Apex Treasury Corp (APXTU) 2025 Q2 法說會逐字稿

Good afternoon and welcome to the AvePoint, Inc. second-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Jamie Arestia, Vice President, Investor Relations. Please go ahead.

下午好，歡迎參加 AvePoint, Inc. 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我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 AvePoint's second-quarter 2025 earnings call. With me on the call this afternoon is Dr. TJ Jiang, Chief Executive Officer; and James Caci, Chief Financial Officer. After preliminary remarks, we will open the call for a question-and-answer session.

謝謝您，接線生。下午好，歡迎參加 AvePoint 2025 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還有執行長 TJ Jiang 博士和財務長 James Caci。初步發言結束後，我們將開始問答環節。

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

請注意，本次電話會議將包含前瞻性陳述，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。

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

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。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。

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. 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 2025 earnings press release, as well as our updated investor presentation and financial tables, all of which are available on our Investor Relations website.

我們相信，本簡報中介紹的非公認會計準則指標可以為投資人提供一種了解管理階層如何評估公司經營績效的方法。這些非公認會計準則衡量指標不應被視為與依照美國公認會計準則編製的財務指標分離的、替代的或優於後者。這些指標與最直接可比較的 GAAP 財務指標的對帳可在我們 2025 年第二季收益新聞稿以及我們更新的投資者介紹和財務表中找到，所有這些都可在我們的投資者關係網站上找到。

Thank you, Jamie, and thank you to everyone joining us on the call today as we recap our outstanding second quarter results, highlighted by our performance on the top and bottom line, as well as continued improvement on a number of key financial and operational metrics.

謝謝傑米，也感謝今天參加電話會議的所有人，我們將回顧我們出色的第二季度業績，突出表現在頂線和底線的表現，以及一些關鍵財務和運營指標的持續改善。

Q2 also represents a major milestone for AvePoint, our first quarter to surpass $100 million in revenues. The entire AvePoint team deserves credit for this achievement, which reflects the enormous market opportunity ahead of us and marks another step on our path to $1 billion ARR by 2029.

第二季也是 AvePoint 的一個重要里程碑，這是我們第一季的營收超過 1 億美元。整個 AvePoint 團隊都為這項成就感到自豪，這反映了我們面前巨大的市場機遇，也標誌著我們朝著 2029 年實現 10 億美元 ARR 的目標又邁進了一步。

This achievement is not just a financial milestone. It's a reflection of the innovation that powers the AvePoint confidence platform, as well as the trust of our customers and partners placing us. That's why I want to spend my time today discussing our ongoing innovation, which has only accelerated in recent years.

這項成就不僅僅是一個財務里程碑。它體現了 AvePoint 信心平台的創新能力，以及客戶和合作夥伴對我們的信任。這就是為什麼我今天想花時間討論我們正在進行的創新，而這種創新近年來才剛開始加速。

Today, these efforts have positioned us squarely at the intersection of data, security, and AI, and continue to drive the steady, consistent execution you have come to expect from AvePoint. I'll also share some meaningful customer wins and expansions during the quarter and then turn the call over to Jim to recap our financial performance and updated outlook for the year.

如今，這些努力使我們穩居資料、安全和人工智慧的交匯點，並繼續推動您對 AvePoint 所期望的穩定、一致的執行。我還將分享本季度一些有意義的客戶勝利和擴張，然後將電話轉給吉姆，回顧我們的財務表現和今年的最新展望。

We know that innovation has always been essential to maintaining our competitive edge. But what's clear from every customer conversations today is that the data management challenges we're solving from AI governance and training data provenance to model explainability, responsible surveillance, or simply the need to reduce costs are now front and center in enterprise strategy.

我們知道，創新對於維持我們的競爭優勢始終至關重要。但從今天與每位客戶的對話中可以清楚地看出，我們正在解決的資料管理挑戰，從人工智慧治理和訓練資料來源到模型可解釋性、負責任的監控，或僅僅是降低成本的需求，現在都已成為企業策略的核心。

At the same time, organizations are realizing that tackling data management, governance, compliance, and security in isolation just doesn't cut it anymore. These functions need to work together. That's why we have built our platform around a unified framework with three core pillars providing a comprehensive data protection strategy: first, ensuring data is always available and recoverable after a cyber attack; second, securing it across every environment; and finally, governing its use to meet regulatory and business requirements.

同時，組織意識到孤立地處理資料管理、治理、合規性和安全性已經不再有效。這些功能需要協同工作。這就是為什麼我們圍繞著一個統一的框架來建立我們的平台，該框架具有三個核心支柱，提供全面的資料保護策略：首先，確保網路攻擊後資料始終可用且可恢復；其次，在所有環境中保護資料；最後，管理其使用以滿足監管和業務要求。

Our connected approach enables true cyber resilience, and it's why more enterprises are turning to integrated platforms like AvePoint. Our strong results this quarter reflect that growing momentum. In Q2, we advanced our platform in meaningful ways to help customers and partners turn today's challenges into strategic advantages, positioning them to achieve operational excellence in an increasingly AI-driven multi-cloud world. These strategic advancements come to life through the innovations we have delivered across our platform.

我們的互聯方法可實現真正的網路彈性，這也是為什麼越來越多的企業轉向 AvePoint 等整合平台的原因。本季的強勁業績反映了這一成長勢頭。在第二季度，我們以有意義的方式改進了我們的平台，以幫助客戶和合作夥伴將當今的挑戰轉化為策略優勢，使他們能夠在日益由人工智慧驅動的多雲世界中實現卓越營運。這些策略進步透過我們在整個平台上提供的創新得以實現。

Let me start with our product innovation. We introduced several new command centers within our confidence platform this quarter, each designed to help organizations optimize digital investments and strengthen resilience. In April, we announced the launch of our Risk Posture Command Center, a critical advancement within the AvePoint confidence platform and our most significant evolution yet in data protection, designed specifically to counter advanced cyber threats like ransomware. The Risk Posture Command Center provides organizations real-time visibility into their data security posture, backed by actionable intelligence to reduce risk and remain compliant.

讓我先從我們的產品創新開始。本季度，我們在信心平台內引入了幾個新的指揮中心，每個指揮中心旨在幫助組織優化數位投資並增強彈性。今年 4 月，我們宣布推出風險態勢指揮中心，這是 AvePoint 信心平台的重要進步，也是我們迄今為止在資料保護領域最重要的進步，專門用於應對勒索軟體等高級網路威脅。風險態勢指揮中心為組織提供其資料安全態勢的即時可見性，並提供可操作的情報來降低風險並保持合規性。

As the complexity of data and AI adoption accelerates, too many organizations are left juggling disconnected tools and dashboards. Research from Gartner finds that 86% of organizations struggle to balance data security with business objectives and nearly half of IT leaders lack confidence in their organization's ability to manage security and access risks.

隨著數據和人工智慧採用的複雜性不斷增加，太多的組織不得不處理不連貫的工具和儀表板。Gartner 的研究發現，86% 的組織難以在資料安全和業務目標之間取得平衡，近一半的 IT 領導者對其組織管理安全和存取風險的能力缺乏信心。

Our Risk Posture Command Center addresses this challenge head-on, empowering both business and IT leaders with a single intuitive interface to detect early threats, assess compliance, and act swiftly on potential vulnerabilities. This is more than just a tool. It's a strategic asset that bridges the gap between technology teams and the C-suite, turning data risks into business opportunity. That's why 85% of the CEOs now view cybersecurity as a critical growth driver according to Gartner's 2025 CEO survey. And while only 10% of organizations are fully prepared for AI-augmented cyber threats, Accenture finds those that are prepared experience 69% fewer advanced attacks and a 15% boost in customer trust.

我們的風險態勢指揮中心正面應對了這項挑戰，為業務和 IT 領導者提供了單一直觀的介面來偵測早期威脅、評估合規性並迅速對潛在漏洞採取行動。這不僅僅是一個工具。它是一種策略資產，可以彌合技術團隊和高階主管之間的差距，將數據風險轉化為商業機會。這就是為什麼根據 Gartner 的 2025 年 CEO 調查，85% 的 CEO 現在將網路安全視為關鍵的成長動力。雖然只有 10% 的組織為應對人工智慧增強的網路威脅做好了充分準備，但埃森哲發現，做好準備的組織遭受的高級攻擊減少了 69%，客戶信任度提高了 15%。

And then in June, we announced the launch of two additional command centers. The optimization and ROI Command Center gives CIOs real-time visibility into underused licenses, redundant data, and cloud cost inefficiencies, in turn providing a comprehensive view of hard-to-find cost-saving opportunities across their data estate, all through a single pane of glass. And with the vast majority of companies intending to implement some form of cost savings relating to people, processes, or technology, this command center will enable them to maximize efficiency while maintaining robust security standards.

然後在六月，我們宣布啟動另外兩個指揮中心。優化和投資回報率指揮中心讓 CIO 能夠即時了解未充分利用的許可證、冗餘數據和雲端成本效率低下的情況，從而透過單一管理平台全面了解其數據資產中難以找到的成本節約機會。絕大多數公司都打算在人員、流程或技術方面實施某種形式的成本節約，該中心將使他們能夠最大限度地提高效率，同時保持強大的安全標準。

The other launch was the Resilience Command Center, which directly addresses the growing challenge of managing data protection across complex environments. The offering provides comprehensive monitoring and actionable insights for Microsoft 365 services, including storage consumption tracking, backup data oversight, visibility into the most critical data protection with Backup Express, and cost optimization recommendations.

另一項發布是彈性指揮中心，它直接解決了在複雜環境中管理資料保護日益嚴峻的挑戰。該產品為 Microsoft 365 服務提供全面的監控和可操作的見解，包括儲存消耗追蹤、備份資料監督、使用 Backup Express 對最關鍵資料保護的可見性以及成本優化建議。

Taken together, these capabilities are vitally important in helping organizations protect against and recover from ransomware attacks, which are growing in frequency and severity. And importantly, this new offering serves as the foundation for a broader multi-cloud governance vision with planned expansion to Google Workspace, Salesforce, and other ecosystems.

總而言之，這些功能對於幫助組織防禦頻率和嚴重程度日益增加的勒索軟體攻擊並從中恢復至關重要。重要的是，這項新產品為更廣泛的多雲治理願景奠定了基礎，並計劃擴展到 Google Workspace、Salesforce 和其他生態系統。

Building on these foundational capabilities, we also expanded our agentic AI governance capabilities to secure AI agents like Microsoft 365 Copilot. These include prompt tracking, access controls, and policy enforcement for AI-generated content. Importantly, these capabilities were shaped directly by customer needs, especially from organizations preparing for large-scale Copilot rollouts and looking to mitigate oversharing and compliance risks.

基於這些基礎功能，我們也擴展了代理 AI 治理功能，以保護 Microsoft 365 Copilot 等 AI 代理程式的安全性。這些包括針對 AI 生成內容的提示追蹤、存取控制和策略實施。重要的是，這些功能直接由客戶需求塑造，特別是那些準備大規模推出 Copilot 並希望減輕過度共享和合規風險的組織。

Taken together, these innovations help customers strengthen their multi-cloud resilience, prepare for the future of autonomous AI, and uncover real cost savings. And by delivering deep visibility into both Risk Posture and Return On Investment, we are enabling customers to make faster, smarter decisions that align IT operations with strategic priorities. Just as we are empowering customers to move faster and smarter, we're also deepening support for our partners who play a critical role in scaling these innovations across the market.

總之，這些創新可幫助客戶增強其多雲彈性，為自主 AI 的未來做好準備，並實現真正的成本節約。透過深入了解風險狀況和投資報酬率，我們使客戶能夠做出更快、更明智的決策，使 IT 營運與策略重點保持一致。正如我們幫助客戶更快、更聰明地行動一樣，我們也在加強對在整個市場擴大這些創新方面發揮關鍵作用的合作夥伴的支持。

Central to these efforts have been the ongoing enhancements to our Elements platform. specifically aimed at managed service providers. Earlier this year, we launched the next generation of AvePoint Elements, an AI-powered hub that helps MSPs deliver secure, scalable services across Microsoft 365, Google Workspace, and Salesforce. It centralizes data protection, tenant management, and compliance with automation and integrations that simplify operations and boost recurring revenue.

這些努力的核心是不斷增強我們的 Elements 平台，特別是針對託管服務提供者。今年早些時候，我們推出了下一代 AvePoint Elements，這是一個由人工智慧驅動的中心，可協助 MSP 在 Microsoft 365、Google Workspace 和 Salesforce 之間提供安全、可擴展的服務。它集中資料保護、租戶管理以及自動化和整合合規性，從而簡化操作並提高經常性收入。

And in June, we added new capabilities to help MSPs further improve margins and reduce client risk, including marketplace integration for streamlined license management, behavioral analytics to flag risky users, and tools to reclaim unused licenses and archive stale data. Together, these enhancements give MSPs more control, stronger security, and greater efficiency at scale.

6 月份，我們增加了新功能，幫助 MSP 進一步提高利潤率並降低客戶風險，包括簡化許可證管理的市場整合、標記有風險用戶的行為分析以及回收未使用許可證和存檔陳舊資料的工具。總之，這些增強功能為 MSP 提供了更多的控制力、更強的安全性和更高的規模效率。

What's particularly compelling is how a solution originally designed for MSPs is now also delivering significant value to enterprise customers. A big four professional services firm with 500,000 users face mounting risks from ungoverned Microsoft 365 tenants as they prepare to roll out Copilot. Our ability to create and customize baselines from existing tenants allow them to centralize and simplify management of their security and compliance settings. This led to a major expansion in the quarter, enabling them to reduce data sprawl, delegate administration, and ensure consistency across their multi-tenant environment.

尤其引人注目的是，最初為 MSP 設計的解決方案現在也為企業客戶帶來了巨大的價值。一家擁有 50 萬用戶的四大專業服務公司在準備推出 Copilot 時面臨著來自不受管控的 Microsoft 365 租戶的越來越大的風險。我們能夠根據現有租戶建立和自訂基線，使他們能夠集中並簡化其安全性和合規性設定的管理。這導致了本季的大規模擴張，使他們能夠減少資料蔓延、委託管理並確保其多租戶環境的一致性。

These innovations are more examples of how we enable our customers and partners to navigate complexity, giving them the clarity and confidence to move faster, safer, and smarter. And our integrated platform approach continues to resonate in the market as reflected in the strong customer momentum we saw in Q2 across both new customer acquisitions and expansions of existing relationships.

這些創新進一步說明了我們如何幫助客戶和合作夥伴應對複雜情況，讓他們能夠更清晰地了解情況並充滿信心地更快、更安全、更聰明地行動。我們的整合平台方法繼續在市場上引起共鳴，這反映在我們在第二季度看到的強勁客戶勢頭中，包括新客戶的獲取和現有關係的擴展。

A global airline with nearly 100,000 users became a new AvePoint customer in Q2, selecting our platform to unify lifecycle management and oversharing controls across Microsoft 365, a foundational step as they prepare for AI adoption. Similarly, a US insurer with nearly 25,000 users joined as a new customer to implement structured provisioning, classification, and policy enforcement, giving them the governance framework needed to confidently scale their Copilot deployment.

一家擁有近 10 萬名用戶的全球航空公司在第二季度成為 AvePoint 的新客戶，選擇我們的平台來統一 Microsoft 365 的生命週期管理和過度共享控制，這是他們為採用 AI 做準備的基礎一步。同樣，一家擁有近 25,000 名用戶的美國保險公司作為新客戶加入，實施結構化配置、分類和政策執行，為他們提供自信擴展 Copilot 部署所需的治理框架。

We also welcome a global commodities trading firm with 11,500 users who selected AvePoint over four-point solutions for our ability to protect and secure multiple workloads. Similarly, a US-based cancer research hospital with 9,500 users replaced several legacy tools with AvePoint to address ransomware protection, data governance, and delegate administration.

我們也歡迎一家擁有 11,500 名用戶的全球商品交易公司，該公司選擇 AvePoint 而不是四點解決方案，因為我們能夠保護和確保多種工作負載的安全。同樣，一家擁有 9,500 名用戶的美國癌症研究醫院用 AvePoint 取代了幾種傳統工具，以解決勒索軟體防護、資料治理和委託管理問題。

In both instances, the highly regulated nature of these industries demanded a platform solution that could address multiple strategic use cases. On the expansion front, a global CPG leader with 130,000 users deepened their relationship with AvePoint by adopting archiving and governance solutions to reduce SharePoint online storage costs and improve data hygiene.

在這兩種情況下，這些產業的高度監管性質都要求一個能夠解決多種策略用例的平台解決方案。在擴展方面，一家擁有 130,000 名用戶的全球 CPG 領導者透過採用歸檔和治理解決方案來降低 SharePoint 線上儲存成本並改善資料衛生，從而加深了與 AvePoint 的關係。

Another big four professional service firm with 400,000 users also expanded their investment, leveraging our platform to prepare for a Copilot rollout by identifying overshared content and enforcing preventive controls. These examples underscore the growing demand for unified, intelligent data management. They reflect broader trends we're seeing across the enterprise, the convergence of security and governance concerns, accelerating AI adoption, increasing regulatory pressures, and the need to reduce costs.

另一家擁有 40 萬用戶的四大專業服務公司也擴大了投資，利用我們的平台識別過度分享的內容並實施預防控制，為 Copilot 的推出做準備。這些例子強調了對統一、智慧資料管理日益增長的需求。它們反映了我們在整個企業中看到的更廣泛的趨勢、安全和治理問題的整合、加速人工智慧的採用、增加的監管壓力以及降低成本的需要。

These all play to AvePoint's strength. And as organizations look to consolidate vendors, we're well-positioned to meet that need. We're confident in our strategy and excited about the opportunities ahead as we continue to lead in this dynamic environment.

這些都發揮了 AvePoint 的優勢。當組織尋求整合供應商時，我們已做好準備來滿足這項需求。我們對我們的策略充滿信心，並對未來在這個充滿活力的環境中繼續保持領先地位的機會感到興奮。

Thank you again for joining us today. I'll now turn it over to Jim.

再次感謝您今天加入我們。現在我將把發言權交給吉姆。

Thanks, TJ, and good afternoon, everyone. Thanks for joining us today as we review our strong second-quarter results, which once again are a testament to the team's broad-based execution as we efficiently deliver on the growing demand for our platforms.

謝謝，TJ，大家下午好。感謝您今天加入我們，回顧我們強勁的第二季業績，這再次證明了團隊的廣泛執行力，因為我們有效地滿足了我們平台日益增長的需求。

We are proud to deliver another quarter reflecting our unwavering commitment to profitable growth, but we also have stressed our focus on investing for the future and capturing the long-term opportunity we see. Among many highlights this quarter, these mantras are reflected in our accelerated ARR growth, substantial operating margin expansion, and continued improvements on key operational metrics which demonstrate strong engagement with both new and existing customers. These achievements are delivering shareholder value now while also positioning us for success in many years to come.

我們很自豪能夠再次實現這一季度的業績，這反映了我們對獲利成長的堅定承諾，但我們也強調了對未來投資和抓住我們所看到的長期機會的關注。在本季度的眾多亮點中，這些口號體現在我們加速的 ARR 成長、大幅的營業利潤率擴張以及關鍵營運指標的持續改善中，這些都表明我們與新老客戶的密切互動。這些成就不僅為股東帶來了價值，也為我們未來多年的成功奠定了基礎。

So let's turn to the quarter. Total revenues for Q2 were $102 million, up 31% year-over-year and above the high end of our guidance. On a constant currency basis, total revenues grew 27% year-over-year.

那麼讓我們來看看本季。第二季總營收為 1.02 億美元，年增 31%，高於我們預期的最高值。以固定匯率計算，總營收年增27%。

SaaS delivered an exceptional quarter with Q2 revenue of $77.3 million, representing sequential growth of 12% and year-over-year growth of 44%. On a constant currency basis, Q2 SaaS revenues grew 40% year-over-year. Lastly, SaaS comprised 76% of total Q2 revenues, our highest ever quarterly mix. This compares to 69% a year ago.

SaaS 季度表現優異，第二季營收為 7,730 萬美元，季增 12%，年增 44%。以固定匯率計算，第二季 SaaS 營收年增 40%。最後，SaaS 佔第二季總收入的 76%，這是我們有史以來最高的季度收入。相比之下，一年前這一比例為 69%。

Looking at our other revenue lines, term license and support declined 19% year-over-year in Q2 as we expected. And looking at our combined SaaS and term license revenues, or what we consider our subscription revenues, these grew 33% year-over-year in Q2, which was the fifth straight quarter this metric has accelerated.

從我們的其他收入線來看，正如我們預期的那樣，第二季的定期許可和支援收入比去年同期下降了 19%。從我們的綜合 SaaS 和定期授權收入（或我們所認為的訂閱收入）來看，第二季年增 33%，這是該指標連續第五個季度加速成長。

Maintenance revenues decreased year-over-year to $1.3 million, or 1% of total revenues. And lastly, services revenue were $14.5 million, or 14% of Q2 revenues. As a result, 86% of our total Q2 revenues were recurring.

維護收入較去年同期下降至 130 萬美元，佔總收入的 1%。最後，服務收入為 1,450 萬美元，佔第二季營收的 14%。因此，我們第二季總營收的 86% 都是經常性收入。

Our balanced performance on a regional basis was another highlight for this quarter. In North America, SaaS revenues grew 38% year-over-year and represented 82% of total North America revenues, which in turn grew 25% year-over-year. In EMEA, SaaS revenues grew 50% year-over-year and represented 91% of total EMEA revenues, which in turn grew 38% year-over-year. And in APAC, SaaS revenues grew 48% year-over-year and represented 52% of total APAC revenues, which in turn grew 32% year-over-year.

我們在各區域表現均衡是本季的另一個亮點。在北美，SaaS 營收年增 38%，佔北美總營收的 82%，而北美總營收年增 25%。在 EMEA 地區，SaaS 營收年增 50%，佔 EMEA 地區總營收的 91%，而 EMEA 地區總營收又年增 38%。在亞太地區，SaaS 營收年增 48%，佔亞太地區總營收的 52%，而亞太地區總營收又年增 32%。

On a constant currency basis, EMEA SaaS revenues increased 42%, while total revenues increased 31%. And for APAC, SaaS revenues increased 43% on a constant currency basis, while total revenues increased 27%. The same strength of our diversification is evident when looking at the performance of our regional ARR.

以固定匯率計算，EMEA SaaS 營收成長 42%，總營收成長 31%。對於亞太地區來說，以固定匯率計算，SaaS 收入成長了 43%，而總收入成長了 27%。從我們區域 ARR 的表現來看，我們的多元化優勢同樣顯而易見。

In Q2, North America ARR grew 21%, EMEA ARR grew 29%, and APAC ARR grew 36%. Once again, each region was a strong contributor to our total ARR, where we ended the second quarter at $367.6 million. This represents year-over-year growth of 27%, both on a reported basis and after adjusting for FX.

第二季度，北美 ARR 成長 21%，EMEA ARR 成長 29%，APAC ARR 成長 36%。再次，每個地區都對我們的總 ARR 做出了巨大貢獻，第二季末的總 ARR 為 3.676 億美元。這意味著，無論是按報告基礎還是外匯調整後，都比去年同期成長 27%。

As a result, net new ARR in Q2 was $22.1 million, the highest dollar amount we have ever added and representing growth of 42% year-over-year. Additionally, we ended the second quarter with 721 customers with ARR of over $100,000, an increase of 21% from the prior year.

因此，第二季的淨新 ARR 為 2,210 萬美元，這是我們有史以來增加的最高金額，年增 42%。此外，第二季末，我們擁有 721 名 ARR 超過 10 萬美元的客戶，比前一年成長了 21%。

We also continue to see even higher growth rates from our larger cohorts, given our ongoing success landing new enterprise customers while expanding existing ones. Lastly, we are pleased that ARR from our mid-market segment reached the $100 million mark this quarter.

鑑於我們在不斷成功吸引新企業客戶的同時擴大現有客戶群，我們也將繼續看到更大的客戶群的更高成長率。最後，我們很高興本季中端市場部分的 ARR 達到了 1 億美元大關。

As of the end of Q2, 56% of our total ARR came through the channel compared to 52% a year ago. And for Q2 specifically, 62% of our incremental ARR came through the channel compared to 61% in Q2 of 2024. The improvement reflects 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.

截至第二季末，我們 56% 的總 ARR 來自該頻道，而一年前這一比例為 52%。具體到第二季度，我們 62% 的增量 ARR 來自通路，而 2024 年第二季這一比例為 61%。這項改善反映了我們透過管道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，進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 second quarter was 89%, a 2 percentage point improvement from a year ago. Additionally, I want to remind you that our migration products, which by their nature have lower renewal rates, are included in the calculation of GRR. This quarter, migration again served as a 2 point headwind to GRR. So excluding it, GRR would have been 91%.

現在來談談我們的客戶保留率。經外匯影響調整後，我們第二季過去 12 個月的總留存率為 89%，比去年同期提高了 2 個百分點。此外，我想提醒您，我們的移民產品本質上具有較低的續訂率，因此包含在 GRR 的計算中。本季度，遷移再次對 GRR 造成 2 個百分點的阻力。因此，排除它之後，GRR 將是 91%。

The other important point on GRR has to do with the average duration of our subscription contracts, a metric which has been flat to modestly down over the past two years but improved this quarter. And while this doesn't affect our GRR today, a higher average duration ensures that fewer contracts are up for renewal each quarter, thus counting as 100% renewed and supporting further GRR improvements a year from now.

GRR 的另一個重要點與我們的訂閱合約的平均期限有關，該指標在過去兩年中一直持平或略有下降，但本季度有所改善。雖然這不會影響我們目前的 GRR，但更長的平均期限可確保每季需要續約的合約更少，從而算作 100% 續簽，並支持一年後 GRR 的進一步改善。

At the same time, our FX adjusted net retention rate for the second quarter was 112%. This is a 2 point improvement from a year ago, and the highest NRR we have ever delivered, driven by the team's ongoing success in selling more of the platform to our existing base of customers. 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.

同時，我們第二季的外匯調整後淨留存率為 112%。這比一年前提高了 2 個百分點，也是我們有史以來最高的 NRR，這要歸功於團隊不斷成功地向我們現有的客戶群銷售更多平台。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取得了穩定進展。

On a reported basis, Q2 GRR was 88%, and Q2 NRR was 112%. For GRR, this represents a 2 point improvement versus the prior year. And for NRR, this represents a 3 point improvement versus the prior year.

據報道，第二季 GRR 為 88%，第二季 NRR 為 112%。對 GRR 來說，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 3 個百分點。

Turning back to the income statement, gross profit for Q2 was $76.3 million, representing a gross margin of 74.8% compared to 76.2% in Q2 of 2024. The year-over-year decline in our gross margin is primarily the result of a higher mix of low margin services revenue this year.

回到損益表，第二季的毛利為 7,630 萬美元，毛利率為 74.8%，而 2024 年第二季為 76.2%。我們的毛利率年減主要是因為今年低利潤服務收入的組成較多所致。

Moving down the income statement. Operating expenses for Q2 totaled $57.6 million or 56% of revenues compared to $50.6 million or 65% of revenues a year ago. As a result, Q2 operating income was $18.8 million or an operating margin of 18.4% and above the high end of our guidance. This compares to non-GAAP operating income of $8.7 million in the prior year or an operating margin of 11.2%.

向下移動損益表。第二季的營運費用總計 5,760 萬美元，佔營收的 56%，而去年同期為 5,060 萬美元，佔營收的 65%。因此，第二季營業收入為 1,880 萬美元，營業利潤率為 18.4%，高於我們預期的高端。相較之下，去年的非 GAAP 營業收入為 870 萬美元，營業利潤率為 11.2%。

This represents year-over-year margin expansion of more than 700 basis points as we continue to drive leverage and pursue efficiencies across the business. This is especially true for our sales and marketing expense, which represented 32% of total revenues in the second quarter compared to 36% of revenues a year ago. Driven by ongoing improvements in sales efficiency and an increased contribution from the channel, Q2 marks another quarter of progress toward our longer-term target of 30% of revenues.

隨著我們繼續提高槓桿率並追求整個業務的效率，這意味著利潤率同比增長超過 700 個基點。對於我們的銷售和行銷費用來說尤其如此，該費用佔第二季總收入的 32%，而去年同期為 36%。在銷售效率持續提高和通路貢獻增加的推動下，第二季我們又朝著 30% 收入的長期目標邁進了一步。

Turning to the balance sheet and cash flow statement, we ended the second quarter with $430.1 million in cash, cash equivalents, and short-term investments, including $70.4 million of proceeds from warrant exercises in the second quarter. Lastly, we are pleased that the balance of the remaining warrants were exercised in July for additional cash proceeds of $8.7 million, and that we have no remaining warrants outstanding.

談到資產負債表和現金流量表，我們在第二季結束時擁有 4.301 億美元的現金、現金等價物和短期投資，其中包括第二季認股權證行使所得的 7,040 萬美元。最後，我們很高興看到剩餘認股權證已於 7 月行使，獲得了 870 萬美元的額外現金收益，而且我們沒有剩餘的未償認股權證。

For the first six months of the year, cash generated from operations was $20.8 million, while free cash flow was $18.3 million. This compares to cash generated from operations of $23.9 million and free cash flow of $23 million in the first six months of 2024. And lastly, we repurchased 414,000 shares in the second quarter for approximately $7 million. And year to date, we have repurchased approximately 1.2 million shares for approximately $19 million and have just over $130 million remaining in our authorized share repurchase program.

今年前六個月，經營活動產生的現金為 2,080 萬美元，自由現金流為 1,830 萬美元。相較之下，2024 年前六個月的營運活動產生的現金為 2,390 萬美元，自由現金流為 2,300 萬美元。最後，我們在第二季回購了 414,000 股，耗資約 700 萬美元。今年迄今為止，我們已以約 1,900 萬美元的價格回購了約 120 萬股股票，而我們授權的股票回購計畫剩餘金額略高於 1.3 億美元。

I would now like to turn to our financial outlook and provide some color into our updated full-year expectations. First, our updated full-year guidance for revenue and non-GAAP operating income includes the respective second-quarter outperformance relative to guidance. Second, we are raising our expectations for all guided metrics, total ARR, total revenue, and non-GAAP operating income, which reflect the momentum that we are seeing in the business.

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。首先，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了第二季相對於指引的優異表現。其次，我們提高了對所有指導指標、總 ARR、總收入和非 GAAP 營業收入的預期，這反映了我們在業務中看到的勢頭。

Lastly, while our expectations reflect this momentum and the healthy demand signals we are seeing, we also believe it is prudent to properly account for potential uncertainty in the second half of the year, particularly with regard to the public sector in the third quarter. As a result, for the third quarter, we expect total revenues of $104.6 million to $106.6 million, or growth of 18% to 20%. And on a constant currency basis, we expect revenue growth of 16% to 18%.

最後，雖然我們的預期反映了這一勢頭和我們看到的健康需求訊號，但我們也認為，適當考慮下半年潛在的不確定性是明智之舉，特別是第三季度公共部門的不確定性。因此，我們預計第三季總營收為 1.046 億美元至 1.066 億美元，成長 18% 至 20%。以固定匯率計算，我們預期營收成長率為 16% 至 18%。

We expect non-GAAP operating income of $18 million to $19 million. And for the full year, we now expect total ARR of $412.8 million to $418.8 million, or growth of 26% to 28%. This includes a $3 million raise in our guidance, partially offset by a $2 million FX headwind. And so on an FX adjusted basis, we expect total ARR growth of 24% to 26% for the full year.

我們預計非公認會計準則營業收入為 1,800 萬美元至 1,900 萬美元。就全年而言，我們目前預計總 ARR 為 4.128 億美元至 4.188 億美元，成長 26% 至 28%。這包括我們預期的 300 萬美元增幅，但部分被 200 萬美元的外匯逆風所抵銷。因此，根據外匯調整後的數據，我們預計全年總 ARR 成長率將達到 24% 至 26%。

We now expect total revenues of $406.6 million to $410.6 million, or growth of 23% to 24%. This includes the $5.8 million revenue beat from the second quarter, as well as a $2 million increase from our prior guidance. On a constant currency basis, we now expect revenue growth of 21% to 22% compared to 18% to 19% growth we guided to last quarter.

我們現在預計總收入為 4.066 億美元至 4.106 億美元，成長 23% 至 24%。這包括第二季超過預期的 580 萬美元收入，以及比我們之前預期高出的 200 萬美元收入。以固定匯率計算，我們現在預期營收成長率為 21% 至 22%，而上一季我們預測的成長率為 18% 至 19%。

And lastly, we now expect full-year non-GAAP operating income of $68.3 million to $70.8 million, or an operating margin of 16.8% to 17.2%. This represents year-over-year margin expansion of approximately 260 basis points and includes the $5.3 million operating income beat from the second quarter, as well as a $1.5 million increase from our prior guidance.

最後，我們現在預計全年非 GAAP 營業收入為 6,830 萬美元至 7,080 萬美元，營業利潤率為 16.8% 至 17.2%。這意味著利潤率較上年同期擴大了約 260 個基點，其中包括第二季度超過預期的 530 萬美元營業收入，以及比我們之前的預期高出的 150 萬美元。

On a rule of 40 basis, which for AvePoint is the sum of ARR growth and non-GAAP operating margin, the midpoint of today's full year guidance reflects a 44 compared to the 43 we guided to last quarter, with the improvement coming from both the top and bottom lines. Similar to last quarter, our current investor presentation includes slides which detail our actual Q2 performance relative to guidance, as well as the walk from our prior full year guidance in May to our current full year guidance for all metrics. In summary, Q2 was another outstanding quarter of execution by the team, and we are pleased to deliver another strong set of results for shareholders.

按照 40 的規則，對於 AvePoint 來說，這是 ARR 成長和非 GAAP 營業利潤率的總和，今天全年指引的中點反映的是 44，而我們上個季度指引的是 43，並且改善來自頂線和底線。與上一季類似，我們目前的投資者簡報包括幻燈片，詳細介紹了我們相對於指導的實際第二季度業績，以及從 5 月份的全年指導到當前所有指標的全年指導的變化。總而言之，第二季度是團隊執行力又一個出色的季度，我們很高興為股東帶來另一組強勁的業績。

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) Joseph Gallo, Jefferies.

（操作員指示）Joseph Gallo，Jefferies。

Hey, guys. Thanks for the question. Jim, I appreciate your prudence commentary embedded into guidance. Can you just talk about macro both for commercial and the government vertical? What are you seeing today? And then are you embedding that it gets worse? Maybe just unpack a little bit about how you see federal shaping up next quarter.

嘿，大家好。謝謝你的提問。吉姆，我很欣賞你在指導中提出的審慎評論。您能否談談商業和政府垂直領域的宏觀情況？你今天看到了什麼？那麼，您是否認為情況會變得更糟？也許只是稍微解釋一下您對下個季度聯邦政府的情況如何的看法。

Yeah, thanks for the question, Joe. If you think back to how we thought about guidance really at the beginning of the year, we knew at that point that there was a ton of uncertainty with the new administration coming in, the discussions around DOGE, clearly the focus on reducing spend and really going into that.

是的，謝謝你的提問，喬。如果你回想一下我們在年初是如何考慮指導方針的，我們當時就知道，隨著新政府的上台，圍繞狗狗幣（DOGE）的討論，以及顯然將重點放在削減支出上，我們確實在努力實現這一點，存在著大量的不確定性。

So we were really conscious of building that into our guidance really from the beginning of the year. And so we focused on that at least from the federal point of view. So we haven't really seen any change to that in terms of our guidance. We're still really considering the same aspects that we thought about a number of months ago. We haven't seen that get worse.

因此，從今年年初起，我們就非常有意識地將其納入我們的指導中。因此，我們至少從聯邦的角度來關注這一點。因此，就我們的指導而言，我們實際上沒有看到任何變化。我們實際上仍在考慮幾個月前考慮過的相同方面。我們還沒有看到情況變得更糟。

And again, we feel really good about that piece. And on the commercial side, as you saw from our last quarter, we're seeing really nice progress and nice growth and nice demand really across the board. Both geographically, we see nice growth in North America, EMEA, and APAC. And then also we're seeing really strong and healthy growth across all three customer segments.

再說一次，我們對這件作品感覺非常好。在商業方面，正如您從上個季度看到的，我們看到了確實良好的進展、良好的成長和良好的需求。從地理位置來看，我們看到北美、歐洲、中東和非洲地區以及亞太地區都出現了良好的成長。我們也看到所有三個客戶群都實現了強勁而健康的成長。

So from that point of view, we really haven't seen any change on the federal side. And it's obviously one of the reasons that we're actually increasing guidance, is seeing that healthy demand continuing, obviously, not only in Q2, but we're seeing that for the rest of the year as well.

因此從這個角度來看，我們確實沒有看到聯邦方面有任何變化。顯然，我們實際上增加指導的原因之一是看到健康的需求持續存在，顯然，不僅在第二季度，而且我們也看到這種情況在今年剩餘時間內持續存在。

No, that's great to hear and helpful. As a follow-up, can you just talk through your go-to-market investments, both on the channel side and direct? You raised operating margin guidance, which is great. So I'm just curious how we should think about sales capacity and headcount going forward.

不，聽到這個消息我很高興，而且很有幫助。作為後續問題，您能否談談您在通路和直接方面的市場投資？您提高了營業利潤率預期，這很好。所以我只是好奇我們應該如何考慮未來的銷售能力和員工人數。

Yeah, great question. Again, we spend a lot of time thinking about capacity, efficiency. And we've seen a couple of things over the past, really past two years. And I've talked about it a few other times, too, that we've seen really the efficiency of our sales teams improve, and we measure that in a few different ways.

是的，很好的問題。再次，我們花了很多時間思考容量和效率。在過去兩年裡，我們看到了一些事情。我也多次談到這一點，我們確實看到銷售團隊的效率提高了，我們用幾種不同的方式來衡量這一點。

Obviously, you can see it in the bottom line in the P&L, where we're reducing our sales and marketing spend as a percentage of revenue, obviously, heading toward our target of 30%, getting down to 32% this year. That's, I would say, at the macro level, at the highest level. But underneath that, what we see is performance-based improvements, things like time to first sale in terms of ramping quota for new reps and then in terms of execution and delivery against quota for our experienced reps.

顯然，您可以在損益表的底線上看到這一點，我們正在減少銷售和行銷支出佔收入的百分比，顯然，朝著 30% 的目標前進，今年將降至 32%。我想說的是，這是宏觀層面、最高層次。但在這背後，我們看到的是基於績效的改進，例如新銷售代表首次銷售配額的提升時間，以及經驗豐富的銷售代表在執行和交付配額方面的提升。

All three of those categories are making significant improvements. And we're really pleased with the progress that we've seen there, particularly over the past couple years. And that's really continued. And then when we think about capacity, what we try and do is really look out as far as possible in terms of where we need our salespeople today to be delivering not only next quarter, not only next six months, but really thinking a year to two years ahead, do we have the capacity to deliver what we believe are the numbers we need to be achieving? So we've really got a global effort around that and really focused on ensuring that we have not only the right products, but also the right quality and quantity of resources to deliver against those targets.

所有這三個類別都在取得顯著進步。我們對所看到的進展感到非常高興，特別是在過去幾年。這種情況確實還在持續。然後，當我們考慮產能時，我們嘗試做的是盡可能地關注我們今天需要銷售人員交付什麼，不僅是下個季度，不僅是未來六個月，而且要真正考慮未來一到兩年，我們是否有能力提供我們認為需要實現的數字？因此，我們確實為此做出了全球性的努力，並真正致力於確保我們不僅擁有合適的產品，而且還擁有合適的品質和數量的資源來實現這些目標。

Joe Vandrick, Scotiabank.

加拿大豐業銀行的喬·範德里克。

Thanks for taking my questions. TJ, I wanted to ask, what's the biggest theme driving customer conversations as of today? Is it AI readiness in general? Is it Microsoft Copilot governance or backup or maybe cyber resilience? I know you touched on all of those on the call. Or maybe is it something else? We'd love to hear your thoughts there.

感謝您回答我的問題。TJ，我想問一下，截至今天，推動客戶對話的最大主題是什麼？整體來說，這是為人工智慧做好了準備嗎？它是 Microsoft Copilot 治理還是備份或網路彈性？我知道您在電話中談到了所有這些問題。還是其他原因？我們很想聽聽您的想法。

Yeah, thanks for the question. Yeah, every company continues to focus on security threats as well as AI deployment capabilities. So that is consistent with prior quarters. And we're also seeing that AI is starting to roll out more widely, as we had discussed. So this applies to companies literally every region, vertical, and size. And this is where AvePoint helps them curate and secure their data. So governance of data estate is still central to an enterprise's strategy, and that really plays to our strength, and it's being embraced by organizations everywhere. So we're now seeing the flywheel of our scale growth on a global level, but the highlighted questions are still, concerns from companies are still the same. It's security and AI.

是的，謝謝你的提問。是的，每家公司都持續關注安全威脅以及人工智慧部署能力。這與前幾季的情況一致。正如我們所討論的，我們也看到人工智慧開始得到更廣泛的應用。因此，這實際上適用於每個地區、每個行業和每個規模的公司。這就是 AvePoint 幫助他們管理和保護資料的地方。因此，資料資產治理仍然是企業策略的核心，這確實發揮了我們的優勢，並且受到各地組織的歡迎。因此，我們現在看到了我們在全球範圍內規模增長的飛輪，但突出的問題仍然存在，企業的擔憂仍然是一樣的。這是安全和人工智慧。

Okay, that makes sense. And one for Jim. I think this is the second quarter in a row where you've left the constant currency ARR guide unchanged, but you've increased the constant currency revenue guide. So just curious, what's driving the disruption? Is it maybe outperformance from services revenue or ASC 606 driving that, if you could touch on that?

好的，這很有道理。還有一個給吉姆。我認為這是您連續第二個季度保持恆定貨幣 ARR 指南不變，但提高了恆定貨幣收入指南。我只是好奇，是什麼導致了這種混亂？這可能是服務收入或 ASC 606 的優異表現所推動的嗎，您能談談嗎？

Yeah, I think, number one, you'll be able to see in some of the investor materials that we are actually raising our guidance around ARR. So you'll actually see that from an operational performance. There is a little bit of headwind there on the FX. So you'll see an improvement there when you look at the detail. And I think it's what you see in the 24% to 26% is really more of a rounding issue.

是的，我認為，首先，您可以在一些投資者材料中看到，我們實際上正在提高有關 ARR 的指導。因此，您實際上可以從營運績效中看到這一點。FX 上存在一點逆風。因此，當您查看細節時，您會看到改進。我認為，24% 到 26% 之間的差異實際上更多的是一個四捨五入的問題。

We're actually improving and raising the guidance. But from a rounding point of view, it stays the same percentages. So that's part of it. And then you're right, we did have part of the beat in Q2 was from services. But we're seeing really strong performance in SaaS. And again, we're really pleased with the performance in Q2 and really excited about the expectations we're setting for the second half of the year.

我們實際上正在改進和提高指導。但從四捨五入的角度來看，百分比保持不變。這就是其中的一部分。你說得對，我們第二季的業績確實部分來自於服務。但我們看到 SaaS 的表現確實非常強勁。再次強調，我們對第二季的表現感到非常滿意，並且對下半年的預期感到非常興奮。

Kirk Materne, Evercore ISI.

柯克‧馬特恩 (Kirk Materne)，Evercore ISI。

Hi, this is Chirag on for Kirk. Thanks for fitting me in here. So TJ, you talked about your multi-cloud governance strategy with companies such as Salesforce and Google. Can you touch on how early you all are in this opportunity and what needs to happen on your end and perhaps from a channel end to move the needle in terms of revenue and just overall influence here? Thank you.

大家好，我是 Chirag，代表 Kirk。謝謝你讓我來這裡。TJ，您與 Salesforce 和 Google 等公司討論了多雲治理策略。您能否談談你們在這個機會中處於多早的階段，以及你們方面需要做些什麼，或者從渠道方面做些什麼才能在收入和整體影響力方面取得進展？謝謝。

Thank you. Great question. So we have already been supporting backup and service for the Google Workplace ecosystem, as well as Salesforce ecosystem. And we also mentioned that outside of the Microsoft Cloud ecosystem, our coverage is about less than 10% of our revenue today. So we already have meaningful revenue there.

謝謝。好問題。因此，我們已經為 Google Workplace 生態系統以及 Salesforce 生態系統提供備份和服務支援。我們也提到，在微軟雲端生態系統之外，我們的覆蓋範圍目前約占我們收入的 10% 以下。所以我們在那裡已經有了可觀的收入。

Specifically, you asked about the governance capabilities that we're rolling out that we announced most recent quarter. We're very excited about that be able to roll that out to work with our partners around the world to go to market and really take advantage of our great reputation and capabilities in the Microsoft Cloud world when it comes to data curation, data governance, and apply that to a multi-cloud setup.

具體來說，您詢問了我們在最近一個季度宣布的正在推出的治理能力。我們非常高興能夠與世界各地的合作夥伴一起推出該產品，進入市場，並在資料管理、資料治理方面真正利用我們在微軟雲端領域的良好聲譽和能力，並將其應用於多雲設定。

So those are still in early stages. But it is worth, again, reiterating. We have already done very meaningful revenue in the multi-cloud space with backup service, migration service. Now we're layering with governance and services also.

所以這些還處於早期階段。但值得再次重申。我們透過備份服務、遷移服務在多雲領域獲得了非常可觀的收入。現在我們也在進行分層治理和服務。

All right, and maybe one more. Just looking out into the second half of the year, where do you see the largest opportunities for AvePoint to capitalize on as every company is looking to implement AI in their tech stacks?

好的，也許再來一個。展望下半年，由於每家公司都希望在其技術堆疊中實施人工智慧，您認為 AvePoint 最大的機會在哪裡？

Yeah, you see, we have already talked a lot about agentic AI governance. That's a very hot topic. We have already done this prior with the power platform governance, low-code and no-code application governance. And now we're working very closely with some of our largest global customers around agent and governance. So this is actually a fantastic growth area. We're very excited about the results we're seeing in the field. So we think that this is something that's going be a theme carrying forward the next few quarters.

是的，您看，我們已經討論了很多有關代理 AI 治理的問題。這是一個非常熱門的話題。我們之前已經透過電源平台治理、低程式碼和無程式碼應用程式治理實現了這一點。現在，我們正在與一些最大的全球客戶在代理商和治理方面密切合作。所以這其實是一個非常好的成長領域。我們對在該領域看到的成果感到非常興奮。因此我們認為這將成為未來幾季的主題。

Jason Ader, William Blair.

傑森·阿德、威廉·布萊爾。

Yeah, thanks. Good afternoon, guys. Just wanted to ask a couple of things. First, just on the MSP business, the elements business, I think you've said historically that was around 15% of ARR. Any update there would be helpful? Any comments on the growth of that particular chunk of the business?

是的，謝謝。大家下午好。只是想問幾件事。首先，僅就 MSP 業務、元素業務而言，我認為您曾經說過，從歷史上看，這大約佔 ARR 的 15%。任何更新都會有幫助嗎？您對該特定業務板塊的成長有何評論？

Yeah, Jason, great question. So we comment on the SMB segment. It's about 19% of our total recurring business. MSP as part of that is not the host subset of SMB, but MSP is a major portion of that and they become our intermediary to unlock the SMB market that continue to grow very robustly. It's actually our fastest growing vertical.

是的，傑森，這個問題問得好。因此我們對 SMB 部分進行了評論。這約占我們總經常性業務的 19%。MSP 雖然不是 SMB 的主機子集，但 MSP 是其中的主要部分，它們成為我們解鎖持續強勁成長的 SMB 市場的中介。這實際上是我們成長最快的垂直領域。

We have made a number of major product expansions into the MSP offering. Collectively, it's known as the Elements platform. And also, in the prepared remarks, you will hear that you heard that we actually apply some of the MSP use cases now to our enterprise customers when it comes to configuration, multi-tenant, baseline management. So they're actually really interesting new use cases that we developed and deployed for our MSP partners, now finding great ROI and use in the enterprise segment as well.

我們對 MSP 產品進行了許多重大的產品擴展。總的來說，它被稱為 Elements 平台。此外，在準備好的演講中，您會聽到，在配置、多租戶、基線管理方面，我們實際上將一些 MSP 用例應用於我們的企業客戶。因此，它們實際上是我們為 MSP 合作夥伴開發和部署的非常有趣的新用例，現在在企業領域也獲得了很高的投資報酬率和用途。

So yeah, we're very excited about the MSP vertical. It's continued to be our fastest growing.

是的，我們對 MSP 垂直領域感到非常興奮。它仍然是我們成長最快的。

And the $100 million in ARR, is that the entire SMB? Or is that the channel?

那麼 1 億美元的 ARR 是整個 SMB 嗎？還是這就是頻道？

That's the mid-market. That wasn't clear. Yeah. So that's enterprise for us is 5,000 employee and above. Mid-market is 500 to 5,000, and SMB is 500 and below. So we stated before that enterprise is about 53% of our total AR. SMB is 19%, and remainder is mid-market, and mid-market have exceeded 100 million AR.

這就是中端市場。這還不清楚。是的。所以對我們來說，企業就是擁有 5,000 名及以上的員工。中型市場為 500 至 5,000，中小企業為 500 及以下。我們之前說過，企業約占我們總應收帳款的 53%。SMB佔19%，其餘為中型市場，中型市場已超過1億AR。

Okay. I got you. All right. And then one last one for you, TJ, just talked about the NRR momentum, how the team is doing a better job of selling more of a portfolio to existing customers. Can you talk about a couple of the hits there, the products that the team is doing a particularly good job of cross-selling?

好的。我接到你了。好的。然後最後一個問題，TJ，剛才談到了 NRR 的發展勢頭，團隊如何更好地向現有客戶銷售更多產品組合。您能否談談那裡的幾款熱門產品，即團隊在交叉銷售方面做得特別好的產品？

Yeah, it's really the control suite. It is the fastest growing, continue to be, although resilience is also growing north of 20%. So it's really -- we think about this as a platform play. Gartner calls it data security posture management. So it is governance. It is security. It is data protection, ransomware detection, and recovery.

是的，它確實是控制套件。它是增長最快的，並將繼續保持這種勢頭，儘管其復原力也增長了 20% 以上。所以這實際上——我們認為這是一個平台遊戲。Gartner 稱之為資料安全態勢管理。這就是治理。這就是安全。它是資料保護、勒索軟體檢測和恢復。

We consider that a platform play where we do the really good land and expand and leverage the power of the platform. But now increasingly, conversation, especially in the enterprise segment, is led by governance, as I mentioned earlier, especially focused on agentic governance.

我們認為這是一個平台遊戲，我們可以在其中發揮真正好的土地並擴大和利用平台的力量。但如今，尤其是在企業領域的對話越來越多地由治理主導，正如我之前提到的，尤其側重於代理治理。

Nihal Chukwuski, Northland Capital Markets.

Nihal Chukwuski，北國資本市場。

Thank you. Congratulations on another set of great results. A couple of questions. First one is that your dollar-based net revenue retention rate increased 112% from 111% a quarter ago, and I don't believe that it is gross revenue retention rate driven because that was flat QVQ. So could you give us some color as far as what is driving that improved DBNR?

謝謝。恭喜您又取得了一組優異的成績。有幾個問題。首先，您的基於美元的淨收入保留率從上一季的 111% 增加了 112%，我不認為這是由總收入保留率推動的，因為這是持平的 QVQ。那麼，您能否向我們詳細解釋一下推動 DBNR 改善的因素？

Sure. I mean, I can add a few things and then maybe TJ can add too. So appreciate you pointing that out, Nihal. But yeah, TJ covered a couple in the prepared remarks and we talked about some of the customers really expanding with us. We did have a number of large deals in the quarter, continuing to expand with our existing customer base.

當然。我的意思是，我可以添加一些東西，然後 TJ 也許也可以添加。非常感謝你指出這一點，Nihal。但是的，TJ 在準備好的演講中談到了一些，我們討論了一些真正與我們一起擴張的客戶。本季我們確實達成了一些大交易，並繼續擴大現有客戶群。

We also had really good NRR growth across all three of our customer segments. Again, good cross-selling, or for us, we would really say that cross-sell motion of customers adopting and utilizing additional products within the platform.

我們的三個客戶群的 NRR 成長也非常好。再次強調，良好的交叉銷售，或者對我們來說，我們實際上會說客戶在平台內採用和使用附加產品的交叉銷售動作。

So again, it's been across the board. North America was very strong. EMEA is strong as well in APAC. So we had some really nice wins. And again, across industry segments as well. So again, we had really good performance across all real aspects of the business. And NRR was just another one of those in terms of this cross-sell motion to existing customers.

所以，再次強調，這是全面的。北美非常強大。歐洲、中東和非洲地區在亞太地區同樣表現強勁。所以我們取得了一些非常好的勝利。並且同樣適用於各行業領域。所以，我們在業務的各個實際方面都表現得非常出色。就向現有客戶進行交叉銷售而言，NRR 只是其中之一。

Okay, great. So it sounds like it's a broad base that's driving that basically. No single driver.

好的，太好了。因此，這聽起來像是有廣泛的基礎在推動這項進程。沒有單一司機。

That's right.

這是正確的。

Okay, and then based on recent M&A activity, it seems like identity and access management is at the precipice of an inflection driven by the JITIC AI. Is there a corollary with respect to data access management space that AvePoint is so well known for?

好的，然後根據最近的併購活動，身分識別和存取管理似乎正處於由 JITIC AI 驅動的轉折點的邊緣。AvePoint 在資料存取管理領域有沒有什麼著名的推論？

Yeah, that's a great question. First of all, we're very excited to see our area of focus have a lot of activity and vendors looking to expand offerings to make it more of a platform play. Yeah, we're no different. We have done six acquisitions to date, and we'll remain acquisitive and have a strong balance sheet, as you can see, and we're growing profitably.

是的，這是一個很好的問題。首先，我們很高興看到我們的重點領域有許多活動，供應商希望擴大產品範圍，使其更像一個平台。是的，我們沒有什麼不同。到目前為止，我們已經完成了六次收購，我們將繼續保持收購勢頭，並擁有強勁的資產負債表，正如您所見，我們的盈利能力正在增長。

So we'll continue on the lookout for partners and customers to offer additional capabilities on our platform, ideally organically integrated onto our platform to offer additional functionality. So yeah, excited to see the activity in our space this overall umbrella of data protection. Posture management is a key growth area for us.

因此，我們將繼續尋找合作夥伴和客戶，為我們的平台提供更多功能，最好是有機地整合到我們的平台上以提供更多功能。是的，我很高興看到我們領域的活動，即資料保護的整體保護傘。姿勢管理是我們的關鍵成長領域。

I guess what I'm trying to point out is that policy creation and enforcement works across identity and data. And therefore, if identity is at an inflection point, does that mean also data access management must be an inflection point?

我想我要指出的是，政策的製定和執行涉及身份和數據。因此，如果身分處於轉折點，這是否意味著資料存取管理也必須是一個轉折點？

Yeah, I think you also call this out in your report, the delegate administration model that we have that's very unique that allow the end users to take on the accountability and responsibility to actually help the CISO teams, the security teams, as well as IT teams to actually achieve a better quality data estate faster. So you're absolutely right. So the data governance and control, it's very, very critical now, especially with AI refinement and AI deployments.

是的，我想您在報告中也提到了這一點，我們擁有的委託管理模型非常獨特，它允許最終用戶承擔責任，從而真正幫助 CISO 團隊、安全團隊以及 IT 團隊更快地實現更高品質的數據資產。所以你完全正確。因此，資料治理和控制現在非常關鍵，特別是在人工智慧改進和人工智慧部署的情況下。

Gabriela Borges, Goldman Sachs

加布里埃拉·博爾赫斯，高盛

Hey, good evening. Thanks for taking my question. TJ, I always appreciate your comments about AI adoption given the unique points of visibility that you have. What I want to ask you is about the durability of growth in the control suite. Do you think we're going through a period of time where new customer lands, customer cross-sell on control is particularly elevated because 2025 is the year where enterprises are waking up and really pushing to get their get their data strategy sorted out before AI adoption, such that we have a slowdown over the next three years? Or do you see enough on the install base that this kind of invention can be durable for several years and maybe several quarters as well? Thanks so much.

嘿，晚上好。感謝您回答我的問題。TJ，鑑於您獨特的視角，我一直很欣賞您對人工智慧採用的評論。我想問您的是關於控制套件中成長的持久性。您是否認為，我們正經歷一段時期，新客戶數量、客戶交叉銷售控制量特別高，因為 2025 年是企業覺醒的一年，在採用人工智慧之前，企業將真正努力理清數據策略，從而導致未來三年的成長放緩？或者您從安裝基礎上看出這種發明可以持續幾年甚至幾季？非常感謝。

Thank you, Dara. Great question. We actually think we're still in the early endings. While Microsoft have announced Copilot deployment, have a step-up function, it's still in the low double digits. Also, previous quarter, we highlight that it's not correct to just associate companies' AI adoption with their Copilot deployment because Microsoft's overall AI moniker is Copilot.

謝謝你，達拉。好問題。我們實際上認為我們仍處於早期結局。儘管微軟已經宣布部署 Copilot，並具有升級功能，但其成長率仍處於兩位數左右。此外，上一季度，我們強調，將公司的 AI 採用與其 Copilot 部署聯繫起來是不正確的，因為微軟的整體 AI 名稱是 Copilot。

There's Office Copilot, there's GitHub Copilot. And then, of course, there's general cognitive services. That's basically the front-end to back-end commercial available large language models. So we see up to 80% of companies are deploying some sort of AI, and that is what get us into and involved into the conversations. And as the office Copilots continue to increase in penetration, we see more areas for our coverage. So I think we're still in the early endings. I don't see this slowing down anytime soon.

有 Office Copilot，有 GitHub Copilot。當然，還有通用的認知服務。這基本上是從前端到後端的商業可用大型語言模型。因此，我們看到多達 80% 的公司正在部署某種人工智慧，這就是我們參與對話的原因。隨著 Office Copilot 的普及率不斷提高，我們的覆蓋範圍將擴大到更多區域。所以我認為我們仍處於早期階段。我認為這種趨勢短期內不會減緩。

Excellent. Thank you. Jim, the follow-up is for you. Could you just remind us, what drove the services outperformance in the quarter and outside growth relative to Trendline?

出色的。謝謝。吉姆，後續內容是為你準備的。您能否提醒我們，是什麼推動了本季服務業的優異表現以及相對於趨勢線的外部成長？

Yeah. So really, we have a global services business. We do some projects, more almost SI work in some parts of the world. And we had a bunch of those projects conclude in the quarter that gave us some outsized performance in terms of revenue. So that contributed a little bit to the performance beat. We did expect those. We had planned for those. But again, it was nice to see them finally conclude and close out in Q2.

是的。所以實際上，我們擁有全球服務業務。我們在世界某些地方開展一些項目，更多的是 SI 工作。本季我們完成了許多項目，為我們帶來了豐厚的收入。這對業績表現有一點貢獻。我們確實預料到了這些。我們已經為這些做好了計劃。但再次，很高興看到他們最終在第二季完成並結束。

Derrick Wood, TD Cowen.

德里克伍德 (Derrick Wood)，TD 考恩。

Great. Thanks, guys. This is Cole on for Derek. TJ, I think this is kind of a follow up to a question that was asked earlier. But can you just talk about how customer spend levels change as they move from getting ready to roll out production use cases for copilot or even agents? And then once they're into production, like how their how their level of spend changes with that point?

偉大的。謝謝大家。這是科爾代替德里克上場。TJ，我認為這是對先前提出的問題的後續。但是，您能否談談，當客戶從準備推出副駕駛甚至代理商的生產用例時，他們的支出水平是如何變化的？一旦他們開始生產，他們的支出水準會如何變化？

Yeah, we have seen spend level increasing with the focus around governance and also agentic governance. I think last year is a year of experimentation. This year is a year of rollout. So experimentation typically comes from just a separate bucket, but the rollout formalizes spend for all AI-related workstreams. So we think that's a positive from our perspective. This is also why we continue to see our governance suite to be the fastest growing of our offerings.

是的，我們看到支出水準隨著治理和代理治理的重點而不斷增加。我認為去年是實驗的一年。今年是推廣的一年。因此，實驗通常僅來自一個單獨的儲存桶，但推出會正式確定所有與 AI 相關的工作流程的支出。因此，從我們的角度來看，我們認為這是一件正面的事情。這也是為什麼我們繼續認為我們的治理套件是我們產品中成長最快的。

Super helpful. Thanks. And then Jim, this one for you. You noted some longer term contracts. Anything in particular driving that?

超有幫助。謝謝。然後吉姆，這個給你。您注意到了一些長期合約。有什麼特別的因素推動這現象嗎？

Not only one thing. We've seen, again, across the board our average contract length increasing, which was nice to see. I think I've probably shared on a number of calls that over the past two years as people were really tightening their belts and looking at their budgets. It's been a battle in terms of getting people to sign longer-term contracts.

不止一件事。我們再次看到，我們的平均合約期限全面增加，這是令人高興的。我想，在過去的兩年裡，我可能在許多電話會議上都提到過，人們確實在勒緊褲腰帶，嚴格控制預算。讓人們簽署長期合約是一場戰鬥。

We put some effort around that, some structure, and some discipline there. I think it still makes sense for companies to committing longer term, particularly with some of the solutions we have. They shouldn't be solutions that are easily replaced or changed. So it makes sense to be signing. We saw a nice uptick this year, but it literally was across the board, not just one or two customers, but we saw a nice uptick. And again, we want to continue to see improvements there and hope to see that going forward.

我們為此付出了一些努力，建立了一些結構，並制定了一些紀律。我認為公司做出長期承諾仍然是有意義的，特別是考慮到我們現有的一些解決方案。它們不應該是可以輕易被替換或改變的解決方案。因此，簽署是有意義的。我們今年看到了良好的成長，但這實際上是全面的，不只是一兩個客戶，而是我們看到了良好的成長。再次強調，我們希望看到那裡繼續改善，並希望看到這種情況繼續向前發展。

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

我們的問答環節到此結束。我想將會議交還給公司，以便發表結束語。

Thank you. Before we close, I want to take a moment to reflect on what this quarter truly represents. Surpassing $100 million in quarterly revenue is a defining milestone for AvePoint and a clear signal our strategy is working. It's a testament to the strength of our platform, the trust of our customers and partners, and the consistent execution of our global teams.

謝謝。在結束之前，我想花點時間思考本季真正代表什麼。季度收入突破 1 億美元是 AvePoint 的一個里程碑，也明確表明我們的策略正在發揮作用。這證明了我們平台的實力、客戶和合作夥伴的信任以及我們全球團隊的一致執行力。

Over the past several weeks, I've sat down with our regional leaders during quarterly business overviews around the world. What's clear is that our teams are energized, aligned, and laser-focused on the opportunity ahead. We're not just reacting to market shifts; we're anticipating them and building the solutions our customers and partners need to thrive in an AI-driven multi-cloud world.

過去幾週，我與我們地區的領導人一起參加了全球季度業務概覽會議。顯而易見的是，我們的團隊充滿活力、步調一致，並且全神貫注於未來的機會。我們不僅僅是對市場變化做出反應；我們還預測市場變化並建立我們的客戶和合作夥伴在人工智慧驅動的多雲世界中蓬勃發展所需的解決方案。

We remain confident in our ability to scale this momentum. Our path to $1 billion in ARR by 2029 is grounded in the progress we're making every quarter. And we'll continue to pursue that goal with the same discipline that's driven our profitable growth to date while accelerating innovation that sets us apart. Thank you again for joining us today, and we look forward to speaking with you more this quarter.

我們對自己擴大這股勢頭的能力仍然充滿信心。我們在 2029 年達到 10 億美元 ARR 的目標取決於我們每季的進展。我們將繼續以推動我們迄今為止盈利增長的相同紀律來追求這一目標，同時加速使我們脫穎而出的創新。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。

This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與並祝您有個愉快的一天。