Backblaze Inc (BLZE) 2024 Q3 法說會逐字稿

Good day and welcome to the Backblaz third quarter, 2024 earnings call.

大家好，歡迎參加 Backblaz 2024 年第三季財報電話會議。

All participants will be in a listen-only mode. Should you need assistance? Please signal conference specialist by pressing the star key followed by zero.

所有參與者將處於只聽模式。您需要幫助嗎？請按星號鍵然後按零來向會議專家發出訊號。

After today's presentation, there will be an opportunity to ask questions to ask a question. You may press star then one on your touch tone phone and to withdraw your question, please press star Then two. Please note this event is being recorded.

今天的演講結束後，將有機會提問。您可以在按鍵電話上按星號然後按一，若要撤回您的問題，請按星號然後按二。請注意，該事件正在被記錄。

I would now like to turn the conference over to Miss Mimi Kong, head of investor relations. Please go-ahead ma'am.

現在，我想將會議交給投資者關係主管 Mimi Kong 女士。請繼續，女士。

Thank you. Good afternoon and welcome to back blaze's third quarter, 2024 earnings call on the call with me. Today are Gleb Budman, co-founder CEO and chairperson of the board and Marc Suidan, Chief Financial Officer.

謝謝。下午好，歡迎與我一起參加 Back Blaze 2024 年第三季財報電話會議。今天出席的有聯合創始人、執行長兼董事會主席 Gleb Budman 和財務長 Marc Suidan。

Today back las will discuss the financial results that were distributed earlier this afternoon. Statements on this call include forward-looking statements about our future financial results, the impact of our go to market transformation and cost saving initiatives.

今天我們將討論今天下午早些時候發布的財務結果。本次電話會議中的聲明包括關於我們未來財務業績、我們進入市場轉型和成本節約舉措的影響的前瞻性聲明。

Use of our IPO proceeds results from new features, 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.

我們首次公開募股所得款項的使用取決於新功能、價格變動的影響、合作夥伴關係以及銷售和行銷計劃、我們有效競爭和管理成長的能力以及我們獲取新客戶和保留並擴展與現有客戶的業務的策略。

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.

這些聲明受到可能導致實際結果大不相同的風險和不確定因素的影響，包括我們在 10-Q 表季度報告和其他財務文件中所述的風險因素。

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上所做的所有前瞻性陳述均基於今天的假設和信念，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.

我們今天的討論將包括非公認會計準則財務指標。這些非 GAAP 指標應被視為我們 GAAP 結果的補充，而不是替代。

Reconciliation of gaps to non-GAAP results may be found in our earnings release which was furnished with our form eight K file today with the SEC.

在我們的收益報告（隨我們今天向美國證券交易委員會提交的 8K 表文件一起提供）中可以找到與非 GAAP 結果差距的調節表。

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 gross customer retention rate and adjusted free cash flows.

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，該幻燈片演示也將在通話結束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，以了解其他指標的定義，例如 nrr 總客戶保留率和調整後的自由現金流。

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

感謝您加入我們。現在我想將電話轉給格萊布。

Thank you, Mimi and welcome, everyone to the call. We had strong third quarter results revenue grew 29% with B2 cloud storage growing 39% and adjusted a bit of margin came in at 12%.

謝謝你，Mimi，歡迎大家來參加電話會議。我們第三季的業績表現強勁，營收成長了 29%，其中 B2 雲端儲存成長了 39%，調整後的利潤率為 12%。

Our record since going public over the past few quarters, I've shared product innovations that we have delivered, and I feel very good about the unique value proposition we provide and the product road map we have in place.

自從過去幾季上市以來，我分享了我們實現的產品創新，我對我們提供的獨特價值主張和製定的產品路線圖感到非常滿意。

But today, I want to focus on two new major initiatives.

但今天，我想重點談兩項新的重大舉措。

The first to drive revenue growth, particularly around B2 cloud storage and the second to drive cost efficiencies in our prior call. I introduced two new executives that we brought on Jason Wakeam as Chief Revenue Officer and Marc Suidan as Chief Financial Officer.

第一個目標是推動收入成長，特別是圍繞 B2 雲端存儲，第二個目標是推動成本效率，正如我們之前的電話會議所述。我介紹了兩位新高階主管，Jason Wakeam 擔任首席營收官，Marc Suidan 擔任財務長。

They joined us with a clear mandate, grow revenue faster and accelerate our path to being free cash flow positive.

他們加入我們，肩負著明確的使命：更快增加收入，加速我們實現自由現金流為正的進程。

I'll share details about the new go to market transformation that Jason is spearheading, and Marc will speak about aggressively tightening our cost structure on the go to market front. Jason has hit the ground running and has brought a new sense of energy to the team.

我將分享 Jason 所帶頭的全新市場轉型細節，而 Marc 將講述如何在市場方面積極收緊我們的成本結構。傑森立即投入工作並為團隊帶來了新的活力。

He's focused on three critical areas to drive greater growth upskilling, partnerships and sales plays.

他專注於三個關鍵領域，以推動更大的成長、技能提升、合作夥伴關係和銷售活動。

First upscaling, we identified that the team lacked a structured approach to qualify leads and execute larger deals. In response. Jason set up a repeatable process that gave the team clear objectives and focus. While still early, we've seen an immediate impact.

首先擴大規模後，我們發現團隊缺乏結構化的方法來篩選潛在客戶並執行更大的交易。作為回應。傑森建立了一個可重複的流程，為團隊提供了明確的目標和重點。雖然還處於早期階段，但我們已經看到了直接的影響。

The team booked a record amount of annual contract value wins. In over a year. We also signed two multiyear deals each totaling approximately $1 million and built a record pipeline including the most seven figure opportunities in our history.

該球隊贏得了創紀錄的年度合約價值。一年多來。我們還簽署了兩份多年期合同，每份合約總額約為 100 萬美元，並建立了創紀錄的管道，其中包括我們歷史上最多的七位數機會。

Second partnerships, we previously did a good job signing up resellers, but we realized that we spread ourselves too thin across unproductive partners. Jason prioritized the resellers with the most value and we are focusing on those relationships as a result, pipeline opportunities coming from our reseller partners have more than doubled quarter-over-quarter.

第二次合作，之前我們在簽約經銷商方面做得很好，但我們意識到，我們在沒有效率的合作夥伴身上分散了精力。傑森優先考慮最有價值的經銷商，我們也專注於這些關係，因此，來自我們的經銷商合作夥伴的通路機會比上一季增加了一倍多。

Third sales place, Jason along with our marketing team are aligning on a core set of sales plays to streamline the activities and drive repeatability.

第三個銷售點，Jason 與我們的行銷團隊正在協調一套核心銷售策略，以簡化活動並提高可重複性。

The go to market transformation includes restructuring our marketing team. We appointed a new internal leader and are focusing the team on driving more large opportunities into the pipeline while returning to our roots of driving efficient brand awareness via our content and community flywheel.

市場轉型包括重組我們的行銷團隊。我們任命了一位新的內部領導人，並讓團隊專注於挖掘更多重大機遇，同時回歸我們的根本，透過內容和社群飛輪來提高品牌知名度。

The combination of the changes we're making are focused on driving higher sales productivity which enables us to deliver more rapid yet efficient growth.

我們正在進行的一系列變革都是為了提高銷售效率，讓我們實現更快、更有效率的成長。

We're moving fast in transforming our go to market approach. We expect this transformation to be substantially completed by the end of Q1 with revenue growth accelerating out of Q2.

我們正在迅速轉變我們的行銷方式。我們預計這項轉型將在第一季末基本完成，營收成長將在第二季加速。

I'll plan to share more of our progress and new initiatives in our next earnings call.

我計劃在下次財報電話會議上分享更多我們的進展和新措施。

In addition to driving revenue growth, we are aggressively driving efficiency with mark leading a robust expense management process to maximize ROI and improve our operating leverage.

除了推動收入成長之外，我們還積極提高效率，透過馬克領導的強大的費用管理流程來最大化投資回報率並提高我們的經營槓桿。

As a result, we have accelerated our path to profitability and intend to be free cash flow positive in Q4 of 2025.

因此，我們加快了獲利步伐，並計劃在 2025 年第四季實現自由現金流為正。

Through a combination of this focus on accelerating revenue growth and driving free cash flow. We aim to become a rule of 40 company over time.

透過結合重點來加速收入成長並推動自由現金流。我們的目標是隨著時間的推移，成為一家遵守 40 條規則的公司。

Now, turning to business highlights. First, we've announced the opening of a new data center region for Canada which complements our existing regions in the US and Europe. This is an exciting next step in back Bos's growth story as it opens back boy services to customers wanting to keep their data in Canada and to serve Canadian customers data sovereignty requirements.

現在，我們來談談業務亮點。首先，我們宣佈在加拿大開設一個新的資料中心區域，以補充我們在美國和歐洲的現有區域。這是 Back Bos 成長歷程中令人興奮的下一步，因為它向希望將資料保留在加拿大的客戶開放了 Back Boy 服務，並滿足加拿大客戶的資料主權要求。

We expect this new data region will be live and available for customers in Q1 in concert with the opening of this data region. I'm excited to announce that we have joined forces with opt nine, the largest managed service provider in Canada.

我們預計，該新資料區域將在第一季正式開放並供客戶使用。我很高興地宣布，我們已經與加拿大最大的託管服務提供者 opt nine 聯手。

opt nine helps customers with managed cloud services that include security, backup and disaster recovery and back boys will support the cloud storage needs for those use cases.

opt nine 為客戶提供託管雲端服務，包括安全性、備份和災難恢復，而 back boys 將支援這些用例的雲端儲存需求。

Another highlight I want to mention is around AI at the end of the quarter. The amount of data stored with us by AI customers has more than doubled year over year three AI customers recently migrated to back boys and are paying us a total annual revenue run rate of over half a million dollars.

我想提及的另一個亮點是本季末的人工智慧。與去年同期相比，AI 客戶在我們這裡儲存的資料量增加了一倍多，AI 客戶最近轉向 Back Boys，每年向我們支付的總收入運行率超過 50 萬美元。

These customers came to back boys because we provide a cost-effective solution to store their data and simultaneously allow them to use that data with any specialized GPU cloud.

這些客戶之所以選擇 Back Boys，是因為我們提供了一種經濟高效的解決方案來儲存他們的數據，同時允許他們將這些數據與任何專門的 GPU 雲端一起使用。

we believe, we're providing the best underlying platform for the gen AI industry. One of these large AI customers said, and I quote back boys is an amazing solution for AI training data. We looked at a number of options and Back boys is seriously the best in closing. I'm incredibly excited for our future.

我們相信，我們正在為新一代人工智慧產業提供最好的底層平台。其中一位大型 AI 客戶說過，我引用 Back Boys 的話，這是 AI 訓練資料的一個了不起的解決方案。我們考慮了很多選擇，最終 Back boys 無疑是最好的。我對我們的未來感到無比興奮。

The changes in the way are driving us to better capture the $55 billion cloud storage opportunity in front of us.

方式的改變正推動我們更能抓住眼前550億美元的雲端儲存機會。

Now, I will turn it over to Marc Suidan, our new CFO Marc.

現在，我將把發言權交給我們的新任財務長馬克‧蘇丹 (Marc Suidan)。

Thank you, Glen and good afternoon, everybody. It's hard to believe that it's been three months since I joined. But as Gleb noted, we've been pretty busy planning the future.

謝謝你，格倫，大家下午好。很難相信我加入已經三個月了。但正如格萊布所說，我們一直在忙於規劃未來。

When I first joined, I had three major hypotheses about Backblaze. First, backblaze offered an incredible product with a unique competitive advantage priced at 80% below the traditional cloud service providers.

當我剛加入時，我對 Backblaze 有三個主要假設。首先，backblaze 提供了一款令人難以置信的產品，具有獨特的競爭優勢，價格比傳統雲端服務供應商低 80％。

Second, a go to market model that needed reinvigoration and third, a cost structure that can be rightsized to increase operating leverage. So, three months into the job, I would say that my original hypothesis still stand and have been further reaffirmed.

第二，需要重振市場模式；第三，需要適當調整成本結構以提高營運槓桿。因此，在工作三個月後，我想說我最初的假設仍然成立，並得到了進一步的證實。

As Gleb noted, Jason has been leading a transformational change in our go to market activities supported by a product that customers love.

正如格萊布所說，傑森一直在引領我們行銷活動的變革，並以顧客喜愛的產品為後盾。

On the cost structure side, we did kick off a comprehensive zero-based budgeting exercise.

在成本結構方面，我們確實啟動了全面的零基預算編制工作。

Most companies expect to have automatic year over year increases from inflation, vendor price increases and salary raises.

大多數公司預計，由於通貨膨脹、供應商價格上漲和薪資上漲，利潤將逐年自動增加。

Despite those expected cost increases, I'm happy to announce that our year over year run rate costs are expected to go down by over $8 million.

儘管預計成本會增加，但我很高興地宣布，我們的年比運行成本預計將下降 800 多萬美元。

This is coming from a variety of actions including a 12% reduction in force that took place this month, an aggressive process of putting all our external spend out to bid and stopping activities that do not align with our future strategy.

這是透過多種行動實現的，包括本月裁員 12%、積極將所有外部支出進行招標以及停止與我們未來策略不符的活動。

This allows us to invest some of those savings into revenue generating sales capacity which would offset some of the above savings.

這樣我們就可以將部分儲蓄投資於創收銷售能力，進而抵銷部分上述儲蓄。

Let me now turn to the results of the quarter Q3 revenue is $32.6 million representing 29% year over year growth. And in line with the midpoint of our guidance B2 cloud storage revenue was $16.2 million reflecting a 39% increase over the same period last year. B2 growth was strong but lower than we would have liked, and this was primarily due to churn happening early in the quarter and large deals closing later in the quarter.

現在我來談談本季的業績：第三季的營收為 3,260 萬美元，年增 29%。與我們的預期中位數一致，B2 雲端儲存收入為 1,620 萬美元，比去年同期成長 39%。B2 成長強勁，但低於我們的預期，這主要是由於本季初發生的客戶流失和本季後期完成的大型交易。

Computer backup revenue totaled $16.4 million reflecting 20% growth exceeding our expectations due to better-than-expected retention, net revenue retention Or NRR for the total company was 118% compared to 108% last year. The year over year improvement mainly benefited from the price increase that we put in place in Q4 2023.

電腦備份收入總計 1,640 萬美元，成長 20%，超出我們的預期，原因是保留率好於預期，整個公司的淨收入保留率或 NRR 為 118%，而去年同期為 108%。年比成長主要得益於我們在 2023 年第四季實施的價格上漲。

The total gross customer retention was 90% in the quarter compared to 91% in the prior year.

本季的總客戶保留率為 90%，而去年同期為 91%。

The high NRR and customer retention demonstrates the strategic importance of our product offerings to our customers.

高 NRR 和客戶保留率證明了我們的產品對客戶具有策略重要性。

Continuing on to the income statement adjusted gross margin was 78%. Maintaining the all-time high scene in the last quarter.

繼續查看損益表，調整後的毛利率為78%。保持了上個季度的歷史最高水準。

This is a meaningful increase from the 74% in the same period last year as we continue to build scale adjusted EBITA continues to improve at $3.7 million or 12% of revenue driven by revenue growth and cost management.

這比去年同期的 74% 有了顯著成長，因為我們繼續擴大規模，在收入成長和成本管理的推動下，調整後的 EBITA 繼續提高至 370 萬美元或占收入的 12%。

There's a very meaningful improvement from minus 3% in the prior year, representing a 1,500 basis points increase as a broader picture of our P&L and our operating leverage. Our variable costs are about 25% of revenue.

與去年的負 3% 相比，這是一個非常有意義的改善，從更廣泛的角度來看，我們的損益表和營運槓桿增加了 1,500 個基點。我們的變動成本約佔收入的25%。

This includes key components tied to scaling such as hardware spend, data center operating costs and other smaller variable costs.

這包括與擴展相關的關鍵組成部分，例如硬體支出、資料中心營運成本和其他較小的可變成本。

So as our revenue increases, about 75% should be flowing to the bottom line. This represents great operating leverage, turning to the balance sheet cash investments and restricted cash total $25.6 million at the end of the quarter. I'll take this opportunity to reiterate that we're on track to end the year with at least $20 million.

因此，隨著我們收入的增加，大約 75% 應該流向底線。這代表著巨大的營運槓桿，截至本季末，資產負債表現金投資和受限現金總額達到 2,560 萬美元。我要藉此機會重申，我們預計在今年底實現至少 2,000 萬美元的收入。

Our cash flow from operations for the past nine months are $10.3 million. A dramatic improvement from cash use of $10.6 million for the same period last year. This represents a $20.9 million improvement over the prior year.

我們過去九個月的營運現金流為 1,030 萬美元。與去年同期的 1,060 萬美元現金使用量相比，有了顯著的改善。這比前一年增加了 2,090 萬美元。

As for free cash flows, we are starting to disclose our adjusted free cash flows in our earnings release and we define it as our operating cash flows Less, purchases of PP and E capitalized software costs principal payments on capital financing leases and non-recurring charges.

至於自由現金流，我們開始在收益報告中揭露調整後的自由現金流，我們將其定義為我們的營運現金流量減去購買 PP 和 E 資本化軟體的成本減去資本融資租賃的本金支付和非經常性費用。

We are disclosing and emphasizing our adjusted free cash flows because we are laser focused on being a growth company that is free cash flow positive.

我們揭露並強調調整後的自由現金流，因為我們致力於成為一家自由現金流為正的成長型公司。

Our adjusted free cash flows year-to-date were negative $16 million compared to negative $38 million in the same period last year showing a dramatic improvement of $22 million as it relates to cash. We have sufficient liquidity to run the business as we transition to be free cash flow positive.

我們今年迄今的調整後自由現金流為負 1,600 萬美元，而去年同期為負 3,800 萬美元，現金方面大幅改善了 2,200 萬美元。隨著我們向自由現金流為正的轉變，我們有足夠的流動資金來經營業務。

However, of course, we will always look at opportunities to improve our capital structure.

不過，當然，我們會一直尋找機會來改善我們的資本結構。

Moving to our guidance. We expect Q4 total revenue to be within the range of $33.5 to $33.9 million. As a reminder, we lap our price increase in Q4 which helped drive the revenue increases of the past year for the full year total revenues is on track to be $127 million to $128 million.

轉向我們的指導。我們預計第四季總收入將在 3,350 萬美元至 3,390 萬美元之間。提醒一下，我們在第四季度實現了價格上漲，這有助於推動過去一年的收入成長，全年總收入預計將達到 1.27 億美元至 1.28 億美元。

We expect you for adjusted EBITA margin to be in the range of 12 to 14% which excludes the one-time restructuring costs for the full year. We expect adjusted bit of margin to be 9 to 11% while we'll provide full 2025 guidance. In Q1. As usual, I'd like to share some thoughts about 2025. We plan to exit Q4 of 2025 with an adjusted EBITA margin of approximately 20% which is about double where we plan to finish this year.

我們預計調整後的 EBITA 利潤率將在 12% 至 14% 之間，不包括全年的一次性重組成本。我們預計調整後的利潤率將達到 9% 至 11%，同時我們將提供完整的 2025 年指引。在 Q1。像往常一樣，我想分享一些關於2025年的想法。我們計劃在 2025 年第四季結束時實現調整後的 EBITA 利潤率約為 20%，這大約是我們今年計劃利潤率的兩倍。

And in Q4 of 2025 we expect to be adjusted free cash flow positive from there on. We expect the operating leverage will kick in to help us grow free cash flows in a healthy way. Given our low variable cost, our long-term objective is to be a rule of 40 company based on revenue growth and adjusted free cash flow margin.

我們預計，2025 年第四季的調整後自由現金流將為正值。我們預期經營槓桿將發揮作用，幫助我們以健康的方式增加自由現金流。鑑於我們的可變成本較低，我們的長期目標是成為一家基於收入成長和調整後自由現金流利潤率的 40 規則公司。

In summary, we are excited about the path ahead and the momentum that is already in place.

總而言之，我們對未來的道路和已經形成的勢頭感到興奮。

And with that, let's take your questions, operator.

現在，讓我們來回答您的問題，接線員。

Thank you. We will now begin the question-and-answer session to ask a question. You may press star then one on your touchtone phone. If you're using a speaker phone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question. Please press star then two and at this time, we'll pause momentarily to assemble our roster.

謝謝。我們現在開始問答環節來問一個問題。您可以在按鍵電話上按星號，然後按一。如果您使用的是揚聲器電話，請在按下按鍵之前拿起聽筒。如果您的問題已得到解答並且您想撤回您的問題。請按星號，然後按二，此時，我們將暫停一段時間以匯總我們的名冊。

And the first question will come from Jeff Van Re with Craig-Hallum Capital Group. Please go ahead.

第一個問題來自 Craig-Hallum Capital Group 的 Jeff Van Re。請繼續。

Great. Thanks for taking my questions a couple for you guys.

偉大的。謝謝你們回答我的幾個問題。

First Gleb on the on the B2 side, talk for a second about the, you said some turn late in the quarter, just expand on that because you had pretty good. You had some expansion in the net retention number from 114 to 118.

首先，Gleb，在 B2 方面，請您談談您所說的在本季度末出現的一些轉折，請進一步闡述這一點，因為您說的相當不錯。淨留存人數從 114 擴大到了 118。

So, it sounds like you thought it was going to be even better, but just talk a bit about that and then secondarily, you're getting some big deals here in on the B2 side and clearly moving upmarket in terms of realizing how far you know, upmarket you can stretch, maybe just talk about how far upmarket B2 goes.

所以，聽起來你認為它會變得更好，但只談論一下這個，其次，你在 B2 方面獲得了一些大交易，並且明顯在向高端市場邁進，意識到你可以向高端市場延伸多遠，也許只是談談 B2 高端市場能走多遠。

You know, how do you see as the ideal addressable market? You know for that, for that product capability.

您知道，您認為理想的目標市場是怎麼樣的？您了解這一點，了解該產品的功能。

Hey, Jeff, thanks for the questions. Appreciate it. On the churn side, the churn that we saw what happened early in the quarter, we expected it, but it happened earlier in the quarter. So the we still had, like you said, we still had very strong NRR and we had a strong gross customer retention. It's just a handful of customers that turned out earlier than, than later in the quarter.

嘿，傑夫，謝謝你的提問。非常感謝。在客戶流失方面，我們看到本季初發生的客戶流失是我們預料到的，但它在本季初就發生了。所以，就像你說的，我們仍然擁有非常強大的 NRR，並且擁有強勁的總客戶保留率。只是有少數客戶在本季早些時候或晚些時候出現了。

In, in terms of the upmarket side of things. We don't really see a specific limit to how far it can go. We've got multiple xys worth of storage under management already.

就高端方面而言。我們確實沒有看到它能走多遠的具體限制。我們管理了多個 xy 的儲存。

That's large enough to handle any workload. We've signed those couple roughly $1 million multi year deals that we talked about. So those are quite significant size, the size opportunities. We think we have the opportunity to go above and beyond that as well.

它足夠大，可以處理任何工作量。我們已經簽署了之前談到的幾份價值約 100 萬美元的多年合約。因此，這些都是相當重要的規模，也是規模機會。我們認為我們也有機會超越這一點。

We do want to build repeat ability into more of that go to market motion. So, you know, but the if you think about the path where we came from in 2021 when we went, but the average customer was paying us $124. So, moving up to 115 customers paying us over $50,000 that we announced last quarter and these two customers paying us about a million dollars each is, is quite the trajectory already.

我們確實希望在更多的市場行動中建立重複能力。所以，你知道，但如果你想想我們在 2021 年走的路，當時平均每個客戶向我們支付 124 美元。因此，我們在上個季度宣布向我們支付超過 50,000 美元的客戶已增至 115 位，而這兩個客戶分別向我們支付了約 100 萬美元，這已經是一個相當不錯的發展軌跡了。

yeah, for sure and maybe just last for me, you commented, obviously you're making some substantial changes in the go to market while managing for free cash flow.

是的，當然，也許對我來說這只是最後一個問題，您評論說，顯然您在管理自由現金流的同時，正在對行銷做出一些實質性的改變。

An interesting comment coming out of Q2 25 you're looking for accelerated revenue growth, just talk about just to be clear are we talking overall revenue growth or you just speaking specifically there to be too.

來自 25 年第二季的一個有趣評論是，您正在尋求加速收入成長，請明確我們是在談論整體收入成長，還是您只是在具體談論收入成長。

You know, hey Jeff, this is Marc Suiden. Great to be on. I know it's my first earnings call. So, hi to you and everybody on, Jeff, what I would say is, you know, in, in the short term, I mean, obviously as we lapse the price increase, our b two year over year revenue for the full year will probably be mid to high 30s.

你知道，嘿傑夫，這是馬克蘇登。很高興能參加。我知道這是我第一次的財報電話會議。所以，傑夫，向你和在座的各位問好，我想說的是，你知道，在短期內，我的意思是，顯然隨著我們停止漲價，我們全年的同比收入可能將達到 35% 左右。

I think what's important here is where we're headed to in his glad made in his comment is once, once we come out of Q2 of next year is when the leading indicators would start translating to the lagging lagging indicators, right? Leading indicators now obviously enter Q4 with record sales pipeline, close these, you know, seven figure type of deals and got more of those.

我認為這裡重要的是我們要去哪裡，正如他在評論中所言，一旦我們走出明年第二季度，領先指標就會開始轉化為落後指標，對嗎？現在領先指標顯然進入了第四季度，銷售管道創下了歷史新高，完成了七位數的交易，並且獲得了更多的交易。

So we're very excited about the momentum, but you know, these are leading indicators that then will translate into revenue.

因此，我們對這一發展勢頭感到非常興奮，但你知道，這些都是領先指標，隨後將轉化為收入。

Okay, I'll leave it there.

好的，我就把它留在那裡了。

Thank you.

謝謝。

Thanks Jeff.

謝謝傑夫。

The next question will come from Ittai Kidron with Oppenheimer and co. Please go ahead.

下一個問題來自 Ittai Kidron 和 Oppenheimer 等人。請繼續。

Hey guys, a lot to unpack here. Maybe just mark following on, on your answer here. I mean, look, Gleb was very clear on two Q acceleration and if you're lapping the price increases on the computer back up, it will have to be B2 that accelerates not just pure math.

嘿夥計們，這裡有很多事情要解開。也許只是在這裡對您的答案進行標記。我的意思是，你看，格萊布非常清楚兩個 Q 加速，如果你將計算機的價格上漲重新計入，那麼必須是 B2 加速，而不僅僅是純數學。

Yeah, listen, that's fair. Right? I, I mean, that's B2 is definitely the long-term growth play for us, and we continue to see that happening.

是的，聽著，這很公平。正確的？我的意思是，B2 絕對是我們長期的成長目標，我們將繼續看到這種情況發生。

I mean, it's a market that grows at about 19%. We're already growing above market, but to be Honest , it's not good enough for us, right? We got to be growing at a faster rate and I'm talking about post price increase coming out of that phase, right? Because that's not a permanent benefit.

我的意思是，這個市場的成長率約為19%。我們的成長已經高於市場，但說實話，這對我們來說還不夠好，對嗎？我們必須以更快的速度成長，我說的是價格上漲之後的階段，對嗎？因為這不是永久的利益。

So, coming out of price increase, we want to see that B2 number year over year be a lot healthier, be higher. I think that go to market transformation. We said is it takes about three quarters to do. We're a quarter into it and that's why Gleb said coming out of Q1, you'll see the benefit in kind of Q2 in the second half of next year.

因此，在價格上漲之後，我們希望看到 B2 數字比去年更健康、更高。我認為要走向市場化轉型。我們說這大約需要四分之三的時間才能完成。我們已經進行了四分之一，這就是為什麼格萊布說，從第一季開始，你就會在明年下半年的第二季看到好處。

We have all the right indicators coming into it. In fact, we're liking so much the early indicators of our sales efficiency, that part of our savings of the $8 million we're injecting it into more sales capacity to further accelerate that growth.

我們擁有所有正確的指標。事實上，我們非常喜歡我們銷售效率的早期指標，我們將從 800 萬美元的節省中抽取一部分投入到更多的銷售能力中，以進一步加速成長。

Got it. With regards to the 12% workforce reduction, can you be a little bit more specific in what areas you, you were cutting?

知道了。關於裁員 12%，您能否具體說明您在哪些領域削減了開支？

So, you know, so we it's a comprehensive zero based budgeting exercise. Head count payroll is our biggest cost, but we have other cost drivers too. So we went, I mean, we just took a fresh look at everything.

所以，你知道，這是一項全面的零基預算練習。員工薪資是我們最大的成本，但我們也有其他成本驅動因素。所以我們去了，我的意思是，我們只是重新審視一切。

So, I would say in general, it's kind of across the board so that we could create capacity of where we want to vest, which would be sales capacity. One area where we probably did more than others is our marketing.

因此，我想說，總的來說，這是一種全面的措施，以便我們可以在我們想要的領域創造產能，也就是銷售產能。我們可能比其他公司做得更多的一個領域就是行銷。

We found our marketing over index on payroll and as we're seeing our sales velocity increase, we need to feed it more demand generation. So, we want to shift frankly from head count to demand generation budget there.

我們發現我們的行銷超過了薪資單上的指數，隨著我們的銷售速度不斷提高，我們需要為其提供更多的需求產生。因此，我們想坦率地從人數轉向需求產生預算。

So that's where you're seeing a big part of that 12%. But I'd say it's pretty much across the board because we took a fresh look at everything and as you can imagine some things you could be locked into for a while will take longer to realize, but the 12% is effective immediately.

所以這就是你所看到的 12% 的很大一部分。但我想說這幾乎是全面的，因為我們重新審視了一切，你可以想像，有些事情可能會讓你在一段時間內陷入困境，需要更長的時間才能實現，但 12% 的稅率是立即生效的。

I appreciate that. And then it's great to see the positive free cash flow target for the fourth quarter of 25. But can you give us a rough estimate? And what would you think your exit cash balance would be at that point?

我很感激。很高興看到第四季的自由現金流目標為正 25%。但您能給我們一個粗略的估計嗎？那麼，您認為那時您的退出現金餘額會是多少？

Well, you're asking me for numbers. We haven't given what I'll tell you is this much. I mean, we would aim to, to not have any change in cash, meaning, you know, Q1 and Q2 will, will likely continue a bit of a negative free cash flows.

嗯，你問我要數字。我們還沒有給我要告訴你的這麼多。我的意思是，我們的目標是不讓現金發生任何變化，也就是說，第一季和第二季可能會繼續出現一些負的自由現金流。

Then at some point getting through Q4 will be free cash flow positive. But when you add other things like option exercises and other sources of cash, you know, chances are there wouldn't be much change next year in cash balance. But then we come out of it in a free cash flow positive way.

然後在某個時候，度過第四季將產生正的自由現金流。但是當你添加其他因素，例如選擇權行使和其他現金來源時，你知道，明年的現金餘額很可能不會有太大變化。但後來我們以正的自由現金流擺脫了困境。

So, when we're headed into 2026, you're talking about, you know, higher, hopefully a higher revenue growth for B2, right? And then operating leverage where 75¢ of every extra dollar coming then would flow to the bottom.

那麼，當我們進入 2026 年時，您談論的是更高的，希望是 B2 的收入增長更高，對嗎？然後是經營槓桿，即每一美元額外的收入中的 75 美分都會流向最底層。

Line, right? Okay.

線吧？好的。

And then like you say, one thing I'll say is, and for we have to, you know, one of the things that I've been excited about with having Marc join on board is he's taking a very thorough look across us spend broadly. So, the zero-based budgeting approach, I mean, putting all the existing vendors out to bid and negotiating on the contracts on the, on the subscriptions, etcetera. So it's a pretty comprehensive process and I think it's going to drive good efficiency for us going forward.

然後就像你說的，我要說的一件事是，對於我們必須來說，你知道，我對馬克的加入感到興奮的一件事是，他正在非常徹底地審視我們的廣泛支出。所以，零基預算方法，我的意思是讓所有現有的供應商參與投標，並就合約、訂閱等進行談判。所以這是一個相當全面的過程，我認為這將為我們未來的發展帶來更高的效率。

Got it. And then I guess for you then on the sales evolution that Jason is, is implementing all the points that you mentioned on how he's changing things, make a lot of sense. I guess my question is more of a time to productivity number one.

知道了。然後我想對你來說，傑森在銷售方面的發展正在實施你提到的關於他如何改變事物的所有要點，這很有意義。我想我的問題更多的是時間與生產力的關係。

And second, when you look at the talent that you have clearly, I'm sure in the workforce reduction, perhaps there are some changes over there as well. But do you believe that the talent that you have can adjust appropriately, adjust to the changes that Jason is implementing, or you'll need to continue to kind of wave in and weave out as you go in order to kind of get this right.

其次，當你清楚地看到你所擁有的人才時，我相信在裁員方面，也許也會有一些改變。但是，您是否相信您所擁有的才能可以進行適當調整，適應傑森正在實施的變革，或者您是否需要繼續在前進的過程中不斷波動，以便正確對待此事。

I mean, all the steps have seemed very logical. I'm just, you know, to, to call already that you think in two Q there will be acceleration. Meaning giving yourself 69 months to see that transformation. It's you, it's kind of get tight, I guess. So, he helps me get my hands around your confidence level here and what else we need to change there?

我的意思是，所有步驟看起來都非常合乎邏輯。你知道，我只是要說，你認為在兩個 Q 中會出現加速。這意味著你要給自己 69 個月的時間來實現這一轉變。是你，我想，它有點變得緊張。那麼，祂幫助我了解你的信心程度以及我們還需要做哪些改變呢？

Yes. So, Jason's been on for, for a few months now, right? So, we've seen the steps that he's taken, and I guess the reason that I have a good level of confidence, and I think we have just internal enthusiasm is the early indicators of that engagement.

是的。那麼 Jason 已經上線幾個月了，對吧？所以，我們已經看到了他所採取的措施，我想我之所以有如此大的信心，而且我認為我們內心的熱情就是這種參與的早期指標。

So, Jason brought on a AVP of sales and head of partnerships that we announced recently, they've hit the ground running the, the team that he has, he's evaluated who's on his team and has made some changes on that front, but also been excited about many of the people that he has on there. So, I think he's got a good team.

因此，傑森帶來了我們最近宣布的銷售助理副總裁和合作夥伴關係主管，他們已經開始著手管理他的團隊，他評估了團隊中的人員，並在這方面做出了一些改變，同時也對他團隊中的許多人感到興奮。所以，我認為他有一支優秀的團隊。

We're, we're planning to invest like, like Mark said in some additional capacity for the sales team based on your those good early indicators. And just the fact that we even with the short time he's been on and even with the short time, he's had to make changes.

正如馬克所說，我們計劃根據早期的良好指標，對銷售團隊進行一些額外投資。事實是，儘管他任職的時間很短，但他也必須做出改變。

We've already seen both the early indicators of success, things like pipeline growth, but also actual early successes like the closed one deals. So that gives me some confidence that he he and we together are going to be able to achieve some good results.

我們已經看到了成功的早期指標，例如通路成長，以及實際的早期成功，例如達成的交易。所以這給了我有信心他和我們一起能夠取得一些好的結果。

Got it. Appreciate it. Thanks guys.

知道了。非常感謝。謝謝大家。

Again. If you have a question, please press star, then one, our next question will come from Eric Martinuzzi with Lake Street capital markets. Please go ahead.

再次。如果您有問題，請按星號，然後按一，我們的下一個問題來自 Lake Street 資本市場的 Eric Martinuzzi。請繼續。

Yeah, I wanted to ask about the gross margin. We had a good quarter here with the 78% gross margin. Given the investment in the new data center in Canada. Should we be looking for that gross margin to maybe take a step down in Q4 or what are we, what are we thinking about for gross margin trajectory? Given the investment?

是的，我想問毛利率。我們本季的業績表現良好，毛利率達到 78%。考慮到對加拿大新資料中心的投資。我們是否應該預期毛利率在第四季會有所下降，或者我們對毛利率走勢有何看法？考慮到投資？

Hi Eric, I don't see that much impact to the gross margin in in in those expansion because you know, they co locations and then we lease out the hardware. So it kind of blends in over a few years as we as we wrap it up. So, I would say the adjusted gross margin going from 74 to 78% benefited well from, you know, the price increase, which is a permanent shift. So, I don't, I don't see that changing in any meaningful way in the short term.

你好 Eric，我認為這些擴張對毛利率沒有太大影響，因為你知道，他們是同地辦公，然後我們出租硬體。因此，當我們將其總結出來時，它會在幾年內逐漸融合。因此，我想說，調整後的毛利率從 74% 上升至 78%，很大程度上得益於價格上漲，這是一個永久性的轉變。所以，我不認為短期內這種情況會發生任何有意義的改變。

Okay. And then back to the top line, you talked about a record pipeline bill. Are we changing? You know, those large deals obviously is what we're trying to get increased build. Is the bill that you're seeing reflective of changes that have taken place since Jason came onboard or is this kind of a these are these deals were in the hopper prior to his arrival?

好的。然後回到最上面，您談到了創紀錄的管道費用。我們正在改變嗎？你知道，這些大交易顯然是我們試圖增加的。您所看到的帳單是否反映了傑森上任以來發生的變化，還是這些交易在他上任前就已經在醞釀中了？

Yeah, you know, Eric, one of the things that actually Jason did when he came in was he scrubbed the pipeline that we had and instituted some more rigorous controls around what what qualifies this pipeline. So I actually would say that the quality of the pipeline in addition to the size of the pipeline, the size of the pipeline has increased. But I think the quality of the pipeline that is in that has actually increased because he's put more rigor around that.

是的，艾瑞克，你知道，傑森來的時候所做的事情之一就是清理了我們現有的管道，並對什麼是合格的管道製定了更嚴格的控制。所以我實際上想說，除了管道尺寸之外，管道質量也增加了。但我認為管道的品質實際上已經提高，因為他對此更加嚴格。

Got it. Thanks for taking my questions.

知道了。感謝您回答我的問題。

The next question will come from Zach Cummins with B Riley Securities. Please go ahead.

下一個問題來自 B Riley Securities 的 Zach Cummins。請繼續。

Hi, this is Ethan Wydell calling in for Zach. Thanks for taking my questions. To start with the opt nine partnerships can you maybe elaborate a little bit on how am I facilitate your move up market or allow some expansion for the new, the new data region?

你好，我是 Ethan Wydell，替 Zach 打電話。感謝您回答我的問題。首先，從選擇九個合作夥伴關係開始，您能否詳細說明我如何促進您向高端市場邁進，或者允許您向新的、新的數據區域擴展？

Sure. So, optimize is the largest VEEM MSP in, in Canada and they have customers globally. So they service they're an MSP, they service customers with a variety of it needs including backup and security and disaster recovery and they, they use beam and other products to provide those services.

當然。因此，Optimize 是加拿大最大的 VEEM MSP，且客戶遍布全球。因此，他們作為 MSP 提供服務，為客戶提供各種 IT 需求，包括備份、安全性和災難恢復，並且他們使用 beam 和其他產品來提供這些服務。

The back end of those products need storage, right? So, when you're using a product for backup or product for disaster recovery, a product for ransomware protection, you need those products need data somewhere and they going to be using us for the data storage for their customers going forward.

這些產品的後端需要存儲，對嗎？因此，當您使用產品進行備份或使用產品進行災難復原、使用產品進行勒索軟體防護時，您需要這些產品將資料儲存在某個地方，並且他們將使用我們為其客戶提供資料儲存服務。

And so it's, it's an opportunity that one is not specifically about up market movement, although they have customers medium and large customers as well. But that is more about a regional and partnership focused expansion with them.

所以，這是一個機會，人們並不專門關注高端市場動向，儘管他們也有中型和大型客戶。但這更多的是與他們一起進行區域和合作夥伴關係的重點擴張。

Got it makes sense. Thank you.

明白了，有道理。謝謝。

And it sounds like you have some good early traction with your expanded sales team. Are you still looking to build out your sales team at this juncture? Balancing out with your, you know, cost efficiency initiatives.

聽起來您擴大銷售團隊後取得了一些良好的早期進展。目前您是否仍想擴充您的銷售團隊？與您的成本效益措施保持平衡。

Yeah, Jason, this is Marc. You know, like I said, we have $8 million of year over year savings in our fixed cost. we will reinvest some of that to expand sales capacity.

是的，傑森，這是馬克。你知道，就像我說的，我們的固定成本比去年節省了 800 萬美元。我們將對其中的一部分進行再投資，以擴大銷售能力。

The good thing about our sales team now is what whatever is set in there in terms of channel management, account management, the kind of stuff I say that, you know, should be revenue generating, but it is not as much as it's a sales rep, the reinvestment is all going into sales rep expansion and that kind of skill set.

現在我們銷售團隊的優點在於，無論是在通路管理、客戶管理方面，還是我所說的這些東西，都應該能夠創造收入，但它並不像銷售代表那樣重要，所有的再投資都用於銷售代表的擴張和這類技能上。

So, it's really about as. As Jason is pretty much well on the way of fixing up the productivity of that team. Now adding it to it along those models is what we're doing.

因此，這確實與...有關。傑森已經很好地修復了該團隊的生產力。現在我們正在做的就是將它添加到這些模型中。

Got it. Thank you.

知道了。謝謝。

This concludes our question and answer session. I would like to turn the conference back over to Mr Gleb Butman. For any closing remarks. Please go ahead, sir.

我們的問答環節到此結束。我想將會議交還給格萊布·布特曼先生。有任何結束語嗎？先生，請繼續。

Thank you everybody for the questions. I also want to take a moment to say that while, while we believe that the reduction in force was the right decision to align our spending with where back ways is going in the future. It was a difficult decision, and we do care about all of our employees.

謝謝大家的提問。我還想花點時間說一下，雖然我們相信裁員是正確的決定，可以讓我們支出與未來的財務支出方向一致。這是一個艱難的決定，我們確實關心我們所有的員工。

I want to thank our whole team for all the work and the dedication to both our customers and to our company. I'm excited to have the opportunity to work together in our next chapter.

我要感謝我們整個團隊為客戶和公司所做的一切工作和奉獻精神。我很高興有機會在下一章中共同合作。

Thank you everybody for joining the call and we'll talk to you next time.

感謝大家參加電話會議，我們下次再聊。

Bye bye.

再見。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。