Appian Corp (APPN) 2025 Q1 法說會逐字稿

Good day and welcome to the APN 1st quarter 2025 earnings conference call.

大家好，歡迎參加 APN 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the conference over to Jack Andrews, Vice President of Investor relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁傑克安德魯斯 (Jack Andrews)。請繼續。

Good morning and thank you for joining us today.

早安，感謝您今天加入我們。

We'll review APEN's first quarter 2025 financial results. With me are Matt Calkins, Chairman and Chief Executive Officer, and Mark Lynch, Interim Chief Financial Officer. After prepared remarks, we'll open the call for questions.

我們將回顧 APEN 2025 年第一季的財務表現。和我一起的還有董事長兼執行長 Matt Calkins 和臨時財務長馬克林奇 (Mark Lynch)。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. The 2nd quarter and full year 2025, 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.

在此次電話會議中，我們可能會做出與我們的業務相關的前瞻性聲明。其中包括與我們的財務結果、趨勢和指導相關的評論。2025 年第二季和全年，我們的平台、產業和市場趨勢的優勢，我們的市場進入和成長策略，我們的市場機會和擴大領導地位的能力，我們維護和追加銷售現有客戶的能力，以及我們獲取新客戶的能力。

These statements reflect our views only as of today and don't represent our views as of any subsequent date. We will. Update these statements as a result of new information unless required by law.

這些聲明僅反映我們截至今天的觀點，並不代表我們此後任何日期的觀點。我們將。除非法律要求，否則根據新資訊更新這些聲明。

Actual results may differ materially from expectations due to the risks and uncertainties described in our SEC filings. Additionally, non-gap financial measures will be discussed on this conference call. Reconciliations of GAAP to non-gap financial measures are provided in our earnings release. With that, I'd like to turn the call over to our CEO Matt Calkins. Matt?

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。此外，本次電話會議也將討論非缺口財務措施。我們的收益報告中提供了 GAAP 與非差距財務指標的對帳。說到這裡，我想把電話轉給我們的執行長 Matt Calkins。馬特？

Thanks, Jack. Thanks everyone for joining us today.

謝謝，傑克。感謝大家今天的參與。

In the first quarter of 2025, Appian's cloud subscription revenue grew 15% year over year to $99.8 million.

2025 年第一季度，Appian 的雲端訂閱營收年增 15%，達到 9,980 萬美元。

Subscription revenue grew 14% to $134.4 million. Total revenue grew 11% year over year to $166.4 million. Our cloud subscription revenue retention rate was 112% as of March 31.

訂閱收入成長 14% 至 1.344 億美元。總營收年增 11% 至 1.664 億美元。截至 3 月 31 日，我們的雲端訂閱收入保留率為 112%。

Adjusted EBITDA was $16.8 million, a strong follow up to the prior quarters adjusted EBITDA of $21.2 million and a continued demonstration of our inherent earnings potential.

調整後的 EBITDA 為 1,680 萬美元，與上一季調整後的 EBITDA 2,120 萬美元保持強勁增長，並繼續證明我們固有的盈利潛力。

We held our annual conference last week, Appian World. Our focus was squarely on AI and AI agents and how AI can be deployed inside a process to deliver practical value.

我們上週舉辦了年度會議，Appian World。我們的重點是人工智慧和人工智慧代理，以及如何在流程中部署人工智慧以提供實際價值。

I appreciate the many customers who spoke about their experiences with Appian, the value they created using Appian AI, and the success they achieved. Speakers from AON, NASA, and MagMutual shared stories of how their organizations optimize processes with Appian.

我感謝許多客戶談論他們使用 Appian 的經驗、他們使用 Appian AI 創造的價值以及他們的成功。AON、NASA 和 MagMutual 的演講者分享了他們的組織如何使用 Appian 優化流程的故事。

Neuberger Berman revealed it on boards tens of billions of dollars in funds faster with Appian. Hitachi reported reducing operating expenses by 20% using Appian, a claim autism uses Aion to ingest medical documents, accelerating its patient intake process by 83%.

Neuberger Berman 透露，該公司將與 Appian 合作，以更快的速度管理數百億美元的資金。日立公司報告稱，使用 Appian 後營運費用減少了 20%，而自閉症患者使用 Aion 來獲取醫療文件，患者接收過程加快了 83%。

My keynote was about bringing AI to work. By that I mean finding the place in your enterprise where work is heaviest and most important and deploying AI there.

我的主題演講是關於將人工智慧應用於工作。我的意思是找到企業中工作最繁重、最重要的地方，並在那裡部署人工智慧。

We focus on AI the worker, not AI the helper. In order to make AI a worker, you must integrate AI into a business process because that's how the most critical work is done by teams taking coordinated action.

我們關注的是人工智慧工作者，而不是人工智慧助理。為了讓人工智慧成為一名工人，你必須將人工智慧融入業務流程中，因為這樣團隊才能協調行動，完成最關鍵的工作。

We don't believe in asking AI to make staggering leaps of creativity, not in 2025 anyway. Instead, AI is for doing regular work with superhuman efficiency. Things like document intake and response, which AI can do faster and better than anyone else.

我們不相信要求人工智慧實現驚人的創造力飛躍，至少在 2025 年不會。相反，人工智慧是為了以超人的效率完成常規工作。諸如文件接收和回應之類的事情，人工智慧可以比其他任何人都更快更好地完成。

My favourite conference session was called Saving Millions with Boring AI. Because it pretty much sums up our approach to AI straightforward, even boring, and immensely productive. We focus on practical results over hype.

我最喜歡的會議主題是「用無聊的人工智慧節省數百萬」。因為它基本上概括了我們對人工智慧的態度，簡單明了，甚至無聊，但卻非常有效率。我們注重實際成果而非炒作。

But don't let our use of the word boring fool you. We're getting incredible results. 70% of our cloud customers have adopted AI. We grew year over year production AI usage last quarter by 7.9, (Not 7.9%, 7.9 times.)We had more AI usage in Q1 than in all 2024 put together.

但不要讓我們使用的「無聊」這個詞欺騙了你。我們取得了令人難以置信的成果。我們 70% 的雲端客戶已經採用了人工智慧。上個季度，我們的生產 AI 使用量年增了 7.9（不是 7.9%，而是 7.9 倍）。第一季我們的 AI 使用量比 2024 年全年的總和還要多。

It's natural that the focus of the AI revolution would shift to supporting technologies like processes. The major AI models are convergent. The most important decision in AI applications may be not which AI you use, but how you deploy it.

人工智慧革命的重點自然會轉向流程等支援技術。各大人工智慧模型都是趨同的。人工智慧應用中最重要的決定可能不是使用哪種人工智慧，而是如何部署它。

Our belief, as if you've heard me before, is that AI should be deployed in a process. In an Appian process, AI is easier to deploy, safer, and more powerful.

我們的信念是，人工智慧應該部署在一個流程中，就像你以前聽我說過的那樣。在 Appian 流程中，AI 更易於部署、更安全、更強大。

Appian makes AI easy to adopt. For example, a leading Australian insurer deployed an application to ingest documents and automate underwriting processes using Appian AI. Before Appian, hundreds of underwriting specialists spent days manually processing quotes with limited accuracy.

Appian 讓 AI 易於採用。例如，一家領先的澳洲保險公司部署了一款應用程序，使用 Appian AI 來提取文件並自動化核保流程。在 Appian 之前，數百名核保專家需要花費數天時間手動處理報價，但準確度有限。

Now, in minutes, our AI classifies documents and extracts data with over 96% accuracy, so the insurer can quickly open and progress cases. The customer expects to run these processes 50% faster and generate millions more dollars in revenue annually.

現在，我們的人工智慧只需幾分鐘就能對文件進行分類並提取數據，準確率超過 96%，因此保險公司可以快速開立和處理案件。客戶希望將這些流程的運作速度提高 50%，並每年創造數百萬美元的收入。

Last year Appian launched a multi-tiered pricing model that allows us to monetize AI and other exclusive features. Since then, nearly half of our new logos have purchased the AI inclusive upper tiers. Revenue from these AI inclusive tiers more than doubled in Q1 relative to Q4, rising to $9 million. This is not yet a large share of our quarterly subscription revenue. But it demonstrates our early moves to monetize AI and our customers' willingness to pay.

去年，Appian 推出了多層定價模式，使我們能夠將人工智慧和其他獨家功能貨幣化。自那時起，我們近一半的新標誌都購買了包含 AI 的上層。與第四季相比，第一季這些 AI 包容層級的營收成長了一倍多，達到 900 萬美元。這還不是我們季度訂閱收入的很大一部分。但它展示了我們早期將人工智慧貨幣化的舉措以及客戶的支付意願。

Our customers become more efficient when they use our platform. An association of US financial regulators is one example. This group is an existing Appian customer. Its state regulators process thousands of product filings annually, 50% faster when using our platform. This was even without AI.

當我們的客戶使用我們的平台時，他們的效率會更高。美國金融監理協會就是一個例子。該團體是現有的 Appian 客戶。其州監管機構每年處理數千份產品備案，使用我們的平台後速度提高 50%。這甚至還沒有人工智慧。

In Q1, it expanded its use for a seven-figure software deal to upgrade its existing licenses to our new pricing model and deploy Appian AI. Our AI classifies each document and extracts pertinent data from each filing. Now the group expects to eliminate manual verifications and save tens of thousands of additional labor hours annually.

在第一季度，它擴大了七位數軟體交易的使用範圍，以將其現有授權升級到我們的新定價模式並部署 Appian AI。我們的人工智慧對每個文件進行分類並從每個文件中提取相關數據。現在，該集團希望消除人工驗證並每年節省數萬個額外的工時。

The central message of my keynote involved AI agents. I explained the three primary behaviors of an agent. It thinks, it acts, and it learns. And I explained why Appian agents have an edge in all three behaviors. I'm going to walk through them right now, briefly.

我的主題演講的核心思想涉及人工智慧代理。我解釋了代理的三種主要行為。它會思考、它會行動、它會學習。我解釋了為什麼 Appian 代理程式在這三種行為上都具有優勢。我現在就來簡單介紹一下它們。

First of those three behaviors is thinking. Thinking refers to exploring data with repeated queries of disparate sources to decide on the best course of action.

這三種行為中，第一種是思考。思考是指透過對不同來源的反覆查詢來探索數據，以決定最佳行動方案。

The more data an agent can explore, the better it will think. Appian's data fabric allows the agent to roam the entire enterprise of data, not limited to a single silo or data source.

代理探索的數據越多，它的思考能力就越強。Appian 的資料結構允許代理程式漫遊整個企業的數據，而不僅限於單一孤島或資料來源。

Our data fabric is industry leading functionality adopted by 97% of our incoming cloud users. Our data fabric gives agents more than universal access. It also grants them speed because our queries are automatically performance tuned and security because we run those queries with the appropriate user's credentials.

我們的資料結構是業界領先的功能，97% 的新雲端用戶都採用了它。我們的資料結構為代理提供的不僅僅是通用存取權限。它還為他們提供了速度，因為我們的查詢會自動進行效能調整，並且因為我們使用適當使用者的憑證來執行這些查詢，所以它還為他們提供了安全性。

Due to a surge in AI related usage, data fabric queries are up 166% year over year to nearly 7 billion queries in Q1. Second part of my behavior list is acting.

由於人工智慧相關使用量的激增，資料結構查詢在第一季同比增長了 166%，達到近 70 億次。我的行為清單的第二部分是表演。

Acting is the second thing that these agents do, and it refers to an agent implementing its decision.

代理執行的第二件事是代理執行其決策。

Appian's agents act exclusively through processes. That's all they can do is launch processes. No surprise there, as we are the process company. Processes are a great way to take action. They are complex compound actions potentially triggering dozens of separate work items by dozens of different workers, so they are powerful.

Appian 的代理人僅透過流程採取行動。他們所能做的就是啟動流程。這並不奇怪，因為我們是一家流程公司。流程是採取行動的好方法。它們是複雜的複合動作，可能由數十名不同的工人觸發數十個單獨的工作項目，因此它們非常強大。

But they are also safe. Processes are auditable and predictable. They provide guardrails. If processes are the best way for agents to take action, Appian has a distinct advantage. We run 16 billion transactions per day on our processes.

但它們也是安全的。流程是可審計和可預測的。他們提供護欄。如果流程是代理商採取行動的最佳方式，那麼 Appian 具有明顯的優勢。我們的流程每天運行 160 億筆交易。

Finally, there's think, there's act, and there's learn. So last one is learning. Learning means that an agent benefits from the knowledge of past results. If you want to learn from past results, you must start by remembering them, and Appian monitors everything that happens in our processes. How much time did it take? How much did it cost? Was it successful? We track all these things.

最後，還有思考、行動和學習。最後一個是學習。學習意味著代理可以從過去的結果知識中受益。如果您想從過去的結果中學習，您必須從記住它們開始，而 Appian 會監控我們流程中發生的一切。花了多少時間？花了多少錢？成功了嗎？我們追蹤所有這些事情。

Our process mining capability gives us an edge in collecting data for the benefit of our agents. The more the more you can learn.

我們的流程挖掘能力使我們在收集資料以造福我們的代理商方面具有優勢。越多，你能學到的就越多。

For example, a large US healthcare system will use Aan to simplify operations for hundreds of medical facilities. It'll start by analyzing a series of patient-focused processes like medical procedure pre-authorizations and denials to reduce overhead costs by 20%.

例如，美國一家大型醫療保健系統將使用 Aan 來簡化數百家醫療機構的運作。它將首先分析一系列以患者為中心的流程，例如醫療程序預先授權和拒絕，以將管理費用降低 20%。

Appian Data fabric will consolidate data from a dozen systems so the group can use our process mining tools to identify key bottlenecks. The group will use these insights to prioritize an IT roadmap of workflows to automate with our platform.

Appian Data fabric 將整合來自十幾個系統的數據，以便該小組可以使用我們的流程挖掘工具來識別關鍵瓶頸。該小組將利用這些見解來確定使用我們的平台實現自動化的 IT 工作流程路線圖的優先順序。

Appian does business in the United States public sector. We have a large presence in the federal space and are thus exposed to whatever disruption doge may create. But we are also tightly associated with DOGE’s primary virtues efficiency and modernization. We remain cautiously optimistic about the evolving opportunity.

Appian 在美國公共部門開展業務。我們在聯邦領域佔有重要地位，因此容易受到總督可能造成的任何破壞的影響。但我們也與 DOGE 的主要優點——效率和現代化緊密相關。我們對不斷發展的機會保持謹慎樂觀的態度。

In Q1, our federal government bookings, including both net news software and services, grew 59% compared to the same period last year.

第一季度，我們的聯邦政府訂單（包括網路新聞軟體和服務）與去年同期相比成長了 59%。

Appian has a long history of delivering value within the government. The Department of Labor, for example, saves tens of millions of dollars annually using Appian. Appian applications are mission critical.

Appian 長期以來一直致力於為政府創造價值。例如，勞工部每年透過使用 Appian 節省數千萬美元。Appian 應用程式對於任務至關重要。

The government procures $464 billion in annual budget on the Appian platform. We offer a solution called government acquisition Management or GAM. GAM helps agencies automate highly regulated processes for procuring goods and services. Last year, Appian launched ProcureSight to complement the suite.

政府每年透過 Appian 平台採購 4,640 億美元的預算。我們提供一種稱為政府採購管理或 GAM 的解決方案。GAM 可協助機構實現採購商品和服務的高度監管流程的自動化。去年，Appian 推出了 ProcureSight 來補充該套件。

Procure site Is an AI driven website. It applies AI to several major public data sets, so government professionals can glean insights from past procurements to help generate new ones. Over 80 federal agencies and sub agencies use the service today to make their procurements more cost effective.

採購網站是一個人工智慧驅動的網站。它將人工智慧應用於幾個主要的公共資料集，因此政府專業人員可以從過去的採購中收集見解，以幫助產生新的見解。目前，已有 80 多個聯邦機構和分支機構使用該服務，以提高其採購的成本效益。

We continue to sign new customers and win big expansions in our key verticals. Here are some examples. First, a US civilian agency purchased a seven-figure software deal and became a new customer this quarter. It selected our platform to manage investigations for tens of thousands of male-related crimes annually.

我們繼續簽約新客戶並在主要垂直領域贏得巨大擴張。這裡有一些例子。首先，一家美國民間機構購買了一項價值七位數的軟體交易，並成為本季的新客戶。它選擇我們的平台來管理每年數萬起與男性有關的犯罪的調查。

Before Appian, the group manually consolidated case files because its legacy system was disjointed and incomplete. Now Appian Data Fabric will seamlessly integrate data from dozens of systems so federal agents can focus on advancing investigations. We won this competitive deal because we were the only vendor to meet all the customers' requirements during our custom demo.

在 Appian 之前，該小組手動合併案件文件，因為其遺留系統脫節且不完整。現在，Appian Data Fabric 將無縫整合來自數十個系統的數據，以便聯邦特工可以專注於推進調查。我們贏得了這筆競爭性交易，因為我們是唯一一家在客製化演示期間滿足所有客戶要求的供應商。

Next, a US agency supporting the Department of Defense catalogs and manages nuclear inventory using Appian. This quarter it chose to modernize its procurement office and purchased our gam solution.

接下來，支援國防部的美國機構使用 Appian 對核庫存進行分類和管理。本季度，它選擇對其採購辦公室進行現代化改造，並購買了我們的遊戲解決方案。

Before, contracting officers manually tracked requirements on spreadsheets and custom tools. Now they'll process hundreds of millions of dollars of annual procurement budget on Appian. We won this deal because the customer's peer organizations recommended our solution.

以前，合約官員需要手動在電子表格和自訂工具上追蹤需求。現在他們將在 Appian 上處理數億美元的年度採購預算。我們贏得這筆交易是因為客戶的同儕組織推薦了我們的解決方案。

My final story is about a top Australian bank that became a new Appian customer this quarter. It'll use our platform to modernize customer service processes like credit card disputes and customer account updates. Appian AI will ingest nearly 75 million document pages annually, and Appian Data Fabric will consolidate data from all related systems into a single workflow tool so service agents can reduce their SLAs from hours to minutes.

我的最後一個故事是關於一家澳洲頂級銀行，本季成為 Appian 的新客戶。它將利用我們的平台來實現信用卡糾紛和客戶帳戶更新等客戶服務流程的現代化。Appian AI 每年將提取近 7500 萬頁文檔，而 Appian Data Fabric 將把來自所有相關係統的資料整合到一個工作流程工具中，以便服務代理可以將其 SLA 從數小時縮短到數分鐘。

It's important to me that Appian's investors know Appian's intentions, so I'll share with you now two essential internal metrics, which we'll report on quarterly going forward.

對我來說，讓 Appian 的投資者了解 Appian 的意圖非常重要，因此我現在將與大家分享兩個重要的內部指標，我們將在未來的季度內報告這些指標。

The first is what we call weighted rule of 40. This is the most important number that we manage the company towards. It's a combination of growth and margin like a typical rule of 40, but we growth twice as much as margin.

第一個是我們所謂的 40 加權規則。這是我們管理公司時最重要的數字。它是成長和利潤的結合，就像典型的 40 規則一樣，但我們的成長是利潤的兩倍。

In the current quarter, our weighted rule of 40 score is 27. Which is the sum of 4/3 cloud subscription growth plus 2/3 adjusted margin. I explained the math so you can see that the factors add up to 2, just like in a regular rule of 40 metric. Some Appian executives have weighted rule of 40 targets today, and all of them will over the next few quarters.

在本季度，我們的加權規則40分是27分。這是 4/3 雲端訂閱成長加上 2/3 調整後利潤的總和。我解釋了數學原理，這樣你就可以看到這些因數加起來等於 2，就像 40 公制的常規規則一樣。一些 Appian 高層今天已經制定了 40 個目標的加權規則，並且所有目標都將在未來幾個季度內實現。

A's other top objectives to increase sales and marketing efficiency. This became my primary objective in 2023, and after much work we're seeing some results.

A 的其他主要目標是提高銷售和行銷效率。這成為了我 2023 年的主要目標，經過大量努力，我們看到了一些成果。

This Q1, our net new bookings per sales rep, rose more than 30% compared to the same period last year. We want to share our progress with you using a new metric. See slide 4 in the presentation called GTM Productivity, that's go to market productivity. It measures the bang for our buck in sales and marketing.

今年第一季度，我們每位銷售代表的淨新訂單量與去年同期相比成長了 30% 以上。我們想用一個新的指標與您分享我們的進展。請參閱簡報中的第 4 張投影片，名為“GTM 生產力”，即進入市場生產力。它衡量了我們在銷售和行銷方面的投資回報。

The numerator is the sum of total revenue and the quarterly changes in short-term deferred revenue over trailing 12 months. The denominator is trailing 12 months in non-gap sales and marketing expenses, as you'll see in the chart, we're showing steady progress.

分子是過去 12 個月的總收入與短期遞延收入的季度變化之和。分母是過去 12 個月的非差距銷售和行銷費用，正如您在圖表中看到的，我們正在顯示出穩步的進展。

Appian hired Serge Tanjga as our new Chief Financial Officer starting later this month. Serge has over 20 years of financial experience, most recently as senior Vice President of finance at MongoDB, where he led financial planning, strategic finance, business operations, and analytics, and then as their interim CFO.

Appian 將於本月稍後聘請 Serge Tanjga 擔任我們的新財務長。Serge 擁有超過 20 年的財務經驗，最近擔任 MongoDB 的財務高級副總裁，領導財務規劃、策略財務、業務營運和分析，之後擔​​任臨時財務長。

I'm excited to welcome him to Appian's executive team. I thank Mark Lynch for serving as our interim CFO during this search. He'll remain on Appian's board of directors. With that, I'll hand the call over to Mark for a deeper discussion about credentials, Mark.

我很高興歡迎他加入 Appian 的執行團隊。我感謝馬克林奇 (Mark Lynch) 在這次搜尋期間擔任我們的臨時財務長。他將繼續擔任 Appian 董事會成員。說完這些，我將把電話交給馬克，讓他更深入地討論證書問題，馬克。

Thanks Matt and thank you everyone for joining us today. I'll review the financial highlights for the quarter and then we'll provide guidance for Q2 and the full year 2025.

感謝馬特，也感謝大家今天的參與。我將回顧本季度的財務亮點，然後我們將為第二季和 2025 年全年提供指導。

Appian exceeded the guidance ranges we provided on our key metrics of cloud revenue, total revenue, and adjusted EBITDA

Appian 的雲端收入、總收入和調整後 EBITDA 等關鍵指標超出了我們提供的指導範圍

Cloud subscription revenue was $99.8 million an increase of 15% year over year. Total subscription revenue was $134.4 million an increase of 14% year over year. On a constant currency basis, total subscription revenue grew 15% year over year. Professional services revenue was $32.1 million flat growth compared to the first quarter of 2024. As a reminder, services revenue can be volatile quarter to quarter. We continue to expect professional services revenue to decline as a percentage of total revenue over the long term.

雲端訂閱收入為 9,980 萬美元，較去年同期成長 15%。總訂閱收入為 1.344 億美元，年增 14%。以固定匯率計算，總訂閱收入較去年同期成長 15%。專業服務收入為 3,210 萬美元，與 2024 年第一季相比持平成長。提醒一下，服務收入每季可能會有波動。我們仍預期專業服務收入佔總收入的比例將長期下降。

Subscription revenue represented 81% of total revenue compared to 79% in the EUR period and 82% in the prior quarter. Total revenue is $166.4 million an increase of 11% year over year. On a constant currency basis, total revenue grew 12% year over year.

訂閱收入佔總收入的 81%，而歐元區期間為 79%，上一季為 82%。總收入為 1.664 億美元，年增 11%。以固定匯率計算，總營收年增12%。

Our cloud subscription revenue retention rate was 112% as of March 31, 2025, compared to 120% a year ago and 116% in the prior quarter. We continue to target a cloud subscription revenue retention rate of 110 to 120% on a quarterly basis.

截至 2025 年 3 月 31 日，我們的雲端訂閱營收保留率為 112%，而去年同期為 120%，上一季為 116%。我們繼續將雲端訂閱收入的季度保留率定為 110% 至 120%。

Our international operations contributed 36% of total revenue compared to 37% in the EUR period.

我們的國際業務貢獻了總收入的 36%，而歐元期間這一比例為 37%。

Cloud net new ACV bookings were approximately 82% of total net new software bookings in Q1 consistent with the prior year.

第一季度，雲淨新 ACV 預訂量約佔軟體淨新預訂總量的 82%，與去年同期持平。

Let's turn to profitability metrics. Non-GAAP gross margin was 78% compared to 76% in the year period and 80% in the prior quarter. Our subscription is non-GAAP gross profit margin was 89% compared to 90% in both the year ago period and prior quarter. This margin remains best in class in enterprise software.

讓我們來看看獲利能力指標。非公認會計準則毛利率為 78%，去年同期為 76%，上一季為 80%。我們的非公認會計準則毛利率為 89%，而去年同期和上一季均為 90%。這一利潤率在企業軟體領域仍處於領先地位。

Professional services non-gap gross margin was 30% compared to 25% a year ago and 31% in the prior quarter. Total non-gap operating expenses were $114.8 million down 2% from $117.3 million in the year period. Adjusted EBITDA was positive $16.8 million versus our guidance of positive 8 to $10 million and compared to an adjusted EBITDA loss of $1.3 million in the year period.

專業服務非差距毛利率為 30%，去年同期為 25%，上一季為 31%。總非差距營運費用為 1.148 億美元，較去年同期的 1.173 億美元下降 2%。調整後的 EBITDA 為正 1,680 萬美元，而我們的預期為正 800 萬至 1,000 萬美元，而去年同期的調整後 EBITDA 虧損為 130 萬美元。

This outperformance relative to our guide was largely driven by taking a measured approach to hiring, prioritizing low-cost regions for hiring, and by greater than expected term license and services revenue.

相對於我們的指南而言，這種優異表現主要是由於採取了審慎的招聘方式、優先在低成本地區招聘以及超出預期的定期許可和服務收入。

Non-gap net income was $9.8 million or $0.13 per diluted share compared to a non-gap net loss of $4.9 million or $0.07 per share for the first quarter of 2024. This is based on 74.1 million diluted shares outstanding for the first quarter of 2025 and $73.3 million diluted shares outstanding for the first quarter of 2024.

非差距淨收入為 980 萬美元，即每股攤薄收益 0.13 美元，而 2024 年第一季的非差距淨虧損為 490 萬美元，即每股虧損 0.07 美元。這是基於 2025 年第一季 7,410 萬股稀釋流通股和 2024 年第一季 7,330 萬美元稀釋流通股。

Turning to our balance sheet as of March 31, 2025, cash and cash equivalents and investments were $199.7 million compared with $159.9 million at the end of last year. For the first quarter, cash provided by operations was $45 million compared to $18.9 million for the same period last year.

查看截至 2025 年 3 月 31 日的資產負債表，現金、現金等價物和投資為 1.997 億美元，去年年底為 1.599 億美元。第一季經營活動產生的現金為 4,500 萬美元，而去年同期為 1,890 萬美元。

Total deferred revenue is $262.5 million as of March 31, 2025, an increase of 16% from the year period.

截至 2025 年 3 月 31 日，遞延收入總額為 2.625 億美元，較去年同期成長 16%。

As we stated on past calls, the majority of our customers are invoiced on an annual upfront basis. We also have large customers that are billed quarterly or monthly. Due to the variability of our billing terms, changes in our quarterly deferred revenue are generally not indicative of our business momentum.

正如我們在過去的電話中所說的那樣，我們的大多數客戶都是按年度預付的方式開立發票的。我們還有一些按季度或按月計費的大客戶。由於我們的計費條款的多變性，我們的季度遞延收入的變化通常無法反映我們的業務動能。

We continue to believe cloud subscription revenue is a better indicator of our business momentum than billings or remaining performance obligations RPO. The latter metrics can fluctuate based on the timing of invoicing, seasonality of self-managed license revenue, and the duration of customer contracts. The true scale of the business is represented by subscription revenue, which includes support.

我們仍然相信，與帳單或剩餘履約義務 RPO 相比，雲端訂閱收入更能反映我們的業務動能。後者指標可能會根據開票時間、自管許可收入的季節性以及客戶合約的期限而波動。業務的真實規模由訂閱收入（包括支援）來體現。

And all software subscriptions revenue regardless of whether the customer deploys to the Appian cloud, their private cloud or on prem.

無論客戶部署到 Appian 雲端、私有雲或本地，所有軟體訂閱收入均有效。

Before discussing guidance, I'll share a few observations about macroeconomic and business conditions. The US dollar has weakened since we last provided guidance, which now gives Appian a currency tailwind. Appian exceeded the high end of our Q1 guidance for cloud revenue and total revenue, and at this point in the year, we have not seen any material changes in our sales pipeline or the cadence of our business.

在討論指導之前，我將分享一些關於宏觀經濟和商業狀況的觀察。自從我們上次提供指導以來，美元已經走弱，這給 Appian 帶來了貨幣順風。Appian 的雲端收入和總收入超出了我們第一季預期的高端，而且在今年這個時候，我們的銷售管道或業務節奏沒有任何重大變化。

Given the macro macroeconomic uncertainty, changes within the federal government and thus a wider range of potential outcomes we're taking a prudent approach to guidance for the remainder of 2025.

鑑於宏觀經濟的不確定性、聯邦政府內部的變化以及由此產生的更廣泛的潛在結果，我們對 2025 年剩餘時間的指導採取審慎的態度。

For the second quarter of 2025, cloud subscription revenue is expected to be between $101 and $103 million representing year to year growth between 14 and 16%. Total revenue is expected to be between $158 and $162 million representing year over year growth between 8 and 11%.

2025 年第二季度，雲端訂閱營收預計在 1.01 億美元至 1.03 億美元之間，年增 14% 至 16%。預計總收入在 1.58 億美元至 1.62 億美元之間，年增 8% 至 11%。

Adjusted EBITDA for the second quarter of 2025 is expected to be between negative $5 million and $2 million. Non-GAAP earnings per share is expected to be between negative $0.15 and negative $0.11. This assumes $74.8 million fully diluted weighted average shares outstanding.

預計 2025 年第二季調整後 EBITDA 將在負 500 萬美元至 200 萬美元之間。非公認會計準則每股收益預計在負 0.15 美元至負 0.11 美元之間。假設完全稀釋加權平均流通股數為 7,480 萬美元。

For the full year 2025, we are increasing the high end of our previously stated guidance range regarding cloud subscription revenue and total revenue while maintaining the original low end of those guidance ranges. We're also increasing our overall adjusted EBITDA range for the year.

對於 2025 年全年，我們將提高先前所述的有關雲端訂閱收入和總收入的指導範圍的高端，同時維持這些指導範圍的原始低端。我們還將提高今年的整體調整後 EBITDA 範圍。

For the full year 2025, cloud subscription revenue is expected to be between $419 and $423 million representing year over year growth of between 14 and 15%. Total revenue is expected to be between $680 and $688 million representing year to year growth of 10% to 12%. Eva does not expect to range between $40 and $46 million. Non-GAAP earnings per share is expected to be between$0.18 and $0.26 cents. This assumes $75.1 million fully diluted, weighted average shares outstanding.

預計 2025 年全年雲端訂閱營收將在 4.19 億美元至 4.23 億美元之間，年增 14% 至 15%。預計總收入在 6.8 億美元至 6.88 億美元之間，年增 10% 至 12%。伊娃的預期收入不會在 4,000 萬至 4,600 萬美元之間。非公認會計準則每股收益預計在 0.18 美元至 0.26 美元之間。假設完全稀釋的加權平均流通股數為 7,510 萬美元。

Our guidance assumes the following. First, we expect Q2 professional services revenue will be flat compared to a year ago. For the full year, we expect professional services revenue to be approximately flat or increased by a low single digit range compared to a year ago.

我們的指導假設如下。首先，我們預期第二季專業服務收入將與去年同期持平。我們預計全年專業服務收入與去年同期相比大致持平或出現低個位數成長。

Second, we anticipate term license revenue will decrease by low double-digit percentage on a year over year basis as we anniversary a difficult comparison from a strong Q2 2024. Third, we expect Q2 adjusted EBITDA to be lost due to the combination of term license seasonality and the cost of running our annual user conference at.

其次，我們預期定期授權收入將年比下降低兩位數百分比，因為與 2024 年第二季的強勁表現相比，這是一個艱難的對比。第三，我們預計第二季調整後的 EBITDA 將因定期許可的季節性以及舉辦年度用戶會議的成本而損失。

Fourth, total other income and interest expense will be approximately $3.5 million in Q2. And $14 million for the full year 2025. 5th, capital expenditures will be between 1 and $1.5 million in Q2 and between 3 and $4 million for the full year 2025.

第四，第二季其他收入和利息支出總額約為 350 萬美元。2025年全年資本支出為1400萬美元。第五，第二季資本支出將在100萬至150萬美元之間，2025年全年資本支出將在300萬至400萬美元之間。

Finally, our guidance assumes FX rates as of May 2, 2025.

最後，我們的指導假設外匯匯率截至 2025 年 5 月 2 日。

Now we'll turn the call over for questions, operator.

接線員，現在我們將把電話轉交給提問者。

Certainly, we will now begin the question-and-answer session.

當然，我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

The first question comes from Sanjeet Singh with Morgan Stanley. Please go ahead.

第一個問題來自摩根士丹利的 Sanjeet Singh。請繼續。

Thank you for taking the questions and congrats on the continued progress on the profit profitability. It's really nice to see.

感謝您回答問題，並祝賀利潤獲利能力持續取得進展。真的很高興看到。

I want that to ask about the good government performance this quarter to what degree was there any sort of Potential pull forward into the Q1 ahead of some of the uncertainty around ordering patterns due to DOGE and then as we think out into 3, the federal government.

我想問的是，本季度政府表現良好，在多大程度上，在 DOGE 導致的訂購模式不確定性之前，以及在我們考慮第三部分，即聯邦政府之前，有任何潛在的拉動進入第一季度。

And the fiscal year spend, what sort of the baseline assumptions that you guys are making with respect to the, your end federal budget, spending period?

那麼財政年度支出，你們對於最終的聯邦預算、支出期做了什麼樣的基準假設呢？

All right, thank you for the question. First of all, I don't believe pull forwards to have been a meaningful factor in Q1.

好的，謝謝你的提問。首先，我不認為提前拉動對第一季來說是一個有意義的因素。

I'm not aware of any pull forwards, so I hesitate to say I'm sure it was 0, but I don't believe it to be meaningful.

我不知道有任何向前的拉動，所以我猶豫地說我確定它是 0，但我不認為它是有意義的。

With regards to Q3, we understand that there's a higher variance this year on the federal business than there have been in previous years, but so far we're on the good side of that variance and. I think that we're keeping possibilities open. We're cautiously optimistic about how Q3 will be.

關於第三季度，我們了解到今年聯邦業務的差異比往年要大，但到目前為止，我們處於良好的差異方面。我認為我們保留各種可能性。我們對第三季的表現持謹慎樂觀的態度。

Awesome, that's great to hear. And then just as a follow up if I look at sort of the cloud net retention rate, certainly within the range that you guys have talked about historically 110 to 120, it did dip down more meaningfully in Q1 and doesn't sound like that's coming from the government side of the house.

太棒了，聽到這個消息真是太好了。然後作為後續問題，如果我看一下雲淨留存率，肯定在你們歷史上談到的 110 到 120 的範圍內，它在第一季確實出現了更顯著的下降，聽起來這不像是來自政府方面。

Any sort of spending hesitation you're seeing on the enterprise commercial side of the business that drove that net retention rate down 4 points quarter to quarter.

您在企業商業方面看到的任何形式的支出猶豫都會導致淨留存率環比下降 4 個百分點。

Not really. First of all, it's a reminder that this is a trailing metric, 12, it's basically 12 months over 12 months, so it's backward looking.

並不真地。首先，它提醒我們，這是一個滯後指標，12，基本上是 12 個月加上 12 個月，所以它是回顧性的。

Basically a couple of things happened. There were some down sales in Q1 of 2024 that are working their way through the calculation now, and they're predominantly unrelated down sales. And also, we had some revenue growth rates and some of the customers level off during the recent 12-month period, so those kind of conspired to lower the rate a little bit.

基本上發生了幾件事。2024 年第一季有一些銷售額下降，目前正在計算中，而且主要是無關的銷售額下降。此外，在最近的 12 個月期間，我們的部分收入成長率有所下降，而某些客戶的成長則趨於平穩，因此這些因素共同導致了成長率的略微下降。

I appreciate the color. Thanks Mark.

我很欣賞這個顏色。謝謝馬克。

Our next question comes from Ramo Lencho with Barclays. Please go ahead.

下一個問題來自巴克萊銀行的 Ramo Lencho。請繼續。

Perfect. Thanks for all the clarity on federal and Congress on the quarter.

完美的。感謝聯邦政府和國會對本季情況的澄清。

Matt, I wanted to ask on the I and the new agentic world, how do you like, and I appreciate you as a founder, you always think more of a bigger picture than of other guys. How do you think this new world?

馬特，我想問一下，關於我和新的代理商世界，您覺得怎麼樣？我很欣賞您作為創辦人，您總是比其他人考慮得更周全。您如何看待這個新世界？

Is going to play out. I mean, you clearly have a lot of success, but there's obviously a lot of noise marketing noise in the market of people, everyone is doing agents now and agentic, etc. Like how you think, like what's ultimately the big thing for a customer and how you fit in there and then I have a follow up remark.

就要上演了。我的意思是，你顯然取得了很大的成功，但顯然在市場上存在著許多噪音行銷噪音，現在每個人都在做代理商和代理商等等。例如你是怎麼想的，例如對客戶來說什麼最終是最重要的，你如何適應其中，然後我有一個後續評論。

Yeah, this agent's topic it's. It's both the most important application of AI and as such an exceptionally worthy topic for conversation and development and at the same time, It's overstated and it's the market is still dominated by more hype than results and so we're aims to differentiate ourselves from that and the fact that we rely mostly on customer stories to make our point and that we use words like boring, that this is all an intentional sort of disassociation that we're trying to make between our between our approach, which is result centric and customer focused and using AI to practical effect versus the sky high hyperbole that we're hearing from some vendors.

是的，這是這個經紀人的話題。它既是人工智慧最重要的應用，也是一個非常值得討論和開發的話題，但同時，它被誇大了，市場仍然被炒作而非結果所主導，因此我們的目標是將自己與此區分開來，事實上，我們主要依靠客戶故事來表達我們的觀點，我們使用無聊這樣的詞語，這都是我們試圖在我們的方法之間做出的一種有意的分離，我們的方法是以結果為中心、以客戶為中心，並將人工智能用於實際效果，而不是我們從一些供應商那裡聽到的誇張說法。

I keep figuring that now is the moment when the hyperbole is going to melt away and people are going to care about actual results, and I think that we stand to benefit. When that change happens, when people start allocating, people start paying attention to agents for their impact, agents are actors.

我一直認為現在是誇張言論逐漸消退、人們開始關心實際結果的時刻，我認為我們將從中受益。當這種變化發生時，當人們開始分配時，人們開始關注代理人的影響，代理人就是演員。

They're the actors of the AI world. AI should be taking action. We believe in AI, the worker. This is exactly what we're here for is to use AI to do work, but that work has to be regulated and audited and guard railed and provisioned with information and tracked and so you need all that structure.

他們是人工智慧世界的演員。人工智慧應該採取行動。我們相信人工智慧，相信工人。我們在這裡的目的正是利用人工智慧來開展工作，但這項工作必須受到監管、審計、監管、提供資訊和跟踪，因此你需要所有這些結構。

You need all the structure around AI. You can't just make an AI agent and let it loose in the enterprise and therefore I view the process infrastructure that we provide as a prerequisite for productive application of AI agents, simply a prerequisite and to the degree that anyone else is going to make value with their agents, it's going to be because they approximate the functionality even if they don't achieve the functionality that we're providing with our process infrastructure.

你需要圍繞人工智慧的所有結構。你不能只是製造一個人工智慧代理，然後讓它在企業中自由運行，因此，我認為我們提供的流程基礎設施是人工智慧代理高效應用的先決條件，僅僅是一個先決條件，而其他人想要透過他們的代理創造價值，那是因為他們接近了功能，即使他們沒有實現我們透過流程基礎設施提供的功能。

Okay, perfect. And then one quick one from Mark was there anything on the, like I know billings is not really a measure that you focus on, but like some of the investors are still kind of paying attention here. Was there anything in one that kind of impacted billings in terms of timing, etc. Thank you.

好的，完美。然後馬克快速問一下，有什麼事情嗎？我知道帳單並不是您真正關注的指標，但一些投資者仍然在關注這一點。其中是否有對時間等方面的帳單產生影響的因素？謝謝。

Nothing really to call out.

沒什麼好說的。

That's clear.

這很清楚。

Thank you.

謝謝。

The next question comes from Steve Enders with Citi. Please go ahead.

下一個問題來自花旗銀行的史蒂夫恩德斯 (Steve Enders)。請繼續。

Okay, great, thanks for taking the questions this morning.

好的，太好了，感謝您今天早上回答這些問題。

I guess to start, I mean, good to hear the on the AI side, good to hear the solid usage expansion year over year and I think it's pretty clear coming from the conference.

我想首先，我的意思是，很高興聽到人工智慧方面的消息，很高興聽到使用量逐年穩步擴張，我認為從會議上可以很清楚地看出這一點。

What that was looking like, but I guess I just want to ask on how you're feeling about incremental kind of monetization. I think you call out $9 million or so in the quarter coming from the AI tiers that you have available, but just how do you feel about, that usage that you're seeing driving, incremental, revenue opportunities and adoption of those plans moving forward.

那看起來是什麼樣的，但我想我只是想問一下你對增量貨幣化的感覺如何。我認為您在本季度將從現有的 AI 層中獲得約 900 萬美元的收入，但您對這些計劃的使用情況有何看法？這些計劃將帶來哪些成長、收入機會以及未來對這些計劃的採用？

Yeah, I am pleased with the willingness of customers to spend on AI. I think there's a recognition that this is creating great value, and so that's moving along nicely. Partly you could make a case for not even trying to monetize at this point in the life cycle of a feature as powerful as AI.

是的，我很高興看到客戶願意在人工智慧上花錢。我認為人們認識到這正在創造巨大的價值，所以進展順利。從某種程度上來說，你可以提出理由，在 AI 這樣強大的功能的生命週期的這個階段，甚至不要嘗試將其貨幣化。

I think we're moving toward monetization a little sooner than I might otherwise planned just to try to create a demonstration of the tangibility of the results we're creating because I feel like we need that contrast with the market.

我認為我們比原計劃更快地走向貨幣化，只是為了嘗試展示我們所創造的成果的切實性，因為我覺得我們需要與市場進行對比。

We want to show that this is real and that our customers appreciate it. So, while I could understand by not trying to monetize it, I also think that it's a good idea for us to demonstrate that in order to just make a statement.

我們想證明這是真實的，並且我們的客戶對此表示讚賞。因此，雖然我可以理解我們不試圖將其貨幣化，但我還認為，為了發表聲明，我們有必要展示這一點。

And yeah, the value is there for sure. It's wonderful value. I, as I estimated last quarter, I feel like our TAM has doubled in the wake of AI, which is the best thing that's ever happened to the process automation industry.

是的，它的價值確實存在。非常超值。正如我上個季度估計的那樣，我覺得我們的 TAM 在人工智慧的推動下翻了一番，這是流程自動化行業有史以來最好的事情。

Right, no, that's very clear, great to, great to hear. .

對，不，這很清楚，很高興聽到這個消息。。

And then just on, new, with services coming on board and a new CFO starting later this month, I guess what kind of the mandate or the key area of focus for him is if he starts to get ramped up in the role and I guess it's kind of a piece of that how you kind of viewing the ability to drive margin or kind of the levers to drive margin moving forward here.

然後，隨著新服務的推出和本月晚些時候新首席財務官的上任，我想，如果他開始在這個職位上取得進步，他的任務或重點關注領域是什麼，我想這有點像你如何看待推動利潤的能力或推動利潤向前發展的槓桿。

Yeah, let me say I'm really excited to have Serge coming on board. He's an exceptional, addition to our team.

是的，讓我說我真的很高興 Serge 能加入我們。他是我們團隊的傑出新成員。

I don't want to pre-empt our strategy by talking about it right now. I think there's a lot of great opportunities where we're going to make substantial progress and I see him as a contributor across the board.

我現在不想談論這個，以免影響我們的策略。我認為我們有很多很好的機會可以取得實質進展，而且我認為他是一位全面的貢獻者。

Yeah, let me just stop at that.

是的，我就此打住。

Okay perfect thanks for taking the thanks for taking the questions here.

好的，非常感謝你回答我的問題。

Our next question comes from Jake Robers with William Blair. Please go ahead.

我們的下一個問題來自 William Blair 的 Jake Robers。請繼續。

Yeah, thanks for taking my questions, and yeah, great to hear that those AI SKUs hit 9 million in the quarter. Can you talk about the use cases or areas of the platform that are driving the most demand on that front? And then is there any sense of how large of a pricing uplift you can see for those solutions on just a per customer basis?

是的，感謝您回答我的問題，很高興聽到本季度這些 AI SKU 達到了 900 萬。您能否談談該平台中哪些用例或領域對該方面的需求最大？那麼，您是否能感覺到，僅從每位客戶的角度來看，這些解決方案的價格上漲幅度有多大？

Yeah, that's right. Well, we've got it priced at 25% uplift and that may fluctuate, but right now that's our we're just asking 25% to add AI.

是的，沒錯。嗯，我們的定價是上漲 25%，可能會有波動，但現在我們只要求上漲 25% 來添加 AI。

As for the primary use cases, well, they're, as I said in the comments, they're regular work that otherwise could be done in a rote manner, but AI is just so terrifically good at it. It's processing documents and gathering information and making simple decisions that you might have otherwise tried to delegate to a person or a business rule set. Intake, it's just terrific at document intake.

至於主要用例，正如我在評論中所說，它們是常規工作，否則可以以機械的方式完成，但人工智慧在這方面表現得非常出色。它可以處理文件、收集資訊並做出簡單的決策，而這些工作您可能都會嘗試委託給某個人或一套業務規則。攝入量，它在文件攝入方面非常出色。

It can read anything at this point it can read ripped receipts or handwritten notes or emails or faxes or whatever you've got coming into your organization. It can respond it can sort; it can extract data.

此時它可以讀取任何內容，它可以讀取撕毀的收據或手寫筆記或電子郵件或傳真或您組織收到的任何內容。它可以回應，它可以分類；它可以提取資料。

These are the theme here is that these are rote jobs. These are straightforward, simple jobs done at high volumes with exceptional efficiency.

這裡的主題是這些都是死記硬背的工作。這些都是簡單、直接的工作，而且效率極高，工作量也很大。

How, as opposed to a lot of the stories you hear about how AI is supposedly supposed to be used where outthinking people, I couldn't disagree more with that right now. AI is a fantastic worker to place in the middle of the heaviest work and the most important work that your organization does. That's where we want to put it.

與你聽到的許多關於人工智慧應該如何被用來超越人類的故事相反，我現在完全不同意這種說法。人工智慧是一個出色的工作者，可以部署在組織最繁重的工作和最重要的工作之中。那就是我們想要放置它的地方。

Okay, that's helpful and then data fabric queries, I think we're up 166%. I think you start monetizing that solution when customers connected to multiple data sources.

好的，這很有幫助，然後是資料結構查詢，我認為我們上升了 166%。我認為當客戶連接到多個資料來源時，您就開始將該解決方案貨幣化。

So can you talk about how that's progressing and then there's also some other players in the market that are obviously talking about other data fabric solutions. So can you help us understand how your data fabric compares and contrasts to those?

那你能談談進展如何嗎？市場上還有一些其他參與者顯然在談論其他資料結構解決方案。那麼，您能幫助我們了解您的資料結構與那些資料結構有何不同嗎？

It is so important to emphasize how our data fabric is different because the need for a data fabric has become so important. Now everyone is using the term, but what they have is not in general what I would have called a data fabric.

強調我們的資料結構有何不同非常重要，因為資料結構的需求已經變得非常重要。現在每個人都在使用這個術語，但他們所擁有的通常不是我所說的資料結構。

But we're talking about a semantic layer similar to a virtual database that allows you to interact with data objects across the enterprise as if they were local objects. The semantic layer makes them local. Effectively they can be viewed and queried and manipulated and combined in a local manner, right? It's not just a layer of integration. It is far more than that. It's a semantic layer that makes everything you integrate into a local addressable object.

但我們討論的是類似於虛擬資料庫的語義層，它允許您與整個企業的資料物件進行交互，就好像它們是本地物件一樣。語義層使它們變得本地化。實際上，它們可以以本地方式進行查看、查詢、操作和組合，對嗎？它不僅僅是一個整合層。事實遠不止如此。它是一個語義層，可讓您整合的所有內容成為本地可尋址物件。

Secondly, it's read and write. Third, its performance tuned. Fourth, there's a security layer. So, you're running queries under variable credentials depending on who's answering the question. This is probably our best feature along with process itself and the integration of AI with process. Let's put this in some kind of a, Hall of Fame Top 3 features. It's an extraordinary piece of functionality and it is strictly differentiated from anything on the market today that goes by the name of Data fabric that I'm aware of.

其次，是讀寫。三是業績有所調整。第四，有一個安全層。因此，您可以根據回答問題的人員使用不同的憑證執行查詢。這可能是我們最好的功能，與流程本身以及 AI 與流程的整合一起。讓我們把它放到某種「名人堂」前 3 名功能中。這是一個非凡的功能，它與我所知的當今市場上任何名為資料結構的產品都有嚴格的區別。

That's helpful. Thanks for taking the questions.

這很有幫助。感謝您回答這些問題。

Our next question comes from Nick Altman with Scotiabank. Please go ahead.

下一個問題來自豐業銀行的 Nick Altman。請繼續。

Awesome, thank you guys. I wanted to circle back to the $9 million of AI revenue.

太棒了，謝謝大家。我想回到 900 萬美元的人工智慧收入。

How are you guys thinking about contribution from AI in 2025 and can you just maybe talk about the net new ACV that's being driven by AI just to kind of help us think about where that can shake out in 2025?

你們如何看待 2025 年人工智慧的貢獻？能否談談由人工智慧推動的淨新 ACV，以幫助我們思考 2025 年人工智慧將如何發展？

Yeah, that's right. Well, we're going to continue our push to bring customers to the higher tiers, the AI laden tiers.

是的，沒錯。好吧，我們將繼續努力，將客戶帶到更高的層級，即充滿人工智慧的層級。

We've done that mostly focusing on new customers over the past year. We're broadening that into a campaign to bring existing customers to higher tiers as well, though, as you saw from my notes, a few have already made that jump. We're also going to transition and our whole industry is going to transition.

在過去的一年裡，我們主要關注新客戶。我們正在將其擴展為一項活動，以將現有客戶也帶入更高的層級，不過，正如您從我的筆記中看到的那樣，一些客戶已經實現了這一飛躍。我們也將轉型，我們的整個產業也將轉型。

Away from per seat pricing that's my prediction, because per seat pricing is going to move in the opposite direction with AI success. So, we're going to need to price by something else. It could be.

我的預測是，每個座位的定價將不再是固定的，因為隨著人工智慧的成功，每個座位的定價將朝著相反的方向發展。所以，我們需要用其他東西來定價。有可能。

It could be nodes, it could be cases, it could be consumption of some sort, and within a solution or a highly understood context, it could be value or value correlates.

它可以是節點，可以是案例，可以是某種消費，在解決方案或高度理解的環境中，它可以是價值或價值相關性。

So we're all going to be adopting different pricing mechanisms in order to capture AI as an upside instead of effectively having it as a downside as it removes necessary seats. So, there's going to be a little bit of a pricing transition across this industry this year, and we're thinking a lot and carefully and we're on the way to making that careful transition.

因此，我們都將採用不同的定價機制，以便將人工智慧作為優勢，而不是因為它消除了必要的席位而實際上將其作為劣勢。因此，今年整個產業將會發生一些定價轉變，我們正在仔細思考，並正在進行謹慎的轉變。

Okay, great, that, that's helpful. And then the net new bookings per sales rep up more than 30%, that's encouraging and we're starting to see some of those efficiencies show up in the margins. I guess my question is like how durable do you think?

好的，太好了，這很有幫助。每位銷售代表的淨新預訂量增加了 30% 以上，這是令人鼓舞的，我們開始看到其中一些效率在利潤率中得到體現。我想我的問題是，您認為它有多耐用？

Some of those productivity gains are through the rest of the year because on one side they're very encouraging and can help out that weighted rule 40 target you outlined.

其中一些生產力成長將持續到今年剩餘時間，因為一方面，它們非常令人鼓舞，並且可以幫助您實現所概述的加權規則 40 目標。

On the flip side, you guys are relatively early and kind of running a leaner go to market motion. Maybe some of that pipeline was generated when you had a larger sales force, so any colour you can provide and kind of how durable, those sales productivity gains are as you get through the rest of the year, I think that'd be really interesting. Thanks.

另一方面，你們起步相對較早，並且採取了更精簡的市場策略。也許當您擁有更大的銷售團隊時，就會產生一些管道，因此，您可以提供任何顏色，以及這些銷售生產力的持久性，以及您在一年剩餘時間內獲得的收益，我認為這真的很有趣。謝謝。

Right Well, I don't wish to quote any targets on the metrics that we've recently revealed, including the ones that we will be reporting on next quarter as designated.

好的，我不想引用我們最近公佈的任何指標目標，包括我們將按指定時間在下個季度報告的目標。

I would sooner classify them as durable than non-durable according to your terms. I don't believe that they are dependent upon a larger pipeline gathering force. I believe that they are, they instead stem from recent innovations, superior efficiency, and. better account targeting, larger accounts selling higher, conveying value first. I think that they're the new habits and the new seriousness and tension that we have brought to the sales organization, the terrific professionalism that we are bringing.

按照您的條件，我寧願將它們歸類為耐用品，而不是非耐用品。我不相信他們依賴更大的管道集結力量。我相信是的，它們源自於最近的創新、卓越的效率等等。更好的帳戶定位，更大的帳戶銷售更高，首先傳達價值。我認為這是我們為銷售組織帶來的新習慣、新嚴肅性和新張力，以及我們帶來的極高的專業。

These are the real factors and these are enduring factors.

這些都是真實的因素，也是持久的因素。

Great. Thank you.

偉大的。謝謝。

We have our next question from Derek Wood with TD Calvin. Please go ahead.

下一個問題來自 TD Calvin 的 Derek Wood。請繼續。

Great, thanks, guys. This is Cole I'm for Derek. I just want to start off on the go to market. I mean, it sounds like you've made some good progress in efficiencies. I, I'm just wondering how much of that is coming from this renewed channel focus and narrowing the scope of channel partners versus direct reps. Thanks.

太好了，謝謝大家。我是科爾，我支持德里克。我只是想開始進入市場。我的意思是，聽起來你在效率方面取得了一些進展。我，我只是想知道其中有多少來自於重新關注管道以及縮小通路合作夥伴與直接代表的範圍。謝謝。

Okay The narrowing of partners is an example of something that was very successful, demonstrably, measurably successful. Last year we motivated a small group of our most trusted partners to seek business with us, and it dramatically expanded the partner generated pipeline in 2024.

好的，縮小合作夥伴範圍是一個非常成功、明顯、可衡量的成功的例子。去年，我們鼓勵一小部分最值得信賴的合作夥伴與我們尋求業務往來，這大大擴展了 2024 年合作夥伴產生的管道。

We continue that because it has worked so well. I saw more evidence of how well it was working last week at Appian World. Our partners are enthusiastic. Those that are focused partners are working hard to maintain that designation. Those that are not working hard to gain it.

我們將繼續這樣做，因為效果非常好。上週在阿皮亞世界，我看到了更多證據，證明它運作得很好。我們的合作夥伴非常熱情。那些專注的合作夥伴正在努力維持這一頭銜。那些不努力去獲得它的人。

We also have another category called champion partners that lead us. Into a new market and I see a boom of interest for partners, especially if they're not focused partners on becoming champion partners so that they can receive our attention in at least one market. This has been a great motivational tool, a great alignment tool with our partners. We will certainly keep it up.

我們還有另一類合作夥伴，稱為冠軍夥伴，引領我們。進入一個新的市場，我看到合作夥伴的興趣激增，特別是如果他們不是專注於成為冠軍合作夥伴，那麼他們至少可以在一個市場上引起我們的注意。這是一個很好的激勵工具，一個很好的與我們的合作夥伴協調的工具。我們一定會繼續堅持下去。

Great, thanks. And then just to follow up on the GA suite, I, could you just remind us, is there any sort of an ACV uplift that that comes with that? And if so, what would that be?

太好了，謝謝。然後，為了跟進 GA 套件，我，您能否提醒我們，這是否會帶來任何形式的 ACV 提升？如果是的話，那會是什麼？

Thanks.

謝謝。

Yeah, well, the gam suite has a price. It isn't so much an uplift, it's a separate product, and the ga suite has a price. I don't know if it's published. It might be on GSA, but you know it's substantial. If you want the gam suite, it's going to be a 7 figure for sure, a 7 figure a year proposition no matter how small your organization. So, it's a meaningful sale when we place it.

是的，遊戲套件是有價格的。這與其說是一種提升，不如說是一種單獨的產品，而且 ga 套件是有價格的。不知道有沒有出版。它可能在 GSA 上，但你知道它很重要。如果您想要遊戲套件，那肯定要花費 7 位數，無論您的組織有多小，每年都要花費 7 位數。因此，當我們進行銷售時，這是一次有意義的銷售。

Appreciate it, Thanks.

非常感謝，謝謝。

The next question comes from Devon O with Key Bank Capital Markets. Please go ahead.

下一個問題來自 Key Bank Capital Markets 的 Devon O。請繼續。

Great. Good morning, Matt. Good morning, Mark. Thanks for asking my questions here.

偉大的。早安，馬特。早上好，馬克。感謝您在這裡提問。

I want to first off, maybe just start with some of the exciting product announcements that came out of Appian world, this year, when I talked to the customers at the conference seems like intelligent document processing and extraction, that has been a really widely adopted product, among your customers.

首先，我想先從今年 Appian World 發布的某些令人興奮的產品公告開始，當我在會議上與客戶交談時，我發現智慧文件處理和提取已經成為客戶廣泛採用的產品。

Can you maybe share more on what's been driving success and adoption there, any new learnings you can kind of port over to some of the new AI.

您能否分享更多關於推動成功和採用的因素，以及您可以移植到一些新 AI 的新知識。

Appian offerings, that you can maybe replicate the success you've seen at AD at IDP.

Appian 產品，您也許可以複製在 IDP 的 AD 上看到的成功。

I'm glad to hear you enjoyed the product announcements at Appian World. I was incredibly excited. I felt like all four of the major features that I announced could have been the headline feature at a typical annual conference of course they were all AI related. Most of them were agent related, but there was also the one composer that allows you to create a new application.

我很高興聽到您喜歡 Appian World 的產品發布。我非常興奮。我覺得我宣布的所有四個主要功能都可以成為典型年度會議的頭條新聞，當然它們都與人工智慧有關。其中大多數與代理相關，但也有一個允許您創建新應用程式的編寫器。

Through the use of AI, having AI be the author of the application, and that was exceptionally well received and I can tell you that early users absolutely love that. That's been receiving some of the best feedback I've ever seen. With regards to IDP or intelligent document processing.

透過使用人工智慧，讓人工智慧成為應用程式的作者，這受到了極大的歡迎，我可以告訴你，早期用戶非常喜歡這一點。這是我所見過的最好的回饋之一。關於IDP或智慧型文檔處理。

This has long been our number one AI use case, like literally for years. This has been number one. And we made it sharply better in this latest round of advancements.

多年來，這一直是我們最重要的 AI 用例。這是第一名。在最新一輪的進步中，我們使其得到了顯著改善。

IDP used to be a feature that you trained per document. So if you had a certain format of document coming in, you would train the AI to recognize it and know where to extract different pieces of information.

IDP 曾經是一個針對每個文件進行訓練的功能。因此，如果您收到特定格式的文檔，您可以訓練人工智慧識別它並知道在哪裡提取不同的資訊。

The new version, you don't have to train on any format of document, it just figures it out. So you can give it something in in handwriting or in a novel format or an email or whatever it is, it could be in the wrong language and that AI is just going to figure it out and the level of accuracy with which it does that is astonishing.

在新版本中，您無需針對任何格式的文件進行訓練，它會自動進行處理。因此，你可以用手寫或小說形式、電子郵件或任何其他形式輸入內容，它可能是錯誤的語言，但人工智慧可以弄清楚，而且它的準確度令人驚訝。

It's both more adaptive and more accurate than anything we've been able to offer in the past, and customers really love it. I build it in the conferences read anything. I said you call it IDP, but you could just you could also just call it read anything.

它比我們過去提供的任何產品都更具適應性、更準確，客戶非常喜歡它。我在會議上建立它並閱讀任何東西。我說你稱之為 IDP，但你也可以稱之為讀任何東西。

I appreciate the context they're really helpful. And then just a quick follow up. I do want to dive a little bit deeper into your comments around public sector, and it seems like things are still going well and you were cautiously optimistic, and you mentioned bookings growth of 59% in the quarter.

我很欣賞它們，它們確實很有幫助。然後只是快速跟進。我確實想更深入地了解您對公共部門的評論，看起來事情仍然進展順利，您持謹慎樂觀的態度，您提到本季度預訂量增長了 59%。

I mean, how did kind of that booking's performance compare to your internal expectations in the quarter and any color on, how that figure kind of compared, last quarter, maybe last year's anything you can share would be helpful.

我的意思是，與本季度的內部預期相比，該預訂的表現如何，以及任何細節，該數字與上一季度或去年相比如何，您能分享的任何資訊都會有所幫助。

Thank you.

謝謝。

Yeah, well, it is a year over year comparison, of course, and I would say that that that exceeded my expectations, but I'm sticking with cautious optimism. That's what we said word for word last quarter, and I think it's the right position to take right now and I'm glad that the numbers are bearing us out, but I don't want to get out ahead of them. I want to just let this story tell itself.

是的，當然，這是同比的比較，我想說這超出了我的預期，但我堅持謹慎樂觀的態度。這就是我們上個季度逐字逐句所說的，我認為這是目前應該採取的正確立場，我很高興數據證實了我們的觀點，但我不想走在他們前面。我只想讓這個故事自己說。

Another factoid out there is that the federal revenue, the federal government revenue grew year over year 21% versus the total revenue for Appian during the quarter was 11%, so that strong revenue growth as well.

另一個事實是，聯邦收入，聯邦政府收入同比增長 21%，而本季度 Appian 的總收入為 11%，因此收入增長強勁。

Got it. Really appreciate the color.

知道了。真的很欣賞這個顏色。

Thank you.

謝謝。

Thank you. We have no further questions at this time.

謝謝。目前我們沒有其他問題。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的演講。您現在可以斷開連線。