Braze Inc (BRZE) 2026 Q2 法說會逐字稿

Welcome to the Braze's fiscal second quarter 2026 earnings conference call. My name is Luke, and I'll be your operator for today's call. (Operator Instructions) I'll now turn the call over to Christopher Ferris, Vice President of Braze Investor Relations.

歡迎參加 Braze 2026 財年第二季財報電話會議。我叫盧克，今天我將擔任您的電話接線生。（操作員指示）現在我將電話轉給 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 second 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 財年第二季的業績。與我一起參加的還有我們的聯合創始人兼首席執行官比爾·馬格努森 (Bill Magnuson) 和首席財務官伊莎貝爾·溫克爾斯 (Isabelle Winkles)。我們在今天收盤後發布的新聞稿中公佈了我們的業績。請參閱我們網站 investors.braze.com 的投資者關係部分，以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 third quarter and fiscal year ended January 31, 2026, the anticipated benefits from and product advancements due to the combination of Braze and OfferFit Technologies, 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對截至 2026 年 1 月 31 日的第三季度和財政年度的財務前景、Braze 和 OfferFit Technologies 合併帶來的預期收益和產品進步、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）、我們的潛在目標機會以及我們的潛在機會目標和我們的財務目標的目標能力。

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 the material risks and uncertainties that could affect our actual results, please refer to the risks identified in today's press release and our SEC filings, both available on the Investor Relations section of our website. I'd also like to remind you that today's call will include certain non-GAAP financial measures used by management to evaluate our ongoing operations and to aid investors in further understanding the company's fiscal second 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 U.S.

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。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 財年第二季度的業績，以及這些項目對財務結果的影響。請參閱我們的非公認會計準則財務指標與依照美國計算的最直接可比較財務指標的對帳。

GAAP included in our earnings release under the Investor Relations section of our website. The non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with U.S. GAAP.

GAAP 包含在我們網站投資者關係部分下的收益報告中。所提供的非 GAAP 財務指標不應被視為替代或優於按照美國編制的財務績效指標。公認會計準則。

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 great second quarter results, generating $180 million of revenue, up 24% year-over-year and 11% from the prior quarter. I'm also pleased to announce that we recently passed $700 million of committed annual recurring revenue, demonstrating continued strong demand for the ROI delivered by the Braze customer engagement platform. Thank you to our dedicated team across the world who helped us achieve this milestone. I look forward to building on this success as we continue our journey to make Braze the industry standard for customer engagement.

謝謝你，克里斯，大家下午好。我們第二季的業績非常出色，實現了 1.8 億美元的收入，年增 24%，季增 11%。我也很高興地宣布，我們最近承諾的年度經常性收入超過了 7 億美元，這表明對 Braze 客戶參與平台提供的投資回報率的持續強勁需求。感謝我們遍佈全球的敬業團隊幫助我們實現這一里程碑。我期待著在這一成功的基礎上繼續努力，使 Braze 成為客戶參與的行業標準。

We also continue to drive efficiency in our business, delivering $6 million of non-GAAP operating income, $17 million of non-GAAP net income and $4 million of free cash flow in the quarter. We've now posted 3 straight quarters of positive non-GAAP operating income and free cash flow as well as 5 straight quarters of positive non-GAAP net income. Looking ahead, we remain committed to driving higher profitability while thoughtfully reinvesting in our business, strengthening our competitive advantage and maintaining our position as the leading customer engagement platform globally.

我們也持續提高業務效率，本季實現了 600 萬美元的非 GAAP 營業收入、1,700 萬美元的非 GAAP 淨收入和 400 萬美元的自由現金流。我們已連續 3 個季度實現非公認會計準則營業收入和自由現金流為正，並連續 5 個季度實現非公認會計準則淨收入為正。展望未來，我們將繼續致力於提高獲利能力，同時深思熟慮地對我們的業務進行再投資，增強我們的競爭優勢，並保持我們作為全球領先客戶參與平台的地位。

Our business momentum continued in Q2 as we achieved solid bookings across verticals and geographies. As we've stated in the past several quarters, global trade and economic concerns have yet to materially affect deal cycles, and we are optimistic looking into the second half of the year and fiscal year 2027 as we realized record pipeline generation and competitive strength across regions. In the quarter, we increased our customer count by 80 sequentially and 259 year-over-year to 2,422. Our large customer additions were again strong with $500,000-plus ARR customers rising 27% year-over-year to 282.

我們在第二季度繼續保持業務勢頭，在各個垂直行業和地區都取得了穩定的預訂量。正如我們在過去幾季中所說的那樣，全球貿易和經濟問題尚未對交易週期產生實質影響，我們對今年下半年和 2027 財年持樂觀態度，因為我們實現了創紀錄的通路產生和跨地區的競爭實力。本季度，我們的客戶數量較上季增加 80 家，較去年同期增加 259 家，達到 2,422 家。我們的大客戶成長再次強勁，其中 ARR 超過 50 萬美元的客戶年增 27%，達到 282 家。

Recent new business wins and existing customer expansions include DocMorris, Fogo de Chao, Gopuff, Kleinanzeigen, Laundryheap, Little Caesars, Metcash, Saily, Sweetgreen, and Wix. Additionally, the enterprise replacement cycle remains a robust source of new business. Takeaways from the legacy marketing clouds in the quarter included a European digital employment solutions firm, a Japanese career website, a Canadian telecommunications company, a North American discount retailer and digital media and consumer companies across the U.S., Europe and APAC. Our competitive win rates remain strong as a result of these ongoing legacy replacement cycles and continued trends in vendor consolidation, which creates further opportunities for Braze to expand its market share.

最近贏得的新業務和現有客戶擴展包括 DocMorris、Fogo de Chao、Gopuff、Kleinanzeigen、Laundryheap、Little Caesars、Metcash、Saily、Sweetgreen 和 Wix。此外，企業更新換代週期仍是新業務的強勁來源。本季從傳統行銷雲端取得的數據包括一家歐洲數位就業解決方案公司、一家日本職業網站、一家加拿大電信公司、一家北美折扣零售商以及美國、歐洲和亞太地區的數位媒體和消費公司。由於正在進行的傳統產品更換週期和供應商整合的持續趨勢，我們的競爭成功率仍然強勁，這為 Braze 擴大其市場份額創造了更多機會。

In addition to our wins against the legacy marketing clouds, we also continue to displace less sophisticated point solutions, including recent new business wins at an American e-commerce company, a women's online retailer in APAC, an American shapewear and clothing brand and many others. As frontier capabilities and artificial intelligence continue their rapid advance, brands are increasingly eager to leverage AI-driven innovation to achieve improved customer results and greater marketer productivity. Braze remains future-focused and is rapidly deploying new AI solutions 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.

除了戰勝傳統行銷雲之外，我們還繼續取代不太複雜的點解決方案，包括最近贏得一家美國電子商務公司、一家亞太地區女性線上零售商、一家美國塑身衣和服裝品牌等許多公司的新業務。隨著前沿能力和人工智慧的持續快速發展，品牌越來越渴望利用人工智慧驅動的創新來改善客戶結果並提高行銷人員的生產力。Braze 始終著眼於未來，並正在快速部署新的 AI 解決方案和第一方資料激活，將前沿的強化學習和生成 AI 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。

Throughout our history, Braze has emphasized the importance of living in the flow of first-party data and customer context, pairing it with the intelligence of a machine learning enhanced stream processor and delivering on critical use cases with the reliability, performance and security that enterprises demand. As Braze forges ahead, it is increasingly clear that the same architectural defects, user experience complexity and performance limitations that held back our competitors through the rise of mobile and the advent of stream processing are also barriers to their ability to leverage frontier capabilities in AI and machine learning.

在我們的整個歷史中，Braze 一直強調生活在第一方資料和客戶環境流中的重要性，將其與機器學習增強流處理器的智慧相結合，並以企業所需的可靠性、效能和安全性滿足關鍵用例。隨著 Braze 的不斷發展，越來越明顯的是，同樣的架構缺陷、使用者體驗複雜性和效能限制在行動崛起和串流處理出現時阻礙了我們的競爭對手，同時也阻礙了他們利用人工智慧和機器學習前沿能力的能力。

By contrast, Braze has built the critical foundations of customer engagement, delivered them to our growing customer community at extreme scale, and we are eager to continue to unlock the promise of our sophisticated vision for customer engagement with the rapidly advancing power of AI. While our product development accelerates, we also remain committed to category-leading UX design and heavy investment in the education and activation of the community of marketers and agencies that are integral to the Braze ecosystem. Now is an opportune moment to lift the craft of customer engagement to new heights, allowing marketers to transcend the mundane aspects of campaign creation and emerge as conductors of exceptional experiences and business strategy.

相較之下，Braze 已經建立了客戶參與的關鍵基礎，並將其以極大的規模交付給我們不斷增長的客戶社區，我們渴望利用快速發展的人工智慧的力量繼續釋放我們對客戶參與的複雜願景的希望。在產品開發加速的同時，我們也依然致力於領先的使用者體驗設計，並大力投資於 Braze 生態系統不可或缺的行銷人員和代理商社群的教育和活化。現在是將客戶參與技巧提升到新高度的絕佳時機，讓行銷人員超越行銷活動創建的平凡方面，成為卓越體驗和商業策略的指導者。

After closing the acquisition in early June, we also got off to a strong start with OfferFit by Braze, quickly integrating their team, melding cultures, fostering tight collaboration and beginning to educate our customers on the potential for AI decisioning to transform their customer engagement strategies. Within our existing customer base, the pipeline for OfferFit by Braze has sharply accelerated, especially across our enterprise segment, where we have earned a high level of trust by delivering sophistication at scale throughout our lifetime as a company.

在 6 月初完成收購後，我們也與 Braze 的 OfferFit 取得了良好的開端，迅速整合了他們的團隊，融合了文化，促進了緊密的合作，並開始向我們的客戶介紹 AI 決策改變其客戶參與策略的潛力。在我們現有的客戶群中，Braze 的 OfferFit 管道急劇加速，特別是在我們的企業部門，我們在整個公司發展過程中透過大規模提供完善的服務贏得了高度的信任。

Our combined selling motion is off to a great start, tallying Q2 wins in each of our major geographic regions. We view OfferFit's AI decisioning engine as a uniquely effective asset, providing a best-of-breed platform for autonomous one-on-one personalization with a deep technical moat. By integrating OfferFit's AI decisioning engine with the Braze customer engagement platform and combining our R&D teams, we are extremely excited to be expanding and accelerating the Braze AI road map to elevate the experiences delivered to customers through the billions of content and orchestration decisions made by Canvas and Braze AI decisioning products every day.

我們的聯合銷售行動開局良好，在各主要地理區域均取得了第二季的勝利。我們認為 OfferFit 的 AI 決策引擎是一種獨特且有效的資產，它提供了一個具有深厚技術障礙的自主一對一個性化最佳平台。透過將 OfferFit 的 AI 決策引擎與 Braze 客戶參與平台相結合併結合我們的研發團隊，我們非常高興能夠擴展和加速 Braze AI 路線圖，以透過 Canvas 和 Braze AI 決策產品每天做出的數十億個內容和編排決策來提升為客戶提供的體驗。

As customer engagement teams continue to prioritize one-on-one connection, creativity and business growth, the tools and techniques for delivering relevant and memorable experiences are rapidly evolving, and AI is set to revolutionize the role of customer engagement teams, transforming them from day-to-day campaign tacticians into strategic conductors of autonomous customer engagement systems that foster mutual customer value and drive business growth. With the Braze AI road map, we are harnessing composable intelligence to enhance both the marketer and customer engagement experiences. This approach unlocks meaningful one-on-one personalization at scale while maintaining continuity of brand and product experiences.

隨著客戶互動團隊繼續優先考慮一對一聯繫、創造力和業務成長，提供相關且令人難忘的體驗的工具和技術正在迅速發展，人工智慧將徹底改變客戶互動團隊的角色，將他們從日常活動戰術家轉變為自主客戶互動系統的策略性指揮者，從而促進共同的客戶價值並推動業務成長。透過 Braze AI 路線圖，我們正在利用可組合智慧來增強行銷人員和客戶的參與體驗。這種方法可以大規模實現有意義的一對一個性化，同時保持品牌和產品體驗的連續性。

Much as Canvas embeds the knowledge and creativity of our brand's business priorities and marketing strategy today, in the near future, we believe that the context and intelligence of brands and marketing teams will be embedded in composable models, agents and operators, fundamentally reshaping how marketers operate and interact with their customers, providing not just efficiency, but also strategic leverage and improved decision-making.

正如 Canvas 如今嵌入了我們品牌業務重點和行銷策略的知識和創造力一樣，在不久的將來，我們相信品牌和行銷團隊的背景和智慧將嵌入可組合模型、代理商和營運商中，從根本上重塑行銷人員的營運方式和與客戶的互動方式，不僅提供效率，還提供策略槓桿和改進的決策。

We plan to share more of our AI vision and upcoming product innovation plans during our annual customer conference, Forge, which takes place from September 29 to October 1 in Las Vegas. You'll learn more about our approach to investing in AI, data unification, activation and distribution, channel expansion and our generative, predictive and agentic solutions to deliver composable intelligence to customer engagement.

我們計劃在 9 月 29 日至 10 月 1 日在拉斯維加斯舉行的年度客戶會議 Forge 上分享更多我們的 AI 願景和即將推出的產品創新計劃。您將詳細了解我們在人工智慧、數據統一、激活和分發、管道擴展以及生成、預測和代理解決方案方面的投資方法，以便為客戶參與提供可組合智慧。

We'll also share more about our growing work with global strategic partners, many of whom are sponsoring Forge, including new joint solutions like Subscribed Studios, which was built by VML in collaboration with Stripe and is specifically designed to address the unique challenges of subscription businesses. It combines AI-driven life cycle intelligence with live customer and usage data, enabling smarter subscription journeys. Through the integration with Braze, these insights become immediately actionable, triggering personalized event-based communications across the subscriber life cycle.

我們還將分享更多與全球戰略合作夥伴不斷增長的合作，其中許多合作夥伴都贊助了 Forge，包括新的聯合解決方案，如 Subscribed Studios，它是由 VML 與 Stripe 合作構建的，專門用於解決訂閱業務的獨特挑戰。它將人工智慧驅動的生命週期智慧與即時客戶和使用數據相結合，實現更智慧的訂閱旅程。透過與 Braze 的整合，這些見解可以立即付諸行動，從而在整個訂閱者生命週期中觸發基於事件的個人化溝通。

At Forge, attendees will have the opportunity to experience exciting customer engagement innovations from top brands and Braze practitioners at live workshops and hear from many of our outstanding customers and partners, both on stage and in the hallways. While we won't be hosting a full Investor Day this fall, we will be welcoming investors for a reception on the evening of Tuesday, September 30. Contact Investor Relations for more details.

在 Forge，與會者將有機會在現場研討會上體驗來自頂級品牌和 Braze 從業者的激動人心的客戶參與創新，並在舞台上和走廊上聆聽我們許多傑出的客戶和合作夥伴的發言。雖然今年秋天我們不會舉辦完整的投資者日活動，但我們將於 9 月 30 日星期二晚上舉行招待會，歡迎投資者前來參加。請聯絡投資者關係部門以了解更多詳情。

I'll wrap my remarks by reiterating our commitment to driving long-term growth, efficiency and profitability in our business. Thank you for your interest and support of Braze. And now I'll turn the call over to Isabelle.

最後，我想重申我們致力於推動業務的長期成長、效率和獲利能力。感謝您對Braze的關注與支持。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 second quarter with revenue increasing 24% year-over-year to $180 million, driven by a combination of existing customer contract expansions, renewals and new business. Excluding the $2.8 million contributed by OfferFit for the 2 months of Q2, organic revenue grew 22% to $177 million. Subscription revenue remains the primary component of our total top line, contributing 95% of our second quarter revenue, while the remaining 5% 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，我們報告了強勁的第二季業績，營收年增 24%，達到 1.8 億美元，這得益於現有客戶合約擴展、續約和新業務的共同推動。不包括 OfferFit 在第二季兩個月貢獻的 280 萬美元，有機收入成長 22%，達到 1.77 億美元。訂閱收入仍然是我們總營業收入的主要組成部分，占我們第二季度收入的 95%，其餘 5% 則來自經常性專業服務費用以及一次性配置和入職費用的組合。

Total customer count increased 12% year-over-year to 2,422 customers, up 259 from the same period last year and up 80 from the prior quarter. This figure includes 17 net new OfferFit customers added as a result of the transaction. As a reminder, OfferFit had 27 customers, of which 10 were Braze customers prior to closing the transaction.

總客戶數量年增 12% 至 2,422 名客戶，比去年同期增加 259 名，比上一季增加 80 名。這一數字包括交易後新增的 17 名 OfferFit 淨客戶。提醒一下，OfferFit 有 27 位客戶，其中 10 位在交易結束前是 Braze 的客戶。

The number of large customers, which we define as those spending at least $500,000 annually, grew 27% year-over-year to 282, up 60% from the same period last year and up 20% from the prior quarter. OfferFit contributed two net new large customers as a result of the transaction. Customers spending $500,000 or more annually contributed 62% to our total ARR compared to a 61% contribution as of the same quarter last year.

大客戶（我們將其定義為每年至少消費 50 萬美元的客戶）數量年增 27%，達到 282 個，比去年同期增長 60%，比上一季增長 20%。此交易為 OfferFit 貢獻了兩位新的淨大客戶。每年消費 50 萬美元或以上的客戶為我們的總 ARR 貢獻了 62%，而去年同期的貢獻率為 61%。

Measured across all customers, dollar-based net retention was 108%, while dollar-based net retention for our large customers was 111%. Expansion was again broadly distributed across industries and geographic regions. Revenue outside the U.S. contributed 45% of our total revenue in the second quarter, down approximately 60 basis points sequentially and in line with the prior year quarter.

從所有客戶來看，基於美元的淨留存率為 108%，而大客戶的基於美元的淨留存率為 111%。擴張再次廣泛分佈於各行業和地理區域。美國以外地區的營收占我們第二季總營收的 45%，季減約 60 個基點，與去年同期持平。

I'll note that the in-quarter dollar-based net retention has stabilized over the last 7 months and increased modestly from slightly below 107% in Q1 to slightly above 107% in Q2. While we are not providing specific guidance for the trailing 12-months DBNR, we are encouraged by the recent in-period stabilization and look forward to updating you on this metric in the coming quarters.

我要指出的是，過去 7 個月內，季度美元淨留存率已經趨於穩定，並從第一季的略低於 107% 小幅上升至第二季的略高於 107%。雖然我們沒有為過去 12 個月的 DBNR 提供具體指導，但我們對近期的期間穩定感到鼓舞，並期待在未來幾季向您更新這一指標。

In the second quarter, our total remaining performance obligation was $862 million, up 25% year-over-year and up 4% sequentially. Current RPO was $558 million, up 27% year-over-year and up 7% sequentially. These numbers include a contribution from OfferFit of approximately $12 million to RPO and approximately $10.5 million to CRPO. 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 2 years.

第二季度，我們的剩餘履約義務總額為 8.62 億美元，年增 25%，較上季成長 4%。目前 RPO 為 5.58 億美元，年增 27%，季增 7%。這些數字包括 OfferFit 向 RPO 貢獻約 1,200 萬美元，向 CRPO 貢獻約 1,050 萬美元。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略高於2年。

Non-GAAP gross profit in the quarter was $125 million, representing a non-GAAP gross margin of 69.3%. This compares to a non-GAAP gross profit of $103 million and non-GAAP gross margin of 70.9% in the second quarter of last year. The decrease in year-over-year gross margin was driven primarily by higher premium messaging volumes, partially offset by continued cost optimization of our technology stack with additional benefits from personnel efficiencies. The OfferFit acquisition had no material impact to our gross margin in the quarter.

本季非公認會計準則毛利為 1.25 億美元，非公認會計準則毛利率為 69.3%。相較之下，去年第二季的非公認會計準則毛利為 1.03 億美元，非公認會計準則毛利率為 70.9%。毛利率年減的主要原因是付費簡訊數量的增加，但技術堆疊成本的持續優化以及人員效率的提高等額外收益部分抵消了這一下降。OfferFit 的收購對我們本季的毛利率沒有重大影響。

Non-GAAP sales and marketing expenses were $70 million or 39% of revenue compared to $58 million or 40% of revenue in the prior year quarter. 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. Notably, we achieved this incremental efficiency while adding the 2 months of OfferFit expenses during the quarter.

非公認會計準則銷售和行銷費用為 7,000 萬美元，佔收入的 39%，而去年同期為 5,800 萬美元，佔收入的 40%。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。效率的提升反映了我們在整個行銷組織中對資源部署的嚴謹投資方法。值得注意的是，我們在本季增加了 2 個月的 OfferFit 費用的同時實現了這一增量效率。

Non-GAAP R&D expense was $27 million or 15% of revenue compared to $21 million or 15% 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 2,700 萬美元，佔營收的 15%，去年同期為 2,100 萬美元，佔營收的 15%。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而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收入百分比的目標，即 13% 至 15%。

Non-GAAP G&A expense was $22 million or 12% of revenue compared to $19 million or 13% of revenue in the prior year quarter. The dollar increase was driven by investments to support overall company growth and global expansion with continued efficiency as a percent of revenue driven by economies of scale and the use of strategic cost locations. Non-GAAP operating income was $6 million or 3.4% of revenue compared to a non-GAAP operating income of $4 million or 2.9% of revenue in the prior year quarter.

非公認會計準則 (Non-GAAP) 的一般及行政費用為 2,200 萬美元，佔營收的 12%，而去年同期為 1,900 萬美元，佔營收的 13%。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，規模經濟和策略成本位置的使用推動了收入百分比的持續效率。非公認會計準則營業收入為 600 萬美元，佔收入的 3.4%，而去年同期非公認會計準則營業收入為 400 萬美元，佔收入的 2.9%。

Non-GAAP net income attributable to Braze shareholders in the quarter was $17 million or $0.15 per share compared to $9 million or $0.09 per share in the prior year quarter. The OfferFit acquisition increased Braze's deferred tax liability balance by approximately $8 million. This resulted in a commensurate reduction in the company's valuation allowance, which generated a onetime $8 million benefit to non-GAAP net income in Q2.

本季歸屬於 Braze 股東的非 GAAP 淨收入為 1,700 萬美元或每股 0.15 美元，去年同期為 900 萬美元或每股 0.09 美元。OfferFit 的收購使 Braze 的遞延稅負債餘額增加了約 800 萬美元。這導致公司的估值準備金相應減少，從而為第二季的非公認會計準則淨收入帶來了 800 萬美元的一次性收益。

Now turning to the balance sheet and cash flow statement. We ended the quarter with approximately $368 million in cash, cash equivalents, restricted cash and marketable securities. This includes the impact of the cash portion of the OfferFit acquisition of $181 million. Cash provided by operations during the quarter was $7 million compared to cash provided by operations of $12 million in the prior year quarter. Including the cash impact of capitalized costs, free cash flow in the quarter was $4 million compared to free cash flow of $7 million in the prior year quarter.

現在轉向資產負債表和現金流量表。本季末，我們擁有約 3.68 億美元的現金、現金等價物、受限現金和有價證券。這包括 OfferFit 收購的 1.81 億美元現金部分的影響。本季經營活動提供的現金為 700 萬美元，而去年同期經營活動提供的現金為 1,200 萬美元。包括資本化成本的現金影響，本季的自由現金流為 400 萬美元，而去年同期的自由現金流為 700 萬美元。

Free cash flow includes the impact of approximately $6.9 million in cash payments related to the OfferFit acquisition. We expect our free cash flow to continue to fluctuate from quarter-to-quarter given the timing of customer and vendor payments.

自由現金流包括與 OfferFit 收購相關的約 690 萬美元現金支付的影響。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. As a reminder, we closed the OfferFit acquisition on June 2. And as such, our third quarter forecast includes a full quarter contribution from the transaction, while our full year forecast incorporates only an 8-month impact from the transaction. For the third quarter of fiscal 2026, we expect revenue to be in the range of $183.5 million to $184.5 million, which represents a year-over-year growth rate of approximately 21% at the midpoint.

現在轉向指導。提醒一下，我們在 6 月 2 日完成了 OfferFit 收購。因此，我們的第三季預測包括該交易帶來的整個季度的貢獻，而我們的全年預測僅包含該交易帶來的 8 個月的影響。對於 2026 財年第三季度，我們預計營收將在 1.835 億美元至 1.845 億美元之間，中間值年成長率約為 21%。

Third quarter non-GAAP operating income is expected to be in the range of $3.5 million to $4.5 million, which implies a non-GAAP operating margin of approximately 2% at the midpoint. As a reminder, third quarter operating income includes the impact of expenses related to Forge, our annual customer conference, as well as several other global events scheduled during the quarter.

第三季非公認會計準則營業收入預計在 350 萬美元至 450 萬美元之間，這意味著非公認會計準則營業利潤率中位數約為 2%。提醒一下，第三季營業收入包括與 Forge、我們的年度客戶會議以及本季安排的其他幾個全球活動相關的費用的影響。

Third quarter non-GAAP net income is expected to be in the range of $6.5 million to $7.5 million, and third quarter non-GAAP net income per share in the range of $0.06 to $0.07 per share based on approximately 113.5 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 $717 million to $720 million, which represents a year-over-year growth rate of approximately 21% at the midpoint. Consistent with commentary we provided on our fourth quarter and first quarter conference calls, we expect OfferFit to contribute approximately 2 percentage points to year-over-year growth for the full fiscal year.

第三季非公認會計準則淨收入預計在 650 萬美元至 750 萬美元之間，第三季非公認會計準則每股淨收入預計在 0.06 美元至 0.07 美元之間（基於本期間約 1.135 億股加權平均稀釋流通股）。對於整個 2026 財年，我們預計總收入將在 7.17 億美元至 7.2 億美元之間，這意味著同比增長率約為 21%。與我們在第四季度和第一季電話會議上提供的評論一致，我們預計 OfferFit 將為整個財年的同比增長貢獻約 2 個百分點。

Fiscal year 2026 non-GAAP operating income is expected to be in the range of $24.5 million to $25.5 million. At the midpoint, this implies a non-GAAP operating margin of 3.5%, a roughly 350 basis point improvement versus fiscal year 2025. Non-GAAP net income for the same period is expected to be in the range of $45.5 million to $46.5 million, and net income per share is expected to be $0.41 to $0.42 per share based on a full year weighted average diluted share count of approximately 112 million shares.

2026 財年非 GAAP 營業收入預計在 2,450 萬美元至 2,550 萬美元之間。從中間值來看，這意味著非 GAAP 營業利潤率為 3.5%，與 2025 財年相比提高約 350 個基點。預計同期非公認會計準則淨收入將在 4,550 萬美元至 4,650 萬美元之間，基於全年加權平均稀釋股數約 1.12 億股，每股淨收入預計為 0.41 美元至 0.42 美元。

I'll close my remarks by expressing my enthusiasm for the future of Braze. We are steadfast in our commitment to providing leading customer engagement solutions and remain well positioned to achieve our long-term financial targets.

最後，我想表達我對 Braze 未來的熱情。我們堅定不移地致力於提供領先的客戶參與解決方案，並始終處於有利地位以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，我們開始回答問題。接線員，請開始問答。

(Operator Instructions) Brent Bracelin, Piper Sandler.

（操作員指示）布倫特·布雷斯林、派珀·桑德勒。

You beat Q2 by $8 million. You're raising the full year by $14 million. You're raising full year operating profit by $15 million. CRPO growth accelerated 300 basis points. Bill, what's changed here with the demand environment and appetite to lean into Braze now?

您比 Q2 領先 800 萬美元。您全年將籌集 1,400 萬美元。您將全年營業利潤提高 1500 萬美元。CRPO成長加速300個基點。比爾，現在需求環境和對 Braze 的興趣發生了哪些變化？

And then Isabelle, what's behind your confidence that you can drive higher growth and higher operating leverage here for the rest of the year?

那麼伊莎貝爾，是什麼讓您有信心在今年剩餘時間內推動更高的成長和更高的營運槓桿？

Yes. So high level, as we mentioned, I don't think we've seen a meaningful change in either the macro or the demand environment, but we've been really happy with our execution globally. As we referenced, historically high competitive win rates, it means that our late-stage pipeline is operating very efficiently for the business. We also -- as we've been talking about for the last several quarters, looking at the attenuation of downsell activity, and we're starting to see that materialize as well.

是的。因此，正如我們所提到的，從高層次來看，我認為我們並沒有看到宏觀或需求環境發生重大變化，但我們對全球的執行感到非常滿意。正如我們所提到的，歷史上較高的競爭獲勝率意味著我們的後期通路對業務的運作非常有效率。我們也——正如我們在過去幾季中一直在談論的那樣，關注降價活動的衰減，我們也開始看到這種情況實現。

And so generally, seeing great momentum around the world. We're seeing, I think, solid performance across verticals and across geos with everyone contributing within the verticals. We've mentioned in the past that our focus verticals for this year on retail and e-commerce and financial services have been an area where we've been aligning investments across marketing, product and sales. And those have been working out very well, increasing the efficiency, specifically of our pipeline generation and our win rates within those categories.

整體而言，世界各地都呈現出強勁的發展動能。我認為，我們看到各個垂直領域和各個地域都表現穩健，每個人都在垂直領域做出貢獻。我們過去曾提到，我們今年的重點垂直領域是零售、電子商務和金融服務，我們一直在行銷、產品和銷售方面協調投資。這些措施效果很好，提高了效率，特別是提高了我們的管道生成效率和這些類別的成功率。

So just a lot of the investments that we've been making to improve execution have been synchronizing with each other around the world. It's still a challenging demand environment, but we're working with what we've got. And I think we've been happy with the performance, and we've got good line of sight to where that strength will continue through the back half of the year.

因此，我們為提高執行力而進行的許多投資在世界各地都是同步的。這仍然是一個充滿挑戰的需求環境，但我們正在利用現有的資源來努力。我認為我們對業績表現感到滿意，我們非常清楚這種強勁勢頭將在今年下半年持續下去。

Yes. And just specifically on some of the numbers, I think on our ability to better manage and have visibility on improved outcomes on downsells, you're seeing that in the dollar-based net retention. I did provide a little bit of added color there on where in-period is trending and where that has been trending over the last several months. And so I think the sustained performance that we're seeing there is giving us greater confidence in -- through the back half of the year.

是的。就某些數字而言，我認為，我們能夠更好地管理和了解降價銷售的改善結果，您將在基於美元的淨保留率中看到這一點。我確實對當前時期的趨勢以及過去幾個月的趨勢提供了一些補充說明。因此，我認為，我們所看到的持續表現將讓我們對下半年更有信心。

OfferFit is also performing as expected. And we've got some events now behind us. The OfferFit integration is performing extremely well. We've onboarded Ed McDonnell, which is going very, very well. And so we know these were some sources of some uncertainty over the last few months.

OfferFit 的表現也符合預期。現在我們已經完成了一些活動。OfferFit 整合表現非常出色。我們已經聘請了 Ed McDonnell，一切進展非常順利。因此我們知道這些是過去幾個月一些不確定性的根源。

That's now behind us. And we're really pleased with our plan for capital deployment through the back of the year. And so when you combine that visibility and transparency with some of the upside that we're seeing on the revenue piece, that's how you come up with the improved profitability, and we're excited to be on that path.

現在，這一切已經過去了。我們對今年年底的資本部署計畫感到非常滿意。因此，當你將這種可見性和透明度與我們在收入方面看到的一些好處結合起來時，你就能提高盈利能力，我們很高興能走上這條道路。

Siti Panigrahi, Mizuho.

瑞穗的 Siti Panigrahi。

Great to join the call. So I want to ask about the OfferFit. It's -- you talked about strong start with OfferFit. Help us understand a little bit more what are you hearing from your customer base after this integration? And what kind of ACV uplift we see from your customer base with OfferFit? And I have a follow-up.

很高興加入通話。所以我想問一下有關 OfferFit 的問題。您談到了 OfferFit 的強勁開端。幫助我們進一步了解整合後您從客戶群中聽到了什麼？那麼，使用 OfferFit 後，您的客戶群的 ACV 有何提升？我還有一個後續問題。

Yes. So first of all, as I mentioned, we were excited to tally a post-acquisition OfferFit win within all three of our Americas, EMEA and APAC regions. Those are all executed in line with our full deal desk, pricing and contracting practices, which were obviously important early milestones for the integration.

是的。首先，正如我所提到的，我們很高興在收購 OfferFit 後，在美洲、歐洲、中東和非洲以及亞太地區都取得了勝利。這些都是按照我們的完整交易台、定價和簽約實踐執行的，這顯然是整合的重要早期里程碑。

These are still enterprise deal cycles. They've got six-figure price tags and the sales cycles that they're typically measured in months, not weeks. But we are encouraged by the pipeline generation in the quarter and the pace of the integration so far.

這些仍然是企業交易週期。它們的價格高達六位數，銷售週期通常以月而不是周來計算。但本季的管道生成和迄今為止的整合速度令我們感到鼓舞。

I think the pattern that we're seeing is at the high levels of trust, in particular, in our enterprise category that our customer base has with Braze's ability to deliver and really just the integrity and the pragmatism that we've always incorporated into the Braze AI road map and really looking at the defensible and provable performance uplift from the technology of OfferFit has combined together to create a really compelling offering that people are really interested in.

我認為我們看到的模式是高度的信任，特別是在我們的企業類別中，我們的客戶群對 Braze 的交付能力以及我們始終融入 Braze AI 路線圖的誠信和實用主義，以及真正關注 OfferFit 技術帶來的可辯護和可證明的性能提升，結合在一起創造出人們真正感興趣的真正引人注目的產品。

And so we're very excited about the potential there. We continue to think we're going to see very high attach rates, in particular, in the high end of our customer base for the full OfferFit offering. And as a reminder, the full OfferFit offering is priced around $300,000 annually. There are other flavors of that offering, and we are looking at definitely providing a full spectrum of reinforcement learning offerings.

因此我們對那裡的潛力感到非常興奮。我們仍然認為，我們將看到非常高的附加率，特別是在我們高端客戶群中全套 OfferFit 產品的附加率。提醒一下，OfferFit 完整服務的價格每年約為 30 萬美元。該產品還有其他版本，我們正在考慮提供全方位的強化學習產品。

We're going to share more about that at Forge at the end of the month, so that we've got different price points and different deployment mechanisms so that we can definitely sell, especially as we get further down the product development -- the combined product development road with the existing Braze AI investments alongside the OfferFit road map and the synergies of those coming together, we think is going to be able to provide a robust kind of fully fledged offering. We're going to share more about that at Forge, and we're going to share more about that in the coming quarters.

我們將在月底的 Forge 上分享更多相關信息，這樣我們就可以獲得不同的價格點和不同的部署機制，從而確保我們能夠銷售，特別是隨著我們進一步深入產品開發——結合現有的 Braze AI 投資、OfferFit 路線圖和這些結合起來的協同效應，我們認為將能夠提供一種強大的、功能齊全的產品。我們將在 Forge 上分享更多相關信息，並且在接下來的幾個季度中我們將分享更多相關資訊。

And so I think that all of our assumptions leading into the acquisition have so far been vetting out not only positively. But also, we're moving a pace, and we've been really happy with the urgency and the velocity of the integration and continue to be really excited about it.

因此我認為，我們在收購前做出的所有假設到目前為止都得到了積極的驗證。但同時，我們也在加快步伐，我們對整合的緊迫性和速度感到非常高興，並繼續對此感到非常興奮。

And then specifically on your question around the top line impact, just to reiterate that we talked about a 2% uplift to year-over-year revenue growth. And so I think the rough range is sort of an $11 million to $12 million contribution in the year, and we are perfectly on pace for that contribution.

然後具體到您關於營收影響的問題，我再次重申，我們討論的是營收年增 2%。因此，我認為今年的捐款大致在 1,100 萬美元至 1,200 萬美元之間，而且我們完全可以按照這個速度完成捐款。

That's a great color. And then I have a follow-up in terms of margin. It's great to see that you raised your margin for the year. I wanted to specifically ask about OfferFit. I know it has a lot of service. And how do you plan to scale OfferFit business and further drive even margin expansion there with OfferFit?

顏色真棒。然後我對利潤率有一個後續問題。很高興看到您今年的利潤率有所提高。我想特別詢問有關 OfferFit 的問題。我知道它有很多服務。您計劃如何擴大 OfferFit 業務規模並透過 OfferFit 進一步推動利潤率的擴大？

Yes. So there's two pieces to that. I think on gross margin, the OfferFit numbers today mix in pretty much exactly as our business is structured. So there's no dilution right now on a gross margin basis. They are an earlier stage company, and so we do see opportunities to improve that gross margin over time as we mature their delivery operations. So that -- we do see opportunity for that to improve and to actually exceed Braze's overall average gross margin over time.

是的。這其中涉及兩個部分。我認為，就毛利率而言，OfferFit 今天的數值與我們的業務結構幾乎完全一致。因此，目前毛利率沒有被稀釋。他們是一家處於早期階段的公司，因此隨著他們的配送業務日趨成熟，我們確實看到了提高毛利率的機會。因此，我們確實看到了改進的機會，隨著時間的推移，實際上可以超過 Braze 的整體平均毛利率。

On operating income, obviously, they mixed in a little bit negatively. And what we've been doing is just aggressively looking for ways to ensure that there are appropriate synergies between the two as we have completed or as we continue to complete the integration. And so we want to continue to invest in that business to make it as successful as possible, but we're being extremely disciplined and diligent about how that is being executed, and you're seeing some of that in our ongoing plan to improve profitability.

就營業收入而言，顯然他們受到了一些負面影響。我們一直在做的就是積極尋找方法，確保在我們已經完成或繼續完成整合的過程中，兩者之間能夠產生適當的協同效應。因此，我們希望繼續投資該業務，使其盡可能地成功，但我們對如何執行該業務非常自律和勤勉，您可以在我們正在進行的提高盈利能力的計劃中看到其中的一些。

Congrats on a good quarter.

恭喜本季取得良好業績。

Brett Huff, Stephens.

布雷特·哈夫，史蒂芬斯。

Congrats on a nice quarter and lots of great stats here given lots of different thesis going on in the market. To that end, I feel like I need to ask the AI question. Can you talk a little bit or just remind us again how the usage is trending for your AI products, maybe in a little more detail to sort of provide some meat on the bone on the defensibility of what we think is Braze's position? And then talk a little bit maybe also about the forward deployment of folks you have, I think, around OfferFit. And then I have a follow-up as well.

鑑於市場上存在許多不同的論點，祝賀您度過了一個美好的季度並獲得了許多出色的數據。為此，我覺得我需要問一下人工智慧問題。您能否稍微談談，或者只是再次提醒我們您的 AI 產品的使用趨勢如何，也許更詳細一些，以便為我們認為的 Braze 立場的可辯護性提供一些實質性的證據？然後也許還可以稍微談談您在 OfferFit 周圍對人員的前瞻性部署。然後我還有一個後續行動。

Yes, for sure. So I think that when we look out across the Braze AI feature set, we obviously have a full spectrum of offerings, including some that we launched years ago. And they deploy a number of different AI technologies ranging from advanced data science and machine learning into reinforcement learning processes, transformer-driven recommendations and then Gen AI assistance and copilots and such.

是的，當然。因此，我認為，當我們縱觀 Braze AI 功能集時，我們顯然擁有全方位的產品，包括一些我們幾年前推出的產品。他們部署了許多不同的人工智慧技術，從先進的資料科學和機器學習到強化學習過程、變壓器驅動的建議，再到通用人工智慧輔助和副駕駛等等。

And so we're seeing rapid levels of adoption really across that entire feature set. Some of them are correlated with different verticals. Things like catalog recommendations tend to be more prominent in retail and consumer goods as well as media and entertainment, both of which are super strong verticals for us.

因此，我們看到整個功能集的採用水準正在迅速提高。其中一些與不同的垂直行業相關。目錄推薦之類的功能在零售和消費品以及媒體和娛樂領域更為突出，這兩個領域對我們來說都是非常強大的垂直領域。

We're seeing great usage of our assistance within the dashboard. I think arguably one of the few competitive weaknesses for Braze historically has not been a lack of raw capability, but rather apprehension from prospects on whether they can make full use of Braze. And I think our AI road map has tremendous promise to close that gap, both by lowering the barriers to entry for those more sophisticated features as well as decreasing the manual effort required to test and deploy both new use cases and run ongoing experiments.

我們看到儀表板內提供的幫助得到了很好的利用。我認為，從歷史上看，Braze 的少數競爭弱點之一併不是缺乏原始能力，而是對潛在客戶是否能夠充分利用 Braze 的擔憂。我認為我們的人工智慧路線圖有望縮小這一差距，既可以降低那些更複雜功能的進入門檻，又可以減少測試和部署新用例以及運行正在進行的實驗所需的手動工作量。

And so I think we've been really happy primarily with continuing to see that gap being closed where the differentiation that Braze has always been able to deliver due to our power and our flexibility is becoming more accessible to more of our customer base. And that's giving us both stronger differentiation in sales cycles, but also stronger usage and ongoing value creation for our customers, not just from the AI features, but from the existing differentiation that we already had, but that was maybe not as accessible or as usable and AI is helping really close that gap.

因此，我認為我們真的很高興看到差距不斷縮小，Braze 憑藉我們的力量和靈活性始終能夠提供的差異化正在被更多的客戶群所接受。這不僅讓我們在銷售週期中實現了更強的差異化，也為我們的客戶提供了更強大的使用能力和持續的價值創造，這不僅來自人工智慧功能，還來自我們已有的差異化，但這可能不那麼容易獲得或可用，而人工智慧正在幫助我們真正縮小這一差距。

We're also, as I referenced, super excited to share a lot more about the upcoming AI road map at Forge in just a few weeks. I don't want to scoop too many of those product announcements, but we're excited to be able to be investing both in enhancing the customer experience as well as the marketer experience. You heard me speak in the prepared remarks about this idea around composable intelligence, which is something that we're extremely excited about as we continue to build out more opportunity for configurable and tunable models as well as agents and operators within the dashboard, all of which help simultaneously actually improve marketer productivity, but also improve the high-level capabilities for these systems to act in more autonomous ways after being imbued with the creativity and the intelligence of the marketing teams and the brands that are utilizing them.

正如我所提到的，我們也非常高興能夠在短短幾週內在 Forge 上分享更多即將推出的 AI 路線圖的資訊。我不想搶先了解太多產品公告，但我們很高興能夠投資於提升客戶體驗和行銷人員體驗。您在準備好的發言中聽到我談論有關可組合智能的想法，這是我們非常興奮的事情，因為我們將繼續在儀表板中為可配置和可調模型以及代理和操作員創造更多機會，所有這些都有助於同時提高營銷人員的生產力，同時也提高了這些系統的高級能力，使它們在融入營銷團隊和使用它們的品牌的創造力和智慧

And so I think really excited to see across the board, just the adoption of the AI features, the adoption of the existing features being helped out by AI and then a lot of excitement in the road map as well.

因此，我很高興看到全面採用人工智慧功能，採用人工智慧輔助的現有功能，以及路線圖中的許多令人興奮的內容。

That's super helpful. And then second question is on sales execution. You all have been talking about this and I think showing results demonstrating that the sales execution has gotten better. I think we underestimated maybe just how much better -- how much of that contributed to it. I know you called it out or maybe Elizabeth did -- Isabelle did in the opening remarks, but any more to add there?

這非常有幫助。第二個問題是關於銷售執行。你們都在談論這個，我認為顯示的結果表明銷售執行情況已經變得更好。我認為我們可能低估了它的改善程度——它的貢獻程度。我知道您或伊莉莎白——伊莎貝爾在開場白中提到了這一點，還有什麼要補充的嗎？

No. I think that as I referenced at the top of the Q&A here that what we're seeing is really a synchronization, I think, of just a lot of positive impacts from a lot of the operational changes, a lot of the investment that we've put into achieving high competitive win rates and really making sure that we've got strong qualification, in particular, of late-stage pipeline so that we can better prioritize our efforts.

不。我認為，正如我在問答環節開頭提到的那樣，我們所看到的實際上是一種同步，我認為，只是許多運營變化帶來的許多積極影響，我們為實現高競爭勝率而投入的大量投資，以及真正確保我們擁有強大的資質，特別是後期管道，以便我們能夠更好地優先考慮我們的工作。

I've spoken in prior quarters about some of the sales efficiency downsides that came about from it being a very opportunity scarce environment for a while. That was a combination of the macro and also just a combination of pipeline and led to, in particular, some enterprise deal cycles where we were trying to force time lines that were just more difficult to execute on where we would either run out the clock and someone would be forced to renew or we were trying to force someone to kind of incur switching costs earlier when they still had another year, 1.5 years and some other contract.

我在前幾個季度曾談到由於當時的環境非常缺乏機會而導致的一些銷售效率下降的問題。這是宏觀和管道的結合，尤其導致了一些企業交易週期，在這些週期中，我們試圖強制執行更難的時間表，要么耗盡時間，要么有人被迫續約，要么我們試圖強迫某人在他們還有一年、一年半和其他合約的時候更早地承擔轉換成本。

We're, I think, operating in a stronger pipeline ratio environment that's allowing for our sales team to be a lot more judicious about where and how they spend their time, how they sequence the opportunities that they have in their patches and how they execute on those deal cycles. And then, of course, I think our competitive strength is in a really great position, which is allowing for us to execute on that late-stage pipeline in a really positive way, and that's synchronizing together around the world.

我認為，我們在一個更強大的管道比率環境中運營，這使得我們的銷售團隊能夠更加明智地決定在哪裡以及如何度過他們的時間，如何安排他們在各自領域中的機會以及如何執行這些交易週期。當然，我認為我們的競爭實力處於非常有利的位置，這使我們能夠以非常積極的方式執行後期管道，並且在全球範圍內同步進行。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Perfect. At the moment, like the customer addition was really decent. And you talked about still challenging environments out there. But if you think about where are we in terms of customer understanding of your offering, but also customers kind of thinking about how they kind of are doing -- communicating with their clients in this new AI world, do you see a change in behavior or change in thinking there that kind of helps you kind of to have a better situation in the market -- position in the market?

完美的。目前，客戶增加確實很不錯。您還談到了仍然存在挑戰的環境。但是，如果您思考一下，就客戶對您的產品的理解而言，我們處於什麼位置，同時客戶也在思考他們在這個新的人工智慧世界中如何與客戶溝通，您是否看到行為或思維的變化，這有助於您在市場上獲得更好的地位？

Yes. So I think that there's aspects of this where even before we were referring to the concept of an AI-native software world, I think that Braze really arrived to the realities of a lot of what this thesis kind of has identified as changes in the software world. We've spoken about a number of these things in prior quarters. Our pricing, as an example, has always been outcome and consumption-oriented.

是的。因此，我認為，甚至在我們提到人工智慧原生軟體世界的概念之前，Braze 就已經真正觸及了這篇論文所指出的軟體世界變化的許多現實。我們在前幾個季度已經討論過許多這樣的事情。例如，我們的定價始終以結果和消費為導向。

And as you know, we've never charged for seats. Braze was designed from the beginning to enable small teams to perform massive scale work through a combination of both the deterministic automation that you see in things like the journey building in Canvas as well as machine learning-driven automated decision-making.

如您所知，我們從未收取過座位費。Braze 從一開始就被設計為使小團隊能夠透過結合 Canvas 中的旅程構建等確定性自動化以及機器學習驅動的自動化決策來執行大規模工作。

And with AI and some of the new frontier capabilities, the scope of what's possible with that automated decision-making is increasing. And that's being supplemented also by our ramping investments in both reinforcement learning and Gen AI. But I think that, that actually strengthens our foundational thesis that small teams should be able to build, manage and optimize comprehensive customer engagement strategies.

隨著人工智慧和一些新前沿能力的發展，自動決策的可能性範圍正在不斷擴大。並且，我們也正在強化學習和通用人工智慧方面加大投資。但我認為這實際上加強了我們的基本論點，即小型團隊應該能夠建立、管理和優化全面的客戶參與策略。

They need a system like Braze to be able to manage the complexity that's inherent in that problem space so that as a small team, they can grapple with the complexity of like all the different channels and all the different ways that customers are interacting with them across all the different touch points and the real-time changing of the context around them.

他們需要像 Braze 這樣的系統來管理問題空間中固有的複雜性，以便作為一個小團隊，他們可以應對所有不同管道的複雜性以及客戶透過所有不同的接觸點與他們互動的不同方式以及他們周圍環境的即時變化。

But these goals remain the same, which is that you need to be able to generate insights in real time about customers using the real-time context that they generate, being able to make sense of the data as quickly as possible after it's generated, be able to harmonize that with what your business priorities and strategies are, drive great customer experiences that build strong relationships, right? These are fundamentals about humans, human relationships, our associations with brands, the way that we bring new products and services into our lives. And those things are not -- those, I think, are -- many of those are very timeless.

但這些目標保持不變，那就是您需要能夠使用客戶生成的實時上下文實時生成有關客戶的洞察，能夠在生成數據後儘快理解數據，能夠將其與您的業務重點和策略相協調，推動建立牢固關係的良好客戶體驗，對嗎？這些是關於人類、人際關係、我們與品牌的聯繫以及我們將新產品和服務帶入我們生活的方式的基本原理。而那些東西並不是──那些，我認為是──其中很多都是永恆的。

And so a lot of these strategies, I think, when you connect them back to the more timeless truths about building strong relationships with customers and about building strong businesses on the backs of strong relationships, those things haven't changed. The practices and the tools and the technology that we have available to us and actually, I think the ability of the promise of its sophisticated automation and sophisticated capabilities like Braze to be able to allow a small team to deliver on those really complex and hard problems. That promise is being realized more and more because of the delivery of AI. And I think that, that's making these teams more important within companies.

所以我認為，當你將這些策略與那些永恆的真理聯繫起來時，你會發現，這些真理就是與客戶建立牢固的關係，以及在牢固的關係基礎上建立強大的業務，而這些真理並沒有改變。我們擁有的實踐、工具和技術，實際上，我認為其複雜的自動化和複雜的功能（如 Braze）能夠讓一個小團隊解決那些真正複雜和困難的問題。由於人工智慧的出現，這項承諾正在越來越多地實現。我認為這使得這些團隊在公司內部變得更加重要。

We talk about marketers moving on from the drudge work of babysitting campaigns to actually being able to engage in higher-level business strategy to be that high-level orchestrator of the -- both the creativity that comes out of the brand stories as well as making sure that the products and services of the brands that they work for are integrating themselves and attaching themselves to people's lives and habits and loyalties.

我們談論的是行銷人員如何從繁重的照顧活動的瑣事中走出來，真正能夠參與更高層次的商業策略，成為高層的策劃者——既要發揮品牌故事的創造力，又要確保他們所服務的品牌的產品和服務能夠融入人們的生活、習慣和忠誠度。

And so I think we've been really excited to just see that a lot of those things continue to be provably timeless. AI shows up in order to bridge that gap between the promise and the reality of what's delivered. And when you bridge that gap, the teams that we work with become champions within their organizations. They're able to drive higher leverage impact, do so at higher levels of ROI. When you start to look at things like OfferFit coming in as well to be able to provide that high-end customizable offering where the reinforcement learning is providing provable performance edge over the best state-of-the-art, even like much more expensive like homebuild systems and things like that, that just serves to increase the level of leverage and ROI and really the status of those customer engagement teams within organizations.

所以我認為，我們真的很高興看到很多東西繼續被證明是永恆的。人工智慧的出現是為了彌合承諾與現實之間的差距。當你彌補這一差距時，與我們合作的團隊就會成為其組織內的冠軍。他們能夠發揮更高的槓桿效應，並在更高的投資報酬率水準上做到這一點。當您開始考慮 OfferFit 之類的產品時，它能夠提供高端可定制的產品，其中強化學習提供可證明的性能優勢，超越最先進的技術，甚至超越更昂貴的自製系統等產品，這只會提高槓桿率和投資回報率，並真正提高組織內客戶參與團隊的地位。

And so I think we're really happy about the overall arc of how that continues to develop. I think that within this demand environment, it's also still true that companies, in general, are still looking for ways to optimize costs. There's not a huge amount of expansionary investment, new greenfield product introductions and other geographic expansions and other big growth-oriented investments. And that still means that some of these effects we've talked about in prior quarters where switching costs are still costs and it's still hard for organizations to be prioritizing costs like that right now. We continue to see those as drags on deal cycles.

因此，我認為我們對整個事情的持續發展感到非常高興。我認為，在這種需求環境下，公司整體上仍在尋找優化成本的方法。沒有大量的擴張性投資、新的綠地產品推出、其他地理擴張和其他大型成長型投資。這仍然意味著我們在前幾個季度討論過的一些影響，其中轉換成本仍然是成本，而且組織現在仍然很難優先考慮這樣的成本。我們繼續認為這些會拖累交易週期。

But I think that in terms of the fundamentals of customer engagement in the space, the role of the marketer, the ROI that can be delivered by making sophisticated and advanced investments in the customer engagement space are more true than ever.

但我認為，就該領域客戶參與的基本原理、行銷人員的角色而言，透過在客戶參與領域進行複雜和先進的投資所能帶來的投資回報率比以往任何時候都更加真實。

Yes. Okay. Perfect. And Isabelle, thanks for the extra disclosure on or the extra comments on NRR. If you think about it, obviously, it's a backwards-looking kind of metrics.

是的。好的。完美的。伊莎貝爾，感謝您對 NRR 的額外披露和額外評論。如果你仔細想想，顯然這是一種回顧性的指標。

If you think about it, like about a year ago, we had like kind of much higher numbers. How quickly does that come back once the world is changing? You have obviously OfferFit to kind of as a cross-sell upsell. What are the puts and takes to think about the changing of that number going forward? Congrats from me as well.

如果你仔細想想，大約一年前，我們的數字要高得多。一旦世界發生變化，這種情況會多快恢復？顯然，您可以使用 OfferFit 進行交叉銷售和追加銷售。對於未來改變這個數字，需要考慮哪些因素？我對此也表示祝賀。

Yes. So I think just in terms of -- we also don't provide guidance on that number. But just if you think about the puts and takes, obviously, as the downsell environment continues to moderate and we continue to kind of get stronger in that area, that is going to help that metric. And then as the demand environment continues to stay strong and then continues to improve and when we continue to sell OfferFit as an additional tool in our toolkit, there's opportunity for that metric to reaccelerate at some point in time. We are not calling any time period on that.

是的。所以我認為就這一點而言——我們也不會提供關於這個數字的指導。但是，如果你考慮到收益和損失，顯然，隨著降價環境繼續緩和，我們在該領域繼續變得更加強大，這將有助於該指標。然後，隨著需求環境繼續保持強勁並不斷改善，當我們繼續將 OfferFit 作為我們工具包中的附加工具出售時，該指標就有機會在某個時間點重新加速。我們沒有對此設定任何時間段。

We are really pleased to see the stabilization and the uplift in Q2 versus Q1 and are excited to continue to provide that -- the trailing 12-month metric to you all going forward.

我們非常高興地看到第二季相對於第一季的穩定和提升，並且很高興繼續為大家提供過去 12 個月的指標。

Taylor McGinnis.

泰勒麥金尼斯。

Congrats on the quarter and the strong results. Apologies if there's any background noise. But just maybe on -- going back to the outperformance in the quarter, it was a lot stronger than what we've seen in past quarters. So could you just talk about maybe what area really exceeded your expectations in particular? And as we think about the assumptions implied in the guide going forward, how have you adjust those accordingly and anything to keep in mind there?

恭喜本季取得的強勁業績。如果有任何背景噪音，請見諒。但也許——回顧本季的優異表現，它比過去幾季的表現要強勁得多。那麼，您能否談談哪個方面確實超出了您的預期？當我們思考指南中隱含的假設時，您如何相應地調整這些假設以及需要記住什麼？

Yes. So there's kind of two areas that kind of work together. So definitely on the downsell component, that came in better than anticipated. And obviously, our guidance went up for the full year. So our visibility and our expectations for the back half of the year improves there as well.

是的。因此，有兩種領域可以協同工作。因此，就降價銷售部分而言，其表現肯定比預期的要好。顯然，我們對全年的預期有所上調。因此，我們對下半年的可見性和預期也會提高。

So that had an in-quarter positive impact. And then just the general demand environment continue to be strong across geographies and across customer classifications, across industries. Bill mentioned some of the strength that we continue to see in our verticalization. And so across our breadth of products, we're continuing to see strong demand there and more limited downsell. So that's great.

因此這對本季產生了積極影響。然後，整體需求環境在各個地區、各個客戶類別、各個行業中持續保持強勁。比爾提到了我們在垂直化中繼續看到的一些優勢。因此，在我們廣泛的產品中，我們繼續看到強勁的需求和更有限的降價。這太棒了。

I will call out one point of the overachieve is related to two items that one can consider a little bit harder to predict and maybe a little bit more onetime in nature. Revenue reserves came in better than anticipated. So revenue reserves are taken when we have expectations of poor customer payment. And we've had very timely payments from our customers recently, and this has allowed us to not take as large revenue reserves. So that's been helpful in the quarter.

我要指出的是，超額完成的一點與兩件事有關，這兩件事可能更難預測，而且本質上可能更具一次性性。收入儲備比預期的要好。因此，當我們預期客戶付款不暢時，就會提取收入儲備。最近，我們收到了來自客戶的非常及時的付款，這使得我們不必提取大量收入儲備。所以這對本季很有幫助。

But again, difficult to predict, but a nice leading indicator of customer health. So we're pleased about that. And then some overages were a little bit above expectations. And so taken together, those were about one point of the overachieve in the quarter.

但同樣，這很難預測，但卻是客戶健康狀況的一個很好的領先指標。所以我們對此感到高興。然後一些超額部分就稍微超出了預期。綜合起來，這些大約是本季超額完成任務的一點。

Awesome. Super helpful on all that color. Just the second question is, if I look at CRPO growth, so on an organic basis, you've maintained growth in the mid-20s. And now we saw this inflection in organic growth to the low 20s. So we're starting to see a little bit of convergence there.

驚人的。對於所有這些顏色都非常有幫助。第二個問題是，如果我看 CRPO 成長，那麼從有機基礎來看，你們維持了 1920 年代中期的成長。現在我們看到有機成長率出現了拐點，達到了 20% 出頭。因此，我們開始看到一些趨同的現象。

I guess how can we think about those metrics in tandem going forward? Anything to keep in mind from a duration and linearity perspective?

我想我們現在該如何綜合考慮這些指標呢？從持續時間和線性角度來看有什麼需要注意的嗎？

Yes. So we are seeing those metrics kind of move a little bit in tandem here, and that's great to see. There's always the -- at any given point in time, some noise that can creep into that metric, but we are definitely encouraged even on an organic basis on the trajectory of the CRPO metric. So happy to see both the impact on more limited downsells is definitely playing into that as well as the strength in the overall just kind of core business and momentum that we're seeing in the business. So we're excited to see that positive trajectory.

是的。因此，我們看到這些指標在這裡有點同步變化，這是很高興看到的。在任何給定的時間點，總是會有一些噪音潛入該指標，但我們絕對會受到鼓勵，即使是在有機基礎上，也要關注 CRPO 指標的軌跡。很高興看到，更有限的降價銷售確實產生了影響，而且整體核心業務的實力和我們在業務中看到的勢頭也發揮了作用。因此我們很高興看到這一積極的軌跡。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

I'll echo my congrats on the strong quarter. So Bill, I know you said the demand environment is fairly stable. If you kind of unpack the geos in the end markets, have you seen any changes over the course of the year that you would call out in terms of the demand environment from a net new perspective?

我要對本季的強勁表現表示祝賀。比爾，我知道你說過需求環境相當穩定。如果您對終端市場的地理位置進行分析，您是否看到過去一年發生了任何變化，從全新的角度來看，您會對需求環境做出哪些改變？

Yes. I think quarter-by-quarter, we have seen differences in country-specific performance around the world. But averaging over the last few quarters, I think we've been happy with performance globally. We've seen major contributions and strong win rates from each of our global regions and subregions. And that's inclusive of both our more mature areas where we've had established sales teams for years as well as some of the places that we've opened up more recently.

是的。我認為，我們每季都會看到世界各地不同國家的具體表現有差異。但從過去幾季的平均來看，我認為我們對全球的表現感到滿意。我們看到了來自全球各個地區和子地區的重大貢獻和強勁的勝率。這包括我們多年來已經建立銷售團隊的較成熟的地區以及我們最近開放的一些地區。

We've also seen some great positive momentum from things like the data center that we deployed in Australia. We had across the board really strong performance from actually every single segment in our ANZ region in the most recent quarter. That was certainly helped out by that country-specific investment into the data center.

我們也看到了一些積極的勢頭，例如我們在澳洲部署的資料中心。最近一個季度，我們澳新銀行地區的各個部門都表現得非常強勁。這無疑得益於該國針對資料中心的投資。

And we're doing a better job, I think, of aligning things like regional support along with partners as well as vertical-specific investments that drive alignment across marketing spend, product marketing and product-specific investments and making sure that those are all getting aligned around go-to-market activation and execution. And so generally, I think what we're seeing is that there are puts and takes around the globe, but I think we've had good visibility into where relative strength and weakness is so that we can deploy capacity in a way that's efficient. And then we can also align other supporting investments across product and marketing to make sure that we've got the right alignment of sales capacity with the varying regional strength and that, that's all supported and lined up in a focused way.

我認為，我們在協調區域支援、合作夥伴以及垂直特定投資等方面做得更好，這些投資推動了行銷支出、產品行銷和產品特定投資的協調，並確保所有這些都圍繞上市激活和執行進行協調。所以總的來說，我認為我們看到的是全球範圍內存在著利弊，但我認為我們對相對優勢和劣勢有很好的了解，這樣我們就可以以有效的方式部署產能。然後，我們還可以協調產品和行銷方面的其他支援性投資，以確保我們的銷售能力與不同的區域實力正確匹配，並且所有這些都以有重點的方式得到支持和安排。

Brian Schwartz, Oppenheimer.

布萊恩·施瓦茨，奧本海默。

Bill, given that the sales productivity is improving, which we can see in the results, I think in your prepared remarks, you said conversions are normalizing, pipeline is at record levels and you have the CRO in place. Does that change at all the pace of hiring new sales reps in the second half of the fiscal year?

比爾，鑑於銷售效率正在提高，我們可以在結果中看到這一點，我想在您準備好的發言中，您說過轉換率正在正常化，管道處於創紀錄的水平，並且您已經建立了 CRO。這是否會改變下半年招募新銷售代表的速度？

Yes. So we are expanding sales capacity in the second half of the year. I wouldn't say that there's any like major changes to that other than that, as Isabelle mentioned, certainly, we are on the other side of two major events that have -- that had uncertainty related to them, one of them being the OfferFit acquisition and the level of disruption and the pace at which we would be able to smoothly integrate that. And the second being Ed's onboarding.

是的。因此，我們正在下半年擴大銷售能力。我不會說除此之外還有什麼重大變化，正如伊莎貝爾提到的那樣，當然，我們正處於兩個重大事件的另一邊 - 這些事件具有不確定性，其中之一就是 OfferFit 收購以及中斷程度和我們能夠順利整合的速度。第二個是 Ed 的入職訓練。

I think we're about -- we're just a couple of months into both of those events. And being on the other side of them, I think that we've been really happy with the pacing so far, both of Ed's onboarding and integration into the executive team and into the go-to-market functions as well as the OfferFit team integrating into the broader Braze organization and us being able to merge together both the product development as well as the different operational processes in the groups.

我認為──這兩件事都才剛過幾個月。而站在他們的立場上，我認為我們對目前的進展非常滿意，包括 Ed 的加入和融入執行團隊和行銷職能，以及 OfferFit 團隊融入更廣泛的 Braze 組織，我們能夠將產品開發以及各個團隊中的不同營運流程合併在一起。

And so that's all setting a stage to provide the right foundations for us to continue to execute on the investment plan for the second half of the year. As Isabelle mentioned, I think we simultaneously feel good about the investment path, our ability to drive those investment levels with the certainty that we want from the business. And you combine that with some great results on the top line as well as on the attenuation of the downsell pattern that we have been living with over the last few quarters, and that sets the stage for the guidance that you're seeing today.

這一切都為我們繼續執行下半年的投資計畫奠定了良好的基礎。正如伊莎貝爾所提到的，我認為我們對投資路徑感到滿意，並且有能力以我們期望從業務中獲得的確定性來推動這些投資水平。再加上我們在過去幾季中一直經歷的銷售額下降模式的減弱以及營業收入的一些出色業績，這為您今天看到的指導奠定了基礎。

And the follow-up I had for Isabelle. In terms of thinking about the operating leverage, are the internal uses of AI that you're using at Braze and/or the low-cost labor arbitrage, is that moving the needle yet? Is that having an impact on the margin outperformance that we've seen so far? Or is that still ahead of the business?

以及我對伊莎貝爾的後續行動。在考慮經營槓桿方面，您在 Braze 中使用的人工智慧的內部用途和/或低成本勞動力套利是否已經產生了影響？這對我們迄今為止所看到的利潤率表現有影響嗎？或者這仍然領先於業務？

Yes, I think it's more so -- we're seeing more of that leverage coming from the cost-optimized location. The internal use of AI tooling, I think we're still early days on that to really be at a point where you're kind of replacing human capacity to a more material extent.

是的，我認為更重要的是──我們看到更多的槓桿作用來自於成本優化的位置。我認為，在人工智慧工具的內部使用方面，我們還處於早期階段，尚未真正達到在物質層面上取代人類能力的程度。

(Operator Instructions) Matthew VanVliet, Cantor Fitzgerald.

（操作員指示） Matthew VanVliet，Cantor Fitzgerald。

I guess first on the sales execution front, curious on how your average deal sizes came in relative to what was expected in the pipeline. Just are you seeing sales cycles drawn out or deals come in maybe at a smaller price point than you were anticipating, but the volume is sort of making up for it? And then secondarily, curious on where we're at on the average duration of sales reps maturation and how much maybe influence that did have on sales execution as well?

我想首先從銷售執行方面來說，好奇的是您的平均交易規模相對於預期的規模。您是否看到銷售週期被拉長，或者交易價格可能低於您的預期，但交易量卻有所彌補？其次，我們很好奇銷售代表成熟期的平均持續時間是多少，以及這對銷售執行力有多大影響？

Yes. Overall, I would say there's a little bit of quarter-by-quarter noise when it comes to average deal sizes. But in general, I think that we've seen a pretty stable productivity. Like most of the inputs to sales productivity over the last few quarters have remained fairly consistent. Similarly, some of the mechanics around average durations and even things like annual versus multiyear deal terms, payment terms, et cetera.

是的。總體而言，我認為就平均交易規模而言，每季都會有一些波動。但總的來說，我認為我們已經看到了相當穩定的生產力。就像過去幾季中大多數對銷售生產力的投入一樣，它保持了相當的一致性。類似地，一些圍繞平均期限的機制，甚至諸如年度與多年期交易條款、付款條款等。

We're seeing some quarter-by-quarter noise on these things, but no major trend lines to support. I think that a lot of the environment from those dimensions has remained pretty consistent.

我們看到這些事情逐季度出現一些變化，但沒有主要的趨勢線來支撐。我認為從這些方面來看，許多環境仍然相當一致。

Derrick Wood, TD Cowen.

德里克伍德 (Derrick Wood)，TD 考恩。

Great. Congrats from me as well. Bill, with search and SEO getting disrupted by AI, are you seeing customers look to shift more marketing spend into first-party data and customer engagement solutions like yours? Just wondering how you see the market reacting to this AI disruption and how you guys are trying to capitalize.

偉大的。我對此也表示祝賀。比爾，隨著搜尋和搜尋引擎優化 (SEO) 受到人工智慧的顛覆，您是否看到客戶希望將更多的行銷支出轉移到像您這樣的第一方數據和客戶參與解決方案上？只是想知道您如何看待市場對這種人工智慧顛覆的反應以及您如何嘗試利用它。

Yes. So we've talked about this in the past. I do think that we will benefit from a need for more and more brands to be able to avoid some of the downsides to demand aggregators that will come about from people using more assistance and such. I think it's still early days in terms of understanding exactly what kinds of changes are going to be effective in order to navigate the AEO environment and the acquisition side of the house.

是的。我們過去曾討論過這個問題。我確實認為，我們將受益於對越來越多品牌的需求，能夠避免因人們使用更多援助等而給需求聚合器帶來的一些不利影響。我認為，現在還處於早期階段，無法準確理解哪些類型的變化將有效引導 AEO 環境和收購方面。

But I think it's more true than ever that being able to -- once you've got a customer -- once a customer has discovered you as a brand and they're ready to engage in your product or your service ecosystem, that being able to kind of create a stronger first-party connection with them that is informed by first-party data and context and then rewarded with then the ongoing ability to communicate with that person over time. The importance of all of that stuff that's downstream from acquisition, I think, always increases whenever new demand aggregators enter into a given vertical or a given market.

但我認為，現在比以往任何時候都更需要的是——一旦你有了客戶——一旦客戶發現了你的品牌，並且他們準備參與你的產品或服務生態系統，你就能夠與他們建立更強大的第一方聯繫，這種聯繫由第一方數據和背景提供信息，然後獲得與該人持續溝通的能力。我認為，每當新的需求聚合器進入特定的垂直產業或特定的市場時，收購下游的所有東西的重要性總是會增加。

One of the things that is so important about the presence of tools like ChatGPT and changing user patterns around them is that it's a demand aggregator across a lot of verticals. Obviously, travel and hospitality, food and quick service restaurants and a number of other verticals have been dealing with the presence of demand aggregators for a long time. And that is now showing up in more and more of our life.But I think we should expect the marketing strategy response to be very similar across these newly impacted verticals as we have seen already across categories like restaurants and travel and hospitality, many of which are strength verticals for us because of the importance of running things like loyalty programs and building strong first-party branded connections with people.

ChatGPT 等工具的存在以及圍繞它們改變使用者模式的重要意義之一在於，它是跨許多垂直領域的需求聚合器。顯然，旅遊和酒店業、食品和快餐店以及其他一些垂直行業長期以來一直在應對需求聚合器的存在。現在，這種情況越來越多地出現在我們的生活之中。但我認為，我們應該預料到，這些新受影響的垂直行業的營銷策略響應將非常相似，正如我們已經在餐館、旅遊和酒店等類別中看到的那樣，其中許多行業對我們來說都是優勢垂直行業，因為運行忠誠度計劃等項目以及與人們建立強大的第一方品牌聯繫非常重要。

And so all of those things, I think, just continue to hammer home the importance of investing in those first-party data sets and establishing first-party connections with people and utilizing things like loyalty programs in order to enhance those connections, et cetera. And we continue to see those trend lines happening. I do think the specific questions around AEO, everyone should certainly be and are investing in and trying to better position brands to be able to capitalize on being able to be discovered in places like Gen AI chatbots and what have you. But it's still pretty -- it's still early days, I think, for a lot of those strategies to be cemented with convicted budget changes. And I wouldn't say that we're seeing any sort of massive changes there.

因此，我認為，所有這些事情都進一步強調了投資第一方資料集、與人們建立第一方聯繫以及利用忠誠度計劃等來加強這些聯繫的重要性。我們繼續看到這些趨勢線的出現。我確實認為，圍繞 AEO 的具體問題，每個人都應該並且正在投資並嘗試更好地定位品牌，以便能夠利用在 Gen AI 聊天機器人等地方被發現的優勢。但我認為，透過確定的預算變化來鞏固許多策略還為時過早。我不會說我們在那裡看到了任何巨大的變化。

Yun Kim, Loop Capital.

Yun Kim，Loop Capital。

Congrats from me as well. If you can provide some color around any trend that you're seeing around different messaging channels, which specific premium channels performed well in the quarter? And is there any messaging channel you expected to get a boost from when a customer adopts OfferFit?

我對此也表示祝賀。如果您可以提供一些關於您在不同訊息管道中看到的趨勢的信息，那麼哪些特定的優質管道在本季度表現良好？當客戶採用 OfferFit 時，您是否預期會從任何訊息傳遞管道獲得提升？

Yes. So I think that across messaging channels, we've seen pretty consistent growth across our offerings. As Isabelle mentioned, we've seen more growth in some of the premium messaging channels, and we've also seen more growth in premium messaging channels outside the United States. I think some of those things are actually driven by a lot of the positive effects of the flexible credits model that we have been predicting and forecasting over the course of the last few quarters.

是的。因此，我認為，透過各種訊息傳遞管道，我們的產品均實現了相當持續的成長。正如伊莎貝爾所提到的，我們看到一些優質訊息管道的成長，我們也看到美國以外的優質訊息管道的成長。我認為其中一些事情實際上是由我們在過去幾季中一直在預測的靈活信貸模式的許多正面影響所推動的。

As a reminder, as a Braze SMS buyer in the past, you used to actually have to contract on a country-by-country basis, the volumes that you were going to send. Now you're able to buy a basket of more fungible, flexible credits, which then allows for you to more dynamically test out new markets and new channels and be able to shift strategies as you see different -- differing levels of ROI or strengths and weaknesses in different markets in a way that people just couldn't contract before. And so I think as a result, we are seeing higher adoption of some of those premium messaging channels as well as they're spread across more countries and people testing out things like RCS and WhatsApp more flexibly than they were before.

提醒一下，作為過去的 Braze SMS 買家，您實際上必須根據每個國家/地區簽訂合同，確定您要發送的數量。現在，您可以購買一籃子更具可替代性和靈活性的信用額度，從而可以更動態地測試新市場和新管道，並能夠根據所看到的不同（不同水平的投資回報率或不同市場的優勢和劣勢）調整策略，而這是以前人們無法做到的。因此，我認為，我們看到一些優質訊息傳遞管道的採用率正在提高，而且它們遍布更多國家，人們比以前更靈活地測試 RCS 和 WhatsApp 等產品。

So we've been really happy to see all of the -- the impact of all of those. We did predict that a number of those things would be a consequence of the change toward the flexible credits model, and that's been coming into fruition. We've also been seeing great adoption of channels like landing pages and content cards as well as the banner cards extension to content cards, which are all areas where we've been putting investment into adding more depth and flexibility to those different channels and customers have been adopting them a pace.

因此，我們非常高興看到所有這些的影響。我們確實預測到，許多事情將是向靈活信貸模式轉變的結果，而這項預測已經實現。我們也看到登陸頁面和內容卡以及橫幅卡擴展到內容卡等管道得到了廣泛的採用，這些都是我們一直在投資的領域，旨在為這些不同的管道增加更多的深度和靈活性，客戶也一直在逐步採用它們。

And we definitely have been excited to see that because one of the -- number one correlators with customer growth and customer retention is the adoption and execution of multichannel strategies and being able to do so both in product and out of product and coordinating those strategies together. So that's exactly what we want to be seeing across the board with customers.

我們確實很高興看到這一點，因為與客戶成長和客戶保留相關的首要因素之一是採用和執行多通路策略，並且能夠在產品內部和產品外部做到這一點並協調這些策略。這正是我們希望在客戶身上看到的。

With respect to OfferFit driving messaging channels, they tend to get deployed around e-mail as a primary channel. But as a reminder, the OfferFit decisioning engine is highly flexible and can be applied to strategies across not even just the channels that Braze is super strong in, but it actually has been used for performance marketing use cases and being able to do things like optimizing bid levels on ad buying strategies and such. And so we're very excited to see the OfferFit decisioning engine be able to be deployed not just on the first-party channels that Braze has pre-existing footprint and strength in but actually be deployed more broadly across marketing organizations across all of their goals.

對於 OfferFit 驅動的訊息傳遞管道，它們傾向於以電子郵件作為主要管道進行部署。但需要提醒的是，OfferFit 決策引擎非常靈活，不僅可以應用於 Braze 非常強大的管道策略，而且它實際上已經用於績效行銷用例，並且能夠執行諸如優化廣告購買策略的出價水平等操作。因此，我們非常高興地看到 OfferFit 決策引擎不僅能夠部署在 Braze 已經擁有足跡和實力的第一方管道上，而且實際上可以更廣泛地部署到所有目標的營銷組織中。

Patrick Walravens, Citizens.

帕特里克·沃爾拉文斯，公民。

This is Kincaid on for Pat. We've seen customers in this over $500,000 cohort going up quarter-over-quarter, but we've seen the dollar-based net retention rate dropping. Are we going to see that reaccelerate at any point?

這是金凱德 (Kincaid) 代替帕特 (Pat) 上場的比賽。我們發現這個超過 50 萬美元的客戶群的數量逐季度增加，但基於美元的淨留存率卻在下降。我們會在任何時候看到這種趨勢再次加速嗎？

So we talked about the dollar-based net retention in quarter and the trends that we've seen there that are an indication of some of that stabilization. So over the last 7 months, we've seen some of that stabilization. And in particular, Q2 was slightly higher than Q1 on an in-quarter basis. And generally, it's a bit of a leading indicator on directionality.

因此，我們討論了本季基於美元的淨保留率以及我們所看到的表明某種程度上穩定的趨勢。在過去的 7 個月裡，我們看到了一定程度的穩定性。尤其是第二季度，季增略高於第一季。一般來說，它是方向上的領先指標。

Also, the dollar-based net retention dropped only 1 point versus the prior quarter, and we've seen larger drops in recent quarters. And so we're encouraged by the direction of travel there and just point you to our comments about the in-quarter trajectory.

此外，基於美元的淨留存率與上一季相比僅下降了 1 個百分點，而且我們發現最近幾季的降幅更大。因此，我們對那裡的發展方向感到鼓舞，並向您指出我們對本季軌蹟的評論。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

So I guess just going back to one of the comments this quarter, Isabelle, I think you talked about some better reserve dynamics just on some of the payment terms. You also talked about improving retention rates across the board. So would just be curious, like what's the underlying demand driver here? Is it -- are you seeing kind of improvements on the messaging or MAU side? Just any commonality across kind of the better payments and better retention?

所以我想回到本季度的一條評論，伊莎貝爾，我認為您談到了在某些付款條款上更好的儲備動態。您還談到了全面提高保留率。所以我只是好奇，例如這裡潛在的需求驅動因素是什麼？您是否看到訊息傳遞或 MAU 方面有所改進？更好的支付和更好的保留之間有什麼共同點嗎？

Yes. I mean, look, on the better payments, there's no one particular product that's at play there. That's really more customer health and the fact that we continue to be Tier 1 vendors across the swath of our customers. And so certainly, our customers want to maintain us in good standing and have -- maintain the platform on and operational and avoid any disruption there. So I think that's a little bit of speaking to kind of the global health of the customer base.

是的。我的意思是，看看，就更好的支付而言，沒有特定的產品可以發揮作用。這實際上意味著更多的客戶健康，事實上我們將繼續成為廣大客戶的一級供應商。因此，我們的客戶當然希望我們保持良好的信譽，並保持平台的正常運行，避免任何中斷。所以我認為這在某種程度上反映了客戶群的全球健康狀況。

As customers run into their own financial troubles, they'll tend to be more delinquent with payments. So it's great to see that not only operationally, our own internal engine to collect payments continues to perform well, but also our customers are prioritizing us or actually having the ability to pay. And that's a great directional signal for us.

當客戶陷入財務困境時，他們往往會出現更多的拖欠付款的情況。因此，我們很高興地看到，不僅在營運方面，我們自己的內部收款引擎繼續表現良好，而且我們的客戶也優先考慮我們或實際上具有支付能力。這對我們來說是一個很好的方向訊號。

And then just in terms of the overall kind of demand environment, all of the components continue to perform well. You're seeing -- we've had some growth in the monthly active user base. That has historically always underpaced the overall revenue growth. So nothing to shout out there in particular. The messaging continues to perform very well as we continue to sell on the credits basis.

就整體需求環境而言，所有組成部分都持續表現良好。您正在觀看—我們的每月活躍用戶群有所成長。從歷史上看，這一成長速度一直低於整體收入成長速度。所以沒有什麼特別值得大喊大叫的。隨著我們繼續以信用額度進行銷售，訊息傳遞的效果持續良好。

And so across the board, just the entitlements that we are making available to our customers, we're seeing kind of broad adoption and continued expansion of multiple SKUs across the board.

因此，從整體上看，我們向客戶提供的權利得到了廣泛的採用，並且多種 SKU 也得到了持續擴展。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

I'm Willow Miller on for Arjun Bhatia. We appreciate the color on the down selectivity in the prepared remarks. But can you also comment on where you are in terms of ZIRP era customer renewals? Could we expect any more in the balance of the year?

我是 Willow Miller，代表 Arjun Bhatia 發言。我們很欣賞準備好的評論中對下行選擇性的體現。但是，您能否評論一下零利率政策時代顧客續約的情況？我們還能期待今年剩下的時間裡發生更多事情嗎？

Yes. So we're not going to really untangle that any further. I think we're really happy to see the overall trajectory on downsell activity and the stabilization that we're seeing, as I've mentioned, on the in-quarter dollar-based net retention. And so that -- we'll talk more about kind of those metrics, and we're excited to kind of continue to report on the trailing 12 months over the next couple of quarters.

是的。所以我們不會進一步去解決這個問題。我認為，我們非常高興看到降價活動的整體走勢以及我們所看到的季度美元淨保留率的穩定，正如我所提到的。因此，我們將更多地討論這些指標，並且我們很高興在接下來的幾個季度繼續報告過去 12 個月的情況。

There are no more questions at this time. I'd now like to turn the call over to Bill for closing remarks.

目前沒有其他問題。現在我想將電話交給比爾來做結束語。

I just want to thank everybody for joining us today. We hope to see many of you at Forge as well. And as a reminder, if you're interested in joining us for the investor reception, you can reach out to Investor Relations at ir@braze.com.

我只想感謝大家今天的參加。我們也希望在 Forge 見到你們。提醒一下，如果您有興趣參加我們的投資者招待會，您可以透過 ir@braze.com 聯繫投資者關係部門。