Sangoma Technologies Corp (SANG) 2024 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Sangoma investor conference call. As a reminder, all participants are in listen only mode and the conference is being recorded (Operator Instructions) would now like to turn the conference over to Samantha Reburn, Chief Legal Officer. Please go ahead.

謝謝你的支持。這是會議操作員。歡迎參加 Sangoma 投資者電話會議。提醒一下，所有參與者都處於僅聽模式，並且正在錄製會議（操作員指示），現在希望將會議移交給首席法務官 Samantha Reburn。請繼續。

Thank you, operator. Hello, everyone, and welcome to Sangoma's Second Quarter Fiscal 2024 investor call. We are recording the call and we'll make it available on our website for anyone who is unable to join us live.

謝謝你，接線生。大家好，歡迎參加 Sangoma 2024 財年第二季投資者電話會議。我們正在對通話進行錄音，並將在我們的網站上向無法現場加入我們的任何人提供該錄音。

I'm here today with Charles Salameh, Sangoma's Chief Executive Officer; Jeremy Wubs, Chief Operating and Marketing Officer; and Larry Stock, Chief Financial Officer to take you through the results of the second quarter of fiscal year 2024, which ended on December 31st, 2023.

今天我和 Sangoma 執行長 Charles Salameh 一起來到這裡。 Jeremy Wubs，營運長和行銷長；財務長 Larry Stock 將帶您了解截至 2023 年 12 月 31 日的 2024 財年第二季的表現。

We will discuss the press release that was distributed earlier today, together with the company's financial statements and MD&A, which are available on CEDAR plus EDGAR and our website. As a reminder, Sangoma reports under International Financial Reporting Standards, IFRS. And during the call, we may refer to terms such as adjusted EBITDA, which is a non-IFRS measure but is defined in our MD&A.

我們將討論今天早些時候發布的新聞稿以及公司的財務報表和 MD&A，這些資訊可在 CEDAR plus EDGAR 和我們的網站上取得。請注意，Sangoma 根據國際財務報告準則 IFRS 進行報告。在電話會議期間，我們可能會提及調整後 EBITDA 等術語，這是一項非 IFRS 衡量標準，但在我們的 MD&A 中進行了定義。

Before we start, I'd like to remind you that the statements made during the course of this call that are not purely historical are forward-looking statements regarding the Company or management's intentions, estimates, plans, expectations and strategies for the future. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results may differ materially from those projected in the forward-looking statements.

在我們開始之前，我想提醒您，在本次電話會議期間所做的並非純粹歷史的陳述是有關公司或管理層未來的意圖、估計、計劃、期望和戰略的前瞻性陳述。由於此類陳述涉及未來事件，因此受到各種風險和不確定性的影響，實際結果可能與前瞻性陳述中的預測有重大差異。

Important factors that could cause actual results to differ materially from those in the forward-looking statements are discussed in the accompanying MD&A, our annual information form and the company's annual audited financial statements posted on CEDAR plus EDGAR and our website.

可能導致實際結果與前瞻性聲明中的結果存在重大差異的重要因素在隨附的MD&A、我們的年度資訊表以及在CEDAR plus EDGAR 和我們的網站上發布的公司年度經審計財務報表中進行了討論。

With that, I'll hand the call over to Charles.

這樣，我就把電話轉給查爾斯。

Thank you, Sam, and good afternoon to everyone on the call for your presence here is greatly valued as we discuss Sangoma's journey and its achievements. When I joined four months ago, I saw the significant potential assets at Sangoma given the progress we are making. I'm excited now more than ever of our potential and our ability to be a market leader providing communication technologies.

謝謝你，Sam，大家下午好，在我們討論 Sangoma 的歷程及其成就時，我們非常重視你們的光臨。當我四個月前加入時，鑑於我們正在取得的進展，我看到了 Sangoma 的巨大潛在資產。我現在比以往任何時候都對我們成為通訊技術市場領導者的潛力和能力感到更加興奮。

The vision that I laid out last quarter is now in motion with concrete steps towards really realization of this direction.

我上個季度提出的願景現在正在採取具體步驟，以真正實現這一方向。

To kick things off, I'd like to highlight our fiscal second quarter performance. As detailed in our recent press release, we closed our Q2 with total revenues of $62.3 million, alongside adjusted EBITDA of $10.4 million, which translates to 17% margin. This is a testament to our team's hard work and dedication, particularly over the last 120 days. And reflecting on our discussion from November, when I was still quite new here, we announced and embarked on a transformative 100 day plan for Sangoma.

首先，我想強調一下我們第二季的業績。正如我們最近的新聞稿中詳細介紹的那樣，我們第二季的總收入為 6,230 萬美元，調整後的 EBITDA 為 1,040 萬美元，相當於 17% 的利潤率。這證明了我們團隊的辛勤工作和奉獻精神，特別是在過去 120 天。回顧 11 月我們的討論，當時我還是新來的，我們宣布並開始實施 Sangoma 的變革性 100 天計畫。

This initiative was aimed at a comprehensive reassessment of our operations was crafted to align our strategic direction and was intended to maximize the potential of our assets. I am thrilled to report substantial progress in our evolution into a premier growth oriented, cloud-based Managed Communications Services Provider and Goldman's expansions through 11 acquisitions certainly brought a rich diversity of offerings.

該舉措旨在對我們的營運進行全面重新評估，旨在調整我們的策略方向，並旨在最大限度地發揮我們資產的潛力。我很高興地向大家報告，我們在發展成為一家以成長為導向、基於雲端的託管通訊服務提供商方面取得了重大進展，高盛透過 11 次收購進行的擴張無疑帶來了豐富的產品多樣性。

However, realizing the full potential of these assets requires overcoming the challenge of ineffective integration. Addressing this was the cornerstone of the 100 day plan that I had outlined previously. Now as we are past the initial 100 days, we have a transformative plan that is now in full execution mode. We are swiftly moving towards becoming a more dynamic and agile client-centric organization fully integrated to meet the evolving needs of our customers.

然而，要充分發揮這些資產的潛力，需要克服無效整合的挑戰。解決這個問題是我之前概述的 100 天計畫的基石。現在，最初的 100 天已經過去，我們制定了一項變革性計劃，目前已進入全面執行模式。我們正迅速成為一個更充滿活力和敏捷的以客戶為中心的組織，完全整合以滿足客戶不斷變化的需求。

The true value of Sangoma lies within the integrated offer. We can provide this market today I'm super excited to share some key milestones in this journey. First, we made some changes to our management team, including augmenting it with strategic hires aligned directly to support the company's needs if hired Mark Strawn as the Company's first ever CIO.

Sangoma 的真正價值在於整合產品。我們今天可以為這個市場提供服務，我非常高興能夠分享這趟旅程中的一些關鍵里程碑。首先，我們對管理團隊進行了一些調整，包括透過策略招募來增強管理團隊，如果聘請馬克·斯特勞恩 (Mark Strawn) 擔任公司首位首席資訊官，則可以直接支援公司的需求。

Mark's deep experience in IT transformation is invaluable and his addition signifies a major step forward for Sangoma. Additionally, as part of our forward-looking go-to-market strategy and the overhaul that this entails, we further strengthened our team by introducing a seasoned global sales operations leader and a new marketing head with respect to focus will be on enhancing our marketing presence and defining Sangoma's brand in the industry.

Mark 在 IT 轉型方面的豐富經驗非常寶貴，他的加入標誌著 Sangoma 向前邁出了一大步。此外，作為我們前瞻性的進入市場策略和隨之而來的改革的一部分，我們透過引入一位經驗豐富的全球銷售營運領導者和一位新的行銷主管來進一步加強我們的團隊，重點將是加強我們的行銷影響力並定義 Sangoma 在業界的品牌。

My leadership team is now in place to lead Sangoma into a new era in our organizational restructuring. We've streamlined functions and align our leadership with specific operational functions that enhance our agility and innovation capacity. This restructuring not only drives innovation, but it also has led to a significant cost reduction, which Larry will discuss in far more detail savings that can be applied to the growth transformation we are about to undertake our approach balances, nurturing our diverse and existing portfolio with expanding into new markets through bundled offerings targeting sophisticated mid-market clients.

我的領導團隊現已就位，帶領 Sangoma 進入組織重組的新時代。我們精簡了職能，並將我們的領導層與特定的營運職能保持一致，從而增強了我們的敏捷性和創新能力。這種重組不僅推動了創新，而且還導致了成本的顯著降低，拉里將更詳細地討論成本節省，這些節省可應用於我們即將進行的方法平衡的增長轉型，培育我們多樣化的現有投資組合透過針對成熟的中階市場客戶的捆綁產品拓展新市場。

This dual strategy aims to cater to both our traditional base and enables new growth avenues to be opened. A key commitment I made from last quarter was to self fund this transformation, a goal I am proud to say we've successfully achieved, and Larry will confirm this in his update, our product offerings are being fully rejuvenated with new and innovative bundles, marking a whole new phase of Sangoma's commitment to being a dependable innovation partner to our vast ecosystem. Jeremy will share insights into these developments and our customer support enhancements, which we aim to complete by the end of this fiscal year.

這項雙重策略旨在滿足我們的傳統基礎並開闢新的成長途徑。我從上個季度做出的一個關鍵承諾是自籌資金進行這一轉型，我很自豪地說我們已經成功實現了這一目標，拉里將在他的更新中確認這一點，我們的產品正在透過新的和創新的捆綁包全面煥發活力，這標誌著 Sangoma 致力於成為我們龐大生態系統的可靠創新合作夥伴的承諾進入了一個全新的階段。傑里米將分享對這些發展和我們的客戶支援增強的見解，我們的目標是在本財年末完成。

We've also reimagined our market strategy, leading to revitalize approach that Jeremy will further detail. Our internal operations have experienced significant improvements, moving away from outdated processes and systems that previously hindered our efficiency and our scalability. These changes are pivotal to Sangoma's growth, enabling us to better meet the market's demands.

我們也重新構想了我們的市場策略，從而使傑里米（Jeremy）進一步詳細介紹了振興方法。我們的內部營運經歷了重大改進，擺脫了以前阻礙我們效率和可擴展性的過時流程和系統。這些變化對於 Sangoma 的發展至關重要，使我們能夠更好地滿足市場需求。

This decisive operational overhaul is already generating positive contributions to the overall financial performance of the Company, but it should be expected that this level of transformation, the needed opportunistic changes we are making to capture our full market potential will show a lag before it translates to revenue contribution yet with our clear strategy, the right leadership in place, reliable execution and transparent communications.

這項決定性的營運改革已經對公司的整體財務表現產生了積極的貢獻，但可以預見的是，這種程度的轉型，即我們為充分發揮市場潛力而進行的機會主義變革，正在轉化為真正的市場潛力之前將出現滯後。我們透過明確的策略、正確的領導、可靠的執行和透明的溝通來貢獻收入。

We are now in a position to provide financial guidance for our full fiscal FY 24, which Larry will detail in just a few moments.

我們現在可以為 24 財年的完整財年提供財務指導，拉里將稍後詳細介紹。

With that, I now pass the baton to Jeremy Webb's, Sangoma's Chief Operating and marketing officer, to dive deeper into our strategic market and product initiatives. Jeremy, over to you.

現在，我將接力棒交給 Sangoma 首席營運和行銷長傑里米·韋伯 (Jeremy Webb)，讓他更深入地研究我們的策略市場和產品計劃。傑里米，交給你了。

Thanks, Charles, and thank you all for joining our call today. While I've spoken to some of you since joining in September, I look forward to more collaborative engagements with the investment community in the weeks and months ahead.

謝謝查爾斯，也謝謝大家今天加入我們的電話會議。雖然自 9 月加入以來我已經與你們中的一些人進行了交談，但我期待在未來幾週和幾個月內與投資界進行更多的合作。

I'd like to start by saying that I share the excitement that you can hear in Charles's remarks. I've worked with Charles for many years. And I can't recall a time when he was this enthusiastic and energized by what's already been accomplished and what's ahead.

首先我想說，我和你們從查爾斯的演講中聽到的一樣興奮。我和查爾斯一起工作了很多年。我不記得他曾經對已經取得的成就和未來的成就如此充滿熱情和活力。

So let's jump in and share some details on the changes we've made across the organization, starting from our go-to-market strategy and then working our way into the company. Sangoma has a long successfully focused on selling component technologies to a broad and diverse clientele, a practice that will remain a crucial underpinning throughout our transformative stage.

因此，讓我們開始分享我們在整個組織中所做的改變的一些細節，從我們的進入市場策略開始，然後逐步融入公司。Sangoma 長期以來一直成功地專注於向廣泛且多樣化的客戶銷售組件技術，這種做法將仍然是我們整個轉型階段的重要基礎。

However, as our company achieves greater effective internal integration, it offers us the ability to bundle these components, allowing us to target more sophisticated clients and clients further along in their digital transformation journey. This ability to expand our offerings has and will prove instrumental in serving clients with more complex and rapidly expanding needs, whether that be network modernization, technology updates or more broadly leveraging cloud-based communications capabilities within the organization.

然而，隨著我們公司實現更有效的內部集成，它使我們能夠捆綁這些組件，使我們能夠瞄準更成熟的客戶以及在數位轉型之旅中進一步前進的客戶。這種擴展我們產品的能力已經並將證明有助於滿足客戶更複雜和快速擴展的需求，無論是網路現代化、技術更新或更廣泛地利用組織內基於雲端的通訊功能。

Let me share with you a recent client wins help illustrate how this is already bearing fruit. Recently, a statewide Park department in the United States required a comprehensive solution for managing a series of parks this client was looking for an experienced provider to take accountability for delivering and managing a full stack technology solutions, including ongoing maintenance and support. This is exactly the type of client the bundle cable lease of Sangoma can reach smaller vendors, providing point solutions or components.

讓我與您分享最近贏得的一個客戶，這有助於說明這已經取得了成果。最近，美國的一個全州公園部門需要一個全面的解決方案來管理一系列公園，該客戶正在尋找經驗豐富的提供者來負責交付和管理全端技術解決方案，包括持續的維護和支援。這正是 Sangoma 捆綁電纜租賃可以接觸到較小供應商的客戶類型，提供單點解決方案或組件。

They put the burden on clients to manage and integrate these pieces themselves and larger vendors would have difficulty providing the capabilities and support needed at an affordable price. Sangoma is well positioned to play in both the small market and more sophisticated mid-market client. Examples like this recent win, offer higher MRR and NRR potential for both Sangoma and its business partner EcoSys. As you can see, things are changing rapidly, achieving complete and effective integration position us to offer not just component technologies, but feature-rich recurring services to more sophisticated clients in specific mid-market industries.

他們給客戶帶來了自行管理和整合這些部件的負擔，而較大的供應商將難以以可負擔的價格提供所需的功能和支援。Sangoma 處於有利地位，可以在小型市場和更成熟的中端市場客戶中發揮作用。像最近的勝利這樣的例子，為 Sangoma 及其業務合作夥伴 EcoSys 提供了更高的 MRR 和 NRR 潛力。正如您所看到的，事情正在迅速變化，實現完整和有效的整合使我們不僅能夠提供組件技術，而且能夠為特定中端市場行業中更複雜的客戶提供功能豐富的經常性服務。

Looking forward to fiscal year 2025, we anticipate tapping into market segments with specific needs such as retail, small and medium-sized government agencies, hospitality, health care, and in general, more distributed enterprises whose challenges and sophisticated requirements align perfectly with our bundled solution capabilities to be clear, a go-to-market adaptation of this scale will take time to ramp, and there will be a lag before delivers material results, but I'm excited about the clear opportunity encouraged by the early improvement and success we're already seeing.

展望2025 財年，我們預計將進軍具有特定需求的細分市場，例如零售、中小型政府機構、酒店、醫療保健，以及一般來說，更分散的企業，其挑戰和復雜的要求與我們的捆綁產品完美契合。解決方案能力需要明確，這種規模的市場適應需要時間來提升，並且在交付實質性結果之前會有一個滯後，但我對我們的早期改進和成功所鼓勵的明確機會感到興奮已經看到了。

So now let's shift a bit more inward. As Charles mentioned earlier, Sangoma brings to market a world-class breadth of offerings. That's a big part of what attracted me here, but we've come up short on the consistent reliable innovation. And as I mentioned earlier, the integration that our end market demands, the increasingly sophisticated SMB segment our key market is seeking enterprise-like capabilities at affordable prices.

現在讓我們向內轉移一點。正如 Charles 之前提到的，Sangoma 為市場帶來了世界一流的產品範圍。這是吸引我來到這裡的一個重要原因，但我們缺乏持續可靠的創新。正如我之前提到的，我們的終端市場需要集成，我們的主要市場日益複雜的中小企業市場正在以可負擔的價格尋求企業級功能。

To address this head-on, we've established an innovation team led by our CTO, Nedcor brick with a clear mandate to deliver new product features and enhancements with a reliable cadence, all of which is underpinned by best-in-class customer service and support working in partnership with Mark RCIO.

為了解決這個問題，我們建立了一個由首席技術官 Nedcorrick 領導的創新團隊，其明確的任務是以可靠的節奏提供新的產品功能和增強功能，而所有這一切都以一流的客戶服務為基礎並支持與Mark RCIO 合作。

While it's still early we have already made significant strides among them, our ability to harness the power of AI technologies across the portfolio, including real-time and post transcription services, summarization sentiment, analysis, knowledge, processing and virtual assistant functionality. Yes, these plans are ambitious and executing them successfully will be a complex undertaking, but we now have a clear strategy, the right team in place, and we're on our way to unlocking the full potential of our platform. I look forward to your questions and increased dialogue with the investment community in the weeks and months ahead. And with that, I'm pleased to hand things over to Alex.

雖然現在還處於早期階段，但我們已經在其中取得了重大進展，但我們有能力在整個產品組合中利用人工智慧技術的力量，包括即時和轉錄後服務、總結情緒、分析、知識、處理和虛擬助理功能。是的，這些計劃雄心勃勃，成功執行它們將是一項複雜的任務，但我們現在有了明確的策略，合適的團隊就位，我們正在釋放我們平台的全部潛力。我期待您在未來幾週和幾個月內提出問題並與投資界加強對話。至此，我很高興將事情交給亞歷克斯。

Great.

偉大的。

Thanks, Jeremy, and thanks, everyone, for joining us today. I'll share with you some details of our fiscal second quarter results in just a moment, but I first like to focus my remarks today on the strides we've made as an organization that I'm very proud of, particularly in the face of a challenging backdrop despite current top line revenue trends, our financial discipline has never been stronger as evidenced by our sequential adjusted EBITDA growth and margin expansion.

謝謝傑里米，也謝謝大家今天加入我們。我稍後將與大家分享我們第二財季業績的一些細節，但我首先想將今天的講話重點放在我們作為一個令我感到非常自豪的組織所取得的進步上，特別是在面對儘管目前的收入趨勢充滿挑戰，但我們的財務紀律從未如此嚴格，調整後的EBITDA 連續成長和利潤率擴張就證明了這一點。

But what I'm most pleased about is our balance sheet in my tenure, it's arguably never been in better shape with a 17% sequential increase in cash flow from operations and record high cash conversion to help frame this let's step back for a moment to our fiscal fourth quarter of last year, which ended on June 30th, 2023.

但我最滿意的是我任職期間我們的資產負債表，可以說它的狀況從未如此好過，營運現金流環比增長了17%，現金轉換率創歷史新高，這有助於構建這一框架，讓我們先退後一步，看看我們去年第四財季截至 2023 年 6 月 30 日。

At that time, we made the prudent decision to accelerate the remaining quarterly issuances of Sangoma shares owing to the start of sellers that were scheduled to continue until fiscal 26. Fast forward to this past quarter, which ended on December 31st, our robust and reliable cash generation enabled us to successfully expedite the remaining tax benefit payments to the store-to-store sellers well ahead of schedule. This marked an accelerated end to Sangoma's payment obligations and balance sheet complications relating to this acquisition.

當時，由於計劃持續到 26 財年的賣方開始啟動，我們做出了謹慎的決定，加快 Sangoma 股票剩餘季度發行。快進到 12 月 31 日結束的上一季度，我們強勁可靠的現金產生能力使我們能夠成功提前向店對店賣家支付剩餘的稅收優惠。這標誌著 Sangoma 與此收購相關的付款義務和資產負債表複雜性的加速結束。

These deliberate decisions reflect our dedication to simplifying the company's financial landscape by eliminating the lingering complexities by settling this financial commitment ahead of schedule. We have strategically unburdened our balance sheet, providing us with a clear path to prioritize and fuel Sangoma's growth initiatives. From an operational standpoint, inventories remain at healthy levels down marginally versus last quarter. And our robust and reliable cash generation has enabled us to consistently pay down debt.

這些深思熟慮的決定反映了我們致力於透過提前解決財務承諾來消除揮之不去的複雜性，從而簡化公司的財務狀況。我們策略性地減輕了資產負債表的負擔，為我們提供了一條明確的道路來優先考慮並推動 Sangoma 的成長計劃。從營運角度來看，庫存仍維持在健康水平，較上季略有下降。我們強大而可靠的現金產生能力使我們能夠持續償還債務。

So how do we get here? Well, in our fiscal first quarter, we made the difficult but necessary decision to rightsize the organization through headcount reductions, real estate and vendor consolidation and other related rationalizations, all with the objective of becoming more agile and focused as compared to our first quarter annualized run rate. These structural changes have resulted in approximately $6 million of cost savings in the fiscal year and $9 million on an annualized basis, considerably ahead of our internal forecast.

那我們要如何到達這裡呢？嗯，在我們的第一財季，我們做出了艱難但必要的決定，透過裁員、房地產和供應商整合以及其他相關的合理化來調整組織規模，所有這些的目標是與第一季的年化相比變得更加敏捷和專注運行速度。這些結構性變化導致本財年節省了約 600 萬美元的成本，按年計算節省了 900 萬美元的成本，大大超出了我們的內部預測。

Now let's get to results metrics and guidance. Revenue for the second quarter of fiscal 24 was $62.3 million up fractionally compared to the same period a year ago and down 1% on a sequential basis. Let's look a little deeper.

現在讓我們來看看結果指標和指導。24 財年第二季的營收為 6,230 萬美元，與去年同期相比略有成長，較上季下降 1%。讓我們更深入地了解一下。

Services revenue increased to $50.7 million, representing 81% of total quarter revenue, up 3% compared to the same period a year ago, yet declined just under 1% sequentially. Our services business has experienced a notable uptick in revenue year over year, and the slight decrease in services revenue quarter over quarter is attributable to the transformation of our go-to-market strategy that Jeremy and Charles discussed earlier.

服務收入增至 5,070 萬美元，佔季度總收入的 81%，與去年同期相比增長 3%，但環比下降近 1%。我們的服務業務收入同比顯著增長，而服務收入環比略有下降是由於傑里米和查爾斯之前討論的我們的進入市場策略的轉變。

Product revenue representing 19% of total quarter revenue declined from $11.9 million to $11.6 million, a decline of 3% sequentially in large part due to prevailing geopolitical and global economic conditions, which many companies are facing related to CapEx.

佔季度總收入19% 的產品收入從1,190 萬美元下降至1,160 萬美元，環比下降3%，這在很大程度上是由於當前的地緣政治和全球經濟狀況，許多公司面臨著與資本支出相關的問題。

Cost of sales during the second quarter decreased 5% to $18.3 million compared to $19.2 million a year earlier. The decrease was primarily due to overall revenue mix. This translated to a second quarter gross profit of $44 million, up 3% compared to the same period last year. Gross margin for the second quarter was approximately 71%, up two percentage points from the same quarter last year due to the favorable revenue mix.

第二季銷售成本下降 5%，至 1,830 萬美元，去年同期為 1,920 萬美元。下降的主要原因是整體收入組合。這意味著第二季毛利為 4,400 萬美元，比去年同期成長 3%。由於有利的收入組合，第二季的毛利率約為 71%，比去年同期上升了兩個百分點。

Our second quarter operating expenses consisting of sales and marketing, research and development, general and administration and amortization of intangible assets totaled $44.5 million versus $45 million in the first quarter. Starting in the second quarter of fiscal '24, the company has removed amortization of intangible assets from the general and administration expenses to give a more accurate view of the Company's hard costs. The slight decline in operating expenses was due to cost savings initiatives and previously announced headcount reductions.

我們第二季的營運支出（包括銷售和行銷、研發、一般管理以及無形資產攤銷）總計 4,450 萬美元，而第一季為 4,500 萬美元。從 24 財年第二季開始，公司已從一般和管理費用中刪除無形資產攤銷，以便更準確地了解公司的硬成本。營運費用略有下降是由於成本節約措施和先前宣布的裁員。

Second quarter adjusted EBITDA was $10.4 million, representing approximately 17% of revenue and up nearly 6% sequentially on higher margin due to the revenue mix and the cost savings initiatives. Net loss for the second quarter was $3.2 million, or $0.1 per fully diluted share compared to a net loss of $2.7 million or $0.08 per fully diluted share for the equivalent period last year.

第二季調整後 EBITDA 為 1,040 萬美元，約佔營收的 17%，由於營收組合和成本節約舉措，利潤率提高，較上季成長近 6%。第二季淨虧損為 320 萬美元，或完全稀釋每股 0.1 美元，去年同期淨虧損為 270 萬美元，或完全稀釋每股 0.08 美元。

Before moving on to the balance sheet and cash flow performance, I'd like to comment on operational metrics. We've heard the feedback from the investment community around the importance of disclosing relevant operational metrics is valuable tools used in effectively measuring the health of our business. And we have great specifics around how and when we disclose particular operational metrics will evolve over time, but we anticipate sharing greater operational transparency beginning in our fiscal 25. In the meantime, an operational mainstay of Sangoma's platform that I'm particularly proud to share is the stickiness of our services business. Our FY 24 to date services revenue churn is 0.9%, underscoring the reliability and value our services provides to our customers.

在討論資產負債表和現金流表現之前，我想先談談營運指標。我們聽到了投資界關於揭露相關營運指標的重要性的回饋，這些指標是有效衡量我們業務健康狀況的寶貴工具。我們對如何以及何時披露特定營運指標將隨著時間的推移而變化有非常詳細的說明，但我們預計從第 25 財年開始將分享更大的營運透明度。同時，我特別自豪地與大家分享的 Sangoma 平台的營運支柱是我們服務業務的黏性。我們 24 財年迄今的服務收入流失率為 0.9%，這突顯了我們的服務為客戶提供的可靠性和價值。

With that said, let me discuss in more detail, a few cash flow and balance sheet items referenced earlier that I'm particularly pleased about during the second quarter, we generated $9.19 million in cash flow from operations, almost double the $4.98 million generated in the same quarter last year and a 17% increase over last quarter. This was driven by our ongoing focus on efficient working capital management and our prudent approach to cash spending, cash conversion of cash flow from operations to adjusted EBITDA during the second quarter reached 88%, almost two times the rate compared to 47% a year ago and 79% from the immediately preceding quarter.

話雖如此，讓我更詳細地討論之前提到的一些現金流和資產負債表項目，我在第二季度特別高興，我們從營運中產生了919 萬美元的現金流，幾乎是2019 年498 萬美元的兩倍。與去年同季相比，較上季成長 17%。這是由於我們持續專注於高效的營運資本管理和審慎的現金支出方式，第二季營運現金流量現金轉化為調整後 EBITDA 達到 88%，幾乎是一年前 47% 的兩倍與上一季相比增長了79%。

We finished the quarter with cash balances of $10.6 million, paid down $4.4 million of our term loan satisfied the contingent consideration payable of $2.1 million, and continued to trim inventory. Each of these metrics reflects our consistent progression of quarterly cash flow generation and laser focus on working capital management. I remain pleased with our cash flow from operations and look forward to sharing with you our cash allocation methodology currently being finalized on our next call.

本季末，我們的現金餘額為 1,060 萬美元，償還了 440 萬美元的定期貸款，滿足了 210 萬美元的應付或有對價，並繼續削減庫存。這些指標中的每一個都反映了我們季度現金流產生的持續進展以及對營運資本管理的高度關注。我對我們的營運現金流仍然感到滿意，並期待在下次電話會議上與您分享我們目前正在敲定的現金分配方法。

As you may recall, we temporarily suspended financial guidance on our fiscal fourth quarter earnings call in September as we embarked on our strategic transformation, given the strides we've made to date in our transformation plan and Sangoma's pivot to sustained profitable growth.

您可能還記得，考慮到我們迄今為止在轉型計劃中所取得的進展以及Sangoma 轉向持續盈利增長的重點，在我們開始戰略轉型時，我們在9 月份暫停了對第四財季財報電話會議的財務指導。

Now in motion we are confident enough in our visibility to resume forward financial guidance. We are already seeing results from the changes we've made, and we expect to continue to see those contributions as the go-to market transformation continues. With that said, we expect fiscal 24 revenue in the range of $245 million to $250 million and adjusted EBITDA in the range of $41 million to 44 million.

現在，我們對恢復前瞻性財務指引的可見度有足夠的信心。我們已經看到了我們所做的改變的結果，隨著市場轉型的繼續，我們預計將繼續看到這些貢獻。儘管如此，我們預計 24 財年的營收將在 2.45 億美元至 2.5 億美元之間，調整後的 EBITDA 將在 4,100 萬美元至 4,400 萬美元之間。

Before I close, I'd like to thank Sangoma's dedicated team members around the world for their commitment and focus. I'm sure that they are all as excited as we are as Sangoma continues on our journey.

在結束之前，我要感謝 Sangoma 在世界各地的敬業團隊成員的承諾和關注。我相信當桑戈馬繼續我們的旅程時，他們都和我們一樣興奮。

With that, I'll hand it back to Charles for a few closing remarks.

接下來，我將把它交還給查爾斯，讓他做一些結束語。

Charles?

查爾斯？

Thank you, Larry. As you can tell by now, we have quite a bit going on, but I am thrilled to share with all of you the remarkable progress we've made against our transformation plan these changes while challenging and complex are not just remedies, the pivot, these changes as set in motion will enable Sangoma to remain the market leader in providing outstanding service to our existing and growing SMB customers, while at the same time opening meaningful new opportunities within the adjacent mid-market.

謝謝你，拉里。正如您現在所知道的，我們正在進行很多工作，但我很高興與大家分享我們在轉型計劃方面取得的顯著進展，這些變化雖然具有挑戰性和復雜性，但不僅僅是補救措施，關鍵，這些正在發生的變化將使Sangoma 能夠繼續保持市場領先地位，為我們現有的和不斷增長的中小型企業客戶提供卓越的服務，同時在鄰近的中端市場開闢有意義的新機會。

Throughout this process, our leadership team has left no stone unturned. And as this transformation across people, product marketing financials begins to take shape. I am extremely excited by what lies ahead for us. I'd like to close by extending my absolute gratitude to our employees our customers, our partners and our investors for your unwavering support and confidence in Sangoma's direction.

在整個過程中，我們的領導團隊不遺餘力。隨著人們的這種轉變，產品行銷財務開始形成。我對我們即將發生的事情感到非常興奮。最後，我謹向我們的員工、客戶、合作夥伴和投資者表示衷心的感謝，感謝你們對 Sangoma 方向的堅定支持和信心。

So with that, operator, please open the call to all questions.

因此，接線員，請打開電話回答所有問題。

(Operator Instructions) Max Ingram, Canaccord Genuity.

（操作員說明）Max Ingram，Canaccord Genuity。

Hi, good evening. This is Max on for Rob Young at Canaccord. Thanks for taking my question. Maybe just three quick ones for me. Starting with them, starting with first gross margins were strong this quarter better than the last couple of quarters. Just digging into the drivers there, is that primarily a result of mix or is there some pricing in there? Any color would be helpful from a cash.

嗨，晚上好。我是 Canaccord 的 Rob Young 的 Max。感謝您提出我的問題。也許對我來說只有三個快速的。從他們開始，本季的毛利率比過去幾季都強勁。只要深入研究那裡的驅動因素，這主要是混合的結果還是其中有一些定價？任何顏色都會對現金有幫助。

This is Larry. Most of that is driven by the mix, right? Services revenue was 81% this quarter, and that drives a lot of that. What I can tell you, though, is that we're seeing for both services and product and they both had fairly consistent overall margin profiles this year and in mix really drives that change that we've seen this quarter.

這是拉里。其中大部分是由混合驅動的，對嗎？本季服務收入佔 81%，這在很大程度上推動了這一成長。不過，我可以告訴您的是，我們在服務和產品方面都看到，它們今年的整體利潤率狀況相當一致，而且兩者的結合確實推動了我們本季看到的變化。

Okay. That's helpful. And then secondly, during the transformational period, and it sounds like the priorities for cash, I think you had said are going to be officially released next quarter. But my question there was it sounds like M&A right now is an at least last time last quarter didn't seem like it was going to be a priority going forward. So I was wondering if there's any thing you can share on what your how you're thinking about using the cash that's going to go towards debt paydown or anything else you'd like to do with it?

好的。這很有幫助。其次，在轉型期間，這聽起來像是現金的優先事項，我想您曾說過將在下個季度正式發布。但我的問題是，聽起來現在的併購至少是上個季度的最後一次，似乎不會成為未來的優先事項。所以我想知道您是否可以分享您如何考慮使用這些現金來償還債務或您想用它做任何其他事情？

Yes, you know, the transformation obviously is a is a longer process for us. We're kind of right in the middle of it to see. My job is clearly to focus on delivering a healthy and sustainable profitable growth. Building the cash reserves, strengthen that balance sheet gives us lots of optionality, and we're in right now and that we understand the position of the Company and its financial strength and where it's headed, we're going to be sharing with you some of our capital allocation strategies as we go into the next quarter call, which needs some time to really look at all the options that are now available to us more than we've ever had before. And we want to make sure we're thoughtful about it and we will be communicating that to you in Q3.

是的，你知道，轉型對我們來說顯然是一個更長的過程。我們正處於其中，想看看。我的工作顯然是專注於實現健康且可持續的獲利成長。建立現金儲備，加強資產負債表為我們提供了很多選擇，我們現在處於這種情況，我們了解公司的狀況及其財務實力及其發展方向，我們將與您分享一些當我們進入下一個季度的電話會議時，我們需要一些時間來真正審視我們現在可以比以往任何時候都更多的所有選擇。我們希望確保我們對此進行了深思熟慮，我們將在第三季向您傳達這一點。

Okay, thanks. That makes a lot of sense. And then quickly last question is last quarter you discussed the focus on reinvigorating the brand of the company, not just to partners, but to the end customers. I was wondering if you can add any additional color on what strategies you're employing there? And then I'll pass line. Thanks.

好的謝謝。這很有意義。最後一個問題是上個季度，您討論了重振公司品牌的重點，不僅是對合作夥伴，而且是對最終客戶。我想知道您是否可以為您所採用的策略添加任何額外的色彩？然後我就過線了。謝謝。

Yes, for us, it's really critical that the end customer has a clear understanding of the value proposition of Sangoma. I think historically, we've left it to our partners to communicate that to the end customer, obviously, in our focus continues to be very much on partners partners as our route to market, but we're making investments around communicating to our end customers, whether that's through events, scale, normal go-to-market activities and how we're going to go and how we're going to go make sure end customers have a good view and create that pull in through the partners. So kind of the as the It's Jeremy, is that as the marketing officer also responsible for our go to market that's really critical for us to help drive sustainable growth on a go-forward basis.

是的，對我們來說，最終客戶清楚地了解 Sangoma 的價值主張確實至關重要。我認為從歷史上看，我們已經將這一點留給了我們的合作夥伴來與最終客戶進行溝通，顯然，我們的重點仍然是合作夥伴，作為我們進入市場的途徑，但我們正在圍繞與最終客戶的溝通進行投資客戶，無論是透過活動、規模、正常的上市活動以及我們將如何開展以及我們將如何開展，確保最終客戶擁有良好的視野並透過合作夥伴創造吸引力。就像傑里米（Jeremy）一樣，身為行銷官也負責我們的市場開拓，這對於我們幫助推動永續成長非常重要。

And I just actually we just brought them. We have Maria onboard our new head of marketing, who's who's had tremendous experience in sort of the brand revitalization programs she's here now. And that's the whole idea is to continue to push that brand to our end customers make our brand relevant to the industry that they're focusing on and really kind of get this pull strategy going. So part of that management restructure that I spoke about Maria's addition was specifically focused on that particular item.

事實上我們剛剛帶來了它們。瑪麗亞（Maria）成為了我們新任行銷主管，她在品牌振興計劃方面擁有豐富的經驗。整個想法是繼續將該品牌推向我們的最終客戶，使我們的品牌與他們所關注的行業相關，並真正推動這種拉動策略。因此，我談到瑪麗亞加入的管理重組的一部分特別關注該特定項目。

That's really helpful. Thanks very much.

這真的很有幫助。非常感謝。

Thank you for your questions.

謝謝您的提問。

David Kwan, TD Securities

關大衛 (David Kwan)，道明證券

Hi, David.

嗨，大衛。

So David, you can even say, gosh, I'm on just want to clarify the services revenue. So that declined this quarter sequentially. And I think you talked about the impact of the transformation as it relates to the go-to-market strategy, was that just general disruption because of all these changes that you're making? Or is there something else going on I know in the past there was a SIP trunking, a wholesale subtracting business. I know if that had come back again or if there it was just all the distraction that from all the changes you guys are doing right now?

所以大衛，你甚至可以說，天哪，我只是想澄清一下服務收入。因此，本季這一數字連續下降。我認為您談到了轉型的影響，因為它與進入市場策略有關，這是否只是由於您所做的所有這些變化而造成的普遍破壞？還是有其他事情發生，我知道過去有一個 SIP 中繼，一個批發減法業務。我知道這種情況是否再次出現，或者只是你們現在正在做的所有改變造成的所有乾擾？

Yes.Thanks for the question, David. No, nothing structurally from that point of view at all, is it truly is a change in the go to market as we initiate that and where we are on the transformational journey of the revenue solid and strong. And that's evident throughout how it impacts the balance sheet and throughout the P & L. So nothing other than that at this point.

是的，謝謝你的提問，大衛。不，從結構的角度來看，這確實是我們啟動市場進入的變化，以及我們在收入穩固和強勁的轉型之旅中所處的位置。這在它如何影響資產負債表和損益表中顯而易見。因此，目前僅此而已。

Okay. That's helpful. In the guidance, it seems to imply, I think maybe mid-single digit type growth in services revenue. Is that kind of makes sense from how you guys are looking at and how should we be looking at it kind of going forward? I know in the past and there is a target of getting to 10% annual growth. Is that still a realistic target maybe a year out from now?

好的。這很有幫助。在指導中，這似乎暗示，我認為服務收入可能會出現中個位數的成長。從你們的看法來看，這是否有意義？我們今後該如何看待它？我知道過去有一個目標是每年成長10%。一年後這仍然是現實的目標嗎？

Well, you know, David, we've issued guidance for the remainder of 24, which we've re reinstituted here, ready to pivot more towards that revenue growth that we see in the business as we get closer to the end of 2014 into 25. We'll share some guidance really at that time with respect to how we see that moving. As you know, we do expect a bit of a lag from the time we implement this new go-to-market strategy. And when we see the revenue, but make no mistake, our long-term priorities still consistent the growth in Sangoma's revenue with absolute emphasis on services revenue quarter over quarter.

好吧，大衛，你知道，我們已經發布了24 年剩餘時間的指導方針，我們在這裡重新制定了指導方針，準備更多地轉向我們在業務中看到的收入增長，因為我們越來越接近2014 年底了25.屆時我們將分享一些關於我們如何看待這項進展的指導。如您所知，我們確實預計實施這項新的上市策略會出現一些延遲。當我們看到收入時，請不要誤會，我們的長期優先事項仍然是 Sangoma 收入的成長，絕對強調服務收入的逐季成長。

That's helpful. And the last one also related to the guidance. I guess it seems like it implies a continued decline in the product revenue, is that more on macro geopolitical and that you guys have talked about that kind of an issue? Or is it are you guys I don't know, maybe deemphasizing part of the business?

這很有幫助。最後一項也與指導有關。我想這似乎意味著產品收入持續下降，這更多的是宏觀地緣政治因素，你們已經討論過這類問題嗎？還是你們這些我不認識的人，或許不重視部分業務？

Yes. So certainly the global economic conditions, interest rates, shipping interruptions and other uncertainty absolutely plays a role from that perspective. And we do see somewhat of a conservative approach by customers in terms of how they look at to look at CapEx. However, I think if you look and you see we're guiding from what we're seeing today, that's our visibility as it as it is right now. And I would expect that to continue throughout the rest of the fiscal year.

是的。因此，從這個角度來看，全球經濟狀況、利率、運輸中斷和其他不確定性絕對發揮了作用。我們確實看到客戶在看待資本支出方面採取了某種保守的態度。然而，我認為，如果你看一下，你會發現我們正在根據今天所看到的情況進行指導，這就是我們現在的可見性。我預計這種情況將在本財年剩餘時間內持續下去。

I'm going to add a couple of comments on that range of product product revenue for obviously because it runs through not only macroeconomic issues but seasonality as well as customers buying periods and things of that nature. But the main message I would give you, David, is of note there are no moving away from that as our business. Part of the value proposition of Sangoma, as I've said many, many times is locked in the value of the bundle.

顯然，我將對這一系列產品的產品收入添加一些評論，因為它不僅涉及宏觀經濟問題，還涉及季節性問題以及客戶購買週期和此類性質的事情。但大衛，我要向您傳達的主要訊息是，我們的業務不會偏離這一點。正如我多次說過的，Sangoma 的部分價值主張被鎖定在捆綁包的價值中。

The bundle includes the components and end points and products that our customers require for the full-stack solution. And we see that as an incredible value differentiation to any other player in the marketplace. The product business is as important as the services business to us will continue to be driven as part of the overall go-to-market transformation.

此捆綁包包括客戶全端解決方案所需的組件、端點和產品。我們認為，與市場上任何其他參與者相比，這是令人難以置信的價值差異化。產品業務與服務業務一樣重要，對我們來說，將繼續推動整體市場轉型的一部分。

Jeremy told you and I told all of you that the historical view of the Company was traditionally selling the components mostly on their own, primarily because of some of the processes, all of this transformation that we're doing, it's enabled us to put these components together.

傑里米告訴過你們，我也告訴過你們所有人，公司的歷史觀點是傳統上主要是自己銷售組件，這主要是因為一些流程，我們正在做的所有這些轉變，它使我們能夠將這些組件在一起。

One of those components happens to the product and our clients are pulling product in as part of the overall services bundle and the full managed offering that we provide. So it's just as important, we'll continue to be as important and as a clear differentiator and what sets us apart from your traditional UCaaS type player in the marketplace.

其中一個組件發生在產品上，我們的客戶將產品作為整體服務包和我們提供的全面託管產品的一部分。因此，同樣重要的是，我們將繼續發揮同樣重要的作用，並作為一個明顯的差異化因素，使我們與市場上傳統的 UCaaS 類型的參與者區分開來。

That's helpful. Thanks very much, guys.

這很有幫助。非常感謝，夥計們。

Yes, it does.

是的，它確實。

Thank you.

謝謝。

You bet.

你打賭。

Gavin Fairweather, Cormark Securities

加文‧費爾韋瑟 (Gavin Fairweather)，Cormark 證券

Hi, Gavin.

嗨，加文。

Hey, Gavin.

嘿，加文。

Gavin, this is actually Graham on for Gavin. Gavin, just traveling around one for Gavin.

加文，這實際上是格雷厄姆為加文做的。加文，只是為了加文四處旅行。

I was hoping you could give a bit more color on the time line of the AI. product development and maybe you could just give some rough guidance, that'd be helpful.

我希望你能為人工智慧的時間線提供更多的色彩。產品開發，也許你可以提供一些粗略的指導，這會很有幫助。

Yes. Yes, no problem. And a number of those capabilities actually just came into marketing in January for our for our contact center solutions. And then the rest are going to see over February and March. So I'd say we started in November to get the technology in the lab sort of tested with some clients. And now we're releasing into January, February, March. So you're going to see you're going to see it pretty much across the product lines or line our UCaaS platform. And I see some new capabilities due in March around AI embedded in some of our security offerings and pretty comprehensive and across the portfolio.

是的。是沒有問題。實際上，其中一些功能剛剛在一月份針對我們的聯絡中心解決方案投入行銷。然後其餘的將在二月和三月看到。所以我想說，我們從 11 月開始在實驗室中與一些客戶進行技術測試。現在我們將在一月、二月、三月發布。所以你會發現你幾乎會在整個產品線或我們的 UCaaS 平台上看到它。我看到一些新功能將於三月推出，圍繞著人工智慧嵌入到我們的一些安全產品中，並且在整個產品組合中相當全面。

One thing I'd add to that as well, just on on one of Jeremy's key deliverables, particularly in his first his first couple of months that he's been here was a recognition.

我還要補充一點，就傑里米的一項關鍵成果而言，尤其是在他來到這裡的頭幾個月裡，這是一種認可。

The second pillar of our brand strategy is innovation. I talked about innovation support, a strong broad ecosystem of partners and some of the best talents in the industry that first pillar of innovation needed to be nurtured and triaged, which Jeremy has done now by building and Sangoma Innovation Center of Excellence. That center of excellence will continue to produce innovative new products and features on a very regular cadence, as you heard in his opening remarks. So this is not a one-time thing with the first traunch, which Jim, we just talked about in January a second tranche coming in March. It will be a consistent theme and so that we can consistently meet the very changing needs of the small, medium business market and again create the differentiated value that we bring to the market others don't. So that's that is going to be something you'll see not just on a time band, but a consistent approach almost every quarter where we'll be launching new features and functionalities that continue to enhance our brand.

我們品牌策略的第二個支柱是創新。我談到了創新支持、強大而廣泛的合作夥伴生態系統以及行業中一些最優秀的人才，這些都是創新的第一支柱需要培養和分類，傑里米現在通過建立桑戈瑪卓越創新中心已經做到了這一點。正如您在他的開場白中聽到的那樣，該卓越中心將繼續以非常規律的節奏生產創新的新產品和功能。因此，這並不是第一批一次性的事情，吉姆，我們剛剛在一月份談到了第二批將於三月推出。這將是一個一致的主題，以便我們能夠始終如一地滿足中小型企業市場不斷變化的需求，並再次創造我們為市場帶來其他人無法帶來的差異化價值。因此，您不僅會在某個時間範圍內看到這一點，而且幾乎每個季度都會採用一致的方法，我們將推出新的功能和功能，以繼續增強我們的品牌。

So I just wanted to reassure you that this is not something I'm doing onetime as a company that is the brand of the company, and that will continue to be a cadence for us on a going-forward basis.

所以我只是想向你們保證，這不是我作為一家公司曾經做過的事情，而是公司的品牌，這將繼續成為我們未來的節奏。

That's helpful. Thanks. And just to sort of get some clarity on that. Have you guys been how is the early demand for those solutions? Are you guys looking to kind of upsell customers on those? Are you going to start trying to maybe lead a bit more of the AI solutions? Any clarity on that would be great.

這很有幫助。謝謝。只是為了弄清楚這一點。你們知道這些解決方案的早期需求如何嗎？你們是否希望透過這些產品向客戶進行追加銷售？您是否打算開始嘗試領導更多的人工智慧解決方案？如果能澄清這一點就太好了。

Yes. I would say it's a combination solar customers buy the higher end packages and it comes with the some of the more advanced transcription capabilities or other capabilities built in. And I hope you have a strategy, some of these, I'd say similar capabilities are available in buy very expensive enterprise solutions. So what our strategy is to take the very practical things that we know are of interest in high demand in the SMB market and build them into the kind of the tiering of our offerings.

是的。我想說，這是太陽能客戶購買更高端封裝的組合，它配備了一些更先進的轉錄功能或內建的其他功能。我希望你有一個策略，其中一些，我想說，在購買非常昂貴的企業解決方案時可以使用類似的功能。因此，我們的策略是採取我們知道中小企業市場高需求的非常實用的東西，並將它們建構到我們的產品分層中。

So kind of back to what I talked about earlier, which is getting enterprise-like capabilities at affordable prices and not a for the sake of AIBAI. for the sake of practical things that really benefit businesses that are in that segment.

回到我之前談到的，也就是以可負擔的價格獲得企業級功能，而不是為了 AIBAI。為了真正使該領域的企業受益的實際事情。

That's great, thanks. And then I just moving to the channel, how is the optimization of the channel partners our progress?

太好了，謝謝。然後我只是轉向通路，我們通路夥伴的優化進展如何？

It's progressing very well. I mean, one of the things you have to understand as part of the transformational program of Sangoma is that we were made up of 11 companies and those 11 companies were to some degree bifurcated by the acquisition that they were in until our idea now is to bring some of the partners together, bring our enablement of our solutions to those partners to kind of create the optimized channel that we're looking for and that allows us to segment our partners better understand the various needs of our partners based on their customer base and the agents that they serve. All of that is coming along quite quite nicely, have had multiple discussions with our top partners at very senior levels, very excited about the changes we're making in the Company.

進展順利。我的意思是，作為 Sangoma 轉型計劃的一部分，你必須了解的一件事是，我們由 11 家公司組成，而這 11 家公司在某種程度上因收購而分裂，直到我們現在的想法是將一些合作夥伴聚集在一起，將我們的解決方案的支援帶給這些合作夥伴，以創建我們正在尋找的優化管道，這使我們能夠對合作夥伴進行細分，更好地了解合作夥伴基於客戶群的各種需求以及他們所服務的代理商。所有這些進展都非常順利，我們與我們的頂級合作夥伴進行了多次討論，對我們在公司所做的改變感到非常興奮。

They're excited about what they can do with us and this sort of new Sangoma approach. And we're going to have a very and you're going to see more. We'll talk more about this as we embark further into the go-to-market transformation about how we're going to actually segment our partners and how our go-to market approach will be quite bespoke to the various partner segments to ensure optimization is at its highest level by partner segment. So more to come on this. We're just really getting into the go-to-market component of the transformation transformative plan, and I'll share more with you guys in Q3 and Q4 and how that's evolving? And that's a great question.

他們對我們能做的事情以及這種新的 Sangoma 方法感到興奮。我們將會有一個非常，你會看到更多。當我們進一步著手進入市場轉型時，我們將更多地討論這一點，即我們將如何實際細分我們的合作夥伴，以及我們的進入市場方法將如何針對各個合作夥伴細分市場進行定制，以確保優化按合作夥伴細分市場來看，處於最高水準。關於這一點還有更多內容。我們剛剛真正進入轉型計劃的進入市場部分，我將在第三季度和第四季度與大家分享更多信息，以及它是如何演變的？這是一個很好的問題。

That's great. Thanks. And then just a last one for me before I pass the line kind of the midpoint of the guidance implies EBITDA margins coming up to just over 17%. I'm looking at that right. Can you just talk about how you expect the cadence of that to progress over the second half of the year as I just pretty much all from or from the cost efficiencies that you guys have been putting in? Is there some. And yes, if you could just maybe give a bit more color on how that ramps would be.

那太棒了。謝謝。在我通過指引的中點之前，對我來說最後一個意味著 EBITDA 利潤率將達到 17% 以上。我看的是對的。您能否談談您預計下半年的進度節奏如何，因為我幾乎全部都來自於您們所投入的成本效率？有沒有一些.是的，如果你能為坡道的外觀提供更多的顏色的話。

Great.

偉大的。

Sure.

當然。

It's you know, it's up. It's really a combination of things, right. So the revenue mix for sure, from the margin perspective and then the cost savings initiatives that have just begun as you've seen in the progression from Q1 to Q2 for us on the OpEx line continue as we get into Q3 and into Q4. So we will progress as we get through the year and evenly as we put those in place.

你知道，已經起來了。這確實是多種因素的結合，對吧。因此，從利潤率的角度來看，收入組合是肯定的，然後成本節約計劃才剛剛開始，正如您在營運支出線上從第一季到第二季的進展中看到的那樣，隨著我們進入第三季度和第四季度，這些計劃仍在繼續。因此，我們將隨著這一年的進展而取得進展，並在我們落實這些措施時均勻地取得進展。

They help us a lot.

他們幫助我們很多。

Mike Latimore, Northland Capital Markets.

麥克‧拉蒂摩爾 (Mike Latimore)，北國資本市場。

Hi, Mike.

嗨，麥克。

Hi.

你好。

[Vijay Devar] for Mike Latimore.

[Vijay Devar] 為 Mike Latimore 創作。

I have a couple of questions. Yes, one on the sales cycle. If you could have no comment on that now how the sales cycles are coming along for especially for the bundles.

我有一些問題。是的，關於銷售週期的一個。如果您對現在的銷售週期（特別是捆綁包）的進展不發表評論的話。

Sorry with the question of how are the sales cycles coming along, follow-up on the bundles.

抱歉，我想問銷售週期進展如何，捆綁包的後續情況。

if I could get a great asset.

如果我能得到一筆巨大的資產的話。

That's a great question. I'd say increasingly, as we've done a better job of packaging, the integrated offers, we've seen that kind of a reboot, a reduction in the sales cycle for the bundles. I did that with kind of that being said, back to what Charles was commentary about the partners and the park with partner ecosystem, we still have some work to do to figure out a what are the right bundles for which partners to because the partners themselves are a key part of that cycle. So I'd say it's exciting progress to see so far, but we've got more to come as we optimize and figure out the best way to manage the manage and grow through our partner ecosystem.

這是一個很好的問題。我想說的是，隨著我們在包裝、綜合報價方面做得更好，我們已經看到了這種重新啟動，捆綁銷售週期的縮短。我是這麼說的，回到查爾斯對合作夥伴以及具有合作夥伴生態系統的公園的評論，我們仍然需要做一些工作來找出哪些合作夥伴適合的捆綁包，因為合作夥伴本身是該週期的關鍵部分。因此，我想說，到目前為止，我們取得了令人興奮的進展，但隨著我們優化並找出透過我們的合作夥伴生態系統進行管理和發展的最佳方法，我們將取得更多進展。

I mean, I would tell you that the first, 120 days that I've been here. And so new Jeremy as well. Our focus has been on some of the key operational components, which we've been speaking about and getting those things really fine-tuned inside the company because of that, the outcome of that will be a much more efficient bundled offerings because one of the issues that we had during the transformation was actually integrating all the components now that the components are integrated and now we can actually produce them at a much faster rate than the analogy.

我的意思是，我會告訴你，我來到這裡的第 120 天。還有新傑里米。我們的重點是一些關鍵的營運組件，我們一直在討論這些組件，並在公司內部對這些組件進行了真正的微調，因此，其結果將是更高效的捆綁產品，因為其中之一我們在轉型過程中遇到的問題實際上是集成所有組件，現在組件已經集成，現在我們實際上可以比類比更快的速度生產它們。

I'll give you is we had a whole lot of ingredients in the kitchen and what we did is build the right kitchen to put those agreed together far more efficiently. And that's certainly where we're at right now. We're in the point now of being able to measure the sales cycles on these bundles. But this were 120 days in and we're just beginning to see that process. So more data in Q3 and Q4 have noted that question, and we'll kind of let you know, that's going with some real metrics on that as we go into Q3 and Q4.

我可以告訴你的是，我們廚房裡有很多原料，我們所做的就是建造合適的廚房，以更有效地將這些商定的原料組合在一起。這當然就是我們現在所處的情況。我們現在能夠衡量這些捆綁包的銷售週期。但 120 天過去了，我們才剛開始看到這個過程。因此，第三季和第四季的更多數據已經注意到這個問題，我們會讓您知道，當我們進入第三季和第四季時，這將涉及一些實際指標。

But they're sure that not.

但他們確信不是。

Yes, that's that's quite interesting. And maybe one more, if I can sneak up on collections and the bad debt do you see them declining as you make this transformation plan collections and bad debt a bit of time?

是的，這很有趣。也許還有一個問題，如果我能偷偷地了解一下催收和壞賬，當您制定這個轉型計劃催收和壞賬一段時間後，您是否會看到它們正在下降？

Absolutely.

絕對地。

We were very pleased with with our AR and and how quickly we turn AR into cash that's evident with the cash position that we have that quickly return it. There is nothing of any concern that I have relative to a VAR base we're not seeing any issues currently with anything economic that's driving anything that.

我們對我們的 AR 以及我們將 AR 轉化為現金的速度感到非常滿意，這從我們快速歸還它的現金狀況來看是顯而易見的。我對 VAR 基礎沒有任何擔憂，我們目前沒有看到任何經濟問題。

Yes, yes, no, certainly not the only vendor with that.

是的，是的，不，當然不是唯一這樣做的供應商。

Thanks a lot.

多謝。

We welcome.

我們歡迎。

This concludes the question-and-answer session and today's conference call. You may disconnect your lines and thank you for participating and have a pleasant day.

問答環節和今天的電話會議到此結束。您可以斷開線路，感謝您的參與，祝您有個愉快的一天。