Research Solutions Inc (RSSS) 2025 Q1 法說會逐字稿

Good afternoon, everyone. Welcome to the Research Solutions Incorporated first quarter, fiscal 2025 earnings conference call. (Operator Instructions) Today's call is being recorded. Now at this time, I'll turn things over to Mr. Steven Hooser, Investor Relations. Please go ahead, sir.

大家下午好。歡迎參加 Research Solutions Incorporated 2025 財年第一季財報電話會議。 （操作員說明）今天的通話正在錄音。現在這個時候，我將把事情交給投資者關係部門的 Steven Hooser 先生。請繼續，先生。

Thank you and good afternoon, everyone. Thank you for joining us today for Research Solutions' First Quarter Fiscal Year 2025 Earnings Call, On the call today are Roy W. Olivier, President and Chief Executive Officer; and Bill Nurthen, Chief Financial Officer.

謝謝大家，大家下午好。感謝您今天參加 Research Solutions 2025 財年第一季財報電話會議。和財務長 Bill Nurthen。

After the market closed this afternoon, the company issued a press release announcing its results for the first quarter fiscal of 2025. 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 are forward-looking and are made under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those expressed or implied due to a variety of factors.

今天下午收盤後，該公司發布新聞稿，公佈了 2025 財年第一季業績。在Roy 和Bill 開始準備好的發言之前，您可以在公司網站Researchsolutions.com 上查看新聞稿，我想提醒您，今天發表的一些聲明具有前瞻性，並且是根據1995 年《私人證券訴訟改革法案》做出的。由於多種因素，實際結果可能與明示或暗示的結果有重大差異。

We refer you to research solutions' recent filings with the SEC for a more detailed discussion of the risks and uncertainties that could impact the company's future operating results and financial condition. Also, on today's call management will reference certain non-GAAP financial measures which we believe provide useful information for investors.

我們建議您參閱研究解決方案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和不確定性。此外，在今天的電話會議中，管理階層將參考某些非公認會計準則財務指標，我們認為這些指標為投資者提供了有用的信息。

A reconciliation of those measures to GAAP measures is located in today's earnings press release as well. Finally, I would like to again remind everyone that this call will be recorded and made available for replay via a link on the company's website. I would now like to turn the call over to President and CEO Roy Olivier. Roy?

這些措施與公認會計準則措施的調節也可以在今天的收益新聞稿中找到。最後，我想再次提醒大家，本次通話將會被錄音，並可透過公司網站上的連結重播。我現在想將電話轉給總裁兼執行長 Roy Olivier。羅伊？

Thank you, Steven. Our first quarter results reflect the financial scalability of our model as our net income and adjusted even to growth outpaced our top line on a year over year basis. Even when factoring in some one-time expenses from the prior year, deployments in the quarter were below our historical range, but we are seeing growth rebound in the second quarter.

謝謝你，史蒂文。我們第一季的業績反映了我們模型的財務可擴展性，因為我們的淨利潤和調整後的成長速度比去年同期都超過了我們的營收。即使考慮到上一年的一些一次性費用，本季的部署量也低於我們的歷史範圍，但我們看到第二季的成長反彈。

I'm particularly pleased to report a 20% increase in total revenues and a 67% increase in platform revenue for the quarter.

我特別高興地報告本季總收入成長了 20%，平台收入成長了 67%。

A 60% increase in ARR with B2B contributing $12.2 million and B2C contributing $5.4 million.

ARR 成長了 60%，其中 B2B 貢獻了 1,220 萬美元，B2C 貢獻了 540 萬美元。

An outstanding improvement in adjusted EBITDA and cash flows generated from operations of $1.3 million in EBITDA and $800,000 in cash flow resulting in almost $4 million in adjusted EBITDA on a TTM basis and $5.1 million in cash flow in the same period.

調整後 EBITDA 和營運產生的現金流量顯著改善，EBITDA 為 130 萬美元，現金流為 80 萬美元，導致同期調整後 EBITDA 接近 400 萬美元，現金流為 510 萬美元。

Our first quarter deployments and incremental ARR were lower than average due to several factors including lower B2C subscription revenue growth during the summer months when universities are out of season and the impact of the traditional European vacation period.

由於多種因素，包括夏季大學淡季期間 B2C 訂閱收入增長較低以及傳統歐洲假期的影響，我們第一季的部署和增量 ARR 低於平均水平。

As we enter the fall, our B2C subscriptions have materially picked up and our B2C subscription ARR is currently approaching 6 million, net platform deployments continue to be affected by a longer sales cycle where customers are increasing their due diligence periods and extending budgetary reviews under the surface. The new logo team hit their quarterly targets, but that was offset by higher than normal term and lower productivity from the Upsell team.

隨著進入秋季，我們的 B2C 訂閱量大幅回升，B2C 訂閱 ARR 目前接近 600 萬，淨平台部署繼續受到銷售週期延長的影響，客戶正在增加盡職調查期並延長預算審核時間表面。新標誌團隊實現了季度目標，但這被高於正常水平的期限和追加銷售團隊較低的生產力所抵消。

We saw higher than expected noncontrollable churn driven primarily by acquisitions of our customers and customers closing their business. That was over half of our turn.

我們發現，不可控制的客戶流失率高於預期，這主要是因為收購客戶和客戶關閉業務所致。這已經超過我們回合的一半了。

On a positive note, we lost fewer customers to competitors in Q1. My hope is that at the conclusion of this election provides some clarity for the near term and will allow for companies to make decisions as we approach the window for 2025 budgets to be finalized, I'll review some of the steps we're taking to improve our sales performance. But first, I'd like to pass it over to bill to walk through our fiscal first quarter financial results in detail. And then I'll wrap it up with some comments and outlook for fiscal 2025. Bill?

從正面的方面來看，我們在第一季因競爭對手而流失的客戶減少了。我希望這次選舉結束時能夠為近期提供一些明確的信息，並允許公司在我們接近最終確定 2025 年預算的窗口時做出決定，我將回顧我們正在採取的一些步驟來提高我們的銷售業績。但首先，我想將其交給比爾詳細介紹我們第一財季的財務表現。然後我將以一些評論和 2025 財政年度展望作為總結。帳單？

Thank you, Roy. And good afternoon, everyone before I start, I would like to make a couple reminders regarding year over year comparisons.

謝謝你，羅伊。大家下午好，在開始之前，我想先逐年比較做一些提醒。

First for our prior fiscal year 2024 we had approximately two months of activity from resolute AI which closed on July 28, 2023 second in that same quarter, there was no impact from site as that transaction closed on December 1, 2023.

首先，在2024 財年，我們從Resolute AI 進行了大約兩個月的活動，該活動於2023 年7 月28 日結束，同季度第二個，由於該交易於2023 年12 月1 日結束，所以沒有受到網站的影響。

Total revenue for the first quarter of fiscal 2025 was $12 million. a 20% increase from the first quarter of fiscal 2024.

2025 財年第一季的總營收為 1,200 萬美元。較 2024 財年第一季成長 20%。

Our platform subscription revenue increased 67% to $4.3 million.

我們的平台訂閱收入成長了 67%，達到 430 萬美元。

The growth, the growth was primarily driven by the acquisition of site and a net increase of platform deployments and upsells from last year.

這一成長主要是由網站收購以及去年平台部署和追加銷售的淨成長所推動的。

If you look at that growth from a pro forma perspective, assuming we had resolute in site for the full quarter last year, the growth rate was roughly 27%.

如果你從預期的角度來看這一成長，假設我們去年整個季度都堅定地保持網站，那麼成長率約為 27%。

Platform revenue accounted for about 36% of our total revenue for the quarter compared to approximately 26% in the prior year quarter.

平台收入約佔本季總收入的 36%，而去年同期約為 26%。

We ended the quarter with $17.6 million of Annual Recurring Revenue or ARR up 60% year over year, which is comprised of roughly $12.2 million in B2B ARR and approximately $5.4 million in ARR associated with sites B2C platform subscribers on a pro forma basis. The year over year ARR growth was roughly 22% sequential ARR growth in the quarter was modest with B2B ARR growing about $128,000 and B2C ARR growing roughly $68,000.

本季結束時，我們的年度經常性收入或 ARR 為 1,760 萬美元，年增 60%，其中包括約 1,220 萬美元的 B2B ARR 和約 540 萬美元的與 B2C 平台訂閱者網站相關的預計 ARR。ARR 年成長約 22%，本季 ARR 較上季成長不大，其中 B2B ARR 成長約 128,000 美元，B2C ARR 成長約 68,000 美元。

We mentioned on our prior call that we expected lower growth to occur this quarter and that some of this was related to seasonality primarily in our B2C business.

我們在先前的電話會議中提到，我們預計本季的成長將放緩，其中部分原因主要與我們的 B2C 業務的季節性有關。

As Roy mentioned, I am happy to report that from B2C perspective, we have seen that seasonality reverse as we enter the fall academic semester and we are off to a strong start in B2C ARR growth for Q2.

正如Roy 所提到的，我很高興地向大家報告，從B2C 的角度來看，隨著進入秋季學期，我們已經看到季節性逆轉，並且我們在第二季度的B2C ARR 增長中取得了良好的開端。

Please see today's press release for how we define and use annual recurring revenue in other non-GAAP items.

請參閱今天的新聞稿，以了解我們如何定義和使用其他非公認會計準則項目中的年度經常性收入。

Transaction revenue for the first quarter was $7.7 million. a 3.4% increase from the prior year quarter.

第一季交易收入為 770 萬美元。較去年同期成長 3.4%。

Our total active customer count for the quarter was 1,390 compared to 1,395 in the same period a year ago, gross margin for the third quarter was 47.9%. a 780 basis point improvement over the first quarter of 2024.

本季我們的活躍客戶總數為 1,390 名，去年同期為 1,395 名，第三季毛利率為 47.9%。較 2024 年第一季提高 780 個基點。

And once again, a new company record for blended gross margin, the increase is due to the ongoing revenue mix shift towards higher margin platforms. Business in Q1, the platform's business contributed almost two thirds of the gross profit as this mix shift continues. We are starting to see the reality of being able to push our blended gross margin above 50% which we expect to happen in the next 12 to 15 months. If not sooner.

混合毛利率再次創下公司新紀錄，這一增長是由於收入組合持續向利潤率更高的平台轉變所致。在第一季的業務中，隨著這種組合轉變的持續，該平台的業務貢獻了近三分之二的毛利。我們開始看到能夠將我們的綜合毛利率提高到 50% 以上的現實，我們預計這將在未來 12 到 15 個月內實現。如果不早點的話。

Platform business recorded gross margin of 87.4%. a 210 basis point increase compared to the prior year quarter.

平台業務毛利率達87.4%。與去年同期相比成長 210 個基點。

The increase is primarily related to lower personnel costs and some steps we have taken to reduce our hosting costs.

這一增長主要與人員成本的降低以及我們為降低託管成本而採取的一些措施有關。

I will say this is a high result and we may see this fall back slightly in future quarters, all things considered. However, we expect it will remain above 85% gross margin in our transaction business increased 140 basis points to 25.7%.

我想說，這是一個很高的結果，考慮到所有因素，我們可能會在未來幾季看到這一結果略有回落。不過，我們預期其交易業務的毛利率將維持在 85% 以上，提高 140 個基點至 25.7%。

The increase was primarily attributable to increased copyright revenues and pricing initiatives similar to platforms. This result was very strong for the quarter and we may experience slightly lower results in future quarters.

這一增長主要歸因於版權收入的增加以及類似平台的定價措施。本季的這一結果非常強勁，我們在未來幾季的結果可能會略有下降。

I still expect results above 24.5% in the near term total operating expenses in the quarter were $5.1 million relatively flat to the prior year quarter.

我仍然預計短期內業績將高於 24.5%，本季總營運費用為 510 萬美元，與去年同期持平。

Last year's first quarter included approximately $1.2 million in acquisition and proxy related expenses, but also did not have any impact from site and only two months of activity from resolute when you offset these two things, it basically translate, translates into some very modest year over year growth in the SD and a expense base.

去年第一季包括約120 萬美元的收購和代理相關費用，但也沒有受到任何來自網站的影響，而且當你抵消這兩件事時，決心只有兩個月的活動，它基本上轉化為一些非常溫和的一年SD 和費用基礎的年增長。

Our revenue mix shift continues to move in favor of the platform's business and our blended gross margin continues to improve.

我們的收入結構轉變持續有利於平台業務，我們的綜合毛利率持續提高。

And we are seeing that fall to the bottom line and generate cash flows for the business, Net income for the quarter was $669,000 or $0.2 per diluted share compared to a net loss of $988,000 or negative $0.4 per share in the prior year quarter adjusted even up for the quarter was $3 million. a 10.6% margin compared to negative $441,000 in the year ago quarter.

我們看到，利潤下降並為業務產生現金流，本季淨利潤為 669,000 美元，即稀釋後每股收益 0.2 美元，而去年同期調整後的淨虧損為 988,000 美元，即每股負 0.4 美元該季度的銷售額為300 萬美元。利潤率為 10.6%，而去年同期利潤率為負 441,000 美元。

It is important to note that with respect to adjusted EBITDA on a trailing 12 month basis, we have now generated just under $4 million of adjusted EBITDA an 8.5% margin and we expect that result to improve as we complete our second quarter, turning to our balance sheet cash and cash equivalents as of September 30, 2024 was $6.9 million versus $6.1 million. On June 30, 2024, we generated $843,000 in positive cash flow from operations compared to a cash burn of $756,000 in the prior year quarter.

值得注意的是，就過去12 個月的調整後EBITDA 而言，我們現在已經產生了近400 萬美元的調整後EBITDA，利潤率為8.5%，我們預計隨著第二季的完成，這一結果將會改善，轉向我們的截至 2024 年 9 月 30 日，資產負債表現金和現金等價物為 690 萬美元，而同期為 610 萬美元。2024 年 6 月 30 日，我們的營運產生了 843,000 美元的正現金流，而去年同期的現金消耗為 756,000 美元。

Also important to note is that over the last 12 months, we have now generated over $5.1 million in cash flow from operations, on a trailing 12 month basis. Our cash flow is outpacing our adjusted EBITDA by a factor of approximately 1.3 times which we believe is a good indicator of the strong quality of our earnings.

同樣值得注意的是，在過去 12 個月中，我們現在已經從過去 12 個月的營運中產生了超過 510 萬美元的現金流。我們的現金流量超過調整後 EBITDA 約 1.3 倍，我們認為這是我們獲利品質的良好指標。

As of quarter end, there were no outstanding borrowings under our revolving line of credit and we have no long term debt or liabilities.

截至季末，我們的循環信貸額度下沒有未償還借款，我們沒有長期債務或負債。

As we look ahead, I think Q2 will be another strong quarter for earnings. I will note however, that there is some seasonality negatively affecting the transactions business in Q2 given the impact of the holidays.

展望未來，我認為第二季將是另一個獲利強勁的季度。不過，我要指出的是，考慮到假期的影響，第二季的交易業務存在一些季節性負面影響。

And we should also see some increase in SG&A and a expense from Q1 as we had some delays in hiring new newly budgeted headcount in the quarter.

我們還應該看到 SG&A 和第一季費用的增加，因為我們在本季度招募新預算員工方面出現了一些延遲。

As a result, we will likely see an adjusted result that while being an increase year over year is sequentially down a bit from Q1.

因此，我們可能會看到調整後的結果，雖然同比增長但較第一季略有下降。

This will step back up again. In Q3 and Q4, which are seasonally our strongest quarters for transactions as well as overall profitability and cash flow overall, we feel like we have reached an inflection point in the SG&A revenue mix shift of our business.

這將再次回升。第三季和第四季是我們交易、整體獲利能力和現金流量季節性最強的季度，我們感覺我們業務的銷售、管理及行政費用收入組合轉變已經達到了拐點。

In addition to demonstrating the profit potential of our business model, this increasing profitability and cash flow is better positioning us to take advantage of strategic opportunities such as M&A going forward.

除了展示我們商業模式的獲利潛力之外，不斷增長的獲利能力和現金流還使我們能夠更好地利用未來併購等策略機會。

Overall. We are pleased with the result for Q1 and look forward to posting another record year of earnings.

全面的。我們對第一季的業績感到滿意，並期待再創紀錄的年度收益。

I'll now turn the call back to Roy. Roy?

現在我將把電話轉回給羅伊。羅伊？

Thanks Bill. You know, as we approach the one year anniversary of the acquisition of site, we continue to be pleased with its growth and the up sell opportunities. It presents within our platform.

謝謝比爾。您知道，隨著我們收購該網站一周年的臨近，我們仍然對其成長和追加銷售機會感到滿意。它呈現在我們的平台內。

We recently hired set and Sefton Cohen as our new Chief Revenue Officer, Sefton comes with a proven track record of building high performance sales teams generating significant or growth.

我們最近聘請了 Set 和 Sefton Cohen 作為我們新的首席營收官，Sefton 在建立高績效銷售團隊方面擁有良好的記錄，可帶來顯著的成長。

He will help us create a strategic and standardized framework around a common language, improving sales process and accountability. As a professional sales organization, our entire team will go through training starting in January as we roll out the new process. We're excited to have Sefton join us and we're very confident in his ability to help us execute.

他將幫助我們圍繞共同語言創建策略和標準化框架，改善銷售流程和問責制。作為一個專業的銷售組織，隨著我們推出新流程，我們的整個團隊將從一月開始接受培訓。我們很高興塞夫頓加入我們，我們對他幫助我們執行任務的能力充滿信心。

Moving forward, turning to M&A we have started to see valuations come down and have seen an increase in opportunities including multiple inbound opportunities we've recently evaluated this increase in deal flow is primarily due to more realistic valuation expectations and the recent transaction executions of resolute and site demonstrating our ability to get deals closed as well as our stronger balance sheet.

展望未來，轉向併購，我們已經開始看到估值下降，並看到機會增加，包括我們最近評估的多個入境機會，交易流的增加主要是由於更現實的估值預期以及最近堅決的交易執行以及展示我們完成交易的能力以及更強大的資產負債表的網站。

Thanks to our increased profitability and cash flow, we continue to evaluate M&A opportunities and remain highly focused on looking at businesses that have the right valuation and fits into either our product strategy or something where we can unlock cross selling opportunities to create higher organic growth. Confidence in our organic plan remains high.

由於我們獲利能力和現金流的增加，我們繼續評估併購機會，並繼續高度關注那些具有正確估值並符合我們的產品策略或我們可以釋放交叉銷售機會以創造更高有機成長的企業。人們對我們的有機計劃仍然充滿信心。

Turning back the B2B sales, we did have some nice successes in the quarter. A few of those include in Cara therapeutics, which is an article Galaxy Pro Plus site deployment. It was a competitive takeaway initiated by a past article, Galaxy user who suggested that in carta look at our solutions, the wind was due to the trust and past experience with research solutions that site which is an article Galaxy Pro Deployment. This was also a past user that had used in our two previous companies. They looked at competition during the trial period and ended up choosing us due to past positive experience.

回顧 B2B 銷售，我們在本季確實取得了一些不錯的成功。其中一些包含在 Cara Therapeutics 中，這是一篇 Galaxy Pro Plus 站點部署文章。這是由過去的一篇文章發起的競爭性外賣，Galaxy 用戶建議在目錄中查看我們的解決方案，風是由於對該網站的研究解決方案的信任和過去的經驗，這是一篇文章Galaxy Pro部署。這也是我們之前兩家公司用過的老用戶。他們在試用期間考慮了競爭，並由於過去的積極經驗而最終選擇了我們。

We also closed a large academic deal with the University of California for our article Galaxy Scholar product that will cover 11 libraries.

我們還與加州大學就我們的文章 Galaxy Scholar 產品達成了一項大型學術協議，該產品將涵蓋 11 個圖書館。

In summary. Despite the longer sales cycles we're currently experiencing, we remain well positioned within the research process. And I believe there is significant opportunity to further strengthen our financial position as the economy improves. We've seen our strongest sales pipelines in the company's history and feel confident in our future.

總之。儘管我們目前正在經歷更長的銷售週期，但我們在研究過程中仍然處於有利地位。我相信，隨著經濟的改善，我們有很大的機會進一步加強我們的財務狀況。我們已經看到了公司歷史上最強大的銷售管道，並對我們的未來充滿信心。

From a product perspective, we continue to focus on developing the capacity as a SAS and AI company by enhancing our core offerings in site article galaxy and references. Today, all of our applications are SAS based and include an AI assistant to help researchers act natural language questions and get results based on peer reviewed STM content with limited hallucinations or bad results site has unique capability in terms of a citation index on steroids when compared to competition and a powerful AI assistant that focuses on near full tech search of most of the content outside or behind paywalls site is unique in both of those areas.

從產品的角度來看，我們繼續專注於透過增強我們在網站文章星系和參考文獻中的核心產品來發展作為 SAS 和 AI 公司的能力。如今，我們所有的應用程式都是基於SAS 的，並包括一個AI 助手，可幫助研究人員處理自然語言問題，並根據同行評審的STM 內容獲得結果，與有限的幻覺或不良結果相比，網站在類固醇引文索引方面具有獨特的功能競爭和強大的人工智能助手專注於對付費牆網站之外或背後的大部分內容進行近乎完整的技術搜索，這在這兩個領域都是獨一無二的。

Most of the newly announced companies that claim to do this only have access to OA or free content and do not have the rights to search behind the paywall.

大多數新宣布的公司聲稱只能存取 OA 或免費內容，而無權在付費專區後面進行搜尋。

The article Galaxy family of products is unique in that it is one of the only publisher, independent solutions that offers access to the world's content in one system, including access to electronic or print source materials, print source means the article can only be found in a printed book.

Galaxy 文章系列產品的獨特之處在於，它是唯一的出版商、獨立解決方案之一，可在一個系統中提供對全球內容的訪問，包括對電子或印刷源材料的訪問，印刷源意味著該文章只能在以下位置找到：一本印刷書。

In addition, our reference management product continues to develop its overall feature set and AI capability which is helping us appeal to our core customer segment and helped with the competitive takeaways like in Carta which I mentioned earlier.

此外，我們的參考管理產品繼續開發其整體功能集和人工智慧功能，這有助於我們吸引我們的核心客戶群，並幫助我們獲得像我之前提到的 Carta 那樣的競爭優勢。

We will continue to focus on expanding our capability in AI by continuing to work on integrating site and AG products. We have signed several new publishers to the site index in the agreements which allow us to provide near full tech search on those articles.

我們將繼續專注於擴展我們在人工智慧方面的能力，繼續致力於站點和AG產品的整合。我們已經在協議中簽署了幾家新的網站索引出版商，這使我們能夠對這些文章提供近乎完整的技術搜尋。

We will continue to focus on adding additional publishers to the site platform.

我們將繼續專注於為網站平台添加更多發布者。

In addition, we started offering publishers an amendment in which our customers can purchase the text and data mining rights or TDM rights for articles they've already purchased. In addition to rights when they purchase new articles, we believe we're in a great position to offer the long tail of small and medium publishers to help our large customers achieve their AI objectives by delivering that long tail of TDM rights with one offering with that. I'd like to turn the call back over to the operator.

此外，我們開始向出版商提供一項修正案，其中我們的客戶可以購買他們已購買的文章的文本和資料探勘權利或 TDM 權利。除了購買新文章時的權利外，我們相信我們還可以為中小型出版商提供長尾服務，透過一項產品提供 TDM 長尾權利，幫助我們的大客戶實現他們的 AI 目標。我想將電話轉回給接線生。

(Operator Instructions) Richard Baldry, Roth Capital, Richard.

（操作員說明）Richard Baldry，Roth Capital，Richard。

Thanks. When I look into the spending in the quarter, it looked like the platform cost side actually fell and we, we haven't really seen that ever go down? Sort of curious. Like, is there was there a reversal of some, you know, prior cost or how does that fall and, you know, is that sustainable forward?

謝謝。當我查看本季的支出時，看起來平台成本實際上下降了，而我們，我們還沒有真正看到它下降過？有點好奇。例如，之前的成本是否會逆轉，或是如何下降的，以及這種情況是否可持續？

Yeah. Sure. Yeah, there was a couple of things contributing to it. One is we removed one some labor in that area and the other is that we basically did some things to rework, some of our hosting cost to bring that hosting cost down. And which had been running kind of high, especially in, in the resolute business. So, I do think there are some sort of permanent reductions there from what we've seen before, but you could see it tick back up a little bit, we might add a little bit of head count back in.

是的。當然。是的，有幾件事促成了這一點。一是我們取消了該領域的一些勞動力，二是我們基本上做了一些返工，一些託管成本來降低託管成本。而且它一直運作得很高，尤其是在堅決的業務中。因此，我確實認為與我們之前看到的情況相比，存在某種永久性的減少，但你可以看到它有所回升，我們可能會增加一些人員數量。

And there's also from time to time where we need to run some things from an experimental base basis to drive our hosting cost up. We just didn't have a lot of that this quarter. So, it was just an unusually light quarter and that's why I said in my remarks, you know, you could see this, this result where this, you know, margin that we had of the 87.4% does fall back lower than that. I still think it'll be above 85% easily. But it was just sort of a yeah, you know, unique quarter where we're able to keep the hosting cost way down.

有時我們還需要在實驗基礎上運行一些東西，以提高我們的託管成本。本季我們沒有太多這樣的事情。所以，這只是一個異常清淡的季度，這就是為什麼我在講話中說，你知道，你可以看到這個結果，你知道，我們 87.4% 的利潤率確實回落到低於這個水平。我還是覺得85%以上還是很容易的。但這只是一個是的，你知道，獨特的季度，我們能夠降低託管成本。

And look below into the OpEx side. SG&A was fairly level sequentially but kind of flipped. Sales and marketing went up a decent amount and the R&D came down, you know, a decent amount. How do we think about what those levels should look like on sort of a steady state basis? You know, is, is first quarter, sort of indicative where we, you think you'd be, or something sort of unusual up there.

下面來看看營運支出方面。SG&A 連續一段時間相當持平，但有點翻轉。銷售和行銷成長了相當多的金額，而研發卻下降了相當多的金額。我們如何考慮在穩態的基礎上這些水準應該是什麼樣子？你知道，是，是第一季度，有點表明我們，你認為你會在哪裡，或者那裡有某種不尋常的東西。

Yeah, I think for first quarter, the only thing you might see some, you'll probably see some step up is we move into Q2 and beyond in sales and marketing and in, in a little bit less so to speak, maybe in tech and product development in the sales and marketing side. We, you know, when we got into some of those, you know, summer months, we did cut back a little bit on the advertising spend on the B2C side.

是的，我認為在第一季度，你可能會看到的唯一的事情，你可能會看到一些進步是我們進入第二季度及之後的銷售和營銷方面，可以說，也許在技術方面以及銷售和行銷方面的產品開發。我們，你知道，當我們進入其中一些夏季月份時，我們確實削減了一點 B2C 方面的廣告支出。

So we are sort of ramping that up as we head into the fall here and our are gaining ground on subscribers. And then on the other side of things, as Roy mentioned, so we did hire a new CRO so that'll be some additional head count in the business as well, which will drive some of that product development. I think you'll see some modest increase as well.

因此，隨著我們進入秋季，我們正在加強努力，我們的訂閱者數量正在增加。另一方面，正如羅伊所提到的，我們確實聘請了一名新的 CRO，這樣業務中也會增加一些人員，這將推動一些產品的開發。我認為您也會看到一些適度的成長。

So I, I think, you know, overall, if you look at SG&A it's probably going to look more, probably more like he three from last year just in total with some of the caveats I mentioned in the, in the buckets, there could be a little bit higher than that. But that's kind of where it's targeting right now.

所以我，我認為，你知道，總的來說，如果你看一下 SG&A，它可能看起來更像是去年的三個，加上我在桶中提到的一些警告，可能會有比那個高一點點。但這就是它現在的目標。

Then if the commentary around expectations and M&A you know, valuations are coming in, you know, can you talk about, you know, is that where you would have overlapping customer bases, is that, you know, where you'd have complementary sort of opportunities to cross sell or is it, you know, pretty much across the board?

然後，如果圍繞著預期和併購的評論，你知道，估值正在進來，你知道，你能談談，你知道，你會擁有重疊的客戶群，你知道，你會擁有互補排序嗎？機會還是，你知道，幾乎是全面的？

And I think there was a common around, you know, some, some more inbound inquiries or, or directionally people coming to you know, do you think that's still a decent way to find things that fit properly or, you know, are these people that you've done business with? And that's why they're familiar with you so that, you know, sort of makes sense from the get-go. Thanks.

我認為周圍有一個共同點，你知道，一些，一些更多的入站詢問，或者，或者有方向的人來找你知道，你認為這仍然是找到合適的東西的好方法嗎？知道，這些人是跟你有過生意往來的？這就是為什麼他們對你很熟悉，所以，你知道，從一開始就有道理。謝謝。

This is Roy. I made a couple of comments. I think part of the inbound is just, we're now we've been recognized as somebody who does do deals with, you know, companies in this space. So people reach out to us as a result of that part of it is also related to the founder of Josh, of site who is very high profile in the industry, especially among start-ups.

這是羅伊。我發表了一些評論。我認為入境的一部分只是，我們現在已經被認為是與這個領域的公司進行交易的人。人們之所以聯繫我們，是因為這部分內容也與網站的創始人 Josh 有關，他在行業中，尤其是在新創公司中，知名度非常高。

And so a lot of folks saw what he did and want to explore a similar path to your other question. You know, what we're looking for specifically is primarily things that enhance our product strategy. So, when we think about the research workflow that the various user personas that we sell to utilize, we look at that work through workflow through the lens of what steps are we providing today? What steps are other people providing today? Where should we partner? Where should we acquire? And for me, the acquisition has to fit a few criteria. It has to give us a clear strategic advantage.

因此，很多人看到了他所做的事情，並希望探索與你的其他問題類似的路徑。您知道，我們具體尋找的主要是能夠增強我們產品策略的東西。因此，當我們考慮我們出售的各種使用者角色所使用的研究工作流程時，我們會從我們今天提供的步驟的角度來看待工作流程中的工作？其他人今天提供了哪些步驟？我們應該在哪裡合作？我們應該去哪裡獲取呢？對我來說，這次收購必須符合一些標準。它必須帶給我們明顯的戰略優勢。

It has to be something that from a valuation point of view may and it has to have a very strong cross sell opportunity into our base because I think a lot of value creation out of these acquisitions, very little of it is going to come from expense reduction. A vast majority of that value creation is coming from cross selling into the base. We'd certainly like to look at direct competitor take out, but there's just not that many of those left that are actionable. So, it's primarily what I mentioned a minute ago.

從估值的角度來看，它必須是可以的，而且必須有一個非常強大的交叉銷售機會進入我們的基礎，因為我認為這些收購創造了很多價值，其中很少一部分來自費用減少。絕大多數價值創造來自於對基礎的交叉銷售。我們當然希望看到直接競爭對手的退出，但剩下的可採取行動的並不多。所以，這主要是我一分鐘前提到的。

Great, thanks.

太好了，謝謝。

Jacob Stephan, Lake Street.

雅各史蒂芬，湖街。

Yeah. Hey guys, thanks for taking the questions. Roy, you know that there's some lower deployments in the quarter. You know, I'm just curious what was kind of the driver despite the comments about the new logo team hitting their targets.

是的。嘿夥計們，感謝您提出問題。羅伊，您知道本季的部署量有所下降。你知道，我只是好奇這位車手是什麼樣的，儘管有評論說新標誌團隊達到了他們的目標。

Yeah, I had mentioned in the previous call that one of the new segments we're pursuing much more aggressively than we have historically is academic and that is on the back of a strong site academic product as well as us continuing to enhance the article Galaxy Scholar product, which is our academic product and to give you some idea of numbers, you know, in the first quarter, after we acquired site we did about $240,000, $250,000 of ARR growth that was off of their base when we acquired them of about $400,000 in the second quarter, which is our calendar fiscal Q4, we did about $280,000 $290,000 in growth and about half of that growth was academic.

是的，我在之前的電話會議中提到，我們正在比歷史上更積極地追求的新細分市場之一是學術，這是在強大的網站學術產品以及我們繼續增強Galaxy 文章的支持下進行的。收購他們時的基礎第二季（也就是我們日曆上的第四財季）成長了 40 萬美元，成長了約 28 萬美元和 29 萬美元，其中大約一半是學術成長。

And our fiscal Q1 that academic growth number was tens of thousands. It was less than $50,000 because in our in the academic space, a lot of decisions were made around the December, January time frame. A lot of decisions were made around the June July time frame.

我們第一財季的學業成長人數為數萬人。它不到 5 萬美元，因為在我們的學術領域，許多決定都是在 12 月、1 月的時間範圍內做出的。許多決定都是在六月七月的時間範圍內做出的。

And so we expected and actually budgeted for Q1 to be materially lower from a deployment point of view than Q4 was that said the two other things that affected our numbers negatively during that quarter was under performance by our Upsell team and more churn than we expected.

因此，從部署的角度來看，我們預計第一季的預算和實際預算將大大低於第四季度，因為該季度對我們的數字產生負面影響的另外兩件事是我們的追加銷售團隊的表現不佳以及客戶流失率超出了我們的預期。

So there's various things hitting that some of it is seasonality, some of it is sales execution and some of it is just a general slowness that we've seen in the market in the last few quarters.

因此，有各種各樣的因素影響著，其中一些是季節性的，一些是銷售執行的，還有一些只是我們在過去幾個季度看到的市場普遍緩慢的情況。

Okay. Got it. That makes sense. And maybe just kind of contrast that with the comments you made about the demand rebounding here that you're seeing in Q2, would you say that's kind of the demand is rebounding back to above the baseline or not quite the baseline or you know, at kind of what you'd expect.

好的。知道了。這是有道理的。也許只是與您對第二季度需求反彈的評論形成鮮明對比，您是否會說需求正在反彈至基線以上或不完全是基線，或者您知道，在就像您所期望的那樣。

Yeah, on the B2C side, you know, I think we did somewhere like $50,000 or $60,000 in ARR growth in Q1, We are already over as I think I made a comment we're approaching $6 million. So that means we're around $500,000 in ARR growth on the B2C side as of now.

是的，在 B2C 方面，你知道，我認為我們在第一季的 ARR 增長了 50,000 或 60,000 美元，我們已經結束了，因為我想我說過我們正在接近 600 萬美元。因此，這意味著目前 B2C 方面的 ARR 成長約為 50 萬美元。

And we're halfway through the quarter, I wouldn't flat line that to a three number because we'll see slowness and some churn in December as students no longer are in school. But I think we'll have a very good quarter from a B2C perspective.

我們這個季度已經過半了，我不會把這個數字定為三，因為隨著學生不再上學，我們會在 12 月看到緩慢成長和一些流失。但我認為從 B2C 的角度來看，我們將迎來一個非常好的季度。

Early indicators are we're seeing some nice activity on the B2B side. I mentioned we've got record pipelines; we just have to execute. And I think the other thing we need to do is do a better job managing churn. We've made some changes to how we run that process.

早期跡象表明，我們在 B2B 方面看到了一些不錯的活動。我提到過我們有創紀錄的管道；我們只需要執行。我認為我們需要做的另一件事是更好地管理客戶流失。我們對運行該流程的方式進行了一些更改。

And I think the combination of improving execution there plus our new CRO plus some of the leading indicators we see, you know, to me, give me hope that we'll see a nice bounce back as we get into toward the end of the quarter.

我認為，執行力的提高加上我們新的 CRO 以及我們看到的一些領先指標，對我來說，給我希望，當我們進入本季末時，我們將看到良好的反彈。

You know, I'm also really excited to report. I mean, for the first time since I've been here, we've got, you know, $2 million pipelines, which is a pretty nice pipeline for us. And that's all being generated by the new Marketing VP who joined us a little bit less than a year ago. You know, he's doing a nice job filling those pipelines and, and driving conversations which ultimately for us result in a sale.

你知道，我也很高興向大家報告。我的意思是，自從我來到這裡以來，我們第一次擁有了價值 200 萬美元的管道，這對我們來說是一個非常好的管道。這一切都是由不到一年前加入我們的新行銷副總裁創造的。你知道，他在填補這些管道和推動對話方面做得很好，最終為我們帶來了銷售。

Great and maybe just one last one with the new Chief Revenue Officer coming in, maybe give us a top two or three priorities as they kind of look at their role.

太棒了，也許只是新任首席營收官上任後的最後一個，也許在他們審視自己的角色時給我們列出兩三個最重要的優先事項。

Yeah, he walked in with a 90 day plan, you know, his first month is really just to learn. So, he's spending a lot of time with a lot of our people learning how we do what we do. You know, as we get into January, we will, as I mentioned in the call, we'll have a standardized training and not just address the sales, it'll address sales, the CSNs, the executives of the company, anything that kind of touches sales.

是的，他帶著 90 天的計畫進來，你知道，他的第一個月真的只是為了學習。因此，他花了很多時間與我們的許多員工一起學習我們如何做我們所做的事情。你知道，當我們進入一月份時，正如我在電話中提到的，我們將進行標準化培訓，不僅僅是針對銷售問題，還將針對銷售、CSN、公司高管以及任何與有點觸及銷售。

And you know, his, his successful track record is coming in, whether it's a new company, whether it's a turnaround or whether it's just trying to accelerate growth in an existing sales team that does a pretty good job. He has a very structured process and has done a nice job fairly dramatically increasing AR r growth in the company he joined. So, you know, I'm excited about what we think you can do here because I think sales execution is something we do pretty well, but I think we can do it better.

你知道，他的成功記錄正在顯現，無論是一家新公司，無論是扭虧為盈，還是只是試圖加速現有銷售團隊的成長，這支團隊做得相當不錯。他有一個非常結構化的流程，並且做得很好，相當顯著地促進了他加入的公司的 AR 成長。所以，你知道，我對我們認為你可以在這裡做的事情感到興奮，因為我認為銷售執行是我們做得很好的事情，但我認為我們可以做得更好。

Okay. Very helpful. Thank you, guys.

好的。非常有幫助。謝謝你們，夥計們。

Thank you.

謝謝。

(Operator Instructions) Derek Greenberg, Maxim Group.

（操作員說明）Derek Greenberg，Maxim 集團。

Hey guys, thanks for taking my questions. Wanted to touch on adjusted even all the margins, the cadence there. We noted that there'd be a little bit of a sequential decline in the second quarter, but then we should see improvement from strong performance in the 3rd and 4th quarter. I was wondering if you think third quarter may be an improvement upon first quarter even or if you think it'll still be a little bit under what we saw this quarter just due to the rapid cost.

嘿夥計們，謝謝你回答我的問題。想談談調整後的所有邊距和節奏。我們注意到第二季會出現一些連續下降，但隨後我們應該會看到第三季和第四季的強勁表現有所改善。我想知道您是否認為第三季可能比第一季有所改善，或者您是否認為由於成本快速上升，第三季仍會略低於我們本季看到的水平。

So Bill, you want to touch that.

所以比爾，你想碰一下它。

Yeah. Sure. I think, you know, traditionally, our, our 3rd and 4th quarter, have been our best quarters of the year if you kind of just look back. And so, you know, it's a bit early, but I, you know, our goal is to have that quarter be an improvement over the first quarter. You know, typically we will have a nice Q1.

是的。當然。我認為，你知道，傳統上，如果你回顧一下，我們的第三季和第四季是我們今年最好的季度。所以，你知道，現在有點早，但我，你知道，我們的目標是讓該季度比第一季有所改善。你知道，通常我們會有一個不錯的第一季。

You might take a little bit of a step down in Q2, like I talked about just because of some of the seasonality and, and usually we are bringing some additional costs in for the new year. But then, you know, our goal in Q3 would be definitely to outperform what we've done, what we've done here in Q1.

您可能會在第二季度稍微下降一點，就像我談到的那樣，只是因為一些季節性因素，而且通常我們會為新的一年帶來一些額外的成本。但是，你知道，我們在第三季的目標肯定是超越我們在第一季所做的事情。

Okay, great. Thank you. That's helpful. And then I wanted to touch on you were talking about how some of the B2B just sales data sales is kind of being extended by Logger review processes and other factors. I was wondering, I think you had cited a metric on the last call. That base of sale had expanded to over 120 whereas historically had been closer to around 90. I was wondering if there were any updates there or if we're still kind of seeing similar levels to what we saw on the last quarter?

好的，太好了。謝謝。這很有幫助。然後我想談談您所談論的一些 B2B 銷售數據銷售如何透過 Logger 審核流程和其他因素進行擴展。我想知道，我認為您在上次通話中引用了一個指標。該銷售基地現已擴大至 120 多個，而歷史上曾接近 90 個左右。我想知道是否有任何更新，或者我們是否仍然看到與上季度相似的水平？

Yeah, that's a good question. I did not look at our days to sale statistic, before the call. But I can tell you our, CAC which is our customer acquisition costs. You know, it's, it's running one month better than it was in the previous actually three quarters. So, it's shortened a little bit, which would lead me to believe because we have not reduced expenses that, you know, the time involved is a little bit lower.

是的，這是個好問題。在打電話之前，我沒有查看我們的銷售天數統計數據。但我可以告訴你我們的CAC，這是我們的客戶獲取成本。你知道，一個月的運作情況比之前的三個季度好。所以，它縮短了一點，這讓我相信，因為我們沒有減少開支，所以，你知道，所涉及的時間會少一點。

But, but I'd have to look up days to sale. I think it's still about where it was when we had our last earnings call, but it may be a little bit different, but I don't think it's materially changed.

但是，但是我得查一下銷售日期。我認為這仍然是我們上次召開財報電話會議時的情況，但可能有點不同，但我不認為它有實質改變。

Okay. Got it. And then, my last question is just on resolute AI, how that's tracking. And I think more recently, you said you were potentially planning some cost reductions in that segment. So, I was just wondering what the outlook looks like there.

好的。知道了。然後，我的最後一個問題是關於堅決的人工智慧，它是如何追蹤的。我想最近，您說您可能計劃在該領域降低一些成本。所以，我只是想知道那裡的前景如何。

Yeah, I mean, I think resolute continues to be a concern. We, we still see value in the databases and resolute and ultimately adding them into the combined site AG platform. Resolute is a standalone platform has had a few sales in the last six months, but it's, it's a bulk of our sales are coming from either site or one of the article Galaxy products.

是的，我的意思是，我認為決心仍然是一個問題。我們仍然看到資料庫的價值，並決心最終將它們添加到合併的網站 AG 平台中。Resolute 是一個獨立平台，在過去六個月中取得了一些銷售額，但我們的大部分銷售額來自網站或 Galaxy 產品之一。

So, you know, AG, I'm sorry, resolute is certainly underperforming to where we thought it would be in terms of new sales. But that said you know, we have pivoted a lot of our activity to article Galaxy and site and getting that integration done in order to drive growth in those products which have been much more successful.

所以，你知道，AG，我很抱歉，就新銷售而言，決心的表現肯定不如我們預期。但話雖如此，您知道，我們已將大量活動轉向文章 Galaxy 和網站，並完成集成，以推動那些更成功的產品的成長。

Okay, got it. Thanks for taking my question.

好的，明白了。感謝您提出我的問題。

Avi Fisher, Long Cast Advisers.

阿維費雪 (Avi Fisher)，長期演員顧問。

Hi, thanks for taking the call. Can you, I was wondering if you could talk about two different things. One is sort of the difference between academic and a corporate customer. I mean, is there a difference in the margin profile at all? Either way?

您好，感謝您接聽電話。我想知道你是否可以談論兩件不同的事情。其中之一是學術客戶和企業客戶之間的區別。我的意思是，保證金狀況有什麼不同嗎？無論哪種方式？

I think the gross margin bill can tell exactly is very similar. The average sale price is lower and academic customer average sales price is probably $3,500 and $4,000 and as you know, the average sales sale price on the business overall is about $11,000. So, it's a lower ASP but has a lot more transactional revenue typically associated with it.

我認為毛利率帳單可以準確地看出是非常相似的。平均銷售價格較低，學術客戶平均銷售價格可能為 3,500 美元和 4,000 美元，如您所知，整個業務的平均銷售價格約為 11,000 美元。因此，它的平均售價較低，但通常與之相關的交易收入要高得多。

And but that's the big difference financially, Bill do you have a comment on the gross margin?

但這是財務上的巨大差異，比爾，您對毛利率有何評論？

Yeah, the growth margins similar. It's just typically at a lower price point as Roy noted and the flip side being they as a percentage of their platform fee, they generate, they tend to generate a lot more transaction revenue which is lower margin but does help the bottom line a bit, right? And what is what, what is the expected.

是的，成長率相似。正如羅伊所指出的那樣，它通常處於較低的價格點，而另一方面是它們佔平台費用的百分比，它們產生的，它們往往會產生更多的交易收入，雖然利潤率較低，但確實對底線有幫助，正確的？什麼是什麼，什麼是預期的。

Transaction revenue from a new academic customer? Is it significant or?

來自新學術客戶的交易收入？是否意義重大？

Well, I think I mentioned in previous calls that, you know, on average a customer spends about 2.5 times their platform fee in transaction revenue in the academic side. It's, you know, it's much, much higher than that. I mean, it's, you know, sometimes it's 20 times.

嗯，我想我在之前的電話會議中提到過，您知道，平均而言，客戶在學術方面的交易收入中花費的費用約為其平台費用的 2.5 倍。你知道，它比這個高得多。我的意思是，你知道，有時是 20 次。

However, there is a lot of variability depending on the size of the library. So, for example, we have no idea sitting here today what University of California is going to be. But we'll, we'll start to see that in the next quarter and, and may be able to comment as to what impact that's going to have on the transaction side of the business.

然而，根據文庫的大小，存在著很大的差異。例如，我們今天坐在這裡並不知道加州大學會是什麼樣子。但我們將在下個季度開始看到這一點，並且可能能夠評論這將對業務的交易方面產生什麼影響。

Well, that was my other question in terms of the University of California, when, when do we expect that to roll out? And can you talk a little bit about that competitive environment that you know, it sounds like a big win.

嗯，這是我關於加州大學的另一個問題，我們預計什麼時候推出？您能談談您所知道的競爭環境嗎？

Yeah, I think it was, it was a good win for us. You know, we they look at everybody in the, in the space, but we have a very unique offering in the workflow and library. So there's frankly nobody out there that can do what we do in terms of article Galaxy scholar.

是的，我認為是的，這對我們來說是一場很好的勝利。你知道，我們關注這個領域的每個人，但我們在工作流程和庫中提供了非常獨特的產品。因此，坦白說，沒有人可以做我們在銀河學者文章中所做的事情。

And so that, that's been a nice win and you know, that that's also a library that at some point, we'd like to circle back to and talk about site as a search solution for them. But yeah, it was a, it was a nice win and it was a competitive one.

所以，這是一個很好的勝利，你知道，這也是一個庫，在某些時候，我們想回到並討論網站作為他們的搜尋解決方案。但是，是的，這是一場漂亮的勝利，而且是一場有競爭力的勝利。

And could you also talk about the competitive environment you're seeing on the, in the corporate side, the corporate customer side? I mean you sound a little cautious on your, what you're seeing in corporate new ads, talking a lot about churn customers going out of business and, and you haven't touched on the competitive side. And I'm curious about that.

您能否也談談您在企業方面、企業客戶方面看到的競爭環境？我的意思是，你對你在公司新廣告中看到的內容聽起來有點謹慎，談論了很多關於流失客戶破產的事情，而且你還沒有觸及競爭方面。我對此很好奇。

Yeah, it's interesting when I was running the analysis for a board meeting recently, I was very surprised frankly to see that, you know, competitive, a turn to competitors is down double digits, year over year in terms of year-to-date and a forecast for the full year, which for us, we just look at the first four months of the year and, and flat line it out and see where the numbers come out compared to last year and it's down double digits.

是的，有趣的是，當我最近為董事會會議進行分析時，坦白說，我非常驚訝地發現，從年初至今，競爭性的、對競爭對手的關注度逐年下降了兩位數以及全年的預測，對我們來說，我們只看今年的前四個月，然後將其平鋪，看看與去年相比，數字下降了兩位數。

Now, that is a lumpier part of churn. In other words, you know, there could be a one medium sized deal that moves that number. But the point is we're not seeing a lot of competitor to competitor losses. What we're seeing is customers want to dial back on their budget, which means less users, customers going out of business, customers cutting, cutting the budget entirely customers that are being acquired by someone else and forced to use their tech platform.

現在，這是客戶流失中比較不穩定的部分。換句話說，你知道，可能有一筆中等規模的交易可以改變這個數字。但關鍵是我們沒有看到很多競爭對手的損失。我們看到的是客戶希望縮減預算，這意味著用戶減少，客戶倒閉，客戶削減，完全削減預算，客戶被別人收購並被迫使用他們的技術平台。

But there is an element of churn that is controllable by us in terms of the ROI the software or other things they need the software to do. And we're very, very sharply focused on correcting those issues, you know, to, to control what we can control and the rest of it we really can't control.

但是，就軟體的投資報酬率或他們需要軟體完成的其他事情而言，我們可以控制流失的因素。我們非常非常專注於糾正這些問題，以控制我們可以控制的內容和我們真正無法控制的其餘內容。

Are your competitors leaving the space or are they just not as aggressive marketing in the space or have, I mean, as a softball question or have you just improved so much?

你的競爭對手是否正在離開這個領域，或者他們只是在這個領域沒有那麼積極的營銷，或者我的意思是，作為一個壘球問題，或者你剛剛進步了這麼多？

I don't think they're leaving the space I think we have improved and, you know, I think in some cases we execute better than them and there are cases where they execute better than us. But I think all in all we stack up very well against our competitors because we have site has some unique capability. Article Galaxy has some unique capability.

我不認為他們會留下我認為我們已經改進的空間，你知道，我認為在某些情況下我們會比他們執行得更好，在某些情況下他們也比我們執行得更好。但我認為總而言之，我們與競爭對手相比表現得非常好，因為我們的網站具有一些獨特的功能。文章 Galaxy 有一些獨特的能力。

And I think if we communicate effectively to the customer, it's a pretty easy decision. You know, we have lost deals where I get pretty frustrated because when I listen to the call because we can, we record all the calls with an AI engine, I can listen to them. You know, we may not share some of the differentiating features that I think make the difference for us. And that's where I think sales execution comes in, but all I think we; you know, we execute pretty well. They're not leaving the space and I think our products are very competitive with our products.

我認為，如果我們與客戶進行有效溝通，這是一個非常容易的決定。你知道，我們失去了一些交易，這讓我感到非常沮喪，因為當我聽電話時，因為我們可以，我們用人工智慧引擎記錄所有電話，我可以聽他們的聲音。您知道，我們可能無法分享一些我認為對我們至關重要的差異化特徵。這就是我認為銷售執行力發揮作用的地方，但我認為我們；你知道，我們執行得很好。他們不會離開這個空間，我認為我們的產品與我們的產品非常有競爭力。

I appreciate what I'm just going to ask one more quick question and then jump off the call. You, you, you have, you know, you reported about 1,074 corporate customers. Can you sort of pay for us? Sort of a pie chart of sorts. What percentage of those customers are pre revenue? What percent of those customers are, you know, $0 million to 10 million revenue and you know, different scales, $10 million to 100 million or something like that.

我很感激我只是再問一個簡單的問題，然後就掛斷電話。你、你、你、你知道、你報告了大約 1,074 個企業客戶。你能幫我們付點錢嗎？有點像圓餅圖。這些客戶中有多少比例是預收入客戶？這些客戶中的百分比是 000 萬到 1000 萬美元的收入，你知道，不同規模的，1000 萬到 1 億美元或類似的東西。

Bill might have some color on that. I don't think we have any left that are pre revenue. Most of those got killed, you know, a year or two ago during the economic kind of meltdown, the VC would no longer fund them or whatever.

比爾對此可能有一些看法。我認為我們沒有任何剩餘的預收入。你知道，其中大多數人在一兩年前的經濟崩潰期間被殺，創投將不再為他們提供資金或其他什麼。

So I think most of our customers have revenue and, and my gut feel is most of our customers are significant revenue in others. We, we have some smaller customers that are 10 seat, 15 seat. But well, let me put it this way. I mean, I think 60% of our revenue comes from the top third of our customers. So, you know, there are some small ones there, but they're typically smaller chunks of revenue.

因此，我認為我們的大多數客戶都有收入，而且我的直覺是，我們的大多數客戶在其他方面都獲得了可觀的收入。我們，我們有一些較小的客戶，有 10 個座位、15 個座位。但好吧，讓我這樣說吧。我的意思是，我認為我們 60% 的收入來自前三分之一的客戶。所以，你知道，那裡有一些小收入，但它們通常是較小的收入部分。

Bill. Do you have anything you want to add?

帳單。有什麼要補充的嗎？

Yeah, I think that, so the metric, I think Roy was quoted was more on the platform spend. But that 1,074 count is basically, I think the account you're referencing is the transaction customer. So that that is probably more representative of the entire customer base of the.

是的，我認為，所以我認為羅伊引用的指標更多的是平台支出。但 1,074 的計數基本上是，我認為您引用的帳戶是交易客戶。那麼這樣說可能就比較能代表整個客戶群了。

And as I said to be in that account, you have to be actively doing transactions. So there's, there's nobody pre revenue in there. All and I expect, I expect the concentration is probably again a little bit more spread out than the 60% number that Roy gave but, but it is accurate that we have certain customers that are doing a bigger chunk of the business.

正如我所說，在該帳戶中，您必須積極進行交易。所以，那裡沒有人預收收入。我預計，我預計集中度可能會比 Roy 給出的 60% 的數字更加分散，但是，我們確實有某些客戶正在做更大的業務。

Yeah, I always confuse the customer, the platform and transaction customer. I apologize but I just, I mean, within the platform space, do you, do you still have, are there whale customers you're trying to sell to or like large whale customers trying to sell to or are you trying to sell to sort of medium small size business? I'm just trying to understand that that process.

是啊，我總是把客戶、平台和交易客戶搞混了。我很抱歉，但我只是，我的意思是，在平台空間內，您是否仍然擁有您想要出售給的鯨魚客戶，或者像試圖出售給的大型鯨魚客戶，或者您是否試圖出售給排序中小型企業？我只是想理解這個過程。

Well, I think if you look at a trailing 12 month deployment number, a bulk of those are, you know, kind of medium sized customers with a few smalls in there, but there's meetings. But yes, we are, you know, we, we released the staff that says we're in 70% of the Top 20 Pharma. You know, we think it's our right to get the other 30 then there's a whole another chunk of very large customers below that, below that Top 20 line that certainly we chase those are longer, more complex sales cycles.

嗯，我認為，如果您查看過去 12 個月的部署數量，您會發現其中大部分是中型客戶，其中也有一些小型客戶，但有會議。但是，是的，我們，你知道，我們，我們發布的工作人員說，我們在 20 強製藥公司中佔有 70% 的份額。你知道，我們認為我們有權獲得另外 30 個客戶，然後還有一大群非常大的客戶在這之下，在前 20 名客戶線之下，我們當然會追逐那些更長、更複雜的銷售週期。

But you know, those are, those are priorities for us because those are the ones that really move the needle.

但你知道，這些都是我們的優先事項，因為這些才是真正能發揮推動作用的。

I appreciate you taking the question. Thank You.

我很感謝你提出這個問題。謝謝。

Thank you.

謝謝。

Thank you. And gentlemen, it appears you have no further questions this afternoon, Mr Olivier. I'd like to turn things back to you, sir. For any closing comments.

謝謝。先生們，奧利維爾先生，看來你們今天下午沒有其他問題了。我想把事情還給你，先生。對於任何結束評論。

Yeah, thanks as a quick reminder Bill and I will be participating in the Southwest Ideas Conference on November 20 in Dallas. If you're interested in participating, please reach out to three part advisors. Thanks for your time today and we look forward to speaking to you in February about our Q2 results. Have a great day.

是的，謝謝您的快速提醒，Bill 和我將參加 11 月 20 日在達拉斯舉行的西南創意會議。如果您有興趣參與，請聯絡三部分顧問。感謝您今天抽出時間，我們期待在二月與您討論我們第二季的業績。祝你有美好的一天。

Thank you, Mr Olivier. Ladies and gentlemen, again that does conclude the research solutions first quarter, fiscal 2025 earnings call again. Thanks so much for joining us, everyone and we wish you all a great evening. Goodbye.

謝謝您，奧利維爾先生。女士們先生們，第一季研究解決方案、2025 財年財報電話會議再次結束。非常感謝您加入我們，並祝大家有個愉快的夜晚。再見。