Apex Treasury Corp (APXT) 2024 Q3 法說會逐字稿

Good day and welcome to the AvePoint Inc Q3 2024 earnings call. (Operator Instructions)

美好的一天，歡迎參加 AvePoint Inc 2024 年第三季財報電話會議。（操作員說明）

Now, I'd like to turn the conference over to James Arestia, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係部門的詹姆斯·阿雷斯蒂亞 (James Arestia)。請繼續。

Thank you operator. Good afternoon and welcome to AvePoint's third quarter, 2024 earnings call with me on the call this afternoon is Dr. Tianyi Jiang, Chief Executive Officer; and Jim Caci, Chief Financial Officer. After preliminary remarks, we will open the call for a question and answer session.

謝謝運營商。下午好，歡迎參加 AvePoint 2024 年第三季財報電話會議，今天下午與我一起參加電話會議的是執行長蔣天一博士；吉姆‧卡奇 (Jim Caci)，財務長。初步發言後，我們將開始問答環節。

Please note that this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations. We encourage you to review the safe harbor statements contained in our press release for a more complete description.

請注意，本次電話會議將包括前瞻性陳述，這些陳述涉及可能導致實際結果與管理階層目前預期有重大差異的風險和不確定性。我們鼓勵您查看我們新聞稿中包含的安全港聲明，以獲得更完整的描述。

All material in the webcast is the sole property and copyright of a point with all rights reserved. Please note this presentation describes certain non-GAAP measures including non-GAAP, gross profit, non-GAAP, gross margin, non-GAAP operating income and non-GAAP operating margin which are not measured prepared in accordance with us, GAAP.

網路廣播中的所有資料均為點的專有財產和版權，保留所有權利。請注意，本簡報描述了某些非 GAAP 衡量標準，包括非 GAAP、毛利、非 GAAP、毛利率、非 GAAP 營業收入和非 GAAP 營業利潤率，這些指標並非根據我們的 GAAP 衡量。

The non-GAAP measures are presented in this presentation as we believe they provide investors with the means of understanding how management evaluates the company's operating performance. These non-GAAP measures should not be considered in isolation from as substitutes for or superior to financial measures prepared in accordance with US GAAP.

本簡報中介紹了非公認會計準則衡量標準，因為我們相信它們為投資者提供了了解管理階層如何評估公司經營績效的方法。這些非公認會計原則措施不應孤立地視為替代或優於根據美國公認會計原則制定的財務措施。

A reconciliation of these measures to the most directly comparable GAAP financial measures is available in our third quarter, 2024 earnings press release, as well as our updated investor presentation and financial tables, all of which are available on our industrial relations website. With that. Let me turn the call over to TJ.

這些指標與最直接可比較的 GAAP 財務指標的調整可在我們的 2024 年第三季收益新聞稿以及更新的投資者簡報和財務表格中找到，所有這些都可以在我們的勞資關係網站上找到。就這樣。讓我把電話轉給 TJ。

Thank you, Jamie and thank you to everyone joining us on the call today.

謝謝傑米，也感謝今天加入我們電話會議的所有人。

The third quarter was an exceptional one for our points as we built on the momentum and strength of the first half of the year. Outperforming our expectations for the seventh consecutive quarter.

第三季度對於我們的積分來說是一個特殊的季度，因為我們在上半年的勢頭和實力的基礎上繼續發展。連續第七個季度超出我們的預期。

We also demonstrated meaningful improvement on a number of key financial and operational metrics which Jim will discuss in more detail.

我們也展示了一些關鍵財務和營運指標的有意義的改進，吉姆將對此進行更詳細的討論。

Our results again reflect our steady focus on profitable growth and the ongoing demand for the Apple Conference platform which is designed to enhance data security governance and resilience.

我們的業績再次反映出我們對獲利成長的穩定關注以及對旨在增強資料安全治理和彈性的蘋果會議平台的持續需求。

While these customer needs are not new, they have never been as high profile or as widespread as they are today.

雖然這些客戶需求並不新鮮，但它們從未像今天這樣備受矚目或廣泛傳播。

Companies worldwide increasingly are turning to outpoint as they recognize the importance of high quality data and the criticality of a robust data management strategy.

世界各地的公司越來越多地轉向 Outpoint，因為他們認識到高品質資料的重要性以及強大的資料管理策略的重要性。

Apple's unmatch ability to establish these strategies for customers for more than 20 years makes us a perfect fit for this moment where companies are rethinking data security in the age of janitor A I and prioritizing platform solutions that deliver automated value across their multi cloud environments.

20 多年來，蘋果公司在為客戶制定這些策略方面擁有無與倫比的能力，這使我們非常適合這個時刻，在這個時刻，公司正在重新思考看門人人工智慧時代的資料安全性，並優先考慮在多雲環境中提供自動化價值的平台解決方案。

These dynamics position apping exceptionally well to capitalize on the tremendous market opportunity ahead of us and provide us the confidence to again raise our expectations for the year today. I'll talk about what we are seeing in the market and some key customer wins in the quarter.

這些動態非常好地利用了我們面前的巨大市場機遇，並使我們有信心再次提高對今年的預期。我將討論我們在市場上看到的情況以及本季贏得的一些關鍵客戶。

I'll then turn it over to Jim to cover our financial performance and updated financial guidance.

然後我會將其交給吉姆，介紹我們的財務表現和最新的財務指導。

I recently attended the Microsoft SM CAA conference which brings together the top Microsoft partners in the region. A key topic was maximizing the value of Microsoft 365 copilot in every conversation, whether with members of Microsoft's executive team or other top partners. It was clear that data security and data quality are key to delivering the potential that gen A I solutions like copilot offers.

我最近參加了 Microsoft SM CAA 會議，該會議匯集了該地區的頂級 Microsoft 合作夥伴。一個關鍵主題是在每次對話中最大化 Microsoft 365 副駕駛的價值，無論是與 Microsoft 執行團隊成員還是其他頂級合作夥伴。很明顯，資料安全和資料品質是發揮 copilot 等第一代解決方案潛力的關鍵。

At the same time, the concept of data security is rapidly evolving in the age of A I. It goes beyond traditional security measures extending to comprehensive data protection, quality, data management, robust data governance. And of course data security, traditional data security has focused on protecting the parameter. But that approach while still important is ultimately insufficient today, with the rise of gen A I businesses must shift to data centric security which focuses on protecting the data itself wherever it resides.

同時，資料安全的概念在人工智慧時代迅速發展，它超越了傳統的安全措施，擴展到全面的資料保護、品質、資料管理、穩健的資料治理。當然還有資料安全，傳統的資料安全著重於保護參數。但這種方法雖然仍然很重要，但在今天最終還是不夠的，隨著第一代人工智慧的興起，企業必須轉向以資料為中心的安全，重點是保護資料本身，無論資料位於何處。

What do we mean by this? Today? Companies require a centralized data security posture, uniform approach to data governance, automated business processes, proactive and agile risk response and the ability to do all these things at scale.

我們這是什麼意思？今天？公司需要集中的資料安全態勢、統一的資料治理方法、自動化的業務流程、主動且敏捷的風險回應以及大規模完成所有這些事情的能力。

Essential to this approach is the integration of strong data governance and data protection practices. Effective governance ensures that data is properly managed, accessible and compliant with regulations. While data protection measures like encryption and access controls, secure sensitive information without these practices, the true value of generative A I simply cannot be realized.

這種方法的關鍵是強大的資料治理和資料保護實踐的整合。有效的治理可確保資料正確管理、可存取並符合法規。雖然加密和存取控制等資料保護措施可以在沒有這些實踐的情況下保護敏感訊息，但生成式人工智慧的真正價值根本無法實現。

Garner found at least 30% of generative A I projects will be abandoned after proof of concept by the end of 2025 due to poor data quality and inadequate risk controls. And by 2027 60% of organizations will fail to realize the anticipated value of their A I use cases due to in cohesive data governance frameworks seamlessly addressing these widespread problems is precisely what the apple and confidence platform solves.

Garner 發現，由於資料品質不佳和風險控制不足，到 2025 年底，至少 30% 的生成式 AI 專案將在概念驗證後被放棄。到 2027 年，60% 的組織將無法實現其人工智慧用例的預期價值，因為無縫解決這些普遍問題的內聚資料治理框架正是蘋果和信心平台所解決的。

We enable security business and it leaders to automate data governance for unstructured data including the right security controls, business process, automation monitoring and analytics to simplify data security and successfully implement generative A I our platform approach which offers a one stop solution to the most universal data management challenges, continues to resonate with customers and prospects and led to strong new logo acquisition and significant customer expansions in the third quarter.

我們使安全業務和IT 領導者能夠實現非結構化資料的自動化資料治理，包括正確的安全控制、業務流程、自動化監控和分析，以簡化資料安全並成功實施生成式人工智慧。最通用的數據提供一站式解決方案管理挑戰，繼續與客戶和潛在客戶產生共鳴，並導致第三季強勁的新徽標收購和顯著的客戶擴張。

I want to highlight a few of these wins which encapsulate organizations of all sizes and verticals from all around the world.

我想重點介紹其中的一些勝利，這些勝利囊括了來自世界各地各種規模和垂直領域的組織。

Financial institutions deal with vast amounts of sensitive unstructured data and the integration of A I capabilities for fraud detection, customer service automation and risk assessments inherently introduces risks like data privacy breaches, unauthorized access and bias in A I algorithms.

金融機構處理大量敏感的非結構化數據，人工智慧詐欺檢測、客戶服務自動化和風險評估功能的整合必然會帶來資料隱私外洩、未經授權的存取和人工智慧演算法偏差等風險。

This is the exact use case leading to a significant customer expansion with a prominent global online payment processing company already a customer of our resilient suite. The company required enhanced data security and governance measures.

這是導致客戶大幅擴張的確切用例，一家著名的全球線上支付處理公司已經是我們彈性套件的客戶。該公司需要加強資料安全和治理措施。

Before rolling out Microsoft 365 copilot to their 40,000 users. They purchased three control Threee products to provide a robust and scalable framework that will drive the success of their A I transformation.

在向 40,000 名使用者推出 Microsoft 365 copilot 之前。他們購買了三款控制 Threee 產品，以提供強大且可擴展的框架，推動他們的人工智慧轉型取得成功。

We also welcomed a Canada Based insurance company with 35,000 users as a new customer in the quarter which required a robust solution to improve workspace governance attestation across its environment.

本季我們也迎來了一家擁有 35,000 名用戶的加拿大保險公司作為新客戶，該公司需要一個強大的解決方案來改善其環境中的工作區治理認證。

They purchased five products across our control suite to enable comprehensive data access governance, real time monitoring of their data security posture and automation of their compliance reporting.

他們在我們的控制套件中購買了五種產品，以實現全面的資料存取治理、即時監控資料安全狀況以及自動化合規報告。

Switching to the health care industry where safeguarding patient data and complying with strict regulations is nonnegotiable to do so.

轉向醫療保健行業，保護患者數據並遵守嚴格的法規是不容談判的。

Companies must have robust automated data governance and resilient protection plans in place to uphold their organizational reputation and operational viability. We welcome the US based health care provider with 35,000 users in the quarter which purchase our entire control suite of products to address risks related to their sensitive data.

公司必須制定強大的自動化資料治理和彈性保護計劃，以維護其組織聲譽和營運可行性。我們歡迎本季擁有 35,000 名用戶的美國醫療保健提供者購買我們的整個控制產品套件，以解決與其敏感資料相關的風險。

That point, they can now implement a scalable framework to automate data governance uncover actionable risk insights and enable proactive policy enforcement, reducing data security risk and optimizing their operations.

此時，他們現在可以實施一個可擴展的框架來自動化資料治理，發現可操作的風險洞察並實現主動策略執行，降低資料安全風險並優化其營運。

Complying with strict regulations is equally critical in the public sector where inadequate data management can result not only in breaches of sensitive citizens, information and operational inefficiencies, but also undermine public trust and disrupt the delivery of essential services.

遵守嚴格的法規對於公共部門同樣重要，因為資料管理不足不僅會導致敏感公民的洩漏、資訊外洩和營運效率低下，還會破壞公眾信任並擾亂基本服務的提供。

Public sector institutions represent our largest overall vertical. And the team had another strong quarter, signing new logos and expanding existing customers deployments.

公共部門機構代表了我們最大的整體垂直領域。該團隊迎來了一個強勁的季度，簽署了新徽標並擴大了現有客戶部署。

A major japanese municipal government with more than 20,000 users implemented the entire suite in the third quarter, citing our ability to automatically govern data across their large and complex digital environment and support their overall data management goals.

擁有超過 20,000 名用戶的日本主要市政府在第三季度實施了整個套件，理由是我們有能力自動管理其大型複雜數位環境中的數據並支援其整體數據管理目標。

Thein was a key US agency responsible for overseeing judiciary operations which faced significant data protection challenges with more than 30,000 users. Their existing manual backup process proved cumbersome and unreliable. And the recent loss of critical case information highlighted the need for a more robust solution, especially with increasing ransomware threats.

Thein 是負責監督司法運作的美國重要機構，該機構面臨著擁有 30,000 多名用戶的重大資料保護挑戰。事實證明，他們現有的手動備份過程既麻煩又不可靠。最近發生的關鍵案例資訊遺失凸顯了對更強大解決方案的需求，尤其是在勒索軟體威脅不斷增加的情況下。

They chose APP points, Frep, certified secure data resilience product to implement the automated, reliable backup system to ensure data integrity and compliance. In turn, positioning them to better protect critical information and respond to data loss and external threats.

他們選擇了APP point、Frep、經過認證的安全資料彈性產品來實施自動化、可靠的備份系統，以確保資料的完整性和合規性。反過來，它們可以更好地保護關鍵資訊並應對資料遺失和外部威脅。

We were also pleased that in the third quarter, a US federal agency responsible for approximately 2% of our total. AR R meaningfully expanded their app point commitment to another 20,000 users today, they rely on our control and resilience suites to comply with the stringent regulatory requirements for their 115,000 users.

我們也感到高興的是，在第三季度，美國聯邦機構負責了我們總數的約 2%。今天，AR R 有意義地將其應用點承諾擴大到了另外 20,000 名用戶，他們依靠我們的控制和彈性套件來滿足 115,000 名用戶的嚴格監管要求。

As the App Point Confidence platform enables them to address complex record management needs, identify and secure sensitive data and gain control over the workspace, provisioning and information life cycle management.

App Point Confidence 平台使他們能夠滿足複雜的記錄管理需求，識別和保護敏感數據，並獲得對工作空間、配置和資訊生命週期管理的控制。

The other vertical I would like to quickly highlight is higher education. In the third quarter, we had an eight figure deal in a PAC region with a prominent institution to replace their on premises system with a modern centralized enterprise student management system with a maven point platform.

我想快速強調的另一個垂直領域是高等教育。第三季度，我們在 PAC 地區與著名機構達成了一筆八位數的交易，將其本地系統替換為帶有 Maven 點平台的現代集中式企業學生管理系統。

This one strengthens our role as a key provider of innovative and mission critical systems that meet the evolving needs of the higher education sector.

這項措施加強了我們作為創新和關鍵任務系統主要提供者的角色，以滿足高等教育部門不斷變化的需求。

While it's clear our solutions position organizations to deliver meaningful business outcomes in the future, we also can show them a substantial return on their investments right away.

雖然我們的解決方案顯然能夠幫助組織在未來交付有意義的業務成果，但我們也可以立即向他們展示可觀的投資回報。

A great example of this is a leading global design and engineering consultancy based in the UK, which was utilizing a staggering one petabyte of data. This overuse was not only costly but also unsustainable and they embarked on a rigorous selection process, evaluating solutions from six different vendors.

一個很好的例子是一家總部位於英國的全球領先的設計和工程諮詢公司，該公司使用了驚人的 1 PB 數據。這種過度使用不僅成本高昂，而且不可持續，他們開始了嚴格的選擇過程，評估來自六個不同供應商的解決方案。

They ultimately choose the secure data protection and information management solutions from our resilient suite, enabling them to quickly reduce their backup costs as well as archive and delete their redundant and obsolete data.

他們最終選擇了我們彈性套件中的安全資料保護和資訊管理解決方案，使他們能夠快速降低備份成本以及歸檔和刪除冗餘和過時的資料。

This will immediately translate to substantial cost savings and a more streamlined data management process. And we're already discussing additional products like T graph to further enhance their data management capabilities. This partnership exemplifies how the breadth of our platform allows us to address multiple complex data challenges while delivering both immediate and long term value.

這將立即轉化為大量的成本節省和更簡化的資料管理流程。我們已經在討論 T 圖等其他產品，以進一步增強其資料管理能力。這種合作夥伴關係體現了我們平台的廣泛性如何使我們能夠應對多種複雜的數據挑戰，同時提供即時和長期價值。

To conclude, our point is uniquely positioned to address the critical challenges of data, security governance and resilience.

總而言之，我們的觀點具有獨特的定位，可以解決資料、安全治理和彈性的關鍵挑戰。

Our platform approach and our ongoing innovation differentiates us from the point tools in the market and ensures that our clients can drive transformative outcomes while effectively navigating a complex multi a digital landscape.

我們的平台方法和持續創新使我們有別於市場上的單點工具，並確保我們的客戶能夠推動變革成果，同時有效地駕馭複雜的多數位環境。

I am extremely proud of the team's accomplishments this quarter and we're excited for a strong, close to the year with that. Let me turn the call over to Jim.

我對團隊本季所取得的成就感到非常自豪，我們對即將到來的這一年的強勁表現感到興奮。讓我把電話轉給吉姆。

Thank you TJ and thank you to everyone for joining this afternoon as we report another quarter of strong results.

謝謝 TJ，也謝謝大家今天下午的加入，我們報告了另一個季度的強勁業績。

This strength is evident, not only as we review our performance against our guided metrics of revenue and operating income, but also as we go a level deeper and look at our top line results by geography, customer segment and vertical where the team's broad based execution translated into record net. New AR R of nearly $19 million in the quarter.

這種優勢是顯而易見的，不僅當我們根據收入和營業收入的指導指標審查我們的業績時，而且當我們更深入地按地理位置、客戶群和垂直領域查看我們的頂線結果時，團隊基礎廣泛的執行力翻譯成記錄網。本季新增 AR R 近 1,900 萬美元。

We achieved this while closely managing every P&L line and driving significant year over year operating leverage, delivering record quarterly non-GAAP operating income of $17.8 million.

我們在實現這一目標的同時，密切管理每一條損益表，並逐年大幅提高營運槓桿，實現創紀錄的 1,780 萬美元季度非 GAAP 營運收入。

And in turn, our improved profitability position has led to record cash flow generation. As year-to-date we have generated $56.1 million in operating cash flow and $53.8 million in free cash flow.

反過來，我們獲利能力的提高也帶來了創紀錄的現金流量。年初至今，我們已產生 5,610 萬美元的營運現金流和 5,380 萬美元的自由現金流。

I'll discuss these items in more detail shortly. But suffice to say we are investing in profitable growth executing on our strategic priorities and strengthening our brand, all of which leave us well positioned to continue delivering value to a point shareholders while we progress toward our rule of 40 GAAP profitability targets in 2025.

我將很快更詳細地討論這些項目。但足以說明的是，我們正在投資於獲利成長，執行我們的策略重點並強化我們的品牌，所有這些都使我們處於有利地位，能夠繼續為股東創造價值，同時我們在2025 年朝著40 GAAP 盈利目標的目標邁進。

With that, let's turn to our results for the third quarter ended September 30th total revenues were $88.8 million representing year over year growth of 22% an acceleration from the second quarter and above the high end of our guidance.

接下來，我們來看看截至 9 月 30 日的第三季的業績，總收入為 8,880 萬美元，年增 22%，較第二季加速成長，高於我們指引的上限。

SAS continues to be the driver of our overall business and in the third quarter, SAS revenue was $60.9 million growing 45% year over year. The highest growth rate we have delivered in 11 quarters.

SAS 繼續成為我們整體業務的驅動力，第三季 SAS 營收為 6,090 萬美元，較去年同期成長 45%。這是我們 11 個季度以來的最高成長率。

We are also pleased that on a sequential basis, SASS revenue grew 13% the highest rate we have delivered as a public company. And in Q3 S comprised 69% of total revenues compared to 58% a year ago. Moving to our other revenue lines, term license and support was $14.1 million continuing its expected decline, but representing a higher percentage of total revenues than in the first two quarters, given the typically higher demand for term license that we see from our North America public sector customers in Q3 maintenance revenue, which to remind you is tied to our legacy perpetual licenses also declined as expected year over year, both in dollars and as a percentage of revenues and represented 3% of total Q3 revenues. Lastly, services revenue was $10.8 million and represented 12% of total Q3 revenues and continues to trend closer to our longer term target of 10%.

我們也很高興看到，SASS 收入環比成長了 13%，這是我們作為上市公司實現的最高成長率。第三季度，S 佔總營收的 69%，去年同期為 58%。轉向我們的其他收入線，定期許可和支援為 1,410 萬美元，繼續預期下降，但考慮到北美公眾對定期許可的需求通常較高，因此佔總收入的比例高於前兩個季度需要提醒您的是，第三季維護收入中的產業客戶也如預期年減，無論是美元還是佔營收的百分比，都佔第三季總營收的3%。最後，服務收入為 1,080 萬美元，佔第三季總收入的 12%，並且繼續接近我們 10% 的長期目標。

And because services is our only non-recurring revenue stream, our recurring revenue mix in the third quarter was 88%. Representing another record for the business switching now to our regional performance where the balance of our geographic footprint is one of the many things that makes a point unique within enterprise software today. Approximately 40% of our revenues come from North America, 30% from Amia and 30% from APAC in the third quarter, we saw strong performance across the board driven by our SASS business, which grew above 40% in all three regions in North America. Sass revenues grew 46% year over year and represented 70% of total North America revenues which in turn grew 19% year over year. In Amia, SAS revenues grew 41% year over year and represented 84% of total Amia revenues, which in turn grew 21% year over year.

由於服務是我們唯一的非經常性收入來源，因此第三季我們的經常性收入組合為 88%。這代表了業務現在轉向我們的區域業績的另一個記錄，其中我們的地理足跡的平衡是當今企業軟體中獨一無二的眾多因素之一。第三季度，我們約 40% 的營收來自北美，30% 來自 Amia，30% 來自亞太地區，在 SASS 業務的推動下，我們看到了全面強勁的業績，北美三個地區的成長均超過 40% 。Sass 營收年增 46%，佔北美總營收的 70%，而北美總營收年增 19%。在 Amia，SAS 營收年增 41%，佔 Amia 總營收的 84%，而 Amia 總營收則年增 21%。

And in APAC SASS revenues grew 50% year over year and represented 50% of total APAC revenues which in turn grew 29% year over year.

在亞太地區，SASS 營收年增 50%，佔亞太地區總收入的 50%，而亞太地區總收入則較去年同期成長 29%。

The same broad based strength is apparent when looking at our year over year growth in regional AR R A metric, we began disclosing this year to provide a better view of the underlying momentum of the business. Everywhere we operate. In Q3, North America, AR R grew 20% AM AR grew 25% and APAC AR R grew 27% as each region was a strong contributor to the 23% consolid AR R growth. We reported continuing now with total AR R and other key metrics we assess on a quarterly basis as of September 30th total AR surpassed the $300 million mark ending the quarter at $308.9 million. As mentioned, this represented year over year growth of 23% as a result. Net New AR R in Q3 was a record $18.8 million and grew 31% year over year. The highest organic growth rate we have delivered as a public company.

當我們查看區域 AR 指標的逐年增長時，同樣廣泛的優勢顯而易見，我們今年開始披露，以便更好地了解業務的潛在動力。我們在各地開展業務。第三季度，北美 AR R 成長了 20%，AM AR 成長了 25%，亞太地區 AR R 成長了 27%，因為每個地區都對 23% 的綜合 AR R 成長做出了重要貢獻。我們現在繼續報告總 AR R 和我們按季度評估的其他關鍵指標，截至 9 月 30 日，總 AR 超過了 3 億美元大關，本季末達到 3.089 億美元。如前所述，這意味著同比增長 23%。第三季的淨新 AR R 達到創紀錄的 1,880 萬美元，年增 31%。作為一家上市公司，我們實現了最高的有機成長率。

Additionally, we ended Q3 with 629 customers with AR R of over $100,000. A 21% increase from the prior year. And a net addition of 35 such customers from Q2, which represented the most we have ever added in a single quarter.

此外，截至第三季度，我們有 629 名客戶的 AR R 超過 10 萬美元。比上年增長21%。第二季此類客戶淨增加 35 家，這是我們單季增加的最多客戶。

As of the end of Q3 53% of total AR R came through the channel compared to 50% a year ago. And for Q3, specifically, 68% of our incremental. AR R came through the channel compared to 61% for Q2 of 2024 and 72% for Q3 of 2023 turning now to our customer retention rates adjusted for the impact of FX. Our trailing 12 month gross retention rate for the third quarter increased to 88%. And we are pleased to see this key metric improved to the highest point has reported to date.

截至第三季末，總 AR R 的 53% 透過該管道，而一年前為 50%。具體而言，對於第三季度，我們增量的 68%。AR R 透過該管道獲得，而 2024 年第二季為 61%，2023 年第三季為 72%，現在轉向我們根據外匯影響進行調整的客戶保留率。第三季過去 12 個月的毛保留率增至 88%。我們很高興看到這項關鍵指標提高到迄今為止報告的最高點。

At the same time. Our FX adjusted net retention rate for the third quarter was 110%. An improvement from the 108 we were delivered a year ago and in line with Q2 on a reported basis, Q3. GRR was 87% compared to 85% in Q3 of 2023. And a one point improvement from the prior quarter, Q3 reported NRR was 109% compared to 107% in Q3 of 2023. And in line with Q2, turning back to the income statement, gross profit for Q3 was $68.4 million representing a gross margin of 77% compared to 73.7% in Q3 of 2023 and to 76.2% in Q2 of 2024. Similar to the first half of the year, the improvement in our gross margin is primarily the result of our product mix in Q3 as we again had more sass revenue and less services revenue as a percentage of our overall revenue. In addition, we saw improved SAS margins this quarter compared to last year.

同時。我們第三季的外匯調整後淨保留率為 110%。與一年前交付的 108 架相比有所改善，根據報告，與第二季和第三季的情況一致。GRR 為 87%，而 2023 年第三季為 85%。第三季報告的 NRR 為 109%，較上一季提高了一個百分點，而 2023 年第三季的 NRR 為 107%。與第二季一致，回到損益表，第三季的毛利為 6,840 萬美元，毛利率為 77%，而 2023 年第三季為 73.7%，2024 年第二季為 76.2%。與上半年類似，我們毛利率的改善主要是第三季產品組合的結果，因為我們再次獲得了更多的服務收入和更少的服務收入佔總收入的百分比。此外，與去年相比，本季 SAS 利潤率有所提高。

Moving down the income statement operating expenses for Q3 totaled $50.5 million or 57% of revenues compared to $44.3 million or 61% of revenues a year ago. As a result, Q3 operating income was $17.8 million or an operating margin of 20.1% a year over year improvement of more than 720 basis points.

第三季損益表營運支出總計 5,050 萬美元，佔營收的 57%，而去年同期為 4,430 萬美元，佔營收的 61%。結果，第三季營業收入為 1,780 萬美元，營業利潤率為 20.1%，較去年同期提高超過 720 個基點。

Q3 operating income was well ahead of our guidance and similar to last quarter, the outperformance was primarily driven by two factors. First, the meaningful revenue beat most of which flowed to the bottom line. And second, improved sales efficiency and prudent expense management across the business. These areas of focus were most pronounced at the sales and marketing line which represented 31% of Q3 revenues. And when looking at our total operating expenses, which as mentioned was 57% of Q3 revenues. Both of these percentages were the healthiest we have reported as a public company.

第三季營業收入遠高於我們的指導，與上季類似，業績優異主要由兩個因素推動。首先，有意義的收入超過了大部分流入利潤的收入。其次，提高了整個企業的銷售效率和審慎的費用管理。這些重點領域在銷售和行銷領域最為明顯，佔第三季營收的 31%。我們的總營運支出佔第三季營收的 57%。這兩個百分比都是我們作為上市公司報告的最健康的百分比。

Taken together our ongoing commitment to profitable growth resulted in another step on our path to full year GAAP profitability. And to this point, we are pleased to have achieved GAAP profitability in the third quarter as well as for the first nine months of 2024 with cumulative GAAP operating income of $2.3 million. This compares to a GAAP operating loss of $16.2 million in the first nine months of 2023.

總而言之，我們對獲利成長的持續承諾使我們在實現全年 GAAP 盈利能力的道路上又邁出了一步。到目前為止，我們很高興在第三季以及 2024 年前 9 個月實現了 GAAP 盈利，累積 GAAP 營業收入為 230 萬美元。相比之下，2023 年前 9 個月的 GAAP 營運虧損為 1,620 萬美元。

Turning to the balance sheet and statement of cash flows. We ended the third quarter with $250 million in cash and short term investments. And as mentioned for the nine months ended, September 30th cash generated from operations was $56.1 million while free cash flow was $53.8 million. This compares to cash generated from operations of $13.3 million and free cash flow of $11.8 million in the first nine months of 2023 during the three months ended September 30th, we repurchased 219,000 shares for a total cost of approximately $2.6 million. I would now like to turn to our financial outlook where for the full year, we are pleased to again raise our expectations for total AR R total revenues and non-GAAP operating income for the fourth quarter. We expect total revenues of $86.5 million to $88.5 million or approximately 17% year over year growth at the midpoint.

轉向資產負債表和現金流量表。第三季結束時，我們擁有 2.5 億美元的現金和短期投資。正如截至 9 個月所述，截至 9 月 30 日，營運產生的現金為 5,610 萬美元，自由現金流為 5,380 萬美元。相較之下，在截至9 月30 日的三個月內，2023 年前9 個月營運產生的現金為1,330 萬美元，自由現金流為1,180 萬美元，我們回購了219,000 股股票，總成本約260 萬美元。我現在想談談我們的全年財務展望，我們很高興再次提高對第四季度 AR R 總收入和非 GAAP 營業收入的預期。我們預計總收入為 8,650 萬美元至 8,850 萬美元，即年增約 17%。

We expect non-GAAP operating income of $12.6 million to $13.6 million.

我們預計非 GAAP 營業收入為 1,260 萬美元至 1,360 萬美元。

And for the full year, we now expect total AR R of $324.9 million to $326.9 million or approximately 23% year over year growth at the midpoint. This implies net new AR R for the year of $61.4 million or year over year growth of 23% at the midpoint.

對於全年，我們現在預計總 AR R 為 3.249 億美元至 3.269 億美元，即中點同比增長約 23%。這意味著今年的淨新 AR R 為 6,140 萬美元，或同比中位數成長 23%。

We now expect total revenues of $327.8 million to $329.8 million or approximately 21% year over year growth at the midpoint and given these higher top line expectations again, coupled with our outperformance on profitability this quarter, we now expect full year non-GAAP operating income of $45.8 million to $46.8 million or an operating margin of 14% at the midpoint, which represents a year over year expansion of 590 basis points.

我們現在預計總收入為 3.278 億美元至 3.298 億美元，中間值年增長約 21%，鑑於收入預期再次提高，再加上本季度盈利能力的優異表現，我們現在預計全年非 GAAP 營業收入營業利潤率為4,580 萬美元至4,680 萬美元，中間營業利潤率為14%，較去年同期成長590 個基點。

Lastly on a rule of 40 basis which for AvePoint is the sum of our growth and non-GAAP operating margin. Our updated guidance today reflects a 37.

最後，根據 40 法則，對於 AvePoint 來說，這是我們的成長與非 GAAP 營業利潤率的總和。我們今天更新的指導值為 37。

This compares to the 29 that we initially guided for the year in February, to the 31 we guided to in May and to the 33 that we guided to in August.

相較之下，我們最初在 2 月指導的年度為 29 個，5 月指導的為 31 個，8 月指導的為 33 個。

In summary, we are proud of our Q3 results and the team remains laser focused on profitable growth and continued execution as we deliver value to organizations around the world.

總而言之，我們對第三季的業績感到自豪，團隊仍然專注於獲利成長和持續執行，為世界各地的組織提供價值。

Thanks for joining us today and with that, we would be happy to take your questions, operator.

感謝您今天加入我們，我們很樂意回答您的問題，接線生。

Yes, thank you. (Operator Instructions)

是的，謝謝。（操作員說明）

And this time we will pause momentarily to assemble the roster.

這次我們將暫停一下以集合名單。

And the first question comes from Jason with William Blair.

第一個問題來自傑森和威廉·布萊爾。

Yeah, thank you. Hey, good afternoon guys. The first question I guess is I I if you would be kind enough to provide any relative growth rates across the different suites that you sell, that would be helpful.

是的，謝謝。嘿，大家下午好。我想的第一個問題是，如果您願意提供您銷售的不同套房的相對增長率，那會很有幫助。

Hey, Jason, it's Jim Cassie. Thanks. Thanks for the question. So I know that's something that we're providing on an annual basis. I would say that, you know, for at least this point at this point in the year, we would expect to see the suites relatively similar to last year.

嘿，傑森，我是吉姆·卡西。謝謝。謝謝你的提問。所以我知道這是我們每年提供的東西。我想說的是，至少在今年的這個時候，我們預計會看到這些套房與去年相對相似。

In terms of comparison, we are seeing, you know, additionally and, and TJ even mentioned in the script, much more focus around control from our customers. So we would expect to see improvement there but, but overall similar to what we've seen in the past with again, a little bit more focus on control.

就比較而言，您知道，此外，TJ 甚至在腳本中提到，我們更加關注客戶的控制。因此，我們希望看到那裡的改進，但總體而言與我們過去所看到的類似，更專注於控制。

Okay. Excellent. And then quick follow up maybe for U TJ just as we think about the net new AR R performance and the growth area of year, which, which was you know, well above the total AR R growth. How would you kind of summarize what's going well for you guys right now? That's, that's driving this this net new AR R performance.

好的。出色的。然後可能會快速跟進 U TJ，就像我們考慮淨新 AR R 性能和年度增長區域一樣，您知道，這遠高於總 AR R 增長。您如何總結一下你們目前進展順利的情況？也就是說，這推動了這種全新的 AR R 性能。

Hi, Jason, thank you for your question. Yeah, we are very excited to see the net new incremental growth. We have multiple strong segments historically, we're very strong in price, we remain. So and as discussed in the past calls, our strongest highest growth segmentation come from the S&B segment with our very laser focus on managed service providers as a segmentation so that continue to drive outsized net new logo, acquisitions as well as the net new AR and just go back to your previous point that Jim answered.

嗨，傑森，謝謝你的問題。是的，我們非常高興看到新的淨增量成長。從歷史上看，我們擁有多個強大的細分市場，我們的價格非常強勁，我們仍然如此。因此，正如過去電話會議中所討論的那樣，我們最強勁的最高成長細分市場來自S&B 細分市場，我們非常關注託管服務提供者作為細分市場，以便繼續推動超大規模的淨新徽標、收購以及淨新AR 和回到吉姆之前回答的問題上來。

So governance and security really go hand in hand together and governance is really a controlled suit and security is really excellent by, by that suit. So we see a lot more our of our platform strength and play that's helping us really win in the market.

因此，治理和安全確實是齊頭並進的，治理實際上是一套受控套裝，而透過該套裝，安全性確實非常出色。因此，我們看到更多我們的平台優勢和玩法，這有助於我們真正贏得市場。

All right. Thank you.

好的。謝謝。

Thank you.

謝謝。

And the next question comes from Brett Knoblauch with Cantor Fitzgerald.

下一個問題來自布雷特·諾布勞赫和康托·菲茨杰拉德。

Hi guys. Thanks for taking my question and congrats on the great quarter, it seems like, you know, everything is hitting on all cylinders. T I was wondering if you could maybe just point to one or two things that you think is, you know, really allowing you guys to deliver the growth you're getting across all regions.

嗨，大家好。感謝您提出我的問題，並祝賀這個偉大的季度，您知道，似乎一切都在全力以赴。我想知道您是否可以指出一兩件事，您認為這些事情確實可以讓您在所有地區實現成長。

Seems like all, you know, customer sizes is only one or two things, you know, maybe the proliferation of A I that you can point to or how should we think about the continued strength there?

似乎所有，你知道，客戶規模只是一兩件事，你知道，也許你可以指出 A I 的擴散，或者我們應該如何考慮那裡的持續實力？

Hi, Brett. Yeah, that's a good question. We really do see consistent growth high growth across all of our major three geographies in North America, EMEA and APAC.

嗨，布雷特。是的，這是個好問題。我們確實看到北美、歐洲、中東和非洲和亞太地區三個主要地區的持續高速成長。

What's driving a lot of growth continue to be what we discussed in the previous quarters of this need for data governance and control. And of course, around security and resiliency. So these things are continue to be very, very strong growth vectors for us.

推動大量成長的因素仍然是我們在前幾個季度討論的資料治理和控制需求。當然，還有安全性和彈性。因此，這些事情對我們來說仍然是非常非常強大的成長載體。

And lastly, we also have our data migration integration play in modernization that continue to be a massive door opener for us. We see a lot more uptake in Microsoft gen A I capabilities. So that led to migration opportunities as well from other clouds.

最後，我們也在現代化中發揮資料遷移整合的作用，這對我們來說仍然是一個巨大的大門。我們看到微軟第一代功能得到了更多的採用。因此，這也帶來了從其他雲端遷移的機會。

So that would never end the migration path between multi cloud environments between multi hyperscalers and even within same cloud platforms, there's always divestures M&A S and reconsolidation of tenants and split of tenants. So that continued to be the tip of the spear for us. So yeah, we're pleased to see all three major product suites and functional areas on our SAS conference platform to grow very strongly across all regions.

因此，這永遠不會結束多個超大規模供應商之間的多雲環境之間的遷移路徑，甚至在同一雲端平台內，總是會出現剝離併購、租戶重新整合和租戶分裂。所以這仍然是我們的矛尖。所以，我們很高興看到 SAS 會議平台上的所有三個主要產品套件和功能領域在所有地區都實現了強勁成長。

Perfect, thanks and Jim a question for you on the gross retention. I think it was the first time we saw that pick up since you guys first started disclosing it a little bit ways back.

完美，謝謝，吉姆問你一個關於總留存率的問題。我想這是我們第一次看到這種情況，自從你們不久前開始披露以來。

Any anything you can point to that kind of drove that pick up? And is that something you know, we should expect to continue to improve over the immediate term or I guess your, your 90% target there over what time frame should we expect that?

您能指出這種駕駛方式的任何特徵嗎？您是否知道，我們應該期望在短期內繼續改進，或者我猜您的 90% 目標是在什麼時間範圍內實現的？

Yeah, great question. So you're right that 90% target is, I would say at this point, probably a medium term. So we're looking at the next couple of years of trying to get to that 90%. So we're definitely encouraged to see, you know, us pick up here 1% to get to that 88.

是的，很好的問題。所以你是對的，我現在想說的是，90% 的目標可能是中期目標。因此，我們正在考慮在未來幾年內努力達到 90%。所以我們肯定會很高興看到，你知道，我們在這裡提高了 1% 來達到 88。

I think we're seeing good performance, you know, really from each region, a strong performance in Q3 in our public sector, which continues to, you know, outperform kind of the consolidated results both in GRR and NRR. So that was a good contributor. We've also made some, some changes this year in terms of how we think about the long tail kind of that AR R base that's, you know, doesn't receive dedicated CS is maybe a little bit lower in terms of, you know, AR R balance.

我認為我們在每個地區都看到了良好的表現，公共部門在第三季度表現強勁，繼續優於 GRR 和 NRR 的綜合結果。所以這是一個很好的貢獻者。今年，我們在如何看待 AR R 基地的長尾類型方面也做出了一些改變，你知道，沒有專門的 CS 可能會低一點，你知道，AR R平衡。

But we've done a bunch of things around pool CS and really focusing on how we can service that team and that really customer base better. And we've seen already the first nine months of this year, we've seen improvement and we've seen some meaningful improvement in terms of that GRR base. So that was definitely a contributor.

但我們已經圍繞著池 CS 做了很多事情，並真正專注於如何更好地為該團隊和真正的客戶群提供服務。我們已經看到今年前九個月的情況有所改善，並且在 GRR 基礎方面我們看到了一些有意義的改善。所以這絕對是個貢獻者。

And we're again, we're investing heavily there. So we would expect to see that continue. So I think we've made good progress toward that 90%. And we're going to, you know, continue to work toward that and hopefully in the next couple of years we get there.

我們再次在那裡大力投資。所以我們希望看到這種情況繼續下去。所以我認為我們已經在 90% 的目標上取得了良好的進展。你知道，我們將繼續朝著這個目標努力，希望在接下來的幾年裡我們能夠實現這一目標。

Perfect. Thanks. I really.

完美的。謝謝。我真的。

Appreciate it. And congrats to getting out on the quarter.

欣賞它。並祝賀本季成功。

Thanks, Bret.

謝謝，布雷特。

Nehal Chokshi ; Northland Capital Markets.

內哈‧喬克希；北國資本市場。

Yeah. Thank you. Congrats on the great results. Hey TJ. So you talked about how gen AI transform security needs to be data security centric, which I believe is more focused on your resilience suite. And I get that you say that they are resiliency and control suite work hand in hand with respect to AI.

是的。謝謝。祝賀取得的優異成績。嘿，TJ。所以你談到了新一代人工智慧如何轉變安全性需要以資料安全為中心，我相信這更關注你的彈性套件。我知道你說它們的彈性和控制套件與人工智慧齊頭並進。

But how does gen you know, how does gen I transform privileged access from user centric to data centric, which would be more focused around your control suite.

但是你怎麼知道，第一代如何將特權存取從以用戶為中心轉變為以資料為中心，這將更加關注你的控制套件。

Anyhow. Great question. So there's actually a lot of access control and privilege access flavors when it comes to specifically Microsoft 35 copilot. So because as you know, that's actually it's very much tied to the office graph.

無論如何。很好的問題。因此，當涉及到特定的 Microsoft 35 copilot 時，實際上有許多存取控制和權限存取風格。因為如您所知，這實際上與辦公室圖表密切相關。

So the access of particular assets in the cloud and what kind of assets you have. It's very important. And that's what drives the copilot recommendations to a particular user. So we're seeing very large obviously experimentations, but also now increasingly a few large enterprise wide deployments of Microsofts by copilot on the premises of deploying our our control suite.

那麼雲端中特定資產的存取以及您擁有什麼樣的資產。這非常重要。這就是副駕駛向特定用戶推薦的原因。因此，我們看到了非常大的明顯實驗，但現在也越來越多地在部署我們的控制套件的前提下由副駕駛進行微軟的一些大型企業範圍的部署。

So we actually announced this in the previous earning as well with a major global financial institution. And in this quarter, we continue to see that with a major customer takeup. So it does go together both from a permission management, life cycle governance as well as security in the resilient side.

所以我們實際上在先前的財報中也與一家主要的全球金融機構宣布了這一點。在本季度，我們繼續看到主要客戶的使用情況。因此，它確實從權限管理、生命週期治理以及彈性方面的安全性方面結合在一起。

So they do really it's not just the, you know, the the actual data itself, the quality control, you essentially maintain a high quality data state, but also the access rights management of that too.

所以他們所做的不僅僅是，你知道，實際數據本身、品質控制，你基本上保持高品質的數據狀態，而且還有存取權管理。

Okay. And then thanks. Thanks TJ Jim. Did you give the, what was the impact on the reported AR R.

好的。然後謝謝。謝謝 TJ 吉姆。您是否給出了對報告的 AR R 有何影響？

The FX impact? No, we, we didn't disclose that but it's about 1%. The ARR would have been slightly higher by about 1%.

外匯影響？不，我們，我們沒有透露這一點，但大約是 1%。ARR 會略高約 1%。

Kirk Materne ; Evercore ISI.

柯克‧馬特納； Evercore ISI。

Yeah, thanks very much. And congrats on the results. TJ qi I don't know if you could parse this out, but I was curious how much do you think the acceleration is sort of you all getting reprioritized higher in the it spending budget versus budgets getting a little bit more unlocked and I'm sure there's a little bit of perhaps both going on, but I was just kind of curious how much of this is really about your, your products getting, you know, pulled faster to the top of the spending list versus sort of a little bit of a macro unlock potentially.

是的，非常感謝。並對結果表示祝賀。TJ qi 我不知道你是否能解析這個問題，但我很好奇你認為加速在 IT 支出預算中的優先順序是多少，而不是預算得到更多的解鎖，我是當然，也許兩者都在發生，但我只是有點好奇，這在多大程度上真正與你的產品有關，你知道，更快地成為支出清單的頂部，而不是有點宏可能會解鎖。

Yeah, that's a great question. There's, you're definitely, definitely right. There's definitely a little bit of both. Initially when you talk about A I experimentations, A lot of firms are actually using a separate bucket of budget outside of traditional it spend to do the experimentation.

是的，這是一個很好的問題。有，你絕對，絕對是對的。兩者肯定都有一點。最初，當您談論人工智慧實驗時，許多公司實際上在傳統支出之外使用單獨的預算來進行實驗。

And once that happens to the extent that the firm decide to do a firm y rollout, especially I A MC five copilot that's tied to their office C five Microsoft office cloud spend, then they actually primarily goes into a primary bucket. So it's happening on both sides of the house.

一旦發生這種情況，公司決定進行堅定的部署，特別是與他們的辦公室 C 5 微軟辦公室雲端支出相關的 MC 5 副駕駛，那麼他們實際上主要進入主要儲存桶。所以這發生在房子的兩邊。

It does highlight the need for the importance of governance and control and life cycle management. Something that traditionally only regulated industry, enterprises and government care a lot about, but also everybody cares about it because as we know, your A I is only as good as the quality of your data. So that's definitely raising the priority for all the companies that want to deploy A I to be mindful of their data quality and data state.

它確實強調了治理和控制以及生命週期管理的重要性。傳統上只有受監管的行業、企業和政府才非常關心的事情，但每個人也都關心它，因為眾所周知，你的人工智慧的好壞取決於你的數據的品質。因此，這無疑提高了所有想要部署人工智慧的公司關注其資料品質和資料狀態的優先順序。

We actually cited a number of statistics from Gartner and others to say the quality of the A I experimentation and success rates that folks are seeing are really directly tied to their overall data management posture. So this is definitely raising the awareness across industries.

實際上，我們引用了 Gartner 和其他公司的大量統計數據，表明人們所看到的人工智慧實驗的品質和成功率確實與他們的整體數據管理狀況直接相關。因此，這無疑提高了整個行業的意識。

Okay. And. Jim just a quick one for you, the, the implied guide for just the guide for fourth quarter operating margins, is there, is it sort of a baseline to think about as we think about next year, just in terms of how you want to start the year, I wasn't sure if there's any obviously revenue be dropped down this quarter.

好的。和。吉姆只是給你一個快速的建議，第四季度營業利潤率的隱含指南，是否存在，是我們在考慮明年時要考慮的基線，只是就你想要的方式而言今年年初，我不確定本季度的收入是否會明顯下降。

So the guides lower for next quarter, just how should we think about sort of incremental expenses coming into next quarter and you know, perhaps sort of how we should think about to start calendar '25 knowing you're not giving official guidance.

因此，下個季度的指南會降低，我們應該如何考慮下個季度的增量支出，也許我們應該如何考慮在 25 日曆年開始時知道您沒有提供官方指南。

Yeah, great point. Yeah, we'll provide the guidance for next year probably in February. But but it's a good point. We definitely are guiding lower for operating income in Q4. I don't know if I would read a ton into that in terms of the expectation moving forward.

是的，很棒的一點。是的，我們可能會在二月提供明年的指導。但這是一個好點。我們肯定會降低第四季的營業收入。我不知道我是否會在未來的期望方面對此進行大量解讀。

I think if you look historically, Q4 for us has been a higher spend quarter. And that's a combination really of how we budget and how some of our, what we refer to this programmatic spend. We definitely have more marketing spend in Q4 and some other initiatives.

我認為，如果你從歷史角度來看，第四季對我們來說是一個支出較高的季度。這實際上是我們的預算方式以及我們的一些計劃支出方式的結合。我們在第四季肯定會有更多的行銷支出和其他一些措施。

It's just not necessarily linear throughout the year. So there's definitely some ebbs and flows in Q4 historically has been a higher spend quarter and that's going to continue this year. So that's really a function. We also mentioned that we had about a million dollars of spend moved from Q3 into Q4. So that's also a contributing factor.

只是全年不一定呈線性。因此，從歷史上看，第四季度是支出較高的季度，肯定會出現一些起伏，今年這種情況還會繼續。所以這確實是一個函數。我們也提到，我們有大約一百萬美元的支出從第三季轉移到第四季。所以這也是促成因素。

Derrick Wood ;TD Cowen.

德里克·伍德；TD·考恩。

Great, thanks guys. This is Cole on for Derek great quarter. TJ one for you. There's been a lot of buzz around A I agents the past couple of months.

太好了，謝謝大家。這是科爾為德里克上場的精彩季度。TJ 給你一張。過去幾個月，圍繞 A I 特工的討論頗多。

How do you think these are going to shape demand for, you know, control suite going forward? Do you see adoption of agents? You know, it's kind of this like incremental driver on top of co pilot or just, you know, I'd love to get more color on that.

您認為這些將如何影響未來對控制套件的需求？您看到代理的採用嗎？你知道，這有點像副駕駛之上的增量驅動程序，或者只是，你知道，我希望對此有更多的了解。

Yeah, that's a great question. Agents will continue to evolve. There's actually it's still very, very early stages. If you can't get a good quality output from your current A I deployments, given poor data state and make deploying agents would just make it even worse because there's so much more automation introduced. I would say that what this actually new development and new areas and trending.

是的，這是一個很好的問題。代理將繼續發展。其實還處於非常非常早期的階段。如果您無法從目前的人工智慧部署中獲得高品質的輸出，那麼考慮到糟糕的資料狀態，部署代理只會讓情況變得更糟，因為引入了更多的自動化。我想說的是，這其實是新的發展、新的領域和趨勢。

It's very exciting for us as overall A B to BS A provider in that I really think in the next 33 to 5 years. Fundamentally, the way software are being deployed, not only just developed. Now, of everyone is using co github copilot, those type of A I accelerated dev tools it's going to change, right, with agents introduction. So the way software is actually going to be deployed out there will change drastically in the next few years. But right now, we're still very early endings of agents.

作為從 A B 到 BS A 的整體提供者，這對我們來說非常令人興奮，因為我真的認為在未來 33 到 5 年裡。從根本上講，軟體的部署方式而不僅僅是開發方式。現在，每個人都在使用 co github copilot，這些類型的 A I 加速開發工具將隨著代理的引入而改變，對吧。因此，軟體實際部署的方式將在未來幾年發生巨大變化。但目前，我們的特工還處於早期階段。

And again, you know, it points to if you want to introduce more automation, intelligent automation, you need to get the core and foundation, right? This is why we're becoming more mission critical with that whole day state management and quality management.

再說一次，你知道，它指的是如果你想引入更多的自動化、智慧自動化，你需要得到核心和基礎，對嗎？這就是為什麼我們在全天狀態管理和品質管理方面變得更加關鍵的任務。

Great really helpful and then Jim maybe one for you good margin in our performance. You know, you called out in the prepared remarks, a couple of points.

非常有幫助，吉姆也許會為您在我們的表現中帶來很大的優勢。你知道，你在準備好的發言中提出了幾點。

I just want to dig in on the improved sales efficiency is that, you know, just kind of a natural staff as, as you know, reps get more ramped and get more productive or are there any kind of specific initiatives that are driving us next?

我只是想深入探討銷售效率的提高，你知道，這只是一種自然的員工，因為如你所知，銷售代表變得更加積極，工作效率更高，或者是否有任何具體的舉措推動我們下一步發展？

Yeah. No, great question. And I think it's a little bit of everything you just said, we definitely are seeing better productivity from from our reps. I think we pointed that out in the prior two quarters as well. We've seen that in terms of rep productivity of our longer term reps, but also our newer reps ramping faster and getting to first sale faster. So that's definitely been a factor.

是的。不，很好的問題。我認為這就是您剛才所說的一切，我們確實看到我們的銷售代表的生產力有所提高。我想我們在前兩個季度也指出了這一點。我們已經看到，就我們的長期銷售代表的銷售效率而言，而且我們的新銷售代表的成長速度更快，並且更快地實現首次銷售。所以這絕對是一個因素。

And then I think it's also the continued maturing of our channel strategy. We pointed out obviously more and more business coming through the channel. And I think for us that's a much more efficient play as well. And I think you're seeing all of that kind of play into our, our progress.

我認為這也是我們通路策略的不斷成熟。我們指出，顯然越來越多的業務來自該通路。我認為對我們來說這也是一種更有效率的比賽。我認為您正在看到所有這些對我們的進步的影響。

Great. Thanks guys. Congrats again.

偉大的。謝謝你們。再次恭喜。

Thank you. And this concludes our question and answer session. I would like to turn the call back over to TJ Jiang for any closing comments.

謝謝。我們的問答環節到此結束。我想將電話轉回 TJ Jiang 以徵求結束意見。

Thank you for joining us today. Our strong third quarter results underscore our ability to help customers and partners achieve AI driven transformation with comprehensive and scalable data management and governance solutions.

感謝您今天加入我們。我們強勁的第三季業績凸顯了我們透過全面且可擴展的資料管理和治理解決方案來幫助客戶和合作夥伴實現人工智慧驅動轉型的能力。

Our platform approach and ongoing innovation uniquely position out point to tackle the critical challenges of data, security governance and resilience in today's complex multi a digital landscape in meeting with our management teams, customers and partners worldwide.

我們的平台方法和持續創新具有獨特的優勢，能夠在當今複雜的多數位環境中與我們的管理團隊、客戶和全球合作夥伴會面，解決資料、安全治理和彈性方面的關鍵挑戰。

Over the last several weeks, I'm confident we have the right market position, technology and people to close 2024 strong and seize the massive opportunities ahead of us. We look forward to speaking with you more this quarter. Thank you.

在過去的幾周里，我相信我們擁有合適的市場地位、技術和人才，能夠以強勁的勢頭結束 2024 年，並抓住擺在我們面前的巨大機會。我們期待本季與您進行更多交流。謝謝。

Thank you. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。