Braze Inc (BRZE) 2024 Q2 法說會逐字稿

Welcome to the Braze Fiscal Second Quarter 2024 Earnings Conference Call. My name is Christine, and I'll be your operator for today's call. (Operator Instructions) I'll now turn the call over to Christopher Ferris, Head of Braze Investor Relations.

歡迎參加 Braze 2024 年第二季度財報電話會議。我叫克里斯汀，我是今天電話的接線員。 （操作員說明）我現在將電話轉給 Braze 投資者關係主管 Christopher Ferris。

Thank you, operator. Good afternoon, and thank you for joining us today to review Braze's results for the fiscal second quarter 2024. I'm joined by our Co-Founder and Chief Executive Officer, Bill Magnuson; and our Chief Financial Officer, Isabelle Winkles. We announced our results in a press release issued after the market closed today. Please refer to the Investor Relations section of our website at investors.braze.com for more information and a supplemental presentation related to today's earnings announcement. During this call, we will make statements related to our business that are forward-looking under federal securities laws and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

謝謝你，接線員。下午好，感謝您今天與我們一起回顧 Braze 2024 年第二財季的業績。我們的聯合創始人兼首席執行官 Bill Magnuson 也加入了我的行列。以及我們的首席財務官 Isabelle Winkles。我們在今天收市後發布的新聞稿中公佈了我們的業績。請參閱我們網站 Investors.braze.com 的投資者關係部分，了解更多信息以及與今天的收益公告相關的補充演示。在本次電話會議中，我們將根據聯邦證券法和 1995 年《私人證券訴訟改革法案》的安全港條款發表與我們業務相關的前瞻性聲明。

These statements include, but are not limited to, statements regarding our financial outlook for the third quarter ended October 31, 2023, and for our fiscal year ended January 31, 2024, our planned product and feature development and the benefits to us and our customers there from, including our AI features, the potential impact and duration of current macroeconomic trends, our anticipated customer behaviors, including vendor consolidation trends and their impact on Braze and our long-term financial targets and goals, including the anticipated period in which we may generate positive non-GAAP operating income and positive free cash flow. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations and reflect our views only as of today. We assume no obligation to update any such forward-looking statements.

這些聲明包括但不限於關於我們截至2023 年10 月31 日的第三季度和截至2024 年1 月31 日的財政年度的財務展望、我們計劃的產品和功能開發以及我們和我們的客戶的利益的聲明其中包括我們的人工智能功能、當前宏觀經濟趨勢的潛在影響和持續時間、我們預期的客戶行為，包括供應商整合趨勢及其對Braze 的影響以及我們的長期財務目標和目標，包括我們可能的預期時期產生正的非公認會計準則營業收入和正的自由現金流。這些陳述受到各種風險和不確定性的影響，可能導致實際結果與預期存在重大差異，並且僅反映我們截至目前的觀點。我們不承擔更新任何此類前瞻性陳述的義務。

For a discussion of the material risks and uncertainties that could affect our actual results, please refer to the risks identified in today's press release and our SEC filings, both available on the Investor Relations section of our website. I'd also like to remind you that today's call will include certain non-GAAP financial measures used by management to evaluate our ongoing operations and aid investors in further understanding the company's fiscal second quarter 2024 performance in addition to the impact these items have on the financial results. Please refer to the reconciliations of our non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with U.S. GAAP included in our earnings release under the Investor Relations section of our website. The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with U.S. GAAP.

有關可能影響我們實際結果的重大風險和不確定性的討論，請參閱今天的新聞稿和我們向 SEC 提交的文件中確定的風險，兩者均可在我們網站的投資者關係部分找到。我還想提醒您，今天的電話會議將包括管理層使用的某些非GAAP 財務指標，以評估我們的持續運營，並幫助投資者進一步了解公司2024 年第二財季的業績，以及這些項目對公司的影響。財務業績。請參閱我們網站投資者關係部分收益發布中包含的我們的非公認會計原則財務指標與根據美國公認會計原則計算的最直接可比財務指標的調節表。所提供的非公認會計原則財務指標不應被視為替代或優於根據美國公認會計原則制定的財務業績指標。

And now I'd like to turn the call over to Bill.

現在我想把電話轉給比爾。

Thank you, Chris. And good afternoon, everyone. We delivered a strong second quarter, generating $115.1 million in revenue, up 34% versus the prior year while continuing to drive operating efficiency in the business. Non-GAAP gross margin increased 70 basis points year-over-year. And we again demonstrated strong leverage with non-GAAP operating margin improving by over 1,300 basis points compared to the second quarter of last year.

謝謝你，克里斯。大家下午好。我們第二季度業績強勁，收入達 1.151 億美元，比上年增長 34%，同時繼續提高業務運營效率。非 GAAP 毛利率同比增長 70 個基點。我們再次展示了強大的槓桿作用，與去年第二季度相比，非 GAAP 營業利潤率提高了 1,300 個基點以上。

We were encouraged by the new business we won in the quarter, sales strength in the commercial and enterprise businesses, the progress of our product initiatives and AI development efforts and the adoption of our newest channel, WhatsApp. While the macro environment still presents challenges, we are effectively navigating them and remain confident in our ability to drive top line growth while maintaining cost discipline and delivering on the financial targets that we have set. Brands continue to recognize the high ROI that can be achieved through personalized cross-channel customer engagement delivered by the Braze platform.

我們對本季度贏得的新業務、商業和企業業務的銷售實力、我們的產品計劃和人工智能開發工作的進展以及我們最新渠道 WhatsApp 的採用感到鼓舞。儘管宏觀環境仍然存在挑戰，但我們正在有效地應對這些挑戰，並對我們推動營收增長、同時保持成本控制和實現我們設定的財務目標的能力充滿信心。品牌不斷認識到通過 Braze 平台提供的個性化跨渠道客戶參與可以實現的高投資回報率。

Customer growth was solid with our total customer count reaching 1,958, an increase of 92% during the quarter. New business wins and upsells included Miro, the National Basketball Association, Rappi and Stori, among many others. The diversification of new customer wins was also impressive, with the top five new business deals all originating from entirely different types of businesses. A quick service restaurant chain, an e-commerce platform, a provider of coupons and discounts, a digital collaboration platform and a company that connects homeowners to trades people. As those of you who have followed us closely are aware, Braze's business is highly diversified. With no single vertical contributing more than 1/4 of our ARR and many others where we have not only a significant presence but also opportunity for growth.

客戶增長穩健，本季度客戶總數達到 1,958 名，增長 92%。新的業務勝利和追加銷售包括 Miro、美國國家籃球協會、Rappi 和 Stori 等。新客戶贏得的多元化也令人印象深刻，前五名新業務交易均來自完全不同類型的企業。一家快餐連鎖店、一個電子商務平台、一家優惠券和折扣提供商、一個數字協作平台以及一家連接房主和商人的公司。密切關注我們的人都知道，Braze 的業務高度多元化。沒有任何一個垂直行業貢獻超過我們的 ARR 的 1/4，在許多其他垂直行業中，我們不僅擁有重要的影響力，而且還擁有增長的機會。

The versatility and adaptability of the Braze platform enables us adoption by any business that prioritizes investments in first-party data and customer relationships, regardless of size, vertical or geography. As the field of customer engagement matures, we continue to win against point solutions that have limited channel offerings are not real time or simply don't scale. We are similarly making progress against legacy marketing clouds as marketers find their fragmented solutions increasingly unfit for modern customer engagement use cases.

Braze 平台的多功能性和適應性使我們能夠被任何優先投資第一方數據和客戶關係的企業採用，無論規模、垂直或地理位置如何。隨著客戶參與領域的成熟，我們繼續戰勝那些渠道有限、不實時或根本無法擴展的單點解決方案。隨著營銷人員發現他們分散的解決方案越來越不適合現代客戶參與用例，我們在對抗傳統營銷雲方面也取得了類似的進展。

This quarter, we displaced legacy marketing clouds and numerous enterprises, including at a top quick service restaurant chain, a large consumer discounter and a well-known travel company. In the case of the restaurant chain, a global systems integrator partner was instrumental in the sales cycle and will be working with the customer to complete onboarding and provide ongoing marketing and data services. As we continue to expand our product surface area and enhance its capabilities by infusing AI throughout our stack, we're helping brands create personalized, cross-channel solutions faster than ever before. Speeding the rotation of the Imagine, Create and Evolve loop that lets them compound learnings and increase their ROI over time.

本季度，我們取代了傳統的營銷雲和眾多企業，包括一家頂級快餐連鎖店、一家大型消費者折扣店和一家知名旅遊公司。就該連鎖餐廳而言，全球系統集成商合作夥伴在銷售週期中發揮了重要作用，並將與客戶合作完成入職並提供持續的營銷和數據服務。隨著我們不斷擴大產品表面積並通過在整個堆棧中註入人工智能來增強其功能，我們正在幫助品牌比以往更快地創建個性化的跨渠道解決方案。加快想像、創造和進化循環的輪換，讓他們能夠複合學習並隨著時間的推移提高投資回報率。

Meanwhile, the legacy clouds continue to be held back by antiquated data foundations and complex siloed architectures, limiting their innovation and causing them to fall further behind. We believe our product innovation and R&D focus, coupled with their relative stasis will accelerate the legacy replacement cycle and compel more enterprises to upgrade to the personalized cross-channel customer engagement enabled by the Braze platform.

與此同時，傳統雲繼續受到過時的數據基礎和復雜的孤立架構的阻礙，限制了它們的創新並導致它們進一步落後。我們相信，我們的產品創新和研發重點，加上它們的相對停滯，將加速傳統的更換週期，並迫使更多企業升級到 Braze 平台支持的個性化跨渠道客戶參與。

We also continue to benefit from the vendor consolidation trend we've called out the last couple of quarters as brands look to an all-in-one platform to coordinate messaging across the growing array of B2C channels and accelerate their investments into first-party data. In the case of an accessories retailer, we replaced four separate vendors, providing a great example of how Braze wins on technical integration capabilities, aligning with the customer's vision of working with a comprehensive, best-in-class customer engagement platform.

我們還繼續受益於過去幾個季度我們所指出的供應商整合趨勢，因為品牌尋求一個一體化平台來協調不斷增長的 B2C 渠道中的消息傳遞並加速對第一方數據的投資。以配件零售商為例，我們更換了四家獨立的供應商，提供了一個很好的例子，說明 Braze 如何在技術集成能力方面獲勝，並符合客戶與全面、一流的客戶互動平台合作的願景。

We believe this trend will continue as customers look to capitalize on new AI-driven advancements in customer engagement, an area of innovation, which benefits tremendously from the breadth of Braze's data footprint and messaging flexibility as well as our real-time stream processing architecture. At Braze, we are constantly evaluating new ways for brands to communicate directly with our customers by delivering more relevant content and engaging experiences in the channels that resonate most. In March of this year, we launched a native WhatsApp integration that enables marketers to create, orchestrate and send WhatsApp campaigns directly from the Braze platform.

我們相信，隨著客戶尋求利用人工智能驅動的客戶參與方面的新進步（這是一個創新領域），這一趨勢將持續下去，這從Braze 的數據覆蓋範圍和消息傳遞靈活性以及我們的實時流處理架構中受益匪淺。在 Braze，我們不斷評估品牌與客戶直接溝通的新方式，通過在最能引起共鳴的渠道中提供更多相關內容和引人入勝的體驗。今年 3 月，我們推出了原生 WhatsApp 集成，使營銷人員能夠直接從 Braze 平台創建、編排和發送 WhatsApp 營銷活動。

With more than 2 billion active users in 2022, broad international penetration and the ability to engage in content-rich conversations that build retention and loyalty, WhatsApp is a highly valuable addition to our cross-channel portfolio. And I'm happy to report that new and existing customers have responded very favorably to our offering with dozens of customers using the channel and a fast-growing pipeline. One early WhatsApp success story I'd like to highlight is Rappi. One of the most popular and trusted technology companies in Latin America. Rappi has expanded its investment in Braze, specifically adding WhatsApp as an additional channel to its innovative customer engagement strategy that already included e-mail, SMS, push and in-app messaging. Rappi was looking for a more effective out-of-product channel to directly reach their audience and successfully leverage WhatsApp to motivate lapsed users to return to the app to make new purchases and to drive active users to make more purchases over time.

到 2022 年，WhatsApp 的活躍用戶將超過 20 億，具有廣泛的國際滲透率，並且能夠進行內容豐富的對話，從而建立保留率和忠誠度，WhatsApp 是我們跨渠道產品組合中極具價值的補充。我很高興地向大家報告，新老客戶對我們的產品反應非常積極，有數十名客戶使用該渠道和快速增長的渠道。我想強調的一個早期 WhatsApp 成功案例是 Rappi。拉丁美洲最受歡迎和最值得信賴的科技公司之一。 Rappi 擴大了對 Braze 的投資，特別將 WhatsApp 添加為其創新客戶參與戰略的額外渠道，該戰略已包括電子郵件、短信、推送和應用內消息傳遞。 Rappi 正在尋找更有效的產品外渠道來直接接觸受眾，並成功利用 WhatsApp 來激勵流失用戶返回該應用進行新購買，並隨著時間的推移推動活躍用戶進行更多購買。

Leveraging WhatsApp and Braze's campus environment, Rappi was able to drive an 80% uplift in purchases versus a control group that received only push notifications and e-mail. Case studies such as these demonstrate how marketers can immediately leverage the flexibility of Canvas and the power of our streaming architecture with new channels like WhatsApp to target personalized and orchestrate sophisticated campaigns that drive high engagement and ROI. Beyond additional channels, we continue to improve and enhance our competitive moat by expanding our product surface area and deepening our existing capabilities, particularly around data management and governance.

利用 WhatsApp 和 Braze 的園區環境，Rappi 的購買量比僅收到推送通知和電子郵件的對照組提高了 80%。諸如此類的案例研究表明，營銷人員如何通過 WhatsApp 等新渠道立即利用 Canvas 的靈活性和流媒體架構的強大功能來定位個性化和精心策劃複雜的營銷活動，從而提高參與度和投資回報率。除了額外的渠道之外，我們還通過擴大產品範圍和深化現有能力，特別是在數據管理和治理方面，繼續改善和增強我們的競爭護城河。

Yesterday, we announced new data transformation and integration options to enable brands to get data into Braze quickly and easily with less ongoing maintenance burden and lower lift from technical teams. I won't go through all these enhancements in detail, but I'll mention a few key innovations that we believe will be particularly impactful for customers. First is data transformations, a feature that gives brands the ability to easily map incoming data from third-party services on to Braze user profiles. Even more exciting, the code that defines these transformations can be automatically generated using a generative AI capability within our Sage AI suite.

昨天，我們宣布了新的數據轉換和集成選項，使品牌能夠快速輕鬆地將數據導入 Braze，同時減少持續維護負擔並降低技術團隊的負擔。我不會詳細介紹所有這些增強功能，但我會提到一些我們認為對客戶特別有影響的關鍵創新。首先是數據轉換，該功能使品牌能夠輕鬆地將來自第三方服務的傳入數據映射到 Braze 用戶配置文件。更令人興奮的是，定義這些轉換的代碼可以使用我們的 Sage AI 套件中的生成式 AI 功能自動生成。

Second, we are expanding cloud data ingestion to include an integration with Databricks Lakehouse Platform, while expanding the capabilities of our existing integrations into the Snowflake Data Cloud, Amazon Redshift and Google BigQuery. This flexible data injection capability helps customers reduce total cost of ownership in their data ecosystem by eliminating complexities when accessing their first-party data. Third, we infused generative AI into our query builder and SQL segment extension tools to empower teams to easily transform natural language prompts into insightful reports and audience segments.

其次，我們正在擴展雲數據攝取，包括與 Databricks Lakehouse Platform 的集成，同時將現有集成的功能擴展到 Snowflake Data Cloud、Amazon Redshift 和 Google BigQuery。這種靈活的數據注入功能消除了訪問第一方數據時的複雜性，可幫助客戶降低數據生態系統的總擁有成本。第三，我們將生成式人工智能融入到我們的查詢生成器和 SQL 分段擴展工具中，使團隊能夠輕鬆地將自然語言提示轉換為富有洞察力的報告和受眾分段。

SQL segment extensions itself is a recently released addition to our classification layer that enables comprehensive and flexible targeting on top of a customer's entire Braze data set, enabling marketers to execute on more advanced targeting use cases completely within Braze instead of relying on their in-house data teams or third-party tools. Leveraging these advancements, brands will be able to easily access and activate their valuable first-party data to power personalized customer engagement strategies that enhance loyalty, retention and revenue. We also recently launched Braze Instant Insights, a Snowflake native app that provides turnkey visualizations for analysis use cases like attribution, high-value actions, retention and investigating monetary value across cohorts.

SQL 段擴展本身是我們分類層最近發布的附加功能，可在客戶的整個Braze 數據集之上實現全面、靈活的定位，使營銷人員能夠完全在Braze 內執行更高級的定位用例，而不是依賴其內部數據團隊或第三方工具。利用這些進步，品牌將能夠輕鬆訪問和激活其寶貴的第一方數據，以支持個性化的客戶參與策略，從而提高忠誠度、保留率和收入。我們最近還推出了 Braze Instant Insights，這是一款 Snowflake 原生應用程序，可為分析用例提供統包可視化，例如歸因、高價值操作、保留和跨群體的貨幣價值調查。

In the same way that we built Snowflake data sharing to reduce the effort and time to value for customers building outgoing data pipelines from Braze, Instant Insights reduces the effort to go from data in the warehouse to sophisticated reporting. And in June, we announced Sage AI, a set of advanced AI and ML capabilities integrated into the Braze platform. Sage AI is designed to enhance marketer productivity while powering better and more effective customer engagement results. The most recent additions to Sage included three main innovations.

就像我們構建 Snowflake 數據共享以減少客戶從 Braze 構建傳出數據管道的工作量和實現價值的時間一樣，Instant Insights 減少了從倉庫中的數據到復雜報告的工作量。 6 月，我們發布了 Sage AI，這是集成到 Braze 平台中的一組先進的 AI 和 ML 功能。 Sage AI 旨在提高營銷人員的工作效率，同時提供更好、更有效的客戶參與結果。 Sage 的最新新增內容包括三項主要創新。

First, an AI recommendation engine that utilizes a custom-trained transformer model to match items for Braze catalogs with customers most likely to buy them, providing content personalization that outperforms competing techniques in our tests. We believe this feature, which will become a separate SKU, will boost campaign revenue and improve customer loyalty for the brands that use it.

首先，人工智能推薦引擎利用定制訓練的變壓器模型將 Braze 目錄中的商品與最有可能購買它們的客戶進行匹配，從而提供優於我們測試中的競爭技術的內容個性化。我們相信，這一功能（將成為一個單獨的 SKU）將增加活動收入並提高使用該功能的品牌的客戶忠誠度。

Second, our AI content QA tool that leverages Open AI's GPT-4 to check messages for tone, structure, grammar and appropriate language was promoted into general availability and has now been used by hundreds of brands. We're seeing the advantage of being early movers in generative AI as we're quickly expanding beyond obvious use cases and integrating capabilities that are finally tuned to marketer workflows.

其次，我們的 AI 內容 QA 工具利用 Open AI 的 GPT-4 檢查消息的語氣、結構、語法和適當的語言，現已全面推廣，現已被數百個品牌使用。我們看到了成為生成式人工智能早期推動者的優勢，因為我們正在迅速擴展到明顯的用例之外，並集成最終適應營銷人員工作流程的功能。

Third, we added winning path to Canvas, our visual development environment, which marketers use as a no-code journey orchestration tool. This feature automatically optimizes how customers flow through paths in a Canvas, allowing brands to boost conversions with a single click.

第三，我們為 Canvas 添加了製勝之道，這是我們的視覺開發環境，營銷人員將其用作無代碼旅程編排工具。此功能會自動優化客戶在 Canvas 中的路徑流動方式，讓品牌只需單擊一下即可提高轉化率。

Finally, we were refining an A/B test prediction feature designed to use a combination of large language models and other neural network architectures to automatically predict the winner of an A/B test without a pilot send, helping marketers execute on new experiments more efficiently and improving their overall performance.

最後，我們正在完善A/B 測試預測功能，旨在使用大型語言模型和其他神經網絡架構的組合來自動預測A/B 測試的獲勝者，而無需進行試點發送，從而幫助營銷人員更有效地執行新實驗並提高他們的整體表現。

Finally, I wanted to update you on our social impact initiatives. In July, Braze published its second annual ESG report. This report included our FY '23 greenhouse gas emissions audit, an overview of our diversity, equity and inclusion activities and details on our grant-making efforts as part of our Pledge 1% equity donation program.

最後，我想向您介紹我們的社會影響計劃的最新情況。 7 月，Braze 發布了第二份年度 ESG 報告。該報告包括我們的 23 財年溫室氣體排放審計、我們多元化、公平和包容性活動的概述，以及作為我們承諾 1% 股權捐贈計劃一部分的贈款工作的詳細信息。

Our social impact mission is to amplify employee impact to create opportunity for underserved groups within our communities and to accelerate science-based climate solutions. We look forward to growing these efforts through continued employee advocacy and participation over time. Thank you to our customers, team members and shareholders for your continued support of Braze. We're excited about our path ahead and believe the investments in our product, people and ecosystem, combined with strong secular tailwinds, position Braze to become the industry standard for customer engagement.

我們的社會影響力使命是擴大員工影響力，為社區內服務不足的群體創造機會，並加速基於科學的氣候解決方案。我們期待著通過員工的持續倡導和參與來加強這些努力。感謝我們的客戶、團隊成員和股東對 Braze 的持續支持。我們對未來的道路感到興奮，並相信對我們的產品、人員和生態系統的投資，再加上強大的長期推動力，將使 Braze 成為客戶參與的行業標準。

And now I'll turn the call over to Isabelle.

現在我將把電話轉給伊莎貝爾。

Thank you, Bill. And thank you, everyone, for joining us today. As Bill mentioned, we reported a strong second quarter with revenue up 34% year-over-year to $115.1 million. This was driven by a combination of existing customer contract expansion, renewals and new business. Our acquisition of North Star closed on June 1 and contributed nearly $2 million of revenue in the quarter. Our subscription revenue remains the primary component of our total top line, contributing 95% of our second quarter revenue. The remaining 5% represents a combination of recurring professional services and onetime configuration and on-boarding fees.

謝謝你，比爾。感謝大家今天加入我們。正如 Bill 提到的，我們第二季度業績強勁，收入同比增長 34% 至 1.151 億美元。這是由現有客戶合同擴展、續約和新業務共同推動的。我們對 North Star 的收購於 6 月 1 日完成，本季度貢獻了近 200 萬美元的收入。我們的訂閱收入仍然是我們總收入的主要組成部分，佔第二季度收入的 95%。剩下的 5% 代表經常性專業服務以及一次性配置和入職費用的組合。

Total customer count increased 22% year-over-year to 1,958 customers as of July 31, up 359 from the same period last year and up 92 from the prior quarter. Our total number of large customers, which we define as those spending at least $500,000 annually grew 24% year-over-year to 173, and as of July 31, contributed 57% to our total ARR. This compares to a 55% contribution as of the same quarter last year. Measured across all customers, dollar-based net retention was 120%, while dollar-based net retention for our large customers was 123%.

截至 7 月 31 日，客戶總數同比增長 22%，達到 1,958 名客戶，比去年同期增加 359 名，比上一季度增加 92 名。我們的大客戶總數（我們將其定義為每年支出至少 50 萬美元的客戶）同比增長 24%，達到 173 個，截至 7 月 31 日，占我們總 ARR 的 57%。相比之下，去年同期的貢獻率為 55%。對所有客戶進行衡量，按美元計算的淨保留率為 120%，而我們大客戶按美元計算的淨保留率為 123%。

Expansion was again broadly distributed across industries and geographic regions. Consistent with the prior quarter, revenue outside the U.S. contributed 43% of our total revenue in the second quarter. In the second quarter, our total remaining performance obligation was $524 million, up 28% year-over-year and up 10% sequentially. Current RPO was $353 million, up 29% year-over-year and up 9% sequentially.

擴張再次廣泛分佈於各個行業和地理區域。與上一季度一致，美國以外的收入佔第二季度總收入的 43%。第二季度，我們的剩餘履約義務總額為 5.24 億美元，同比增長 28%，環比增長 10%。目前的 RPO 為 3.53 億美元，同比增長 29%，環比增長 9%。

The year-over-year increases were driven by contract renewals and upsells and the signing of new customer contracts. Overall, dollar-weighted contract length remains at approximately 2 years. Non-GAAP gross profit in the quarter was $80.6 million, representing a non-GAAP gross margin of 70%. This compares to a non-GAAP gross profit of $59.7 million and non-GAAP gross margin of 69.3% in the second quarter of last year.

同比增長是由合同續簽、追加銷售以及新客戶合同的簽署推動的。總體而言，按美元加權的合同期限仍約為 2 年。該季度非 GAAP 毛利潤為 8060 萬美元，相當於 70% 的非 GAAP 毛利率。相比之下，去年第二季度的非 GAAP 毛利潤為 5970 萬美元，非 GAAP 毛利率為 69.3%。

The 70 basis points year-over-year margin improvement was driven by ongoing efficiencies related to personnel costs and continued economies of scale in our core technology expenses. Non-GAAP sales and marketing expense was $51.8 million or 45% of revenue compared to $44.3 million or 51% of revenue in the prior year quarter. While the dollar increase reflects our year-over-year investments in headcount costs to support our ongoing growth and global expansion, improved efficiency reflects our disciplined investment approach to resource deployment across our go-to-market organization.

利潤率同比提高了 70 個基點，這是由於與人員成本相關的持續效率以及我們核心技術支出的持續規模經濟所推動的。非 GAAP 銷售和營銷費用為 5,180 萬美元，佔收入的 45%，而去年同期為 4,430 萬美元，佔收入的 51%。雖然美元的增長反映了我們在員工成本上的逐年投資，以支持我們的持續增長和全球擴張，但效率的提高反映了我們在整個上市組織中對資源部署的嚴格投資方法。

Non-GAAP R&D expense was $18.9 million or 16% of revenue compared to $16.3 million or 19% of revenue in the prior year quarter. The dollar increase was primarily driven by increased headcount costs to support the expansion of our existing offerings as well as to develop new products and features to drive growth. Non-GAAP G&A expense was $17.4 million or 15% of revenue compared to $16.5 million or 19% of revenue in the prior year quarter.

非 GAAP 研發費用為 1,890 萬美元，佔收入的 16%，而去年同期為 1,630 萬美元，佔收入的 19%。美元增長主要是由於員工成本增加，以支持現有產品的擴展以及開發新產品和功能以推動增長。非 GAAP G&A 費用為 1,740 萬美元，佔收入的 15%，而去年同期為 1,650 萬美元，佔收入的 19%。

The dollar increase was driven by investments to support our overall company growth, including headcount costs and increases in software subscriptions and licenses. Non-GAAP operating loss was $7.6 million compared to a non-GAAP operating loss of $17.5 million in the prior year quarter. Non-GAAP net loss attributable to Braze shareholders in the quarter was $3.9 million or a loss of $0.04 per share compared to a loss of $15.2 million or a loss of $0.16 per share in the prior year quarter.

美元增長是由支持我們公司整體增長的投資推動的，包括員工成本以及軟件訂閱和許可的增加。非 GAAP 運營虧損為 760 萬美元，而去年同期非 GAAP 運營虧損為 1,750 萬美元。本季度歸屬於 Braze 股東的非 GAAP 淨虧損為 390 萬美元，即每股虧損 0.04 美元，而上年同期為虧損 1520 萬美元，即每股虧損 0.16 美元。

Now turning to the balance sheet and cash flow statement. We ended the quarter with $476.2 million in cash, cash equivalents, restricted cash and marketable securities. Cash used in operations during the quarter was $17.5 million compared to $16.3 million in the prior year quarter. Taking into consideration the cash impact of capitalized costs, free cash flow was negative $18.7 million compared to negative free cash flow of $24.7 million in the prior year quarter. The improvement in free cash flow is primarily due to lower capital expenditures compared to the prior year quarter which included CapEx for our London office expansion.

現在轉向資產負債表和現金流量表。本季度結束時，我們的現金、現金等價物、限制性現金和有價證券為 4.762 億美元。本季度運營中使用的現金為 1,750 萬美元，而去年同期為 1,630 萬美元。考慮到資本化成本對現金的影響，自由現金流為負 1,870 萬美元，而去年同期為負自由現金流 2,470 萬美元。自由現金流的改善主要是由於與去年同期相比資本支出減少，其中包括倫敦辦事處擴張的資本支出。

Now turning to our forecast. We're encouraged by the strong first half of the fiscal year. Demand for high-quality customer engagement solutions remain solid, and we're optimistic in our ability to execute against our long-term financial targets. We intend to maintain cost discipline and reiterate that we believe that we are well positioned to achieve a non-GAAP operating margin of better than negative 7% in Q4 of this year. For the third quarter, we expect revenue to be in the range of $116.5 million to $117.5 million, which represents a year-over-year growth rate of approximately 26% at the midpoint.

現在轉向我們的預測。我們對本財年上半年的強勁表現感到鼓舞。對高質量客戶互動解決方案的需求依然強勁，我們對執行長期財務目標的能力感到樂觀。我們打算維持成本紀律，並重申我們相信我們有能力在今年第四季度實現非 GAAP 營業利潤率好於負 7%。對於第三季度，我們預計收入將在 1.165 億美元至 1.175 億美元之間，中間值同比增長率約為 26%。

For the third quarter, non-GAAP operating loss is expected to be in the range of $15.5 million to $16.5 million. At the midpoint, this implies an operating margin of negative 13.7%. The sequential reduction in non-GAAP operating margin relative to Q2 is driven by onetime expenses related to the company's annual customer conference, Forge as well as other sales and marketing expenses related to sales enablement, which will be concentrated in Q3 and are not projected to materially impact Q4.

第三季度，非 GAAP 運營虧損預計在 1550 萬美元至 1650 萬美元之間。在中點，這意味著營業利潤率為負 13.7%。與第二季度相比，非公認會計準則營業利潤率連續下降是由於與公司年度客戶會議、Forge 相關的一次性費用以及與銷售支持相關的其他銷售和營銷費用，這些費用將集中在第三季度，預計不會對第四季度產生重大影響。

Third quarter non-GAAP net loss is expected to be $13 million to $14 million and third quarter non-GAAP net loss per share in the range of $0.13 to $0.14 per share, based on approximately 100.2 million weighted average basic shares outstanding during the period. For the full fiscal year 2024, we expect total revenue to be in the range of $451.5 million to $454.5 million, which represents a year-over-year growth rate of approximately 27% at the midpoint.

第三季度非 GAAP 淨虧損預計為 1300 萬至 1400 萬美元，第三季度非 GAAP 每股淨虧損為 0.13 至 0.14 美元，基於該期間約 1.002 億股加權平均已發行基本股計算。對於 2024 年整個財年，我們預計總收入將在 4.515 億美元至 4.545 億美元之間，中間值同比增長率約為 27%。

Fiscal year 2024 non-GAAP operating loss is expected to be in the range of $47 million to $49 million. Non-GAAP net loss for the same period is expected to be in the range of $37 million to $39 million. Fiscal year 2024 non-GAAP net loss per share is expected to be $0.37 to $0.39 per share based on a full year weighted average basic share count of approximately 98.8 million shares. We remain committed to driving revenue growth while improving operating income and free cash flow margins in the coming quarters. We reiterate that we expect Braze will achieve positive quarterly non-GAAP operating income and positive quarterly free cash flow by the end of the fiscal year ended January 31, 2025.

2024 財年非 GAAP 運營虧損預計在 4700 萬美元至 4900 萬美元之間。預計同期非 GAAP 淨虧損將在 3700 萬美元至 3900 萬美元之間。根據全年加權平均基本股數約 9880 萬股計算，2024 財年非 GAAP 每股淨虧損預計為 0.37 至 0.39 美元。我們仍然致力於在未來幾個季度推動收入增長，同時提高營業收入和自由現金流利潤率。我們重申，我們預計 Braze 將在截至 2025 年 1 月 31 日的財年結束時實現正的季度非 GAAP 營業收入和正的季度自由現金流。

I'll conclude my remarks by reiterating our excitement in Braze's future. We remain focused on partnering with our customers to deliver best-in-class customer engagement and growing our top line while maintaining cost discipline to achieve our long-term financial targets. And with that, we'll now open the call for questions. Operator, please begin the Q&A.

我將通過重申我們對 Braze 未來的興奮來結束我的發言。我們仍然專注於與客戶合作，提供一流的客戶參與度並增加我們的收入，同時保持成本控制以實現我們的長期財務目標。現在，我們將開始提問。接線員，請開始問答。

(Operator Instructions) Our first question comes from Ryan MacWilliams with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Ryan MacWilliams。

For Bill, let us see the improvement in monthly active user growth this quarter. I know that's not a perfect metric but would love your thoughts on where your customers' usage and marketing spend currently stand at this point in the year. Like are they becoming more willing to make growth investments at this point? Or is it more stabilization? I'll love your thoughts here.

對於比爾來說，讓我們看看本季度月度活躍用戶增長的改善情況。我知道這不是一個完美的指標，但希望了解您對今年此時客戶的使用情況和營銷支出目前狀況的看法。他們現在是否變得更願意進行增長投資？還是更穩定？我會喜歡你在這裡的想法。

So I think overall throughout the year, we've seen pretty consistent conditions for our customers and just broadly around the macro, and we're seeing that same consistency around the globe. Everyone's experiencing pretty similar interest rate conditions. A lot of marketers are operating with flat or frozen budgets. And so while we're -- we've been really happy with our execution through the environment. We obviously highlighted the new business growth. We've been really happy with the diversification of new customers that are coming in. I also do think that we've got some gas in the tank from the perspective of a lot of the product expansion that's happened, a lot -- the WhatsApp launch. We've been happy with the traction there.

因此，我認為總體而言，在這一年中，我們的客戶以及宏觀方面的情況都非常一致，而且我們在全球範圍內也看到了同樣的一致性。每個人都經歷著非常相似的利率狀況。許多營銷人員的預算持平或凍結。因此，儘管我們——我們對我們在環境中的執行感到非常滿意。我們顯然強調了新業務的增長。我們對新客戶的多元化感到非常高興。我也確實認為，從已經發生的很多產品擴張的角度來看，我們已經有了一些動力——WhatsApp發射。我們對那裡的吸引力感到滿意。

But in an environment where marketers in general are sitting on frozen budgets, a lot of scrutiny from procurement and a lot of scrutiny from their CFOs, the opportunity for a new product launch like that or expansion to continue to really see its full potential is going to be more limited. And so we're -- from the beginning of the year, we've seen things continue to be challenging and unpredictable. I'd say that conditions broadly haven't improved, but they also haven't gotten worse. And we've been really happy with the execution that we've seen across the company. We've strengthened a lot of the foundations, both in our product as well as in our go-to-market strategy and our sales organization. We've been really focused for setting up the organization for our path to ability in ARR, but it is definitely still challenging out there.

但在營銷人員普遍預算被凍結、採購部門的大量審查以及首席財務官的大量審查的環境下，像這樣的新產品推出或擴張繼續真正發揮其全部潛力的機會正在消失。更加有限。因此，從今年年初開始，我們就看到事情繼續充滿挑戰和不可預測。我想說的是，情況總體上沒有改善，但也沒有變得更糟。我們對整個公司的執行情況感到非常滿意。我們已經加強了許多基礎，無論是在我們的產品、我們的市場戰略和我們的銷售組織方面。我們一直非常專注於為我們的 ARR 能力之路建立組織，但這絕對仍然具有挑戰性。

Appreciate the color. And then for Isabelle, could you see the continued improvement in gross margin? What were some of the drivers of the gross margin improvement in the quarter? And do you think you can continue to see step-ups in this metric as your customers begin to utilize more large language funnel capabilities?

欣賞顏色。那麼對於伊莎貝爾來說，您能看到毛利率持續改善嗎？本季度毛利率改善的一些驅動因素是什麼？當您的客戶開始利用更大型的語言漏斗功能時，您認為您可以繼續看到該指標的提升嗎？

Thanks for the question. Yes. So I think the trajectory that we're on within our gross margin metric is very consistent with our long-term targets that we've stated. So our long-term target is 67% to 72%. We're operating well within that range and already at 70%, which is great to see. And we're really kind of just ticking up as we continue to experience and realize cost efficiencies and operations of scale across our technology stack and then, some personnel efficiencies that we have.

謝謝你的提問。是的。因此，我認為我們的毛利率指標的軌跡與我們所說的長期目標非常一致。所以我們的長期目標是67%到72%。我們在這個範圍內運行良好，已經達到 70%，這是很高興看到的。隨著我們繼續體驗和實現跨技術堆棧的成本效率和規模運營，以及我們擁有的一些人員效率，我們確實正在進步。

I think some of the ongoing things that we can look to that I've talked about before in terms of our path to profitability is ongoing economies of scale across the tech stack, which we will continue to leverage and continue to improve over time. And then specifically across personnel, we've talked about our leveraging cost optimized locations as we continue to grow that headcount finding ways to do so in a more optimized fashion.

我認為我之前在盈利之路上談到過的一些持續的事情是整個技術堆棧中持續的規模經濟，我們將繼續利用並隨著時間的推移繼續改進。然後，特別是在人員方面，我們討論瞭如何利用成本優化的地點，因為我們不斷增加員工人數，尋找以更優化的方式實現這一目標的方法。

So I think the combination of those two things will continue to kind of lead us to where we are and beyond within that range that we've stated for the long term.

因此，我認為這兩件事的結合將繼續引導我們達到目前的水平，並超出我們所說的長期範圍。

Our next question comes from Jake Titleman with Goldman Sachs.

我們的下一個問題來自高盛的傑克·蒂特曼。

Congrats on a great quarter. Bill, you mentioned an AI recommendation engine that will be a separate SKU. Can you talk a little bit more about that, what the plans are to monetize it? And maybe are there some other AI SKUs that are coming down the pipe that you also charge for separately?

恭喜您度過了一個出色的季度。 Bill，您提到了一個人工智能推薦引擎，它將是一個單獨的 SKU。您能多談談這一點嗎？計劃將其貨幣化嗎？也許還有其他一些 AI SKU 即將推出，您也需要單獨收費？

Yes. So across our AI and machine learning investments, we expect there to continue to be a mix of ways that we will realize returns on it. Some parts will be monetized independently. Our predictive suite has actually been in the product as a separate SKU for a while. And if you look at the transformer driven recommendation engine, we anticipate that to both, be a separate SKU and also to support additional upsells for another product we have called product Catalogs, which could be used with or without the recommendation engine. And so those are both great examples of places where we have independent monetization and then, we also have support of other aspects of the product that independently monetize.

是的。因此，在我們的人工智能和機器學習投資中，我們預計將繼續採用多種方式來實現回報。某些部分將獨立貨幣化。我們的預測套件實際上已經作為單獨的 SKU 在產品中存在一段時間了。如果你看看變壓器驅動的推薦引擎，我們預計這兩者都是一個單獨的SKU，並且還支持我們稱為產品目錄的另一種產品的額外追加銷售，該產品可以與推薦引擎一起使用，也可以不與推薦引擎一起使用。因此，這些都是我們擁有獨立貨幣化的地方的好例子，然後，我們還獲得了獨立貨幣化產品的其他方面的支持。

In addition to that, I think that a lot of the generative AI investments that we're making, which are improving marketer productivity and allowing for marketers to just bring their ideas to life more quickly, to be able to inspire them more. In the example of the SQL segment extensions or the data transformers that I spoke about earlier, we think that these are really good places where the generative AI is actually helping build confidence for marketers to take on more technical tasks within the platform. And what all of those lead to is faster time to value, more usage, the confidence to deploy more use cases.

除此之外，我認為我們正在進行的許多生成式人工智能投資正在提高營銷人員的生產力，並允許營銷人員更快地將他們的想法變為現實，從而能夠更多地激發他們的靈感。在我之前談到的 SQL 段擴展或數據轉換器的示例中，我們認為這些都是非常好的地方，生成式人工智能實際上可以幫助營銷人員建立信心，以便在平台內承擔更多技術任務。所有這些都會帶來更快的價值實現、更多的使用以及部署更多用例的信心。

And of course, when we see new use cases coming to the picture, usually come with more monthly active users, and they often come with expansion into new channels or expansion into new data products. And so they're all very much self-reinforcing even without independent monetization. And of course, across the board, we make marketers more productive and when we make the teams that use Braze more agile, it also leads to higher levels of experimentation, which compounds ROI, improves customer satisfaction and ultimately leads to a better differentiation for Braze. And so we see this kind of flywheel effects happening where, yes, we are absolutely going to independently monetize. But even if we weren't, we still think there's a lot of monetary benefit. And the ability for our community to continue to up-level themselves more quickly, so that Braze can further separate our competition in the sense that we are certainly characterized in the market as being the top of the sophistication pyramid in the space.

當然，當我們看到新的用例出現時，通常會帶來更多的月度活躍用戶，並且它們通常會擴展到新的渠道或擴展到新的數據產品。因此，即使沒有獨立的貨幣化，它們也能自我強化。當然，從整體上看，我們提高了營銷人員的工作效率，當我們使使用Braze 的團隊更加敏捷時，它也會帶來更高水平的實驗，從而提高投資回報率，提高客戶滿意度，並最終為Braze 帶來更好的差異化。因此，我們看到這種飛輪效應正在發生，是的，我們絕對會獨立獲利。但即使我們沒有，我們仍然認為有很多金錢上的好處。我們的社區能夠繼續更快地提升自己的水平，因此 Braze 可以進一步區分我們的競爭對手，因為我們在市場上無疑是該領域複雜金字塔的頂端。

And so the more that we have marketers who are operating with agile team methodologies and who are comfortable with more kind of data-driven strategies as well as using more technical features. All of those things lead to them being able to utilize the parts of Braze that are very differentiated and very hard to mimic or copy, and that leads to pricing power and other sorts of benefits for us.

因此，我們有越來越多的營銷人員採用敏捷團隊方法進行操作，並且熟悉更多類型的數據驅動策略以及使用更多技術功能。所有這些都使他們能夠利用 Braze 的非常差異化且很難模仿或複制的部分，這為我們帶來了定價權和其他好處。

That was very helpful. And then I just wanted to follow up on the GSI being instrumental in one of your displacements of the legacy marketing clouds. Can you just talk a little bit about the GSI relationships, the global agency relationships, how those are evolving? And when do you think that, that could actually be a material driver to revenue growth?

這非常有幫助。然後我只是想跟進 GSI 在您取代傳統營銷雲的過程中發揮的作用之一。您能簡單談談 GSI 關係、全球代理關係以及這些關係是如何演變的嗎？您何時認為這實際上可以成為收​​入增長的物質驅動力？

Yes. So we're continuing to deepen our relationships with solutions providers, including global systems integrators, the big agency holding companies and also a vast global network of smaller marketing and growth agencies. And the fundamentals of those relationships continue to be really solid. We're investing to allow that mutually beneficial flywheel that I've spoken about in prior quarters to continue to spin up. And I'd say we're also advancing at varying speeds depending on the partner, but we're really excited about the overall trend line, and we're seeing examples of tremendous success where we're generating really strong services revenue for those partners that are leaned into their Braze practices and our joint go-to-market motions.

是的。因此，我們將繼續深化與解決方案提供商的關係，包括全球系統集成商、大型代理控股公司以及由小型營銷和增長機構組成的龐大全球網絡。這些關係的基礎仍然非常牢固。我們正在投資，讓我在前幾個季度談到的互惠互利的飛輪繼續旋轉。我想說，我們也在以不同的速度前進，具體取決於合作夥伴，但我們對整體趨勢線感到非常興奮，並且我們看到了巨大成功的例子，我們為這些合作夥伴創造了非常強勁的服務收入熟悉他們的Braze 實踐和我們的聯合上市動議的合作夥伴。

But the characterization of how your really great Braze partner is very different from the way that you may have been a great partner of the legacy marketing clouds.

但是，您真正優秀的 Braze 合作夥伴的特徵與您可能是傳統營銷雲的優秀合作夥伴的特徵非常不同。

Braze represents easier integration, faster time to value. But on the flip side, it also represents greater opportunities to compound ROI through experimentation, through additional data analysis. And so the types of services that really resonate with the Braze customer base are different from what the GSIs were maybe used to providing for legacy marketing cloud providers. They're better, and they're exactly where those partners are trying to evolve to, because it represents more ongoing revenue as opposed to being predominantly the upfront integration-oriented revenue.

Braze 代表著更容易的集成、更快的價值實現。但另一方面，它也代表了通過實驗和額外的數據分析來複合投資回報率的更大機會。因此，真正引起 Braze 客戶群共鳴的服務類型不同於 GSI 可能用於為傳統營銷雲提供商提供的服務類型。它們更好，而且正是這些合作夥伴試圖發展的方向，因為它代表了更多的持續收入，而不是主要是前期集成導向的收入。

And so it's definitely an evolution that our partners want to make, especially at the GSI level. It's one that we're supporting them and making. But as I mentioned, they're certainly progressing at different speeds, depending on how leaned in those organizations are. And we're looking forward to seeing the success that we are in all the places where partners are really leaned in, where they've adapted their model to spread more evenly across that entire ecosystem over time.

因此，這絕對是我們的合作夥伴想要進行的變革，尤其是在 GSI 層面。這是我們支持他們並製作的。但正如我所提到的，它們的進展速度肯定不同，具體取決於這些組織的傾斜程度。我們期待看到我們在合作夥伴真正擅長的所有領域取得成功，他們已經調整了自己的模式，以便隨著時間的推移在整個生態系統中更均勻地傳播。

And we're investing internally to make sure that's going to happen. So we're seeing really promising early results from the GSIs and from the big holding companies, we're seeing growing momentum quarter-over-quarter. And like I said, we have complete confidence that the foundations of how we get that flywheel spinning in a mutually beneficial way are completely sound and will continue to be. And we're excited about where that's going.

我們正在進行內部投資以確保這一切能夠實現。因此，我們看到 GSI 和大型控股公司的早期業績非常有希望，我們看到季度環比增長的勢頭。正如我所說，我們完全相信，我們如何讓飛輪以互惠互利的方式旋轉的基礎是完全健全的，並將繼續如此。我們對接下來的發展感到興奮。

Our next question comes from Michael Berg with Wells Fargo.

我們的下一個問題來自富國銀行的邁克爾·伯格。

Congrats on quarter. I just have a quick one on the cloud data adjustment progress. You have a number of announcements in and around that space. And with the strength you're seeing in the business, maybe you can help us understand how that's helping either drive expansion, stickiness adoption, or how you're thinking about the benefits of that longer term? It certainly seems it can ease the adoption curve here.

恭喜季度。我簡單介紹一下云數據調整的進展。在該空間內及其周圍有許多公告。憑藉您在業務中看到的實力，也許您可​​以幫助我們了解這如何幫助推動擴張、粘性採用，或者您如何考慮長期的好處？看起來它確實可以緩解這裡的採用曲線。

Yes, I think that's exactly right. And broadly, we are focused on ensuring that our customers can get their data into Braze quickly, easily, affordably and that they can do so without an ongoing maintenance burden. And so when you think about whether you want to call it the total cost of ownership or just think about the characterization of how Braze first deploys and then lives within a technology ecosystem. What we're trying to do with things like cloud data ingestion is the activation energy to both, get data flowing into Braze in the first place, but also to add those incremental use cases over time.

是的，我認為這是完全正確的。從廣義上講，我們致力於確保我們的客戶能夠快速、輕鬆、經濟地將他們的數據導入 Braze，並且無需承擔持續的維護負擔。因此，當您考慮是否要將其稱為總擁有成本，還是僅考慮 Braze 如何首先部署然後在技術生態系統中生存的特徵時。我們試圖對雲數據攝取之類的事情做的是激活能量，首先讓數據流入 Braze，同時隨著時間的推移添加這些增量用例。

And so that ability to onboard a customer more quickly to have them get comfortable in the Braze environment, get their early use cases out the door and then immediately be looking at new opportunities to say, "Hey, oh, I didn't anticipate that I might want to personalize with this particular bit of data," or "My data science team has just completed these new machine learning models around propensity scoring. That would be really helpful to incorporate into my personalization strategies in Braze," or "I have a new corporate KPI that I want to be able to measure that was not a conversion event that was in my initial integration, but it lives in my data warehouse."

這樣就能夠更快地吸引客戶，讓他們適應 Braze 環境，推出他們的早期用例，然後立即尋找新的機會說：“嘿，哦，我沒想到會這樣我可能想用這些特定的數據進行個性化”，或者“我的數據科學團隊剛剛完成了圍繞傾向評分的這些新機器學習模型。這對於將我的Braze 個性化策略納入其中非常有幫助”，或者“我有我希望能夠衡量一個新的企業KPI，它不是我最初集成中的轉換事件，而是存在於我的數據倉庫中。”

There's a lot of examples like these that in the past, our marketing team would have had to have gone to an engineering team or a data science team, gotten into their next sprint cycle, gone through all of the heavyweight machinery that goes into releases around new software and such and just leads to delays additional energy and investment required. And often, that's enough for them to get their progress blocked up. And so what we're really trying to do is put marketers in control of their own destiny for a wider swath of the data that lives within their ecosystem. We're committed to giving customers flexible options for our stream processor to ingest either their raw data, the insights that they're generating through additional data science work, and obviously, all of the events and other activities that are generated by end user actions. And that means that we're committed to continuing to integrate with our whole partner ecosystem, working with CDPs, with reverse ETL vendors, with various analytics software as well as the data warehouses and lake houses and our own customers bespoke data engineering pipeline.

有很多這樣的例子，在過去，我們的營銷團隊必須去工程團隊或數據科學團隊，進入他們的下一個衝刺週期，經歷發布前後的所有重量級機制。新軟件等只會導致延遲所需的額外能源和投資。通常，這足以讓他們的進步受阻。因此，我們真正想做的是讓營銷人員能夠掌控自己生態系統中更廣泛數據的命運。我們致力於為客戶提供靈活的流處理器選項，以獲取他們的原始數據、他們通過額外的數據科學工作生成的見解，以及最終用戶操作生成的所有事件和其他活動。這意味著我們致力於繼續與我們的整個合作夥伴生態系統集成，與 CDP、反向 ETL 供應商、各種分析軟件以及數據倉庫和 Lake House 以及我們自己的客戶定制的數據工程管道合作。

So you should expect to continue to see a broad investment by Braze on the data front, so that the Braze data platform continues to allow our customers to both, get up and running more quickly, get more use cases to us. And we're not trying to monetize things like that independently because, of course, we have the great advantage of new data that flows into Braze drives more use cases. It leads to incremental monthly active users when people bring in new user populations, and it leads to additional messaging usage as people start to deploy Braze into more and more parts of their user journey. And so we really look at data as an input. We want to make sure that customers can get it into Brazes very easily, they can expand that over time. And it's all a really good self-reinforcing loop for us.

因此，您應該期望繼續看到 Braze 在數據方面的廣泛投資，以便 Braze 數據平台繼續允許我們的客戶更快地啟動和運行，並為我們提供更多用例。我們並沒有試圖獨立地通過此類事情貨幣化，因為當然，我們擁有流入 Braze 的新數據的巨大優勢，可以推動更多用例。當人們引入新的用戶群體時，它會導致每月活躍用戶的增加，並且當人們開始將 Braze 部署到用戶旅程的越來越多的部分時，它會導致額外的消息使用。因此，我們確實將數據視為輸入。我們希望確保客戶可以輕鬆地將其引入 Brazes，並且隨著時間的推移，他們可以擴展它。這對我們來說是一個非常好的自我強化循環。

Very helpful. And then a quick follow-up on the product front. Generative AI, you mentioned you were early to the game. When I think about your Data (inaudible) platform, it certainly seems like the products are coming out at a pretty high velocity. Is there anything structural in either your architecture or how you're using generative AI that's helping with your R&D velocity? And do you feel that's a competitive advantage moving forward to help take further share from the legacy players?

很有幫助。然後是產品方面的快速跟進。生成人工智能，你提到你很早就進入了這個遊戲。當我想到你們的數據（聽不清）平台時，產品的推出速度確實相當快。您的架構或使用生成式人工智能的方式是否有任何結構性因素有助於提高研發速度？您認為這是否是一種競爭優勢，有助於從傳統參與者那裡獲得更多份額？

Yes, absolutely. I mean especially when comparing to the legacy players, many of which were assembled through a series of acquisitions and still maintain the siloed architectures that come as a result of that. I think Braze has always been super focused on keeping tight vertical integration through all the different layers of our stack as well as just keeping complexity under control, making sure that we're constantly upgrading our foundations or we're keeping tech under control. A lot of the things that keep a well honed and the sharing machine running at high velocity even as you continue to scale.

是的，一點沒錯。我的意思是，尤其是與傳統企業相比，其中許多企業是通過一系列收購組建的，並且仍然保持著由此產生的孤立架構。我認為 Braze 一直非常專注於在堆棧的所有不同層中保持緊密的垂直集成，以及控制複雜性，確保我們不斷升級我們的基礎或控制技術。即使您繼續擴展，許多東西也能保持良好的磨練和共享機器高速運行。

And so when we're -- when we look at the roadmap velocity, we've been really happy with it for years. We've continued to add more and more investment to our R&D teams. And unlike in a lot of companies, as they get to a certain scale, you start to see the unit productivity slowdown out of R&D. I actually feel like in many ways, because of the strengthening of the foundations of Braze, we've sped up our unit productivity over the last few years. And you're seeing the results of that as see not only the rapid injection of AI into more and more of our platform, but you're also seeing channel expansion, platform expansion, the Braze data platform continuing to deepen its capabilities. And as we think about where the future of customer engagement is going, what we're trying to do is make sure that we're supporting exactly where the leading edge of modern customer engagement teams are driving towards. They're becoming responsible for more and more of the customer journey.

因此，當我們查看路線圖速度時，我們多年來一直對此感到非常滿意。我們不斷加大對研發團隊的投入。與許多公司不同的是，當它們達到一定規模時，你開始看到研發部門的單位生產力下降。事實上，我覺得在很多方面，由於 Braze 基礎的加強，我們在過去幾年中提高了單位生產力。您看到的結果不僅是人工智能快速注入到我們平台的越來越多的領域，而且您還看到渠道擴展、平台擴展、Braze 數據平台不斷深化其功能。當我們思考客戶互動的未來走向時，我們正在努力做的是確保我們準確地支持現代客戶互動團隊的前沿發展方向。他們對越來越多的客戶旅程負責。

They're becoming responsible for not just the delivery of marketing messages but also aspects of the product experience. And those are all the leading edge of where we think that you can bring in a lot of these ideas around: How are we data driven about what we're delivering? How do we use agility and experimentation to compound learnings over time? How do we make sure that we're delivering personalized and relevant experiences where we can take in the combination of all the context around the customer, all of the strategies and the important priorities for our business, and we combine those with automated decision-making through all the investments in AI and ML? And those things compound together to create a tremendous amount of value for the brands that use Braze. They also deliver better product experiences to end-user customers.

他們不僅負責營銷信息的傳遞，還負責產品體驗的各個方面。這些都是我們認為您可以引入許多此類想法的前沿領域：我們如何以數據驅動我們所交付的內容？隨著時間的推移，我們如何利用敏捷性和實驗來複合學習？我們如何確保我們提供個性化和相關的體驗，我們可以結合客戶的所有背景、所有策略和我們業務的重要優先事項，並將這些與自動化決策相結合通過對人工智能和機器學習的所有投資？這些因素結合在一起，為使用 Braze 的品牌創造了巨大的價值。他們還為最終用戶客戶提供更好的產品體驗。

And so we've always looked at the importance of us controlling that end-to-end data flow. And when you think about Braze's vertical integration where we live inside the end-user products, as users take actions, we know about it immediately. We're able to respond to it in the moment, in the product or we're able to use those insights in order to inform subsequent actions. And marketers are able to actually stay focused on business strategy as opposed to thinking about channels. And so that's all inherent to our architecture. It's been there from the very beginning. And you're seeing the benefits of that, not just in our great growth as a company but also in our R&D velocity.

因此，我們一直關注控制端到端數據流的重要性。當您想到我們位於最終用戶產品內部的 Braze 垂直整合時，當用戶採取行動時，我們會立即了解這一點。我們能夠立即在產品中對其做出響應，或者我們能夠使用這些見解來為後續行動提供信息。營銷人員能夠真正專注於業務策略，而不是考慮渠道。這就是我們的架構所固有的。它從一開始就在那裡。您會看到這樣做的好處，不僅體現在我們作為一家公司的巨大成長，還體現在我們的研發速度。

Our next question comes from DJ Hynes with Canaccord.

我們的下一個問題來自 Canaccord 的 DJ Hynes。

I'll echo others' comments on the quarter. It was nice to see the sequential growth in cRPO. Isabelle, the last time we spoke, I think the message from you was kind of like signs of stability are forming in the business. Like to that end, can you talk at all about linearity of bookings in the quarter? Any observations on kind of intra-quarter NRR? Any of that sort of stuff would be interesting to hear.

我將回應其他人對該季度的評論。很高興看到 cRPO 連續增長。伊莎貝爾，上次我們交談時，我認為您傳達的信息有點像行業正在形成穩定的跡象。為此，您能談談本季度預訂的線性嗎？對季度內 NRR 有何觀察？任何這類的事情聽到都會很有趣。

Yes. So I think we're really pleased with the execution that we had this quarter. And linearity actually -- I think one quarter does not a pattern make, but we were very pleased with our linearity results. And in fact, if you look at sort of some of the over attainment that we had relative to kind of the consensus number that was out there, linearity played a non-negligible part of that. I -- we are not including that type of expectation going forward for purposes of guidance.

是的。所以我認為我們對本季度的執行情況非常滿意。實際上，線性度——我認為四分之一併不能構成模式，但我們對線性度結果非常滿意。事實上，如果你看看我們相對於現有的共識數字所取得的一些超額成就，就會發現線性在其中發揮了不可忽視的作用。我——我們不會出於指導目的而包含這種類型的期望。

So I definitely expect that the over-performance that you're seeing here, this is not a pattern that we would expect to repeat. But it was very pleasing to us to see the linearity that we did achieve in this quarter. We're kind of back to the pattern of -- in this quarter, back to the pattern of about 50% of our bookings occurring in the first 2 months of quarter, which is great versus some of the back-end [weighting] that we had been experiencing over the past several quarters.

因此，我絕對希望您在這裡看到的過度表現，這不是我們希望重複的模式。但我們很高興看到本季度我們確實實現了線性。我們有點回到了本季度的模式，回到了大約 50% 的預訂發生在本季度前 2 個月的模式，這與一些後端 [權重] 相比非常好。我們在過去幾個季度一直在經歷這種情況。

And then a quick follow-up for you. Is that WhatsApp channel kind of gets in the market and continues to scale? Any comments you make around kind of contribution margin of that channel, like does it look more like SMS, does it look more like higher-margin channels? How should we think about things?

然後為您提供快速跟進。 WhatsApp 渠道是否已進入市場並繼續擴大規模？您對該渠道的貢獻率有什麼評論，比如它看起來更像短信嗎？它看起來更像利潤率更高的渠道嗎？我們應該如何思考事情？

Yes. So we don't speak specifically to that. I'll just sort of -- and I think we've made comments around this just sort of in terms of like where it lives in the sequence, it's going to be somewhere between e-mail and SMS. So think of it as kind of there in the pecking order, but that's what I'll say. I'm not -- certainly not concerned. In fact, even as SMS was growing as a proportion of our total top line, which it's done very steadily over the last 3.5, 4 years. We've continued to find ways to expand our margin, and you've seen that fairly meaningfully. So I would not look at the incorporation or growth of WhatsApp as -- with any concern towards gross margin compression.

是的。所以我們不具體談論這一點。我想，我們已經對此做出了評論，就像它在序列中的位置一樣，它將位於電子郵件和短信之間。因此，可以將其視為按啄食順序排序，但這就是我要說的。我不——當然不擔心。事實上，儘管 SMS 在我們總收入中所佔的比例不斷增長，但在過去 3.5、4 年裡它的表現非常穩定。我們一直在尋找擴大利潤的方法，您已經看到了這一點相當有意義。因此，我不會因為 WhatsApp 的合併或增長而擔心毛利率壓縮。

Our next question comes from Derrick Wood with Cowen.

我們的下一個問題來自 Derrick Wood 和 Cowen。

Congrats on a solid quarter. Following on that same topic, just curious, Bill, or Isabelle, what you're seeing in terms of cross-sell activity across channels including e-mail, SMS, in-app WhatsApp. Just wondering how side to push where you're seeing the most traction and whether there's any change in what channels you're landing with for new customers.

祝賀季度業績穩健。繼續同一主題，比爾或伊莎貝爾，只是好奇，您在跨渠道（包括電子郵件、短信、應用內 WhatsApp）的交叉銷售活動中看到了什麼。只是想知道如何向您認為最具吸引力的方向推進，以及您為新客戶登陸的渠道是否有任何變化。

Yes. So I'll call it two things. One is that we've been really excited to see that as we've added new channels and as we've grown the sophistication of those channels, even some that have been in the product for 10 years, like e-mail, that we continue to find the ability to start new contracts across any subset of channels. So we have customers that are starting with just SMS, with just content cards, with just e-mail, Obviously, just mobile, which is a big part of our heritage. And so as we continue to build out these new channels, we're looking for them to both, provide upsell and cross-sell opportunities.

是的。所以我將其稱為兩件事。一是我們非常興奮地看到，隨著我們添加新渠道以及這些渠道的複雜性，甚至一些已經在產品中使用了 10 年的渠道（例如電子郵件），我們繼續尋找跨任何渠道子集啟動新合同的能力。因此，我們的客戶一開始只使用短信、內容卡、電子郵件，顯然，只使用移動設備，這是我們傳統的重要組成部分。因此，當我們繼續建立這些新渠道時，我們正在尋找它們來提供追加銷售和交叉銷售機會。

But also a new way to introduce people into the Braze ecosystem. And our goal with all of these and this comes under that umbrella of start anywhere, go everywhere that we've been talking about for a while is that when we get a customer into Braze on any given channel, we introduced them to Canvas. And they also set up a data flow that flows through every layer of our stack. And once they do that, it's incrementally very easy for them to then expand across to other channels. The feature sets that they use for targeting and for personalization, the concepts that exist around reporting are all the same. In many cases, the data flow can be augmented, and I spoke earlier about how things like cloud data ingestion and a lot of our partnerships across the broader data ecosystem make it easy for new use cases or new channels to have the data that backs them, supplementarily come in and get set up quickly.

同時也是一種將人們引入 Braze 生態系統的新方式。我們所有這些的目標都在我們已經討論了一段時間的“從任何地方開始，到任何地方”的框架下，當我們讓客戶通過任何給定渠道進入 Braze 時，我們將他們介紹給 Canvas。他們還建立了一個流經我們堆棧每一層的數據流。一旦他們這樣做了，他們就可以很容易地逐漸擴展到其他渠道。他們用於定位和個性化的功能集以及圍繞報告存在的概念都是相同的。在許多情況下，數據流可以得到增強，我之前談到了雲數據攝取等內容以及我們在更廣泛的數據生態系統中的許多合作夥伴關係如何使新用例或新渠道輕鬆獲得支持它們的數據，補充進來，快速搭建。

And so we've got the right mechanisms, both to have customers start in a flexible array of places as well as have them continue to expand across new channels. I'd say that the thing that's most exciting though is the sheer number of customers that we see go from 4 to 5 to 6 to 7 to 8 to 9 channels. I was visiting a customer in Australia earlier this year, who proudly told me that they were in 11 different Braze channels, and they had made it like an internal mission to make sure that they continue to adopt all of them. And when we look at the adoption of WhatsApp in the quarter, there were certainly some of the customers that came in there were brand new, but there were other places where a customer was adding and it's their fifth, sixth or seventh channel.

因此，我們擁有正確的機制，既可以讓客戶從一系列靈活的地方開始，也可以讓他們繼續擴展到新的渠道。我想說的是，最令人興奮的是我們看到的客戶數量從 4 到 5 到 6 到 7 到 8 到 9 個渠道。今年早些時候，我拜訪了澳大利亞的一位客戶，他自豪地告訴我，他們有 11 個不同的 Braze 渠道，並且他們將其作為一項內部使命，以確保他們繼續採用所有這些渠道。當我們查看本季度 WhatsApp 的採用情況時，肯定有一些客戶是全新的，但也有其他地方增加了客戶，這是他們的第五、第六或第七個渠道。

And I think that when you look out across the legacy marketing cloud landscape and if you look out across our -- the other start-up competitors that we have, you're just not going to see examples of that. And it goes back to a lot of the points I was making about architecture earlier, which is that unless you're laser-focused on controlling complexity through the entire lifetime of your existence and unless your R&D process is continuously focused on upgrading your foundations and maintaining tech debt and making sure that you're doing a lot of user experience research, that you're going back revamping the UI/UX of all of these different products as you introduce new channels, so that the complexity stays under control.

我認為，當你審視傳統的營銷雲格局以及我們擁有的其他初創競爭對手時，你只是不會看到這樣的例子。這可以追溯到我之前關於架構提出的很多觀點，那就是除非你在整個生命週期中都專注於控制複雜性，除非你的研發過程不斷專注於升級你的基礎和維持技術債務並確保您正在進行大量的用戶體驗研究，並在引入新渠道時重新修改所有這些不同產品的UI/UX，從而使復雜性保持在控制之下。

You just are not capable of being able to have your customers expand so fluidly and across so many different channels as we see with Braze. I talk a lot here about how if we're talking about channels, we're actually missing the point. The idea is that if we can get people into orchestration and into sophisticated data-driven strategies that are focused on what the customer cares about and what the brand cares about and how you marry those together and have them self reinforce each other through sophisticated customer engagement that the channels are more of an implementation detail. And you're not achieving that unless your customers are able to spread across them. And so we really carry that as a goal, both with our product development as well as how we help our customers through integration and onboarding, and through the post sales process as they add new channels over their years of being a Braze customer. And we'll continue to measure ourselves by that yardstick to be able to say, "Hey, it should be just as easy for a customer to adopt their eighth channel as it is for them to adopt their first two."

您只是無法像我們在 Braze 中看到的那樣，讓您的客戶如此流暢地擴展到如此多的不同渠道。我在這裡談了很多，如果我們談論渠道，我們實際上沒有抓住重點。我們的想法是，如果我們能夠讓人們參與編排和復雜的數據驅動策略，這些策略專注於客戶關心的內容和品牌關心的內容，以及如何將這些結合在一起，並通過複雜的客戶參與讓它們相互增強渠道更多的是一個實施細節。除非您的客戶能夠分散到他們之間，否則您就無法實現這一目標。因此，我們確實將其作為一個目標，無論是我們的產品開發，還是我們如何通過集成和入職幫助客戶，以及通過售後流程，因為他們在成為 Braze 客戶的這些年裡添加了新渠道。我們將繼續用這個標準來衡量自己，以便能夠說：“嘿，客戶採用第八個渠道應該和採用前兩個渠道一樣容易。”

And as long as we can keep accomplishing that, we think that our ability to invest in net new channels or to deepen the capabilities of existing channels and have our customers take advantage of those to both, drive more revenue to Braze through cross-sell and upsell but also to enhance our own ROI will continue to be a really vibrant growth path for us.

只要我們能夠繼續實現這一目標，我們認為我們有能力投資淨新渠道或深化現有渠道的能力，並讓我們的客戶利用這些優勢，通過交叉銷售和追加銷售同時提高我們自己的投資回報率將繼續​​成為我們真正充滿活力的增長道路。

Great. Maybe one for Isabelle. Just on the guidance. I mean, going into Q2, you had guided for 7% sequential growth. You ended up with 13%, very strong quarter. Going into Q3, you're guiding for 2% growth. It sounds like maybe that upside in Q2 was linearity, and you're not assuming that in Q3. But anything else to call out in terms of potential maybe some pull forward, or how to think about some extra seasonality around the Q3?

偉大的。也許是給伊莎貝爾的。只是在指導上。我的意思是，進入第二季度，您指導的環比增長為 7%。最終您獲得了 13%，這是一個非常強勁的季度。進入第三季度，您預計增長 2%。聽起來也許第二季度的上漲是線性的，而你並沒有假設第三季度是這樣。但就潛力而言，還有什麼值得指出的，也許會有所提前，或者如何考慮第三季度周圍的一些額外季節性？

Yes. Thanks for the question. I think one other thing to call out, so the linearity is certainly at play, and we did have a very strong execution quarter. I think one quarter does not a pattern make. So the combination of the strong execution with the linearity. Those two things combined drove some higher-than-anticipated results, which I wouldn't necessarily expect to repeat and are not embedded in the guide in the back half of the year. The other item is, you'll remember in my comments that North Star was in terms of the guide, we had embedded about $1 million.

是的。謝謝你的提問。我認為還有一件事需要指出，所以線性肯定在發揮作用，而且我們確實有一個非常強大的執行季度。我認為四分之一併不是一個模式。因此，強大的執行力與線性的結合。這兩件事結合在一起帶來了一些高於預期的結果，我不一定希望重複這些結果，並且不會將其納入今年下半年的指南中。另一項是，你會記得在我的評論中，北極星在指南方面，我們嵌入了大約 100 萬美元。

And we had an extremely successful on-time integration right at the beginning of June for that had very limited surprises to the downside, and they contributed almost $2 million instead of that $1 million. So when you combine that factor with the strong ACV and the linearity, all of that combined together that drives kind of the level of outperformance that you saw.

我們在 6 月初進行了非常成功的準時整合，因為負面影響非常有限，他們貢獻了近 200 萬美元，而不是 100 萬美元。因此，當您將該因素與強大的 ACV 和線性度結合起來時，所有這些結合在一起就會推動您所看到的出色表現水平。

We are continuing -- you heard Bill talk about the -- where we are in the macro. We're not anticipating that to improve. And therefore, we're continuing to have a risk-adjusted posture in our earnings -- in our guidance.

我們正在繼續——你聽到比爾談到了——我們在宏觀上所處的位置。我們預計這種情況不會有所改善。因此，我們在盈利指引中繼續採取風險調整後的姿態。

The only other thing to mention is on a sequential basis, remember that Q1 to Q2 has the number of day count that changes. So Q1 only has 89 days. All the other quarters have 92. And so from a sequential perspective, you end up with a very strong sequential growth between Q1 and Q2. That does not repeat in any other quarter.

唯一需要提及的是按順序排列，請記住 Q1 到 Q2 的天數會發生變化。所以第一季度只有 89 天。所有其他季度都有 92。因此從連續的角度來看，第一季度和第二季度之間最終出現了非常強勁的連續增長。這種情況在任何其他季度都不會重複。

Our next question comes from Arjun Bhatia with William Blair.

我們的下一個問題來自阿瓊·巴蒂亞和威廉·布萊爾。

Bill, maybe one for you. It seems like ease of use and kind of maybe (inaudible) reconfigured data marketing is a big part of the investments that you're making. How much of a sticking factor, gating factor was that with customers for growth? And as you make these investments, is the goal to expand the (inaudible) customer segment that you didn't have access to or maybe just increase the intensity with which customers are even (inaudible) the data that you're putting in the platform?

比爾，也許有一個適合你。看起來易用性和某種可能（聽不清）重新配置的數據營銷是您所做投資的重要組成部分。對於客戶的增長來說，粘性因素和門控因素有多大？當您進行這些投資時，目標是擴大您無法訪問的（聽不清）客戶群，或者可能只是增加客戶甚至（聽不清）您放入平台的數據的強度？

Yes. So it's definitely both, but they really go hand in hand. If you take, for instance, consumables or CPG as an example, many of those brands don't have large mobile app audiences. And so the historical way, which was very SDK-centric that we got the vast majority of the data into Braze is not going to be as applicable to a lot of their use cases. But when you look at -- to take -- to continue with that example, when you look at their paid ad spend, the combination of pulling the growing first-party data sets that they're creating out of data warehouses through something like cloud data ingestion or using a partner like a CDP or (inaudible) CTL provider into Braze and then being able to take action with things like our audience sync capability is not what you would think of as a traditional Braze use case of integrating into a mobile app and sending push notifications.

是的。所以這肯定是兩者兼而有之，但它們確實是齊頭並進的。例如，如果以消費品或 CPG 為例，其中許多品牌沒有大量的移動應用受眾。因此，我們將絕大多數數據導入 Braze 的歷史方式（非常以 SDK 為中心）將不再適用於他們的許多用例。但是，當你繼續看這個例子時，當你看他們的付費廣告支出時，他們通過雲之類的東西從數據倉庫中創建不斷增長的第一方數據集。數據攝取或使用CDP 或（聽不清）CTL 提供商等合作夥伴進入Braze，然後能夠利用我們的受眾同步功能等採取行動，這並不是您所認為的集成到移動應用程序的傳統Braze 用例並發送推送通知。

But it's actually a tremendous ROI when you consider the per user orchestration of data as it's generated in order to direct marketing actions. And so it's a combination of both, us expanding into new verticals and into new use cases as well as the expansion of our own channel and platform breadth. So as Braze has more places to interact with customers and more places collect data, that enables us to execute on more use cases. Of course, Canvas has been architected the entire time to be incredibly flexible and to enable customers to be able to take action across all of these different places. And so when you combine those things together, what you get is a greater amount of optionality for our customers to move within the surface area of our product. And in order to support their movement through that surface area, you need to be able to -- we need to be able to make it easy for them to get new data into Braze and into places where we're going to be able to make sense of it and take action on it quickly.

但當您考慮為指導營銷活動而生成的每個用戶數據編排時，這實際上是一個巨大的投資回報率。因此，這是兩者的結合，我們擴展到新的垂直領域和新的用例，以及擴展我們自己的渠道和平台廣度。因此，隨著 Braze 有更多的地方與客戶互動以及更多的地方收集數據，這使我們能夠執行更多的用例。當然，Canvas 的架構自始至終都具有令人難以置信的靈活性，使客戶能夠在所有這些不同的地方採取行動。因此，當您將這些東西組合在一起時，您將獲得為我們的客戶在我們產品的表面區域內移動提供更多選擇。為了支持他們在該表面區域的移動，我們需要能夠讓他們輕鬆地將新數據輸入 Braze 以及我們將能夠製作的地方並迅速採取行動。

Got it. Super helpful. And for Isabelle, I know you have a free cash flow breakeven timeline out there. As we just kind of navigate through the next few quarters of continued macro, what would be some of those factors that maybe get you to push or pull that timeline and some of the investments that you're making in the business?

知道了。超級有幫助。對於伊莎貝爾來說，我知道你有一個自由現金流盈虧平衡時間表。當我們剛剛經歷接下來幾個季度的持續宏觀調控時，哪些因素可能會促使您推遲或拉動該時間表以及您在業務中進行的一些投資？

Yes. Thanks for the question. So are you asking specifically only on free cash flow or the operating income as well? So I mean there's two different sets of answers.

是的。謝謝你的提問。那麼您是只具體詢問自由現金流還是營業收入？所以我的意思是有兩組不同的答案。

No. In general...

不，一般來說...

Got it. Okay. Great. Yes. So I'm going to reiterate some comments that we've been making as we've been talking about this path to profitability. Don't expect us to overachieve on this, because to the extent we generate extra capacity, we are going to look to prudently reinvest that into the business in order to foster overall growth.

知道了。好的。偉大的。是的。因此，我將重申我們在討論這條盈利之路時一直發表的一些評論。不要指望我們會在這方面取得超額成績，因為在我們產生額外產能的情況下，我們將謹慎地將其重新投資到業務中，以促進整體增長。

So I think we're sticking to the timeline that we have articulated, both for the free cash flow and the operating income. We were very pleased with our performance this quarter. But actually, we are taking some of the savings that we've realized on a year-to-date basis, and we are enabling certain parts of the business to redeploy some of those savings through the back half of the year while maintaining a laser focus on our guidance for Q4. So the short answer is don't expect us to overachieve and we have -- we're consistent in that commentary.

因此，我認為我們會堅持我們所闡明的時間表，無論是自由現金流還是營業收入。我們對本季度的表現非常滿意。但實際上，我們正在利用今年迄今實現的一些節省，並且我們正在使業務的某些部分能夠在今年下半年重新部署其中的一些節省，同時保持激光重點關注我們對第四季度的指導。因此，簡短的回答是，不要指望我們會取得超額成績，我們的評論是一致的。

(Operator Instructions) Our next question comes from Nick Altmann with Scotiabank.

（操作員說明）我們的下一個問題來自豐業銀行的尼克·阿爾特曼。

Just a quick one for me. As we entered the year, there was sort of this notion that COVID perhaps had a little bit of front office pull forward and then the turbulent macro front office, MarTech initiatives, maybe get put on the back burner. Just given the booking strength in Q1 and 2Q here, is there any way to sort of parse out the strength between the end market holding up a little bit better than maybe you guys had expected versus you guys just executing much better? Because I know that Isabelle, you had called out execution was very strong in 2Q. So just wondering if you could kind of parse out the strength between those two factors?

對我來說只是一個快速的。當我們進入這一年時，有一種觀點認為，新冠疫情可能會讓前台部門有所推進，然後動蕩的宏觀前台、MarTech 舉措可能會被擱置一旁。考慮到第一季度和第二季度的預訂強度，有沒有什麼方法可以分析出終端市場的表現比你們預期的好一點與你們執行得更好之間的強度？因為我知道伊莎貝爾，你曾說過第二季度的執行力非常強。所以只是想知道您是否可以解析這兩個因素之間的強度？

Yes. I mean I said this at the top, which is that I think that the broad macro that we're experiencing and that everyone is experiencing together has been pretty consistent throughout the year so far. And so I've also been speaking for quarters now on these calls about how we think that a lot of the narratives out there about the front office, about concepts like optimizing spend don't apply to customer engagement in the same way, because the marginal ROI of customer engagement activities by customers is so much higher than a lot of other marketing spend.

是的。我的意思是，我在頂部說過這一點，即我認為我們正在經歷的以及每個人共同經歷的宏觀宏觀形勢在這一年中到目前為止都非常一致。因此，我現在在這些電話會議上也一直在談論我們如何認為許多關於前台部門、關於優化支出等概念的敘述並不以同樣的方式適用於客戶參與，因為客戶參與活動的邊際投資回報率遠遠高於許多其他營銷支出。

We're not a seat-based model. We're tied to the activity of the customers. And the fact that you also can't go through, a lot of the optimization strategies that companies have used for things like data warehouses or other sorts of analysis where you do things like sampling, just simply don't apply when you need to actually be able to talk to your customers, right? It's on responsibility for brands. And so I would present that in two ways. One is that we think we're seeing a pretty consistent buyer behavior throughout these periods, but I think also a lot of the front-office narratives that have been floating around out there don't apply to customer engagement in the same way. And then I'll just reiterate that we have been really happy with execution. It was four quarters ago on this call that we highlighted some of the struggles that we were seeing from a salesforce productivity perspective.

我們不是基於座位的模型。我們與客戶的活動緊密相連。事實上，你也無法經歷公司在數據倉庫或其他類型的分析（例如抽樣）中使用的許多優化策略，但在你實際需要時根本不適用能夠與您的客戶交談，對吧？這是對品牌的責任。所以我會用兩種方式來介紹這一點。一是我們認為在這些時期我們看到了相當一致的買家行為，但我認為很多一直流傳的前台敘述並不以同樣的方式適用於客戶參與。然後我會重申我們對執行非常滿意。在四個季度前的這次電話會議上，我們強調了我們從銷售人員生產力角度看到的一些困難。

And in those last four quarters, we've done a tremendous amount of work on this topic, including org structure and leadership changes across both, sales and go-to-market strategy. We've enhanced our training and our in-person onboarding, tighter performance management. And we also had a renewed focus on competitive strategy to make sure that in an environment with less opportunities that we're winning as many of them as we can. And we're encouraged by that progress, and we think we're going to continue to make progress there.

在過去的四個季度中，我們在這個主題上做了大量的工作，包括組織結構和領導層的變化，銷售和進入市場戰略。我們加強了培訓和現場入職培訓，並加強了績效管理。我們還重新關注競爭戰略，以確保在機會較少的環境中，我們能夠贏得盡可能多的機會。我們對這一進展感到鼓舞，我們認為我們將繼續在這方面取得進展。

I think sales moral is high, and we're working really well together as the team. We're actually currently completing what is effectively a midyear global sales kickoff, complete with training, workshops and role playing, all of which have been done in person. It's actually an example of some of these incremental investments that we're making right now that Isabelle just alluded to on the last answer. Within that, we've been prioritizing things that are not as sticky. So that's why you're seeing headcount is still growing in a very tempered way. But we are really focused on making sure that we are prepared with extremely solid foundations and continuously improving execution, so that when we do come out of this, that Braze is going to be right there ready to stop on the accelerator and springboard out of it.

我認為銷售道德很高，而且我們團隊合作得很好。實際上，我們目前正在完成年中全球銷售啟動活動，包括培訓、研討會和角色扮演，所有這些都是親自完成的。這實際上是我們現在正在進行的增量投資的一個例子，伊莎貝爾剛剛在最後一個答案中提到了這一點。其中，我們一直優先考慮那些不那麼粘性的事情。這就是為什麼你會看到員工人數仍在以非常溫和的方式增長。但我們真正專注於確保我們做好了極其堅實的基礎準備，並不斷提高執行力，這樣當我們走出困境時，Braze 就準備好停止加速器和跳板了。 。

Our next question comes from Matt VanVliet with BTIG.

我們的下一個問題來自 BTIG 的 Matt VanVliet。

As guess as you look at the -- somewhat of an acceleration on the $500,000-plus net revenue retention rate, curious if you're seeing even more sort of cross-sell and new channel adoption there? Or is this just sort of the natural expansion of large customers landing and expanding and already being at that size? Any additional color you can help that particularly at the larger sized customers where you're clearly gaining market share.

正如您所猜測的那樣，超過 500,000 美元的淨收入保留率有所加速，您是否好奇是否會看到更多類型的交叉銷售和新渠道採用？或者這只是大客戶登陸和擴張並已經達到這個規模的自然擴張？任何額外的顏色都可以提供幫助，特別是對於規模較大的客戶，您顯然可以贏得市場份額。

Yes. So I think it's really just a combination of existing large customers that are continuing to grow, adopting more channels, more use cases were further penetrating organizations by getting into new geos and new business units that they have, being able to support incremental new use cases, all of that comes with new volume and new monthly active users.

是的。因此，我認為這實際上只是現有大客戶的組合，這些客戶正在繼續增長，採用更多渠道，更多用例通過進入新的地理區域和新的業務部門來進一步滲透組織，能夠支持增量新用例，所有這些都伴隨著新的銷量和新的每月活躍用戶。

So I think there's existing customers, and we're also doing well in terms of large net new customers. And so I think when you look at the contribution in our ARR from these large customers, we are built for a broad range of customer sizes, but we're very well built for the top-tier enterprise. And so that I think you're seeing the needs across those enterprises for highest level sophistication customer engagement platforms. And as we continue to improve the product, increase our breadth of channels, we're just continuing to further penetrate these organizations.

所以我認為既有現有客戶，而且我們在大型淨新客戶方面也做得很好。因此，我認為，當您查看這些大客戶對我們的 ARR 的貢獻時，您會發現我們是為廣泛的客戶規模而構建的，但我們非常適合頂級企業。因此，我認為您看到了這些企業對最高水平的複雜客戶參與平台的需求。隨著我們不斷改進產品、增加渠道廣度，我們將繼續進一步滲透到這些組織中。

In addition, 43% of our revenue earned outside the U.S., that means we already have a solid presence globally. A lot of these organizations, large multinationals, we can continue to support them and increase our exposure with them across the globe. So you're just seeing us continue to penetrate a very -- a great market that we think we have the right to win in.

此外，我們 43% 的收入來自美國境外，這意味著我們已經在全球擁有穩固的地位。對於許多這樣的組織，大型跨國公司，我們可以繼續支持他們，並增加我們在全球與他們的接觸。所以你看到我們繼續滲透一個非常大的市場，我們認為我們有權利贏得這個市場。

Our next question comes from Taylor McGinnis with UBS.

我們的下一個問題來自瑞銀集團的泰勒·麥金尼斯。

Isabelle, just one for you. So the sequential cRPO growth was really solid. So aside from just strong execution on linearity, was there any impact from North Star or something onetime in the renewal base to keep in mind? And the reason why I ask, because as we look ahead, if the environment is stabilizing, could we start to see stronger growth quarter-over-quarter adjusting for seasonality, of course, throughout the year versus maybe what we saw last year?

伊莎貝爾，只為你準備一份。因此，cRPO 的連續增長確實非常穩健。那麼，除了對線性度的強有力執行之外，北極星或更新基地中曾經發生過的事情是否有任何影響需要記住？我之所以問這個問題，是因為當我們展望未來時，如果環境趨於穩定，我們是否會開始看到季節性調整後的季度環比增長更強勁，當然，全年都會比我們去年看到的情況更好？

Yes. Thanks for the question. So North Star did have an impact. And actually, if you -- we're not going to quantify it specifically. But if you remove the impact of North Star, Q2 of this year looks a little bit more like Q2 of last year. If you want to look at sort of sequential percentage growth in RPO, cRPO. So it looks a little bit closer to that. So that's one way to think about the impact of North Star.

是的。謝謝你的提問。所以北極星確實產生了影響。事實上，如果你——我們不會具體量化它。但如果除去北極星的影響，今年第二季度看起來更像去年第二季度。如果您想查看 RPO 的連續百分比增長，cRPO。所以它看起來有點接近。這是思考北極星影響的一種方式。

Our next question comes from Brent Bracelin with Piper Sandler.

我們的下一個問題來自 Brent Bracelin 和 Piper Sandler。

Great to see the change in the business. Even if Isabelle, even if I back out North Star, it looks like it's the highest dollar change in subscription revenue and overall revenue ever. You got the acceleration in U.S., accelerating growth internationally, accelerating RPO growth. It just feels like something's changed here. The strength, is it one area? It feels pretty broad-based.

很高興看到業務的變化。即使伊莎貝爾，即使我退出北極星，這看起來也是訂閱收入和總收入有史以來最高的美元變化。美國市場加速增長，國際增長加速，RPO 增長加速。只是感覺這裡好像發生了一些變化。實力，是一個領域嗎？感覺基礎相當廣泛。

So my question here, does it feel the environment year-end or your ability to execute in this environment, the new normal, is it different now? Or again, I know one quarter doesn't want to make it a trend, but it does -- outside looking in, it feels like there was a change here and maybe I didn't appreciate it going into the quarter that changes and just trying to understand to make sure if we fully do appreciate what it looks like to be a little healthier environment, your ability to at least execute in this environment has changed. So what do we think about that?

所以我的問題是，年底的環境或者你在這個環境中的執行能力，新常態，現在有什麼不同嗎？或者再說一次，我知道有四分之一的人不想讓它成為一種趨勢，但它確實如此——從外面看，感覺這裡發生了變化，也許我不喜歡它進入發生變化的季度，只是試圖了解並確保我們是否完全理解更健康的環境是什麼樣子，您至少在這種環境中執行的能力已經改變。那麼我們對此有何看法？

I think we're very pleased with our execution results in the context of the macro that we continue to live in. So we've been talking about investments that we've made across our sales organization over the last several quarters, and Bill talked about some that continue on today. And we're very pleased to see some of the results of that in Q2. That said, the environment continues to be challenged. And so while we are going to continue to invest in this improved execution across our sales organization, I think it is too soon to declare that we really feel like things are different on a persistent basis.

我認為我們對我們繼續生活的宏觀背景下的執行結果感到非常滿意。因此，我們一直在談論過去幾個季度我們在銷售組織中進行的投資，比爾談到關於一些今天繼續的內容。我們很高興看到第二季度的一些結果。儘管如此，環境仍然面臨挑戰。因此，雖然我們將繼續投資於整個銷售組織的執行力改進，但我認為現在宣布我們確實感覺事情在持續發生變化還為時過早。

Well, you're certainly surprised us this quarter. Hopefully, we'll get more surprises in the next few quarters.

嗯，這個季度你確實讓我們感到驚訝。希望我們能在接下來的幾個季度裡得到更多驚喜。

Next question comes from Brian Schwartz with Oppenheimer.

下一個問題來自奧本海默的布萊恩·施瓦茨。

Following up on that last question, for you, Bill. The commentary is that the macro is unchanged and still challenging out there. So I wanted to ask you, what are you looking for to help you decide when to underwrite a higher level of new investments for the business for whenever the macro does turn?

比爾，為你解答最後一個問題。評論認為，宏觀經濟沒有變化，而且仍然充滿挑戰。所以我想問您，您正在尋找什麼來幫助您決定何時為企業承保更高水平的新投資，以應對宏觀經濟形勢的轉變？

Yes. So first of all, we are actually still carrying some excess sales capacity, and we've spoken about this in past as well that we think we have the ability to grow into. And we're similarly investing on the demand generation side to make sure that we can have our salesforce be as productive as possible. And all of that is about remaining in a forward posture, so that as things start to improve, we're able to pick them up immediately. We believe that we have a right to win across this market and that, as I mentioned at the very top of the call, I think there's been a lot of really exciting product innovation that we haven't seen the full potential of from a revenue generation perspective, simply due to the realities of a lot of frozen or declining budgets that marketers have been living through in this year. And so part of it is going to be the conditions and confidence improving, looking at brands extending their planning horizons.

是的。首先，我們實際上仍然擁有一些過剩的銷售能力，我們過去也談到過這一點，我們認為我們有能力成長為這樣的能力。我們同樣在需求生成方面進行投資，以確保我們的銷售人員盡可能高效。所有這一切都是為了保持前進的姿態，這樣當情況開始改善時，我們就能立即採取行動。我們相信我們有權利贏得這個市場，正如我在電話會議最開頭提到的那樣，我認為有很多真正令人興奮的產品創新，但我們還沒有從收入中看到它們的全部潛力從一代人的角度來看，這僅僅是由於營銷人員今年經歷了許多預算凍結或下降的現實。因此，其中一部分原因是條件和信心的改善，以及品牌擴大其規劃視野。

I think it's why we have seen a bit more relative strength in the enterprise and we have across the SMB sector, simply because those businesses are more able to quickly shift back to planning on a multiyear time horizon. And that's exactly where you're going to invest in a premium product like Braze in order to set you up for your future.

我認為這就是為什麼我們在企業和中小企業領域看到了更多的相對優勢，僅僅是因為這些企業更有能力快速轉向多年的規劃。這正是您要投資 Braze 這樣的優質產品的地方，以便為您的未來做好準備。

Some of the other things to that end that we would look at are going to be the venture activity. And we're starting to see some green shoots there but continuing to see just more investment flowing into more promising and businesses, so that they can scale quickly. Part of it is going to be the calendar as well, getting into the next budget year, so that businesses are ready to be back on an investment footing as they start to look ahead into next calendar year, next fiscal year as we get to the end here. And in the meantime, we're going to continue to execute as well as we can and stay in control of everything that we can.

為此，我們將關注的其他一些事情將是風險投資活動。我們開始看到一些萌芽，但繼續看到更多的投資流入更有前途的企業，以便它們能夠迅速擴大規模。其中一部分也將是日曆，進入下一個預算年度，以便企業在開始展望下一個日曆年、下一個財政年度時準備好重新投資。到這裡結束。與此同時，我們將繼續盡我們所能地執行並控制我們所能控制的一切。

Our next question comes from Rob Morelli with Needham.

我們的下一個問題來自 Rob Morelli 和 Needham。

Congrats on the quarter, (inaudible). As customers look to expand on the platform in the current macro. Are you guys able to touch on where they're expanding now compared to 1 year or 2 ago? Is it in different channels of capabilities, just still looking to understand where the incremental expansion dollar is going?

恭喜本季度（聽不清）。隨著客戶希望在當前的宏觀平台上進行擴展。你們能談談與一兩年前相比，他們現在的擴張情況嗎？是否在不同的能力渠道中，只是仍在尋求了解增量擴張資金的去向？

Yes. I would broadly characterize it as being consistent with the caveat that it's conceptually consistent because obviously, the product continues to expand in net new ways, and we are seeing customers continue to adopt those. So for instance, [current] has had a really high attach rate for a long time. It sounds like data sharing has gotten more capability. We're seeing more customers adopt that. But conceptually, those are very similar products in the sense that they help customers with their data export pipelines. We also are seeing people add incremental capability through things like product Catalogs or Audience Sync or the Predictive Suite. These are net new, but they kind of follow this trend line of customers continuing to deploy new use cases on Braze. And so I think that the drivers of it, which are how do we expand into new use cases, how do we over channels that are currently being run by other vendors?

是的。我將其廣泛地描述為與概念上一致的警告一致，因為顯然，該產品繼續以新的方式擴展，並且我們看到客戶繼續採用這些方式。例如，[當前] 長期以來一直擁有很高的附加率。聽起來數據共享已經獲得了更多的能力。我們看到越來越多的客戶採用這種方式。但從概念上講，這些產品非常相似，因為它們可以幫助客戶完成數據導出管道。我們還看到人們通過產品目錄、受眾同步或預測套件等方式添加增量功能。這些都是全新的，但它們有點遵循客戶繼續在 Braze 上部署新用例的趨勢線。所以我認為它的驅動因素是我們如何擴展到新的用例，我們如何超越其他供應商目前正在運營的渠道？

We talk about that for new business in terms of vendor consolidation, but that vendor consolidation trend obviously exists once a person is already a Braze customer as well as we supplant other vendors that might still have them in their ecosystem when we first got going with them. And then things like WhatsApp are net new for everyone. And so those are great places where we see a lot of greenfield. We don't need to go in and replace a legacy vendor. And especially as we get the early proof points like the case study that I referenced with Rappi early on, we can bring to life the ROI and the business case for more customers to be able to expand into those. And that's very exciting. But conceptually, that's similar to how we've gone to market with SMS over the last years too. And so I think at a high level, we're able to exercise muscles that we're getting more and more familiar with over time, as we go through cross-sell and upsell.

我們在供應商整合方面談論新業務，但是一旦一個人已經是Braze 客戶，並且我們取代了其他供應商（當我們第一次與他們合作時，這些供應商可能仍然在其生態系統中），那麼供應商整合趨勢顯然就存在。然後像 WhatsApp 這樣的東西對每個人來說都是全新的。因此，這些都是我們看到大量綠地的好地方。我們不需要介入並更換傳統供應商。尤其是當我們獲得早期證據點（例如我早期與 Rappi 參考的案例研究）時，我們可以將投資回報率和業務案例變為現實，讓更多客戶能夠擴展到這些領域。這非常令人興奮。但從概念上講，這也類似於我們過去幾年將短信推向市場的方式。因此，我認為，在高水平上，隨著時間的推移，當我們進行交叉銷售和追加銷售時，我們能夠鍛煉我們越來越熟悉的肌肉。

And the number of opportunities that we have to expand within our product surface area continue to multiply it as our R&D innovation continues at the rapid pace that it's at. I would say that it's all tempered by this -- by the flat or declining budgets that a lot of marketers went through this year. But I'd like to think that we're also generating some pent-up demand that when we start to see those budget levers loosen a little bit at whatever point in the future that we'll be ready to sell into those.

隨著我們的研發創新持續快速發展，我們在產品領域內擴展的機會數量不斷增加。我想說的是，這一切都受到了這一點的影響——今年許多營銷人員的預算持平或下降。但我想，我們也產生了一些被壓抑的需求，當我們開始看到這些預算槓桿在未來的任何時候稍微放鬆時，我們就準備出售這些產品。

We have time for one more question. The final question will come from Yun Kim with Loop Capital.

我們還有時間再問一個問題。最後一個問題將由 Loop Capital 的 Yun Kim 提出。

I'll make just a quick one, Bill. As you roll out more generative AI-based products and solutions, how are you thinking about pricing model around those products? As you can see from a couple of large high-profile vendors, they're putting premium on their general Gen-AI products? And then maybe Isabelle can talk about the cost side of the equation on these products?

我會快速做一份，比爾。當您推出更多基於人工智能的產品和解決方案時，您如何考慮圍繞這些產品的定價模型？正如您從幾家知名大型供應商中看到的那樣，他們對通用 Gen-AI 產品給予了溢價？然後伊莎貝爾也許可以談談這些產品的成本方面？

Yes. So I think that a lot of the Gen-AI work that we're doing to help with customer productivity or with marketer productivity, we're not looking to keep those amazing tools out of the hands of marketers, because we know that they lead to higher usage of Braze. And we're able to monetize them in that way, and I spoke about that earlier. If we're helping a marketer deploy more variants more quickly to help them check their copywriting or generate or inspire themselves to have new content strategies, if we're helping them be able to use a more technical capability through code generation or other sorts of scheme syntax checking.

是的。因此，我認為我們正在做的許多 Gen-AI 工作是為了幫助提高客戶生產力或營銷人員生產力，我們並不希望讓這些令人驚嘆的工具脫離營銷人員的手中，因為我們知道它們引領著提高釬焊的使用率。我們能夠以這種方式將它們貨幣化，我之前談到過這一點。如果我們幫助營銷人員更快地部署更多變體，以幫助他們檢查文案或生成或激勵自己制定新的內容策略，如果我們幫助他們能夠通過代碼生成或其他類型使用更多技術能力方案語法檢查。

These are all things that really encourage uses of Braze that we already monetized on our own. And so we're not looking necessarily for those aspects of Gen-AI that help the productivity of the marketer be monetized independently. But there are other aspects that incorporate in LMs or other sorts of transformer models.

這些都是真正鼓勵使用 Braze 的事情，我們已經自己貨幣化了。因此，我們不一定要尋找 Gen-AI 的那些方面來幫助營銷人員的生產力獨立貨幣化。但語言模型或其他類型的變壓器模型還包含其他方面。

I mentioned the personal -- or the recommendation engine earlier, the things like the Predictive Suite and other aspects of automated decision-making that will get deployed into both, our classification layer and your orchestration layer, that we think there's both, an appetite to pay more for those or an expectation based off of other investments that have been made. And they just produce a tremendous amount of value in terms of improved ROI and improved results for marketers. And so I think we're going to continue to take a hybrid approach across those, and we're going to look for them to all -- really feed each other in mutually self-reinforcing ways, but we always have the tremendous advantage of being able to build based off of the monthly active user, based off of the message volumes.

我之前提到過個人或推薦引擎，諸如預測套件和自動化決策的其他方面的東西將部署到我們的分類層和您的編排層中，我們認為兩者都有，有興趣為這些或基於已進行的其他投資的期望支付更多費用。它們在提高投資回報率和改善營銷人員業績方面創造了巨大的價值。因此，我認為我們將繼續在這些方面採取混合方法，我們將尋求所有人的幫助——真正以相互自我強化的方式相互滋養，但我們始終擁有巨大的優勢能夠根據每月活躍用戶、消息量進行構建。

And to the extent that we incorporate more value into value generation into each monthly active user, that gives us more pricing power within that. And you've actually seen this for several years now where our revenue growth rate has outpaced our monthly active user growth rate for quite a while. A big part of that is because we continue to add more productivity for marketers that use Braze. And then they're able to extract more ROI out of the platform. And we're able to capture that very smoothly through monthly active user pricing.

在某種程度上，我們將更多的價值融入到每個月度活躍用戶的價值生成中，這給了我們更大的定價能力。實際上，您已經看到這種情況已經好幾年了，我們的收入增長率在相當長一段時間內超過了月度活躍用戶增長率。其中很大一部分原因是我們不斷為使用 Braze 的營銷人員提高生產力。然後他們就能夠從平台中獲得更多的投資回報率。我們能夠通過每月的活躍用戶定價非常順利地捕捉到這一點。

And the only thing I would say on the cost side is, I do not expect -- and I talked about this a little bit earlier in the Q&A., don't expect the impact of AI to sort of be margin dilutive. So we are continuing to remain within our long-term margin targets of 67% to 72%. And embedding the AI functionality and that cost structure, we don't break out the individual components but don't look for that to be margin dilutive.

在成本方面我唯一要說的是，我不希望人工智能的影響會稀釋利潤，我在問答的早些時候談到過這一點。因此，我們將繼續保持 67% 至 72% 的長期利潤率目標。嵌入人工智能功能和成本結構，我們不會分解各個組件，但也不希望它會攤薄利潤。

This concludes the Q&A. I will now pass the call back to Bill for closing remarks.

問答到此結束。我現在將把電話轉回給比爾，讓他發表結束語。

I just want to thank everybody for joining the call today. We appreciate your continued support and look forward to seeing you at a conference or on the road soon or for the next earnings call in about three months.

我只想感謝大家今天加入電話會議。我們感謝您持續的支持，並期待很快在會議或旅途中或在大約三個月後的下一次財報電話會議上見到您。