BlackLine Inc (BL) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q2 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 年第二季 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 Officer 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 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 Q3 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，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 年第三季度和全年的指導，均屬於《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。

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 the statements are based on our current expectations as of today, and are subject to risks and uncertainties, including those stated in our periodic reports filed with the Securities and Exchange Commission, in particular, our Form 10-K and Form 10-Q.

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所做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，並受到風險和不確定性的影響，包括我們向美國證券交易委員會提交的定期報告中所述，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。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。

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 historic 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 on 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將是非公認會計準則的。有關這些非 GAAP 財務指標的討論以及有關我們歷史 GAAP 與非 GAAP 結果調整的資訊可在我們的收益報告中查閱，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 (SEC) 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 Owen Ryan。歐文？

Thank you, Matt, and good afternoon, everyone. Thank you all for joining us on today's call. For the past two years, Therese and I, alongside our dedicated colleagues, have relentlessly focused on shaping the next era of BlackLine. This journey, while demanding and not without its challenges, has only deepened our resolve to guide, power, and inspire our customers' finance transformations.

謝謝你，馬特，大家下午好。感謝大家參加今天的電話會議。在過去的兩年裡，Therese 和我以及我們敬業的同事們一直堅持不懈地致力於塑造 BlackLine 的下一個時代。這一歷程雖然艱辛且充滿挑戰，但卻更加堅定了我們引導、推動和激勵客戶財務轉型的決心。

The substantial progress you will hear about today has led to an important strategic evolution in our leadership. With great confidence in BlackLine's trajectory, Therese will now dedicate even more of her time and expertise to directly supporting our customers' success. In turn, the Board has entrusted me as BlackLine's sole CEO.

今天各位所聽到的實質進展促使我們的領導階層發生了重要的策略轉變。憑藉對 BlackLine 發展軌蹟的極大信心，Therese 現在將投入更多的時間和專業知識來直接支持我們客戶的成功。反過來，董事會也委託我擔任 BlackLine 的唯一執行長。

This transition is a testament to the profound partnership the Board has overseen between Therese and me, built on mutual respect and a shared commitment to BlackLine's mission. I am deeply grateful for her leadership, trust, and ongoing collaboration. To be clear, Therese remains a vital part of BlackLine, and this is an evolution of her role in maximizing its impact where it matters most with our customers.

這次過渡證明了董事會監督的 Therese 和我之間的深厚夥伴關係，這種夥伴關係建立在相互尊重和對 BlackLine 使命的共同承諾的基礎上。我非常感謝她的領導、信任和持續的合作。需要明確的是，Therese 仍然是 BlackLine 的重要組成部分，這是她角色的演變，旨在最大限度地發揮 BlackLine 對客戶最重要的影響。

Turning to the quarter. BlackLine delivered 7% revenue growth and a 22% non-GAAP operating margin. Our strategic shift to a platform company serving the office of the CFO is driving accelerated success visible in our forward financial metrics and KPIs and underpinned by disciplined go-to-market execution. As a reminder, in November of last year, we laid out a number of strategic initiatives that support the company's refreshed strategy.

轉向本季。BlackLine 的營收成長了 7%，非 GAAP 營業利潤率達到了 22%。我們的策略轉型為一家為財務長辦公室服務的平台公司，這正在推動我們取得加速成功，這在我們的前瞻性財務指標和關鍵績效指標中顯而易見，並以嚴格的市場進入執行為基礎。提醒一下，去年 11 月，我們制定了一系列支持公司更新策略的策略措施。

First, was to deliver a platform, Studio360, that can accelerate the adoption of new BlackLine solutions, while allowing us to introduce a new pricing model. Second was to enhance our go-to-market strategy, targeting markets with the highest opportunity, accelerating our industry focus, improving the efficiency of our spend, and ultimately driving long-term customer value. And third, was to refine our partner network to drive further leverage and global reach.

首先，是提供一個平台 Studio360，它可以加速採用新的 BlackLine 解決方案，同時讓我們可以引入新的定價模式。第二是加強我們的市場進入策略，瞄準最具機會的市場，加速我們的產業重點，提高我們的支出效率，最終推動長期客戶價值。第三，完善我們的合作夥伴網絡，以進一步發揮影響力和全球影響力。

Our second quarter results demonstrate substantial progress against all of these. Therese will speak about Studio360 later. But as we look at our performance this quarter, you will see the tangible results of our improved go-to-market strategy and enhanced partner network.

我們第二季的業績表明，我們在所有這些方面都取得了實質進展。Therese 稍後會談論 Studio360。但當我們回顧本季的業績時，您會看到我們改進的市場進入策略和增強的合作夥伴網絡所取得的實際成果。

We saw significant strength in both the volume and size of net new deals with the average new deal size growing by an impressive 35% year over year. This growth was driven by the increased adoption of our full record-to-report capabilities and critically, our new pricing model. Notably, our $1 million customer count rose to $84 million, up 24% versus last year.

我們看到淨新交易的數量和規模都顯著增長，平均新交易規模年增了 35%。這一增長得益於我們全面記錄到報告功能的採用率不斷提高，以及至關重要的全新定價模式。值得注意的是，我們的 100 萬美元客戶數量上升至 8,400 萬美元，比去年增長了 24%。

This quarter, we leveraged the powerful combination of our platform, new pricing and industry strategy to secure significant wins. First, we signed the largest deal in company history with an existing invoice to cash customer. This eight-figure partner-led expansion with an iconic global media and entertainment brand, Encompass Financial close in our company and the adoption of our new pricing model.

本季度，我們利用平台、新定價和產業策略的強大組合取得了重大勝利。首先，我們與一家現有的發票到現金客戶簽署了公司歷史上最大的交易。這次八位數的合作夥伴主導的擴張是與標誌性的全球媒體和娛樂品牌 Encompass Financial 合作完成的，它與我們公司達成了協議，並採用了我們的新定價模式。

Our strong referenceability demonstrated by serving 8 of the top 10 Fortune 1000 media and entertainment brands, coupled with this customer's proven success were key in unlocking this expansion and underscores the power of our end-to-end offerings.

我們為《財星》1000 強媒體和娛樂品牌中的 8 個提供服務，證明了我們強大的參考價值，再加上該客戶的成功經驗，這些都是實現這一擴張的關鍵，並凸顯了我們端到端產品的強大功能。

In oil and gas, where we also serve 8 of the top 10 Fortune 1000 companies, our platform positioning and industry expertise led to a new win with one of Europe's top three players. We also signed a seven-figure expansion with Marathon Petroleum, expanding our relationship by unlocking more of our solutions and platform for their global teams. This demonstrates the scalable value of our offerings and the embedded opportunity within our customer base.

在石油和天然氣領域，我們也為財富 1000 強企業中的 8 家提供服務，我們的平台定位和行業專業知識使我們贏得了歐洲三大企業之一的青睞。我們還與馬拉松石油公司簽署了一份價值七位數的擴張協議，透過為他們的全球團隊提供更多的解決方案和平台來擴大我們的合作關係。這證明了我們的產品具有可擴展的價值，並且蘊含在我們的客戶群中的機會。

With our deep industry expertise and via our SOLEX partnership, we secured a new top five North American life sciences customer. This deal replaces legacy point solutions with our Unified Financial Close and Intercompany solutions, demonstrating our platform's power and a massive S4 migration. We've demonstrated why BlackLine was the first choice, best choice, safe choice, and ultimately, the only choice for this company's critical transformation journey.

憑藉我們深厚的行業專業知識並透過與 SOLEX 的合作關係，我們獲得了新的北美五大生命科學客戶。該交易以我們的統一財務結算和公司間解決方案取代了傳統的點解決方案，展示了我們平台的強大功能和大規模的 S4 遷移。我們已經證明了為什麼 BlackLine 是該公司關鍵轉型之旅的首選、最佳選擇、安全選擇，並且最終是唯一選擇。

In manufacturing, we signed a Dutch company, NXP Semiconductors to a multi-solution financial closed deal. BlackLine's platform bolstered by our golden architecture with SAP, provided confidence for their finance operating model transition. Importantly, NXP is already live on several solutions, which reaffirms our continued progress in reducing implementation timelines and delivering quicker time to value for our customers.

在製造業，我們與荷蘭公司恩智浦半導體簽署了一項多解決方案財務結算協議。BlackLine 平台以我們與 SAP 的黃金架構為支撐，為其財務營運模式轉型提供了信心。重要的是，恩智浦已經推出了多種解決方案，這再次證明了我們在縮短實施時間和為客戶提供更快價值方面不斷取得的進展。

Finally, we secured two significant wins in APAC. We won a new deal with one of the top three largest Japanese banks and landed our largest ever win in APAC, a high seven-figure expansion with a top three Australian bank. Strong interest continues from major financial institutions, offering significant opportunities to build on this momentum. These large deals collectively demonstrate how the successful combination of our market-leading technology, domain and industry expertise and customer-driven innovation are unlocking opportunities for BlackLine at a size and a pace we have not previously seen.

最終，我們在亞太地區取得了兩場重大勝利。我們與日本三大銀行之一贏得了一項新交易，並取得了亞太地區迄今為止最大的勝利——與澳大利亞三大銀行之一達成了七位數的高額擴張。各大金融機構的濃厚興趣持續不斷，為鞏固這股動能提供了重要機會。這些大型交易共同證明了我們市場領先的技術、領域和行業專業知識以及客戶驅動的創新的成功結合如何以我們以前從未見過的規模和速度為 BlackLine 釋放機會。

Building on the success and underpinning our confidence in the future, we generated strong pipeline growth in can this quarter with our creative pipeline up 70% year over year. This remarkable growth, a direct outcome of our refined platform messaging and strategy is fueling broader market demand. We also improved our ability to generate and win deals with stronger close rates this quarter. This performance across the entire sales cycle from pipeline creation to closing deals underscores our enhancing ability to deliver predictable, effective results, firmly rooted in our platform-centric approach.

基於成功並增強了我們對未來的信心，本季我們實現了強勁的通路成長，創意通路年增了 70%。這一顯著增長是我們完善的平台資訊和策略的直接結果，正在推動更廣泛的市場需求。本季度，我們也提高了達成交易的能力，並提高了成交率。從通路創建到達成交易的整個銷售週期的這一表現凸顯了我們不斷增強的提供可預測、有效結果的能力，而這種能力牢牢紮根於我們以平台為中心的方法。

Our new pricing model introduced earlier this year has proven to be a clear winner, amplifying our comprehensive platform strategy. Q2 adoption exceeded expectations, especially with new customers. About half of eligible new logos in the second quarter adopted our new pricing model, a strong early result. This model not only drives adoption and higher deal sizes, but also served as a key differentiator from multiple large enterprise and upper mid-market deals, demonstrating BlackLine's broad appeal across customer segments.

我們今年稍早推出的新定價模式已被證明是明顯的成功模式，擴大了我們的綜合平台策略。第二季的採用率超出了預期，尤其是新客戶。第二季約有一半符合條件的新標誌採用了我們的新定價模式，這是一個強勁的早期成果。這種模式不僅推動了採用和更大的交易規模，而且還成為與多家大型企業和中高端市場交易的關鍵區別，證明了 BlackLine 對客戶群的廣泛吸引力。

Our success also stems from a clear strategy of value-based selling positioning our brand around transformational conversations. This approach is resonating reflected in our expanding pipeline and larger deal sizes. Our differentiated value proposition is gaining significant traction. This led to strong win rates against legacy point solution competitors in the enterprise segment. Crucially, we are seeing incremental market demand as we focus on delivering outcomes and not just selling software.

我們的成功也源自於明確的基於價值的銷售策略，即圍繞轉型對話定位我們的品牌。這種方法在我們不斷擴大的管道和更大的交易規模中得到了很好的體現。我們的差異化價值主張正在獲得顯著的吸引力。這使得它在企業領域相對於傳統點解決方案競爭對手的勝率很高。至關重要的是，由於我們專注於提供成果而不僅僅是銷售軟體，我們看到了增量市場需求。

Our strategic focus on the public sector is also yielding tangible results. We recently secured our first public sector win with a federal agency. We have also seen demand building from a number of other federal agencies and bureaus as well as from large states. While early, this validates our progress in investment establishing a critical foothold to drive additional growth from this greenfield market.

我們對公共部門的策略重點也正在產生實際的成果。我們最近與一家聯邦機構合作贏得了我們公共部門的首個勝利。我們也看到許多其他聯邦機構、局以及大州的需求也在增加。雖然還處於早期階段，但這驗證了我們在投資方面的進展，建立了一個關鍵的立足點，以推動這個綠地市場的進一步成長。

Our partner channel continues to be a growing differentiator playing a pivotal role in securing numerous larger partners sourced or partner influenced deals. This partner led growth, spanning BPOs, system integrators, resellers and SAP is driving increased pipeline activity, market interest and growth. In the second quarter, Partner source bookings exceeded expectations, delivering record performance. And importantly, we saw stronger part enablement and advocacy trends in Q2 with noteworthy growth across all of our solutions, Studio360 and industry verticals.

我們的合作夥伴管道繼續成為日益增長的差異化因素，在確保眾多大型合作夥伴或合作夥伴影響的交易中發揮關鍵作用。該合作夥伴引領的成長涵蓋了 BPO、系統整合商、經銷商和 SAP，正在推動通路活動、市場興趣和成長的成長。第二季度，合作夥伴訂單量超出預期，創下歷史新高。重要的是，我們在第二季度看到了更強勁的零件支援和宣傳趨勢，我們的所有解決方案、Studio360 和垂直行業都實現了顯著成長。

Our SAP partnership showed solid performance across sales, pipeline generation and deal sizes. We expect this momentum to translate to bookings and revenue growth in Q4 and into next year. The benefits of this partnership, especially as we move to commercialize our Studio360 platform and our positioning to lead with finance first are critical to unlocking the full potential of this partnership and ultimately higher growth.

我們的 SAP 合作夥伴關係在銷售、通路產生和交易規模方面表現穩健。我們預計這一勢頭將轉化為第四季和明年的預訂量和收入成長。此次合作的好處，特別是當我們轉向將 Studio360 平台商業化以及我們以金融為主導的定位時，對於充分發揮此次合作的潛力並最終實現更高的成長至關重要。

As part of our strategy, we are intentionally targeting larger mid-market customers while moving away from smaller, less complex accounts. This strategic pivot is being validated by our results. Q2 mid-market new deal sizes grew 55% year over year with three of our top five largest mid-market deals adopting our new pricing model.

作為我們策略的一部分，我們有意瞄準較大的中型市場客戶，同時放棄較小、不太複雜的帳戶。我們的成果正在驗證這項戰略支點。第二季中型市場新交易規模年增 55%，其中前五大中型市場交易中有三筆採用了我們的新定價模式。

For the first half of the year, new customer deal sizes in the mid-market are 60% to 70% larger than those leaving BlackLine, validating the strategic choice. We acknowledge this pivot will not immediately be reflected in metrics like customer count and revenue renewal rates as we deprioritize smaller accounts in favor of larger accounts who are more willing and ready to transform.

今年上半年，中端市場的新客戶交易規模比離開 BlackLine 的客戶大 60% 至 70%，證明了這個策略選擇的有效性。我們承認，這種轉變不會立即反映在客戶數量和收入續約率等指標中，因為我們會降低小帳戶的優先級，轉而青睞那些更願意並準備轉型的大帳戶。

While our Q2 renewal rate was 91% and continues to be around the mid-90s for enterprise and in the 80s for mid-market, this is an expected outcome. We are confident in the long-term accretion and enhance profitability from the strategic shift.

雖然我們的第二季續約率為 91%，且企業續約率持續維持在 90% 左右，中端市場續約率持續維持在 80% 左右，但這是預期的結果。我們對策略轉變帶來的長期成長和獲利能力提升充滿信心。

Beyond this strategic resegmentation, we are deepening customer relationships and seeing strong market willingness to commit to BlackLine for longer terms. Customer commitment deepened this quarter evidenced by strong multiyear renewal performance. Through the first half of this year, over 40% of our renewals were multiyear, a significant increase over the prior year period. This combined with our new pricing model, which is well ahead of targets, strengthens our market positioning and is expected to drive accelerated revenue growth in the quarters and years ahead.

除了這項策略重新細分之外，我們還在深化客戶關係，並看到市場強烈願意長期支持 BlackLine。本季客戶承諾進一步加深，這從多年強勁的續約表現中可見一斑。今年上半年，我們超過 40% 的續約合約都是多年期的，比去年同期大幅成長。結合我們遠遠超出目標的新定價模式，這加強了我們的市場定位，預計將推動未來幾季和幾年的營收加速成長。

While I am incredibly pleased with our results, our team remains far from satisfied. Our remit going forward is to execute on the strategy we have articulated with a clear focus on outcomes for customers. Make no mistake, while we still have much to deliver on, it is beginning to feel like the black is back.

儘管我對我們的結果感到非常滿意，但我們的團隊仍然遠遠沒有感到滿意。我們未來的任務是執行我們已經闡明的策略，明確地專注於客戶的成果。毫無疑問，雖然我們還有很多事情要做，但已經開始感覺到黑色又回來了。

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, and good afternoon. Following the announcement of my transition at the end of Q3, I want to reiterate my excitement for this next phase. This isn't a step back. It's a strategic refocus on what has always been key to BlackLine's success, direct engagement with our customers and prospects. The past 2 years have cemented my confidence in Owen's leadership ability, and we are completely aligned going forward.

謝謝你，歐文，下午好。在第三季末宣布我的過渡計畫後，我想重申我對下一階段的興奮。這並不是倒退。這是對 BlackLine 成功的關鍵因素的策略性重新關注，即與我們的客戶和潛在客戶的直接互動。過去兩年增強了我對歐文領導能力的信心，我們在未來的發展中將完全保持一致。

While I value my partnership with Owen in the co-CEO role, this new chapter allows me to dedicate more time to driving our strategy in the market with a specific focus on accelerating growth in Europe.

雖然我很重視與歐文在聯合執行長職位上的合作關係，但新的篇章讓我能夠投入更多時間推動我們的市場策略，特別注重加速歐洲的成長。

Now let's talk about innovation, which truly drives everything we do at BlackLine. Our customer conversations confirm a growing problem in the office of the CFO. Companies face ever-escalating data quantities, lack proper orchestration, run antiquated systems and lack centralized command and control. From day 1, we have designed Studio360 to address these challenges and bring order to this chaos.

現在讓我們來談談創新，它真正推動著我們在 BlackLine 所做的一切。我們與客戶的對話證實了財務長辦公室日益嚴重的問題。公司面臨著不斷增加的數據量，缺乏適當的協調，運行過時的系統並且缺乏集中的指揮和控制。從第一天起，我們就設計了 Studio360 來應對這些挑戰並理清混亂局面。

Recently, we've made considerable enhancements to Studio360 and are accelerating our progress. We believe Studio360 will serve as the strategic foundation for the future of modern finance, offering an integrated AI-powered platform with accurate data at its core.

最近，我們對 Studio360 進行了相當大的改進，並且正在加快我們的進度。我們相信 Studio360 將成為現代金融未來的策略基礎，提供以準確數據為核心的整合人工智慧平台。

To achieve this, we powered Studio360 with Snowflake. Impressively, over 1,100 of our customers now use it to drive their reporting, providing unparalleled scale and performance while simultaneously lowering our cost to serve. This data layer deepens BlackLine's relationships with customers, allowing us to serve as their trusted partner, one who can handle their continued growth and increasingly complex automation needs on our platform.

為了實現這一目標，我們為 Studio360 配備了 Snowflake。令人印象深刻的是，現在我們有超過 1,100 名客戶使用它來推動他們的報告，提供無與倫比的規模和效能，同時降低我們的服務成本。該資料層加深了 BlackLine 與客戶的關係，使我們能夠成為他們值得信賴的合作夥伴，能夠在我們的平台上處理他們持續成長和日益複雜的自動化需求。

Furthermore, it enables us to rapidly build new use cases based on their data and launch innovative next-generation products like big data matching, which supports matching volumes over 30x our current offerings. This empowers several industry use cases such as financial services, while also allowing us to scale and expand our genetic AI offerings. Looking ahead, we're excited about Agentic analytics capabilities and the introduction of highly configurable dashboards, which will offer even deeper, more intuitive data visualization.

此外，它使我們能夠根據他們的數據快速建立新的用例，並推出創新的下一代產品，如大數據匹配，它支援超過我們當前產品 30 倍的匹配量。這為金融服務等多個行業用例提供了支持，同時也使我們能夠擴展和擴展我們的基因人工智慧產品。展望未來，我們對 Agentic 分析功能和高度可配置儀表板的引入感到興奮，這將提供更深入、更直觀的數據視覺化。

A core component of Studio360 is the integrated module, and we've made substantial progress expanding its connectivity. Specifically, our Snowflake Data sharing connector is available now to early adopters with general availability this quarter. Our early access program for the Oracle Fusion Connector went live in Q2. With Workday and enhanced D365 connectors slated for early access in the second half of this year. We've also added API support for triggering workflows from external systems within BlackLine to facilitate end-to-end automation with third-party systems.

Studio360 的核心元件是整合模組，我們在擴展其連接性方面取得了實質進展。具體來說，我們的 Snowflake 資料共享連接器現已向早期採用者開放，並將於本季全面上市。我們的 Oracle Fusion Connector 早期存取計劃於第二季上線。Workday 和增強型 D365 連接器計劃於今年下半年推出早期版本。我們還添加了 API 支持，用於從 BlackLine 內的外部系統觸發工作流程，從而促進與第三方系統的端到端自動化。

This continued expansion and enhancement of our connectivity further differentiates us in the market and supports a wide variety of ERPs and third-party financial systems.

我們連接性的不斷擴展和增強進一步使我們在市場上脫穎而出，並支援各種 ERP 和第三方財務系統。

To provide greater visibility into Studio360's capabilities, we've enhanced and expanded BlackLine process automations within Studio360's Blueprint module. Many of these completed automations are now also featured on BlackLine's website, enabling users and prospects to easily discover and understand the breadth of solutions and use cases we offer. This extends our platform, facilitating partner-driven use cases and helping build the ecosystem that will ultimately surround our platform.

為了更了解 Studio360 的功能，我們增強並擴展了 Studio360 的 Blueprint 模組中的 BlackLine 流程自動化。許多已完成的自動化功能現在也在 BlackLine 的網站上展示，使用戶和潛在客戶能夠輕鬆發現和了解我們提供的解決方案和用例的廣度。這擴展了我們的平台，促進了合作夥伴驅動的用例，並幫助建立最終圍繞我們平台的生態系統。

Importantly, we are moving fast to commercialize Studio360 with SAP. This will enable us to sell Studio360 to our joint SAP customers and prospects significantly expanding our market reach and partnership potential. The results are already tangible. We see market demand for Studio360, evidenced by pipeline growth and strong early adoption of our pricing strategy. Our partner training initiatives are also up 50% quarter over quarter, indicating robust ecosystem engagement and readiness for scale adoption.

重要的是，我們正在快速推動 Studio360 與 SAP 的商業化。這將使我們能夠向我們的共同 SAP 客戶和潛在客戶銷售 Studio360，從而大大擴展我們的市場範圍和合作潛力。成果已經顯而易見。我們看到了市場對 Studio360 的需求，這從通路成長和我們定價策略的早期強勁採用中可以看出。我們的合作夥伴培訓計畫也比上一季成長了 50%，這表明生態系統參與度強勁，並且已做好大規模採用的準備。

Now let's delve into the specific innovations across our core products, all contributing to the overall platform value. In financial close, we've seen tremendous success with early adopters of our high-frequency reconciliations with general availability coming in Q3.

現在讓我們深入研究我們核心產品的具體創新，這些創新都為整體平台價值做出了貢獻。在財務結算方面，我們看到高頻對帳的早期採用者取得了巨大的成功，並將於第三季全面上市。

We're also pleased to announce our first customer for our nonmonetary reconciliation solution for the oil and gas industry. We've also released new journals enhancements that drive more self-service, reduce implementation times and importantly, extend our platform to enable partners to drive customer adoption on our behalf.

我們也很高興地宣布，我們為石油和天然氣行業提供的非貨幣對帳解決方案迎來了第一位客戶。我們也發布了新的期刊增強功能，以推動更多的自助服務，減少實施時間，更重要的是，擴展我們的平台，使合作夥伴能夠代表我們推動客戶採用。

Looking ahead, we have major releases planned for the second half of the year, including advanced big data matching and additional industry tailored solutions, along with new agentic AI experiences that dramatically increased automation for our customers. We plan to unveil a number of these at our upcoming BeyondTheBlack conference in September. So stay tuned.

展望未來，我們計劃在今年下半年推出重大發布，包括先進的大數據匹配和額外的行業客製化解決方案，以及可大幅提高客戶自動化程度的全新代理 AI 體驗。我們計劃在 9 月即將舉行的 BeyondTheBlack 會議上公佈其中的一些內容。敬請關注。

Consolidation continues to be a major strategic investment for BlackLine. We are dedicated to enhancing and expanding our offerings to serve enterprise customers. We complement these complex consolidation enhancements with robust reporting functionality to meet the demands of the largest global organizations.

合併仍然是 BlackLine 的重大策略投資。我們致力於增強和擴展我們的服務以服務企業客戶。我們透過強大的報告功能補充這些複雜的合併增強功能，以滿足最大的全球組織的需求。

Intercompany had a very strong sales quarter. As a solution seamlessly integrated into the overall platform, its power and value clearly resonate in the market. We are deeply integrating our Intercompany products with Studio360's orchestrate module to initiate automated Intercompany transactions as part of the financial close. This will significantly enhance end-to-end automation and accelerate our customers' time to value.

Intercompany 本季的銷售業績非常強勁。作為無縫整合到整體平台的解決方案，它的功能和價值顯然在市場上引起了共鳴。我們正在將我們的 Intercompany 產品與 Studio360 的協調模組深度集成，以啟動自動化 Intercompany 交易作為財務結算的一部分。這將顯著增強端到端自動化並加快我們客戶的價值實現時間。

Invoice-to-Cash also saw a strong performance. Our customers and partners view this not as a stand-alone tool, but as a key solution within a broader platform that solves their most complex challenges. To deepen our offering, we are adding new payment gateways and enhancing tax integration for our EIPP components. Invoice-to-Cash remains a top priority in the office of the CFO and we are well positioned to meet the demand for automated solutions that address cash and working capital needs.

發票到現金也表現強勁。我們的客戶和合作夥伴並不認為這是一個獨立的工具，而是更廣泛平台中解決其最複雜挑戰的關鍵解決方案。為了深化我們的服務，我們正在增加新的支付網關並增強 EIPP 組件的稅收整合。發票到現金仍然是財務長辦公室的首要任務，我們已做好準備，滿足針對現金和營運資金需求的自動化解決方案的需求。

We continue to accelerate AI-focused innovation and use cases across our platform, leveraging both agentic and more traditional AI/ML capabilities. Recently, we delivered several summarization and natural language querying experiences for customers across our solutions, enhancing productivity and driving insights and decision-making. Our thoughtful approach is a key differentiator. We focus on data structure, scalability and ensuring that all AI-driven results are completely verifiable, auditable and transparent to users. This builds critical trust with customers and ensures our AI offerings meet their enterprise needs.

我們繼續在我們的平台上加速以人工智慧為中心的創新和用例，利用代理商和更傳統的人工智慧/機器學習功能。最近，我們透過我們的解決方案為客戶提供了多種摘要和自然語言查詢體驗，提高了生產力並推動了洞察力和決策能力。我們的周到方法是我們的關鍵區別因素。我們專注於資料結構、可擴展性，並確保所有人工智慧驅動的結果對使用者來說都是完全可驗證、可審計和透明的。這與客戶建立了關鍵的信任，並確保我們的人工智慧產品滿足他們的企業需求。

Internally, we also drive efficiency with AI. We recently rolled out a new agentic AI platform to our entire company, empowering Black liners to build their own agents to handle routine work. While live for only a short time, the majority of our workforce has adopted and actively leverages its capabilities. This internal adoption is not only a testament to our technology, but is expected to drive even higher levels of productivity.

在內部，我們也利用人工智慧來提高效率。我們最近向整個公司推出了一個新的代理 AI 平台，使 Black Liner 能夠建立自己的代理來處理日常工作。儘管上線時間很短，但我們的大多數員工已經採用並積極利用其功能。此次內部採用不僅證明了我們的技術，而且有望推動更高水準的生產力。

On the infrastructure front, our GCP migration is nearing completion. All European customers are now on GCP. And we are on track to finish North American migrations in the second half of this year. This migration enhances performance, lowers our future cost to serve by removing duplicative hosting costs and unlocks further AI innovation with our technology partners.

在基礎設施方面，我們的 GCP 遷移即將完成。所有歐洲客戶現在都使用 GCP。我們預計在今年下半年完成北美遷移。此次遷移提高了效能，透過消除重複的託管成本降低了我們未來的服務成本，並與我們的技術合作夥伴一起開啟了進一步的人工智慧創新。

We are also strategically building out our presence in Saudi Arabia to support growth in that critical region. Furthermore, we are making significant progress on our FedRAMP journey and the build-out of our secure instance. As Owen mentioned, these efforts are vital to expanding our position in the public sector and unlocking new opportunities for growth.

我們也正在策略上擴大在沙烏地阿拉伯的業務，以支持該關鍵地區的發展。此外，我們在 FedRAMP 之旅和安全實例的建置方面取得了重大進展。正如歐文所說，這些努力對於擴大我們在公共部門的地位和開啟新的成長機會至關重要。

Our vision of a platform and product portfolio that solves huge problems for the office of the CFO is being realized. What we're hearing from our customers confirms that this is the right set of business problems to focus on. I am immensely proud of our team and our strategic positioning. We are translating customer feedback into market value at an unprecedented rate, and our momentum is building.

我們的願景是建立一個平台和產品組合，為財務長辦公室解決巨大的問題，這個願景正在實現。我們從客戶那裡聽到的消息證實，這是值得關注的一系列正確的業務問題。我為我們的團隊和策略定位感到無比自豪。我們正在以前所未有的速度將客戶回饋轉化為市場價值，而我們的勢頭正在增強。

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. Owen and Therese have provided a comprehensive overview of how our strategic choices are driving significant market traction and innovation. Their commentary underscores the tangible progress and improved execution we're seeing across the business. And to echo their sentiment, while we are pleased with our results, we recognize that there is further opportunity ahead. Our commitment is to balance the growth we see with disciplined margin expansion aligned with our multiyear financial targets.

謝謝你，特蕾莎。Owen 和 Therese 全面概述了我們的策略選擇如何推動巨大的市場吸引力和創新。他們的評論強調了我們在整個業務中看到的實際進展和執行力的提高。為了呼應他們的觀點，我們對自己所取得的成績感到滿意，同時也意識到未來還有更多的機會。我們的承諾是平衡我們所看到的成長與符合我們多年財務目標的嚴格的利潤率擴張。

Now, let's review the financial highlights that demonstrate this progress in more detail. Total revenue grew to $172 million, slightly above 7%. Subscription revenue grew 7% with service revenue growing 3%. Annual recurring revenue, or ARR, was $677 million, up over 9%, growing ahead of revenue due to accelerated bookings, which influenced all forward-looking metrics this quarter.

現在，讓我們更詳細地回顧一下體現這項進展的財務亮點。總收入成長至 1.72 億美元，略高於 7%。訂閱收入成長 7%，服務收入成長 3%。年度經常性收入（ARR）為 6.77 億美元，成長超過 9%，由於預訂量加速成長，成長速度超過收入，這影響了本季所有前瞻性指標。

FX was about a point tailwind to ARR this quarter. Remaining performance obligations, or RPO, increased over 11% with current RPO increasing by 9%. RPO growth was driven by solid sales performance combined with multiyear renewals. Calculated billings growth was 11%, inclusive of about 0.5 point of FX benefit.

本季度，FX 對 ARR 的順風約為一點。剩餘履約義務（RPO）增加了 11% 以上，其中當前 RPO 增加了 9%。RPO 的成長是由穩健的銷售業績和多年的續約所推動的。計算出的帳單成長率為 11%，其中包括約 0.5 個點的外匯收益。

Trailing 12-month billings growth was 7%. Our customer count at the end of the quarter was 4,451, up slightly from the previous year and down from Q1, reflecting our strategic choices that Owen spoke about earlier.

過去 12 個月的帳單成長率為 7%。本季末我們的客戶數量為 4,451 人，比上年略有增加，但比第一季有所下降，這反映了歐文之前談到的戰略選擇。

Our revenue renewal rate in the second quarter was 91%, with healthy enterprise performance. Our aggregate rate continued to see planned churn from lower mid-market customers and was in the '80s. Net retention rate or NRR was 105%, where we saw healthy customer expansion, particularly in enterprise, driven by larger deal sizes and some benefit from FX.

我們第二季的營收續約率為91%，企業業績表現良好。我們的總流失率持續維持在 80% 左右，這與中低階市場客戶的計畫流失率一致。淨留存率或 NRR 為 105%，我們看到客戶數量健康擴張，尤其是在企業領域，這得益於交易規模的擴大和外匯帶來的一些好處。

Strategic products represented 30% of sales, up compared to 28% last year, as our platform and new pricing model are unlocking cross-sell opportunities while improving our go-to-market efficiency. We saw particular strength this quarter from Intercompany, Invoice-to-Cash and transaction matching. SOLEX performance was steady with a higher mix of net new sales. SAP as a percentage of total revenue was 26%.

策略性產品佔銷售額的 30%，高於去年的 28%，因為我們的平台和新的定價模式正在釋放交叉銷售機會，同時提高我們的市場進入效率。本季度，我們看到公司間、發票到現金和交易匹配方面表現尤為強勁。SOLEX 業績表現穩定，淨新銷售額組合較高。SAP 佔總收入的比例為 26%。

Turning to margin. Our non-GAAP gross margin was approximately 80%, with non-GAAP subscription gross margin of 83%, in line with our expectations as we move through the end of our cloud migration. Non-GAAP operating margin was 22%, driven by gross margin performance, combined with improved productivity from our teams. Non-GAAP net income attributable to BlackLine was $38 million, representing a 22% non-GAAP net income margin. We generated $32 million in operating cash flow and $25 million in free cash flow in the quarter.

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 83%，這與我們在雲端遷移結束時的預期一致。非公認會計準則營業利潤率為 22%，這得益於毛利率表現以及我們團隊生產力的提高。歸屬於 BlackLine 的非 GAAP 淨收入為 3,800 萬美元，非 GAAP 淨收入利潤率為 22%。本季我們產生了 3,200 萬美元的營運現金流和 2,500 萬美元的自由現金流。

Restructuring payments from our Q1 workforce action, lower interest income driven by our share repurchase program and higher taxes were drivers of lower free cash flow this quarter. We expect to see free cash flow to outpace operating income in the second half of this year.

我們第一季勞動力行動的重組支出、股票回購計畫導致的利息收入減少以及稅收增加是導致本季自由現金流減少的原因。我們預計今年下半年自由現金流將超過營業收入。

Regarding our balance sheet and capital allocation, we have approximately $857 million in cash, cash equivalents and marketable securities versus $894 million in debt.

關於我們的資產負債表和資本配置，我們擁有約 8.57 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。

Finally, we repurchased approximately 796,000 shares for approximately $43 million in the quarter, bringing our year-to-date total to nearly $89 million. Our share repurchase program remains a key part of our capital allocation framework going forward.

最後，我們在本季度回購了約 796,000 股，價值約為 4,300 萬美元，使我們年初至今的總額達到近 8,900 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。

Regarding guidance, our strong second quarter performance execution and pipeline trends are enabling us to raise our full year revenue guidance. Our outlook on margins for the full year reflects measured investments into strategic growth initiatives like Saudi Arabia as well as the public sector that can further accelerate growth in 2026 and beyond.

至於指導，我們強勁的第二季業績執行和通路趨勢使我們能夠提高全年收入指導。我們對全年利潤率的展望反映了對沙烏地阿拉伯等戰略成長計畫以及公共部門的適度投資，這些投資可以進一步加速 2026 年及以後的成長。

For the third quarter of 2025, we expect total GAAP revenue to be in the range of $177 million to $179 million, representing approximately 7% to 8% growth. We expect non-GAAP operating margin to be in the range of 20% to 21%. This range includes approximately 2 points of operating margin headwind due to our BeyondTheBlack conference.

對於 2025 年第三季度，我們預計 GAAP 總營收將在 1.77 億至 1.79 億美元之間，成長約 7% 至 8%。我們預計非公認會計準則營業利潤率將在 20% 至 21% 之間。由於我們的 BeyondTheBlack 會議，這個範圍包括約 2 個百分點的營業利潤率逆風。

And we expect non-GAAP net income attributable to BlackLine to be in the range of $36 million to $38 million or $0.48 to $0.51 on a per share basis. Our share count is expected to be about 77.3 million diluted weighted average shares.

我們預計歸屬於 BlackLine 的非 GAAP 淨收入將在 3,600 萬美元至 3,800 萬美元之間，或每股 0.48 美元至 0.51 美元。我們的股票數量預計約為 7730 萬股稀釋加權平均股。

And for the full year 2025, our updated guidance is as follows: We expect total GAAP revenue to be in the range of $696 million to $705 million, representing 6.5% to 8% growth. We expect non-GAAP operating margin to be in the range of 21.5% to 22.5%.

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 6.96 億美元至 7.05 億美元之間，成長率為 6.5% 至 8%。我們預計非公認會計準則營業利潤率將在 21.5% 至 22.5% 之間。

And finally, we expect our non-GAAP net income attributable to BlackLine to be $159 million to $167 million, or $2.13 to $2.24 on a per share basis. Our share count is expected to be about 77.3 million diluted weighted average shares.

最後，我們預計歸屬於 BlackLine 的非 GAAP 淨收入為 1.59 億美元至 1.67 億美元，或每股 2.13 美元至 2.24 美元。我們的股票數量預計約為 7730 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。

Owen, Therese, Patrick, congrats on a solid quarter. I wanted to hit on the large deal momentum that you're seeing. Curious, Owen, maybe in the past, you talked about some of those deals that flip out of Q4. So just curious, if you can maybe break down how much of the strength came from the slip deals closing versus new deals that ended up coming to fruition in the quarter as well as kind of stack rank all the different drivers for the growth rate there?

歐文、特蕾莎、派崔克，恭喜你們本季取得佳績。我想談談您所看到的大型交易勢頭。好奇，歐文，也許在過去，你談到了一些第四季發生的交易。所以只是好奇，您是否可以分析一下，在本季度，有多少成長動力來自於已完成的延期交易，有多少來自於最終實現的新交易，以及如何對推動成長率的所有不同驅動因素進行排序？

So Chris, as we've been talking, our pipeline really started to grow in September of last year, which we've been messaging. There's usually a 9- to 12-month cycle for us to get things right before the deals close. And so we saw things that certainly slipped at the end of last year with then North also things that just started in the fourth quarter that finally hit their maturation point this year.

所以克里斯，正如我們所談論的，我們的管道實際上在去年 9 月開始成長，我們一直在傳達這一點。在交易完成之前，我們通常需要 9 到 12 個月的時間來做好一切準備。因此，我們看到去年年底北方的情況肯定有所下滑，而第四季度才剛開始的情況在今年終於達到了成熟點。

And so we've seen good progress with those kind of larger deals, and our pipeline is filling up with many more of those opportunities. And it's just a combination of the things that we've been talking about.

因此，我們在這類大型交易中看到了良好的進展，我們的管道中也充滿了更多這樣的機會。這只是我們一直在談論的事情的組合。

It's having different conversations at a higher level in the organization about a broader solution capability at the BlackLine platform and all the enabling solutions that we have. And so all of that is coming to manifest itself in the pipeline build. It's showing up in the numbers, what gives us confidence as we head into the back half of the year.

我們正在組織更高層次上就 BlackLine 平台更廣泛的解決方案能力以及我們擁有的所有支援解決方案進行不同的對話。所以所有這些都將在管道建設中體現出來。數字顯示了這一點，這給了我們信心，讓我們能夠順利度過下半年。

Geographically, we're seeing good dispersion around the globe, and we're seeing it across industries. And also importantly, we're seeing it with the powerful partner network that we've built. So all the things that we said we would do are starting to come to fruition, and that's what's really propelling the growth.

從地理上看，我們看到全球範圍內的良好分佈，並且我們看到各個行業都有這種分佈。同樣重要的是，我們透過所建立的強大的合作夥伴網絡看到了這一點。因此，我們說過要做的所有事情都開始有成果，這才是真正推動成長的動力。

Awesome. That's really helpful, Owen. And then I want to ask around given the new pricing model, kind of an unlimited user, pricing model. I'm curious what you're seeing in terms of customers proliferating BlackLine licenses across the organization, maybe into other areas that aren't historically user bases that you have historically gotten into it? And is that impacting net retention rate and upsell as well?

驚人的。這真的很有幫助，歐文。然後我想詢問一下新的定價模式，一種無限用戶的定價模式。我很好奇，您看到客戶在整個組織內大量使用 BlackLine 許可證，也許是擴展到您歷史上從未涉足過的用戶群的其他領域？這是否也會影響淨保留率和追加銷售？

Yes. Patrick is going to take -- so go ahead, Patrick.

是的。派崔克將要採取 - 所以繼續吧，派崔克。

Yes, Chris, thank you. So we are closely monitoring that, Chris, obviously. And part of the approach when we talk about delivering a platform and delivering a platform pricing model is that individuals within an organization outside of the accounting and the traditional accounting and finance department can yield benefit from the overall platform.

是的，克里斯，謝謝你。因此，克里斯，我們顯然正在密切關注這一點。當我們談論提供平台和提供平台定價模型時，部分方法是，組織內會計和傳統會計和財務部門以外的個人可以從整個平台中受益。

We are starting to see some of that proliferation, but I want to reiterate that it is early. We launched the model in the first quarter in North America and in the second quarter in EMEA, but we are closely tracking that. Overall, it's part of our model, but we do anticipate that as more different types of individuals within an organization has access to the platform that we would expect to see that to drive consumption going forward. So that is something we are closely monitoring.

我們開始看到一些這樣的擴散，但我想重申，現在還為時過早。我們在第一季在北美推出了該車型，並於第二季度在歐洲、中東和非洲地區推出了該車型，但我們正在密切追蹤這一情況。總的來說，這是我們模型的一部分，但我們確實預計，隨著組織內更多不同類型的個人能夠訪問該平台，我們預計這將推動未來的消費。因此，我們正在密切關注此事。

Chris, if you think about the words that Therese talked about, our first customer using operational accounting, that's where the real opportunity then begins to sort of give us a chance to truly proliferate around this platform pricing.

克里斯，如果你想想特蕾莎談到的話，我們的第一個客戶使用營運會計，那就是真正的機會開始讓我們有機會真正圍繞這個平台定價進行擴散。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

Great. I also wanted to ask about the new pricing model, a really nice progress. I think you guys said half of new wins coming in on the new pricing model. And I'd be curious to hear what you heard from customers in terms of the attractiveness of it and why they chose it. And also when you think about the half that didn't, what sort of learnings that the sales force the go-to-market team is absorbing that could help us perhaps see that number rise in the coming quarters?

偉大的。我還想問新的定價模式，這是一個非常好的進展。我認為你們說過，一半的新勝利來自於新的定價模式。我很想知道您從顧客那裡了解到了它的吸引力以及他們選擇它的原因。另外，當您考慮那一半沒有實現成長的群體時，銷售人員和行銷團隊正在吸收哪些經驗，可以幫助我們在未來幾季看到這一數字上升？

Yes. Thanks, Rob. This is Patrick. So -- we are ahead of plan as it relates to our pricing strategy and the implementation of our pricing model. And that is generating a tailwind that you see in a lot of our leading metrics for the quarter.

是的。謝謝，羅布。這是派崔克。因此，我們的定價策略和定價模式的實施都提前完成了計劃。這正在產生順風作用，您可以從本季度的許多主要指標中看到這一點。

What we saw was a much more transformative conversation rather than engaging enterprise customers that could literally have thousands of accountants, it was a conversation, not about how many seats they needed or how many license they need it, but how they could transform the overall office of the CFO going forward by giving access to the platform to everyone. So it was a much more strategic conversation with those customers, and it was a much more transformative conversation rather than getting maybe caught up in license counts.

我們看到的是一場更具變革性的對話，而不是與擁有數千名會計師的企業客戶進行對話，這是一場對話，不是關於他們需要多少席位或需要多少許可證，而是他們如何通過讓每個人都能訪問該平台來改變首席財務官的整體辦公室。因此，這是與這些客戶進行的更具策略性的對話，也是更具變革性的對話，而不是陷入許可證數量的困境。

And then one other thing there I would not say that the 50% of the customers that we did not sell the platform to chose the former model. Some of those customers were introduced to the seat license model in past quarters, and that was part of the negotiation. So we are openly pushing the platform model, and we are seeing increasing rates of adoption, which we would expect going forward as it becomes part of our sales motion or a more embedded part of our sales motion.

還有一件事，我不會說我們沒有向其銷售平台的 50% 的客戶選擇了前一種模式。其中一些客戶在過去幾季中接觸到了座位許可模式，這是談判的一部分。因此，我們正在公開推動平台模式，我們看到採用率正在不斷提高，隨著平台模式成為我們銷售活動的一部分或更深入的銷售活動的一部分，我們預計未來平台模式將會不斷發展。

Great. And I just had a quick follow-up for Therese, your second time passing on the CEO role. So I want to congratulate you. And also just stepping back for a second, you guys have done a lot to kind of rebuild a lot of things here over the last few years, and it appears that many of those things are coming to fruition. So as we head to the upcoming beyond the Black, I just wanted to get your thoughts as to maybe some of the changes over the last couple of years and what you're most excited about heading into that event.

偉大的。我剛剛快速跟進了一下 Therese 的問題，這是您第二次擔任執行長一職。所以我想祝賀你。另外，退一步來說，過去幾年裡，你們為重建這裡很多東西做了很多工作，而且看起來其中很多都取得了成果。因此，當我們即將迎來超越黑色星期五 (Beyond Black) 賽事時，我只是想了解一下您對過去幾年中發生的一些變化的看法，以及您對這項賽事最興奮的事情是什麼。

Thanks, Rob, and thank you for your kind words. The last two years, I think it feels like sometimes Owen and I work nonstop. But the result of that is, I think we have the strongest management team that this company has ever had. Most talented, most willing to roll up their sleeves and work. I mean we are really excited about the management team that we have.

謝謝，羅布，謝謝你的好意。過去兩年，我覺得有時我和歐文好像一直不停地工作。但結果是，我認為我們擁有公司有史以來最強大的管理團隊。最有才華，最願意捲起袖子工作。我的意思是，我們對我們現有的管理團隊感到非常興奮。

I think, secondly, my confidence in Owen is just so very strong. I mean I just absolutely adore how he runs a company. And so I just have so much confidence that he is the right choice for being the CEO. And this gives me a chance to go and do the things that I love the most, right? I love working with our customers.

其次，我認為我對歐文的信心非常強烈。我的意思是我非常欽佩他經營公司的方式。因此我非常有信心他是執行長的正確人選。這讓我有機會去做我最喜歡的事情，對嗎？我喜歡與我們的客戶一起工作。

I love trying to figure out where the best place it is to apply technology to solve business problems. And that will be also what I'm very focused on at B2B. Because my best part of B2B is to have my one-on-ones with all of my different customers to figure out if what we're building is going to solve their problems. And so -- yes, I hope we see you there, Rob.

我喜歡嘗試找出應用技術解決業務問題的最佳地點。這也是我在 B2B 領域非常關注的重點。因為 B2B 最棒的部分是與所有不同的客戶進行一對一的交流，以了解我們正在建立的東西是否能夠解決他們的問題。所以——是的，我希望我們在那裡見到你，羅布。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

I do have a question on kind of the CEO announcement here today. Super exciting news. Congrats, Therese. Congrats, Owen. I guess the big picture question is like what's really changing?

我確實對今天執行長的公告有點疑問。超令人興奮的消息。恭喜你，特蕾莎。恭喜，歐文。我想最大的問題是，到底發生了什麼變化？

Therese, I've always kind of viewed you as the technologist, Owen as the operator. So while official titles are moving, it doesn't sound like things are changing all that much, which, in our view, it sounds like it's a pretty good thing. So maybe some color on what actually might be changing here.

特蕾莎，我一直把你視為技術專家，而歐文則是操作員。因此，雖然官方頭銜正在變動，但聽起來事情並沒有太大的變化，在我們看來，這聽起來是一件非常好的事情。因此也許可以了解這裡實際上可能發生的變化。

I think you're right. It's not going to be a huge change. It's simply that I get to step back from some of the operational things. I get to step back from things like earnings calls, Koji. I get to focus on what I'm really good at.

我認為你是對的。這不會是一個巨大的改變。這只是讓我不再參與一些操作性的事情。我可以退出諸如收益電話會議之類的事情，Koji。我要集中精力做我真正擅長的事。

And so it's probably not a huge shift in terms of the public eye, but it's just -- it's more a change in focus.

因此，從公眾的眼光來看，這可能不是一個巨大的轉變，而只是──焦點的轉變。

Got it. And if this is your last public call, Therese, would love to hear your thoughts on the adoption curve of AI and agentic AI in the office of the CFO. I think understanding this curve would be really helpful in thinking about BlackLine's platform versus consumption revenue trends over the long term?

知道了。如果這是您最後一次公開電話會議，Therese，我很想聽聽您對財務長辦公室採用人工智慧和代理人工智慧的看法。我認為理解這條曲線對於思考 BlackLine 平台與長期消費收入趨勢非常有幫助？

Absolutely, Koji. The problem with any cool new technology is that you have to separate height from reality, right? And you have to figure out what the guardrails are around it to make it be really successful. And I think that that's actually something that -- and you've got to do those things before you're really going to get strong adoption. For our particular market where you have to be able to prove each and everything right?

絕對如此，Koji。任何酷炫的新技術的問題在於你必須將高度與現實分開，對嗎？你必須弄清楚周圍的護欄是什麼，才能讓它真正成功。我認為這實際上是你必須要做的一件事，然後才能真正獲得強有力的採用。對於我們的特定市場，您必須能夠證明每件事都是正確的嗎？

It's really important that, as I mentioned in my remarks, that things be auditable, that you can explain exactly how you got to a particular conclusion. All right. So the sort of responsible approach to it is to make sure that you detail out how you got to any conclusion in a way that an auditor could support. That's one.

正如我在演講中提到的那樣，事情必須是可審計的，你可以準確地解釋你是如何得出特定結論的，這一點非常重要。好的。因此，負責任的做法是確保以審計員可以支持的方式詳細說明如何得出結論。那是一個。

Number two is Jeremy has said before that data is the new currency. And it's been something I've been focused on for years that we have almost 20 years of data going back in this market as the creator of the financial close software market, we have more data going back further than anyone else.

第二，傑瑞米之前曾說過，數據是新的貨幣。多年來我一直關注的是我們在這個市場上擁有近 20 年的數據，作為財務結算軟體市場的創造者，我們擁有的數據比任何人都要多。

How do we properly structure that, so that AI can actually learn well? Because you can build an agent in about an hour using any one of the platforms out there, and they're very cool, right? But if you don't actually have the data to back it up so that it learns properly, then you're just not going to get consistent results, and consistency is super important to our market.

我們如何正確地建構它，以便人工智慧能夠真正學習很好？因為您可以使用任何一個平台在大約一小時內建立一個代理，而且它們非常酷，對吧？但如果你實際上沒有數據來支持它，讓它正確地學習，那麼你就無法獲得一致的結果，而一致性對我們的市場來說非常重要。

So I think there's a number of things that have to be excuse the pun, accounted for before you're going to see much of an adoption curve. And I think that that's been our focus is to make sure that what we're building not only delivers real value, but all of the auditability behind it. And I can go on to your days on this one. Yes.

因此，我認為在看到採用曲線之前，有很多事情需要解釋清楚。我認為我們的重點是確保我們所建構的東西不僅能提供真正的價值，而且還具有背後的可審計性。我可以繼續講述你這一天的經歷。是的。

Actually, Koji, we're beyond the Black. We have a session with CIO, head of an audit practice that deals with the PCO being the FCC all the time and what the regulators are talking about where they'll accept AI and where they won't. And then a consultant who is talking about how they're advising the office of the CFO to implement AI.

事實上，Koji，我們已經超越了黑暗。我們與資訊長、審計業務負責人進行了一次會議，該會議一直與 PCO（即 FCC）打交道，並討論監管機構在哪些地方會接受人工智慧，哪些地方不會接受人工智慧。然後一位顧問正在談論他們如何建議財務長辦公室實施人工智慧。

And it's going to be very interesting because the opportunities are great, but there are some real barriers that companies are going to have to overcome to be able to show that there's that audibility, traceability, reliability that Therese mentioned, there can't be a blackbox when it comes to AI and the preparation of your financial statements.

這將非常有趣，因為機會很大，但也存在一些真正的障礙，公司必須克服這些障礙才能證明 Therese 提到的可聽性、可追溯性和可靠性，在人工智慧和財務報表的編制方面不能存在黑匣子。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

Owen, I want to follow up on Chris' question earlier on the strong big deal activity and your commentary more than backfilling that pipeline. Can you just provide some more context on what you saw actually change in the quarter that helped drive those faster close rates? And then maybe a related one for Patrick. Did all of those book deals that were in the prepared remarks, did all those hit billings, RPO this quarter or some are still expected for the back half?

歐文，我想跟進克里斯之前提出的問題，關於強勁的大交易活動以及你的評論，而不僅僅是填補這一渠道。您能否提供一些背景信息，說明本季度實際發生了哪些變化，從而推動了更快的成交率？然後也許還有一個與帕特里克相關的。準備好的評論中提到的所有圖書交易，是否都達到了本季的票房和 RPO 目標，或者有些交易仍預計在下半年實現？

Yes. Look, I think you guys all know, we've added a new Chief Commercial Officer, Stuart And many of you will get a chance to meet him next month in Las Vegas on our BeyondTheBlack conference. What he has brought is a real discipline and rigor to how to run a go-to-market operation. And it's something that I think the team has really embraced. Their execution has just gotten that much better.

是的。聽著，我想你們都知道，我們增加了一位新的首席商務官斯圖爾特，你們中的許多人將有機會在下個月在拉斯維加斯舉行的 BeyondTheBlack 會議上見到他。他帶來的是如何開展行銷業務的真正紀律和嚴謹性。我認為團隊確實接受了這一點。他們的執行力已經變得更好了。

Our articulation of value. One of the things that we have been focused -- laser-focused on is time to value for customers, right? And so if I were to look from a year ago today to where we are now, every 1 of our solutions can be implemented at least 30% quicker than it was a year ago. And that's by us and it's by our partners. And so that ability to gain the confidence of CFOs and his or her teams that they can spend bigger money on doing things that are more transformative and get the payback in a reasonable amount of time has proven to be very, very compelling.

我們對價值的表達。我們一直在關注的事情之一就是為客戶創造價值的時間，對嗎？因此，如果我從一年前回顧我們現在的狀況，我們的每個解決方案的實施速度都比一年前至少快 30%。這是我們和我們的合作夥伴共同努力的成果。因此，事實證明，獲得財務長及其團隊的信任，讓他們相信自己可以投入更多資金去做更具變革性的事情，並在合理的時間內獲得回報，是非常非常有吸引力的。

And look, we all know there's been a lot of choppiness in the markets as to whatever comes out of different world capitals and how people are responding to different things. But right through thick and thin, we've been building our pipeline every month. The opportunities are getting bigger. They're getting broader and they're getting done at the right level, which is really critical to what we're seeing in driving our success.

我們都知道，由於世界各國首都發布的消息以及人們對不同事物的反應不同，市場波動很大。但無論順境或逆境，我們每個月都在建造我們的管道。機會越來越大。它們的範圍越來越廣，而且正在以正確的水平完成，這對我們推動成功至關重要。

It doesn't mean that there can be something that comes out of, again, one of these broad capitals that destabilizes the market, but it hasn't stopped us at this point in time, and there's nothing that we see right now that's going to have a big negative effect on us.

這並不意味著這些廣泛的資本中會出現什麼東西來破壞市場的穩定，但目前它還沒有阻止我們，而且我們目前沒有看到任何會對我們產生重大負面影響的事情。

That said, there were some large deals that get stalled at the end of the second quarter that we thought were over the goal line, but they just for the different political reasons, they got put on hold, but we're going to continue to work that and be creative and how we try to get those deals across the finish line. And again, that's what Stuart and his leadership team, I think, are excellent at doing on behalf of BlackLine and our customers.

話雖如此，但第二季末有一些大交易陷入停滯，我們原以為這些交易已經超過了目標線，但由於不同的政治原因，它們被擱置了，但我們會繼續努力，發揮創造力，努力讓這些交易順利完成。再次強調，我認為 Stuart 和他的領導團隊代表 BlackLine 和我們的客戶做得非常出色。

And then to address the second part of that question, yes, there are a couple of few deals that will be a tailwind to RPO and billings in future quarters.

然後回答該問題的第二部分，是的，有幾筆交易將對未來幾季的 RPO 和帳單產生推動作用。

Okay. Great context there. Maybe just one follow-up for you, Owen, on SAP. I appreciate the commentary of it being more Q4 weighted, but just maybe an update in terms of what you've seen in terms of momentum from that channel that's kind of underlying your favorable commentary? And any change in activity from some of the newer opt-out relationship in certain of those SAP bundles?

好的。那裡的背景很棒。歐文，也許我只想就 SAP 向您提出一個後續問題。我很欣賞關於它更多地關注第四季度的評論，但也許只是根據您從該管道看到的勢頭進行更新，這在某種程度上是您做出有利評論的基礎？某些 SAP 捆綁包中某些較新的退出關係的活動有任何變化嗎？

Yes. Look, I think -- there was a lot of things that we've shared with you that we've been trying to work through with SAP leadership. It's not just in opportunities in the marketplace, but it's on the product road map, how reps are compensated where we wound up on building materials and a whole host of things. Right across the board, we continue to make really good progress. They're a terrific partner.

是的。看，我認為——我們已經與您分享了很多事情，並且一直在努力與 SAP 領導層合作解決。這不僅涉及市場機會，還涉及產品路線圖、銷售代表如何獲得報酬、建築材料等一系列事情。總體而言，我們繼續取得良好進展。他們是非常出色的合作夥伴。

But we always knew that this was not going to be a first half, first three-quarter event for BlackLine and -- BlackLine and SAP as we move forward. So we're seeing the pipeline building. We saw it starting at the end of last year. We certainly saw it coming out of the Sapphire conferences in North America and Europe. I think there's a lot of enthusiasm.

但我們始終知道，這不會是 BlackLine 和 SAP 未來上半年或前三個季度的盛事。所以我們看到管道正在建設中。我們從去年年底就看到了這種情況。我們確實在北美和歐洲的 Sapphire 會議上看到了它的出現。我認為大家的熱情很高。

Obviously, the success stories like with an Exxon and the Delta got a lot of people's attention that we're really having the ability to capitalize on. And so that's just continuing to move forward. And I don't look at this and I don't think we look at this as a one quarter, hey, we're going to nail the fourth quarter or anything like that. We look at this as a change in how we're driving that relationship over the long term for the benefit of our customers. And that's what we're doing.

顯然，埃克森美孚和達美航空等公司的成功案例引起了許多人的關注，我們確實有能力利用這些成功案例。這就是繼續前進。我不會這麼看，我也不認為我們會把這看作是一個季度，嘿，我們會確定第四季度或類似的事情。我們認為這是我們為客戶利益而長期推動這種關係的改變。這正是我們正在做的事情。

And I think it's going to be a win-win-win, win for SAP, win for BlackLine and win for our customers.

我認為這將是一個三贏的局面，對 SAP、BlackLine 和我們的客戶都有好處。

Ken key La Corte, Citizens.

肯·基·拉科特，公民。

I think that will be passed from Citizens. Congratulations, Therese. (inaudible) Okay. So Therese, can you talk more about Studio360. So it unifies financial close, Invoice-to-Cash consolidated analytics and Intercompany, right?

我認為這將由公民傳遞。恭喜你，特蕾莎。（聽不清楚）好的。那麼 Therese，您能多談談 Studio360 嗎？所以它統一了財務結算、發票到現金合併分析和公司間業務，對嗎？

What is involved in getting there if you're an existing customer? Like do you have to pay more? Do you need services to get there? And then if you could also talk about the role of Snowflake in Studio360, why that's important, that would be awesome.

如果您是現有客戶，需要做些什麼才能實現這一目標？例如你需要付更多錢嗎？您需要服務才能到達那裡嗎？然後，如果您還可以談談 Snowflake 在 Studio360 中的作用以及它的重要性，那就太好了。

Okay. How much time do we have, Pat.

好的。我們還有多少時間，帕特。

Well, you have to decide that.

嗯，你必須決定這一點。

Okay. So there's a couple of things. First off, Studio360 was implemented to be the platform underneath all of our products. And we pulled various things from different areas. We basically pulled it into a single platform.

好的。所以有幾件事。首先，Studio360 被實作為我們所有產品的平台。我們從不同的地方提取了各種各樣的東西。我們基本上將其整合到單一平台。

We added additional capabilities. We looked at where we needed more strength. And so it is already a part of what every customer is experiencing.

我們增加了額外的功能。我們研究了哪些地方需要加強。因此，它已經成為每個客戶體驗的一部分。

Now, how much they can actually utilize some of the more in-depth capabilities of the platform? That's where how much they pay comes into play.

現在，他們實際上可以在多大程度上利用該平台的一些更深入的功能？這就是他們支付多少錢的問題所在。

Okay. So for example, you could have BlackLine visualize, which is one of the five platform components and see some very cool product dashboards. However, if you want your own custom dashboards that describe exactly the metrics that you need for your business, now you've got to layer a level up to pay for the platform. Okay.

好的。例如，您可以使用 BlackLine 視覺化（它是五個平台組件之一）並查看一些非常酷的產品儀表板。但是，如果您想要自己的自訂儀表板來準確描述您的業務所需的指標，現在您必須分層支付平台費用。好的。

And it's across that on all of the different components. If you want event-based scheduling, Orchestra will do that for you. If you want to start combining 15 different ERPs and scheduling within those systems and other external systems and triggering things from one to another, you're going to need to pay a level up for orchestrate. So it's really -- we wanted to put a lot of it out there now so that our customers can take advantage of it. But also with a bit of a carat for if you can do these cool things for free, imagine what you can do if you actually bought the platform.

它貫穿所有不同的組件。如果您想要基於事件的調度，Orchestra 將為您完成。如果您想開始組合 15 種不同的 ERP 並在這些系統和其他外部系統內進行調度並從一個系統觸發另一個系統，那麼您將需要為協調支付更高級別的費用。所以，我們真的希望現在就把其中的大部分內容推出去，以便我們的客戶能夠利用它。但是如果您可以免費做這些很酷的事情，想想如果您真的購買了該平台您可以做什麼。

Now, Snowflake. Snowflake is part of a reality check in the world. Data volumes are growing exponentially in every single customer out there. Okay. And the ability to have things like high volumes of matching transactions, literally in the billions, okay, is becoming more and more of a common use case.

現在，雪花。雪花是世界現實檢驗的一部分。每個客戶的數據量都在指數級增長。好的。而擁有大量匹配交易的能力，確切地說是數十億，正在成為越來越常見的用例。

So Snowflake, and by the way, they are a customer, Snowflake is part of our strategy to be able to really handle incredibly large volumes of data. And when I say handle, I mean things like data sharing with Snowflake, okay, some of their great reporting that they've got in there. Just a lot of the capabilities are really becoming must-have in today's world of huge data volumes. I think that kind of sums it up.

順便說一下，Snowflake 是我們的客戶，Snowflake 是我們策略的一部分，能夠真正處理大量資料。當我說處理時，我指的是與 Snowflake 共享數據之類的事情，好的，他們已經獲得了一些出色的報告。在當今這個數據量龐大的世界裡，許多功能確實變得不可或缺。我想這差不多就是總結了。

Yes. No, that's great. That's great. That's great. And then Owen, the follow-up for you is, if we go back to that 8-figure deal, I was thinking maybe you can walk us through sort of how that ended up coming together and it's SAP is involved and there's a partner, right?

是的。不，那太好了。那太棒了。那太棒了。然後歐文，你的後續問題是，如果我們回到那筆 8 位數的交易，我在想也許你可以向我們介紹一下最終是如何達成的，其中有 SAP 參與，還有合作夥伴，對嗎？

So I just thought it would be a great way to sort of --

所以我認為這是一個很好的方式--

Not -- No. No, it is not a necessity deal -- to a partner. And it's 1 of the partners that we have a very deep, long-standing relationship with. And when the opportunity presented itself, we did a lot of teaming as you can imagine, and it was well over a year process to get to where we got to. But I think it's a testament to the confidence our partners have capabilities of BlackLine, the reliability and the deep trust because they're so intimately involved with the road map that Therese and the team are building and rolling out.

不——不。不，對於合作夥伴來說，這不是一項必要的交易。它是我們保持著非常深厚、長期合作關係的合作夥伴之一。當機會出現時，你可以想像，我們進行了很多合作，花了一年多的時間才達到我們所期望的水平。但我認為這證明了我們的合作夥伴對 BlackLine 的能力、可靠性和深度信任的信心，因為他們密切參與了 Therese 和團隊正在製定和推出的路線圖。

And so it becomes part of a very compelling narrative in the conversations with the customer. So I would say, in my view, I would always like these things to go a little bit quicker than they take. But -- it was a textbook example of us using our partner powered strategy to really move the needle for a very, very important global media and entertainment company.

因此，它成為與客戶對話中非常引人注目的敘述的一部分。所以我想說，在我看來，我總是希望這些事情能比實際需要的快一點。但是——這是我們利用合作夥伴驅動策略真正推動非常非常重要的全球媒體和娛樂公司發展的典型例子。

Steven Enders, Citi.

花旗銀行的史蒂文‧恩德斯。

Okay. Great. I guess maybe just to start, I just wanted to dig into a little bit more. It sounds like maybe there were some, I guess, large deal delays that took place or some impact from that. So just maybe what are you seeing out there from the macro perspective, like were those deals that slip?

好的。偉大的。我想也許這只是開始，我只是想深入了解一下。我猜這聽起來好像發生了一些大的交易延遲或因此產生了一些影響。那麼，從宏觀角度來看，您看到了什麼？那些交易是否出現了失誤？

Is it kind of outsized versus what you would typically see? And I guess I'm trying to compare that versus the strong bookings and ARR commentary and the actual numbers you've put up there? So yes, it would be great to just get a little bit more detail on kind of like what actually happened versus...

與您通常看到的相比，它的尺寸是否有點過大？我想將其與強勁的預訂量和 ARR 評論以及您在此處提供的實際數字進行比較？所以是的，如果能更詳細地了解實際發生的事情就好了…

Yes. I don't know if I gave you the perfect clear answer because at one level, we have just been executing a whole lot better as a team. And so -- that has been probably the thing that I think post Therese and I as well as the rest of the leadership team feel really good about.

是的。我不知道我是否給了你完美清晰的答案，因為在某種程度上，我們作為一個團隊的表現已經好了很多。所以——我想這可能是特蕾莎·約翰遜和我以及其他領導團隊感到非常高興的事情。

That said, I mean, I'm still sitting here thinking about the end of the quarter, -- and we had one really large deal that deferred. It was a big, big mobile brand, tight margin business, and they just didn't think they had the resources in budget given the uncertainty of what they were going to do.

話雖如此，我的意思是，我仍然坐在這裡思考本季的結束——我們有一筆非常大的交易被推遲了。這是一個非常大的行動品牌，利潤率很低，而且由於不確定要做什麼，他們認為預算中沒有足夠的資源。

And then the foot side of it, we had a decent-sized investment bank and to quote the CFO, we he was a full word it, let's just do it and move forward. I hope that wasn't recorded. But -- so like you kind of got a little bit of both in the reactions as to how people were looking for it. I think the thing that we keep looking through is we are doing a much better job as a team trying to create the narrative, talk about the value we can truly create for customers that need to get back on that digital finance transformation.

另一方面，我們有一家規模相當大的投資銀行，引用財務長的話來說，他說得很對，讓我們行動起來，繼續前進。我希望那件事沒有被記錄下來。但是——從人們對它的反應來看，你似乎看到了兩者的結合。我認為我們一直在關注的事情是，作為一個團隊，我們在嘗試創造敘事、談論我們能夠為需要重新實現數位金融轉型的客戶真正創造的價值方面做得更好。

And I think it's two things. I think one is within our existing portfolio, reengaging that we talk about like we're trying to resell to our customers every day. We win their hearts and minds every day in a way that we haven't maybe done as well as we could over the last couple of years, but that's been -- and part of it -- and then the confidence again that our partners have in us, the confidence that our own team has, what we've been able to accomplish on the product road map is making us much more compelling when we go into the -- that new opportunities, and we did really well in the enterprise space this last quarter, but for the first half of the year, beating some of our legacy competitors.

我認為這是兩件事。我認為一個是在我們現有的產品組合中，重新參與我們談論的就像我們每天都試圖向客戶轉售一樣。我們每天都在以一種我們可能在過去幾年中沒有做到最好的方式來贏得他們的心，但這也是部分原因，我們的合作夥伴對我們的信心，我們自己的團隊的信心，我們在產品路線圖上所取得的成就，使我們在進入新機遇時更具吸引力，我們在上個季度在企業領域做得非常好，但在上半年，我們擊敗了一些傳統競爭對手。

And just because we're full breadth, there's more confidence in what we can do and the referenceability from other customers are willing to advocate on behalf of BlackLine in addition to those system integrators and those consultants.

正因為我們擁有全面的業務，我們對自己的能力更有信心，除了系統整合商和顧問之外，其他客戶也願意代表 BlackLine 提供參考。

Okay. No, that's great context. I appreciate that there. And then I guess just a follow up on, I guess, the enterprise versus mid-market. I guess, this shift is the right word, but I guess the incremental focus on bigger mid-market customers and allowing some of the smaller ones to roll off.

好的。不，這是很好的背景。我對此表示感謝。然後我想這只是對企業與中階市場的後續關注。我想，這種轉變是正確的說法，但我認為，重點將逐漸轉向更大的中型市場客戶，並允許一些較小的客戶退出。

But just how do we maybe think about what that kind of path from here looks like or the time line for how that maybe shakes out over the next couple of years?

但是，我們究竟該如何設想從現在開始的這條道路是什麼樣的，或是未來幾年內這條道路將如何發展的時間表呢？

Yes. So Patrick and I go to tag team on this issue. And look, I think it's an important thing here is the conversations our people are having with prospective customers. And now I'm talking about the ones that want to come with BlackLine are the ones that we're trying to sort of get to renew. And you have to think about -- like we're not interested in selling a software package and calling it a day.

是的。因此，派崔克和我就這個問題展開了聯手。瞧，我認為這裡一件重要的事情是我們的員工與潛在客戶的對話。現在，我正在談論那些想要加入 BlackLine 的客戶，而我們正試圖與他們續約。你必須考慮——我們對銷售軟體包然後就完事不感興趣。

What we're trying to really do is help our customers, these prospects to transform. And so we go in and we have conversations that are different that talks about what must be true. What must be true from what BlackLine does, what must be true for a partner. If they use one and then what must be true from a customer. And we're pretty good at figuring out who has a better likelihood to want to transform that has the right resources, has the right executive support to move things forward.

我們真正想做的是幫助我們的客戶、這些潛在客戶實現轉變。因此，我們開始進行不同的對話，討論什麼是真實的。對於 BlackLine 所做的事情來說什麼必須是真實的，對於合作夥伴來說什麼必須是真實的。如果他們使用其中一種，那麼從客戶的角度來看，這肯定是真實的。我們非常擅長找出誰更有可能實現轉型，誰擁有正確的資源，誰擁有正確的行政支援來推動事情向前發展。

And then again, our ability now to just get smarter and better lessons learned to get more quickly time to value. And so what's happening in the portfolio, and Patrick will keep me honest here. But if I were to look at the net new wins, I think in the second quarter, it might be year-to-date, they're roughly 100% larger than the customers who are leaving. And so think about that for every new customer we're adding, it's significantly larger than the customer that's going. What you're -- it's telling us those customers that are going are not going to transform.

而且，我們現在的能力只是變得更聰明，並吸取更好的經驗教訓，以更快地實現價值。那麼投資組合中發生了什麼，派崔克會讓我誠實地了解情況。但如果我看一下淨新客戶數量，我認為在第二季度，也就是年初至今，淨新客戶數量大約比離開的客戶數量多 100%。想想看，我們增加的每一個新客戶，規模都比正在流失的客戶大得多。你的意思是－它告訴我們那些即將轉變的客戶不會轉變。

They haven't demonstrated an issue, but we are finding those places in those conversations with customers about where there's a greater likelihood of success amongst and between BlackLine to partner and the prospect. And that -- I give a ton of credit to our marketing team. They're doing a phenomenal job of really identifying those places where there's a real likelihood of us being able to deliver meaningful impact.

他們沒有表現出任何問題，但我們在與客戶的對話中發現了 BlackLine 與合作夥伴和潛在客戶之間更有可能取得成功的地方。而且—我對我們的行銷團隊給予高度評價。他們確實出色地確定了我們真正有可能產生有意義影響的地方。

Now how long does this continuing wind-down take? I'll turn that over to Patrick to answer, but he keeps telling me we're in the seventh inning. So I'll let Patrick talk about the --

那麼，這種持續的逐步放鬆需要多長時間？我會把這個問題交給派崔克來回答，但他一直告訴我我們已經到了第七局。所以我讓派崔克談談--

Yes. I mean, Owen, we joke about it that sometimes you were into six, so the seventh inning stretch. But I feel quite confident we're 2/3 of the way through the lower mid-market in terms of working through those customers that are not thinking about transformation. But I think, Owen, just to elaborate on a couple of things you said there. One, you're absolutely right.

是的。我的意思是，歐文，我們開玩笑說，有時你會打到第六局，所以第七局就會打完。但我非常有信心，在處理那些沒有考慮轉型的客戶方面，我們已經在中低端市場取得了三分之二的進展。但我認為，歐文，只是想詳細說明你所說的幾件事。第一，你完全正確。

We're on net new logos, we are landing much larger than the customers that are churning out. That's a testament to our landing a platform and it's a testament to our pricing strategy and the conversations that we're having. The customers that are leaving are not thinking about strategy, they're thinking about a handful of accountants and users, the customers that are coming in want to be with us for life.

我們正處於新的網路標誌階段，我們的目標客戶群比不斷湧現的客戶群大得多。這證明了我們登陸了一個平台，也證明了我們的定價策略和我們正在進行的對話。離職的客戶不會考慮策略，他們只會考慮少數會計師和用戶，而新來的客戶則希望與我們合作一輩子。

They want to engage in a platform. They want to introduce the platform to everyone within their organization. So that's a key takeaway here.

他們想參與一個平台。他們希望向組織內的每個人介紹這個平台。這是這裡的一個關鍵點。

And then the second element where we're seeing this our renewal strategy that we've implemented over the last couple of quarters, we're seeing significant success in the customers that want to stay with us to extend three or more years with us. And you're seeing that in all of our leading indicators, RPO -- long-term RPO is up 15%. So you're seeing that come through in terms of how we're setting ourselves up for the future to drive that long-term growth and to drive that stickiness that we -- with customers that want to stay with BlackLine.

然後，我們看到的第二個因素是我們在過去幾季實施的更新策略，我們看到那些希望與我們合作三年或更長時間的客戶取得了顯著的成功。您會發現，在我們所有的領先指標中，RPO——長期 RPO 上漲了 15%。因此，您可以看到，我們正在為未來做好準備，以推動長期成長，並提高客戶對 BlackLine 的黏性。

I just -- one thing to note because this is important, right? So definitions and say doing the same thing over expecting a different outcome. One of the things I give a lot of credit to our professional services team, our customer success team is for all the new customers that have joined BlackLine in the last two years, a lot of the recent IR in the role is we are like Zelus making sure those customers get up and running so that we don't run into a risk when they get up to their third year and it's time to renew, and they're not sure.

我只是——有一件事需要注意，因為這很重要，對吧？所以定義並說做同樣的事情卻期待不同的結果。我對我們的專業服務團隊、我們的客戶成功團隊給予了高度評價，他們負責過去兩年內加入 BlackLine 的所有新客戶，最近很多 IR 中的角色都是我們像 Zelus 一樣確保這些客戶能夠順利啟動和運行，這樣當他們進入第三年並且需要續約時，我們不會遇到風險，因為他們並不確定。

So that's really where I think the leadership team should feel very good about the progress they're making. So we're not just solving part of one problem than creating a problem on the other one.

所以我認為領導團隊應該對他們所取得的進展感到非常滿意。因此，我們不僅解決一個問題的一部分，還會製造另一個問題。

We're dealing with this -- the right way on both ends, if you will.

我們正在處理這個問題——如果你願意的話，雙方都會以正確的方式處理。

Daniel Jester, BMO Capital Markets.

丹尼爾‧傑斯特 (Daniel Jester)，BMO 資本市場。

This is Kyle Aberasturi on for Dan Jester. Quick one from me. I was wondering if you had initial thoughts on the impact of the new R&D tax credit policy could have on the business cash flows?

這是 Kyle Aberasturi 為 Dan Jester 所做的報導。我很快就搞定了。我想知道您是否對新的研發稅收抵免政策對企業現金流量的影響有初步看法？

Patrick, we talked about this yesterday.

派崔克，我們昨天討論過這個問題。

We did. And thanks, Daniel. So yes, the BBB bill will have a beneficial impact on the business to the tune of about $10 million in free cash flow in the second half of this year and a more notable amount in 2026 and beyond.

我們做到了。謝謝你，丹尼爾。因此，是的，BBB 法案將對業務產生有益的影響，在今年下半年將產生約 1000 萬美元的自由現金流，並在 2026 年及以後產生更顯著的影響。

Adam Hotchkiss, Goldman Sachs.

高盛的亞當·霍奇基斯。

I'll keep it to one as well in the interest of time. But I wanted to follow up on Pat's question on the Snowflake piece. I noticed you talked about Snowflake, Oracle Fusion, Workday, enhanced Dynamics 365 connectors that are in some form of early access are coming generally available this year. And I'm just curious if you could elaborate on the added value that those provide and maybe what the data connectivity products or process looked like prior to these connectors? I'm just curious what value this adds for you in the sort of prospective and existing customer base going forward?

為了節省時間，我也會將其保留為一個。但我想跟進帕特關於雪花片的問題。我注意到您談到了 Snowflake、Oracle Fusion、Workday 和增強型 Dynamics 365 連接器，這些連接器目前處於某種早期訪問階段，並將於今年全面上市。我只是好奇，您是否可以詳細說明一下這些連接器所提供的附加價值，以及在這些連接器出現之前數據連接產品或流程是什麼樣的？我只是好奇這會為您未來的潛在和現有客戶群帶來什麼價值？

Yes. In general, okay, when you've got something like Snowflake data share or a connector, it basically gets you live more quickly. okay? And it's a more reliable ongoing interface. So in the beginning, we basically had created an extract file and put it on an FTP site.

是的。一般來說，好的，當您擁有像 Snowflake 資料共享或連接器這樣的東西時，它基本上可以讓您更快地上線。好嗎？它是一個更可靠的持續介面。所以一開始，我們基本上創建了一個提取檔案並將其放在 FTP 站點上。

And that works beautifully and many customers still use that. However, a connector will get your data in more quickly, sometimes in real time, okay, more reliably, and it gets you up and running faster. It's just -- it makes things more smooth.

這種方法效果很好，至今許多客戶仍在使用它。然而，連接器可以更快地獲取您的數據，有時是即時的，更可靠，並且可以讓您更快地啟動和運行。這只是——它讓事情變得更加順利。

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

I'll keep it to one as well. Your reference signing your first federal agency during the quarter, can you talk about the learnings from getting that first deal over the finish line and just how pipeline in the public sector is trending now that you're live in that market?

我也會將其保留為一個。您在本季度簽署了第一份聯邦機構合同，您能否談談從完成第一筆交易中獲得的經驗，以及現在您進入該市場後公共部門的渠道趨勢如何？

Yes. So -- so Matt and I will answer that question together. There's a lot of lessons I haven't learned. We were very fortunate. I think as part of that to have a great partner in this case with Deloitte that really did a lot of work to help us secure the win.

是的。所以——馬特和我將一起回答這個問題。還有很多教訓我還沒學到。我們非常幸運。我認為，在此案中，德勤作為我們的優秀夥伴，確實做了很多工作來幫助我們取得勝利。

But Matt, why don't you take this because that's been living this one day in and day out with the teams.

但是馬特，你為什麼不接受這個呢，因為我每天都和團隊一起生活。

Yes. So I think it's a lot of lessons applied to our commercial business across 4,400 customers that going into the public sector, you may have thought you would had to take any different approach to sell to the federal agencies. And what we have been seeing is that whether by -- by act, et cetera, agencies are becoming increasingly more curious, but they don't want to buy technology just to buy technology. So they're kind of applying some lessons learned from the commercial sector over the past 10 to 20 years. But they do want to solve real business problems.

是的。因此，我認為，我們在 4,400 個客戶的商業業務中吸取了很多教訓，進入公共部門後，您可能認為必須採取不同的方法向聯邦機構銷售產品。我們看到的是，無論是透過法案還是其他方式，各機構都變得越來越好奇，但他們不想僅僅為了購買技術而購買技術。因此，他們正在運用過去 10 到 20 年從商業領域學到的一些經驗教訓。但他們確實想解決實際的商業問題。

They want to increase productivity, especially when there's challenges for headcount. And then more importantly, they are really focused on auditability, both getting ready for an audit, passing an audit and then maintaining that audit over a period of time.

他們希望提高生產力，尤其是在面臨員工數量挑戰的情況下。更重要的是，他們真正關注的是可審計性，包括準備審計、通過審計以及在一段時間內維持審計。

So what we are seeing is, yes, there is a growing appetite for change, leveraging technology in the public sector, and we're basically applying the playbook we've had for the past two-plus decades across all our customers globally in some of the most complex biggest organizations globally into the public sector. And then -- we leverage our partnership with the relationships we have across our commercial base, some big global SIs that have a lot of relationships with the federal state, the local levels.

因此，我們看到的是，是的，人們對變革的需求日益增長，利用公共部門的技術，我們基本上將過去二十多年來在全球所有客戶中採用的策略應用於公共部門，這些客戶包括全球一些最複雜、最大的組織。然後——我們利用我們與商業基礎建立的合作夥伴關係，一些大型全球 SI 與聯邦、州和地方各級之間有很多關係。

And that helps your distribution, your pipeline growth and enhances the opportunities and the qualities that we see. So we see that pipeline, Owen talked about it. You see that building on the public sector side at the federal level. both with our existing agency that we talk to, but then also potentially selling further across that agency.

這有助於您的分銷和通路成長，並增強我們所看到的機會和品質。所以我們看到了那條管道，歐文談到了它。您可以看到，在聯邦層級的公共部門方面，我們既與我們現有的機構進行洽談，也有可能在該機構內進行進一步的銷售。

We see it with some of our key partners who have significant footprints in the public sector. And we're also seeing it at the state and local level with a number of large states that are having some challenges from an auditability standpoint.

我們看到我們的一些主要合作夥伴在公共部門有著重要的影響力。我們也看到，在州和地方層面，一些大州在審計方面面臨一些挑戰。

So it's pretty broad-based. It's early, acknowledging that, but -- we talked about the public sector opportunity in November of last year. You fast forward eight months from now, we have our first deal. We have our pipeline. We have a building team in place.

所以它的基礎相當廣泛。現在承認這一點還為時過早，但是——我們在去年 11 月就談到了公共部門的機會。從現在起八個月後，我們就達成了第一筆交易。我們有自己的管道。我們有一個建築團隊。

So from our standpoint, we are very, very excited about the progress we've made, the promise is kept in the opportunity going forward.

因此，從我們的角度來看，我們對所取得的進展感到非常興奮，我們對未來的機會的承諾仍在繼續。

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

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. And thank you all for dialing in and your questions. We look forward to connecting the follow-ups. Talk soon, everybody, take care.

謝謝。感謝大家撥通電話並提出問題。我們期待後續進展。很快再聊，各位，保重。

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。