Backblaze Inc (BLZE) 2024 Q2 法說會逐字稿

Good day, and welcome to the Backblaze Second Quarter 2024 Conference Call. All participants will be in listen-only mode. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 Backblaze 2024 年第二季電話會議。所有參與者將處於僅聽模式。（操作員說明）請注意此事件正在被記錄。

I would now like to hand the call to Mimi Kong, Investor Relations. Please go ahead, ma'am.

我現在想把電話轉給投資者關係部門的 Mimi Kong。請繼續，女士。

Thank you. Good afternoon, and welcome to Backblaze's second quarter 2024 earnings call. On the call with me today are Gleb Budman, Co-Founder, CEO and Chairperson of the Board; and Frank Patchel, Chief Financial Officer.

謝謝。下午好，歡迎參加 Backblaze 的 2024 年第二季財報電話會議。今天與我通話的有共同創辦人、執行長兼董事會主席 Gleb Budman；和首席財務官弗蘭克帕切爾。

Today, Backblaze will discuss the financial results that were distributed earlier this afternoon. Statements on this call include forward-looking statements about our future financial results, use of our IPO proceeds, results from new features and offerings, the impact of price changes, partnerships and sales and marketing initiatives, our ability to compete effectively and manage our growth and our strategy to acquire new customers and retain and expand our business with existing customers.

今天，Backblaze 將討論今天下午早些時候發布的財務業績。本次電話會議的聲明包括有關我們未來財務業績、首次公開募股收益的用途、新功能和產品的結果、價格變化的影響、合作夥伴關係以及銷售和營銷計劃、我們有效競爭和管理增長的能力的前瞻性陳述以及我們獲取新客戶並保留和擴展現有客戶業務的策略。

These statements are subject to risks and uncertainties that could cause actual results to differ materially, including those described in our risk factors that are included in our quarterly report on Form 10-Q and our other financial filings.

這些陳述受到風險和不確定性的影響，可能導致實際結果出現重大差異，包括我們的 10-Q 表格季度報告和其他財務文件中包含的風險因素中所述的風險和不確定性。

You should not rely on our forward-looking statements as predictions of future events. All forward-looking statements that we make on this call are based on assumptions and beliefs as of today and we undertake no obligation to update them except as required by law.

您不應依賴我們的前瞻性陳述作為未來事件的預測。我們在本次電話會議中所做的所有前瞻性陳述均基於截至目前的假設和信念，除非法律要求，否則我們不承擔更新這些陳述的義務。

Our discussion today will include non-GAAP financial measures. These non-GAAP measures should be considered in addition to and not as a substitute for our GAAP results. Reconciliation of GAAP to non-GAAP results may be found in our earnings release, which was furnished with our Form 8-K filed today with the SEC.

我們今天的討論將包括非公認會計準則財務指標。這些非公認會計原則措施應作為我們公認會計原則結果的補充而不是替代。GAAP 與非 GAAP 業績的調整可以在我們今天向 SEC 提交的 8-K 表格中提供的收益報告中找到。

You can also find a slide presentation related to our comments in the webcast, which will also be posted to our Investor Relations' page after the call. Please also see our press release or presentation for definitions of additional metrics such as NRR and gross customer retention.

您還可以在網路廣播中找到與我們的評論相關的幻燈片演示，該演示也將在電話會議後發佈到我們的投資者關係頁面。另請參閱我們的新聞稿或簡報，以了解 NRR 和總客戶保留率等其他指標的定義。

Thank you for joining us and I would now like to turn the call over to Gleb.

感謝您加入我們，我現在想將電話轉給格萊布。

Thanks Mimi. Good afternoon, everyone, and thank you for joining us today. We had a great second quarter with strong growth in both revenue and EBITDA, beating our guidance on both. Revenue grew 27% with 43% growth for B2 Cloud Storage.

謝謝咪咪。大家下午好，感謝您今天加入我們。我們的第二季表現出色，營收和 EBITDA 均強勁成長，均超出了我們的預期。B2 雲端儲存收入成長 27%，其中成長 43%。

As you may have heard, various tech companies have talked about a difficult macro environment that was negatively impacting their business. However, we are not seeing that impact on our business. As our numbers show, we beat our Q2 guidance guided strongly for Q3 and raised guidance for the year.

正如您可能聽說的那樣，多家科技公司都談到了困難的宏觀環境對其業務產生了負面影響。然而，我們沒有看到這對我們的業務產生影響。正如我們的數據所示，我們超越了對第三季的強勁指導的第二季指導，並提高了今年的指導。

So, let's talk about our business now. I'm going to start with three key areas of focus for us. First is our accelerated pace of innovation. In Q2, we continued to deliver new services that win us customers and open new markets with our launch of B2 Live Read.

那麼，現在我們來談談我們的業務。我將從我們關注的三個關鍵領域開始。首先是我們創新步伐加快。在第二季度，我們繼續提供新服務，透過推出 B2 Live Read 贏得客戶並開啟新市場。

Second, we're growing our team in exciting ways. I'll tell you more about Jason Wakeam, our new Chief Revenue Officer; and Marc Suidan, our new CFO later in the call. Jason is well suited to help us accelerate our upmarket momentum and Marc to drive efficient growth.

其次，我們正在以令人興奮的方式發展我們的團隊。我將向您介紹有關我們新任首席營收長 Jason Wakeam 的更多資訊；稍後我們的新任財務長 Marc Suidan 也參加了電話會議。Jason 非常適合幫助我們加速高端市場發展勢頭，而 Marc 則非常適合推動高效成長。

Finally, we are winning more deals with larger customers. I'll share stories from an AI company, an app developer, and an NFL team to explain how we're succeeding in our move upmarket. But for now, I'll quickly highlight that we grew the number of large customers we serve by 55% year-over-year.

最後，我們贏得了更多與大客戶的交易。我將分享一家人工智慧公司、一家應用程式開發人員和一支 NFL 團隊的故事，以解釋我們如何在高端市場取得成功。但現在，我要快速強調一下，我們服務的大客戶數量年增了 55%。

Now let me tell you more about each of these areas of focus. First, I'll begin with innovation. So why is innovation important? It helps us solve our customers' problems. It expands our strategic value to current and future customers, and it differentiates us in the market. In June, we launched B2 Live Read. This patent-pending cloud service lets customers access files while they're still being uploaded. Here's why this is really valuable for customers.

現在讓我向您詳細介紹每個重點領域。首先，我將從創新開始。那為什麼創新很重要呢？它幫助我們解決客戶的問題。它擴大了我們對當前和未來客戶的策略價值，並使我們在市場中脫穎而出。六月，我們推出了 B2 Live Read。這項正在申請專利的雲端服務允許客戶在文件上傳時存取它們。這就是為什麼這對客戶來說非常有價值。

Take for example, a news reporter working in the field. If they want their in-house editors to work on the footage they're recording like adding graphics or cutting something, the editors either need to be on-site to get direct access to the camera feed so they can edit it live or they need to pay for some pretty expensive and complicated solutions to enable remote editing. With the Live Read, all of that goes away.

以在現場工作的新聞記者為例。如果他們希望內部剪輯師處理他們正在錄製的素材，例如添加圖形或剪切某些內容，則剪輯師要么需要在現場直接訪問攝影機來源，以便他們可以即時編輯，要么需要支付一些相當昂貴且複雜的解決方案來實現遠端編輯。有了 Live Read，所有這些都消失了。

The footage can start to be uploaded to back ways and producers anywhere in the world can start working with it before the event and upload is complete. No waiting, no complicated hardware or big price tags, no on-site producers necessary. We see a promising opportunity here. We innovated this technology, and we are the only company that offers it. We believe this functionality can help a broad set of customers, but we're initially focusing on media customers, such as broadcasters, event producers and news outlets.

鏡頭可以開始上傳到後台，世界各地的製作人都可以在活動和上傳完成之前開始使用它。無需等待，無需複雜的硬體或高昂的價格標籤，無需現場生產商。我們在這裡看到了一個充滿希望的機會。我們創新了這項技術，我們是唯一一家提供該技術的公司。我們相信此功能可以幫助廣泛的客戶，但我們最初關注的是媒體客戶，例如廣播公司、活動製作人和新聞媒體。

We already have several industry leaders in media and entertainment, including Telestream or integrating live read into their products to bring this benefit to their customers. Whether it's Live Read or event notifications, which we announced last quarter or the integration we launched last month with Internet2, which gives large institutions easier and faster access to B2 cloud storage or any of the numerous other innovations we've announced recently, we that drives customer value.

我們已經擁有媒體和娛樂領域的幾家行業領導者，包括 Telestream 或將即時閱讀整合到他們的產品中，為他們的客戶帶來這種好處。無論是我們上季宣布的即時閱讀或事件通知，還是上個月推出的與 Internet2 的整合（使大型機構能夠更輕鬆、更快速地存取 B2 雲端儲存）或我們最近宣布的眾多其他創新，我們都驅動客戶價值。

Along with enhancing our products and services, we're also strengthening our team to take advantage of these opportunities. I'm excited to welcome Jason Wakeam as our Chief Revenue Officer. Jason has decades of experience building and guiding teams focused on helping customers with their data.

在增強我們的產品和服務的同時，我們也加強我們的團隊以利用這些機會。我很高興歡迎 Jason Wakeam 擔任我們的首席營收長。Jason 擁有數十年組建和指導團隊的經驗，專注於幫助客戶處理數據。

He's led direct sales, channels, partnerships and OEM groups at large tech companies, including HP and Microsoft and at growth-stage companies, Cloudera and SnapLogic. As CRO, he's bringing that experience to drive accelerated growth and upmarket momentum to back wave. As we mentioned on the last call, Nilay Patel, who previously served as our Vice President of Sales, will now lead our efforts on our AI opportunities.

他曾領導 HP 和 Microsoft 等大型科技公司以及 Cloudera 和 SnapLogic 等成長階段公司的直接銷售、通路、合作夥伴關係和 OEM 團隊。作為首席風險官，他將利用這些經驗來推動加速成長和高端市場勢頭，以回擊浪潮。正如我們在上次電話會議中提到的，曾擔任我們銷售副總裁的 Nilay Patel 現在將領導我們在人工智慧機會方面的工作。

The great news is that the go-to-market teams are already generating significant momentum, especially when it comes to winning larger customers. At the end of the quarter, the number of customers contributing over $50,000 in ARR now stands at 115, a 55% increase over last year.

好消息是，上市團隊已經產生了巨大的動力，尤其是在贏得更大客戶方面。截至本季末，ARR 貢獻超過 5 萬美元的客戶數量現已達到 115 家，比去年增加 55%。

Here's why these customers choose Backblaze. First, whether you look at our performance or reliability or security or functionality, the strength of our platform and our continued innovation helps us win deals.

這就是這些客戶選擇 Backblaze 的原因。首先，無論您專注於我們的效能、可靠性、安全性或功能，我們平台的實力和持續創新都有助於我們贏得交易。

Second, our support for open cloud solutions enables customers to build their businesses using the cloud services they prefer. And third, with free egress, no delete fees, no complex tiers and pricing at just one-fifth the cost of traditional clouds, our total cost of ownership lets customers save a tremendous amount with which they can increase their margins or reinvest elsewhere in their business.

其次，我們對開放雲端解決方案的支援使客戶能夠使用他們喜歡的雲端服務來建立自己的業務。第三，透過免費出口、無刪除費用、沒有複雜的層級，並且定價僅為傳統雲端成本的五分之一，我們的總擁有成本可以讓客戶節省大量資金，從而增加利潤或在其他地方進行再投資。

Let me share a few examples of customers that chose back place this quarter. In the AI space, companies have large volumes of data that they need to be able to park somewhere that is inexpensive, but that data has to be accessible immediately when it's needed. It also needs to be transferable without egress fees to a customer's desired GPU cloud. The characteristics of Backblaze platform make it ideal for these AI use cases.

讓我分享一些本季選擇退居二線的客戶的例子。在人工智慧領域，公司擁有大量數據，他們需要能夠將這些數據存放在廉價的地方，但這些數據必須在需要時立即存取。它還需要能夠在不收取出口費用的情況下轉移到客戶所需的 GPU 雲端。Backblaze 平台的特性使其成為這些人工智慧用例的理想選擇。

A good illustration of this from Q2 is a company that uses AI to render 3D landscapes for major gaming franchises. They previously used both AWS and Azure, but migrated all their data to Backblaze to simplify their storage platform, keep their data readily available and decrease their storage spend by about $300,000 per year. We continue to win developer business also.

第二季的一個很好的例子是一家使用 AI 為主要遊戲系列渲染 3D 景觀的公司。他們之前同時使用 AWS 和 Azure，但將所有資料遷移到 Backblaze 以簡化其儲存平台，保持資料隨時可用，並每年減少約 30 萬美元的儲存支出。我們也繼續贏得開發商業務。

In Q2, a photo storage and sharing app developer signed a $0.25 million ARR deal with us. When this developer is designing products and features, a major consideration is how the data is accessed. Because they were working within AWS storage tiers, they have to worry about retrieval fees, timing and egress fees, which meant product decisions were driven by AWS' complicated pricing structure instead of by what customers wanted.

第二季度，一家照片儲存和分享應用程式開發商與我們簽署了 25 萬美元的 ARR 協議。當開發人員設計產品和功能時，主要考慮的是如何存取資料。由於他們在 AWS 儲存層中工作，因此必須擔心檢索費用、計時費用和出口費用，這意味著產品決策是由 AWS 複雜的定價結構驅動的，而不是由客戶的需求驅動的。

With Backblaze performance and pricing, they can now focus on building features that solve their customers' problems instead of AWS's data retrieval and pricing puzzles.

憑藉 Backblaze 的效能和定價，他們現在可以專注於建立解決客戶問題的功能，而不是解決 AWS 的資料檢索和定價難題。

In the media and entertainment space, you may remember that we shared the story of an NFL team that we won last quarter. In Q2, we won another $50,000 plus ARR deal with a different championship NFL team. This team had some footage in AWS, which had expensive retrieval fees and had other footage locked up in an older storage platform that used proprietary formats. They migrated to Backbase and now have all their data in one easily accessible place that works seamlessly with their tools.

在媒體和娛樂領域，您可能還記得我們分享了上個季度獲勝的 NFL 球隊的故事。在第二季度，我們又與另一支 NFL 冠軍球隊簽訂了 50,000 美元加 ARR 的合約。該團隊在 AWS 中有一些鏡頭，但檢索費用昂貴，而其他鏡頭則被鎖定在使用專有格式的舊儲存平台中。他們遷移到 Backbase，現在將所有資料儲存在一個易於存取的位置，並與他們的工具無縫協作。

Three last items before I hand off the call to Frank. First, I wanted to call out our recent inclusion in the Russell 2000 Index, which is another milestone in the company's growth. Second, as we announced in a press release just before the call, I'm happy to share that Mark Sweden will join back blades as our next CFO.

在我將電話轉交給弗蘭克之前，還有最後三件事。首先，我想指出我們最近被納入羅素 2000 指數，這是公司發展的另一個里程碑。其次，正如我們在電話會議之前的新聞稿中宣布的那樣，我很高興地告訴大家，馬克·斯威登將加入 Back Blade，擔任我們的下一任財務長。

Mark brings more than 20 years of financial and strategic leadership as a public company CFO and also as a senior partner of PricewaterhouseCoopers. His wealth of knowledge across tech from identifying growth opportunities to driving strategic initiatives is impressive, and we're all excited for Mark to help lead Backblaze forward. He will be officially starting on August 16.

Mark 擔任上市公司財務長以及普華永道資深合夥人，擁有 20 多年的財務和策略領導經驗。他在技術領域擁有豐富的知識，從識別成長機會到推動策略計劃，令人印象深刻，我們都很高興 Mark 能夠幫助領導 Backblaze 向前發展。他將於8月16日正式上任。

Finally, I want to give a special thanks to Frank ahead of his retirement. He built our finance team, led us through our IPO and guided us successfully the following 11 quarters. This is his last earnings call with us, and I'm grateful for all that we accomplished together.

最後，我想在弗蘭克退休前向他表達特別的感謝。他建立了我們的財務團隊，帶領我們完成了 IPO，並在接下來的 11 個季度中成功指導我們。這是他最後一次與我們一起參加財報電話會議，我對我們共同完成的一切表示感謝。

With that, I'll turn the call over to Frank. Frank?

這樣，我就把電話轉給弗蘭克。坦率？

Thank you, Gleb, and thanks, everyone, for joining us today. As a reminder, unless otherwise noted, I will be referring to non-GAAP metrics and the growth rates mentioned are year-on-year. We remain focused on two key metrics: revenue growth and adjusted EBITDA, which is defined in our earnings release. Our Q2 revenue totaled $31.3 million, above the high end of our guidance.

謝謝格萊布，也謝謝大家今天加入我們。提醒一下，除非另有說明，我將指的是非公認會計原則指標，並且提到的成長率是年成長率。我們仍然關注兩個關鍵指標：收入成長和調整後的 EBITDA，這在我們的收益發布中進行了定義。我們第二季的收入總計 3,130 萬美元，高於我們指導的上限。

The B was driven by a faster-than-expected ramp-up in storage for new B2 deals signed in Q1, better-than-expected renewals and expansions from B2 Reserve, and lower churn from computer backup. This represents an increase of 27% year-over-year versus 19% the same period last year. B2 cloud storage revenue was $15.4 million, reflecting 43% growth. Computer backup revenue totaled $15.9 million, reflecting 15% growth.

B 的推動因素包括第一季簽署的新 B2 交易的儲存成長快於預期、B2 Reserve 的續訂和擴展好於預期，以及電腦備份的流失率較低。這意味著同比增長 27%，而去年同期為 19%。B2 雲端儲存收入為 1,540 萬美元，成長 43%。電腦備份收入總計 1,590 萬美元，成長 15%。

Turning now to our Net Revenue Retention, or NRR, total company NRR increased to 114% from 110% a year ago, with B2 cloud storage at 126% and computer backup at 105%. Gross customer retention was 90% overall, with 89% for B2 cloud storage and 90% for computer backup.

現在轉向我們的淨收入保留 (NRR)，公司總 NRR 從一年前的 110% 增加到 114%，其中 B2 雲端儲存為 126%，電腦備份為 105%。總客戶保留率為 90%，其中 B2 雲端儲存為 89%，電腦備份為 90%。

Moving down the P&L, both adjusted gross margin and GAAP gross margin reached all-time highs at 78% and 55%, respectively, up from 75% and 49% last year. This improvement was driven by the price increase and data center optimization. The GAAP gross margin also benefited from low capital additions, causing nearly identical depreciation expenses to Q1.

從損益表來看，調整後毛利率和 GAAP 毛利率均創下歷史新高，分別為 78% 和 55%，高於去年的 75% 和 49%。這項改進是由價格上漲和資料中心優化所推動的。公認會計準則毛利率也受益於較低的資本增加，導致折舊費用與第一季幾乎相同。

This quarter marked our third consecutive adjusted EBIT of profit, this time rising to $2.7 million, or 9% of revenue. Results were a new high and a 16-point improvement over the same period last year. It also was a one-point beat to the top-end guidance, driven by the higher revenue performance and continued low operating expense growth, principally from prudent headcount management.

本季是我們連續第三次調整息稅前利潤，這次升至 270 萬美元，佔營收的 9%。業績再創新高，較去年同期提升16個百分點。這也比最高指引高出一個百分點，這是由於較高的收入績效和持續較低的營運費用成長（主要來自審慎的員工管理）所推動的。

Turning to the balance sheet, cash, investments and restricted cash totaled $28.3 million at quarter end. Total cash usage for the first half was $5.1 million, an approximate 80% improvement from last year's first half. We continue to have strong confidence in our forecast for total cash of at least $20 million at year end.

轉向資產負債表，截至季末，現金、投資和限制性現金總計 2,830 萬美元。上半年現金使用總額為 510 萬美元，比去年上半年增加約 80%。我們仍然對年底現金總額至少達到 2000 萬美元的預測充滿信心。

Our improving total cash usage was impacted by a rise in accounts receivable, now at $1.8 million, a $1 million increase since the beginning of the year. This increase reflects our move-up market, as larger accounts are now billed with payment terms versus immediately collected by credit card.

我們現金使用總量的改善受到應收帳款增加的影響，應收帳款目前為 180 萬美元，比年初增加了 100 萬美元。這一增長反映了我們的市場升級，因為較大的帳戶現在按付款條件計費，而不是透過信用卡立即收取。

From the beginning of the year, cash was positively impacted by the increase in deferred revenue, stemming largely from computer backup customer renewals with one- or two-year terms paid for upfront. In the first half, deferred revenue increased $4 million, with Q1 at $3.2 million and Q2 moderating to $0.8 million. This fluctuation reflects the timing of customer renewals, which occur unevenly across the quarters and were in line with our expectations.

從今年年初開始，現金就受到遞延收入增加的正面影響，這主要源自於電腦備份客戶續訂，並預付一年或兩年的期限。上半年，遞延收入增加了 400 萬美元，其中第一季為 320 萬美元，第二季則降至 80 萬美元。這種波動反映了客戶續訂的時間，各季度的續約時間不均勻，但符合我們的預期。

Our finance lease liability, including long-term and short-term, decreased by $4.1 million since the beginning of the year. This reduction is due to leases concluding from our epidemic lease buildup three years ago, as well as fewer new leases required for new data center equipment purchases in Q2.

自年初以來，我們的融資租賃負債（包括長期和短期）減少了 410 萬美元。這項減少是由於我們三年前因疫情而增加的租賃合約結束，以及第二季購買新資料中心設備所需的新租賃減少。

Looking ahead, we expect third quarter revenue to be in the range of $32.4 million to $32.8 million. Continuing our trend of increasing adjusted EBITDA, third quarter margin is expected to be between 9% and 11%.

展望未來，我們預計第三季營收將在 3,240 萬美元至 3,280 萬美元之間。調整後 EBITDA 繼續維持成長趨勢，第三季利潤率預計在 9% 至 11% 之間。

For the year, we are raising our annual guidance and now expect total revenue between $126.5 million and $128.5 million, an increase from our prior guidance of $126 million to $128 million. We continue to see full year growth for B2 at about 40%. We also now expect adjusted EBITDA to be in the range of 9% to 11%, an improvement over the prior guidance of 8% to 10%.

今年，我們提高了年度指引，目前預計總收入在 1.265 億美元至 1.285 億美元之間，高於先前的指引 1.26 億美元至 1.28 億美元。我們繼續預期 B2 全年成長率約為 40%。我們現在也預期調整後的 EBITDA 將在 9% 至 11% 範圍內，比先前的指導值 8% 至 10% 有所改善。

To conclude, I'm very pleased with our Q2 performance and our increase in the outlook for the remainder of the year.

總而言之，我對我們第二季的業績以及今年剩餘時間的前景感到非常滿意。

Before I hand the call back to Gleb, I would like to take a moment to express my thanks. First, I want to thank Gleb and Backblaze for giving me this amazing opportunity. Thanks to our leadership team and Board members for being great partners over these past four years and to the entire Backblaze team for the incredible execution and teamwork.

在將電話轉回格萊布之前，我想花一點時間表達我的謝意。首先，我要感謝 Gleb 和 Backblaze 給我這個絕佳的機會。感謝我們的領導團隊和董事會成員在過去四年中成為出色的合作夥伴，並感謝整個 Backblaze 團隊令人難以置信的執行力和團隊合作。

And now I'll turn the call back over to Gleb.

現在我將把電話轉回格萊布。

Thanks, Frank. I want to take a moment to thank our whole team for working together to build Backblaze and to serve our customers. I also want to thank our investors and customers for putting their trust in us. We're excited to see many of you at the Oppenheimer conference next week and Lake Street Conference in September.

謝謝，弗蘭克。我想花一點時間感謝我們整個團隊共同努力建立 Backblaze 並為我們的客戶提供服務。我還要感謝我們的投資者和客戶對我們的信任。我們很高興在下週的奧本海默會議和九月的湖街會議上見到你們中的許多人。

And with that, I'd like to open it up for questions. Operator?

說到這裡，我想開放提問。操作員？

(Operator Instructions) Ittai Kidron, Oppenheimer & Co.

（操作員說明）Ittai Kidron, Oppenheimer & Co.

Hey, guys great quarter, and Frank, congratulations and good luck. It's been a pleasure. So maybe I'll start with you, Frank, then if you can -- I appreciate the color around B2. I mean, it's clearly -- you're seeing extremely good traction over there. Is there a way for you to breakdown the upside into the components that you mentioned with respect to lower churn, better expansion activity? How do you think the breakdown of the upside, how would you allocate it between the different buckets?

嘿，夥計們，很棒的季度，弗蘭克，恭喜你，祝你好運。很高興。所以也許我會從你開始，弗蘭克，然後如果可以的話——我很欣賞 B2 周圍的顏色。我的意思是，很明顯——你在那裡看到了非常好的牽引力。您是否有辦法將優勢分解為您提到的關於降低客戶流失率和更好的擴張活動的組成部分？您如何看待上行空間的細分？

Well, we've had -- as far as our upside to our guidance, Ittai?

好吧，就我們的指導而言，我們已經有了—Ittai？

Yeah.

是的。

It actually with strength across a number of areas. The largest was the fact that our churn rate remains very good, and it was above our expectation, our forecast and budget. So I would say that's number one, and that's really referring to computer backup.

它實際上在許多領域都具有實力。最重要的是，我們的客戶流失率仍然非常好，並且超出了我們的預期、預測和預算。所以我想說這是第一，這實際上指的是電腦備份。

And then the -- on the B2 side, B2 Reserve, which is our channel product has had excellent renewal rates above what we had originally thought. So that's partnering with our resellers, and they also have been renewing for more storage than they previously had. So that had a nice impact as well.

然後，在 B2 方面，我們的通路產品 B2 Reserve 的續訂率非常高，超出了我們最初的預期。這就是與我們的經銷商合作，他們也一直在更新比以前更多的儲存空間。所以這也產生了很好的影響。

And then the -- yes, the third part was just how quickly our major accounts are coming on to service, these are from the sales of quarter one, which were largely in the very end of the quarter, and they came on to service very quickly. So that was nice -- it was nice to see that as well.

然後 - 是的，第三部分是我們的主要客戶開始提供服務的速度有多快，這些來自第一季的銷售，主要是在本季度末，他們開始提供服務非常快迅速地。所以這很好——很高興看到這一點。

Yeah. Maybe on that last point, Gleb, maybe you can add some color on the move-up market. How do you think about -- when you look at the logos you're adding here now versus a year ago, how would you compare contrast either by vertical, company size, use case. Help me understand how this push-up market is translating into a different customer profile for you?

是的。也許在最後一點上，Gleb，也許你可以為升級市場添加一些色彩。您如何看待 - 當您查看現在添加的徽標與一年前相比時，您會如何比較垂直、公司規模、用例的對比。幫助我了解這個俯臥撐市場如何轉化為您的不同客戶檔案？

Yeah. Thanks, Ittai. So I think one way, I would say, to look at it is. When we went public, we went we were almost entirely a self-serve driven company with an ARPU that was just slightly over $100 and we now have 115 customers paying us over $50,000 each. So that's a dramatic difference from the way the company looked just a couple of years ago.

是的。謝謝，伊泰。所以我認為，我想說，可以用一種方式來看待它。當我們上市時，我們幾乎完全是一家自助服務驅動的公司，ARPU 略高於 100 美元，現在我們有 115 個客戶，每個客戶支付的費用超過 50,000 美元。因此，這與該公司幾年前的情況有很大的不同。

The team that were -- that we've assembled. We hired up the mid-market enterprise focused AE team in the first and second quarters. We expect that seem to be fully ramped by the end of this year. And we've got Jason joining us as an experienced CRO to lead that upmarket momentum. So I think we've materially shifted what the company looks like in terms of the customer adoption from the public time and also for the go forward.

我們組成的團隊。我們在第一季和第二季聘請了以中階市場企業為中心的 AE 團隊。我們預計到今年年底這似乎將全面啟動。Jason 以經驗豐富的 CRO 加入我們，引領高端市場的發展動能。因此，我認為我們已經在公眾時間和未來的客戶採用方面實質地改變了公司的面貌。

Got it. Maybe last one for me on the B2 line to read that you've talked about Gleb in your prepared remarks. First of all, how do you collect, what was the business model around is? If you could -- is this just more compute or more storage that's needed to power this or there's a special different pricing model for this?

知道了。也許是我在 B2 線上看到的最後一篇文章，您在準備好的演講中談到了格萊布。首先，你是如何收集的，周遭的商業模式是什麼？如果可以的話——這只是需要更多的計算或更多的儲存來支援它，還是有一個特殊的不同定價模型？

And then second, relating to this, you've talked about a certain few examples of certain verticals or use cases that will be interested. If you had to look at your customer base, how applicable or how broadly applicable is this capability to your base? What percent of your base you think would be highly interested in this?

其次，與此相關，您已經討論了一些您感興趣的垂直行業或用例的範例。如果您必須查看您的客戶群，那麼此功能對您的客戶群的適用性或適用範圍有多大？您認為您的基礎中有多少人對此非常感興趣？

We're excited about Live Read. It is new. It's -- we expect it to come out of preview mode and into GA by the end of this year. So it's still quite new. But it serves an important set of customer use cases, because it enables anyone who is working with large and growing files to take advantage of it.

我們對即時閱讀感到興奮。這是新的。我們預計它將在今年年底結束預覽模式並進入正式版。所以它還是很新的。但它服務於一組重要的客戶用例，因為它使任何處理大型且不斷增長的文件的人都可以利用它。

In terms of the verticals, we're starting with the broadcast and media focus, because it's the one that's most closely attributable to seeing value directly from this functionality. It is part of our overall strategy but innovation is a key goal for us, both because it provides value to customers and it differentiates us. And so Live Read is a good example of that.

就垂直領域而言，我們從廣播和媒體焦點開始，因為它是最能直接從該功能中看到價值的領域。這是我們整體策略的一部分，但創新是我們的關鍵目標，因為它為客戶提供了價值，並使我們與眾不同。Live Read 就是一個很好的例子。

In terms of the business model, we charge for usage of Live Read. So we charge $15 per terabyte uploaded, and then the storage is at standard B2 list prices. So the nice thing with it is it provides unique and differentiated value to customers and at the same time, it's a higher-margin offering for Backblaze.

在商業模式上，我們對Live Read的使用進行收費。因此，我們對上傳的每 TB 收取 15 美元的費用，然後儲存以標準 B2 標價。因此，它的好處是它為客戶提供了獨特且差異化的價值，同時，它為 Backblaze 提供了更高利潤的產品。

Got it. Excellent. Thank you, guys. Good luck.

知道了。出色的。謝謝你們，夥計們。祝你好運。

Thank you.

謝謝。

Thank you.

謝謝。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Hi, guys. This is Victor Chiu in for Simon Leopold. I just wanted to follow up on that last question. For the Live Read, how did you guys identify this specific function as an opportunity? Is this something that existing customers have inquired about previously or something that you recognized as a common need that, that would be an opportunity for you? I guess kind of how did you guys identify this opportunity to kind of develop this opportunity.

嗨，大家好。這是維克多·趙（Victor Chiu）飾演西蒙·利奧波德（Simon Leopold）。我只是想跟進最後一個問題。對於即時閱讀，你們如何將這個特定功能視為一個機會？這是現有客戶之前詢問過的事情，還是您認為是普遍需求的事情，這對您來說是一個機會？我想你們是如何發現這個機會並發展這個機會的。

Yes. Thanks, Victor. I'll say that the – we identified in probably the ideal way that this comes about, right, which is our team talks to customers and prospects all the time. A lot of times when the customers are prospects – sometimes they'll ask for a specific feature of functionality, but oftentimes, our team is trying to get in tune what challenges are they struggling within their businesses without them necessarily being able to offer a direct solution. And that was the case with Live Read.

是的。謝謝，維克多。我想說的是——我們認為這可能是實現這一目標的理想方式，對吧，這就是我們的團隊一直與客戶和潛在客戶交談。很多時候，當客戶是潛在客戶時，有時他們會要求特定的功能特性，但通常情況下，我們的團隊正在努力協調他們在業務中遇到的挑戰，而他們不一定能夠提供直接解決方案。Live Read 就是這種情況。

Our team was talking with some customers and understanding what they're struggling with, and they were talking about their challenges with having to wait until files were fully uploaded into the cloud with any solution that we're using to – before they could work with them or having to have on-premises equipment to deal with it.

我們的團隊正在與一些客戶交談並了解他們所面臨的困難，他們正在談論他們面臨的挑戰，即必須等到文件完全上傳到雲端中，我們正在使用的任何解決方案才能完成與他們合作或必須擁有本地設備來處理它。

And so as our team started talking about the customer challenge in ways it could potentially be solved they came up with this innovation of being able to actually enable customers to start leveraging the files while they were growing in the cloud without waiting for it to be completed. So it was kind of the best approach of coming up with a unique solution.

因此，當我們的團隊開始以可能解決的方式討論客戶挑戰時，他們提出了這項創新，能夠真正使客戶在文件在雲端中成長時開始利用文件，而無需等待文件完成。因此，這是提出獨特解決方案的最佳方法。

Okay. That's helpful. And I know you guys have noted that the Backblaze is fairly resilient to the broader base macro headwinds that typically have a much more material impact on your competitors. Does this still hold true for periods where we could see more severe contractions, especially given the heightened turns over the last couple of weeks?

好的。這很有幫助。我知道你們已經注意到，Backblaze 對於更廣泛的基礎宏觀逆風具有相當的彈性，這些逆風通常會對您的競爭對手產生更大的實質影響。對於我們可能看到更嚴重宮縮的時期，特別是考慮到過去幾週的周轉率增加，這是否仍然成立？

Yes. It's a good question because we've seen other customers or other companies talking about the macro challenges and the impact it's had on them. I think for us, we have not seen that. As you saw in the -- we beat our Q2, we guided strongly Q3, we guided up for the year. So we're not seeing the same things they're seeing. And I think that what we believe is that the reason for that is our customers are seeing strong product value from the product and platforms offering.

是的。這是一個很好的問題，因為我們已經看到其他客戶或其他公司談論宏觀挑戰及其對他們的影響。我認為對我們來說，我們還沒有看到這一點。正如您在 - 我們擊敗了第二季度，我們強勁地指導了第三季度，我們指導了今年。所以我們看到的東西和他們看到的東西不一樣。我認為我們相信原因是我們的客戶從產品和平台中看到了強大的產品價值。

They also get a strong TCO. And so in an environment where they may be concerned about the macro, they're actually potentially looking for ways to do more with less, which we enable them to do. And I would say that finally, there are other products and offerings that customers can choose to not invest behind but as long as they have data, they need to store it, they need to use it. It's not optional. So I think we are more insulated from any potential macro concerns.

他們還獲得了強大的 TCO。因此，在他們可能關心宏觀的環境中，他們實際上可能正在尋找用更少的資源做更多事情的方法，而我們使他們能夠做到這一點。我想說的是，最後，還有其他產品和產品，客戶可以選擇不投資，但只要他們有數據，他們就需要儲存它，他們需要使用它。這不是可選的。因此，我認為我們更能免受任何潛在的宏觀擔憂的影響。

Okay. That's helpful. And you haven't observed any changes or changes in demand trends so far?

好的。這很有幫助。而且到目前為止您還沒有觀察到需求趨勢有任何變化或變化嗎？

I think as you've seen from the results in the guidance, I would say no. And moreover, we layer on top of that our execution. So in Q2, our sales team actually beat our internal forecasts for closed one deals and so -- and that was with the still newer AE team and with Jason, not even having been on board yet. So we're enthusiastic about being able to leverage that team is fully ramped with Jason fully on board.

我認為正如您從指南中的結果中看到的那樣，我會說不。此外，我們的執行是在其之上的。因此，在第二季度，我們的銷售團隊實際上超出了我們的內部預測，完成了一筆交易等等——這是與新的 AE 團隊和 Jason 一起完成的，甚至還沒有加入。因此，我們熱衷於能夠在 Jason 的全力支持下充分利用團隊。

That’s really helpful. Thank you.

這確實很有幫助。謝謝。

Jason Ader, WB.

賈森·阿德，WB。

Hi, guys. Thank you. Congrats to you, Frank, for your young retirement. I wanted to talk a little bit about the second half and just kind of the breakdown of the business in the second half. First and foremost, given the 40% B2 guidance that you gave for the year, that imputes a growth rate in the computer backup business of around 13%.

嗨，大家好。謝謝。弗蘭克，恭喜你年輕時退休。我想談談下半年的情況以及下半年業務的崩潰。首先也是最重要的，考慮到您今年給予的 40% B2 指導，這意味著電腦備份業務的成長率約為 13%。

And I just want to make sure my math is correct there. And you had originally said single-digit growth in computer backup this year. So what changed?

我只是想確保我的數學是正確的。您最初曾說過今年電腦備份出現個位數成長。那麼是什麼改變了呢？

Did you say -- could you repeat the percentage that you said, Jason?

你是不是說——你能重複一下你所說的百分比嗎，傑森？

Yeah. I think you said in the script that -- you expect 40% growth in B2. So I just kind of -- and then you gave guidance for -- obviously for the full revenue line. So I just imputed computer backup growth in the kind of low double digits versus the single-digit original guidance that you had given for the year.

是的。我認為您在劇本中說過——您預計 B2 將增長 40%。所以我只是——然後你給了——顯然是整個收入線的指導。因此，我只是將電腦備份成長估算為低兩位數，而不是您今年給出的個位數原始指引。

Okay. So the 40% is correct. And then what's happening in the end of the year, remember is that we lapped our price increases. So that's the kind of difference.

好的。所以40%是正確的。然後，今年年底發生的事情，請記住，我們已經完成了價格上漲。這就是差異所在。

Yes. But why would that be -- I mean, you're going to grow faster than you originally guided to. That's what I'm trying to figure out on the computer backup.

是的。但為什麼會這樣——我的意思是，你的成長速度會比你最初指導的更快。這就是我想在電腦備份中弄清楚的問題。

Okay. Yeah. That has been happening. The reason for that is that in our budgets and forecasts, we had expected a higher churn rate given our price increase last year. And remember that we have customers constantly renewing. That's going to happen over a two-year period. But what we've actually experienced is a very solid retention rate above our expectations, and that has caused our growth to be a little bit higher.

好的。是的。這種情況已經發生了。原因是，在我們的預算和預測中，鑑於去年的價格上漲，我們預期客戶流失率會更高。請記住，我們有不斷更新的客戶。這將在兩年內發生。但我們實際體驗到的保留率非常穩定，超出了我們的預期，這導致我們的成長略高一些。

Okay. So it's basically better renewals, less churn.

好的。所以基本上是更好的續訂，更少的流失。

Yes.

是的。

Okay. And then for the Q4 also imputed guidance just based on what you gave for Q3 and for the year. The growth rate for Q4 is going to be about 17% year-over-year, which is quite a bit below where you've guided to and where you've been in the first half of the year. I just wanted to understand, is there a -- is there something anomalous in a year-over-year comparison? Like was there anything onetime in Q4 of 2023, which is making for a tougher comparison?

好的。然後，對於第四季度，還根據您為第三季度和全年提供的內容估算了指導。第四季的成長率預計將達到 17% 左右，比去年同期的成長率低很多，這比你們今年上半年的指導目標和實際情況要低很多。我只是想了解，同比比較中是否有異常情況？例如 2023 年第四季是否有任何事情使得比較變得更加困難？

Hi, Jason, this is Gleb. So I think, first of all, just the -- obviously, we're not guiding Q4 today. The -- in general, we expect B2 in Q3 to grow about 45%. And so that's for Q3, and we still feel good about the 40% growth rate for the year B2. The Q4 is the full lapse of the price increase from both B1 both computer backup and for B2. And so there is that piece of it. The -- in general, we've had a strong Q1, strong Q2. We've got a very strong Q3 in the full year.

嗨，傑森，我是格萊布。所以我認為，首先，顯然，我們今天不會指導第四季。總的來說，我們預計第三季的 B2 將成長 45% 左右。這就是第三季的情況，我們對 B2 年 40% 的成長率仍然感到滿意。第四季是 B1 電腦備份和 B2 價格上漲的完全結束。所以就有了那一部分。總的來說，我們有強勁的第一季和第二季。我們全年的第三季表現非常強勁。

I think there's two things we're also just paying attention to. We have two transitions. One is the sales transition with Jason coming on board, and we're all enthusiastic about him and the ramping of the AEs, but we want to be cognizant of timing implications of that transition. And then the other is, were some of the larger pay-as-you-go customers

我認為我們也正在關注兩件事。我們有兩個轉變。其中之一是 Jason 加入後的銷售轉型，我們都對他和 AE 的成長充滿熱情，但我們希望認識到這項轉型的時間影響。另一個是一些較大的現收現付客戶

One of the things we've been doing this year is starting to move some of them to committed contracts. We're doing that because it establishes longer-term relationships with them, more opportunity for longer-term upsells with them, more visibility and line of sight into revenue forecasting, but some of those are also at some discount as we put them on these longer-term committed contracts. So we're just being sensitive to those two transitions happening through the end of this year.

我們今年一直在做的事情之一就是開始將其中一些轉為承諾合約。我們這樣做是因為它與他們建立了長期關係，與他們進行長期追加銷售的更多機會，收入預測的可見性和視線，但當我們將它們放在這些上時，其中一些也有一定的折扣長期承諾合約。因此，我們只是對今年年底發生的這兩次轉變保持敏感。

Got you. Okay. So then just Q4, you're not guiding specifically to Q4, but you're trying to be, let's call it, conservative just based on some of these factors.

明白你了。好的。那麼，就第四季度而言，你並沒有專門針對第四季度進行指導，但你試圖基於其中一些因素，讓我們稱之為保守。

I would say, we're cognizant of them.

我想說，我們認識他們。

All right. Thank you. Good luck, guys.

好的。謝謝。祝你好運，夥計們。

Thanks, Jason.

謝謝，傑森。

Zach Cummins, B. Riley Securities.

康明斯 (Zach Cummins)，B. 萊利證券 (Riley Securities)。

Hi. This is Ethan Weidel calling in for Zach Cummins. Thanks for taking my questions. And congrats, Frank on your retirement. So you mentioned that you're citing the same headwinds that are out there for other companies. But are you seeing any incremental changes in churn?

你好。我是伊森‧韋德爾 (Ethan Weidel) 為 Zach Cummins 打來的電話。感謝您回答我的問題。恭喜弗蘭克退休。所以你提到你引用了其他公司也面臨的同樣的阻力。但您是否看到客戶流失發生了任何增量變化？

It varies slightly lower. You can see in our gross customer retention but it's above our original budget and above our updated forecast. So it's there, but we're just very pleased that it's been a lesser driver for us.

其變化略低。您可以看到我們的總客戶保留率，但它高於我們的原始預算和更新的預測。所以它就在那裡，但我們很高興它對我們來說是一個較小的驅動因素。

Got it. That makes sense. And then secondly, could you maybe elaborate a little bit on your new CRO hire? And maybe how Jason clicks in with your longer-term growth aspirations?

知道了。這是有道理的。其次，能否詳細說明一下新聘請的 CRO 的情況？也許傑森如何滿足您的長期成長願望？

Yeah. This is Glen. So I'm very excited about him joining. He brings with him an upmarket set of experiences, which is where we're and where we've been headed. So he brings that expertise with him. He also is really unique in having direct sales channels, partnerships and OEM experience. So which are the different ways that we go to market.

是的。這是格倫.所以我對他的加入感到非常興奮。他帶來了一系列高端體驗，這就是我們現在的處境和我們一直在努力的方向。所以他帶來了這種專業知識。他在直銷管道、合作夥伴關係和 OEM 經驗方面也非常獨特。那我們進入市場有哪些不同的方式。

So he brings all that expertise with him and the combination of being at larger organizations like HP and Microsoft and seeing how to move large-scale revenue momentum. But also in SnapLogic being in more and more nimble companies and getting them ramped quickly.

因此，他帶來了所有專業知識，以及在惠普和微軟等大型組織工作的經驗，並了解如何推動大規模收入成長。但 SnapLogic 也加入了越來越靈活的公司，並讓它們迅速發展。

I think our great sense of experiences that he brings to us and he's only been on board for a brief moment here, but he's already been having an impact as we've seen in the organization in terms of structuring, planning and driving that effectiveness. So I'm very excited about having them on board.

我認為他為我們帶來了豐富的經驗，他只在這裡工作了很短一段時間，但正如我們在組織中看到的那樣，他在構建、規劃和提高效率方面已經產生了影響。所以我對他們的加入感到非常興奮。

Got it. Thank you appreciate the color.

知道了。謝謝你欣賞顏色。

Operator, do we have any more questions from others?

接線員，我們還有其他問題嗎？

Yes, we do. Jeff Van Rhee, Craig-Hallum Capital Group.

是的，我們願意。Jeff Van Rhee，克雷格-哈勒姆資本集團。

Yeah. Great. Thanks for taking the questions. Congrats guys and great to see the margins ticking up, just looks great across the board. A couple for me, Gleb, maybe just start with the AI impacts. Can you give a little better -- a little more finely-tuned sense of the magnitude of the AI impacts? Or trajectory of those impacts? You referenced as a driver, just trying to get a sense of magnitude and trend?

是的。偉大的。感謝您提出問題。恭喜大家，很高興看到利潤率不斷上升，整體看起來都很棒。Gleb，對我來說，可能只是從人工智慧的影響開始。您能否對人工智慧影響的程度給予更好一點、更精細一點的認識？或是這些影響的軌跡？您作為驅動因素提到的，只是想了解規模和趨勢？

Yes. So, I think I would say two things. One is that it's obviously a large opportunity in terms of just the market size, right? All the efforts that are happening out there are driving data creation, data usage, and those are things we fundamentally help with. So, I think that that's kind of the first part of it.

是的。所以，我想我要說兩件事。一是就市場規模而言，這顯然是一個巨大的機會，對嗎？所有正在發生的努力都在推動數據創建和數據使用，而這些都是我們從根本上提供幫助的事情。所以，我認為這是它的第一部分。

And the related part of it is that companies are needing to use different GPU clouds for their AI use cases, and we are well-positioned to help them with that because you can store the data with us and then use the data in these different GPU clouds.

與之相關的是，該公司需要在其人工智慧用例中使用不同的 GPU 雲，而我們有能力幫助他們實現這一點，因為您可以將資料儲存在我們這裡，然後在這些不同的 GPU 中使用資料雲。

And the example that I shared in the call earlier of the AI customer, they're saving $300,000 just by switching to us. So, that's a huge savings for their AI use cases. But also they're actually becoming more effective as an organization because they were being limited and constrained by their -- by not having enough GPU capacity for their needs at that moment and needing to use another provider.

我之前在 AI 客戶的電話中分享的例子，他們透過轉向我們就節省了 30 萬美元。因此，這對於他們的人工智慧用例來說是一個巨大的節省。但實際上，作為一個組織，他們正在變得更加高效，因為他們受到自身的限制和約束——當時沒有足夠的 GPU 容量來滿足他們的需求，並且需要使用其他提供者。

And this allows them to have diversity of GPU providers, while keeping their data somewhere that is accessible. So, I think we're really well-positioned to help customers with their AI use cases.

這使得他們能夠擁有多樣化的 GPU 供應商，同時將資料保存在可存取的地方。因此，我認為我們確實有能力幫助客戶解決他們的人工智慧用例。

The other thing that I'll mention is that a lot of the discussion right now that I've seen out in the industry is companies are ramping up CapEx dramatically to service the AI use cases and saying it's going to take years and years potentially to get a return on that. That's not the case for us because they're spending CapEx on GPU build-outs.

我要提到的另一件事是，目前我在行業中看到的許多討論是，公司正在大幅增加資本支出來服務人工智慧用例，並表示可能需要數年時間才能實現這一點。我們的情況並非如此，因為他們將資本支出用於 GPU 擴建。

We're not a GPU company. We're enabling AI use cases, including how and where they can use those GPU parts. So, we are not having the same CapEx requirements, while we do get the benefit of supporting those use cases.

我們不是一家 GPU 公司。我們正在支援人工智慧用例，包括他們如何以及在哪裡使用這些 GPU 元件。因此，我們沒有相同的資本支出要求，但我們確實從支援這些用例中受益。

Great. That's helpful. And back to Jason Wakeam joining the company. You touched on his skills, but I wonder if it could get you to kind of come at it may be from a different direction. And just talk about what the B2 selling motion is now. And broadly speaking, what do you envision it to be in 12 months?

偉大的。這很有幫助。回到 Jason Wakeam 加入公司的話題。你談到了他的技能，但我想知道這是否能讓你從不同的方向來理解它。就談談現在的 B2 拋售動議是什麼吧。從廣義上講，您預計 12 個月後會是什麼樣子？

Sure. So, when we started -- when we were going down the path originally, we were almost entirely self-serve. So, the selling motion at the time was people finding out about Backblaze through various different channels, showing up to the website and entering an email address and password, click and create accounts, trying it, entering a credit card and then starting to use the service. That was how 80% of the business existed at the time of IPO.

當然。所以，當我們開始時——當我們最初走這條路時，我們幾乎完全是自助服務。因此，當時的銷售動議是人們透過各種不同的管道發現 Backblaze，造訪該網站並輸入電子郵件地址和密碼，點擊並建立帳戶，嘗試一下，輸入信用卡，然後開始使用服務。IPO 時 80% 的業務就是這樣存在的。

It's still a significant driver of new business for us today, and we still -- and we've made investments and continue to optimize the self-serve part of the go-to-market motion.

如今，它仍然是我們新業務的重要推動力，我們仍然進行了投資，並繼續優化上市行動中的自助服務部分。

On top of that, then we layered a direct selling motion. Direct selling motion is people coming to the company either because they've heard about us through our blog, PR, events and other places or by our outbound SDRs reaching out to targeted verticals and targeted use case and bringing leads into the pipeline that the account executive team then works to close.

除此之外，我們也提出了直銷動議。直銷動議是指人們來到公司，要么是因為他們通過我們的博客、公關、活動和其他地方聽說了我們，要么是通過我們的出站特別提款權接觸到目標垂直行業和目標用例，並將潛在客戶帶入客戶的管道中。

We then layered on top of that a channel motion working with resellers, companies like CDW and others and in order to drive channel business. And then most recently, just earlier this year, last few months ago, we layered on Powered by, which was the a new technology that enabled us to make ourselves part of other people's offerings.

然後，我們在此基礎上提出了與經銷商、CDW 等公司合作的通路動議，以推動通路業務。最近，就在今年早些時候，也就是幾個月前，我們採用了 Powered by，這是一項新技術，使我們能夠成為其他人產品的一部分。

So we talked about Edge Compute companies, Media and Transcoding companies and Cloud Service Providers that are starting to integrate B2 into their products as part of their go-to-market.

因此，我們討論了邊緣運算公司、媒體和轉碼公司以及雲端服務供應商，他們開始將 B2 整合到他們的產品中，作為他們進入市場的一部分。

So those are the ways that we've been going to market and the layering. And I believe that adjacent will continue to drive all of those sales-led ones, not the self-serve, but the sales-led ones. But the increasing efficiency and effectiveness and success of those motions as well as moving up to the larger sizes of the organizations that are taking us up on those motions.

這些就是我們一直在行銷和分層的方式。我相信，相鄰將繼續推動所有以銷售為主導的業務，不是自助服務，而是以銷售為主導的業務。但是，這些動議的效率、有效性和成功率不斷提高，參與這些動議的組織規模也不斷擴大。

Got it. Very helpful. Thanks so much.

知道了。非常有幫助。非常感謝。

Thank you, Jeff.

謝謝你，傑夫。

Mark Hagen, Lake Street Capital Markets.

馬克‧哈根，湖街資本市場。

Hi guys. Congratulations, Frank. So just was wondering, looking at to 2025, we're kind of looking we're expecting sort of cash flow positive mid-2025 and then with the addition of adjacent and any changes that may happen there or new sales hires. I'm just wondering, if there's any change to that or if that's still kind of your thoughts there.

嗨，大家好。恭喜你，弗蘭克。所以我想知道，展望 2025 年，我們預計 2025 年中期現金流量會出現正值，然後會增加相鄰的項目以及可能發生的任何變化或聘用新的銷售人員。我只是想知道，這是否有任何改變，或者這是否仍然是你的想法。

Yeah. As far as our cash, so we're really pleased, of course, that we have an 80% reduction in total cash usage for the first half of this year versus the first half of last year. We continue to project year-end cash balance at $20 million. And that we will be total cash usage breakeven by the middle of 2025 or second half of 2025.

是的。就我們的現金而言，我們當然非常高興，今年上半年的現金使用總額比去年上半年減少了 80%。我們繼續預計年終現金餘額為 2000 萬美元。到 2025 年中期或 2025 年下半年，我們的現金使用總額將達到損益兩平。

So -- and remember that we define total cash and total cash usage, its cash from operations, financing and investing. But shortly thereafter, in 2025, we also expect to be free cash flow positive as well.

因此，請記住，我們定義了總現金和總現金使用量，即來自營運、融資和投資的現金。但此後不久，也就是 2025 年，我們也預期自由現金流也將出現正值。

Got it. Well thank you. Appreciate it.

知道了。嗯，謝謝。欣賞它。

Thank you. And that does conclude the question-and-answer session. I would like to return the floor to Gleb Budman, for any closing comments.

謝謝。問答環節到此結束。我想請格萊布·巴德曼 (Gleb Budman) 發言，徵求結束意見。

So I want to say thanks for helping us for these past years. And I want to thank all of you for joining us on this call. I also want to send a big thank you to everybody at Backblaze for the work that they put into building the company and supporting us in supporting our customers and finally to thank our investors and customers for putting your trust into us.

所以我想說謝謝你們在過去這些年對我們的幫助。我要感謝大家參加這次電話會議。我還要向 Backblaze 的每個人表示衷心的感謝，感謝他們為建設公司所做的工作以及支持我們支持客戶的工作，最後感謝我們的投資者和客戶對我們的信任。

We are excited to also see many of you at the Oppenheimer conference next week and Lake Street Conference in September. So with that, I'd like to say thank you, operator. And we can close the call.

我們很高興在下週的奧本海默會議和九月的湖街會議上見到你們中的許多人。因此，我想說謝謝你，接線員。我們就可以結束通話了。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

謝謝。會議現已結束。感謝您參加今天的演講。現在您可以斷開線路。