BlackLine Inc (BL) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the third-quarter 2025 BlackLine earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

各位女士、先生，大家好，感謝你們的耐心等待。歡迎參加 BlackLine 2025 年第三季財報電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。

At this time, I would like to turn the conference over to Mr. Matt Humphries, Senior Vice President, Investor Relations. Sir, please begin.

此時，我謹將會議交給投資人關係資深副總裁馬特漢弗萊斯先生。先生，請開始。

Good afternoon, and thank you for joining us today. With me on the call are Owen Ryan, Chief Executive Officer of BlackLine as well as Patrick Villanova, Chief Financial Officer. For the Q&A portion of today's call, we'll also have Jeremy Young, BlackLine's Chief Technology Officer joining us.

下午好，感謝各位今天蒞臨。與我一同參加電話會議的還有 BlackLine 的執行長 Owen Ryan 以及財務長 Patrick Villanova。在今天電話會議的問答環節，我們也將邀請 BlackLine 的技術長 Jeremy Young 加入我們。

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 Q4 and full year 2025, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent our outlook only as of the date of this call.

在正式開始之前，我想指出，本次電話會議中某些並非歷史事實的陳述，包括關於我們未來計劃、目標和預期業績的陳述，特別是我們對 2025 年第四季度和全年業績的指引，均屬於 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述。這些前瞻性陳述僅代表我們截至本次電話會議之日的觀點。

While we believe any forward-looking statements made during the call are reasonable, actual results could differ materially, as these statements are based on our current expectations as of today and are subject to risks and uncertainties, including those stated in our periodic reports filed with the Securities and Exchange Commission, in particular, our Form 10-K and Form 10-Q. 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.

雖然我們認為電話會議期間作出的任何前瞻性陳述都是合理的，但實際結果可能與預期存在重大差異，因為這些陳述是基於我們截至今日的當前預期，並且受到風險和不確定性的影響，包括我們在向美國證券交易委員會提交的定期報告（特別是我們的 10-K 表格和 10-Q 表格）中所述的風險和不確定性。除適用法律要求外，我們不承擔任何更新或修改前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。除非另有說明，我們今天在電話會議上所做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 historical GAAP versus non-GAAP results is available in our earnings release and presentation, 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中揭露的財務指標均為非GAAP指標。有關這些非GAAP財務指標的討論以及我們歷史GAAP與非GAAP業績的調節信息，請參閱我們的收益報告和演示文稿，該報告和演示文稿可在我們的投資者關係網站 investors.blackline.com 上找到，或在我們今天向美國證券交易委員會提交的8-K表格中找到。

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

現在，我將把電話交給 BlackLine 的執行長 Owen Ryan。歐文？

Thank you, Matt. Good afternoon, everyone. Today, I will detail the changes we have made across our business that are beginning to deliver tangible results. Over the past two-plus years, we have methodically rearchitected our leadership team, our go-to-market engine and our technology and operational structures. That foundational work is now largely complete.

謝謝你，馬特。大家下午好。今天，我將詳細介紹我們公司內部所進行的一些變革，這些變革已經開始產生實際的效果。在過去的兩年多時間裡，我們有條不紊地重組了我們的領導團隊、市場推廣機制以及技術和營運結構。這項基礎性工作現在基本上已經完成了。

These changes give us greater confidence that we can deliver accelerating revenue growth and margin expansion as we exit this year and move into 2026. But first, let's start with this quarter's performance. We delivered another solid quarter of improving execution. Revenue growth increased to 7.5%. We achieved a non-GAAP operating margin of 21.4% and a free cash flow margin of 32%.

這些變化讓我們更有信心在今年結束、邁入 2026 年之際，實現營收加速成長和利潤率擴張。但首先，讓我們先從本季的業績開始。我們又一個季度實現了穩健的執行力提升。營收成長率提高至7.5%。我們實現了 21.4% 的非 GAAP 營業利潤率和 32% 的自由現金流利潤率。

Patrick will provide a more detailed discussion on the financials shortly. The strength this quarter was from new customer acquisition. New customer bookings were up 45% and the quality of these wins is evident with the average new deal size more than doubling by 111% and the median new deal size up by approximately 50%. New customer bookings mix accounted for 41% of overall bookings. This is not just about closing more deals, is about winning larger, more strategic platform deals often against our biggest competitors.

帕特里克稍後將對財務狀況進行更詳細的討論。本季業績成長主要得益於新客戶的取得。新客戶預訂量成長了 45%，這些新客戶的品質也顯而易見，平均新交易規模成長了 111% 以上，中位數新交易規模成長了約 50%。新客戶預訂佔總預訂量的 41%。這不僅是達成更多交易的問題，而是要贏得更大、更具戰略意義的平台交易，而這些交易往往是與我們最大的競爭對手進行的。

Let me put this into perspective with some examples. Through our direct sales efforts, we secured our largest ever total contract value deal with a leading global commercial real estate services company. This deal took two years to close and was multifaceted, with intercompany serving as an entry point and includes a multiyear expansion across our financial close suite, leveraging Studio360 and our new platform pricing. We directly landed another new logo with a Fortune 20 company who chose our entire financial close suite, Studio360 and our platform pricing model, replacing existing tools and solutions. This was a great example of perseverance and leveraging past success as the CFO's previous experience with BlackLine translated into a meaningful new win.

讓我舉幾個例子來說明。透過我們的直接銷售努力，我們與一家全球領先的商業房地產服務公司簽訂了有史以來總價值最大的合約。這項交易歷時兩年才完成，涉及多個方面，公司內部交易作為切入點，並包括對我們財務結算套件進行多年的擴展，利用 Studio360 和我們新的平台定價。我們直接與一家財富 20 強公司達成了新的合作，該公司選擇了我們的整套財務結算套件 Studio360 和平台定價模式，取代了現有的工具和解決方案。這是堅持不懈和利用過去成功經驗的絕佳例子，因為財務長之前在 BlackLine 的經驗轉化為了一次意義重大的新勝利。

And in the insurance industry, we won a multi-solution deal with Accelerate, a leading middle-market specialty insurance exchange, looking for a scalable platform across both invoice-to-cash and financial close, the customer move forward with BlackLine recognizing that a platform approach with Studio360 was the optimal solution to support their future revenue growth versus remaining with multiple legacy vendors. On the partner side, our SolEx channel performance is improving. We closed mega company deals this quarter with Coca-Cola Europe Pacific Partners and with Boots U.K. Limited, proving the strength of our golden architecture with SAP. A key driver in many of these wins was our new platform-based pricing model, which accounted for nearly three-fourths of new customer bookings and is seeing solid international adoption after only two quarters.

在保險業，我們與領先的中階市場專業保險交易平台 Accelerate 達成了一項多解決方案交易。 Accelerate 正在尋找一個可擴展的平台，涵蓋從發票到現金和財務結算的各個環節。客戶選擇與 BlackLine 合作，因為他們認識到，與 Studio360 合作的平台方法是支援其未來收入成長的最佳解決方案，而不是繼續使用多個傳統供應商。在合作夥伴方面，我們的 SolEx 通路表現正在改善。本季我們與可口可樂歐洲太平洋合作夥伴公司和英國博姿有限公司達成了巨額交易，證明了我們基於 SAP 的黃金架構的強大實力。這些成功案例的關鍵驅動因素是我們新的基於平台的定價模式，該模式貢獻了近四分之三的新客戶預訂，並且在短短兩個季度後就獲得了國際市場的廣泛採用。

Our strategy is not just about winning in established markets, it is also important to unlock new growth opportunities. We have continued to make progress within the public sector. Despite the federal government shutdown, our pipeline continues to grow and we successfully delivered the production instance for our sponsoring agency in October. We anticipate completing final testing by mid-December and are on track to receive final FedRAMP approval in early 2026. Now turning to our existing account base.

我們的策略不僅是贏得現有市場，開拓新的成長機會也同樣重要。我們在公共部門領域持續取得進展。儘管聯邦政府停擺，我們的專案仍在繼續成長，並且我們在 10 月成功為贊助機構交付了生產實例。我們預計將於 12 月中旬完成最終測試，並預計在 2026 年初獲得 FedRAMP 的最終批准。現在轉向我們現有的客戶群。

The interest in our Studio360 platform, new pricing model and our Verity AI offerings created some noise this quarter. We are seeing two dynamics play out as we see more customers evaluate or adopt platform pricing.

本季度，大家對我們的 Studio360 平台、新的定價模式以及 Verity AI 產品表現出了濃厚的興趣，引起了不小的轟動。隨著越來越多的客戶評估或採用平台定價，我們看到兩種動態正在上演。

First, as we succeed in delivering higher levels of automation, customers can achieve their outcomes with the need for fewer licenses, which is leading to user attrition. Second, we saw several large customers pause user ads to instead engage in deeper, more strategic discussions about moving to Studio360, platform-based pricing and our Verity AI offerings. Our platform pricing model is designed to decouple our growth from a simple seat count and align our revenue directly with the value we deliver.

首先，隨著我們成功實現更高水準的自動化，客戶可以用更少的授權來實現他們的目標，這導致了用戶流失。其次，我們看到一些大客戶暫停了用戶廣告，轉而就遷移到 Studio360、基於平台的定價以及我們的 Verity AI 產品展開更深入、更具策略性的討論。我們的平台定價模式旨在使我們的成長與簡單的席位數量脫鉤，並將我們的收入與我們提供的價值直接掛鉤。

While this strategic transition will take time to work through our installed base, we believe the outcome is clear and more committed customer base providing more predictable value-aligned revenue. Although these dynamics created a slight headwind to net revenue retention, we view it as a leading indicator of a positive transition. In fact, the most telling indicator of long-term customer confidence came for our renewal activity, along with our solid platform pricing adoption. Importantly, the mix of multiyear renewals has increased to represent over half of all renewal bookings this quarter, demonstrating that customers are buying into our long-term vision and locking in their partnership, which increases the predictability and durability of our revenue.

雖然這項策略轉型需要時間才能在我們現有的客戶群中得到落實，但我們相信，最終的結果將是更忠誠的客戶群，從而帶來更可預測的價值導向收入。儘管這些動態對淨收入留存率造成了一定的不利影響，但我們認為這是正向轉型的一個領先指標。事實上，衡量客戶長期信心的最強指標是我們的續約率以及我們平台定價的穩健普及率。重要的是，多年續約的比例在本季度已超過所有續約訂單的一半，這表明客戶認可我們的長期願景並鎖定合作夥伴關係，從而提高了我們收入的可預測性和持久性。

Finally, the planned churn from our strategic deemphasis of the lower end of the market is nearing its conclusion. We expect this headwind to be largely complete in the first half of next year. These outcomes are not an accident, they are the direct output of the foundational transformation I mentioned earlier. With much of this foundational work now complete, I want to detail the three pillars driving these outcomes. First is our go-to-market engine. Much of our success this quarter comes directly from the methodical work we have done to re-architect our go-to-market engine for scalable, efficient growth, focusing on three key areas.

最後，我們策略性地減少對低端市場的重視所帶來的預期流失即將結束。我們預計這一不利因素將在明年上半年基本消除。這些結果並非偶然，而是我之前提到的基礎性改變的直接產物。現在大部分基礎工作已經完成，我想詳細介紹推動這些成果的三大支柱。首先是我們的市場推廣引擎。本季我們的成功很大程度上歸功於我們為實現可擴展、高效的成長而對市場推廣引擎進行的有條不紊的重新架構工作，重點放在三個關鍵領域。

We have invested heavily in the tools and the processes our teams need to win. Our entire sales motion is now powered by modern billing, prospecting, contracting and CRM systems that remove friction and provide better insight. For example, our experience with a new AI-powered prospecting tool has shown that a BDR can nearly triple their pipeline generation. All of our BDRs will now use this tool to more quickly create and qualify opportunities. We've also transformed our marketing efficiency.

我們已投入大量資金購買團隊獲勝所需的工具與流程。我們整個銷售流程現在都由現代化的計費、客戶開發、合約簽訂和客戶關係管理系統驅動，這些系統消除了摩擦，並提供了更好的洞察力。例如，我們使用新的 AI 驅動的潛在客戶開發工具的經驗表明，業務拓展代表 (BDR) 可以將銷售線索產生量提高近三倍。我們所有的業務拓展代表現在都將使用此工具來更快地建立和篩選商機。我們也提高了行銷效率。

Our teams are leveraging new digital campaigns and tools to drive a significantly higher ROI on our spend. In fact, despite a decrease in aggregate marketing spend since 2023, we have seen strong growth in pipeline generation through the end of Q3, which is up approximately 50%. And while it's important to leverage new technologies and reengineered processes, it comes down to people. With new leadership has now established across the globe, we've actioned a more rigorous performance management program, elevating the bar and adding seasoned sales professionals. This focus is already paying off.

我們的團隊正在利用新的數位行銷活動和工具，以顯著提高我們的投入回報率。事實上，儘管自 2023 年以來行銷總支出有所下降，但截至第三季末，我們看到銷售管道的產生量強勁成長，成長了約 50%。雖然利用新技術和重新設計的流程很重要，但歸根究底還是要靠人。隨著全球範圍內新領導層的建立，我們實施了更嚴格的績效管理計劃，提高了標準，並吸收了經驗豐富的銷售專業人員。這種做法已經開始見效了。

Rep productivity is improving. And by the end of 2025, we expect it to improve by nearly 30% versus last year. These coordinated efforts are delivering clear results. As I mentioned, rep productivity is up and importantly, our competitive win rates, especially in takeaways approved again in Q3. We believe this is direct evidence that our Studio360, platform pricing and improving go-to-market execution are enabling us to win more in the market.

銷售代表的工作效率正在提高。預計到 2025 年底，這一數字將比去年提高近 30%。這些協調一致的努力正在取得顯著成效。正如我之前提到的，銷售代表的生產力提高了，更重要的是，我們的競爭勝率，尤其是在第三季再次獲得批准的銷售訂單方面，也提高了。我們相信，這直接證明我們的 Studio360 平台定價和不斷改進的市場推廣執行力使我們能夠在市場上贏得更多。

The ultimate outcome is clear. We are building a more productive growth engine that costs less to operate. We expect these changes will drive a 10% improvement in our customer acquisition costs in 2025 and even greater improvements next year. Second is our progress in product and technology. We have modernized our technology stack to support a future scale, efficiency and AI-powered innovation.

最終結果顯而易見。我們正在打造一個生產效率更高、營運成本更低的成長引擎。我們預計這些變化將在 2025 年將我們的客戶獲取成本降低 10%，明年還將有更大的改善。其次是我們在產品和技術方面的進步。我們對技術堆疊進行了現代化改造，以支援未來的規模化、高效率和人工智慧驅動的創新。

It starts with infrastructure. A critical milestone is the near completion of our multiyear GCP migration. I'm pleased to report we only have a few customers remaining before we can fully decommission our private data centers. Finishing this project will unlock significant operating leverage and provides a modern, scalable foundation for our future innovation. This serves as the foundation for our Studio360 platform, as the central nervous system for modern finance, its power begins with a unified data layer.

一切始於基礎設施。一個重要的里程碑是我們歷時多年的 GCP 遷移工作即將完成。我很高興地報告，在我們徹底關閉私人資料中心之前，只剩下少數客戶了。完成這個專案將釋放巨大的營運槓桿，並為我們未來的創新提供現代化、可擴展的基礎。這構成了我們 Studio360 平台的基礎，作為現代金融的中樞神經系統，它的力量始於統一的資料層。

Powered by our partnership with Snowflake, this layer is now leveraged by 90% of our customer base for advanced reporting in less than one year. This helped us achieve an approximately 80% cost reduction in data storage. The real game changer for Studio360 is our progress in open connectivity. Our platform was architected from the ground up to be ERP-agnostic and our Studio360 integrated capability extends his vision far beyond ERPs to third-party financial systems. This ability to rapidly connect to any data source can allow customers to realize financial transformation much more quickly.

由於我們與 Snowflake 的合作，不到一年時間，我們 90% 的客戶群就利用這一層進行高階報告。這幫助我們實現了資料儲存成本降低約 80%。Studio360 真正的變革在於我們在開放連結方面取得的進展。我們的平台從一開始就被設計成與 ERP 無關，而我們與 Studio360 的整合功能將他的視野遠遠擴展到 ERP 以外的第三方財務系統。這種快速連接任何資料來源的能力可以讓客戶更快實現財務轉型。

We're also seeing good momentum with our ERP connectors. Our Oracle Fusion Connector is already live with over 50 customers and our Workday and D365 connectors are already being used by paying early adopter clients. This success is now unlocking the full potential of Studio360 for our large portfolio of Oracle, Workday and Microsoft customers. This powerful platform infrastructure is enhancing our entire solution portfolio from our newest technology for our most established products. The performance improvements are dramatic.

我們的ERP連接器也發展勢頭良好。我們的 Oracle Fusion 連接器已上線，擁有超過 50 位客戶；我們的 Workday 和 D365 連接器也已被付費的早期採用者客戶使用。這項成功正在為我們龐大的 Oracle、Workday 和 Microsoft 客戶群釋放 Studio360 的全部潛力。這個強大的平台基礎設施正在增強我們的整個解決方案組合，從我們最新的技術到我們最成熟的產品。性能提升非常顯著。

For example, our new big data matching solution built on this modern stack delivers a 98% reduction in match times and handles nearly 30 times the data volume or our previous solution, which we see as tangible proof of our ability to deliver at any scale. We are also accelerating the delivery of new innovation. Our high-frequency reconciliation solution was adopted by 10 customers shortly after its general availability in Q3 and is already helping build a multimillion-dollar pipeline. And this just isn't about new products, we are also driving product-led growth within our core. For established solutions like Journals, we've introduced new self-service capabilities for several common use cases, allowing customers to realize value faster and at a lower cost.

例如，我們基於這款現代技術堆疊所建構的全新大數據匹配解決方案，匹配時間縮短了 98%，處理的資料量幾乎是我們先前解決方案的 30 倍，我們認為這是我們有能力在任何規模下交付的實際證明。我們也在加快新科技的推出。我們的高頻對帳解決方案在第三季正式推出後不久就被 10 位客戶採用，並且已經在幫助建立一個價值數百萬美元的業務管道。這不僅關乎新產品，我們還在核心業務領域推動以產品為導向的成長。對於像 Journals 這樣的成熟解決方案，我們針對幾個常見用例引入了新的自助服務功能，使客戶能夠以更低的成本更快地實現價值。

And importantly, this unified trusted data ecosystem is the essential fuel for our Igentic AI capabilities named Verity. Now I want to spend a moment on this because in a world of intense AI hype and uncertainty, it is critical to understand why we see AI as a significant opportunity that deepens our competitive advantage. Our moat is not built on a single attribute on a powerful combination of our proprietary data and our deep expertise in delivering trusted, auditable solutions to the office of the CFO. First is our expertise and trust and auditability.

更重要的是，這種統一可信賴的資料生態系統是我們名為 Verity 的 Igentic AI 功能的重要燃料。現在我想花點時間談談這個問題，因為在人工智慧炒作和不確定性盛行的今天，理解為什麼我們將人工智慧視為一個能夠加深我們競爭優勢的重大機會至關重要。我們的護城河並非建立在單一屬性之上，而是建立在我們專有數據和我們在為首席財務官辦公室提供值得信賴、可審計的解決方案方面的深厚專業知識的強大組合之上。首先是我們的專業技術、信譽和可審計性。

In the office of the CFO, Black Box AI is a nonstarter, trust, transparency and auditability are paramount. Our entire platform was built from the ground up to be a system of record with a complete unbroken auto trial. Our approach is validated by our recent ISO 4201 certification for responsible AI which formalizes our commitment to governance, risk management and human oversight. In a world of increasing regulation, we view our deep, culturally ingrained expertise in building auditable enterprise-grade systems that finance leaders and their auditors trust is a massive competitive advantage.

在財務長辦公室，黑盒人工智慧是行不通的，信任、透明度和可審計性至關重要。我們的整個平台從零開始構建，旨在成為一個具有完整不間斷自動試用功能的記錄系統。我們最近獲得了 ISO 4201 負責任人工智慧認證，這驗證了我們的方法，也正式確立了我們對治理、風險管理和人工監督的承諾。在監管日益嚴格的世界裡，我們認為我們在建立可審計的企業級系統方面擁有深厚的、根植於企業文化的專業知識，而這些系統深受財務領導者及其審計人員的信賴，這是一項巨大的競爭優勢。

And second is data, AI models are only as good as the data they are trained on, and we believe our data is unique. It is not just that we have data from over 4,000 customers of all sizes across all industries and all geographies, is that we have the historical financial and operational data set for our customers going back to the day they started with BlackLine.

其次是數據，人工智慧模型的好壞取決於訓練數據的質量，而我們相信我們的數據是獨一無二的。我們不僅擁有來自 4000 多家不同規模、涵蓋所有行業和地區的客戶的數據，而且還擁有客戶自與 BlackLine 合作以來的歷史財務和營運數據集。

This proprietary data set represents the accumulated knowledge of what thousands of companies have done to close their books and manage their financial operations. We believe we are sitting on a wealth of process-specific data, which we are only at the early stages of utilizing. This can allow us to deliver unparalleled value. We can provide industry-specific benchmarking that shows the customer how their processes compare to their peers and where they can improve. We are able to train our AI models on the most intricate cases by industry in a secure, auditable way because we have the real world historical data to do so.

這本專有資料集代表了數千家公司在結帳和管理財務營運方面所累積的知識。我們相信我們掌握著大量與流程相關的具體數據，而我們目前仍處於利用這些數據的早期階段。這將使我們能夠提供無與倫比的價值。我們可以提供行業特定的基準分析，向客戶展示他們的流程與同行相比如何，以及他們可以在哪些方面進行改進。我們能夠以安全、可審計的方式，針對各行業最複雜的案例訓練我們的人工智慧模型，因為我們擁有真實的歷史資料。

This combination of proprietary data and our leadership in trusted auditable systems is precisely why we believe we are positioned to win with AI in the office of the CFO. And this is just not a theoretical advantage. We are translating this directly into product reality. We began deploying Vera, our conversational AI to our customer base in October, just one month after its debut at BeyondtheBlack. With Vera as the supervisor of our agentic workforce, we are launching a suite of powerful agents to execute high-value tasks.

正是由於我們擁有專有數據以及在可信賴的可審計系統方面的領先地位，我們才相信我們有能力在首席財務官辦公室的人工智慧領域取得成功。這不僅僅是理論上的優勢。我們將這理念直接轉化為產品現實。我們在 10 月開始向我們的客戶群部署我們的對話式人工智慧 Vera，而 Vera 的首次亮相僅僅一個月後，它就在 BeyondtheBlack 大會上。在 Vera 作為我們智能體團隊的主管的帶領下，我們正在推出一系列功能強大的智能體來執行高價值任務。

For example, we already prepare our agent for account reconciliations has shown they can deliver even higher levels of automation for customers in a trusted and auditable manner. Soon, we will deploy VeritoCollect to deliver agenda capabilities to our invoice to cash customers, automating customer outreach and accelerated cash collection cycles. These initial agents are the first step in our broader strategy to address the full spectrum of financial operations. Future releases will target other complex areas across record-to-report and invoice-to-cash, including agents focused on high-volume transaction matching, variance analysis, remittance automation and on-demand financial analysis.

例如，我們已經對代理商進行帳戶核對，結果表明他們能夠以可信賴且可審計的方式為客戶提供更高水準的自動化服務。不久之後，我們將部署 VeritoCollect，為我們的發票到現金客戶提供議程功能，實現客戶聯絡自動化和加快現金收款週期。這些初始代理商是我們更廣泛策略的第一步，該策略旨在解決金融營運的各個方面。未來的版本將針對記錄到報告和發票到現金等其他複雜領域，包括專注於大批量交易匹配、差異分析、匯款自動化和按需財務分析的代理。

In parallel, we are executing a proof of concept with SAP to ensure the seamless technical and commercial integration of our AI-powered solutions into their ecosystem. This is a critical step in aligning our platforms and preparing to monetize our joint offering for our shared customer base.

同時，我們正在與 SAP 進行概念驗證，以確保我們的人工智慧解決方案能夠無縫地融入他們的生態系統，以實現技術和商業上的整合。這是協調我們的平台並為我們共同的客戶群實現聯合產品盈利做好準備的關鍵一步。

And finally, our focus on innovation and AI also extends to the implementation process. Our efforts to reinvent the implementation process are already delivering significant results. In Q3, the number of customer go lives increased by nearly 70% year over year and 17% sequentially. This is a powerful proof point of our team's improved execution and directly contributed to our services revenue this quarter.

最後，我們對創新和人工智慧的關注也延伸到了實施過程。我們為改善實施流程所做的努力已經取得了顯著成效。第三季度，客戶上線數量年增近 70%，季增 17%。這有力地證明了我們團隊執行力的提升，並直接促進了我們本季的服務收入成長。

More importantly, it means our customers are realizing the value of their investments faster. We are also applying our AI strategy to go to the next level. We are preparing to launch implementation agents designed to automate and standardize the most common phases of deployment. We will begin piloting these agents with customers later this month before scaling them globally in the first quarter of 2026.

更重要的是，這意味著我們的客戶能夠更快地實現投資價值。我們也在運用人工智慧策略，邁向新的高度。我們正準備推出實施代理，旨在自動化和標準化最常見的部署階段。我們將於本月稍後開始對這些代理商進行客戶試點，然後在 2026 年第一季將其推廣到全球。

Our focus on efficiency extends across the entire business and is organized around two key initiatives, creating a more efficient operational structure and leveraging AI to drive internal productivity. We have further adjusted our cost base for greater operating leverage. We have aggressively optimized our global footprint by moving headcount from high-cost to lower-cost locations.

我們對效率的關注貫穿整個業務，並圍繞著兩項關鍵舉措：創建更有效率的營運結構和利用人工智慧來提高內部生產力。我們進一步調整了成本基礎，以獲得更大的營運槓桿。我們積極優化了全球佈局，將員工從高成本地區轉移到低成本地區。

When I joined as Co-CEO, our workforce was overly concentrated in high-cost locations. As we exit this year, approximately 25% of our BlackLine professionals are delivering for customers in lower-cost geographies. This strategic shift provides a significant and durable structural advantage on margin as we move forward. In parallel, we closed offices in high-cost areas while opening or expanding talent hubs in lower cost centers like India, Poland, Romania, and Mexico. Our confidence in AI comes from firsthand experience, we are not just selling this transformation, we are living it.

當我擔任聯合執行長時，我們的員工過於集中在高成本地區。今年底，我們 BlackLine 約有 25% 的專業人員在低成本地區為客戶提供服務。這項策略轉變將為我們未來的發展帶來顯著且持久的利潤率結構性優勢。同時，我們關閉了高成本地區的辦事處，同時在印度、波蘭、羅馬尼亞和墨西哥等成本較低的中心開設或擴大了人才中心。我們對人工智慧的信心源自於親身經歷，我們不只是在兜售這種變革，我們正在親身經歷它。

Internally, we have aggressively created and deployed AI tools to become a more efficient and innovative company. Today, BlackLiners are leveraging our internal AI platform or third-party AI tools in their daily work. The results in our product organization are promising. Nearly all of our engineers are leveraging AI tools today and our most active developers are completing over 100% more poll requests than less active users. This is not just about coding faster. It is about delivering value to customers faster.

在公司內部，我們積極開發和部署人工智慧工具，以成為一家更有效率、更具創新力的公司。如今，BlackLiners 在日常工作中都利用我們內部的 AI 平台或第三方 AI 工具。我們產品部門的成果令人鼓舞。如今，我們幾乎所有的工程師都在使用人工智慧工具，而我們最活躍的開發人員完成的投票請求數量比不活躍的用戶多出 100% 以上。這不僅僅是提高編碼速度的問題。關鍵在於更快為客戶創造價值。

Our innovation cycle time, the time from an initial idea to that feature being in a customer's hands, has improved by 23% year over year, with over 160 features and products being released this year.

從最初的想法到客戶實際使用該產品，我們的創新週期時間比前一年提高了 23%，今年已發布了 160 多項功能和產品。

We have also created our own AI tools to drive efficiency, reduce costs and better serve our customers globally. Our recent example is our own internal AI translation services for our solutions that can rapidly create and provide documentation and training for customers in multiple languages, allowing us to not only reduce costs but ensure we provide consistent and high-quality experiences for our customers. This internal adoption is a powerful efficiency engine. We view it as an opportunity to bend the curve on future costs and accelerate revenue growth through innovation. In summary, while operational improvements are never done, we have made real strides in how we run the business.

我們也開發了自己的AI工具，以提高效率、降低成本並更好地服務全球客戶。我們最近的一個例子是我們自己的內部 AI 翻譯服務，它可以快速創建並提供多種語言的文檔和培訓，這不僅可以降低成本，還可以確保為客戶提供一致且高品質的體驗。這種內部採納是提高效率的強大引擎。我們認為這是一個透過創新來扭轉未來成本趨勢並加速收入成長的機會。總而言之，雖然營運改善永無止境，但我們在業務運作方面已經取得了真正的進步。

Our strategy is clear and our execution is showing tangible results. While I am pleased with this progress, our team remains intensely focused on the execution that lies ahead.

我們的策略清晰明確，執行也取得了實質成果。雖然我對目前的進展感到滿意，但我們的團隊仍然高度專注於接下來的執行工作。

The leading indicators we have seen this year all point to a business that is accelerating. These factors give us great confidence in our ability to deliver sustained profitable growth consistent with what we have previously shared at our past two Investor Days.

今年我們看到的各項領先指標都顯示，企業正在加速發展。這些因素讓我們對實現持續獲利成長的能力充滿信心，這與我們之前在前兩次投資者日上分享的內容一致。

With that, I will turn the call over to Patrick to provide more detail on the financials and our outlook.

接下來，我將把電話交給派崔克，讓他詳細介紹財務狀況和我們的前景。

Thank you, Owen. Our third-quarter financial results reflect the execution Owen has laid out. Disciplined operational management, combined with steady progress across key indicators that point to continued acceleration through the end of this year and into next. I'll walk through the details of the quarter and our guidance for the remainder of this year as well as a preliminary view into 2026. Total revenue grew to over $178 million, up 7.5%.

謝謝你，歐文。我們第三季的財務表現反映了歐文所製定的計畫的執行情況。嚴謹的營運管理，加上各項關鍵指標的穩定提升，預示今年底乃至明年將繼續加速發展。我將詳細介紹本季業績和我們對今年剩餘時間的展望，以及對 2026 年的初步展望。總營收成長至超過 1.78 億美元，成長 7.5%。

Subscription revenue grew 7%, with services revenue growth of 13% due to accelerated project delivery in the quarter. Annual recurring revenue, or ARR, was $685 million, up 7.3%. We continue to see tangible evidence of deepening customer commitment in our forward-looking metrics. Total RPO growth was 12.4% and current RPO was up 8%. For reference, our average contract length was 27 months this quarter, up versus last year and sequentially.

訂閱收入成長 7%，服務收入成長 13%，這得益於本季專案交付速度加快。年度經常性收入（ARR）為 6.85 億美元，成長 7.3%。從我們的前瞻性指標中，我們持續看到客戶忠誠度不斷加深的實際證據。RPO 總量成長了 12.4%，目前 RPO 成長了 8%。作為參考，本季我們的平均合約期限為 27 個月，比去年同期和上一季均有所成長。

And more importantly, new customer contract length was up nearly 10 months versus the prior year. Calculated billings grew 4% in the quarter. This figure has an embedded 4-point headwind, which is largely timing related. As we continue to win larger, more complex enterprise deals, we have seen some customers move forward with quarterly versus annual billing terms. Our trailing 12-month billings growth, which helps normalize for these effects was 7%.

更重要的是，新客戶合約期限比前一年增加了近 10 個月。本季計算出的帳單金額增加了 4%。這個數字包含了 4 個百分點的逆風，這主要與時間有關。隨著我們不斷贏得規模更大、更複雜的企業級交易，我們看到一些客戶開始採用按季度而非按年計費的條款。過去 12 個月的帳單成長率為 7%，這有助於消除這些影響。

Our customer count of 4,424 this quarter reflects our strategic resegmentation of the market moving away from lower-end customers. We project this transition to be substantially complete in the first half of next year.

本季我們的客戶數量為 4,424 人，這反映了我們對市場的策略性重新細分，我們正逐步減少對低端客戶的依賴。我們預計這項過渡將在明年上半年基本完成。

Our revenue renewal rate in the third quarter was 93%, up versus the prior year and the prior quarter driven by healthy enterprise performance in the upper 90s with middle market in the mid-80s.

第三季度，我們的營收續約率達 93%，高於上年同期和上一季度，這主要得益於企業客戶業績良好，續約率接近 90%，中端市場續約率也達到 80% 左右。

Net retention rate for the quarter was 103%, which includes a full point of headwind from FX. On NRR, we also saw net user adds slow in advance of customers adopting our platform pricing model and evaluating our AI road map. We continue to see a positive shift in our sales mix towards higher-value solutions. Our strategic products accounted for 36% of sales this quarter, up from 32% last year. This growth is a direct result of our go-to-market teams leveraging our unified platform to drive larger multi-solution deals. Demand was particularly strong for our market-leading intercompany and invoice to cash solutions.

本季淨留存率為 103%，其中包括匯率波動帶來的一個百分點的不利影響。在 NRR 方面，我們也看到，在客戶採用我們的平台定價模式並評估我們的 AI 路線圖之前，淨用戶成長速度放緩。我們的銷售組合持續向高價值解決方案轉變，呈現正向趨勢。本季，我們的策略產品佔銷售額的 36%，高於去年的 32%。這一成長直接得益於我們的市場推廣團隊利用我們的統一平台推動了更大規模的多解決方案交易。市場對我們市場領先的公司間交易和發票到現金解決方案的需求尤其強勁。

SolEx was seasonally steady in Q3, accounting for 26% of total revenue. Looking ahead, our Q4 SolEx pipeline is solid, and we are executing against it with several deals already closed in October, positioning us for a solid finish to the year. Turning to margin. Our non-GAAP subscription gross margin remained strong at 82%. Our aggregate non-GAAP gross margin was approximately 79%, reflecting a higher mix of services revenue this quarter due to the strong performance at accelerated project delivery from our teams.

SolEx 在第三季表現穩定，佔總營收的 26%。展望未來，我們第四季度的SolEx項目儲備充足，並且我們正在積極推進，10月份已經完成了幾筆交易，這為我們今年圓滿成功奠定了基礎。轉向邊距。我們的非GAAP訂閱毛利率維持強勁，達到82%。本季度，由於我們團隊在加速專案交付方面表現出色，服務收入佔比有所提高，因此我們的非GAAP毛利率約為79%。

Non-GAAP operating margin was 21.4%, driven by better productivity across our GTN teams this quarter and reflects costs from our BeyondTheBlack event, which took place in September.

本季非GAAP營業利潤率為21.4%，這得益於我們GTN團隊生產力的提高，並反映了我們在9月份舉辦的BeyondTheBlack活動的成本。

Non-GAAP net income attributable to BlackLine was $38 million, representing a 21% non-GAAP net income margin. We delivered a record quarter for cash flow. Operating cash flow was $64 million and free cash flow was $57 million. This performance was driven by the combination of strong collections execution from our team and the timing of certain payments within the quarter.

BlackLine 的非 GAAP 淨利潤為 3,800 萬美元，非 GAAP 淨利潤率為 21%。我們本季現金流創下歷史新高。經營活動產生的現金流為 6,400 萬美元，自由現金流為 5,700 萬美元。這一業績得益於我們團隊強有力的收款執行以及本季度內某些款項的及時到賬。

Regarding our balance sheet and capital allocation, we have approximately $804 million in cash, cash equivalents, and marketable securities versus $895 million in debt.

關於我們的資產負債表和資本配置，我們擁有約 8.04 億美元的現金、現金等價物和有價證券，而債務為 8.95 億美元。

Finally, we continue to execute on our capital allocation strategy this quarter. We returned approximately $113 million to shareholders through the repurchase of 2.1 million shares. This brings our year-to-date total to over $200 million and underscores our confidence in the long-term value of our business.

最後，本季我們將繼續執行資本配置策略。我們透過回購 210 萬股股票，向股東返還了約 1.13 億美元。這使我們今年迄今的總收入超過 2 億美元，並凸顯了我們對公司長期價值的信心。

Now turning to guidance for the fourth quarter of 2025. We expect total GAAP revenue to be in the range of $182 million to $184 million, representing approximately 7.4% to 8.6% growth. We expect non-GAAP operating margin to be in the range of 24% to 25%. And we expect non-GAAP net income attributable to BlackLine to be in a range of $42 million to $44 million or $0.58 to $0.61 on a per share basis. Our share count is expected to be about 75.1 million diluted weighted average shares.

現在展望2025年第四季。我們預計 GAAP 總收入將在 1.82 億美元至 1.84 億美元之間，約佔 7.4% 至 8.6% 的成長。我們預計非GAAP營業利潤率將在24%至25%之間。我們預計歸屬於 BlackLine 的非 GAAP 淨利潤將在 4,200 萬美元至 4,400 萬美元之間，即每股 0.58 美元至 0.61 美元。預計我們的稀釋加權平均股數約為7510萬股。

And for the full year 2025, our updated guidance is as follows: We expect total GAAP revenue to be in the range of $699 million to $701 million, representing approximately 7% to 7.3% growth. We expect non-GAAP operating margin to be in the range of 22% to 22.5%.

對於 2025 年全年，我們更新後的業績指引如下：我們預計 GAAP 總收入將在 6.99 億美元至 7.01 億美元之間，約佔 7% 至 7.3% 的成長。我們預計非GAAP營業利潤率將在22%至22.5%之間。

And finally, we expect our non-GAAP net income attributable to BlackLine to be $153 million to $157 million or $2.08 to $2.13 on a per share basis. Our share count is expected to be about 76.6 million diluted weighted average shares.

最後，我們預計歸屬於 BlackLine 的非 GAAP 淨利潤為 1.53 億美元至 1.57 億美元，即每股 2.08 美元至 2.13 美元。預計我們的稀釋加權平均股數約為7660萬股。

While we still have two months left in the year, the trends we see across the business give us increasing confidence in our preliminary outlook for 2026. Based on our strong pipeline, the adoption of our platform pricing model and operational improvements, we expect to deliver a combination of accelerating revenue growth and continued margin expansion next year, assuming a stable macro environment. The balanced approach to growth and profitability gives us increasing confidence on our path to achieving the Rule of 40 targets we outlined at our Investor session recently.

雖然今年還有兩個月的時間，但我們從整個業務中看到的趨勢讓我們對 2026 年的初步展望越來越有信心。基於我們強大的專案儲備、平台定價模式的採用以及營運方面的改進，我們預計在宏觀環境穩定的情況下，明年將實現收入成長加速和利潤率持續擴大的雙重目標。成長和獲利能力的平衡發展方式，讓我們對實現最近在投資者會議上提出的「40法則」目標越來越有信心。

Owen?

歐文？

Thank you, Patrick. And before we go to Q&A, let me just say that we are obviously aware of the recent market commentary about BlackLine. As a matter of policy, we do not comment on market rumors or speculation. The Board and management team engaged with shareholders routinely as well as constructively, and we will continue to do so, and that is all we intend to say on this topic.

謝謝你，派崔克。在進入問答環節之前，我想先說明一下，我們顯然已經注意到最近市場上關於 BlackLine 的一些評論。根據公司政策，我們不對市場傳言或猜測發表評論。董事會和管理團隊一直與股東進行定期且建設性的溝通，我們將繼續這樣做，關於這個主題，我們只想說這些。

Operator, could you please now open up the line for questions. Operator?

接線員，現在可以開通提問通道了嗎？操作員？

(Operator Instructions)

（操作說明）

Operator, we're ready for questions when you are.

接線員，我們隨時準備回答您的問題。

Patrick O'Neill, Wolfe Research.

Patrick O'Neill，Wolfe Research。

Just kind of wanted to touch on the commentary around some large customers pausing user adds as they weigh options around Studio360 platform pricing in some of your AI offerings, is sort of the right way to read that? Is that maybe some fields or some net new ARR slipped in the quarter as a result? And maybe -- can you just help us quantify in terms of net new ARR, the impact on these dynamics? And is that something you expect to continue into 4Q? Or is that just sort of idiosyncratic to the quarter?

我只是想談談一些大客戶暫停添加用戶，因為他們正在權衡 Studio360 平台在你們某些 AI 產品中的定價方案，這樣理解對嗎？這是否意味著本季某些領域的淨新增ARR有所下滑？或許——您能否幫我們量化一下，從新增淨 ARR 的角度，這些動態變化的影響？你預計這種情況會延續到第四季嗎？或者這只是該季度的特有現象？

Yeah. No. So I think it's a good question. And we did see some deals slip at the end of the quarter. Obviously, with the Verity announcement, in particular, a lot of interest in in AI.

是的。不。所以我覺得這是一個很好的問題。而且我們確實看到一些交易在季度末有所延遲。顯然，Verity 的發布尤其引起了人們對人工智慧的極大興趣。

And so -- and we have seen that continuing uptick in conversations right through today. And so a lot of, as you can imagine, interested in what BlackLine has to offer, did cost us probably a couple of million dollars of delay deals at the end of the third quarter that are now in the fourth quarter. Some of them have closed during the month of October, others will close, we think over the balance of the next couple of quarters. I do think that what we're seeing in the pipeline certainly is showing a real increase on the larger end of deals for mega enterprise and the enterprise space. Those deals tend to take a bit longer but they are much more important for what we're trying to do as an organization as we move customers onto our platform and take a full advantage of all of the capabilities that underline the Studio360 platform.

因此——而且我們已經看到，直到今天，相關討論仍在持續增加。因此，正如你所想，很多人對 BlackLine 的產品很感興趣，這導致我們在第三季末損失了數百萬美元的延期交易，這些交易現在都推遲到了第四季度。其中一些企業已於 10 月關閉，其他企業將在接下來的幾個季度內關閉，我們預計情況會有所變化。我認為，我們目前看到的專案儲備確實表明，大型企業和大型企業領域的交易數量正在真正增加。這些交易往往需要更長的時間，但對於我們作為一個組織來說，它們更為重要，因為我們正在將客戶轉移到我們的平台上，並充分利用 Studio360 平台的所有功能。

(Operator Instructions)

（操作說明）

Operator, do you have more questions? Operator?

操作員，您還有其他問題嗎？操作員？

Just a second, sir.

稍等片刻，先生。

For all the listeners, apologies, it seems the operator is having some technical difficulties that he's trying to get sorted out, so please just bear with us again, apologies.

各位聽眾朋友們，很抱歉，操作員似乎遇到了一些技術問題，他正在努力解決，所以請大家再耐心等待，再次致歉。

We have Patrick O'Neill from Wolfe Research in the queue.

我們已經安排了來自 Wolfe Research 的 Patrick O'Neill 參與討論。

Operator, we just completed that one. The next person in the queue should be Rob Oliver from Baird. Can you please let him then to ask his question. Thank you.

操作員，我們剛完成那項操作。下一個排隊的人應該是來自貝爾德公司的羅伯奧利弗。請讓他問出他的問題好嗎？謝謝。

Thank you. Mr. Oliver?

謝謝。奧利佛先生？

Rob Oliver, Baird.

羅布·奧利弗，貝爾德。

Can you guys hear me okay?

你們能聽清楚我說話嗎？

Yes. And I'm very sorry about what's going on here.

是的。我對這裡發生的事情深感抱歉。

Awesome. No problem, as well. So I guess I wanted to go back to flesh out the previous question just a little bit. So as you guys -- I guess something this quarter took you guys by surprise. And as you move through this transition, I just wanted to ask philosophically about this issue of automation and customers and seat versus platform?

驚人的。沒問題。所以我想再補充一下之前的問題。所以，我想你們也是一樣——這季度發生的一些事情讓你們感到意外。在您經歷這轉型過程中，我想從哲學層面探討自動化、客戶以及席位與平台之間的關係問題？

Because what it seems to me is what you guys laid out last year was a strategic shift, which enables customers to capture value without necessarily needing to commit on the seat side. So is it a logo churn that you guys are seeing of size as well as seat count internally around the model transition and the new platform?

在我看來，你們去年提出的方案是一項策略轉變，它使客戶能夠在不一定要購買座位的情況下獲得價值。所以，你們是否也看到了車型過渡和新平台帶來的內部變化，包括標誌更換、規模變化以及座位數量變化？

And then I had a quick follow-up for Patrick. Just wanted to better understand that.

然後我又向派崔克快速詢問了一個後續問題。我只是想更好地理解這一點。

Yes. Thanks, Rob. I think that here's what we're seeing in the business and what gives the team and me confidence that makes us really increasingly confident that we can deliver on the commitments that we said we would do for the business. We have laid out, as you know, guidance to return to our growth rates to the mid-teens as well as improve operating margin and return capital through share repurchases. When you think about all of this together, right, there's obviously four pieces.

是的。謝謝你，羅伯。我認為，這就是我們在業務中看到的情況，也是讓團隊和我有信心的事情，讓我們越來越有信心履行我們對業務所做的承諾。如您所知，我們已經制定了指導方針，目標是恢復到十幾個百分點的成長率，提高營業利潤率，並透過股票回購返還資本。當你把所有這些放在一起考慮時，很明顯，這其中包含四個部分。

There's gross bookings, there's churn, there's what we're doing on the expense side and then obviously, attrition management. From a gross bookings perspective, what you should understand is our performance this year is showing the ability to land larger, more transformational deals with customers. New customer bookings, as we said, were up over 40% this quarter, and our net average deal sizes have doubled since last year. The pipeline has continued to grow, and it is really beginning to ripen, a continuation of the trend that we see. Now obviously, the bigger deals we do, particularly the mega enterprise, the enterprise space, take 10, 12 months to happen.

有總預訂量、客戶流失率、我們在支出方面所做的工作，當然還有人員流失管理。從總預訂量來看，你應該明白，我們今年的業績顯示我們有能力與客戶達成更大、更具變革性的交易。正如我們所說，本季新客戶預訂量成長超過 40%，淨平均交易規模比去年翻了一番。該項目持續成長，並且正在真正成熟，這是我們所看到的趨勢的延續。很顯然，我們做的更大的交易，特別是大型企業、企業領域的交易，需要 10 到 12 個月才能完成。

For us, what we're seeing now is on a year-to-date basis through the third quarter, our gross bookings growth was about 15%, and we expect to go through the fourth quarter with growth in gross bookings at about approximately 20%. And we expect that growth rate to continue throughout next year on the gross bookings side. So what that is showing and improving is that we can win in the market. We're taking market share. We know all about that.

就我們目前的情況來看，截至第三季末，我們的總預訂量成長了約 15%，我們預計第四季的總預訂量成長率將達到約 20%。我們預計明年總預訂量將繼續保持這一增長速度。所以這表明並改善的是，我們可以在市場上取得成功。我們正在搶佔市場份額。我們對此都非常清楚。

The second piece of this then you talked about is churn. On churn, the headwind for us has been and will be for a couple more quarters, is that strategic deemphasis of the lower-end customer base that is really beginning to near its conclusion. We expect that the abatement to take place by the midyear of next year. And what's really driving that is the rigorous qualification and customer selection processes that we put in place in the middle of '23 when Therese and I stepped into the role. So remember, most of our deals are three years back then, they are now sort of rolling off the books.

然後你提到的第二個面向是客戶流失。關於客戶流失，我們面臨的不利因素一直是，而且在未來幾季內仍將如此，那就是我們對低端客戶群的策略性忽視，而這種忽視實際上已經接近尾聲。我們預計減排工作將於明年年中完成。而真正推動這一切的，是我們在 2023 年年中，我和 Therese 接任該職位時所製定的嚴格的資格審查和客戶篩選流程。所以請記住，我們當時的大部分交易都是三年前達成的，現在它們正逐漸從帳面上消失。

The other key thing besides the change in customer selection is we have radically revamped how we do implementations with our partners and our own team, focusing much more on just go lives. We're really focused on the outcomes for our customers and all indications of all new customers that have now come in, in the last couple of years, they're very well adopted as we move forward. We talked a little bit in message about expenses as well. So we've made a lot of changes to the organization to strengthen the foundation. This work really focused on operational efficiency.

除了客戶選擇的變化之外，另一個關鍵點是我們徹底改變了與合作夥伴和我們自己的團隊進行實施的方式，更加重視上線。我們非常關注客戶的成果，而且種種跡象表明，過去幾年所有新客戶都很好地融入了我們的業務，我們將繼續向前發展。我們也簡單聊了聊費用問題。因此，我們對組織結構進行了許多調整，以加強基礎。這項工作主要側重於營運效率。

I know I get a lot of questions about effectiveness of go-to-market. But what this now allows us to do is scale very efficiently with a very modern platform stack of things that we're trying to do to optimize the cost base and importantly, we've been able -- beginning to be able to decouple revenue growth from operating costs. So we expect that to drive further expansion -- margin expansion and greater levels of free cash flow next year. That's what's sort of giving us confidence on the margin side. Now let me turn to the last piece, which was part of your question, Rob, and that relates to attrition.

我知道我常被問到關於市場推廣效果的問題。但現在，我們能夠利用非常現代化的平台堆疊高效地擴展規模，我們正在努力優化成本基礎，更重要的是，我們已經能夠——開始能夠將收入成長與營運成本脫鉤。因此，我們預計這將推動明年的進一步擴張——利潤率擴張和自由現金流水準提高。這正是讓我們對利潤率有信心的原因。現在讓我來談談最後一個問題，羅布，這也是你問題的一部分，這個問題與人員流失有關。

This is an area of intense focus for us around the leadership team, something we expect to work through this year and into next. And we really are experiencing two types of attrition that we're working our way through. The first, for lack of a better term, is success-based attrition, where customers have really been achieving very high levels of efficiency and effectiveness with BlackLine that are actually requiring fewer user licenses. It's what the core value of the proposition is the value proposition what BlackLine delivers, but it's suboptimal for us for long term. It's the reason we've been trying to drive towards platform pricing because we recognize we have to decouple our growth from seat count and align that with the values and outcomes we're driving on behalf of our customers.

這是領導團隊重點關注的領域，我們希望在今年和明年解決這個問題。我們目前確實面臨兩種類型的人員流失，我們正在努力克服這些問題。第一個（暫且這麼稱呼吧）是基於成功的用戶流失，即客戶在使用 BlackLine 後確實達到了非常高的效率和效果，因此實際需要的用戶許可證數量更少。這正是方案的核心價值所在，也是 BlackLine 所提供的價值主張，但從長遠來看，這對我們來說並非最佳選擇。這就是我們一直努力推行平台定價的原因，因為我們認識到，我們必須將成長與席位數脫鉤，並使其與我們代表客戶所追求的價值觀和成果保持一致。

With the release of Verity AI, along with the accelerated innovation across our core product and Studio360 platform, it allows us to go deeper and broader with customers leveraging the trust and brand permission that we've built. So we view that as a positive trade-off for the medium to long term, even if it's impacted us a little bit on attrition this year.

隨著 Verity AI 的發布，以及我們核心產品和 Studio360 平台的加速創新，我們能夠利用我們建立的信任和品牌授權，與客戶進行更深入、更廣泛的合作。因此，我們認為從中長期來看，這是一個積極的權衡，即使它在今年對我們的人員流失產生了一些影響。

Now the other piece that's really critical is attrition that relates to underadoption of our solutions. We have been dealing with that really through two parts of what we're trying to accomplish. One is we've been aggressively leveraging the data that we now have to better understand our customers' usage and engage with these less adopted customers to get them back on a path via our Studio360 platform and the underlying solutions.

現在另一個非常關鍵的因素是與我們的解決方案未充分利用相關的流失率。我們實際上是透過我們試圖實現的兩個目標來處理這個問題的。一方面，我們一直在積極利用我們現在擁有的數據，更好地了解客戶的使用情況，並與這些不太接受我們的客戶互動，透過我們的 Studio360 平台和底層解決方案，讓他們重新走上正軌。

We're using this information in a way that allows us to have very meaningful and candidly, sometimes very difficult conversations amongst and between our customers, the ERP providers, the implementation partners and BlackLiners. The second piece of this really relates to our multiyear renewal efforts, which have been coupled also with the changes we've made around implementations to the processes, what we're doing with our partners, with our customers as well as the optimization of what work we're doing. This combination has really allowed us to reengage with customers and deepen and broaden the relationships that we have with them. If you remember when Therese and I stepped into the role, we talked about elevating in the office of the CFO. That is happening now.

我們正在利用這些訊息，以便我們能夠在客戶、ERP 提供者、實施合作夥伴和 BlackLiners 之間進行非常有意義、坦誠，有時甚至是非常艱難的對話。第二部分實際上與我們多年的續約工作有關，這也與我們圍繞流程實施所做的改變、我們與合作夥伴和客戶的合作以及我們工作的優化密切相關。這種組合確實讓我們能夠重新與客戶建立聯繫，並加深和拓展我們與他們的關係。如果你還記得我和特蕾莎剛上任時，我們討論過如何在財務長辦公室提升自己。這種情況現在正在發生。

And the positive of that, again, is it allows us to have these deeper, broader conversations. But in the short term, we've still been dealing with some attrition. But as I mentioned before, we expect to see gross bookings grow about 20% next year. And we expect to see based on the actions we're taking on churn and attrition, at least a reduction of 10%, if not 15% in CNA for 2026.

而這樣做的好處在於，它使我們能夠進行更深入、更廣泛的對話。但短期內，我們仍面臨一些人員流失問題。但正如我之前提到的，我們預計明年總預訂量將成長約 20%。我們預計，根據我們針對客戶流失和人員流失所採取的措施，到 2026 年，CNA 的流失率至少會降低 10%，甚至可能達到 15%。

So when you put all that together, as we think about where we're going, the increase the stronger gross bookings growth, the declining churn, the greater expense management and a very clear plan on reducing attrition is giving us the confidence that we're sort of communicating to deliver the top line and the bottom line results we have committed at Investor Day, and we expect to deliver that in 2027 compared to the range where we gave you from 2027 through 2029 in the long-range plan.

因此，綜合考慮所有這些因素，當我們思考未來的發展方向時，更強勁的總預訂量增長、不斷下降的客戶流失率、更有效的費用管理以及非常明確的降低客戶流失率計劃，都讓我們有信心實現我們在投資者日承諾的營收和利潤目標，並且我們預計在 2027 年就能實現這些目標，而我們在長期計劃中給出的目標

So I know, Rob, that was a long question. I think you -- or a long answer, you said you had a follow-up question, so what's the next part of your question, please?

我知道，羅布，你問了個很長的問題。我想你──或者說，你剛才說你還有一個後續問題，那請問你的問題接下來是什麼？

Yeah. I appreciate it. It was going to be for Patrick. Patrick, just on I guess, catching up with you guys kind of over the last couple of quarters, there's been some positive indications around customers that do adopt the new pricing model and kind of what the kind of like-for-like pricing is. So I know that you guys have had -- you broke out some nice numbers on the bookings side of customers taking the new platform?

是的。謝謝。原本是給派崔克的。派崔克，我只是想說，在過去的幾個季度裡，我和你們聊了聊，有一些積極的跡象表明，一些客戶確實接受了新的定價模式，而且這種定價方式與同類產品定價方式類似。我知道你們在新平台的用戶預訂方面取得了一些不錯的成績？

And any early indications there of kind of on the pricing side, if you're still seeing -- I mean, obviously, notwithstanding the fact that you're seeing some seat-based churn, are there customers where you're still seeing the kind of uplifts you expected to see?

在定價方面，是否有任何早期跡象表明——我的意思是，顯然，儘管你看到了一些基於座位數的流失，但你是否仍然看到一些客戶出現了你預期中的那種增長？

Thanks, Rob. Yeah, we are. So when we started I guess, introducing this platform pricing, which we started domestically here in the United States in Q1 and then internationally in Q2, we had a plan. And we continue to be ahead of that plan in terms of the amount of bookings or conversions what we've had to that. We are well ahead of that plan from a new logo standpoint.

謝謝你，羅伯。是的，我們是。所以，我想，當我們開始推出這個平台定價模式時（我們在第一季在美國國內率先推出，然後在第二季推廣到國際市場），我們制定了一個計劃。就預訂量或轉換率而言，我們一直領先於該計劃。從新標誌的角度來看，我們遠遠領先於該計劃。

As you heard in the prepared remarks, we landed a large deal, our largest deal ever in terms of TCV, and that was on platform pricing. So from a new logo perspective, we are well ahead of our plan. We have seen an uptick in Q3 in our installed base, our existing customers adopting this. And in combination, we still continue to be ahead of our plan that we laid out earlier this year from a platform pricing perspective.

正如你們在準備好的演講稿中聽到的那樣，我們達成了一筆大交易，就總合約價值而言，這是我們有史以來最大的一筆交易，而且是平台定價方面的交易。所以從新標誌的角度來看，我們的進度遠遠超前計畫。第三季度，我們的裝機量有所成長，現有客戶也開始採用這項技術。綜合來看，從平台定價的角度來看，我們仍然領先於今年稍早制定的計畫。

(Operator Instructions) Chris Quintero, Morgan Stanley.

（操作說明）克里斯昆特羅，摩根士丹利。

Really great to hear about the expected acceleration into next year. I guess as you kind of just mentioned bookings growth of about 20% expected next year. If you would kind of distill that into maybe the top three factors, what's really driving that booking strength and improvement here as you go into next year?

很高興聽到明年有望加速成長的消息。正如你剛才提到的，預計明年預訂量將成長約 20%。如果要把這些因素歸納為最重要的三個因素，那麼是什麼真正推動了明年預訂量的強勁成長和提升呢？

Yeah. Thanks, Chris. I would say the biggest thing, again, has been us changing the conversations and having them at higher levels in organizations, and seeing and being able to talk to our customers truly about digital finance transformation. So we've been sort of working our way through being viewed as a point solution to more of a platform. Those conversations, the capabilities, the innovation that we've been able to bring to the market in the last two years is resonating very well.

是的。謝謝你，克里斯。我認為最重要的一點是，我們改變了對話方式，在組織內部更高層級展開對話，並且能夠真正與客戶探討數位金融轉型。因此，我們一直在努力從被視為單一的解決方案，轉變為更全面的平台。在過去兩年裡，我們所進行的這些對話、所展現的能力以及我們推向市場的創新都引起了很好的迴響。

One of the things that Jeremy and the team have done has listened very closely to our customers. And so you look at the amount of new product and innovation we rolled out last year, that same thing this year, and then the road map we have, our customers are really starting to see us in a way that says we are going to be a true partner for them as they go through digital finance transformation. I think the other thing is the work we do with our partners. If you remember, one of the strategic choices we made a couple of years ago was to call out a lot of partners, and we have deepened the relationships with the blue chip firms that are out there in the world. And they also are part of those conversations we're having with customers about digital financial information.

傑里米和他的團隊所做的一件事就是非常認真地傾聽客戶的意見。因此，看看我們去年推出的新產品和創新數量，以及今年同樣如此，再加上我們制定的路線圖，我們的客戶開始真正認識到，我們將成為他們在數位金融轉型過程中真正的合作夥伴。我認為另一點是我們與合作夥伴共同進行的工作。如果你還記得的話，幾年前我們做出的策略選擇之一就是與許多合作夥伴建立聯繫，我們加深了與世界一流公司的關係。他們也是我們與客戶就數位金融資訊進行對話的一部分。

Many of those folks are working with CFOs and Chief Accounting Officer, Corporate Controllers every day. And so that is certainly a piece of it. It's the access and the conversations at a higher level. Our guys have really raised their game in the conversations when they're out there talking with customers. And then candidly, so much of it is about the product-led growth that we've been trying to drive.

他們中的許多人每天都與財務長、首席會計官和公司財務總監打交道。所以，這當然是其中的一部分。這是更高層次的交流和對話機會。我們的員工在與客戶溝通時，溝通能力確實提高了不少。坦白說，這很大程度上與我們一直努力推動的產品驅動型成長有關。

I mean, again, one of the things that, that we've gotten back to doing really well is listening to the voice of our customer and building solutions that work for what they're trying to accomplish, but now doing that through the lens of a platform versus just a point solution.

我的意思是，我們重新做好的一件事就是傾聽客戶的聲音，並建立能夠幫助他們實現目標的解決方案，但現在我們是透過平台而不是僅僅透過點解決方案來實現這一點的。

So those are the things, Chris, that are showing up. And again, when you look at our pipeline and how it's maturing, so much of that is on the higher end of the market, which is really where we see we can deliver a lot of value for our customers.

克里斯，以上就是目前出現的問題。再看看我們的產品線及其成熟情況，其中許多都屬於高端市場，而這正是我們認為能夠為客戶創造許多價值的地方。

Awesome. And then I wanted to follow up on the competition angle. It seems like on this call in your prepared remarks, you were talking more about kind of competitive takeaways than you have in the past. Is that kind of the right takeaway here? And I guess, like what's really working well for you to take some deals away from your competitors here?

驚人的。然後，我想進一步探討一下競爭方面的問題。看來在這次電話會議上，您在事先準備好的發言稿中，更多地談到了競爭方面的經驗教訓，這與以往有所不同。這樣理解對嗎？那麼，你們究竟是如何從競爭對手手中搶走一些訂單的呢？

Yeah. So we are seeing a nice uptick in competitive wins. I think, again, a lot of this talks about -- I think at one level, BlackLine is viewed as a very safe choice in the office CFO. We've got a proven track record.

是的。因此，我們看到比賽勝利數量出現了不錯的增長。我認為，許多討論都集中在一點上——我認為在某種程度上，BlackLine 被視為辦公室財務長 (CFO) 的一個非常安全的選擇。我們有良好的業績記錄。

The quality of our implementations continues to get better with our partners, the optimization, the trust and brand that we built, the products that we're bringing to bear, the scale with which we can operate. It was talked about some of the new things we can do in the marketplace. And so all of that is sort of just giving our customers that much more confidence that we can deliver on our promises. I think one of the things that I like to tell our team all the time, we're not necessarily in the business of selling software or in the business of delivering outcomes for our customers and doing that with our partners and our clients, that's really starting to show very, very nicely, and that's helping us in our win rates and obviously being able to rely on existing customers to serve as references to other customers. It's very compelling.

我們與合作夥伴的合作不斷提升了我們的實施方案的質量，優化了我們的方案，建立了我們的信任和品牌，推出了我們的產品，並擴大了我們的營運規模。會上討論了一些我們可以在市場上開展的新業務。因此，所有這些都旨在讓我們的客戶更加相信我們能夠兌現承諾。我一直跟團隊強調的一點是，我們不一定非得是做銷售軟體或為客戶交付成果的業務，而是與我們的合作夥伴和客戶一起實現這一目標。這一點已經開始顯現出非常好的效果，這有助於提高我們的成交率，而且顯然，我們還能依靠現有客戶為其他客戶提供參考。它非常引人入勝。

And then the last piece of that, that we are seeing is we are really deep in a lot of different industries and the ability to sort of connect those experiences. So when we're going in, we're not just talking about accounting and finance. We're talking about accounting and finance specific to that industry.

最後一點是，我們看到我們深入了許多不同的行業，並且有能力將這些經驗聯繫起來。所以當我們深入探討時，我們不僅僅是在談論會計和財務。我們討論的是該行業特有的會計和財務問題。

And then, by the way, when we can show where we've done it elsewhere for a peer set, it gives our customer base, which tends to be a little bit risk-averse, that much more confident on what we can deliver because we've proven we can do it elsewhere already.

順便說一句，當我們能夠向同行展示我們在其他地方取得的成就時，這會讓我們的客戶群（他們往往有點規避風險）對我們能夠交付的產品或服務更有信心，因為我們已經證明我們在其他地方能夠做到這一點。

Alex Sklar, Raymond James.

Alex Sklar，Raymond James。

Owen, maybe for you on SAP, a lot of optimism on building pipeline throughout the year with some of the changes there. I think the comments where you've got a good start to the Q4 selling season, but what else from the BlackLine side, are you still focused on to really inflect that opportunity?

歐文，或許對你來說，SAP 的一些變化讓你對今年建立銷售管道充滿樂觀。我認為評論中提到，你們第四季的銷售季開局不錯，但BlackLine方面，你們還有哪些重點工作來真正把握這個機會？

Yeah. Look, I think the health of the SAP relationship overall is really solid. And I think we mentioned in the prepared remarks, the joint proof of concept that we're working with them from an AI perspective, we continue to put the innovation that we're creating here through their PQ process.

是的。我認為，整體而言，SAP 的合作關係非常穩固。我想我們在準備好的演講稿中提到過，我們正在與他們從人工智慧的角度進行聯合概念驗證，我們將繼續透過他們的產品資格認證流程來驗證我們在這裡創造的創新。

Obviously, having Stuart Van Houghton and a number of other people that have joined from SAP be part of the go-to-market framework, has all worked very, very well. I think we mentioned in one of the earlier calls, the point that we were now sharing customer success or customer usage between BlackLine and SAP, which was something brand new.

顯然，讓 Stuart Van Houghton 和其他一些從 SAP 加入的人員參與市場推廣框架，一切都進行得非常順利。我想我們在之前的某通通話中提到過，我們現在在 BlackLine 和 SAP 之間共享客戶成功案例或客戶使用情況，這在以前是全新的。

We now have sort of dedicated customer success people on both sides of the SAP BlackLine relationship that will really help us to reduce some of the attrition we sometimes see in that partnership because now we're focusing in a way that, quite frankly, we hadn't been able to do in the past and again, gives us that confidence we're going to see the attrition rate drop in 2026 and beyond. So those are all the things that are going on. There's lots of activity taking place in each of the markets. I just came back from a couple of weeks in Asia Pac. Some of my other colleagues also went over to Asia Pac, where we met with the leaders in the different countries over there.

現在，我們在 SAP BlackLine 合作關係的雙方都配備了專門的客戶成功人員，這將真正幫助我們減少有時在該合作關係中看到的客戶流失，因為現在我們正以一種坦率地說我們過去無法做到的方式進行關注，這也再次讓我們有信心，我們將在 2026 年及以後看到客戶流失率下降。以上就是所有正在發生的事情。各個市場都非常活躍。我剛從亞太地區待了兩週回來。我的其他一些同事也去了亞太地區，我們在那裡會見了不同國家的領導人。

So obviously, it's nice to hear things coming out of LA and Waldorf, but what's more important or what's the boots on the ground, I think those are where the relationships are getting better and deeper. And so we're seeing nice progress there across the board.

所以很顯然，聽到洛杉磯和沃爾道夫的消息固然令人高興，但更重要的是實地考察，我認為實地考察才是關係變得更好、更深入的關鍵。因此，我們看到各方面都取得了不錯的進展。

Okay. Great. And maybe a follow-up for Patrick. Just in terms of kind of the 2026 outlook. You think you said kind of factor and consistent macro. I know it's something that's been tougher to project this year. How would you kind of -- how are you characterizing the macro? So we've talked about some of the things your customers are facing with kind of platform pricing and Studio360 adoption.

好的。偉大的。或許還需要為帕特里克做個後續報道。僅就 2026 年的展望而言。你認為你提到了某種因素和一致的宏觀經濟。我知道今年預測這件事變得更困難。你會如何描述宏觀經濟情勢？我們已經討論了一些您的客戶在平台定價和 Studio360 採用方面面臨的問題。

But from a macro standpoint, like how has that progress since Q1 when we kind of started talking about the different scenarios through third quarter November here? And what are you exactly factoring for next year?

但從宏觀角度來看，自第一季我們開始討論不同情境以來，到第三季（截至11月）進展如何？那麼，你對明年的具體考量是什麼？

Yeah, thank you. So with regard to the macro environment that would lead to the 20% growth rate that Owen indicated, it would be the environment that we're in today. So when we were thinking about back in April and evaluating the potential impact of tariffs, we found that, that largely did not have an impact on the business this year.

是啊，謝謝。因此，就歐文所指出的能夠帶來 20% 成長率的宏觀環境而言，那就是我們今天所處的環境。因此，當我們回顧四月的情況並評估關稅的潛在影響時，我們發現，今年關稅對業務的影響總體上並不大。

So when we talk about a macroenvironment going forward, if we maintain the current state that we're in today, that is the basis for the projection that we were casting upon 2026.

所以，當我們談論未來的宏觀環境時，如果我們保持目前的狀態，這就是我們對 2026 年做出預測的基礎。

Look, I think the one thing that we're all trying to work with our customers on here is you've probably seen there's about 1 million corporate job layoffs, I think, over the last couple of months. A lot of that necessarily -- or not necessarily, but it's in the back office, and that's certainly creating some opportunities for us to talk with our customers about how they can use BlackLine because of the efficiency that we're driving for our customers and you power that with what the -- what we're demonstrating to them around AI. And so it could become a little bit of a tailwind versus a headwind depending on how these companies choose to move forward.

你看，我認為我們所有人都在努力與客戶共同解決的一件事是，你可能已經看到，在過去的幾個月裡，大約有 100 萬個企業職位被裁減。很多工作必然——或者不一定，但它都在後台進行，這無疑為我們創造了一些機會，讓我們能夠與客戶討論他們如何使用 BlackLine，因為我們正在為客戶提高效率，而這一切都離不開我們向他們展示的人工智能技術。因此，這可能會成為一股順風還是一股逆風，取決於這些公司選擇如何前進。

Fascinating to me in my trips around the world in the last month, and I've spent a lot of time on the road in markets that I would have thought would have been slower or more resistant to adopting the kinds of change that you sort of sometimes see in North America, that is accelerating throughout the rest of the world. And so I think again, that sort of is a bit of a positive tailwind from where I sit today.

在過去一個月的環球旅行中，我發現了很多有趣的事情。我花了很多時間在路上，走訪了一些我原本以為會比較慢或更抗拒接受變革的市場，而這種變革在北美有時會發生，但在世界其他地方卻正在加速發生。所以我覺得，就我目前的情況來看，這算是個正面的順風。

Patrick Walravens, Citizens.

派崔克‧沃爾拉文斯，市民。

Great. And it's nice to see that the -- you're starting to see the signs of what you've been working on for so long.

偉大的。很高興看到——你開始看到你長期以來努力的成果了。

I'm right, Patrick.

我說得對，派崔克。

We're well impatient over here. I'm sure you are, too.

我們這邊都非常不耐煩了。我相信你也是這麼想的。

I hadn't noticed.

我沒注意到。

My question for you is you made an interesting comment. You said that the conversations between the ERP providers, the customers and the implementation partners can be very difficult, why is that?

我想問你的是，你剛才的評論很有意思。您提到 ERP 供應商、客戶和實施合作夥伴之間的溝通可能非常困難，這是為什麼呢？

Well, because you wind up with customers serve have sometimes these views of how quick their transformation is going to go, how easy it's going to be. You replaced an ERP system. That's a complicated project. People change priorities change, things get emphasized, deemphasized and everybody wants to think it's, well, just slam in the technology, and it will be in Nevada. And it's not -- that's not the answer.

因為客戶有時會對他們的轉型速度和難易度產生這樣的看法。您更換了一套ERP系統。那是個複雜的項目。人們的優先事項會改變，事情會受到重視，也會被忽視，每個人都想認為，嗯，只要把技術一股腦兒地塞進去，一切就會在內華達州發生。但事實並非如此——這不是答案。

It's about not only changing the technology, it's making sure you change all the processes that go with that and then also helping people through the change management of what all this takes. And so it's very easy for somebody to say, well, it's only because of X, but it often is because of X, Y, Z and A, B, C. And so what we're trying to do more of now is engaged and lean into those conversations.

這不僅是改變技術，還要確保改變所有與之相關的流程，然後還要幫助人們完成所有這些變革所需的管理工作。所以，人們很容易說，這只是因為X，但通常是因為X、Y、Z以及A、B、C。因此，我們現在努力做的更多是積極參與並深入探討這些主題。

And what we're seeing is positive, it's showing up in the multiyear renewals because we're forcing things that maybe we had in the past wouldn't have done is getting these customers back on that journey and showing them what the art of the possible is. It's so critical from my vantage point around Studio360 to have the blueprints that are part of that.

我們看到的結果是正面的，這體現在多年續約上，因為我們正在推動一些過去可能不會做的事情，那就是讓這些客戶重新踏上這段旅程，並向他們展示各種可能性。從我的角度來看，Studio360 的藍圖至關重要。

It's so critical that we can now talk about the ability to integrate, the ability to sort of orchestrate what they're doing to visualize it and then have the control and compliance that's on top of all that, those things that we're forcing into a conversation that, candidly, it isn't always the easiest thing to do, but sitting there are not engaging doesn't do anybody any good.

現在，我們能夠討論整合能力、協調他們正在做的事情並將其視覺化的能力，以及在此基礎上進行控制和遵守的能力，這一點至關重要。我們正在努力促成這樣的對話，坦白說，這並不總是一件容易的事，但坐在那裡不參與對任何人都沒有好處。

And again, where we're seeing, I think, the uptick is our customers signing up for multiple years because they know they got to get back on this journey. And I think the other thing that's interesting about this a little bit, Patrick, I'm not sure it's scientific, I also think now that people are getting back in offices, face-to-face conversations are a good thing to have and are sort of driving some of the changes in how things are beginning to unfold.

而且，我認為，我們看到的成長點是我們的客戶簽訂多年合約，因為他們知道自己必須重新踏上這段旅程。派崔克，我覺得這件事還有一點挺有意思的，我不確定這是否科學，但我認為現在人們都回到了辦公室，面對面的交流是一件好事，而且某種程度上也推動著事情的發展變化。

Yeah. I agree with that. Okay. And then Patrick, two quick ones for you. So first of all, I mean, why does -- you're in line on EPS this quarter. So you took the EPS for the year down by $0.05 to $0.11 bottom top of the range, so for Q4. Why is that?

是的。我同意。好的。派崔克，還有兩個問題想問你。首先，我的意思是，為什麼——你們本季的每股盈餘符合預期。所以，你把全年的每股盈餘預期下調了 0.05 美元，範圍從最低點到最高點 0.11 美元，也就是第四季的每股盈餘預期。這是為什麼？

There's two factors there, Patrick. The first one is you're talking about non-GAAP net income is the interest that we earn on our cash balance. And as we indicated earlier, we have purchased $200 million plus in stock this year as part of our share buyback program, which is driving down the interest that we earn on that. The second driver is the big beautiful bill. while that has provided an infusion of cash flow for us and many other businesses, it does not change our non-GAAP tax expense. So the expense remains constant from a provision standpoint, but we do have a cash flow benefit from that bill.

派崔克，這裡有兩個因素。首先，您提到的非GAAP淨收入是指我們從現金餘額中獲得的利息。正如我們之前提到的，作為股票回購計畫的一部分，我們今年已經購買了超過 2 億美元的股票，這降低了我們從中獲得的利息收入。第二個驅動因素是巨額帳單。雖然這為我們和其他許多企業帶來了現金流，但它並沒有改變我們的非GAAP稅項支出。因此，從準備金的角度來看，支出保持不變，但我們確實從該帳單中獲得了現金流收益。

Okay. And then the second question is just so we understand clearly what you guys are saying about the -- about next year. So at your financial analyst session, you presented two slides. One was the target model framework. I'm sure you know it by heart, right, which starts with total revenue growth of 13% to 16%.

好的。第二個問題是為了讓我們清楚地了解你們所說的關於明年的事情。所以，在你的財務分析師會議上，你展示了兩張投影片。其中之一是目標模型框架。我相信你對此早已爛熟於心，對吧？總收入成長13%至16%。

I think it goes all the way down to your operating margin. And then you had another slide which showed your commitment to the Rule of 40, which had you at 38% in '27 and 40% in '28. So what exactly is it that we're going to see in '26 now?

我認為這最終取決於你的營業利潤率。然後，你又展示了一張投影片，顯示你對「40法則」的承諾，該法則使你在 2027 年達到了 38%，在 2028 年達到了 40%。那麼，2026年我們究竟會看到什麼呢？

In 2026, you will see at least a Rule of 33 as we committed to in Las Vegas.

到 2026 年，你們將看到至少一項“33 法則”，正如我們在拉斯維加斯所承諾的那樣。

Okay. So is there any acceleration of this framework?

好的。那麼，這個框架有任何加速發展的空間嗎？

For 2027, yeah, Patrick. That's where, again, we talked about what we're seeing from a gross bookings perspective, what we're doing on the churn and what we're seeing on the expense side. So as we think about the revenue growth, that's really when we get to that teen growth number in '27, we'll see an acceleration of revenue throughout the year. We think we'll see an acceleration on the bottom line. But the real impact of that will work its way throughout the financial statements throughout the course of the year and again, then show up pretty clearly starting in 2027.

是的，派崔克，到 2027 年吧。在那裡，我們再次討論了從總預訂量的角度來看我們看到的情況，我們在客戶流失方面採取的措施，以及我們在支出方面看到的情況。所以，當我們考慮收​​入成長時，當我們在 2027 年達到十幾歲的成長數字時，我們將看到全年收入加速成長。我們認為獲利將會加速成長。但其真正的影響將在今年的財務報表中逐漸顯現，並且從 2027 年開始會更加明顯地顯現出來。

Okay. So target model framework slide now, that's now through '27?

好的。所以現在的目標模型框架投影片，是到2027年為止的嗎？

Yes.

是的。

Steve Enders, Citi.

史蒂夫恩德斯，花旗集團。

Okay. Great. I guess I want to go back to just the 20% kind of bookings commentary and I guess the view of that kind of accelerating from where we're at today. Just I guess, what is it that you're seeing like gives the confidence around that picking up going into Q4 and then going into next year?

好的。偉大的。我想回到之前那種預訂量成長 20% 的預期，以及從我們目前的情況來看，這種成長速度將會加速的趨勢。我想問的是，您認為是什麼因素讓您對第四季以及明年的成長充滿信心？

And then I guess, on the other side of that, you also the commentary around this kind of transition going from the headcount impacts to kind of driving that platform model? I'm just trying to understand, I guess, the kind of like puts and takes to kind of make that 20% happen there?

然後，我想，另一方面，你也應該談談這種從人員規模影響到推動平台模式轉變的評論吧？我只是想弄清楚，大概就是那種買賣交易，是如何促成那20%的成長的？

Yeah. So on the on the gross bookings side. If you remember, starting in September of last year, we started to communicate that the pipeline was starting to grow. And that has grown even right through the month of October. Every month, we continue to see progress on the size of the opportunities and the brands that we want to be doing business with.

是的。所以，從總預訂量來看。如果你還記得的話，從去年九月開始，我們就開始宣布管道建設正在逐步擴大。而且這種情況一直持續到十月。每個月，我們都能看到合作機會的規模以及我們希望與之合作的品牌不斷擴大。

That's what's driving that growth is the conversations that our people are engaging within customers as well as a great work that our marketing team is doing in the marketplace. So you watch that and you can see how it's progressing through the stages of sales. And so that's what gives us the confidence of what we expect to see in the fourth quarter and then what we're seeing heading into next year.

推動成長的因素是我們員工與客戶進行的對話，以及我們行銷團隊在市場上所做的出色工作。所以你觀察一下，就能看到它是如何一步步完成銷售各階段的。因此，這讓我們對第四季以及明年的發展充滿信心。

Remember, it takes a good 10, 12 months for stuff in the mega enterprise space, the enterprise space to make its way to what we do in the pipeline compared to the mid-markets, maybe four to six months. And so everything we would have expected -- or we're trying to drive, excuse me, not expected, from the quality of that pipeline, from the customers we're engaging with, the partners that we're pursuing those opportunities with and the level of engagement from those customers will give us a much higher degree of confidence as we work our way through, and we've seen the acceleration of gross bookings throughout the course of the year and now beginning to really see that pick up in the fourth quarter.

請記住，大型企業領域、大型企業領域的產品需要 10 到 12 個月的時間才能進入我們的研發流程，而中型市場可能只需要 4 到 6 個月。因此，我們所期望的一切——或者說，我們正在努力推動的，抱歉，不是期望的一切——來自渠道的質量，來自我們正在接觸的客戶，來自我們正在尋求這些機會的合作夥伴，以及來自這些客戶的參與程度，都將使我們更有信心，因為我們一直在努力推進，而且我們已經看到全年總預訂量都在加速增長，現在開始在第四季度真正看到這種增長。

And when you start to then look at the beginning, or into next year, you can see the pipeline that started in January, working its way right up through the end of October continuing to mature its way through. And so that is what gives us confidence because we have enough pipeline to deliver what we've just said around an increase in the gross bookings. So that's the first piece. And hopefully, that's responsive to your question.

當你開始展望年初或明年時，你會發現從一月開始，一直到十月底，整個流程都在不斷完善中成熟。因此，這給了我們信心，因為我們有足夠的專案儲備來實現我們剛才所說的總預訂量成長的目標。這是第一部分。希望這能解答你的問題。

The second piece is there was a lot of work that we had to do to reposition BlackLine to get to become a $1 billion company. I would say that when I look back with where the infrastructure was, it was probably better suited for a $250 million company than somebody trying to get to $1 billion. And so all the things that have taken place in go-to-market in the G&A part of the business and the product and tech, that has been being worked on through multiple angles, really culminating for where we are today and the ability to move forward with much more operating leverage in the business going forward. And so it's just the investments you would make that accelerate, make it easier for our people to conduct their jobs and we are seeing the increases in productivity.

第二點是，我們做了很多工作來重新定位 BlackLine，使其成為一家市值 10 億美元的公司。回顧當時的基礎設施狀況，我認為它可能更適合一家市值 2.5 億美元的公司，而不是一家試圖達到 10 億美元規模的公司。因此，在業務的 G&A 部分、產品和技術方面所進行的市場推廣工作，從多個角度進行了努力，最終促成了我們今天所取得的成就，並使我們能夠在未來的業務運營中獲得更大的槓桿作用。因此，正是你們所做的投資加速了生產效率的提高，使我們的員工更容易開展工作，我們也看到了生產效率的提高。

I'm thrilled to see a 30% increase in productivity from a quota-carrying rep. And I think Stuart and his team are just getting started on that as we move forward.

我很高興看到一位有績效指標的銷售代表的生產力提高了 30%。我認為隨著我們不斷前進，史都華和他的團隊才剛開始這項工作。

The things that Jeremy Young and his team are doing about productivity from our engineers is phenomenal. And so we're seeing us taking advantage of revamping our processes, using technology as well as the change management we need to drive in the organization. So we feel pretty comfortable that we're going to be able to decouple revenue growth by adding heads all the time to drive that revenue. If we don't need to do that as we scale out the business. It doesn't mean we won't add quota-carrying wraps, doesn't mean that we won't add product and tech professionals as appropriate, but it's not going to be that high correlation that you would have seen from BlackLine previously.

Jeremy Young 和他的團隊在提高我們工程師的生產力方面所做的工作非常出色。因此，我們看到我們正在利用改進流程、運用技術以及推動組織變革所需的變革管理來取得進展。因此，我們很有信心能夠透過不斷增加人手來推動收入成長，從而實現收入成長與成本脫鉤。如果隨著業務規模的擴大，我們不需要這樣做的話。這並不意味著我們不會增加配額製包裝，也不意味著我們不會酌情增加產品和技術專業人員，但不會像以前 BlackLine 那樣具有很高的相關性。

And I think that's where we see, again, the opportunity to both accelerate top line growth as well as accelerate bottom line performance.

我認為，這正是我們再次看到的機會，既可以加速營收成長，也可以加速獲利成長。

Okay. That's great to hear. And then maybe to follow up on past question on just the next year kind of view. I guess appreciate saying that 33% number. I guess maybe asked a little bit differently, like if I'm looking at where consensus numbers are for next year, I think it's at high 8%, almost 9% growth. Is that the right ballpark in terms of how you're thinking about now? Or how should we maybe think about the mix of growth and margin to get to that 33% number?

好的。聽到這個消息真是太好了。然後或許可以針對之前的問題，談談來年的展望。我想說，33%這個數字還挺有趣的。我想或許可以換個方式問，例如，如果我看看明年的普遍預期，我認為成長率會在 8% 到 9% 之間。就你現在的想法而言，這個範圍大致正確嗎？或者，我們應該如何考慮成長和利潤率的組合才能達到 33% 這個數字呢？

I think you're largely thinking about it correctly. But obviously, we're -- our target of a Rule of 33 for 2026 is our minimum expectation in terms of what we're going to achieve next year. So yeah, we're aware that the consensus number is 8.8%. We do have confidence in our growth profile for next year and our ability to achieve at least the Rule 33.

我認為你的想法基本上都正確。但很顯然，我們——我們2026年實現33法則的目標是我們明年要達到的最低預期。是的，我們知道普遍認可的數字是 8.8%。我們對明年的成長前景以及至少達到規則 33 的能力充滿信心。

Jake Roberge, William Blair.

傑克‧羅伯格，威廉‧布萊爾。

Great to hear about the pipeline strength, but can you give us some more color on what you're seeing with close rates and win rates, just given the divergence between pipeline, gross bookings and then also ARR growth would just be helpful to understand what you're seeing on that front.

很高興聽到銷售管道強勁的消息，但您能否更詳細地介紹一下成交率和得標率的情況？考慮到銷售管道、總預訂量和年度經常性收入成長之間存在差異，這將有助於我們了解您在這方面看到的情況。

Yeah. Look, I think our win rate is probably up about percentage points from where it was. So if -- and I'm just going to use a number, if it was 20%. Now you could look at it maybe 22%, right? Those are lower than they actually are, but just using it that way.

是的。你看，我認為我們的勝率可能比以前提高了幾個百分點。所以如果——我就用一個數字來說，如果是 20%。現在你可以把它看作是 22%，對吧？這些數值比實際值低，但我們就這麼用吧。

So we see that uptick and close in win rates. And we can tell we're taking share from somebody out in the marketplace. And so that has been very encouraging. And we expect that, that is going to continue, if not accelerate even a little bit more, just again, given all the things that the responsiveness we're getting from our customers around the platform pricing, understanding better what Studio360 really is all about and then all the work that the team has done around very AI. It's sometimes hard for me to process the amount of change that we've driven into the company last year and this year, just on the product and tech side.

所以我們看到勝率上升並接近收窄。我們可以看出，我們正在從市場上的某些競爭對手中搶佔市場份額。這非常令人鼓舞。我們預計這種情況將會持續，甚至可能加速發展，這再次證明了我們的客戶對平台定價的積極回應，以及他們對 Studio360 的真正理解，以及團隊在人工智慧方面所做的一切努力。有時我很難理解去年和今年我們在產品和科技上為公司帶來的改變之大。

It's one thing to sell that into the marketplace -- delivered to the marketplace, all of the things to get your own people enabled on it, to understand it, buy into it, get comfortable with it and go out and tell that story. And again, we're seeing that our team is getting better and better at articulating that value proposition and engaging in conversations at a higher level in a broader as well as deeper way. And so that's what we're seeing. I don't know, Patrick, anything you want to add on particular numbers, but that's what's going on in the business right now.

將產品推向市場是一回事——將產品交付到市場，讓員工能夠使用它、理解它、接受它、適應它，然後出去講述這個故事，這才是關鍵。我們再次看到，我們的團隊越來越善於闡明這項價值主張，並以更廣泛、更深入的方式參與更高層次的對話。這就是我們所看到的。派崔克，我不知道你是否想對具體數字補充什麼，但這就是目前行業現狀。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

Sorry about that, I was on mute. So I totally appreciate right before the Q&A that you don't comment on media speculation. And I really do appreciate that level setting. And so -- but I do think it's important to ask, and I wanted to ask about how you're thinking about driving shareholder value from here. Whatever you can talk about from that lens would be really helpful, because I look at the third quarter growth, I look at the profitability, but balance against the duration adjusted billings growth of 7%. But then really, it sounds like bookings is having some good momentum, too. So whatever you could share on how you're thinking about driving shareholder value would be really helpful.

抱歉，我剛才靜音了。所以，我非常欣賞您在問答環節之前沒有對媒體的猜測發表評論。我真的很欣賞這種設定。所以——但我認為這個問題很重要，我想問您接下來打算如何提升股東價值。從這個角度來看，你所能談論的一切都將非常有幫助，因為我關注的是第三季的成長和獲利能力，但同時也要考慮經調整後的帳單成長（7%）。但實際上，預訂量似乎也呈現良好的成長動能。所以，如果您能分享一下您是如何考慮提升股東價值的，那就太好了。

Look, Koji, I think we're all fixated and focused on that every day, and I appreciate that you're not going to ask me about the market rumors. I think we meet with the Board on a regular basis. The Board is well aware of our responsibilities, fiduciary responsibilities to drive shareholder value and that's what we're trying to do by reaccelerating growth the way we've talked about it, driving bottom line performance, returning cash to shareholders. Those are the things that are within our control that we are executing every day. And we feel really good about that.

聽著，Koji，我覺得我們每天都把注意力集中在這件事上，我很感激你不會問我有關市場傳聞的問題。我認為我們會定期與董事會會面。董事會非常清楚我們的責任，即為股東創造價值的信託責任，而這正是我們努力的方向，即按照我們之前討論的方式重新加速增長，提高盈利能力，並將現金返還給股東。這些都是我們能夠控制的事情，也是我們每天都在做的事情。我們對此感到非常滿意。

And no one's asked me yet about AI, so hopefully, somebody will and why that's -- we don't view that as a threat to our business because I think that's the other thing that's held the share price down a little bit. I know certainly, when I talk to investors and analysts, they're always saying, well, isn't an AI going to put you out of business?

目前還沒有人問過我關於人工智慧的問題，所以希望以後會有人問，以及為什麼——我們不認為人工智慧會對我們的業務構成威脅，因為我認為這是導致股價略微下跌的另一個原因。我知道，當我與投資人和分析師交談時，他們總是說，人工智慧會不會讓你們破產？

And so Koji, as I answer, so I'm going to try to do it in two parts. I think we're doing everything we can. We're doing it even quicker now because things are finally converged on getting the bookings machine going, really dealing with the CNA challenge and managing expenses.

所以，Koji，我來回答這個問題，我會嘗試分成兩個部分來回答。我認為我們已經盡力了。現在我們進展得更快了，因為各項工作終於都集中在啟動預訂系統、真正應對 CNA 挑戰和管理支出。

On the AI side, where we seem to have been lumped in with everybody else and taking our lumps from that, we said in the prepared remarks, we believe we have two strong parts that reinforce and widen the moat as we operate around AI. First, we are viewed by our customers, but also by the world's leading accounting and auditing firms as well as the implementation partners as a very safe, reliable, trustworthy pair of hands. As Patrick says all the time, 95% right in accounting is 100% wrong. So we understand that responsibility clearly and has been in our DNA since the founding of the company.

在人工智慧方面，我們似乎被歸為一類，並因此遭受損失。我們在準備好的演講稿中表示，我們相信我們有兩個強大的組成部分，可以加強和擴大我們在人工智慧領域的競爭優勢。首先，我們的客戶、世界領先的會計和審計公司以及實施合作夥伴都認為我們是非常安全、可靠、值得信賴的合作夥伴。正如派崔克常說的，在會計中，95%的正確率等於100%的錯誤率。因此，我們清楚地認識到這項責任，並且自公司創立以來，這種責任感就已融入我們的基因之中。

Actually, even earlier today, I had a meeting with the leadership of one of the most critical bodies that works with companies, auditing firms and regulators, and the topic was about the role of AI in accounting and auditing because we want to make sure we're staying very closely aligned with the latest thinking and even shaping the thinking of what policies and guidance will be as AI makes its way forward.

事實上，就在今天早些時候，我與一個對企業、審計公司和監管機構至關重要的機構的領導層舉行了會議，會議主題是人工智慧在會計和審計中的作用，因為我們希望確保我們與最新的理念保持緊密聯繫，甚至在人工智慧發展的過程中，塑造政策和指導方針的思路。

The second piece that we talked about was the data that we have. And we are sitting on a information that we are really just beginning to use and our customers are beginning to see the power of that information. Interestingly, as we talk with finance teams and IT teams, two things are generally cropping up. First is these companies seem to be interested in buying proven solutions rather than taking a chance on less established brands as it relates to the financial close and consolidation.

我們討論的第二部分是我們擁有的數據。我們掌握著一些訊息，而我們才剛開始利用這些訊息，我們的客戶也開始意識到這些訊息的力量。有趣的是，當我們與財務團隊和 IT 團隊交談時，通常會提到兩件事。首先，這些公司似乎更傾向於購買成熟的解決方案，而不是在財務結算和合併方面冒險選擇較不知名的品牌。

And second, and this is important is the IT team and their initiatives -- AI initiatives seem focused more on their bigger business opportunities that could have an impact for their companies, and it is not centered on financial close and reporting as our priority. In fact, we're aware of a paper that's going to come out next week that's sort of just going to emphasize that, and it wasn't a paper, by the way, created by us.

其次，這一點很重要，那就是 IT 團隊及其舉措——人工智慧舉措似乎更側重於可能對公司產生影響的更大商業機會，而不是以財務結算和報告為重點。事實上，我們知道下週將會有一篇論文發表，這篇論文正好會強調這一點，順便說一句，這篇論文並不是我們寫的。

So the key for us as we move forward with AI is going to be able to provide AI solutions that remain reliable, transparent, auditable as well as cost effective for our customers.

因此，在我們推動人工智慧發展的過程中，關鍵在於能夠為客戶提供可靠、透明、可審計且經濟高效的人工智慧解決方案。

Now, one other data point that I would just share with you that is worth noting. Our roster of customers includes the world's leading technology companies. We have a who's who, it's incredible. And these companies are engaging with us on what we can do for them with AI. Even though they're selling AI out in the marketplace, the place they are not -- they don't seem to be interested in selling AI is in financial close and reporting.

現在，還有一點值得注意，我想跟大家分享一下。我們的客戶包括世界領先的科技公司。我們這裡匯集了各界精英，真是太棒了。這些公司正在與我們洽談，探討我們可以利用人工智慧為他們做些什麼。儘管他們在市場上銷售人工智慧，但他們似乎對在財務結算和報告領域銷售人工智慧不感興趣。

And so while there's no guarantee that they're going to use BlackLine AI, it does seem to support the statements I made above that their priorities are elsewhere, and they have an interest in what we're doing. And I think if we can convince the market that there is different pockets of who are going to be the winners and losers in the AI war, then we feel like we're going to be a winner in that. And hopefully, we'll get some pop out of that for our share price.

因此，雖然不能保證他們會使用 BlackLine AI，但這似乎支持了我上面所說的，即他們的優先事項在其他地方，而且他們對我們正在做的事情很感興趣。我認為，如果我們能讓市場相信，在人工智慧戰爭中，贏家和輸家會分成不同的群體，那麼我們就會覺得自己會成為贏家。希望這能提振我們的股價。

And again, on these conversations that I'm having with the various bodies that oversee public companies, auditors and the like, the regulation is going to take a really long time to get going. And so if anybody thinks that publicly traded companies and no matter what market they're operating in, are going to go do something really crazy around the financial close and consolidation and what they're willing to sign off on for a rep letter and everything else and in what they're communicating to the capital markets, we just don't see it happening anytime soon.

再次強調，在我與監管上市公司的各個機構、審計師等進行的這些對話中，監管的啟動還需要很長時間。因此，如果有人認為上市公司，無論它們在哪個市場運營，都會在財務結算、合併以及它們願意簽署的聲明函和所有其他事項上，在與資本市場的溝通中，做出一些非常瘋狂的事情，我們認為這種情況近期內不會發生。

And we see that we are really well positioned for the conversations that the customers who trust us and understand what we're doing. And so I think for us, we look at this as a real positive, but we have to obviously show that to the market.

我們看到，我們完全有能力與那些信任我們、了解我們所做的事情的客戶進行對話。所以我認為對我們來說，這是一個真正的好消息，但我們顯然需要向市場證明這一點。

Terry Tillman, Truist Securities.

Terry Tillman，Truist Securities。

This is Dominique Manansala on for Terry. So just considering the federal motion of early and FedRAMP unlocks future opportunity, how does adoption typically sequence here? Do you expect it to expand horizontally into additional agencies or more so very within a single agency into workloads like intercompany or impose to cash?

這是多米尼克·馬南薩拉替特里上場。考慮到聯邦政府的早期舉措以及 FedRAMP 為未來帶來的機遇，這裡的採用順序通常是怎樣的？您認為它會橫向擴展到其他機構，還是更傾向於在單一機構內部擴展到公司間業務或現金流量等工作量？

And on top of that, are there specific things that show in time to live once FedRAMP has achieved like maybe a shared service model or a preexisting or preexisting footprint?

此外，FedRAMP 實現之後，是否會有一些具體的事情能夠及時顯現出來，例如共享服務模式或預先存在的現有設施或佈局？

Yeah. It's a really good question, Dominique. And I think the answer to the first part of the question is both. What we're seeing is, like, for example, with the DOJ win that we had, I mean, that is now available to multiple agencies where they can -- within the DOJ, I forgot how many there are, but there are quite a few that have access and a number of them are now looking at what we have to offer. But I think the other thing that's been interesting is being able now to have more conversations across different federal agencies where there's a keen interest in what a BlackLine can offer.

是的。多明尼克，你問的這個問題真好。我認為問題的第一部分答案是兩者兼具。我們看到的情況是，例如，我們贏得了司法部的項目，我的意思是，現在多個機構都可以使用——在司法部內部，我忘了有多少個機構，但有相當多的機構可以使用，而且他們中的許多人現在正在研究我們能提供什麼。但我認為另一件有趣的事情是，現在能夠與不同的聯邦機構進行更多對話，這些機構對 BlackLine 能提供什麼非常感興趣。

And I think some of the very interesting conversations earlier on for what I would have argued were sort of our more traditional financial close capabilities around REX and matching and journals but I never think of the federal government as an intercompany opportunity. But interestingly, it has proven to be an intercompany opportunity because of all the interagency building and activity that goes on.

我認為，早些時候的一些非常有趣的對話，我認為是關於我們圍繞 REX、匹配和日記帳等更傳統的財務結算能力，但我從未將聯邦政府視為公司間的機會。但有趣的是，由於各機構間所進行的各種合作和活動，這反而成為了一個公司內部合作的機會。

So we're seeing plenty of opportunities very quickly across the federal space and even picking up now in the state space as well. So I think we sit here we're very confident that based on the feedback, BlackLine is a really terrific fit for the federal government space. The ability for to deliver automation, control, auditability for these agencies is really incredibly important to them. And given the pressure on the federal workforce, the opportunity for what BlackLine can do seems to be resonating very, very well as we're pursuing that marketplace.

因此，我們看到聯邦領域湧現大量機會，現在州級領域也出現了越來越多的機會。所以我覺得我們現在非常有信心，根據回饋來看，BlackLine 非常適合聯邦政府領域。對於這些機構而言，實現自動化、控制和可審計性的能力至關重要。鑑於聯邦政府工作人員面臨的壓力，BlackLine 所能提供的機會似乎引起了非常非常好的共鳴，因為我們正在開拓這個市場。

Great. That's helpful. And then just as a follow-up, in building an elite partner group and then being selective in where you invest or enablement dollars, how do you determine which partners get priority here? Is it -- does it influence on transformational deal formation, industry specialization or maybe contribution to source pipeline?

偉大的。那很有幫助。那麼，作為後續問題，在建立精英合作夥伴群體並有選擇地投資或賦能資金時，您如何確定哪些合作夥伴享有優先權？它是否會影響轉型交易的形成、產業專業化，或對資源管道的奉獻？

It's a couple of different things. So obviously, if you think about many of the partners that we work with, they often have dedicated teams that are almost sitting in the office of the CFO and Controller. So we try to work with those that have the strongest brand permission in those customers. We try not to sole source things. We tend to -- if a customer asks us for recommendation, we try to provide them at least three names, typically three names of partners that we work with, and we try to match that up with the organization's preference for their own customers.

這是兩件不同的事情。所以很明顯，想想我們合作的許多合作夥伴，他們通常都有專門的團隊，幾乎坐在財務長和財務總監的辦公室裡。所以我們努力與那些在消費者中擁有最強品牌認可的品牌合作。我們盡量避免只從一家供應商採購。我們通常會這樣做——如果客戶向我們尋求建議，我們會盡量提供至少三個名字，通常是我們合作的三個合作夥伴的名字，並且我們會盡量讓這些名字與該組織對其客戶的偏好相匹配。

But again, we work with a sort of a who's who list, but it's it's their permission in the space, it's their industry capabilities. If they've made the investments to really deepen their capabilities around certain products within BlackLine. So we've seen a real uptick in our critical partners trying to learn and understand even more about intercompany our invoice to cash solution. And so the better equipped they are for those, the higher the likelihood that we are to make a recommendation of them as at least one potential player in any opportunity. So that's sort of how it's worked so far.

但話說回來，我們合作的對像都是業內精英，但這都是因為他們在這個領域獲得了許可，因為他們具備行業能力。如果他們已經投入資金，真正加深了BlackLine旗下某些產品的能力。因此，我們看到，我們的重要合作夥伴對了解和進一步了解我們的公司間發票到現金解決方案的興趣顯著增加。因此，他們越能勝任這些工作，我們就越有可能在任何機會中推薦他們作為至少一個潛在參與者。目前為止，情況大致上就是這樣。

I will say it's a lot easier with a smaller list of partners to navigate than the dog's breakfast of partners we had previously. And I think that those deeper relationships are certainly opening up where those partners are that much more confident to recommend BlackLine. I think we have seen a real breaking apart of the partners sort of saying, well, you could pick this provider or you could pick that one with a more firm BlackLine is the best at this and here's why we would recommend you go with them versus someone else?

我想說，合作夥伴名單縮短後，管理起來比之前那堆亂七八糟的合作夥伴要容易得多。我認為，隨著合作夥伴之間建立更深層的關係，他們也更有信心推薦 BlackLine。我認為我們已經看到合作夥伴之間出現了真正的分裂，他們會說，你可以選擇這家供應商，也可以選擇那家，而且態度更加堅決，比如“BlackLine 在這方面是最好的”，並解釋為什麼我們建議你選擇他們而不是其他供應商？

Adam Hotchkiss, Goldman Sachs.

Adam Hotchkiss，高盛集團。

I'll keep it to one quick one. I just wanted to ask on the 10- to 12-month sales cycles you mentioned, Owen. Obviously, that makes us given the size of some of these opportunities. But what are you doing from the perspective of trying to automate some of the implementation work in order to lower sales cycles? And do you have any sense for how quickly and by what magnitude do you think you can reduce time and cost of implementation for customers would be really helpful to get some context.

我就簡單說一句。歐文，我只是想問你提到的 10 到 12 個月的銷售週期。顯然，考慮到其中一些機會的規模，這讓我們感到欣慰。但從嘗試自動化一些實施工作以縮短銷售週期的角度來看，你們正在採取哪些措施？如果您能告訴我您認為可以多快、多大程度上減少客戶的實施時間和成本，這將非常有助於我們了解情況。

Yeah. Adam, that's a great question because, look, the CFO has a project and he's got two that can deliver 20% return just making it up, and one is in the office of CFO and one's on sales, they're going to pick sales all the time. So we have to find ways to deliver greater value even more quickly. So over the last sort of -- when Therese and I stepped into the role, we changed out pretty much all of the leadership team of -- on our professional services side. We've changed a lot of our customer success leadership, all with the idea of trying to drive greater implementation, greater optimization.

是的。亞當，這是一個很好的問題，因為你看，財務長有一個項目，他有兩個項目可以帶來 20% 的回報，一個在財務長的辦公室，一個在銷售部門，他們會一直選擇銷售部門。因此，我們必須找到更快創造更大價值的方法。所以在過去的一段時間裡——當我和 Therese 接任這個職位時，我們幾乎更換了專業服務部門的所有領導團隊。我們更換了許多客戶成功團隊的領導階層，目的都是為了推動更大的實施效果和更大的最佳化。

And that was sort of just revamping the way we do things, right? Just being crisper, cleaner of how you go about it.

那其實就是對我們做事方式的一種革新，對吧？只是在做事的方式上更簡潔明了一些。

In the last six, eight months, nine months, whatever it is at this point in time. The next phase of that was then how do you take all the lessons and experiences from all these implementations we've done, all these optimizations we've done by industry, by size of company, by workflow to then say, hey, here is a quicker, better way we can help you do this. We will be making that available to our partners to use. We'll be making that available to our customers to use because, again, what we want to do is drive that value for our customers that much faster. So you heard us talk about how many more go-lives we've had sequentially as well as just year over year, but critically, the time to get those implementations is continuing to drop. And I'll have a better answer for you in February by how much we think that's going to drop, but it will not be an insignificant cutoff of time that goes from sort of when the customer signs the contract to when they go live, so they begin to really optimize what we're doing with them.

在過去的六個月、八個月、九個月裡，不管現在已經過了多久。接下來的階段是如何將我們從所有這些實施中學到的所有經驗教訓，以及我們根據行業、公司規模和工作流程所做的所有這些優化，總結出來，然後說，嘿，這裡有一種更快、更好的方法可以幫助你完成這項工作。我們將把這項技術提供給我們的合作夥伴使用。我們將向客戶提供這項服務，因為我們想要做的就是更快為客戶創造價值。所以你們都聽到了我們談論我們連續上線了多少個項目，以及每年上線的項目數量都在增加，但關鍵是，實現這些項目所需的時間正在持續減少。二月我會給你一個更確切的答案，告訴大家我們認為這個數字會下降多少，但從客戶簽約到系統上線，也就是開始真正優化我們為他們所做的一切，這段時間的截止點不會很小。

That concludes our Q&A session. At this time, I'd like to turn the call back over to Owen Ryan, CEO, for closing remarks.

我們的問答環節到此結束。此時，我想把電話轉回給執行長歐文·瑞安，請他作總結發言。

So thank you all for joining the call tonight. Sorry about the little bit of technology glitches at the beginning, but we really do appreciate your interest in following BlackLine. Look forward to continuing to talk with you, share more about our journey and how we're going to make the plans that we've committed to you.

感謝各位今晚參加電話會議。很抱歉開頭出現了一些技術故障，但我們非常感謝您對 BlackLine 的關注。期待繼續與您交流，分享我們的歷程以及我們將如何實現我們對您所做的承諾。

Everybody, have a great night. Take care.

祝大家晚安。小心。

Thank you. Thank you for attending today's conference call. This concludes the program. You may all disconnect.

謝謝。感謝您參加今天的電話會議。節目到此結束。你們可以斷開連結了。