Commerce.com Inc (CMRC) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the BigCommerce first quarter 2025 Earnings Call. (Operator Instructions). Please be advised that today's conference is being recorded. I would now like to turn the conference over to your first speaker today, Tyler Duncan, Vice President, Finance and Investor Relations. You may begin.

女士們，先生們，感謝你們的支持，歡迎參加 BigCommerce 2025 年第一季財報電話會議。（操作員指令）。請注意，今天的會議正在錄音。現在，我想將會議交給今天的第一位發言者，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 first quarter 2025 earnings call. We will be discussing the results announced in our press release issued before today's market open. With me are BigCommerce's Chief Executive Officer, Travis Hess; and Chief Financial Officer, Daniel Lentz.

早安，歡迎參加 BigCommerce 2025 年第一季財報電話會議。我們將在今天開市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 second quarter of 2025 and the full year 2025. These statements can be identified by words such as expect, anticipate, intend, plan, believe, seek, committed, will or similar words.

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 2025 年第二季度和 2025 年全年的指導的陳述。這些陳述可以透過諸如期望、預期、打算、計劃、相信、尋求、承諾、將或類似的詞語來識別。

These statements reflect our views as of today only and should not be relied upon as representing our views at any subsequent date, and we do not undertake any duty to update these statements. Forward-looking statements, by their nature, address matters that are subject to risks and uncertainties that could cause actual results to differ materially from expectations.

這些聲明僅反映我們截至今天的觀點，不應被視為代表我們在任何後續日期的觀點，我們也不承擔更新這些聲明的任何義務。前瞻性陳述本質上涉及受風險和不確定因素影響的事項，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。

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

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

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

在電話會議中，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編製。這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對照表，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，該新聞稿已提交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。

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

說完這些，讓我把電話轉給崔維斯。

Thanks, Tyler. Good morning, everyone, and thank you for joining us today. I'll open my remarks today by providing an update on our first quarter results, then I'll finish by outlining our progress against the key initiatives driving our operational transformation in 2025.

謝謝，泰勒。大家早安，感謝大家今天加入我們。今天，我將首先介紹我們第一季的業績更新，然後概述我們在 2025 年推動營運轉型的關鍵舉措方面取得的進展。

For those of you new to our business, we offer 3 core owned products in our portfolio today, our flagship commerce platform, BigCommerce, our AI-based product data feed management platform, Feedonomics and our brand and commerce site builder and visual editor, Makeswift.

對於那些剛接觸我們業務的人來說，我們今天在我們的產品組合中提供 3 個核心自有產品，我們的旗艦商務平台 BigCommerce、我們基於人工智慧的產品數據饋送管理平台 Feedonomics 以及我們的品牌和商務網站建立器和視覺化編輯器 Makeswift。

Our 2025 transformation plans touch each of those core products. As I outlined last quarter, I've set 3 strategic priorities for the business in 2025. number 1, accelerating revenue growth profitably; number 2, disciplined and focused operational execution; number 3, execution of our go-to-market transformation plan. I'm pleased to report that Q1 reflects a solid start. Let's start with the numbers.

我們的 2025 年轉型計畫涉及每種核心產品。正如我上個季度所概述的，我為 2025 年的業務設定了 3 個策略重點。第一，加速獲利收入成長；第二，嚴謹、專注的營運執行；第三，執行我們的市場轉型計畫。我很高興地報告，第一季開局良好。讓我們從數字開始。

In Q1, we delivered non-GAAP operating income of $7.6 million, a 530 basis point margin improvement year-over-year. Annual revenue run rate, or ARR, reached $351 million, a year-over-year improvement of 3%. Revenue reached $82.4 million, growing 3% year-over-year and operating cash flow came in at approximately $400,000, an improvement of nearly $4 million year-over-year.

第一季度，我們的非公認會計準則營業收入為 760 萬美元，利潤率較去年同期提高 530 個基點。年營收運轉率（ARR）達到 3.51 億美元，年增 3%。營收達 8,240 萬美元，年增 3%，經營現金流約 40 萬美元，年增近 400 萬美元。

We delivered revenue within our previously reported guidance range and profitability well above the high side of our range. Even still, these growth rates do not reflect the potential of this business and accelerating growth is our top priority.

我們實現的收入處於我們先前報告的指導範圍內，獲利能力遠高於我們預期的高端。即便如此，這些成長率並不能反映出該業務的潛力，而加速成長才是我們的首要任務。

We see encouraging signs of progress behind our go-to-market transformation efforts. We reduced headcount by approximately 10% in Q4, and we reinvested savings to roughly double our quota-carrying sales capacity, which is now substantially complete.

我們在市場轉型努力背後看到了令人鼓舞的進展跡象。我們在第四季度裁減了約 10% 的員工人數，並將節省的資金重新投資，使我們的配額銷售能力大約翻了一番，目前這一目標已基本完成。

We saw a strong increase in pipeline across Q1 behind this effort, B2B in particular. To be clear, we still expect 2025 to be challenging, but the opportunity that lies ahead of us is tremendous.

在這項努力的推動下，我們看到第一季的通路強勁成長，尤其是 B2B 通路。需要明確的是，我們仍然預計 2025 年將充滿挑戰，但我們面臨的機會是巨大的。

We are continuing to act quickly and boldly to transform the company. This type of change is not easy. Current macroeconomic uncertainty adds complexity, which Daniel will discuss in more detail shortly. Regardless, we are focused on what we can control, and I see solid leading indicators that the decisive actions we have taken are progressing us as planned.

我們將繼續迅速且大膽地採取行動來改變公司。這種改變並不容易。當前宏觀經濟的不確定性增加了複雜性，丹尼爾稍後將更詳細地討論這一點。無論如何，我們都專注於我們能夠控制的事情，我看到了可靠的領先指標，表明我們採取的果斷行動正在按計劃推進。

I want to provide an update on 4 key areas of focus: one, recruiting top leaders with SaaS and commerce experience; two, investing in our core offerings in B2C and B2B. Three, creating new revenue growth opportunities through key initiatives we introduced at our recent Investor Day; and lastly, four, driving value to our customers and shareholders through AI.

我想提供四個重點關注領域的最新情況：一、招募具有 SaaS 和商業經驗的頂尖領導者；二、投資我們在 B2C 和 B2B 領域的核心產品。三、透過我們在最近的投資者日上推出的關鍵舉措創造新的收入成長機會；最後，第四，透過人工智慧為我們的客戶和股東創造價值。

I'll start with recent leadership changes that strengthen our focus on product and innovation. Following the departure of our former CTO, Marcus Groth, our Senior Vice President of Engineering, has assumed full leadership of our engineering organization. Marcus joined BigCommerce in January and brings a wealth of experience from Amazon, Salesforce Commerce Cloud and Demandware.

我首先要說的是最近的領導層變動，這些變動加強了我們對產品和創新的關注。在我們前首席技術長離職後，我們的工程高級副總裁 Marcus Groth 將全面領導我們的工程組織。Marcus 於一月份加入 BigCommerce，並帶來了來自亞馬遜、Salesforce Commerce Cloud 和 Demandware 的豐富經驗。

In addition, we recently welcomed Vipul Shah as our new Chief Product Officer. Vipul joined us in April and brings an extensive background of driving product strategy and innovation with prior leadership roles at Google, JPMorgan and PayPal, among others. We're excited to have both Marcus and Vipul in these critical roles, both of which now report directly to me.

此外，我們最近歡迎 Vipul Shah 擔任我們的新任首席產品長。Vipul 於 4 月加入我們，擁有推動產品策略和創新的豐富經驗，曾在Google、摩根大通和 PayPal 等公司擔任領導職務。我們很高興 Marcus 和 Vipul 能夠擔任這些關鍵職務，他們現在都直接向我報告。

I'm confident they will further elevate our product and engineering capabilities. Our senior leadership team is now in place, and I believe we have the exact right team of experienced commerce and SaaS professionals to lead our organization forward.

我相信他們將進一步提升我們的產品和工程能力。我們的高階領導團隊現已到位，我相信我們擁有一支經驗豐富的商業和 SaaS 專業人員團隊來帶領我們的組織前進。

Second, we are continuing to invest in both B2B and B2C. B2B continues to grow as a percentage of our overall business, underscoring our leadership in digital commerce for manufacturers, distributors and wholesalers. We welcomed onto our platform industry leaders such as Superfeet and Vanderbilt Packaging, while also celebrating standout launches from Sealey Tools and ISG Enterprises.

第二，我們將繼續在B2B和B2C領域進行投資。B2B 在我們整體業務中所佔的份額持續成長，凸顯了我們在製造商、經銷商和批發商數位商務領域的領導地位。我們歡迎 Superfeet 和 Vanderbilt Packaging 等業界領導者加入我們的平台，同時也慶祝 Sealey Tools 和 ISG Enterprises 的出色發布。

We also delivered new capabilities tailored to complex B2B needs. In Q1, we released 2 major enhancements, multi-company hierarchy support and an upgraded configure price quote tool. These features help large enterprises manage complex organizational structures and quoting workflows more efficiently. For example, our new configure price quote system reduces the steps required to respond to a quote request by up to 75%. This is creating efficiencies by freeing up time for teams to focus on driving revenue.

我們還提供了針對複雜的 B2B 需求而客製化的新功能。在第一季度，我們發布了兩項主要增強功能，即多公司層級結構支援和升級的配置價格報價工具。這些功能可協助大型企業更有效地管理複雜的組織結構和報價工作流程。例如，我們新配置的價格報價系統將回應報價請求所需的步驟減少了多達 75%。這可以讓團隊有更多時間專注於增加收入，進而提高效率。

In B2C, we're driving focus and discipline on our core target customers, including our strategic focus on businesses outside the traditional fashion, beauty and apparel verticals traditionally prioritized by legacy platforms. Our momentum is particularly strong with brands in underserved operationally complex categories such as direct selling, regulated industries, home decor and others. These complex use cases will remain a strategic priority for our business.

在 B2C 領域，我們重點關注並規範我們的核心目標客戶，包括將策略重點放在傳統平台優先考慮的傳統時尚、美容和服裝垂直領域之外的業務。在直銷、受監管行業、家居裝飾等服務不足且營運複雜的類別中，我們的品牌發展勢頭尤為強勁。這些複雜的用例仍將是我們業務的策略重點。

We proudly celebrated the successful launch of EuroOptic, a leading online retailer specializing in high-quality sporting optics, ensuring compliance with strict regulatory requirements. We also launched Kittery Trading Post, a prominent retailer dedicated to outdoor activities, hunting and adventure gear.

我們很自豪地慶祝 EuroOptic 的成功推出，這是一家領先的線上零售商，專門經營高品質運動光學產品，確保遵守嚴格的監管要求。我們還推出了 Kittery Trading Post，一家專注於戶外活動、狩獵和探險裝備的知名零售商。

UK based fashion brand, EGO, known for its trending women's footwear, clothing and accessories also faced unique challenges with its legacy platform. They have now successfully launched several international storefronts on a composable architecture with BigCommerce. Additionally, we welcome exciting new brands such as Calm, a trusted pet brand known for its durable toys and treats.

英國時尚品牌 EGO 以其流行女鞋、服裝和配件而聞名，但其傳統平台也面臨獨特的挑戰。他們現在已經成功地與 BigCommerce 在可組合架構上推出了多個國際店面。此外，我們也歡迎令人興奮的新品牌，例如 Calm，這是一個以耐用的玩具和零食而聞名的值得信賴的寵物品牌。

Third, we are on track to deliver the initiatives we announced at our recent Investor Day. We have a big opportunity to drive growth by more cost effectively cross-selling Feedonomics to the tens of thousands of customers on the BigCommerce platform. This initiative is in beta stage with select customers now and a broader rollout with new paid features will be available to existing customers ahead of the holiday season.

第三，我們正在按計劃實施我們在最近的投資者日上宣布的舉措。我們有很大機會透過更具成本效益的方式向 BigCommerce 平台上的數萬名客戶交叉銷售 Feedonomics 來推動成長。該計劃目前正針對部分客戶進行測試，並將在假期前向現有客戶提供更廣泛的新付費功能。

We are building a self-serve version of Makeswift into the BigCommerce platform with key product milestones and paid features expected late this year or early next year. This will deliver a step change improvement in storefront design capabilities to our customer base and create new upsell opportunities behind paid features as well.

我們正在 BigCommerce 平台中建立 Makeswift 的自助服務版本，預計今年年底或明年年初實現關鍵產品里程碑和付費功能。這將為我們的客戶群帶來店面設計功能的顯著改善，並在付費功能背後創造新的追加銷售機會。

As part of our bundling strategy, we announced our intention to partner with one of the leading providers of platform performance and error monitoring, Nobu, to help customers maximize conversion and revenue with availability in the second half of this year. Several additional bundle offerings are currently in development. These product bundles aim to simplify the commercial requirements of customers' adoption of best-in-breed commerce architectures. This will build stronger relationships with our partners while creating new revenue opportunities with our customers.

作為我們捆綁策略的一部分，我們宣布了與領先的平台效能和錯誤監控提供者之一 Nobu 合作的意向，以幫助客戶在今年下半年實現轉換率和收入最大化。目前正在開發幾種額外的捆綁產品。這些產品包旨在簡化客戶採用最佳商業架構的商業需求。這將使我們與合作夥伴建立更牢固的關係，同時為我們的客戶創造新的收入機會。

Our new BigCommerce payments offering remains on track for an early 2026 launch, which will be an optional payments offering for small- and medium-sized customers looking for a streamlined integrated offering with strong payments processing rates. This offering aims to improve our overall monetization and retention rates in the business.

我們的新 BigCommerce 支付服務仍有望於 2026 年初推出，這將是一項可選的支付服務，專為尋求精簡整合服務和強大支付處理率的中小型客戶而設。此項服務旨在提高我們業務的整體貨幣化和保留率。

Finally, AI remains a key area of focus. We are leveraging AI to deliver major improvements to sales and support efficiency. We have also built internal tools to design tailored architectural recommendations to customers. We've also automated developer docs and onboarding operational tasks while partnerships with OpenAI, Gemini and Forethought drive agility and innovation. Feedonomics continues to lead embedding AI into workflows to improve data matching and channel performance. More AI-driven enhancements are coming across CX, partner integrations and merchant enablement.

最後，人工智慧仍然是關注的重點領域。我們正在利用人工智慧來大幅提高銷售和支援效率。我們也建立了內部工具來為客戶設計客製化的架構建議。我們也實現了開發人員文件和入職作業任務的自動化，同時與 OpenAI、Gemini 和 Forethought 的合作推動了敏捷性和創新。Feedonomics 繼續引領將 AI 嵌入到工作流程中，以改善資料匹配和管道效能。更多由人工智慧驅動的增強功能正在出現在 CX、合作夥伴整合和商家支援方面。

For our customers leveraging AI advancements in commerce isn't just about having product and inventory data, it's about having that data optimized for the right medium and use cases. This is Feedonomics' sweet spot, powering product data syndication for over 30% of the Internet Retailer 1000.

對於我們的客戶來說，利用商業領域的人工智慧進步不僅僅是擁有產品和庫存數據，還在於針對正確的媒介和用例優化這些數據。這就是 Feedonomics 的優勢所在，它為超過 30% 的網路零售商 1000 強提供產品數據聯合支援。

As tools like open AI and perplexity drive the next wave of agentic shopping, we're making sure our customers are in a position to lead while driving frictionless customer experiences. We're actively partnering with the platform shaping this space, so our customers' products are not only easy to find, but easy to buy.

隨著開放式人工智慧和困惑等工具推動下一波代理購物浪潮，我們要確保我們的客戶在推動無摩擦客戶體驗的同時處於領先地位。我們正在積極與塑造這一領域的平台合作，以便我們的客戶的產品不僅易於找到，而且易於購買。

Looking ahead, we remain focused on creating measurable value for our customers and our shareholders. The changes we've made are working, and we believe they set the foundation for renewed growth in the quarters to come. We're encouraged by our progress, but we know we still have work to do. As we said at our Investor Day, this is a crucial transformation year for the business. We have the leadership team in place to execute our plans. We're focused on customer outcomes, not just features. We're aligning everything we do to efficient revenue growth, and we remain confident in our ability to accelerate performance as the year progresses.

展望未來，我們將繼續致力於為客戶和股東創造可衡量的價值。我們所做的改變正在發揮作用，我們相信它們為未來幾季的重新成長奠定了基礎。我們對我們的進步感到鼓舞，但我們知道我們還有很多工作要做。正如我們在投資者日所說的那樣，這是企業轉型的關鍵一年。我們已成立領導團隊來執行我們的計劃。我們關注的是客戶成果，而不僅僅是功能。我們所做的一切都是為了實現高效的收入成長，並且我們仍然有信心在未來加快業績成長。

With that, I'll hand it over to Daniel to walk through the financials.

說完這些，我會把任務交給丹尼爾來處理財務事宜。

Thanks, Travis. Before we dive into my commentary on the quarter, I want to highlight a few areas that demonstrate our market position and improving financial profile. BigCommerce serves 5,825 enterprise accounts alongside tens of thousands of small business accounts. ARR is $351 million as of the end of Q1 2025, a 3% increase year-over-year, while average revenue per enterprise account finished just over $45,000, a 9% increase year-over-year.

謝謝，崔維斯。在深入討論本季的評論之前，我想先強調幾個能夠反映我們的市場地位和不斷改善的財務狀況的領域。BigCommerce 為 5,825 個企業帳戶以及數萬個小型企業帳戶提供服務。截至 2025 年第一季末，ARR 為 3.51 億美元，年增 3%，而每個企業帳戶的平均收入略高於 45,000 美元，年增 9%。

Our non-GAAP gross margin strengthened to 80.3%, up 240 basis points year-over-year, and non-GAAP operating income margin finished Q1 at 9.2%, up 530 basis points from Q1 2024 and 1,820 basis points from Q1 2023. We closed Q1 2025 with a solid balance sheet, including $121.9 million in cash, cash equivalents and marketable securities. Our operating efficiency continues to improve with quarterly operating cash flow of approximately $400,000, up $3.8 million from Q1 2024 and up $21.2 million from Q1 2023.

我們的非公認會計準則毛利率增加至 80.3%，較去年同期成長 240 個基點，非公認會計準則營業利潤率在第一季達到 9.2%，比 2024 年第一季成長 530 個基點，較 2023 年第一季成長 1,820 個基點。我們在 2025 年第一季結束時擁有穩健的資產負債表，其中包括 1.219 億美元的現金、現金等價物和有價證券。我們的營運效率持續提高，季度營運現金流約為 40 萬美元，比 2024 年第一季增加 380 萬美元，比 2023 年第一季增加 2,120 萬美元。

We have reduced our net debt position to $32.2 million, a 59% decrease year-over-year with maturities of approximately $4 million due in 2026 and $150 million due in 2028. As of the end of Q1, we had approximately 78.8 million common shares outstanding and 80.5 million shares of fully diluted outstanding, including unvested shares of restricted stock units, options and our convertible notes as outlined in our latest Form 10-Q.

我們已將淨債務部位減少至 3,220 萬美元，年減 59%，其中 2026 年到期的債務約為 400 萬美元，2028 年到期的債務約為 1.5 億美元。截至第一季末，我們擁有約 7,880 萬股普通股和 8,050 萬股完全稀釋流通股，包括未歸屬的限制性股票單位、選擇權和可轉換票據，如我們最新的 10-Q 表所述。

We are making measurable progress on our go-to-market transformation. Our realigned sales organization is now fully structured around our B2B, B2C and small business offerings. Hiring to double our quota-carrying sales capacity is substantially complete and early signs from pipeline conversion rates are encouraging.

我們在市場轉型方面取得了顯著進展。我們重新調整後的銷售組織現在完全圍繞著我們的 B2B、B2C 和小型企業產品構建。為使我們的配額銷售能力翻倍而進行的招募工作已基本完成，而且通路轉換率的早期跡象令人鼓舞。

As Travis outlined previously, we're on track for the key initiatives we discussed in our recent Investor Day, including the launch of a BigCommerce payment solution, launching self-serve versions of Feedonomics and Makeswift to our existing platform customers and building bundled solutions with key partners to make it easy for customers to design and deploy solutions with leading technology partners in our industry. These initiatives are key to our wallet share expansion goals and a focus area for Q2 and beyond.

正如 Travis 之前概述的那樣，我們正在按計劃實施我們在最近的投資者日討論的關鍵舉措，包括推出 BigCommerce 支付解決方案、向現有平台客戶推出 Feedonomics 和 Makeswift 的自助服務版本以及與主要合作夥伴構建捆綁解決方案，以便客戶能夠輕鬆地與我們行業中的領先技術合作夥伴一起設計和部署解決方案。這些舉措對於我們擴大錢包份額的目標至關重要，也是第二季及以後的重點領域。

Before turning to guidance, I want to briefly address recent developments related to global trade and tariffs. While BigCommerce is not directly involved in the manufacturing or physical movement of goods, many of our customers operate across borders and within affected supply chains.

在談到指導之前，我想先簡單談談與全球貿易和關稅相關的最新發展。雖然 BigCommerce 不直接參與貨物的製造或實體運輸，但我們的許多客戶都在跨境和受影響的供應鏈內開展業務。

We're closely monitoring how shifting trade policies and increased tariffs may influence our customers' operating environments, particularly for international sellers and brands sourcing from impacted regions. Our most direct exposure to the potential impacts of macroeconomic uncertainty and change in this area would be in partner and services revenue, or PSR, which constitutes approximately 25% of our total revenues and is driven by revenue share on transaction volumes from various technology partners.

我們正在密切關注貿易政策的變化和關稅的增加如何影響我們客戶的經營環境，特別是對從受影響地區採購的國際賣家和品牌。我們對宏觀經濟不確定性和該領域變化的潛在影響最直接的影響是合作夥伴和服務收入（PSR），這部分收入約占我們總收入的 25%，由來自各個技術合作夥伴的交易量收入份額驅動。

Potential effects on business sentiment may affect pipeline generation and conversion rates over time as well. While we have not yet seen a material impact from increasing macroeconomic uncertainty on our performance or pipeline, we are maintaining a cautious view and partnering with our customers to provide thoughtful support and flexible solutions in this environment. Let me transition to related impact on guidance.

對商業情緒的潛在影響也可能隨著時間的推移影響管道產生和轉換率。雖然我們尚未看到宏觀經濟不確定性增加對我們的業績或產品線產生重大影響，但我們仍保持謹慎的態度，並與我們的客戶合作，在這種環境下提供周到的支持和靈活的解決方案。讓我轉到對指導的相關影響。

Broadly speaking, we believe the current environment increases the potential range of revenue growth results we may see in 2025. To be clear, we built plans expecting 2025 to be a challenging year as we execute transformational change. We are encouraged by results so far, and we see potential upside to our previous revenue growth guidance. That said, we also believe increased macroeconomic uncertainty could have a downside impact on growth expectations as well.

總體而言，我們認為當前的環境將擴大 2025 年可能看到的收入成長結果的潛在範圍。需要明確的是，我們在製定計劃時預計 2025 年將是我們實施轉型變革的充滿挑戰的一年。我們對迄今為止的業績感到鼓舞，並且看到了先前收入成長預期的潛在上升空間。儘管如此，我們也認為宏觀經濟不確定性的增加也可能對成長預期產生下行影響。

For Q2, we expect revenue between $82.5 million and $83.5 million and non-GAAP operating income between $2.7 million and $3.7 million. For the full year 2025, we are widening the revenue guidance range to $335.1 million to $351.1 million to reflect both the underlying strength we continue to see in the business on the high end and macroeconomic uncertainties, potential downside on the low end. We expect non-GAAP operating income between $16 million and $28 million for the full year.

對於第二季度，我們預計收入在 8,250 萬美元至 8,350 萬美元之間，非 GAAP 營業收入在 270 萬美元至 370 萬美元之間。對於 2025 年全年，我們將收入預期範圍擴大至 3.351 億美元至 3.511 億美元，以反映我們在高端業務中繼續看到的潛在實力以及宏觀經濟的不確定性和低端的潛在下行風險。我們預計全年非公認會計準則營業收入在 1,600 萬美元至 2,800 萬美元之間。

From a profit perspective, we are managing spending carefully to account for macroeconomic risk and also to maintain optionality to reinvest in the business throughout the year to drive growth. We believe this balanced guidance adjustment reasonably represents the range of possible outcomes at this time given the dynamic economic environment.

從利潤角度來看，我們正在謹慎管理支出，以應對宏觀經濟風險，並保持在全年業務再投資的選擇性，以推動成長。我們認為，考慮到動態的經濟環境，這種平衡的指導調整合理地代表了此時可能出現的結果範圍。

Our commitment to operational discipline remains unchanged. We will continue to invest in high ROI areas that deliver durable value, specifically our sales capacity expansion, AI innovation initiatives and core product initiatives to fuel growth in the business.

我們對作戰紀律的承諾保持不變。我們將繼續投資於能夠帶來持久價值的高投資報酬率領域，特別是我們的銷售能力擴張、人工智慧創新計劃和核心產品計劃，以推動業務成長。

We have an experienced leadership team that's excited to drive growth and carefully manage our transformation amidst an uncertain environment. We will continue to provide transparent updates throughout the year as conditions change as well.

我們擁有一支經驗豐富的領導團隊，他們熱衷於推動成長並在充滿不確定性的環境中謹慎管理我們的轉型。隨著情況的變化，我們全年將繼續提供透明的更新。

In closing, we're pleased with our Q1 performance and encouraged by the early momentum in our business transformation efforts. We remain committed to delivering profitable, sustainable growth that creates lasting value for our shareholders. We look forward to sharing further progress with you in the quarters ahead. With that, Travis and I are happy to take your questions. Operator?

最後，我們對第一季的業績感到滿意，並對業務轉型努力的早期動能感到鼓舞。我們始終致力於實現獲利性、可持續的成長，為股東創造持久的價值。我們期待在未來幾季與您分享進一步的進展。崔維斯和我很樂意回答您的問題。操作員？

(Operator instructions)

（操作員指示）

Raimo Lenschow, Barclays Bank

巴克萊銀行 Raimo Lenschow

Congrats from a good solid quarter here. I was really encouraged on the signs that you kind of mentioned in terms of early progress. Can you kind of discuss that a little bit more in detail in terms of what you mentioned there on the pipeline side, et cetera?

恭喜本季取得良好且穩健的業績。您提到的早期進展跡象確實讓我感到鼓舞。您能否就您提到的管道方面等更詳細地討論一下這個問題？

And then also maybe as part of that, put it into context in terms of, obviously, you're trying to control the controllable. There's tariffs coming in there. Like how do you kind of get visibility on either end then?

然後也許作為其中的一部分，將其放在上下文中，顯然，你正試圖控制可控的事物。那裡有關稅。那麼你如何在兩端獲得可見性呢？

No, great question. Yes, as far as encouraging signs, I mean, the most notable is obviously size of pipeline sequentially quarter-over-quarter and year-over-year. And as I highlighted in the opening remarks, we've seen that particularly within B2B, which has been consistent momentum-wise in what we've seen in net new bookings over the last 12 months. So that's probably the largest indicator.

不，這個問題問得好。是的，就令人鼓舞的跡象而言，最引人注目的顯然是管道規模逐季和逐年增長。正如我在開場白中所強調的那樣，我們尤其看到了 B2B 領域的情況，從過去 12 個月的淨新預訂量來看，其發展勢頭一直保持一致。這可能是最大的指標。

Certainly, seeding of the larger leadership team, which just concluded over the last couple of weeks is also obviously an internal sign for us. But from a productivity perspective, having folks in place and aligned and operating in seat, obviously, is something internally that you feel day in and day out.

當然，過去幾週剛結束的更大規模領導團隊的選拔顯然也是我們的內部訊號。但從生產力的角度來看，讓人們到位、協調一致並在座位上工作顯然是你日復一日內心感受到的事情。

And then on the tariff side, I'll let Daniel add color. Certainly, it's hard. We're keeping a close eye on the macro, certainly, and it's hard to understand the supply chains of many of our customers. Some may presume to be more obvious than others. We've not seen obvious tangible signs yet where we feel comfortable opining on it, but certainly are very consciously aware that there's some exposure there given some of the macro trends.

然後在關稅方面，我會讓丹尼爾補充說明。當然，這很難。當然，我們正在密切關注宏觀經濟，而且很難了解許多客戶的供應鏈。有些人可能認為這比其他人更明顯。我們還沒有看到明顯的實際跡象讓我們感到舒服地對此發表意見，但當然我們非常清楚，考慮到一些宏觀趨勢，那裡存在一些風險。

And Daniel, the if you think about it, like how do you think about your investment levels in terms of cost, et cetera, as macro changes one way or the other? How flexible are you there?

丹尼爾，如果您考慮一下，隨著宏觀經濟發生這樣或那樣的變化，您如何看待您的投資水平（包括成本等）？你的靈活性如何？

I would say when you look at where we are on the guidance range on non-GAAP operating income for the year, we widened that a little bit compared to where we were before. I'd say there's specific reasons for that. It's because there's really opportunity that we see in the business to invest in the areas we see specifically related to AI, what that can mean for commerce, in particular, we want to have dry powder available in order to capitalize on those opportunities throughout the year. And it's moving and changing really quickly in exciting ways, which I'm sure we'll get to later on in Q&A.

我想說的是，當你看到我們今年非公認會計準則營業收入的指導範圍時，你會發現與以前相比，我們的指導範圍有所擴大。我想說，這其中有特定的原因。這是因為我們在業務中看到了投資與人工智慧特別相關的領域的真正機會，這對商業尤其重要，我們希望擁有充足的資金，以便全年利用這些機會。它正以令人興奮的方式快速發展和變化，我相信我們稍後會在問答中討論這一點。

So Part 1 is we want to make sure that we have spending available to make bets that can pay off, we think, in a big way and accelerating growth in the medium term. But on the flip side, we're also going to be very cautious about how we're spending money so that we protect margins in a reasonable way with the amount of uncertainty that we have right now in the market.

因此，第一部分是我們要確保我們有足夠的支出來進行我們認為可以獲得巨大回報的投資，並在中期內加速成長。但另一方面，我們也將非常謹慎地對待我們的資金支出，以便在當前市場不確定的情況下以合理的方式保護利潤率。

I mean and as we said in the prepared remarks, we haven't seen a lot of signs of this yet in the numbers, so to speak, in terms of what we saw up until now and either GMV or what we're seeing in terms of pipeline build, we've seen good signs there actually. But I think we'd be relatively foolish if we didn't consider that to be a downside risk at this point. So we felt it was prudent to widen our range to account for that and just err on the side of transparency and authenticity with our investors throughout the year, what we see. There's a lot still up in the air, and we'll just have to see where it goes.

我的意思是，正如我們在準備好的評論中所說的那樣，我們還沒有在數字上看到很多跡象，可以這麼說，就我們迄今為止看到的情況而言，無論是 GMV 還是我們在管道建設方面看到的情況，我們實際上已經看到了好的跡象。但我認為，如果我們現在不認為這是一個下行風險，那我們就太愚蠢了。因此，我們認為擴大我們的範圍以解決這個問題是明智之舉，並且在全年對投資者保持透明度和真實性方面犯錯，這就是我們所看到的。還有很多事情懸而未決，我們只能拭目以待。

Perfect, thank you.

非常好，謝謝。

Hoi-Fung Wong, Oppenheimer & Co. Inc.

黃海峰，Oppenheimer & Co. Inc.

Great, thanks for taking my question.

太好了，感謝您回答我的問題。

Travis, it sounds like pipelines are holding in fine. As you engage customers this quarter, April, May, any color in terms of how those conversations, how close rates trended from kind of January through May to help us get a sense for how the exit was starting to look?

特拉維斯，聽起來管道運作良好。當您在本季、4 月和 5 月與客戶接觸時，這些對話的進展如何，從 1 月到 5 月的利率趨勢如何，能否幫助我們了解退出情況的開始？

Yes. Thanks for the question, Ken. Good one. Nothing worth calling out. One of the big trends that we've seen, obviously, particularly on the B2C side, we're in much larger deals. So we've seen probably a half dozen or so big global deals in the mix over the last couple of months. Obviously, those deals have different dynamics to them.

是的。謝謝你的提問，肯。很好。沒什麼好大喊大叫的。顯然，我們看到的一大趨勢是，特別是在 B2C 方面，我們參與的交易規模越來越大。因此，在過去幾個月裡，我們大概看到了六起左右的全球大型交易。顯然，這些交易具有不同的動態。

They're typically contractually obligated to legacy partners with time frames and things like that. So we would expect a slower sort of conversion time frame on those larger ones. So we're seeing that in a subset of the pipeline. That's probably been the most notable change we've seen.

他們通常對傳統合作夥伴負有合約義務，包括時間框架等。因此，我們預計這些較大的項目的轉換時間會比較慢。所以我們在管道的一個子集中看到了這一點。這可能是我們所見過的最顯著的變化。

But to what Daniel kind of alluded to earlier, if you didn't read the press and pay attention to what was going on in the macro, there's nothing obvious in the business that jumps out where you're like, wow, there's uncertainty or any sort of perceived volatility here.

但正如丹尼爾之前提到的，如果你沒有閱讀新聞並關注宏觀層面發生的事情，那麼在這個行業中就沒有什麼明顯的跡象讓你覺得，哇，這裡有不確定性或任何形式的波動性。

Pipeline is probably better than expected, but given the investments we've made there and the strategy this year, I wouldn't say that we're surprised by that. It was an expected outcome. We're pleased to see it. Everything else is sort of as normal, but hard to ignore some of the volatility and some of the presumed headwinds folks might have with supply chains within tariff impacted territories.

管道可能比預期的要好，但考慮到我們在那裡進行的投資和今年的策略，我不會對此感到驚訝。這是意料之中的結果。我們很高興看到它。其他一切都很正常，但很難忽視關稅影響地區供應鏈中可能出現的一些波動和一些預期的阻力。

Got it. Perfect. And Daniel, definitely look, understandable on the widening of the range, positively surprised that you guys actually raised the upper end. As we think about kind of how to get there, is it simply a matter of kind of status quo and you would see the upper end? Or does something need to happen to get to that upper end?

知道了。完美的。丹尼爾，你看，擴大範圍是可以理解的，令人驚訝的是你們實際上提高了上限。當我們思考如何實現這一目標時，這是否只是現狀問題，而您會看到上限？或者是否需要發生一些事情才能達到這個上限？

I would say there's some things that need to not happen, and there are some things that need to happen. The things that need to not happen is a recessionary shift or inflationary pressures as a result of change in tariff policy. If that really starts to manifest itself, then I think it would be challenging for anybody that's moving goods, particularly with concentrated supply chains, particularly from China. And so I think if that really plays itself out, that creates a headwind that would be difficult.

我想說有些事情不應該發生，有些事情必須發生。不應該發生的事情是關稅政策變化導致經濟衰退或通膨壓力。如果這種情況真的開始顯現，那麼我認為這對任何運輸貨物的人來說都將是一個挑戰，特別是對於集中的供應鏈，尤其是來自中國的供應鏈。所以我認為，如果這種情況真的發生，就會形成難以克服的阻力。

And when we talked about this at our Investor Day, we expected the year to be challenging. We did not bake in some sort of macroeconomic tailwind into our assumptions when we built our financial plans for the year. So we just needed to not become a headwind.

當我們在投資者日談論這個問題時，我們預計今年將會充滿挑戰。當我們制定年度財務計畫時，我們並沒有將某種宏觀經濟順風因素納入我們的假設中。所以我們只需要不成為逆風。

To get to the high end of the range, I'd say it's two things. One, we need to continue to see building pipeline behind the investments that we've made in sales and marketing. number 2, we want to see some really good returns on some step-ups that we plan on increasing on marketing spend, particularly in Q2 and Q3 behind some of the branding work that we're doing. And umber 3, we need to see those play out in good conversion rates on what we're doing, particularly in the area of B2B.

為了達到高端水平，我認為有兩件事。首先，我們需要繼續關注我們在銷售和行銷方面所做投資背後的通路建立。第二，我們希望看到我們計劃增加行銷支出的一些舉措能夠獲得真正好的回報，特別是在第二季和第三季我們正在進行的一些品牌推廣工作。第三，我們需要看到我們所做的事情產生良好的轉換率，特別是在 B2B 領域。

So look, we as we thought about the guidance and the range, it's not all downside. I mean I think it's wise and prudent to account for that because that's frankly out of our control. But largely speaking, when we look at where we are versus our internal plans, it's e're kind of where we expected to be at this point.

所以，當我們考慮指導和範圍時，我們發現並非全是缺點。我的意思是，我認為對此作出解釋是明智和謹慎的，因為坦白說，這超出了我們的控制範圍。但總體來說，當我們審視目前的情況與我們的內部計劃相比時，我們發現我們目前所處的位置正是我們預期的位置。

We thought this was going to be a challenging year. We have a lot of change that we're metabolizing that we're excited about. But so far, so good, but there's just a lot of uncertainty that I would say has even escalated since the Investor Day due to factors outside of our control. We wanted to be transparent and prudent and account for that in our guidance range.

我們認為這將是充滿挑戰的一年。我們正在經歷許多令我們興奮的變化。但到目前為止，一切都很好，但我想說，由於我們無法控制的因素，自投資者日以來，不確定性已經大大增加。我們希望保持透明和謹慎，並在我們的指導範圍內考慮到這一點。

Great, thank you, Daniel.

太好了，謝謝你，丹尼爾。

Koji Ikedafrom BofA Securities.

美國銀行證券公司的池田浩司。

I wanted to ask a question on payments. And so, really great to hear the payment strategy is on track here for 2026 launch. But I also saw a press release earlier from you guys about Klarna being becoming a global preferred payments partner. And so the question here is, how do you think about your guys' plan for pushing payment options in 2025 to your customers and partners knowing that a new payments offering is coming next year?

我想問一個有關付款的問題。因此，很高興聽到我們的支付策略正在按計劃於 2026 年推出。但我之前也看到你們發布的新聞稿，關於 Klarna 將成為全球首選支付合作夥伴。所以這裡的問題是，在知道明年將推出新的支付服務的情況下，您如何看待您在 2025 年向客戶和合作夥伴推出支付選項的計劃？

Yes. No, great question. Listen, I think directionally, we want to provide optionality to customers. We've been pretty open about this in the technical approach and the strategic approach. We want to be able to bring best-in-class capabilities to customers across all three of our core offerings.

是的。不，這個問題問得好。聽著，我認為從方向上來說，我們希望為客戶提供可選性。我們在技術方法和策略方法上對此持相當開放的態度。我們希望能夠透過我們的三種核心產品為客戶提供一流的功能。

That being said, Klarna, obviously, a long-standing buy now, pay later partner with us. They've moved to a preferred partner status. And we know statistically BigCommerce customers that use buy now, pay later have higher conversion rates. That's certainly goodness that we're going to evangelize out to our customer base where that makes sense.

話雖如此，Klarna 顯然是我們的長期先買後付合作夥伴。他們已晉升為優先合作夥伴。我們從統計數據得知，使用「先買後付」的 BigCommerce 客戶的轉換率更高。這當然是一件好事，我們會向我們的客戶群宣傳這一點。

On the BC payment side, the thesis there is we believe that there is a large subset of customers that would benefit from an ABC payment option. We've talked time frame on that really, now it's targeted really early next year for optimized customer experience, something that's easy and also lucrative for our customers that will be optional.

在 BC 支付方面，我們的論點是，我們相信有很大一部分客戶將受益於 ABC 支付選項。我們已經討論了時間框架，現在的目標是在明年年初優化客戶體驗，這對我們的客戶來說既簡單又有利可圖，而且是可選的。

Certainly, we won't force them into that, that could garner them a better experience and better rates. So I view them to be complementary to one another, not competitive in nature. And as we see other financial vehicles that would benefit our installed base, certainly, we will continue to roll that out in short order as well.

當然，我們不會強迫他們這樣做，這可以為他們帶來更好的體驗和更優惠的價格。所以我認為它們是互相補充的，而不是競爭的。而且，我們看到其他金融工具也會使我們的安裝基礎受益，當然，我們也將在短期內繼續推出這些工具。

Got it. And maybe a follow-up here for you or Daniel. I appreciate all the color in the prepared remarks about guidance and PSR in the current macro. I was also wondering on how you guys are planning to treat potential downgrades this year, just knowing that the GMV is a component of subscription tiers. And so how do you think about it if GMV is not reaching those certain thresholds and downgrades could potentially happen with your clients?

知道了。也許可以在這裡為您或丹尼爾提供後續資訊。我很欣賞在當前宏觀經濟中關於指導和 PSR 的準備好的評論中的所有細節。我還想知道你們今年打算如何應對潛在的降級，只知道 GMV 是訂閱等級的一個組成部分。那麼，如果 GMV 沒有達到特定的閾值，您的客戶可能會遭遇降級，您怎麼看？

I think we need to see again how it plays out in the macro. It's for folks on the call that may be new to us or unfamiliar with how we handle pricing, a little bit of background may be helpful here because it's different than how other folks in our space do this. What's sometimes common among some of our larger competitors is their pricing is basis points on GMV.

我認為我們需要再次看看它在宏觀上如何發揮作用。對於那些可能不熟悉我們如何處理定價的電話會議參與者來說，了解一點背景知識可能會有所幫助，因為這與我們領域其他人的做法不同。我們的一些較大的競爭對手有時有一個共同點，那就是他們的定價是基於 GMV 的基點。

And there's advantages to that model, there's downside to that model. It tends to make pricing more elastic to short-term sudden changes in volumes, consumer volumes in particular. We saw this in the pandemic. Hope it does not happen to the economy now, but that is not how we do pricing. The way that we do pricing is based on order volume and it's sold in blocks and calculated on a trailing 12-month basis.

此模型有優點，也有缺點。它往往使定價對短期內突然的數量變化（尤其是消費量）更具彈性。我們在疫情中看到了這一點。希望現在的經濟不會發生這種情況，但這不是我們的定價方式。我們的定價方式是根據訂單量，按塊出售，並以過去 12 個月計算。

So when there are sudden changes in order volumes, to your point, we could see downgrade pressure on pricing, but it's more moderated in how it hits us and how fast it hits us. Now that's good for us as a company because it makes our revenue line item, I would argue, perhaps a little bit more durable and less prone to sudden shocks and swings, but also makes pricing more predictable for our customers because they don't see month-to-month changes in their pricing.

因此，當訂單量突然發生變化時，正如您所說，我們可能會看到價格下降的壓力，但它對我們的影響和速度會比較溫和。這對我們公司來說是件好事，因為我認為，這讓我們的收入項目可能更加持久，不太容易受到突然衝擊和波動的影響，同時也讓我們的客戶能夠更準確地預測價格，因為他們不會看到價格逐月發生變化。

If we do see recessionary pressures that are sustained, then over time, that could definitely contribute to downgrade pressure. We have factored that into our guidance and how we thought about the range. At this point, I think we're in a wait-and-see mode. We said very deliberately in the prepared remarks, we think that range reflects what we see right now. But we need to see how this plays out. I don't if I knew how to predict what was going to happen in this area of the macro economy, there's a lot of other ways that I could be trading options and make any different from what I do today.

如果我們確實看到持續的衰退壓力，那麼隨著時間的推移，這肯定會加劇降級壓力。我們已將其納入我們的指導和對範圍的思考中。目前，我認為我們處於觀望狀態。我們在準備好的發言中非常謹慎地表示，我們認為該範圍反映了我們目前所看到的情況。但我們需要看看事情會如何發展。我不知道我是否知道如何預測宏觀經濟領域將會發生什麼，有很多其他方法可以讓我交易選擇權，並且做出與我今天所做的不同的選擇。

Got it. Thank you.

知道了。謝謝。

David Hynes, Canaccord Genuity Corp.

Canaccord Genuity Corp. 的 David Hynes

Hey guys, Travis, congrats on making quite a bit of headway on the sales force growth. Nice to see the investments largely complete there. I'd be curious to get some commentary on kind of the profile and the experience of the reps that you've added? And how long do you think it will take to tell if the new reps you've onboarded are a good fit for BigCommerce?

嘿，大家好，特拉維斯，祝賀你在銷售隊伍成長方面取得了相當大的進展。很高興看到那裡的投資基本上完成。我很想了解您所新增的代表的個人資料和經驗？您認為需要多長時間才能判斷您聘用的新代表是否適合 BigCommerce？

Yes. We've got it's a great question, David. Listen, the profile of reps obviously varies based on the line of business and the market. Clearly, I've been pretty public in hedging towards more experienced folks having come out of commerce myself in 20 years. I think the market is such that, yes, there are aspects of it that are commoditized around features and functions.

是的。我們知道這是一個很好的問題，大衛。聽著，銷售代表的個人資料顯然會根據業務線和市場而有所不同。顯然，我已經公開向更有經驗的人尋求對沖機會，因為我自己已經從事商業領域 20 年了。我認為市場是這樣的，它的某些方面圍繞著特性和功能已經商品化。

It's now very business outcome oriented. And I think experience is an added advantage as we kind of navigate the proliferation of channels and the inventory orchestration and distribution in the back office and lots of really interesting things that are happening with AI in particular. So that's been on the enterprise side. We there's a lot of he good news is there's a lot of talent on the street.

現在它非常注重業務成果。我認為經驗是一個額外的優勢，因為我們可以駕馭渠道的擴散、後台的庫存編排和分配，以及人工智慧領域發生的許多非常有趣的事情。這就是企業方面的情況。我們有很多好消息，那就是街上有很多人才。

So a lot of experienced folks have been in the space for a long time. There's been a couple of trip-ups with some of our competitors. So that's fortuitously made some other folks available that align to our value proposition. That's been the model there.

很多有經驗的人已經在這個領域工作很久了。我們的一些競爭對手出現了一些失誤。因此，這很幸運地讓一些與我們的價值主張相符的人能夠參與其中。這就是那裡的模型。

We've also been intentional about bringing on younger talent, too, particularly in our mid-market ranks as well. We feel like there's a really interesting opportunity to incubate younger talent and scale in more efficient ways, combined with a lot of stuff we've been doing with AI around enablement and training. It's enabled us to onboard folks faster and more effectively than we probably would have had in the past.

我們也有意引進年輕人才，特別是在中階市場。我們覺得這是一個非常有趣的機會，可以孵化年輕人才並以更有效的方式擴大規模，同時結合我們在人工智慧方面的支援和培訓工作。它使我們能夠比過去更快、更有效地接納新員工。

As far as the onboarding, again, I would expect an experienced rep to onboard and hit stride faster than maybe a less experienced rep. Daniel has quite credibly built all of this into kind of the model as we've staggered first. But generally speaking, we look at roughly a six month tops onboarding for folks to be kind of in market in their accounts. It depends on the role certainly in the market. But yes, I think, generally speaking, that's been the approach on the new business front, if that's helpful.

至於入職培訓，我再次期望經驗豐富的代表能夠比經驗不足的代表更快地入職並取得進步。丹尼爾非常可靠地將所有這些都建構成了我們首先進行交錯的模型。但一般來說，我們最多需要大約六個月的時間才能讓人們進入他們的帳戶市場。這當然取決於市場中的角色。但是的，我認為，一般來說，這是新業務方面的做法，如果這有幫助的話。

Yes. No, it is. And then, Daniel, maybe one for you. Look, I understand kind of the optimism, the progress with some of the changes that you guys have implemented. But I look at the number of enterprise accounts and it's declined again more significantly in Q1. It's five straight quarters of kind of sequential declines. For us to see a reacceleration in revenue growth, do we need to see the number of enterprise accounts growing on a sequential basis before that happens?

是的。不，是的。那麼，丹尼爾，也許有一個適合你。聽著，我理解這種樂觀情緒，也理解你們所實施的一些改變所取得的進展。但我查看了企業帳戶的數量，發現第一季該數量再次大幅下降。這是連續五個季度的連續下滑。為了讓我們看到收入成長再次加速，我們是否需要在此之前看到企業帳戶數量連續成長？

I would say it's a mixed story on that, and let me describe what I mean by that. We have had five quarters of very slight but sequential decline in the number of enterprise accounts. You will never hear Travis or I say we are okay with that. So let's just start with that. We're not okay with that.

我想說這是一個複雜的故事，讓我來解釋一下我的意思。我們的企業帳戶數量已連續五個季度輕微下降。你永遠不會聽到特拉維斯或我說我們對此沒意見。那我們就從這裡開始吧。我們對此不滿意。

On the flip side, we've also had six consecutive quarters of accelerating growth in average revenue per account. And our focus is very much on the dollarized aspect of growth more so than the unit count. As we've said before, we want to see both.

另一方面，我們的每個帳戶平均收入也連續六個季度加速成長。我們更關注的是成長的美元化方面，而不是單位數量。正如我們之前所說，我們希望看到兩者。

We expected the front half of the year, in particular, to be challenging. You're bringing on a bunch of new reps, you're asking them to work territories differently than we have in the past. We've got a significantly different marketing team in terms of size, remit leadership group. We expected the front half to be challenging. So I'm not surprised at all on where that landed.

我們預計今年上半年將會充滿挑戰。你招募了一批新的銷售代表，並要求他們以不同於過去的方式來進行工作。我們的行銷團隊在規模、領導團隊職責等方面都有顯著差異。我們預計前半部分將會充滿挑戰。因此，對於結果我一點也不感到驚訝。

And certainly, the economic noise doesn't help. It doesn't make it any easier. But in order to accelerate growth the way that we want, yes, that number needs to increase. We need to see unit numbers increasing. But I don't think it needs to increase quite as much as you may think.

當然，經濟噪音也無濟於事。這並沒有讓事情變得更容易。但為了以我們想要的方式加速成長，這個數字確實需要增加。我們需要看到單位數量的增加。但我不認為它需要像你想像的那樣增加那麼多。

Again, if you get back to the fact we've got six consecutive quarters of accelerating average revenue per account. And we don't even have in market yet all the initiatives that we're working on intended to grow wallet share and net revenue retention with our existing accounts.

再說一次，如果你回顧事實，我們已經連續六個季度實現了每個帳戶平均收入的成長。我們甚至還沒有將我們正在進行的所有舉措推向市場，這些舉措旨在透過我們現有的帳戶增加錢包份額和淨收入保留。

We're working on a self-serve version of Feedonomics that can go to our base where they get some of the benefits of Feedonomics on a free version with the paywall features behind it. Same thing for Makeswift. A BigCommerce payment solution, working on bundles. I mean there's so many things that we're looking at that I think can provide a tailwind to the dollarized number that I don't think unit count has to increase as much as people think, but I will never be satisfied until both are growing.

我們正在開發 Feedonomics 的自助版本，該版本可以進入我們的基地，在那裡他們可以享受 Feedonomics 免費版本中的一些好處，同時享受背後的付費牆功能。Makeswift 也是如此。BigCommerce 支付解決方案，適用於捆綁業務。我的意思是，我們正在考慮的許多事情都可以為美元化數字提供推動力，我不認為單位數量必須像人們想像的那樣增加，但我永遠不會滿意，除非兩者都增長。

Parker Lane from Stifel.

來自 Stifel 的 Parker Lane。

Yeah, hi guys, good morning and thanks for taking the question, Daniel, looking at quarter-over-quarter year-over-year gross margins, pretty solid improvement there. I know you've been making a lot of changes in the types of customers you're targeting, the different solutions you're selling and internal structure of this business.

是的，大家好，早安，感謝你回答這個問題，丹尼爾，從季度環比和同比毛利率來看，我們有相當穩固的改善。我知道你們對目標客戶類型、銷售的不同解決方案以及業務內部結構做出了很多改變。

Just wondering if this is kind of a new low watermark, how we should think about the rest of the year from a gross margin standpoint because looking at 2Q operating income guidance, just trying to understand how much of the improvement year-over-year is going to come from gross margin gains versus some OpEx leverage.

我只是想知道這是否是一種新的低水位線，我們應該如何從毛利率的角度來看待今年剩餘時間，因為看看第二季度的營業收入指引，只是想了解同比增長中有多少將來自毛利率的增長，而不是一些運營支出槓桿。

Gross margins are definitely healthy. I'm pleased with where they are. It's important to call out, we also have some expenses that we used to classify in cost of revenue that we needed to move into sales and marketing starting this quarter. That's not why margins by themselves were improving, but we called that out in our Q. That just has to do with some sales enablement stuff and some stuff that we felt we needed to move around.

毛利率絕對是健康的。我對他們現在的狀況很滿意。值得一提的是，我們還有一些過去歸類為收入成本的費用，從本季開始我們需要將其轉移到銷售和行銷。這並不是利潤率本身提高的原因，但我們在問答中提到了這一點。這只是與一些銷售支援的東西以及我們認為需要改變的一些東西有關。

But overall, like we're seeing good results in what we're spending in hosting. We're seeing strong results in what we're spending in support. I think that the improvements in gross margin are sustainable throughout the year. If I look at where we would see growth in operating margins overall, I think more so that will be driven by revenue growth acceleration and continued discipline on what we're doing in operating expenses.

但整體而言，我們在託管方面的投入取得了良好的效果。我們看到了支持支出所取得的顯著成果。我認為毛利率的改善在全年是可持續的。如果我看一下整體營業利潤率的成長點，我認為更多的是受到收入成長加速和對營業費用持續嚴格控制的推動。

We are expecting and the guidance reflects that we're going to see a step-up in OpEx in Q2. We do our annual merit like salary and merit increase in Q1. So you see the effect of that in Q2, which is why there's a sequential step-up in OpEx for us in Q2 every year.

我們預計並且指引反映出我們將在第二季度看到營運支出的增加。我們在第一季實施年度績效工資和績效加薪等政策。因此，您會在第二季看到其影響，這就是為什麼我們每年第二季的營運支出都會持續增加。

But we also have planned investments in go-to-market, particularly in marketing that are stepping up in Q2 and Q3 as well. So I'm really encouraged by what we're doing. I think structurally, we're in a good place. We just we need to get to the revenue targets and manage through an uncertain macro, but I feel good about where we are overall.

但我們也計劃對市場進入進行投資，特別是在行銷方面，並將在第二季和第三季加大投資。所以我對我們的所作所為感到非常鼓舞。我認為從結構上來說，我們處於良好的狀態。我們只是需要達到收入目標並管理不確定的宏觀環境，但我對我們的整體狀況感到滿意。

Understood. Appreciate that feedback. And then on partner and services, you mentioned that would be an area that you see any potential cracks from the macro more quickly than in subscription. Just looking at this particular quarter, Q1, was that just normal seasonality in line with your expectations? Or was there anything that was influencing that number quarter-over-quarter, whether it be partner specific partner agreements, et cetera, that would drive that performance?

明白了。感謝您的回饋。然後關於合作夥伴和服務，您提到這是一個比訂閱更快地從宏觀上發現任何潛在裂縫的領域。僅看這個特定季度，Q1，這是否只是符合您預期的正常季節性？或者是否有任何因素影響了該季度的數字，無論是合作夥伴特定的合作夥伴協議等，都會推動這一表現？

I would say what we saw in Q1 was pretty normal. I think where the noise started kicking in more was after the announcements on all of the different specific changes in tariff rates. We saw kind of a little noisy during that week on a day-to-day basis. Some days were up quite a bit compared to year-over-year. There are other days that were down.

我想說我們在第一季看到的情況非常正常。我認為，在宣布所有不同的特定關稅稅率變化之後，噪音開始變得更加強烈。那一週我們每天都看到有點吵鬧。與去年同期相比，有些日子的漲幅相當大。其他日子也不太順利。

It kind of settled back into what I would consider normal after the noise of that first week. But it's only been a few weeks, and that's a lot of choppiness to manage, which is why I think we're just being cautious about how we're thinking about this for the rest of the year. So far, so good, but we need to see how people adjust supply chains. Does this end up inflationary? We'll see.

在第一週的喧鬧之後，一切都恢復到了我認為正常的狀態。但這才過去了幾週，還有很多不穩定因素需要處理，這就是為什麼我認為我們對今年剩餘時間的應對持謹慎態度。到目前為止一切都很好，但我們需要看看人們如何調整供應鏈。這最終會導致通貨膨脹嗎？我們將拭目以待。

All righty, appreciate it. Thanks guys.

好的，謝謝。謝謝大家。

Madison Schrage, KeyBanc Capital Markets Inc.

麥迪遜·施拉格（Madison Schrage），KeyBanc Capital Markets Inc.

Hey guys, thank you for taking my question.

嘿夥計們，謝謝你們回答我的問題。

Daniel, you kind of touched on this a little bit earlier, but I'm wondering if you guys could talk about the progress that you've made on your freemium offerings with Makeswitch and Feedonomics and maybe how far away you are from launching those? And then my second question is about gross margin upside. Obviously, you kind of just touched on moving some of those expenses into sales and marketing. And I'm wondering if that changes kind of your 80% target that you guys have previously set for where you think gross margin should shake out.

丹尼爾，你之前提到過這一點，但我想知道你們能否談談 Makeswitch 和 Feedonomics 在免費增值服務方面取得的進展，以及距離推出這些服務還有多遠？我的第二個問題是關於毛利率上升。顯然，您剛才提到將部分費用轉移到銷售和行銷中。我想知道這是否會改變你們之前設定的 80% 的毛利率目標。

Thanks for the question, Madi. I'll handle the first one and turn it over to Daniel. On the Feedonomics and Makeswift front, progress has been great. We're in beta right now with self-serve Feedonomics with a small subset of customers. I would expect to see that out in the wild here sooner rather than later.

謝謝你的提問，Madi。我會處理第一個，然後把它交給丹尼爾。在 Feedonomics 和 Makeswift 方面，取得了巨大進展。目前，我們正在針對一小部分客戶推出自助式 Feedonomics 測試版。我希望能夠盡快在野外看到它。

And lots of other AI enhancements coming there as well across that broader product suite and partnerships we've been actively engaged with around OpenAI and Perplexity, Microsoft, Google and others as we continue to enhance and surface both catalog data and inventory data for clients.

我們也積極與 OpenAI 和 Perplexity、微軟、Google等公司建立合作夥伴關係，並在更廣泛的產品套件中推出了許多其他 AI 增強功能，我們將繼續為客戶增強和展示目錄資料和庫存資料。

The Makeswift self-service is a bit further down the road. We've, I think, announced late this year, early next year, which we feel really good about. That's progressing as intended, and we'll continue to keep, obviously, everybody updated as we progress quarter-over-quarter. But both those are on track as expected since the beginning of the year. And Daniel, I'll turn it to you for the other.

Makeswift 自助服務距離稍遠一點。我認為，我們已經在今年年底或明年年初宣布了這一消息，我們對此感到非常高興。一切進展順利，我們將繼續向大家通報季度進度。但自今年年初以來，這兩項計畫均如預期進行。丹尼爾，我會把另一個問題交給你。

Yes. From a margin basis, Madi, we factored this into our discussions on margins when we were at our Investor Day. I think that we can sustain high 70s, low 80s. I think 80% is a good kind of long-term point. We've got some efficiencies that we still think we can get in cost of revenue.

是的。從保證金基礎來看，Madi，我們在投資者日討論保證金時已經考慮到了這一點。我認為我們可以維持 70 多度、80 多度。我認為 80% 是一個很好的長期目標。我們已獲得了一些效率，我們仍然認為我們可以在收入成本方面實現這些效率。

As we introduce payments, depending on the attach rate of that, that would be slightly dilutive to gross margins depending on the mix, but still obviously, a really good result from an earnings per share basis and overall profitability.

當我們引入付款時，根據附加率的不同，這會略微稀釋毛利率（取決於組合），但從每股收益和整體盈利能力來看，這顯然仍然是一個很好的結果。

So you've just got some different things moving in a couple of different directions, but I do think that, that is still very much consistent with what we said at our Investor Day and what we think we can sustain. We'll just again, the only thing is we'll just see how if payments is as successful as we think it can be, there may be a little bit of dilution that comes on the gross margin side, but we are not going to end up with a P&L that looks like fintech or some of our competitors that have a lot more revenue from that type of area.

所以你只是看到一些不同的事情朝著不同的方向發展，但我確實認為，這仍然與我們在投資者日所說的話以及我們認為可以維持的非常一致。我們再說一遍，唯一的問題是，我們只是看看如果支付像我們想像的那樣成功，毛利率可能會有一點稀釋，但我們最終的損益表不會像金融科技或我們的一些競爭對手那樣，他們從這類領域獲得了更多的收入。

Great. And then just one quick follow-up. You guys kind of touched on what it would take to get to the high end of guidance. And I'm just curious what you've baked into the low end. I'm guessing from a macro perspective, how bad do things have to get to get to the low end?

偉大的。然後只需快速跟進一次。你們大概已經談到如何才能達到指導的高端。我只是好奇你在低端方面做了什麼。我猜從宏觀角度來看，情況要糟糕到什麼程度才會跌到低階？

We would need to see increases in churn rates in particular, beyond what we are seeing right now in order to get there. Our plans bake in assumptions that we are going to make improvements in gross retention even as we are making efforts to expand wallet share.

為了達到這個目標，我們需要看到客戶流失率的成長，甚至超過我們現在看到的水平。我們的計劃基於這樣的假設：即使我們正在努力擴大錢包份額，我們也將在總留存率方面取得進步。

Again, if you go back to what I said about our pricing model, you'd have to see not just a downturn, but a fairly sustained one in order for that to really play itself out in downgrades and what we see in subscription revenue. If we see a sharp macroeconomic downturn, I would I think there's two areas that we would see it, obviously, PSR being the first.

再說一次，如果你回顧我所說的定價模式，你會發現，不僅要看到下滑，而且要看到相當持續的下滑，才能真正體現出降級和訂閱收入的變化。如果我們看到宏觀經濟急劇下滑，我認為有兩個領域會出現這種情況，顯然 PSR 是第一個。

The second would actually be in conversion rates on new deals and new opportunity. If that bleeds over into business sentiment and their willingness to pursue either business with Feedonomics or the BigCommerce platform product, then it would affect more of the growth side with new customers. And again, we haven't seen that to this point. So I don't want to overemphasize the downside because, again, we haven't seen it at this point. But I just think it's wise to call that out given the climate.

第二個其實是新交易和新機會的轉換率。如果這種趨勢影響到商業情緒以及他們與 Feedonomics 或 BigCommerce 平台產品開展業務的意願，那麼它將對新客戶的成長產生更大的影響。再說一次，到目前為止我們還沒有看到這種情況。所以我不想過度強調不利的一面，因為我們目前還沒有看到它。但我認為，考慮到當前的形勢，說出這一點是明智的。

Totally understand. Thank you guys.

完全理解。謝謝你們。

Josh Baer, Morgan Stanley.

摩根士丹利的喬希貝爾。

Thanks for the question.

謝謝你的提問。

Daniel, you were alluding to some areas of potential investment for which you wanted to keep some dry powder. I was hoping you could review some of those, what's most exciting as far as opportunities? And then the follow-up, like what would it take for you to go forward with those investments, something you'd be looking for from a demand perspective or a growth perspective before ramping those investments?

丹尼爾，你提到了一些潛在的投資領域，你想為這些領域保留一些資金。我希望您能回顧其中的一些，就機會而言，最令人興奮的是什麼？然後是後續問題，例如您需要什麼來推進這些投資，在增加這些投資之前，您會從需求角度或成長角度尋找什麼？

Yes. I would say the largest area of opportunity right now, we feel really bullish about is AI. I just alluded to it a few minutes ago in Madi's question around Feedonomics. I think in the new world order, obviously, a lot of buzz around AI and what the industry refers to as agentic commerce with is agent-driven.

是的。我想說，目前我們真正看好的最大機會領域是人工智慧。幾分鐘前，我在 Madi 關於 Feedonomics 的問題中提到了這一點。我認為，在新的世界秩序中，顯然有很多關於人工智慧的討論，以及業界所稱的由代理商驅動的代理商務。

There's two big components of that, that feeds almost everything, and it's really catalog data and inventory data being surfaced. So optimizing product and catalog data for ingestion into AI and LLMs and then obviously being able to surface real-time inventory availability across markets, across different channels by which customers expect and want to receive things. And we are already doing that today with Feedonomics across 30% of the Internet Retailer 1000. So there's a lot of, obviously, enthusiasm through the top partners in the space.

其中有兩個主要組成部分，幾乎涵蓋了所有內容，即實際顯示的目錄資料和庫存資料。因此，優化產品和目錄資料以供 AI 和 LLM 攝取，然後顯然能夠跨市場、跨客戶期望和希望接收商品的不同管道顯示即時庫存可用性。如今，我們已透過 Feedonomics 在 30% 的網路零售商 1000 強中實施了這項措施。因此，顯然該領域的頂級合作夥伴表現出很大的熱情。

I mentioned OpenAI. Obviously, we're already feeding Perplexity today, active partnerships with Microsoft and Google and many of our premier payment partners that is, by and large, the largest area of potential increased investment as quickly as all of that is progressing. So excited to share more about that as it progresses. Certainly wanted to at least touch on it in this call. And Dan, I don't know if you want to add any color to that.

我提到了 OpenAI。顯然，我們今天已經在為 Perplexity 提供資金，與微軟、谷歌以及我們的許多主要支付合作夥伴建立積極的合作夥伴關係，總的來說，隨著所有這些的進展，這是潛在投資增加的最大領域。我很高興能隨著事情的進展分享更多相關資訊。當然希望至少在這次通話中談及這一點。丹，我不知道你是否想對此添加一些內容。

Yes. All I would just elaborate on a little bit is just to Travis' point, this isn't just about go-to-market investment. This is about product investment. And if we where we do this, it will be moderated and wise. We're not going to have huge swings of what we're talking about in profitability. There's a reason why we set guidance the way that we do.

是的。我只想稍微闡述一下崔維斯的觀點，這不僅僅是關於進入市場的投資。這是關於產品投資。如果我們這樣做，那將是適度且明智的。我們所說的獲利能力不會出現巨大的波動。我們以這種方式製定指導是有原因的。

But I'm really excited about the possibilities in this business and how we can power AI as it takes on comm. I think there's a huge opportunity in this area, and we're already in active conversations with all the leading players in this area, as Travis talked about. So I think that's part of it.

但我對這個行業的可能性以及我們如何在人工智慧進行通訊時為其提供動力感到非常興奮。我認為這個領域有巨大的機遇，正如特拉維斯所說的，我們已經在與這個領域的所有主要參與者進行積極對話。所以我認為這是其中的一部分。

Part of it also is we've got a lot of good, exciting things coming with respect to branding, what we're doing in go-to-market. In a lot of ways, as we kind of contemplated the front half of the year, we knew going into the front half of the year that it was going to be challenging in many ways, and we haven't been able to bring to market yet a lot of the things that we're so excited about that folks haven't seen.

部分原因也在於我們在品牌建立、行銷方面有很多好的、令人興奮的事情要做。在很多方面，當我們考慮今年上半年時，我們知道進入上半年，在很多方面都會充滿挑戰，我們還沒有能夠將很多讓我們興奮但人們還沒有看到的東西推向市場。

And so I think there's a lot of investments that we have planned. We're excited about with our team in marketing, what we can do in product. We just need to be disciplined and choiceful about how we do that, what do we choose to build, what we choose to partner. I think that's good for our customers because we're trying to make it commercially easier for customers to have best-of-breed architectures.

所以我認為我們已經計劃了很多投資。我們對我們的行銷團隊在產品方面所能做的事情感到非常興奮。我們只是需要嚴守紀律，有選擇地去做，選擇建立什麼，選擇與誰合作。我認為這對我們的客戶來說是件好事，因為我們正努力讓客戶在商業上更容易擁有一流的架構。

And I think our business model is uniquely positioned to power what's happening in AI because we also don't have some of the financial incentives to force people on to certain payments rails or other things that we're really excited about, and we want to keep our options open in that, but continue to be obviously wise and disciplined as we've shown in the last quarter about where we're going to spend our money. And I think we can do both. I think we've demonstrated that type of discipline around profitability over the course of the last two to three years in a good way.

我認為我們的商業模式具有獨特的優勢，可以推動人工智慧的發展，因為我們沒有一些財務激勵措施來強迫人們使用某些支付方式或其他我們真正感興趣的東西，我們希望在這方面保持開放的選擇，但正如我們在上個季度所展示的那樣，我們會繼續明智而自律地決定我們的資金用途。我認為我們可以同時做到這兩點。我認為，在過去兩三年中，我們以良好的方式展示了這種圍繞盈利能力的紀律。

Mark Murphy from J.P. Morgan.

摩根大通的馬克墨菲。

This is Arti on for Mark Murphy. Travis, to start off, you kind of mentioned the complex category of companies that include direct selling regulated industry and home decor. Can you describe a little bit about what's giving you guys the success in that space? And when you talk about the strong momentum there, is that kind of a continuation of a trend? Or are you seeing kind of a pickup traction?

這是馬克墨菲的 Arti on。特拉維斯，首先，您提到了複雜的公司類別，包括直銷監管行業和家居裝飾。你能稍微描述一下是什麼讓你們在這個領域成功嗎？當您談到那裡的強勁勢頭時，這是否是一種趨勢的延續？或者您看到某種回升的牽引力嗎？

It's a great question. I would say we've it's a continuation. I think we've historically had success in some of these niches for a myriad of reasons. The most notable of which is they oftentimes require some semblance of customization and openness and flexibility to appease reasonably complex use cases. The thing we're focused on is making those use cases easier to deal with, more efficient to deal with over time. And we think just the nature and architecture of the platform and the product suite maps quite nicely to those types of industries.

這是一個很好的問題。我想說，這是一種延續。我認為，從歷史上看，我們在某些​​領域取得了成功，原因有很多。其中最值得注意的是，它們常常需要某種程度的客製化、開放性和靈活性來滿足相當複雜的用例。我們關注的是讓這些用例更容易處理，並且隨著時間的推移更有效率地處理。我們認為該平台和產品套件的性質和架構非常適合這些類型的產業。

So we've been there before. We haven't talked about it at the level that we're talking about and now we're being much more deliberately focused in going deeper within those respective areas and trying to create more tangible examples and use cases.

我們以前也經歷過這種情況。我們還沒有在我們所討論的層面上討論過這個問題，現在我們更加專注於深入研究各自的領域，並試圖創造更具體的例子和用例。

So it's a bit more obvious to folks on the call and investors out there as to why it's a great fit because there is a massive market there. It also lends itself into the B2B side of the business as well, which is also, by definition, a very complicated sort of use case as far as what people need relative to the platform.

因此，對於電話會議中的人們和投資者來說，這更明顯地說明了為什麼它是一個很好的選擇，因為那裡有一個巨大的市場。它也適用於 B2B 業務，從定義上講，就人們對平台的需求而言，這也是一個非常複雜的用例。

So I would expect us to do more there, more around precomposed accelerators and industry-specific solutions that will come with bundles of other technology partners pre-bundled commercially, operationally and technologically. So as we go in deeper into these markets, we're able to deliver more value less expensively and faster, which we feel is a massive differentiator.

因此，我希望我們能在這方面做得更多，更多地圍繞預組合加速器和行業特定的解決方案，這些解決方案將與其他技術合作夥伴在商業、營運和技術上預先捆綁在一起。因此，隨著我們深入這些市場，我們能夠以更低的成本和更快的速度提供更多的價值，我們認為這是一個巨大的差異化因素。

And there's a subset of those industries too that are having to digitize and digitally transform now just given more macro environments where that becomes just an essential barrier of entry that obviously will widen our TAM as we continue to progress down that road.

而且，這些行業中也有一部分現在必須進行數位化和數位轉型，因為在更宏觀的環境下，這成為一個重要的進入壁壘，隨著我們繼續沿著這條道路前進，這顯然會擴大我們的 TAM。

Very helpful. And then, Daniel, I know you talked about not seeing any material impact to your business right now from tariffs or the macro in general. But curious, are you seeing customers talk about it more? Or do they kind of seem more and more resilient? And from your perspective, are you surprised that there's kind of been no impact from what I'd characterize as pretty volatile macro and tariffs?

非常有幫助。然後，丹尼爾，我知道您談到目前沒有看到關稅或宏觀因素對您的業務產生任何實質影響。但令人好奇的是，您是否看到客戶更多地談論它？或者他們看起來越來越有韌性了？從您的角度來看，您是否對我所說的相當不穩定的宏觀經濟和關稅沒有產生影響感到驚訝？

Where we hear about it, it's from customers that have supply chain challenges based on how diverse their sourcing is. So I'm very optimistic about where the business is, but I'm also very cautious about a wait and see on how this can play out.

我們聽到的是那些由於採購來源多樣化而面臨供應鏈挑戰的客戶。因此，我對業務現狀非常樂觀，但我也非常謹慎地等待並觀察事情將如何發展。

Until folks get through their inventories and figure out how they're going to replenish those inventories in a high tariff environment, we're not out of the woods. And I think anybody who would say different is being a little bit maybe not as cautious as maybe they should be.

除非人們清空庫存並弄清楚如何在高關稅環境下補充這些庫存，否則我們還沒有擺脫困境。我認為任何持不同意見的人可能都不夠謹慎。

So I think that's kind of the wait-and-see aspect of this. I don't know that we've really seen the full effect of how that can affect inventories. And that's not something we see very clearly on our side. We see finished goods transactions to consumers. We don't have great visibility into where people are sourcing that inventory from. And I just think it's going to take still a few weeks to see how that plays out.

所以我認為這是一種觀望的態度。我不知道我們是否真的看到了這對庫存產生怎樣的全部影響。而我們對此並沒有看得很清楚。我們看到了成品向消費者的交易。我們不太清楚人們從哪裡採購庫存。我只是認為還需要幾週的時間才能看到結果。

That's super helpful. And just one very quick follow-up there. Are you saying that perhaps some of the inventory levels that customers have is what's given them some resiliency like at least in the short term?

這非常有幫助。這裡還有一個非常快速的後續問題。您是否是說，客戶擁有的一些庫存水準至少在短期內為他們提供了一定的彈性？

I mean I'm not an economist. I only want to go so far out on a limb on this. I just think I mean, I've worked in CPG. I've worked in other industries. I've looked at how you have to move inventories around. You can't move supply chains on a time.

我的意思是我不是經濟學家。我只想在這件事上冒險一試。我只是認為我曾在 CPG 工作過。我曾在其他行業工作過。我已經了解如何移動庫存。你無法一次性移動供應鏈。

And so I think that's really the question for me is how much stock did folks have? How successful are they in moving inventory around? And can we get some resolution on some of these outstanding questions before we start to see that in the numbers. I don't think we're there yet. We'll see.

所以我認為這對我來說真正的問題是大家有多少庫存？他們在轉移庫存方面有多成功？在我們開始從數字中看到這一點之前，我們能否對這些懸而未決的問題做出一些解決？我認為我們還沒有到達那裡。我們將拭目以待。

Appreciate it. Thank you.

非常感謝。謝謝。

(Operator instructions)

（操作員指示）

Scott Berg, Needham.

史考特·伯格，尼德姆。

Hi everyone, thanks for taking my question.

大家好，感謝你們回答我的問題。

I didn't really hear anyone ask this in particular, Travis. But as you look at your kind of new sales pipeline here in April after all the tariff promotion started to fire up, are you seeing any change in behavior specifically on your net new customers in the last 30 days? Or is that still maybe yet to play out in this quarter?

崔維斯，我確實沒有聽到有人特別問這個問題。但是，當您在 4 月所有的資費促銷活動開始火爆之後查看新的銷售管道時，您是否發現過去 30 天內您的淨新客戶行為有任何變化？或者這可能仍將在本季顯現？

This Quarter. Berg, too early to play out. No, we haven't seen I mean, I think again, this is somewhat conjecture. Obviously, I alluded to earlier, we've seen, obviously, B2B notably increase. We've seen that trend for a while. And if someone asked me why I thought that was, I would argue oftentimes in the B2B focused areas, that tends to be a cost savings thesis.

本季。伯格，下場還太早。不，我們還沒看到，我的意思是，我再想想，這有點猜測。顯然，我之前提到過，我們已經看到 B2B 明顯成長。我們已經看到這種趨勢有一段時間了。如果有人問我為什麼會這樣想，我會經常爭辯說，在 B2B 重點領域，這往往是一種成本節約論點。

So I would assume there'd be a sense of urgency there as smaller folks looking to digitize those capabilities to drive costs out, particularly around FTE-type labor and moving that into more of a digitized solution or consolidating oftentimes complex back end and back offices.

因此，我認為小公司會有一種緊迫感，他們希望將這些能力數位化以降低成本，特別是圍繞全職當量勞動力，並將其轉變為更數位化的解決方案，或整合通常很複雜的後端和後台辦公室。

So I suspect just with the macro environment, when there's a cost savings thesis and a need to transform, the presumption would be there would be a sense of urgency there to increase pipeline. Too early to tell to see if that's a real trend. But we're also starting to see some of these larger deals that I alluded to earlier. Many of those are also looking to create some semblance of cost savings.

因此，我懷疑，僅在宏觀環境下，當存在成本節約論點和轉型需求時，人們就會產生增加管道的緊迫感。現在判斷這是否是一個真正的趨勢還為時過早。但我們也開始看到一些我之前提到的更大的交易。其中許多人也希望實現某種程度的成本節約。

To Daniel's point earlier, they really like our commercial model. It tends to be more capable and more flexible, more durable and creative in ways, particularly across larger clients and industries. And so the downside to those larger clients is they just take a little bit more time to materialize across pipeline.

正如丹尼爾之前所說，他們真的很喜歡我們的商業模式。它往往更有能力、更靈活、更耐用、更有創造力，尤其是在面對較大的客戶和行業時。因此，對於這些較大的客戶來說，缺點是他們只需要多花一點時間才能在整個管道中實現目標。

So we'll keep, obviously, folks updated across earnings next quarter and what trends that we're seeing. But we are operating as expected. As we've alluded to, we're seeing nice trends in the business, but too soon to really tell on any sort of granular trends that we could share more.

因此，我們顯然會向大家通報下個季度的收益狀況以及我們看到的趨勢。但我們的營運情況符合預期。正如我們所提到的，我們看到了業務中的良好趨勢，但現在還為時過早，無法真正說出我們可以分享的任何具體趨勢。

Great. Helpful. And then, Daniel, as you think of your guidance for the year, I know you talked about impact, #1 would be PSR in Q1 on net new business. I just wanted to clarify on the guidance, the increased range, is that all unexpected variances or potential variances around PSR? Or within that, was there contemplated anything on the net new side?

偉大的。很有幫助。然後，丹尼爾，當您想到今年的指導時，我知道您談到了影響，其中最重要的是第一季的 PSR 對淨新業務的影響。我只是想澄清一下指導意見，增加的範圍是所有意外的差異還是圍繞 PSR 的潛在差異？或者其中是否考慮過任何新的方面？

I'd say it's in both, Scott. I think that, like I said, the two areas we would see it is consumer spending, how it plays through in PSR in the short term. But second would be if we start to see big changes in consumer spending, I would expect it to affect sales cycle times and conversions on new business as well. So when I think about the range, if we were to end up on the downside of the range, I would expect to see the effect in both subscription and PSR over time.

我想說兩者都有，斯科特。我認為，就像我說的，我們會看到兩個領域，即消費者支出，以及它在短期內如何在 PSR 中發揮作用。但第二個因素是，如果我們開始看到消費者支出發生重大變化，我預期它也會影響銷售週期時間和新業務的轉換率。因此，當我考慮範圍時，如果我們最終處於範圍的下行趨勢，我希望看到訂閱和 PSR 隨著時間的推移而產生的影響。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Oh hi gentlemen, thanks for taking the question. So one theme that's come out of earnings so far over the last couple of weeks has been the idea of search traffic and how that's changed. As you've talked to your customer base, have they talked about any changes in traffic coming to their websites? And as you think about how you can add value to these customers, is there anything that you're doing in the product portfolio to really help address that?

哦，先生們好，感謝您提出這個問題。因此，過去幾週收益中的一個主題是搜尋流量及其變化。當您與客戶群交談時，他們是否談到訪問其網站的流量有任何變化？當您思考如何為這些客戶增加價值時，您在產品組合中做了什麼來真正幫助解決這個問題？

Yes. I can't speak tangibly to specific clients coming to us on those specific challenges. But I can tell you, yes, proactively, I kind of alluded to it a couple of times around, obviously, more search traffic going through AI chatbots and things like that. Obviously, we are very actively involved in optimizing those capabilities for discoverability for our merchants across those mechanisms by which people are searching against versus the traditional mechanisms.

是的。我無法向向我們提出這些具體挑戰的具體客戶具體說明。但我可以告訴你，是的，我主動地提到過幾次，顯然，更多的搜尋流量透過人工智慧聊天機器人和類似的東西。顯然，我們非常積極地參與優化這些功能，以便我們的商家能夠透過人們搜尋的機製而不是傳統機制來發現它們。

We're also, as I've alluded to before, seeing this giant proliferation of channels and where customers want to discover product independent of industry or market. And so this is a fundamental element of our product strategy and product suite strategy of allowing organizations or merchants basically to go to customers independent of channel with immersion and value and allowing them to experience the brand, the product, the service across which channels they want regardless of how they order it or buy it.

正如我之前提到的，我們也看到通路的激增，客戶希望發現獨立於產業或市場的產品。因此，這是我們產品策略和產品套件策略的一個基本要素，它允許組織或商家透過獨立於管道的方式接觸客戶，為他們提供沉浸感和價值，並允許他們透過他們想要的管道體驗品牌、產品和服務，而不管他們如何訂購或購買。

And so yes, there are nuances to that. It oftentimes does come down to the optimization of product and catalog data and having that optimized across those particular mediums and channels, which we do day in and day out through Feedonomics and then also looking at servicing, obviously, inventory availability where we ultimately want to service the most profitable available inventory based on where a customer wants to or expects to receive a certain product service or good and then orchestrate that on the back end.

是的，這其中確實存在細微差別。它通常歸結為產品和目錄數據的優化，並在特定的媒介和管道上進行優化，我們透過 Feedonomics 日復一日地進行這項工作，然後還關注服務，顯然是庫存可用性，我們最終希望根據客戶想要或期望獲得某種產品服務或商品的位置，為最有利可圖的可用庫存提供服務，然後在後端進行協調。

So you're going to see more and more of that come up as folks start optimizing for these AI LLMs. It's going to be a different motion, and a lot of it is going to come down to the cleanliness and optimization around the product and feed data. So we'll continue to share more about that as it evolves. But yes, that is a heavy investment area, a heavy trend and heavy efforts. I just don't have any tangible information on specific use cases and clients coming to us asking for things.

因此，當人們開始針對這些 AI LLM 進行最佳化時，你會看到越來越多的這種情況出現。這將是一個不同的動議，其中很大一部分將歸結為產品和供稿資料的清潔度和優化。因此，隨著事態的發展，我們將繼續分享更多相關資訊。但確實，這是一個投入巨大、趨勢明顯、需要付出巨大努力的領域。我只是沒有任何關於具體用例和向我們索取東西的客戶的實際資訊。

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

我們的問答環節到此結束。我想將會議交還給執行長特拉維斯·赫斯 (Travis Hess) 來做結束語。

Thanks so much. I want to thank everyone for joining today. I appreciate the involvement and the questions. We feel really good about where we are. We are on track against our broader plan that we've outlined over the last couple of quarters, including our Investment Day.

非常感謝。我要感謝大家今天的參加。我感謝您的參與和提問。我們對目前的狀況感到非常滿意。我們正在按照過去幾季概述的更廣泛的計劃進行，包括我們的投資日。

We are starting to see really encouraging signs and shoots within pipeline and access to business that we've not yet seen previously at rates. We're really pleased about seeding the entire senior leadership team, most recently over the last couple of weeks. So the team is in place. The plan is in place. We're executing against our strategy.

我們開始看到真正令人鼓舞的跡象，通路和業務通路的進展速度是我們以前從未見過的。我們非常高興能夠在過去幾週內為整個高階領導團隊進行培訓。所以團隊已經到位。計劃已經實施。我們正在執行我們的戰略。

Again, as Daniel and I have both alluded to, we expected this to be a challenging year, particularly the first half, and we're excited to continue to see encouraging signs and efforts to accelerate growth across the business going forward. So look forward to chatting with you all certainly next quarter and keeping everybody posted on our progress.

再次，正如丹尼爾和我都提到的那樣，我們預計今年將是充滿挑戰的一年，尤其是上半年，我們很高興繼續看到令人鼓舞的跡象和努力，以加速未來整個業務的成長。因此，我們期待下個季度與大家聊天，並讓大家了解我們的進展。

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。