BlackLine Inc (BL) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q1 2025 BlackLine earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 2025 年第一季 BlackLine 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Matt Humphries, SVP of Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言者，投資者關係高級副總裁 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 Patrick Villanova, 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還有 BlackLine 聯合執行長 Owen Ryan 和 Therese Tucker，以及財務長 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 Q2 and full year 2025 are forward-looking statements within the meaning of the Private Securities Litigation Reform Act 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 年第二季度和全年的指導，均屬於《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。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 in 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 words filed with the Securities and Exchange Commission, in particular, our Form 10-K and Form 10-Q. 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.

雖然我們認為電話會議中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文件中所述，特別是我們的 10-K 表格和 10-Q 表格。我們不承擔並明確否認任何更新或修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 updated, our financial measures disclosed on this call will be non-GAAP. A discussion of 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 -- filed with the SEC today.

除非另有說明，我們今天在電話會議上進行的所有比較均與去年同期有關。最後，除非更新，否則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 (non-GAAP)。有關非公認會計準則 (non-GAAP) 財務指標的討論以及我們歷史 GAAP 業績與非公認會計準則 (non-GAAP) 業績的調節信息，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 上找到，或於今日提交給美國證券交易委員會 (SEC)。

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

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 on today's call. Overall, we are pleased with the performance in the first quarter and many of our operational priorities showed solid progress. We delivered 6% new growth in the first quarter with a non-GAAP operating margin of 21%. Bookings performance was solid with average deal size increasing, both on a net new and average base and importantly, the number of customers generating over $1 million or more in ARR increased to 79 this quarter, up from 71 in the quarter as we deepened and broadened relationships.

謝謝你，馬特，大家下午好。感謝大家參加今天的電話會議。總體而言，我們對第一季的表現感到滿意，我們的許多營運重點都取得了穩步進展。我們在第一季實現了 6% 的新成長，非 GAAP 營業利潤率為 21%。預訂業績表現穩健，平均交易規模不斷增加，無論是淨新交易還是平均基數，重要的是，隨著我們深化和拓寬關係，本季度產生超過 100 萬美元或以上的 ARR 的客戶數量從上一季的 71 個增加到 79 個。

Further, we saw momentum build through the adoption of Studio360, where we signed several deals with companies like [Tractor]. Our new pricing model is tracking slightly ahead of our expectations. We saw several wins with customers such as USAA, who value the flexibility and predictability this new pricing model provides.

此外，透過採用 Studio360，我們看到了發展勢頭，我們與多家公司簽署了協議，例如[拖拉機]。我們的新定價模式略微超出了我們的預期。我們獲得了 USAA 等客戶的認可，他們非常重視這種新定價模式所提供的靈活性和可預測性。

Our go-to-market execution in the first quarter showed meaningful improvement across all geographies, driven in part by our Chief Commercial Officer's leadership as with our new leaders in Europe and Asia Pacific. We continue to see solid growth in our pipeline and within our SolEx -- we have implemented more rigorous deal qualification processes and strength and coordination between our account management and customer support teams.

我們第一季的市場執行情況在所有地區都取得了顯著改善，部分原因是我們的首席商務官以及歐洲和亞太地區新領導的領導。我們的管道和 SolEx 內部繼續實現穩健成長——我們實施了更嚴格的交易資格流程，並加強了客戶管理和客戶支援團隊之間的協調。

These improvements are expected to help drive expansion while reducing future churn and attrition, our digital-first marketing approach is enhancing commercial effectiveness as we introduce new features, functionality and AI capabilities for our users and prospects. These operational improvements give us confidence in our ability to create a more effective, efficient and predictable sales motion.

這些改進有望幫助推動擴張，同時減少未來的客戶流失和損耗，我們的數位優先行銷方法正在提高商業效率，因為我們為用戶和潛在客戶引入了新功能、功能和人工智慧功能。這些營運改善使我們有信心創造更有效、更有效率、更可預測的銷售動態。

Our SolEx partnership outperformed in the first quarter and remains a strategic growth driver. We are leveraging improved organizational -- allotment to accelerate joint sales efforts. This includes expanding our offerings to SAP users, especially with Studio360 and to deliver value as customers transition from on-premise to cloud ERP environments.

我們與 SolEx 的合作關係在第一季表現出色，並繼續成為策略成長動力。我們正在利用改進的組織分配來加速聯合銷售努力。這包括向 SAP 用戶擴展我們的產品，尤其是 Studio360，並在客戶從內部部署過渡到雲端 ERP 環境時提供價值。

Our industry-focused approach is delivering by combining our finance expertise and solutions with endo-specific knowledge. Many Q1 wins directly result from our industry expertise. And as Therese will share, we plan to launch additional industry-specific solutions to build upon this momentum.

我們以行業為中心的方法是將我們的財務專業知識和解決方案與行業特定的知識相結合。許多 Q1 的勝利直接源自於我們的產業專業知識。正如 Therese 所分享的，我們計劃推出更多針對特定產業的解決方案來鞏固這一勢頭。

Public sector, we saw solid progress despite uncertainty our US teams have developed a strong pipeline across federal, state and local governments, while working closely with key partners. The public sector is a key investment area this year as we see this as a long-term opportunity. We are applying the same disciplined approach marketing that we have implemented in sales, which has improved the volume and quality of opportunities supporting aggregate pipeline growth. In fact, we have seen material improvements in website visits demo requests and lead generation through our dot-com and digital marketing efforts, which is driving top-of-funnel activity.

公共部門：儘管存在不確定性，我們仍取得了紮實的進展。我們的美國團隊在與關鍵合作夥伴密切合作的同時，已在聯邦、州和地方政府之間建立了強大的資源管道。公共部門是今年的重點投資領域，因為我們將其視為長期機會。我們採用在銷售中實施的同樣嚴謹的行銷方法，這提高了支援整體通路成長的機會的數量和品質。事實上，透過我們的網路和數位行銷努力，我們已經看到網站訪問量、演示請求和潛在客戶生成方面有了實質性的改善，這正在推動漏斗頂端的活動。

We continue to position ourselves as the autonomous finance platform for the office of the CFO. This leverages our established credibility and brand permission and record to report and invoice to cash processes while emphasizing how our platform and products are becoming increasingly critical to our customers' operations. We are reinforcing this positioning with a refreshed AI-focused strategy that highlights our technological capabilities and road map. Customers continue to prioritize rapid results and measurable returns on their investments. Our ability to deliver value quickly has become a critical competitive advantage.

我們繼續將自己定位為財務長辦公室的自主財務平台。這利用了我們已建立的信譽和品牌許可以及報告和發票到現金流程的記錄，同時強調了我們的平台和產品對客戶的營運變得越來越重要。我們正在透過新的以人工智慧為中心的策略來強化這一定位，該策略強調我們的技術能力和路線圖。客戶繼續優先考慮快速獲得成果和可衡量的投資回報。我們快速交付價值的能力已成為關鍵的競爭優勢。

Customers need solutions that work immediately, not in one or two years, especially as technology investments may face increased scrutiny this year. A number of our wins this quarter related to customers restarting or accelerating their digital finance transformation journeys and using even more of the BlackLine suite. We have made significant progress in accelerating our implementation time lines for customers.

客戶需要立即見效的解決方案，而不是一兩年內就能見效的解決方案，尤其是今年技術投資可能會面臨更嚴格的審查。本季我們的許多勝利都與客戶重啟或加速其數位金融轉型之旅以及使用更多 BlackLine 套件有關。我們在加快客戶實施時間方面取得了重大進展。

In Q1, go-live volume increased by 20% compared to the same period last year. Also, our implementation times have been substantially reduced for our financial reporting analytics and invoice to cash solutions, and we are currently focused on more rapid time to value for our intercompany solutions. As mentioned, our SAP partnership continues to accelerate. We have implemented several key changes we announced last quarter. We have aligned our account executives, presales and customer success managers with SAP's market units.

第一季上線量較去年同期成長20%。此外，我們的財務報告分析和發票到現金解決方案的實施時間已大幅縮短，目前我們專注於更快實現公司間解決方案的價值。如上所述，我們的 SAP 合作夥伴關係持續加速發展。我們已實施上個季度宣布的幾項重要變革。我們已將我們的客戶經理、售前和客戶成功經理與 SAP 的市場部門協調一致。

We have also succeeded in adding BlackLine solutions to SAP's channel price list, including our public sector strategy, Google Cloud Marketplace, Cloud Choice Flex and value-added reseller channels, which will be commercialized this quarter.

我們也成功將 BlackLine 解決方案加入 SAP 的通路價格表中，其中包括我們的公共部門策略、Google Cloud Marketplace、Cloud Choice Flex 和加值經銷商通路，這些解決方案將於本季實現商業化。

SAP and BlackLine further align our unique finance transformation capability we have achieved an important solution in alignment, which allows the prepackaged bundling of both SAP author solutions and BlackLine author solutions into a single SAP SKU bundle that supports global finance transformation ERP offerings. BlackLine is also now included as part of the fault SAP solution offerings and sales motions to add value to SAP cloud ERP customers. We believe the small but critical change can increase our attach rate and position our solutions earlier in ERP migrations. This is a key part of our combined goals to deliver higher ROI and value for customers going through a digital transformation. We are SAP's first ever SolEx partner to be included in the SKU package bundle with SAP authored solutions.

SAP 和 BlackLine 進一步整合了我們獨特的財務轉型能力，我們在整合方面取得了重要的解決方案，該解決方案允許將 SAP 作者解決方案和 BlackLine 作者解決方案預先包裝捆綁到支援全球財務轉型 ERP 產品的單一 SAP SKU 包中。BlackLine 現在也被納入故障 SAP 解決方案產品和銷售活動的一部分，為 SAP 雲端 ERP 客戶增加價值。我們相信，這一微小但關鍵的變化可以提高我們的附加率，並使我們的解決方案在 ERP 遷移中更早定位。這是我們共同目標的關鍵部分，即為正在經歷數位轉型的客戶提供更高的投資報酬率和價值。我們是 SAP 首個被納入 SAP 授權解決方案 SKU 套件捆綁的 SolEx 合作夥伴。

This is expected to deliver greater value to customers that need powerful financial consolidation solution.

預計這將為需要強大財務整合解決方案的客戶帶來更大的價值。

Looking ahead, we have a solid road map for launching additional products eligible for the SolEx program, especially Studio360. We also are exploring opportunities to develop AI and agentic AI-specific SKUs as part of this partnership as we continue to align our go-to-market vision. Our revenue renewal rate was 94% this quarter. While we could see some pressure on customer retention due to ongoing economic conditions, we have implemented several strategies to counteract and mitigate churn and attrition which should serve to deepen our importance with customers.

展望未來，我們有一個完善的路線圖，將推出更多符合 SolEx 計畫的產品，尤其是 Studio360。作為此次合作的一部分，我們也正在探索開發人工智慧和代理人工智慧特定 SKU 的機會，同時繼續調整我們的市場願景。本季我們的營收續約率為94%。雖然由於持續的經濟狀況，我們看到客戶保留方面存在一些壓力，但我們已經實施了多項策略來抵消和減輕客戶流失和損耗，這將有助於加深我們對客戶的重要性。

First, our new platform pricing model helps protect against user-based attrition, which has been a headwind to NRR and revenue growth. Second, we are strategically shifting customers from annual to multiyear contracts as they renew. In Q1, the percentage of customers choosing multiyear renewals increased by 14 percentage points. This approach aligns with our strategy of guiding customers through transformation journeys while reducing churn and attrition and ultimately driving more consistent predictable revenue growth. Our RPO performance this quarter reflects some of our initial progress.

首先，我們新的平台定價模式有助於防止用戶流失，這對 NRR 和收入成長來說是一個阻力。其次，我們正在策略性地將客戶從年度合約轉變為多年合約。第一季度，選擇多年續約的客戶比例增加了14個百分點。這種方法符合我們的策略，即引導客戶完成轉型之旅，同時減少客戶流失和損耗，最終推動更持續、可預測的收入成長。本季的 RPO 表現反映了我們的一些初步進展。

Turning to key deal activity this quarter. In North America, we expanded with Marathon Petroleum has a traditional financial close customer Marathon was looking for additional automation across their invoice to cash processes to drive efficiency and improve their working capital cycle. Our invoice to cash offering provided demonstrable ROI especially when used in conjunction with our financial close solutions to give end-to-end connectivity and visibility across multiple teams and processes.

轉向本季的關鍵交易活動。在北美，我們與馬拉松石油公司合作進行了擴張，馬拉松石油公司是一家傳統的金融緊密客戶，該公司正在尋求在其發票到現金流程中實現額外的自動化，以提高效率並改善其營運資金週期。我們的發票到現金服務提供了可證明的投資回報率，特別是與我們的財務結算解決方案結合使用時，可提供跨多個團隊和流程的端到端連接和可見性。

Also in North America, we won a competitive enterprise -- rip and replace with a leading cybersecurity company for our suite of financial closed solutions, leveraging our unlimited user pricing model. While initial conversations were focused on enhancing efficiency, control and visibility at one division, our unlimited user model allowed the company to think bigger about global transformation and broaden their scope across the entire enterprise. The result is a classic win-win for both the customer and for BlackLine.

此外，在北美，我們贏得了競爭性企業——與一家領先的網路安全公司合作，利用我們的無限用戶定價模式，為我們提供一套財務封閉解決方案。雖然最初的討論重點是提高一個部門的效率、控制力和可見性，但我們的無限用戶模型使公司能夠更廣泛地思考全球轉型，並擴大整個企業的範圍。結果是，客戶和 BlackLine 實現了雙贏。

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 Rexel, a leading electrical distributor based in France for our financial close solutions. Additionally, we signed Japan Tobacco to a net new financial closed deal. Further, we signed Mitsubishi Electric and [Inimitsu Kuzan] again, with core financial close capabilities marking continued success in our partnership in Japan.

在 SolEx 方面，我們的國際市場表現穩健，這是 BlackLine 的重點領域。具體來說，我們與法國領先的電力分銷商 Rexel 簽署了一項新的淨協議，以提供財務結算解決方案。此外，我們也與日本菸草簽署了一項淨新的財務結算協議。此外，我們再次與三菱電機和[Inimitsu Kuzan]簽約，核心財務結算能力標誌著我們在日本的合作繼續取得成功。

We also saw several Studio360 deals this quarter with companies like AGL, a leading Australian electric company who took advantage of not just our Studio360 platform, but also our unlimited user pricing to drive real transformation across their business. We signed Hitachi Energy Holdings and chose to leverage the powerful capabilities that Studio360 offers to elevate their existing financial close usage and drive even more efficiency and automation across their business. Now balancing our enthusiasm for our first quarter progress are the realities of the current macro environment. Recent policy announcements have made it difficult for companies to plan long-term investments with confidence. These policies could affect BlackLine as they may force customers in certain industries and geographies to postpone or reallocate investments until they gain more clarity about the future business environment.

本季度，我們還與多家公司達成了 Studio360 交易，例如澳洲領先的電力公司 AGL，該公司不僅利用了我們的 Studio360 平台，還利用了我們的無限用戶定價來推動其業務的真正轉型。我們與日立能源控股公司簽約，並選擇利用 Studio360 提供的強大功能來提升其現有的財務結算使用率，並進一步提高其業務的效率和自動化程度。現在，平衡我們對第一季進展的熱情的是當前宏觀環境的現實。最近的政策公告使得企業難以滿懷信心地規劃長期投資。這些政策可能會影響 BlackLine，因為它們可能會迫使某些行業和地區的客戶推遲或重新分配投資，直到他們對未來的商業環境有更清晰的了解。

While we have not seen any impact across our pipeline, renewals base or implementations thus far, we are clear eyed that conditions may develop that influence our go-forward results. These potential risks are captured in our updated revenue guidance, which Patrick will speak to shortly. We believe that BlackLine is better positioned than ever to help customers adapt to today's environment. We offer practical, reliable and trusted solutions. Our company and invoice-to-cash solutions directly help customers offset potentially higher operating costs by minimizing taxes helping ensure compliance with trade policies, enhancing efficiency and improving working capital.

雖然到目前為止我們還沒有看到對我們的管道、更新基礎或實施產生任何影響，但我們清楚地看到，可能會出現影響我們未來結果的情況。這些潛在風險已在我們更新的收入指南中反映，帕特里克很快就會談到這一點。我們相信，BlackLine 比以往任何時候都更有能力幫助客戶適應當今的環境。我們提供實用、可靠且值得信賴的解決方案。我們的公司和發票到現金解決方案透過最大限度地減少稅收，幫助確保遵守貿易政策，提高效率和改善營運資金，直接幫助客戶抵消潛在的更高營運成本。

Combining these with our new Studio360 platform, our pricing strategy, enhanced partnership with SAP our industry and public sector initiatives and our budding relationship with Workday strengthens our importance of the office of the CFO. This gives us the confidence to navigate the near term while remaining focused on delivering against our long-term goals.

將這些與我們的新 Studio360 平台、我們的定價策略、與 SAP 加強的合作夥伴關係、我們的行業和公共部門計劃以及我們與 Workday 的新興關係相結合，加強了我們對財務長辦公室的重視。這使我們有信心應對短期挑戰，同時繼續專注於實現我們的長期目標。

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

說完這些，我想把電話轉給 Therese。

Thank you, Owen. BlackLine is accelerating rapidly, expanding our innovation initiatives across our entire platform and product ecosystem. This year marks one of our largest product release calendars ever, supporting the opportunity we see ahead. Our Studio360 platform showcases our innovation in action, with continuous enhancements across every layer. An important component is our strategic partnership with Snowflake, the foundation of our data layer.

謝謝你，歐文。BlackLine 正在快速發展，將我們的創新計劃擴展到整個平台和產品生態系統。今年是我們有史以來最大的產品發布日曆之一，這為我們預見的未來機會提供了支持。我們的 Studio360 平台展示了我們的創新成果，並在各個層面不斷改進。一個重要組成部分是我們與 Snowflake 的策略合作夥伴關係，這是我們資料層的基礎。

Already, more than 400 customers are leveraging the data engine to increase performance and scalability with many more poised to benefit from this over the next few months.

目前，已有超過 400 名客戶利用數據引擎來提高效能和可擴展性，並且未來幾個月將有更多客戶從中受益。

And this quarter, we plan to relieve our Snowflake data sharing connector, unlocking powerful new capabilities for our customers. We're also enhancing the utilization capabilities across Studio360, giving customers precise control to customize BlackLine dashboards with their unique financial workflows and requirements. We've launched redesigned product dashboards with an improved interface and UI that customers love. In our orchestration component of Studio360, we've added new SAP and ServiceNow API integrations that simplify data management and workflow processes for users. And our upcoming Workday Connector launching later this year is designed to extend the same powerful orchestration benefits to Workday customers creating a truly connected financial ecosystem.

本季度，我們計劃推出 Snowflake 資料共享連接器，為客戶釋放強大的新功能。我們也增強了 Studio360 的利用能力，讓客戶能夠精確控制，並根據其獨特的財務工作流程和要求客製化 BlackLine 儀表板。我們推出了重新設計的產品儀表板，其介面和 UI 得到改進，深受客戶喜愛。在 Studio360 的編排元件中，我們新增了新的 SAP 和 ServiceNow API 集成，以簡化使用者的資料管理和工作流程。我們即將於今年稍後推出的 Workday Connector 旨在為 Workday 客戶帶來同樣強大的編排優勢，從而創建一個真正互聯的金融生態系統。

Across our entire platform, we're adding AI-powered capabilities that amplify our existing automation engines. We've all witnessed firsthand how large language models can transform organizations, evidence we see in both traditional and genetic experiences. This isn't just innovation, it's acceleration purpose. Our vision is clear. accountants and finance professionals will evolve into strategic reviewers while AI executes the routine work.

在我們的整個平台上，我們正​​在添加人工智慧功能，以增強我們現有的自動化引擎。我們都親眼目睹了大型語言模式如何改變組織，我們在傳統和遺傳經驗中都看到了證據。這不僅是創新，更是加速的目的。我們的願景很明確，會計師和財務專業人員將發展成為策略審查員，而人工智慧將執行日常工作。

We're pioneering what we call autonomous finance by using our decade of automation expertise with cutting-edge genic technologies to create something powerful and mission-critical for our customers.

我們利用十年的自動化專業知識和尖端基因技術，開創了所謂的自主金融，為客戶創造了強大且關鍵的任務。

In today's landscape, data isn't just information, it's currency. Our Snowflake partnership creates a robust data lake that unlocks powerful identic possibilities, connecting internal systems while opening gateways to external APIs. The goal is to position BlackLine as the backbone for the office of the CFO, where efficient and accurate data flows through and enables real transformation. A perfect example of the achievement of this goal is what ExxonMobil said in a recent earnings call. BlackLine has literally enabled them to save tens of thousands of hours of what was very manually intensive work because they can now automate it.

在當今的情況下，數據不僅僅是訊息，它還是貨幣。我們與 Snowflake 的合作夥伴關係創建了一個強大的資料湖，釋放了強大的身份可能性，連接內部系統，同時打開了通往外部 API 的網關。目標是將 BlackLine 定位為財務長辦公室的支柱，高效、準確的數據在此流通，實現真正的轉型。埃克森美孚在最近的財報電話會議上所說的就是實現這一目標的完美例子。BlackLine 確實幫助他們節省了數萬小時的手動密集型工作，因為他們現在可以自動化。

Importantly, this has also allowed their teams to provide cleaner data across their company so that they can derive better insights while driving more efficiency.

重要的是，這也使他們的團隊能夠在整個公司提供更清晰的數據，以便他們能夠在提高效率的同時獲得更好的洞察力。

In the emerging agent economy, our collaboration with customers, partners and auditors addresses a critical need governance frameworks that ensure trust and security, while major AI model provides -- are pushing to eliminate structured APIs, our stakeholders recognize the opposite true trackable, auditable interfaces deliver both efficiency and reliability. For accounting and finance professionals, 95% accuracy equals 100% failure. This zero-tolerance reality demands what we can provide, a sophisticated AI-powered automation platform with complete audibility and control, the defining advantage in our market.

在新興的代理經濟中，我們與客戶、合作夥伴和審計師的合作解決了確保信任和安全的治理框架的關鍵需求，而主要的人工智慧模型正在推動消除結構化 API，我們的利益相關者認識到相反的真正可追蹤、可審計的介面既能提供效率又能提供可靠性。對於會計和財務專業人士來說，95% 的準確率等於 100% 的失敗率。這種零容忍的現實要求我們提供一個由人工智慧驅動的、具有完整可聽性和控制能力的複雜自動化平台，這是我們在市場上的決定性優勢。

To deliver on this, we have been strategically investing in three core AI technologies: Agentic AI, predictive intelligence and natural language exploration. Our platform now features four specialized genetic AI categories: Insight agents, summarization agents, conversational querying agents and matching agents. Insight agents transform raw financial data into actionable intelligence, improving accuracy, accelerating review cycles and driving proactive decision-making. These can improve data accuracy, accelerate close and review cycles and drive proactive action.

為了實現這一目標，我們一直在策略性地投資三大核心人工智慧技術：代理人工智慧、預測智慧和自然語言探索。我們的平台現在有四個專門的遺傳人工智慧類別：洞察代理、總結代理、對話查詢代理和匹配代理。洞察代理將原始財務數據轉化為可操作的情報，提高準確性，加快審查週期並推動主動決策。這些可以提高數據準確性，加快關閉和審查週期並推動主動行動。

Summarization agents, there still complex filings and extensive documentation into clear, insightful summaries, presenting drafts that maintain user control while eliminating resource strains and preserving auditability.

摘要代理仍然可以將複雜的文件和大量的文件整理成清晰、有見地的摘要，呈現草稿以保持用戶控制，同時消除資源壓力並保留可審計性。

Conversational querying agents enable users to analyze data using natural language and allow them to explore and explain key KPIs and trends allowing for faster and more informed decision-making. And finally, we plan to release our matching agents in the second half of this year, delivering AI-powered transaction matching that surpasses our already powerful traditional capabilities, especially for high-volume accounts. While our agent ecosystem excels with text and qualitative data, we're expanding our established machine learning capabilities through predictive guidance and risk detection features that are ideal for handling large volumes of financial data. Predictive guidance is available for both intercompany and invoice to cash leveraging AI and machine learning to analyze transactional data and forecast future outcomes, providing recommendations and insights to help guide decision-making. Our risk detection experiences proactively identify issues across financial data preventing adjustments and audit problems before they occur with solutions like our Journals risk analyzer.

對話查詢代理程式使用戶能夠使用自然語言分析數據，並允許他們探索和解釋關鍵的 KPI 和趨勢，從而做出更快、更明智的決策。最後，我們計劃在今年下半年發布我們的匹配代理，提供人工智慧驅動的交易匹配，超越我們已經強大的傳統功能，特別是對於大容量帳戶。雖然我們的代理生態系統在文字和定性資料方面表現出色，但我們正在透過預測指導和風險偵測功能來擴展我們現有的機器學習能力，這些功能非常適合處理大量財務資料。利用人工智慧和機器學習來分析交易數據並預測未來結果，為公司間和發票到現金提供預測指導，提供建議和見解以幫助指導決策。我們的風險偵測經驗可以主動識別財務資料中的問題，並透過期刊風險分析器等解決方案在問題發生之前防止調整和稽核問題。

We're also expanding our industry-specific solutions to meet specialized industry needs. Our high-frequency reconciliation solution is already driving results from multiple customers. We're launching operational reconciliations initially for oil and gas customers, transforming our proven account reconciliation technology to handle nonmonetary inventory tracking. This evolution allows our customers to apply our powerful reconciliation capabilities beyond traditional accounting, reconciling physical commodities with the same precision they use for financial accounting. Over time, we see opportunity to expand these capabilities to other industries like financial services and retail.

我們也正在擴展我們針對特定行業的解決方案，以滿足專業行業的需求。我們的高頻對帳解決方案已經為多個客戶帶來了成果。我們首先為石油和天然氣客戶推出營運對帳服務，將我們成熟的帳戶對帳技術轉變為處理非貨幣庫存追蹤。這種演變使我們的客戶能夠將我們強大的對帳能力應用於傳統會計之外，以與財務會計相同的精度對實體商品進行對帳。隨著時間的推移，我們看到了將這些能力擴展到金融服務和零售等其他行業的機會。

In financial reporting analytics, we're strategically focusing on strengthening our modern consolidation platform to meet growing market demand as legacy systems reach end of life. With customer adoption steadily increasing, we're delivering thoughtful enhancements designed for complex global enterprises. This year brings meaningful improvements to currency translation multidimensional segment reporting, intercompany eliminations and financial reporting frameworks. Our comprehensive record-to-report offering provides real value in today's marketplace, a significant advantage that sets us apart. Invoice to cash is evolving into a strategic value driver in our portfolio, delivering enhanced financial control precisely where customers need it most.

在財務報告分析方面，隨著遺留系統逐漸走向生命週期終點，我們策略性地致力於強化現代整合平台，以滿足日益增長的市場需求。隨著客戶採用率的穩定提高，我們正在為複雜的全球企業提供周到的增強功能。今年，貨幣換算、多維分部報告、公司間抵銷和財務報告架構均取得了顯著進展。我們全面的記錄到報告服務在當今市場上提供了真正的價值，這是我們脫穎而出的顯著優勢。發票到現金正在發展成為我們產品組合中的策略價值驅動力，在客戶最需要的地方提供增強的財務控制。

Our platform requirements throughout 2025, focused squarely on maximizing working capital efficiently from streamlined electronic invoicing to intelligent cash application and management solutions. By integrating both proven automation and contextual AI assistance we're helping CFOs unlock previously inaccessible liquidity and gain the financial visibility essential in today's unpredictable economic landscape. As organizations increasingly prioritize cash preservation and cash flow management, we believe our enhanced capabilities address their most pressing financial challenges while strengthening our position as their trusted partner.

我們對 2025 年平台的要求，主要集中在從簡化的電子發票到智慧現金應用和管理解決方案，最大限度地提高營運資金效率。透過整合成熟的自動化和情境人工智慧輔助，我們正在幫助財務長釋放以前無法獲得的流動性，並獲得當今不可預測的經濟狀況下必不可少的財務可見性。隨著組織越來越重視現金保全和現金流管理，我們相信我們增強的能力可以解決他們最緊迫的財務挑戰，同時鞏固我們作為他們值得信賴的合作夥伴的地位。

To close, responsible AI is delivering measurable benefits across internal BlackLine operations and we aim to create similar results for our customers. From engineering to customer service, our teams are increasingly adopting AI tools. We estimate that this has saved more than 60 FTE equivalents since we began using AI internally in 2024.

最後，負責任的人工智慧正在為 BlackLine 內部營運帶來可衡量的效益，我們也希望為客戶創造類似的成果。從工程到客戶服務，我們的團隊越來越多地採用人工智慧工具。我們估計，自 2024 年開始在內部使用 AI 以來，這已經節省了超過 60 個 FTE。

During this rapid pace of innovation, our priority remains clear: staying connected with customers and accelerating their time to value and ROI. I'm excited about the platform our team has built and what's to come, an AI-powered platform that transforms financial operations organizations need it most. I'm inspired by how our teams are developing our solutions and engaging directly with customers and partners to drive the next wave of innovation for financial operations.

在這種快速創新的步伐中，我們的首要任務始終很明確：與客戶保持聯繫並加快他們的價值實現和投資回報。我對我們團隊已經建立的平台以及未來的發展感到非常興奮，這是一個由人工智慧驅動的平台，可以改變組織最需要的金融運作。我們的團隊正在開發解決方案，並直接與客戶和合作夥伴合作，推動金融營運的下一波創新，這讓我深受啟發。

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

說完這些，我將把責任交給派崔克負責我們的財務事宜。派崔克？

Thank you, Therese. As Owen highlighted, we had a solid start to the year as we continue to focus on disciplined execution to deliver our longer-term goals. Our proven ability to manage and expand margin is a key strength, allowing us to adapt to market uncertainty efficiently while maintaining our strategic direction and financial position.

謝謝你，特蕾莎。正如歐文所強調的，我們今年有一個良好的開端，我們將繼續專注於嚴格的執行，以實現我們的長期目標。我們已證明擁有管理和擴大利潤的能力，這是我們的關鍵優勢，這使我們能夠有效適應市場不確定性，同時保持我們的策略方向和財務狀況。

Now turning to our first quarter highlights in more detail. Total revenue grew to $167 million, up 6%, including a slight FX headwind. Subscription revenue and services revenue both grew by 6%. We saw higher-than-expected partner services mix, which caused our services revenue to come in slightly below our expectations this quarter. Annual recurring revenue, or ARR, was $656 million, up over 8% with an approximate 0.5 point benefit from FX in the quarter.

現在來更詳細地介紹一下第一季的亮點。總收入成長至 1.67 億美元，成長 6%，其中包括輕微的外匯逆風。訂閱收入和服務收入均成長6%。我們看到合作夥伴服務組合高於預期，這導致我們本季的服務收入略低於我們的預期。年度經常性收入（ARR）為 6.56 億美元，成長超過 8%，本季外匯收益約 0.5 個百分點。

Remaining performance obligations, or RPO, increased 11% with current RPO up 7%. RPO benefited from slightly longer contract duration due to new bookings combined with our multiyear renewals efforts. Calculated billings growth was over 9%, inclusive of a slight FX headwind, trailing 12 months -- billings growth was above [7%] our customer count at the end of the quarter was 4,455, up 1%. Our revenue renewal rate in the quarter was 94%, up 1 point versus the prior year. Our enterprise revenue renewal rate remains very healthy at 96% with mid-market in our expected 90s range.

剩餘履約義務（RPO）增加了 11%，目前 RPO 增加了 7%。由於新訂單以及我們多年的續約努力，RPO 的合約期限略有延長，從而受益匪淺。計算出的帳單成長率超過 9%，包括輕微的外匯逆風，過去 12 個月——帳單成長率超過 [7%]，本季末我們的客戶數量為 4,455 人，成長 1%。本季我們的營收續約率為 94%，比前一年上升了 1 個百分點。我們的企業收入更新率仍然非常健康，為 96%，中端市場則在我們預期的 90% 左右。

Net retention rate or NRR was 104% this quarter, inclusive of a slight FX tailwind. We saw a healthy customer expansion, particularly in enterprise and stable pricing. Offsetting this were a few large enterprise customers who recently underwrite corporate reorganizations resulting in less entities and use.

本季淨留存率或 NRR 為 104%，其中包括輕微的外匯順風因素。我們看到了健康的客戶擴張，特別是在企業和穩定定價方面。抵銷這一影響的是一些大型企業客戶，他們最近承保了企業重組，導致實體和使用減少。

Strategic products represented 27% of sales in the quarter. We saw broad strength across our strategic product areas with outperformance from invoice to cash transaction matching and intercompany Partners were involved in 81% of large deals this quarter with a higher mix of partner involvement in new coder deals. SolEx performance was above expectations in the quarter driven by larger expansion deals. SAP as a percentage total revenue was 26%.

戰略產品佔本季銷售額的27%。我們看到，我們的策略產品領域均表現出色，從發票到現金交易匹配均表現出色，並且公司間合作夥伴本季度參與了 81% 的大型交易，並且合作夥伴在新編碼員交易中的參與度更高。受更大規模擴張交易的推動，SolEx 本季業績超乎預期。SAP 佔總收入的百分比為 26%。

Turning to margin. Our non-GAAP gross margin was approximately 80%, with non-GAAP subscription gross margin of 82% and in line with our expectations as we move through the end of our cloud migration period. Non-GAAP operating margin was 21%, driven by cost benefits from our workforce action in March, combined with an approximate 1 point benefit from FX. Non-GAAP net income attributable to BlackLine was $36 million, representing a 22% non-GAAP net income margin. We generated $47 million in operating cash flow and $33 million in free cash flow in the quarter, representing a free cash flow margin of 20%.

轉向保證金。我們的非公認會計準則毛利率約為 80%，非公認會計準則訂閱毛利率為 82%，符合我們在雲端遷移期結束時的預期。非公認會計準則營業利潤率為 21%，這得益於我們 3 月勞動行動帶來的成本效益，加上外匯帶來的約 1 個百分點的收益。歸屬於 BlackLine 的非 GAAP 淨收入為 3,600 萬美元，非 GAAP 淨收入利潤率為 22%。本季度，我們產生了 4,700 萬美元的營運現金流和 3,300 萬美元的自由現金流，自由現金流利潤率為 20%。

Above-trend investments into strategic priorities like FedRAMP and our India development center, along with restructuring expenses and taxes, drove our free cash flow margin lower than the prior period. On taxes, we expect that our effective tax rate for the full year will be similar to Q1 at approximately 12%.

對 FedRAMP 和印度開發中心等策略重點的高於趨勢的投資，加上重組費用和稅收，導致我們的自由現金流利潤率低於上一時期。在稅收方面，我們預計全年有效稅率將與第一季相似，約為 12%。

Regarding our balance sheet and capital allocation, we have approximately $866 million in cash, cash equivalents and marketable securities versus $894 million in debt. Finally, we repurchased approximately 920,000 shares for a total of approximately $46 million in the quarter. Our share repurchase program remains a key part of our capital allocation framework going forward.

關於我們的資產負債表和資本配置，我們擁有約 8.66 億美元的現金、現金等價物和有價證券，而債務為 8.94 億美元。最後，我們在本季回購了約 92 萬股，總計約 4,600 萬美元。我們的股票回購計畫仍然是我們未來資本配置架構的重要組成部分。

In our updated full year 2025 financial guidance, we've expanded our revenue range to account for potential macro uncertainty. While we aren't currently seeing changes in customer buying behavior or in the demand environment, we are taking a prudent view for the balance of the year. Our revenue guidance represents 2 distinct scenarios. The top half of our range of 7% to 8% growth reflects continued execution within a relatively stable macro environment, consistent with our views from February. The lower half of the range 6% to 7% growth assumes we see buyer caution and extended deal cycles develop.

在我們更新的 2025 年全年財務指引中，我們擴大了收入範圍，以應對潛在的宏觀不確定性。雖然我們目前沒有看到客戶購買行為或需求環境的變化，但我們對今年的平衡持謹慎態度。我們的收入預期代表兩種不同的情境。我們7%至8%的成長區間的上半部反映了相對穩定的宏觀環境下的持續執行，這與我們二月的觀點一致。6% 至 7% 的下半部成長率假設我們看到買家謹慎且交易週期延長。

In either case, our updated guidance reflects our expectation for further margin expansion despite continued strategic investments that drive growth beyond 2025.

無論如何，儘管持續的策略投資將推動 2025 年後的成長，但我們更新後的指引仍反映了我們對利潤率進一步擴大的預期。

For the second quarter of 2025, we expect total GAAP revenue to be in the range of $170 million to $172 million, representing approximately 6% to 7% growth. We expect non-GAAP operating margin to be in a range of 20.5% to 21.5%. And we expect non-GAAP net income attributable to BlackLine to be in a range of $38 million to $40 million or $0.51 to $0.53 on a per share basis. Our share count is expected to be approximately 78.2 million diluted weighted average shares. And for the full year 2025, our updated guidance is as follows: we expect total GAAP revenue to be in a range of $692 million to $705 million, representing 6% to 8%.

對於 2025 年第二季度，我們預計 GAAP 總營收將在 1.7 億至 1.72 億美元之間，成長約 6% 至 7%。我們預計非公認會計準則營業利潤率將介於 20.5% 至 21.5% 之間。我們預計，非 GAAP 淨利（歸屬於 BlackLine）將在 3,800 萬美元至 4,000 萬美元之間，或每股收益 0.51 美元至 0.53 美元。我們的股票數量預計約為 7820 萬股稀釋加權平均股。對於 2025 年全年，我們更新後的指引如下：我們預計 GAAP 總收入將在 6.92 億美元至 7.05 億美元之間，佔 6% 至 8%。

We now expect that FX will be slightly less than a 1 point headwind this year. We are raising our non-GAAP operating margin to 21.5% to 22.5%, up 50 basis points at the midpoint versus the prior guide. And finally, we are raising our non-GAAP net income attributable to BlackLine to $159 million to $167 million or $2.12 to $2.22 on a per share basis. Our share count is expected to be approximately 77.9 million diluted weighted average shares.

我們現在預計，今年外匯逆風將略低於 1 個百分點。我們將非公認會計準則營業利潤率提高至 21.5% 至 22.5%，與先前的指引相比，中間值上升了 50 個基點。最後，我們將歸屬於 BlackLine 的非 GAAP 淨收入提高至 1.59 億美元至 1.67 億美元，即每股 2.12 美元至 2.22 美元。我們的股票數量預計約為 7790 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) Rob Oliver, Baird.

（操作員指示）羅布·奧利弗，貝爾德。

I appreciate it -- for you guys. Just on the SolEx numbers and some of the larger deal expansions being solid, obviously, SAP has the sapphire event coming up. And I was wondering if you guys could just give us sort of a level set given the macro, the environment, what you're seeing within the SAP channel and how we should expect BlackLine potentially set up for these moves towards S/4HANA and ERP migrations? And then I had a quick follow-up as well.

我很感謝你們。僅從 SolEx 的數據和一些較大的交易擴張來看，顯然 SAP 即將舉辦藍寶石活動。我想知道你們是否可以根據宏觀環境、您在 SAP 頻道中看到的情況以及我們應該如何期待 BlackLine 為 S/4HANA 和 ERP 遷移做好準備，為我們提供某種水平的設定？然後我也進行了快速的跟進。

Sure. Robin, thanks for the question. Overall, we are really pleased with the progress we're making with SAP. As we shared with you turning at an Investor Day back in November and then in the first quarter, here of our strategic things, SAP senior leadership and BlackLine agreed that we would do, and we have executed on all those pretty well at this point in time. And what you're now beginning to see, well, we're beginning to see is a much more robust pipeline, much more work together in the marketplace, trying to get existing customers to even be better adopted of what BlackLine has to offer.

當然。羅賓，謝謝你的提問。總體而言，我們對 SAP 所取得的進展感到非常滿意。正如我們在 11 月的投資者日以及第一季與大家分享的那樣，SAP 高層領導和 BlackLine 就我們的策略事項達成了一致，目前我們已經很好地執行了這些事項。而您現在開始看到的是，我們開始看到的是一個更強大的管道，市場上更多的合作，試圖讓現有客戶更能接受 BlackLine 所提供的服務。

More enthusiasm around what BlackLine brings in the SAP community. If you remember, SAP had three strategic priorities. One was AI, the other was in the office of the CFO. And the third was just around being more in cloud and all the things that BlackLine brings helps support that. And so a lot of enthusiasm for what we're seeing.

BlackLine 為 SAP 社群帶來的成果引起了更多人的熱情。如果您還記得的話，SAP 有三個策略重點。一個是AI，另一個在財務長的辦公室。第三點就是更專注於雲，而 BlackLine 帶來的一切都有助於支持這一點。我們對所見所聞充滿熱情。

We expect the pipeline to continue to grow very nicely. And as you know, SAP's biggest quarter was a fourth quarter -- where I think they've got 40% of their business. And that's what we are trying to build. It's been terrific to have Stewart, our new Chief Commercial Officer, in-house able to sort of further deepen and broaden those relationships. But also what I think we've really good about is how things are beginning to resonate on the front lines out in the battlefield because it's nice to talk about things at headquarters, but really starts to gain traction is on the frontlines, and those are the things that we're seeing at this point in time.

我們預計管道將繼續順利成長。如你所知，SAP 最大的一個季度是第四季度——我認為他們的業務在這一季度佔了 40%。這正是我們正在努力建構的。我們新任首席商務官史都華能夠進一步深化和拓寬這些關係，這真是太棒了。但我認為，我們真正高興的是，事情開始在戰場前線引起共鳴，因為在總部談論事情是件好事，但真正開始獲得關注的是在前線，而這些就是我們目前看到的事情。

Got it. That's really helpful. I appreciate it. And then Patrick, for you, I really appreciate the clarity around the guidance range and the different scenarios, risk adjusted. That's incredibly helpful.

知道了。這真的很有幫助。我很感激。然後帕特里克，對於你來說，我真的很欣賞你對指導範圍和不同情景的清晰理解，以及風險調整。這非常有幫助。

I wanted to just ask, obviously, positive, you guys are calling out better margins on either front which is great. I just wanted to get a sense, one quarter into the year for what gives you that confidence on the margin side particularly relative to some of the growth initiatives you guys are spending on. And does that come at the expense of accelerating some of the investments in 2025? Or how we should think about that positive margin scenario?

我只是想問一下，顯然，積極的一面是，你們在兩個方面都呼籲更好的利潤，這很好。我只是想了解一下，今年已經過去一個季度了，是什麼讓您對利潤率充滿信心，特別是相對於你們正在投入的一些成長計劃而言。這是否會以加速 2025 年的部分投資為代價？或者我們該如何看待正利潤情景？

Yes. Thanks, Rob. I appreciate it. So looking at Q1, you'll see that we had a pretty notable beat in our margin for the quarter, and part of that was related to FX, but a majority of that was organic to the business. And we were able to achieve that without compromising or holding back on any investments that we have planned to do for growth in 2025 and beyond.

是的。謝謝，羅布。我很感激。因此，回顧第一季度，您會發現我們本季的利潤率明顯超出預期，部分原因是外匯影響，但大部分是業務的有機成長。我們實現了這一目標，同時又沒有損害或阻礙我們為 2025 年及以後的成長計畫所進行的任何投資。

So we've passed some of those savings along into the guide for the remainder of the year. And the guide now does contemplate that we're going to continue to make all the investments that we talked about in past calls. During the November Investor Day as well as in February and make those investments as it relates to not just growth for 2025, but for 2026 and beyond. To the extent that we see a changing demand environment in the future as a result of the macro. We do have the ability to pull on that margin lever if need be and slow down those investments.

因此，我們將部分節省下來的資金納入了今年剩餘時間的指南中。現在指南確實考慮到我們將繼續進行過去電話會議中談到的所有投資。在 11 月的投資者日以及 2 月期間進行的投資不僅與 2025 年的成長有關，還與 2026 年及以後的成長有關。在某種程度上，我們看到未來的需求環境將因宏觀因素而改變。如果需要的話，我們確實有能力利用利潤槓桿來減緩這些投資。

But as it stands today, our expanding margin guide contemplates that we are on plan. We're executing on our strategy, and we're going to make all the investments we need to do to drive our growth initiatives.

但就目前情況而言，我們不斷擴大的保證金指南表明我們正在按計劃進行。我們正在執行我們的策略，並將進行所有必要的投資來推動我們的成長計劃。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

I wanted to ask or dig in a little bit more here on the new platform pricing model. And it definitely sounds like things are beginning to take shape there. And even visible with the total users being down, being called out in the press release that, that's a result of platform pricing being adopted. And so it does feel like this might become one of the key metrics here, users to help get visibility into how platform pricing is being adopted. And so maybe could you talk about some of the dynamics with that metric, the total users out there?

我想在這裡進一步了解新的平台定價模式。聽起來那裡的事情確實開始成形了。儘管總用戶數明顯下降，但新聞稿中指出，這是採用平台定價的結果。因此，這似乎可能會成為這裡的關鍵指標之一，用戶可以幫助了解平台定價的採用方式。那麼，您能否談談該指標的一些動態，即總用戶數？

And how to think about kind of the sequential decline there? And how does that translate into adoption of the new pricing model? And are you targeting certain types of customers to maybe adopt that pricing model first? Is it based on size? Is it based on geography or vertical?

那麼該如何看待這種連續的下滑呢？這如何轉化為採用新的定價模式？您是否針對某些類型的客戶，可能會先採用該定價模式？它是基於尺寸的嗎？它是基於地理還是垂直？

I mean, any sort of help there on this new platform pricing model would be helpful, it would be great.

我的意思是，任何有關這個新平台定價模型的幫助都是有幫助的，非常棒。

Yes. Thanks, Koji. So when a customer adopts a new platform pricing model, we do take their users down to 0 because they're no longer on a user-based pricing model. So that's what you see in our metrics. But more importantly, when we think about Q1 and beyond in terms of how things are working, we did exceed our expectations for Q1 in terms of adoption of the pricing model.

是的。謝謝，Koji。因此，當客戶採用新的平台定價模式時，我們會將其使用者數量降至 0，因為他們不再採用基於使用者的定價模式。這就是您在我們的指標中看到的。但更重要的是，當我們考慮第一季及以後的情況時，我們在定價模式的採用方面確實超出了我們對第一季的預期。

Now I'll say that with the caveat that it is too early. We're three months into a multiyear plan. And as we stand today, we have rolled out the pricing model to new logos within North America as well as a renewal space in North America.

現在我要說的是，現在還為時過早。我們的多年計劃已經實施了三個月。如今，我們已經將定價模式推廣到了北美的新標誌以及北美的更新空間。

Q2, we're going to see that expand to the renewals base in EMEA and continue to roll it out in such a fashion. That is intentional. We never intended to do a big bang with a new pricing model. So we are slowly rolling it out, and we're seeing traction slightly ahead of what we had planned. In terms of who we target, it is mostly upper mid-market and enterprise.

Q2，我們將看到它擴展到 EMEA 的續約基地，並繼續以這種方式推出。這是故意的。我們從未打算透過新的定價模式來引起轟動。因此，我們正在慢慢地推出它，並且我們看到的進展比我們計劃的要稍微提前一些。就我們的目標客戶而言，主要是中高端市場和企業。

And there is a rationale for that. Basically, who do we not target? It's lower mid-market. When you have low user count as a company, you typically do not sell an unlimited model there. But more importantly, when we look at our customers that have hundreds, if not thousands of users, when we engage them and say, we never have to have the seat license conversation again.

這是有原因的。基本上，我們不針對誰？這是中低階市場。如果公司用戶數量較少，通常不會銷售無限模式。但更重要的是，當我們看到擁有數百甚至數千名用戶的客戶時，當我們與他們接觸並說我們再也不用進行座位許可證對話了。

We never have to have the user count conversation again. It really resonates with them, and that's why we're seeing the level of adoption that we are.

我們再也不用討論用戶數了。它確實引起了他們的共鳴，這就是我們看到採用程度如此之高的原因。

Patrick Walravens, Citizens.

帕特里克·沃爾拉文斯，公民。

Great. Congratulations on the quarter. Therese, would you mind sort of walking us through at a high level, the difference in your approach to using AI and BlackLine and then versus I got a demo of what FloQast was doing with their AI agents or seems more embedded in Excel, among other things. But it seems like you guys are taking different approaches and I'd love to hear just sort of the key points.

偉大的。恭喜本季。Therese，您介意從高層次向我們介紹一下您使用 AI 和 BlackLine 的方法有何不同嗎？然後我得到了一個演示，展示了 FloQast 如何利用他們的 AI 代理，或者似乎更多地嵌入到 Excel 中，等等。但看起來你們採取了不同的方法，我很想聽聽其中的關鍵點。

Yes. I think that's a great call out, Pat. We are taking a different approach. First off, we want to make sure that we approach it the way our market and our customers need it. And I was just seeing a demo of one of our AI agent the other day.

是的。我認為這是一個很好的呼籲，帕特。我們採取了不同的方法。首先，我們要確保我們按照市場和客戶需要的方式來處理這個問題。前幾天我剛剛看了我們的一個 AI 代理的演示。

And we had an extensive audit trail included in there. Basically, now we're looking at this. Now we're looking to pass reconciliations. And while I got very impatient with that. I recognize that our customers are going to do in order for auditors to embrace AI.

我們在其中包含了廣泛的審計追蹤。基本上，現在我們正在研究這個。現在我們正在尋求達成和解。儘管我對此非常不耐煩。我認識到我們的客戶將會採取一些措施，以便審計人員能夠接受人工智慧。

There has to be a very clear audit trial that shows them how certain things were done and how certain conclusions were arrived at. And so we're very much focused on sort of not the glitz of something like, oh, cool, it just did that for me. But we're really focused on how do we provide agents that give long-lasting value that will be accepted by finance executives and cleared by auditors, okay? We're really kind of taking a very long-term approach to this.

必須進行非常清晰的審計試驗，向他們展示某些事情是如何完成的以及如何得出某些結論。因此，我們非常注重某種不浮華的東西，例如，哦，太酷了，它就是為我做到的。但我們真正關注的是如何提供能夠帶來持久價值的代理，這些代理能夠被財務主管接受並被審計師批准，好嗎？我們確實對此採取了非常長遠的方針。

Combined that sort of, we call it responsible AI, call it whatever you want, but we are combining that with how do we leverage the fact that we have 20 years' worth of SaaS data across literally thousands of customers that we can do real learning on and rather than do a simple bank account rep, which everybody can do, how do we actually pull out real insights and real value from the history of this information. So yes, we're taking a bit of a methodical approach, but I think that for longer-term adoption and longer-term value creation for our customers, it's the right way to go.

綜合這些，我們稱之為負責任的人工智慧，隨便你怎麼稱呼它，但我們將其與如何利用我們擁有 20 年的 SaaS 數據這一事實相結合，這些數據來自數以千計的客戶，我們可以對其進行真正的學習，而不是像每個人都可以做的那樣做一個簡單的銀行賬戶代表，我們如何從這些信息的歷史中提取真正的見解和真正的歷史價值。所以是的，我們採取了一些有條不紊的方法，但我認為，為了長期採用並為我們的客戶創造長期價值，這是正確的方法。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Great. Owen, Patrick, maybe just one question on the renewal rate. It seems like it was moving in the right direction as of last quarter, but it seems like it's taken a step back. So want to ask you what kind of drove that particularly is that -- would you attribute that to kind of the macro environment? Is there the new pricing model that you're rolling out?

偉大的。歐文、派崔克，也許我只想問一個關於續約率的問題。從上個季度開始，它似乎正朝著正確的方向發展，但現在似乎又倒退了一步。所以想問您，這究竟是什麼樣的驅動力——您會將其歸因於宏觀環境嗎？你們正在推出新的定價模式嗎？

Did that had any role to play? And then how should we think of that metric kind of trending over the quarters?

這有什麼作用嗎？那麼我們該如何看待該指標在各季度內的趨勢呢？

So Patrick and I will answer this together, if that's okay and I think a couple of things. So one is we're still very pleased with where we are in the enterprise space. We're going to continue to try to drive that higher. We're still going to have those pockets in the mid-market churn that we talked about a while ago with some of those customers that probably should have never come to plan a few years back that didn't get well asset. So that will work its way through this year.

因此，如果可以的話，派崔克和我會一起回答這個問題，我想有幾件事。一方面，我們對我們在企業領域的現狀仍然非常滿意。我們將繼續努力提高這一水平。我們仍然會在中端市場中保留那些客戶，就像我們之前討論過的那樣，其中一些客戶幾年前可能就不應該參與計劃，因為他們沒有獲得良好的資產。因此，這一目標將在今年實現。

And then our customer teams or renewal teams are really trying to focus on driving a higher mix of multiyear renewals. And why that matters is because we're having these conversations with our customers, are you going on a journey or not? And if they're going on a journey to really do digital finance transformation, BlackLine is great for them because then we can create these plans, work with them jointly with our partners that are helping to do implementations along with their management team. And so that shows up really the right way.

然後，我們的客戶團隊或續約團隊真正致力於推動更高組合的多年期續約。這很重要，因為我們正在與客戶進行這些對話，您是否要去旅行？如果他們真的要踏上數位金融轉型之旅，那麼 BlackLine 對他們來說非常有用，因為我們可以製定這些計劃，與我們的合作夥伴一起幫助他們和他們的管理團隊一起實施。看來這確實是正確的方法。

The pricing model, in some ways, I think, helps with the renewal rate I think we're doing a better job of trying to look at the rigor we want to have across our sales teams for the different things that we're doing in the conversations with our customers. That said, there's aspects that Patrick touched on it in the prepared remarks. We have a number of large customers, three of them in the first quarter that went through pretty significant reorganizations, restructurings, where they got rid of a lot of entities, their intercompany volumes went substantially down. And I do think the one thing we're continuing to watch is those customers that are going to maybe be under additional strain in this environment and what impact that might have on attrition. Again, in the enterprise space, it's not really churn, but it's where customers are trying to potentially scale down in a tighter environment.

我認為，定價模式在某種程度上有助於提高續訂率，我認為我們在嘗試審視銷售團隊在與客戶對話時所做的不同事情的嚴謹性方面做得更好。話雖如此，派崔克在準備好的發言中還是談到了一些方面。我們有許多大客戶，其中三個在第一季經歷了相當重大的重組和重構，他們擺脫了許多實體，其公司間交易量大幅下降。我確實認為，我們正在持續關注的一件事是，那些在這種環境下可能承受額外壓力的客戶，以及這可能對客戶流失產生什麼影響。再次強調，在企業領域，這並不是真正的客戶流失，而是客戶試圖在更嚴格的環境中縮小規模。

But I think that pricing model should be able to help us a little bit. Patrick, I know you're studying this left and right. So you want to add anything there?

但我認為定價模式應該能對我們有點幫助。派崔克，我知道你正在仔細研究這個問題。那麼您想在那裡添加一些東西嗎？

Yes. Just to be clear, the pricing model and what we've done thus far has only benefited churn and attrition now. And now granted it is so early, but it has not been a headwind to that effort whatsoever. The overall renewal rate is up 1 point year-over-year, down very slightly over the prior quarter, and that has a little bit to do with the renewals base and some of the things that Owen talked about. But overall, we expect to see the enterprise renewal rate and continue to be in the upper 90s with the mid-market rate in the lower 90s, and we'll continue to work to push that up.

是的。需要明確的是，定價模式以及我們迄今為止所做的一切現在只對客戶流失和人員流失有益。現在承認還為時過早，但這絲毫沒有阻礙我們的努力。整體續約率比去年同期上升了 1 個百分點，比上一季略有下降，這與續約基數以及歐文談到的一些事情有一點關係。但總體而言，我們預期企業續約率將持續維持在 90% 左右，中端市場續約率將在 90% 左右，我們將繼續努力提高這一水平。

But overall, it was a good outcome.

但總體來說，這是一個好的結果。

Chris Quintero, Morgan Stanley.

摩根士丹利的克里斯昆特羅。

Therese, Patrick. Congrats on the nice set of results here. I want to follow up on Koji's question around the pricing model. I think it was you who mentioned that the unlimited model has now allowed for some rip and replace of competitors. So I'm just curious like -- is that model helping you from a win rate perspective and going head-to-head against some of your competitors?

特蕾莎、派崔克。恭喜您取得如此好的成績。我想跟進 Koji 關於定價模式的問題。我認為您提到過，無限模式現在已經允許一些競爭對手被淘汰和替換。所以我只是很好奇——從勝率的角度來看，該模型是否對您有幫助，並且能夠與您的一些競爭對手進行正面交鋒？

Obviously, you all have been a bit more -- on the pricing change dynamics moving away from a seat-based model. So just curious about the competitive landscape implications of that at all.

顯然，你們都對價格變化動態有了更多的了解，不再基於座位的模式。所以我只是好奇這對競爭格局有何影響。

Patrick and I are going to duet at it again on this. So if you don't mind. So look, I don't know that it's the complete differentiator to get started. It might help in maybe some of the close. I mean, I do think our larger customers like the fact that there is this opportunity.

派崔克和我將再次就此進行二重奏。所以如果你不介意的話。所以看，我不知道這是否是開始的完全區別因素。它可能在某些方面有所幫助。我的意思是，我確實認為我們的大客戶喜歡這樣的機會。

And it again takes away that issue of how many seats do you have back and forth. It's certainly not something we're leading with. Our value proposition is the quality of the breadth, the depth, the reliability, the trustworthiness of what BlackLine brings. And that's the value proposition that we start with. Now we do see some, in particular, one competitor that is very fixated on race to the bottom on pricing, but that's a different way for us to sort of go off -- compete against them because for us, again, it's about quality.

這又一次解決了來回有多少個座位的問題。這當然不是我們所倡導的。我們的價值主張是 BlackLine 所帶來的廣度、深度、可靠性和可信度的品質。這就是我們開始的價值主張。現在我們確實看到一些競爭對手，特別是一家非常執著於價格競爭的競爭對手，但這對我們來說是一種不同的競爭方式——與他們競爭，因為對我們來說，這關乎品質。

And you can tell a lot about the existing prospect of where their priorities are. If it's about quality or the cheapest price they can get for it into the product.

您還可以了解很多有關現有前景以及他們的優先事項的資訊。如果涉及品質或他們可以在產品中獲得最便宜的價格。

And so I think pricing, flexibility we got Patrick and the team built in will help us, but I don't think it's the most determinative thing as we've been in market and with this now for, I guess, four -- months.

因此，我認為定價、派崔克的靈活性以及團隊的內建能力會對我們有所幫助，但我不認為這是最具決定性的因素，因為我們已經進入市場，而且已經有四個月了。

Yes, I would agree. The most important thing is articulation of the value that we bring incrementally over our competitors. And then our pricing model mirrors that value that we deliver. So I would say it's a competitive advantage, but it's a derivative of the fact of the value that we deliver.

是的，我同意。最重要的是明確表達我們相對於競爭對手逐漸帶來的價值。我們的定價模式反映了我們提供的價值。所以我想說這是一種競爭優勢，但它是我們提供的價值的衍生性商品。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯。

Okay. Great. I guess I just want to ask on just pipeline dynamics that you're seeing right now, it seems like maybe things are getting a little bit better, at least with the SAP relationship of [Valve] and some of the marketing initiatives that you're going through. But have you maybe seen any impact yet on pipeline from any of the uncertainty that you're maybe accounting for in the outlook? Or just any other factors that we should take into consideration as we think about the pipeline dynamics for the rest of the year?

好的。偉大的。我想我只是想問一下您現在看到的管道動態，事情似乎正在變得更好一些，至少在 [Valve] 與 SAP 的關係以及您正在進行的一些行銷舉措方面是這樣。但是，您是否已經看到您在展望中考慮到的不確定性對管道產生了任何影響？或者當我們考慮今年剩餘時間的管道動態時，我們還應該考慮其他什麼因素？

Steve, good to hear from you. And you can't hear me knocking wood on the table here right now, but we've got about six, seven straight months of really solid growth in the pipeline. And I think it's a testament to our marketing team is doing what our sales team is doing, what our customer success team is doing, what our partners are doing with us and our own professional services team. All those groups are really focused on trying to find those opportunities to help -- expand our footprint with existing customers as well as that new opportunity. So we have not seen any falloff in size of the pipeline, the quality of the pipeline, the request for demos, all those numbers are up substantially year-over-year and even just again in the last six, seven months, just we're really excited about what's there.

史蒂夫，很高興收到你的來信。雖然您現在聽不到我在這裡敲木頭，但我們已經連續六、七個月實現了真正穩健的成長。我認為這證明了我們的行銷團隊正在做我們的銷售團隊正在做的事情，我們的客戶成功團隊正在做的事情，我們的合作夥伴正在與我們一起做的事情以及我們自己的專業服務團隊正在做的事情。所有這些團隊都致力於尋找機會來幫助——擴大我們與現有客戶的聯繫以及新的機會。因此，我們沒有看到管道規模、管道品質、演示請求有任何下降，所有這些數字都比去年同期大幅上升，甚至在過去六、七個月裡再次上升，我們對目前的情況感到非常興奮。

Now obviously, we got to close all these deals. And there's a lot of things that can happen between here and there. But right now, we feel good about the pipeline. I think we're all sitting here though with -- breath. Wondering when July 2 gets here, what's the roll is going to look like from a trade perspective.

現在顯然我們必須完成所有這些交易。從這裡到那裡可能會發生很多事情。但現在，我們對這條管道感覺良好。我想我們都坐在這裡——呼吸。想知道 7 月 2 日到來時，從貿易角度來看情況會是如何。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

Patrick, one for you. Just on the commentary about the growing multi renewal bookings. I appreciate the call out on RPO. Is there any duration impact to factor for deferred revenue that would make kind of billings? And I know you talked on TTM -- is a good leading indicator to become a little bit less reliable in the past?

派崔克，給你一個。僅針對不斷增長的多次續訂預訂的評論。我很感謝對 RPO 的呼籲。遞延收入因素的持續時間是否會對其產生影響？我知道您談到了 TTM——過去一個好的領先指標是否變得不那麼可靠了？

Or is the multiyear only impacting RPO?

或多年期僅影響 RPO？

Yes. The short answer there is it's only impacting RPO. TTM billings, the metric remains the same. Maybe just to give a little color, when we engage our customers these days, they want to be on a multiyear journey with us. While it might take just a few months to do an implementation of our products, the overall journey for transformation takes multiple years.

是的。簡短的回答是它只會影響 RPO。TTM 帳單，指標維持不變。也許只是為了給客戶一點顏色看看，當我們如今與客戶接觸時，他們希望與我們一起踏上多年的旅程。雖然我們的產品實施可能只需要幾個月的時間，但整個轉型過程卻需要數年的時間。

So when we have that conversation with them and they want to partner with us and we want to be there for them, it's mutually advantageous for both us and our customers to sign a multiyear extension or sign a multiyear initial deal. For us, it provides revenue assurance, and it gives us time to work with them. And for them, it provides cost of shortness. So it is something that's really important in this current economic environment.

因此，當我們與他們進行對話並且他們希望與我們合作並且我們希望為他們提供服務時，簽署多年期續約或簽署多年期初始協議對於我們和我們的客戶都是互惠互利的。對我們來說，它提供了收入保證，並讓我們有時間與他們合作。對他們來說，這會帶來短缺成本。所以，在目前的經濟環境下，這一點非常重要。

So when you look through our RPO and what is happening, we have existing customers that are extending what is typically a one-year renewal term for three more years. to provide that shortness and continue on the journey with us. That doesn't change how we invoice them, but it does change overall duration and overall RPO.

因此，當您查看我們的 RPO 以及正在發生的事情時，您會發現我們現有的客戶將通常為期一年的續約期限延長了三年，以提供這種短暫的服務並繼續與我們一起前進。這不會改變我們向他們開立發票的方式，但會改變整體持續時間和整體 RPO。

If I could just add to that. I think one of the things that we feel good about is from a partner powered strategy perspective, as we've talked to all of our top partners in the last week or so, they are really busy right now, telling us things like they expect 20 to 30-plus percent growth in their business. They've got more opportunities. I think they're brimming with opportunities, one of them described and everyone said to me that their opportunities are almost double where they were a year ago. And so I think what we're seeing from there is not only a net new, but importantly, again, these customers reigniting, getting start again on digital finance transformation.

如果我可以補充一點的話。我認為讓我們感到高興的事情之一是從合作夥伴驅動的戰略角度來看，正如我們在過去一周左右與所有頂級合作夥伴交談過的那樣，他們現在真的很忙，告訴我們他們預計他們的業務將增長 20% 到 30% 以上。他們有了更多機會。我認為他們充滿了機遇，其中一人描述道，每個人都告訴我，他們的機會幾乎是一年前的兩倍。因此，我認為我們從中看到的不僅是一個全新的事物，而且重要的是，這些客戶重新點燃了數位金融轉型的熱情。

And that I give a lot of who knows do our own team and our partners who are trying to have those conversations because we're using our information and insight where we can see how quickly a customer is moving vis-a-vis their others and get them back on a journey of where they need to go. And I think using that benchmark data, that industry insight that Therese touched on a little bit, does help customers say, "Hey, maybe there is more we can do here" or prospects saying, "hey, maybe there is more that BlackLine can bring that we're not getting from somewhere else." So those are all positive things that we're seeing in the business right now.

我為我們自己的團隊和合作夥伴做了很多嘗試進行這些對話的事情，因為我們正在利用我們的資訊和洞察力來了解客戶相對於其他客戶的行動速度，並讓他們回到他們需要去的旅程中。我認為使用 Therese 稍微提到的基準數據和行業洞察力確實可以幫助客戶說“嘿，也許我們可以做更多的事情”，或者讓潛在客戶說“嘿，也許 BlackLine 可以帶來更多我們在其他地方得不到的東西”。這些都是我們目前在業務中看到的積極的事情。

Ryan Krieger, Wolfe Research.

克里格（Ryan Krieger），沃爾夫研究公司（Wolfe Research）。

I just wanted to follow up on [Cogan] Chris's question earlier around the pricing model. Really great to hear that migration volume is ahead of plan. But where early kind of ACV uplift tracking against plan, just given I think it accounts for about 1 to 2 points of growth acceleration in your long-term model bridge. And then Patrick, one for you. Just how should we be thinking about net retention for the rest of the year in the context of the guide?

我只是想跟進 [Cogan] Chris 之前關於定價模式的問題。很高興聽到遷移量超出計劃。但是，早期的 ACV 提升追蹤與計劃相比，我認為它在您的長期模型橋樑中佔了大約 1 到 2 個點的增長加速度。然後派崔克，給你一個。那麼，在指南的背景下，我們該如何考慮今年剩餘時間的淨留存率？

On one hand, you're calling for a little bit of a more uncertain environment, but it sounds like there's a lot more stabilization and tailwinds coming into the business. So how should we think about that?

一方面，您呼籲更加不確定的環境，但聽起來業務正在變得更加穩定，並且順風順水。那我們該如何看待這個問題呢？

Okay. I'll start with the second question. In terms of net retention, I guess on the guide that we talked about in February, assuming that the macro environment in provide any notable headwinds. We still feel very confident that we're going to plot a path from 104 to 109, which is our target model over the next three to five years. So one would expect, while that's not going to be particularly linear, you're going to see a consistent uptick as we continue to execute our strategy.

好的。我先問第二個問題。就淨留存率而言，我想根據我們在二月討論的指南，假設宏觀環境會提供任何明顯的阻力。我們仍然非常有信心，我們將繪製一條從 104 到 109 的路徑，這是我們未來三到五年的目標模型。因此，人們可以預期，雖然這不會特別線性，但隨著我們繼續執行我們的策略，你會看到持續的上升。

Going back to the first question there, in terms of pricing, you're correct in terms of what we communicated in November. And I believe, again, in February, is a 1% to 2% expansion in growth over that same three- to five-year term, that target model. Yes, we are currently on pace for that. Again, it is early. But when I made a comment earlier today or earlier in the call that we're slightly ahead of target.

回到第一個問題，就定價而言，根據我們在 11 月的溝通，您說的是正確的。我再次相信，2 月的經濟成長將在同樣的三至五年內達到 1% 至 2% 的擴張，這是這個目標模型。是的，我們目前正在朝著這個目標前進。再說了，現在還早。但是當我今天早些時候或在電話會議中發表評論時，我們略微領先於目標。

That's exactly what I meant. We have a target each quarter based upon not just our renewals base but also new logo as well our expansion throughout the world, and we are slightly ahead of that target, which equates to 1 to 2 points over the next three to five years.

這正是我的意思。我們每個季度都有一個目標，不僅基於我們的更新基礎，還基於新標誌以及我們在世界各地的擴張，我們略微領先於該目標，相當於在未來三到五年內領先 1 到 2 個百分點。

Terry Tillman, Truist Securities.

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

This is Dominique Manansala on for Terry. So you all mentioned traction with state and local governments. So beyond just FedRAMP timing, how are you equipping the team to build an advanced public sector opportunities. And can we realistically see meaningful contribution from that segment in the second half?

這是多明尼克·馬南薩拉 (Dominique Manansala) 代替特里 (Terry)。所以你們都提到了與州和地方政府的合作。那麼，除了 FedRAMP 時機之外，您如何幫助團隊建立先進的公共部門機會。我們能否實際看到該部分在下半年做出有意義的貢獻？

So good to hear from you, Dominique. A couple of things. So one is we're working very closely with a number of our partners that have pretty extensive state and local practices, right? So there's no way we could ramp up to cover all 50 states in the top 50 cities across the country. But our partners who are walking the halls those government agencies are the ones that we're really trying to use.

很高興收到你的來信，多明尼克。有幾件事。一方面，我們正在與許多在州和地方擁有相當廣泛實踐經驗的合作夥伴密切合作，對嗎？因此，我們不可能擴大覆蓋範圍，涵蓋全國前 50 個城市的所有 50 個州。但我們真正想要利用的是那些政府機構中的合作夥伴。

I think we might have shared the last time you're seeing a lot of the equivalent of Dutch-type efforts at state and local levels. that we are now getting more involved with where we're sort of explaining the value of BlackLine, how you can capture value, whether it's at a municipality level, state level, depending on the nature of the agency. And so we're doing much more in that regard. Also, SAP has a pretty extensive federal, state and local government business as well. So we're tying into all of that.

我想我們上次可能已經分享過，你們在州和地方層級看到了許多類似荷蘭式的努力。我們現在更參與其中，解釋 BlackLine 的價值，如何獲得價值，無論是在市一級，還是在州一級，這取決於機構的性質。因此我們在這方面做了更多工作。此外，SAP 還擁有相當廣泛的聯邦、州和地方政府業務。所以我們將把所有這些都聯繫起來。

So those are the things that we're trying to do. We did not build much if anything, into the financial plan because I think it was quite nominal. And so anything that hits this year will be sort of better than we had anticipated, but it really was setting us up more for next year than it was for this year, Dominique.

這些就是我們正在嘗試做的事情。我們沒有在財務計劃中投入太多精力，因為我認為它只是名義上的。因此，今年發生的任何事都會比我們預期的要好，但實際上，與今年相比，它為明年做好了更多準備，多明尼克。

Daniel Jester, BMO.

丹尼爾·傑斯特（BMO）。

Great. It sounded like in the beginning of the prepared remarks that some of the investments you've been making in different verticals have been helping close deals. And so I wonder in the current environment where some verticals may be more exposed than others, are you reprioritizing in terms of where you're investing this year? It sounds like maybe not, but if you could share some color, that would be helpful.

偉大的。在準備好的發言的開頭聽起來好像您在不同垂直領域進行的一些投資有助於達成交易。因此，我想知道，在當前環境下，某些垂直行業可能比其他行業更容易受到衝擊，您是否會重新調整今年的投資優先順序？聽起來可能不是，但如果你能分享一些顏色，那將會很有幫助。

Thanks, Daniel. I would say we're not prioritizing any of the verticals at this particular point in time. It started with five last year. The results in the first quarter, which show that more than a small majority of our success came in those five industry verticals. And in some ways, those industries that might be under the most pressure.

謝謝，丹尼爾。我想說的是，我們目前沒有優先考慮任何垂直行業。去年開始只有五個。第一季的結果表明，我們的成功很大一部分來自於這五個垂直產業。從某種程度上來說，這些產業可能面臨最大的壓力。

So if you think about some of the manufacturing and retail customers that we support some of the toy manufacturers as an example, it may be more that we can do to try to help them from a use case and get more efficiency out of it by the same token, some places where we're doing quite well. And we see a lot of opportunity. We just continue to double down in that regard. So we're going to stick with the verticals that we had. The use cases are resonating very well with our customers, the insights that Therese talked about earlier, are real.

因此，如果您以我們支援的一些製造和零售客戶（例如一些玩具製造商）為例，我們可能會做更多的事情來嘗試從用例中幫助他們，並​​從中獲得更高的效率，同樣，我們在某些​​方面做得很好。我們看到了很多機會。我們只是繼續在這方面加倍努力。因此，我們將堅持現有的垂直行業。這些用例與我們的客戶產生了很好的共鳴，Therese 之前談到的見解是真實的。

They're meaningful when we start to take some of our best examples of what we can do with our customers, our prospects for data it becomes a very interesting conversation very quickly. And so we'll keep doing that because we know it's a differentiator for us in the marketplace.

當我們開始採用一些最好的例子來說明我們可以為客戶做什麼、我們的數據前景如何時，它們就變得有意義了，它很快就會成為一個非常有趣的對話。因此，我們會繼續這樣做，因為我們知道這是我們在市場上的差異化因素。

Adam Hotchkiss, Goldman Sachs.

高盛的亞當·霍奇基斯。

Therese, one for you and maybe Owen as well. This is a business that's obviously been through a number of varying environments over the years with the core financial close solution. I'm just curious what in your mind are some of the most important best practices for you as you navigate an environment like this may be informed by things that have happened in past cycles?

特蕾莎，給你一個，也許歐文也給你一個。多年來，這項企業顯然已經憑藉核心財務結算解決方案經歷了許多不同的環境。我只是好奇，當您在這樣的環境中導航時，您認為對您來說最重要的一些最佳實踐是什麼？這些實踐可能會受到過去週期中發生的事情的影響？

Time to value, time to value. We've got to -- people are willing to invest if they're going to see a payback on it. And so this is why industries is helping us so much because we have very focused business cases where other customers, you may have seen in the ExxonMobil recent earnings call. they said they've literally saved tens of thousands of hours installing BlackLine. Okay.

實現價值的時間，實現價值的時間。我們必須－如果人們想要看到回報，他們就願意投資。這就是為什麼業界對我們幫助如此之大，因為我們有非常集中的商業案例，其他客戶，你可能已經在埃克森美孚最近的收益電話會議上看到過。他們說，安裝 BlackLine 確實節省了數萬個小時。好的。

I mean, and they've gotten better data and an and, right? So when you have those kind of proof points and you kind of need them for this environment because nobody wants to make a bad investment right now. So you've got the proof points that you can deliver value, then you've got to do that in a very expeditious way.

我的意思是，他們已經獲得了更好的數據和，對吧？因此，當您擁有這些證明點時，您在這種環境下就需要它們，因為現在沒有人願意進行糟糕的投資。因此，如果您有證據證明您可以提供價值，那麼您必須以非常迅速的方式做到這一點。

So Adam, I'm going to take this a little bit different. And one of the advantages of having two relatively older CEOs is we've seen a lot of downturns, if you want to go all the way back. And I think the thing that this team is doing really well is staying disciplined and focused on executing. And I think what Therese and I talked with our leadership team about and I was going to use the Bill Bell check example, but given he's been in the news a little bit too much lately. I'll just sort of we created our playbook of how we want to run this company.

所以亞當，我要以稍微不同的方式來看這個問題。擁有兩位相對較年長的執行長的優勢之一是，如果你想回顧過去，我們已經見過很多經濟衰退。我認為這支團隊做得非常好的事情是保持紀律並專注於執行。我認為 Therese 和我與我們的領導團隊討論過這個問題，我本來要用比爾貝爾支票的例子，但考慮到他最近出現在新聞中有點太多了。我只是創建了我們如何經營這家公司的劇本。

And then we have brought in a leadership team that I would call sort of the lunch buffer gate. They are hard-working. They're in the trenches. They know what to do. They understand it, and they're doing it really well.

然後我們引入了一個領導團隊，我稱之為午餐緩衝門。他們很勤勞。他們在戰壕裡。他們知道該做什麼。他們理解這一點，並且做得很好。

And we're not getting directed by things that -- take us away. So it's about discipline. And I think as I was watching the Annual Meeting of Berkshire Hathaway over the weekend, and I had the privilege in my prior life of serving that company and that Board and leadership team. And if there's one thing I learned from them, it was discipline and patience. And I think those are the things that Theresa are trying to bring here to this organization is making sure we keep that discipline and the patience of what we need to do to make sure we're not reacting to things.

我們不會被那些帶走我們的東西所引導。所以這跟紀律有關。我記得上週末我正在觀看波克夏海瑟威的年度股東大會，我曾有幸在之前的職業生涯中為該公司及其董事會和領導團隊服務。如果說我從他們身上學到了什麼，那就是紀律和耐心。我認為這些都是特蕾莎試圖帶給這個組織的東西，確保我們保持紀律和耐心，確保我們不會對事情做出反應。

in the short term because we're here to build a big important franchise for the office of the CFO.

因為我們短期內要為財務長辦公室建立一個重要的特許經營權。

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

Great to hear about the strong SolEx performance this quarter. I know there's been some leadership changes at SAP with your key contacts over there. So curious what the feedback has been from those new leaders that are in place and whether you feel like that type of performance you saw this quarter is kind of the normal now that those relationships are getting more established?

很高興聽到 SolEx 本季表現強勁。我知道 SAP 的領導層發生了一些變動，您在那裡的主要聯絡人也發生了變動。所以很好奇這些新上任的領導人的回饋是什麼，以及您是否覺得，既然這些關係已經更加穩固，本季所看到的這種表現是正常的？

I'll sum it up in a short text exchange between Chris and [Cline] and myself, which was right after they put their results out and where ours weren't out yet. And I think we are both very pleased with the progress that we're making. And I know Therese is spending time with their leadership team. Stewart spent time with their leadership, I think we really feel good about what we're trying to do going forward. It's a very clear game plan.

我將在克里斯和[克萊恩]以及我之間的簡短短信交流中總結這一點，當時他們的結果剛剛公佈，而我們的結果還沒有公佈。我認為我們都對所取得的進展感到非常滿意。我知道 Therese 正在與他們的領導團隊共度時光。史都華花了一些時間與他們的領導層相處，我認為我們對未來要做的事情感到非常滿意。這是一個非常明確的比賽計劃。

It's a win-win for both of us. And more importantly, it's a win for our customers when we do it right. I think Theresa just gave the example of ExxonMobil is a perfect study and all that. And so I think there's -- I don't want to say loose guys ahead, but I think better days are ahead as we move forward. And the only reason I don't want to say lose guess because you just don't know what the next couple of months are going to look like.

這對我們雙方來說都是雙贏的。更重要的是，如果我們做得正確，我們的客戶就會受益。我認為特蕾莎剛才舉的埃克森美孚的例子就是一項完美的研究。所以我認為——我不想說前面是失敗者，但我認為隨著我們前進，未來會更好。我不想說猜不透的唯一原因是因為你根本不知道接下來的幾個月會發生什麼事。

But certainly, medium term or long term, we feel very, very bullish about what we're trying to ops together.

但可以肯定的是，從中期或長期來看，我們對我們共同努力的目標感到非常非常樂觀。

William Jellison, D.A. Davidson & Co.

威廉·傑利森，D.A.戴維森公司

Great. I wanted to ask about a statistic you gave at the beginning of the call, which was just in, which was that go-live volume was up 20% year-over-year. I'm curious how you think about the progression of that improvement as you do some more work in intercompany, it sounds like and the kind of impact you have -- you expected to have on momentum in revenue.

偉大的。我想問您在電話會議開始時給出的統計數據，該統計數據剛剛公佈，即上線量同比增長了 20%。我很好奇，當您在公司間做了更多工作時，您如何看待這種改進的進展，這聽起來像什麼，以及您預計會對收入成長勢頭產生什麼樣的影響。

Yes. Really good question. And I think one of the things that Theresa has said a couple of times and Patrick said there in this as well. It's like time to value. And I think a lot of what we were looking at is on our new leadership, [Jimmy Dean and Victor Perez] and our professional services and customer success.

是的。真是個好問題。我認為特蕾莎已經說過幾次了，帕特里克也說過同樣的事情。這就像是價值評估的時間。我認為，我們關注的重點是我們的新領導層 [Jimmy Dean 和 Victor Perez] 以及我們的專業服務和客戶成功。

I think they took a really hard look at how quickly are we getting our customers live? What are the challenges that sort of take momentum out of what we're trying to do and figure out with our customers. We have a sort of what must be true conversation to our customers now about what the customer must do what BlackLine would must do. And if there's a partner involved, what we must all do together to drive success. And we've been doing that across financial close for quite a while.

我認為他們認真考慮了我們能多快讓客戶上線？哪些挑戰會阻礙我們與客戶一起努力並解決問題。我們現在必須與客戶進行真正的對話，關於客戶必須做什麼以及 BlackLine 必須做什麼。如果有合作夥伴參與，我們必須共同努力才能取得成功。我們在財務結算過程中已經這樣做了很長一段時間。

We really have made a lot of progress and acceleration in FRA, financial reporting and analytics consolidation as well as invoice to cash.

我們確實在 FRA、財務報告和分析合併以及發票到現金方面取得了巨大進展和加速。

Intercompany is probably our best most complex solution in so many ways. I think there's been a lot of lessons learned over the last 12 or so months of what we have to do a lot of this because of the complexity and uniqueness of many of our customers really understanding requirements, requirements, requirements upfront. If we can get that right, these things go that much quicker and better and more value for our customers more quickly.

從很多方面來看，Intercompany 可能是我們最好的、最複雜的解決方案。我認為，在過去 12 個月左右的時間裡，我們學到了很多教訓，因為許多客戶的複雜性和獨特性，我們必須事先真正了解需求、需求、需求。如果我們能做到這一點，這些事情就會進展得更快、更好，並且能更快地為我們的客戶帶來更多價值。

I think the other thing that we're starting to see in some conversations since the US election, we all knew that there was going to be conversations around tariffs and trade and things of that nature, that has gotten more conversations going with our customers and with our partners because the way supply chains might change the way that tax policies might change, those have real financial impact for our customers. And I don't think there's -- in fact, we know there's nobody better positioned with the solution that's done with our partners and our customers and our own professional services team to drive and help our customers capture after that value.

我認為，自美國大選以來，我們在一些對話中開始看到的另一件事是，我們都知道將會有關於關稅、貿易和諸如此類的事情的對話，這使得我們與客戶和合作夥伴進行了更多的對話，因為供應鏈的方式可能會改變稅收政策的方式，這些都會對我們的客戶產生真正的財務影響。而且我認為沒有其他公司能比我們更好地利用與我們的合作夥伴、客戶和我們自己的專業服務團隊共同完成的解決方案來推動和幫助我們的客戶獲取價值。

So the intercompany is sort of, I don't want to say the last frontier of what we need to do, but there's lessons learned that we're trying to apply to accelerate what we're doing for our customers in that regard. And we feel pretty good about what's coming up the pipe on that one.

因此，公司間合作有點像，我不想說我們需要做的最後的前沿，但我們正在嘗試應用從中學到的經驗教訓來加速我們在這方面為客戶所做的事情。我們對於即將發生的事情感到非常滿意。

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

謝謝。我們的問答環節到此結束。現在我想請歐文‧瑞安 (Owen Ryan) 致最後總結。

Thank you, operator, and thank you all of you for being on the phone and for following BlackLine. We truly appreciate you doing that. And we look forward to continuing our dialogue with you as we move forward. Have a great night, everybody. Take care.

謝謝接線員，也謝謝大家接聽電話並關注 BlackLine。我們非常感謝您這麼做。我們期待在未來的發展中繼續與您對話。祝大家有個愉快的夜晚。小心。

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

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。