Appian Corp (APPN) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Appian second quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Appian 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, VP of Investor Relations, Jack Andrews. Please go ahead.

現在，我想將會議交給今天的第一位發言人，投資者關係副總裁傑克安德魯斯。請繼續。

Good morning and thank you for joining us. Today, we'll review Appian's second quarter 2025 financial results. With me are Matt Calkins, Chairman and Chief Executive Officer; and Serge Tanjga, 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 2025 年第二季的財務表現。與我一起的還有董事長兼執行長 Matt Calkins 和財務長 Serge Tanjga。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 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。這些評論包括與我們 2025 年第三季和全年的財務業績、趨勢和指導相關的評論、我們平台的優勢、行業和市場趨勢、我們的市場進入和成長策略、我們的市場機會和擴大我們領導地位的能力、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 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，並不代表我們此後任何日期的觀點。除非法律要求，否則我們不會根據新資訊更新這些聲明。由於我們向美國證券交易委員會提交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，本次電話會議也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。

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

說完這些，我想把電話轉給我們的執行長 Matt Calkins。馬特？

Thanks, Jack, and thank you, everyone, for joining us today. In the second quarter of 2025, Appian's Cloud subscriptions revenue grew 21% to $106.9 million. Subscriptions revenue grew 17% to $132.7 million. Total revenue grew 17% to $170.6 million. Adjusted EBITDA was $8.1 million.

謝謝，傑克，也謝謝大家今天加入我們。2025 年第二季度，Appian 的雲端訂閱營收成長 21%，達到 1.069 億美元。訂閱收入成長 17%，達到 1.327 億美元。總營收成長 17% 至 1.706 億美元。調整後的 EBITDA 為 810 萬美元。

Last quarter, I shared two metrics that measure Appian's progress towards efficient growth. The first measures the productivity of our sales and marketing expenditure. In Q2, Appian's go-to-market productivity ratio was 3.3. You can see on slide 4, that's our eighth sequential quarterly increase, and I believe there's more upside ahead. Our weighted Rule of 40, which expresses our strategic priorities by weighting cloud subscriptions revenue growth twice as much as adjusted EBITDA margin, was also up slightly to 31%.

上個季度，我分享了兩個衡量 Appian 高效成長進度的指標。第一個指標衡量的是我們的銷售和行銷支出的生產力。第二季度，Appian 的市場推廣效率為 3.3。您可以在第 4 張投影片上看到，這是我們連續第八個季度實現成長，我相信未來還有更大的成長空間。我們的加權 40 規則也小幅上漲至 31%，該規則透過將雲端訂閱收入成長的權重設為調整後 EBITDA 利潤率的兩倍來表達我們的策略重點。

We're pleased with our second quarter results. I'll briefly mention two reasons why they are good. First, the internal factor, our upmarket strategy is working. Powered by strong sales organization and execution, we are reaching the high-value transactions where Appian belongs.

我們對第二季的業績感到滿意。我將簡要地提到它們好的兩個原因。首先，內部因素，我們的高端策略正在發揮作用。在強大的銷售組織和執行力的推動下，我們正在實現 Appian 所屬的高價值交易。

Second, the external factor, artificial intelligence. Our platform gives AI the things it needs, like data access, structure, guardrails and tracking, so AI can solve complex business problems. AI is having a tangible effect on our financial results. We're getting higher prices because of AI. We add a 25% upcharge. We're in new deals because of AI and even new industries. I'll talk about that in a moment.

第二，外在因素，人工智慧。我們的平台為 AI 提供所需的東西，例如資料存取、結構、護欄和跟踪，因此 AI 可以解決複雜的業務問題。人工智慧對我們的財務表現產生了實際的影響。由於人工智慧，我們的價格正在上漲。我們加收 25% 的附加費。由於人工智慧甚至新興產業，我們正在達成新的交易。我稍後會談論這個。

But one more point about it. Whatever AI has done for our revenues, it's done more for our pipeline. And whatever it's done for our pipeline, it's done even more for our value proposition. So I see this being a strong growth factor in the future.

但還有一點。無論人工智慧為我們的收入帶來了什麼，它對我們的管道的貢獻更大。無論它對我們的管道有何作用，它對我們的價值主張的作用更大。所以我認為這將成為未來強勁的成長因素。

Speaking of growth, most of our 7-figure software deals signed this quarter were with our AI inclusive license tiers. I'll share two examples of AI impact in big applications for big customers. First, an international grocery retailer and 7-figure ARR customer manages supply chain logistics and insurance claims with Appian. In Q2, it deployed Appian AI into an existing field dispatching application built on our platform.

說到成長，本季我們簽署的大多數 7 位數軟體交易都涉及我們的 AI 包容性授權層。我將分享兩個人工智慧在大客戶大型應用中產生影響的例子。首先，一家國際雜貨零售商和 7 位數 ARR 客戶使用 Appian 管理供應鏈物流和保險索賠。在第二季度，它將 Appian AI 部署到基於我們平台建置的現有現場調度應用程式。

Before AI, drivers filed paperwork when they encountered a shipment issue, and back-office workers manually recorded discrepancies before correcting the information and reissuing a new dispatch order in their Appian application. Managing these expectations was slow, and there were sometimes human errors. Now drivers upload their paperwork into Appian and our AI automatically reconciles the information. It's faster and more accurate.

在人工智慧出現之前，司機在遇到運輸問題時會提交文件，後台工作人員會手動記錄差異，然後在 Appian 應用程式中更正資訊並重新發出新的調度訂單。管理這些期望很慢，有時會出現人為錯誤。現在，司機將他們的文件上傳到 Appian，我們的人工智慧會自動核對資訊。它更快、更準確。

Second, a top global asset management firm and long-time Appian customer has deployed our platform across its enterprise. It runs dozens of Appian applications. This quarter, it upgraded, purchased a 7-figure software deal to upgrade its licenses to deploy features like Appian AI into areas like its client investment operations. Appian AI agents will accelerate the processing of customer requests. Agents will classify forms and extract data related to opening, closing and changing accounts.

其次，一家全球頂級資產管理公司和長期 Appian 客戶已在其整個企業中部署了我們的平台。它運行數十個 Appian 應用程式。本季度，該公司進行了升級，購買了一項價值 7 位數的軟體交易，以升級其許可證，將 Appian AI 等功能部署到客戶投資營運等領域。Appian AI 代理程式將加速處理客戶請求。代理人將對錶格進行分類並提取與開立、關閉和更改帳戶相關的數據。

Turning to the US public sector. Our performance in the first half of this year has been strong. Our federal business outgrew the global business in cloud revenue, in new bookings and in software pipeline. We have a reputation for driving efficiency in a sector which now prioritizes efficiency higher than ever before. We're seeing some good opportunities.

轉向美國公共部門。我們今年上半年的業績表現強勁。我們的聯邦業務在雲端收入、新訂單和軟體管道方面都超過了全球業務。我們以提高效率而聞名，而現在，這個行業比以往任何時候都更加重視效率。我們看到了一些好機會。

A US agency supporting national health care is unifying its enterprise. And in Q2, it chose Appian as the backbone to all virtual care operations and signed a 7-figure software deal. Millions of patients will use our platform to engage with clinicians, coordinating virtual appointments and sharing health data in real time. The agency expects to save $38 million per year using Appian.

一個支持國家醫療保健的美國機構正在統一其企業。在第二季度，它選擇 Appian 作為所有虛擬護理業務的支柱，並簽署了一項 7 位數的軟體協議。數百萬患者將使用我們的平台與臨床醫生互動，協調虛擬預約並即時共享健康數據。該機構預計使用 Appian 每年可節省 3,800 萬美元。

We've been using the phrase cautiously, in quotes, optimistic all year to describe our expectations for the federal business in the face of DOGE and other volatility. And I'll stick with that wording. But looking back, our cautious optimism has been validated by results.

我們全年都在使用「謹慎、樂觀」這個短語來描述我們對面對 DOGE 和其他波動的聯邦業務的預期。我會堅持這個措辭。但回顧過去，我們的謹慎樂觀已經得到了結果的驗證。

We see a large opportunity emerging in the modernization of legacy applications. We've been modernizing applications for a decade already, but the industry is about to transform as AI lowers the cost of extracting old applications and translating them into a new format.

我們看到遺留應用程式的現代化中出現了巨大的機會。我們已經對應用程式進行了十年的現代化改造，但隨著人工智慧降低提取舊應用程式並將其轉換為新格式的成本，該行業即將發生轉型。

Businesses modernize applications to reduce cost, eliminate technical debt, improve functionality and unify silos. Let's start with an example. Aviva is a multinational insurer that consolidated 22 legacy call center systems into a single Appian application. They achieved 40% cost savings and the ability to service customers 9x faster.

企業將應用程式現代化以降低成本、消除技術債、提高功能並統一孤島。讓我們從一個例子開始。Aviva 是一家跨國保險公司，它將 22 個傳統呼叫中心系統整合到一個 Appian 應用程式中。他們實現了 40% 的成本節省，並且能夠以 9 倍的速度為客戶提供服務。

Now that AI makes it easy to achieve modernization, the industry is set to grow. Modernization was the hottest topic on my latest customer tour, and generally, customers brought it up themselves. This industry is going to be big because each major organization, every major organization around the world, supports hundreds or even thousands of applications at great expense, and they would rather have fewer.

如今，人工智慧讓現代化變得輕而易舉，該產業必將實現成長。現代化是我最近一次客戶訪問中最熱門的話題，通常都是客戶自己提起的。這個行業將會變得龐大，因為每個主要組織，世界各地的每個主要組織，都花費巨資支持數百甚至數千個應用程序，而他們寧願擁有更少的應用程式。

And they wish they were better integrated, and they regret the data incongruity and they worry about the long security perimeter, and they want to access them all in modern ways. And nobody likes silos. Silos are just the way applications are laid down as IT departments solve one problem at a time, but it's not a good way to structure an enterprise.

他們希望能夠更好地整合，他們對數據不一致感到遺憾，他們擔心長期的安全邊界，他們希望以現代的方式存取它們。沒有人喜歡孤島。孤島只是 IT 部門每次解決問題時應用程式的佈局方式，但這並不是建立企業的好方法。

Appian brings three powerful advantages to the revitalized field of app modernization. First, our platform is a great destination for translated applications. It's full of powerful pre-written functionality. It's secure, reliable, enterprise-grade.

Appian 為復興的應用程式現代化領域帶來了三大強大優勢。首先，我們的平台是翻譯應用程式的絕佳目的地。它具有強大的預先編寫的功能。它安全、可靠、企業級。

Second, recreating an application in Appian is a dialogue, not a delegation. We manage a multistep dialogue between the designer and the AI. The AI presents the designer with proposals like for the interface or the data structure and the designer can modify them. When the designer is satisfied, the AI builds the new app. And even then, the app remains highly modifiable in Appian's process modeling interface.

其次，在 Appian 中重新建立應用程式是一種對話，而不是委託。我們管理設計師和人工智慧之間的多步驟對話。人工智慧向設計師提出有關介面或資料結構的建議，設計師可以修改它們。當設計師滿意時，人工智慧就會建立新的應用程式。即便如此，該應用程式在 Appian 的過程建模介面中仍然可以高度修改。

Third, Appian consolidates many applications into one. The modernization process is a unique opportunity to consolidate old applications into fewer new ones that offer the same functionality in a more coherent way. Last quarter, a customer asked me if we could translate 3,000 old applications. He didn't want us to give him 3,000 new ones. Appian is built to unify functionality and data into a combined application experience. I love this modernization market for its scale and universality and also because Appian's advantages won't be easy for rivals to duplicate.

第三，Appian 將許多應用程式整合為一個。現代化過程是一個獨特的機會，可以將舊應用程式整合為更少的新應用程序，並以更一致的方式提供相同的功能。上個季度，一位客戶問我是否可以翻譯 3,000 個舊應用程式。他不想讓我們給他 3,000 個新的。Appian 旨在將功能和資料統一到綜合應用體驗中。我喜歡這個現代化市場，因為它的規模和普遍性，也因為 Appian 的優勢不容易被競爭對手複製。

Another example, a leading Spanish bank is running a large-scale modernization campaign to decommission inflexible technology. In Q2, it purchased thousands of Appian software licenses and became a new customer. It will migrate all back-office workflows from legacy tools and consolidate them on our platform. We expect the bank will run core processes 30% faster and save millions of dollars annually with Appian.

另一個例子是，一家領先的西班牙銀行正在進行大規模的現代化活動，以淘汰不靈活的技術。第二季度，它購買了數千個Appian軟體許可證，成為新客戶。它將把所有後台工作流程從舊工具遷移到我們的平台上並進行整合。我們預計，借助 Appian，該銀行的核心流程運作速度將提高 30%，每年可節省數百萬美元。

Last customer example, a prominent US health insurer is undergoing a company-wide initiative to consolidate its tech stack and save $1 billion. It selected Appian two years ago to modernize its core applications and deployed a single application to unify its previously dispersed approval process for prescription fulfillment. In Q2, it signed a 7-figure software expansion deal to deploy Appian across its business, starting with Medicare and Medicaid enrollment.

最後舉一個客戶的例子，一家著名的美國健康保險公司正在進行一項全公司範圍的計劃，以整合其技術堆疊並節省 10 億美元。兩年前，該公司選擇了 Appian 來實現其核心應用程式的現代化，並部署了一個應用程式來統一其先前分散的處方審批流程。在第二季度，該公司簽署了一項價值 7 位數的軟體擴充協議，將在其整個業務中部署 Appian，首先是醫療保險和醫療補助登記。

Finally, I have one personnel announcement. Last month, David Crozier joined Appian as our new Chief Marketing Officer. David holds a deep understanding of enterprise software and AI and brings decades of experience leading marketing teams and scaling operations globally. I'm excited for him to join our team.

最後，我有一個人事公告。上個月，David Crozier 加入 Appian 擔任我們的新任首席行銷長。David 對企業軟體和人工智慧有著深刻的理解，並擁有數十年領導行銷團隊和在全球擴展營運的經驗。我很高興他能加入我們的團隊。

With that, I'll turn the floor over to Serge. Welcome, Serge.

接下來，我將把發言權交給 Serge。歡迎光臨，塞爾吉。

Thanks, Matt, and thank you, everyone, for joining us today. Since this is my first earnings call as Appian's CFO, I want to take a moment to share my reasons for joining Appian and the opportunity I see ahead.

謝謝馬特，也謝謝大家今天加入我們。由於這是我作為 Appian 財務長的第一次財報電話會議，我想花點時間分享我加入 Appian 的原因以及我看到的未來​​機會。

First, our product is great, which is reflected in our strong retention rates. I have consistently heard from our customers that they are happy with Appian and want to find ways to do more with our platform. That satisfaction is a great foundational asset on which to build the company.

首先，我們的產品很棒，這體現在我們強大的保留率上。我經常聽到客戶說他們對 Appian 很滿意，並希望找到利用我們的平台做更多事情的方法。這種滿足感是建立公司的寶貴基礎資產。

Second, Appian's AI value proposition resonates in the market. Enterprises are wary of AI hype and want to deploy this technology in ways that are safe, compliant and most importantly, generate tangible value. Appian's focus on deploying AI agents within a process achieves just that.

其次，Appian的AI價值主張在市場上引起共鳴。企業對人工智慧炒作持謹慎態度，並希望以安全、合規的方式部署這項技術，最重要的是，創造有形價值。Appian 專注於在流程中部署 AI 代理，從而實現這一目標。

Third, Appian is focused on efficiency as evidenced by an impressive improvement in profitability over the past 18 months. Since joining, I've seen the work done behind the scenes to improve our processes, systems and execution. We're building a strong foundation that will help us drive efficient growth going forward.

第三，Appian 注重效率，過去 18 個月獲利能力的顯著提升就是明證。自從加入以來，我看到了幕後為改進流程、系統和執行所做的工作。我們正在建立堅實的基礎，以幫助我們推動未來高效成長。

Finally and most importantly, Appian's culture deeply resonates with me. Appian's values are intensity and excellence, and those are also my personal values. This team is ambitious and wants to win, and I'm excited to be a part of it.

最後，也是最重要的一點，阿皮安的文化深深引起了我的共鳴。Appian 的價值觀是強度和卓越，這也是我的個人價值觀。這支球隊雄心勃勃，渴望勝利，我很高興能成為其中的一員。

Now let's turn to our Q2 results. Appian exceeded the guidance ranges we provided on our key metrics of cloud revenue, total revenue and adjusted EBITDA. We had a strong quarter of new business signings due to continued momentum at the high end of the market and the AI demand, as Matt mentioned in his remarks.

現在讓我們來看看第二季的業績。Appian 超出了我們在雲端收入、總收入和調整後 EBITDA 等關鍵指標上提供的指導範圍。正如馬特在演講中提到的那樣，由於高端市場持續增長的勢頭和人工智慧需求，我們本季的新業務簽約表現強勁。

Cloud subscription revenue was $106.9 million, an increase of 21% year-over-year. Total subscription revenue was $132.7 million, an increase of 17% year-over-year. On a constant currency basis, total subscription revenue grew 14% year-over-year. Professional services revenue was $38 million, up 13% compared to the second quarter of 2024. As a reminder, services revenue can be variable quarter-to-quarter.

雲端訂閱營收為1.069億美元，年增21%。總訂閱收入為 1.327 億美元，年增 17%。以固定匯率計算，總訂閱收入年增 14%。專業服務收入為 3,800 萬美元，與 2024 年第二季相比成長 13%。提醒一下，服務收入可能每季都會有所不同。

Subscriptions revenue represented 78% of total revenue compared to 77% in the year-ago period and 81% in the prior quarter. Total revenue was $170.6 million, an increase of 17% year-over-year. On a constant currency basis, total revenue grew 14% year-over-year. Our cloud subscription revenue retention rate was 111% as of June 30, 2025, compared to 118% a year ago and 112% in the prior quarter. Our international operations contributed 38% of total revenue, unchanged from the year-ago period.

訂閱收入佔總收入的 78%，而去年同期為 77%，上一季為 81%。總收入為1.706億美元，年增17%。以固定匯率計算，總營收年增14%。截至 2025 年 6 月 30 日，我們的雲端訂閱營收保留率為 111%，而去年同期為 118%，上一季為 112%。我們的國際業務貢獻了總收入的 38%，與去年同期相比沒有變化。

Moving down the income statement, I will discuss our results on a non-GAAP basis, unless otherwise noted. Gross margin was 75%, unchanged from the year-ago period and down from 78% in the prior quarter. Our subscription gross margin was 87% compared to 89% in both the year-ago period and prior quarter. Professional services gross margin was 33% compared to 30% in both the year-ago period and prior quarter. Total operating expenses were $122.7 million, flat with $123.2 million in the year-ago period.

在損益表中，除非另有說明，我將根據非 GAAP 基礎討論我們的結果。毛利率為 75%，與去年同期持平，低於上一季的 78%。我們的訂閱毛利率為 87%，而去年同期和上一季均為 89%。專業服務毛利率為 33%，而去年同期及上一季均為 30%。總營運費用為 1.227 億美元，與去年同期的 1.232 億美元持平。

Adjusted EBITDA was positive $8.1 million versus our guidance of negative $5 million to negative $2 million and compared to an adjusted EBITDA loss of $10.5 million in the year-ago period. This outperformance relative to our guide was largely driven by greater-than-expected revenue as well as timing of certain expenses, which we now expect to incur in the second half of this year.

調整後的 EBITDA 為正 810 萬美元，而我們的預期為負 500 萬美元至負 200 萬美元，而去年同期的調整後 EBITDA 虧損為 1,050 萬美元。相對於我們的指導，這一優異表現主要是由於收入高於預期以及某些費用的發生時間，我們目前預計這些費用將在今年下半年發生。

Net income was $0.3 million or breakeven per diluted share compared to a net loss of $18.2 million or $0.25 per share for the second quarter of 2024. This is based on 74.6 million diluted shares outstanding for the second quarter of 2025 and 72.3 million diluted shares outstanding for the second quarter of 2024.

淨收入為 0.3 百萬美元或每股攤薄盈虧平衡，而 2024 年第二季的淨虧損為 1,820 萬美元或每股 0.25 美元。這是基於 2025 年第二季 7,460 萬股稀釋流通股和 2024 年第二季 7,230 萬股稀釋流通股。

Turning to our balance sheet. As of the end of Q2, cash and cash equivalents and investments were $184.8 million compared to $159.9 million at the end of last year. For the second quarter, cash used by operations was $1.9 million compared to $17.6 million cash used by operations for the same period last year.

轉向我們的資產負債表。截至第二季末，現金、現金等價物和投資為 1.848 億美元，而去年末為 1.599 億美元。第二季營運所用現金為 190 萬美元，而去年同期營運所用現金為 1,760 萬美元。

Turning to guidance. For the third quarter of 2025, cloud subscription revenue is expected to be between $109 million and $111 million, representing year-over-year growth between 16% and 18%. Total revenue is expected to be between $172 million and $176 million, representing year-over-year growth between 12% and 14%.

轉向指導。2025 年第三季度，雲端訂閱營收預計在 1.09 億美元至 1.11 億美元之間，年增 16% 至 18%。預計總收入在 1.72 億美元至 1.76 億美元之間，年增 12% 至 14%。

Adjusted EBITDA is expected to be between positive $9 million and positive $12 million. Non-GAAP earnings per share is expected to be between $0.03 and $0.07. This assumes 74.7 million fully diluted weighted average shares outstanding.

調整後息稅折舊攤提前利潤（EBITDA）預計在正900萬美元至正1200萬美元之間。非公認會計準則每股收益預計在0.03美元至0.07美元之間。假設完全稀釋加權平均流通股數為7470萬股。

For the full year 2025, we are increasing our guidance for cloud subscription revenue, total revenue and adjusted EBITDA. Cloud subscription revenue is expected to be between $429 million and $433 million, representing year-over-year growth between 17% and 18%. Total revenue is expected to be between $695 million and $703 million, representing year-over-year growth between 13% and 14%.

對於 2025 年全年，我們將提高對雲端訂閱收入、總收入和調整後 EBITDA 的預期。雲端訂閱收入預計在 4.29 億美元至 4.33 億美元之間，年增 17% 至 18%。預計總收入在 6.95 億美元至 7.03 億美元之間，年增 13% 至 14%。

Adjusted EBITDA is now expected to range between $49 million and $55 million. Non-GAAP earnings per share is expected to be between $0.28 and $0.36. This assumes 74.7 million fully diluted weighted average shares outstanding.

調整後的 EBITDA 目前預計在 4,900 萬美元至 5,500 萬美元之間。非公認會計準則每股收益預計在0.28美元至0.36美元之間。假設完全稀釋加權平均流通股數為7470萬股。

Our guidance assumes the following. First, we expect professional services to grow modestly on a year-over-year basis for both Q3 and the full year. Second, we anticipate term license revenue to be flat on a year-over-year basis in Q3 and grow modestly for the full year 2025. Third, total other income and interest expense will be approximately $3.5 million in Q3 and $15 million for the full year 2025. Finally, our guidance assumes FX rate as of August 1, 2025.

我們的指導假設如下。首先，我們預計專業服務在第三季和全年都將實現年比小幅成長。其次，我們預計第三季定期授權收入將與去年同期持平，2025 年全年將小幅成長。第三，2025 年第三季其他收入和利息支出總額約為 350 萬美元，全年約 1,500 萬美元。最後，我們的指導假設外匯匯率截至 2025 年 8 月 1 日。

In closing, we're pleased with our Q2 results and in particular, with our ability to win new business. We're confident in the opportunity ahead, and we'll continue to invest responsibly to maximize our long-term value.

最後，我們對第二季的業績感到滿意，尤其是對我們贏得新業務的能力感到滿意。我們對未來的機會充滿信心，我們將繼續負責任地投資，以最大化我們的長期價值。

Now we'll turn the call over for questions. Operator?

現在我們將電話轉入提問環節。操作員？

(Operator Instructions)

（操作員指示）

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

I've got two quick questions. One for Matt and one for Serge. Matt, if you think that dream or the idea of app modernization, as you said, has been around for quite a while and AI should really help here, where are we on that journey, though, to kind of really get this to happen? And how much will come from just one vendor rather than like tools from different ones?

我有兩個簡單的問題。一個給馬特，一個給塞爾吉。馬特，如果您認為應用程式現代化的夢想或想法，正如您所說，已經存在了很長一段時間，並且人工智慧應該真的能在這方面提供幫助，那麼，我們在這一旅程中處於什麼位置，才能真正實現這一目標？那麼有多少產品只來自一個供應商，而不是來自不同的供應商？

And then for Serge, can you just talk a little bit about the cloud NRR, that kind of 111%, kind of stepped down a little bit again? Are we finding the level here? What are the drivers there?

然後對於 Serge，您能否稍微談談雲 NRR，那種 111% 又有點下降了？我們在這裡找到水平了嗎？那裡的驅動因素是什麼？

Yes. App modernization is going to be a much more complex market than it appears to be from this distance. Early in its conception, it seems like it may just be unitary, but it won't be -- there's an extraction motion. There's an instantiation motion. AI can help with both of them. The first is more services intensive, the second likely more software intensive.

是的。應用程式現代化將是一個比從這個距離看起來要複雜得多的市場。在其概念的早期階段，它似乎可能只是單一的，但事實並非如此——存在一種提取運動。有一個實例化動作。人工智慧可以幫助解決這兩個問題。第一個是服務密集型，第二個可能更多的是軟體密集型。

We're obviously -- we're doing this market. We've been in this market for years, and we have a track record, and we're already a legitimate leader in modernization, but the game will change so much over the next year or two as AI is brought to bear on both of the two primary motions that comprise this market. We are confident that we have something to say and can lead in both sides of that equation, and we're driving forward.

顯然，我們正在開拓這個市場。我們在這個市場已經有很多年了，我們有良好的業績記錄，我們已經是現代化領域的合法領導者，但隨著人工智慧對構成這個市場的兩個主要動向產生影響，未來一兩年內，遊戲規則將會發生巨大變化。我們有信心，我們有話要說，能夠在等式的兩邊發揮領導作用，我們正在向前邁進。

Yes. Raimo, thanks for the question. Let me jump in on the NRR rate. So let me say a few things. First, as we've discussed in the past, NRR is a helpful metric, but it has certain limitations. In my mind, most importantly, it's backward looking, sort of averages growth across quarters and obviously only reflects a subset of the business.

是的。Raimo，謝謝你的提問。讓我來談談 NRR 率。因此，請容許我講幾件事。首先，正如我們過去討論過的，NRR 是一個有用的指標，但它有一定的限制。在我看來，最重要的是，它是回顧性的，有點像各個季度的平均成長，顯然只反映了業務的子集。

With that said, the downtick to 111%, I would contribute it to some of the same reasons we talked about in the prior quarter, which is kind of the ongoing effect of a couple of down-sells that we've experienced in the past as they work their way through the system in the backward-looking metrics.

話雖如此，但下降至 111%，我認為它與我們在上一季度討論過的一些原因相同，這是我們過去經歷過的幾次降價的持續影響，因為它們在回顧性指標的系統中發揮作用。

I will also say that as we look at the composition of our new business in the first half of the year, a higher percentage than in the past has actually come from new customers, which we actually see as evidence of strength, our ability to land in these new logos with large and strategic mission-critical deals at the outset. That's a strong sort of contribution or a strong testament to our value proposition.

我還要說的是，當我們回顧今年上半年新業務的組成時，我們發現來自新客戶的比例實際上比過去更高，我們實際上將此視為實力的證據，表明我們有能力在一開始就通過大型戰略關鍵任務交易獲得這些新客戶。這是對我們的價值主張的有力貢獻或有力證明。

And then you talked about sort of the metric bottoming out. You may have noticed that I did not mention in the script the range of 110% to 120% that we used to reference in the past. And that's not because, actually, anything has changed in the business. We remain very confident in our ability to grow with our existing customers.

然後您談到了指標觸底的情況。您可能已經注意到，我在腳本中沒有提到我們過去引用的 110% 到 120% 的範圍。這並不是因為業務實際上發生了任何變化。我們對於與現有客戶共同成長的能力仍然充滿信心。

But we're not referencing that range because we don't actually run the company to achieve an NRR level. We run the company to achieve total new business, whether it's on-prem or in the cloud, whether it's new or existing customers, but it's total new business that we forecast, that we discuss and that we compensate people for. The NRR metric is an output, and we'll obviously continue reporting it. But it doesn't make sense to talk about the expected range because it's not actually how we run the business.

但我們並沒有參考該範圍，因為我們實際上並不是為了達到 NRR 水準而經營公司。我們經營公司是為了實現全新的業務，無論是在本地還是在雲端，無論是新客戶還是現有客戶，但這是我們預測、討論並向人們支付報酬的全新業務。NRR 指標是一種輸出，我們顯然會繼續報告它。但談論預期範圍是沒有意義的，因為這實際上不是我們經營業務的方式。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

I think this is similar to Raimo's question, but maybe a little bit more specific. So Matt, on the call, you talked about Appian's advantages that won't be easy for others to replicate in this market opportunity. But I think that's exactly what a lot of investors are worried about overall for software, but particularly for app development platforms and companies such as yourself, is this view that generative AI, agentic computing and these AI labs are going to be able to do more and more on a go-forward basis, automate more processes and obviate a lot of legacy or existing vendors or even the SaaS layer altogether.

我認為這與 Raimo 的問題類似，但可能更具體一些。馬特，在電話會議上，你談到了 Appian 的優勢，其他人很難在這個市場機會中複製這些優勢。但我認為這正是許多投資者對軟體總體上感到擔憂的原因，特別是對於應用程式開發平台和像您這樣的公司而言，這種觀點認為生成式人工智慧、代理運算和這些人工智慧實驗室將能夠在未來做越來越多的事情，自動化更多流程，並完全消除許多遺留或現有的供應商，甚至是 SaaS 層。

Can you dig in a little bit on sort of what those advantages are that Appian holds that you think are going to prove true moats, right, that aren't going to be able to be replicated by just agentic AI or kind of what the AI labs are doing to help us and help investors get a little bit more comfortable about durability, if you will?

您能否深入探討 Appian 所持有的那些優點是什麼？您認為這些優勢將證明是真正的護城河，對吧？這些優勢無法透過代理人工智慧或人工智慧實驗室正在做的事情來複製，以幫助我們和幫助投資者對持久性更加放心，如果可以的話？

Yes. Absolutely, Keith, and thank you for the question. So I know a lot of people are worried about this, about how AI will be able to write applications and they're concerned. They don't know how that's going to affect our market. But let me tell you, there are things that AI will absolutely not be doing. Appian comes with a built-out frame of functionality. And whether that's scalability or security calls or the ability to run on a mobile phone or all the features that come built in when you create an application in the center of our platform on the modeling environment, all of that comes with whatever app you put into our platform. And AI is not going to do that.

是的。當然，基思，謝謝你的提問。所以我知道很多人對此感到擔心，擔心人工智慧如何編寫應用程式。他們不知道這將如何影響我們的市場。但我告訴你，有些事情是人工智慧絕對不會做的。Appian 附有內建的功能框架。無論是可擴展性、安全性調用、在手機上運行的能力，還是在建模環境中在我們平台中心創建應用程式時內建的所有功能，所有這些都會隨著您放入我們平台的任何應用程式而出現。但人工智慧不會這樣做。

AI is not going to write a hot-hot failover, for example, so that if the app goes down in one location, it automatically starts up in another location, a high availability kind of functionality. That's a perfect example of something you would never get out of AI. Also, AI wouldn't be merging 100 applications into one like we're talking about.

例如，AI 不會編寫熱熱故障轉移，這樣如果應用程式在一個位置出現故障，它會自動在另一個位置啟動，這是一種高可用性功能。這是一個你永遠無法從人工智慧中得到的東西的完美例子。此外，人工智慧不會像我們所說的那樣將 100 個應用程式合併為一個。

But look, the competitive advantage isn't just against AI, it's against our competitors. And we find that the direct large company competitors have a platform that's inferior to ours. Porting an old app into JavaScript or Apex Code is not as good as porting it into a platform like Appian that's easy to introspect, modify and comes built out with all these features. And the start-ups aren't going to have the credibility to be used in major circumstances.

但看看吧，競爭優勢不只是針對人工智慧，也是針對我們的競爭對手。我們發現，直接的大公司競爭對手的平台不如我們的平台。將舊應用程式移植到 JavaScript 或 Apex Code 中並不如將其移植到 Appian 這樣的平台中那麼好，因為 Appian 易於自省、修改並且具備所有這些功能。而且這些新創企業在重大情況下不具備可信度。

And from what I've seen, most of the modernization opportunities are major circumstances with hundreds or thousands of applications for worldwide-famous organizations. They wouldn't be going with a start-up. So there's either a platform problem with our directs or a credibility problem with the start-ups.

就我所見，大多數現代化機會都是重大情況，為全球知名組織提供數百或數千個應用程式。他們不會選擇創業。因此，要不是我們的直銷平台有問題，就是新創企業有信譽問題。

I think we've got a unique situation where we're large enough to be a credible player in this market, but also we've really invested in having a great process environment so that when you create an application on our platform, that's a fully featured, scalable, secure, reliable application in a way that our competitors and AI would be unable to construct.

我認為我們有一個獨特的情況，我們的規模足夠大，可以成為這個市場上值得信賴的參與者，而且我們也確實投資了一個偉大的流程環境，以便當您在我們的平台上創建應用程序時，這是一個功能齊全、可擴展、安全、可靠的應用程序，而我們的競爭對手和人工智能無法構建。

Keith, can I just also chime in? Because I'm new and I had some of the same questions and sort of an analogy that Matt uses was helpful to me. It's helpful to think of AI in the context of an application as an engine. But engine, in and of itself, doesn't accomplish enough or much. It needs a car to go places. And we are the provider of that in the context of security, safety, durability, accuracy, actually. And so that gives us that gives us confidence that it won't change and that we have a durable advantage here.

基思，我可以插嘴一下嗎？因為我是新手，我也有一些相同的問題，而馬特使用的類比對我很有幫助。將應用程式環境中的人工智慧視為引擎是有幫助的。但引擎本身並不能發揮足夠的作用。去某個地方需要汽車。實際上，我們是安全性、耐用性和準確性方面的提供者。因此，這讓我們有信心，這種情況不會改變，而且我們在這方面擁有持久的優勢。

Yes. That's an example, right. AI is not going to write a new data fabric that integrates all the data sources across the enterprise and automatically tunes your queries, tunes it so that the queries that are asked most frequently get better performance. That's the kind of thing that you need a platform like Appian in order to do well. So I know there's a lot of imagination about what AI is going to be able to create. And AI will create a great engine. But as Serge says and as we like to say, it's good to have the car with that engine.

是的。這是一個例子，對吧。人工智慧不會編寫一個新的資料結構來整合整個企業的所有資料來源並自動調整您的查詢，而是對其進行調整以便最常詢問的查詢獲得更好的效能。為了做好這類事情，你需要一個像 Appian 這樣的平台。所以我知道人們對人工智慧能夠創造什麼有很多想像。人工智慧將創造出偉大的引擎。但正如塞爾吉所說，也正如我們喜歡說的那樣，擁有這種引擎的汽車是件好事。

Excellent. That's a great analogy. And I think you're right that we're at a part of the kind of the innovation cycle and the hype cycle where there's a lot of broad sort of aspirations what AI will have to do. So you guys bringing out sort of analogues like the car versus the engine, I think, is really important to help investors in the marketplace understand what's the right place that AI will go into.

出色的。這是一個很好的比喻。我認為您說得對，我們正處於創新週期和炒作週期的一部分，人們對人工智慧將要做的事情有很多廣泛的期望。所以，我認為，你們提出汽車與引擎之間的類似物，對於幫助市場投資者了解人工智慧的正確應用領域非常重要。

Serge, it's great to hear from you again in the new role. So congratulations on the new seat. I had a question more specifically for you. We're seeing 14% constant currency growth overall in Appian and flat OpEx growth. And Matt was talking about some of the efficiencies. You guys are already seeing in the business, particularly in sales and marketing productivity from utilizing AI. Where are we in the Appian journey? Like how much more is there to go in terms of you guys garnering efficiencies out of your own use of these technologies and getting those margins heading in the right direction?

塞爾吉，很高興再次收到你在新職位上的來信。恭喜您獲得新職位。我有一個更具體的問題想問你。我們看到 Appian 整體的固定匯率成長率為 14%，而營運支出成長率持平。馬特正在談論一些效率問題。你們已經看到了業務的進步，特別是利用人工智慧帶來的銷售和行銷效率的提升。我們在阿庇安之旅中處於什麼位置？例如，你們在利用這些技術提高效率以及使利潤率朝著正確的方向發展方面還有多少工作要做？

Yes. So I would generally constitute it as we've made progress, but there's plenty more to go. And maybe I'll take a little bit of step back. I commend Matt and the management team on the efforts that were put into place over the last couple of years. And really, what the team has done here internally is focus on the areas of lowest productivity where the ROI wasn't there, and you've seen the improvement in the margin. And that requires discipline and resolve. And once again, I'm happy to be in an environment that can do that.

是的。因此，我通常認為我們已經取得了進展，但還有很多工作要做。也許我會稍微退一步。我讚揚馬特和管理團隊在過去幾年所做的努力。實際上，團隊內部所做的就是專注於生產力最低、投資回報率不高的領域，並且您已經看到了利潤率的提高。這需要紀律和決心。再次，我很高興能處於一個可以做到這一點的環境。

As we roll forward, I sort of see three key drivers of continued profitability and efficiency. The first one is continued improvements in sales productivity and the payback on our sales and marketing investment. And it's very encouraging what we've been able to do here in the first half of the year. But obviously, the game is still afoot, but we're optimistic about where we can go from here. And we'll achieve further improvements by improvements in our go-to-market process as well as targeted incremental investments that will have a disproportionate impact on that sales and marketing payback. So that's bucket number one.

隨著我們不斷前進，我看到了持續獲利和效率的三個關鍵驅動因素。第一個是銷售效率的持續提升以及銷售和行銷投資的回報。我們在今年上半年所取得的成績令人非常鼓舞。但顯然，遊戲仍在進行中，但我們對接下來的發展充滿樂觀。我們將透過改進市場進入流程以及有針對性的增量投資來實現進一步的改進，這將對銷售和行銷回報產生不成比例的影響。這就是第一個問題。

Bucket number two is we have an ambitious product road map, but we can deliver it cost efficiently by growing our R&D base across the world and in particular, in India. So we've made those foundational investments, I would say, over the last couple of years, but we're going to continue pushing in that direction.

第二個目標是，我們有一個雄心勃勃的產品路線圖，但我們可以透過擴大我們在全球（特別是在印度）的研發基地來以經濟高效的方式實現這一目標。所以我想說，我們在過去幾年裡進行了這些基礎投資，但我們將繼續朝著這個方向努力。

And then finally, to your point, we can use our own AI. We can eat our own cooking sort of across the company. And we're seeing some good early results in the context of some go-to-market functions, but we can do more as far as customer-facing, we can do more as far as how we write our own code and, of course, in the back office as well. So a lot of work done already, but plenty for us to continue doing here and to sort of balance that -- find that balance between growth as well as improvement in margin.

最後，正如您所說，我們可以使用我們自己的人工智慧。我們可以在公司各處吃自己做的飯。我們在一些市場推廣功能方面看到了一些良好的早期成果，但我們可以在面向客戶方面做得更多，我們可以在如何編寫自己的程式碼方面做得更多，當然，在後台方面也可以做得更多。所以我們已經完成了很多工作，但我們還有很多工作要繼續做，並找到平衡點——找到成長和利潤率提高之間的平衡。

Excellent. That's super helpful. And congratulations on a solid quarter.

出色的。這非常有幫助。恭喜本季業績穩健。

Thank you.

謝謝。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯。

Great. Serge, looking forward to working with you more moving forward here. I guess maybe just to start, just in terms of the contribution that Appian AI is maybe having on the pipeline or maybe how is it changing the customer conversations in terms of how they're viewing, I guess, Appian as a key partner moving forward, just what have you seen from those dynamics? And is it having a, I guess, impact to -- or how would you kind of frame the impact it's having to some of the demand out there for Appian right now?

偉大的。塞爾吉，期待與您進一步合作。我想也許只是開始，就 Appian AI 可能對管道做出的貢獻而言，或者也許它如何改變客戶對話，就他們如何看待 Appian 作為未來的關鍵合作夥伴而言，您從這些動態中看到了什麼？我想，它是否會產生影響——或者您如何看待它對目前 Appian 的一些需求產生的影響？

Yes. I'd say it's a great driver for pipeline. We are seen differently by customers. We can show them that we can create far more value with AI than we could before. AI is a brilliant digital worker, and we've been selling digital workers for a decade or more within our process model. But now we've got the best digital worker ever, and we can demonstrate how much productivity that can add.

是的。我想說，它是管道的一大推動力。客戶對我們有不同的看法。我們可以向他們證明，我們可以利用人工智慧創造比以前多得多的價值。人工智慧是一種出色的數位化工作者，我們在流程模型中銷售數位化工作者已有十年甚至更長時間了。但現在我們擁有了有史以來最好的數位化員工，我們可以證明這可以提高多少生產力。

Also, our case studies are accumulating, and we've got a lot of great things to say to each specific vertical industry. We could talk case studies. We could talk our performance record. We can talk expectations for each primary model that we frequently deploy of how much AI efficiency should be gained, how much time should be saved.

此外，我們的案例研究也不斷積累，對於每個特定的垂直產業，我們都有很多很棒的東西要說。我們可以討論案例研究。我們可以談談我們的業績記錄。我們可以針對我們經常部署的每個主要模型討論一下期望應該獲得多少AI效率，應該節省多少時間。

We're showing that we understand better than others what can be done with AI in a practical sense, and it absolutely does change the conversation. So that's pipeline, that's bookings, that's revenue. And most importantly of all, and the precursor of all of that, is value proposition, which has changed meaningfully.

我們正在表明，我們比其他人更了解人工智慧在實際意義上可以做什麼，而且它確實改變了對話。這就是管道、這就是預訂、這就是收入。最重要的是，所有這一切的先決條件是價值主張，它已經發生了有意義的變化。

Okay. That's great to hear. And then maybe just on the guide, it's pretty healthy raise here. I'm trying to understand how much of that is maybe a bit of a change in the guidance philosophy or the guide framework here? Or is there some impact here from the change in FX rates? Can you just kind of help maybe walk through what's different today with the guide versus 90 days ago from the prior annual outlook?

好的。聽到這個消息真是太好了。然後也許只是在指南上，這是一個相當健康的增長。我想了解的是，這其中有多少可能是指導理念或指導框架的一點變化？或者外匯匯率的變動會對此產生影響嗎？您能否幫我們介紹一下今天的指南與 90 天前的年度展望有何不同？

Yes. I'll jump there. So no change in guidance philosophy or how we think internally, frankly, about our pipeline and our ability to close. Matt has been talking for the last couple of quarters about the changes that we've seen this year in the macro environment and obviously, some of the uncertainty that we have related to DOGE. Although we're happy with our performance, no need to change sort of the tone or the philosophy behind the guide at this point. It still feels a little premature.

是的。我就跳到那裡。因此，坦白說，指導理念或我們內部對我們的管道和關閉能力的看法沒有改變。過去幾個季度，馬特一直在談論我們今年在宏觀環境中看到的變化，以及顯然與 DOGE 相關的一些不確定性。儘管我們對自己的表現感到滿意，但目前沒有必要改變指南的基調或背後的理念。現在感覺還是有點太早。

On FX specifically, what I would tell you, as we've done this time around, as a general practice, we use current FX rates when we provide guidance. And we don't forecast where FX goes from wherever they are at that current moment. And if you look 90 days ago in early May, much of the dollar decline, which is beneficial to our revenue had actually already played out. So FX was marginally helpful for Q2, and it's a part of the sort of the increase in the guide. But much of the increase in the guide really is about the fundamental strength that we're seeing in the business and the cautious optimism that Matt talked about.

具體來說，關於外匯，我想告訴你，正如我們這次所做的那樣，作為一般做法，我們在提供指導時使用當前的外匯匯率。我們無法預測外匯市場目前的走向。如果你回顧一下 90 天前的 5 月初，美元的大幅下跌（這對我們的收入有利）實際上已經顯現。因此，外匯對第二季度略有幫助，並且是指南成長的一部分。但指南中的大部分成長實際上與我們在業務中看到的根本實力以及馬特談到的謹慎樂觀有關。

Derrick Wood, TD Cowen.

德里克伍德，TD 考恩。

This is Cole on for Derrick. Matt, I just wanted to double-click on DOGE. It seems like some of the initiatives have tapered back a little bit since 90 days ago. Could you just dive in on the federal pipeline and what you guys are seeing, and then maybe as well how AI ties into this and how you're going and selling to them versus commercial?

這是科爾替換德里克。馬特，我只是想雙擊 DOGE。看起來，自 90 天前以來，一些措施已經減弱。您能否深入介紹一下聯邦管道以及您所看到的情況，然後也許還可以介紹一下人工智慧與此有何關聯，以及您是如何向聯邦管道而非商業管道銷售產品的？

Yes, that's right. Well, DOGE may have died down a little bit, but there's fundamental undercurrents that have been started by DOGE that look to survive and shape the federal marketplace for years or decades in the future.

是的，沒錯。好吧，DOGE 可能已經稍微消退了一點，但 DOGE 引發的一些根本性暗流似乎將在未來幾年或數十年內繼續存在並塑造聯邦市場。

Perhaps the most important of those is the disinterest that the government now seems to have regarding higher or spending through intermediaries. There's a far greater interest in doing business directly with Appian or with the software provider as the case may be, and that allows us a greater degree of control, customer satisfaction and revenue involvement. And so that's a very good trend for us.

其中最重要的或許是政府現在似乎對透過中介機構提高支出不感興趣。人們對直接與 Appian 或軟體供應商開展業務的興趣更大，這使我們能夠獲得更大程度的控制權、客戶滿意度和收入參與。這對我們來說是一個非常好的趨勢。

Another one is the government's increased prioritization of efficiency, something for which we have long had a reputation in Washington. These developments are very positive for us. I think it's just structurally changes the market in a way that ought to help and our pipeline is healthy.

另一個是政府更加重視效率，這一點我們在華盛頓早已享有盛名。這些發展對我們來說非常積極。我認為它只是從結構上改變了市場，這應該會有所幫助，而且我們的管道是健康的。

Great. And then just one more on pricing of the AI process. You guys had said that you're going to take a look at shifting pricing. And then last quarter, you said that you might migrate some customers on renewal to a new pricing structure. I mean what's the update there? And do you have anything to add?

偉大的。然後再談一下人工智慧流程的定價。你們曾說過，你們將考慮改變定價。上個季度，您說過可能會將一些續約的客戶遷移到新的定價結構。我的意思是那裡有什麼更新？您還有什麼要補充的嗎？

Yes, that's right. Well, there's a long-term concern in this industry, just to flesh out your question, that since AI is going to reduce the number of users on any given application, that it might have a negative effect on the pricing scale that a lot of software vendors use. We sometimes price by users, but not always. We have a number of different pricing models. So it could be by user or flat app or all-you-can-eat or a consumption model. We do a lot of different styles of pricing, and it differs by region as well. And so we see the same problem.

是的，沒錯。嗯，這個行業存在一個長期的擔憂，只是為了充實你的問題，由於人工智慧會減少任何給定應用程式的用戶數量，它可能會對許多軟體供應商使用的定價標準產生負面影響。我們有時會根據用戶定價，但並非總是如此。我們有許多不同的定價模式。因此它可以是按用戶或平面應用程式或無限量供應或消費模式。我們的定價方式多種多樣，而且根據地區不同也有所不同。所以我們看到了同樣的問題。

We are relying more on our other pricing methods, and we're doing a careful conversion, kind of a migration internally away from seat-based pricing and toward a kind of consumption model. But that's a very deliberate, cautious and gradual migration. And we don't need to make any sudden moves because we have a set of pricing models that we can rely on.

我們更依賴其他定價方法，並且正在進行謹慎的轉換，即從基於座位的定價到一種消費模式的內部轉變。但這是一個非常謹慎、謹慎和漸進的遷移。而且我們不需要採取任何突然的行動，因為我們有一套可以依賴的定價模式。

And maybe just I'll also chime in to say that a pricing model is ultimately just a way to get value, and we're very confident in our value and, frankly, our customers see it as well. And leaving pricing models aside, we've been increasing prices successfully just apples-to-apples, not new functionality, for multiple years now. And that ultimately tells us that our value proposition is strong and that we'll be able to get our fair share of the value we create going forward as well.

也許我也會附和說，定價模式最終只是一種獲取價值的方式，我們對我們的價值非常有信心，坦白說，我們的客戶也看到了這一點。且不論定價模式，多年來我們一直在成功地提高價格，只是同類產品的價格，而不是新功能的價格。這最終告訴我們，我們的價值主張是強大的，並且我們能夠獲得我們未來創造的價值的公平份額。

Devin Au, KeyBanc Capital Markets.

Devin Au，KeyBanc 資本市場。

I wanted to ask about some of the new sales leaders you have hired in EMEA in the quarter in addition to the new Chief Marketing Officer. Could you maybe elaborate on the appointments there? What are you hoping these new leaders would bring to Appian? And are you expecting any notable changes in the go-to-market motion in that region?

我想詢問一下除了新任首席行銷長之外，本季你們在歐洲、中東和非洲地區聘請的一些新銷售領導的情況。能詳細說明一下那裡的預約情況嗎？您希望這些新領導人為 Appian 帶來什麼？您是否預期該地區的市場進入動向會發生顯著變化？

Yes. The general trend across all of our go-to-market operations is one in favor of alignment, discipline, best practices. And all the hires we've made in EMEA and anywhere else for that matter are in line with that transformation. It's been going for a while. There is not a sudden change. We're just continuing to drive the strategy through aligned leadership across the organization. That's it.

是的。我們所有行銷活動的整體趨勢是注重協調、紀律和最佳實踐。我們在歐洲、中東和非洲地區以及其他任何地方招募的所有員工都符合這項轉型。已經持續了一段時間了。沒有什麼突然的變化。我們只是繼續透過整個組織的協調領導來推動這項策略。就是這樣。

Got it. That's helpful. And then maybe just one quick one for Serge. I know you mentioned some of the outperformance in the quarter for EBITDA. It was kind of driven by some expenses shifting out to the second half. Could you maybe just elaborate more on what these are? Is it mostly headcount related? Any color there would be helpful.

知道了。這很有幫助。然後也許只需為 Serge 做一個簡短的回答。我知道您提到了本季 EBITDA 的一些優異表現。這是由於一些費用轉移到下半年所致。能否詳細說明一下這些是什麼？這主要與員工人數有關嗎？任何顏色都會有幫助。

Yes. No headcount, it's marketing and some consulting expenses that we just sort of tactically moved from the second quarter into the back half, but it's a relatively minor contributor. We just want to kind of be transparent and give you guys the confidence so that you can understand how the guide moves versus the prior one.

是的。沒有員工人數，只是行銷和一些諮詢費用，我們只是策略性地從第二季轉移到下半年，但這是一個相對較小的貢獻者。我們只是想保持透明並給你們信心，以便你們能夠理解該指南與先前的指南相比有何變化。

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

Serge, looking forward to working with you moving forward. Great to see the continued productivity on the go-to-market side. Serge, you talked about this being a key area to drive more efficiency in the business. As you've looked at things, can you talk about what's worked for the company thus far and where you think some of the low-hanging fruit is moving forward?

Serge，期待與您繼續合作。很高興看到市場進入的持續生產力。塞爾吉，您說過這是提高業務效率的關鍵領域。就您目前所看到的情況而言，您能否談談公司迄今為止所取得的成效以及您認為未來哪些方面可以取得進展？

And then are you starting to see your new AI solutions help drive faster decisions from customers just given the ROI for them might be a little bit clearer as you're going to market with those?

那麼，您是否開始看到您的新 AI 解決方案有助於推動客戶更快地做出決策，因為當您利用這些解決方案進行行銷時，他們的投資報酬率可能會更清晰一些？

Yes. So a few things. And by the way, thank you. Looking forward to working together as well. So again, if you look at the rearview mirror, we've removed some of the least productive areas of investment and channels, and that sort of helps productivity sort of in a mathematical way in that like it raises the average of the rest. And that's helpful because it saves money, but it's not sort of what's going to drive the business going forward.

是的。有幾件事。順便說一句，謝謝你。也期待共同合作。所以，如果你再回顧一下，你會發現我們已經移除了一些生產力最低的投資領域和管道，這在某種程度上以數學的方式提高了生產力，因為它提高了其餘領域的平均生產力。這很有幫助，因為它可以節省資金，但這並不是推動業務向前發展的動力。

And what we've seen, however, over the last couple of quarters and in particular, in Q2, is improvements in productivity driven by better execution in our move upmarket. We're seeing bigger deals. We are seeing more strategic deals, and that comes from our ability to take our great product, our strong relationships and marry them with improved execution and just get better outcomes.

然而，在過去幾個季度，特別是第二季度，我們看到，由於我們在高端市場的更好執行，生產力得到了提高。我們看到了更大的交易。我們看到越來越多的策略交易，這源自於我們能夠利用我們的優質產品、牢固的關係，並結合改進的執行力，從而獲得更好的結果。

And honestly, it's my first quarter here, and I was impressed with some of the deals we've been able to get in from the perspective of size, duration, names, structure. And I think, again, that speaks to the sort of the latent opportunity that we have here to monetize with our customers over time. And so you should expect us to see more than that in the context of improved productivity, improving process.

老實說，這是我在這裡的第一個季度，從規模、期限、名稱、結構的角度來看，我們達成的一些交易給我留下了深刻的印象。我認為，這再次說明了我們隨著時間的推移與客戶一起獲利的潛在機會。因此，您應該期望我們在提高生產力、改善流程方面看到更多成果。

Some of the leadership changes are going to keep helping with that front as well. And the way that, that fits into the overall model is just the better the productivity, the more you can grow revenue while expanding margins at the same time. And so again, early days, no victory to declare here, but some pretty positive signals.

一些領導階層的變動也將繼續對這方面有所幫助。這與整體模型相符，即生產力越高，收入成長越快，利潤率越高。所以，在早期階段，我們還沒有宣布勝利，但是卻發出了一些非常正面的訊號。

Okay. That's helpful. And then can you just double-click on what you're seeing with your public sector business? Things seem to be progressing really well thus far this year. But as we head into the third quarter, could you just talk about how conversations with customers are going just given the larger Q3 buying cycle there?

好的。這很有幫助。然後，您可以雙擊查看您在公共部門業務中看到的內容嗎？今年到目前為止一切似乎進展順利。但是隨著我們進入第三季度，考慮到第三季度的購買週期更長，您能否談談與客戶的對話進展如何？

Shall I take that?

我可以接受嗎？

Yes.

是的。

All right. Well, I'll say that we're in healthy conversations and that we're pleased with the way the behavior of the federal government has changed in its priorities and its buying patterns. But beyond that, I think that's all I can add.

好的。好吧，我想說的是，我們正在進行健康的對話，我們對聯邦政府在優先事項和購買模式方面的行為改變感到滿意。但除此之外，我想這就是我能補充的全部了。

I am showing no further questions at this time. Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

我目前沒有其他問題。感謝大家參加今天的會議。本節目到此結束。您現在可以斷開連線。