Backblaze Inc (BLZE) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Gail, and I will be your operator for today's call. At this time, I would like to welcome everyone to the Back Blaze first=quarter 2025 earnings call. All lines have been placed on you to prevent any background noise. After the speaker's remarks, there will be a question and session. (Operator Instructions). If you would like to read the question, and the press one again. It is now my pleasure to turn today's call over to Mimi Kong, Head of Investor Relations. Please go ahead.

感謝您的支持。我叫蓋爾，今天我將擔任您的電話接線生。現在，我歡迎大家參加 Back Blaze 2025 年第一季財報電話會議。所有線路都已放置在您身上，以防止任何背景噪音。演講者發言後，將進行提問與討論。（操作員指令）。如果您想閱讀問題，請再按一次。現在我很高興將今天的電話會議轉給投資者關係主管 Mimi Kong。請繼續。

Thank you. Good afternoon and welcome to Backblaze' first quarter of 2025 earnings call. On the call with me today are Gleb Buddman, co-founder, CEO and chairperson of the board, and Marc Suidan, Chief Financial Officer.

謝謝。下午好，歡迎參加 Backblaze 2025 年第一季財報電話會議。今天與我一起通話的還有共同創辦人、執行長兼董事會主席 Gleb Buddman 和財務長 Marc Suidan。

Today Backblaze will discuss the financial results that were distributed earlier. Statements on this call include forward-looking statements about our future financial results, the impact of our go to market transformation, sales and marketing initiatives, cost savings initiatives, results from new features, the impact of price changes, our ability to compete effectively and manage our growth, and our strategy to acquire new customers, retain and expand our business with existing customers, impact of changes to global trade policies, and third party attempts to generate negative news regarding the company regardless of accuracy.

今天 Backblaze 將討論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的前瞻性聲明，我們的市場轉型、銷售和營銷計劃、成本節約計劃、新功能帶來的影響、價格變化的影響、我們有效競爭和管理增長的能力、以及我們獲取新客戶、保留和擴大與現有客戶的業務的戰略、全球貿易政策變化的影響以及第三方試圖製造有關公司的負面新聞（無論其如何）。

These statements are subject to risk 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 Form10-Q and our other financial filings. 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.

這些聲明受風險和不確定性的影響，可能導致實際結果大不相同，包括我們在 Form10-Q 季度報告和其他財務文件中所述的風險因素。您不應依賴我們的前瞻性陳述來預測未來事件。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，除此以外，我們不承擔更新這些陳述的義務。

Beliefs as of today, and we undertake no obligation to update them except as required by law.

截至今日的信念，除非法律要求，否則我們不承擔更新這些信念的義務。

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 GAAP 指標應被視為對我們的 GAAP 結果的補充，而不是替代。在我們的收益報告中可以找到 GAAP 與非 GAAP 結果的對帳表，該報告隨我們今天向美國證券交易委員會 (SEC) 提交的 8-K 表格一起提供。

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 presentations for definitions of additional metrics such as NRR, gross customer retention rate, ARPU, and adjust to free cash flows. We will be participating in Needham's tech conference on May 13th in New York and the Craig Hallam conference in Minneapolis on May 28th. Looking forward to seeing some of you in person.

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，該幻燈片也將在通話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、ARPU 和調整自由現金流。我們將參加 5 月 13 日在紐約舉行的 Needham 技術會議和 5 月 28 日在明尼阿波利斯舉行的 Craig Hallam 會議。期待與你們中的一些人親自見面。

Thank you for joining us, and 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列布。

Thank you, Mimi, and welcome everyone to the call. We delivered strong results this quarter and are building towards a strong year overall. In 11, revenue and adjusted a bit of margin beat the high end of guidance.

謝謝你，Mimi，歡迎大家來參加電話會議。我們本季取得了強勁的業績，並正在為全年的強勁表現而努力。11 年，收入和調整後的利潤率略高於預期上限。

Overall, company revenue grew 15% over the same period last year. B2 cloud storage, which is now the largest part of our business, continued to gain momentum, with organic growth accelerating for the second consecutive quarter and achieving 23%.

整體而言，公司營收比去年同期成長了15%。B2雲端儲存目前是我們業務中最大的部分，繼續保持成長勢頭，連續第二季實現有機成長加速，達到23%。

We're not only driving growth but also the bottom line. Our adjusted bital margin tripled over the same period last year to 18%, and we've made substantial progress on improving our adjusted free cash flow from 13% in the fourth quarter to 6% in the first quarter.

我們不僅推動成長，還推動獲利。我們的調整後利潤率比去年同期增長了兩倍，達到 18%，並且我們在改善調整後自由現金流方面取得了實質進展，從第四季度的 13% 下降到第一季的 6%。

By combining B2 revenue growth and adjusted free cash flow margin in a single quarter from Q4 to Q1, we've moved from 9% to 17%, a great step toward becoming a rule of 40 company.

透過將 B2 收入成長和調整後的自由現金流利潤率在第四季度至第一季的單一季度內結合起來，我們的利潤率從 9% 上升到了 17%，朝著成為 40 條規則的公司邁出了一大步。

Looking ahead, we continue to be on track to accelerate B2 growth each quarter, reaching at least 30% by Q4 this year, and to achieve adjusted free cash flow positive in Q4 as well.

展望未來，我們將繼續按計畫加速每季的 B2 成長，到今年第四季至少達到 30%，並在第四季實現調整後的自由現金流為正。

In a moment, I'm going to talk about AI and why we're excited about Back Boys' ability to continue to deliver superior services for its customers and superior performance for its investors.

稍後我將討論人工智慧，以及我們為何對 Back Boys 能夠繼續為客戶提供優質服務和為投資者提供卓越業績的能力感到興奮。

But first, I think we need to take a moment and talk about a recently published misleading report that relied on false claims by two disgruntled former employees, one of whom was fired for poor performance and the other for gross misconduct.

但首先，我認為我們需要花點時間談談最近發布的一份誤導性報告，該報告依賴於兩名心懷不滿的前僱員的虛假指控，其中一人因表現不佳而被解僱，另一人因嚴重不當行為而被解僱。

We believe reports like this are part of a common market manipulation scheme in which short positions are taken ahead of issuing a deceptive and distorting report which, when published, is intended to push the share price down.

我們認為，此類報告是一種常見的市場操縱計劃的一部分，即在發布欺騙性和扭曲性的報告之前建立空頭頭寸，並在報告發布後壓低股價。

Allowing a market manipulator profit at the expense of everyone else. The claims in that report alleged the company's financials were untrustworthy. Those claims were false when they were made last October in self-serving lawsuits by two disgruntled employees, and they were still false when this report repeated them.

允許市場操縱者以犧牲其他所有人的利益為代價來獲利。該報告聲稱該公司的財務狀況不可信。去年 10 月，兩名不滿的員工在自私的訴訟中提出了這些指控，這些指控是錯誤的，而當本報告重複這些指控時，這些指控仍然是錯誤的。

Following industry best practices, the audit committee previously retained an independent law firm and a forensic accounting firm to review the financial claims. Those reviews confirmed there was no wrongdoing or issues with the financials. We have also since filed two fully audited annual financial statements which are publicly available on our investor relations site and the SEC website.

按照行業最佳實踐，審計委員會先前已聘請了一家獨立律師事務所和一家法務會計公司來審查財務債權。這些審查證實不存在任何不當行為或財務問題。我們也提交了兩份經過全面審計的年度財務報表，可在我們的投資者關係網站和美國證券交易委員會網站上公開查閱。

Market manipulation schemes hurt retail investors, pension funds, and others. That's why accurate information is so important to investor decisions. We are building a great company, and these false claims won't derail Backblaze' growth story.

市場操縱計劃損害了散戶投資者、退休基金和其他人的利益。這就是為什麼準確的資訊對投資者的決策如此重要。我們正在打造一家偉大的公司，這些虛假聲明不會破壞 Backblaze 的成長故事。

Now let's focus on why we're excited about our company, starting with the overall business and with our success in AI. I've previously said that Bat Boys is a great platform for AI use cases because we provide a high performance, low cost storage platform that supports the Open cloud, thus enabling customers to leverage the best GPU providers and other AI services out there rather than being locked into and limited by a walled garden.

現在讓我們專注於為什麼我們對公司感到興奮，首先從整體業務開始，然後從我們在人工智慧領域的成功開始。我之前說過，Bat Boys 是 AI 用例的絕佳平台，因為我們提供支援開放雲端的高效能、低成本儲存平台，從而使客戶能夠利用最好的 GPU 供應商和其他 AI 服務，而不是被封閉和限制。

That value proposition continues to resonate. Our AI customer base grew by 66%. Their data with us grew by 25 times, and AI use cases represented the fastest growing piece of our business in the first quarter.

這項價值主張持續引起共鳴。我們的 AI 客戶群成長了 66%。他們與我們的數據成長了 25 倍，而 AI 用例是我們第一季業務成長最快的部分。

We are leaning into our long term growth opportunity by delivering new products and forging key partnerships. On the new products front, I'm excited about the recent announcement of our new offering Backlaze B2 Cloud storage Overdrive.

我們正透過推出新產品和建立關鍵合作夥伴關係來抓住長期成長機會。在新產品方面，我很高興看到我們最近發布了新產品 Backlaze B2 雲端儲存 Overdrive。

Driven by customer interest. Overdrive offers very fast performance, optimized for large data sets and high performance throughput. This offering is great for use cases including AI, machine learning, high performance compute, Origin store for content delivery networks, analytics, and more.

受客戶興趣驅動。Overdrive 提供非常快速的效能，針對大型資料集和高效能吞吐量進行了最佳化。該產品非常適合人工智慧、機器學習、高效能運算、內容交付網路的 Origin 儲存、分析等用例。

Now I want to highlight something significant about overdrive. Building on Backboys' history of cost leading innovation, Overdrive achieves remarkable speeds made possible by our underlying platform, which allowed us to do this without the need for massive R&D investment. This efficiency highlights the significant and often underestimated value of our differentiated IP.

現在我想強調一下超速行駛的重要一點。秉承 Backboys 成本領先創新的傳統，Overdrive 透過我們的底層平台實現了驚人的速度，讓我們無需投入大量研發資金即可實現這一目標。這種效率凸顯了我們差異化智慧財產權的重大且經常被低估的價值。

Overdrive is a prime example of how we are strategically leveraging our existing assets to unlock greater value for our broad range of customers and for backlays. Now let's discuss our go to market transformation, which focuses on three key areas upskilling, partnerships, and sales play.

Overdrive 是我們如何策略性地利用現有資產為廣大客戶和後台創造更大價值的典型例子。現在讓我們討論一下我們的市場轉型，並專注於三個關鍵領域：技能提升、合作夥伴關係和銷售發揮。

On upskilling, we are building on great momentum here. I'm pleased to share that in Q1 the team more than doubled bookings year over year, which was driven by strong sales execution and growing existing accounts. This achievement highlights the added rigor we put in place. This quarter. We completed building out our sales team and expanding our sales capacity, and these new hires are halfway through their ramp up period.

在技​​能提升方面，我們正在保持強勁勢頭。我很高興地告訴大家，第一季團隊的預訂量比去年同期成長了一倍多，這得益於強勁的銷售執行力和不斷增長的現有帳戶。這項成就凸顯了我們所採取的額外嚴謹措施。本季。我們完成了銷售團隊的組建並擴大了銷售能力，這些新員工的上手期已過半。

We also invested behind the customer experience by hiring a VP of customer success to improve onboarding and post-sale support. With partnerships, I'm pleased to share a number of new technology alliances to support AI workloads and media and entertainment workflows.

我們也透過聘請客戶成功副總裁來投資客戶體驗，以改善入職和售後支援。透過合作夥伴關係，我很高興分享一些新的技術聯盟，以支援人工智慧工作負載以及媒體和娛樂工作流程。

For AI workloads, we are building upon our overdrive announcement by working with high performance compute providers such as Puremodal, a powered by backwave partner.

對於 AI 工作負載，我們正在透過與高效能運算提供者（例如由 Backwave 合作夥伴提供支援的 Puremodal）合作來建立我們的超速公告。

As AI companies seek flexibility to send their data to best of breed solution providers, Bad Boys is a foundational platform which empowers them to achieve their goals with high performance and value.

當人工智慧公司尋求靈活性以將其數據發送給最佳解決方案提供者時，Bad Boys 是一個基礎平台，可幫助他們以高效能和高價值實現目標。

In the media and entertainment space we're seeing strong momentum around modern cloud-first workflows, and our partnerships with companies like Sweet Studios and Iconic are central to that strategy.

在媒體和娛樂領域，我們看到現代雲端優先工作流程的強勁勢頭，而我們與 Sweet Studios 和 Iconic 等公司的合作是該策略的核心。

These collaborations enable creative teams to break free from traditional heavy iron infrastructure and embrace remote work from anywhere pipelines that are both powerful and cost effective.

這些合作使創意團隊能夠擺脫傳統重型基礎設施的束縛，並採用功能強大且經濟高效的隨時隨地遠距辦公流程。

By combining iconic intelligent media asset management and Sweet Studio's virtual file system with Backblaze B2 cloud storage, teams can ingest, index, and stream content directly from the cloud, no matter where they are.

透過將標誌性的智慧媒體資產管理和 Sweet Studio 的虛擬檔案系統與 Backblaze B2 雲端儲存結合，團隊無論身在何處都可以直接從雲端提取、索引和串流內容。

This kind of seamless access in real-time collaboration used to require significant on-prem investment. Now it's achievable at a fraction of the cost, making high performance media workflows accessible even in an era of tightening budgets. These partnerships enable customer success and position Backblaze as an increasingly strategic partner.

這種即時協作中的無縫存取過去需要大量的內部投資。現在只需花費一小部分成本即可實現這一目標，即使在預算緊縮的時代也可以實現高效能媒體工作流程。這些合作關係促進了客戶的成功，並使 Backblaze 成為日益重要的策略合作夥伴。

Building these relationships today will significantly benefit our team's results in 2026. And finally, sales plays. Last quarter we outlined our four key sales plays. We've revamped our marketing efforts to align with these key plays with dedicated landing pages and a more focused content strategy and targeted Demand Gen efforts. We've also further optimized our content to improve search performance, responding to zero-click AI results.

今天建立這些關係將極大地有利於我們團隊在 2026 年取得成果。最後，銷售活動。上個季度我們概述了四個關鍵的銷售策略。我們已經改進了我們的行銷工作，以配合這些關鍵舉措，包括專門的登陸頁面、更有針對性的內容策略和有針對性的需求生成工作。我們還進一步優化了內容以提高搜尋效能，回應零點擊 AI 結果。

We've restructured the team, onboarded our new VP of Demand Gen, added customer insight tools to our marketing tech stack, and more. We're certainly not done, but are making good progress in establishing a robust, scalable, upmarket focused, go to market machine.

我們重組了團隊，任命了新的 Demand Gen 副總裁，在行銷技術堆疊中添加了客戶洞察工具等等。我們當然還沒有完成，但在建立一個強大、可擴展、專注於高端市場的市場機器方面取得了良好的進展。

One proof point of our go to market transformation success is our ability to sign larger deals. I am pleased to announce that we signed our largest TCV deal ever, a multi-million dollar contract over a multi-year period. This customer offered a popular application and first became a customer a year ago with a smaller initial contract. Less than a year later, they decided to migrate their entire data set from AWS to Backblaze. This is another powerful validation of the unique blend of value and performance that Backblaze offers. As you may remember, last quarter we shared a chart of our growth outlook for B2, which would accelerate each quarter and exit the year at over 30%.

我們進入市場轉型成功的一個證明點是我們能夠簽署更大的交易。我很高興地宣布，我們簽署了迄今為止最大的一筆 TCV 交易，這是一份為期多年的價值數百萬美元的合約。該客戶提供了一個受歡迎的應用程序，並在一年前以較小的初始合約成為客戶。不到一年後，他們決定將整個資料集從 AWS 遷移到 Backblaze。這是對 Backblaze 提供的獨特價值和性能組合的又一有力驗證。您可能還記得，上個季度我們分享了 B2 成長前景圖表，該圖表顯示 B2 的成長速度每季都會加速，到年底將達到 30% 以上。

While some customers are taking more time to make decisions in the current business environment, we continue to see progress on our go to market transformation and thus remain confident that we're on track to achieve our accelerating growth targets, including reaching 30% plus B2 growth and positive adjusted free cash flow in Q4.

雖然在當前的商業環境下，一些客戶需要花更多時間做出決策，但我們繼續看到市場轉型取得進展，因此我們仍然相信我們有望實現加速成長的目標，包括在第四季度實現 30% 以上的 B2 成長和正調整後自由現金流。

Key additional factors driving this include our strong self-serve business, our sales bookings, which more than doubled, and the customer value we deliver, which underpins our consistent recurring business.

推動這一成長的其他關鍵因素包括我們強大的自助服務業務、成長一倍以上的銷售訂單以及我們提供的客戶價值，這些都支撐著我們持續的經常性業務。

In summary, we delivered strong Q1 results. The launch of B2 overdrive underscores the strength and differentiation of our platform. Our go to market transformation is gaining traction as evidenced by our reported results. We are excited about where we've come, and we're even more excited about our path forward.

總而言之，我們取得了強勁的第一季業績。B2 overdrive 的推出凸顯了我們平台的強度和差異化。我們的報告結果證明，我們的市場轉型正在獲得推動力。我們對所取得的成就感到興奮，對未來的道路更加興奮。

Thank you and I would like to hand the call over to Marc. Marc?

謝謝，我想把電話交給馬克。馬克？

Thank you, Gleb, and good afternoon, everybody. As Glad noted, we're very pleased to report a strong first quarter with both revenues and adjusted EBIT exceeding the upper end of our guidance.

謝謝你，格萊布，大家下午好。正如格拉德所指出的，我們非常高興地報告第一季業績強勁，收入和調整後的息稅前利潤都超過了我們預期的上限。

Additionally, adjusted EBITDA margin tripled over the same period last year. Moving on to the specific results for the quarter. Total revenue came in at $34.6 million representing a 15% increase over the prior year.

此外，調整後的 EBITDA 利潤率較去年同期成長了兩倍。接下來介紹本季的具體業績。總收入達 3,460 萬美元，比上年增長 15%。

To revenue growth accelerated to 23% on a year over year basis compared to 22% in the previous quarter.

與上一季的 22% 相比，營收成長率加速至 23%。

This marks the second consecutive quarter of increased organic growth. We define organic growth as the underlying growth of our business, excluding the 2023 price increase impact to help provide a more meaningful comparison.

這是連續第二季實現有機成長。我們將有機成長定義為我們業務的潛在成長，不包括 2023 年價格上漲的影響，以幫助提供更有意義的比較。

Our organic growth in Q3 2024, factoring out the 2023 price increase was 19%. The increase in revenue growth is driven by improving our direct sales execution, better customer retention, and the ramp up of a large customer.

剔除 2023 年價格上漲的影響，2024 年第三季我們的有機成長率為 19%。收入成長的動力來自於我們直銷執行力的提高、更好的客戶保留率以及大客戶的增加。

The computer backup business grew 8% from the prior year, primarily driven by the 2023 price increase. Now, let's turn to net revenue retention or NRR. For the quarter, our overall NRR is 113% compared to 112% in the prior year.

電腦備份業務較前一年成長 8%，主要受 2023 年價格上漲的推動。現在，讓我們來討論淨收入保留或NRR。本季度，我們的整體 NRR 為 113%，而去年同期為 112%。

For our B2 segment, NR continues to be strong at 117%. The decrease from last year's 126% is mainly due to the lapping of the price increase. In our computer backup business, and our is 108% compared to 101% in the prior year. This metric continues to benefit from the price increase implemented in 2023, which will taper off in Q2.

對於我們的 B2 細分市場，NR 持續保持強勁，達到 117%。與去年的126%相比有所下降，主要是由於價格上漲的影響。在我們的電腦備份業務中，我們的成長率為 108%，而前一年為 101%。該指標繼續受益於 2023 年實施的價格上漲，並將在第二季逐漸減少。

On gross customer retention, this remains consistently strong at approximately 90% across both our B2 and computer backup segments as our customers continue to demonstrate high customer loyalty and retention. Turning to profitability, our GAAP gross margins for the quarter was 56% compared to 53% in the prior.

在總客戶保留率方面，由於我們的客戶繼續表現出較高的客戶忠誠度和保留率，我們的 B2 和電腦備份部門的總客戶保留率一直保持在約 90% 的水平。談到獲利能力，本季我們的 GAAP 毛利率為 56%，去年同期為 53%。

Adjusted gross margin improved to 79% from 77% in the same period last year. This improvement is a result of increased efficiency in our data center infrastructure operations. Also, looking ahead, we see additional benefits or a GAAP gross margin given the useful lives of our hardware. We evaluated the usage of our fixed assets during Q2 and are finding our hardware is lasting 6 years.

調整後毛利率由去年同期的77%提高至79%。這項改進是我們資料中心基礎設施營運效率提高的結果。此外，展望未來，考慮到我們硬體的使用壽命，我們還將獲得額外的收益或 GAAP 毛利率。我們評估了第二季固定資產的使用情況，發現我們的硬體可以使用 6 年。

We plan to implement the new depreciation schedule in Q2, and that would benefit gross margins by 200 to 300 basis points. Now, I'd like to address the potential impact of tariffs. While tariff policies are still evolving, we want to share perspectives that can help for modeling purposes.

我們計劃在第二季實施新的折舊計劃，這將使毛利率提高 200 至 300 個基點。現在，我想談談關稅的潛在影響。雖然關稅政策仍在不斷發展，但我們希望分享有助於建模的觀點。

If there were to be a 10% tariff placed on all US imports, such as storage hardware, that would increase our cost of sales by approximately 1.5%. However, this will not be instantaneous. This would take 6 years of the life of the asset to fully roll through.

如果對所有美國進口產品（例如儲存硬體）徵收 10% 的關稅，我們的銷售成本將增加約 1.5%。然而，這不會是瞬間發生的。這將需要資產壽命的 6 年才能完全完成。

Tariffs would have to be meaningfully higher to have a significant impact on our gross margin. We are monitoring it carefully, but for the time being it is not a significant impact to our business. Additionally, we source from multiple countries which provide a hedge against supply chain risk.

關稅必須大幅提高才能對我們的毛利率產生重大影響。我們正在密切監控，但目前它對我們的業務沒有重大影響。此外，我們從多個國家採購，從而對沖供應鏈風險。

Moving on to operating expenses, we saw benefits from the restructuring that we implemented in Q4. Both R&D and GNA expenses were in line with our expectations, while sales and marketing expenses came in lower than expected. This was primarily due to slower hiring of our new sales personnel and the shifting of marketing campaigns into the 2nd quarter.

談到營運費用，我們看到了第四季度實施的重組帶來的好處。研發和 GNA 費用均符合我們的預期，而銷售和行銷費用低於預期。這主要是因為我們新銷售人員的招募速度較慢，以及行銷活動轉移到第二季。

We also plan to participate in additional marketing conferences that take place in Q2 which are important to demand generation.

我們也計劃參加第二季舉行的其他行銷會議，這對需求產生非常重要。

So we anticipate sales and marketing to increase in Q2 by approximately $2 million over Q1.

因此，我們預計第二季的銷售和行銷金額將比第一季增加約 200 萬美元。

Moving further down the income statement, our net loss margin improved significantly by 1,000 basis points from the prior year, improving from a loss of 37% to 27%. Adjusted a margin tripled to 18%, up from 6% in the prior year, driven by strong growth and our ability to hold expenses steady.

進一步看損益表，我們的淨虧損率較前一年大幅改善了 1,000 個基點，從虧損 37% 改善至 27%。調整後的利潤率成長了兩倍，達到 18%，高於上年的 6%，這得益於強勁的成長和我們穩定支出的能力。

Looking at the balance sheet, we ended the quarter with $53 million in cash and marketable securities, a decrease of $2 million from the prior quarter.

從資產負債表來看，本季末我們的現金和有價證券為 5,300 萬美元，比上一季減少了 200 萬美元。

Next, I'd like to discuss the equity dilution and how we plan to reduce it. As our free cash flows improve. Our aim is to reduce equity dilution from our employee equity awards. We have numerous tools that we may deploy over the coming year and beyond. For instance, we just started to settle executive tax withholdings in cash on a net share settlement basis instead of selling their shares in the open market to cover the tax withholdings.

接下來，我想討論一下股權稀釋以及我們計劃如何減少股權稀釋。隨著我們的自由現金流改善。我們的目標是減少員工股權獎勵造成的股權稀釋。我們有許多工具可能會在未來一年及以後部署。例如，我們剛開始以淨股份結算的方式以現金結算高階主管預扣稅，而不是在公開市場上出售他們的股份來彌補預扣稅。

We also plan to gradually shift from issuing our annual bonus in equity to cash. This means I'll be issuing less shares. Once again, reducing our equity dilution will be a key focus in the coming years.

我們也計劃逐步將年度獎金從股權發放轉為現金發放。這意味著我將發行更少的股票。再次強調，減少股權稀釋將是未來幾年的重點。

Finally, our adjusted free cash flow margin improved significantly from 17% to 6%. A 1,100 basis points improvement over the course of one year. This was driven by revenue growth and the operating leverage that we have achieved through the Q4 2024 restructuring and our commitment to be adjusted free cash flow positive in Q4 2025. On the discussion of adjusted free cash flow margin, we believe that this is a more relevant measure of profitability as opposed to adjusted even a margin.

最後，我們的調整後自由現金流利潤率從 17% 大幅提高到 6%。一年內提高了 1,100 個基點。這是由我們透過 2024 年第四季重組實現的營收成長和經營槓桿以及我們承諾在 2025 年第四季實現調整後自由現金流為正所推動的。在討論調整後的自由現金流利潤率時，我們認為，與調整後的利潤率相比，這是一個更相關的獲利能力衡量標準。

As an infrastructure as a service company, the associated capital investments in both hardware and software are captured in the adjusted free cash flow margin. Ultimately, our goal is to be both free cash flow and GAAP net income positive. I would like to take a moment to talk about socks. I'm very excited to announce that our 2024 annual 10K report confirmed the complete remediation of socks material weaknesses.

作為基礎設施即服務公司，硬體和軟體的相關資本投資都計入調整後的自由現金流利潤率。最終，我們的目標是實現自由現金流和 GAAP 淨收入為正。我想花點時間談談襪子。我很高興地宣布，我們的 2024 年度 10K 報告證實了襪子材料缺陷的徹底修復。

Since becoming a public company, addressing these issues has been a priority, and we're proud to have successfully resolved that. We've also previously filed an AK disclosing the appointment of Deloitte and Touche as our new auditors as we prepare to be 44B compliant. Deloitte and Touche offered us strong capabilities and cost savings, and we extend our sincere gratitude to BTO for their valuable partnership over the last several years as a public company.

自從成為上市公司以來，解決這些問題一直是我們的首要任務，我們很自豪能夠成功解決這個問題。我們之前也提交了一份 AK，揭露任命德勤會計師事務所為我們的新審計師，為符合 44B 法規做好準備。德勤為我們提供了強大的能力和成本節約，我們向 BTO 作為一家上市公司在過去幾年中給予我們的寶貴合作表示誠摯的感謝。

Looking ahead to our guidance, we expect our 22 2025 revenues to be in the range of $35.2 million to $35.6 million which represents B2 revenue growth in the range of 23% to 25%, and reflecting the seasonal factors noted earlier, adjust to EBUIT of margins in the range of 14% to 16%.

展望我們的指引，我們預計 2025 年的收入將在 3520 萬美元至 3560 萬美元之間，這意味著 B2 收入增長在 23% 至 25% 之間，並反映了前面提到的季節性因素，調整 EBUIT 利潤率在 14% 至 16% 之間。

We remain confident in the underlying strength of our business, the tangible benefits of our transformation, and our ability to execute on our strategic priorities. Based on these circumstances, we are maintaining our full year revenue guidance of $144 million to $146 million and are raising our just even a margin guidance from the range of 16% to 18% to a range of 17% to 19%.

我們對我們業務的潛在實力、我們轉型的切實利益以及我們執行策略重點的能力仍然充滿信心。基於這些情況，我們維持全年營收預期 1.44 億美元至 1.46 億美元，並將利潤率預期從 16% 至 18% 提高至 17% 至 19%。

Now I would like to turn it over to the operator so we can open it up for questions.

現在我想將其交給操作員，以便我們可以開始提問。

(Operator Instructions)

（操作員指示）

Jeff Van Lee, Craig Holland Capital Group.

克雷格霍蘭資本集團 (Craig Holland Capital Group) 的 Jeff Van Lee。

Great, thanks for thanks thanks guys. Thanks for taking the questions. So, I mean, congrats on the quarter curious on on the AI side, you put a little finer point on that. I mean anything you can share in terms of, I don't know, targets as a percent of revenues where it is now or or context as to the magnitude of impact on the pipeline.

太好了，謝謝大家。感謝您回答這些問題。所以，我的意思是，恭喜你在本季對人工智慧方面表現出的好奇心，你對此提出了更精細的闡述。我的意思是，您可以分享任何有關目標的信息，例如目前的收入百分比，或對管道影響程度的背景。

Hey Jeff, this is Gla. Thanks for the question. So in general we're just excited about the AI op opportunity. It was the fastest growing part of the business in Q1. It's a significant part of the business now overall. Our largest customer now is actually an AI company. So there's just -- there's a lot of momentum on that front, there's also a lot of different variety of use cases that we're seeing there. So there's a lot going on there. One thing I'll just touch on that also is. We know there's a lot of discussion around are AI companies being used for are the use cases around modeling or inference, which I think the answer is yes, but also there's a whole pipeline you have data creation, you have labeling, you have modeling, you have inference, you have the relearning afterwards, and we have customers doing things at each stage of that. We have customers who are collecting the. Data with us.

嘿 Jeff，我是 Gla。謝謝你的提問。所以總的來說，我們對 AI 操作機會感到興奮。這是第一季業務成長最快的部分。總體而言，它現在是業務的重要組成部分。我們現在最大的客戶其實是一家人工智慧公司。因此，這方面的發展勢頭強勁，我們也看到了許多不同類型的用例。那裡發生了很多事情。我還要談的一件事是。我們知道有很多關於人工智慧公司用於建模或推理的用例的討論，我認為答案是肯定的，但還有一個完整的流程，包括數據創建、標記、建模、推理、之後的重新學習，並且我們的客戶在每個階段都在做事。我們有正在收集的客戶。與我們共享數據。

We also have AI companies that are customers that are doing autonomous vehicles and industrial automation, robotics, drug discovery. I mean it's it's a long set, so we're we're excited about the AI opportunity. And one thing I'll highlight also is, we talked about the 25 times data growth and overdrive, which is an offering that we just launched recently last about a week ago.

我們的客戶還包括從事自動駕駛汽車、工業自動化、機器人和藥物研發的人工智慧公司。我的意思是這是一個長期的過程，所以我們對人工智慧的機會感到興奮。我還要強調的一點是，我們討論了 25 倍數據成長和超速行駛，這是我們大約一周前剛推出的一項服務。

With a target to help more of those AI use cases because we're seeing even more demand from companies for larger larger throughput there.

我們的目標是幫助更多的人工智慧用例，因為我們看到公司對更大吞吐量的需求越來越大。

Yeah, helpful and and on the B2 sales build as you're trying to get a repeatable enterprise sales motion, which of those talk talk about the progress you've made, kind of what's been proven out and what are the queries you've still got work in progress.

是的，這很有幫助，並且在 B2 銷售構建中，當您嘗試獲得可重複的企業銷售動議時，其中哪些談論了您已取得的進展，已經證明了什麼，以及您仍在進行哪些工作。

Yeah, the go to market transformation is definitely underway, and it's, and I think you can see that because we've accelerated organic growth for the second quarter and we've doubled sales bookings. We do have still, path to go.

是的，市場轉型肯定正在進行中，而且我認為您可以看到這一點，因為我們加速了第二季的有機成長，並且銷售訂單翻了一番。我們確實還有路要走。

So I think the direct sales efforts are going well. The we've still got more wood to chop on. On getting the partner and channel and some of the demand gen side of things working, we're seeing progress on those, but I think there's still a lot of opportunity there and you know it's an area that we're leaning into and I think you know it's a $100 billion dollar market, so we feel like we've got a lot of op opportunity to TRY and drive more awareness and more demand.

所以我認為直銷工作進展順利。我們還有更多的木頭需要砍。在獲得合作夥伴和管道以及一些需求生成方面的工作方面，我們看到了進展，但我認為這裡仍然有很多機會，你知道這是我們傾向的領域，我認為這是一個 1000 億美元的市場，所以我們覺得我們有很多運營機會去嘗試並提高知名度和需求。

Yeah.

是的。

Maybe just one last one if I could sneak it in from Marc on the numbers you mentioned dilution.

如果我能從馬克那裡偷偷地了解你提到的稀釋數字，也許這只是最後一個問題。

You love the initiatives to keep the dilution down. What do you think we should assume for the next year or two in terms of actual dilution and then while we're on numbers, just your thoughts on software capitalized software for the rest of the year.

您喜歡那些降低稀釋度的舉措。您認為就實際稀釋而言，我們應該對未來一兩年做出什麼假設？然後，當我們談到數字時，您對今年剩餘時間的軟體資本化軟體有何看法？

Yeah, thanks, Jeff, a few questions. So first of all, I mean, on dilution, we started the journey, so I think we will aim to share more on what it could look like, not ready to do it yet, but definitely. It's a big priority for us to tackle, and we started in Q1 because if you look at a statement of cash flows, you can see a line for us settling the tax in cash instead of shares. On your second question, listen, the way we look at R&D is if you take our R&D expense on the P&L plus the capitalize R&D, that's really our all in expense together. We hit a high of 60% of revenue in in Q1 of '23. A year ago that was 44%.

是的，謝謝，傑夫，有幾個問題。所以首先，我的意思是，關於稀釋，我們已經開始了旅程，所以我認為我們將致力於分享更多關於它可能會是什麼樣子的信息，雖然還沒有準備好，但肯定會這樣做。這是我們要解決的一個大問題，我們從第一季就開始著手解決這個問題，因為如果你看一下現金流量表，你會看到我們用現金而不是股票來結算稅金。關於你的第二個問題，聽著，我們看待研發的方式是，如果你把我們的研發費用計入損益表，再加上資本化的研發，那其實就是我們的全部費用。我們在 2023 年第一季的營收達到了 60% 的高點。一年前這一比例為 44%。

And this quarter was 40%, so we're holding that investment relatively steady in absolute dollars and as a percentage of revenue we'll keep benefiting from scale there.

本季這一比例為 40%，因此我們保持該投資的絕對金額相對穩定，並且作為收入的百分比，我們將繼續從規模中受益。

Sounds good. Nice to see the progress on cash flow and the guide there, so I appreciate the the info, guys.

聽起來不錯。很高興看到現金流和指南方面的進展，所以我很感謝這些信息，夥計們。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Hey guys, thanks for taking the questions here and congrats on the quarter.

嘿，大家好，感謝你們在這裡回答問題，並祝賀本季取得佳績。

Really good to see that record TCV deal you're signing over multiple years here with this customer.

非常高興看到您與這位客戶簽署了創紀錄的多年期 TCV 協議。

I just wanted to tease that out for a second, and I know that you said that you signed with you about a year ago, and now you have the full, I guess the full piece coming to you with this contract. Just curious, what was the What was the negotiation process like? Did they put that out to bid or once they got a flavor of backlay, so to speak, they decided to come over to you. I'm just interested in what that process was like from your side.

我只是想稍微解釋一下，我知道您說過大約一年前與您簽約，現在您已經擁有了完整的合同，我想這份合同中包含了全部內容。只是好奇，談判過程是怎麼樣的？他們是否將其進行招標，或者一旦他們嚐到了 backlay 的味道，他們就決定來找你。我只是對你那邊的這個過程感興趣。

Yeah, thanks for the question. Like, so, first of all, it was a displacement of AWS, right? So it was -- so we're excited that, it continues to show that we're winning deals, winning upmarket deals. It was the largest TCV deal that we signed in the history of the company.

是的，謝謝你的提問。那麼，首先，它是 AWS 的替代者，對嗎？所以，我們很高興，這表明我們正在贏得交易，贏得高端交易。這是我們公司歷史上簽署的最大一筆 TCV 交易。

We started talking with them actually a few years Backblaze. They were at that point they were on AWS. They were, just kind of contemplating where their infrastructure was going to go. And then last year. We signed a six figure deal with them where they moved all, part of their infrastructure over to us and then as they got more and more familiar with the platforms, saw how performing it was, saw how valuable it was, how efficient it was, and also, frankly, the customer service that they got from us versus what they were seeing before from AWS, they decided to lean in and move all of their data over and so it became a multi-million dollar deal this quarter.

事實上，幾年前我們就開始與 Backblaze 進行交談了。當時他們正在使用 AWS。他們只是在思考他們的基礎設施將走向何方。然後是去年。我們與他們簽署了一份六位數的協議，他們將全部、部分基礎設施轉移給我們，然後隨著他們越來越熟悉這些平台，看到了它的性能、價值和效率，而且坦率地說，他們從我們這裡獲得的客戶服務與他們之前從 AWS 看到的相比有了很大的提高，他們決定將所有數據轉移過來，因此本季度這筆交易的價值達到了數百萬美元。

Great, I guess the follow up. I know that you guys only announced the B2 cloud storage overdrive last week. Was that in any way a deciding factor for this customer or maybe the visibility into the road map? I'm just curious if that came into play as well.

太好了，我想接下來會怎樣。我知道你們上週才宣布了 B2 雲端儲存超速。這對這個客戶來說是決定性因素嗎？或者可能是路線圖的可見性？我只是好奇這是否也起到了作用。

It wasn't one for this customer. Their their use case did not necessitate overdrive, but I will say that overdrive is something that we decided to build because we had customers that were coming to us and saying, I love the performance that I'm seeing, and I could use more if there was more possible, just the demands, especially around some of the AI customers but not exclusively.

這不是適合這位顧客的。他們的用例並不需要超速，但我要說的是，我們決定建立超速，因為我們有客戶來找我們說，我喜歡我看到的性能，如果有更多的可能性，我可以使用更多，只是需求，特別是圍繞一些人工智慧客戶，但不僅限於此。

And so as we were digging into the opportunities around our platform, we felt like we can actually optimize our platform to allow for this new offering without a massive R&D investment in it so we did have we did optimize some of the software, we did optimize some of the hardware, we did tune the platform for this purpose, but we were able to rest on, years and years of R&D behind it and you know it's only been a week, but we've already had a number of Fortune 500 companies that have reached out inbound to to explore overdrive for them. So you know we're getting some good early signals that it's that it's something people are excited about.

因此，當我們深入挖掘平台周圍的機遇時，我們覺得我們實際上可以優化我們的平台，以便在沒有大量研發投資的情況下提供這項新產品，所以我們確實優化了一些軟體，我們確實優化了一些硬件，我們確實為此目的調整了平台，但我們可以依靠多年來在研發方面所付出的努力，你知道這才過了一周，但已經有許多財富 500 公司探索所以你知道我們得到了一些很好的早期信號，表明這是人們興奮的事情。

Great, appreciate the color and maybe one more if I could, Marc, really appreciate you calling out some of the dynamics around tariffs, especially with the uncertainty that's out there in the market.

太好了，我很欣賞你的色彩，如果可以的話，我還可以再問一句，馬克，真的很感謝你指出了關稅的一些動態，特別是在市場存在不確定性的情況下。

Just to bring it back to the lead gen for a second, I know you guys are talking about some pretty impressive statistics, but if I think about top of funnel activity from a demand gen standpoint or new leads coming into the pipe, has there been any change at the margin there and again really just trying to get a temperature check as far as what might be playing out in real time given how things feel almost week to week at this point.

讓我們暫時回到銷售線索生成上來，我知道你們正在談論一些非常令人印象深刻的統計數據，但如果我從需求生成的角度考慮漏斗頂部的活動，或者從新線索進入渠道的角度考慮，那裡的邊際是否有任何變化？再次，真的只是想根據目前幾乎每週的情況來檢查一下實時可能發生的情況。

Yeah, I mean, I would say on the demand gen side, Mike, the change is more on our side versus the market dynamics, and let me say to explain what that means. Back in Q4 we did a restructuring.

是的，我的意思是，我想說，在需求生成方面，麥克，變化更多的是我們這邊而不是市場動態，讓我解釋一下這意味著什麼。我們在第四季進行了重組。

We restructured the whole marketing department and budget where we set it out so we're have a lot more outbound spend versus internal payroll. So I would say like January through February the team was really kind of adjusting to their new plans and where they need to go, and March is really when we started cranking the outbound effort and that's why we said that, into Q2 there's going to be more spend there. So going Backblaze to Gleb's comments around the go to market transformation, that is a big area of focus now of really ramping up that demand generation, that awareness. Because our win rate is really high, we just need to be flowing more opportunities through there.

我們重組了整個行銷部門和預算，因此我們的外部支出比內部薪資支出多得多。所以我想說，從一月到二月，團隊確實在適應他們的新計劃和他們需要去的地方，而三月才是我們真正開始加大對外努力的時候，這就是為什麼我們說，進入第二季度，我們將會在那裡投入更多資金。因此，回到 Backblaze，回顧 Gleb 關於市場轉型的評論，這是目前真正關注的一個領域，即真正提高需求產生和意識。因為我們的勝率非常高，所以我們只需要透過那裡提供更多的機會。

I mean, the tariffs and the topic of that kind haven't really impacted the demand side in any notable way.

我的意思是，關稅和類似的話題並沒有真正對需求方產生顯著的影響。

Very clear. Thank you very much, guys. I'll turn it over to my colleagues. Thank you.

非常清楚。非常感謝你們，夥伴們。我會將其轉交給我的同事。謝謝。

Operator, are there more questions in the queue?

接線員，還有其他問題嗎？

So I, I'll handle this one, See Zach, I'm going to put you up next. I'm going to unmute you. Please ask a question. Oh, actually, I can't unmute. . Hold on, let me find out what's going on.

所以我，我會處理這個，看，扎克，我會把你放在下一個。我要取消你的靜音。請提問。哦，實際上，我無法取消靜音。。稍等一下，讓我看看發生了什麼事。

Operator, are you there? Operator.

接線員，您在嗎？操作員。

We seem to have lost our operator unfortunately I can't quite handle the queue right now.

我們似乎失去了我們的操作員，不幸的是我現在無法處理隊列。

Zach Cummings, Riley Securities.

扎克·卡明斯，萊利證券公司。

Hi there. Yeah, this is, Ethan White calling in for Zach Cummins. Thanks for taking my questions. .

你好呀。是的，這是 Ethan White 為 Zach Cummins 打來的。感謝您回答我的問題。。

Looks like, you've got nice nice growth in B2 but little downick in NRR is that just from lapping the price tail wins or is there anything else there? Can you maybe talk a little bit about the dynamics you're seeing there?

看起來，B2 取得了不錯的增長，但 NRR 卻略有下降，這僅僅是因為價格尾部獲勝還是有其他原因？您能否稍微談談您在那裡看到的動態？

Hi Zach, this is Marc. Yeah, listen, our, I mean our NRR remains really solid high now given we la the price increase, that's what you're seeing. So I would say it will be, it's a rolling trailing 4 quarter average. So it will be around that range for a few quarters as we continue our path of generating. A higher revenue growth for B2, that will then start trickling in and you'll see it improve from there.

嗨，札克，我是馬克。是的，聽著，我們的，我的意思是，考慮到價格上漲，我們的 NRR 現在仍然保持很高的水平，這就是你所看到的。所以我想說，這是一個過去 4 個季度的滾動平均值。因此，隨著我們繼續我們的生產之路，它將在幾個季度內保持在這個範圍內。B2 的收入成長更高，這將開始帶來收益，然後您將看到它從那裡開始改善。

Got it. I appreciate that color. And then, just, touching on some of the the tailwinds you're seeing from AI demand and the overdrive solution.

知道了。我很欣賞那個顏色。然後，我們再談談您從人工智慧需求和超速解決方案中看到的一些順風。

It seems like good good early traction there. I guess in terms of the use cases that you spoke to, it seems like there's a lot of different use cases, but are there any in particular that are driving outside interest so far?

看起來那裡的早期發展勢頭良好。我想就您談到的用例而言，似乎有很多不同的用例，但到目前為止，有哪些特別的用例引起了外界的興趣？

Well, I think that it that, the two kind of core ones that people talk about, right, the model building and the inferncing are two of the larger ones. So on the model building side we have customers who are either generating data. So for example, they're they're indexing the internet or they're taking imagery from satellites and other types of locations where they where they're capturing data that is being used to train models or they already have large data sets that they're then repurposing in different ways to help the AI models being built so that whole category is a fairly large aspect for us and then we have lots and lots of customers that are doing a variety of different infra type use cases, some of the ones I shared around. Vehicles and automation, industrial automation, robotics and drugs and others are ones where they're heavy inferencing type workloads, but the overall flow, right, where you collect the data, you label it, you create the models, you do infernencing on them, and then you retrain there, we have people doing each part of that and a number of these are going to be doing multiple pieces of that pipeline as part of their core AI workflow.

嗯，我認為，人們談論的兩種核心問題，對吧，模型建構和推理是其中較大的兩個。因此，在模型建構方面，我們有一些正在產生資料的客戶。例如，他們正在索引互聯網，或者他們正在從衛星和其他類型的位置獲取圖像，在這些位置他們捕獲用於訓練模型的數據，或者他們已經擁有大型數據集，然後他們以不同的方式重新利用這些數據集來幫助構建人工智能模型，因此整個類別對我們來說是一個相當大的方面，然後我們有很多客戶正在進行各種不同的基礎設施類型的用例，其中一些是我分享過的用例。車輛和自動化、工業自動化、機器人和藥物等都是推理類型工作負載繁重的領域，但總體流程，也就是收集數據、標記數據、創建模型、對其進行推理，然後在那裡進行重新訓練，我們都有專人負責每個部分，其中一些人將負責該流程的多個部分，作為其核心 AI 工作流程的一部分。

Great, appreciate the call.

太好了，感謝您的來電。

Thank you.

謝謝。

.

。

Thank you for the question.

謝謝你的提問。

[Maxwell McAus], Lake Street Capital Markets.

[Maxwell McAus]，Lake Street Capital Markets。

Hey guys, thanks for taking my questions in solid quarter. First one, I just want to revisit the record contract here. When we look at, maybe why they came over to back or Backlas I know you mentioned customer service, better performance value, but maybe outside of customer service, maybe what specifically about the performance of the product is what drove them to bring on their entire infrastructure over to Backways.

嘿夥計們，感謝你們及時回答我的問題。首先，我只想重新討論一下唱片合約。當我們看的時候，也許為什麼他們會選擇 Back 或 Backlas，我知道你提到了客戶服務、更好的性能價值，但也許除了客戶服務之外，也許是產品性能的具體方面促使他們將整個基礎設施轉移到 Backways。

Yeah, I mean, I think if you look at it, they are a company that's an application storage company. They have an application where they have many customers that use it. They store a lot of data for their customers. They need to have that data not only be stored but then delivered out to their customers and so. They needed they needed to work quickly in getting getting that content out to their customers as well. So it's the performance of getting the data out to their customers wherever they happen to be, as well as the the cost and value of both storing the data, using it, and then distributing it.

是的，我的意思是，如果你看一下，你會發現他們是一家應用程式儲存公司。他們有一個應用程序，有很多客戶都在使用它。他們為客戶儲存了大量資料。他們不僅需要儲存這些數據，還需要將其傳遞給客戶等等。他們需要迅速採取行動，將這些內容傳達給他們的客戶。因此，無論客戶身在何處，這都是將資料傳輸給客戶的效能，以及儲存、使用和分發資料的成本和價值。

Okay, and then want to shift over to AI here. Seems like you guys have solved the demand on the AI portion of the business maybe in terms of numbers maybe from like a new business standpoint maybe what percentage of new business coming into Backblaze has some sort of AI aspect attached to it.

好的，然後想轉到這裡的 AI。看來你們已經解決了業務中 AI 部分的需求，也許是從數字上，也許是從新業務的角度來看，也許進入 Backblaze 的新業務中有多少比例與 AI 方面有關。

So we're not sharing specific, subdivision numbers on that, but what I will tell you is that it was the fastest growing part of our 11 business. So it's a material part of the growth at this point.

因此，我們不會分享具體的細分數字，但我要告訴您的是，這是我們 11 個業務中成長最快的部分。因此，這是目前成長的重要組成部分。

Okay, and then in terms of B2 overdrive pricing like how similar is that to just your typical B2 product?

好的，那麼就 B2 超速定價而言，它與典型的 B2 產品有多相似？

So B2 starts at $6 per terabyte per month. B2 overdrive starts at $15 per terabyte per month. So it starts at 2.5 times the price point. One of the things that I'll mention on the competitive side of things, if you took, for example, a 10 petabyte customer. That wanted to send that 10 petabytes out 3 times each month somewhere to the customers with a GPU cloud to another partner that would cost about $1.7 million per month on. AWS, it would cost about $150,000 on on back with V2 overdrive. So it's 2.5 times our price point for B2, but it's still about 90% less expensive than the alternatives that that customers have to do the same type of workloads.

因此 B2 的起價為每月每 TB 6 美元。B2 Overdrive 起價為每月每 TB 15 美元。因此它的起價是原來的 2.5 倍。關於競賽方面，我要提到的一件事是，以 10PB 的客戶為例。該公司希望每月三次將這 10PB 的資料透過 GPU 雲端發送給客戶，再將這些資料發送給另一個合作夥伴，每月的成本約為 170 萬美元。AWS，如果配備 V2 超速驅動，其成本約為 150,000 美元。因此，它是 B2 價格的 2.5 倍，但仍然比客戶執行相同類型工作負載所需的替代方案便宜約 90%。

Alrighty thanks for taking my question guys.

好的，謝謝大家回答我的問題。

Yeah, thank you.

是的，謝謝。

Jason Adder, William Blair.

傑森·阿德，威廉·布萊爾。

Yeah, thanks. Good afternoon, guys. Glenn, can you elaborate a little bit on the comment where you said, quote, while some customers are taking more time to make decisions in the current business environment.

是的，謝謝。大家下午好。格倫，您能否詳細說明您所說的評論，引用一下，在當前的商業環境下，一些客戶需要花費更多時間來做出決策。

What did you mean by that?

你那句話是什麼意思？

Are you actually seeing That play out in Backblaze business or are you just making kind of a broader comment and sort of hedging against the the sort of macro headwinds that that could emerge here.

您是否真的看到了 Backblaze 業務中出現這種情況，或者您只是在做出更廣泛的評論並對可能出現的宏觀逆風進行某種規避。

Yeah, Jason, thanks for the question. So we have seen some customers take more time and so it's not just a hedge for the macro overall. It is something that we've seen some customers kind of, take a little more time with their thinking in general as they've been, I would say distracted by inside of their own business by the by the macro.

是的，傑森，謝謝你的提問。因此，我們看到一些客戶需要更多時間，所以這不僅僅是對宏觀整體的一種對沖。我們發現有些客戶花了更多時間進行整體思考，因為他們被宏觀因素分散了注意力，無法專注於自己的業務。

Having said that, it's, our self-serve business seems to be going unfettered in its growth. We've doubled sales bookings, into the quarter. So, like Marc said, I think we have more control over the things that we do versus the implications of the macro, but I did want to call out that we have seen some customers actually take more time.

話雖如此，我們的自助服務業務似乎正在不受約束地成長。本季我們的銷售訂單量翻了一番。因此，就像馬克所說的那樣，我認為我們對所做的事情有更多的控制權，而不是宏觀的影響，但我確實想指出的是，我們已經看到一些客戶實際上花了更多時間。

Gotcha. Okay, but you, it's, you're still confident on that 30% exit growth rate.

明白了。好的，但是你仍然對 30% 的退出成長率充滿信心。

Yeah, we're so confident about.

是的，我們非常有信心。

Exactly. So the, yeah, exactly. So what we shared last quarter, which was that we would accelerate growth for B2 quarter over quarter over quarter this year and exit the year at 30% plus, we're so confident to hit that journey and that exit rate.

確切地。是的，確實如此。因此，我們在上個季度分享的是，今年我們的 B2 業務將逐季加速成長，年底的成長率將達到 30% 以上，我們非常有信心實現這一目標並實現這一退出率。

Okay, and so you're balancing the call it handful of customers that are.

好的，所以您正在平衡所謂的少數客戶。

Maybe a little bit slower in the decision making with the momentum that you had in Q1. Is that the right way to think about it?

鑑於您在第一季所擁有的勢頭，決策速度可能會稍微慢一些。這是正確的思考方式嗎？

Yeah, the momentum that we have in Q1 plus the other early indicators that we have in our business.

是的，我們在第一季的勢頭以及我們業務中的其他早期指標。

The month of April was sort of Fair to say that was kind of in line with your expectations and consistent with Q1 demand.

可以說，四月的表現符合您的預期，並且與第一季的需求一致。

Yeah, hi Jason, this is Marc. Yeah, that's exactly right. It's been pretty consistent.

是的，嗨，傑森，我是馬克。是的，完全正確。它一直非常一致。

And the good thing is I would say the diversity of our customer set.

我想說的是，我們客戶群的多樣性是好事。

Right, we still have, I mean, an incredible amount of upselling that occurs to existing customers on the self-serve front. We still have a lot of customers every quarter by the thousands that are showing up and starting, so we haven't seen any change of momentums on those fronts. So when you combine the changes we've done on the go to market stuff.

是的，我的意思是，我們在自助服務方面仍然對現有客戶進行了大量的追加銷售。我們每季仍然有大量客戶出現並開始使用產品，因此我們還沒有看到這些方面的勢頭有任何變化。因此，當你將我們在市場上所做的改變結合起來時。

And we're not fully done there yet. I say, yeah, we feel pretty confident about getting to that 30% B2 growth in Q4.

我們還沒有完全完成。我說，是的，我們對第四季實現 30% 的 B2 成長非常有信心。

Okay, excellent. And then the last thing for me is for you, can you talk about just sort of how the competitive landscape may have changed or not since the IPO? Are you running into any call it new players versus what it was, at the time of the IPO?

好的，非常好。最後我想問您的是，您能否談談自 IPO 以來競爭格局是否發生了變化？與 IPO 時相比，您是否遇到了任何所謂的新參與者？

Are you in more bake-offs today?

今天你還參加更多的烘焙比賽嗎？

Because you're, more of an established player, let me just talk to some of those competitive landscape questions.

因為你是比較成熟的玩家，所以讓我來談談一些競爭格局的問題。

Yeah, Jason, thanks. So since I do, it's been a few years now, the world has changed a smidge.

是的，傑森，謝謝。自從我這樣做以來，已經過去了幾年，世界已經發生了一點變化。

Having said that, in the big picture of things haven't changed that much. And what I mean by that is Backblaze then we were looking at and saying it's a huge market. Amazon, Google, and Microsoft are certainly big players in the market, but it's a really big market and there's a lot of opportunity. I would say that that is still largely true today. It's about $100 billion dollar market, and they are still the big players in the space, but there's still a lot of opportunity, a lot of space, and we are taking, winning customers both away from them like this large TCV customer I talked about, and also from customers that haven't yet moved to the cloud, so a lot of our customers, we are their first cloud provider, which, in 2025 might seem surprising still, but it is still the case.

話雖如此，但從整體來看，情況並沒有太大變化。我的意思是，當時我們正在研究 Backblaze，並說它是一個巨大的市場。亞馬遜、谷歌和微軟無疑是市場上的大玩家，但這是一個真正的大市場，而且有很多機會。我想說，今天這在很大程度上仍然是正確的。這個市場規模約為 1000 億美元，他們仍然是這個領域的主要參與者，但仍然有很多機會，很大的空間，我們正在從他們那裡贏得客戶，例如我提到的這個大型 TCV 客戶，以及那些還沒有遷移到雲端的客戶，所以對於我們的許多客戶來說，我們是他們的第一家雲端供應商，這在 2025 年可能仍然令人驚訝，但事實就是如此。

So I would say, there are a variety of smaller players in the market, some of which existed back then, some of which are newer, but our win rates, according to kind of industry averages are still pretty world class, so people like the product line they like the platform. I think that the key thing for us was getting the go to market motion really cranking so that people would be aware that this was an option for them. They would be that we would be put in front of them at the right moment when when there was something to consider and then working through that. And I think what things like the doubling of sales bookings and other things that are are a sign that we're we're starting to see that success.

所以我想說，市場上有各種各樣的小公司，有些以前就存在了，有些是新成立的，但根據行業平均水平，我們的勝率仍然是世界一流的，所以人們喜歡這個產品線，喜歡這個平台。我認為對我們來說關鍵的是讓市場行動真正啟動起來，這樣人們就會意識到這對他們來說是一個選擇。他們會希望我們在適當的時刻出現在他們面前，當他們需要考慮某件事時，他們會努力解決這件事。我認為銷售訂單翻倍等情況都顯示我們開始看到成功。

And that's total sales bookings or just B2?

這是總銷售訂單還是只是 B2？

That's total sales bookings.

這就是總銷售預訂量。

Yeah, the.

是的。

The book, the bookings from the sales team, doubled, more than doubled from one of last year to Q1 of this year.

這本書，來自銷售團隊的預訂量，從去年到今年第一季增加了一倍，甚至超過了一倍。

Gotcha.

明白了。

Victor Sze, Raymond James.

Victor Sze，雷蒙詹姆斯。

Hi guys, this is Victor in for Simon Leopold. I just wanted to follow up on, your comment regarding the, elongated decision process that you're observing from some customers and, on the flip side of that coin, is it possible that you could see some, tailwinds from customers looking to migrate, towards, lower TCO solutions or maybe, are you observing some of that and kind of the net, of what you're seeing is kind of your comments, about the, slower.

大家好，我是 Victor，代替 Simon Leopold。我只是想跟進一下您關於從一些客戶那裡觀察到的延長的決策過程的評論，另一方面，您是否有可能看到一些來自希望遷移到更低 TCO 解決方案的客戶帶來的順風，或者也許，您是否觀察到了其中的一些，以及您所看到的網絡，就像您關於速度較慢的評論一樣。

Decision making process and kind of lower net overall or, what would the timing of that kind of look like if, that dynamic, is something that we could expect.

決策過程和整體較低的淨值，或者，如果這種動態是我們可以預期的，那麼這種時間會是什麼樣子。

Yeah, I mean, I think you're exactly right. We provide a great value proposition for customers, right? It's a, it's 80% to 90% lower cost than the traditional cloud providers. We provide free egress out to the customer so it supports the open cloud. We give them access so that they can provide use whichever GPU clouds they want for their AI workloads. We have this high performance offering that that with overdrive.

是的，我的意思是，我認為你完全正確。我們為客戶提供了極高的價值主張，對嗎？它的成本比傳統雲端供應商低 80% 到 90%。我們為客戶提供免費出口，以便支援開放雲端。我們向他們提供存取權限，以便他們可以為其 AI 工作負載提供所需的任何 GPU 雲端。我們提供這種具有超速功能的高性能產品。

I mean, so there's there's a lot of. You at a low price and in an environment where companies are focused on squeezing more out of their dollars, whether they're focused on tightening their budgets that boys is a great solution for that. So I think you know there are when customers are concerned, they sometimes are indecisive and that slows things down, which I think is what we've seen with some customers and at the same time when customers are decisive about wanting to improve their businesses.

我的意思是，有很多。在價格低廉且公司專注於從資金中榨取更多利潤的環境中，無論他們是否專注於縮緊預算，這都是一個很好的解決方案。所以我想你知道，當客戶感到擔憂時，他們有時會猶豫不決，這會減慢進度，我想這就是我們在一些客戶身上看到的情況，同時，當客戶果斷想要改善他們的業務時。

They can choose Backblaze to help them do that.

他們可以選擇 Backblaze 來幫助他們做到這一點。

Yeah, Victor, this is Marc. What I would add also is what we're seeing on a smaller pattern is some customers are more comfortable proceeding faster in a non.

是的，維克多，這是馬克。我還想補充的是，我們在較小規模的模式中看到，有些客戶更願意在非模式下更快地進行操作。

Committed contract fashion because we have a lot of pay as you go customers and we have a lot of committed contracts. So what we're seeing is for those that experience that kind of slowness and decision.

採用承諾合約的方式，因為我們有很多預付費客戶，而且我們有很多承諾合約。因此，我們看到的是那些經歷過這種緩慢和決定的人。

It doesn't, they're ready to jump in and just TRY it on a pay as you go basis. So we've actually seen some really solid momentum on that front, that makes up for any slowness and decisions on the other side.

事實並非如此，他們已經準備好嘗試一下，並按使用量付費。因此，我們實際上已經看到這方面的一些真正強勁的勢頭，這彌補了另一方的任何遲緩和決定。

Great, that's helpful. And then, just on the on on the the B2 overdrive, announcement, I'm sorry if I missed this, but, does the offering involve any kind of material changes to your physical hardware infrastructure or is it primarily, leveraging software, the software optimizations that you noted earlier?

太好了，很有幫助。然後，關於 B2 超速駕駛公告，如果我錯過了，我很抱歉，但是，該產品是否涉及對您的實體硬體基礎設施進行任何實質性更改，還是主要利用軟體，即您之前提到的軟體優化？

Yeah, it's mostly in the software side, although we've done some hardware optimization to support it as well. So we've been building performance functionality into the platform for a while. One of the things that we had talked publicly about was Shardstash, which was both a software and hardware optimization for the. Platform that enabled us to be up to 30% faster for uploads of small files than the than the traditional companies and you know so we've done a lot of work on the software optimization side there are some hardware changes that we made as well to to optimize it as well.

是的，主要是在軟體方面，儘管我們也做了一些硬體優化來支援它。因此，我們一直在為平台建立效能功能。我們公開談論的事情之一是 Shardstash，它是一種軟體和硬體優化。該平台使我們上傳小文件的速度比傳統公司快 30%，我們在軟體優化方面做了很多工作，我們也做了一些硬體更改來優化。

And you know kind of what are the kind of use cases that that you envision, kind of driving this or customers, building data lakes, with this, or, is it kind of supplementing their AI clusters, that their existing AI clusters kind of to help us understand what, are the primary use cases that you envision, for this.

您知道您設想的用例是什麼嗎？是推動這個還是客戶建立資料湖，或者，是補充他們的人工智慧集群，他們現有的人工智慧集群可以幫助我們理解您設想的主要用例是什麼。

So AI has been one of the big ones that drove the original interest in this. We're starting to have companies reach out to us with other use cases as well. So the ones that we've talked about are AI being the big one, other high performance compute being another one where they may want to do whether it's weather modeling, drugs. Discovery or other things and analytics where what they need to do is have a lot of data, move it somewhere to do a lot of processing and then bring it back or or take the results out of it you know those are the types of things where we see this being a really good good offering.

因此，人工智慧是推動人們最初對此產生興趣的主要因素之一。一些公司也開始向我們提出其他用例。因此，我們所討論的是人工智慧，這是最重要的一個領域，其他高效能運算是另一個領域，他們可能想做這些，無論是天氣建模還是藥物。發現或其他事物和分析，他們需要做的是擁有大量數據，將其移動到某個地方進行大量處理，然後將其帶回來或從中獲取結果，你知道這些都是我們認為這是非常好的產品。

And I'll just say, I mean, I'm really proud of our team, both on the engineering and operation side and everything that have been able to pull this off.

我只想說，我真的為我們的團隊感到驕傲，無論是工程還是營運方面，以及所有能夠完成這項工作的人。

One of the prospects that we spoke to, they said they were they were basically blown away. They had no idea that you could get this kind of performance.

我們採訪過的一位潛在客戶表示，他們基本上被震撼了。他們不知道你可以獲得這樣的表現。

Out of a a a platform built on spinning drives that normally this is the kind of thing that requires Flash and SSD to be used, which is much more expensive and we've been able to pull that off on spinning drives so we get the value and the performance out of it and that's really a testament to the team that built it.

在基於旋轉驅動器構建的平台中，通常需要使用閃存和固態硬碟 (SSD)，成本要高得多，而我們能夠在旋轉驅動器上實現這一點，因此我們可以從中獲得價值和性能，這確實證明了構建它的團隊的能力。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Yeah, thank you. And that concludes the question and answer session, and I will now turn the conference over to Gleb Budin for closing comments.

是的，謝謝。問答環節到此結束，現在我將把會議交給格萊布·布丁 (Gleb Budin) 進行總結發言。

Thank you. So you know we've delivered a strong Q1, beating both top and bottom line guidance. We accelerated B2 organic growth again, and we're on track for 30% plus growth in Q4.

謝謝。所以你知道我們第一季的業績表現強勁，超過了頂線和底線預期。我們再次加速了 B2 有機成長，並且預計在第四季度實現 30% 以上的成長。

We're winning with AI use cases. We've launched this high performance offering with B2 overdrive. So I'm very excited about where we are, where we're going, and I want to thank our employees for delivering these results, our customers and partners for working with us, our investors for continuing to support us, and I want to thank all of you for joining us today. We'll see some of you at the Needham conference in New York next week. We'll see some of you at the Craig Column conference in a couple weeks, and we'll look forward to seeing everyone in our next morning's call.

我們正在透過人工智慧用例取得勝利。我們推出了這款具有 B2 超速功能的高性能產品。因此，我對我們現在所處的位置和未來發展方向感到非常興奮，我要感謝我們的員工取得的這些成果，感謝我們的客戶和合作夥伴與我們合作，感謝我們的投資者繼續支持我們，我要感謝今天與我們一起的所有人。我們將於下週在紐約的尼德姆會議上見到你們。我們將在幾週後的 Craig Column 會議上見到你們中的一些人，我們期待在第二天早上的電話會議上見到大家。

Thank you.Ladies and ladies and gentlemen, this does conclude today's conference call. Thank you for your participation and you may now disconnect.

謝謝大家。女士們，女士們，先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。