BlackLine Inc (BL) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to BlackLine's fourth quarter 2023 earnings conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. (Operator Instructions) Please note that today's conference is being recorded. I will now hand the conference over to Matt Humphries, Vice President of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 BlackLine 2023 年第四季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。（操作員指示）請注意，今天的會議正在錄製中。我現在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是 BlackLine 聯合執行長 Owen Ryan 和 Therese Tucker；以及財務長馬克‧帕廷(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 Q1 and full year 2024 are 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，特別是我們對第一季和2024 年全年的指導是前瞻性的-查看 1995 年《私人證券訴訟改革法案》含義內的陳述。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 the call are reasonable, actual results could differ materially. And 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.

儘管我們認為電話會議期間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。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，包括我們向美國證券交易委員會提交的定期報告中所述的風險和不確定性，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. All comparisons we make on the call today relate to the corresponding period last year, unless otherwise noted.

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。除非另有說明，我們今天在電話會議上進行的所有比較都與去年同期進行了比較。

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.

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 Co-Chief Executive Officer, Owen Ryan. Owen?

現在我將把電話轉給 BlackLine 聯合執行長 Owen Ryan。歐文？

Thank you, Matt, and good afternoon, everyone. Thank you all for joining us today. We exceeded revenue and profitability expectations in the fourth quarter with $156 million in total revenue and $52 million in non-GAAP net income. Notably, we ended the year with $603 million in annual recurring revenue or ARR.

謝謝你，馬特，大家下午好。感謝大家今天加入我們。我們第四季的總收入為 1.56 億美元，非 GAAP 淨利潤為 5,200 萬美元，超出了收入和獲利預期。值得注意的是，我們年底的年度經常性收入 (ARR) 為 6.03 億美元。

Our performance this quarter was driven by continued success with partners, including our SolEx relationship and consistent sales performance from our mid-market teams. We also saw higher close rates and improvement in sales force productivity this quarter. Last year, Therese, I took the reins at BlackLine and embarked on a journey to refresh our long-term strategy and vision. Together, we spent a great deal of time working across the business, speaking with customers and reenergizing relationships with our most trusted and strategic partners.

我們本季的業績得益於與合作夥伴的持續成功，包括我們的 SolEx 關係和中端市場團隊的穩定銷售業績。本季我們也看到了成交率的提高和銷售人員生產力的提高。去年，Therese，我接手了 BlackLine，踏上了更新我們長期策略和願景的旅程。我們一起花了大量時間在整個業務範圍內工作，與客戶交談並重新激活與我們最值得信賴的策略合作夥伴的關係。

On the back of these efforts, we took action to implement a more disciplined and refined corporate strategy and activate a new operating model for 2024. Our go-forward strategy is simple. We plan to lead with our solutions across our markets, financial close, FRA and consolidation, inter-company accounting and invoice-to-cash. One note here, invoice to cash is the new name for our end-to-end solutions, which contains our electronic invoicing presentment and payment, as well as accounts receivable automation solutions.

在此基礎上，我們採取行動，實施更規範、更精細的企業策略，啟動2024年新的營運模式。我們的前進策略很簡單。我們計劃在我們的市場、財務結算、FRA 和整合、公司間會計和發票到現金等方面引領我們的解決方案。這裡要注意的是，發票到現金是我們端到端解決方案的新名稱，其中包含我們的電子發票出示和付款以及應收帳款自動化解決方案。

Over the longer term, we expect to either build or acquire additional capabilities that can deepen and extend our platform consistent with the highest priorities within the office of the CFO. To support this, we are becoming a more partner powered organization, harnessing the deep and embedded relationships our partners have with key decision-makers at our customers. We are also prioritizing certain markets and geographies that have the highest long-term potential for success.

從長遠來看，我們希望建立或獲得額外的能力，以深化和擴展我們的平台，與財務長辦公室的最高優先事項保持一致。為了支持這一目標，我們正在成為一個更以合作夥伴為動力的組織，利用我們的合作夥伴與客戶關鍵決策者之間的深刻和嵌入的關係。我們也優先考慮具有最高長期成功潛力的某些市場和地區。

As we move through this year and into next, we are implementing an industry equipped sales motion that leverages our deep domain expertise and brand permission within select industries and sub-industries to capture further market share. We also expect to be more disciplined in our customer targeting, especially in the mid-market, where today we have a much greater understanding of what they need, what works and how to help them. We will focus on growth-oriented companies who can capitalize on BlackLine solutions as they execute their digital finance transformation.

隨著今年和明年的到來，我們正在實施一項行業配套的銷售行動，利用我們在選定行業和子行業內深厚的領域專業知識和品牌許可來獲取更多的市場份額。我們也希望在客戶定位方面更加嚴格，尤其是在中端市場，今天我們對他們的需求、有效的方法以及如何幫助他們有了更深入的了解。我們將重點放在那些在執行數位金融轉型時可以利用 BlackLine 解決方案的成長型公司。

In the near term, we anticipate certain smaller customers who do not see the value in transforming their business potential by choose to discontinue with us. While I hate to lose customers, this is the best strategy for the long-term health and success of both our business and for our customers with different priorities or value drivers.

在短期內，我們預計某些較小的客戶看不到透過選擇停止與我們合作來改變其業務潛力的價值。雖然我討厭失去客戶，但對於我們的業務以及具有不同優先事項或價值驅動因素的客戶來說，這是長期健康和成功的最佳策略。

To execute our refreshed strategy, we implemented a new operating model. This model is solution-led and aligned to our typical buyer profiles within the office of the CFO. Each solution pillar across financial close, consolidation, invoice to cash, and inter-company has a defined leader who is directly responsible and accountable for driving revenue growth while ensuring that the voice of the customers' prioritized in all aspects of innovation and product development. They are working in high collaboration with our go-to-market organization to drive sales growth and guide our customers on their journeys with BlackLine. Over time, the additional accountability and rigor across our business is expected to support the results we demand.

為了執行更新後的策略，我們實施了新的營運模式。該模型以解決方案為主導，並與 CFO 辦公室內的典型買家資料保持一致。財務結算、合併、發票到現金和公司間的每個解決方案支柱都有一個明確的領導者，他直接負責並負責推動收入成長，同時確保在創新和產品開發的各個方面優先考慮客戶的聲音。他們與我們的市場推廣組織密切合作，以推動銷售成長並引導我們的客戶踏上 BlackLine 之旅。隨著時間的推移，我們整個業務的額外責任和嚴格性預計將支持我們所要求的結果。

Now let's review the fourth quarter, particularly around the five key areas, I continue to prioritize. First, on execution. Our go-to-market teams' performance was solid this quarter. We signed a number of large global enterprise deals, giving us early indications that our partner powered approach is building momentum. In fact, the number of BlackLine customers with $1 million or more in ARR increased 33% to 64 customers. We also saw consistent sales performance from our mid-market teams landing some larger customers while experiencing further adoption of our FRA and consolidation solution, which is a true differentiator in the mid-market. We also saw higher close rates and improvement in sales force productivity this quarter.

現在讓我們回顧一下第四季度，特別是圍繞我繼續優先考慮的五個關鍵領域。首先，關於執行。本季我們的市場推廣團隊表現穩健。我們簽署了許多大型全球企業協議，這給我們提供了早期跡象，表明我們的合作夥伴驅動的方法正在積聚動力。事實上，ARR 為 100 萬美元或以上的 BlackLine 客戶數量增加了 33%，達到 64 名客戶。我們也看到我們的中端市場團隊保持了穩定的銷售業績，吸引了一些較大的客戶，同時體驗了我們的 FRA 和整合解決方案的進一步採用，這是中端市場的真正差異化因素。本季我們也看到了成交率的提高和銷售人員生產力的提高。

Next, our market message and branding are beginning to amplify and surround our new operating model, led in part by our new Chief Marketing Officer, who recently joined the company. Our teams are beginning to drive a unified message that addresses not just the unique buyer profiles around each of our solution pillars, but also elevates our platform to key decision makers, both directly and via our partner network. We will have several customer events this year, beginning with our BeyondTheBlack premiere event in late March, which will give us additional opportunities to listen and engage with our customers and partners.

接下來，我們的市場資訊和品牌開始放大並圍繞我們的新營運模式，部分由最近加入公司的新行銷長領導。我們的團隊開始推動統一的訊息，不僅解決每個解決方案支柱的獨特買家概況，而且還直接或透過我們的合作夥伴網路將我們的平台提升到關鍵決策者。今年我們將舉辦多項客戶活動，從 3 月底的 BeyondTheBlack 首映活動開始，這將為我們提供更多機會傾聽客戶和合作夥伴的聲音並與之互動。

Our focus in the fourth quarter and for 2024 is on ensuring our customers receive the value of the BlackLine promise, maximizing both value and ROI. Our teams are working closely with key customers to drive further adoption of our platform via optimization and success plan. We are seeing promising early indicators that customers are reengaging with us, and we are progressing discussions towards additional use cases that can be leveraged for future cross-sell opportunities. At the same time, this close engagement enables us to gather detailed feedback on our solutions and identify future use cases for our product roadmap.

我們第四季和 2024 年的重點是確保我們的客戶獲得 BlackLine 承諾的價值，從而最大限度地提高價值和投資回報率。我們的團隊正在與主要客戶密切合作，透過優化和成功計劃推動我們平台的進一步採用。我們看到了有希望的早期跡象，表明客戶正在重新與我們互動，並且我們正在就可用於未來交叉銷售機會的其他用例進行討論。同時，這種密切的接觸使我們能夠收集有關我們的解決方案的詳細回饋，並確定我們產品路線圖的未來用例。

Our distribution efforts and focus on partners is seeing early signs of success as mentioned. We will cover examples of this shortly, but at a high level, more consistent success here should be supported by better close and competitive win rates and larger deal sizes. We also expect a more efficient sales cycle given the influence these large partners have on key decision-makers within the office of the CFO.

正如前面所提到的，我們的分銷努力和對合作夥伴的關注已經看到了成功的早期跡象。我們很快就會介紹這方面的例子，但在較高的層面上，更一致的成功應該得到更好的接近和有競爭力的獲勝率以及更大的交易規模的支持。考慮到這些大型合作夥伴對財務長辦公室內關鍵決策者的影響力，我們也期望銷售週期更有效率。

Finally, on retention, we saw consistency in our renewal rates versus the third quarter and experienced a slight improvement in net revenue retention or NRR. While we are pleased with these outcomes, we are continuing to double down on our efforts to improve engagement, adoption and satisfaction for our customers. In the year ahead, our teams will be focused on implementing process optimizations with existing customers and identifying those in our base that could benefit from deepening their use of existing solutions and broadening the adoption of new ones to drive digital finance transformation.

最後，在保留方面，我們的續訂率與第三季相比保持一致，淨收入保留或 NRR 略有改善。雖然我們對這些結果感到滿意，但我們將繼續加倍努力，以提高客戶的參與度、採用率和滿意度。在未來的一年裡，我們的團隊將專注於與現有客戶實施流程優化，並確定我們的客戶群中哪些客戶可以從深化現有解決方案的使用和擴大新解決方案的採用中受益，以推動數位金融轉型。

Our operating model, which places an elevated level of accountability on customer success is a core part of our go-forward efforts to improve outcomes for our customers and ultimately for BlackLine.

我們的營運模式對客戶的成​​功承擔更高的責任，這是我們持續努力改善客戶成果並最終改善 BlackLine 成果的核心部分。

Despite ongoing market uncertainty, which we expect to continue in 2024, we closed several large global deals, including numerous competitive takeaways in our enterprise business. In North America, for example, we signed a leading defense and aerospace company via our SolEx partnership while working hand-in-hand with a major partner. This multi-solution deal, including our inter-company solution was in advance of an S/4HANA conversion and will support their move as they transition over the coming years.

儘管市場持續存在不確定性（我們預計這種情況將在 2024 年持續），但我們還是完成了幾項大型全球交易，其中包括我們企業業務中的眾多有競爭力的交易。例如，在北美，我們透過 SolEx 合作夥伴關係簽署了一家領先的國防和航空航天公司，同時與一家主要合作夥伴攜手合作。這項多解決方案交易（包括我們的公司間解決方案）是在 S/4HANA 轉換之前進行的，並將支援他們在未來幾年進行過渡。

We also signed the world's largest retail and health insurance company as part of a competitive replacement. The customer is in the process of migrating a large acquisition from Oracle to SAP and needed a partner that could support them as they rapidly grow in scale. Importantly, our partner in the deal was crucial in validating BlackLine as the provider of choice and demonstrated not just why the customer should change, but how it can be done successfully to deliver real value for the long term.

作為競爭性替代的一部分，我們也與世界上最大的零售和健康保險公司簽約。該客戶正在將一項大型收購從 Oracle 遷移到 SAP，並且需要一個能夠在其規模快速成長時為其提供支援的合作夥伴。重要的是，我們在交易中的合作夥伴在驗證BlackLine 作為首選提供者方面發揮了至關重要的作用，不僅證明了客戶應該做出改變，而且還證明瞭如何成功地做到這一點以長期提供真正的價值。

In Germany, we signed a large multi-site solution SolEx deal with a leading global retailer and one of the world's largest private companies. Working with a team of leading consulting firms, we jointly showcase why BlackLine was the only choice to meet the scale and connectivity needs of their global business while supporting their long-term transformation vision.

在德國，我們與一家全球領先的零售商和全球最大的私人公司之一簽署了一項大型多站點解決方案 SolEx 協議。我們與領先的顧問公司團隊合作，共同展示為什麼 BlackLine 是滿足其全球業務的規模和連結需求，同時支持其長期轉型願景的唯一選擇。

In APAC, we expanded our relationship with the top three metals and mining customer via our SolEx partnership. As part of a shift from an outsource shared services model to an in-source model, the company sought a long-term partner capable of helping them realize their vision of true digital finance transformation.

在亞太地區，我們透過 SolEx 合作夥伴關係擴大了與三大金屬和採礦客戶的關係。作為從外包共享服務模式轉變為內源模式的一部分，該公司尋求一個能夠幫助他們實現真正數位金融轉型願景的長期合作夥伴。

Leveraging our BlackLine Nine optimization strategy, we were able to demonstrate not just why they should be modernizing their processes but have, giving them a blueprint for success and a much better appreciation of the value and ROI they could achieve. A competitive deal from the start, Blackline's differentiation via deep automation across areas like journals, was key to supporting the overall business case. In the middle market, we saw a number of large deals closed as we reshape our focus in this fast-growing market.

利用我們的 BlackLine Nine 優化策略，我們不僅能夠展示他們為什麼應該實現流程現代化，而且還為他們提供了成功的藍圖，並更好地評估了他們可以實現的價值和投資回報率。Blackline 從一開始就是一項具有競爭力的交易，透過期刊等領域的深度自動化實現差異化，是支援整體業務案例的關鍵。在中間市場，隨著我們重新調整對這個快速成長市場的焦點，我們看到了許多大型交易的完成。

In Canada, we signed a leading Canadian financial services company to a multi-solution deal to address the growing complexity and lack of automation across their business processes. Additionally, we signed a leading health care-focused real estate firm to a multi-solution deal, leveraging our partners' insight and validation to support another competitive replacement.

在加拿大，我們與一家領先的加拿大金融服務公司簽署了一項多解決方案協議，以解決其業務流程日益複雜和缺乏自動化的問題。此外，我們還與一家領先的專注於醫療保健的房地產公司簽署了一項多解決方案協議，利用我們合作夥伴的洞察力和驗證來支持另一個有競爭力的替代品。

In addition, the company was looking beyond just their close process and towards consolidation, which was another pain point. They wanted real-time visibility on their financials and our FRA and consolidation solution was the perfect complement and another powerful differentiator for BlackLine.

此外，該公司不僅關注其封閉的流程，還尋求整合，這是另一個痛點。他們希望即時了解自己的財務狀況，而我們的 FRA 和整合解決方案是 BlackLine 的完美補充和另一個強大的差異化優勢。

Finally, we had a great year from our invoice-to-cash business as customers recognize the need for improved control and visibility of working capital and cash management and a higher interest rate environment. Due to the changing regulatory landscape, we are beginning to see interest building and electronic invoicing from customers and prospects alike.

最後，我們的發票到現金業務度過了美好的一年，因為客戶認識到需要改善營運資金和現金管理的控制和可見性以及更高的利率環境。由於監管環境不斷變化，我們開始看到客戶和潛在客戶對電子發票產生興趣。

From a deal perspective, we signed several deals this quarter, both with new and existing customers. In a highly competitive deal, we signed HH Global, a leading tech-enabled creative production and procurement firm based in Europe.

從交易的角度來看，我們本季與新客戶和現有客戶簽署了幾筆交易。在一項競爭激烈的交易中，我們簽署了 HH Global，這是一家總部位於歐洲的領先的技術驅動的創意製作和採購公司。

The company was looking to modernize their collections and dispute processes as well as their overall customer experience. They were also interested in a partner that had EIPP capabilities they could leverage to further advance their vision of real transformation across their business, a great future opportunity to continue expanding our partnership.

該公司希望實現其收藏和爭議流程以及整體客戶體驗的現代化。他們也對擁有 EIPP 能力的合作夥伴感興趣，他們可以利用該合作夥伴進一步推進其業務真正轉型的願景，這是繼續擴大我們的合作夥伴關係的絕佳未來機會。

With that, I will turn it over to Therese to discuss how we're driving innovation across our business this year. Therese?

接下來，我將把它交給 Therese，討論我們今年如何推動整個業務的創新。特蕾莎？

Thank you, Owen. BlackLine has a proven history of innovation, which has been core to our culture, our strategy and our success since day one. In fact, in 2007, we defined and created the financial close market that exists today, paving the way for companies to rethink how accounting work gets done. And since then, thousands of customers, some of the biggest brands in the world have put their trust in BlackLine to deliver real value, all while handling their most mission critical accounting and finance processes.

謝謝你，歐文。BlackLine 擁有悠久的創新歷史，從第一天起，它就一直是我們文化、策略和成功的核心。事實上，我們在 2007 年定義並創建了當今存在的財務結算市場，為公司重新思考如何完成會計工作鋪平了道路。從那時起，數以千計的客戶和世界上一些最大的品牌都信任 BlackLine 能夠提供真正的價值，同時處理他們最關鍵的任務會計和財務流程。

We were the first company to develop and offer a commercial inter-company accounting solution. This again created another market, one which lacks modern solutions to address some of the most complex accounting problems that exist. And more recently, we announced how we are addressing real-time consolidation via our financial reporting and analytics solution, reshaping another market to support real-time business operations.

我們是第一家開發並提供商業公司間會計解決方案的公司。這再次創造了另一個市場，該市場缺乏現代解決方案來解決現有的一些最複雜的會計問題。最近，我們宣布瞭如何透過財務報告和分析解決方案解決即時整合問題，重塑另一個市場以支援即時業務營運。

And as we look ahead to this year, we expect to formally announce the release of the BlackLine Accounting Studio, a command-and-control orchestration layer for the thousands of finance and accounting processes occurring across a disjointed and multi-ERP financial landscape.

展望今年，我們預計將正式宣布推出 BlackLine Accounting Studio，這是一個命令和控制編排層，適用於在脫節的多 ERP 金融環境中發生的數千個財務和會計流程。

Building on this, the evolution of technology in recent years has provided us the opportunity to do things which weren't possible before. It has unlocked capabilities and tools that can propel our vision forward and deliver unprecedented value for our customers.

在此基礎上，近年來科技的發展為我們提供了做以前不可能的事情的機會。它釋放了各種功能和工具，可以推動我們的願景向前發展，並為我們的客戶帶來前所未有的價值。

Simultaneously, customer data volumes are surging. Processes are growing more complex. Additional regulations are being implemented and talent shortages in accounting and finance are becoming even more acute. Collectively, these factors create a convergence of challenges for customers. However, amidst these, lies a substantial opportunity for an industry leader like BlackLine to innovate and to lead.

與此同時，客戶數據量也在激增。流程變得越來越複雜。更多法規正在實施，會計和金融領域的人才短缺變得更加嚴重。總的來說，這些因素給客戶帶來了一系列挑戰。然而，對於像 BlackLine 這樣的產業領導者來說，其中蘊藏著巨大的創新和領導機會。

And I am excited that our recently announced Chief Information Officer is here to support and accelerate our efforts. A perfect example of this opportunity is with AI in combination with the massive amounts of data that is stored on BlackLine's SaaS platform.

我很高興我們最近宣布的資訊長將在這裡支持和加速我們的努力。這個機會的一個完美例子就是人工智慧與 BlackLine SaaS 平台上儲存的大量資料的結合。

But how are we going to do this exactly? We think of this as a two-part strategy. First, we are embedding AI across our existing solutions. Our solution once embedded with AI will enable our customers to be more productive, more efficient and in the end, make their job and their lives easier.

但我們具體要如何做到這一點呢？我們認為這是一個由兩部分組成的策略。首先，我們將人工智慧嵌入現有的解決方案中。我們的解決方案一旦嵌入人工智慧，將使我們的客戶變得更有生產力、更有效率，並最終讓他們的工作和生活變得更輕鬆。

In our Intercompany Financial Management solution, we're already working with customers on our predictive guidance tool that proactively informs the customer when transactional data will likely fail. A customer can fix an identified issue early before it becomes a greater problem later. This unique ability to offer a comprehensive AI-enabled end to end inter-company financial management solution in a market lacking maturity and competition is a powerful component of our long-term innovation strategy.

在我們的公司間財務管理解決方案中，我們已經與客戶合作開發預測指導工具，該工具可以在交易資料可能失敗時主動通知客戶。客戶可以儘早解決已發現的問題，以免問題日後變得更加嚴重。這種在缺乏成熟度和競爭的市場中提供全面的人工智慧端到端公司間財務管理解決方案的獨特能力是我們長期創新策略的強大組成部分。

Similarly, in invoice-to-cash, we are embedding AI to provide visibility and intelligence on customer payment trends before they lend their clients' money or offer them a trade credit, giving them the insights upfront before creating future problems.

同樣，在發票到現金的過程中，我們嵌入人工智慧，以便在客戶借錢或向客戶提供貿易信貸之前提供有關客戶付款趨勢的可見性和情報，從而在造成未來問題之前為他們提供洞察力。

So much time and resources are wasted across the invoice-to-cash process, chasing down late paying customers or having to write-off accounts and renegotiate terms after the fact. Our AI embedded solutions will have the ability to help prevent these things from occurring beforehand and thereby allowing our customers to simply run a better business.

在從發票到現金的過程中浪費了大量的時間和資源，追查逾期付款的客戶，或者必須在事後註銷帳戶並重新協商條款。我們的人工智慧嵌入式解決方案將能夠幫助預防這些事情的發生，從而使我們的客戶能夠簡單地經營更好的業務。

It's why we know that embedding these tools across our platform is important and powerful. And in the financial close, we are planning to deliver generative AI document summaries as part of the account reconciliation process. This time-saving feature can remove a large amount of manual work from a user's process and allows them to focus on exceptions instead. Frain users from mundane -- from the mundane transactional work and allowing them to be more strategic in their roles. In the end, this can lead to a faster close, a better user experience, and can improve the overall accuracy of the reconciliation process.

這就是為什麼我們知道在我們的平台上嵌入這些工具是重要且強大的。在財務結算中，我們計劃提供生成式人工智慧文件摘要，作為帳戶對帳流程的一部分。這種節省時間的功能可以消除使用者流程中大量的手動工作，並允許他們專注於異常情況。將使用者從平凡的事務性工作中解放出來，讓他們在自己的角色中更具策略性。最終，這可以帶來更快的關閉、更好的用戶體驗，並且可以提高對帳流程的整體準確性。

The second part of our strategy is that we expect to offer new AI based solutions for our customers to leverage. An example of this is our planned Journal Risk Analyzer. This solution will be able to review, analyze and model millions of journal entries to proactively identify instances of audit risk, areas of inaccurate data ingestion, or anomalies that may be associated with suboptimal processes.

我們策略的第二部分是，我們希望為客戶提供新的基於人工智慧的解決方案。我們計劃中的期刊風險分析器就是一個例子。該解決方案將能夠審查、分析和建模數百萬個日記帳分錄，以主動識別審計風險實例、資料攝取不準確的區域或可能與次優流程相關的異常情況。

By giving customers the ability to identify these anomalies early, they can address issues before they become more problematic, resulting in a simpler audit process with lower cost and a lower burden. Make no mistake, this is a pivotal year for BlackLine when it comes to innovation. We expect to progress rapidly as we digest and act on the input and feedback from our customer base.

透過讓客戶能夠及早識別這些異常情況，他們可以在問題變得更加嚴重之前解決問題，從而以更低的成本和更低的負擔實現更簡單的審計流程。毫無疑問，今年是 BlackLine 創新的關鍵一年。當我們消化客戶群的意見和回饋並採取行動時，我們期望能夠快速取得進展。

BlackLine Accounting Studio is a great example of this. We put its release on pause last year. We spent additional time working hand-in-hand with our early adopters and partners, understanding what worked and what didn't. We took that feedback and the co-creation opportunity to reimagine the solution into something even more powerful. And we believe that when launched, BlackLine Accounting Studio will be a real differentiator in the office of the CFO and an important part of our platform.

BlackLine Accounting Studio 就是一個很好的例子。我們去年暫停了它的發布。我們花了額外的時間與早期採用者和合作夥伴攜手合作，了解哪些有效，哪些無效。我們利用這些回饋和共同創造的機會將解決方案重新構想為更強大的東西。我們相信，BlackLine Accounting Studio 推出後將成為 CFO 辦公室的真正差異化因素，也是我們平台的重要組成部分。

Similarly, we are rapidly integrating our EIPP solution with our comprehensive suite of accounts receivable automation solutions. Recent developments in the market showcased a heightened interest in EIPP assets, given the tailwinds in invoicing adoption driven primarily by regulatory changes. We take pride in our proactive approach, recognizing these trends early on and expect that through our vision, innovation, and strategy, we will be able to capitalize on these market dynamics.

同樣，我們正在快速將 EIPP 解決方案與我們的全套應收帳款自動化解決方案整合。鑑於主要由監管變化推動的發票採用的順風，市場近期的發展表明人們對 EIPP 資產的興趣日益濃厚。我們為我們的積極主動的方法感到自豪，我們很早就認識到這些趨勢，並期望透過我們的願景、創新和策略，我們將能夠利用這些市場動態。

To close, innovation is the agenda at BlackLine. Everything begins and ends with the customer. And BlackLine is the partner that gives them the tools, the blueprint, and the confidence to transform their processes and ultimately, their businesses.

最後，創新是 BlackLine 的議程。一切都以客戶開始，也以客戶結束。BlackLine 是為他們提供工具、藍圖和信心的合作夥伴，以改變他們的流程並最終改變他們的業務。

Last year, we dedicated significant efforts to evolve and refine our teams and our innovation strategy. Now, in 2024, the focus shifts to execution.

去年，我們投入了大量精力來發展和完善我們的團隊和創新策略。現在，2024 年，重點將轉移到執行上。

With that, I'd like to turn it over to Mark Partin, who will review our financial results and provide some additional color on our guidance. Mark?

至此，我想將其交給馬克·帕丁（Mark Partin），他將審查我們的財務業績，並為我們的指導提供一些額外的資訊。標記？

Thank you, Therese. Our results this past quarter demonstrate that despite a market environment such as this, the predictability and leverage inherent in our model can support continued profitable growth. As we look ahead, accelerating innovation and operational execution are the priorities of BlackLine and those initiatives will be driven by our refreshed strategy and operating model.

謝謝你，特蕾莎。我們上個季度的結果表明，儘管存在這樣的市場環境，但我們模型固有的可預測性和槓桿作用可以支持持續的獲利成長。展望未來，加速創新和營運執行是 BlackLine 的首要任務，這些措施將由我們更新的策略和營運模式所推動。

Now, let's review the financial results for the fourth quarter in a bit more detail. Total revenue grew to $156 million, up 11% with subscription revenue growing 12%. Services revenue declined 5% as we continue to align to a more efficient servicing model. Calculated billings growth was 14% with trailing 12-month billings growth of 13%. Remaining performance obligations or RPO was up 9% with current RPO growing 13%. We closed the quarter with total annual recurring revenue or ARR of $603 million, up 13%. We added 30 net new customers in the quarter, bringing our total customer count at the end of the year to 4,398.

現在，讓我們更詳細地回顧一下第四季度的財務表現。總營收成長 11%，達到 1.56 億美元，其中訂閱收入成長 12%。由於我們繼續採用更有效率的服務模式，服務收入下降了 5%。計算得出的帳單成長率為 14%，過去 12 個月的帳單成長率為 13%。剩餘履約義務或 RPO 成長了 9%，目前 RPO 成長了 13%。本季末，我們的年度經常性總收入或 ARR 為 6.03 億美元，成長 13%。本季我們淨增加了 30 個新客戶，使年底客戶總數達到 4,398 名。

While we saw a healthy growth customer adds, we also experienced a higher volume of churn from smaller customers. In our go-forward strategy, which Owen spoke to earlier, it is reasonable to assume some additional churn of these smaller customers as we move through 2024.

雖然我們看到客戶數量的健康成長，但我們也經歷了較小客戶的流失量增加。在歐文之前談到的我們的前進策略中，我們可以合理地假設，隨著 2024 年的到來，這些較小的客戶會出現一些額外的流失。

Our revenue renewal rate was 94%, consistent with prior quarter and net retention rate or NRR was 106%. Strategic product performance represented 24% of sales driven by transaction matching, account receivable, automation, and FRA and consolidation. Partners were involved in 73% of large new and expansion deals this quarter. SolEx performance continues to grow well ahead of our total revenue growth rate and had a solid showing this quarter. In Q4, SAP partnership revenue represented 25% of total revenue.

我們的營收續約率為 94%，與上一季一致，淨保留率或 NRR 為 106%。策略性產品績效佔交易匹配、應收帳款、自動化以及 FRA 和整合推動的銷售額的 24%。合作夥伴參與了本季 73% 的大型新交易和擴張交易。SolEx 的業績持續成長，遠遠領先我們的總營收成長率，本季表現強勁。第四季度，SAP 合作夥伴營收佔總營收的 25%。

Turning to margin, our non-GAAP gross margin was 80%, with non-GAAP subscription gross margin of 83%, as we remain disciplined on expense optimization within our cloud teams. Non-GAAP operating margin was 25%, driven by a combination of gross margin performance, sales force asset efficiency, and proactive expense management.

談到利潤率，我們的非 GAAP 毛利率為 80%，非 GAAP 訂閱毛利率為 83%，因為我們在雲端團隊內部仍然嚴格執行費用優化。非 GAAP 營運利潤率為 25%，這得益於毛利率表現、銷售人員資產效率和主動費用管理的共同推動。

Non-GAAP net income attributable to BlackLine was $52 million, representing a 33% non-GAAP net income margin. Our operating income outperformance and net interest income drove strength on the bottom line. We generated $42 million in operating cash flow and $35 million in free cash flow in the quarter with a free cash flow margin of 23%.

BlackLine 的非 GAAP 淨利潤為 5,200 萬美元，非 GAAP 淨利潤率為 33%。我們的營業收入表現出色，淨利息收入推動了利潤的成長。本季我們產生了 4,200 萬美元的營運現金流和 3,500 萬美元的自由現金流，自由現金流利潤率為 23%。

Finally, we ended the quarter with over $1.2 billion in cash, cash equivalents and marketable securities. As we contemplate our guidance for 2024, we are not expecting a material improvement in the market environment. While we are cautiously optimistic that a higher level of visibility and clarity will emerge later this year, we've not embedded that into our guide. Combined with the implementation of our new operating model this year, we are approaching 2024 with an appropriately pragmatic view and outlook.

最後，本季結束時，我們擁有超過 12 億美元的現金、現金等價物和有價證券。在我們思考 2024 年的指引時，我們預期市場環境不會有實質改善。雖然我們對今年稍後將出現更高程度的可見性和清晰度持謹慎樂觀態度，但我們尚未將其嵌入到我們的指南中。結合今年新營運模式的實施，我們以適當務實的觀點和展望迎接2024年。

We are also introducing non-GAAP operating margin as an additional guidance metric this year, primarily to align our guidance to our internal metrics and provide shareholders with an extra layer of visibility. We also believe the addition of non-GAAP operating margin will provide more clarity around the progress we are making on our profitable growth.

我們今年也引入了非公認會計準則營業利潤率作為額外的指導指標，主要是為了使我們的指導與內部指標保持一致，並為股東提供額外的可見性。我們也相信，非公認會計原則營業利潤率的增加將使我們在獲利成長方面取得的進展更加清晰。

Lastly, I want to make a brief comment on our revenue guidance. As discussed, we are moving forward with a more partner-powered approach via our operating model, with the expectation that partners will take on an incremental implementation and professional services projects. Net result is that in 2024, we expect to see a one-point headwind to total revenue growth with services revenue growth flat to down mid-single digits versus 2023.

最後，我想對我們的收入指引做一個簡短的評論。如同所討論的，我們正在透過我們的營運模式推進更多由合作夥伴支持的方法，並期望合作夥伴將承擔增量實施和專業服務項目。最終結果是，到 2024 年，我們預計總收入成長將出現一個百分點的阻力，服務收入成長將與 2023 年持平或下降到中個位數。

The services revenue headwind is expected to become more acute as we move through the year. Conversely, we expect to see subscription revenue growth trend generally above the midpoint of our total revenue guidance in each quarter and for the full year. With that being said, for the first quarter of 2024, we expect total GAAP revenue to be in the range of $154 million to $156 million, representing approximately 11% to 12% growth.

隨著今年的推移，服務收入的逆風預計將變得更加嚴重。相反，我們預期訂閱收入成長趨勢將普遍高於我們每季和全年總收入指引的中點。話雖如此，我們預計 2024 年第一季 GAAP 總營收將在 1.54 億美元至 1.56 億美元之間，成長約 11% 至 12%。

We expect to report a non-GAAP operating margin of 15% to 16%, and we expect to report non-GAAP net income attributable to BlackLine in the range of $34 million to $36 million or $0.45 to $0.48 on a per-share basis. Our share count is expected to be approximately 75.8 million diluted weighted average shares.

我們預計非 GAAP 營業利潤率為 15% 至 16%，預計 BlackLine 的非 GAAP 淨利潤為 3,400 萬美元至 3,600 萬美元，或每股 0.45 美元至 0.48 美元。我們的股份數量預計約為 7580 萬股稀釋加權平均股。

For the full year 2024, we expect total GAAP revenue to be in the range of $637.5 million to $649.5 million, representing 8% to 10% growth. We expect to report non-GAAP operating margin of 17% to 18%. We expect to report non-GAAP net income attributable to BlackLine of $153 million to $163 million or $2.01 to $2.14 on a per-share basis. Our share count is expected to be approximately 76 million diluted weighted average shares.

對於 2024 年全年，我們預計 GAAP 總營收將在 6.375 億至 6.495 億美元之間，成長 8% 至 10%。我們預期非 GAAP 營業利潤率為 17% 至 18%。我們預計 BlackLine 的非 GAAP 淨利潤為 1.53 億至 1.63 億美元，即每股 2.01 至 2.14 美元。我們的股票數量預計約為 7,600 萬股稀釋加權平均股。

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

現在，我將要求接線員開始討論，回答您的問題。

(Operator Instructions) Rob Oliver, Baird.

（操作員說明）Rob Oliver，Baird。

Great. Thank you. Good afternoon. BlackLine team, thanks for taking my question. For Owen or for Therese, the questions for you.

偉大的。謝謝。午安.BlackLine 團隊，感謝您提出我的問題。對歐文或特蕾莎來說，這些問題是給你的。

You guys have now been back in charge here almost a year, and I know, Owen, talking with you there were a handful of key strategic initiatives you had, you know, you could have -- going after that SI channel, SI relationships, SAP, the sales reorg. I think what we're hearing from you is you've made real progress on all three of those. Can you maybe rank order where you're seeing the most traction with those and where we expect to first see that kind of manifest in a turn in the revenue growth?

你們現在已經重新掌管這裡近一年了，我知道，歐文，在與你們交談時，你們有一些關鍵的戰略舉措，你們知道，你們可以採取 - 追求 SI 管道、SI 關係， SAP，銷售重組。我認為我們從您那裡聽到的是您在這三個方面都取得了真正的進展。您能否對您認為最受關注的這些內容以及我們預計首先在收入成長的轉變中看到這種表現的順序進行排序？

And I had a quick follow-up, but if I'm limited to one, I'll hop back in the queue.

我進行了快速跟進，但如果我僅限於一次，我會跳回隊列中。

Thanks.

謝謝。

Thanks, Rob. First, I would say while we're very proud of the progress we've made, we're not satisfied with the progress we've made. There is still much more for us to do as an organization, I think of the three things that you've highlighted there from our progress with systems integrators, sales reorganization, and SAP, I think we feel like we've made progress amongst and between all three of them at this particular point in time. I think for us we're starting to see some real progress internally with the focus and discipline from our BDRs, to our sales teams, to the account management, to the customer service teams, all working much more closely together, and we're very, very encouraged by that.

謝謝，羅布。首先，我想說，雖然我們對所取得的進展感到非常自豪，但我們對所取得的進展並不滿意。作為一個組織，我們還有很多工作要做，我想到了您在系統整合商、銷售重組和 SAP 方面所取得的進展中強調的三件事，我認為我們感覺我們已經在以下方面取得了進展：在這個特定的時間點，他們三個人之間。我認為，對我們來說，我們開始在內部看到一些真正的進展，從我們的BDR、到我們的銷售團隊、到客戶管理、到客戶服務團隊，所有人員都更加緊密地合作，我們的重點和紀律也得到了改善。對此非常非常鼓舞。

Obviously, we started the call with some comment about the strength with SAP. This past quarter, we cited a number of examples. We usually don't just use those, but they were very powerful and very important given a what's taken place. And so we're very encouraged by what's going on there. And recently, SAP's, I believe, identified a new leader of the office of the CFO program, which we're very excited about working more closely with that team.

顯然，我們在電話會議開始時就對 SAP 的實力發表了一些評論。上個季度，我們舉了很多例子。我們通常不僅僅使用它們，但考慮到所發生的事情，它們非常強大且非常重要。因此，我們對那裡發生的事情感到非常鼓舞。我相信，最近 SAP 確定了 CFO 專案辦公室的新領導，我們非常高興能夠與團隊進行更密切的合作。

And then on the on the systems integrators, we're spending a lot of time with them. I think we're very -- we feel very bullish about their commitment. We've got good joint account plans that we worked our way through from covering everything off of how we go to market together, how do we make sure our customers are better implemented and adopted. There's a number of those folks that are working closely with Therese, providing feedback around the products as well as what we could potentially be doing on in our industry verticals. So that hard for me to rank all of them from a prioritization perspective, it's like naming your favorite child. But then I think we feel pretty good about the progress we're making along all of those areas.

然後在系統整合商方面，我們花了很多時間與他們相處。我認為我們對他們的承諾非常樂觀。我們制定了良好的聯合帳戶計劃，涵蓋了我們如何共同進入市場、如何確保我們的客戶得到更好的實施和採用等各個方面。其中有許多人與 Therese 密切合作，提供有關產品的反饋以及我們在行業垂直領域可能會做的事情。因此，我很難從優先順序的角度對所有這些進行排名，這就像為你最喜歡的孩子命名一樣。但我認為我們對在所有這些領域取得的進展感到非常滿意。

And if I may just quickly, just on the cash side, it sounds like you guys are taking this opportunity to just think strategically about how to package and price your products potentially differently. And while I don't expect you to disclose anything new here today, if it's in the works, is that right? And how should we be thinking about kind of the way something like it was the cash or other products, if they're packaged or priced differently, could start to impact maybe ARR per customer? Thank you.

我可以簡單說一下，就現金方面而言，聽起來你們正在利用這個機會策略性地思考如何以不同的方式包裝和定價您的產品。雖然我不希望您今天在這裡透露任何新​​內容，但如果它正在開發中，對嗎？我們應該如何考慮像現金或其他產品這樣的東西，如果它們的包裝或定價不同，可能會開始影響每個客戶的ARR？謝謝。

Thanks, Rob. I'll jump in on this one. I think you know, pricing is one of those things that's always an ongoing sort of experiment because ultimately what you want to do is you want to be able to share in the value that you're delivering to your customers, right? And I think we all know that user-based pricing, if you're doing a good job, you're basically phasing out more users. So in terms of our strategic products, we are definitely looking at other ways of doing pricing. We've done our matching rate plans and other sort of types of pricing that are related to the complexity and the value that we deliver to our customers. So yes, we are looking at how to handle this invoice-to-cash a little bit differently and but nothing to announce today.

謝謝，羅布。我會參與其中。我想您知道，定價是始終需要不斷進行實驗的事情之一，因為最終您想要做的是您希望能夠分享您為客戶提供的價值，對吧？我想我們都知道基於用戶的定價，如果你做得很好，你基本上會淘汰更多的用戶。因此，就我們的策略產品而言，我們肯定會考慮其他定價方式。我們已經完成了匹配的費率計劃和其他類型的定價，這些定價與我們為客戶提供的複雜性和價值相關。所以，是的，我們正在研究如何以稍微不同的方式處理這種發票到現金的方式，但今天沒有什麼可宣布的。

Alexander Sklar, Raymond James.

亞歷山大·斯克拉，雷蒙德·詹姆斯。

Great. Thank you. Owen, just starting with your comments around the partner success and improve win rates, better close rates. Is there any way you can frame how much of that was from a stabilizing or improving macro that you saw in the fourth quarter versus the early benefits from the strategic initiatives that you just spoke to in your answer to Rob's question?

偉大的。謝謝。歐文，首先談談您對合作夥伴成功和提高獲勝率、更好的成交率的評論。您是否可以透過任何方式來確定其中有多少來自您在第四季度看到的穩定或改善的宏觀經濟，以及您剛才在回答羅布的問題時談到的戰略舉措的早期收益？

Yeah, I think it's a really good question. I don't know that we're sitting here today saying, wow, we've gotten any kind of tailwind yet from the macro effect, I would say it still feels a little bit more like a headwind than a tailwind. I think the thing that I'm most proud of and we are proud of is the execution of our team. So we feel good about our close rate for opportunities both in the enterprise space as well as the mid-market where our teams executed, we feel quite well, particularly on those customers we chose to pursue in the mid-market. So I would say not really a lot of support yet out of the macro, but we like the fact that our win rate feels pretty good for what we're trying to accomplish.

是的，我認為這是一個非常好的問題。我不知道我們今天坐在這裡說，哇，我們從宏觀效應中得到了任何形式的順風，我想說它仍然感覺更像是逆風而不是順風。我認為最令我自豪、也是我們引以為傲的是我們團隊的執行力。因此，我們對企業領域以及我們團隊執行的中端市場機會的接近率感到滿意，特別是我們選擇在中端市場追求的那些客戶。所以我想說，宏觀層面還沒有太多支持，但我們喜歡這樣一個事實，即我們的勝率對於我們想要實現的目標來說相當不錯。

Okay. Great color there. And then Mark, just following up on the sales and marketing intensity, it's kind of been operating a bit below your medium and long-term targets from 15 months ago. I realize it's a long time in this macro, but how are you thinking about hiring from here for your go-to-market team and what's factored into the 2024 outlook in terms of sales and marketing?

好的。那裡的顏色很棒。然後馬克，只是追蹤銷售和行銷強度，它的營運情況有點低於 15 個月前的中長期目標。我意識到這對宏觀而言已經是很長一段時間了，但是您如何考慮從這裡招募您的行銷團隊以及 2024 年銷售和行銷前景的因素是什麼？

Yeah. Thanks, Alex. Like we started this year with a sufficient capacity to expand and meet the market at additional demand if and when it comes. We're operating very efficiently in that part of the organization, part of the leadership. But most of it just related to the intensity around the operating model changes and sort of some of the key aspects of driving greater sales rep productivity. So our plan for increasing capacity at a stage, most likely after 2024 is to make sure that we have the best salespeople at the right place focused on the customer demand, if and as we see it come onboard.

是的。謝謝，亞歷克斯。就像我們從今年開始就有足夠的能力來擴展並滿足市場的額外需求（如果市場出現額外需求）。我們在組織的這一部分、領導階層的這一部分運作得非常有效率。但其中大部分只是與營運模式變化的強度以及提高銷售代表生產力的一些關鍵方面有關。因此，我們在一個階段（最有可能在 2024 年之後）增加產能的計劃是，確保我們在正確的位置擁有最優秀的銷售人員，專注於滿足客戶需求（如果我們看到客戶需求出現）。

Got it. Just to make sure we're clear on that. So those medium-term targets still are relevant after 24 as you see it just in this interim period, we're still focused on kind of getting those operating model changes in place.

知道了。只是為了確保我們清楚這一點。因此，這些中期目標在 24 日之後仍然具有相關性，正如您所看到的，在這個過渡時期，我們仍然專注於將這些營運模式變革落實到位。

That's right. Our sales and marketing is below the midterm target model, which is your point. At this level of demand, we think it's that they're at the right optimum level.

這是正確的。我們的銷售和行銷低於中期目標模型，這是您的觀點。在這個需求水準上，我們認為它們處於正確的最佳水準。

Thank you very much.

非常感謝。

Matthew VanVliet, BTIG.

馬修·範弗利特，BTIG。

Hi, good afternoon. Thanks for taking the question. I guess when you're looking at the new refresh strategy laid out, I'm curious in terms of what kind of timing you're expecting that to sort of play out, how much of that is going to encompass some meaningful sort of price increases or at least ASP increases with the additional functionality you're talking about?

嗨，下午好。感謝您提出問題。我想當你看到新的更新策略時，我很好奇你期望它在什麼樣的時機發揮作用，其中有多少將包含某種有意義的價格隨著您所談論的附加功能的增加或至少ASP的增加？

And then lastly, how much of the 24 guide or how much churn from the lower end customers is contemplated within that 24 guide? Thanks.

最後，24 小時指南中有多少內容或低階客戶的流失量是在 24 小時指南中考慮的？謝謝。

So I think Therese and I could maybe tag team a little bit on the answer to this question. So I think just from a strategic perspective, what we're trying to do on pricing -- Therese already gave a little bit of a hint to -- but we're taking a very hard look at the way we price the value that we deliver for our customers. And that's probably the biggest thing we're trying to make sure is that we deliver values that our customers feel like they're getting an appropriate return on where they're spending their money with us. There's obviously -- Therese made a little bit about this is sort of the year of innovation for BlackLine again. I'm certainly really excited about some of the things she and the team are driving, and we can't wait to share more of that over the course of the year. And we're working through how to begin to sort of price that additional value that our customers will be achieving.

所以我認為特蕾莎和我也許可以對這個問題的答案做一些標記。因此，我認為，僅從戰略角度來看，我們在定價方面正在嘗試做的事情——特蕾莎已經給出了一些暗示——但我們正在非常認真地審視我們為我們的價值定價的方式。為我們的客戶提供服務。這可能是我們試圖確保的最重要的事情，那就是我們提供的價值讓我們的客戶感覺他們在我們這裡花錢得到了適當的回報。顯然，Therese 對此做了一些介紹，今年又是 BlackLine 的創新之年。我當然對她和團隊正在推動的一些事情感到非常興奮，我們迫不及待地想在這一年中分享更多內容。我們正在研究如何開始對客戶將實現的附加價值進行定價。

I think the thing just on the churn, if you will, for the smaller customers that was asked, is what we recognize is sort of there are a number of customers that we've been much more proactive in engaging with trying to figure out where they want to go on this journey, and if BlackLine can really help them succeed with what they're looking to do.

我認為，如果你願意的話，對於被問到的小客戶，我們認識到，我們已經更加積極主動地與許多客戶接觸，試圖找出他們的流失情況。他們想要繼續這一旅程，並且BlackLine 是否真的可以幫助他們成功實現他們想要做的事情。

I think what we expect is we'll have some conversations with customers that may opt out, if you will, or will help them opt out because if they're not going to do the things that are necessary to drive the kind of transformation that we think is appropriate, they're not going to sort of really take advantage of the value that we have to offer them then better off just sort of going our separate ways. Mark will probably give more guidance as to what that might mean from a from a churn and attrition perspective, but remember, these tend to be much smaller accounts. And so as a percentage of ACV, not particularly significant, but obviously from a customer count perspective, it sticks out a little bit more.

我認為我們期望的是，我們將與可能選擇退出的客戶進行一些對話，如果您願意的話，或者將幫助他們選擇退出，因為如果他們不打算做推動這種轉型所必需的事情，那麼他們就會選擇退出。我們認為這是合適的，他們不會真正利用我們為他們提供的價值，然後最好還是分道揚鑣。馬克可能會從流失和流失的角度提供更多指導，說明這可能意味著什麼，但請記住，這些帳戶往往要小得多。因此，作為 ACV 的百分比，並不是特別重要，但顯然從客戶數量的角度來看，它更加突出。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Dan Jester, BMO Capital Markets.

Dan Jester，BMO 資本市場。

Great. Thanks for taking the question.

偉大的。感謝您提出問題。

Maybe just to build off that last train of thought, can you spend a few minutes talking about the decision to expand in different verticals? Is this again about optimizing the ROI for the customers? And do you think about that sort of deeper push into verticals is this going to affect how you go to market in 24? Or is this a sort of a longer-term initiative that we should expect to play out over time?

也許只是為了建立最後一個思路，您能花幾分鐘討論一下在不同垂直領域進行擴張的決定嗎？這又是為了優化客戶的投資報酬率嗎？您是否認為這種更深層進軍垂直領域會影響您在 24 小時內進入市場的方式？或者這是一種我們應該期望隨著時間的推移而發揮作用的長期舉措？

Thank you.

謝謝。

Yeah. I love that question.

是的。我喜歡這個問題。

So thank you because it's near and dear to what I think what we're trying to accomplish. I think one of the untapped crown jewels we had in this organization with our customer base. And what we're being smarter about now is understanding who our customers are in certain industries and sub-industries, and then where might the whitespace be for companies that we don't yet serve. And that's obvious -- that's pretty obvious of where you might want to go next.

所以謝謝你，因為這與我認為我們正在努力實現的目標非常接近。我認為這是我們在這個組織和我們的客戶群中尚未開發的皇冠上的寶石之一。我們現在更聰明的是了解我們的客戶在某些行業和子行業中，然後對於我們尚未服務的公司來說，空白可能在哪裡。這很明顯——這很明顯地表明你下一步可能想去哪裡。

I think the real thing that I'm excited to watch our team working with Therese and our partners and others on is the fact that we have companies in the same industry who are using our product for very different reasons and sort of being able to compare what company A doing with company B versus company C and then taking that insight and then being able to work with our partners and our product team and our sales teams account management to go back to the customers, like, here's where you can find more value because your peer companies are also doing things very similar to this.

我認為真正令我興奮的是看到我們的團隊與 Therese 以及我們的合作夥伴和其他人合作，事實上我們有同一行業的公司出於不同的原因使用我們的產品，並且能夠進行比較A 公司與B 公司和C 公司做了什麼，然後採取這種洞察力，然後能夠與我們的合作夥伴、我們的產品團隊和我們的銷售團隊合作，客戶管理返回給客戶，例如，在這裡你可以找到更多價值因為你的同行公司也在做與此非常相似的事情。

And I think what it drives is much more value for our customer, it makes us much more efficient in what we're trying to do to help our customers be successful. It should make us more efficient, if you will. There's no more Johnny Appleseed approach to going after the marketplace. It's much more targeted around what we're trying to do. And early indications are very, very positive.

我認為它為我們的客戶帶來了更多價值，它使我們更有效率地幫助客戶成功。如果你願意的話，它應該會讓我們更有效率。不再採用像 Johnny Appleseed 那樣的方法來爭奪市場。它更有針對性地圍繞著我們正在嘗試做的事情。早期跡象非常非常積極。

Mark and I were on a call with one of our Asia Pacific teams yesterday, and they have a very large pursuit they're looking at. And we were just sharing with the similar kind of customers that we had both in Europe and North America that we could bring to this team over in Asia-Pac. And I think that's going to wind up in the win column in the not-too-distant future because of being able to again leverage what we have internally that no one else has, to my knowledge that we could bring to our customers. And I think that's a real -- going to be a real boom for our customers over the coming years. We've already started it in 2024. So we have five industries that are already in development, and we'll be driving that as quickly as we can throughout the course of the year.

馬克和我昨天與我們的一支亞太團隊通了電話，他們正在尋找一個非常大的目標。我們只是與歐洲和北美的類似客戶分享，我們可以將這些客戶帶到亞太地區的團隊。我認為這將在不久的將來成為勝利專欄，因為據我所知，我們能夠再次利用我們內部擁有的其他人所沒有的東西，我們可以為我們的客戶帶來這些東西。我認為這將是未來幾年我們客戶的真正繁榮。我們已經在 2024 年開始了。因此，我們有五個行業已經在發展中，我們將在這一年中盡快推動這一發展。

Pat Walravens, Citizens JMP.

Pat Walravens，公民 JMP。

Oh, great. Thank you. Therese, can we talk more about the solution pillars? So do you mind just going through what they are again? And how the role of the person who's in charge is going to work, in particular, are they on the hook for hitting the number? And how does that work?

哦，太好了。謝謝。Therese，我們可以多談談解決方案的支柱嗎？那麼你介意再經歷一次它們嗎？負責人的角色將如何發揮作用，特別是他們是否會因為達到目標而負責？這是如何運作的？

Okay. Love it. So the solution pillars, there for today. And obviously, the first one is our financial close, which is typically been our bread and butter over the years. The second is intercompany financial management. The third is invoice-to-cash, and the fourth is financial reporting analytics and consolidation, okay, one of our newer products.

好的。愛它。今天的解決方案支柱就到此為止。顯然，第一個是我們的財務結算，這通常是我們多年來的麵包和黃油。二是公司間財務管理。第三個是發票到現金，第四個是財務報告分析和整合，好吧，這是我們的新產品之一。

Now, the four solution pillar leaders are basically veterans in each of their respective areas and they have deep, deep market and product expertise. And yes, they are indeed responsible for a number for their particular product line. They are also motivated in their comp packages to collaborate with one another.

現在，四大解決方案支柱領導者基本上都是各自領域的資深人士，擁有深厚的市場和產品專業知識。是的，他們確實對其特定產品線的許多方面負責。他們的薪酬方案也激勵彼此合作。

And so we've seen where that's a very powerful combination where the combination of certain products are much more effective in terms of win rates in certain segments of the market. So they have the role of basically bringing the voice of the customer into our product and tech organization because they are spending a lot of time with the go-to-market team to really understand directionally where the market's going, what our customers and our prospects are looking for. So they get to be on the both at the tip of the spear as well as bringing that knowledge back to the product and tech group where they have great influence on the roadmap. And yes, to put, you know, our teeth behind it, they all have their own numbers as well. Does that help?

因此，我們已經看到這是一個非常強大的組合，其中某些產品的組合在某些市場領域的贏率方面更加有效。因此，他們的角色基本上是將客戶的聲音帶入我們的產品和技術組織，因為他們花了很多時間與進入市場團隊一起真正了解市場的發展方向，我們的客戶和我們的前景正在尋找。因此，他們既要站在矛尖，又要把這些知識帶回產品和技術團隊，在那裡他們對路線圖有很大的影響力。是的，你知道，我們的牙齒背後，他們也都有自己的數字。這樣有幫助嗎？

Koji Ikeda, Bank of America

池田浩司，美國銀行

Hey, guys. Thanks so much for taking the question. I wanted to kind of revisit the medium-term growth targets to 2020 -- 20% to 25% revenue growth target. Can you maybe help us understand just thinking about with net revenue retention? What looks like to be stabilizing here at 106%. What are the components, how to think about the components there between new and expand and upsell and cross-sell to get to that 20% to 25% target?

大家好。非常感謝您提出問題。我想重新審視 2020 年的中期成長目標——20% 到 25% 的營收成長目標。您能否幫助我們理解僅考慮淨收入保留？看起來穩定在 106%。有哪些組成部分，如何考慮新建、擴展、追加銷售和交叉銷售之間的組成部分以達到 20% 到 25% 的目標？

Thanks, Koji. I think I'll start with the original algorithm for the midterm targets. And that begins with account expansion. We laid out a $1 billion plus resident market opportunity in our existing customers, both large enterprise and mid-market. Based on the tools that we've either acquired, built and are putting together, we've got a real opportunity through digital transformation to drive greater share of wallet inside the office of the CFO.

謝謝，小二。我想我將從中期目標的原始演算法開始。這要從帳戶擴張開始。我們為現有客戶（包括大型企業和中型市場）提供了價值超過 10 億美元的居民市場機會。基於我們已經購買、建構和整合的工具，我們透過數位轉型獲得了真正的機會，可以在財務長辦公室內推動更大的錢包份額。

We're reaching higher and wider with our products and with our solutions and messaging. So the big opportunity for us is a focus on the account ownership and the customer success. We laid it out earlier in our comments to really expand inside and use those trusted relationships that we have with over 4,000 customers. The second -- and that in addition will drive our retention rate higher, our renewal rate higher, and we believe that's the big focus of our algorithm.

我們的產品、解決方案和資訊傳遞正在達到更高、更廣的目標。因此，對我們來說，最大的機會是專注於客戶所有權和客戶成功。我們先前在評論中指出，要真正擴展內部並利用我們與 4,000 多名客戶建立的值得信賴的關係。第二個——此外，這也將推動我們的保留率更高，我們的續約率更高，我們相信這是我們演算法的重點。

Now that components of that include the strategic product upsell, of course, and then some of the things that we've talked to you about over the last year.

當然，其中的組成部分包括策略性產品追加銷售，以及我們去年與您討論過的一些事情。

The second component is the new logo acquisition. We still firmly believe that this is -- in most of the markets where we operate today, still an untapped market potential, whether it's in Europe or in Japan or even here in North America, there are -- we believe that the financial close and I2C invoice-to-cash and intercompany are still emerging opportunities with potential. And so the return to 20% to 25% is built on account expansion and continued market share growth and competing in the market to get new logos in the new markets and territories. That's where the strategy and the operating model are built to attack that algorithm.

第二個組成部分是新徽標的獲取。我們仍然堅信，在我們今天經營的大多數市場中，仍然是一個尚未開發的市場潛力，無論是在歐洲還是在日本，甚至在北美，我們相信，財務結算和I2C 發票到現金和公司間合作仍然是具有潛力的新興機會。因此，回歸 20% 至 25% 的基礎是客戶擴張、市場份額持續成長以及在新市場和地區獲得新商標的市場競爭。這就是建立攻擊該演算法的策略和操作模型的地方。

Thanks so much, Mark. I appreciate it.

非常感謝，馬克。我很感激。

Thank you.

謝謝。

Thank you.

謝謝。

Pinjalim Bora, JPMorgan.

平賈林·博拉，摩根大通。

Great. Thank you for taking the questions. Mark, I just wanted to ask you about the retention rates. Maybe if you can unpack it seems like the gross retention is stabilizing a bit. Is it possible to unpack the gross retention between mid-market and enterprise? And trying to understand what needs to be done to kind of move that retention back to where it was? What are you -- how are you thinking that trajectory to be? Is that going to be over the next 12 months? Or is it going to take time?

偉大的。感謝您提出問題。馬克，我只是想問你關於保留率的問題。也許如果你能打開包裝，總保留率似乎會穩定一些。是否有可能解開中階市場和企業之間的總保留率？並試圖了解需要採取哪些措施才能將保留率恢復到原來的水平？你是什​​麼——你認為這個軌跡是什麼樣的？是在接下來的 12 個月內嗎？還是需要時間？

Yeah. Thanks for the question, Pinjalim.

是的。謝謝你的提問，平賈利姆。

I think that the beginning for us really is the renewal rate and really focusing on keeping and optimizing the customers we have. It's down at 94%. You're right, it has sort of settled at that rate. That's high 80s in the mid-market, and that's mid 90s in the enterprise. And we're accustomed to seeing those rates a lot higher.

我認為我們的起點確實是續訂率，並真正專注於保留和優化我們擁有的客戶。下降了 94%。你是對的，事情已經用這個速度穩定下來了。對於中端市場來說，這是 80 年代中期的情況；對於企業來說，這是 90 年代中期的情況。我們已經習慣了這些比率要高得多。

We believe that not only is this a period issue, but that so much of our attention is now focused on driving that number higher. We spend a lot of time, money, and attention to get customers. We've got the best solution in the market. So we believe it's a lot about execution through some of these macro headwinds and some of the noise that's in the market today. That's the beginning of driving the retention rate.

我們認為，這不僅是一個時期問題，而且我們現在的大部分注意力都集中在推動這一數字更高上。我們花費大量的時間、金錢和精力來吸引客戶。我們擁有市場上最好的解決方案。因此，我們認為，這在很大程度上取決於這些宏觀逆風和當今市場上的一些噪音的執行。這是提高保留率的開始。

The second component of it is digital transformation. We inspire that as part of our strategic objective. Digital transformation means that we can -- as we have landed with our financial close solutions and then build out up from there with our strategic product solutions. We've been and are comfortable at 110 to 111. We're down to 105 to 106. Much of this is the macro headwinds and some of these renewal rate issues that we've highlighted. And we think that through a more targeted account upsell program for our strategic portfolio through these dedicated pillar solution leaders that we can get that retention rate higher, particularly in the enterprise accounts. So that's where our sort of strategy and 2024 plan is for 2024 and beyond.

它的第二個組成部分是數位轉型。我們將其作為我們戰略目標的一部分。數位轉型意味著我們可以——因為我們已經推出了財務結算解決方案，然後在此基礎上推出了我們的策略產品解決方案。我們過去和現在都習慣撥打 110 到 111。我們已經減少到 105 到 106。其中大部分是宏觀阻力和我們強調的一些續訂率問題。我們認為，透過這些專門的支柱解決方案領導者為我們的策略組合製定更有針對性的帳戶追加銷售計劃，我們可以提高保留率，特別是在企業帳戶中。這就是我們 2024 年及以後的策略和 2024 年計畫。

Understood. Thank you.

明白了。謝謝。

Adam Hotchkiss, Goldman Sachs.

亞當·霍奇基斯，高盛。

Great. Thanks for taking the question. I just wanted to touch quickly on FRA. I think you called out that that was a key part of some of the wins this quarter. I'm just curious if you see that opening up your market opportunity in the mid-market a bit more than you might have expected and how you marry some of the success there with some of your comments around being more targeted?

偉大的。感謝您提出問題。我只是想快速了解法國。我認為您指出這是本季一些勝利的關鍵部分。我只是很好奇，您是否發現在中端市場打開的市場機會比您預期的要多一些，以及您如何將那裡的一些成功與您關於更有針對性的一些評論結合起來？

We have seen some very good success in the mid-market. It is a differentiator for us. Most mid-market sized companies that are out there now end up doing their financial reporting inside of excel. So offering them a tool that gives them sort of the control. And the end-to-end visibility has been a very powerful motivator and differentiator in that market.

我們在中端市場看到了一些非常好的成功。這對我們來說是一個差異化因素。現在大多數中型市場規模的公司最終都在 Excel 中完成財務報告。因此，為他們提供一個工具，讓他們有一定的控制權。端到端的可見度一直是該市場非常強大的動力和差異化因素。

I'm sorry, what was the second part of your question? I got all excited because you asked about FRA.

抱歉，您問題的第二部分是什麼？因為你問起 FRA，我很興奮。

Yeah. No worries. I was just curious how you marry some of that commentary around the success in the mid-market with being more targeted. It just seems like if that's being successful, it seems like that might be opening up your market opportunity there a bit more than you might have expected. So just curious how you pull those two comments together.

是的。不用擔心。我只是很好奇你如何將一些關於中端市場成功的評論與更有針對性的評論結合起來。看起來如果這是成功的，那麼這可能會比您預期的更多地打開您的市場機會。所以只是好奇你是如何將這兩則評論結合在一起的。

I think, Adam, the important piece of this again is it's all about customer client selection. And so I think the thing that we're trying to do is make sure we have these very thoughtful conversations with the prospective customer through the sales cycle about what's their vision? What are they trying to accomplish as an organization? Where are they going? Are they all in on sort of thinking about the blueprints and success plans that we can help them to create to drive what they are looking to do. And what you find is that mid-market is very wide marketplace, right? And so this is all about finding those customers that best fit, what we believe is ideal customer profile for what we're trying to drive versus just chasing every organization that's out there.

我認為，亞當，其中最重要的一點是，這一切都與客戶的選擇有關。因此，我認為我們正在努力做的事情是確保我們在整個銷售週期中與潛在客戶進行深思熟慮的對話，並了解他們的願景是什麼？作為一個組織，他們想要實現什麼目標？他們要去哪裡？他們是否都在思考我們可以幫助他們創建的藍圖和成功計劃，以推動他們想要做的事情。您發現中階市場是非常廣大的市場，對嗎？因此，這一切都是為了找到最適合的客戶，我們認為這是我們想要推動的理想客戶檔案，而不是只追逐現有的每個組織。

And so again, I just I can't applaud my BDR team enough and what the sales and AMO teams are doing right now for really being very thoughtful, very strategic in the conversations that they're having. Because ultimately what you want to do, what we want to do is drive success for our customers. And again, part of that upfront is knowing that we are right for them and they're right for us as we move forward. And so I don't think that those statements are in conflict with one another. In fact, I think they're perfectly aligned again, with helping us be more effective, efficient and successful in helping our customers.

再說一次，我對我的 BDR 團隊以及銷售和 AMO 團隊現在正在做的事情表示讚歎不已，因為他們在對話中確實非常周到、非常具有戰略意義。因為歸根結底，您想要做的就是我們想要做的，那就是為我們的客戶帶來成功。再說一遍，首先要知道我們適合他們，隨著我們的前進，他們也適合我們。因此，我認為這些陳述並不互相衝突。事實上，我認為它們再次完美地結合在一起，幫助我們更有效、更有效率和成功地幫助我們的客戶。

Brent Bracelin, Piper Sandler.

布倫特·布萊斯林，派珀·桑德勒。

Good afternoon. Thanks for taking the question here. One of the big questions that we have across the broader software group, where we've seen growth slow for the last couple of years is trying to assess when growth rates start to trough. If I think about your business, RPO here has slowed for two years. Is that 9% I think in Q4 here. Mark, what's your best guess when we start to trough, is there any sort of silver lining in the pipeline that might suggest a bigger pipeline?

午安.感謝您在這裡提出問題。我們在更廣泛的軟體集團中面臨的重大問題之一是試圖評估成長率何時開始觸底，過去幾年我們看到該集團的成長緩慢。如果我考慮一下您的業務，這裡的 RPO 已經放緩了兩年。我認為第四季是 9% 嗎？馬克，當我們開始陷入低谷時，您最好的猜測是什麼？管道中是否有任何一線希望可能表明需要更大的管道？

Again, close rates have been the big issue, but walk us through your best guess on when RPO growth could start to bottom here after a couple of years of slowdown across the broader group?

同樣，接近利率一直是一個大問題，但請告訴我們您對 RPO 增長何時在整個集團放緩幾年後何時開始觸底的最佳猜測？

Thanks.

謝謝。

Thanks, Brent. Yeah, that's quite a question. (laughter) [I'll find on a] trough for the entire SaaS group. I might not answer it correctly. Don't be surprised. I would say though all kidding aside, that some of the green shoots we've talked about our execution, which certainly makes things feel a little better in a macro headwind, but we saw some green shoots in Q4 at the higher end of the funnel, larger deals that we were able to pull across, particularly in the account growth.

謝謝，布倫特。是的，這是一個很大的問題。 （笑聲）[我會發現]整個 SaaS 團隊的低潮。我可能無法正確回答。不要感到驚訝。我想說的是，儘管開個玩笑，我們已經討論過我們的執行情況，這肯定會讓事情在宏觀逆風中感覺好一些，但我們在第四季度在漏斗的高端看到了一些萌芽，我們能夠完成更大的交易，特別是在客戶成長方面。

That was a lot of extra heavy lifting and effort from the team. So seeing those things start to emerge are certainly positive signs. But we can't call that that's a new and sustainable motion that we see and especially so early in the year for us where a lot of our larger deal and digital transformations that are tied to either SAP, SolEx or to longer sales cycles.

這需要團隊付出大量額外的繁重工作和努力。因此，看到這些事情開始出現無疑是個正面的跡象。但我們不能稱這是我們看到的一項新的永續舉措，尤其是在今年年初，我們的許多大型交易和數位轉型都與 SAP、SolEx 或更長的銷售週期相關。

So for us, look, we tried to show up, you know, for our customers and execute first, and we think that will start to close the gap in any macro environment. And you know, here we have many crosswinds, whether it's the version of SaaS, ROI and accountability. And we think we hold up pretty well in the long term for that. If customers are looking around for vendor consolidation and expense rationalization, our business case is very solid, especially when you are buying and using more than an application or financial close.

因此，對於我們來說，你知道，我們試圖為我們的客戶展示並首先執行，我們認為這將開始縮小任何宏觀環境中的差距。你知道，我們這裡有很多側風，無論是 SaaS 版本、投資報酬率還是問責制。我們認為，從長遠來看，我們在這方面保持得很好。如果客戶正在尋找供應商整合和費用合理化，我們的商業案例非常可靠，特別是當您購買和使用的不僅僅是應用程式或財務結算時。

So our growth profile is in a very important high ROI automation part of the office of the CFO. And when that happens from quarter to quarter, it's tough to call. But we know that it's a problem that hasn't gone away. It's only gotten bigger through this sort of downturn, if you will. Brent, that's the best I can do for calling a trough. But when it's in the rearview mirror, I'll tell you.

因此，我們的成長概況是 CFO 辦公室非常重要的高投資報酬率自動化部分。當這種情況逐季發生時，就很難判斷了。但我們知道這個問題並沒有消失。如果你願意的話，它只會在這種低迷時期變得更大。布倫特，這就是我能做的最好的事了。但當它出現在後視鏡中時，我會告訴你。

Thank you for the question, Brent.

謝謝你的提問，布倫特。

Steve Enders, Citi.

史蒂夫恩德斯，花旗銀行。

Okay, great. Thanks for taking the question here. I appreciate all the innovation and cash [through] that's coming down the pipe this year. I guess maybe to start, what's been the early feedback you hear kind of showing the [data] customers? And I guess on the other side of it, how do you assess the go to market right to capture that potential there? And I guess, in particular, where does the budget opportunity come from as you go into and target those accounts?

好的，太好了。感謝您在這裡提出問題。我感謝今年即將到來的所有創新和現金。我想也許首先，您聽到的顯示[數據]客戶的早期回饋是什麼？我想另一方面，您如何評估進入市場的權利以捕捉那裡的潛力？我特別想，當您進入並瞄準這些客戶時，預算機會從何而來？

Well, starting with some feedback from customers, it's been pretty enthusiastic, but realize that I'm a big believer in co-development with our customers over time. We have been vetting ideas against them, then we vet prototypes, then we vet products. So when we finally get to the point where we launch, we expect to have nothing but very enthusiastic feedback and frankly, that's how you don't waste money on development. Okay.

嗯，從客戶的一些回饋開始，大家非常熱情，但我意識到，隨著時間的推移，我非常相信與客戶共同開發。我們一直在審查他們的想法，然後我們審查原型，然後我們審查產品。因此，當我們最終到達發布的地步時，我們希望得到的只是非常熱情的回饋，坦白說，這樣就不會在開發上浪費金錢。好的。

So that's very good feedback today so far. And I'm super pleased. Now -- and likewise, you know, we also work a lot with our partners in terms of what they're seeing in the market. A lot of times, they have a much broader purview than we might. So lots and lots of feedback from idea, inception of idea all the way through to launching a product.

到目前為止，這是非常好的回饋。我非常高興。現在——同樣，你知道，我們也與我們的合作夥伴就他們在市場上看到的情況進行了大量合作。很多時候，他們的權限比我們廣泛得多。從想法、想法的產生一直到產品的推出，都會有很多很多的回饋。

Now when we start launching a product that typically is a process where we will roll it out for some period of months with early adopters. Again, this is a much more in-depth now you're actually using it and a lot of times the feedback there will be slightly different because when they start to use it, they find out if it's easy or not. Okay? Then we will typically launch into a internal pricing discussion on how to get things, you know what the value seems to be. A lot of times our customers will take part in that. What are you willing to pay for it? And then finally, we really start to get the marketing teams involved and the go-to-market enablement teams so that as we roll things out to our actual customer base, our go-to-market teams are ready to work with our customers and our prospects.

現在，當我們開始推出產品時，通常需要一個過程，我們將與早期採用者一起將其推出數月。再說一次，這是一個更深入的問題，現在你實際上正在使用它，很多時候反饋會略有不同，因為當他們開始使用它時，他們會發現它是否容易。好的？然後我們通常會就如何獲得東西展開內部定價討論，你知道它的價值是什麼。很多時候我們的客戶都會參與其中。你願意為此付出什麼代價？最後，我們真正開始讓行銷團隊和進入市場支援團隊參與進來，這樣當我們將產品推廣到我們的實際客戶群時，我們的進入市場團隊就準備好與我們的客戶合作，我們的前景。

That's kind of a quick overview. I hope that answers your question.

這是一個快速概述。我希望這能回答你的問題。

Thanks for taking the question.

感謝您提出問題。

Chris Quintero, Morgan Stanley.

克里斯昆特羅，摩根士丹利。

Hey, everyone, thanks for taking the questions here.

大家好，感謝您在這裡提出問題。

I think this one is for Mark. I want to ask around the fiscal year '24 revenue guide, given the Q1 guide implies 11.5% growth, that would imply further deceleration into the rest of the year to get to your full year guide of 9%. So do you expect growth to further slow? Or are you embedding some more conservatism into that guide maybe compared to previous years?

我認為這是給馬克的。我想問 24 財年的營收指南，因為第一季的營收指南意味著 11.5% 的成長，這意味著今年剩餘時間將進一步減速，以達到 9% 的全年指南。那麼您預計成長會進一步放緩嗎？或者與前幾年相比，您是否在該指南中融入了更多的保守主義？

I'm a pragmatic and I think in this case, conservative guide for the year. And some of that is the market, but also a number of the operating model changes that we believe there's real opportunity for uplift with these changes. The timing for that is the thing that I think drives the most question. And so the guide is adequately conservative and pragmatic for the year, you're right. Within Q4, we saw some good upticks in a few leading indicators that's positive, whether it's momentum we're not going into this year. We're going to look for that visibility. And I think that gives us an opportunity to execute and have very high confidence in not only the top level guide, but in the ability to generate improving operating leverage in the business during this year.

我是一個務實的人，我認為在這種情況下，今年的指南是保守的。其中一部分是市場，還有一些營運模式的變化，我們相信這些變化確實有提升的機會。我認為最有問題的就是時機。因此，該指南對於今年來說是足夠保守和務實的，你是對的。在第四季度，我們看到一些領先指標出現了一些積極的上升，無論這是我們今年不會進入的勢頭。我們將尋找這種可見性。我認為這給了我們一個執行的機會，並且不僅對高層指南充滿信心，而且對今年提高業務營運槓桿的能力充滿信心。

Thank you for that question.

謝謝你提出這個問題。

I'll keep it to one question. Thanks.

我將保留一個問題。謝謝。

Terry Tillman, Truist.

特里‧蒂爾曼，真理主義者。

Yeah, hi. Can you hear me?

是的，嗨。你聽得到我嗎？

Yes. Hi, Terry.

是的。嗨，特里。

I thought they said Truist, but it cut out. Thanks for fitting me in. So it is a single question. It may be multiple parts, unfortunately though. On the SAP relationship, it's great to see the SolEx, it's great hearing about customer specific customers. So that was great in 4Q. What I'm curious about as we look to '24, how are you thinking about percentage of revenue from SAP? And where do you see potentially if there's going to be upside drivers from SAP, what are some of the more interesting incremental opportunities, maybe product wise? And what about their perspective on your all's AI journey and are they signed up and are they pushing that as well? Thank you.

我以為他們說的是真理主義者，但它被刪除了。謝謝你讓我融入。所以這是一個單一的問題。不幸的是，它可能是多個部分。關於 SAP 關係，很高興看到 SolEx，很高興聽到有關特定客戶的資訊。所以第四季的表現非常棒。當我們展望 24 世紀時，我很好奇的是，您如何看待來自 SAP 的收入百分比？如果 SAP 會帶來上行驅動因素，您認為哪些方面是潛在的？有哪些更有趣的增量機會（也許是產品方面的機會）？他們對你們所有人的人工智慧之旅有何看法？他們是否已簽約並也在推動這一目標？謝謝。

I think, Therese, you and I are going to have to tag team on this because you can maybe handle the AI piece of it. I would expect that -- I don't know that we'll see a significant shift in what percentage of our revenue comes from SAP over 2024. I do think that the collaboration and communication and the teaming has gotten better across all aspects of what where we're trying to do. Obviously, we're going to continue to have resources dedicated both domestically and internationally to work on in the local markets where they are because all this business is done at a local level.

我想，Therese，你和我必須在這件事上進行團隊合作，因為你也許可以處理其中的人工智慧部分。我預計—我不知道 2024 年來自 SAP 的收入比例是否會發生重大變化。我確實認為，在我們正在努力做的事情的各個方面，協作、溝通和團隊合作都變得更好了。顯然，我們將繼續在國內和國際上投入資源，在當地市場工作，因為所有這些業務都是在當地完成的。

I think that there's elements of what we're trying to do together in the marketplace, which seem to be going quite well, again from at least the feedback from my teammates here at BlackLine and then some of the senior executive meetings were happening between ourselves and SAP at this point in time. So all that, I think bodes well for what we're trying to do obviously for a critical partner, but we also have another big part of our business, the other 75% that we're going to keep driving as well. And I think we feel pretty good about that overall.

我認為，我們在市場上共同努力的一些事情似乎進展順利，至少從我在 BlackLine 的隊友的反饋來看，然後我們之間舉行了一些高級管理會議以及此時的 SAP。因此，我認為這對我們正在努力為關鍵合作夥伴做的事情顯然是個好兆頭，但我們還有業務的另一個重要部分，即我們也將繼續推動的另外 75%。我認為我們總體上對此感覺很好。

And then on the AI side, Therese, you want to talk about that?

那麼在人工智慧方面，Therese，你想談談嗎？

So I think SAP, there's a couple of things about -- that are important to SAP coming up in this year. The office of the CFO is certainly one, which is important for us. And secondly, their commitment to AI as well. The beautiful thing about both SAP and BlackLine is that we both have a great deal of data which makes the usage of AI models much more effective. And so we're seeing that everybody's -- in fact, not just SAP, but really everybody is trying to figure out how to best deliver the benefits that we know are tangible to our customers. So we see that within SAP, we have discussions on that. And that's certainly a high priority for BlackLine this year.

所以我認為 SAP 有幾件事對 SAP 今年的發展非常重要。財務長辦公室當然是其中之一，這對我們來說很重要。其次，他們也致力於人工智慧。SAP 和 BlackLine 的優點是我們都擁有大量數據，這使得人工智慧模型的使用更加有效。因此，我們看到每個人——事實上，不僅僅是 SAP，實際上每個人都在努力找出如何最好地為我們的客戶提供我們所知道的實際利益。所以我們看到 SAP 內部對此進行了討論。這無疑是 BlackLine 今年的首要任務。

So operator, I know we've run a little bit over, so I just wanted to sort of close up the meeting. I want to thank everybody for their participation today. Really appreciate it. Look forward to the follow-up conversations that I'm sure we'll have and appreciate your interest in BlackLine. And thank you everybody. Have a great rest of the day. Take care.

接線員，我知道我們有點超出了，所以我只是想結束會議。我要感謝大家今天的參與。真的很感激。期待我們將進行的後續對話，並感謝您對 BlackLine 的興趣。謝謝大家。祝你這一天好好休息。小心。

Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。