Appian Corp (APPN) 2024 Q3 法說會逐字稿

Hello, and welcome to the Appian third-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，歡迎參加 Appian 2024 年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

It is now my pleasure to introduce Vice President of Investor Relations, Jack Andrews.

現在我很高興介紹投資者關係副總裁傑克安德魯斯。

Good morning, and thank you for joining us. Today, we'll review Appian's third-quarter 2024 financial results. With me are Matt Calkins, Chairman and Chief Executive Officer; and Mark Matheos, Chief Financial Officer. After prepared remarks, we'll open the call for questions.

早安，感謝您加入我們。今天，我們將回顧 Appian 2024 年第三季的財務表現。與我一起的是董事長兼執行長 Matt Calkins；以及財務長馬克·馬西奧斯（Mark Matheos）。準備好發言後，我們將開始提問。

During this call, we may make statements related to our business that are considered forward-looking. These include comments related to our financial results, trends, and guidance for the third quarter and full year 2024, the benefits of our platform, industry, and market trends, our go-to-market and growth strategy, our market opportunity and ability to expand our leadership position, our ability to maintain and upsell existing customers, and our ability to acquire new customers.

在本次電話會議中，我們可能會做出與我們的業務相關的、被視為前瞻性的聲明。這些評論包括與我們 2024 年第三季和全年的財務業績、趨勢和指引相關的評論、我們平台的優勢、行業和市場趨勢、我們的上市和成長策略、我們的市場機會以及擴大我們的領導地位、維護和追加銷售現有客戶的能力以及獲取新客戶的能力。

These statements reflect our views only as of today and don't represent our views as of any subsequent date. We won't update these statements as a result of new information unless required by law. Actual results may differ materially from expectations due to the risks and uncertainties described in our SEC filings.

這些聲明僅反映我們截至今天的觀點，並不代表我們此後的任何觀點。除非法律要求，否則我們不會根據新資訊更新這些聲明。由於我們提交給美國證券交易委員會的文件中所述的風險和不確定性，實際結果可能與預期有重大差異。

Additionally, non-GAAP financial measures will be discussed on this conference call. Reconciliations of GAAP to non-GAAP financial measures are provided in our earnings release.

此外，本次電話會議將討論非公認會計準則財務指標。我們的收益報告中提供了 GAAP 與非 GAAP 財務指標的對帳表。

With that, I'd like to turn the call over to our CEO, Matt Calkins. Matt?

說到這裡，我想把電話轉給我們的執行長 Matt Calkins。馬特？

Thanks, Jack. In the third quarter of 2024, Appian's cloud subscription revenue grew 22% year over year to $94.1 million. Subscriptions revenue grew 19% to $123.1 million. Total revenue grew 12% to $154.1 million. Our cloud subscriptions revenue retention rate was 117% as of September 30. Adjusted EBITDA was positive $10.8 million.

謝謝，傑克。2024 年第三季度，Appian 的雲端訂閱營收年增 22% 至 9,410 萬美元。訂閱收入成長19%，達到1.231億美元。總營收成長 12% 至 1.541 億美元。截至 9 月 30 日，我們的雲端訂閱收入保留率為 117%。調整後 EBITDA 為正 1,080 萬美元。

Appian continues to grow even as we become more efficient. Growth remains our top priority. We now project positive adjusted EBITDA for the full current year 2024, an improvement from our breakeven forecast last quarter. Mark will provide more details.

隨著我們變得更有效率，Appian 也持續發展。發展仍然是我們的首要任務。我們現在預測 2024 年全年調整後 EBITDA 將為正值，比上個季度的損益平衡預測有所改善。馬克將提供更多細節。

Appian has pivoted to a more efficient cost structure. We did that with minimal short-term impact and without losing any long-term growth potential. We've streamlined our priorities, focusing on high-value implementations in core verticals and use cases. We've become more closely engaged with our very happy customer base.

Appian 已轉向更有效率的成本結構。我們做到了這一點，短期影響很小，而且沒有喪失任何長期成長潛力。我們精簡了優先事項，並專注於核心垂直領域和用例的高價值實施。我們與非常滿意的客戶群建立了更密切的聯繫。

We've reorganized some departments to become leaner and more effective, and we're seeing the first results. For example, our advisory service attachment rates are rising. Our existing customer renewal uplifts are also up. Under our new system, we're realizing higher pricing.

我們已經重組了一些部門，使其變得更精簡、更有高效，並且我們已經看到了初步成果。例如，我們的諮詢服務附加率正在上升。我們現有客戶的續約量也有所增加。在我們的新系統下，我們實現了更高的定價。

Our pipeline shows a larger median deal size. These are the first fruits of our efforts, the first indications that our strategy can work. We're early in this process, and there's a lot more we can achieve in this direction.

我們的管道顯示交易的中位數規模較大。這是我們努力的初步成果，也是我們的策略奏效的初步跡象。我們還處於這個過程的早期階段，在這個方向上我們還可以取得更多成就。

We're in the amusing position of being an analyst-designated leader in many markets, though we offer only one product. Depending on whether you consult Gartner, Forrester, Everest, or somebody else, Appian leads in process automation or orchestration or mining or low code, et cetera.

雖然我們只提供一種產品，但是我們在許多市場中都處於分析師指定的領導者地位，這是一個有趣的情況。取決於您諮詢的是 Gartner、Forrester、Everest 還是其他人，Appian 在流程自動化、編排、挖掘或低程式碼等方面處於領先地位。

This linguistic confusion has been a weight on our market, which wants clarity. I'll try to offer some here. Appian is a process company. Sometimes, we call ourselves the process company. But anyway, we've been focused on processes for a long time.

這種語言混亂對我們的市場造成了負擔，因為我們的市場需要清晰。我將嘗試在這裡提供一些。Appian 是一家流程公司。有時，我們稱自己為流程公司。但無論如何，我們一直專注於流程。

A process is anything an organization does thousands of times. It typically involves multiple steps, multiple participants, organization-specific customization, and evolution over time. Every organization is full of processes; many of them are unique and require customization.

流程是組織執行的數千次的某件事。它通常涉及多個步驟、多個參與者、組織特定的客製化以及隨著時間的推移而發展。每個組織都充滿了流程；其中許多都是獨一無二的，需要客製化。

Those processes do some of the most important things like spending money, handling customers, and creating products or services. These behaviors are the signature of their firms. They're outward and inward expressions, shaping reputation and identity.

這些流程完成了一些最重要的事情，例如花錢、處理客戶以及創造產品或服務。這些行為是其公司的標誌。它們是外在和內在的表達，塑造聲​​譽和認同。

When we say we're the process company, we mean that we sell a software platform for processes, but also that we have the expertise, solutions, executive partnership, and organizational commitment to provide great process outcomes. As I'd like to say, Appian isn't a product; it's an experience.

當我們說我們是流程公司時，我們的意思是我們銷售流程軟體平台，同時也意味著我們擁有專業知識、解決方案、高階主管合作夥伴關係和組織承諾，以提供出色的流程結果。我想說的是，Appian 不是一個產品；這是一種經驗。

We're very proud of our 99% gross renewal rate. Here's where I'm going with this. Commentators today with all their various names for the same thing and trend chasing are underestimating the value of process. My example is the recent trend around Agentic AI.

我們對 99% 的總續約率感到非常自豪。這就是我要去的地方。如今的評論家們對同一件事賦予了各種各樣的名稱並追逐潮流，他們低估了流程的價值。我的例子是圍繞著 Agentic AI 的最新趨勢。

Agentic AI means using AI to respond to stimuli and take actions autonomously. For a complex action, that means AI must inform itself, collaborate with other actors, and take actions independently. Process is a better way to do all three of those things.

代理人工智慧是指使用人工智慧來回應刺激並自主採取行動。對於複雜的行動，這意味著人工智慧必須自我告知、與其他參與者合作並獨立採取行動。流程是完成這三件事的更好方法。

AI is more effective working within the structure of a process where data fabric provides enterprise-wide data access, where human and digital collaborators are available, and where powerful actions are predefined and launchable. This is especially true when the job is complex and the tolerance for error is low.

人工智慧在流程結構中工作更有效，其中數據結構提供企業範圍的數據訪問，其中人類和數位合作者可用，並且強大的操作是預先定義和可啟動的。當工作複雜且對錯誤的容忍度較低時，尤其如此。

It's also true if you need to audit AI's actions and tune them for future accuracy or efficiency. You could think of process as a frame for AI. Process gives it the support and structure AI needs to be effective. Appian uses AI in a process to create a superior version of Agentic AI.

如果您需要審查 AI 的行為並對其進行調整以提高未來的準確性或效率，那麼這也是正確的。您可以將過程視為 AI 的框架。流程為人工智慧提供了有效運作所需的支援和結構。Appian 在一個流程中使用 AI 來建立 Agentic AI 的進階版本。

I say all this to rebut the theory that AI will obsolete process because AI can do everything by itself. You know, you've heard this one. AI can write the code, AI can take the actions, et cetera. As I hope I've explained, the opposite is true, at least at our high end of this market.

我說這些是為了反駁「人工智慧將淘汰流程」的理論，因為人工智慧可以獨立完成所有事情。你知道，你聽過這個。AI 可以寫程式碼，AI 可以採取行動等等。我希望我已經解釋過了，事實恰恰相反，至少在我們這個市場的高端是這樣。

Process is the perfect home for AI, and the two are highly complementary. I'll return to this theme in future earnings calls.

流程是人工智慧的完美歸宿，兩者俱有很強的互補性。我將在未來的收益電話會議上再次討論這個主題。

This quarter, Appian saw the highest yet quarter-on-quarter increase in AI usage. For example, a top Latin American bank is modernizing its enterprise to increase operational agility and optimize margins. It named Appian its platform standard earlier this year after we embedded AI into its processes within just a few weeks.

本季度，Appian 的 AI 使用量較上季增幅創歷史新高。例如，一家拉丁美洲頂級銀行正在進行企業現代化，以提高營運靈活性並優化利潤率。我們在短短幾週內將 AI 嵌入到 Appian 的流程中，並在今年稍早將 Appian 命名為其平台標準。

The bank can initiate and complete various consumer-related actions on Appian based on the insights our AI provides. Now the bank intends to replace an incumbent and flexible system with Appian and improve operational efficiency by 40%.

銀行可以根據我們的人工智慧提供的洞察在 Appian 上發起並完成各種與消費者相關的行動。現在，該銀行打算用 Appian 取代現有的彈性系統，並將營運效率提高 40%。

Q3 is big in the public sector, a very important sector for Appian, where we continue to expand. We signed a contract with a federal cabinet level agency that manages US national parks and resources. It purchased several of our government acquisition management solutions from the GAM suite last quarter and became a new Appian customer.

Q3 在公部門佔有重要地位，這對 Appian 來說是一個非常重要的領域，我們會繼續向這個領域拓展。我們與管理美國國家公園和資源的聯邦內閣級機構簽訂了合約。上個季度，該公司從 GAM 套件中購買了我們的幾種政府採購管理解決方案，並成為了新的 Appian 客戶。

The group chose Appian because we've successfully digitized procurement operations at several peer organizations. In fact, with this new win -- and we're proud of this one -- all 15 US cabinet-level agencies are now Appian customers.

該集團選擇 Appian 是因為我們已經成功地將多個同行組織的採購業務數位化。事實上，憑藉這次勝利——我們對此感到很自豪——美國所有 15 個內閣級機構現在都是 Appian 的客戶。

Another federal agency uses sophisticated technological systems to support national security and defense. It became a new Appian customer earlier this year when it purchased a few of our government acquisition management solutions, again, the GAM suite. It purchased a seven-figure software deal this quarter to replace a few of our competitors' systems with Appian. Now the organization will run HR management and annual planning processes on Appian.

另一個聯邦機構使用複雜的技術系統來支援國家安全和防禦。今年早些時候，該公司購買了我們的一些政府採購管理解決方案（GAM 套件），成為了 Appian 的新客戶。本季度，該公司購買了一筆七位數的軟體交易，並以 Appian 取代了我們一些競爭對手的系統。現在，該組織將在 Appian 上運行人力資源管理和年度計劃流程。

Next, an update from another of our primary verticals, financial services. We did a deal with a global financial services provider that oversees quadrillions of dollars in annual transactions. It decided to modernize its client life cycle management processes using Appian and became a new customer this quarter. Our platform will consolidate several systems into a single application to manage processes like prequalifying applicants, onboarding new clients, and managing life cycle events.

接下來，我們來看看我們的另一個主要垂直產業——金融服務的最新消息。我們與一家負責管理每年數萬億美元交易的全球金融服務提供商達成了交易。該公司決定利用 Appian 來實現其客戶生命週期管理流程的現代化，並在本季成為新客戶。我們的平台將把多個系統整合成一個應用程式來管理諸如預審申請人、接納新客戶和管理生命週期事件等流程。

My second financial services story is about a top global bank. This firm runs internal audit and call center operations on our platform. This quarter, it purchased 1,500 additional user licenses for a payment exceptions application.

我的第二個金融服務故事是關於一家全球頂級銀行的。該公司在我們的平台上運行內部審計和呼叫中心營運。本季度，該公司為付款例外應用程式購買了 1,500 個額外的用戶許可證。

Appian will manage the process for approving an organization's transaction request when it doesn't have enough cash on hand to make the payment. This heavily regulated process can result in major fines if a bank falls out of compliance. Appian won this deal because we have a strong track record of managing similar high-risk processes across other major banks.

當組織手頭上沒有足夠的現金進行支付時，Appian 將管理批准組織交易請求的流程。如果銀行不合規，這項受到嚴格監管的流程可能會導致巨額罰款。Appian 之所以贏得這筆交易，是因為我們在管理其他主要銀行的類似高風險流程方面擁有良好的業績記錄。

I'll close my remarks with a few personnel updates. First, we welcomed Mark Dorsey as our new Chief Revenue Officer. Mark has 25 years of experience leading sales teams at cloud and SaaS companies, including Oracle, IBM, and most recently, Alteryx.

最後，我想介紹一些人員更新情況。首先，我們歡迎馬克多西 (Mark Dorsey) 擔任我們的新任首席營收長。Mark 擁有 25 年領導雲端運算和 SaaS 公司銷售團隊的經驗，包括 Oracle、IBM 以及最近的 Alteryx。

Next, Appian elected Boe Hartman and Michael Beckley to our Board of Directors. Boe is the first member of the Board to understand Appian from the client's perspective. He successfully ran a multimillion-dollar Appian deployment for one of the world's premier banks. He's an expert at turning functionality into value who will help us define our solutions. Michael Beckley is one of our founders and currently our CTO and is returning to the Board after an absence of several years.

接下來，Appian 選舉 Boe Hartman 和 Michael Beckley 加入我們的董事會。Boe 是董事會中第一位從客戶角度了解 Appian 的成員。他成功地為世界頂級銀行之一實施了價值數百萬美元的 Appian 部署。他是將功能轉化為價值的專家，將幫助我們定義解決方案。邁克爾貝克利 (Michael Beckley) 是我們的創始人之一，目前擔任我們的首席技術官，在缺席數年後重返董事會。

Finally, our CFO, Mark Matheos, is leaving Appian. We appreciate his eight years of good work, and we wish him well. Our former CFO and current Board member, Mark Lynch, will return as Interim CFO while we search for a full-time replacement.

最後，我們的財務長 Mark Matheos 將離開 Appian。我們感謝他八年來的出色工作，並祝他一切順利。我們前任財務長兼現任董事會成員馬克林奇 (Mark Lynch) 將繼續擔任臨時財務官，同時我們尋找一名全職接任者。

With that, I'll hand the call over to Mr. Matheos for the last time for a deeper discussion of our financials.

說完這些，我將最後一次把電話交給馬西奧斯先生，讓他更深入地討論我們的財務狀況。

Thanks, Matt, and thank you to everyone joining us today. I'll review the financial highlights for the quarter, and then we'll provide guidance for the fourth quarter and full year 2024. Our key metrics of cloud revenue, total revenue, and adjusted EBITDA all came in above the high end of our guidance ranges.

謝謝，馬特，也謝謝今天加入我們的每個人。我將回顧本季度的財務亮點，然後我們將為 2024 年第四季和全年提供指導。我們的主要指標，如雲端收入、總收入和調整後的 EBITDA 均高於我們的預期範圍的高端。

Cloud subscription revenue was $94.1 million, an increase of 22% year over year. Our cloud subscription gross renewal rate remained stable at 99%, up from 97% a year ago and consistent with the prior quarter. Our cloud subscription revenue retention rate was 117% as of September 30, 2024, compared to 117% a year ago and 118% in the prior quarter.

雲端訂閱收入為 9,410 萬美元，較去年同期成長 22%。我們的雲端訂閱總續訂率保持穩定在 99%，高於一年前的 97%，與上一季持平。截至 2024 年 9 月 30 日，我們的雲端訂閱營收保留率為 117%，而去年同期為 117%，上一季為 118%。

We continue to target a cloud subscription revenue retention rate between 110% and 120% on a quarterly basis. Approximately 88% of our total net new software bookings this quarter was for the cloud compared to 71% in the prior year's third quarter. Total subscriptions revenue was $123.1 million, an increase of 19% year over year.

我們繼續將雲端訂閱收入的季度保留率定為 110% 至 120% 之間。本季我們總淨新軟體預訂量中約有 88% 來自雲端運算，去年第三季這一數字為 71%。總訂閱收入為 1.231 億美元，較去年同期成長 19%。

Professional services revenue was $30.9 million, down 7% year over year. As we've previously stated, professional services revenue can fluctuate quarter to quarter due to the timing of large projects. We continue to leverage our professional services to enable partners and drive customer success. Over the long term, we expect professional services revenue to continue to decline as a percentage of total revenue.

專業服務收入為3,090萬美元，較去年同期下降7%。正如我們之前所說，由於大型專案的時間安排，專業服務收入可能會逐季波動。我們將繼續利用我們的專業服務來幫助合作夥伴並推動客戶成功。從長遠來看，我們預計專業服務收入佔總收入的比例將持續下降。

Total revenue was $154.1 million, an increase of 12% year over year. Subscription revenue represented 80% of total revenue compared to 76% in the year-ago period and 77% in the prior quarter. We continue to see global demand for our platform with our international operations contributing 36% of total revenue compared with 35% in the year-ago period. Foreign exchange movements provided a small revenue tailwind of slightly less than 1% this quarter.

總收入為1.541億美元，年增12%。訂閱收入佔總收入的 80%，而去年同期為 76%，上一季為 77%。我們繼續看到全球對我們平台的需求，我們的國際業務貢獻了總收入的 36%，而去年同期為 35%。外匯變動為本季的營收帶來了略低於 1% 的小幅推動。

Turning to profitability metrics, non-GAAP gross margin was 77% compared to 75% in both the year-ago period and prior quarter. Subscriptions non-GAAP gross profit margin was 89%, consistent with both the year-ago period and prior quarter.

談到獲利能力指標，非 GAAP 毛利率為 77%，而去年同期和上一季均為 75%。訂閱非公認會計準則毛利率為 89%，與去年同期及上一季一致。

Professional services non-GAAP gross margin was 30%, also consistent with both the year-ago period and prior quarter. Our goal is to enable customers and help them achieve strong outcomes. We continue to invest in nonbillable areas of our services organization to ensure customer success and drive adoption of our platform.

專業服務非公認會計準則毛利率為 30%，與去年同期及上一季持平。我們的目標是幫助客戶並幫助他們取得良好的成果。我們將繼續投資於服務機構的非計費領域，以確保客戶成功並推動我們平台的採用。

Total non-GAAP expenses were $110.2 million, a slight decline from $110.5 million in the year-ago period. Adjusted EBITDA was positive $10.8 million for the quarter, which is well ahead of our third-quarter guidance of between breakeven and positive $3 million and significantly improved from an adjusted EBITDA loss of $5.3 million in the year ago period.

非公認會計準則總支出為 1.102 億美元，較去年同期的 1.105 億美元略有下降。本季調整後 EBITDA 為正 1,080 萬美元，遠高於我們第三季損益平衡至正 300 萬美元的預期，且較去年同期調整後 EBITDA 虧損 530 萬美元有顯著改善。

Non-GAAP net income was $11.4 million or $0.15 per diluted share compared to a non-GAAP net loss of $14.6 million or $0.20 per diluted share for the third quarter of 2023. In the third quarter, we had approximately $9.2 million of foreign exchange gains compared to $4.3 million in foreign exchange losses in the same period a year ago. As a reminder, we do not forecast movements in FX rates. Therefore, FX movements are not considered in our guidance.

非公認會計準則淨收入為 1,140 萬美元或每股攤薄收益 0.15 美元，而 2023 年第三季的非公認會計準則淨虧損為 1,460 萬美元或每股攤薄收益 0.20 美元。第三季度，我們的外匯收益約為 920 萬美元，而去年同期的外匯損失為 430 萬美元。提醒一下，我們不預測外匯匯率的變動。因此，我們的指導不考慮外匯走勢。

Turning to our balance sheet, as of September 30, 2024, cash, cash equivalents and investments were $140 million. This provides us with sufficient liquidity to operate and invest in our business. For the third quarter, cash used by operating activities was $8.2 million, a significant improvement compared to the use of $65 million in the same period last year. As a reminder, last year's figure included a onetime payment of $57.3 million for our judgment preservation insurance policy.

查看我們的資產負債表，截至 2024 年 9 月 30 日，現金、現金等價物和投資為 1.4 億美元。這為我們提供了充足的流動性來運作和投資我們的業務。第三季度，經營活動所用現金為 820 萬美元，與去年同期的 6,500 萬美元相比有顯著改善。提醒一下，去年的數據包括我們為判決保全保單支付的 5,730 萬美元的一次性付款。

Finally, total deferred revenue was $227.6 million as of the third quarter of 2024, an increase of 15% from the year-ago period. As a reminder, while the majority of our customers are invoiced on an annual upfront basis, we also have some large customers that are billed quarterly or monthly. Consequently, we continue to believe cloud subscription revenue is a better indicator of our business momentum than deferred revenue, billings, or remaining performance obligations.

最後，截至 2024 年第三季度，遞延收入總額為 2.276 億美元，較去年同期成長 15%。提醒一下，雖然我們的大多數客戶都是以年度預付款方式開立發票，但我們也有一些大客戶按季度或每月付款。因此，我們仍然相信，與遞延收入、帳單或剩餘履約義務相比，雲端訂閱收入更能反映我們的業務動能。

These latter metrics can fluctuate based on the timing of invoicing, seasonality of on-prem license revenue, and the duration of customer contracts. The true scale of Appian's business is represented by subscriptions revenue, which includes support and all software subscription revenue regardless of whether the customer deploys to the Appian cloud, a private cloud, or on-prem.

這些後者指標可能會根據開立發票時間、內部授權收入的季節性以及客戶合約的期限而波動。Appian 業務的真實規模由訂閱收入來體現，其中包括支援和所有軟體訂閱收入，無論客戶部署到 Appian 雲端、私有雲還是本地。

We previously forecasted adjusted EBITDA breakeven in 2024. Now we're pleased to share that we expect positive adjusted EBITDA for the full year 2024. Let's turn to the specifics of our guidance.

我們先前預測調整後的 EBITDA 將於 2024 年達到損益兩平。現在，我們很高興地告訴大家，我們預計 2024 年全年調整後 EBITDA 將為正值。讓我們來談談我們指導的具體內容。

For the fourth quarter of 2024, cloud subscription revenue is expected to be between $95 million and $97 million, representing year-over-year growth between 14% and 17%. Total revenue is expected to be between $163.5 million and $165.5 million, representing year-over-year growth between 13% and 14%.

2024 年第四季度，雲端訂閱收入預計在 9,500 萬美元至 9,700 萬美元之間，年增 14% 至 17%。預計總收入在 1.635 億美元至 1.655 億美元之間，年增 13% 至 14%。

Adjusted EBITDA for the fourth quarter of 2024 is expected to range between positive $6 million and positive $8 million. Non-GAAP net loss per share is expected to range between $0.03 and breakeven. This assumes 74 million diluted weighted average common shares outstanding.

預計 2024 年第四季的調整後 EBITDA 在正 600 萬美元至正 800 萬美元之間。非公認會計準則預計每股淨虧損在 0.03 美元至損益平衡點之間。假設稀釋加權平均普通股流通股數為 7,400 萬股。

There are three reasons why we anticipate our adjusted EBITDA to decline sequentially from Q3. First, we expect Q4 sales commissions to increase, reflecting a seasonally stronger quarter for bookings. Second, we are hosting a number of marketing events during Q4. These include Appian Government and Appian Europe. Third, we are making incremental investments in Appian's cloud capabilities to better serve the public sector.

我們預計調整後的 EBITDA 將自第三季起連續下降，原因有三。首先，我們預期第四季銷售佣金將會增加，這反映出本季的季節性預訂量較強。其次，我們將在第四季舉辦一系列行銷活動。其中包括 Appian Government 和 Appian Europe。第三，我們正在對 Appian 的雲端功能進行逐步投資，以便更好地服務公共部門。

For the full year 2024, we are raising our cloud revenue and total revenue guidance. We are also raising our full-year adjusted EBITDA guidance. Cloud subscription revenue is now expected to be between $364 million and $366 million, representing year-over-year growth of 20%. Total revenue is now expected to be between $613 million and $615 million, representing year-over-year growth between 12% and 13%.

對於 2024 年全年，我們將提高雲端收入和總收入預期。我們也上調了全年調整後 EBITDA 預期。目前預計雲端訂閱收入在 3.64 億美元至 3.66 億美元之間，年增 20%。目前預計總收入在 6.13 億美元至 6.15 億美元之間，年增 12% 至 13%。

We now expect adjusted EBITDA to range from positive $5 million to positive $7 million. This is an improvement of $28.5 million from the midpoint of our guidance range at the beginning of the year. We're also updating our expected full-year 2024 non-GAAP net loss per share to a range between $0.38 and $0.35. This assumes 73 million diluted weighted average common shares outstanding.

我們現在預計調整後的 EBITDA 將在正 500 萬美元至正 700 萬美元之間。這比我們年初指導範圍的中點提高了 2850 萬美元。我們也將預期 2024 年全年非 GAAP 每股淨虧損更新為 0.38 美元至 0.35 美元之間。假設已發行稀釋加權平均普通股為 7,300 萬股。

Our guidance assumes the following: first, as previously disclosed, the variability in our services revenue can be impacted by a few large transactions. We expect professional services revenue to be flat to down sequentially in Q4. Second, we expect on-prem license revenue in Q4 will increase sequentially and track to seasonality that is consistent with prior periods.

我們的指導假設如下：首先，如前所述，我們的服務收入的變化可能會受到一些大額交易的影響。我們預計第四季專業服務收入將持平或季減。其次，我們預計第四季度的內部部署授權收入將環比增加，並與前期一致的季節性保持一致。

Third, total other income and interest expenses are expected to be between $4 million and $5 million in Q4 and between $20 million and $21 million for the full year 2024. Fourth, capital expenditures are expected to be between $1 million in Q4 and between $4 million and $5 million for the full year 2024. And fifth, our guidance assumes FX rates as of November 4, 2024.

第三，預計第四季度其他收入和利息支出總額在 400 萬至 500 萬美元之間，2024 年全年其他收入和利息支出總額在 2,000 萬至 2,100 萬美元之間。第四，預計第四季資本支出在 100 萬美元之間，2024 年全年資本支出在 400 萬至 500 萬美元之間。第五，我們的指導假設外匯匯率截至 2024 年 11 月 4 日。

In closing, we expect to continue driving more efficient growth in the business. We're pleased about our ability to guide for positive adjusted EBITDA in 2024. I'd like to express my appreciation for my time at Appian and will cheer for the company from the sidelines.

最後，我們希望繼續推動業務更有效率的成長。我們很高興能夠預期 2024 年調整後的 EBITDA 為正。我想表達我對在 Appian 工作時光的感激，並且會在場外為公司加油。

And with that, we'll open up the line for questions. Operator?

現在，我們將開始回答提問。操作員？

(Operator Instructions) Sanjit Singh, Morgan Stanley.

（操作員指示） 摩根士丹利的 Sanjit Singh。

Hi. This is Keith Weiss actually filling in for Sanjit Singh this morning. Very nice quarter. A couple of questions for you guys, if you will. One for Matt, just in terms of the discussion of like process versus agents. Is it really process versus agents, or is agents sort of like a user interface and execution layer on top of process?

你好。這是 Keith Weiss，今天早上實際上取代了 Sanjit Singh。非常好的季度。如果你們願意的話，我想問你們幾個問題。一個是給馬特的，僅就類似流程與代理的討論而言。它真的是流程與代理之間的對立嗎，或者代理是否有點像流程之上的使用者介面和執行層？

So are you talking to us about an ability to create better agents? Or are you saying that just utilizing process could basically obviate the need to use agents, if you will?

那麼，您是在跟我們談論創造更好的代理商的能力嗎？或者您是說，如果可以的話，僅僅利用流程就可以基本上消除使用代理的需要？

Okay. I see agents not just as a means to an end, but more importantly, as an end. The most important thing about the Agentic AI movement, in my opinion, is the interest in having AI that takes actions, and how you get there is up for debate.

好的。我認為代理不只是達到目的的手段，更重要的是，它是一種目的。我認為，Agentic AI 運動最重要的一點是對擁有可以採取行動的 AI 的興趣，而如何實現這一目標還有待商榷。

And I'm proposing that there will be a different, a better way to get there, to get toward action-taking agents. If you empower those agents with information from a data fabric, structured collaborators with whom to work, and a set of pre-coded output levers that it can pull and utilize, we've just made our agents bionic is basically what I'm saying.

我建議採用不同的、更好的方法來達到這個目的，以獲得採取行動的動力。如果你為這些代理提供來自資料結構的資訊、與之合作的結構化協作者以及一組可以拉動和利用的預編碼輸出槓桿，我們就讓我們的代理變得仿生了，基本上我是這樣說的。

I think process empowers agents to be stronger. So I'm proposing process as a better way to achieve a superior version of the same intent.

我認為流程可以讓代理商更強大。因此，我建議採用流程作為實現相同意圖的更優版本的更好方法。

Got it. That's super clear. A couple of nice wins in federal. If we take -- if we abstract that up a little bit, and was federal overall -- was it a good federal quarter for you guys compared to prior year compared to kind of your expectations? Or was it just a couple of good wins in the quarter?

知道了。這非常清楚。聯邦中取得了幾項不錯的勝利。如果我們將其稍微抽像一下，並且是聯邦整體情況，那麼與去年同期相比，與您的預期相比，本季度的聯邦業績是否良好？或者這只是本季的幾場勝利？

Yeah. Let me speak to federal. This has been a good year for federal overall. I think it has been our best performing theater in the world this year. And that's due to the success of our GAM suite. It's due to our momentum.

是的。讓我和聯邦政府談談。整體來說，今年對聯邦政府來說是豐收的一年。我認為這是我們今年在世界上表現最好的劇院。這歸功於我們的 GAM 套件的成功。這是因為我們的動力。

As I say, we're in all 15 cabinet-level agencies. We have a strong reputation, and we're seeing a lot of growth. We just came off our government annual event last week. And the vibe, so to speak, was very strong. Government is one of the cylinders that's really hitting for Appian right now.

正如我所說，我們遍布所有 15 個內閣級機構。我們擁有良好的聲譽，而且我們正在實現巨大的成長。我們上週剛結束了政府年度活動。可以這麼說，這種氛圍非常強烈。政府是目前對 Appian 造成重大打擊的支柱之一。

Got it. And then just maybe one on the margin side of the equation. Really impressive results in EBITDA this quarter. Maybe you could talk a little bit to what enabled that upside in the quarter, like what went much better than expected to enable that EBITDA to drop down.

知道了。然後也許就等式的邊際邊數為 1 了。本季的 EBITDA 業績確實令人印象深刻。也許您可以稍微談談是什麼導致了本季的上漲，例如哪些情況比預期好得多，導致 EBITDA 下降。

And perhaps, dig in a little bit on where some of these efficiency savings are coming from. Investors could be and analysts could be a little bit skeptical about lowering costs without any trade-offs, if you will, not having to pay for sort of lower overall investment?

或許，我們可以深入研究這些效率節約的來源。投資人和分析師可能會對在不付出任何代價的情況下降低成本持懷疑態度，如果你願意的話，不必為較低的整體投資付出代價？

Sure. Yes. I mean, look, this has been an ongoing effort to look at the company and the organization as a whole from an efficiency standpoint. And the definition of efficiency is when people are working on things that aren't adding value, right, or when we're investing in activities that were perhaps not getting that higher level of return that we wanted.

當然。是的。我的意思是，看，這是從效率的角度看待整個公司和組織的持續努力。效率的定義是當人們所從事的事情沒有增加價值時，或者當我們所投資的活動可能無法獲得我們想要的更高回報時。

And so I think we've done an ongoing scrub. I think this is not a one-and-done sort of situation. This is a posture of efficient growth that the company is in. In Q3, certainly, we had help from a revenue beat that's helped our adjusted EBITDA as well. But we've seen a lot of dividends paying off from our overall efficiency posture that the company has kind of gone through over the past 18 months or so.

所以我認為我們已經進行了持續的清理工作。我認為這不是一次性的事情。這是公司目前高效率成長的態勢。在第三季度，我們確實受益於超出預期的收入成長，這也有助於提高我們的調整後 EBITDA。但我們已經看到，公司在過去 18 個月左右經歷的整體效率態勢帶來了豐厚的回報。

Got it. Thank you, guys, for taking my questions.

知道了。謝謝你們回答我的問題。

Derrick Wood, TD Cowen.

德里克·伍德（Derrick Wood），TD Cowen。

Great, thanks. I guess, Matt, touching back on Agentic AI. I mean, you and your competitors are rolling out new capabilities. What would you highlight are some of your key differentiators in tackling this market compared to other approaches?

太好了，謝謝。我想，馬特，重新談談 Agentic AI。我的意思是，你和你的競爭對手正在推出新的功能。與其他方法相比，您在應對這一市場時有哪些主要的差異？

Yeah. Well, first of all, we can source the data better because we have access. We can quickly provision information from anywhere in the enterprise using our data fabric and unlike our competitors that have to gather the data into their own proprietary data center before they can properly interact with it.

是的。首先，我們可以更好地獲取數據，因為我們有訪問權限。我們可以使用我們的資料結構從企業中的任何位置快速提供信息，而我們的競爭對手則必須先將資料收集到他們自己的專有資料中心，然後才能正確地與其互動。

We can read and write from that data fabric, and I want to clarify that that is -- our functionality is quite different from the what's passing as, quote, data fabric in the market today. So that gives us an informatness advantage.

我們可以從該數據結構中讀取和寫入數據，我想澄清的是，我們的功能與當今市場上所謂的數據結構完全不同。這為我們提供了資訊優勢。

And then given that we believe that Agentic should happen within the context, the frame of a process, the actions are also far more auditable and specifiable. And in certain industries and for high-level tasks, certain industries like the government, they shy away from improvisatory behaviors, and they want to see something they can truly predict, audit, and improve. So this slightly more structured approach to agents is more appealing to our customers.

然後，鑑於我們相信 Agentic 應該在上下文、流程框架內發生，因此操作也更具可審計性和可指定性。在某些行業和高級任務中，例如政府等某些行業，他們迴避即興行為，他們希望看到真正可以預測、審計和改進的東西。因此，這種針對代理商稍微更結構化的方法對我們的客戶更具吸引力。

Got it. Thanks. And a question on pricing, actually, it's kind of a two-parter, I don't know if Matt or Mark. But you guys raised -- first of all, you guys raised pricing on some of your core tiers earlier in the year. How is this going in terms of customer adoption and any meaningful impact to revenue growth at this point? And second part, just pricing around consumption with your AI solutions. Give us an update on what that looks like and how that's been rolled out.

知道了。謝謝。關於定價的問題，實際上，它可以分為兩部分，我不知道是馬特 (Matt) 還是馬克 (Mark)。但你們——首先，你們在今年早些時候提高了一些核心層級的價格。就客戶採用而言，這進展如何？第二部分，僅根據 AI 解決方案的消費情況進行定價。請向我們更新一下具體情況以及實施情況。

Yeah. We are pricing by consumption with AI. I don't have much to say about it yet other than that that's our pricing framework. As for our pricing system that we rolled out this year with our three tiers, really two so far because the top one is being filled out over time with more features. But the advanced tier, we've seen substantial interest in the advanced tier, which is higher priced and higher functionality than the standard tier, which is more on the line with what we offered in our full package in years in the past.

是的。我們利用人工智慧根據消費情況定價。除了這是我們的定價框架之外，我還沒有太多要說的。至於我們今年推出的定價體系，它分為三個層級，但目前實際上只有兩個層級，因為最高層級會隨著時間的推移而增加更多功能。但對於高階層，我們看到了人們對其的極大興趣，它比標準層價格更高、功能更強，更符合我們過去幾年提供的全套服務。

The advanced tier has been particularly popular as a start point for new customers who tend to buy into that level almost as a default. We lead with it. We sell advanced first. We focus on the specific features that you get from advanced. And of course, we try very hard to make those essential features.

高級層級尤其受到新客戶的歡迎，他們幾乎默認購買該級別的產品，因此可以將其作為起點。我們以此為先。我們先賣先進。我們專注於您從高級功能中獲得的特定功能。當然，我們盡力實現這些基本功能。

And we find that most of our incoming customers have sprung for it. So we're getting the reaction we wanted. And now we're also going back to our existing customer base and proposing upgrades to advanced, and we're beginning to get those as well.

我們發現大多數新顧客都對此很感興趣。因此我們得到了我們想要的反應。現在我們也將回到現有的客戶群並提出升級到高級版本，我們也開始獲得這些升級。

Got it. And just if I could squeeze one more. Just on the nice bookings mix from the cloud. Mark, is there anything -- any new trend here? Or should we be expecting this to bounce around quarter to quarter?

知道了。我真希望還能再擠一點。僅基於來自雲端的優質預訂組合。馬克，這裡有什麼新趨勢嗎？或者我們是否應該預期這一數字會在每個季度之間波動？

Yeah. I wouldn't read into it too much. We certainly prefer the cloud, but that's been the case for years now, and we'll see some bouncing around a little bit.

是的。我不會對此進行過多的解讀。我們當然更喜歡雲端運算，但這種情況已經持續多年了，而且我們會看到一些波動。

Okay. Thank you.

好的。謝謝。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Thank you. Congrats. That was a great performance this quarter. Matt, can I stay on that pricing? Like if you think about Agentic AI, there's consumption, but then it's also like a bigger debate about like outcome-based pricing. Like, will that be different for you because you're coming more from the process angle? Or is that something that we kind of should consider or the industry needs to consider?

謝謝。恭喜。本季的表現非常出色。馬特，我可以繼續保持這個價格嗎？例如，如果你考慮 Agentic AI，就會有消費，但同時它也會引發更大的爭論，例如基於結果的定價。例如，這對您來說會有所不同嗎，因為您更多是從流程角度出發？或者這是我們應該考慮或產業需要考慮的事情？

Okay. First of all, let me say that I love outcome-based pricing or usage-based pricing, provided we have the right context in which to judge it. I wish to move us in that direction, but we must know the context. When you sell as a platform, you don't know what to price your usage at, and the outcomes becomes a subjective discussion.

好的。首先，我要說的是，我喜歡基於結果的定價或基於使用情況的定價，只要我們有正確的背景來判斷它。我希望我們朝這個方向前進，但我們必須了解背景。當你作為平台進行銷售時，你不知道該如何定價，而結果則會變成一個主觀討論。

And so I want to start in places where we have a clearly defined value proposition. I'm talking about solutions, use cases at very least industries. We're trying to move in that direction, but we have nothing to say about it right now. That's merely an intention. So right now, our price is not usage-based. We're just aspiring towards it.

因此，我想從我們有明確價值主張的地方開始。我談論的是解決方案，至少是該行業的用例。我們正努力朝這個方向努力，但目前我們還無話可說。那隻是一種意圖。所以現在，我們的價格不是基於使用情況的。我們只是在嚮往它。

Yeah. Okay. And then just double-clicking again on the strong cloud performance this quarter. Like obviously, you executed really well. Do you sense also like a change in the market in terms of how you're engaging with customers, how they are kind of understanding AI better and now finding the right vendors to engage, et cetera? Like what are you seeing like more from the bigger picture? And you might have addressed it earlier, and I might have missed it.

是的。好的。然後再次雙擊本季強勁的雲端運算效能。顯然，你表現得非常好。您是否也感覺到市場在如何與客戶互動、客戶如何更好地理解人工智慧以及現在如何找到合適的供應商等方面發生了變化？從更大的角度來看您看到了什麼？您可能早就提到過這個問題，而我可能沒有註意到。

Yeah. Well, I do think customers are getting smarter about AI. And specifically, we're seeing more focus on places where AI can actually make a difference and impact, which is why we're so much stressing putting AI in the frame of a process. When you give AI a job and you give it connections, levers to pull, information to process, it's exceptionally productive. When you leave it alone in the midst of an undefined job and hope that it fields questions and does things, I find it far less effective.

是的。嗯，我確實認為客戶對人工智慧越來越了解了。具體來說，我們看到人們更加關注人工智慧能夠真正發揮作用和影響力的地方，這就是我們如此強調將人工智慧置於流程框架中的原因。當你賦予人工智慧一項工作，並為它提供連結、槓桿和資訊來處理時，它就會異常有效率。當你把它放在一項不明確的工作中，並希望它能回答問題並完成任務時，我發現它的效果會差很多。

So I believe that AI will really blossom in an enterprise setting first within the benefit of structure around it as to what its role is, what its capabilities are, what its inputs are. And so we are trying to establish value in what I think is the first killer app, which is the sort of structured instantiation of AI. And that's where we're seeing our biggest growth. And it was a big growth, that [particular] -- that quarter.

因此，我相信人工智慧將在企業環境中真正蓬勃發展，首先得益於其周圍的結構，即它的角色是什麼、它的能力是什麼、它的輸入是什麼。因此，我們試圖在我認為的第一個殺手級應用中建立價值，這是一個結構化的人工智慧實例。這正是我們實現最大成長的地方。那個季度，成長非常顯著。

Okay, perfect. Thanks. And Mark, all the best. Thank you.

好的，完美。謝謝。祝馬克一切順利。謝謝。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯 (Steve Enders)。

Okay, great. Thanks for taking my questions. And Mark, great to have worked with you all these years. I guess just to start, I want to ask on just kind of what you're seeing out there on the macro landscape. And I think we've heard from others about a prospect of a Q4 budget flush and just would be great to kind of get your thoughts on what you're seeing out there and the prospect of that.

好的，太好了。感謝您回答我的問題。馬克，這麼多年來我很榮幸能與您共事。首先我想問一下，您對宏觀情勢有什麼看法。我想我們已經從其他人那裡聽說了第四季度預算激增的前景，如果能聽聽您對目前的情況和前景的看法就更好了。

Okay. I don't have any insight into a Q4 budget flush. We're seeing a macroenvironment where we can succeed. Of course, there's certain tightness and variables we have to deal with, but macro is not a factor in our decision-making right now. It's not a factor in budget setting; it's not a factor in target setting. We believe we can operate in this environment.

好的。我對第四季的預算削減情況不了解。我們看到了一個可以成功的宏觀環境。當然，我們必須應對某些緊張和變數，但宏觀因素現在並不是我們決策的因素。這不是製定預算的因素；它不是目標設定的因素。我們相信我們可以在這樣的環境中開展業務。

Okay. Great. That is helpful. And then just on the changes on the sales and go-to-market side. I guess, how are you kind of viewing about those changes that you made and with new head of sales coming in, what's kind of the focus? And what will they be focused on as they hit the ground here?

好的。偉大的。這很有幫助。然後只是談論銷售和市場進入方面的變化。我想，您如何看待您所做的這些改變？那麼他們到達這裡後會關注什麼呢？

Yeah. Well, we come in with a couple of key sales priorities with our new leader, with Mark. We're going to shift our energy ever more to larger opportunities. We're going to focus more on our existing and very happy customer base and expect to sell more and -- back to them. And we want to bring forward our personalities in the human side, the partnership of Appian to differentiate us from our large bureaucratic competitors.

是的。好吧，我們和新領導馬克一起提出了幾個關鍵的銷售重點。我們將把更多的精力轉向更大的機會。我們將更加關注我們現有的、非常滿意的客戶群，並期望銷售更多產品並回饋他們。我們希望在人性化方面展現我們的個性，與 Appian 的合作將使我們有別於大型官僚競爭對手。

We should be and we should appear to be the anti-big tech when customers do business with us. They should feel like they have more of a personal connection, and we're going to put that forward. So those are the main ways that we want to sell or continue to evolve our sales process.

當客戶與我們做生意時，我們應該、而且應該表現出反對大型科技公司的態度。他們應該感覺到他們之間有了更多的個人聯繫，我們會推動這一點。這些是我們想要銷售或持續改善銷售流程的主要方式。

That's perfect. Thanks for taking my questions.

那很完美。感謝您回答我的問題。

(Operator Instructions) Jake Roberge, William Blair.

（操作員指示） Jake Roberge、William Blair。

Yeah. Thanks for taking my questions. Could you just talk a little bit more about what you're seeing on the demand front for data fabric and some of the use cases that customers are pulling you into? And just from a competitive perspective, we've obviously heard a few other vendors launched their own kind of fabric termed solutions over the past few months. So can you kind of walk through the differentiation of your product and how you're doing things differently versus some of those other players?

是的。感謝您回答我的問題。您能否再稍微談談您對資料結構的需求以及客戶向您推薦的一些用例？僅從競爭角度來看，我們顯然聽說過去幾個月其他一些供應商也推出了自己的解決方案。那麼，您能否介紹一下你們的產品的差異化，以及您與其他一些公司相比有何不同？

Yeah, absolutely. Thank you for asking. Our data fabric is a world apart from anybody else's, and it's one of the most important features that we've ever written. It's one of the best adopted features we've ever written. It is broadly used across our whole user base.

是的，絕對是如此。謝謝你的提問。我們的資料結構與其他任何人的資料結構都不同，這是我們編寫的最重要的功能之一。這是我們編寫過的最好的功能之一。它在我們整個用戶群中被廣泛使用。

Our data fabric allows you to treat the whole enterprise worth of data sources as if they were local data sources, addressable in a programmatic way as if they were local. You can read and write, and it's performance tuned. So we create indexes, we tune it so you can get instant response.

我們的資料結構可讓您將整個企業的資料來源視為本機資料來源，並且可以像本機資料來源一樣透過程式設計方式進行定址。您可以讀寫，並且其效能已調整。因此我們創建索引，並對其進行調整，以便您可以獲得即時回應。

Our competitors, by and large, are putting the data fabric label on a product that repairs broken integrations between their own products internally to their own siloed ecosystem. As I say, it's a world apart. Data fabric is more important than it's ever been because AI is effective when and only when you provision it with data.

總體而言，我們的競爭對手都在產品上貼上資料結構標籤，以修復他們自己產品與其孤立的生態系統之間中斷的整合。正如我所說，這是一個不同的世界。資料結構比以往任何時候都重要，因為只有在為人工智慧提供資料時，人工智慧才會有效。

In order to answer a question well, you need to provide AI the context. There's really two ways to do that. One is you preload the AI with all the data it could need and expect it to be ready for any question. That's fine for some. It's expensive. It might be a bad thing for privacy to hand out all your data.

為了很好地回答一個問題，你需要為AI提供背景資訊。實際上有兩種方法可以做到這一點。一種方法是向 AI 預先加載它可能需要的所有數據，並期望它能夠準備好回答任何問題。對某些人來說這很好。它很貴。洩漏所有資料對於隱私來說可能是一件壞事。

You might feel like you're beholden or in a bad negotiating position against your AI provider. But for some, they're willing to just train AI beforehand. We're not. That's not our approach.

您可能會感覺自己受到束縛，或者在與 AI 提供者的談判中處於不利地位。但對某些人來說，他們願意事先訓練人工智慧。我們不是。這不是我們的做法。

Our approach is the other way that you can inform AI, and that is to wait until the question arrives and then quickly fetch the data that's pertinent to the question and send the query with the data all at once. That's retrieval augmented generation or RAG, and it allows you to be far more private in what you share with AI and far less beholden to your AI provider. It's also more auditable, it's more changeable. You can train it.

我們的方法是通知 AI 的另一種方式，那就是等到問題出現，然後快速獲取與問題相關的數據，並一次發送帶有數據的查詢。這就是檢索增強生成或 RAG，它使您與 AI 共享的資訊時能夠更加保密，並且不受 AI 提供者的束縛。它也更易於審計，更容易改變。你可以訓練它。

There are so many advantages to it, but it all depends on one key factor, one nonnegotiable technology you simply must have in order to use model number two, and that is you have to be able to fetch pertinent data within a second from across your enterprise. You have to find the data that makes sense related to the question that was just asked no matter where it exists across your enterprise.

它有很多優點，但這一切都取決於一個關鍵因素，一個你必須擁有的不可協商的技術，以便使用第二個模型，那就是你必須能夠在一秒鐘內從你的企業。您必須找到與剛剛提出的問題相關的有意義的數據，無論這些數據存在於企業的哪個位置。

And that requires a data fabric that is both comprehensive and performant. And that's the data fabric we have. And you see it's actually the key to the best model of AI. The best approach to private AI actually depends upon the kind of data fabric that we provide and others don't. That's why I'm so dialed into this, why I think it's such an important thing because it's actually the foundation to our approach to AI.

這需要一個全面且高效能的資料結構。這就是我們擁有的資料結構。你會發現，這其實是最佳人工智慧模型的關鍵。私有人工智慧的最佳方法實際上取決於我們提供而其他人不提供的資料結構類型。這就是我如此關注這個問題的原因，也是我認為它如此重要的原因，因為它實際上是我們實現人工智慧方法的基礎。

Okay. That's really helpful. And then just on the monetization front, I think you've talked about monetization for fabric coming when customers start to connect you to multiple different data sources. I guess the question is what are you seeing from some of the early data fabric customers and users in just their propensity to connect you to more and more data sources within their organization? Like are you seeing that unlock start to happen?

好的。這真的很有幫助。然後就在貨幣化方面，我想您已經談到了當客戶開始將您連接到多個不同的資料來源時，結構的貨幣化就會出現。我想問題是，您從一些早期的資料結構客戶和使用者身上看到了什麼，他們傾向於將您連接到他們組織內越來越多的資料來源？您是否看到解鎖開始發生了？

Yes, we are. Yes. And you're right. If you want to use data fabric on multiple data sources, you must upgrade to the advanced tier. And as I mentioned, we've got a broad participation amongst new clients. They're deciding that advanced is the right tier to buy, and we've got migration from existing customers starting to upgrade to advanced. So yes, it is happening, and data fabric is one of the most compelling reasons to do it.

是的。是的。你說得對。如果您想在多個資料來源上使用資料結構，則必須升級到進階層。正如我所提到的，我們得到了廣泛新客戶的參與。他們認為高級版是值得購買的正確層級，我們已經從現有客戶開始升級到高級版。是的，它正在發生，而資料結構是實現這一目標最令人信服的理由之一。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

Thank you, and thank you for participating. This concludes today's program. You may now disconnect.

謝謝您，謝謝您的參與。今天的節目到此結束。您現在可以斷開連線。