Braze Inc (BRZE) 2024 Q4 法說會逐字稿

Welcome to the Braze fourth quarter fiscal year 2024 earnings conference call. My name is Leila, and I'll be your operator for today's call. (Operator Instructions) I will now turn the call over to Christopher Ferris, Head of Braze's Investor Relations.

歡迎參加 Braze 2024 財年第四季財報電話會議。我叫萊拉，今天我將擔任您的電話接線生。(操作員指示) 現在我將電話轉給 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 result for the fiscal fourth 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.

謝謝您，接線生。下午好，感謝您今天加入我們，共同回顧 Braze 2024 財年第四季的業績。與我一起參加的還有我們的聯合創始人兼首席執行官比爾·馬格努森 (Bill Magnuson) 和首席財務官伊莎貝爾·溫克爾斯 (Isabelle Winkles)。我們在今天收盤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 的投資者關係部分以獲取更多資訊和與今天的收益公告相關的補充介紹。

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.

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做出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 first quarter ended April 30, 2024 and the fiscal year ended January 31, 2025, the anticipated development performance and benefits of our products and features, including our Sage AI by Braze features, the potential impact and duration of current macroeconomic trends, our anticipated customer behaviors, including vendor consolidation trends and their impact on Braze, the expected effects of our social impact initiatives, 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.

這些聲明包括但不限於有關我們截至 2024 年 4 月 30 日第一季和截至 2025 年 1 月 31 日的財政年度的財務前景的聲明、我們產品和功能（包括我們的 Sage AI by Braze 功能）的預期開發績效和優勢、當前宏觀經濟趨勢的潛在影響和持續時間、我們預期的行為（我們預期的目標和目標）可能產生正的非 GAAP 營業收入和正的自由現金流的預期期間。

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. 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.

這些聲明受各種風險和不確定因素的影響，可能導致實際結果與預期有重大差異，並且僅反映我們截至今天的觀點。我們不承擔更新任何此類前瞻性陳述的義務。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的美國證券交易委員會文件中確定的風險，兩者均可在我們網站的投資者關係部分查閱。

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 to aid investors in further understanding the company's fiscal fourth quarter 2024 performance in addition to the impact these items have on the financial results.

我還想提醒您，今天的電話會議將包括管理層用來評估我們持續經營業務的某些非 GAAP 財務指標，並幫助投資者進一步了解公司 2024 財年第四季度的業績以及這些項目對財務結果的影響。

Please refer to the reconciliations of our non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with US 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 US GAAP.

請參閱我們網站「投資者關係」部分下的收益報告中包含的非公認會計準則財務指標與根據美國公認會計準則計算的最直接可比較財務指標的對帳表。所提供的非公認會計準則財務指標不應被視為替代或優於依照美國公認會計準則編製的財務績效指標。

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 another strong fourth quarter, generating $131 million in revenue, up 33% versus the prior year and 6% compared to the prior quarter. Again, demonstrating the high ROI and long-term value of the Braze customer engagement platform.

謝謝你，克里斯，大家下午好。我們第四季表現再次強勁，營收 1.31 億美元，較上年同期成長 33%，較上一季成長 6%。再次證明了Braze客戶參與平台的高投資報酬率和長期價值。

Our solid performance comes despite a selling environment that has remained challenging all year due to macro considerations and its associated scrutiny on budgets. We have continued advancing our strategy and evolving our execution in order to simultaneously deliver strong revenue growth and enhanced operating efficiency, improving non-GAAP gross margins by 90 basis points year over year, and non-GAAP operating margin by over 1,100 basis points compared to the fourth quarter of last year.

儘管由於宏觀因素及相關的預算審查，全年的銷售環境依然充滿挑戰，但我們仍然取得了穩健的業績。我們不斷推進我們的策略和執行，以同時實現強勁的收入成長和提高的營運效率，非公認會計準則毛利率較上年同期提高 90 個基點，非公認會計準則營業利潤率較去年第四季度提高 1,100 多個基點。

We were again pleased with the strength of our enterprise business as we continue to capitalize on the legacy vendor replacement cycle and consolidation trend. And we achieved record upsell this quarter as customers continue to grow with Braze adopting more channels, deploying more use cases, increasing their volumes, and adding new business units and geographies.

由於我們繼續利用傳統供應商更換週期和整合趨勢，我們再次對企業業務的實力感到滿意。隨著 Braze 採用更多管道、部署更多用例、增加銷售並增加新的業務部門和地區，客戶數量不斷增長，本季我們實現了創紀錄的銷售額。

In fact, this quarter we secured our first eight-figure customer through upsell with a media and entertainment conglomerate who has consistently grown with Braze over the past eight years. Continued expansion opportunities like these with our long-term customers speaks to our pace of innovation, stability and reliability at scale, and our leadership of the customer engagement category.

事實上，本季我們透過向媒體和娛樂集團追加銷售獲得了第一個八位數的客戶，該集團在過去八年中一直與 Braze 共同成長。我們與長期客戶持續拓展的機會證明了我們的創新速度、規模的穩定性和可靠性，以及我們在客戶參與類別中的領導地位。

As enterprise remains a strength for us, our roster, $500,000-plus ARR customers continues to grow as well, rising to 202 in the quarter, up 29% year over year, a testament to how customers continue to leverage rich first-party data and advanced artificial intelligence to drive sophisticated cross-channel customer engagement at scale.

由於企業仍然是我們的優勢，在我們的名冊中，500,000 美元以上的 ARR 客戶也在不斷增長，本季度增加到 202 個，同比增長 29%，證明了客戶如何繼續利用豐富的第一方數據和先進的人工智能來大規模推動複雜的跨渠道客戶參與。

Notable new business wins and upsells in the quarter include AB InBev, Bojangles, DraftKings, FanDuel, Flix SE, which is the parent company of both Flixbus and Greyhound, and Nestlé Purina among many others. We're also pleased to share that earlier in fiscal year 2024, we secured new relationships with both DoorDash and Wendy's. The performance, reliability, and scalability of our platform is a core component of what many of these brands appreciate about Braze.

本季值得注意的新業務勝利和追加銷售包括百威英博、Bojangles、DraftKings、FanDuel、Flix SE（Flixbus 和 Greyhound 的母公司）以及雀巢普瑞納等。我們也很高興地分享，在 2024 財年早些時候，我們與 DoorDash 和 Wendy's 建立了新的合作關係。我們平台的效能、可靠性和可擴展性是許多品牌欣賞 Braze 的核心因素。

Earlier this week, we published scalability and performance metrics for our full calendar year 2023, which included over 2.6 trillion outgoing actions, including the sending of messages, execution of web hooks, and other Canvas operations that transform data and manage audiences. Inbound, we processed over 7.5 trillion API calls with 99.99% average system-wide uptime across all customers and products.

本週早些時候，我們發布了 2023 年全年的可擴展性和效能指標，其中包括超過 2.6 兆次傳出操作，包括發送訊息、執行 Web 掛鉤以及其他轉換資料和管理受眾的 Canvas 操作。在入站方面，我們處理了超過 7.5 兆次 API 調用，所有客戶和產品的系統平均正常運行時間為 99.99%。

Whether those API calls originate from our SDKs running in our customers' products, partner integrations, or custom software running in our customers' back-ends. These API calls deliver constantly evolving contacts about users and their actions in order to trigger messages and drive personalization strategies, showcasing the growing sophistication among Braze customers as they tailor the communications to each individual recipient.

無論這些 API 呼叫是源自於我們客戶產品中運行的 SDK、合作夥伴集成，還是我們客戶後端運行的客製化軟體。這些 API 呼叫提供有關用戶及其操作的不斷發展的聯繫信息，以觸發訊息和推動個性化策略，展示了 Braze 客戶在根據每個收件人定制通信時日益成熟的水平。

During 2023, we also saw year-over-year growth of over 60% for messages sent with Braze Canvas, our no-code visual development environment, which marketers use to quickly implement sophisticated customer engagement strategies. This increase in usage reflects a rise in multistep cross-channel messaging flows and the continued adoption of sophisticated orchestration, experimentation, and personalization techniques, all supported by Sage AI.

2023 年，我們也看到使用無程式碼視覺化開發環境 Braze Canvas 發送的訊息年增超過 60%，行銷人員可以使用它來快速實施複雜的客戶參與策略。使用量的增加反映了多步驟跨通路訊息流的增加，以及複雜編排、實驗和個人化技術的持續採用，所有這些都得到了 Sage AI 的支持。

Designed from the ground up to scale with demand, support massive scale at speed, and minimize outages, our system is exceptionally reliable, even when faced with some of the world's largest consumer audiences. All these metrics build on our privacy and security by design, which integrates safeguards at every level of our operation and is reflected in our privacy processes and security certifications. As the customer engagement landscape evolves, we continue to win against a large field of competitors who cannot reliably deliver on real-time use cases, have limited channel selection or flexibility, a lower sophistication ceiling, or simply don't scale.

我們的系統從一開始就經過精心設計，可以根據需求擴展，支援快速大規模擴展，並最大限度地減少停機，即使面對世界上最大的消費者受眾，我們的系統也非常可靠。所有這些指標都建立在我們的隱私和安全設計之上，它整合了我們營運各個層面的安全措施，並反映在我們的隱私流程和安全認證中。隨著客戶參與格局的發展，我們繼續戰勝眾多競爭對手，這些競爭對手無法可靠地滿足實時用例的需求、渠道選擇或靈活性有限、複雜程度上限較低，或者根本無法擴展。

Similarly, we continue to make progress replacing legacy marketing clouds as marketers realize that those clouds disjointed and siloed solutions are increasingly unsuitable for modern customer engagement use cases. This quarter, we replaced legacy marketing clouds at a European-based transportation company, a leading American health non-profit, a UK-based QSR, and a Japan-based digital software developer among others.

同樣，我們在替換傳統行銷雲方面繼續取得進展，因為行銷人員意識到那些脫節和孤立的解決方案越來越不適合現代客戶參與用例。本季度，我們為一家歐洲運輸公司、一家美國領先的非營利醫療公司、一家英國 QSR 以及一家日本數位軟體開發商等更換了傳統的行銷雲。

In addition, this quarter, we replaced point solution competitors at a design and collaboration platform, an athletics clothing retailer, and a mobile gaming company. As I mentioned last quarter, we've been very happy with the execution of our sales team in the second half as we continue to navigate a choppy macro. And our competitive wins across verticals and geographies demonstrates both the flexibility and versatility of our platform as well as the enormous future potential of our business.

此外，本季度，我們取代了一家設計和協作平台、一家運動服裝零售商和一家行動遊戲公司的點解決方案競爭對手。正如我上個季度提到的那樣，在我們繼續應對波動的宏觀經濟狀況的同時，我們對下半年銷售團隊的表現感到非常滿意。我們在各個垂直領域和地域的競爭勝利證明了我們平台的靈活性和多功能性以及我們業務的巨大未來潛力。

Braze has the right to compete and win with virtually any organization that has ambition or sophistication around customer engagement. If the organization has a person whose job is customer engagement, we believe Braze is the best in class solution for them. In order to maintain our technical lead, we continue to invest in improving the capabilities of the Braze platform.

Braze 有能力與幾乎任何在客戶參與方面有雄心或有經驗的組織競爭並獲勝。如果組織中有專門負責客戶互動的人員，我們相信 Braze 是他們最好的解決方案。為了維持我們的技術領先地位，我們持續投入資金提升Braze平台的功能。

With the wealth of data captured by Braze and the introduction of AI-powered tools, marketers are able to enhance relevance and performance while saving time and energy in production. In order to meet the demands of this paradigm shift, we are infusing AI throughout our stack to help marketers efficiently implement highly personalized cross-channel strategies.

借助 Braze 捕獲的大量數據和人工智慧工具的引入，行銷人員能夠提高相關性和效能，同時節省生產時間和精力。為了滿足這種範式轉變的需求，我們在整個堆疊中註入了人工智慧，以幫助行銷人員有效實施高度個人化的跨通路策略。

Last year, we launched Sage AI by Braze to inform and scale personalized, sophisticated, and lasting experiences that consumers love. At that time, we spoke to you about some of the exciting enhancements under development that further empower brands to embrace the craft of customer engagement, allowing them to move beyond simply sending messages.

去年，我們推出了 Braze 的 Sage AI，以提供和擴展消費者喜愛的個人化、精緻和持久的體驗。當時，我們與您討論了正在開發的一些令人興奮的增強功能，這些功能進一步使品牌能夠採用客戶參與的技巧，使它們能夠超越簡單地發送訊息。

Just yesterday, we announced new features that simplify and accelerate the ability of marketers to tailor recommendations to each unique customer, further unlocking sophisticated personalization and prediction at scale, inspiring creativity, and driving high-value actions from customers. At the same time, each feature is easily accessible and located intuitively across the marketer's workflow to support more creative testing, optimization, and personalization.

就在昨天，我們宣布了新的功能，簡化並加速行銷人員為每個獨特客戶量身定制推薦的能力，進一步大規模解鎖複雜的個人化和預測，激發創造力，並推動客戶的高價值行動。同時，每個功能都易於訪問，並直觀地定位在行銷人員的工作流程中，以支援更具創意的測試、優化和個人化。

These innovations include AI item recommendations, personalized path, tone control, and estimated real open e-mail rates. All of these features leverage comprehensive first-party data inputs in real-time, allowing for smarter decision-making and powering better business outcomes.

這些創新包括人工智慧產品推薦、個人化路徑、語氣控制和估計實際打開電子郵件率。所有這些功能都利用即時全面的第一方資料輸入，從而實現更明智的決策並推動更好的業務成果。

Let me take a moment to walk through each of these offerings. Last fall, I mentioned the development of AI item recommendations. Today, I'm pleased to announce that this engine, which uses AI to enhance message relevance with better product, service, and catalog recommendations is now generally available. AI item recommendations leverages cutting-edge transformer-driven AI models and is layered on top of Braze catalogs to enable easier setup and tighter integration with the rest of the Braze stack.

請容許我花一點時間逐一介紹這些產品。去年秋天，我提到了人工智慧商品推薦的發展。今天，我很高興地宣布，這個引擎現在已普遍可用，它使用人工智慧來增強訊息相關性，提供更好的產品、服務和目錄推薦。AI 產品推薦利用尖端的變壓器驅動 AI 模型，並分層於 Braze 目錄之上，以便更輕鬆地進行設定並與 Braze 堆疊的其餘部分更緊密地整合。

Accordingly, these recommendations can be used across every channel the Braze offers and as part of sophisticated cross-channel journeys in Canvas. We believe AI item recommendations will increase campaign revenue and improve customer loyalty for the brands to deploy it.

因此，這些建議可用於 Braze 提供的每個管道，並作為 Canvas 中複雜的跨渠道旅程的一部分。我們相信，人工智慧商品推薦將增加活動收入，並提高部署該技術的品牌的客戶忠誠度。

I'm also pleased to announce the release of personalized paths, an automated decision-making feature within Canvas that scales personalization by matching each customer with the message, copy, creative channel, and offer that they are most likely to engage with. It can be incorporated at any point in a Canvas journey and used across any channel, allowing it to be combined with sophisticated personalization and orchestration techniques.

我還很高興地宣布推出個人化路徑，這是 Canvas 中的自動決策功能，它透過將每個客戶與他們最有可能參與的資訊、副本、創意管道和優惠進行配對來擴展個人化。它可以融入 Canvas 旅程的任何階段，並可透過任何管道使用，從而可以與複雜的個人化和編排技術相結合。

Personalized paths enables marketers to leverage AI to deliver more value to their customers through deeply customized experiences while also saving time for them and their colleagues and engineering, even as they delve into more sophisticated experimentation. In addition to the work we're doing using our own custom models, we also continue to deliver productivity enhancements that utilize prompt engineering and fine-tuning the publicly available models like Open AI's GPT-4.

個人化路徑使行銷人員能夠利用人工智慧，透過深度客製化的體驗為客戶提供更多價值，同時也為他們及其同事和工程人員節省時間，即使他們深入進行更複雜的實驗。除了使用我們自己的客製化模型所做的工作之外，我們還將繼續利用快速工程和微調公開可用的模型（如 Open AI 的 GPT-4）來提高生產力。

Recall that we integrated ChatGPT and DALL-E into Braze in May and December of 2022, respectively, before the AI hype of early 2023. And it's been exciting to see how customers have used and experimented with these features. We believe there's even more potential for marketing teams to quickly generate and validate creative assets to support more effective campaign creation and testing, while maintaining brand voice and safety.

回想一下，在 2023 年初 AI 炒作之前，我們分別在 2022 年 5 月和 12 月將 ChatGPT 和 DALL-E 整合到 Braze 中。看到客戶如何使用和試驗這些功能是令人興奮的。我們相信，行銷團隊有更大的潛力快速產生和驗證創意資產，以支援更有效的行銷活動創建和測試，同時保持品牌聲音和安全。

Now we have built-in generative functionality, we call tone control, which helps marketers dictate and control the tone of AI-generated copy directly in Braze. This can save marketers time, help them craft more authentic experiences, foster additional creativity, quickly generate variance for testing and experimentation, and help eliminate mistakes.

現在我們有內建的生成功能，我們稱之為語氣控制，它可以幫助行銷人員直接在 Braze 中指示和控制 AI 生成的副本的語氣。這可以節省行銷人員的時間，幫助他們創造更真實的體驗，培養更多創造力，快速產生測試和實驗的差異，並有助於消除錯誤。

Finally, I'd like to highlight our estimated real open rates feature, another use of machine-learning that allows Braze customers to continue to rely on data-driven content strategies even as changes in the privacy landscape obscure certain data inputs. This solution addresses the changes made by Apple's Mail Privacy Protection program, offering marketers a more complete view of open rates for email campaigns by controlling for the uncertainty created by Mail Privacy Protection's machine opens.

最後，我想強調我們的估計實際開啟率功能，這是機器學習的另一種用途，即使隱私狀況的變化掩蓋了某些資料輸入，它仍允許 Braze 客戶繼續依賴資料驅動的內容策略。該解決方案解決了 Apple 的郵件隱私保護程序所做的更改，透過控制郵件隱私保護的機器開啟所造成的不確定性，為行銷人員提供更完整的電子郵件活動開啟率視圖。

One early AI customer success story that I'd like to highlight is from KoRo Drogerie, a German super food e-commerce company which tested our new AI item recommendation offering to help determine what products to offer to which customers and drive purchase decisions.

我想強調的早期 AI 客戶成功案例來自德國超級食品電子商務公司 KoRo Drogerie，該公司測試了我們的新 AI 商品推薦服務，以幫助確定向哪些客戶提供哪些產品並推動購買決策。

KoRo syncs the product catalog into Braze in real-time with Braze's cloud data ingestion feature and can then intelligently suggest products offerings tailored to individual customer preferences. By combining the simplicity of Braze's cloud data ingestion with the power of AI item recommendation, KoRo gained valuable insights into new user behaviors, empowering them to deliver highly personalized recommendations from their extensive catalog of over 1,000 products.

KoRo 利用 Braze 的雲端資料擷取功能將產品目錄即時同步到 Braze，然後可以根據個人客戶偏好智慧地推薦產品。透過將 Braze 的雲端資料擷取的簡單性與 AI 產品推薦的強大功能相結合，KoRo 獲得了有關新用戶行為的寶貴見解，使他們能夠從超過 1,000 種產品的廣泛目錄中提供高度個人化的推薦。

In addition, they drove these improved results with significantly less effort, automating everything from the data warehouse to the personalized recommendation seen by customers. Most importantly, KoRo tripled their purchase rates when these personalized product suggestions were incorporated into their onboarding messaging flows.

此外，他們以更少的努力獲得了這些改進的結果，實現了從資料倉儲到客戶看到的個人化推薦的一切的自動化。最重要的是，當這些個人化的產品建議被納入他們的入職資訊流時，KoRo 的購買率提高了兩倍。

Our pace of innovation and ease of use also continue to earn industry accolades for our excellence and software products. Recently, G2, the largest and most trusted marketplace for software recognized Braze across six categories in its Annual Best Software Awards, including the categories, Best Software Products, Global Software Companies, Highest Satisfaction Products, Marketing and Digital Advertising Products, Products for Enterprise, and Products for Mid-Market.

我們的創新步伐和易用性也繼續為我們的卓越和軟體產品贏得業界讚譽。最近，全球最大、最值得信賴的軟體市場G2在其年度最佳軟體獎的六個類別中對Braze進行了表彰，包括最佳軟體產品、全球軟體公司、最高滿意度產品、行銷和數位廣告產品、企業產品和中端市場產品。

Our solution's inclusion in the G2 Best Software Awards is a testament of the strength and loyalty of our customer community and our ability to deliver high ROI solutions that our customers need to power outstanding customer engagement for their users.

我們的解決方案入選 G2 最佳軟體獎，證明了我們客戶社群的實力和忠誠度，以及我們提供高投資報酬率解決方案的能力，我們的客戶需要這些解決方案來為其用戶提供出色的客戶參與度。

Before I turn it over to Isabelle, I want to update you on our latest social impact initiatives. In 2021, Braze joined the Pledge 1% movement through which we have reserved nearly 1 million shares of our Class A common stock to donate to a donor advised fund. Thus far, Braze has surpassed more than $1 million in grants via our Braze for Social Impact Fund, of which more than half have been directed by employee grant programs.

在將時間交給伊莎貝爾之前，我想先向大家介紹我們最新的社會影響舉措。2021 年，Braze 加入了 Pledge 1% 運動，透過這項運動，我們保留了近 100 萬股 A​​ 類普通股捐贈給捐贈者建議基金。到目前為止，Braze 已透過我們的 Braze 社會影響力基金提供超過 100 萬美元的資助，其中超過一半來自員工資助計畫。

Our Social Impact mission is to amplify 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 for your continued support of Braze. We are very excited for the year ahead.

我們的社會影響使命是擴大影響力，為我們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。我們期待透過持續的員工倡導和參與來不斷推動這些努力。感謝您對 Braze 的持續支持。我們對未來的一年充滿期待。

Our strategy of driving innovation to create industry-leading solutions remains unchanged. And we believe our investments in new product growth, channels, and advanced AI and machine learning, coupled with strong secular customer engagement tailwinds, will keep Braze on the path to becoming the industry standard for cross-channel customer engagement.

我們推動創新、創造產業領先解決方案的策略始終沒有改變。我們相信，我們對新產品成長、通路、先進的人工智慧和機器學習的投資，加上強勁的長期客戶參與順風，將使 Braze 繼續成為跨通路客戶參與的行業標準。

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

現在我將電話轉給伊莎貝爾。

Thank you, Bill, and thank you, everyone, for joining us today. As Bill stated, we reported a strong fourth quarter with revenue increasing 33% year over year to $131 million, driven by a combination of existing customer contract expansions, renewals, and new business. The quarter included a contribution of slightly more than $3 million in revenue from the North Star acquisition, which closed in June. Subscription revenue remains the primary component of our total top line contributing 96% of our fourth quarter revenue. While the remaining 4% represents a combination of recurring professional services and one-time configuration and onboarding fees.

謝謝比爾，也謝謝大家今天的參與。正如比爾所說，我們報告了強勁的第四季度業績，收入同比增長 33% 至 1.31 億美元，這得益於現有客戶合約擴展、續約和新業務的共同推動。本季的營收貢獻略高於 300 萬美元，源自於 6 月完成的北極星收購案。訂閱收入仍然是我們總營收的主要組成部分，貢獻了我們第四季營收的 96%。剩下的 4% 則是經常性專業服務和一次性配置及入職費用的組合。

Total customer count increased 15% year over year to 2,044 customers as of January 31, up 274 from the same period last year and up 33 from the prior quarter. Our total number of large customers, which we define as though spending at least $500,000 annually, grew 29% year over year to 202 and as of January 31, contributed 60% to our total ARR. This compares to a 57% contribution as of the same quarter last year.

截至 1 月 31 日，總客戶數量年增 15% 至 2,044 名客戶，比去年同期增加 274 名，比上一季增加 33 名。我們的大客戶總數（我們將其定義為每年至少花費 50 萬美元）年增 29%，達到 202 個，截至 1 月 31 日，對我們的總 ARR 貢獻率為 60%。相比之下，去年同期的貢獻率為 57%。

Measured across all customers, dollar-based net retention was 117%, while dollar-based net retention for our large customers was 120%. Expansion was again broadly distributed across industries and geographic regions. Revenue outside the US contributed 44% of total revenue in the fourth compared to 43% in the prior year quarter and in line with the third quarter of this year. In the fourth quarter, our total remaining performance obligation was $639 million, up 40% year over year and up 14% sequentially.

從所有客戶來看，基於美元的淨留存率為 117%，而大客戶的基於美元的淨留存率為 120%。擴張再次廣泛分佈於各行業和地理區域。第四季度，美國以外地區的營收佔總營收的 44%，去年同期為 43%，與今年第三季持平。第四季度，我們剩餘履約義務總額為 6.39 億美元，較去年同期成長 40%，較上季成長 14%。

Current RPO was $409 million, up 31% year over year and up 11% sequentially. The year-over-year increases were driven by contract renewals and upsells and the signing of new customer contracts. Overall dollar-weighted contract length is slightly above two years and increased modestly during the quarter as more customers committed to longer-term relationships with Braze. Non-GAAP gross profit in the quarter was $88.9 million, representing a non-GAAP gross margin of 67.9%.

目前RPO為4.09億美元，年增31%，季增11%。同比增長主要是由於合約續約和追加銷售以及新客戶合約的簽署。由於越來越多的客戶承諾與 Braze 建立長期合作關係，整體美元加權合約期限略高於兩年，並在本季度小幅增加。本季非公認會計準則毛利為 8,890 萬美元，非公認會計準則毛利率為 67.9%。

This compares to a non-GAAP gross profit of $66.2 million, a non-GAAP gross margin of 67% in the fourth quarter of last year. The 90 basis point year-over-year margin improvement was driven by ongoing personnel efficiencies and the continued cost optimization of our technology stack, partially offset by increased adoption of premium message channels.

相較之下，去年第四季的非 GAAP 毛利為 6,620 萬美元，非 GAAP 毛利率為 67%。利潤率較上年同期提高 90 個基點，主要得益於人員效率的持續提高和技術堆疊成本的持續優化，但優質訊息管道的採用率的提高部分抵消了這一影響。

Non-GAAP sales and marketing expense was $55.2 million or 42% of revenue compared to $46.5 million or 47% of revenue in the prior year. While the dollar increase reflects our year-over-year investments in headcount costs to support our ongoing growth and global expansion, the improved efficiency reflects our disciplined investment approach to resource deployment across our go-to-market organization.

非公認會計準則銷售和行銷費用為 5,520 萬美元，佔收入的 42%，而去年同期為 4,650 萬美元，佔收入的 47%。雖然美元的增加反映了我們為支持持續成長和全球擴張而對員工成本的逐年投資，但效率的提高反映了我們在整個市場組織中對資源部署的嚴謹投資方式。

Non-GAAP R&D expense was $21.2 million or 16% of revenue compared to $19 million or 19% of revenue in the prior year. The dollar increase was primarily driven by increased headcount cost to support the expansion of our existing offerings as well as to develop new products and features to drive growth.

非公認會計準則研發費用為 2,120 萬美元，佔營收的 16%，去年同期為 1,900 萬美元，佔營收的 19%。美元成長的主要原因是增加了員工成本，以支援我們現有產品的擴展以及開發新產品和功能以推動成長。

Non-GAAP G&A expense was $20 million or 15% of revenue compared to $17.5 million or 18% of revenue in the prior year. The dollar increase was driven by investments to support our overall company growth, including headcount costs and increases in software subscriptions and licenses.

非公認會計準則下的一般及行政開支為 2,000 萬美元，佔收入的 15%，而去年同期為 1,750 萬美元，佔收入的 18%。美元的成長主要是由支持公司整體成長的投資所推動的，包括員工成本以及軟體訂閱和許可的增加。

Non-GAAP operating loss was $7.5 million compared to a non-GAAP operating loss of $16.7 million in the prior year. Non-GAAP net loss attributable to Braze's shareholders in the quarter was $3.5 million or a loss of $0.04 per share compared to a loss of $13.7 million or a loss of $0.14 per share in the prior year.

非公認會計準則營業虧損為 750 萬美元，而上年非公認會計準則營業虧損為 1,670 萬美元。本季歸屬於 Braze 股東的非 GAAP 淨虧損為 350 萬美元，即每股虧損 0.04 美元，而去年同期的虧損為 1,370 萬美元，即每股虧損 0.14 美元。

Now turning to the balance sheet and cash flow statement. We ended the quarter with $480 million in cash, cash equivalents, restricted cash, and marketable securities. Cash provided by operations during the quarter was $3.8 million compared to $12,000 in the prior year. Including the cash impact of capitalized costs, free cash flow was approximately negative $3.5 million compared to negative free cash flow of $1.9 million in the prior year quarter.

現在轉向資產負債表和現金流量表。本季結束時，我們的現金、現金等價物、受限現金和有價證券為 4.8 億美元。本季經營活動提供的現金為 380 萬美元，去年同期為 12,000 美元。包括資本化成本的現金影響，自由現金流約為負 350 萬美元，而去年同期的自由現金流為負 190 萬美元。

As we have stated before, we expect our free cash flow to fluctuate from quarter to quarter, given the timing of customer and vendor payments.

正如我們之前所說，考慮到客戶和供應商付款的時間，我們預計我們的自由現金流將逐季度波動。

And now turning to our forecast. We continue to see solid interest in high-quality customer engagement solutions, particularly from existing customers. While macroeconomic headwinds persist, and we continue to face constrained marketing budgets and slower new business growth. Levels of volatility and uncertainty have declined as we, our customer, and our prospects have learned to better navigate this environment.

現在來談談我們的預測。我們持續看到人們對高品質客戶參與解決方案的濃厚興趣，尤其是現有客戶。儘管宏觀經濟逆風持續存在，我們仍然面臨行銷預算受限和新業務成長放緩的問題。隨著我們、我們的客戶和我們的潛在客戶學會更好地應對這種環境，波動性和不確定性的程度已經下降。

As always, we approach our guidance with a prudent and risk-adjusted methodology, and assume current macroeconomic conditions persist over the forecast horizon. For the first quarter of fiscal 2025, we expect revenue to range from $131 million to $132 million, which represents a year-over-year growth rate of approximately 29% at the midpoint.

與往常一樣，我們以審慎和風險調整的方法制定指導，並假設當前的宏觀經濟條件在預測期內持續存在。對於 2025 財年第一季，我們預計營收在 1.31 億美元至 1.32 億美元之間，中間值年增率約為 29%。

While we have not traditionally guided to gross margin beyond our long-term range of 67% to 72%, as I just noted, we have seen increased adoption of premium messaging channels, including WhatsApp, which will likely result in a first quarter non-GAAP gross margin that is at the low end of our long-term range. For the full year, we expect our non-GAAP gross margin to be within our long-term range with sequentially improving gross margins throughout.

雖然我們傳統上不會將毛利率預期超出 67% 至 72% 的長期範圍，但正如我剛才指出的，我們看到包括 WhatsApp 在內的優質訊息管道的採用率有所增加，這可能會導致第一季度的非 GAAP 毛利率處於我們長期範圍的低端。就全年而言，我們預計非公認會計準則毛利率將處於長期範圍內，並且全年毛利率將持續提高。

First quarter, non-GAAP operating loss is expected to be in the range of $13 million to $14 million. At the midpoint, this implies an operating margin of approximately negative 10%. First quarter non-GAAP net loss is expected to be $10 million to $11 million and first quarter non-GAAP net loss per share in the range of $0.10 to $0.11 per share based on approximately 99.5 million weighted average basic shares outstanding during the period.

第一季度，非GAAP營業虧損預計在1,300萬美元至1,400萬美元之間。從中間值來看，這意味著營業利潤率約為負 10%。第一季非 GAAP 淨虧損預計為 1,000 萬美元至 1,100 萬美元，基於期內流通在外的約 9,950 萬股加權平均基本股，第一季非 GAAP 淨虧損預計在 0.10 美元至 0.11 美元之間。

For the full fiscal year 2025, we expect total revenue to be in the range of $570 million to $575 million, which represents a year-over-year growth rate of approximately 21.5% at the midpoint. Fiscal year 2025 non-GAAP operating loss is expected to be in the range of $20 million to $24 million. At the midpoint, this implies a non-GAAP operating margin of approximately negative 4% or a 450 basis point improvement versus fiscal year 2024.

對於整個 2025 財年，我們預計總營收將在 5.7 億美元至 5.75 億美元之間，中間值年成長率約為 21.5%。2025 財年非 GAAP 營業虧損預計在 2,000 萬美元至 2,400 萬美元之間。從中間值來看，這意味著非 GAAP 營業利潤率約為負 4%，或與 2024 財年相比提高 450 個基點。

Non-GAAP net loss for the same period is expected to be in the range of $8 million to $12 million. For fiscal year 2025, non-GAAP net loss per share is expected to be $0.08 to $0.12 per share based on a full year weighted average basic share count of approximately 101 million shares.

預計同期非公認會計準則淨虧損在 800 萬美元至 1,200 萬美元之間。2025 財年，基於全年加權平均基本股數約 1.01 億股，非 GAAP 每股淨虧損預估為 0.08 美元至 0.12 美元。

We remain on track to achieve positive quarterly non-GAAP operating income and positive free cash flow by Q4 of this fiscal. I'll close by reiterating our excitement in Braze's future. We remain focused on partnering with our customers to deliver best-in-class customer engagement solutions and driving product innovation while consistently executing against our financial targets. We remain confident in our ability to grow revenue while maintaining cost discipline and delivering on the financial targets that we have set for fiscal 2025.

我們仍有望在本財年第四季實現正的非公認會計準則季度營業收入和正的自由現金流。最後，我想重申我們對 Braze 未來的興奮之情。我們始終專注於與客戶合作，提供一流的客戶參與解決方案並推動產品創新，同時始終如一地實現我們的財務目標。我們對自己在保持成本控制的同時增加收入並實現我們為 2025 財年設定的財務目標的能力充滿信心。

And with that, we'll now open the call for questions. Operator, please begin the Q&A.

現在，我們可以開始提問了。接線員，請開始問答。

(Operator Instructions)

（操作員指令）

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Perfect. Thank you, guys and congrats on a strong end of the year. Some exciting capabilities and from an AI perspective. Bill, I was curious if you could just touch a little bit on what prep work if any customers might need to do before they can leverage some of these AI capabilities that you've introduced from Sage. Like what needs to be done from a governance and data prep perspective, and it might vary by product. But I'm just curious kind of how long that might take and what you're doing to help your customers grow?

完美的。謝謝你們，恭喜你們今年取得了圓滿的成績。從人工智慧的角度來看，有一些令人興奮的能力。比爾，我很好奇，您是否可以稍微介紹一下，客戶在利用您從 Sage 引入的一些 AI 功能之前需要做哪些準備工作。例如從治理和資料準備的角度需要做什麼，並且可能因產品而異。但我只是好奇這可能需要多長時間以及您會採取什麼措施來幫助您的客戶成長？

Yeah, thanks for the question. So we're continuing to invest in AI across the entire product surface area. And I hope that the four recent releases that I highlighted earlier, helped to demonstrate that. You're seeing a mix of machine learning techniques, multiple ways of using Gen AI, and it's being integrated throughout our stack. And so as you alluded to, it definitely depends on the feature, but we continue to work in a couple of different categories.

是的，謝謝你的提問。因此，我們將繼續在整個產品領域對人工智慧進行投資。我希望我之前強調的四個最新發布的版本可以幫助證明這一點。您將看到多種機器學習技術、多種使用 Gen AI 的方式，並且它們正在整個堆疊中整合。正如您所提到的，這肯定取決於功能，但我們會繼續在幾個不同的類別中工作。

The first one and I mentioned this before is that copilot vision where we want using AI Braze to make it feel less like using the tool and more like you're working with a whole team of specialists, consultants to help you tackle your customer engagement challenges. And those are things like tone control that I mentioned earlier, as well as some of the helpers that we have to help people write code or scripting in some of the more technical parts of the product and just generally the Gen AI integrations, those all just immediately out of the box, no setup from the customer.

第一個，我之前提到過，就是副駕駛願景，我們希望使用 AI Braze 讓它感覺不像使用工具，而更像是與一整個專家團隊、顧問一起工作，來幫助你解決客戶參與挑戰。這些就是我之前提到的音調控制之類的東西，以及我們必須幫助人們在產品的一些更技術性的部分編寫代碼或腳本的一些助手，以及一般的 Gen AI 集成，這些都是開箱即用的，無需客戶進行設置。

And the entire purpose of them is to improve marketer productivity and allow for them to operate in a quicker manner with more agility and be able to take advantage of more of our products. Something like the AI recommendations that I mentioned, that does require a bit more setup. But as you heard in the customer example that I shared in the prepared remarks, we've all done a lot of work to be able to improve the time-to-value there and streamline that setup.

它們的全部目的都是為了提高行銷人員的工作效率，使他們能夠以更快的方式、更靈活地運作，並能夠利用我們的更多產品。類似於我提到的 AI 建議，確實需要更多的設定。但是正如您在我準備好的評論中分享的客戶示例中聽到的那樣，我們都做了很多工作以便能夠改善價值實現時間並簡化設定。

So in that example, it actually builds on top of two separate products, both of which we independently monetize. So our product catalog feature is used for a variety of different content capabilities within Canvas. And then the item recommendations capability, which uses transformers to be able to provide even better recommendations and more content personalization sits on top of that.

因此，在這個例子中，它實際上建立在兩個獨立的產品之上，我們對這兩個產品都進行了獨立貨幣化。因此，我們的產品目錄功能可用於 Canvas 內各種不同的內容功能。然後是專案推薦功能，它使用轉換器來提供更好的推薦，並且在此基礎上提供更多的內容個人化。

And those product catalogs can actually be built up through our cloud data ingestion capability, which means that the marketer with simple configuration can be automatically loading in all of the content from the product catalog directly out of a data warehouse like Snowflake, bringing that into Braze. And then the item recommendations are similarly just clicks and simple configuration within Braze to then pull that into the content of any message channel.

這些產品目錄實際上可以透過我們的雲端資料擷取功能來建立，這意味著行銷人員只需透過簡單的配置就可以從 Snowflake 等資料倉儲直接自動載入產品目錄中的所有內容，並將其帶入 Braze。然後，專案推薦同樣只需在 Braze 中點擊並進行簡單配置，然後將其拉入任何訊息管道的內容中。

And so it is a place where they need to have their product catalog data clean, but many customers already have that. And the ability to interconnect that have something like cloud data ingestion be able to automatically run all of ETLs with no operational burden by the customer and then have item recommendations sit on top of that and be available in every single channel, I think it's just a great example where that is something which has a lot of moving parts to it.

因此，他們需要清理產品目錄數據，但許多客戶已經擁有了這些數據。並且，具備諸如雲端資料擷取之類的互連能力能夠自動運行所有 ETL，而無需客戶承擔任何操作負擔，然後將產品推薦放在其上並在每個頻道中提供，我認為這就是一個很好的例子，它涉及很多活動部件。

But because of the way that we vertically integrated the capabilities in the Braze stack, we are taking on the burden of managing the vast majority of those moving parts. And we are therefore elevating the job of the marketer up to that of connecting their business strategy to the customer journey and making sure that they are orchestrating and prioritizing their own goals in a way that's going to drive relevance for the customer and create value for their business.

但由於我們垂直整合了Braze堆疊中的功能，我們承擔了管理絕大多數移動部件的負擔。因此，我們將行銷人員的工作提升到將他們的商業策略與客戶旅程聯繫起來，並確保他們以一種能夠為客戶帶來相關性並為他們的業務創造價值的方式協調和優先考慮自己的目標。

Perfect. That's super helpful. And one, if I can, just on the demand environment as you see it. I think you called out a host of customer wins in the fourth quarter, some were traditional enterprise, somewhat more digital narratives. Can you talk a little bit about where you're seeing demand differences, if any, between those two groups as you think about this year and go to market allocations. Is there any between those two or is there any one where you might lean heavier or might see stronger demand relative to the other?

完美的。這非常有幫助。第一，如果可以的話，我只想談談您所看到的需求環境。我認為您在第四季度取得了大量客戶的成功，其中一些是傳統企業，更多的是數位敘事。您能否談談，就今年和市場分配而言，這兩組人之間的需求差異（如果有的話）如何？這兩者之間是否存在任何一種，或者是否存在您可能更傾向於其中一種或相對於另一種可能看到更強烈需求的？

Yeah. So I think that we're seeing similar trends that you're hearing about elsewhere, which is that there's relative strength in the enterprise as compared to the commercial segment. I think that we're seeing relatively similar demand environments globally when we look out from geography to geography and similarly relatively similar across verticals.

是的。因此，我認為我們看到了與您在其他地方聽到的類似的趨勢，即企業領域相對於商業領域具有相對優勢。我認為，從不同地區來看，全球的需求環境相對相似，而且從不同垂直產業來看，需求環境也相對相似。

So most of the differentiation that we see tends to be correlated with company size, and that is certainly going to play into our go-to-market investment strategy. But a lot of that resourcing -- those resourcing decisions were already made earlier this year when we had declining sales capacity over last year. We are now, for the first time in over 12 months, increasing our sales capacity and hiring new people into that team.

因此，我們看到的大多數差異往往與公司規模相關，這肯定會影響我們的市場投資策略。但許多資源配置決策在今年稍早就已經做出了，當時我們的銷售能力比去年有所下降。我們現在正在 12 個多月內首次提高銷售能力並招募新員工加入團隊。

We're doing that broadly across different categories and in different geographies where we are able to -- where we're seeing opportunities to meet incremental demand. But that's coming off of a baseline where we did reorient those go-to-market resources across the commercial and enterprise segments last year to be able to match what we continue to see persisting, which is relative strength in the enterprise versus the SMB.

我們在不同類別和不同地區廣泛地進行此類活動，只要我們有能力，我們就會發現滿足增量需求的機會。但這是基於一個基礎，去年我們確實重新調整了商業和企業領域的市場資源，以便能夠適應我們繼續看到的持續存在的趨勢，即企業與中小型企業的相對優勢。

So when you sum all that up, we are seeing participation rates increasing in our sales team, I mentioned that. We've been very happy with the execution of the sales team in particular in the second half of the year. And that is why we are at the point now where we are investing in adding additional sales capacity for the first time in over a year, and we're excited about that.

所以當你總結所有這些時，我們看到銷售團隊的參與率正在增加，我提到過這一點。我們對銷售團隊的表現非常滿意，特別是下半年的表現。這就是為什麼我們現在在一年多來首次投資增加額外的銷售能力，我們對此感到非常興奮。

Awesome. I appreciate the color. Thank you.

驚人的。我很欣賞這個顏色。謝謝。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

Hey, thanks, guys, and I'll echo Arjun's congrats on the quarter. Bill, maybe one for you. So look, obviously, you spoke to taking share from legacy marketing clouds, but we're seeing a lot of AI innovation from the platform firms, right? I mean, Salesforce spoke to data cloud revenue largely being attributable to their marketing cloud.

嘿，謝謝大家，我會回應 Arjun 對本季的祝賀。比爾，也許有一個適合你。所以，很明顯，您談到了從傳統行銷雲中奪取份額，但我們看到平台公司有很多人工智慧創新，對嗎？我的意思是，Salesforce 表示資料雲收入主要歸功於他們的行銷雲。

Are you seeing any signs that the velocity of replatforming opportunities is slowing at all as customers maybe contemplate like, hey, I'll stick with Adobe or Salesforce, whoever, for a little bit longer to see if AI can make a difference or is there any discernible change just as those firms continue to kind of tell the story around AI?

您是否看到任何跡象表明，平台重構機會的速度正在放緩，因為客戶可能會考慮，嘿，我會繼續使用 Adob​​e 或 Salesforce 等公司一段時間，看看人工智慧是否能帶來改變，或者是否會有任何明顯的變化，就像這些公司繼續講述有關人工智慧的故事一樣？

No. I don't think that we're seeing much of a change there. That story of, hey, hold on, there's one more thing coming in a little while. Right now, this -- the new flavor of the month for them is Gen AI. But and we've seen that as an incumbent advantage that works against that transition from the legacy tools into a place like Braze for years now.

不。我認為我們沒有看到太多的變化。那個故事是，嘿，等一下，一會兒還有一件事。現在，對他們來說，本月的新品是 Gen AI。但是，我們已經看到，多年來，這種現有優勢阻礙了從傳統工具轉向 Braze 這樣的平台的轉變。

And so over the long term, it doesn't really feel materially different. And I think the legacy marketing clouds, even as they're working to put in place some of these Gen AI features that are either going to help with marketing, market or productivity, or that some of the some of the work that Salesforce has been doing.

因此從長遠來看，感覺並沒有什麼實質的差異。我認為，即使傳統的行銷雲正在努力實施一些 Gen AI 功能，這些功能要么有助於行銷、市場或生產力，要么是 Salesforce 一直在做的一些工作。

They were still fundamentally built in a world where they assume they were in control of the customer journey. The touchpoints with the customer were relatively linear. They didn't demand the same level real-time or interactivity. They were single threaded.

他們仍然從根本上建立在一個以為自己能夠控制客戶旅程的世界。與客戶的接觸點相對線性。他們並不要求相同程度的即時性或互動性。它們是單線程的。

It's built into the foundations of how they process data, how they make sense of it, how they dispense messaging. And you continue to see that those things that are in their foundations. They can't fix without their own re-platforming. So even as they continue to try to make acquisitions and yet more things together, if anything, I think that it continues to work against them is it increases the amount of complexity that they have.

它是他們處理數據、理解數據、傳遞訊息的基礎。你會繼續看到那些存在於其基礎中的東西。如果不進行自身平台重建，他們就無法修復這個問題。因此，即使他們繼續嘗試進行收購並共同開展更多業務，如果有的話，我認為這仍然對他們不利，因為這會增加他們的複雜性。

And the way that they were originally architected may have been appropriate for the free mobile world where most e-mail was right on your desktop at work, but modern consumers are always on. They interact with brands on their terms. They're on non-linear customer journeys. They have an ever-expanding collection of mediums and channels that they want to be communicated with and that they want to use when they're accessing your products and services. And I think it's really important to grapple with that fundamental reality and the foundation of your products.

而且它們最初的架構方式可能適合免費的行動世界，在這個世界裡大多數電子郵件都直接顯示在工作時的桌面上，但現代消費者總是處於線上狀態。他們以自己的方式與品牌互動。他們正處於非線性的客戶旅程中。他們擁有越來越多的媒介和管道，他們希望與他們進行交流，並希望在訪問您的產品和服務時使用這些媒介和管道。我認為，把握這個根本現實和產品基礎確實非常重要。

We've embraced the fact that we're a companion to the customer journey. We carefully listen across all the touch points. We're working to deeply understand the customer and the context that surrounds them. And then we're leveraging that understanding to help shape the outcomes to achieve the brand's goals. And those goals are -- I spoke about this a little bit a little bit ago that we want the marketers to be able to have complexity controlled for them to the extent possible so that they can be operating in a more strategic level.

我們已接受這樣一個事實：我們是客戶旅程的陪伴者。我們仔細聆聽所有接觸點。我們正在努力深入了解客戶及其周圍的環境。然後我們利用這種理解來幫助塑造結果，以實現品牌目標。這些目標是——我之前談到過這一點，我們希望行銷人員能夠盡可能地控制複雜性，以便他們能夠在更具策略性的層面上開展工作。

They can be really connecting themselves to what the customer's journey looks like and feels like so that they can take their own brand, their own company's goals, and attach those to the customer journey and be able to shape it in a way that's more positive for them, whether that's incentivizing advocacy, avoiding churn, it's helping build loyalty, or drive purchases, or even just educating your customer, making sure they know there's a steady hand alongside them during their products and service journey.

他們可以真正地將自己與客戶的旅程聯繫起來，以便他們可以將自己的品牌、自己公司的目標與客戶旅程聯繫起來，並能夠以對他們更積極的方式塑造它，無論是激勵宣傳、避免客戶流失、幫助建立忠誠度、推動購買，還是僅僅教育客戶，確保他們知道在他們的產品和服務旅程中總有一隻穩定的手陪伴在他們身邊。

These are all use cases that Braze fulfills and the modern customer engagement environment, they all demand that these foundations are able to be event-driven in real-time that they can accommodate the nonlinear customer journey and really engage with them on their terms as a companion.

這些都是 Braze 滿足的用例和現代客戶參與環境，它們都要求這些基礎能夠實時由事件驅動，以便能夠適應非線性的客戶旅程，並真正以伴侶的身份與他們互動。

Yeah. Makes a ton of sense. It's helpful color.

是的。非常有道理。這是有用的顏色。

Well, maybe I can follow up one on the numbers for you. So like very, very rough math. This year, half of your growth came from the install base, half from net new, right? You had 33% growth, 117% NRR. As we look to fiscal '25, like how does that growth matrix feel to you as you contemplate what's in the guide? Like how much from net new, how much from the base?

好吧，也許我可以幫你跟進一下這些數字。這就像非常非常粗略的數學。今年，你們一半的成長來自於安裝基數，一半來自於淨新增量，對嗎？成長率為33%，NRR為117%。當我們展望25財年時，當您考慮指南中的內容時，這個成長矩陣會帶給您什麼感受？例如，有多少來自淨新增，有多少是來自基礎？

Yeah, so we still generally try to keep that sort of 50-50. And actually, we're always we're trying to index on more than 50% coming from the net new. And so when I talk about that dollar-based net retention, not yet having hit the bottom, some of that is, by virtue of trying to index a little bit more to that net new. So I don't actually think we've fully hit the bottom on that number, just in case I get that question. And so that's how we think of the mix is trying to continue to index a little bit more to towards the net new.

是的，所以我們總體上還是盡量保持這種 50-50 的比例。實際上，我們始終試圖將 50% 以上的新數據納入指數。因此，當我談到以美元為基礎的淨留存率時，它還沒有觸底，部分原因是試圖將更多的資金納入淨新增資金的指數中。所以我實際上並不認為我們已經完全觸及這個數字的底部，只是為了防止我被問到這個問題。因此，我們認為組合是試圖繼續將指數稍微提高一點，以達到淨新增量。

Perfect. Thank you, guys.

完美的。謝謝你們。

Ryan MacWilliams, Barclays.

巴克萊銀行的瑞安‧麥克威廉斯 (Ryan MacWilliams)。

Hey, guys. Thanks for the question. For Bill, I know a lot of the focus is on the largest customers from the legacy marketing clouds, but have you noticed any changes in the competitive environment for -- against your private customer engagement competitors? Like have you seen more wins from those competitors? And I only ask because it may be harder for them to invest in some of these new AI capabilities and features that you guys are coming out with? Thanks.

嘿，大家好。謝謝你的提問。對於比爾，我知道很多焦點都放在了傳統行銷雲中的最大客戶上，但您是否注意到與您的私人客戶參與競爭對手相比，競爭環境發生了任何變化？您是否看到這些競爭對手取得更多勝利？我問這個問題是因為他們可能很難投資你們推出的一些新 AI 能力和功能嗎？謝謝。

Yeah. I mean, I think we continue to broadly experience our competition in the two major segmentation that I spoke about before with legacy marketing clouds, the high-end of the market, and the collection of start-ups that vary by vertical or geography in the mid-market and low end. We continue to only see sporadic competition from the start-up set in the enterprise. And most of the start-up competitors, I think are also operating below our pricing floor, which remains in that [20,000 to 30,000]. range.

是的。我的意思是，我認為我們將繼續在之前提到的兩個主要細分市場中廣泛地體驗競爭，即傳統行銷雲、高端市場以及中端市場和低端市場中按垂直或地理劃分的初創企業集合。我們仍然只看到來自企業新創企業的零星競爭。我認為，大多數新創競爭對手的營運價格也低於我們的底價，即 20,000 到 30,000 美元。範圍。

When I think about the R&D burden that's been placed on the private startups in particular, especially those that I haven't been hiring for quite a while as they've been trying to get themselves IPO-ready. It's definitely apparent that product velocity for many of them has slowed down.

當我想到私人新創公司所承擔的研發負擔時，尤其是那些我已經很久沒有僱用的員工，因為他們一直在為 IPO 做準備。顯然，許多公司的產品速度已經放緩。

And I think that's fair to say it's not just the AI and machine learning features that are difficult for them to build are keeping up with the continued advance of our channels and the adoption that marketers want to make as there are new opportunities and new ways to be communicating with customers, keeping up on the rapidly changing data science universe and the kind of data warehousing universe as well.

我認為可以公平地說，他們難以建立的不僅是人工智慧和機器學習功能，還要跟上我們管道的持續發展和行銷人員想要做出的採用，因為有新的機會和新的方式與客戶溝通，跟上快速變化的數據科學世界和數據倉庫世界。

There's a lot required in order to keep up with this space right now. And I think it is something that product velocity and the agility of the R&D teams is going to be really important as we continue to build down the stretch here.

現在，為了跟上這個領域的步伐，需要做很多事情。我認為，隨著我們繼續在這一領域進行建設，產品速度和研發團隊的敏捷性將變得非常重要。

Appreciate the color there. And then for Isabelle, Braze has been prudent with your initial revenue guidance for the year. Just to double-click on that, is there any change in the guidance philosophy this year? And are we largely through like the COVID-era renewals of some customers that were maybe more optimistic in their growth projections two years ago? Or maybe is there still some of that left them to start 2024? Thanks.

欣賞那裡的色彩。對伊莎貝爾來說，Braze 對今年的初步收入預測非常謹慎。只需雙擊一下，今年的指導理念有任何變化嗎？我們是否在很大程度上完成了像兩年前對成長預測更樂觀的一些客戶在新冠疫情時期的續約？或者也許到 2024 年初他們還剩下一些嗎？謝謝。

Yeah. Thanks, for the question. So first on the overall guide. So look, the macro continues to be challenging. It's not deteriorating, but it's certainly not improving. We're still seeing customers exhibit overall price sensitivity. They're buying, as we've said, over the last couple of quarters, continuing to buy for their new needs rather than growth. And that said, we've actually learned to kind of adapt to this environment and serve our customers and prospects. So we do expect a little bit less volatility in our results versus last year.

是的。謝謝你的提問。首先介紹一下整體指南。所以看，宏觀仍然充滿挑戰。情況沒有惡化，但肯定也沒有改善。我們仍然看到客戶表現出整體價格敏感度。正如我們在過去幾個季度中所說的那樣，他們的購買是為了滿足新的需求而不是成長。儘管如此，我們實際上已經學會了適應這種環境並為我們的客戶和潛在客戶提供服務。因此，我們確實預期今年的業績波動會比去年小一些。

So we haven't really changed our guidance philosophy. But I'd say the environment and the context around us has to be considered. And so we'll continue to take that risk adjusted approach. But we feel good about the guidance that we've set forth for the year.

所以我們其實並沒有改變我們的指導理念。但我想說我們必須考慮周圍的環境和背景。因此，我們將繼續採取這種風險調整方法。但我們對今年制定的指導方針感到滿意。

And sorry, your follow-up question on that?

抱歉，您接下來還有什麼問題嗎？

And just like some renewal from two years ago?

就像兩年前的一些更新一樣？

The COVID. Yeah it's not so much the COVID piece specifically but there was sort of the follow-up dynamic where customers were just generally exhibiting a desire to sort of buy for the current environment. And so even and upsells and that manifests itself in the dollar-based net retention as well, the upsells are really priced or sized more for what they need in the immediate term as opposed to buying for growth.

新冠病毒。是的，這並不是特別關注 COVID 問題，而是一種後續動態，即客戶普遍表現出在當前環境下購買的願望。因此，即使是追加銷售，這也體現在基於美元的淨保留率中，追加銷售的定價或規模實際上更多地是根據他們的短期需求而不是為了成長而購買。

So it's not so much -- there is still a bit of the prior contracts that are working themselves out. We're through a lot of that. But the dynamic itself continues only because the upsell pieces are also now representative of buying for what they need as opposed to buying for future growth.

所以情況並不那麼多——仍有一些先前的合約正在自行解決。我們已經經歷了很多這樣的事了。但這種動態本身仍在繼續，只是因為追加銷售的產品現在代表著購買他們需要的東西，而不是為了未來的成長而購買。

That makes sense. Appreciate the color. Thank you.

這很有道理。感謝色彩。謝謝。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Good afternoon and thank you, Bill. I remember recently -- I think it was maybe a year or two ago -- when you unbundled e-mail, and that was a catalyst helping with the legacy displacements. I'm curious what you hear from your sales team today? What are the factors that are within your control that allow you to maybe pull the lever a little bit more on some of the legacy replacements? What are the sticking points which are still within our control that you could maybe push a little harder on? Thanks.

下午好，謝謝你，比爾。我記得最近——我想可能是一兩年前——你們拆分了電子郵件，這是幫助解決遺留問題的一個催化劑。我很好奇您今天從銷售團隊聽到了什麼消息？有哪些因素是您可以控制的，可以讓您在某些遺留替換上發揮更大的作用？哪些癥結仍在我們的控制範圍之內，而您可以進一步加強解決？謝謝。

Yeah, great question. I think that one of the major ones that has kept a lot of people in legacy players is also the services ecosystem, which is we worth talking about a little bit. One of the things we've been talking about the last few quarters is just how pleased we are with our success across the global systems integrators and the large major marketing agency holding companies. And we continue to really build out the Braze-enabled services ecosystem around the world and at all different kind of levels for customers.

是的，很好的問題。我認為讓許多人留在傳統參與者中的一個重要因素也是服務生態系統，這點值得我們稍微談論一下。我們在過去幾季中一直在談論的事情之一就是我們對在全球系統整合商和大型行銷代理控股公司中取得的成功感到非常高興。我們將繼續在全球範圍內、各個層面為客戶真正建構由 Braze 支援的服務生態系統。

And so one of the things that definitely has gotten in the way of some of those migrations in the past has been the heavy lift of moving from a platform that you've maybe been on for 5 or 10 years as well as the requirement to move into what is ultimately a new paradigm and a new way of modeling your data, a new way of thinking about how you instrument and how you measure performance and such as you move into Braze.

因此，過去阻礙某些遷移的因素之一是，從一個可能已經使用了 5 年或 10 年的平台遷移過來非常困難，而且需要遷移到最終的新範式和新數據建模方式、新思維方式（如何使用儀器和如何衡量性能）等。

So I think that is a key component of that, especially for some of the -- some aspects of the early majority definitely when you get into the late majority of those transitions that -- pairing that up with services ecosystem has been really important. And I think that we're continuing to see the tide shift away from that being a large legacy marketing cloud and company advantage to one where there's a lot of eagerness to get involved in the new wave that Braze is really representing as we're growing into the enterprise.

所以我認為這是其中的關鍵組成部分，特別是對於早期大眾的某些方面，當你進入這些轉變的後期大眾時，將其與服務生態系統配對非常重要。我認為，我們將繼續看到潮流的轉變，即從龐大的傳統行銷雲和公司優勢，轉向人們渴望參與 Braze 真正代表的新浪潮，因為我們正在成長為企業。

From a product perspective, we've always had a portion of our R&D dedicated to enterprise specific features and capabilities -- some of these things around approvals, workflows, and compliance and security as well as just data management and governance and things like that. And you're continuing to see our roadmap accommodate those. We did build out more approvals, workflow capabilities through the back half of last year.

從產品角度來看，我們始終將部分研發投入企業特定的特性和能力——其中一些涉及審批、工作流程、合規性和安全性以及資料管理和治理等方面。您會繼續看到我們的路線圖適應這些情況。我們確實在去年下半年建立了更多的審批和工作流程能力。

We've obviously continuously been improving our own data governance capability. Things like cloud data ingestion that I mentioned earlier are definitely more infosec friendly in various ways because it allows for the customer to keep a lot of their data in their data warehouse. And so those are all things that are certainly supportive of smoothing the path to be able to get those enterprise transformations going on, and they all work together, I think, in our favor. And that's why we're -- that's a big part of why we're seeing acceleration.

我們顯然一直在不斷提升自己的資料治理能力。我之前提到的雲端資料擷取等功能在各方面都絕對更加符合資訊安全要求，因為它允許客戶將大量資料保存在他們的資料倉儲中。所以，所有這些都無疑有助於鋪平道路，使企業轉型能夠順利進行，而且我認為，它們共同對我們有利。這就是我們看到加速的重要原因。

That all makes sense Thank you. And the follow-up is on the SMB ecosystem. And in particular, you made a couple of comments last quarter on the technology-backed ecosystem. So my question here is, do you think that there is a scenario where we see mean reversion over the course of the year up? And then maybe for Isabelle, how do we think about the implications of that on new logo growth? Is there a scenario where we could see more of an improvement over the course of the year?

這一切都說得通，謝謝。後續是SMB生態系。特別是，您在上個季度對技術支援的生態系統發表了一些評論。所以我的問題是，您是否認為在一年的時間裡，我們會看到均值回歸？那麼對於伊莎貝爾來說，我們如何看待這對新標誌發展的影響？是否存在一種情形，讓我們能夠在一年內看到更多的改善？

So on the new logo growth, one of the things that you're seeing in the dynamic of the logo growth is this quarter is it's not -- we were very successful in our upsell motion in Q4. And when you do an upsell, you can absolutely do upsells where there's new contracts that are being signed with an existing parent company. So because of the way we define the customer count, what you're missing is sort of the number of net new order forms that are actually being printed.

因此，就新標誌的成長而言，您在本季的標誌成長動態中看到的一件事是——我們在第四季的追加銷售行動非常成功。當您進行追加銷售時，您絕對可以在與現有母公司簽訂新合約的情況下進行追加銷售。因此，由於我們定義客戶數量的方式，您缺少的是實際正在列印的淨新訂單數量。

And actually, when I've looked over time at the number of order forms that have been printed or signed within a quarter, there was no material deterioration in Q4 at all. So I think what we're seeing in terms of like the logo count right now is really just a bit of a shift towards upsell versus net new.

實際上，當我查看一個季度內列印或簽署的訂單數量時，發現第四季度的情況根本沒有出現重大惡化。因此，我認為，就目前商標數量而言，我們看到的實際上只是向追加銷售而非淨新增銷售的轉變。

I think on the SMB piece, we there is still good momentum with new SMB. What you're seeing, though is also, one, the fact that a lot of this is happening in -- at the ultimate parent level. So you're not seeing the net new, but also with the SMB, we're still seeing levels of logo churn that are working against us. Now these are much smaller accounts, which is why you're seeing the dollar-based net retention continue to hold up, but there is logo churn that we're working against us.

我認為在中小企業方面，新中小企業仍然保持著良好的發展勢頭。然而，您所看到的也是，許多此類情況都發生在最終的父母層面。因此，您不僅看不到新的網絡，而且對於 SMB，我們仍然看到對我們不利的徽標流失程度。現在這些都是小得多的帳戶，這就是為什麼你會看到基於美元的淨保留率繼續保持，但我們正在努力應對標誌流失。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Great. Thank you so much. A couple of questions for Isabelle. Can you talk about the investments going into fiscal '25? I think Bill said -- talked about sales capacity. Is that 100% of the incremental investments or is there anything else that the incremental dollar is going towards?

偉大的。太感謝了。我要問伊莎貝爾幾個問題。能談談25財年的投資狀況嗎？我認為比爾說過──談論銷售能力。這是 100% 的增量投資嗎，或者增量資金還有其他用途嗎？

And then a follow-up on NDR. It sounds like it has not bottomed at this point. Where do you expect that NDR to bottom? I mean, if I look at the guidance of 21% and if you kind of maintain that 50-50 between expansions and new logo, could NDR continue to go towards low double digit? Is that what is baked into the guidance at this point?

然後對 NDR 進行跟進。聽起來好像目前尚未觸底。您預計 NDR 的底部在哪裡？我的意思是，如果我看一下 21% 的指導方針，並且如果您在擴張和新標誌之間保持 50-50 的比例，那麼 NDR 能否繼續接近低兩位數？這就是目前指引中的內容嗎？

Yeah. So I'll take the NDR question first. So I said pretty consistently that I think there's -- I've used the term historically -- more air to come out of the balloon. We're very pleased with the results that happened in Q4, and what you saw was actually moderation in the reduction in that number sequentially. So over the last couple of quarters, it's dropped about 2%. Sequentially -- this quarter, it dropped 1% sequentially.

是的。因此我先回答 NDR 問題。因此我一直表示，我認為——我以前就使用過這個術語——氣球中會放出更多空氣。我們對第四季度的結果非常滿意，而且您看到的是該數字實際上比上一季有所減少。因此在過去幾個季度裡，它下降了約 2%。本季環比下降 1%。

So I think there are definitely fact patterns that are working in our favor to help that stabilize. But I'm not calling the bottom on this. We don't guide on it, and I do think in the context of the scenario for guidance, I would assume that that number continues to tick down.

因此，我認為肯定存在對我們有利的事實模式，有助於實現穩定。但我並不認為這件事已經到了底。我們沒有對此進行指導，但我確實認為，在指導情景的背景下，我會假設這個數字會繼續下降。

Then with respect to overall investment in the year. We're broadly investing in R&D right now. We're investing in marketing and across go-to-market as well as in building sales capacity. And we're excited to be doing that. We see a lot of great opportunities for continued revenue growth as we build out and monetize new products.

然後是關於今年的整體投資。我們目前正在大力投資研發。我們正在投資行銷、市場進入以及銷售能力建設。我們很高興能這麼做。隨著我們開發和貨幣化新產品，我們看到了許多持續收入成長的巨大機會。

You may have seen our rebrand that we launched a little bit earlier this year. We've been really excited to be doing some of our first major out-of-home that we've ever done before in order to help build awareness and visibility for the new brand in particular. And we're excited about the work that's been doing as we've been attending more events around the world. And so there's a lot happening at the kind of the top in the middle of the funnel as well.

您可能已經看到了我們今年早些時候推出的品牌重塑。我們非常高興能夠進行一些我們以前做過的首次大型戶外活動，以幫助提高新品牌的知名度和知名度。我們對自己所做的工作感到非常興奮，因為我們參加了世界各地越來越多的活動。因此，在漏斗中部的頂部也發生了很多事情。

In addition to building sales capacity and continuing to invest in R&D, you may have also seen that our international expansion has continued. So we've opened new locations in Bucharest, in Romania -- Bucharest, Romania, and São Paulo in Brazil, as well as in Seoul in Korea. And we're going to continue to invest in building out our international our presence, especially after the successful injection of the North Star acquisition last year, which has given us extremely firm foothold in the ANZ market.

除了建立銷售能力和繼續投資研發之外，您可能還看到我們的國際擴張仍在繼續。因此，我們在羅馬尼亞的布加勒斯特（羅馬尼亞布加勒斯特）、巴西的聖保羅以及韓國的首爾開設了新店。我們將繼續投資擴大我們的國際影響力，特別是在去年成功收購北極星銀行（North Star）之後，這使我們在澳新銀行市場站穩了腳跟。

Scott Berg, Needham & Company.

斯科特·伯格，Needham & Company。

Hi, everyone. Thanks for taking my questions. Congrats on a great quarter. Bill, you mentioned you signed the company's first eight-figure customer in the quarter, mainly through -- looks like some customer expansions. But what does an eight-figure customer look like to Braze. Is it heavy on one channel? Is it a multi-channel type of strategy? How should we think about that type of deal?

大家好。感謝您回答我的問題。恭喜您度過了一個美好的季度。比爾，你提到你在本季度簽下了公司第一位八位數的客戶，主要是透過——看起來像一些客戶擴展。但對 Braze 來說，八位數的客戶是什麼樣的呢？某個頻道負擔很重嗎？這是一種多通路類型的策略嗎？我們該如何看待這類交易？

Yeah. So it's multiple across a bunch of dimensions. So we're working with multiple business units across multiple geographies. It's across multiple channels and multiple use cases. There's -- when we look at that customer in particular, we're helping with -- we're actually helping with a broad first-party investment strategy, where all of those business units are working together.

是的。因此它是跨多個維度的多重的。我們正在與多個地區的多個業務部門合作。它跨越多個管道和多種用例。當我們特別關注該客戶時，我們實際上是在幫助制定廣泛的第一方投資策略，其中所有這些業務部門都在共同努力。

And it's actually really incredible to see is they are able to invest in building out the direct-to-consumer relationship. They monetize it in multiple ways. They help cement the loyalty in ways that are self-reinforcing as those different business units work together. I think that that's a really incredible testament to how Braze integrates both into the messaging surface as they're communicating with the customers but also the back-end from a data perspective so that all of those brands -- all of those divisions across the globe are able to work together and provide a coherent experience to the same customer throughout it.

看到他們能夠投資建立直接面向消費者的關係，這確實令人難以置信。他們透過多種方式將其貨幣化。當不同的業務部門共同合作時，它們有助於以自我強化的方式鞏固忠誠度。我認為這真的令人難以置信的證明，證明了 Braze 如何在與客戶溝通時將其融入訊息傳遞介面，同時也從數據角度將其融入後端，以便所有這些品牌 - 全球所有部門能夠共同努力並為同一個客戶提供連貫的體驗。

And that's also a customer where there's still a lot of opportunity to continue to grow. We think that -- when we look out across even our high seven-figure customers, most of them, we still have great opportunity to continue to expand both into net new channels as well as expand backwards, where most of these really big multinationals that are in our global strategic accounts program. We still coexist with legacy marketing clouds. And if history is any guide, it's only a matter of time before we fully consolidate them out. And that represents yet more upsell opportunity for us even in these customers that are already quite large.

這對客戶來說也有很大持續成長的機會。我們認為—當我們縱觀我們的七位數高額客戶時，我們仍然有很大的機會繼續擴展到淨新管道以及向後擴展，其中大多數是我們的全球策略客戶計劃中的大型跨國公司。我們仍然與傳統的營銷雲共存。如果歷史可以作為借鏡的話，我們完全整合它們只是時間問題。即使對我們這些已經相當大客戶而言，這也意味著更多的追加銷售機會。

Got it. Helpful. And then on my follow-up question, we were at the Shoptalk conference last week in Las Vegas, which you all had a nice presence at. But one of the key themes of the conference this year was all about personalization through the entire kind of merchant consumer relationship. And obviously, marketing is a big part of that.

知道了。很有幫助。然後關於我的後續問題，我們上週參加了在拉斯維加斯舉行的 Shoptalk 會議，你們都表現出色。但今年會議的關鍵主題之一是透過整個商家消費者關係來實現個人化。顯然，行銷是其中很重要的一環。

But the AI binge over the last year, this big wave on GenAI models seems to be pushing on customer interest for more personalization throughout that lifecycle. Do you think you've seen that in some of your demand and sales cycles out there today that just push a rush for trying to adopt anything with the GenAI feature is actually better than maybe an incremental tailwind over the last 12 to 18 months?

但去年的人工智慧熱潮，以及 GenAI 模式的巨浪似乎正在推動客戶對整個生命週期中更多個人化的興趣。您是否認為，在當今的一些需求和銷售週期中，僅僅努力嘗試採用具有 GenAI 功能的任何產品，實際上比過去 12 到 18 個月的漸進式順風要好？

Yeah, I think it's been helpful. As I mentioned before and when I talked about some of the things that hinder people moving from the legacy clouds, a lot of them are just reasons why people feel that what they're doing today is good enough. And so when something like GenAI enters the picture, it gives them a strong reason why what they're doing today might not be good enough, especially if they feel that they can't take full advantage of modern machine learning.

是的，我認為這很有幫助。正如我之前提到的，當我談論阻礙人們從傳統雲端遷移的一些因素時，很多因素只是人們覺得他們今天所做的事情已經足夠好的原因。因此，當 GenAI 之類的東西出現時，它會給他們一個強有力的理由，說明他們今天所做的事情可能還不夠好，特別是當他們覺得自己無法充分利用現代機器學習的時候。

And I think that when you look at, for instance, any company that has assembled a set of point solutions where they've got half a dozen different channels and maybe three or four different software platforms that are servicing those channels and you ask them, how do you do a great job of optimizing across those channels? How do you actually deploy more sophisticated orchestration strategies that take into account the non-linear customer journey? How do you keep all of them synchronize interactively so that when you have that opportunity to personalize a moment that matters for the customer, which, by the way, shows up out of the blue because we engage with -- customers engage with brands on their terms now?

我認為，例如，當您看到任何公司都組裝了一套點解決方案，他們擁有六個不同的管道，可能有三到四個不同的軟體平台為這些管道提供服務，您會問他們，您如何在這些管道中出色地進行優化？您實際上如何部署更複雜的編排策略來考慮非線性客戶旅程？您如何保持所有這些元素以互動方式同步，以便您有機會個性化對客戶重要的時刻（順便說一句，這一時刻會突然出現，因為我們現在按照客戶與品牌的條件進行互動）？

The simple answer is that when you've assembled a collection of point solutions like that, you simply can't leverage machine learning in the same way as you can with a vertically integrated and consolidated platform like Braze. And so there's a lot of examples over the years where additional complexity or new technical capability has come into play, and it's helped us move up the adoption curve and get to our people that are maybe more and more reticent to go through the switching costs and moving from what they were doing before to a more modern form of customer engagement.

簡單的答案是，當你組裝了像這樣的一組點解決方案時，你根本無法像使用 Braze 這樣的垂直整合和整合平台那樣利用機器學習。因此，多年來有很多這樣的例子，額外的複雜性或新的技術能力開始發揮作用，它幫助我們提高採用曲線，並接觸到那些可能越來越不願意承擔轉換成本、從他們以前所做的事情轉向更現代的客戶參與形式的人。

And I think that the advent of GenAI is a really great example of that. Not only the capabilities that are available to you, but as we've spoken about before as well, there's also aspects of Braze, which are technically difficult to use sometimes. And I think that when you're able to actually bring to bear generative AI to, for instance, automatically generate e-mail HTML for someone or to automatically generate liquid syntax for them to be able to do a certain form of conditional content personalization or when you bring into play things like tone control and you give them a really powerful experimentation tool, and instead of them just kind of staring at a blank canvas and trying to figure out what the other three variants are, we can suggest them, and they can move and move along more quickly.

我認為 GenAI 的出現就是一個很好的例子。不僅僅是您可以使用的功能，而且正如我們之前談到的，Braze 的某些方面有時在技術上難以使用。我認為，當你能夠真正發揮生成式人工智慧的作用時，例如，為某人自動生成電子郵件 HTML 或自動生成流動語法，使他們能夠進行某種形式的條件內容個性化，或者當你使用音調控制之類的東西時，你會給他們一個非常強大的實驗工具，而他們不是只是盯著一張空白的畫布，試圖弄清楚其他三種變體是什麼，我們可以向他們提出建議，他們可以更快地提出建議。

And so those are all great examples where a lot of the ways of doing customer engagement in a more modern way that's more agile, that's more experimental, that relies on more real-time data, which are all things that are in our foundation. For much of the marketing world, especially teams that are strapped for resources, it's historically been a little bit harder for them to use those.

這些都是很好的例子，其中許多方法都可以以更現代的方式實現客戶互動，這種方式更加靈活，更具實驗性，依賴更多的即時數據，而這些都是我們的基礎。對於大部分行銷人員來說，特別是那些資源匱乏的團隊，從歷史上看，利用這些資源對他們來說有點困難。

And so I think that it's both looking at places where GenAI or things like our transformer-driven item recommendations or things like our personalized path capability that are using machine learning and in order to do automated decision-making and automatically optimize, those are all, of course, improving results for people that are already in deep in that optimization game. But there is a big part of the market as well that still needs to simply graduate from batch and blast. And so to the extent that GenAI can either motivate them to do so or it can smooth that path by improving your productivity or making the more technical parts of our product more accessible and frankly, less scary, I think all of those things compound together to really help us.

因此，我認為這兩者都在關注 GenAI 或類似變換器驅動的專案推薦或類似個人化路徑功能的地方，這些都在使用機器學習來進行自動決策和自動優化，當然，這些都在為已經深陷優化遊戲的人們改善結果。但市場中仍有很大一部分需要簡單地從大量生產和爆破中畢業。因此，在某種程度上，GenAI 可以激勵他們這樣做，或者透過提高你的生產力或使我們產品的技術部分更容易獲得，坦白說，不那麼可怕，來鋪平這條道路，我認為所有這些因素結合在一起，確實對我們有幫助。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Hi, guys. Thanks for taking my questions. So I think there's been some debate on how SAM rules may be impacting the industry. I'm curious how much that's come up in your customer conversations? And how do you think that may kind of stack rank because of potential growth catalysts in terms of new logos in fiscal year '25?

嗨，大家好。感謝您回答我的問題。所以我認為關於 SAM 規則如何影響該行業存在一些爭論。我很好奇在與客戶交談時這個問題出現過多少次？您認為，由於 25 財年新標誌具有潛在的成長催化劑，這可能會產生怎樣的排名？

Yeah. So as I'm sure you're aware, Braze has been in front of these changes from the start. And our customers have actually always been compliant with these rules due to how we operate our deliverability practice. Nevertheless, we published a lot of material on it. We prepared our customers, partners, and the broader marketing community with content and webinars. And that was really positive.

是的。所以我相信你已經意識到，Braze 從一開始就走在這些變化的前面。而且由於我們的交付實踐方式，我們的客戶實際上一直遵守這些規則。儘管如此，我們還是發表了大量有關該方面的資料。我們為客戶、合作夥伴和更廣泛的行銷社群準備了內容和網路研討會。這確實是積極的。

I think that we navigated the change without any noise or problems. Braze also doesn't pull senders together. And each one of our e-mail sending customers is in control of their own reputation. To the point I just made, there are sometimes stumbling blocks to move into a place like Braze, and this has historically been one of them. The need to manage your own reputation was sometimes one of the things that held customers back on shifting to Braze, but now that it's a requirement everywhere, the playing field is leveled and our other differentiators are able to shine through.

我認為我們在沒有任何噪音或問題的情況下完成了這項變革。Braze 也無法將發送者聚集在一起。我們的每一位電子郵件發送客戶都有權掌控自己的聲譽。正如我剛才所說，進入像 Braze 這樣的地方有時會遇到一些障礙，從歷史上看，這就是其中之一。需要管理自己的聲譽有時是阻礙客戶轉向 Braze 的原因之一，但現在這已成為所有地方的要求，競爭環境變得公平，我們的其他差異化因素也能夠凸顯出來。

We also think that over time, changes of this nature by SPs are likely to lead to negative selection bias in any tools that do continue to use shared IP pools, and that's going to cause them to continue to deteriorate in effectiveness over time. And so there might still be some people that are clinging to it. But from our perspective, if you're going to be on the right side of history, you just need to make this change.

我們還認為，隨著時間的推移，SP 的這種性質的改變可能會導致任何繼續使用共享 IP 池的工具出現負面選擇偏差，並且這將導致它們的有效性隨著時間的推移而不斷下降。所以可能仍有一些人堅持這一點。但從我們的角度來看，如果你想站在歷史正確的一邊，你就需要做出這個改變。

And then I would say in terms of stack ranking the impact, I don't think it's going to be a massive impact, but it's yet another example where anything which makes the deliverability landscape more complex benefits Braze relative to the rest of the category because of the sophistication that we have in targeting and orchestration. This was true as GDPR came into effect. It was true when Apple rolled out their ATT framework. It was true last year as carriers started clamping down on short-code spam and abuse and sharing. Each of those cases, we've been on the right side of history, and those changes to the landscape only serve to strengthen our differentiation and create more reasons for marketers to move beyond the undifferentiated batch and blast that we were just talking about and embrace that more modern approach to customer engagement.

然後我想說，就堆疊排名影響而言，我認為這不會產生巨大的影響，但這是另一個例子，任何使可交付性格局變得更加複雜的事物都會使Braze相對於其他類別受益，因為我們在定位和編排方面非常複雜。GDPR 生效後確實如此。當蘋果推出其 ATT 框架時確實如此。去年確實如此，因為運營商開始嚴厲打擊短代碼垃圾郵件以及濫用和共享。在每一個案例中，我們都站在歷史正確的一邊，而這些格局的變化只會加強我們的差異化，並為行銷人員創造更多理由，讓他們超越我們剛才談到的無差異的批量和爆炸式增長，採用更現代的客戶參與方式。

And so when I look at the impact of things like this as a business, I think it's positive. But I would also just reiterate that the secular trend has been there for the last five-plus years. I think every six months across one of the channels that we work with, there's a major change which tells everyone to shape up and get more sophisticated and Braze is already there waiting for them. And it's just yet another one of those things that we think catalyzes people to go through the switching costs and moving to a more modern customer engagement platform.

因此，當我從商業角度看待這類事情的影響時，我認為它是正面的。但我還要重申，這種長期趨勢已經存在五年多了。我認為，每六個月在我們合作的某個管道中，就會發生一次重大變化，告訴每個人要改進並變得更加成熟，而 Braze 已經在那裡等待著他們了。我們認為這只是促使人們承擔轉換成本並轉向更現代化的客戶參與平台的因素之一。

Appreciate all the color. Maybe a follow-up for Isabelle. You mentioned on the gross margins -- I appreciate the guidance there, but there's a mix-driven dynamic that's pressuring results in the first quarter. Does that mix change throughout the year to drive the improvement or are there other factors that's driving the gross margin improvement throughout the year next?

欣賞所有的色彩。也許是伊莎貝爾的後續作品。您提到了毛利率——我很欣賞這方面的指引，但混合驅動的動態給第一季的業績帶來了壓力。這種組合是否會在全年變化以推動毛利率的提高，或者是否存在其他因素在明年推動毛利率的全年提高？

Yeah. So there's a couple of things at play. So as we continue kind of the channel expansion and into more and more of these premium messaging channels, this has always been part of our growth strategy. It supports the need for a sophisticated platform like ours for cross-channel orchestration. So all of that's great.

是的。因此，有幾件事在起作用。因此，隨著我們繼續擴展管道並進入越來越多的優質訊息管道，這一直是我們成長策略的一部分。它支援像我們這樣的複雜平台進行跨通路編排的需求。這一切都很棒。

What we've seen with -- in particular with WhatsApp is obviously it is a premium messaging channel. It is sold at lower margins versus the rest of the parts of the platform. We've seen faster adoption rates of this, which is actually great. We're seeing our customers actually leg into their purchase volumes just much, much more quickly, which is great.

我們看到——尤其是 WhatsApp，顯然它是一個優質的訊息傳遞管道。與該平台的其他部分相比，它的利潤率較低。我們看到了這種技術的採用速度越來越快，這實際上是一件好事。我們看到我們的客戶實際上以更快的速度增加了購買量，這很好。

And so we've reached sort of a steady state consumption for the purchase volume faster than we have with some other channels. So while this is great, we're also operating at a relatively small scale still in these volumes. And so our unit cost for this channel in particular is still high. And so as that continues to grow and scale, we are going to be able to capitalize on our cost optimization for that channel in particular. And we also have at play a number of others, our cost structure optimizations, specifically for the technology stack that our teams are all working on.

因此，與其他一些管道相比，我們的購買量達到了穩定的消費狀態。因此，雖然這很棒，但我們的營運規模仍然相對較小。因此，我們這個通路的單位成本仍然很高。因此，隨著業務的不斷成長和擴大，我們將能夠利用該管道的成本優化。我們也正在進行其他一些工作，即成本結構最佳化，特別是針對我們團隊正在研究的技術堆疊。

So you'll see -- we're going to see the impact in Q1. But then legging ourselves out of that and sort of sequential improvements in the gross margin and then ensuring that we're within the range for the year and the quarters.

所以你會看到——我們將在第一季看到其影響。但隨後我們擺脫了這種困境，並連續提高毛利率，確保全年和各季度的毛利率都在範圍內。

Brian Schwartz, Oppenheimer.

奧本海默的布萊恩·施瓦茨。

Thank you for taking my question this afternoon. I just have one. I wanted to ask you about the evolution of the partner channel becoming a sales channel. So thinking about the net new mix for fiscal year 2025, are you planning for any contributions from the partner channel banks?

感謝您今天下午回答我的問題。我只有一個。我想問您關於合作夥伴通路成為銷售管道的演變過程的問題。那麼考慮到 2025 財年的淨新增組合，您是否計劃從合作通路銀行獲得任何貢獻？

Yeah, I'd first clarify that our partner relationships are still ones where we perform the sale directly in the vast majority of circumstances. And so when you think about Braze from a channel perspective, you should think about these as mutually beneficial relationships where we're delivering services revenue opportunities to our partners, both for integration and onboarding, as well as for ongoing creative services, data analysis, and an ongoing implementation as they continue to expand to new use cases and new channels.

是的，我首先要澄清的是，在絕大多數情況下，我們的合作關係仍然是直接進行銷售。因此，當您從通路角度考慮 Braze 時，您應該將其視為互惠互利的關係，我們為合作夥伴提供服務收入機會，包括整合和入職，以及持續的創意服務、資料分析和持續實施，因為它們會繼續擴展到新的用例和新管道。

But we certainly expect the source and influence pipeline from that partner ecosystem to continue to become more and more prominent as we move through the year. There's been a great upward trend as we look over the last -- frankly over the last several years. But we've also seen it more markedly in the last few quarters. And we're excited about our future across that entire ecosystem.

但我們確實預計，隨著時間的推移，來自合作夥伴生態系統的來源和影響力管道將變得越來越突出。坦白說，回顧過去幾年，出現了很大的上升趨勢。但過去幾季我們也看到了更明顯的情況。我們對整個生態系統的未來感到興奮。

Michael Berg, Wells Fargo.

富國銀行的麥可‧伯格。

Hi, thanks for taking my question, and congrats on the quarter. I've got one for Bill. You mentioned at the top of the call mentioning IDFA cookies deprecating. Is that catalyzing potential changes in the martech software stock? Are there more meaningful clips than it has in the past? And I guess how would you stack rank what [collage] of change is more holistically? Does that not look any different in net new versus experience? Thank you.

你好，感謝您回答我的問題，並祝賀本季取得佳績。我給比爾拿了一個。您在通話開始時提到了棄用 IDFA cookie。這是否會催化行銷技術軟體股票的潛在變化？是否比過去有更多有意義的片段？我想，您會如何對變化的拼貼進行更全面的排序呢？從淨新增量和經驗量來看，這沒有什麼不同嗎？謝謝。

No, I think my answer here is generally the same as the content -- the ground we just covered in response to the Gmail and Yahoo changes with respect to sender reputation and IP pools. And the high level there is simply that those are instances of both -- and I guess the new part of this is that, in addition to that adding complexity to the landscape, which I think benefits Braze and gives people reasons to move over to a more modern way of doing customer engagement, the changes that you referenced are also putting a higher premium on first-party data.

不，我認為我在這裡的回答與內容基本相同——我們剛剛談到了對 Gmail 和 Yahoo 在發件人信譽和 IP 池方面的變化的回應。而高層次上講，這些都是兩者的例子——我想這其中新的部分是，除了增加環境的複雜性之外，我認為這對 Braze 有利，並讓人們有理由轉向更現代的方式與客戶互動，你提到的變化也更加重視第一方數據。

And so as brands continue to look at ways to replace the strategies that they were doing before -- that dependent on third-party data, many of them move to first-party data first. And I actually have given a number of talks on this at our city-by-city event series over the last year about the three stages of first-party data investment that we see a lot of brands go through.

隨著品牌不斷尋找方法來取代他們先前依賴第三方數據的策略，許多品牌首先轉向第一方數據。事實上，去年，我在我們舉辦的各城市活動系列中就這個問題做了多次演講，談到了許多品牌經歷的第一方資料投資的三個階段。

The first stage is in response to things like the IDFA change or the cookie apocalypse or what have you. They keep trying to do things the way they were before but suddenly, their third-party datasets are incomplete or they're illegal or what have you -- or they're incorrect. And so they tried to replace that with first-party data. That is, of course, effective. And you see that in features like our Audience Sync product, where you can use first-party data to help manage your paid ad audiences and continue to maintain high levels of relevance and high levels of targeting efficiency, even at some of third-party data sets are harder to access.

第一階段是為了回應諸如 IDFA 變更或 cookie 災難等事件。他們不斷嘗試按照以前的方式做事，但突然間，他們的第三方資料集不完整，或者是非法的，或者是其他什麼——或者是不正確的。因此他們嘗試用第一方資料來取代它。這當然是有效的。您可以在諸如我們的 Audience Sync 產品的功能中看到這一點，您可以使用第一方數據來幫助管理付費廣告受眾，並繼續保持高水平的相關性和高水平的定位效率，即使某些第三方數據集更難訪問。

And the second is then when you start to move into doing modern customer engagement, which is being able to leverage the first-party relationship that you have with the customer. You use the first-party data to understand them better and then use customer engagement software to help shape their journey in a way that's more positive to you. That's where the vast majority of Braze customers are today.

第二個是當您開始進行現代客戶互動時，能夠利用您與客戶之間的第一方關係。您可以使用第一方資料來更好地了解他們，然後使用客戶參與軟體來幫助以對您更積極的方式塑造他們的旅程。在現今，絕大多數 Braze 客戶都處於這一狀態。

And then when you get to the third stage, you start to understand that those first-party relationships are not just an opportunity to talk to a customer, but they're actually a platform under which you can innovate within your business. And when I talked about that eight-figure contract where you've got different parts of the business that are operating together and they're doing so in a way that's self-reinforcing, that's an opportunity that I think more and more businesses are going to be able to do on the back of investment in first-party relationships and first-party data.

當你進入第三階段時，你開始明白，這些第一方關係不僅僅是與客戶交談的機會，而且實際上還是你可以在業務內進行創新的平台。當我談到那份八位數的合約時，你讓業務的不同部分一起運作，並且它們以自我強化的方式運作，我認為這是一個機會，越來越多的企業將能夠透過對第一方關係和第一方數據的投資來實現這一目標。

When you have an ability to understand your consumer and talk with them over a long time period, your ability as a business to put more products and services in front of them and to be able to leverage that first-party relationship as an asset in order to diversify your business continues to grow. And that's one of the reasons that I'm so excited about the future of Braze's potential because I think we're still in the very early innings of that third stage of business model evolution, and more and more categories are waking up to the opportunities that they can create for themselves once they built out a first-party relationship interface with their customers, which of course with the advent of mobile and so much becoming digital as we continue to move into the future, means that every vertical is going to have that opportunity in a way that that many of them didn't experience before.

當您有能力了解您的消費者並與他們進行長期交流時，您作為企業向他們提供更多產品和服務的能力，以及能夠利用第一方關係作為資產來實現業務多元化的能力就會不斷增強。這就是我對 Braze 的未來潛力感到如此興奮的原因之一，因為我認為我們仍處於商業模式演變第三階段的早期階段，越來越多的類別開始意識到，一旦他們與客戶建立了第一方關係界面，他們就可以為自己創造機會，當然，隨著移動技術的出現以及我們繼續邁向未來的數位化，意味著每個垂直行業都將以許多行業這樣的機會獲得許多行業的機會。

And so when we talk about -- I'd mentioned Nestlé Purina as an example. That's a category that historically didn't have first-party relationships with their customers, but through subscription services and through other digitally connected products, they're starting to create the interfaces for those, and that's causing them to rethink their entire product families in a way that they can actually build on top of the foundations of the first-party relationships and diversify their business model. So that I think is super exciting.

所以當我們談論——我提到了雀巢普瑞納作為例子。這個類別在歷史上並沒有與客戶建立第一方關係，但透過訂閱服務和其他數位連結產品，他們開始為這些客戶創建介面，這促使他們重新考慮整個產品系列，以便他們能夠真正在第一方關係的基礎上建立並實現商業模式多樣化。所以我認為這非常令人興奮。

What does that do this year? What does that do in the near term? I don't think it's discernible from all the other changes that we have, that have continued to kind of modify the environment. But I think if you take a step back and you look at those secular tailwinds, you look at that investment in first-party data and all the things that are driving people to really adopt the more modern customer engagement practices, that those all point towards massive future opportunity for Braze.

今年這有什麼作用？這在短期內會產生什麼影響？我認為這與我們所做的其他所有改變都不太相符，這些改變一直持續改變環境。但我認為，如果你退一步看看那些長期的順風，看看對第一方數據的投資以及所有推動人們真正採用更現代的客戶參與實踐的因素，這些都表明 Braze 未來有巨大的機遇。

Nick Altmann, Scotiabank.

加拿大豐業銀行的尼克‧阿爾特曼 (Nick Altmann)。

Awesome. Thanks, guys. Just to build on Ryan's question around that COVID renewal cohort. I guess I wanted to kind of take the flip side of it. Can you maybe just talk about how customers who have may maybe signed shorter duration deals over the last couple of years, how those renewals specifically are trending? And you guys called out upsell was very strong in this quarter. So maybe just kind of compare and contrast the sort of upsell dynamics with customers who were maybe on shorter duration deals who would maybe sign when the macro was a little bit choppier versus that COVID renewal cohort? Thanks.

驚人的。謝謝大家。只是想進一步回答 Ryan 關於 COVID 更新隊列的問題。我想我想從另一個角度來看它。您能否談談過去幾年中可能簽署了短期合約的客戶的情況，以及這些續約的具體趨勢如何？你們指出本季追加銷售非常強勁。因此，也許只是將追加銷售的動態與可能簽訂了較短期交易的客戶進行比較和對比，這些客戶可能會在宏觀經濟與 COVID 續約群體相比稍微波動一些時簽約？謝謝。

Yeah, it's a great question, especially in light of the results that we just shared. Because as you can see in the strong RPO results -- and Isabelle alluded to this -- we did have a slight increase in our average overall contract length. And we are actually seeing customers who were really nervous about payment terms -- they were really nervous about contract length -- relaxing again and committing to longer-term contracts.

是的，這是一個很好的問題，特別是考慮到我們剛剛分享的結果。因為正如您在強勁的 RPO 結果中所看到的那樣——伊莎貝爾也提到了這一點——我們的平均整體合約期限確實略有增加。我們實際上看到那些對付款條件非常緊張、對合約期限非常緊張的客戶再次放鬆並承諾簽訂更長期的合約。

And I don't think we're seeing any material difference in renewal rates for people that were previously on one year or two year, what have you. But what we are seeing is upon renewal, more willingness for people to make longer-term commitments again to make more upfront payments to do so a little bit quicker. And we are seeing some of those parts of our motion revert back to more of what we've been used to over the last few years.

而且我認為，對於之前簽訂了一年期或兩年期合約的人來說，續約率並沒有實質差異。但我們看到的是，在續約後，人們更願意再次做出長期承諾，支付更多的預付款，以便更快完成續約。我們發現，我們的一些動作已經恢復到過去幾年我們所習慣的狀態。

Yun Kim, Loop Capital.

Yun Kim，Loop Capital。

Okay, great. So just on the WhatsApp channel, it seems like that's ramping up pretty meaningfully. If you can remind us how the pricing works on that channel and is that similar to like the SMS channel? And also, is the adoption of WhatsApp channel more driven by existing customers, or is this driving new logo adds, especially in your international market? Thanks.

好的，太好了。因此，僅在 WhatsApp 頻道上，這種情況似乎就顯著增加。您能否提醒我們該管道的定價是如何運作的，它是否與 SMS 管道類似？此外，WhatsApp 管道的採用是否更受現有客戶的推動，還是推動了新標誌的增加，尤其是在您的國際市場？謝謝。

Yeah, so the pricing is similar to SMS and e-mail in the sense that we bill for it on a CPM basis. And then similarly, any of the monthly active users that you are communicating with through WhatsApp that might be net new because of that channel are going to count against your MAU allotments. And so similar to our other premium channels, it monetizes in both ways.

是的，因此定價與簡訊和電子郵件類似，我們按 CPM 計費。同樣地，您透過 WhatsApp 進行交流的任何可能因為該管道而新增的每月活躍用戶都將計入您的 MAU 配額。與我們的其他付費頻道類似，它可以透過兩種方式獲利。

In terms of upsell versus net new, it's been a great upsell channel because customers that are already running strategies on SMS or even push notifications are able to quickly move those over to those channels. And of course, as we've spoken about so many times, all of the features that they're used to from a targeting and an orchestration or reporting standpoint are available to them when they move to the WhatsApp channel.

就追加銷售與淨新增量而言，這是一個很好的追加銷售管道，因為已經在簡訊或推播通知上運行策略的客戶能夠快速將其轉移到這些管道。當然，正如我們多次談到的那樣，當他們轉到 WhatsApp 頻道時，他們可以使用從定位、編排或報告角度所習慣的所有功能。

The new business opportunities are also there, especially as you alluded to, internationally. I would also call out though, as Isabelle mentioned on the gross margin point, WhatsApp is a brand-new channel for us. And so with respect to our pricing versus the overall unit margin of that channel, we are still working to optimize that more. As it grows as a channel for us, we will be able to commit to higher volumes and improve our own cost function on it.

新的商機也存在，特別是如您所提到的國際商機。我還要指出的是，正如伊莎貝爾在毛利率方面提到的那樣，WhatsApp 對我們來說是一個全新的管道。因此，就我們的定價與該通路的整體單位利潤而言，我們仍在努力進一步優化。隨著它作為我們的管道不斷發展，我們將能夠承諾更高的銷量，並改善我們自己的成本功能。

So that's some of the near-term pressure that you're seeing caused by that premium channel mix in. But it's something that we are confident we're going to be able to manage over time just as we've done with SMS and e-mail.

所以這就是你所看到的優質通路混合所造成的一些短期壓力。但我們相信，隨著時間的推移，我們能夠管理好它，就像我們對簡訊和電子郵件所做的那樣。

Okay, great. Real quick question for Isabelle, any change in the initial land deal size with new customers and how that's been trending? Thanks.

好的，太好了。我要問伊莎貝爾一個問題，新客戶的初始土地交易規模有任何變化嗎？趨勢如何？謝謝。

Yeah. No major differences there across the various segments. So obviously, continuing to see more strength in the enterprise. And so a land in an enterprise might typically be larger, obviously, than lands at SMB. But among the segments, there's no material change in the size of the lands.

是的。各個部分之間沒有重大差異。顯然，企業的實力將持續增強。因此，大型企業的土地通常顯然比中小企業的土地更大。但各區塊之間，土地面積沒有實質變化。

And again, we've talked about this in the past, we tend to not worry about the size of the lands because once we're in, our ability to kind of show ROI and value then leads to the expansion strategy over time.

而且，我們過去曾討論過這個問題，我們傾向於不擔心土地的面積，因為一旦我們進入該區域，我們展示投資回報率和價值的能力就會隨著時間的推移引領擴張戰略。

Hannah Rudoff, Piper Sandler.

漢娜·魯道夫，派珀·桑德勒。

Hi, guys. Thanks for taking my question. Just one for me here. So in part, full-year growth outlook of 21% to 22% is comparable to your initial guidance during last year, which does suggest that demand is stabilizing. You, in fact, spoke to the previous question. But just wondering what are the products and partnerships that could be most likely to have upside this (technical difficulty)

嗨，大家好。感謝您回答我的問題。這裡僅給我一個。因此，從某種程度上來說，全年成長 21% 至 22% 的預期與您去年的初步預期相當，這確實表明需求正在穩定。事實上，您已經回答了前面一個問題。但我想知道哪些產品和合作關係最有可能帶來好處（技術難度）

I mean, I think it's a lot of the things that we've spoken about so far on the call. We're definitely excited about the agency ecosystem and the global systems integrator ecosystem being able to continue to source and influence new pipeline. We're excited about the rebrand and the investments that we put into marketing at the beginning of the year -- the expansion of sales capacity as well, bringing new heads into the sales organization in new geographies as well.

我的意思是，我認為這是我們在電話會議上迄今為止討論過的很多事情。我們對代理生態系統和全球系統整合商生態系統能夠持續取得和影響新通路感到非常興奮。我們對品牌重塑以及年初在行銷方面的投資感到非常興奮，同時也擴大了銷售能力，為新地區的銷售組織帶來了新的人才。

And then we've got great new products that we're able to monetize both for our existing customers -- you can cross-sell and upsell -- as well as provide new starting points for net new business as we just alluded to on that WhatsApp question. And so I think across the board, we're excited about a lot of different things contributing to what's going to be a good year.

然後，我們推出了出色的新產品，我們既可以透過交叉銷售和追加銷售為現有客戶創造收益，同時也為淨新業務提供新的起點，就像我們剛才在 WhatsApp 問題中提到的那樣。因此我認為，總體而言，我們對許多有助於創造美好一年的事情感到興奮。

Cole Erskine, TD Cowen.

科爾·厄斯金（Cole Erskine），TD Cowen。

Great. Thanks, guys. Just one for me. Bill, I was wondering if you could give us an update on efforts to kind of sell into product teams and data teams and target incremental budgets that are outside of the core marketing that usually target? Thanks.

偉大的。謝謝大家。對我來說只有一個。比爾，我想知道您是否可以向我們介紹一下向產品團隊和數據團隊推銷的最新進展，以及通常針對核心行銷之外的增量預算的最新進展？謝謝。

Yeah, absolutely. So I'll break those apart because when we look at it from a data perspective, I think we are so far not selling a lot to data teams, but we are making their lives easier. And what that's doing is it's getting more data into Braze more quickly with lower total cost of ownership, and it's enabling marketers to run more use cases in Braze and expand into new channels and new message volumes and just generally increase their usage of Braze.

是的，絕對是如此。所以我會把它們分開，因為當我們從數據的角度來看時，我認為到目前為止我們並沒有向數據團隊出售很多東西，但我們正在讓他們的生活變得更輕鬆。這樣做的目的是以更低的整體擁有成本更快地將更多資料輸入 Braze，並使行銷人員能夠在 Braze 中運行更多用例並擴展到新的管道和新的訊息量，從而總體上增加他們對 Braze 的使用。

And so we very much view data as an input into Braze, and it's one that we want to make sure gets to us quickly and easily. It's why you're seeing so much investment so broadly. We're still very committed to our partnerships across the entire data ecosystem as well as building out things like our data transformation capabilities and cloud data ingestion. I mean, all of those are working to try to make data science teams' lives easier, both that integration and onboarding as well as on an ongoing basis as they continue to work with Braze over time.

因此，我們將資料視為 Braze 的輸入，並且我們希望確保資料能夠快速、輕鬆地傳輸給我們。這就是為什麼你會看到如此廣泛的如此多的投資。我們仍然致力於整個資料生態系統的合作以及建構資料轉換能力和雲端資料提取等功能。我的意思是，所有這些都是為了讓數據科學團隊的生活變得更輕鬆，包括整合和入職，以及隨著他們長期繼續與 Braze 合作。

On the product side, you're continuing to see us expand with new capabilities like feature flags. And we also are working on more in-product capabilities like landing pages. Our content cards are getting more flexible. The surveys capability continues to get more powerful. Those are all channel expansions that are -- some of those you maybe wouldn't think of as a traditional marketing channel. We refer to them as channels because orchestrating them in the same way and their actions that are being taken by canvas that impact the user experience.

在產品方面，您將繼續看到我們擴展諸如功能標誌之類的新功能。我們也正在致力於開發更多產品內功能，例如登陸頁面。我們的內容卡變得更加靈活。調查能力不斷變得更強大。這些都是通路擴展——其中一些你可能不會想到是傳統的行銷管道。我們稱它們為頻道，因為以相同的方式編排它們，而畫布所採取的行動會影響使用者體驗。

And I think that if you want to think about where the ownership of those things are, if they're impacting the user experience in the product and affecting the product behavior, we're targeting those more at product and engineering buyers, whereas channels that are more traditionally owned by CRM teams, you would probably call the marketing buyer. But broadly, we think of all of this as customer engagement.

我認為，如果你想考慮這些東西的所有權在哪裡，如果它們影響產品的使用者體驗並影響產品行為，我們更針對產品和工程買家，而傳統上由 CRM 團隊擁有的管道，你可能會稱之為行銷買家。但從廣義上講，我們認為所有這些都是客戶參與。

And if you go back to some of the comments I made earlier about the role that we have to play to be a companion to the customer as they move through their journey, interacting with the products and services of the brands that we work with, to be a companion we need to be in the product experience just as much as we are in the traditional marketing channels. And that's something that we're committed to and we're excited to see our customers adopting.

如果你回顧我之前發表的一些評論，關於我們必須扮演的角色，即在客戶整個旅程中陪伴他們，與他們合作的品牌的產品和服務進行互動，作為陪伴者，我們需要在產品體驗中就像在傳統營銷渠道中一樣。這是我們致力於實現的目標，我們也很高興看到我們的客戶採用這項措施。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Yeah, hi. Thanks so much for taking my question. So it sounds like there's noise in the net customer adds number. So Isabelle, any color you can provide on what you're seeing in terms of new logo ARR growth exiting and starting the year and how we should think about the potential trajectory path for that this year? Thanks.

是的，你好。非常感謝您回答我的問題。因此聽起來淨顧客增加數字中存在雜訊。那麼伊莎貝爾，您能否就新標誌 ARR 增長的結束和年初提供一些信息，以及我們應該如何看待今年的潛在發展軌跡？謝謝。

Yeah. So the net new logo adds for the quarter was not dissimilar -- or logos when you think of order forms was not dissimilar from what it's been historically. So that the number that you're seeing in me is sort of muted for two reasons. One is we're very strong in Q4 in terms of upsell. And so a lot of those net new order forms were done in the context of larger enterprises where you can penetrate a new geography, a new business unit, et cetera.

是的。因此，本季的淨新標誌增量並沒有什麼不同——或者當您想到訂單時的標誌與歷史上的標誌並沒有什麼不同。因此，您在我身上看到的數字由於兩個原因而顯得微弱。一是我們在第四季的追加銷售表現非常強勁。所以很多淨新訂單都是在大型企業的背景下完成的，在這種企業中你可以滲透到新的地區、新的業務部門等等。

And so you're not seeing all of the new order forms that are there. And then, churn, as I mentioned at the lower end of the contract sizes down at the SMB was still challenged. And so that sort of took the number down as well. But when we look at the evolution of net new order forms, so that is new contracts with new counterparties. It's -- I won't say customers, it's just a new counterparty. That actually was not dissimilar from trends that we have seen in the last couple of quarters.

因此您看不到那裡的所有新訂單。然後，正如我所提到的，中小企業的合約規模較低，客戶流失率仍然面臨挑戰。這樣一來，數字也下降了。但當我們觀察淨新訂單形式的演變時，就會發現這就是與新交易對手簽訂的新合約。我不會說是客戶，這只是一個新的交易對手。這實際上與我們在過去幾季看到的趨勢並沒有什麼不同。

So that was more normalized. It was really more that it's more concentrated in the enterprise and therefore, more upsells in the context of existing parent companies. And then obviously, the churn at the SMB level worked against us.

因此這更加正常化。事實上，它更集中在企業中，因此，在現有母公司的背景下，追加銷售更多。顯然，中小企業層面的客戶流失對我們不利。

All right. Well, that concludes --

好的。好了，就到此結束--

There are no more questions in the queue.

隊列中沒有其他問題。

All right. Yes. Thank you, everyone. We're excited about the year ahead, and looking forward to chatting with you again in a few months.

好的。是的。謝謝大家。我們對未來的一年充滿期待，並期待幾個月後再次與您交談。