Apex Treasury Corp (APXTU) 2024 Q2 法說會逐字稿

Good day and welcome to the AvePoint Inc. second quarter 2024 earnings call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Jamie Arestia, Vice President of Investor Relations. Please go ahead.

美好的一天，歡迎參加 AvePoint Inc. 2024 年第二季財報電話會議。（操作員說明）請注意此事件正在被記錄。我現在想將會議交給投資人關係副總裁 Jamie Arestia。請繼續。

Thank you, operator. Good afternoon, and welcome to our second quarter 2024 earnings call. With me on the call this afternoon is Dr. TJ Jiang, Chief Executive Officer; and Jim Caci, Chief Financial Officer. After preliminary remarks, we will open the call for a question and answer session.

謝謝你，接線生。下午好，歡迎參加我們的 2024 年第二季財報電話會議。今天下午與我一起參加電話會議的是執行長 TJ Jiang 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. All material in the webcast is the sole property and copyright of AvePoint with all rights reserved.

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。網路廣播中的所有資料均為 AvePoint 的專有財產和版權，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. And 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，這些指標並非根據美國公認會計原則編制。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一種了解管理階層如何評估公司經營績效的方法。

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 second quarter 2024 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。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 年第二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投資者關係網站上找到。

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

接下來，讓我把電話轉給 TJ。

Thank you, Jamie, and thank you to everyone joining us on the call today. We're pleased to deliver another strong quarter, and our results reflect the ongoing customer demand for the outgoing conference platform, which enhances data security and cyber resilience, reduces costs and improves decision-making. At the same time, our steady focus on execution and profitable growth once again enabled us to exceed our financial guidance for all key metrics.

謝謝傑米，也感謝今天加入我們電話會議的所有人。我們很高興再次實現強勁的季度業績，我們的業績反映了客戶對即將推出的會議平台的持續需求，該平台增強了數據安全性和網路彈性，降低了成本並改善了決策。同時，我們對執行和利潤成長的堅定關注再次使我們能夠超越我們所有關鍵指標的財務指導。

As organizations grapple with the tensions between the rising demand for AI tools and their current state of digital maturity, the critical role of data readiness becomes increasingly clear. Additionally, the frequency and sophistication of cyber attacks have escalating further underscoring the need for robust data, governance and security.

隨著組織努力應對人工智慧工具不斷增長的需求與當前數位成熟度之間的緊張關係，數據準備的關鍵作用變得越來越明顯。此外，網路攻擊的頻率和複雜性進一步升級，進一步凸顯了對強大資料、治理和安全性的需求。

These challenges only become more pronounced in a multi cloud environment, which is what we typically see in our customers and prospects. Taken together, these macro trends position happened exceptionally well because their problems we have solved for more than 20 years. And over that time, our platform evolution has kept pace with the proliferation of data, increasingly dangerous threat environment and the growing need for data security.

這些挑戰只會在多雲環境中變得更加明顯，這也是我們通常在客戶和潛在客戶中看到的情況。總而言之，這些宏觀趨勢狀況發生得非常好，因為我們已經解決了它們的問題 20 多年。在此期間，我們的平台發展與資料的激增、日益危險的威脅環境以及對資料安全不斷增長的需求保持同步。

Our technical expertise and innovation have brought us to this moment. We're addressing these data management needs has never been more urgent. We see this playing out across our global business, driving our outperformance in the second quarter and providing us the confidence to again raise our full year expectations.

我們的技術專長和創新使我們走到了這一刻。我們解決這些數據管理需求變得前所未有的迫切。我們看到這種情況在我們的全球業務中發揮作用，推動我們第二季的優異表現，並使我們有信心再次提高全年預期。

I'll spend my time today discussing these trends and we'll share some key customer wins from the quarter. Then Jim will cover our financial performance and updated guidance in more detail. So let's jump in. Starting with the customer demand to leverage generative AI, contrasted with a reality of where most organizations currently are in their digital workplace journey.

今天我將花時間討論這些趨勢，我們將分享本季的一些關鍵客戶勝利。然後吉姆將更詳細地介紹我們的財務表現和更新的指導。那麼就讓我們開始吧。從客戶需求出發，利用生成式人工智慧，與大多數組織目前處於數位化工作場所旅程中的現實情況形成鮮明對比。

I recently hosted a CxO event on how to navigate AI with confidence. The discussions I had with the panelists and attendees revealed a significant appetite for practical AI from patient strategies and the knowledge that a strong data foundation is a crucial prerequisite to deploying AI.

我最近舉辦了一場 CxO 活動，主題是如何自信地駕馭人工智慧。我與小組成員和與會者的討論揭示了患者策略對實用人工智慧的巨大興趣，以及強大的數據基礎是部署人工智慧的關鍵先決條件的知識。

These conversations reinforce that the success of GenAI implementation is closely tied to an organization's digital workplace maturity. Specifically affected by our strategies, change on strong data management, which addresses the data security issues that often tender AI adoption. And the reality is that today most digital workplaces are woefully immature.

這些對話強調，GenAI 實施的成功與組織的數位工作場所成熟度密切相關。特別是受我們的策略影響，強大的資料管理發生了變化，這解決了經常影響人工智慧採用的資料安全問題。現實是，如今大多數數位工作場所都非常不成熟。

Statistics from Gartner, which established a five stage model assessing the maturity of digital workplaces, back this up. Gartner finds that the successful integration of generative AI happens at the fourth stage and only after organizations have modernize their infrastructure and data to keep pace with technological changes.

Gartner 的統計數據支持了這一點，該機構建立了評估數位工作場所成熟度的五階段模型。Gartner 發現，生成式人工智慧的成功整合發生在第四階段，並且只有在組織實現基礎設施和資料現代化以跟上技術變革的步伐之後。

So where are most organizations today? Gartner's recent assessment shows nearly 85% organizations are still in the first two stages and are just starting to take action to modernize their data. And less than 2% have reached that critical ports stage for the successful integration of generative AI can occur.

那麼，如今大多數組織都在哪裡呢？Gartner 最近的評估顯示，近 85% 的組織仍處於前兩個階段，並且剛開始採取行動實現資料現代化。只有不到 2% 的企業已達到成功整合生成式 AI 的關鍵移植階段。

This is where AvePoint comes in. Our approach manages our customers’ entire data estate, which often spans multiple cloud environments, ensuring their data is ready for AI and can remain competitive in a rapidly evolving digital landscape.

這就是 AvePoint 發揮作用的地方。我們的方法管理客戶的整個數據資產（通常跨越多個雲端環境），確保他們的數據為人工智慧做好準備，並在快速發展的數位環境中保持競爭力。

This is why we continue to see a healthy pipeline and demand for our platform. Our unique ability to solve a wide swath of technical challenges, in turn enabling AI adoption across the enterprise, is something that no other software provider can match. And while we will remain cautious of the macro environment, we are confident in our ability to continue capitalizing on the long-term opportunity ahead of us.

這就是為什麼我們繼續看到對我們平台的健康管道和需求。我們解決廣泛技術挑戰的獨特能力，進而推動人工智慧在整個企業的採用，是其他軟體供應商無法比擬的。儘管我們對宏觀環境保持謹慎，但我們對繼續利用擺在我們面前的長期機會的能力充滿信心。

I want to highlight a few recent customer wins that demonstrate our resounding success in data management, and in addressing these data security and data governance challenges, as the team had another strong quarter acquiring high quality new logos and selling even more of the AvePoint Confidence Platform to existing customers.

我想強調一下最近取得的一些客戶勝利，這些勝利證明了我們在數據管理以及解決這些數據安全和數據治理挑戰方面取得的巨大成功，因為該團隊在另一個季度取得了強勁的表現，獲得了高品質的新徽標，並銷售了更多的AvePoint Confidence Platform給現有客戶。

Let’s start with the financial services industry, where a recent McKinsey survey found that the quality of unstructured data, particularly the security classification of new data created, was one of the biggest challenges to scaling GenAI. This led a Fortune 20 global financial services organization with 280,000 users to become an AvePoint customer in the quarter. They could not meet their legal team’s requirements for secure records management, which prevented them from moving legacy data into the cloud.

讓我們從金融服務業開始，麥肯錫最近的一項調查發現，非結構化資料的質量，特別是創建的新資料的安全分類，是擴展 GenAI 的最大挑戰之一。這使得一家擁有 28 萬名用戶的財富 20 強全球金融服務組織在本季度成為 AvePoint 客戶。他們無法滿足法律團隊對安全記錄管理的要求，這阻礙了他們將遺留資料轉移到雲端。

After purchasing products from all three suites, one of the world’s largest investment banks can securely unify their data, build a scalable data governance framework, and streamline records management policies. As a result, they will realize improved data visibility and data quality, and reduce the risk of breaches, positioning them to more confidently deploy Gen AI tools going forward.

在購買所有三個套件的產品後，世界上最大的投資銀行之一可以安全地統一其數據，建立可擴展的數據治理框架，並簡化記錄管理策略。因此，他們將實現數據可視性和數據品質的提高，並降低違規風險，使他們能夠更加自信地部署 Gen AI 工具。

Another financial services win was a Fortune 500 US based institution which sought to deploy Copilot for Microsoft 365, but could not begin until they implemented data governance controls to address oversharing of sensitive data for their 25,000 users. After we demonstrated our ability to mitigate these concerns, this existing customer purchased multiple products from our Control suite, allowing them to quickly understand security risks across their environment and proactively prevent future oversharing of data.

另一場金融服務勝利是美國財富 500 強機構，該機構試圖為 Microsoft 365 部署 Copilot，但直到實施資料治理控制以解決 25,000 名用戶的敏感資料過度共享問題後才開始部署。在我們展示了緩解這些問題的能力後，該現有客戶從我們的控制套件中購買了多種產品，使他們能夠快速了解其環境中的安全風險，並主動防止未來的資料過度共享。

These are fantastic financial services customer wins, but as we have said many times, the problems we solve are not confined to particular industries. In managing vast digital workspaces, both a global automotive manufacturer and Fortune 10 healthcare giant faced challenges like the ones I just described. In order to comprehensively manage their Microsoft 365 workspaces and ensure data ownership, regulatory compliance, and proactive policy enforcement across their 75,000 users, the automotive manufacturer became a new customer in Q2, purchasing multiple products from our Control and Resilience suites.

這些都是金融服務客戶贏得的美妙成果，但正如我們多次所說的，我們解決的問題並不局限於特定行業。在管理龐大的數位工作空間時，一家全球汽車製造商和財富 10 強醫療保健巨頭都面臨著我剛才描述的挑戰。為了全面管理其Microsoft 365 工作區並確保75,000 名用戶的資料所有權、法規遵循和主動策略執行，該汽車製造商在第二季度成為新客戶，從我們的控制和彈性套件中購買了多種產品。

At the same time, we saw the healthcare organization expand their existing investment in AvePoint in Q2, purchasing the entire set of solutions in our Control Suite. Going forward, they can quickly identify and remediate oversharing, implement effective data access policies, and ensure a secure and compliant digital environment to adopt generative AI solutions across their 200,000 users.

同時，我們看到醫療保健組織在第二季擴大了對 AvePoint 的現有投資，購買了我們控制套件中的整套解決方案。展望未來，他們可以快速識別和糾正過度共享，實施有效的資料存取策略，並確保安全且合規的數位環境，以便在 20 萬名用戶中採用生成式 AI 解決方案。

These are just a few examples of how our platform establishes the foundational elements of data management and data governance, setting the stage for the adoption of successful AI strategies, including Copilot for Microsoft 365, and driving transformative outcomes for organizations around the world.

這些只是我們的平台如何建立資料管理和資料治理的基本要素、為採用成功的人工智慧策略（包括 Microsoft 365 的 Copilot）以及為世界各地的組織推動變革成果奠定基礎的幾個例子。

Before I turn it over to Jim, I want to spend a moment discussing how we continue to innovate and meet the evolving needs of our customers, many of whom have multi-cloud strategies today. And a recent Flexera survey confirmed this to be the case for nearly 90% of enterprises, which, in addition to Microsoft 365, depend on platforms such as Google and Salesforce to meet diverse business needs.

在將其交給 Jim 之前，我想花點時間討論我們如何繼續創新並滿足客戶不斷變化的需求，其中許多客戶如今都採用了多雲策略。Flexera 最近的一項調查證實，近 90% 的企業都是這種情況，除了 Microsoft 365 之外，企業還依賴 Google 和 Salesforce 等平台來滿足多樣化的業務需求。

While this approach makes good business sense, it also introduces significant challenges in data management and governance such as cloud misconfiguration. Gartner reported that 60% of organizations today will prioritize addressing this risk, up from 25% in 2021. As our customers have evolved, we have expanded our multi-cloud approach, ensuring that the leading data protection solutions of the AvePoint Confidence Platform span the most commonly leveraged cloud ecosystems.

雖然這種方法具有良好的商業意義，但它也為資料管理和治理帶來了重大挑戰，例如雲端配置錯誤。Gartner 報告稱，如今 60% 的組織將優先解決此風險，而 2021 年這一比例為 25%。隨著客戶的發展，我們擴展了多雲方法，確保 AvePoint Confidence Platform 的領先資料保護解決方案跨越最常用的雲端生態系統。

One example is the strategic partnership we recently entered into with SADA, one of the world’s top Google Workspace partners. SADA now offers our award-winning data protection solution for Google Workspace and Google Classroom, and this partnership will be especially significant for regulated industries, where security and compliance are paramount. By facilitating seamless integration and protection across cloud environments, AvePoint empowers organizations to maximize their multi-cloud strategies and confidently adopt AI technologies, while maintaining the highest standards of data protection and cyber resilience.

一個例子是我們最近與 SADA（全球頂級 Google Workspace 合作夥伴之一）建立的策略合作夥伴關係。SADA 現在為 Google Workspace 和 Google Classroom 提供我們屢獲殊榮的資料保護解決方案，這種合作夥伴關係對於安全性和合規性至關重要的受監管行業尤其重要。透過促進跨雲環境的無縫整合和保護，AvePoint 使組織能夠最大限度地發揮其多雲策略並自信地採用人工智慧技術，同時保持最高標準的資料保護和網路彈性。

For example, a leading North America grocery chain struggled to manage over 400,000 user accounts across multiple cloud ecosystems, a challenge further compounded by the recent acquisition of another major chain. To effectively manage and report on their expanded user environment, this Fortune 50 company purchased three solutions from our Control Suite. Going forward, they can now meet data governance and security audit requirements, realize improved security resource allocations, and more efficiently manage users and workspaces across multiple cloud environments.

例如，一家領先的北美雜貨連鎖店難以管理跨多個雲端生態系統的超過 40 萬個用戶帳戶，最近收購另一家大型連鎖店進一步加劇了這項挑戰。為了有效管理和報告其擴展的用戶環境，這家財富 50 強公司從我們的 Control Suite 購買了三種解決方案。展望未來，他們現在可以滿足資料治理和安全審計要求，實現改進的安全資源分配，並更有效地跨多個雲端環境管理使用者和工作空間。

To conclude, AvePoint is uniquely positioned to support organizations in their journey toward AI-driven transformation. By addressing the critical challenges of data security, governance, and management, we empower our clients to mitigate the risks of GenAI, while harnessing its full potential. I want to thank the team for their tireless efforts this quarter, and I know I speak for them when I say how excited I'm for a strong second half of 2024.

總而言之，AvePoint 具有獨特的優勢，可以支援組織邁向人工智慧驅動的轉型。透過解決資料安全、治理和管理方面的關鍵挑戰，我們幫助客戶減輕 GenAI 的風險，同時充分發揮其潛力。我要感謝團隊本季的不懈努力，當我說我對 2024 年下半年的強勁表現感到多麼興奮時，我知道我是在代表他們說話。

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

接下來，讓我把電話轉給吉姆。

Thanks, TJ, and good afternoon, everyone. Thanks for joining us today, as we review another strong set of results across the board. You've heard us discuss our commitment to profitable growth since the beginning of 2023. And today, we are pleased to deliver our sixth consecutive quarter of both meaningful top line growth and operating margin expansion, raising our full year expectations each step of the way.

謝謝，TJ，大家下午好。感謝您今天加入我們，我們將全面回顧另一組強勁的結果。您已經聽過我們討論自 2023 年初以來我們對獲利成長的承諾。今天，我們很高興實現連續第六個季度實現顯著的營收成長和營業利潤率擴張，每一步都提高了我們的全年預期。

In an uncertain macro environment, our focus has been on controlling the controllables and the team's ongoing execution positions us well to continue delivering value to AvePoint shareholders as we progress toward our Rule of 40 and GAAP profitability targets in 2025.

在不確定的宏觀環境中，我們的重點是控制可控因素，團隊的持續執行使我們能夠繼續為 AvePoint 股東創造價值，同時朝著 40 條規則和 2025 年 GAAP 盈利目標邁進。

With that, let's turn to our Q2 results. For the second quarter ended June 30, 2024, total revenues were $78 million an increase of 20% year over year and above the high end of our guidance. In addition, we are pleased that total revenues reached approximately $300 million on a trailing 12 month basis this quarter. Within total, Q2 revenue, second quarter SaaS revenue was $53.6 million, growing 40% year over year and continuing to be our fastest growing revenue segment.

接下來，讓我們看看第二季的結果。截至 2024 年 6 月 30 日的第二季度，總營收為 7,800 萬美元，年增 20%，高於我們指引的上限。此外，我們很高興本季過去 12 個月的總收入達到約 3 億美元。在第二季總收入中，第二季 SaaS 營收為 5,360 萬美元，年增 40%，繼續成為我們成長最快的營收部門。

And in Q2, SaaS comprised 69% of total revenues compared to 59% a year ago. Additionally, our other revenue lines continue to perform in line with our expectations and commentary. Term license and support as well as maintenance revenue declined year over year, both in dollars and as a percentage of total revenue. At the same time, services grew 4% year over year, but declined as a percentage of second quarter revenues to 13%. And because services is our only nonrecurring business, 87% of our total Q2 revenues were recurring our highest ever percentage, surpassing the 86% recurring revenue mix we called out last quarter.

第二季度，SaaS 佔總營收的 69%，而去年同期為 59%。此外，我們其他收入線的表現繼續符合我們的預期和評論。定期許可和支援以及維護收入同比下降，無論是美元還是佔總收入的百分比。同時，服務年增 4%，但佔第二季營收的比例下降至 13%。由於服務是我們唯一的非經常性業務，我們第二季總收入的 87% 是我們有史以來最高的經常性收入比例，超過了我們上季度公佈的 86% 的經常性收入組合。

Our strong sales performance is also evident as we look at our results from a regional perspective. In North America, SaaS revenues grew 40% year over year and represented 74% of total North America revenues, which in turn grew 12% year over year. In EMEA, SaaS revenues grew 36% year over year and represented 84% of total EMEA revenues, which in turn grew 18% year over year. And in APAC, SaaS revenues grew 50% year over year and represented 46% of total APAC revenues, which in turn grew 36% year over year.

當我們從區域角度審視業績時，我們強勁的銷售業績也顯而易見。在北美，SaaS 營收年增 40%，佔北美總營收的 74%，而北美總營收年增 12%。在 EMEA，SaaS 營收年增 36%，佔 EMEA 總營收的 84%，而 EMEA 總營收年增 18%。在亞太地區，SaaS 營收年增 50%，佔亞太地區總收入的 46%，而亞太地區總收入則較去年同期成長 36%。

The same strength is evident as we look at the year-over-year growth in regional ARR, which, as we have said, provides a better view of the underlying momentum of the business everywhere we operate. Each region was again a strong contributor to our overall performance. As North America and EMEA ARR each grew 23% and APAC ARR grew 22%

當我們觀察區域 ARR 的同比增長時，同樣的優勢也很明顯，正如我們所說，這可以更好地了解我們經營所在地的業務的潛在動力。每個地區再次為我們的整體業績做出了重要貢獻。北美和歐洲、中東和非洲 ARR 分別成長 23%，亞太地區 ARR 成長 22%

Lastly, our EMEA regions air or surpassed $100 million this quarter, and I want to congratulate the entire EMEA team for their efforts in achieving this milestone. Continuing now with total ARR and other key metrics we assess on a quarterly basis. As of June 30, 2024, total ARR was $290.1 million, representing year-over-year growth of 23%. As a result, net new ARR in Q2 was $15.6 million and grew 13% year over year.

最後，我們的 EMEA 地區本季的播放量超過 1 億美元，我要祝賀整個 EMEA 團隊為實現這一里程碑所做的努力。現在繼續我們每季評估的總 ARR 和其他關鍵指標。截至 2024 年 6 月 30 日，總 ARR 為 2.901 億美元，年增 23%。因此，第二季淨新 ARR 為 1,560 萬美元，年增 13%。

Additionally, we ended the second quarter with 594 customers with ARR of over $100,000, an increase of 20% from the prior year. As of the end of Q2, 52% of our total ARR came through the channel, compared to 49% a year ago. And for Q2 specifically, 61% of our incremental ARR came through the channel, compared to 62% for Q1 of 2024 and 61% in Q2 of 2023.

此外，第二季結束時，我們有 594 名客戶的 ARR 超過 10 萬美元，比前一年增加了 20%。截至第二季末，我們總 ARR 的 52% 來自該頻道，而一年前為 49%。具體到第二季度，我們增量 ARR 的 61% 來自該管道，而 2024 年第一季為 62%，2023 年第二季為 61%。

Turning now to our customer retention rates. Adjusted for the impact of FX, our trailing 12 month gross retention rate for the second quarter was 87%, consistent with our performance in Q1 and throughout 2023. At the same time, our FX-adjusted net retention rate for the second quarter was 110%, an improvement from the 107%, we delivered a year ago and in line with Q1. On a reported basis, Q2 GRR was 86% compared to 85% in Q2 of '23. And in line with Q1. Q2 reported NRR was 109% compared to 104% in Q2 of 23% and 110% in Q1.

現在轉向我們的客戶保留率。根據外匯的影響進行調整後，我們第二季過去 12 個月的毛保留率為 87%，與我們第一季和 2023 年全年的表現一致。同時，我們第二季經匯率調整後的淨保留率為 110%，比一年前的 107% 有所提高，與第一季持平。根據報告，第二季的 GRR 為 86%，而 23 年第二季的 GRR 為 85%。並與 Q1 一致。第二季報告的 NRR 為 109%，而第二季為 104%，第一季為 23% 和 110%。

Turning back to the income statement, gross profit for Q2 was $159.4 million, representing a gross margin of 76.2% compared to 71.1% in Q2 of 2023. The improvement in our gross margin is the result of our product mix as we again had more SaaS revenue and less services revenue as a percentage of our overall revenue. In addition, we saw improved services and SaaS margins this quarter compared to last year.

回到損益表，第二季的毛利為 1.594 億美元，毛利率為 76.2%，而 2023 年第二季的毛利率為 71.1%。我們毛利率的增加是我們產品組合的結果，因為我們的 SaaS 收入佔總收入的比例再次增加，服務收入減少。此外，與去年相比，本季的服務和 SaaS 利潤率有所提高。

Moving down the income statement, operating expenses for Q2 totaled $50.6 million or 65% of revenues compared to $43.3 million or 67% of revenues a year ago. As a result, Q2 operating income was $8.7 million or an operating margin of 11.2%, a year-over-year improvement of nearly 700 basis points. Our Q2 operating income was well ahead of our guidance, and the outperformance was primarily driven by two factors. First, the meaningful revenue beat, most of which flowed to the bottom line.

從損益表來看，第二季的營運支出總計 5,060 萬美元，佔收入的 65%，而一年前為 4,330 萬美元，佔收入的 67%。結果，第二季營業收入為 870 萬美元，營業利潤率為 11.2%，年增近 700 個基點。我們第二季的營業收入遠遠超出了我們的指導，其優異表現主要由兩個因素驅動。首先，收入大幅成長，其中大部分流向利潤。

And second, improved sales efficiency and prudent expense management across the business. In addition, approximately $1 million of expenses that we had originally planned for Q2 are now expected in the second half of the year and in early 2025. Taken together, our ongoing commitment to profitable growth resulted in another quarter of margin expansion and with another step on our path to GAAP profitability.

其次，提高了整個企業的銷售效率和審慎的費用管理。此外，我們最初計劃在第二季支出約 100 萬美元，現在預計在下半年和 2025 年初支出。總而言之，我們對獲利成長的持續承諾導致利潤率又實現了一個季度的成長，並在我們實現 GAAP 獲利能力的道路上又邁出了一步。

Turning to the balance sheet and cash flow statement, we ended the second quarter with $230.8 million in cash and short-term investments. And for the six months ended June 30, 2024, cash generated from operations was $23.9 million, while free cash flow was $23 million. This compared to cash generated from operations of $9.3 million and free cash flow of $8.5 million in the first six months of 2023. During the three months ended June 30, we repurchased 653,000 shares for a total cost of approximately $5.4 million.

談到資產負債表和現金流量表，第二季末我們的現金和短期投資為 2.308 億美元。截至 2024 年 6 月 30 日的六個月，營運產生的現金為 2,390 萬美元，自由現金流為 2,300 萬美元。相較之下，2023 年前六個月營運產生的現金為 930 萬美元，自由現金流為 850 萬美元。截至 6 月 30 日的三個月內，我們回購了 653,000 股股票，總成本約為 540 萬美元。

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 ARR, total revenue and non-GAAP operating income. For the third quarter, we expect total revenues of $82 million to $84 million or approximately 14% year-over-year growth at the midpoint. We expect non-GAAP operating income of $11 million to $12 million.

我現在想談談我們的財務展望，對於全年，我們很高興再次提高對總 ARR、總收入和非 GAAP 營業收入的預期。我們預計第三季總營收為 8,200 萬美元至 8,400 萬美元，中間值年增約 14%。我們預計非 GAAP 營業收入為 1,100 萬美元至 1,200 萬美元。

And through the full year, we now expect total ARR of $319 million to $323 million or approximately 21% year-over-year growth at the midpoint, we now expect total revenues of $320.2 million to $324.2 million or approximately 19% year-over-year growth at the midpoint. And given these higher top line expectations, coupled with our outperformance on profitability this quarter, we now expect full year non-GAAP operating income of $38.3 million to $39.8 million or an operating margin of 11.9% to 12.3%.

我們現在預計全年總 ARR 為 3.19 億美元至 3.23 億美元，中間值年增長約 21%；我們現在預計總收入為 3.202 億美元至 3.242 億美元，同比增長約 19%。 。鑑於這些更高的收入預期，加上本季獲利能力的出色表現，我們現在預計全年非 GAAP 營業收入為 3,830 萬美元至 3,980 萬美元，營業利潤率為 11.9% 至 12.3%。

Lastly, on a Rule of 40 basis, which for AvePoint is the sum of ARR growth and non-GAAP operating margin. Our updated guidance today reflects a 33, compared to the 29 that we initially guided for the year in February and to the 31 we guided to in May. In summary, Q2 was an outstanding quarter for AvePoint, and the team remains laser focused on profitable growth and continued execution.

最後，根據 40 規則，對於 AvePoint 來說，這是 ARR 成長與非 GAAP 營業利潤率的總和。我們今天更新的指導值為 33，而我們最初在 2 月指導的年度指導值為 29，5 月指導的指導值為 31。總而言之，第二季度對於 AvePoint 來說是一個出色的季度，團隊仍然專注於獲利成長和持續執行。

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。因此，我們很樂意回答您的問題。操作員？

(Operator Instructions)

（操作員說明）

Derrick Wood, Cowen & Co.

德里克伍德、考恩公司

Great. Thanks. Congrats on another strong quarter. Maybe, I'll just throw out the obligatory macro question. Doesn't seem like you guys have seen much change, but just when looking across verticals or deal sizes or customer cohorts, how would you describe the buying behavior out there in the market and anything that's perhaps getting better or more challenging?

偉大的。謝謝。祝賀又一個強勁的季度。也許，我會拋出強制性的宏觀問題。你們似乎沒有看到太大的變化，但是當縱觀垂直行業、交易規模或客戶群體時，您會如何描述市場上的購買行為以及任何可能變得更好或更具挑戰性的事情？

Hi, Derrick, great question. So on the macro, things are the same. Enterprise deals continue to have the same type of conservatism, and we continue to win based on our platform play. That works very well, applies to across all industries. In our prepared remarks, you hear that we, whether it's enterprise, mid-market, SMB, as well as across all geos, we are growing from strength to strength. At the end of the day, customers need to secure data before implementing AI strategy, and that also position as well.

嗨，德里克，好問題。所以在宏觀上，情況是一樣的。企業交易繼續保持同樣的保守主義，我們繼續基於我們的平台獲勝。這非常有效，適用於所有行業。在我們準備好的演講中，您會聽到，無論是企業、中端市場、中小企業或所有地區，我們都在不斷成長。歸根結底，客戶需要在實施人工智慧策略之前保護數據，這也是如此。

And lastly, customers continue to seek to optimize costs, and this is where we partner with them and with our platform, confidence platform, and also multiple end-to-end data management capabilities will allow them to consolidate vendors. So those trends still hold for us.

最後，客戶不斷尋求優化成本，這就是我們與他們合作的地方，我們的平台、信心平台以及多種端到端資料管理功能將使他們能夠整合供應商。所以這些趨勢對我們來說仍然有效。

That's great to hear. And TJ, maybe if we could just double-click on kind of data readiness projects around Copilot. I mean, I've seen similar studies that you called out in your prepared remarks that there are issues of lack of information governance, and that's holding back on driving more adoption of M365 Copilot. That's obviously where you guys can come and help address those initiatives. So can you just give us an update on where you're getting pulled into Copilot readiness programs? Maybe share kind of how the volumes of activity has been trending and how you're thinking about this becoming a bigger driver in the model?

很高興聽到這個消息。TJ，也許我們可以雙擊 Copilot 周圍的數據準備項目。我的意思是，我看到過類似的研究，您在準備好的發言中指出存在缺乏資訊治理的問題，這阻礙了 M365 Copilot 的更多採用。顯然，你們可以來幫忙解決這些措施。那麼您能否向我們介紹一下您在哪些方面參與副駕駛準備計畫的最新情況？也許可以分享一下活動量的趨勢，以及您如何看待這成為模型中更大的驅動因素？

Yeah, that's a great question, Derrick. So we are, as we shared last quarter as well, we are in a ton of conversations as experimentation continues. We do know that last quarter, we have very, very strong showing in our control Suite because of the data management governance capabilities that we bring to the market. We think we have the most advanced SaaS offering when it comes to Copilot readiness in the cloud.

是的，這是一個很好的問題，德瑞克。因此，正如我們在上個季度分享的那樣，隨著實驗的繼續，我們正在進行大量對話。我們確實知道，由於我們為市場帶來了資料管理治理功能，上季我們的控制套件表現非常非常強勁。我們認為，就雲端中的 Copilot 準備而言，我們擁有最先進的 SaaS 產品。

And yeah, we have a lot of the go-to-market motions with large customers as well as medium-sized customers across all geos. Japan is actually very, very strong in terms of AI experimentation. What we do see is, while we don't see many enterprise-wide deployment, we do see bigger size experimentation now, especially in the medium 5,000 plus employee size companies. So that's encouraging. The focus continue to be ROI driven, business outcome driven experimentation with AI.

是的，我們與所有地區的大客戶和中型客戶都有很多進入市場的動議。日本在人工智慧實驗方面其實非常非常強大。我們確實看到的是，雖然我們沒有看到很多企業範圍內的部署，但我們現在確實看到了更大規模的實驗，特別是在員工規模超過 5,000 人的中型公司中。所以這是令人鼓舞的。重點仍是投資報酬率驅動、業務成果驅動的人工智慧實驗。

Great to hear. I'll pass it on. Thanks.

很高興聽到。我會把它傳遞下去。謝謝。

Thank you.

謝謝。

Joel Omino, Citi.

喬爾·奧米諾，花旗銀行。

Good afternoon. This is Joel dialing in for Fatima. Thanks for taking that question. So just maybe a two part question for Jim. It's a pretty substantial raise to the calendar 2024 operating margin, but we're also seeing a bit of a top line raise as well. I think you spoke about this a bit in your prepared remarks, but could you give any additional color on what's facilitating this, this efficiency? And then maybe as the second part, on sales rep productivity specifically, how is this coming in relative to your expectations? And what are you baking into the guide, for the second half? Thank you.

午安.我是喬爾撥通法蒂瑪的電話。感謝您提出這個問題。所以也許只是向吉姆提起一個由兩個部分組成的問題。這對 2024 年營業利潤率來說是一個相當大的提高，但我們也看到了一些頂線的提高。我想你在準備好的發言中談到了這一點，但是你能否對促進這種效率的因素提供任何額外的說明？然後，也許作為第二部分，特別是關於銷售代表的生產力，這與您的期望相比如何？您在指南的後半部分中準備了什麼內容？謝謝。

Yeah, great, Joel. Thank you for the question. So maybe on the first in terms of operating income, I think you're right. We're seeing twofold. We're seeing improvement on the top line. So that's definitely having a contribution. And then as we demonstrated in the first half of the year, we're seeing some cost efficiencies even better than we had planned.

是的，太好了，喬爾。謝謝你的提問。所以也許首先就營業收入而言，我認為你是對的。我們看到的是雙重的。我們看到營收有所改善。所以這絕對是有貢獻的。正如我們在今年上半年所展示的那樣，我們看到一些成本效率甚至比我們計劃的還要好。

And that's kind of across the board from how we think about R&D and our global optimization there of our costs, how we think of some of the G&A and then as you mentioned and alluded to when we think about sales -- productively and sales efficiency, we are seeing improvement there as well. We've been talking a lot about using the channel and we're seeing some efficiency there.

這是全面的，從我們如何看待研發和我們對成本的全球優化，我們如何看待一些一般行政費用，然後正如你提到和提到的，當我們考慮銷售時——生產力和銷售效率，我們也看到了那裡的改善。我們一直在討論如何使用該管道，並且看到了一些效率。

But even on the direct side of our house, we're seeing better rep productivity across the board. We're seeing faster ramp-up of new reps coming on to the team. And then maybe third and probably the most important or the most beneficial is our more tenured reps are even producing more than they did last year. So we're seeing that efficiency and productivity across the board. And all of that is contributing nicely to the operating margin that not only we saw in the first half of the year, but gives us confidence to expand as you mentioned significantly for the second half of the year.

但即使在我們房子的正對面，我們也看到了全面提高的代表性生產力。我們看到新代表加入團隊的速度更快。然後，也許第三，可能是最重要或最有益的是，我們的長期代表甚至比去年生產更多。所以我們看到了全面的效率和生產力。所有這些都對營業利潤率做出了很好的貢獻，這不僅是我們在上半年看到的，而且讓我們有信心實現下半年的擴張，正如您所提到的。

Got it. And if perhaps let me just sneak in a second question here. So we're seening pretty healthy growth in the 100,000-plus customer cohort, I think both on a year-over-year basis and also the net ads. So I was just hoping you could shed some additional light on the behavior that you're seeing in this cohort, if there's any discernible demand or adoption trends, and then also if you could share what percentage of ARR, they make up? And that's all. Thank you.

知道了。也許讓我在這裡偷偷提出第二個問題。因此，我們看到超過 100,000 名客戶群的成長相當健康，我認為無論是同比還是淨廣告。因此，我只是希望您能進一步了解您在這個群體中看到的行為，是否有任何明顯的需求或採用趨勢，然後您是否可以分享他們佔 ARR 的百分比？僅此而已。謝謝。

Yeah. Well, one of the good things about our diversification across both our customer base and even geos, is we have very good diversification across the customer base, both SMB, mid-market, as well as enterprise. Obviously, some of the bigger accounts that you're referring to but we're seeing growth across all three segments. It is not just focused on the large accounts.

是的。嗯，我們在客戶群甚至地理上實現多元化的好處之一是，我們在客戶群（中小企業、中端市場以及企業）中擁有非常好的多元化。顯然，您提到的是一些較大的客戶，但我們看到所有三個細分市場都在成長。它不僅僅關注大客戶。

Now we are seeing nice growth in those large accounts, so that's very helpful and good and we'd like to see that. But again it's literally across the board in terms of growth. So that's been very productive. And really when we think about the concentration of customers, I think we've talked about this before Joel, we don't have any one customer above 2% of our total revenue.

現在我們看到這些大客戶的良好成長，所以這是非常有幫助和好的，我們希望看到這一點。但就成長而言，它確實是全面的。所以這非常有成效。事實上，當我們考慮客戶的集中度時，我想我們在 Joel 之前就已經討論過這一點，我們沒有任何一個客戶超過我們總收入的 2%。

So again, we feel really confident that there's room for expansion in our customers. I think the platform play that TJ alluded to before is ringing true in terms of how customers think about vendors, how they think about consolidation, how they think about, hey, can we get more from existing vendors. I think that plays right into our sweet spot. We're seeing that in some of the expansions, three of the five deals that TJ alluded to in his prepared remarks are through existing customers that are expanding with us.

因此，我們再次確信我們的客戶有擴展的空間。我認為 TJ 之前提到的平台遊戲在客戶如何看待供應商、他們如何看待整合、他們如何看待「嘿，我們能否從現有供應商那裡獲得更多」方面是正確的。我認為這正是我們的最佳選擇。我們看到，在一些擴張中，TJ 在他準備好的演講中提到的五筆交易中有三筆是透過與我們一起擴張的現有客戶完成的。

So again, we're seeing that across the Board. I think the one metric, the 594 customers above 100,000 is just one metric, but we're seeing that expansion across the Board and obviously, we're looking forward to continuing that.

再說一遍，我們全面地看到了這一點。我認為，100,000 以上的 594 個客戶只是一個指標，但我們看到了全面的擴張，顯然，我們期待著繼續這一趨勢。

Thank you. I'll pass it on.

謝謝。我會把它傳遞下去。

Kirk Materne, Evercore ISI.

柯克·馬特納，Evercore ISI。

Hi, this is Chirag on for Kirk. Thanks for taking my question and I'll echo my congratulations on yet another strong quarter. So you spoke to the consult suite a few questions ago. Can you go into a bit more depth on traction you're seeing across your three suites, resilience, control, modernization and whether they're performing in line with the revenue breakout you last provided or whether any of these categories are seeing stronger growth and what's driving that? Essentially, what are your customers most focused on right now?

大家好，我是柯克的奇拉格。感謝您提出我的問題，我將祝賀您又一個強勁的季度。您之前曾向諮詢小組詢問過幾個問題。您能否更深入地介紹您在三個套件中看到的牽引力、彈性、控制力、現代化，以及它們的表現是否與您上次提供的收入突破一致，或者這些類別中的任何一個是否出現了更強勁的成長和是什麼推動了這一點？本質上，您的客戶現在最關注什麼？

Yeah, I think what I mentioned in Q2, we actually have a very strong growth of our control suite. It's the strongest growth, in fact. So we currently don't disclose the actual specific split between the three suites. We expect to do that on an annualized basis. But what's driving that is absolutely around data management and governance as every company is looking at ways to modernize their data, each estate, so that they can take on more AI strategies and deployment capabilities. So that's definitely the tailwind there.

是的，我認為我在第二季度提到的，我們的控制套件實際上有非常強勁的成長。事實上，這是最強勁的成長。因此，我們目前不透露這三個套件之間的實際具體劃分。我們預計按年計算。但推動這一趨勢的絕對是資料管理和治理，因為每家公司都在尋找實現資料現代化的方法，每個資產，以便他們能夠採取更多的人工智慧策略和部署能力。所以這絕對是那裡的順風。

Okay. And Jim, maybe one for you. Gross retention rates are continuing to increase. Can you speak a little bit to the steps you're taking to increasing gross retention to 90% or even above that and how we should think about expansion here? Thank you.

好的。吉姆，也許適合你。毛保留率持續上升。您能否談談您為將總留存率提高到 90% 甚至更高而採取的步驟，以及我們應該如何考慮這裡的擴張？謝謝。

Great question, and thank you. I think, overall we're really pleased with the results of Q2, literally across the board. We think we had a really strong quarter. I will tell you the one thing that we are focused on, and as we sit around the table and kind of rehash the quarter, we've actually been flat in terms of our GRR, around 87%. So we actually haven't seen the growth there that we're actually anticipating and we're working real hard to actually have come to fruition.

很好的問題，謝謝。我認為，總的來說，我們對第二季的結果非常滿意，確實是全面的。我們認為我們有一個非常強勁的季度。我會告訴你我們關注的一件事，當我們坐在桌子旁重新討論這個季度時，我們的 GRR 實際上持平，約為 87%。因此，我們實際上還沒有看到我們真正預期的成長，我們正在非常努力地真正實現這一目標。

You're right, our longer-term target is 90%-plus. So I would say that's the one takeaway for me from this quarter is that really strong quarter. We're happy and pleased that the retention rate has been stable at 87%, but our goal is to see that improve. We are working on a number of initiatives on a regional basis across the globe to ensure that we see movement and progress toward that 90% target.

你是對的，我們的長期目標是 90% 以上。所以我想說，本季對我來說的一個收穫是，這個季度非常強勁。我們很高興也很高興保留率一直穩定在 87%，但我們的目標是看到這種情況有所改善。我們正在全球範圍內開展區域性的多項舉措，以確保我們看到朝著 90% 目標邁進並取得進展。

So I do think I appreciate you pointing that out. It is something we are focused on. It is definitely top of mind for us. There are a number -- like I said, there's a number of initiatives that are going on. We've talked about those in the past, both personnel related, technology related. And then even from a when we think about what's the drivers behind that retention, and our biggest challenge on the churn side of why we're losing is really around our migration products, which have a lower retention rate than some of our other products.

所以我認為我很感謝你指出這一點。這是我們關注的重點。這絕對是我們的首要考慮。正如我所說，有很多措施正在實施。我們過去討論過這些，既有人員相關的，也有技術相關的。然後，甚至當我們思考保留率背後的驅動因素是什麼時，我們在流失方面面臨的最大挑戰實際上是圍繞我們的遷移產品，這些產品的保留率比我們的一些其他產品要低。

And so we're working hard to ensure that customer base that's coming in utilizing migration product, we make sure that they have the full value and see the full value of the platform and we make available to them and they take advantage of the other opportunities and the other products that they have in the platform. And so that's really a critical step for us to see improvement there. And again, we're working real hard to make that happen.

因此，我們正在努力確保使用遷移產品的客戶群，我們確保他們擁有全部價值並看到平台的全部價值，我們向他們提供，他們利用其他機會以及他們在平台上擁有的其他產品。因此，這確實是我們看到改進的關鍵一步。再說一遍，我們正在努力實現這一目標。

Thank you. And congrats again on a strong quarter.

謝謝。再次恭喜本季的強勁表現。

Thank you.

謝謝。

Thanks, Chirag.

謝謝，奇拉格。

Gabriela Borges with Goldman Sachs.

加布里埃拉·博爾赫斯與高盛。

Hi, good afternoon, this is Max Gamperl on for Gabriela. Thanks for taking our questions. A couple from us. TJ, you've talked about Opus' product role in helping customers get their data strategy ready. And can you talk a little bit about the uplift for customers? And any update on the monetization timeline for this product?

大家好，下午好，我是加布里埃拉的馬克斯·甘珀爾。感謝您回答我們的問題。我們的一對。TJ，您談到了 Opus 產品在幫助客戶準備好資料策略方面的作用。能談談對客戶的提升嗎？該產品的獲利時間表有什麼更新嗎？

Yeah. Opus has done well so far. It's was launched in late 2023. To remind everyone, Opus is the evolution of our information management story. It brings together the best of our cloud records product with more informal information management practices to create a holistic solution for the lifecycle management of content. So it's really actually three different functionalities around record management, retention archiving, classification infused with AI.

是的。Opus 到目前為止表現良好。它於 2023 年底推出。提醒大家，Opus 是我們資訊管理故事的演進。它將我們最好的雲端記錄產品與更非正式的資訊管理實踐結合在一起，為內容的生命週期管理創建整體解決方案。因此，它實際上是圍繞記錄管理、保留歸檔、人工智慧分類的三種不同功能。

We also released a product called tyGraph for Copilot, which help identify density of collaboration because a lot of the co-pilot deployments are also massive change management exercises as well. So we're happy with both products progression and very strong pipeline billing. So yeah, we're monitoring them very closely.

我們也發布了一款名為 tyGraph for Copilot 的產品，它有助於確定協作密度，因為許多副駕駛部署也是大規模的變更管理練習。因此，我們對產品的進展和非常強勁的管道計費感到滿意。所以是的，我們正在非常密切地監視他們。

And any update on monetization timeline of this product and when we should expect a material contribution?

該產品的貨幣化時間表有何更新以及我們何時應該期待實質貢獻？

So Opus is part of our Control suite. And so yeah, Control Suite performed very well, especially around governance. We actually have a whole set of product that talk about Copilot Readiness, a three-step process, right, so discovery, secure and optimized. So it's a -- we don't today split them out specifically on the monetization split. We do talk about the suite level, but I will just again, saying that the governance and management aspect of it is our strongest and fastest growing segment.

所以 Opus 是我們控制套件的一部分。所以，是的，Control Suite 表現非常好，尤其是在治理方面。實際上，我們有一整套談論副駕駛準備狀態的產品，這是一個三步驟過程，對吧，所以發現、安全和優化。所以，我們今天不會專門根據貨幣化的情況將它們分開。我們確實談論了套件級別，但我會再說一遍，它的治理和管理方面是我們最強大和成長最快的部分。

Understood. Thank you. And then taking a step back, there's been quite some volatility in software earnings the last couple of quarters, but it seems that you've been very consistent in predicting the business. What's driving that consistency in your results and execution?

明白了。謝謝。退一步來說，過去幾季軟體收益出現了相當大的波動，但您對業務的預測似乎非常一致。是什麼推動了您的結果和執行的一致性？

Yeah, I mean, I think you hit it right on the head. Our goal, we said this back at the beginning of '23, was to focus on profitable growth, controlling what we can control, and really providing guidance that we were confident and that you all could have confidence in. And I think when we think about that, we want it to be reliable, we want it to be predictable, and sometimes that might be boring.

是的，我的意思是，我認為你擊中了要害。我們的目標，我們在 23 年初就說過，是專注於盈利增長，控制我們可以控制的事情，並真正提供我們有信心並且你們所有人都可以有信心的指導。我認為當我們考慮這一點時，我們希望它是可靠的，我們希望它是可預測的，有時這可能很無聊。

But our focus was on the executing and delivering and again, the credit really goes to our teams around the globe that have been doing the heavy lifting and executing well quarter after quarter. You saw it in some of the prepared remarks. We've got consistent growth across each of the regions. That doesn't happen by accident. There's a lot of people that are working really hard to make that happen. And so again, the credit really goes to them.

但我們的重點是執行和交付，這再次歸功於我們遍布全球的團隊，他們每個季度都在承擔繁重的工作並執行得很好。您在一些準備好的發言中看到了這一點。我們在每個地區都實現了持續成長。這並非偶然發生。有很多人正在努力實現這一目標。再說一次，功勞確實歸於他們。

And I think what we've tried to do is be forthright. We provided additional metrics this year in terms of what we were sharing. We've tried to be open, as transparent as we can, and again provide expectations that we believed were achievable. And then we've again tried to aggressively go out and hit those objectives, you know, again, six straight quarters that we've been able to do that. And we'd like to continue to see that happen.

我認為我們一直在努力做到坦率。今年我們根據分享的內容提供了更多指標。我們試圖保持開放、盡可能透明，並再次提供我們認為可以實現的期望。然後我們再次嘗試積極走出去並實現這些目標，你知道，我們已經連續六個季度再次做到了這一點。我們希望繼續看到這種情況發生。

Great. Thank you.

偉大的。謝謝。

Thanks, Max.

謝謝，馬克斯。

(Operator Instructions)

（操作員說明）

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Hey, guys, this is Thomas Shinske on for Brett. Congrats on another really solid quarter. On the AI front, I guess, are you guys seeing increased urgency from enterprises to deploy AI? Because a lot of the excitement has been lagged by broader deployment. So I'm just curious to see where you're seeing deployment on an enterprise wide scale. Thanks.

嘿，夥計們，我是布雷特的托馬斯·辛斯克。恭喜又一個非常穩定的季度。在人工智慧方面，我想你們是否看到企業部署人工智慧的緊迫性越來越大？因為很多令人興奮的事情都被更廣泛的部署所落後。因此，我很好奇您在企業範圍內的部署情況。謝謝。

Yeah, as we mentioned earlier, we do see continued experimentation, and the experimentation sizing are getting larger. So that's very encouraging. Enterprise wide deployment, however, is still few and far in between, but the enthusiasm around deploying Gen AI across enterprises is still very much there. So that's very encouraging.

是的，正如我們之前提到的，我們確實看到了持續的實驗，而且實驗規模越來越大。所以這非常令人鼓舞。然而，企業範圍內的部署仍然很少，但跨企業部署 Gen AI 的熱情仍然很高。所以這非常令人鼓舞。

Awesome. And then just if I may touch on tyGraph, Microsoft just recently reported and they highlighted double quarter-over-quarter growth of Copilot. I guess I'm just curious how much you guys are seeing that flow through to demand for tyGraph and kind of also, I guess, on Opus and MyHub and power, I guess, how has the AI demand been there as well?

驚人的。然後，如果我可以談談 tyGraph，微軟最近剛剛報道過，他們強調了 Copilot 的季度環比增長。我想我只是好奇你們有多少人看到了對 tyGraph 的需求，我想，對 Opus 和 MyHub 以及電力的需求，我想，人工智慧的需求是如何存在的？

Yeah. MyHub is actually the number one used teams application with hundreds of thousands of half heartened admins on a daily basis. And yeah, we'll continue to see strength there. Microsoft's Copilot growth, we do see that obviously starting from a small number. So -- but we are very pleased to see the adoption growth there. So that's why we talk about, hey, it's the enthusiasm there.

是的。MyHub 實際上是使用次數最多的團隊應用程序，每天有數十萬半心半意的管理員。是的，我們將繼續看到那裡的力量。微軟Copilot的成長，我們確實看到，顯然是從一小部分開始的。所以，但我們很高興看到那裡的採用率成長。這就是為什麼我們談論，嘿，這就是那裡的熱情。

And of course we are involved in a ton of Copilot readiness conversations and all the product that you mentioned sets us well as the the most comprehensive SaaS platform to have a multiple holistic solution around Copilot Readiness. So that really bodes well for our pipeline building and also continued business growth.

當然，我們參與了大量的 Copilot 準備對話，您提到的所有產品使我們成為最全面的 SaaS 平台，圍繞 Copilot 準備情況提供多種整體解決方案。因此，這對我們的管道建設和持續的業務成長來說確實是個好兆頭。

Awesome. Thanks and congrats again.

驚人的。再次感謝並恭喜。

(inaudible)

（聽不清楚）

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

我們的問答環節到此結束。我想將會議轉回 TJ Jiang 發表閉幕詞。

Thank you. We're proud of our strong second quarter results, which reflect our continued ability to help our customers and partners achieve AI driven transformation. With comprehensive and scalable data management and data governance solutions across their data estates. In addition to these strong results we were also honored to be included Inc.'s annual Best Workplaces list, reflecting our continuous investment in our people.

謝謝。我們對第二季的強勁業績感到自豪，這反映出我們持續有能力幫助我們的客戶和合作夥伴實現人工智慧驅動的轉型。擁有跨資料資產的全面且可擴展的資料管理和資料治理解決方案。除了這些強勁的業績之外，我們還很榮幸被列入 Inc. 的年度最佳工作場所名單，這反映了我們對員工的持續投資。

It was also a honor to win our six Global Microsoft Partner of the year award, as well as being named Microsoft Singapore Education Industry Partner of the year for our excellence innovation as well as implementing solutions to meet the needs of our customers. Having met with many of our teams, customers and partners in the past several weeks. I'm confident that our message is resonating stronger than ever, and we are in a great position to continue capturing the massive opportunities we see ahead of us.

我們也很榮幸能六次榮獲微軟年度全球合作夥伴獎，並因我們的卓越創新以及實施滿足客戶需求的解決方案而被評為微軟新加坡年度教育產業合作夥伴。在過去的幾周里，我們會見了我們的許多團隊、客戶和合作夥伴。我相信，我們的訊息比以往任何時候都更能引起共鳴，而且我們處於有利位置，可以繼續抓住我們看到的巨大機會。

Thank you again for joining us today, and we look forward to speaking with you more this quarter.

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。