 Ooma 大家庭，並在第四季度和下一個財年繼續提高收入、獲利能力和自由現金流。

I will now pass it back to Eric for some closing remarks. Eric?

現在我將把發言權交還給艾瑞克，請他作總結發言。艾瑞克？

Thank you, Shig. Our focus remains on executing well, capturing the opportunities before us, and driving improved top- and bottom-line results. We see growth opportunities across our business and believe our recent acquisitions will propel us faster towards becoming a bigger, stronger, and more profitable business.

謝謝你，Shig。我們將繼續專注於做好執行工作，抓住眼前的機遇，並推動營收和利潤的提升。我們看到公司各個業務領域的成長機會，並相信我們最近的收購將推動我們更快成為一家規模更大、實力更強、盈利能力更強的公司。

Thank you. We'll now take your questions.

謝謝。現在開始回答各位的問題。

(Operator Instructions) Josh Nichols, B. Riley.

（操作說明）Josh Nichols，B. Riley。

Yeah. Thanks for taking my question and great to see the company hitting another record EBITDA margin during the quarter here. It looks like there's a healthy step-up in profitability in fiscal 4Q as well with the FluentStream acquisition closing. Is that because is there a significantly higher subscription and services gross margin components? Or I'm just curious like below the revenue line, what gets you to that big jump up in EPS and EBITDA for fiscal 4Q?

是的。感謝您回答我的問題，很高興看到公司在本季再次創下 EBITDA 利潤率新高。隨著 FluentStream 收購案的完成，第四財季的獲利能力似乎也有了顯著提升。這是因為訂閱和服務業務的毛利率佔比顯著更高嗎？或者我只是好奇，除了營收之外，是什麼因素促成了第四財季每股收益和息稅折舊攤銷前利潤的大幅增長？

Yeah. So I can point to a few things there, Josh. Thanks for the question. And first of all, the -- certainly, we're seeing more operating leverage, and we made some -- we took some actions in late Q3 on R&D side of spend and that -- we're going to see a full quarter impact of that in Q4. So that's number one.

是的。所以，我可以指出幾點，喬希。謝謝你的提問。首先，我們當然看到了更多的營運槓桿，我們在第三季末對研發支出採取了一些措施，我們將在第四季看到這些措施的全面影響。這是第一點。

And we continue to manage sales and marketing spend as well. I think we started the year with 28% and we continue to monitor the customer acquisition costs, both organically but also inorganically to balance things out, optimize them.

我們也會繼續管理銷售和行銷支出。我認為我們年初的佔比是 28%，我們會繼續監控客戶獲取成本，包括有機成長和非有機成長，以平衡和優化各項指標。

And lastly, I think the tariff impact that we were estimating going into the second half, we didn't see that in Q3. And as of today, we're not seeing that in Q4. So I guess that's good news for us, obviously. And I think all of those things combined, we're seeing a better -- more flow through to the bottom line for Q4.

最後，我認為我們在下半年預計的關稅影響，在第三季並沒有出現。截至目前，我們還沒有在第四季看到這種情況。所以，這顯然對我們來說是個好消息。我認為所有這些因素綜合起來，我們看到第四季業績有了更好的體現，獲利也更加穩定。

Appreciate the context. And then I know, obviously, FluentStream is closed, but you're still waiting on Phone.com, which is in the guidance, obviously, for the fourth quarter. Eric, you mentioned that there's -- like those numbers that you laid out in terms of full year run rate numbers for those two acquisitions don't include any synergies.

請理解上下文。我知道，FluentStream 顯然已經關閉了，但你們仍在等待 Phone.com，顯然，該公司的業績預期在第四季。艾瑞克，你提到過——就像你列出的那兩項收購的全年運行率數字一樣，這些數字不包括任何協同效應。

Is there any way for you to maybe quantify any expectations that you may be able to see around those? Or is this something that you think you may start to see some synergy benefits in like the second half of next fiscal year or a little bit longer?

您能否以某種方式量化您對這些方面的任何預期？或者您認為這可能會在下一個財政年度的下半年或稍長一些時間開始產生協同效應？

Hi, Josh. So with FluentStream, we expect the synergy benefits, at least on the cost side, to be relatively modest. There are some benefits on the revenue side with AirDial and also just being able to bring some of our developments over onto their platform.

嗨，喬希。因此，我們預期 FluentStream 帶來的協同效應，至少在成本方面，將相對有限。在收入方面，AirDial 為我們帶來了一些好處，我們也可以把我們的一些開發成果轉移到他們的平台上。

With Phone.com, we're going to have to see once we get it closed, but we do think there's more overlap in what we're doing and what they're doing, and we can work together to drive both scale economies and also just rationalize the things we're doing so that we share the work over a larger base.

至於 Phone.com，我們得等交易完成後才能確定，但我們認為我們和他們正在做的事情有很多重疊之處，我們可以共同努力，既能實現規模經濟，又能合理化我們正在做的事情，從而在更大的範圍內分擔工作。

It's hard to say, but I'm sure we'll see some early wins out of the gate, particularly with new relationships, and then we'll assess from there.

很難說，但我相信我們一開始就會取得一些成功，尤其是在建立新的合作關係方面，然後我們會從那裡開始評估。

Appreciate it. I'll hop back in the queue.

謝謝。我重新排隊。

Eric Martinuzzi, Lake Street Capital Markets.

Eric Martinuzzi，Lake Street Capital Markets。

Yeah. I wanted to understand on the legacy business, given the Q4 guide was a little bit below where we were expecting. Shig, I think you mentioned that there were some AirDial pushouts. I've got -- basically, between what I was looking for and what you guys guided to on the legacy business, I'm off by about $1.5 million. Is that all attributable to AirDial pushouts?

是的。我想了解傳統業務的情況，因為第四季業績指引略低於我們的預期。Shig，我想你之前提到過有一些 AirDial 推播服務。基本上，在我想要尋找的東西和你們在傳統業務方面給我的指導之間，我差了大約 150 萬美元。這一切都是 AirDial 推送造成的嗎？

Yes. Most of that pretty much are AirDial pushouts. Earlier in the quarter, I would say, during the Q3, and obviously, so far Q4, customer engagement continues to be strong, I would say. And by the way, the AirDial bookings actually in Q3 grew 50% year over year.

是的。其中大部分基本上都是 AirDial 推送的。我認為，在本季度早些時候，也就是第三季度，以及顯然到目前為止的第四季度，客戶參與度仍然強勁。順便一提，AirDial 第三季的預訂量年增了 50%。

But in terms of customer deployment timing and also the new order timing that we were expecting originally to be much earlier, so both installation and order timing being pushed out to next year, which is also disappointing, but it's all on the customer side.

但就客戶部署時間以及我們原本預期會更早的新訂單時間而言，安裝和訂單時間都被推遲到明年，這令人失望，但這都是客戶方面的原因。

We are obviously ready to deliver and install. And some of those customers were -- have been engaged with us for some time, doing proof-of-concept installations. But for one reason or another, they decided to install next year versus this year. So most of that difference you talked about in guidance, prior versus now, is related to that.

我們顯然已經做好了交付和安裝的準備。其中一些客戶已經與我們合作了一段時間，進行了概念驗證安裝。但由於某種原因，他們決定明年而不是今年安裝。所以，你之前在指導意見中提到的差異，與現在的差異，大部分都與此有關。

Okay. And is this something -- I know you've been at this for a couple of years now with the AirDial. Is this a different behavior than 12 months ago? Just a one-off? Or do you think there's something -- a read-through on the macro?

好的。我知道你從事 AirDial 專案已經好幾年了。這和12個月前的行為有什麼不同嗎？只是一次性的嗎？還是你認為這裡面有什麼玄機──比如對宏觀層面的解讀？

Well, I would say this, again, I don't know if it's necessarily new, but also it's a reflection of -- in a good way, I guess, one can say, it's a reflection of the fact that we are now engaged with larger -- more larger opportunities and larger opportunity means that sometimes it takes time to get through the proof-of-concept installation and get into orders and actually get into the installation.

嗯，我想再說一遍，我不知道這算不算新現象，但這也反映了——我想，從好的方面來說，這反映了我們現在正在參與更大的機遇，而更大的機會意味著有時需要時間來完成概念驗證安裝，獲得訂單，並真正開始安裝。

And so part of it is the growth we see in the type of larger accounts that we engage with today with AirDial opportunity. So I don't know if, Eric, you would add anything to add, but --

因此，部分原因在於我們如今透過 AirDial 平台接觸到的大型客戶數量的成長。所以，艾瑞克，我不知道你是否還有什麼要補充的，但是--

No, I think that says it well. I mean, I suppose we've known this in the past, but it's -- we're seeing customers say, you know what, the holidays' coming, we'll just start in January and -- with rollout. And that's a little bit of what all this is about, too.

不，我覺得這樣說已經很好了。我的意思是，我想我們過去就知道這一點，但是——我們看到客戶說，你知道嗎，假期快到了，我們乾脆從一月開始——然後逐步推出。而這，也是這一切的意義。

Got you. And Eric, post close, I realize we've only technically owned FluentStream for a week now. But what are your intentions or what out-of-the-gate actions are you taking as far as embracing that FluentStream customer base?

抓到你了。艾瑞克，事後我才意識到，我們正式擁有 FluentStream 至今不過一週。但是，在接納 FluentStream 客戶群方面，你們的意圖是什麼？或者說，你們採取了哪些立即行動？

We've said on our previous calls, we think FluentStream is a very well-managed business. And the CEO of FluentStream, Kerrin Parker, some we've known for a long time, have great respect for her and we're thrilled she's now a part of Ooma. They are driving approximately $10 million of EBITDA on their approximate $23 million or $24 million of revenue. That's pretty good performance.

我們在之前的電話會議中說過，我們認為 FluentStream 是一家管理非常良好的公司。FluentStream 的執行長 Kerrin Parker，我們認識她很久了，我們非常尊敬她，我們很高興她現在成為 Ooma 的一員。他們的收入約為 2300 萬至 2400 萬美元，EBITDA 約為 1000 萬美元。這表現相當不錯。

We do think there's opportunities on the vendor relationship side. There's opportunities to leverage their channels with AirDial because they are almost 100% go-to-market through channel relationships. They are, on the R&D side, they're doing some investment in areas that we're also investing in. And so we can get together and either go faster on those developments or work on more things faster because we have a bigger team to do stuff, and we don't need to duplicate the work.

我們認為在供應商關係方面存在機會。由於 AirDial 幾乎 100% 透過通路關係進行市場推廣，因此有機會利用他們的管道。在研發方面，他們確實在一些我們也在投資的領域進行投資。因此，我們可以聚在一起，要么加快這些研發進度，要么更快地完成更多工作，因為我們有更大的團隊來做事，而且我們不需要重複工作。

So there's obviously a whole bunch of areas to come together. But one of our operating principles with acquisitions and particularly in this case, is to not try to go too fast and certainly to not assume we know what is right for their business. we need to learn and understand each other and offer more than drive.

所以很明顯，有很多領域需要融合在一起。但我們在收購方面的一項營運原則，尤其是在這次收購中，就是不要操之過急，更不能想當然地認為我們知道什麼對他們的業務最有利。我們需要互相學習、互相理解，提供的不只是推動。

And we have a lot of confidence that Kerrin will make the smart decisions with us to make the opportunities come together. So yeah, it's a good performing business. We don't want to mess it up. We want to optimize it and make it better, and that's what we're going to do over an extended time period.

我們非常有信心，Kerrin 會和我們一起做出明智的決定，抓住機會。是的，這是一家業績不錯的公司。我們不想搞砸。我們希望優化它，讓它變得更好，而這正是我們將在較長一段時間內要做的事情。

Yeah. Thanks for taking my question.

是的。謝謝您回答我的問題。

Sure.

當然。

Patrick Walravens, Citizens.

派崔克‧沃爾拉文斯，市民。

Great. This is Kincaid on for Patrick. Congratulations on the quarter, guys. Eric, I just had a question on the Phone.com acquisition call, you had mentioned that you had very significant AI developments in the works. Could you give us any color on what that looks like?

偉大的。這裡是金凱德替派崔克發言。恭喜各位，本季表現出色。艾瑞克，我剛才有個關於Phone.com收購案的電話會議問題，你提到你們正在進行非常重要的AI研發專案。你能為我們描述一下它的顏色嗎？

Yeah, a little bit. Being a company that handles a customer -- a business's phone calls and messages means we have a lot of data and a lot of opportunity to leverage that data with AI-type services. Now what you see in the AI space today and the kind of things you'll certainly see from Ooma have to do with being able to parse all that data and get understanding from it, to evaluate it, things like sentiment analysis, and then also to use AI in other ways with the business to help the business gain productivity.

是的，有一點點。作為一家處理客戶（企業）電話和簡訊的公司，我們擁有大量數據，並且有很多機會利用這些數據來提供人工智慧類型的服務。如今人工智慧領域所展現的，以及 Ooma 將會展現的，都與解析所有數據並從中獲得理解、評估數據（例如情感分析）以及以其他方式將人工智慧應用於業務以幫助企業提高生產力有關。

It will be an area where we roll out features through the year next year, but we're excited about what we have coming in just the first quarter of next year. And it will go into our -- most of this will go into our Pro Plus tier, which we think will help drive a little bit higher adoption of our highest-tier service, which also helps our ARPU growth, which has been steadily growing on the business side, as you know.

明年我們將陸續推出該領域的各項功能，但我們對明年第一季即將推出的功能感到非常興奮。其中大部分將進入我們的 Pro Plus 層級，我們認為這將有助於提高我們最高層級服務的採用率，這也有助於我們的 ARPU 成長，正如您所知，ARPU 在業務方面一直在穩步成長。

So yeah, that's how we look at it. And I guess I can't really say too much that's too specific at this point. But it's certainly an area where we've been -- we've done development in this area for over a year, and we're already using some of these capabilities internally at Ooma and we've learned a lot through that.

是的，我們就是這麼看的。我想我目前還不能透露太多具體資訊。但這確實是我們一直在關注的領域——我們在這個領域已經進行了一年多的開發，並且我們已經在 Ooma 內部使用其中的一些功能，我們從中也學到了很多。

And I think that's also important because when it comes to small businesses, and our secret sauce is our ability to understand the environment of a small business, you need to offer very clear value and make it very simple and easy to set up and use.

我認為這也很重要，因為對於小型企業而言，我們的秘訣在於我們能夠理解小型企業的環境，你需要提供非常清晰的價值，並使其設置和使用非常簡單方便。

And I think we're going to come out with a solution that ticks all those boxes well for our customers.

我認為我們將推出一個能夠很好地滿足客戶所有這些需求的解決方案。

Spectacular. And then a quick follow-up. This is your eighth acquisition in 11 years. I'm just curious if there's any learnings going from the first one until now that you can highlight for us?

精彩絕倫。然後是一個簡短的後續問題。這是你11年來的第八次收購。我只是好奇，從第一部到現在，您能否總結出一些經驗教訓，並與我們分享？

Yeah, there are. I hadn't counted eight actually, but I appreciate you doing so. I think the first observation is an obvious one that everyone would talk about with acquisitions, which is the closer the acquisition is to what you already know how to do, the easier it is for you to understand it and the easier it is for you to leverage it and make it a success.

是的，有。我其實沒數到八個，不過謝謝你幫我數出來。我認為第一個觀察結果顯而易見，每個人都會談到收購，那就是被收購的業務與你已經掌握的技能越接近，你就越容易理解它，也越容易利用它並取得成功。

And so if you look at our -- perhaps our worst acquisition, it was one where we were branching out into the camera space with a small acquisition we made. And we never really did get that right. And the acquisitions we've made, the last several, we're very happy with.

所以，如果你看看我們——也許是我們最糟糕的一次收購——那就是我們透過一次小型收購進軍相機領域。我們始終沒能真正做好這件事。我們最近完成的幾項收購，我們都非常滿意。

The OnSIP acquisition, going back three or more years now, that business continues to perform very well, in fact, better than our expectations when we acquired them. 2600Hz, we really bought them mainly for technology control and synergy, but then the market opened up with opportunity for wholesale platforms in general, and we've been able to also drive a revenue story there.

OnSIP 的收購至今已過去三年多，該業務一直表現非常出色，實際上比我們收購時的預期還要好。我們最初購買 2600Hz 設備主要是為了技術控制和協同效應，但後來市場開放，批發平台整體上出現了機會，我們也因此獲得了收入。

And now with these two acquisitions, I think we're very well placed to leverage them as part of having a greater scale and therefore, better economics overall as a company. We do look at our cost of acquiring customers through sales and marketing and our cost of acquiring customers through acquisition.

現在，透過這兩項收購，我認為我們完全有能力利用它們來擴大規模，從而提高公司的整體經濟效益。我們會考慮透過銷售和行銷來獲取客戶的成本，以及透過客戶獲取方式獲取客戶的成本。

And we are balancing both of those, and it's one reason why you saw our sales and marketing down at 26% of revenue for Q3 because with these acquisitions, we're able to drive very strong growth for the company and we can really optimize across all areas with that. So that's a little bit -- I probably went on a little bit, but that's how we're seeing things, and that's a little bit of what we've learned.

我們正在努力平衡這兩方面，這也是為什麼你們看到我們第三季的銷售和行銷收入佔比下降了 26% 的原因之一，因為透過這些收購，我們能夠推動公司實現非常強勁的成長，並且我們能夠真正地在所有領域進行優化。所以，我可能有點囉嗦了，但這就是我們看待事物的方式，也是我們所學到的一些東西。

I love it. Thank you for the time.

我喜歡它。感謝您抽出時間。

You bet.

當然。

Matthew Harrigan, the Benchmark Company.

馬修·哈里根，基準公司。

This is just a [myth], but you're so careful on guidance. Do you have any feel for what the non-GAAP charges on the acquisition FluentStream would be? The noncash comp and the -- sorry, the stock compensation and the acquisition expenses, I assume it might be high six figures.

這只是個謠言，但你在指導上非常謹慎。您對收購 FluentStream 的非 GAAP 費用有何預估？非現金補償和——抱歉，是股票補償和收購費用，我估計可能高達六位數。

And then secondly, the Vegas hotel, more than 1,000 rooms, is that presumably a gaming company with material other assets outside Las Vegas where you could get further penetration? Thank you.

其次，拉斯維加斯酒店擁有超過 1000 個房間，這是否意味著該酒店是一家博彩公司，在拉斯維加斯以外還有其他重要資產，可以進一步擴展市場？謝謝。

I'll answer the first one, I guess, I'll let Eric answer the second one. But the -- so with respect to FluentStream, we're not able to give you the range of estimate around non-GAAP charges. In terms of intangibles, there will be some tax-related entries for the intangibles we're going to book, so we can't give you that because that process takes some time to figure out after the close, which just occurred a week ago.

第一個問題我來回答，第二個問題就讓艾瑞克來回答吧。但是—所以就 FluentStream 而言，我們無法向您提供非 GAAP 費用的估算範圍。就無形資產而言，我們將要入帳的無形資產會有一些與稅務相關的條目，所以我們無法提供這些信息，因為這個過程需要在結算後花一些時間才能弄清楚，而結算就在一周前才完成。

And there's almost no minimal -- no stock comp charge associated with the -- there's no stock issued by the way, in closing the transaction. But prospectively, too, there's very minimal stock comp. So we expect the stock comp to be -- stay at similar level even post-close.

而且幾乎沒有最低限度的費用——沒有與此相關的股票補償費用——順便說一句，在完成交易時沒有發行股票。但從長遠來看，股票補償也微乎其微。因此我們預期股票價格即使在交易完成後也會保持在類似的水平。

Yeah. Regarding the hotel win in Las Vegas, it was nearly 1,000 rooms, it wasn't over. But yeah, really excited to win this customer. Our goal internally is to add more than 50 hotels every quarter on our Ooma Enterprise platform. We did that again in Q3. And this hotel, I actually don't know if they're part of a larger chain or not. They are -- I just don't know. But they're certainly a major hotel in Las Vegas.

是的。關於拉斯維加斯的飯店收購案，涉及近 1000 間客房，比賽還沒結束。是的，能贏得這位客戶真的非常興奮。我們內部的目標是每季在 Ooma 企業平台上新增 50 多家飯店。我們在第三季又這樣做了。至於這家飯店，我其實不知道它是否屬於某個大型連鎖飯店集團。他們是——我真的不知道。但它們無疑是拉斯維加斯一家主要的酒店。

And are you seeing anything on the SMB side that gives you pause on the economy to the extent that, that business is economically sensitive?

您是否注意到中小企業方面有任何令您擔憂的經濟形勢，以至於該行業對經濟形勢非常敏感？

We are not. No.

我們不是。不。

Okay. Great. Thank you.

好的。偉大的。謝謝。

(Operator Instructions) Arjun Bhatia, William Blair.

（操作說明）Arjun Bhatia，William Blair。

Perfect. Thank you. Eric, I'm just curious, you're acquiring FluentStream and Phone.com, presumably, they'll be -- you'll be integrating those and working through the acquisitions at the same time. They're decent-sized deals. And you've obviously done M&A in the past, but you're going to have to deal with these two together. Can you just give us your capacity to absorb both businesses at the same time throughout fiscal '27?

完美的。謝謝。艾瑞克，我只是好奇，你正在收購 FluentStream 和 Phone.com，想必你會同時進行整合和完成收購。這些都是相當划算的交易。你過去顯然做過併購，但你必須同時處理這兩件事。能否告知我們貴公司在 2027 財政年度同時吸收這兩家企業的能力？

Yeah, happy to. It's obviously something we thought a lot about. Our -- one of our key goals is not to derail in any way the things Ooma is already doing as we bring these businesses into the family. We feel pretty comfortable, partly because FluentStream is already operating at a very high level.

是的，我很樂意。這顯然是我們深思熟慮過的事情。我們的主要目標之一是，在將這些企業納入旗下時，絕不以任何方式乾擾 Ooma 已經開展的業務。我們感覺相當有信心，部分原因是 FluentStream 的運作水準已經非常高了。

And Phone.com is as well, but Phone.com is more of an opportunity for the future, given the strength of the Phone.com brand and URL and the high level of e-commerce business the company does. E-commerce is a very cost-effective means for growth as well. So we really want to bring our sales and marketing strength to that business.

Phone.com 也是如此，但鑑於 Phone.com 品牌和網址的強大實力以及該公司高水準的電子商務業務，Phone.com 更像是一個面向未來的機會。電子商務也是一種成本效益很高的成長方式。所以，我們非常希望將我們的銷售和行銷實力帶到這家企業。

Our team is probably -- I wouldn't be surprised if it's 10 times the size of theirs in terms of just the marketing side of what we do. And we're going to see how that unfolds over time. But there's nothing that neither one of these businesses has something that has to get done tomorrow with the exception of one or two very small things.

就我們所做的行銷工作而言，我們的團隊規模可能是他們的 10 倍，我一點也不會感到驚訝。我們將拭目以待，看看事態如何發展。但除了少數一兩件非常小的事情之外，這兩家企業都沒有任何明天必須完成的事情。

So it gives us the luxury to take them at the pace that works for us. And so I think we'll be able to bring them on board very straightforwardly. And at some point, we would like to do more acquisitions because this is proving to be a very cost-effective and good method of growth for us. And if we can find more opportunities, we're open to that.

這樣我們就有餘力按照適合自己的步調去做。所以我認為我們能夠非常順利地讓他們加入。在某個時候，我們希望進行更多收購，因為這對我們來說是一種非常經濟高效且良好的成長方式。如果能找到更多機會，我們持開放態度。

Understood. That's very helpful. And then just on the business segment, you obviously had the nice win with the hotel in Vegas. When you're looking at the competitive dynamics there, just curious, where are you seeing the most incremental share gains from? Like who are the incumbents you're booting out there? And how is that competitive landscape changed over the last year or so?

明白了。那很有幫助。然後，就商業領域而言，你顯然在拉斯維加斯的酒店項目上取得了不錯的成功。在分析競爭格局時，我很好奇，您認為市佔率成長最快的領域是哪裡？例如，你們要把哪些現任官員踢下台？過去一年左右，競爭格局發生了什麼樣的變化？

So in hospitality, hotels, they're almost always replacing a legacy on-site PBX or something that's really quite old. And so that's the trend of moving to the cloud that's been going on for quite a number of years now. But hotels and hospitality have some unique requirements, and we've been able to customize our Ooma Enterprise solution to fit -- the needs there very well. Competitively, we haven't seen much change.

所以在飯店等餐飲業，他們幾乎總是在更換老舊的現場PBX或其他非常老舊的設備。因此，向雲端遷移的趨勢已經持續了相當長一段時間。但飯店和餐飲業有一些獨特的需求，我們已經能夠客製化我們的 Ooma 企業解決方案來很好地滿足這些需求。從競爭角度來看，我們還沒有看到太大的改變。

Okay. Got it. Thank you.

好的。知道了。謝謝。

Thank you.

謝謝。

Sure.

當然。

Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Eric for closing remarks.

女士們先生們，隊列中不再顯示任何問題。現在我想把電話交還給艾瑞克，請他做總結發言。

Thank you, everyone, for joining our call today. And we look forward to -- well, please do have a happy holidays as well coming up. Thanks, everyone. Goodbye.

感謝各位今天參加我們的電話會議。我們期待著—也祝您即將到來的假期愉快。謝謝大家。再見。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。