Braze Inc (BRZE) 2025 Q3 法說會逐字稿

Welcome to the Braze fiscal third quarter, 2025 earnings conference call.

歡迎參加 Braze 2025 年第三季財報電話會議。

My name is Megan and I'll be your operator for today's call.

我叫梅根，我將擔任您今天通話的接線生。

(Operator Instructions)

（操作員說明）

I'll now turn the call over to Christopher Ferris, Head of Braze Investor Relations.

我現在會把電話轉給 Braze 投資者關係主管 Christopher Ferris。

Thank you operator.

謝謝運營商。

Good afternoon and thank you for joining us today to review Braze's results for the fiscal third quarter.

下午好，感謝您今天與我們一起回顧 Braze 第三財季的業績。

2025.

2025 年。

I'm joined by our Co-Founder and Chief Executive Officer, Bill Magnuson and our Chief Financial Officer Isabelle Winkles.

我們的共同創辦人兼執行長 Bill Magnuson 和財務長 Isabelle Winkles 也加入了我的行列。

We announced our results in a press release issued after the market closed today.

我們在今天收盤後發布的新聞稿中公佈了我們的業績。

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.

請參閱我們網站 Investors.braze.com 的投資者關係部分，以了解更多資訊以及與今天的收益公告相關的補充簡報。

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》的安全港條款發表與我們業務相關的前瞻性聲明。

These statements include but are not limited to, statements regarding our financial outlook for the fourth quarter and the fiscal year ended January 31, 2025, the anticipated development, release timing and performance and benefits of our existing and upcoming products and features.

這些聲明包括但不限於有關我們第四季度和截至 2025 年 1 月 31 日的財年的財務展望、我們現有和即將推出的產品和功能的預期開發、發佈時間以及性能和優勢的聲明。

The potential impact and duration of our current macroeconomic trends are anticipated customer behaviors, including vendor consolation and replacement trends and their impact on Braze, our potential market opportunity and our ability to effectively execute on such opportunity.

我們當前宏觀經濟趨勢的潛在影響和持續時間是預期的客戶行為，包括供應商安慰和更換趨勢及其對 Braze 的影響、我們的潛在市場機會以及我們有效執行此類機會的能力。

The expected effects of our social impact initiatives and our long term financial targets and goals.

我們的社會影響計劃的預期效果以及我們的長期財務目標和目標。

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.

這些陳述受到各種風險和不確定性的影響，可能導致實際結果與預期有重大差異，並且僅反映我們截至目前為止的觀點。

We assume no obligation to update any such forward-looking statements.

我們不承擔更新任何此類前瞻性陳述的義務。

For a discussion of the material risks and uncertainties that could affect our actual results, please refer to the identified risks in today's press release and our SEC filings both available on the Investor Relations section of our website.

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中已確定的風險以及我們網站的投資者關係部分上的 SEC 文件。

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 third quarter, 2025 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使用的某些非GAAP 財務指標，用於評估我們的持續運營，並幫助投資者進一步了解公司2025 年第三財季的業績以及這些項目的影響。

Please refer to the reconciliation 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.

請參閱我們網站投資者關係部分的收益發布中包含的我們的非公認會計原則財務指標與根據美國公認會計原則計算的最直接可比較財務指標的調節表。

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.

所提供的非公認會計原則財務指標不應被視為替代或優於根據美國公認會計原則編制的財務績效指標。

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.

謝謝克里斯，大家下午好。

We are pleased with our third quarter results which again prove the high ROI and long term value of the Braze customer engagement platform.

我們對第三季的業績感到滿意，這再次證明了 Braze 客戶參與平台的高投資報酬率和長期價值。

We generated $152.1 million of revenue up 23% year-over-year while driving continued efficiency across our business and improving non-GAAP operating margins by 580 basis points year-over-year.

我們實現了 1.521 億美元的收入，年增 23%，同時推動整個業務持續高效發展，並將非 GAAP 營業利潤率年增 580 個基點。

I'm also proud to announce that we passed $600 million of committed annual recurring revenue during the quarter.

我還很自豪地宣布，本季我們承諾的年度經常性收入超過了 6 億美元。

Another testament to the strong demand for the ROI delivered by the Braze customer engagement platform.

這再次證明了對 Braze 客戶參與平台提供的投資回報率的強烈需求。

And for the second quarter in a row, we achieved positive non-GAAP net income and expect to maintain positive quarterly net income moving forward.

我們連續第二季實現了非公認會計準則淨利潤為正值，並預計未來將維持正值季度淨利。

As planned non-GAAP operating income took a slight step back this quarter due to seasonal investments in marketing and we remain on track to deliver positive non-GAAP operating income and free cash flow in the fourth quarter and to sustain both on a go forward basis.

由於行銷方面的季節性投資，本季度按計劃非公認會計原則營業收入略有下降，我們仍有望在第四季度實現正的非公認會計原則營業收入和自由現金流，並在未來的基礎上維持這兩者。

This is an exciting set of financial milestones on our way to becoming the leading customer engagement platform globally and we look forward to generating meaningful operating income while also thoughtfully reinvesting to grow our business in the coming quarters and years.

這是我們成為全球領先的客戶參與平台過程中一系列令人興奮的財務里程碑，我們期待產生有意義的營業收入，同時也深思熟慮地進行再投資，以在未來幾個季度和幾年內發展我們的業務。

During the third quarter, we continue to capitalize on the legacy vendor replacement cycle, securing a diverse set of new business wins where Braze is replacing legacy marketing clouds including at a gaming company in North America, an airline and a financial planning company in APAC and a fashion brand in EMEA.

在第三季度，我們繼續利用傳統供應商更換週期，確保了一系列多樣化的新業務勝利，其中Braze 正在取代傳統行銷雲，包括北美的一家遊戲公司、亞太地區的一家航空公司和一家財務規劃公司歐洲、中東和非洲地區的時尚品牌。

We also continue to win against both channel specific point solutions and homegrown tools across a diverse set of industries, geographies and use cases.

我們也持續戰勝跨不同產業、地區和用例的特定管道單點解決方案和本土工具。

Some notable takeaways included a leading North American party planning application a QSR in EMEA and a traditional media company in APAC.

一些值得注意的收穫包括北美領先的派對策劃應用程式（歐洲、中東和非洲地區的 QSR）以及亞太地區的傳統媒體公司。

We grew our customer count by 48 during the quarter to 2,211 up 200 year-over-year.

本季我們的客戶數量增加了 48 家，達到 2,211 家，較去年同期增加 200 家。

New business wins and upsells included AEON Financial Services Company, Purple, Crumble Cookies, AEON Next, Exact Sciences, Hugo Boss, iPin Digital, Kurt Geiger, Love's Travel Stops & Country Stores, Lush Cosmetics, Righmove, SmartNews Inc, Telstra and Weather Bug along with many others.

新業務贏得和追加銷售包括AEON Financial Services Company、Purple、Crumble Cookies、AEON Next、Exact Sciences、Hugo Boss、iPin Digital、Kurt Geiger、Love's Travel Stops & Country Stores、Lush Cosmetics、Righmove、SmartNews Inc、Telstra 和Weather Bug與許多其他人一起。

Enterprise customers were again a strength with our $500,000-plus ARR customers increasing to 234 up 24% year-over-year, evidence of how customers continue to leverage rich first party data and advanced artificial intelligence to drive sophisticated cross channel customer engagement at scale.

企業客戶再次成為優勢，我們的 ARR 客戶數量增加到 234 個，同比增長 24%，這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慧來大規模推動複雜的跨通路客戶參與。

And in another proof point of the growing Braze customer community, we're excited to see a growing number of new business deals which were accelerated by the presence of marketers who'd previously learned and leveraged Braze in past roles at prior companies.

Braze 客戶群不斷壯大的另一個證據是，我們很高興看到越來越多的新業務交易，這些交易的加速是由於之前在之前公司的職位上學習並利用過 Braze 的營銷人員的出現。

Well, we haven't seen a meaningful improvement to the demand environment quarter over quarter, we remain focused on executing against our long term product and financial goals, while positioning Braze for long term category leadership.

嗯，我們還沒有看到需求環境逐季度出現有意義的改善，我們仍然專注於執行我們的長期產品和財務目標，同時將 Braze 定位為長期類別領導者。

Our path to category leadership requires a range of complementary investments including the continued elevation of our brand and awareness, strengthening our partner ecosystem globally, enhancing our product and channel offerings, improving system performance, and easing the on ramp into Braze for new customers.

我們通往品類領導地位的道路需要一系列互補性投資，包括持續提升我們的品牌和知名度、加強我們的全球合作夥伴生態系統、增強我們的產品和通路產品、提高系統性能以及為新客戶簡化進入Braze 的過程。

Further, we believe that both the legacy replacement cycle and vendor consolidation trends will lead to share gains for Braze as brands increasingly look to upgrade their customer engagement strategies and deploy new AI driven advancements to increase their productivity and enhance the relevance of their customer messaging.

此外，我們相信，隨著品牌越來越多地尋求升級其客戶參與策略並部署新的人工智慧驅動的進步，以提高生產力並增強客戶訊息的相關性，傳統的更換週期和供應商整合趨勢都將為Braze 帶來份額收益。

Through the growth of our customer community and the successful execution of our product road map and global expansion strategy, Braze can position itself as a global category leader in customer engagement, delivering increased relevance and personalization to consumers at scale.

透過客戶群的發展以及產品路線圖和全球擴張策略的成功執行，Braze 可以將自己定位為客戶參與領域的全球領導者，為消費者大規模提供更高的相關性和個人化服務。

As brands continue to invest in their customer engagement efforts, it is crucial to find efficient opportunities to initiate new relationships and strengthen existing ones.

隨著品牌繼續投資於客戶參與工作，找到有效的機會來建立新的關係並加強現有的關係至關重要。

And the period from Black Friday to Cyber Monday is particularly crucial for many retail and e-commerce brands as they get a jump on the holiday season.

從黑色星期五到網路星期一這段時間對於許多零售和電子商務品牌來說尤其重要，因為它們在假期季節的銷售量躍升。

This was reflected by both our record breaking message volumes and the continued rise in sophistication used to orchestrate and enhance the performance of messages sent via Braze.

我們破紀錄的訊息量以及用於編排和增強透過 Braze 發送的訊息的效能的不斷提高的複雜性都反映了這一點。

Over the four day weekend, Braze delivered over 50 billion messages up 35% year-over-year with 100% uptime.

在為期四天的周末，Braze 發送了超過 500 億則訊息，較去年同期成長 35%，正常運作時間為 100%。

We saw marketers moving even further away from batch and blast single channel campaigns to instead deliver dynamic data informed campaigns reaching customers across a variety of channels.

我們看到行銷人員進一步遠離大量和爆炸性的單一管道行銷活動，而是透過各種管道向客戶提供動態數據通知行銷活動。

We also saw a 46% increase in the messaging volume orchestrated by cross channel campuses supported by a 31% increase in the number of unique canvases executed by our real time stream processing engine.

我們也看到，跨渠道園區編排的訊息傳遞量增加了 46%，而我們的即時串流處理引擎執行的獨特畫布數量增加了 31%。

The rise in usage of canvas reflects a growing conviction that marketers must embrace an experimental data driven and omni channel approach to customer engagement, driving responsive and sophisticated customer journeys that inspire and connect with consumers.

畫布使用量的增加反映出人們越來越相信行銷人員必須採用實驗數據驅動的全通路方法來吸引客戶，推動響應式且複雜的客戶旅程，從而激發消費者並與消費者建立聯繫。

In addition, we saw increased usage of Braze AI features to enhance marketer productivity while amplifying the results of campaigns themselves.

此外，我們還發現越來越多地使用 Braze AI 功能來提高行銷人員的工作效率，同時擴大行銷活動本身的效果。

And finally, we witnessed increases in premium messaging including WhatsApp up 36% year-over-year and gains for in product messaging.

最後，我們見證了優質訊息傳遞的成長，包括 WhatsApp 年成長 36%，以及產品訊息傳遞的成長。

With content cards volume up 53% year-over-year and then in-app messaging increasing 46% year-over-year.

內容卡數量較去年同期成長 53%，應用程式內訊息傳遞量較去年同期成長 46%。

Existing at the leading edge of technology is in our DNA and at the core of our innovation road map, we foresaw the opportunity presented by the coming wide scale adoption of mobile more than a decade ago and have since worked relentlessly to seize that opportunity through the use of sophisticated technology, focusing on product innovation that can accelerate the legacy replacement cycle and compel more brands to upgrade their customer engagement practices.

技術的前沿是我們的基因，也是我們創新路線圖的核心，我們在十多年前就預見了移動技術即將大規模採用所帶來的機遇，並自此不懈努力，透過使用先進的技術，專注於產品創新，可以加快舊產品的更換週期，並迫使更多品牌升級其客戶參與實踐。

At our forge customer conference in late September, we unveiled new low code and AI driven product innovations designed to more effectively personalized brands, customer engagement efforts and drive more agile and productive marketing teams.

在 9 月下旬的 Forge 客戶會議上，我們推出了新的低程式碼和人工智慧驅動的產品創新，旨在更有效地個人化品牌、提高客戶參與度並推動行銷團隊更加敏捷和高效。

These included project catalysts, a new Braze AI driven agent which we are developing to help brands deliver personalized customer engagement by rapidly creating, testing and optimizing experience variations at a scale that only AI can achieve.

其中包括專案催化劑，這是一種新的Braze 人工智慧驅動代理，我們正在開發該代理，以幫助品牌透過快速創建、測試和優化只有人工智慧才能實現的規模的體驗變化來提供個性化的客戶參與。

We also debuted additional canvas template and Braze AI assistant features to help marketers more easily, get started and deliver sophisticated customer experiences.

我們還推出了額外的畫布範本和 Braze AI 助理功能，以幫助行銷人員更輕鬆地入門並提供複雜的客戶體驗。

And we shared upcoming expansions to our channel offerings including line and RCS business support and new WhatsApp features such as dynamic images, click tracking and commerce support.

我們還分享了即將推出的通路產品擴展，包括線路和 RCS 業務支援以及動態圖像、點擊追蹤和商務支援等新的 WhatsApp 功能。

I'd like to take a moment to highlight each of these enhancements starting with our in development Braze AI agent code named project catalyst.

我想花點時間重點介紹每一項增強功能，首先是我們正在開發的 Braze AI 代理程式（代號為專案 Catalyst）。

As you know, for over a decade, Braze has deployed dedicated teams of engineers and data scientists focused on using machine learning to integrate AI into our product, with the multifaceted goal set of optimizing customer journeys, increasing the relevance of message content, improving marketer productivity and enhancing targeting strategies.

如您所知，十多年來，Braze 部署了由工程師和資料科學家組成的專門團隊，專注於使用機器學習將人工智慧整合到我們的產品中，以優化客戶旅程、提高訊息內容的相關性、提高行銷人員的多面向目標生產力和增強目標策略。

Project catalyst combines our past investments in automated decision making and experiment optimization with frontier innovation and generative AI to help marketers craft and uncover the best experience for each individual consumer.

Project Catalyst 將我們過去在自動化決策和實驗優化方面的投資與前沿創新和生成式人工智慧相結合，幫助行銷人員為每個消費者打造和發現最佳體驗。

Marketers using project catalyst should benefit from Braze's tightly integrated tech stack, combining its rich data integrations real-time stream processor and cross channel architecture to create relevant experiences across a range of digital touch points.

使用專案催化劑的行銷人員應該受益於 Braze 緊密整合的技術堆疊，結合其豐富的資料整合即時串流處理器和跨通路架構，在一系列數位接觸點上創建相關體驗。

With project catalyst, marketers can define guardrails for journeys or content, specify their goals and then allow Braze AI to optimize accordingly.

借助專案催化劑，行銷人員可以為旅程或內容定義護欄，指定他們的目標，然後允許 Braze AI 進行相應優化。

In addition, marketers can combine capabilities across project catalyst and Braze canvas.

此外，行銷人員可以結合專案催化劑和 Braze 畫布的功能。

Our no code journey orchestration solution, to bring together human inspired experiences with machine optimized performance and scale.

我們的無程式碼旅程編排解決方案，將人類啟發的體驗與機器優化的效能和規模結合在一起。

Catalyst is assigned to truly break down the limits of experimentation as the agent can generate a multitude of variants for each component of that experience.

Catalyst 的作用是真正打破實驗的限制，因為代理可以為該體驗的每個組成部分產生多種變體。

The attention grabbing headline the tone of the message, the nudges and promotional offers available, the channel mix, optimal timing and more, combining the best of each component to create an individual unique experience for each and every consumer, with each one receiving the combination that's best suited for them.

引人注目的標題包括訊息的基調、可用的推播和促銷優惠、管道組合、最佳時機等等，將每個組件的優點結合起來，為每個消費者創造獨特的體驗，每個消費者都會收到組合這最適合他們。

And with configurable content controls, optimization levers, experiment automation and real time reporting, marketers can ensure they are in control of their engagement, making adjustments, evolving focus areas and improving their business outcomes over time.

透過可設定的內容控制、優化槓桿、實驗自動化和即時報告，行銷人員可以確保他們能夠控制自己的參與、進行調整、不斷發展重點領域並隨著時間的推移改善其業務成果。

Project catalyst is expected to be available in beta in the first half of next year helping our customers deliver tailored one to one personalized experiences for their consumers at scale.

Project Catalyst 預計明年上半年推出測試版，幫助我們的客戶大規模為其消費者提供量身訂製的一對一個性化體驗。

At forage, we also unveiled new AI solutions that inspire marketers, improve ease of use and enable more sophisticated use cases with less training up front.

在 forage 上，我們也推出了新的人工智慧解決方案，這些解決方案可以激發行銷人員的靈感，提高易用性，並透過更少的預先培訓實現更複雜的用例。

These include our liquid assistant now generally available and our message template assistant currently in early access to extend the power of generative AI, beyond copy and image creation.

其中包括我們現在普遍可用的液體助手和目前處於早期訪問階段的訊息模板助手，以擴展生成式人工智慧的功能，超越複製和圖像創建。

These features help marketers create advanced logic for personalization as well as sophisticated message templates all with a simple and interactive plain text prompt.

這些功能可幫助行銷人員創建高級的個人化邏輯以及複雜的訊息模板，所有這些都帶有簡單且互動的純文字提示。

Zooming out a bit earlier this year, we announced the Braze data platform, a comprehensive set of data capabilities and partner integrations designed to streamline data unification, activation and distribution.

今年早些時候，我們發布了 Braze 數據平台，這是一套全面的數據功能和合作夥伴集成，旨在簡化數據統一、激活和分發。

The Braze data platform simplifies the process of collecting and organizing first party data from any source.

Braze 資料平台簡化了從任何來源收集和組織第一方資料的流程。

At Forge in September, we announced multiple enhancements to the Braze data platform including new cloud data ingestion integrations for AWS S3 and Microsoft Azure as well as cloud data ingestion segments which allow marketers to build audiences with a simple to use zero copy process.

在9 月的Forge 上，我們宣布了對Braze 數據平台的多項增強功能，包括針對AWS S3 和Microsoft Azure 的新雲端數據攝取集成，以及允許行銷人員透過簡單易用的零複製流程來建立受眾的雲端資料攝取部分。

We also debuted new automated identity resolution capabilities to help marketers maintain accurate customer profiles as consumers engage brands across a variety of digital touch points or they transition from anonymous to identified, an area of increasing importance as the browser cookie landscape continues to evolve.

我們也推出了新的自動識別解析功能，幫助行銷人員在消費者透過各種數位接觸點與品牌互動或從匿名過渡到已識別的情況下維護準確的客戶檔案，隨著瀏覽器cookie 格局的不斷發展，這一領域變得越來越重要。

Finally, we launched innovations to help marketers easily access insights that inform their high level customer engagement strategies, both natively and Braze reporting an analytics dashboards as well as through further enhancements to our integrations with third party business intelligence tools.

最後，我們推出了創新，幫助行銷人員輕鬆獲取洞察，為他們的高級客戶參與策略提供信息，包括本機和 Braze 報告分析儀表板，以及透過進一步增強我們與第三方商業智慧工具的整合。

These innovations illustrate our commitment to furthering marketers ability to use first party data and an ever evolving set of channels to create more valuable customer experiences.

這些創新表明我們致力於提高行銷人員使用第一方數據和不斷發展的管道來創造更有價值的客戶體驗的能力。

And of course, we've continued to expand and deepen those channel offerings, to help marketers reach consumers with the most relevant message anytime anywhere.

當然，我們繼續擴大和深化這些通路產品，以幫助行銷人員隨時隨地向消費者提供最相關的資訊。

At Forge, we announced support for LINE the most popular messaging app in Japan that's also widely used in Thailand, Taiwan and Indonesia.

在 Forge，我們宣布支援 LINE，這是日本最受歡迎的訊息應用程序，該應用程式在泰國、台灣和印尼也廣泛使用。

LINE has since launched to general availability and we've already had several existing customers purchase LINE up sales.

LINE 現已全面上市，我們已經有幾位現有客戶購買了 LINE up 銷售。

We also previewed enhancements to WhatsApp including dynamic images, click tracking and commerce support scheduled to be generally available soon.

我們還預覽了 WhatsApp 的增強功能，包括計劃很快全面推出的動態圖像、點擊追蹤和商務支援。

And we expanded traditional texting options with support for RCSs business messaging to help brands stay at the forefront of mobile innovation.

我們還透過支援 RCS 業務訊息傳遞擴展了傳統簡訊選項，以幫助品牌保持在行動創新的前沿。

We've already had our first customers send test RCS messages and opened up our RCS early access program to eligible customers earlier today with more content types scheduled to be supported in the coming months.

今天早些時候，我們已經讓第一批客戶發送了測試 RCS 訊息，並向符合條件的客戶開放了我們的 RCS 早期訪問計劃，併計劃在未來幾個月內支援更多內容類型。

As I close out, I'm also excited to share that our commitment to innovation and industry leadership was recently highlighted by being named as a leader in the Gartner Magic quadrant for multichannel marketing hubs for the second consecutive year.

最後，我還很高興地告訴大家，我們最近連續第二年被評為 Gartner 多通路行銷中心魔力像限的領導者，這突顯了我們對創新和產業領導地位的承諾。

We're proud of this placement and the recognition reinforces our commitment to helping brands meet evolving customer expectations through continued innovation.

我們對此感到自豪，這項認可強化了我們透過持續創新幫助品牌滿足不斷變化的客戶期望的承諾。

Finally, I'd like to update you on an important social impact initiative.

最後，我想向您介紹一項重要的社會影響倡議的最新情況。

We are excited to announce that Braze successfully submitted its near term science based targets to the science based target initiative.

我們很高興地宣布，Braze 成功向基於科學的目標倡議提交了其近期基於科學的目標。

Marketing a significant milestone in our sustainability journey.

行銷是我們永續發展之旅中的一個重要里程碑。

The science based target initiative is a globally recognized organization that helps companies set emissions reduction targets in line with the latest climate science.

基於科學的目標倡議是一個全球公認的組織，幫助企業根據最新的氣候科學制定減排目標。

Submitting, our near term science based target is a key step towards strengthening our sustainability program.

提交我們的近期科學目標是加強我們永續發展計畫的關鍵一步。

We expect to have an approved target in FY26 aligning us with best in class standards for carbon reduction.

我們預計在 2026 財年獲得批准的目標，使我們符合一流的減碳標準。

I'll wrap my remarks by reiterating our confidence in our long term growth story.

我將透過重申我們對長期成長故事的信心來結束我的發言。

We are committed to driving durable revenue growth, operating efficiently and driving profitability.

我們致力於推動持久的收入成長、高效營運並提高獲利能力。

Thank you for your interest and support in Braze and now I'll turn the call over to Isabelle.

感謝您對 Braze 的興趣和支持，現在我將電話轉給 Isabelle。

Thank you Bill and thank you everyone, for joining us today.

謝謝比爾，也謝謝大家今天加入我們。

As Bill stated, we reported a solid third quarter with revenue increasing 23% year-over-year to $152.1 million driven by a combination of existing customer contract expansions, renewals and new business.

正如 Bill 所說，在現有客戶合約擴展、續約和新業務的共同推動下，我們的第三季業績表現強勁，營收年增 23% 至 1.521 億美元。

Subscription revenue remains the primary component of our total top line, contributing 96% of our third quarter revenue while the remaining 4% represents a combination of recurring professional services and onetime configuration and onboarding fees.

訂閱收入仍然是我們總收入的主要組成部分，佔第三季收入的 96%，其餘 4% 是經常性專業服務以及一次性配置和入門費用的組合。

Total customer count increased 10% year-over-year to 2,211 customers as of October 31, up 200 from the same period last year and up 48 from the prior quarter.

截至 10 月 31 日，客戶總數年增 10%，達到 2,211 名客戶，比去年同期增加 200 名，比上一季增加 48 名。

Our total number of large customers, which we define as those spending at least $500,000 annually grew 24% year-over-year to 234.

我們的大客戶總數（我們將其定義為每年支出至少 50 萬美元的客戶）年增 24%，達到 234 家。

And as of October 31 contributed 61% to our total ARR, this compares to a 58% contribution as of the same quarter last year.

截至 10 月 31 日，占我們總 ARR 的 61%，而去年同期的貢獻率為 58%。

Measured across all customers, dollar based net retention was 113%, while dollar based net retention for our large customers was 116%.

對所有客戶進行衡量，基於美元的淨保留率為 113%，而我們大客戶的基於美元的淨保留率為 116%。

Expansion was again broadly distributed across industries and geographic regions.

擴張再次廣泛分佈於各行業和地理區域。

Revenue outside the US contributed 45% of our total revenue in the third quarter, consistent with the prior quarter of this year and up 1-percentage-point from 44% in the prior year quarter.

第三季美國以外的營收占我們總營收的 45%，與今年上一季持平，比去年同期的 44% 成長了 1 個百分點。

In the third quarter, our total remaining performance obligation was $717 million up 28% year-over-year and up 4% sequentially.

第三季度，我們的剩餘履約義務總額為 7.17 億美元，年增 28%，季增 4%。

Current RPO was $458 million up 24% year-over-year and up 5% sequentially.

目前的 RPO 為 4.58 億美元，年增 24%，季增 5%。

The year over year increases were driven by contract renewals and upsells and the signing of new customer contracts.

同比增長是由合約續約、追加銷售以及新客戶合約的簽署所推動的。

Overall, our dollar weighted contract length remains at just over two years.

整體而言，我們的美元加權合約期限仍僅為兩年多。

Non-GAAP gross profit in the quarter was $107 million representing a non-GAAP gross margin of 70.5%, this compares to a non-GAAP gross profit of $89 million and non-GAAP gross margin of 71.4% in the third quarter of last year.

本季非 GAAP 毛利為 1.07 億美元，非 GAAP 毛利率為 70.5%，去年第三季非 GAAP 毛利為 8,900 萬美元，非 GAAP 毛利率為 71.4% 。

Decline in year over year margin was primarily driven by expansion of premium messaging channels, partially offset by continued cost optimization of our technology stack with additional benefits from personnel efficiencies.

利潤率年減主要是由於優質訊息傳遞管道的擴張，部分被我們技術堆疊的持續成本優化以及人員效率帶來的額外好處所抵消。

I'll remind you that we increased our long term non-GAAP gross margin target by 200 basis points to 69% to 74% at our recent Investor Day in September.

我要提醒您的是，在 9 月的投資者日，我們將長期非 GAAP 毛利率目標提高了 200 個基點，達到 69% 至 74%。

As we continue to realize scaling efficiencies across both personnel and technology costs.

隨著我們不斷提高人員和技術成本的效率。

Non-GAAP sales and marketing expenses were $65 million or 43% of revenue compared to $58 million or 47% of revenue in the prior year quarter.

非 GAAP 銷售和行銷費用為 6,500 萬美元，佔營收的 43%，去年同期為 5,800 萬美元，佔營收的 47%。

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.

雖然美元的成長反映了我們在員工成本上的逐年投資，以支持我們的持續成長和全球擴張，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格投資方法。

Non-GAAP R&D expense was $22 million or 15% of revenue compared to $20 million or 16% of revenue in the prior year quarter.

非 GAAP 研發費用為 2,200 萬美元，佔營收的 15%，去年同期為 2,000 萬美元，佔營收的 16%。

The dollar increase was primarily driven by increased headcount costs to support the expansion of our existing offerings as well as to develop new products and features to drive growth.

美元成長主要是由於員工成本增加，以支援現有產品的擴展以及開發新產品和功能以推動成長。

Our R&D expenditures reflect our intentional yet disciplined technology investment strategy as we approach our long term non-GAAP R&D percent of revenue target of 13% to 15%. non-GAAP G&A expense was $22 million or 15% of revenue compared to $19 million or 15% of revenue in the prior year quarter.

我們的研發支出反映了我們有意而嚴格的技術投資策略，因為我們正在接近我們的長期非公認會計準則研發佔收入百分比 13% 至 15% 的目標。非 GAAP G&A 費用為 2,200 萬美元，佔營收的 15%，去年同期為 1,900 萬美元，佔營收的 15%。

The dollar increase was driven by investments to support overall company growth and global expansion.

美元上漲是由支持公司整體成長和全球擴張的投資所推動的。

Non-GAAP operating loss was $2.2 million or negative 1% of revenue compared to a non-GAAP operating loss of $8.9 million or negative 7% of revenue in the prior year quarter.

非 GAAP 營運虧損為 220 萬美元，佔營收負 1%，去年同期非 GAAP 營運虧損為 890 萬美元，佔營收負 7%。

As a reminder, third quarter operating income was impacted by approximately $5 million related to the cost of several global customer events including Forge, our annual flagship customer event.

提醒一下，第三季營業收入受到了約 500 萬美元的影響，這些影響與包括我們的年度旗艦客戶活動 Forge 在內的多項全球客戶活動的成本有關。

Non-GAAP net income attributable to brace shareholders in the quarter was $2.5 million or $0.02 per share compared to a loss of $4.5 million or a loss of $0.05 per share in the prior year quarter.

本季歸屬於大股東的非公認會計原則淨利潤為 250 萬美元，即每股虧損 0.02 美元，去年同期虧損 450 萬美元，即每股虧損 0.05 美元。

Now turning to the balance sheet and cash flow statement, we ended the quarter with approximately $493.1 million in cash, cash equivalents, restricted cash and marketable securities.

現在來看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、限制性現金和有價證券約為 4.931 億美元。

Cash used in operation during the quarter was $11.4 million compared to cash used in operation of $2 million in the prior year quarter.

本季營運中使用的現金為 1,140 萬美元，而去年同期營運中使用的現金為 200 萬美元。

Including the cash impact of capitalized costs free cash flow in the quarter was negative $14.2 million compared to a negative free cash flow of $5.9 million in the prior year quarter.

包括資本化成本的現金影響，本季自由現金流為負 1,420 萬美元，去年同期自由現金流為負 590 萬美元。

And as we have noted in the past, we expect our free cash flow to continue to fluctuate from quarter to quarter given the timing of customer and vendor payments.

正如我們過去所指出的，鑑於客戶和供應商付款的時間，我們預計我們的自由現金流將繼續逐季度波動。

Now, turning to guidance. for the fourth quarter of fiscal 2025 we expect revenue to be in the range of $155 million to $156 million which represents a year over year growth rate of approximately 19% at the midpoint.

現在，轉向指導。 2025 財年第四季度，我們預計營收將在 1.55 億美元至 1.56 億美元之間，年成長率中點約為 19%。

Fourth quarter, non-GAAP operating income is expected to be in the range of $2 million to $3 million at the midpoint, this implies a non-GAAP operating margin of approximately 1.6%.

第四季度，非 GAAP 營業收入中點預計在 200 萬美元至 300 萬美元之間，這意味著非 GAAP 營業利潤率約為 1.6%。

Fourth quarter non-GAAP net income is expected to be $5 million to $6 million and fourth quarter, non-GAAP net income per share in the range of $0.05 to $0.06 per share based on approximately 107.5 million weighted average diluted shares outstanding during the period.

第四季非 GAAP 淨利潤預計為 500 萬至 600 萬美元，第四季非 GAAP 每股淨利潤為 0.05 至 0.06 美元，基於該期間約 1.075 億股加權平均稀釋後流通股計算。

For the full fiscal year 2025, we expect total revenue to be in the range of $588 million to $589 million which represents a year-over-year growth rate of approximately 25% at the midpoint.

對於 2025 年整個財年，我們預計總營收將在 5.88 億美元至 5.89 億美元之間，中間值年成長率約為 25%。

Fiscal year 2025 non-GAAP operating loss is expected to be in the range of $5 million to $6 million.

2025 財年非 GAAP 營運虧損預計在 500 萬至 600 萬美元之間。

At the midpoint, this implies a non-GAAP operating margin of negative 1% roughly a 750 basis points improvement versus fiscal year 2024.

就中點而言，這意味著非 GAAP 營業利潤率為負 1%，與 2024 財年相比大約提高了 750 個基點。

Non-GAAP net income for the same period is expected to be in the range of $11 million to $12 million and net income per share is expected to be $0.10 to $0.11 per share based on a full year weighted average diluted share count of approximately 107 million shares.

根據約 1.07 億股的全年加權平均稀釋股份數，預計同期非 GAAP 淨利潤將在 1,100 萬美元至 1,200 萬美元之間，每股淨利潤預計將在 0.10 美元至 0.11 美元之間。

And as Bill noted, we remain on track to deliver positive non-GAAP operating income and free cash flow beginning in Q4 of this year.

正如比爾所指出的那樣，我們仍有望從今年第四季開始實現正的非公認會計準則營業收入和自由現金流。

We remain excited about Braze's future and remain committed to providing industry leading customer engagement solutions and driving product innovation while executing against our long term financial targets.

我們對 Braze 的未來仍然感到興奮，並繼續致力於提供業界領先的客戶參與解決方案並推動產品創新，同時執行我們的長期財務目標。

And with that, we'll now open the call for questions.

現在，我們將開始提問。

Operator, please begin the Q&A.

接線員，請開始問答。

(Operator Instructions)

（操作員說明）

Ryan MacWilliams, Barclays.

瑞安·麥克威廉斯，巴克萊銀行。

Hey, thanks for taking the question.

嘿，謝謝你提出問題。

Bill would love to hear more about project catalysts if well, this will be included as a part of canvas or be a separate add on and then maybe if you aren't charging for it discreetly, how do you think this can be additive to praise the results next year?

比爾很想聽到更多關於項目催化劑的信息，如果好的話，這將作為畫布的一部分包含在內，或者是一個單獨的附加組件，然後也許如果你不謹慎地收費，你認為這如何可以增加讚揚明年有結果嗎？

Thanks.

謝謝。

Yeah, great question.

是的，很好的問題。

And we're obviously really excited to see project catalysts start to get into customers' hands as we release it into beta and then continue its progression next year.

我們顯然非常高興看到專案催化劑開始進入客戶手中，我們將其發佈到測試版，然後在明年繼續其進展。

So we're expecting project catalyst to absolutely be a part of canvas.

因此，我們期望項目催化劑絕對成為畫布的一部分。

And that's one of the things that I'm actually most excited about as this ushers in kind of a new era of canvas design.

這實際上是我最興奮的事情之一，因為這開創了畫布設計的新時代。

Historically, obviously, we've done a lot with artificial intelligence, machine learning to be able to automatically make decisions when it comes to orchestration or to targeting.

顯然，從歷史上看，我們在人工智慧、機器學習方面做了很多工作，以便能夠在編排或定位方面自動做出決策。

We've been able to help optimize the content through things like personalization or localization or drive better results.

我們已經能夠透過個人化或在地化等方式幫助優化內容或帶來更好的結果。

But what this allows us to do actually is have the marketer come in and tell us the goal.

但這實際上讓我們可以做的是讓行銷人員進來告訴我們目標。

And then we optimize that on a one on one basis with the aid, obviously of generative AI content generation with, hopefully, as we continue to see more of the reasoning capabilities of frontier LLM models continue to improve throughout the year and in the years to come to be able to make more and more comprehensive decisions throughout the journey and then continuing to optimize that on a one on one basis.

然後我們在一對一的基礎上進行優化，顯然是在生成人工智能內容生成的幫助下，希望隨著我們繼續看到前沿法學碩士模型的推理能力在這一年和未來幾年中不斷提高，能夠在整個旅程中做出越來越全面的決策，然後在一對一的基礎上繼續優化。

Now, I was talking about personalized path quite a bit in the past because it's an exciting place where we already do a one on one optimization.

現在，我過去經常談論個人化路徑，因為這是一個令人興奮的地方，我們已經進行了一對一的優化。

But the way that something like personalized path works, marketers still need to build different variants.

但像個人化路徑這樣的工作方式，行銷人員仍然需要建立不同的變體。

And so that limits them both from the kind of productivity side of the house because they have to literally create more of those variants and build them out within canvas.

因此，這從房子的生產力方面限制了他們，因為他們必須真正創建更多這些變體並在畫布中建造它們。

But it also limits our ability to do that full one on one optimization at scale with as many degrees of freedom as project analyst is going to bring to bear.

但這也限制了我們大規模進行全面的一對一優化的能力，以及專案分析師將要發揮的自由度。

And so we're really excited about it bringing in this kind of new era of customer journey design, if you will to really be a companion to that journey optimizing for exactly what the most important goals are of the businesses that we're working with and then having that live within a really robust environment in canvas where customers will be able to guide, configure, test the different versions of catalyst and their preexisting solutions head to head against each other.

因此，我們對它引入這種客戶旅程設計的新時代感到非常興奮，如果您願意真正成為該旅程的同伴，並針對我們正在合作的企業最重要的目標進行優化然後將其置於畫布中一個真正在強大的環境中，客戶將能夠指導、配置、測試不同版本的催化劑以及他們預先存在的解決方案。

Be able to use canvases, robust reporting frameworks in order to understand performance over time and how that's evolving.

能夠使用畫布、強大的報告框架來了解績效隨時間的變化及其變化。

And really just all the capabilities that you need around these frontier capabilities in order to really bring them to life quickly.

實際上，您需要圍繞這些前沿功能提供所有功能，以便真正快速地將它們變為現實。

Now, from a monetization standpoint, definitely still early days, but this will be a paid and premium feature.

現在，從貨幣化的角度來看，絕對還處於早期階段，但這將是一項付費和高級功能。

We first focus on getting it out there and kind of optimizing its performance and usability, and we're going to have two different options for pricing this.

我們首先專注於將其推出並優化其性能和可用性，我們將有兩種不同的定價選擇。

The first one is going to be leveraging our flexible credits model and we'll talk about that more.

第一個將利用我們靈活的積分模型，我們將詳細討論這一點。

I'm sure throughout the call and the progress that we've been making there to charge per invocation or establishing as a net new skew and it'll really depend on the kind of the volume and the cost function as we get it out into customer hands and start to see the performance there.

我確信在整個通話過程中以及我們一直在按呼叫收費或建立淨新偏差的進展中，這實際上取決於數量的類型和成本函數，因為我們將其放入客戶手上並開始看到那裡的表現。

Excellent.

出色的。

And one for Isabel, how should we think about the dollar based net retention rate within the third quarter itself?

對於伊莎貝爾來說，我們該如何看待第三季內以美元為基礎的淨保留率？

And I know we're still going through some of the renewals, but any update on how we should think about the dollar based net retention rate from here, next.

我知道我們仍在進行一些更新，但接下來我們應該如何考慮基於美元的淨保留率的任何更新。

Yeah, so we back in September, we gave an indication of where we thought the year would land around 110%.

是的，所以我們早在 9 月就給出了我們認為今年成長率將達到 110% 左右的指標。

And so when you think about where we are in Q3, that 113%, that number is actually rounding up to 113%.

因此，當你考慮我們在第三季的情況時，即 113%，這個數字實際上四捨五入為 113%。

So it's actually landing pretty much where we would have anticipated it to, to land in the context of that visibility that we wanted to provide for that year end number.

因此，它實際上幾乎落在了我們預期的位置，落在了我們希望為年終數字提供的可見性的背景下。

So we are encouraged by the -- some of the in quarter stability that we're seeing, but, we do continue to see some pressure on this metric and so that 110% number will stick to that for the end of the year.

因此，我們對所看到的季度穩定性感到鼓舞，但是，我們確實繼續看到該指標面臨一些壓力，因此 110% 的數字將在年底保持不變。

Excellent, appreciate the color.

非常棒，欣賞色彩。

Thanks guys.

謝謝你們。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hi, good afternoon.

嗨，下午好。

Thank you, Bill.

謝謝你，比爾。

I wanted to ask about some of the improvements that you've been making with your go to market and sales and marketing productivity.

我想問一下您在進入市場以及銷售和行銷效率方面所做的一些改進。

Maybe just level set us on how some of your new initiatives are going.

也許只是讓我們了解你們的一些新舉措的進展。

I remember you talking about time credits -- not time credits but module credits.

我記得你談過時間學分——不是時間學分，而是模組學分。

I remember you talking about ways to improve engagement within the platform and customer success.

我記得您談到了提高平台參與度和客戶成功的方法。

So would love to hear it taking a step back how some of those initiatives are going.

因此，我很樂意聽到它退後一步，其中一些舉措的進展。

Thanks.

謝謝。

Yeah, absolutely.

是的，絕對是。

So I'll start with the flexible credit just as a continuation from Ryan's question as well.

因此，我將從彈性信用開始，作為瑞安問題的延續。

And we actually already have over 450 customers that have purchased the flexible message sending credits across the Braze customer base.

事實上，我們已經有超過 450 位客戶在 Braze 客戶群中購買了靈活的訊息發送積分。

So rapidly approaching a quarter of our legacy customer base, but it's also a very high percentage of all incoming customers.

如此迅速地接近我們傳統客戶群的四分之一，但它在所有新客戶中所佔的比例也非常高。

And that's already enabling a few exciting things.

這已經帶來了一些令人興奮的事情。

First of all, we launched line earlier this year and all of those -- all of the early line upsells were done with flexible credits and not only that, but actually the way that we price them is a pilot for how we're anticipating pricing.

首先，我們在今年稍早推出了產品線，所有這些 - 所有早期的產品線追加銷售都是透過靈活的積分完成的，不僅如此，實際上我們定價的方式是我們預期定價的試點。

Things like WhatsApp’s dynamic pricing -- dynamic message pricing in the future, where a customer simultaneously has a billing relationship with line to buy the message volumes and then Braze is selling them a higher margin kind of higher up in the software stack, orchestration, personalization and reporting capability.

像 WhatsApp 的動態定價——未來的動態消息定價，客戶同時與線路建立計費關係來購買訊息量，然後 Braze 向他們出售軟體堆疊中更高的利潤，編排、個性化和報告能力。

And so, as we continue to push ahead on both the flexible credits being able to sell existing channels, it's also unlocking great opportunities for new channels.

因此，當我們繼續推進能夠銷售現有通路的靈活積分時，它也為新通路釋放了巨大的機會。

Another great testament to that actually is that we announced earlier today to eligible customers in the US and the UK, a pilot for early or early access to premium RCS messaging that is immediately available to those customers who have purchased flexible message credits already, who are already sending SMS and in the UK and the US.

另一個很好的證明實際上是，我們今天早些時候向美國和英國的符合條件的客戶宣布了一項試點項目，旨在提前或提前訪問高級RCS 訊息傳遞，那些已經購買了靈活訊息積分的客戶可以立即使用該訊息。

But it's something where they're not going to have to process a new order form to buy a new message channel and so we can already see the great benefits both from the flexibility of how we can bring new channels to market but also being able to speed up the go to market side.

但他們不必處理新的訂單來購買新的訊息管道，因此我們已經可以看到我們將新管道推向市場的靈活性以及能夠加快市場化進程。

And as we've discussed in the past as well, we think that customers ability to use these channels more flexibly and use these flexible credits more fungibly will also support expansion over time.

正如我們過去所討論的那樣，我們認為客戶更靈活地使用這些管道和更可替代地使用這些靈活信用的能力也將支持隨著時間的推移進行擴張。

And lead to less instances of places where a customer may be estimated a particular channel or a country channel in the wrong way.

並減少客戶可能以錯誤方式估計特定管道或國家/地區管道的情況。

And then we experienced partial churn at the renewal, which is something that we've talked about seeing throughout this year.

然後我們在續約時經歷了部分流失，這是我們今年一直在談論的事情。

So those are all, really great advance since we think that our customer friendly as well is really helping out from a go to market productivity standpoint.

所以這些都是非常巨大的進步，因為我們認為我們的客戶友善性也確實從進入市場生產力的角度提供了幫助。

We're also really excited in the quarter to bring on our new VP of Sales for the Americas.

我們也很高興在本季任命新的美洲銷售副總裁。

Jerry Schorn joined us, he was previously at Salesforce for 11.5 years.

Jerry Schorn 加入我們，他之前在 Salesforce 工作了 11.5 年。

And that actually completes the transition of our global sales leadership that began with the elevation of our global SVP of sales at the beginning of this fiscal year when Eric Sanders stepped into that role.

這實際上完成了我們全球銷售領導層的轉變，這一轉變始於本財年年初埃里克·桑德斯(Eric Sanders)接任全球銷售高級副總裁的職位。

And the hiring of our VP of Sales for APAC in December of last year and then we saw the promotion of our DACH regional leader to the VP of Sales for EMEA over the summer.

去年 12 月，我們聘用了亞太地區銷售副總裁，然後我們在夏季將 DACH 區域領導晉升為歐洲、中東和非洲地區銷售副總裁。

And so, really great to see all of those leadership roles now fully completed around the sales organization.

因此，很高興看到所有這些領導角色現在在銷售組織中完全完成。

And there's just been a lot of great progress as well as we've continued to strengthen the Braze value framework motion as we continue to activate the partner ecosystem and have been bringing more of our services and agencies partners into deal cycles, earlier to be able to coordinate with them better.

我們已經取得了許多重大進展，我們繼續加強 Braze 價值框架動議，因為我們繼續激活合作夥伴生態系統，並將更多的服務和代理商合作夥伴納入交易週期，以便能夠更早地與他們協調。

That's leading to higher win rates.

這會帶來更高的勝率。

It's leading to better onboarding outcomes as there's more services support throughout.

由於全程提供更多服務支持，因此可以帶來更好的入職結果。

So really excited to see these different dimensions of investment in the go to market motion and we're starting to see those barefoot.

非常高興看到這些不同維度的投資進入市場，我們開始看到這些投資。

Absolutely.

絕對地。

I'll ask one follow up on the go to market, which is specifically around the Braze for startups and the free trial programs for smaller companies.

我會詢問有關市場推廣的後續情況，特別是針對新創公司的 Braze 和針對小型公司的免費試用計劃。

And maybe as part of that -- maybe give us an update on the health of that small company ecosystem as a whole.

也許作為其中的一部分——也許可以向我們提供有關整個小公司生態系統健康狀況的最新資訊。

Thank you.

謝謝。

Yeah.

是的。

So I think that we're continuing to see, the health metrics around the SMB sector.

因此，我認為我們將繼續關注中小企業領域的健康指標。

Our main -- they're maintaining the same challenges that we've seen throughout the year.

我們的主要目標是——他們仍然面臨著我們全年所看到的相同的挑戰。

Just as a reminder, we did lower our sales capacity in that category midway through last year.

提醒一下，去年年中我們確實降低了該類別的銷售能力。

And so, while our sales team there does continue to be productive and we've been kind of happy to see their progress with new business there.

因此，雖然我們的銷售團隊確實繼續保持高效工作，但我們很高興看到他們在那裡的新業務取得進展。

It's definitely a category that has still been challenged.

這絕對是一個仍然受到挑戰的類別。

On the free trial side, I'll remind everyone as well that our free trial goal is twofold.

在免費試用方面，我也會提醒大家，我們的免費試用目標是雙重的。

First of all, is really helping with top of funnel awareness and those customers, in particular that might participate in the Braze for startups program or those that are in geographies around the world that we maybe don't have a direct sales presence in and just being able to give them an opportunity to have a more fulsome experience within a Braze trial environment right out of the gate, but also to be able to be there as a sandbox environment during enterprise sales cycles.

首先，確實有助於提高漏斗頂部的意識和那些客戶，特別是那些可能參與創業公司釬焊計劃的客戶，或者那些位於世界各地我們可能沒有直接銷售存在的地區的客戶。 Braze 試用環境中獲得更豐富的體驗，同時也能夠在企業銷售週期中作為沙盒環境。

And so we're seeing good early progress in both of those use cases.

因此，我們在這兩個用例中都看到了良好的早期進展。

We're definitely learning and iterating as we go as we're seeing places where a product that had previously been gated by very deliberate onboarding obviously is going to have some rough edges and we're still working on smoothing out those when we find them and improving the on ramp into Braze.

我們肯定會不斷學習和迭代，因為我們發現以前經過深思熟慮的入門所限制的產品顯然會有一些粗糙的邊緣，當我們發現它們時，我們仍在努力消除這些邊緣並改善進入 Braze 的坡道。

But we think that it's a, obviously a really exciting investment area for us as we continue to focus on product led growth investments that are going to make our existing sales team more productive in the near term.

但我們認為，這對我們來說顯然是一個非常令人興奮的投資領域，因為我們繼續專注於以產品為主導的成長投資，這將使我們現有的銷售團隊在短期內更俱生產力。

And then also allow us to unlock, a much larger opportunity over the long term with a big customer -- addressable customer base.

從長遠來看，也讓我們能夠與大客戶——可尋址的客戶群一起釋放更大的機會。

That makes sense.

這是有道理的。

Thanks for the call.

感謝您的來電。

Tyler Radke, Citi.

泰勒·拉德克，花旗銀行。

Hi, good evening.

嗨，晚上好。

Thanks for taking the question.

感謝您提出問題。

Bill, you talked a lot about project catalysts and I'm wondering if you could just sort of frame how you're seeing the conversations just around agentic AI in front office evolve.

Bill，您談論了很多關於專案催化劑的內容，我想知道您是否可以框架您如何看待圍繞前台代理人工智慧發展的對話。

Obviously, you have Salesforce out there talking a lot about agent force.

顯然，Salesforce 在那裡談論了很多關於代理力量的問題。

I know you did talk about a lot of competitive takeaways being strong in the quarter.

我知道您確實談到了本季許多競爭優勢強勁。

But what role are customers sort of viewing, Braze in those contexts?

但在這些情況下，客戶將 Braze 視為什麼角色呢？

And do you think the focus on, agentic AI the kind of the incumbent front office providers sort of helps or hurts your competitive win rates over time?

您認為，隨著時間的推移，對代理人工智慧（現有前台提供者的那種）的關注會幫助還是損害您的競爭獲勝率？

Yeah.

是的。

So there's a lot to unpack there and, I think that just to speak to Salesforce out of the gate and what we're seeing competitively, obviously with their huge focus on agent force, I think that the another consequence of that is that they've clearly taken their eye off the ball in the Salesforce marketing cloud and it's not just their existing in particular enterprise customers, but also the agency and analyst community they're noticing, we're excited that that's opening the door to a new generation of both ecosystem relationships.

因此，這裡有很多東西需要解開，我認為，只要與 Salesforce 進行對話，以及我們所看到的競爭情況，顯然他們非常關注代理力量，我認為這樣做的另一個後果是，他們「顯然，他們的注意力已經從Salesforce 行銷雲中移開了，這不僅僅是他們現有的特定企業客戶，還有他們注意到的代理商和分析師社區，我們很高興這為新一代行銷人員打開了大門。

And specifically a lot of businesses out there that build great agency practices on the back of Salesforce marketing cloud, are now kind of picking up their heads and looking around and realizing that, that product has been by and large orphaned by sales force in terms of future investment.

特別是許多在 Salesforce 行銷雲的支援下建立了出色的代理實踐的企業，現在開始抬起頭環顧四周，並意識到，該產品在很大程度上已被銷售人員孤立未來的投資。

And they need to work out where to build future practices.

他們需要弄清楚在哪裡建立未來的實踐。

And, I think that's really well timed for us continuing to mature our own ecosystem support and our own agency partnership work.

而且，我認為這對於我們繼續成熟我們自己的生態系統支援和我們自己的機構合作夥伴關係工作來說確實是個好時機。

And so we're excited about that.

所以我們對此感到興奮。

And, seeing both previous Salesforce customers that may have been, in the kind of late majority or in the laggard side who still haven't, ever evaluated new modern solutions, this is giving them a good reason to start to pick up their heads and look at that and so we're excited about that competitive opportunity.

而且，看到以前的 Salesforce 客戶可能是晚期大眾或落後者，他們仍然沒有評估過新的現代解決方案，這給了他們一個很好的理由開始抬起頭來，看看這一點，我們對這個競爭機會感到興奮。

I think from an agent perspective, and what we're seeing with the broader conversation to go back to the beginning of your question, there's definitely still a lot of noise out in the market.

我認為從代理商的角度來看，以及我們在更廣泛的對話中看到的情況，回到你問題的開頭，市場上肯定仍然存在著許多噪音。

The underlying technology in the space continues to advance extremely rapidly.

該領域的基礎技術繼續快速發展。

I think that, we're -- and so therefore, we are also seeing, I think a wide array of approaches to kind of testing or implementing generative AI backed, capabilities within a marketing stack, within customer engagement, within product delivery.

我認為，因此，我們也看到了各種各樣的方法來測試或實施生成式人工智慧支援的功能，在行銷堆疊中、在客戶參與中、在產品交付中。

I think that also it's really interesting to look at where we've seen broadly across the marketing space.

我認為，看看我們在行銷領域廣泛看到的情況也非常有趣。

And this is in the third party and advertising world, where Braze doesn't operate as much, but it's no surprise that some of the first places that the broader marketing industry saw genAI start to drive results was when that generative content production got married with an existing machine learning system.

這是在第三方和廣告領域，Braze 的運作並不那麼頻繁，但毫不奇怪，更廣泛的營銷行業看到 genAI 開始推動結果的一些地方是生成內容製作與生成結合的時候。學習系統。

And when I say something like that, I'm thinking specifically of Meta's ad products, you have a massive experiment optimization engine that's already operating and it's eagerly awaiting new content variants to get fed into it.

當我說類似的話時，我特別想到 Meta 的廣告產品，你有一個已經在運行的大規模實驗優化引擎，它熱切地等待新的內容變體被輸入其中。

And when I think about that as an example, and then we think about Braze canvas and we think about the Braze data platform and how Braze AI has been able to be integrated throughout the stack and that our differentiated foundations in terms of real time data access, the ability to rapidly understand context and then all the advanced optimization that we're able to do around experimentation.

當我以此為例時，我們會想到 Braze 畫布，我們會想到 Braze 資料平台，以及 Braze AI 如何能夠整合到整個堆疊中，以及我們在即時資料存取方面的差異化基礎，快速理解上下文的能力，以及我們能夠圍繞實驗進行的所有高級優化。

I think Braze continues to be extremely well positioned with all the right foundations and the surrounding capabilities to continue to ingest and take advantage of new advances in the state of the art.

我認為 Braze 仍然處於非常有利的位置，擁有所有正確的基礎和周圍的能力，可以繼續吸收和利用最先進的新進步。

And that -- I think is where we're investing, we are simultaneously doing things like upgrading the canvas language to support things like canvas context and continuing to upgrade the run time to be able to better -- have provide better native support for things like conversational use cases within that, we're continuing to expand across all these new channel options.

我認為這就是我們投資的地方，我們同時做一些事情，例如昇級畫布語言以支援畫布上下文等內容，並繼續升級運行時以便能夠更好地為事物提供更好的本機支援就像其中的對話用例一樣，我們將繼續擴展所有這些新的頻道選項。

So that as the kind of genAI reasoning capability or the content optimization capability continues to advance that we're going to have the most optionality to be able to leverage that across channels, supported channels of anyone in the industry.

因此，隨著 genAI 推理能力或內容優化能力的不斷進步，我們將擁有最大的選擇能力，能夠跨通路、業內任何人支持的管道利用它。

And at the same time, obviously investing in our own agentic capability through things like project catalysts.

同時，顯然透過專案催化劑等方式投資於我們自己的代理能力。

And so broadly when we look at the space, it's still one that's moving very fast.

從廣義上看，當我們審視這個領域時，它仍然是一個發展非常快的領域。

I don't think there's anything near an industry consensus across marketers about exactly where to be placing their bets, broadly across the space.

我認為，在整個產業中，行銷人員對於到底該在哪裡下注，幾乎沒有達成產業共識。

But I continue to also feel really good about the preexisting advantages that Braze is going to be able to leverage as we continue to bake Braze AI, more broadly into the platform and advance our canvas environment.

但我仍然對 Braze 將能夠利用的現有優勢感到非常滿意，因為我們繼續將 Braze AI 更廣泛地融入平台中並改進我們的畫布環境。

And then when we look at that against, what we're seeing with both, Salesforce and Adobe both effectively kind of admitting that the prior products that they had in the space around Adobe's campaign products and the Salesforce marketing cloud are not fit for purpose for modern customer engagement use cases, they're going to require a rebuild, they're obviously going to invest in and do that.

然後，當我們審視這一點時，我們看到，Salesforce 和 Adob​​e 都有效地承認，他們在 Adob​​e 的行銷產品和 Salesforce 行銷雲端領域所擁有的先前產品不適合目標。用例，他們將需要重建，他們顯然會投資並做到這一點。

But during that transition period, it's a great opportunity for Braze to be able to step in to both the customer and the ecosystem the partner ecosystem community and be able to build more momentum in a place that, they definitely had a strong incumbent advantage for the better part of the last decade.

但在這個過渡時期，對於Braze 來說，這是一個很好的機會，能夠介入客戶和生態系統（合作夥伴生態系統社群），並能夠在一個他們絕對擁有強大現有優勢的地方建立更多動力。

Great, thanks for all the detail Bill.

太好了，謝謝比爾提供的所有細節。

Follow up for you, Isabel, as we look at bookings in the quarter, both bookings and billings, they reaccelerated from about 15% to call it 22%, 23%, yet, the implied Q4 guidance suggests something in the 10s, 18%, 19%.

伊莎貝爾，請跟隨您的腳步，當我們查看本季度的預訂量（包括預訂量和賬單）時，它們從15% 左右加速到22%、23%，然而，隱含的第四季度指導建議在10到18% 之間, 19%。

So can you help us understand, was there was there any timing benefits in that bookings performance or how should we just think about, the run rate of current RPO relative to that, that guide for Q4.

那麼您能否幫助我們了解預訂績效是否有任何時間優勢，或者我們應該如何考慮當前 RPO 相對於第四季度指南的運行率。

Yeah.

是的。

Sure.

當然。

So for the billings number, just to keep in mind that that's so that's obviously revenue plus change in deferred revenue.

因此，對於帳單數字，請記住，這顯然是收入加上遞延收入的變化。

And there's a dynamic that occurred between Q3 of last year and Q3 of this year.

去年第三季和今年第三季之間出現了動態。

Q3 of last year, we actually had a bit of a low trough in terms of the volume of annual upfront contracts that we signed.

去年第三季度，我們簽署的年度預付合約數量其實有點低潮。

Q3 of this year, we actually had a bit of a peak in the annual upfront contracts that were signed.

今年第三季度，我們簽署的年度預付合約實際上達到了一個高峰。

And so that leads on a deferred revenue basis that will lead to sort of a year over year acceleration in change in the deferred revenue.

因此，這會導致遞延收入的基礎上，這將導致遞延收入的變化逐年加速。

Just by virtue of that, that dynamic that's happening year over year.

正是由於這一點，這種動態才年復一年地發生。

So that's a bit of what you're seeing in terms of the reacceleration.

這就是您在重新加速方面看到的一些情況。

So not necessarily directly tied to the evolution of the business, although we're encouraged to see our ability to kind of continue to move our customers more and more into the annual upfront contract.

因此，不一定與業務的發展直接相關，儘管我們很高興看到我們有能力繼續讓我們的客戶越來越多地簽訂年度預付合約。

But that's a bit of the dynamic that you're seeing there.

但這就是你在那裡看到的一些動態。

Thank you.

謝謝。

Scott Berg, Needham.

史考特伯格，李約瑟。

Hi, everyone.

大家好。

Nice quarter.

不錯的季度。

Thanks for taking my questions.

感謝您回答我的問題。

Bill, I wanted to focus on something that you said earlier in your scripted remarks around existing Braze customers, when they go to a new company, you're seeing them kind of re buyer.

比爾，我想專注於您之前在有關現有 Braze 客戶的腳本評論中所說的內容，當他們去一家新公司時，您會看到他們是一種重複購買者。

I guess when you look at those customers, do they purchase the platform any differently than the new customers.

我想當你觀察這些客戶時，他們購買平台的方式與新客戶有什麼不同嗎？

Just trying to understand what that buying trend for AI season embrace customer.

只是想了解人工智慧季節的購買趨勢對客戶有何影響。

Yeah, I think that the key thing that our sales team sees is just greater velocity because obviously there's less education required and we usually have someone at the customers helping be our champion and helping educate internally.

是的，我認為我們的銷售團隊看到的關鍵是更快的速度，因為顯然需要的教育較少，而且我們通常會在客戶中有人幫助成為我們的支持者並幫助內部教育。

Braze, we both differentiate via our interconnections into the data ecosystem and into the product environment.

Braze，我們都透過與資料生態系統和產品環境的互連來實現差異化。

It provides us both with greater context and understanding of customers, a stronger kind of wealth of first party data to be able to optimize both journeys as well as content with as well as more interfaces to be able to interact with those customers.

它為我們提供了對客戶更廣泛的背景和了解，更豐富的第一方數據財富，以便能夠優化旅程和內容，以及更多的介面，以便能夠與這些客戶互動。

But on all of those fronts, it means that there are more stakeholders and it means that there's more kind of relationships to navigate within existing or within prospects.

但在所有這些方面，這意味著有更多的利害關係人，也意味著在現有或潛在客戶中可以建立更多類型的關係。

And there's often important architectural decisions that need to be made both from a technical architecture standpoint, as well as data flows and data governance.

通常需要從技術架構的角度以及資料流和資料治理的角度來做出重要的架構決策。

And so having preexisting Braze customers within the environment, I think just helps all of those things run a lot more smoothly.

因此，在環境中擁有預先存在的 Braze 客戶，我認為只會幫助所有這些事情運作得更順利。

I wouldn't necessarily isolate a specific difference in buying like literally what they buy or like what their goals are at the end of a sales process.

我不一定會孤立購買中的具體差異，例如他們購買什麼或喜歡他們在銷售過程結束時的目標是什麼。

But I think that it definitely speeds them up and this is something I've been talking about for a few years, which is that as Braze came into, broadly call it this marketing automation space and we approached it with a -- we approached it in a way that was more data driven, it was more experimental, it was tied tighter into the product and the first party experience.

但我認為這肯定會加快他們的速度，這是我幾年來一直在談論的事情，這就是當Braze 進入時，廣泛地稱之為營銷自動化空間，我們以一種——我們接近它的方式來接近它以一種更多數據驅動的方式，它更具實驗性，它與產品和第一方體驗更緊密地聯繫在一起。

What that meant is that there were new skill sets that were required, there were new, working relationships that were going to need to be forged and there were new kind of working cadences as well in order to take advantage of things like the gains that you get out of rapid experimentation and new agility.

這意味著需要新的技能組合，需要建立新的工作關係，並且還需要新的工作節奏，以便利用您所獲得的收益等。

And so those have all been, I think barriers in front of our growth over the years, they're ones that we knew we would eventually break down.

因此，我認為這些年來我們成長面臨的障礙都是我們知道最終會打破的障礙。

They're ones that we know that a strong customer in an ecosystem community continues to break through.

我們知道，生態系統社群中的強大客戶正在不斷突破。

And, we explicitly called this out because I think it's a consequence, both of all the investment that we've put into the customer community and just the growing volume of Braze educated customers and marketing experts out there.

而且，我們明確指出了這一點，因為我認為這是我們向客戶社群投入的所有投資以及越來越多受過 Braze 教育的客戶和行銷專家的結果。

But all so, I think it's no secret that the marketing world over the last two years or so has seen a lot of turnover within organizations.

但儘管如此，我認為行銷界在過去兩年左右的時間裡組織內部出現了大量人員流動，這已經不是什麼秘密了。

There has been a lot of moving around of marketing experts and CMOs across, the broader enterprise and across the startups here.

行銷專家和首席行銷長在更廣泛的企業和新創公司之間進行了許多調動。

And so that dislocation of marketers has obviously been a difficult challenge for us to work through with existing customers as we've had to retrain new teams or kind of regain new executive stakeholder relationships.

因此，行銷人員的混亂顯然對我們與現有客戶合作是一個艱鉅的挑戰，因為我們必須重新培訓新團隊或重新獲得新的高階主管利害關係人關係。

But now we're seeing the upside of that in some cases, on the other side where those people as they move around the industry, they land at new customers and then they're bringing brace with them.

但現在我們在某些​​情況下看到了這樣做的好處，另一方面，當這些人在行業中流動時，他們會吸引新客戶，然後為他們帶來支持。

And so while that is a difficult transition to go through, we think that there's great upside there and it's a strong testament to the strength and the value in the customer community.

因此，儘管這是一個艱難的過渡，但我們認為其中存在著巨大的上升空間，這有力地證明了客戶社群的實力和價值。

Got it.

知道了。

Very helpful Bill, thank you.

比爾非常有幫助，謝謝。

And then, Isabelle if you look at your non-GAAP profitability in the quarter or non-GAAP operating margin, that you've got it to in the fourth quarter, you're crossing over the chasm.

然後，伊莎貝爾，如果你看看第四季度的非公認會計原則盈利能力或非公認會計原則營業利潤率，你就跨越了鴻溝。

How do we start thinking about profitability versus growth going forward?

我們如何開始考慮未來的獲利能力與成長？

I know you all are very focused on -- now that you've hit this and I know you're not getting for fiscal '25 or '26 obviously.

我知道你們都非常關注——既然你們已經做到了這一點，而且我知道你們顯然不會在 25 或 26 財年獲得成功。

But do we see this kind of like a plateau for a period of time or can we get it through margin expansion you can forward if growth and demand remains at the range that we have.

但是，我們是否會看到這種情況在一段時間內處於平穩狀態，或者我們是否可以透過利潤率擴張來實現這一目標，如果成長和需求保持在我們現有的範圍內，您可以向前推進。

Yeah, so thanks for the question.

是的，謝謝你的提問。

So if we go back to some of the comments that we made in the framework that we laid out at Analyst Day back in September, that the purpose of that framework was that to be sustainable for the next several years.

因此，如果我們回顧一下我們在 9 月分析師日所製定的框架中所做的一些評論，就會發現該框架的目的是在未來幾年內保持永續性。

And so I would think about, as we start to guide for next year and we start to kind of work our way through the quarters and you'll see kind of the results of kind of the growth.

所以我想，當我們開始為明年提供指導時，我們開始在各個季度中努力工作，你會看到某種成長的結果。

We would look for the expansion in operating income, non-GAAP, operating income to be within the boundary conditions of the framework that we laid out.

我們希望營業收入（非公認會計準則）營業收入的擴張在我們所製定的框架的邊界條件之內。

And so, I think philosophically nothing has changed today or our expectations for the future even relative to kind of where we've been in terms of, it's never going to be growth at all costs.

因此，我認為從哲學上講，今天或我們對未來的期望沒有任何改變，即使相對於我們一直以來的情況而言，也永遠不會不惜一切代價實現增長。

We're always going to be balancing growth with profitability.

我們始終要平衡成長與獲利能力。

We are -- I am very focused on being able to reinvest available dollars back into the business.

我們—我非常專注於能夠將可用資金重新投資回業務。

I've said this to the employees, I've said this to analysts, I've said this to investors.

我已經對員工說過這個，我已經對分析師說過了，我已經對投資人說過了。

And so we are very disciplined with kind of having visibility and transparency into the financial path that we're on and ensuring that the capacity to reinvest is actually leveraged to the highest ROI potential possible.

因此，我們非常自律，對我們所處的財務路徑具有可見性和透明度，並確保再投資能力實際上得到了盡可能高的投資回報率潛力。

(Operator Instructions)

（操作員說明）

Pinjalim Bora, JPMorgan.

平賈林·博拉，摩根大通。

Great.

偉大的。

Thank you for taking the questions, Isabelle just one for you.

感謝您提出問題，伊莎貝爾只是為您解答一個問題。

Any way to understand, when does the last cohort of the preserve or kind of cohort renewals flush through the system?

有什麼辦法可以理解，最後一批保護區或同類群組更新何時會通過系統？

It seems like you had a little bit of a stability on in quarter, but trying to understand if 110% is the trough at this point can go to a single digit number.

看起來您在季度中有點穩定，但試圖了解 110% 是否是此時的低谷可以轉到個位數。

Yeah, so look, I'm not going to guide specifically on dollar based net retention going forward, but one kind of indication that's encouraging is the -- at Analyst Day, we did highlight the performance of the post zerp cohort relative to a few cohorts, a few years that comprise the zerp cohort.

是的，所以看，我不會具體指導未來基於美元的淨保留率，但令人鼓舞的一種跡像是——在分析師日，我們確實強調了後 zerp 群體相對於一些人的表現隊列，組成zerp 隊列的幾年。

And we identified kind of this 9 point differential between the two.

我們發現兩者之間有 9 分的差距。

And that differentiation actually is a little bit improved going forward in this current quarter.

在本季度，這種差異化實際上有所改善。

So we're encouraged by the continued evolution of the post reserve cohort.

因此，我們對後備隊的持續發展感到鼓舞。

And so, we'll give you guys more transparency and visibility consistent with how we've approached the annual guide for the last three years of our public company life.

因此，我們將為大家提供更多的透明度和可見性，這與我們在上市公司生命的最後三年中製定年度指南的方式一致。

So look for more visibility on overall revenue expectations in March of next year.

因此，請關註明年 3 月整體收入預期的更多資訊。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Perfect.

完美的。

Thank you very much.

非常感謝。

Bill maybe one for you just as you're talking to customers and discussing plans with them for next year.

當您與客戶交談並與他們討論明年的計劃時，也許可以為您開出一份帳單。

What is your sense on the overall spending environment as it relates to marketing budgets?

您對與行銷預算相關的整體支出環境有何看法？

And I think you've highlighted a couple of times in your prepared remarks that the replacement cycle remain strong with the focus on AI and first party data and cloud data warehouses.

我認為您在準備好的演講中多次強調，更換週期仍然強勁，重點關注人工智慧、第一方資料和雲端資料倉儲。

Why could that replacement cycle not accelerate further next year as more folks look to up level their marketing stacks?

為什麼隨著越來越多的人尋求提升行銷能力，明年的更換週期不會進一步加速？

Thank you.

謝謝。

Yeah, so I'll start off -- just reminding everyone that we haven't -- we're not expecting any sort of improvement in the demand environment in the forward guidance that we've provided.

是的，所以我首先要提醒大家，我們沒有——我們預計我們提供的前瞻性指導中的需求環境不會有任何改善。

And as we've discussed, well, we are seeing great progress on the legacy replacement cycles.

正如我們所討論的，我們看到傳統更換週期取得了巨大進展。

It's also the case that many of them have been harder to catalyze over the last couple of years as businesses have prioritized cost savings over value creation and expansion.

而且，在過去幾年裡，由於企業將節省成本置於價值創造和擴張之上，其中許多項目變得更難催化。

But we feel really good about the comparative gains that we've made over these last two years, when we look at the competitive landscape and the broader partnership ecosystem, we look at the pipeline of, in particular, these enterprise takeaway opportunities that we've been able to build over the course of the last 12 to 18 months.

但我們對過去兩年取得的相對收益感到非常滿意，當我們審視競爭格局和更廣泛的合作夥伴生態系統時，我們特別關注我們的這些企業外賣機會的管道。裡，我們已經能夠進行建設。

And we're looking forward to robust competition for these opportunities that, by definition only come up every 5 to 10 years in the years to come.

我們期待對這些機會的激烈競爭，根據定義，這些機會在未來幾年每 5 到 10 年才會出現一次。

And so, excited that the, I think the pieces have moved around the board in a way that's favorable to us.

因此，令人興奮的是，我認為棋盤上的棋子已經以對我們有利的方式移動了。

And we do think that those opportunities are certainly continue to show up in particular over the next 12 to 24 months due to some of the platform shifts at both Adobe and Salesforce and their focus shifts that I highlighted earlier in the call.

我們確實認為，由於 Adob​​e 和 Salesforce 的一些平台轉變以及我在電話會議之前強調的焦點轉移，這些機會肯定會繼續出現，特別是在未來 12 到 24 個月內。

But it does continue to remain a difficult environment.

但它確實仍然是一個困難的環境。

I think that consistent with the last few quarters, we've continued to see stability, their marketing teams, they know what their priorities are for next year.

我認為與過去幾個季度一致，我們繼續看到他們的行銷團隊的穩定性，他們知道明年的優先事項是什麼。

They're not worried that their teams are going to get cut or their projects are going to be canceled or their budgets are going to fall into next year.

他們並不擔心他們的團隊會被裁員，或者他們的專案會被取消，或者他們的預算會落入明年。

But that kind of full rotation back into a growth orientation where their business overall is looking at, new regions, new product expansions, new customer acquisition, efforts, et cetera, et cetera.

但這種全面旋轉回到成長方向，他們的業務整體著眼於新地區、新產品擴張、新客戶獲取、努力等等。

All those things that kind of define a forward leaning growth posture.

所有這些都定義了一種向前傾斜的成長態勢。

We're not seeing robust signs of that yet.

我們還沒有看到明顯的跡象。

We're seeing it in pockets and that's great.

我們看到它裝在口袋裡，這很棒。

But we are seeing strong stability, I think across marketing teams and across strategies.

但我認為跨行銷團隊和跨策略，我們都看到了很強的穩定性。

And so, we're making as much progress as we can from an ecosystem and a competitive standpoint, as well as our own product robustness and improving our pricing and packaging flexibility to kind of be prepared for when that rotation back toward more of a broad growth posture starts to show up amongst marketing teams and across more of the business sphere.

因此，從生態系統和競爭的角度來看，我們正在盡可能地取得進展，以及我們自己的產品穩健性，並提高我們的定價和包裝靈活性，以便為更廣泛的輪換做好準備。態勢開始在行銷團隊和更多業務領域中顯現出來。

But for right now, having stability, having great foresight into next year's budgets.

但就目前而言，保持穩定，對明年的預算有遠見。

And being in the position that Braze is in is one where we're confident operating through this demand environment.

Braze 所處的位置使我們有信心在這種需求環境中開展業務。

And that's something that we're -- in our early -- in our forecasting and our guidance.

這就是我們早期的預測和指導。

We're not assuming that that's going to improve into next year.

我們並不認為這種情況會在明年有所改善。

Derrick Wood, TD Cowen.

德里克·伍德，TD·考恩。

Great, thanks.

太好了，謝謝。

I'll direct it to you, Isabel.

我會把它交給你，伊莎貝爾。

What are you guys saw some very large upside and operating income.

你們看到了一些非常大的上升空間和營業收入。

This quarter was solid with about $2 million of upside, but the last quarter was like $11 million.

本季表現穩定，上漲幅度約 200 萬美元，但上一季上漲幅度約 1,100 萬美元。

So, could you just talk about the puts and takes on margins and investment focus this quarter versus last quarter or maybe what were some of the variances you would flag including on the gross margin side?

那麼，您能否談談本季與上季相比的利潤率和投資重點的看跌期權和承兌期權，或者您可能會標記哪些差異，包括毛利率方面的差異？

Thank you.

謝謝。

Yeah.

是的。

So on the gross margin side, we're continuing to see -- on that headwind side, we're continuing to see, good uptake of the premium messaging channel.

因此，在毛利率方面，我們繼續看到——在逆風方面，我們繼續看到優質訊息管道的良好採用。

So that is -- and that's been happening over the last several years.

這就是——過去幾年一直在發生這種情況。

And even with that continuing to happen, we've been able to expand our gross margin over the last several years and commit to two rounds of increased long term ranges with the most recent one being at 69% to 74%.

即使這種情況繼續發生，我們在過去幾年中仍然能夠擴大毛利率，並承諾兩輪提高長期範圍，最近一輪為 69% 至 74%。

And we expect that to continue because as the engineering team kind of continues to do work to improve the efficiency and performance of the overall platform, they're very, very focused on those initiatives across the board.

我們預計這種情況會持續下去，因為隨著工程團隊繼續努力提高整個平台的效率和效能，他們非常非常關注全面的這些措施。

And we've seen success there ongoing and there's more to do and more to come in that area.

我們已經看到該領域正在取得成功，並且在該領域還有更多工作要做，還有更多工作要做。

So from a gross margin perspective, we're pretty excited with the continued trajectory.

因此，從毛利率的角度來看，我們對持續的發展軌跡感到非常興奮。

And we expect to, operate within the range that we have provided over the long term here.

我們希望在我們提供的長期範圍內運作。

On the operating income, Q3 does have the impact of the forge event and some other events, customer driven events that that occurred in the quarter.

在營業收入方面，第三季確實受到了鍛造事件和其他一些事件以及本季發生的客戶驅動事件的影響。

And so that's some of the dynamic that you're seeing in terms of the volatility with being over the profitability line in Q2, then back under it in Q3 and then obviously, we've committed to being back over that line in Q4 and beyond.

因此，這就是您在第二季度超過盈利線、然後在第三季度回到盈利線以下的波動性方面看到的一些動態，然後顯然，我們承諾在第四季度及以後回到該線以上。

And so that's some of the dynamic that you're seeing is just specific to the seasonality around some of the events.

因此，您所看到的一些動態只是特定於某些事件的季節性。

And then leaders as they, we're very disciplined as it relates to performance management and then the process of backfills and the timing.

然後，作為領導者，我們非常自律，因為這涉及績效管理，然後是回填過程和時間安排。

And so I always want to make sure from a budgeting perspective that we have the capacity to hire at the pace that makes the most sense for the business.

因此，我總是想從預算的角度確保我們有能力以對業務最有意義的速度進行招募。

And sometimes what we find is leaders are extremely discipline about going through the process to find the right person.

有時我們發現領導者在尋找合適人選的過程中非常嚴格。

And that may result in headcount ads that are a little bit behind what finance has budgeted for and that some of that dynamic you're seeing come through in the results.

這可能會導致廣告人員數量稍微落後於財務部門的預算，而您所看到的一些動態會在結果中反映出來。

But again, I'm very focused on staying very close to that.

但同樣，我非常專注於保持非常接近這一目標。

And when we have capacity, which I can see intra quarter, we work to find ways to put those dollars to good use.

當我們有能力時（我可以在季度內看到），我們​​會努力找到充分利用這些資金的方法。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

Yeah, hi.

是的，嗨。

Thanks so much for taking my question.

非常感謝您提出我的問題。

Maybe just that Isabelle for you.

也許就是那個適合你的伊莎貝爾。

So just to clarify when we think about the in period NRR in the quarter and the stability that you talk -- that you mentioned.

因此，為了澄清我們何時考慮本季的期內 NRR 以及您提到的穩定性。

So with that, I guess around like 110% similar to what it was last quarter.

因此，我猜想與上個季度的情況大約有 110% 相似。

And then as a follow up as we think about NRR and 4Q, could you just maybe walk us through the puts and takes of that?

然後，作為我們思考 NRR 和 4Q 的後續行動，您能否向我們介紹其中的操作和操作？

It sounds like on one hand, you guys are seeing good traction with messaging volumes from the holiday and obviously it's your biggest renewal quarter, but on the flip side, maybe there are still some customers out there that are right sizing or not expanding to the degree that you'd like to see.

聽起來，一方面，你們看到了假期消息量的良好吸引力，顯然這是你們最大的續訂季度，但另一方面，也許仍然有一些客戶的規模合適，或者沒有擴展到你想看到的學位。

So I guess one, what are the drivers behind some of the cautiousness in near term?

所以我猜想，近期謹慎態度背後的驅動因素是什麼？

And what do you need to see in the demand environment, to get comfortable that we're closer to the bottom.

在需求環境中你需要看到什麼，才能對我們已經接近底層感到滿意。

Yeah, thanks for the question.

是的，謝謝你的提問。

So I just want to clarify that things related to kind of near term messaging activity or even in some cases like a short term, the renewal cycle that doesn't necessarily play in directly to the NRR because we don't -- the revenue isn't based on utilization.

所以我只是想澄清一下，與近期訊息活動相關的事情，甚至在某些情況下，例如短期，續約週期不一定會直接影響 NRR，因為我們不這樣做——收入是不基於利用率。

And so it's really more about continuing to manage the churn and continuing to improve that upsell motion and bringing us back to levels that we had ascended to in prior years.

因此，真正重要的是繼續管理客戶流失並繼續改善追加銷售行動，並使我們回到前幾年的水平。

So that's really the dynamic that we are dealing with is continued management of both the churn on the downside and then continued push for more success on the upsell motion.

因此，我們正在處理的真正動態是繼續管理下行方面的客戶流失，然後繼續推動追加銷售運動取得更大成功。

Yun Kim, Loop Capital.

Yun Kim，Loop Capital。

Okay, great.

好的，太好了。

Thank you.

謝謝。

I have a quick question.

我有一個簡單的問題。

Bill, can you just give us some update on the partner ecosystem?

Bill，可以為我們介紹一下合作夥伴生態系統的最新情況嗎？

Not just with global system integrators, but also perhaps OEM opportunity with the other IS feeds out there.

不僅是與全球系統整合商的合作，也許還有與其他 IS 供應商合作的 OEM 機會。

Yeah.

是的。

So our strategy around sales continues to be direct sales.

因此，我們的銷售策略仍然是直銷。

We do have some OEMs out there or OEM agreements, but it's not a big part of the way that we go to market.

我們確實有一些原始設備製造商或原始設備製造商協議，但這並不是我們進入市場的重要組成部分。

We will continue to expand on our indirect motion using more resellers over time as Braze community continues to expand into new geographies.

隨著 Braze 社群不斷擴展到新的地區，我們將繼續利用更多經銷商來擴展我們的間接行動。

But right now, when we look at the tech partner relationships, many of these are about making sure that we've got sales teams aligned.

但現在，當我們審視技術合作關係時，其中許多都是為了確保我們的銷售團隊保持一致。

We've got technical architectures aligned and rationalized around bigger digital transformation efforts.

我們已經圍繞著更大的數位轉型工作調整和​​合理化了技術架構。

And that we've got the right partner integrations and product integrations, which you can see, a lot of examples of across the Braze data platform.

我們擁有正確的合作夥伴集成和產品集成，您可以看到，Braze 數據平台上有許多範例。

But we've got a lot of great interconnection points throughout our product that our partnership, ecosystem takes full advantage of.

但我們的產品中有很多很棒的互連點，我們的合作夥伴、生態系統充分利用了這些互連點。

And so that's something that we're going to continue to invest heavily and we know that having more partners involved in deals leads to faster deal cycles, it leads to more usage of Braze entitlements by our customers and better expansion rates and better renewal rates.

因此，我們將繼續在這方面進行大量投資，我們知道，讓更多的合作夥伴參與交易可以縮短交易週期，讓我們的客戶更多地使用 Braze 權利，並提高擴展率和續約率。

And so it's a part of our partnership portfolio that we continue to invest heavily in.

因此，這是我們繼續大力投資的合作夥伴關係的一部分。

But the specifically like OEM sales through them is not a key component of that strategy right now.

但目前透過他們進行的 OEM 銷售並不是該策略的關鍵組成部分。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

Hey guys, thanks for taking the question.

嘿夥計們，感謝您提出問題。

So you gave some really healthy stats on activity for in-app and content cards.

因此，您提供了一些關於應用程式內卡和內容卡活動的非常健康的統計數據。

As we think about what's pushing that activity through those channels, how do we think about the balance of upsell via higher volumes or Croda a new channel?

當我們思考是什麼推動了這些管道的活動時，我們如何考慮透過更高銷售量或 Croda 新通路進行追加銷售的平衡？

Any perspective there?

有什麼觀點嗎？

Yeah.

是的。

So I think that there's an interesting impact that flexible credits will do, which is that, I think that in terms of cross sell, it's super supportive in the way that we're doing pricing and packaging, expanding across both the optionality that marketers have to bring their strategies around the world.

因此，我認為靈活的積分會產生一個有趣的影響，那就是，我認為就交叉銷售而言，它對我們定價和包裝的方式提供了超級支持，擴大了營銷人員的選擇範圍將他們的策略帶到世界各地。

So for instance, if you are effectively running a US SMS strategy, it is now very straightforward for you to expand that to WhatsApp in key markets where -- WhatsApp is dominant to then further expand that using something like LINE if you're in Japan or Taiwan or Thailand.

舉例來說，如果您正在有效地執行美國SMS 策略，那麼您現在可以非常簡單地將其擴展到主要市場中的WhatsApp，在這些市場中，WhatsApp 占主導地位，然後如果您在日本，則可以使用LINE 等工具進一步擴展此策略或台灣或泰國。

And looking at now the launch of RCS across Europe and so what Braze has really been committed to, I think across the messaging space is that we want marketers from anywhere in the world to be able to engage with global audiences across the messaging channels that are most important for them to really accomplish their goals and deliver their messages.

看看現在 RCS 在歐洲的推出以及 Braze 真正致力於的事情，我認為在整個訊息傳遞領域，我們希望來自世界各地的營銷人員能夠透過訊息傳遞管道與全球受眾互動對他們來說最重要的是真正實現他們的目標並傳達他們的訊息。

And so the flexible credits model, giving them the opportunity to try out these use cases, expand them globally and expand them to new channels in a way, commercially flexible for them, it's really strong.

因此，靈活的積分模式讓他們有機會嘗試這些用例，將其擴展到全球範圍內，並以某種商業靈活的方式將其擴展到新的管道，這真的很強大。

It could potentially have an impact on the way that they purchase new volumes, because before, if you were committed to a certain set of volumes across a certain set of channels and you wanted to try out a new one, you would have to make a net incremental commitment to Braze to buy that new channel.

這可能會對他們購買新卷的方式產生影響，因為以前，如果您致力於通過一組特定渠道購買一組特定卷，並且想要嘗試新卷，則必須製作一個對Braze 購買該新渠道的淨增量承諾。

But we also saw that, that requirement was slowing down deal cycles.

但我們也看到，這項要求正在減慢交易週期。

It was making customers less likely to experiment with new channels.

這使得客戶嘗試新管道的可能性降低。

And as I alluded to earlier, in some cases, led to partial churns as people weren't able to forecast their consumption across these different channels or the with global SMS, the kind of cross section of channels and countries as accurately as they would hope to.

正如我之前提到的，在某些情況下，由於人們無法像他們希望的那樣準確地預測他們在這些不同管道或全球簡訊中的消費，因此導致了部分流失到。

And that would lead to unused entitlements, which they would then in some cases choose not to renew.

這將導致未使用的權利，然後在某些情況下他們會選擇不續訂。

And so there's some puts and takes as we think about moving into this new world.

因此，當我們考慮進入這個新世界時，需要做出一些決定。

But we think overall, it's customer friendlier, it's also speeds up deal cycles, helps with expansion across use cases.

但我們認為總體而言，它對客戶更友好，它還加快了交易週期，有助於跨用例的擴展。

And ultimately, that will be supportive of more revenue, but it does have a little bit of -- if you think about that mechanic with respect to how net new bookings would come about as a customer adopts a new channel, they're not forced to do that right away.

最終，這將支持更多的收入，但它確實有一點——如果你考慮一下當客戶採用新管道時淨新預訂如何產生的機制，他們不會被迫立即這樣做。

Which we'll have some, a little bit of a headwind on that versus before.

與以前相比，我們會遇到一些阻力。

But when you -- we think that when you net it out against customer expansion, that we're going to be better in the long run.

但是，當你——我們認為，當你將其與客戶擴張相抵消時，從長遠來看，我們會做得更好。

Nick Altmann, Scotiabank.

尼克·阿爾特曼，豐業銀行。

Awesome.

驚人的。

Thank you.

謝謝。

I wanted to circle back to Tyler's questions around bookings.

我想回到泰勒關於預訂的問題。

Isabelle, you historically talked about how roughly third of your net new ACVs typically booked in the fourth quarter.

伊莎貝爾，您過去曾談到過，您的新 ACV 淨值中大約有三分之一通常是在第四季度預訂的。

And so I was just wondering if you could provide any update on whether that same linearity applies for this year.

所以我只是想知道您是否可以提供有關今年是否適用相同線性的任何更新。

Thanks.

謝謝。

Yeah, this -- we're basically in a similar type of zip code for this year.

是的，今年我們基本上採用了類似的郵遞區號。

And then keep in mind that from a linearity within the quarter is going to be about 50% of that is generally expected to be booked in the last month of the quarter.

然後請記住，從季度內的線性來看，通常預計大約有 50% 將在該季度的最後一個月預訂。

So I think that dynamic is largely still intact.

所以我認為這種動態基本上仍然完好無損。

Michael Berg, Wells Fargo.

麥可伯格，富國銀行。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

I want to get one for Isabelle here.

我想在這裡買一件給伊莎貝爾。

You talk about some strength on the Black Friday, Cyber Monday period and I was talking about the poster customers showing some strength or compressing the expansion relative to the zero interest rate customers.

您談到了黑色星期五、網路星期一期間的一些實力，而我談到了海報客戶相對於零利率客戶表現出了一定的實力或壓縮了擴張。

As we enter into the New Year where it looks like interest rates are coming back down and coming out of a period of a strong holiday shopping season.

當我們進入新年之際，利率似乎正在回落，並且正在經歷強勁的假期購物季。

How can we think about how and customers are thinking about their spending here?

我們如何思考顧客如何考慮他們在這裡的消費？

And is there a reason to believe the expansion rates could meaningfully accelerate as rates come down next year?

是否有理由相信，隨著明年利率的下降，擴張速度可能會大幅加速？

Thanks.

謝謝。

Yeah, so I don't -- I wouldn't necessarily draw a huge parallel there and look at kind of activity around Black Friday, Cyber Monday.

是的，所以我不會——我不一定會在那裡進行巨大的類比，看看黑色星期五和網路星期一周圍的活動。

Remember as it relates specifically to kind of retail e-commerce, that exposure for us is called about fifth of our business.

請記住，因為它特別與零售電子商務有關，所以對我們來說，這種曝光大約占我們業務的五分之一。

So we're, very exposed on a global basis.

所以我們在全球範圍內非常暴露。

First of all, a lot of companies that are not tied to that, that seasonality specifically, which is largely a US phenomenon and also in very different industries than retail and e-commerce.

首先，許多公司與季節性無關，特別是季節性，這在很大程度上是美國的現象，而且所處的行業與零售和電子商務截然不同。

So I wouldn't necessarily look for any material upside related directly to that.

因此，我不一定會尋找與此直接相關的任何實質好處。

And the interest rate environment.

還有利率環境。

These are modulations around the theme.

這些都是圍繞著主題的調整。

I think we're not seeing material enough moves there relative to kind of going back to a zerp environment.

我認為相對於回到 Zerp 環境，我們沒有看到足夠的實質舉措。

Very different.

非常不同。

Brian Schwartz, Oppenheimer.

布萊恩·施瓦茨，奧本海默。

Yeah.

是的。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

Bill, I wanted to just ask you about the impact you're seeing in terms of either sales cycles or deal sizes from all the AI data and orchestration product enhancements that you've announced this year.

比爾，我想問您今年宣布的所有人工智慧數據和編排產品增強功能對銷售週期或交易規模的影響。

I know you announced some of them earlier this year.

我知道你今年早些時候宣布了其中一些。

And then you had a lot of new product enhancements announced at Forge.

然後，Forge 宣布了許多新產品增強功能。

Are you seeing what is that doing the sales cycles?

您看到銷售週期的作用是什麼了嗎？

Is it -- are you driving more opportunities with them or is it making the deals bigger?

您是否為他們帶來了更多機會，或者是否使交易規模更大？

And then maybe just kind of the follow up the big question on Q4 because clearly that is the biggest bookings quarter for the company.

然後也許只是對第四季度的大問題進行跟進，因為顯然這是該公司最大的預訂季度。

Sounds like the macro hasn't changed much at this point.

聽起來宏目前還沒有太大變化。

But how are you thinking about that specifically in Q4 and in kind of anticipating that type of selling season?

但是，您如何具體考慮第四季度的情況以及對此類銷售季節的預期？

Thanks.

謝謝。

Yeah.

是的。

So I think the biggest impact of the Braze AI innovation so far has really been competitive differentiation and helping to stand out both in RFPs for new customers as well as be able to deliver on differentiated use cases for existing customers.

因此，我認為到目前為止，Braze AI 創新的最大影響實際上是競爭差異化，有助於在新客戶的 RFP 中脫穎而出，並能夠為現有客戶提供差異化的用例。

And so, that's been -- that's win-win-win, I think across the board.

所以，我認為從整體來說，這是三贏。

And actually, when we look across the startup landscape and our startup competitive landscape, we've spoken a lot about salesforce and Adobe so far on this call.

事實上，當我們縱觀新創公司的格局和新創公司的競爭格局時，到目前為止，我們在這次電話會議上已經談論了很多關於 salesforce 和 Adob​​e 的內容。

But I'd say just to give an update there, we continue to see a fragmented landscape on the startup side and it's against primarily regional competitors.

但我想說的是，只是為了提供最新情況，我們仍然看到新創公司方面的支離破碎的格局，而且它主要針對的是區域競爭對手。

But while there's been some noise on the margin, I think we've been really happy with our win rate and our takeaway trajectory against those competitors over the course of this year.

儘管存在一些噪音，但我認為我們對今年的勝率和與這些競爭對手的差距軌跡感到非常滿意。

And we feel really set up -- well set up for the medium and long term in particular, because of the investments that we've made in the Braze data platform into Braze AI and into canvas where we see these -- some of these startup competitors who have obviously kind of follow a copycat product strategy, just have not shown anywhere near the same ability to be able to mimic the features that we've been building into more advanced canvas capabilities and across all the different Braze AI functionality.

我們感覺真的已經準備好了——特別是在中長期來看，我們已經做好了準備，因為我們在Braze 數據平台、Braze AI 和畫布上進行了投資，我們在其中看到了這些——其中一些新創公司那些顯然遵循模仿產品策略的競爭對手，只是沒有表現出幾乎相同的能力來模仿我們一直在更先進的畫布功能和所有不同的 Braze AI 功能中構建的功能。

And so that's been, I think, great to see, I think that's been supportive of the improvement in competitive win rates that we've had against the startup environment throughout the year and we feel well positioned there.

因此，我認為，很高興看到這一點，我認為這支持了我們全年在初創環境中競爭獲勝率的提高，並且我們感覺自己處於有利位置。

I think that in terms of product, the deal sizes and such, it'd be hard to disentangle the effects of these against the broader backdrop of the demand environment, a lot of the other things that have changed in the way the deal cycles have been happening, year over year.

我認為，就產品、交易規模等而言，很難將這些影響與更廣泛的需求環境背景以及交易週期變化的其他因素分開。

And so I won't try to kind of pull that apart.

所以我不會試圖將其分開。

But, looking at Q4, I think that also, we started Q4 with a solid pipeline heading into it.

但是，看看第四季度，我認為我們在第四季度開始時就擁有了堅實的管道。

We've been executing as expected against that pipeline so far.

到目前為止，我們一直在按照預期執行該管道。

Our differentiation with Braze AI is a big part of that.

我們與 Braze AI 的差異化是其中一個重要的部分。

And I think we feel really good about our ability to execute competitively and continue to see this improvement in win rates that we've enjoyed throughout the year.

我認為我們對自己的競爭執行能力感到非常滿意，並且繼續看到我們全年所享受的勝率的提高。

Parker Lane, Stifel.

帕克巷，斯蒂菲爾。

Hi team.

大家好。

Thanks for taking the question here.

感謝您在這裡提出問題。

Bill maybe just to follow up on the last one.

比爾也許只是為了跟進上一個。

If we get into a better demand environment out there and budget starts to unlock a little bit.

如果我們進入一個更好的需求環境並且預算開始釋放一點。

What is the right balance of legacy vendor replacement versus more point solution consolidation or BC takeaways?

傳統供應商更換與更多單點解決方案整合或業務連續性外帶之間的正確平衡是什麼？

Yeah, it's a great question and I think a lot of it goes back to the posture, that businesses are in and what they're prioritizing.

是的，這是一個很好的問題，我認為這在很大程度上可以追溯到企業所處的狀況以及他們優先考慮的事情。

We've seen a lot of these point solution consolidation instances over the course of the last couple of years, even just being motivated by cost savings or being motivated by operational, total cost of owner savings, ownership savings or a smaller team trying to grapple with a hodgepodge of tools and realizing that consolidating, their own software usage into Braze is going to make their lives easier now that their teams have shrunk rates.

在過去的幾年裡，我們看到了許多這樣的單點解決方案整合實例，甚至只是出於成本節約的動機，或者是出於營運、業主總成本節省、所有權節省或試圖解決這個問題的較小團隊的動機。

So those are some of the major dynamics that you've seen in terms of team resources and prioritization over the course of the last, 12 to 24 months.

這些是您在過去 12 到 24 個月中看到的團隊資源和優先順序的一些主要動態。

And I think that, we've seen Braze able to execute within that.

我認為，我們已經看到 Braze 能夠在其中執行。

When you shift gears over to a more expansionary posture, that starts to create a lot more of the greenfield opportunities where we both have been able to go into enterprises that maybe had longstanding Salesforce or Adobe relationships and take down a new project that they're working on and we use that to get our foot in the door.

當你轉向更具擴張性的姿態時，就會開始創造更多的新機會，我們都能夠進入可能與 Salesforce 或 Adob​​e 有著長期合作關係的企業，並拿下他們正在開發的新專案。繼續努力，我們用它來踏出第一步。

That's obviously a motion that we utilize to first crack in the enterprise and also to build up all three of those eight figure customers that we've celebrated throughout this year.

這顯然是我們首先要在企業中取得突破並建立我們今年慶祝的所有三個八位數客戶的舉措。

And that has been a really robust motion for us over time, that hasn't been very potent over the course of the last 12 to 24 months because there just hasn't been an expansionary footing for many of these businesses.

隨著時間的推移，這對我們來說是一項非常強有力的舉措，但在過去12 到24 個月的時間裡，這項舉措的效力並不大，因為其中許多企業還沒有擴張的基礎。

And then similarly, making a kind of wholesale switch from one platform to another does have change costs associated with it.

同樣，從一個平台批量切換到另一個平台確實會產生與之相關的變更成本。

And, when businesses are not prioritizing value creation, and instead, very narrowly focused on cost reduction, paying a transition cost versus just delaying that transition a little bit, ends up being less desirable for them.

而且，當企業不優先考慮價值創造，而是非常狹隘地專注於降低成本時，支付過渡成本而不是只推遲一點過渡，最終對他們來說不太理想。

And so, that other side of it where I just being able to go in and do wholesale replacements, which we are very capable of doing.

因此，另一方面，我只能進去進行批發更換，我們非常有能力做到這一點。

And we have great examples of those each quarter.

每個季度我們都有很好的例子。

But we definitely think that a more expansionary environment where businesses are prioritizing value creation again over strictly looking at cost optimization is one that's going to be conducive to them incurring those switching costs.

但我們肯定認為，在一個更具擴張性的環境中，企業再次優先考慮價值創造，而不是嚴格考慮成本優化，這將有利於他們承擔這些轉換成本。

And us being able to convert more of the legacy marketing cloud install base into Braze customers.

我們能夠將更多傳統的行銷雲端安裝基礎轉化為 Braze 客戶。

[Austin Cole.]

[奧斯汀·科爾。

Okay.

好的。

Thank you.

謝謝。

Just wanted to follow up on the some of the net retention questions from earlier.

只是想跟進之前的一些淨保留問題。

Can you remind us -- maybe just asking this in a different way?

你能提醒我們嗎——也許只是用不同的方式問這個問題？

Can you remind us what are the fundamental reasons for the pressure on net dollar retention?

您能否提醒我們，美元淨留存壓力的根本原因是什麼？

And how much of that is pricing for the software?

其中有多少是軟體的定價？

Gartner has some research out that shows marketing budgets as a percentage of total revenue expected to be less than 8% this year from 9% last year.

Gartner 的一些研究顯示，行銷預算佔總收入的百分比預計將從去年的 9% 降至 8% 以下。

Is that kind of simple data point?

這是一種簡單的數據點嗎？

Accurate way to think about it.

正確的思考方式。

Thank you.

謝謝。

Yes.

是的。

As we think about the dynamics that drive any sort of pressure on the dollar basement retention.

當我們思考對美元基礎保留造成任何壓力的動態。

So on the upsell and we've talked about this a little bit in the past, buyers whether they're new buyers or existing buyers that are upselling are buying a lot closer to their known needs.

因此，關於追加銷售，我們過去已經討論過這一點，買家無論是新買家還是正在追加銷售的現有買家，都會購買更接近他們已知需求的產品。

And so they're -- they recognize that they can come back to the well, whether it's 6 months, 8 months, 12 months later and buy more volumes, more entitlements if they need them.

因此，他們認識到，無論是 6 個月、8 個月還是 12 個月後，他們都可以回到油井，購買更多數量、更多權利（如果需要）。

But in the moment, their levels of commit, so this is inclusive of upsell commits, are going to be a little closer to the pin for them.

但目前，他們的承諾程度（包括追加銷售承諾）將更接近他們的目標。

And so that means that the size of the upsells maybe aren't in the same zip code as they used to be in this zero interest rate environment where people were really buying for levels of future growth.

因此，這意味著追加銷售的規模可能與過去在零利率環境下的情況不同，在這種環境下，人們真正為了未來的成長水準而購買。

So on the upside, it's that you have that challenge that's kind of working against you.

所以從好的方面來說，你面臨的挑戰對你來說是不利的。

And then there's the element of turn where there are still some customers who are going through some element of right sizing their contracts.

然後還有一個轉變的因素，仍然有一些客戶正在經歷一些適當調整合約規模的因素。

So contracts can't be down traded in size or value prior to a renewal date.

因此，在續約日期之前，合約的規模或價值不能降低。

But as they come up for renewal and they're recognizing that maybe they didn't quite grow into a level of entitlements that they had purchased.

但當他們提出續訂時，他們意識到也許他們並沒有完全達到他們購買的權利水準。

And they're doing that right sizing.

他們正在做正確的尺寸調整。

And so you've got those two dynamics kind of that are working simultaneously that are driving some of the pressures that we see on dollar based net retention.

因此，這兩種動力同時發揮作用，推動了我們在以美元為基礎的淨保留率方面看到的一些壓力。

Thank you.

謝謝。

That was our last question and there are no more questions in the queue.

這是我們的最後一個問題，隊列中沒有更多問題了。

I will now pass it back to Bill for closing remarks.

我現在將其傳回比爾以供結束語。

Yes.

是的。

Thank you operator and thanks everybody for joining the call today.

謝謝接線員，也謝謝大家今天加入通話。

We appreciate your continued interest and support and we're looking forward to seeing you at a conference or on the road soon.

感謝您持續的關注和支持，我們期待很快在會議或路上見到您。