Commerce.com Inc (CMRC) 2024 Q4 法說會逐字稿

Good morning and welcome to Bigcommerce's fourth quarter and fiscal year 2024 earnings call. We will be discussing the results announced in our press release issued before today's market opens. With me are Bigcommerce's Chief Executive Officer, Travis Hess, and Chief Financial Officer, Daniel Lentz.

早安，歡迎參加 Bigcommerce 2024 財年第四季和財報電話會議。我們將在今天市場開盤前發布的新聞稿中討論宣布的結果。和我一起的是 Bigcommerce 的執行長 Travis Hess 和財務長 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. 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 first quarter of 2025 and the full year of 2025.

今天的電話會議將包含根據 1995 年私人證券訴訟改革法案的安全港規定做出的某些前瞻性陳述。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表現、財務狀況以及我們對 2025 年第一季和 2025 年全年的指導。

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 view at any subsequent date, and we do not undertake any duty to update these statements.

這些陳述可以透過諸如預期、預期、打算、計劃、相信、尋求、承諾、將或類似的詞語來識別。這些聲明僅反映我們截至今天的觀點，不應被視為代表我們在任何後續日期的觀點，並且我們也不承擔更新這些聲明的任何義務。

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.

前瞻性陳述本質上處理的是受風險和不確定因素影響的問題，這些風險和不確定因素可能導致實際結果與預期有重大差異。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 through 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. With that, let me turn the call over to Travis.

在電話會議中，我們還將討論某些未依照公認會計原則編製的非 GAAP 財務指標。透過最直接可比較的 GAAP 財務指標對這些非 GAAP 財務指標的調節，以及我們如何定義這些指標和其他指標，都包含在我們的收益新聞稿中，該新聞稿已提供給美國證券交易委員會 (SEC)，也可在我們的網站 investors.bigcommerce.com 上查閱。說完這些，讓我把電話轉給崔維斯。

Good morning, everyone and thank you for joining us today. I'm excited to share our progress and outline our plans for 2025. I joined Bigcommerce in May last year because I believe in its potential to lead modern commerce.

大家早安，感謝大家今天的參與。我很高興分享我們的進展並概述我們的 2025 年計劃。我於去年 5 月加入 Bigcommerce，因為我相信它有引領現代商業的潛力。

And when the board asked me to take on the CEO role, I was excited to lead the company and do just that. While we haven't yet achieved the growth this company is capable of, we're taking bold steps to improve our performance. Today, I'll focus on the specifics of those changes.

當董事會要求我擔任執行長一職時，我很高興能夠領導公司並做到這一點。雖然我們尚未實現公司應有的成長，但我們正在採取大膽的措施來提高我們的業績。今天，我將重點介紹這些變化的具體內容。

First, the numbers. We finished 2024 with non-GAAP operating income exceeding $19 million, a $25 million dollar improvement over 2023 and nearly double our original forecast. Our non-GAAP operating margin expanded by 767 basis points, and we generated $26 million in operating cash flow, a $50 million dollar improvement from last year.

首先，數字。到 2024 年，我們的非 GAAP 營業收入將超過 1,900 萬美元，比 2023 年增加 2,500 萬美元，幾乎是我們最初預測的兩倍。我們的非公認會計準則營業利潤率擴大了 767 個基點，並且產生了 2,600 萬美元的營業現金流，比去年增加了 5,000 萬美元。

We made these gains by cutting ineffective sales and marketing spend by reducing headcount approximately 10% and by focusing on high quality bookings with our customers. This last year was a reforming one. We made major changes to our management team, rearchitected our go to market organization, and implemented an operating model for profitable growth.

我們透過減少約 10% 的員工人數、削減無效的銷售和行銷支出以及專注於為客戶提供高品質的預訂，從而實現了這些收益。過去的一年是改革的一年。我們對管理團隊進行了重大調整，重新設計了市場組織，並實施了獲利成長的營運模式。

It was a year of progress but not nearly enough to meet our potential. We did not achieve our revenue growth targets, and that remains our number one priority today. We finished 2024 with $333 million in revenue, up 8% year-over-year. Our ARR ended at nearly $350 million, a 4% increase, and average revenue per enterprise account rose by 9%.

這是取得進步的一年，但還遠遠沒有發揮我們的潛力。我們未能實現收入成長目標，這仍然是我們今天的首要任務。2024 年，我們的營收為 3.33 億美元，年增 8%。我們的 ARR 最終達到近 3.5 億美元，成長了 4%，每個企業帳戶的平均收入成長了 9%。

We can and must do better. To get there, step one, we must improve the efficiency and the efficacy of our sales marketing, customer service, and strategic partnerships. This is crucial to unlock the company's full growth potential. Net revenue retention for enterprise accounts finished at 99%, which is below past performance and also below what I'm confident we can achieve.

我們能夠而且必須做得更好。為了實現這一目標，第一步，我們必須提高銷售行銷、客戶服務和策略合作夥伴關係的效率和效力。這對於釋放公司的全部成長潛力至關重要。企業帳戶的淨收入保留率為 99%，低於過去的表現，也低於我有信心我們能夠實現的目標。

Non-GAAP sales and marketing expenses were 36% of revenue, a notable improvement from 41% in 2023 and 46% in 2022. We want growth, but it has to be efficient, and the changes we have been implementing have set us up to do so. Now, I want to talk about the decisive actions we are taking in three key areas.

非公認會計準則銷售和行銷費用佔收入的 36%，較 2023 年的 41% 和 2022 年的 46% 有顯著改善。我們想要成長，但成長必須是高效的，我們正在實施的變革已經為我們實現了這一目標。現在我想講一下我們在三個重點領域所採取的果斷行動。

One, recruiting top leaders with staff and commerce expertise. Two, revamping our go to market organization, sales, marketing, strategic partnerships, customer success, and operations. Three, transforming our product and market positioning to drive growth. Let's address each.

一是招募具有員工和商業專業知識的高階領導者。二、改組我們的市場組織、銷售、行銷、策略夥伴關係、客戶成功與營運。三、轉變產品和市場定位，推動成長。讓我們逐一解決。

First, our leadership team. In the last few months, we've added exceptional leaders to drive Bigcommerce's next growth phase. Michelle Suzuki joined as Chief Marketing Officer in January, bringing expertise from glass box and instruction. Rob Walter joined as Chief Revenue Officer in late January, bringing extensive experience from Oro, Salesforce Commerce Cloud, and Channel Advisor.

首先，我們的領導團隊。在過去的幾個月裡，我們增添了傑出的領導者來推動 Bigcommerce 的下一個成長階段。米歇爾·鈴木 (Michelle Suzuki) 於一月份加入該公司擔任首席行銷官，帶來玻璃盒和指導方面的專業知識。羅布·沃爾特 (Rob Walter) 於一月底加入該公司擔任首席營收官，並帶來了 Oro、Salesforce Commerce Cloud 和 Channel Advisor 的豐富經驗。

Marcus Groff, our new SVP of engineering, joined in January from AWS and formally Salesforce Commerce Cloud and Demandware. And Tracy Turner, our new SVP of revenue operations, joined in November from Hootsuite. Together they bring expertise that will be instrumental in transforming our business.

我們新任工程資深副總裁 Marcus Groff 於一月份加入本公司，此前他曾在 AWS 任職，並曾在 Salesforce Commerce Cloud 和 Demandware 任職。我們新任營收營運資深副總裁 Tracy Turner 於 11 月從 Hootsuite 加入。他們共同帶來的專業知識將有助於我們業務的轉型。

Over the last year, we have replaced the majority of senior executive roles in our sales, marketing, operations, and customer success teams. The new team is in place and I'm excited about the talent and enthusiasm this team has brought to our transformation efforts.

在過去的一年裡，我們更換了銷售、行銷、營運和客戶成功團隊中的大多數高階管理職位。新的團隊已經到位，我對這個團隊為我們的轉型工作帶來的才華和熱情感到非常興奮。

Second, we have completely re architected our sales, marketing, strategic partnerships, customer success, and operations organizations. We have three owned products in our portfolio today, our flagship commerce product, BigCommerce, our AI-based product data feed management platform, Feedonomics, and our brand and commerce site builder and visual editor, Makeswift.

其次，我們徹底重新建構了我們的銷售、行銷、策略合作夥伴關係、客戶成功和營運組織。目前，我們的產品組合中有三種自有產品，即我們的旗艦商業產品 BigCommerce、我們的基於人工智慧的產品資料饋送管理平台 Feedonomics，以及我們的品牌和商業網站建立器和視覺化編輯器 Makeswift。

Prior to the fourth quarter of 2024, teams, systems, and operational processes for these three products functioned largely in separate silos. We have integrated all three products both operationally and commercially and have organized the teams around three offering groups B2C, B2B, and small business.

2024 年第四季之前，這三種產品的團隊、系統和營運流程基本上是在獨立的孤島中運作。我們在營運和商業上整合了這三種產品，並圍繞 B2C、B2B 和小型企業三個產品組組織了團隊。

We have a dedicated general manager over each of these three offerings, and our sales and marketing teams are now aligned with these offerings rather than exclusively by product. We are leveraging AI to enhance sales efficiency, enabling sellers and account managers to identify opportunities and create targeted outreach.

我們為這三種產品分別配備了一位專門的總經理，我們的銷售和行銷團隊現在與這些產品保持一致，而不只專注於產品。我們正在利用人工智慧來提高銷售效率，使賣家和客戶經理能夠發現機會並進行有針對性的拓展。

Specifically, AI analyzes customer and prospect attributes, use cases, patterns, and market needs, and aligns them to capabilities our products have in market. AI is also improving product support and core features from commerce site migration and development in big commerce to optimizing inventory availability, product data, and order routing and Feedonomics for more profitable and frictionless customer experiences.

具體來說，人工智慧會分析客戶和潛在客戶的屬性、用例、模式和市場需求，並將它們與我們的產品在市場上的能力結合。人工智慧也正在改進產品支援和核心功能，從商業站點遷移和大型商業開發到優化庫存可用性、產品數據、訂單路由和 Feedonomics，以獲得更有利可圖和無摩擦的客戶體驗。

In short, by predicting what our customers want and what barriers they may be facing in their particular market or segment, AI is enabling us to service them better, faster, and less expensively. We're ramping up our sales team, adding experience B2C and B2B sellers to target key opportunities and increasing the number of account managers to drive expansion among our existing customers.

簡而言之，透過預測客戶的需求以及他們在特定市場或領域可能面臨的障礙，人工智慧使我們能夠更好、更快、更便宜地為他們提供服務。我們正在擴大我們的銷售團隊，增加經驗豐富的 B2C 和 B2B 賣家以瞄準關鍵機會，並增加客戶經理的數量以推動我們現有客戶的擴張。

We are on track to double our quota carrying sales team by mid 2025. Finally, we are transforming our product and market positioning. The recent launch of Catalyst at the National Retail Federation conference in New York in January is a prime example.

我們的目標是到 2025 年中期將銷售團隊的配額擴大一倍。最後，我們正在轉變我們的產品和市場定位。Catalyst 在一月份紐約全國零售聯合會會議上的發布就是一個典型的例子。

Catalyst is our accelerated reference architecture which leverages best in class components and tech partners, taking advantage of the scale and agility of composability at a fraction of the cost, time, and complexity typically associated with composable architectures.

Catalyst 是我們加速的參考架構，它利用一流的元件和技術合作夥伴，利用可組合性的規模和靈活性，而成本、時間和複雜性僅為可組合架構通常所需的一小部分。

This means robust capabilities, scale, and industry leading agility for brands, retailers, manufacturers, and distributors with significantly reduced total cost of ownership. Catalyst also provides best in class visual editing via Makeswift for business users and marketers without the need of developers.

這意味著品牌、零售商、製造商和分銷商將擁有強大的能力、規模和行業領先的靈活性，同時顯著降低整體擁有成本。Catalyst 還透過 Makeswift 為商業用戶和行銷人員提供一流的視覺化編輯，無需開發人員。

We are planning a hosted version of Catalyst later this year, which will also include a self-service version of Feedonomics targeted at lower mid-market and small business B2C and B2B customers. The overall response from customers, partners, and commerce industry analysts has been overwhelmingly positive, and we plan to introduce more bundled solutions like Catalyst in 2025 tailored to specific markets and industries.

我們計劃在今年稍後推出 Catalyst 的託管版本，其中還將包括針對中低階市場和小型企業 B2C 和 B2B 客戶的 Feedonomics 自助服務版本。客戶、合作夥伴和商業產業分析師的整體反應非常積極，我們計劃在 2025 年推出更多針對特定市場和產業的捆綁解決方案，例如 Catalyst。

As we move into 2025, we remain committed to our three strategic priorities. One, re-accelerating revenue growth profitably, our top priority. Two, operate with discipline and focus, eliminating non-core initiatives to drive long-term growth. And three, execute our sales and marketing transformation. We've set the strategy, aligned the teams, and recruited critical leaders. Now it's time to deliver.

隨著我們邁入 2025 年，我們將繼續致力於三大戰略重點。第一，重新加速獲利收入成長，這是我們的首要任務。二是嚴謹經營，聚焦重點，剔除非核心舉措，推動長期成長。第三，實現銷售和行銷轉型。我們制定了策略、協調了團隊並招募了關鍵領導者。現在到了交貨的時候了。

Transformations are challenging, but I believe in Bigcommerce's potential to lead the future of commerce. We have the right team, a differentiated approach, and an immense market opportunity. I remain confident in our path forward, and I'm excited to continue this journey with all of you. With that, I'll turn it over to Daniel.

轉型充滿挑戰，但我相信 Bigcommerce 有潛力引領商業的未來。我們擁有優秀的團隊、差異化的方法和巨大的市場機會。我對我們前進的道路充滿信心，並且很高興與大家一起繼續這段旅程。說完這些，我會把話題交給丹尼爾。

Thank you, Travis, and good morning everyone. I'm pleased to walk through our Q4 and full year 2024 financial results, highlight key progress areas, and outline our 2025 expectations. In Q4 we delivered revenue growth in line with expectations and significantly outperformed on profitability. Q4 revenue reached $87 million, up 3% year-over-year, while full year revenue grew 8% to $333 million.

謝謝你，崔維斯，大家早安。我很高興介紹我們 2024 年第四季和全年的財務業績，重點介紹關鍵進展領域，並概述我們對 2025 年的期望。第四季度，我們的營收成長符合預期，獲利能力也大幅超越預期。第四季營收達 8,700 萬美元，年增 3%，全年營收成長 8% 至 3.33 億美元。

Non-GAAP operating income, which excludes stock-based compensation, restructuring costs, acquisition-related costs, and amortization of intangible assets, was just over $10 million in Q4 and $19 million for the year, a strong improvement from $5 million in Q4 2023, and a $6 million dollar loss for the full year 2023.

非公認會計準則營業收入（不包括股票薪酬、重組成本、收購相關成本和無形資產攤銷）在第四季度略高於 1,000 萬美元，全年為 1,900 萬美元，較 2023 年第四季的 500 萬美元和 2023 年全年的 600 萬美元虧損有大幅改善。

Our non-GAAP operating margin improved to nearly 6% in 2024, up from negative 2% in 2023 and negative 17% in 2022. Cash flow also improved meaningfully. Operating cash flow hit $12 million in Q4 and $26 million for the year, a $50 million swing from 2023's $24 million dollar loss.

我們的非 GAAP 營業利潤率從 2023 年的負 2% 和 2022 年的負 17% 上升至 2024 年的近 6%。現金流也顯著改善。第四季營運現金流達 1,200 萬美元，全年營運現金流達 2,600 萬美元，較 2023 年的 2,400 萬美元虧損大幅增加 5,000 萬美元。

We reduced stock-based compensation as a percentage of revenue by 254 basis points for the full year, and we'll continue prioritizing minimal net dilution in our equity program. For the 12 months ended, basic shares outstanding were$ 77.6 million, up 3% year-over-year, and fully diluted shares outstanding were $79.5 million down 4% year-over-year.

我們將全年股票薪酬佔收入的百分比降低了 254 個基點，並且我們將繼續在股權計劃中優先考慮最小淨稀釋。截至 12 個月，基本流通股為 7,760 萬美元，較上年同期成長 3%，完全稀釋流通股數為 7,950 萬美元，較上年同期下降 4%。

We closed Q4 with annual revenue run rate, or ARR of nearly$ 350 million at 4% year-over-year. Enterprise ARR grew 7% to $262 million, now representing 75% of total company ARR. Non-Enterprise ARR declined 4% to $88 million. Profitable revenue growth remains our top priority, and 2024 marked a transformation across the business.

我們第四季的年營收運行率（ARR）接近 3.5 億美元，較去年同期成長 4%。企業 ARR 成長 7% 至 2.62 億美元，占公司 ARR 總額的 75%。非企業 ARR 下降 4% 至 8,800 萬美元。獲利性收入成長仍然是我們的首要任務，2024年標誌著整個業務的轉型。

We instilled greater discipline and rigor, delivering significant improvements in profitability and cash flow. We streamlined operations, restructured go to market teams, and reduced headcount by approximately 10% as of the end of the year.

我們灌輸了更嚴格的紀律和嚴謹性，顯著提高了獲利能力和現金流。我們精簡了營運流程，重組了市場團隊，截至年底的員工人數減少了約 10％。

We also repurchased a portion of our 2026 convertible notes by an additional $59 million in early Q1 2025, leaving us with $154.1 million in total convertible debt, $4.1 million maturing in 2026 and $150 million maturing in 2028, and $126 million in cash equivalents and marketable securities after these repurchases.

我們也在 2025 年第一季初回購了部分 2026 年可轉換票據，金額為 5,900 萬美元，回購後，我們的可轉換債務總額為 1.541 億美元，其中 410 萬美元將於 2026 年到期，1.5 億美元將於 2028 年到期，現金等價物和有價物為 2.6 億美元。

Net debt now stands at roughly $28 million. Our financial position is strong, and our outlook supports servicing and repaying this debt. For Q1 2025, we expect revenue of $81.2 million to $83.2 million. We expect non-GAAP operating income of $4 million to $5 million. For the full year 2025, we expect revenue of $342.1 million to $350.1 million and non-GAAP operating income of $20 million to $24 million.

目前淨債務約2800萬美元。我們的財務狀況強勁，我們的前景支持償還這筆債務。對於 2025 年第一季度，我們預計營收為 8,120 萬美元至 8,320 萬美元。我們預計非 GAAP 營業收入為 400 萬至 500 萬美元。對於 2025 年全年，我們預計收入為 3.421 億美元至 3.501 億美元，非 GAAP 營業收入為 2,000 萬美元至 2,400 萬美元。

While we expect an improving pipeline as a result of our go to market adjustments and new hires, early 2025 growth will likely mirror Q4 2024 as our transformation actions take root. We are targeting mid single digit growth rates for the full year with ARR growth gradually accelerating. We're pleased with our better-than-expected margin expansion in Q4 and are aiming for additional low to mid single digit operating margin expansion in 2025.

雖然我們預計，隨著市場調整和新員工招聘，產品線將不斷改善，但隨著轉型行動紮根，2025 年初的成長可能會與 2024 年第四季的成長相似。我們的目標是全年實現中等個位數的成長率，並且 ARR 成長將逐步加速。我們對第四季利潤率成長優於預期感到滿意，並計劃在 2025 年實現額外的低至中等個位數的營業利潤率成長。

We plan to reinvest where ROI is strong, balancing continued margin expansion and re-accelerating revenue growth. Our outlook assumes consumer spending and business investment trends remain consistent with 2024. Given macroeconomic uncertainties, we're taking a conservative stance, but to be clear, we are not satisfied with these projected growth rates.

我們計劃在投資報酬率較高的領域進行再投資，以平衡持續的利潤率擴張和重新加速的收入成長。我們的展望假設消費者支出和商業投資趨勢與 2024 年保持一致。鑑於宏觀經濟的不確定性，我們採取保守的立場，但需要明確的是，我們對這些預期的成長率並不滿意。

Transformations like the one we are undertaking take time, but we are laser focused on unlocking this company's full potential and excited about what lies ahead. I look forward to sharing more at our investor day in New York on March 11. Operator, let's move to Q&A.

我們正在進行的轉型需要時間，但我們專注於釋放公司的全部潛力，並對未來充滿期待。我期待在 3 月 11 日紐約投資者日上分享更多內容。接線員，我們進入問答環節。

(Operator Instructions)

（操作員指令）

Ken Wong, Oppenheimer

奧本海默

Time to execute. Realizing that revenue will lag some of the progress you make, any key kind of benchmarks, KPIs that you would steer us to kind of gauge success and any thoughts on a timeline for when we might see some of these improvements?

執行時間。您意識到收入會落後於您所取得的一些進展，您會引導我們以任何關鍵的基準、KPI 來衡量成功，以及對我們何時可以看到這些改進的時間表有什麼想法？

Hey Ken, I apologize. You broke up at the beginning part of your question. Would you mind repeating that for us?

嘿，肯，我很抱歉。你在問題的開頭就分手了。您介意為我們重複一遍嗎？

Yeah, I was just saying that you mentioned that it's now time to execute now that you have leadership in place. Just wondering kind of -- what are the right KPIs, the goalposts that we should be keeping an eye on to gauge that success and what that timeline could look like before we start to see some of those improvements?

是的，我剛才說，你提到現在領導已經到位，是時候執行了。只是想知道——什麼是正確的 KPI，我們應該專注於哪些目標來衡量成功，以及在我們開始看到一些改進之前的時間表？

Hey Ken, thanks for the question. Yeah, I think the leading indicator initially is going to be obviously pipeline and quality of pipeline year-over-year, quarter-over-quarter. We're starting to see some of those signs now as we've kind of articulated in previous earnings, we would expect that to translate into improved bookings, obviously, and expect that to hit kind of halfway through the year.

嘿，Ken，謝謝你的提問。是的，我認為最初的領先指標顯然是同比、環比的管道和管道品質。我們現在開始看到一些跡象，正如我們在先前的收益中所表達的那樣，我們預計這將轉化為預訂量的改善，顯然，我們預計這將在今年中期達到。

But yeah, the infrastructure is in place. External messaging is going to start changing here first in probably mid-March around the shop talk show. And we think that will help accelerate obviously pipeline, but pipeline would be the first leading indicator of efficacy.

但是，是的，基礎設施已經到位。外部訊息傳遞將首先在三月中旬圍繞商店脫口秀節目開始改變。我們認為這顯然有助於加速管道建設，但管道建設將是療效的第一個領先指標。

One thing I would add onto that, Ken, is just from a metrics point of view as we go throughout the year, we're going to spend a fair amount of time talking about where we are both in a revenue growth ate but also in an ARR growth rate. We're being pretty deliberate in the commentary that we're putting out there about where we see pace of acceleration.

肯，我想補充一點，從指標的角度來看，隨著全年的推進，我們將花費大量時間來討論我們的收入成長率以及 ARR 成長率。我們在發表有關加速步伐的評論時非常謹慎。

We expect to see modest acceleration across the year. We'd like to see ARR growth rates tipping slightly ahead of revenue, which we think from a metrics perspective is going to be. The best leading indicator that we'll be able to talk about on calls internally first focus is pipeline, and I think everything else will flow out from there.

我們預計全年將出現溫和加​​速。我們希望看到 ARR 成長率略高於收入成長率，從指標角度來看我們認為將會如此。我們在內部電話會議上能夠討論的最佳領先指標首先是管道，我認為其他一切都將從那裡流出。

But as we said, we expect the front half of the year to look fairly similar to what we saw in Q4 as we kind of finish the last pieces on transformation. We're in full execution mode at this point. We just expect it to take, a few months as we execute this and start getting the pipeline build that we want to see.

但正如我們所說的，我們預計今年上半年的情況將與第四季的情況非常相似，因為我們已經完成了轉型的最後階段。目前我們已進入全面執行模式。我們只是預計這將需要幾個月的時間來完成，並開始建立我們希望看到的管道。

Perfect. And then just a quick follow up for you, Daniel. The operating margin you guys are guiding kind of roughly consistent with where you closed out this '24 as we as we think about the path forward is -- Will we need revenue upside in order to see further margin expansion?

完美的。然後我只想快速跟進一下你的情況，丹尼爾。你們所指導的營業利潤率與你們 24 財年的水平大致一致，當我們思考未來的道路時，我們是否需要收入上漲才能看到利潤率進一步擴大？

A great question. The end point we're aiming for from a profitability perspective in 2025 is exactly where we were expecting and planning when we had our last earnings call. The only thing that's a little different from a growth rate perspective is that we brought forward some of the improvements that we wanted to make ahead early into Q4.

很好的問題。從獲利角度來看，我們所瞄準的 2025 年最終目標正是我們上次財報電話會議時的預期和計劃。從成長率的角度來看，唯一略有不同的是，我們提前提出了一些我們希望在第四季初期實現的改進。

So, we just got to some of those improvements a little earlier than we expected. I don't think that we need to see material revenue growth beyond what we're guiding in order to get to the margin expansion that we're talking about. I think if we end up eating, beating the guidance that we're talking about, I think that gives us upside on margin expansion,

因此，我們比預期稍早一些取得了一些改進。我認為，我們不需要看到超出我們預期的實際收入成長就能達到我們所說的利潤率擴張。我認為，如果我們最終實現預期目標，這將為我們帶來利潤率的提升。

but we're also pretty deliberate to call out that our priority this year is re-accelerating our growth rates. We want to show balance in that and healthy margin expansion at the same time, but with -- as we are starting to see building pipelines, strong ROI on our sales and marketing investments, we intend to reinvest some of that growth back into further growth rate acceleration, but doing it in a prudent way so that we still see the type of margin expansion that we've called out in our guidance.

但我們也非常慎重地指出，我們今年的首要任務是重新加快我們的成長率。我們希望在這兩者之間取得平衡，同時實現健康的利潤率擴張，但是隨著我們開始看到渠道建設、銷售和營銷投資的強勁投資回報率，我們打算將部分增長重新投資於進一步的增長率加速，但會以審慎的方式進行，以便我們仍然看到我們在指引中所呼籲的利潤率擴張類型。

Perfect. Thanks a lot, guys.

完美的。非常感謝大家。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Yeah, hey guys, thanks so much for taking the questions. I wanted to ask a question on sales capacity. I think in the prepared remarks you said. You're on track to double your quota sales team by mid 2025. So, o my first thought there was that that really sounds like it's a 2026 event with those new quota carrying reps from a pipeline conversion perspective.

是的，嘿夥計們，非常感謝你們回答這些問題。我想問一個關於銷售能力的問題。我認為您在準備好的發言中已經說過了。您的目標是到 2025 年中期將配額銷售團隊擴大一倍。所以，我的第一個想法是，從管道轉換的角度來看，這聽起來真的像是 2026 年的事件，有新的配額承載代表。

So, the question here is how to think about sales capacity ramp to pipeline creation and then conversion with your with your sales team going forward?

所以，這裡的問題是，如何考慮銷售能力的提升、通路的建立，以及與您的銷售團隊未來的轉換？

Yeah, great question. It's actually fully loaded; I think I mentioned in last earnings. We started with the reorganization with folks that had internal experience and tenure here for exactly that purpose to obviously shrink the ramp time. We've also been leveraging a ton of AI as it relates to training and enablement, which has been wildly surprising and how effective that's been, not only enabling folks cross selling products that

是的，很好的問題。它實際上已經滿載了；我想我在上次的收入中提到過。我們首先對擁有內部經驗和任職期限的人員進行重組，目的顯然是為了縮短啟動時間。我們也利用了大量人工智慧來進行培訓和賦能，這非常令人驚訝，而且效果非常好，不僅能讓人們交叉銷售產品，

maybe they didn't have previous experience with, but also as we onboard folks just making it a bit more effective and accelerated as we onboard them. But this was all planned and I'll let Daniel add some color here but was fully loaded. I would not expect this to trail into 2026. This was all deliberately done to go drive efficacy in H2 of this year. Yeah.

他們之前可能沒有這方面的經驗，但是當我們招募員工時，我們可以讓他們的招募過程更有效率、更快速。但這一切都是計劃好的，我會讓丹尼爾在這裡添加一些顏色，但卻滿載了。我預計這種情況不會持續到 2026 年。這一切都是為了提高今年下半年的效率而刻意為之。是的。

What I would add to that from a timing perspective, the vast majority of the resources that we're adding to roughly double capacity, that is already complete. Matter of fact, it was largely complete by the end of Q4. We still have some trailing roles that we're going to be recruiting in some cases specific to B2B and B2C, where we're bringing in a lot of expertise in those areas that we think is going to be really good for growth.

我想從時間角度補充一點，我們為使產能增加一倍而增加的絕大部分資源已經完成。事實上，到第四季末它已基本完成。我們仍有一些待招聘的職位，在某些情況下，我們將專門針對 B2B 和 B2C 進行招聘，我們將在這些領域引進大量我們認為對成長非常有利的專業知識。

But we base the timing of the hiring plans such that we expect to see acceleration in the back half of the year and we're really aiming for acceleration that shows a strong rule of 40 profile as we're exiting the year. It's not going to be where we think the business is capable on a going basis, but we think we can show signs of progress.

但是，我們制定招聘計劃的時間是基於我們預計在下半年會出現加速，我們真正的目標是在年底時實現強勁的 40 規則加速。我們認為這不會達到業務持續發展的能力，但我們認為我們可以顯示出進步的跡象。

But it's not such that capacity gets ramped up by the end of Q2, and then you've got another two quarters of ramp after that. We're going through that ramp period now such that we feel we can start building momentum in the back half of this year.

但這並不意味著產能在第二季末就會增加，然後再經歷另外兩季的增加。我們現在正處於成長期，我們覺得我們可以在今年下半年開始累積動力。

Got it. That is very helpful. Thank you for that. And just to follow up here on the guidance, how should we be thinking about tariff risk? Maybe not so much on PSR volumes, but more so on customer spending priorities. So, what sort of considerations are in place in the guide to account for potential tariff risks?

知道了。這非常有幫助。謝謝你。為了跟進指導，我們應該如何考慮關稅風險？也許 PSR 數量的影響並不大，但客戶的支出優先順序更大。那麼，指南中做了哪些考慮來應對潛在的關稅風險呢？

I wouldn't make it a specific tariff risk from my point of view, at least, I would just say that contributes to our overall conservatism from a macroeconomic point of view. There's a lot of things that are in flight right now that are in motion on the macro side of things. That's part of why we called out in our prepared remarks.

從我的角度來看，我不會將其視為特定的關稅風險，至少，我只會說，從宏觀經濟的角度來看，這有助於我們的整體保守主義。目前，有很多事情正在宏觀層面上進行。這就是我們在準備好的發言中提出這一點的原因之一。

We're taking a conservative view and saying we're expecting 2024 to look similar to 2025. I'm sorry for the reverse, we expect "25 to look similar to 2024. That said, we are seeing encouraging signs of optimism within the prospect community.

我們持保守觀點，預計 2024 年的情況將與 2025 年相似。很抱歉出現相反的情況，我們預期 2025 年與 2024 年類似。儘管如此，我們在潛在客戶群中看到了令人鼓舞的樂觀跡象。

We're seeing deals that went on pause shortly after the pandemic that have started to come back, especially some larger deals. So, I would say we're taking a cautiously optimistic view, but we think it's reasonable and prudent for the exact reasons that you cited to just not get ahead of our skis from a tailwind perspective in building out our outlook and plans for the year.

我們發現，疫情爆發後不久暫停的交易已經開始恢復，特別是一些較大的交易。因此，我想說我們持謹慎樂觀的態度，但我們認為，出於您提到的確切原因，在製定今年的展望和計劃時，不要從順風角度超越我們的滑雪板，這是合理和謹慎的。

Thanks, Daniel. Thanks guys for taking the questions.

謝謝，丹尼爾。感謝大家回答問題。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

Hey, good morning guys. So, Travis, you've had a couple of questions on direct sales investments. Let me take the other side of that and ask about partners. How has the engagement been with those folks as you've kind of reshuffled the leadership team and what are they asking for from Bigcommerce?

嘿，大家早安。那麼，崔維斯，你對直銷投資有幾個疑問。讓我從另一個角度詢問有關合作夥伴的問題。在您對領導團隊進行改組後，與這些人的互動如何？ 他們對 Bigcommerce 有何要求？

Yeah, it's a great question. It, it's been very bullish on the partner side, obviously leading with composability by definition is in accepting the fact that more disruption and innovation will come by way of third-party ISVs and partners.

是的，這是一個很好的問題。它對合作夥伴方面非常看好，顯然以可組合性為主導的定義就是接受這樣一個事實，即更多的顛覆和創新將透過第三方 ISV 和合作夥伴實現。

And so, our job is really to make the ingestion of those capabilities easier, more consumable operationally, technically, commercially, and so I think it's enriched a lot of those partnerships now, as I alluded to in last earnings, we're going to be way more focused about who we double down with.

因此，我們的工作實際上是讓這些功能的吸收變得更容易，在營運、技術和商業上更具可利用性，所以我認為它現在豐富了很多合作夥伴關係，正如我在上次收益中提到的那樣，我們將更加關注與誰加倍努力。

So, we've seen an intentional sort of concentration on both the agency and GSI side as to where we're partnering up as well as the ISB side. So that's probably been the most material change, and I think to the extent we're going deeper and more credibly with them. The response thus far has been really positive, and I would continue to lean into that going forward as well.

因此，我們看到代理商和 GSI 方面以及 ISB 方面有意集中精力進行合作。所以這可能是最實質的變化，而且我認為我們與他們合作得更深入，也更可信。到目前為止的反應非常積極，我將繼續保持這種勢頭。

Yeah, got it. Okay. And then Daniel, what's the right threshold for enterprise NRR in your view and what needs to happen to get you there?

嗯，明白了。好的。然後丹尼爾，您認為企業 NRR 的正確門檻是多少，需要做什麼才能達到這個門檻？

Everything that we are doing from a transformation perspective ultimately is designed to bring NRR to levels that we think are best in class and where the business is capable of. Results in 2024 were very similar to 2023 and not where we need to be as a business. During the pandemic years we kind of averaged, I think, 113% roughly in NRR.

從轉型角度來看，我們所做的一切最終都是為了將 NRR 提升到我們認為的一流水平以及業務所能達到的水平。2024 年的結果與 2023 年的結果非常相似，並沒有達到我們企業所需的水平。在疫情期間，我們的 NRR 平均值約為 113%。

I think it's going to take us some time to get back there, but if you look at the investments that we're making in product. the leaning in on additional ways to bring monetization paths to our base, whether that's a self-serve version of Feedonomics, looking at what we're doing with Bundling, MakeSWwift looking at what we're doing with payments and checkout sack. We'll talk about a lot of these things in more detail when we get to our investor day.

我認為我們需要一些時間才能回到那個狀態，但如果你看看我們在產品方面所做的投資。傾向於透過其他方式為我們的基地帶來貨幣化途徑，無論是 Feedonomics 的自助版本，還是研究我們在捆綁方面所做的事情，MakeSWwift 都在研究我們在支付和結帳方面所做的事情。當我們迎來投資者日時，我們會更詳細地討論這些事情。

And I think that all of those things can provide tailwind to NRR in a way that raises the floor growth rate of the business and ultimately yields a lot better profitability as well. And again, this is a lot of things we want to cover in detail in New York next month. We have a lot of things that are in motion that we're excited to share at that point. Yeah.

我認為所有這些都可以為 NRR 提供順風，從而提高業務的最低成長率，並最終帶來更好的獲利能力。再次強調，我們想在下個月的紐約會議上詳細報導很多事情。我們有很多事情正在進行中，我們很高興能在那時與大家分享。是的。

Look forward to that event. Thank you, guys.

期待該活動。謝謝你們。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Hey guys, thanks for taking the question this morning. Daniel, you referenced ARR as being the sort of guidepost for you into this year and expecting it to track ahead of overall revenue growth. Looking at that non-enterprise piece declining, exiting the quarter, what is the expectation around that in the framework of your commentary for the first half of the year?

嘿夥計們，感謝你們今天早上回答這個問題。丹尼爾，您提到 ARR 是您今年的指導方針，並預計它能夠領先整體收入成長。看看非企業部分的下滑，退出本季度，在您對今年上半年的評論框架中，對此有何預期？

I expect the non-enterprise or small business portion of our business to be relatively flat on a full year basis. There's a lot of things we're looking at and growth factors in that part of the business. A self-serve version of economics as an example is very much focused actually on small business customers and mid-market customers, some of which happen to be buying enterprise plans, but many of which do not.

我預計，我們業務的非企業或小型企業部分將全年保持相對穩定。我們正在關注該部分業務的許多方面和成長因素。以自助式經濟學為例，它實際上主要關注小型企業客戶和中型市場客戶，其中一些恰好購買了企業計劃，但許多卻沒有。

When we look at where we are from a pipeline perspective, we expect that to be flat, maybe slightly down in the half of the year. We're aiming for that to be largely flat on a full year basis. The priority for us remains moving up market and focusing on enterprise accounts, but we think that we have a lot of room to stabilize and then further grow that portion of the business over time. We have tens of thousands of small business customers, and we really want to find ways to expand that further.

當我們從管道角度來看我們所處的位置時，我們預計它會持平，也許在半年內會略有下降。我們的目標是使全年數字基本持平。我們的首要任務仍然是開拓高端市場並專注於企業帳戶，但我們認為我們還有很大的空間來穩定這一部分業務，然後隨著時間的推移進一步成長這一部分業務。我們擁有數以萬計的小型企業客戶，我們確實希望找到進一步擴大客戶群的方法。

Yeah, I would say just to add some color on that. I think self-service Feedonomics, Makeswift in particular are two meaningful ways we feel could drive end payment. A potentially meaningful ways to drive more wallet share and more differentiation for that particular segment.

是的，我想說的只是為此添加一些色彩。我認為自助式 Feedonomics 和 Makeswift 是我們認為可以推動終端支付的兩種有意義的方式。這是一種具有潛在意義的方法，可以為特定細分市場帶來更多的錢包份額和更多的差異化。

A target for that is probably mid-year, maybe into Q3, and so we're being a little conservative in how the excitement level there of how much that's going to impact, especially with holiday season kind of coming up shortly thereafter,

目標可能是在年中，也許是第三季度，因此，對於這將產生多大影響，我們持保守態度，尤其是考慮到假期即將到來。

but I think longer term certainly an important part of our base but also recognizing that there's an opportunity to add a tremendous amount of value there for that core customer base and widen our TAM and create a bit more stickiness with the existing install base in small business.

但我認為從長期來看，這無疑是我們基礎的重要組成部分，同時也認識到有機會為核心客戶群增加巨大的價值，擴大我們的 TAM，並與現有的小型企業安裝基礎建立更多的黏性。

Understood. Thanks for the feedback there. And then Travis, quick one for you. On the strategic priorities you did reference operating with discipline and focus, maybe eliminating other non-core initiatives. Have there been things that you've identified that you'll continue to deemphasize throughout this year or is a lot of that work largely been done here and we should think about this as being more of a clean slate approach as we progress through '25.

明白了。感謝您的回饋。然後是崔維斯，給你一個快速答案。關於策略重點，您確實提到要嚴守紀律、集中精力，或許還要消除其他非核心舉措。您是否已經確定有些事情您會在今年繼續淡化，還是說很多工作已經基本完成了，而我們應該將其視為一種在 25 年期間從頭開始的方法。

Very much a clean slate. I think Q1 will be the last of sort of some of the cleanup. We had a couple of sort of initiatives that probably don't align to the longer term vision, not that they were deleterious to the business, but certainly preventing us from from leaning more aggressively into things we feel mapped to our ideal customer profiles and our differentiation and market. So, I think the goal was to have that wrapped up by end of Q1 and a clean slate.

完全重新開始。我認為第一季將是最後一次清理工作。我們採取了一些舉措，可能與長期願景不符，但這並不會損害業務，但肯定會阻礙我們更積極地傾向於我們認為與理想客戶檔案以及我們的差異化和市場相匹配的事情。因此，我認為目標是在第一季末之前完成這項工作並創建一個新的開始。

Got it. Thanks again guys.

知道了。再次感謝大家。

Maddie Schrage, KeyBanc

Maddie Schrage，KeyBanc

Hey guys, thanks for taking the question. My first one's touching on sales and marketing efficiencies again. Could you give some specifics about what areas you cut to improve efficiencies and if you're taking those savings and putting those into the quota bearing reps that you added this year, thanks.

嘿夥計們，謝謝你們回答這個問題。我的第一個問題再次涉及銷售和行銷效率。您能否具體說明您削減了哪些領域以提高效率，以及您是否將這些節省的資金投入到今年增加的配額代表中，謝謝。

Great question. Philosophically, we architected that entire marketing organization and in parallel re-centralized it more into a matrix model as opposed to running it compartmentally within region, which was an opportunity to decrease some duplicity and efforts and costs, certainly organically and at the same time, kind of level set best in class standards that we can then scale on matrix globally.

好問題。從哲學上講，我們設計了整個行銷組織，同時將其重新集中到矩陣模型中，而不是在區域內分段運行，這是一個減少重複、努力和成本的機會，當然是有機的，同時，在某種程度上，我們設定了最佳的標準，然後我們可以在全球範圍內擴展矩陣。

That was part of Michelle's vision as well, kind of coming in and kind of a key requirement of that criterion. So, that was probably philosophically the biggest thing that we did on the back-office side around data and there's still in-flight stuff around duplicity around CRMs and things like that we've talked about as part of our broader systems transformation,

這也是米歇爾願景的一部分，有點像是標準的關鍵要求。所以，從哲學角度來說，這可能是我們在數據後台方面所做的最大一件事，而且我們仍在討論 CRM 方面的重複性問題以及我們在更廣泛的系統轉型過程中討論過的問題，

but being really deliberate and focused of integrating all three product marketing teams within one group, having a single source of truth, and really driving the business very objectively off of the metrics as opposed to in theory, operating a bit more in arrears in our kind of our legacy state. By the time we kind of saw what we were doing, it was kind of a quarter late. We're in a much better position now to react in real time, and I'll let Daniel add any additional color.

但真正刻意並專注於將所有三個產品行銷團隊整合到一個團隊中，擁有單一事實來源，並真正根據指標非常客觀地推動業務發展，而不是在理論上，在我們傳統狀態下運作得稍微有點拖欠。當我們看到自己所做的事情時，已經晚了四分之一了。我們現在能夠更好地即時做出反應，我會讓丹尼爾添加任何額外的內容。

Yeah, Maddie, I could give you two specific examples of changes we've made specifically on the spend side as well. First, from an events perspective, we've been doing many events. Sometimes smaller events with really high frequency, we're reducing the absolute number of events that we're doing so that we can really double down on presence and resonance in a fewer number of much larger events which we think just gets better scale and pipeline build for the dollars we're putting in.

是的，Maddie，我可以給你舉兩個具體例子，說明我們在支出上所做的改變。首先，從活動的角度來看，我們已經舉辦了許多活動。有時，對於舉辦頻率很高的小型活動，我們會減少舉辦活動的絕對數量，這樣我們就可以在更少數量的大型活動中加倍存在感和共鳴，我們認為，這樣才能以我們投入的資金獲得更好的規模和渠道建設。

Another example I would throw out there is even on our relationships with partners and the GSI community. Our program in the past really focused on having a referral generation from a really large group of partners. We've changed the way that program is really set up to encourage depth of relationship with maybe a slightly smaller number of partners, but really rewarding the partners that are delivering the best

我要舉的另一個例子是我們與合作夥伴和 GSI 社群的關係。我們過去的計劃真正注重的是從大量合作夥伴那裡獲得推薦。我們改變了該計劃的設置方式，鼓勵與可能數量略少的合作夥伴建立深厚的關係，但真正獎勵那些表現最好的合作夥伴

implementations and ongoing experience with our customers so that we're generating better leads and sending more referral commissions, frankly, to the agencies that are making our customers the most successful. I could give you other examples as well, but these things, they're not dramatic cuts. They're more like reorientations that allow us to have better efficacy at ultimately a smaller dollar amount. Yeah.

實施和持續與客戶合作的經驗，以便我們能夠產生更好的潛在客戶，並向那些幫助我們的客戶取得最大成功的代理商發送更多的推薦佣金。我也可以給你其他的例子，但這些都不是大幅削減。它們更像是重新定位，讓我們能夠以更少的花費獲得更好的效果。是的。

I'll add one last bit of color on the partnership side too. I think because of the depth of those partnerships and how material they are to our strategic approach around composability, I and we'll talk more about this at our investor day in New York.

我也會就合作方面添加最後一點內容。我認為，由於這些合作關係的深度以及它們對我們可組合性策略方針的重要性，我將在紐約投資者日上進一步討論這個問題。

We're able to share some of those costs around MDF and other sort of not only outreach but triangulation around accounts and targeted accounts and events to actually have a lot of those partners help subsidize some of those costs while also driving additional efficacy, which was something that we just weren't able to take advantage of in the past.

我們能夠分擔 MDF 和其他類型的成本，不僅是外展，還有圍繞帳戶和目標帳戶和活動的三角測量，以便讓許多合作夥伴真正幫助補貼部分成本，同時提高額外的效率，這是我們過去無法利用的。

So, that's allowing us to be more effective with less cost and investment there. That's helpful.

因此，這使我們能夠以更少的成本和投資獲得更高的效率。這很有幫助。

Yeah, very helpful, and I think obviously that should add some crossbow motion as well, so it seems like you guys are in a good place and just a quick follow up in terms of the net revenue retention for enterprise accounts obviously at 99%, I'm curious to know what what's people's main reason for churn and how are you guys going to be addressing that?

是的，非常有幫助，而且我認為顯然這也應該增加一些十字弓動作，因此看起來你們處於一個很好的位置，並且只是快速跟進企業帳戶的淨收入保留率顯然為 99%，我很好奇想知道人們流失的主要原因是什麼以及你們將如何解決這個問題？

Daniel and I can kind of ham and egg that. One, I think deliberately integrating our two other products and being intentional about a better together story of being able to cross sell and upsell by definition will create more value and more stickiness and greater wallet share per customer, I think.

丹尼爾和我可以把它做得完美。首先，我認為刻意整合我們的另外兩款產品，並有意打造一個能夠進行交叉銷售和追加銷售的更好的共同故事，這將創造更多的價值，更高的客戶粘性和更大的每個客戶的錢包份額。

Not having that just made it very challenging to tell a bigger broader story and market and differentiate. So, I think that alone is going to make a big difference, and quite frankly just not being effective in our go to market and cross sell upsell motion in general, which we've talked about exhaustively in the past, that we feel we've cleaned up.

如果沒有這一點，講述更大更廣的故事、行銷和差異化就會變得非常具有挑戰性。所以，我認為僅憑這一點就將產生很大的不同，坦率地說，這在我們的市場進入和交叉銷售追加銷售行動中總體上是無效的，我們在過去已經詳盡地討論過這個問題，我們覺得我們已經解決了。

Materially, we're in a much better spot to be able to address that better together story and from a data perspective, from a strategy perspective, and you want anything? No, I think you, I.

從物質上講，我們處在一個更好的位置，能夠更好地共同解決這個問題，從資料角度、從戰略角度，您還想要什麼嗎？不，我認為你，我。

Think you answered it well. Thank you, guys.

我覺得你回答得很好。謝謝你們。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Hey, thanks for squeezing me in. How dependent are the whole plants on the macro and what are you seeing out there? And I want to follow up.

嘿，謝謝你擠進我。整株植物對宏觀的依賴程度有多大？我想繼續跟進。

I would say, from an overall outlook perspective, as we always have, or at least have, over the last two or three years, we have not baked into our outlook a big change in macro trend. We tend to take a pretty conservative outlook in how we think about building guidance and building our internal plans because we don't want to be beholden to things that are outside of our control and hitting our commitments to shareholders.

我想說，從整體前景來看，正如我們一直以來，或者至少在過去兩三年中，我們並沒有將宏觀趨勢的重大變化納入我們的前景中。我們在考慮制定指導和內部計劃時傾向於採取非常保守的觀點，因為我們不想受制於我們無法控制的事情並違背我們對股東的承諾。

So, as I said, we're taking the view that we're expecting this year to look a lot like last year. I would say overall that sentiment I'd summarize it as cautiously optimistic. We're starting to see projects starting to resurface. We're starting to see signs of, encouraging pipeline build. We're starting to see buyers start to be a little bit more open to making re-platforming decisions, especially if they put off those decisions.

因此，正如我所說的，我們預計今年的情況將與去年大致相同。我想說，總的來說，我認為這種情緒是謹慎樂觀的。我們開始看到項目重新浮現。我們開始看到令人鼓舞的管道建設跡象。我們開始看到買家開始更願意做出重新平台化的決策，特別是如果他們推遲這些決定的話。

That said, we are expecting the need to our number through really good tactical execution within our go to market teams. We need salespeople that are working their territories that are out bounding and building their own pipeline and increasing efficacy on the marketing side.

也就是說，我們期望透過我們的市場團隊內部真正良好的戰術執行來達到我們的目的。我們需要銷售人員在自己的領域內工作，拓展自己的業務管道，提升行銷效率。

And if we start to see materially different improvements on the macro side, great, that's a tailwind to us that I think gives us upside, but that's not something that we are going to set expectations on when it's not ultimately something that we can control.

如果我們開始看到宏觀方面出現實質性的改善，那太好了，這對我們來說是一個順風，我認為這會給我們帶來好處，但這不是我們最終可以控制的事情，因為它最終不是我們能夠控制的事情，所以我們不會對此抱有期望。

Perfect. Okay, that's really helpful. And then on the partner side, like on the one hand, you want to do more with partners. On the other hand, there's probably areas that you kind of want to do more, you mentioned payment.

完美的。好的，這確實很有幫助。然後在合作夥伴方面，一方面，你想與合作夥伴做更多的事情。另一方面，您可能希望在某些領域做更多的事情，例如您提到了付款。

How does that dynamic change for you guys because where we've seen it like with Shopify where the partners and then at some point when like, okay, well do I really want to work with you that much? How do you kind of handle that balance? Thank you.

對你們來說，這種動態是如何變化的，因為我們已經看到，就像 Shopify 那樣，合作夥伴在某個時候會問，好吧，我真的那麼想和你們合作嗎？您是如何處理這種平衡的？謝謝。

Yeah, we think it's a big strategic advantage. I mean, obviously, shop is a monolith. I think the concern and market is more and more capabilities will be native within that platform and eliminate or make some of those partners today partners superfluous going forward. I think for us we're embracing the opposite that partners can far outpace us from a disruption and innovation perspective than we could ever possibly do ourselves.

是的，我們認為這是一個巨大的策略優勢。我的意思是，顯然商店是一個整體。我認為市場所擔心的是，越來越多的功能將內建在該平台，從而消除或使當前的一些合作夥伴變得多餘。我認為對我們來說，我們正在接受相反的觀點，即從顛覆和創新的角度來看，合作夥伴可以遠遠超過我們自己。

I think customers want optionality, now and in the future and the best thing that we could do is create a more affordable and ingestible capability to precompose and bundle those partner capabilities oriented to specific markets and specific industry segments and by easier, I mean commercially, operationally, and technically.

我認為客戶現在和將來都需要可選性，而我們能做的最好的事情就是創造一種更實惠、更易於接受的能力，以預先組合和捆綁面向特定市場和特定行業領域的合作夥伴能力，並且更簡單，我的意思是商業上、運營上​​和技術上都更容易。

So, you'll see more and more of us in market bundling precomposed capabilities oriented to certain markets certain industries as accelerators to drive TCO and efficacy, and I think it's encouraging and we're getting a lot of enthusiasm from those partners

因此，你會看到我們越來越多地在市場捆綁面向特定市場特定行業的預組合功能，作為推動 TCO 和效率的加速器，我認為這是令人鼓舞的，我們從這些合作夥伴那裡得到了很多熱情

because essentially, we're creating our own marketplace with them and going much deeper with them within spaces that they can also differentiate in market by way of us. So, I see the partner aspect of this business only getting deeper and stronger going forward. We're philosophically aligned materially with doing that.

因為本質上，我們正​​在與他們一起創造我們自己的市場，並在他們可以透過我們在市場上實現差異化的領域與他們進行更深入的合作。因此，我認為這項業務的合作關係在未來只會變得更加深入和強大。從哲學上和物質上來講，我們是一致同意這麼做的。

Okay, thank you.

好的，謝謝。

Josh Baer, Morgan Stanley.

摩根士丹利的喬許貝爾 (Josh Baer)。

Great. Thank you for the question. Wanted to unpack the enterprise account number a little bit if you could just maybe discuss the competitive landscape, impacting that number just wondering if you could break down are some of the challenges around the gross ads? Is there any change of churn?

偉大的。感謝您的提問。想稍微解析一下企業帳號，您是否可以討論一下競爭格局，影響這個數字的原因是什麼，您是否可以分解一下廣告總額面臨的一些挑戰？客戶流失率有變化嗎？

We can start there. Thanks.

我們可以從那裡開始。謝謝。

Yeah, thanks for the question, Josh. I would say, we've seen stabilization in that over the course of the last couple quarters, but we're not aiming for stabilization. We're aiming for growth. We've seen some positive trends obviously on average revenue per account. I think it was up about 9% last year. It's good. It's not as good as it can be.

是的，謝謝你的提問，喬希。我想說，在過去幾個季度裡，我們已經看到了穩定，但我們的目標並不是穩定。我們的目標是成長。我們明顯看到了每個帳戶平均收入的一些正面趨勢。我認為去年上漲了約 9%。很好。它還沒有達到應有的水準。

We want to see growth both in and the average size of deal. As we've been moving up market, I've said often I would be okay having slightly fewer number of customers if we moved up market and had a lot bigger customers because ultimately what we're after is dollarized growth and dollarized net revenue retention.

我們希望看到交易量和平均交易規模的成長。隨著我們不斷向高端市場邁進，我經常說，如果我們向高端市場邁進並擁有更大的客戶，那麼客戶數量稍微少一點也是可以接受的，因為我們最終追求的是美元化的增長和美元化的淨收入保留。

That said, we're not pleased with the fact that the number's been relatively flat over the course of the last few quarters. I don't think that the change -- that there's been a change in trend from a churn perspective over the course of the last year and a half probably.

儘管如此，我們對過去幾季中該數字相對持平的事實並不滿意。我不認為這種變化——從客戶流失的角度來看，趨勢在過去一年半以來可能已經改變了。

It's looked fairly similar. We expect that to get incrementally better across the year, but again, we're building our plans, assuming that it's going to continue to be tough competitively and that we need to take really good care of our customers, and we need to do a good job building pipeline and growing from there.

看上去相當相似。我們預計全年情況會逐漸好轉，但同時，我們正在製定計劃，假設競爭會繼續激烈，我們需要真正照顧好我們的客戶，我們需要做好管道建設並從那裡發展。

Okay got it. So, you're saying within the enterprise account number within that definition you're moving up market.

好的，明白了。所以，您說的是，在這個定義中的企業帳號內，您正在邁向高階市場。

Yes, that's correct.

是的，正確。

There within that account number got it and -- and then on the margin side I think in your prepared remarks, you mentioned low to mid-single digit operating margin expansion in '25, but I don't think that's reflected in the guidance if you could kind of help to clarify.

在這個帳號裡面有它 - 然後在利潤率方面，我想在你準備好的評論中，你提到了'25年的低到中等個位數的營業利潤率擴張，但我不認為這反映在指引中，如果你能幫忙澄清一下的話。

Yeah, that's a great point. Our opening guide, I think we're taking a little bit of a conservative stance on where we expect this to ramp across the year, but we wanted to be clear for what we're ultimately shooting for as a business. And if you look at last year going into the year in our opening guidance, we said we were aiming for mid-single digit margin expansion.

是的，這是一個很好的觀點。我們的開業指南，我認為我們對全年的成長預期持保守態度，但我們希望明確我們作為一家企業的最終目標。如果你看一下去年年初我們的開業指引，我們說過，我們的目標是實現中等個位數的利潤率擴張。

We ended up at 770 basis points of expansion across the year and beat what we were aiming for. What we wanted to communicate are two things. First, we're taking a conservative outlook going into the year because we wanted to make sure it was clear we have de-risked the guidance and we feel that this is a number that we can hit,

我們全年的擴張幅度最終達到了 770 個基點，超出了我們的預期。我們想要傳達兩件事。首先，我們對今年的業績持保守態度，因為我們想確保我們已經明確降低了指引中的風險，並且我們認為這是我們可以實現的數字。

but we also want to be clear that we're not settling for the guidance because we think and know that we need to do better both where we are on a revenue growth rate on an expansion basis. We need to re-accelerate growth and we need to do so profitably. And so, as we get across the year, if we, execute according to plan, I expect to take up our profit guidance as we proceed throughout the year.

但我們也希望明確表示，我們不會滿足於這一預期，因為我們認為並且知道，我們需要在擴張基礎上的收入成長率方面做得更好。我們需要重新加速成長，並且需要獲利地實現成長。因此，隨著我們全年的順利進行，如果我們按照計劃執行，我預計我們的利潤預期將在全年持續成長。

Got it, thanks.

明白了，謝謝。

Mark Murphy, JP Morgan.

摩根大通的馬克墨菲。

Hey, this is already on from Mark Murphy. Thanks for taking the question. Travis, as you mentioned in your, remarks, you've been successful in bringing in a lot of leaders and rank and file personnel across multiple functional areas. Can you talk about how those new people are settling in and whether you feel like there's been any disruption to the business as you've been going through this process? Thanks.

嘿，這是馬克墨菲 (Mark Murphy) 已經開始的。感謝您回答這個問題。特拉維斯，正如您在演講中提到的，您成功地引進了多個職能領域的許多領導者和普通人員。您能談談這些新員工適應的情況嗎？謝謝。

Great question. The settlement has been fantastic. I mean this has been deliberate in the order by which we've added folks very deliberately as part of the transformation. Obviously we've been very transparent about where we are in market.

好問題。解決方案非常棒。我的意思是，這是經過深思熟慮的，我們在轉型過程中非常謹慎地增加了人員。顯然，我們對我們的市場地位一直非常透明。

We're fortuitous in the sense that there's a lot of talent out there in the street right now due to consolidation and in adjacent areas. And so, we've been very fortunate to have access to really experienced folks that are coming in that share the vision and see the potential that that certainly I saw and why I took the job originally and the upside here, which has been fantastic.

我們很幸運，因為由於合併以及鄰近地區，現在有很多人才。因此，我們非常幸運，能夠接觸到真正經驗豐富的人才，他們與我們有著共同的願景，看到了潛力，這也是我最初接受這份工作的原因和這裡的優勢，這真是太棒了。

Obviously, several of them are recent and both Rob and Michelle joined in January. We just came out of both our Americas and AMEA, SKOs over the last couple of weeks. So, that was nice to get everyone together and a lot of shared enthusiasm. The external facing changes primarily around web assets and messaging and things like that, you'll start seeing that here in mid-March, which I think will be the most tangible, visible sign outside the four walls of the business.

顯然，其中有幾個是最近才加入的，Rob 和 Michelle 都是在一月份加入的。過去幾週，我們剛離開美洲、AMEA 和 SKO。所以，很高興大家能聚在一起，分享彼此的熱情。外部的變化主要圍繞著網路資產和訊息傳遞等方面，您將在三月中旬開始看到這些變化，我認為這將是企業外部最明顯、最明顯的標誌。

We're excited to share some of that stuff with you all and In New York at our investor day and then continue to trickle that out across the remainder of H1 which we're really encouraged by but yeah, we feel really good about the folks here and how they're adjusting.

我們很高興在紐約投資者日與大家分享其中的一些內容，然後在上半年的剩餘時間內繼續傳達這些內容，這讓我們感到非常鼓舞，是的，我們對這裡的人以及他們如何適應感到非常滿意。

And Daniel, when you, can you talk about the assumptions that are going into your expectation for growth to gradually accelerate throughout the year and maybe what levers or factors could cause that air growth to kind of accelerate even further than what you're currently contemplating? Thank you.

丹尼爾，您能否談談您對全年成長逐漸加速的預期中所包含的假設，以及哪些槓桿或因素可能導致這種空氣成長比您目前考慮的更快加速？謝謝。

Yeah, good question. I would say from a lever's perspective, if you look at what we're doing from a transformation point of view, we are effectively doubling our quota carrying sales capacity. Those that headcount that's being added is both on the very high end of our customer account set and also creating teams focused on driving net revenue retention within our base,

是的，好問題。我想說，從槓桿的角度來看，如果你從轉型的角度來看我們正在做的事情，我們實際上正在將我們的配​​額銷售能力翻倍。新增員工既包括我們的客戶群中高端的員工，也包括專注於提高我們客戶群內淨收入保留率的團隊。

which is also a much more cost-effective way of growing than I think we have in the past when we've been, I think, a little bit overfocused on new account growth as a primary means of driving growth, which we've talked about several times before in previous calls.

這也是一種比我們過去更具成本效益的成長方式，我認為，我們過去有點過於注重將新帳戶成長作為推動成長的主要手段，我們在之前的電話會議中已經多次談到這一點。

So, if I think about levers, we're staffing to grow at a far faster rate than what our outlook currently provides because we're taking a prudent approach to the ramp. But we're looking at this as a growth business. We think this is a growth business and we're leaning in to do it that way.

因此，如果我考慮槓桿的話，我們的人員成長速度將遠遠超過我們目前的前景所提供的速度，因為我們對成長採取了審慎的態度。但我們將其視為一項成長業務。我們認為這是一項成長型業務，我們傾向於以這種方式去做。

And I think if you take it from a staffing perspective, add in the changes and investments that we're making on the product side, whether that's whether it's catalyst or other future bundles, phenomics self-serve, a lot of things related to payments in that stack, which we'll talk about on our investor day. There's a lot of growth levers in this business. To Travis's point, most of which have not yet been seen in the market.

我認為，如果從人員配置的角度來看，加上我們在產品方面所做的改變和投資，無論是催化劑還是其他未來的捆綁產品、表型組學自助服務，以及與該堆疊中的支付相關的很多東西，我們將在投資者日討論這些。這個行業有很多成長槓桿。正如 Travis 所說，其中大部分尚未在市場上出現。

There's a lot that we have going on that we are working on getting out into market, but to be really clear, this is not the same team. This is not the same operating motion. This looks very different than how we've operated before. We have replaced the lion's share of the senior executive team across sales, marketing, operations, customer success. We're really enthused about the team that we have. We just need to go off and execute and show that we can do that. Yeah.

我們正在為進入市場做很多工作，但要明確的是，這不是同一支團隊。這不是相同的操作動作。這看起來與我們以前的運作方式非常不同。我們已經更換了銷售、行銷、營運、客戶成功等領域的大部分高階管理團隊。我們對現有的團隊充滿熱情。我們只需繼續執行並證明我們可以做到這一點。是的。

And I'll add one bit of color on that like. As an example, B2B, we've got nearly 12,000 B2B accounts on the platform today. Arguably we're one of the largest, if not the largest, B2B SaaS player in the market. Over half of our net new bookings in 2024 were B2B oriented as well. You would never know that by going to our publicly available site and information.

我會在上面添加一點顏色。以B2B為例，我們今天在平台上有近12,000個B2B帳戶。可以說，我們是市場上最大的 B2B SaaS 公司之一，即使不是最大的。我們 2024 年的淨新預訂量中有一半以上也是針對 B2B 的。透過造訪我們的公開網站和訊息，您永遠不會知道這一點。

Historically we've treated B2B as some additional features and functions as opposed to bifurcating our sales team, our account management team, our customer service team, and our go to market team to target that industry and industries adjacent to it with its own value proposition that's never existed before. And so you're going to see a lot of things like that that the presumption is we're going to drive a lot more authenticity, a lot more efficacy. And we'll be able to speak to things in the spirit around kind of those three core offerings small business, B2B and B2C going forward across our whole suite of products.

從歷史上看，我們一直將 B2B 視為一些附加特性和功能，而不是將我們的銷售團隊、客戶管理團隊、客戶服務團隊和市場團隊一分為二，以前所未有的自身價值主張瞄準該行業及其相鄰行業。所以，你會看到很多類似的情況，我們的假設是，我們將推動更多的真實性、更多的有效性。我們將能夠圍繞這三大核心產品，即小型企業、B2B 和 B2C，來談論我們整個產品系列中的事情。

Perfect. Thank you.

完美的。謝謝。

Scott Berg, Needham

史考特伯格，尼德姆

Hey everyone, thanks for taking my questions here. I got two. Travis, let's start with, the new CRO, Rob, that just, came in and I think it was late January. Oftentimes we see CROs come in and make some of their own changes. You, of course, were brought in last year to revamp sales, go to market efforts. And I guess you've obviously made a lot through our discussions there.

大家好，感謝你們在這裡回答我的問題。我有兩個。崔維斯，我們先來談談新任 CRO 羅布，他剛上任，我想應該是 1 月底。我們經常看到 CRO 介入並做出一些自己的改變。當然，去年您被請來負責重整銷售和行銷工作。我想您顯然透過我們的討論取得了很多成果。

But should we expect Rob to make further changes and create some disruption and kind of what you've all done or or he just running the playbook that's already been implemented.

但是，我們是否應該期待 Rob 做出進一步的改變，製造一些混亂，就像你們所做的那樣，或者他只是在執行已經實施的劇本。

Yeah, it's a great question. I think it was a unique -- it's a unique remit in the sense that that I kind of came in and made a lot of those changes so largely Rob's going to execute against it. However, I would argue Rob's got a lot of skill sets bigger and greater than mine.

是的，這是一個很好的問題。我認為這是一個獨特的——這是一個獨特的職責，因為我加入並做出了很多改變，所以很大程度上 Rob 會根據它來執行。然而，我認為 Rob 擁有比我更強大、更出色的許多技能。

Quite frankly, I find them to be very complimentary to what it is that I do. What's unique about him is he actually has quite tangible experience across all three of our product lines, was at channel advisor, was at Amplience for a long time, was at Salesforce Commerce Cloud, and most recently at Oro.

坦白說，我發現他們對我的工作非常讚賞。他的獨特之處在於他實際上在我們所有三個產品線都有相當豐富的經驗，曾擔任通路顧問，長期在 Amplience 工作，曾在 Salesforce Commerce Cloud 工作，最近在 Oro 工作。

That was one of the attractive aspects of it. He's got a rich history with several other leaders within the organization and also philosophically aligned with the motion we had already put in place starting last summer and the strategy that we're kind of executing again.

這是它的一個吸引人的方面。他與組織內其他幾位領導人有著豐富的合作歷史，並且在理念上也與我們去年夏天開始實施的動議以及我們正在再次執行的戰略保持一致。

So all of that kind of perfectly aligned. It was what I've loved to have had him two months prior, yeah, selfishly, of course, but really fortunate to have him. He's excited to be here and yeah, I would not expect any disruptive changes or things like that. The infrastructure and the framework is in place. It's all about accelerated execution at this point.

所以所有這些都是完美一致的。是的，兩個月前我就很高興能擁有他，當然，這是自私的，但我真的很幸運能擁有他。他很高興來到這裡，是的，我不希望發生任何顛覆性的變化或類似的事情。基礎設施和框架已經到位。此時一切都與加速執行有關。

Understood. And then you know from a follow up Daniel, I saw the announcement on the KARNA partnership. Didn't see if there's any, kind of economic relationship or or benefit to you all. Can you maybe help explain, I guess, what that is? And if there is any sort of, benefit that's fruitful going forward? thanks.

明白了。然後你知道，丹尼爾，從後續報導中，我看到了關於 KARNA 合作夥伴關係的公告。沒有看出是否存在任何經濟關係或對你們所有人有利。您能幫忙解釋一下那是什麼嗎？並且有沒有任何形式的益處，可以帶來未來的豐碩成果？謝謝。

Sorry, Scott, real quick clarifying question. You broke up just a little bit. You saw which announcement?

抱歉，斯科特，我有一個快速澄清問題。你們只是稍微分手了而已。你看的是哪一公告？

The KARNA announcement in the press release about your partnership with them.

KARNA 在新聞稿中宣布了與他們的合作關係。

Yeah, I mean, it's obviously something we're really excited about. And I think it's something we'll probably talk about in a lot more detail at our Investor Day in New York.

是的，我的意思是，這顯然是我們真正興奮的事情。我認為我們可能會在紐約投資者日上更詳細地討論這個問題。

Got it. Thank you.

知道了。謝謝。

Brian Peterson, Raymond James

布萊恩彼得森、雷蒙詹姆斯

Hey guys, thanks for taking the question. So Travis, I wanted to follow up on the stat you gave on B2B being half of new bookings this year. I'd be curious what you're seeing in terms of the inertia in that market, maybe what you guys are displacing. And as you think about incremental B2B investments, how quickly can that kind of ramp up into 2025 and 2026. Thanks guys.

嘿夥計們，謝謝你們回答這個問題。所以特拉維斯，我想跟進一下你給出的關於 B2B 佔今年新預訂量一半的統計數據。我很好奇，就該市場的慣性而言，你們看到了什麼，也許你們正在取代什麼。當您考慮增量 B2B 投資時，到 2025 年和 2026 年，這種投資能以多快的速度成長。謝謝大家。

No, great question. And just for clarity, that 12,000 accounts, that is obviously a combination of retail or small business accounts along with enterprise accounts, just for those doing the math behind the scenes. The trends we're seeing there are pretty encouraging. I would say it's a spectrum of opportunities on the smaller side.

不，這個問題問得好。需要明確的是，這 12,000 個帳戶顯然是零售或小型企業帳戶以及企業帳戶的組合，僅供幕後計算的人查看。我們看到的趨勢非常令人鼓舞。我想說，這是一個較小範圍內的機會。

You're seeing a lot of greenfield manufacturers and distributors looking to digitize their operation very quickly with smaller budgets. We feel we've played really well there, so we've got certainly capabilities for them to grow into over time, but something they can take advantage of really quickly.

您會看到許多新建製造商和分銷商都希望以較少的預算快速實現其營運的數位化。我們覺得我們在那裡打得很好，所以我們肯定有能力讓他們隨著時間的推移而成長，但他們可以很快地利用這一點。

So we're not really displacing anyone in that model other than their own either homegrown sort of operational model or their lack of technical acumen and addressing it appropriately. And then on the other extreme, you're seeing displacement of obviously legacy Adobe and Magento stuff. You're seeing legacy SAP stuff.

因此，我們實際上並沒有取代該模型中的任何人，除了他們自己的本土運營模型或缺乏技術敏銳度並適當解決它。而在另一個極端，你會看到明顯遺留的 Adob​​e 和 Magento 產品被取代。您看到的是遺留的 SAP 內容。

Depending on the nature and the complexity of that business, you're seeing one of two approaches, either a straight rip out and replacement. We're seeing that more in midmarket, upper midmarket. The big meaty sort of global enterprise opportunities, we're seeing very targeted replacement, typically starting within a certain line of business or within a certain market starting there, building it out, and then evangelizing it kind of a land and expand strategy within those larger global organizations.

根據業務的性質和複雜性，您會看到兩種方法之一，要么直接拆除，要么更換。我們在中端市場和中高端市場看到更多這樣的情況。對於全球企業機會而言，我們看到了非常有針對性的替代，通常是從某個特定的業務線或特定的市場開始，然後進行建設，並在那些更大的全球組織中以某種方式進行宣傳和擴張。

The days of the big bang, rip something out and replace it with something else or long over. I think our approach with composability has lent us to be able to be very effective in doing it. But as you all know, B2B is really more of a cost savings dynamic of eliminating FTE labor, making field sales teams more effective, driving out call center costs, and also automating and synthesizing back office operations, typically centered around multiple sources of truth while also serving as a framework through future M&A to kind of ingest new businesses onto that same framework.

大爆炸的日子，把一些東西撕掉，用其他東西代替，或者早已過去。我認為我們的可組合性方法使我們能夠非常有效地做到這一點。但眾所周知，B2B 實際上更多的是一種成本節約方式，它消除了全職勞動力，使現場銷售團隊更有效率，降低了呼叫中心成本，同時還自動化和綜合了後台操作，通常以多個事實來源為中心，同時也作為一個框架，通過未來的併購將新業務納入同一框架。

So very transformational in nature. Very meaty for services providers. So it actually is really exciting for a lot of our agency and GSI partners as well and certainly a place we feel we've got material differentiation and a right to win. Obviously, if you can't tell from my tone of voice, despite the caffeine, very enthusiastic about that space.

本質上非常具有變革性。對於服務提供者來說非常重要。因此，這對我們的許多代理商和 GSI 合作夥伴來說確實是一件令人興奮的事情，而且我們確信我們擁有實質性的差異化和獲勝的權利。顯然，如果你從我的語氣中聽不見的話，儘管喝了咖啡，我仍然對那個空間非常熱情。

Appreciate the color. Thanks guys.

感謝色彩。謝謝大家。

Gabriela Borges, Goldman Sachs

加布里埃拉·博爾赫斯（Gabriela Borges），高盛

Good morning. Thanks for taking the question, Travis. I wanted to follow up on some of your comments on Shopify from earlier and competition more broadly. Maybe just give us the lay of the land. As you've gotten dug in over the last several months and you look at the pipeline and enterprise, level set us as to where you think you're winning versus your enterprise competitors more broadly.

早安.感謝您回答這個問題，崔維斯。我想更廣泛地跟進您之前對 Shopify 的一些評論以及競爭情況。也許只是告訴我們地形狀況。正如您在過去幾個月中所做的那樣，您審視了通路和企業，並讓我們知道您認為您在哪些方面可以戰勝更廣泛的企業競爭對手。

I know you already mentioned the the closed versus open versus Shopify. And then maybe as part of that, the new logos in your enterprise pipeline, where are they coming from versus some of your competitors or homegrown home built solution? Thank you.

我知道您已經提到了封閉式與開放式以及 Shopify 的比較。然後也許作為其中的一部分，您企業管道中的新標識，與您的一些競爭對手或自主開發的解決方案相比，它們來自哪裡？謝謝。

Great question, Gabriela. I would say, let's delineate between B2B and B2C. I just kind of talked about the B2B side where we're seeing that. We're seeing it upmarket, you're seeing both kind of mid-market B2B taking advantage of our kind of out of the box capabilities there. Less, on the enterprise side, the big meaty stuff, you're seeing it very targeted on these global sort of opportunities. These are folks that are typically running custom homegrown or they're running something big like SAP. They've got to be really deliberate about what that approach is.

加布里埃拉，你問得好。我想說，讓我們區分一下 B2B 和 B2C。我剛才談到了我們所看到的 B2B 方面。我們看到它正在走向高階市場，你也看到中階市場 B2B 正在利用我們這種開箱即用的功能。在企業方面，您會看到，大型實體業務非常針對這些全球性機會。這些人通常運作客製化的自主產品或運作 SAP 之類的大型產品。他們必須認真考慮採取何種方法。

Usually, and what we're doing this year around the product is kind of expanding our capability around CPQ and making that a bit more broad. I think the more robust that capability gets, the wider ultimately your TAM is. And so we're seeing those sorts of opportunities in the market right now. Those that are looking to drive efficiency costs and agility, but they're being very deliberate about how it is that they're approaching it.

通常，我們今年圍繞產品所做的工作就是擴展我們在 CPQ 方面的能力並使其更加廣泛。我認為，這種能力越強大，最終的 TAM 就越廣泛。所以我們現在在市場上看到了這類機會。那些希望提高效率、降低成本和提高靈活性的人，但他們對如何實現這一目標非常謹慎。

And then you're still seeing a fair amount of greenfield B2B. They've never digitized anything within the business before they want to take quick advantage of it. It's kind of a healthy mix of both. On the B2C side, I would say to Daniel's points earlier, we are seeing an uptick in larger transformational deals around larger global brand and manufacturers. Less so retail, although we've seen some of that and really the embracement there is around composability.

然後你仍然會看到相當數量的綠地B2B。在他們想快速利用數位化技術之前，他們從未在業務中對任何東西進行數位化。這是一種兩者的健康結合。在 B2C 方面，我想針對丹尼爾之前提出的觀點說，我們看到圍繞大型全球品牌和製造商的大型轉型交易有所增加。在零售領域則不然，儘管我們已經看到了一些這樣的情況，並且確實看到了圍繞可組合性的接受。

They want the scale, the flexibility, the agility of composability, but without the downsides of cost, time, and risk. And they're really starting to embrace this concept around precomposed or curated composability oriented to an ecosystem that they would feel very comfortable with and taking advantage of our framework to go accelerate their own transformation.

他們想要規模、彈性、可組合性的敏捷性，但又不想承受成本、時間和風險的負面影響。他們開始真正接受這個以他們感到非常舒適的生態系統為導向的預先組合或精心策劃的可組合性的概念，並利用我們的框架來加速他們自己的轉型。

Obviously those deals are very big, and they take a long time to nuance and sort of sell. And we're just now in the last couple of months seeing those sorts of trends. But generally speaking, that's who we see.

顯然這些交易規模非常大，而且需要花很長時間進行細緻的打磨和銷售。我們在過去幾個月才看到這種趨勢。但一般來說，我們看到的就是這樣的。

There is a definitive need or embracement of composability. There's nuances to their business. There are more complicated requirements that can't be achieved through other competitors and what their capabilities are and would lend themselves to look at us. Hopefully, that's helpful.

對於可組合性有著明確的需求或接受。他們的業務有細微差別。還有更複雜的要求，其他競爭對手無法實現，他們的能力是什麼，值得我們關注。希望這對你有幫助。

And then just briefly, the answer on the logos, it's across a lot of different competitors. I mean, obviously we spent a lot of time competing with Shopify Plus, Salesforce Commerce Cloud, Magento, and a number of other platforms depending upon the region. I'd say from a new logo win perspective, it's across multiple competitors. I wouldn't say it's concentrated specifically with one.

然後簡單來說，關於標誌的答案，它涉及許多不同的競爭對手。我的意思是，我們顯然花了很多時間與 Shopify Plus、Salesforce Commerce Cloud、Magento 以及許多其他取決於地區的平台競爭。我想說，從新標誌獲勝的角度來看，它超越了多個競爭對手。我不會說它特別集中在某一方面。

Yeah, absolutely, Travis, I think you're also uniquely positioned to give you a perspective here on what in the macro in any given year makes them more likely versus less likely for a larger enterprise to want to change. What I'm getting at is, we've heard, when the consumer environment is strong, that's when enterprises might be less likely to change because well transaction volume is high.

是的，當然，特拉維斯，我認為你也處於一個獨特的位置，可以從宏觀角度給你一個觀點，即在任何一年中，什麼因素使得大型企業更有可能或更不可能進行變革。我的意思是，我們聽說，當消費環境強勁時，企業可能不太可能發生變化，因為交易量很高。

But on the flip side, well, when consumer is weaker, then you don't -- you become more reverse in making changes. But we'll just love to hear what are the factors that have to align to get enterprises more excited about modified upgrading for 2025.

但另一方面，當消費者較弱時，你就不會——你會在做出改變時變得更加逆向。但我們很想聽聽，需要哪些因素才能讓企業對 2025 年的改進升級更為興奮。

Yeah, I think the biggest thing upmarket to me is around risk mitigation. Quite frankly, I think these are large organizations independent of market that are going to lead with mitigating risk. And so a comfort level that we or anyone else can address their current and future needs and use cases and requirements, I would think that's the biggest determinant.

是的，我認為對我來說最重要的高端產品是降低風險。坦白說，我認為這些是獨立於市場的大型組織，它們將帶頭降低風險。因此，我們或任何其他人能否滿足他們當前和未來的需求、用例和要求的舒適度，我認為這是最大的決定因素。

Certainly there are cyclical things around being locked into a contract, with an incumbent, and what the timing of that looks like. I think what what folks are starting to realize, Gabriela, is how much faster you can actually implement the technology today versus four years ago. Maybe the last time they went about doing this, that might have been a 12 to 18 month cycle, you're starting to see that cut in half now and getting them comfortable with that thought process of being able to accomplish what they did five years ago in a fraction of the time and cost.

當然，與現任者簽訂合約有周期性的事情，而且時間安排也是確定的。加布里埃拉，我認為人們開始意識到，與四年前相比，今天實施這項技術的速度有多快。也許他們上次這樣做的時候，可能需要 12 到 18 個月的週期，但現在你開始看到這個週期縮短了一半，並且讓他們習慣了這種思維過程，即能夠在一小部分時間和成本內完成五年前所做的事情。

I think you're going to see that. Trend continue and become more normalized. And as you see that happen organically, I think you're going to see increased demand, but it all centers around risk mitigation. Do they feel comfortable being able to accomplish that because in the old way, like, 18 months, 2 years to implement a platform is wildly distracting and disruptive to a large brand and manufacturer or retailer. So as that cost and time has come down, I think you're going to see demand sort of peak. If that's helpful.

我想你會看到這一點。趨勢持續並變得更加正常化。當您看到這種情況自然發生時，我認為您會看到需求增加，但這一切都圍繞著風險緩解。他們是否覺得能夠實現這一目標很舒服，因為按照以前的方式，比如說，需要 18 個月甚至 2 年的時間才能實現一個平台，這對大型品牌、製造商或零售商來說會造成極大的干擾和破壞。因此，隨著成本和時間的下降，我認為你會看到需求達到高峰。如果有幫助的話。

Yeah it is. Thank you.

是的。謝謝。

Chris Jang, UBS.

瑞銀的 Chris Jang。

I have a question on the catalyst. And maybe just can you talk about the customer feedback, since the January launch at NRF? And how the cost savings, or functionality is resonating with your B2B and B2C customers. Thank you.

我對催化劑有疑問。您能談談自一月份在 NRF 推出以來的客戶回饋嗎？以及成本節省或功能如何引起您的 B2B 和 B2C 客戶的共鳴。謝謝。

Yeah, for the broader audience, I mean, catalyst is our accelerated reference architecture that we launched around NRF. In mid-January, we had, I don't know, a dozen or more clients kind of early on embracing it in all kind of shapes or sizes.

是的，對於更廣泛的受眾來說，催化劑是我們圍繞 NRF 推出的加速參考架構。一月中旬，我們大概有十幾個客戶以各種形式和規模很早就接受了它。

Listen philosophically they love the agility and the speed to be able to turn things on very quickly. They like the optionality and they like the freedom to be able to compose in a way that maps to their specific use cases and needs now and in the future.

從哲學角度聽，他們喜歡敏捷性和速度，能夠快速地啟動事物。他們喜歡可選性，也喜歡能夠以符合他們現在和將來的特定用例和需求的方式進行創作的自由。

I mean, it is -- it's not for everyone, not everyone views the world that way. And that's okay. And we're certainly not producing it in a way that assumes that 80% of the market is going to go run to it. Certainly a subset of the market will go run to it. I think the bigger unlock and where you'll see us take it is some version of catalyst precomposed, curated specifically to industries and markets.

我的意思是，它並不適合所有人，並不是所有人都以這種方式看待世界。沒關係。我們在生產過程中絕對不會假設 80% 的市場都會採用這種方式。肯定會有一部分市場轉向它。我認為更大的解鎖以及我們將採取的措施是某種預先組合的催化劑版本，專門針對行業和市場進行策劃。

And that accelerated sort of reference architecture will orient itself to market to allow very specific industries, especially those we feel are under service today or in need of transformation that can take advantage of composability and all the benefits without the risk of the cost and the timeline and complexity usually associated with doing it. So bundling that commercially, bundling it operationally, and bundling it technically. And you all can probably connect the dots of what the benefits of that would be obviously to us. That's where we're kind of taking everything on the catalyst side.

這種加速的參考架構將面向市場，以適應非常特定的行業，特別是那些我們認為目前正在服務或需要轉型的行業，這些行業可以利用可組合性和所有好處，而不必承擔通常與這樣做相關的成本、時間表和複雜性的風險。因此，在商業上進行捆綁，在營運上進行捆綁，在技術上進行捆綁。大家可能都能聯想到這對我們顯然有什麼好處。這就是我們在催化劑方面所做的一切。

Alright, I appreciate the color. And I'll definitely look to hear more at the investor today. And then just to follow up more on the financial side, maybe can you share some of the assumption if that's important for your guide or that's that how much of that is facing? And maybe just, if you can give some color on the cadence, that'd be helpful.

好吧，我很欣賞這個顏色。今天我肯定會向投資者了解更多。然後，只是為了更多地跟進財務方面的問題，也許您能否分享一些假設，如果這對您的指南很重要，或者這就是面臨的金額是多少？也許，如果你能對節奏給予一些說明，那將會很有幫助。

Yeah, the FX exposure for us is very small. From a long exposure point of view, it's almost exclusively US dollars. We have short exposures in payroll and other areas from an FX point of view. But the exposures are so small. We don't even report results on a constant currency basis.

是的，我們的外匯風險敞口非常小。從長期風險敞口來看，它幾乎全部都是美元。從外匯角度來看，我們在薪資和其他領域存在空頭部位。但曝光量太小了。我們甚至沒有按照固定匯率來報告結果。

As we continue to grow and develop more sophisticated billing capabilities, and we will eventually end up with more foreign exchange exposure. It's just not material to the business at this time.

隨著我們不斷發展和開發更複雜的計費功能，我們最終將面臨更多的外匯風險。目前這對業務來說並不重要。

Thank you. This concludes our question and answer session. I would like to turn the conference back over to Travis Hess, CEO, for any closing comments.

謝謝。我們的問答環節到此結束。我想將會議交還給執行長 Travis Hess，請他發表最後評論。

I really want to thank everyone for joining the call today. I'm certainly excited for where we are and the changes that we've made to date. And now, it's time to get to work and execute, which we've alluded to several times.

我真的要感謝大家今天參加這場電話會議。我對我們所處的境況以及迄今為止所做出的改變感到非常興奮。現在，是時候開始工作並執行了，這一點我們已經多次提到。

Really looking forward to seeing many of you at our Investor Day in New York, sharing more. And yeah, excited for things to come. Thank you for joining.

非常期待在紐約投資者日見到大家並分享更多。是的，我對即將發生的事情感到興奮。感謝您的加入。

Thank you. The conference is now concluded. Thank you for attending today's presentation. We now disconnect your lives.

謝謝。會議現已結束。感謝您參加今天的演講。我們現在切斷你們的生活。