Coupa Software Inc (COUP) 2023 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Coupa Software Second Quarter Fiscal Year 2023 Earnings Conference Call. Our host for today's call is Steven Horwitz. (Operator Instructions) I would now like to turn the call over to your host, Mr. Horwitz. You may begin, sir.

女士們，先生們，下午好！歡迎參加Coupa Software 2023財年第二季業績電話會議。今天的主持人是Steven Horwitz。 （接線生指示）現在，我想將電話交給主持人Horwitz先生。先生，您可以開始發言了。

Thank you. Good afternoon, and welcome to Coupa Software's Second Quarter Conference Call. Joining me today are Rob Bernshteyn, Coupa's CEO; and Tony Tiscornia, CFO. Our remarks today include forward-looking statements about guidance and future results of operations, strategies, market size, products, competitive position and potential growth opportunities. Our actual results may be materially different. Forward-looking statements involve risks and uncertainties and assumptions that are described in our most recently filed 10-Q. These forward-looking statements are based on our beliefs and assumptions today, and we disclaim any obligation to update any forward-looking statements. If this call is replayed after today, the information presented may not contain current or accurate information.

謝謝。下午好，歡迎參加Coupa Software第二季電話會議。今天與我一起參加會議的有Coupa執行長Rob Bernshteyn和財務長Tony Tiscornia。我們今天的演講包含關於未來營運績效、策略、市場規模、產品、競爭地位和潛在成長機會的前瞻性陳述。實際結果可能與預期有重大差異。前瞻性陳述涉及我們最近提交的10-Q報告中所述的風險、不確定性和假設。這些前瞻性陳述是基於我們目前的信念和假設，我們不承擔更新任何前瞻性陳述的義務。如果在今天之後重播此電話會議，所提供的資訊可能不包含最新或準確的資訊。

We also present both GAAP and non-GAAP financial measures. A reconciliation of certain of these measures is included in today's earnings release, which you can find on our Investor Relations website. A replay of this call will also be available. Unless otherwise stated, growth comparisons are against the same period of the prior year.

我們也同時提供 GAAP 和非 GAAP 財務指標。部分指標的對帳表已包含在今天的收益報告中，您可以在我們的投資者關係網站上查看。本次電話會議的重播也將提供。除非另有說明，成長比較均與去年同期相比。

With that, I will now turn the call over to Rob.

說完這些，我現在將電話轉給 Rob。

Thanks, Steven. Hello, and welcome back from what I hope was a safe and enjoyable Labor Day weekend for everyone. Let me begin by sharing a few key metrics that best illustrate our financial performance for the second quarter, our 54th quarter of execution.

謝謝，史蒂文。大家好，歡迎大家回來，希望大家度過了一個安全愉快的勞動節週末。首先，我想分享一些最能反映我們第二季（也就是我們連續第54季）財務表現的關鍵指標。

We delivered $193 million in subscription revenue and $217 million in subscription calculated billings representing year-over-year growth of 23% and 25%, respectively. And with a continued focus on profitability, we demonstrated strong operating efficiency by delivering an 80% subscription gross margin, 74% total gross margin and an 11% operating margin for the quarter.

我們實現了1.93億美元的訂閱收入和2.17億美元的訂閱計算帳單收入，分別較去年同期成長23%和25%。我們持續關注獲利能力，本季實現了80%的訂閱毛利率、74%的總毛利率和11%的營業利潤率，展現了強勁的營運效率。

In Q2, we saw a very strong performance in the North America enterprise market, new customers such as Avient, LinkedIn and Royal Caribbean chose our ROI-driven business spend management platform to optimize their spend. While demand in North America continued to be very strong, it's worth noting that European demand remains softer.

第二季度，我們在北美企業市場表現強勁，Avient、LinkedIn 和皇家加勒比等新客戶選擇了我們以投資報酬率 (ROI) 為導向的企業支出管理平台來優化其支出。雖然北美市場的需求持續強勁，但值得注意的是，歐洲市場的需求仍然疲軟。

Now when looking at our business holistically going forward, we're encouraged by our largest ever pipeline and the training, enablement and ramp of our new sales colleagues we added earlier in the year progresses -- continues to progress well.

現在，當我們全面展望我們的業務時，我們對有史以來最大的銷售管道感到鼓舞，並且我們在今年早些時候增加的新銷售同事的培訓、支持和提升正在取得進展——繼續進展順利。

The question that continues to be debated broadly in the market is whether we are headed for a recession or a soft landing. Our most recent Business Spend Index provides some interesting insights into this topic with respect to macroeconomic data, unemployment and inflation. Just as an example, we have seen significant increases in airfare prices. Yet despite the uptick in prices, demand has not fallen, but rather has increased as businesses progress towards returning to pre-pandemic levels of travel. The net effect of the underlying data shows some signs of projected growth in certain areas and signs of potential contraction in others. For broader insights, I once again suggest exploring our Business Spend Index on spendindex.com.

市場上持續廣泛爭論的問題是，我們究竟是走向衰退還是軟著陸。我們最新的商務支出指數就宏觀經濟數據、失業率和通膨等因素，就此主題提供了一些有趣的見解。例如，我們看到機票價格大幅上漲。然而，儘管價格上漲，但隨著企業逐步恢復到疫情前的旅行水平，需求並未下降，反而有所成長。基礎數據的淨效應顯示，某些領域預計會出現成長跡象，而其他領域則可能出現萎縮跡象。如需更深入的了解，我再次建議您造訪spendindex.com，瀏覽我們的商務支出指數。

Now as many of you have come to know, we pride ourselves on managing our business with discipline. We've done so during times of strong prosperity as well as during times of contraction. This approach has become a foundational element of our management philosophy and stewardship of Coupa. I'm sure we can all agree that the current environment is highly dynamic and how the macro picture plays out is yet to be known.

正如各位所知，我們以嚴謹的業務管理為榮。無論是在繁榮時期，或是萎縮時期，我們都秉持著這種原則。這種做法已成為我們管理理念和Coupa管理的基石。我相信我們都認同，當前的環境瞬息萬變，宏觀情勢如何發展尚待觀察。

That ambiguity is being contemplated by leaders across industries and businesses globally. For Coupa, let me articulate what we mean by thoughtful, disciplined execution and share our current thinking in this area. If we take a moment to isolate the variable of future demand uncertainty, there are several scenarios that could play out. First scenario would be that the economy experiences a softer landing, and the demand environment remains relatively healthy. In this scenario, we will continue to thoughtfully invest for growth and as always, balance with profitability.

全球各行各業的領導者都在思考這種模糊性。對於Coupa，我想闡述我們所說的深思熟慮、嚴謹的執行力，並分享我們目前在這方面的思考。如果我們花點時間，將未來需求不確定性這個變數單獨列出來，可能會出現幾種情境。第一種情境是經濟軟著陸，需求環境保持相對健康。在這種情況下，我們將繼續深思熟慮地進行成長投資，並一如既往地在獲利能力和獲利能力之間取得平衡。

Of course, a recession is possible. So another scenario would be that we enter an environment that impacts IT spending budgets in the near term. In this scenario, we are prepared to moderate our investments appropriately, resulting in increased profitability and cash flows. In more extreme cases, we will show spend discipline at significantly increased levels.

當然，經濟衰退是有可能的。因此，另一種情況是，我們進入一個短期內會影響IT支出預算的環境。在這種情況下，我們準備好適當調整投資，從而提高獲利能力和現金流。在更極端的情況下，我們將大幅加強支出紀律。

Now near-term scenarios aside, we are proudly the clear leader in business spend management. Our total addressable market is massive and underpenetrated, and we are excited as ever in our pursuit to revolutionize this market and deliver customer success like never seen before.

拋開短期前景不談，我們自豪地成為企業支出管理領域的領導企業。我們的潛在市場規模龐大，且尚未完全滲透，我們一如既往地熱衷於革新這個市場，為客戶帶來前所未有的成功。

Speaking of customer success, let me -- we now have well over 2,500 Coupa customers and thousands of prospects who seek to partner with us and benefit from our Value as a Service solutions. They need to have BSM discipline and use it a lot. And so with that, let me share some examples of customers investing in BSM transformation done in the context of our 3-wave strategy.

說到客戶成功，我來分享一下——我們目前擁有超過2500名Coupa客戶，以及數千名希望與我們合作並從我們的價值即服務解決方案中受益的潛在客戶。他們需要嚴格遵守BSM規範並積極運用。因此，我想分享一些客戶在我們的「三波」策略背景下投資BSM轉型的案例。

Wave 1, of course, is capturing all spend. It's a strategy to capture all spend through our highly scalable and configurable transactional core. The first example I'll share is that of ProPetro, an oilfield services company. They implemented the Coupa platform to enable process improvements, efficiencies and increase controls. 94% of their spend is now preapproved and they are electronically processing 89% of their purchase orders and 80% of their invoices. By capturing the spend, they have visibility and control freeing them to focus on growth-oriented initiatives.

第一波當然是捕獲所有支出。這是一種透過我們高度可擴展和可配置的交易核心捕獲所有支出的策略。我要分享的第一個例子是油田服務公司ProPetro。他們實施了Coupa平台，以改善流程、提高效率並增強控制力。現在，他們94%的支出已獲得預先批准，89%的採購訂單和80%的發票都以電子方式處理。透過捕捉支出，他們獲得了可見性和控制力，從而能夠專注於以成長為導向的計劃。

Another energy company, Talos Energy, requires timely operational support to keep their 60 drilling operations platforms running 24/7. Manual procurement processes left the company vulnerable to duplicate or missed orders, resulting in inventory overages, shortages and costly overnight delivery orders. Previously, their accounts payable personnel dedicated nights and weekends to verify receipts, assigning GL codes and posting accruals. Talos implemented Coupa in just 3 months and was able to automate their processes and reduce invoice cycle times by 90%. Their procurement lead stated, "Our platform operations now run more smoothly while spend visibility and control helps our reporting and our bottom line." These are examples of our wave 1 strategy in action for our customers.

另一家能源公司 Talos Energy 需要及時的營運支持，以確保其 60 個鑽井平台全天候運作。手動採購流程使該公司容易出現重複訂單或錯過訂單的情況，導致庫存過剩、短缺以及昂貴的隔夜交貨訂單。此前，他們的應付帳款人員需要日以繼夜地核實收據、分配總帳代碼並過帳應計項目。 Talos Energy 僅用 3 個月就實施了 Coupa，實現了流程自動化，並將發票週期縮短了 90%。其採購主管表示：「我們的平台營運現在更加順暢，同時支出的可見度和控制力也有助於我們提高報告品質和獲利能力。」這些都是我們第一波策略為客戶實際應用的案例。

Let me also share a few of the most recent enhancements from our September release related to our first wave. In this release, we streamlined the mobile app for expenses. We improved visibility into reimbursable spend. We made it easier to manage unused travel tickets, and we integrated virtual cards into our travel offering and much, much more.

我還想分享一下我們9月發布的第一波功能中的最新改進。在此版本中，我們簡化了費用管理的行動應用程式。我們提高了可報銷支出的可見性。我們簡化了未使用的旅行票的管理，並將虛擬卡整合到我們的旅行產品中，等等。

Integrating virtual cards into T&E allows our customers to unlock additional synergistic value. It also provides another avenue to drive incremental total payment volume through our platform. To that end, our cumulative total payment volume reached nearly $15 billion by quarter end as more customers continue to come online. That's nearly a 50% increase in approximately 2 quarters.

將虛擬卡整合到差旅和娛樂業務中，使我們的客戶能夠釋放更多協同價值。這也為推動我們平台支付總額的成長提供了另一條途徑。隨著越來越多的客戶加入，截至本季末，我們的累積支付總額已接近150億美元。這意味著在大約兩個季度內，我們的支付總額增加了近50%。

Now let me move on to the second wave of our strategy, which is optimizing every dollar spent through Suite Synergy. Many of our customers maximize their savings and efficiency by leveraging power user applications within our suite. One of these companies is Maersk, a Danish multinational shipping and container logistics giant. They digitized their entire procurement process and are using Coupa for procure to pay, supplier risk management and sourcing optimization.

現在，讓我來談談我們策略的第二步，透過 Suite Synergy 優化每一分錢的支出。許多客戶透過利用我們套件中的高級用戶應用程序，最大限度地節省成本、提高效率。其中一家公司是丹麥跨國航運和貨櫃物流巨頭馬士基。他們將整個採購流程數位化，並使用 Coupa 進行採購到付款、供應商風險管理和尋源最佳化。

With sourcing optimization, Maersk identified over $100 million of potential savings by utilizing reverse auctions where several shippers are bidding for their business. It's not just savings, it's about efficiency. With the help of Coupa, Maersk only needs 7 people to cover thousands of supplier negotiations and auctions per year. We were humbly appreciative of their comments. They said, it's actually relatively easy from a technology -- technical point of view. Since it's SaaS, you can get it up and running, generating impact for your business in weeks. Maersk is also leveraging our platform to support their sustainability goal of achieving carbon neutrality by 2050. We truly are thrilled to be part of this journey with Maersk.

透過優化採購，馬士基利用反向拍賣（多家托運人競標業務）發現了超過1億美元的潛在節省空間。這不僅是節省，更是效率的展現。在Coupa的幫助下，馬士基每年只需7個人就能處理數千場供應商談判和拍賣。我們非常感激他們的評價。他們表示，從技術角度來看，這實際上相對容易。由於它是SaaS（軟體即服務），您可以啟動並運行它，並在幾週內為您的業務帶來效益。馬士基也正在利用我們的平台支持其在2050年實現碳中和的永續發展目標。我們非常高興能與馬士基攜手共進。

We're very proud to have Maersk and many other customers amongst our ever-expanding community, which has now driven more than $3.8 trillion in cumulative spend under management through the platform.

我們非常自豪馬士基和許多其他客戶能夠加入我們不斷擴大的社區，目前該平台管理的累積支出已超過 3.8 兆美元。

The resulting data from this spend is what fuels the third wave of our winning strategy, amplifying community value. As you may recall, community.ai can be broken into 3 areas: the pooling of customer spend, such as with Coupa Advantage; the pooling of brainpower and collaboration amongst community members; and the pooling of data through AI and machine learning, the intelligence component.

這些支出所產生的數據，將助力我們致勝策略的第三波浪潮，也就是擴大社群價值。您可能還記得，community.ai 可以分為三個領域：匯集客戶支出，例如 Coupa Advantage；匯集社區成員的智慧和協作；以及透過人工智慧和機器學習匯集數據，即智慧部分。

This quarter, I'll share an example of how our Spend Guard solution utilizes this third area, the pooling of data, for fraud protection and prevention. Spend Guard leverages AI and machine learning technology to automatically analyze a customer's business spend and flag suspicious transactions in real time.

本季度，我將分享一個範例，說明我們的Spend Guard解決方案如何利用第三個領域——資料匯集——來保護和預防詐欺。 Spend Guard利用人工智慧和機器學習技術自動分析客戶的業務支出，並即時標記可疑交易。

So let me share a real life customer example from the Salling Group. Salling is a diverse European retail group that processes several hundred thousand invoices, POs and expense reports through our platform annually. Immediately upon implementing Spend Guard, they halted a large duplicate invoice before a payment could be made. Now I can't emphasize how important it is to capture these issues before money leaves a customer's bank account. It saves them from having to recover cash. This importance wasn't lost on one of their leaders who said, Coupa Community AI is a must-have. Within 3 days of uptime, it has paid back our investment.

那麼，讓我分享一個來自 Salling 集團的真實客戶案例。 Salling 是一家多元化的歐洲零售集團，每年透過我們的平台處理數十萬份發票、採購訂單和費用報告。在實施 Spend Guard 後，他們立即阻止了一筆大額重複發票的支付。現在，我再怎麼強調在客戶資金流出銀行帳戶之前發現這些問題的重要性也不為過。這讓他們免於追回現金。他們的一位領導者也深知這一點，他說：「Coupa Community AI 是必備的。」上線三天后，它就為我們帶來了豐厚的投資回報。

Another example is that of a globally recognized provider of electronic solutions with over 45,000 employees in more than 40 countries. By identifying noncompliant purchase order spend, Spend Guard allowed them to edit or withdraw certain purchase orders prior to their suppliers incurring any costs or invoicing them. In less than a year, Spend Guard helped this company save tens of millions of dollars.

另一個例子是全球知名的電子解決方案供應商，在40多個國家/地區擁有超過45,000名員工。透過識別不合規的採購訂單支出，Spend Guard 允許他們在供應商產生任何費用或開立發票之前編輯或撤回某些採購訂單。在不到一年的時間裡，Spend Guard 幫助該公司節省了數千萬美元。

Now as I've mentioned before, this is just the tip of the iceberg of what our community.ai platform can do. And we are still in the early days of delivering true Value as a Service in this area at the scale that we envision. These solutions will only become more and more valuable as we continue to develop the third wave of our strategy and our community.ai vision becomes fully realized.

正如我之前提到的，這只是我們 community.ai 平台所能實現的冰山一角。我們仍處於在這一領域以我們設想的規模提供真正價值即服務的早期階段。隨著我們繼續推進第三波策略，以及 community.ai 願景的全面實現，這些解決方案的價值將只會越來越大。

This 3-wave strategy is, of course, underscored by our vision areas, as exemplified by the letters in the name Coupa, which stands for a comprehensive, open, user-centric, prescriptive and accelerated.

當然，這種三波策略也體現在我們的願景領域中，正如 Coupa 名稱中的字母所示，它代表著全面、開放、以用戶為中心、規範和加速。

Now switching to our core values. Let me highlight this quarter's most valuable players who represent -- best represent each value as selected by our colleagues. I'll start with Sunil Gautam from our technology support team, who won the award for our first core value of ensuring success. Sunil goes above and beyond when helping others across groups and across regions. He's incredibly effective at understanding where problems exist and determining the best approach to solving them. His colleagues have conveyed to us that his contributions are so meaningful that they typically save at least 50% of a developer's time.

現在轉到我們的核心價值。讓我重點介紹本季最有價值的員工，他們代表了我們同事們選出的每個價值觀。首先，我要介紹的是技術支援團隊的 Sunil Gautam，他因「確保成功」這一核心價值而榮獲該獎項。 Sunil 在幫助跨團隊、跨地區的同事方面做得非常出色。他非常善於理解問題所在，並找到解決問題的最佳方法。他的同事告訴我們，他的貢獻意義非凡，通常可以為開發人員節省至少 50% 的時間。

Next is Jake Sells from our cloud operations support team, the winner of our second core value of focusing on results. Jake has put forward significant time and effort that has yielded multiple platform improvements. He co-led an automation effort that tremendously improved the workflow for our colleagues. Jake's contributions have been key to enabling platform agility, automating security and allowing for continuous improvement on our platform.

接下來是來自我們雲端營運支援團隊的 Jake Sells，他是我們第二個核心價值「注重成果」的得主。 Jake 投入了大量的時間和精力，促成了許多平台改善。他共同領導了一項自動化工作，大大改善了我們同事的工作流程。 Jake 的貢獻對於實現平台敏捷性、自動化安全性以及平台的持續改進至關重要。

Last but certainly not least, Bonnie Ho from our channel marketing team won the award for our third core value of striving for excellence. Bonnie goes above and beyond to promote a collaborative environment with our partners and her Coupa colleagues. She is passionate and is dedicated to driving more effective events, which in turn helps us bring more customers into the community. As Bonnie excels at her job, it saves Coupa time, money and ensures that the right customers are being introduced to the right products. Congratulations and thank you, Sunil, Jake and Bonnie, for embodying the core values which lay the foundation for the special culture we're developing at Coupa, which just last month, has once again globally certified -- been certified as a Great Place to Work.

最後，同樣重要的是，我們通路行銷團隊的Bonnie Ho憑藉著我們第三個核心價值－追求卓越－榮獲獎項。 Bonnie竭盡全力，與我們的合作夥伴以及Coupa的同事們共同營造協作氛圍。她充滿熱情，致力於推動更有效的活動，從而幫助我們為社區帶來更多客戶。 Bonnie的出色工作不僅節省了Coupa的時間和成本，也確保了合適的客戶能夠接觸到合適的產品。恭喜並感謝Sunil、Jake和Bonnie，你們體現了這些核心價值觀，這些價值觀奠定了Coupa正在建構的獨特文化的基礎。就在上個月，Coupa再次榮獲全球最佳職場認證。

We're really proud that the Great Place to Work survey revealed that 95% of our employee respondents ascribed to each of our 3 core values. Now obviously, our third core value dictates that we still have work to do to get the other 5% on board, and we plan to continue our efforts to do just that.

我們非常自豪地看到，卓越職場 (Great Place to Work) 調查顯示，95% 的員工認同我們三大核心價值。顯然，第三個核心價值意味著，我們仍需努力讓剩下的 5% 認同，我們計劃繼續為此努力。

We were also recently recognized by Fast Company as a great -- as a Best Workplace for Innovators. Additionally, we earned a leading position on The Software Report's Top 100 Software Companies of 2022 list. We're building something really special here, and we'll work tirelessly to continue to build a stronger company, a stronger platform and a stronger community.

我們最近也被《Fast Company》評為「最佳創新者工作場所」。此外，我們在《軟體報告》2022年百大軟體公司名單中名列前茅。我們正在打造一些非常特別的東西，我們將不懈努力，繼續打造更強大的公司、更強大的平台和更強大的社群。

Now before I close, let me make you aware of our second annual ESG report, which can be found on the Corporate Sustainability page of our website. I'll share our mission statement with you. Through the power of trillions of dollars of business spend, our mission is to unlock our customers' full potential to do well and do good, anchored in a shared belief that we are smarter together.

在結束之前，請容許我向大家介紹我們的第二份年度 ESG 報告，該報告可在我們網站的「企業永續發展」頁面上找到。我將與大家分享我們的使命宣言。我們的使命是：借助數兆美元的商業投入，充分釋放客戶的潛力，成就卓越，造福社會，並秉持「攜手共創更美好」的共同信念。

Before I hand the call over to Tony, let me emphasize that managing business spend to drive agility, savings and increased profitability is now more important than ever. The solutions with a demonstrable and measurable ROI are rightfully moving to the forefront. Together, we can leverage the strength of the Coupa platform and our community to help our customers navigate through these uncertain times.

在將電話交給Tony之前，我想強調一下，管理業務支出以提高敏捷性、節省成本和盈利能力現在比以往任何時候都更加重要。那些具有可證明和可衡量的投資回報率的解決方案理所當然地走向前沿。我們可以攜手合作，利用Coupa平台和我們社群的優勢，幫助我們的客戶度過這段充滿不確定性的時期。

With that, let me turn the call over to our CFO, Tony Tiscornia. Tony?

說完這些，讓我把電話轉給我們的財務長 Tony Tiscornia。 Tony？

Thanks, Rob, and good afternoon, everyone.

謝謝，羅布，大家下午好。

As Rob highlighted, we delivered strong top line growth, margins and cash flows for the second quarter. Let me dive right into the numbers. Subscription revenue for Q2 was $193 million, up 23% year-over-year or 24% on a constant currency basis. Total revenue was $211 million, up 18% year-over-year or 19% on a constant currency basis. Subscription calculated billings were $217 million, up 25% year-over-year or 27% on a constant currency basis.

正如Rob所強調的，我們在第二季度實現了強勁的營收成長、利潤率和現金流。讓我來詳細分析一下這些數字。第二季的訂閱收入為1.93億美元，年增23%，以固定匯率計算成長24%。總營收為2.11億美元，年增18%，以固定匯率計算成長19%。訂閱計算的帳單收入為2.17億美元，較去年同期成長25%，以固定匯率計算成長27%。

Non-GAAP gross margin for the quarter was 74.5%, highlighted by subscription gross margin of 80%. Non-GAAP operating income was $24 million or 11% of total revenue. And non-GAAP net income was $16 million or $0.20 per share on approximately 87 million diluted shares. Cash at quarter end was $809 million, Q2 operating cash flows were $29 million, and adjusted free cash flows were $25 million, this coming off very strong operating and adjusted free cash flow results for Q1 of $50 million and $46 million, respectively.

本季非公認會計準則 (Non-GAAP) 毛利率為 74.5%，其中訂閱毛利率高達 80%。非公認會計準則 (Non-GAAP) 營業收入為 2,400 萬美元，佔總收入的 11%。非公認會計準則 (Non-GAAP) 淨利為 1,600 萬美元，即每股 0.20 美元，攤薄後每股收益約 8,700 萬股。季末現金為 8.09 億美元，第二季營運現金流為 2,900 萬美元，調整後自由現金流為 2,500 萬美元，得益於第一季強勁的營運現金流和調整後自由現金流，分別為 5,000 萬美元和 4,600 萬美元。

For the trailing 12-month period, adjusted free cash flows were $159 million or 20% of total revenue. Our Rule of 40 on a trailing 12-month basis exiting Q2 was 43%. As a reminder, we define Rule of 40 as the total revenue growth rate plus the adjusted free cash flow margin for the period.

過去12個月，調整後自由現金流為1.59億美元，佔總營收的20%。截至第二季度，我們過去12個月的「40規則」為43%。提醒一下，我們將「40法則」定義為總收入成長率加上當期調整後自由現金流利潤率。

In Q2, our gross renewal rate and net retention rates were in the consistent historical range of approximately 94% to 96% and 110% to 112%, respectively. The number of customers with annualized subscription revenue greater than $100,000 was 1,519 at the end of the quarter, up 23% from a year ago. These results illustrate the leverage and scale we have in our financial model.

第二季度，我們的總續約率和淨留存率分別維持在約94%至96%和110%至112%的歷史高點。截至本季末，年化訂閱收入超過10萬美元的客戶數量為1,519名，較去年同期成長23%。這些績效反映了我們財務模型的槓桿作用和規模經濟。

We are focused on top line growth, but as Rob noted, we also prioritize strong unit economics, gross and operating margins and free cash flow margins. With that, let's now turn to guidance.

我們專注於營收成長，但正如Rob所說，強勁的單位經濟效益、毛利率、營業利潤率以及自由現金流利潤率也同樣重要。現在，我們來談談業績指引。

As Rob noted in his remarks and as we discussed last quarter, in Europe, we continue to see a softer demand environment with lengthening sales cycles, which is factored into our guidance. Consistent with Q1, our Q2 performance in North America was strong. However, we recognize the global macro environment is uncertain. So we have factored the potential for additional macro headwinds into our guidance to derisk the outlook for the back half.

正如Rob在他的演講中以及我們上個季度討論的那樣，在歐洲，我們持續看到需求環境疲軟，銷售週期延長，這已計入我們的業績指引。與第一季一致，我們第二季在北美的業績強勁。然而，我們認識到全球宏觀環境存在不確定性。因此，我們已將可能出現的更多宏觀逆風納入業績指引，以降低下半年前景的風險。

For Q3, we expect subscription revenue of $194 million to $196 million. We expect professional services and other revenue of approximately $17 million to $18 million, and we expect total revenue of $211 million to $214 million. For Q3, we expect subscription calculated billings of approximately $198 million.

我們預計第三季訂閱收入為 1.94 億至 1.96 億美元。我們預計專業服務及其他收入約為 1,700 萬至 1,800 萬美元，總收入預計為 2.11 億至 2.14 億美元。我們預計第三季訂閱計算的帳單金額約為 1.98 億美元。

Moving down the income statement. We expect the Q3 non-GAAP gross margin of approximately 73%. We expect non-GAAP operating income of $14 million to $16 million and non-GAAP net income of $7 million to $9 million, resulting in non-GAAP net income per share of $0.08 to $0.10 on approximately 87.5 million diluted shares for the quarter. We expect Q3 adjusted free cash flows of approximately $20 million.

再來看看損益表。我們預計第三季非公認會計準則毛利率約為73%。我們預計非公認會計準則營業利潤為1400萬至1600萬美元，非公認會計準則淨利潤為700萬至900萬美元，因此本季度非公認會計準則每股淨利潤為0.08至0.10美元，攤薄後每股收益約為8750萬股。我們預計第三季調整後自由現金流約為2000萬美元。

Now let's move on to full year fiscal '23 guidance. We expect subscription revenue of $766 million to $771 million, representing an increase from last quarter's full year guide of $4 million at the midpoint. We expect professional services and other revenue of $72 million to $73 million or 9% of total revenue. This would result in total revenue of $838 million to $844 million for fiscal '23. We expect a non-GAAP gross margin for the year of 73% and non-GAAP operating income for the year of $62.5 million to $68.5 million, resulting in non-GAAP net income per share of $0.37 to $0.44 on approximately 87.5 million weighted average diluted shares for the year.

現在我們來看看2023財年全年業績指引。我們預計訂閱營收將達到7.66億美元至7.71億美元，較上季全年指引中位數400萬美元成長。我們預計專業服務及其他收入將達到7,200萬美元至7,300萬美元，佔總收入的9%。這意味著2023財年的總收入將達到8.38億美元至8.44億美元。我們預期本財年非公認會計準則毛利率為73%，非公認會計準則營業利潤為6,250萬美元至6,850萬美元，因此，本財年非公認會計準則每股淨利潤將達0.37美元至0.44美元，加權平均稀釋後股份約為8,750萬股。

Finally, today, we announced the approval of a 10b-18 open market share repurchase program of up to $100 million. This program reflects the confidence we have in our business and our ability to create shareholder value while also serving as a way to reduce net share dilution.

最後，今天，我們宣布批准一項高達1億美元的10b-18公開市場股票回購計畫。該計劃體現了我們對自身業務的信心以及我們創造股東價值的能力，同時也是減少淨股權稀釋的一種方式。

That concludes our prepared remarks. We will now take your questions. Operator?

我們的準備好的演講到此結束。現在開始回答大家的提問。接線生？

(Operator Instructions) And our first question comes from Keith Weiss.

（操作員指示）我們的第一個問題來自 Keith Weiss。

This is Chris Quintero on for Keith. Congrats in the quarter. Question from our end. Rob, last quarter, you talked about the softness in Europe being more of a lagging indicator than a leading one. Did anything change in the quarter where now you're continuing to see some of that European weakness throughout the quarter?

我是 Chris Quintero，接替 Keith 的節目。恭喜本季業績。我們這邊有個問題。 Rob，上個季度，您提到歐洲經濟疲軟更像是落後指標，而不是先行指標。本季有什麼變化嗎？您現在在整個季度都持續看到歐洲經濟的疲軟嗎？

Sure. Thanks for the question. Look, lengthening sales cycles is what we saw last quarter. We saw some of the same elements this quarter. I won't say much worse or much better. So it remains an area that we're watching very carefully. We believe largely due to greater levels of uncertainty in the region and then obviously, we look at it country by country and segment by segment, but broadly speaking, that's what we're seeing.

當然。謝謝你的提問。你看，上個季度我們看到了銷售週期延長的情況。本季我們也看到了一些相同的因素。我不會說情況會好轉或惡化很多。所以這仍然是我們密切關注的領域。我們認為這主要是因為該地區的不確定性加劇。當然，我們會逐一、逐一細分市場地進行研究，但總體而言，這就是我們所看到的情況。

Our next question comes from Alex Zukin.

下一個問題來自 Alex Zukin。

Just a 2-parter for me. I guess the -- Rob, you talked a little bit about longer sales cycles in Europe. I want -- and I think, Tony, you talked about reflecting some incremental conservatism to derisk the guide for the year, seeing if that activity spreads to the U.S. I wondered if you could talk about where, from a vertical perspective, you're seeing areas of weakness and areas of strength. And then, Tony, maybe just commenting on the guide, I think -- is that an aspect of seasonality for subscription billings? I think prior to that, we had a little bit of a more even weighting, if you will, on subscription billings in Q3 to Q4. So just any color or commentary there would be helpful.

對我來說，就兩個部分。 Rob，你剛剛談到了歐洲更長的銷售週期。我想——Tony，你也提到了在年度指南中體現一些漸進式的保守主義，以降低風險，看看這種做法是否會蔓延到美國。我想知道，從垂直角度來看，你認為哪些領域是薄弱的，哪些領域是優勢的。然後，Tony，我想談談指南，我認為這是否與訂閱帳單的季節性有關？在此之前，我們對第三季到第四季的訂閱帳單進行了更均衡的加權。所以，任何細節或評論都會有所幫助。

Yes. Thanks, Alex. I'll take the first one. Nothing really to call out by industry at this time that's significant for us and the way that pie is split up over the years of building out the business. But I would say, certainly, the impact is -- seems to be much more geographically based and that is worth calling out.

是的。謝謝，亞歷克斯。我先回答第一個問題。目前，以產業來看，沒有什麼特別值得一提的，這對我們來說意義重大，而且多年來我們一直在拓展業務，但業務的分配方式也有所不同。但我想說，影響似乎更多是基於地理位置，這一點值得一提。

Yes. And Alex, I don't think it's -- we have our typical seasonality. I think I would classify this as typical seasonality, nothing outside the norm. As we noted, there's some uncertainty out there with respect to the global macro picture and how things will play out. So for that reason, we've factored some incremental impact from potential broader macroeconomic headwinds into our guide.

是的。亞歷克斯，我不認為這是——我們有典型的季節性。我認為我會將其歸類為典型的季節性，沒有任何異常。正如我們所指出的，全球宏觀經濟情勢以及事態發展存在一些不確定性。因此，我們在指南中考慮了潛在的、更廣泛的宏觀經濟逆風所帶來的一些增量影響。

And we have a question from Brad Sills.

我們收到了布拉德·西爾斯的一個問題。

I wanted to ask one on kind of the macro a little differently, if I could, please. To what extent is reopening providing some tailwind to the business that perhaps would be an offset to slowing macro here? Does the value proposition change at all as employees are back in the office for just core procure? And then second question would just be any color or commentary on what you might have seen across the different power user apps? Were there any relative areas of strength whether it's CLM or supplier information, Coupa Pay? Any color on that, please?

如果可以的話，我想換個角度問一個關於宏觀經濟的問題。復工在多大程度上為業務帶來了一些推動力，或許可以抵銷宏觀經濟放緩的影響？隨著員工重返辦公室進行核心採購，價值主張是否會改變？第二個問題是，您對不同進階使用者應用程式的表現有何評論？無論是CLM、供應商資訊或Coupa Pay，是否存在相對優勢的領域？請提供一些評論。

Yes. I wouldn't say so much that there's a -- due to the fact that more folks are physically in offices that, that's provided a tailwind for us. But I think the fact that folks are more engaged in transformational projects through the use of technology has been a tailwind. And I think that can be correlated pretty well with a very strong North America enterprise business we saw this past quarter, with the scalable mid-market business we continue to drive. So I think it's more of the reengagement, whether it's physical or not, kind of post-COVID. I think that's more correlated.

是的。我不會說因為有更多員工在辦公室辦公，這對我們來說是順風。但我認為，人們透過使用科技更多地參與轉型項目，這才是順風。我認為這與我們上個季度看到的強勁的北美企業業務以及我們持續推動的可擴展的中端市場業務密切相關。所以我認為這更多的是後疫情時代員工的重新參與，無論是否以實體形式進行。我認為這與此更相關。

And then definitely nothing overly significant in this quarter in a sort of product-by-product kind of mix. There are quarters where we see supplier risk being at the front end of the drivers, some quarters where the travel component of our T&E offering is seeing some greater pull. But nothing that I would call and say, well, this module really drove the suite sales. It continues to be the vision lock we have with our customers around where BSM is going and their confidence in us being able to take them there.

本季度，就產品組合而言，肯定沒有什麼特別重大的變化。有些季度，我們看到供應商風險處於驅動因素的前端，有些季度，我們差旅和費用產品中的差旅部分受到了更大的拉動。但我不會說，這個模組真的推動了套件的銷售。它仍然是我們與客戶之間關於BSM發展方向的願景鎖定，以及他們對我們能夠帶領他們實現目標的信心。

Our next question comes from Raimo Lenschow.

下一個問題來自 Raimo Lenschow。

Rob, thanks for the clarity about the different scenarios. Just -- I hope it's the last question on macro, but what are you seeing in terms of pipeline, pipeline evolution at the moment in terms of like is that -- are we still seeing the same number of projects? Are you kind of pushing for slightly more pipeline coverage given kind of potential issues on closure rates further in the second half of the year? Can you just speak to that scenario, please?

Rob，感謝您對不同情境的清晰闡述。我希望這是關於宏觀經濟的最後一個問題，但您目前看到的專案進展如何？例如，我們目前看到的項目數量是否仍然相同？考慮到下半年專案完工率可能進一步下降，您是否會推動稍微增加專案覆蓋範圍？能簡單談談這種情況嗎？

Yes, sure. Look, I mean, from a pipeline perspective, things are very healthy with this business in terms of new pipeline being created and the size of the pipeline we continue to move. We're seeing, as I mentioned, really strong results in each of the segments by region. I mentioned enterprise mid-market. We're seeing the reps that we're bringing on continue to ramp pretty well, get acculturated, understand how to navigate within our authentic culture and collaborate on deal closure. And we're seeing some really good results in virtually over all of our developing markets from Lat Am to Asia and beyond. But maybe to the root of your question, of course, we're keeping our eyes very closely in terms of monitoring time to close and how deals are progressing through that pipeline from the early stages of awareness through close to give us any leading indicators of various scenarios that play out, as I shared in the prepared remarks.

是的，當然。我的意思是，從銷售管道的角度來看，就新銷售管道的創建和我們持續推進的銷售管道規模而言，這項業務的狀況非常健康。正如我所提到的，我們在各地區細分市場都取得了非常強勁的業績。我提到了企業中端市場。我們看到，我們引進的銷售代表持續發展良好，逐漸融入公司文化，了解如何在我們獨特的文化中運作，並合作完成交易。從拉丁美洲到亞洲及其他地區，幾乎所有發展中市場都取得了非常好的表現。但或許，從您問題的根本原因來看，我們當然會密切關注交易完成所需的時間，以及從早期認知到最終達成交易，這些進展為我們提供了各種可能情景的先行指標，正如我在準備好的發言稿中分享的那樣。

Our next question is from Bob Napoli.

下一個問題來自鮑勃·納波利 (Bob Napoli)。

Solid results. I'd like to get maybe a little more of an update on Coupa Pay. Last quarter, you talked about some pretty attractive attach rates in mid-market, some very good momentum there. You were talking about virtual cards. Any -- can you give any color on the revenue from Coupa Pay revenue growth rates? Or is the revenue yield trending up? Virtual card cross-border would be much higher-yield products, but just anything -- any update on Coupa Pay on the economics of Coupa Pay and the addition of new products?

業績穩健。我想了解更多關於Coupa Pay的最新情況。上個季度，您談到了中端市場的附加利率非常誘人，發展動能也非常好。您之前提到了虛擬卡。能否透露一下Coupa Pay的營收成長率？或者說，殖利率是否呈上升趨勢？跨國虛擬卡的收益率會更高，但關於Coupa Pay的經濟效益以及新增產品的情況，您有什麼最新進展嗎？

Yes. Sure, Bob. So look, first of all, customer acquisition has continued to be consistently quite strong, right, greater than 30% overall; mid-market, over 50% of our deals, right? So the demand for the offering that we're both in market with -- the offerings that we're in market with and the desire higher upmarket for fully built-out offerings is there. Total payment volume since inception has increased by 50% over just the last 6 months as one data point. But probably one of the most exciting things is the enterprise solution around digital payments, right, that we're getting closer and closer to introducing. Early enterprise adopters should be using the platform in likely 2 to 3 quarters. And that's why I feel we'll really be able to test out the overall value proposition of the offerings under the kind of Coupa Pay umbrella.

是的，當然，鮑伯。首先，客戶獲取一直保持強勁，對吧，整體超過30%；中端市場的交易佔比超過50%，對吧？所以，市場對我們現有產品的需求——以及高端市場對全面完善產品的需求——都是存在的。自成立以來，僅在過去6個月裡，總支付額就成長了50%，這是一個數據點。但最令人興奮的事情之一可能是我們即將推出的圍繞數位支付的企業解決方案。早期企業用戶應該會在2到3個季度內使用該平台。因此，我認為我們將能夠真正測試Coupa Pay平台下產品的整體價值主張。

Our next question comes from Ryan MacDonald.

下一個問題來自 Ryan MacDonald。

Rob, it's great to hear the commentary about sales reps ramping well and progressing well as you go through the year. Can you talk about what KPIs you're watching and measuring to sort of gauge those sales rep ramping? And then a follow-up for Tony. 73% gross margins for third quarter and full year in the guide. Can you just remind us what sort of headwinds or why we should expect a step-down? I think last year, those -- at least on the subscription side, remained at 80% plus in the back half. Would love some more color there.

Rob，很高興聽到你關於銷售代表在一年中業績成長良好、進步神速的評論。可以談談你關注和衡量的KPI（關鍵績效指標）來衡量銷售代表的績效成長嗎？然後是Tony的後續問題。指南中第三季和全年的毛利率為73%。你能不能提醒我們有哪些不利因素，或者為什麼我們應該預期毛利率會下降？我認為去年下半年，至少在訂閱方面，毛利率維持在80%以上。希望能更詳細說明一下。

Sure. So thanks for the question. Look, I'm not going to bore the whole audience with every KPI that we look at for running this business. There's literally hundreds of them every quarter. But as you'd expect, all the likely ones of ability to get onboard with any kind of deals, ability to get within a certain set percentile of quota attainment, time to ramp.

當然。謝謝你的提問。聽著，我不會把我們經營這項業務時考慮的每一個KPI都講得讓各位聽眾感到厭煩。每季都有數百個KPI。但正如你所料，所有可能的KPI都包括：能否接手任何類型的交易，能否在一定百分比內完成配額，以及提升速度所需的時間。

We classify our sales reps into what we kind of call freshmen, sophomore, juniors and seniors and expectations we have for each. So we have a lot of KPIs to help us really sense what's happening there. But I'd like to refer you to the answer I gave to an earlier question, which is we're not just looking at that. We're looking at how the pipeline continues to develop. We're looking at the time to close from awareness to close and how the pipeline moves through the stages.

我們將銷售代表分為所謂的“一年級”、“二年級”、“三年級”和“四年級”，並對每個年級都有相應的期望。因此，我們設立了許多關鍵績效指標 (KPI)，以幫助我們真正了解銷售情況。但我想提一下我之前回答一個問題的答案，那就是我們關注的不僅僅是這些。我們也關注銷售漏斗是如何持續發展的。我們專注於從意識到成交所需的時間，以及銷售漏斗在各階段的進展。

We're looking at rep ramp scale in each of our segments, enterprise, mid-market and core, and in each of our geos. So there's a lot that goes into really gauging the health of the business and then figuring out the right level of investment to push into it quarter in, quarter out, as we've been doing now for 54 quarters.

我們正在關注每個細分市場（包括企業級、中端市場和核心市場）以及每個地區的銷售代表成長規模。因此，我們需要進行大量工作才能真正衡量業務的健康狀況，並確定每季合適的投資水平，正如我們過去54個季度所做的那樣。

Yes. Ryan, on your gross margin question, nothing in particular to call out that would be a one-off or a headwind heading into Q3 and the back half of the year. Our midterm target gross margins are 74% to 75%. We delivered obviously on that the last couple of quarters. And we believe with good execution, our prospects of delivering that again would be strong.

是的。 Ryan，關於你的毛利率問題，沒有什麼特別需要指出的，這會是一次性的，還是會對第三季和下半年帶來不利影響。我們的中期目標毛利率是74%到75%。過去幾季我們顯然已經實現了這個目標。我們相信，只要執行得當，我們再次實現這一目標的前景將非常光明。

We have a question from Terry Tillman.

我們收到了特里·蒂爾曼的一個問題。

This is Robert Dee on for Terry. Curious to get an update on the Federal side with the recent FedRAMP authorization. How has traction been in that vertical? And anything to share on the execution of that pipeline?

我是 Robert Dee，Terry 的節目主持人。我很想知道聯邦政府方面關於 FedRAMP 授權的最新進展。該領域進展如何？關於該管道的實施情況，您有什麼可以分享的嗎？

Pipeline in that area continues to develop really well. We had a number of pretty early stage but very interesting accomplishments that we actually considered maybe sharing on the call but decided to hold off. I think we'll have a lot more to report around our traction there as we get through Q4 and get into the early part of next year.

該領域的產品線持續發展良好。我們取得了一些處於早期階段但非常有趣的成果，我們原本考慮在電話會議上分享，但最終決定暫緩。我想，隨著第四季度的結束和明年初的到來，我們會有更多關於該領域進展的報告。

(Operator Instructions) And our next question comes from Michael Turrin.

（操作員指示）我們的下一個問題來自邁克爾·圖林。

In terms of LLamasoft and the supply chain design category, wondering if anything you can share just around migration efforts there, if things continue to be progressing well and if that's at all an area of increasing focus from the demand side, as the uncertainty we're all hearing more about continues to form. And just a small follow-up. I just want to be clear in terms of the outlook in North America specifically. It sounded like you're taking potential for some headwinds there to perform, but not anything that you're seeing currently? Just want to make sure that's clear as well.

關於LLamasoft和供應鏈設計類別，請問您能否分享一些關於那裡的遷移工作的資訊？事情是否繼續進展順利？隨著我們聽到的不確定性不斷增加，這是否是需求方日益關注的領域？還有一個小小的後續問題。我只想明確一下北美地區的前景。聽起來您似乎認為那裡可能會出現一些不利因素，但目前還沒有看到任何不利因素？我想確保這一點也說清楚。

Yes, I think you got the second part right. On the first part, in supply chain design and planning, we're continuing to leverage our solutions in these distinct use cases that I've shared in the past that -- where they can play the greatest role and deliver the greatest value. Episodic use cases, for example, like transport optimization, which is a huge issue currently for so many of our customers. But they're still in what we believe to be in an acute phase of dealing with supply chain disruption. And we're doing everything in our power to really solidify our offer in applications during this time, so that we can be in a position to really drive into more transformational projects once this acute phase gets settled.

是的，我認為你的第二部分理解正確。關於第一部分，在供應鏈設計和規劃方面，我們將繼續在那些我之前分享過的不同用例中運用我們的解決方案——在這些用例中，它們能夠發揮最大的作用，並創造最大的價值。例如，像是運輸優化這樣的偶發性用例，目前對我們許多客戶來說都是一個巨大的問題。但我們認為，他們仍處於應對供應鏈中斷的緊急階段。我們正在竭盡全力，在此期間真正鞏固我們在應用領域的服務，以便在這個緊急階段結束後，我們能夠真正投入更具變革性的專案中。

Our next question comes from Brian Peterson.

我們的下一個問題來自 Brian Peterson。

So Tony, just one for you. Obviously, the margin guidance is moving a lot higher. I'd be curious, what are some of the key drivers or any context you can add there? And I'd love to maybe specifically get a stance on how you're looking on hiring or thinking about sales capacity as we're going throughout the year.

東尼，我只想問你一個問題。顯然，利潤率預期大幅上調。我很好奇，有哪些關鍵驅動因素？或者您可以補充一些背景資訊嗎？另外，我也很想了解一下，您對全年的招募或銷售能力有何看法。

Yes. Brian, I think the margin profile of our business and the fact that we've been in the 74% to 75% range the last couple of quarters, to your point, our guidance is higher, is reflective of really the scale that we have and the leverage we have in our model -- in our business model. I think hiring continues to go along as planned. And with good execution, the midterm target of 74% to 75% gross margins that we're operating in now, we think, are attainable with good execution.

是的。布萊恩，我認為我們業務的利潤率狀況，以及過去幾個季度我們一直保持在74%到75%之間的事實——正如你所說，我們的預期更高——實際上反映了我們的規模以及我們模式——在我們商業模式中——的槓桿作用。我認為招聘工作正在按計劃進行。只要執行得當，我們認為目前74%到75%的毛利率中期目標是可以實現的。

We have a question from Robert Simmons.

我們收到了羅伯特·西蒙斯的一個問題。

You bumped up subscription revenue guide for the year but lowered professional services and other. Is that due to LLama conversions going well? Or is there something else driving that change?

你們提高了今年的訂閱收入預期，但降低了專業服務和其他服務的收入。這是因為LLama的轉換率很高嗎？還是有其他因素導致了這個改變？

Yes. I mean I think LLamasoft supply chain term license conversion from the legacy business have gone very well. We're not completely done with those. But for all intents and purposes, you probably won't hear us talk much about it anymore because they're mostly completed. Really, I mean, when you think about our model, we have said for many years that we would like our professional services and other revenue as a percentage of total to be in that kind of 8% to 10% range. We have a partner-led model, and we continue to focus as a key strategic element of our business on partners leading implementation. So I think more than anything, that's reflective of that.

是的。我的意思是，我認為LLamasoft供應鏈授權從傳統業務的轉換進展非常順利。我們還沒有完全完成這項工作。但實際上，您可能不會再聽到我們談論太多它，因為它們基本上已經完成了。真的，我的意思是，當您思考我們的模式時，我們多年來一直表示，我們希望我們的專業服務和其他收入佔總收入的比例保持在8%到10%之間。我們採用合作夥伴主導的模式，並且我們繼續將合作夥伴主導實施作為我們業務的關鍵策略要素。所以我認為最重要的是，這反映了這一點。

And we have a question from Josh Beck.

我們收到了 Josh Beck 的一個問題。

Yes. I have one maybe going back to kind of the CIO level. Are you seeing any slowdown with respect to modernizing ERP systems? Obviously, I think that's a project that brings in procurement and BSM in many cases. Or is it maybe they're moving forward with those projects but maybe wanting to have a narrower budget? Just curious if there's anything that you're seeing on that front.

是的。我有一個問題，大概是CIO層面的​​問題。您覺得ERP系統現代化的進度有沒有放緩？顯然，我認為很多情況下，ERP系統現代化專案都會引入採購和業務管理（BSM）。或者，他們可能正在推進這些項目，但可能希望縮減預算？我很好奇您在這方面看到了什麼進展。

[Prostatics] are rightfully cost-conscious. They've always been cost conscious. And in that light, we've still been able to drive our average annual subscription value per deal up virtually every quarter for 54 quarters, which tells us we have something with incredible value to offer. And I think both scenarios are playing out that you raised. One is there are folks that are retaining their existing ERP deployments, which we're completely comfortable with, because we -- our strategic extension to ERP, as it pertains to business spending, give them a lot of leverage out of the many ERP systems they may have in their IT environment. And in some cases, they are considering upgrading their entire ERP platform, which is part of our broader transformation initiative. And very often, we fit very well at the very front end of that because the savings generated through our platform can actually pay, in many cases, for some of that transformation that would happen downstream. So both dynamics put us in a pretty interesting position, and our sales reps continue to offer a unique value proposition.

[Prostatics] 非常注重成本，這點毋庸置疑。他們一直以來都注重成本。正因如此，我們幾乎每季都能連續 54 個季度提高每筆交易的平均年度訂購價值，這說明我們擁有極具價值的產品。我認為您提到的兩種情況都在發生。一種情況是，有些客戶保留了現有的 ERP 部署，我們對此完全放心，因為我們——我們對 ERP 的戰略擴展，就業務支出而言，能夠讓他們充分利用 IT 環境中現有的眾多 ERP 系統。在某些情況下，他們正在考慮升級整個 ERP 平台，這是我們更廣泛轉型計畫的一部分。很多時候，我們能夠很好地融入其中，因為透過我們的平台節省下來的資金，在許多情況下，實際上可以支付後續轉型的部分費用。這兩種情況都使我們處於一個非常有利的位置，而我們的銷售代表也將繼續提供獨特的價值主張。

Our next question comes from Siti Panigrahi.

下一個問題來自 Siti Panigrahi。

This is [Avidav] on for Siti Panigrahi. Just a kind of question to breaking out the pipeline a little bit. What are you guys seeing in terms of later-stage pipeline versus more top of the funnel? Kind of what is -- how does that break out? And then, I guess, along those lines, the same thing for new logos versus cross-sell. Are you starting to see more and more cross-sell activity as the business environment has started to slow down? Or what does it look like from both those vectors?

我是[Avidav]，請Siti Panigrahi為您解答。我只是想稍微分析一下渠道的組成。你們認為後期通路和漏斗頂端的通路有什麼不同？具體來說，它們是如何分工的？我想，新標誌和交叉銷售也是一樣的。隨著商業環境開始放緩，你們是否開始看到越來越多的交叉銷售活動？或者從這兩方面來看，情況是怎麼樣的？

Yes. Look, the pipeline continues to develop in a healthy way, both at the very front end as well as through stages of pipeline. And as I mentioned earlier, the key process, carefully monitoring movement from early-stage awareness all the way through close, which we have our eyes very firmly planted on. In terms of your question about expansion, I can tell you, we've been at this for well over a decade, and we've developed a pretty comprehensive business spend management platform that now has over a dozen market-leading capabilities. So while we're still primarily focused on hunting and landing net new logos, we have begun iterating on what our harvesting model could look like, looking at the right regions, the right products, the right customer segments we might want to focus on. So we're in the early stages of evaluating how to fully maximize that potential for us downstream.

是的。你看，無論是在最前端或各個階段，通路都在健康地發展。正如我之前提到的，關鍵流程是仔細監控從早期認知到最終完成的整個過程，我們對此一直保持密切關注。關於你提到的擴張問題，我可以告訴你，我們已經在這個領域耕耘了十多年，開發了一個相當全面的業務支出管理平台，目前擁有十多項市場領先的功能。因此，雖然我們仍然主要專注於尋找和獲得新客戶，但我們已經開始迭代我們的收穫模式，尋找合適的區域、合適的產品和合適的客戶群，以便我們更好地專注。因此，我們正處於評估如何在下游最大限度地發揮這一潛力的早期階段。

We have a question from Peter Levine.

我們收到了 Peter Levine 的一個問題。

Maybe just one for you, Tony, is how should we think about the durability of -- or sustaining your targeted 25% subscription billings starting going forward? I don't want to corner you into giving guidance, but maybe walk us through the variables that would alter that trajectory, given the current environment and then some of the near-term scenarios you outlined earlier on the call.

東尼，我想問您一個問題：我們應該如何看待您設定的25%訂閱費用目標的持久性？或者說，如何才能從現在開始維持這個目標？我不想逼您給出指導意見，但考慮到當前的環境，以及您之前在電話會議上概述的一些近期情景，或許可以談談哪些變數可能會改變這一軌跡。

Sure. Thanks for the question, Peter. I think Rob outlined really well some of the different variables in play with respect to the macro environment and how that looks and some of the softness we've seen in Europe, the strength we've seen in North America. To your point, I mean, we've already provided guidance on this call with respect to subscription billings for Q3. So for us, it's partly about that and also about execution.

當然。謝謝你的提問，彼得。我認為羅布很好地概述了宏觀環境中一些不同的變量，以及宏觀環境的現狀，以及我們在歐洲看到的一些疲軟和北美的強勁表現。正如你所說，我們已經在這次電話會議上就第三季的訂閱帳單提供了指引。所以對我們來說，這部分與此有關，也與執行有關。

Our next question is from Daniel Jester.

下一個問題來自 Daniel Jester。

Great. Just on the scenarios, Rob, that you mentioned at the beginning of the call about the different macroeconomic outlooks and how you can adjust the levers of the business. I mean, how real time can that -- the leverage be pulled? Is that something that we could see within a quarter or 2? Or are you thinking about the longer term when you're framing those scenarios in your ability to toggle expenses?

太好了。 Rob，剛才您在電話會議開始時提到了各種情景，包括不同的宏觀經濟前景以及如何調整業務槓桿。我的意思是，槓桿的即時性如何？我們能在一兩個季度內看到嗎？或者，您在建立這些情境時，是否考慮了更長遠的因素，以便調整支出？

Daniel, I think that's a phenomenal question and one I really appreciate. And for those of you who know our business well and how we run it, we do quarterly releases of discretionary budget, talent headcount, all expenditures in the company. So yes, absolutely. That's the type of thing that is very dynamic for us and managed quarterly.

丹尼爾，我覺得這個問題問得很好，我非常感激。各位熟悉我們業務和營運方式的朋友，我們每季都會發布可自由支配的預算、人才隊伍建設以及公司所有支出的數據。所以，是的，絕對會。這類數據對我們來說非常動態，並且是按季度管理的。

Our next question is from Taylor McGinnis.

下一個問題來自泰勒麥金尼斯。

I guess just given the current macro, the subscription billings upside in the quarter was pretty solid. So can you talk about what drove the upside? Were there any deals that slipped last quarter that ended up closing or any uptick in large deal activity to flag? And maybe as a second part to this question, long-term DR has been increasing as a percentage of the mix of total DR and seems to maybe have benefited billings a bit. So can you just like, as a second part, maybe comment on what's driving that as well, too?

我想，考慮到目前的宏觀經濟情勢，本季訂閱帳單的成長相當穩健。您能談談是什麼推動了這項成長嗎？上個季度有哪些交易下滑但最終成交，或者有哪些大額交易活動有所回升，值得關注？或許作為這個問題的第二部分，長期災難復原 (DR) 在總災難復原 (DR) 的佔比一直在上升，似乎對帳單成長有所貢獻。您能否也談談推動這成長的因素？

So this is Rob. Nothing that I see significant on sort of pushes and pulls of deals from quarter-to-quarter to your first question. And maybe, Tony...

我是Rob。對於你的第一個問題，我認為季度間交易的推拉沒有什麼顯著變化。 Tony，也許…

Yes. On the second question, Taylor, we noted this last quarter as well. In an environment like this, which I think has some uncertainty, we're likely out in front of our customers sooner and more often than we typically would be in the past. And so just aligning with them on renewals, renewal terms, so that could be part of the equation with respect to long-term deferred revenue.

是的。關於第二個問題，泰勒，我們上個季度也提到了這一點。在目前這種充滿不確定性的環境下，我們可能會比過去更早、更頻繁地與客戶溝通。因此，只要在續約、續約條款方面與他們保持一致，這可能是長期遞延收入的一部分。

And we have a question from Gabriela Borges.

我們收到了 Gabriela Borges 的一個問題。

For Rob or for Tony, I would like to ask the question on EMEA versus North America in a slightly different way, which is how did activity compare relative to your expectations? And specifically, what was better than you originally expected 3 months ago? And then a follow-up for Tony, if I may. Back in March, we had a discussion around the potential for acceleration into fiscal year 2024. Does the commentary on the macro change your conviction in what the trajectory could look like into 2024? Or is there enough company-specific drivers to reiterate essentially the view on acceleration?

對於Rob或Tony，我想稍微換個角度問一下關於歐洲、中東和非洲地區（EMEA）與北美地區的情況，也就是你們的預期與實際活動相比如何？具體來說，哪些方面比您3個月前的預期更好？如果可以的話，接下來我想問Tony一個問題。三月的時候，我們討論過2024財年業務加速的可能性。關於宏觀經濟的評論是否會改變您對2024財年業務發展軌蹟的看法？或者說，是否有足夠多的公司特定驅動因素，足以重申您對業務加速發展的看法？

Yes. Thank you, Gabriela. The first question is a really great one. The -- what was much stronger than we anticipated, call it, 3 to 6 months ago, was the level of engagement we're seeing across Europe. We thought it wouldn't be at total levels that it was. And it was really, really strong, which left us fairly encouraged on what we could see in terms of movement of pipe from awareness to close. And that second portion didn't materialize, so we were underwhelmed with the second portion and overwhelmed with what we saw on the front end of the pipe.

是的，謝謝你，Gabriela。第一個問題真的很棒。比我們三、六個月前預期的要強勁得多的是，我們看到整個歐洲的參與度。我們之前以為整體參與度不會達到現在的水準。結果確實非常強勁，這讓我們對管道從認知到成交的進展感到相當鼓舞。第二階段沒有實現，所以我們對第二階段感到失望，而對管道前端的進展感到驚訝。

Yes, Gabriela, on your -- on the second part of your question, I'd say the following. When we look at the additional capacity that we hired in Q4 and Q1 of this year, definitely, we're seeing great progress in the ramp of those colleagues, the sales colleagues that we discussed. So that's one variable. I think Rob isolated the other variables, which are macro environment. We talked about Europe and Rob mentioned -- as Rob mentioned, none of us know exactly where that's all headed. That could certainly have an impact, but we still have to see how that plays out.

是的，Gabriela，關於你問題的第二部分，我想說的是：當我們回顧今年第四季度和第一季度新增的產能時，我們確實看到那些同事，也就是我們之前討論過的銷售同事，在業務增長方面取得了巨大進步。所以這是一個變數。我認為Rob也單獨提到了其他變量，也就是宏觀環境。我們談到了歐洲，Rob也提到──正如Rob所說，我們都不知道這一切究竟會走向何方。這肯定會產生影響，但我們仍需觀察其發展方向。

Our next question comes from Steve Koenig.

我們的下一個問題來自史蒂夫·科尼格。

This is Owen Haworth on for Steve. I'm wondering if you can just give a little more color on the conversations you're having with these European customers? And to what extent is the softness? Is that softness there from a change in prioritization of their BSM initiatives? And then as a quick second, how are you adjusting your go-to-market motions and sales focus for these demand headwinds, if at all?

我是歐文‧霍沃斯 (Owen Haworth)，接替史蒂夫的訪談。能否詳細介紹一下您與這些歐洲客戶的溝通狀況？這種疲軟程度如何？這種疲軟是否源自於他們業務管理 (BSM) 計畫優先順序的改變？然後，我想問一下，面對這些需求逆風，您是如何調整市場進入策略和銷售重點的？

Conversations are good. They just -- more approvers, more time being spent, more evaluation, more uncertainty in the European context, which is definitely not a prioritization change. It's not a removal of initiatives around Coupa from the list of priorities. It's simply a longer time in the pipe.

對話是好的。只是－審核者更多，耗費更多時間，評估更多，歐洲環境下的不確定性也更多，絕對不是優先順序的改變。這也不是把圍繞Coupa的舉措從優先列表中移除。只是流程需要更長的時間。

And our final question comes from Pat Walravens.

我們的最後一個問題來自 Pat Walravens。

So Rob, a year ago, I asked you what your top 3 priorities were. So from my note in September 2021, they were, number one, cement the organization because you've grown a lot both organically and inorganically. Number two, you said, was set the pace, make sure everyone is running in the right direction. And number three was establish the second and third levels of leadership to scale. So what are they today?

Rob，一年前我問你，你的三大優先事項是什麼。從我2021年9月的筆記來看，你的三大優先事項是：第一，鞏固組織，因為你們在內部和外部都取得了長足的發展。第二，你說的是，設定節奏，確保每個人都朝著正確的方向前進。第三，是建立第二層和第三層的領導團隊，以擴大規模。那麼，現在的三大優先事項是什麼呢？

Well, I was going to actually report back on the goals that I had previously, Pat. So on the org, I think a year ago, we were maybe 2,000 or so people, a little over that. We're 3,400 or so. As you see, we have more than 90% in the Best Place to Work survey that feel this is such a place, and more than 95% ascribe to our values. And part of our values is to maintain a pace. The second one is focused on results, so we feel pretty good about that. And when I look at the leadership at the second tier and third tier, I'm feeling more and more optimistic about that. Some really great acculturated colleagues that see our vision and see where we're going, so I feel like we're in a pretty good spot with that. And we set the themes, Pat, for the company, and I set those themes at the start of our calendar year. So I'd love to pick up with that on you -- with you on that either on our next call or some time in between, so you could hear what we're thinking about there.

嗯，帕特，我本來想報告我之前的目標。一年前，我們公司大概有2000人左右，現在略多一點。現在我們大概有3400人。如你所見，在「最佳工作場所」調查中，超過90%的人認為我們公司是這樣的，超過95%的人認同我們的價值觀。我們的價值觀一部分是保持節奏，另一部分是注重結果，我們對此感覺相當不錯。當我看到第二層和第三層的領導階層時，我對此越來越感到樂觀。一些非常優秀的、適應環境的同事，他們理解我們的願景，也知道我們的發展方向，所以我覺得我們現在在這方面做得相當好。派特，我們為公司設定了主題，這些主題都是我在年初制定的。因此，我很樂意在下次通話中或通話期間與您討論這個問題，以便您能了解我們在想什麼。

And we have no further questions in queue.

我們沒有其他問題了。

With that, thank you, everyone. We look forward to speaking to you next quarter.

謝謝大家！我們期待下個季度與大家見面。

That concludes today's conference. Thank you for joining, and have a pleasant day.

今天的會議到此結束。感謝各位的參與，祝福大家有個愉快的一天。