Research Solutions Inc (RSSS) 2023 Q3 法說會逐字稿

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Research Solutions' financial and operating results for its fiscal third year ended March 31, 2023. As a reminder, this conference is being recorded. (Operator Instructions)

大家下午好，感謝您參加今天的電話會議，討論 Research Solutions 截至 2023 年 3 月 31 日的第三財年的財務和運營業績。提醒一下，這次會議正在錄製中。 （操作員說明）

I would now like to turn the conference over to your host, John Beisler, Investor Relations. Please go ahead.

我現在想把會議轉交給你的主持人，投資者關係部的 John Beisler。請繼續。

Thank you, operator, and good afternoon, everyone. Thank you for joining us today for Research Solutions' third-quarter fiscal 2023 earnings call. On the call with me today are Roy W. Olivier, President and Chief Executive Officer, and Bill Nurthen, Chief Financial Officer.

謝謝接線員，大家下午好。感謝您今天加入我們，參加 Research Solutions 的 2023 財年第三季度財報電話會議。今天與我通電話的有總裁兼首席執行官 Roy W. Olivier 和首席財務官 Bill Nurthen。

After the market closed this afternoon, the company issued a press release announcing its results for the third quarter of fiscal 2023. The release is available on the company's website at researchsolutions.com. Before Roy and Bill begin their prepared remarks, I would like to remind you that some of the statements made today will be forward-looking and made under the Private Securities Litigation Reform Act of 1995.

今天下午收市後，該公司發布了一份新聞稿，宣布了其 2023 財年第三季度的業績。該新聞稿可在公司網站 researchsolutions.com 上查閱。在 Roy 和 Bill 開始他們準備好的發言之前，我想提醒您，今天所做的一些陳述將是前瞻性的，並且是根據 1995 年《私人證券訴訟改革法案》做出的。

Actual results may differ materially from those expressed or implied due to a variety of factors. We refer you to Research Solutions' recent filings with the SEC for a more detailed discussion of the risks that could impact the company's future operating results and financial condition.

由於各種因素，實際結果可能與明示或暗示的結果存在重大差異。我們建議您參考 Research Solutions 最近向美國證券交易委員會提交的文件，以更詳細地討論可能影響公司未來經營業績和財務狀況的風險。

Also on today's call, management will reference certain non-GAAP financial measures, which we believe provide useful information for investors. The reconciliation of those measures to GAAP measures is included in the earnings press release issued earlier this afternoon.

同樣在今天的電話會議上，管理層將參考某些非 GAAP 財務指標，我們認為這些指標為投資者提供了有用的信息。這些措施與 GAAP 措施的對賬包含在今天下午早些時候發布的收益新聞稿中。

Finally, I would like to remind everyone that this call will be recorded and made available for replay via a link on the company's website.

最後，我想提醒大家，這次通話將被錄音，並可以通過公司網站上的鏈接進行重播。

With that, I'd now like to turn the call over to Roy.

有了這個，我現在想把電話轉給羅伊。

Thank you, John, and thanks to everyone joining us today. I'm highly encouraged and excited about breaking the $10 million revenue for the quarter, our year-to-year revenue growth rate, our net income, EPS, and adjusted EBITDA results. These results spotlight the outstanding efforts our team puts in every day, helping our customers optimize their research costs and the efficiency of their research teams.

謝謝你，約翰，感謝今天加入我們的每一個人。我對本季度收入突破 1000 萬美元、我們的同比收入增長率、我們的淨收入、每股收益和調整後的 EBITDA 結果感到非常鼓舞和興奮。這些結果凸顯了我們團隊每天付出的傑出努力，幫助我們的客戶優化研究成本和研究團隊的效率。

It is truly a reflection of all the hard work that went into migrating several hundred new customers without requiring us to onboard new support or operations resources. I think it reflects positively on the scalability of our model and the diverse nature of our revenue streams that we are able to show strong year-over-year growth combined with a strong bottom line in this challenging economic environment.

這確實反映了遷移數百個新客戶而無需我們加入新的支持或運營資源的所有辛勤工作。我認為這積極地反映了我們模型的可擴展性和我們收入流的多樣性，我們能夠在這個充滿挑戰的經濟環境中表現出強勁的同比增長和強勁的底線。

After Bill takes you through the results in detail, I'll be back with more details about the quarter. Bill?

在比爾詳細介紹結果後，我會回來提供有關該季度的更多詳細信息。賬單？

Thank you, Roy, and good afternoon, everyone. Total revenue for the third quarter of fiscal 2023 was $10.3 million. This was the company's first ever quarter over $10 million in revenue, and it represents an 18.1% increase compared to the third quarter of fiscal 2022. Platform revenue increased 26% to $2.2 million, primarily driven by both upselling of current platform customers and the net increase of platform deployments from last year, including 25 net new deployments in the third quarter.

謝謝羅伊，大家下午好。 2023 財年第三季度的總收入為 1030 萬美元。這是該公司有史以來第一個收入超過 1000 萬美元的季度，與 2022 財年第三季度相比增長了 18.1%。平台收入增長 26% 至 220 萬美元，這主要是受當前平台客戶的追加銷售和淨收入的推動平台部署比去年有所增加，包括第三季度的 25 個淨新部署。

Annual recurring revenue or ARR at the end of the quarter stood at $9.1 million, up 4% sequentially and 24% year over year, reflecting our continued sales and upselling efforts and low churn of existing platform customers. Please see today's press release for our definition and use of annual recurring revenue and other non-GAAP items.

本季度末年度經常性收入或 ARR 為 910 萬美元，環比增長 4%，同比增長 24%，反映了我們持續的銷售和追加銷售努力以及現有平台客戶的低流失率。請參閱今天的新聞稿，了解我們對年度經常性收入和其他非 GAAP 項目的定義和使用。

Transaction revenue for the quarter was $8.1 million compared to $7 million for the prior year quarter, a 16% increase. I will remind everyone that our fiscal Q3 is typically seasonally the best time for our transaction revenue and this quarter, in particular, was really strong. The increase is due primarily to organic growth, complemented by the transaction revenue associated with the assumption and transfer of contracts from FIZ Karlsruhe, which took effect on January 1, 2023.

本季度的交易收入為 810 萬美元，而去年同期為 700 萬美元，增長 16%。我會提醒大家，我們的第三財季通常是我們交易收入的季節性最佳時間，尤其是本季度，非常強勁。這一增長主要是由於有機增長，輔以與 FIZ Karlsruhe 的合同承擔和轉讓相關的交易收入，該合同於 2023 年 1 月 1 日生效。

In the quarter, we had a little over 200 former FIZ customers do a transaction with us resulting in approximately $400,000 of transaction revenue. It is hard to say if this is a run rate for this set of customers at this time, as on one hand, Q3 is seasonably our best time for transactions, and on the other hand, there are a number of FIZ customers that have come over that did not do a transaction in the quarter.

本季度，我們有 200 多位前 FIZ 客戶與我們進行交易，交易收入約為 400,000 美元。目前很難說這是否是這批客戶的跑動率，因為一方面Q3是我們交易的旺季，另一方面也有不少FIZ客戶來了超過那個季度沒有做交易。

That said, we view the economics of the FIZ transaction as very favorable to us, and that is before you take into account any upside that may come from upgrading these customers to our software platform.

也就是說，我們認為 FIZ 交易的經濟效益對我們非常有利，而且還沒有考慮將這些客戶升級到我們的軟件平台可能帶來的任何好處。

On our balance sheet, we have booked under accrued expenses our estimated payment to FIZ for the total customers that have converted as well as for the first of our quarterly earn-out payments. Transaction customer count for the quarter was 1,417 versus 1,193 in the third quarter of fiscal 2022. The increase was driven by an increase in corporate customers related to the FIZ acquisition discussed previously.

在我們的資產負債表上，我們已經在應計費用項下登記了我們估計向 FIZ 支付的已轉換客戶總數以及我們的第一筆季度盈利付款。本季度的交易客戶數量為 1,417，而 2022 財年第三季度為 1,193。這一增長是由於與之前討論的 FIZ 收購相關的企業客戶增加所致。

One final note on transactions is to keep in mind that we pre-pay a portion of our copyright expenses in advance. The strong performance in transactions means that we are having to re-up some of those pre-pays sooner than normal and at higher amounts. This may have some impact on cash flow in Q4 and Q1 next year. However, it is not something that fundamentally alters the trajectory and cash flow we have experienced in recent quarters.

關於交易的最後一點要注意的是，我們會提前預付一部分版權費用。交易的強勁表現意味著我們不得不比正常情況更快地以更高的金額重新支付其中一些預付款。這可能會對明年四季度和一季度的現金流產生一定的影響。然而，這並沒有從根本上改變我們最近幾個季度經歷的軌跡和現金流。

Gross margin for the first quarter was 38.9%, a 190 basis point improvement over the third quarter of fiscal 2022. The increase is due to the revenue mix shift towards our higher margin platforms business. I will note that on a sequential basis, the gross margin was down slightly by 10 basis points, and this is really due to the strength of the transaction revenue in the quarter.

第一季度的毛利率為 38.9%，比 2022 財年第三季度提高了 190 個基點。這一增長是由於收入組合轉向我們利潤率更高的平台業務。我會注意到，在連續的基礎上，毛利率略微下降了 10 個基點，這實際上是由於本季度交易收入的強勁。

The strength resulted in transactions producing 51% of the gross profit and causing the overall gross margin to dip down slightly. This should not be viewed as a trend, and I still expect that over time, our gross margin will continue to increase as we continue to experience a long-term mix shift between our platform revenue and transaction revenue.

這種優勢導致交易產生了 51% 的毛利，並導致整體毛利率略有下降。這不應被視為一種趨勢，我仍然預計隨著時間的推移，我們的毛利率將繼續增加，因為我們將繼續經歷平台收入和交易收入之間的長期混合轉變。

The platform business recorded gross margin of 88.1%, a 40 basis point increase from the prior year quarter. I continue to expect that for the foreseeable future that we can continue to maintain platform gross margin at 85% or above.

平台業務的毛利率為 88.1%，較上年同期增長 40 個基點。我繼續期望在可預見的未來，我們可以繼續將平台毛利率維持在85%或以上。

Gross margin in our transaction business was 25.3%, a 130 basis point increase from the prior year quarter. We were able to successfully onboard and service the new FIZ customers without adding headcount to our operations and customer support teams. As a result, with the uptick in volumes, our service fee margins increased. In addition, we also experienced a slight uptick in our copyright margins.

我們交易業務的毛利率為 25.3%，比去年同期增長 130 個基點。我們能夠在不增加運營和客戶支持團隊人員的情況下成功地為新的 FIZ 客戶提供服務並為其提供服務。因此，隨著交易量的增加，我們的服務費利潤率也有所提高。此外，我們的版權利潤率也略有上升。

Total operating expenses in the quarter were $3.9 million compared to $3.6 million in the prior-year quarter, due primarily to higher general and administrative costs, as well as increased expenses in sales and marketing and stock compensation. The increase in general and administrative expense was primarily related to $180,000 in recruiting fees related to onboarding two new positions in the quarter. These fees were unique this quarter and we do not expect them to continue.

本季度的總運營費用為 390 萬美元，而去年同期為 360 萬美元，這主要是由於一般和行政成本增加，以及銷售和營銷以及股票補償方面的費用增加。一般和行政費用的增加主要與本季度兩個新職位入職相關的 180,000 美元招聘費用有關。這些費用在本季度是獨一無二的，我們預計它們不會持續下去。

The sales and marketing expense is related to our ramp up in marketing year over year, which includes increased -- increases in both headcount and discretionary marketing spend. Lastly, the stock compensation expense is related to our long-term equity bonus plan, which I discussed in full detail in our Q2 conference call.

銷售和營銷費用與我們逐年增加的營銷費用有關，其中包括增加員工人數和可自由支配的營銷支出。最後，股票補償費用與我們的長期股權紅利計劃有關，我在第二季度電話會議上詳細討論過。

Net income for the quarter was $237,000 or $0.01 per diluted share, compared to a net loss of $341,000 or $0.01 per share in the prior-year quarter. Adjusted EBITDA was $559,000 compared to $94,000 in the year-ago quarter. The net income and adjusted EBITDA performance in the quarter both represent new company records, and this includes the expense impacts of our Mexico direct hire program, which took effect on January 1, 2023. We have now generated almost $1.2 million of adjusted EBITDA in the first nine months of the fiscal year compared to a loss of approximately $250,000 in the first six months of our prior fiscal year.

本季度淨收入為 237,000 美元或每股攤薄收益 0.01 美元，而去年同期為淨虧損 341,000 美元或每股 0.01 美元。調整後的 EBITDA 為 559,000 美元，而去年同期為 94,000 美元。本季度的淨收入和調整後的 EBITDA 業績均創下公司新紀錄，其中包括我們的墨西哥直接僱用計劃的費用影響，該計劃於 2023 年 1 月 1 日生效。我們現在在調整後的 EBITDA 中產生了近 120 萬美元本財年的前九個月與我們上一財年的前六個月虧損約 250,000 美元相比。

Turning to our balance sheet, our increase in profitability continues to drive increased cash flow. Cash and cash equivalents as of March 31, 2023 were $12.1 million versus $10.6 million on June 30, 2022. We have now generated $1.9 million of cash flow from operations in the first nine months of our fiscal year. There were no outstanding borrowings under our $2.5 million revolving line of credit, and we have no long-term debt or liabilities.

轉向我們的資產負債表，我們盈利能力的提高繼續推動現金流量的增加。截至 2023 年 3 月 31 日，現金和現金等價物為 1,210 萬美元，而 2022 年 6 月 30 日為 1,060 萬美元。在本財年的前九個月，我們已經從運營中產生了 190 萬美元的現金流。我們的 250 萬美元循環信貸額度下沒有未償還的借款，我們也沒有長期債務或負債。

I would like to take a moment to talk about our relationship with Silicon Valley Bank, which is now a division of First Citizens Bank. As some of you may know, we have and for the time being continue to have, a line of credit with SVB that required us to maintain 85% of our cash deposits with the bank. As a result of the collapse, we had substantially all of our cash position in the bank. We also disclosed on March 28 that we had access to all of our deposits with the bank, access to substantially all of our services, including a line of credit, and that we had opened accounts with two new banks as part of exploring overall banking diversification strategy and new lending relationships.

我想花點時間談談我們與硅谷銀行的關係，該銀行現在是 First Citizens Bank 的一個部門。正如你們中的一些人可能知道的那樣，我們已經並且暫時繼續擁有與 SVB 的信貸額度，要求我們將 85% 的現金存款保留在銀行。由於倒閉，我們幾乎所有的現金頭寸都在銀行。我們還在 3 月 28 日披露，我們可以使用我們在銀行的所有存款，可以使用我們幾乎所有的服務，包括信貸額度，並且我們已經在兩家新銀行開設了賬戶，作為探索整體銀行業務多元化的一部分戰略和新的借貸關係。

More recently, we have taken steps to reduce the allocation of our cash position with SVB and have worked with them to lower the cash threshold requirement in our line of credit agreement. At this time, our cash position with SVB represents approximately six -- 60 -- 60% of our total cash position, with the remaining balances being held with PNC Bank and Bank of America.

最近，我們已採取措施減少我們在 SVB 的現金頭寸分配，並與他們合作降低我們信貸額度協議中的現金門檻要求。目前，我們在 SVB 的現金頭寸約占我們總現金頭寸的 6% - 60% - 60%，其餘餘額由 PNC 銀行和美國銀行持有。

We will potentially take that down in the near term to as low as 50% of our total position as we work to further define our new banking strategy. Our new strategy will include balancing the safety of our deposits with operational efficiencies as well as access to lending facilities that will allow us to execute on our M&A strategy.

隨著我們努力進一步定義新的銀行戰略，我們可能會在短期內將其降低至總頭寸的 50%。我們的新戰略將包括平衡我們的存款安全與運營效率以及獲得貸款便利，這將使我們能夠執行我們的併購戰略。

All that said, I'm happy to state that we were able to get through the SVB crisis without any material impacts to our employees, vendors, or customers and have a number of good options for how we handle banking going forward.

綜上所述，我很高興地指出，我們能夠在不對我們的員工、供應商或客戶造成任何實質性影響的情況下度過 SVB 危機，並且對於我們未來處理銀行業務的方式有許多不錯的選擇。

As we look ahead to Q4, we remain on track for a very strong finish to our fiscal year. We will likely see a sequential dip in adjusted EBITDA related to the seasonality in transactions. However, I expect our results to be similar to what we have seen in prior quarters this fiscal year.

當我們展望第四季度時，我們仍然有望在本財年取得非常強勁的成績。我們可能會看到與交易季節性相關的調整後 EBITDA 連續下降。但是，我希望我們的結果與本財年前幾個季度的結果相似。

In conclusion, while the economic environment has contributed to slowing our platform growth this fiscal year, the fundamentals and scale of our business have started to emerge, as evidenced by our strong profit and cash flow growth. We have achieved this growth while continuing to invest in our business, which excites us about the prospects ahead.

總而言之，雖然經濟環境導致我們本財年的平台增長放緩，但我們業務的基本面和規模已經開始顯現，強勁的利潤和現金流增長證明了這一點。我們在繼續投資業務的同時實現了這一增長，這讓我們對未來的前景感到興奮。

I'll now turn the call back to Roy.

我現在將電話轉回給羅伊。

Thanks, Bill. As I stated previously, there's a lot of great news in this quarter's results and we continue to believe that we will end the year on a strong note. That said, I remain frustrated by the slowing in our platform growth. As a reminder, we have multiple areas involved in sales and upsells. We continue to see market headwinds associated with the general economic situation that shows up in slower onboarding of new customers, fewer upsells than we have seen in the past and more churn than we have seen in the past.

謝謝，比爾。正如我之前所說，本季度的業績中有很多好消息，我們仍然相信我們將以強勁的勢頭結束這一年。也就是說，我仍然對我們平台增長放緩感到沮喪。提醒一下，我們有多個領域涉及銷售和追加銷售。我們繼續看到與總體經濟形勢相關的市場逆風，表現為新客戶入職速度變慢，加售比過去少，客戶流失比過去多。

Only one logo was lost to a competitor during the quarter. The remaining churn was due to our customers being acquired, bankruptcy, or cancellation, or downsizing the spend due to the overall economic pressures in their business. As I will discuss in a minute, we continue to release enhancements and continue to have strong NPS scores with our customers.

本季度只有一個徽標輸給了競爭對手。剩餘的流失是由於我們的客戶被收購、破產或取消，或由於其業務的整體經濟壓力而縮減支出。正如我將在一分鐘內討論的那樣，我們將繼續發布增強功能，並繼續與我們的客戶保持良好的 NPS 分數。

We are focused on improving our sales process, our sales teams, and our overall sales activity levels to capitalize on the upswing as the economy starts to recover. I continue to expect that we can grow the platform business at greater than 30% year over year, and I'm confident that we will return to those levels as the economy improves. In the meantime, the actions we took over the past year to impact our transaction growth is driving material improvements in our revenue growth, profitability, and cash flow.

我們專注於改進我們的銷售流程、我們的銷售團隊和我們的整體銷售活動水平，以在經濟開始復蘇時利用回昇機會。我繼續期望我們的平台業務能夠以超過 30% 的年增長率增長，而且我相信隨著經濟的好轉，我們將回到這些水平。與此同時，我們在過去一年中採取的影響交易增長的行動正在推動我們的收入增長、盈利能力和現金流量的實質性改善。

We continue to make great progress in many areas of the business. During the quarter, we dropped three release updates to the product, adding many new features, including RSS feeds, updated search capability, save searches, dual currency invoices, and much more. All of these updates have been well received and are generating pipeline opportunities for upgrades. You can learn more about our releases on our website under the Resources tab in release notes.

我們繼續在許多業務領域取得長足進步。本季度，我們對該產品進行了三個版本更新，添加了許多新功能，包括 RSS 源、更新的搜索功能、保存搜索、雙幣種發票等等。所有這些更新都受到好評，並正在為升級創造管道機會。您可以在我們網站上的發行說明中的“資源”選項卡下了解有關我們發行的更多信息。

Some of our recent releases are utilizing AI in our workflow for the first time. As a reminder, we use aiNLP, or natural language processing, in our Curedatis product today. That product allows a user to set up a search and then use our aiNLP technology to read and score documents in the search results. Our April release included an AI tool to recommend scientific articles that are related to articles the user is viewing.

我們最近發布的一些版本首次在我們的工作流程中使用 AI。提醒一下，我們今天在我們的 Curedatis 產品中使用了 aiNLP，即自然語言處理。該產品允許用戶設置搜索，然後使用我們的 aiNLP 技術閱讀搜索結果中的文檔並對其評分。我們 4 月發布的版本包括一個 AI 工具，可以推薦與用戶正在查看的文章相關的科學文章。

For example, if you are reviewing an article related to peanut allergy, our recommendation tool will show you other articles that are related to that article. We will be releasing some additional AI technology in our late May release, and we will continue to focus on integrating AI and NLP into our workflow to help researchers to the extent that the results are accurate.

例如，如果您正在評論一篇與花生過敏相關的文章，我們的推薦工具會向您顯示與該文章相關的其他文章。我們將在 5 月下旬發布一些額外的 AI 技術，我們將繼續專注於將 AI 和 NLP 集成到我們的工作流程中，以幫助研究人員獲得準確的結果。

As we all know, many of the AI tools generally available today are learning from publicly available content, which is in many cases, not accurate. We will continue to focus on tools that provide accurate and relevant results to our users.

眾所周知，當今普遍可用的許多 AI 工具都是從公開可用的內容中學習的，而在許多情況下，這些內容並不准確。我們將繼續專注於為我們的用戶提供準確和相關結果的工具。

On the sales front, we're working on several exciting opportunities that we think will materialize as revenue in the near future. As Bill reported, we are excited about the impact that the FIZ customer base is having on our business and a key go-forward initiative is related to upgrading those customers to platform customers. As a reminder, we upgraded about 60% of the research solutions customers to the platform after it launched.

在銷售方面，我們正在研究幾個令人興奮的機會，我們認為這些機會將在不久的將來實現收入。正如 Bill 報導的那樣，我們對 FIZ 客戶群對我們業務的影響感到興奮，一項關鍵的推進計劃與將這些客戶升級為平台客戶有關。提醒一下，我們在平台推出後將大約 60% 的研究解決方案客戶升級到了該平台。

In the past year, we have worked hard to develop referral partners with publishers and other related products that are not directly competitive. Those relationships are resulting in a material amount of traffic to Article Galaxy, our core product. Going forward, converting that traffic to transaction sales and ultimately platform sales is key and part of our sales and marketing priorities.

在過去的一年裡，我們努力與出版商和其他沒有直接競爭關係的相關產品發展推薦合作夥伴。這些關係為我們的核心產品 Article Galaxy 帶來了大量流量。展望未來，將流量轉化為交易銷售並最終轉化為平台銷售是關鍵，也是我們銷售和營銷優先事項的一部分。

The sales team have all have also been working on what I would call larger opportunities around the world. A few examples are, we signed a publisher deal where we will manage their paywall for customers buying articles directly from the publisher. In other words, we will deliver all the transactions that are purchased through our platform and all the transactions purchased directly from the publisher's website or publishers' paywall.

銷售團隊也一直致力於在世界各地尋找更大的機會。舉幾個例子，我們簽署了一份出版商協議，我們將為直接從出版商購買文章的客戶管理他們的付費專區。換句話說，我們將交付通過我們平台購買的所有交易以及直接從出版商網站或出版商付費專區購買的所有交易。

We were recently awarded a country deal to service all the libraries in that country. This deal includes both platform and transactions within the country. We will report more on this deal in the future as we onboard the customers and get a feel for the actual revenue run rate. It is early days, but the upside of a deal like this has the potential impact to our annual revenue of up to $1 million per year.

我們最近獲得了一項國家協議，為該國的所有圖書館提供服務。這筆交易包括平台和國內交易。我們將在未來為客戶提供更多關於這筆交易的報告，並了解實際的收入運行率。現在還為時尚早，但像這樣的交易的好處可能會對我們每年高達 100 萬美元的年收入產生潛在影響。

We are working on a large partnership opportunity that would expose our platform and transaction business to many customers in Asia. I'm excited about what this may do for us in the second half of this calendar year.

我們正在尋找一個大型合作機會，將我們的平台和交易業務展示給亞洲的許多客戶。我對這在本日曆年下半年可能為我們做些什麼感到興奮。

On the marketing front, we continue to make great progress in driving marketing qualified leads or MQLs through a variety of activities, including digital marketing, webinars, new sources of content, and improving our sales process. As a result of this, we're seeing massive improvements in generating MQLs, which are resulting in sales pipeline growth, which we expect to drive sales in future quarters. The new content, as an example, has improved our LinkedIn followers by 34% year over year, and our total impressions are up 8x year over year.

在營銷方面，我們通過各種活動（包括數字營銷、網絡研討會、新內容來源和改進我們的銷售流程）繼續在推動營銷合格線索或 MQL 方面取得重大進展。因此，我們看到生成 MQL 方面的巨大改進，這導致了銷售渠道的增長，我們預計這將推動未來幾個季度的銷售。例如，新內容使我們的 LinkedIn 關注者同比增長 34%，我們的總印象同比增長 8 倍。

While there are always process and operational improvement opportunities, we remain confident about these things translating to continued top-line and bottom-line performance as we go forward. On the M&A front, we continue to work several opportunities and hope to have something to report soon. That said, we will only execute on a deal that is in alignment with our long-term financial and strategic goals.

雖然總是有流程和運營改進機會，但我們仍然相信這些事情會在我們前進的過程中轉化為持續的頂線和底線績效。在併購方面，我們繼續尋找一些機會，並希望盡快有報告。也就是說，我們只會執行符合我們長期財務和戰略目標的交易。

With that, I'd like to turn the call back over to the operator for Q&A. Operator?

有了這個，我想把電話轉回給接線員進行問答。操作員？

(Operator Instructions) Allen Klee, Maxim.

（操作員說明）Allen Klee，Maxim。

Hello. I should talk to you guys. Just on a couple of your products, I had some questions. First, on Article Galaxy Reference and Reference Pro, and any comment on how that performed during the quarter. Last quarter you mentioned you signed, I think, 125 accounts. So I was wondering if you could give an update on the quarter.

你好。我應該和你們談談就你們的幾個產品，我有一些問題。首先，關於 Article Galaxy Reference 和 Reference Pro，以及關於該季度表現的任何評論。上個季度你提到你簽署了 125 個帳戶。所以我想知道你是否可以提供本季度的最新情況。

Yeah. I don't think I've got the number off the top of my head. Let me just check real quick, but we do see a material percentage of new customers coming on board buying the Pro product. And we do see a pretty nice upgrade -- a percentage of customers upgrading to the product, but I don't know the numbers off the top of my head. If you've got more questions, go ahead, and I'll see if I can find something while you're asking me the next question.

是的。我不認為我已經想到了這個數字。讓我快速檢查一下，但我們確實看到有相當一部分新客戶開始購買 Pro 產品。我們確實看到了一個相當不錯的升級——一定比例的客戶升級到該產品，但我不知道我腦海中的數字。如果您有更多問題，請繼續，我會在您問我下一個問題時看看是否能找到一些東西。

Sure. For Article Galaxy Scholar, any commentary on how it performed in the quarter?

當然。對於Article Galaxy Scholar，有什麼關於它在本季度表現如何的評論嗎？

Yeah. Again, I don't have numbers in front of me, but it's performed pretty well. We've had a number of the freemium installs, but actually we're selling more paid than we're delivering freemium, both of which are contributing to the transaction year-over-year growth because we're seeing a significant uptick in transaction revenue based on the trailing 12 month AGS installs. We refer to Article Galaxy Scholar AGS. Whether it's free or whether it's paid, they typically do generate a material amount of transaction revenue year over year.

是的。同樣，我面前沒有數字，但它的表現非常好。我們有一些免費增值安裝，但實際上我們銷售的付費產品比我們提供的免費增值更多，這兩者都對交易量同比增長做出了貢獻，因為我們看到交易量顯著上升收入基於過去 12 個月的 AGS 安裝。我們參考文章 Galaxy Scholar AGS。無論是免費的還是付費的，它們通常都會每年產生大量的交易收入。

And on the Curedatis, any update on how that performed and the customers?

在 Curedatis 上，是否有關於它的表現和客戶的最新消息？

Curedatis was a little slower than we expected. I think we've discovered some feature sets or some feature things that we need to add to the product, but we're cautiously optimistic about the product, but I think our quarterly results were a bit slower than we would like them to be.

Curedatis 比我們預期的要慢一些。我認為我們已經發現了一些功能集或一些我們需要添加到產品中的功能，但我們對該產品持謹慎樂觀態度，但我認為我們的季度業績比我們希望的要慢一些。

Yeah. One more question and I'll get back in the queue. Just your -- could you just tell us what your share count is as of today? I didn't see your -- usually that's in the10-Q, but I didn't -- if the Q is out yet.

是的。還有一個問題，我會回到隊列中。只是你的 - 你能告訴我們你今天的份額是多少嗎？我沒有看到你的——通常是在 10-Q 中，但我沒有——如果 Q 已經出來了。

Bill?

賬單？

Yes. It's around 29,500,000. I could get you the exact number here in a sec. Yeah, 29,501,000 call it.

是的。大約是 29,500,000。我可以在幾秒鐘內為您提供確切的號碼。是的，有 29,501,000 人稱呼它。

Great. Okay. Thank you so much.

偉大的。好的。太感謝了。

And Allen, I don't have the Pro standard basic numbers off the top my head. So we'll look into that and provide some color on that topic.

艾倫，我腦子裡沒有 Pro 標準的基本數字。因此，我們將對此進行調查並提供有關該主題的一些顏色。

Thank you so much.

太感謝了。

(Operator Instructions) At this time, there are no further questions. This concludes our question-and-answer session. I would like to turn the conference back over to Roy Olivier for any closing remarks.

（操作員說明）此時，沒有進一步的問題。我們的問答環節到此結束。我想將會議轉回給 Roy Olivier 作閉幕詞。

Well, thanks, everyone, for joining us today. As a reminder, we will be participating in the Three Part Advisors Virtual Conference in June. For more info on this event, please contact Three Part Advisors. We look forward to speaking to you in September to discuss our fourth quarter and full-year results and hope you have a great evening.

好吧，謝謝大家今天加入我們。提醒一下，我們將參加 6 月份的三方顧問虛擬會議。有關此活動的更多信息，請聯繫三部分顧問。我們期待在 9 月與您交談，討論我們的第四季度和全年業績，並希望您度過一個愉快的夜晚。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。