Research Solutions Inc (RSSS) 2025 Q2 法說會逐字稿

To all sites on hold, we do appreciate your patience, and I see you continue to stand by. Your program will begin in a minute. (Operator Instructions).

對於所有暫停的網站，我們非常感謝你們的耐心，而且我看到你們繼續堅持下去。您的程序將在一分鐘後開始。（操作員指令）。

Good day everyone and welcome to today's Research Solutions, Inc., second quarter 2025 earnings conference call. (Operator Instructions). It is now my pleasure to turn the conference over to Mr. Steven Hooser, Investor Relations. Please go ahead, sir.

大家好，歡迎參加今天的 Research Solutions, Inc. 2025 年第二季財報電話會議。（操作員指令）。現在我很高興將會議交給投資者關係部 Steven Hooser 先生。先生，請繼續。

Thank you, Jeff, and good afternoon, everyone.

謝謝傑夫，大家下午好。

Thank you for joining us for the Research Solutions, second quarter, fiscal year 2025 earnings call. On the call with me today are Roy W. Olivier, President and Chief Executive Officer, Bill Nurthen, Chief Financial Officer, and Josh Nicholson, Chief Strategy Officer.

感謝您參加研究解決方案 2025 財年第二季財報電話會議。今天與我一起參加電話會議的有總裁兼執行長 Roy W. Olivier、財務長 Bill Nurthen 和首席策略長 Josh Nicholson。

After the market closes afternoon, the company issued a press release announcing its results for the second quarter of fiscal 2025. The release is available on the company's website at researchsolutions.com.

下午收盤後，該公司發布新聞稿，公佈其2025財年第二季業績。新聞稿可在公司網站 researchsolutions.com 上查閱。

Before we begin our 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. Actual results may differ materially from those expressed or implied due to a variety of factors.

在我們開始準備好的發言之前，我想提醒大家，今天所作的一些聲明是前瞻性的，是根據 1995 年《私人證券訴訟改革法》作出的。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 the 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. A reconciliation of those measures to GAAP measures is included in today's earnings press release as well.

我們請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，以便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，在今天的電話會議上，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。今天的收益新聞稿中也包含了這些指標與 GAAP 指標的對帳。

Finally, I would like to again remind everyone that this call will be recorded and made available for replay via website link on the company's website. I would now like to turn the call over to President and Chief Executive Officer, Roy W. Olivier. Roy.

最後，我想再次提醒大家，本次通話將被錄音，並透過公司網站上的網站連結提供重播。現在，我想將電話轉給總裁兼執行長 Roy W. Olivier。羅伊。

Thank you, Steven. Overall, I'm pleased with the second quarter results. Net new ARR and deployments were strong and helped produce nice overall results on the top and bottom line.

謝謝你，史蒂文。總體而言，我對第二季的業績感到滿意。淨新 ARR 和部署表現強勁，有助於在頂線和底線方面產生良好的整體業績。

We delivered a record in terms of organic net new deployments, some of which was due to the reorganization of the sales team into a corporate focused team and an academic focused team. We saw strong results in academic and corporate sales teams during the quarter.

我們在有機淨新部署方面創下了紀錄，其中一些是由於銷售團隊重組為以企業為中心的團隊和以學術為中心的團隊。本季度，學術和企業銷售團隊取得了強勁成績。

We are not where we want to be in terms of churning up sells, and we'll continue to focus on improving that area of the business. That said, our customer acquisition cost, or CAC, and our CAC to LTB or CAC to long lifetime value remains strong. The overall net ARR growth number is $1.5 million, which is where we need to be in terms of a quarterly run rate.

在增加銷售量方面，我們尚未達到預期目標，我們將繼續致力於改善這一業務領域。也就是說，我們的客戶獲取成本 (CAC) 以及 CAC 與 LTB 或 CAC 與長期生命週期價值之比仍然保持強勁。整體淨 ARR 成長金額為 150 萬美元，這正是我們按季度運行率所需達到的水平。

However, it will take a few more quarters before we can consistently deliver that result every quarter. B2C had a strong quarter, and we continue to dial on the formula to maximize new ARR derived from [digitalization] buy market.

然而，我們還需要幾個季度的時間才能在每個季度持續實現這樣的業績。B2C 本季表現強勁，我們將繼續利用公式來最大化來自（數位化）購買市場的新 ARR。

B2C slowed at the end of the quarter, as the holiday break impacted new sign ups, and we expect that slowdown to impact January and then ramp up as we get into the second, two months of the quarter. I'll review some of the steps we're taking to improve our sales performance, but first I'd like to pass the call over to Bill to walk through our fiscal second quarter financial results in detail.

由於假期影響了新註冊，B2C 業務在本季末放緩，我們預計這種放緩將影響 1 月份，並在進入本季度的第二個月時加劇。我將回顧我們為提高銷售業績而採取的一些措施，但首先我想將電話轉給比爾，讓他詳細地介紹我們第二財季的財務表現。

After Bill's portion, I'll be back to address where we are in more detail, and I asked Josh Nicholson, the founder of Scite and our Chief Strategy Officer, to join today, to comment on some of the recent news regarding new entries into the AI space and how Research Solutions expects to win in the long term. Bill.

在比爾講完之後，我會回來更詳細地討論我們目前的情況，我邀請了 Scite 的創始人兼首席戰略官喬什·尼科爾森 (Josh Nicholson) 今天加入，就一些關於人工智能領域新進入者的最新消息以及研究解決方案如何期望在長期內取勝發表評論。帳單。

Thank you, Roy, and good afternoon, everyone. Before I start, I would like to remind everyone that we closed the Resolute AI transaction on July 28, 2023. And the Scite transaction on December 1, 2023.

謝謝你，羅伊，大家下午好。在開始之前，我想提醒大家，我們在 2023 年 7 月 28 日完成了 Resolute AI 交易。以及 2023 年 12 月 1 日的 Scite 交易。

For Q2 comparisons, the Resolute AI transaction is now fully anniversary in the business. However, last year we only had one month of activity related to Scite. Total revenue for the second quarter of fiscal 2025, was $11.9 million, a 15.5% increase from the second quarter of fiscal 2024.

與第二季相比，Resolute AI 交易現已成為該業務的周年紀念。然而，去年我們只有一個月開展了與 Scite 相關的活動。2025 財年第二季總營收為 1,190 萬美元，較 2024 財年第二季成長 15.5%。

Our platform subscription revenue increased 47% to $4.6 million. The growth was primarily driven by a net increase of platform deployments and the contributions from Scite, which, in addition to having a full three months of activity in the quarter, experienced over 75% pro forma revenue growth over the prior year quarter.

我們的平台訂閱收入成長了47%，達到460萬美元。成長主要得益於平台部署的淨成長和 Scite 的貢獻，Scite 除了本季整整三個月的活動之外，還比去年同期實現了超過 75% 的預期營收成長。

Platform revenue accounted for about 39% of our total revenue for the quarter, compared to approximately 30% in the prior year quarter. We ended the quarter with $19.1 million in annual recurring revenue, or ARR, up 23% year over year, reflecting strong growth in both B2B and B2C platform deployments and our continued sales and upselling efforts.

平台收入約佔本季我們總營收的 39%，而去年同期比例約為 30%。本季結束時，我們的年度經常性收入（ARR）為 1,910 萬美元，年成長 23%，反映了 B2B 和 B2C 平台部署的強勁成長以及我們持續的銷售和追加銷售努力。

The ARR growth rate is now a purely organic measure, as for calculation purposes, both resolute and sight have been fully anniversary as of the end of December. The ARR is broken down as $12.7 million in B2B ARR and approximately $6.4 million in normalized ARR associated with Scite's B2C subscribers.

ARR 成長率現在是一個純粹的有機指標，為了計算目的，截至 12 月底，堅定性和前瞻性都已滿一年。ARR 分為 B2B ARR 1,270 萬美元和與 Scite B2C 用戶相關的標準化 ARR 約 640 萬美元。

Net incremental ARR growth in the quarter was approximately $1.5 million and we had 61 net B2B platform deployments. As Roy mentioned, the net 61 platform deployments in the quarter were the highest organic performance the company has ever posted.

本季淨增量 ARR 成長約為 150 萬美元，我們擁有 61 個淨 B2B 平台部署。正如 Roy 所提到的，本季淨部署 61 個平台是該公司有史以來最高的有機業績。

We are pleased with the ARR growth in the quarter, as it was not only strong but also distributed across B2B and B2C, as well as multiple products. In addition, it was nice to see the seasonality we discussed on our prior call play out as we expected, as both Scite B2B and B2C academic growth rebounded significantly from Q1.

我們對本季的 ARR 成長感到滿意，因為它不僅強勁，而且分佈在 B2B 和 B2C 以及多種產品中。此外，我們很高興看到我們在先前的電話會議上討論的季節性正如我們預期的那樣，因為 Scite B2B 和 B2C 學術成長都從第一季度顯著反彈。

Please see today's press release for how we define and use annual recurring revenue and other non-GAAP terms. Transaction revenue for the second quarter was $7.3 million a 1.7% increase from the prior year quarter. It should be noted that Q2 is seasonally our weakest time for transaction revenue.

請參閱今天的新聞稿，以了解我們如何定義和使用年度經常性收入和其他非 GAAP 術語。第二季交易營收為 730 萬美元，比去年同期成長 1.7%。值得注意的是，第二季是我們交易收入季節性最弱的時期。

Our total active customer count for the quarter was 1,384, compared to 1,398 in the same period a year ago. Transaction growth continues to be modest as expected, with more growth coming from the academic side of the business.

本季我們的活躍客戶總數為 1,384 人，去年同期為 1,398 人。交易量成長持續保持溫和態勢，符合預期，其中更多的成長來自於業務的學術方面。

Gross margin for the second quarter was 48.9%, a 540 basis point improvement over the second quarter of fiscal 2024. The increase is due to the ongoing revenue mix shift towards the higher margin platforms business, which is helping us edge closer to producing 50% plus blended gross margins.

第二季毛利率為 48.9%，比 2024 財年第二季提高了 540 個基點。成長的原因是收入結構持續向利潤率更高的平台業務轉變，這有助於我們更接近實現 50% 以上的混合毛利率。

Platforms business record a gross margin of 86.5%, a 210 basis point increase compared to the prior year quarter. The result is primarily related to the labor component associated with our platform's business as it continues to remain constant and, in some cases, decline, as the revenue scales.

平台業務毛利率為86.5%，較去年同期增加210個基點。結果主要與我們平台業務相關的勞動力成分有關，因為隨著收入的擴大，勞動力成分持續保持不變，在某些情況下甚至會下降。

Gross margin in our transaction business decreased 50 basis points to 25.2%. The decrease was primarily related to lower service fees, as we've been holding our service fees flat, and this quarter had slightly lower paid transactions versus the same quarter last year.

我們交易業務的毛利率下降50個基點至25.2%。下降主要與服務費降低有關，因為我們的服務費一直保持平穩，本季的付費交易量與去年同期相比略有下降。

Total operating expenses in the quarter were $5.7 million compared to $4.9 million in the prior year quarter. The increases were related to additional costs in sales and marketing and technology and product development, which includes having a full quarter of Scite expenses in the period compared to one month in the prior year quarter.

本季總營運費用為 570 萬美元，去年同期為 490 萬美元。成長的原因在於銷售和行銷以及技術和產品開發的額外成本，其中包括本季的 Scite 費用較去年同期的一個月增加整整一個季​​度。

There were also increases in non-cash depreciation and amortization expense associated with the acquisitions completed in fiscal year 2024, and in stock compensation related to new grants and some vesting on our market-based restricted stock.

與 2024 財政年度完成的收購相關的非現金折舊和攤銷費用以及與新授予和部分基於市場的限制性股票歸屬相關的股票補償也有所增加。

Turning to profitability, the company recorded income from operations of $0.1 million compared to a loss from operations of $0.4 million in the prior year quarter. Net loss for the quarter was $2 million or $0.07 per share, compared to a net loss of $54,000 or nil in the prior year quarter. This quarter's results include a $2.4 million provision related to increasing the projected contingent earnout liability for Scite.

談到獲利能力，該公司當季營業收入為 10 萬美元，而去年同期營業虧損為 40 萬美元。本季淨虧損為 200 萬美元，即每股 0.07 美元，而去年同期淨虧損為 54,000 美元，即零。本季的業績包括一項 240 萬美元的撥備，與增加 Scite 預計的或有盈利負債有關。

While we experienced little growth in sight in Q1. The growth results in Q2 were quite dramatic, which caused us to revisit our earnout assumptions. These assumptions do remain subject to further adjustment until the earnout is officially calculated, which will happen at the end of May this year.

然而，我們在第一季幾乎沒有看到成長。第二季的成長結果非常顯著，這促使我們重新審視我們的獲利假設。在正式計算獲利之前，這些假設仍需進一步調整，而正式計算獲利將於今年 5 月底進行。

Adjusted EBITDA for the quarter was $963,000 compared to $318,000 in a year ago quarter. This result is inclusive of $112,000 in commission related expenses associated with working with our former Chairman, to assist him in exiting substantially all of his stock position in the quarter.

本季調整後 EBITDA 為 963,000 美元，去年同期為 318,000 美元。這一結果包括與我們前董事長合作產生的 112,000 美元佣金相關費用，以協助他在本季度退出幾乎所有的股票頭寸。

Typically, as I have noted on prior calls, there is some seasonality in our adjusted EBITA results with the lowest quarter being Q2 and our best quarters typically being Q3 and Q4. That said, we view Q2 as a strong performance and on a trilling 12 month basis our adjusted EBITA is now $4.6 million, which represents a near 10% margin. When you combine this with the organic growth we are experiencing in the platform's business, we feel very good about the momentum in the business and where the company is heading.

通常，正如我在之前的電話會議中提到的那樣，我們的調整後 EBITA 結果具有一定的季節性，其中最低的季度是第二季度，而最好的季度通常是第三季度和第四季度。儘管如此，我們認為第二季表現強勁，以 12 個月計算，我們的調整後 EBITA 目前為 460 萬美元，利潤率接近 10%。如果將此與我們在平台業務中經歷的有機成長結合起來，我們對業務的發展勢頭和公司的發展方向感到非常滿意。

Turning to our balance sheet and cash flow, we experienced another strong quarter of cash generation. Cash and cash equivalents as of December 31, 2024, for $7.7 million versus $6.1 million on June 30, 2024. Cash flow from operations in the quarter was $1 million compared to $0.3 million in the prior year quarter and $1.9 million year-to-date compared to a burden of $0.4 million last year.

談到我們的資產負債表和現金流，我們又經歷了一個強勁的現金創造季度。截至 2024 年 12 月 31 日的現金及現金等價物為 770 萬美元，而 2024 年 6 月 30 日為 610 萬美元。本季經營活動現金流為 100 萬美元，去年同期為 30 萬美元；年初至今為 190 萬美元，去年同期為 40 萬美元。

We are now heading into our strongest seasonal period for cash flow, Q3 and Q4, so we continue to expect our cash flow results to improve as we move through the fiscal year. On a trailing 12 month basis we have now generated over $5.8 million in cash flow from operations. As a quarter end, there were no outstanding borrowings under our revolving line of credit.

我們目前正進入現金流最強勁的季節性時期，即第三季度和第四季度，因此我們預計隨著財政年度的推進，我們的現金流結果將會改善。在過去 12 個月中，我們的經營活動現金流已超過 580 萬美元。截至季末，我們的循環信用額度下沒有未償還借款。

As we look ahead, we're very encouraged by the organic growth we're seeing across the platform's business. You will note that we did experience a sequential uptake in SDNA expenses for the quarter. Some of this was related to more permanent expenses and some was related to a few unique non-recurring type items that I previously discussed.

展望未來，我們對整個平台業務的有機成長感到非常鼓舞。您會注意到，本季我們的 SDNA 費用確實出現了連續上升。其中一些與更永久性的開支有關，一些與我之前討論過的一些獨特的非經常性項目有關。

We are cautiously investing in growth, primarily in sales and marketing where we have hired a new CRO and to some extent in technology and product development where we have added some heads. We do, however, continue to hold the line on G&A expenses.

我們正在謹慎地投資於成長，主要在銷售和行銷方面，我們聘請了一位新的 CRO，並且在一定程度上在技術和產品開發方面，我們增加了一些人員。然而，我們確實繼續控制一般及行政開支。

All that said, I do not expect SDNA expenses to shift materially upwards or downwards from where we saw them in Q2, and recall that on prior calls I've indicated that a more normalized run rate for these expenses prior to additional growth investment was more like Q3 of last year, which was $5.4 million.

儘管如此，我並不認為 SDNA 費用會較第二季度大幅上漲或下跌，並且記得在先前的電話會議中，我曾表示，在額外成長投資之前，這些費用的正常化運作率更接近去年第三季的 540 萬美元。

That said, we are growing, so even at these levels, we continue to believe that Q3 and Q4 can be our strongest quarters for profitability. And as a result, we are looking forward to a strong finish over the next six months. I'll now turn the call back to Roy.

儘管如此，我們正在成長，因此即使在這些水平上，我們仍然相信第三季和第四季可能成為我們獲利能力最強的季度。因此，我們期待在未來六個月內取得圓滿成功。我現在將電話轉回給羅伊。

Right, thanks, Bill. Regarding the quarter, we did see a nice net new ARR and deployment growth, as a result of a few things. First, activity and bookings picked up noticeably after the election concluded. Second, our marketing team has been doing a nice job with B2B, top of the funnel work driving more pipeline.

好的，謝謝，比爾。就本季而言，由於一些因素，我們確實看到了良好的淨新 ARR 和部署成長。首先，選舉結束後，活動和預訂量明顯回升。其次，我們的行銷團隊在 B2B 領域做得很好，漏斗頂端的工作推動了更多的管道。

Third, we split our single sales team into a corporate and academic team, which has resulted in more deal flow in both teams. The academic team has a strong quarter and only its second quarter as a team. Finally, we brought in Sefton Cohen, our new Chief Revenue Officer, in early November, and I think he had an immediate positive impact.

第三，我們將單一的銷售團隊分成了企業團隊和學術團隊，這樣兩個團隊的交易流都增加了。學術團隊本季表現強勁，但作為一個團隊，這只是第二個季度。最後，我們在 11 月初任命了新任首席營收長 Sefton Cohen，我認為他帶來了立竿見影的正面影響。

We have several priorities for the second half of the year that I think are notable. Some of those include, to reiterate, marketing has done a great job in driving B2C sign-ups and has made huge progress in delivering B2B leads and positioning us as a thought leader in the scientific research and AI space.

我認為，今年下半年我們有幾個值得關注的重點任務。其中包括，重申一下，行銷在推動 B2C 註冊方面做得非常出色，在提供 B2B 線索以及將我們定位為科學研究和人工智慧領域的思想領袖方面取得了巨大進展。

They've been driving a lot of activity that is generating results in terms of pipeline growth, and we will continue that focus during Q3 and Q4. We'll continue to focus as well heavily on building out a professional and disciplined sales team. In early January, we flew 45 people, almost one-third of our workforce, into Atlanta for extensive sales training and to help better standardize our sales process.

他們一直在推動大量活動，並在管道成長方面產生成果，我們將在第三季和第四季繼續關注這一重點。我們將繼續致力於建立一支專業且紀律嚴明的銷售團隊。1 月初，我們派出 45 名員工（幾乎佔員工總數的三分之一）飛往亞特蘭大，接受廣泛的銷售培訓，以幫助更好地標準化我們的銷售流程。

The team will use the standard approach moving forward with the intent of building predictable and repeatable results. We have already oriented the rest of the organization around those principles and are executing that plan daily.

該團隊將採用標準方法，旨在實現可預測和可重複的結果。我們已經讓組織的其他部分圍繞著這些原則，並且每天都在執行該計劃。

Part of that process may impact our results in the short term, but successful execution will be a huge positive in the long term. As Bill mentioned, you will see additional expenses primarily in terms of sales and marketing investment in the next couple of quarters, and that will negatively impact CAC and CAC to LTB.

這個過程的一部分可能會在短期內影響我們的結果，但成功執行將從長遠來看產生巨大的正面影響。正如比爾所提到的，您將在接下來的幾季中看到額外的支出，主要體現在銷售和行銷投資方面，這將對 CAC 以及 CAC 與 LTB 產生負面影響。

That said, we expect to start seeing acceleration in bookings in Q4 and FY '26s, Q1, which will cause CAC and CAC to LTB to return to normal levels. I remain optimistic and excited about what we're doing and that it is key to our long-term growth plans, both organic and non-organic.

也就是說，我們預計第四季和26財年第一季的預訂量將開始加速，這將導致CAC和CAC與LTB比率恢復到正常水準。我對我們正在做的事情保持樂觀和興奮，這是我們長期成長計畫的關鍵，無論是有機成長還是非有機成長。

Product also continues to be a priority, and while we're working on numerous updates across our portfolio of products, our focus for Q4 and Q3 will be to improve UX and CX across the Scite and Article Galaxy platforms. Continuing integration of AI into the workflow of both products and improve our instrumentation and analytics.

產品也繼續成為我們的優先事項，雖然我們正在對我們的產品組合進行大量更新，但我們第四季和第三季的重點將是改善 Scite 和 Article Galaxy 平台上的 UX 和 CX。繼續將人工智慧融入兩種產品的工作流程中，並改進我們的儀器和分析技術。

Instrumentation is primarily for us to know and measure what changes we make to the software and whether those changes are working or not. Analytics is both internal and external. Externally, it will continue to improve the reporting available to our customers and will provide a clear view of the ROI of the platform and customer's other investments in research.

儀器儀表主要是為了讓我們了解和衡量我們對軟體做了哪些改變，以及這些改變是否有效。分析既包括內部分析，也包括外部分析。從外部來看，它將繼續改進向客戶提供的報告，並提供平台投資回報率和客戶在研究方面的其他投資的清晰視圖。

From a business development standpoint, we continue to look at many options that have nothing to report today and nothing we think is actionable in the short term. We continue to look for things that will enhance our product roadmap, add customers or content, and will be accretive to our revenue and EBITDA targets.

從業務發展的角度來看，我們將繼續研究許多選項，這些選項目前沒有什麼可報告的，而且我們認為這些選項在短期內不可行。我們將繼續尋找能夠增強我們的產品路線圖、增加客戶或內容並增加我們的收入和 EBITDA 目標的事物。

Now I'd like to turn the call over to Josh Nicholson to provide some context around all the recent AI news. Josh.

現在我想將電話轉給喬許·尼科爾森 (Josh Nicholson)，讓他提供一些有關最新人工智慧新聞的背景資訊。喬希。

Thanks Roy, and first, thanks for having me. I'm excited to join this call and I appreciate all the investors dialing in, many of which I've met in person over the last year. I joined Research Solutions, 14 months ago with the acquisition of Scite. Since then, we've been heads down and hard at work transforming the business, and I'm happy with our progress we have made and the continued momentum both from Scite and Research Solutions as a whole.

謝謝 Roy，首先謝謝你的邀請。我很高興參加這次電話會議，並感謝所有撥打電話的投資者，其中許多人我去年曾親自見過面。14 個月前，隨著 Scite 的收購，我加入了 Research Solutions。自那時起，我們一直埋頭苦幹，致力於業務轉型，我對我們所取得的進展以及 Scite 和研究解決方案整體的持續發展勢頭感到滿意。

Today I want to talk about how we think about AI and how that relates to recent advances from OpenAI, DeepSeek, and others. So, we can all appreciate there's an AI arms race happening among the biggest companies and even economies in the world. How do we fit in and how do we win? In 2022, I published a paper entitled How to Build a GPT-3 for Science? These are the early days of ChatGPT, and most use cases seem to be absurd or exploratory.

今天我想談談我們如何看待人工智慧，以及它與 OpenAI、DeepSeek 等公司的最新進展有何關聯。因此，我們都可以意識到世界上最大的公司甚至經濟體之間正在進行一場人工智慧軍備競賽。我們如何適應並如何取勝？2022 年，我發表了一篇論文，題為《如何為科學建構 GPT-3？這是 ChatGPT 的早期階段，大多數用例看起來都是荒謬的或探索性的。

You could create an image of the Velociraptors working on a skyscraper in the style of lunch atop a skyscraper of 1932. You could use Dolly. If you wanted to create an imaginary stand-up comedy show with Peter Thiel, Elon Musk, and Larry Page, you could use ChatGPT. If you wanted to deeply understand Alzheimer's research or any science topic in second, based on facts and figures from the world's leading research, you better learn how to do a boolean search, read scientific papers, and maybe get a PhD.

您可以創建一個迅猛龍在摩天大樓上工作的形象，其風格類似於 1932 年在摩天大樓頂上吃午餐的風格。你可以使用 Dolly。如果你想與 Peter Thiel、Elon Musk 和 Larry Page 一起創建一場虛構的單口喜劇表演，你可以使用 ChatGPT。如果您想深入了解阿茲海默症的研究或任何科學主題，基於世界領先研究的事實和數據，您最好學習如何進行布林搜索，閱讀科學論文，甚至獲得博士學位。

There was and still is a gap for using ChatGPT or any LLM for real research. We started Scite to build an AI native tool to help researchers do better research. We joined Research Solutions, to accelerate that mission and to build the AI solution for research. We believe that AI applied to the workload of specific verticals is how companies like Research Solutions will win.

使用 ChatGPT 或任何 LLM 進行實際研究過去和現在都存在差距。我們創立了 Scite 來建立一個 AI 原生工具，幫助研究人員更好地進行研究。我們加入了研究解決方案，以加速這項使命並為研究建立人工智慧解決方案。我們相信，將人工智慧應用於特定垂直行業的工作負載是 Research Solutions 等公司成功的方法。

At Research Solutions, we're leveraging our unique content access and AI rights to the world's research. Combined with a deep focus on research workflows, we can solve problems for researchers that even the biggest AI companies cannot. As AI advances, these benefits will compound, and it is what allowed us to create Scite in the first part. We recently put out a press release highlighting this showing that despite Scite assistant usage growing orders of magnitude, our costs were declining.

在研究解決方案中，我們利用我們獨特的內容存取和人工智慧權利來進行全球研究。結合對研究工作流程的深度關注，我們可以為研究人員解決即使是最大的人工智慧公司也無法解決的問題。隨著人工智慧的進步，這些好處將會不斷增加，這也是我們在第一部分創建 Scite 的原因。我們最近發布了一份新聞稿強調了這一點，表明儘管 Scite 助手的使用量呈數量級增長，但我們的成本卻在下降。

The key, and I will repeat this some more, is the vertical focus of Scite and the application of AI to proprietary research data. We can plug in any LLM, whether it's customer's homegrown model, one we develop, or one that will come out tomorrow. Plugging LLMs into research is, however, something only we can do.

關鍵在於（我還會再重複幾次）Scite 的垂直重點以及​​ AI 對專有研究數據的應用。我們可以插入任何 LLM，無論是客戶自主開發的模型、我們開發的模型或明天即將推出的模型。然而，將法學碩士學位納入研究是只有我們才能做的事情。

Summarize, we think the researcher will see more value in a tool that has the flexibility to use one or more LLM. As a tool built into their workflow at the right paint points is focused only on quality research and comes with the access rights to provide better results through searching free content as well as content behind the paywall. That is and will remain our focus going forward. With that, I'll say thanks again for having me join and I'd like to turn the call back over to the operator for Q&A.

總而言之，我們認為研究人員將會發現能夠靈活使用一個或多個 LLM 的工具更有價值。作為一種在正確的節點內建到其工作流程中的工具，它只關注品質研究，並附帶訪問權限，透過搜尋免費內容以及付費牆後面的內容來提供更好的結果。這是我們今後的重點，仍將是我們未來的重點。最後，我要再次感謝您邀請我加入，我想將電話轉回給接線生進行問答。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

We'll go first to Jacob Stephan, Lake Street Capital Markets.

我們先請來 Lake Street Capital Markets 的 Jacob Stephan。

Hey guys, thanks for taking my questions and congrats on the results and platform deployments here. Just kind of wanted to help, maybe you could help us understand a little bit better on kind of new logo wins versus kind of cross sales and that $1.5 million of incremental ARR in the quarter.

嘿，大家好，感謝你們回答我的問題，並對這裡所取得的成果和平台部署表示祝賀。只是想幫忙，也許您可以幫助我們更好地理解新標誌的成功與交叉銷售以及本季度 150 萬美元的增量 ARR。

Yeah, I can start on that, and then Roy can add if you'd like. A lot of the quarter was driven by net new sales, and so a lot of new logos, I would say it was an outperformance from a new logo perspective, and we are still producing well, but underperforming to our expectations on upselling customers. I would say the one exception to that is we continue to be very successful at cross selling Scite into some of our existing Article Galaxy, customers but again, the real outperformance in the quarter was new logo generation.

是的，我可以從那裡開始，然後如果您願意的話，Roy 可以補充。本季的大部分業績是由淨新銷售額和許多新標誌推動的，我想說，從新標誌的角度來看，這是一種優異的表現，而且我們的生產情況仍然良好，但在追加銷售客戶方面的表現未達到我們的預期。我想說的唯一例外是，我們繼續非常成功地將 Scite 交叉銷售給我們現有的一些 Article Galaxy 客戶，但本季真正的出色表現是新標誌的生成。

Yeah, sorry about that. I was on mute, but Bill's 100% accurate. It was primarily new logos. There is some Scite up sells into our base in there, and our upsells of Article Galaxy features into the Article Galaxy products continues to do okay but is not performing at the level it was a couple of years ago.

是的，很抱歉。我當時啞口無言，但比爾說得 100% 準確。這主要是新的標誌。我們在那裡進行了一些 Scite 追加銷售，並且我們將 Article Galaxy 功能追加銷售到 Article Galaxy 產品中的做法繼續做得不錯，但表現不如幾年前的水平。

Okay, got it. That's helpful, and then, you kind of alluded to this earlier in your comments, Roy, but in December you do kind of see that seasonal impact of students, as they in classes for the semester, maybe January starts out a little bit slower, but could you kinda help us, think about the impact to kind of overall, B2C as we as we look at our models.

好的，明白了。這很有幫助，然後，羅伊，你之前在評論中提到了這一點，但在 12 月，你確實會看到學生的季節性影響，因為他們要上學期的課，也許 1 月份開始時會慢一點，但你能幫我們想想這對整體 B2C 的影響嗎，當我們看我們的模型時。

Yeah, Josh may have some commentary on this as well. The B2C business is usually fairly strong in our fiscal Q2 and Q3. You have that little pause and, mid-December to mid late January in there, but we typically would expect to see good performance in this quarter. And then, it slows down obviously at the end of our Q4, as people get out of school for the summer. But Josh, you want to add anything to that?

是的，喬許可能對此也有一些評論。我們財政年度的第二季和第三季的 B2C 業務通常相當強勁。從 12 月中旬到 1 月中下旬這段時間，我們經歷了短暫的停頓，但我們通常預計本季會有良好的表現。然後，隨著人們放暑假，第四季末的銷售成長速度明顯放緩。但是喬希，你想添加什麼嗎？

Yeah, I don't have too much more to add to that, the seasonality of universities, whether you're an undergraduate student or a professor, impacts the business.

是的，我沒有太多要補充的，大學的季節性，無論你是本科生還是教授，都會對業務產生影響。

Okay, got it. Maybe just one last one, kind of, honing in on the cost of AI and you know how that's trended over time, Josh, maybe if you had any color on kind of, what, how things started, how costs are looking now for AI and where do you think, they could go, maybe over the next 12 months?

好的，明白了。也許最後還有一點，關於人工智慧的成本，你知道它隨著時間的推移趨勢如何，Josh，如果你能提供一些信息，比如事情是如何開始的，現在人工智能的成本如何，以及你認為它們在未來 12 個月內會走向何方？

Yeah, so for costs, as new models are deployed, we're able to assess a variety of different models from the cost of it to the performance of it, and I think we, take a measured approach, evaluating their good ROI on switching this model to a new model. And so, the cost in joining Research Solutions, largely halved, and as we explore different models, they could, go up, but again with the progress in AI, the efficiency, the performance, all this really kind of is not long, right? And so even the most expensive model this week, might be, a lot cheaper in a month or two.

是的，對於成本而言，隨著新模型的部署，我們能夠評估各種不同的模型，從成本到性能，我認為我們採取一種衡量的方法，評估從這種模型轉換為新模型的良好投資回報率。因此，加入研究解決方案的成本基本上減少了一半，而且隨著我們探索不同的模型，成本可能會上升，但隨著人工智慧的進步，效率、效能的提高，這一切真的不會持續太久，對吧？因此，即使是本週最昂貴的型號，在一兩個月後可能會便宜很多。

Bil maybe you want to say a bit more on that.

Bil，也許你想就此再說一點。

Not too much. I mean, I think you covered it pretty well, the main point being is, I think Josh has talked about the advantages that we have and that was what the press release we put out as well, with our AI solutions but yeah, the costs have been, coming down as we're scaling up the searches there, but I don't see that sort of materially impacting our numbers at least in the short term.

不算太多。我的意思是，我認為你已經涵蓋得很好了，主要的一點是，我認為喬希已經談到了我們的優勢，這也是我們發布的新聞稿中所說的，關於我們的人工智能解決方案，但是是的，隨著我們擴大搜索範圍，成本一直在下降，但我認為這不會對我們的數字產生實質性影響，至少在短期內不會。

Okay, got it, understood. I appreciate the color guys, good luck.

好的，明白了，了解了。我很欣賞這些色彩人，祝你好運。

Thank you.

謝謝。

(Operator Instructions). We'll go next to Allen Klee with the Maxim Group.

（操作員指令）。接下來我們去拜訪 Maxim Group 的 Allen Klee。

Yes, hi, when I heard you talking about AI, I Was, did I understand that your way you think of your competitive advantage is, that you have kind of some exclusive access to the content, or was there something else you would also say?

是的，你好，當我聽到你談論人工智慧時，我是否理解為，你對自己的競爭優勢的看法是，你對內容有某種獨家訪問權，或者你還想說些什麼？

Yeah, I would say that the exclusive access, really underpins this advantage, but I think, looking at AI across different industries and really why I said vertical AI is going into the workflows of researchers and applying AI in a specialized way. That a more generalized tool like ChatGPT is not going to do, I think is also the focus and also a differentiator, and so we're, really kind of focused from a data advantage and then also going deep on the workflow of researchers.

是的，我想說獨家訪問權確實支撐了這一優勢，但我認為，縱觀不同行業的人工智慧，我真正說垂直人工智慧是進入研究人員的工作流程並以專門的方式應用人工智慧。我認為，像 ChatGPT 這樣更通用的工具無法做到這一點，這也是重點和差異化因素，因此，我們真正關注的是數據優勢，然後深入研究研究人員的工作流程。

Thank you. My other question was, you mentioned that you're going to calculate the earn out and what it'll be in May. When does that gets paid over eight quarters, is that right? And it could, it's cash and stock and when does it start getting paid? Thank you.

謝謝。我的另一個問題是，您提到您將計算收益以及五月的收益是多少。這筆款項會在八個季度內何時支付，對嗎？而且可能是現金和股票，什麼時候開始支付？謝謝。

Yeah, sure, that's correct. Once it's calculated in May, the payout is half cash, half stock, over eight quarters. It just depends on some timing of the accepted of the numbers and things like that, but I would expect the payments to start sometime in the July time frame this year. July, yeah, probably July time frame.

是的，確實正確。一旦在五月進行計算，支出金額將分為一半現金，一半股票，分八個季度支付。這只取決於接受數字的時間等等，但我預計付款將在今年 7 月的某個時間開始。七月，是的，大概是七月的時間。

Okay, well, maybe one last question. I don't, is your [queue] out yet?

好的，那也許還有最後一個問題。我不知道，你的 [隊列] 出來了嗎？

No, that'll be filed tomorrow.

不，那將於明天提交。

Could there, can you just tell us then what, on the front page you usually say, what the share account is as of kind of yesterday or something what that number is?

那麼，您能否告訴我們，在首頁上您通常會說，截至昨天的股票帳戶是多少，或者那個數字是多少？

Yes, it's roughly $32.6 million.

是的，大約是 3260 萬美元。

Okay great. Thank you so much.

好的，太好了。太感謝了。

We'll go next to Peter Rabover, with Artko Capital.

接下來我們造訪的是 Artko Capital 的 Peter Rabover。

Hey guys, Josh, congratulations on the earn out, and, I guess on that, like can you guys just [hold in] on the 75% growth that I think you guys talked about for.

嘿夥計們，喬希，祝賀你獲得了收益，我想，你們能否堅持你們談到的 75% 的增長率。

For at least one of the segments or at least the whole Scite thing, and how much of that 75% was the cross selling, that you mentioned versus what's organic, and how did you get there, it's a great number I'm just kind of curious what drove that thing like?

對於至少一個部分或至少整個 Scite 來說，您提到的 75% 中有多少是交叉銷售，有多少是有機銷售，您是如何實現這一目標的，這是一個很棒的數字，我只是有點好奇是什麼推動了這一目標的實現？

Bill, You want to touch the first part of that?

比爾，你想談談第一部分嗎？

Yeah, I'll start, with a few comments. So yeah, we basically took kind of where we had one month, and we took the two months pre acquisition together and then compared it to this year and that's what's producing the 75% pro forma result. I would say it is definitely a mix of cross sale and new sale, but most again emphasis on the new sale, I think we still have a lot of upsides for cross sell within the Article Galaxy base, which is a positive thing for kind of future growth, but when you think back through, Scite had a great product but it was not a large team and really didn't have a lot of sales capacity, as a standalone.

是的，我先談幾點評論。是的，我們基本上是把一個月的情況和收購前兩個月的情況放在一起，然後與今年的情況進行比較，這就產生了 75% 的預測結果。我想說這絕對是交叉銷售和新銷售的結合，但大多數人還是會強調新銷售，我認為在 Article Galaxy 基礎上，我們在交叉銷售方面仍有很多優勢，這對未來的增長來說是一件積極的事情，但回想起來，Scite 有一款很棒的產品，但它的團隊並不大，作為獨立公司，真的沒有太多的銷售能力。

So, once we're able to get Scite under our umbrella, get our sales teams trained, get some marketing behind it and also then say hey we've got some warm customers, we could take you to that is really led to a lot of growth. I think the other thing which we alluded to is you know Scite sort of focused us to say, hey we have to have some specialization around corporate and academic and really focus in on academic. And that's why we split those sales teams, and that academic sales team has had a lot of success and it's a very cohesive group, that really produced a bunch of sales towards the end of the quarter, in December.

因此，一旦我們能夠將 Scite 納入我們的保護傘下，培訓我們的銷售團隊，進行一些行銷，然後說嘿，我們有一些熱情的客戶，我們就可以帶你去真正帶來很大的成長。我認為我們提到的另一件事是，Scite 讓我們集中精力，說我們必須在企業和學術方面有一定的專業化，並且真正專注於學術。這就是我們拆分銷售團隊的原因，學術銷售團隊取得了巨大成功，是一個非常有凝聚力的團隊，在 12 月季度末確實實現了大量銷售。

And so, there's just a nice ramp there, And, that's really a lot of where, we're getting this nice growth out of sight, so Roy, Josh, I don't know if you want to add to that.

所以，那裡有一個漂亮的斜坡，而且，那裡真的有很多地方，我們正在獲得這種漂亮的增長，所以 Roy，Josh，我不知道你們是否想補充一點。

No, well said, Josh.

不，說得好，喬希。

No, I don't have anything to add to that.

不，我沒有什麼好補充的。

No, I mean, look, that's great, like just to know that there's a piece of, a big piece of the business that's growing organically at such a high rate. I mean, I think that's like a very important highlight and I appreciate you calling that and yeah, I mean, Josh, at what point do you think people will start to get the moment where like ChatGPT is not enough, and they think they need more and then they search for more and realize that, Scite is the one with most of the information, like how do we get there, where the aha moment where our competitive advantage happens.

不，我的意思是，看，這很棒，就像知道有一部分業務正在以如此高的速度有機增長一樣。我的意思是，我認為這是一個非常重要的亮點，我很感謝你這麼說，是的，我的意思是，Josh，你認為人們在什麼時候會開始意識到 ChatGPT 是不夠的，他們認為他們需要更多，然後他們搜索更多，並意識到 Scite 是擁有大部分信息的一個，比如我們如何到達那裡，我們的競爭優勢在哪裡出現。

Yeah, I mean, I think people are starting to see that on the long tail, where you have researchers and research-intensive organizations taking a look and, Scite winning out on contracts versus some of these others. Obviously, we're a lot smaller, have a lot smaller marketing spend than some of these groups you mentioned.

是的，我的意思是，我認為人們開始看到長尾效應，即有研究人員和研究密集型組織在關注，而 Scite 在合約方面戰勝了其他一些公司。顯然，與你提到的一些團體相比，我們的規模要小得多，行銷支出也少得多。

And so, I think, keeping our heads down and focused on really building specialized workflows and leveraging the AI to that is kind of how we'll win. And so, I expect, we might be the flashiest but really leveraging that data and going deep on the workflows, is again kind of the advantage that we need to take.

因此，我認為，埋頭苦幹並專注於真正建立專業化的工作流程並利用人工智慧來實現這一目標，這就是我們取得勝利的方法。因此，我預計，我們可能是最耀眼的，但真正利用這些數據並深入工作流程，又是我們需要利用的優勢。

Okay, well, thanks for the call.

好的，謝謝您的來電。

It appears that we have no further questions at this time. I'll turn the program back over to Mr. Olivier for any additional or closing remarks.

目前看來我們沒有其他問題了。我將把節目單交還給奧利維爾先生，以便他發表任何補充評論或結束語。

Yeah, thanks everyone for joining. As a reminder, we will be participating in the ROTH conference in Dana Point, California, March 16, through the March 18. Qualified investors that would like to attend or schedule a meeting should contact either their ROTH sales rep or Three Part Advisors. We look forward to speaking with you in May, to discuss our third quarter fiscal 2025 results. Have a great evening.

是的，感謝大家的加入。提醒一下，我們將於 3 月 16 日至 3 月 18 日參加加州達納角舉行的 ROTH 會議。希望參加或安排會議的合格投資者應聯繫其 ROTH 銷售代表或 Three Part Advisors。我們期待在五月與您交談，討論我們的 2025 財年第三季業績。祝您有個愉快的夜晚。

Thank you. This does conclude today's program.

謝謝。今天的節目到此結束。

Thank you for your participation. You may disconnect at any time.

感謝您的參與。您可以隨時斷開連線。