Apex Treasury Corp (APXT) 2025 Q1 法說會逐字稿

Good day, and welcome to the AvePoint, Inc. first-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 AvePoint, Inc. 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Mr. Jamie Arestia, Vice President and Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Jamie Arestia 先生。請繼續。

Thank you, operator. Good afternoon and welcome to AvePoint's first-quarter 2025 earnings call. With me on the call this afternoon is Dr. TJ Jiang, Chief Executive Officer; and Jim Caci, Chief Financial Officer.

謝謝您，接線生。下午好，歡迎參加 AvePoint 2025 年第一季財報電話會議。今天下午與我一起參加電話會議的還有執行長 TJ Jiang 博士和財務長 Jim Caci。

After the preliminary remarks, we will open the call for a question-and-answer session. 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. All material in the webcast is the sole property and copyright of AvePoint with all rights reserved.

開場發言結束後，我們將開始問答環節。請注意，本次電話會議將包含前瞻性陳述，其中涉及風險和不確定性，可能導致實際結果與管理層目前的預期有重大差異。我們鼓勵您查看我們的新聞稿中包含的安全港聲明，以獲得更完整的描述。網路廣播中的所有資料均為 AvePoint 的獨有財產和版權，保留所有權利。

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 measures prepared in accordance with US GAAP. The non-GAAP measures are presented in this presentation as we believe they provide investors with a means of understanding how management evaluates the company's operating performance.

請注意，本簡報描述了某些非 GAAP 指標，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，這些指標並非按照美國 GAAP 編制。我們相信，本簡報中介紹了非公認會計準則指標，以便投資人了解管理階層如何評估公司的營運績效。

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. A reconciliation of these measures to the most directly comparable GAAP financial measures is available in our first-quarter 2025 earnings press release as well as our updated investor presentation and financial tables, all of which are available on our Investor Relations website.

這些非公認會計準則衡量指標不應孤立地看待，也不應將其視為按照美國公認會計準則編制的財務指標的替代指標或優於這些指標。我們的 2025 年第一季財報新聞稿以及更新的投資者介紹和財務表中提供了這些指標與最直接可比較的 GAAP 財務指標的對賬，所有這些指標均可在我們的投資者關係網站上找到。

With that, let me turn the call over to TJ.

說完這些，讓我把電話轉給 TJ。

Thank you, Jamie, and thank you to everyone joining us on the call today. I'm pleased to report that our first-quarter results were an excellent start to the year, and a continuation of the strong momentum we displayed throughout 2024. In delivering another quarter of robust financial and operational performance, including outperforming our guidance and delivering strong growth in total ARR and record growth in net new ARR, we're steadily advancing toward our vision of becoming the world's leading data management software company and achieving the billion-dollar ARR target for 2029 that we announced at our March 2025 Investor Day.

謝謝你，傑米，也感謝今天參加我們電話會議的所有人。我很高興地報告，我們第一季的業績為今年開了一個很好的頭，並延續了我們在 2024 年全年展現的強勁勢頭。透過再創季度強勁的財務和營運業績，包括超越我們的預期、實現總 ARR 的強勁增長和淨新 ARR 的創紀錄增長，我們正在穩步邁向成為世界領先的數據管理軟體公司的願景，並實現我們在 2025 年 3 月投資者日宣布的 2029 年 10 億美元 ARR 目標。

Our Q1 results reflect two foundational themes. First, the intensifying convergence of data security, governance, and resilience needs, as organizations move from planning to implementing their data management strategies. And second, our increasing ability to deliver comprehensive solutions that address these interconnected challenges, as companies modernize their data stores. I’ll discuss these themes in the context of the current business climate, where companies around the world grapple with tariff uncertainty and the impact on their business, as well as on the global economy.

我們的第一季業績反映了兩個基本主題。首先，隨著組織從規劃轉向實施資料管理策略，資料安全、治理和彈性需求的整合日益加強。其次，隨著企業對資料儲存進行現代化改造，我們提供解決這些相互關聯挑戰的綜合解決方案的能力也不斷增強。我將在當前商業環境下討論這些主題，世界各地的公司都在努力應對關稅不確定性及其對其業務以及全球經濟的影響。

Even in these fluid times, AvePoint is well positioned to navigate the road ahead, given our past success in similar periods, as well as the mission-critical nature of our solutions. Even when the business landscape can evolve drastically from day to day, the data management problems we are solving in the era of AI, including training data provenance, model explainability, and responsible surveillance simply cannot be ignored by any company seeking to build a durable competitive advantage.

即使在這些動蕩的時期，鑑於我們過去在類似時期取得的成功以及我們解決方案的關鍵任務性質，AvePoint 仍能很好地引領未來的道路。即使商業格局每天都在發生巨大變化，我們在人工智慧時代解決的資料管理問題，包括訓練資料來源、模型可解釋性和負責任的監控，對於任何尋求建立持久競爭優勢的公司來說都不能忽視。

Indeed, as we look across our vast customer base, we see that AI-driven strategies are beginning to shift from experimental testing to practical implementation, in turn accelerating the need for solutions that can balance security, collaboration, and innovation. I’ll wrap up with some strategic customer wins that demonstrate how our expanded platform capabilities are uniquely positioned to address this maturing and growing need, and then I will turn it over to Jim to discuss our financial results. So with that, let’s jump in.

事實上，當我們縱觀我們龐大的客戶群時，我們發現人工智慧驅動的策略開始從實驗測試轉向實際實施，進而加速了對能夠平衡安全性、協作和創新的解決方案的需求。我將總結一些策略性的客戶勝利，這些勝利展示了我們擴展的平台功能如何以獨特的方式滿足這一日益成熟和不斷增長的需求，然後我將把時間交給吉姆來討論我們的財務表現。那麼，讓我們開始吧。

As we have said many times, our vantage point across 25,000 customers of all sizes in all regions and across all industries gives us unique insight into how data management challenges are evolving. While the core issues we discussed last quarter, digital transformation imperatives, data modernization needs, and security concerns, remain top of mind, what is changing is how these challenges are converging and intensifying.

正如我們多次說過的，我們擁有遍布各個地區、各個行業的 25,000 個各種規模的客戶，這讓我們對資料管理挑戰的演變有了獨到的見解。雖然我們在上個季度討論的核心問題、數位轉型要求、資料現代化需求和安全問題仍然是首要關注的問題，但正在改變的是這些挑戰如何融合和加劇。

Organizations are no longer just planning for digital transformation. They're deep in implementation and are facing the practical realities of managing exploding data volumes across increasingly distributed environments. This is happening as the cybersecurity threat surface continues to escalate in sophistication, with ransomware attacks becoming more targeted. And at the same time, regulatory requirements aren't just complex. They're actively expanding with new frameworks and cross-border compliance standards being implemented globally, adding layers of operational and legal complexity.

組織不再只是規劃數位轉型。他們正深入實施並面臨著在日益分散的環境中管理爆炸性增長的數據量的實際情況。隨著網路安全威脅面不斷升級，勒索軟體攻擊也變得越來越有針對性，這種情況正在發生。同時，監管要求也十分複雜。他們正在積極擴張，在全球範圍內實施新的框架和跨境合規標準，增加了營運和法律的複雜性。

Most notably, the convergence of these challenges is happening when AI-driven strategies are beginning to shift from experimental to operational for many organizations, creating an urgent need for data governance frameworks that can support innovation while maintaining security and compliance. In other words, the question has moved from can we use AI to how do we responsibly implement AI at scale?

最值得注意的是，當許多組織的人工智慧驅動策略開始從實驗轉向營運時，這些挑戰就融合在一起了，迫切需要能夠支援創新同時保持安全性和合規性的資料治理框架。換句話說，問題已經從我們能否使用人工智慧轉變為我們如何負責任地大規模實施人工智慧？

These trends are compounding in ways that make point solutions increasingly inadequate. Organizations are recognizing that siloed approaches to data protection, governance, compliance, and content management create dangerous gaps and inefficiencies. This recognition is driving demand for truly integrated platforms that can deliver comprehensive data management capabilities.

這些趨勢不斷加劇，使得單點解決方案變得越來越不充分。組織認識到，資料保護、治理、合規性和內容管理的孤立方法會造成危險的差距和低效率。這種認知正在推動對能夠提供全面資料管理功能的真正整合平台的需求。

Our platform strategy continues to resonate strongly with customers precisely because it addresses these converging challenges. Rather than forcing organizations to cobble together disparate solutions, we provide a cohesive approach to addressing the most pressing strategic use cases. These include protecting data with enhanced resilience capabilities that go beyond simple backup to include ransomware attack detection and recovery, security assessments, automated recovery testing and breach prevention; governing data through intelligent policies that adapt to evolving regulations and usage patterns through automated access control; and lastly, optimizing data by identifying redundant content, automating lifecycle management, and preparing environments for AI implementation.

我們的平台策略之所以能夠繼續引起客戶的強烈共鳴，正是因為它解決了這些日益複雜的挑戰。我們不會強迫組織拼湊不同的解決方案，而是提供一種有凝聚力的方法來解決最迫切的策略用例。這些措施包括使用增強的彈性功能保護數據，超越簡單的備份，包括勒索軟體攻擊檢測和恢復、安全評估、自動恢復測試和違規預防；透過智慧策略管理數據，透過自動存取控制適應不斷變化的法規和使用模式；最後，透過識別冗餘內容、自動化生命週期管理和為人工智慧實施準備環境來優化數據。

We also know that ongoing innovation is critical to maintain our competitive moat. This quarter, we’ve further enhanced our platform with expanded multi-cloud capabilities and deeper integration between our AI-powered solution suites that accelerate time-to-value for customers. This integrated approach delivered significant results this quarter across various industries and regions.

我們也知道，持續創新對於維持我們的競爭力至關重要。本季度，我們進一步增強了我們的平台，擴展了多雲功能，並更深入地整合了我們的人工智慧解決方案套件，從而加快了客戶的價值實現時間。這種綜合方法本季在各個行業和地區取得了顯著成果。

A global leader in human capital management solutions with 74,000 users became a new AvePoint customer in the first quarter. This customer faced a host of data management challenges, including enforcing data access controls to prepare for company-wide rollout of Microsoft Copilot and gaining better visibility into app usage and compliance. This customer leveraged our Control Suite to clean up oversharing of sensitive data, enforce workspace-level access and reduce data sprawl. This enabled increased productivity and adoption of Microsoft Copilot, enabling the customer to maintain their competitive edge.

擁有 74,000 名使用者的人力資本管理解決方案全球領導者在第一季成為了 AvePoint 的新客戶。該客戶面臨一系列資料管理挑戰，包括強制執行資料存取控制以準備在公司範圍內推出 Microsoft Copilot 以及更好地了解應用程式的使用情況和合規性。該客戶利用我們的控制套件來清理敏感資料的過度共享，強制執行工作區層級的存取並減少資料蔓延。這提高了生產力並促進了 Microsoft Copilot 的採用，使客戶能夠保持競爭優勢。

We secured another new logo from a prestigious business school in EMEA in Q1. The customer initially approached us about data migration but quickly recognized the need to consolidate and cleanse their migrated data to ensure security and prepare for AI adoption. Our end-to-end approach to data management was a deciding factor in leading the customer to purchase products from all three suites, the migration solution in the Modernization Suite to move terabytes of content, followed by Opus in our Resilience Suite, to classify and improve the quality of their data and multiple products from our Control Suite, to create and enforce data governance policies, clean up oversharing of sensitive information and reduce data sprawl.

我們在第一季從歐洲、中東和非洲地區一所著名商學院獲得了另一個新標誌。客戶最初與我們聯繫是為了資料遷移，但很快就意識到需要整合和清理遷移的資料以確保安全並為採用人工智慧做好準備。我們的端到端資料管理方法是促使客戶購買所有三個套件產品的決定性因素，現代化套件中的遷移解決方案用於移動數 TB 的內容，其次是我們的彈性套件中的 Opus，用於分類和提高資料品質和我們的控制套件中的多種產品，以創建和執行資料治理策略，清理敏感資訊的過度共享並減少資料蔓延。

We also expanded our relationship with a leading APAC-based design, engineering, and advisory company with 8,000 users. Initially, using our Control Suite to assess the risk in their environment, the customer adopted Opus, our information lifecycle management solution, to take action on the petabytes of data stored in Microsoft 365. With this purchase from our Resilience Suite, the customer can now create automatic scans of their environment, ensure data is saved in the right location, control access to certain data and files, and automatically archive and delete redundant, obsolete, and trivial content. This expanded relationship has enabled the customer to optimize storage and reduce costs.

我們也擴大了與一家擁有 8,000 名用戶的亞太地區領先設計、工程和諮詢公司的合作關係。最初，客戶使用我們的控制套件來評估其環境中的風險，然後採用我們的資訊生命週期管理解決方案 Opus 對儲存在 Microsoft 365 中的 PB 級資料採取行動。透過購買我們的 Resilience Suite，客戶現在可以對其環境進行自動掃描，確保資料保存在正確的位置，控制對某些資料和文件的訪問，並自動存檔和刪除冗餘、過時和瑣碎的內容。這種擴大的關係使客戶能夠優化儲存並降低成本。

We also grew our relationship with a global leader in consumer-packaged goods with over 210,000 users. This customer, an existing user of our Resilience Suite, faced data governance challenges that led to a failed audit due to insufficient workspace oversight. The products purchased from our Control Suite serve as the foundation in the establishment of an operational governance process across the customer’s data estate and is a great example of how we solved both the customer’s business and technical needs.

我們也與擁有超過 21 萬名用戶的全球消費包裝商品領導者建立了合作關係。該客戶是我們 Resilience Suite 的現有用戶，面臨資料治理挑戰，由於工作區監督不足導致審計失敗。從我們的控制套件中購買的產品是建立跨客戶資料資產的營運治理流程的基礎，也是我們如何解決客戶業務和技術需求的一個很好的例子。

Additionally, they are in discussions to purchase our Copilot Adoption Analytics solution, further enhancing the customer’s data management capabilities and ensuring a successful rollout of Copilot. These wins demonstrate how our platform play continues to resonate across customer segments, industries and regions. These organizations are ultimately seeking the same outcome, comprehensive data management solutions that enable innovation while delivering holistic data security and AI governance.

此外，他們正在討論購買我們的 Copilot Adoption Analytics 解決方案，以進一步增強客戶的資料管理能力並確保成功推出 Copilot。這些勝利表明我們的平台角色如何繼續在客戶群、行業和地區產生共鳴。這些組織最終尋求的是相同的結果，即全面的資料管理解決方案，能夠在提供整體資料安全和人工智慧治理的同時實現創新。

Looking ahead, while we are mindful of the larger macroeconomic environment, our primary focus is on what we can control, solving the hardest data management challenges through our integrated platform approach. And the market dynamics we are seeing, the convergence of security and governance concerns, accelerating AI adoption, increasing regulatory pressures, and the need to reduce costs, all play to AvePoint's strengths. And I'm excited about the many opportunities ahead.

展望未來，雖然我們專注於更大的宏觀經濟環境，但我們的主要關注點是我們能夠控制的事情，即透過我們的整合平台方法解決最困難的資料管理挑戰。我們看到的市場動態、安全和治理問題的整合、人工智慧的加速採用、日益增加的監管壓力以及降低成本的需求，都發揮了 AvePoint 的優勢。我對未來的眾多機會感到興奮。

With that, let me turn the call over to Jim.

說完這些，讓我把電話轉給吉姆。

Thanks, TJ, and good afternoon, everyone. Thanks for joining us today as we review our strong Q1 results, which are a testament to the team’s broad-based execution. As TJ just said, our focus remains on controlling what we can control, but this mindset is not merely about cost savings in a time of macro uncertainty. Instead, our goal for several years has been to deliver profitability improvements while strategically investing for growth and to capture the market opportunity we see.

謝謝，TJ，大家下午好。感謝您今天加入我們，我們將回顧強勁的第一季業績，證明了團隊的廣泛執行力。正如 TJ 剛才所說，我們的重點仍然是控制我們能夠控制的事情，但這種思維方式不僅僅是在宏觀不確定時期節省成本。相反，我們多年來的目標一直是提高獲利能力，同時進行策略性成長投資並抓住我們看到的市場機會。

Our Q1 results are further evidence of that commitment, highlighted by an acceleration of our top-line growth rates, meaningful operating margin expansion, and continued improvement on a number of financial and operational metrics. So let’s turn to the quarter.

我們的第一季業績進一步證明了這一承諾，突出表現在我們的營收成長率加速、營業利潤率顯著擴大以及多項財務和營運指標持續改善。那麼讓我們來看看本季。

Total revenues in Q1 were $93.1 million, up 25% year-over-year and above the high end of our guidance. On a constant currency basis, total revenues grew 27% year-over-year. SaaS continues to drive our business as we delivered first-quarter revenue of $68.9 million, representing year-over-year growth of 34% and 37% on a constant currency basis. And in Q1, SaaS comprised 74% of total revenues compared to 69% a year ago.

第一季總營收為 9,310 萬美元，年增 25%，高於我們預期的最高值。以固定匯率計算，總營收年增27%。SaaS 繼續推動我們的業務，我們第一季的營收為 6,890 萬美元，年增 34%，以固定匯率計算成長 37%。第一季度，SaaS 佔總營收的 74%，而去年同期為 69%。

Looking at our other revenue lines, term license and support grew 12% in Q1, primarily driven by several large deals in the APAC region. And looking at our combined SaaS and term license revenues or what we consider our subscription revenues, these grew 31% in Q1, which was an acceleration from Q4.

從我們的其他收入來看，定期授權和支援在第一季成長了 12%，這主要得益於亞太地區的幾筆大交易。從我們的綜合 SaaS 和定期授權收入或我們認為的訂閱收入來看，這些收入在第一季度增長了 31%，比第四季度有所加速。

Maintenance revenue declined year-over-year, both in dollars and as a percentage of total revenues, as we expected. And lastly, services revenues grew 4% year-over-year but declined as a percentage of revenues to less than 12% for the quarter. And as a result, more than 88% of our total Q1 revenues were recurring, our highest ever mix.

正如我們預期的那樣，維護收入無論是以美元還是以佔總收入的百分比計算，都比去年同期下降。最後，服務收入年增 4%，但佔本季營收的百分比下降至 12% 以下。因此，我們第一季總收入的 88% 以上都是經常性收入，這是我們有史以來的最高收入組合。

We have often cited our balanced geographic footprint as one of the things that makes AvePoint unique. And we are pleased that each region in which we operate delivered another strong quarter. In North America, SaaS revenues grew 31% year-over-year and represented 82% of total North America revenues, which in turn grew 22% year-over-year.

我們經常提到，均衡的地理覆蓋範圍是 AvePoint 的獨特之處之一。我們很高興看到，我們開展業務的每個地區都取得了另一個強勁的季度業績。在北美，SaaS 營收年增 31%，佔北美總營收的 82%，而北美總營收年增 22%。

In EMEA, SaaS revenues grew 36% year-over-year and represented 85% of total EMEA revenues, which in turn grew 29% year-over-year. And in APAC, SaaS revenues grew 40% year-over-year and represented 51% of total APAC revenues, which in turn grew 24% year-over-year.

在 EMEA 地區，SaaS 營收年增 36%，佔 EMEA 地區總營收的 85%，而 EMEA 地區總營收年增 29%。在亞太地區，SaaS 營收年增 40%，佔亞太地區總營收的 51%，而亞太地區總營收年增 24%。

On a constant currency basis, EMEA SaaS revenues increased 39%, while total revenues increased 33%. And for APAC, SaaS revenues increased 45% on a constant currency basis, while total revenues increased 27%. This balanced performance is also apparent when we look at our regional ARR.

以固定匯率計算，EMEA SaaS 營收成長 39%，總營收成長 33%。對於亞太地區來說，以固定匯率計算，SaaS 收入成長了 45%，而總收入成長了 27%。當我們查看區域 ARR 時，這種均衡的表現也顯而易見。

In Q1, North America ARR grew 22%, EMEA ARR grew 26%, and APAC ARR grew 34%. Once again, each region was a strong contributor to our total ARR, where we ended the first quarter at $345.5 million, including $2.8 million from the acquisition of Ydentic, which closed in Q1. This represents year-over-year growth of 26% and 28% when adjusted for FX.

第一季度，北美 ARR 成長 22%，EMEA ARR 成長 26%，APAC ARR 成長 34%。再次，每個地區都對我們的總 ARR 做出了巨大貢獻，第一季末的總 ARR 為 3.455 億美元，其中包括在第一季完成的收購 Ydentic 所獲得的 280 萬美元。這意味著年增 26%，經外匯調整後成長 28%。

Net new ARR in Q1 was $18.5 million, representing organic growth of 57% year-over-year, our highest ever as a public company. Additionally, we ended the first quarter with 689 customers with ARR of over $100,000, an increase of 23% from the prior year and the highest growth rate we have delivered in ten quarters. We are also seeing an acceleration in the growth rates of our larger customer cohorts as well, driven in part by some of the wins that TJ discussed earlier, as well as our ongoing success at the Enterprise level.

第一季淨新 ARR 為 1,850 萬美元，年成長 57%，創下我們上市公司以來的最高水準。此外，第一季結束時，我們擁有 689 名 ARR 超過 10 萬美元的客戶，比去年成長 23%，是十個季度以來的最高成長率。我們也看到更大客戶群的成長率也在加速，部分原因是 TJ 之前討論過的一些勝利，以及我們在企業層面的持續成功。

As of the end of Q1, 55% of our total ARR came through the channel compared to 51% a year ago. And for Q1 specifically, 63% of our incremental ARR came through the channel compared to 61% for Q4 of 2024 and 62% in Q1 of 2024. These improvements reflect our strategic priority of driving more business through the channel, where we expect to realize greater market reach while maintaining efficiencies on our sales and marketing spend in turn supporting our ongoing focus on profitable growth.

截至第一季末，我們的總 ARR 中有 55% 來自該頻道，而一年前這一比例為 51%。具體來說，就第一季而言，我們 63% 的增量 ARR 來自通路，而 2024 年第四季為 61%，2024 年第一季為 62%。這些改進反映了我們透過通路推動更多業務的策略重點，我們期望實現更大的市場覆蓋率，同時保持銷售和行銷支出的效率，從而支持我們持續專注於獲利成長。

Turning now to our customer retention rates. Adjusted for the impact of FX, our trailing 12-month gross retention rate for the first quarter was 89%, a 2 point improvement from a year ago. And our FX adjusted net retention rate for the first quarter was 111%, a 1 point improvement from a year ago. To remind you, our updated long-term targets for GRR and NRR are 90% plus and 115%, respectively. And we are pleased to show steady progress on these critical customer metrics.

現在來談談我們的客戶保留率。經外匯影響調整後，我們第一季過去 12 個月的總留存率為 89%，比去年同期提高了 2 個百分點。我們第一季的外匯調整後淨留存率為 111%，比去年同期提高了 1 個百分點。提醒您，我們更新後的 GRR 和 NRR 長期目標分別為 90% 以上和 115%。我們很高興看到這些關鍵客戶指標穩步取得進展。

On a reported basis, Q1 GRR was 88% and Q1 NRR was 111%. For GRR, this represents a 2 percentage point improvement versus the prior year. And for NRR, this represents a 1 point improvement versus the prior year.

據報道，Q1 GRR 為 88%，Q1 NRR 為 111%。對於 GRR 而言，這比前一年提高了 2 個百分點。對於 NRR 而言，這比前一年提高了 1 個百分點。

Turning back to the income statement, gross profit for Q1 was $69.8 million, representing a gross margin of 75%, compared to 74.1% in Q1 of 2024. The improvement in our gross margin is primarily the result of increased high-margin subscription revenue as a percentage of our overall revenue.

回到損益表，第一季的毛利為 6,980 萬美元，毛利率為 75%，而 2024 年第一季為 74.1%。我們毛利率的提高主要是由於高利潤訂閱收入占我們總收入的百分比增加。

Moving down the income statement, operating expenses for Q1 totaled $56.5 million or 61% of revenues compared to $48.6 million or 65% of revenues a year ago. As a result, Q1 operating income was $13.4 million dollars or an operating margin of 14.4% and above the high end of our guidance. This compares to non-GAAP operating income of $6.6 million in the prior year or an operating margin of 8.9%. This represents year-over-year margin expansion of nearly 550 basis points, as we continue to drive leverage and pursue efficiencies across the business.

沿著損益表往下看，第一季的營運費用總計 5,650 萬美元，佔營收的 61%，而去年同期為 4,860 萬美元，佔營收的 65%。因此，第一季營業收入為 1,340 萬美元，營業利潤率為 14.4%，高於我們預期的高端。相較之下，去年的非 GAAP 營業收入為 660 萬美元，營業利潤率為 8.9%。這意味著利潤率同比擴大了近 550 個基點，因為我們將繼續提高槓桿率並追求整個業務的效率。

Turning to the balance sheet and cash flow statement, we ended the first quarter with $351.8 million in cash, cash equivalents and short-term investments. And this includes $87.3 million of proceeds from warrant exercises in the first quarter. Cash generated from operations was $495,000 for the first quarter, while free cash flow was negative $1 million dollars. This compares to cash generated from operations of $7.8 million and free cash flow of $7.3 million in the first quarter of 2024.

談到資產負債表和現金流量表，我們第一季結束時擁有 3.518 億美元的現金、現金等價物和短期投資。其中包括第一季行使認股權證所獲得的 8,730 萬美元收益。第一季經營活動產生的現金為 49.5 萬美元，而自由現金流為負 100 萬美元。相較之下，2024 年第一季的經營活動產生的現金為 780 萬美元，自由現金流為 730 萬美元。

Our lower cash flow from operations compared to a year ago is primarily due to approximately $7 million dollars in one-time tax payments related to performance-based earnout shares that were distributed to AvePoint employees in December of 2024. Lastly, we repurchased 800,000 shares in the first quarter for approximately $12 million dollars. I would now like to turn to our financial outlook and provide some color into our updated full-year expectations.

與一年前相比，我們的營運現金流較低，主要是因為 2024 年 12 月向 AvePoint 員工分發的基於績效的獲利股票涉及約 700 萬美元的一次性稅款。最後，我們在第一季回購了 80 萬股，價值約 1,200 萬美元。現在我想談談我們的財務前景，並為我們最新的全年預期提供一些資訊。

To remind you, the global nature of our business exposes us to fluctuations in currency rates. And in the first quarter, we saw a modest tailwind from the weakening of the US dollar. This weakening has accelerated in Q2, and the corresponding incremental FX tailwinds are reflected in our updated full-year guidance for ARR, revenue, and non-GAAP operating income.

提醒您，我們業務的全球性使我們面臨貨幣匯率波動的風險。第一季度，美元走弱為我們帶來了溫和的順風。這種疲軟趨勢在第二季度有所加速，相應的外匯順風增量反映在我們更新的全年 ARR、收入和非 GAAP 營業收入指引中。

Additionally, our updated full-year guidance for revenue and non-GAAP operating income includes the respective first quarter beats relative to guidance. While we are seeing strong demand signals in the business and a healthy pipeline, we believe our current guidance is prudent and properly accounts for potential risks from the current geopolitical environment in the second half of the year.

此外，我們更新的全年收入和非公認會計準則營業收入指引包括相對於指引的相應第一季業績。雖然我們看到業務中強勁的需求訊號和健康的管道，但我們認為，我們目前的指導是審慎的，並適當考慮了下半年當前地緣政治環境帶來的潛在風險。

As a result, for the second quarter, we expect total revenues of $95.3 million to $97.3 million or growth of 22% to 25%. And on a constant currency basis, we expect revenue growth of 20% to 22%. We expect non-GAAP operating income of $13.2 million to $14.2 million. For the full year, we now expect total ARR of $411.8 million to $417.8 million or growth of 26% to 28%. This includes an FX tailwind of approximately $10.5 million. And so on an FX adjusted basis, we continue to expect total ARR growth of 24% to 26% for the year.

因此，我們預計第二季總營收為 9,530 萬美元至 9,730 萬美元，成長 22% 至 25%。以固定匯率計算，我們預期營收成長率為 20% 至 22%。我們預計非公認會計準則營業收入為 1,320 萬美元至 1,420 萬美元。就全年而言，我們目前預計總 ARR 為 4.118 億美元至 4.178 億美元，成長 26% 至 28%。其中包括約 1050 萬美元的外匯順風。因此，根據外匯調整後的數據，我們繼續預計今年的總 ARR 成長率將達到 24% 至 26%。

We now expect total revenues of $397.4 million to $405.4 million or growth of 20% to 23%. This includes an FX tailwind of $13.8 million, as well as the $3.6 million revenue beat from the first quarter. On a constant currency basis, we now expect revenue growth of 18% to 20% compared to the 17% to 19% growth we initially guided to for the year. And lastly, we now expect full-year non-GAAP operating income of $61.4 million to $64.4 million dollars or an operating margin of 15.5% to 15.9%, with more than half of the FX tailwind to full-year revenue flowing through to operating income.

我們現在預計總收入為 3.974 億美元至 4.054 億美元，成長 20% 至 23%。其中包括 1,380 萬美元的外匯順風，以及第一季 360 萬美元的超額收入。以固定匯率計算，我們現在預計今年的營收成長率為 18% 至 20%，而我們最初預測的成長率為 17% 至 19%。最後，我們現在預計全年非 GAAP 營業收入為 6,140 萬美元至 6,440 萬美元，或營業利潤率為 15.5% 至 15.9%，全年收入的外匯順風中有一半以上將流向營業收入。

Lastly, we have added several slides to the investor presentation on our website, which summarize the components of our updated guidance, including the FX dynamics that are more pronounced this year. In summary, Q1 was a strong start to the year, and we are excited for another year of continued execution and capitalizing on the substantial long-term opportunity ahead of us.

最後，我們在網站上的投資者簡報中添加了幾張投影片，總結了我們更新後的指南的組成部分，包括今年更明顯的外匯動態。總而言之，第一季是今年的一個強勁開端，我們很高興能夠繼續執行新的一年並利用我們未來的巨大長期機會。

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。操作員？

(Operator Instructions) Joe Vandrick, Scotiabank.

（操作員指示）Joe Vandrick，豐業銀行。

Thanks for taking my question. I'm curious, are you guys seeing any change in the demand environment at all, whether that be hesitation from customers or longer sales cycles? Just would love to hear more about what exactly you're seeing.

感謝您回答我的問題。我很好奇，你們是否看到需求環境有任何變化，無論是客戶的猶豫還是更長的銷售週期？只是想聽聽您到底看到了什麼。

Thank you, Joe, for question. So far, the demand environment remain the same versus prior quarters where in B2B software addressing tax needs for enterprises and partners. Today, the top new streaming AI and security, so those do not change. Of course, we are all monitoring the macro to see potential second order impacts that may come second half the year. But so far from an overall climate perspective for our business in our industry, it's the same as prior quarters.

謝謝喬的提問。到目前為止，需求環境與前幾季相比保持不變，B2B 軟體滿足企業和合作夥伴的稅收需求。今天，頂級新串流 AI 和安全性，所以這些不會改變。當然，我們都在監測宏觀經濟，以觀察下半年可能出現的潛在二階影響。但到目前為止，從我們行業業務的整體環境來看，情況與前幾季相同。

Okay. Thank you for that and one more from me. Maybe if you could just talk a bit about the competitive environment. What's changed over the past six months? It seems like you guys are executing really well and that data governance space specifically helping customers prepare for the widespread deployment of AI.

好的。謝謝你，我再說一句。也許您可以簡單談談競爭環境。過去六個月發生了什麼變化？看起來你們的執行情況非常好，資料治理領域特別幫助客戶為人工智慧的廣泛部署做好準備。

I'm curious if data governance is helping you guys drive new logo lands as companies are looking to adopt to pilot towards the landing point, typically resilience or migration. And especially, for those larger customers, where they typically landing?

我很好奇，資料治理是否能幫助你們推動新的標誌土地，因為公司正在尋求採用試點方法來達到著陸點，通常是彈性或遷移。特別是對於那些較大的客戶，他們通常會去哪裡？

Yes. Great question, Joe. Yes, so our confidence platform addresses resiliency, which is a backup recovery, ransomware detection, and of course, as whilst modernization which data analytics integration as well as control, which is governance lifecycle management. We do see multiple entry points. We call them tip of spear to get into enterprise accounts. Historically, it has been migration to cloud. But draining highly disruptive times like COVID, it's been on governance being the leading solution.

是的。喬，問得好。是的，我們的信心平台解決了彈性問題，即備份復原、勒索軟體偵測，當然還有現代化，包括資料分析整合和控制，也就是治理生命週期管理。我們確實看到了多個入口點。我們稱他們為進入企業帳戶的先鋒。從歷史上看，它已經遷移到雲端。但在新冠疫情等高度混亂的時期，治理一直是主要的解決方案。

So today, as enterprises move from my prepared remarks, we'll talk about just experimenting to act the actual implementation and deployment. Security and governance as top of mind for the enterprise. So that's definitely our key motion and driver. We also discussed in the prior quarter earnings that our highest growth suite, it's control suite that focus from cloud on structure data governance to prepare customers for that AI readiness posture.

因此今天，隨著企業從我準備好的發言中走出來，我們將討論如何透過實驗來實施實際的實施和部署。安全和治理是企業最關心的問題。所以這絕對是我們的關鍵動力和驅動力。我們也在上一季的收益中討論了我們成長最快的套件，即控制套件，它專注於從雲端進行結構化資料治理，以幫助客戶做好 AI 準備。

That makes sense.

這很有道理。

Jason Ader, William Blair.

傑森·阿德、威廉·布萊爾。

Good afternoon, guys. TJ, for you, just want to understand a little bit more about the momentum that you're having on the MSP side. I know you do an acquisition there recently. Can you just talk through some of the dynamics of what's going well, what you're still working on. And I don't know if you could size that business for us. But just give us a general sense of like how significant a part of the business it is and how fast it's growing.

大家下午好。TJ，對你來說，我只是想更多地了解你在 MSP 方面的勢頭。我知道您最近在那裡進行了收購。您能否簡單談談目前進展順利的一些情況以及您仍在努力的一些方面？我不知道您是否可以為我們評估一下該業務的規模。但請讓我們大致了解一下它在業務中的重要性以及它的成長速度。

Hi, Jason, thanks for questions. So yes, we remain very bullish and excited about the MSPs segmentation. So recently, we actually had MSP platform launch, our new extended platform offering in form of elements at our Nasdaq -- right after our Nasdaq Investor Day event where we actually rolled out additional functionality to help our MSPs be much more powerful end user.

你好，傑森，謝謝你的提問。所以是的，我們仍然對 MSP 細分非常看好和興奮。所以最近，我們實際上在納斯達克推出了 MSP 平台，這是我們以元素形式提供的新的擴展平台——就在納斯達克投資者日活動之後，我們實際上推出了額外的功能來幫助我們的 MSP 成為更強大的最終用戶。

So to summarize, these managed service providers, they're taking care of cloud assets for hundreds, if not thousands, of small to medium businesses behind the scenes. So they actually -- the MSP providers are using our software to scale their business to drive these recurring monthly managed services offering. So we become mission critical for them from the whole end-to-end what we call confidence platform to do the data management, to do the user management.

總而言之，這些主機服務供應商在幕後為數百家甚至數千家中小型企業管理雲端資產。因此他們實際上——MSP 提供者正在使用我們的軟體來擴展他們的業務，以推動這些每月定期提供的託管服務。因此，從整個端到端的角度來看，我們的信心平台對他們來說至關重要，可以進行資料管理、進行使用者管理。

We have since expanded that in form of what we call the element platform, which cater suited well partner go-to-market motions, and in term of multi-tenant management, in terms of pool licensee, monthly contract, et cetera. So it's a very, very strong momentum.

從那時起，我們就以所謂的元素平台的形式對其進行了擴展，該平台可以很好地滿足合作夥伴的上市需求，並在多租戶管理、池許可證、月度合約等方面提供良好的服務。所以這是一個非常非常強勁的勢頭。

So the [MSPAR] at the end of 2024 was 14% of our total ARR. It grew 60% per year from a 2020 to 2024 basis average CAGR. It's is actually growing faster as we continue to roll out more solutions. So we're pretty happy with our Ydentic acquisition. It's a small revenue add, but very importantly, it's a very important new IP expansion of our platform.

因此，2024 年底的 [MSPAR] 占我們總 ARR 的 14%。從 2020 年到 2024 年，其平均複合年增長率為 60%。隨著我們不斷推出更多解決方案，它實際上正在成長得更快。因此，我們對收購 Ydentic 感到非常高興。這是一筆不小的收入增加，但非常重要的是，這是我們平台的一個非常重要的新 IP 擴充。

You'll hear more from us on this topic in the coming couple of months as we continue to roll out aggressive new offerings in this space. So this is -- we think it's a game changer for our approach to continue to scale the business through channel through working with partners and turn effectively our platform into their mission critical businesses applications.

隨著我們繼續在該領域推出積極的新產品，您將在接下來的幾個月中聽到我們更多關於此主題的消息。所以，我們認為這將改變我們的做法，即透過與合作夥伴合作，繼續透過管道擴大業務規模，並有效地將我們的平台轉變為他們的關鍵業務應用程式。

Got you. And are you steering, I guess, call it a low end of your product portfolio towards elements? Or are you kind of having -- or are you retaining both the traditional portfolio direct to SMBs and then having a separate portfolio for MSPs?

明白了。我想，您是否會將其視為產品組合中面向元素的低階產品？或者您有——或者您是否保留了直接面向 SMB 的傳統產品組合，然後為 MSP 提供單獨的產品組合？

Yes, that's a great question. So far, it's really being our avenue to go after the small to medium businesses to really allow our enterprise grade SaaS solutions accessible to that market segment via this intermediary, which is MSPs thus far. Over here, the recent discovering is that the challenges we saw for multi-tenancy license management, change management baseline what we called actually exist already in the upper end spectrum of large enterprises.

是的，這是一個很好的問題。到目前為止，這實際上是我們面向中小型企業的途徑，以便透過這個中介機構（迄今為止是 MSP）真正讓該細分市場能夠存取我們的企業級 SaaS 解決方案。在這裡，我們最近發現，我們所看到的多租戶授權管理、變更管理基準所面臨的挑戰，我們所說的實際上已經存在於大型企業的高端領域。

So we actually have even close a couple of deals leveraging that platform for some very large enterprises enterprises with several hundred thousand user basis. So it's very interesting how the market continue to evolve. Clearly, we will stay very close to our customers, whether it's in the large enterprise segment or uor MSP partners using us for their mission critical operations. That's the way to stay ahead of the game as we go through this highly disruptive market condition.

因此，我們實際上已經利用該平台為一些擁有數十萬用戶的大型企業達成了幾筆交易。因此，市場如何繼續發展是非常有趣的。顯然，我們將與客戶保持密切聯繫，無論是大型企業部門還是使用我們進行關鍵任務操作的 MSP 合作夥伴。當我們經歷這個高度混亂的市場狀況時，這就是保持領先地位的方法。

Very helpful. Thank you, guys.

非常有幫助。謝謝你們。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

Thank you. Absolutely breathtaking (inaudible) business environment. Congratulations. I estimate that relative to the guidance on ARR worth assessments, and we were set up that excluding the impact of the favorable impacts of currency (inaudible). It seems like there are still natural upside in this incremental ARR as implied by slide 43 where you're talking about the revenue performance. Is that correct?

謝謝。絕對令人驚嘆的（聽不清楚）商業環境。恭喜。我估計，相對於 ARR 價值評估的指導，我們設定排除貨幣的有利影響（聽不清楚）。正如您在第 43 張幻燈片中談到的收入表現所暗示的那樣，這種增量 ARR 似乎仍然具有自然的上升空間。對嗎？

Yes. I think in Q1, specifically, we did have a very strong quarter as you're noting. Obviously, we're only guiding to revenue and operating income in Q1. So we see the beat there in both of those areas. We only obviously guide to ARR on an annual basis.

是的。我認為，具體到第一季度，正如您所說，我們確實有一個非常強勁的季度表現。顯然，我們僅對第一季的收入和營業收入提供指導。因此，我們在這兩個領域都看到了優勢。顯然，我們僅按年度指導 ARR。

I would point out, part of the revenue beat was a little bit of mix shift that we saw in Q1 where you guys talked about this before, but we're not expecting a significant improvement in term license revenue. And that came in actually ahead of anticipation in Q1. And when we think about that translating to ARR, whether it's SaaS or return on the revenue lines, it's just an accounting function. But the ARR is actually the same; the same ARR for those two different outcomes on the revenue side.

我想指出的是，收入超出預期的部分原因是我們在第一季看到了一些組合變化，你們之前也討論過這個問題，但我們並不期望定期許可收入會有顯著的改善。這實際上超出了第一季的預期。當我們考慮將其轉化為 ARR 時，無論是 SaaS 還是收入回報，它都只是一種會計功能。但 ARR 實際上是相同的；對於收入方面的兩種不同結果，ARR 是相同的。

So overall, we were really pleased with the performance in Q1. But we've actually -- you can tell from our ARR guidance for the full year, other than for the FX tailwind, we are not increasing that. And that's really a function of this larger macro environment that we're trying to be responsible and really to be prudent in terms of our guidance, and again, be responsible with that. So that's how we're thinking about the ARR guidance for the full year.

整體而言，我們對第一季的表現非常滿意。但實際上——您可以從我們全年的 ARR 指導中看出，除了外匯順風之外，我們不會增加 ARR。這實際上是這個更大的宏觀環境的一個功能，我們試圖負責任，並在指導方面真正保持謹慎，再次，對此負責。這就是我們對全年 ARR 指導的看法。

That's great. Okay. Thank you. TJ, you may have already said this at the beginning of your comments. I apologize if I repeat. But you did talk about how you have a great view of the market, given your 25,000 customers. Did you say, or if you did not, can you say what's the sense of sort of 25,000 customers or generally speaking of what you believe of the overall market is now in deployment phase rather than testing of copilots?

那太棒了。好的。謝謝。TJ，你可能已經在評論開始時說過這一點。如果我重複了，我深感抱歉。但您確實談到，鑑於您擁有 25,000 名客戶，您對市場有著多麼深刻的認識。您是否說過，或者如果您沒有說過，您能否說一下 25,000 名客戶的含義，或者一般來說，您認為整個市場現在處於部署階段而不是副駕駛測試階段？

That's a great question, Nehal. We would say 80% of customers are actively testing Copilot. Deployment of Copilot is still -- it's better than before. Microsoft have indicated as such as well, but we would say it’s still under 10%. But it is markedly better than before.

這是一個很好的問題，Nehal。我們估計 80% 的客戶正在積極測試 Copilot。Copilot 的部署仍然——比以前更好。微軟也表示了這一點，但我們認為它仍然低於 10%。但比起以前已經明顯好多了。

What we have seen though, the bigger change, as we stated in the prepared remarks, is the active deployment of AI type of functionalities across the businesses, leveraging AI services, whether it’s cognitive services on Azure or other type of commercial available AI services. So that is happening. So Copilot, of course, is very tightly associated with the Office cloud and is licensed per user, per employee across the organization.

然而，正如我們在準備好的評論中所述，我們所看到的更大的變化是整個企業積極部署人工智慧類型的功能，利用人工智慧服務，無論是 Azure 上的認知服務還是其他類型的商業可用人工智慧服務。事實就是這樣的。因此，Copilot 當然與 Office 雲端緊密相關，並且是按組織內的每個使用者、每位員工進行授權的。

And you have also seen Microsoft made some meaningful licensing changes where you don’t actually have to license for everyone but still take advantage of the AI benefits. So we’ve seen a mix of those type of formats in the field. So yeah, the actual deployment AI is happening.

而且您也看到微軟做出了一些有意義的許可變更，您實際上不必為每個人獲得許可，但仍然可以利用人工智慧的優勢。因此，我們在該領域看到了這些類型的格式的混合。是的，實際部署 AI 正在發生。

Great. Thank you very much.

偉大的。非常感謝。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Hi. This is (inaudible) on for Kirk. Thanks for taking the question and many congratulations on the strong start to the year.

你好。這是（聽不清楚）為柯克準備的。感謝您回答這個問題，並祝賀您今年取得了良好的開端。

TJ, you mentioned in your prepared remarks that companies are moving from planning to implementation of their data modernization and management strategies. I just wanted to ask how much further along are we on this timeline now compared to a quarter ago, a few quarters ago? And how long do you think these data modernization tailwinds will last for or will persist? Thank you.

TJ，您在準備好的發言中提到，公司正在從規劃階段轉向實施資料現代化和管理策略。我只是想問一下，與一個季度前或幾個季度前相比，我們現在在這個時間線上前進了多少？您認為這些數據現代化的順風將持續多久或持續多久？謝謝。

Great question. Well, we are still in the very early innings of data modernization deployment. It’s because for AI deployment to happen properly, it’s a fundamental business process reengineering. So that is actually the hardest part of the work along with obviously data cleansing and data consolidation and overall data quality management.

好問題。嗯，我們仍然處於資料現代化部署的早期階段。這是因為，為了正確部署人工智慧，需要進行根本性的業務流程再造。因此，這實際上是工作中最困難的部分，顯然還有資料清理、資料整合和整體資料品質管理。

So these are really, really difficult tasks to do, especially along with business process engineering. You cannot just drop AI into existing business processes and expect it to improve your productivity markedly without reengineering a lot of your existing overall business processes along with change management and culture that goes with it.

所以這些都是非常非常困難的任務，特別是在業務流程工程方面。您不能只是將人工智慧融入現有的業務流程並期望它能顯著提高您的生產力，而不重新設計許多現有的整體業務流程以及隨之而來的變革管理和文化。

We find that the larger the company, the harder it is to actually implement meaningfully changing AI. So it will take a while for this to happen. So we’re really just in the early innings here.

我們發現，公司規模越大，真正實施有意義的人工智慧變革就越困難。所以這需要一段時間才能實現。所以我們其實還處於初期階段。

All right. Thank you so much.

好的。太感謝了。

Derrick Wood, TD Cowen.

德里克伍德 (Derrick Wood)，TD 考恩。

Great. Thanks, guys. This is Cole on for Derek. I wanna shift back to the go to market and talk about the direct sales effort versus the channel. I’m just wondering, coming into this year, if you have any tweaks, initiatives, et cetera that you’re making with the direct sales team to supplement the growing channel mix.

偉大的。謝謝大家。這是科爾 (Cole) 代替德里克 (Derek) 上場。我想回到市場並討論直銷努力與通路銷售之間的差異。我只是想知道，進入今年，您是否對直銷團隊進行了任何調整、舉措等，以補充不斷增長的管道組合。

Great. Thank you for the question. So for direct sales, that’s very much focused on our large enterprise segment. That’s 5,000 employee and up size employee companies. That will remain the case where our channel is very focused on the small- to medium-sized businesses.

偉大的。謝謝你的提問。因此，對於直銷而言，我們的重點是大型企業部門。那些擁有 5,000 名及以上員工的公司。我們的通路仍將非常專注於中小型企業。

Having said that, we do have large enterprise segment where we do work with increasingly NAT, country level SIs, as well as global GSIs on large size deals with customers. Given the macro backdrop from our perspective, you asked about tweaks. My team’s mandate to all of our business organization is the key is now is stay close to the customer, whether that customer is a managed service provider or that customer is a large enterprise sophisticated IT.

話雖如此，我們確實擁有大型企業部門，我們與越來越多的 NAT、國家級 SI 以及全球 GSI 合作，與客戶達成大規模交易。從我們的角度來看，考慮到宏觀背景，您詢問了調整的情況。我的團隊對我們所有業務組織的要求是，現在的關鍵是貼近客戶，無論該客戶是託管服務提供者還是大型複雜 IT 企業。

We have to stay close to the customer to anticipate the changes that’s happening in real time, both in technology disruption as well as macro climate disruption. So we are being very, very careful and diligent about staying agile and be able to pivot. This is not the first big macro cycle that we’ve gone through. The company’s been around for 24 years. So we have gone through this many times before. And every time there’s a major cycle, we actually come out stronger and do better. So this time is no different.

我們必須貼近客戶，預測即時發生的變化，包括技術變革和宏觀氣候變革。因此，我們非常非常小心和勤奮，保持敏捷並能夠靈活調整。這不是我們經歷的第一個大宏觀週期。該公司已成立 24 年。我們之前已經經歷過很多次了。每當有一個重大周期，我們實際上會變得更強大，做得更好。所以這次也不例外。

So our mandate to our organization is to the extent that you cover your customer either direct or channel model for the different segments, stay close to that customer, stay close to that partner. And that’s the only way to be able to remain agile.

因此，我們對組織的要求是，透過直接或通路模式涵蓋不同細分市場的客戶，密切注意客戶，並密切關注合作夥伴。這是保持敏捷的唯一方法。

Great, helpful. And then just one quick follow-up. The license outperformance in the quarter, was there anything specific driving that large deals, or was this just a timing dynamic? Thanks.

很棒，很有幫助。然後只需快速跟進一次。本季許可證表現優異，是否有任何特定因素推動如此大規模的交易，還是只是時間動態？謝謝。

Yeah, good question, Cole. I do think it’s a combination of a variety of things that you’re pointing out. We did have a number of large deals. I will point out that we had 40 deals in the quarter over 100K, up 43% year-over-year when we think of those size deals. So that definitely was a contributing factor.

是的，科爾，問得好。我確實認為這是您所指出的多種因素的綜合作用。我們確實有一些大交易。我要指出的是，本季我們有 40 筆交易超過 10 萬筆，以規模計算，年增 43%。所以這肯定是促成因素。

We did have a number of large deals literally around the globe. Every region had a number of large deals. So I do think that diversification that TJ alluded to and our geographic kind of diversity definitely played well in the first quarter, strong performance across each of the regions. And it also showed up in large deals as well.

我們確實在全球範圍內達成了許多大交易。每個地區都有多筆大型交易。因此，我確實認為 TJ 提到的多樣化以及我們的地理多樣化在第一季確實發揮了良好的作用，在每個地區都有強勁的表現。它也出現在大型交易中。

Appreciate it. Thanks.

非常感謝。謝謝。

(Operator Instructions) Brett Knoblauch, Berenberg Capital.

（操作員指示） Brett Knoblauch，Berenberg Capital。

Perfect. Thanks, guys. I just wanted to clarify on FX. Is the entire, call it, beat and raise in excess of what you did in the first quarter attributed to FX?

完美的。謝謝大家。我只是想澄清一下 FX。整個業績超出第一季預期，這是否歸功於外匯？

So the full year, yes. We are, again, I think taking a very prudent approach. As we mentioned, Q1 was a very strong quarter. Q2 looks also very strong. We feel good about Q2. But we understand there’s definitely a lot of activity in the macro environment. The geopolitical environment is very uncertain. And so we’ve taken the approach of being very prudent and reasonable with that guidance and not increasing beyond the beats from Q1 and then the FX impact.

是的，全年都是如此。我再次認為我們採取了非常謹慎的態度。正如我們所提到的，第一季是一個非常強勁的季度。Q2 看起來也非常強勁。我們對第二季感到滿意。但我們知道宏觀環境中肯定存在著許多活動。地緣政治環境非常不確定。因此，我們採取了非常謹慎和合理的指導方針，不會超出第一季的預期，也不會受到外匯影響。

And you’ll see in the -- I know you probably haven’t had a chance to see it yet, but in the investor deck, we did highlight in a couple new slides that you’ll see really dissecting the FX impact, as well as the beat from Q1. So it’s highlighted very hopefully helpful for the people on the call to be able to see that. But short answer is yes.

您將會看到——我知道您可能還沒有機會看到它，但在投資者簡報中，我們確實在幾張新幻燈片中進行了重點介紹，您將看到對外匯影響以及第一季業績的真正剖析。因此，它被突出顯示，希望對通話中的人們有幫助，以便他們能夠看到它。但簡短的回答是肯定的。

Perfect. Thank you. And then it seems like maybe in the public markets, the AI trade has unwinded a bit. I’m curious if the actual companies implementing AI or your customers, has that slowed down at all? And have you seen that kind of develop into the conversations you’re having with customers?

完美的。謝謝。然後看起來好像在公開市場上，人工智慧交易已經有所放鬆。我很好奇，實際實施人工智慧的公司或您的客戶的速度是否放緩？您是否看過這種情況發展成為您與客戶的對話？

No. Great question, Brett. We have not seen that slow down at all. I think it’s mission critical now for our folks to really look at meaningful way to implement the AI within the enterprise. There’s definitely a feeling of urgency across businesses that what’s happening right now. It’s much more real. The changes are much more rapid than before. So the AI implementation adoption has not slowed.

不。很好的問題，布雷特。我們根本沒有看到這種放緩。我認為現在我們的任務至關重要，那就是真正尋找在企業內實施人工智慧的有效方法。企業肯定對當前發生的事情有一種緊迫感。它更加真實。變化比以前快得多。因此，人工智慧的實施採用並未放緩。

Cole, Analyst, TD Cowen: Perfect. Thank you, guys. Really appreciate it.

道明考恩公司分析師科爾：完美。謝謝你們。真的很感激。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to TJ Jiang for closing remarks.

謝謝。我們的問答環節到此結束。現在請 TJ Jiang 致閉幕詞。

Thank you. I want to emphasize that while the macroeconomic environment is fluid, we’re no strangers to navigating all types of economic cycles as we have done so throughout our 20-plus year history as a company. Our platform remains vital and necessary for organizations across all economic climates, and we are well positioned to continue executing our strategy of solving the hardest data management challenges effectively.

謝謝。我想強調的是，儘管宏觀經濟環境瞬息萬變，但我們對應對各種經濟週期並不陌生，因為我們在公司 20 多年的歷史中一直都是這樣做的。我們的平台對於所有經濟環境下的組織來說仍然至關重要且必不可少，並且我們已做好準備，繼續執行有效解決最困難的資料管理挑戰的策略。

We’re confident in our approach and excited about the opportunities ahead as we capitalize on our strength that sets us apart in this landscape. Thank you again for joining us today, and we look forward to speaking with you more this quarter.

我們對我們的方法充滿信心，並對未來的機會感到興奮，因為我們可以利用我們的優勢在這一領域脫穎而出。再次感謝您今天加入我們，我們期待本季與您進行更多交流。

The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.

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。