Commerce.com Inc (CMRC) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the BigCommerce second quarter 2024 earnings call. (operator instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to your first speaker today, Tyler Duncan, Senior Director of Finance, and Investor Relations. You may begin.

女士們、先生們，感謝你們的支持，歡迎參加 BigCommerce 2024 年第二季財報電話會議。（操作員說明）請注意，今天的會議正在錄製中。現在我想將會議交給今天的第一位發言人，財務和投資者關係高級總監泰勒鄧肯 (Tyler Duncan)。你可以開始了。

Good morning, and welcome to BigCommerce's second quarter 2024 earnings call. We will be discussing the results announced in our press release issued before today's market open With me are BigCommerce's Chief Executive Officer and Chairman, Brent Bellm and Chief Financial Officer, Daniel Lentz. 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.

早安，歡迎參加 BigCommerce 2024 年第二季財報電話會議。我們將討論今天開盤前發布的新聞稿中宣布的結果。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》的安全港條款做出的。

Forward-looking statements include statements concerning financial and business trends as well as our expected future business and financial performance, financial condition, and our guidance for both the third quarter of 2024 and the full year 2024. These statements can be identified by words such as expect, anticipate, intend, plan, believe, seek, committed, will or similar words.

前瞻性陳述包括有關財務和業務趨勢的陳述，以及我們預期的未來業務和財務業績、財務狀況以及我們對 2024 年第三季和 2024 年全年的指導。這些陳述可以透過諸如期望、預期、打算、計劃、相信、尋求、承諾、意願或類似詞語等詞語來識別。

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 that could cause actual results to differ materially from expectations.

這些聲明僅反映我們今天的觀點，不應被視為代表我們在任何後續日期的觀點，並且我們不承擔更新這些聲明的任何責任。前瞻性陳述本質上涉及可能導致實際結果與預期有重大差異的風險和不確定性問題。

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揭露。

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 measure, 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 also available on our website at investors.bigcommerce.com.

在電話會議期間，我們也將討論某些非公認會計準則財務指標，這些指標並非依照公認會計原則制定。這些非GAAP 財務指標與最直接可比較的GAAP 財務指標的對賬，以及我們如何定義這些指標和其他指標，均包含在我們的收益新聞稿中，該新聞稿已提供給SEC，也可在我們的網站上取得在 Investors.bigcommerce.com 上。

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

接下來，讓我把電話轉給布倫特。

Thanks, Tyler, and thanks, everyone for joining us. Our number one priority for 2024 remains efficient revenue growth, and I'm excited to share updates on our progress towards that goal during our call today. First, I'll provide a brief summary of our quarterly results. Following that, I'll highlight some exciting customer launches that showcase the power of our platform. Then, I'll discuss our latest product innovations that fuel growth and innovation for our customers. Finally, I'll look ahead at what's next for the business.

謝謝泰勒，謝謝大家加入我們。我們 2024 年的首要任務仍然是高效的收入成長，我很高興在今天的電話會議上分享我們實現這一目標的最新進展。首先，我將簡要概述我們的季度業績。接下來，我將重點介紹一些令人興奮的客戶發布，展示我們平台的強大功能。然後，我將討論我們為客戶推動成長和創新的最新產品創新。最後，我將展望該業務的下一步發展。

Q2 delivered results consistent with our top and bottom line plans. Revenue finished just under $82 million, up 8% year-over-year. Adjusted EBITDA came in at $3 million or approximately 4% of revenue. We also had a strong quarter from a cash flow perspective, achieving operating cash flow of just under $12 million. We see tremendous upside in this business, and Q2 results highlight our progress and the success that our customers are seeing on our platform.

第二季交付的結果與我們的頂線和底線計劃一致。營收接近 8,200 萬美元，較去年同期成長 8%。調整後的 EBITDA 為 300 萬美元，約佔營收的 4%。從現金流的角度來看，我們的季度也表現強勁，實現了略低於 1,200 萬美元的營運現金流。我們看到了這項業務的巨大優勢，第二季的業績突顯了我們的進步以及客戶在我們平台上看到的成功。

I'm thrilled to announce that The RealReal, the world's largest online marketplace for authenticated resale luxury goods has launched on BigCommerce. This implementation allows The RealReal to fully leverage BigCommerce's industry-leading checkout and shopping cart functionality, which they integrated with their existing systems in a phased composable approach. The result has been a faster and more intuitive checkout process for The RealReal customers and improvements in the brand's new customer purchase conversion rate.

我很高興地宣布，全球最大的奢侈品正品轉售線上市場 The RealReal 已在 BigCommerce 上推出。這項實施使 The RealReal 能夠充分利用 BigCommerce 業界領先的結帳和購物車功能，並以分階段可組合的方式將其與現有系統整合。結果是 The RealReal 客戶的結帳流程變得更快、更直觀，並提高了該品牌的新客戶購買轉換率。

The RealReal nicely demonstrates BigCommerce's continued traction in luxury apparel, compose ability, complex enterprise implementations and high volume sites, in their case selling more than $1 billion online annually. Also just launched on BigCommerce is Bealls, the Florida-based department store chain with more than 600 stores and 100 years of proud history.

The RealReal 很好地展示了 BigCommerce 在奢侈品服裝、撰寫能力、複雜的企業實施和大容量網站方面的持續吸引力，在他們的案例中，每年在線銷售額超過 10 億美元。同樣剛在 BigCommerce 上推出的還有 Bealls，這是一家總部位於佛羅裡達州的連鎖百貨公司，擁有 600 多家商店和 100 年的悠久歷史。

They achieved a remarkably successful migration of multiple brands from legacy platform HCL commerce in just three months from contract signature. Notably, Bealls utilized BigCommerce's new reference composable architecture, catalyst, in conjunction with Vercel for hosting, Manhattan for OMS, and a tech stack tailored to their omnichannel operations. Bealls and their agency partner DMI heavily customized the BigCommerce checkout to incorporate their specific payments, tax, and shipping requirement.

他們在合約簽署後的短短三個月內就實現了多個品牌從傳統平台 HCL commerce 的非常成功的遷移。值得注意的是，Bealls 利用了 BigCommerce 的新參考可組合架構、催化劑，與用於託管的 Vercel、用於 OMS 的曼哈頓以及針對其全渠道運營量身定制的技術堆棧。Bealls 和他們的代理合作夥伴 DMI 對 BigCommerce 結帳進行了大量定制，以納入他們的特定付款、稅收和運輸要求。

In sum, Bealls showcases the unprecedented speed with which complex store-based retailers can migrate from legacy to fully modern composable technology. In this case Catalyst, our Next.js and react based architecture.

總而言之，Bealls 展示了複雜的商店零售商可以以前所未有的速度從傳統技術遷移到完全現代的可組合技術。在本例中，Catalyst 是我們的 Next.js 和基於 React 的架構。

As part of a wider digital transformation project, SportsShoes, the UK's largest independent retailer of sporting goods, has unveiled a new composable commerce website on BigCommerce. SportsShoes is dedicated to helping people lead happier, healthier lives through running and fitness, catering to everyone from elite athletes to fitness beginners. SportsShoes chose BigCommerce and our partner ecosystem to modernize their e-commerce operations and websites.

作為更廣泛的數位轉型計畫的一部分，英國最大的獨立體育用品零售商 SportsShoes 在 BigCommerce 上推出了一個新的可組合商務網站。SportsShoes 致力於透過跑步和健身幫助人們過上更快樂、更健康的生活，滿足從精英運動員到健身初學者的所有人的需求。SportsShoes 選擇 BigCommerce 和我們的合作夥伴生態系統來實現其電子商務營運和網站的現代化。

Since migrating to BigCommerce, SportsShoes has seen significant improvements in conversion, average order value and checkout completions, enhancing their ability to deliver the best online retail experience for their customers. Our B2B segment continues to show strong momentum with a number of manufacturers, suppliers, and distributors.

自從遷移到 BigCommerce 以來，SportsShoes 在轉換率、平均訂單價值和結帳完成率方面取得了顯著改善，增強了為客戶提供最佳線上零售體驗的能力。我們的 B2B 業務繼續在眾多製造商、供應商和分銷商中展現出強勁的勢頭。

Moving to BigCommerce, for example, Enovis, a medical technology company with $1.7 billion in revenue, migrated to our platform in Q2 from Magento to escape escalating costs and reliability issues. Leveraging BigCommerce's robust B2B features, Enovis has experienced greater platform stability and efficiency since migrating. Enhancements like real-time stock visibility has significantly boosted their customer experience and operational effectiveness, positioning Enovis for sustained growth in the B2B market.

以 BigCommerce 為例，營收 17 億美元的醫療科技公司 Enovis 在第二季從 Magento 遷移到我們的平台，以避免不斷上升的成本和可靠性問題。借助 BigCommerce 強大的 B2B 功能，Enovis 自遷移以來體驗到了更高的平台穩定性和效率。即時庫存可見度等增強功能顯著提升了客戶體驗和營運效率，為 Enovis 在 B2B 市場的持續成長奠定了基礎。

Additionally, we welcome Starrett, a renowned manufacturer of precision tools. They upgraded to BigCommerce while retaining their existing content management system, which streamline their purchasing process, improve user management and enhanced security.

此外，我們也歡迎著名的精密工具製造商施泰力 (Starrett)。他們升級到 BigCommerce，同時保留現有的內容管理系統，簡化了購買流程、改善了使用者管理並增強了安全性。

In Q2 leading brands and retailers such as Patagonia, Melissa & Doug and Faherty Brand, turned to Feedonomics to optimize their data and performance across search, social, affiliate, and marketing channels.

第二季度，Patagonia、Melissa & Doug 和 Faherty Brand 等領先品牌和零售商轉向 Feedonomics 來優化其在搜尋、社交、聯盟和行銷管道中的數據和績效。

Dooney & Bourke, a renowned leather goods company known for its superior quality handbags, luggage and accessories, selected Feedonomics to optimize product data and improve keyword relevancy on Google and other major channels, driving more impressions, improved funnel progression and increase revenue.

Dooney & Bourke 是一家以其優質手袋、行李箱和配件而聞名的著名皮革製品公司，選擇Feedonomics 來優化產品數據並提高Google 和其他主要渠道上的關鍵字相關性，從而增加展示次數、改進漏斗進程並增加收入。

I'm proud of the progress and results that our customers are achieving with BigCommerce, and these stories illustrate our platform's ability to deliver exceptional performance, flexibility and growth across various industries and customer segments.

我為我們的客戶透過 BigCommerce 所取得的進步和成果感到自豪，這些故事說明了我們的平台有能力在各個行業和客戶群中提供卓越的性能、靈活性和成長。

Later this month, in Austin, we're excited to showcase our latest product advancements under the banner of Next Big Thing, at BigSummit, our annual flagship event in North America. BigSummit has historically been a partner event but encouraged by the approach of our team in EMEA at their BigSummit in April, we will also expand the Americas BigSummit to welcome customers and prospects. We're thrilled to have industry leaders like Walmart and e-commerce innovators like Burrow speaking at the event. At the EMEA BigSummit, in April, we announced over 100 new innovative features and partner integrations as part of the inaugural Next Big Thing.

本月晚些時候，我們很高興在奧斯汀的北美年度旗艦活動 BigSummit 上展示我們在 Next Big Thing 旗幟下的最新產品進展。BigSummit 歷來都是合作夥伴活動，但受我們 EMEA 團隊 4 月份在 BigSummit 上的表現的鼓舞，我們還將擴大美洲 BigSummit 以歡迎客戶和潛在客戶。我們很高興能有像沃爾瑪這樣的行業領導者和像 Burrow 這樣的電子商務創新者在活動中發言。在 4 月的 EMEA BigSummit 上，我們宣布了 100 多項新的創新功能和合作夥伴集成，作為首屆 Next Big Thing 的一部分。

While I won't cover the entire list, I'd like to highlight a few major releases from Q2. We expanded our customer's global reach with new multi geographic selling functionality. After successful closed beta with over 200 participants, we soft launched international enhancements for multi storefront with a full launch and additional features planned for Q3.

雖然我不會涵蓋整個列表，但我想重點介紹第二季度的幾個主要版本。我們透過新的多地域銷售功能擴大了客戶的全球影響力。在超過 200 名參與者成功進行內測後，我們軟啟動了多店面的國際增強功能，並計劃在第三季度全面啟動和附加功能。

Our multi-geo offering now allows brands and retailers to offer unique checkout experiences per storefront, enabling shoppers in different regions to select their preferred storefronts for a truly local experience. Additionally, in partnership with Fujitsu, we introduced Japanese as a supported language in the control panel and as an option for automatic storefront translation.

我們的多地理位置產品現在允許品牌和零售商為每個店面提供獨特的結帳體驗，使不同地區的購物者能夠選擇他們喜歡的店面以獲得真正的本地體驗。此外，我們與富士通合作，推出日文作為控制面板中支援的語言以及自動店面翻譯的選項。

After highlighting the open sourcing of our B2B Buyer Portal last quarter, we're excited to announce our next major B2B release, custom buyer roles and permission management. This strategic enhancements supports complex organization structures and unique workflows common B2B businesses.

在強調上個季度 B2B 買家入口網站的開源之後，我們很高興地宣布我們的下一個主要 B2B 版本、自訂買家角色和權限管理。這項策略增強支援複雜的組織結構和常見 B2B 業務的獨特工作流程。

For business buyers, this functionality improves purchasing controls and oversight, operational efficiency, and customer satisfaction and loyalty. We are leveraging generative AI technology to enhance customer growth on BigCommerce with tools like BigAI Copywriter, which is being updated this month to use Google's more powerful Gemini AI.

對於企業買家來說，此功能可以改善採購控制和監督、營運效率以及客戶滿意度和忠誠度。我們正在利用生成式人工智慧技術，透過 BigAI Copywriter 等工具來促進 BigCommerce 上的客戶成長，該工具將於本月更新，以使用 Google 更強大的 Gemini AI。

BigAI Copywriter streamlines workflows and saves time by generating high-quality, high-performing product descriptions. In July, we launched the beta of AI powered product recommendations, also powered by Google AI offering personalized and highly relevant product suggestions to shoppers in real time, thereby increasing average order value and conversion rates.

BigAI Copywriter 透過產生高品質、高效能的產品描述來簡化工作流程並節省時間。7 月，我們推出了 AI 支援的產品推薦測試版，同樣由 Google AI 提供支持，為購物者即時提供個人化且高度相關的產品建議，從而提高平均訂單價值和轉換率。

Later in the year, we are planning to launch generative AI assisted quoting workflows for B2B sellers. Our subsidiary, Feedonomics, utilizes AI to optimize product data and improve keyword relevancy across major channels, driving more impressions and increased revenue from brands like Patagonia and Dell. Additionally, our recently acquired visual site editor, Makeswift, is investing in AI to generate page layouts and creative content, enabling non-technical users to effortlessly design and publish engaging site content.

今年晚些時候，我們計劃為 B2B 賣家推出生成式人工智慧輔助報價工作流程。我們的子公司 Feedonomics 利用人工智慧來優化產品數據並提高主要管道的關鍵字相關性，從而提高巴塔哥尼亞和戴爾等品牌的展示次數並增加收入。此外，我們最近收購的視覺化網站編輯器 Makeswift 正在投資人工智慧來產生頁面佈局和創意內容，使非技術用戶能夠輕鬆設計和發布引人入勝的網站內容。

Earlier this year, we announced that BigCommerce was the first e-commerce platform to integrate with Fastlane, PayPal's password less accelerated guest checkout solution, which speed shoppers through checkout and drives higher conversion rates. I'm excited to share that this feature will become available to all of our US customers starting in August.

今年早些時候，我們宣布 BigCommerce 是第一個與 Fastlane 整合的電子商務平台，Fastlane 是 PayPal 的無密碼加速訪客結帳解決方案，可加快購物者的結帳速度並提高轉換率。我很高興地告訴大家，這項功能將從 8 月開始向我們所有的美國客戶開放。

In aggregate, BigCommerce as product capabilities, innovation, and quality, continue to receive industry recognition and awards. For the second consecutive year, BigCommerce achieved a perfect score in the paradigm B2B combine for Digital Commerce Solutions, earning medals in 24 out of 24 categories.

總的來說，BigCommerce 的產品能力、創新和品質不斷獲得行業認可和獎項。BigCommerce 連續第二年在數位商務解決方案的 B2B 範式組合中獲得滿分，在 24 個類別中的 24 個類別中獲得獎牌。

In the mid-market review, BigCommerce received the most gold metals and the highest aggregate medal account of any B2B platform in the world. IDC named us a leader in the IDC MarketScape for worldwide enterprise B2C Digital Commerce Applications and also recognized us as a leader in their MarketScape for Worldwide Enterprise Headless Digital Commerce Platforms and Mid-market Growth.

在中期市場評審中，BigCommerce 獲得了全球所有 B2B 平台中最多的金幣和最高的總獎牌帳戶。IDC 將我們評為全球企業 B2C 數位商務應用程式的 IDC MarketScape 領導者，並在全球企業無頭數位商務平台和中端市場成長的 MarketScape 中認可我們為領導者。

I'd now like to provide an update to the go-to-market changes and improvements we're making under the leadership of our new President, Travis Hess. Under Travis, we have unified end-to-end ownership of the customer, including acquisition, satisfaction, and growth. As a result, we're improving operational processes and metrics to drive customer retention, success, and expansion.

現在，我想介紹一下我們在新任總裁 Travis Hess 的領導下所做的上市變化和改進的最新情況。在 Travis 的領導下，我們統一了客戶的端到端所有權，包括獲取、滿意度和成長。因此，我們正在改善營運流程和指標，以推動客戶保留、成功和擴張。

We've seen encouraging results in multi-product sales, inclusive of our core e-commerce platform, Feedonomics, Makeswift, and the products and services of our partner ecosystem. Gross and net retention rates are pacing well against our internal plans. We're excited by gains already achieved in go-to-market efficiency and cohesion, and we expect continued improvements in the quarters ahead.

我們在多產品銷售方面取得了令人鼓舞的成果，包括我們的核心電子商務平台、Feedonomics、Makeswift 以及我們合作夥伴生態系統的產品和服務。毛保留率和淨保留率與我們的內部計劃進展順利。我們對上市效率和凝聚力方面已經取得的成果感到興奮，並預計未來幾季將繼續改進。

In terms of customer acquisition, we're improving the targeting and efficiency of marketing spend by refining our ideal customer profile definition. Leveraging Travis's background from Accenture, we're expanding our network of global systems integrator partnerships, building on existing relationships such as WPP and EPAM. We have stabilized our small business segment and are improving our ability to help small businesses grow into our enterprise offering.

在客戶獲取方面，我們透過完善理想的客戶檔案定義來提高行銷支出的針對性和效率。利用 Travis 在埃森哲的背景，我們正在 WPP 和 EPAM 等現有關係的基礎上擴大我們的全球系統整合商合作夥伴網路。我們已經穩定了小型企業部門，並正在提高幫助小型企業發展成為我們的企業產品的能力。

We are streamlining our revenue operations capabilities to drive go-to-market effectiveness and transparency on spend ROI. We are more tightly integrating BigCommerce, Feedonomics and Makeswift teams to improve cross-sell results. And looking ahead, we plan to make further improvements in the latter half of the year to bolster top line growth and operational efficiency. I'll share more details on these efforts in coming quarters as we progress plans and achieve continued improvement profitability.

我們正在簡化我們的收入營運能力，以提高進入市場的有效性和支出投資回報率的透明度。我們正在更緊密地整合 BigCommerce、Feedonomics 和 Makeswift 團隊，以改善交叉銷售結果。展望未來，我們計劃在下半年進一步改進，以促進收入成長和營運效率。隨著我們推進計劃並實現持續改善的盈利能力，我將在未來幾季分享有關這些努力的更多細節。

Looking towards the back half of the year, I am optimistic about BigCommerce's business momentum. We are making significant strides. We are winning deals with large complex customers and earning strong accolades for the strength of our products. By significantly enhancing our go-to-market operations, we are well positioned to reaccelerate revenue growth while continuing to improve profitability and cash flow. Thank you for your continued support and I look forward to updating you on our progress in the coming quarters.

展望下半年，我對BigCommerce的業務動能持樂觀態度。我們正在取得重大進展。我們正在贏得大型複雜客戶的交易，並因我們產品的實力而贏得廣泛讚譽。透過顯著加強我們的上市業務，我們有能力重新加速收入成長，同時繼續提高獲利能力和現金流。感謝您的持續支持，我期待向您通報我們未來幾季的最新進展。

With that, I'll turn it over to Daniel.

這樣，我就把它交給丹尼爾。

Thanks, Brent, and thank you, everyone for joining us today. During my prepared remarks, I'll cover our Q2 results, provide additional detail on our key areas of operational focus and offer updated guidance for Q3 and the full year 2024.

謝謝布倫特，也謝謝大家今天加入我們。在我準備好的演講中，我將介紹我們第二季度的業績，提供有關我們重點運營領域的更多詳細信息，並提供第三季度和 2024 年全年的最新指導。

In Q2, total revenue was just under $82 million, up 8% year-over-year. Subscription revenue grew 10% year-over-year to approximately $62 million, while partner and services revenue or PSR, was up 4% year-over-year to just over $20 million.

第二季總營收略低於 8,200 萬美元，較去年同期成長 8%。訂閱收入年增 10%，達到約 6,200 萬美元，而合作夥伴和服務收入 (PSR) 則年增 4%，達到略高於 2,000 萬美元。

Revenue in the Americas was up 9%, while EMEA revenue grew 7% and APAC revenue was up 9% compared to the prior year. We remain committed to operating a profitable growth business. Our Q2 non-GAAP operating income was just under $2 million versus a loss of $3 million a year ago. These results represent a nearly 7 point year-over-year improvement to non-GAAP operating margins, increasing from negative 5% in Q2 2023 to positive 2% in Q2 2024.

與前一年相比，美洲地區的收入成長了 9%，歐洲、中東和非洲地區的收入成長了 7%，亞太地區的收入成長了 9%。我們仍然致力於經營獲利成長的業務。我們第二季的非 GAAP 營業收入略低於 200 萬美元，而一年前則虧損 300 萬美元。這些結果表明，非 GAAP 營業利潤率年增了近 7 個百分點，從 2023 年第二季的負 5% 增至 2024 年第二季的正 2%。

As we did on the previous earnings call, I want to give you an update on where we stand with the three strategic priorities I called out at the beginning of the year. First, we made a commitment to drive efficient revenue growth. In Q1, we had sequential improvements in both gross and net retention from Q4 2023. We saw further sequential improvement in Q2 as well, consistent with our 2024 financial plan. We are seeing strong growth in B2B, in particular.

正如我們在之前的財報電話會議上所做的那樣，我想向您介紹我們在年初提出的三個戰略重點方面的最新情況。首先，我們承諾推動營收高效成長。與 2023 年第四季相比，第一季我們的總留存率和淨留存率均取得了連續改善。我們在第二季也看到了進一步的連續改善，這與我們 2024 年的財務計畫一致。我們尤其看到 B2B 領域的強勁成長。

B2B ARR finished Q2, up 35% year-over-year, and B2B GMV grew more than 50% year-over-year. We see healthy retention rates in B2B as well, with gross retention tracking more than 20% higher than the remainder of the business.

第二季 B2B ARR 年增 35%，B2B GMV 年成長超過 50%。我們在 B2B 領域也看到了良好的留存率，總留存率比其他業務高出 20% 以上。

Our goal is to reaccelerate revenue growth, and we are optimistic about the trend in retention we are seeing so far in 2024 and are confident in the actions we are taking under Travis leadership to build top line momentum.

我們的目標是重新加速營收成長，我們對 2024 年迄今所看到的保留趨勢感到樂觀，並對我們在 Travis 領導下為建立營收動能而採取的行動充滿信心。

Second, we committed to improving our operating leverage and deliver profitable growth. Q2 non-GAAP operating income exceeded the high end of our guidance expectations. In particular, we are laser focused on improving go-to-market efficiency. In Q2, we delivered our largest sequential growth in enterprise ARR in 12 months, and we did so with modestly improved go-to-market spending efficiency. Like many other SaaS software companies, we've seen lower sales and marketing efficiency results in recent quarters as platform investment spending has tightened across our industry. As Brent noted earlier, addressing this issue is one of our top priorities.

其次，我們致力於提高營運槓桿並實現獲利成長。第二季度非公認會計原則營業收入超出了我們指導預期的上限。我們尤其專注於提高上市效率。第二季度，我們的企業 ARR 實現了 12 個月來最大的連續成長，我們的上市支出效率略有提高。與許多其他 SaaS 軟體公司一樣，隨著整個行業的平台投資支出收緊，我們最近幾季的銷售和行銷效率下降。正如布倫特之前指出的，解決這個問題是我們的首要任務之一。

Third, we committed to healthy cash flow generation and cash management by focusing on operational discipline. We continue to achieve success in transitioning our existing customer base from legacy month-to-month contracts to more favorable payment terms for BigCommerce. As a result, we have seen a 25% increase in upfront payment terms quarter-over-quarter in our enterprise accounts.

第三，我們致力於透過注重營運紀律來實現健康的現金流產生和現金管理。我們繼續成功地將現有客戶群從傳統的按月合約轉變為 BigCommerce 更優惠的付款條件。因此，我們的企業帳戶預付款條款較上月增加了 25%。

This improvement has resulted in operating cash flow of just over $8 million for the first half of 2024, a $14 million improvement year-over-year. Deferred revenues have also increased year-over-year by $13 million from $29 million to $42 million. That 46% year-over-year increase in deferred revenue reflects a substantial improvement in the quality of our contract.

這項改善使得 2024 年上半年的營運現金流略高於 800 萬美元，年增 1,400 萬美元。遞延收入也年增了 1,300 萬美元，從 2,900 萬美元增至 4,200 萬美元。遞延收入年增 46%，反映出我們合約品質的大幅提升。

I'll now turn to our non-GAAP KPIs. We concluded Q2 with an ARR of approximately $346 million, up 4% year-over-year. That represents a sequential growth in ARR of nearly $6 million. Enterprise account ARR was approximately $254 million, up 7% year-over-year.

我現在將討論我們的非 GAAP KPI。我們第二季的 ARR 約為 3.46 億美元，年增 4%。這意味著 ARR 環比增長了近 600 萬美元。企業帳戶ARR約2.54億美元，較去年成長7%。

As at the end of Q2, enterprise accounts represented 73% of our total company ARR. Accounts using exclusively our essentials plans, or non-enterprise accounts, finished with a are slightly over $92 million, down 3% year-over-year as we lapped the Small Business Plan price adjustments in the base period. At the end of Q2, we reported 5,961 enterprise accounts up 32 accounts or 1% year-over-year. ARPA, or average revenue per account for enterprise accounts was 42,576, up 7% year-over-year.

截至第二季末，企業帳戶占我們公司總 ARR 的 73%。僅使用我們的必需品計劃的帳戶或非企業帳戶的金額略高於 9,200 萬美元，年減 3%，因為我們在基期進行了小型企業計劃價格調整。第二季末，我們報告了 5,961 個企業帳戶，年增 32 個帳戶，成長 1%。ARPA（企業帳戶平均收入）為 42,576，較去年同期成長 7%。

Before we move on to guidance, I would like to point out that our GAAP results include certain charges incurred in consideration of various alternatives associated with inbound inquiries and interest in BigCommerce.

在我們繼續指導之前，我想指出，我們的 GAAP 結果包括考慮到與入站查詢和 BigCommerce 興趣相關的各種替代方案而產生的某些費用。

Following an assessment of these alternatives, we elected to move forward with the restructuring of our debt. As a part of that transaction, we have announced the expected repurchase of a large portion of our existing convertible notes due October 2026. And separately, the anticipated exchange of a portion of our existing convertible notes due October 2026 for new convertible notes due October 28, meaningfully decreasing our overall leverage and better optimizing maturities.

在對這些替代方案進行評估後，我們選擇繼續進行債務重組。作為該交易的一部分，我們宣布預計將回購 2026 年 10 月到期的大部分現有可轉換票據。另外，預計我們將 2026 年 10 月到期的部分現有可轉換票據交換為 10 月 28 日到期的新可轉換票據，這將顯著降低我們的整體槓桿率並更好地優化期限。

The structure of the new debt instrument reflects both our investor's confidence in the upside of this business and our intent to minimize shareholder dilution. We intend to further streamline operations and investments in coming quarters with the goal of improving growth rates profitably and maximizing long-term shareholder value.

新債務工具的結構既反映了我們的投資者對該業務優勢的信心，也反映了我們盡量減少股東稀釋的意圖。我們打算在未來幾季進一步簡化營運和投資，以提高獲利成長率並實現長期股東價值最大化。

I'll now shift to our outlook and guidance for the upcoming quarter and the full year. For Q3, we expect revenue in the range of $82 million to $84 million, implying a year-over-year growth rate of 5% to 8%. For the full year 2024, we expect revenue between $330.2 million to $335.2 million, a year-over-year growth rate of approximately 7% to 8%.

現在我將談談我們對下一季和全年的展望和指導。對於第三季度，我們預計收入在 8,200 萬美元至 8,400 萬美元之間，這意味著同比增長率為 5% 至 8%。對於 2024 年全年，我們預計營收在 3.302 億美元至 3.352 億美元之間，年成長率約為 7% 至 8%。

For Q3, our non-GAAP operating income is expected to be between $500,00 and $1.5 million. For the full year, we expect non-GAAP operating income between $10.7 million and $13.7 million. In closing, I'm excited by our prospects and confident in our ability to seize the opportunities ahead of us.

第三季度，我們的非 GAAP 營業收入預計在 50 萬至 150 萬美元之間。我們預計全年非 GAAP 營業收入在 1,070 萬美元至 1,370 萬美元之間。最後，我對我們的前景感到興奮，並對我們抓住面前機會的能力充滿信心。

Our team's relentless dedication and our robust platform provide us with strong momentum to reach our strategic objectives. We remain unwavering in our commitment to drive innovation, deliver exceptional value to our customers, and achieve sustainable growth and profitability. Together, we are well prepared to navigate the challenges and opportunity that the future holds.

我們團隊的不懈奉獻和強大的平台為我們實現策略目標提供了強勁動力。我們堅定不移地致力於推動創新、為客戶提供卓越價值並實現永續成長和獲利。我們齊心協力，已做好充分準備應對未來的挑戰和機會。

With that, Brent and I are happy to take any of your questions. Operator?

布倫特和我很樂意回答你們的任何問題。操作員？

We will now begin the question-and-answer Session. (operator instructions)

我們現在開始問答環節。（操作員說明）

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Thank you. Congrats for another solid quarter. My first question was on the go-to-market changes and the cadence, how long it will take. Like if you think about the steps you're taking, how do you think that will translate into a pipeline, but then also kind of deal closure and revenue? Just kind of kind of get us on that journey a little bit in terms of like the changes that were made, when does it show up in the top of the funnel and when does it show up in the -- in terms of closure rate?

謝謝。恭喜又一個穩定的季度。我的第一個問題是關於上市的變化和節奏，需要多長時間。就像如果你考慮你正在採取的步驟，你認為這將如何轉化為管道，以及交易完成和收入？只是有點讓我們踏上這段旅程，例如所做的改變，它什麼時候出現在漏斗的頂部，什麼時候出現在——就關閉率而言？

I know you can't give like [exact] -- precise numbers, but just to give us a kind of a framework of how we should think about it. And then the -- I might not be as good on the debt side like the -- I had a few questions from investors just swapping a 0.25 convertible into like a much higher interest rate vehicle. What kind of drove that desire to do it now versus waiting until rates are coming down? Many thanks.

我知道你不能給出[準確]——精確的​​數字，但只是為了給我們一個我們應該如何思考它的框架。然後——我在債務方面可能不像——在將 0.25 可轉換債券轉換為利率更高的工具時，投資者向我提出了一些問題。是什麼促使人們現在就這樣做，而不是等到利率下降才這樣做？非常感謝。

Thanks, Raimo. It's Brent. As a reminder to all on the call, Travis Hess, our new Global President, started about three months ago in terms of the timing of when we might start seeing improvement in results as a result of changes being made in go-to-market, I would say you're already seeing some of that in gross and net retention, changes that predated his arrival, a focus on that both in terms of internal metrics and operations. We've seen sequential improvements in gross and net retention Q1 and Q2 and we're optimistic that with more changes coming, we'll keep getting better in those departments.

謝謝，雷莫。這是布倫特。提醒所有參加電話會議的人，我們的新任全球總裁特拉維斯·赫斯(Travis Hess) 大約三個月前開始討論我們何時可能開始看到由於市場進入方面的變化而帶來的結果改善，我想說的是，你已經在總保留率和淨保留率方面看到了一些變化，在他到來之前就發生了變化，在內部指標和運營方面都注重這一點。我們已經看到第一季和第二季的總留存率和淨留存率連續改善，我們樂觀地認為，隨著更多變化的到來，我們將在這些部門不斷進步。

A second major area of change that we're going to see under Travis's leadership is our improvement in brand positioning in the market. I believe there's long been a disparity between the strength and quality of our platform, especially as recognized by third party tech analysts and authorities who evaluate it and the awareness and perception of that in the market. So it's incumbent on us to make changes and how we message and position BigCommerce to close that gap.

在特拉維斯的領導下，我們將看到的第二個主要變化領域是我們市場品牌定位的改善。我相信我們平台的實力和品質之間長期以來一直存在差距，尤其是第三方技術分析師和評估該平台的權威機構以及市場對此的認知和看法所認識到的。因此，我們有責任做出改變，改變我們向 BigCommerce 傳達訊息和定位的方式，以縮小這一差距。

One of the big closures of that messaging and positioning, frankly, went live yesterday. So if you go to our website, which is split between our enterprise offering and our Essentials offering, Essentials is for small business customers doing typically below $1 million of GMV online. We rolled out the new website content last night as long as you're in the 80% mainstream group and not the 20% control.

坦白說，該訊息傳遞和定位的重大關閉之一已於昨天上線。因此，如果您造訪我們的網站，該網站分為企業產品和 Essentials 產品，Essentials 適合線上 GMV 通常低於 100 萬美元的小型企業客戶。只要您屬於 80% 的主流群體而不是 20% 的控制群體，我們昨晚就會推出新的網站內容。

You'll see the new messaging. I'm proud of what it says and the design we're positioned as the top rated e-commerce platform for growing businesses. We backed that up and I'm optimistic that that improved positioning as it gets viewed in the market will result in an improvement, in adoption, in small business and I'm hopeful we'll see those metrics in the coming months and quarters.

您將看到新訊息。我對它的內容和設計感到自豪，我們被定位為成長型企業最受好評的電子商務平台。我們支持這一點，我樂觀地認為，市場上看到的定位的改善將導緻小型企業採用率的改善，我希望我們能在未來幾個月和幾個季度看到這些指標。

Meanwhile, we'll keep refining our enterprise messaging in the market. We're also refining our definition of ideal customer profile, targeting marketing spend against that. I suspect I may get other questions later that allow me to go deeper into those changes.

同時，我們將持續改善我們在市場上的企業資訊傳遞。我們也正在完善理想客戶檔案的定義，並針對此目標制定行銷支出。我懷疑稍後我可能會收到其他問題，讓我能夠更深入地了解這些變化。

But I would say in the coming quarters, right, he had to come in first and get on board, visit the team globally, but the changes that we know we can make across the Board and go-to-market are substantial. And I couldn't be more bullish that the changes will have an impact and that we are doing something that a lot of others in e-commerce are not doing.

但我想說的是，在接下來的幾個季度裡，他必須先加入並在全球範圍內訪問團隊，但我們知道我們可以全面做出重大改變並進入市場。我非常樂觀地認為這些變化將會產生影響，而且我們正在做一些電子商務領域的許多其他公司沒有做的事情。

We are bringing in true industry veterans’ people whose career are built in retail and e-commerce, people who know the competition and all the ways of that competition over time. And who have conviction at established parts in their careers that BigCommerce truly does have the best enterprise offering in the world and who are eager to take that to market evangelize that and see us become the established leader in enterprise e-commerce globally.

我們正在引進真正的行業資深人士——他們的職業生涯建立在零售和電子商務領域，他們了解競爭以及隨著時間的推移了解競爭的所有方式。他們在職業生涯中堅信 BigCommerce 確實擁有世界上最好的企業產品，並且渴望將其推向市場，並看到我們成為全球企業電子商務的既定領導者。

Travis, Tom, Armstrong, and I'm sure more to come are all part of that. And in time, we're going to see the closure between our market adoption and growth and the quality of our platform. I'm very confident. Daniel?

崔維斯、湯姆、阿姆斯壯以及我相信未來的更多人都會參與其中。隨著時間的推移，我們將看到我們的市場採用和成長與我們平台的品質之間的閉合。我非常有信心。丹尼爾？

Yeah. And then I'll take the question on the debt. Raimo, thank you for those. And that I think as we approach the restructuring of the debt, there were really three objectives that we wanted to accomplish. Number one, we wanted to lower our overall leverage. Number two, we wanted to space out maturities well in advance of the 2026 notes coming due. We wanted to, in so doing, reduce our net debt.

是的。然後我將回答有關債務的問題。雷莫，謝謝你。我認為，當我們進行債務重組時，我們確實想要實現三個目標。第一，我們希望降低整體槓桿率。第二，我們希望在 2026 年票據到期之前提前安排到期期限。我們希望這樣做可以減少我們的淨債務。

And finally, we wanted to do so in a way that kind of minimized market execution risk and potential dilution to shareholders. And we feel really -- we did a good job on the balance and how we did that. It's -- from the point of view of the yield, where we landed net of the strike price on the new note is very much from a cost of capital point of view in line with what a lot of new market issuances are paying, once you factor in the cost of a collar effectively in order to get the strike price where we negotiated in this deal. So we think it's a competitive market interest rate.

最後，我們希望以一種最小化市場執行風險和股東潛在稀釋的方式來做到這一點。我們真的感覺——我們在平衡方面以及我們是如何做到這一點方面做得很好。從收益率的角度來看，我們扣除新票據執行價格後的淨值，從資本成本的角度來看，與許多新市場發行所支付的費用非常一致，一旦你有效地考慮項圈的成本，以獲得我們在這筆交易中協商的執行價格。所以我們認為這是一個有競爭力的市場利率。

It does so in a way that minimized risk and it got way ahead of where we were from maturity basis and sends a signal that we're very confident in the long-term prospects here. And also that this also reflects a lot of the improvements we're seeing in cash flow such that we feel that we can manage the increased interest costs that come along with that.

它以最小化風險的方式做到這一點，並且遠遠超出了我們在成熟度基礎上的水平，並發出了一個信號，即我們對這裡的長期前景非常有信心。此外，這也反映出我們在現金流量方面看到的許多改善，因此我們認為我們可以管理隨之而來的增加的利息成本。

Okay. Perfect. Thank you.

好的。完美的。謝謝。

Ken Wong, Oppenheimer.

肯·黃，奧本海默。

Fantastic. Thank you for taking my call. Brent, I think I'll take you up on your offer to dig in a little more. I couldn't help but notice that B2B was a particularly strong segment. And when you pair that with the fact that you guys are looking to refine your ideal customer profile. Would you characterize that B2B segment has one of the areas that you guys’ plan to lean it?

極好的。感謝您接聽我的電話。布倫特，我想我會接受你的提議，進一步深入研究。我不禁注意到 B2B 是一個特別強大的細分市場。當你將這一點與你們正在尋求完善理想客戶檔案的事實結合起來時。您認為 B2B 細分市場有您們計劃傾斜的領域之一嗎？

100% and I would emphasize that B2B is itself not a single category or vertical, obviously. It is a very wide range of use cases. It includes manufacturers selling to their business customers, wholesalers, distributors, professional services firms and of course, B2C companies or brands also selling to their wholesale buyers.

100%，我想強調的是，顯然，B2B 本身並不是一個單一的類別或垂直領域。它的用例範圍非常廣泛。它包括向其商業客戶銷售的製造商、批發商、分銷商、專業服務公司，當然還有也向其批發買家銷售的 B2C 公司或品牌。

What I would emphasize is that BigCommerce is very much like Magento was back in the day. We are a broad ranging B2B platform. We have the functionality to serve each of those four segments and use cases and do that with a user experience in our buyer portal that we believe is the most attractive, usable and frankly, innovative in the world of B2B that is out there, because a lot of our competition is quite old and dated, and we have an extremely fresh and modular and modifiable approach, especially with that buyer portal, which you can now basically open source, modify yourself. So B2B is a very big deal for us.

我要強調的是，BigCommerce 非常像當時的 Magento。我們是一個廣泛的 B2B 平台。我們擁有為這四個細分市場和用例中的每一個提供服務的功能，並透過我們的買家入口網站中的用戶體驗來實現這一目標，我們認為這是B2B 世界中最具吸引力、最實用且坦率地說最具創新性的，因為我們的許多競爭對手都是相當古老和過時的，我們有一個非常新鮮、模組化和可修改的方法，特別是買家門戶，你現在基本上可以開源，自己修改。所以 B2B 對我們來說是一件非常重要的事。

And maybe somebody else will ask me a question about the B2C ideal customer profile later. But I want to finish on something that's really fun for us. With the Olympics going on right now in Paris, there is in essence, an Olympics every year in B2B e-commerce platforms.

也許稍後會有人問我有關 B2C 理想客戶檔案的問題。但我想完成一些對我們來說真正有趣的事情。現在巴黎正在舉辦奧運會，B2B電商平台實質上每年都有一場奧運會。

[Andy Hore] at Paradigm goes through all B2B platforms and has what he calls a mid-market combine and an enterprise combine, where he awards gold, silver, and bronze medals to the B2B platforms of the world. And what was fun for us as a competitor in that each year, for the mid-market combine, we won gold medals in 8 out of 12 categories, three silvers and one bronze. So we won medals in every category, but we had the most number of golds overall and the highest aggregate count. That's basically been some.

Paradigm 的 [Andy Hore] 瀏覽了所有 B2B 平台，並建立了他所謂的中端市場聯合體和企業聯合體，他向世界各地的 B2B 平台頒發金、銀和銅牌。作為競爭對手，我們每年在中端市場聯合賽中獲得 12 個類別中的 8 個金牌、3 個銀牌和 1 個銅牌，這對我們來說很有趣。因此，我們在每個類別中都贏得了獎牌，但我們的金牌總數最多，而且總數最多。基本上就是這樣了。

BigCommerce won the Olympics by the best expert out there evaluating mid-market platforms. We were tied for fourth in the enterprise one, but only a couple of points away from second place. And we basically, at this point in time have gone from not even having a full featured B2B platform five years ago to one that is consistently being rated the best in the world for mid-market businesses and increasingly one that is among the very, very best for enterprise. So enormous opportunity in B2B. There is as well in B2C, but I'll save that for maybe another question.

BigCommerce 憑藉評估中端市場平台的最佳專家贏得了奧運冠軍。我們在企業一項中並列第四，但距離第二名僅差幾分。基本上，在這個時間點上，我們已經從五年前甚至沒有一個功能齊全的B2B 平台發展成為一個一直被評為世界上最好的中型市場企業的平台，並且越來越成為非常非常好的平台之一。B2B 領域存在如此巨大的機會。B2C 中也有，但我會將其留到另一個問題中。

Fantastic. I appreciate the context. Daniel, you kind of alluded to getting inbound inquiries earlier. Can you perhaps provide a little more color on those conversations and what led to the decision to remain an independent entity?

極好的。我很欣賞這個背景。丹尼爾，你之前提到收到入站查詢。您能否對這些對話提供更多信息，以及是什麼導致我們決定保持獨立實體？

Yeah, I appreciate the question. We recognize that there are some rumors that were circulating on this topic as there will be from time to time. Obviously, there are some limits to how much we can comment on this, but I'd like to provide at least a little extra detail for you on this.

是的，我很欣賞這個問題。我們認識到，有關此主題的一些謠言會時不時地流傳。顯然，我們對此的評論是有限的，但我想至少為您提供一些額外的細節。

As we've stated in the prepared remarks, we received inbound interest in the company and evaluated those options. And this is a great company with a lot of upside. We see that upside as does the Board, our investors, and our stakeholders. Our Board's focus on maximizing shareholder value, and we're confident that our operating plans will drive efficient revenue growth and meet the potential of the business.

正如我們在準備好的評論中所述，我們收到了對該公司的興趣並評估了這些選擇。這是一家偉大的公司，有很多優勢。我們與董事會、投資者和利害關係人一樣看到了這一好處。我們的董事會專注於股東價值最大化，我們相信我們的營運計劃將推動有效的收入成長並發揮業務潛力。

Okay, perfect. Thanks a lot.

好的，完美。多謝。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

Hey, guys. Thanks for taking the questions. In the prepared remarks, Brent, you talked about RealReal as one of your big customer wins. So I was wondering if you could walk us through that sales -- sales cycle and implementation process. It is such a big marketplace and it does seem to imply a very traditional sales cycle and pretty complex implementations? So curious to hear a little bit more on how you able to win that deal?

嘿，夥計們。感謝您提出問題。Brent，在準備好的發言中，您將 RealReal 視為您贏得的大客戶之一。所以我想知道您是否可以引導我們完成銷售週期和實施流程。這是一個如此大的市場，它似乎確實意味著非常傳統的銷售週期和相當複雜的實施？很想知道更多關於如何贏得這筆交易的資訊嗎？

Yeah, you're correct. So as background, The RealReal is the world's largest marketplace for authenticated luxury goods, primarily sold on consignment. I love it, my wife loves it. They do more than -- I think about $1.5 billion in online GMV in 2023. So it's an enormous site.

是的，你是對的。作為背景，The RealReal 是世界上最大的正品奢侈品市場，主要以寄售方式銷售。我喜歡它，我的妻子也喜歡它。我認為到 2023 年，他們的線上 GMV 將達到 15 億美元。所以這是一個巨大的網站。

The RealReal ticked us -- I don't know how many quarters ago, but it was indeed a typical large enterprise lengthy sales cycle. And then in terms of implementation, what we're observing in the market is that there are two approaches to implementation. There’s a rip and replace approach and then there is a componentized, let me bring in certain components now, make them work with my existing legacy tech. I'll swap out some and then I'll gradually migrate over time.

RealReal讓我們興奮不已——我不知道多少個季度之前，但這確實是典型的大型企業漫長的銷售週期。然後在實施方面，我們在市場上觀察到有兩種實施方法。有一種淘汰和替換的方法，然後有一種組件化，讓我現在引入某些組件，使它們與我現有的遺留技術一起工作。我會更換一些，然後隨著時間的推移逐漸遷移。

The RealReal chose the latter approach. And so as said in the press release, they're using BigCommerce for checkout and cart with the intention of bringing more in over time. But the observation I would make, and this is a surprise to many, perhaps. We're seeing in the market rip and replace oftentimes go far faster than incremental components at a time.

RealReal 選擇了後者。正如新聞稿中所說，他們正在使用 BigCommerce 進行結帳和購物車，目的是隨著時間的推移帶來更多的產品。但我的觀察結果也許會讓很多人感到驚訝。我們在市場上看到，淘汰和更換的速度常常遠遠快於一次增量組件的速度。

And I would just highlight the Bealls experience, where a lot of people in the industry should pay attention to this. Bealls of Florida, 650 plus stores across multiple brands had been on one of the most legacy of legacy platforms, IBM, WebSphere, now HCL, and they did a rip-and-replace, got off their legacy stack and onto a very modern stack of BigCommerce and Vercel and modern CMS in three months. Now who would have thought that was possible?

我只想強調一下 Bealls 的經歷，業內很多人都應該關注這一點。Bealls of Florida 擁有650 多家跨多個品牌的商店，這些平台一直是最傳統的遺留平台之一：IBM、WebSphere，現在是HCL，他們進行了徹底的更換，擺脫了遺留堆棧，進入了一個非常現代化的堆疊BigCommerce 和 Vercel 以及現代 CMS 在三個月內完成。現在誰會想到這是可能的呢？

It actually sort of breaks the record. We've had other really great store based retailers like Francesca's and White Stuff in the UK, do rip-and-replaces in eight months or less. But to do it in three months is really extraordinary.

它實際上打破了記錄。我們還有其他非常出色的商店零售商，例如英國的 Francesca's 和 White Stuff，它們在八個月或更短的時間內進行拆除和更換。但三個月內做到這一點，確實很了不起。

So I go through this extended explanation simply to say that, The RealReal experience is one model and one we're really proud of being so flexible that we can be brought in to start just as checkout and cart with more things to come later.

所以我透過這個擴充解釋只是為了說，RealReal 體驗是一種模式，我們非常自豪它如此靈活，以至於我們可以像結帳和購物車一樣開始，稍後還會有更多東西。

But we can also do radical transformation in a very short time period, where all of a sudden a business who had been strangled by their legacy tech is now on the most modern of platforms with a cost structure that has been slashed by sometimes 70%, 80% overall and do that in record time, and we have multiple store based retailers who have pulled that off in the last year, year and a half.

但我們也可以在很短的時間內進行徹底的轉型，突然之間，一家被傳統技術扼殺的企業現在處於最現代化的平台上，其成本結構有時被削減了 70%，總體上達到了80% ，並且在創紀錄的時間內完成了這項任務，我們有多家商店零售商在過去一年半的時間裡實現了這一目標。

And I hope the industry takes notice, because there's still a lot of phenomenally big important businesses that are on legacy tech, who should realize they can get off that quickly and on to the very best enterprise platform, with much better user experience, conversion and cost structure than ever before.

我希望業界能夠注意到，因為仍然有許多非常重要的大型企業仍在使用傳統技術，他們應該意識到他們可以快速擺脫困境並進入最好的企業平台，從而獲得更好的用戶體驗、轉換率和成本結構比以往任何時候都高。

Got it. Super clear, Brent. Thank you for that. I wanted to ask one follow-up here. When we look at BigCommerce, there's many different growth vectors to think about within BigCommerce, but I did want to ask it quite from a simple perspective. Just maybe thinking about the business, enterprise, SMB and then PSR revenue. How would you stack rank those categories as growth drivers are that you feel as maybe the strongest contributors to growth over the next 12 months? Thanks, guys.

知道了。超級清晰，布倫特。謝謝你。我想在這裡問一個後續問題。當我們審視 BigCommerce 時，BigCommerce 內部有許多不同的成長向量需要考慮，但我確實想從一個簡單的角度來問它。也許只是考慮商業、企業、中小企業，然後是 PSR 收入。如果您認為這些類別可能是未來 12 個月內成長的最強貢獻者，那麼您如何將這些類別視為成長動力？謝謝，夥計們。

Well, I'm actually really optimistic about what we can do with small business. Now that we have the new messaging and positioning out on our website that I just mentioned. But unquestionably, enterprise is our giant area of competitive advantage and growth. I believe, especially with Travis's leadership that we can very quickly establish BigCommerce as the best most modern enterprise platform in the world, in essence, the successor to the legacy tech of the past, whether it was custom or the software giants, and that is what will really drive our growth in the years ahead.

嗯，實際上我對我們可以對小企業做的事情非常樂觀。現在我們已經在我們的網站上發布了我剛才提到的新消息和定位。但毫無疑問，企業是我們競爭優勢和成長的巨大領域。我相信，特別是在Travis 的領導下，我們可以很快將BigCommerce 打造成世界上最好的、最現代化的企業平台，本質上是過去傳統技術的繼承者，無論是定制技術還是軟體巨頭，那就是什麼將真正推動我們未來幾年的成長。

We've been saying that for some time, but I would argue that our messaging positioning awareness and go-to market hasn't been fully up to the potential of the business. And quite frankly, it has taken us time to complete the enterprise offering in a way that can now replace the legacy tech stacks and do it in record time as the Bealls, for example, showcases. So it's really now that we have emerged as a full complete competitive enterprise solution that can do things nobody else can. I think that's going to be our driver in the years ahead. Thank you.

我們已經這麼說了有一段時間了，但我認為我們的消息定位意識和進入市場尚未完全發揮業務潛力。坦白說，我們花了很多時間完成企業產品，現在可以取代傳統技術堆棧，並以創紀錄的時間完成任務，例如 Bealls 所展示的那樣。因此，現在我們確實已經成為一個完整的、具有競爭力的企業解決方案，可以做其他人做不到的事情。我認為這將成為我們未來幾年的驅動力。謝謝。

Thank you so much, Brent.

非常感謝你，布倫特。

David Hynes, Canaccord.

大衛·海因斯，Canaccord。

Hey, good morning, guys. Brent, I wanted to ask about execution in AMEA, realizing it's still a relatively small part of the business, but it did seem like that was a particular bright spot in '23. Growth has stalled a bit there over the last couple of quarters. Can you just talk about what's happening there and how you're positioned in that market?

嘿，早上好，夥計們。Brent，我想詢問 AMEA 的執行情況，意識到這仍然是業務中相對較小的一部分，但看起來這確實是 23 年的一個特別亮點。過去幾個季度，成長略有停滯。您能談談那裡正在發生的事情以及您在該市場的定位嗎？

Yeah, they are two very specific things that give me a lot of optimism and confidence going forward. The one that's outside of our control is just the state of the European economy. And I think as people know, it has not been growing as quickly as the American economy. That'll turn around inevitably.

是的，這是兩件非常具體的事情，讓我對未來充滿樂觀和信心。我們無法控制的只是歐洲經濟的狀況。我認為眾所周知，它的成長速度不如美國經濟。這將不可避免地發生逆轉。

Businesses, even if they in the short term are prioritizing profit and expenditure minimization. They can't do that forever, right? And with every passing quarter that the European businesses may be put off migrations, you're building a backlog and eventually there's going to be that need to catch up, do the migrations, do the modernizations and the transformations and we're starting to see that demand come back into the early stages of our pipeline. That gives us confidence.

企業，即使在短期內也會優先考慮利潤和支出最小化。他們不可能永遠這樣，對吧？隨著歐洲企業每過一個季度就會推遲遷移，就會出現積壓，最終需要趕上來，進行遷移，進行現代化和轉型，我們開始看到這種需求又回到了我們管道的早期階段。這給了我們信心。

The thing within our control, and I would say it's partly to explain why the European growth rate came down and it's going to come back up. And that is the completion of our multi geographic selling capabilities. When we rolled out multi-store front a couple of years ago, it was feature complete for companies with multiple brands, and it was feature complete for companies selling, let's call it B2C plus B2B, it was not yet feature complete for the most extreme complexities of with each storefront.

這是我們控制範圍內的事情，我想說這在一定程度上解釋了為什麼歐洲成長率下降並且會回升。這就是我們多地域銷售能力的完成。幾年前，當我們推出多店面時，對於擁有多個品牌的公司來說，它的功能是完整的，對於銷售公司來說，它的功能是完整的，我們稱之為B2C 加B2B，對於最極端的情況來說，它的功能還不完整。

I want a different country, different language, different payment provider, different shipping provider, a changed checkout, the language changes, you get the complex use case of some countries have, tax included in pricing and others excluded. This is a sort of a follow-on set of functionality that has taken us a couple of years, frankly, to build out and complete. And that functionality now for many of the use cases is fully live and with others being implemented, this year.

我想要一個不同的國家，不同的語言，不同的支付提供商，不同的運輸提供商，更改結帳，語言更改，你會得到一些國家的複雜用例，定價中包含稅，而其他國家則不包括在內。坦白說，這是一組後續功能，我們花了幾年的時間來建立和完成。今年，許多用例的該功能已完全上線，其他功能也正在實施中。

Having that complete multi geo functionality is essential for Europe, where established businesses are obviously selling across lots of languages, countries with different payment preferences, currencies, et cetera. And now that we have that complete. We are really ready to rock in Europe and have a strong competitive advantage in these areas against other SMB like platforms who don't have multi storefront and multichannel capabilities.

擁有完整的多地理功能對於歐洲至關重要，歐洲的成熟企業顯然在多種語言、具有不同支付偏好、貨幣等的國家/地區進行銷售。現在我們已經完成了。我們真的已經準備好在歐洲大放異彩，並且在這些領域相對於其他不具備多店面和多通路功能的中小企業平台擁有強大的競爭優勢。

So my own team would tell you there's a primary explanation for gross new sales, having stalled as we waited for this functionality. And now that the functionality is there. There's a lot of confidence that we can take that to market in Europe and very much get our growth rates back up to very high levels as they were a few years ago.

因此，我自己的團隊會告訴您，新銷售總額有一個主要的解釋，即在我們等待此功能時停滯不前。現在功能已經有了。我們非常有信心將其推向歐洲市場，並使我們的成長率恢復到幾年前的高度水準。

Okay. Very clear. A follow-up for you, Daniel, which falls on Ken's question around B2B. Obviously, the GMV growth there was pretty impressive. From a PSR perspective, is there any difference in how you're positioned to monetize B2C versus B2B GMV?

好的。非常清楚。丹尼爾，這是您的後續行動，涉及肯關於 B2B 的問題。顯然，GMV 的成長相當可觀。從 PSR 的角度來看，您的 B2C 與 B2B GMV 貨幣化方式有何不同？

Slightly. We have obviously fewer credit card transactions on B2B than there are on the B2C side, which is a little bit different on the PSR side, but the PSR is also healthy on B2B. And we're also building out and rounding out our offering of payment solutions, in particular, on B2B such that as we continue to grow in B2B, I feel confident that we're going to be able to maintain and potentially even improve our overall take rates that we're seeing in PSR.

輕微地。我們在 B2B 方面的信用卡交易明顯少於 B2C 方面，這在 PSR 方面略有不同，但 B2B 方面的 PSR 也很健康。我們也正在建立和完善我們的支付解決方案，特別是在 B2B 領域，隨著我們在 B2B 領域的不斷發展，我相信我們將能夠維持甚至有可能改善我們的整體支付解決方案採用我們在PSR 中看到的費率。

Perfect. Thank you, guys.

完美的。謝謝你們，夥計們。

Thanks.

謝謝。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Great, thanks. This is [Carly Kaiser] on for Josh Baer this morning. You spoke to leveraging AI to enhance customer growth, it would be helpful to get a sense of how your AI capabilities are differentiated relative to your e-commerce peers. And then what might be years becoming more table stakes in the industry relative to where you may have a competitive advantage? Thank you.

太好了，謝謝。這是今天早上喬許貝爾的[卡莉凱撒]。您談到利用人工智慧來促進客戶成長，了解您的人工智慧功能相對於電子商務同行有何差異將很有幫助。那麼相對於你可能擁有競爭優勢的領域來說，幾年後你在行業中的賭注可能會增加？謝謝。

Yeah, I'd boldly assert we have the most scaled and most impactful AI in the entire world of e-commerce and it is a core of what makes our subsidiary, Feedonomics, such a large and successful business. In a nutshell, Feedonomics is the world's largest enterprise platform for helping businesses not just sync, but optimize their catalog feeds into the leading advertising channels and marketplace channels.

是的，我可以大膽地斷言，我們擁有整個電子商務領域規模最大、影響力最大的人工智慧，它是我們的子公司 Feedonomics 成為一家如此龐大且成功的企業的核心。簡而言之，Feedonomics 是全球最大的企業平台，不僅可以幫助企業同步，還可以優化其目錄來源，使其進入領先的廣告管道和市場管道。

So ad channels like Google and Microsoft Search, the major social networks, the major affiliate networks, the major display ad networks and then marketplaces like Amazon, Walmart, Target and the other retailer marketplace businesses.

因此，Google和微軟搜尋等廣告管道、主要社交網路、主要聯盟、主要展示廣告網路以及亞馬遜、沃爾瑪、塔吉特等市場和其他零售商市場業務。

AI is the core differentiator of what Feedonomics does, because it is used to take a merchant's catalog, which on average maybe only be a 60% optimization match for Google schema, and get that to very close to a 100%, and then humans do the remaining work.

AI 是 Feedonomics 所做工作的核心區別，因為它用於獲取商家的目錄（平均而言，該目錄可能僅與 Google 模式匹配 60%），並使其非常接近 100%，然後人類會這樣做剩下的工作。

On average, their customers were the biggest brands in the world like Patagonia just announced. We'll see a 20% lift as a result in sales through the channels used like Google, and then they'll add more channels. And so what other AI in the world is delivering 20% sales lift through the very biggest advertising and marketplace channels. There's not anything out there I don't believe. So we are a very much leader in AI there.

平均而言，他們的客戶是世界上最大的品牌，例如剛剛宣布的巴塔哥尼亞。我們將看到透過 Google 等管道的銷售額將增加 20%，然後他們將添加更多管道。世界上還有哪些人工智慧可以透過最大的廣告和市場管道實現 20% 的銷售額提升。沒有什麼是我不相信的。所以我們在人工智慧領域處於領先地位。

And then very briefly, in terms of core platform capabilities, we keep emphasizing things that I think matter a lot to merchants, including reducing cost such as through the Big AI Copywriter, lifting sales on the website, where we have product recommendations powered by Google AI, that product is out. And frankly, our own customer service. Our customers love the fact that they have the option of typing in the chat questions. And 25% of the time, we're using AI going through our knowledge base and answering those questions perfectly the first time in a way that the customer never has to talk to one of our live reps on the phone, because they get a perfect answer using AI.

然後非常簡單地說，就核心平台功能而言，我們不斷強調我認為對商家來說非常重要的事情，包括降低成本（例如透過大人工智慧文案撰寫器）、提高網站銷售量（我們在網站上提供由Google 提供支援的產品推薦） AI，那個產品已經出來了。坦白說，我們自己的客戶服務。我們的客戶喜歡這樣一個事實：他們可以選擇輸入聊天問題。25% 的情況下，我們使用人工智慧來瀏覽我們的知識庫，並在第一次就完美回答這些問題，而客戶無需透過電話與我們的現場代表交談，因為他們會得到完美的答案使用人工智慧回答。

We have a very open approach. Our ecosystem is also developing AI products that go into our e-commerce marketplace. We're partnering with the major AI creators and MLMs. So very much innovating in the world of AI, but I'd go back and emphasize what Feedonomics does is at scale more powerful, power beneficial to merchant growth than any other platforms AI.

我們採取非常開放的態度。我們的生態系統也正在開發進入電子商務市場的人工智慧產品。我們正在與主要的人工智慧創造者和傳銷公司合作。在人工智慧領域有如此多的創新，但我想回去強調一下，Feedonomics 所做的事情在規模上比任何其他人工智慧平台都更強大，更有利於商業成長。

That's super helpful. Thank you. Also wanted to just quickly drill in all the consumer spending and macro backdrop. Any notable trends emerge in the quarter, and what if any, assumptions from a macro or consumer spending perspective underpin that go-forward outlook would be helpful. Thank you.

這非常有幫助。謝謝。也想快速了解所有消費者支出和宏觀背景。本季出現的任何顯著趨勢，以及從宏觀或消費者支出角度做出的假設（如果有的話）都支持未來的前景，這將是有幫助的。謝謝。

Yeah, I'll take that one. With respect to consumer spending, we used the word resilient in the prepared remarks to describe what we're seeing on the consumer spend side, use that term deliberately like it's not demonstrably improving versus where it's been in terms of prior quarters, but we're not seeing it really eroding or getting significantly worse.

是的，我會接受那個。關於消費者支出，我們在準備好的評論中使用了「彈性」一詞來描述我們在消費者支出方面所看到的情況，故意使用該術語，就像它與前幾季相比沒有明顯改善一樣，但我們「我們沒有看到它真的被侵蝕或變得明顯更糟。

That said, we look at the same kind of macroeconomic details that everybody else does and what we're seeing in retail and restaurants and other. I think largely what we've seen so far this year has been pretty in line though with what we planned and expected going into the year.

也就是說，我們與其他人一樣關注宏觀經濟細節，以及我們在零售、餐廳和其他領域看到的情況。我認為今年到目前為止我們所看到的情況基本上與我們今年的計劃和預期非常一致。

So perhaps some of the reason why we are a little bit more optimistic in describing this is perhaps because we're more conservative going into the year maybe than others were. But overall, I'd say it's been pretty healthy. We're still taking a cautious optimism point of view towards the holiday period, and we're reflecting that caution in the guidance clearly. We want to be careful with that. But overall, I'd say it's been still fairly healthy.

因此，我們在描述這一點時更加樂觀的部分原因可能是因為我們今年可能比其他人更保守。但總的來說，我想說這是相當健康的。我們對假期仍持謹慎樂觀的態度，並且我們在指導中明確反映了這種謹慎。我們希望對此保持謹慎。但總的來說，我想說它仍然相當健康。

I'd add at a macro level, US, Department of Commerce and Census Bureau have done reporting e-commerce growth rates in the US in the single digits since late 2021. That continued to be the case in Q1. We get Q2 reported later this month. And is it great to have single-digit e-commerce growth rates when before the pandemic, they were always double digits. No, it's not. I mean, it'd be delightful to have double-digit growth rates in consumer spend again online, but that's just not the world we've been in for the last three years. And frankly, I don't necessarily see something that's going to change that going forward.

我想補充一點，從宏觀層面來看，美國商務部和人口普查局自 2021 年底以來已經報告了美國的電子商務成長率為個位數。第一季的情況仍然如此。我們將在本月稍後報告第二季。在疫情大流行之前，電子商務成長率一直是兩位數，而電子商務成長率只有個位數，這真是太好了。不，不是。我的意思是，如果線上消費者支出再次實現兩位數的成長率，那將是令人高興的，但這並不是我們過去三年所處的世界。坦白說，我並不認為未來會發生什麼改變。

Makes sense. Thank you.

有道理。謝謝。

Mark Murphy, JP Morgan.

馬克墨菲，摩根大通。

Thank you so much. So Brent, you did mention a number of wins and go live. I'm curious which e-commerce platforms -- you see customers are most commonly migrating away from at this juncture. In other words, how often is it Magento, which I think you mentioned, how often is it Shopify? IBM, HCL, I think you mentioned as well, WooCommerce and others. Which of those platforms are feeling relatively more legacy and vulnerable out there? And then I've got a quick follow-up.

太感謝了。布倫特，你確實提到了一些勝利並上線了。我很好奇客戶在這個時候最常離開哪些電子商務平台。換句話說，Magento（我想您提到過）的頻率是多少，Shopify 的頻率是多少？IBM、HCL，我想您也提到了 WooCommerce 等。其中哪些平台感覺相對較傳統且脆弱？然後我會進行快速跟進。

Well, it depends whether you're talking total count, which has lots of SMBs in it or at the upper end. I would say at the upper end, Custom and Magento followed by Shopify have been the biggest migrations over time at the SMB level, it's a wide range. It's WooCommerce, it's Shopify, it's Magento as well.

嗯，這取決於您談論的是總數（其中包含大量 SMB）還是處於上限。我想說，在高端領域，Custom 和 Magento 以及隨後的 Shopify 一直是中小型企業層級最大的遷移，範圍很廣。它是 WooCommerce、Shopify、Magento。

There aren't that many companies out there on the big legacy stacks like IBM and Oracle, SAP or custom, but boy, do they drive a lot of online GMV. And when we win them, they really move the needle in terms of reputation, spend, et cetera. And I just love examples like the ones I've been giving, because the way I characterize the industry is for the last five years, it's been a little bit paralyzed.

像 IBM 和 Oracle、SAP 或客製化這樣的大型傳統堆疊上並沒有那麼多公司，但是天哪，他們確實推動了很多線上 GMV。當我們贏得他們時，他們確實會在聲譽、支出等方面產生重大影響。我只是喜歡我給的例子，因為我描述這個行業的方式是在過去五年裡，它有點癱瘓。

The folks who implemented legacy tech 15 years ago, customer one of these platforms, know and want to get off it, but they've been waiting for a modern enterprise platform to show them that they can and that they're betting on the right company for the next 15 years. A modern SaaS platform hasn't been stepping up and really doing that for the most complex use cases.

15 年前實施遺留技術的人們，這些平台的客戶之一，知道並希望擺脫它，但他們一直在等待現代企業平台向他們展示他們可以，並且他們押注在正確的地方公司未來15年。現代 SaaS 平台尚未針對最複雜的用例採取行動並真正做到這一點。

I mean, yeah, we and Shopify have been doing it for years, from -- for less complex use cases with branded manufacturers, but the most complex use cases, multi-brand, multi-category online retailers like The RealReal or store-based retailers like Bealls. They've been waiting for a modern SaaS enterprise platform to say hey, we can do that, look at these success examples and that's what we're doing now, and that's where I see there being so much upside to our business model going forward.

我的意思是，是的，我們和Shopify 多年來一直在這樣做，從品牌製造商的不太複雜的用例，到最複雜的用例，多品牌、多類別的線上零售商，如The RealReal 或基於商店的零售商像 Bealls 這樣的零售商。他們一直在等待現代 SaaS 企業平台說嘿，我們可以做到這一點，看看這些成功的例子，這就是我們現在正在做的事情，這就是我看到我們的商業模式未來有很大優勢的地方。

Okay, thank you. And then for Daniel, I see the uptick that you mentioned in enterprise net, new ARR, it's nice to see. At the same time, the number of enterprise customers added, it seems like it's pretty severely down to about 30 -- 32. And I'm trying to remember if, did you re-index? Did you flush out customers at the bottom of that tier? Or is that just shifting towards the larger customer lens? And then going back to kind of tying in with that, and to the prior question, there's just so many large consumer oriented companies that are struggling lately, be [mid] Starbucks and Nike, and we see it in UPS and Tesla and McDonald's.

好的，謝謝。然後，丹尼爾，我看到你在企業網、新 ARR 中提到的上升，很高興看到。同時，新增的企業客戶數量似乎嚴重下降至 30 - 32 家左右。我試圖記住，您是否重新索引了？您是否淘汰了該層最底層的客戶？或者這只是轉向更大的客戶視角？然後回到與此相關的問題，回到先前的問題，有很多以消費者為導向的大型公司最近都在苦苦掙扎，例如星巴克和耐吉，我們在UPS、特斯拉和麥當勞中也看到了這一點。

Why do you think -- why do you think that your B2C customers would show more resilience than that? Or why do you think they'd be able to avoid a tougher part of the business cycle where the consumer often does start to roll over 18 months, 24 months after the -- after a Fed hiking cycle?

您為什麼認為您的 B2C 客戶會表現出比這更強的彈性？或者你認為為什麼他們能夠避免商業週期中更艱難的階段，即消費者通常在聯準會升息週期後的 18 個月、24 個月後開始展期？

To -- let me take the last question first, and then I'll get back to the net customer adds. I think on the consumer side, again, just to reinforce that we're not seeing the type of growth rates in consumer spending that we're used to seeing in e-commerce. We're not saying that we're not seeing the effects. What we're saying is that there what we are seeing is in line with what we expected.

讓我先回答最後一個問題，然後我將回到淨客戶補充。我認為在消費者方面，再次強調我們沒有看到我們在電子商務中看到的消費者支出成長率。我們並不是說我們沒有看到影響。我們想說的是，我們所看到的與我們的預期一致。

I think perhaps we may have, I mean, we have really, really good vertical and sector diversity in our customer base. We're not overly exposed to one sector and another which may help. But overall, I mean, I think that though we are not seeing as much growth as we would like to see in that area, overall, we think it's been relatively healthy, but we're taking a cautious outlook because we're seeing the same macroeconomic data that you're referring to, and we're basing our guidance and building our plans according to that kind of commensurate level of conservatism.

我想也許我們的客戶群中可能擁有非常非常好的垂直和行業多樣性。我們並沒有過度接觸一個或另一個行業，這可能會有所幫助。但總的來說，我的意思是，我認為雖然我們在該領域沒有看到我們希望看到的增長，但總的來說，我們認為它相對健康，但我們對前景持謹慎態度，因為我們看到您所指的宏觀經濟數據相同，我們根據相應的保守主義水平制定指導並製定計劃。

With respect to net ads, part of it is that we're trending towards larger customers and we're trending towards healthier contracts. I mean, if you look at what we're seeing in deferred revenue and also an RPO as well, I mean, deferred revenues up [40%] -- 46% year-over-year, RPO was up 37% year-over-year. I mean, we're really, really putting a lot of energy and focus not just in getting higher in mid-market and enterprise customers but making those contracts healthier and better for shareholders than they had been before.

就網路廣告而言，部分原因是我們傾向於更大的客戶，並且我們傾向於更健康的合約。我的意思是，如果你看看我們在遞延收入和 RPO 中看到的情況，我的意思是，遞延收入同比增長 [40%]——同比增長 46%，RPO 同比增長 37% -年。我的意思是，我們真的投入了大量的精力和注意力，不僅是為了在中端市場和企業客戶中獲得更高的份額，而且還使這些合約對股東來說比以前更健康、更好。

We are seeing really good results and improving trends in gross and net retention. The area that were struggling a little bit as what we're seeing in new adds, which is where you're seeing that in terms of the net customer adds. We want to see better pipeline growth and what we've seen over the course of the last few quarters. We want to do that with better efficacy and efficiency in the dollars that we're putting at work on the go-to-market side as well.

我們看到了非常好的結果以及毛保留率和淨保留率的改善趨勢。正如我們在新增加中看到的那樣，這個領域遇到了一些困難，這就是您在淨客戶增加方面看到的情況。我們希望看到更好的管道成長以及我們在過去幾季中所看到的情況。我們希望以更好的效率和效率來實現這一目標，並在進入市場方面投入資金。

So I mean, I'd say we're where we wanted to be for gross and net retention. We're where we want to be from a contract quality point of view, but to Brent's point as he was discussing, it's a bit of a tough environment from a migration point of view, and that's kind of impairing a little bit of the net new adds on the new logo side of things.

所以我的意思是，我想說我們的毛留存率和淨留存率都達到了我們想要的水平。從合約品質的角度來看，我們已經達到了我們想要的目標，但就布倫特所討論的觀點而言，從遷移的角度來看，這是一個有點艱難的環境，這對網路造成了一點損害。

Makes sense. Thank you so much.

有道理。太感謝了。

Yeah.

是的。

Samad Samana, Jefferies.

薩馬德·薩馬納，杰弗里斯。

Hey, guys. This is Jeremy on for Sumad, thanks for taking my questions. I guess first, how should we think about enterprise ARR as a percent of the mix? Is there any change to the time line to get to 80%?

嘿，夥計們。我是 Jeremy 為 Sumad 發言，感謝您回答我的問題。我想首先，我們應該如何考慮企業 ARR 在組合中所佔的百分比？達到80%的時間線有什麼變化嗎？

I'll take that one. I think that it's mixed a little less quickly towards enterprise than where we probably would have anticipated a couple of years ago for two reasons. One, the small business portion of the business is stabilizing and doing a little better than what we expected. We thought that we would be able to stabilize that and start turning it back around into growth. I think it's done that a little bit sooner than we expected. That's part one.

我會接受那個。我認為，由於兩個原因，它在企業中的混合速度比我們幾年前預期的要慢一些。第一，小型企業業務正在穩定，並且表現比我們的預期要好一些。我們認為我們能夠穩定這一局面並開始將其轉變為成長。我認為這比我們預期的要早一些。這是第一部分。

Part two, I think the trend in the mid-market and enterprises, we're seeing some of the challenges in market that we've discussed already about new customer adds and migrations. It's a little bit of a tough environment that has perhaps slowed that trend up. But when you look at the improvements we're seeing in B2B, in particular, where we think the success that we're seeing with some of the merchant migrations and customer migrations we've been describing, we're really confident that we're still going to continue to mix the business more and more towards enterprise accounts. It just maybe is going a little bit slower by a couple of quarters than what we had anticipated. But the long-term trend is the same.

第二部分，我認為中端市場和企業的趨勢，我們看到了我們已經討論過的有關新客戶添加和遷移的市場挑戰。嚴峻的環境或許減緩了這個趨勢。但是，當您看到我們在 B2B 領域看到的改進時，特別是我們認為我們在我們所描述的一些商家遷移和客戶遷移方面所取得的成功，我們真的有信心我們」我們仍將繼續將業務越來越多地轉向企業帳戶。它只是可能比我們的預期慢了幾個季度。但長期趨勢是一樣的。

Got you. That's useful color. And then maybe a follow-up on B2B. Can you help contextualize it for any data on like what percent of the total accounts for, whether that's on ARR or GMV? And then if not, maybe how big do you think the segment can get?

明白你了。這是有用的顏色。然後也許是 B2B 的後續行動。您能否幫助將其與任何數據結合起來，例如佔總數的百分比，無論是 ARR 還是 GMV？如果沒有，您認為這個細分市場可以發展到多大？

Yeah. I mean, I would say we think over time that B2B can and likely will become a greater percentage of the overall mix for several reasons, which Brent has already discussed. In terms of overall mix of the business, we haven't disclosed which -- what the exact percentages are. What I can say is that B2B has been a disproportionate grower as a portion of our total mix for probably the last two years to three years. And we do anticipate that continuing.

是的。我的意思是，我想說的是，我們認為隨著時間的推移，B2B 可以而且很可能會在整體組合中佔據更大的比例，原因有幾個，布倫特已經討論過。就業務的整體組合而言，我們尚未透露具體的百分比是多少。我能說的是，在過去的兩到三年裡，B2B 在我們的整體組合中所佔的比例不成比例。我們確實預計這種情況會持續下去。

It's a really, really healthy part of the business, not just in the growth trends, but also in the underlying health, like as we mentioned in the prepared remarks, what we see in terms of retention rates on those customers tends to also be 20% better than what we see in the remainder of the business. And that's with the ability to continue to maintain that type of take rates that we see over time in PSR. So when we look at the underlying economics and the trends and the product differentiation, it's a clear winner for us, and that's going to be an area we continue to invest.

這是業務中非常非常健康的一部分，不僅體現在成長趨勢方面，還體現在潛在的健康狀況方面，就像我們在準備好的評論中提到的那樣，我們看到這些客戶的保留率也往往是20比我們在其他業務中看到的要好 %。這就是我們能夠繼續維持我們在 PSR 中看到的那種類型的採用率。因此，當我們審視潛在的經濟狀況、趨勢和產品差異化時，這對我們來說顯然是贏家，這將是我們繼續投資的領域。

Got it. Makes sense. Thanks, guys.

知道了。有道理。謝謝，夥計們。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

Hi, gentlemen. Thanks for taking my questions. So Brent, I'll take you up on your offer on the ideal B2C customer. What does that look like? And as you see the opportunity of other platforms, what does that look like in terms of what might migrate over to BigCommerce?

嗨，先生們。感謝您回答我的問題。那麼布倫特，我將接受您對理想 B2C 客戶的報價。那看起來像什麼？當您看到其他平台的機會時，就可能遷移到 BigCommerce 而言，這是什麼樣的？

Yeah. Let me talk about the evolution in our business. When we started 15 years ago, we were a small business platform built for start-ups and small businesses. So think of an ICP back then, of a digitally native direct to consumer business or a very small, branded manufacturer. When I came in 2015 and we started moving upmarket. We expanded our ICP into real true branded manufacturers. Businesses that -- by definition are omnichannel because they sell through third party distribution, they're online and offline in terms of sales, that's a more complex customer.

是的。讓我談談我們業務的演變。15 年前，當我們成立時，我們是一個為新創公司和小型企業打造的小型企業平台。因此，想像一下當時的 ICP，一家直接面向消費者的數位原生企業或一家非常小的品牌製造商。當我 2015 年來到這裡時，我們開始向高端市場進軍。我們將 ICP 擴展到真正的品牌製造商。從定義上講，企業是全通路的，因為它們透過第三方分銷進行銷售，在銷售方面它們是線上和線下的，這是一個更複雜的客戶。

And I would say up until the last couple of years, that has been our sweet spot. The point to emphasize for the market though is by my analysis, if you look at the top 1,000 B2C brands and retailers in the US, those two segments combined account for less than 20% of all GMV online. The other 80% are in the two most complex use cases of multi-brand online retailers and store based retailers. Far more complex and businesses that though we had examples of them, let's call it 5 years, 10 years ago, would not have been our sweet spot.

我想說，直到過去幾年，這一直是我們的最佳點。不過，根據我的分析，市場需要強調的一點是，如果你看看美國排名前 1,000 的 B2C 品牌和零售商，這兩個細分市場加起來只佔所有線上 GMV 的不到 20%。另外 80% 屬於多品牌線上零售商和實體店面零售商這兩個最複雜的用例。更複雜的業務，雖然我們有這樣的例子，但我們稱之為 5 年、10 年前，不會是我們的最佳選擇。

Today, with examples like The RealReal, Sole Trader and Sports Shoes, all of which we just announced. Those are examples of multi-brand predominantly online retailers at very, very, very large scale and complexity. And I just gave you three great examples from Europe and the US that you can draw a line through. And then the other example of store-based retailers, like Bealls, like Anderton's, which is a music leader in the UK, two examples in this earnings release that you can draw a line through for store-based retail. This is where more than 80% of online GMV is located.

今天，我們剛剛宣布了 The RealReal、Sole Trader 和 Sports Shoes 等範例。這些都是多品牌主要線上零售商的例子，規模非常非常大，複雜性也非常高。我剛剛給了你們三個來自歐洲和美國的很好的例子，你們可以從中劃清界線。然後是基於商店的零售商的另一個例子，例如 Bealls，像 Anderton's，這是英國的音樂領導者，在本財報中，您可以透過這兩個例子來區分基於商店的零售。這是超過 80% 的線上 GMV 所在。

And historically, these were not the primary areas of growth for us. But because our platform has advanced and matured so significantly, we can now displace the custom platforms and legacy platforms that used to power the biggest online retailers in the world. So what I'm proud to say is in terms of ideal customer profile, there are now big subsets of each of those two areas that we're winning and I think this last quarter has great examples of both.

從歷史上看，這些並不是我們主要的成長領域。但由於我們的平台已經如此顯著地進步和成熟，我們現在可以取代過去為世界上最大的線上零售商提供支援的客製化平台和遺留平台。因此，我很自豪地說，就理想的客戶檔案而言，我們正在贏得這兩個領域中的每一個領域的大部分子集，我認為上個季度在這兩個領域都有很好的例子。

That's great color. And as you kind of target that opportunity, I'm curious, you mentioned some comments before on some customers buying components versus a full rip and replace. Has the mix of that changed relative to your expectations? And how do you see that balance of purchasing playing out versus components versus full rip and replace as you looking it? Thanks, guys.

那顏色真棒。當你瞄準這個機會時，我很好奇，你之前提到過一些關於一些客戶購買組件而不是完全拆除和更換的評論。相對於您的期望，這些組合是否發生了變化？您如何看待購買、組件和完全拆除和更換之間的平衡？謝謝，夥計們。

Vast majority of the time, companies are going to rip and replace rather than do components. Doing components is harder, because you're mixing and matching and it takes longer. That's our experience, doesn't always play out that way, but mostly we think it will be rip and replace.

絕大多數時候，公司會拆除和更換而不是製造組件。製作組件更困難，因為你要混合和匹配，並且需要更長的時間。這是我們的經驗，並不總是這樣，但大多數時候我們認為它會被淘汰和替換。

Thanks, Brent.

謝謝，布倫特。

(operator instructions)

（操作員說明）

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hi, this is [Troopamaran] on for Gabriela. Thanks for taking my question. We noticed some examples of headless in the press release and prepared remarks. How is the adoption of headless commerce tracking in the industry? And is this a catalyst for new customers to evaluate BigCommerce? Thank you.

大家好，我是加布里埃拉的 [Troopamaran]。感謝您提出我的問題。我們在新聞稿中註意到了一些無頭的例子，並準備了評論。無頭商務追蹤在業界的應用情況如何？這是新客戶評估BigCommerce的催化劑嗎？謝謝。

Yes. We see composable gaining traction in North America relative to prior years. We see it through the mock alliance. We see it in the industry. And our new reference architecture catalyst based on Next.js and react and our market leading Next.js visual editor, MakeSwift are really in our opinion, the best offering in the market.

是的。我們發現，與前幾年相比，可組合式產品在北美越來越受歡迎。我們透過模擬聯盟看到了這一點。我們在業界看到了這一點。我們認為，我們基於 Next.js 和 React 的新參考架構催化劑以及市場領先的 Next.js 視覺化編輯器 MakeSwift 確實是市場上最好的產品。

Bealls, in particular is a company who implemented catalyst. So you want a perfect example of just how successful you can be, implementing composable in record time, that's what Bealls did. They used Catalyst, Next.js and React. So we're very excited about the offering we have in market. We'll be showcasing it at Big Summit later this month in Austin and we'll be incorporating it into our core offering evermore. So that -- going forward, there won't actually be on BigCommerce A choice between composable or not composable will be composable out of the box. Thanks for the question.

Bealls 是一家實施催化劑的公司。因此，您想要一個完美的例子來說明您可以多麼成功，在創紀錄的時間內實現可組合，這就是 Bealls 所做的。他們使用 Catalyst、Next.js 和 React。因此，我們對市場上的產品感到非常興奮。我們將在本月晚些時候在奧斯汀舉行的大型峰會上展示它，並且我們將永遠將其納入我們的核心產品中。因此，展望未來，BigCommerce 上實際上不會有可組合或不可組合之間的選擇，而是開箱即用的可組合。謝謝你的提問。

Go it. That's helpful. Thank you so much.

去吧。這很有幫助。太感謝了。

Chris Kuntarich, UBS.

克里斯·昆塔里奇，瑞銀集團。

Great. Thanks for taking the question. Brent, you called out further efficiencies in the back half of the year in your prepared remarks. I guess, how should we be thinking about the impact of this further efficiencies on more of the go-to-market side versus really the broader BigCommerce business? I have a follow-up after that. Thanks.

偉大的。感謝您提出問題。布倫特，您在準備好的演講中提到了下半年要進一步提高效率。我想，我們應該如何考慮這種進一步提高效率對更多進入市場方面而不是更廣泛的 BigCommerce 業務的影響？之後我有一個後續行動。謝謝。

Yeah, this is Daniel. I'll take that one. In particular, we're focused on go-to-market efficiency and by that, not just the absolute dollars, but the efficiency of the dollars and also the efficacy of where we're -- of the results that we're getting out of the money that we're spending.

是的，這是丹尼爾。我會接受那個。特別是，我們關注的是進入市場的效率，不僅是絕對美元，而且是美元的效率，以及我們所取得的結果的效率我們所花的錢。

So we talked about this in the prepared remarks. We're really, really laser focused, not just on the growth rate, but the efficiency of how we're getting to that growth rate. And lots of companies similar to us have seen some declines and what they're getting from a go-to-market efficiency point of view, we are laser focused on re-accelerating top line growth and doing it in a way that's more efficient with the way that we are investing our operating dollars.

所以我們在準備好的發言中討論了這一點。我們真的非常非常關注，不僅關注成長率，而且關注實現該成長率的效率。許多與我們類似的公司都經歷了一些下滑，從進入市場效率的角度來看，我們專注於重新加速營收成長，並以更有效率的方式實現這一目標。

So I would characterize in what we're doing in go-to-market, not to overuse sports analogies, but we're probably third inning. We've started that process, but there's a lot we have left to do. Then as we get through the back half of the year, we're going to continue to build upon the foundation that we've already started and we're going to continue to do that until we get to re-accelerated top line and better efficiency in the spend that's driving that.

因此，我會描述我們在進入市場方面所做的事情，不要過度使用體育類比，但我們可能已經進入了第三局。我們已經開始了這個過程，但還有很多事情要做。然後，當我們度過今年下半年時，我們將繼續在已經開始的基礎上繼續努力，直到我們重新加速營收並取得更好的成績。

Got it. That's helpful. And then just maybe one on Big AI Copywriter and the choice of Google and their Gemini model. Could you just talk about what drove that choice to go with Google versus other providers at this point?

知道了。這很有幫助。然後也許只是關於大人工智慧文案以及谷歌及其雙子座模型的選擇。您能談談目前是什麼促使您選擇谷歌而不是其他提供者嗎？

Well, even before the overnight boom in AI popularity starting late, I guess 2022. Google has been working on AI models and prioritizing e-commerce, in particular as an application area. So we've been working with them on AI and product recommendations for longer than the recent boom in MLM. They've just been a natural partner of ours and a great partner of ours.

好吧，即使在人工智慧普及的一夜暴漲之前，我猜是 2022 年。谷歌一直致力於人工智慧模型的研究，並優先考慮電子商務，特別是作為一個應用領域。因此，我們與他們在人工智慧和產品推薦方面的合作時間比最近的傳銷熱潮還要長。他們是我們天然的合作夥伴，也是我們偉大的合作夥伴。

But by all means, we are not exclusive to anyone model, either we, our customers or agency and tech partners, because we're open, can use any models and it's up to the choice of us or customers and partners, which to employ and the collaboration of the actual MLM developers. But I praise Google for leaning into e-commerce use cases and applications. We've done hackathons with them and our ecosystem. They've just been fantastic to work with.

但無論如何，我們並不排斥任何模型，無論是我們、我們的客戶或代理商和技術合作夥伴，因為我們是開放的，可以使用任何模型，這取決於我們或客戶和合作夥伴的選擇，採用哪種模型以及實際傳銷開發人員的協作。但我讚揚谷歌傾向於電子商務用例和應用程式。我們與他們和我們的生態系統一起舉辦了黑客馬拉松。與他們合作真是太棒了。

The final thing I would note is that unlike some of our competitors who rely primarily on proprietary model, exclusive to their firms that they've branded or our black boxes on their models. What's different about BigCommerce is, with the exception of Feedonomics, where we don't have and rely on proprietary models, and we do tend to be open and transparent about what we're working on and what others are working on. So that's a differentiated approach that I think gets the best from all the innovation happening in AI model development.

我要指出的最後一件事是，與我們的一些競爭對手不同，他們主要依賴專有模型，專有於他們的公司，他們的品牌或我們在他們的模型上的黑盒子。BigCommerce 的不同之處在於，除了 Feedonomics 之外，我們沒有也不依賴專有模型，而且我們確實傾向於對我們正在做的事情和其他人正在做的事情保持開放和透明。因此，我認為這是一種差異化的方法，可以從人工智慧模型開發中發生的所有創新中獲得最好的效果。

Got it. Very helpful. Thank you, Brent.

知道了。非常有幫助。謝謝你，布倫特。

This concludes our question and answer session. I would like to turn the conference back over to Brent Bellm, CEO and Chairman, for any closing remarks.

我們的問答環節到此結束。我想將會議轉回執行長兼董事長布倫特貝爾姆 (Brent Bellm) 發表閉幕詞。

Thanks, everybody, for dialling in. In summary, I would say the highlight of the last quarter is the operating cash flow delivery, which is up very, very substantially over prior years and shows that we are really gaining momentum as a profitable cash flow generating business. I'm also proud of the continued sequential improvements in gross and net retention. The big opportunity for us is to be growing gross new sales and do that efficiently.

謝謝大家撥通電話。總之，我想說上個季度的亮點是營運現金流交付，比前幾年成長非常非常大，這表明我們作為盈利的現金流產生業務確實正在獲得動力。我也對總留存率和淨留存率的持續改善感到自豪。對我們來說，巨大的機會是增加新銷售總額並有效率地實現這一目標。

And as I've described, I'm very optimistic at our prospects for doing that. Thanks to the changes we're making under Travis's leadership and the big segments of the market, both B2C and B2B that I think we have emerged to be able to serve distinctively well. So hopefully, more good news to come in the following quarters and we look forward to talking to you again then.

正如我所描述的，我對我們這樣做的前景非常樂觀。感謝我們在 Travis 的領導下以及 B2C 和 B2B 市場的大部分領域所做的改變，我認為我們已經能夠提供出色的服務。希望接下來的幾季能有更多好消息，我們期待屆時能再次與您交談。

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。您現在可以斷開連線。