BlackLine Inc (BL) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the BlackLine Quarter 3 2024 earnings conference call. (Operator Instructions). Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Matt Humphries, VP of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 BlackLine 2024 年第 3 季財報電話會議。（操作員說明）。請注意，今天的會議正在錄製中。現在我想將會議交給今天的第一位發言人，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'd 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 the fourth quarter 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，特別是我們對第四季度和2024 年全年的指導屬於 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 the 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，因為這些陳述是基於我們截至今天的當前預期，並受到風險和不確定性的影響，包括我們向公司提交的定期報告中所述的風險和不確定性。

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

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。有關這些非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，請參閱我們的收益報告，該報告可在我們的投資者關係網站Investors.blackline.com 或我們的表格8- 中找到。現在我將把電話轉給 BlackLine 的聯合執行長 Owen Ryan。歐文？

Thank you, Matt, and good afternoon, everyone. Thank you all for joining us on today's call. Before discussing our performance, I would like to address the 8-K filing we submitted along with today's earnings announcement. Mark Partin, BlackLine's Chief Financial Officer, will be retiring after 10 years of service. He will continue to serve as CFO through March 1, 2025, and transition to an advisory role for a short period afterwards. To ensure a smooth transition to his successor, Patrick Villanova, our Chief Accounting Officer.

謝謝你，馬特，大家下午好。感謝大家參加今天的電話會議。在討論我們的業績之前，我想先談談我們隨今天的收益公告一起提交的 8-K 文件。BlackLine 財務長 Mark Partin 將在服務 10 年後退休。他將繼續擔任財務長至 2025 年 3 月 1 日，並在之後的短時間內過渡到顧問職位。確保其繼任者帕特里克·維拉諾瓦 (Patrick Villanova)（我們的首席會計官）的順利過渡。

Patrick has been with BlackLine since 2015, reporting directly to Mark throughout that period. I am deeply grateful for Mark's contributions in all the roles he played in building us into the market leader. I am also excited to work more closely with Patrick as he steps into his new role as CFO.

Patrick 自 2015 年以來一直在 BlackLine 工作，在此期間直接向 Mark 匯報。我非常感謝馬克在將我們打造成市場領導者的過程中所做的所有貢獻。我也很高興能與派崔克（Patrick）更密切合作，因為他將擔任財務長這一新角色。

Now turning back to our results. BlackLine delivered solid financial results this quarter, exceeding our revenue and profitability guidance while delivering a record quarter of free cash flow generation. There were a number of highlights from the quarter, which reflect the ongoing changes we are driving within the organization, including our go-to-market motion, innovation agenda and how we are positioning with our brand within the office of the CFO.

現在回到我們的結果。BlackLine 本季度實現了穩健的財務業績，超出了我們的收入和盈利能力指導，同時實現了創紀錄的季度自由現金流生成。本季有許多亮點，反映了我們在組織內推動的持續變革，包括我們的上市行動、創新議程以及我們如何在財務長辦公室內定位我們的品牌。

We continue to deliver operational improvements, drive higher levels of productivity and efficiency in our business while capitalizing on emerging growth opportunities. This is setting the stage with a strong foundation for sustained growth and value creation for our shareholders. We are focused on execution across the business, particularly in our go-to-market teams.

我們繼續改善運營，提高業務生產力和效率，同時利用新興的成長機會。這為我們股東的持續成長和價值創造奠定了堅實的基礎。我們專注於整個業務的執行，特別是我們的市場推廣團隊的執行。

In the third quarter, we saw larger deal sizes on new logo opportunities even with a muted demand environment. Our enterprise business was in line with expectations in the seasonal third quarter, while our mid-market business outperformed, driven by larger deal sizes in part due to our strategic focus on the ideal middle market customer.

在第三季度，即使需求環境低迷，我們也看到新商標機會的交易規模更大。我們的企業業務在第三季度符合預期，而我們的中端市場業務表現優於預期，部分原因是我們對理想中端市場客戶的策略重點是較大的交易規模。

Let me elaborate on the strategic evolution in the middle market. We continue to sharpen our focus on large enterprises as well as mature or rapidly growing mid-market companies. This is where our platform demonstrates an exceptional value proposition for customers and prospects. Specifically, we are targeting organizations with the fact patterns such as sophisticated financial ecosystems, multinational operations and/or high-growth trajectory spanning both organic expansion and M&A activity.

讓我詳細闡述中端市場的策略演變。我們持續加強對大型企業以及成熟或快速成長的中階市場公司的關注。這就是我們的平台為客戶和潛在客戶展示卓越價值主張的地方。具體來說，我們的目標是具有複雜金融生態系統、跨國業務和/或跨越有機擴張和併購活動的高成長軌跡等事實模式的組織。

While our tighter focus on these middle market customers has temporarily impacted our headline customer count and retention figures, the economics are compelling. We believe these relationships generate substantially higher lifetime value and present significant expansion opportunities. Furthermore, this approach enables more efficient capital allocation, particularly with our R&D and go-to-market investments.

雖然我們對這些中間市場客戶的更嚴格的關注暫時影響了我們的整體客戶數量和保留數字，但其經濟效益是引人注目的。我們相信，這些關係可以產生更高的終身價值，並帶來重大的擴張機會。此外，這種方法可以實現更有效的資本配置，特別是在我們的研發和上市投資方面。

We are developing advanced capabilities that address sophisticated use cases, which will drive deeper adoption and create a cycle of expansion with our customers. Early results of this strategy validate our direction, and we are seeing momentum building. For example, we signed a net new deal with a leading global fintech company.

我們正在開發解決複雜用例的高級功能，這將推動更深入的採用並與客戶一起創建擴展週期。該戰略的早期結果驗證了我們的方向，我們看到勢頭正在增強。例如，我們與一家全球領先的金融科技公司簽署了一項淨新協議。

On the advice of one of our partners they approached us with complex needs, automation for high-volume data processing, intricate transaction matching scenarios, journal entry automation, sophisticated error handling and orchestration and visibility needs across these process areas. Our ability to meet these diverse requirements resulted in a multi-solution sale, including our new studio solution, that not only addresses the customers' needs, but also showcases the breadth and depth of our platform, far surpassing any competitor offering.

根據我們一位合作夥伴的建議，他們向我們提出了複雜的需求、大容量資料處理的自動化、複雜的交易匹配場景、日記帳分錄自動化、複雜的錯誤處理和編排以及這些流程領域的可見性需求。我們滿足這些多樣化要求的能力導致了多解決方案的銷售，包括我們新的工作室解決方案，它不僅滿足了客戶的需求，而且展示了我們平台的廣度和深度，遠遠超過任何競爭對手的產品。

Our partner recognized early on that this company had outgrown its legacy vendor and needed to leverage a platform that could scale with them as they continue to grow.

我們的合作夥伴很早就認識到，這家公司的發展已經超出了其傳統供應商的規模，需要利用一個可以隨著他們的不斷發展而擴展的平台。

Our targeted industry approach is also yielding favorable results as we displace legacy solutions as well as the status quo given our domain expertise and deep industry knowledge. We saw several wins as a direct result of our industry approach with large global brands in the US and Europe this quarter, including a 7-figure expansion deal with a Fortune 50 life sciences company and new wins and competitive takeaways with a number of Fortune 100 and Fortune 500 companies.

鑑於我們的領域專業知識和深厚的行業知識，我們有針對性的行業方法也產生了良好的結果，因為我們取代了傳統解決方案以及現狀。本季度，我們與美國和歐洲大型全球品牌的產業合作直接帶來了多項勝利，包括與財富50 強生命科學公司達成的7 位數的擴張協議，以及與多家財富100 強公司的新勝利和競爭優勢和財富 500 強企業。

In the enterprise space, we signed a new entertainment and media company an industry where we have a strong track record of successfully delivered high-value automation for customers. This competitive replacement of two legacy vendors was driven by our deep industry knowledge and domain expertise along with relevant customer references.

在企業領域，我們簽署了一家新的娛樂和媒體公司，我們在該行業擁有成功為客戶提供高價值自動化的良好記錄。兩家傳統供應商的競爭性替代是由我們深厚的行業知識和領域專業知識以及相關的客戶參考所推動的。

On retention specifically, we continue to move to a period of where we see signs of success at the higher end of our markets, offset by expected logo churn from lower ACV customers, impacting some of our key metrics. Our Enterprise segment, which represents our strategic focus and highest value opportunity, demonstrated strong performance with a 97% renewal rate consistent with historical levels, and steady improvement versus prior quarters.

具體而言，在保留方面，我們繼續進入高端市場取得成功跡象的時期，但被較低 ACV 客戶的預期徽標流失所抵消，影響了我們的一些關鍵指標。我們的企業部門代表了我們的策略重點和最高價值機會，表現強勁，續訂率為 97%，與歷史水準一致，並且與前幾季相比穩步改善。

While our overall renewal rate was 92%, this reflects our intentional strategic shift. Specifically, we are seeing expected churn in the mid-market where renewal rates were in the 80s. We are continuing to concentrate on customers who benefit most from our comprehensive finance transformation solutions.

雖然我們的整體續訂率為 92%，但這反映了我們有意的策略轉變。具體來說，我們預期中階市場將會流失，續訂率在 80 年代左右。我們將繼續專注於從我們全面的財務轉型解決方案中受益最大的客戶。

Next, turning to market messaging. We have begun to finalize our broader repositioning of the BlackLine brand. Our message to the office of the CFO aligns with our platform, innovation road map and what is critical to their success.

接下來，轉向市場消息。我們已開始最終確定 BlackLine 品牌的更廣泛的重新定位。我們向財務長辦公室傳達的訊息與我們的平台、創新路線圖以及對他們成功的關鍵因素是一致的。

Logically, our evolution from a single solution company to a holistic platform, for the office of the CFO is the focus to unlocking and capturing the opportunity ahead. Our approach has been recently validated by third-party research firms like IDC and Ventana, where we were named leaders. These points of recognition continue to point to the value that BlackLine provides customers within the office of the CFO.

從邏輯上講，我們從單一解決方案公司演變為整體平台，對於財務長辦公室來說，重點是釋放和抓住未來的機會。我們的方法最近得到了 IDC 和 Ventana 等第三方研究公司的驗證，我們被評為領導者。這些認可點繼續表明 BlackLine 在 CFO 辦公室內為客戶提供的價值。

In a few short weeks, expect to hear much more about our platform, innovation and rebranding at our upcoming Beyond the Black User Conference and Investor Day. I want to emphasize our core value proposition and how it drives our market leadership. At its heart, we are delivering future-ready financial operations that transform the office of the CFO.

在短短幾週內，我們將在即將舉行的 Beyond the Black 用戶大會和投資者日上聽到更多有關我們的平台、創新和品牌重塑的信息。我想強調我們的核心價值主張以及它如何推動我們的市場領導。從本質上講，我們正在提供面向未來的財務運營，以改變財務長的辦公室。

What we believe sets us apart is our platform's unique combination of flexibility, unified architecture and comprehensive functionality all of which can be implemented rapidly by our partners and by our team. This collaborative approach delivers compelling and measurable ROI for our customers through automation, reduce total cost of ownership and significant productivity gains.

我們相信，我們的獨特之處在於我們的平台將靈活性、統一架構和全面功能獨特地結合在一起，所有這些都可以由我們的合作夥伴和我們的團隊快速實施。這種協作方法透過自動化為我們的客戶提供引人注目且可衡量的投資回報率，降低總擁有成本並顯著提高生產力。

As our customers achieve these benefits, they gain confidence to expand their transformation initiatives, which in turn strengthens our competitive position and expands our market leadership. We are seeing this strategy create a virtuous cycle. As customers succeeded with our platform, they become strong references, driving new business opportunities and reinforcing our position as the partner of choice for organizations.

當我們的客戶實現這些優勢時，他們就有信心擴大轉型計劃，從而增強我們的競爭地位並擴大我們的市場領導地位。我們看到這個策略創造了一個良性循環。隨著客戶利用我們的平台取得成功，他們將成為強有力的參考，推動新的商機並鞏固我們作為組織首選合作夥伴的地位。

This not only supports our current market position but opens multiple avenues for sustained growth ahead. Moving to distribution. I am extremely pleased with the progress we have made with our partner channel as we jointly position to capitalize on opportunities within the office of the CFO.

這不僅支持了我們當前的市場地位，也為未來的持續成長開闢了多種途徑。轉向分銷。我對我們與合作夥伴管道的進展感到非常高興，因為我們共同利用財務長辦公室內的機會。

Whether that is potential opportunities from ERP modernization or through regulatory initiatives like electronic invoicing and Pillar Two, we are continuing to invest in our partner channels to enable, train and jointly drive opportunities across our global footprint.

無論是來自ERP 現代化的潛在機會，還是透過電子發票和第二支柱等監管舉措帶來的潛在機會，我們都將繼續投資於我們的合作夥伴管道，以在我們的全球足跡中創造、培訓和共同推動機會。

As part of this, we have seen an increasing percentage of partner influence and partner source opportunities globally, which have contributed to higher win rates, particularly in our enterprise business. Our partner ecosystem is also accelerating global adoption of our combined closing consolidation offerings with notable traction in Europe and Japan, and finally, we are seeing encouraging early results from our partners' engagement with studio opportunities worldwide.

作為其中的一部分，我們看到全球合作夥伴影響力和合作夥伴來源機會的比例不斷增加，這有助於提高勝率，特別是在我們的企業業務中。我們的合作生態系統也在加速全球採用我們的合併結算整合產品，在歐洲和日本具有顯著的吸引力，最後，我們看到我們的合作夥伴參與全球工作室機會的令人鼓舞的早期成果。

Turning to broader deal activity this quarter. We saw a number of multi-pillar wins. For example, in Enterprise, we signed a net new multi-pillar deal with Kroll, a leading financial and risk advisory firm. Kroll has been rethinking their existing financial system landscape after a strong track record of organic and inorganic growth that outpaced what their legacy vendors could support at scale. This deal was the complete package with our close, consolidation and intercompany solutions jointly positioned and sold with strong partner validation to optimize, automate and support their broader record-to-report processes.

轉向本季更廣泛的交易活動。我們看到了許多多支柱的勝利。例如，在 Enterprise 領域，我們與領先的金融和風險諮詢公司 Kroll 簽署了一項新的多支柱協議。在有機和無機成長的強勁記錄超過了傳統供應商可以支持的規模之後，克羅爾一直在重新考慮其現有的金融系統格局。該交易是完整的一攬子交易，其中包含我們的封閉、整合和公司間解決方案，這些解決方案經過強大的合作夥伴驗證共同定位和銷售，以優化、自動化和支援更廣泛的記錄到報告流程。

In North America, we expanded our relationship with a leading Fortune 100 pharmaceutical customer who has historically leveraged our solutions for financial close processes. As their operations grew increasingly complex, they identified the need for real-time visibility across their multi-entity structure.

在北美，我們擴大了與一家領先的財富 100 強製藥物客戶的關係，該客戶歷來利用我們的解決方案進行財務結算流程。隨著他們的營運變得越來越複雜，他們發現需要跨多實體結構實現即時可見性。

This led to the adoption of our consolidation and financial analytics solution to enhance their pre-consolidation capabilities. Significantly, they also recognize the strategic value of our studio solution to orchestrate and visualize financial data across their systems landscape, supporting their broader finance transformation objectives.

這導致採用我們的整合和財務分析解決方案來增強他們的預先整合能力。值得注意的是，他們也認識到我們工作室解決方案在跨系統環境中編排和視覺化財務數據的策略價值，支持他們更廣泛的財務轉型目標。

Next, our combined close and consolidation strategy continues to drive strong mid-market performance. replicating last quarter's success with higher win rates and larger deal sizes. Two recent wins highlight this momentum. First, we secured Kindeva, a newly public pharmaceutical company who selected our platform, their choice reflects a broader trend we see with companies recognizing that public company reporting demands require more than basic close functionality.

接下來，我們的綜合平倉和整合策略將繼續推動中階市場的強勁表現。以更高的勝率和更大的交易規模複製上季的成功。最近的兩場勝利凸顯了這一勢頭。首先，我們獲得了Kindeva，一家新上市的製藥公司，他們選擇了我們的平台，他們的選擇反映了我們看到的更廣泛的趨勢，公司認識到上市公司報告要求需要的不僅僅是基本的關閉功能。

Kindeva determined our comprehensive solution was uniquely positioned to support their long-term growth objectives. Additionally, in Japan, we won top in photomask, a semiconductor manufacturer preparing for their IPO. We continue to have a very strong record of serving publicly traded companies or those on their journey towards a public listing. They chose our integrated close and consolidation solution to automate their entire record-to-report process, ensuring they will exceed public company reporting requirements from day one.

Kindeva 認為我們的綜合解決方案具有獨特的優勢，可以支持他們的長期成長目標。另外，在日本，我們在準備IPO的半導體製造商光掩模方面獲得了第一名。我們在為上市公司或正在上市的公司提供服務方面仍然保持良好的記錄。他們選擇我們的整合結算和合併解決方案來自動化整個記錄到報告流程，確保他們從第一天起就超出上市公司的報告要求。

Last, while SolEx deal shows typical seasonal patterns, we secured several strategic wins. A highlight was a major competitive displacement with the North American Fortune 100 pharmaceutical company who selected our comprehensive close consolidation in intercompany solution ahead of their S/4 migration. This enterprise-wide deal demonstrates the power of our value proposition.

最後，雖然 SolEx 交易顯示出典型的季節性模式，但我們取得了幾項策略性勝利。一個亮點是與北美財富 100 強制藥公司的重大競爭位移，該公司在 S/4 遷移之前選擇了我們公司間解決方案的全面緊密整合。這項全企業範圍的交易展現了我們價值主張的力量。

The customer is consolidating multiple legacy systems onto our single platform to streamline their entire record-to-report process. Through our strong partnership with SAP and a global systems integrator, we demonstrated the compelling ROI of comprehensive finance transformation, ultimately winning this significant enterprise account.

客戶正在將多個遺留系統整合到我們的單一平台上，以簡化他們的整個記錄到報告流程。透過與 SAP 和一家全球系統整合商的強大合作關係，我們展現了全面財務轉型的令人矚目的投資報酬率，最終贏得了這個重要的企業客戶。

With that, I would like to turn the call over to Therese.

說到這裡，我想把電話轉給 Therese。

Thank you, Owen. The third quarter marked strong execution across our strategic innovation priorities, characterized by accelerating platform and product delivery that strengthen our leadership position within the office of the CFO.

謝謝你，歐文。第三季我們的策略創新優先事項得到了強有力的執行，其特點是加速平台和產品交付，從而加強了我們在財務長辦公室的領導地位。

Our upcoming customer conference Beyond the Black and Investor Day will showcase a brand evolution that reflects our growing market opportunity and platform innovation. While full details are forthcoming, our third quarter achievements reflect successful execution against our strategic road map and position us to capture increased market share, supported by building digital finance transformation tailwinds.

我們即將舉行的客戶會議超越黑人和投資者日將展示品牌的演變，反映我們不斷增長的市場機會和平台創新。雖然詳細資訊即將公佈，但我們第三季的成就反映了我們策略路線圖的成功執行，並使我們能夠在建立數位金融轉型順風的支持下獲得更大的市場份額。

As noted, we're executing a transformative platform modernization strategy that we believe positions us for significant scale and accelerated innovation. Our cloud migration, the Google Cloud platform is over 80% complete, setting stage for meaningful scale and efficiency as we move forward. beyond the immediate cost benefits to completing this migration, it unlocks additional value drivers, accelerated product development velocity and enhanced AI capabilities across our entire platform.

如前所述，我們正在執行一項變革性平台現代化策略，我們相信該策略將使我們能夠實現顯著規模並加速創新。我們的雲端遷移（Google Cloud 平台）已完成 80% 以上，為我們的前進奠定了有意義的規模和效率的基礎。除了完成此遷移帶來的直接成本效益之外，它還釋放了額外的價值驅動因素，加快了產品開發速度並增強了整個平台的人工智慧功能。

Our new studio offering is gaining market momentum demonstrated by both customer adoption and partner engagement this quarter. As highlighted earlier, we've already secured several strategic customer wins, validating our multiyear investment into studio.

我們的新工作室產品正在獲得市場動力，本季的客戶採用率和合作夥伴參與度都證明了這一點。正如前面所強調的，我們已經贏得了多個策略客戶，並驗證了我們對工作室的多年投資。

As we integrate this and other capabilities into our broader platform, we're creating clear differentiation in the market for finance transformation. We look forward to showcasing this comprehensive platform vision in 2 weeks, which we believe will establish a new standard in our industry.

當我們將這項功能和其他功能整合到更廣泛的平台中時，我們正在金融轉型市場中創造明顯的差異化。我們期待在兩週內展示這個綜合平台願景，我們相信這將在我們的行業中樹立新標準。

Now turning to our solutions. We just launched an exciting new industry-specific financial close solution that solves a major pain point for banks and retailers tracking and reconciling millions of daily transactions in real time. Think about how many credit card swipes, online payments and bank transfers happening every day at a major bank or retail chain.

現在轉向我們的解決方案。我們剛剛推出了一個令人興奮的新的行業特定財務結算解決方案，該解決方案解決了銀行和零售商即時追蹤和核對數百萬日常交易的主要難題。想想看大型銀行或零售連鎖店每天會發生多少次信用卡刷卡、線上付款和銀行轉帳。

Our new high-frequency reconciliation solution automatically reconciles all these transactions across different systems, lagging discrepancies that could signal fraud or errors. This is a game changer because traditionally, companies would typically review these transactions just once a month, creating delays and adding risk to their close processes. Early adopters are already using this solution, and we plan to roll it out widely to customers in early 2025.

我們新的高頻對帳解決方案可自動對不同系統中的所有這些交易進行對賬，從而消除可能表明欺詐或錯誤的滯後差異。這是一個遊戲規則的改變者，因為傳統上，公司通常每月只審查一次這些交易，從而造成延遲並增加關閉流程的風險。早期採用者已經在使用該解決方案，我們計劃在 2025 年初向客戶廣泛推廣。

In our consolidation and financial analytics pillar, we've strengthened our competitive position in the high-value enterprise consolidation market with two strategic enhancements. First, we've launched advanced financial statement attestation capabilities that enable organizations to validate results across multiple business entities, a critical need for both domestic and complex global enterprises.

在我們的整合和財務分析支柱中，我們透過兩項策略增強增強了我們在高價值企業整合市場的競爭地位。首先，我們推出了先進的財務報表鑑證功能，使組織能夠驗證多個業務實體的結果，這是國內和複雜的全球企業的關鍵需求。

Second, we have deployed generative AI-powered analytics that automatically generate insights from financial data, helping CFOs and their teams understand significant changes in their balance sheet. These innovations address key pain points in the record-to-report process and help deepen and extend our capabilities further across the office of the CFO. In our invoice to cash pillar, we've launched a significant enhancement to our invoice to cash platform, introducing AI-powered payment prediction capabilities that directly impact our customers' bottom line.

其次，我們部署了基於人工智慧的生成分析，可以自動從財務數據中產生見解，幫助財務長及其團隊了解資產負債表的重大變化。這些創新解決了記錄到報告流程中的關鍵痛點，並有助於進一步深化和擴展我們整個 CFO 辦公室的能力。在我們的發票到現金支柱中，我們對發票到現金平台進行了重大增強，引入了人工智慧驅動的付款預測功能，​​直接影響客戶的利潤。

This new technology enables enterprises to forecast customer payment patterns with unprecedented accuracy giving them precise control over their cash flows and working capital. By leveraging advanced machine learning algorithms, companies can now optimize their working capital by predicting exactly when customers will pay a critical advantage in today's economic environment. We believe this innovation strengthens our end-to-end offering and supports an expanding opportunity set within this market.

這項新技術使企業能夠以前所未有的準確性預測客戶付款模式，從而精確控制現金流和營運資金。透過利用先進的機器學習演算法，公司現在可以透過準確預測客戶何時在當今的經濟環境中支付關鍵優勢來優化其營運資本。我們相信，這項創新增強了我們的端到端產品，並支持該市場不斷擴大的機會。

In intercompany, we further extended our market leadership with the launch of generative AI-powered predictive guidance. This technology automatically identifies errors and anomalies in intercompany transactions before they impact financial statements, a critical capability for global enterprises managing high volumes of intercompany transactions.

在公司間，我們透過推出基於人工智慧的生成式預測指導，進一步擴大了我們的市場領導地位。該技術可以在公司間交易中的錯誤和異常影響財務報表之前自動識別它們，這是管理大量公司間交易的全球企業的關鍵功能。

Our AI innovation directly addresses a major pain point for multinational corporations, dramatically reducing compliance risk and eliminating thousands of hours of manual review. We believe this enhancement cements our dominant position in the intercompany automation market, where we continue to maintain significant competitive advantages in the market.

我們的人工智慧創新直接解決了跨國公司的主要痛點，大大降低了合規風險並消除了數千小時的人工審核。我們相信，這項增強功能鞏固了我們在公司間自動化市場的主導地位，我們將繼續在市場上保持顯著的競爭優勢。

Beyond our customer-facing AI innovations, we're also delivering internal AI tools for our employees. Our proprietary Gen [AI] companion [Baki AI] which is trained on internal company data was released recently to our entire employee population and has achieved remarkable adoption metrics.

除了面向客戶的人工智慧創新之外，我們還為員工提供內部人工智慧工具。我們專有的 Gen [AI] 伴侶 [Baki AI] 經過公司內部數據的培訓，最近已向我們的全體員工發布，並取得了顯著的採用指標。

In the first month since deployment, over 50% of our global workforce has actively used the tool, processing more than 11,000 unique queries across 50 languages in 19 countries. Most importantly, this technology has already generated measurable ROI, saving 3,000 to 4,000 employee hours in just the first month alone. We believe the rapid adoption and productivity gains from modern AI tools like [Baki AI] offer a pathway to enhance productivity and efficiency as we move forward.

部署後的第一個月，我們超過 50% 的全球員工積極使用該工具，處理了 19 個國家/地區 50 種語言的 11,000 多個唯一查詢。最重要的是，這項技術已經產生了可衡量的投資回報率，光是第一個月就節省了 3,000 到 4,000 小時的員工時間。我們相信，[Baki AI] 等現代人工智慧工具的快速採用和生產力提升為我們的前進提供了提高生產力和效率的途徑。

Moreover, our internal success with AI deployment serves as a powerful proof point for our customers, reinforcing our credibility and trust in this fast-moving market.

此外，我們在人工智慧部署方面的內部成功為我們的客戶提供了強有力的證明，增強了我們在這個快速發展的市場中的信譽和信任。

Before turning the call over to Mark, I want to express my deepest gratitude for his exceptional service and partnership as BlackLine's CFO. His rare combination of strategic vision and financial acumen makes him truly one in 1 million. and is exactly the leader we needed to guide us on our journey from pre-IPO to the market leader we are today.

在將電話轉給 Mark 之前，我想對他作為 BlackLine 財務長的出色服務和合作表示最深切的感謝。他罕見地結合了策略眼光和財務敏銳度，使他成為真正的百萬分之一。他正是我們所需要的領導者，可以指導我們從上市前到今天的市場領導者。

Beyond his technical excellence, Mark's unwavering integrity and inspirational leadership have left an indelible mark on our company and our employees. We've been incredibly fortunate to have him as our partner and CFO. With that, I'll turn it over to Mark to cover our financials. Mark?

除了卓越的技術之外，馬克堅定不移的正直和鼓舞人心的領導也為我們的公司和員工留下了不可磨滅的印記。我們非常幸運有他作為我們的合夥人兼財務長。有了這個，我會把它交給馬克來報道我們的財務狀況。標記？

Thank you, Therese. Our third quarter results demonstrate solid execution against many of our key financial priorities, highlighted by meaningful margin expansion and strong free cash flow generation. While we continue to operate in a measured demand environment, our strategic investments in innovation and go-to-market initiatives are strengthening our competitive position.

謝謝你，特蕾莎。我們第三季的業績表明，我們對許多關鍵財務優先事項的執行力很強，其中顯著的利潤率擴張和強勁的自由現金流產生凸顯了這一點。雖然我們繼續在嚴格的需求環境中運營，但我們對創新和進入市場計劃的策略投資正在增強我們的競爭地位。

We believe this foundation, combined with our relentless operational discipline, positions us to accelerate growth as market conditions improve and drive enhanced financial performance. With that in mind, let's review our financial performance in more detail.

我們相信，這項基礎加上我們不懈的營運紀律，將使我們能夠隨著市場狀況的改善而加速成長，並推動財務表現的提升。考慮到這一點，讓我們更詳細地回顧一下我們的財務表現。

Total revenue grew to $166 million up 10% with subscription revenue growth of 11% and services revenue growth of 3%. While services revenue was slightly better than expected, we still see services as an expected drag to overall revenue growth this year. Remaining performance obligations, or RPO, was up 12% and driven by account growth and longer contract terms from renewing customers.

總營收成長 10%，達到 1.66 億美元，其中訂閱收入成長 11%，服務收入成長 3%。儘管服務收入略好於預期，但我們仍然認為服務預計會拖累今年整體營收成長。受客戶成長和續約客戶的合約期限延長的推動，剩餘履約義務 (RPO) 增加了 12%。

Current RPO was up 11%, with total annual recurring revenue, or ARR, of $638 million up 10%. Calculated billings growth was 4% with trailing 12-month billings growth of 9% due to a mix of seasonality, timing and incremental churn and attrition. Our customer count at the end of the quarter was 4,433.

目前的 RPO 成長了 11%，年度經常性總收入 (ARR) 達到 6.38 億美元，成長了 10%。由於季節性、時間安排以及增量流失和流失的綜合影響，計算出的帳單增長率為 4%，過去 12 個月的帳單增長率為 9%。截至本季末，我們的客戶數量為 4,433 名。

Let me provide additional context on our customer metrics. While overall customer additions remain stable. Our strategic repositioning has led to expected churn among smaller accounts that fall well below our average contract value. This is aligned with our deliberate focus on the enterprise and the right customers in the mid-market segment, customers who can grow meaningfully with our platform over time.

讓我提供有關我們的客戶指標的更多背景資訊。雖然整體客戶增加量保持穩定。我們的策略重新定位導致了小客戶的預期流失，這些客戶遠低於我們的平均合約價值。這與我們對企業和中端市場的合適客戶的刻意關注是一致的，這些客戶可以隨著時間的推移透過我們的平台實現有意義的成長。

The success of this strategy is evident in our higher-value customer cohorts. We've achieved 27% growth in customers generating over $1 million ARR and 12% growth in customers above $250,000 in ARR. These metrics validate our strategic shift toward higher-value relationships and demonstrate our increasing penetration in these market segments.

這項策略的成功在我們的高價值客戶群中得到了明顯體現。我們的 ARR 超過 100 萬美元的客戶成長了 27%，ARR 超過 25 萬美元的客戶成長了 12%。這些指標驗證了我們向更高價值關係的策略轉變，並表明我們在這些細分市場的滲透率不斷提高。

Our revenue renewal rate in the second quarter was 92%, reflecting the customer trends just mentioned. While we see the effects of middle market churn play out here and serve as a near-term drag, what you aren't seeing is building strength within our enterprise customer base and its improvement.

我們第二季的營收續訂率為92%，反映了剛才提到的客戶趨勢。雖然我們看到中間市場流失的影響在這裡發揮作用並成為近期的拖累，但您沒有看到的是我們的企業客戶群的實力增強及其改善。

Specifically, our enterprise renewal rate in Q3 was 97%, back in line with our long-term historical levels. Net retention rate, or NRR, was 105% this quarter, reflecting these customer dynamics, combined with stable pricing and customer expansion, particularly in our enterprise business and the effects of FX. Strategic product performance was a highlight this quarter and represented 31% of sales above our target range.

具體來說，第三季我們的企業續訂率為 97%，與我們的長期歷史水準保持一致。本季的淨保留率 (NRR) 為 105%，反映了這些客戶動態，加上穩定的定價和客戶擴張，特別是在我們的企業業務和外匯的影響中。策略性產品業績是本季的一大亮點，佔銷售額的 31% 超出了我們的目標範圍。

Performance this quarter was driven primarily by strength in financial reporting and analytics as well as transaction matching. Partners were involved in 81% of large deals this quarter with consistency across both new and existing opportunities. SolEx performance was seasonally soft this quarter primarily on the net new side despite some large customer wins. In Q3, SAP partnership represented 26% of total revenue.

本季度的業績主要是由財務報告和分析以及交易匹配的實力推動的。本季合作夥伴參與了 81% 的大型交易，並且新機會和現有機會保持一致。儘管贏得了一些大客戶，但本季 SolEx 的業績季節性疲軟，主要是在淨新增方面。第三季度，SAP 合作夥伴收入佔總收入的 26%。

Turning to margins. Our non-GAAP gross margin was 79%, with non-GAAP subscription gross margin of 82%. Gross margin performance remains in line with our expectations as we focus on optimizing cloud spend and completing our multiyear migration to GCP.

轉向邊緣。我們的非 GAAP 毛利率為 79%，非 GAAP 訂閱毛利率為 82%。由於我們專注於優化雲端支出並完成向 GCP 的多年遷移，因此毛利率表現仍然符合我們的預期。

Non-GAAP operating margin was 23%, above our expectations, largely due to R&D efficiency from our location strategy at higher rates of innovation. Non-GAAP net income attributable to BlackLine was $44 million, up 17% and represented a 27% non-GAAP net income margin due primarily to operating income outperformance.

非 GAAP 營業利潤率為 23%，高於我們的預期，這主要是由於我們的區域策略以更高的創新率實現了研發效率。BlackLine 的非 GAAP 淨利潤為 4,400 萬美元，成長 17%，非 GAAP 淨利潤率為 27%，這主要是由於營業收入表現出色。

We generated $56 million in operating cash flow and $49 million in free cash flow in the quarter was a record free cash flow margin of 30%, driven by a combination of strong earnings and working capital management. And last, regarding our balance sheet, we have approximately $850 million in cash, cash equivalents and marketable securities versus $890 million in debt.

在強勁的獲利和營運資本管理的共同推動下，本季我們產生了 5,600 萬美元的營運現金流和 4,900 萬美元的自由現金流，自由現金流利潤率達到創紀錄的 30%。最後，關於我們的資產負債表，我們擁有約 8.5 億美元的現金、現金等價物和有價證券，而債務為 8.9 億美元。

Now on guidance. We are raising our full year revenue and non-GAAP operating margin guidance ranges based on Q3 performance and our views for the balance of the year. For the fourth quarter of 2024, we expect total GAAP revenue to be in the range of $167 million to $169 million, representing approximately 7% to 9% growth. We expect non-GAAP operating margin to be in the range of 18% to 19%, reflecting the cost of our large customer conference in Q4.

現在正在指導中。我們根據第三季的業績和我們對今年剩餘時間的看法，提高了全年收入和非公認會計原則營業利潤率指導範圍。對於 2024 年第四季度，我們預計 GAAP 總營收將在 1.67 億至 1.69 億美元之間，成長約 7% 至 9%。我們預計非 GAAP 營運利潤率將在 18% 至 19% 之間，反映了我們第四季度大型客戶會議的成本。

And we expect non-GAAP net income attributable to BlackLine to be in the range of $36 million to $40 million or $0.47 to $0.52 on a per share basis. Our share count is expected to be approximately 77.1 million diluted weighted average shares.

我們預計 BlackLine 的非 GAAP 淨利潤將在 3,600 萬美元至 4,000 萬美元之間，即每股 0.47 美元至 0.52 美元之間。我們的股票數量預計約為 7,710 萬股稀釋加權平均股。

And for the full year 2024, our updated guidance is as follows: we expect total GAAP revenue to be in the range of $651 million to $653 million, representing 10% to 11% growth. We expect non-GAAP operating margin to be in a range of 19.4% to 19.6%. And finally, we expect non-GAAP net income attributable to BlackLine to be in a range of $164 million to $168 million or $2.15 to $2.21 on a per share basis. Our share count is expected to be approximately 76.1 million weighted average shares.

對於 2024 年全年，我們更新的指引如下：我們預計 GAAP 總營收將在 6.51 億美元至 6.53 億美元之間，成長 10% 至 11%。我們預計非 GAAP 營運利潤率將在 19.4% 至 19.6% 之間。最後，我們預計 BlackLine 的非 GAAP 淨利潤將在 1.64 億至 1.68 億美元之間，即每股 2.15 至 2.21 美元。我們的股票數量預計加權平均約為 7,610 萬股。

Before I close, just a quick personal note, serving as CFO of this incredible company for the past decade has been a highlight of my career. When I reflect on our journey from where we started to where we are today, I'm filled with immense pride in what we've built together. Yet I'm even more excited about the company's future.

在結束之前，我想簡單說一下個人觀點，在過去的十年裡，擔任這家令人難以置信的公司的財務長一直是我職業生涯的一大亮點。當我回顧我們從起點到今天的旅程時，我對我們共同建立的一切感到無比自豪。但我對公司的未來更加興奮。

The depth of talent and the strength of leadership that we've assembled gives me complete confidence that our best chapters are still ahead. It's particularly meaningful to me that Patrick, who has worked alongside me throughout this journey will be stepping into this role. His deep understanding of our business and his proven leadership makes him the ideal person to help guide this company into the next phase of growth.

我們所聚集的人才深度和領導力讓我完全相信，我們最好的篇章仍在前方。對我來說特別有意義的是，在整個旅程中與我一起工作的派崔克將擔任這個角色。他對我們業務的深刻理解和久經考驗的領導力使他成為幫助引導公司進入下一階段成長的理想人選。

To our employees who make the impossible possible every day and to our investors who have believed in our vision. Thank you for letting me be part of this remarkable story. With that, I'll now ask the operator to open the discussion to take your questions.

感謝每天將不可能變成可能的員工，以及相信我們願景的投資者。感謝您讓我成為這個非凡故事的一部分。現在，我將要求接線員開始討論，回答您的問題。

(Operator Instructions).

（操作員說明）。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Great. Congratulations on the quarter. And Mark, really sad to see you go, but we'll discuss that later. So can we talk about sort of what the macro environment looks like as I was looking back at last quarter, I think you had a comment in your script about demand was below levels we would consider normal. And it seems like you didn't repeat that. And this time, I heard a measured demand environment. So are things getting better?

偉大的。恭喜本季。馬克，看到你離開我真的很難過，但我們稍後會討論這個問題。那麼，我們可以談談宏觀環境是什麼樣的嗎？而且你好像沒有重複那句話。而這一次，我聽到了有衡量的需求環境。那麼情況正在好轉嗎？

Pat, it's always interesting to try to read the tea leaves. I think there's a couple of things that I think we could tell you from our experiences being out in the marketplace. The conversations are taking place. We're getting the meetings that we want to have. Our partners have been phenomenal at really trying to help us get a better position with -- and in front of customers and prospects. We're seeing some growth in opportunity starting to finally come into the pipeline.

帕特，嘗試閱讀茶葉總是很有趣。我認為我們可以根據我們在市場上的經驗告訴您一些事情。對話正在進行中。我們正在召開我們想要召開的會議。我們的合作夥伴非常努力地幫助我們在客戶和潛在客戶面前獲得更好的地位。我們看到一些機會的成長終於開始出現。

An interesting indicator for us is we have our Beyond the Black conference in 10 days or so is sold out. We're actually having to move people into a second hotel and the demand is really impressive in that regard. So it feels a little bit better, but still, we're not ready to sort of say, hey, this is a real change.

對我們來說，一個有趣的指標是，我們的 Beyond the Black 會議將在 10 天左右舉行，門票已售罄。事實上，我們不得不將人們轉移到第二家酒店，在這方面的需求確實令人印象深刻。所以感覺好一點了，但是，我們還沒準備好說，嘿，這是一個真正的改變。

We are seeing our partners ramping up their hiring of BlackLine professionals. One of our partners has gone from having 10 people certified on BlackLine a year ago to now having 130 certified this year, and many of our partners are sold out. So I think those are good signs that our customers are trying to do more with BlackLine, but I think it's still too early to declare any kind of victory.

我們看到我們的合作夥伴正在加強對 BlackLine 專業人員的招募。我們的一個合作夥伴從一年前擁有 BlackLine 認證的 10 人增加到現在今年擁有 130 人的認證，而且我們的許多合作夥伴都已售罄。因此，我認為這些都是好跡象，表明我們的客戶正在嘗試利用 BlackLine 做更多事情，但我認為現在宣布任何形式的勝利還為時過早。

Great. And if I could do a quick follow-up on that Fortune 100 pharmaceutical company that ticked all 3 products ahead of the S/4 migration. Could you tell us a little bit more about that because that sounds like a great road map and how long was that sales cycle? How long has that been going on?

偉大的。如果我可以對在 S/4 遷移之前勾選所有 3 個產品的財富 100 強制藥公司進行快速跟進。您能否告訴我們更多相關信息，因為這聽起來像是一個很棒的路線圖以及銷售週期有多長？這種情況已經持續多久了？

Actually -- so it was a couple of years to get it done. But Pat, one of the things that we are, I think, really starting to hit our stride on is how we use our industry qualifications and experiences and make sure when we're talking to these customers, not only do we talk to them about the domain expertise of what BlackLine brings at its core foundation, but it's also those use cases and experiences that are very specific to particular industries and then being able to use our customer references in a way where they speak very confidently about their experiences.

事實上——所以花了幾年時間才完成。但是帕特，我認為我們真正開始大步前進的事情之一是我們如何利用我們的行業資格和經驗，並確保當我們與這些客戶交談時，我們不僅與他們談論BlackLine 帶來的領域專業知識是其核心基礎，但它也是針對特定行業的用例和經驗，然後能夠以他們非常自信地談論他們的經驗的方式使用我們的客戶參考。

So in this situation, as you've known, since the last 1.5 years, we've won a number of large global pharmaceutical companies, and they are quite comfortable in sharing their experiences with prospects. And that's a really compelling part of all this. So it's -- it's what we're doing in domain expertise, it's the industry expertise, use cases, our partners being able to sort of vouch for it and then customers saying, yes, BlackLine is a real deal.

因此，在這種情況下，如你所知，自過去 1.5 年以來，我們贏得了許多大型全球製藥公司，他們非常樂意與潛在客戶分享他們的經驗。這是這一切中真正引人注目的部分。所以，這就是我們在領域專業知識方面所做的事情，這是行業專業知識、用例，我們的合作夥伴能夠為其提供擔保，然後客戶說，是的，BlackLine 是一個真正的交易。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉，雷蒙德·詹姆斯。

Mark, I'd also like to echo my congratulations on the well-deserved retirement announcement. One, Mark, just starting off in the back of the deck, there's a new medium-term profitable growth framework. So first question there, can you just help bridge some of the bigger opportunities you see in your seat today, specifically on the revenue piece kind of inflecting from that 11% outlook for this year to kind of a 13% to 16% range.

馬克，我也想對他當之無愧的退休聲明表示祝賀。一，馬克，剛開始，有一個新的中期獲利成長框架。所以第一個問題是，你能否幫助彌合你今天在座位上看到的一些更大的機會，特別是收入部分，從今年 11% 的前景變化到 13% 到 16% 的範圍。

Is there any incremental investments that you're looking to make to get there? Is it more of the same? And any color on kind of linearity thoughts?

您是否希望進行任何增量投資來實現這一目標？是不是更相似呢？線性思想有什麼顏色嗎？

Thanks, Alex. Yes, that's a great observation. And I think our upcoming Investor Day is going to be a really great place for the entire management team, Owen and Therese and all of us to lay out in detail our strategy and the opportunities that are in front of us for investing for that growth.

謝謝，亞歷克斯。是的，這是一個很好的觀察。我認為即將到來的投資者日對於整個管理團隊、歐文和特蕾莎以及我們所有人來說將是一個非常好的機會，可以詳細闡述我們的策略以及我們面前的投資成長機會。

And from the last, I guess, year that the management team has really been putting a lot of effort and work into our long-range plan and our sort of investment initiatives, they're pretty consistent with what we've been talking about. And it includes our ability to get the flywheel partner ecosystem moving.

我想，從去年開始，管理團隊確實為我們的長期計畫和投資計畫投入了大量的精力和工作，它們與我們一直在談論的內容非常一致。它包括我們推動飛輪合作夥伴生態系統發展的能力。

It is being a leader in raising our voice to the office of the CFO and CIO for really large digital transformation. It includes being able to bring our product set into a platform to allow our customers to move data and to see more information faster, it's a number of those initiatives, which we believe are those long term opportunities.

它是向 CFO 和 CIO 辦公室發出真正大規模數位轉型呼聲的領導者。它包括能夠將我們的產品集引入一個平台，以允許我們的客戶更快地移動數據並查看更多信息，這是其中的一些舉措，我們認為這是長期機會。

They are the reasons we've invested in these companies. There is the reason that we've been innovating and the new leadership team is on board. So we're really excited about the opportunity at Analyst Day to share more of those details. So thank you for that question.

這就是我們投資這些公司的原因。這就是我們一直在創新並且新的領導團隊已經加入的原因。因此，我們非常高興有機會在分析師日分享更多這些細節。謝謝你提出這個問題。

Okay. Great. We'll look forward to more details in a couple of weeks. Maybe one other growth factor, and we heard a lot of early success in studio, but you've kind of been talking about testing some new packaging and pricing studies broadly in the market. I'm curious what kind of some of the early learnings have been there so far? Any thoughts on kind of broader rollout of those over the coming years?

好的。偉大的。我們將在幾週內期待更多細節。也許是另一個成長因素，我們在工作室中聽到了很多早期的成功，但你一直在談論在市場上廣泛測試一些新的包裝和定價研究。我很好奇到目前為止，早期的一些經驗教訓是怎麼樣的？對於未來幾年更廣泛的推廣有什麼想法嗎？

Yes. So we are continuing to refine all the work we're doing around pricing, including, again, even just meeting today on some of the things we're trying to do. It's really more of a '25 event than it is '24. We spent a lot of time talking with our partners and with our customers and learned a lot about where they see the opportunity for us, and we see it with them.

是的。因此，我們將繼續完善圍繞定價所做的所有工作，甚至包括今天就我們正在嘗試做的一些事情召開會議。這實際上更像是 25 年的活動，而不是 24 年的活動。我們花了很多時間與合作夥伴和客戶交談，了解了他們在哪裡看到了我們的機會，我們也與他們一起看到了機會。

And I think that right now, we feel like we're going to be able to simplify our pricing as we move into 2025, bundle some things together to make it a little bit easier for customers. And so we're pretty excited about what that opportunity presents.

我認為，現在，我們覺得隨著 2025 年的到來，我們將能夠簡化定價，將一些東西捆綁在一起，讓客戶更容易使用。因此，我們對這個機會所帶來的東西感到非常興奮。

Daniel Jester, BMO Capital Markets.

Daniel Jester，BMO 資本市場。

Great. Maybe to stick with the theme of asking questions off of the presentation. You've got a great one on the cohort analysis. And for the last couple of years, it feels like sort of back to the base opportunity there has stalled out a little bit relative to history.

偉大的。也許是為了堅持在演示中提出問題的主題。您在隊列分析方面做得很好。在過去的幾年裡，感覺回歸基本的機會相對於歷史來說有點停滯了。

So I guess maybe an update in terms of how you're seeing the sort of innovation pipeline and the go-to-market changes and sort of cumulatively all of the effects that you've changed on the business, how do you see that sort of translating to the ability to dive deeper with your customers as we go into next year.

因此，我想也許是關於您如何看待創新管道和進入市場的變化以及您對業務的所有變化的累積影響的更新，您如何看待這種情況當我們進入明年時，這將轉化為與您的客戶進行更深入交流的能力。

Yes. Thank you. Look, a couple of things. That's a big question. There was a lot in there. So I'll try to hit, I think, what the nature of the question is, and that is our growth opportunity within our customer base remains one of our largest growth vectors. We think there's a large embedded TAM for us to cross sell and upsell. We think some of the innovation that we're bringing to the table will capture the attention of the CFO and CIO to help us move these products into our really large, really invested customer base.

是的。謝謝。看，有幾件事。這是一個大問題。裡面有很多東西。因此，我認為，我將嘗試解決問題的本質，那就是我們在客戶群中的成長機會仍然是我們最大的成長向量之一。我們認為有一個巨大的嵌入式 TAM 供我們進行交叉銷售和追加銷售。我們認為，我們提出的一些創新將吸引財務長和資訊長的注意，幫助我們將這些產品轉移到我們真正龐大、真正投資的客戶群中。

And what I think you'll see from the cohort is over the years, we've landed larger. So the growth profile will change from the very early profile of customers that we've had for some 5, 10, 15 years. And -- but it doesn't change the fact that the opportunity for expanding with the user base, expanding with our product portfolio. exists for us. We've invested in the account managers.

我想你會從這群人中看到，多年來，我們已經取得了更大的成就。因此，成長概況將與我們擁有約 5、10、15 年的早期客戶概況發生變化。而且——但這並沒有改變這樣一個事實，即隨著用戶群的擴展、我們的產品組合的擴展的機會。為我們而存在。我們對客戶經理進行了投資。

And there are a couple of things that I think will help accelerate that upsell motion. First is all the investments and execution that we've made in that go-to-market motion. And second, I think to your point, is our innovation and the ability to raise the profile of BlackLine to the CFO and CIO where those big digital transformation decisions are being made.

我認為有幾件事將有助於加速加售運動。首先是我們在上市動議中所做的所有投資和執行。其次，我認為就您的觀點而言，是我們的創新以及向正在製定重大數位轉型決策的 CFO 和 CIO 提升 BlackLine 形象的能力。

Yes. Look, I think one of the things we shared a while back is we're for maybe the first time taking what we're seeing our customers do with the product and how well they're using it and seeing the opportunities to go aggressively talk to them and say, hey, there's still this opportunity for you to do this much more with what you've already purchased?

是的。看，我認為我們不久前分享的一件事是，我們可能是第一次了解我們的客戶對產品的使用情況以及他們使用該產品的情況，並看到積極討論的機會對他們說，嘿，你還有機會用你已經購買的東西做更多的事情嗎？

And so we've had what I'd consider to be good progress on that. So moving our customers along from [rex and task] to matching in journals and Mark highlighted some of the success we had on the cross-sell see that in picking up in our FRA solution and intercompany. And so we're beginning to do what we need to do around the cross-selling. Still early but our partners are also really helpful in this right now because they are trying to drive with our customers this whole digital transformation journey.

因此，我認為我們在這方面取得了良好的進展。因此，將我們的客戶從 [rex 和任務] 轉移到期刊中的匹配，Mark 強調了我們在交叉銷售方面取得的一些成功，這在我們的 FRA 解決方案和公司間合作中得到了體現。因此，我們開始圍繞交叉銷售做我們需要做的事情。雖然還為時過早，但我們的合作夥伴現在在這方面也確實很有幫助，因為他們正在努力與我們的客戶一起推動整個數位轉型之旅。

And so you're seeing what we wanted to do, started laid out a year ago now begin to take root. And I think the other thing that I got to give Therese and the rest of our product and tech team is they're out in the field all the time trying to learn and understand what else is it that our customers want. And so that co-creation of innovation is really beginning to resonate well.

所以你看到了我們想要做的事情，一年前開始佈局，現在開始紮根。我認為我必須向 Therese 以及我們的產品和技術團隊的其他成員提供的另一件事是，他們一直在現場嘗試學習和了解我們的客戶還想要什麼。因此，創新的共同創造確實開始引起良好的共鳴。

And so I think it's those combinations of things. But there's no surprises. The thing that you should probably take from all of this is we are executing on the things we told you we would do. It's a maniacal relentless focus day after day to get this stuff done that we said we would get done, and we love what our team is doing. We love what our partners are doing, and we love the receptivity we're getting from customers and prospects about all this.

所以我認為這是這些事物的組合。但沒有什麼意外。您可能應該從這一切中得到的訊息是，我們正在執行我們告訴您我們會做的事情。這是日復一日瘋狂不懈的專注，以完成我們說過我們會完成的事情，我們喜歡我們的團隊正在做的事情。我們熱愛我們的合作夥伴正在做的事情，我們也熱愛客戶和潛在客戶對這一切的接受度。

Rob Oliver, Baird.

羅布·奧利弗，貝爾德。

Great. A couple from me. First of all, I'll echo what others said, Mark. It's -- we're going to miss having you around. And really appreciate everything you've done in disclosure and focus and integrity and thank you very much for your service. And my question is, first, for any of you guys, and that's really just around that 27% growth in -- among customers over $1 million in ARR, a really impressive number.

偉大的。我的一對。首先，我會回應其他人所說的，馬克。我們會想念你在身邊的。非常感謝您在揭露、專注和誠信方面所做的一切，並非常感謝您的服務。我的問題是，首先，對於你們中的任何一個人來說，對於 ARR 超過 100 萬美元的客戶來說，這確實是 27% 左右的成長，這是一個非常令人印象深刻的數字。

And I wonder if you could just talk a little bit about some of how the newer innovation and Therese this perhaps could bring you in here is helping to drive that number? In other words, you guys have always done really well with large enterprises. Some tremendous logos, but broadening out towards that office of the CFO and getting some of these new innovations like FRA into their hands is important.

我想知道您是否可以簡單談談新的創新和 Therese 這可能會為您帶來的幫助如何推動這個數字？換句話說，你們在大企業上一直做得很好。一些巨大的標誌，但擴展到財務長辦公室，並將一些像 FRA 這樣的新創新掌握在他們手中是很重要的。

So I was wondering if you can talk a little bit about where that growth is coming from? Is it just in the BlackLine core? Is it -- or is it also strategic products, which I know you guys called out as strong this quarter. And then I had a brief follow-up.

所以我想知道您是否可以談談這種增長來自哪裡？它只是在 BlackLine 核心中嗎？是——還是它也是戰略產品，我知道你們在本季稱其為強勁的產品。然後我進行了簡短的跟進。

Rob, I agree or you're right. A lot of the growth in the upsell is around some of the newer things that we've been innovating on. And it really kind of highlights our return to customer centricity and what's going to deliver value to our customers.

羅布，我同意，或者你是對的。追加銷售的大部分成長都是圍繞著我們一直在創新的一些新事物展開的。它確實強調了我們回歸以客戶為中心以及將為客戶帶來價值的方式。

You might have noticed, I mentioned that we are approved with FRA on the SAP price list. We are seeing good traction in a number of clients there with our very comprehensive preconsolidation workflows and process sort of streamlining for them. We are also starting to see some good uptake of the Studio platform.

您可能已經注意到，我提到我們的 SAP 價目表已獲得 FRA 批准。我們透過非常全面的預合併工作流程和流程簡化，在許多客戶中看到了良好的吸引力。我們也開始看到 Studio 平台得到了一些很好的採用。

And so there's some very exciting things there. I get to present a lot of this at our user conference in 2 weeks, and I'm pretty excited to unveil some of the work that we've been doing because the receptivity in our client base to what we are delivering now is just so far improved over the last 1.5 years, I can't even tell you. I'm very pleased that we are delivering things that give our customers value.

所以那裡有一些非常令人興奮的事情。我將在兩週後的用戶會議上展示很多內容，我很高興能夠公佈我們一直在做的一些工作，因為我們的客戶群對我們現在提供的內容的接受度非常高我什至無法告訴你，過去1.5 年進步了很多。我很高興我們所提供的產品能為客戶帶來價值。

Great. Well, looking forward to seeing that in Orlando. And then Mark, just one for you. Just perhaps if we could get a little bit more color on kind of that divergence between enterprise and mid-market or commercial. How much of this is kind of purposeful on your part?

偉大的。好吧，期待在奧蘭多看到這一點。然後馬克，只為你準備一份。也許我們可以對企業和中端市場或商業之間的差異有更多的了解。這其中有多少是你有目的的？

There's certainly competition in the mid-market, but you guys have also made changes, which are more reflective of kind of focusing on the enterprise and rallying the partners around that. So when you look at, say, the those renewal rates obviously, there's a drag coming from that lower end? And just any color you could provide there on that would be great.

中端市場肯定存在競爭，但你們也做出了改變，這更反映了對企業的關注並圍繞企業團結合作夥伴。因此，當您觀察這些續訂率時，顯然會發現低端有拖累？只要你能提供任何顏色那就太好了。

Yes, of course. Look, the additions of customers in the quarter at both the enterprise and mid-market level was normalized. But as you mentioned, we lost a number of the mid-market customers, the smaller. And the majority of that is strategic. We are targeting higher end in the mid-market. We're really focused on customers that are making an investment in their future and that have an opportunity to work with BlackLine over a lifetime value that we think gives them the best value proposition.

是的當然。看，本季企業級和中端市場級客戶的增加都已正常化。但正如您所提到的，我們失去了一些中端市場客戶，規模較小。其中大部分是戰略性的。我們的目標是中階市場的高端。我們真正關注的是那些對自己的未來進行投資並有機會與 BlackLine 合作的終身價值客戶，我們認為這為他們提供了最佳價值主張。

So what we were particularly pleased with in the quarter is the enterprise renewal rate. For the third quarter in a row, ticking back up, we would call that stabilized and then see in our dollar-based retention rate also stabilized and even tick up a point on the back of that sort of strong renewal base of enterprise customers. And that we mentioned early in the year, this mid-market logo headwind was going to be a full year sort of situation, and it's continued to do that again in Q3.

因此，本季我們特別滿意的是企業續訂率。對於連續第三個季度的回升，我們稱之為穩定，然後看到我們以美元為基礎的保留率也穩定下來，甚至在企業客戶的強勁續訂基礎的支持下上升了一個點。我們在今年稍早提到過，這種中端市場標誌的逆風將成為全年的情況，並且在第三季繼續出現這種情況。

Ryan Krieger, Wolfe Research.

瑞安·克里格，沃爾夫研究中心。

So I just wanted to follow on with one of Rob's questions. With the strategic portfolio as a percent of revenue ticking up again ahead of plan for the second quarter in a row, do you kind of expect these levels to be the new normal?

所以我只想繼續回答羅布的一個問題。隨著策略投資組合佔收入的百分比連續第二季提前規劃再次上升，您是否認為這些水準將成為新常態？

Like have you seen an inflection in adoption here for the strategic portfolio that looks durable? Or is some of that strength still attributed to timing of deals and then just quickly on free cash flow. Obviously, near 30% in the quarter. Is there anything onetime in nature that we need to know about? And maybe how should we think about that for the rest of the year?

就像您在這裡看到看起來持久的策略性投資組合的採用發生了變化嗎？或者，這種優勢的一部分仍然歸因於交易時機，然後只是快速歸因於自由現金流。顯然，本季接近 30%。自然界中有什麼是我們需要一次性了解的嗎？也許在今年剩下的時間裡我們該如何思考這個問題？

Yes. Great. Thank you for the question. I'll go backwards on that. The free cash flow, there was no anomalies or onetime events. It's just an increasing rate of cash flow generation and profitability over the year, incredibly proud of the team, the execution, doing more with less and fewer people driving this business forward. It's been a real journey that we've been on.

是的。偉大的。謝謝你的提問。我會回顧這一點。自由現金流，沒有異常或一次性事件。這只是一年來現金流產生和獲利能力不斷提高，我們對團隊、執行力感到無比自豪，用越來越少的人做更多的事情，推動了業務的發展。這是我們經歷過的一次真正的旅程。

And so it was a great quarter from that standpoint. And then going back a moment to the strategic products, we talked this year about that portfolio being in the 25% to 30% sales is the right balance for us with the strategic product portfolio that we have.

因此從這個角度來看，這是一個很棒的季度。然後回到策略性產品，我們今年談到了 25% 到 30% 銷售額的產品組合對於我們與我們擁有的策略產品組合來說是正確的平衡。

And so each quarter this year, that's continued to tick up, and we've seen good sort of sell-through on that. But what's really the driver moving forward and into next year and whether or not we lift that rate is digital transformation in the office of the CFO and getting these large deals that are multiproduct, multi-solution, and we're talking to those customers today so that will move the needle.

因此，今年每個季度，這一數字都在持續上升，我們已經看到了良好的銷售情況。但進入明年的真正驅動力是什麼，以及我們是否提高這一速度是首席財務官辦公室的數位轉型，以及獲得這些多產品、多解決方案的大筆交易，我們今天正在與這些客戶交談這樣就可以改變現狀。

Yes. I think just to elaborate, again, I spend a ton of time in the marketplace with our customers and our partners. And our partners are really doing a good job. Our BlackLiners are doing a really good job of getting our customers back on the journey, right? So they came to BlackLine with the idea that they were going to do some kind of transformation.

是的。我想再次詳細說明一下，我在市場上與我們的客戶和合作夥伴花費了大量時間。我們的合作夥伴確實做得很好。我們的 BlackLiner 在讓我們的客戶重回旅程方面做得非常好，對嗎？因此，他們帶著要進行某種轉型的想法來到 BlackLine。

And for whatever reasons, things haven't gone as quickly as we would have liked. So they kind of do recs and tasks and then kind of paused a little bit or get sidetrack. And what we've done a good job now is getting the focus back again on the things that follow.

不管出於什麼原因，事情並沒有像我們希望的那樣發展得那麼快。所以他們會做一些建議和任務，然後稍微暫停一下或偏離軌道。我們現在做得很好的就是將注意力重新集中到接下來的事情上。

So the transaction matching the journals, the great solution that Therese and the team have built around FRA. Intercompany is a really compelling part of this and then invoice the cash. I think you're going to -- we believe we're going to continue to see that trend as it's been going recognizing that the intercompany sales can be very large. So that may create a little bit of volatility when one of those is -- but I think we feel pretty good about the work we're doing to get our customers on the journey. And I think that's going to just relate to continuing to add to our strategic products.

因此，交易與期刊相匹配，這是 Therese 和團隊圍繞 FRA 構建的出色解決方案。Intercompany 是其中非常引人注目的一部分，然後開立現金發票。我認為，我們相信我們將繼續看到這種趨勢，因為我們已經認識到公司間的銷售額可能非常大。因此，當其中一個出現時，這可能會產生一點波動 - 但我認為我們對我們為讓客戶踏上旅程而所做的工作感到非常滿意。我認為這與繼續增加我們的戰略產品有關。

Chris Quintero, Morgan Stanley.

克里斯昆特羅，摩根士丹利。

Congrats on the solid execution here. And Mark, let me say it's been a pleasure to work with you and wish you all the best in retirement. I want to ask about the SAP business, really impressive to see that pick up. We've done a lot of work on the upcoming ERP super cycle and SAP results have been strong so far this year. So just curious what you're seeing there as it relates to the pipeline heading into 2025. I know there was some disruption in the first half of the year. But do you feel like you're at a tipping point there from the SAP side of things?

恭喜您的紮實執行。馬克，讓我說很高興與您一起工作，並祝您退休後一切順利。我想問一下 SAP 業務的情況，看到這種成長真是令人印象深刻。我們已經為即將到來的 ERP 超級週期做了大量工作，今年到目前為止，SAP 的業績一直很強勁。所以只是好奇你在那裡看到了什麼，因為它與進入 2025 年的管道有關。我知道今年上半年出現了一些混亂。但您是否覺得 SAP 方面正處於一個轉折點？

Yes, Chris, thanks for the question and good to talk with you. I think I still -- and we still believe that SAP is a bit of untapped potential for us we talk about 25%, 26% of our revenue, as we have been working with the very top leadership of SAP, we believe that, that number should be able to get much higher than where it is today and we're trying to drive that.

是的，克里斯，謝謝你的提問，很高興與你交談。我想我仍然——而且我們仍然相信SAP 對我們來說還有一些尚未開發的潛力，我們談論的是我們收入的25%、26%，因為我們一直在與SAP 的最高領導層合作，我們相信，這個數字應該會比現在高得多，我們正在努力推動這一目標。

One of the great things that SAP has changed this year as they reenergized restaffing their office of the CFO, which they kind of got away from the meetings that we're having with the leaders of those folks all around the world is really beginning to sort of set up very nicely for the things that we want to do together in 2025.

SAP 今年改變的一件偉大的事情是，他們重新調整了首席財務官辦公室的人員配置，他們從我們與世界各地這些人的領導人舉行的會議中擺脫了這一點，真正開始解決這個問題為2025年我們想要一起做的事情做好了很好的準備。

In a few weeks, Therese and I will be over there at their headquarters continuing to go through the product road map as well as what we're trying to do in go to market. So I think we're pretty excited about that. We have some -- what we think will be some interesting changes to our business and how we're going to face off with SAP that we'll share at Investor Day. So we look forward to sharing a bit more when we're together on that front.

幾週後，特蕾莎和我將在他們的總部繼續研究產品路線圖以及我們在進入市場方面正在努力做的事情。所以我認為我們對此感到非常興奮。我們認為我們的業務將會發生一些有趣的變化，以及我們將如何面對 SAP，我們將在投資者日分享這些變化。因此，當我們在這方面聚在一起時，我們期待分享更多資訊。

But again, I think we feel like -- we've got lots of opportunity. The partnership has never been healthier, never been stronger and I think the alignment of what we're trying to do together is incredible. It's just now for each of us going to get to execute. And when you're down at Beyond the Black, we have Corporate Controller from SAP is going to be there, the head of their offices CFO, who's going to be there, and we're very pleased to also remind everybody that SAP is now running on BlackLine.

但我想我們還是感覺——我們有很多機會。這種夥伴關係從未如此健康、如此牢固，我認為我們共同努力的一致性令人難以置信。現在是我們每個人都要執行的時候了。當你在 Beyond the Black 的時候，我們有來自 SAP 的企業財務總監、他們的辦公室主任 CFO，他們也會在那裡，我們也很高興地提醒大家，SAP 現在在黑線上運作。

Awesome. That's really helpful. And then I want to follow up on the competitive landscape and maybe how you're bearing today versus a year ago, given all the changes you've made and maybe which ones have been the most effective from a competitive landscape perspective?

驚人的。這真的很有幫助。然後我想跟進競爭格局，也許考慮到你所做的所有改變，你今天與一年前相比如何，也許從競爭格局的角度來看哪些改變是最有效的？

Yes. Look, I think we -- and I think I've told you guys from the first call. I'm always paranoid, right? I'm always worrying and thinking about who's out there, how do we compete? I would say we're incredibly pleased with how we're competing against some of the more traditional competitors that you all might recognize.

是的。聽著，我想我們——而且我想我在第一次通話時就已經告訴你們了。我總是偏執，對吧？我總是擔心並思考誰在那裡，我們如何競爭？我想說，我們對如何與你們可能認識的一些更傳統的競爭對手競爭感到非常滿意。

In fact, I think a number of the takeaways when you look back over the last 9 months, from one of our so-called bigger competitors is remarkable. I couldn't be more proud of what the team has done, but we are going to continue to rip and replace every one of their customers out during 2025 as we try to move forward. And so that's really encouraging on that front.

事實上，我認為當你回顧過去 9 個月時，我們所謂的更大競爭對手之一的一些收穫是值得注意的。我對團隊所做的一切感到無比自豪，但在我們努力向前邁進的過程中，我們將在 2025 年繼續淘汰和替換他們的每位客戶。所以這在這方面確實令人鼓舞。

And then when you get to what we would consider the ankle biter that sort of competes against us at the lower end of the market. I think our approach to those customers, we're okay if they take some of the customers that really are not yet a good fit for BlackLine, but what we are keenly focused on is when those customers grow to a certain size and scale, we basically say it's now time to come to BlackLine, and we've had a number of nice successes, and we've got some more that we're going to share over the course of the fourth quarter because BlackLine is you come to BlackLine when you grow up.

然後，當你談到我們所認為的腳踝咬傷者時，它會在低端市場與我們競爭。我認為我們對待這些客戶的方法是，如果他們接受一些確實還不太適合 BlackLine 的客戶，我們也沒關係，但我們重點關注的是，當這些客戶增長到一定的規模和規模時，我們基本上是說現在是時候加入BlackLine 了，我們已經取得了許多不錯的成功，我們還取得了更多成果，我們將在第四季度分享，因為BlackLine 是您在以下情況下加入BlackLine你長大了。

And I think that's the message that we're trying to deliver in the marketplace to these customers who have a journey. They know where they want to go. And I think we're being much more honest and candid about what it takes to come to BlackLine. So we've done a lot of work looking back at where we had success and where have we fallen short with our customers?

我認為這就是我們試圖在市場上向這些有旅程的客戶傳達的訊息。他們知道自己想去哪裡。我認為我們對於加入 BlackLine 所需的條件更加誠實和坦誠。因此，我們做了很多工作，回顧了我們在哪些方面取得了成功，哪些方面與客戶有差距？

And we sort of have triangulated about what we should expect and a customer should expect from us in a deal as well as a partner. And when you get the alignment from the customer the right way, the partner and BlackLine and you agree at what you're going to do to drive a successful outcome and then stick to it, that's when you get the result you want.

我們對我們應該期望什麼以及客戶應該在交易中對我們以及合作夥伴的期望進行了三角測量。當您以正確的方式獲得客戶、合作夥伴和 BlackLine 的一致同意，並且您就將採取哪些措施來推動成功的結果達成一致並堅持下去時，您就會得到您想要的結果。

If you don't align all those things up front, than the likelihood you're not going to be successful is much lower. And so when we talk about our ideal customer profile, it's -- yes, it's about the size and the scale and complexity, but it's also about commitment and executive leadership, don't sell to someone that you don't have the right relationships at the top of the house because all projects have hiccups.

如果你不預先協調所有這些事情，那麼你不成功的可能性就會低得多。因此，當我們談論我們理想的客戶檔案時，是的，它與規模、規模和複雜性有關，但它也與承諾和執行領導力有關，不要向沒有正確關係的人推銷因為所有項目都會出現問題。

And what we want to make sure is our team to go talk to the CFO, CXO and say, look, this is not one where we need to. We need you to lean in to make sure this project is back on track because we want to deliver value. Therese said it before, we are customer-centric, that's what we're all about, and the customer success is how we measure our success. So that's what we're looking to do.

我們想要確保的是，我們的團隊會與 CFO、CXO 交談，並說，看，這不是我們需要做的事情。我們需要您的幫助，以確保專案重回正軌，因為我們希望創造價值。Therese 之前說過，我們以客戶為中心，這就是我們的宗旨，客戶的成功就是我們衡量成功的標準。這就是我們想要做的。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

Mark, congratulations on the news for you and Patrick too, looking forward to working with you in the future. Just wanted to ask two questions here. Maybe on accounting center, first. I know you have Beyond the Black coming up here in a few weeks, but I want to try and tease out what we could potentially hear about accounting studio from a product perspective today from an early-look perspective?

馬克，也祝賀你和派崔克的消息，期待將來與你合作。只是想在這裡問兩個問題。也許首先是在會計中心。我知道你們將在幾週後迎來 Beyond the Black，但我想嘗試從早期的角度來梳理我們今天從產品角度可能聽到的有關會計工作室的內容？

And then BlackLine absolutely has a lot of attractive growth levers, thinking about the medium term, but I wanted to focus on two here, specifically accounting Studio and SAP. How would you categorize those to as priorities for contributors to growth over the medium term.

然後，考慮到中期，BlackLine 絕對擁有許多有吸引力的成長槓桿，但我想在這裡重點關注兩個，特別是會計工作室和 SAP。您如何將這些分類為中期成長貢獻者的優先事項？

You want to talk about Studio first?

您想先談談 Studio 嗎？

Yes. So I believe with Studio, we're seeing a very good reaction from our customers right now, combined with a willingness to pay for what we are delivering. So now I know that Mark Partin will always say, this isn't included in our longer-term plan [blah blah]. He'll do the drug recusals, but I am pretty hopeful that this represents a completely new area of growth for BlackLine. It's really cool, the reactions to date.

是的。因此，我相信對於 Studio，我們現在看到客戶的反應非常好，並且願意為我們所提供的產品付費。所以現在我知道馬克·帕丁總是會說，這不包括在我們的長期計劃中[等等等等]。他將取消毒品，但我非常希望這代表 BlackLine 的一個全新的成長領域。迄今為止的反應真的很酷。

Yes. I think when you see it, we've got five components that make up what we studio will share the rebranding of that next week. But again, a lot of feedback from prospects, customers and partners over the last 18 months. And I think it's been time and money well spent for getting this product to where it will be unveiled in a couple of weeks. As it goes to SAP, we still think that there's a lot of growth opportunity there, and we're committed to sort of building that out.

是的。我想當你看到它時，我們有五個組件組成了我們工作室將在下週分享的品牌重塑。但同樣，在過去 18 個月裡，來自潛在客戶、現有客戶和合作夥伴的大量回饋。我認為，為了讓這款產品在幾週後上市，我們花了時間和金錢。至於 SAP，我們仍然認為那裡有很多成長機會，並且我們致力於將其打造出來。

And what's, again, really important is -- it's nice for us to want to go do that, but it's equally important, if not more important, for SAP to have the focus that they do. And so when they talk about their strategy, the move to the cloud, the office of CFO and AI, which are their top 3 strategic priorities that aligns super well with what we're trying to do.

再次強調，真正重要的是——我們想要這樣做很好，但對 SAP 來說，專注於他們所做的事情也同樣重要，甚至更重要。因此，當他們談論他們的策略時，向雲端的遷移、財務長辦公室和人工智慧是他們的三大策略重點，與我們正在努力做的事情非常吻合。

And I think that, that's going to bode well for our relationship as we move forward. There is always the complexity is they're a big organization. And I've been out on a couple of pitches now where you've got an SAP rep in the room who is excellent, but doesn't maybe always know everything that BlackLine does.

我認為，隨著我們向前發展，這對我們的關係來說是個好兆頭。因為他們是一個大組織，所以總是存在著複雜性。我現在已經參加過幾次推介，房間裡有一位非常出色的 SAP 代表，但他可能不會總是了解 BlackLine 所做的一切。

And I think that's part of our activity and the reason we're going to sort of share some news in a couple of weeks about how we face off with SAP to make sure that people in the field on the front lines know everything they need to know about BlackLine, so they can drive success for their customers with SAP and BlackLine together.

我認為這是我們活動的一部分，也是我們將在幾週內分享一些有關我們如何與 SAP 對抗的新聞的原因，以確保一線人員了解他們需要的一切了解BlackLine，因此他們可以透過SAP 和BlackLine 共同推動客戶取得成功。

Terry Tillman, Truist Securities.

特里·蒂爾曼，Truist 證券公司。

This is Dominique Manansala on for Terry. So just wanted to take it back to studio for a bit. You all mentioned some promising results. So just wanted to get a quick update on maybe the plans to expand the CD solutions roll out later in the year. and see if the rollout time line is on track and maybe what your expectations are for adoption levels once it's available to a wider customer base.

我是多明尼克·馬南薩拉 (Dominique Manansala)，替補特里 (Terry)。所以只是想把它帶回工作室一段時間。你們都提到了一些有希望的結果。因此，我只是想快速了解今年稍後推出的擴展 CD 解決方案的計劃的最新情況。看看推出時間軸是否按計劃進行，以及一旦向更廣泛的客戶群提供後，您對採用水平的期望是多少。

Yes. We've got, I think, a pretty reasonable rollout plan. It's already being sold to a number of current customers and being implemented and being very well received. I think the sort of interesting thing that we're going to talk about at the user conference, Owen just mentioned, is the full breadth and depth of how this is playing into our platform strategy.

是的。我認為我們有一個相當合理的推出計劃。它已經出售給許多現有客戶並正在實施並受到熱烈歡迎。歐文剛才提到，我認為我們將在用戶大會上討論的有趣的事情是這如何融入我們的平台策略的全面廣度和深度。

And how it offers a set of capabilities that, frankly, nobody else is offering right now. So it is generally available pretty much now. It's been sort of soft rolled out. We're getting very good implementations happening on it and very good reactions to it.

坦白說，它如何提供一系列目前其他人無法提供的功能。所以現在基本上已經可以使用了。它已經被軟推出了。我們得到了很好的實施，並且得到了很好的回應。

Great. And I also wanted to know if efforts to improve retention rates through those enhanced customer onboarding and digital self-service options have shown any early impact on renewal rates or maybe customer satisfaction?

偉大的。我還想知道透過增強的客戶引導和數位自助服務選項來提高保留率的努力是否對續約率或客戶滿意度產生了任何早期影響？

Yes. So it's definitely showing some impact on customer satisfaction. We can see that the feedback, the renewals from those customers, the uplift on that renewal is very real. It's very tangible. We are doubling down our efforts about how we go to specific customers, again, with our partners because I think one of the key things is when you have 4,400 customers you're trying to get to as many of them to make sure we have a thriving partner network that's in many of these customers every day.

是的。所以它肯定對客戶滿意度產生了一些影響。我們可以看到這些客戶的回饋、續訂以及續訂帶來的提升是非常真實的。這是非常有形的。我們正在加倍努力，與我們的合作夥伴一起努力接觸特定客戶，因為我認為關鍵的事情之一是，當你擁有 4,400 個客戶時，你要努力接觸盡可能多的客戶，以確保我們有一個許多此類客戶每天都擁有蓬勃發展的合作夥伴網絡。

And so that's been a really key part of, again, getting these customers back on a journey. It's been a critical part of the success. And we're still early in sort of some of the self-service stuff. We'll share a little bit more about that at Beyond the Black, but it is a key priority how we do that and do that quite frankly, in offshore locations as well to continue to drive down costs.

因此，這又是讓這些客戶重回旅程的一個非常關鍵的部分。這是成功的關鍵部分。我們在某些​​自助服務方面還處於早期階段。我們將在 Beyond the Black 上分享更多相關內容，但坦白說，我們在離岸地點以及繼續降低成本方面如何做到這一點是我們的關鍵優先事項。

Jake Roberge, William Blair.

傑克‧羅伯格，威廉‧布萊爾。

Congrats, Mark, I hope you enjoyed the last few quarters at the helm. Nice to see the uptick in NRR, especially with the headwinds you're still seeing on the mid-market base. Just curious, as we move into next year, do you feel like you will have officially lapped most of those down market headwinds, and you can kind of pair stability in that base with the momentum you're seeing upmarket? Or will there's still going to be more headwinds to that as we head into next year?

恭喜馬克，我希望你在掌舵的最後幾季過得愉快。很高興看到 NRR 的上升，尤其是在中端市場仍面臨阻力的情況下。只是好奇，當我們進入明年時，您是否覺得您將正式克服大部分市場下行阻力，並且您可以在該基礎上保持穩定與您看到的高端市場勢頭？或者，當我們進入明年時，還會有更多的阻力嗎？

Well, we will provide more guidance on that in February. And Q4 has been good -- I think it's a signal for us where budgets and buyers' heads are. I would say what we're seeing the best way to describe it at the moment is some stabilization in some of those key areas of renewal and retention.

好吧，我們將在二月提供更多相關指導。第四季度表現不錯——我認為這向我們發出了預算和買家頭腦的信號。我想說的是，我們目前看到的最好的描述方式是更新和保留的一些關鍵領域的一些穩定。

And so whether it's the return we're seeing in our marketing and lead gen investments on the top of our pipeline or whether it's the conversations with the customers that are moving more fluidly or the attendance at our conference being sold out.

因此，無論是我們在行銷和潛在客戶開發投資中看到的回報，還是與客戶的對話更加順暢，或者我們的會議門票已售完。

There are signals but to convert that demand into buying next year is going to depend on a number of things for us. But what we're really confident in is that we're now more equipped than ever to be able to tell our story in a very cohesive way around how BlackLine operates at the level of the CFO and the CIO. And we think that those are places we've gotten some great traction that lead to better metrics like renewal rate and retention rate.

有跡象表明，但明年能否將這種需求轉化為購買，對我們來說取決於許多因素。但我們真正有信心的是，我們現在比以往任何時候都更有能力，能夠以非常有凝聚力的方式圍繞 BlackLine 在 CFO 和 CIO 層面上的運作方式講述我們的故事。我們認為這些地方我們已經獲得了很大的吸引力，可以帶來更好的指標，例如續約率和保留率。

George Kurosawa, Citi.

喬治·黑澤明，花旗銀行。

I'm on for Steve Enders maybe to start following up on the conversation about SAP. I think one of the things that jumped out to me about the SolEx you called out was that it came on the front end of the migration project. Is that typical for these type of deals that you'd see BlackLine go in maybe before the S/4HANA migration is completed? Or is it kind of vary on a customer-to-customer basis?

我正在等待 Steve Enders 開始跟進有關 SAP 的對話。我認為，關於您提到的 SolEx，我突然想到的一件事是它出現在遷移專案的前端。在 S/4HANA 遷移完成之前，您可能會看到 BlackLine 參與此類交易，這是典型的情況嗎？還是根據客戶的不同而有所不同？

I can always pay you for having to ask that question. So thank you very much. Actually, one of the biggest shifts over the last 12 months has been the realization as BlackLine and SAP and our partners have worked together is that BlackLine should come on the front end.

我總是可以付錢給你問這個問題。非常感謝。事實上，過去 12 個月最大的轉變之一是 BlackLine 和 SAP 以及我們的合作夥伴共同努力，意識到 BlackLine 應該出現在前端。

It shows real tangible value for our customers. It gives quick wins. It builds confidence in the digital transformation journey. And as we've been talking with senior SAP leadership, where in particular, one very large customer is sponsored by their CEO and myself and they've done this and where BlackLine has gotten first and see the power of that.

它為我們的客戶展示了真正有形的價值。它能帶來快速的勝利。它增強了人們對數位轉型之旅的信心。正如我們一直在與SAP 高級領導層交談的那樣，特別是，一個非常大的客戶是由他們的首席執行官和我自己贊助的，他們已經做到了這一點，而BlackLine 已經率先取得了成功，並看到了其力量。

And so you hear SAP also driving that message very importantly into the conversation. So if a year ago, BlackLine was sort of at the bottom of the bill of material, that's no longer really the case. I think people are recognizing the criticality of demonstrable wins and showing the art of the possible. And so we're going to expect to see more and more of that as we move forward. And I think that will be some of the messaging that you'll hear at Beyond Black.

因此，您會聽到 SAP 也在對話中非常重要地傳達了這一訊息。因此，如果一年前 BlackLine 還處於物料清單的底部，那麼現在情況已不再如此。我認為人們正在認識到可證明的勝利的重要性，並展示可能性的藝術。因此，隨著我們的前進，我們預計會看到越來越多的這種情況。我認為這將是你在 Beyond Black 中聽到的一些信息。

Okay. That's great color. And then I just want to ask about the net new ARR came in pretty healthy, especially for Q3, but the billings number, at least a little below what we were forecasting maybe, Mark, if you could help us, was there anything kind of timing related or anything else we should keep in mind when we're kind of comparing and contrasting these metrics?

好的。那顏色真棒。然後我只想問一下淨新 ARR 相當健康，尤其是第三季度，但賬單數字至少比我們的預測略低一點，馬克，如果你能幫助我們，有什麼可以幫助我們的嗎？在對比這些指標時，與時間相關的還是其他我們應該記住的事情？

Yes. Great. So the billings, as you know, in any quarter can have some volatility. It's either seasonality or maybe timing or payment patterns, things like that, and we saw both of those in the quarter. And so you're doing the right thing, which is look through to the RPO, the CRPO ARR, about -- those are up 10%, 11%. And in the quarter, which shows good healthy, renewing stronger and longer customers, landing customers with longer terms and putting them in the bucket for long-term customers.

是的。偉大的。因此，如您所知，任何季度的帳單都可能會出現一些波動。這要么是季節性的，要么是時間安排或支付模式之類的，我們在本季度都看到了這兩個問題。所以你正在做正確的事情，那就是查看 RPO、CRPO ARR，大約成長了 10%、11%。在本季度，這顯示出良好的健康狀況，更新了更強大和更長期的客戶，獲得了長期客戶並將其納入長期客戶的範圍內。

So yes, it's some seasonal variability, trailing 12-month billings is the right way to look at it sort of a guide. And then looking through to these other metrics should give you a sense kind of how we feel about the quarter.

所以，是的，這是一些季節性變化，追蹤 12 個月的帳單是正確的看待方式，可以作為一種指南。然後查看這些其他指標應該會讓您了解我們對本季的感受。

This now concludes the question-and-answer session. I would now like to turn it back to Owen Ryan for closing remarks.

問答環節到此結束。現在我想請歐文‧瑞安 (Owen Ryan) 發表結束語。

Thank you, everyone, for asking the questions. And also thank you for recognizing all the contributions that Mark has made. He's been a special, special partner to Therese and myself and the whole organization. We feel very fortunate that he's done all the things and it's going to continue to be a key ally of ours as we move forward. So with that, I want to thank everybody. We'll see you all in a couple of weeks, and we're excited what we have to share up Beyond the Black. Take care.

謝謝大家提出問題。也要感謝您認可馬克所做的所有貢獻。對特蕾莎、我本人以及整個組織來說，他是一位非常非常特別的合作夥伴。我們感到非常幸運，他已經完成了所有的事情，隨著我們的前進，它將繼續成為我們的重要盟友。因此，我要感謝大家。我們將在幾週後見到大家，我們很高興能夠分享 Beyond the Black 的內容。小心。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。