Braze Inc (BRZE) 2025 Q4 法說會逐字稿

Welcome to the Braze Fiscal fourth quarter 2025 earnings conference call. My name is Leila, and I'll be your operator for today's call. (Operator Instructions) I'll now turn the call over to Christopher Ferris, Head of Braze Investor Relations.

歡迎參加 Braze 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 results for the fiscal fourth quarter 2025. 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 our 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 set of 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 2025 財年第四季的業績。與我一起參加的還有我們的共同創辦人兼執行長；比爾·馬格努森以及我們的財務長伊莎貝爾·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一系列介紹。

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. These statements include, but are not limited to, statements regarding our financial outlook for the first quarter and fiscal year ended January 31, 2026, the anticipated closing of benefits from and product advancements due to our anticipated acquisition of OfferFit, our expectations concerning new customer verticals, our anticipated customer behaviors, including vendor consolidation and replacement trends and their impact on Braze; our potential market opportunity and our ability to effectively execute on such opportunity and our long-term financial targets and goals.

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。這些聲明包括但不限於有關我們截至 2026 年 1 月 31 日第一季和財政年度的財務前景的聲明、由於我們預期收購 OfferFit 而預計的收益結束和產品進步、我們對新客戶垂直領域的預期、我們預期的客戶行為，包括供應商整合和替換趨勢及其對 Braze 的影響；我們的潛在市場機會以及我們的潛在財務能力以及我們的財務目標能力。

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 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 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用來評估我們持續營運的某些非 GAAP 財務指標，並幫助投資者進一步了解公司 2025 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 strong fourth quarter results, generating $160.4 million of revenue, up 22% year-over-year and 5% from the prior quarter, again demonstrating the high ROI and long-term value of the Braze Customer Engagement Platform, along with the strong execution of our teams around the world.

謝謝你，克里斯，大家下午好。我們取得了強勁的第四季度業績，創造了 1.604 億美元的收入，同比增長 22%，環比增長 5%，再次證明了 Braze 客戶參與平台的高投資回報率和長期價值，以及我們全球團隊的強大執行力。

We drove continued efficiency across our business, recognizing nearly $8 million of non-GAAP operating income in the quarter and achieving a non-GAAP operating margin of 5.0%, up from negative 5.7% in the fourth quarter of last year. We also achieved our third straight quarter of non-GAAP net income profitability, generating over $12 million of net income and over $15 million of free cash flow.

我們持續提高整個業務的效率，本季實現近 800 萬美元的非 GAAP 營業收入，非 GAAP 營業利潤率達到 5.0%，高於去年第四季的負 5.7%。我們也連續第三個季度實現非公認會計準則淨收入獲利，產生超過 1,200 萬美元的淨收入和超過 1,500 萬美元的自由現金流。

Our financial results for the full year demonstrated impressive operating leverage, including $18 million of non-GAAP net income, nearly $20 million of free cash flow and an 850-basis point improvement in non-GAAP operating income margin, which combines with last year's efficiency efforts to represent a nearly 20 percentage point improvement over the last two fiscal years.

我們全年的財務表現顯示出令人印象深刻的經營槓桿，包括1800萬美元的非公認會計準則淨收入、近2000萬美元的自由現金流以及非公認會計準則營業收入利潤率提高850個基點，再加上去年的效率努力，代表著過去兩個財年提高了近20個百分點。

As previously discussed, we expect to generate positive quarterly non-GAAP operating income and free cash flow going forward. We are proud of these financial achievements as we continue on our journey to become the leading customer engagement platform globally, and we look forward to sustaining profitable growth in the coming quarters and years while also thoughtfully reinvesting to grow our business.

如前所述，我們預計未來季度非公認會計準則營業收入和自由現金流將為正值。我們為這些財務成就感到自豪，因為我們將繼續努力成為全球領先的客戶互動平台，我們期待在未來幾個季度和幾年保持盈利增長，同時也深思熟慮地進行再投資以發展我們的業務。

We previously highlighted the legacy vendor replacement cycle and point solution consolidation trends, and we continue to capitalize on those in the fourth quarter, securing a diverse set of new business wins where Braze is replacing legacy marketing clouds, including a US fintech, a large US retailer, an energy company in EMEA and a ticket broker in APAC, just to name a few.

我們先前強調了傳統供應商更換週期和點解決方案整合趨勢，我們將在第四季度繼續利用這些趨勢，確保獲得一系列多樣化的新業務勝利，其中Braze正在取代傳統營銷雲，其中包括美國金融科技公司、美國大型零售商、歐洲、中東和非洲地區的一家能源公司以及亞太地區的一家票務經紀商，僅舉幾例。

We also continue to win against both channel-specific point solutions and homegrown tools across a diverse set of industries, geographies and use cases. Some notable takeaways in the quarter included a leading US consumer rating service, a US gaming business, a Saudi Arabian delivery application, a careers website in EMEA and a telecommunications company in APAC, among others.

我們也繼續在不同的產業、地區和用例中戰勝特定管道的點解決方案和自主開發的工具。本季一些值得注意的收穫包括美國領先的消費者評級服務、美國遊戲業務、沙烏地阿拉伯交付應用程式、歐洲、中東和非洲地區的職業網站以及亞太地區的電信公司等。

We are confident that both the legacy replacement cycle and vendor consolidation trends, which have been a tailwind for some time, will create more opportunities for Braze to gain market share as brands increasingly strive to upgrade their customer engagement strategies and leverage new AI-driven advancements to achieve productivity gains and build strong relationships with their customers.

我們相信，隨著品牌越來越多地努力升級其客戶參與策略並利用新的人工智慧驅動的進步來實現生產力的提高並與客戶建立牢固的關係，傳統設備更換週期和供應商整合趨勢（一段時間以來一直是順風）將為 Braze 創造更多機會來獲得市場份額。

Q4 also included our highest net new customer result of FY25, rising by 85 to 2,296, up 252 year-over-year. New business wins and upsells included America's Test Kitchen, Dis-Chem, Dunkin' UAE, Kueski, Legal & General, Muvi Cinemas, QDOBA Mexican Eats, Springer Nature and tonies, along with many others.

第四季也創下了我們 25 財年的最高淨新客戶數，增加 85 家，達到 2,296 家，較去年同期增加 252 家。贏得的新業務和追加銷售包括 America's Test Kitchen、Dis-Chem、Dunkin' UAE、Kueski、Legal & General、Muvi Cinemas、QDOBA Mexican Eats、Springer Nature 和 tonies 等。

The quarter also illustrated the diversification of our customer base as we secured new business across a wide range of industries and geographies, including US-based specialty retailers and restaurants, a consumer software firm in APAC, automobile companies in the US and Europe, a security business in EMEA and a digital media company in APAC, just to name a few.

本季度也體現了我們客戶群的多樣化，因為我們在廣泛的行業和地區獲得了新業務，其中包括美國的專業零售商和餐廳、亞太地區的消費軟體公司、美國和歐洲的汽車公司、歐洲、中東和非洲地區的安全企業以及亞太地區的數位媒體公司，僅舉幾例。

Our large customer additions were also strong, with our $500,000-plus ARR customers increasing to 247, up 22% year-over-year, demonstrating the desire of enterprises to leverage first-party data and advance artificial intelligence to drive sophisticated cross-channel customer engagement at scale.

我們的大客戶新增量也十分強勁，其中 ARR 超過 50 萬美元的客戶增加到 247 位，同比增長 22%，這表明企業希望利用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。

Our continued diversification across verticals is driven by a trend that we've been discussing for years, the increasing importance of first-party data as businesses of all kinds strive to better understand their customers and unlock the ability to efficiently communicate with them through digital product experiences and first-party messaging channels.

我們在垂直領域的持續多元化是由我們多年來一直在討論的一個趨勢所驅動，即隨著各類企業都努力更好地了解客戶，並透過數位產品體驗和第一方訊息管道釋放與客戶有效溝通的能力，第一方數據的重要性日益增加。

We believe that the super cycle of investment across verticals continues to increase Braze's long-term opportunity as modern businesses prioritize first-party data collection and customer engagement, thereby building new company assets in the form of actionable first-party relationships with their customers.

我們相信，隨著現代企業優先考慮第一方數據收集和客戶參與，跨垂直行業的投資超級週期將繼續增加 Braze 的長期機會，從而以與客戶建立可操作的第一方關係的形式構建新的公司資產。

Looking ahead, we expect these same businesses to capitalize on the growing strength and attachment of those customer relationships to diversify their own business offerings, forging more durable bonds with their customers and finding opportunities for incremental profit along the way.

展望未來，我們預計這些企業將利用日益增強的客戶關係和依戀來實現自身業務的多樣化，與客戶建立更持久的聯繫，並在此過程中尋找增量利潤的機會。

While we're very excited about the diversity of the opportunity ahead of us, we're also now starting to systematically lean into our largest verticals to ensure that Braze's flexibility and power can be easily wielded for common use cases in each major industry.

雖然我們對未來的機會多樣性感到非常興奮，但我們現在也開始系統地傾向於我們最大的垂直行業，以確保 Braze 的靈活性和強大功能可以輕鬆應用於每個主要行業的常見用例。

The first such vertical to see this focused R&D treatment is also our largest, retail and consumer goods, which accounts for roughly one-fifth of Braze's business. To further strengthen our leadership in this vertical, we recently announced enhanced e-commerce features and an upgraded Shopify integration.

第一個採用這種重點研發措施的垂直產業也是我們最大的產業，即零售和消費品，約佔 Braze 業務的五分之一。為了進一步加強我們在這一垂直領域的領導地位，我們最近宣布了增強的電子商務功能和升級的 Shopify 整合。

These updates include prebuilt e-commerce templates, predefined event tracking for abandoned carts, customizable landing pages and expanded WhatsApp commerce capabilities such as product catalogs and in-thread shopping experiences.

這些更新包括預先建立的電子商務模板、廢棄購物車的預定義事件追蹤、可自訂的登陸頁面以及擴展的 WhatsApp 商務功能，例如產品目錄和線程內購物體驗。

By simplifying implementation and accelerating time to value, these enhancements empower e-commerce marketers to drive higher engagement and conversions. Moreover, the Shopify integration enables seamless bidirectional data flow, allowing enterprise brands like e.l.f. Beauty, Hugo Boss, Gymshark, Gap and Overstock to create more personalized customer journeys and improved conversion rates and lifetime value.

透過簡化實施和加快價值實現時間，這些增強功能使電子商務行銷人員能夠推動更高的參與度和轉換率。此外，Shopify 整合可實現無縫雙向資料流，讓 e.l.f. 等企業品牌能夠實現這一目標。 Beauty、Hugo Boss、Gymshark、Gap 和 Overstock 創造更個人化的客戶旅程並提高轉換率和終身價值。

This strategic partnership with Shopify also fosters deeper collaboration between both companies' go-to-market teams, unlocking mutual value in the enterprise segment in particular. As Shopify continues expanding upmarket, it can leverage Braze's expertise in enterprise engagement to accelerate digital transformation for legacy commerce and marketing systems.

與 Shopify 的此次策略合作夥伴關係也促進了兩家公司行銷團隊之間的更深入合作，尤其是在企業領域釋放了共同價值。隨著 Shopify 繼續向高端市場擴張，它可以利用 Braze 在企業參與方面的專業知識來加速傳統商業和行銷系統的數位轉型。

As we look ahead, we continue to believe that there's never been a better time to be a better marketer. The increasing agility of data, the growth of channels, the explosion of AI and the rising sophistication of marketers means brands have a unique opportunity to connect with their customers like never before, building long-lasting relationships with their customers.

展望未來，我們依然堅信，現在是成為更優秀行銷人員的最佳時機。數據的日益敏捷、管道的成長、人工智慧的爆炸性成長以及行銷人員的日益成熟，意味著品牌擁有前所未有的獨特機會與客戶建立聯繫，並與客戶建立長期的關係。

And it's not just about the tired trope of finding the right message for the right channel at the right time, it's about understanding customers in greater depth, engaging with them more completely and strengthening customer relationships through the delivery of harmoniously connected messages and product experiences.

這不僅是指在正確的時間透過正確的管道傳遞正確的訊息，還意味著更深入地了解客戶，更全面地與客戶互動，並透過傳遞和諧的訊息和產品體驗來加強客戶關係。

Agentic AI in particular, is crucial for optimizing relevance and achieving higher levels of personalization at scale, as decisioning agents autonomously experiment, learn and deliver highly relevant personalized experiences. At Forge, our annual customer conference last September, we shared our vision for Project Catalyst, a proprietary agent designed to help brands personalize and optimize experiences with highly relevant journeys, content and incentives. And we're on track for the first private beta release of Project Catalyst in late Q1.

特別是代理人工智慧對於優化相關性和實現更高程度的個人化至關重要，因為決策代理可以自主實驗、學習並提供高度相關的個人化體驗。在去年 9 月舉行的年度客戶會議 Forge 上，我們分享了 Project Catalyst 的願景，這是一個專有代理，旨在幫助品牌透過高度相關的旅程、內容和激勵措施來個性化和優化體驗。我們將在第一季末發布 Project Catalyst 的第一個私人測試版。

Building on this vision, we are excited to announce that Braze has entered into a definitive agreement to acquire OfferFit, a leading AI decisioning company that leverages proprietary reinforcement learning technology to enable brands to deliver highly relevant, personalized customer engagement at scale in a cash-and-stock deal valued at $325 million.

基於這個願景，我們很高興地宣布，Braze 已達成最終協議，以 3.25 億美元的現金和股票交易收購 OfferFit，這是一家領先的 AI 決策公司，利用專有的強化學習技術使品牌能夠大規模提供高度相關、個性化的客戶參與。

For nearly five years, OfferFit has been perfecting a multi-agent solution that autonomously explore solution spaces across the many dimensions of life cycle marketing campaigns, producing individualized recommendations for cross-channel delivery and content strategies in partnership with customer engagement platforms and marketing cloud services like Braze, Salesforce Marketing Cloud and Klaviyo.

近五年來，OfferFit 致力於完善多代理解決方案，可自主探索生命週期行銷活動多個維度的解決方案空間，並與客戶參與平台和行銷雲端服務（如 Braze、Salesforce Marketing Cloud 和 Klaviyo）合作，為跨通路交付和內容策略提供個人化建議。

The technology approach is based on ensembles of contextual bandits and is highly flexible, replacing the manual work of A/B testing with reinforcement learning agents that autonomously experiment and learn optimal actions. OfferFit's sophisticated AI decisioning can be deployed in a wide array of experimentation and optimization use cases. And their approach has been highly successful, enabling the company to land and expand with large enterprises across numerous industry verticals over a short period of time.

此技術方法基於情境賭博機的集合，具有高度靈活性，以自主實驗和學習最佳行動的強化學習代理取代了 A/B 測試的手動工作。OfferFit 的複雜 AI 決策可部署在廣泛的實驗和最佳化用例中。他們的方法非常成功，使得公司能夠在短時間內與眾多垂直行業的大型企業合作並擴張。

OfferFit's customer base, vertical focus and user sophistication complements Braze's enterprise motion in particular. Like Braze, an ideal large OfferFit customer is a high-scale B2C brand investing in sophisticated marketing technology. Their average starting contract is typically in excess of $250,000 per year with top industry verticals, including financial services, retail, restaurants, media and streaming, energy, telco and travel.

OfferFit 的客戶群、垂直重點和用戶成熟度與 Braze 的企業動態形成了鮮明的補充。與 Braze 一樣，OfferFit 的理想大客戶是投資於複雜行銷技術的高端 B2C 品牌。他們的平均起始合約金額通常超過每年 25 萬美元，涉及的頂級垂直行業包括金融服務、零售、餐飲、媒體和串流媒體、能源、電信和旅遊。

In fact, as OfferFit's most prominent partner, nearly one-third of current OfferFit customers use Braze as their primary customer engagement platform. And with their go-to-market motion is still focused in the United States, they've shown an ability to sell globally that we expect will be amplified by Braze's robust existing presence across EMEA, LATAM and APAC.

事實上，作為 OfferFit 最突出的合作夥伴，近三分之一的現有 OfferFit 客戶使用 Braze 作為其主要客戶參與平台。儘管他們的行銷活動仍然集中在美國，但他們已經展示了全球銷售的能力，我們預計，Braze 在歐洲、中東和非洲 (EMEA)、拉丁美洲 (LATAM) 和亞太地區 (APAC) 強大的現有影響力將進一步增強他們的全球銷售能力。

In the near term, we believe OfferFit solution will help us grow deal sizes through their unique reinforcement learning products and services and also help us differentiate versus competitors by providing a wide spectrum of AI-driven optimization capabilities at various price points and service levels.

短期內，我們相信 OfferFit 解決方案將透過其獨特的強化學習產品和服務幫助我們擴大交易規模，並透過在不同價格點和服務水平上提供廣泛的人工智慧驅動的優化功能幫助我們在與競爭對手的競爭中脫穎而出。

Over the medium term, much as we've done with other core aspects of BrazeAI, we will infuse offer fits agents and machine learning models throughout the Braze platform, allowing us to jointly solve new use cases and enhance existing features to help brands deliver more relevant customer engagement.

從中期來看，就像我們對 BrazeAI 的其他核心方面所做的那樣，我們將在整個 Braze 平台中註入適合代理和機器學習模型，使我們能夠共同解決新的用例並增強現有功能，以幫助品牌提供更相關的客戶參與度。

Finally, we believe their engine and expertise will enable Braze to more quickly advance multiple BrazeAI priorities, further positioning Braze as a leader in AI and customer engagement to capitalize on a market opportunity globally.

最後，我們相信他們的引擎和專業知識將使 Braze 能夠更快地推進多個 BrazeAI 優先事項，進一步定位 Braze 作為人工智慧和客戶參與領域的領導者，以利用全球市場機會。

We're incredibly excited to have OfferFit's team and technology joining Braze, combining our collective years of research and development into machine learning and artificial intelligence to advance our product ecosystem and drive brilliant experiences for our customers and their consumers. I'll conclude my remarks by reiterating our excitement in the future of Braze and the confidence in our long-term growth story. Thank you for your interest and support in Braze.

我們非常高興 OfferFit 的團隊和技術加入 Braze，將我們多年來在機器學習和人工智慧方面的研發成果結合起來，推進我們的產品生態系統，為我們的客戶及其消費者帶來出色的體驗。最後，我想重申我們對 Braze 未來的興奮以及對我們長期成長故事的信心。感謝您對Braze的關注與支持。

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 22% year-over-year to $160.4 million, driven by a combination of existing customer contract extensions, renewals and new business.

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 22% 至 1.604 億美元，這得益於現有客戶合約延長、續簽和新業務的共同推動。

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 onetime configuration and onboarding fees.

訂閱收入仍然是我們總營收的主要組成部分，占我們第四季度收入的 96%，其餘 4% 則來自經常性專業服務費用和一次性配置及入職費用的組合。

Total customer count increased 12% year-over-year to 2,296 customers as of January 31, up 252 from the same period last year and up 85 from the prior quarter. Our total number of large customers, which we define as those spending at least $500,000 annually; grew 22% year-over-year to 247 and as of January 31 contributed 62% to our total ARR. This compares to a 60% contribution as of the same quarter last year.

截至 1 月 31 日，總客戶數量年增 12% 至 2,296 名客戶，比去年同期增加 252 名，比上一季增加 85 名。我們的大客戶總數，我們將其定義為每年至少消費 50 萬美元的客戶；年成長 22%，達到 247 家，截至 1 月 31 日，對我們總 ARR 的貢獻率為 62%。相比之下，去年同期的貢獻率為 60%。

Measured across all customers, dollar-based net retention was 111%, while dollar-based net retention for our large customers was 114%. Expansion was again broadly distributed across industries and geographic regions. Revenue outside the US contributed 45% to our total revenue in the fourth quarter, consistent with the prior quarter of this year and up 100 basis points from 44% in the prior year quarter. In the fourth quarter, our total remaining performance obligation was $793 million, up 24% year-over-year and up 11% sequentially.

從所有客戶來看，基於美元的淨留存率為 111%，而我們大客戶的基於美元的淨留存率為 114%。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占我們總營收的 45%，與今年上季持平，較去年同期的 44% 上升了 100 個基點。第四季度，我們剩餘履約義務總額為 7.93 億美元，較去年同期成長 24%，較上季成長 11%。

Current RPO was $505 million, up 23% year-over-year and up 10% sequentially. The year-over-year increases were driven by contract renewals and upsells and the signing of new customer contracts. Overall, our dollar-weighted contract length remains at just over two years.

目前RPO為5.05億美元，年增23%，季增10%。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。整體而言，我們的美元加權合約期限仍為兩年多一點。

Non-GAAP gross profit in the quarter was $112 million, representing a non-GAAP gross margin of 69.9%. This compares to a non-GAAP gross profit of $89 million and non-GAAP gross margin of 67.9% in the fourth quarter of last year. The increase in year-over-year margin was driven by continued cost optimization of our technology stack with additional benefits from personnel efficiencies, partially offset by higher premium messaging volumes.

本季非公認會計準則毛利為 1.12 億美元，非公認會計準則毛利率為 69.9%。相較之下，去年第四季的非公認會計準則毛利為 8,900 萬美元，非公認會計準則毛利率為 67.9%。利潤率較去年同期增加的主要動力是我們技術堆疊成本的持續優化，以及人員效率的提高帶來的額外好處，但優質訊息傳遞量的增加部分抵消了這一影響。

Non-GAAP sales and marketing expenses were $60 million or 37% of revenue compared to $55 million or 42% of revenue in the prior-year quarter. While the dollar increase reflects our year-over-year investments in headcount costs to support our ongoing growth and global expansion, 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 6,000 萬美元，佔收入的 37%，而去年同期為 5,500 萬美元，佔收入的 42%。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 $23 million or 14% of revenue compared to $21 million or 16% of revenue in the prior-year quarter. The dollar increase was primarily driven by increased headcount costs to support the expansion of our existing offerings as well as to develop new products and features to drive growth. Our R&D expenditures reflect our intentional yet disciplined technology investment strategy and are in line with our long-term non-GAAP R&D percent of revenue target of 13% to 15%.

非公認會計準則研發費用為 2,300 萬美元，佔營收的 14%，去年同期為 2,100 萬美元，佔營收的 16%。美元成長的主要原因是增加員工成本以支持我們現有產品的擴張以及開發新產品和功能以推動成長。我們的研發支出反映了我們有意且嚴謹的技術投資策略，並符合我們長期非 GAAP 研發佔營收百分比 13% 至 15% 的目標。

Non-GAAP G&A expense was $21 million or 13% of revenue compared to $20 million or 15% of revenue in the prior-year quarter. The dollar increase was driven by investments to support overall company growth and global expansion. Non-GAAP operating income was $8 million or 5% of revenue compared to a non-GAAP operating loss of $7 million or negative 6% of revenue in the prior year quarter. Non-GAAP net income attributable to Braze shareholders in the quarter was $12 million or $0.12 per share compared to a loss of $3 million or a loss of $0.04 per share in the prior-year quarter.

非公認會計準則下的一般及行政開支為 2,100 萬美元，佔收入的 13%，而去年同期為 2,000 萬美元，佔收入的 15%。美元上漲的動力來自於支持公司整體成長和全球擴張的投資。非公認會計準則營業收入為 800 萬美元，佔收入的 5%，而去年同期非公認會計準則營業虧損為 700 萬美元，佔收入的-6%。本季歸屬於 Braze 股東的非 GAAP 淨利潤為 1,200 萬美元，即每股虧損 0.12 美元，而去年同期虧損 300 萬美元，即每股虧損 0.04 美元。

Now turning to the balance sheet and cash flow statement. We ended the quarter with approximately $514 million in cash, cash equivalents, restricted cash and marketable securities. Cash provided by operations during the quarter was $17 million compared to cash provided by operations of $4 million in the prior-year quarter.

現在轉向資產負債表和現金流量表。截至本季末，我們擁有約 5.14 億美元的現金、現金等價物、受限現金和有價證券。本季經營活動提供的現金為 1,700 萬美元，而去年同期經營活動提供的現金為 400 萬美元。

Including the cash impact of capitalized costs, free cash flow in the quarter was $15 million compared to a negative free cash flow of $4 million in the prior year quarter. 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.

包括資本化成本的現金影響，本季的自由現金流為 1,500 萬美元，而去年同期的自由現金流為負 400 萬美元。正如我們過去所指出的，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繼續逐季度波動。

Now turning to guidance. Please note that our formal guidance excludes the impact of the planned OfferFit acquisition, which we expect to close in the second quarter. The transaction is expected to add approximately 2 percentage points to year-over-year revenue growth and be modestly dilutive to non-GAAP operating income margins in the fiscal year. We plan to update our guidance to account for the transaction after it closes.

現在轉向指導。請注意，我們的正式指引不包括計劃中的 OfferFit 收購的影響，我們預計該收購將在第二季完成。預計此交易將使公司本財年的營收年增約2個百分點，並略微攤薄非公認會計準則下的營業收入利潤率。我們計劃在交易結束後更新我們的指導方針以對其進行核算。

For the first quarter of fiscal 2026, we expect revenue to be in the range of $158 million to $159 million, which represents a year-over-year growth rate of approximately 17% at the midpoint. As a reminder, our first quarter contains three fewer days compared to the other three quarters of the year, which each contain 92 days.

對於 2026 財年第一季，我們預計營收在 1.58 億美元至 1.59 億美元之間，中間值年成長率約為 17%。提醒一下，一年中的第一季比另外三個季度少三天，其他三個季度都是 92 天。

First quarter non-GAAP operating income is expected to be in the range of $0 to $1 million. First quarter non-GAAP net income is expected to be $4.5 million to $5.5 million and first quarter non-GAAP net income per share in the range of $0.04 to $0.05 per share based on approximately 108 million weighted average diluted shares outstanding during the period. For the full fiscal year 2026, we expect total revenue to be in the range of $686 million to $691 million, which represents a year-over-year growth rate of approximately 16% at the midpoint.

第一季非公認會計準則營業收入預計在 0 至 100 萬美元之間。第一季非 GAAP 淨收入預計為 450 萬美元至 550 萬美元，基於期內約 1.08 億股加權平均攤薄流通股，第一季非 GAAP 淨收入預計在 0.04 美元至 0.05 美元之間。對於整個 2026 財年，我們預計總營收將在 6.86 億美元至 6.91 億美元之間，中間值年成長率約為 16%。

Fiscal year 2026 non-GAAP operating income is expected to be in the range of $25.5 million to $29.5 million. At the midpoint, this implies a non-GAAP operating income margin of 4 percentage points, roughly a 400 basis point improvement versus fiscal year 2025, in line with the annual margin expansion framework we outlined at our Investor Day last September.

2026 財年非 GAAP 營業收入預計在 2,550 萬美元至 2,950 萬美元之間。中間值意味著非 GAAP 營業收入利潤率為 4 個百分點，與 2025 財年相比提高約 400 個基點，符合我們去年 9 月投資者日概述的年度利潤率擴張框架。

While we expect to remain operating income positive for the year, inclusive of the proposed acquisition of OfferFit, the dilutive impact in fiscal year 2026 is likely to result in a temporary departure from the framework, with a return to a more meaningful year-over-year operating income expansion next year.

雖然我們預計今年的營業收入將保持正成長（包括擬議收購 OfferFit），但 2026 財年的稀釋影響可能會導致暫時偏離該框架，明年的營業收入將恢復更有意義的同比擴張。

Non-GAAP net income for fiscal year 2026 is expected to be in the range of $34 million to $38 million, and net income per share is expected to be $0.31 to $0.35 per share based on a full year weighted average diluted share count of approximately 110 million shares.

預計 2026 財年非 GAAP 淨收入在 3,400 萬美元至 3,800 萬美元之間，基於全年加權平均攤薄股數約 1.1 億股，每股淨收入預計為 0.31 美元至 0.35 美元。

I'll close by reiterating our excitement about Braze's future. We remain committed to becoming the global leader in customer engagement solutions and driving product innovation while executing against our long-term financial goals.

最後，我想重申我們對 Braze 未來的興奮之情。我們始終致力於成為客戶互動解決方案的全球領導者，推動產品創新，同時實現我們的長期財務目標。

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）

Ryan MacWilliams, Barclays.

巴克萊銀行的瑞安‧麥克威廉斯 (Ryan MacWilliams)。

Hey. Congrats on the quarter and congrats to Myles on a great run. Bill, glad to see the Braze technical brand refresh earlier this week, along with today's announcement of the OfferFit acquisition. I'd love to hear more about what OfferFit could add to your platform. And how do you envision AI agents improving marketing campaign for your customers in the near future? I have a follow-up. Thanks.

嘿。恭喜本季取得的成績，也恭喜邁爾斯取得的優異成績。比爾，很高興看到本週稍早 Braze 技術品牌的更新，以及今天宣布的 OfferFit 收購。我很想了解 OfferFit 可以為您的平台添加哪些功能。您如何設想在不久的將來人工智慧代理能夠改善您的客戶的行銷活動？我有一個後續問題。謝謝。

Yeah, of course. So I think I'll just start at the top and break down the two major components that I think are necessary to understand the synergies behind this deal and the logic behind it and why we're so excited about it. So first, when you look at OfferFit's existing full product offering, which they've been scaling and improving upon for the last 4.5 years, it excels specifically at generating maximum uplift in scenarios where even small differences in performance can translate into massive ROI for their customers.

是的，當然。因此，我想我將從最頂部開始，分解我認為必要的兩個主要組成部分，以理解這筆交易背後的協同作用和背後的邏輯，以及我們為什麼對此如此興奮。首先，當您查看 OfferFit 現有的全套產品時，他們在過去 4.5 年中一直在擴展和改進該產品，它特別擅長在即使性能上微小的差異也可以為客戶帶來巨大投資回報的情況下產生最大的提升。

Now like Palantir, the openness and the configurability of the OfferFit system does lead to a requirement for expert assistance from their forward-deployed machine learning implementation engineers. And that is heavier upfront, of course, through initial implementation.

現在，與 Palantir 一樣，OfferFit 系統的開放性和可配置性確實需要其前沿部署的機器學習實施工程師提供專家協助。當然，在初始實施過程中，前期工作會更加繁重。

And then as the agents need monitoring or maintenance over time, as the customer base changes or as performance starts to drift, et cetera; those expert teams are there to ensure that, that maximum performance continues to be delivered. And it achieves that uplift to a degree that was previously only possible with massive proprietary in-house data science investments or into machine learning teams or other bespoke services engagements that come at much higher price tags.

然後，隨著代理商隨著時間的推移需要監控或維護，隨著客戶群的變化或隨著效能開始漂移等等；這些專家團隊的角色是確保繼續提供最佳效能。它實現了一定程度的提升，而以前只有透過大量專有內部數據科學投資、機器學習團隊或其他客製化服務參與（價格高得多）才有可能實現。

And so we're really excited about what that means for the high end of the market, looking at our enterprise and our global strategic accounts categories in particular as well as other high-scale B2C companies as they're scaling.

因此，我們真的很高興這對高端市場意味著什麼，特別關注我們的企業和全球策略客戶類別，以及其他正在擴大規模的高規模 B2C 公司。

We also, though, believe that even as Frontier AI technology continues to advance that there's always going to be use cases where achieving that maximum performance is worth that meaningful incremental investment. And they've built a capability to provide that to the top end of the market in a highly scalable fashion with an attractive gross margin.

不過，我們也相信，即使前沿人工智慧技術不斷進步，也總是會存在一些用例，為實現最佳效能，值得進行有意義的增量投資。他們已經具備了以高度可擴展的方式向高端市場提供產品的能力，並且實現了頗具吸引力的毛利率。

But we also believe that the underlying technology, the OfferFit engine can be tuned and constrained to particular use cases to remove that need for the expert services attachment while still achieving meaningful performance uplift across a wide array of life cycle marketing goals.

但我們也相信，底層技術 OfferFit 引擎可以進行調整併限製到特定用例，以消除對專家服務附件的需求，同時仍能在廣泛的生命週期營銷目標中實現有意義的性能提升。

And so we're really excited in addition to continuing to build and scale the existing OfferFit full product to work alongside their expert R&D teams to find new places to deploy their engine that's going to be able to solve new use cases for customers as well as enhance existing aspects of both BrazeAI in the testing and personalization space and to extend the future capabilities of Project Catalyst.

因此，我們除了繼續建立和擴展現有的 OfferFit 完整產品之外，還非常高興與他們的專家研發團隊合作，找到新的地方部署他們的引擎，這將能夠為客戶解決新的用例，並增強 BrazeAI 在測試和個性化領域的現有方面，並擴展 Project Catalyst 的未來功能。

Excellent. And then for Isabelle, really tough time for CFOs at this point due to the shifting macro. Any adjustments to your normal guidance philosophy, given the macro? And any color on what in quarter net retention look like for the fourth quarter? Thanks.

出色的。對伊莎貝爾來說，由於宏觀經濟情勢的變化，目前對財務長來說確實是一個艱難的時期。考慮到宏觀因素，您對正常的指導理念有何調整？您能透露一下第四季的淨保留率情況嗎？謝謝。

Yeah. Thanks. So I would say, look, we've been living in this macro disruption and evolving environment for the last several years. So we're -- we've sort of become used to the change is a bit of the new normal. I would say that when we went into last year's guide, I talked about being a little closer to the pin.

是的。謝謝。所以我想說，看，過去幾年我們一直生活在這個宏觀混亂和不斷變化的環境中。所以我們——我們已經習慣了這種變化，這是一種新常態。我想說，當我們進入去年的指南時，我談到了更接近目標。

I think that philosophy will be maintained in this context. So look for that to continue as a mantra that we espouse. And then on the in-quarter DBNR, look, I think the way to think about dollar-based net retention, it's very sensitive, obviously, to the evolution of new business versus upsell. And actually, as you heard Bill and I say in some of our prepared remarks, we're very satisfied and very pleased with the evolution of the new business strength in Q4 and some of the momentum there.

我認為，在這樣的背景下，哲學將會得到傳承。因此，我們希望這能夠繼續作為我們所信奉的口頭禪。然後，就本季的 DBNR 而言，我認為思考基於美元的淨保留率的方式顯然對新業務與追加銷售的發展非常敏感。實際上，正如你們聽到比爾和我在一些準備好的發言中所說的那樣，我們對第四季度新業務實力的發展和發展勢頭感到非常滿意和高興。

We're really focused actually on the total impact on revenue growth. And I made some comments last quarter about revenue growth inflecting ahead of dollar-based net retention, and we stand by the comments going on this year. And so we're really excited about the overall momentum in the business.

我們真正關注的是其對收入成長的整體影響。上個季度，我發表了一些關於收入成長超越基於美元的淨留存的評論，我們堅持今年的評論。因此，我們對業務的整體發展勢頭感到非常興奮。

Appreciate the color. Thanks so much.

感謝色彩。非常感謝。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Yeah. Perfect. Thank you and congrats on a nice close to the year. Bill, maybe first for you. You mentioned something in your prepared remarks that kind of stuck out. I think you've raised it as the next level of personalization beyond right message, right channel, the right time, I don't know if that was specifically addressed to OfferFit or if that's something Braze does kind of do in general.

是的。完美的。謝謝您並祝賀您度過了一個美好的新年。比爾，也許你先來吧。您在準備好的發言中提到了一些引人注目的事情。我認為您已經將其提升為個性化的下一個層次，超越了正確的訊息、正確的管道、正確的時間，我不知道這是否專門針對 OfferFit，或者這是否是 Braze 普遍做的事情。

But what is that next frontier personalization? And how does it maybe change the nature of the messages, if at all, that you're sending to your customers beyond kind of traditional marketing-oriented messages? And then I have a follow-up there.

但是下一個前沿個性化是什麼？如果有的話，它會如何改變您發送給客戶的訊息的性質，使其不再局限於傳統的行銷導向型訊息？然後我有一個後續行動。

Yeah. So I think that there's -- it's important to think about all this on a spectrum. And there's a few different ways to organize that spectrum. There's manual A/B testing and testing and experimentation, which has obviously been possible on a lot of platforms for a long time. And that does drive optimal -- it drives higher results and more relevance and personalization for customers.

是的。所以我認為，從整體上考慮這一切是很重要的。有幾種不同的方式來組織這個光譜。有手動的 A/B 測試和實驗，顯然在許多平台上已經可以實現很長時間了。這確實能帶來最佳效果——它能為客戶帶來更高的效果、更多的相關性和個人化。

Then you start to get to more automated experimentation like we've included in personalized path in Canvas, and we've spoken about the past. And that's using advanced machine learning tactics in order to do more than just trying to optimize little bits of content but actually look at a lot of the decisions that are made across cross-channel journey that's communicating across different outgoing channels as well as modifying product experiences and experimenting with different things like cadence and tone and what have you.

然後，您開始進行更自動化的實驗，就像我們在 Canvas 中包含的個人化路徑一樣，我們也討論過過去的情況。這就是使用先進的機器學習策略，目的不僅僅是嘗試優化小部分內容，實際上還要研究跨渠道旅程中做出的許多決策，即透過不同的外發管道進行溝通，以及修改產品體驗和嘗試不同的東西，如節奏和語調等等。

And then as we continue down that spectrum, we get to Project Catalyst, which is obviously working to encapsulate not just that experimentation and the automation around it but also automate more of the generation around the different experiment variants and expand the scope of what the automated experimentation is able to make decisions on.

然後，隨著我們繼續沿著這個範圍走下去，我們就得到了 Project Catalyst，它顯然致力於不僅封裝實驗及其周圍的自動化，而且還自動化更多圍繞不同實驗變體的生成，並擴大自動化實驗能夠做出決策的範圍。

And then as we get further down and go back to some of the topics that I was just discussing in response to Ryan's question, where you're looking at fully customizable models and applying them in place in a small differences in performance can lead to outsized outcomes, and you see that in a lot of places where there's either really high-value actions or there's really expensive downside scenarios to avoid or you're just operating at large enough scale that even basis points improvement translates into really big dollars in ROI.

然後，我們進一步深入討論並回到我剛才在回答 Ryan 的問題時討論的一些主題，您正在查看完全可定制的模型並將它們應用到位，性能上的微小差異可能會導致超乎尋常的結果，並且您會看到在很多地方，要么存在真正高價值的行動，要么存在需要避免的代價高昂的下行情景，或者您只是在足夠大的規模上改進大額的收益。

And I think that there's some other really exciting part of this because as I stated before, I think there's always going to be room at the top end of the market to apply that hands-on data science expertise in order to achieve maximum performance, whether that's coming from your own in-house data scientists or it's coming from a services offering like OfferFit's machine learning implementation engineers.

我認為這其中還有其他一些非常令人興奮的部分，因為正如我之前所說，我認為在市場高端總會有空間來應用實際的數據科學專業知識以實現最佳性能，無論這種專業知識來自你自己的內部數據科學家，還是來自 OfferFit 的機器學習實施工程師等服務產品。

But not all teams have access to those kinds of expert resources. And similarly, it doesn't make sense to deploy that high cost, both in terms of the setup time and the literal dollars for the expert services, in every little decision that gets made along the way through customer journeys.

但並非所有團隊都能獲得此類專家資源。同樣，在客戶旅程中所做的每一個小決定中，投入如此高昂的成本（包括設定時間以及專家服務的實際金額）也是沒有意義的。

And Braze's vision is really to enable customers to be able to comprehensively, across a really diverse customer space with companies of all sizes, be able to go in and use the tools of artificial intelligence and machine learning in order to optimize results and relevance for their customers. And we want to make sure that that's accessible and able to be deployed in all the little detailed moments of the customer journey, and we've spoken about that at length in the past.

Braze 的願景是真正讓客戶能夠全面地、跨越各種規模的公司的多樣化客戶空間，使用人工智慧和機器學習工具來優化客戶的結果和相關性。我們希望確保它能夠在客戶旅程的所有細節時刻被存取和部署，我們過去已經詳細討論過這個問題。

I think that also, another thing we've spoken about a lot is that the continued advance of Frontier AI will continue to translate improved performance for those fully self-serve and rapidly deployed AI features like we have in the BrazeAI suite today. And like I've spoken about before, as we ourselves evolve from simple multi-arm bandit testing to -- or A/B testing to automated multi-arm bandit testing to personalized path, and these are all using subsequent generations of machine learning techniques in order to deliver better and better results.

我認為，我們經常談論的另一件事是，Frontier AI 的持續進步將繼續轉化為那些完全自助和快速部署的 AI 功能的性能提升，就像我們今天在 BrazeAI 套件中所擁有的那樣。正如我之前所說的，隨著我們自己從簡單的多臂老虎機測試發展到——或者 A/B 測試，再到自動化多臂老虎機測試，再到個性化路徑，這些都在使用後續幾代機器學習技術，以便提供越來越好的結果。

But I think one of the really great things about bringing together the current OfferFit approach with the more accessible approach that Braze has been working on over the years is that -- is the feedback loop and the product feedback loop that comes with that.

但我認為將目前的 OfferFit 方法與 Braze 多年來一直致力於的更易於訪問的方法結合起來的真正偉大之處之一是——反饋循環以及隨之而來的產品反饋循環。

So much like Palantir has been able to build more quickly from the tight product feedback loop that they get from their forward deployed engineers, OfferFit has historically been able to more quickly improve their engine because they have a direct and highly skilled feedback channel coming from their machine learning implementation engineers.

就像 Palantir 能夠從其前沿部署工程師那裡獲得的緊密產品反饋循環中更快地進行構建一樣，OfferFit 歷來能夠更快地改進他們的引擎，因為他們擁有來自其機器學習實施工程師的直接且高技能的反饋管道。

And so we're looking forward to, in the future of Braze and OfferFit together, being the best of all worlds as that same product feedback loop and Frontier R&D that's driving the high-end OfferFit offering is leveraged throughout the rest of BrazeAI and in Project Catalyst.

因此，我們期待 Braze 和 OfferFit 的未來能夠成為最好的，因為推動高端 OfferFit 產品的相同產品反饋循環和前沿研發將在 BrazeAI 的其他部分和 Project Catalyst 中得到利用。

Okay. That's very helpful. Thank you. And then one quick one just on customer cohorts. I'm curious what you're seeing in terms of just expansion trends from some of the newer customer cohorts that you've won, whether that's greenfield point solution replacements or legacy providers.

好的。這非常有幫助。謝謝。然後再快速討論一下客戶群。我很好奇，從您贏得的一些較新的客戶群來看，您看到的擴張趨勢是怎樣的，無論是綠色地點解決方案替代品還是傳統提供者。

It seems like new has been pretty strong. But when those customers are coming up for renewal, are you seeing expansion levels so that are better than that served cohort? And has that magnitude kind of changed at all from the 9 points that we talked about at Analyst Day on [that front]

看起來新的已經相當強大了。但是，當這些客戶進行續約時，您是否看到了比服務群體更好的擴展水平？那麼，與我們在分析師日上討論的 9 點相比，這一幅度有沒有變化？[那面]

Yeah. So in the -- since we announced that sort of 9 percentage point differential between those two cohorts, that has continued to trend in a positive direction. So we're not going to kind of continue to disclose that differential, but it has continued to be that post-served cohorts are performing better than the served cohorts. So that trend continues.

是的。所以，自從我們宣布這兩組人之間有 9 個百分點的差異以來，這種趨勢一直呈現正向發展。因此，我們不會繼續透露這種差異，但接受服務後群體的表現仍然優於接受服務的群體。這種趨勢還會持續下去。

All right. Thank you.

好的。謝謝。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

Hey. Thank you, guys. Bill, maybe we could go back to -- or stick on the thread of OfferFit for a second. Look, you explained the technology and the value prop very clearly. Maybe just speak to the business outcomes a little bit that you see for your customers that are already using OfferFit today.

嘿。謝謝你們。比爾，也許我們可以回到 — — 或暫時繼續討論 OfferFit 的話題。看，你非常清楚地解釋了技術和價值主張。也許只需稍微談談您所看到的那些今天已經在使用 OfferFit 的客戶的業務成果。

Like do they send more messages? Is it just that the messages are more effective? Can they create content faster? Just help me understand kind of how it translates from a revenue perspective to what Braze might actually see as you kind of push OfferFit more broadly across the customer base.

例如他們是否發送了更多資訊？難道只是資訊更有效嗎？他們能否更快創作內容？只是幫助我理解，當您在客戶群中更廣泛地推廣 OfferFit 時，從收入角度來看，它如何轉化為 Braze 可能實際看到的情況。

Yeah. So I think that in terms of the performance that you see, what you should expect is enhanced relevance. And so there are parts of the OfferFit that include automatic content generation. Those are very similar to the assistants and the helpers that are in the Braze composers today. And in fact, the Braze composer suite and the Gen AI assistance that accompany them are actually ahead of what OfferFit offers today.

是的。因此我認為，就您所看到的性能而言，您應該期待的是相關性的增強。OfferFit 的某些部分包括自動內容產生。這些與當今 Braze 作曲家的助手和助手非常相似。事實上，Braze 作曲家套件及其附帶的 Gen AI 輔助實際上領先於 OfferFit 目前提供的功能。

And we're excited to be able to focus their R&D where they've been specialized and have them be able to draft off of a lot of the other things that Braze built around its dashboard, inclusive of things like reporting and those composers and the Braze data platform and our enterprise permissioning and just a lot of the other things that we've built along the way that they'll be able to benefit from and accelerate with.

我們很高興能夠將他們的研發重點放在他們擅長的領域，並讓他們能夠從 Braze 圍繞其儀表板構建的許多其他東西中汲取靈感，包括報告、編寫器、Braze 數據平台和我們的企業許可，以及我們在此過程中構建的許多其他東西，他們將能夠從中受益並加速發展。

I think also when you look at the number of messages sent, we don't expect that to materially change, although there are great examples where when OfferFit works with Braze customers in particular, they often will start out optimizing for a single channel.

我認為，當您查看發送的訊息數量時，我們預計它不會發生實質性變化，儘管有很好的例子，當 OfferFit 與 Braze 客戶合作時，他們通常會開始針對單一管道進行優化。

But because of Braze cross-channel capability and the ease with which you can move strategies from channel to channel on Braze, it has promoted in our customers in the past, then expanding those OfferFit use cases other Braze channels. And so that's been really great to see, and we certainly hope to continue to see that trend continue as that makes our customers stickier and helps with them upsell and cross-sell across the board.

但是由於 Braze 的跨渠道能力以及可以在 Braze 上輕鬆地將策略從一個渠道轉移到另一個渠道，它過去已經在我們的客戶中得到了推廣，然後將這些 OfferFit 用例擴展到其他 Braze 渠道。看到這一點真的很棒，我們當然希望看到這種趨勢繼續下去，因為這會讓我們的客戶更加忠誠，並幫助他們全面追加銷售和交叉銷售。

We -- and I think also, the key differentiator when you think about the business impact in terms of what we sell and how we sell it, I think, is that OfferFit, because of the demonstrable performance uplift and really the focus on going into these extremely high-value use cases, has -- is in an extremely good position to value sell.

而且我認為，當您考慮我們銷售什麼以及如何銷售對業務的影響時，關鍵的區別在於，由於 OfferFit 具有明顯的性能提升，並且真正專注於進入這些極高價值的用例，因此在價值銷售方面處於非常有利的地位。

They show incredible levels of ROI for their customers when they deploy. They're able to maintain those high levels of performance through the attach of those machine learning implementation engineers. And they're doing it at a value and scalability level that maintains really attractive gross margin despite the attachment of those expert services to the software offering that they're deploying.

當他們部署時，他們為客戶帶來了令人難以置信的投資回報。他們能夠透過這些機器學習實施工程師的努力來保持高水準的性能。而且，他們以一定的價值和可擴展性水平來實現這一目標，儘管他們所部署的軟體產品中附加了這些專家服務，但仍保持了非常有吸引力的毛利率。

Yeah. Okay. Very clear. And then Isabelle, what is the mix of cash and stock in that $325 million?

是的。好的。非常清楚。那麼伊莎貝爾，這 3.25 億美元中現金和股票的組成是怎麼樣的呢？

Yeah. So it's 42% equity and the balance is cash.

是的。因此，42% 是股權，餘額是現金。

Okay. Perfect. Thank you, guys.

好的。完美的。謝謝你們。

Gabriela Borges, Goldman Sachs.

高盛的加布里埃拉·博爾赫斯 (Gabriela Borges)。

Hi, good afternoon. Thank you. Bill, there's a little bit of a debate in the market right now on the advantages of being a SaaS-native company versus an AI-native company. And you're SaaS-native company acquiring an AI-native company. So help us understand, why could you not build this in-house? And what were the limiting factors to OfferFit being able to scale or being able to scale without agreeing to be acquired by Braze? Thank you.

嗨，下午好。謝謝。比爾，目前市場上存在一些爭論，關於 SaaS 原生公司與 AI 原生公司的優勢。你們是一家 SaaS 原生公司，正在收購一家 AI 原生公司。那麼請幫助我們理解一下，為什麼你們不能在內部建立它？那麼，OfferFit 擴大規模或在不同意被 Braze 收購的情況下擴大規模的限制因素是什麼？謝謝。

So I don't think in either of these cases, this was a can't. Both teams have highly capable engineering and product groups with really great R&D capability and are on great trajectories. But when we look at the synergies that we'll be able to achieve and the way that we'll be able to complement each other based off of where both kind of a combination of where focus areas and also where comprehensiveness has been in the past, we think that it's going to be a really fantastic coming together of the expertise and the experience that the OfferFit primarily data science-focused offering has had in the field, the work that they've done, much of which was with roughly about -- I referenced this in the prepared remarks, but almost a third of their existing customers already work with Braze.

因此，我認為，無論是哪一種情況，這都不是不能實現的。兩個團隊都擁有能力極強的工程和產品團隊，具備非常優秀的研發能力，並且發展前景十分光明。但是，當我們研究我們將能夠實現的協同效應，以及我們將能夠基於過去的重點領域和全面性相結合的方式相互補充時，我們認為這將是一次真正美妙的結合，它結合了 OfferFit 主要以數據科學為重點的服務在該領域的專業知識和經驗，以及他們所做的工作，其中大部分是關於 Braze 合作——我在準備好的評論中提到了這一點，但已經與現有客戶中近三分之一。

And so it's something where we knew them well as a partner, we could see the synergies that we'll be able to achieve together, we can see the improved customer outcomes that come out of us working together. And we think that together, we can both move faster.

因此，作為合作夥伴，我們非常了解他們，我們可以看到我們能夠共同實現的協同效應，我們可以看到我們合作所帶來的更好的客戶成果。我們認為，只要我們齊心協力，我們就能進步得更快。

That makes sense. The follow-up is for Isabelle. Specifically on demand trends that you've seen in the last several weeks, there has been so many mixed data points, whether it's on the consumer spending side or more broadly with uncertainty types of the new administration. Have you seen any change in your leading indicators as it pertains to your customers willing to spend in the last several weeks?

這很有道理。後續是給伊莎貝爾的。具體來說，就過去幾週您看到的需求趨勢而言，有許多混雜的數據點，無論是在消費者支出方面，還是更廣泛地說，新政府的不確定性類型。在過去幾週內，您是否發現與客戶消費意願相關的領先指標發生了任何變化？

So nothing specific in the last several weeks. We do recognize that the evolving global trends and specifically, as you mentioned around some of the tactics of the new administration are going to create some challenges for some of our customers and our prospects. But as we think about how pipeline is evolving, how pipeline is behaving, the trends of whether it's linearity or just amounts of closed one through Q1 so far, there's nothing that we're seeing that gives us pause on the immediate trends.

因此過去幾週沒有什麼具體的事情。我們確實認識到不斷發展的全球趨勢，特別是正如您所提到的新政府的一些策略，將為我們的一些客戶和潛在客戶帶來一些挑戰。但是，當我們思考管道如何發展、管道如何運作、其趨勢（無論是線性的還是僅僅是截至第一季的封閉量）時，我們所看到的一切都沒有讓我們對眼前的趨勢停下來思考。

Yeah. I'd also just add that on the technical side, we've obviously been anticipating national data sovereignty concerns continuing to rise in importance for a whole bunch of reasons, which is why we've been expanding our data center footprint, which now includes options in the US, the EU and Australia. We've got Indonesia launching relatively soon, and we'll have more regions to follow.

是的。我還要補充一點，從技術方面來說，我們顯然已經預見到，由於多種原因，國家資料主權問題的重要性將持續上升，這就是我們一直在擴大資料中心覆蓋範圍的原因，現在我們的資料中心包括美國、歐盟和澳洲。我們很快就會在印尼推出這項服務，之後還會在更多地區推出。

And so we're preparing ourselves in a variety of ways. I think that the trend line of a lot of these things has certainly accelerated more recently, but it's pointed in a similar direction as it has been for years, and we've been preparing for it.

因此我們正在以各種方式做好準備。我認為，許多這類事物的趨勢線最近肯定有所加速，但它指向的方向與多年來的趨勢相似，我們一直在為此做準備。

Thank you, both for the detail.

謝謝你們兩位提供的詳細資料。

Brent Bracelin, Piper Sandler.

布倫特·布雷斯林，派珀·桑德勒。

Thank you for taking the questions here. I want to stick with the macro. A little surprise given retail and consumer goods are the largest vertical for you. Yet you still have really strong CRPO backlog build in the quarter. I think bookings looks like it actually slightly accelerated.

感謝您在這裡回答問題。我想堅持使用巨集。這有點令人驚訝，因為零售和消費品是您最大的垂直行業。但本季您仍擁有非常強勁的 CRPO 積壓訂單。我認為預訂量實際上看起來略有加速。

Bill, could you just talk about the feedback from retail and consumer goods companies in light of tariffs and uncertainty there? Is it cost that they're leaning into Braze? Is it rigidity of old legacy platforms and they need to be more flexible? Walk us through what's resonating in an increasingly mixed environment. And then, Isabelle, if you could just touch on net new logo growth here, adds were the highest 1.5 years. What drove that strength? Thanks.

比爾，您能否談談零售和消費品公司對關稅和不確定性的回饋？他們傾向於使用 Braze 是因為成本嗎？舊有遺留平台是否過於僵化，需要變得更有彈性？請向我們介紹一下在日益混合的環境中什麼是可引起共鳴的。然後，伊莎貝爾，如果你能談談這裡的淨新標誌增長，那麼增加的數量是 1.5 年中最高的。是什麼推動了這種力量？謝謝。

Yeah. So a few things. First, I'll point you back to the high level of diversification that we have in the business. It is our largest category, but it's also still roughly only about one-fifth. And so in a given environment, I think we've had a strong ability to be able to leverage our diversification both around the globe as well as across categories in order to continue to push ahead in new business even as certain areas of the world or parts of the market have been impacted.

是的。有幾件事。首先，我要提醒大家注意我們業務的高度多元化。這是我們最大的類別，但仍然只佔大約五分之一。因此，在特定的環境下，我認為我們有強大的能力利用我們在全球範圍內以及跨類別的多樣化，即使在世界某些地區或部分市場受到影響的情況下也能繼續推動新業務的發展。

I think also one of the things that we've learned over the last couple of years, in particular, when we're looking at the enterprise segment, is that these enterprise replacement cycles are stickier and longer term and more considered than a lot of the short-term noise that we look at. And so I know it's -- we can hear some of the short-term responses to a lot of the things that were happening recently with tariffs and there's concerns about costs and there's things like that. And there's been versions of that happening as inflation and currency strength has ebbed and flowed over the course of the last couple of years.

我認為，我們在過去幾年中學到的一件事，特別是當我們研究企業領域時，那就是這些企業更換週期比我們所看到的許多短期噪音更具持久性、更長遠，也更加深思熟慮。所以我知道，我們可以聽到對最近發生的許多事情的一些短期反應，例如關稅、對成本的擔憂等等。過去幾年，隨著通膨和貨幣實力的起伏，類似的情況也出現過。

But I think that some of the things that underlie a lot of the legacy replacement cycles tend to be tied more to long-term contract lengths of those legacy marketing cloud deployments, the budget cycles, the teams coming into play. There's RFPs being run for all of these replacements. And so those aren't things that just kind of waiver and get interrupted, week by week, they tend to be more longstanding. And definitely, a lot of the story of the last year and what we saw culminated in Q4 in the enterprise in particular, was that these deal cycles do continue to be long. They continue to involve more stakeholders, a much higher percentage of them go to RFP than used to in the past.

但我認為，許多遺留系統更換週期背後的一些因素往往與遺留行銷雲端部署的長期合約期限、預算週期和參與其中的團隊息息相關。所有這些替代品都正在製定 RFP。因此，這些事情並不是一周又一周地被放棄和打斷的，它們往往會持續很長時間。當然，去年發生的許多事情以及我們在企業領域第四季度看到的情況表明，這些交易週期確實持續很長。他們繼續讓更多的利害關係人參與進來，其中參與 RFP 的比例比過去高得多。

There's less appetite for customers to pay for overlapping contracts in order to kind of go through migration periods and things like that. And so those are all things that make that legacy replacement cycle harder and makes it take longer and take more effort.

為了度過遷移期等，客戶不太願意支付重疊合約的費用。所有這些都使遺留系統的更換週期變得更加困難，需要更長的時間和更多的精力。

Now on the flip side, we feel better about the competitive position that we're in against the legacy marketing clouds than we ever have. There's obviously a lot going on, a lot of announcements coming out of the likes of Salesforce and Adobe, but it's very clear as well that the Marketing Cloud, the aspects of the Experience Cloud that we compete with are simply not the focus area of those businesses around. I think that more and more customers and their technology partners and their agency partners are starting to wake up to that.

現在，從另一方面來看，我們對與傳統行銷雲相比的競爭地位比以往任何時候都感覺更好。顯然有很多事情正在發生，Salesforce 和 Adob​​e 等公司發布了許多公告，但同樣很明顯的是，行銷雲、體驗雲方面與我們競爭的領域並不是這些企業的重點關注領域。我認為越來越多的客戶以及他們的技術合作夥伴和代理商合作夥伴開始意識到這一點。

And so that's starting to, I think, build more momentum around how people are thinking about the risk that are associated with sticking with the incumbents even though they might be in a risk-averse posture. And so that's all against a backdrop that includes all those other factors that I just mentioned that are -- that is still making it difficult to execute in. But I think we feel really good about the investments that we've made over the last couple of years to put us in the position that we're in, in the enterprise in particular. And we're eager to continue to make progress and take share in that enterprise space, especially against the legacy marketing clouds.

因此，我認為這開始更推動人們思考堅持支持現任政府所帶來的風險，儘管他們可能採取規避風險的態度。所以這一切都是在包括我剛才提到的所有其他因素的背景下進行的——這些因素仍然使得執行變得困難。但我認為，我們對過去幾年所做的投資感到非常滿意，這些投資使我們處於目前的地位，特別是在企業領域。我們渴望繼續取得進展並在企業領域佔據份額，特別是在對抗傳統的營銷雲方面。

And then, Brent, on your question on logo count, so I'll make three comments. So one, Q4 is generally a strong quarter for kind of tapping into new budgets and securing new logos. So that just generally, Q4 can be a helpful kind of seasonal quarter there. We did do better in this Q4 on logo churn, so that we had a little bit less of a headwind working against us. So really happy with how that played out.

然後，布倫特，關於你關於標誌數量的問題，我將提出三點評論。因此，首先，第四季度通常是利用新預算和獲得新標誌的強勁季度。因此總體而言，第四季可以成為一個有益的季節性季度。在第四季度，我們在標識更換方面確實做得更好，因此我們面臨的阻力稍微小了一些。我對事情的結果非常滿意。

But -- and what I will say is there was nothing unnatural that happened in Q4 with regards to incentive structures or anything that would have driven like some sort of an odd onetime pop in additional logos. So this is very much kind of core business performance.

但是——我想說的是，第四季度在激勵機制方面沒有發生任何異常情況，也沒有發生任何可能導致一次性出現額外標識的奇怪現象的情況。這在很大程度上是一種核心業務表現。

Helpful color, and I'll echo congrats to Myles on a great run.

很有幫助的顏色，我會對邁爾斯的出色表現表示祝賀。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Hey, guys. Thanks for taking the questions. So I appreciate all the commentary, and congrats on the OfferFit acquisition. You mentioned that with the deal, fiscal year '26 will be a year that will be a deviation from that growth margin framework you outlined at the Analyst Day. Is that dynamic solely due to OfferFit Or is there any organic investments that you're seeing or making because there's a product or growth opportunity? Would you love to just get the perspective there? Thanks.

嘿，大家好。感謝您回答這些問題。因此，我感謝所有的評論，並祝賀 OfferFit 的收購。您提到，由於這筆交易，26 財年將會與您在分析師日概述的成長利潤率框架有所偏差。這種動態僅僅是因為 OfferFit 造成的嗎？或者您是否看到或進行了任何有機投資，因為存在產品或成長機會？您是否想從那裡了解情況？謝謝。

Yeah, thanks for the question. If you go back to my organic outlook for the year, so we did provide guidance both for the quarter and for the full year and you look at the non-GAAP operating income dollars and that the implication of the margin relative to the revenue outlook, that is consistent with the framework. So I did want to set that stage. The transaction has not closed yet, but we are indicating that once the transaction does close and we provide updated guidance, we do want to set the stage and flag to the market that there will be a deviation once we embed those costs.

是的，謝謝你的提問。如果您回顧我對今年的有機展望，那麼我們確實為本季度和全年提供了指導，並且您可以查看非 GAAP 營業收入金額以及相對於收入前景的利潤率含義，這與框架是一致的。所以我確實想設置這個舞台。交易尚未結束，但我們表示，一旦交易結束並且我們提供更新的指導，我們確實希望做好準備並向市場發出信號，一旦我們嵌入這些成本就會出現偏差。

And Isabelle, just on the acquisition, you mentioned a couple of points of revenue. Does that assume kind of the current run rate for OfferFit? Or are there any incremental cross-sell synergies embedded into that?

伊莎貝爾，就在收購問題上，您提到了幾個收入點。這是否假設了 OfferFit 的目前運行率？或者其中是否存在增量交叉銷售綜效？

Yeah. I mean that's obviously a bit of a -- it's a risk-adjusted number. So we're -- I think these acquisitions, we want to be judicious about kind of how quickly we try to sort of achieve that and we want to certainly get as much out of this transaction as possible as quickly as possible and be very successful, but we're obviously risk-adjusting that number. So for now, that is, in fact, just a run rate number for them.

是的。我的意思是，這顯然有點——這是一個經過風險調整的數字。所以，我認為對於這些收購，我們希望審慎考慮如何快速實現目標，我們希望盡快從交易中獲得盡可能多的收益並取得成功，但我們顯然會對這個數字進行風險調整。所以就目前而言，這實際上對他們來說只是一個運行率數字。

Understood. Thank you.

明白了。謝謝。

Derrick Wood, TD Cowen.

德里克·伍德（Derrick Wood），TD Cowen。

Great, thanks. Bill, can you just give us a sense as to what organizational changes have transpired since Myles announced his intention to step down and how we should be thinking about the timeline of bringing on a CRO? And I guess since this is a Q1, are there any notable go-to-market changes that you're making that you would flag?

非常好，謝謝。比爾，你能否告訴我們，自從邁爾斯宣布辭職以來，組織上發生了哪些變化，以及我們應該如何考慮引入 CRO 的時間表？我想，既然這是第一季度，您是否正在進行任何值得注意的市場變革並希望指出？

Yeah. So first of all, the search is going well, and I've been really happy with our field team's execution during this transition period so far through Q1. As we updated you guys on throughout last year, the last six quarters have brought in a lot of new field leaders around the world.

是的。首先，搜尋進展順利，我對我們的現場團隊在第一季迄今的過渡期內的表現感到非常滿意。正如我們在去年全年向大家更新的那樣，過去六個季度，世界各地湧現了許多新的領域領導者。

And we've got great global leaders across our partnership sales and post sales groups who are long-tenured Braze leaders who are in place and they presently report directly to me. But other than some of the changes that we spoke about throughout the year last year, there were no other major changes other than that reporting -- those reporting lines switching from Myles to me as we began the year.

我們的合作銷售和售後團隊擁有優秀的全球領導者，他們都是長期任職的 Braze 領導者，目前直接向我報告。但是，除了我們去年全年談到的一些變化之外，除了報告之外沒有其他重大變化——從今年年初開始，報告路線從邁爾斯轉移到我。

Within that search, we're looking for a world-class executive to take on the CRO role who's going to help bring us to the next level. We're really focused on re-achieving Rule of 40 efficiency, scaling too and then well beyond $1 billion in ARR, continuing to grow Braze into the globally recognized leader in customer engagement. And we're just really focused on finding the leader across those field teams in that CRO seat to help us do that.

在此次搜尋中，我們正在尋找一位世界級的高階主管擔任 CRO 職務，幫助我們更上一層樓。我們真正專注於重新實現 40 規則效率，擴大規模，然後使 ARR 遠遠超過 10 億美元，繼續將 Braze 發展為全球公認的客戶參與領導者。我們真正關注的是尋找能夠領導 CRO 團隊跨越整個現場團隊的領導者來幫助我們實現這一目標。

As for timing, we're in market right now. Candidate flow has been great. It's definitely a highly sought-after role and definitely a seat that Myles really shaped really well over the course of a decade and one that we've got a lot of really robust candidate flow that's excited for the opportunity to step into that.

至於時機，我們現在就在市場上。候選人流動性很大。這絕對是一個備受追捧的職位，也是邁爾斯在過去十年中精心打造的一個職位，我們有很多非常強勁的候選人，他們對有機會擔任這個職位感到興奮。

Great. If I could squeeze one in, a follow-up. Just on -- a few quarters ago, you talked about Meta potentially changing pricing strategy with WhatsApp. I don't know, is there any update to call out there? I know it could have some impact on kind of the P&L for you guys. Just wondering if you see anything down the pike.

偉大的。如果我可以擠進一個，那就進行後續行動。就在幾個季度前，您談到 Meta 可能會改變 WhatsApp 的定價策略。我不知道，有什麼最新消息嗎？我知道這可能會對你們的損益產生一定的影響。只是想知道你是否看到了什麼東西。

Yeah. It's a good question. We continue to partner closely with Meta and are committed to both robust and rapid support for everything that they've been launching along the way as well as a number of their test programs that they run. However, that landscape also does continue to change rapidly. You may have heard about Meta's decision to discontinue marketing messages and WhatsApp for US customers recently.

是的。這是個好問題。我們將繼續與 Meta 密切合作，並致力於為他們推出的所有產品以及運行的許多測試程序提供強大而快速的支援。然而，這種狀況也持續迅速變化。您可能最近聽說了 Meta 決定停止向美國客戶發送行銷訊息和 WhatsApp 的訊息。

That doesn't impact us very much commercially because the vast majority of our global demand for WhatsApp was already non-US audiences. But it is another example of just how dynamic that offering and pricing landscape has been for Meta as they're quickly iterating on their product. That impacts both us and our road maps as well as customers who need to plan out budget to be able to use for these different offerings.

這對我們的商業影響並不大，因為全球對 WhatsApp 的需求絕大多數都來自非美國用戶。但這又是一個例子，顯示隨著 Meta 對其產品的快速迭代，其產品供應和定價格局是多麼的動態。這不僅對我們和我們的路線圖有影響，而且對需要規劃預算以用於這些不同產品的客戶也有影響。

And so definitely, while that remains dynamic, it will be much harder both for customers to forecast and budget as well as for us to forecast. Now what's helping customers and us navigate this is that we are in a much better position to manage these changes with the flexible credit model that we launched last year. And obviously, Braze product offering is highly flexible. Given the cross-channel offerings that we have across LINE and RCS and SMS and push notifications and these others, in particular, as their product road map continues to evolve, we're able to reuse a lot of the capabilities that we build out for other channels.

因此，毫無疑問，儘管這仍然是動態的，但對於客戶和我們來說，預測和預算都將變得更加困難。現在，幫助我們和客戶應對這個問題的是，我們利用去年推出的靈活信用模式，能夠更好地應對這些變化。顯然，Braze 產品供應具有高度靈活性。鑑於我們在 LINE、RCS、SMS、推播通知和其他平台上提供的跨通路產品，特別是隨著它們的產品路線圖不斷發展，我們能夠重複使用為其他管道建立的許多功能。

And so I don't think it's been really a drag on R&D velocity at all, but definitely while it continues to be a dynamic offering, it has been harder for customers to plan for that. And we've been working really closely with Meta in order to bring them feedback and work closely with them as partners, and we've been really happy with how that partnership has been going as they've continue to iterate the products. But it's still hard to forecast out a long way into the future as we look at that channel.

因此，我認為這根本不會對研發速度造成任何阻礙，但儘管它仍然是動態產品，但客戶很難為此制定計劃。我們一直與 Meta 密切合作，為他們提供反饋，並作為合作夥伴與他們密切合作，隨著他們繼續迭代產品，我們對這種合作關係的進展感到非常高興。但從這個管道來看，我們仍然很難預測未來很長一段時間的情況。

Understood. Thanks for the color.

明白了。謝謝你的顏色。

(Operator Instructions)

（操作員指令）

Nick Altmann, Scotiabank.

加拿大豐業銀行的尼克‧阿爾特曼 (Nick Altmann)。

Awesome. Thank you. It's clear there's still plenty of opportunity for consolidation and replacement activity. But Bill, maybe how should we see this acquisition of OfferFit as well as additional product efforts, whether it's Project Catalyst or future new product features or launches. As we think about kind of the next growth act for Braze, just maybe give us an update on kind of how you envision the platform evolving over the next couple of years and how that can support continued growth durability? Thanks.

驚人的。謝謝。顯然，整合和替代活動仍有許多機會。但比爾，也許我們應該如何看待對 OfferFit 的收購以及其他產品努力，無論是 Project Catalyst 還是未來的新產品功能或發布。當我們思考 Braze 的下一步成長行動時，您能否向我們介紹您對未來幾年該平台發展的設想，以及如何支持其持續成長？謝謝。

Yeah, of course. We're really excited about the potential for these because as I spoke about at the top of the call, well, the technology that we have at our fingertips for customer engagement today is certainly head and shoulders above where it was 5 years ago, 10 years ago, even just a couple of years ago. There's also still a tremendous amount of room for continued improvement in terms of the relevance and the -- just the performance that we actually achieve in these channels.

是的，當然。我們對這些技術的潛力感到非常興奮，因為正如我在電話會議開始時所說的那樣，我們今天所掌握的客戶參與技術肯定比五年前、十年前甚至幾年前有了很大的進步。就相關性以及我們在這些管道中實際取得的表現而言，仍有很大的持續改善空間。

And it also continues to be the case that the ROI of engaging in first-party channels of leveraging the first-party data that a brand already has ownership of, which is an asset that brands across every vertical continue to put more and more investment in that, that opportunity to create outsized value and return from continuing to optimize more of the first-party world, much the same way that a lot of the performance marketing world has been really focused on for a long time, we think there's still a tremendous opportunity to continue to find more leverage in performance there.

而且，參與第一方管道的投資回報率仍然會很高，利用品牌已經擁有的第一方數據是一項資產，各個垂直領域的品牌都會繼續在該數據上投入越來越多的投資，透過繼續優化第一方數據，可以創造超額價值並獲得回報，就像許多績效行銷界長期以來真正關注的那樣，我們認為仍然有巨大的機會繼續在那裡找到更多的績效槓桿。

And I think both Project Catalyst as well as OfferFit is a really great way for us to both help our customers achieve that continued -- those continued increases in performance driven by higher levels of relevance and stronger, more effective personalization but also for us to capture more of the value that we generate through that optimization.

我認為 Project Catalyst 和 OfferFit 對我們來說都是非常好的方式，不僅可以幫助我們的客戶實現持續的績效提升，透過更高水準的相關性和更強大、更有效的個人化來推動，而且還可以讓我們透過這種優化獲取更多創造的價值。

And so we're definitely -- when we look out across our customer base, I think that across that spectrum, I spoke of earlier of fully turnkey rapidly deployed automated testing and other sorts of machine learning capabilities that can be put into any part of the customer journey all the way up to the bespoke full OfferFit offering that has the expert services attachment to it. Within that spectrum, we think that there is something additional for every single customer in the Braze universe to be able to go and drive additional better outcomes for their customers and also be able to drive upsell growth for Braze.

因此，當我們縱觀我們的客戶群時，我認為在整個範圍內，我之前談到的完全交鑰匙、快速部署的自動化測試和其他類型的機器學習功能可以融入客戶旅程的任何部分，一直到附帶專家服務的定制全套 OfferFit 產品。在這個範圍內，我們認為 Braze 領域的每位客戶都可以獲得額外的利益，從而為他們的客戶帶來更好的結果，同時也能推動 Braze 的追加銷售成長。

Great. Thank you.

偉大的。謝謝。

Scott Berg, Needham.

史考特·伯格，尼德姆。

Hi, everyone. Really nice quarter. I guess the one for me is, Bill, you talked about the vertical focus in R&D and, of course, the new shop announcement with the integration there. But how do we think about the benefit that your customers are going to get outside of maybe just streamlining the technology side of that integration? Is there -- I guess, how else does it affect, I don't know, product use, sales cycles, all those types of things? How much more efficient will that be for those customers?

大家好。真是一個美好的季度。我想對我來說最重要的一點是，比爾，你談到了研發的垂直重點，當然還有新店的公告和那裡的整合。但是，除了簡化整合的技術面之外，我們如何看待您的客戶還能獲得哪些好處呢？還有沒有——我想，它還會對產品使用、銷售週期以及所有這些類型的事情產生什麼影響，我不知道？這對於這些客戶來說會有多大的效率？

Yeah. I think there's a few things. First, a lot of these capabilities are -- they're focused on getting more rapid time to value for customers, both as they get up and running in the first place as well as they expanded in new use cases. The data model expansions that we have and a lot of the kind of vertical-specific capabilities that we're putting in places like product catalogs, within the segmentation options, within things like the purchase object, et cetera, those have a dual benefit where they both by virtue of getting those more organized and standardized, customers can actually deploy more quickly.

是的。我認為有幾件事。首先，這些功能很多都是——它們專注於為客戶更快地實現價值，無論是一開始啟動和運行，還是在新的用例中擴展。我們擁有的資料模型擴充和許多我們在產品目錄、細分選項、購買物件等方面添加的垂直特定功能具有雙重好處，透過使它們更加有組織和標準化，客戶實際上可以更快地部署。

They also make the machine learning efforts that we have happening in BrazeAI able to be more effective as well because we're able to get the data into more standardized formats where we're then able to deploy models that are, as I mentioned before, when a model is more constrained, it's easier to deploy. That doesn't mean it's less flexible. But of course, the more that we can standardize the data models around specific verticals, the more use cases we can actually accomplish and deliver additional value to through those more constrained models.

它們也使我們在 BrazeAI 中進行的機器學習工作更加有效，因為我們能夠將資料轉換為更標準化的格式，然後我們能夠部署模型，正如我之前提到的，當模型受到更多約束時，它更容易部署。但這並不意味著它缺乏靈活性。但當然，我們越能夠圍繞特定垂直領域標準化資料模型，我們實際上能夠完成的用例就越多，並透過這些更受約束的模型提供額外的價值。

And so you should see these things as working hand in hand to both improve the offering the visibility of the offering within those categories, the time to value for customers in those categories, working with Braze, getting up and running with Braze and then over the longer term, those deployments being able to -- because they're more bespoke to the vertical, us being able to then parlay that into additional features and enhancements that are both driven by stronger machine learning models, but also just improving productivity for marketers that work within those categories for all the common use cases that they have.

因此，您應該看到，這些事情是相輔相成的，既可以提高產品在這些類別中的可見性，也可以提高客戶在這些類別中實現價值的時間，與 Braze 合作，啟動並運行 Braze，然後從長遠來看，這些部署能夠 — — 因為它們更適合垂直領域，我們能夠將其轉化為附加功能和增強功能，這些功能和增強功能的工作人員既強大的任務

Very helpful. Congrats on this quarter again.

非常有幫助。再次恭喜本季。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Okay. Can you guys hear me now?

好的。你們現在能聽到我的聲音嗎？

Yes.

是的。

Yeah. Okay. Awesome. Thanks so much for taking the question. Perfect. Isabelle, when I hear like an inflection in growth, that sounds like a potential acceleration. So I guess, could you just talk about what you are seeing in terms of either renewal trends or expansion activity that's giving you comfort in that outlook? And now we're a couple of months into this 1Q, I guess any thoughts in terms of timelines and when we could get past some of these more challenged COVID contracts? Thanks.

是的。好的。驚人的。非常感謝您回答這個問題。完美的。伊莎貝爾，當我聽到成長的轉折點時，那聽起來就像是一種潛在的加速。所以我想，您能否談談您所看到的更新趨勢或擴張活動，讓您對這種前景感到放心？現在我們已經進入第一季幾個月了，我想您對時間表有什麼想法，什麼時候我們才能擺脫一些更具挑戰性的 COVID 合約？謝謝。

Yeah. So rather than thinking about it as on an organic basis as any kind of sort of inflection and reacceleration, it's more of kind of a stabilization with then kind of a slow steady path kind of back up from there. So it's not -- I don't think about this as kind of a hockey stick on the upside.

是的。因此，我們不要把它看作是一種有機的轉變和重新加速，而應該把它看作是一種穩定過程，然後以一種緩慢穩定的路徑從那裡回升。所以，我並不認為這是一種向上的曲棍球棒效應。

And I think what we're seeing is we're seeing strength in our new business momentum and then we are seeing obviously the new cohorts from an expansion perspective performing better than the ZIRP cohorts. And I think those two things combined together are going to help us kind of achieve that stabilization inflection point and then steady reacceleration of the top line on an organic basis. But I'm not trying to indicate that there's a hockey stick inflection point happening in the near term.

我認為，我們看到的是，我們的新業務發展勢頭強勁，而且從擴張的角度來看，我們顯然看到新群體的表現優於 ZIRP 群體。我認為這兩件事結合在一起將有助於我們實現穩定的轉折點，然後在有機基礎上穩步重新加速營收成長。但我並不是想表明近期會出現曲棍球棒式的轉折點。

Thank you so much.

太感謝了。

Michael Berg, Wells Fargo.

富國銀行的麥可‧伯格。

Hey. Congrats on the quarter. Thanks for taking my question. I have another one for Isabelle, but this time in relation to Project Catalyst. You noted that it's likely to come out GA later this or -- later this quarter, next quarter. So I'm curious how to think about what's embedded in the guidance in terms of Project Catalyst contribution. And has that changed? Or how you -- has the way you thought about the product contribution changed post-acquisition there? Thank you.

嘿。恭喜本季取得佳績。感謝您回答我的問題。我還有另一封信給伊莎貝爾，但這次與 Project Catalyst 有關。您指出它很可能將於本季晚些時候或下個季度推出 GA。因此，我很好奇如何看待 Project Catalyst 貢獻方面指導中所包含的內容。情況有改變嗎？或者，在收購後，您對產品貢獻的看法是否改變了？謝謝。

Yeah. So obviously, the guide on an organic basis doesn't include OfferFit and just includes kind of our own business. And I don't think Catalyst is going GA quite as quickly as you're indicating.

是的。因此顯然，有機指南並不包括 OfferFit，只包括我們自己的業務。我不認為 Catalyst 會像你說的那樣快地走向 GA。

Yeah. As I said in the prepared remarks, the first private beta release will be at the end of Q1, and we expect subsequent beta releases before GA, and there's been nothing said about when it goes to GA.

是的。正如我在準備好的發言中所說，第一個私人測試版將在第一季末發布，我們預計在 GA 之前會有後續的測試版發布，但還沒有透露何時發布 GA。

Yeah. So I wouldn't expect anything material related to that embedded in the guide or coming anytime soon.

是的。因此，我不會期望指南中會包含或很快出現與此相關的任何資料。

Got it. And then a quick follow-up for Bill here. You know that -- this is the best you felt in the competitive landscape here. Some of your key legacy competitors have talked about their core products, competitive products underperforming. Has that created more discussions or more uptick in top of funnel activity? Or how can we think about the changing competitive landscape taking shape for you guys?

知道了。然後這裡對比爾進行快速跟進。你知道——這是你在競爭激烈的環境中感受到的最好的東西。您的一些主要傳統競爭對手談到了他們的核心產品、競爭產品表現不佳。這是否引發了更多的討論或更多的漏斗活動上升？或者我們如何看待你們正在形成的不斷變化的競爭格局？

Yeah. So I've been talking about this for a little while now, and I think that the -- I'll call it the kind of distracted posture toward the competitive products within the parts of the legacy marketing clouds that Braze competes with has been picked up on by the broader community. And that has a few implications.

是的。所以我已經談論這個問題有一段時間了，我認為——我稱之為對 Braze 所競爭的傳統營銷雲部分中的競爭產品的分散注意力的姿態已經被更廣泛的社區所接受。這有幾個含義。

One is that we're seeing partners that have been long-time services or technology partners to those marketing clouds starting to look around and figure out their next act is going to be. And as Braze emerges as the category leader in customer engagement, we're having a lot more of those conversations with prospective or current partners about doubling down on their commitment to Braze.

一是我們看到那些長期為行銷雲提供服務或技術的合作夥伴開始環顧四周，思考下一步該怎麼做。隨著 Braze 逐漸成為客戶參與領域的領導者，我們與潛在或現有合作夥伴進行了更多對話，希望能加倍他們對 Braze 的承諾。

I think also there's been a lot of enterprises, in particular, that have really been -- they've been looking forward to a product road map from those capabilities. They maybe have been noticing the gap between what they'd like to have and what the legacy marketing clouds are delivering to them for a while.

我還認為，有許多企業確實一直期待著從這些功能中獲得產品路線圖。他們可能已經注意到他們想要的東西和傳統行銷雲提供給他們的產品之間的差距。

But the product marketing around it and their prospective future road maps have felt really good and they've been holding on, hoping that those promises will come true in the near future. And now I think it's becoming increasingly clear to people that those products are more stagnant than they are really pushing ahead.

但圍繞它的產品行銷和未來發展路線圖感覺非常好，他們一直堅持下去，希望這些承諾能夠在不久的將來實現。現在我認為人們越來越清楚地認識到這些產品的發展停滯了，而不是真正取得了進展。

And in the meantime, Braze continues to push ahead into new frontiers with highly focused and robust R&D specifically in the customer engagement space. And so when we consider both the absolute positioning as well as the relative investment posture, I think that we feel really good about that. And I think the ecosystem is starting to notice that as well.

同時，Braze 持續開拓新領域，特別是在客戶參與領域進行高度集中且強大的研發。因此，當我們考慮絕對定位以及相對投資態勢時，我認為我們對此感覺非常良好。我認為生態系統也開始注意到這一點。

Awesome. Thank you.

驚人的。謝謝。

Brian Schwartz, Oppenheimer.

奧本海默的布萊恩·施瓦茨。

Hi. Thanks for taking my question. I wanted to follow up, thinking about the integration with the architecture plans with OfferFit, I think you mentioned that they have a different data model than Braze. As you think about scaling Braze's architecture in the future, is the plan to get back to one tech stack? Or is it faster to scale by adding other type stacks and as you think about your future M&A strategy? Thanks.

你好。感謝您回答我的問題。我想跟進一下，思考與 OfferFit 的架構計劃的整合，我想您提到過它們的資料模型與 Braze 不同。當您考慮將來擴展 Braze 的架構時，是否計劃回到一個技術堆疊？或者，透過增加其他類型堆疊以及考慮未來的併購策略，是否可以更快地實現擴展？謝謝。

Yeah. So I think that an enduring advantage that we've had against the prior generation of marketing clouds and marketing automation suites has actually derived from the tight integration that we have across our stack as well as obviously the event-driven stream processor that underlies all of it.

是的。因此，我認為，我們相對於上一代行銷雲端和行銷自動化套件所擁有的持久優勢實際上來自於我們整個堆疊的緊密整合，以及顯然是所有這些的基礎的事件驅動的流處理器。

And then the increasing flexibility of the Braze data platform to be able to get more data more quickly, completely and cheaply into that event-driven stream processor. And so any acquisition that we make along the way is absolutely going to be predicated on a strong integration plan where we bring those technology stacks together. I'm very committed to Braze not ending up being a fragmented set of acquisitions with a bunch of the complexity that's inherent in that.

然後，Braze 資料平台的靈活性不斷增強，能夠更快、更完整、更廉價地將更多資料輸入事件驅動的流處理器中。因此，我們在過程中進行的任何收購絕對都將以強大的整合計劃為前提，我們將這些技術堆疊整合在一起。我非常致力於讓 Braze 不會最終成為一個分散的收購集合，而是產生其固有的複雜性。

We're really looking forward to OfferFit coming into the Braze technical environment and the foundations and us being able to leverage their engine and then being able to leverage a lot of the things that we've built along the way.

我們非常期待 OfferFit 進入 Braze 技術環境和基礎，並且我們能夠利用他們的引擎，然後能夠利用我們在過程中建立的許多東西。

I think that when you specifically look at the data question, big part of extracting additional uplift through the way that they apply their -- that they generate their features and apply their reinforcement learning to it is actually activating bespoke company or industry-specific data across both the customer feature space, which is to say, kind of all the data that you have on your -- on first-party users across the user profiles as well as the action feature space, which is -- which basically means like all the different optionality that you have to make different offers, provide different incentives, different copy, different choices that you have along the customer journey.

我認為，當你專門研究數據問題時，透過他們應用的方式提取額外提升的很大一部分——他們生成他們的特徵並將他們的強化學習應用於它，實際上是在客戶特徵空間中激活定制的公司或行業特定數據，也就是說，你在用戶個人資料中的第一方用戶以及動作特徵空間中擁有的所有數據，這基本上意味著你必須提供不同的旅程、不同的旅程。

And so bringing in both of those in a bespoke way also then requires transforming those incoming data flows to extract features that are usable for machine learning. It involves navigating regulatory and other requirements, especially in places where they work like in finance, and they bring a lot of hands-on experience in that area.

因此，以客製化的方式引入這兩者也需要轉換這些傳入的資料流以提取可用於機器學習的特徵。它涉及到遵守監管和其他要求，特別是在他們工作的領域，例如金融領域，並且他們在該領域擁有大量的實踐經驗。

So now on the other side, too, we're excited to speed up their road map because the Braze data platform is a more comprehensive data platform with more connectors already built than they've already created on their side. And that ends up being very complementary because they've really worked to make their data pipeline specifically for that transformation into features for usage by machine learning and to adhere to a lot of those regulatory requirements, in particular, in the high end of the enterprise in these highly regulated environments.

因此，現在從另一方面來看，我們也很高興能夠加快他們的路線圖，因為 Braze 數據平台是一個更全面的數據平台，它已經構建的連接器比他們已經在他們那邊創建的還要多。最終，這形成了非常互補的局面，因為他們確實致力於使他們的數據管道專門用於轉換成機器學習使用的功能，並遵守許多監管要求，特別是在這些嚴格監管的環境中的企業高端。

The Braze data platform has built to be a comprehensive solution across the B2C space to be able to get data into our customer engagement stack quickly, completely and cheaply. And we think that there's just really good synergies there as we continue to build. But we are very committed to making sure that the end state and indeed one that we get to rapidly is one where the integration is tight, so that we can both benefit from continued R&D advancement that builds without incurring the complexity that arises from more fragmented technology.

Braze 資料平台已成為 B2C 領域的綜合解決方案，能夠快速、完整且廉價地將資料傳輸到我們的客戶參與堆疊中。我們認為，隨著我們不斷建設，這裡將產生非常好的協同效應。但我們非常致力於確保最終狀態（實際上是我們快速達到的狀態）是緊密整合的狀態，以便我們雙方都能從持續的研發進步中受益，而不會產生因技術更加分散而產生的複雜性。

Thanks.

謝謝。

Yun Kim, Loop Capital.

Yun Kim，Loop Capital。

Okay. Great. Congrats on the solid quarter, Bill and Isabelle. Strength in the new customer adds that you saw in the quarter. Any new bundles or packaging that's driving -- that drove that strength? And if you can update us on how the initial land deal size has been trending?

好的。偉大的。恭喜比爾和伊莎貝爾本季的豐厚成績。本季度，新客戶數量強勁成長。有什麼新的捆綁或包裝可以推動這種優勢嗎？您能否向我們介紹初始土地交易規模的趨勢？

Yeah. So we only update our pricing and packaging meaningfully once a year, and the refresh for that will actually be coming up as we begin Q2. I'll also remind everyone that we launched the flexible credits model around this time last year. And the adoption of that has been really good, but we had limited it to just a couple of channels. And so we've actually in this upcoming version or refresh of pricing and packaging, we're going to be expanding the flexible credits model to also include e-mail, content cards, banners, audience sync and message archiving.

是的。因此，我們每年僅對價格和包裝進行一次有意義的更新，而此次更新實際上將在第二季開始時進行。我還要提醒大家，我們去年這個時候推出了彈性積分模式。這種做法的實施效果確實很好，但我們將其限制在幾個管道內。因此，我們實際上在即將推出的版本或定價和包裝更新中，將擴展靈活的信用模型，以包括電子郵件、內容卡、橫幅、受眾同步和訊息存檔。

And so that -- we're excited about that and continuing to see good benefits from that. And obviously, we did see the benefits of the flexible credits model being there in Q4. I think that similarly, we're continuing to see the kinds of buying trends that I've spoken about a lot of just there's a lot of scrutiny and rigor behind all of these evaluations that are happening.

所以，我們對此感到很興奮，並且將繼續從中看到良好的效益。顯然，我們確實在第四季度看到了靈活信貸模式的好處。我認為，同樣地，我們繼續看到我多次談到的購買趨勢，所有這些評估背後都需要嚴格的審查和嚴格要求。

And the upsides of that are that people are scoping their purchases in ways that they're getting up and running more quickly and more completely through their initial integration because they've got stakeholders all aligned before they're ready to go. A lot of these RFPs are drawn out, which has the downside of it being a longer sales cycle but has the upside of more often the company is ready to go for implementation right away. And so I think those are some of the differences that we're seeing. It's not materially different in Q4 versus the rest of the year. But obviously, we were happy with the new business performance in the quarter.

這樣做的好處是，人們可以透過初始整合以更快、更全面的方式確定採購範圍，因為他們在準備好之前已經讓所有利害關係人達成一致。許多 RFP 都是拖延的，這樣做的缺點是會延長銷售週期，但優點是公司往往可以立即準備實施。我認為這些就是我們看到的一些差異。第四季與今年其他季度相比並沒有實質的差異。但顯然，我們對本季的新業務表現感到滿意。

Okay, great. Thank you so much.

好的，太好了。太感謝了。

Patrick Walravens, JMP Securities.

Patrick Walravens，JMP證券。

Okay, good. Thank you. Bill, I'm curious on OfferFit. Why now? Like was there a formal process that they were going through? Were they considering doing a new financing? How long have you been thinking about this? Why did this deal happen now?

好的，很好。謝謝。比爾，我對 OfferFit 很好奇。為什麼是現在？他們是否正在經歷一個正式的程序？他們是否考慮進行新的融資？您考慮這個問題多久了？為什麼現在達成這筆交易？

Yeah. I won't go into too many of the details, but just quickly. We have an active Corpdev group here. This was identified as an area of interest for us. OfferFit has been a longtime partner, as I've mentioned a couple of times.

是的。我不會談太多細節，但會很快講清楚。我們這裡有一個活躍的 Corpdev 小組。這被確定為我們感興趣的領域。正如我多次提到的，OfferFit 一直是我們的長期合作夥伴。

Braze is actually their most prominent partner and we've been really happy with seeing the joint customer outcomes that we've been able to achieve them along the way. And so we actually did approach them. We happen to approach them, right, as they were preparing for a fundraising round. And so that did put some constraints around the overall time line. But a big part of this is just that we've seen them maturing as a business in our partnership ecosystem. And we felt like this was a great time for complementary building.

Braze 實際上是他們最突出的合作夥伴，我們很高興看到我們在這過程中所取得的共同客戶成果。因此我們確實去接觸了他們。我們碰巧與他們接洽，當時他們正在準備一輪融資。這確實對整體時間表造成了一些限制。但很大一部分原因是我們看到他們在我們的合作夥伴生態系統中作為一項業務日益成熟。我們覺得這是一個進行互補建設的好時機。

We -- I've mentioned a couple of times of things that they've built, the things that we've built that the flip side of that is also the things that they haven't built yet and the things that where we haven't built yet as well. And I think those things match up in a way that's going to create not just an exciting combination but also a really efficient one.

我們 — — 我曾多次提到他們已經建造的東西，我們也建造了東西，另一方面，也提到了他們尚未建造的東西以及我們尚未建造的東西。我認為這些因素結合在一起不僅能形成令人興奮的組合，也會產生非常有效率的組合。

All right, great. Thank you.

好的，太好了。謝謝。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

Hi. Thanks for the question. Isabelle, you mentioned that you did a little bit better on logo churn. I was wondering if you could expand on that and share an update on the health of the SMB segment of the market.

你好。謝謝你的提問。伊莎貝爾，你提到你在標誌變更方面做得更好一些。我想知道您是否可以就此展開並分享有關中小企業市場健康狀況的最新情況。

Yeah. I mean, look, the one thing about churning an account is once you've churned it, you can't churn it again. And so we've had a few quarters now where we've been talking about levels of churn that have been higher than what we would want on a sustained basis, and we're starting to kind of work our way through that.

是的。我的意思是，你看，關於頻繁切換帳戶的一件事是，一旦你頻繁切換它，你就不能再次頻繁切換它。因此，現在我們已經有幾個季度在談論客戶流失率，這些客戶流失率一直高於我們期望的持續水平，我們正在開始努力解決這個問題。

Now there are -- we're probably still not all the way through some level of right contract rightsizing among some of our customers who will stick around, but we'll have to kind of rightsize their entitlements as they come up for renewal. But that said, we have indeed flushed out a number of smaller accounts that -- whose business health was certainly at risk.

現在，對於一些願意留下來的客戶，我們可能還沒有完全完成合約合理化調整，但是，在他們續約時，我們必須對他們的權利進行合理調整。但話雖如此，我們確實清理了一些較小的帳戶，這些帳戶的業務健康肯定存在風險。

Thank you.

謝謝。

There are no more questions in the queue. So I'll pass back to Bill for closing remarks.

隊列中沒有其他問題。因此我將把發言交還給比爾，請他作最後發言。

Yeah. Thank you, everybody, for joining us today. We -- obviously really exciting news today and really happy with the execution from the team around the world. We're looking ahead to a great fiscal year, and we'll see you next quarter.

是的。感謝大家今天的參與。我們——今天的消息顯然非常令人興奮，並且對來自世界各地的團隊的表現感到非常高興。我們期待著一個偉大的財政年度，我們將在下個季度與您見面。