Commerce.com Inc (CMRC) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by, and welcome to the BigCommerce Third Quarter 2024 Earnings Call. (Operator Instructions) After the speaker's presentation, there will be a question-and-answer session. 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, Vice President, Finance and Investor Relations. You may begin.

早安，女士們先生們。感謝您的耐心等待，歡迎參加 BigCommerce 2024 年第三季財報電話會議。（操作員說明） 演講者演講結束後，將進行問答環節。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，財務和投資者關係副總裁泰勒鄧肯 (Tyler Duncan)。你可以開始了。

Good morning, and welcome to BigCommerce's Third Quarter 2024 Earnings Call. We will be discussing the results announced in our press release issued today before markets open. With me are BigCommerce's Executive Chair, Ellen Siminoff; Chief Executive Officer, Travis Hess; and Chief Financial Officer, Daniel Lentz.

早安，歡迎參加 BigCommerce 2024 年第三季財報電話會議。我們將討論今天開市前發布的新聞稿中宣布的結果。和我在一起的還有 BigCommerce 的執行主席 Ellen Siminoff；執行長特拉維斯·赫斯；和財務長丹尼爾倫茨。

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, as well as our expected future business and financial performance, financial condition and our guidance for both the fourth quarter of 2024 and the full year of 2024. 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.

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。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 年第四季度和 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。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。

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. 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.

前瞻性陳述就其性質而言，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的問題。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 is 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，也可在我們的在收益新聞稿中找到。

With that, let me turn the call over to Ellen Siminoff, Executive Chair.

接下來，讓我將電話轉給執行主席 Ellen Siminoff。

Good morning, and thank you all for joining our Q3 earnings call. I'm excited to be here as the company's new Executive Chair and share some of the important changes underway to lead BigCommerce into its next phase of growth. I'd like to kick off today by acknowledging Brent's leadership over the last 9 years. Brent's vision and dedication to our team, our partners and our customers have been essential to our success, and we are grateful for his many contributions.

早安，感謝大家參加我們的第三季財報電話會議。我很高興能夠作為公司新任執行主席來到這裡，並分享一些正在發生的重要變化，以帶領 BigCommerce 進入下一階段的成長。今天首先我要對布倫特在過去 9 年中的領導表示認可。布倫特的遠見卓識以及對我們團隊、合作夥伴和客戶的奉獻對我們的成功至關重要，我們感謝他所做的許多貢獻。

Despite our growth in many achievements over the last several years, our operational performance has fallen short of expectations. With the many changes we are making and we'll discuss today, we believe we are well positioned to create the level of shareholder value, of which BigCommerce is fully capable. The entire Board is excited to see Travis Hess lead this company, we are confident he will drive value for shareholders. Travis brings the right mix of industry expertise, operational focus and a fresh perspective on the business that will reignite and bolster our growth.

儘管我們在過去幾年中取得了許多成就，但我們的經營業績仍低於預期。透過我們正在做出的以及我們今天將討論的許多改變，我們相信我們已經做好了充分準備來創造股東價值水平，而 BigCommerce 完全有能力做到這一點。整個董事會都很高興看到 Travis Hess 領導這家公司，我們相信他將為股東帶來價值。特拉維斯帶來了行業專業知識、營運重點和對業務的全新視角的正確組合，這將重新點燃並促進我們的成長。

Now I'd like to introduce Travis, our new CEO, to share his perspective and plans for the future of our business.

現在我想介紹我們的新任執行長特拉維斯（Travis），與我們分享他對我們業務未來的看法和計劃。

Thank you, Ellen, and thanks to everybody joining the call today. This team's hard work and dedication have created a business with tremendous potential, and I'm excited to take the reins at this pivotal moment to help lead BigCommerce into a new era of growth. We had a solid Q3 with continued momentum in key areas, particularly profit and cash flow. Daniel is going to cover the details shortly, but I want to emphasize that while our performance was strong in many areas, this is just the beginning of what I think we can achieve.

謝謝你，艾倫，也謝謝今天加入電話會議的所有人。這個團隊的辛勤工作和奉獻精神創造了一個具有巨大潛力的企業，我很高興能夠在這個關鍵時刻接掌大權，幫助帶領 BigCommerce 進入一個新的成長時代。我們的第三季業績強勁，關鍵領域持續成長，尤其是獲利和現金流。丹尼爾很快就會介紹細節，但我想強調，雖然我們在許多領域表現強勁，但這只是我認為我們可以實現的目標的開始。

I was drawn to BigCommerce for a few key reasons, but the biggest one is that we are materially underrepresented in the market, relative to the strength of our products. Products that effectively meet the demand of organizations, industries and brands with more nuanced use cases and requirements. We have too often tried to be all things to all people, and as a result, have unintentionally diluted our broader value proposition.

我被 BigCommerce 吸引有幾個關鍵原因，但最重要的一個原因是，相對於我們產品的實力，我們在市場上的代表性嚴重不足。產品能夠有效滿足具有更細緻的用例和要求的組織、行業和品牌的需求。我們經常試圖滿足所有人的需求，結果無意中淡化了我們更廣泛的價值主張。

By focusing on discerning organizations and brands with unique challenges, not met by existing prepackaged monolith, we can help them be successful and drive more shareholder value. Having spent the majority of my career on the services side, I have a proven record of addressing business challenges with clear and measurable outcomes.

透過專注於那些具有獨特挑戰（現有預先包裝的整體無法應對）的有洞察力的組織和品牌，我們可以幫助他們取得成功並推動更多股東價值。我的大部分職業生涯都在服務領域度過，因此我在解決業務挑戰方面有著良好的記錄，並取得了清晰且可衡量的成果。

My approach here is no different. My role and BigCommerce's role is not to abate commerce features and functions across different platforms. Instead, we need to be business outcome-oriented and committed to quickly enabling organizations and brands to differentiate in the market, deliver value to their customers across all channels and optimize their revenue while reducing their cost. Through our full suite of products, we can be more transformational to our clients while remaining agile and committed to best-in-class commerce and customer experience capabilities across both owned and non-owned channels.

我在這裡的做法沒有什麼不同。我的角色和 BigCommerce 的角色不是削弱跨不同平台的商業特性和功能。相反，我們需要以業務成果為導向，致力於快速使組織和品牌在市場中脫穎而出，透過所有管道為客戶提供價值，並在降低成本的同時優化他們的收入。透過我們的全套產品，我們可以為客戶帶來更大的變革，同時保持敏捷性並致力於在自有和非自有管道上提供一流的商務和客戶體驗能力。

For example, in addition to our flagship commerce product, we can help clients optimize product feed indications across different channels and return on ad spend through Feedonomics, while also helping marketers and business users build best-in-class commerce and brand websites with no technical expertise for developers with Makeswift. By going to market with a full suite of solutions focused on discerning customers with complex needs, we can solve their challenges and reaccelerate our own revenue growth.

例如，除了我們的旗艦商務產品外，我們還可以幫助客戶優化不同管道的產品提要指示，並透過Feedonomics 實現廣告支出回報，同時幫助行銷人員和企業用戶在無需技術的情況下建立一流的商務和品牌網站Makeswift 為開發人員提供專業知識。透過向市場推出專注於具有複雜需求的挑剔客戶的全套解決方案，我們可以解決他們的挑戰並重新加速我們自己的收入成長。

Our market is evolving rapidly. The need for agility, speed and scale has never been more important. We are in a prime position to capitalize on the opportunity but we have to move fast, and we have to make significant structural changes to align with our goals and help us reach our potential. Efficient revenue growth has been a key strategic focus for BigCommerce. Let me take a moment to explain what efficient revenue growth means to me.

我們的市場正在迅速發展。對敏捷性、速度和規模的需求從未如此重要。我們處於利用機會的有利位置，但我們必須快速行動，我們必須做出重大的結構性變革，以符合我們的目標並幫助我們發揮潛力。高效率的營收成長一直是 BigCommerce 的關鍵策略重點。讓我花點時間解釋一下有效的收入成長對我意味著什麼。

Efficient revenue growth isn't just about expanding our top line. It's about ensuring that every dollar we invest yields greater returns for our customers, for the business and for our shareholders. It's about growing in a way that is sustainable, scalable and profitable. For example, we are streamlining our brand architecture with a focus on fully integrating the capabilities of our flagship platform product with both Feedonomics and Makeswift. Our big commerce offering is powerful on its own and coupling it with Feedonomics and/or Makeswift provides a more comprehensive and compelling solution to our customers.

有效的收入成長不僅僅是擴大我們的收入。這是為了確保我們投資的每一塊錢都能為我們的客戶、企業和股東帶來更大的回報。它是以可持續、可擴展和盈利的方式增長。例如，我們正在簡化我們的品牌架構，重點是將我們的旗艦平台產品的功能與 Feedonomics 和 Makeswift 完全整合。我們的大型商務產品本身就很強大，並將其與 Feedonomics 和/或 Makeswift 相結合，為我們的客戶提供了更全面、更有吸引力的解決方案。

We also recognize that these additional capabilities richly serve markets, brands and organizations independent of our flagship platform, and we'll continue to do so. As I mentioned earlier, it's okay for us not to be everything for everyone. Ultimately, organizations and brands need to go where their customers want to engage them and they need to do this with scale, agility and value. This requires technical agility, vision and enablement, and we feel our collection of capabilities and approach uniquely positions us to provide this to both existing and prospective customers at scale.

我們也意識到，這些附加功能可以為獨立於我們旗艦平台的市場、品牌和組織提供豐富的服務，我們將繼續這樣做。正如我之前提到的，我們不能為每個人提供一切，這也沒關係。最終，組織和品牌需要去客戶想要吸引他們的地方，並且需要以規模、敏捷性和價值來做到這一點。這需要技術敏捷性、願景和支持，我們認為我們的能力和方法集合使我們能夠為現有和潛在客戶大規模提供這些服務。

We will be expanding our efforts in the coming quarters to build greater product adoption and cross-sell or integrated solutions to grow our revenue per customer. We have not yet delivered on the market potential of better integrating these solutions as one company. We can and must better integrate these products, brands and teams to deliver leading solutions for our customers. This will also improve our differentiation in market by orienting our collective products towards 3 key offerings. B2C, B2B and small business. Solving our customers' business challenges means listening and responding to what those challenges are.

我們將在未來幾季加大努力，建立更大的產品採用率和交叉銷售或整合解決方案，以增加每位客戶的收入。我們尚未充分發揮作為一家公司更好地整合這些解決方案的市場潛力。我們可以而且必須更好地整合這些產品、品牌和團隊，為我們的客戶提供領先的解決方案。這也將透過將我們的集體產品定位為 3 個關鍵產品來提高我們的市場差異化。B2C、B2B 和小型企業。解決客戶的業務挑戰意味著傾聽並應對這些挑戰。

Our B2C offering will continue to prioritize rapid feature rollouts that solve the challenges our customers encounter. We know that agility, experimentation and speed to market are critical in B2C. So we introduced our catalyst reference architecture and framework earlier this year and continue to rapidly evolve it. Catalyst provides exceptional customer experiences out of the box via Makeswift, pre-integrates with best-in-class technology partners, is natively composable while also being steeped in agility, allowing for incredibly fast implementation time lines for clients to go live.

我們的 B2C 產品將繼續優先考慮快速推出功能，以解決客戶遇到的挑戰。我們知道，敏捷性、實驗性和上市速度對於 B2C 至關重要。因此，我們在今年稍早推出了催化劑參考架構和框架，並繼續快速發展它。Catalyst 透過 Makeswift 提供開箱即用的卓越客戶體驗，與一流的技術合作夥伴預先集成，本身是可組合的，同時也具有敏捷性，可以為客戶提供令人難以置信的快速實施時間線。

Catalyst is also providing value for B2B businesses. In Q3, Stronghold Safety, an industrial safety equipment company switched to BigCommerce, leveraging catalyst and B2B addition to launch a fully headless site in just four months. Speaking of B2B, we obviously feel this is a massive market for us to compete and win in, and we are continuing to accelerate investment in this area. For clarity, we see three specific types of B2B-oriented clients.

Catalyst 也為 B2B 企業提供價值。第三季度，工業安全設備公司 Stronghold Safety 轉向 BigCommerce，利用催化劑和 B2B 添加，在短短四個月內推出了完全無頭網站。說到B2B，我們明顯感覺到這是一個需要我們競爭和獲勝的龐大市場，我們正在繼續加快在這一領域的投資。為了清楚起見，我們看到了三種特定類型的 B2B 客戶。

First, enterprise and mid-market core B2B organizations consisting primarily of manufacturers and distributors. These organizations want to use BigCommerce to drive organizational transformation and headcount reduction via digitalization and broader system standardization. They typically run their business on legacy or homegrown platforms and have a fair amount of technical debt.

首先，企業和中端市場核心 B2B 組織主要由製造商和經銷商組成。這些組織希望使用 BigCommerce 透過數位化和更廣泛的系統標準化來推動組織轉型和裁員。他們通常在傳統或本土平台上經營業務，並承擔大量技術債。

They also have complex requirements such as custom contractual pricing; configurable and bespoke products that require quoting workflows before purchase; a unique catalog with checkout and purchasing requirements, that may be purchase order-oriented; purchases against credit terms or a combination of alternatives.

他們還有複雜的要求，例如客製化合約定價；需要在購買前報價工作流程的可配置和客製化產品；具有結帳和採購要求的獨特目錄，可能以採購訂單為導向；根據信用條款或多種替代方案的組合進行採購。

The second type of B2B-oriented clients are greenfield, core B2B organizations, consisting of manufacturers and distributors looking to quickly digitize their operations and launch a best-in-class B2B commerce platform and maintain it with a very small internal team that also allows them to scale into the future, despite some complicated requirements and use cases.

第二類面向B2B 的客戶是新興的核心B2B 組織，由製造商和經銷商組成，他們希望快速實現營運數位化並推出一流的B2B 商務平台，並透過非常小的內部團隊來維護該平台，這也使他們能夠儘管存在一些複雜的需求和用例，但仍可以擴展到未來。

Lastly, we also service hybrid B2B customers. Essentially, customers who primarily sell direct-to-consumer, but also have wholesale requirements and sell through third-party retailer marketplaces, but are simply too small to warrant EDI connectivity. This last (inaudible) is by far the simplest of the 3 examples and is the primary B2B use case for our largest competitor.

最後，我們也為混合型 B2B 客戶提供服務。本質上，這些客戶主要是直接向消費者銷售，但也有批發需求並透過第三方零售商市場進行銷售，但規模太小，無法保證 EDI 連接。最後一個（聽不清楚）是迄今為止 3 個範例中最簡單的一個，也是我們最大競爭對手的主要 B2B 用例。

Now that I have clarified the B2B target market, I really want to circle back to where we're investing in our B2B capabilities. In Q3, we integrated the next phase of our B2B features into our core platform, giving customers access to all of Big Commerce's B2B addition features directly in the control panel. In Q4, we plan to add additional functionality to streamline the complex selling and buying processes of enterprise manufacturers and distributors.

既然我已經明確了 B2B 目標市場，我真的很想回到我們在 B2B 能力上投資的地方。在第三季度，我們將下一階段的 B2B 功能整合到我們的核心平台中，讓客戶可以直接在控制面板中存取 Big Commerce 的所有 B2B 附加功能。在第四季度，我們計劃添加額外的功能，以簡化企業製造商和分銷商複雜的銷售和購買流程。

We will continue to focus on solving true B2B use cases, which includes much more than simple wholesale use cases, which widens our B2B total addressable market, while distinguishing us from our competition in this market. This can drive both significant value to our B2B customers and our shareholders. Discerning small businesses are also increasingly turning to technology to differentiate and scale.

我們將繼續專注於解決真正的 B2B 用例，其中包括的不僅僅是簡單的批發用例，這擴大了我們的 B2B 總目標市場，同時使我們在該市場的競爭中脫穎而出。這可以為我們的 B2B 客戶和股東帶來巨大的價值。獨具慧眼的小型企業也越來越依賴科技來實現差異化和規模化。

We believe that providing them with fast, easy-to-use tools that are simple, yet powerful, we can offer a world-class product to this segment of the market. This, along with other features and enhancements, we will discuss on later calls, will enhance our ability to capture businesses early in their growth journey and continue supporting them as they scale.

我們相信，透過為他們提供快速、易於使用、簡單但功能強大的工具，我們可以為這個細分市場提供世界一流的產品。我們將在稍後的電話會議中討論這一點以及其他功能和增強功能，將增強我們在業務成長過程中早期捕獲業務並在業務擴展時繼續支援它們的能力。

We will also launch a hosted version of Catalyst and additional Feedonomics tooling and automation that will unlock powerful AI-driven omnichannel revenue optimization for small and midsized businesses alike. Each of these areas represent a significant growth opportunity. And by orienting our offerings to solving business challenges and creating measurable outcomes, we can unlock a greater share of wallet with our customers.

我們還將推出 Catalyst 的託管版本以及其他 Feedonomics 工具和自動化，為中小型企業解鎖強大的人工智慧驅動的全通路收入優化。這些領域中的每一個都代表著巨大的成長機會。透過將我們的產品定位於解決業務挑戰並創造可衡量的成果，我們可以為客戶贏得更大的份額。

We will also be making significant investments to advance our AI capabilities across our product suite with a strong focus on AI solutions that enhance revenue generation for our clients, boost operational agility and drive cost savings. We've had success in launching AI that automates tactical workflows and tasks with efforts now more tangibly focused on more material value that we feel would be differentiating in market while widening our total addressable market in specific segments.

我們還將進行大量投資，以提高我們整個產品套件的人工智慧能力，並專注於人工智慧解決方案，以提高客戶的收入、提高營運靈活性並節省成本。我們已經成功推出了人工智慧，可以自動化戰術工作流程和任務，現在我們的努力更加切實地集中在更多的物質價值上，我們認為這些價值將在市場上脫穎而出，同時擴大我們在特定細分市場的總體潛在市場。

To support these initiatives, we're making strategic organizational changes that will allow us to scale efficiently and be more agile and responsive to market opportunities. This includes bringing in industry veterans like Doug Hollinger as our Senior Vice President of Strategy; John Huntington as our Senior Vice President of Partnerships; and Ryan Means as our Senior Vice President of Services.

為了支持這些舉措，我們正在進行策略性的組織變革，這將使我們能夠有效地擴展規模，更靈活地回應市場機會。這包括聘請 Doug Hollinger 等業界資深人士擔任我們的策略資深副總裁；約翰·亨廷頓 (John Huntington) 擔任我們的合作夥伴關係高級副總裁； Ryan Means 擔任我們的服務資深副總裁。

Doug joins us from Accenture, where he led B2C commerce strategy with a focus on retail and CPG. He's laser-focused on aligning our product strategy and offerings with enablement and product marketing, to make it clear who we best serve and how big commerce solve their business challenges. John is uniquely adept at architecting and monetizing partner programs. He will help us deepen our partnerships to work more with global system integrators to facilitate joint investment as well as curated accelerators that are tied to specific industries, with more opportunities for disruption and transformation such as direct selling and B2B. Coming most recently for Merkle, Ryan brings incredible background in commerce operations, enterprise architecture and system integration across multiple commerce platforms.

Doug 在加入我們之前就職於 Accenture，負責領導 B2C 商務策略，並專注於零售和 CPG。他專注於將我們的產品策略和產品與支援和產品行銷相結合，以明確我們為誰提供最佳服務以及大型商業如何解決他們的業務挑戰。John 非常擅長設計合作夥伴計劃並從中獲利。他將幫助我們深化合作夥伴關係，更多地與全球系統整合商合作，促進聯合投資以及與特定產業相關的策劃加速器，並提供更多顛覆和轉型的機會，例如直銷和 B2B。Ryan 最近加入 Merkle，帶來了跨多個商務平台的商務營運、企業架構和系統整合令人難以置信的背景。

Services provide an important opportunity for us to differentiate ourselves in the market via delivery and enablement of best practices in governance, ensuring speed to market. These proven leaders each have over 20 years of deep commerce experience and expertise and know how to scale a business. With more deliberate and focused investments in our go-to-market efforts, we will drive more authenticity, faster growth, better profitability and cash flow for shareholders. Today, we also announced a series of actions to both reduce cost and reinvest in specific areas to foster growth. Daniel will cover the details later in his remarks, but at a high level, these changes materially improve our cost structure and aim to nearly double our quota-carrying capacity in 2025.

服務為我們提供了一個重要的機會，透過交付和實施治理方面的最佳實踐來在市場上脫穎而出，確保加快上市速度。這些久經考驗的領導者均擁有 20 多年豐富的商業經驗和專業知識，並且知道如何擴展業務。透過對上市工作進行更審慎和集中的投資，我們將為股東帶來更多的真實性、更快的成長、更好的獲利能力和現金流。今天，我們也宣布了一系列行動，以降低成本並在特定領域進行再投資以促進成長。Daniel 將在稍後的演講中介紹詳細信息，但從總體上看，這些變化實質性地改善了我們的成本結構，並旨在到 2025 年將我們的配​​額承載能力提高近一倍。

I'm incredibly optimistic about where we're headed. We have the right products, the right team and the right strategy to drive efficient growth and deliver meaningful value to our customers and shareholders alike. We absolutely can meet that challenge, and we will do so with decisive change in accountability. I'm confident that the actions we're taking now will set the stage for long-term success.

我對我們的發展方向非常樂觀。我們擁有合適的產品、合適的團隊和正確的策略來推動高效成長並為我們的客戶和股東提供有意義的價值。我們絕對能夠應對這一挑戰，並且我們將透過對問責做出決定性的改變來做到這一點。我相信，我們現在採取的行動將為長期成功奠定基礎。

Thank you for your time today, and I look forward to sharing more updates on our progress in the coming quarters. I'll now turn it over to Daniel.

感謝您今天抽出寶貴時間，我期待在未來幾季分享更多有關我們進展的最新資訊。我現在把它交給丹尼爾。

Thanks, Travis, and thank you, everyone, for joining us today. During my remarks, I'll cover our Q3 results, including the cost reductions and restructuring announced this morning, provide additional detail on our key areas of operational focus and offer updated guidance for Q4 and the full year 2024.

謝謝崔維斯，也謝謝大家今天加入我們。在我的演講中，我將介紹我們第三季度的業績，包括今天上午宣布的成本削減和重組，提供有關我們重點運營領域的更多詳細信息，並提供第四季度和2024 年全年的最新指導。

In Q3, total revenue was just under $84 million, up 7% year-over-year. Subscription revenue grew 7% year-over-year to approximately $63 million, while partner and services revenue, or PSR, increased 8% year-over-year to just under $21 million. Regionally, revenue in the Americas grew 6%, EMEA increased by 12%, and APAC was up 9% compared to the prior year. We remain committed to profitable growth.

第三季總營收略低於 8,400 萬美元，年增 7%。訂閱收入年增 7%，達到約 6,300 萬美元，而合作夥伴和服務收入 (PSR) 則年增 8%，達到略低於 2,100 萬美元。從地區來看，與前一年相比，美洲地區的收入成長了 6%，歐洲、中東和非洲地區的收入成長了 12%，亞太地區的收入成長了 9%。我們仍然致力於獲利成長。

Our Q3 non-GAAP operating income was just over $4 million compared to a loss of $1 million in the same period last year. This reflects the year-over-year improvement of 700 basis points in our non-GAAP operating margin, from approximately negative 2% in Q3 2023 to positive 5% in Q3 2024.

我們第三季的非 GAAP 營業收入略高於 400 萬美元，而去年同期則虧損 100 萬美元。這反映出我們的非 GAAP 營業利潤率年增了 700 個基點，從 2023 年第三季的約負 2% 增至 2024 年第三季的正 5%。

As Travis mentioned earlier, we're investing in and streamlining our go-to-market organization, I'd like to provide more detail on how these actions reaffirm our commitment to the 3 strategic priorities we've discussed over the past 2 earnings calls. First, we remain focused on driving efficient revenue growth. We've significantly reduced our investments in underperforming channels and reallocated those resources towards higher performing areas, and we will nearly double our quota-carrying sales capacity in 2025.

正如特拉維斯之前提到的，我們正在投資並簡化我們的上市組織，我想提供更多詳細信息，說明這些行動如何重申我們對過去兩次財報電話會議中討論的 3 個戰略重點的承諾。首先，我們仍然專注於推動營收的高效成長。我們大幅減少了對錶現不佳的管道的投資，並將這些資源重新分配到表現更好的領域，我們將在 2025 年將配額銷售能力增加近一倍。

Additionally, we've realigned our sales organization and compensation structure to better match the strategic areas Travis outlined earlier. We now have dedicated go-to-market teams built around our B2C, B2B and small business offerings with incentives focused on driving customer share of wallet across our entire product portfolio. Second, we're focused on driving operating leverage. We've streamlined leadership layers to enhance decision-making, agility and focus, which included the retirement or departure of several senior leaders. These include our Chief Marketing Officer, Chief Operating Officer; and multiple SVPs, VPs and directors across the organization.

此外，我們還重新調整了銷售組織和薪酬結構，以更好地匹配特拉維斯先前概述的策略領域。我們現在擁有專門的行銷團隊，圍繞我們的 B2C、B2B 和小型企業產品建立，並採取激勵措施，致力於提高客戶在我們整個產品組合中的錢包份額。其次，我們專注於提高營運槓桿。我們精簡了領導階層，以增強決策能力、敏捷性和專注力，其中包括幾位高階領導人的退休或離職。其中包括我們的首席行銷長、營運長；以及整個組織的多名高級副總裁、副總裁和總監。

We've also taken decisive steps to ensure stability and continuity, bringing in experienced industry veterans to key leadership roles, reinforcing our capabilities in critical areas. These initiatives align the company more closely with our strategic goals, fostering a more agile and focused leadership team and position us to operate more efficiently even as we increase our sales capacity.

我們也採取了果斷措施來確保穩定性和連續性，並聘請經驗豐富的行業資深人士擔任關鍵領導職務，增強我們在關鍵領域的能力。這些舉措使公司與我們的策略目標更加緊密地結合在一起，培養了一支更敏捷、更專注的領導團隊，使我們在提高銷售能力的同時也能夠更有效率地運作。

Third, we are prioritizing healthy cash flow. The initiatives I just outlined have led to operating cash flow of just under $14 million for the 9 months ended September 30, 2024, a $51 million improvement year-over-year. As we've discussed on previous calls, our focus on prepayment optimization and working capital management, along with our continued commitment to efficient revenue growth and operating leverage positions us to drive further cash flow improvements in the coming quarters.

第三，我們優先考慮健康的現金流。我剛才概述的舉措導致截至 2024 年 9 月 30 日的 9 個月營運現金流略低於 1,400 萬美元，比去年同期增加 5,100 萬美元。正如我們在先前的電話會議中所討論的那樣，我們對預付款優化和營運資金管理的關注，以及我們對高效收入成長和營運槓桿的持續承諾，使我們能夠在未來幾個季度進一步推動現金流改善。

Now turning to our non-GAAP KPIs. We ended Q3 with an ARR of approximately $348 million, up 5% year-over-year. This represents sequential ARR growth of $2 million. Our enterprise account ARR was approximately $257 million, up 7% year-over-year, with enterprise accounts now representing 74% of our total ARR. Our non-enterprise accounts, using exclusively our essentials plans, had an ARR of just under $91 million, down 1% year-over-year as we lap the prior year small business plan price adjustments.

現在轉向我們的非 GAAP KPI。第三季末，我們的 ARR 約為 3.48 億美元，年成長 5%。這意味著 ARR 環比增長了 200 萬美元。我們的企業帳戶 ARR 約為 2.57 億美元，年增 7%，企業帳戶目前占我們總 ARR 的 74%。我們的非企業帳戶（僅使用我們的必需品計劃）的 ARR 略低於 9,100 萬美元，年減 1%，因為我們完成了去年的小型企業計劃價格調整。

Average revenue per account for enterprise accounts was $43,600, up 8% year-over-year. We are not at all satisfied with these results. We are doing a better job prioritizing dollarized retention in our best accounts, but we must do a better job driving efficient growth. I believe we're making decisive changes necessary to drive the long-term growth results our shareholders expect. And to be clear, we are not done. We will continue to look for opportunities to drive focus, efficiency and top line growth reacceleration.

企業帳戶每個帳戶的平均收入為 43,600 美元，較去年同期成長 8%。我們對這些結果並不滿意。我們在優先考慮最佳客戶的美元化保留方面做得更好，但我們必須做得更好，推動高效成長。我相信我們正在做出必要的決定性改變，以推動股東期望的長期成長成果。需要明確的是，我們的工作還沒結束。我們將繼續尋找機會來推動重點、效率和營收成長的重新加速。

That also includes looking at opportunities to further adjust our product and partner offering in areas that may look different from the past, adjust pricing where that makes sense, and pursue other opportunities to drive focus on customer outcomes that will fuel our growth. We will do this in a way that continues to prioritize financial discipline and progress towards a healthy, balanced growth and profit profile.

這也包括尋找機會在可能與過去不同的領域進一步調整我們的產品和合作夥伴產品，在合理的情況下調整定價，並尋求其他機會來推動對客戶成果的關注，從而推動我們的成長。我們將繼續優先考慮財務紀律並朝著健康、平衡的成長和利潤狀況邁進。

Looking ahead to our guidance. For Q4, we expect revenue in the range of $85.8 million to $87.8 million, reflecting year-over-year growth of 2% to 4%. For the full year 2024, we expect revenue between $331.7 million and $333.7 million, representing growth of approximately 7% to 8% and consistent with our previous full year guidance at the midpoint. Non-GAAP operating income for Q4 is expected to be between $4.4 million and $6.4 million, with full year non-GAAP operating income projected to be between $13.8 million and $15.8 million. We are making material changes in this business. We are reallocating and refocusing resources, and we'll have a more detailed perspective on the February earnings call when we issue 2025 guidance.

期待我們的指導。對於第四季度，我們預計營收在 8,580 萬美元至 8,780 萬美元之間，年增 2% 至 4%。對於 2024 年全年，我們預計營收在 3.317 億美元至 3.337 億美元之間，成長約 7% 至 8%，與我們先前的全年指引中位數一致。第四季非 GAAP 營業收入預計在 440 萬美元至 640 萬美元之間，全年非 GAAP 營業收入預計在 1,380 萬美元至 1,580 萬美元之間。我們正在對這項業務做出重大改變。我們正在重新分配和重新集中資源，當我們發布 2025 年指引時，我們將對 2 月的財報電話會議有更詳細的看法。

From an early read perspective, we are building internal plans around mid-single-digit growth rates for the full year 2025, as we execute this transition. We expect growth rates to ramp modestly across 2025, and we consider Q4 2024 growth to be a floor from a planning perspective. We also expect the changes I outlined to deliver meaningful improvement to our operating margins and cash flow.

從早期的角度來看，在執行這一過渡時，我們正在圍繞 2025 年全年中個位數的成長率制定內部計劃。我們預計 2025 年成長率將小幅上升，從規劃角度來看，我們認為 2024 年第四季的成長是一個底線。我們也預期我概述的變化將為我們的營業利潤和現金流帶來有意義的改善。

We're in a great position to further increase our level of investment in top line growth in 2025 and are confident in our investments to double sales capacity even as we remain disciplined about our overall level of go-to-market spending. We are committed to a balanced Rule of 40 framework to deliver profitable and accelerating growth. Our capital allocation decisions will have the right balance of growth and profitability, which is critical to driving increased shareholder value over time. We plan to discuss this in greater detail and share more about our long-term strategy at our upcoming Investor Day in New York on March 11 as well.

我們處於有利位置，可以在 2025 年進一步提高收入成長的投資水平，並且對我們的投資使銷售能力翻倍充滿信心，儘管我們仍然嚴格控制市場支出的總體水平。我們致力於平衡的 40 條規則框架，以實現盈利並加速成長。我們的資本配置決策將在成長和獲利能力之間取得適當的平衡，這對於隨著時間的推移推動股東價值的成長至關重要。我們計劃在即將於 3 月 11 日在紐約舉行的投資者日上更詳細地討論這一問題，並分享更多關於我們的長期策略的資訊。

In closing, I'd like to thank our team for their dedication and commitment as we execute on this new go-to-market strategy. We believe the path ahead is promising, and we're energized by the opportunities in front of us. Travis and I are now happy to take your questions. Operator?

最後，我要感謝我們的團隊在執行這項新的上市策略時所付出的奉獻和承諾。我們相信前方的道路充滿希望，我們對眼前的機會充滿活力。特拉維斯和我現在很樂意回答您的問題。操作員？

(Operator Instructions)

（操作員說明）

Ken Wong, Oppenheimer.

肯·黃，奧本海默。

Lots of changes, lots of moving pieces here today. Travis, I wanted to start with you on the product side. It sounds like you guys are looking to integrate Feedonomics and Makeswift, how does that potentially change BigCommerce's open ecosystem approach? And should we expect you guys to more directly compete with ISV partners going forward?

今天這裡發生了很多變化，很多令人感動的事情。特拉維斯，我想從產品方面開始與您交談。聽起來你們正在尋求整合 Feedonomics 和 Makeswift，這可能會如何改變 BigCommerce 的開放生態系統方法？我們是否應該期望你們今後能夠與 ISV 合作夥伴進行更直接的競爭？

Ken, thanks for the question. No, I think we're materially committed to a more open approach certainly versus our competition. We feel Makeswift is a real unlock as a visual editor, we feel the best visual editor in the business that's really a business user and marketing facing. That's a real difference maker not only in agility to deliver value to our customers, but also enabling them to drive very immersive experiences with very small teams. Feedonomics is certainly just as complementary. I think the thesis there is we feel like it's the best feed management tool in market, looking to optimize revenue across nonowned channels as well as some owned, and that complements the big commerce sweet quite nicely. Although we do respect the fact that a large portion of Feedonomics revenues will oftentimes be consumed by upmarket brands or alternative brands that would never use BigCommerce for whatever reason, just based on legacy platforms and other dynamics.

肯，謝謝你的提問。不，我認為與我們的競爭對手相比，我們在實質上致力於採取更開放的方式。我們認為 Makeswift 是一個真正的視覺化編輯器，我們認為它是業界最好的視覺化編輯器，真正面向業務用戶和行銷。這不僅能夠敏捷地為客戶提供價值，而且能夠讓他們透過非常小的團隊推動非常身臨其境的體驗，這確實是一個真正的改變者。飼料經濟學當然也是互補的。我認為我們認為它是市場上最好的資訊流管理工具，旨在優化非自有管道和一些自有管道的收入，這很好地補充了大型商業甜蜜。儘管我們確實尊重這樣一個事實，即 Feedonomics 收入的很大一部分通常會被高端品牌或替代品牌消耗，這些品牌無論出於何種原因都不會僅基於遺留平台和其他動態而使用 BigCommerce。

Okay. Got it. And then maybe one for maybe it's Ellen or Travis. Back in May, June, the summer time frame, there was some outside interest. How is the Board and management approaching those considerations going forward?

好的。知道了。然後也許是艾倫或特拉維斯。早在五月、六月的夏季，就有一些外在的興趣。董事會和管理階層未來將如何處理這些考量？

This is Ellen, in case you couldn't get that from the higher pitch voice. We are here for shareholders. We will do whatever it takes to improve shareholder value, and we continue to talk to partners inside and outside.

這是艾倫，以防你無法從較高音調的聲音中聽出這一點。我們為股東服務。我們將盡一切努力提高股東價值，並繼續與內部和外部的合作夥伴進行對話。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

It's [Natalie Hao] on for Koji. As you guys are working on improving cross-selling by doing like the deeper integrations between all your products, what efforts are you guys most excited about, like in like the R&D division that we can also be excited for? How long until those technical integrations for it to be more streamlined for customers to use or brand familiarity and for salespeople to start selling it more packaged together?

Koji 的 [Nataliehao] 上場了。當你們致力於透過在所有產品之間進行更深入的整合來改善交叉銷售時，你們最興奮的是什麼努力，例如我們也可以興奮的研發部門？這些技術整合需要多長時間才能使其更加簡化，以便客戶使用或品牌熟悉，並讓銷售人員開始將其更打包地銷售？

Natalie, great question, thanks. Part of it is already integrated. So Makeswift as an example, is a material part of the Catalyst accelerator reference architecture. So you're going to see that kind of its debut around NRF in January in New York that will go-to-market with the rest of the sales team. Feedonomics, we would expect, we've got a very robust enterprise offering for upmarket brands. We're in the process of launching a self-serve version of Feedonomics that will widen that addressable market for mid-market and down market brands as well, which would be exciting.

娜塔莉，很好的問題，謝謝。其中一部分已經整合。以 Makeswift 為例，它是 Catalyst 加速器參考架構的重要組成部分。因此，您將在一月份在紐約的 NRF 上看到它的首次亮相，並將與銷售團隊的其他成員一起進入市場。我們預計，Feedonomics 將為高端品牌提供非常強大的企業產品。我們正在推出 Feedonomics 的自助版本，這也將擴大中端市場和低端市場品牌的潛在市場，這將是令人興奮的。

I think the biggest upside you're going to see more materially early on is a more organic cross-sell, upsell, leveraging the portfolio of brands to wedge into clients or increase attach rates and effectiveness of greater wallet share from existing clients as we see tangible traction and applicability from each one of those products.

我認為，您將在早期看到的最大好處是更有機的交叉銷售、追加銷售，利用品牌組合來吸引客戶或提高現有客戶的附加率和更大錢包份額的有效性，正如我們所見這些產品中的每一種都具有切實的吸引力和適用性。

Got it. And a quick second question. With the new administration coming in, a lot of talks about a potential increase in tariffs. How could this play into the demand environment?

知道了。還有第二個問題。隨著新政府上任，很多人都在談論關稅可能增加的問題。這如何影響需求環境？

Yes. Thanks for the question. This is Daniel. I think it's really too early to say. I think we have to see what the administration wants to do. So a lot of different things that they've talked about. We'll just have to see how that affects prices, consumer demand and the like. I'd say as we think about next year, we're not really making changes to our plans at this time based on some expectation of change in that area. We'll just have to see how that plays out once the new administration comes in, in Q1.

是的。謝謝你的提問。這是丹尼爾.我認為現在說還為時過早。我認為我們必須看看政府想做什麼。他們談論了很多不同的事情。我們只需要看看這對價格、消費者需求等有何影響。我想說，當我們考慮明年時，我們目前並沒有真正根據對該領域變化的一些預期來改變我們的計劃。我們只需要看看新政府在第一季上任後情況會如何。

DJ Hynes, Canaccord.

DJ 海因斯，Canaccord。

So Travis, look, you've said one of the mistakes of the past is that you've tried to be everything to everyone. And then I hear you say you're going to be B2C, B2B, SMB going forward. Just help me flesh that out. What is BigCommerce not going to be going forward that should simplify the organization.

崔維斯，聽著，你說過過去的錯誤之一就是你試圖成為每個人的一切。然後我聽到您說您未來將向 B2C、B2B、SMB 方向發展。幫我充實一下吧。BigCommerce 未來不會採取什麼措施來簡化組織。

Yes. I think clearly, we've got a rich installed base across those three offering groups. I think within those offering groups, the intention is to narrow the focus and embrace the fact that we're really for discerning customers looking to scale, right? And part of that is higher efficiency expansion across that existing customer base and growth across those three offerings. Also, driving additional authenticity in market.

是的。我清楚地認為，我們在這三個產品組中擁有豐富的安裝基礎。我認為在這些產品組中，目的是縮小焦點並接受這樣一個事實：我們確實是為尋求擴展的挑剔客戶服務的，對吧？其中一部分是現有客戶群的更高效率擴展以及這三種產品的成長。此外，也提高了市場的真實性。

B2B is a very different engagement, talk track, buying audience and solution, obviously, from B2C. It requires deeper expertise, a bit more of a nuance. It's more of a cost takeout around manual labor versus a conversion and experience play. So by definition, it requires a completely bifurcated approach to go deeper, narrower and deeper. And I think small business has always been a large portion of our existing installed base and will continue to be a focus. Although we're recognizing the fact that it's not for all small businesses, it's really for discerning small businesses looking to differentiate and scale as opposed to everyone and anything.

顯然，B2B 的參與度、談話軌跡、購買受眾和解決方案與 B2C 截然不同。它需要更深入的專業知識，更多的細微差別。它更多的是圍繞體力勞動的成本支出，而不是轉換和體驗遊戲。因此，根據定義，它需要一種完全分叉的方法來走得更深、更窄、更深。我認為小型企業一直是我們現有安裝基礎的很大一部分，並將繼續成為重點。儘管我們認識到它並不適合所有小型企業，但它確實適合那些尋求差異化和規模化的有洞察力的小型企業，而不是所有人和任何事物。

Okay. Okay. Got it. And then, Daniel, one for you. Look, we've had 3 quarters in a row now of declines in the number of enterprise accounts this quarter being more material than the prior 2. Can you just talk about what's happening there? How much of that is folks kind of dropping below a spend threshold? How much of that is outright attrition? Where are those folks going? Any color there would be helpful.

好的。好的。知道了。然後，丹尼爾，給你一個。看，我們已經連續三個季度出現企業帳戶數量下降，本季的下降幅度比前兩季更大。你能簡單談談那裡發生的事情嗎？其中有多少人低於支出門檻？其中有多少是直接損耗？那些人要去哪裡？任何顏色都會有幫助。

Yes. Good question. Obviously, it's not the result that we're happy with. I'd say 2 points. One, we are -- as I said in my prepared remarks, we're making progress in prioritizing dollarized retention that's really been the focus. That said, that's not an okay reason for the count to be not growing. And that's really, I'd say, broadly speaking of 2 areas. One, we haven't seen the pipeline build across the whole business, the way that we wanted to by this point in the year. We are seeing a lot of encouraging results there, particularly in B2B, which is part of the reason we've made some of the changes that we're making and doubling down in that area.

是的。好問題。顯然，這不是我們滿意的結果。我想說2分。第一，正如我在準備好的發言中所說，我們在優先考慮美元化保留方面取得了進展，這確實是焦點。也就是說，這並不是計數不增長的好理由。我想說，這實際上涉及兩個領域。第一，我們還沒有看到整個業務的管道建設，這是我們今年此時所希望的。我們在那裡看到了許多令人鼓舞的成果，特別是在 B2B 領域，這也是我們在該領域做出一些改變並加倍努力的部分原因。

But we haven't quite seen the pipeline that we wanted at this point of the year. And that's had part to do with it. It just hasn't been enough in some cases to offset some of the net attrition on some of the lower -- the smaller accounts within the enterprise set. And again, it's an area of focus for us. We're not happy about it, and we're focused on getting the turnaround.

但今年這個時候我們還沒有完全看到我們想要的管道。這與此有一定關係。在某些情況下，這還不足以抵銷企業內一些規模較小的帳戶的淨流失。這又是我們關注的一個領域。我們對此並不滿意，我們專注於扭轉局面。

Maddie Schrage, KeyBanc.

麥迪·施拉格，KeyBanc。

My first one is for Travis. Just curious, now that you've stepped into the CEO role, are there any early learnings or surprises that you've seen so far? And then the second one is for Daniel. Just want to give us some more context around the go-to-market changes that you've done this quarter. I'm curious if there's an update on the time line for where go-to-market needs to be maybe a target date that you guys have set or something like that?

我的第一個是給崔維斯的。只是好奇，既然您已經擔任首席執行官，到目前為止您是否看到了任何早期的經驗教訓或驚喜？第二個是給丹尼爾的。只是想向我們提供有關您本季所做的上市變化的更多背景資訊。我很好奇是否有關於上市時間的更新，可能是你們設定的目標日期或類似的事情？

Thanks for the question, [Maddie]. I would say my original remit here in the first 4 months was exclusively focused on go-to-market. That's where a lot of the challenges, quite frankly, have been as I've alluded to in kind of the opening remarks and some of the answers here. Again, very wide, broad focus, focused on feature and function, lack of integration of some of the other products that we've acquired and integrated, I think going forward. You're going to see that more laser focused. But I had a 4-month head start on that to go get that kind of cleaned up and rearchitected.

謝謝你的提問，[麥迪]。我想說的是，我最初的前 4 個月的職責完全專注於進入市場。坦白說，這就是我在開場白和一些答案中提到的許多挑戰。同樣，我認為未來的關注點非常廣泛，專注於特性和功能，缺乏對我們已經收購和整合的其他一些產品的整合。你會看到雷射更加聚焦。但我提前 4 個月開始進行清理和重新架構。

So no real surprises there. I think really, that was the biggest gap I saw in the business is aligning a go-to-market with more authenticity focus and just more commerce expertise in market against what we feel is a very capable suite of products. So no real surprises, just a nice 4-month head start and what really the largest of our challenges were.

所以沒有什麼真正的驚喜。我確實認為，我在該業務中看到的最大差距是將進入市場與更多的真實性重點和更多的市場商務專業知識與我們認為非常有能力的產品套件結合起來。因此，沒有什麼真正的驚喜，只是提早了 4 個月，這才是我們真正面臨的最大挑戰。

And Maddie, for the second part of your question, as far as time line, I would say, across this year, we've been making a lot of substantial changes already. Those have been really focused on prioritizing as I said, dollarized retention of our largest accounts and trying to drive better cross-sell. Ultimately, we felt to get cross-sell and existing account expansion where it needed to be. We needed to fully integrate all of the different brands under the parent company. And that's what Travis was talking about earlier. As I look at where we're going from here, it really is about specialization and getting depth of expertise in go-to-market to better serve the needs of customers.

麥迪，對於你問題的第二部分，就時間表而言，我想說，今年我們已經做出了很多實質性的改變。正如我所說，這些工作的真正重點是優先考慮，以美元方式保留我們最大的客戶，並努力推動更好的交叉銷售。最終，我們認為可以在需要的地方進行交叉銷售和現有帳戶擴張。我們需要充分整合母公司旗下的所有不同品牌。這就是崔維斯之前所說的。當我看到我們今後的發展方向時，它實際上是關於專業化和在進入市場方面獲得深度的專業知識，以更好地滿足客戶的需求。

That's why we're going to have dedicated selling teams across B2B and B2C. We're adding roles to have as much focus on account expansion as we do on account acquisition. And I think that those changes will be substantially complete by the end of Q4 with ramp on the reps that we're going to be adding across Q1 and Q2. We're really aiming to get to double capacity next year and then have really strong momentum as we exit the year.

這就是為什麼我們將在 B2B 和 B2C 領域擁有專門的銷售團隊。我們正在增加角色，以便像關注客戶獲取一樣專注於客戶擴展。我認為這些變化將在第四季末基本完成，我們將在第一季和第二季增加代表數量。我們的目標是明年將產能翻一番，然後在今年結束時擁有強勁的勢頭。

Just one quick follow-up. You mentioned nearly doubling your quota-carrying sales capabilities in 2025. Just curious if that's going to be reallocating existing employees or going out and hiring new salespeople.

只需一個快速跟進。您提到到 2025 年將配額銷售能力提高近一倍。只是好奇這是否會重新分配現有員工或出去僱用新的銷售人員。

Little bit of a combination of the two but primarily, it's going to be a lot of folks coming in from the outside, where we have folks on the inside that we think have the expertise within the offering areas that Travis outlined. We will obviously keep those people there. They're ramped. They're great employees. We're excited about that. We're also really excited to take advantage of a really great time in the market to get a lot of really deep commerce expertise, within B2C and B2B in particular, that we think can really broaden the solutions that we can offer to customers and really have better resonance in those offering groups that we think are really going to help us differentiate in market.

兩者的結合有點小，但主要是，很多人都會從外部進來，我們認為內部人員擁有特拉維斯概述的產品領域的專業知識。我們顯然會把這些人留在那裡。他們正在加速。他們是很棒的員工。我們對此感到興奮。我們也很高興能夠利用市場上的一個非常好的時機來獲得很多非常深入的商務專業知識，特別是在B2C 和B2B 領域，我們認為這些專業知識可以真正拓寬我們可以為客戶提供的解決方案，並且真正在那些我們認為真正能幫助我們在市場中脫穎而出的產品群中產生更好的共鳴。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Great. This is [Katy Kuser] for Josh there this morning. A lot of encouraging commentary around operational rigor and focus on efficient growth, kind of controlling the things that are under your control. I guess it would be helpful to get an update on what you're seeing in the broader e-commerce demand or kind of consumer spending backdrops, and how you think these operational changes will withstand kind of ongoing (inaudible) and this broader backdrop and things that may be more outside of your control?

偉大的。這是今天早上喬許的[凱蒂·庫瑟]。關於嚴格營運和關注高效成長的許多令人鼓舞的評論，有點控制你控制下的事情。我想，了解您在更廣泛的電子商務需求或消費者支出背景中所看到的最新情況，以及您認為這些營運變化將如何承受持續的（聽不清楚）和更廣泛的背景以及那些可能超出你控制範圍的事？

Great. Good question. I would say, overall, commerce trends the same as what's been going on. Consumer spend is pretty resilient. Platform spending is okay, not great. We'll see what the election results due to that, if any of it again, outside of our control. We're not planning on any sort of big macro tailwinds. Certainly, we're most optimistic about B2B. That's been the largest majority of our net new bookings. Certainly, I think it maps well to our differentiation and core expertise. That pipeline has been building quite nicely. But generally speaking, we would expect more of the same of what we've seen in generalized demand going forward.

偉大的。好問題。我想說，總體而言，商業趨勢與正在發生的情況相同。消費者支出相當有彈性。平台支出還可以，但不是很大。我們將看看選舉結果如何，如果有的話，那是我們無法控制的。我們不打算帶來任何重大的宏觀順風。當然，我們最看好B2B。這是我們新淨預訂量的最大部分。當然，我認為這很好地反映了我們的差異化和核心專業。該管道建設得相當不錯。但總的來說，我們預計未來的普遍需求會出現更多相同的情況。

And then this is Daniel. One thing I would add, just in terms of your question about resilience. There is so much opportunity here to really not just get more effective in how we're going about go-to-market, but to end up ultimately with much better momentum coming out of it. And I think that the changes that we're making really give us some durability, no matter the economic conditions. Just 2 examples. We're really moving from kind of a generalist go-to-market motion, where we have the same sellers that are focused on landing new accounts and expanding accounts.

這是丹尼爾。我想補充一件事，就你關於彈性的問題而言。這裡有很多機會，不僅可以讓我們更有效地進入市場，而且最終可以帶來更好的動力。我認為，無論經濟狀況如何，我們正在做出的改變確實為我們帶來了一定的持久性。僅舉2個例子。我們確實正在從一種通才進入市場的行動中轉變，在這種行動中，我們擁有同樣的賣家，專注於獲得新帳戶和擴大帳戶。

We have the same sellers that are talking to B2B customers and B2C customers. And the changes that we're making are really more about bringing more specialization and expertise into those teams. And the demand conditions are going to be better sometimes than others, but we think that that's going to give us a lot better durability and expertise that's going to help sustain more durable growth over time.

我們有相同的賣家在與 B2B 客戶和 B2C 客戶交談。我們所做的改變實際上更多的是為這些團隊帶來更多的專業和專業知識。有時需求條件會比其他條件更好，但我們認為這將為我們提供更好的耐用性和專業知識，從而有助於隨著時間的推移維持更持久的成長。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

This is Arti on for Mark Murphy. First one, Travis, you guys talked about making significant investments to advance your AI capabilities. You guys also released a Google AI tool that helps (inaudible) with real-time personalized recommendations. I guess my question is, is this just a continuation of the AI strategy that was in place? Or is there something that's maybe changed in terms of how you guys are approaching it?

我是馬克墨菲的阿蒂。首先，崔維斯，你們談到了進行重大投資來提高人工智慧能力。你們也發布了一個谷歌人工智慧工具，可以幫助（聽不清楚）即時個人化推薦。我想我的問題是，這只是現有人工智慧策略的延續嗎？或者你們的處理方式有沒有改變？

I'll answer it a couple of different ways. Good question. There'll be some expansion to what we've already announced. I think a lot of it is very tactically oriented to improve workflows and efficiencies and things like that. There are other things that we are in the process of developing that's going to, as an example, dramatically accelerate the ability for existing clients to move to upgraded versions of our product. Or clients running on other technologies to migrate to our capabilities, which would be widely interesting, I think.

我會用幾種不同的方式來回答這個問題。好問題。我們已經宣布的內容將會有一些擴展。我認為其中許多都是以戰術為導向的，旨在改善工作流程和效率等。我們正在開發其他一些東西，例如，將極大地提高現有客戶轉向我們產品升級版本的能力。或運行其他技術的客戶遷移到我們的功能，我認為這將是非常有趣的。

And then in specific industry segments, most notably B2B, I think you'll see some advancement around AI, applicability around CPQ and handling a very complex sort of B2B requirements, particularly around manufacturers and distributors that would dramatically widen our addressable market in those particular use cases.

然後在特定的行業領域，尤其是B2B，我認為您會看到圍繞AI 的一些進步、圍繞CPQ 的適用性以及處理非常複雜的B2B 需求，特別是圍繞製造商和分銷商，這將極大地拓寬我們在這些特定領域的潛在市場。

Very helpful. And then Daniel, when we're thinking about this doubling of quota-carrying capacity in 2025, do you have any sense of how that might look in terms of waiting throughout the year of when those hires would happen? And is this going to be the typical ramp time for the sales reps of 3 to 4 quarters?

非常有幫助。然後，丹尼爾，當我們考慮到 2025 年將配額承載能力翻一番時，您是否知道在全年等待這些招聘發生時會是什麼樣子？這是否是銷售代表 3 到 4 個季度的典型提升時間？

Our ramp time is a little bit better than that. We typically see full ramp within 2, maybe 3 quarters. And we are planning to add those reps quickly to the extent we think that makes sense. But we really want to get the substantial majority of that hiring done in the front half of the year. That way, we have as much fully ramped momentum with new hires going into the back half of the year as we can next year.

我們的斜坡時間比這好一點。我們通常會在 2 個甚至 3 個季度內看到全面的成長。我們計劃在我們認為有意義的範圍內快速增加這些代表。但我們確實希望在今年上半年完成大部分招募工作。這樣，我們就能在今年下半年和明年的新進員工中充分發揮動力。

Scott Berg, Needham.

史考特伯格，李約瑟。

I want to go back to a comment that Ellen made. I'm going to paraphrase was operational performance has fallen short from I guess, what your all expectations were. What is the operational performance? Or what should that look like here going forward?

我想回到艾倫發表的評論。我要解釋的是，營運績效沒有達到我的預期，也就是您的所有期望。營運業績如何？或者說未來應該是什麼樣子？

This is Daniel. I'll take that question. As we said, we're really looking to get this company to a sustainable, balanced Rule of 40 profile. We're going to get into a lot more detail about this at our Investor Day in New York City in March. But I want to reemphasize just a couple of things. Number one, we believe that the company has underperformed based on quality of the products and the brands that we have. And that's due to a lot of factors that are within our control and some of that would be, obviously, helped by factors outside of our control in a macro context. But we need to see revenue growth rates in the teens minimum, we want to get above that.

這是丹尼爾.我來回答這個問題。正如我們所說，我們確實希望讓這家公司達到可持續、平衡的 40 條規則。我們將在三月於紐約市舉行的投資者日上詳細介紹這一點。但我想再次強調幾件事。第一，我們認為該公司在產品品質和我們擁有的品牌方面表現不佳。這是由於許多我們可以控制的因素造成的，其中一些因素顯然會受到宏觀背景下我們無法控制的因素的幫助。但我們需要看到最低的收入成長率在十幾歲以下，我們希望能夠超越這個水準。

And we want to make sure that we're staffing to do that. We want to be accountable to those results. And everything that we're doing from the board through the management team, and thinking about how we approach that, is in reaccelerating growth where it needs to be and doing it in a way that just throwing off growing profit margin and cash flow, in a way that ultimately drives really strong shareholder value.

我們希望確保我們有足夠的人員來做到這一點。我們希望對這些結果負責。我們從董事會到管理團隊所做的一切，以及思考我們如何實現這一目標，都是為了在需要的地方重新加速成長，並以一種只是擺脫不斷增長的利潤率和現金流的方式來實現這一目標。

Got it. Helpful. And then, Travis, you're going to roughly double your quota-bearing capacity here going forward, as you mentioned a couple of times. But one of your responses to one of the questions is the platform spend is just okay, out in the market right now. I guess if it's just okay, why double the capacity spend kind of right now? Why not wait for that to maybe improve a little bit.

知道了。有幫助。然後，特拉維斯，正如您多次提到的那樣，您今後將把這裡的配額承載能力大約增加一倍。但您對其中一個問題的回答之一是，平台支出還不錯，目前已上市。我想如果沒問題的話，為什麼現在要把容量支出增加一倍？為什麼不等待它可能會有所改善呢？

Well, first of all, we don't have enough period right now just even given current conditions. I think when I'm saying just okay, I'm specifically referring to traditional D2C replatforms that have been, again, I think, mediocre at best over the last year or two. I think part of the challenge for us, too, is we're just not in enough rooms, quite frankly. We do well when we're in rooms. There's a lot of factors that go into getting rooms -- getting into rooms and to orchestrate that is not just one thing.

嗯，首先，即使考慮到目前的情況，我們現在也沒有足夠的時間。我想當我說「還好」時，我特意指的是傳統的 D2C 平台重組，我認為這些平台在過去一兩年裡充其量只是平庸。坦白說，我認為我們面臨的部分挑戰是我們沒有足夠的房間。當我們在房間裡時，我們表現得很好。獲得房間需要考慮很多因素——進入房間並進行協調不僅僅是一件事。

But it starts with who your ideal customer profile is, what sort of value you're tangibly bringing to them and what that messaging is in market to generate demand. I think just the uptick in that alone will get us into more rooms. And by definition, despite current market conditions being okay, I suspect we'll see an uplift from just that alone. On the B2B side, we're way more bullish.

但這首先是你的理想客戶檔案是誰，你為他們帶來了什麼樣的實際價值，以及市場上傳遞的訊息是什麼來產生需求。我認為僅此一項的增加就能讓我們進入更多的房間。根據定義，儘管目前的市場狀況還不錯，但我懷疑僅憑這一點我們就會看到成長。在 B2B 方面，我們更看好。

I think that is a market that is laggards compared to B2C, that's been going on for a long time. It's a much wider addressable market in general. We've got a bigger right to win there against our competition. They tend to be more enriching deals for services providers, and they tend to drive more material cost savings, which is the primary thesis of digitizing B2B, which despite economic headwinds and if you're able to drive out cost, you can artificially create and accelerate demand.

我認為，與 B2C 相比，這是一個落後的市場，這種情況已經持續了很長時間。總的來說，這是一個更廣泛的潛在市場。我們有更大的權利去戰勝我們的競爭對手。它們往往會為服務提供者提供更豐富的交易，並且往往會節省更多的材料成本，這是數位化 B2B 的主要論點，儘管存在經濟逆風，但如果你能夠降低成本，你就可以人為地創造和加速需求。

Bert Samana, Jefferies.

伯特·薩馬納，傑弗里斯。

This is Jeremy on for Samad Samana. So you called out early kind of guidance for 2025 of middle single-digit growth. I guess, what's baked into that? And what needs to happen? And I guess what might lead to upside to that early forecast?

我是薩馬德·薩馬納 (Samad Samana) 的傑里米 (Jeremy)。因此，您提出了 2025 年中等個位數成長的早期指引。我想，裡面加了什麼東西？需要發生什麼？我想什麼可能會導致早期預測的上升？

Great question. As we look into 2025, I think general conditions that get to mid-single-digit growth is just where we are in bookings thus far in the year and where we are in pipeline. As I said, pipeline in B2B, in particular, has some really positive signs. But overall, we haven't gotten to the pipeline growth by back half of the year that we wanted, which is why I think that our expectations are a little bit more moderated going into next year than where we would have wanted them to be at the beginning of this year.

很好的問題。當我們展望 2025 年時，我認為實現中個位數成長的整體情況正是我們今年迄今為止的預訂情況以及我們正在準備的情況。正如我所說，B2B 領域的管道尤其具有一些非常積極的跡象。但總的來說，到今年下半年我們還沒有達到我們想要的管道成長，這就是為什麼我認為我們明年的預期比我們希望的要溫和一些今年年初。

Things that would drive improvements to that. There's a lot, and this is why we're making the changes that we are. There are so many opportunities to get that going in a faster direction. Part of it is, obviously, is just pure sales capacity, but a lot of this is the choices that we're making and how we're building and designing the products to make it easier for customers to grow their share of wallet with us, without having to contact the sales rep in the first place.

能夠推動改進的事情。有很多，這就是我們做出改變的原因。有很多機會可以讓事情朝著更快的方向發展。顯然，其中一部分只是純粹的銷售能力，但其中很大一部分是我們正在做出的選擇以及我們如何建立和設計產品，以使客戶更容易增加我們的錢包份額，而無需先聯繫銷售代表。

And there's a lot of things that we're going to be looking at in the business where we think it makes sense to rethink choices that we made in the past, that we think can broaden and deepen our relationship with customers. That goes from a self-serve version of the Feedonomics product, thinking about how we can take Makeswift to market as an independent product. Some of the different partner solutions that we have in place. Everything from how we think about our payments offerings and different things that we have in other areas with partners.

我們將在業務中專注於很多事情，我們認為重新考慮我們過去所做的選擇是有意義的，我們認為這些選擇可以擴大和加深我們與客戶的關係。這源自於 Feedonomics 產品的自助版本，思考我們如何將 Makeswift 作為獨立產品推向市場。我們擁有一些不同的合作夥伴解決方案。一切都來自我們如何看待我們的支付產品以及我們與合作夥伴在其他領域的不同事物。

And we think that there are a lot of potential tailwinds that we can see from that. And if we get to a place where the economy gets in a better place, that's kind of cherry on top for us, but we think that this is within our control, and we don't need to sit around waiting for the economy to get better for us to see much better growth rates.

我們認為從中我們可以看到很多潛在的有利因素。如果我們的經濟狀況變得更好，這對我們來說是一件好事，但我們認為這在我們的控制範圍內，我們不需要坐等經濟好轉對我們來說，看到更好的增長率會更好。

Got you. That's useful color. I guess someone called out the enterprise customer count, but looking at the enterprise ARPA growth, I mean that's been pretty strong. I think it's been accelerating year-over-year. I guess what's driving the strength there? And I guess how much room is there for that to drive higher?

明白你了。這是有用的顏色。我猜有人提到了企業客戶數量，但看看企業 ARPA 的成長，我的意思是這是相當強勁的。我認為它逐年加速。我猜是什麼推動了那裡的力量？我猜還有多少空間可以推動上漲？

What's been driving the growth on that is us prioritizing growth and expansion with our largest dollarized accounts, which I spoke about earlier. I want us to be doing a better job with unit retention as well as dollarized retention. So I'm not primarily focused -- we are not primarily focused on ARPA by itself. We want to see healthy growth in both ARPA and unit count. We think as we continue to move up market over time, as we continue to offer products which gives abilities for customers to broaden their spend with us over time as we deliver better value to them, we can see continued growth in ARPA over time as well.

推動成長的因素是我們優先考慮最大的美元化帳戶的成長和擴張，我之前談到過這一點。我希望我們在單位留存和美元化留存方面做得更好。所以我主要關注的並不是 ARPA 本身。我們希望看到 ARPA 和單位數量的健康增長。我們認為，隨著時間的推移，我們繼續向高端市場邁進，隨著我們繼續提供讓客戶能夠隨著時間的推移擴大他們在我們這裡的支出的產品，隨著我們為他們提供更好的價值，我們也可以看到ARPA 隨著時間的推移而持續成長。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

So just on the integration efforts, you guys hit on a lot, and I know you're starting those today. Is there a rough time line of when we should think about that being fully completed in this cross-sell kind of product dynamic should be really suited from your perspective?

因此，就整合工作而言，你們提出了很多意見，我知道你們今天就開始了這些工作。從您的角度來看，我們是否應該考慮完全完成這種交叉銷售產品動態應該真正適合什麼時間？

Yes. Thanks for the question. This is Travis. Target right now is end of Q4. Some of that is really, really far along. Some of it as it relates specifically to Feedonomics is such a difference solution and typically consumed by different stakeholders within larger organizations. There's only going to be so much natural organic integration. As you go down market a bit mid-market, small business, you're going to see more of a self-service model there. That will be a bit more automated. The target for that is towards the end of next year.

是的。謝謝你的提問。這是特拉維斯。目前的目標是第四季末。其中一些確實非常非常遙遠。其中一些與 Feedonomics 相關的解決方案是一種差異化解決方案，通常由大型組織內的不同利害關係人使用。只會有這麼多自然的有機整合。當你進入中端市場、小型企業的市場時，你會看到更多的自助服務模式。這會更加自動化一些。目標是在明年年底。

But Makeswift, like I said, has already been integrated. People are leveraging it today that, that official sort of coming out party will be anchored around the NRF show in New York in mid-January.

但正如我所說，Makeswift 已經被整合了。今天，人們正在利用這一消息，官方的出櫃派對將於 1 月中旬在紐約舉行的 NRF 演出期間舉行。

Got it. And maybe just a follow-up. As you guys are looking to be more focused on some opportunities, any help on trying to understand what you're looking at internationally? Are you still targeting a lot of markets there? Or is there a pullback? I'd love to understand that perspective.

知道了。也許只是後續行動。當你們希望更加重視一些機會時，對於嘗試了解你們在國際上所關注的內容有什麼幫助嗎？您仍然瞄準那裡的大量市場嗎？還是有回調？我很想理解這個觀點。

Yes. Interestingly enough, our actual -- our best performing market in the quarter was EMEA as it relates to quarter-over-quarter growth. So we're seeing a lot of momentum over there for a myriad of reasons. One, I think we've invested in some markets over there, particularly in Italy and Southern Europe where we've seen a lot of demand and a lot of efficacy. By definition, you have a kind of a more complicated use case in that market, which we feel maps really, really well to our product suite. So I think we'll continue to see some bullish demand there. I'll turn to Daniel, any other specifics.

是的。有趣的是，我們本季實際表現最好的市場是歐洲、中東和非洲，因為它與季度環比成長有關。因此，由於多種原因，我們在那裡看到了很大的動力。第一，我認為我們已經投資了那裡的一些市場，特別是在義大利和南歐，我們在那裡看到了很大的需求和很大的功效。根據定義，在該市場中有一個更複雜的用例，我們認為它非常非常適合我們的產品套件。因此，我認為我們將繼續看到一些看漲的需求。我會向丹尼爾詢問任何其他細節。

No, I would just say, I mean we've also seen a lot of strength in the U.K. I think is a really, really strong market. Also, quite frankly, I think we have an exceptional team in EMEA as well, that's leading that. I think the product lends itself well to growth there. We remain committed to the expansion that we've already done within EMEA. I don't anticipate us opening up a bunch of new markets with a long payback period. We're really focused on efficiency and growth in the markets that we are already in. And we think that EMEA in particular, we're very, very bullish about it in that area.

不，我只想說，我的意思是我們在英國也看到了很大的實力，我認為這是一個非常非常強大的市場。另外，坦白說，我認為我們在歐洲、中東和非洲地區也擁有一支出色的團隊，他們在這方面處於領先地位。我認為該產品非常適合那裡的成長。我們仍然致力於在歐洲、中東和非洲地區已經完成的擴張。我預期我們不會開拓大量投資回收期較長的新市場。我們真正關注的是我們已經進入的市場的效率和成長。我們認為，特別是歐洲、中東和非洲地區，我們非常非常看好該地區。

(Operator Instructions)

（操作員說明）

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

For Travis and for Daniel. So by the time we see the improvement on the outside offer, you will have already seen it coming on the inside. And so my question for you is what sort of metrics are you going to be tracking internally to measure and quantify some of the success you're having? And what can we see from the outplay booking in, before we see those quarters where you're starting to print the mid-teens revenue growth?

為了特拉維斯和丹尼爾。因此，當我們看到外部報價的改進時，您已經看到了內部的改進。所以我問你的問題是，你將在內部追蹤什麼樣的指標來衡量和量化你所取得的一些成功？在我們看到那些開始出現十幾歲左右收入成長的季度之前，我們可以從超額預訂中看到什麼？

Great question. I think the best forward indicator is what we're seeing in sequential growth in total ARR, and enterprise ARR maybe perhaps to a slightly lesser extent because of the 3 operating groups that we're going to be focusing on, small business is one of those. And so I anticipate seeing healthier growth sustainably over time in small business going forward. The best -- when I look at the business, I'm looking at pipeline, I'm looking at where we are in advancing deals through pipeline and that manifests itself most clearly in ARR and subscription ARR.

很好的問題。我認為最好的前瞻性指標是我們所看到的總 ARR 的連續成長，而企業 ARR 的程度可能會稍小一些，因為我們將重點放在 3 個營運群體，小型企業是其中之一。因此，我預計隨著時間的推移，小型企業將實現更健康、可持續的成長。最好的——當我審視業務時，我關注的是管道，我關注的是我們在透過管道推進交易方面的進展，這在 ARR 和訂閱 ARR 中體現得最清楚。

And so as those numbers start to turn, I think that's when we're going to start to see a turnaround in the top line. If you look at the numbers on the quarter, we posted an ARR growth of [5] relative to revenue growth, I think, of [7]. We need to see ARR growth checking on pace or slightly ahead of revenue. When we start to tip that in that direction, I think, is when we're going to start to see a reacceleration on the revenue line.

因此，當這些數字開始出現變化時，我認為我們將開始看到營收出現改善。如果您查看本季的數字，我認為相對於收入成長，我們發布的 ARR 成長為 [5][7]。我們需要看到 ARR 成長與收入同步成長或略高於收入成長。我認為，當我們開始朝這個方向傾斜時，我們將開始看到收入線重新加速。

Yes. Absolutely. That makes sense. The follow-up is, Travis, on a comment you made a couple of times in the last 45 minutes around BigCommerce looking for discerning customers looking to scale. I wanted to ask you a little bit more on the competitive environment in that segment, in particular. If I think 5 some years ago, Shopify wasn't really anywhere in the mid-market and the larger customer space. Today, they've talked about being much more aggressive with Shopify Plus, for example. So a little bit more on the competitive environment and how you see Shopify in particular.

是的。絕對地。這是有道理的。Travis 的後續內容是您在過去 45 分鐘內多次發表的關於 BigCommerce 的評論，該評論旨在尋找希望擴大規模的挑剔客戶。我特別想向您詢問更多有關該領域競爭環境的問題。如果我想五年前，Shopify 還沒有真正涉足中階市場和更大的客戶空間。例如，今天，他們談到了要更積極地使用 Shopify Plus。那麼，請詳細介紹一下競爭環境以及您如何看待 Shopify。

Yes. Generally speaking, I would say it's hard to start a business. It's harder to scale one. I think our product suite lends itself more to those organizations needing to scale versus start. Arguably, I think Shopify has had a nice market share on doing that. I've certainly spent a lot of time in that ecosystem. We'll give credit where credit's due. I think from a discerning customer perspective, I think to use an easy analogy, I would argue, we are Android versus their iPhone. And we can read deeper into that in the sense that the iPhone by definition is very closed.

是的。總的來說，我覺得創業很難。規模化更難。我認為我們的產品套件更適合那些需要擴展而不是啟動的組織。可以說，我認為 Shopify 在這方面已經獲得了不錯的市場份額。我確實在這個生態系統中度過了很多時間。我們將在應得的信用處給予信用。我認為，從敏銳的客戶角度來看，我認為用一個簡單的類比來說，我們是 Android，而不是他們的 iPhone。我們可以更深入地理解這一點，因為 iPhone 從定義上來說是非常封閉的。

Apple kind of takes an approach that we've figured it all out for you. Here it is. We know it's best for you. You're not going to jail break it, you're not going to really customize it. What you see is what you get and for a large portion of the market that's suitable, just like it is for me as an iPhone user.

Apple 採用了我們已經為您解決的方法。這裡是。我們知道這最適合您。你不會越獄它，你不會真正定制它。所見即所得，適合大部分市場，就像我作為 iPhone 用戶一樣。

Android, if you ask people to use it, we'll give a myriad of reasons why they can make it more bespoke. They can customize it. It's open. It's got better camera, better hardware, things like that. I think we're very much taking a similar approach to market. It's all about composability, agility, optionality for clients.

Android，如果你要求人們使用它，我們會給出無數的理由為什麼他們可以讓它變得更客製化。他們可以定制它。它是開放的。它有更好的相機、更好的硬體等等。我認為我們正在對市場採取類似的方法。這一切都與客戶的可組合性、敏捷性和選擇性有關。

We don't believe and someone asked the question earlier, if we're going to start cannibalizing other ISVs into the platform. The answer is, philosophically, no. We believe third-party ISVs bring best-in-class capabilities at a faster rate for our clients than we could ever possibly develop it internally. Our job is to create best-in-class APIs and the ability for customers very quickly. Very easily ingest those capabilities to map to their business use cases and arguably, how they best want to differentiate and scale.

我們不相信（之前有人問過這個問題）我們是否會開始蠶食其他 ISV 進入這個平台。從哲學上來說，答案是否定的。我們相信，第三方 ISV 能夠以比我們內部開發更快的速度為我們的客戶帶來一流的功能。我們的工作是快速為客戶創建一流的 API 和能力。很容易將這些功能映射到他們的業務用例，可以說，他們最希望如何實現差異化和擴展。

Chris Chang, UBS.

克里斯·張，瑞銀集團。

It's helpful that you give them the early indication in 2025 and also some of the framework you're going to talk about at the Investor Day. I guess at this point, would you be able to share regarding the Rule of 40 framework? What's the time line you're thinking of maybe just reaching (inaudible)? And then I have a follow-up.

您向他們提供 2025 年的早期指示以及您將在投資者日討論的一些框架是有幫助的。我想現在可以分享一下 40 個規則框架嗎？您正在考慮的時間軸可能剛剛達到（聽不清楚）？然後我有一個後續行動。

I don't think we're in a position where we can share definitively when we're going to get to a Rule of 40 profile. I think just with the economic climate where it is and where we are as a business from an execution perspective, we know we have a lot of work to do, and we have a long way to go to get there. We're committed to getting there. We're accountable to getting there.

我認為，當我們要製定 40 條規則時，我們還無法明確地分享情況。我認為，從當前的經濟環境以及我們作為企業的執行角度來看，我們知道我們還有很多工作要做，而且要實現這一目標還有很長的路要走。我們致力於實現這一目標。我們有責任到達那裡。

And I think that the Board and the management team has made very clear, we're going to decisively take the actions we need to do in order to be there. When we look specifically at next year, really, we're thinking about and approaching in this as a transition year of sorts from a go-to-market perspective. And we're trying to get that done as fast as possible so that next year doesn't have as much of a ramp time to deal with for the reps that we're going to be adding.

我認為董事會和管理團隊已經非常明確地表示，我們將果斷地採取我們需要採取的行動來實現這一目標。當我們具體考慮明年時，實際上，我們正​​在從進入市場的角度考慮並將今年視為某種過渡年。我們正在努力盡快完成這項工作，這樣明年我們就不會需要太多的時間來處理我們要增加的代表。

And so when we look at next year, again, from a planning perspective, when we use that word carefully because that's not guidance. We're trying to share how we're thinking about numbers internally and how we're building our plans. We're exiting the year really well from a profit and a cash flow point of view. I think that we're going to be doing significantly better than, I think, where expectations are right now on profit and cash. We wanted to be clear about this on this call.

因此，當我們再次從規劃的角度審視明年時，我們會謹慎地使用這個詞，因為這不是指導。我們試圖分享我們如何在內部思考數字以及我們如何制定計劃。從利潤和現金流的角度來看，我們今年的表現非常好。我認為我們的表現將明顯優於目前對利潤和現金的預期。我們想在這次電話會議上明確說明這一點。

But we do think that the top line is going to be a little bit tight because we didn't get quite the growth that we wanted this year. And so I think next year, aiming for mid single-digit growth on a planning basis. We think there's a lot of routes to get there. But we want to get these changes done as quickly as we can so that we can get accelerating and then get to Rule of 40 as fast as we can in a balanced way.

但我們確實認為收入會有點緊張，因為今年我們沒有實現我們想要的成長。因此，我認為明年的目標是在規劃的基礎上實現中等個位數的成長。我們認為有很多路線可以到達那裡。但我們希望盡快完成這些改變，以便我們能夠加速，然後以平衡的方式盡快達到 40 法則。

That's very helpful. But that's what we look forward to the (inaudible) 2025 guidance and more details on the Investor Day. And I guess maybe just a follow-up on more of the near term on the restructuring. Could you quantify some of the rate impact on maybe GAAP or non-GAAP OpEx? And I think as you mentioned, there could be additional restructuring costs in 2025. Is that what you're thinking about in terms of further streamline the organization? Or is it all just part of the September 30 restructuring you've announced?

這非常有幫助。但這就是我們對（聽不清楚）2025 年指導和投資者日更多細節的期待。我想這可能只是近期重組的後續行動。您能否量化對 GAAP 或非 GAAP 營運支出的一些費率影響？我認為正如您所提到的，2025 年可能會產生額外的重組成本。這就是您在進一步精簡組織方面所考慮的嗎？或者這只是您 9 月 30 日宣布的重組的一部分？

Great question. So we had a number of different kind of one-time items on the quarter. We had a material gain on the debt restructuring that we announced actually. Within restructuring, it was a $9.9 million charge, of which $9.8 million of that related to stuff specifically within this restructuring. We had a tail from the restructuring that we took last year. Composition of that really is in, I'd say, four primary areas. There's a little bit of asset impairment that we took with respect to some capitalized software. There were some changes with leases.

很好的問題。因此，本季我們有許多不同類型的一次性產品。我們實際上宣布的債務重組獲得了實質收益。在重組中，費用為 990 萬美元，其中 980 萬美元與本次重組中的具體內容相關。去年的重組給我們留下了痕跡。我想說，它的組成實際上是在四個主要領域。我們對一些資本化軟體進行了一些資產減損。租約發生了一些變化。

We're looking to kind of really streamline and downsize where we think it makes sense. The use of our lease assets. We're also going to be making a pretty major effort, as we've talked about on previous calls, to consolidate our software environment and transformed. We're going to one consolidated CRM. It's a lot of the background stuff that goes with the integration of Feedonomics and other things we talked about.

我們希望在我們認為有意義的地方進行真正的精簡和縮小規模。我們租賃資產的使用。正如我們在之前的電話會議中談到的那樣，我們還將做出相當大的努力來鞏固我們的軟體環境並進行轉型。我們將採用一種整合的 CRM。這是與飼料經濟學和我們討論的其他內容的整合相關的許多背景內容。

The primary item related to severance related to the head count actions that we announced this morning. It is not complete. We still anticipate probably another potentially $3 million to $5 million worth of restructuring costs across 2025. But that's primarily related to non-headcount impacts remaining, whether that is as we take software out of use, if we have to buy out some contracts in order to deprecate some software, we have some additional changes we're anticipating on the real estate side of things, things like that.

與遣散費相關的主要項目與我們今天早上宣布的人員清點行動有關。它並不完整。我們仍預期 2025 年可能還會有價值 300 萬至 500 萬美元的重組成本。但這主要與剩餘的非人員影響有關，無論是我們停止使用軟體，還是如果我們必須買斷一些合約以棄用某些軟體，我們預計會對房地產做出一些額外的改變事物的側面，諸如此類的事情。

This concludes our question-and-answer session. I would now like to turn the conference back over to Travis as the CEO of the comThat's very helpful. But that's what we look forward to the (inaudible) 2025 guidance and more details on the Investor Day. And I guess maybe just a follow-up on more of the near term on the restructuring. Could you quantify some of the rate impact on maybe GAAP or non-GAAP OpEx? And I think as you mentioned, there could be additional restructuring costs in 2025. Is that what you're thinking about in terms of further streamline the organization? Or is it all just part of the September 30 restructuring you've announced?

我們的問答環節到此結束。我現在想將會議轉回給 Travis，作為 com 的首席執行官，這非常有幫助。但這就是我們對（聽不清楚）2025 年指導和投資者日更多細節的期待。我想這可能只是近期重組的後續行動。您能否量化對 GAAP 或非 GAAP 營運支出的一些費率影響？我認為正如您所提到的，2025 年可能會產生額外的重組成本。這就是您在進一步精簡組織方面所考慮的嗎？或者這只是您 9 月 30 日宣布的重組的一部分？

pany for any closing remarks.

本公司發表任何結束語。

Just wanted to thank everybody for attending and covering us today. I appreciate the questions. One last word, I want to again reiterate our commitment to the plans to growing top line, efficient revenue going forward, making material changes as quickly as possible, and I look forward to chatting with you next quarter.

只是想感謝大家今天出席並報道我們。我很欣賞這些問題。最後，我想再次重申我們對增加收入、提高未來收入、盡快做出實質改變的計劃的承諾，我期待下個季度與您交談。

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。