BlackLine Inc (BL) 2023 Q3 法說會逐字稿

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

美好的一天，感謝您的支持。歡迎參加 BlackLine 電話會議。 （操作員說明）。請注意，今天的電話會議正在錄音。

I would now like to turn the conference over to Matt Humphries, Vice President of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係副總裁 Matt Humphries。請繼續。

Good afternoon, and thank you for joining us today. With me on the call are Owen Ryan and Therese Tucker, Co-Chief Executive Officers of BlackLine as well as Mark Partin, Chief Financial Officer.

下午好，感謝您今天加入我們。與我一起參加電話會議的有 BlackLine 聯合執行長 Owen Ryan 和 Therese Tucker 以及財務長 Mark Partin。

Before we get started, I would like to note that certain statements made during this conference call that are not historical facts, including those regarding our future plans, objectives and expected performance, in particular, our guidance for Q4 and full year 2023. Our forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent our outlook only as of the date of this call.

在我們開始之前，我想指出，本次電話會議期間所做的某些陳述並非歷史事實，包括有關我們未來計劃、目標和預期業績的陳述，特別是我們對第四季度和2023 年全年的指導。- 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。這些前瞻性陳述僅代表我們截至本次電話會議之日的展望。

While we believe any forward-looking statements made during this call are reasonable, actual results could differ materially, as these statements are based on our current expectations as of today and are subject to risks and uncertainties, including those stated in our periodic reports filed with the Securities and Exchange Commission, in particular, our Form 10-K and Form 10-Q.

雖然我們認為本次電話會議中所做的任何前瞻性陳述都是合理的，但實際結果可能會存在重大差異，因為這些陳述是基於我們截至目前的預期，並受到風險和不確定性的影響，包括我們提交給我們的定期報告中所述的風險和不確定性。證券交易委員會，特別是我們的 10-K 表格和 10-Q 表格。

We do not undertake and expressly disclaim any obligation to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

我們不承擔並明確否認任何更新或更改我們的前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因，除非適用法律要求。

All comparisons we make on the call today relate to the corresponding period of last year, unless otherwise noted. Finally, unless otherwise stated, our financial measures disclosed on this call will be non-GAAP. A discussion of these non-GAAP financial measures and information regarding reconciliations of our historical GAAP versus non-GAAP results is currently available in our earnings release, which may be found on our Investor Relations website at investors.blackline.com or in our Form 8-K filed with the SEC today.

除非另有說明，我們今天在電話會議上進行的所有比較均與去年同期進行的比較。最後，除非另有說明，我們在本次電話會議中揭露的財務指標將是非公認會計準則的。目前，我們的收益報告中提供了對這些非GAAP 財務指標的討論以及有關歷史GAAP 與非GAAP 業績對帳的信息，您可以在我們的投資者關係網站Investors.blackline.com 或我們的表格8 中找到該資訊。-K 今天向 SEC 提交了文件。

Now I'll turn the call over to BlackLine's Co-Chief Executive Officer, Owen Ryan.

現在我將把電話轉給 BlackLine 的聯合執行長 Owen Ryan。

Thank you, Matt, and good afternoon. Thank you all for joining us today. To start today's discussion, I want to comment on our high-level results before reviewing the key areas I am focused on, including the progress we have made and expectations going forward.

謝謝你，馬特，下午好。感謝大家今天加入我們。在開始今天的討論之前，我想先評論一下我們的高層成果，然後再回顧我關注的關鍵領域，包括我們已經取得的進展和未來的期望。

We delivered on our revenue targets while exceeding our profitability targets this quarter with $151 million in total revenue and $38 million in total non-GAAP net income. Approximately 71% of our sales in the quarter were with existing customers, and we saw solid performance in our mid-market business and in the sell-through of our accounts receivable automation solutions.

本季我們實現了營收目標，同時超出了獲利目標，總收入為 1.51 億美元，非 GAAP 淨利潤總額為 3,800 萬美元。本季約 71% 的銷售額來自現有客戶，我們在中端市場業務和應收帳款自動化解決方案的銷售中看到了穩健的表現。

Additionally, the number of customers with $1 million or more in annual recurring revenue, or ARR, increased to 55 this quarter as large enterprises continue to move forward with their digital finance transformation journeys.

此外，隨著大型企業繼續推動數位金融轉型之旅，本季年度經常性收入 (ARR) 100 萬美元或以上的客戶數量增加到 55 個。

When reviewing our quarterly results and the broader progress since Therese and I assume the co-CEO roles in March of this year, it's been a case of steady forward strides disrupted by the occasional pothole. To demonstrate this and provide some more context, let's walk through the key areas we are prioritizing as we drive the business forward with our long-term aspirations and opportunities in mind.

當回顧我們的季度業績以及自今年 3 月特蕾莎和我擔任聯席首席執行官以來的更廣泛進展時，我們穩步前進的步伐被偶爾的坑洼打亂了。為了證明這一點並提供更多背景信息，讓我們回顧一下我們在牢記長期願望和機遇推動業務發展時優先考慮的關鍵領域。

As a reminder, these principal areas of focus are: one, relentless execution across our business operations; two, BlackLine's market message and brand; three, ensuring customers receive the value of the BlackLine promise; four, building and optimizing our distribution network; and five, customer retention.

提醒一下，這些主要關注領域是：一是我們業務運作的不懈執行；二、BlackLine的市場資訊與品牌；三、確保客戶收到 BlackLine 承諾的價值；四、建置及優化分銷網絡；第五，客戶保留。

With respect to execution, we are continuing to steadily make progress to drive better performance and deliver improved outcomes throughout the organization. Some of this progress is the result of actions already taken and others of actions we are beginning to communicate and roll out in the coming months and quarters.

在執行方面，我們將繼續穩步取得進展，以提高整個組織的績效並提供更好的成果。其中一些進展是我們已經採取的行動的結果，而另一些則是我們在未來幾個月和幾季開始溝通和推出的行動的結果。

In go-to-market specifically, we saw better-than-expected performance on new logo adds this quarter particularly in our mid-market business with customers like Precisely and First Bank Richmond.

具體來說，在進入市場方面，本季我們看到新商標的表現優於預期，特別是在我們與 Precisely 和 First Bank Richmond 等客戶的中端市場業務中。

We are being increasingly disciplined in how we target customers in the mid-market attaching ourselves to those we believe have the potential to grow into enterprise customers with BlackLine.

我們在鎖定中階市場客戶方面越來越嚴格，我們相信這些客戶有潛力透過 BlackLine 成長為企業客戶。

Further, we saw strength in the sell-through of our accounts receivable automation solutions. With customers like Global Excel and Wolseley Canada, underscoring a very solid year so far. As you can appreciate, interest in accounts receivable automation is top of mind for CFOs globally, as working capital management and cash collections are under intense scrutiny.

此外，我們也看到了應收帳款自動化解決方案的銷售強勁。與 Global Excel 和 Wolseley Canada 等客戶合作，凸顯了迄今為止非常穩固的一年。正如您所理解的，對全球財務長來說，對應收帳款自動化的興趣是首要考慮的，因為營運資金管理和現金收款受到嚴格審查。

Going a bit deeper on execution, we are seeing modest improvements in the productivity and efficiency of our sales force. While our workforce action in August does positively influence the productivity measures we track, we also saw improvement in our close rates and in our competitive win rates, particularly in the mid-market and in accounts receivable. While it is far too early to draw meaningful conclusions based on these quarterly metrics, I harbor no illusions that we need to compete even more across all the geographic, industry and product markets we serve.

更深入研究執行，我們發現銷售人員的生產力和效率略有提升。雖然我們八月份的勞動力行動確實對我們追蹤的生產力指標產生了積極影響，但我們也看到了我們的成交率和競爭勝率的改善，特別是在中端市場和應收帳款方面。雖然根據這些季度指標得出有意義的結論還為時過早，但我並不抱持任何幻想，即我們需要在我們服務的所有地理、行業和產品市場上進行更多競爭。

Turning to our marketing message and brand. We are rapidly advancing our efforts to unify our global message to customers and partners alike. You may have seen this come through at our recent BeyondTheBlack Conference, where our attendance was up 12% over the prior year. At the event, we reinforced our aspiration to inspire, power and guide digital finance transformation.

轉向我們的行銷訊息和品牌。我們正在迅速努力，向客戶和合作夥伴統一我們的全球資訊。您可能已經在我們最近的 BeyondTheBlack 會議上看到了這一點，我們的出席人數比去年增加了 12%。在這次活動中，我們強化了激勵、推動和引導數位金融轉型的願望。

As part of this, we unveiled new solutions that support our goal of becoming the accounting and finance platform for the office of the CFO. Specifically, we announced that we are expanding the breadth of our offerings into consolidation and going deeper within the invoice to cash process via the acquisition of our partner, Data Interconnect. This acquisition while financially immaterial to our business brings a key component of our end-to-end accounts receivable automation solution in-house and completes it.

作為其中的一部分，我們推出了新的解決方案，支持我們成為財務長辦公室的會計和財務平台的目標。具體來說，我們宣布，我們正在透過收購合作夥伴 Data Interconnect 來擴大我們的產品整合範圍，並深入了解發票到現金流程。此次收購雖然對我們的業務在財務上無關緊要，但它為我們內部提供了端到端應收帳款自動化解決方案的關鍵組成部分，並完成了該解決方案。

The next area is on the value of the BlackLine promise and how we can ensure that customers understand the value our solutions provide and generate meaningful returns on their time and investments. If you recall, we announced a 5-day implementation program a few months ago. We are pleased to share this program is resonating well with customers and demand for this program is increasing.

下一個領域是 BlackLine 承諾的價值，以及我們如何確保客戶了解我們的解決方案提供的價值並為其時間和投資帶來有意義的回報。如果你還記得，我們​​在幾個月前宣布了為期 5 天的實施計畫。我們很高興地告訴大家，該計劃與客戶產生了良好的共鳴，並且對該計劃的需求正在增加。

We have also seen customers in this program take their next steps with BlackLine by additional purchases of our solutions. At a high level, making it easier to do business with BlackLine while offering unparalleled level of automation and customer support remains a priority to further differentiate ourselves in the market and support the higher competitive win rates we expect.

我們還看到參與此計劃的客戶透過額外購買我們的解決方案來採取 BlackLine 的下一步行動。從高水準來看，讓與 BlackLine 開展業務變得更加容易，同時提供無與倫比的自動化水平和客戶支援仍然是進一步在市場中脫穎而出並支持我們期望的更高競爭獲勝率的首要任務。

We are making considerable progress with our partners to deepen relationships and expand our distribution efforts, both in the field and with top-to-top alignment. For our global consulting partners, we are seeing a renewed interest in positioning BlackLine within their practices, especially as we introduce new solutions servicing a larger footprint within the office of the CFO.

我們正在與合作夥伴取得重大進展，以加深關係並擴大我們的分銷工作，無論是在現場還是從上到下的協調。對於我們的全球諮詢合作夥伴來說，我們發現他們對在其實踐中定位 BlackLine 重新產生了興趣，特別是當我們推出為 CFO 辦公室內更大範圍提供服務的新解決方案時。

Additionally, we are seeing increased engagement from other channel partners, such as BPOs and managed service providers, to provide broad close and consolidation services to their clients. At our BeyondTheBlack event specifically, we hosted over 200 partner attendees across our top 40 firms. We also hosted multiple forums, executive sessions and partner meetings to further deepen our engagement and collaboration.

此外，我們也看到其他通路合作夥伴（例如 BPO 和託管服務提供者）越來越多地參與其中，為其客戶提供廣泛的關閉和整合服務。特別是在 BeyondTheBlack 活動中，我們接待了來自 40 強公司的 200 多名合作夥伴參與者。我們也舉辦了多個論壇、高階主管會議和合作夥伴會議，以進一步加深我們的參與和合作。

More than 50% of all BeyondTheBlack attendees attended a partner run session highlighting the value of a partner powered approach. In terms of other partner-driven results this quarter, much of our success in accounts receivable came via our partner channel. And 4 out of our 5 largest accounts receivable deals were won with a partner who recommended our solutions.

超過 50% 的 BeyondTheBlack 與會者參加了合作夥伴舉辦的會議，強調了合作夥伴驅動方法的價值。就本季其他合作夥伴驅動的業績而言，我們在應收帳款方面的大部分成功都來自於我們的合作夥伴管道。我們 5 筆最大的應收帳款交易中有 4 筆是透過推薦我們解決方案的合作夥伴贏得的。

Finally, let's discuss retention. As you saw this quarter, our revenue renewal rate declined sequentially to 94%. This is an unacceptable level of performance given the nature of our solutions and the value we place on our existing customer relationships. While there are certainly market-related impacts that are negatively influencing this metric, such as vendor consolidation initiatives and expense management efforts from customers, the effort we are placing here needs to intensify. Even in this environment, everyone on our team expects that we should have and will have better performance.

最後，我們來討論一下保留。正如您在本季看到的，我們的營收續約率連續下降至 94%。考慮到我們解決方案的性質以及我們對現有客戶關係的重視，這是一個不可接受的績效水準。雖然肯定存在對該指標產生負面影響的與市場相關的影響，例如供應商整合計劃和客戶的費用管理工作，但我們在此付出的努力需要加強。即使在這種環境下，我們團隊中的每個人都期望我們應該並且會有更好的表現。

To support and positively influence this going forward, we announced a number of customer-centric initiatives at BeyondTheBlack that we are currently driving with existing customers. We are focusing our customer teams on end-to-end process optimization using standardized success plans including the BlackLine 9 optimization strategies, along with in-flight and operationalized customer blueprints. We are also consolidating to one joint customer engagement process within our account management teams and eliminating multiple disparate programs.

為了支持並積極影響這一進程，我們在 BeyondTheBlack 宣布了一系列以客戶為中心的舉措，目前我們正在與現有客戶共同推動這些舉措。我們正在利用標準化成功計畫（包括 BlackLine 9 優化策略）以及飛行中和可操作的客戶藍圖，將客戶團隊的重點放在端到端流程最佳化上。我們還在我們的客戶管理團隊中整合了一個共同客戶參與流程，並消除了多個不同的計畫。

Finally, as Therese will speak to, we are expanding the breadth and depth of our solutions across the office of the CFO to become even more mission critical with customers and to support their digital finance transformation journeys. The end goal of this is simple: increase adoption, increased customer engagement and satisfaction and ultimately drive renewal rates higher.

最後，正如 Therese 所說，我們正在擴大 CFO 辦公室解決方案的廣度和深度，以成為對客戶更關鍵的任務，並支持他們的數位金融轉型之旅。其最終目標很簡單：提高採用率、提高客戶參與度和滿意度，最終提高續約率。

Turning to deal activity this quarter. We saw solid wins across both enterprise and mid-market with many being competitive wins or takeaways. In North America, we signed Medline, the largest private manufacturer and distributor of medical supplies displacing the legacy incumbent. While the customer was initially looking at automation in a small part of their financial processes, the value and ROI of BlackLine resonated strongly, leading them to replace nearly all of their existing competitor solutions with BlackLine.

轉向本季的交易活動。我們在企業和中端市場都看到了堅實的勝利，其中許多是競爭性勝利或外賣。在北美，我們與 Medline 簽約，這是一家最大的私人醫療用品製造商和分銷商，取代了傳統企業。雖然客戶最初只是在其財務流程的一小部分中尋求自動化，但 BlackLine 的價值和投資回報率引起了強烈反響，導致他們用 BlackLine 取代了幾乎所有現有的競爭對手解決方案。

In another example in North America, we signed a new global customized industrial control manufacturer replacing an existing consolidation and CPM provider that could not successfully manage key financial close activities. The customer was intent on moving away from manual processes while reducing the number of errors and time required to close. We were able to provide not just the value expected by replacing their legacy systems with BlackLine, but also the cost of an action to the customer that they stayed with the status quo.

在北美的另一個例子中，我們簽約了一家新的全球客製化工業控制製造商，取代了一家無法成功管理關鍵財務結算活動的現有整合和 CPM 提供者。客戶希望擺脫手動流程，同時減少錯誤數量和關閉所需的時間。我們不僅能夠透過以 BlackLine 取代他們的舊系統來提供預期的價值，而且還能夠為客戶提供維持現狀的行動成本。

In Europe, through close collaboration with an elite global partner, we signed one of the largest beverage distributors to a multiproduct deal displacing a long-term competitor. Further, we leveraged our relationships with existing BlackLine customers to provide real examples on the benefits of automation and modern accounting and have for this customer's business. This deal is exactly what we are striving for longer term, leveraging our partner network and our domain expertise in key industries to drive multiproduct sales across large global customers.

在歐洲，透過與全球精英合作夥伴的密切合作，我們與最大的飲料分銷商之一簽署了一項多產品協議，取代了長期競爭對手。此外，我們利用與現有 BlackLine 客戶的關係，提供有關自動化和現代會計優勢的真實範例，並為該客戶的業務帶來好處。這筆交易正是我們長期追求的目標，利用我們的合作夥伴網絡和我們在關鍵行業的領域專業知識來推動全球大型客戶的多產品銷售。

Finally, building on the partner powered and multiproduct sales motion, we signed a leading provider of IT infrastructure and security. The customer was seeking to transform their finance and accounting technology landscape while also strengthening their internal controls, streamlining their processes via automation and improve operational visibility. They were also focused on a software partner that could solve challenges spanning multiple departments across the office of the CFO from close and consolidation to accounts receivable automation. Our partner position at BlackLine is the best software partner to achieve the customers' goals and drive longer-term results for their business.

最後，在合作夥伴支持的多產品銷售動議的基礎上，我們與一家領先的 IT 基礎設施和安全供應商簽約。該客戶正在尋求改變其財務和會計技術環境，同時加強內部控制，透過自動化簡化流程並提高營運視覺性。他們還關註一個軟體合作夥伴，可以解決 CFO 辦公室多個部門的挑戰，從關閉和合併到應收帳款自動化。我們在 BlackLine 的合作夥伴地位是實現客戶目標並推動其業務取得長期成果的最佳軟體合作夥伴。

On the expansion side this quarter, we also saw some great wins. Specifically, we grew our relationship with WEX, a global leader in financial technology solutions, replacing a legacy competitor that was handling many of their existing financial processes. We demonstrated how they were already seeing benefits from partnering with BlackLine and where they could extend this further to accelerate their finance transformation goals.

在本季度的擴張方面，我們也看到了一些偉大的勝利。具體來說，我們發展了與全球金融科技解決方案領導者 WEX 的關係，取代了處理其許多現有財務流程的傳統競爭對手。我們展示了他們如何從與 BlackLine 合作中獲益，以及他們可以在哪些方面進一步擴展這一點以加速實現財務轉型目標。

Further, we saw expansion wins via our SolEx partnership. For example, we deepened our relationship with a global telecommunications company that wanted to expand their process optimization efforts from core financial close activities to more advanced use cases like journals as they transition to S/4HANA.

此外，我們也透過 SolEx 合作夥伴關係實現了擴張。例如，我們加深了與一家全球電信公司的關係，該公司希望在過渡到 S/4HANA 時將其流程優化工作從核心財務結算活動擴展到期刊等更高級的用例。

Partnering with SAP, we were able to demonstrate how additional automation can be leveraged to drive more efficient results across their teams and ensure that critical financial processes are in place before customers commence their broader digital transformation.

透過與 SAP 合作，我們能夠展示如何利用額外的自動化來推動整個團隊取得更有效率的成果，並確保在客戶開始更廣泛的數位轉型之前關鍵的財務流程已經到位。

With that, I will turn it over to my fellow CEO, Therese to discuss our thoughts. Therese?

接下來，我會將其交給我的執行長同事 Therese 來討論我們的想法。特蕾莎？

Thank you, Owen. In product and technology, while early, I am pleased with the results we are seeing. Our product road map is becoming laser-focused on customer centricity. Our workforce action in August not only caused very little disruption in our teams but removed silos and allowed our teams to act with more agility and autonomy. This leaves us better positioned to execute across our vision and deliver more for our customers.

謝謝你，歐文。在產品和技術方面，雖然還處於起步階段，但我對我們所看到的結果感到滿意。我們的產品路線圖正變得更加重視以客戶為中心。我們八月的勞動力行動不僅對我們的團隊造成了很少的干擾，而且消除了孤島，使我們的團隊能夠更加敏捷和自主地採取行動。這使我們能夠更好地執行我們的願景並為客戶提供更多服務。

Speaking of our vision at a high level, we are committed to creating and offering a comprehensive, unified and flexible platform for the office of the CFO that leverages AI and data-driven tools to maximize efficiencies. BlackLine has close to 20 years of experience within accounting and finance. Incorporating this deep knowledge into a unified platform allows us to leverage those building blocks and expertise, whether we are innovating our own solutions or integrating acquired solutions. We expect to deliver market-leading innovations as we move forward that support our vision of being the platform for the office of the CFO.

談到我們的高層次願景，我們致力於為財務長辦公室創建和提供一個全面、統一和靈活的平台，利用人工智慧和數據驅動的工具來最大限度地提高效率。 BlackLine 在會計和財務領域擁有近 20 年的經驗。將這些深入的知識融入到一個統一的平台中，使我們能夠利用這些建置模組和專業知識，無論我們是創新自己的解決方案還是整合已獲得的解決方案。我們希望在不斷前進的過程中提供市場領先的創新，以支持我們成為財務長辦公室平台的願景。

Our recent product announcements combined with the acquisition of Data Interconnect in September are benefiting from this approach.

我們最近發布的產品以及 9 月收購的 Data Interconnect 都受益於這種方法。

At our very successful BeyondTheBlack event, we made several exciting announcements. We were pleased to announce consolidation capabilities, which expands the depth and breadth of our office offerings across the office of the CFO. Through our financial analytics and reporting solution, we've extended further into the record-to-report process and now offer unprecedented end-to-end transparency to our customers.

在我們非常成功的 BeyondTheBlack 活動中，我們發布了幾個令人興奮的公告。我們很高興地宣布整合能力，這擴大了我們在 CFO 辦公室提供的辦公室服務的深度和廣度。透過我們的財務分析和報告解決方案，我們進一步擴展了記錄到報告的流程，現在為我們的客戶提供前所未有的端到端透明度。

We initially approached consolidation by looking at how legacy providers have served this market and where our modern solutions could differentiate themselves. Historically, the consolidation process has been batch-based and suffered from a lack of real-time visibility. For our users, the ability to drill all the way down to the individual reconciliation and track fluctuation analysis at the most granular general ledger level or all the way up to individual line items on the financial statements is powerful and unique.

我們最初透過研究傳統提供者如何服務這個市場以及我們的現代解決方案可以在哪些方面脫穎而出來進行整合。從歷史上看，整合過程一直是基於批次的，並且缺乏即時可見性。對於我們的用戶來說，能夠在最精細的總帳層級一直深入到單獨的調節表並追蹤波動分析，或者一直到財務報表上的各個行項目是強大且獨特的。

Also, the attestation process we've developed validates numbers pre-reporting and delivers valuable time and cost savings for our enterprise customers.

此外，我們開發的認證流程可以驗證預先報告的數字，並為我們的企業客戶節省寶貴的時間和成本。

When we segmented the market opportunity, we saw that mid-market customers often lack a modern end-to-end consolidation solution and customers typically use a combination of manual processes and excel. Sounds familiar? While not required when customers combine FRA with our existing financial close solutions, BlackLine can provide a complete end-to-end platform for close and consolidation, which is a very powerful value proposition and offers a real competitive advantage.

當我們細分市場機會時，我們發現中端市場客戶通常缺乏現代的端到端整合解決方案，且客戶通常使用手動流程和 Excel 的組合。聽起來很熟悉？雖然客戶將FRA 與我們現有的財務結算解決方案結合起來時不需要，但BlackLine 可以提供完整的端到端平台用於結算和整合，這是一個非常強大的價值主張，並提供真正的競爭優勢。

Looking up market, we've already seen adoption by several large enterprise companies using BlackLine as a tool to assist with consolidation efforts. However, to be successful across both the enterprise and mid-market requires more than just a market-leading product. We need domain expertise, customer feedback and collaboration from our partners to succeed. So that's where we've spent considerable time and effort running these efforts in parallel with our product development teams. Through existing customer advisory boards, many who purchased FRA and are now using it for consolidation, along with partner groups, we are aligning our road map to evolving industry trends while ensuring that customer experience is top of mind.

縱觀市場，我們看到多家大型企業公司採用 BlackLine 作為協助整合工作的工具。然而，要在企業和中端市場取得成功，需要的不僅是市場領先的產品。我們需要領域專業知識、客戶回饋以及合作夥伴的協作才能成功。因此，我們花費了大量的時間和精力與我們的產品開發團隊並行這些工作。透過現有的客戶諮詢委員會（許多購買了 FRA 並正在使用它進行整合的人）以及合作夥伴團體，我們正在調整我們的路線圖以適應不斷變化的行業趨勢，同時確保客戶體驗是首要考慮的。

The enthusiastic reception from our customers as we extend further into the record-to-report process is validation of our efforts and our strategy.

當我們進一步擴展記錄到報告流程時，客戶的熱情接待是對我們努力和策略的驗證。

In accounts receivable automation, we announced the completion of a small technology acquisition that completes our vision of becoming the modern integrated, invoice-to-cash to the solution (inaudible).

在應收帳款自動化方面，我們宣布完成了一項小型技術收購，該收購完成了我們成為現代整合發票到現金解決方案的願景（聽不清楚）。

The acquisition of Data Interconnect, a former partner, brings Electronic Invoicing Presentment and Payment or EIPP functionality in-house and creates a fully end-to-end integrated accounts receivable solution. The growing interest in our AR solutions, as demonstrated by our results this quarter reinforces our belief that working capital management and visibility on cash remains a high priority for CFOs globally. This is especially important in this market environment and as such, we remain committed on ensuring that we have the features and functionalities our customers' need to power their success and our future growth in this market.

對前合作夥伴 Data Interconnect 的收購將電子發票提示和付款或 EIPP 功能引入內部，並創建了完全端到端的整合應收帳款解決方案。正如我們本季度的業績所證明的那樣，人們對我們的 AR 解決方案的興趣與日俱增，這更加堅定了我們的信念，即營運資本管理和現金可見性仍然是全球首席財務官的首要任務。這在這個市場環境中尤其重要，因此，我們仍然致力於確保我們擁有客戶所需的特性和功能，以推動他們的成功和我們在這個市場的未來成長。

We also recently announced that we expanded the connectivity and unification of our solutions with the Microsoft ecosystem through the addition of a new Microsoft Teams integration as well as new features and capabilities for our Microsoft D365 Connector. These new announcements underscore our commitment to developing and deploying easy-to-use quick time-to-value solutions. Primarily for our mid-market customers that often rely on Microsoft for their operations.

我們最近也宣布，透過新增新的 Microsoft Teams 整合以及 Microsoft D365 連接器的新特性和功能，我們擴大了解決方案與 Microsoft 生態系統的連接性和統一性。這些新公告強調了我們對開發和部署易於使用、快速實現價值的解決方案的承諾。主要針對經常依賴 Microsoft 進行營運的中階市場客戶。

Finally, on AI, we announced a number of innovative new capabilities and enhancements for our close AR and IFM solutions at BeyondTheBlack. One of the more interesting capabilities is specific to our IFM solutions. Intercompany predictive guidance offers IFM customers the ability to prevent transaction failures before they occur, minimizing the time and resources spent across the entire intercompany transaction life cycle.

最後，在人工智慧方面，我們在 BeyondTheBlack 上宣布了針對我們的 AR 和 IFM 解決方案的許多創新的新功能和增強功能。其中一個更有趣的功能是我們的 IFM 解決方案特有的。公司間預測指引使 IFM 客戶能夠在交易失敗發生之前預防交易失敗，從而最大限度地減少整個公司間交易生命週期所花費的時間和資源。

While still in its early adopter phase, we are seeing great interest in this capability from our largest IFM customers and look forward to moving to general availability in (inaudible).

雖然仍處於早期採用階段，但我們看到最大的 IFM 客戶對此功能非常感興趣，並期待在（聽不清楚）中全面推出。

Before closing and turning the call over to Mark Partin, I want to thank all of our customers, partners, investors and of course, employees who attended our recent BeyondTheBlack event and made it the premier finance and accounting event locally.

在結束並將電話轉給 Mark Partin 之前，我要感謝我們所有的客戶、合作夥伴、投資者，當然還有參加我們最近的 BeyondTheBlack 活動的員工，他們使該活動成為當地首屈一指的財務和會計活動。

I want to offer my sincere congratulations to all of our Modern Accounting Award Winners. They demonstrate how companies achieve digital finance transformation when they fully utilize BlackLine.

我謹向所有現代會計獎得主致以誠摯的祝賀。他們展示了企業在充分利用 BlackLine 時如何實現數位金融轉型。

With that, I'll turn it over to Mark Partin to discuss the details of our financial performance and our outlook.

接下來，我將把它交給馬克·帕廷 (Mark Partin)，討論我們的財務表現和前景的細節。

Thank you, Therese. As Owen and Therese mentioned, we remain focused on ensuring that we are positioning the business to drive higher levels of performance while deepening and extending our position within the office of the CFO. While our results this quarter demonstrate steady progress, we acknowledge that there are certain parts of the business that need to improve further.

謝謝你，特蕾莎。正如 Owen 和 Therese 所提到的，我們仍然專注於確保我們的業務定位能夠推動更高水準的績效，同時深化和擴展我們在財務長辦公室中的職位。雖然我們本季的業績顯示出穩定進展，但我們承認業務的某些部分需要進一步改進。

With that in mind, let's review our financial highlights from the third quarter in more detail and provide you with additional insights. Total revenue grew to $151 million, up 12% with subscription revenue growing 13%. Services revenue grew 6%, in line with our expectations. Calculated billings growth was 12% up versus the prior quarter. Remaining performance obligations, or RPO, was up 12%. We closed the quarter with total annual recurring revenue, or ARR, of $580 million, up 12%.

考慮到這一點，讓我們更詳細地回顧第三季度的財務亮點，並為您提供更多見解。總營收成長 12%，達到 1.51 億美元，其中訂閱收入成長 13%。服務收入成長 6%，符合我們的預期。計算得出的帳單成長較上一季成長 12%。剩餘履約義務 (RPO) 增加了 12%。本季末，我們的年度經常性總收入 (ARR) 達到 5.8 億美元，成長 12%。

We added 89 net new customers in the quarter, bringing our total customer count at the end of the quarter to 4,368. Our revenue renewal rate was 94% this quarter, below our expectations. On renewal rate, what we saw was similar to what we experienced last quarter, with a small group of customers deciding not to renew as they seek to lower near-term expenses either through technology landscape simplification or vendor consolidation.

本季我們淨新增 89 名客戶，使本季末的客戶總數達到 4,368 名。本季我們的營收續訂率為 94%，低於我們的預期。在續訂率方面，我們看到的情況與上季度的情況類似，一小部分客戶決定不續訂，因為他們尋求透過技術環境簡化或供應商整合來降低短期費用。

Net revenue retention was 105%, influenced by lower account growth activity from existing customers. We continue to see customers being more thoughtful on their purchasing decisions and in the near term, driving the lower velocity of cross-sell activity and lower levels of user expansion.

受現有客戶帳戶成長活動減少的影響，淨收入保留率為 105%。我們繼續看到客戶在短期內對購買決策更加深思熟慮，從而降低了交叉銷售活動的速度和較低的用戶擴展水平。

Strategic product performance represented 24% of sales, driven by healthy net new sales and accounts receivable, combined with solid performance from FRA.

在健康的淨新銷售額和應收帳款以及 FRA 的穩健績效的推動下，策略性產品績效佔銷售額的 24%。

Intercompany performance this quarter was lower due to a combination of both seasonality and our SolEx relationship as well as deal cycle lengths remaining elongated. Partners were involved in 76% of large deals this quarter across both net new and expansion globally. SolEx performance continues to show steady year-over-year sales growth despite being slightly below our expectations in the seasonal third quarter. In Q3, our SAP partnership represented 25% of total revenue.

由於季節性和我們的 SolEx 關係以及交易週期持續延長，本季公司間業績較低。合作夥伴參與了本季全球淨新增交易和擴張交易中 76% 的大型交易。儘管第三季略低於我們的預期，但 SolEx 的業績仍持續呈現穩定的年比銷售成長。第三季度，我們的 SAP 合作夥伴關係佔總收入的 25%。

Turning to margins. Our non-GAAP gross margin was nearly 80% with non-GAAP subscription gross margin of 82%. Non-GAAP operating margin was 16%, driven by a combination of gross margin performance, our mid-August workforce action and further operating discipline and efficiency across our business.

轉向邊緣。我們的非 GAAP 毛利率接近 80%，其中非 GAAP 訂閱毛利率為 82%。非 GAAP 營運利潤率為 16%，這得益於毛利率表現、我們 8 月中旬的員工行動以及整個業務的進一步營運紀律和效率。

Non-GAAP net income attributable to BlackLine was $38 million, representing a 25% non-GAAP net income margin. Our operating income performance and net interest income drove strength on the bottom line.

BlackLine 的非 GAAP 淨利潤為 3,800 萬美元，非 GAAP 淨利潤率為 25%。我們的營業收入表現和淨利息收入推動了利潤的成長。

We generated $37 million in operating cash flow and $31 million in free cash flow in the quarter with a free cash flow margin of 21%.

本季我們產生了 3,700 萬美元的營運現金流和 3,100 萬美元的自由現金流，自由現金流利潤率為 21%。

Finally, we ended the quarter with $1.2 billion in cash, cash equivalents and marketable securities, inclusive of our purchase of data interconnect in Q3. As we look ahead to the fourth quarter and recent business performance, we are balancing our expectations against what we continue to see in the market.

最後，我們在本季結束時擁有 12 億美元的現金、現金等價物和有價證券，其中包括我們在第三季購買的數據互連。當我們展望第四季和最近的業務表現時，我們正在平衡我們的預期和我們在市場上繼續看到的情況。

As such, we are narrowing our full year total revenue guidance range to reflect these views. Given the workforce actions we took in August combined with further operating efficiency and incremental benefits from higher interest rates on our investment portfolio, we are raising our full year non-GAAP net income guidance.

因此，我們正在縮小全年總收入指引範圍以反映這些觀點。鑑於我們在 8 月採取的勞動力行動，再加上營運效率的進一步提高以及投資組合利率上升帶來的增量收益，我們正在提高全年非公認會計準則淨利潤指引。

Turning to guidance for the fourth quarter. We expect total GAAP revenue to be in the range of $153 million to $155 million, representing approximately 9% to 11% growth compared to the fourth quarter of 2022.

轉向第四季的指引。我們預計 GAAP 總營收將在 1.53 億美元至 1.55 億美元之間，較 2022 年第四季成長約 9% 至 11%。

We expect to report non-GAAP net income attributable to BlackLine in the range of $39 million to $43 million or $0.52 to $0.58 on a per share basis. Our share count is expected to be approximately 74.6 million diluted weighted average shares. And for the full year 2023, we expect that total GAAP revenue to be in the range of $587.5 million to $589.5 million, representing 12% to 13% growth compared to full year 2022.

我們預計 BlackLine 的非 GAAP 淨利潤將在 3,900 萬美元至 4,300 萬美元之間，即每股 0.52 美元至 0.58 美元之間。我們的股份數量預計約為 7,460 萬股稀釋加權平均股。對於 2023 年全年，我們預計 GAAP 總收入將在 5.875 億美元至 5.895 億美元之間，較 2022 年全年增長 12% 至 13%。

On the bottom line, we are raising our guidance for non-GAAP net income attributable to BlackLine to $133 million to $137 million or $1.79 to $1.84 on a per share basis. Our share count is expected to be approximately 74.4 million diluted weighted average shares.

總體而言，我們將 BlackLine 的非 GAAP 淨利潤指引提高至 1.33 億至 1.37 億美元，即每股 1.79 至 1.84 美元。我們的股票數量預計約為 7,440 萬股稀釋加權平均股。

To close, we are focused on delivering our commitment through the end of this year while positioning the business for long-term success. I would echo Therese's comments that our customers, partners, employees and investors provide to this long-term success, and we want to drive results that benefit all of these groups.

最後，我們的重點是在今年年底前兌現我們的承諾，同時為業務奠定長期成功的基礎。我同意特蕾莎的評論，即我們的客戶、合作夥伴、員工和投資者為這一長期成功做出了貢獻，我們希望推動有利於所有這些群體的結果。

I'll now ask the operator to open the discussion to take your questions.

我現在請接線員開始討論以回答您的問題。

(Operator Instructions) Our first question will be coming from Rob Oliver of Baird.

（操作員說明）我們的第一個問題將來自 Baird 的 Rob Oliver。

Owen, one for you to start. So of the 5 areas that you've laid out of focus areas for improvement, starting with execution and down to customer retention. Could you perhaps maybe talk a little bit about where you guys have made the most progress within those 5 so far. And maybe looking into year-end here and now its '24, where you still have maybe the most progress to make? And then I had a quick follow-up.

歐文，一個讓你開始的人。因此，在您列出的需要改進的重點領域的 5 個領域中，從執行到客戶保留。您能否談談到目前為止你們在這 5 項工作中取得最大進展的地方。也許看看今年年底，現在已經是 24 歲了，你仍然可以取得最大的進步嗎？然後我進行了快速跟進。

Sure. I think the -- when you think about the 5 things, everything from execution to the messaging to distribution, the promise of the brand and retention, I think probably the area we've made the most success is in the area of the distribution network, particularly with our partners. Because we're spending a lot of time with them trying to make sure they understand our products all around the world that they're comfortable to bring those to the market. They understand why we're the best choice.

當然。我認為，當你考慮五件事時，從執行到訊息傳遞再到分銷、品牌承諾和保留，我認為我們最大成功的領域可能是分銷網絡領域，特別是與我們的合作夥伴。因為我們花了很多時間與他們在一起，試圖確保他們了解我們在世界各地的產品，以便他們可以輕鬆地將這些產品推向市場。他們理解為什麼我們是最佳選擇。

And we've been able to not only build those relationships sort of in the field, as we said in the prepared remarks, but also at the most senior levels of these organizations to make sure we have institutional support in the major markets where they operate, as well as with their global leadership. So I think we feel very good about that.

正如我們在準備好的發言中所說，我們不僅能夠在現場建立這些關係，而且還能夠在這些組織的最高層建立這些關係，以確保我們在他們經營的主要市場獲得機構支持以及他們的全球領導力。所以我認為我們對此感覺很好。

You've started to see some positive signs in some of the information that we've shared already. Therese, and I just finished a trip through Europe and met with a number of our partners over there to again continue to try to drive those relationships forward. It's really going to be critical to our success.

您已經開始在我們已經分享的一些資訊中看到一些積極的跡象。我和特蕾莎剛結束了歐洲之行，並與那裡的一些合作夥伴會面，再次繼續努力推動這些關係向前發展。這對我們的成功確實至關重要。

I think the area where most opportunity, and it's really a point of an area of focus for the team and myself is in the area of retention. We work so hard to bring a customer into the organization and the reality is that sometimes we have customers that have just not been as well adopted as we would like. And we're working really hard right now with our own professional services team in-house as well as with our partners and our account management leadership to make sure that, that customer is beginning to achieve the full value and promise of what BlackLine has to offer. So that's the area that is going to continue to be a focus for the team. And I will only be happy when that churn and attrition is down to zero.

我認為最有機會的領域，也是團隊和我自己真正關注的一個領域，就是在保留領域。我們非常努力地將客戶帶入組織，但現實是，有時我們的客戶並沒有像我們希望的那樣得到很好的採用。我們現在正在與我們自己的內部專業服務團隊以及我們的合作夥伴和客戶管理領導層一起努力工作，以確保該客戶開始實現 BlackLine 所必須實現的全部價值和承諾提供。因此，這將是團隊繼續關注的領域。只有當客戶流失和人員流失降到零時，我才會感到高興。

That's really helpful. I appreciate all that color. And then just a quick follow-up on the AR product, noted multiple times in the script that kind of traction you guys are seeing there, which is great to see.

這真的很有幫助。我很欣賞所有這些顏色。然後是對 AR 產品的快速跟進，在腳本中多次指出你們在那裡看到的那種吸引力，這是很高興看到的。

Just wanted to get a sense, as you guys work with those distribution partners to try to grab a larger chunk of that spend within the office of the CFO. As you look at the pipeline today, and I know you guys just made the tuck-in acquisition as well. But sort of stressing AR here, is there a sense that, that is rising to the top of importance in terms of enterprises and could be something that could play a larger role among the strategic products here as we head into '24.

只是想了解一下，當你們與這些分銷合作夥伴合作，試圖在財務長辦公室內獲得更大的支出時。當你看到今天的管道時，我知道你們也剛完成了收購。但在這裡強調 AR 是不是有一種感覺，即它對企業來說正在上升到最重要的位置，當我們進入 24 世紀時，它可能會在戰略產品中發揮更大的作用。

Yes, sure. I think that -- so the purchase of Data Interconnect really did allow us to complete from end-to-end solution that we offer in accounts receivable. And we feel really good about what we're doing around that product because we think that there's a huge market opportunity there. But also the other thing that is important is the economic environment has changed.

是的，當然。我認為，購買 Data Interconnect 確實使我們能夠完成我們在應收帳款中提供的端到端解決方案。我們對圍繞該產品所做的事情感到非常滿意，因為我們認為那裡存在著巨大的市場機會。但另一件事也很重要，那就是經濟環境已經改變了。

And so all of a sudden, cash collection, working capital is that much more critical when you're starting to pay 7%, 8%, 9% refinancing. And so I think it's a combination of us being smart about the investments that we've made to build out our offering and also the macro change in interest rate and the importance on working capital that are really helping us to be better positioned. And again, I think we're very excited about what the opportunities are in front of us in that product.

因此，當您開始支付 7%、8%、9% 的再融資利率時，現金回收和營運資金突然變得更加重要。因此，我認為，我們對為建立我們的產品而進行的明智投資、利率的宏觀變化以及營運資本的重要性的結合，真正幫助我們取得了更好的定位。再說一次，我認為我們對該產品所面臨的機會感到非常興奮。

Our next question will be coming from Alex Sklar of Raymond James.

我們的下一個問題將來自 Raymond James 的 Alex Sklar。

Owen, I want to follow up on your answer to Rob's first question there regarding some of the retention initiatives that you spoke to today. Can you help frame kind of the time line you're expecting some of those actions to take hold. Have you and the team kind of been able to identify some lower-hanging fruit? Or are these kind of more on multi-quarter and multiyear efforts?

歐文，我想跟進您對羅布提出的第一個問題的回答，該問題涉及您今天談到的一些保留計劃。您能否幫助制定您期望採取其中一些行動的時間表？您和團隊是否能夠找到一些唾手可得的成果？或者這些更多是基於多季度和多年的努力？

Are they low hanging fruit? Yes, there's always some level of low-hanging fruit that's out there that you can actually go after. But I think for us, again, foundationally more than anything else. We're looking at how well our customers are using what we provided to them, and we see it, and we see it from the information and data we have. And so we'll be able to go back out to them and understand where they're using the product well and quite frankly, where they're not.

它們是唾手可得的果實嗎？是的，總是有一些唾手可得的果實是你可以真正追求的。但我認為對我們來說，從根本上來說，這比其他任何事情都重要。我們正在研究客戶使用我們提供給他們的產品的情況，我們看到了這一點，並且我們從我們擁有的資訊和數據中看到了這一點。因此，我們將能夠回到他們身邊，了解他們在哪些方面使用了該產品，並且坦白說，他們在哪些方面沒有使用該產品。

And then we're figuring out ways with them through what we call our BlackLine 9 ways to optimize the delivery to our customers in those particular areas as well as working with our partners that also have strong relationships within the office of the CFO to help our customers moving forward. So I think that's been part of it. I also know Therese has been giving us a lot of thought as well. So Therese, you want to add anything to that?

然後，我們正在與他們一起尋找方法，透過我們所謂的 BlackLine 9 方法來優化這些特定領域的客戶交付，並與在 CFO 辦公室內也有牢固關係的合作夥伴合作，幫助我們客戶不斷前進。所以我認為這是其中的一部分。我也知道 Therese 也給了我們很多思考。那麼Therese，你想補充什麼嗎？

Sure. Alex, one of a great example of sort of low-hanging fruit was the 5-day implementation, right? We know that delivering on BlackLine's promise of value and getting people up and running more quickly was something that had a nice impact without a great deal of effort.

當然。 Alex，5 天的實施就是一個簡單的例子，對吧？我們知道，兌現 BlackLine 的價值承諾並讓人們更快地啟動和運行，無需付出大量努力即可產生良好的影響。

All right. That's great color. I guess just one other point of clarification on that. Is there any commonality in terms of -- is this all mid-market? Is it single product customers? Has the change kind of been across the board? Any sort of commonality on kind of the renewal rate?

好的。那顏色真棒。我想對此還有另一點需要澄清。這是否都是中階市場？是單一產品的顧客嗎？這種改變是全面的嗎？續訂率有什麼共通點嗎？

I don't know that there's anything that's unusual in the information or data that we're looking at. Again, I think we go through every one of our customers looking to see where they are on their journey with us. Obviously, we're working our way through the list very methodically to make sure that those customers that we feel have room for improvement that we're out there working with. And so, yes, obviously, some of the larger companies, you wouldn't focus on maybe a little bit sooner.

我不知道我們正在查看的資訊或數據中有什麼異常之處。再說一次，我認為我們會仔細檢查每位客戶，以了解他們在我們的旅程中處於什麼階段。顯然，我們正在非常有條理地處理這個列表，以確保我們認為與我們合作的那些客戶有改進的空間。因此，是的，顯然，您可能不會更早地關註一些較大的公司。

But the way our team is really deploying against this is using our own internal resources and again, working very closely with our partners to be out talking to our customers and trying to help them make sure they take advantage of what BlackLine has to offer. So I would say very, very thoughtful structured methodical kind of approach to how we're pursuing all this.

但我們團隊真正針對此問題進行部署的方式是利用我們自己的內部資源，並再次與我們的合作夥伴密切合作，與我們的客戶交談，並努力幫助他們確保他們利用 BlackLine 所提供的服務。所以我想說的是，我們如何追求這一切，是一種非常非常深思熟慮的結構化、有條理的方法。

And maybe I'll just squeeze one more in for Mark. On the new e-invoicing opportunity, it seems like it really fills out the AR automation solution there. Can you just frame kind of what an average uplift would be from that AR automation product, from that e-invoicing product and whether there was any contribution to ARR revenue or customers from Data Interconnect?

也許我會為馬克再擠一粒。在新的電子發票機會中，它似乎確實填補了 AR 自動化解決方案的空白。您能否簡單說明 AR 自動化產品、電子發票產品的平均提升量是多少，以及 Data Interconnect 對 ARR 收入或客戶是否有任何貢獻？

Yes. Thanks. I think we frame this acquisition as a people and technology. We feel like we got a really nice technology acquisition. The revenue and billings is immaterial to the overall business even to the quarter. So there will be no sort of uplift in the near term coming from that business.

是的。謝謝。我認為我們將此次收購視為人員和技術的收購。我們覺得我們獲得了一個非常好的技術收購。即使對於季度而言，收入和帳單對於整體業務來說並不重要。因此，短期內該業務不會有任何提振。

Our next question will be coming from Chris Quintero of Morgan Stanley.

我們的下一個問題將來自摩根士丹利的克里斯昆特羅。

Owen, you talked about the better than expected logo ads from the mid-market. What do you think exactly is driving the outperformance in that customer segment? How much of it is maybe stabilizing macro compared to some of the improvements you've made in execution and distribution.

歐文，您談到了中端市場的標誌廣告比預期的要好。您認為到底是什麼推動了該客戶群的出色表現？與您在執行和分發方面所做的一些改進相比，其中有多少可能是穩定宏觀的。

And relatedly, how should we expect more of the kind of like customer mix on a go-forward basis? Should we expect more of it to come from that mid-market size?

與此相關的是，我們應該如何期待未來更多類似的客戶組合？我們是否應該預期更多的資金來自中端市場規模？

Look, I think a lot around this is focus and discipline for the organization. And I think that what I'm very proud of what the team is doing is really sticking to where strategically we want to be. And so we're winning at a higher rate. These customers that we've been able to acquire, we've been in a number of them in competitive situations. And I think our team has demonstrated the value of what BlackLine can bring to the table. It's been great to also be able to offer FRA as part of the solution in the mid-market. This is something that does truly give us a competitive differentiation.

看，我認為這很大程度上取決於組織的重點和紀律。我認為我對團隊正在做的事情感到非常自豪，因為他們確實堅持了我們的策略目標。因此我們的獲勝率更高。我們已經能夠獲得的這些客戶中，有很多都處於競爭的境地。我認為我們的團隊已經展示了 BlackLine 可以帶來的價值。能夠提供 FRA 作為中端市場解決方案的一部分真是太好了。這確實為我們帶來了競爭優勢。

And so we're actually quite bullish on this segment of the market as we move forward. Doesn't mean we'll be shifting our focus from enterprise to mid-market or vice versa. We're focused on both equally hard trying to drive more success for our customers.

因此，隨著我們的前進，我們實際上非常看好這個市場領域。並不意味著我們會將重點從企業轉移到中端市場，反之亦然。我們同樣致力於為客戶取得更大成功。

And then you have also talked about kind of better monetizing some of your products, given that they're underpriced relative to the value that they add to your customers. So I wanted to maybe get your thoughts on what have been some of the key learnings from the testing of maybe different monetization model so far? And are you implementing any of those changes so far?

然後您也談到如何更好地透過某些產品貨幣化，因為相對於它們為客戶增加的價值而言，它們的價格被低估了。因此，我想了解一下您對迄今為止可能不同的盈利模型的測試中獲得的一些關鍵經驗的看法？到目前為止，您是否正在實施這些變更？

We continue to look at pricing as an organization, watching what others are doing in the marketplace as well as where customers perceive the value that we bring. We have a group internally led by one of our senior executives that focuses quite extensively on pricing. And I know there's a review that we'll be continuing to execute upon that.

我們作為一個組織繼續專注於定價，觀察其他人在市場上的行為以及客戶在哪裡感知我們帶來的價值。我們有一個由高階主管領導的內部團隊，該團隊廣泛關注定價問題。我知道我們將繼續對此進行審查。

And so I think the short answer is there continues to be opportunity for us to try to achieve the value for -- achieve the pricing for the value that BlackLine brings, and we're working on refining that message as we move forward.

因此，我認為簡短的答案是，我們仍然有機會嘗試實現 BlackLine 帶來的價值 - 實現定價，並且我們正在努力在前進的過程中完善這一訊息。

Our next question will be coming from Pat Walravens of JMP Securities.

我們的下一個問題將來自 JMP 證券的 Pat Walravens。

Congratulations. So Therese, I know when you came back into this role, one of the things that you said you thought you could improve on and forward to figuring out with the SAP relationship and how to make it better. So what have you learned so far? And what else can you guys do?

恭喜。 Therese，我知道當您重新擔任這個角色時，您說過您認為可以改進的事情之一，並致力於弄清楚與 SAP 的關係以及如何使其變得更好。那麼到目前為止你學到了什麼？你們還能做什麼？

What we've learned so far is that we continue to believe that SAP is a very important partner to us. We know that the largest organizations in the world run SAP. They've also recently come out with a new program called GROW, which addresses the mid-market. And so we are evaluating that as well. It's I think there's -- I just came back from an event in EMEA where we did a joint marketing event with SAP at their offices in Paris. And it's an excellent partnership.

到目前為止，我們了解到，我們仍然相信 SAP 是我們非常重要的合作夥伴。我們知道世界上最大的組織都在運作 SAP。他們最近還推出了一個名為 GROW 的新計劃，該計劃針對中階市場。所以我們也在評估這一點。我想，我剛從 EMEA 的活動回來，我們與 SAP 在巴黎的辦公室舉辦了一場聯合行銷活動。這是一個非常好的合作關係。

Okay. The combination of the Power of 3, when we have a partner involved, and SAP and BlackLine, we really see the full value of BlackLine when it's delivered. And we end up recognizing usually some very nice large deals from that. So I think the Power of 3 is one important thing that we continue to focus on. Also the new GROW initiative, we're looking at that as well for the mid-market. So they continue to be a great partner. It's always fun dealing with a very large organization. It never is going to move as quickly as I would like it to move. But it's good.

好的。當我們有合作夥伴參與時，Power of 3 與 SAP 和 BlackLine 的結合，在 BlackLine 交付時我們真正看到了它的全部價值。我們最終通常會從中認識到一些非常好的大筆交易。所以我認為 3 的力量是我們繼續關注的一件重要的事情。還有新的 GROW 計劃，我們也關注中端市場。所以他們仍然是一個很好的合作夥伴。與一個非常大的組織打交道總是很有趣的。它永遠不會像我希望的那樣移動得那麼快。但這很好。

Okay. Great. And if I guess, as a follow-up, I mean, at 25% of revenue, is there a risk that it becomes too large and then that's off-putting to other potential partners? How do you manage that?

好的。偉大的。如果我猜測，作為後續行動，我的意思是，以收入的 25% 計算，是否存在規模太大而令其他潛在合作夥伴反感的風險？你是如何做到這一點的？

I think you want to grow the other areas, right? I mean...

我想你還想發展其他領域，對吧？我是說...

I think, listen, from our vantage point, while we have a very strong relationship with SAP, we are continuing to build relationships with others that want to do business with us. And that's what we will continue to execute again. So -- and remember, a big piece of our business is still very direct from our own sales force to various customers as well. We've built a product that is ERP-agnostic. So we're able to connect to all the leading players out there. We're going to continue to ensure that we have that flexibility as we go forward.

我認為，聽著，從我們的角度來看，雖然我們與 SAP 有著非常牢固的關係，但我們正在繼續與其他想要與我們開展業務的人建立關係。這就是我們將繼續執行的。因此，請記住，我們的很大一部分業務仍然是直接從我們自己的銷售人員向各種客戶提供的。我們建構了一款與 ERP 無關的產品。因此，我們能夠與所有領先的參與者建立聯繫。我們將繼續確保我們在前進過程中擁有這種靈活性。

The next question will come from Koji Ikeda of Bank of America.

下一個問題將由美國銀行的 Koji Ikeda 提出。

I just have one. So I know you have medium-term targets out there and you guided 2023 target out there. And I know you're not guiding to 2024 today. But looking at some of the metrics, let's look at billings growth of 12% in the quarter. That's accelerating from 11% last quarter. But RPO is decelerating sequentially? And the fourth quarter revenue guide implies a growth rate of about, I think it's about 10%. So putting all those things together and triangulate, I guess we're just trying to triangulate how should we be thinking about the growth algorithm over the near term?

我只有一個。所以我知道你們有中期目標，並且指導了 2023 年目標。我知道你今天不是在指導 2024 年。但看看一些指標，讓我們看看本季 12% 的帳單成長。這一數字較上季度的 11% 有所加快。但RPO卻在依序減速？第四季營收指南暗示成長率約為，我認為約為 10%。因此，將所有這些東西放在一起並進行三角測量，我想我們只是試圖三角測量我們應該如何考慮近期的成長演算法？

Yes. I'll start, Koji. I'll start because that will give maybe Owen and I have chance to double team this answer is when we laid out our model, we -- and even where we're trending today, we've got a number of growth levers that we're pulling over the coming years. And as macro demand returns, we think we're in the best position. We've been really fighting for our leadership position for years and maintaining that through, not just now innovating and bringing product to market, but also in our acquisition strategy to drive the platform. And so for us, really, really sort of accelerating our progress towards the platform is the key to getting the growth profile back on track. And so like I said, we'll talk a little more about that.

是的。我要開始了，小二。我會開始，因為這可能會讓歐文和我有機會雙人合作，這個答案是，當我們制定我們的模型時，我們 - 甚至我們今天的趨勢，我們有許多增長槓桿，我們未來幾年我們將繼續努力。隨著宏觀需求的回歸，我們認為我們處於最佳位置。多年來，我們一直在努力爭取我們的領導地位，並一直保持這一地位，不僅是現在的創新並將產品推向市場，而且還包括我們推動平台發展的收購策略。因此，對我們來說，加速平台進程是讓成長重回正軌的關鍵。正如我所說，我們將對此進行更多討論。

On the bottom line and the margin profile, even to today and heading into next year, we -- our confidence level is high on our ability to sustain levels of profitability from here to that 20-plus percent margin profile given the strength of the gross margin profile the efficiency with which we think we can run this business on the sales and marketing in the coming years. So we've got a high confidence on that operating model profile. Yes. With respect to growth algorithm, do you want to talk about those?

就利潤和利潤率而言，即使到今天和進入明年，考慮到毛利率的強勁，我們對將盈利水平從現在維持到 20% 以上的利潤率水平的能力充滿信心。利潤率反映了我們認為未來幾年我們可以在銷售和行銷方面經營這項業務的效率。因此，我們對這種營運模式充滿信心。是的。關於成長演算法，您想談談那些嗎？

Okay.

好的。

Yes.

是的。

Go ahead. I'll lay it on.

前進。我會把它放在上面。

Yes. Look, for us, the key, again, is really monetizing the 4,000-plus customers around the globe. This is a flywheel of growth that we're in with customer success teams and account managers. We've got a new expanding portfolio of products that really changes the games for companies when they meet that digital transformation initiative.

是的。對我們來說，關鍵還是要真正將全球 4,000 多名客戶貨幣化。這是我們與客戶成功團隊和客戶經理共同參與的成長飛輪。我們擁有新的不斷擴展的產品組合，當公司滿足數位轉型計劃時，這些產品組合將真正改變公司的遊戲規則。

We can expand customers above 500,000, above $1 million, and that's the fastest-growing part of our business. And so our focus really needs to lean towards keeping customers engaged, happy and letting them expand when they're ready. And oftentimes, that's macro and other times, that's just budget priority and other sorts of internal things we have to work through. So that's the growth algorithm that we sort of committed to from here for the next several years.

我們可以將客戶擴展到 50 萬以上、100 萬美元以上，這是我們業務中成長最快的部分。因此，我們的重點確實需要傾向於保持客戶的參與、滿意度，並讓他們在準備好時擴展。通常，這是宏觀的，而其他時候，這只是預算優先事項和我們必須解決的其他內部問題。這就是我們在接下來的幾年承諾的成長演算法。

Our next question will be coming from William McNamara of BTIG.

我們的下一個問題將來自 BTIG 的 William McNamara。

Just kind of wanted to know what the customer accounts is greater than $1 million in spending seems to be growing well. Have there been any changes in strategy with channel partner engagement? Or when you say this is a result of just more brand awareness or features available?

只是想知道哪些客戶帳戶的支出超過 100 萬美元，似乎成長良好。通路夥伴參與的策略是否有任何改變？或者當您說這是更多品牌知名度或可用功能的結果時？

I don't know that it's either William. It's really a matter of when we implement BlackLine well, people get value and then they expand. And so we're just seeing the natural extension of expansion. Definitely, partners help with sort of communicating what the vision and what the value is. But it's a lot of this is just natural growth as people continue on their finance transformation journey.

我不知道那是威廉。這實際上是一個問題，當我們很好地實施 BlackLine 時，人們就會獲得價值，然後他們就會擴張。所以我們只是看到擴張的自然延伸。當然，合作夥伴可以幫助溝通願景和價值。但隨著人們繼續進行金融轉型之旅，這在很大程度上只是自然成長。

Okay. Great. And is there's sort of like an average amount of time, kind of your $1 million in spend buckets been using the platform versus a normal customer?

好的。偉大的。與一般客戶相比，您使用該平台的平均時間是否為 100 萬美元？

I don't know that we have that number, but I really like that number. I want to know what that number is. So we -- probably not something we would reveal, but I would definitely like to know that number, Mark.

我不知道我們有這個號碼，但我真的很喜歡這個號碼。我想知道那個數字是多少。所以我們——可能不會透露什麼，但我絕對想知道這個數字，馬克。

Our next question will be coming from Daniel Jester of BMO Capital Markets.

我們的下一個問題將來自 BMO 資本市場的 Daniel Jester。

This is Kyle Aberasturi on for Dan Jester. Could you dig a bit further into the competitive environment? You called out some solid wins in the accounts receivable automation during the quarter? I was wondering what you're seeing in the other solutions, financial close intercompany.

我是凱爾·阿伯拉斯圖裡 (Kyle Aberasturi) 為丹·傑斯特 (Dan Jester) 發言。能否進一步深入了解競爭環境？您認為本季應收帳款自動化方面取得了一些實質進展？我想知道您在其他解決方案（財務緊密公司間）中看到了什麼。

And then my second question, just anything on the regional trends ex-U.S., please.

然後是我的第二個問題，請回答有關美國以外地區趨勢的任何問題。

Yes. I think on the competitive landscape, we continue to go up against those that have been around for quite a while. I do think that we have improved how we thought about how we compete against some of these companies. And again, it's only a quarter, but we felt good about the results that we had. Now we'll see if that turns into trend. But definitely feel very comfortable about that across the suite of product that we offer.

是的。我認為在競爭格局上，我們將繼續與那些已經存在了一段時間的公司競爭。我確實認為我們已經改進了與其中一些公司競爭的方式。再說一遍，雖然只有四分之一，但我們對所取得的結果感到滿意。現在我們看看這是否會成為趨勢。但肯定對我們提供的整套產品感到非常舒適。

Regionally, we're starting to see a little bit of progress in Europe, but recognizing, again, it's still a difficult market over there. And Asia-Pac is always going to be a little bit slower typically than what happens in North America. But again, I think Mark and I were just with our team in Japan just the other day, and I think they feel bullish about coming periods.

從地區來看，我們開始看到歐洲取得了一些進展，但再次認識到那裡仍然是一個困難的市場。亞太地區的速度通常會比北美慢一些。但同樣，我認為馬克和我前幾天剛在日本與我們的團隊在一起，我認為他們對未來一段時間感到樂觀。

So it's a little bit slower outside North America than it is the rest of the world. But I think our efforts trying to help accelerate growth in those regions, the attention that we're spending there is going to pay dividends and move things forward. I know Therese is heading over to Japan and India in the next few weeks for some time. And then Mark and I will be over there shortly thereafter to again keep driving progress in the marketplace.

因此，北美以外地區的速度比世界其他地區慢一些。但我認為，我們努力幫助加速這些地區的成長，我們在那裡投入的注意力將會帶來回報並推動事情向前發展。我知道特蕾莎將在接下來的幾週內前往日本和印度一段時間。然後馬克和我很快就會去那裡，再次繼續推動市場的進步。

Thank you. I see no further questions in the queue. I would like to turn the call back over to Owen Ryan for closing remarks. Please go ahead.

謝謝。我在隊列中沒有看到更多問題。我想將電話轉回給歐文·瑞安 (Owen Ryan) 致閉幕詞。請繼續。

Well, thank you, operator, and thank you for all of our colleagues that have been asking the questions. I truly appreciate your interest in our company and certainly look forward to continuing the conversation in the days and weeks ahead.

好的，謝謝您，接線員，也謝謝我們所有提出問題的同事。我真誠地感謝您對我們公司的興趣，並且當然期待在未來幾天和幾週內繼續進行對話。

So thank you for all you do, and we look forward to speaking soon. Take care, everybody.

感謝您所做的一切，我們期待很快與您交談。大家保重。

This concludes today's conference call. You may all disconnect. Thank you for joining.

今天的電話會議到此結束。你們都可以斷開連線。感謝您的加入。