Braze Inc (BRZE) 2026 Q1 法說會逐字稿

Welcome to the Braze fiscal first-quarter 2026 earnings conference call. My name is Luke, and I'll be your operator for today's call. (Operator Instructions)

歡迎參加 Braze 2026 財年第一季財報電話會議。我叫盧克，今天我將擔任您的電話接線生。（操作員指示）

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

現在我將把電話轉給 Braze 投資者關係副總裁 Christopher Ferris。

Thank you, operator. Good afternoon, and thank you for joining us today to review Braze's results for the fiscal first quarter 2026. 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 supplemental presentation related to today's earnings announcement.

謝謝您，接線生。下午好，感謝您今天加入我們，共同回顧 Braze 2026 財年第一季的業績。與我一起參加會議的還有我們的聯合創始人兼首席執行官比爾·馬格努森 (Bill Magnuson) 和首席財務官伊莎貝爾·溫克爾斯 (Isabelle Winkles)。我們在今天收盤後發布的新聞稿中公佈了我們的業績。請參閱我們網站 investors.braze.com 的投資者關係部分，以了解更多資訊以及與今天的收益公告相關的補充介紹。

During this call, we will make statements related to our business that are forward-looking under federal securities laws and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding our financial outlook for the second quarter ended July 31, 2025, and the fiscal year ended January 31, 2026, our ability to integrate and realize the benefits of the acquisition of OfferFit, our anticipated product development and performance, 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，就我們的業務做出前瞻性的聲明。這些聲明包括但不限於有關我們截至 2025 年 7 月 31 日的第二季度和截至 2026 年 1 月 31 日的財政年度的財務前景、我們整合和實現收購 OfferFit 所帶來的好處的能力、我們預期的產品開發和性能、我們對新客戶垂直領域的期望、我們預期的客戶行為，包括對供應商和替換趨勢的影響、我們的潛在市場機會以及我們有效利用此類機會的能力；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. We assume no obligation to update any such forward-looking statements. For a discussion of the material risks and uncertainties that could affect our actual results, please refer to the risks identified in today's press release and our SEC filings, both available on the Investor Relations section of our website.

這些聲明受各種風險和不確定性的影響，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找到。

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 first quarter 2026 performance. In addition to the impact these items have on the financial results, please refer to the reconciliations of our non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with 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.

我還想提醒您，今天的電話會議將包括管理層用來評估我們持續經營業務的某些非 GAAP 財務指標，並幫助投資者進一步了解公司 2026 財年第一季的業績。除了這些項目對財務結果的影響之外，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 GAAP 財務指標與按照美國 GAAP 計算的最直接可比較財務指標的對帳。所提供的非 GAAP 財務指標不應被視為替代或優於根據美國 GAAP 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. We delivered strong first quarter results, generating $162.1 million of revenue, up nearly 20% year-over-year. That top line growth continues to be paired with efficiency improvements as we increased our non-GAAP operating margin by over 900 basis points year-over-year and realized our fourth straight quarter of non-GAAP net income profitability, achieving over $7 million of net income and nearly $23 million of free cash flow in the quarter. We are proud of our financial success as we continue our mission to become the leading customer engagement platform on a global scale and look forward to achieving sustained profitable growth in the coming quarters and years, while thoughtfully reinvesting in our business and building our competitive moat.

謝謝你，克里斯，大家下午好。我們第一季業績表現強勁，營收達 1.621 億美元，較去年同期成長近 20%。隨著營收成長與效率提升，我們的非公認會計準則營業利潤率年增超過 900 個基點，並連續第四個季度實現非公認會計準則淨收入盈利，本季度實現淨收入超過 700 萬美元，自由現金流接近 2,300 萬美元。我們為我們的財務成功感到自豪，因為我們將繼續我們的使命，成為全球領先的客戶參與平台，並期待在未來幾個季度和幾年實現持續的盈利增長，同時深思熟慮地對我們的業務進行再投資並建立我們的競爭護城河。

Despite an environment that remains noisy and uneven, we continued our momentum from Q4, achieving strong bookings as we got off to a good start in fiscal 2026. Thus far, global trade concerns have yet to materially affect deal cycles. And in the first quarter, we secured a diverse set of new business wins and upsells, including Beyond Inc., Chamberlain Group, Evite, Freshket, Fubo, LUSH Cosmetics, Njuskalo, ThredUP and many others.

儘管環境依然嘈雜且不平衡，但我們延續了第四季度的勢頭，實現了強勁的預訂量，為 2026 財年帶來了良好的開端。到目前為止，全球貿易問題尚未對交易週期產生實質影響。在第一季度，我們獲得了一系列新的業務和追加銷售，包括 Beyond Inc.、Chamberlain Group、Evite、Freshket、Fubo、LUSH Cosmetics、Njuskalo、ThredUP 等。

Our customer count rose to 2,342, up 46 sequentially and up 240 versus the prior year. Our large customer additions were again strong with $500,000 plus ARR customers, rising 24% year-over-year to 262, demonstrating the need for enterprises to deploy AI-based solutions and leverage first-party data to drive sophisticated cross-channel customer engagement at scale.

我們的客戶數量上升至 2,342 家，比上一季增加 46 家，比上年增加 240 家。我們的大客戶新增數量再次強勁，ARR 超過 50 萬美元的客戶同比增長 24%，達到 262 家，這表明企業需要部署基於人工智慧的解決方案並利用第一方數據來大規模推動複雜的跨渠道客戶參與。

We also continue to replace legacy marketing clouds across verticals and around the world, including at a North American FinTech, a global luxury retail brand, an EMEA insurance comparison firm, a North American amusement park chain, an EMEA Fashion House and APAC Tourism Board, a North American clothing marketplace, a US health care company, a construction equipment rental firm in APAC a US gaming company and an EMEA professional sports organization, among many others.

我們也將繼續在垂直產業和全球範圍內更換傳統的行銷雲，其中包括北美金融科技公司、全球奢侈品零售品牌、歐洲、中東和非洲保險比較公司、北美遊樂園連鎖店、歐洲、中東和非洲時裝公司和亞太旅遊局、北美服裝市場、美國醫療保健公司、亞太地區的建築設備租賃公司、美國遊戲公司和歐洲、中東和非洲職業組織等。

We also continued to win against both channel-specific point solutions and homegrown tools across a diverse set of industries, geographies and use cases. And it's that diversification, which supports our results even as the economic and geopolitical environment remains dynamic. As we continue our substantial and focused investment on our journey to become the recognized leader in customer engagement, we are confident that the legacy replacement cycle and vendor consolidation trends will persist, presenting Braze with opportunities to increase market share as brands increasingly seek to improve their customer engagement strategies and leverage new AI-driven advancements to simultaneously achieve better results and higher levels of productivity.

我們也持續在各個產業、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。正是這種多樣化，即使在經濟和地緣政治環境仍然動態的情況下也支撐了我們的表現。隨著我們繼續在成為客戶參與領域公認領導者的征程上進行大量且集中的投資，我們相信，傳統更換週期和供應商整合趨勢將持續下去，隨著品牌越來越多地尋求改善其客戶參與策略並利用新的人工智慧驅動的進步來同時實現更好的結果和更高的生產力水平，這將為Braze提供增加市場份額的機會。

Meanwhile, our legacy competitors continue to stand still. Failing to innovate or adapt as the modern customer engagement landscape continues to forge ahead in both scope and sophistication. Braze remains focused and forward-looking as we deploy AI in tandem with first-party data activation, applying leading-edge reinforcement learning and generative AI technology to an ever-evolving set of messaging channels and product interfaces to help our customers deliver more relevant customer experiences and grow their businesses. This multifaceted strategy was on display just a few weeks ago as we announced the general availability of RCS messaging, in-product banners and canvas context. Separately, these are important upgrades to our channel offerings, orchestration environment and visual programming language, but it's a combination of these capabilities with our increasingly robust Braze AI suite that really makes our product road map shine whether a brand is orchestrating a dynamic customer journey, initiating an interactive conversational experience or enhancing core product offerings, the tools and skills of customer engagement are there to help them identify and optimize every one of the moments that matter in the customer journey.

與此同時，我們的傳統競爭對手卻依然停滯不前。隨著現代客戶參與格局在範圍和複雜程度上不斷向前發展，我們未能進行創新或適應。Braze 始終保持專注和前瞻性，我們將人工智慧與第一方資料啟動相結合，將前沿的強化學習和生成人工智慧技術應用於不斷發展的訊息傳遞管道和產品介面，以幫助我們的客戶提供更相關的客戶體驗並發展他們的業務。就在幾週前，當我們宣布全面推出 RCS 訊息、產品內橫幅和畫布上下文時，這一多方面的策略就已得到展示。另外，這些都是我們通路產品、編排環境和視覺化程式語言的重要升級，但這些功能與我們日益強大的 Braze AI 套件的結合才真正使我們的產品路線圖大放異彩，無論品牌是在編排動態客戶旅程、發起互動式對話體驗還是增強核心產品，客戶參與的工具和技能都可以幫助他們識別和優化客戶旅程中每一個重要的時刻。

As the Braze product races ahead, we also continue to invest heavily in the community of marketers and agencies that are the foundation of the broader Braze ecosystem. And we firmly believe that now is the ideal moment to elevate the craft of customer engagement as marketers lead behind the drudge work of campaign creation and ascend to being a maestro of experience.

隨著 Braze 產品的快速發展，我們也將繼續大力投資行銷人員和代理商社區，這是更廣泛的 Braze 生態系統的基礎。我們堅信，現在是提升客戶參與技巧的理想時機，因為行銷人員將引領行銷活動所創造的繁重工作，並成為經驗大師。

By combining the accelerated capabilities of reinforcement learning and generative AI, we believe that marketers can ascend to a strategic conductor role responsible for prioritizing and driving business goals as brands unlock new opportunities for growth on the back of their continued investments in first-party data and the building of direct-to-consumer relationships. The enhanced flexibility of data, expansion of communication channels, rapid advance of AI and rising skill sets of marketers present brands with an unprecedented opportunity to engage with their customers, fostering enduring relationships that are the foundation of efficient brand growth.

透過結合強化學習和生成式人工智慧的加速能力，我們相信行銷人員可以提升到策略指揮者的角色，負責優先考慮和推動業務目標，因為品牌透過對第一方數據的持續投資和建立直接面向消費者的關係來釋放新的成長機會。數據靈活性的增強、溝通管道的擴展、人工智慧的快速發展以及行銷人員技能的不斷提高，為品牌提供了與客戶互動的前所未有的機會，培養了持久的關係，這是高效品牌成長的基礎。

This goes beyond the conventional notion of delivering the right message to the right channel at the right moment. It involves gaining a deeper understanding of customers, engaging with them more holistically and reinforcing customer connections by providing seamlessly integrated messages and product experiences. Agentic AI plays a vital role in enhancing relevance and enabling extensive personalization as these decision-making agents independently test, learn and provide highly tailored experiences to customers.

這超越了在正確的時間向正確的管道傳遞正確訊息的傳統觀念。它涉及更深入地了解客戶、更全面地與客戶互動，並透過提供無縫整合的資訊和產品體驗來加強客戶聯繫。Agentic AI 在增強相關性和廣泛個人化方面發揮著至關重要的作用，因為這些決策代理可以獨立測試、學習並為客戶提供高度客製化的體驗。

To accelerate our progress in this area, earlier this week, we successfully closed the acquisition of OfferFit, a leading AI decisioning company that leverages proprietary reinforcement learning to enable brands to deliver highly relevant and personalized customer engagement at scale. OfferFit has spent the last 4.5 years building and deploying a leading multi-agent solution that autonomously explores solution spaces across life cycle marketing campaigns, creating highly customized recommendations for cross-channel campaign content and delivery strategies.

為了加速我們在這一領域的進展，本週早些時候，我們成功完成了對 OfferFit 的收購，這是一家領先的人工智慧決策公司，利用專有的強化學習，使品牌能夠大規模地提供高度相關和個性化的客戶參與。OfferFit 在過去的 4.5 年裡一直致力於建立和部署領先的多代理解決方案，該解決方案可以自主探索整個生命週期行銷活動的解決方案空間，為跨渠道活動內容和交付策略創建高度客製化的建議。

By substituting the manual processes of AB testing with reinforcement learning agents that independently experiment and identify optimal actions, OfferFit's advanced AI decisioning can be utilized across a diverse range of experimentation and optimization scenarios. This approach has been highly successful, enabling OfferFit to quickly land and expand with large enterprises across a diverse set of industry verticals. After years of successful product partnership, we are now working quickly to fully integrate OfferFit's multi-agent decisioning engine into Braze's customer engagement platform. By leveraging the Braze data platform, dashboard infrastructure and our already scaled event-driven stream processor, we anticipate that OfferFit will be able to simultaneously accelerate their previously independent road map, even while we prioritize the many integration tasks that will lay a strong foundation for future innovation and scaling.

透過以獨立實驗和識別最佳行動的強化學習代理取代 AB 測試的手動流程，OfferFit 的先進 AI 決策可用於各種實驗和最佳化場景。這種方法非常成功，使 OfferFit 能夠快速登陸並擴展到各個垂直行業的大型企業。經過多年成功的產品合作，我們現在正在迅速努力將 OfferFit 的多代理決策引擎完全整合到 Braze 的客戶參與平台中。透過利用 Braze 資料平台、儀表板基礎設施和我們已經擴展的事件驅動流處理器，我們預計 OfferFit 將能夠同時加速其先前獨立的路線圖，同時我們優先考慮許多整合任務，為未來的創新和擴展奠定堅實的基礎。

Together, we believe we can enable brands to leverage cutting-edge technologies in automation and machine learning, transforming customer relationships and creating shared value for both consumers and businesses. In the short term, we anticipate that OfferFit solution will enable us to increase deal sizes through their distinctive reinforcement learning products and services, while also setting us apart from competitors by offering a broad range of AI-driven optimization capabilities at various price tiers and service levels.

我們相信，透過共同努力，我們可以使品牌利用自動化和機器學習領域的尖端技術，改變客戶關係並為消費者和企業創造共享價值。短期內，我們預計 OfferFit 解決方案將使我們能夠透過其獨特的強化學習產品和服務來增加交易規模，同時透過在不同價格層級和服務水平上提供廣泛的人工智慧驅動的優化功能使我們在競爭中脫穎而出。

In the medium term, similar to our approach with other key components of Braze AI, we plan to integrate OfferFit agents and machine learning models throughout the Braze platform. This integration will empower us to collaboratively address new use cases and improve existing features, ultimately helping brands achieve higher uplift with lower effort.

從中期來看，與我們對 Braze AI 其他關鍵組件的方法類似，我們計劃在整個 Braze 平台中整合 OfferFit 代理和機器學習模型。這種整合將使我們能夠協作解決新的用例並改進現有功能，最終幫助品牌以更少的努力實現更高的提升。

The integration of OfferFit also complements Braze's Project Catalyst, a native AI agent aimed at helping brands personalize and optimize experiences through highly relevant journeys and content at scale, which is now available in private beta. Finally, we are confident that over the long term, their solution and AI expertise will help Braze accelerate progress on several long-running initiatives in Braze AI and Canvas, reinforcing our position as a leader in AI and customer engagement. We are thrilled to welcome OfferFit's team and technology to Braze, enabling our combined experience in machine learning and AI to enhance our product ecosystem and create exceptional experiences for our customers and their end consumers.

OfferFit 的整合也補充了 Braze 的 Project Catalyst，這是一個原生 AI 代理，旨在幫助品牌透過高度相關的旅程和大規模內容來個性化和優化體驗，目前已推出私人測試版。最後，我們相信，從長遠來看，他們的解決方案和人工智慧專業知識將幫助 Braze 加速 Braze AI 和 Canvas 中幾項長期計劃的進展，鞏固我們在人工智慧和客戶參與領域的領先地位。我們很高興歡迎 OfferFit 的團隊和技術加入 Braze，這將使我們在機器學習和人工智慧方面的綜合經驗能夠增強我們的產品生態系統，並為我們的客戶及其最終消費者創造卓越的體驗。

We are excited to build the future of customer engagement together and look forward to unveiling more about the OfferFit integration, Braze AI and our broader road map at Forge, our annual flagship Customer Conference in September.

我們很高興共同建構客戶參與的未來，並期待在 9 月的年度旗艦客戶大會 Forge 上公佈更多有關 OfferFit 整合、Braze AI 和我們更廣泛的路線圖的資訊。

And before I go, I'm excited to share that when we arrive at Forge in September, I'll be joined by the latest addition to our executive team as Ed McDonnell will be starting at Braze as our new Chief Revenue Officer in early July. Ed brings a wealth of experience and qualifications to this role with a proven track record of building and scaling revenue at leading SaaS organizations.

在我離開之前，我很高興地告訴大家，當我們 9 月抵達 Forge 時，我們的管理團隊將迎來最新成員，Ed McDonnell 將於 7 月初加入 Braze，擔任我們的新首席營收官。Ed 為該職位帶來了豐富的經驗和資格，並在領先的 SaaS 組織中擁有創造和擴大收入的成功記錄。

As a former Executive Vice President and CRO at Salesforce Marketing Cloud, he developed a deep understanding of the customer engagement landscape and successfully scaled a multibillion-dollar marketing technology business. Most recently, he served as CRO at Asana, where he led revenue growth in the work management sector. His transition back to marketing technology underscores his strong belief in Braze's market position and growth potential in the customer engagement space.

身為 Salesforce Marketing Cloud 的前執行副總裁兼首席風險官，他對客戶參與格局有著深入的了解，並成功擴大了價值數十億美元的行銷科技業務。最近，他擔任 Asana 的首席風險官，領導工作管理部門的收入成長。他重返行銷科技領域，凸顯了他對 Braze 在客戶參與領域的市場地位和成長潛力的堅定信念。

We are very excited to have Ed joining us soon, rounding out what we believe to be a best-in-class SaaS leadership team here at Braze. Thank you for your continued interest and support.

我們非常高興 Ed 很快就加入我們，讓我們所認為的 Braze 一流的 SaaS 領導團隊更加完整。感謝您一直以來的關注與支持。

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

現在我將把電話轉給伊莎貝爾。

Thank you, Bill, and thank you, everyone, for joining us today. As Bill stated, we reported a strong first quarter with revenue increasing 20% year-over-year to $162 million, driven by a combination of existing customer contract expansions, renewals and business. subscription revenue remains the primary component of our total top line, contributing 96% of our first quarter revenue, while the remaining 4% represents a combination of recurring professional services and onetime configuration and onboarding fees.

謝謝比爾，也謝謝大家今天加入我們。正如比爾所說，我們報告的第一季業績強勁，營收年增 20%，達到 1.62 億美元，這得益於現有客戶合約的擴展、續約和業務的成長。訂閱收入仍然是我們總收入的主要組成部分，佔第一季收入的 96%，而剩餘的 4% 則來自經常性專業服務以及一次性配置和入職費用的組合。

Total customer count increased 11% year-over-year to 2,342 customers as of April 30, 2025, up 240 from the same period last year and up 46 from the prior quarter. Our total number of large customers, which we define as those spending at least $500,000 annually grew 24% year-over-year to 262. And as of April 30, 2025, contributed 62% to our total ARR compared to a 60% contribution as of the same quarter last year.

截至 2025 年 4 月 30 日，客戶總數年增 11% 至 2,342 名客戶，比去年同期增加 240 名，比上一季增加 46 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）年增 24%，達到 262 個。截至 2025 年 4 月 30 日，對我們的總 ARR 的貢獻率為 62%，而去年同期的貢獻率為 60%。

Measured across all customers, dollar-based net retention was 109%, while dollar-based net retention for our large customers was 112%. Expansion was again broadly distributed across industries and geographic regions. Revenue outside the U.S. contributed 46% of our total revenue in the quarter, up from 45% in the fourth quarter of last year and up from 44% in the prior year quarter.

從所有客戶來看，基於美元的淨留存率為 109%，而大客戶的基於美元的淨留存率為 112%。擴張再次廣泛分佈於各行業和地理區域。本季度，美國以外地區的營收占我們總營收的 46%，高於去年第四季的 45%，也高於去年同期的 44%。

In the first quarter, our total remaining performance obligation was $829.3 million, up 26% year-over-year and up 5% sequentially. Current RPO was $522 million, up 24% year-over-year and up 3% 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.

第一季度，我們的剩餘履約義務總額為 8.293 億美元，年增 26%，季增 5%。目前 RPO 為 5.22 億美元，年增 24%，季增 3%。年比成長主要得益於合約續約、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 69.3%. This compares to a non-GAAP gross profit of $92 million and a non-GAAP gross margin of 67.9% in the first 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 69.3%。相較之下，去年第一季的非公認會計準則毛利為 9,200 萬美元，非公認會計準則毛利率為 67.9%。利潤率同比增長的動力來自於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收益，但高級訊息傳遞量的增加部分抵消了這一收益。

Non-GAAP sales and marketing expenses were $64 million or 39% of revenue compared to $60 million or 44% 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 6,400 萬美元，佔收入的 39%，而去年同期為 6,000 萬美元，佔收入的 44%。雖然美元的成長反映了我們為支持持續成長和全球擴張而在員工成本方面進行的逐年投資，但效率的提高反映了我們在整個行銷組織中對資源部署的嚴謹投資方式。

Non-GAAP R&D expense was $25 million or 15% of revenue compared to $23 million or 17% 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 and 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 2,500 萬美元，佔營收的 15%，去年同期為 2,300 萬美元，佔營收的 17%。美元增加的主要原因是增加了員工成本，以支援我們現有產品的擴展以及開發新產品和功能以推動成長。我們的研發支出反映了我們有意且嚴謹的技術投資策略，並符合我們長期非公認會計準則研發佔營收百分比 13% 至 15% 的目標。

Non-GAAP G&A expense was $21 million or 13% of revenue compared to $19 million or 14% 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 $3 million or 2% of revenue compared to a non-GAAP operating loss of $10 million or negative 7% of revenue in the prior year quarter. Non-GAAP net income attributable to Braze shareholders in the quarter was $7 million or $0.07 per share compared to a loss of $6 million or a loss of $0.05 per share in the prior year quarter.

非公認會計準則 (Non-GAAP) 的一般及行政支出為 2,100 萬美元，佔收入的 13%，而去年同期的一般及行政開支為 1,900 萬美元，佔收入的 14%。美元的成長是由支持公司整體成長和全球擴張的投資所推動的。非公認會計準則營業收入為 300 萬美元，佔營收的 2%，而去年同期非公認會計準則營業虧損為 1,000 萬美元，佔營收的-7%。本季歸屬於 Braze 股東的非 GAAP 淨收入為 700 萬美元或每股虧損 0.07 美元，而去年同期的虧損為 600 萬美元或每股虧損 0.05 美元。

Now turning to the balance sheet and cash flow statement. We ended the quarter with approximately $540 million in cash, cash equivalents, restricted cash and marketable securities. Cash provided by operations during the quarter was $24 million compared to cash provided by operations of $19 million in the prior year quarter. Including the cash impact of capitalized costs free cash flow in the quarter was $23 million compared to free cash flow of $11 million in the prior year quarter. Free cash flow during Q1 of FY26 includes the impact of approximately $6 million in vendor payments related to the OfferFit acquisition during the quarter.

現在轉向資產負債表和現金流量表。本季末，我們擁有約 5.4 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 2,400 萬美元，而去年同期經營活動提供的現金為 1,900 萬美元。包括資本化成本的現金影響在內，本季的自由現金流為 2,300 萬美元，而去年同期的自由現金流為 1,100 萬美元。26 財年第一季的自由現金流包括本季與 OfferFit 收購相關的約 600 萬美元供應商付款的影響。

We expect our free cash flow to continue to fluctuate from quarter-to-quarter given the timing of customer and vendor payments.

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 we closed the OfferFit acquisition on June 2. And as such, guidance for our second quarter incorporates a nearly 2-month impact of owning OfferFit, while guidance for the full year incorporates a nearly 8-month impact of the transaction. For the second quarter of fiscal 2026, we expect revenue to be in the range of $171 million to $172 million, which represents a year-over-year growth rate of approximately 18% at the midpoint.

現在轉向指導。請注意，我們在 6 月 2 日完成了 OfferFit 收購。因此，我們第二季的指導包含了擁有 OfferFit 的近 2 個月的影響，而全年的指導則包含了交易的近 8 個月的影響。對於 2026 財年第二季度，我們預計營收將在 1.71 億美元至 1.72 億美元之間，中間值年增率約為 18%。

Second quarter non-GAAP operating income is expected to be in the range of $0.5 million to $1.5 million. At the midpoint, this implies a non-GAAP operating income margin of approximately 1%. Second quarter non-GAAP net income is expected to be $2.5 million to $3.5 million and second quarter non-GAAP net income per share is expected to be in the range of $0.02 to $0.03 per share based on approximately 113 million weighted average diluted shares outstanding during the period.

第二季非公認會計準則營業收入預計在 50 萬美元至 150 萬美元之間。從中間值來看，這意味著非公認會計準則營業利潤率約為 1%。第二季非 GAAP 淨收入預計為 250 萬美元至 350 萬美元，基於本期間約 1.13 億股加權平均稀釋流通股，第二季非 GAAP 每股淨收入預計在 0.02 美元至 0.03 美元之間。

For the full fiscal year 2026, we expect total revenue to be in the range of $702 million to $706 million which represents a year-over-year growth rate of approximately 19% at the midpoint. Consistent with the commentary we provided during our fourth quarter call, we expect OfferFit to add approximately 2 percentage points to year-over-year revenue growth for the full fiscal year, which equates to approximately $11 million to $12 million.

對於整個 2026 財年，我們預計總收入將在 7.02 億美元至 7.06 億美元之間，這意味著同比增長率約為 19%。與我們在第四季電話會議上提供的評論一致，我們預計 OfferFit 整個財年的年收入成長將增加約 2 個百分點，相當於約 1,100 萬至 1,200 萬美元。

Fiscal year 2026 non-GAAP operating income is expected to be in the range of $5.5 million to $9.5 million. At the midpoint, this implies a non-GAAP operating margin of 1%, roughly a 100 basis point improvement versus fiscal year 2025. As I stated on our last earnings call, the Offer fit acquisition will create a temporary departure from the operating income margin framework outlined during our Analyst Day last September. However, we expect to return to the framework in fiscal 2027.

2026 財年非 GAAP 營業收入預計在 550 萬美元至 950 萬美元之間。從中間值來看，這意味著非 GAAP 營業利潤率為 1%，與 2025 財年相比提高約 100 個基點。正如我在上次收益電話會議上所說的那樣，Offer fit 收購將暫時偏離我們去年 9 月分析師日期間概述的營業收入利潤率框架。然而，我們預計將在 2027 財年恢復該框架。

Non-GAAP net income for the full fiscal year is expected to be in the range of $17 million to $21 million, and net income per share is expected to be $0.15 to $0.18 per share based on a full year weighted average diluted share count of approximately 115 million shares.

預計全年非公認會計準則淨收入將在 1,700 萬美元至 2,100 萬美元之間，基於全年加權平均稀釋股數約 1.15 億股，每股淨收入預計為 0.15 美元至 0.18 美元。

To conclude, I'd like to express our excitement for what lies ahead at Braze. We are committed to offering industry-leading customer engagement solutions and driving product innovation as we work towards achieving our long-term financial goals. And with that, we'll now open the call for questions. Operator, please begin the Q&A.

最後，我想表達我們對 Braze 未來發展的興奮之情。我們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，努力實現我們的長期財務目標。現在，我們開始回答問題。接線員，請開始問答。

(Operator Instructions)

（操作員指示）

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Will and Isabelle, I was hoping to reconcile some of your prepared remarks. On the one hand, the sequential growth in the quarter was lower than what it has been in the last couple of years. You've got the uneven macro. You've got the NRR dynamic. But on the other hand, the CRPO number actually looks pretty good, and it sounds like the competitive environment continues to accrue in your favor.

威爾和伊莎貝爾，我希望能夠調和你們準備好的一些發言。一方面，本季的環比增長低於過去幾年的水平。您的巨集不均勻。您已了解 NRR 動態。但另一方面，CRPO 數字實際上看起來相當不錯，聽起來競爭環境繼續對你有利。

So my question is, when do you think some of these positive company-specific dynamics start to more than offset some of the more uneven macro pieces that you've talked about? And what kind of metrics should we be looking at, whether it's revenue acceleration or maybe the CRPO number? How are you tracking that internally in your business?

所以我的問題是，您認為這些針對特定公司的積極動態何時開始抵消您所談到的一些不平衡的宏觀因素？我們應該關注什麼樣的指標，是收入加速度還是 CRPO 數字？您如何在企業內部追蹤這一點？

Yes. So I'll address the numbers, and then Bill can possibly provide more color there as well. But specifically on CRPO, recognize that, that number is also sensitive to the volume of available renewal dollars and renewed dollars in the quarter, which was high in Q1 in terms of available renewal dollars. And so that number will help move the needle a little bit on that CRPO number as well. And so I don't love the CRPO number as a leading indicator.

是的。因此，我將討論這些數字，然後比爾也可能提供更多細節。但具體到 CRPO，要認識到，這個數字也對本季可用續約金額和續約金額很敏感，就可用續約金額而言，第一季的金額很高。因此，這個數字也會對 CRPO 數字產生一些影響。因此我不喜歡將 CRPO 數字作為領先指標。

I would say, really look to revenue as the number that we're looking for kind of to accelerate -- to really show the indication that the macro has stabilized for us over the longer term.

我想說的是，我們真正希望看到的是收入的成長，以真正表明宏觀經濟在長期內已經穩定下來。

Yes. I would say competitively, we feel really good about the results we continue to see both against the start-up competition as well as across the enterprise. We also saw continued great momentum out of Q4 into Q1 and the execution from the teams around the world was great. We saw -- good results in particular across America and across the Americas and across EMEA, and we saw broad-based strength across the different verticals. And by that, I just mean we didn't necessarily see pockets of weakness.

是的。我想說，從競爭力來看，我們對在新創公司競爭以及整個企業中持續看到的成果感到非常滿意。我們也看到第四季延續了第一季的強勁勢頭，全球各地團隊的執行力都非常出色。我們看到了——尤其是在美國、美洲和歐洲、中東和非洲地區取得了良好的業績，並且我們看到了不同垂直領域的廣泛實力。我這樣說只是想說，我們不一定會看到一些弱點。

I know that a lot of people have been really focused on retail and consumer goods, in particular, I'll remind everyone, as we spoke about last quarter, that we started the year with cross-functional verticalization efforts across both retail and consumer goods and financial services.

我知道很多人一直非常關注零售和消費品，特別是，我要提醒大家，正如我們上個季度談到的那樣，我們在年初就開始了跨零售、消費品和金融服務的跨職能垂直化努力。

We're committed to continuing to do both of those throughout the year despite some of the tariff uncertainty that's obviously hit retail and consumer goods, and we've been happy to see the momentum that has come out of those investments. And so what we also saw in Q1 is, as we mentioned last quarter, was a continuation of some of those elevated churn levels that we had seen through the back half of last year because of the seasonality of the enterprise business, a lot of our prior year's Q4 enterprise business closes which tends to be multiyear do renew in Q1.

儘管關稅不確定性顯然對零售和消費品造成了衝擊，但我們仍致力於全年繼續進行這兩項工作，我們很高興看到這些投資所展現的勢頭。因此，正如我們上個季度提到的那樣，我們在第一季也看到，由於企業業務的季節性，我們在去年下半年看到的一些高流失率仍在延續，我們去年第四季的許多企業業務往往是多年的，但在第一季度都會續約。

And so you see a bit of a hit of that in Q1 that explains some of the DBNR weakness or the slight decline that you saw in DBNR in Q1 as well. But we've been really happy with the -- both seeing the improved health of those poster cohorts as well as the cumulative effects of the last, call it, six quarters of very focused preventative efforts around churn, and we're looking at a forecast through the rest of the year where those churn numbers are going to improve.

因此，您會看到第一季出現了一些衝擊，這也解釋了 DBNR 的一些弱點或第一季 DBNR 出現的輕微下降。但我們真的很高興——既看到這些海報群的健康狀況有所改善，也看到過去六個季度非常注重的客戶流失預防工作的累積效應，並且我們正在預測今年剩餘時間內客戶流失數字將會改善。

And so obviously, still need to see that in the revenue and the DBNR, both of which are lagging indicators. And we're executing, I think, at a really great level in a macro that has a lot of noise and uncertainty, but the diversification of the business and a lot of the work that we've been doing over the course of the last year to really manage around noise like that has been coming to fruition.

因此顯然，仍然需要在收入和 DBNR 中看到這一點，這兩個都是滯後指標。我認為，在充滿噪音和不確定性的宏觀環境中，我們的執行水平確實非常好，但業務多元化以及我們在過去一年中為真正管理此類噪音而開展的大量工作已經取得成果。

D.J. Hynes, Canaccord.

D.J. Hynes，Canaccord。

Bill I want to ask you one on Project Catalyst and realizing it's still in private beta. But when you see customers that are using Project Catalyst and maybe testing it against more hardwired Canvas flows, what is the performance or ROI delta look like, right? And how is that informing your view of what Catalyst adoption may look like over time?

比爾，我想問你一個關於 Project Catalyst 的問題，我發現它仍然處於私人測試階段。但是，當您看到客戶正在使用 Project Catalyst 並可能針對更硬連線的 Canvas 流程進行測試時，效能或 ROI 增量是什麼樣的，對嗎？這如何讓您了解 Catalyst 的採用情況在未來會如何發展？

Yes. So Project Catalyst just recently entered the private beta. So I don't have rigorous uplift case studies for you specifically on Project Catalyst, but I can give some insight into some of the technology that it's using and actually personalized path, which you've heard me talk about quite a bit in the past is actually using some of the more advanced reinforcement learning techniques that use the context around individual users in order to determine individualized path decisions.

是的。因此，Project Catalyst 最近剛進入私人測試階段。因此，我沒有專門針對 Project Catalyst 的嚴格提升案例研究，但我可以對它所使用的某些技術以及實際的個性化路徑提供一些見解，您過去曾聽我多次談論過它，它實際上是使用了一些更先進的強化學習技術，這些技術利用圍繞個人用戶的背景來確定個性化的路徑決策。

One of the great results that we actually saw over the course of the last quarter with some customers has been then shifting some of their usage of strategies like that to move up the decision-making stack. And so in this particular example, a customer was trying to optimize delivery cadences for selling either new apartments or promoting the purchase of new homes to people and they had actually done the segmentation manually and then they were using the machine learning in order to optimize some of the decision-making after they had done the segmentation.

我們在上個季度實際上看到的一個顯著成果是，有些客戶改變了他們對某些策略的使用方式，從而提升了決策層級。因此，在這個特定的例子中，客戶試圖優化銷售新公寓或向人們推銷新房子的交付節奏，他們實際上已經手動完成了細分，然後他們使用機器學習來優化細分後的一些決策。

And what they did is they actually switched the strategy and they allowed for the reinforcement learning to go up a level and actually make decisions about whether or not someone is going to -- someone's journey is going to resonate most with renting versus buying based off of other indicators that they had. And that ended up outperforming and was achieving 5x the uplift that the prior experimentation was doing when it was just looking at cadences.

他們所做的是，他們實際上改變了策略，他們允許強化學習上升到一個層次，並根據他們掌握的其他指標，真正地決定某人是否會——某人的旅程將與租房還是買房產生最大的共鳴。最終，該實驗表現出色，比先前僅關注節奏的實驗提升了 5 倍。

And so I think that's such a great example where, even though we've built up a lot of intuition around how we communicate with customers over time, and there's a lot of marketing strategy around things like segmentation and delivering strategies -- delivery strategies that there's still a lot of uplift for reinforcement learning when we can really hand over control to it to make decisions to deliver to people.

所以我認為這是一個很好的例子，儘管我們已經建立了很多關於如何隨著時間的推移與客戶溝通的直覺，並且有很多關於細分和交付策略等方面的營銷策略 - 交付策略，當我們真正將控制權交給強化學習來做出交付給人們的決策時，它仍然有很大的提升空間。

And so we're obviously looking forward to Project Catalyst continuing to combine together generative AI along with these reinforcement learning examples in order to more fully automate the exploration of those different decisions. That example I just provided was one where someone can use a preexisting Canvas feature. They can use it very quickly, but they do still need to produce those different variants in order to set up that experiment. Obviously, with Project Catalyst, what we're moving toward is the creation of the experiment also becoming more automated and allowing for it to go from making individual content decisions to making multi-message sequencing decisions, to different canvas -- parts of canvases or parts of journey flows.

因此，我們顯然期待 Project Catalyst 繼續將生成式人工智慧與這些強化學習範例結合在一起，以便更全面地自動化對這些不同決策的探索。我剛剛提供的例子是有人可以使用預先存在的 Canvas 功能。他們可以非常快速地使用它，但他們仍然需要生產那些不同的變體才能建立該實驗。顯然，透過 Project Catalyst，我們正朝著使實驗創建更加自動化的方向發展，並允許它從做出單獨的內容決策轉變為做出多訊息排序決策，再到不同的畫布——畫布的一部分或旅程流的一部分。

And then, of course, eventually moving all the way up to the level where it's making optimization decisions at a whole strategy level and a whole kind of customer engagement, customer journey level. We obviously anticipate as well that Project Catalyst and the longer term, when we get to that point where it's making these very high-level decisions I alluded to as the marketer ascends through these strategic roles have become more of a conductor of the business as different business strategies are being automatically prioritized against each other and then the implementation and the execution on how to optimize those -- for those strategies is being done by the AI. We think that, that's a place where the great collaboration that we're looking forward to with the OfferFit team, their reinforcement learning engine to be able to continue to kind of push ahead that road map is really going to come together.

然後，當然，最終會上升到在整個策略層面、整個客戶參與度、客戶旅程層面做出最佳化決策的水平。我們顯然也預計，Project Catalyst 和更長遠的未來，當我們到達做出這些非常高階決策的階段時，我提到，隨著行銷人員透過這些策略角色晉升，他們將成為業務的領導者，因為不同的業務策略會自動相互優先排序，然後實施和執行如何優化這些策略——這些策略是由人工智慧完成的。我們認為，我們期待與 OfferFit 團隊進行偉大的合作，他們的強化學習引擎能夠繼續推動路線圖的真正實現。

And our next question will come from Brent Bracelin with Piper Sandler.

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

Isabelle, I wanted to just start with you. Obviously, pretty strong backlog build in the quarter. It sounds like maybe there's some renewal activity that helped. But maybe if you could just talk about linearity that you saw, particularly as you think about exiting April? And then one quick follow-up for Bill.

伊莎貝爾，我想先從你開始。顯然，本季積壓訂單量相當強勁。聽起來也許有一些更新活動有幫助。但也許您可以談談您所看到的線性，特別是當您考慮退出四月時？然後對比爾進行一次快速跟進。

Yes. So there's nothing special about the linearity that we achieved in the quarter. I think we're very pleased with the pacing that we achieved in terms of like when the ACV came in. But broad brush stroke, and I think I've disclosed these numbers before. We tend to close about 15% to 20% of our business in the first month of the quarter and then we'll get up to about 50% or so by the second month of the quarter and the balance of that happens in the last month with most of that in the last couple of -- in the last sort of week or 2 of that month.

是的。因此，我們在本季實現的線性並沒有什麼特別之處。我認為我們對 ACV 推出後所取得的進展感到非常滿意。但總的來說，我想我之前已經披露過這些數字。我們通常在每個季度的第一個月完成大約 15% 到 20% 的業務，然後在每個季度的第二個月完成大約 50% 的業務，其餘部分則發生在最後一個月，其中大部分發生在最後幾週——也就是該月的最後一兩週。

There's nothing abnormal about Q1, and we were just generally pleased with the overall performance of that in the quarter.

第一季沒有什麼異常，我們對本季的整體表現總體上感到滿意。

Great. That's good to hear with all the uncertainty out there, particularly during April. Bill, for you, OfferFit, you've had now 3 months to kind of understand a little bit more about the product, what's been the early payback from customers so far? Anything jump out to you? And then what else did you learn in the last three months about OfferFit worth flagging here?

偉大的。在目前許多不確定性的情況下，尤其是在四月份，聽到這個消息真是令人欣慰。比爾，對於 ​​OfferFit 來說，您已經有 3 個月的時間來進一步了解產品，到目前為止，客戶的早期回報如何？有什麼讓你驚訝的嗎？那麼在過去三個月中，您還了解到了哪些有關 OfferFit 值得在此提及的資訊？

Yes. So a couple of things. First, before we even got deeper into conversations about acquiring OfferFit, we already had the advantage of working alongside them with a large number of mutual customers. As we mentioned, when we first signed and announced at the end of last quarter, roughly one-third of their existing customers are also customers of Braze. And so we've been getting great feedback both from those customers that are really excited to hear that we're coming together so that we'll be able to provide a better integrated experience for them as well as help put more fuel on the fire of the R&D road map of OfferFit overall.

是的。有幾件事。首先，在我們深入討論收購 OfferFit 之前，我們已經擁有與他們合作並擁有大量共同客戶的優勢。正如我們所提到的，當我們在上個季度末首次簽約並宣布這一消息時，他們現有客戶中大約三分之一也是 Braze 的客戶。因此，我們從客戶那裡得到了很好的回饋，他們非常高興聽到我們走到一起，這樣我們就能為他們提供更好的綜合體驗，同時也能為 OfferFit 的整體研發路線圖注入更多動力。

We've had a ton of incredible interest coming in from customers. We've had OfferFit presenting at a couple of our events over the course of the last couple of months, including most recently, at City x City London, which was last week, that conference actually had -- excuse me, this was 2 weeks ago, that conference actually had a higher attendance than Forge did last year because we continue to see incredible year-over-year growth in size of our customer community.

我們收到了大量來自客戶的極大興趣。在過去的幾個月裡，OfferFit 在我們的幾次活動中進行了展示，包括最近在倫敦 City x City 舉辦的會議，也就是上週，那次會議實際上——對不起，這是兩週前，那次會議的出席人數實際上比去年 Forge 的出席人數還要多，因為我們繼續看到客戶社區規模同比增長令人難以置信。

And me and George, the OfferFit CEO, were on stage together They got a huge number of leads out of that. People are really excited to hear about the potential. So definitely great momentum there. I think 1 of the big learnings, especially as we head into integration is that, we're going to be moving into an environment where OfferFit is actually going to be in a very lead-rich environment now. And so we shift from the go-to-market priority being more around being in a lead scarce environment where they were -- had to leverage a lot of the flexibility of their engine to kind of find the right use case for a really huge diverse array of customers.

我和 OfferFit 執行長喬治一起登台，他們從中獲得了大量線索。人們聽到這個潛力真的很興奮。因此那裡的勢頭肯定非常強勁。我認為，尤其是在我們進入整合階段時，最大的收穫之一是，我們將進入一個 OfferFit 實際上處於非常豐富的環境中。因此，我們將市場進入重點從重點轉向在領先稀缺的環境中，他們必須充分利用引擎的靈活性，為真正龐大且多樣化的客戶群找到正確的用例。

Now I think the goal for the rest of the year is going to be to continue to qualify the opportunities that are going to be all over the place and the rest of the Braze customer base in order to cross-sell across our enterprise footprint and our GSA footprint to make sure that we're efficiently able to actually move through those opportunities quickly and predictably and help OfferFit scale faster than they were before, hopefully, with the added benefit of the Braze community and the Braze customer base.

現在，我認為今年剩餘時間的目標將是繼續確定遍布各地的機會以及 Braze 的其他客戶群，以便在我們的企業足跡和 GSA 足跡中進行交叉銷售，確保我們能夠有效地、快速且可預測地實際抓住這些機會，並幫助 OfferFit 比以前更快地擴大規模，希望能夠為 Braze 社區和 Braze 客戶群帶來額外的好處。

Our next question will come from Arjun Bhatia with William Blair.

我們的下一個問題來自 William Blair 的 Arjun Bhatia。

Maybe one Isabelle, one for Bill. Isabelle first for you. Can you just walk us through what the renewal cadence is like of some of the post-ZIRP cohorts through the year? It sounded like Q1 was a heavy renewal quarter. Are there others this year that we should expect to be larger?

也許一個給伊莎貝爾，一個給比爾。伊莎貝爾首先為您介紹。您能否向我們介紹一下今年後零利率政策時期部分國家的更新節奏？聽起來第一季是一個更新繁忙的季度。今年還有哪些活動值得我們期待，規模會更大？

Or was that the largest one.

或者那是最大的一個。

And then maybe for Bill, you touched on this a little bit, but I'm curious, as the OfferFit cross-sell plays out, how your pricing OfferFit, it sounded like -- I don't want to put words in your math, but it may sound like it separate pricing compared with Braze's AI capabilities today, but moving to a single pricing model over time. If you could just elaborate on that, that would be super helpful.

然後也許對於比爾來說，你稍微提到了這一點，但我很好奇，隨著 OfferFit 交叉銷售的展開，你的 OfferFit 定價如何，聽起來像 - 我不想在你的數學中加入文字，但它聽起來像是與 Braze 今天 的 AI 功能相比的單獨定價，但隨著時間的推移轉向單一定價模型。如果您能詳細說明一下，那將非常有幫助。

Yes. So I'll answer the first question on the numbers. So the available renewal dollars were on balance sort of high in Q1, it's going to drop back down in Q2 and Q3. There'll be another pop in Q4 from an available renewal dollar perspective. What we've not broken out in that commentary has nothing to do with the ZIRP cohort specifically.

是的。因此我將回答有關數字的第一個問題。因此，第一季可用的續約金額總體較高，但第二季和第三季將會下降。從可用的續約金額來看，第四季還會再成長。我們在該評論中沒有具體提到的內容與零利率政策群體無關。

So that ZIRP cohort is going to have a mix of renewal periods. And remember, the ZIRP cohort is 3 years' worth of contracts. And so that is going to have a broad-based distribution of renewal dates. So I wouldn't look to the volume to be any kind of indication of the specific risk associated with any of the ZIRP cohorts.

因此，零利率政策群體將會經歷多個更新期。請記住，ZIRP 隊列是 3 年的合約。因此續約日期的分佈將會非常廣泛。因此，我不會將交易量視為任何與零利率政策相關的具體風險的指標。

Yes. And then with respect to pricing, I'll remind everyone that the OfferFit solution is deployed as a very high-end flexible, customizable reinforcement learning engine, and has done so with the pairing of expert services. So we absolutely intend on continuing to sell for the rest of this year right along the lines of how they've been pricing and packaging throughout their -- certainly throughout the last couple of years at the business where they deploy on a per use case basis and that has an incremental cost around $250,000 to $300,000 annually inclusive of the expert services that help with the implementation and then the ongoing maintenance.

是的。然後關於定價，我要提醒大家，OfferFit 解決方案是作為非常高端的靈活、可自訂的強化學習引擎部署的，並且已經與專家服務配對。因此，我們絕對打算在今年剩餘時間內繼續按照他們一直以來的定價和包裝方式進行銷售——當然是在過去幾年裡，他們根據每個用例進行部署，每年的增量成本約為 25 萬至 30 萬美元，其中包括幫助實施和持續維護的專家服務。

And so we expect that to be additive on top of the customer contracts that people are purchasing from Braze. There's obviously some question around potentially some budget cannibalization, but we also think and know that there is a lot of additional budget out there for this decisioning layer and for other forms of AI investments as well. And so we certainly hope to be able to capitalize on that in terms of overall wallet size.

因此，我們預計這將成為人們從 Braze 購買的客戶合約的附加部分。顯然，存在一些關於潛在預算蠶食的問題，但我們也認為並知道，這個決策層以及其他形式的人工智慧投資還有很多額外的預算。因此，我們當然希望能夠在整體錢包規模方面充分利用這一點。

And then we further think that this is obviously a really important part of our competitive motion moving forward and will really help to differentiate in particular, in cases where customers either have very large user bases where even small amounts of uplift are worth very large amounts of dollars or in places, and you see these across financial services and a lot of multiproduct companies and such, where being able to identify specific high-value actions in the customer journey like someone going from single product to a multiproduct or then upgrading to higher tiers of service or then moving into other product categories that are higher margin or higher value.

我們進一步認為，這顯然是我們未來競爭舉措中非常重要的一部分，並且將真正有助於實現差異化，尤其是在客戶擁有非常龐大的用戶群的情況下，即使是少量的提升也能帶來巨額收益，或者在某些地方，你可以在金融服務和許多多產品公司等中看到這些情況，在這些情況下，客戶轉向更高的品牌

Those are all customer profile transitions that represent high-value actions where gaining the absolute best uplift is very high ROI investment for those customers. And so we'll be looking to qualify and deploy it into those circumstances with this existing pricing and packaging. And then we've got a lot of optionality for how that evolves over time and into the future. I won't speculate on that too much right now, but we obviously think that there is a lot more potential for the underlying technology, especially when combined with all the strengths of Braze's customer engagement platform.

這些都是代表高價值行動的客戶資料轉變，對​​這些客戶來說，獲得絕對最佳的提升意味著非常高的投資報酬率。因此，我們將尋求利用現有的定價和包裝對其進行資格認定並將其部署到這些情況下。然後，我們就有很多選擇來決定它如何隨著時間的推移和未來發展。我現在不會對此進行過多的猜測，但我們顯然認為底層技術還有更大的潛力，尤其是與 Braze 客戶參與平台的所有優勢相結合時。

Our next question comes from Pinjalim Bora with JPMorgan.

下一個問題來自摩根大通的 Pinjalim Bora。

Congrats on the quarter. Bill, one for you, one for Isabelle. We heard from the channel that there are some consternations around pricing of data points within Braze. Do you see an opportunity to change pricing and packaging around how you price data points below kind of the MAU-based pricing? And then Isabelle, is it possible to kind of split out the impact on EBIT from OfferFit to your full year guidance?

恭喜本季取得佳績。比爾，一個給你，一個給伊莎貝爾。我們從管道獲悉，人們對 Braze 內資料點的定價存在一些擔憂。您是否認為有機會改變數據點的定價和包裝方式，使其低於基於 MAU 的定價？那麼伊莎貝爾，是否可以將 OfferFit 對 EBIT 的影響分離到您的全年指導中？

Yes, so great upfront question because just a couple of weeks ago, we launched our new pricing and packaging for this fiscal year, and it includes a massive relaxation on data point limits. Data points have been actually one of the highest friction points in our pricing for a long time. And it's always been in our pricing because it's highly correlated with our costs. And because our event-driven stream processor is expensive to operate and run with the high levels of performance and the high SLAs that we provide to our customers and they demand of us for the -- especially for the huge variety of high-performance use cases that many of them run.

是的，這是一個非常好的預先問題，因為就在幾週前，我們推出了本財年的新定價和包裝，其中包括對數據點限制的大幅放寬。長期以來，數據點實際上一直是我們定價中最大的摩擦點之一。它一直包含在我們的定價中，因為它與我們的成本高度相關。而且由於我們的事件驅動流處理器的運行成本很高，並且需要滿足我們向客戶提供的高效能和高 SLA，而他們對我們的要求也很高——尤其是對於他們運行的各種高效能用例而言。

But we, over the last few years, have put huge investment into shifting from data point limits because we, of course, know that data is also the engine that feeds a lot of the uplift for AI and machine learning. It also allows for customers to more flexibly move across different use cases. And with the continued build-out and capabilities of the Braze data platform, the amount of data flowing through Braze and the amount of use cases that people want to accomplish with the Braze data platform continues to expand.

但在過去幾年裡，我們投入了大量資金來突破數據點限制，因為我們當然知道數據也是推動人工智慧和機器學習的引擎。它還允許客戶更靈活地跨不同的用例移動。隨著 Braze 資料平台的不斷擴充和功能的不斷增強，流經 Braze 的資料量以及人們希望透過 Braze 資料平台實現的用例數量也在不斷擴大。

And so having kind of a toll gate on the data points as they came into Braze was not only a friction point in sales cycles, but it was holding back increased usage. And so our R&D teams have gone on a multiyear journey behind the scenes to be able to shift from these data point caps toward a more API rate limit-based way of making sure that we're able to guarantee the levels of performance that we want to and also be able to do that with keeping our COGS and our margin profile in the place that we want it to be.

因此，在資料點進入 Braze 時設定收費站不僅是銷售週期中的一個摩擦點，而且還阻礙了使用量的增加。因此，我們的研發團隊在幕後進行了多年的探索，以便能夠從這些數據點上限轉向基於 API 速率限制的方式，以確保我們能夠保證我們想要的性能水平，並且能夠將我們的 COGS 和利潤率保持在我們想要的水平。

And so we're really excited about this moving into market more broadly with that pricing and packaging becoming available in more and more places. We deployed it in a more private pilot throughout last year. And the competitive results of it were extremely good. It was a very potent way to neutralize a lot of the FUD that a lot of our competitors like to use around data points out there. And as you noted in your own reference checks, it's some of the only negative things that you hear out there often are centered around these data point concerns.

因此，我們非常高興這款產品能夠更廣泛地進入市場，而這種定價和包裝將在越來越多的地方推出。我們去年在更私密的試點中部署了它。且比賽成績也十分優異。這是一種非常有效的方法，可以消除許多競爭對手喜歡在數據點周圍使用的 FUD。正如您在自己的參考檢查中指出的那樣，您經常聽到的一些負面消息都集中在這些數據點問題上。

And so we're really happy to have neutralized those. We actually on that new pricing and packaging closed the first deal on the new pricing and packaging, just 8 days after it became available.

因此，我們很高興能夠消除這些問題。事實上，我們在新的定價和包裝推出僅 8 天後就達成了第一筆交易。

And so customers are already showing early signs of liking the flexibility that is there. That, of course, also came with expansion in the flexibility of the flexible credit model as well to include more channels within it. We think that, that's going to be a help for go-to-market throughout the year, both competitively and with respect to sales team productivity.

因此，客戶已經表現出喜歡這種靈活性的早期跡象。當然，這也伴隨著靈活信貸模式靈活性的擴大以及包含更多管道。我們認為，這將有助於全年的行銷，無論是在競爭力方面還是在銷售團隊生產力方面。

And just to answer your question on the impact on EBIT. So if you go back to when we announced Q4 and gave guidance for the year, I did indicate that on an organic basis, we expected to add about 400 basis points to non-GAAP operating income. That obviously has come down in the context of the guidance by about 300 basis points. So a good portion of that is the impact of OfferFit specifically on its own.

我只是想回答你關於息稅前利潤影響的問題。因此，如果回顧我們宣布第四季度業績並提供年度指引時的情況，我確實指出，在有機基礎上，我們預計非 GAAP 營業收入將增加約 400 個基點。顯然，根據指導意見，這一數字下降了約 300 個基點。因此，其中很大一部分是 OfferFit 本身的影響。

And then a little bit of that is also from additional investments that we will make to help with the integration. And so there's those 2 components together that kind of get you there. Recognize that, that is on a somewhat risk-adjusted basis, so take that into consideration. And a part of that mix is in on a gross margin basis, their gross margin is a little bit lower than ours for the time being and the bulk of it sits in the operating expenses.

其中一部分也來自我們為幫助整合而進行的額外投資。因此，這兩個部分結合在一起就能幫助你實現目標。認識到這一點，這是在某種風險調整的基礎上的，所以要考慮到這一點。其中一部分是基於毛利率的，目前他們的毛利率比我們的毛利率略低，大部分都花在了營運費用上。

Isabelle, just to put a finer point, is that two-third, one-third, is it any way to quantify that?

伊莎貝爾，更確切地說，是三分之二，還是三分之一，有什麼方法可以量化嗎？

When you're asking for the quantification, you mean between the OfferFit specifically and then any additional investment that we're making?

當您要求量化時，您是指 OfferFit 與我們所做的任何額外投資之間的量化嗎？

Correct.

正確的。

Yes, the majority of it, it's more like 80-ish percent. It's more than three-fourth is going to be specifically from them with a little bit from us.

是的，大部分都是，大概是 80% 左右。其中四分之三以上來自他們，還有一小部分來自我們。

Our next question comes from Scott Berg with Needham.

我們的下一個問題來自 Needham 的 Scott Berg。

This is Rob Morelli. Just wanted to touch on pricing and packaging. Again, last year, you transition to the flexible credit model. Now that this has been in place for some time. Any sort of commentary or insight you can provide on customer reception and feedback.

這是羅布·莫雷利。只是想談談價格和包裝。再次，去年，你們轉向了靈活的信貸模式。現在這個情況已經存在有一段時間了。您可以就客戶接待和回饋提供任何形式的評論或見解。

This is driving the sort of uplift in trials you anticipated and any impact to overall spend levels?

這是否推動了您所預期的試驗成長？對整體支出水準有何影響？

Yes. I think we've talked about this in the past, and the same trends have continued throughout the rest of last year. So around this time last year, obviously, we initially released the flexible credits model on a small number of channels. We've expanded that to include more channels this year. I think customer uptake has been great, and it did, in fact, increase -- it shortened negotiation times because the order form complexity went down.

是的。我想我們過去已經討論過這個問題，同樣的趨勢在去年剩餘時間裡一直持續著。因此，大約在去年這個時候，我們顯然在少數通路上初步推出了靈活的積分模式。今年我們已將其擴展至更多頻道。我認為客戶的接受度很高，事實上確實有所提高——由於訂單的複雜性降低，談判時間也縮短了。

It also has created new strategies for us to be able to help customers expand their usage in various creative ways to be able to test out new channels and new ideas without being hamstrung by whatever their order form happened to have purchased at some point, potentially in the distant past, depending on where they are in their contracts.

它還為我們創造了新的策略，使我們能夠幫助客戶以各種創造性的方式擴大他們的使用範圍，以便能夠測試新的管道和新的想法，而不會受到他們的訂單在某個時間點購買的東西的束縛，可能是在遙遠的過去，這取決於他們在合約中所處的位置。

And just generally providing the flexibility that allows for a customer to expand across the Braze feature set and experiment and find and identify new strategies that are going to drive value for their business. And so I think customer sentiment has been very good. It has definitely helped speed up negotiation cycles. It also does help us introduce new features to customers and introduce new channels to them more quickly with less friction.

並且通常提供靈活性，讓客戶可以擴展 Braze 功能集並進行實驗，尋找並確定能夠為其業務帶來價值的新策略。所以我認為顧客情緒非常好。這確實有助於加快談判週期。它也確實幫助我們向客戶介紹新功能，並以更快的速度和更少的摩擦向他們介紹新管道。

It hasn't been in market long enough to see exactly what that's going to do to DBNR overall. But certainly, we expect it to be supportive as we're able to avoid some of the sources of partial churn, where people misestimated and overbought certain aspects of messaging channel entitlements, which is because we're a use-it-or-lose-it, that often would lead to customer satisfaction issues. And while we could reallocate sometimes that spend to new channels or to different strategies at renewal time, by that point, a lot of times, there had already been that hit to customer satisfaction or the opportunity to be able to lay the groundwork to expand to those new channels, maybe already passed or what have you.

它進入市場的時間還不夠長，因此還無法確切地看出這將對 DBNR 整體產生什麼影響。但當然，我們預期它會有所幫助，因為我們能夠避免一些部分流失的來源，人們錯誤估計和過度購買了訊息傳遞管道權利的某些方面，這是因為我們是一個用它或失去它的人，這往往會導致客戶滿意度問題。雖然我們有時可以在續約時將支出重新分配到新管道或不同的策略，但到那時，很多時候，客戶滿意度已經受到打擊，或者為擴展到這些新管道奠定基礎的機會可能已經過去了，或者還有其他什麼。

And so just goodness across the board when it comes to aligning customer value creation along with the right foundations for expansion and speeding up our deal cycles with the expansion of the flexible credits model and to yet more channels and more parts of the Braze product, which, as I mentioned, just launched recently in this year's pricing and packaging refresh, we certainly expect to see more of the same.

因此，在將客戶價值創造與正確的擴張基礎相結合、透過靈活信用模式的擴展以及更多管道和更多 Braze 產品部分加快我們的交易週期方面，一切都很好。正如我所提到的，Braze 產品剛剛在今年的定價和包裝更新中推出，我們當然希望看到更多類似的產品。

Our next question comes from Brett Huff with Stephens.

我們的下一個問題來自史蒂芬斯的布雷特·哈夫。

Can you hear me now?

現在你能聽到我說話嗎？

Yes.

是的。

Okay. Sorry about that. Two quick ones. Congrats on a nice quarter. First, for Bill, investors that we talk with still have a hard time wrapping their heads around the really uncertain macro yet marketing dollars continue to seem to be being spent.

好的。很抱歉。兩個簡單的。恭喜本季取得良好業績。首先，對比爾來說，我們交談過的投資者仍然很難理解真正不確定的宏觀經濟，但行銷資金似乎仍在繼續投入。

So I wondered if you had an anecdote or 2 that could help square that circle. I think just being a little more concrete would help -- certainly help me and maybe others. And then Elizabeth (sic - "Isabelle"), any commentary on how FX assumptions changed on the full year rev guide, we can understand kind of what the organic underlying guide was?

所以我想知道您是否有一兩個軼事可以幫助解決這個問題。我認為，只要更具體一點就會有幫助——肯定會對我有幫助，也許對其他人也有幫助。然後伊麗莎白（原文如此 - “伊莎貝爾”），對於外匯假設如何改變全年收入指南，我們是否可以了解有機基礎指南是什麼，有什麼評論嗎？

Yes. I think broadly across the macro, a lot of the things that we've spoken about in the past, in particular around enterprise deal cycles and the unwillingness for a lot of companies to invest in new growth initiatives, a lot of the spending is still focused on consolidation and optimization. And we certainly have a role to play in that, especially when we are consolidating multiple point solutions together when we're driving increased levels of efficiency and productivity by marketing teams. But switching costs are still costs, and we do still see deals that take longer because people are trying to time their moving to a new vendor exactly with their renewals or their prior legacy contracts running out so that they're not double paying.

是的。我認為從宏觀角度來看，我們過去談論的很多事情，特別是圍繞企業交易週期以及許多公司不願意投資新的成長計劃，許多支出仍然集中在整合和優化上。我們當然可以發揮自己的作用，特別是當我們將多個點解決方案整合在一起，提高行銷團隊的效率和生產力水平時。但轉換成本仍然是成本，我們確實看到交易需要更長的時間，因為人們試圖將轉換到新供應商的時間恰好與續約或之前的遺留合約到期的時間相吻合，這樣他們就不會重複付費。

Those are the kinds of things that are causing a lot of these enterprise cycles to sometimes take longer, sometimes push or get dragged out. We're getting better at navigating those and you are certainly seeing that in our sales teams, productivity and efficiency improvements over the course of the last few quarters. Our competitive win rates also continue to improve. And we're also seeing important advances in broader partner ecosystem as well. I spoke about this in the prepared remarks, but I think that it's very clear that the legacy players in the space, the likes of Salesforce and Adobe have taken their eye off the ball broadly in customer engagement are not investing nearly as much, if anything, in their existing products in the space.

這些都是導致許多企業週期有時延長、有時延遲或拖延的原因。我們正在越來越好地應對這些問題，您肯定會看到我們的銷售團隊在過去幾季中生產力和效率的提升。我們的競爭勝率也持續提高。我們也看到更廣泛的合作夥伴生態系統取得了重要進展。我在準備好的演講中談到了這一點，但我認為很明顯的是，該領域的傳統參與者，如 Salesforce 和 Adob​​e，已經不再關注客戶參與，他們對該領域現有產品的投資幾乎沒有，甚至沒有。

And it's not just their customers that are noticing that, it's also the broader partner ecosystem. And those are leading to benefits for us as well. And so I think that we're liking what we're seeing from a competitive win rate standpoint from a team execution standpoint. There's still difficulty out there. We do see regional comparative weakness across places like Southeast Asia, as an example, where growth has not been as vigorous and where we haven't seen as much of the kind of venture activity starting to flow again, et cetera.

不僅他們的客戶注意到了這一點，更廣泛的合作夥伴生態系統也注意到了這一點。這些也為我們帶來了好處。因此我認為，從競爭勝率和團隊執行的角度來看，我們對所看到的結果感到滿意。那裡仍然存在困難。我們確實看到東南亞等地存在區域比較疲軟的情況，那裡的成長並不那麼強勁，而且我們也沒有看到那麼多創投活動再次湧現，等等。

We are seeing great results in core markets across the U.S. and EMEA, in particular, and continue to see broad-based strength across verticals when we look out across landscape.

我們在美國和歐洲、中東和非洲地區的核心市場看到了出色的業績，並且放眼整個產業，我們繼續看到各個垂直領域的廣泛實力。

I know that there's -- as I mentioned at the very top of the Q&A, a lot of hand wringing around retail and consumer goods, but I think we're seeing good momentum there as well. And so it continues to be a noisy and difficult to navigate environment, but we like where we're positioned in terms of the efficiency and productivity of the sales team and our ability to execute within a pretty diverse customer base.

我知道——正如我在問答環節一開始提到的那樣，很多人對零售和消費品感到焦慮，但我認為我們也看到了良好的勢頭。因此，這仍然是一個嘈雜且難以駕馭的環境，但我們喜歡我們在銷售團隊的效率和生產力以及在相當多樣化的客戶群中執行的能力方面的定位。

And just to answer your question on FX, the only currency in which we book customer contracts, that is not USD is Japanese yen and that accounts for low single-digit percent of our total revenue. So the short answer is the FX impact embedded in any forward guide has a de minimis impact.

僅回答您關於外匯的問題，我們用於簽訂客戶合約的唯一貨幣（不是美元）是日元，這占我們總收入的個位數百分比。因此，簡短的回答是，任何前瞻性指南中包含的外匯影響都是微不足道的。

Our next question comes from Brian Peterson with Raymond James.

我們的下一個問題來自 Raymond James 的 Brian Peterson。

This is Johnathan McCary on for Brian. So you kind of just touched on it there, but I wanted to double click on the SI channel. I know it's earlier days there, but here that it's a difficult environment from a marketing budget perspective and your commentary on the competitive environment, sounds encouraging. So I'm curious what impact, a more fluid macro has on that channel? And does that influence the momentum for Braze engagements to those integration partners?

我是 Johnathan McCary，為 Brian 轉播。所以你只是在那裡觸及了它，但我想雙擊 SI 頻道。我知道現在還處於早期階段，但從行銷預算的角度來看，這裡的環境很困難，而您對競爭環境的評論聽起來令人鼓舞。所以我很好奇更流暢的宏對該頻道有什麼影響？這是否會影響 Braze 與這些整合合作夥伴合作的動力？

And then just a quick follow-up for Isabelle, housekeeping wise, in terms of the impact from OfferFit, I know you mentioned some gross margin impact. Is there anywhere else you can break out within the OpEx lines, line by line, where we should see the biggest impact there?

然後，請伊莎貝爾快速跟進一下，就 OfferFit 的影響而言，我知道您提到了一些毛利率影響。在 OpEx 線路中，是否還存在其他可以逐行細分的地方，我們可以從中看到最大的影響？

Yes. So on the broader agency community, there's a couple different dimensions here. One is, as I just mentioned, just two weeks ago at City x City London, we had our largest attendance event of all time. I mean we certainly anticipate exceeding that total again at Forge later this year. And a big part of that is not just the customer community but also the broader partnership ecosystem inclusive of a lot of the agency community and the SI community, all of whom are sponsors of these events as well.

是的。因此，在更廣泛的代理商社群中，這裡存在著幾個不同的維度。一是，正如我剛才提到的，就在兩週前，我們在倫敦城市中心舉辦了有史以來出席人數最多的活動。我的意思是，我們當然預計今年稍後 Forge 的總數將再次超過這個數字。其中很大一部分不僅僅是客戶社區，還包括更廣泛的合作夥伴生態系統，其中包括許多代理商社區和 SI 社區，他們也都是這些活動的贊助商。

And so we're really encouraged by the progress that we are seeing there.

因此，我們對那裡所看到的進展感到非常鼓舞。

It tends to be more regional, like when you look at, for instance, the big global systems integrators, we we're making great progress in certain geographies or certain verticals. I wouldn't say there's a broad-based groundswell within the likes of Accenture or Deloitte, if you will, but we're certainly making progress in areas of preexisting strength and continuing to parlay that into building additional momentum.

它往往更具區域性，例如，當你觀察大型全球系統整合商時，你會發現我們在某些​​地區或某些垂直領域取得了巨大進展。如果你願意的話，我不會說埃森哲或德勤之類的公司內部存在著廣泛的民意支持，但我們確實在現有優勢領域取得了進展，並繼續利用這一優勢來積累額外的動力。

We also have a huge number of agency relationships around the world that start -- many of whom started out in the midmarket. They're also now starting to serve up in the enterprise. Stitch is one of those based here out of North America. They're also now expanding out into Europe, along with us as they continue to grow their business rapidly.

我們也在世界各地建立了大量的代理合作關係——其中許多都是從中端市場起步的。他們現在也開始在企業中提供服務。Stitch 是來自北美的其中一家公司。隨著他們的業務繼續快速成長，他們現在也正在與我們一起向歐洲擴張。

I mean we're continuing to see more and more competition amongst our partners as well to be able to advertise the huge numbers of Braze certifications that they have, and they're competing vigorously against each other for opportunities in these deal cycles as we continue to surface them.

我的意思是，我們繼續看到我們的合作夥伴之間也存在越來越多的競爭，以便能夠宣傳他們所擁有的大量 Braze 認證，並且隨著我們繼續將這些認證推向市場，他們在這些交易週期中為爭取機會而激烈競爭。

With respect to the broader macro and the impact on a lot of that, the same things that I think are holding up, switching of various ways because they have switching costs, you obviously also have an impact on the onetime costs associated with lift and shifts, many of which are executed on by systems integrators or by other agency partners. We also see ongoing creative services and a lot of the additional kind of data intelligence and data invites investments being made. We do a lot of great work with VML and other parts of the broader WPP Group on that, especially across Europe, where we see a lot of great strength there.

就更廣泛的宏觀和對其中許多方面的影響而言，我認為同樣的事情正在阻礙著我們，各種方式的轉換是因為它們有轉換成本，顯然也會對與提升和轉變相關的一次性成本產生影響，其中許多是由系統集成商或其他代理合作夥伴執行的。我們還看到正在進行的創意服務和大量額外類型的數據智慧和數據邀請投資。我們與 VML 以及 WPP 集團的其他部門在這方面做了許多出色的工作，特別是在歐洲，我們看到了那裡的巨大優勢。

And so good signs all over the world in different verticals from a lot of the most important and critical players in the space, and we're looking forward to continuing to build momentum with all of the major partners as we build out huge groundswell community around the customer engagement space.

因此，來自世界各地不同垂直領域的許多最重要和最關鍵的參與者都發出了良好的信號，我們期待與所有主要合作夥伴一起繼續創造發展勢頭，在客戶參與領域建立龐大的社區。

And then on your question regarding the distribution of the OfferFit costs. So recognize they're only 2% of our revenue, right, I said that in terms of -- revenue growth, sorry, from -- versus last year. So this will mix in to that effect. But in terms of the distribution of the cost, broadly speaking, you can think of it about being about 75% sales and marketing, about one-fourth R&D and a de minimis amount of G&A. So that's going to be the broad brush distribution.

然後關於您關於 OfferFit 成本分配的問題。所以要認識到它們只占我們收入的 2%，對吧，我說的是收入成長，抱歉，是與去年相比。因此這將混合產生這種效果。但就成本分配而言，廣義上講，你可以認為大約有 75% 是銷售和行銷費用，大約四分之一是研發費用，還有最低限度的一般行政費用。這就是廣泛的分佈。

Our next question comes from Brian Schwartz with Oppenheimer.

我們的下一個問題來自奧本海默公司的布萊恩·施瓦茨。

Bill, first for you, just wanted to ask you a little more color on OfferFit on the pace of the integration plans. Specifically, how quickly can you achieve the growth and cost synergies with this acquisition? How should we think about time lines for success with the acquisition? And then I have one follow-up for Isabelle.

比爾，首先，我想請您進一步了解 OfferFit 的整合計畫進度。具體來說，透過這次收購，你們能多快實現成長和成本綜效？我們該如何考慮收購成功的時間表？然後我還要向伊莎貝爾詢問一件事。

Yes. So I think the key priorities for this year are the integration of the go-to-market motions and the integration of the products and the underlying technology together so that we can both enhance the OfferFit offering as well as continue to grow it rapidly as we attach OfferFit to more and more of the Braze customer base and also continue to grow them and their independent offering on a -- not a stand-alone basis because obviously, they'll be integrated as part of Braze, but continuing to build out the OfferFit offering with the rest of the partnership ecosystem where they work as a decision engine with customer engagement solutions that are not Braze, which of course, represented around two-thirds of their customers at the time of acquisition.

是的。因此，我認為今年的關鍵優先事項是整合上市計劃以及產品和底層技術，以便我們既可以增強 OfferFit 產品，又可以繼續快速增長，因為我們將 OfferFit 附加到越來越多的 Braze 客戶群，並繼續發展他們和他們的獨立產品 - 不是獨立的基礎，因為顯然，它們將作為 Braze 的一部分進行集成，但會繼續與其他地方合作夥伴的客戶參與解決方案，當然，在收購時，Braze 約佔其客戶的三分之二。

And we certainly intend on continuing to provide that as its own offering well into the future. And so when we look at all of those different priorities, I think that OfferFit comes into Braze with a lot of momentum already built. They've been a great partner of ours over the last couple of years. We know them well. As I mentioned, I think a big part of really being successful this year is going to be making sure that we can get through the integration phases quickly so that there's not a friction that's going to slow us down from that perspective, and we don't incur organizational complexity that will slow us down either now or further into the future.

我們當然打算在未來繼續提供這項服務。因此，當我們考慮所有這些不同的優先事項時，我認為 OfferFit 進入 Braze 時已經積累了很大的發展勢頭。在過去的幾年裡，他們一直是我們很好的合作夥伴。我們很了解他們。正如我所提到的，我認為今年真正取得成功的很大一部分在於確保我們能夠快速完成整合階段，這樣就不會出現阻礙我們前進的摩擦，也不會產生阻礙我們現在或將來前進的組織複雜性。

And then also that we make sure that as we bring together the teams and the opportunity set, and we open up the ability to cross-sell OfferFit to the Braze customer base that we do so in a way where we're qualifying those opportunities really effectively that we're able to predictably deliver OfferFit to those customers with quick time to value and be able to make sure that they get up and running and see that high performance uplift from the customized reinforcement learning engines that is, of course, the secret sauce of what OfferFit delivers to customers and do that as comprehensively as we can.

然後，我們還要確保，當我們將團隊和機會組合在一起時，我們能夠向 Braze 客戶群交叉銷售 OfferFit，我們會以一種非常有效的方式來確定這些機會，以便我們能夠以可預測的方式向這些客戶提供 OfferFit，并快速實現價值，並能夠確保他們啟動並運行，並從定制的提升學習引擎中看到高性能，這一點

And for Isabelle, in terms of the assumption underlying the annual revenue guidance or at least the net new revenue that's going to come in for the business this year, is your expectation the assumption that the majority will come from net new or from expansions.

對於伊莎貝爾來說，就年度收入指導或至少是今年業務淨新增收入的假設而言，您的預期是大部分收入將來自淨新增收入或擴張。

Yes. So there's no real expectation of a change in the evolution or distribution of that. So we typically -- it's been sort of broad 50-50 mix over kind of the broad quarters of our history during slightly more challenged times, you'll end up getting more of that coming from expansion versus net new because, as Bill mentioned, some of the inertia and the switching costs and some of that, the challenge some of our ability to capture that net new. However, we do push to continue to kind of expand that net new amount. So that can be a little bit more than half.

是的。因此，我們並不真正期望其演變或分佈會發生變化。因此，我們通常——在我們歷史上面臨稍微多一點挑戰的時期，這種組合大致是 50-50 的比例，最終你會從擴張中獲得更多的收益，而不是淨新增收益，因為正如比爾提到的，一些慣性和轉換成本，以及我們獲取淨新增收益的能力所面臨的一些挑戰。然而，我們確實在努力繼續擴大淨新增金額。所以這個數字可能比一半多一點。

But broadly speaking, I think thinking about it as broadly 50-50 is probably the right way to think about it over the long term.

但從廣義上講，我認為從長遠來看，將其視為 50-50 可能是正確的思考方式。

Our next question comes from Matt VanVliet with Cantor Fitzgerald.

我們的下一個問題來自 Cantor Fitzgerald 的 Matt VanVliet。

I guess when you look at maybe the integration of the sales team for OfferFit, curious on sort of the size and scale of the number of core carrying reps they have there? And at what point do you anticipate sort of synthesizing those so that of your sellers are selling both products even before the integrations of the products are fully complete. So how much capacity are you sort of adding? And when would you expect the cross-sell that really kind of take hold?

我想，當您查看 OfferFit 銷售團隊的整合時，您可能會好奇他們擁有的核心銷售代表的數量和規模是多少？您預計什麼時候會將這些產品綜合起來，以便您的賣家在產品整合完全完成之前就開始銷售這兩種產品。那麼您要增加多少容量呢？您認為交叉銷售何時能真正發揮作用？

Yes. So let me just work through that starting from next year. So as we start the next year's fiscal year, February 1, we anticipate that the combined sales teams will both be selling across the full gamut of Braze's customer engagement platform plus the existing OfferFit solution. And of course, we expect those products to intertwine with each other more over time as well.

是的。所以讓我從明年開始解決這個問題。因此，當我們從 2 月 1 日開始下一財年時，我們預計合併後的銷售團隊將在 Braze 的整個客戶參與平台以及現有的 OfferFit 解決方案中進行銷售。當然，我們也希望隨著時間的推移，這些產品能夠更加緊密地相互交織在一起。

As we look at -- the deal closed on Monday, and so we added 14 ramp -- we added 15 new reps, 14 of which will be ramped by the end of the year from OfferFit. The way that we are going to sell alongside them through the rest of the year, just recognizing the specific skills and experience required to sell OfferFit as it is today.

正如我們所見——該交易於週一完成，因此我們增加了 14 名新代表——我們增加了 15 名新代表，其中 14 名將在年底前從 OfferFit 中增加。我們將在今年剩餘的時間與他們一起銷售，只是認識到銷售 OfferFit 所需的特定技能和經驗。

We are enabling the Braze team to be able to work very closely with the OfferFit sales reps to be able to help with a lot of those qualification determinations that I mentioned before, so they can identify opportunities in their existing installed base as well as in their new business cycles that they're already working through and be able to sell alongside those OfferFit reps.

我們正在使 Braze 團隊能夠與 OfferFit 銷售代表密切合作，以幫助完成我之前提到的許多資格認定，這樣他們就可以在現有安裝基礎以及他們已經在進行的新業務週期中發現機會，並能夠與 OfferFit 代表一起銷售。

And so we're looking forward to being able to parlay the learnings of these next 2.5 quarters that we still have in this fiscal year to be able to start next year with that combined sales team around the world, selling the integrated solutions and having everyone doing that. And we're going to try to move as quickly as we can on that.

因此，我們期待能夠利用本財年接下來 2.5 個季度的經驗，從明年開始與全球合併後的銷售團隊一起銷售整合解決方案，並讓每個人都這樣做。我們將盡快採取行動。

The cross-sell and upsell opportunities that are already there, I'll just remind everyone again that we have been partnering with OfferFit for a while. And so our teams have already worked together in pockets around the world on the shared customers that already exist. Now obviously, OfferFit doesn't have a tremendous number of customers, so there's not a huge number of at-bats in that. But we've already vetted out aspects of this cross-selling motion, and we certainly anticipate the momentum on that to be able to move rapidly throughout the year.

交叉銷售和追加銷售機會已經存在，我只想再次提醒大家，我們已經與 OfferFit 合作了一段時間。因此，我們的團隊已經在世界各地為現有的共同客戶合作。顯然，OfferFit 並沒有大量的客戶，因此也沒有太多的機會。但我們已經審查了這項交叉銷售動議的各個方面，我們當然預計該動議的勢頭將在全年迅速推進。

And then Isabelle, I think everyone's sort of figuring out when we kind of trough on net retention here. With smaller renewal cohorts in the next 2 quarters, are we approaching that if execution remains as strong as it has maybe this quarter and last? How should we think about the trend of dollar-based net retention from here?

然後伊莎貝爾，我想每個人都在想，我們什麼時候會達到淨保留率的低潮。由於未來兩季的續約數量將減少，如果執行情況仍然像本季和上個季度一樣強勁，我們是否能達到這一目標？我們該如何看待以美元為基礎的淨留存趨勢？

Yes. So I think I sort of indicated that we'll see some kind of stabilization in the revenue growth before we see that in dollar-based net retention. So the cohorts of available renewal dollars are going to be a little lower, certainly in Q2 and Q3. But not -- there's still going to be some elements of churn. And so I wouldn't look to that necessarily as sort of a massive decel in the rate of change of the dollar-based net retention.

是的。因此我認為我已經表明，在我們看到基於美元的淨保留率之前，我們將看到收入成長出現某種穩定。因此，可用的續約資金數量將會稍微低一些，尤其是在第二季和第三季。但事實並非如此——仍會存在一些客戶流失的因素。因此，我不會將此視為基於美元的淨留存率變化率的大幅下降。

So we're not calling that specific trend quite yet. So I would again point everybody to the trend on revenue that's going to stabilize first.

所以我們目前還不能稱之為特定的趨勢。因此，我想再次向大家指出，收入趨勢將首先趨於穩定。

Our next question comes from Derrick Wood with TD Cowen.

我們的下一個問題來自 TD Cowen 的 Derrick Wood。

Bill, I wanted to ask about APAC. And I know you guys have put some investment there with some sales heads and new data center infrastructure and LINE as a new channel, but it also sounds like maybe there are some pockets of softness from the macro. Just can you talk about how you're feeling about demand and building new growth levers on those investments?

比爾，我想問一下有關亞太地區的問題。我知道你們已經在那裡進行了一些投資，包括一些銷售主管、新的資料中心基礎設施以及 LINE 作為新管道，但聽起來宏觀上可能還存在一些疲軟的跡象。您能否談談您對需求的看法以及如何在這些投資上建立新的成長槓桿？

And then a quick one for Isabelle. You had strong growth in professional services revenue in the quarter. Wondering what drove that. And since we've got that spiking and we've got the acquisition folding in you care to comment on kind of how to think about growth in subscription revenue versus professional services revenue in the context of your guidance for the full year.

然後對伊莎貝爾說一句快話。本季你們的專業服務收入成長強勁。想知道是什麼導致了這種情況。既然我們已經實現了這一增長，並且已經完成了收購，您是否願意評論一下，在您對全年的指導背景下，如何看待訂閱收入與專業服務收入的增長？

Yes. So when we look on the globe, as I mentioned, we had strength in Q1 across both America and EMEA. We've also, as you've noticed, built on our preexisting data center options that we already had in both the U.S. and in the EU with recently launched data centers in Australia and Indonesia.

是的。因此，當我們放眼全球時，正如我所提到的，我們在第一季在美國和歐洲、中東和非洲地區都表現強勁。正如您所注意到的，我們也在美國和歐盟現有的資料中心選項的基礎上，最近在澳洲和印尼推出了資料中心。

We also anticipate that as data residency considerations continue to grow importance, both legally and commercially. And by that, I mean that there are certainly markets where data residency and other related concerns are not the law yet, but they are becoming kind of de facto commercial requirements, especially in more regulated industries. We expect to continue expanding that data center footprint over time.

我們也預計，資料駐留考量在法律和商業上都將變得越來越重要。我的意思是，在某些市場中，資料駐留和其他相關問題尚未成為法律，但它們正在成為事實上的商業要求，特別是在監管更嚴格的行業。我們期望隨著時間的推移繼續擴大資料中心的覆蓋範圍。

And coordinating both Braze go-to-market and partnership investments alongside them in order to efficiently support the continued globalization of the customer base across those markets. I mentioned that broadly, we saw less strength in APAC than we did in America and in EMEA, and that certainly was true in Q1, especially as we've seen a little bit of an uneven recovery as the economy in China, which obviously impacts a lot of Southeast Asia has had an uneven recovery over the last couple of years. But seeing strength in markets like Australia, New Zealand, where we, of course, did open up that data center. We're seeing great growth in different industries, and different pockets across APAC, and it's definitely an area where we are going to continue to invest to make sure that it's part of our long-term global portfolio of business and an important part of our long-term global customer community. We are seeing what we're seeing with respect to America and EMEA strength right now, but it's definitely a place where we want to be investing for the future.

並協調 Braze 的市場進入和合作夥伴投資，以有效支持這些市場客戶群的持續全球化。我提到，整體而言，我們發現亞太地區的經濟實力不如美國和歐洲、中東和非洲地區，第一季的情況確實如此，尤其是我們看到中國經濟復甦不均衡，而中國經濟顯然對東南亞的許多地區產生了影響，過去幾年東南亞的復甦也不均衡。但看到澳洲、紐西蘭等市場的強勁表現，我們當然在這些市場開設了資料中心。我們看到亞太地區不同行業和不同領域都出現了巨大的成長，我們肯定會繼續在該領域進行投資，以確保它成為我們長期全球業務組合的一部分，並成為我們長期全球客戶群的重要組成部分。我們現在看到了美國和歐洲、中東和非洲地區的實力，但這絕對是我們想要為未來投資的地方。

And on the -- your question regarding professional services, that is linked to actually events that happened in Q4, where we actually had a strong proportion actually approaching that 50-50 proportion of net new business in our bookings during the quarter. And the more -- the higher proportion we have of net new business, the more revenue we will have in the subsequent quarter related to implementation and onboarding. And so that is some of the dynamics that you're seeing there.

關於專業服務的問題，這與第四季度發生的實際事件有關，我們在該季度的訂單中，淨新業務的比例實際上接近 50-50。而且我們的淨新業務比例越高，我們在接下來的一個季度中與實施和入職相關的收入就越多。這就是您在那裡看到的一些動態。

Our next question comes from Tyler Radke with Citi.

我們的下一個問題來自花旗銀行的 Tyler Radke。

First question for Bill. Just go-to-market update. It was great to see the hiring of Myles' replacement. Can you talk about any changes that you intend to make throughout the rest of the year? And then you talked about some of these verticalization strategies around things like financial services.

第一個問題問比爾。只是上市更新。很高興看到邁爾斯的繼任者被聘用。您能談談您打算在今年剩餘時間做出哪些改變嗎？然後您談到了圍繞金融服務等領域的一些垂直化策略。

Just curious what type of traction you're seeing there and in regulated industries.

只是好奇你在那裡以及受監管的行業中看到了什麼類型的牽引力。

Yes. So we're super excited to bring Ed in and bring together his decade of experience scaling at Salesforce and competing in our space, along with his more recent experience at as CRO at Asana, where he got hands-on experience with a lot of adjacent buyers and product areas and a different sales motion. So I'm really excited to have him come in. Obviously, there's already a lot going on. So for Braze go-to-market, our priorities for the rest of the year are going to rank consistent as we continue to capitalize on the legacy replacement cycle in the enterprise, especially that strength we're seeing in America and Europe, as I mentioned, across those, investing in those verticalization efforts globally as we continue to bring together those cross-functional teams for both retail and consumer goods and financial services, and we're pushing that into coordinated event strategy and market development strategy around the world, including in LatAm and across all of APAC and in GCC.

是的。因此，我們非常高興能夠邀請 Ed 加入我們，並將他在 Salesforce 十年的擴展和在我們領域競爭的經驗，以及他最近在 Asana 擔任 CRO 的經驗結合起來，在那裡他獲得了與許多相鄰買家和產品領域以及不同的銷售動向的實踐經驗。所以我很高興他能來。顯然，已經有很多事情發生。因此，對於 Braze 的上市，我們在今年剩餘時間的優先事項將保持一致，因為我們將繼續利用企業中的遺留系統更換週期，特別是我們在美國和歐洲看到的優勢，正如我所提到的，在全球範圍內投資垂直化工作，我們將繼續匯集零售和消費品以及金融服務的跨職能團隊，並且我們正在將其推向全球海灣合作的戰略和市場發展。

And the momentum on those has been really good. We've definitely seen increased momentum. And just I think the awareness of those investments is helping those deal cycles move a lot more efficiently for everyone that's working on those.

這些方面的勢頭一直都非常好。我們確實看到了成長的勢頭。我認為對這些投資的認識有助於讓每個從事這些投資的人的交易週期更有效率地進行。

We're also obviously working to continue to encourage greater customer expansion. We mentioned the pricing and packaging evolution that is helping support that as well as lowering churn, which has been a culmination of the last year, 1.5 years of really focused preventative efforts looking at a lot of the upfront around consumption and completeness. A lot of these things that I've been talking about the last few quarters, but obviously, by their nature, you don't really see the benefits of preventative early customer life cycle churn prevention efforts until you start to renew those customers, and we're going to have that be happening later this year, and I think that, that's an important driver of some of the improvements in the churn forecast that I mentioned at the top of the call.

我們顯然也在努力持續鼓勵客戶進一步擴張。我們提到了定價和包裝的演變，這有助於支持這一點並降低客戶流失率，這是去年、一年半真正集中預防工作的成果，重點關註消費和完整性方面的大量前期工作。過去幾季我一直在談論這些事情，但顯然，就其性質而言，在開始續約這些客戶之前，你不會真正看到預防性早期客戶生命週期流失預防措施的好處，我們將在今年晚些時候實現這一點，我認為，這是我在電話會議開始時提到的客戶流失預測改善的重要驅動因素。

And those -- and just making sure that those trend lines continue, those preventive efforts continue to be effective, that those support customer expansion are all really important goals through the end of the year. And then, of course, working to rapidly integrate OfferFit. Ed is going to join almost exactly a month after the OfferFit acquisition, which just closed on Monday. We'll have been off to the races from an integration standpoint, we'll have about a month left in Q2. So it's going to be an exciting July as we work through closing out Q2 alongside that OfferFit integration.

而這些——只是確保這些趨勢線持續下去，這些預防措施持續有效，這些支持客戶擴張的措施都是今年底真正重要的目標。然後，當然，努力快速整合 OfferFit。OfferFit 收購案於週一剛完成，Ed 的加入恰好發生在收購案一個月後。從整合的角度來看，我們已經開始角逐，第二季還剩下大約一個月的時間。因此，隨著我們努力完成第二季以及 OfferFit 整合工作，這將是一個令人興奮的七月。

We're excited to have Ed onboard to help us through that and look ahead then to the rest of the year.

我們很高興 Ed 能加入我們，幫助我們度過難關，並展望今年剩餘的時間。

Great. And if I could sneak in a quick follow-up for Isabelle. I appreciate the commentary on the OfferFit moving pieces on margins. Could you just clarify again on revenue, the impact there? And then just as we think about the guide -- for -- the updated guide, did you incorporate any incremental conservatism on the organic piece as well?

偉大的。如果我可以偷偷地快速跟進伊莎貝爾的話。我很欣賞 OfferFit 利潤變動部分的評論。您能否再次澄清一下收入及其影響？然後，正如我們思考指南一樣 - 對於 - 更新的指南，您是否也在有機部分融入了任何漸進的保守主義？

Yes. So if you look at the guide, actually, and we were clear about this in the prepared remarks, what's included is about $11 million to $12 million contribution from OfferFit. And so actually, if you do the math on our prior guide, our actual beat in Q1 and then our net new guide, we essentially pass through the full beat from Q1 and then we added in the OfferFit component.

是的。因此，如果你看一下指南，實際上，我們在準備好的評論中已經清楚地說明了這一點，其中包括來自 OfferFit 的約 1100 萬至 1200 萬美元的貢獻。因此，實際上，如果您對我們之前的指南、我們第一季的實際節拍以及我們的淨新指南進行計算，我們基本上會經歷第一季度的完整節拍，然後我們添加了 OfferFit 組件。

And so what I would say is there's a risk adjustment in the context of both our numbers and the OfferFit numbers. I was fairly conservative in my commentary around the level -- how close to the sun we were flying in Q1 -- when we gave guidance in Q4 for the year, and I said, look, we're going to be a little even closer to the pin this year.

所以我想說的是，我們的數字和 OfferFit 數字都存在風險調整。當我們在第四季度給出年度指引時，我對這個水平的評論是相當保守的——第一季我們離太陽有多近——我說，看，今年我們將會更接近目標。

The -- some of the overachievement that we had in Q1 and our net new guide for the balance of the year. I think we've given us ourselves a little bit more wiggle room there as it relates to some of the risk adjustments. So we're very comfortable with the new level of risk adjustment that we've provided in the context of the net new guide. So it's a little bit more risk adjusted versus where we were after Q4.

我們在第一季取得了一些超額成績，並為今年的剩餘時間制定了新的淨目標。我認為我們給自己留出了更多的迴旋餘地，因為它涉及一些風險調整。因此，我們對在淨新指南中提供的新風險調整水準感到非常滿意。因此，與第四季之後的情況相比，風險調整幅度更大一些。

Our next question is from Nick Altmann of Scotiabank.

下一個問題來自豐業銀行的 Nick Altmann。

Awesome. I wanted to circle back to Brian's question, but just going off of strong CRPO and RPO growth in Q1, is Isabelle, I know you said that the strength was broad-based. It was a strong renewal quarter. But just any mix shift in terms of the new ACV in the quarter from net new customers versus cross-sell and upsell. And that's all I got.

驚人的。我想回到布萊恩的問題，但僅從第一季強勁的 CRPO 和 RPO 增長來看，伊莎貝爾，我知道您說過這種優勢是廣泛的。這是一個強勁的更新季度。但就本季新的 ACV 而言，任何組合變化都來自於淨新客戶與交叉銷售和追加銷售。這就是我所得到的全部。

Yes. No, so there is nothing sort of specific. As I mentioned, we're sort of -- we hover in any given quarter anywhere between sort of 40% net new, 60% upsell to the reverse of that. So there's kind of a certain degree of variability in that. And there was nothing unique or different about how Q1 behaved.

是的。不，所以沒有什麼具體的事情。正如我所提到的，我們在任何特定季度中都徘徊在 40% 淨新增銷售額、60% 追加銷售額或相反的水平。因此，這其中存在一定程度的可變性。Q1 的表現並沒有什麼獨特或不同之處。

So that -- those dynamics are well in line with historical norms and where we would expect them to be trending.

因此，這些動態與歷史規範以及我們預期的趨勢非常一致。

Our final question comes from the line of Michael Berg with Wells Fargo.

我們的最後一個問題來自富國銀行的邁克爾·伯格。

I wanted to ask one more on OfferFit given that they have large professional services, is there anything to assess in terms of the mix between subscription revenue and professional services as it relates to the OfferFit revenue you're taking on Isabelle?

我想再問一個關於 OfferFit 的問題，鑑於他們擁有大量專業服務，在訂閱收入和專業服務之間的組合方面，有什麼需要評估的嗎？這與您從 Isabelle 獲得的 OfferFit 收入有關嗎？

Yes. I mean they're going to behave financially a little -- very close to kind of our proportions. In addition, they're small today as a proportion of the total. So I wouldn't look to incorporation of their financials to materially change that split between the two for us.

是的。我的意思是，他們的財務行為會有點——非常接近我們的比例。此外，它們在總數中所佔的比例目前很小。因此，我不會指望透過合併他們的財務狀況來從根本上改變我們之間的分歧。

Yes. And longer term as well, and this is already something that's been playing out for them year-over-year. Their overall gross margin inclusive of those professional services has been increasing year-over-year as they've continued to automate more of the prior more manual roles that those professional services were playing. It's been an important part of their product development strategy.

是的。長遠來看也是如此，這已經是他們逐年發生的事情了。由於他們繼續將這些專業服務所扮演的更多手動角色自動化，包括這些專業服務在內的整體毛利率逐年增加。這是他們產品開發策略的重要組成部分。

As I mentioned, when we announced the acquisition, it's not dissimilar to the forward deployed engineering model that Palantir has effectively used over the years where they take advantage of the fact that their expert services are out in the field, seeing exactly how the product needs to evolve in order to make them those deployed people more efficient and allow them to be more productive over time. OfferFit has been following a very similar model where their expert machine learning services are closely tied to the product road map, making them more efficient over time.

正如我所提到的，當我們宣布收購時，它與 Palantir 多年來有效使用的前瞻性部署工程模型並無不同，他們利用其專家服務在現場的事實，準確地了解產品需要如何發展，以使那些部署的人員更有效率，並使他們隨著時間的推移更加富有成效。OfferFit 一直遵循非常相似的模型，其專家機器學習服務與產品路線圖緊密相關，從而使其隨著時間的推移變得更加高效。

And then similarly, a lot of the actual literal hours, much like with the deployment of Braze, tied to the upfront, where they're going through and they're searching through the data sources, getting data pipeline set up. That, by the way, is something we expect to speed up by utilizing the Braze data platform for OfferFit deployments into the future. It's one of those great R&D and kind of services and delivery synergies that we're looking forward to.

然後類似地，很多實際的文字時間，就像 Braze 的部署一樣，與前期相關，他們正在進行並蒐索資料來源，設定資料管道。順便說一句，我們希望透過在未來利用 Braze 資料平台進行 OfferFit 部署來加快這一進程。這是我們期待的偉大的研發、服務和交付協同效應之一。

And then similarly, the overall technology costs of actually operating the reinforcement learning engine of OfferFit is actually less infrastructure intensive than running the Braze event-driven stream processor.

同樣，實際運行 OfferFit 強化學習引擎的整體技術成本實際上比運行 Braze 事件驅動流處理器所需的基礎設施更少。

And so well, there is a bit of a headwind to their overall gross margin percent in these early years of their product development, we anticipate that in the long run, it will be gross margin accretive for us on a percentage basis. And we'll look to see that picture evolve over time, but we feel really good about the dynamics there.

因此，雖然在他們產品開發的早期階段，他們的整體毛利率遇到了一些阻力，但我們預計，從長遠來看，這將為我們帶來百分比上的毛利率成長。我們將觀察這種情況隨著時間的推移而演變，但我們對那裡的動態感到非常滿意。

And just for the record for the call, since this is transcribed, I'm just going to update everybody or just to remind everybody, my name is Isabelle and not Elizabeth.

僅就通話記錄而言，由於這是轉錄的，我只是想向大家更新一下情況，或者只是提醒大家，我的名字是伊莎貝爾，而不是伊麗莎白。

Thank you, Isabelle. All right, thanks, everybody, for joining us today. We look forward to seeing many of you on the road over the next few months. We have our Annual Shareholder Meeting at the end of June, and we'll be back with you for post Q2 earnings thereafter.

謝謝你，伊莎貝爾。好的，謝謝大家今天的加入我們。我們期待在接下來的幾個月裡在路上見到你們。我們將於六月底召開年度股東大會，之後我們將與您一起發布第二季的收益報告。