Braze Inc (BRZE) 2026 Q3 法說會逐字稿

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

歡迎參加 Braze 公司 2026 財年第三季財報電話會議。我叫萊拉，今天由我來為您接聽電話。（操作說明）

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

現在我將把電話交給 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 third 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 a press release issued after the market closed today. Please refer to the Investor Relations section of our website at investors.braze.com for more information and a supplemental presentation related to today's earnings announcement.

謝謝接線生。下午好，感謝各位今天與我們一起回顧 Braze 公司 2026 財年第三季的業績。與我一同出席的還有我們的共同創辦人兼執行長比爾·馬格努森，以及我們的財務長伊莎貝爾·溫克爾斯。我們今天收盤後發布新聞稿公佈了業績。請造訪我們網站 investors.braze.com 的投資者關係部分，以了解更多資訊以及與今天發布的收益公告相關的補充簡報。

During this call, we will make statements related to our business that are forward-looking under federal securities laws and the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding our financial outlook for the fourth quarter and the fiscal year ended January 31, 2026. The anticipated benefits from and product advancements due to the combination of Braze and ongoing developments in BrazeAI technology, 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, including our expectations regarding our profitability framework. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from our expectations and reflect our views only as of today. We assume no obligation to update any such forward-looking statements.

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，就我們的業務發表前瞻性聲明。這些聲明包括但不限於有關我們對截至 2026 年 1 月 31 日的第四季度和財政年度的財務展望的聲明。預期 Braze 與 BrazeAI 技術持續發展相結合所帶來的收益和產品進步；我們對新客戶垂直領域的期望；我們對客戶行為的預期，包括供應商整合和替換趨勢及其對 Braze 的影響；我們潛在的市場機會以及我們有效把握此類機會的能力；以及我們的長期財務目標和願景，包括我們對盈利能力框架的預期。這些聲明受到多種風險和不確定因素的影響，可能導致實際結果與我們的預期有重大差異，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。

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.

有關可能影響我們實際業績的重大風險和不確定性的討論，請參閱今天發布的新聞稿和我們向美國證券交易委員會提交的文件中所列的風險，這兩份文件均可在我們網站的投資者關係部分查閱。

I'd also like to remind you that today's call will include certain non-GAAP financial measures used by management to evaluate our ongoing operations and to aid investors in further understanding the company's fiscal third-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 should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with US GAAP.

我還想提醒各位，今天的電話會議將包括管理層用於評估我們持續營運情況的某些非GAAP財務指標，以幫助投資者進一步了解公司2026財年第三季度的業績以及這些項目對財務結果的影響。請參閱我們網站「投資者關係」部分發布的獲利報告中所包含的非GAAP財務指標與根據美國GAAP計算的最直接可比較財務指標的調節表。非GAAP財務指標不應被視為替代或優於依照美國GAAP編製的財務績效指標。

And now, I'd like to turn the call over to Bill.

現在，我想把電話交給比爾。

Thank you, Chris, and good afternoon, everyone. We're pleased to report strong third-quarter results, generating $191 million of revenue, up 25.5% year over year and 6% from the prior quarter. We also continue to drive efficiency in our business, improving non-GAAP operating margins by over 400 basis points year over year and generating $18 million of free cash flow. We have now delivered four straight quarters of non-GAAP operating income and six straight quarters of non-GAAP net income, demonstrating our commitment to driving higher profitability while thoughtfully reinvesting in our business with the goal to position Braze as the global standard for omnichannel customer engagement.

謝謝你，克里斯，大家下午好。我們很高興地宣布第三季業績強勁，營收達 1.91 億美元，年增 25.5%，季增 6%。我們也持續提高業務效率，非GAAP營業利潤率年增400多個基點，並產生1,800萬美元的自由現金流。我們已經連續四個季度實現了非GAAP營業收入，連續六個季度實現了非GAAP淨收入，這表明我們致力於提高盈利能力，同時深思熟慮地對業務進行再投資，目標是將Braze打造成為全通路客戶互動領域的全球標準。

Our momentum was strong in the quarter as we again realized solid bookings across verticals and geographies. Pipeline generation was solid, indicating continued market demand while customers continue to adopt more channels and AI solutions, driving optimism as we look ahead to fiscal year 2027.

本季我們的發展勢頭強勁，在各個垂直領域和地區都再次實現了穩健的預訂量。銷售管道發展穩健，顯示市場需求持續旺盛，同時客戶不斷採用更多管道和人工智慧解決方案，這讓我們對 2027 財年充滿信心。

We achieved our strongest quarter of customer additions in three years, adding 106 sequentially and 317 year over year to 2,528, up 14%. Our large customer additions were also very strong, adding 21 $500,000-plus ARR customers sequentially and 69 year over year to 303, up 29%. Recent new business wins and existing customer expansions include CJ Olive Young, Eventbrite, Goat, Grubhub - Seamless, LinkTree, Mindbody, nuts.com, Rafeeq, RSG Group GmbH, and Vivid Seats along with many others.

我們實現了三年來最強勁的客戶成長季度，季增 106 人，年增 317 人，達到 2,528 人，成長 14%。我們的大客戶成長也非常強勁，年經常性收入超過 50 萬美元的客戶環比增加了 21 家，年增 69 家，達到 303 家，成長了 29%。近期新贏得的業務和現有客戶的拓展包括 CJ Olive Young、Eventbrite、Goat、Grubhub - Seamless、LinkTree、Mindbody、nuts.com、Rafeeq、RSG Group GmbH 和 Vivid Seats 等眾多公司。

Competitive takeaways from the legacy marketing clouds continue to demonstrate the market's preference for Braze's AI-driven omnichannel customer engagement solution, leveraging first-party data and frontier AI to deliver on modern customer engagement use cases.

傳統行銷雲的競爭優勢繼續表明，市場更傾向於 Braze 的 AI 驅動的全通路客戶互動解決方案，該方案利用第一方資料和前沿 AI 技術，滿足現代客戶互動用例的需求。

This quarter, brands across diverse industries and geographies migrated to Braze from legacy platforms, including a global appliance manufacturer, North American financial services firm, a Latin American retailer, a North American consumer insights platform, a sports league in APAC, a North American restaurant chain, and a luxury goods retailer in APAC. These wins validate Braze's ability to offer a unified real-time solution that supports ambitious AI-driven customer engagement strategies.

本季度，來自不同行業和地區的眾多品牌從傳統平台遷移到 Braze，其中包括一家全球家電製造商、一家北美金融服務公司、一家拉丁美洲零售商、一家北美消費者洞察平台、一家亞太地區的體育聯盟、一家北美連鎖餐廳和一家亞太地區的奢侈品零售商。這些成功案例證明了 Braze 有能力提供統一的即時解決方案，以支援雄心勃勃的 AI 驅動型客戶互動策略。

Our comprehensiveness and advanced yet intuitive capabilities are also on display when we compete against less sophisticated point solutions, including recent wins with a travel platform in EMEA, a property finance firm in North America, a resale marketplace in Latin America, and a financial services firm in APAC, among many others.

當我們與不太複雜的單點解決方案競爭時，我們的全面性和先進而直觀的功能也得到了充分展現，包括最近贏得的 EMEA 地區的旅遊平台、北美地區的房地產金融公司、拉丁美洲的二手房市場以及亞太地區的金融服務公司等眾多客戶的青睞。

As we navigate this dynamic technical and competitive environment, Braze remains forward-looking, rapidly introducing new AI-driven capabilities alongside first-party data activation. By applying state-of-the-art reinforcement learning and generative AI across an ever-evolving array of messaging channels and product interfaces, we help our customers leverage their first-party data to deliver more relevant experiences for their consumers and grow their businesses.

在應對這種動態的技術和競爭環境的過程中，Braze 始終著眼於未來，快速推出新的 AI 驅動功能以及第一方資料啟動。透過在不斷發展的各種訊息管道和產品介面上應用最先進的強化學習和生成式人工智慧，我們幫助客戶利用其第一方數據，為消費者提供更相關的體驗，並發展業務。

This power of AI to build personalized cross-channel campaigns was on display during this year's Cyber Week, running from November 25 to December 1, as marketers increasingly leverage AI to accelerate campaign creation and improve overall performance.

在今年11月25日至12月1日舉行的網路行銷週期間，人工智慧在建立個人化跨通路行銷活動方面的強大能力得到了充分展現，行銷人員越來越多地利用人工智慧來加速行銷活動的創建並提高整體績效。

Over the Cyber Week period, Braze delivered 102.5 billion messages with global sending throughput peaking at about 28.5 million messages per minute. During the four-day period running from Black Friday through Cyber Monday, Braze delivered nearly 60 billion messages with 100% uptime, demonstrating the strength, scale, and reliability of our platform.

在網路安全週期間，Braze 發送了 1,025 億則訊息，全球發送吞吐量峰值約為每分鐘 2,850 萬則訊息。從黑色星期五到網路星期一的四天裡，Braze 發送了近 600 億條訊息，正常運行時間達到 100%，這證明了我們平台的強大功能、規模和可靠性。

Behind the impressive headline numbers is also a story of increasing sophistication as marketers continue to evolve away from single-channel campaigns toward more sophisticated programs, leveraging dynamic data to create and strengthen direct relationships with our customers across a variety of channels.

令人印象深刻的統計數據背後，也反映出行銷人員日益精進的趨勢：他們不斷從單一管道行銷活動轉向更複雜的行銷方案，利用動態數據，透過各種管道與客戶建立和加強直接聯繫。

In addition, Braze witnessed the growing use of AI to power operational efficiency and personalization at scale as brands made extensive use of BrazeAI functionality to accelerate campaign creation, improve the resonance and relevance of messaging for their customers, and elevate their work during a critically busy period.

此外，Braze 也見證了人工智慧在提升營運效率和大規模個人化方面的應用日益廣泛，各大品牌紛紛利用 BrazeAI 的功能來加速行銷活動創建，提高訊息對客戶的共鳴和相關性，並在繁忙時期提升工作效率。

We are pleased to see customers using the full spectrum of BrazeAI capabilities, including by crafting dynamic campaign content using the Braze Liquid Assistant, accelerating content production using BrazeAI copy and image generation tools, ensuring strong clarity, impact and tone of messaging with BrazeAI content quality assurance and delivering smarter product personalization with AI item recommendations.

我們很高興看到客戶充分利用 BrazeAI 的各項功能，包括使用 Braze Liquid Assistant 製作動態行銷活動內容，使用 BrazeAI 文案和圖像生成工具加速內容製作，透過 BrazeAI 內容品質保證確保訊息清晰、有力且語氣恰當，以及透過 AI 商品推薦提供更智慧的產品個人化服務。

The increasing sophistication of our customer base and the rapid uptake of AI as a competitive lever affirm the strength of our AI road map and the Braze community.

我們的客戶群日益成熟，人工智慧作為競爭優勢的迅速普及，證實了我們的人工智慧路線圖和 Braze 社群的實力。

Performance during Black Friday and Cyber Monday also reinforced the role of premium messaging channels as key drivers of conversion, retention and high-value engagement. During the Black Friday to Cyber Monday period, Braze orchestrated a 90% increase in SMS and WhatsApp message sends, a 55% increase in content cards impressions, and a 32% increase in email messages.

黑色星期五和網路星期一期間的業績也進一步鞏固了優質資訊管道在轉換率、用戶留存率和高價值互動方面的關鍵驅動作用。在黑色星期五到網路星期一期間，Braze 促成了簡訊和 WhatsApp 訊息發送量增加 90%，內容卡片展示量增加 55%，電子郵件訊息量增加 32%。

The impressive volumes during such a crucial marketing period highlights the growing desire of marketers to diversify their strategies and further personalize their connection with their customers. Because SMS and WhatsApp are sensitive inboxes, brand performance and reputation is directly tied to how effectively they can personalize these experiences.

在如此關鍵的行銷時期取得如此驚人的銷量，凸顯了行銷人員日益增長的願望，即實現策略多元化，並進一步個性化與客戶的聯繫。由於簡訊和 WhatsApp 是敏感的收件匣，品牌表現和聲譽直接取決於它們能否有效地個性化這些體驗。

Additionally, these premium messaging channels are also often utilized for mid-funnel use cases where engagement, conversion, and monetization are materially higher. Overall, the increasing mix of channels being used by Braze customers signals that the field of customer engagement is moving up the value curve, supporting the deployment of more complex campaigns and the activation of additional channels and platforms.

此外，這些進階訊息管道也經常用於行銷漏斗中期的用例，在這些用例中，參與度、轉換率和獲利能力都顯著更高。總體而言，Braze 客戶使用的管道組合日益增多，顯示客戶互動領域正在朝向價值曲線的上升邁進，支援部署更複雜的行銷活動以及啟動更多管道和平台。

This pattern is a driver of the vendor consolidation motion that we've highlighted in past earnings. It's a clear signal that Braze is becoming more deeply embedded into our customers' engagement infrastructure and it highlights the need for further productivity gains and relevance enhancement from BrazeAI.

這種模式是供應商整合趨勢的驅動因素，我們在先前的財報中已經重點提到這一點。這清楚地表明，Braze 正在更深入地融入我們客戶的互動基礎設施，同時也凸顯了 BrazeAI 需要進一步提高生產力和增強相關性。

Innovation is central to Braze's DNA and its product road map. Since we anticipated the massive opportunity presented by the widespread adoption of mobile technology more than a decade ago, we have relentlessly seized this opportunity by developing leading-edge technology to advance the craft of customer engagement.

創新是 Braze 的 DNA 和產品路線圖的核心。十多年前，我們預見到行動技術的廣泛應用將帶來巨大的機遇，因此我們不斷抓住這一機遇，開發前沿技術，以提升客戶互動技巧。

Through AI, we believe using Braze should feel like collaborating with specialists who accelerate and elevate your work, delivering the guidance and output from brand strategists, copywriters, developers, and data analysts to help marketers win the competition for user attention, advocacy, and loyalty. Over time, we aim to help marketers ascend from the drudge work of babysitting campaigns and to instead operate as strategic conductors, building and delivering one-on-one personalized experiences that are impactful for their consumers and that build brand equity through resonance and reciprocal value creation.

我們相信，透過人工智慧，使用 Braze 應該感覺像是與專家合作，他們可以加速和提升您的工作，提供來自品牌策略家、文案撰寫人、開發人員和數據分析師的指導和成果，幫助行銷人員贏得用戶關注、支持和忠誠度的競爭。隨著時間的推移，我們的目標是幫助行銷人員擺脫繁瑣的行銷活動管理工作，轉而成為策略指揮者，建立和提供對消費者有影響力的個人化體驗，並透過共鳴和互惠價值創造來建立品牌資產。

At our Forge Customer Conference in late September, we articulated how rapidly these tools and techniques are evolving. Previously, we've used the listen, understand and act framework to describe the problem space of customer engagement and the flow of our stream processing architecture. Now, AI broadens the potential of each of these steps. Listen becomes context as it is enriched with the insights and the comprehensiveness of an AI-enhanced composable data platform.

在九月下旬舉行的 Forge 客戶大會上，我們闡述了這些工具和技術的發展速度之快。以前，我們使用「傾聽、理解和行動」框架來描述客戶互動的問題空間和我們的流程處理架構的流程。如今，人工智慧拓寬了這些步驟的潛力。透過人工智慧增強型可組合資料平台的洞察力和全面性，聆聽變得更加豐富，從而成為一種脈絡。

Understand becomes intelligence as products gain the ability to both reason and act with enhanced autonomy. And action expands to interaction as AI systems increase their expressiveness and consumer behaviors evolve with a real-time feedback loop guiding subsequent interactions delivered as a continuous experience.

理解力會轉化為智能，產品會獲得推理和行動的能力，並具備更強的自主性。隨著人工智慧系統表達能力的增強和消費者行為的演變，行動擴展到了互動，即時回饋循環指導後續互動，從而提供持續的體驗。

Let me take a moment to detail this conceptual evolution and explain how Braze is introducing tools to meet this moment. Modern AI is fed by context and enhanced by reasoning. Within Braze, that context is provided by the Braze data platform and enhanced by our native SDKs, partner integrations, robust APIs, reverse ETL capabilities, and the recently available Braze MCP server. The intelligence phase brings the design advantages of composability beyond just data, offering a full spectrum of composable intelligence, notably including the agent console, which enhances customer journeys, enriches data, and accelerates workflows.

讓我花點時間詳細介紹這個概念演變過程，並解釋 Braze 如何引入工具來應對這項挑戰。現代人工智慧以上下文為輸入，並透過推理得到增強。在 Braze 內部，這種上下文由 Braze 資料平台提供，並透過我們的原生 SDK、合作夥伴整合、強大的 API、反向 ETL 功能以及最近推出的 Braze MCP 伺服器得到增強。智能階段將可組合性的設計優勢擴展到數據之外，提供了全方位的可組合智能，尤其包括代理控制台，它可以增強客戶體驗、豐富數據並加速工作流程。

Agent console allows marketers to create custom agents that can be configured within Braze and deployed in both Canvas, our no-code visual development environment, and Braze catalogs to process, enrich, and reason about brand data and customer behavior at scale and speed. We have dozens of customers using the agent console to take in unstructured data, including natural language from customer conversations and respond interactively to maximize the value that they deliver in the most important moments for their consumers.

代理控制台允許行銷人員創建自訂代理，這些代理可以在 Braze 中進行配置，並部署到 Canvas（我們的無程式碼視覺化開發環境）和 Braze 目錄中，以大規模、快速地處理、豐富和分析品牌資料和客戶行為。我們有數十家客戶使用代理控制台來接收非結構化數據，包括來自客戶對話的自然語言，並以互動方式做出回應，從而在對消費者而言最重要的時刻最大限度地提高他們提供的價值。

We recently partnered with Aeroflow Health, a leading medical equipment and supplies company to optimize their SMS reordering process for breast pump supplies. After seeing the flurry of BrazeAI product announcements at Forge, they rapidly experimented with the BrazeAI Agent console and Canvas context steps to enable a sophisticated SMS conversation that understood natural language in real time and process orders automatically. The program is moving from testing to production after delivering a large conversion lift that could drive tens of thousands of projected additional annual orders.

我們最近與領先的醫療設備和用品公司 Aeroflow Health 合作，優化了其母乳泵用品的簡訊訂購流程。在 Forge 大會上看到 BrazeAI 的一系列產品發布後，他們迅速嘗試使用 BrazeAI Agent 控制台和 Canvas 上下文步驟，以實現複雜的短信對話，該對話能夠實時理解自然語言並自動處理訂單。該項目在實現了大幅提升轉換率後，正從測試階段過渡到生產階段，預計每年將帶來數萬份額外訂單。

As marketers continue to experiment and innovate with these new features, the Braze operator also announced at Forge, stands ready to speed their education and enhance their productivity. Operator streamlines existing work by accelerating campaign creation, analyzing reports and uncovering data insights, automating quality assurance tasks and getting quick answers from documentation and source code through our intelligent assistant. Hundreds of our customers are enabled on operator and experiencing early success.

隨著行銷人員不斷嘗試和創新這些新功能，Braze 營運商也在 Forge 大會上宣布，他們已準備好加快他們的學習速度並提高他們的生產力。Operator 透過我們的智慧助手，簡化了現有工作，包括加快活動創建速度、分析報告和挖掘資料洞察、自動化品質保證任務以及從文件和原始程式碼中快速獲取答案。數百名客戶已在營運商平台上啟用該功能並取得了初步成功。

And of course, we introduced the BrazeAI Decisioning Studio, developed from the OfferFit acquisition, which deploys AI decisioning agents to continuously experiment and personalize any aspect of customer engagement using insights and context from first-party data.

當然，我們也推出了 BrazeAI 決策工作室，該工作室由收購 OfferFit 後開發而成，它部署了 AI 決策代理，利用第一方數據的洞察和背景信息，不斷試驗和個性化客戶互動的各個方面。

Recently, we partnered with a large US e-commerce brand to push their prior personalization strategy to new heights. Using BrazeAI Decisioning Studio with reinforcement learning agents that independently experiment and identify optimal actions, they deliver deeper one-on-one personalization at incredible scale, managing approximately 5.1 quintillion permutations to select the optimal action for millions of their customers. The results generated a rapid and meaningful uplift in customer engagement, including a 12% uplift in app downloads and a 15% increase in conversion to premium memberships when compared to their prior strategy.

最近，我們與一家美國大型電子商務公司合作，將其先前的個人化策略提升到了新的高度。他們利用 BrazeAI Decisioning Studio 和強化學習代理，獨立進行實驗並識別最佳行動，從而以驚人的規模提供更深入的一對一一個性化服務，管理大約 5.1 兆種排列組合，為數百萬客戶選擇最佳行動。與先前的策略相比，該策略帶來了客戶參與度的快速且顯著的提升，包括應用程式下載量提升了 12%，高級會員轉換率提升了 15%。

The collaboration has driven such tremendous value in consumer insights that the customer is rethinking their entire life cycle marketing approach, transitioning the job of relevance optimization from manual A/B testing to AI-driven one-on-one decisioning, moving beyond merely deploying the best averages and instead relying on modern reinforcement learning to maximize resonance with every individual.

此次合作在消費者洞察方面創造了巨大的價值，客戶正在重新思考其整個生命週期行銷方法，將相關性優化工作從手動 A/B 測試轉變為 AI 驅動的一對一決策，不再僅僅部署最佳平均值，而是依靠現代強化學習來最大限度地與每個人產生共鳴。

Finally, I'd like to highlight our first-of-its-kind SDK support for native apps and ChatGPT that we announced in mid-October. Building on our deep experience from growing up in the mobile app ecosystem, this integration for ChatGPT apps will allow marketers to ensure that sophisticated customer engagement strategies are enabled in their new ChatGPT apps from the earliest phases of development.

最後，我想重點介紹我們在 10 月中旬宣布的，我們首創的對原生應用和 ChatGPT 的 SDK 支援。憑藉我們在行動應用生態系統中累積的豐富經驗，此次 ChatGPT 應用的整合將使行銷人員能夠確保從開發初期就在其新的 ChatGPT 應用中啟用複雜的客戶互動策略。

Brands will be able to continue the conversation with users of their ChatGPT native apps on other channels while also using Braze's in-product channels and personalization features to enhance their consumer-facing ChatGPT app interfaces.

品牌將能夠透過其他管道繼續與 ChatGPT 原生應用程式的用戶進行對話，同時還可以使用 Braze 的產品內管道和個人化功能來增強其面向消費者的 ChatGPT 應用介面。

What's even more remarkable is the speed with which the Braze engineering team was able to release this integration, launching a fully featured SDK just two weeks after the announcement of the ChatGPT app programs. This was enabled by our deep experience building SDKs for native app development and our proprietary architecture, which allows for rapid support of new platforms and channels as technology and consumer behaviors evolve in tandem.

更令人驚訝的是，Braze 工程團隊能夠如此迅速地發布此集成，在 ChatGPT 應用程式發布後僅兩週就推出了功能齊全的 SDK。這得益於我們在建立原生應用程式開發 SDK 方面的深厚經驗以及我們專有的架構，該架構能夠隨著技術和消費者行為的同步發展，快速支援新的平台和管道。

Combined with our composable data and intelligence capabilities, we are seeing the best of Braze's foundations combined with the leading edge of AI.

結合我們可組合的資料和智慧能力，我們看到了 Braze 最優秀的基礎架構與人工智慧前沿技術的結合。

I'll conclude by reiterating our commitment to driving long-term growth, efficiency and profitability in our business.

最後，我重申我們致力於推動業務的長期成長、效率和獲利能力。

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

感謝您對 Braze 的關注與支持。現在，我將把電話交給伊莎貝爾。

Thank you, Bill, and thank you, everyone, for joining us today. As Bill stated, we reported a strong third quarter with revenue increasing 25.5% year over year to $191 million, driven by a combination of existing customer contract expansions, renewals and new business. BrazeAI Decisioning Studio, formerly known as OfferFit, contributed $4.8 million of revenue in the quarter. This implies an organic revenue growth rate of 22.3% year over year, which represents the second sequential quarter of organic revenue growth acceleration.

謝謝比爾，也謝謝各位今天蒞臨。正如比爾所說，我們第三季業績強勁，營收年增 25.5% 至 1.91 億美元，這主要得益於現有客戶合約的擴展、續約和新業務的拓展。BrazeAI Decisioning Studio（前身為 OfferFit）在本季貢獻了 480 萬美元的營收。這意味著有機收入年增率為 22.3%，這是有機收入連續第二季加速成長。

Subscription revenue remains the primary component of our total top line, contributing 95% of our third-quarter revenue, while the remaining 5% represents a combination of recurring professional services and onetime configuration and onboarding fees.

訂閱收入仍然是我們總收入的主要組成部分，占我們第三季收入的 95%，而剩餘的 5% 則代表了經常性專業服務費和一次性配置及入會費的組合。

Total customer count increased 14% year over year to 2,528 customers as of October 31, 2025, up 317 from the same period last year and up 106 from the prior quarter. This sequential growth reflects the largest quarter-over-quarter increase in customer count since the third quarter of fiscal year 2023.

截至 2025 年 10 月 31 日，客戶總數年增 14%，達到 2,528 名客戶，比去年同期增加 317 名，比上一季增加 106 名。這一環比增長反映了自 2023 財年第三季以來客戶數量最大的季度環比增長。

Our total number of large customers, which we define as those spending at least $500,000 annually, grew 29% year over year to 303. And as of October 31, 2025, these customers contributed 63% to our total ARR compared to a 61% contribution as of the same quarter last year. Measured across all customers, dollar-based net retention was 108%, while dollar-based net retention for our large customers was 110%.

我們大客戶總數（定義為每年消費至少 50 萬美元的客戶）年增 29%，達到 303 家。截至 2025 年 10 月 31 日，這些客戶對我們總 ARR 的貢獻率為 63%，而去年同期為 61%。從所有客戶來看，以美元計的淨留存率為 108%，而對我們的大客戶來說，以美元計的淨留存率為 110%。

Expansion was again broadly distributed across industries and geographic regions. Revenue outside the US contributed 45% of our total revenue in the third quarter, in line with the second quarter of this year and the prior year quarter. In quarter, organic dollar-based net retention increased for the second straight quarter to over 107%, slightly above our in-quarter organic dollar-based net retention in Q2 of this year.

擴張再次廣泛分佈於各行業和地理區域。第三季度，美國以外的營收占我們總營收的 45%，與今年第二季和去年同期持平。本季度，有機淨留存率（以美元計）連續第二季成長至 107% 以上，略高於今年第二季的有機淨留存率（以美元計）。

We continue to observe stabilization in this metric as we realize the benefits of our investments to moderate downsell activity.

隨著我們逐漸意識到投資對抑制降價拋售活動的好處，我們持續觀察到該指標趨於穩定。

In the third quarter, our total remaining performance obligation was $891 million, up 24% year over year and up 3% sequentially. Current RPO was $573 million, up 25% 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.

第三季度，我們的剩餘履約義務總額為 8.91 億美元，年增 24%，季增 3%。目前 RPO 為 5.73 億美元，年增 25%，季增 3%。年比增幅主要由合約續約、追加銷售以及新客戶合約的簽訂所推動。整體而言，我們以美元加權計算的合約期限仍略超過兩年。

Non-GAAP gross profit in the quarter was $132 million, representing a non-GAAP gross margin of 69.1% compared to a non-GAAP gross profit of $107 million and non-GAAP gross margin of 70.5% in the third quarter of last year. The decrease in year-over-year gross margin was driven primarily by higher premium messaging volume and hosting costs, partially offset by improved efficiencies and personnel costs.

本季非GAAP毛利為1.32億美元，非GAAP毛利率為69.1%，去年第三季非GAAP毛利為1.07億美元，非GAAP毛利率為70.5%。毛利率年減主要是由於高階資訊量和託管成本增加所致，部分被效率提高和人員成本降低所抵銷。

Non-GAAP sales and marketing expenses were $77 million or 40% of revenue compared to $65 million or 43% 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, while the improved efficiency reflects our disciplined approach to investment as we continue to scale and expand the business.

非GAAP銷售和行銷費用為7,700萬美元，佔營收的40%，而上年同期為6,500萬美元，佔營收的43%。美元成長反映了我們為支持持續成長和全球擴張而逐年增加的人力成本投入，而效率的提高則反映了我們在不斷擴大業務規模的過程中採取的嚴謹的投資方法。

Non-GAAP R&D expense was $28 million or 15% of revenue compared to $22 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 remain in line with our long-term non-GAAP R&D percent of revenue target of 13% to 15%.

非GAAP研發費用為2,800萬美元，佔營收的15%，而上年同期為2,200萬美元，佔營收的15%。美元上漲主要是由於人力成本增加，以支援現有產品的擴展以及開發新產品和功能來推動成長。我們的研發支出反映了我們審慎嚴謹的技術投資策略，並與我們長期非GAAP研發支出佔營收13%至15%的目標一致。

Non-GAAP G&A expense was $22 million or 12% of revenue compared to $22 million or 15% of revenue in the prior year quarter. The improved efficiency reflects increasing scaling across public company expenses and the benefit of leveraging strategic locations for headcount expansion.

非GAAP一般及行政費用為2,200萬美元，佔營收的12%，而上年同期為2,200萬美元，佔營收的15%。效率的提高反映了上市公司支出規模的擴大以及利用策略位置擴大員工人數的優勢。

Non-GAAP operating income was $5 million or 2.7% of revenue compared to a non-GAAP operating loss of $2 million or negative 1.4% of revenue in the prior year quarter. Non-GAAP net income attributable to Braze shareholders in the quarter was $7 million or $0.06 per share compared to $2 million or $0.02 per share in the prior year quarter.

非GAAP營業收入為500萬美元，佔營收的2.7%，而上年同期非GAAP營業虧損為200萬美元，佔營收的-1.4%。本季歸屬於 Braze 股東的非 GAAP 淨利潤為 700 萬美元，即每股 0.06 美元，而去年同期為 200 萬美元，即每股 0.02 美元。

Now, turning to the balance sheet and cash flow statement. We ended the quarter with approximately $387 million in cash, cash equivalents, restricted cash, and marketable securities. Cash provided by operations during the quarter was $21 million compared to cash used in operations of $11 million in the prior year quarter. Including the cash impact of capitalized costs, free cash flow in the quarter was $18 million compared to a negative free cash flow of $14 million in the prior year quarter. We expect our free cash flow to continue to fluctuate from quarter to quarter given the timing of customer and vendor payments.

現在，我們來看資產負債表和現金流量表。本季末，我們持有約 3.87 億美元的現金、現金等價物、受限現金和有價證券。本季經營活動產生的現金流量為 2,100 萬美元，而上年同期經營活動所使用的現金流量為 1,100 萬美元。在計入資本化成本的現金影響後，本季自由現金流為 1,800 萬美元，去年同期自由現金流為負 1,400 萬美元。鑑於客戶和供應商付款的時間安排，我們預計我們的自由現金流將繼續逐季波動。

Now, turning to guidance. For the fourth quarter of fiscal 2026, we expect revenue to be in the range of $197.5 million to $198.5 million, which represents a year-over-year growth rate of approximately 23% at the midpoint. While we are not providing specific gross margin guidance, as a reminder, we expect higher seasonal activity during Q4 will impact gross margins consistent with historical patterns.

現在，我們來談談指導。我們預計 2026 財年第四季的營收將在 1.975 億美元至 1.985 億美元之間，以中間值計算，年成長率約為 23%。雖然我們不提供具體的毛利率指引，但需要提醒的是，我們預期第四季較高的季節性活動將對毛利率產生影響，這與歷史模式一致。

Fourth-quarter non-GAAP operating income is expected to be in the range of $12 million to $13 million. At the midpoint, this implies a non-GAAP operating margin of approximately 6%.

預計第四季非GAAP營業收入將在1,200萬美元至1,300萬美元之間。以中間值計算，這意味著非GAAP營業利潤率約為6%。

Fourth-quarter non-GAAP net income is expected to be $15 million to $16 million and fourth-quarter non-GAAP net income per share in the range of $0.13 to $0.14 per share based on approximately 113 million weighted average diluted shares outstanding during the period.

預計第四季非GAAP淨利潤為1500萬美元至1600萬美元，第四季度非GAAP每股淨利潤為0.13美元至0.14美元，該數據基於該期間約1.13億股加權平均稀釋後流通股計算得出。

For the full fiscal year 2026, we expect total revenue to be in the range of $730.5 million to $731.5 million, which represents a year-over-year growth rate of approximately 23% at the midpoint. Consistent with the commentary we provided on prior earnings calls, we expect BrazeAI Decisioning Studio to contribute approximately 2 percentage points to year-over-year revenue growth for the full fiscal year.

我們預計 2026 財年總營收將在 7.305 億美元至 7.315 億美元之間，以中間值計算，年成長率約為 23%。與我們在先前的財報電話會議上所做的評論一致，我們預計 BrazeAI Decisioning Studio 將在本財年為公司同比增長貢獻約 2 個百分點的收入增長。

Fiscal year 2026 non-GAAP operating income is expected to be in the range of $26 million to $27 million. At the midpoint, this implies a non-GAAP operating margin of 3.5%, roughly a 350-basis-point improvement versus fiscal year 2025.

預計 2026 財年非 GAAP 營業收入將在 2,600 萬美元至 2,700 萬美元之間。以中間值計算，這意味著非GAAP營業利潤率為3.5%，比2025財年提高了約350個基點。

Non-GAAP net income for the same period is expected to be in the range of $46 million to $47 million, and net income per share is expected to be $0.42 to $0.43 per share based on a full-year weighted average diluted share count of approximately 110 million shares.

預計同期非GAAP淨利將在4,600萬美元至4,700萬美元之間，以全年加權平均稀釋股數約1.1億股計算，預計每股淨利為0.42美元至0.43美元。

While we will provide more formal guidance for fiscal year 2027 in March of next year, we expect to return to the profitability framework outlined at our last Investor Day, targeting a non-GAAP operating income margin of 8% for fiscal year 2027. It's an exciting time at Braze as our AI-driven solutions fundamentally rewrite the rules of customer engagement. We remain committed to offering industry-leading customer engagement solutions and driving product innovation as we execute on our long-term financial goals.

雖然我們將在明年 3 月提供 2027 財年的更正式的指導，但我們預計將恢復到上次投資者日上概述的盈利框架，目標是 2027 財年非 GAAP 營業利潤率達到 8%。對於 Braze 而言，這是一個令人興奮的時刻，因為我們的 AI 驅動解決方案從根本上改寫了客戶互動規則。我們將繼續致力於提供業界領先的客戶互動解決方案，並推動產品創新，以實現我們的長期財務目標。

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

現在開始接受提問。操作員，請開始問答環節。

(Operator Instructions) Ryan MacWilliams, Wells Fargo.

（操作員說明）瑞安·麥克威廉斯，富國銀行。

Hey. Thank you for the question. Bill, glad to hear about the Braze Healthcare customer who use Braze agent console to build an AI agent to chat with their customers. This almost customer service use case from Braze is interesting. But I would love to hear your view on what are some of the reasons Braze Canvas might be an easier starting point for organizations when building new AI use cases.

嘿。謝謝你的提問。Bill，很高興聽到 Braze Healthcare 的客戶使用 Braze 代理控制台建立 AI 代理來與他們的客戶聊天。Braze提供的這個近乎客戶服務的應用案例很有趣。但我很想聽聽您對 Braze Canvas 為何可能成為組織建立新的 AI 用例時更易於入門的一些看法。

I think it's a great question and a great example to ask about because that use case was integrated directly into Canvas. And what I didn't share in the prepared remarks is actually that the first prototype version of it was made by that customer while they were at the gate waiting for their flight to leave from Forge.

我認為這是一個很好的問題，也是一個很好的例子，因為這個用例已經直接整合到 Canvas 了。我在準備的演講稿中沒有提到的是，實際上，第一個原型版本是由那位客戶在福吉機場登機口等待航班起飛時製作的。

The agility that you get out of being able to deploy an already like purpose-built agent framework into an engine like Canvas that allows you to leverage all of the interaction support that's already there, the massive amount of first-party data that's at your fingertips already in that environment.

將現成的專用代理框架部署到 Canvas 等引擎中，可以讓你獲得極大的靈活性，從而利用現有的所有交互支持，以及該環境中唾手可得的大量第一方數據。

I mentioned Canvas Context, which is a feature that we launched earlier this year in anticipation of continuing to have these units of intelligence get integrated into more parts of a canvas in order to provide the right logic or more enhanced personalization, things where conditional logic is able to become reasoning and therefore, able to respond to the unstructured data or all of the unpredictability of humans as they're interacting in these complex flows.

我提到了 Canvas Context，這是我們今年早些時候推出的一項功能，旨在將這些智慧單元繼續整合到畫布的更多部分，以便提供正確的邏輯或更增強的個性化，使條件邏輯能夠轉化為推理，從而能夠響應非結構化資料或人類在這些複雜流程中交互時的所有不可預測性。

And this is a use case where I think a lot like we've spoken about in the past. This would have become a customer support interaction, but actually because the product is able to intuit what the customer wants through or interpret what the customer wants through the agent that has been configured to kind of understand that business problem and fed with the right context and first-party data, which, of course, we make extremely easy because of how the agent consoles plug into both the Braze catalogs and Braze Canvas, you're able to deploy these, deploy them and test them against business as usual.

而這正是一個我認為與我們過去討論過的許多用例。這原本會變成客戶支援互動，但實際上，由於該產品能夠透過代理商直覺地理解客戶的需求，或者透過已配置為理解業務問題並輸入正確上下文和第一方資料的代理來解釋客戶的需求，當然，由於代理控制台可以插入 Braze 目錄和 Braze Canvas，我們使這一切變得極其容易，因此您可以像往常一樣部署、部署和測試這些代理程式。

This was a great example where they already had a solution up and running. They incorporate new intelligence into an alternative solution. You run that in a head-to-head.

這是一個很好的例子，他們已經有一個現成的解決方案並且投入使用了。他們將新技術融入替代方案中。你們進行一對一的較量。

Canvas, of course, already has that -- the automation for the experimentation as well as all the built-in reporting to track those conversions to be able to know exactly what uplift you're getting. And then that, of course, drives the conviction to be able to promote these firm experiments into production. And it's great to see all of that already happening on a rapid timeline since the launch of agent console at Forge.

當然，Canvas 已經具備了這些功能——自動化實驗功能以及所有內建的報告功能，可以追蹤這些轉化，從而準確地知道你獲得了多少提升。當然，這也會促使人們相信，這些公司實驗成果能夠轉化為實際生產。很高興看到自 Forge 推出代理控制台以來，所有這些進展都如此迅速。

Appreciate the color. And then for Isabelle, it seems like a number of your key metrics improved in the quarter, and your 4Q guide seems stronger than historical. I love if you could break down some of the components of the drivers of these improving trends. Thanks.

欣賞這種顏色。至於伊莎貝爾，似乎你的一些關鍵指標在本季度有所改善，而且你的第四季業績預期似乎比以往更加強勁。如果您能詳細分析這些改善趨勢的驅動因素的組成部分，那就太好了。謝謝。

Yeah. So a lot of these things have been in progress for some time as we think about ongoing productivity enhancements that have occurred within the sales organization, and we've been seeing that over the last several quarters.

是的。因此，隨著我們不斷考慮銷售組織內部的生產力提升，許多這類事情已經進行了一段時間，而且在過去的幾個季度裡，我們已經看到了這一點。

And then the efforts that we've had to mitigate downsell and dollar churn. And that's been really exciting to see that come to fruition. And these things have combined together to enable us to retain more dollars and then go out and continue to sell more effectively and efficiently.

然後是我們為減少降價銷售和降低客戶流失率所做的努力。看到這一切最終實現，真的令人興奮。這些因素結合起來，使我們能夠保留更多的資金，然後出去繼續更有效、更有效率地進行銷售。

So we're really excited about the momentum that we're seeing in the business, and that's playing into our ability to overachieve the numbers that we have guided for, for Q3 and then provide the guide that we did for Q4.

因此，我們對目前業務的發展勢頭感到非常興奮，這有助於我們超額完成第三季度的業績目標，並為第四季度提供相應的業績指引。

Appreciate the color. Thanks, guys.

欣賞這種顏色。謝謝各位。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Thank you. Bill, you talked earlier about the growing momentum, especially on the legacy side. Is there anything in the market specifically that you would attribute that to? So is it like AI adoption and you need a more modern platform, is it kind of the getting end of life like from a technical perspective and hence, more stuff is happening, or what's driving that momentum there?

謝謝。比爾，你之前談到了這種日益增長的勢頭，尤其是在傳統業務方面。您認為市場上具體有哪些因素導致了這種情況？所以，這是像人工智慧應用一樣，需要一個更現代化的平台嗎？還是說，從技術角度來看，這是平台生命週期的終結，因此才會發生更多的事情？又是什麼在推動這種發展動能？

Yeah. I would say, as we look forward, one of the things that you latched on to is that I do think this is a moment in history in our category where in the start-up landscape, we're seeing consolidation and capitulation happening with more subscale or point solution or regional players. The enterprise competitive set is distracted and stagnating in many ways. And I think we see that, the broader ecosystem sees it.

是的。展望未來，我認為你所關注的一點是，我認為在我們這個行業，這是一個歷史性的時刻，在創業領域，我們看到越來越多的規模較小、專注於特定解決方案或區域性參與者正在經歷整合和崩潰。企業競爭格局在許多方面都處於分散和停滯狀態。我認為我們看到了這一點，更廣泛的生態系統也看到了這一點。

And that means that just the awareness of Braze, the differentiation, the desire and optimism around investing in a Braze practice, investing in Braze's technology, I think increasingly stands alone amongst that competitive landscape because we combine both the scale of being a public company operating at the level of R&D investment that we are, along with the agility that we're demonstrating through being on the leading edge of new AI innovation and our recently launched ChatGPT native app SDK is another great testament to that, which not only was the first SDK out of the gate on that just two weeks after they announced it. But here we are many weeks later, and it's still the only one.

這意味著，僅僅是 Braze 的知名度、差異化優勢、以及對投資 Braze 業務和 Braze 技術所抱有的渴望和樂觀態度，我認為就使其在競爭格局中日益獨樹一幟，因為我們既擁有上市公司的規模優勢，又具備研發投入水平，同時還展現出敏捷性，始終處於人工智能前沿創新。我們最近推出的 ChatGPT 原生應用程式 SDK 就是另一個有力的證明，它不僅是第一個在發布後僅兩週就推出的 SDK，而且還取得了巨大的成功。但幾週過去了，它仍然是唯一一個。

And so I think when you broadly look across the customer engagement landscape, Braze continues to stand out for our committed investment, our leadership in the space. We've spoken about a lot of the things in the demand environment that have caused that enterprise replacement cycle to be slow over the last couple of years. Basically, that switching costs are still costs, and it's been hard for a lot of brands to kind of extend their planning horizon out while they've been focused so much on profitability over growth and a lot of the other things that a lot of people are seeing in the broader demand environment.

因此，我認為，從整體上看客戶互動領域，Braze 憑藉其堅定的投入和在該領域的領導地位，繼續脫穎而出。過去幾年，我們已經討論了許多導致企業更新換代週期放緩的需求環境因素。基本上，轉換成本仍然是成本，而且許多品牌一直過於關注盈利能力而不是成長，以及許多人在更廣泛的需求環境中看到的其他許多因素，因此很難延長他們的規劃期限。

But we're really optimistic about where we're at from a competitive positioning standpoint. I think our customers are seeing that as well. More and more of the conversations that we have that are driving that enterprise replacement cycle are a question of when, they're no longer if.

但從競爭地位的角度來看，我們對目前的狀況非常樂觀。我認為我們的客戶也看到了這一點。我們現在進行的推動企業更新換代週期的對話，越來越多地變成了「何時更新」的問題，而不是「是否更新」的問題。

And it's still a big transition for enterprise brands to make, but it's one that I think we're very prepared to continue to invest to accelerate that share gain, and we're excited about what that means for our long-term positioning in the market.

對於企業品牌而言，這仍然是一個巨大的轉型，但我認為我們已經做好了充分的準備，將繼續投資以加速市場份額的成長，我們對這將對我們在市場上的長期定位意味著什麼感到興奮。

Okay. Perfect. Thank you. And then one for Isabelle the NRR, like we know it's lagging, so it came in the same level as we saw in Q2. Can you kind of speak to kind of -- like how do you think about -- and actually, I remember last quarter, you talked about like intra-quarter was getting better. Whatever the puts and takes there this quarter? Thanks.

好的。完美的。謝謝。然後是伊莎貝爾的 NRR，我們知道它滯後了，所以它與我們在第二季度看到的水平相同。您能否談談——例如您是如何看待——實際上，我記得上個季度，您談到季度內情況正在好轉。本季無論進行哪些交易？謝謝。

Yeah, absolutely. So in my prepared remarks, I actually continued with the same disclosure that we provided last quarter. And so we are providing the in-quarter organic dollar-based net retention and indicated that, that continues to go up. So we talked about in Q1, it was a little bit below 107%. Q2 was a little bit above 107%. And it continues on that trajectory, still in the 107% range, but a little bit above the Q2 number. So we're really excited to see the stabilization in that metric over the last three quarters.

是的，絕對的。因此，在我準備好的發言稿中，我實際上延續了上個季度我們提供的揭露內容。因此，我們提供了季度內基於美元的有機淨留存率，並指出該指標持續上升。所以我們在第一季討論過，當時略低於 107%。第二季略高於 107%。而且它繼續保持這種趨勢，仍然在 107% 的範圍內，但略高於第二季的數字。因此，我們非常高興地看到該指標在過去三個季度趨於穩定。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hey, good afternoon. For Bill and Isabelle. So you gave us the two points of contribution from the decisioning Studio. I'd like to get your thoughts broadly on how you think AI can impact the growth algorithm of your business.

嘿，下午好。獻給比爾和伊莎貝爾。所以，您向我們介紹了決策工作室的兩點貢獻。我想了解您對人工智慧如何影響貴公司成長演算法的整體看法。

So when we think about the monetization of AI, and we've talked about this a little bit over the last couple of quarters as AI has just been introduced more generally from a monetization standpoint, we think about it in two buckets.

所以，當我們思考人工智慧的貨幣化時，過去幾季我們已經討論過這個問題，因為人工智慧從貨幣化的角度來看是被更廣泛地引入的，我們將其分為兩類。

So leaving aside Decisioning Studio, which obviously we are directly monetizing on a use case basis today. And then there's sort of two other flavors of AI that live in the tool.

所以，暫且不談決策工作室（顯然，我們目前已經根據用例直接對其進行商業化）。此外，該工具中還包含另外兩種類型的 AI。

One is AI that is generally helping our users, our customers with the overall workflow and things that you invoke kind of once and then allow for kind of a broad-scale deployment of a particular canvas or campaign or content that doesn't really weigh on our own cost structure in the same way as things that invoke AI sort of on a repeated basis that are on a one at a time in real time, always on function.

一是人工智慧，它通常可以幫助我們的用戶、我們的客戶處理整體工作流程，只需調用一次，即可大規模部署特定的畫布、活動或內容，而不會像那些需要反复調用人工智能、實時且始終運行的人工智能那樣，對我們的成本結構造成沉重負擔。

And so the things that are just kind of invoked occasionally for kind of large-scale deployment sort of occasionally that we would sort of include in the platform and largely not charge for those on an invitation basis.

因此，對於偶爾需要大規模部署的功能，我們會將其包含在平台中，並且基本上不會以邀請制的方式收費。

The things that are kind of operating one at a time in real time, we anticipate putting those into the credit framework and charging customers as they invoke the LLM usage, which, therefore, is going to have some impact on our cost structure over time. And so that's how we plan to incorporate that. We are not there yet. And so that is potential upside as we include that in the credits portfolio.

那些目前實時運行的項目，我們計劃將其納入信用框架，並在客戶調用 LLM 使用時向其收費，因此，隨著時間的推移，這將對我們的成本結構產生一定影響。所以，這就是我們計劃如何將其融入其中的方式。我們還沒達到目標。因此，將其納入信貸組合，就有了潛在的上漲空間。

That makes sense. The follow-up is for Bill. So with respect to competition, I'm curious if you see your customers building bespoke agentic tech stacks. I'm not talking about wide coding, but something more sophisticated that sits next to or adjacent to Braze such that you think, well, really that functionality should be built in Braze over time. I'm curious, a, if you're seeing that as a dynamic in your customer base? And b, if you are, what can you do to move some of those projects on to Braze and a packaged software kind of discussion as opposed to having customers build it themselves?

這很有道理。後續問題給比爾。所以，關於競爭方面，我很好奇您是否看到您的客戶建立客製化的代理技術堆疊。我說的不是寬泛的編碼，而是更複雜的、與 Braze 並存或相鄰的東西，以至於你會覺得，嗯，實際上，隨著時間的推移，這些功能應該在 Braze 中構建出來。我很好奇，您是否在您的客戶群中觀察到了這種動態？其次，如果是這樣，您能做些什麼來推動其中一些專案使用 Braze 和打包軟體進行討論，而不是讓客戶自己建立呢？

Yeah. So high level, the composability in the design of Braze has led our customers to build and develop systems that enrich either data inputs to Braze, provide maybe more bespoke orchestration signals, do deeper content personalization, et cetera, and building those alongside and then integrating them with Braze.

是的。從整體來看，Braze 設計的可組合性促使我們的客戶建構和開發系統，以豐富 Braze 的資料輸入，提供更客製化的編排訊號，進行更深入的內容個人化等等，並將這些系統與 Braze 一起建置並整合。

We specifically designed all of our API layers to be able to have flexibility with respect to different layers of abstraction, different separation responsibilities designs, which are great for engineering teams that are trying to maintain control or where they have ownership or responsibility for certain signals that are important in the flow of timing or orchestration or personalization or what have you, but still want to give marketers the experimentation and agility that only the Braze platform can really provide through the dashboard. And by bringing those things together, we actually see that some of our most sophisticated customers deploy side by side.

我們專門設計了所有 API 層，使其能夠靈活地適應不同的抽象層、不同的職責分離設計，這對於試圖保持控制權或對某些在時間安排、編排、個性化等流程中至關重要的信號擁有所有權或責任的工程團隊來說非常有用，同時他們仍然希望透過儀表板為行銷人員提供只有 Braze 平台才能真正提供的實驗性和敏捷性。將這些因素結合起來，我們發現一些最先進的客戶實際上採用了並排部署的方式。

Now, the other thing that's happened alongside that is obviously that the Braze platform continues to build more powerful and generalized solutions to a lot of these problems. And I think item recommendations is a great example of this, where if you go back to Braze six, seven years ago, we had robust integrations with either personalization platforms like AWS personalized or we would do direct calls to web services that our customers would set up in order to provide recommendations.

同時，很明顯，Braze 平台也在不斷建立更強大、更通用的解決方案來應對許多此類問題。我認為商品推薦就是一個很好的例子。回顧六、七年前的 Braze，我們當時與 AWS Personalized 等個人化平台建立了強大的集成，或直接呼叫客戶設定的 Web 服務來提供推薦。

As the state-of-the-art in recommendation systems kept getting better and better, we were able to provide an offering that was both generally powerful so that we could sell it across our diverse customer base, but also would consistently win head-to-heads with the bespoke in-house systems that were built by those engineering teams and of course, have the added benefit of not needing to manage those systems and keep those services up and be able to have them withstand the incredible load that happens when you really run a high-speed Braze campaign.

隨著推薦系統技術的不斷進步，我們能夠提供一款功能強大的產品，以便將其銷售給我們多元化的客戶群，同時還能在與這些工程團隊構建的定制內部系統的正面較量中持續獲勝，當然，它還有一個額外的好處，那就是無需管理這些系統，無需維護這些服務，並且能夠承受在真正運行高速 Braze 活動時產生的巨大負載。

And then, of course, over time, and we've spoken about this on earnings calls in the past as well, we were able to upgrade the underlying technology under those item recommendations. Today, there's different flavors of item and recommendations available in Braze. Some of them use transformer architectures as well. Transformers, of course being the T in GPT, which is a new approach to being able to provide generalized recommendations that, again, compare very favorably, almost always beating head-to-head bespoke systems.

當然，隨著時間的推移（我們過去在財報電話會議上也談到過這一點），我們能夠根據這些建議升級底層技術。如今，Braze 提供各種不同口味的商品和推薦。有些也採用了Transformer架構。當然，Transformer 指的是 GPT 中的 T，它是一種提供通用建議的新方法，而且，這種方法再次證明，它非常有利，幾乎總是勝過直接對決的客製化系統。

And when we look at decisioning and when we look at the integration of agentic decision-making, we see a similar dynamic playing out. We already have examples in the customer base where customers that were working on various forms of decisioning systems, and they are now deploying Decision Studio Pro in place of that because the total cost of ownership and the flexibility and the power of Decisioning Studio Pro is a purpose-built system with customizability and the deployed engineering model is able to provide and kind of beat those in-house offerings head-to-head, both for performance and for total cost of ownership.

當我們檢視決策過程，檢視自主決策的整合過程時，我們發現類似的動態也在上演。我們已經有一些客戶案例，他們之前使用各種形式的決策系統，現在他們正在部署 Decision Studio Pro 來取代這些系統，因為 Decision Studio Pro 的整體擁有成本、靈活性和功能都非常出色。它是一個專門構建的系統，具有可自訂性，而且其部署的工程模型能夠提供並在某種程度上擊敗那些內部產品，無論是在性能還是總體擁有成本方面。

And then, of course, there's a lot of interplay with the use of agents and being able to integrate them into different parts of either the data enrichment and data insight generation flow as well as within Canvas. And of course, the way that we are designing the agent console, it allows you to bring your own underlying LLM into the equation.

當然，使用代理以及將它們整合到資料豐富和資料洞察生成流程的不同部分以及 Canvas 內部，也存在著許多相互作用。當然，我們設計的代理控制台可讓您將自己的底層 LLM 引入系統中。

And going back to Isabelle's commentary about gross margin profiles and the way that we price those, we, of course, view that as a very positive setup because it allows for Braze to be able to charge for the high-margin, higher sophistication orchestration side. And then customers are able to govern and manage the cost of their LLM invocations within their own infrastructure.

回到 Isabelle 對毛利率分佈以及我們定價方式的評論，我們當然認為這是一個非常積極的安排，因為它使 Braze 能夠對高利潤、更複雜的編曲部分收費。然後，客戶可以在自己的基礎設施內管理和控制 LLM 呼叫的成本。

And so we've done a lot over the years and especially in the intelligence space, which is an area where you tend to see bespoke development in kind of racing out in front as engineering teams jump on to new technologies and they take advantage of -- or they try to build for the bespoke nature of their problem.

因此，多年來我們做了很多工作，尤其是在情報領域，在這個領域，你往往會看到定制開發處於領先地位，因為工程團隊會迅速採用新技術，並利用這些技術——或者他們試圖針對其問題的特定性質進行構建。

And then, of course, as we continue to build more generalized, powerful, flexible solutions for our customers and deploy those in other use cases, we see transitions of those workloads to be inside of Braze. And I think that when you look out across a customer base as diverse as Braze is today, we have examples of basically all over that spectrum today.

當然，隨著我們不斷為客戶建立更通用、更強大、更靈活的解決方案，並在其他用例中部署這些解決方案，我們看到這些工作負載逐漸轉移到 Braze 內部。我認為，放眼像 Braze 如今這樣多元化的客戶群，我們幾乎涵蓋了所有領域。

Thank you for the detail.

謝謝你提供的詳細資訊。

Derrick Wood, TD Cowen.

德里克·伍德，TD Cowen。

Great, thanks. I guess, first question for Bill. Could you drill a bit more on this new integration with ChatGPT and kind of pushing the first-party data into more personalization within ChatGPT apps? I guess, how much customer interest is there and driving more engagement there versus traditional channels? And what does this mean for your monetization and value delivery positioning?

太好了，謝謝。我想，第一個問題應該要問比爾。您能否更詳細地介紹與 ChatGPT 的這項新集成，以及如何將第一方資料更多地應用於 ChatGPT 應用的個人化功能？我想了解的是，與傳統通路相比，顧客對新通路的興趣有多大，以及新通路能帶來多少更高的參與度？這對你的獲利模式和價值交付定位意味著什麼？

Yeah. So I'll actually start with the end of that question because the implications and what it means does depend a lot on how these app ecosystems evolve from here, and we really are just in the earliest days of it.

是的。所以，我其實要從這個問題的結尾開始回答，因為它的影響和意義很大程度取決於這些應用程式生態系統未來的發展方向，而我們現在真的還處於起步階段。

And so when you look at the in-chat native app or agentic experiences and how they'll continue to push forward, I think the future role that Braze plays and also the strategies that brands will deploy depends a lot on how closed or open these platforms end up being.

因此，當我們審視聊天內原生應用程式或代理體驗以及它們將如何繼續發展時，我認為 Braze 未來扮演的角色以及品牌將採取的策略很大程度上取決於這些平台最終是封閉的還是開放的。

With respect to things like identity, authentication, payment, or allowing differentiated native UI/UX, you're even already seeing some of the implications of these decisions in who's investing in these early experiences where within the ChatGPT ecosystem, as an example, Amazon has largely opted out.

在身份、認證、支付或允許差異化的原生 UI/UX 等方面，你甚至已經可以看到這些決定的一些影響，例如在 ChatGPT 生態系統中，誰在投資這些早期體驗，亞馬遜基本上已經選擇退出。

Walmart has opted in, but Walmart is also -- they're focused on use cases outside of basic staples because they're looking at that as a discovery channel, which is allowing for them to get net new customers, which, of course, is an awesome strategic lever for them when they look at the ChatGPT user base and the different use cases that are being deployed there.

沃爾瑪已經選擇加入，但他們也專注於基本必需品以外的用例，因為他們將其視為一個發現管道，這讓他們能夠獲得新的客戶，當然，當他們審視 ChatGPT 用戶群以及在那裡部署的不同用例時，這對他們來說是一個很棒的戰略槓桿。

But the -- when you look at the evolution of that over time, the important questions are basically going to be like, how much of a fortress is the walled garden that the likes of ChatGPT or Gemini or others are going to make? And how are they going to monetize? And like how are they basically going to take the user attention that they have within that walled garden and turn that into revenue for their business.

但是——當你觀察它隨著時間的推移而發生的演變時，重要的問題基本上會變成：像 ChatGPT 或 Gemini 等公司將會建造多堅固的圍牆花園？他們打算如何獲利？他們究竟要如何利用用戶在封閉生態系中的注意力，將其轉化為自身的業務收入呢？

Now, if they stay open, which is more similar to the web and which the early signs on ChatGPT native apps are pointing to, then the in-chat app experience will become an extension of the first-party ecosystem, which is what you were just alluding to.

現在，如果它們保持開放狀態（這更類似於網絡，ChatGPT 原生應用程式的早期跡像也表明了這一點），那麼聊天應用程式內的體驗將成為第一方生態系統的延伸，這正是你剛才提到的。

So much like mobile apps have over the last decade, that means that those native app experiences can become a rich source of data on customer interest and intent. They can become another surface to deliver messaging or customized product experiences to consumers.

就像過去十年行動應用的發展一樣，這意味著原生應用程式體驗可以成為客戶興趣和意圖的豐富資料來源。它們可以成為向消費者傳遞訊息或提供客製化產品體驗的另一個平台。

And you're already seeing that in the way that the ChatGPT native apps are being built, where if you invoke the Canva app, as an example, you're able to log into your account and they're able to render custom interfaces and get access to information about the session.

你已經在 ChatGPT 原生應用程式的建構方式中看到了這一點，例如，如果你調用 Canva 應用程序，你就可以登入你的帳戶，他們能夠渲染自訂介面並存取有關會話的資訊。

If you compare that to, say, how a brand interacts with someone on Instagram, that is a much tighter closed walled garden and you get almost no data around those interactions can barely even link to a brand's website. And Meta has gone down the path of making sure that they can extract as much advertising revenue out of that interaction as they can. And so that's an example where an ecosystem would stay more closed or more extractive, either through ads, payment processing, or referral fees.

如果將此與品牌在 Instagram 上與用戶互動的方式進行比較，你會發現 Instagram 是一個更加封閉的圍牆花園，你幾乎無法獲得有關這些互動的任何數據，甚至很難連結到品牌的網站。Meta 已經走上了確保能夠從這種互動中榨取盡可能多的廣告收入的道路。因此，這就是一個例子，說明生態系統可能會變得更加封閉或更剝削，無論是透過廣告、支付處理或推薦費。

And in that, you have this classic aggregator dynamic, and it drastically increases the importance of establishing first-party relationships with new customers. And that, of course, drives investment in product marketing, customer engagement strategies.

這樣一來，就形成了經典的聚合器動態，也大大增加了與新客戶建立第一方關係的重要性。當然，這會推動對產品行銷和客戶互動策略的投資。

And when you look across that, and I talked about this in the past, but I think when we analyze how these are going to go, when we look at that path where things end up more closed, you can look at the fact that, for instance, a loyal Delta flyer is worth a lot less to them if every flight search begins with an aggregator. The same is true for a Taco Bell fan who starts every meal in a delivery app or every retail purchase that begins with the click on a Google search ad.

當你縱觀全局時，我過去也談到過這一點，但我認為，當我們分析這些事情將如何發展，當我們審視那些最終走向封閉的道路時，你會發現，例如，如果每次航班搜索都從聚合器開始，那麼忠實的達美航空乘客對達美航空的價值就會大大降低。對於塔可鐘的粉絲來說，情況也是如此，他們每次用餐都是透過外帶應用程式開始，或者每次零售購物都是透過點擊谷歌搜尋廣告開始。

And of course, that same dynamic will apply to a consumer who only engages with your brand through an agent. And in all of those cases, the right answer for brands that want to have a sustainable path to durable business growth is ramping up investment in first-party data, enhancing, and evolving their direct-to-consumer products and deploying sophisticated customer engagement to make sure that they make the most out of that.

當然，同樣的道理也適用於只透過代理商與你的品牌接觸的消費者。在所有這些情況下，對於想要實現永續業務成長的品牌來說，正確的答案是增加對第一方數據的投資，改善和發展其直接面向消費者的產品，並部署複雜的客戶互動，以確保充分利用這些數據。

And so we're still in the early days of this. I think we've seen some promising early signs of ChatGPT embarking on an open ecosystem, which I think is great news for brands that want to build into those experiences. We'll continue to see the evolution of agentic commerce. We'll continue to see the evolution of similar app store ecosystems in Gemini and potentially in other AI chatbots as they rise.

所以，我們還在起步階段。我認為我們已經看到了 ChatGPT 邁向開放生態系統的一些令人鼓舞的早期跡象，這對想要融入這些體驗的品牌來說是個好消息。我們將繼續見證代理型商業的發展演進。我們將繼續看到 Gemini 以及其他 AI 聊天機器人等類似應用商店生態系統的發展演變。

And I think that just like some brands never made it through the transition to mobile and Braze is going to rely heavily on our experience that we have growing up in the mobile app store ecosystem to be able to move fast and be able to guide our customers through this transition. I think it's also true that some brands are not going to survive AI disruption as they just become commodities downstream from a faceless agent's desires. But the companies that thrive through this disruption are going to do it exactly because they maintain a strong connection to their customers, and that's exactly what Braze has built to help them do.

我認為，就像有些品牌從未成功轉型到行動端一樣，Braze 將非常依賴我們在行動應用商店生態系統中累積的經驗，以便快速行動，並引導我們的客戶完成這項轉型。我認為，有些品牌也無法在人工智慧顛覆中生存下來，因為它們最終會淪為迎合冷冰冰的經紀人需求的商品。但能夠在這種變革中蓬勃發展的公司，正是因為它們與客戶保持緊密的聯繫，而這正是 Braze 為幫助他們做到這一點而打造的平台。

And so I think we're well prepared where if this goes down the open path, that's awesome. It's a new app store. We're already ready to go, and those are great new channels to be able to get more first-party data and communicate with those customers. If it goes down a closed path, it is yet more reason for brands to invest in building first-party connections with their customers, and Braze will be here to help them do that as well.

所以我覺得我們已經做好了充分的準備，如果事情能順利發展下去，那就太棒了。這是一個全新的應用程式商店。我們已經準備就緒，這些都是獲得更多第一方資料並與客戶溝通的絕佳新管道。如果這條路走不通，那就更有理由讓品牌投資建立與客戶的第一方聯繫，而 Braze 也將在這裡幫助他們做到這一點。

Awesome. Very helpful perspective. Maybe one Isabelle for you. Just the inflection in new customer generation very impressive that followed a strong Q2. Can you just drill into what's helping drive that velocity of new deals? Is it OfferFit given in the decisioning product given you new front doors into different accounts, or are there other factors in play? Anything to highlight here?

驚人的。非常有幫助的視角。或許你會喜歡伊莎貝爾這個名字。第二季強勁成長之後，新客戶群的成長勢頭非常強勁，令人印象深刻。能否深入探討是什麼因素推動了新交易的快速達成？OfferFit 是否是決策產品中提供的選項，它能為你打開通往不同帳戶的新大門？還是還有其他因素在作用？這裡有什麼需要重點說明的嗎？

Yeah. No, not specifically related to OfferFit. Remember, the cycles there are going to be a little longer. But generally around kind of Braze core, the legacy replacement cycle continues to be in our favor. Our competitive position continues to be strong.

是的。不，與 OfferFit 沒有直接關係。請記住，那裡的周期會稍長一些。但總的來說，圍繞 Braze 核心的舊版本替換週期仍然對我們有利。我們的競爭優勢依然強勁。

The regional investments that we have made and the efforts around verticalization continue to deliver results. So that's all really, really great to see. And then I've talked about the mitigation strategies that we've put in place to avoid both downsell and customer churn. And so when you mitigate levels of customer churn, you retain more customers, and you're seeing that in -- as well in the net new customer add number. So we're really excited about the overall momentum in the business.

我們在區域內進行的投資以及在垂直整合方面所做的努力持續取得成效。看到這些真是太好了。然後，我談到了我們為避免降價銷售和客戶流失而採取的緩解策略。因此，當你降低客戶流失率時，你就能留住更多客戶，而且你會在新增客戶數量上看到這一點。因此，我們對公司的整體發展勢頭感到非常興奮。

(Operator Instructions) Taylor McGinnis, UBS.

（操作說明）泰勒·麥金尼斯，瑞銀集團。

Taylor, *9 will allow you to unmute your phone.

Taylor，*9 可以讓你取消手機靜音。

We'll return to Taylor. We'll move to our next. We'll take a question from -- Taylor, I see you've unmuted. Please go ahead.

我們稍後再談泰勒。接下來我們進入下一個環節。讓我們來回答一個問題——泰勒，我看到你已解除靜音。請繼續。

Okay, can you hear me now?

好了，現在你聽得到我說話了嗎？

We can. Go ahead.

我們可以。前進。

Okay. Perfect. Bill, the 4Q was so much better. So just trying to understand in terms of what's driving that. So is that just a function of some of the past headwinds starting to ease or 3Q being stronger at the end?

好的。完美的。比爾，第四季好多了。所以，我只是想了解是什麼原因導致了這種情況。所以這只是因為過去一些不利因素開始緩解，還是因為第三季末段表現更強勁？

Or are you actually seeing a further improvement of demand trends into the first half of 4Q? And then just curious any reads for you have on 2026 as you've been talking to your customers about their spending plans?

或者，您是否觀察到第四季上半年需求趨勢進一步改善？另外，我很好奇，您在與客戶討論他們的消費計畫時，對2026年有什麼看法？

Taylor, I'll take that. So on the revenue guide, we do continue to approach this with a risk-adjusted position. And so what you're seeing is some of what I talked about in the last question that was asked where we're seeing continued strength across the legacy replacement cycle and then just strengthen our overall competitive position.

泰勒，我收下這個。因此，在收入預期方面，我們仍然採取風險調整後的策略。所以，你們現在看到的，正是我在上一個問題中提到的一些情況，即我們在傳統設備替換週期中持續保持強勁勢頭，從而增強了我們的整體競爭地位。

And just some of the investments that we've been making in retention, which obviously is immediately beneficial to revenue as well as efforts around our regional focus and footprint and efforts around verticalization, all of this is kind of driving the net benefits in the business. And you're seeing it in strength in metrics such as RPO and CRPO.

我們在客戶留存方面進行的一些投資，顯然對收入有直接的益處，以及我們在區域重點和佈局以及垂直化方面的努力，所有這些都在推動業務的淨收益。而這一點可以從 RPO 和 CRPO 等指標看出。

And so there's kind of strength across the metrics here. You're seeing stabilization in the dollar-based net retention. You're seeing strength in the customer -- net customer adds. And all of that kind of feeds together to enable us to not only overachieve what we had guided for in Q3, but also to raise the expectations here for Q4.

因此，各項指標都表現出一定的優勢。以美元計價的淨留存率趨於穩定。客戶群實力強勁－淨新增客戶數量成長。所有這些因素共同作用，不僅使我們能夠超額完成第三季的預期目標，而且還提高了第四季的預期。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Thank you. One question on AI Decision Studio. Bill, I'm just curious just in the kind of early reception that you've had from customers, how are they finding the product? What are the kind of use cases you're seeing early traction on? And I assume as we go into fiscal '27, this is going to become a bigger and bigger part of the story. What does the pipeline look like now that you've had some time to integrate it and get it in the hands of customers? And just how should we think about growth here and what it can unlock next year?

謝謝。關於人工智慧決策工作室的一個問題。比爾，我很好奇你目前從客戶那裡得到的早期回饋，他們對產品有何評價？您目前看到哪些類型的應用案例獲得了初步進展？我估計，隨著我們進入 2027 財年，這將成為故事中越來越重要的部分。現在經過一段時間的整合，並將產品交付給客戶後，整個流程的現況如何？那麼，我們該如何看待這裡的成長，以及它明年能帶來什麼？

Yeah. So first of all, the integration, both on the R&D and the organizational side continues at pace. And a huge thank you to all the incoming OfferFit employees who have already made Braze their new professional home over the last few months. We're seeing tremendous impact from the teams coming together. And the integration process, we're looking forward to formally being on the other side of that into a combined business as usual next year.

是的。首先，研發和組織的整合工作都在快速前進。也要特別感謝所有在過去幾個月已經把 Braze 當作自己新的職業歸宿的 OfferFit 新員工。我們看到團隊合作產生了巨大的影響。至於整合過程，我們期待明年正式完成，合併後的業務能夠恢復正常。

Commercially, pipeline generation has remained strong, and we've seen a growing number of exciting customer wins, including the case study that I mentioned in my prepared remarks. And we're seeing those wins across verticals and in geos around the world, which has been fantastic to see. The cross-sell thesis, I think, is continuing to bear fruit as even Braze's most sophisticated customers are searching for ways to achieve incremental performance. And I think decisioning has then also rapidly become a critical part of the overall BrazeAI road map which, of course, is in every single customer conversation. And so while the full deployment of Decisioning Studio Pro is -- it's definitely more of an enterprise deal cycle, and it's a new category that requires customer education.

在商業方面，銷售管道的擴展仍然強勁，我們贏得了越來越多的令人興奮的客戶，包括我在準備好的演講稿中提到的案例研究。我們看到這些勝利在世界各地各個垂直領域和地區都取得了成功，這真是太棒了。我認為，交叉銷售理論正在不斷取得成效，即使是 Braze 最挑剔的客戶也在尋找提升績效的方法。我認為，決策也迅速成為 BrazeAI 整體發展路線圖的關鍵部分，當然，這體現在每一次與客戶的對話中。因此，Decisioning Studio Pro 的全面部署——它絕對更像是企業交易週期，而且這是一個需要客戶教育的新類別。

And so it's not being included into every deal conversation to deeply qualify and explore the deployment of Decisioning Studio use cases. But even for those customers that are only evaluating it, it's really fantastic for them to see that there is a progression that they'll be able to move through as they adopt the greatest of the existing Braze Customer Engagement platform and then know that they can circle back around to those most important points in the customer journey to get maximum performance out of it.

因此，並沒有在每次交易洽談中都深入探討決策工作室用例的部署和可行性。但即使對於那些只是在評估的客戶來說，看到他們可以逐步採用現有的 Braze 客戶互動平台的最佳功能，並且知道他們可以回過頭來關注客戶旅程中最重要的幾個點，從而最大限度地發揮其效用，這對他們來說也是一件非常棒的事情。

And then, of course, for the Braze customers who are already on the leading edge of adoption, they've got cross-channel strategies. They've been doing sophisticated experiment testing for years. They're already using our more advanced AI capabilities, and they want more -- the answer for that is, of course, deploying Decisioning Studio right now and targeting it at their most important use cases.

當然，對於已經處於技術應用前沿的 Braze 客戶來說，他們擁有跨通路策略。他們多年來一直在進行複雜的實驗測試。他們已經在使用我們更先進的人工智慧功能，他們想要更多——當然，解決方案是立即部署決策工作室，並將其應用於他們最重要的用例。

And I think that, that example that I provided in the prepared remarks, is one where they pointed that at an important part of the -- two important parts of the customer journey, ones where they had done rigorous testing before, where they had a strong business as usual, they knew just how important it was to their business, and we pointed the advanced reinforcement learning of the Decisioning Studio at it and achieved uplift that wasn't even believed by their CEO, the first time it was put in front of them. And that's an incredible thing to see, and it obviously really helps with deal velocity and helps us build those internal proof points as well.

我認為，我在準備好的發言稿中舉的那個例子，他們指出了客戶旅程中兩個重要環節的關鍵所在——他們之前已經對這兩個環節進行了嚴格的測試，並且擁有強大的日常業務能力，他們非常清楚這對他們的業務有多麼重要。我們將決策工作室的先進強化學習應用於這兩個環節，並取得了連他們的執行長都難以置信的提升，這是他們第一次看到這個成果時所取得的。這真是令人難以置信，而且顯然對加快交易速度很有幫助，也有助於我們建立內部證明點。

And so I think we're really optimistic about it. It's still an enterprise deal cycle. And so it takes time for pipeline to mature. And we need to make sure that we're doing the right levels of education out there. it's a new category. And so I think it's also important from a go-to-market efficiency standpoint that we do a good job of qualifying deals so that we're not doing baseline education everywhere in the market.

所以我覺得我們對此非常樂觀。現在仍處於企業交易週期。因此，管道的成熟需要時間。我們需要確保我們提供的教育程度符合要求。這是一個全新的類別。因此，我認為從市場推廣效率的角度來看，做好交易資格審核工作也很重要，這樣我們就不用在市場上到處進行基礎教育了。

To some extent, we'll have to follow a similar pattern as we have with customer engagement over our lifetime where the more sophisticated approach to customer engagement as compared to more traditional marketing automation is something where skill sets permeated companies and built into a customer community momentum over time. I think we'll see something similar with decisioning education and knowledge.

在某種程度上，我們將不得不遵循與我們一生中客戶互動類似的模式，與更傳統的行銷自動化相比，更複雜的客戶互動方式是將技能融入公司，並隨著時間的推移形成客戶社群的動力。我認為在決策教育和知識領域也會出現類似的情況。

But of course, we now have a lot more scale. We're going to be able to do it a lot faster than we did when we built the Braze customer engagement platform through our first 14 years. And we're really excited to be bringing this very advanced approach that allows us to deliver differentiated performance to customers to market rapidly.

當然，我們現在的規模要大得多。我們將能夠比我們最初 14 年建立 Braze 客戶互動平台時的速度快得多。我們非常高興能夠將這種先進的方法迅速推向市場，使我們能夠為客戶提供差異化的性能。

Very helpful. Thank you, and congrats on the momentum here.

很有幫助。謝謝，也祝賀你們取得目前的進展。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

Yeah. Thanks, guys, and congrats on the strong quarter. So Bill, you had mentioned some verticals that you had some strong wins with. I'm curious, as you think about the pipeline of opportunities, has that changed at all relative to your current mix? And are there any end markets maybe where you're particularly excited about as we're heading into calendar year '26? Thank you.

是的。謝謝各位，恭喜你們本季業績優異。比爾，你之前提到過一些你取得顯著成功的垂直領域。我很好奇，當您考慮未來的發展機會時，與您目前的情況相比，是否有任何變化？在即將邁入 2026 年之際，您是否對某些終端市場特別感興趣？謝謝。

Yeah. I think with a broad brush, I don't think we've seen any sort of large rotations in terms of the vertical split of opportunities. But there is an important dynamic that happens as we penetrate deeper into certain verticals, especially those that are more capital-intensive or highly regulated, which, of course, are industry properties that are correlated with a little bit more risk aversion or slower decision-making.

是的。總的來說，我認為我們還沒有看到機會的垂直分配出現任何重大的輪動。但隨著我們深入某些垂直領域，尤其是那些資本密集或監管嚴格的領域，會出現一種重要的動態，而這些產業特性當然與更高的風險規避或更慢的決策速度有關。

And in those, we often work with first the disruptors and then we work with those under threat of disruption. And it takes those proof points with the early start-ups like, for instance, with health tech or fintech before you can move more meaningfully into the traditional hospital systems and traditional health insurers are moving into the larger banks and insurance companies and credit unions and such around the world.

在這些情況下，我們通常會先與顛覆者合作，然後再與那些面臨顛覆威脅的人合作。而要更有意義地進入傳統醫院系統，就像進入醫療科技或金融科技等早期創業公司一樣，就需要這些早期新創公司的成功案例。傳統的健康保險公司正在向世界各地的大型銀行、保險公司、信用社等機構擴張。

And so I think when you look at some of those categories that we've been investing in, where we've got a great track record with the start-ups, and we're now parlaying that into more -- a deeper penetration into the more traditional enterprise in those spaces. That's probably where I would identify the biggest vertical-by-vertical shift, but that's not necessarily an exogenous property of those verticals themselves, but really more about Braze's journey to penetrate them over time.

所以我覺得，當我們審視我們一直在投資的一些領域時，我們會發現我們在新創公司方面有著良好的業績記錄，而現在我們正在將這些經驗轉化為更深入地滲透到這些領域更傳統的企業中。這可能是我認為垂直領域發生最大變化的地方，但這並不一定是這些垂直領域本身的外部屬性，而更多地與 Braze 隨著時間的推移滲透到這些領域有關。

Scott Berg, Needham.

史考特·伯格，尼德姆。

Hi, morning. Great quarter. So many of them I just got to select one. Let's talk about your 500,000-plus customers. It's the second quarter in a row where your quarterly additions have really kind of jumped off the page, especially from a historical level. Are you seeing, I don't know, a change in how you're landing with some of these customers? Is this maybe driven more by better kind of expansion activity with them? Maybe help paint some color in terms of what's going on with those larger customers.

早安.很棒的季度。太多了，我只能選一個。我們來聊聊您超過 50 萬的客戶吧。這是你們連續第二季新增業績非常亮眼，尤其是從歷史角度來看。你是否注意到，比如說，你與某些客戶的溝通方式發生了一些變化？這或許更多是由於與他們進行了更有效的擴張活動所致？或許可以幫助我們更清楚地了解那些大客戶的狀況。

Yeah. So nothing changing in sort of certainly the incentive structure for the business. So definitely just our sales team incentivized to kind of land and then we'll go and expand from there. And so we are excited to see that there's a continued strong momentum in the upsell from those who were previously at under $500,000 to those upselling to being north of $500 and that's obviously healthily outpacing those that are either downselling or turning. So it's just great to see that momentum.

是的。所以，企業的激勵機制絕對不會有任何改變。所以，我們的銷售團隊肯定會受到激勵，先站穩腳跟，然後再從那裡開始擴張。因此，我們很高興地看到，從之前售價低於 50 萬美元的客戶到售價超過 500 美元的客戶，追加銷售勢頭強勁，而且顯然遠遠超過了那些降價銷售或轉向銷售的客戶。看到這種發展勢頭真是太好了。

There's obviously more for us to be selling. The decisioning Studio is now in the mix. With customers who are buying maybe a little bit closer to the pin to start with on their original entitlements, there's more opportunity for them to kind of expand over time as cross-channel becomes more and more important. I think you heard Bill's prepared remarks with regards to what we were seeing certainly around Black Friday and Cyber Monday, just the volume of messages that are sent across the diverse set of channel continues to increase. And so that is going to result in upsells from our customer base.

顯然我們還有更多產品可以銷售。決策工作室現在也加入了。對於那些一開始就購買接近其原始權益上限的客戶來說，隨著跨通路變得越來越重要，他們有更多機會隨著時間的推移而擴展。我想你們都聽到了比爾關於我們在黑色星期五和網絡星期一期間所看到的情況的準備好的講話，那就是通過各種渠道發送的信息量持續增加。因此，這將為我們的客戶群帶來追加銷售。

And so we are really excited to see kind of that momentum across the whole customer base, but then also obviously focused across the 500-plus sellers of buyers. So it's great to see that.

因此，我們非常高興地看到這種勢頭在整個客戶群中蔓延，當然，我們也特別關注 500 多家賣家和買家。看到這一點真是太好了。

Brett Huff, Stephens.

Brett Huff，史蒂芬斯。

Brett, you may now unmute and ask your question.

Brett，你現在可以解除靜音並提問了。

Can you hear me now okay?

現在你聽得到我說話了嗎？

We can. Please go ahead.

我們可以。請繼續。

Okay, thank you. Sorry about that. Good evening, Isabelle, Bill, and Chris. Thanks for taking the question. I want to drill in a little bit on the momentum that we've seen in the past couple of quarters, both in the metrics and kind of the tone.

好的，謝謝。抱歉。晚上好，伊莎貝爾、比爾和克里斯。感謝您回答這個問題。我想深入探討我們在過去幾季看到的勢頭，包括各項指標和整體基調。

Bill, I can't remember it was a few quarters ago that you mentioned that folks in sort of the more progressive marketing organizations were a little bit tapping the brakes. They were a little bit more hesitant to buy more aggressively to think about growth and maybe a little bit of retrenchment. I'm wondering, I know it's a little bit of an anecdotal question, but do you get the sense that, that's changed?

比爾，我不記得了，大概幾個季度前你有提到過，一些比較進步的行銷機構正在稍微放慢腳步。他們在積極進取方面略顯猶豫，考慮到成長和可能出現的小幅收縮，他們採取了更謹慎的態度。我知道這只是個軼事的問題，但您是否覺得這種情況已經改變了？

And I guess, maybe to put a finer point on it, have we started selling to folks that are willing to sort of buy side-by-side with the legacy platforms in anticipation of switching? I don't know if that's the right sort of flag to look at. Thanks for the question.

我想，更確切地說，我們是否已經開始向那些願意同時購買新舊平台產品，並計劃將來切換平台的人銷售產品了呢？我不知道這是否是應該關注的標誌類型。謝謝你的提問。

Yeah. I think that the dynamic of switching costs being cost and there not being excess budget to really finance that is still there. As we've talked about in the past, a lot of that is about just making sure that we're doing a great job of qualifying and timing opportunities. And a lot of times, that's also consultative.

是的。我認為，轉換成本高昂，而又沒有足夠的預算來真正為此買單的這種動態仍然存在。正如我們過去討論過的，很多時候，關鍵在於確保我們能夠很好地掌握資格賽和比賽時機。很多時候，這也是一種諮商行為。

A lot of these customers who last switched their platform six, seven years ago when they first deployed the legacy Marketing Cloud, it might have even taken them like two years. And so in their own head, when they first start the conversation, they might also be under the impression that those switching costs are a lot higher than they need to be with the careful plan.

許多客戶上次更換平台還是在六、七年前，當時他們首次部署了傳統的行銷雲，更換平台可能花了他們兩年。因此，當他們開始討論這個問題時，他們可能也會認為，透過周密的計劃，轉換成本要高得多。

And so there's a lot of ways that we address that. But I think that the dynamic is still at play. One thing I would point to, though, is -- and you saw this in the Black Friday, Cyber Monday stats that the growth of SMS and WhatsApp year-over-year was over 90%. And what you see there is a willingness to invest in premium channels.

因此，我們有很多方法來解決這個問題。但我認為這種動態仍在發揮作用。不過，我想指出一點——正如你在黑色星期五和網絡星期一的統計數據中所看到的——短信和 WhatsApp 的年增長率超過了 90%。由此可見，他們願意投資優質頻道。

Those are usually mid-funnel use cases, places where people are -- where they've already had some amount of engagement, they're working to get to the conversion point. And you don't see spending on those higher marginal cost channels unless those are working and people are investing for the ROI being able to drive higher conversion rates in those. And so I think that's a good sign.

這些通常是銷售漏斗中期的使用場景，人們已經參與了一定程度的互動，正在努力達到轉換點。除非這些高邊際成本管道運作良好，而人們投資是為了獲得更高的投資報酬率，從而推動更高的轉換率，否則你不會看到在這些管道上投入資金。所以我覺得這是個好兆頭。

We're also seeing the -- we're seeing the resumption of these credits upsells that we've hypothesized in the past, where a lot of the buying was very close to the pin for customers where they would project what they were going to use over the next 12 months and sometimes they weren't even buying that. They were just buying enough to get to the next calendar year or they were buying very tightly with those capacity projections.

我們也看到——我們看到這些我們過去曾假設過的積分追加銷售再次出現，許多購買行為都非常接近客戶的預期，他們會預測自己在未來 12 個月內將要使用多少積分，有時他們甚至不會購買這些積分。他們要嘛只購買足夠維持到下一個日曆年的量，要嘛就是根據產能預測進行非常嚴格的採購。

And what we're starting to see now is customers running out of those credits early and making upsells and increasing the run rate of their consumption to match like what they're actually doing. And so I think that's a more normal buying pattern, and we're seeing a resumption of that, which is a good sign.

我們現在開始看到的是，客戶提前用完了這些積分，然後進行追加銷售，並提高消費速度，以匹配他們實際的消費量。所以我認為這是一種更正常的購買模式，而且我們正在看到這種模式的恢復，這是一個好兆頭。

And so I think we're seeing a few things here and there of what I would call more normalization. And we're going to continue to build for the opportunity as it's ahead of us.

所以我覺得我們正在看到一些我稱之為更正常化的跡象。我們將繼續為未來的機會做好準備。

Matthew VanVliet, Cantor Fitzgerald.

馬修範弗利特，坎托費茲傑拉。

Yeah. Thanks for taking the question. I guess looking at the AI decisioning studio, Bill, you mentioned that it's still sort of an enterprise sale, and we saw that from the OfferFit sort of average deal size. But as you look at the product road map ahead, are you thinking of using some of the other products you've built kind of in that area to move into the mid-market and sort of lower enterprise? Or will there be strategy for the decisioning engine to have kind of a lighter weight, lower cost version to attack that market over the next several quarters?

是的。感謝您回答這個問題。比爾，我想，就人工智慧決策工作室而言，你提到它仍然是一種企業銷售，我們從 OfferFit 的平均交易規模中也看到了這一點。但展望未來的產品路線圖，您是否考慮利用您在該領域開發的其他一些產品，進入中端市場和中低階企業市場？或者，未來幾個季度，決策引擎是否會推出更輕量級、成本更低的版本來進入該市場？

Yeah. So I'd take a step back and look at the broader problem space as AI-driven relevance optimization. And so decisioning is a specific part of that. It's a data science, machine learning-driven approach. But there's also people that are already using, for instance, the agent console to be able to take in small amounts of the first-party data that's flowing through the canvas with the user and be able to do personalization with it.

是的。因此，我會退後一步，從更廣泛的角度看待人工智慧驅動的相關性優化問題。因此，決策是其中一個具體的組成部分。這是一種以數據科學和機器學習為驅動的方法。但也有人已經在使用代理控制台等工具，以便獲取少量透過畫布與使用者互動的第一方數據，並能夠利用這些數據進行個人化設定。

And I was wondering if there would be an opportunity on this earnings call to share with everyone that we registered vibedecisioning.com last month. And if you visit that, it will forward you directly to the Braze Agent console website because we do absolutely think that there's going to be a lot of different starting points for people as they start to deploy AI into what previously were more deterministic or static workflows. A big part of Braze's past was getting people to move from fashion blast to more deterministic personalization.

我想知道在這次財報電話會議上，是否有機會向大家宣布我們上個月註冊了 vibedecisioning.com 這個網域。如果您造訪該頁面，它會將您直接重新導向到 Braze Agent 控制台網站，因為我們確實認為，當人們開始將 AI 部署到以前更具確定性或靜態的工作流程中時，他們會有很多不同的切入點。Braze 過去的一個重要組成部分是讓人們從追求時尚潮流轉向更確定的個人化。

And now, the next generation of that is going to be moving from deterministic personalization into one-on-one decisioning and into more agentic approaches that are doing individualized personalization. And we were just chatting earlier this week about how the modern equivalent of high first name is actually going to be able to be using the agent console.

而現在，下一代科技將從確定性個人化轉向一對一決策，再轉向更具自主性的方法，實現個人化。本週早些時候，我們還在討論如何透過代理控制台實現現代版的「高貴名字」。

Because if you go back to that example from the question that we started with about using the agent console in an experiment where the marketer actually built the original agent while waiting at the gate for their flight, that's a great example of rapid deployment, early experimentation. It achieved some amount of uplift and that inspires the next generation of building on top of that.

因為如果你回到我們最初提出的問題中的例子，即在實驗中使用代理控制台，而營銷人員實際上是在登機口等待航班時構建了最初的代理，這就是快速部署和早期實驗的一個很好的例子。它取得了一定的進步，激勵了下一代在此基礎上繼續發展。

And so it's not just about being able to deploy quickly, but also making sure that there's an on-ramp into these more advanced techniques over time. And I think that there's a lot of great uplift to be had for marketers all across the spectrum. Just like 10 years ago, there was a lot of great uplift to be had merely from doing [high first name].

因此，關鍵不僅在於能夠快速部署，還要確保隨著時間的推移，能夠逐步過渡到這些更先進的技術。我認為這對所有行銷人員來說都大有裨益。就像十年前一樣，光是做某事就能獲得很多極大的提升。[高貴的名字]。

Thank you.

謝謝。

Tyler Radke, Citi.

泰勒‧拉德克，花旗集團。

Hey, thanks for squeezing me in here. Sort of big picture question. Just given the strength you're seeing in the results and acceleration and growth here, do you feel like you are starting to get exposure or access to some of the more dedicated AI budgets as opposed to just being beholden to the Martech budgets, which have continued to be under pressure and how are you thinking about getting further exposure to that as you think about your go-to-market strategy going forward?

嘿，謝謝你擠出時間來幫我。這是一個比較宏觀的問題。鑑於您目前在業績、加速發展和成長方面所取得的強勁勢頭，您是否感覺自己開始有機會接觸到一些更專門的人工智慧預算，而不是僅僅依賴於持續面臨壓力的行銷技術預算？當您考慮未來的市場進入策略時，您是如何考慮進一步獲得這方面的資源的？

Yeah. I think the key thing with decisioning is not necessarily accessing AI budgets, but the fact that we're selling performance. We are able to show demonstrable uplift with rigorous reporting against it in some of the most important use cases that people have in their customer journeys where they understand the value of those transition points, and we're able to show that head-to-head or in the example that I provided with the agent console example that I referenced in the prepared remarks, those were two important parts in the customer journey where there had already been rigorous testing and the decisioning approach still for the deployment of the agents brought additional uplift into those flows, and that generates real money for those customers.

是的。我認為決策的關鍵不在於取得人工智慧預算，而是我們銷售的是績效。我們能夠透過嚴格的報告，在客戶旅程中一些最重要的用例中，展示出可證明的提升，這些用例充分體現了客戶對這些過渡點的價值。我們能夠透過直接對比，或者像我在準備好的發言稿中提到的代理控制台範例那樣，展示出客戶旅程中兩個重要的部分，這兩個部分已經過嚴格的測試，而代理部署的決策方法仍然為這些流程帶來了額外的提升，這為這些客戶創造了真正的收益。

And so I think better than accessing experimental AI budgets, we are selling performance. And I think that, that is a really great place to be because by bringing together the composable data and composable intelligence with Braze's comprehensive cross-channel support that really no one else can match, we've got a -- and we can, by the way, do that at any scale.

所以我認為，與其說是取得實驗性人工智慧預算，不如說是出售效能。我認為這是一個非常好的局面，因為透過將可組合數據和可組合智慧與 Braze 全面的跨渠道支援結合起來（這是其他任何人都無法比擬的），我們擁有了——而且順便說一句，我們可以在任何規模上做到這一點。

We can do it in a secure way with a strong total cost of ownership story and be able to deploy with the category leaders across every major vertical in the world's top brands all around the world. And so combining together that track record with the leading-edge innovation and then being able to sell demonstrable performance is the right path to unlocking incremental budgets.

我們可以以安全的方式實現這一點，並具有強大的整體擁有成本優勢，並且能夠與全球頂級品牌在各個主要垂直領域的行業領導者一起部署。因此，將過往業績與領先的創新相結合，並能夠推銷可證明的業績，是獲得額外預算的正確途徑。

Thank you.

謝謝。

Yun Kim, Loop Capital.

Yun Kim，Loop Capital。

Okay. Great. A lot of news about agentic commerce and obviously, we already had a few questions on it. But what is your thought on expanding your product portfolio beyond first-party data-driven products that you have today, maybe perhaps addressing some of the customer acquisition aspects of marketing and advertising that may leverage some third-party data. Where I'm getting at is that the way that agentic commerce is set up is such that it's more or less bypassing the customer sign up because the personalization data is actually residing with the chatbot vendors.

好的。偉大的。關於代理商務有很多新聞，顯然，我們已經收到了一些相關問題。但是，您如何考慮將產品組合擴展到目前以第一方數據驅動的產品之外，或許可以考慮利用一些第三方數據來解決行銷和廣告中的客戶獲取問題？我的意思是，代理商務的設定方式使得它或多或少繞過了客戶註冊，因為個人化資料實際上儲存在聊天機器人供應商那裡。

So just wondering how you're thinking about the personalization data may shift from the retailers to the actual chatbot vendors, how you're thinking about your product portfolio in terms of just sticking with the first-party data, or are you open to kind of expanding beyond that?

所以我想知道，您如何看待個人化數據可能從零售商轉移到實際的聊天機器人供應商？您如何看待您的產品組合，是只堅持使用第一方數據，還是願意擴展到其他領域？

Yeah. So first of all, Braze already does have an important role that we play where -- with respect to acquisition and with the special case of acquisition, which are like reactivation of known customers that have just drifted away from the brand. And those are places where people already use Canvas to help coordinate their acquisition strategies. They're also using the automation that we have through Braze data platform and through Canvas in order to drive first-party data into various acquisition use cases.

是的。首先，Braze 已經扮演著重要的角色，尤其是在客戶獲取方面，以及在客戶獲取的特殊情況下，例如重新激活那些已經遠離品牌的已知客戶。在這些地方，人們已經在使用 Canvas 來幫助協調他們的客戶獲取策略。他們也利用我們透過 Braze 資料平台和 Canvas 實現的自動化功能，將第一方資料應用於各種客戶獲取用例。

And we've got -- we have important identity resolution partnerships out in the data space as well as with service providers that bring together these third-party data sets along with identity resolution capability and combine that with the composability of the Braze data platform to drive these strategies forward.

我們在資料領域以及與服務提供者之間建立了重要的身分解析合作夥伴關係，這些合作夥伴將這些第三方資料集與身分解析能力結合起來，並與 Braze 資料平台的可組合性相結合，以推動這些策略向前發展。

And so you already have customers that are deploying these types of strategies within Braze. I think in the example that you provided where the agent disintermediates the brand entirely and you just kind of -- you ask it to go transact on your behalf and decision make on your behalf.

因此，你們已經有一些客戶在 Braze 中部署了這些類型的策略。我認為在你提供的例子中，代理商完全繞過了品牌，你只是要求它代表你進行交易並代表你做出決定。

I've spoken about that at Forge before and at customer conferences. And I think that there's a class of purchasing where we really do think about these things as utilities or commodities in our lives. And we are going to want to not only outsource that to the agent to kind of do those transactions in the first place, but then also not want to have any ongoing relationship with the brand, right?

我之前在 Forge 大會和客戶大會上都談到過這個問題。我認為，在某種消費模式中，我們確實會將這些東西視為生活中的必需品或商品。我們不僅希望將這些交易外包給代理商，而且也不想與品牌方建立任何持續的關係，對吧？

But for the things that we actually care about and are attached to where we build customer loyalty and we really drive repeat value for those brands over time, I think that even if the initial purchases or even if subsequent purchases are done by agents that there's still a really important goal that the brands need to work toward of building a strong direct relationship with all of those customers and so like the example you provided is conceptually very similar to some of the ones I walked through earlier, like the person who loves your airline, but they always buy the tickets on an online travel agent or they love your food, but they always order it through a delivery app. Those are examples where that customer is worth so much more to you if you can change their buyer behaviors and their buyer patterns.

但對於我們真正關心並重視的事物，對於我們建立客戶忠誠度並隨著時間的推移真正為這些品牌創造重複價值的事物，我認為即使首次購買或後續購買是透過代理商完成的，品牌仍然需要努力實現一個非常重要的目標，那就是與所有這些客戶建立牢固的直接關係。所以，就像你提供的例子在概念上與我之前提到的一些例子非常相似，例如喜歡你的航空公司但總是透過線上旅行社購買機票的人，或者喜歡你的食物但總是透過外送應用程式訂購的人。這些例子表明，如果你能改變客戶的購買行為和購買模式，那麼該客戶對你的價值將大大提升。

In fact, so much that you as a business might reorganize your business and develop brand-new products, whether those are loyalty programs or enhanced capabilities in your bespoke ecosystem or just other incentives that you create for consumers to build those connections with you.

事實上，企業可能會因此重組業務並開發全新產品，無論是忠誠度計畫、增強客製化生態系統的功能，或是為消費者創造的其他激勵措施，以建立與消費者之間的連結。

And so I think it's an all of the above, right? We will certainly continue to build into the third-party ecosystem as it becomes more relevant. We will take advantage of the integration points that are enabled by those ecosystems depending on how open they are developed.

所以我覺得以上所有情況都符合，對吧？隨著第三方生態系統變得越來越重要，我們一定會繼續融入其中。我們將根據這些生態系統的開放程度，利用它們所提供的整合點。

And in all of these worlds, the most valuable customer is always going to be the one that chooses to invest time in building a connection with you as a brand. And so we will work with the world's top brands to be able to cement those connections with their customers and build sustainable, durable businesses.

在所有這些領域中，最有價值的客戶始終是那些選擇投入時間與你的品牌建立聯繫的客戶。因此，我們將與世界頂級品牌合作，鞏固與客戶的聯繫，並建立可持續發展的持久業務。

Perfect. Thank you, Bill.

完美的。謝謝你，比爾。

Patrick Walravens, Citizens.

派崔克‧沃爾拉文斯，市民。

Yeah. Great. Thank you very much. Let me add my congratulations. So Bill, it seems like OfferFit is probably going to work out quite well. How are you feeling about additional M&A? Like when might you be ready? And what might you be interested in looking at?

是的。偉大的。非常感謝。我也要向你表示祝賀。所以比爾，看來 OfferFit 可能會發展得相當順利。您對進一步的併購有何看法？什麼時候才能準備好？您對哪些方面有興趣？

I think we're happy with how the integration is going, as I mentioned earlier. And we have, of course, an active corp dev and product strategy function here, which looks at both organic and inorganic expansion opportunities.

正如我之前提到的，我們對目前的整合進展感到滿意。當然，我們這裡也有積極的企業發展和產品策略職能，負責研究有機成長和非有機成長的擴張機會。

I'm not going to speculate on specific strategy around it other than to reiterate what we said in the past, which is that we're very selective in terms of opportunities that we look at. We want to make sure that they drive forward a leading product road map and a leading product vision in our space.

我不會對具體的戰略進行猜測，只想重申我們過去說過的話，那就是我們對所關注的機會非常挑剔。我們希望確保他們能夠推動我們領域內領先的產品路線圖和領先的產品願景的實現。

We think we still have incredible TAM to continue to access and a lot of great adjacencies. And so we will continue to look at opportunities, but I'm not going to speculate on any specifics beyond that.

我們認為我們仍然擁有巨大的潛在市場規模（TAM）可以繼續開拓，並且有很多很好的相鄰領域。因此，我們會繼續尋找機會，但我不會對具體細節妄加猜測。

All right, great. Thank you, guys, and congratulations.

好的，太好了。謝謝各位，也恭喜你們。

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

目前沒有其他問題了。現在我想把電話交給比爾，請他做總結發言。

Thank you, everyone, for joining us today. We're very excited about the momentum in the business. Thankful for all of your support, and we will chat next quarter.

謝謝各位今天蒞臨。我們對公司目前的業務發展勢頭感到非常興奮。感謝大家的支持，我們下個季度再聊。