Commerce.com Inc (CMRC) 2023 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the BigCommerce First Quarter 2023 Earnings Call.

女士們，先生們，感謝你們的支持，歡迎來到 BigCommerce 2023 年第一季度財報電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference is being recorded. I would now like to turn the conference over to your first speaker today, Daniel Lentz, Head of Investor Relations. You may begin.

請注意，今天的會議正在錄製中。我現在想把會議轉交給今天的第一位發言人，投資者關係主管 Daniel Lentz。你可以開始了。

Good afternoon, and welcome to BigCommerce's First Quarter 2023 Earnings Call. We will be discussing the results announced in our press release issued after today's market close. With me are BigCommerce's President, CEO and Chairman, Brent Bellm; and CFO, Robert Alvarez.

下午好，歡迎來到 BigCommerce 的 2023 年第一季度財報電話會議。我們將討論今天收市後發布的新聞稿中公佈的結果。和我一起的是 BigCommerce 的總裁、首席執行官兼董事長 Brent Bellm；首席財務官羅伯特·阿爾瓦雷斯 (Robert Alvarez)。

Today's call will contain certain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning financial and business trends, our expected future business and financial performance and financial condition and our guidance for the second quarter of 2023 and the full year 2023. These statements can be identified by words such as expect, anticipate, intend, plan, believe, seek, committed, will or similar words. These statements reflect our views as of today only and should not be relied upon as representing our views at any subsequent date, and we do not undertake any duty to update these statements. Forward-looking statements, by their nature, address matters that are subject to risks and uncertainties and that could cause actual results to differ materially from expectations.

今天的電話會議將包含某些前瞻性陳述，這些陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。前瞻性陳述包括有關財務和業務趨勢、我們預期的未來業務和財務業績以及財務狀況的陳述。條件和我們對 2023 年第二季度和 2023 年全年的指導。這些陳述可以用諸如預期、預期、打算、計劃、相信、尋求、承諾、意願或類似的詞來識別。這些聲明僅反映我們截至今天的觀點，不應被視為代表我們在任何後續日期的觀點，我們不承擔更新這些聲明的任何義務。前瞻性陳述，就其性質而言，涉及受風險和不確定性影響的事項，可能導致實際結果與預期存在重大差異。

For a discussion of the material risks and other important factors that could affect our actual results, please refer to the risks and other disclosures contained in our filings with the Securities and Exchange Commission.

有關可能影響我們實際結果的重大風險和其他重要因素的討論，請參閱我們向美國證券交易委員會提交的文件中包含的風險和其他披露。

During the call, we will also discuss certain non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures as well as how we define these metrics and other metrics is included in our earnings press release which has been furnished to the SEC and is also available on our website at investors.bigcommerce.com.

在電話會議期間，我們還將討論某些非 GAAP 財務措施，這些措施不是根據公認會計原則編制的。這些非 GAAP 財務指標與最直接可比的 GAAP 財務指標的協調以及我們如何定義這些指標和其他指標包含在我們的收益新聞稿中，該新聞稿已提供給美國證券交易委員會，也可在我們的網站上找到投資者.bigcommerce.com。

With that, let me turn the call over to Brent.

有了這個，讓我把電話轉給布倫特。

Thanks, Daniel, and thanks, everyone, for joining us. On today's call, I will walk through our first quarter results and share my perspective on our progress thus far in 2023, R.A. will later share greater detail on our financial results and conclude the call with a discussion on updated guidance. Let's discuss the details.

謝謝 Daniel，也謝謝大家加入我們。在今天的電話會議上，我將介紹我們第一季度的業績，並分享我對 2023 年迄今為止取得的進展的看法，R.A.稍後將分享有關我們財務結果的更多詳細信息，並通過討論更新的指導來結束電話會議。讓我們討論細節。

In Q1, total revenue was $71.8 million, up 9% year-over-year. Our Q1 non-GAAP operating loss was $6.4 million, which was well ahead of our quarterly guidance and a strong step toward our goal of reaching breakeven on an adjusted EBITDA basis in Q4 of this year.

第一季度，總收入為 7180 萬美元，同比增長 9%。我們第一季度的非美國通用會計準則營業虧損為 640 萬美元，遠遠超出了我們的季度指導，並且朝著我們在今年第四季度在調整後的 EBITDA 基礎上實現盈虧平衡的目標邁出了堅實的一步。

We concluded Q1 with an annual revenue run rate, or ARR, of $316.7 million, up 13% year-over-year. That represents a sequential growth in ARR of $5.0 million. Enterprise account ARR was $228.8 million, up 21% year-over-year. Enterprise accounts now represent slightly over 72% of our total company ARR.

我們在第一季度結束時的年收入運行率 (ARR) 為 3.167 億美元，同比增長 13%。這代表 ARR 連續增長 500 萬美元。企業賬戶 ARR 為 2.288 億美元，同比增長 21%。企業賬戶現在占我們公司 ARR 總額的 72% 多一點。

On our previous earnings call, we noted that we are aiming for enterprise ARR growth in 2023 at or above 20% year-over-year, which we believe will be offset by nonenterprise account ARR contraction in the mid-single digits. Q1 results met fiscal. Non-enterprise account ARR was $87.9 million, up slightly on a sequential basis compared to Q4 and down slightly year-over-year as expected as we take action to build a scalable, more self-serve small business segment.

在我們之前的財報電話會議上，我們指出，我們的目標是 2023 年企業 ARR 同比增長 20% 或以上，我們認為這將被非企業賬戶 ARR 中個位數的收縮所抵消。第一季度業績符合財政要求。非企業賬戶 ARR 為 8790 萬美元，與第四季度相比環比略有上升，同比略有下降，正如我們採取行動建立可擴展的、更自助服務的小型企業部門所預期的那樣。

I'd like to elaborate on a few areas in particular that demonstrate our progress. Our shift of go-to-market focus from small business to the enterprise segment is showing positive results. Sales pipeline as of the start of Q2 for this segment is approximately 20% higher than where we were at this time last year.

我想特別詳細說明一些可以證明我們取得進展的領域。我們將進入市場的重點從小型企業轉移到企業市場，這顯示出積極的成果。截至第二季度初，該細分市場的銷售渠道比去年同期高出約 20%。

Win rates remain strong. Sales cycle times in the lower end of this segment are largely unchanged, while larger enterprise opportunities have seen an increase of approximately 50 days between first engagement with a merchant and close compared to this time last year.

勝率保持強勁。該細分市場低端的銷售週期時間基本沒有變化，而與去年同期相比，較大的企業機會從首次與商家接觸到完成交易之間的時間增加了大約 50 天。

Before I elaborate on how we are responding to these dynamics, I'd like to clarify what we mean by enterprise accounts and the parts of the market we serve. We sell four different e-commerce plan types to merchants. The first three, Standard, Plus and Pro are collectively our essentials plans geared towards small businesses. Our enterprise plans have richer feature sets, customized pricing and terms and are typically sold to merchants in what we deem the mid-market and enterprise customer segments.

在我詳細說明我們如何應對這些動態之前，我想澄清一下我們所說的企業賬戶和我們所服務的市場部分的含義。我們向商家出售四種不同的電子商務計劃類型。前三個，Standard、Plus 和 Pro 統稱為我們面向小型企業的基本計劃。我們的企業計劃具有更豐富的功能集、定制的定價和條款，通常出售給我們認為的中端市場和企業客戶群的商家。

We consider merchants doing between $1 million to $50 million per year in online gross merchandise value, or GMV, our mid-market segment; and merchants doing more than $50 million in online GMV per year, our large enterprise segment. We consider any account buying at least one enterprise plan and enterprise accounts and we include select financial metrics from these accounts in our quarterly results.

我們認為商家每年在在線商品總值或 GMV（我們的中端市場細分市場）上的收入在 100 萬至 5000 萬美元之間；以及每年在線 GMV 超過 5000 萬美元的商家，這是我們的大型企業細分市場。我們考慮購買至少一個企業計劃和企業賬戶的任何賬戶，我們在我們的季度業績中包括從這些賬戶中選擇的財務指標。

As a result, our enterprise account metrics reflect a mixture of mid-market and large enterprise segment merchants. We are responding to the sales cycle time dynamics I mentioned previously by further prioritizing channels and products that deliver strong ROI with faster time to close.

因此，我們的企業賬戶指標反映了中端市場和大型企業細分市場商家的混合情況。我們正在響應我之前提到的銷售週期時間動態，進一步優先考慮能夠提供高投資回報率和更快關閉時間的渠道和產品。

We are increasing our investment in lead generation with our agency partners and in the mid-market segment as these opportunities tend to have shorter sales cycle times and a strong LTV to CAC. Finally, we are seeing strong success with Feedonomics, which offers our customers incredible ROI with fast time to merchant value and also high ROI for big commerce.

我們正在與我們的代理合作夥伴和中端市場增加對潛在客戶開發的投資，因為這些機會往往具有更短的銷售週期和強大的 LTV 到 CAC。最後，我們看到 Feedonomics 取得了巨大的成功，它為我們的客戶提供了令人難以置信的投資回報率，可以快速實現商業價值，也可以為大型商業提供高投資回報率。

All merchants are actively seeking ways to increase revenue and improve their return on ad spending and Feedonomics can help merchants running on many different platforms see strong results without the need to replatform. Feedonomics continues to win accolades in customer satisfaction and deepen BigCommerce's relationship with key partners and merchants.

所有商家都在積極尋找增加收入和提高廣告支出回報率的方法，而 Feedonomics 可以幫助在許多不同平台上運營的商家看到強勁的結果，而無需重新平台。 Feedonomics 在客戶滿意度方面繼續贏得讚譽，並加深了 BigCommerce 與主要合作夥伴和商家的關係。

30% of the top 1,000 Internet retailers trust Feedonomics to optimize their product catalogs and expand their market reach. In Q1, G2 issued their spring grid reports that measure overall customer satisfaction and market presence. Feedonomics was in the leadership position in three e-commerce software categories: multichannel retail, catalog management and online marketplace optimization tools.

前 1,000 家互聯網零售商中有 30% 信任 Feedonomics 來優化他們的產品目錄並擴大他們的市場範圍。在第一季度，G2 發布了衡量總體客戶滿意度和市場佔有率的春季網格報告。 Feedonomics 在三個電子商務軟件類別中處於領先地位：多渠道零售、目錄管理和在線市場優化工具。

Feedonomics also rolled out its own native integration into Amazon multichannel fulfillment during the quarter, enabling thousands of merchants to take advantage of Amazon's fulfillment services for orders that originate on non-Amazon channels.

Feedonomics 還在本季度推出了自己與亞馬遜多渠道履行的本地集成，使成千上萬的商家能夠利用亞馬遜的履行服務來處理來自非亞馬遜渠道的訂單。

Feedonomics also continues to support merchant adoption of key global channel programs, including Macys.com, Meta's Facebook and Instagram Shop ads and TikTok shop. Our platform and omnichannel products drive scalable, cost-effective growth for our merchants. We are confident that we will continue to broaden our mid-market base even as we invest in expansion further into the enterprise segment as well.

Feedonomics 還繼續支持商家採用關鍵的全球渠道計劃，包括 Macys.com、Meta 的 Facebook 和 Instagram 商店廣告以及 TikTok 商店。我們的平台和全渠道產品為我們的商家推動了可擴展的、具有成本效益的增長。我們有信心，我們將繼續擴大我們的中端市場基礎，同時我們也將投資進一步擴展到企業領域。

We also saw healthy stabilization in our nonenterprise or retail accounts. While this portion of our business was down 4% year-over-year, it showed sequential growth for the first time since Q4 2021. As we have shifted focus towards more established small businesses, adjusted plan pricing to encourage prepayment and decrease the volume and depth of sales promotions, we have seen improved net retention results in this portion of our business and encouraging signs of stabilization in ARR.

我們還看到非企業或零售賬戶的健康穩定。雖然我們這部分業務同比下降 4%，但自 2021 年第四季度以來首次出現環比增長。隨著我們將重點轉向更成熟的小型企業，調整計劃定價以鼓勵預付款並減少數量和促銷的深度，我們已經看到我們這部分業務的淨保留結果有所改善，並且 ARR 出現了令人鼓舞的穩定跡象。

We expect results from this portion of the business to benefit from our recent pricing changes as well. We will not see the full effect of the February pricing action on our base retail accounts until June but early results are strong. New merchant bookings remain consistent and we are also seeing a higher mix of prepaid annual plans as well.

我們預計這部分業務的結果也將受益於我們最近的定價變化。我們要到 6 月才能看到 2 月定價行動對我們的基本零售賬戶的全部影響，但早期結果很強勁。新的商家預訂保持一致，我們也看到更多的預付費年度計劃組合。

Finally, our Q1 results reflect progress on our path towards profitability. To be clear, adjusted EBITDA breakeven in Q4 is not a finish line. It's a starting line in our business from which we will drive profitable growth for our shareholders. Q1 was a strong step toward that goal. Despite the prevailing caution among businesses regarding the near-term economic outlook, established in mid-market and enterprise merchants continue to demonstrate interest in long-term investments in our e-commerce platform and omnichannel capabilities.

最後，我們的第一季度業績反映了我們在實現盈利的道路上取得的進展。需要明確的是，第四季度調整後的 EBITDA 盈虧平衡並不是終點線。這是我們業務的起點，我們將從中為股東推動盈利增長。 Q1 是朝著這個目標邁出的重要一步。儘管企業普遍對近期經濟前景持謹慎態度，但建立在中端市場和企業的商家繼續表現出對我們電子商務平台和全渠道功能的長期投資興趣。

Although acquiring these larger merchants may come at a greater financial cost and require a longer time to close deals, they offer significantly higher long-term value. These merchants have impressive retention rates, greater cross-selling potential and healthier unit economics.

儘管收購這些較大的商家可能會付出更大的財務成本，並且需要更長的時間才能完成交易，但它們提供的長期價值要高得多。這些商家擁有令人印象深刻的保留率、更大的交叉銷售潛力和更健康的單位經濟效益。

They are also more likely to adopt technologies and omnichannel integration that help sustain and accelerate their growth, which drives significant revenue for us. These merchants are central to our strategic and financial success, and we will continue to balance the need to invest in winning these segments while also improving profitability and cash flow.

他們也更有可能採用有助於維持和加速增長的技術和全渠道整合，從而為我們帶來可觀的收入。這些商家對我們的戰略和財務成功至關重要，我們將繼續平衡投資贏得這些細分市場的需求，同時提高盈利能力和現金流。

Our average revenue per account, or ARPA, for enterprise accounts was a little over $39,000 in Q1, which was up steadily from $35,000 in Q1 2022 and $32,000 in Q1 2021. The consistent growth we have seen in this metric reflects our progress moving up from our historical base in small business into the mid-market segment and now early progress in the enterprise segment as well.

第一季度，我們企業賬戶的平均每個賬戶收入 (ARPA) 略高於 39,000 美元，比 2022 年第一季度的 35,000 美元和 2021 年第一季度的 32,000 美元穩步增長。我們在該指標中看到的持續增長反映了我們從我們在小型企業的歷史基礎進入中端市場，現在在企業領域也取得了早期進展。

This move into enterprise is succeeding as is evident by merchants such as Curology, Conn's Home Plus and Harley-Davidson, launching with us in Q1, as I'll discuss more later, and also by merchants such as Coldwater Creek picking us as their new e-commerce provider. This go-to-market focus on the mid-market and enterprise segments does not mean that we are walking away from small business merchants.

Curology、Conn's Home Plus 和 Harley-Davidson 等商家在第一季度與我們一起推出這一舉措是成功的，這一點我稍後會詳細討論，而且 Coldwater Creek 等商家也選擇我們作為他們的新客戶電子商務提供商。這種對中端市場和企業細分市場的關注並不意味著我們正在遠離小型企業。

We continue to acquire and serve small businesses on our platform, and we are committed to helping them build their business with BigCommerce. But we have optimized our go-to-market approach to small businesses to be more self-serve with less sales and marketing demand generation investments. The goal is to build a small business segment with a scalable LTV to CAC.

我們繼續在我們的平台上收購和服務小型企業，我們致力於幫助他們通過 BigCommerce 建立業務。但是我們已經優化了針對小型企業的上市方法，以通過減少銷售和營銷需求生成投資來提供更多自助服務。目標是建立一個具有可擴展 LTV 到 CAC 的小型業務部門。

Our recent Standard, Plus and Pro pricing action and prioritization of annual prepayment is an example of the adjustments we are making to build this segment into a profitable and more scalable business. Our e-commerce and omnichannel solutions are designed to be flexible, composable and scalable, providing unmatched versatility for both B2C and B2B clients alike.

我們最近的 Standard、Plus 和 Pro 定價行動以及年度預付款的優先次序是我們為將這一細分市場打造成盈利且更具可擴展性的業務而進行調整的一個例子。我們的電子商務和全渠道解決方案旨在靈活、可組合和可擴展，為 B2C 和 B2B 客戶提供無與倫比的多功能性。

Earlier this week, we announced the latest update to B2B addition our comprehensive suite of B2B functionalities that enhance the online selling experience for suppliers, manufacturers, distributors and wholesalers. The new release introduces multi-store front compatibility, a brand-new B2B buyer portal and hello support.

本週早些時候，我們宣布了 B2B 的最新更新，增加了我們全面的 B2B 功能套件，增強了供應商、製造商、分銷商和批發商的在線銷售體驗。新版本引入了多店面兼容性、全新的 B2B 買家門戶和支持。

Next Level B2B addition functionalities allow merchants to manage quotes, invoices and buyer approval workflows. B2B additions open an intuitive solution transforms the way sellers and buyers do business turning legacy B2B practices into a modern, agile and nimble digital operation with a composable foundation ready to scale with the business.

Next Level B2B 附加功能允許商家管理報價、發票和買家批准工作流程。 B2B 添加打開了一個直觀的解決方案，改變了買賣雙方開展業務的方式，將傳統的 B2B 實踐轉變為現代、敏捷和靈活的數字操作，並具有可隨時隨業務擴展的可組合基礎。

These enterprise-grade capabilities provide B2B brands with the flexibility and customization they need to elevate online selling experiences, launch new brands and expand into new regions. In addition to strengthening B2B addition, BigCommerce continues to release features and product enhancements that resonate with our target market. In March, we launched Buy Online Pickup in Store functionality, also known as click and collect, giving merchants more options to meet shoppers where they are and provide frictionless shopping experiences.

這些企業級功能為 B2B 品牌提供了提昇在線銷售體驗、推出新品牌和擴展到新地區所需的靈活性和定制化。除了加強 B2B 添加之外，BigCommerce 還繼續發布與我們的目標市場產生共鳴的功能和產品增強功能。 3 月，我們推出了在線購買店內提貨功能，也稱為點擊和收集，為商家提供了更多選擇來滿足購物者的需求，並提供順暢的購物體驗。

Previously only available for enterprise merchants, we expanded our multi-store front offering in Q1 and as a self-service feature acceptable to small and midsized big commerce merchants running on our retail plans. The commerce merchants of all sizes now have the advantage to manage multiple storefronts to grow sales in new regions, streamline operations for multiple brands and customize various customer segments to drive global growth.

以前僅適用於企業商戶，我們在第一季度擴展了我們的多店面服務，並作為自助服務功能為運行我們零售計劃的中小型大型商戶所接受。各種規模的商業商家現在都可以管理多個店面以增加新地區的銷售額、簡化多個品牌的運營並定制不同的客戶群以推動全球增長。

In Q1, we announced a new strategic partnership with WPP to offer omnichannel solutions to help WPP clients drive growth and maximize sales across hundreds of advertising channels and marketplaces. This innovative partnership will give WPP priority access to new product tools on both BigCommerce and Feedonomics in addition to providing APIs and data sets that will enable WPP agencies to develop unique insights for clients across product, trend and purchasing data.

在第一季度，我們宣布與 WPP 建立新的戰略合作夥伴關係，以提供全渠道解決方案，幫助 WPP 客戶推動增長並最大限度地提高數百個廣告渠道和市場的銷售額。這種創新的合作夥伴關係將使 WPP 能夠優先訪問 BigCommerce 和 Feedonomics 上的新產品工具，此外還提供 API 和數據集，使 WPP 代理機構能夠在產品、趨勢和購買數據方面為客戶開發獨特的見解。

Given the attractiveness of the joint BigCommerce and Feedonomics value proposition to enterprise brands, we continue to be focused on engaging, activating and enabling many other global agency partners to serve mutual merchants with these market-leading capabilities across advertising, marketplace and branded commerce channels.

鑑於 BigCommerce 和 Feedonomics 的聯合價值主張對企業品牌的吸引力，我們將繼續專注於吸引、激活和支持許多其他全球代理合作夥伴，以在廣告、市場和品牌商務渠道中利用這些市場領先的能力為共同商家提供服務。

We also announced a new global partnership with InfoTrax Systems, a leading provider of commission software and distributor tools for direct sales companies. The new InfoTrax powered by BigCommerce solution will give thousands of direct selling customers access to more innovative and sophisticated commerce capabilities, including the ability to launch omnichannel sales strategies using Feedonomics.

我們還宣布與 InfoTrax Systems 建立新的全球合作夥伴關係，InfoTrax Systems 是一家為直銷公司提供佣金軟件和分銷商工具的領先供應商。由 BigCommerce 解決方案提供支持的新 InfoTrax 將為成千上萬的直銷客戶提供更多創新和復雜的商務功能，包括使用 Feedonomics 啟動全渠道銷售策略的能力。

In addition, THG Ingenuity, the complete commerce division of THG Plc and BigCommerce intend to develop a U.S. and EMEA-focused complete commerce solution that would bring together BigCommerce's composable e-commerce storefront with Ingenuity's fully integrated technology stack and operational capabilities.

此外，THG Ingenuity、THG Plc 和 BigCommerce 的完整商務部門打算開發一個以美國和 EMEA 為中心的完整商務解決方案，將 BigCommerce 的可組合電子商務店面與 Ingenuity 的完全集成技術堆棧和運營能力結合在一起。

Earlier in Q1, in partnership with Amazon, we launched the Buy with Prime app for BigCommerce, a new self-service integration for U.S. merchants to easily enable Buy with Prime on their BigCommerce storefront with no coding required. With shopping benefits that millions of Prime members know and trust, including fast free shipping, Buy with Prime has shown to increase conversion by 25% on average.

在第一季度早些時候，我們與亞馬遜合作推出了 BigCommerce 的 Buy with Prime 應用程序，這是一種新的自助服務集成，適用於美國商家，無需編碼即可輕鬆在其 BigCommerce 店面啟用 Buy with Prime。憑藉數百萬 Prime 會員了解和信任的購物優勢（包括快速免費送貨），Buy with Prime 已證明可以將轉化率平均提高 25%。

This week, we also announced that we have expanded our global footprint into Poland, Romania, India, the UAE and South Africa with an expanded engineering team in Poland to partner-led entities in Eastern and Central Europe and a new country leader in India. In Q1, we continued to grow our roster of leading notable brands and merchants on our platform.

本週，我們還宣布，我們已將我們的全球足跡擴展到波蘭、羅馬尼亞、印度、阿聯酋和南非，波蘭的工程團隊擴大到東歐和中歐的合作夥伴主導的實體，並在印度成為新的國家領導者。在第一季度，我們繼續在我們的平台上擴大領先知名品牌和商家的名單。

Innovative Health and beauty brand, Curology launched a beautiful new storefront leveraging our NetSuite ERP partnership to connect Curology store with its ERP for product and inventory data syncing. Conn's Home Plus a leading retailer of furniture appliances and electronics with more than 160 stores across 15 U.S. states, recently launched on BigCommerce using a natively hosted stencil storefront and a custom BigCommerce checkout, taking advantage of integrations with custom financing solutions and location-based pricing.

創新的健康和美容品牌 Curology 推出了一個漂亮的新店面，利用我們的 NetSuite ERP 合作夥伴關係將 Curology 商店與其 ERP 連接起來，以同步產品和庫存數據。 Conn's Home Plus 是一家領先的家具電器和電子產品零售商，在美國 15 個州擁有 160 多家商店，最近在 BigCommerce 上推出使用本地託管模板店面和自定義 BigCommerce 結賬，利用與自定義融資解決方案和基於位置的定價的集成.

Tottenham Hotspur, one of the world's top football clubs is leveraging BigCommerce's platform to further enhance its popular online stores capabilities and fan experience, not only at home in the U.K., but also in APAC and North America, where the club has a significant and growing fan base. ASSA ABLOY a global leader in door opening solutions used in many of the world's blocks and security installations is revolutionizing its customers' experience by integrating its broad product catalog and using our B2B addition solution to customize the shopping experience.

托特納姆熱刺隊是世界頂級足球俱樂部之一，它正在利用 BigCommerce 的平台進一步提升其受歡迎的在線商店功能和球迷體驗，不僅在英國國內，而且在亞太地區和北美，該俱樂部在這些地區擁有重要且不斷增長的粉絲群。亞薩合萊 (ASSA ABLOY) 是世界上許多街區和安全設施所使用的開門解決方案的全球領導者，它通過整合其廣泛的產品目錄並使用我們的 B2B 添加解決方案來定制購物體驗，從而徹底改變其客戶的體驗。

Iconic motorcycle brand, Harley-Davidson, launched a new line of lifestyle apparel utilizing BigCommerce's APIs to build a full suite of custom integrations with back-end systems and leveraging Big Commerce's stencil framework to build a chic front-end.

標誌性摩托車品牌 Harley-Davidson 推出了一系列新的生活方式服裝，利用 BigCommerce 的 API 構建一整套與後端系統的自定義集成，並利用 Big Commerce 的模板框架構建別緻的前端。

Diamonds Direct, a worldwide leader in diamond sourcing, selection, education and value, launched a new store with a headless digital experience front end and BigCommerce back-end to deliver a seamless, intuitive shopping experience including custom ring builder options.

Diamonds Direct 是鑽石採購、選擇、教育和價值領域的全球領導者，它推出了一家新店，配備無頭數字體驗前端和 BigCommerce 後端，以提供無縫、直觀的購物體驗，包括定制戒指製作選項。

Feedonomics also signed many new customers on the quarter as well, with highlights including Chico's, Findel, Rappi, Tiendamia as well as signing new agreements with existing big commerce customers such as Solo brands, Diono, Houzer and Badgley Mischka, among many others.

Feedonomics 在本季度還簽署了許多新客戶，其中包括 Chico's、Findel、Rappi、Tiendamia 等亮點，並與 Solo brands、Diono、Houzer 和 Badgley Mischka 等現有大型商業客戶簽署了新協議。

To conclude, our 2023 plan is focused on 3 primary goals: First, continued top line growth in the mid-market and enterprise segments; second, breakeven in Q4 on an adjusted EBITDA basis; and third, further efficiencies in our business to improve operating cash flow.

總而言之，我們的 2023 年計劃側重於 3 個主要目標：首先，中端市場和企業細分市場的營收持續增長；第二，在調整後的 EBITDA 基礎上，第四季度實現盈虧平衡；第三，進一步提高我們的業務效率，以改善經營現金流。

We are laser-focused on delivering these commitments. These set up our business for strong profitable growth in 2024. We are operating from a position of strength in the mid-market segment and building momentum in the enterprise segment as well. We have a winning product in a growing market with a diverse partner ecosystem vested in our success. We are encouraged by our results thus far in 2023, and we are committed to deliver healthy returns to our shareholders.

我們非常專注於履行這些承諾。這些使我們的業務在 2024 年實現強勁的盈利增長。我們在中端市場領域處於強勢地位，並在企業領域建立勢頭。我們在不斷增長的市場中擁有成功的產品，我們的成功歸功於多樣化的合作夥伴生態系統。我們對 2023 年迄今為止的業績感到鼓舞，我們致力於為股東提供可觀的回報。

Next, I'd like to turn it over to R.A. to discuss our financial results in more detail and conclude with our updated guidance for Q2 and 2023.

接下來，我想把它交給 R.A.更詳細地討論我們的財務結果，並以我們對第二季度和 2023 年的最新指南作為結尾。

Thanks, Brent, and thank you, everyone, for joining us today. During my prepared remarks, I'll cover our Q1 results in detail, provide additional commentary on some of our key goals for the year and finally conclude with updated guidance.

謝謝布倫特，也謝謝大家今天加入我們。在我準備好的發言中，我將詳細介紹我們第一季度的結果，對我們今年的一些主要目標提供額外的評論，最後以更新的指導作為結尾。

In Q1, total revenue was $71.8 million, up 9% year-over-year. Subscription revenue grew 12% year-over-year to $53.8 million, while partner and services revenue, or PSR, was down 1% year-over-year to $17.9 million. Revenue in the Americas was up 7% while EMEA revenue grew 27% and APAC revenue was up 1% compared to prior year.

第一季度，總收入為 7180 萬美元，同比增長 9%。訂閱收入同比增長 12% 至 5380 萬美元，而合作夥伴和服務收入 (PSR) 同比下降 1% 至 1790 萬美元。美洲收入增長 7%，而 EMEA 收入增長 27%，亞太地區收入較上年增長 1%。

As I mentioned on the last earnings call, we built our 2023 financial plan, assuming conservative net bookings growth particularly in the front half of the year. We also assume further moderation in consumer spending, which would impact volume-driven pricing upgrades and PSR.

正如我在上次財報電話會議上提到的，我們制定了 2023 年的財務計劃，假設淨預訂量增長保守，尤其是在今年上半年。我們還假設消費者支出進一步放緩，這將影響銷量驅動的定價升級和 PSR。

Q1 results were largely in line with these assumptions and I am encouraged by the progress that we showed in the quarter. I'll now review our non-GAAP KPIs. Our ARR grew to $316.7 million, up 13% year-over-year. That represents a sequential growth in total ARR of $5 million.

第一季度的結果基本符合這些假設，我對本季度取得的進展感到鼓舞。我現在將回顧我們的非 GAAP KPI。我們的 ARR 增至 3.167 億美元，同比增長 13%。這代表總 ARR 連續增長 500 萬美元。

Enterprise account ARR was $228.8 million, up 21% year-over-year. Subscription ARR was up $5.1 million versus Q4 and up 15% year-over-year. As we mentioned last quarter, we are aiming for enterprise ARR growth in 2023 at or above 20% year-over-year, which we believe will be offset by nonenterprise account ARR contraction in the mid-single digits.

企業賬戶 ARR 為 2.288 億美元，同比增長 21%。訂閱 ARR 比第四季度增長 510 萬美元，同比增長 15%。正如我們上個季度提到的，我們的目標是 2023 年企業 ARR 同比增長 20% 或以上，我們認為這將被非企業賬戶 ARR 中個位數的收縮所抵消。

Q1 nonenterprise results exceeded our expectations. We believe improving cohort health and recent pricing changes will offset the degree of contraction risk we outlooked at the beginning of the year.

第一季度非企業業績超出了我們的預期。我們認為，改善隊列健康和最近的價格變化將抵消我們在年初預測的收縮風險程度。

At the end of Q1, we reported 5,828 enterprise accounts, up 463 accounts or 9% year-over-year. ARPA, or average revenue per account, for enterprise accounts was $39,260, up 11% year-over-year.

第一季度末，我們報告了 5,828 個企業賬戶，同比增加 463 個或 9%。企業賬戶的 ARPA 或每個賬戶平均收入為 39,260 美元，同比增長 11%。

I'll now shift to the expense portion of the income statement. As a reminder, unless otherwise stated, all references to our expenses, operating results and per share amounts on a non-GAAP basis. Tier 1 total cost of revenue was $16.3 million, down approximately $1 million sequentially from Q4.

我現在將轉到損益表的費用部分。提醒一下，除非另有說明，否則所有提及我們的費用、經營業績和每股金額均基於非公認會計原則。一級總收入成本為 1630 萬美元，比第四季度下降約 100 萬美元。

Q1 total operating expenses were $61.9 million, down $2.7 million sequentially from Q4. Q1 gross margin was 77%, up 192 basis points from the previous year, while gross profit was $55.5 million up 11% year-over-year. This gross margin expansion is notable in that we drove healthy margin expansion even while growth in high gross margin PSR was challenged.

第一季度總運營費用為 6190 萬美元，比第四季度減少 270 萬美元。第一季度毛利率為 77%，比上年增長 192 個基點，而毛利潤為 5550 萬美元，同比增長 11%。這種毛利率增長值得注意，因為即使高毛利率 PSR 的增長受到挑戰，我們也推動了健康的利潤增長。

We are making deliberate decisions on automation, staffing and other cost drivers to drive sustainable margin improvements over time. In Q1, sales and marketing expenses totaled $31.2 million, up 2% year-over-year. This represented 43% of revenue, down 297 basis points compared to last year.

我們正在對自動化、人員配置和其他成本驅動因素做出慎重的決定，以隨著時間的推移推動可持續的利潤率提高。第一季度，銷售和營銷費用總計 3120 萬美元，同比增長 2%。這佔收入的 43%，比去年下降 297 個基點。

Research and development expenses were $17.3 million or 24% of revenue, down 366 basis points from a year ago and down $1.7 million sequentially from Q4. General and administrative expenses were $13.4 million or 19% of revenue down 121 basis points from a year ago.

研發費用為 1730 萬美元，佔收入的 24%，比去年同期下降 366 個基點，比第四季度下降 170 萬美元。一般和行政費用為 1340 萬美元，佔收入的 19%，比一年前下降 121 個基點。

In Q1 2023, we reclassified certain costs that we had previously included in general and administrative expenses into sales and marketing expenses. To maintain consistency between comparable periods, we reclassed $1.5 million from general and administrative expenses to sales and marketing expenses for the period ending March 31, 2022.

2023 年第一季度，我們將之前計入一般和行政費用的某些成本重新分類為銷售和營銷費用。為了保持可比期間之間的一致性，我們將截至 2022 年 3 月 31 日期間的 150 萬美元從一般和行政費用重新分類為銷售和營銷費用。

This change in classification had no effect on the reported results of our operations or cash flow. In Q1, we reported a non-GAAP operating loss of $6.4 million, a negative 9% operating margin. This compares with an operating loss of $12.4 million or a negative 18.7% operating margin in the prior year and an operating loss of $9.4 million or a negative 13% operating margin in the prior quarter.

這種分類變化對我們報告的經營業績或現金流量沒有影響。第一季度，我們報告了 640 萬美元的非 GAAP 運營虧損，運營利潤率為負 9%。相比之下，上一年的營業虧損為 1240 萬美元，營業利潤率為負 18.7%，上一季度營業虧損為 940 萬美元，營業利潤率為負 13%。

Adjusted EBITDA was negative $5.5 million to negative 7.6% adjusted EBITDA margin compared to negative $11.6 million and a negative 17.5% adjusted EBITDA margin in the prior year. Non-GAAP net loss for Q1 was negative $4.9 million or negative $0.07 per share compared to negative $13.2 million or negative $0.18 per share last year.

調整後 EBITDA 為負 550 萬美元，調整後 EBITDA 利潤率為負 7.6%，而上一年為負 1160 萬美元，調整後 EBITDA 利潤率為負 17.5%。第一季度的非 GAAP 淨虧損為負 490 萬美元或每股負 0.07 美元，而去年為負 1320 萬美元或每股負 0.18 美元。

We ended Q1 with $283.5 million in cash, cash equivalents, restricted cash and marketable securities. For the 3 months ended March 31, 2023, operating cash flow was negative $20.8 million compared to negative $22 million a year ago. We reported free cash flow of negative $21.9 million or a negative 31% free cash flow margin.

我們以 2.835 億美元的現金、現金等價物、受限制的現金和有價證券結束了第一季度。截至 2023 年 3 月 31 日的三個月，經營現金流為負 2080 萬美元，而一年前為負 2200 萬美元。我們報告的自由現金流為負 2190 萬美元或負 31% 的自由現金流利潤率。

This compares to negative $23.3 million and a negative 35% free cash flow margin in Q1 2022. Q1 operating cash flow results included a number of onetime impacts that contributed to the difference between cash flow and our non-GAAP operating loss results.

相比之下，2022 年第一季度的負 2330 萬美元和負 35% 的自由現金流利潤率。第一季度的經營現金流結果包括許多一次性影響，這些影響導致現金流與我們的非 GAAP 經營虧損結果之間存在差異。

These differences included approximately $4 million between severance related to our December restructuring and normal year-end bonus payments and $6 million in Q1 revenue, from the payments technology partner, which is paid in early April and will be reflected in our Q2 operating cash flow.

這些差異包括與我們 12 月重組相關的遣散費與正常年終獎金支付之間的大約 400 萬美元，以及來自支付技術合作夥伴的第一季度收入 600 萬美元，該收入於 4 月初支付，並將反映在我們第二季度的運營現金流中。

Apart from these timing-related impacts, operating cash flow would have been between negative $10 million to $11 million in the quarter. I'd also note that Q1 is the quarter in which we have the most prepaid software obligations as well, which also contributes to a difference between operating cash flow and the underlying operating results during the period as well.

除了這些與時間相關的影響外，本季度的經營現金流量將在負 1000 萬美元至 1100 萬美元之間。我還要指出，第一季度也是我們擁有最多預付軟件義務的季度，這也導致了該期間經營現金流與基本經營業績之間的差異。

As Brent mentioned, our 2023 plan is focused on three primary goals: first, we are investing to continue to win in the mid-market and enterprise segments. Top line revenue results and net bookings in Q1 were a positive first step. We saw strong growth from the mid-market segment and Feedonomics, and we are encouraged by the sales pipeline heading into Q2.

正如布倫特所提到的，我們的 2023 年計劃側重於三個主要目標：首先，我們正在投資以繼續在中端市場和企業領域取勝。第一季度的營收結果和淨預訂量是積極的第一步。我們看到中端市場和 Feedonomics 的強勁增長，我們對進入第二季度的銷售渠道感到鼓舞。

We continue to see strong win rates in our key segments as well. However, we are also seeing fewer volume-driven pricing upgrades and additional conservatism with respect to software spending from our existing merchants, which is in line with the expectations on which we built our plans.

我們繼續在我們的關鍵領域看到強勁的贏率。然而，我們也看到數量驅動的定價升級減少，並且我們現有商家在軟件支出方面更加保守，這符合我們制定計劃的預期。

Second, we are operating with discipline to reach breakeven by the end of Q3 on an adjusted EBITDA basis and remain confident in our ability to deliver positive EBITDA for the full quarter in Q4 of this year. Q1 results reflect our continued progress and are a strong indicator that we are on track to meet this goal.

其次，我們在調整後的 EBITDA 基礎上有紀律地運營，以在第三季度末實現盈虧平衡，並對我們在今年第四季度的整個季度實現正 EBITDA 的能力充滿信心。第一季度的結果反映了我們的持續進步，是我們有望實現這一目標的有力指標。

We are also highly focused on driving operating leverage further as we scale the business. One important item to note with respect to GAAP net loss is how the August 2021 $145 million acquisition of Feedonomics is accounted for in our financial statements. Our Q1 net loss includes over $6 million in expenses from third-party acquisition costs and intangible asset amortization from that transaction.

隨著我們擴展業務，我們還高度專注於進一步推動運營槓桿。關於 GAAP 淨虧損，需要注意的一個重要事項是 2021 年 8 月以 1.45 億美元收購 Feedonomics 的交易在我們的財務報表中是如何計算的。我們第一季度的淨虧損包括超過 600 萬美元的第三方收購成本支出和該交易的無形資產攤銷。

We expect the majority of third-party acquisition costs to be fully recognized by the end of Q2 of this year. Our focus is scaling this business while balancing top line and bottom line growth, and we will continue to manage our spending in a financially disciplined way to accomplish that, including costs to run the business, careful evaluation of potential acquisitions and partnerships and equity grants to employees.

我們預計大部分第三方收購成本將在今年第二季度末得到充分確認。我們的重點是在平衡收入和利潤增長的同時擴大這項業務，我們將繼續以財務紀律的方式管理我們的支出以實現這一目標，包括經營業務的成本、對潛在收購和合作夥伴關係的仔細評估以及股權贈款僱員。

Third, we are taking steps to prioritize cash flow improvements to drive healthy, consistent cash flow generation. As I mentioned before, apart from onetime impacts in the quarter, operating cash flow would have finished between negative $10 million to $11 million. We are taking numerous actions to drive cash flow improvements such as prioritizing advanced billing on new subscriptions investing in our quote-to-cash systems and processes and maintaining tight discipline around accounts receivable and collections.

第三，我們正在採取措施優先改善現金流，以推動健康、穩定的現金流產生。正如我之前提到的，除了本季度的一次性影響外，運營現金流將在負 1000 萬至 1100 萬美元之間完成。我們正在採取許多行動來推動現金流的改善，例如優先考慮新訂閱的高級計費，投資於我們的報價到現金系統和流程，並在應收賬款和收款方面保持嚴格的紀律。

We will see the full effect of our February pricing action on our base of customers on retail plans beginning in June. So we expect to see further improvements in operating cash flow from annual payments from our base of merchants in June through the end of the year. We believe these initiatives will ultimately yield a better customer experience, higher deferred revenue and long-term improvements to DSO as well.

從 6 月開始，我們將看到我們 2 月的定價行動對我們的零售計劃客戶群的全面影響。因此，我們預計從 6 月到年底，我們的商家基礎每年支付的運營現金流量將進一步改善。我們相信這些舉措最終將帶來更好的客戶體驗、更高的遞延收入以及 DSO 的長期改進。

I'll now conclude with an updated view on our outlook and guidance for the second quarter and full year 2023. For the second quarter, we expect total revenue in the range of $72.1 million to $74.1 million implying a year-over-year growth rate of 6% to 9%. Note that we expect subscription revenue and PSR to grow in the mid-single digits, similar to the growth reflected in the guidance range for the quarter.

最後，我將對我們對第二季度和 2023 年全年的展望和指導意見進行更新。對於第二季度，我們預計總收入在 7210 萬美元至 7410 萬美元之間，這意味著同比增長率6% 至 9%。請注意，我們預計訂閱收入和 PSR 將以中個位數增長，類似於本季度指導範圍內反映的增長。

For the full year 2023, we expect total revenue between $303 million to $311 million, translating to a year-over-year growth rate of approximately 9% to 11%. For Q2, our non-GAAP operating loss is expected to be between $5.5 million and $9.5 million. For the full year, we expect a non-GAAP operating loss between $14 million and $20 million.

對於 2023 年全年，我們預計總收入在 3.03 億美元至 3.11 億美元之間，同比增長率約為 9% 至 11%。對於第二季度，我們的非 GAAP 營業虧損預計在 550 萬美元至 950 萬美元之間。對於全年，我們預計非 GAAP 運營虧損在 1400 萬美元至 2000 萬美元之間。

While we are encouraged by progress thus far in the year, we intend to remain conservative in our guidance based on the macroeconomic uncertainty in our industry. We believe this is a reasonable approach at this time. Note that the midpoint of this guidance range for Q2 non-GAAP operating loss is sequentially down slightly compared to Q1 results.

雖然我們對今年迄今取得的進展感到鼓舞，但我們打算根據我們行業的宏觀經濟不確定性在我們的指導中保持保守。我們認為目前這是一種合理的做法。請注意，與第一季度結果相比，第二季度非 GAAP 營業虧損的指導範圍中點略有下降。

This is primarily due to some onetime expense benefits in Q1 and select investments planned for Q2. Let me elaborate on this just for a moment. Q1 non-GAAP operating loss saw approximately $2.1 million of onetime expense benefits to the quarter from two primary sources.

這主要是由於第一季度的一些一次性費用收益和第二季度計劃的部分投資。讓我詳細說明一下。第一季度的非 GAAP 運營虧損從兩個主要來源中獲得了約 210 萬美元的一次性費用收益。

First, we regularly reserve for doubtful accounts under our normal practice and we made good progress in collections on a number of outstanding accounts in Q1. And that contributed a $1 million expense benefit to the quarter.

首先，我們按照常規做法定期為呆賬準備金，第一季度我們在一些未清賬款的催收方面取得了良好進展。這為本季度貢獻了 100 萬美元的費用收益。

Second, our increased sales and marketing spending towards the mid-market and enterprise segments ramped a little more slowly than expected as we added resources and new marketing channels, which contributed approximately $1.2 million of benefit to the quarter.

其次，由於我們增加了資源和新的營銷渠道，我們對中端市場和企業細分市場的銷售和營銷支出增加速度比預期慢一些，這為本季度貢獻了約 120 萬美元的收益。

We also plan to make small investments in select initiatives in sales and marketing in Q2. to capitalize on opportunities we are seeing in the marketplace and continue to build a strong sales pipeline for the back half of the year, apart from the effect of the Q1 items and the small investment increase in Q2, a our non-GAAP operating loss outlook at the midpoint would have been sequentially better as we work towards breakeven by the end of Q3.

我們還計劃在第二季度對特定的銷售和營銷計劃進行小額投資。利用我們在市場上看到的機會，並在今年下半年繼續建立強大的銷售渠道，除了第一季度項目的影響和第二季度的小幅投資增長外，我們的非 GAAP 經營虧損展望隨著我們努力在第三季度末實現收支平衡，處於中點的情況會依次更好。

While we make additional changes or investments as the year progresses, we plan to keep spending relatively flat across the remainder of the year. Our aim is to reach breakeven in late Q3, with full quarter positive adjusted EBITDA in Q4. We remain incredibly bullish about the potential of this business.

隨著時間的推移，我們會做出額外的改變或投資，但我們計劃在今年剩餘時間裡保持支出相對平穩。我們的目標是在第三季度末實現盈虧平衡，並在第四季度調整後的 EBITDA 為正。我們仍然非常看好這項業務的潛力。

We have the product, market opportunity and partner ecosystem to build our presence further in the mid-market and expand upmarket into the enterprise segment. We have many paths for growth, including B2C, B2B, composable commerce and headless, international growth, cross-sell with our existing customers and omnichannel expansion across merchants using both BigCommerce and other e-commerce platforms.

我們擁有產品、市場機會和合作夥伴生態系統，可以進一步擴大我們在中端市場的影響力，並將高端市場擴展到企業領域。我們有許多增長途徑，包括 B2C、B2B、可組合商務和無頭、國際增長、與我們現有客戶的交叉銷售以及使用 BigCommerce 和其他電子商務平台跨商家的全渠道擴展。

We also have the organizational focus necessary to win in these segments while driving the operational improvements necessary to profitably scale the business and generate strong returns for our shareholders. With that, Brent and I are happy to take any of your questions. Operator?

我們還擁有在這些細分市場中獲勝所必需的組織重點，同時推動必要的運營改進以盈利地擴展業務並為我們的股東帶來豐厚的回報。有了這個，布倫特和我很樂意回答你的任何問題。操作員？

(Operator Instructions)

（操作員說明）

First question will come from Terry Tillman with Truist.

第一個問題將來自 Truist 的 Terry Tillman。

Great. This is actually Connor Passarella on for Terry. Maybe just to start, I would love to kind of dig deeper into the progression of Feedonomics. It sounds like it's continued to do really well. It's nice wins with some large versions. I'm just curious if you could share anything directional on what the growth expectations are around Feedonomics and maybe the size of that business versus pets a whole? And then also, maybe what are the puts and takes on the sales cycles here as well, what does the typical sales cycles look like for Feedo?

偉大的。這實際上是 Connor Passarella 代替 Terry。也許只是開始，我很想更深入地研究 Feedonomics 的進展。聽起來它繼續做得很好。一些大版本的勝利很好。我只是想知道您是否可以就 Feedonomics 的增長預期以及該業務與整個寵物的規模分享任何方向性的信息？然後，也許這裡的銷售週期的看跌期權和價格是多少，Feedo 的典型銷售週期是什麼樣的？

Yes, I'll jump in here. As we always thought Feedonomics would grow at or above the pace of our enterprise business and I think in terms of performance, they've definitely done that. We've also integrated Feedonomics in a lot of different ways with the launch of our omnichannel certified partner program. Our agency partners, tech partners have definitely embraced Feedonomics, and we're seeing really great demand signals in terms of interest from their merchants as highlighted with WPP.

是的，我會跳進去。正如我們一直認為 Feedonomics 的增長速度會與我們的企業業務一樣或超過我們的企業業務一樣，我認為就性能而言，他們確實做到了。我們還通過推出全渠道認證合作夥伴計劃，以多種不同方式整合了 Feedonomics。我們的代理合作夥伴、技術合作夥伴肯定已經接受了 Feedonomics，而且我們看到了非常好的需求信號，正如 WPP 所強調的那樣，他們的商家很感興趣。

I think we're just now really enabling our ecosystem to sell Feedonomics across their base of merchants, whether they're on big commerce or not. And if you think about the selling cycle or go-to-market motions for e-commerce versus what Feedonomics does, I think that 90%, 95% of merchants out there are looking for ways to increase top line revenue, increase their return on ad spend. And so I think collectively, between big commerce now really exposing our ecosystem to Feedonomics. We're seeing really great brands signing up new accounts. Gross new sales are strong. Sales cycles are actually less than our enterprise sales cycles, which is good, and we couldn't be more excited and more bullish about Feedonomics going into this year.

我認為我們現在才真正使我們的生態系統能夠在他們的商家基礎上銷售 Feedonomics，無論他們是否從事大型商業活動。如果你想想電子商務的銷售週期或上市行動與 Feedonomics 所做的事情，我認為 90%、95% 的商家正在尋找增加收入的方法，增加他們的回報廣告支出。因此，我共同認為，在大型商業之間，現在真正將我們的生態系統暴露給了 Feedonomics。我們看到非常棒的品牌正在註冊新客戶。新銷售總額強勁。銷售週期實際上少於我們的企業銷售週期，這很好，我們對今年進入 Feedonomics 感到無比興奮和樂觀。

Great. That's really helpful. I appreciate the color. Maybe just a quick follow-up on international. So I just wanted to ask around the recent entries into Poland, Romania, India, a few others. What did you see in these regions to kind of give you the confidence to invest there? Was that kind of partners pulling towards them? Or maybe just low-hanging fruit in terms of being able to get in there with an open SaaS platform for some of the enterprise sellers there?

偉大的。這真的很有幫助。我很欣賞這種顏色。也許只是對國際的快速跟進。所以我只想問問最近進入波蘭、羅馬尼亞、印度和其他一些國家的情況。您在這些地區看到了什麼讓您有信心在那裡投資？是那種夥伴在拉攏他們嗎？或者，就能夠為那裡的一些企業賣家提供一個開放的 SaaS 平台而言，也許只是唾手可得的成果？

Yes. To clarify, as we launch in these markets, we're launching a marketing presence, not a headcount-focused sales presence in those markets, we're relying, especially on partners and organic traffic. But the reason we picked these markets is that they are among the very top performing markets in the world for us that did not already have their own dedicated country landing pages and websites. So Poland, Romania had been top-performing countries for us. the Middle East, particularly UAE, a top-performing country for us and India as well. So putting now marketing presence in those countries where we can better coordinate lead volume in conjunction with our best partners is really an ROI no-brainer to help further accelerate growth in those countries.

是的。需要澄清的是，當我們在這些市場推出產品時，我們正在推出營銷業務，而不是在這些市場中以員工人數為中心的銷售業務，我們尤其依賴合作夥伴和有機流量。但我們選擇這些市場的原因是，對我們來說，它們是世界上表現最好的市場之一，而且還沒有自己專門的國家登陸頁面和網站。所以波蘭、羅馬尼亞對我們來說是表現最好的國家。中東，尤其是阿聯酋，對我們和印度來說都是表現最好的國家。因此，現在在那些我們可以與我們最好的合作夥伴一起更好地協調潛在客戶數量的國家/地區開展營銷業務，這確實是一個 ROI 的明智之舉，有助於進一步加速這些國家/地區的增長。

So the biggest thing is just organic preexisting business tells us that they're very attractive markets for BigCommerce. And of course, it helps as well that India, the UAE and South Africa can all be supported with English language websites.

因此，最重要的是現有的有機業務告訴我們，它們是 BigCommerce 非常有吸引力的市場。當然，印度、阿聯酋和南非都可以得到英語網站的支持，這也很有幫助。

And the next question will come from Rob Marelli from Needham & Company.

下一個問題將來自 Needham & Company 的 Rob Marelli。

Scott Berg here. With -- just to -- you carry out with that question, what's the pace of this new country entry with those recently announced expansions? Are there any other regions in markets that you see an opportunity and -- nearby?

斯科特伯格在這裡。隨著 - 只是為了 - 你提出了這個問題，這個新國家進入最近宣布的擴張的步伐是什麼？您在市場上是否還有其他地區看到了機會，並且在附近？

In the long term, absolutely. We really want to be competing effectively in every country around the world in the long run where our differentiated open SaaS platform can serve a meaningful part of the market. But for this year, priority #1 is achieving profitability on an adjusted EBITDA basis in Q4. So whereas in prior years, we had full market entries that included a meaningful build-out of sales solutioning, business development in countries that we entered.

從長遠來看，絕對。從長遠來看，我們真的希望在全球每個國家/地區有效競爭，讓我們差異化的開放式 SaaS 平台可以服務於有意義的市場部分。但今年，首要任務是在第四季度在調整後的 EBITDA 基礎上實現盈利。因此，在前幾年，我們有完整的市場進入，包括有意義的銷售解決方案構建，我們進入的國家的業務發展。

This year, we're focused on those markets that were already established and not adding a lot -- not really adding headcount into new markets. What we're excited to see is just how much we can accelerate countries where we don't have a big human presence with marketing support like these five. And if that works, then conceivably, there are quite a few other countries around the world that we'll look to in 2024 to expand in a similar way.

今年，我們專注於那些已經建立的市場，並沒有增加太多——並沒有真正增加新市場的人數。我們很高興看到的是，我們可以通過像這五個這樣的營銷支持在沒有大量人員參與的國家加速發展。如果這行得通，那麼可以想像，我們將在 2024 年期待世界上其他許多國家以類似的方式擴張。

So I think the other thing I would add, I mean, just while we're on the international topic in case nobody else asked about it, it was notable that if you break out the growth rates for the various regions. We saw an increase in the quarter-on-quarter -- sorry, the year-on-year growth rate in Q1 relative to Q4 and all of our non-U.S. geographies. APAC improved by 7%, EMEA growth rate improved by roughly 5%, non-U.S. Americas by roughly 12%. So it was very strong quarter and strong momentum continuing around the world for us.

所以我想我要補充的另一件事，我的意思是，就在我們討論國際話題時，以防萬一沒有人問到它，值得注意的是，如果你打破各個地區的增長率。我們看到季度環比增長——抱歉，第一季度相對於第四季度和我們所有非美國地區的同比增長率。亞太地區增長了 7%，歐洲、中東和非洲地區的增長率增長了約 5%，美國以外地區增長了約 12%。因此，這是一個非常強勁的季度，並且在全球範圍內繼續保持強勁勢頭。

And the next question will be from Parker Lane from Stifel.

下一個問題將來自 Stifel 的 Parker Lane。

Brent, I know self-serve small business is a smaller part of the business from an ARR perspective. But with the changes you've been making, what are some of the signals you see from this channel? And what are your growth expectations there going forward under this new model?

布倫特，我知道從 ARR 的角度來看，自助小型企業是企業的一小部分。但是隨著您一直在進行的更改，您從這個頻道看到了哪些信號？在這種新模式下，您對未來的增長預期是什麼？

The price change has not had a seemingly negative impact on volume of new business coming in on our small business plan since we turned off the heavy marketing and sales they get in Q4. So what we are seeing is a very positive trend that a higher percentage of folks signing up for the plans are picking annual prepay so that their price doesn't change relative to before. And of course, those picking monthly are now paying meaningfully more. And so we get the benefit on ROI from the small business segment on both ends. We're both making more money off each new sign-up and getting more upfront prepayments where we don't get that and we're spending less money to acquire the plan. So the business is much healthier on an LTV to CAC standpoint than ever before. And so we're very encouraged by that as we look to continue to grow it around the world.

自從我們關閉了他們在第四季度獲得的大量營銷和銷售以來，價格變化似乎並未對我們小型企業計劃中的新業務量產生負面影響。因此，我們看到的是一個非常積極的趨勢，即越來越多的人簽署了該計劃，他們選擇年度預付款，這樣他們的價格就不會相對於以前發生變化。當然，那些按月採摘的人現在支付的費用要高得多。因此，我們從兩端的小型企業部門獲得了投資回報率的好處。我們從每次新註冊中都賺了更多的錢，並且在我們沒有得到預付款的情況下獲得了更多的預付款，而且我們花更少的錢來購買該計劃。因此，從 LTV 到 CAC 的角度來看，業務比以往任何時候都健康得多。因此，當我們希望繼續在世界範圍內發展它時，我們對此感到非常鼓舞。

Got it. Understood. And then touching on multi-store front real quickly. So you expanded that beyond the enterprise merchants down to small and medium-sized merchants. When I think about the enterprise, there's obviously a lot more complexity there given their size and scale. How do I think about the addressable opportunity and the adoption patterns you're seeing in multi-store front outside of that enterprise market where you brought this tool to.

知道了。明白了。然後快速接觸多店面。所以你把它從企業商戶擴展到中小型商戶。當我想到企業時，考慮到它們的規模和規模，那裡顯然要復雜得多。我如何看待您在將此工具帶到的企業市場之外的多店面中看到的可尋址機會和採用模式。

Well, as you mentioned, it's less than a quarter new for the small business plans. But there are plenty of businesses that have complexity historically, they would have been faced with the choice of either not launching additional stores or having them on their own completely independent account with a separate set of integrations, et cetera.

好吧，正如您提到的，小型企業計劃的新計劃不到四分之一。但是，歷史上有很多業務很複雜，他們將面臨選擇，要么不開設更多商店，要么讓他們擁有自己的完全獨立的帳戶，並進行一組單獨的集成，等等。

That's a lot more work. So we make it easier to add additional brands and sub-brands, additional geographies and/or additional segments like B2B plus B2C than any other platform and have democratized it all the way down a nice thing is that each time a small business customer clicks a button and adds another storefront, their revenue to us goes up very substantially relative to what they were paying before.

這是更多的工作。因此，與任何其他平台相比，我們讓添加額外的品牌和子品牌、額外的地區和/或額外的細分市場（如 B2B 和 B2C）變得更加容易，並且一直將其民主化，一件好事是，每次小企業客戶點擊按鈕並添加另一個店面，他們給我們的收入相對於他們之前支付的收入大幅增加。

So it's real enterprise functionality of great benefit even to small businesses with a value for the customer and a big new boost for us every time it's chosen.

因此，它是真正的企業功能，即使對小企業也有很大好處，對客戶有價值，每次選擇它都會給我們帶來新的巨大推動力。

Our next question is from Raimo Lenschow from Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

This is Isac Pelion on for Raimo. Could you speak a little bit to what you're seeing with the new changes in the B2B segment rollout and any increased traction or early feedback based on these new functionalities.

這是 Raimo 的 Isac Pelion。您能否談談您所看到的 B2B 細分市場推出的新變化以及基於這些新功能的任何增加的牽引力或早期反饋。

Yes. You're referencing the updated release for our B2B addition that only went out a couple of business days ago, and there are very few product releases in our history that are as exciting as this one. So just to let everybody know, the new updated version of B2B Edition includes full compatibility with our multi-store front and headless capabilities, which are really market-leading capabilities built into the BC core.

是的。您指的是我們 B2B 添加的更新版本，該版本僅在幾個工作日前發布，在我們的歷史上，很少有產品發布像這個一樣令人興奮。因此，讓大家知道，B2B 版的新更新版本包括與我們的多店前台和無頭功能的完全兼容性，這些功能確實是 BC 核心中內置的市場領先功能。

But very importantly, we have now created a buyer portal set of capabilities that we're getting a lot of feedback from agency partners and early adopters saying that it is really the best buyer experience on the market. It has a fully customized purchasing experience, where the region, the industry vertical and the needs are basically delivered into the buyer.

但非常重要的是，我們現在已經創建了一套買家門戶功能集，我們從代理合作夥伴和早期採用者那裡得到了很多反饋，說這確實是市場上最好的買家體驗。它具有完全定制化的採購體驗，區域、垂直行業和需求基本上都交付給了買家。

They can -- customers can preset prices and shopping lists for their individual company purchasers, incorporate configure price and quote into it and have easy reordering. So it's a super slick very B2C-like user interface, but meets all the complex needs of B2B buyers. We think it's a game changer. We think it's the best in the market, and we're optimistic that there will be a lot of excitement in the industry as customers and agency partners take a close look at it.

他們可以——客戶可以為他們的個人公司採購員預設價格和購物清單，將配置價格和報價納入其中，並且可以輕鬆地重新訂購。所以它是一個超級光滑的非常類似於 B2C 的用戶界面，但滿足 B2B 買家的所有復雜需求。我們認為這是一個改變遊戲規則的人。我們認為它是市場上最好的，而且我們樂觀地認為，隨著客戶和代理合作夥伴對它的密切關注，業內將會有很多激動人心的事情。

And then if I could just follow up with one more quickly. Can you speak a little bit to the pipeline for new deals comparing to last quarter? And what the trajectory for that is looking like moving forward?

然後，如果我能更快地跟進一個。與上一季度相比，你能談談新交易的管道嗎？前進的軌跡是什麼？

Yes, I can say -- go ahead, Brent.

是的，我可以說——繼續吧，布倫特。

No, you go ahead.

不，你繼續。

Yes, I can say through Q1 and into Q2, our pipeline for enterprise is roughly 20% higher than it was last year. I'd also say month 1 of Q2 has been stronger than month 1 of Q1. But when we look at the pipeline for enterprise opportunities, really, we're seeing strength in mid-market, and we're really starting to build pipeline in those large enterprise opportunities. Feedback from the launch of B2B edition this week has been overwhelmingly positive with strong presence at B2B online where we've got a ton of great feedback in deal registrations from really large prospects and partners. So with that launch, we expect that pipeline to continue to grow. And once we factor in some of the longer sales cycles we see, we feel pretty confident in the reacceleration that we're forecasting and planning for in the second half of this year.

是的，我可以說從第一季度到第二季度，我們的企業管道比去年高出大約 20%。我還想說第二季度的第一個月比第一季度的第一個月強。但是，當我們著眼於企業機會的管道時，真的，我們看到了中端市場的實力，我們真的開始在那些大型企業機會中建立管道。本週推出的 B2B 版反饋非常積極，在 B2B 在線上的影響力很強，我們從真正的大型潛在客戶和合作夥伴那裡獲得了大量關於交易註冊的反饋。因此，隨著這次發布，我們預計該管道將繼續增長。一旦我們將我們看到的一些較長的銷售週期考慮在內，我們就會對我們在今年下半年預測和計劃的重新加速充滿信心。

And the next question will be from Josh Baer from Morgan Stanley.

下一個問題將來自摩根士丹利的 Josh Baer。

I was just hoping, Brent, to get your take on Shopify's commerce components. On the one hand, completely validates your open SaaS strategy. On the other hand, just wondering how you think or if you think it changes BigCommerce's competitive environment.

布倫特，我只是希望您能了解 Shopify 的商務組件。一方面，完全驗證您的開放 SaaS 戰略。另一方面，只是想知道您的想法，或者您是否認為它改變了 BigCommerce 的競爭環境。

I don't want to comment on their product. I will comment on ours. We've been doing headless and composable since our first major customers, including hardware business wishing went live in 2016, they're still with us proud to serve them. We were the second platform to enter the MACH Alliance, which is basically an alliance of the leading advocates and providers of composable comers.

我不想評論他們的產品。我會評論我們的。自從我們的第一個主要客戶（包括硬件業務希望在 2016 年上線）以來，我們一直在做無頭和可組合的工作，他們仍然和我們一起為能為他們服務而自豪。我們是第二個加入 MACH 聯盟的平台，該聯盟基本上是可組合產品的主要倡導者和提供者的聯盟。

I'm on the Board of the MACH Alliance, and it's a big part of our business. We serve thousands of headless and composable customers across all popular front-end frameworks and content management system. So it's a very material part of what we do, but it's also consistent with our open commerce philosophy and commitment from the very beginning. It's not a new way of doing business for us.

我是 MACH 聯盟的董事會成員，這是我們業務的重要組成部分。我們在所有流行的前端框架和內容管理系統中為數以千計的無頭和可組合客戶提供服務。所以這是我們所做工作的一個非常重要的部分，但它也符合我們開放的商業理念和從一開始就做出的承諾。這對我們來說並不是一種新的經營方式。

It's a natural competitive advantage that extends off our commitment to openness. And why are we so committed to open -- it's because that is what enables us to best serve the world's complex mid-market and enterprise businesses instead of telling them, "Hey, here's how we prescribe that you do e-commerce -- we have the best APIs and the best flexibility for you to optimize your stack around your business requirements. So we're really committed to it.

這是一種天然的競爭優勢，延伸了我們對開放的承諾。為什麼我們如此致力於開放——這是因為這使我們能夠最好地服務於世界上複雜的中端市場和企業業務，而不是告訴他們，“嘿，我們是這樣規定你做電子商務的——我們擁有最好的 API 和最好的靈活性，讓您可以圍繞您的業務需求優化您的堆棧。所以我們真的致力於此。

We're a leader in Helisson composable e-commerce have been recognized as such for years and believe more than any other platform, we take the headache away from composable, composable is a more complex approach for businesses that requires more coordination across individual components and there's no platform that makes that easier to accomplish across a wide range of front ends and frameworks in big commerce.

我們是 Helisson 可組合電子商務的領導者，多年來一直被公認為這樣，並且比任何其他平台都更相信，我們從可組合中解脫出來，對於需要跨各個組件進行更多協調的企業來說，可組合是一種更複雜的方法，並且在大型商業中，沒有任何平台可以更輕鬆地在各種前端和框架中實現這一點。

Perfect. I wanted to dig in a little bit on the comments on the stronger pipeline. Is there any way to give more context around how strong is lead generation, qualified leads that are moving into the pipeline versus the -- just like the pipeline could be getting bigger as a function of elongating sales cycles. How do those two or how do those all work together?

完美的。我想深入了解有關更強大管道的評論。有沒有什麼方法可以提供更多關於潛在客戶產生有多強大的背景信息，合格的潛在客戶正在進入管道與 - 就像管道可能隨著銷售週期的延長而變得更大一樣。這兩者如何或所有這些如何協同工作？

Yes. I would characterize it as high quality. I think the quality is getting better as we go. But also remember where we get a lot of our leads from. And when you think about the initiatives that we're really leaning into and getting great demand signals from, whether it's omnichannel or B2B. A lot of those leads are coming from our agency partners, agency and tech partners are really embracing the differentiation that we have around omnichannel and B2B. And every month that goes by, we're seeing even larger and larger opportunities come our way. I don't know, Brent, if you want to add anything.

是的。我會把它描述為高質量。我認為隨著我們的發展，質量會越來越好。但也要記住我們從哪裡獲得大量線索。當你想到我們真正傾向於並從中獲得巨大需求信號的舉措時，無論是全渠道還是 B2B。很多這些線索來自我們的代理合作夥伴、代理和技術合作夥伴，他們真正接受了我們在全渠道和 B2B 方面的差異化。每個月過去，我們都會看到越來越多的機會出現在我們面前。布倫特，我不知道你是否想添加任何內容。

I agree I think you got it.

我同意我想你明白了。

And the next question will be from Brian Peterson from Raymond James.

下一個問題將來自 Raymond James 的 Brian Peterson。

This is John for Brian. I'm curious if you maybe speak to the growth algorithm here. So enterprise ARR growth has been really good. It's outpaced enterprise accounts. Curious if you can maybe quantify how the growth has been split between land versus expand. Are you seeing new merchants come on the platform maybe larger than you expected? And in a similar vein, I realize we're early in the year. But how is like enterprise NRR track versus your expectations? Then I have a quick follow-up.

這是 John for Brian。我很好奇你是否可以在這裡談論增長算法。因此，企業 ARR 增長非常好。它超過了企業賬戶。想知道您是否可以量化土地與擴張之間的增長情況。您是否看到平台上出現的新商戶規模可能超出您的預期？同樣，我意識到我們還處於年初。但是，企業 NRR 跟踪與您的期望相比如何？然後我有一個快速跟進。

Yes. I would say definitely larger in Q1 and we expect that trend to continue. We have opportunities for sure on expansion, and we're working towards that, especially around Feedonomics. There's definitely ways for us to really improve our cross-sell motions with Feedonomics and we're doing that not just in the U.S. but in all of our markets where we have go-to-market teams. And I'll say the reception around Feedonomics in that offering in markets like EMEA and APAC has been incredibly strong. So higher quality, probably much larger in terms of opportunities. And in terms of cross-sell, I think that's just a big opportunity in front of us.

是的。我會說第一季度肯定會更大，我們預計這種趨勢將繼續下去。我們肯定有擴張的機會，我們正在為此努力，尤其是圍繞 Feedonomics。我們肯定有辦法通過 Feedonomics 真正改善我們的交叉銷售活動，我們不僅在美國而且在我們擁有進入市場團隊的所有市場都在這樣做。我要說的是，Feedonomics 在 EMEA 和 APAC 等市場上的表現非常強勁。質量如此之高，就機會而言可能要大得多。在交叉銷售方面，我認為這是擺在我們面前的一個巨大機遇。

That's great color there. And then I'm curious on social commerce. It's obviously been a point of emphasis in the past. I think you announced a Snap integration back late last year. Can you maybe give any insights into sort of attach rates you're seeing there increased conversion or GMV uplift for merchants that integrate Bigcommerce with social networks like Snap and Meta?

那裡的顏色很棒。然後我對社交商務很好奇。這顯然是過去的一個重點。我想你去年年底宣布了 Snap 集成。對於將 Bigcommerce 與社交網絡（如 Snap 和 Meta）集成的商家，您是否可以提供任何關於您看到的附加率增加或 GMV 提升的見解？

We don't have statistics to share, but I would really emphasize the takeaway that for a business wanting to do social commerce and especially do it the optimal way with purchasing enabled on those platforms or to do it across many platforms. Feedonomics is the best solution on the market. It has incredible integrations into Facebook, Instagram into Snap into tiktok into all the leading channels. And what less businesses do is not just integrate and optimize their products for sale in those channels, but also track the ordering and the inventory across the channel so they can have one view into orders and one view into casements. So Feedonomics is a market leader in this area, especially in the enterprise segment and the prime partner of each of the major social networks.

我們沒有可分享的統計數據，但我真的想強調一點，對於想要進行社交商務的企業來說，尤其是在這些平台上啟用購買或跨多個平台進行購買的最佳方式。 Feedonomics 是市場上最好的解決方案。它與 Facebook、Instagram 和 Snap 以及 tiktok 和所有主要渠道的整合令人難以置信。 less 企業所做的不僅僅是整合和優化他們在這些渠道中銷售的產品，還跟踪整個渠道的訂單和庫存，這樣他們就可以對訂單一視同仁，對案例一視同仁。因此，Feedonomics 是該領域的市場領導者，尤其是在企業領域，並且是每個主要社交網絡的主要合作夥伴。

And the next question is from Daniel Reagan from Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Daniel Reagan。

Maybe I'll start with R.A. so it's great to see stabilization in non-enterprise retail accounts. I'm wondering, are we out of the woods yet, do you think -- and what are your expectations in terms of retail accounts being an anchor to growth from here, especially as we think about the full pricing effects hitting in June?

也許我會從 R.A. 開始。所以很高興看到非企業零售賬戶的穩定。我想知道，我們是否已經走出困境，你認為 - 你對零售賬戶成為增長錨點的期望是什麼，特別是當我們考慮 6 月份的全面定價效應時？

Yes, it's a great question. Listen, I think we're very pleased with the cohort health of the nonenterprise segment. Like you mentioned, I think we're going to know a lot more in early June. -- again, our expectation and assumption is that most folks are going to want to keep their prices the same. So we'll probably get a real benefit from -- for cash flows. But if that mix changes, I think we'll have a positive lift to revenue.

是的，這是一個很好的問題。聽著，我認為我們對非企業細分市場的健康狀況非常滿意。正如您提到的，我認為我們將在 6 月初了解更多信息。 -- 同樣，我們的期望和假設是大多數人都希望保持價格不變。因此，我們可能會從現金流中獲得真正的好處。但如果這種組合發生變化，我認為我們的收入將得到積極提升。

But in terms of like the health of that cohort, I would say that we feel like it's stronger today than we thought it was even 3 months ago. And I think that with the pricing action we took and with what we're seeing, we have a chance of that being even better as the year progresses, but we're really going to have to see how the impact of that June 1 rollout goes. So we'll know a lot more, but the next time we speak.

但就該群體的健康而言，我想說我們覺得今天比 3 個月前我們認為的更強大。而且我認為，根據我們採取的定價行動以及我們所看到的情況，隨著時間的推移，我們有可能會變得更好，但我們真的必須看看 6 月 1 日推出的影響如何去。所以我們會知道更多，但下次我們說話時。

Got you. Excellent. And then maybe just on for Brent. As we think about the setup for 2023 in the second half, we're expecting nonenterprise to be less of an anchor to growth. And then the mounting enterprise pipeline from the ship in resources should hopefully begin converting at a higher level. So my question is, where would you say you are compared to your initial expectations when you set out on this strategic pivot? And then how are you thinking about close rates of the enterprise pipeline in the second half?

明白了出色的。然後也許只是為了布倫特。當我們考慮下半年 2023 年的設置時，我們預計非企業將不再是增長的支柱。然後從資源船上安裝企業管道應該有望開始在更高層次上進行轉換。所以我的問題是，當你開始這個戰略支點時，你會說你與你最初的期望相比在哪裡？那麼您如何看待下半年企業管道的關閉率？

I think we're on track. The changing mix in our business, the impact on gross new sales and then the quarterization of it is roughly in line with what we anticipated. And we know that our platform has really strong competitive advantages relative to our competition in the enterprise segment. But historically, that's not where we spent the lion's share of our marketing and lead generation. And so we have a lot of confidence that as our enterprise marketing and sales generation motions gained maturity. We're doing more field marketing in Q1 than we've ever done before by a long shot.

我認為我們走上了正軌。我們業務組合的變化、對新銷售總額的影響以及隨後的季度化大致符合我們的預期。而且我們知道，相對於我們在企業領域的競爭，我們的平台具有非常強大的競爭優勢。但從歷史上看，這並不是我們花費大部分營銷和潛在客戶的地方。因此，我們非常有信心，隨著我們的企業營銷和銷售生成運動的成熟。我們在第一季度進行的現場營銷遠比以往任何時候都多。

We're really getting the word out our agency and tech partner ecosystems are rallying around that because they like the enterprise business a lot more too in general. And so we're quite optimistic about how things can pulled out not just in the second half of this year, which is when we start to see this maturing, but especially in 2024.

我們真的在宣傳我們的代理和技術合作夥伴生態系統正在圍繞這一點團結起來，因為他們總體上也更喜歡企業業務。因此，我們非常樂觀地認為事情不僅會在今年下半年結束，也就是我們開始看到這種情況成熟的時候，尤其是在 2024 年。

The only part of the whole equation that we wish were healthier especially in the Americas right now is the sales cycle time for enterprise in the U.S. as R.A. has mentioned, we're seeing mid-market deals continue to close at a normal pace, but the large enterprise deals are still being delayed in the relatively soft economy right now. And at some point, that's going to come around and return to normal. We look forward to that because that will be an additional accelerator though we really didn't build that expectation into our plans for H2.

整個等式中唯一我們希望更健康的部分，尤其是現在在美洲，是美國企業作為 R.A. 的銷售週期時間。已經提到，我們看到中型市場交易繼續以正常速度完成，但大型企業交易仍在相對疲軟的經濟中推遲。在某個時候，這種情況會好轉並恢復正常。我們期待這一點，因為這將是一個額外的加速器，儘管我們確實沒有將這種期望納入我們的 H2 計劃中。

And the next question will come from Mark Murphy from JPMorgan.

下一個問題將來自摩根大通的馬克墨菲。

This is Arti on for Mark Murphy. First question, you guys said that you're still aiming for the 20% growth for enterprise ARR. Just kind of looking at a little bit of deceleration in the customer adds being about 42% for that category. What is the level of confidence? Are you still filling the same way? Or has that changed out the direction?

這是馬克墨菲的藝術作品。第一個問題，你們說你們的目標仍然是企業 ARR 增長 20%。只是看看客戶的一點點減速就增加了該類別的 42% 左右。置信度是多少？你還在用同樣的方式填充嗎？還是改變了方向？

No. I mean we're feeling pretty confident that we'll be able to deliver that. Again, it's 20% for the full year. Some quarters could be slightly less, some to be more. But for the full year, we feel really good about our ability to deliver that. And also, I'll say that I think that we're on track to exit this year, really with a quarter where we're positive in adjusted EBITDA, our margins will be in the high 70s. And we'll have reaccelerating growth rates for both subscription and PSR as we exit this year. And all of that is tied to our confidence to deliver those growth rates in enterprise.

不，我的意思是我們非常有信心能夠實現這一目標。同樣，全年為 20%。有些宿舍可能會稍微少一些，有些會更多。但就全年而言，我們對實現這一目標的能力感到非常滿意。而且，我會說我認為我們今年有望退出，真的有一個季度我們在調整後的 EBITDA 中是積極的，我們的利潤率將達到 70 多歲。當我們今年退出時，我們將重新加快訂閱和 PSR 的增長率。所有這一切都與我們在企業中實現這些增長率的信心息息相關。

Great. That's really good to hear. And then just one quick last one. In terms of linearity, anything changed from Q4 into Q1? And if it did, is it something that you expect to continue through Q2 and beyond.

偉大的。這真是太好了。然後只是一個快速的最後一個。在線性方面，從 Q4 到 Q1 有什麼變化嗎？如果確實如此，您是否希望在第二季度及以後繼續這樣做。

The only thing is what we called out with the path to profitability. We had some onetime items in Q1. When you factor that in, I think we're -- we've got that kind of past nice path to that breakeven point by the end of Q3. I'll also mention PSR -- we had some onetime items in our base period. If you remove that, our PSR would have been kind of in line with U.S. e-commerce growth -- and we're past those, I think, onetime items into Q2. If you look at Q2 last year, the base period effect won't be there this coming quarter. And so anyway, I just wanted to call that out for you in terms of trends.

唯一的事情就是我們所說的盈利之路。我們在第一季度有一些一次性物品。當你考慮到這一點時，我認為我們 - 我們已經在第三季度末實現了盈虧平衡點。我還會提到 PSR——我們在基礎時期有一些一次性物品。如果你刪除它，我們的 PSR 就會與美國電子商務的增長保持一致——我認為，我們已經超過了那些，進入第二季度的一次性項目。如果你看一下去年的第二季度，基期效應將不會在下個季度出現。所以無論如何，我只是想在趨勢方面為您指出這一點。

(Operator Instructions)

（操作員說明）

The next question will be from Ken Wang from Oppenheimer & Company.

下一個問題將來自 Oppenheimer & Company 的 Ken Wang。

This is Nancy on for Ken. So your enterprise ARR mix has been increasing over the past several quarters. But I saw it stagnated here in 1Q. Is there any color you can provide on why that occurred? Or how we should think about the cadence of the mix shift going forward?

這是肯的南希。因此，您的企業 ARR 組合在過去幾個季度一直在增加。但我看到它在第一季度停滯不前。您是否可以提供任何顏色來說明為什麼會發生這種情況？或者我們應該如何考慮未來混合轉變的節奏？

Yes. It's interesting. Since our nonenterprise segment performed better than we thought. That mix remain kind of at that 72% mark, had it kind of played out like we thought enterprise would have been roughly 73%. I still think throughout the year, that mix is going to trend up to the high 70s. And I think Q1 was just a matter of the nonenterprise ARR performing much better.

是的。這真有趣。由於我們的非企業部門的表現比我們想像的要好。這種混合仍然保持在 72% 的水平，如果它像我們認為的那樣發揮作用，企業將達到大約 73%。我仍然認為全年，這種混合趨勢將上升到 70 年代的高位。而且我認為第一季度只是非企業 ARR 表現更好的問題。

And ladies and gentlemen, that concludes our question-and-answer session. I would like to turn the conference back over to Brent Bellm, President, CEO and Chairman, for closing remarks.

女士們，先生們，我們的問答環節到此結束。我想將會議轉回給總裁、首席執行官兼主席 Brent Bellm 作閉幕詞。

Thanks, everybody, for joining. That wraps up the call for Q1 quarter that we feel very good about, most particularly the strong progress that we made toward our goal of achieving positive adjusted EBITDA in Q4, while continuing to successfully execute an organizational focus and growth in the mid-market and enterprise segments. So we feel good about the quarter, and we look forward to our next conversation a quarter from now. Until then, thanks.

謝謝大家的加入。這總結了我們對第一季度感到非常滿意的呼籲，尤其是我們在實現第四季度調整後 EBITDA 正數目標方面取得的重大進展，同時繼續成功地執行組織重點和中端市場的增長以及企業板塊。所以我們對這個季度感覺很好，我們期待著從現在開始的一個季度的下一次對話。在那之前，謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。