BlackLine, Inc. (BL) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q1 2026 BlackLine Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您稍候。歡迎參加 BlackLine 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

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

現在我想把會議交給今天的第一位講者，投資人關係資深副總裁 Matt Humphries。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 with Patrick Villanova, Chief Financial Officer. With the Q&A portion of today's call, we'll also have Jeremy Ung, BlackLine's Chief Technology Officer, join us.

各位下午好，感謝今天加入我們。與我一同參與電話會議的有 BlackLine 執行長 Owen Ryan，以及財務長 Patrick Villanova。在今天的問答環節，我們也將邀請 BlackLine 技術長 Jeremy Ung 一同加入。

Before we get started, I'd like to note that certain statements made during this conference call that are not historical facts, including those regarding our future plans, objectives and expected performance, in particular, our guidance for Q2 and full year 2026 and 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.

在開始之前，我想提醒各位，本次電話會議中所作的某些陳述並非歷史事實，包括關於我們未來計畫、目標與預期表現的陳述，特別是我們對 2026 年第二季及 2026 全年的指引，均屬於 1995 年《私人證券訴訟改革法》所定義的前瞻性陳述。這些前瞻性陳述僅代表截至本次電話會議日期的公司展望。

While we believe any forward-looking statements made during this call are reasonable, actual results could differ materially, and these statements are based on our current expectations as of today and are subject to risks and uncertainties, including those stated in our periodic report 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.

雖然我們相信本次電話會議中所作的任何前瞻性陳述均屬合理，但實際結果可能存在重大差異；且這些陳述係基於我們截至今日的當前預期，並受風險與不確定性影響，包括我們向美國證券交易委員會（SEC）提交的定期報告中所述者，特別是 Form 10-K 與 Form 10-Q。除非適用法律另有要求，我們不承擔且明確聲明不負有更新或修改任何前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因所致。

All comparisons we make today on the call relate to our 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 in our Form 8-K filed with the SEC today.

除非另有說明，我們今天在電話會議中所做的所有比較均係相對於去年同期。除非另有說明，本次電話會議中揭露的財務衡量指標將為非 GAAP。關於這些非 GAAP 財務衡量指標的討論，以及我們歷史 GAAP 與非 GAAP 結果之調節資訊，可於我們的財報新聞稿與簡報中查閱；相關資料可在投資人關係網站 investors.blackline.com 上取得，或於我們今日向 SEC 提交的 Form 8-K 中查閱。

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

現在我將把電話會議交給 BlackLine 執行長 Owen Ryan。Owen？

Thank you, Matt. Good afternoon, everyone. At our AI investor session in March, we shared our technology vision in detail and made our case for why BlackLine is positioned to be the trusted governance and control layer for CFOs and deploying AI across their financial operations.

謝謝你，Matt。各位下午好。在三月的 AI 投資人說明會上，我們詳細分享了技術願景，並闡述為何 BlackLine 有能力成為 CFO 們在其財務營運中部署 AI 時所信賴的治理與控制層。

Today is about sharing with you the momentum we are building as we translate that vision into reality. Our Q1 results demonstrated that our strategy is working, delivering solid top line growth and profitability. Revenue grew to 9.7% year-over-year and non-GAAP operating margin improved to 21.6%. These results are underpinned by progress on our key strategic initiatives. The adoption of our platform, Studio 360 continues to build with the metric reaching 13% of eligible AR up from 11% in Q4.

今天要與各位分享的是，當我們把該願景落實為現實時，正在累積的動能。我們第一季的成果顯示策略正在奏效，帶來穩健的營收成長與獲利能力。營收年增 9.7%，非 GAAP 營業利益率提升至 21.6%。這些成果來自我們關鍵策略計畫的推進。我們的平台 Studio 360 採用率持續提升，該指標達到符合資格 AR 的 13%，高於第四季的 11%。

More importantly, we are seeing this strategy translate into deeper customer commitments. This is best reflected in our remaining performance obligations, or RPO, which grew 18% and driven by the longer contract terms that are inherent to our new platform strategy.

更重要的是，我們看到這項策略正轉化為更深層的客戶承諾。這最能反映在我們的剩餘履約義務（RPO）上，RPO 成長 18%，主要由我們新平台策略所固有的較長合約期間所帶動。

Let me go deeper into our platform strategy and commercial model. Platform adoption maintained a healthy pace following Q4 seasonality with 94% of the eligible new bookings landing on platform pricing, a strong signal that our commercial model is becoming the standard for how customers buy BlackLine. We also saw continued migration activity from existing customers in Q1. Our teams are actively engaged with customers preparing for platform conversion ahead of their upcoming renewals.

我將更深入說明我們的平台策略與商業模式。在第四季季節性因素之後，平台採用仍維持健康步調；符合資格的新訂單中有 94% 採用平台定價，這是強烈訊號，顯示我們的商業模式正逐步成為客戶購買 BlackLine 的標準方式。我們在第一季也看到既有客戶持續進行遷移。我們的團隊正積極與客戶合作，為其即將到來的續約提前準備平台轉換。

This new model is also positively changing our deal economics. Average new deal size this quarter was up 85% to $162,000 driven by platform and strategic product sales. Our standard offering now includes a broader set of capabilities on Studio 360, which naturally increases the initial land. Our platform model allows us to sell units of financial productivity rather than seeds, which, over time, we believe opens access to labor and operational budgets beyond traditional software spend. It also creates the natural expansion path for our genic AI offerings.

這個新模式也正面改善了我們的交易經濟性。本季平均新案交易規模年增 85% 至 162,000 美元，主要由平台與策略性產品銷售所帶動。我們的標準方案如今在 Studio 360 上包含更廣泛的能力，自然提高了初始導入規模。我們的平台模式讓我們能銷售「財務生產力」單位，而非席次；隨著時間推進，我們相信這將使我們能觸及傳統軟體支出以外的人力與營運預算。同時也為我們的代理式 AI（agentic AI）產品提供自然的擴張路徑。

The model works like this. As customers adopt our platform, they commit to a platform fee that provides access to the full breadth of our capabilities within a framework of governance, reliability and control that they and their auditors already trust. As they then deploy Verity agents and automate work that was previously manual, consumption-based pricing layers on top of that base, similar to how we price capabilities like matching today.

此模式運作方式如下。當客戶採用我們的平台時，他們會承諾支付平台費用，以在其與其稽核人員已信賴的治理、可靠性與控制框架下，取得我們完整能力的存取權。接著，當他們部署 Verity 代理並自動化原本需人工處理的工作時，便會在該基礎之上疊加以用量計價的定價模式，類似於我們目前對「比對」等能力的定價方式。

That alignment between how our customers drive efficiency and how we capture value, all within a trusted control environment is fundamental to what we are building.

在可信的控制環境中，讓客戶提升效率的方式與我們擷取價值的方式相一致，這種對齊是我們正在打造之事的核心。

When we look at the full picture, we believe that a platform that provides broad access, embedded AI driving deeper daily engagement and a genic offerings layering consumption on top meaningfully increases the lifetime value of a BlackLine customer.

從整體來看，我們相信：一個提供廣泛存取的平台、內嵌 AI 以推動更深度的日常使用黏著度，以及在其上以用量方式疊加的代理式產品，將能顯著提升 BlackLine 客戶的終身價值。

This brings me to what I believe is the most important topic on today's call, AI and our Verity portfolio. Last month at our Beyond the Black Conference in London, we introduced agentic financial operations, a new operating model that defines how the office of the CFO harnesses AI safely, strategically and at scale. The response from customers, partners and the broader market has reinforced our conviction that we are addressing the right problem at the right time and with the right approach.

接下來談我認為今天電話會議中最重要的主題：AI 與我們的 Verity 產品組合。上個月在倫敦舉行的 Beyond the Black 大會上，我們推出了「代理式財務營運」（agentic financial operations），這是一種新的營運模式，定義 CFO 辦公室如何以安全、策略性且可規模化的方式運用 AI。來自客戶、合作夥伴與更廣泛市場的回饋，進一步強化了我們的信念：我們以正確的方法，在正確的時間點，解決正確的問題。

The opportunity is straightforward. As an enterprise deploys AI agents across their business in procurement, sales operations, accounts payable, they are creating new uncontrolled financial touch points that need to be governed. Every one of those AI-generated transactions eventually hits the general ledger. Everyone must be reconciled, validated and audited.

這個機會很明確。當企業在採購、銷售營運、應付帳款等領域部署 AI 代理時，會產生新的、未受控的財務接觸點，而這些都需要被治理。每一筆由 AI 生成的交易最終都會進入總帳。每一筆都必須被對帳、驗證並接受稽核。

For a CFO, who personally attest to the accuracy of financial statements, that is a responsibility that requires a trusted platform. Agentic Financial Operations is designed to close this governance and trust gap. Every action in AI agent takes within BlackLine leaves a digital footprint identical to a human user, full chain of thought, immutable audit trails and bedded controls. This is what CFOs demand what audit committees rely upon and what auditors require. The market reaction from customers and partners since our London launch has been encouraging.

對於必須親自證明財務報表準確性的 CFO 而言，這是一項需要可信平台支撐的責任。「代理式財務營運」旨在彌補這個治理與信任落差。在 BlackLine 中，AI 代理所採取的每一個動作都會留下與人類使用者相同的數位足跡，包含完整的思維鏈（chain of thought）、不可竄改的稽核軌跡，以及內嵌的控制機制。這正是 CFO 所要求、稽核委員會所倚賴、以及查核人員所需要的。自我們在倫敦發布以來，客戶與合作夥伴的市場反應令人鼓舞。

Customers are telling us they want to leverage what we are building and provide input on our road map rather than try to build these capabilities themselves.

客戶告訴我們，他們希望運用我們正在打造的能力，並對我們的產品路線圖提供意見，而不是嘗試自行建置這些能力。

Their ROI framework is clear, make their finance operations more durable and competitive and let a trusted partner handle their AI infrastructure so they can focus on running their business.

他們的 ROI 架構很清楚：讓其財務營運更具韌性與競爭力，並讓可信的合作夥伴處理其 AI 基礎設施，使他們能專注於經營本業。

Before I walk you through what Verity is delivering commercially, I want to spend a moment on how we build because the pace of our innovation is becoming a strength. We are using AI to fundamentally accelerate our own product development. Our engineering teams have adopted AI augmented coding practices across our development workflows and the results are measurable. The time from idea to production has decreased 22% versus last year. We are shipping capabilities faster with fewer resources and at a higher quality.

在我帶您了解 Verity 在商業交付上的成果之前，我想先花一點時間談談我們如何打造產品，因為我們的創新速度正逐漸成為一項優勢。我們正在運用 AI 從根本上加速自身的產品開發。我們的工程團隊已在整個開發流程中採用 AI 增強的程式撰寫實務，而且成果可量化。從構想到上線的時間相較去年縮短了 22%。我們以更少的資源、更快的速度交付功能，同時品質更高。

This is a structural improvement in R&D productivity that we expect to compound over time. That increased velocity is translating directly into how we deliver value. Our customers have benefited from our foundational AI capability since last year. We are expanding further into Agentic AI.

這是研發生產力的結構性改善，我們預期將隨時間推移持續複利累積。這種加速的節奏正直接轉化為我們交付價值的方式。自去年起，我們的客戶就已受益於我們的基礎 AI 能力。我們正進一步擴展至 Agentic AI（代理式 AI）。

A year ago, Verity agents were a strategic vision. Today, we have multiple purpose-built agents in market in preview are launching in the near term. Combined with our new AI innovation hub and a fully integrated AI native acquisition, we are executing against our AI road map with clear deliberate focus.

一年前，Verity 代理（agents）仍是一項策略願景。今天，我們已有多個為特定用途打造的代理在市場上以預覽版形式提供，並將在近期正式推出。結合我們全新的 AI 創新中心，以及一項完全整合、AI 原生的併購，我們正以清晰且審慎的聚焦，推進我們的 AI 路線圖。

Now let me share what this engine is producing for our customers. Over the past year, we have been building and refining our embedded Verity AI capabilities like Verity Assist, Verity Narrate and Verity Flag and close collaboration with our customers, their auditors and our partners. That feedback loop has been critical, allowing us to validate not just performance, but the trust and governance bring work around them.

現在讓我分享這個引擎為客戶帶來了哪些成果。在過去一年中，我們與客戶、其審計師以及合作夥伴密切協作，持續打造並精進我們內嵌式的 Verity AI 能力，例如 Verity Assist、Verity Narrate 與 Verity Flag。這個回饋循環至關重要，讓我們不僅能驗證效能，也能驗證其周邊的信任、治理與配套作業。

Even before we brought in access, adoption among early users was doubling every quarter. In Q1, with that validation in hand, we made these capabilities standard across most of our customer base. Over 2/3 of our customers are now actively using these tools, a 285% increase in adoption quarter-over-quarter. In Q1 alone, unique users grew 68% and total usage grew 183%. What this tells us is that AI is moving beyond experimentation for our customers and into their day-to-day workflows.

甚至在我們引入 access 之前，早期使用者的採用率就已每季倍增。在第一季，基於這些驗證成果，我們將這些能力在大多數客戶群中設為標準配備。目前已有超過 2/3 的客戶在積極使用這些工具，採用率季對季成長 285%。僅在第一季，獨立使用者成長 68%，總使用量成長 183%。這告訴我們，對客戶而言，AI 正從實驗階段走向日常工作流程。

As they embed these capabilities into how they operate, it deepens their relationship with BlackLine. Over time, we expect that to support both stronger retention and additional consumption under our platform pricing model.

當他們將這些能力嵌入營運方式中，將加深他們與 BlackLine 的關係。隨著時間推移，我們預期這將同時支持更強的留存率，以及在我們的平台定價模式下帶來更多用量（consumption）。

Verity Prepare, our AI-powered reconciliation agent is now available to customers and is deployed with several mega enterprise customers. The validated outcomes customers are seeing are significant, over 90% reduction in reconciliation processing time. One customer that had been spending 3 hours manually executing certain reconciliations as seen that fall to 10 minutes and 95% time savings. Based on their experience, they are now ready to enable Verity prepare broadly across their business. That progression from pilot to enterprise-wide rollout is exactly the adoption pattern we are building toward.

Verity Prepare（我們的 AI 驅動對帳代理）現已提供給客戶使用，並已在多家超大型企業客戶中部署。客戶所看到的已驗證成果相當顯著：對帳處理時間降低超過 90%。有一位客戶原本需花 3 小時手動執行某些對帳作業，如今降至 10 分鐘，節省 95% 的時間。基於他們的使用經驗，他們現在已準備好在整個企業範圍內廣泛啟用 Verity Prepare。從試點到全企業推廣的這種進展，正是我們所要打造的採用模式。

Early usage data shows the cost to serve as efficient at current scale with clear paths to optimize further as adoption grows. Our multi-model architecture allows us to deliver meaningful customer value at margins consistent with our financial targets.

早期使用數據顯示，在目前規模下，我們的服務成本（cost to serve）效率良好，且隨著採用率提升，仍有明確的進一步優化路徑。我們的多模型架構使我們能以符合財務目標的毛利水準，為客戶交付有意義的價值。

Verity Match is now in its early adopter phase. Our existing matching solution is a powerful capability as it handles high-volume, complex data sets across multiple ERPs and source systems and deliver strong automation rates for our customers.

Verity Match 目前正處於早期採用者階段。我們既有的比對（matching）解決方案本身就是強大的能力，能在多個 ERP 與來源系統間處理高量、複雜的資料集，並為客戶帶來高水準的自動化率。

Verity Match builds on that foundation by applying AI to the long tail of complex exceptions like combined vendor payments, transposed invoice numbers, missing remittance details. Rules-based systems have historically left these for accountants to resolve manually. In early customer testing, we see a 64% reduction in transactions requiring manual investigation. And by running our models on NVIDIA GPUs, we can process matches up to 25x more cost efficiently and faster than on prior architectures, improving both the customer experience and unit economics as this scales.

Verity Match 在此基礎上，運用 AI 處理長尾的複雜例外情況，例如合併供應商付款、發票號碼對調、匯款資訊缺漏等。過往以規則為基礎的系統通常會把這些留給會計人員手動處理。在早期客戶測試中，我們看到需要人工調查的交易筆數降低 64%。此外，透過在 NVIDIA GPU 上運行模型，我們能以較先前架構最高提升 25 倍的成本效率與速度來處理比對，隨著規模擴大，同時改善客戶體驗與單位經濟效益。

Verity Collect will launch this quarter and the demand signal has been stronger than expected. We had to close our early adopter program because customer demand exceeded our planned capacity. The value proposition is direct. Predicting payment delinquency before an invoice becomes past due and autonomously managing the collections outreach across voice, e-mail and digital channels.

Verity Collect 將於本季推出，而需求訊號比預期更強。由於客戶需求超出我們原先規劃的容量，我們不得不關閉早期採用者計畫。其價值主張非常直接。在發票逾期之前預測付款拖欠風險，並透過語音、電子郵件與數位通路，自主化管理催收外聯。

For CFOs, this translates directly to working capital improvement, which in the current macro environment is a top priority. While it is still early, we believe the initial proof points are compelling in 1 early adopter scenario our AI agent completed collections outreach activities in under 30 minutes that would have taken a human team of approximately 45 hours. That kind of efficiency gain, freeing collection teams to focus on high-value accounts and complex disputes is exactly what is driving the demand we are seeing. We expect Verity Collect to be a meaningful accelerant to our broader invoice to cash momentum as it scales.

對 CFO 而言，這將直接轉化為營運資金的改善，而在當前總體環境下，這是最優先的事項之一。雖然仍處於早期階段，但我們認為初步的驗證點相當有說服力：在一個早期採用者情境中，我們的 AI 代理在 30 分鐘內完成了催收外聯活動，而若由人工團隊執行約需 45 小時。這種效率提升，讓催收團隊能將精力集中在高價值帳戶與複雜爭議上，正是推動我們所見需求的關鍵。隨著規模擴大，我們預期 Verity Collect 將成為推動我們更廣泛「發票到現金」（invoice-to-cash）動能的重要加速器。

Verity Accruals has seen a significant acceleration in customer interest and pipeline growth as its value proposition resonates in the market anchored by initial successes including closed deals and proof of concepts with key targets in both the enterprise and mid-market. These are largely existing customers looking to expand their footprint, which validates the cross-sell motion we have been building. Customers land on Studio 360 and then adopt additional Verity agents as they see results. One advantage worth highlighting is that our customers do not need to build a new governance framework to deploy Verity. BlackLine already is that framework.

Verity Accruals 的客戶興趣與管線成長顯著加速，因其價值主張在市場上引起共鳴；這一點也由初步成功所支撐，包括已成交的案子，以及在企業與中型市場的關鍵目標客戶中進行的概念驗證（POC）。這些多為既有客戶希望擴大使用範圍，驗證了我們一直在打造的交叉銷售動能。客戶先落地於 Studio 360，接著在看到成效後採用更多 Verity 代理。值得強調的一項優勢是：客戶不需要建立新的治理框架就能部署 Verity。BlackLine 本身就已是那個框架。

Verity agents operate within the same SOX compliant controls, audit trails and approval workflows our customers have relied on for years. Customers can begin deploying AI within a controlled environment today and their auditors already trust, which we believe lowers the barrier to adoption and supports a faster path from pilot to broader rollout.

Verity 代理在與客戶多年來所依賴的同一套符合 SOX 的控制、稽核軌跡與核准工作流程中運作。客戶今天就能在受控環境中開始部署 AI，而且其審計師也已信任該環境；我們相信這能降低採用門檻，並支持從試點更快走向更大範圍的推廣。

Turning to how this strategy aligns with our Q1 execution, our platform and AI approach is showing consistent progress in the enterprise. This sustained focus is reflected in our metrics. First, we saw an increase in customers with over $1 million in ARR. We closed the first quarter with 86 customers at this level, an increase of 9% year-over-year along 14% growth in our $250,000-plus customer cohort.

接著談這項策略如何與我們第一季的執行對齊：我們的平台與 AI 方法在企業市場展現出持續一致的進展。這種長期聚焦也反映在我們的指標上。首先，我們看到年經常性收入（ARR）超過 100 萬美元的客戶數增加。第一季結束時，達到此水準的客戶共有 86 家，年增 9%；同時，我們 ARR 超過 25 萬美元的客戶群也成長 14%。

Second, this strategy is driving deeper adoption and additional cross-sell across our portfolio. Our strategic products represented 37% of sales in Q1, up from 33% last quarter and 27% in the prior year. This proves that when we lead with value and outcomes, customers invest more deeply in BlackLine, adopting more solutions with less friction.

第二，這項策略正推動更深度的採用，以及在我們產品組合中的更多交叉銷售。第一季我們的策略性產品占銷售比重為 37%，高於上季的 33%，也高於去年同期的 27%。這證明當我們以價值與成果為先，客戶會更深入投資 BlackLine，以更少摩擦採用更多解決方案。

And third, you can see the strategy and action and key wins from the quarter. Within our existing customer base, we saw a significant validation for our AI offerings, particularly Verity Accruals. We secured a major renewal and expansion with a leading billing company, demonstrating their deep loyalty to BlackLine and strong interest in our AI capabilities. We saw similar momentum with a leading global mobility and car sharing company, which also expanded its footprint with a strategic win for variety accruals. Our upmarket motion and governance thesis also continues to resonate strongly in highly regulated and complex environments.

第三，您可以看到本季策略與行動的落地，以及關鍵勝利。在既有客戶群中，我們看到對 AI 產品的重大驗證，特別是 Verity Accruals。我們與一家領先的帳單處理公司完成一筆重要的續約與擴張，展現其對 BlackLine 的高度忠誠，以及對我們 AI 能力的強烈興趣。我們也在一家領先的全球移動與汽車共享公司看到類似動能，該公司同樣擴大了其使用範圍，並在 Verity Accruals 上取得一項策略性勝利。我們的向上市場（upmarket）推進策略與治理主張，在高度監管且複雜的環境中也持續強烈引起共鳴。

This quarter, we welcomed 1 of the nation's largest health care providers as a new logo replacing an ERP competitor, which is a powerful validation of our trusted control framework and innovation. We also saw significant expansion within our enterprise base, including a premier global construction services company that added our invoice to cash solution. Additionally, we executed a major rip and replace at a leading fintech provider, successfully displacing multiple competitors to consolidate their financial operations on to BlackLine, adopting Studio 360, Journals, reconciliations and Transaction Matching.

本季，我們迎來全國規模最大的醫療保健服務提供者之一，作為新的標誌性客戶，取代了一家 ERP 競爭對手，這有力驗證了我們值得信賴的控制框架與創新能力。我們也在企業客戶基礎中看到顯著擴張，包括一家頂尖的全球建築服務公司新增採用我們的「發票到收款」解決方案。此外，我們在一家領先的金融科技供應商完成了一項重大「汰換重建」（rip and replace），成功取代多家競爭對手，將其財務營運整合至 BlackLine，並採用 Studio 360、Journals、對帳（reconciliations）與交易比對（Transaction Matching）。

Last, we delivered highly strategic wins, particularly among companies at the forefront of the AI revolution. We secured a net new agreement with a global leader in memory and data storage for AI, successfully migrating their processes of an ERP competitor and on to BlackLine. Through that same channel, we also expanded our footprint with one of the world's premier data and AI platform companies. The fact that organizations building the future of AI rely on BlackLine for their own financial governance speaks to the strength and trust of our platform. We believe our customer base is healthier than our headline retention metrics suggest and it is getting stronger.

最後，我們也拿下高度策略性的勝利，特別是在引領 AI 革命前沿的企業之中。我們與一家全球 AI 記憶體與資料儲存領導者簽下全新合約，成功將其流程自某 ERP 競爭對手遷移至 BlackLine。透過同一渠道，我們也與全球頂尖的資料與 AI 平台公司之一擴大了合作版圖。打造 AI 未來的組織在自身的財務治理上依賴 BlackLine，凸顯了我們平台的強度與信任度。我們認為，我們的客戶基礎比表面留存指標所呈現的更健康，而且正在變得更強。

The lower mid-market churn we have discussed in prior quarters is running through a finite and shrinking pool of at-risk accounts.

我們在前幾季討論過的中小型市場（lower mid-market）流失，正發生在一個有限且持續縮小的高風險帳戶池中。

At the same time, the changes we have made platform pricing that creates stickier customer relationships, a broader solution footprint per customer, increasing multiyear renewal commitments and a redesigned customer success model are fundamentally improving the quality of our installed base. We expect the cumulative effect of these changes to become more visible in our retention metrics as we move throughout the year and into next.

同時，我們在平台定價上所做的調整——打造更具黏著度的客戶關係、提升每位客戶的解決方案覆蓋範圍、增加多年期續約承諾，以及重新設計的客戶成功（Customer Success）模式——正在從根本上改善我們已安裝客戶基礎的品質。我們預期，這些變革的累積效應將在今年及明年推進過程中，於留存指標上更清楚地顯現。

Finally, our partner ecosystem and our SAP relationship continue to be meaningful contributors to growth. Our integration with SAP's advanced financial close is now generating pipeline as we were able to sell into SAP's installed base of ASC customers. Our Joule, Verity proof of concept is also progressing toward a commercial framework, and we are actively working to launch platform pricing within SolEx. We are also seeing acceleration in our public sector business through SAP with several active deals in the pipeline. We see our partner ecosystem as a force multiplier across demand generation, delivery and customer success and is critical to scaling our growth.

最後，我們的合作夥伴生態系與我們和 SAP 的關係，持續是成長的重要貢獻者。我們與 SAP 先進財務關帳（advanced financial close）的整合，現在已開始帶來商機管道（pipeline），因為我們得以向 SAP 既有的 ASC 客戶群銷售。我們的 Joule、Verity 概念驗證（proof of concept）也正朝向商業化框架推進，我們並正積極推動在 SolEx 內推出平台定價。我們也透過 SAP 在公部門業務看到加速成長，管道中有數筆活躍交易。我們將合作夥伴生態系視為在需求創造、交付與客戶成功上的「倍增器」，並且是擴大我們成長規模的關鍵。

In closing, our path forward is clear. AI is creating more financial activity across the enterprise, not less. All of it must be governed, reconciled and audited. We are the system of record and control that makes this possible. Our customers are telling us they want to move fast with AI, but they also tell us that trust, reliability and security are nonnegotiables. This is exactly what 25 years of BlackLine expertise delivers.

總結而言，我們前進的路徑很清楚。AI 正在為整個企業帶來更多而非更少的財務活動。所有這些活動都必須被治理、對帳並接受稽核。我們就是使其成為可能的記錄與控制系統（system of record and control）。客戶告訴我們，他們希望以 AI 快速前進，但也同時強調信任、可靠性與安全性是不可妥協的。這正是 BlackLine 25 年專業所能交付的價值。

With that, let me turn it over to Patrick for a detailed review of our financial results and our guidance.

接下來，我把時間交給 Patrick，請他詳細說明我們的財務結果與財測指引。

Thank you, Owen. As discussed, our strategy is building clear momentum, and our Q1 financial results reflect that progress. We delivered solid top line growth, demonstrate the quality and durability of that growth through our key strategic metrics and showed significant leverage in our operating model.

謝謝你，Owen。如同先前所述，我們的策略正在建立明確動能，而我們第一季的財務結果也反映了這項進展。我們實現穩健的營收成長，並透過關鍵策略性指標展現該成長的品質與持久性，同時在營運模式上展現顯著槓桿效益。

Let me walk you through the details. Total revenue was $183 million, up 10% and with subscription revenue growing 10% and service revenue growing 11%. The acceleration in services reflects the faster implementation time lines and go-live activity we are driving through our delivery engine.

我來帶各位看細節。總營收為 1.83 億美元，年增 10%，其中訂閱營收成長 10%，服務營收成長 11%。服務加速反映出我們透過交付引擎推動更快的導入時程與上線（go-live）活動。

ARR reached $712 million, up 9%, reflecting the bookings momentum we saw in Q4, carrying forward and continued strength in platform and strategic product adoption.

ARR 達到 7.12 億美元，年增 9%，反映我們在第四季看到的訂單動能延續至本季，且平台與策略性產品採用持續強勁。

Importantly, we believe the quality and predictability of our future revenue growth is strengthening. This is best illustrated by our RPO, which grew 18% to $1.1 billion fueled by larger deal sizes and longer contract terms inherent to our platform model.

重要的是，我們認為未來營收成長的品質與可預測性正在增強。這點最能由我們的 RPO 說明：RPO 成長 18% 至 11 億美元，主要受更大交易規模與平台模式所固有的更長合約期限所帶動。

Similarly, the health of our near-term pipeline is also reflected in our current RPO growth of 12%. We which underscores the solid market demand for our solutions. This momentum is directly linked to the steady adoption of platform pricing, which reached 13% of ARR at quarter end, up from 11% in Q4.

同樣地，我們近期商機管道的健康度也反映在當期 RPO 成長 12%。我們這也凸顯市場對我們解決方案的穩健需求。這股動能與平台定價的穩定採用直接相關；季末平台定價已占 ARR 的 13%，高於第四季的 11%。

Calculated billings growth was 9% in the quarter, our trailing 12-month billings growth, which helps normalize for quarterly variations, improved to 9%.

本季計算後帳單（calculated billings）成長為 9%；我們過去 12 個月的帳單成長（可協助平滑季度波動）也提升至 9%。

Turning to the health of our customer base. Our key metrics remained solid across our 4,300 customers. Net revenue retention was 105%, which includes an approximate 1 point headwind from FX. Underlying expansion within our installed base remains solid, driven by 2 dynamics: customers migrating to platform pricing, which naturally expands the scope of their relationship with us and strong attach rates for our strategic products, which represented 37% of sales this quarter. Customers are investing more broadly in BlackLine and our platform model is making that expansion easier and faster.

接著談談客戶基礎的健康度。在我們 4,300 位客戶中，關鍵指標整體維持穩健。淨營收留存率（Net revenue retention）為 105%，其中約有 1 個百分點的外匯（FX）逆風。已安裝客戶基礎的內生成長仍然穩健，主要由兩項動能驅動：客戶遷移至平台定價（這會自然擴大其與我們合作的範圍），以及我們策略性產品的高附加採用率（attach rates），本季策略性產品占銷售的 37%。客戶正更廣泛地投資 BlackLine，而我們的平台模式讓這種擴張更容易也更快速。

On retention, our revenue renewal rate was 93%. Enterprise renewal rates remained strong at 96%, consistent with the durability we have seen in this segment, the lower mid-market headwind we have discussed in prior quarters continue to weigh on the overall rate, though the remaining at-risk pool is finite and shrinking. We expect this drag to diminish as we move through the year.

在留存方面，我們的營收續約率為 93%。企業客戶續約率仍維持強勁的 96%，與我們在此區隔所見的韌性一致；我們在前幾季討論過的中小型市場逆風仍持續壓抑整體比率，不過剩餘的高風險客戶池是有限且正在縮小。我們預期這項拖累將在今年推進過程中逐步減弱。

Our SolEx channel delivered 1 of its strongest new bookings quarters as our joint go-to-market with SAP continues to mature. SAP customers now account for over 26% of our total revenue, and we see further opportunity ahead as our broader platform strategy opens new avenues into SAP's installed base of commercial and public sector customers.

我們的 SolEx 渠道交出其最強的新訂單季度之一，因為我們與 SAP 的聯合市場策略（joint go-to-market）持續成熟。SAP 客戶目前占我們總營收超過 26%，而隨著更廣泛的平台策略開啟進入 SAP 商業與公部門既有客戶群的新途徑，我們也看到更多機會在前方。

Now let me turn to profitability and cash flow. Our non-GAAP subscription gross margin improved to 83%. Our non-GAAP gross margin improved to 80.2%, in line with our expectations.

接著談獲利能力與現金流。我們的非 GAAP 訂閱毛利率提升至 83%。我們的非 GAAP 整體毛利率提升至 80.2%，符合我們的預期。

Non-GAAP operating margin was 21.6%, reflecting the continued productivity improvements we are driving across the business. We are seeing meaningful efficiency gains from our own adoption of AI and automation in areas like customer onboarding, implementation delivery and internal operations. This enables us to grow revenue faster than expenses while maintaining our investment in innovation.

非 GAAP 營業利益率為 21.6%，反映我們持續推動全公司生產力改善。我們在客戶導入（onboarding）、實施交付與內部營運等領域，透過自身採用 AI 與自動化，正看到顯著的效率提升。這使我們能在維持創新投資的同時，讓營收成長快於費用成長。

Non-GAAP net income attributable to BlackLine was $40 million, representing a 22% non-GAAP net income margin with adjusted earnings per share growing 14% to $0.56. We delivered operating cash flow of $46 million and free cash flow of $36 million or a 20% free cash flow margin. After paying off our 2026 convertible notes in March, we have approximately $525 million in cash, cash equivalents and marketable securities versus $667 million in debt.

歸屬於 BlackLine 的非 GAAP 淨利為 4,000 萬美元，代表非 GAAP 淨利率 22%，調整後每股盈餘成長 14% 至 0.56 美元。我們的營運現金流為 4,600 萬美元，自由現金流為 3,600 萬美元，或 20% 的自由現金流利潤率。在 3 月償還 2026 年到期可轉換公司債後，我們約有 5.25 億美元的現金、約當現金與有價證券，對比 6.67 億美元的負債。

Finally, we continue to execute our capital allocation strategy. In the quarter, we returned approximately $47 million to shareholders through the purchase of 1.2 million shares.

最後，我們持續執行我們的資本配置策略。本季我們透過回購 120 萬股股票，向股東返還約 4,700 萬美元。

Before I get into guidance, I want to step back and frame where we are against our multiyear financial targets. We entered the year with a clear objective continue accelerating revenue growth toward double digits, expand operating margin and do both while increasing our pace of innovation.

在我進入財測指引之前，我想先退一步，說明我們相對於多年期財務目標目前所處的位置。我們在年初就有明確目標：持續加速營收成長朝向雙位數、擴大營業利潤率，並在同時提升我們的創新速度。

Q1 demonstrated progress on all 3 fronts. Revenue growth accelerated, margins expanded and the pace of our product delivery has never been faster. These results give us confidence to raise our full year outlook.

第一季在這三個面向都展現了進展。營收成長加速、利潤率擴大，而且我們的產品交付速度從未如此之快。這些結果讓我們有信心上調全年展望。

On the specifics, I want to call out a few dynamics that are important for modeling purposes. The first quarter's top line performance included about a $1 million benefit from certain items related to specific customer deployments and timing. These are nonrecurring in nature.

在細節方面，我想點出幾個對建模很重要的動態因素。第一季的營收表現包含約 100 萬美元的正面貢獻，來自與特定客戶部署與時點相關的某些項目。這些屬於一次性因素。

Looking ahead, we anticipate a modest revenue headwind of roughly $1 million to $2 million over the balance of the year due to FX. After accounting for both of these dynamics, our Q2 and full year guidance reflect continued acceleration in our underlying revenue growth rate as we move through the year.

展望未來，我們預期在今年剩餘期間，因外匯（FX）將面臨約 100 萬至 200 萬美元的溫和營收逆風。在將這兩項動態因素納入考量後，我們的第二季與全年指引反映：隨著年度推進，我們的基礎營收成長率將持續加速。

On the macro, we are not immune to the external environment, and we have built our guidance with that in mind.

就總體環境而言，我們並非不受外部環境影響，因此我們在制定指引時已將此納入考量。

That said, the financial close is a regulatory obligation, not a discretionary spend item. Our customers cannot defer compliance and the complexity of their financial operations is increasing, not decreasing. Combined with our growing RPO strong multiyear renewal trends and an expanding enterprise pipeline, we have good visibility into the rest of the year. Our raised guidance reflects both that visibility at an appropriate level of prudence given the uncertainty in the broader environment.

話雖如此，財務關帳是法規義務，而非可自由裁量的支出項目。我們的客戶無法延後合規要求，而且其財務營運的複雜度是在增加，而不是降低。再加上我們持續成長的 RPO、強勁的多年期續約趨勢，以及擴大的企業級商機管線，我們對今年剩餘期間具有良好能見度。我們上調的指引同時反映了這份能見度，並在更廣泛環境不確定性下，保持適度審慎。

With that context, for the second quarter, we expect total GAAP revenue to be in the range of $186 million to $188 million, representing 8.1% to 9.3% growth. We expect non-GAAP operating margin to be in the range of 21.5% to 22.5%, and we expect non-GAAP net income attributable to BlackLine to be in a range of $40 million to $42 million, or $0.57 to $0.59 on a per share basis. Our share count is expected to be about 73.3 million diluted weighted average shares. And for the full year 2026, we expect total GAAP revenue to be in the range of $765 million to $769 million, representing 9.2% to 9.8% growth. We expect non-GAAP operating margin to be in the range of 24% to 24.5%.

在此背景下，針對第二季，我們預期 GAAP 總營收將介於 1.86 億至 1.88 億美元，年增 8.1% 至 9.3%。我們預期非 GAAP 營業利潤率將介於 21.5% 至 22.5%，並預期歸屬於 BlackLine 的非 GAAP 淨利將介於 4,000 萬至 4,200 萬美元，或每股 0.57 至 0.59 美元。我們預期稀釋加權平均股數約為 7,330 萬股。至於 2026 全年，我們預期 GAAP 總營收將介於 7.65 億至 7.69 億美元，年增 9.2% 至 9.8%。我們預期非 GAAP 營業利潤率將介於 24% 至 24.5%。

And finally, we expect our non-GAAP net income attributable to BlackLine to be $174 million to $182 million, or $2.42 to $2.53 on a per share basis. Our share count is expected to be 74.4 million diluted weighted average shares.

最後，我們預期歸屬於 BlackLine 的非 GAAP 淨利將為 1.74 億至 1.82 億美元，或每股 2.42 至 2.53 美元。我們預期稀釋加權平均股數為 7,440 萬股。

Operator, We're ready for questions.

接線員，我們準備好開始提問。

(Operator Instructions)

（接線員指示）

Alex Sklar, Raymond James.

Alex Sklar，Raymond James。

Great. Owen, maybe first for you on Verity and some of the adoption you've seen there. You spoke to it being a big factor in the majority of the large deals in the last two quarters you seeing in terms of adoption and usage from spend new customer cohorts, specifically as they've gone live on BlackLine? And Patrick, maybe can you remind us if there's any consumption revenue embedded in the 2026 outlook?

很好。Owen，先請教你關於 Verity 以及你們看到的一些採用情況。你提到它在過去兩季多數大型交易中是很重要的因素；就採用與使用而言，你們從新客戶群（cohorts）看到什麼情況，特別是他們在 BlackLine 上線之後？另外 Patrick，你能否提醒我們：2026 年展望中是否包含任何用量型（consumption）營收？

Yeah, Alex, first of all, good to hear from you. Thanks for the question. I think whether it's a new customer or even an existing customer, things that we're hearing from our from that cohort is basically. One is they want to move at a good pace with AI, move a little bit faster. But what they're also telling us is that they do not want to compromise anything on trust and governance.

好的，Alex，首先很高興聽到你的聲音。謝謝你的提問。我認為不論是新客戶或既有客戶，我們從那個客群聽到的基本上是這樣。第一，他們希望以良好的節奏推進 AI，想要再快一點。但他們同時也告訴我們，他們不想在信任與治理上做任何妥協。

And so what they're trying to figure out with us when we go in and talk with them is they first tell us that the AI that we're rolling out needs to work within an existing controls environment, which is what we have and what they really appreciate. They want to make sure that the AI that they're deploying has actually been built by people in the business that understand their business.

因此，當我們進去與他們討論時，他們會先告訴我們：我們推出的 AI 必須能在既有的控制環境中運作，而這正是我們所具備、也是他們非常欣賞的。他們希望確保他們部署的 AI，確實是由了解其業務、懂得其業務的人所打造。

So they're not necessarily enamored with sort of generic AI. And so when we sit there and we can talk about the hundreds of billions of transactions that we processed over for all of our customers over all these years and can show the accuracy and effectiveness and efficiency with which that works and then the ability for their auditors to know and rely on it and trust it. That all becomes really important in all of the conversation.

所以他們不一定會迷戀那種泛用型的 AI。因此當我們坐下來，談到多年來我們為所有客戶處理了數千億筆交易，並能展示其運作的準確性、有效性與效率，以及讓他們的稽核人員能夠了解、依賴並信任它的能力時，這些在所有對話中都變得非常重要。

And the last thing that we hear from them, Alex, it's not like what we bought today on February 25, and is the end all be all. So what they're really looking for is also trying to understand what is our road map? How does it align to their interest? And then how can they potentially weigh in with others in their industry to sort of move forward. And 1 of the examples of a big win we had this quarter was with a very, very large health care company.

最後一點我們從他們那裡聽到的是，Alex，並不是說我們今天在 2 月 25 日買了某個東西，就一勞永逸了。所以他們真正想了解的還包括：我們的產品路線圖是什麼？它如何與他們的關注點對齊？以及他們如何可能與同產業的其他公司一起提供意見，推動向前。而我們本季的一個重大勝利案例，就是一家非常、非常大型的醫療保健公司。

Well, if you look at the largest health care companies in the United States, we probably have 9 out of the 10 at this point in time. And so bringing that cohort together to show that experience because they all have those common issues and they're all trying to figure out how to use AI the right way in that environment. So those are the things that we sort of really hear. It's like yes, we wanted to be cutting edge, but more importantly or just as importantly, they want to be able to trust it. They want to make sure it's accurate.

如果你看美國最大的醫療保健公司，我們目前大概已經拿下其中 10 家裡的 9 家。因此把這個客群聚在一起，展示那樣的經驗很有幫助，因為他們都有共同的議題，也都在嘗試找出如何在那樣的環境中正確使用 AI。所以這些就是我們真正聽到的重點。也就是說，是的，他們想要走在最前沿，但更重要、或同樣重要的是，他們要能信任它。他們希望確保它是準確的。

It's auditable, reliable and secure. And then emerging probably after the quarter, but there's a lot more conversation now about the total cost of ownership and cost certainty, because what's happening with AI and other parts of the market where people are consuming tokens at a very, very high level without really understanding what they're getting from an ROI perspective. That's what I'm seeing in those conversations.

它必須可稽核、可靠且安全。另外，大概是在本季之後開始浮現的，是現在也有更多關於總持有成本（TCO）與成本可預期性的討論；因為在 AI 與市場其他領域，正發生人們以非常、非常高的程度消耗 tokens，卻不太理解從投資報酬（ROI）角度究竟得到什麼。這就是我在那些對話中看到的情況。

But Patrick, over to you.

不過 Patrick，交給你。

Yeah, Alex, to answer the second part of your question, just to hit the nail on the head, there is a nominal amount of consumption revenue included in the 2026 guide for the remainder of the year.

好的，Alex，回答你問題的第二部分，直接說重點：在 2026 年指引中，針對今年剩餘期間，確實包含名目上（nominal）的用量型（consumption）營收。

Now with that said, you should start to see that in our leading indicators. The reason for that -- for all the reasons that Owen just said, our customers right now are uptaking these Agentic offerings as well as other AI offerings, testing them out, getting comfortable with them, increasing consumption. As they move up through the consumption tiers, we expect to see that show up in our leading indicators, which materializes in revenue in 2027. And the way we're seeing it now, the pace that we're at, we can reassert that at least 50% of our ARR exiting 2026 will be non-seat-based as a result of everything that we just discussed.

話說到這裡，你應該開始會在我們的領先指標中看到這一點。原因是——就像 Owen 剛才提到的所有原因一樣——我們的客戶目前正在採用這些 Agentic 產品以及其他 AI 產品，進行測試、逐步熟悉，並提高使用量。隨著他們在使用量分級中往上提升，我們預期這會反映在我們的領先指標上，並在 2027 年轉化為營收。以我們目前看到的情況與進展速度，我們可以再次確認：截至 2026 年底，我們至少有 50% 的 ARR 將會是非席位制（non-seat-based），這是我們剛才討論所有事項的結果。

Okay. That's great color from both there. I appreciate that. Maybe just a follow-up on the strategic product bookings mix. I think that's a new record, can you just talk about the commonality you saw in terms of solution adoption?

好的。這兩位的補充說明都很有幫助。我很感謝。我想再追問一下策略性產品訂單（bookings）組合。我認為這是新的紀錄，你能談談你們在解決方案採用方面看到的共通點嗎？

And then I heard faster adoption of strategic products for those customers under platform pricing. Can you elaborate what you're seeing there with the 13% of the base now on platform? How much of an unlocked that is? Thanks.

另外我也聽到，對於採用平台定價（platform pricing）的客戶，策略性產品的採用速度更快。你能進一步說明目前有 13% 的客戶基礎已在平台上，你們在那裡看到了什麼嗎？這帶來多大的解鎖效應（unlocked）？謝謝。

So I think, Alex, just -- and I want to make sure I understood your question, which was what's driving the strategic product sales into the platform. And I mean, basically, it's the work that Jeremy and his team are doing with Stuart and his team to sort of make sure that the whole system works together seamlessly that can be implemented by our partners.

我想，Alex，先——我也想確認我理解你的問題：是什麼在推動策略性產品銷售導入平台。基本上，就是 Jeremy 和他的團隊與 Stuart 和他的團隊所做的工作，確保整個系統能夠無縫協同運作，並且能由我們的合作夥伴來落地實施。

Our teams are sometimes jointly with our customers who are able to demonstrate faster time to value for what they're being -- what they're asking for. And then I think importantly, as we continue to innovate in those products, we're widening the gap, quite frankly, with anybody that would have been a competitor. So those are the things that I think we're seeing in the market so far. And hopefully, that was responsive to your question, Alex.

我們的團隊有時也會與客戶共同合作，能夠更快地展示他們所獲得的價值——也就是他們所要求的內容所帶來的更快價值實現時間（time to value）。另外我認為很重要的是，隨著我們持續在這些產品上創新，坦白說，我們正在擴大與任何可能競爭者之間的差距。所以我認為這些就是我們目前在市場上看到的情況。希望這回答了你的問題，Alex。

That's great. Thanks, Owen.

很好。謝謝你，Owen。

Patrick, do you want to talk about the acceleration of 11% to 13%?

Patrick，你要談談從 11% 加速到 13% 的部分嗎？

Yeah, Alex, the second part of your question there, I think what I heard was, does our continual increase in the strategic product mix is that derivative of our platform approach. And the short answer is, yes, they are related. We would expect to see a continued increase in mix of our strategic products versus nonstrategic because most, if not all of our strategic products are consumption based.

好的，Alex，關於你問題的第二部分，我聽到的是：我們策略性產品組合占比的持續提升，是否源自於我們的平台策略。簡短回答是：是的，兩者相關。我們預期策略性產品相對於非策略性產品的占比會持續提高，因為我們的策略性產品大多（甚至幾乎全部）都是以使用量為基礎（consumption based）。

Now the second part of that, as customers migrate to our platform, that enables a smoother sales motion of our strategic products. It is a connective tissue, connected fiber between all of our solutions, which allows data to flow seamlessly between them, and that allows us to sell into that customer base with less obstacles. So as we see more and more customers move to the platform, we would expect to see that mix of strategic products continue to increase as well.

再來第二點，當客戶遷移到我們的平台時，這會讓我們的策略性產品銷售流程更順暢。平台就像是把我們所有解決方案串起來的連結組織與纖維，讓資料能在其間無縫流動，也讓我們在對這些客戶群銷售時遇到的阻礙更少。因此，隨著越來越多客戶轉到平台上，我們也預期策略性產品的組合占比會持續上升。

Perfect. Thank you both.

完美。謝謝你們兩位。

Chris Quintero, Morgan Stanley.

Morgan Stanley 的 Chris Quintero。

Hey, Owen. Hey, Patrick. Thanks for taking the questions here. I want to ask about RPO, a really nice growth rate to see there. And at a time when there's so much innovation going on in the space. I'm curious from your perspective at a high level, why are customers existing and you like making these such deep longer-term commitments and really tying themselves to the BlackLine story and product road map here?

嗨，Owen。嗨，Patrick。謝謝讓我在這裡提問。我想問一下 RPO，你們那邊的成長率看起來非常不錯。而且在這個領域創新如此活躍的時點。我很好奇，從你們的角度、在較高層次來看，為什麼客戶會選擇你們，並願意做出如此深度、較長期的承諾，真正把自己與 BlackLine 的故事與產品路線圖綁在一起？

Look, I think, Chris, it's sort of what I just said at the beginning, right? So we've been -- we're in our 25th anniversary, actually officially June 2 for those who are paying attention to that. But I think it's when you've been a trusted partner for the world's leading companies for as long as we have been, there's a lot of safety and security and you think about the profile of our customer that buy. So there is a confidence in that.

你看，Chris，我想這有點像我一開始說的，對吧？我們——其實正值 25 週年，正式日期是 6 月 2 日，給有在注意的人。但我認為，當你像我們一樣，長期成為全球領先企業信賴的合作夥伴時，會帶來很大的安全感與信任；再想想我們購買客群的特性。因此，客戶對此是有信心的。

And then when you sit there and you think about the way BlackLine innovates amongst and between our customer base, our partners, staying close to what the auditors are requiring, what BPOs are trying to do. You bring all that together and you have that much more of a collaborative effort. That's why we announced the innovation hub that we said we were putting out, I guess, about a month ago, we announced that. But all of that is sort of giving them a high degree of confidence about what it is that we're doing. And again, I think we're hearing more and more frequently.

再者，當你坐下來思考 BlackLine 如何在我們的客戶群之中、以及客戶與客戶之間進行創新，並與合作夥伴協作，緊貼稽核單位的要求、以及 BPO 業者想要達成的事情。把這些整合在一起，就會形成更強的協作力。這也是為什麼我們宣布成立創新中心（innovation hub）——我想大概是一個月前宣布的。而這一切都讓客戶對我們正在做的事情有高度信心。而且我想我們也越來越常聽到這樣的回饋。

We don't want to have to build this ourselves. We'd rather partner with a company like BlackLine. And so you're seeing that longer commitment because these things are not one year oe and done kind of activities. The rollout, the building of AI isn't going to stop 12, 18, 24 months in the future. And so you're seeing a lot of that from a commitment perspective, as to our customers wanting to just partner and go on that journey with us.

「我們不想自己打造這些。」「我們寧可與像 BlackLine 這樣的公司合作。」因此你會看到更長期的承諾，因為這些事情不是一年就做完、一次性結束的活動。AI 的導入與建置不會在未來 12、18、24 個月就停止。所以從承諾的角度來看，你會看到很多客戶希望與我們合作，並在這段旅程中與我們同行。

But Patrick, anything you'd add to that?

Patrick，你還有什麼要補充的嗎？

Yeah, Chris, for all the reasons Owen just said, our RPO story is a very good story right now. Delivering 18% overall RPO growth, 12% CRPO growth year-over-year. It's indicative that our customers or new customers that we're landing, they're larger in nature. They're signing up for longer terms right out of the gates. And then coupling that with our existing customers that have been with us for years, they're coming up for renewal and they want to be with us for several more years.

有的，Chris，基於 Owen 剛才提到的所有原因，我們目前的 RPO 表現確實非常好。整體 RPO 年增 18%，CRPO 年增 12%。這顯示我們正在簽下的新客戶（或新落地的客戶）規模更大。他們一開始就簽更長的合約期。再加上我們既有、已與我們合作多年的客戶，他們到了續約時點，也希望再與我們合作好幾年。

They want to continue the journey. They're intrigued by the innovation. They want to be part of this, so they want to partner with us. And per se go at it alone. So it's a very positive story underpinning our RPO growth rate and it's indicative that our existing and new customers want to be with us for several more years.

他們想要繼續這段旅程。他們對創新很感興趣。他們想成為其中一部分，所以希望與我們合作。而不是說要自己單打獨鬥。因此，支撐我們 RPO 成長率的是一個非常正向的故事，也顯示我們的既有與新客戶都希望未來好幾年繼續與我們合作。

Excellent. Super helpful. And then I want to follow up on Verity. Within that early customer cohort that you have adopting the product. What are you seeing from a transaction volume perspective for those customers that are adopting it?

太好了。非常有幫助。接著我想追問 Verity。在你們早期採用該產品的那批客戶中。就交易量（transaction volume）的角度，你們看到這些採用客戶呈現什麼樣的情況？

And how does that compare versus customers that haven't quite gone there yet?

那麼，這與那些尚未走到那一步的客戶相比如何？

Okay, Jeremy, you want to take that question?

好的，Jeremy，你要回答這個問題嗎？

Yeah, I think we are definitely seeing repeat engagement from customers using Verity. So that's extremely promising. And with the customers that are doing this, Owen mentioned the 90% time savings in things like preparations activities, that's really what's driving the repeat usage of these capabilities, the value being delivered. And so in the cohort, we definitely see people who are using very come back to use Verity again.

是的，我認為我們確實看到使用 Verity 的客戶有重複的互動參與。所以這非常令人振奮。而對於正在這麼做的客戶，Owen 提到在準備作業等活動上可節省 90% 的時間，這正是推動這些能力被反覆使用的關鍵，也就是所交付的價值。因此在這個客群中，我們確實看到使用 Verity 的人會再回來使用 Verity。

for risk analysis, for narration capabilities for other analyses. And so that's what's really driving the usage and the transactions from these customers.

用於風險分析、用於敘述（narration）能力以及其他分析。因此，這正是推動這些客戶使用量與交易量的主要因素。

Perfect. Thank you so much.

太好了。非常感謝。

Thanks, Chris.

謝謝，Chris。

Patrick Walravens, Citizens.

Patrick Walravens，Citizens。

Great. Thank you, and congratulations you guys on the progress here. Owen I would love to talk a little bit more about SAP, in particular, when you talk about the public sector opportunity with SAP, there's a couple of things there. I mean, I guess I don't usually think about the public sector and BlackLine because the public sector has kind of different accounting. And then secondly, I did notice that one of your SolEx salespeople moved to SAP focusing on the public sector recently, so I figured there's some connection there.

很好。謝謝，也恭喜各位在這裡取得的進展。Owen，我想再多談一點 SAP，特別是你提到與 SAP 的公部門機會時，裡面有幾點。我的意思是，我通常不會把公部門和 BlackLine 聯想在一起，因為公部門的會計制度有些不同。其次，我確實注意到你們的一位 SolEx 業務最近轉到 SAP，專注於公部門，所以我想這之間應該有些關聯。

But I'd just love to hear your thoughts.

但我很想聽聽你的看法。

Yeah, So first of all, the relationship with SAP, in my view, just continues to get stronger and better. I think the collaboration around product road map, customer success work that we're doing around AI together are all things that, from my vantage point, I just -- I couldn't be more pleased with that. Obviously, we all wanted to go faster, but that's just par for the course. But I will say to you, one of the privileges of working with SAP is they're very professional and they're very thorough in what they do.

是的。首先，我認為與 SAP 的關係只會持續變得更強、更好。我認為我們在產品路線圖上的協作、以及我們與 SAP 一起在 AI 方面所做的客戶成功工作，從我的角度來看，這些都讓我非常滿意。當然，我們都希望能更快，但這也是常態。不過我想說，與 SAP 合作的一個優點是，他們非常專業，而且做事非常周全。

And so sometimes, you might give up a little bit of speed for that professionalism and the thoroughness with which it's done, but it works particularly well. As it relates to public sector. I think we've been signaling now for a couple of years, our move to becoming an IL-2 compliant than IL-4. We've had some wins now in the public sector space. We are going to continue to invest in.

所以有時候，你可能會為了這種專業度與周全性而犧牲一點速度，但整體運作得特別好。至於公部門。我想我們已經釋放訊號好幾年了，我們正朝向先符合 IL-2，再到 IL-4 的合規要求。我們現在在公部門領域已經拿下一些案子。我們也會持續投入。

We've had a very nice growing pipeline of opportunities with various federal agencies. Those in many ways, is a bit of a tailwind for us in the sense that the government is trying to modernize. And Pat, if you're as a taxpayer, I'm going to say this, the government really has a hard time producing any kind of audited financial statements. And so no matter the basis of accounting, you still have to get it right. And so that's where we've been able to find a real opportunity to grow into that organization.

我們與各個聯邦機構之間，已經有一個非常不錯且持續成長的機會管線。在很多方面，這對我們而言算是一股順風，因為政府正在嘗試現代化。而且 Pat，作為納稅人我得說，政府在產出任何形式的經審計財務報表方面真的很困難。因此不管採用何種會計基礎，你仍然必須把它做對。這也正是我們能夠找到真正機會、並在該組織中擴張成長的地方。

And so yes, so we're excited about that opportunity.

所以是的，我們對這個機會感到很興奮。

Okay. Are there any really big deals in the pipeline on this?

好的。在這方面的管線裡，有沒有非常大的案子？

There's always big deals, Pat. I got to just get them across the finish line. The government spends big when they spend. But they have their killing season, as you know. So that's not until the end of the third quarter.

永遠都有大案子，Pat。我只是得把它們推過終點線。政府一旦花錢，金額就很大。但他們有他們的「採購旺季」，你也知道。所以要到第三季末才會發生。

Yeah okay, great. Thank you.

好的，了解，很好。謝謝。

Thank you.

謝謝。

George Kurosawa, Citi.

George Kurosawa，Citi。

Okay, great. Thanks for taking the questions. I'm On for Steve Enders. Maybe you could talk about this move that you discussed on the Verity side from POCs into more scaled enterprise production. How hands-on is that transition process? Is there a component of or deployed engineers or some similar construct that's required here? How turnkey is it?

好的，很好。謝謝讓我提問。我代替 Steve Enders 出席。也許你可以談談你們在 Verity 這邊提到的轉變：從 POC（概念驗證）走向更大規模的企業級正式上線（production）。這個轉換過程需要多「手把手」的協助？是否需要派駐工程師（forward deployed engineers）或類似的機制？整體有多「交鑰匙」（turnkey）？

Maybe you could talk about what the learnings have been in customers making that migration?

也許你可以談談客戶在進行這種遷移時，我們學到的經驗是什麼？

Yeah, So I can take that question. So in terms of adoption, obviously, with the earlier capabilities and in the agent capability, we've been fairly hands-on with our customers. But we've always had a forward deployed engineered style motion in terms of how we've used custom customer engineering resources to customize solutions to customize goal entry capabilities to fit the needs of businesses.

好的，我可以回答這個問題。就採用而言，顯然在較早期的能力以及代理（agent）能力上，我們對客戶的協助相當深入。但我們一直以來就有一種「前線派駐工程師」式的推進方式，也就是運用客戶工程資源來客製化解決方案、客製化目標輸入（goal entry）能力，以符合企業需求。

And so we're taking the same hands-on approach with the earliest cohort customers adopting these agentive capabilities, but we are set up well to expand this to a forward deployed engineer motion in the future based on what we already do today with our customers.

因此，對於最早一批採用這些代理式（agentive）能力的客戶，我們也採取同樣的手把手方式；同時，基於我們今天已經在做的事情，未來要把這擴展成更完整的前線派駐工程師推進模式，我們也已經準備得很好。

Okay. Great. And then I did want to touch on the platform pricing cadence here. I apologize if I missed this earlier in the call, but I think if it was a 7% increase in percent of ARR in Q4 and in Q1. I'm sure this is going to be a bit of a lumpy metric.

好的。很好。另外我也想談一下平台定價的節奏。如果我在電話會議前面漏聽了先說抱歉，但我記得在 Q4 和 Q1，ARR 佔比各增加了 7%。我確定這會是一個波動較大的指標。

I'm just wondering if you could just comment maybe there's some seasonality, just the number of app bats you had and just the dynamics under the hood there and your confidence in doubling the ARR on that pricing model.

我想請你評論一下：是否有一些季節性因素、你們有多少應用程式（app）被採用，以及背後更細的動態；另外，對於在該定價模式下把 ARR 翻倍，你們的信心如何？

Yeah, Thank you. We're very confident that we're going to reach 25-plus percent by the end of the year in terms of the amount of eligible ARR we have on the platform model. With that said, you hit the nail on the head. Our largest renewal cohorts are in Q2 and Q4, and Q1 is by far the lightest.

好的，謝謝。我們非常有信心在年底前，平台模式下符合資格（eligible）的 ARR 佔比能達到 25% 以上。不過你說得完全正確。我們最大的續約客群集中在 Q2 和 Q4，而 Q1 迄今是最淡的一季。

So we did not expect it to be a linear path from 11 to 25-plus percent by the end of the year, and we're right where we thought we'd be coming out of what is traditionally a lighter quarter in this industry.

所以我們並不預期會從 11% 線性地一路走到年底的 25% 以上；而且在這個產業傳統上較淡的一季結束後，我們目前的進度正如我們原先預期。

Makes perfect sense. Thanks for taking the questions.

完全合理。謝謝讓我提問。

Thank you.

謝謝。

Thank you.

謝謝。

Matt VanVliet, Cantor.

Matt VanVliet，Cantor。

Yeah, good afternoon. Thanks for taking the question. Maybe a follow-up on the SolEx partnership and then kind of a broader question on the overall go-to-market side I think coming into the year or beyond the black last year, you talked about maybe greater alignment with senior executives at SAP.

是的，午安。謝謝讓我提問。也許先追問一下 SolEx 的合作夥伴關係，然後再問一個更廣泛、關於整體 go-to-market（市場推進）面的問題：我想在今年開始時，或是在去年之後，你們曾談到可能會與 SAP 的高階主管有更高程度的對齊。

Curious how much of that is sort of already coming through the pipeline versus being maybe a little bit back half weighted just given the seasonality of that business. And then wrapped around that, just sort of the execution that Stuart had talked about coming in to have more accountability on sort of a daily basis. How is that playing out on both sides of the SolEx and the rest of the go-to-market team?

想請教其中有多少是已經在管線中逐步反映出來的， versus 可能因為該業務的季節性而更偏向在下半年權重較高。另外延伸這點，Stuart 談到為了在日常層面提高問責而導入更多執行機制。這在 SolEx 端以及其餘的 go-to-market 團隊兩邊的落地情況如何？

Yeah, A couple of things. So I'll say again, I think we're very pleased with the progress we're making in trying to team with SAP. As I think you know, I think they report something like their second and fourth quarter, they're very large, and I think 40% of their bookings come in the fourth quarter. So there is a bit of a tail to this, but you're not buying a big ERP systems for the moment the sales cycles are even longer than ours, as I understand it.

是的，有幾點。我再說一次，我們對於與 SAP 協作所取得的進展感到非常滿意。如你所知，他們的第二季和第四季規模非常大，而且我想他們大約 40% 的訂單會在第四季進來。所以這確實會有一些尾端效應，但你不會為了「當下」去買一套大型 ERP 系統；據我了解，他們的銷售週期甚至比我們更長。

But there's great alignment. The teams are working really well. I think you would see it in presales, the incentives are aligned the right way. And there's just more and more success stories that are being created amongst and between SAP system integrators, BlackLine and customers. And so those stories become very compelling when you hear them together because when you're spending the kind of money you have to do an ERP upgrade and then implement BlackLine, you want to make sure the is there.

但彼此的協同非常一致。團隊合作得非常好。我想你會在售前看到這點，激勵機制也以正確的方式對齊。而且在 SAP 系統整合商、BlackLine 與客戶之間，正在產生越來越多的成功案例。當你把這些案例放在一起聽時就會非常有說服力，因為當你要花那麼多錢做 ERP 升級、再導入 BlackLine，你會想確保價值主張是到位的。

So I feel very, very good about that. I think the -- you look at the work that Stuart is driving on behalf of our team, I think it's going well. I think the one thing that we're learning from our own experience as our deal sizes get larger, there's a few more people around the table and making or that we understand the different constituencies. So would be a place that a year ago, we're not necessarily as much of a focus for us. We're having to spend more time with CIOs.

所以我對此感覺非常、非常好。我認為——你看看 Stuart 代表我們團隊推動的工作，我覺得進展順利。我想我們從自身經驗學到的一點是，隨著交易規模變大，桌邊會多出幾位決策者，我們也需要理解不同的利害關係人／群體。因此有些面向在一年前不一定是我們的重點。我們必須花更多時間與 CIO 互動。

Some companies now have the equivalent of a and AIs are. And so we're having to sort of learn how to work with some of that. And then obviously, the deal sizes are bigger. So they're just takes a little bit longer to work your way through that. But I think Stuart is the right guy doing the right things with this team to drive the success that we want.

有些公司現在有相當於……以及 AI 相關的角色。因此我們也必須學著如何與其中一些角色合作。另外很明顯，交易規模更大。所以整體推進流程就會多花一點時間。但我認為 Stuart 是對的人，也正在用正確的方法帶領這個團隊，去推動我們想要的成功。

So I feel quite good about that.

所以我對此相當有信心。

All right, helpful. And then as you look at customers that are already on the platform pricing or maybe on the next list to potentially migrate over to that, is there any different margin structure that you're assuming in sort of year one, year two of those deals that ultimately sort of maybe builds back up? Or how do those -- how does that pricing around both the usage of the platform, but also kind of encompassing the size of the organization and the complexity there, have a margin profile that maybe differs from the seat-based model?

好的，很有幫助。接著，當你看已經在平台定價上的客戶，或是下一批可能遷移到平台定價的名單時，你們在這些交易的第一年、第二年是否假設會有不同的毛利結構，之後再逐步回升？或者說——這種定價（既包含平台使用量，也涵蓋組織規模與複雜度）在毛利輪廓上，是否會與以席位為基礎的模式有所不同？

Yeah. So as we just talked about, we're about 13% of our way through. We look at our customer cohorts very carefully that are coming up for renewal in terms of who's eligible for the platform. in terms of what customers are most likely to adopt and then which customers are going to consume the platform and at what rate. We've been looking at data for the last year.

是的。如同我們剛才談到的，我們目前大約完成了 13% 的進度。我們非常仔細地檢視即將續約的客戶分群：哪些客戶符合平台方案資格、哪些客戶最可能採用、以及哪些客戶會使用平台並以什麼速度消耗用量。我們過去一年一直在看這些數據。

And early on, but right now, we are not seeing any margin compression as a result of adopting the platform. The cost of delivery on day 1 is not that significant. And so we see the immediate uplift and then we're now monitoring the secondary element of the revenue generation of the platform, which is consumption. So far, based upon what we're seeing, we are not seeing margin compression. In fact, I believe if you see in Q1, we had our highest gross margin in years, and that was as planned.

在早期、但就目前而言，我們沒有看到因採用平台而造成任何毛利被擠壓。第 1 天的交付成本並不顯著。因此我們看到立即的提升，接著我們正在監控平台帶來的第二個收入要素，也就是用量（consumption）。到目前為止，根據我們看到的情況，我們沒有看到毛利壓縮。事實上，我相信如果你看 Q1，我們的毛利率是多年來最高，而且這是按計畫達成的。

That's part of our migration completion to GCP. We still had some redundancy in data centers in Q1. And for the time being, we expect gross margin to expand throughout the year, and we're not seeing any data points that are contrary to that. But we will continue to closely monitor the impact of AI.

這部分來自我們完成遷移到 GCP。在 Q1 我們的資料中心仍有一些冗餘。而在目前階段，我們預期毛利率會在全年持續擴張，我們也沒有看到任何與此相反的數據點。但我們會持續密切監控 AI 的影響。

All right, great. Thank you.

好的，很棒。謝謝。

Daniel Jester, BMO Capital Markets.

Daniel Jester，BMO Capital Markets。

Hi, good afternoon. This is Kyle Aberasturi on for Dan Jester. It sounded like a solid quarter for both Verity and for platform deals. I guess just how do you see customers allocating resources between pure AI products and more broader digital transformation trends?

嗨，午安。我是 Kyle Aberasturi，代 Dan Jester 提問。聽起來 Verity 和平台型交易都交出不錯的一季。我想問的是，你們如何看待客戶在「純 AI 產品」與更廣泛的數位轉型趨勢之間的資源配置？

So I would say our customers are not just looking at buy AI for the sake of AI. I mean I think for our customer base, it's about being part of digital financial transformation journey that happens to have more power being provided because of AI, but people are just not buying cream without wanting the cake, if you will. So there's got to be a real foundation underneath all of this is as we move forward.

我會說，我們的客戶不是為了 AI 而買 AI。我的意思是，對我們的客戶群而言，重點在於參與數位財務轉型旅程；AI 只是讓這件事更有力，但人們不會只買奶油卻不要蛋糕，如果你理解我的比喻。所以在我們往前走的過程中，這一切底下必須有真正的基礎。

And so I think that continuing to underline everything will be the complete platform cross record to report or invoice to cash then further powered by what the AI capabilities that Jeremy and the team are building. That's my experience with the market right now, but I'm going to -- I'm looking at both my other presenters here and seeing if they're hearing anything different from our teams in the field.

因此，我認為持續貫穿一切的會是完整的平台，橫跨 record-to-report 或 invoice-to-cash，並進一步由 Jeremy 與團隊正在打造的 AI 能力來強化。這是我目前對市場的觀察；不過我也會——我看一下在座其他講者，看看他們是否從前線團隊聽到不同的聲音。

Yeah, I think overall, AI, there's excitement about our road map and vision but it needs to tie to their overall objectives as an organization. And so it's really in support of the transformation objectives. BlackLine has always supported and accelerated. And AI is an accelerant to that.

是的，我認為整體而言，市場對我們的路線圖與願景感到興奮，但它必須與他們作為一個組織的整體目標連結。所以 AI 真正是在支援轉型目標。BlackLine 一直以來都在支援並加速轉型。而 AI 是加速器。

It enables that to happen more quickly and with less resources on their side. But ultimately, it ties to the transformation objectives we are already part of.

它讓這件事能更快發生，且客戶端需要投入的資源更少。但最終，它仍然要連結到我們原本就參與其中的轉型目標。

Thanks, I think, Jeremy, so it ties to being able to fit into the control environment as well, right? Our customers need to understand that there's not going to be anything introduced into the control structure that's going to create an issue for them.

謝謝，我想是 Jeremy 提到的——它也必須能融入控制環境，對吧？我們的客戶需要理解，我們不會在控制架構中引入任何會為他們造成問題的東西。

That's right.

沒錯。

Okay. Great. And just a quick follow-up. The Middle East was an area of investment last year. I guess, just has there been any impact today hitting the business? Thanks.

好的。很好。再快速追問一下。中東是去年投資的區域。我想問的是，目前是否有任何影響已經反映到業務上？謝謝。

As they like to say timing and life is everything, right? So we -- as for those of you who don't know, really sort of opened up operations at the tail end of last year in Saudi Arabia. We had our first nice win in February, if I remember correctly. And then obviously, the war broke out in Iran at the end of February. So it has had an impact on the environment in the Middle East.

正如大家常說的，時機與人生就是一切，對吧？所以我們——對於不太清楚的各位，我們其實是在去年年底在沙烏地阿拉伯的營運才剛剛展開。如果我沒記錯的話，我們在二月拿下了第一個不錯的案子。然後很明顯地，二月底伊朗爆發了戰爭。因此這確實對中東的環境造成了影響。

We didn't have lots of big numbers built into our financial plan for this year. I think saying that Patrick and the team and I are watching very closely is the impact on Europe. That's the 1 area where we saw some slowdown at the end of the quarter that we're watching to see if there's going to be much more of an impact in that part of the world. as the troubles in the Middle East continue to unfold.

我們今年的財務計畫裡並沒有納入很多很大的數字。我想我、Patrick 和團隊正在非常密切關注的是對歐洲的影響。那是我們在季度末看到一些放緩的唯一一個領域；我們正在觀察，隨著中東的動盪持續發展，世界那個區域是否會受到更大的影響。

Great. Thank you so much.

很好。非常感謝。

Rob Oliver, Baird.

Rob Oliver，Baird。

Great. You guys hosted a really cool AI event this quarter and some longtime customers that we've talked to over the years like Quest and others like Bristol-Myers were there. And as you talk about the usage ramp and Verity, maybe provide for us a sense or an update for -- as you think about the outlook for this year and the next couple of years, how that Verity usage ramps as you move towards your 27 targets. Within that call, it was fascinating because one of the customers was like, yes, we're all in on it. The other was like we're still dabbling.

很好。你們這一季舉辦了一場非常酷的 AI 活動，我們多年來聊過的一些長期客戶，像是 Quest，以及像 Bristol-Myers 這樣的客戶也都在場。當你們談到使用量爬坡與 Verity 時，也許可以請你們就今年以及未來幾年的展望，提供我們一些感受或更新——也就是當你們朝向 27 年目標前進時，Verity 的使用量會如何爬坡。在那通電話裡很有意思，因為其中一位客戶說：是的，我們全力投入。另一位則說：我們還在小試牛刀。

So just would love to get some more color around the customers that know you and love you, what they're doing with the AI components of the platform. Thanks.

所以很希望能多了解一些，那些認識你們、也很喜歡你們的客戶，正在如何使用平台的 AI 元件。謝謝。

Yeah, Rob, first of all, good to hear your voice, and thanks for the question. And these we have customers that run every end of the spectrum, right? So -- and whether they love it or not, there's still some governance that these companies have in place and how quickly they want to evolve with partly just to their own ability to digest it, part of it, just making sure that every Ts crossed every I is dotted as they move through the alphabet, if you will. And so the thing that we saw out of the first quarter again, which was important from my vantage point, as we may have taken longer to get everything into the market.

好的，Rob，首先很高興聽到你的聲音，也謝謝你的問題。我們的客戶確實涵蓋了整個光譜，對吧？所以——不管他們喜不喜歡，這些公司仍然有一些治理機制，決定他們想以多快的速度演進；一部分是他們自身消化的能力，另一部分則是要確保在推進過程中每個細節都做到位——可以說是每個 T 都劃過、每個 I 都點上，按部就班地往前走。因此，從第一季我們再次看到的一件事——從我的角度來看很重要——是我們或許花了更久的時間才把所有東西推向市場。

But when it went, we had very, very high confidence that it was going to work. It was reliable, as trusted because our customers have already kicked the tires as many times as they possibly could. The auditors that sort of I won't use the word blessed, but had a high degree of confidence in it. And so I think that's the approach that we're going to continue to see. There's going to be some customers that army and his team want to experiment with us.

但一旦推出，我們就非常、非常有信心它會運作。它很可靠、值得信任，因為我們的客戶已經盡可能多次地測試過。而那些稽核方——我不想用「背書」這個詞——也對它有很高程度的信心。所以我認為這會是我們接下來持續看到的做法。會有一些客戶想和 Army 及其團隊一起跟我們做實驗。

And I guess maybe the way I would sort of describe it is, we've got customers that want to ride into Peloton, some of them want to be at the front of the Peloton. Some of them want to be at the back of the Peloton. They don't want to be in Group 2, right? So they don't want to have fallen away from the pack, but they're sorted some of them on a drift for a little bit of time just to see how things are unfolding.

我想我可以這樣描述：我們有些客戶想加入主集團（Peloton）一起前進，其中一些想在主集團的最前面。有些則想在主集團的後面。他們不想落到第二集團（Group 2），對吧？所以他們不想掉隊，但其中一些會先暫時保持一點距離，觀察事情如何發展。

And I think one of the things that we are trying to do is take advantage of our industry capabilities and get some of these customers to talk to one another, that they're in the same industry sector so that they get a higher degree of confidence of what's being used, how it's being used and why they can rely on.

我認為我們正在做的一件事，是利用我們的產業能力，讓其中一些同產業的客戶彼此交流，這樣他們能更有信心了解：正在用什麼、怎麼用、以及為什麼可以信賴。

But Jeremy, please add.

不過 Jeremy，請補充。

That's also part of why we launched that AI hub. The -- Owen alluded to the fact that we have some customers who really want to be designed partners with us. and want to think about be forward leaning about how they expand usage of AI into their organizations, but also how they define it for finance and account discipline as a whole. And so that's really what the intent behind that hub and builds upon our narrative from our AI day, but it's really about pushing the envelope with these customers in a safe, governed and trustworthy manner and being able to design together with them as part of what the leaders in these spaces are looking to.

這也是我們推出那個 AI hub 的部分原因。Owen 提到，我們有些客戶真的希望成為我們的設計合作夥伴，並且想以前瞻的方式思考：如何在其組織內擴大 AI 的使用，同時也思考如何為財務與整體會計紀律來定義它。所以那個 hub 的用意就在這裡，它延續了我們在 AI day 的敘事，但核心是要在安全、受治理且值得信任的方式下，與這些客戶一起突破界限，並能與他們共同設計，這也是這些領域的領導者所期待的方向。

Very helpful. Thanks, guys. Appreciate it.

非常有幫助。謝謝各位。感謝。

You're welcome.

不客氣。

Patrick O'Neill, Wolfe research.

Patrick O'Neill，Wolfe Research。

Hey, guys. Thanks for taking my question here. Just a quick one for me. I wanted to ask about the mid-market churn? And maybe can you quantify the growth headwind attributed to that churn, both in the results and then maybe what's factored in the guidance? And then when that does subside, it sounds like towards the end of this year, how should we think about the potential for net retention to expand as we look into next year and beyond?

嗨，各位。謝謝讓我在這裡提問。我這邊就一個簡短的問題。我想問一下中型市場（mid-market）的流失（churn）？以及你們是否可以量化一下，這個流失對成長造成的逆風有多少——不論是在本季結果中，以及在指引裡納入了多少？另外，當這個情況緩解之後，聽起來大概在今年年底左右，我們該如何看待明年及之後淨留存率（net retention）擴張的潛力？

Yeah, Patrick. So a couple of data points there. No surprises in terms of where we're going or the results from a customer account perspective. we've been signaling for well over a year now that there's going to be churn in the lower bid market. and we expect that to slow down in the second half of this year.

好的，Patrick。這裡有幾個數據點。就我們前進方向或客戶帳戶層面的結果而言，沒有任何意外。我們已經提示超過一年了，較低端的中型市場會出現流失，而且我們預期今年下半年會放緩。

We're tracking that cohort very carefully and feel very confident that, that number will trend down from a customer churn count perspective as this year evolves. It's a good data point to note that it is a headwind for lack of a return that we've baked into the guide. There's no surprises there. We've baked it into the plan. We saw this coming.

我們非常仔細地追蹤那個客群（cohort），並且很有信心，隨著今年推進，從客戶流失數量的角度來看，那個數字會往下走。值得注意的一點是，這確實是一個逆風——姑且這麼說——而且我們已經把它納入指引之中。這裡沒有任何意外。我們已經把它納入計畫。我們早就預見會發生。

For every customer that we land, the average customer size for new logo is over 3x the size of a customer we lose. So that gives you -- that's a very key data point, not just in terms of our success of the nature and size of customers that we're landing and landing on the platform, but it also is a good indicator in terms of the general size and nature of the customers that are leaving us. So as the year evolves, we would expect some expansion on DBNRR as well as GRR as we work through that cohort and enter 2027.

我們每拿下一位客戶，新客戶（new logo）的平均規模，是我們流失客戶平均規模的 3 倍以上。所以這提供你一個——這是非常關鍵的數據點，不僅反映我們在拿下並導入平台的客戶之性質與規模上的成功，也很好地指示了離開我們的客戶，其整體規模與性質大概是什麼樣子。因此，隨著今年推進，我們預期在處理完那個客群並邁入 2027 年時，DBNRR 以及 GRR 都會有一些擴張。

Thank you.

謝謝。

Thank you.

謝謝。

Billy Fitzsimmons, Piper Sandler.

Billy Fitzsimmons，Piper Sandler。

Hey, guys. Thanks for taking my question and fitting me in here. I want to double click, I was going to ask about kind of the demand environment outside of North America and the opportunity there came up in 1 of the prior questions. And in the answer, there was a commentary kind of around Europe and some of the macro impacts there that -- can we please double-click on that? What was kind of the impact there, if any, in 1Q? And what are you kind of seeing positive or negative in 2Q since that because it's come up in investor conversations about the potential for maybe elevated push up relative to other geos? Thanks, guys.

各位好。感謝讓我提問並安排我加入。我想再深入追問一下：我原本打算詢問北美以外的需求環境與相關機會，這在先前其中一個問題裡已經被提到。在回答中，有提到一些關於歐洲以及那邊宏觀因素影響的評論——能否請再深入說明一下？在第一季，那邊的影響（如果有的話）大概是什麼？另外，自那之後在第二季你們看到哪些正面或負面的變化？因為在投資人對話中，這點也被提到：相較其他地區，是否可能出現較高的延期（push-out）？謝謝各位。

So first of all, broadly, pipeline in the business continues to grow at a very healthy pace all around the globe. So we're not really seeing a significant difference between one geography versus the other. And so that for what we are trying to do in the marketplace. That said, as we said, the end of March was a little bit less than we would have expected. And so some pretty large deals did get pushed out.

首先，整體而言，全球各地業務的銷售管線（pipeline）仍以非常健康的速度持續成長。因此，我們並沒有看到某一地理區域相較另一區域有顯著差異。就我們在市場上想要推動的事情而言也是如此。不過，如同我們所說，3月底的表現略低於我們的預期。因此，有幾筆相當大的交易確實被往後延。

I would say to you that business throughout North America looks very solid. Asia Pac, there's parts of that look really good. So for Japan, it seems to be doing well for us. And then Europe is okay. I think the thing that I worry more about than the war because that doesn't work its way through when businesses still need to implement BlackLine as we move forward is the tension -- the geopolitical tensions between the U.S.

我會說，北美各地的業務看起來非常穩健。亞太地區有些部分表現非常好。以日本來說，對我們而言似乎進展得不錯。而歐洲則還可以。我更擔心的其實不是戰爭，因為即便如此，企業在往前走時仍需要導入 BlackLine；我更在意的是美國與歐洲之間的緊張——地緣政治緊張關係。

and Europe and what that might mean for us for infrastructure we have to build in Europe compared to what we have in North America now. So I know Patrick and Jeremy have been sort of modeling that out. If data sovereignty becomes a bigger, more pressing issue, then we're ready to deal with it. We know how to do it. We just obviously built something in Saudi Arabia.

以及這對我們可能意味著什麼：相較於我們目前在北美的基礎設施，我們在歐洲可能需要建置哪些基礎設施。所以我知道 Patrick 和 Jeremy 一直在對此進行建模評估。如果資料主權（data sovereignty）成為更大、更迫切的議題，我們已準備好因應。我們知道該怎麼做。我們剛剛也在沙烏地阿拉伯建置了相關能力。

But that is the one thing that I am watching. I think we can work our way through the macroeconomics pretty well. But I want to make sure we also don't lose sight of is the geopolitical issues that could have an impact on investments we would need to make in the business maybe later this year or to '27 or '28.

但這是我正在關注的一件事。我認為我們可以相當順利地度過宏觀經濟的影響。但我也想確保我們不會忽略可能影響我們的地緣政治議題，因為這可能會影響我們今年稍晚、或到 '27 或 '28 年需要在業務上投入的投資。

Super helpful. Glad to hear about some of the momentum at specific geos like Japan.

非常有幫助。也很高興聽到像日本這類特定地區的動能。

Thanks, Billy.

謝謝你，Billy。

Adam Hotchkiss, Goldman Sachs.

Adam Hotchkiss，高盛。

Great. Thanks for taking the questions. Patrick, I just wanted to start with you. I think you mentioned the $1 million nonrecurring benefit to Q1. Could you just maybe help us understand that a little bit better what that was and why that's not recurring?

很好。謝謝讓我提問。Patrick，我想先從你開始。我想你提到第一季有 100 萬美元的一次性（nonrecurring）收益。你能否幫我們更清楚理解一下那是什麼，以及為什麼不會重複發生？

Yeah, Adam, it has a little bit to do with the timing of implementations, the timing of delivery, it's onetime in nature. But I think, Adam, the key takeaway is even though we had $1 million of onetime benefits in Q1 from a top line perspective, we're passing along all of that into the guide less FX headwinds. So overall, we did not view it as a headwind to the update and increase of the guide for the full year. And of the $2.1 million beat, we're passing about half of that into the full year guide. The other half being an FX headwind from where rates were at the time we established the guide for the year.

好的，Adam，這跟導入（implementation）的時點、交付時點有些關係，屬於一次性性質。但我想，Adam，關鍵重點是：即便第一季在營收端有 100 萬美元的一次性收益，我們在指引上已把這些全部反映進去（並扣除外匯逆風）。因此整體而言，我們不認為這會成為我們更新並上調全年指引的阻力。在 210 萬美元的超預期（beat）中，我們大約把一半納入全年指引。另一半則是外匯逆風，因為匯率相較於我們當初建立全年指引時的水準有所變動。

Okay. Yes, that's helpful color, Patrick. And then, Owen, just any updated thoughts on win rates or the broader competitive environment? I know way down market, there are some AI native full-stack ERPs that are getting a lot of funding that are probably serving companies nowhere near the size of where you are. But curious, just broadly for the enterprise players and sort of where you stand, how that's going?

了解。是的，這些補充很有幫助，Patrick。接著 Owen，關於贏單率（win rates）或更廣泛的競爭環境，你有沒有更新的看法？我知道在更下沉的市場，有一些 AI 原生（AI native）的全棧 ERP 正獲得大量資金，服務的公司規模可能遠小於你們目前的客群。但我想了解的是，整體而言在企業級玩家這一端，以及你們所處的位置，目前進展如何？

Yeah, I'm going to say this, and I'm probably going to regret it in some ways, but it feels to us like our ability to compete at the enterprise, we've distinguished ourselves even more from our traditional competitor set. I think the robustness of which Germany has built, the completeness of the road map, the work that we've been able to do to improve time to value, provide more certainty around cost of ownership, continuing to be viewed as a very collaborative player as to what we do has been good to see in the enterprise space. And you can see that in our pipeline as it's growing.

是的，我要這麼說——某種程度上我可能會後悔——但我們感覺在企業級市場的競爭能力上，我們相較傳統競爭對手的差異化變得更明顯。我認為 Germany 所打造的產品穩健性、路線圖的完整性、我們在縮短價值實現時間（time to value）上的改善、在總持有成本（cost of ownership）方面提供更高確定性，以及我們持續被視為非常願意合作的夥伴，這些在企業市場都很正面。你也可以從我們持續成長的銷售管線中看到。

The number of opportunities isn't necessarily growing very large, but the dollar size is increasing nicely, and that's in the enterprise space, and we're pretty encouraged by the number of seven-figure deals that we have in front of us for this year and next year.

機會數量未必大幅增加，但金額規模正在相當不錯地提升；這是在企業級市場，我們對此相當受到鼓舞，因為今年與明年我們面前有不少七位數金額的交易機會。

Great. Thank you both.

很好。謝謝兩位。

Okay. Thanks, Adam.

好的。謝謝你，Adam。

Thank you.

謝謝。

I'm showing no further questions at this time. I'd like to turn it back to BlackLine's CEO, Owen Ryan, for closing remarks.

目前顯示沒有其他提問。我想把時間交回 BlackLine 執行長 Owen Ryan，請他做結語。

Thank you, and thank you all for taking the time to listen to our call today and to ask questions about our company. We appreciate your interest in us, and we look forward to catching up and talking more soon. Thanks, everybody. Have a great night.

謝謝，也謝謝各位今天撥冗收聽我們的電話會議，並就我們公司提出問題。我們感謝各位對我們的關注，也期待很快再與各位交流、進一步討論。謝謝大家。祝各位晚安。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝各位參與，現在可以掛線。