BlackLine Inc (BL) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the BlackLine Q4 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the call over to Matt Humphries. Please begin, sir.

您好，感謝您的支持。歡迎參加 BlackLine 2024 年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在我想將電話轉給馬特漢弗萊斯 (Matt Humphries)。先生，請開始。

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; and Patrick Villanova, Chief Accounting Officer.

下午好，感謝您今天加入我們。與我一起參加電話會議的還有 BlackLine 聯合執行長 Owen Ryan 和 Therese Tucker；以及財務長 Mark Partin；以及首席會計官派崔克·維拉諾瓦（Patrick Villanova）。

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 Q1 and full year 2025 are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在我們開始之前，我想指出的是，本次電話會議中所作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 2025 年第一季和全年的指引，均屬於《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。

These forward-looking statements represent our outlook only as of the date of this call. 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 particularly our Form 10-K and Form 10-Q.

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。雖然我們認為電話會議中做出的任何前瞻性陳述都是合理的，但實際結果可能存在重大差異，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 表和 10-Q 表。

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 of last year, unless otherwise noted.

我們不承擔更新或修改我們的前瞻性聲明的任何義務，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均與去年同期相關。

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.

最後，除非另有說明，我們在本次電話會議上揭露的財務指標均為非公認會計準則。有關這些非公認會計準則財務指標的討論以及有關我們的歷史公認會計準則與非公認會計準則結果的調節信息可在我們的收益報告中找到，該報告可在我們的投資者關係網站 investors.blackline.com 或我們今天向美國證券交易委員會提交的 8-K 表格中找到。

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

現在我將電話轉給 BlackLine 的聯合執行長歐文‧瑞安 (Owen Ryan)。歐文。

Thank you, Matt, and good afternoon, everyone. Thank you for joining us on today's call. Like you, we have seen the devastating impacts the wildfires have had across Los Angeles. Our thoughts are with our employees, their families and all those affected in the LA community, including our industry peers, partners, and stakeholders who all call this region home.

謝謝你，馬特，大家下午好。感謝您參加今天的電話會議。和你們一樣，我們也目睹了山火為洛杉磯帶來的毀滅性影響。我們的心與我們的員工、他們的家人以及洛杉磯社區所有受影響的人們同在，其中包括我們的業內同行、合作夥伴和利益相關者，他們都把這個地區視為自己的家。

While several of our team members have been impacted by the fires and evacuations, our operations remain unaffected, and we are delivering for our customers without disruption. We are providing direct support to our affected employees and are working with local relief organizations to assist the broader community.

雖然我們的一些團隊成員受到了火災和疏散的影響，但我們的營運並未受到影響，並且我們正在不間斷地為客戶提供服務。我們正在向受影響的員工提供直接支持，並與當地救援組織合作，為更廣泛的社區提供協助。

Now turning to our fourth quarter performance. BlackLine met or exceeded our revenue and non-GAAP guidance despite notable currency headwinds due to a strong US dollar. We delivered 9% revenue growth in the fourth quarter with a non-GAAP operating margin of 18%. Patrick will provide a detailed breakdown of our performance and the specific impact of FX movements shortly.

現在來談談我們第四季的表現。儘管由於美元走強導致匯率明顯逆風，BlackLine 仍達到或超過了我們的收入和非 GAAP 指導。我們第四季的營收成長了 9%，非 GAAP 營業利潤率為 18%。派崔克很快就會對我們的業績和外匯走勢的具體影響進行詳細的分析。

As we enter the year, our strategic evolution and momentum remains right on track following our successful BeyondTheBlack event. Our pipeline has seen healthy growth across multiple dimensions. We are seeing an increase in both volume and critically in opportunity size, driven in part through platform or multi-pillar opportunities.

進入新的一年，在成功舉辦 BeyondTheBlack 活動之後，我們的策略變革和發展勢頭依然保持良好。我們的產品線在多個維度都實現了健康成長。我們看到數量和機會規模都在增加，部分原因是受到平台或多支柱機會的推動。

The quality of these opportunities has also improved, driven in part by our strategic channel partnerships. The combination of higher volume, larger deals, and enhanced opportunity quality reflects the growing market recognition of our platform's comprehensive value proposition. That being said, we did see instances in the fourth quarter where deal velocity, especially in larger late-stage opportunities, slowed. This caused some opportunities to extend into 2025. Some of these deals have closed in January, and most we expect to close in the coming months.

這些機會的品質也得到了提高，部分原因是我們的策略通路合作夥伴關係。更高的交易量、更大的交易規模和更好的機會品質反映了市場對我們平台綜合價值主張的認可度不斷提高。話雖如此，我們確實看到第四季度交易速度放緩的情況，特別是在較大的後期機會中。這使得一些機會延續到2025年。其中一些交易已於一月份完成，我們預計大多數交易將在未來幾個月內完成。

We remain optimistic that the momentum that has been building will continue. Our new Chief Commercial Officer, Stuart Van Houten, started today and is expected to drive relentless execution across the business. His experience with enterprise customers and with our largest go-to-market partner, SAP, will only enhance and accelerate our strategy and ultimately, our results. At Investor Day, we shared key strategic initiatives, and I am pleased to report substantial progress across these priorities.

我們仍然樂觀地認為，目前不斷增強的勢頭將會持續下去。我們新任首席商務長 Stuart Van Houten 於今日上任，預計將推動整個業務的不懈執行。他與企業客戶以及我們最大的市場合作夥伴 SAP 合作的經驗只會增強和加速我們的策略，並最終促進我們的績效。在投資者日，我們分享了關鍵的策略舉措，我很高興地報告這些優先事項取得了實質進展。

Our journey towards FedRAMP certification continues according to plan, positioning us to serve public sector organizations at a crucial time. Government agencies increasingly recognize the critical need for modern technology to fulfill their missions effectively, and we're seeing promising opportunities emerge in this space. One word of caution is the changing environment in Washington, DC.

我們爭取 FedRAMP 認證的進程正在按計劃繼續進行，這將使我們能夠在關鍵時刻為公共部門組織提供服務。政府機構越來越認識到現代科技對於有效完成其使命的迫切需要，我們看到這一領域出現了充滿希望的機會。需要注意的是華盛頓特區的環境正在改變。

We are gaining momentum with state and local governments who are eager to not just adopt our technology, but to partner deeply with BlackLine through their digital finance transformation. While our public sector initiative is early, I am very pleased with the early momentum we have seen and the large greenfield opportunity ahead. Our new packaging and pricing model, recently launched, has seen positive early traction. Interest began building during the BeyondTheBlack conference even before the formal launch.

我們與州和地方政府的合作日益緊密，他們不僅渴望採用我們的技術，還希望透過數位金融轉型與 BlackLine 進行深入合作。雖然我們的公共部門計劃還處於早期階段，但我對我們所看到的早期發展勢頭和未來的巨大綠地機會感到非常高興。我們最近推出的新包裝和定價模式已初見成效。在 BeyondTheBlack 會議正式啟動之前，人們的興趣就開始逐漸增加。

In Q4, we secured an unlimited pricing agreement with an existing customer, enabling them to expand our solutions beyond the typical accounting teams and into other areas in the Office of the CFO as they move forward on their digital finance transformation. While we are a little over one month in, we are tracking to our initial targets and expect that this multiyear initiative will be accretive to our growth.

在第四季度，我們與現有客戶達成了無限定價協議，使他們能夠將我們的解決方案擴展到典型的會計團隊之外，並擴展到財務長辦公室的其他領域，從而推進他們的數位金融轉型。雖然才剛過一個多月，但我們正在追蹤我們最初的目標，並期望這項多年計畫將促進我們的成長。

On retention, we saw further improvement in our revenue renewal rate, which has been our priority at BlackLine. In the fourth quarter, our revenue renewal rate was 96% in what was a heavy renewals quarter. Our enterprise performance was strong at 97%, coupled with a notable improvement in our mid-market business, which came in at 92%. These levels are much more in line with our expectations.

在留任方面，我們看到收入更新率進一步提高，這一直是 BlackLine 的首要任務。第四季度，我們的營收續約率為 96%，這是一個續約繁忙的季度。我們的企業業績表現強勁，達到 97%，同時中端市場業務也顯著改善，達到 92%。這些水平更加符合我們的預期。

At BeyondTheBlack, we formally launched our repositioned brand and market message, solidifying our position as the intelligent financial data platform that powers the modern Office of the CFO. Two years ago, we set out to elevate our brand to the CFO. The launch of our Studio360 platform enables us to reach that goal. This enhanced positioning has also catalyzed deeper engagement with our key system integrators and SAP, who see expanded potential in our go-to-market strategy.

在 BeyondTheBlack，我們正式推出了重新定位的品牌和市場訊息，鞏固了我們作為支持現代財務長辦公室的智慧財務數據平台的地位。兩年前，我們開始將我們的品牌提升至財務長 (CFO)。我們的Studio360平台的推出使我們實現了這一目標。這種增強的定位也促進了我們與主要係統整合商和 SAP 的更深入合作，他們看到了我們行銷策略的擴大潛力。

Though still in its early stages, we anticipate Studio360 will be a critical growth driver. This strategic transformation extends beyond just messaging. It represents a comprehensive evolution encompassing our industry focus, platform capabilities, embedded artificial intelligence and modernized pricing and packaging.

儘管仍處於早期階段，但我們預計 Studio360 將成為關鍵的成長動力。這種策略轉型不僅限於傳遞訊息。它代表了我們的行業重點、平台能力、嵌入式人工智慧以及現代化定價和包裝的全面發展。

By delivering enhanced customer value and demonstrable ROI, we have strengthened our value proposition to both CFOs and CIOs, positioning us to pursue larger, more strategic opportunities. As mentioned, our evolution has driven deeper engagement with partners, and we continue to see major global systems integrators increasing their investments in BlackLine practices and aligning with our platform vision for the Office of the CFO.

透過提供增強的客戶價值和可證明的投資報酬率，我們向財務長和資訊長加強了我們的價值主張，使我們能夠追求更大、更具策略性的機會。如上所述，我們的發展推動了與合作夥伴的更深入合作，我們繼續看到主要的全球系統整合商增加對 BlackLine 實踐的投資，並與我們針對首席財務長辦公室的平台願景保持一致。

We also are focused on increasing our reach to select new go-to-market partners, while enhancing existing partner relationships. For example, we recently entered Workday's partner program to continue to elevate our message and reach to CFOs and CIOs globally. In my discussions with their senior leaders, we believe their global positioning and success in strategic industries and markets aligns well with our competitive strength and strategy. We have also focused on deepening and enhancing our strategic relationship with SAP, our primary go-to-market partner.

我們也致力於擴大我們的範圍以選擇新的市場合作夥伴，同時加強現有的合作夥伴關係。例如，我們最近加入了 Workday 的合作夥伴計劃，以繼續提升我們的資訊並接觸全球的財務長和資訊長。在與他們的高階領導的討論中，我們認為他們的全球定位和在策略產業和市場的成功與我們的競爭實力和策略非常契合。我們也致力於深化和加強與我們的主要市場合作夥伴 SAP 的策略關係。

Given SAP's significance to our future growth strategy and the accelerating digital financial transformation trends, allow me to provide additional context about this partnership. Since November, we have had numerous meetings to discuss how we can enhance this partnership going forward. The focus was on driving even more value to customers as they move to the cloud and stronger results for our companies.

鑑於 SAP 對我們未來成長策略和加速的數位金融轉型趨勢的重要性，請允許我提供更多有關此次合作的背景資訊。自11月以來，我們已舉行多次會議討論如何進一步加強這一夥伴關係。我們的重點是當客戶遷移到雲端時為他們帶來更多價值，並為我們的公司帶來更出色的業績。

Let me outline just a few of the items we have committed to going forward. First, we have begun the premium qualification process for Studio360 as part of the SolEx program, with a formal launch scheduled in the second quarter. Coupling our powerful Studio360 platform together with SAP solutions to offer comprehensive orchestration and automation capabilities for SAP's customers globally will resonate in the market.

請容許我簡單介紹一下我們已承諾要推進的幾項工作。首先，作為 SolEx 計畫的一部分，我們已經開始了 Studio360 的高級資格認證流程，並計劃在第二季正式啟動。將我們強大的 Studio360 平台與 SAP 解決方案結合在一起，為 SAP 全球客戶提供全面的編排和自動化功能，將引起市場的共鳴。

Second, we have been included in SAP EPM package as part of their RISE initiative, which is a recommended SAP package for customers planning to migrate from ECC to S/4HANA. As part of this package, BlackLine Studio360 and financial reporting analytics solutions will be included and offered to SAP customers.

其次，我們已被納入 SAP EPM 包，作為其 RISE 計劃的一部分，這是針對計劃從 ECC 遷移到 S/4HANA 的客戶的推薦 SAP 包。作為此套件的一部分，BlackLine Studio360 和財務報告分析解決方案將包含在內並提供給 SAP 客戶。

Next, we launched our SAP Catalysts group, which is a dedicated team of BlackLiners whose sole focus will be on making all aspects of the relationship work. We are more tightly aligning our compensation structure to support our SolEx efforts, especially for those moving to the public cloud.

接下來，我們成立了 SAP Catalysts 小組，這是一支由 BlackLiners 組成的專門團隊，其唯一重點是使雙方關係的各個方面正常運作。我們正在更加緊密地調整我們的薪酬結構，以支援我們的 SolEx 工作，特別是對於那些轉向公有雲的人。

Finally, we are jointly positioning finance first as a strategic entry point for ERP modernization. This allows for BlackLine deployments before ERP migrations, delivering early ROI in customers' digital transformation journeys. Early implementations show promise, and we expect this sequencing to drive growth in our SAP partnership over the next several years. This was not intended to be an exhaustive update of our efforts, but the alignment is quite strong, particularly as we work through a year of significant transition in 2024.

最後，我們共同把財務首先定位為ERP現代化的策略切入點。這使得 BlackLine 可以在 ERP 遷移之前進行部署，從而在客戶的數位轉型過程中提供早期投資回報。早期的實施顯示出了良好的前景，我們預計這種順序將在未來幾年推動我們與 SAP 的合作夥伴關係的成長。這並非是我們努力的詳盡更新，但這種一致性是相當強的，特別是當我們正經歷 2024 年這一重大過渡之年時。

Turning to broader deal activity this quarter. In Europe, we expanded with BAE Systems, a large global aerospace and defense company. Historically, we serve smaller subsidiaries scattered around the globe. But given our performance and platform vision, we, along with our partners, were able to demonstrate how we could enable their digital finance transformation journey in advance of their upcoming S/4HANA transformation.

本季轉向更廣泛的交易活動。在歐洲，我們與全球大型航空航太和國防公司 BAE Systems 合作進行擴張。從歷史上看，我們為分散在全球各地的小型子公司提供服務。但鑑於我們的業績和平台願景，我們與合作夥伴能夠展示如何在他們即將到來的 S/4HANA 轉型之前實現他們的數位金融轉型之旅。

In North America, we were able to replace a mid-market competitor at Snowflake, a new customer. This multi-pillar deal, including both financial close and financial reporting analytics was driven by their desire to have a partner that could support them as they grow in scale, something our competitors could not match. As they shared, they knew they had significant limitations with their existing vendor with a great deal of waste of time and lack of capabilities in advanced automation and consolidation.

在北美，我們能夠取代新客戶 Snowflake 的中階市場競爭對手。這項多支柱交易包括財務結算和財務報告分析，其推動力是他們希望擁有一個能夠在他們規模擴大時為他們提供支持的合作夥伴，這是我們的競爭對手無法比擬的。正如他們所分享的，他們知道現有供應商存在很大的局限性，浪費了大量的時間並且缺乏先進的自動化和整合能力。

BlackLine's capabilities were a natural evolution for the customer as they continue to grow, a story we see regularly. We also saw further examples of success with both our platform and industry strategy, particularly in financial services. At Zopa, a fast-growing European fintech company, we won a competitive deal and replaced legacy solutions as they sought to remove many of the pain points and inefficiencies that had built over the years.

隨著客戶的不斷發展，BlackLine 的能力自然而然地得到了提升，這是我們經常看到的故事。我們也看到了更多我們的平台和產業策略的成功案例，特別是在金融服務領域。在快速發展的歐洲金融科技公司 Zopa，我們贏得了一項有競爭力的合約並取代了傳統解決方案，因為他們試圖消除多年來積累的許多痛點和低效率。

With a view on scaling their business even further into the future, they recognized they needed to reengineer their financial and operational processes to enhance end-to-end orchestration, controls, and visibility. This multi-pillar and platform deal includes financial close, financial reporting analytics, and Studio360.

為了在未來進一步擴大業務，他們認識到需要重新設計財務和營運流程，以增強端到端的編排、控制和視覺性。這項多支柱和平台交易包括財務結算、財務報告分析和 Studio360。

On the SolEx side, we saw solid performance in our international markets, a key focus area for BlackLine. Specifically, we signed a net new deal with Sandvik Coromant, a leading multinational engineering and manufacturing company based in the Nordics. Searching for enhanced insights and visibility as well as control across their global divisions, Sandvik recognized the complex challenges BlackLine can help solve especially when aligned with their SAP landscape.

在 SolEx 方面，我們看到國際市場表現穩健，這是 BlackLine 的重點領域。具體來說，我們與總部位於北歐的領先跨國工程和製造公司山特維克可樂滿簽署了一項淨新協議。在尋求增強洞察力和視覺性以及對全球各部門的控制時，山特維克認識到 BlackLine 可以幫助解決複雜挑戰，尤其是與 SAP 環境保持一致時。

Also in Europe, we expanded with a leading consumer goods customer in the UK. The customer is looking for a modern alternative to an existing homegrown intercompany solution to solve the growing challenges by their finance, tax, and treasury teams. Given our track record of delivering ROI previously, this company was keen to adopt IFM to streamline, automate, and integrate their intercompany processes.

在歐洲，我們也與英國一家領先的消費品客戶進行了合作。客戶正在尋找一種替代現有自主研發的公司間解決方案的現代化方案，以解決其財務、稅務和財務團隊面臨的日益嚴峻的挑戰。鑑於我們先前提供投資回報的記錄，該公司熱衷於採用 IFM 來簡化、自動化和整合其公司間流程。

In Japan, we signed TANAKA Holdings to a net new deal, supporting their transformation and automation mandate. As part of this deal, which included core financial close functionality alongside more advanced capabilities like automated journals, we were able to demonstrate the power of a joint BlackLine and SAP offering to enable future success.

在日本，我們與田中控股簽署了一項淨新協議，以支援其轉型和自動化任務。作為交易的一部分，該交易包括核心財務結算功能以及自動日記帳等更高級的功能，我們能夠展示 BlackLine 和 SAP 聯合產品的強大功能，以確保未來的成功。

We also expanded our Japanese market presence by signing a major automotive manufacturer. Building on our successful track record with their North American operations, we developed a comprehensive financial blueprint that addresses their end-to-end requirements through our partnership with SAP. This deal represents a notable breakthrough in the Japanese market, we have historically served subsidiaries but faced challenges penetrating parent companies. These two wins demonstrate that our strategic efforts in Japan are gaining meaningful traction.

我們也透過與一家大型汽車製造商簽約擴大了我們在日本市場的份額。基於我們在北美業務中取得的成功記錄，我們透過與 SAP 的合作制定了全面的財務藍圖，以滿足他們的端到端需求。這筆交易代表著我們在日本市場的重大突破，我們過去一直為子公司提供服務，但在滲透母公司方面面臨挑戰。這兩場勝利表明我們在日本的戰略努力正在取得重大進展。

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

說完這些，我想把電話轉給 Therese。特蕾莎？

Thank you, Owen. Innovation remains the cornerstone of our strategy and the primary catalyst for unlocking further market opportunities. Our commitment to technological advancement extends beyond individual product improvements. It represents our vision for digital finance transformation across the enterprise.

謝謝你，歐文。創新仍是我們策略的基石，也是釋放更多市場機會的主要催化劑。我們對技術進步的承諾不僅限於單一產品的改進。它代表了我們對整個企業數位金融轉型的願景。

Through our platform evolution, AI integration and enhanced automation capabilities, we're not just meeting current market demands. We're anticipating and shaping the future of financial operations in order to deliver value to our customers.

透過我們的平台發展、人工智慧整合和增強的自動化功能，我們不僅僅滿足當前的市場需求。我們正在預測和塑造金融營運的未來，以便為我們的客戶提供價值。

To bring this to life, our Studio360 launch in November has generated significant market enthusiasm for its ability to orchestrate, connect, and automate financial systems at scale. Both customers and partners recognize its transformative potential for the Office of the CFO, and we are accelerating innovation to establish our leadership in this modernization journey.

為了實現這一目標，我們在 11 月推出了 Studio360，該產品能夠大規模協調、連接和自動化金融系統，引起了市場的極大熱情。客戶和合作夥伴都認識到它對財務長辦公室的變革潛力，我們正在加快創新以確立我們在這一現代化歷程中的領導地位。

Several large Fortune 100 companies are already implementing Studio360 and providing additional valuable feedback. The initial response has been compelling. Customers report saving material time and process administration through Studio360's powerful automation and orchestration capabilities. Beyond the established benefits of our closed solutions, they're achieving further acceleration of close timelines and creating additional team capacity through more efficient workflow automations. These low-code orchestration capabilities are specifically designed to get finance and accounting departments greater autonomy and reducing their dependence on internal IT resources.

幾家大型財富 100 強公司已經實施 Studio360 並提供了更多寶貴的回饋。最初的反應是令人信服的。客戶報告稱，透過 Studio360 強大的自動化和編排功能節省了材料時間和流程管理。除了我們的封閉式解決方案所具有的既定優勢之外，他們還透過更有效率的工作流程自動化進一步加快了關閉時間表並創造了額外的團隊能力。這些低程式碼編排功能專門旨在讓財務和會計部門擁有更大的自主權並減少對內部 IT 資源的依賴。

A recent example with an early adopter illustrates this empowerment. After we demonstrated how to set up a single orchestrate workflow, their finance and accounting teams independently created additional templates within days to enhance their accounting processes. This exemplifies one of our goals, allowing customers to control their own transformation journey and ultimately driving faster time to value and enhanced ROI. Similarly, we have received great customer feedback on how Studio360's visualize capabilities are able to greatly enhance and improve both visibility into and control of their financial operations in a more timely manner.

早期採用者的最近一個例子就說明了這種授權。在我們示範如何設定單一協調工作流程之後，他們的財務和會計團隊在幾天內獨立創建了額外的範本來增強他們的會計流程。這體現了我們的目標之一：讓客戶掌控自己的轉型歷程，最終加快價值實現速度並提高投資報酬率。同樣，我們也收到了客戶的正面回饋，他們表示 Studio360 的視覺化功能能夠以更及時的方式大幅增強和改善客戶對財務營運的可視性和控制力。

For example, through PowerBI and other visualization tools that are native to Studio360, we are eliminating the need for customers to export their data out of BlackLine. They cannot only save time in their processes, but also reduce their reliance on third-party tools and generate the real-time insights that they demand.

例如，透過 PowerBI 和 Studio360 原生的其他視覺化工具，我們消除了客戶將資料從 BlackLine 匯出的需求。他們不僅可以節省流程時間，還可以減少對第三方工具的依賴並產生他們所需的即時洞察。

Our strategic partnership with Snowflake has become a key differentiator, particularly through the integration of their data share capabilities into Studio360. This resonates deeply within our customer base, many of whom are existing Snowflake users. The ability to extract insights and analytics from customers' existing data infrastructure strengthens our position within the Office of the CFO, while enabling expanded reporting and analytics capabilities. In the coming months, we will deploy these foundational platform features and as part of the Snowflake partner program expands our market reach.

我們與 Snowflake 的策略合作夥伴關係已經成為一個關鍵的差異化因素，尤其是透過將他們的資料共享功能整合到 Studio360 中。這在我們的客戶群中引起了強烈共鳴，其中許多人都是現有的 Snowflake 用戶。從客戶現有的資料基礎設施中提取見解和分析的能力增強了我們在財務長辦公室中的地位，同時擴展了報告和分析能力。在接下來的幾個月裡，我們將部署這些基礎平台功能，並作為 Snowflake 合作夥伴計畫的一部分擴大我們的市場範圍。

Turning to our pillars. Financial close continues to be the primary entry point for digital finance transformation with Studio360 poised to amplify its impact. We're enhancing this core pillar with advanced capabilities, particularly for our industry-focused initiatives by introducing big data matching and high-frequency reconciliations.

轉向我們的支柱。財務結算仍是數位財務轉型的主要切入點，而 Studio360 預計將擴大其影響力。我們正在透過先進的功能增強這一核心支柱，特別是針對我們以行業為重點的舉措，引入大數據匹配和高頻對帳。

Additionally, we're expanding platform connectivity through new Oracle Fusion and Workday integrations, expanding Studio360's ecosystem and providing customers more ways to leverage our platform and comprehensive suite of solutions.

此外，我們還透過新的 Oracle Fusion 和 Workday 整合擴展平台連接，擴大 Studio360 的生態系統，並為客戶提供更多方式來利用我們的平台和全面的解決方案。

In our financial reporting analytics pillar, we've launched new AI-based executive insights, featuring real-time internal reporting capabilities and comprehensive generative AI functionality. We've also developed enterprise consolidation capabilities to strengthen our record-to-report offering, positioning us to capitalize on opportunities arising from legacy consolidation solution, end-of-life transitions, and broader ERP migration initiatives.

在我們的財務報告分析支柱中，我們推出了新的基於人工智慧的高階主管洞察，具有即時內部報告功能和全面的生成人工智慧功能。我們還開發了企業整合功能，以增強我們的記錄到報告服務，使我們能夠利用遺留整合解決方案、生命週期終止轉換和更廣泛的 ERP 遷移計劃帶來的機會。

Financial reporting analytics has seen great success in North America, consistently ranking as one of our fastest-growing solutions. But the compelling value of an end-to-end close and consolidation package has also resonated well beyond the North American markets. Our recent wave of successful implementations across Japan and Europe underscores the universal demand for end-to-end close and consolidation capabilities, validating our solutions value proposition across diverse markets.

財務報告分析在北美取得了巨大成功，一直位列我們成長最快的解決方案之一。但端到端收尾和整合方案的引人注目的價值也在北美市場之外產生了共鳴。我們最近在日本和歐洲的成功實施凸顯了對端到端關閉和整合功能的普遍需求，驗證了我們的解決方案在不同市場的價值主張。

We are seeing increasing demand for our intercompany solutions as organizations face increasingly complex cross-border transactions and regulatory requirements. At BeyondTheBlack, customer discussions emphasize the pressing need for solutions that can adapt to evolving global regulations and manage their business.

隨著企業面臨日益複雜的跨境交易和監管要求，我們看到對我們的公司間解決方案的需求日益增加。在 BeyondTheBlack，客戶討論強​​調迫切需要能夠適應不斷變化的全球法規並管理其業務的解決方案。

In response, we're significantly enhancing our end-to-end intercompany solution with advanced capabilities and deeper integration across our platform, enabling customers to navigate these complex regulatory challenges effectively. Our strategic SAP partnership amplifies this opportunity, providing a pathway to accelerate IFM adoption across our shared customer base.

作為回應，我們正在透過先進的功能和跨平台更深層的整合顯著增強我們的端到端跨公司解決方案，使客戶能夠有效應對這些複雜的監管挑戰。我們的策略 SAP 合作夥伴關係擴大了這一機會，為加速我們共同的客戶群採用 IFM 提供了途徑。

Our invoice to cash solutions market leadership was recently validated by IDC's recognition of BlackLine as a leader. We're strategically focused on deepening its integration with Studio360, which will both streamline implementations and deliver a comprehensive solution that addresses CFO's end-to-end requirements. The strength of our solution and strategic road map is attracting premier talent from competitors, further validating our market position and vision. Moreover, our partners are making significant investments in their practices, demonstrating their confidence in our solution and creating additional momentum to accelerate our growth in this strategic market.

IDC 最近將 BlackLine 評為市場領導者，這也證明了我們在發票到現金解決方案市場的領先地位。我們的策略重點是深化與 Studio360 的整合，既可以簡化實施，又可以提供滿足 CFO 端到端需求的綜合解決方案。我們的解決方案和策略路線圖的優勢正在吸引來自競爭對手的頂尖人才，進一步驗證了我們的市場地位和願景。此外，我們的合作夥伴正在對其實踐進行大量投資，表明他們對我們的解決方案充滿信心，並創造了額外的動力來加速我們在這個策略市場的成長。

As we look ahead, our innovation road map becomes even more ambitious. We're not simply participating in digital finance transformation, we have a vision of what the future of finance and accounting should be. While we're proud of our achievements thus far, they represent just the beginning of our journey. Our commitment to innovation is expected to drive our growth, enabling us to expand our market leadership and deliver real value to customers as they transform.

展望未來，我們的創新路線圖將變得更加雄心勃勃。我們不只是參與數位金融轉型，我們對財務和會計的未來也有自己的願景。雖然我們對迄今為止的成就感到自豪，但這只代表著我們旅程的開始。我們對創新的承諾有望推動我們的成長，使我們能夠擴大我們的市場領導地位，並在客戶轉型過程中為他們提供真正的價值。

With that, I'll turn it over to Patrick to cover our financials. Patrick?

說完這些，我將把責任轉交給派崔克 (Patrick)，讓他負責我們的財務。派崔克？

Thank you, Therese. As discussed previously, we are making meaningful progress on our core strategic initiatives, building on what we shared at our November Investor Day. While early, we expect that as we move ahead this year and into the next, the financial benefits from these initiatives will become more notable and begin to accelerate growth towards our updated financial targets.

謝謝你，特蕾莎。如同前面所討論的，我們在核心策略舉措方面取得了有意義的進展，並以我們在 11 月投資者日所分享的內容為基礎。雖然還為時過早，但我們預計，隨著今年和明年的發展，這些舉措帶來的財務效益將更加顯著，並開始加速成長，朝著我們最新的財務目標邁進。

Also, our financial foundation remains very strong, characterized by healthy operating margin expansion and a robust balance sheet. This foundation enables us to maintain our commitment to innovation while delivering incremental value to our customers.

此外，我們的財務基礎仍然非常強勁，其特點是健康的營業利潤率擴張和強勁的資產負債表。這項基礎使我們能夠保持對創新的承諾，同時為客戶提供增量價值。

Now turning to our fourth quarter results in more detail. Total revenue grew to $169 million, up 9%. Subscription revenue growth was 9% and service revenue declined 1%, in line with our expectations.

現在更詳細地介紹我們第四季的業績。總營收成長至 1.69 億美元，成長 9%。訂閱收入成長 9%，服務收入下降 1%，符合我們的預期。

Annual recurring revenue, or ARR, was $641 million, up 6%. We saw an approximate 2-point impact to ARR in the quarter, primarily due to FX-related revaluation at the end of the period. Remaining performance obligations, or RPO, were up 4%. FX represented more than a 1-point headwind to RPO growth. Current RPO was up 5%, with similar dynamics from FX. As Owen mentioned earlier, we also saw some slowing in deal velocity in the quarter, which impacted both ARR and RPO. Calculated billings growth was 5% with trailing 12-month growth of 6%.

年度經常性收入（ARR）為 6.41 億美元，成長 6%。我們發現本季 ARR 受到了約 2 個百分點的影響，這主要歸因於期末與外匯相關的重估。剩餘履約義務（RPO）上漲了 4%。FX 對 RPO 成長造成了超過 1 個百分點的阻力。目前 RPO 上漲了 5%，與 FX 的情況類似。正如歐文之前提到的，我們也看到本季交易速度有所放緩，這對 ARR 和 RPO 都產生了影響。計算出的帳單成長率為 5%，過去 12 個月的成長率為 6%。

FX impacted billings growth in the quarter by 1 point. Our customer count at the end of the quarter was 4,443 as we still see moderate impacts to customer count growth as we shift our strategic focus in the middle market. Our revenue renewal rate in the fourth quarter was 96%, reflecting further improvement across both enterprise and mid-market. Net retention rate, or NRR, was 102% this quarter, which included about a 2-point headwind from FX. We saw stability in price increases this quarter, but a number of opportunities moved into 2025, many of which were multiproduct expansion impacting NRR.

外匯對本季的帳單成長產生了 1 個百分點的影響。本季末我們的客戶數量為 4,443 人，隨著我們將策略重點轉向中端市場，我們仍然看到客戶數量成長受到中等影響。我們第四季的營收續約率為 96%，反映出企業和中型市場均進一步改善。本季淨留存率（NRR）為 102%，其中包括來自外匯約 2 個百分點的阻力。我們看到本季價格上漲趨於穩定，但許多機會延續到了 2025 年，其中許多是影響 NRR 的多產品擴張。

Strategic products represented a record 33% of sales in the quarter. Invoice to cash had a record number of deals in the quarter. We also saw solid performance from Smart Close. Partners were involved in 80% of large deals this quarter with consistency across both new and existing opportunities. SolEx performance was below our expectations in Q4, primarily due to the deal dynamics mentioned previously. In the fourth quarter, SAP partnership revenue represented 26% of total revenue.

戰略產品在本季的銷售額佔比達到創紀錄的 33%。本季發票到現金交易數量創下了歷史新高。我們也看到了 Smart Close 的穩健表現。本季度，合作夥伴參與了 80% 的大型交易，新舊交易機會均保持一致性。SolEx 在第四季的表現低於我們的預期，主要是由於前面提到的交易動態。第四季度，SAP合作夥伴營收佔總營收的26%。

Now turning to margin. Our non-GAAP gross margin was nearly 80%, with non-GAAP subscription gross margin at 82%, in line with our expectations. Non-GAAP operating margin was 18% as reported. FX represented almost a 3-point drag on our operating margin in the quarter. Non-GAAP net income attributable to BlackLine was $35 million, representing a 20% non-GAAP net income margin.

現在轉向保證金。我們的非公認會計準則毛利率接近 80%，非公認會計準則訂閱毛利率為 82%，符合我們的預期。報告顯示，非公認會計準則營業利益率為 18%。外匯對我們本季的營業利潤率造成了近3個百分點的拖累。歸屬於 BlackLine 的非 GAAP 淨收入為 3,500 萬美元，佔非 GAAP 淨收入利潤率的 20%。

We generated $44 million of operating cash flow and $37 million in free cash flow in the quarter, representing a free cash flow margin of 22%. And last, regarding our balance sheet and capital allocation, we have approximately $886 million in cash and cash equivalents versus $893 million in debt. As planned, we expect to begin our previously announced share repurchase program in the first quarter.

本季度，我們產生了 4,400 萬美元的營運現金流和 3,700 萬美元的自由現金流，自由現金流利潤率為 22%。最後，關於我們的資產負債表和資本配置，我們擁有約 8.86 億美元的現金和現金等價物，而債務為 8.93 億美元。按照計劃，我們預計將在第一季開始實施之前宣布的股票回購計劃。

As we look to 2025, several items will shape our financial performance. Foreign exchange impacts, particularly from a stronger US dollar are expected to create approximately a 1 point headwind to our full year total revenue growth rate, continuing the trends that we observed in Q4. This headwind is embedded in our full year guidance range. Additionally, our sustained profitability improvements over recent years will result in a higher effective tax rate for 2025, which is also embedded in our non-GAAP net income guidance. With these considerations in mind, allow me to outline our guidance for the year.

展望 2025 年，有幾個因素將影響我們的財務表現。外匯影響，特別是美元走強的影響，預計將對我們全年總收入成長率造成約 1 個百分點的阻力，延續我們在第四季度觀察到的趨勢。這一不利因素已包含在我們的全年指導範圍內。此外，我們近年來持續的獲利能力提升將帶來2025年更高的有效稅率，這也包含在我們的非公認會計準則淨收入指引中。考慮到這些因素，請容許我概述一下我們今年的指導方針。

For the first quarter of 2025, we expect total GAAP revenue to be in the range of $166 million to $168 million, representing approximately 5% to 7% revenue growth. We expect non-GAAP operating margin to be in the range of 16.5% to 17.5%. And we expect non-GAAP net income attributable to BlackLine to be in the range of $28 million to $30 million, or $0.36 to $0.39 on a per share basis. Our share count is expected to be approximately 77.7 million diluted weighted average shares.

對於 2025 年第一季度，我們預計 GAAP 總營收在 1.66 億至 1.68 億美元之間，營收成長約 5% 至 7%。我們預計非公認會計準則營業利潤率在 16.5% 至 17.5% 之間。我們預計歸屬於 BlackLine 的非 GAAP 淨收入將在 2,800 萬美元至 3,000 萬美元之間，或每股 0.36 美元至 0.39 美元。我們的股票數量預計約為7770萬股稀釋加權平均股。

And for the full year 2025, our guidance is as follows: we expect total GAAP revenue to be in the range of $699 million to $705 million, representing 7% to 8% growth. We expect non-GAAP operating margin to be in the range of 21% to 22%. And finally, we expect non-GAAP net income attributable to BlackLine to be in the range of $155 million to $165 million or $1.97 to $2.10 on a per share basis. Our share count is expected to be approximately 78.5 million diluted weighted average shares.

對於 2025 年全年，我們的預期如下：我們預期 GAAP 總營收在 6.99 億美元至 7.05 億美元之間，成長率為 7% 至 8%。我們預計非公認會計準則營業利潤率在 21% 至 22% 之間。最後，我們預計歸屬於 BlackLine 的非 GAAP 淨收入將在 1.55 億美元至 1.65 億美元之間，或每股 1.97 美元至 2.10 美元。我們的股票數量預計約為7850萬股稀釋加權平均股。

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

現在，我請接線生開始討論並回答大家的問題。

(Operator Instructions) Chris Quintero, Morgan Stanley.

（操作員指示）摩根士丹利的 Chris Quintero。

Hi, everyone. Thanks for taking our questions here. Maybe to start, I want to ask, Owen, for you, I know macro and deal velocity was a little bit lower this quarter. But just curious how execution came in versus your expectations? And how much you're expecting this macro to continue throughout fiscal year '25?

大家好。感謝您在這裡回答我們的問題。首先，我想問一下，歐文，我知道本季的宏觀和交易速度略低一些。但只是好奇執行情況與您的預期相比如何？您預計這種宏觀經濟情勢將在 25 財年持續多久？

Yeah. I would say, Chris, first of all, good to hear your voice again. I was generally pretty pleased with the way we executed in the fourth quarter. Some of the things that had sort of gotten in the way were more customer decisions around timing than it was our inability to close deals. And in fact, the first five weeks of this year have been pretty positive as we've closed a number of those deals. And so I wouldn't say it was execution from our end at all really.

是的。我想說，克里斯，首先，很高興再次聽到你的聲音。整體來說，我對我們在第四節的表現非常滿意。一些阻礙因素更多是客戶對時間安排的決定，而不是我們無法達成交易。事實上，今年前五週的表現相當積極，因為我們已經完成了許多交易。因此我實際上不會說這完全是我們執行的結果。

There is certainly a little bit of uncertainty, a lot of changes going on in the US market, in particular, and where things are going to be, a lot of conversations around tariffs and things of that, that might have caused a little bit of pause, but I think those are more timing issues than they are sort of permanent changes at any level.

確實存在一些不確定性，尤其是美國市場正在發生許多變化，以及事情的發展方向，圍繞關稅等問題的討論，可能會導致一些停頓，但我認為這些更多的是時機問題，而不是任何層面的永久性變化。

I will say in some trips that both Therese and I just did overseas, the strength of the US dollar is having a little bit of an impact in places like Japan and Europe and the UK, where people are trying to figure out how to make the economics work a little bit with some of our deals. But again, those are more issues that will work through. And in fact, what's interesting is even though there's been some concern about it, our pipeline internationally has been growing quite nicely.

我想說，在特蕾莎和我剛出國的一些旅行中，美元的強勢對日本、歐洲和英國等地產生了一點影響，這些地方的人們正在試圖弄清楚如何透過我們的一些交易使經濟效益更好。但同樣，這些問題仍有待解決。事實上，有趣的是，儘管有人對此感到擔憂，但我們在國際上的通路成長相當順利。

Got it. That's super helpful and great to hear. Maybe one for Patrick, on the gross margins, how should we think about the linearity there? I know you have the duplicative costs, but how should we think about the phasing of gross margin throughout the year?

知道了。這非常有幫助，我很高興聽到這個消息。也許帕特里克有一個問題，關於毛利率，我們應該如何看待那裡的線性？我知道你有重複的成本，但是我們應該如何考慮全年毛利率的分階段變化？

Yeah. Thanks, Chris. I appreciate the question. So what you should expect from a gross margin standpoint is slight expansion throughout the year, but for the most part, fairly consistent. We are planning to or are on pace to decommission some of the older service centers or service centers later this year as part of the GCP migration, and that will eliminate some of the redundancy.

是的。謝謝，克里斯。我很感謝你提出這個問題。因此，從毛利率的角度來看，您應該預期全年毛利率會略有擴大，但總體而言，還是比較穩定的。作為 GCP 遷移的一部分，我們計劃或正在按計劃在今年稍後關閉一些較舊的服務中心或服務中心，這將消除一些冗餘。

The other element at work there with gross margin is our FedRAMP investment. That is an investment that will be about a 0.5 point drag on gross margin this year but serve as a significant revenue opportunity in the future.

影響毛利率的另一個因素是我們的 FedRAMP 投資。這項投資將對今年的毛利率造成約 0.5 個百分點的拖累，但將成為未來重要的創收機會。

Super helpful. Thanks again.

超有幫助。再次感謝。

Patrick Schulz, Baird.

派崔克舒爾茨，貝爾德。

Good afternoon. Thanks for taking my question. Maybe just first on the SAP relationship. I appreciate all the color that you provided. I know Stuart's coming in and having the background with SAP. And obviously, it's a key strategic priority for you guys and sounds like more collaboration from a go-to-market co-innovation standpoint. Just any color on how we should be thinking about the contribution from SAP in '25. Are the right building blocks now in place for this relationship to really accelerate?

午安.感謝您回答我的問題。也許只是先討論 SAP 關係。我感謝您提供的所有顏色。我知道斯圖爾特剛剛加入並且有 SAP 的相關背景。顯然，這是你們的一個關鍵策略重點，從進入市場的共同創新的角度來看，這聽起來像是更多的合作。我們應該如何看待 SAP 在 25 年所做的貢獻。目前是否具備了正確的基礎來真正加速這段關係的發展？

Yeah. Great question, Patrick. Good to hear from you. I think as I sort of said in the prepared remarks, last year was a little bit of a reset. As you know, there was a lot of changes within SAP. It took a while for those shares to settle down. But I think if you -- if I think about the last three months, as Therese and I have been spending a lot of time with them and our teams have been spending a lot of time together working.

是的。派崔克，這個問題問得好。很高興收到你的來信。我想，正如我在準備好的演講中所說的那樣，去年有點像是重置。如您所知，SAP 內部發生了很多變化。這些股票需要一段時間才能穩定下來。但我想，如果你——如果我想想過去三個月，特蕾莎和我花了很多時間和他們在一起，我們的團隊也花了很多時間一起工作。

I mean, we've really been able to sort of get laser-focused on what we need to do in the marketplace. Some of the things that we've all been waiting to sort of see is the pipeline building with opportunities around the move to the cloud.

我的意思是，我們確實能夠全神貫注於我們在市場上需要做的事情。我們一直在等待看到的一些事情是圍繞著向雲端遷移的機會而進行的管道建設。

And I think this concept of finance first that both SAP and BlackLine are pushing in the market together serves us well, because just doing an ERP migration is a lift and shift doesn't necessarily deliver the value that customers want. And so we're really being able to show that in a few cases and now get that into the mind share, if you will, into the minds of our respective reps.

我認為 SAP 和 BlackLine 共同在市場上推廣的「財務優先」理念對我們很有幫助，因為僅僅進行 ERP 遷移是一種提升和轉變，並不一定能提供客戶想要的價值。因此，我們確實能夠在一些案例中證明這一點，如果願意的話，現在可以將其納入我們各自代表的心中。

And we just spent a lot of time in each other's sales kickoffs and other things to sort of really drive that message home. I don't want to tell you something else yet, but in May, we'll have some more announcements on road maps and things that we think are really going to continue to accelerate what we're trying to do.

我們花了很多時間在彼此的銷售啟動會和其他事情上，以便真正傳達這個訊息。我現在還不想告訴你其他的事情，但是五月份，我們會發布更多關於路線圖和我們認為會真正繼續加速我們正在做的事情的公告。

I think the other critical thing was just getting incentive plans aligned better so that we're working more cohesively together. The support from the top has been nothing short of spectacular at this point in time. So we feel pretty confident that despite sort of not ending '24 the way we would have liked it with SAP, all the building blocks are in the right place for 2025 and beyond.

我認為另一個關鍵的事情是更好地協調激勵計劃，以便我們可以更緊密地合作。此時此刻，來自高層的支持可謂無比巨大。因此，我們非常有信心，儘管 SAP 24 年的結局並不如我們所願，但所有基礎模組都已為 2025 年及以後做好了準備。

Okay. Helpful. And maybe one more for Patrick too, if I can. Just could you provide a little bit more color on some of the puts and takes embedded in the guidance for this year? I mean what type of demand environment and deal execution does the guidance assume and maybe you talk about how we should expect growth and net retention rates to trend throughout the year? Thanks, guys.

好的。很有幫助。如果可以的話，也許再給派崔克一個。您能否進一步詳細說明今年指引中的一些優缺點？我的意思是，指導意見假設了什麼類型的需求環境和交易執行，也許您可以談談我們應該如何預期全年的成長和淨保留率趨勢？謝謝大家。

Thanks, Patrick. So as you think about the guidance, just looking at the sheer numbers, we're guiding to 5% to 7% revenue growth in Q1, with a full year growth of 7% to 8%, which without FX, to be clear, would be 8% to 9%. So as you think about that, there's an implicit inflection point in the guidance for the year in terms of how we expect to reaccelerate and exit 2025.

謝謝，派崔克。因此，當您考慮該指引時，僅從單純的數字來看，我們預計第一季的營收將成長 5% 至 7%，全年成長 7% 至 8%，如果不考慮外匯，則明確地說，成長率將是 8% 至 9%。所以，當你考慮到這一點時，就我們預期如何重新加速並退出 2025 年而言，今年的指導中隱含著一個轉折點。

So that's the way I would think about it just overall mathematically. And then to a lot of the things that Owen spoke about and will speak about, a lot of the initiatives from a strategy perspective, they are taking root and taking traction and that is part of the overall guidance strategy for this year.

這就是我從整體數學角度思考這個問題的方式。然後，對於歐文談到的和將要談到的很多事情，從戰略角度來看，很多舉措正在生根發芽、取得進展，這是今年總體指導戰略的一部分。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Yeah. Hey, thanks so much for taking the question. I wanted to follow up on that comment on the implicit inflection in the guide. And it sounds like you have a lot of confidence that, that's going to be achievable this year because of the guidance. So maybe could you walk us through what is giving you the confidence and the visibility that the inflection is possible in 2025?

是的。嘿，非常感謝您回答這個問題。我想跟進有關指南中隱含語調的評論。聽起來你很有信心，有了指引，今年就能實現這個目標。那麼，您能否向我們介紹一下，是什麼讓您有信心並預見 2025 年會出現這樣的轉折？

Yes. Hi, Koji, and thanks for the question. I think what's giving us the confidence is if we sort of think about from September now through the beginning of February, there's just a number of things that are sort of different in the company. Remember, when Therese and I stepped into the role, we talked about becoming more relevant to the Office of the CFO. The way that's beginning to manifest itself now is the quality of our pipeline is really quite strong. It's growing rapidly.

是的。你好，Koji，謝謝你的提問。我認為讓我們有信心的是，如果我們想想從現在的九月到二月初，公司裡發生了許多不同的事情。記得，當 Therese 和我擔任這一職務時，我們討論過如何與財務長辦公室建立更緊密的聯繫。現在開始體現出來的是，我們的管道品質確實相當強。它正在快速成長。

The mix of things that we want to see are much more in the mega enterprise and the enterprise space. There's nice diversification from a geographic footprint perspective and the size of the deals are just larger. We're sitting on for us what would be a record level of seven- and eight-figure deals that we feel optimistic about that we're going to be able to bring into the organization.

我們希望看到的是，大型企業和企業領域的整合更加廣泛。從地理覆蓋範圍的角度來看，多樣化程度很高，而且交易規模也更大。我們正籌備著創紀錄的七位數和八位數的交易，我們對於能夠將這些交易帶入組織感到樂觀。

And so when you start to think about those, and these are much more transformative kind of opportunity where customers are looking at the broader platform, not just a piece of what we have to offer. And so we're pretty -- we feel pretty good about what's going on there. I think the other things that just sort of matter is what we're doing with our customers. You heard us talk about the strong revenue renewal, well, what's driving that?

因此，當你開始考慮這些時，你會發現這些都是更具變革性的機會，客戶會專注於更廣泛的平台，而不僅僅是我們提供的一部分。因此，我們對那裡發生的事情感到非常滿意。我認為其他重要的事情是我們為客戶所做的事情。您聽到我們談論強勁的營收成長，那麼，推動其成長的因素是什麼？

Well, there's a number of things, right? The go-live velocity is increasing. Our touch points for our customers, which is you know I'm all maniacal about trying to make sure we spend time with our customers, that was up 72%, those customer touch points year over year.

嗯，有很多事情，對吧？上線速度正在加快。我們與客戶的接觸點，也就是我竭盡全力確保我們花時間與客戶在一起，這些客戶接觸點比去年同期成長了 72%。

We're seeing an improvement in the higher mix of well-adopted customers that we really want to have. Our time to start a project from signing to kickoff is down by 40%. Our partners are leaning in, in ways that really are helping to get these deals moving and embraced. And even things like BlackLine University doubled the number of usage year over year. So when you start to look at all of that, that feels very good, then you get into the progress that we're making in industry.

我們看到了我們真正想要擁有的更高程度的良好採用的客戶組合的改善。我們從簽約到啟動專案的時間減少了 40%。我們的合作夥伴正積極參與，實際幫助這些交易順利推進並獲得認可。甚至像 BlackLine University 這樣的機構的使用量也逐年翻了一番。因此，當你開始審視這一切時，你會感覺非常好，然後你就會了解我們在業界的進步。

So we had five industries we launched last year, really important to what we were trying to do. Improved our concept, our belief of the value of the industry. So we've just rolled out five more industries this year. That will put most of the company in sort of an industry vertical, which is important.

所以，我們去年推出了五個行業，這對我們想要做的事情非常重要。完善了我們的理念、我們對產業價值的信念。因此，我們今年又推出了五個產業。這將使公司的大部分業務處於垂直行業，這很重要。

The things we're seeing -- everybody is talking about DOGE in the FedRAMP space, and that's certainly a huge opportunity, but maybe some have been focused on is the state level DOGE efforts that are now beginning and things that are starting to show up in our pipeline and our conversations where local and state governments are starting to put much more pressure on, hey, what should we be doing to stamp out sort of inefficiency. And so we're seeing a nice pick up in those opportunities as well.

我們看到的是——每個人都在談論 FedRAMP 領域的 DOGE，這無疑是一個巨大的機會，但也許有些人關注的是現在正在開始的州級 DOGE 工作，以及開始出現在我們的渠道和對話中的事情，地方和州政府開始施加更大的壓力，嘿，我們應該做些什麼來消除這種低效率。因此，我們也看到這些機會的良好回升。

So you start to look at all that and you put it together, the things we wanted to do, the things we said we would do on November 14, I think it was when we were all together, 19th, we're that much more bullish on February 11 because of what we're seeing happening in the business.

所以你開始考慮所有這些，並把它們放在一起，我們想做的事情，我們在 11 月 14 日說過要做的事情，我想那是我們在一起的時候，19 日，我們對 2 月 11 日更加樂觀，因為我們看到了業務中正在發生的事情。

Thanks, Owen. And just a follow-up here, if I may. We definitely liked what we heard at BeyondTheBlack from a tech strategy perspective and pricing and packaging and go-to market and so on and so forth. But hearing some of the commentary on the push deals, I've wondered, was too much introduced at one-time for the end market to really absorb. And is that driving some of the push deals as customers are just trying to figure out what just -- what did we just hear with BlackLine and how do we deal with all these changes from a positive perspective, we think. But how are they dealing with all that change?

謝謝，歐文。如果可以的話，我只想在此進行後續跟進。我們非常喜歡 BeyondTheBlack 在技術策略、定價、包裝、行銷等方面所提出的建議。但聽到一些關於推銷交易的評論，我不禁懷疑，這些交易是否一次引入太多內容，終端市場可能難以真正吸收。這是否推動了一些推銷交易，因為客戶只是想弄清楚——我們剛剛從 BlackLine 那裡聽到了什麼，以及我們如何從積極的角度應對所有這些變化，我們認為。但他們怎樣才能應對所有這些變化呢？

Koji, I think that's a great question, because it's not only for our customers, it's our own people's ability to absorb everything that's going on and our partners. And listen, Therese and the product and tech team have rolled out a lot of innovation in the last 12 to 15 months, which has been fantastic, but the ability for everybody to digest that has proven to be a little bit of a challenge.

Koji，我認為這是一個很好的問題，因為這不僅關係到我們的客戶，也關係到我們自己的員工吸收正在發生的一切以及我們的合作夥伴的能力。聽著，Therese 和產品及技術團隊在過去 12 到 15 個月內推出了許多創新，這非常棒，但讓每個人都能消化這些創新卻是一個小小的挑戰。

It's just the reality that we're at. And so we're working very hard to go through what we would call the commercialization process from very beginning all the way to the end, if you will. And there's some lessons learned and things that we need -- there's messaging we need to simplify and clarify.

這就是我們面臨的現實。因此，我們正在非常努力地完成所謂的商業化過程，從一開始到最後。我們學到了一些經驗教訓，也需要做一些事情——我們需要簡化和澄清一些資訊。

But you can -- if you don't innovate, you're going to die. And so we've chosen to sort of get the things we can into the marketplace. But there's definitely lessons learned about how best to bring that to the market.

但你可以──如果你不創新，你就會死。因此，我們選擇將我們能做到的事情推向市場。但關於如何最好地將其推向市場，我們確實學到了一些經驗教訓。

I will say the other thing just from a timing perspective and once we get out of these BeyondTheBlack contracts, we won't be doing these in November, any longer. It's just too late in the year to have the conversations with customers to sort of get them acclimated.

我想從時間角度說另一件事，一旦我們擺脫這些 BeyondTheBlack 合同，我們將不會再在 11 月進行這些活動。現在與顧客進行對話並讓他們適應已經太晚了。

And I think that, that's probably a lesson learned as well. If we really want to be able to have these conversations, share what we're doing and then work through it with them with our partners doing that earlier in the year is probably a positive thing for us to move towards.

我認為這可能也是一個教訓。如果我們真的希望能夠進行這些對話，分享我們正在做的事情，然後與我們的合作夥伴一起努力，那麼在今年早些時候這樣做對我們來說可能是一件積極的事情。

Thank you.

謝謝。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯 (Steve Enders)。

Okay. Great. Thanks for taking me in and taking my questions here. I guess I want to ask on the pricing and packaging changes that you've been starting to roll out to customers. I guess, what's kind of been the impact of those conversations so far. And maybe how are you kind of thinking about what that means for potential revenue impact or potential impact to the model as we think about how the year comes together?

好的。偉大的。感謝您接待我並在這裡回答我的問題。我想問你們開始向客戶推出的價格和包裝變化。我想，到目前為止這些對話產生了什麼樣的影響。當我們思考這一年如何度過時，您可能想知道這對潛在收入影響或對模型的潛在影響意味著什麼？

Yeah. Well, I'll take the -- how it's being received in the market. And Patrick, if you don't mind just talking about some of the economics on it. So just as a reminder, we're shifting to this model of changing pricing. And it's based upon the concept of the number of transactions, the amount of revenue the company has, the number of ERPs they work with and the number of legal entities. And so clearly, it's one of these things that the bigger your company generally, it seems to apply a little bit better.

是的。好吧，我會考慮它在市場上的接受程度。派崔克，如果你不介意的話，我們可以談談其中的一些經濟面的問題。因此提醒一下，我們正在轉向這種改變定價的模式。它基於交易數量、公司收入金額、公司使用的 ERP 數量以及法人實體數量的概念。顯然，一般來說，公司越大，這個方法就越適用。

We officially launched in early January. The reaction has been positive. It certainly -- it helps to standardize and simplify pricing and gives this unlimited pricing agreement for our customers, which they generally seem to like so far. It gives us flexibility as we work with our customers to expand with them as they grow.

我們於一月初正式啟動。反應是積極的。它確實有助於標準化和簡化定價，並為我們的客戶提供無限的定價協議，到目前為止，他們普遍喜歡它。它為我們與客戶的合作提供了靈活性，並且可以隨著客戶的成長而共同擴張。

But also importantly, as we've learned already, the ability to get into other parts of the organization beyond pure accounting matters -- beyond the pure accounting team. And so as we think about, again, becoming more relevant to the Office of the CFO, we're seeing this as a positive development.

但同樣重要的是，正如我們已經了解的，除了純粹的會計事務之外，還要有能力進入組織的其他部分——超越純粹的會計團隊。因此，當我們再次考慮與財務長辦公室變得更加相關時，我們認為這是一個積極的發展。

We do expect it to be accretive as we move forward. Early adoption, again, we're only five weeks into the year. We're slightly ahead of where we thought we would be. The conversations, by and large, are pretty solid. I would say there's always a little bit of confusion with our partners and our people making sure they're exactly on message, but we're working through some of those quick lessons that we've learned.

我們確實期望隨著我們不斷前進，它能夠不斷增值。再次強調，早期採用僅是今年的第五週。我們比我們預期的稍微領先了一些。整體來說，對話還是比較紮實的。我想說的是，我們與合作夥伴以及我們的員工之間總是會存在一些困惑，為了確保他們準確傳達訊息，我們正在努力吸取一些教訓。

But this is really consistent with what we need to do strategically. Again, we talked about this at BeyondTheBlack and Investor Day. The perversity of our pricing model is the more efficient we make our customers the less users they need. We saw some of that attrition in the fourth quarter for some of our larger customers sort of downsized principally because they were using the technology so well. So I think that's something that we've taken away and recognize we need to continue to accelerate moving to this new pricing model.

但這確實和我們的策略需要做的一致。我們再次在 BeyondTheBlack 和投資者日談論了這個問題。我們的定價模式的不合理之處在於，我們為客戶提供的效率越高，他們需要的用戶就越少。我們發現第四季度一些較大客戶的人員流失加劇，規模縮小主要是因為他們對技術的運用非常熟練。所以我認為這是我們已經意識到的事情，我們需要繼續加快向這種新的定價模式轉變。

But Patrick, could you maybe just talk about the economics of share?

但是派崔克，你能不能談談股票經濟學？

Yeah. I think Owen covered most of it there. But one thing to highlight as part of this overall effort, we've been running a pilot for the last year to validate a lot of our assumptions about the success and validity of this model, which there were some good lessons learned that we've implemented that on a broader base.

是的。我認為歐文已經講完了大部分內容。但作為這項整體努力的一部分，有一點需要強調，我們在去年一直在進行試點，以驗證我們關於該模型的成功性和有效性的許多假設，我們從中吸取了一些很好的教訓，並在更廣泛的基礎上實施了該模型。

Something to keep in mind, though, I think there was a question earlier, is this too much too fast? Well, as it relates to pricing, this is a model we're rolling out over the next three to four years in our investor base, and that is consistent with the message that we said at Investor Day. And we do expect to see a cumulative benefit of that as part of our overall account growth over that time. As we achieve our 13% to 16% target model. So that is something that is embedded within the model over the next three to four years, and we are rolling that out in Q1 of this year and then also introducing into new logos this year as well.

不過，要記住一點，我認為之前有一個問題，這是否太快了？嗯，就定價而言，這是我們將在未來三到四年內在投資者群體中推出的模式，這與我們在投資者日傳達的訊息一致。我們確實期望看到其累積效益，作為這段時間內我們整體帳戶成長的一部分。當我們實現13%到16%的目標模型時。所以這是未來三到四年嵌入模型中的東西，我們將在今年第一季推出它，然後在今年引入新的標誌。

Okay. Perfect. That's helpful context there. And then I wanted to ask on some of the deal pushouts that happened here. I guess, is there a way to maybe frame the magnitude of impact that, that maybe had and had for 4Q from like an ARR or billings perspective?

好的。完美的。這是很有幫助的背景資訊。然後我想問這裡發生的一些交易推進情況。我想，有沒有辦法可以從 ARR 或帳單的角度來描述這對第四季可能造成的影響的程度？

And I guess with -- secondarily with the view of the deals pushing out, like how do you kind of view the impact that would have from the year coming together from a new ARR perspective or the impact that would have on the pipeline development as we think about '25.

其次，我想從交易推進的角度來看，從新的 ARR 角度來看，您如何看待這對今年的形成產生的影響，或者當我們考慮 25 年時對管道開發的影響。

Well, I guess a couple of things there. To reiterate what I said earlier, our pipeline development has been strong for several -- for quite some time now. So that's a great indicator from an overall demand environment perspective. And we don't believe that any of the slowdown in deal velocity at the end of the year was indicative of a slowing pipeline. In fact, the pipeline built even faster. So in that regard, I don't think that's an indicator of a broader demand matter.

嗯，我猜有幾件事。我重申一下之前說過的話，我們的管道開發已經強勁發展了好一段時間了。從整體需求環境的角度來看，這是一個很好的指標。我們不認為年底交易速度的放緩代表著通路放緩。事實上，管道建設得更快。因此從這個方面來看，我不認為這代表著更廣泛的需求問題。

One thing to keep in mind when you're -- I believe it was out there, but when you're thinking about DBNRR and ARR, the largest driving factor in the quarter was FX and it was a 2-point headwind on each one of those metrics. So that is something definitely to consider when you're doing comparables period-over-period. And then the slipped deals were a subset or a smaller portion of that.

有一件事要記住——我相信它就在那裡，但是當你考慮 DBNRR 和 ARR 時，本季最大的驅動因素是 FX，並且它對每個指標都造成了 2 點的阻力。因此，當你進行同期比較時，一定要考慮到這一點。而失敗的交易只是其中的一部分或更小的一部分。

Okay. Perfect. Appreciate the color. Thanks again for taking the questions.

好的。完美的。感謝色彩。再次感謝您回答這些問題。

Thank you.

謝謝。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

Great. Thank you. Owen, you brought a new Chief Commercial -- Owen, Therese, I don't know who wants to take this, but you brought a new Chief Commercial Officer to lead the go-to-market organization. Can you just talk about the process that landed on Stuart? And I know he's just starting, but bigger picture, any changes at the start of the year, you said sales kickoff happened with the sales organization, on plans or coverage I think you mentioned something about tying some compensation to SolEx. So I just want to see what was happening there as far as go-to-market year over year. Thanks.

偉大的。謝謝。歐文，你帶來了一位新的首席商務官——歐文、特蕾莎，我不知道誰想接任這個職位，但你帶來了一位新的首席商務官來領導行銷組織。能談談史都華的落腳過程嗎？我知道他才剛開始，但從更大的角度來看，年初的任何變化，您說的銷售啟動發生在銷售組織，在計劃或覆蓋範圍內，我認為您提到了將一些補償與 SolEx 掛鉤的事情。所以我只是想看看那裡每年的上市情況如何。謝謝。

Well, okay. So from a process perspective, if anything Therese and I learned, and we've now changed over the whole leadership team other than our Chief Legal Officer from when we were in these roles two years ago. We looked for about a year to find the successor. We interviewed a lot of different candidates. We knew the incumbent wanted to retire. He was gracious in allowing us to work through that with him and our team.

嗯，好的。因此，從流程的角度來看，如果說 Therese 和我學到了什麼的話，那就是我們現在已經更換了整個領導團隊，除了我們的首席法律官，這與兩年前我們擔任這些職位時的情況不同。我們花了大約一年的時間來尋找繼任者。我們面試了很多不同的候選人。我們知道現任者想要退休。他非常慷慨地允許我們與他和我們的團隊一起解決這個問題。

And so we were very, very selective, and we feel very, very fortunate to have Stuart joined. By coincidence, we had here in New York today, a meeting of our go-to-market leadership of about 15 people across all different pieces of what we do.

因此，我們非常非常謹慎地進行篩選，並且非常非常幸運史都華能夠加入我們。巧合的是，今天我們在紐約召開了一次行銷領導層會議，會議由來自我們各個不同部門的約 15 名領導參加。

It probably couldn't have been a better meeting in the sense of here's we're at. Here's what we know we want to get done this year and here's how we're going to drive it. I think just -- and into the meeting, it was pretty clear that Stuart was going to lean in, provide some really good interesting perspectives. And so I think that was very encouraging for what we need to do. Obviously, today, it was his first official day, but as you know, we announced this a little bit back.

從我們目前所處的狀況來看，這或許是一次非常好的會議。這是我們今年想要完成的目標，也是我們將如何實現它。我認為——在會議中，很明顯史都華將會傾力提供一些非常好的有趣的觀點。所以我認為這對我們需要做的事情非常令人鼓舞。顯然，今天是他的第一天正式上班，但正如你所知，我們之前已經宣布過這個消息。

And in between, he was doing quite a bit of work with us in SAP trying to make sure that people are getting connected, helping to facilitate things in an appropriate way. And so that's all been good.

在此期間，他在 SAP 與我們一起做了大量工作，試圖確保人們能夠聯繫起來，並以適當的方式幫助促進事情的發展。一切都很好。

So even though today was the first official day, it feels like he's been on board with us now for five weeks, helping us try to move forward. But importantly, I think the team was really excited to have him here. I do expect, and I want him to be, and we told him, be disruptive in a positive way. But we have to continue to grow and get better at what we do. And we think the experience that he brings from what he did with SAP in his prior life is going to serve all of us at BlackLine very, very well. So we're -- we couldn't be more excited to have him here, and I think good things are on the horizon.

因此，儘管今天是正式工作的第一天，但​​感覺他已經和我們在一起五週了，幫助我們努力前進。但重要的是，我認為球隊真的很高興他能來這裡。我確實期望並且希望他能夠，而且我們也告訴他，以積極的方式進行顛覆。但我們必須繼續成長，並把我們所做的事情做得更好。我們認為，他之前在 SAP 工作的經驗將為 BlackLine 的所有人帶來極大的幫助。所以我們——我們非常高興他能來這裡，而且我認為美好的事情即將發生。

Okay. Great. Just quickly, so anything changed even before he joined, though as far as -- I just want to clarify the point earlier about tying compensation to SolEx. Is that just for that select group or that was for the broader organization? And I have a follow up.

好的。偉大的。很快，在他加入之前一切都發生了變化，儘管就——我只是想澄清之前關於將補償與 SolEx 掛鉤的觀點。這僅僅針對特定群體還是針對更廣泛的組織？我還有一個後續行動。

Okay. So we did make some changes to our comp models this year like everybody tweaks them every year, but we did form an SAP SolEx catalyst group. So we have a team of people now that are dedicated on all aspects of what has to be done to work effectively with the SAP team. And we think that's a good differentiator for us. We got a lot of positive feedback from the SAP team around that. Our own team is embracing it. And so we're pretty encouraged about what we need to do there.

好的。因此，我們今年確實對我們的補償模型做了一些更改，就像每個人每年都會對它們進行調整一樣，但我們確實組建了一個 SAP SolEx 催化劑小組。因此，我們現在擁有一支團隊，致力於與 SAP 團隊有效合作的各個方面。我們認為這對我們來說是一個很好的區別因素。我們從 SAP 團隊那裡得到了很多正面的回饋。我們自己的團隊正在接受它。因此，我們對我們需要在那裡做的事情感到非常高興。

As far as just getting SAP and BlackLine aligned. It's all about cloud-based revenue. As you know, what their strategy is, what they're trying to do. BlackLine fits well into that. There are some things that they've done by putting -- and I think it was in Therese's prepared remarks, putting us into their SAP EPM package.

就讓 SAP 和 BlackLine 保持一致而言。一切都與基於雲端的收入有關。正如你所知，他們的策略是什麼，他們正在嘗試做什麼。BlackLine 非常適合這一點。他們已經做了一些事情 — — 我想這是在 Therese 的準備好的發言中提到的，他們把我們放入了他們的 SAP EPM 包中。

So you know that we already have all our core financial close capabilities in there and intercompany. But getting sort of that group reporting FRA into it, they call it FRO, into their package was important. And then obviously, getting Studio360 PQ-ed. And again, well, the timing for that is as they go through their Sapphire conference, I believe it's in May or June, being able to officially launch that there as a fully integrated product. So those are the things we're trying to do to drive behavior and pretty excited about it.

所以你知道我們已經擁有了所有核心財務結算能力以及跨公司能力。但是將那種報告 FRA 的群體（他們稱之為 FRO）納入他們的方案中非常重要。然後顯然獲得 Studio360 PQ-ed。再一次，嗯，時間是在他們召開 Sapphire 會議的時候，我相信是在五月或六月，能夠在那裡正式推出一款完全整合的產品。所以這些就是我們為了推動行為而嘗試做的事情，我們對此感到非常興奮。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

This is Jaiden on for Pinjalim. Thanks for taking the questions. Can you talk a bit about the assumptions around churn and retention to get to the 2025 guide? You mentioned the FX headwind in Q4, but any more color about the dynamics of both through 2025 would be great.

這是 Jaiden，代表 Pinjalim 參賽。感謝您回答這些問題。您能否談談 2025 年指南中關於客戶流失和保留的假設？您提到了第四季度的外匯逆風，但如果能更詳細地描述 2025 年外匯市場的動態，那就更好了。

I'm trying to think about the things. So we're continuing to work our way through the customer count churn at the lower end of the market. And I think that, that is something that still probably for a better part of '25, we'll feel that on the customer count side. Now these tend to not be very large dollars but that's certainly something from a customer count, we'll see.

我正在努力思考這些事情。因此，我們正在繼續努力解決低端市場的客戶流失問題。我認為，在 2025 年的大部分時間裡，我們仍會在客戶數量方面感受到這種影響。現在這些金額往往不是很大，但從客戶數量來看肯定是有一定意義的，我們拭目以待。

From a churn in the enterprise space, that's not really the biggest issue for us there, it is much more on the topic of attrition. I'd go back to the things that we talked about, right, earlier. Our ability to touch our customers with a greater frequency, whether it's through our own account executives, our account management, our customer success people or our partners is having a very positive impact. And we know if we sort of touch our customers, a certain number of times for the year before it's time to renew or anything like that to make sure that they're on the right journey, and we can help them then we reduce the churn and attrition substantially.

從企業領域的人員流失來看，這對我們來說其實並不是最大的問題，更多的是人員流失的問題。我會回顧我們之前談論的事情。我們能夠更頻繁地接觸客戶，無論是透過我們自己的客戶經理、客戶管理人員、客戶成功人員或我們的合作夥伴，都產生了非常正面的影響。我們知道，如果我們在續約或類似事宜發生之前，每年與客戶進行一定次數的接觸，以確保他們走在正確的道路上，我們就能幫助他們，從而大幅減少客戶流失和人員流失。

So a big piece of this is making sure that we're in those conversations earlier with our customers and making sure that they're on the right journey, which has been a big piece of what we've been working on over the last 18 months just making sure those customers understand the potential of BlackLine far beyond just pure financial close and all the other things that we can do to help them.

因此，其中最重要的一點是確保我們儘早與客戶進行對話，確保他們走在正確的道路上，這也是我們過去 18 個月一直努力的重點，確保客戶了解 BlackLine 的潛力，遠不止純粹的財務結算，以及我們可以為他們做的所有其他事情。

And that's probably the greatest indicator of what will drive down churn and attrition sort of from a year-over-year perspective, the percentages we would expect would probably come down a little bit. But again, more of what we'll look for is seeing that much more in '26 than maybe even '25.

這可能是從年比角度降低客戶流失和人員流失的最大指標，我們預計百分比可能會略有下降。但是我們再次期待在26年看到比25年更多的情況。

Got it. Okay. Thank you. And then last one, does Q1 reflect a change in guidance philosophy? And if so, how should we think about the magnitude of conservatism baked into the guide? Thank you.

知道了。好的。謝謝。最後一個問題，Q1 是否反映了指導理念的改變？如果是這樣，我們應該如何看待該指南中所體現的保守主義程度？謝謝。

Thank you for the question. I don't know if conservatism is the word to apply, but I think this is the best way to capture the guidance philosophy for Q1 and for the year. We, I have set appropriate and achievable targets for this year. I will provide clarity on assumptions within the guide, some key risks that are out there. And I think the key word is probably some transparency on these risks and assumptions that could influence the numbers over the course of the year.

感謝您的提問。我不知道保守主義是否是一個適用的詞，但我認為這是捕捉第一季和全年指導理念的最佳方式。我為今年設定了適當且可實現的目標。我將澄清指南中的假設以及存在的一些主要風險。我認為關鍵字可能是這些風險和假設的透明度，它們可能會影響全年的數字。

And then, I guess, each quarter, we will continually reassess these targets and reassess some of these assumptions. And then to the extent necessary, signal to the market if a change is warranted. But I would say, overall, like from a philosophy standpoint, that the key theme is transparency in the guide. It's both thoughtful and balanced. But if you look at what we've done here since our IPO eight, nine years ago, we built a lot of credibility within the markets. And my goal is to build upon that credibility as part of this philosophy.

然後，我想，每個季度，我們都會不斷地重新評估這些目標並重新評估其中的一些假設。然後在必要的範圍內，向市場發出是否需要改變的訊號。但我想說，總的來說，從哲學角度來看，指南的關鍵主題是透明度。它既深思熟慮，又平衡。但如果你看看我們自八、九年前首次公開募股以來所取得的成就，你就會在市場上建立起很高的信譽。我的目標是將這種可信度作為這哲學的一部分來建構。

Daniel Jester, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的丹尼爾傑斯特 (Daniel Jester)。

Great. Thanks for taking my question this evening. It sounded like in the prepared remarks that invoice to cash was particularly strong in the quarter. Maybe can you just expand what's resonating there. I know there were some product enhancements announced at BeyondTheBlack, but anything more you can share around the momentum of that pillar would be great.

偉大的。感謝您今晚回答我的問題。從準備好的發言中聽出來，本季的發票到現金交易尤為強勁。也許你可以擴大那裡產生共鳴的內容。我知道 BeyondTheBlack 宣布了一些產品增強功能，但如果您能分享更多有關該支柱發展勢頭的資訊就更好了。

Yeah. I think there's a couple of things. One is I think we've made improvements in the product. Two, we've upgraded the quality of the team. Three, we've been able to bring in people from competitors that have decided that BlackLine is a better opportunity. And four, I think what we're doing, so I was looking at sort of some Net Promoter Scores yesterday. And so for BlackLine, we're a positive 5. Our sort of archrival, if you will, in invoice to cash is negative 21. Our partners are really stepping up their activities because they like what BlackLine can bring.

是的。我認為有幾件事。一是我認為我們對產品做出了改進。二是隊伍素質不斷提升。第三，我們能夠從競爭對手引進人才，因為他們認為 BlackLine 是更好的機會。第四，我認為我們正在做的事情是，昨天我查看了一些淨推薦值。因此對於 BlackLine，我們的評分是正 5。如果你願意的話，我們的主要競爭對手的發票與現金之比是-21。我們的合作夥伴正在大力加強他們的活動，因為他們喜歡 BlackLine 帶來的優勢。

And so that's been another critical piece of what we're starting to see in invoice to cash. So that all comes together. We had a really nice quarter. We're pretty optimistic about getting even more momentum as we head into 2025. We will have some -- it was just sent to me as we were on the phone here, some interesting product updates in invoice to cash by the time we're talking to you in the second quarter. So all good stuff going on in that regard, and we're pleased because it always takes longer to get it done than you'd like, but we're on the move.

這是我們開始在發票到現金中看到的另一個關鍵部分。這樣一切就都整合在一起了。我們度過了一個非常好的季度。我們對於在 2025 年取得更大進展充滿樂觀。當我們在第二季與您交談時，我們會有一些—我們在電話中剛剛發送給我，一些有趣的產品更新，從發票到現金。因此，在這方面所有好事都在發生，我們很高興，因為完成它總是比你想像的要花更長的時間，但我們正在行動。

Great. Thank you. And then, Patrick, to you, I know you don't guide on free cash flow, but there's a lot of puts and takes with regards to FX and also I think cash taxes as '25 progresses. So any color you can share about how we should be thinking about that going into this year? Thank you.

偉大的。謝謝。然後，派崔克，我知道你不會指導自由現金流，但在外匯方面有很多利弊，而且我認為隨著 25 年的發展，現金稅也會隨之變化。那麼您能分享一下我們今年應該如何考慮這個問題嗎？謝謝。

Yeah. There's probably two notable variables there on free cash flow. One, you hit the nail on the head, you probably saw it already in our release, but we did release a valuation allowance at the end of the year, which is an indication that not only are we profitable and have been profitable, but we intend to be for the foreseeable future. But with that comes a cash tax burden, which historically we did not have here at BlackLine.

是的。自由現金流中可能有兩個值得注意的變數。首先，你說到了點子上，你可能已經在我們的發布中看到了，但我們確實在年底發布了一項估值準備金，這表明我們不僅現在和過去一直盈利，而且我們打算在可預見的未來繼續盈利。但這也帶來了現金稅負擔，而從歷史上看，BlackLine 並不存在這種負擔。

So I would think that if you're estimating this or how to think about it, probably a cash tax rate in the low to mid-teens on a non-GAAP basis on a prospective basis is about where a company with our profile would typically land. The other aspect to free cash flow, as you can see, we have a lower cash balance, which was intentional as part of our refinancing that we went through in May of 2024, and that's coupled with a lower prevailing interest rate in the markets than last year.

因此，我認為，如果你正在估計這一點或如何考慮這一點，那麼，在非 GAAP 基礎上，預期現金稅率在 15% 到 19% 之間大概是我們這種狀況的公司通常會達到的水平。自由現金流的另一個方面，如您所見，我們的現金餘額較低，這是我們在 2024 年 5 月進行的再融資中故意為之的，再加上市場上的現行利率低於去年。

Adam Hotchkiss, Goldman Sachs.

高盛的亞當‧霍奇基斯（Adam Hotchkiss）。

Thanks so much for taking the question. How is it going? On the pipeline, I wanted to ask, how much of that picking up is the work you've done in the partner network outside of SAP? I know they influence the vast majority of your large deals? Are you starting to see the fruit paying off there?

非常感謝您回答這個問題。最近好嗎？關於頻道，我想問一下，其中有多少是您在 SAP 以外的合作夥伴網路中完成的工作？我知道它們影響了你們絕大多數的大宗交易？你開始看到那裡的成果了嗎？

Yeah. No, I would say, well, SAP's always an important part of our pipeline. A couple of things, one is sort of what I would call self-generating. So our people are out there doing what we need them to do with more confidence about sort of the platform and what the art of the possible is with BlackLine. Therese and I and our executives are in the field a lot more with those reps trying to help them engage in those high-quality conversations.

是的。不，我想說，SAP 始終是我們產品線的重要組成部分。有幾件事，其中一件事是我稱之為自我生成的。因此，我們的員工正在做我們需要他們做的事情，並且對平台以及 BlackLine 所能實現的可能性更有信心。特蕾莎（Therese）和我以及我們的高管更多地與這些銷售代表一起在現場，試圖幫助他們進行高品質的對話。

We've seen a nice upturn in opportunities with Workday, a partnership that we referenced in the prepared remarks. And so it's pretty broad, so yes, through SAP and what's going on in the cloud migration, but equally important, what we're generating on our own and then also through the strengthening relationship with Workday.

我們看到與 Workday 合作的機會出現了良好的好轉，我們在準備好的評論中提到過這一合作關係。所以它的範圍很廣泛，是的，透過 SAP 和雲端遷移的進展，但同樣重要的是，我們自己創造的東西，然後也透過加強與 Workday 的關係。

Okay. That's really helpful. And then the record strategic product quarter, just any additional color on the why now that's picking up as a percent of the business? And then how you're thinking about that into next year would be really helpful.

好的。這真的很有幫助。然後是創紀錄的戰略產品季度，還有什麼可以解釋為什麼現在在業務中所佔的百分比正在上升嗎？然後，您對明年的思考將會非常有幫助。

I'm glad you said why now. I'm like, why didn't it happen sooner (laughter). But appreciate -- yeah, I think, look, it's -- listen, we went through a process last year where we put pillar leaders in charge of certain things. And so whether it's invoice to cash, intercompany, FRA, even there are some sub leaders underneath our financial close.

我很高興你現在說出原因。我想，為什麼這不早點發生（笑聲）。但要感謝——是的，我認為，看，這是——聽著，我們去年經歷了一個過程，我們讓支柱領導人負責某些事情。因此，無論是發票到現金、公司間、FRA，甚至我們的財務結算之下都有一些子領導。

When you get that additional focus, when you have sort of, I don't want to say the single throat to choke. But if you have that person that's waking up each and every day, trying to drive that success, the market eventually starts to come to bear.

當你獲得額外的關注時，當你有某種感覺時，我不想說單喉嚨會窒息。但是，如果有一個人每天醒來，都努力追求成功，那麼市場最終就會開始發揮作用。

And so it's always a little bit lumpy. We're pretty pleased with the progress that our pillar leaders have made in driving more success in the market. Our reps have gotten more comfortable with the solution. So they're more comfortable in introducing our pillar leaders and our pillar leaders are not shy at all to sort of go push their way into things, to go have conversations, plus our partners are much more comfortable and confident in what we have.

所以它總是有點凹凸不平。我們對我們的支柱領導者在推動市場取得更多成功方面所取得的進展感到非常高興。我們的代表對該解決方案更加滿意了。因此，他們更願意介紹我們的支柱領導人，而我們的支柱領導人也不羞於介入事情、進行對話，而且我們的合作夥伴對我們所擁有的也更加放心和自信。

We spent a lot of time with our partner advisory board of what they like about the product, what we need to do and building their confidence in when they give the recommendation of BlackLine, whether it's an invoice to cash on an intercompany or consolidation that they can do that with no regrets, and that's been important to them, and it's helped us.

我們花了很多時間與我們的合作夥伴顧問委員會討論他們對產品的喜好、我們需要做什麼以及在他們推薦 BlackLine 時建立他們的信心，無論是公司間兌現發票還是合併，他們都可以毫無遺憾地這樣做，這對他們來說很重要，並且對我們有幫助。

Patrick Walravens, Citizens.

帕特里克·沃爾拉文斯，公民。

Great. Thank you. So a lot of good information on this call. Owen, what do you think is the single most important thing for you to focus on in 2025?

偉大的。謝謝。這次通話中有很多有用的信息。歐文，您認為 2025 年您要關注的最重要的事情是什麼？

Well, so yeah, in a simple word, it would be execution. I would say two things. One is really making sure -- and it goes back to Koji's question, with all the innovation we've rolled out, how do we make sure our sales teams, our customer success teams, our pillar leaders, our partners can effectively communicate and bring that to bear in the marketplace. So that's probably first and foremost.

嗯，是的，簡單來說，就是執行。我想說兩件事。一是要真正確保——這又回到 Koji 的問題，透過我們推出的所有創新，我們如何確保我們的銷售團隊、客戶成功團隊、支柱領導、合作夥伴能夠有效溝通，並將其應用於市場。因此這可能是首要的。

And then I think the second thing that I'm always worried about because I never want to lose a customer, I told you that. How do we make sure for those customers that feel like they've stalled on their journey, and we see that. We're being much more proactive and engaging with them, how do we get those customers back on track, to take full advantage of what they've already purchased and then what the opportunities are for BlackLine to help them with down the road.

然後我想第二件事是我一直擔心的，因為我不想失去一個客戶，我告訴過你。我們如何確保那些感覺自己的旅程停滯不前的客戶能夠得到幫助，我們看到了這一點。我們正在更加積極主動地與他們接觸，我們如何讓這些客戶重新回到正軌，充分利用他們已經購買的產品，以及 BlackLine 在未來有哪些機會可以為他們提供幫助。

Now we keep saying we want to help inspire power and guide digital finance transformation. That is not just one part of our pillar. That's the whole platform that we're trying to build -- that we built out and are trying to execute against. And so Pat, that's it. It's nothing more execute, execute, execute on those two things.

現在我們一直說，我們希望幫助激發力量並引導數位金融轉型。這不僅僅是我們支柱的一部分。這就是我們正在嘗試建立的整個平台——我們已經建立完畢並且正在嘗試執行。帕特，就是這樣。無非就是執行、執行、再執行這兩件事。

All right. If I could follow up, how do you do it on the second part for a customer who feels like they've stalled on the journey? What's the playbook?

好的。如果我可以跟進的話，對於感覺自己在旅途中停滯不前的客戶，您如何進行第二部分的操作？劇本是怎麼樣的？

Yeah. Well, that's it. I mean we've gone back, we look, we've taken the information about where we can see our customers either purchase stuff and they're not using it well or not using it at all. What we're doing is through the industry lens we're saying, look, you're a big airline, let's say, use that as an example. You're not using BlackLine anywhere near where your peer set is, how can we help you get back on that journey?

是的。嗯，就這樣。我的意思是，我們回過頭來看，我們獲取了有關我們的客戶購買東西但卻沒有很好地使用或根本沒有使用的資訊。我們所做的是透過產業視角來告訴大家，看，你是一家大型航空公司，假設你是一家大型航空公司，以此為例。您沒有在同行所在地附近使用 BlackLine，我們如何幫助您重新開始那段旅程？

And just using real information and real data using our partner network to have those conversations to figure out because it's sort of an aha moment when you can say, gee, I'm airline F and A, B, C, D, and E are doing a whole lot better than I am. And so that's what we're trying to use. That's why industry and the benchmarking data and information that we're able to use with our customers has become increasingly important for us over this past year.

而且只需使用真實資訊和真實數據，透過我們的合作夥伴網路進行這些對話就可以找到答案，因為這是一個頓悟的時刻，你可以說，哇，我是航空公司 F，而 A、B、C、D 和 E 的表現比我好得多。這就是我們正在嘗試運用的。這就是為什麼在過去的一年裡，行業以及我們能夠與客戶一起使用的基準數據和資訊對我們來說變得越來越重要。

And we just came out of our own sales kickoffs over the last couple of weeks. I mean, our people are thirsting for more information around industries that they can go back to their customers and have these conversations. So we're showing them the art of the possible, but also we're showing them reality that says, you can do better, and we can help you get there.

過去幾週，我們剛結束了自己的銷售啟動會。我的意思是，我們的員工渴望獲得更多有關行業的信息，以便他們可以與客戶進行這些對話。因此，我們向他們展示了可能性的藝術，同時也向他們展示了現實，告訴他們，你可以做得更好，我們可以幫助你實現目標。

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

Yeah. Thanks for taking my questions. Just wanted to follow up on the push deals. It sounds like a lot of them have already closed in the new year, but just curious if you're seeing or if there's any potential for that slower deal velocity to continue in the new year with deals that you would have expected to close in Q1 or Q2? Or if you feel like that overhang has kind of cleared at this point?

是的。感謝您回答我的問題。只是想跟進推動交易。聽起來很多交易已經在新年完成了，但我好奇的是，您是否看到，或者是否有可能在新的一年裡繼續出現這種較慢的交易速度，而您預計這些交易將在第一季或第二季完成？或者您覺得此時這種懸而未決的問題已經解決？

That's a really good question because I think what we're seeing in some of these particularly larger deals is some extra eyes on these things at the company level. And so there's a couple I could sort of walk through as examples. But needless to say, what our customers and prospects are doing is they're doing a little bit more blueprinting and road mapping before they go live. So they're sort of deferring start date. So even though we've been verbally told we're going to win the work, we don't have a signed contract, and the start date gets pushed out as they're trying to make sure their resources are aligned.

這是一個非常好的問題，因為我認為我們在一些特別大的交易中看到的是公司層面對這些事情的額外關注。我可以舉幾個例子來說明。但不用說，我們的客戶和潛在客戶在上線之前會做更多的藍圖和路線圖。所以他們推遲了開始日期。因此，儘管我們口頭上被告知我們將贏得這項工作，但我們還沒有簽署合同，而且由於他們試圖確保資源協調，開始日期被推遲了。

One of the things we're doing with our customers now is sort of what must be true for successful implementation is that's what must be true from a customer perspective, a partner perspective, and a BlackLine perspective. And the more trueboxes you can check, the higher the likelihood of success. And I think that's a good thing for us to be doing with our customers because we want them to get up and running the right way.

我們現在與客戶一起做的事情之一是，成功實施所必須具備的條件，也就是從客戶角度、合作夥伴角度和 BlackLine 角度來看都必須具備的條件。您選中的真實框越多，成功的可能性就越大。我認為這對我們為客戶做的是一件好事，因為我們希望他們能以正確的方式開始和運作。

And I shared some stats before how we're sort of accelerating from contract signing to project kickoff is down 40%. The velocity of going live has increased. And so those things, while I think we're going to be able to get deals executed more quickly, the signing of the contract may take just a little bit longer. I've got one that I sort of debated whether I tell you guys about this or not tonight. So we were awarded a very large contract at the end of January, which is an eight-figure deal.

我之前分享過一些統計數據，從簽約到專案啟動，我們的速度下降了 40%。上線速度加快了。因此，雖然我認為我們能夠更快地完成交易，但簽署合約可能需要更長的時間。我有一個問題，我在考慮今晚是否要告訴你們。因此我們在一月底獲得了一份非常大的合同，價值是八位數。

And it was our expectation that we would sign the paperwork probably the first or the second quarter and then start. And what the customers come back and asked is, well, we're probably going to still consign the customer in the first three, four, five months of the year, but we'd like to defer the start date until the end of the year because they have things they want to do and get in place. And so again, this all sets up very nicely for 2026. It doesn't do much for me in 2025. In fact, Patrick would tell me there'd be no revenue recognition in 2025, the way we're talking about the construct of the deal today.

我們預計將在第一季或第二季簽署文件然後開始工作。客戶回來問的是，好吧，我們可能仍會在今年的前三、四、五個月委託客戶，但我們希望將開始日期推遲到年底，因為他們有自己想做的事情並安排好。所以，這一切都為 2026 年做好了很好的準備。2025 年它對我來說沒什麼用。事實上，派崔克告訴我，2025 年不會確認任何收入，就像我們今天談論交易的結構一樣。

So I think the risk is that the customers may be a little bit more prudent and careful because of the size of the investment they're now making with BlackLine. But I think eventually, that's a better thing for us because I think these customers are going to get off and running in the right way, with the right partner support, the right BlackLine support and the right commitment from their internal resources to improve the likelihood of success on a deal.

因此我認為風險在於，由於客戶現在對 BlackLine 的投資規模較大，他們可能會更加謹慎和小心。但我認為最終這對我們來說是一件更好的事情，因為我認為這些客戶將以正確的方式開始並運行，獲得正確的合作夥伴支持、正確的 BlackLine 支持以及來自內部資源的正確承諾，以提高交易成功的可能性。

Okay. That's really helpful. And then just on the retention front, good to hear the improvements in your revenue renewal rate. Do you feel like that mid-90s retention rate is kind of the right way to think about things moving forward? And then now that churn seems to be stabilizing. Do you think we could start to see NRR reexpand as well?

好的。這真的很有幫助。然後就在保留方面，很高興聽到你們的收入續約率有所提高。您是否覺得 90 年代中期的留任率是思考未來發展的正確方式？現在，客戶流失似乎正在趨於穩定。您認為我們也能看到 NRR 重新擴展嗎？

That's the goal. And I think that's really what we've been driving towards because, again, if you think about our model, we have a certain number of customers that pay us over $1 million and some of them pay us close to $10 million. And what we just sort of see is when you look at our customers by industry segment, as an example, why do we have some of them only spending a couple of hundred thousand versus $1 million. And what's the opportunity to help them on that journey.

這就是目標。我認為這正是我們一直努力的方向，因為，如果你再想想我們的模式，我們有一定數量的客戶向我們支付超過 100 萬美元，其中一些向我們支付接近 1000 萬美元。我們看到的是，當你按行業細分查看我們的客戶時，為什麼有些客戶只花費幾十萬美元而不是一百萬美元。有什麼機會可以幫助他們實現這個目標呢？

And the more that they buy with us, it's generally because we've made them more sticky because we provided more value. And so that's really what we're trying to do is make sure that the customers use what they've already purchased and help expand into that relationship.

他們在我們這裡購買的越多，通常是因為我們提供了更多價值，讓他們對我們的服務更加忠誠。因此，我們真正想要做的就是確保客戶使用他們已經購買的產品並幫助擴展這種關係。

Do I think that the mid-90s on a combined 96% basis is about right? Yeah. I personally like it to even be higher, but that's what we're going to keep driving towards. I do feel like we had a little bit of a turning point as we got to the back half of 2024, it's mattered who we've selected as customers in the mid-market. And I think what you're seeing from our customer success team and others is when you pick the right customer that's trying to do the right things, you see that go-live velocity increasing. You see the time to get started decreasing.

我是否認為，以 96% 的綜合比率計算，95 年代中期左右是差不多的？是的。我個人希望這個數字能夠更高，但這也是我們將繼續努力的方向。我確實覺得，當我們進入 2024 年下半年時，我們遇到了一個轉捩點，我們選擇誰作為中端市場的客戶至關重要。我認為，您從我們的客戶成功團隊和其他團隊看到的是，當您選擇正確的客戶並嘗試做正確的事情時，您會看到上線速度的提高。您會發現開始的時間正在減少。

And so customer selection matters. And so I think we've gotten smart. It doesn't mean we don't have room to improve, but that will have a positive impact, particularly in the mid-market for us where sometimes you get more volatility with these customers that just can't really absorb BlackLine the way we would like them to absorb BlackLine. So we're being smarter and more prudent about that.

因此，顧客的選擇很重要。所以我認為我們變得聰明了。這並不意味著我們沒有改進的空間，而是說這會產生積極的影響，特別是在中端市場，有時這些客戶的波動性會更大，因為他們無法以我們希望的方式真正吸收 BlackLine。因此，我們對此更加聰明、更加謹慎。

Terry Tillman, Truist Securities.

特里·蒂爾曼（Terry Tillman），Truist Securities。

This is Dominique Manansala on for Terry. Thanks for taking my question. So beyond FedRAMP certification, what other specific investments or go-to-market motions are you making to expand into the public sector? And I guess with the potential shift in the new administration, you all mentioned, what's the realistic timeline for seeing meaningful revenue contribution from the segment?

這是多明尼克‧馬南薩拉 (Dominique Manansala)，取代特里 (Terry)。感謝您回答我的問題。那麼除了 FedRAMP 認證之外，您還在進行哪些其他具體投資或上市措施來擴展到公共部門？我想，隨著你們都提到的新政府的潛在轉變，從該部門看到有意義的收入貢獻的實際時間表是什麼時候？

Yeah. So one of the things we've been doing. So first of all, we've gotten some resellers signed up so that are now in the marketplace representing us. We're looking to add some additional sales capacity internally. We've partnered up with a couple of the big SIs that have dominant federal space practices.

是的。這是我們一直在做的事情之一。首先，我們已經與一些經銷商簽約，以便他們現在可以在市場上代表我們。我們正在尋求在內部增加一些額外的銷售能力。我們已經與幾家在聯邦太空實踐中占主導地位的大型 SI 建立了合作夥伴關係。

So we've been spending a lot of time working with them about what agencies to target that are most right for the kind of things that we need to do. And then we've also been very fortunate in that some of these partners have really introduced us through their state and large city practices.

因此，我們花了很多時間與他們合作，確定哪些機構最適合我們所需的工作。我們也非常幸運，一些合作夥伴透過他們所在的州和大城市的實踐向我們介紹了情況。

And so that connective tissue has been something that's very important for what we're trying to do as well because nobody is looking to sort of raise their budgets in this environment from a government perspective, so if they can drive more efficiency through the use of technology, we certainly see some real opportunities. There's a couple of decent sized ones we're working already that started towards the back end of last year that are quite sizable. And so we're pretty encouraged by what we're seeing so far.

這種結締組織對於我們正在做的事情來說非常重要，因為從政府的角度來看，沒有人希望在這種環境下增加預算，所以如果他們能夠透過使用科技來提高效率，我們肯定會看到一些真正的機會。我們已經在進行幾個規模不錯的項目，這些項目從去年年底就開始了，規模相當大。我們對目前看到的情況感到非常鼓舞。

Obviously, Patrick has talked about the level of investment that goes into that first being FedRAMP certified and then being at the highest level of FedRAMP certification will matter. But we do think that what's going on in Washington to try to again improve efficiency, while it might create a little bit of short-term noise in the medium to long term is positive. We don't have a lot of revenue built into our plan for 2025 for FedRAMP, just out of an abundance of caution. But again, I think I don't want to jinx it, but I think we'll have more news to share when we get to our May call.

顯然，帕特里克已經談到了首先獲得 FedRAMP 認證，然後獲得最高級別的 FedRAMP 認證所需的投資水平。但我們確實認為，華盛頓為再次提高效率而採取的行動，雖然可能會在中長期產生一些短期噪音，但這是正面的。出於謹慎考慮，我們在 2025 年 FedRAMP 計畫中沒有考慮太多收入。但是，我再次強調，我不想帶來厄運，但我認為在 5 月電話會議時我們會有更多新聞可以分享。

Thank you. And this does conclude today's Q&A session. I would like to turn the call over to Owen for closing remarks. Please go ahead.

謝謝。今天的問答環節到此結束。我想將電話轉給歐文，請他作最後發言。請繼續。

Guys, everyone, thank you for your questions. We really appreciate the thoughtfulness with which you asked. And we just want to thank you for your continued support and belief in what BlackLine is trying to do. We feel like we're on the right path and excited to take that journey with you. Have a good night, everybody. Talk soon.

各位，大家好，感謝你們的提問。我們非常感謝您提出詢問時的周到態度。我們只想感謝您對 BlackLine 所做工作的持續支持和信任。我們感覺我們走在正確的道路上，並且很高興與您一起踏上這段旅程。祝大家晚安。很快聊聊。