BlackLine Inc (BL) 2025 Q4 法說會逐字稿

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

您好，感謝您的耐心等待。歡迎參加 BlackLine 2025 年第四季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

(Operator Instructions) I would now like to hand the conference over to your speaker today, SVP of Investor Relations, Matt Humphries.

（操作員指示）現在，我謹將會議交給今天的演講嘉賓，投資者關係高級副總裁馬特·漢弗萊斯。

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 Ung, BlackLine's Chief Technology Officer, join 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 和財務長 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 Ung 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 Q1 and full year 2026 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，包括有關我們未來計劃、目標和預期業績的陳述，特別是我們對 2026 年第一季和全年業績的指引，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.

雖然我們認為在電話會議中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。

All comparisons we make on the call today relate to the corresponding period of last year, unless otherwise noted. 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.

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。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. Over two years ago, we committed to a fundamental transformation of BlackLine. We have been executing a methodical multiyear plan to reposition this company to drive revenue growth back into the double digits while expanding operating margins in line with our multiyear financial targets.

謝謝你，馬特。大家下午好。兩年多前，我們致力於對 BlackLine 進行根本性的變革。我們一直在執行一項有條不紊的多年計劃，以重新定位這家公司，推動營收成長恢復到兩位數，同時擴大營業利潤率，以實現我們的多年財務目標。

It began in the fall of 2023 when we laid out a new strategic vision to evolve from a suite of solutions for the controller into a unified intelligent platform for the CFO. By early 2024, we implemented a new operating model to support this vision. We modernized our go-to-market engine, introduced industry-specific sales motions, we focused our efforts on larger mid-market, enterprise and mega enterprise customers where our value is most differentiated and shifted to a partner-first approach with the world's leading system integrators and SAP.

這一切始於 2023 年秋季，當時我們制定了一項新的策略願景，要從一套面向財務總監的解決方案發展成為面向財務長的統一智慧平台。到 2024 年初，我們實施了一種新的營運模式來支持這個願景。我們對市場推廣引擎進行了現代化改造，引入了行業特定的銷售模式，將精力集中在能夠最大程度體現我們價值的大型中型市場、企業和超大型企業客戶，並轉向與世界領先的系統整合商和 SAP 建立合作夥伴關係的模式。

Throughout 2024 and into early 2025, we completed the build-out of our new leadership team to drive this strategy forward. As we enter 2026, our 25th anniversary, we believe the business is structurally stronger than it has ever been. Supported by a healthy growing pipeline, a disciplined and cohesive team, an amazing partner network and our most comprehensive product portfolio to date, we are well positioned to execute our strategy and extend our market leadership.

在 2024 年全年以及 2025 年初，我們完成了新領導團隊的組建，以推動這項策略的實施。2026年是我們公司成立25週年之際，我們相信公司的結構比以往任何時候都更加穩固。憑藉健康成長的產品線、紀律嚴明、團結一致的團隊、優秀的合作夥伴網絡以及迄今為止最全面的產品組合，我們已做好充分準備，執行我們的策略並擴大我們的市場領先地位。

Today, we are pleased to report that those intentional choices are translating into tangible results. We have established BlackLine as a critical partner for the world's most complex organizations, now serving approximately 70% of the Fortune 100, up from 50% in 2022. This validation supports our strategic goal of elevating our conversation within the office of the CFO.

今天，我們很高興地報告，這些有意為之的選擇正在轉化為實際可見的成果。我們已將 BlackLine 打造成為全球最複雜組織的關鍵合作夥伴，目前為約 70% 的財富 100 強企業提供服務，高於 2022 年的 50%。這項驗證支持了我們提升財務長辦公室內部對話水準的策略目標。

We saw broad-based success in the fourth quarter, driven by our platform strategy and strategic products. By combining the innovation of Studio360 with the commercial model aligned to value and not seats, we delivered our strongest booking quarter and year in our history, with full year bookings growth of 22%.

第四季度，在平台策略和策略產品的推動下，我們取得了廣泛的成功。透過將 Studio360 的創新與以價值而非座位為導向的商業模式相結合，我們實現了公司歷史上最強勁的季度和年度預訂量，全年預訂量增長了 22%。

We believe this performance validates the investments we made to grow our pipeline, modernize our go-to-market engine and accelerate innovation. We finished the year with higher close rates and solid demand, confirming that our execution is gaining traction. We saw notable strength within our installed base, with nearly 3/4 of our bookings coming from existing customers.

我們相信，這項業績證明了我們為拓展產品線、實現市場推廣引擎現代化和加速創新所做的投資是正確的。我們以更高的成交率和強勁的需求結束了這一年，這證實了我們的執行力正在發揮成效。我們發現現有客戶群實力強勁，近四分之三的訂單都來自現有客戶。

BlackLine customers are realizing immediate value from our platform, which allows them to fully leverage our latest innovations without user constraints. They are also investing in the future, specifically our Verity AI agents. This is translating directly into predictability and visibility. Remaining Performance Obligations, or RPO, grew 23%, driven by platform adoption and continued success driving multiyear renewals.

BlackLine 的客戶正在從我們的平台中獲得即時價值，該平台使他們能夠充分利用我們最新的創新成果，而不受任何用戶限制。他們也在投資未來，特別是我們的 Verity AI 代理商。這將直接轉化為可預測性和可視性。剩餘履約義務 (RPO) 成長了 23%，這主要得益於平台的普及和持續的成功推動了多年續約。

Simply put, customers are making long-term contractual commitments to BlackLine as their strategic partner in the office of the CFO. While our expansion motion shows solid progress, we remain clear eyed on retention. We believe Q4 was the peak of our churn and attrition cycle driven largely by the expected impact from our strategic choices in the lower middle market.

簡而言之，客戶正在與 BlackLine 簽訂長期合同，將 BlackLine 視為其財務長辦公室的策略合作夥伴。雖然我們的擴張計畫取得了穩定進展，但我們仍然非常重視客戶留存。我們認為第四季是我們客戶流失和流失週期的高峰期，這主要是由於我們在中低端市場的策略選擇所帶來的預期影響。

However, our underlying business remains healthy. To underscore the strength of our core, our enterprise customer cohort maintained a revenue renewal rate of 95% and also delivered a net revenue retention rate of 107% this quarter. We are actively bending the arc on retention through deliberate structural changes.

然而，我們的基本業務依然保持健康。為了凸顯我們核心業務的實力，我們的企業客戶群在本季維持了 95% 的營收續約率，淨收入留存率也達到了 107%。我們正在透過有意識的結構性變革，積極扭轉留任率上升的趨勢。

First, our shift to a platform model and success with multiyear renewals is fundamentally changing the nature of our customer relationships. We are moving away from transactional subscriptions based on seats towards long-term strategic partnerships anchored on business value. Second, we have optimized our customer success model leveraging technology and aligning compensation internally and with key partners to ensure the ecosystem is financially incentivized to drive adoption.

首先，我們向平台模式的轉變以及多年續約的成功，從根本上改變了我們與客戶關係的本質。我們正在從基於席位的交易型訂閱模式轉向以商業價值為基礎的長期策略合作夥伴關係。其次，我們優化了客戶成功模式，利用技術並協調內部及與主要合作夥伴的薪酬，以確保生態系統在經濟上受到激勵，從而推動採用。

As we move through the first half of 2026, we expect the lower mid-market headwinds to subside, combined with these structural initiatives, we have high confidence in an improving retention profile in 2026. We are also proving that trust, partnership and innovation command a premium with new customer deal sizes up 35%, driven largely by enterprise wins. We're seeing solid growth in the number of customers paying over $1 million in ARR, up 20% to 85. And notably, customers paying over $250,000 were up 14%.

隨著我們進入 2026 年上半年，我們預期中低端市場的不利因素將會減弱，再加上這些結構性舉措，我們對 2026 年顧客留存率的改善充滿信心。我們也證明了信任、合作和創新能夠帶來溢價，新客戶交易規模增加了 35%，主要得益於企業客戶的贏得。我們看到年經常性收入超過 100 萬美元的客戶數量穩定成長，成長了 20%，達到 85 家。值得注意的是，支付金額超過 25 萬美元的客戶數量增加了 14%。

This confirms that when we focus on transformational outcomes rather than features, customers invest more deeply in BlackLine. We continue to balance this acceleration with discipline. Even as revenue growth accelerated to 8% in the quarter, we delivered a 25% non-GAAP operating margin along with a 25% non-GAAP net income margin.

這證實，當我們專注於變革性成果而不是功能時，客戶會對 BlackLine 投入更多。我們將繼續在加速發展的同時保持紀律。即使本季營收成長加速至 8%，我們仍實現了 25% 的非 GAAP 營業利潤率以及 25% 的非 GAAP 淨利潤率。

This efficiency is by design. Over the last three years, we have grown revenue by approximately 34%, while our total head count has grown by only just 2%, adding 40 net new roles. We believe we have effectively broken the linear relationship between head count and revenue growth, establishing a model that allows us to scale more efficiently.

這種效率是精心設計的。過去三年，我們的收入成長了約 34%，而員工總數僅增加了 2%，淨新增 40 個職位。我們相信，我們已經有效地打破了員工人數和收入成長之間的線性關係，建立了一種能讓我們更有效率地擴大規模的模式。

Importantly, sales productivity continues to improve, driving a notable 30% decrease in customer acquisition costs this quarter. Additionally, with our Google Cloud migration now complete, we are beginning to stand down legacy data centers unlocking further margin potential and opportunities for strategic investments.

重要的是，銷售效率持續提高，本季客戶獲取成本顯著下降了 30%。此外，隨著我們 Google Cloud 遷移的完成，我們開始逐步關閉傳統資料中心，從而釋放出更大的利潤潛力和策略投資機會。

While the team and I are pleased with this progress, we are far from satisfied. We expect to continue to drive revenue growth back into the double digits along with further operating margin expansion in line with our multiyear financial targets. Let's dig deeper into how we are winning. First, platform strategy. We have aligned our commercial model with our platform vision. Our shift to platform pricing is the mechanism that unlocks the value of Studio360.

雖然我和團隊對這項進展感到滿意，但我們遠遠未滿足。我們預計營收將繼續恢復兩位數成長，同時營業利潤率也將進一步提高，以實現我們多年的財務目標。讓我們深入探討一下我們是如何取得勝利的。首先是平台戰略。我們已將商業模式與平台願景保持一致。我們朝向平台定價模式的轉變，正是釋放 Studio360 價值的機制。

It aligns with how CFOs want to buy, focusing on outcomes and value not seats. In Q4, nearly 3/4 of all new bookings leveraged our platform with existing customers also accelerating their migrations. This platform first approach changes the customer relationship. Once customers standardize on BlackLine as their financial operating system, it becomes a natural foundation for broader transformation. This is helping to drive demand for our strategic products, which represented 33% of sales.

這與財務長們的採購方式相符，他們更專注於結果和價值，而不是席位。第四季度，近四分之三的新預訂都利用了我們的平台，現有客戶也正在加速遷移。這種平台優先的模式改變了客戶關係。一旦客戶將 BlackLine 作為其財務作業系統，它就自然而然地成為更廣泛轉型的基礎。這有助於推動對我們策略性產品的需求，這些產品佔銷售額的 33%。

Intercompany and Invoice-to-Cash each had record quarters and years as customers trust us to deliver end-to-end outcomes. A prime example is Brown & Brown, a long-standing customer who expanded their financial close relationship with us by adopting our full invoice to cash suite.

公司間業務和發票到現金業務均創下季度和年度紀錄，因為客戶信任我們能夠提供端到端的解決方案。一個典型的例子是 Brown & Brown，這家長期客戶透過採用我們完整的發票到現金解決方案，擴大了與我們之間的財務緊密關係。

In 2026, we are moving towards a standard initial offering for all new customers that includes reconciliations, tasks, matching, journal risk analyzer and consolidation underpinned by Studio360 and AI, all on platform pricing. We expect this approach will drive larger initial deal sizes, enhance customer stickiness and create more opportunities to cross-sell and drive AI adoption.

2026 年，我們將向所有新客戶提供標準初始產品，其中包括對帳、任務、匹配、日記帳風險分析器和合併，所有這些都由 Studio360 和 AI 提供支持，並且全部採用平台定價。我們預計這種方法將推動更大的初始交易規模，增強客戶黏性，並創造更多交叉銷售和推動人工智慧應用的機會。

Second, enterprise momentum. We are winning deals with complex global enterprises by speaking their language. Our focus on industry-specific outcomes is delivering results, allowing us to demonstrate unique operational and domain expertise that differentiates BlackLine in the market.

第二，企業發展動能。我們透過與複雜的全球企業溝通，贏得他們的交易。我們專注於行業特定成果，並取得了顯著成效，這使我們能夠展現出獨特的營運和領域專業知識，使 BlackLine 在市場上脫穎而出。

In the fourth quarter, we signed multiple large platform deals driving average new enterprise deal sizes up 41%. Nearly every one of these deals focused on how customers can leverage our Verity AI offerings. Let's look at a few notable examples. In the consumer sector, we signed a seven-figure ACV deal with a global leader in food services.

第四季度，我們簽署了多項大型平台交易，推動平均新企業交易規模成長 41%。幾乎每項交易都著重於客戶如何利用我們的 Verity AI 產品。讓我們來看幾個值得注意的例子。在消費品領域，我們與一家全球領先的食品服務公司簽署了一份價值七位數的年度合約價值協議。

Operating in an industry defined by massive transaction volumes and decentralized operations, they needed to centralize visibility across thousands of locations. They leveraged our full financial close solutions with Studio360 and platform pricing to drive that efficiency. In the oil and gas industry, we secured a large enterprise win with National Oilwell Varco where our deep industry expertise and platform approach were critical to drive their digital finance transformation.

由於該行業交易量龐大且營運分散，他們需要集中管理數千個地點的營運情況。他們利用我們完整的財務結算解決方案 Studio360 和平台定價來提高效率。在石油和天然氣行業，我們與 National Oilwell Varco 達成了一項大型企業合作協議，我們深厚的行業專業知識和平台方法對於推動其數位財務轉型至關重要。

In technology, we also signed a platform deal with a global leader in memory and data storage. Facing the financial complexity inherent in global manufacturing and supply chains, they chose BlackLine because they wanted to see value today, but also have a framework to adopt AI going forward.

在技​​術方面，我們也與一家全球領先的記憶體和資料儲存公司簽署了平台協議。面對全球製造業和供應鏈固有的財務複雜性，他們選擇 BlackLine 是因為他們希望立即獲得價值，同時也希望擁有一個未來採用人工智慧的框架。

This initial win validates our core value proposition, and we are already engaged in strategic discussions to expand their footprint with our intercompany solutions in Verity AI. And in Financial Services, we resigned Invesco, a former BlackLine customer who had moved to a lower-cost ERP competitor. They recognize the need for automation, scale and auditor trust that BlackLine provides.

此次初步成功驗證了我們的核心價值主張，我們已經展開策略討論，以利用我們在 Verity AI 中的公司間解決方案擴大他們的業務範圍。在金融服務領域，我們重新贏得了景順集團（Invesco）的信任，景順集團曾是 BlackLine 的客戶，但後來轉而使用成本較低的 ERP 競爭對手的產品。他們認識到 BlackLine 所提供的自動化、規模化和審計信任的重要性。

Third, partners. Our partner ecosystem is a critical differentiator, driving demand and extending our global reach. In 2025, every single deal over $500,000 was one with a partner and our two largest deals of the year were direct partner referrals. These firms are now evangelizing Studio360, our Verity AI offerings and our strategic products, helping us secure major wins at companies like Raytheon and National Australia Bank.

第三，合作夥伴。我們的合作夥伴生態系統是一項關鍵的差異化優勢，它能夠推動需求並擴大我們的全球影響力。2025 年，所有超過 50 萬美元的交易都是與合作夥伴完成的，而我們當年最大的兩筆交易都是合作夥伴直接推薦的。這些公司現在正在大力推廣 Studio360、我們的 Verity AI 產品和我們的策略產品，幫助我們在雷神公司和澳洲國民銀行等公司贏得重大訂單。

Fourth, SAP. Our golden architecture strategy is beginning to deliver results. SolEx bookings performance was strong, highlighted by new wins with Siemens Energy and Caterpillar and a large expansion with Hitachi Energy, proving that our joint pipeline is maturing into significant commercial value. Coming into 2026, I believe our alignment with SAP has never been stronger.

第四，SAP。我們的黃金架構策略已開始取得成效。SolEx 的預訂業績表現強勁，尤其值得一提的是與西門子能源和卡特彼勒的新合作，以及與日立能源的大幅擴張，這證明我們的聯合項目正在走向成熟，並具有顯著的商業價值。展望2026年，我相信我們與SAP的合作關係從未如此緊密。

We secured full product qualification for Studio360, unlocking the ability to sell directly into SAP's installed base of advanced financial close customers through our AFC integration. We are currently engaged with SAP leaders to explore integrations for SAP's Joule Copilot with BlackLine's Verity agents to create a single unified digital workforce for finance.

我們獲得了 Studio360 的全面產品認證，透過我們的 AFC 集成，我們能夠直接向 SAP 的高級財務結算客戶群銷售產品。我們目前正與 SAP 的領導層合作，探討將 SAP 的 Joule Copilot 與 BlackLine 的 Verity 代理集成，以創建一個統一的財務數位化勞動力。

The objective is to create a seamless user experience while establishing a commercial framework to directly sell and monetize our Verity agents through a strategic proof of concept. Our shared goal is to define the future of the AI-powered autonomous close. Critically, we have aligned BlackLine's KPIs as one of the measures of the compensation plans for both BlackLine and SAP customer success managers, ensuring our post-sales teams are financially incentivized to drive joint customer success.

我們的目標是創造無縫的用戶體驗，同時建立商業框架，透過策略性的概念驗證，直接銷售我們的 Verity 代理商並從中獲利。我們的共同目標是定義人工智慧驅動的自主關閉的未來。至關重要的是，我們將 BlackLine 的關鍵績效指標 (KPI) 與 BlackLine 和 SAP 客戶成功經理的薪酬計劃衡量標準之一進行了統一，確保我們的售後團隊在經濟上受到激勵，從而推動共同的客戶成功。

We are also deepening our channel strategy in the public sector by partnering with SAP and a leading public sector reseller to accelerate growth and adoption in this large market. And last, we have expanded globally, launching dedicated coverage in the Kingdom of Saudi Arabia with a combination of SAP, our local team and our new local Google Cloud instance has already helped us sign our first deals in the region.

我們也透過與 SAP 和一家領先的公共部門經銷商合作，深化我們在公共部門的通路策略，以加速在這個龐大市場中的成長和普及。最後，我們已在全球擴張，在沙烏地阿拉伯王國推出了專門的服務，結合 SAP、我們的本地團隊和我們新的本地 Google Cloud 實例，已經幫助我們在該地區簽署了第一批交易。

We expect our deepening and broadened collaboration with SAP to continue to drive momentum throughout 2026 and beyond. We are seeing the early stages of an important evolution in the office of the CFO as leaders look to move beyond simple automation toward intelligent AI-driven orchestration. The requirements for success are clear, AI in finance and accounting must be accurate, transparent, auditable and secure.

我們預計與 SAP 不斷深化和擴大的合作將在 2026 年及以後繼續推動發展勢頭。我們看到，財務長辦公室正在經歷一場重要變革的早期階段，領導者們正尋求超越簡單的自動化，轉向由人工智慧驅動的智慧協調。成功的必要條件很明確：金融和會計領域的人工智慧必須準確、透明、可審計且安全。

We believe BlackLine is uniquely positioned to lead because we have built our platform on three essential pillars: data, context and agency. Together, these form a proprietary intelligence layer that allows BlackLine to build on its reputation and expand its market leadership. The foundation of our AI strategy is our data and connectivity. For over 20 years, BlackLine has served as the centralized hub where the world's most complex organizations turn raw data into financial truth. The scale of this continues to grow.

我們相信 BlackLine 擁有獨特的領先地位，因為我們的平台建立在三個基本支柱之上：數據、背景和代理。這些共同構成了一個專有的智慧層，使 BlackLine 能夠鞏固其聲譽並擴大其市場領導地位。我們的人工智慧策略的基礎是我們的數據和連接性。20多年來，BlackLine一直是全球最複雜的組織將原始數據轉化為財務真相的中心樞紐。這種現象的規模還在不斷擴大。

Last year, we processed tens of billions of transactions across our platform. We ingest data from thousands of disparate ERPs, subledgers and third-party financial systems. We cleanse it, sanitize it and normalize it, creating a unified financial data set that acts as a single source of truth.

去年，我們透過我們的平台處理了數百億筆交易。我們從數千個不同的 ERP 系統、子帳簿和第三方財務系統中攝取資料。我們將資料清理、淨化和標準化處理，創建統一的財務資料集，作為單一的真實來源。

To extend this further, we continue to expand connectivity via APIs and connectors. We have launched new connectors for Microsoft Dynamics 365, Oracle Fusion and Workday and are leveraging deeper integrations with Snowflake and upcoming integrations with Databricks. This allows us to harness data from across the enterprise, creating the high-quality fuel required for trusted AI.

為了進一步擴展這項功能，我們將繼續透過 API 和連接器擴展連接性。我們推出了適用於 Microsoft Dynamics 365、Oracle Fusion 和 Workday 的新連接器，並正在利用與 Snowflake 的更深層次整合以及即將與 Databricks 的整合。這使我們能夠利用來自整個企業的數據，從而創造可信任人工智慧所需的高品質資源。

We supplement this with intelligence and context. A generic model can summarize a document but it lacks the specific human and rich processing data needed to reconcile a balance sheet or manage industry-specific accounting challenges. BlackLine has two decades of operational context from thousands of customers, including historical reconciliation decisions, justification narratives and review and approval actions along with successful and failed transaction matches and historical exception handling and auditor interactions.

我們也會補充一些資訊和背景資訊。通用模型可以概括文檔，但它缺乏核對資產負債表或應對特定行業會計挑戰所需的具體人工和豐富的處理數據。BlackLine 擁有來自數千家客戶的二十年營運背景，包括歷史對帳決策、理由說明、審查和批准行動，以及成功和失敗的交易匹配、歷史異常處理和審計互動。

This proprietary intelligence allows us to deliver context aware predictions and automation, providing the necessary context to turn generative text into financial truth. And importantly, our AI operates within a framework of proven governance with embedded controls, audit trails, segregation of duties and institutional experience that gives us the brand permission to be the trusted choice in the market.

這種專有智慧使我們能夠提供上下文感知預測和自動化功能，提供必要的上下文訊息，將生成式文字轉化為財務真相。更重要的是，我們的人工智慧在一個經過驗證的治理框架內運行，該框架包含嵌入式控制、審計追蹤、職責分離和機構經驗，這使我們擁有了成為市場上值得信賴的選擇的品牌資格。

We offer a managed digital workforce via our Verity agents, which are prepackaged, pretrained and fully auditable with clear chain of thought. We have architected our platform so that every action the AI takes leaves a digital footprint identical to a human user. This directly addresses the single biggest barrier to AI adoption in finance, the trust gap.

我們透過 Verity 代理提供管理型數位化勞動力，這些代理商經過預先包裝、預先培訓，並且具有清晰的思路鏈，可以進行全面審計。我們的平台架構使得人工智慧執行的每一個操作都會留下與人類使用者完全相同的數位足跡。這直接解決了金融領域採用人工智慧的最大障礙——信任差距。

CFOs cannot sign off on financial statements generated by a black box. By ensuring every AI agent leaves a standard immutable audit trail, providing the clear chain of thought that auditors require, we transform AI from an unacceptable risk into a compliant asset. This allows our customers to pursue productivity gains without compromising their controls environment.

財務長不能簽署由黑箱系統產生的財務報表。透過確保每個 AI 代理都留下標準的、不可篡改的審計跟踪，提供審計人員所需的清晰思路，我們將 AI 從不可接受的風險轉變為合規的資產。這使得我們的客戶能夠在不損害其控制環境的前提下，追求生產效率的提升。

We are leveraging these three pillars to evolve our platform from traditional automation to Agentic workflow orchestration. By embedding intelligence directly into workflows, we deliver the outcomes customers prioritize, speed, accuracy and continuous audibility. We're seeing the impact in the field. Nearly every deal in Q4 involved discussions around Verity and our innovation road map.

我們正在利用這三大支柱，將我們的平台從傳統的自動化發展到智慧體工作流程編排。透過將智慧直接嵌入工作流程，我們實現了客戶優先考慮的結果：速度、準確性和持續可聽性。我們已經看到了實際效果。第四季的幾乎每一筆交易都圍繞著 Verity 和我們的創新路線圖展開討論。

Customers are focused on how we are developing AI for them and how it naturally fits into their unique processes to deliver ROI quickly and safely. We are also seeing growing adoption of our AI with customer usage of our AI capabilities more than doubling quarter-over-quarter with nearly 20% of all customers now using at least some form of our AI features.

客戶關注的是我們如何為他們開發人工智慧，以及如何讓人工智慧自然地融入他們獨特的流程，從而快速且安全地實現投資回報。我們也看到，我們的人工智慧技術正被越來越多的客戶採用，客戶對我們人工智慧功能的使用率每季翻一番以上，目前近 20% 的客戶至少在使用我們人工智慧功能的某種形式。

We have an accelerating product cycle this year with an emphasis on launching and monetizing our Verity AI agents, a key part of our platform strategy. First is Verity Prepare. This is our AI-powered reconciliation agent that we previewed in Q4 and is now in early access for our platform customers. Several large enterprise customers are already using it, with even more planning to adopt this in Q1.

今年我們的產品週期正在加速推進，重點是推出 Verity AI 代理商並將其商業化，這是我們平台策略的關鍵部分。首先是 Verity Prepare。這是我們第四季預覽的 AI 驅動的對帳代理，現在我們的平台客戶可以搶先體驗。目前已有數家大型企業客戶正在使用這項服務，而且還有更多企業計劃在第一季採用這項服務。

Customers can elevate their users from preparers to reviewers, offloading repetitive work and freeing accountants to focus on high judgment analysis. This helps to bridge the talent gap and allows customers to handle growing complexity without adding headcount.

客戶可以將使用者從編制者提升為審核者，從而減輕重複性工作負擔，使會計師能夠專注於高判斷力的分析。這有助於彌合人才缺口，使客戶能夠在不增加人手的情況下應對日益複雜的挑戰。

Next is Verity Collect. Planned for Q2, this agent automates many of the manual tasks of the collections process like predicting payment behaviors and autonomous dunning. The excitement from our partner ecosystem is notable as this targets high-volume repetitive work where agents thrive, directly impacting working capital.

接下來是 Verity Collect。該代理商計劃於第二季推出，它能夠自動完成收款流程中的許多手動任務，例如預測付款行為和自主催收。合作夥伴生態系統對此表現出極大的熱情，因為這針對的是代理商能夠蓬勃發展的大量重複性工作，直接影響營運資金。

And finally, Verity Accruals. This agent targets high judgment areas within the accruals process. Unlike standard rules-based automation, this agent interprets context to manage complex estimates. We are actively selling this today and it pairs perfectly with our existing journal solutions to drive automation into the last mile of the close.

最後是 Verity Accruals。該代理人專注於應計流程中需要高度判斷的領域。與標準的基於規則的自動化不同，該代理人會解釋上下文以管理複雜的估算。我們目前正在積極銷售這款產品，它與我們現有的日記帳解決方案完美契合，可推動自動化完成交易的最後階段。

We look forward to sharing a deeper dive into these capabilities at a virtual investor session in March. Beyond commercial products, we are using AI to transform our own delivery. We have released a new category of implementation agents for our partners and professional services team. These agents standardize the engagement process from qualification to architecture and testing, rapidly accelerating time to value and ROI for customers.

我們期待在三月的線上投資人會議上，與大家更深入探討這些功能。除了商業產品，我們也正在利用人工智慧來改變我們自身的交付方式。我們為合作夥伴和專業服務團隊推出了一類新的實施代理。這些代理商規範了從資格審查到架構設計和測試的整個合作流程，從而快速加快了客戶獲得價值和投資回報的時間。

Internal usage of AI is also allowing our engineering teams to accelerate product delivery and further enhance and expand our existing solutions across financial close, intercompany and invoice to cash. This transformation goes beyond our products. By modernizing both our technology and our delivery models, we are building a significantly more agile and efficient company.

人工智慧的內部應用也使我們的工程團隊能夠加快產品交付速度，並進一步增強和擴展我們在財務結算、公司間交易和發票到現金等方面的現有解決方案。這種轉變不僅限於我們的產品。透過對技術和交付模式進行現代化改造，我們正在打造一家更靈活高效的公司。

We are increasingly excited and confident in our ability to win in this rapidly shifting market, and I want to thank our partners and my fellow BlackLiners for their extraordinary efforts. With that, I'll turn it over to Patrick to discuss the financial results and outlook in more detail. Patrick?

我們越來越興奮，也越來越有信心在這個快速變化的市場中取得成功，我要感謝我們的合作夥伴和我的 BlackLiners 同事們所做的非凡努力。接下來，我將把發言權交給派崔克，讓他更詳細地討論財務表現和展望。派崔克？

Thank you, Owen. Our fourth quarter financial results and metrics reflect the progress we've made and the confidence we have in the business as we focus on delivering in 2026 and into 2027. Turning to our financial results this quarter. Total revenue grew to $183 million, up 8%. Subscription revenue grew 8% with services revenue growth of 17% due to accelerated customer go-lives and implementations, a direct result of our improved services delivery engine.

謝謝你，歐文。我們的第四季財務表現和指標反映了我們所取得的進展以及我們對業務的信心，我們將專注於在 2026 年和 2027 年實現目標。接下來來看看本季的財務業績。總營收成長至 1.83 億美元，增幅 8%。訂閱收入成長了 8%，服務收入成長了 17%，這得益於客戶上線和實施速度的加快，而這又是我們改善服務交付引擎的直接結果。

Annual Recurring Revenue, or ARR, was $702 million, up nearly 10% with an approximate 1.5 point benefit from FX in the quarter. We saw material strength with customers doubling down on their commitment and partnership with BlackLine in the quarter, driven by platform adoption and continued success with multiyear renewals. As a result, total RPO grew 23% to $1.1 billion. Additionally, current RPO accelerated further to 13%, reflecting current market demand.

年度經常性收入（ARR）為 7.02 億美元，成長近 10%，其中本季匯率波動帶來了約 1.5 個百分點的收益。本季度，客戶對 BlackLine 的承諾和合作關係顯著增強，這主要得益於平台的普及和多年續約的持續成功。因此，RPO 總額增加了 23%，達到 11 億美元。此外，目前 RPO 進一步加速至 13%，反映了當前的市場需求。

At the end of Q4, platform pricing ARR was 11% of eligible ARR. This is ARR that excludes SolEx and public sector. This was up from 4% at the end of the third quarter, illustrating the market's initial acceptance of our new commercial model and the momentum we are seeing. Calculated billings grew by over 9% in the quarter. Our trailing 12-month billings growth, which helps normalize for quarterly variations, improved to 9%.

第四季末，平台定價 ARR 佔符合條件的 ARR 的 11%。這是不包括SolEx和公共部門的年度經常性收入（ARR）。這一比例較第三季末的 4% 有所上升，顯示市場初步接受了我們的新商業模式以及我們所看到的成長勢頭。本季計算出的帳單金額成長超過 9%。過去 12 個月的帳單成長率（有助於消除季度波動的影響）提高到 9%。

Our customer count of 4,394 remains in line with our expectations as we move through the end of our strategic shift further upmarket. Despite this headline number, we saw net customer growth versus the prior quarter and year in our enterprise customer base. Our revenue renewal rate in the fourth quarter was 92% with continued impact from lower middle market churn.

隨著我們向高端市場策略轉型接近尾聲，我們的客戶數量 4,394 人仍符合我們的預期。儘管總體數據如此，但我們的企業客戶群與上一季和前一年相比實現了淨成長。第四季我們的營收續約率為 92%，但仍受到中低階市場客戶流失的持續影響。

Additionally, we saw some expected churn associated with external M&A this quarter, which impacted this rate by about 2 points. Net revenue retention for the quarter was 105%, reflecting strength from expansion with existing customers, particularly those moving to our platform. Notably, NRR for enterprise customers saw a material improvement to 107% this quarter. This reflects the health of our core business and our success in cross-selling into our largest accounts.

此外，本季我們看到了一些與外部併購相關的預期人員流動，這使該比率下降了約 2 個百分點。本季淨收入留存率為 105%，這反映了現有客戶（特別是遷移到我們平台的客戶）的擴張勢頭強勁。值得注意的是，本季企業客戶的淨收入率 (NRR) 顯著提高至 107%。這反映了我們核心業務的健康狀況以及我們在向最大客戶交叉銷售方面的成功。

The strategic products attach rate was healthy again, representing 33% of sales this quarter. This growth is a direct result of our go-to-market teams leveraging our platform to drive larger deals. Demand was notably strong for Intercompany and Invoice-to-Cash, which both had record years. We had a strong close to the year with our SolEx partnership as we are starting to see our joint efforts materialize in bookings. At the end of the quarter, SAP customers accounted for 26% of revenue.

策略性產品附加率再次表現良好，佔本季銷售額的 33%。這一成長直接得益於我們的市場推廣團隊利用我們的平台促成了更大的交易。公司間交易和發票到現金交易的需求尤其強勁，這兩項交易均創下了歷史新高。今年年底，我們與 SolEx 的合作關係取得了強勁的成果，我們開始看到雙方的共同努力在預訂量中得到體現。本季末，SAP客戶貢獻了26%的營收。

Turning to margin. Our non-GAAP subscription gross margin remained strong at 82%. Our non-GAAP gross margin was approximately 80%. As mentioned earlier, we have completed our GCP migration and expect to see improvement in gross margin as we move through the year. Non-GAAP operating margin was nearly 25%, driven by better productivity across the business, especially within our GTM teams, which showed material improvement in productivity and lower customer acquisition costs this quarter.

轉向邊距。我們的非GAAP訂閱毛利率維持強勁，達到82%。我們的非GAAP毛利率約為80%。如前所述，我們已經完成了 GCP 遷移，並預計隨著年內時間的推移，毛利率將有所提高。非GAAP營業利潤率接近25%，這主要得益於公司整體生產力的提高，尤其是我們的GTM團隊，該團隊在本季度實現了生產力的顯著提升和客戶獲取成本的降低。

Non-GAAP net income attributable to BlackLine was $45 million, representing a 25% non-GAAP net income margin. We delivered operating cash flow of $27 million, and free cash flow of $20 million, largely driven by variability in working capital. For 2026, we expect free cash flow growth in the mid-teens, with free cash flow per share growth in the high teens.

BlackLine 的非 GAAP 淨利潤為 4,500 萬美元，非 GAAP 淨利潤率為 25%。我們實現了 2,700 萬美元的營運現金流和 2,000 萬美元的自由現金流，這主要得益於營運資本的波動。我們預計 2026 年自由現金流成長率將達到 15% 左右，每股自由現金流成長率將達到 10% 以上。

Regarding our balance sheet, we have approximately $778 million in cash, cash equivalents and marketable securities versus $896 million in debt. As a reminder, our 2026 notes are due in March of this year, and we expect to retire them with cash on hand. This will decrease our fully diluted share count by approximately 1 million shares and is incorporated into our guidance.

關於我們的資產負債表，我們擁有約 7.78 億美元的現金、現金等價物和有價證券，而債務為 8.96 億美元。再次提醒，我們的 2026 年到期債券將於今年 3 月到期，我們預計將用手頭現金償還這些債券。這將使我們的完全稀釋後股份數量減少約 100 萬股，並已納入我們的業績指引。

Finally, we continue to execute our capital allocation strategy. In the quarter, we returned approximately $34 million to shareholders through the repurchase of 632,000 shares. This brings our full year 2025 total repurchases to over $235 million or 4.5 million shares and underscores our confidence in the long-term value of our business.

最後，我們將繼續執行我們的資本配置策略。本季度，我們透過回購 632,000 股股票，向股東返還了約 3,400 萬美元。這將使我們 2025 年全年的股票回購總額超過 2.35 億美元或 450 萬股，並凸顯了我們對公司長期價值的信心。

Turning to guidance. Our outlook for 2026 reflects a prudent approach. We are confident in the momentum we are seeing with platform adoption and the launch of our Agentic AI offerings. Our guidance assumes a steady ramp as these growth levers continue to gain traction in the market.

尋求指導。我們對 2026 年的展望體現了一種審慎的態度。我們對平台採用和代理人工智慧產品推出的良好勢頭充滿信心。我們的預測是基於這些成長動力在市場上持續發揮作用而實現的，並假設成長將穩步上升。

For the first quarter of 2026, we expect total GAAP revenue to be in the range of $180 million to $182 million, representing approximately 8% to 9% growth. We expect non-GAAP operating margin to be in the range of 18.5% to 19.5%. And we expect non-GAAP net income attributable to BlackLine to be in the range of $31 million to $33 million or $0.44 to $0.46 on a per share basis. Our share count is expected to be about 74.5 million diluted weighted average shares.

我們預計 2026 年第一季 GAAP 總營收將在 1.8 億至 1.82 億美元之間，成長約 8% 至 9%。我們預計非GAAP營業利潤率將介於18.5%至19.5%之間。我們預計歸屬於 BlackLine 的非 GAAP 淨利潤將在 3,100 萬美元至 3,300 萬美元之間，即每股 0.44 美元至 0.46 美元。預計我們的稀釋加權平均股數約為7450萬股。

And for the full year 2026, we expect total GAAP revenue to be in the range of $764 million to $768 million, representing approximately 9.1% to 9.6% growth. We expect non-GAAP operating margin to be in the range of 23.7% to 24.3%. And finally, we expect our non-GAAP net income attributable to BlackLine to be $172 million to $180 million or $2.37 to $2.48 on a per share basis. Our share count is expected to be about 75 million diluted weighted average shares. Owen?

對於 2026 年全年，我們預計 GAAP 總營收將在 7.64 億至 7.68 億美元之間，約佔 9.1% 至 9.6% 的成長。我們預計非GAAP營業利潤率將在23.7%至24.3%之間。最後，我們預計歸屬於 BlackLine 的非 GAAP 淨利潤為 1.72 億美元至 1.8 億美元，即每股 2.37 美元至 2.48 美元。預計我們的稀釋加權平均股數約為7500萬股。歐文？

(Operator Instructions)

（操作說明）

Chris Quintero, Morgan Stanley.

克里斯昆特羅，摩根士丹利。

Hey, Owen. Hey. Patrick. Thanks for taking the questions and congrats on the acceleration here. I know it's been a long time coming. I wanted to ask about RPO, and the customer adds above $250,000, I thought those were the two most interesting metrics in the quarter. Can you unpack the drivers there and what really drove that kind of inflection on those two?

嘿，歐文。嘿。派崔克。感謝您回答問題，也祝賀您在這裡的進步。我知道這一天已經醞釀很久了。我想詢問一下 RPO 和客戶新增金額超過 25 萬美元的情況，我認為這是本季兩個最有趣的指標。你能分析一下其中的驅動因素，以及真正促使這兩個人發生這種轉變的原因嗎？

I think on the RPO, it was obviously, the multiyear renewal strategy that we've had in place, which is working out pretty well. In addition, a lot of the newer customers we brought in have tended to have longer contracts. So we've seen both of those coming together, which has been very positive development.

我認為在 RPO 方面，顯然是我們一直在實施的多年續約策略，而且該策略效果相當不錯。此外，我們引進的許多新客戶往往簽訂了更長的合約。所以我們看到這兩者結合起來，這是一個非常積極的進展。

So I think it tells the story of us really trying to take customers on a digital finance transformation journey, not just looking for a quick fix. And so we're certainly seeing a lot of the buildup in regards to that. And so that was the first piece of it.

所以我認為這說明了我們真正想帶領客戶踏上數位金融轉型之旅，而不僅僅是尋求快速解決方案。因此，我們確實看到了這方面的許多醞釀工作。這就是第一部分。

Yes. Owen, to elaborate on that. We're landing bigger with our platform pricing model and having product-led growth. So we're seeing a significant increase in our average selling price and our new customers. And more importantly, those customers are signing longer-term contracts because they want to be part of the finance transformation and partner with us over multiple years. You combine that with our strategy to extend renewals longer. And those two factors, more importantly, our product-led growth is what's driving that 23% that you're seeing there, Chris.

是的。歐文，讓我來詳細解釋一下。我們的平台定價模式和產品驅動成長讓我們取得了更大的成功。因此，我們看到平均售價和新客戶數量都出現了顯著成長。更重要的是，這些客戶簽訂了長期合約，因為他們希望參與金融轉型，並與我們建立多年的合作關係。將此與我們延長續約期限的策略結合。更重要的是，這兩個因素，也就是我們以產品為導向的成長，才是推動你看到的 23% 成長的真正原因，克里斯。

Got it. That's super helpful. And then I wanted to ask about AI and your strategy there. We've seen some data points that 50% to 65% of an accountant's time can be automated and saved by leveraging AI. So I'm curious if that's kind of similar to what you're seeing and how you ultimately capture some of that value, whether that's through Verity or the WiseLayer acquisition.

知道了。這太有幫助了。然後我想問關於人工智慧以及你們在這方面的策略。我們看到一些數據顯示，利用人工智慧可以實現會計人員 50% 到 65% 的時間自動化，從而節省時間。所以我很好奇這是否與你所看到的情況類似，以及你最終是如何獲得其中的一些價值的，無論是透過 Verity 還是收購 WiseLayer。

Yes. Look, I think Jeremy and I will tag team this together a little bit. But certainly, there's a lot of opportunity to help take out some of the mundane work that some of the accountants go through. And so we are certainly seeing that, that is becoming more and more part of the conversation with our customers.

是的。你看，我覺得我和傑瑞米會一起合作一下。當然，有很多機會可以幫助一些會計師擺脫繁瑣的日常工作。因此，我們確實看到，這正越來越多地成為我們與客戶對話的一部分。

As you think about how our AI footprint has grown so far, over the past year, we certainly saw more of a pickup in the use of Generative AI with our customers, and we expect now to see that shift more into Agentic AI. I think from my experiences so far, our customers are being very measured and methodical on how they're thinking about the use of AI.

回顧過去一年來我們的人工智慧應用範圍，我們確實看到客戶對生成式人工智慧的使用量顯著增加，我們預計現在這種趨勢將更多地轉向智慧體人工智慧。根據我目前的經驗，我認為我們的客戶在考慮如何使用人工智慧時，都非常謹慎和有條不紊。

And so there's definitely lots of cost savings that we see are there, but it's also the value and the accuracy and the timeliness of what we think we're going to be able to provide for our customers going forward. Remember, Chris, the way we've gone about building our AI capabilities was really with world-leading companies out there as well as the world's leading auditing and accounting firms. So we think we've got the right model that will help our customers achieve more savings for what they're trying to do. But Jeremy, anything you want to add to that?

因此，我們確實看到了許多成本節約的機會，但更重要的是，我們認為未來能為客戶提供的價值、準確性和及時性。克里斯，記住，我們建立人工智慧能力的方式，實際上是與世界領先的公司以及世界領先的審計和會計公司合作。因此，我們認為我們擁有合適的模式，可以幫助我們的客戶在他們想要做的事情上節省更多。傑瑞米，你還有什麼要補充的嗎？

Yes. The increasing adoption from AI specifically you saw Owen call out earlier is really resonating with our customers. They're excited about adopting it, but they understand that they need to do so cautiously with respect to policies and controls. So there's a lot of interest, there's a lot of excitement. It's a validation that there's work and time to be saved from our AI solutions.

是的。正如歐文之前提到的，人工智慧的日益普及確實引起了我們客戶的共鳴。他們對採用這項技術感到興奮，但他們也明白，在政策和控制方面需要謹慎行事。所以大家對此都非常感興趣，非常興奮。這證明我們的人工智慧解決方案確實可以節省時間和精力。

Excellent, thank you so much.

太好了，非常感謝。

Steven Enders, Citi.

Steven Enders，花旗集團。

Okay, great. Thanks for taking the questions here. Maybe just following up on the AI question. I think you've called out what 20% of customers or so adopting some level of AI. I guess what are kind of the things that you're typically seeing them taking on?

好的，太好了。感謝您回答這些問題。或許只是想就人工智慧問題做個後續探討。我認為你已經指出了大約 20% 的客戶正在採用某種程度的人工智慧。我想問的是，你通常會看到他們承擔哪些類型的工作？

And I guess as you're kind of having those conversations and talking through the customers' AI strategy, what is kind of the typical deal dynamic or discussion look like? And is there kind of any other, I guess, competitor considerations when you're having those conversations?

我想，在與客戶進行這些對話並討論他們的 AI 策略時，典型的交易動態或討論是什麼樣的呢？那麼，在進行這些討論時，是否還有其他競爭對手方面的考量呢？

I think from what we're seeing, again, we talked about more of the Generative AI versus Agentic. And so you can think about things like our Journals Risk Analyser or Verity Flag, the ability to sort of help summarize documents, those things where you still have a pretty good level of human interaction to review and understand what's come out without just sort of accepting it. So that's sort of the biggest piece of what we've seen.

我認為從我們目前所看到的來看，我們再次更多地討論了生成式人工智慧與智慧體人工智慧之間的差異。因此，您可以考慮像我們的期刊風險分析器或 Verity Flag 這樣的工具，它們能夠幫助總結文檔，在這些工具中，您仍然可以進行相當程度的人為互動，以審查和理解結果，而不是僅僅接受它。所以，這算是我們目前看到的最大部分。

But again, I think interestingly, after we released our visions around Verity Prepare at BeyondTheBlack in the fall, there was a lot of interest in that, and we saw that really manifest itself in the fourth quarter and now in the beginning of this year. So there's definitely a lot of interest. There are some -- still some complexities, though, Steve, just to be clear.

但有趣的是，我覺得，在秋季 BeyondTheBlack 大會上，我們發布了關於 Verity Prepare 的願景之後，大家對此非常感興趣，我們在第四季度和今年年初都看到了這種興趣的真正體現。所以，大家對此確實很有興趣。不過，史蒂夫，我得說清楚，這裡面還是有些複雜之處。

It's not just what the CFO and the controller want to do, it's the CIO as well as the Chief Legal Officer. So that's around for it you're working through as companies are trying to figure out how quickly to move forward with AI, particularly given the requirements that they have to deal with, with their auditors and the SEC and things of that nature. So -- but Jeremy, again, anything you want to add?

這不僅是財務長和財務長想做的事，也是資訊長和首席法務官想做的事。所以，這就是你正在努力解決的問題，因為公司正在努力弄清楚如何快速推進人工智慧，尤其是在考慮到他們必須應對審計人員、美國證券交易委員會等機構的要求的情況下。那麼——傑里米，你還有什麼要補充的嗎？

It's about the customer journey on AI. I think when we land with our solutions, I think there's a spectrum of AI capabilities that they're able to adopt. And I think that's helping them meet them where they are in terms of their customer journey from a digital transformation standpoint.

這是關於人工智慧的客戶體驗之旅。我認為當我們推出解決方案時，他們可以選擇採用一系列人工智慧功能。我認為這有助於他們從數位轉型的角度，滿足客戶旅程中當前的需求。

So whether it's our matching solutions and traditional matching or whether it's AI extensions to those capabilities, we can meet them where they are in their customer journey, but they can see the accelerations they're going to get from these AI products as well.

因此，無論是我們的配對解決方案和傳統匹配，還是這些功能的 AI 擴展，我們都能滿足他們在客戶旅程中的位置，同時他們也能看到這些 AI 產品將帶來的加速。

Okay. Great. That's helpful. And then I guess maybe just on the guide dynamics. I think primarily looking at kind of the margin profile, just anything that we should kind of keep in mind for maybe the 1Q margin dynamics versus the rest of the year or maybe some kind of expense timing dynamics as we look at how '26 might play out?

好的。偉大的。那很有幫助。然後我想，或許就取決於引導動力學了。我認為主要應該關注利潤率情況，例如第一季的利潤率動態與今年其他季度的利潤率動態對比，或者在展望 2026 年的業績時，應該注意哪些費用時間安排方面的動態？

Yes. So I mean, if you look back over the years, Q1 has always historically been probably the lowest operating margin for this company, and there's a very explainable reason. For one, payroll taxes, we bear the highest burden like most companies in the first quarter of the year, as you pay out year-end bonuses and commissions.

是的。所以我的意思是，如果你回顧這些年的歷史，第一季歷來都是這家公司營業利潤率最低的季度，這其中有一個很容易解釋的原因。首先是薪資稅，像大多數公司一樣，我們在第一季承擔著最高的負擔，因為要支付年終獎金和佣金。

And then the second element to that is we do our sales kickoff in January of each year around the world, and that carries a cost to it as well. I think more importantly, though, like if you look through throughout the rest of the year, there is a very high confidence model to reach 24% operating margin with that margin growing throughout the year. So this is not unlike any other year, and you'll see expansion of that margin notably in the next three quarters.

其次，我們每年一月份都會在全球各地舉辦銷售啟動活動，這也會產生一定的成本。不過，我認為更重要的是，如果你展望今年剩餘的時間，我們非常有信心實現 24% 的營業利潤率，並且這一利潤率將在全年持續增長。所以今年的情況與往年並無太大不同，而且在接下來的三個季度裡，你會看到利潤率顯著擴大。

Okay, perfect. Great to hear. Thanks for taking the questions.

好的，完美。很高興聽到這個消息。謝謝您回答問題。

Alex Sklar, Raymond James.

Alex Sklar，Raymond James。

Great, thank you. Owen, maybe one more AI question for me here. Just in terms of what are you seeing in terms of defined AI budgets at some of your enterprise customer base? How incremental of an area is that for BlackLine to tap into? And how are you positioning your solutions, maybe not just the Verity one, but your solutions broadly to capture those budgets?

太好了，謝謝。歐文，我可能還要問你一個關於人工智慧的問題。就您目前企業客戶群中人工智慧預算的具體情況而言，您有什麼觀察？對 BlackLine 來說，這究竟是多大的增量領域？你們如何定位你們的解決方案，不僅僅是 Verity 的解決方案，而是你們的整體解決方案，以爭取這些預算？

Yes, I'm not sure I can tell you that it's necessarily a defined budget. But I think in the conversations that we're having and our teams are having in the field is if we can show real demonstrable value for what our AI can bring, than the CFOs and their teams seem to be able to find the budget for what they're looking to accomplish.

是的，我不能肯定地說這是一個明確的預算。但我認為，在我們和我們的團隊在現場進行的對話中，如果我們能夠證明我們的人工智慧能夠帶來真正的、可證明的價值，那麼財務長和他們的團隊似乎就能找到預算來實現他們想要達成的目標。

So I think the hurdle for us is really being able to demonstrate a very strong ROI along with the reliability, trust, accuracy and security that our customers have already come to expect from us long time. But Jeremy, again, I don't know what you're seeing when you're out talking to customers.

所以我認為我們面臨的真正障礙是，如何在保持客戶長期以來對我們抱持的可靠性、信任度、準確性和安全性的同時，真正展現出強勁的投資報酬率。但是傑里米，我還是不知道你和顧客交談時看到了什麼。

What I see is, especially with our acquisition of WiseLayer and Verity Accruals is that there's an opportunity for us to expand upstream in some of the use cases that have traditionally not happened in BlackLine, but see the data in BlackLine. So accruals is a great example of this. And so there's appetite for customers to take that work on with BlackLine as they see the value and ROI from these functions.

我看到的是，尤其是在我們收購了 WiseLayer 和 Verity Accruals 之後，我們有機會向上游擴展，在一些傳統上 BlackLine 中沒有出現過的用例中，但我們可以在 BlackLine 中看到這些數據。應計項目就是一個很好的例子。因此，客戶有意願使用 BlackLine 來完成這項工作，因為他們看到了這些功能的價值和投資報酬率。

All right. Great. And Patrick, I appreciate the disclosure on the 11% of the eligible base on new platform pricing. Can you help provide some color what's embedded in the '26 outlook in terms of the percent of the base that will adopt in '26? And any change to how the sales force is approaching renewals this year on platform pricing versus last year?

好的。偉大的。派崔克，我很感謝你揭露了新平台定價中符合條件的用戶基數的 11% 這個資訊。您能否幫忙解釋一下 2026 年的展望中，關於 2026 年將有多少用戶會採用新方案的具體情況？今年銷售團隊在平台定價續約方面與去年相比是否有任何變化？

Yes. It's really been embedded in the motion over the last year. If you recall, we launched platform pricing in North America in the first quarter, and then we introduced it to the rest of the world in the second quarter. And as you could see from where we went in the fourth quarter, that acceleration is really picking up.

是的。在過去一年裡，它已經深深融入運動之中。如果你還記得的話，我們在第一季在北美推出了平台定價，然後在第二季將其推廣到世界其他地區。從第四季的情況來看，這種加速趨勢確實正在加快。

So when you think through the guide for this year, we're -- we expect to see about 25% to 35% of our customers on platform pricing by the end of this year. I do want to be clear, though, our largest renewal cohorts throughout the year are in the second and fourth quarter. So that's not going to be linear throughout the year. But by the end of the year, that's where we expect to be, and that's what's embedded in the guide.

因此，當我們回顧今年的指導方針時，我們預計到今年年底，將有大約 25% 到 35% 的客戶採用平台定價模式。不過，我想明確一點，我們全年續約人數最多的是第二季和第四季。所以，這種情況不會全年呈線性發展。但到今年年底，我們預期會達到那個目標，這也是指南中闡述的內容。

All right, great. Thank you.

好的，太好了。謝謝。

Patrick Walravens, Citizens.

派崔克‧沃爾拉文斯，市民。

Oh great, thank you and congratulations you guys. So Owen, do we address the whole issue of creating shareholder value? And maybe do it from the perspective of if you're a long-term shareholder, can you just talk about how BlackLine thinks about it, what governance mechanisms you have in place, how open you are to considering strategic options as they come your way? I think that would be super helpful for everyone.

太好了，謝謝大家，也恭喜你們！那麼歐文，我們是否要討論創造股東價值的整個問題？或許可以從長期股東的角度來談談，BlackLine是如何看待這個問題的，你們有哪些治理機制，以及你們對未來可能出現的策略選擇持何種開放態度？我覺得這對大家都會非常有幫助。

Yes, Pat, as you can imagine, those are the issues that the Board is dealing with. And I think they well understand their fiduciary responsibilities, take that very seriously, and will exercise their responsibilities appropriately. For the management team what I talk to them about is we can only control what we can control.

是的，帕特，正如你所想，這些正是董事會正在處理的問題。我認為他們充分理解自己的受託責任，非常重視這一點，並且會適當地履行自己的責任。對於管理團隊，我跟他們強調的是，我們只能控制我們能夠控制的事情。

We don't necessarily have the ability to influence the stock market other than through the performance that we deliver on behalf of our customers and then the benefits, hopefully accruing to our shareholders as appropriate. So, I don't know I can say much more about it than that, Pat. I think that's really all I'll say at this point.

除了透過我們代表客戶所取得的業績以及由此帶來的收益（希望這些收益能夠酌情返還給我們的股東）之外，我們未必有能力影響股市。所以，帕特，我不知道我還能說什麼了。我想我現在就說這麼多。

Okay. Fair enough. And then -- so I did -- and I think I sent you this yesterday. It was interesting to me that people are so doom and gloom about how AI is going to impact SaaS companies like you, yet interestingly, one of the competitors who went out of business yesterday was a tiny company.

好的。很公平。然後——所以我就這麼做了——我想我昨天已經把這個發給你了。令我感到有趣的是，人們對人工智慧將如何影響像你們這樣的 SaaS 公司如此悲觀絕望，但有趣的是，昨天倒閉的競爭對手之一卻是一家小公司。

And so if you look at -- we're obviously in transition. Remember last transition was from on-prem to SaaS. This one is from SaaS to AI. Who do you think makes it through that transition in the best shape, Owen? What are the characteristics you look for or that we should look for, and then how does BlackLine fit into that?

所以，如果你看看——我們顯然正處於轉型期。請記住，上一次轉型是從本地部署到 SaaS。這是從SaaS到AI的轉變。歐文，你覺得誰能以最佳狀態度過這個過渡期？你們尋找的或我們應該尋找的特性是什麼？ BlackLine 如何滿足這些特性？

Okay. I think you start with a very simple premise, which is what is the -- do you have a mission-critical platform or not, it's got to be beyond basic features and functionality. Do you really have the domain knowledge that your customers require? So for us, it's in the office of the CFO as well as understanding the particular industries that we serve our customers with. You have to have a trusted, reliable brand, your systems have to be secure. You have to deliver accuracy, efficiency, intelligence all those things matter.

好的。我認為你應該從一個非常簡單的前提開始，那就是──你擁有的是一個關鍵任務平台還是一個非關鍵任務平台？它必須超越基本特性和功能。你真的具備客戶所需的專業知識嗎？所以對我們來說，這不僅關乎財務長的辦公室，也關乎了解我們為客戶提供服務的特定產業。你必須擁有一個值得信賴、可靠的品牌，你的系統必須安全可靠。你必須做到準確、有效率、智能，所有這些方面都很重要。

You have to have the data that's proprietary to what you're trying to do with your customer set. Somebody told me, I'm not sure I know the exact number, but we're approaching upwards of 1 trillion transactions that we have in our own data that we use to help figure out things with our customers.

你必須擁有與你對客戶群進行的操作相關的專有數據。有人告訴我，我不確定確切的數字，但我們自己的數據中已有接近 1 兆筆交易，我們利用這些數據來幫助客戶解決問題。

So I think those are the things that matter more than anything else. You have to have a partner network that is very comfortable because many of our customers rely on the professional opinions of implementation partners of what are they seeing in the marketplace and things of that nature. So all that factors together.

所以我覺得這些才是最重要的。你必須擁有一個非常舒適的合作夥伴網絡，因為我們的許多客戶都依賴實施合作夥伴的專業意見，了解他們在市場上看到的情況等等。所以，所有這些因素綜合起來就構成了。

And I think for us, Pat, we're in business 25 years. I think the original slogan of BlackLine was something around trust is in the balance. And I think that's still true today. We want to make sure that we do things that are secure, reliable, accurate, intelligence our customers, and that goes a long, long way.

派特，我認為對我們來說，我們已經經營了25年了。我認為BlackLine最初的口號大概是「信任岌岌可危」之類的。我認為這一點在今天仍然適用。我們希望確保我們所做的一切都安全、可靠、準確，並能為我們的客戶提供智慧服務，這意義重大。

And I think one last thing that I've observed in the last couple of years that we've really focused on within BlackLine is to be very client-centric, customer-centric and understanding where they were trying to get to and then working to create solutions that support that. So all of that is, I think, what matters today, and I think that's where we're going to thrive as an organization.

最後，我認為在過去幾年裡，我們 BlackLine 一直非常注重以客戶為中心，了解客戶想要達到的目標，然後努力創造能夠支援他們的解決方案。所以我認為，所有這些都是今天最重要的，而且我認為，這正是我們作為一個組織能夠蓬勃發展的地方。

Thank you very much.

非常感謝。

Adam Hotchkiss, Goldman Sachs.

Adam Hotchkiss，高盛集團。

Great, thanks so much for taking the question. I wanted to ask Pat's question in a bit of a different way. When you're hearing from your customers about the broader landscape of technology offerings and office of the CFO, what is your process for ingesting customer feedback for features that they've seen either from smaller companies, upstarts, companies like LLMs, financial analyst assistants? And how do you go about prioritizing which investment areas make the most sense for putting them into your product and driving ROI for the business?

太好了，非常感謝您回答這個問題。我想換個方式問帕特的問題。當您從客戶那裡了解到更廣泛的技術產品和財務長辦公室的情況時，您是如何收集客戶回饋的？這些回饋是關於他們從小型公司、新創公司、LLM 等公司、財務分析助理等機構看到的功能。那麼，如何確定哪些投資領域最適合投入產品中，並為企業帶來最大的投資報酬率呢？

I think Jeremy and I will tag team this a little bit. But I think there's a couple of pieces to it. One is, as you know, we work with the world's leading companies, right? So we spend a lot of time with them on site, getting their feedback, both on the existing product and what they'd like to see. We get feedback from them from what they're seeing in the marketplace. So that all factors in.

我覺得我和傑瑞米會輪流做這件事。但我認為這其中包含幾個面向。如您所知，我們與世界領先的公司合作，對吧？因此，我們花了很多時間在現場與他們交流，收集他們對現有產品的回饋以及他們希望看到的產品。我們會從他們那裡獲得關於他們在市場上所看到的情況的反饋。所以所有因素都考慮進去了。

We have a very strong customer advisory Board that meets on a regular basis that helps inform us. Our partners are amazing in helping us to understand what they're seeing in the marketplace that helps influence what we do because they tend to see things not just company specific, but across an industry or cohort in a way that no individual company can sort of look at.

我們擁有一支非常強大的客戶顧問委員會，定期召開會議，為我們提供資訊支援。我們的合作夥伴非常出色，他們幫助我們了解他們在市場上看到的情況，這有助於影響我們的行動，因為他們往往不僅關注公司本身，而且關注整個行業或群體，這是任何單一公司都無法看到的。

There are things that we do -- internally, we have a competitive intelligence group that tracks and tries to understand what everyone else is doing out there from maybe a more traditional competitor to upstarts and then we're looking to see how does our road map compare to that.

我們做了一些事情——在公司內部，我們有一個競爭情報小組，負責追蹤和了解其他所有人在做什麼，從更傳統的競爭對手到新興公司，然後我們會看看我們的路線圖與這些路線圖相比如何。

So if we haven't figured out before somebody else has, how do we become a fast follower to make sure that there's no gap that somebody else gets ahead of us on something. So those are all the things that we're trying to do. But Jeremy, I'm sure there's more that you've certainly experienced.

所以，如果我們沒能在別人之前想出辦法，我們該如何快速跟進，確保不會出現落後於人的情況呢？以上就是我們正在努力做的所有事情。但是傑里米，我相信你肯定還有更多經驗。

Yes. Customer obsession is a key part of what drives our product development, listening to customers, but also gathering data from how they operate within our systems. So across the cohort of customers that we have, we have a great operational lens into how these different customers across oil and gas, financial services and other industries operate.

是的。以客戶為中心是我們產品開發的關鍵驅動力，我們不僅傾聽客戶的意見，還收集客戶在我們系統中的操作資料。因此，透過我們擁有的眾多客戶，我們對石油天然氣、金融服務和其他行業的不同客戶的運作方式有了很好的了解。

And that allows us to see trends and build benchmarks and optimize processes that then ultimately go into our SaaS product but also our AI offerings as well. And this provides what you might have heard about as context that informs our agents to operate more accurately, more efficiently and that these ultimately help drive more effective outcomes for our customers as well.

這樣一來，我們就能看到趨勢、建立基準並優化流程，這些流程最終都會應用到我們的 SaaS 產品以及我們的 AI 產品中。而這提供了您可能聽說過的背景信息，這些信息可以幫助我們的代理商更準確、更有效率地開展工作，最終也有助於為我們的客戶帶來更有效的結果。

Okay. Great. That's really helpful. And then I guess on the WiseLayer acquisition. I know it looked like it was a pretty small acquisition, but just maybe talk a little bit about that, what that brings to BlackLine and then maybe what it tells us about your build versus buy mentality as you look at AI and the ecosystem?

好的。偉大的。這真的很有幫助。然後，我想還有 WiseLayer 的收購案。我知道這看起來像是一筆規模很小的收購，但能否稍微談談這筆收購，它能為 BlackLine 帶來什麼，以及它在人工智慧和生態系統方面體現了你們的自建與收購理念？

Yes. Look, I think there was really a couple of things that made WiseLayer very attractive for us and I'll sort of say 1A and 1B, 1A was the quality of the people that they had. I mean, really good, smart, innovative people, doing some very, very interesting things. And then the second was the quality of the product, and we actually were using the product, and we could see the value that it was bringing for our own team.

是的。你看，我認為 WiseLayer 對我們來說真正有吸引力的地方有兩點，我姑且稱之為 1A 和 1B，1A 是他們員工的素質。我的意思是，他們都是非常優秀、聰明、有創新精神的人，正在做一些非常非常有趣的事情。其次是產品質量，我們實際使用產品後，看到了它為我們的團隊帶來的價值。

And so it took the combination of what they were trying to accomplish in the marketplace with how we could see the usability of that product and how it fit into the things we were doing across our own financial close capabilities, particularly sort of marrying this with our journals capabilities all made it very, very attractive.

因此，他們想要在市場上實現的目標，以及我們看到的該產品的可用性，以及它如何融入我們自身的財務結算能力，特別是將其與我們的帳簿功能相結合，所有這些都使它非常有吸引力。

And it helped to accelerate a lot of what we were trying to do. And so from the build versus buy perspective, we're always thinking about can we build it, how long will it take? And we really thought this was a very good accelerant to what we were trying to do in the marketplace. But Jeremy, you were up to our eyeballs in this one, and so was Patrick. So --

它加速了我們正在努力實現的許多目標。因此，從自建或購買的角度來看，我們總是在想，我們能否自建，需要多長時間？我們當時真的認為這對我們在市場上所做的事情來說，是一個非常好的加速器。但是傑里米，你在這件事上投入了太多精力，帕特里克也是。所以--

Yes. Just to elaborate even further. Our own internal accounting department did a proof of concept. And to Owen's point, really impressive technology, very impressive team. It was just overall very impressive company. And just to provide a little more clarity around the numbers of that, the contribution to the guide that was provided earlier today is de minimis. This is largely a technology buy.

是的。再補充一點。我們內部的會計部門進行了概念驗證。正如歐文所說，這確實是一項令人印象深刻的技術，也是一支非常優秀的球隊。總的來說，這是一家非常令人印象深刻的公司。為了更清楚地說明這些數字，今天早些時候提供的指南的貢獻微乎其微。這主要是一筆技術採購。

You'll see in our 10-K in a couple of weeks that the purchase price was a little under $25 million. But there's a lot of enthusiasm internally in terms of what this company, what this technology can do and how we're going to incorporate it into our overall platform.

您將在幾週後發布的 10-K 文件中看到，收購價格略低於 2500 萬美元。但公司內部對這家公司、這項技術能夠做什麼以及我們將如何將其融入我們的整體平台上充滿熱情。

I'll just add, it is rapidly demonstrable AI ROI to our customers, rapid time to value driven by AI solution, and that was extremely exciting.

我還要補充一點，人工智慧為我們的客戶帶來了快速可觀的投資報酬率，而人工智慧解決方案能夠快速實現價值，這令人非常興奮。

Patrick Schulz, Baird.

派崔克舒爾茨，貝爾德。

Hey guys, yeah, thanks for taking my question this afternoon. Maybe first on the platform pricing, and I appreciate all the disclosures you provided here. But for those customers who have already transitioned to the new platform pricing model, can you talk about what kind of spending uplift you have realized?

嘿，各位，謝謝你們今天下午回答我的問題。首先，我想談談平台定價，感謝您在這裡提供的所有資訊揭露。但對於已經過渡到新平台定價模式的客戶，您能否談談您的消費額提升了多少？

And I think last quarter, you guys called out some larger customers maybe pausing their buying decision to have more strategic conversations around platform pricing and AI. How did this play out during the quarter? And what were some of the learnings from those customers?

我認為上個季度，你們指出一些大客戶可能暫停了購買決定，以便就平台定價和人工智慧進行更具策略性的討論。本季情況如何？從這些客戶身上我們學到了哪些經驗？

Yes. So what we're seeing is twofold here and very excited about the acceleration that we've seen in the uptake in platform pricing. And yes, there was a slight pause last quarter as some customers thought through if they want to add additional users to the traditional per-seat pricing or if they want to move to the platform.

是的。所以我們看到的情況是雙重的，我們對平台定價的普及速度感到非常興奮。是的，上個季度出現了一小段停滯期，因為一些客戶正在考慮是否要在傳統的按席位定價的基礎上增加用戶，或者是否要遷移到該平台。

What we're seeing is with our customer base, the value is becoming more obvious to them. The product that we're delivering to them has uptake and they're willing to pay that additional price per year or base fee going forward. That fee is an immediate uplift on day 1, and that's the first source of monetization as we move through this platform pricing transition.

我們看到，我們的客戶群越來越清楚地認識到產品的價值。我們提供給他們的產品受到了歡迎，他們也願意在未來每年支付額外的費用或基本費用。這項費用在第一天就能立即帶來收益，這也是我們在進行平台定價過渡期間的第一個獲利來源。

And then the second piece of that, as those customers access more and more of our agents through the platform, that will be the second level of monetization on a consumption basis. So it's an immediate uplift on day one as they adopt the platform, and then it provides future revenue growth through consumption as they use more and more of our agents.

其次，隨著客戶透過平台接觸到越來越多的代理商，這將是基於消費的第二層獲利模式。因此，用戶在第一天使用該平台後就能立即獲得提升，然後隨著他們越來越多地使用我們的代理，未來的收入成長將透過消費實現。

Okay. Very helpful. And then maybe a quick follow-up just on retention rates. I know you guys have called out some moving pieces there, whether it's Q4 maybe being the peak of attrition in the market churn cycle and at the same time, seeing very strong net retention rates with the enterprise customers.

好的。很有幫助。然後或許可以快速跟進一下顧客留存率的情況。我知道你們已經指出了一些不確定因素，例如第四季可能是市場流失週期中的峰值，但同時，企業客戶的淨留存率卻非常高。

Just as we look at that '26 guide, what are you guys assuming for both growth and net retention rates? Just any color there would be helpful. Appreciate it.

正如我們查看 2026 年的指南時，你們對成長率和淨留存率分別作何假設？任何顏色都可以。謝謝。

Yes. Just to provide a little color there. I know we landed this quarter at 92% retention. But one thing that was highlighted at the enterprise level that was 95%. And I believe we signaled last quarter that we had some M&A that was coming up in the fourth quarter, and that was also a 2-point headwind.

是的。只是為了增添一些色彩。我知道我們本季的客戶留存率達到了 92%。但企業層面強調的一點是，95% 的人都參與了。我相信我們在上個季度已經表明，第四季度會有一些併購活動，這也造成了 2 個百分點的不利影響。

So when you look at our enterprise customer base, exclusive of these one-off M&A transactions, that retention rate was 97-plus percent. So when you think through our guide for this year and into the future, we see a transition of improvement throughout the year, and that return to the mid-90s overall retention rate, inclusive of mid-market.

因此，當我們查看我們的企業客戶群時，如果排除這些一次性的併購交易，客戶留存率超過 97%。因此，當我們回顧今年的指導方針並展望未來時，我們看到全年都在逐步改善，並且整體留存率（包括中端市場）將恢復到 90 年代中期的水平。

Daniel Jester, BMO Capital Markets.

Daniel Jester，BMO資本市場。

Great, thank you for taking my question. Maybe another one on the platform. In the fourth quarter, I think if I caught this right, you said 75% of new bookings chose the platform. I guess for the 25% that didn't, are there any sort of commonalities? And as you shift to a more standardized bundle next year, what considerations do you have about sort of meeting customers where they are versus the platform approach?

太好了，謝謝你回答我的問題。或許平台上還有另一個。我記得你說過，在第四季度，75% 的新預訂用戶選擇了這個平台。我想，對於那 25% 沒有參與的人來說，他們之間有什麼共同點嗎？明年你們將轉向更標準化的套餐，在如何更好地滿足客戶需求（而不是採用平台模式）方面，你們有哪些考慮？

Yes. I think, Pat, you can take the second half of that question, I'll take the first half, which where I say there's any commonality to it is I've tried to look through and understand it with our sales team. I think we still have some customers that were a little bit of a larger size, but still trying to work their way through what digital finance transformation was truly going to mean for them.

是的。派特，我想你可以回答這個問題的後半部分，我來回答前半部分，我說的共同點是，我已經嘗試和我們的銷售團隊一起研究和理解它。我認為我們仍然有一些規模較大的客戶，他們仍在努力了解數位金融轉型對他們來說究竟意味著什麼。

As an organization, as you can imagine, you have companies from A to Z is to spread out where they are. And so for us, I think one of the things we've tried to be smarter about is selecting the right customers and part of our evaluation is are these customers that will, in our view, move to the platform over time. And so we're willing to invest in them, work through that with our partners typically.

作為一個組織，正如你所想，旗下公司從 A 到 Z 的分佈範圍非常廣泛。因此，我認為我們努力做得更明智的一件事就是選擇合適的客戶，而我們評估的一部分內容是，在我們看來，這些客戶是否會隨著時間的推移而遷移到我們的平台上。因此，我們願意投資他們，通常會與我們的合作夥伴一起解決這個問題。

And so that was sort of underlying it. It's just customer where they were at as an organization, how much they thought they might want to be able to fight off and start with at the very, very beginning. But for us recognizing we truly believe that they would go on a digital finance transformation journey. Cover the second half for '26 and how you're thinking about it?

所以，這就是問題的根本原因。這只是客戶作為組織所處的位置，以及他們認為自己可能想要在多大程度上能夠抵禦和從頭開始。但我們認為，他們確實會踏上數位金融轉型之旅。2026年下半年的比賽安排以及你的想法？

Yes. And another part of that story for that 25% that did not take up platform pricing within new logos, you still have the lower mid-market and mid-market contingent there, where maybe they're not ready for this level of finance transformation and delivery of a platform. And to be clear, that was something that we assumed and have been messaging over the last year that we knew long term, the uptake of this model would lay largely in the upper mid-market and enterprise space. So that was in line with our expectations.

是的。故事的另一部分是，對於新客戶中沒有採用平台定價的 25% 的客戶來說，仍然存在中低端市場和中端市場客戶群體，他們可能還沒有準備好進行這種程度的財務轉型和平台交付。需要明確的是，這是我們過去一年來一直假設和傳達的訊息，即我們知道從長遠來看，這種模式的普及主要將集中在中高端市場和企業領域。這符合我們的預期。

As we think through 2026, and I think you used to comment how we meet customers where they are. I think the one difference going to 2026, which is embedded in the guide is the platform itself and the agents that are built with it and the value that they provide to our customers. As customers see that and as they see the value that is delivered through the platform, they would be -- they -- it's built into the guide that they are more willing to uptake our new model. So we expect that to be north of 75% going through 2026, and that is built into the guide.

當我們展望 2026 年時，我想您過去曾評論過我們如何滿足客戶的需求。我認為到 2026 年，指南中提到的一個區別在於平臺本身、基於該平台建立的代理商以及他們為我們的客戶提供的價值。當客戶看到這一點，看到平台所提供的價值時，他們——指南中已經明確指出——會更願意接受我們的新模式。因此，我們預計到 2026 年，這一比例將超過 75%，這一點已納入指導方針中。

Okay. That's great context. And then maybe, Patrick, just sticking with you on the GCP finally coming to a conclusion. I'm sure you're probably happy to not have to talk about that too much more with us. How should we be considering sort of the flow of the year for gross margin in '26? And maybe any puts and takes as you're ramping up all of your AI capabilities and any impact or your precious view on impact on gross margin there?

好的。這提供了很好的背景資訊。然後，派崔克，也許，就一直關注著 GCP 最終的結局吧。我相信你一定很高興以後不用再跟我們談太多這件事了。我們該如何考慮 2026 年的毛利率走勢？鑑於您正在全面提升人工智慧能力，您認為這會對毛利率產生哪些影響？您對此有何看法？

Yes. So as you think about gross margin throughout the year, it's a similar story to operating margin, but for different reasons. We did complete the GCP migration in Q1, and there were some redundant costs as we shut down any redundant servers. And so what you'll expect to see or what you will see is a generally expanding gross margin throughout the year and an overall improvement in gross margin for the full year.

是的。因此，從全年的角度來看，毛利率與營業利益率的情況類似，但原因卻有所不同。我們在第一季完成了 GCP 遷移，由於關閉了所有冗餘伺服器，因此產生了一些冗餘成本。因此，預計全年毛利率將普遍成長，全年毛利率將整體提高。

I know where we realized the GCP migration has garnered quite a bit of attention, but there's other elements within gross margin as well, such as improved case deflection through alternate technologies or AI, which is driving down our cost to serve. So you will see, as we messaged over the last year or two, generally improving gross margin throughout the year.

我知道我們意識到 GCP 遷移引起了相當大的關注，但毛利率還有其他因素，例如透過替代技術或 AI 改進案例轉移，從而降低我們的服務成本。因此，正如我們在過去一兩年所傳達的訊息，您將會看到全年毛利率總體上有所提高。

Great. Thank you.

偉大的。謝謝。

Matt VanVliet, Cantor.

馬特範弗利特，坎托爾。

Hey, good afternoon. Thanks for taking the question, Because Owen, since you've been here, you've had definitely a lot more focus on kind of the rigor throughout the sales organization and execution there. And certainly bringing in Stuart has reinforced that.

嘿，下午好。謝謝你回答這個問題。歐文，自從你來到這裡，你肯定更加重視整個銷售組織的嚴謹性和執行力。當然，史都華的加入也進一步強化了這一點。

But curious on where you feel like the business is today in terms of sort of reengineering some of that go-to-market process and getting the right people in the door, versus now '26 being just sort of executing on that playbook. And where you feel like that level of execution is coming in right now?

但我很好奇，就重新設計一些市場推廣流程並招募合適的人才而言，你覺得公司目前的業務狀況如何？與 2026 年只是按部就班地執行既定策略相比，現在的情況又如何？你覺得目前這種執行水準的水準達到什麼程度了？

Yes. I think it's a good question. And believe it or not, Stuart is not even here technically a year yet. I think, on Wednesday or tomorrow hits his one-year anniversary. I think a lot of heavy lifting was done this past year and even part of the prior year where we've made a lot of improvements in the underlying technology, the use of that technology, getting rid of things that didn't matter in moving the organization forward.

是的。我認為這是一個很好的問題。信不信由你，史都華嚴格來說到現在還沒滿一年。我想，週三或明天就是他入職一週年紀念日了。我認為在過去一年，甚至在前一年的一部分時間裡，我們做了很多艱苦的工作，我們在底層技術、技術的使用方面做了很多改進，並剔除了對推動組織發展無關緊要的事情。

In one of the stats, we talked a little bit about -- we've added 40 people over the last three years or 2% drive 34% revenue growth. But interestingly, if you look underneath that, almost 60% of the BlackLiners in the company are new. So we've done a lot of transformation to people in the organization. That's no disrespect to those that were here previously. It's just what we needed to move to that next level. We needed to bring in a new cohort of individuals.

在其中一個統計數據中，我們稍微談到了——過去三年我們增加了 40 名員工，即 2% 的員工推動了 34% 的收入成長。但有趣的是，如果你仔細觀察，你會發現該公司近 60% 的 BlackLiner 員工都是新進員工。因此，我們對組織內的人員進行了許多變革。這並非對之前在這裡的人不敬。這正是我們邁向更高層次所需要的。我們需要引進一批新人。

I don't want to speak for Stuart and the leadership team. But I would say I think they feel pretty good, by and large about the leadership they have in place around the globe at this particular point in time. There's been a lot of changes made. We've made a lot of upgrades in the individual quota-carrying reps, the BDRs, customer success, all of that has been part of the transformation.

我不想代表史都華和領導團隊發言。但我認為，總的來說，他們對目前全球範圍內的領導層感到相當滿意。已經發生了很多變化。我們對個人銷售代表、業務拓展代表、客戶成功團隊等進行了許多升級，所有這些都是轉型的一部分。

I don't know that you're ever done because you're always continuing to try to upgrade in that regard. We've done a lot of work around our business value architects and things of that nature, presales. And so I feel pretty good about it, but I recognize we're never completely done. And I think the one thing I'm continuing to focus on, so we just did a sort of quick internal pulse survey for all of our people. And a lot of really good feedback on the organization.

我不認為你會止步不前，因為你總是不斷地努力提升自己。我們在業務價值架構師和類似性質的事情上做了很多工作，例如售前工作。所以我感覺還不錯，但我明白我們永遠不會徹底完成。我認為我將繼續關注的一件事是，我們剛剛對所有員工進行了一次快速的內部意見調查。而且收到了很多關於該組織的非常好的回饋。

The biggest thing that they're continuing to sort of push us on is further enabling them to keep driving all the things we're trying to do in the organization because the level of innovation that's coming out of Jeremy's team in product and tech is pretty amazing. But then how do you make sure the rest of the organization can keep up with that and bring it into the marketplace. And I'm very encouraged by what we saw over the past year and pretty confident as we head into this year, but that will be the thing that we'll keep driving.

他們不斷推動我們前進的最大動力，就是讓他們能夠繼續推動我們在組織中嘗試做的一切，因為傑里米的團隊在產品和技術方面展現出的創新水平非常驚人。但是，如何確保組織的其他部門能夠跟上步伐，並將這些成果推向市場？過去一年我們所取得的成就令我深受鼓舞，對今年的發展也充滿信心，但這正是我們將繼續努力的方向。

All right, thank you.

好的，謝謝。

Robert Simmons, Rosenblatt.

羅伯特·西蒙斯，羅森布拉特。

Hey, thanks for taking my questions. I was wondering how much revenue contribution are you assuming from your Agentic offerings this year? How material can they be to your ECC bookings?

嘿，謝謝你回答我的問題。我想知道您預計今年 Agentic 產品能帶來多少收入？它們對您的 ECC 預訂有多重要？

So over the course of the year, the primary revenue contribution coming out of our Agentic offerings and other AI offerings is the uplift that we referenced earlier today in terms of moving to the platform in that day one uplift.

因此，在這一年中，我們 Agentic 產品和其他 AI 產品的主要收入貢獻就是我們今天早些時候提到的，遷移到該平台第一天帶來的成長。

Throughout the year, we're going to be releasing agents, I guess, through each quarter and then evaluating how customers consume those agents, developing trust with our customers, with those agents. And then once we get to that point, we will begin monetizing those agents through consumption.

我想，我們將在今年每季陸續推出代理，然後評估客戶如何使用這些代理，從而與客戶和這些代理商建立信任。一旦達到那個階段，我們將開始透過消費將這些代理商貨幣化。

So within our guide, the prominent contribution from AI is the uplift, and we call it platform pricing, but it is product-led growth, and that results in an uplift in platform pricing. And then the contribution from consumption is not overly material for 2026, but it is definitely built into our target model.

因此，在我們的指南中，人工智慧的主要貢獻是提升，我們稱之為平台定價，但這是產品驅動的成長，這導致了平台定價的提升。2026 年消費的貢獻雖然不算太大，但肯定已經納入了我們的目標模型。

Got it. That makes sense. And then I believe you talked previously to 20% bookings growth in '26. Are you still expecting that kind of growth this year?

知道了。這很有道理。我相信您之前也提到 2026 年預訂量成長 20%。今年你仍然預期會有同樣的成長嗎？

Yes. I think yes, we are.

是的。我認為是的，我們是。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Billy Fitzsimmons, Piper Sandler.

比利·菲茨西蒙斯，派珀·桑德勒。

Hey guys, thanks for fitting me in. I Appreciate it. Maybe I'll ask about any color on what the guide implies from an SAP contribution perspective? Or anything notable to flag within that pipeline? Any significant upticks or volatility in activity there?

嘿，各位，謝謝你們抽空幫我。我很感激。或許我可以問問，從 SAP 貢獻的角度來看，指引究竟意味著什麼？或者說，這條流程有什麼值得注意的地方嗎？當地經濟活動是否有顯著上升或波動？

I think we've made good progress with SAP. We're very, very proud of what we've been able to accomplish over the last couple of years as you've seen a sort of steady state of SAP customers being roughly about 25%, 26% of our revenue.

我認為我們在與SAP的合作中取得了良好進展。在過去的幾年裡，我們取得了非常非常大的成就，大家也看到了，SAP 客戶的收入穩定在 25% 到 26% 左右。對此，我們感到非常自豪。

I don't think you're going to see that materially change in the upcoming year. We've got a very strong pipeline. We're seeing a lot of progress with what we're doing. But I think interestingly, we're having really great success through non-SAP customers as well.

我認為在未來一年裡，這種情況不會發生實質改變。我們擁有非常強大的人才儲備。我們所做的工作取得了很大進展。但我覺得有趣的是，我們在非 SAP 客戶方面也取得了巨大的成功。

So I don't think you should expect to see much of a shift in that mix of SAP versus non-SAP over the course of this year. That said, we're going to keep doing everything we can to drive that partnership to be as successful as we possibly can on behalf of our customers and our shareholders.

所以我認為，今年SAP與非SAP的組合不會有太大變化。也就是說，我們將繼續盡一切努力，推動這種合作關係取得盡可能大的成功，以造福我們的客戶和股東。

Appreciate it. Thank you.

謝謝。謝謝。

Thank you. I would now like to turn the call back over to Owen Ryan for any final remarks.

謝謝。現在我把電話轉回給歐文·瑞安，請他作最後的總結發言。

I just thank you, operator, and thank you all for taking the time to listen tonight. Look forward to catching up with many of you tonight and the next couple of days to answer further questions. So everybody, take care, and we'll talk soon. Thank you.

我只想感謝接線員，也感謝大家今晚抽空收聽。期待今晚以及接下來的幾天能與大家見面，回答更多問題。各位，保重，我們很快再聊。謝謝。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線了。