Commerce.com Inc (CMRC) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Commerce second-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們，先生們，感謝你們的支持，歡迎參加商務部 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

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.

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 Commerce's -- formerly BigCommerce's -- second-quarter 2025 earnings call. We will be discussing the results announced in our press release issued before today's market open. With me are Commerce's Chief Executive Officer, Travis Hess; and Chief Financial Officer, Daniel Lentz.

早安，歡迎參加 Commerce（前身為 BigCommerce）2025 年第二季財報電話會議。我們將在今天開市前發布的新聞稿中討論宣布的結果。和我一起的還有商務部執行長 Travis Hess 和財務長丹尼爾‧倫茨 (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 third quarter of 2025 and the full-year 2025.

今天的電話會議將包含某些前瞻性陳述，這些陳述是根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的。前瞻性陳述包括有關財務和業務趨勢的陳述，以及我們預期的未來業務和財務業績、財務狀況以及我們對 2025 年第三季和 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 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。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. During the call, we will also discuss certain non-GAAP financial measures, which are not prepared in accordance with Generally Accepted Accounting Principles.

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。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。

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.

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, and good morning, everyone. I'll open my remarks today by providing a quick update on our second-quarter results, and then I'll transition into some details behind the company branding and name change we announced this morning.

謝謝，泰勒，大家早安。今天，我將首先簡要介紹我們的第二季業績，然後介紹我們今天早上宣布的公司品牌和名稱變更的一些細節。

Given the announced changes, we are going to have a number of partners and industry analysts on our call today as well, so there will be some unavoidable technical jargon we will cover related to changes in our industry.

鑑於宣布的變化，我們今天的電話會議中也會有許多合作夥伴和行業分析師，因此我們將不可避免地涉及一些與行業變化相關的技術術語。

First, let's start with a quick overview on the quarter. Q2 represented solid progress for the business in a number of areas. We delivered non-GAAP operating income of nearly $4.8 million, a 335 basis point margin improvement year over year.

首先，讓我們快速回顧一下本季的情況。第二季度，公司業務在多個領域取得了穩步進展。我們實現了非公認會計準則營業收入近 480 萬美元，利潤率年增 335 個基點。

Annual revenue run-rate or ARR reached nearly $355 million, a year over year improvement of 3%. Revenue reached $84.4 million in the quarter, growing 3% year over year, and operating cash flow came in at approximately $13.6 million, an improvement of nearly $2 million year over year. Both revenue and non-GAAP operating income exceeded the high side of our guidance range.

年度營收運行率或 ARR 達到近 3.55 億美元，年成長 3%。本季營收達 8,440 萬美元，年增 3%，經營現金流約 1,360 萬美元，年增近 200 萬美元。收入和非公認會計準則營業收入都超出了我們預期範圍的上限。

While these results are encouraging in a number of areas, the business is capable of much more. I will spend the majority of my remarks today discussing where we're taking the business and why the changes we announced today will help us get there.

儘管這些結果在許多方面都令人鼓舞，但該企業還有更大的發展空間。我今天的大部分演講將用來討論我們的業務發展方向以及為什麼我們今天宣布的變革將幫助我們實現目標。

eCommerce as we know it today is about to undergo a radical change. The advent and rise of answer engines and generative AI is driving an unprecedented evolution in consumer behavior, shifting search and browse to conversational queries that surface contextual shopping intent.

我們今天所知的電子商務即將發生根本性的變革。答案引擎和生成式人工智慧的出現和興起正在推動消費者行為的前所未有的變革，將搜尋和瀏覽轉變為展現情境購物意圖的對話查詢。

Answer engines like Perplexity, ChatGPT, Gemini, and Copilot are profoundly reshaping how we search, get things done, and how we shop. This significant shift is redefining how consumers discover and engage with businesses of all kinds, but most especially the brands, retailers, and B2B companies out there competing for traffic, customers, and conversions every day.

Perplexity、ChatGPT、Gemini 和 Copilot 等答案引擎正在深刻地重塑我們的搜尋方式、完成任務的方式和購物方式。這一重大轉變正在重新定義消費者發現和參與各種企業的方式，尤其是那些每天都在爭奪流量、客戶和轉換率的品牌、零售商和 B2B 公司。

Merchants of all sizes and across all industries must rethink how they show up in the era of AI-driven, agentic commerce. To remain competitive in this new paradigm, merchants must leverage partners who can help them harness their data for enhanced visibility, relevance, and performance across AI-driven channels. We are uniquely suited to serve the market through this transformation.

各種規模、各行業的商家都必須重新思考自己在人工智慧驅動的代理商務時代的存在方式。為了在這種新模式下保持競爭力，商家必須利用合作夥伴來幫助他們利用數據來提高人工智慧驅動通路的可見度、相關性和效能。我們具有獨特的優勢，能夠透過這項轉型為市場提供服務。

Q2 was a defining period, the strategy, product, and go-to-market engine we have built over the past year came together behind a singular focus: powering an AI-driven commerce ecosystem at scale. Our transformation phase is over. We have moved fully into execution and growth, and we are proud to reintroduce our company as Commerce.

第二季度是一個決定性時期，我們在過去一年中建構的策略、產品和上市引擎都集中在一個重點：大規模推動人工智慧驅動的商業生態系統。我們的轉型階段已經結束。我們已全面進入執行和發展階段，並很自豪地將我們的公司更名為 Commerce。

This rebrand as Commerce marks the culmination of a year spent rebuilding the company for where the commerce industry is going for the agentic future. Digital commerce is no longer organized around a single search box or a closed ecosystem. Shopping will be orchestrated by answer engines and other evolving AI-driven experiences that favor an open, composable approach to support these new buyer behaviors.

這次更名為 Commerce，標誌著公司一年來為商業產業代理未來的發展而進行的重建工作圓滿結束。數位商務不再圍繞單一的搜尋框或封閉的生態系統來組織。購物將由答案引擎和其他不斷發展的人工智慧驅動體驗來協調，這些體驗傾向於採用開放、可組合的方式來支援這些新的購買行為。

In this new world, it is structured data such as title, description, size, and color, and unstructured data such as size guides, brand guidelines, spec sheets, video content, reviews, customer service transcripts, and articles synthesized, optimized, and orchestrated across owned and third-party channels that will help businesses adapt and succeed in this dynamic landscape. We have spent the last year deliberately rebuilding the company around this future.

在這個新世界中，標題、描述、尺寸和顏色等結構化數據，以及尺寸指南、品牌指南、規格表、影片內容、評論、客戶服務記錄和文章等非結構化數據透過自有和第三方管道合成、優化和編排，將幫助企業適應這一動態環境並取得成功。去年，我們一直在圍繞這一未來精心重建公司。

Our new brand also reflects our broader market position: a flexible, open, partner-led ecosystem with infrastructure that powers everything from full-stack commerce to data optimization and syndication, working alongside platforms with whom we sometimes compete to enable those customers to meet challenges we are uniquely positioned to solve.

我們的新品牌也反映了我們更廣泛的市場地位：一個靈活、開放、由合作夥伴主導的生態系統，其基礎設施支持從全端商務到數據優化和聯合的一切，與我們有時競爭的平台合作，使這些客戶能夠應對我們獨特的優勢來解決的挑戰。

Our ability to operate across the stack and ecosystem, sometimes as the platform, other times agnostically as the data, orchestration, or experience layer is what makes our position in the market so unique and valuable. We help shape how commerce happens, wherever it takes place, and most importantly, however it best serves merchants and shoppers.

我們能夠跨堆疊和生態系統運營，有時作為平台，有時則以數據、編排或體驗層的身份獨立運作，這讓我們在市場上的地位如此獨特和寶貴。我們協助塑造商業運作方式，無​​論其發生在何處，最重要的是，我們以最佳方式服務商家和消費者。

I want to be clear about the intention behind this change. Commerce is more than a parent company rebrand; it's a deliberate signal that we intend to shape the future of commerce. It reflects our current identity and anticipates the market's direction, driven by a wave of AI-powered agentic transformation.

我想明確一下這項變化背後的意圖。Commerce 不僅是母公司的品牌重塑，更是我們致力於塑造商業未來的一個訊號。它體現了我們當前的定位，並預測了在人工智慧驅動的代理轉型浪潮的推動下，市場的發展方向。

We recently announced a series of high impact partnerships that reflect our market-leading position in this area, which will help B2B and B2C businesses thrive in the era of AI-powered shopping or agentic commerce.

我們最近宣布了一系列具有重大影響力的合作夥伴關係，反映了我們在該領域的市場領先地位，這將有助於 B2B 和 B2C 企業在人工智慧購物或代理商務時代蓬勃發展。

We've launched our partnership with Perplexity, a leading AI answer engine, to deliver optimized product data directly impacting its AI-driven contextual responses. This in turn improves discoverability and visibility for major brands, because their data is providing the foundation for trusted answers.

我們已與領先的 AI 答案引擎 Perplexity 建立合作夥伴關係，以提供優化的產品數據，直接影響其 AI 驅動的上下文響應。這反過來又提高了主要品牌的可發現性和知名度，因為他們的數據為可信的答案提供了基礎。

Our expanded relationship with Google Cloud is helping merchants stand out across sales channels with AI-enriched product data. This delivers richer and more seamless experiences for customers and greater discoverability for merchants. This includes innovations leveraging Google Cloud with Gemini within Commerce's data enrichment offerings.

我們與 Google Cloud 的深化合作，正協助商家利用 AI 賦能的產品資料在各銷售管道中脫穎而出。這將為顧客帶來更豐富、更流暢的體驗，並提升商家的曝光度。這包括在 Commerce 的資料豐富產品中利用 Google Cloud 和 Gemini 的創新。

Today, we also announced a new partnership with PROS, a market leader in AI-driven pricing optimization and configure-price-quoting. We will enable merchants to dynamically optimize pricing, automate complex quotes, and deliver real-time pricing offers to customers. This partnership will enable us to support more complex use cases particularly in B2B and expand our addressable market.

今天，我們也宣布與人工智慧驅動的定價優化和配置報價領域的市場領導者 PROS 建立新的合作夥伴關係。我們將使商家能夠動態優化定價、自動化複雜報價並向客戶提供即時定價優惠。這種合作關係將使我們能夠支援更複雜的用例，特別是在 B2B 領域，並擴大我們的潛在市場。

Many of the world's top brands have selected Commerce to deliver these capabilities today. Adventure brand Revelyst, the parent company of Bell, Bushnell, CamelBak, and Giro; global consumer brand URBN, the parent company of Urban Outfitters, Anthropologie, and many others; and Tapestry, the parent company of fashion brands such as Coach and Kate Spade New York; and Dell Technologies, are already leveraging Commerce's data integrations to improve visibility, protect brand consistency, and boost performance across AI-driven search experiences. These are all exciting customer wins, partnerships, and product developments.

如今，許多世界頂級品牌都選擇 Commerce 來實現這些功能。探險品牌 Revelyst（Bell、Bushnell、CamelBak 和 Giro 的母公司）、全球消費品牌 URBN（Urban Outfitters、Anthropologie 等眾多品牌的母公司）、Tapestry（Coach 和 Kate Spade New York 等時尚品牌的母公司驅動）以及戴爾科技集團，均已利用 Commerce 的數據集成來提升品牌、維護品牌、維護 AI 的品牌這些都帶來了令人振奮的客戶、合作夥伴關係和產品開發。

Operationally, we remain focused on the execution of our go-to-market transformation plan. We see clear traction from the changes we began in late 2024.

在營運方面，我們仍然專注於執行我們的市場轉型計劃。我們從 2024 年底開始的變革中看到了明顯的進展。

Our pipeline conversion rates are improving as our sales teams are now selling bundled products aligned to specific use cases and verticals across the product portfolio. This is a go-to-market engine that looks very different from a year ago, and it is now structurally aligned to the market for which we have been building. We need to improve the efficiency of our sales and marketing spending, and the changes we have made are focused on that outcome.

由於我們的銷售團隊現在正在銷售與整個產品組合中的特定用例和垂直行業相符的捆綁產品，因此我們的通路轉換率正在提高。這是一個與一年前截然不同的上市引擎，現在它在結構上與我們一直在建造的市場保持一致。我們需要提高銷售和行銷支出的效率，我們所做的改變都是為了實現這一結果。

Let me finish with a few other quick highlights from Q2. We were proud to be awarded 24 out of 24 medals in the 2025 Paradigm B2B Combine for the third year in a row, and we also advanced our rankings in five key categories and earned more gold medals in the Midmarket Edition than any other platform.

最後，我想簡要回顧一下第二季的幾個亮點。我們很榮幸連續第三年在 2025 Paradigm B2B 聯合大賽中斬獲 24 枚獎牌中的 24 枚，並且在五個關鍵類別中排名有所提升，並且在中端市場大賽中獲得的金牌數量超過其他任何平台。

This quarter, we welcomed top B2B brands such as Global Experience Specialists, Spear Education, and Arrow Fastener. In B2C, we saw great wins with LifeWave and Belami. I am encouraged by the progress that I see, and I am confident we can build on our momentum.

本季度，我們迎來了 Global Experience Specialists、Spear Education 和 Arrow Fastener 等頂級 B2B 品牌。在 B2C 領域，我們看到 LifeWave 和 Belami 取得了巨大的成功。我對我所看到的進展感到鼓舞，我相信我們能夠繼續保持這一勢頭。

Q2 was a pivotal quarter for us, not just in terms of execution, but in how we define and present who we are to the world. Commerce is the culmination of the work we have done to transform our products, go-to-market, leadership, and architecture.

第二季度對我們來說是一個關鍵的季度，不僅在執行方面，而且在我們如何定義和向世界展示我們是誰方面。商業是我們為轉變產品、市場進入、領導力和架構所做工作的巔峰。

It reflects our belief that the future of commerce is intelligent, composable, and AI-driven. And we are uniquely positioned to lead that future. After a year of bold foundational change, we are now in execution mode. With that, I'll turn it over to Daniel to walk through our financials and outlook. Daniel?

它反映了我們的信念：商業的未來是智慧的、可組合的和人工智慧驅動的。我們擁有獨特的優勢來引領未來。經過一年的大膽基礎變革，我們現在處於執行模式。接下來，我將把時間交給丹尼爾來介紹我們的財務狀況和前景。丹尼爾？

Thanks, Travis. Our Q2 results demonstrate continued momentum across our key business performance metrics. Commerce currently serves over 5,800 enterprise accounts and tens of thousands of small businesses.

謝謝，崔維斯。我們第二季的業績表明，我們的關鍵業務績效指標持續保持強勁勢頭。Commerce 目前為超過 5,800 個企業帳戶和數萬家小型企業提供服務。

ARR reached nearly $355 million at quarter end, a 3% increase year over year, while average revenue per enterprise account rose to $46,403, a 9% increase year over year. We delivered $84.4 million in revenue in the quarter, up over 3% year over year, and non-GAAP operating income of $4.8 million.

本季末，ARR 達到近 3.55 億美元，年增 3%，而每個企業帳戶的平均收入上升至 46,403 美元，年增 9%。本季我們的營收為 8,440 萬美元，年成長超過 3%，非 GAAP 營業收入為 480 萬美元。

Profitability metrics strengthened significantly. Non-GAAP gross margin strengthened to 80%, up 280 basis points year over year, while non-GAAP operating income margin finished Q2 at 6%, improving 335 basis points from Q2 2024 and 1,013 basis points from Q2 2023. We closed Q2 2025 with a solid balance sheet, including $136 million in cash, cash equivalents, and marketable securities.

獲利能力指標顯著增強。非公認會計準則毛利率增加至 80%，年增 280 個基點，而非公認會計準則營業利潤率在第二季度達到 6%，比 2024 年第二季度提高 335 個基點，比 2023 年第二季度提高 1,013 個基點。2025 年第二季結束時，我們的資產負債表穩健，其中包括 1.36 億美元的現金、現金等價物和有價證券。

Our operating efficiency gains also continue to improve, with quarterly operating cash flow reaching approximately $14 million, up $2 million from Q2 2024. We have reduced our net debt position to $18 million, a 73% decrease year over year. Our debt maturity profile remains manageable with approximately $4 million due in 2026 and $150 million due in 2028.

我們的營運效率收益也持續提高，季度營運現金流達到約 1,400 萬美元，比 2024 年第二季增加 200 萬美元。我們已將淨債務減少至 1,800 萬美元，年減 73%。我們的債務到期狀況仍然可控，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。

For the three months ended June 30, 2025, we had approximately 80 million common shares outstanding and 81 million fully diluted shares outstanding.

截至 2025 年 6 月 30 日的三個月，我們已發行普通股約 8,000 萬股，已發行完全稀釋股份約 8,100 萬股。

Let me provide a brief update on the progress of our other core growth initiatives from our Investor Day. We are on track to release an integrated self-serve version of Feedonomics within the BigCommerce control panel by this holiday season. Our self-serve version of Makeswift within the BigCommerce platform and our branded payments solution are also on track to be released in the front half of 2026.

讓我簡要介紹一下投資者日期間我們其他核心成長計畫的進展。我們計劃在這個假期之前在 BigCommerce 控制面板中發布整合自助服務的 Feedonomics 版本。我們在 BigCommerce 平台內的 Makeswift 自助服務版本和我們的品牌支付解決方案也預計在 2026 年上半年發布。

These releases will improve customers' core commerce platform capabilities while also creating new revenue growth opportunities for the business. Our partner bundling strategy is progressing well. This strategy enables additional revenue and profit opportunity through reselling core partner products, and it also creates an opportunity to increase distribution of our products through select partners without the burden of associated go-to-market costs on our side.

這些版本的發布將提高客戶的核心商務平台功能，同時也為企業創造新的收入成長機會。我們的合作夥伴捆綁策略進展順利。這項策略透過轉售核心合作夥伴產品實現了額外的收入和利潤機會，同時也創造了透過精選合作夥伴增加我們產品分銷的機會，而無需我們承擔相關的市場進入成本。

We anticipate the inclusion of Noibu's leading error monitoring platform in our go-to-market teams' sellable product portfolio later this year. Our partnership with PROS will enable them to offer a combined solution to the verticals in which they have deep expertise, while also enabling Commerce to offer PROS to our core customers as well.

我們預計 Noibu 領先的錯誤監控平台將在今年稍後納入我們的上市團隊的可銷售產品組合中。我們與 PROS 的合作將使他們能夠為其擁有深厚專業知識的垂直領域提供綜合解決方案，同時也使 Commerce 能夠向我們的核心客戶提供 PROS。

We are also excited to partner with Accenture to create and scale joint Commerce and Accenture solutions for customers, particularly focused on AI and agentic commerce.

我們也很高興與埃森哲合作，為客戶創建和擴展聯合商務和埃森哲解決方案，特別專注於人工智慧和代理商商務。

Before moving to guidance, I'd like to explain how the shift to AI-driven commerce will help accelerate our revenue model. Commerce generates revenue in three ways. First, BigCommerce platform subscription revenue, tied to merchant order volume; second, Feedonomics subscription revenue, based on product SKU volume going through our data feed optimization models; and third, partner and services revenue, including certain implementation services and technology partner revenue share.

在轉向指導之前，我想先解釋一下向人工智慧驅動的商業轉變將如何幫助加速我們的收入模式。Commerce 透過三種方式創造收入。首先，BigCommerce 平台訂閱收入，與商家訂單量掛鉤；其次，Feedonomics 訂閱收入，基於透過我們的數據 feed 優化模型計算的產品 SKU 數量；第三，合作夥伴和服務收入，包括某些實施服務和技術合作夥伴的收入分成。

What's important to understand is that all three of these revenue streams benefit from AI's acceleration of change in the commerce industry. For us at Commerce, the growth of answer engines and agentic shopping is the equivalent of a new channel or a new buyer, driving order growth and technology partner revenue share.

重要的是要明白，這三種收入來源都受益於人工智慧加速商業產業的變革。對於我們商務部來說，答案引擎和代理商購物的成長相當於一個新的管道或一個新的買家，推動訂單成長和技術合作夥伴的收入份額。

It also makes data optimization more important to customers than before, as answer engines and AI-powered shopping require even more sophisticated product data than existing search engines. This, in turn, leads to more account opportunities and SKU volume growth to our data feed optimization models and the associated pricing and revenue growth.

這也使得數據優化對客戶來說比以前更重要，因為答案引擎和人工智慧購物需要比現有搜尋引擎更複雜的產品數據。這反過來又為我們的資料饋送優化模型帶來了更多的帳戶機會和 SKU 數量成長以及相關的定價和收入成長。

Agentic search is also a monetizable channel offering and represents a direct revenue opportunity in its own right. As demand increases for product data conditioned specifically for agentic surfaces, we intend to offer paid AI features as well. As AI reshapes how consumers discover and buy, we intend to meet that change head on with value for our merchants and monetization for Commerce.

Agentic 搜尋也是一種可獲利的通路產品，本身就代表著直接的收入機會。隨著針對代理表面專門調節的產品數據的需求不斷增加，我們也打算提供付費的 AI 功能。隨著人工智慧重塑消費者的發現和購買方式，我們打算透過為商家創造價值和實現商業貨幣化來迎接這項變革。

In AI-powered shopping, data is the new storefront. Our ability to structure and syndicate product catalog data into answer engines is increasingly mission critical for merchant success. As AI agents become the front door to product discovery, merchants who deliver clean, enriched product data will appear more frequently, earlier in the buyer journey, and with greater contextual relevance.

在人工智慧購物中，數據就是新的店面。我們將產品目錄資料建構並聯合到答案引擎的能力對於商家的成功越來越重要。隨著人工智慧代理商成為產品發現的前門，提供清晰、豐富產品數據的商家將會更頻繁、更早地出現在買家旅程中，並且具有更大的上下文相關性。

This drives higher quality traffic, better conversion rates, and increased GMV. And as that GMV scales, ultimately so does our revenue.

這會帶來更高品質的流量、更好的轉換率和更高的 GMV。隨著 GMV 的擴大，我們的收入最終也會增加。

Now, let me close with guidance. For Q3, we expect revenue between $85 million and $87 million and non-GAAP operating income between $2.3 million and $3.3 million.

現在，請允許我以指導來結束。對於第三季度，我們預計收入在 8,500 萬美元至 8,700 萬美元之間，非 GAAP 營業收入在 230 萬美元至 330 萬美元之間。

For the full-year 2025, we expect revenue between $339.6 million and $346.6 million and non-GAAP operating income between $19 million and $25 million.

對於 2025 年全年，我們預計收入在 3.396 億美元至 3.466 億美元之間，非 GAAP 營業收入在 1900 萬美元至 2500 萬美元之間。

Travis and I will now take your questions. Operator?

崔維斯和我現在將回答你們的問題。操作員？

(Operator Instructions) Raimo Lenschow, Barclays.

（操作員指示）巴克萊銀行的 Raimo Lenschow。

Great to see the progress here. Travis, can you talk a little bit about like what you're seeing in the field? Obviously, when we talked 90 days ago after Q1, the world was very, very uncertain, consumers were really uncertain and then commerce businesses kind of suffered from that one. How has the world evolved since? And what are you seeing from your customers in terms of living in this new tariff world?

很高興看到這裡的進展。特拉維斯，您能談談您在現場看到的情況嗎？顯然，當我們在第一季結束後的 90 天前談論時，世界非常非常不確定，消費者真的不確定，然後商業企業就受到了影響。自那時起世界發生了怎樣的變化？那麼，您從客戶的角度看到了在這個新關稅世界中生活的情況如何？

Raimo, thanks for the question. Yes, we're not seeing a lot of impact thus far from tariffs, to be honest with you, at least nothing that's obvious. I think Daniel can provide some color there as well. I think we're continuing to see success, obviously, in demand, particularly on the B2B side, I think we've been pretty transparent about that trend over the last year. And then obviously, with the answer engine proliferation and angst with merchants in space knowing they need to do something.

Raimo，謝謝你的提問。是的，到目前為止，我們還沒有看到關稅帶來太大的影響，老實說，至少沒有看到明顯的影響。我認為丹尼爾也可以提供一些色彩。我認為我們顯然在需求方面會繼續取得成功，特別是在 B2B 方面，我認為我們在過去的一年裡對這一趨勢一直非常透明。顯然，隨著答案引擎的普及和商家的焦慮，他們知道他們需要做些什麼。

They're seeing search traffic drop off and obviously, want to optimize for that. There's a tremendous amount of demand and sense of urgency around particularly discoverability right now. And obviously, a lot of discussion and conjecture around where this is going to evolve to as it relates to actual shopping. But right now, it's primarily around discoverability and transformation to align to being discovered going forward.

他們發現搜尋流量下降，顯然想要對此進行優化。目前，人們對可發現性有著巨大的需求和緊迫感。顯然，關於它與實際購物之間的關係將會如何發展，存在著許多討論和猜測。但目前，它主要圍繞著可發現性和轉變，以便與未來被發現保持一致。

And then Daniel, if you think about the rebranding, like how -- I mean, since we don't have a lot of experience like -- but you're kind of dependent on kind of being found by new customers, et cetera. Like, can you talk a little bit the puts and takes? Like, obviously, you spent some money on it. There's going to be like an in-between period. Like, do we need to think about disruption in terms of new customer adds, et cetera?

然後丹尼爾，如果你考慮品牌重塑，例如如何——我的意思是，因為我們沒有太多經驗——但你有點依賴被新客戶發現，等等。例如，您能稍微談談其中的利弊嗎？就像，顯然你花了一些錢。將會有一個過渡期。例如，我們是否需要考慮增加新客戶等方面的中斷？

Like how is that going to play out for you? Congrats from me again.

這對你來說會有什麼影響？我再次表示祝賀。

No problem. That's a great question. What I would say is it's really important to understand that we are not rebranding the individual products themselves. This is a corporate parent brand change, and it really better represents where we already are playing in the market.

沒問題。這是一個很好的問題。我想說的是，真正重要的是要明白，我們不是在重新塑造單一產品的品牌。這是企業母品牌的變更，它確實更好地代表了我們在市場上的地位。

In a lot of ways, for example, a lot of customers are not familiar with the fact that we have Feedonomics as a core product, which is specifically built to help merchants optimize for where things are going with AI no matter what platform you're on.

例如，在許多方面，許多客戶並不熟悉我們的核心產品 Feedonomics，它專門用於幫助商家利用人工智慧進行最佳化，無論您使用什麼平台。

And the fact that the corporate name was associated with one of the products and a platform product in particular, I think it led to some confusion and sometimes it can limit opportunities that we saw on the sales side.

事實上，由於公司名稱與某種產品，特別是平台產品相關聯，我認為這會導致一些混淆，有時會限制我們在銷售方面看到的機會。

And so I don't think that it's really going to affect deal volume or pipeline build because, again, this is not impacting the branding of the individual products themselves. What I think it does is it gives us an opportunity to have a much more cohesive message.

因此，我認為這不會真正影響交易量或通路建設，因為這不會影響單一產品本身的品牌。我認為它的作用是讓我們有機會傳達更具凝聚力的訊息。

And one that's much more true -- truly represents what the business is and what exactly it is that we do, in a way that I think broadens our TAM specifically with respect to Feedonomics, and that's really key to why we did this.

更真實的是——它真正代表了我們的業務是什麼以及我們到底在做什麼，我認為這擴大了我們的 TAM，特別是關於 Feedonomics 的 TAM，這也是我們這樣做的關鍵。

Ken Wong, Oppenheimer.

黃肯，奧本海默。

Somewhat piggybacking off of Raimo's question. Travis, this past year saw BigCommerce prioritize the reshaping of your exec team, go-to-market alignment. With this rebrand as Commerce, do you think the product portfolio is in a place for us on the outside to properly measure success? Or is that going to have to wait until '26?

有點借鑒了 Raimo 的問題。特拉維斯，去年，BigCommerce 優先重組了執行團隊，並進行了市場協調。隨著公司更名為 Commerce，您是否認為產品組合已經達到了我們外部人士能夠正確衡量成功的水平？還是必須等到 26 年？

I think -- it's a great question, Ken. I think you're going to see leading indicators certainly as we build pipe and we announce new, obviously, efficacy with some of the existing clients that we have. Part of the challenge on the agentic stuff, a, you're buttoned up against holiday.

我認為——這是一個很好的問題，肯。我認為，當我們建立管道並向一些現有客戶宣布新的、顯然是有效的成果時，您肯定會看到領先指標。代理商的挑戰之一是，你要做好迎接假期的準備。

And obviously, we're dealing with a lot of large branded manufacturers and retailers coming in, so there'll be some sensitivity there. But we're also playing with the pace of these answer engines as well and where they are in their journey of how they're optimizing, how they're ingesting data and things like that.

顯然，我們正在與許多大型品牌製造商和零售商打交道，因此會有一些敏感度。但我們也在研究這些答案引擎的速度，以及它們在優化、如何提取數據等方面的進展。

So all three are kind of coming together, where the brand itself is, where the answer engines are in particular, and then how we're helping them. But I would expect to see material signs of optimism and signs of growth that would most notably turn into revenue probably more so in the early part of next year materially versus second half of this year. But we'll see other indicators that would be organic and natural that you'd probably see from the outside in as well.

所以這三者有點結合在一起，品牌本身在哪裡，答案引擎在哪裡，以及我們如何幫助他們。但我預計會看到實質的樂觀跡象和成長跡象，這些跡象將最明顯地轉化為收入，可能在明年年初比今年下半年更加明顯。但我們會看到其他有機、自然的指標，您可能也會從外部看到它們。

Perfect. Super helpful. And then lots of mentions of new partnerships, and it sounds like that is potentially going to be a more important revenue path going forward. I mean, should we anticipate that the pace of new software service partnerships are going to pick up relative to what we've seen from BigCommerce historically?

完美的。超有幫助。然後多次提到新的合作關係，聽起來這可能會成為未來更重要的收入途徑。我的意思是，我們是否應該預期新的軟體服務合作夥伴關係的步伐將會相對於 BigCommerce 歷史上所見的速度加快？

I think you're going to see more transformative type partnerships, right? I think the models are shifting. I think we were fairly -- I was fairly verbose about that in my opening remarks. I think it's changing the entire dynamic of where folks are placing their bets and how organizations, regardless of size or market, need to adapt to do that. And that, by definition, will require transformation.

我認為你會看到更多變革型的合作關係，對嗎？我認為模型正在改變。我認為我們已經相當——我在開場白中已經相當詳細地談論了這一點。我認為它正在改變人們投注的整個動態，以及組織（無論規模或市場如何）需要如何適應這一點。而這，從定義上來說，就需要轉型。

So the services side of this, I would expect to shift more broadly into helping these organizations transform and take advantage of that. And for us, that partnership is a combination of obviously software and services and the services handling the transformation piece.

因此，我希望從服務方面更廣泛地轉向幫助這些組織轉型並利用這一點。對我們來說，這種合作關係顯然是軟體和服務以及處理轉型部分的服務的結合。

We feel like we've got capabilities that would act as more of a catalyst to help spark that transformation and service and help brands get into a better spot to take advantage of, obviously, the sense of urgency around discoverability right now.

我們覺得我們有能力充當催化劑，幫助激發這種轉變和服務，並幫助品牌進入更好的位置，顯然，可以利用目前圍繞著可發現性的緊迫感。

And certainly, shortly thereafter, this is going to get deeper and more agentic where this is going to turn into shopping. And then that's going to launch monetization models that, again, depending on the answer engine might be slightly nuanced and different that organizations and service providers are also going to need to adjust to.

當然，此後不久，這種現象將會變得更加深入和更具代理性，最終轉化為購物。然後，這將啟動貨幣化模型，同樣，根據答案引擎的不同，這些模型可能會略有不同，組織和服務提供者也需要進行調整。

So this is kind of the tip of the spear of what we see as a massive paradigm shift in the space.

因此，這可以說是該領域大規模典範轉移的先兆。

Natalie Howe, Bank of America.

美國銀行的娜塔莉·豪 (Natalie Howe)。

You talked a little bit about your B2B offering. So I wanted to dig in a little more on that, especially as the pillar of ARR reacceleration. So what has been the biggest improvement in the adoption of B2B? And how has it been integrating with the rest of the platform? And what's the ideal customer for that, whether it's new logos or customers already in the base?

您稍微談了一下您的 B2B 產品。因此，我想對此進行更深入的研究，特別是作為 ARR 再加速的支柱。那麼 B2B 的採用帶來的最大改進是什麼？它與平台的其他部分是如何整合的？那麼，理想的客戶是誰呢？是新客戶還是現有客戶？

Yes. We -- it's a great question, Natalie. We've seen a lot of momentum there for some obvious reasons and maybe some less obvious reasons, just the pure capabilities of the platform and just the nature of what we define as B2B, which is more so traditional manufacturing and distribution, which tends to have some complexity innately to that business, large complex catalogs, pricing schemas, contractual pricing, punch outs, a lot of back-office technology challenges.

是的。我們——這是一個很好的問題，娜塔莉。我們看到那裡出現了很多發展勢頭，原因顯而易見，也可能不那麼明顯，僅僅是平台的純粹功能以及我們定義的 B2B 的性質，B2B 更偏向於傳統的製造和分銷，這往往給該業務帶來了一些固有的複雜性，包括大型複雜目錄、定價方案、合同定價、打卡以及許多後台技術挑戰。

Oftentimes, these large organizations grow inorganically and buy their way to growth and with that inherit a bunch of a tangled mess on the back end. So a lot of the capabilities in the core platform have lended itself to transformation in that capacity, and I think drawn a lot of folks to us.

通常情況下，這些大型組織會透過無機成長和收購來實現成長，但隨之而來的是後端的一堆混亂局面。因此，核心平台中的許多功能都有助於實現這種能力的轉變，我認為這吸引了許多人加入我們。

Where we've seen the really biggest opportunity short-term to expand that TAM is really through CPQ or configure price quote. As you get more complex in these products, obviously, you're needing to configure them sometimes with tens of thousands of SKUs.

我們看到，短期內擴大 TAM 的最大機會實際上是透過 CPQ 或配置價格報價。隨著這些產品變得越來越複雜，顯然，您有時需要使用數萬個 SKU 來配置它們。

And it's why we partnered with PROS. Obviously, they live and breathe in this space. They dominate some very innately complicated industries, and it was just a natural extension. They've got far more advanced capabilities than we could ever possibly build ourselves. And it's just a great use case and example of where partnering and being open makes a lot more sense to accelerate value to our customer base and widen our TAM as opposed to waiting to go build it over time.

這就是我們與 PROS 合作的原因。顯然，他們生活、呼吸都在這個空間裡。它們主導著一些本質上非常複雜的產業，這只是自然的延伸。它們擁有的能力遠比我們自己所能建造的要先進得多。這是一個很好的用例和例子，說明合作和開放更有意義，可以加速我們客戶群的價值並擴大我們的 TAM，而不是等待隨著時間的推移而建立它。

The challenge is historically, we've got to make that easy. And so we've been very deliberate about who we're partnering with, why we're partnering with. We got to make that easy commercially, operationally, and technically. That's the spirit behind all of these things.

從歷史上看，這是一個挑戰，我們必須讓這一切變得簡單。因此，我們非常慎重地考慮與誰合作以及為什麼合作。我們必須從商業、營運和技術上讓這個過程變得簡單。這就是所有這些事情背後的精神。

Got it. And then a quick question on the payment solution. I know it's not until 2026. You guys want to provide more optionality for your customers. But what gives you the confidence that some customers will end up using your guys as payment solution? And what's like the reasoning behind providing it yourselves?

知道了。然後是關於支付解決方案的一個快速問題。我知道要到 2026 年。你們想為客戶提供更多的選擇。但是，什麼讓您有信心一些客戶最終會使用您們的支付解決方案呢？你們自己提供的理由是什麼？

This is Daniel. I'll take that one. I think it's important to understand that we're going to be offering an optional solution that's going to be really focused on small businesses and mid-market customers. For a lot of customers within our base, they really are looking for simple solutions that have easy out-of-box integrations with competitive pricing.

這是丹尼爾。我要那個。我認為重要的是要理解我們將提供一個可選的解決方案，該解決方案將真正專注於小型企業和中型市場客戶。對於我們客戶群中的許多客戶來說，他們確實在尋找簡單的解決方案，這些解決方案具有易於開箱即用的整合和具有競爭力的價格。

And by having a native payment solution that's fully integrated into our platform, we can make that easy for those customers that don't need the type of -- they don't have multi-region complexity. They don't need to have a different payment solution depending upon the region.

透過將原生支付解決方案完全整合到我們的平台中，我們可以為那些不需要這種類型的客戶輕鬆提供這種服務——他們沒有多區域複雜性。他們不需要根據地區採用不同的支付解決方案。

But we're also going to make sure that, again, we work with a lot of really large complex businesses that do not want to be shoehorned into one payment solution that may benefit us but not benefit them. And so we want to make sure that we've got the optionality for customers to pick and choose partners that make sense for them.

但我們也要確保，我們與許多真正大型的複雜企業合作，這些企業不想被強行塞入一種可能對我們有利但對他們不利的支付解決方案。因此，我們希望確保客戶能夠選擇對他們來說有意義的合作夥伴。

They may need to work with partner A in Europe and partner B in South America. That's completely fine for us. But there's also a big chunk of our base that would benefit from having a simple out-of-box solution that's fully integrated, and we can capture some incremental spread on the pricing that we're offering and deliver that value back to our shareholders without taking on all of the associated complexities on underwriting risk and capital commitments and things like that.

他們可能需要與歐洲的合作夥伴 A 和南美的合作夥伴 B 合作。這對我們來說完全沒問題。但是，我們客戶群中的很大一部分人也將受益於一個完全整合的簡單開箱即用的解決方案，我們可以在所提供的定價上獲得一些增量差價，並將該價值返還給我們的股東，而無需承擔承保風險和資本承諾等所有相關的複雜性。

David Hynes, Canaccord.

加通社的大衛‧海因斯 (David Hynes)。

So Travis, look, as the commerce space continues to evolve towards agentic or answer engines, do you still think BigCommerce's best opportunity is as platform? Or do you now see a better path to market as that data orchestrations experience layer? And I guess if it's the latter, like how does that change how you think about the economics of the business?

那麼，特拉維斯，看，隨著商業領域繼續向代理商或答案引擎發展，您是否仍然認為 BigCommerce 的最佳機會是作為平台？或者您現在是否看到了資料編排體驗層的更好的市場途徑？我想如果是後者，那麼這會如何改變您對企業經濟狀況的看法？

Yes, it's a great question. Listen, the reality of it is both. The platform is not going to go away for anyone. I mean people are still going to go to branded sites and shop. I think there's still a dopamine rush.

是的，這是一個很好的問題。聽著，事實是兩者皆有。該平台不會因任何人而消失。我的意思是人們仍然會去品牌網站購物。我認為多巴胺仍然會激增。

People talk about agents buying on behalf of people. Yes, there's plenty of use cases where that will be very applicable, but people still get a dopamine rush from buying stuff. I don't particularly enjoy it as much as some others, but a lot of people do.

人們談論代理商代購買。是的，有很多用例都適用這一點，但人們仍然會透過購買東西來獲得多巴胺的衝動。我並不像其他人那樣特別喜歡它，但很多人喜歡。

That being said, I think the key here, and I said this when I took this gig, there's a better together story here. There is a time and a place for the platform. And I think having an open composable approach, which I felt was paramount to why I took this job was not by accident.

話雖如此，我認為這裡的關鍵，正如我在接受這份工作時所說的那樣，這裡有一個更好的故事。該平台有其適用的時間和地點。我認為採用開放的可組合方法對於我接受這份工作至關重要，這並非偶然。

It's -- again, I think the acceleration of where we are now and the adoption of AI in these answer engines has probably happened at a pace faster than probably all of us expected, but no doubt it was going to get complicated.

再次強調，我認為我們現在的進展以及這些答案引擎中人工智慧的採用速度可能比我們所有人預期的都要快，但毫無疑問它會變得複雜。

So you're going to need the data layer to ultimately drive a lot of this. The data is going to end up driving a lot more innovation as it relates to the platform as well and as a lot more as it relates to experiences on and off sort of owned channels.

因此，您最終將需要資料層來推動這些工作。數據最終將推動更多與平台相關的創新，以及與自有通路內外體驗相關的創新。

So the mix might change over time. I think there's an advantage to having more than just the data layer and being able to optimize that. And there's, obviously, more to than just having a platform and component capabilities, mixing and matching that will be very deliberate and orienting to specific industries.

因此混合物可能會隨著時間而改變。我認為擁有不僅僅是數據層並且能夠優化它有一個優勢。顯然，除了擁有平台和組件功能之外，混合和匹配還需要非常謹慎並面向特定行業。

But to Daniel's point earlier, I think clients want optionality and they want agility. They don't want vendor lock-in. They want to be with you because they want to be with you, not because they have to be with you. And I think our challenge is providing best-in-class capabilities that allow that to happen.

但正如丹尼爾之前所說，我認為客戶想要可選性和靈活性。他們不想被供應商鎖定。他們想和你在一起是因為他們想和你在一起，而不是因為他們必須和你在一起。我認為我們面臨的挑戰是提供一流的能力來實現這一目標。

And if it's just the data piece, so be it. It allows us to widen the TAM without forcing everyone to move to our platform, which, again, isn't for everyone. I would be naive to think that it is and vice versa. So that's the thesis behind it.

如果它只是資料片段，那就這樣吧。它使我們能夠擴大 TAM，而無需強迫每個人都轉向我們的平台，同樣，這並不適合所有人。如果我天真地認為確實如此，反之亦然。這就是背後的論點。

What that mix is six months from now, a year from now, maybe it's different, and we'll adjust accordingly, but hard to predict at this point because there's still so many things in motion. Even the commercialization of the agentic stuff hasn't been figured out or hammered out yet by the answer engines themselves. So this will continue to evolve as we move forward.

六個月後、一年後，這種組合可能會有所不同，我們會進行相應的調整，但目前很難預測，因為仍有許多事情正在進行中。甚至連代理內容的商業化也尚未被答案引擎本身弄清楚或敲定。因此，隨著我們不斷前進，這種情況將繼續發展。

Well, one point I would add to this, this is Daniel. And I talked about this in my prepared remarks at length because I think it's really critical to make sure that our shareholders understand this as we're making this change.

好吧，我想補充一點，這是丹尼爾。我在準備好的發言中詳細討論了這一點，因為我認為在我們做出這項改變時，確保我們的股東理解這一點至關重要。

The trends that we are seeing with respect to AI and commerce hit all elements of our revenue model in a positive way. We don't need to -- like I would anticipate in the future that the Feedonomics product would grow at a disproportionate rate relative to the platform product.

我們在人工智慧和商業方面看到的趨勢對我們的收入模式的所有要素都產生了積極的影響。我們不需要——就像我預期未來 Feedonomics 產品的成長速度相對於平台產品而言會不成比例。

That's been true for a while. I would continue to expect that to be more so in the future. What that does is it gives us a great opportunity to drive value for merchants no matter what platform they're on, and that's really, really key.

這種情況已經持續了一段時間。我繼續期待未來會有更多這樣的情況。這樣做給我們提供了一個絕佳的機會，無論商家使用什麼平台，我們都可以為他們創造價值，這是非常關鍵的。

As AI gains share and how it influences commerce, that puts more SKUs going to our data transformation engines, which drives more volume. For the customers where it makes sense to cross-sell the platform, we will do that. And then that ends up looking like a mix shift and it drives more volume, which we capture revenue on order growth and associated revenue share through payments in a whole host of other areas.

隨著人工智慧市場份額的擴大及其對商業的影響，更多的 SKU 將進入我們的資料轉換引擎，從而推動更多的交易量。對於需要交叉銷售平台的客戶，我們會這樣做。然後，這最終看起來像是一種混合轉變，它推動了更多的交易量，我們透過訂單成長和透過在許多其他領域的支付獲得的相關收入份額來獲取收入。

So from my perspective, from a revenue model, this may change the mix of maybe which product is growing faster than another, but this benefits everything we have within the portfolio.

因此，從我的角度來看，從收入模式來看，這可能會改變哪種產品的成長速度比另一種產品更快的組合，但這對我們產品組合中的所有產品都有好處。

Yes. Okay. I think that makes sense. And then, Daniel, just based on how you're modeling the business, like when do you think we might see a return to positive enterprise customer count?

是的。好的。我認為這是有道理的。然後，丹尼爾，僅基於您對業務的建模方式，您認為我們什麼時候可以看到企業客戶數量恢復正增長？

That's a great question. I'd like to see that happening towards the back half of this year, but we don't know for sure that's going to happen. I mean there's a lot of things that I see in the business right now that I think are really, really positive.

這是一個很好的問題。我希望這能在今年下半年發生，但我們不確定這是否會發生。我的意思是，目前我看到這個行業中有很多事情我認為是非常非常積極的。

We beat the high side of the guidance range on revenue and profit. The revenue growth rate has stabilized. We have line of sight to acceleration. I'm excited about that. Importantly, enterprise ARPA, or average revenue per account, it was up to 9%, which I think is like our seventh consecutive quarter of accelerating growth in ARPA. And we also had the strongest sequential growth in ARR and bookings that we've seen in over a year. I mean our deferred revenue was up 31% on the quarter.

我們的收入和利潤超出了預期範圍的上限。收入成長趨於穩定。我們可以看到加速度。我對此感到很興奮。重要的是，企業 ARPA，即每個帳戶平均收入，高達 9%，我認為這是我們 ARPA 連續第七個季度加速成長。我們的 ARR 和預訂量也實現了一年多來最強勁的連續成長。我的意思是我們的遞延收入本季成長了 31%。

So there's a lot of signs I'm seeing that are really good. As I've said when this comes up on each of our calls over the last few quarters, I'm a CFO. I'm never going to be happy until count and dollar per account are growing together.

所以我看到了很多非常好的跡象。正如我在過去幾個季度每次電話會議談到這個問題時所說的那樣，我是一名財務長。除非每個帳戶的數量和美元一起增長，否則我永遠不會高興。

We're seeing new account growth that's really good, really large accounts that we're really excited about. We're also just continuing to invest and need to make progress on gross retention with some of our smaller accounts, which is why you're seeing that in the unit count number.

我們看到新帳戶的成長勢頭非常好，帳戶數量非常大，我們對此感到非常興奮。我們也會繼續投資，並需要在一些較小帳戶的總留存率上取得進展，這就是您在單位數量中看到這一點的原因。

So it's not the core of our revenue model. I'm much more concerned about dollarized retention, as I've said before, than I am unit count, but it's obviously something that we're focusing on as well.

所以這不是我們收入模式的核心。正如我之前所說，我更關心美元化的保留率，而不是單位數量，但這顯然也是我們關注的重點。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

In the prepared remarks, you specifically called out improving pipeline conversion rates. And just wondering, if you look now that we've made those changes to the sales org in late '24, how the pipeline build is developing? And how much of that is being driven by this proliferation of agentic commerce versus just blocking and tackling normal course of business?

在準備好的發言中，您特別提到要提高管道轉換率。我只是想知道，如果您現在看看我們在 24 年底對銷售組織所做的那些改變，通路建立進展如何？其中有多少是由代理貿易的激增所致，而不是僅僅阻礙和處理正常的業務流程？

Parker, I would say the pipeline build has been healthy, not exactly where we would want it to be. We're never satisfied with what we're seeing, but we've seen really good indications. The win rates improving are definitely encouraging, and I think that's because we're doing a better job positioning the brand and positioning the products.

帕克，我想說管道建設一直很健康，但這並不完全符合我們的期望。我們從不滿足於我們所看到的，但我們已經看到了非常好的跡象。中標率的提高無疑令人鼓舞，我認為這是因為我們在品牌定位和產品定位方面做得更好。

We -- and that's without being able to be out in the market with the change in what we're doing at the parent company level and all of the changes behind that, which is part of why we kind of anticipated the front half of the year being a little bit of a challenge. And it's very much as what we expected.

我們——這是因為我們無法進入市場，母公司層面所做的工作以及背後的所有變化都發生了變化，這也是為什麼我們預計上半年會面臨一些挑戰的原因之一。這與我們的預期非常一致。

So we're really encouraged by what we see. I think reps are doing a better job pitching as a bundle. I think they're also doing a better job being able to kind of get in the door with accounts regardless of what platform they're on with the Feedonomics product, and we think that the changes we've made here will bolster that.

我們看到的景象確實讓我們深受鼓舞。我認為銷售代表在捆綁銷售方面做得更好。我認為他們在使用 Feedonomics 產品時無論使用什麼平台，都能更好地與帳戶建立聯繫，我們認為我們在這裡所做的改變將會增強這一點。

Understood. And then I know you gave a model framework back at the Analyst Day in the spring, not explicitly guiding to '26. But with some of the sales changes and build behind us now and the rebrand behind us, how should we think about the cadence of margin expansion over sort of the midterm? Is there an opportunity to drive a little bit more margin than would be implied in this year?

明白了。然後我知道您在春季分析師日上給出了一個模型框架，但沒有明確指導 26 年。但是，隨著一些銷售變化和建設的完成以及品牌重塑的完成，我們應該如何看待中期利潤率擴張的節奏？是否有機會使利潤率比今年預期的更高？

There is. What I would say, though, is we are prioritizing growth acceleration. I think we said going into the year that we're aiming for margin expansion in the low to mid-single digits. I think that's certainly still possible. But Travis and I are also prioritizing investments in the product, not just in features related to AI.

有。不過，我想說的是，我們優先考慮的是加速成長。我想我們說過，進入今年，我們的目標是將利潤率擴大到低到中等個位數。我認為這當然仍然是可能的。但特拉維斯和我也優先考慮對產品的投資，而不僅僅是與人工智慧相關的功能。

We want to be really clear about this. This isn't chasing shiny objects, like we're really investing in our core products, core features, and functionality while also building in advancements in AI offerings that we think are important.

我們希望明確這一點。這並不是追求閃亮的物體，而是我們真正投資於我們的核心產品、核心特性和功能，同時也在我們認為重要的人工智慧產品方面取得進展。

And so we want to continue to see healthy margins and expansion. I think you see that also even just in the cash flow results. I mean we had almost $14 million in operating cash flow in the quarter, which I think is outstanding.

因此，我們希望繼續看到健康的利潤率和擴張。我想你甚至在現金流結果中也看到了這一點。我的意思是，我們本季的營運現金流接近 1400 萬美元，我認為這非常出色。

But where we see opportunities to invest back in the product, we are going to definitely do that. We're also investing a little bit more right now in sales and marketing expense, which you'll see in the numbers, which makes sense given the rebrand.

但如果我們看到重新投資產品的機會，我們肯定會這樣做。我們現在還在銷售和行銷費用上增加了一些投資，您可以從數字中看到這一點，考慮到品牌重塑，這是合理的。

But that said, we also are kind of laser-focused on where we are from an efficiency perspective because clearly, that's not where we want it to be from a growth relative to spend, and that's going to be something we're going to be focusing on as we go into next year.

但話雖如此，我們也從效率的角度高度關注我們所處的位置，因為很明顯，這不是我們想要的成長相對於支出的位置，而這將是我們明年要關注的事情。

I'll have a lot more to say on this as we get into our next call once we get through kind of early rounds of planning for next year. It's a little bit early at this point, Parker, for us.

一旦我們完成了明年的早期規劃，在下一次電話會議中我將會就此問題進行更多討論。帕克，對我們來說現在還為時過早。

Maddie Schrage, KeyBanc Capital Markets.

Maddie Schrage，KeyBanc 資本市場。

I just wanted to hit on B2B a little bit. Could you maybe talk about maybe the amount of new net adds that are joining the platform, that are joining for B2B functions and kind of where you see that going this next year?

我只是想稍微談談 B2B。您能否談談加入該平台的新用戶數量，以及加入 B2B 功能的新用戶數量，以及您認為明年的發展趨勢如何？

And then my second question for you is just on ARPA. Obviously, we've seen a good step up, kind of sequentially or I was going to say year over year for a while now. Can you talk to the upside that you're seeing there kind of what folks are taking more of or maybe any changes in pricing that are kind of leading to ARPA increasing continually?

我要問的第二個問題是關於 ARPA 的。顯然，我們已經看到了良好的進步，有點像連續的進步，或者說，一段時間以來，我一直說是逐年進步。您能否談談您所看到的好處，例如人們購買量增加的原因，或導致 ARPA 持續成長的價格變化？

Well, Dan and I will ham and egg this one. Maddie, great question. As it relates to B2B, a disproportionate amount of net new bookings has been oriented to B2B, I think, for a myriad of reasons. I've talked about this on the last couple of calls.

好吧，丹和我會用火腿和雞蛋做這個。麥迪，這個問題問得好。就 B2B 而言，我認為，由於多種原因，大量的淨新預訂都面向 B2B。我在最近的幾次通話中討論過這個問題。

Beginning of the year, we bifurcated that entire go to market team to B2B. I think, historically, have been critical of the org in treating B2B as like additional features and functions as opposed to a completely different consumption model, business model and ICP, which we've been very deliberate about since the beginning of the year.

今年年初，我們將整個行銷團隊分為 B2B 團隊。我認為，從歷史上看，我們一直批評該組織將 B2B 視為附加特性和功能，而不是完全不同的消費模式、商業模式和 ICP，而自今年年初以來，我們對此一直非常謹慎。

So not so much the added headcount there that's led to the efficacy. I just think the focus and the depth, and to Daniel's point earlier, the investments we continue to make within that product. I think the PROS relationship is just an accelerated way to drive more value and widen our TAM.

因此，增加員工數量並沒有帶來太多效益。我只是考慮重點和深度，以及丹尼爾之前提到的，我們會繼續在該產品上進行投資。我認為 PROS 關係只是一種加速創造更多價值和擴大我們的 TAM 的方法。

Because as you go upmarket in B2B, in particular, where it gets really hairy is around CPQ. And obviously, PROS doing this in their sleep, just naturally extends that. And then there's also a fortuitous sort of distribution model there as well where them being able to kind of push our product, us being able to push theirs. So we feel like that's a natural sort of organic way of doing this.

因為當你進入 B2B 高端市場時，特別是 CPQ 方面，事情變得非常棘手。顯然，專業人士在睡夢中也能做這些事，自然而然地延長了這段時間。然後還有一種偶然的分銷模式，他們可以推銷我們的產品，我們也可以推銷他們的產品。所以我們覺得這是一種自然而有機的方式。

And then obviously, we've just been heralded in the B2B paradigm again. So we get a lot of credibility there, a lot of juice. And I just -- I feel like there's a lot of urgency now for particularly manufacturers and distributors to digitize a lot of pressure to leverage AI.

顯然，我們再次被譽為 B2B 模式的先驅。因此，我們在那裡獲得了很多信譽，很多利益。我只是覺得現在製造商和經銷商迫切需要數位化，並承受著利用人工智慧的巨大壓力。

We see a lot of applicability around agentic and AI, possibly disrupting that market faster than maybe B2C just in less obvious ways that we're, obviously, chomping at the bit to take advantage of. So I think you'll continue to see that momentum on B2B. I don't see that changing anytime soon specific to platform.

我們看到代理商和人工智慧有很多適用性，它們可能以比 B2C 更快的速度顛覆該市場，只是方式不那麼明顯，而我們顯然迫不及待地想利用這一點。所以我認為你會繼續看到 B2B 領域的這種勢頭。我認為短期內平台不會改變。

It just it tends to be a little less mature as it relates to B2C, and we're just seeing way more momentum. And I'll turn it to Daniel for the second question.

只是與 B2C 相關的領域還不夠成熟，而我們看到了更大的發展動能。第二個問題請丹尼爾回答。

Yes. To the question on growth in average revenue per account, this is one that honestly kind of makes me smile because we're seeing these improvements in average pricing per customer when we haven't even been able to get to market yet a lot of initiatives that we have in the hopper that are specifically focused on improving that number further.

是的。對於每個帳戶平均收入成長的問題，說實話，這讓我感到很高興，因為當我們還沒有進入市場時，我們就看到了每客戶平均價格的改善，而我們目前的許多舉措都專注於進一步提高這一數字。

So I'd say we've done a better job with pricing discipline with our sales teams. We're winning larger and more complex customers, which is good. We're doing a better job cross-selling Feedonomics and platform customer accounts, as an example.

所以我想說我們的銷售團隊在定價紀律方面做得更好了。我們正在贏得更大、更複雜的客戶，這是件好事。例如，我們在交叉銷售 Feedonomics 和平台客戶帳戶方面做得更好。

But we've got a number of things coming that can provide a tailwind to this that are part of why we feel confident that we can reaccelerate growth -- whether we can accelerate growth. We have a self-serve version of Feedonomics called Feedonomics Surface that we're planning to have come out by holiday, which gives us a chance to increase monetization of existing customers, specifically providing them a way to optimize their data for ads and marketplaces and AI channels.

但是，我們即將看到的一些事情可以為此提供助力，這也是我們有信心重新加速成長的部分原因——無論我們是否能夠加速成長。我們有一個名為 Feedonomics Surface 的自助版 Feedonomics，我們計劃在假期前推出，這讓我們有機會增加現有客戶的貨幣化，特別是為他們提供一種優化廣告、市場和 AI 管道數據的方法。

And this is exactly where we need to be, and we can do this with existing products. We're not having to reinvent the wheel in many cases in order to do that. We're going to be adding additional offerings within Feedonomics to optimize for LLMs and those types of models.

這正是我們需要的，而且我們可以利用現有的產品來實現這一點。在很多情況下，我們不需要重新發明輪子就能做到這一點。我們將在 Feedonomics 中添加其他產品，以優化 LLM 和這些類型的模型。

We've got a self-serve version of Makeswift with paid features that are coming plus a branded payment solution. And even on the partnership side, we're close to being able to sell Noibu as a part of our existing offering. We want to be able to get to the same place with PROS. We're excited about partnership with Accenture and what that means from a distribution perspective.

我們擁有 Makeswift 的自助服務版本，其中包含即將推出的付費功能以及品牌支付解決方案。即使在合作方面，我們幾乎能夠將 Noibu 作為我們現有產品的一部分進行銷售。我們希望能夠與 PROS 達到相同的目標。我們對與埃森哲的合作以及其在分銷角度的意義感到非常興奮。

Like there's a lot of really exciting things that are coming that give us a lot of bullishness on where we're going. It doesn't mean that all of it is going to pan out in the next quarter. I mean we've still got a lot of work to do to finish getting this rolled out, but we think it provides some really good potential tailwinds to our average deal size that we can see with our merchants, both new and existing.

就像有很多真正令人興奮的事情即將發生，這讓我們對未來充滿信心。這並不意味著所有的事情都會在下個季度實現。我的意思是，我們還有很多工作要做才能完成這項服務的推廣，但我們認為，它為我們與新舊商家的平均交易規模提供了一些非常好的潛在推動力。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Congrats on the quarter. Just one for me. So Travis, if we think about the AI impacts, I'm curious actually what you're hearing from customers in terms of how big of an impact that's actually making on decisions? And is that impacting sales cycles at all?

恭喜本季取得佳績。對我來說只有一個。那麼崔維斯，如果我們考慮人工智慧的影響，我實際上很好奇你從客戶那裡聽到了什麼，它對決策的影響到底有多大？這會對銷售週期產生影響嗎？

And I'd also love to understand, what are you hearing from your competitors? Because there's a lot of legacy solutions out there, and I'm curious if they're innovating at the pace of BigCommerce right now.

我也想了解一下，您從競爭對手那裡聽到了什麼消息？因為目前有許多傳統的解決方案，我很好奇它們是否正在以 BigCommerce 的速度進行創新。

Great question. I can't speak to the level of innovation with our competitors. Certainly, I think as it's noticed to everybody, everybody is in the AI game now. It's a lot of hand waving and things like that. The fortunate thing for us is, Feedonomics in its current state, let's go back five months ago, was already doing a lot of this work.

好問題。我無法評價我們競爭對手的創新水準。當然，我認為正如大家所注意到的，現在每個人都參與了人工智慧遊戲。有很多揮手的動作和類似的事情。對我們來說幸運的是，Feedonomics 目前的狀態，讓我們回顧一下五個月前，已經做了很多這樣的工作。

We weren't very handwavy about this. We were very deliberate about trying to bundle this all up and come out with it at once as opposed to kind of trickling it out. So like for us, the angst in market, the demand in market right now, particularly with B2C merchants of varying shapes and sizes is around discoverability.

我們對此並不太寬容。我們非常謹慎地嘗試將所有事情打包起來並一次發佈出來，而不是一點一點地發布。因此，對我們來說，目前市場中的焦慮和需求，特別是對於各種形態和規模的 B2C 商家來說，都與可發現性有關。

It's almost a Y2K type urgency for those on the call old enough to remember the urgency leading up to that. People needed -- they know they need to do something. They didn't know exactly what it was, and it facilitated just a tremendous amount of transformation and service streams.

對於那些年齡足夠大、還記得導致這一問題的緊急情況的人來說，這幾乎是一種千年蟲類型的緊急情況。人們需要——他們知道他們需要做某事。他們不知道它到底是什麼，它只是促進了大量的轉型和服務流。

I think there's more validity to what this represents. This is certainly one of the fastest adapted technology in the history of mankind, and people are racing to adapt to it.

我認為這代表的意義更有道理。這無疑是人類歷史上適應速度最快的技術之一，人們正在競相適應它。

So the demand and pipe and sort of engagement is, how do I become discoverable in this new world order of how customer -- consumer behavior is changing. And again, this is nuanced differently across all of these different answer engines, right?

因此，需求、管道和參與方式就是，在這個客戶——消費者行為不斷變化的新世界秩序中，我如何被發現。再說一次，所有這些不同的答案引擎都有不同的細微差別，對嗎？

The way that Gemini does it is differently than Perplexity and ChatGPT is different as well. So for us, the -- already doing this, optimizing and synthesizing both structured and unstructured data and syndicating it bespokely across different channels at scale to optimize results was already in place. This is a natural extension of that.

Gemini 的做法與 Perplexity 和 ChatGPT 不同。因此對於我們來說，我們已經在這樣做了，優化和合成結構化和非結構化數據，並在不同管道上大規模地聯合它以優化結果。這是它的自然延伸。

And there's a lot of work that's been going on kind of behind the scenes we haven't been handwavy about, that naturally fits us. And we're also doing it with 30% of the IR, [Internet Realtor 1000]. So large enterprise branded manufacturers and retailers. So that already existed. This is an expansion. That's where most of the demand is coming.

還有很多幕後工作正在進行，我們並沒有對此進行過多的說明，這些工作自然適合我們。我們也對 30% 的 IR [Internet Realtor 1000] 進行了同樣的操作。如此大型的企業品牌製造商和零售商。所以這已經存在了。這是一個擴充。大部分需求都來自這裡。

I think everyone is trying to infuse AI. This was not an attempt to be buzzy. It sounds buzzy just because it's AI, but the practicality of it and the applicability of it is, obviously, very organic given where we were in the business. And I think you're going to start seeing that efficacy come out over the next couple of quarters. It's going to start with discoverability.

我認為每個人都在嘗試注入人工智慧。這並不是為了引起轟動。它聽起來很熱門，只是因為它是人工智慧，但考慮到我們所處的行業，它的實用性和適用性顯然是非常自然的。我認為您將在接下來的幾個季度內開始看到這種功效。一切將從可發現性開始。

It's then going to quickly move into orchestration, which is going to be wildly complicated as folks are able to shop across these channels, which then again serves up inventory challenges, personalization, all sorts of things on the back end to maintain or exceed customer expectations that's going to get wild.

然後它將快速進入協調階段，這將變得非常複雜，因為人們能夠透過這些管道購物，這又會帶來庫存挑戰、個性化以及後端的各種事情，以維持或超越客戶的期望，這將變得瘋狂。

And wild in a good way for us. To Daniel's point, we feel like these plays ideally into our hands with the three assets that we have in the product. So we're excited about it. I think you'll see it organically take deeper shape where we have this call six months ago or six months from now, I think it will make more sense to the public, for all of us as this continues to mature in front of our eyes.

對我們來說，這是一種好的狂野。正如丹尼爾所說，我們覺得這些產品能夠完美地利用我們產品中的三種資產。所以我們對此感到很興奮。我想你會看到它自然而然地變得更加清晰，就像我們在六個月前或六個月後發出的呼籲一樣，隨著它在我們眼前不斷成熟，我認為它對公眾、對我們所有人來說都會更有意義。

(Operator Instructions) Gabriela Borges, Goldman Sachs.

（操作員指示）高盛的 Gabriela Borges。

I find this dynamic around agentic search particularly interesting. Travis, maybe tell us a little bit more about, a, are you already seeing customers see a negative impact from agentic search such that it's catalyzing them to engage with your product suite? B, you mentioned AI-powered shopping requires even more sophisticated product data. Maybe just give us some examples there. In what ways does the product data need to be more sophisticated.

我發現圍繞代理搜尋的這種動態特別有趣。特拉維斯，也許您可以告訴我們更多關於以下內容的資訊：a，您是否已經看到客戶看到代理商搜尋的負面影響，從而促使他們使用您的產品套件？B，您提到人工智慧購物需要更複雜的產品數據。也許只是給我們舉一些例子。產品數據在哪些方面需要更加精細化。

You bet, Gabriela. To answer your first question, the answer is yes, substantially. And it's not just us. I talked to -- obviously, I have lots of friends in the service industry, having spent a large part of my career there. They're getting the same questions.

當然，加布里埃拉。對於您的第一個問題，答案是肯定的，基本上是的。這並不只發生在我們身上。我和很多朋友談過——顯然，我有很多在服務業的朋友，我的大部分職業生涯都是在那裡度過的。他們有同樣的問題。

There is a dire need and angst amongst large branded manufacturers and retailers in getting ahead of this. And many of them aren't necessarily set up to do this at scale per se, which is also creating a fair amount of angst and demand in markets. So obviously, like I alluded to earlier, both us on the Feedonomics side as well as the services side, this is facilitating a lot of transformation, which I think is good for the industry.

大型品牌製造商和零售商迫切需要並渴望領先於這一趨勢。其中許多企業本身不一定具備大規模生產的能力，這也在市場上引發了相當大的焦慮和需求。所以顯然，就像我之前提到的，無論是在 Feedonomics 還是服務方面，這都在促進很多轉型，我認為這對產業有利。

Where we're seeing it nuanced, listen, I mean, historically, we've been synthesizing and optimizing and syndicating structured data, like data enrichment, think about that and syndicating it across hundreds of channels, with the answer engines, with the LLMs. Not all of them yet, but some of them now have the ability to synthesize both structured and unstructured data.

我們看到它的細微差別，聽著，我的意思是，從歷史上看，我們一直在合成、優化和聯合結構化數據，例如數據豐富，想想這一點，並透過答案引擎和 LLM 在數百個管道上聯合它。目前還不是全部，但其中一些現在已經具備合成結構化和非結構化資料的能力。

So there's still a tremendous through AI, tremendous amount of extension of structured data that we're optimizing. But where this gets really interesting is when you're combining it with unstructured data and synthesizing that and not to mention the data we already have on behalf of customers.

因此，我們仍在透過人工智慧優化大量的結構化資料擴展。但真正有趣的是當你將它與非結構化資料結合併進行合成時，更不用說我們已經代表客戶擁有的資料了。

So we are sitting in the kind of epicenter with access to some of the most valuable data in the world as it relates to improving these queries and improving those experiences in partnership with these LLMs. So you can imagine why that would be a natural fit for us. We're also not abided to try to get this through our checkout rails either.

因此，我們處於中心位置，可以獲得世界上一些最有價值的數據，這些數據與改進這些查詢以及與這些法學碩士合作改善這些體驗有關。所以你可以想像為什麼這對我們來說是自然而然的事。我們也不會被要求嘗試透過結帳通道來獲取它。

So as this moves into shopping, we are very agnostically supportive of supporting whatever mechanism and whatever rails make the most sense for our merchants, which gives us, I think, an added advantage to go commercialize this and take it at scale.

因此，當它進入購物領域時，我們非常堅定地支持對我們的商家最有意義的任何機制和任何軌道，我認為這給了我們一個額外的優勢來將其商業化並大規模推廣。

And that's kind of the heart of a lot of these conversations. It's still early days. I think for those that play in the engines, and I know I do all the time, the shopping piece is not there. It's, obviously, very immature. The results are spotty at best. That will materially get better, and this will move into more of those conversations.

這正是許多此類對話的核心。現在還為時過早。我認為對於那些玩引擎的人來說，而且我知道我一直在做這件事，購物部分並不存在。顯然，這是非常不成熟的。結果充其量也只是參差不齊。情況將會實質地好轉，並且將會涉及更多這樣的對話。

But the discoverability is top of mind right now. It's starting there, then it will evolve into experiences and inventory orchestration and back-office type stuff that's going to get wild and interesting. I think this is the biggest change to this industry since responsive design, which was probably less sexy, but facilitated a lot, as you know, a lot of transformation, a lot of change.

但現在最受關注的是可發現性。它從那裡開始，然後演變成體驗和庫存編排以及後台類型的東西，這些東西會變得瘋狂而有趣。我認為這是自響應式設計以來這個行業發生的最大變化，響應式設計可能不那麼性感，但卻促進了很多，正如你所知，很多轉變，很多變化。

And so do you already have customer examples that you can train your salespeople with where customers has seen traffic or conversion or top of funnel getting hit. They then go and buy Feedonomics and then -- and some of the more interesting price to quote options that you've been talking about and then see sort of -- well, kind of well, like a before and after from a statistic standpoint.

那麼，您是否已經有了客戶案例，可以用來培訓銷售人員，透過這些案例，您可以看到客戶已經看到了流量、轉換率或漏斗頂部受到打擊。然後他們去買 Feedonomics，然後 — — 以及您一直在談論的一些更有趣的報價選項，然後從統計的角度看到 — — 嗯，有點像前後對比。

Yes. I think we alluded to it in both the press release and my opening remarks with, I think, four or five of the brands that we mentioned -- large recognizable brands. And those are existing clients, by the way. So we're in closed beta and some fairly sophisticated stuff with a handful of clients right now. That will evolve into something more publicly available.

是的。我想我們在新聞稿和我的開場白中都提到了這一點，我想我們提到的品牌中有四、五個都是知名的大品牌。順便說一下，這些都是現有客戶。因此，我們目前正與少數客戶進行封閉測試，並推出一些相當複雜的產品。這將演變為更公開的內容。

And yes, this is all going to be about evangelizing the efficacy. Obviously, I think it's a pretty easy thing to measure, but it's also fluid, right? As these answer engines become more nuanced, as they add more capabilities, because, again, to my point earlier, they don't all operate the same way.

是的，這一切都是為了宣傳其功效。顯然，我認為這是一個非常容易衡量的事情，但它也是流動的，對嗎？隨著這些答案引擎變得更加細緻入微，它們增加了更多的功能，因為，再次回到我之前的觀點，它們的運作方式並不都是一樣的。

And some have advantages over others. Like you look at Google for the obvious answer, they have consumer-facing apps that have AI embedded in a lot of behavior. They also have a fairly popular browser that they track a lot of behavior on as well. You're seeing some of the other answer engines launch browsers now.

有些比其他的更有優勢。就像你在谷歌上尋找顯而易見的答案一樣，他們擁有面向消費者的應用程序，其中許多行為都嵌入了人工智慧。他們還有一款相當受歡迎的瀏覽器，可以追蹤很多行為。現在您會看到一些其他答案引擎啟動瀏覽器。

So again, you're going to see more and more of this sort of evolution and disruption that's going to slightly change how these things are handled. But it just, again, I think, maps back to our existing relationships and our ability to go synthesize and optimize and syndicate this data. We're just in a very natural position to take advantage of it and proven. And we're doing it with some of the largest brands in the world.

所以，你會看到越來越多這樣的演變和顛覆，它們會稍微改變這些事情的處理方式。但我認為，它只是映射回我們現有的關係以及我們綜合、優化和聯合這些數據的能力。我們正處於一個非常自然的位置來利用它，並且已經得到證實。我們正在與世界上一些最大的品牌合作。

So it's not like we're just down market trying to come up. To Daniel's point, what's also exciting is we want to bring these same capabilities in a self-service capacity to our installed base and smaller merchants, because they're going to need just as much help as the big guys. They obviously don't spend as much. Their catalogs aren't as big or as complex, but they still need to be discovered.

所以，我們並不是只想在低迷的市場中奮力往上爬。正如丹尼爾所說，同樣令人興奮的是，我們希望將同樣的自助服務功能帶給我們現有的客戶群和較小的商家，因為他們需要的幫助和大商家一樣多。他們顯然沒有花那麼多錢。它們的目錄並不大，也不那麼複雜，但仍需要被發現。

People are still going to the answer engines, independent of brand size. They're not discriminating based on size. So that is just as important, and you can kind of play that forward, that addressable market, independent of Commerce platform is massive. We feel this as a nice catalyst to start having those conversations, obviously.

無論品牌規模如何，人們仍然會使用答案引擎。他們不會根據尺寸進行歧視。所以這同樣重要，你可以發揮這種作用，獨立於商業平台的潛在市場是巨大的。顯然，我們認為這是開始這些對話的良好催化劑。

Chris Kuntarich, UBS.

瑞銀的 Chris Kuntarich。

Can you hear me?

你聽得到我嗎？

Please go ahead. We can hear you now.

請繼續。我們現在可以聽到你的聲音了。

Yes, I just wanted to stick with the agentic theme. Just, I wanted to focus on the B2C side here. I think I kind of understand that we're seeing this acceleration in this trend. But anything you could do to further dimensionalize the amount of discovery today coming from the agentic engines versus either like the start of the year or this time last year? And just how is that differing versus either brands that have leaned into this theme and ones that haven't or across certain verticals? Just anything you could share there to help further dimensionalize this?

是的，我只是想堅持代理主題。只是，我想在這裡重點關注 B2C 方面。我想我明白了，我們正在看到這種趨勢的加速。但是，與今年年初或去年這個時候相比，您可以做些什麼來進一步量化今天來自代理引擎的發現數量？那麼，與那些傾向於這一主題的品牌和那些沒有傾向於這一主題的品牌或某些垂直領域的品牌相比，它有何不同？您可以分享什麼來幫助進一步實現這一點嗎？

Yes. No, it's a great question. The general percentage that I've heard in multiple corners is 20% drop-off in organic search for a lot of brands. Now don't quote me on that in the sense that it may vary based on brand and what it is that they're doing. We're not quite at a point yet where you're going to be able to see, where that was six months ago versus now, and where it's going to be in three months.

是的。不，這是一個很好的問題。我聽到的普遍說法是，許多品牌的自然搜尋量下降了 20%。現在不要引用我的話，因為它可能會根據品牌和他們所做的事情而有所不同。我們還沒有達到能夠看到六個月前與現在相比的情況以及三個月後的情況的程度。

I think a large majority of folks have seen a drop-off, obviously, with folks. I think it depends on who you ask again. I think what, 1 billion weekly users now, I think, or more leveraging these answer engines on a weekly basis and growing exponentially.

我認為，大多數人顯然都看到了人數的下降。我認為這取決於你問誰。我認為，現在每周有 10 億用戶，或每周有更多用戶利用這些答案引擎，並且呈指數級增長。

I think you're going to see this come more and more front and center as more and more capabilities are available within them. So I would expect in the next quarter probably to have maybe a bit more data as it relates to what we're seeing tangibly from these folks.

我認為，隨著它們擁有越來越多的功能，你會看到這一點越來越受到重視。因此，我預計下個季度可能會有更多數據，因為它與我們從這些人身上實際看到的情況有關。

Right now, it's a -- we've seen a drop-off. We know we need to do something. We need to optimize our data around discovery right now. And in parallel, behind the scenes, we also need to prepare for the orchestration complexities that are going to come by way of shopping through these channels.

現在，我們看到了下降趨勢。我們知道我們需要做點什麼。我們現在需要圍繞發現來優化我們的數據。同時，在幕後，我們也需要為透過這些管道購物時可能出現的協調複雜性做好準備。

And then obviously, there's a future state where you're going to have agents negotiating with other agents and buying and things like that. And again, I don't want to get all handwavy on that. That's fine. There's use cases.

顯然，未來會出現這樣的情況：代理商之間會互相談判、購買等等。再說一次，我不想對此發表任何意見。沒關係。有用例。

But again, I think this is top of mind for a lot of organizations. Doesn't mean they're going to solve it all right now. I think more importantly, they need to stem the bleeding on the discovery drop off and they, at the same time, need to prepare themselves as an organization to take advantage of where this goes now and in the future. And that's where we're seeing most of the conversations around, less around like, what it's already done in some of the efforts that they've made.

但我再次認為，這是許多組織最關心的問題。但這並不代表他們現在就能解決所有問題。我認為更重要的是，他們需要阻止發現的下降，同時，他們需要作為一個組織做好準備，以利用現在和未來的發展。我們看到的大多數討論都圍繞著這一點，而較少討論他們已經做出的一些努力。

Got it. Maybe just one quick follow-up. Just thinking about it versus other sources of traffic, is it now larger than maybe e-mail or SMS? Just curious kind of where it's falling within the stack rank for BigCommerce customers.

知道了。也許只需一次快速跟進。只是考慮一下與其他流量來源相比，它現在是否比電子郵件或簡訊更大？只是好奇它在 BigCommerce 客戶的堆疊排名中處於什麼位置。

Yes. I wouldn't know an actual number. It's certainly growing at a faster pace than the others. And I think a lot of this is going to be as a result of trust, right? Obviously, that's the thesis behind a lot of these answer engines and the companions is how much do you trust the answers.

是的。我不知道實際數字。它的成長速度肯定比其他國家更快。我認為這很大程度上是信任的結果，對嗎？顯然，許多答案引擎及其配套產品背後的論點是，你對這些答案的信任程度有多高。

And trust, last time I checked is built over time. So I think as it gets better, I think the adoption will get deeper, and I think more efficacy will be driven. But we've got a ways to go there. I think the focus -- I would think of this in phases. Right now, it's really around discoverability.

而信任，據我上次檢查，是隨著時間的推移而建立起來的。因此，我認為隨著它變得越來越好，採用將會越來越深入，並且將會產生更多的功效。但我們還有很長的路要走。我認為重點是──我會分階段考慮這個問題。現在，它真正與可發現性有關。

As people have conversations with these answer engines, as they're contextually asking things, how do brands remain relevant and front and center as part of those contextual conversations? And then this will move into more of an experience conversation of, okay, now that I've been discovered, where does shopping take place? Are we sending them back to an own channel? Are we sending them to a marketplace? Are they checking out in line within that experience, within that particular answer engine?

當人們與這些答案引擎進行對話時，當他們根據上下文提出問題時，品牌如何在這些上下文對話中保持相關性和中心地位？然後這將進入更多的體驗對話，好吧，既然我已經被發現了，那麼購物在哪裡進行？我們要把他們送回自己的頻道嗎？我們要將它們發送到市場嗎？他們是否根據該體驗、根據特定的答案引擎進行檢查？

And if so, what's happening behind the scenes is what we're serving up as it relates to SKUs and availability based on customer expectations, right? As an easy example, am I willing to take a discount to receive such product two weeks later? Or am I willing to pay a premium to receive it today? And in what channel or mechanism do I expect to go interface with that product?

如果是這樣，那麼幕後發生的事情就是我們根據客戶期望提供的與 SKU 和可用性相關的服務，對嗎？舉一個簡單的例子，我是否願意接受折扣以便在兩週後收到這樣的產品？或者我是否願意支付額外費用來今天就收到它？我希望透過什麼管道或機制與該產品互動？

So all of that stuff also is being figured out kind of behind the scenes, but it's going to begin and end with the data. The data is going to be the most valuable aspect of this, and then it will be in combination with some of the other assets.

所以所有這些事情也是在幕後解決的，但它將以數據開始和結束。數據將成為其中最有價值的部分，然後它將與其他一些資​​產結合。

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

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

Listen, I want to thank everybody, obviously, for showing up. We're clearly excited. This has been a long time coming. We've obviously orchestrated and metabolized a tremendous amount of change over the last year. I certainly appreciate the patience for those that follow us.

聽著，我當然要感謝大家的到來。我們顯然很興奮。這已經醞釀了很久了。顯然，我們在過去的一年裡策劃並實施了大量變革。我當然感謝那些跟隨我們的人的耐心。

We'll continue to lead and communicate in a transparent way. I appreciate the questions. We're excited to move into the execution phase and get out of transformation. I think we're all a little fatigued from all of the change, obviously.

我們將繼續以透明的方式領導和溝通。我很感謝你們提出這些問題。我們很高興能夠進入執行階段並完成轉型。我認為，顯然，我們對所有這些變化都感到有些疲憊。

And listen, long story short, I said this early on taking this job, there was an obvious better together story here. We needed to build that comprehensively to scale and authentically, we feel like there's a really inexpensive AI play here with the product suite that we already have.

聽著，長話短說，我在接受這份工作初期就說過，這裡顯然有一個更好的共同故事。我們需要全面地建造它以擴大規模，並且真實地，我們覺得利用我們現有的產品套件，這裡有一個真正廉價的人工智慧遊戲。

That's the thing that we're most excited about here in the near term. I've talked about getting into more rooms and communicating in a more articulate way and focus. We feel like combining these elements into this brand and articulating that in a clear and concise way and now measuring sort of those success factors going forward, we're excited to share more with you guys going forward. So thank you all.

這是我們近期最興奮的事。我曾談到要進入更多的房間，以更清晰、更集中的方式進行交流。我們希望將這些元素融入這個品牌中，並以清晰簡潔的方式表達出來，現在衡量未來的成功因素，我們很高興與大家分享更多。謝謝大家。

Look forward to talking to you next quarter.

期待下個季度與您交談。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。