Docebo Inc (DCBO) 2023 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Docebo Q4 2023 earnings call. (Operator instructions)

大家早安，歡迎參加 Docebo 2023 年第四季財報電話會議。（操作員說明）

I'd now like to turn the call over to Docebo's, Vice President of Investor Relations, Mike McCarthy. Please go ahead.

我現在想將電話轉給 Docebo's 投資者關係副總裁 Mike McCarthy。請繼續。

Thank you operator. Before we begin, Docebo would like to remind listeners that certain information discussed today may be forward looking in nature. Such forward-looking information reflects the company's current views with respect to future events. Any such information is subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those projected in the forward-looking statements. For more information on risks uncertainties and assumptions relating to forward-looking statements, please refer to book tables, public filings, which are available on SEDAR and EDGAR.

謝謝運營商。在我們開始之前，Docebo 想提醒聽眾，今天討論的某些資訊本質上可能具有前瞻性。此類前瞻性資訊反映了公司目前對未來事件的看法。任何此類資訊均受風險、不確定性和假設的影響，可能導致實際結果與前瞻性陳述中的預測有重大差異。有關前瞻性陳述相關風險不確定性和假設的更多信息，請參閱 SEDAR 和 EDGAR 上的帳簿表、公開文件。

During the call, we will reference certain non IFRS. financial measures. Although we believe these measures provide useful supplemental information about our financial performance, they are not recognized measures and do not have standardized meanings under IFRS. Please see our MD&A for additional information regarding our non-IFRS financial measures, including reconciliations to the nearest IFRS measure. Please note that unless otherwise stated, all references to any financial figures are in US dollars.

在通話過程中，我們將參考某些非 IFRS。財務措施。儘管我們相信這些衡量標準提供了有關我們財務業績的有用補充信息，但它們不是公認的衡量標準，並且在國際財務報告準則下沒有標準化含義。請參閱我們的 MD&A，以了解有關我們的非 IFRS 財務指標的更多信息，包括與最近的 IFRS 指標的調節。請注意，除非另有說明，所有財務數據均以美元為單位。

Now I'd like to turn the call over to Docebo's CEO, Claudio Erba.

現在我想將電話轉給 Docebo 的執行長 Claudio Erba。

Thank you for joining us for our fourth earnings call.

感謝您參加我們的第四次財報電話會議。

With us today, Alessio Artuffo, President and COO; and Sukaran Mehta, our CFO. I will begin our call this morning with a short summary of the civil success over the past year, unless I will provide a more detailed overview of Q4 highlights, and so Sukaran will review our financial performance.

今天與我們在一起的是總裁兼營運長阿萊西奧·阿圖福 (Alessio Artuffo)；以及我們的財務長蘇卡蘭·梅塔 (Sukaran Mehta)。我將在今天早上的電話會議開始時對過去一年的民事成功進行簡短總結，除非我將提供第四季度亮點的更詳細概述，因此蘇卡蘭將審查我們的財務業績。

Our key growth metrics show the continued improvement as a result of the investment we are making. The second is becoming more effective in identifying many of the enterprise customer and progressing through their organization to close deals. Overall, our profitable growth strategy resulted in a strong subscription revenue growth of 28% in Q4. Additionally, we achieved an adjusted EBITDA margin of 13.2% and a free cash flow margin of 14.2% as we ended the year.

我們的關鍵成長指標顯示我們的投資帶來了持續的改善。第二個是更有效地識別許多企業客戶並透過他們的組織取得進展以完成交易。整體而言，我們的獲利成長策略導致第四季度訂閱收入強勁成長 28%。此外，截至年底，我們的調整後 EBITDA 利潤率為 13.2%，自由現金流利潤率為 14.2%。

I'm also proud to say that during the year, we completed two important tuck-in acquisitions that brought strategic technology and valuable domain expertise to our product development teams, particularly in the field the way I feel for the growth and we successfully integrated, we did the expected time line and their contribution to the TiVo platform as we start to be visible in the marketplace later this year. Their positive financial and operational results enable us to make strategic investments in our future growth and maintain our industry leadership position through innovation. He's from this position of strength, but the leadership team and I felt it was the right time for me to transition into the role of Chief Innovation Officer in my view, some of the key areas of focus include the identified novel ideas and pricing data in this space and finding ways for them to able to leverage them advising Alexion fabulous innovation idea for early-stage products, including product positioning, feature creation and improvements it and going deeper is there serving as one of the turbo industry expert and evangelist for the simple positioning as the leader in innovation and providing ongoing pursuit to the executive leadership team and Board on important technology development and positioning matters as I pass the baton to a licensee of fighting with excitement as I transition into my new position is accelerating to think about the future and the incredible possibilities that lie there. As I cycle, we'll continue to grow and evolve. I am certain that there will be even larger and more exciting achievement waiting to be realized.

我還很自豪地說，在這一年中，我們完成了兩項重要的收購，為我們的產品開發團隊帶來了策略技術和寶貴的領域專業知識，特別是在我對成長的感受的領域，我們成功地整合了，隨著今年晚些時候我們開始出現在市場上，我們完成了預期的時間表以及他們對 TiVo 平台的貢獻。他們積極的財務和營運績效使我們能夠對未來的成長進行策略性投資，並透過創新來維持我們的行業領導地位。他在這個職位上很有優勢，但領導團隊和我認為現在是我過渡到首席創新官角色的最佳時機，在我看來，一些關鍵的重點領域包括已確定的新穎想法和定價數據。並找到方法讓他們能夠利用它們為早期產品提供絕妙的創新理念建議，包括產品定位、功能創建和改進，並進一步深入，作為渦輪行業專家和簡單的傳播者之一定位為創新的領導者，並在重要的技術開發和定位問題上向執行領導團隊和董事會提供持續的追求，當我將接力棒傳遞給被許可人時，當我過渡到新職位時，我興奮地戰鬥，加速思考未來以及那裡蘊藏著的難以置信的可能性。當我騎車時，我們將繼續成長和發展。我相信，還會有更大、更令人興奮的成就等待實現。

Now I would like to turn the call over to Alessio.

現在我想把電話轉給阿萊西奧。

Thank you Claudio, and good morning, everyone. As I step into this interim CEO role at the table, I would be remiss if I did not mention are fortunate. The table has been to be led by Claudio and what on an honor. It is for me to continue to grow the Company following his legacy of success before discussing the business performance and our improved market position.

謝謝克勞迪奧，大家早安。當我擔任臨時執行長時，如果我沒有提到“幸運”，那就是我的失職。這張桌子本來是由克勞迪奧（Claudio）領導的，並且很榮幸。在討論業務績效和我們改善的市場地位之前，我應該繼承他的成功遺產，繼續發展公司。

I would like to briefly share our strategic perspective on the macro trends we saw this quarter. After that, I will go over some of our key performance indicators for the quarter macro trends in Q4 aligned with our expectations, and we expect that 2024 will follow a similar pattern. We expect a significant enterprise deals that will continue to receive post cooling from the C-suite.

我想簡要分享我們對本季宏觀趨勢的策略看法。之後，我將回顧第四季度宏觀趨勢的一些關鍵績效指標，這些指標與我們的預期一致，我們預計 2024 年將遵循類似的模式。我們預計，重大企業交易將繼續受到最高管理層的冷卻。

Our improved execution within the enterprise go-to-market ecosystem is helping us tackle these challenges. Our larger customers that have multiple use cases now view their investment in learning a strategic and mission-critical SMB and first time elements. Customer continue to approach the decisions with caution. That said, we continue to penetrate mid to large organizations with complex and multiple use cases, leading with a solution that delivers a fast ROI and in value to our customers.

我們在企業上市生態系統中改進的執行力正在幫助我們應對這些挑戰。我們擁有多個用例的大客戶現在正在考慮他們在學習策略和任務關鍵型中小企業和首次要素方面的投資。客戶繼續謹慎對待決策。也就是說，我們繼續滲透到具有複雜和多種用例的大中型組織中，領先的解決方案可以為我們的客戶提供快速的投資回報率和價值。

Geographically, we observed a positive trend in Europe, indicating a potential improvement in the market. We will continue to monitor this closely as the year progresses. North America, on the other end, it continues to maintain its strong performance, showcasing its resilience in the face of broader challenges.

從地理上看，我們觀察到歐洲的正面趨勢，顯示市場有潛在的改善。隨著時間的推移，我們將繼續密切關注這一情況。另一方面，北美地區持續保持強勁表現，展現出面對更廣泛挑戰的韌性。

Now to the Q4 highlights, we're excited to report that official revenue increased by 28% and total revenues grew by 27% in Q4, with total revenues exceeding the upper end of our guidance range. ARR as of December 31, 2023, of $194.3 million increased 24% or 23% after adjusting for the positive impact of approximately one percentage point given the weakening of the US dollar relative to foreign currencies, ARR growth was the result of our improving execution in the enterprise customer segment and our strong appeal across industry verticals.

現在就第四季度的亮點而言，我們很高興地報告第四季度官方收入增長了 28%，總收入增長了 27%，總收入超過了我們指導範圍的上限。截至2023 年12 月31 日，ARR 為1.943 億美元，考慮到美元相對於外幣的疲軟，對大約1 個百分點的積極影響進行調整後，ARR 增長了24% 或23%。ARR 的增長是我們改善執行力的結果。企業客戶群以及我們在垂直行業中的強大吸引力。

Adjusted EBITDA of 13.2% well exceeded our guidance. Our discipline to drive optimal growth at the right cost has helped us deliver quality growth with operating leverage. Enterprise customers with ACV over $100,000 in ARR accounted for approximately 56% of growth ARR generated in the fourth quarter. Additionally, ACV for new customers in the quarter was about $71,000 compared to $70,500 in the September periods. External and hybrid use cases continue to account for more than half of our pipeline.

調整後 EBITDA 為 13.2%，遠遠超出我們的指導。我們以適當的成本推動最佳成長的原則幫助我們透過營運槓桿實現了高品質的成長。ACV 的 ARR 超過 10 萬美元的企業客戶約佔第四季 ARR 成長的 56%。此外，本季新客戶的 ACV 約為 71,000 美元，而 9 月為 70,500 美元。外部和混合用例繼續占我們管道的一半以上。

In addition to the progress our enterprise sales team is making, we're steadily increasing our presence with large system integrators they're helping us access a great number of high-quality deals in both enterprise and government segments.

除了我們的企業銷售團隊的進展之外，我們還在穩步增加與大型系統整合商的合作，他們幫助我們在企業和政府部門獲得了大量高品質的交易。

Now I would like to highlight a few customer wins, upsells and cross-sells. This quarter we're thrilled to share that the table has recently secured a major customer win with one of the top four US-based global events. This prestigious Bank has chosen the table to replace their outdated LMS provider, in order to meet the onboarding and compliance learning needs of the vast global workforce.

現在我想重點介紹一些贏得客戶、追加銷售和交叉銷售的案例。本季度，我們很高興與大家分享，該桌子最近透過美國四大全球賽事之一贏得了主要客戶。這家享有盛譽的銀行選擇該桌子來取代其過時的 LMS 供應商，以滿足全球廣大員工的入職和合規學習需求。

The collaboration marks a significant milestone for us as we continue to revolutionize the world of learning and development. Other notable large enterprise wins include Special Olympics, international, three major Italian brands in the luxury goods and performance of the automotive industries, including Valentino and Pirelli and a leading e-commerce company. Special Olympics International, which serves more than 4 million athletes and five partners in over 170 countries.

這次合作對我們來說是一個重要的里程碑，因為我們將繼續徹底改變學習和發展的世界。其他值得注意的大型企業勝利包括特奧會、國際、奢侈品和汽車行業三大義大利品牌，包括華倫天奴和倍耐力以及一家領先的電子商務公司。國際特奧會為 170 多個國家的超過 400 萬名運動員和 5 個合作夥伴提供服務。

So the turbo to address several hybrid use case requirements, including membership associations and continuing education management and more excitingly from Europe, we recently partnered with to rally to revolutionize partner learning, and we Valentino to enhance various external learning initiatives. This includes empowering our customers and partners through education, offering exclusive memberships and providing comprehensive training programs for their retail and franchisee networks.

因此，為了滿足多種混合用例需求，包括會員協會和繼續教育管理，更令人興奮的是，我們最近與歐洲合作，以徹底改變合作夥伴的學習方式，並且我們與Valentino 合作，加強各種外部學習計劃。這包括透過教育、提供獨家會員資格以及為其零售和特許經營網絡提供全面的培訓計劃來增強我們的客戶和合作夥伴的能力。

Turning to our amazing customers, we very quickly leveraged our early franchisee and internal use case momentum. We Bojangles' having just signed them back in quarter three. Then there is Stanley Black & Decker, a global leader in tools and outdoor operating manufacturing facilities worldwide. This customer iconic brand includes evolved Black & Decker, Craftsman and Stanley.

談到我們出色的客戶，我們很快就利用了我們的早期特許經營商和內部用例動力。我們博揚格爾斯剛剛在第三季度簽回了他們。還有史丹利百得 (Stanley Black & Decker)，它是全球工具和戶外作業製造設施的全球領導者。這個客戶標誌性品牌包括不斷發展的 Black & Decker、Craftsman 和 Stanley。

During the quarter, the Company expanded the scope of the external use case of the digital platform being used to support both customer and brand training. And lastly, a big five US-based technology company that we signed in August that is expanding their use of the server platform. Their partnership supports their multiple use case needs, including a large external audience.

本季度，公司擴大了數位平台的外部用例範圍，用於支援客戶和品牌培訓。最後，我們八月簽署的一家美國五巨頭科技公司正在擴大他們對伺服器平台的使用。他們的合作夥伴關係支援他們的多種用例需求，包括大量的外部受眾。

Now to our government segment, we are increasingly optimistic about our ability to secure a FedRAMP sponsor as well as obtain our FedRAMP certification. Our government sales team is fully staffed and actively selling establishing relationships that are crucial for the table to create a strong pipeline in this important area of growth having a clear path of FedRAMP certification, our collaboration with the Big Four system integrator and our preferred distributor ourselves positions us well to succeed in both federal and SLED opportunities in quarter four. One of our notable wins came at the state level as the Texas County District and retirement system chose the table for their onboarding and professional development use case needs.

現在，對於我們的政府部門，我們對獲得 FedRAMP 贊助商以及獲得 FedRAMP 認證的能力越來越樂觀。我們的政府銷售團隊人員齊全，積極銷售，建立關係，這對於在這一重要成長領域建立強大的管道至關重要，擁有明確的FedRAMP 認證路徑、我們與四大系統整合商的合作以及我們自己的首選分銷商使我們能夠在第四季度在聯邦和 SLED 機會方面取得成功。我們的一項顯著勝利來自於州一級，德克薩斯縣區和退休系統根據其入職和專業發展用例需求選擇了該表。

Now and OEMs performance during the quarter met our expectations. We're excited about the opportunities and progress being made with the ELY and our win-backs and they expand our platform further into the enterprise customer base and into new geographies from the table, including EVA countries were Darwin box is growing rapidly. As Claudio note since innovation will remain a critical part of why we win in H1 2024. We will be providing data access to learn insights, a comprehensive and modern analytics experience with a new generation of customizable dashboards embedded into load elements. This will provide increased data visibility and analytics engagement for our customers.

現在，原始設備製造商在本季的表現符合我們的預期。我們對 ELY 帶來的機會和進展以及我們的贏回感到興奮，他們將我們的平台進一步擴展到企業客戶群和新的地區，包括達爾文盒子快速增長的 EVA 國家。正如 Claudio 指出的那樣，創新仍將是我們在 2024 年上半年獲勝的關鍵部分。我們將提供數據存取以了解見解，透過嵌入到負載元素中的新一代可自訂儀表板提供全面且現代的分析體驗。這將為我們的客戶提供更高的數據可見度和分析參與度。

Learning site that utilizes a slow flake and AWS Quick Site to deliver advanced filtering, drill down a sharing features that it can be fully customized to meet the needs of different use cases for which a customer using our platform. We will also be launching learner communities this year and modules that enables customers to create and activate their own digital community, but they can seamlessly embed and integrate into their learning platform later this year, we will release several exciting new AI capabilities. Several shape will be announced and monetized with a nice chat bot interface powered by Gen-i.

學習網站利用 Slow flake 和 AWS Quick Site 來提供進階過濾、深入研究共享功能，並且可以完全自訂該功能，以滿足使用我們平台的客戶的不同用例的需求。我們今年還將推出學習者社群和模組，使客戶能夠創建和激活自己的數位社區，但他們可以無縫嵌入和整合到他們的學習平台中，今年晚些時候，我們將發布一些令人興奮的新人工智慧功能。多種形狀將透過由 Gen-i 提供支援的漂亮聊天機器人介面發布並貨幣化。

This integration brings improved AI content generation capabilities for our amazing products, the AI creation at all now support the vertical page output in addition to horizontal slide performance. In addition, we will be launching a new virtual role-play technology showcase during our last of the table, Inspire It is currently in beta and will be available for early access in April and general availability in late Q3 2024. This product offers a video-based role-play learning experience for sales enablement and then potential for other use cases like customer support and onboarding in the future, it will be sold to customers that on an annual licensing line.

這種集成為我們令人驚嘆的產品帶來了改進的人工智慧內容生成功能，除了水平滑動性能之外，人工智慧創作現在還支援垂直頁面輸出。此外，我們將在最後一次展示中推出新的虛擬角色扮演技術展示，Inspire It 目前處於測試階段，將於 4 月提供搶先體驗，並於 2024 年第三季末全面上市。該產品提供基於視訊的角色扮演學習體驗，以促進銷售，並在未來提供其他用例（例如客戶支援和入職培訓）的潛力，它將出售給按年度許可的客戶。

In conclusion, I want to express my gratitude to the global, the travel community for their support and contributions to a highly successful 2023 for the channel. As we look to 2024, we will continue to focus our execution on these five pillars of growth. Number one, continuing to lead in the external use case large greenfield opportunity for the simple number to expand our presence. We will continue to grow our base of enterprise customers worldwide.

最後，我要感謝全球旅遊界的支持和貢獻，使該頻道在 2023 年取得了巨大成功。展望 2024 年，我們將繼續將執行重點放在這五個成長支柱上。第一，繼續在外部用例中領先，為簡單的數位擴大我們的存在提供了大型綠地機會。我們將繼續擴大全球企業客戶群。

Number three, introducing our robust learning platform to the lucrative and underserved government sector.

第三，將我們強大的學習平台引入利潤豐厚且服務不足的政府部門。

Number four, scaling up our partnerships with strategic partners throughout the year. Number five, improving our expansion, meaning upsell and cross-selling efforts with our current customers our goal is to achieve growth by consistently and methodically execute our plan. We're dedicated to promoting innovation and using it as a crucial factor in our success by leveraging innovation, we aim to distinguish ourselves from our competition and constantly enhance our products and services to meet the changing demands of our customers.

第四，全年擴大我們與策略夥伴的合作關係。第五，改善我們的擴張，意味著與現有客戶的追加銷售和交叉銷售努力，我們的目標是透過一致、有條不紊地執行我們的計劃來實現成長。我們致力於促進創新，並將其作為我們成功的關鍵因素，透過利用創新，我們的目標是在競爭中脫穎而出，不斷增強我們的產品和服務，以滿足客戶不斷變化的需求。

With that said, I would like to hand the call over to Sukaran.

話雖如此，我想將電話轉交給蘇卡蘭。

Thank you, Alessio, and good morning, everyone. For those interested a detailed breakdown of our financial results for the three month and fiscal year ended 31 December 2023 can be found in our press release, MD&A and financial statements, which are now available on our website and are also filed on SEDAR and EDGAR.

謝謝你，阿萊西奧，大家早安。對於有興趣的人，可以在我們的新聞稿、MD&A 和財務報表中找到我們截至2023 年12 月31 日的三個月和財年財務業績的詳細細目，這些報表現已在我們的網站上提供，並在SEDAR 和EDGAR 上存檔。

Subscription revenues were $46.5 million, representing 94% of total revenue for the quarter and an increase of 28% from the prior year. Total revenue for the fourth quarter grew to $49.3 million, an increase of 27% from the prior year and exceeded our guided range. Annual recurring revenue at the close of Q4 was $194.3 million, an increase of 24% or 23% after adjusting had a positive impact of approximately one percentage point given the weakening of the US dollar relative to other foreign currencies.

訂閱收入為 4,650 萬美元，佔該季度總收入的 94%，比上年增長 28%。第四季總收入成長至 4,930 萬美元，比上年增長 27%，超出了我們的指導範圍。截至第四季末的年度經常性收入為 1.943 億美元，成長 24%，調整後成長 23%，考慮到美元相對其他外幣走弱，產生了約 1 個百分點的正面影響。

We added 80 net new customers in Q4 and ended the quarter with a total of 3,759 customers, an increase of 11% year over year. Average contract value was approximately $52,000 for the fourth quarter, an increase from $49,000 in the third quarter of 2023 and an increase of 12% year over year. The growth in average contract value has been driven by our continued expansion into the enterprise customer segment, with average contract value of $100,000 and above.

我們在第四季淨新增 80 名客戶，本季末客戶總數達到 3,759 名，較去年同期成長 11%。第四季平均合約價值約為 52,000 美元，較 2023 年第三季的 49,000 美元有所增加，年增 12%。平均合約價值的成長得益於我們持續向企業客戶群擴張，平均合約價值達到10萬美元及以上。

Net retention for the year came in at 104% down from the prior year. Gross retention remained relatively flat compared to the prior year. And gross profit margin for the fourth quarter improved by 40 basis points year over year to 81.2% of revenue and was relatively consistent with the prior quarter. Total operating expenses for the first quarter increased to $38.9 million from $31.5 million in the prior year period.

今年的淨留存率比上年下降 104%。與前一年相比，總留存率仍相對持平。第四季毛利率年增40個基點，達到營收的81.2%，與上一季基本持平。第一季的總營運費用從去年同期的 3,150 萬美元增至 3,890 萬美元。

G&A as a percentage of revenue decreased to 17.4% for the fourth quarter compared to 17.9% for the third quarter of 2023. We expect G&A expenses to continue to drive operating leverage while remaining relatively flat in absolute dollar spent.

第四季一般及行政費用佔收入的百分比下降至 17.4%，而 2023 年第三季為 17.9%。我們預計一般管理費用將繼續推動營運槓桿，同時絕對美元支出保持相對穩定。

Sales and marketing expense as a percentage of revenue was 32.8% for the fourth quarter compared to 34.9% for the third quarter. Our investments in IT systems and workforce optimization have resulted in improved productivity and efficiency, leading to improvements in our sales and marketing efficiency. R&D investments in the fourth quarter were $9 million or 18.3% of revenue, a decrease from $10.3 million for the third quarter.

第四季銷售和行銷費用佔收入的百分比為 32.8%，而第三季為 34.9%。我們對 IT 系統和勞動力優化的投資提高了生產力和效率，從而提高了我們的銷售和行銷效率。第四季的研發投資為 900 萬美元，佔營收的 18.3%，較第三季的 1,030 萬美元有所下降。

As a result, adjusted EBITDA was $6.5 million for the fourth quarter of 2023 or 13.2% of revenue, above our guided range of 10% to 10.5% of revenue. We reported net income of $2.2 million for the fourth quarter of 2023 compared to $1.6 million for the fourth quarter of 2022.

因此，2023 年第四季調整後 EBITDA 為 650 萬美元，佔營收的 13.2%，高於我們佔營收 10% 至 10.5% 的指導範圍。我們報告 2023 年第四季的淨利潤為 220 萬美元，而 2022 年第四季的淨利潤為 160 萬美元。

Adjusted net income for the fourth quarter of $8.3 million compared to $3.4 million for the fourth quarter of 2020, we generated positive free cash flow of $7 million or 14.2% of revenue compared to 18% for the third quarter of 2023 and 5.1% for the fourth quarter of 2022.

第四季調整後淨利為830 萬美元，而2020 年第四季為340 萬美元，我們產生了700 萬美元的正自由現金流，佔營收的14.2%，而2023 年第三季為18% ，2023 年第三季為5.1%。2022 年第四季。

In addition, as part of our NCIB and FIB. programs during the fourth quarter, we repurchased approximately 2 million common shares for cancellation at an average price of $47.9 for the total cash consideration of $108.2 million, which includes transaction costs. Share-based compensation accounted for 3.3% of Q4 revenue compared to 2.8% in the fourth quarter of 2022. More importantly, net dilution impact for fiscal year 2023 was less than 1%.

此外，作為我們 NCIB 和 FIB 的一部分。在第四季的計畫中，我們以平均價格 47.9 美元回購了約 200 萬股普通股並註銷，總現金對價為 1.082 億美元，其中包括交易成本。股權激勵佔第四季營收的 3.3%，而 2022 年第四季為 2.8%。更重要的是，2023 財年的淨稀釋影響低於 1%。

Now for our Q1 2024 outlook, where our guidance is above the Street consensus for both the top and the bottom line, here are the key takeaways. We expect total revenue to range between $51 million to $51.3 million. We expect gross margin to range between 81% to 81.5%. We expect adjusted EBITDA margin to range between 12.5% to 13.5%.

現在，我們對 2024 年第一季的展望進行了展望，我們的營收指引高於華爾街的共識，以下是關鍵要點。我們預計總收入將在 5,100 萬美元至 5,130 萬美元之間。我們預計毛利率將在81%至81.5%之間。我們預計調整後 EBITDA 利潤率將在 12.5% 至 13.5% 之間。

A few additional points to note in regards to our first quarter guidance, we expect subscription revenue to be about one percentage points higher than overall company revenue, while professional services to remain relatively flat sequentially from Q4, this has been driven by our increasing work with system integrators, work a critical part of our both expansion into the large enterprise accounts and the government business, which is fed and fled.

關於我們第一季的指導，還有幾點需要注意，我們預計訂閱收入將比公司整體收入高出約一個百分點，而專業服務將與第四季度相比保持相對平穩，這是由於我們與系統整合商，是我們向大型企業客戶和政府業務擴張的關鍵部分，這些業務是進出的。

Before turning the call over for Q&A, I would like to highlight several key points as we enter this new year. First, our top priority remains growth, and we aim to position the Company to consistently deliver profitable growth regardless of the economic cycle. We are successfully pursuing a balanced approach to growth and profitability by expanding our adjusted EBITDA margins, and we will continue to invest in our AI roadmap and expanding our go-to-market teams, including government related costs to achieve FedRAMP compliance.

在進行問答之前，我想先強調新年之際的幾個關鍵點。首先，我們的首要任務仍然是成長，我們的目標是使公司無論經濟週期如何都能持續實現獲利成長。透過擴大調整後的 EBITDA 利潤率，我們成功地追求了成長和盈利的平衡方法，我們將繼續投資於我們的 AI 路線圖並擴大我們的上市團隊，包括政府相關成本，以實現 FedRAMP 合規性。

Second, we anticipate continuing to show operating leverage and achieving an adjusted EBITDA of approximately 15% for the full fiscal year 2024.

其次，我們預計 2024 年整個財年將繼續展現營運槓桿並實現約 15% 的調整後 EBITDA。

That concludes my prepared remarks. So operator, please open the lines so that we can take questions from the analysts.

我準備好的發言就到此結束。所以接線員，請打開線路，以便我們可以回答分析師的問題。

(Operator instructions)

（操作員說明）

Ryan MacDonald, Needham.

瑞恩麥克唐納，李約瑟。

Thanks for taking my questions and congrats on a great quarter. But maybe just start on just the strong execution in the quarter. What's a lot of great new customer wins with the top four of US financial services company, some great expansion. Curious as you're looking at on sort of the pipeline and maybe some of the success in Q4 and how what you're seeing sort of drive that in terms of improved execution and productivity from the direct sales force versus some additional some benefit from the growing SI channel relationships and how you see that sort of balance in the pipeline looking into 2024.

感謝您回答我的問題，並祝賀您度過了一個美好的季度。但也許只是從本季的強勁執行力開始。美國四大金融服務公司贏得了許多偉大的新客戶，一些偉大的擴張。您很好奇，因為您正在關注某種管道，也許是第四季度的一些成功，以及您所看到的如何推動直銷隊伍提高執行力和生產力，而不是從直接銷售人員中獲得一些額外的好處不斷成長的SI 通路關係以及您如何看待2024 年管道中的這種平衡。

Good morning, Ryan, and thank you for the question, Alessio speaking, and I'll take your question. So a few things on them on the enterprise motion. The one thing that I'd like to emphasize is that as we mentioned in prior calls, one of the big factors for us has been maturing our execution by demonstrating value at the point of sale. The way we do this today is a lot better than we used to do it one year ago, how do we do it is the value engineering methodology and team that is fully ramped in the company. This has helped us achieve really good results with some logos that we closed in Q4.

早安，瑞安，謝謝你提出的問題，阿萊西奧，我會回答你的問題。那麼關於企業動議的一些事情。我想強調的一件事是，正如我們在之前的電話會議中提到的，對我們來說最重要的因素之一是透過在銷售點展示價值來成熟我們的執行力。我們今天做這件事的方式比我們一年前做的要好得多，我們是怎麼做的，就是我們在公司全面啟動的價值工程方法論和團隊。這幫助我們在第四季度關閉的一些徽標中取得了非常好的結果。

You mentioned that the significant the financial services organization that we won, but it would also include in this upsells that of the calibre of PLE where we had to demonstrate the specific value in order to add the certain use cases. As we think about the pipeline, I think our job is to continue to extract value from the business. There's a lot of greenfield available. And then we are really doubling down on our execution on the demand side, not only with our stronger branding and marketing team execution, but also by adding our sales into territories, export the territories are really in a very well coordinated manner. We have been focusing on this a lot. I hope this helps.

您提到我們贏得了重要的金融服務組織，但它也包括了 PLE 能力的提升，我們必須展示具體的價值才能添加某些用例。當我們考慮管道時，我認為我們的工作是繼續從業務中提取價值。有很多可用的綠地。然後，我們確實在需求方面加倍執行，不僅透過我們更強大的品牌和行銷團隊執行力，而且透過將我們的銷售添加到區域，出口區域確實以非常協調的方式進行。我們一直非常關注這一點。我希望這有幫助。

Yes, absolutely. Very helpful. On. Maybe just as a follow-up, then I wanted to discuss on sort of the OEM channel. Obviously, a bottom last month's Ceridian, which is obviously big OEM channel partners you acquired a business called Lumi for, which is a sort of LMS, Alex P provider at the low end of the market. And obviously, I think the OEM channel has been an important one for you in terms of driving growth.

是的，一點沒錯。很有幫助。在。也許只是作為後續行動，然後我想討論 OEM 頻道。顯然，上個月的 Ceridian 觸底了，這顯然是大型 OEM 通路合作夥伴，您收購了一家名為 Lumi 的企業，這是一種 LMS、Alex P 低端市場提供商。顯然，我認為 OEM 管道在推動成長方面一直是您的重要管道。

As you think about sort of expectations into '24, I know you're not guiding for the full year, but maybe what your sort of thoughts were in terms of the growth algorithm of how much growth you're expecting to be driven from the OEM channel this year and how that changes if at all in your in your mind now that Ceridian sort of does the buying, I guess, a competitive solution to maybe go to market with internally or more directly than through partnerships going forward, thanks.

當你思考對 24 年的預期時，我知道你並沒有對全年進行指導，但也許你對增長演算法的想法是什麼，即你期望從今年的OEM 管道以及這種變化在您的腦海中是否發生了變化，我想，Ceridian 正在購買一種有競爭力的解決方案，可能會透過內部或更直接的方式進入市場，而不是透過未來的合作夥伴關係，謝謝。

100%, so first off, let me lead by saying that the cable and the Dayforce, I have established a strong and enduring working relationship on since becoming partners several years ago. And number two, I would say the important to note the leadership of it of the two companies are working together on this positioning that you mentioned so we expect further discussions with them. We don't we don't anticipate any impact. There is material on revenue for fiscal year '24 at this time.

100%，所以首先，我要說的是，自從幾年前成為合作夥伴以來，我與有線電視和 Dayforce 建立了牢固而持久的工作關係。第二，我想說重要的是要注意兩家公司的領導層正在就您提到的定位進行合作，因此我們期待與他們進行進一步討論。我們不會，我們預計不會產生任何影響。目前有關於 24 財年收入的資料。

And with regards to kind of other partners that we're working with. We first off, and we continue to work on a really healthy pipeline of New Orleans. But the work that we're doing with the organizations like E&Y and Darwin Boxer and an HR is very significant and we're seeing them very good traction. What intrigued also by the fact that our inbox operates in a region that four of them will be strategic in the future and they are extremely focused on the Epoch marketer. So this is very good for us.

關於我們正在合作的其他合作夥伴。首先，我們將繼續致力於建立一條真正健康的新奧爾良管道。但我們與 E&Y 和 Darwin Boxer 等組織以及人力資源部門所做的工作非常重要，我們看到他們非常有動力。更有趣的是，我們的收件匣所在的地區有四個將在未來具有戰略意義，並且他們非常關注 Epoch 行銷人員。所以這對我們來說非常好。

And finally, I would say I would roll into this conversation, our efforts in strategic partnerships and channel in general, because we're seeing a tremendous amount of traction on our side. Look, we don't guide specifically on OEM versus other channels. But this remains the channel in general, remains a priority and a growth pillar for us in the future.

最後，我想說我會談談我們在策略夥伴關係和管道方面所做的努力，因為我們看到了我們這邊的巨大吸引力。看，我們並沒有專門針對 OEM 與其他管道進行指導。但這仍然是整體管道，仍然是我們未來的優先事項和成長支柱。

Appreciate the color on the revenue guidance.

欣賞收入指引上的色彩。

Thanks, Ryan. I was just going to jump in just to clarify that from our perspective, like Alessio said, we do not anticipate any material impact to revenue by 2024 and we are comfortable with with how the consensus has been built.

謝謝，瑞安。我只是想插話澄清一下，從我們的角度來看，正如 Alessio 所說，我們預計到 2024 年不會對收入產生任何重大影響，而且我們對如何達成共識感到滿意。

Excellent. Thank you.

出色的。謝謝。

Rob Young, Canaccord Genuity.

羅布楊，Canaccord Genuity。

Good morning. Thanks for taking the questions. I know that you added $12.5 million of ARR on only 80 customers and so I wanted to dig into that trend. Is there any underlying churn there or because it seems like the average customer value quite a bit higher. I think you said $71,000 on incremental customers. And so there's a bit of a disconnect there. And then maybe just talk about the big jump in average customer value this quarter.

早安.感謝您提出問題。我知道您只為 80 名客戶增加了 1250 萬美元的 ARR，因此我想深入研究這一趨勢。是否有任何潛在的客戶流失，或因為平均客戶價值似乎更高一些。我想你說的是 71,000 美元用於增量客戶。所以這裡面有一點脫節。然後也許只是談論本季平均客戶價值的大幅躍升。

Sukaran, would you like to take this?

蘇卡蘭，你願意接受這個嗎？

Just Geoff morning, Rob. On yes, it's a good call out yesterday. It's very consistent to what we spoke about in the last few quarters. If you think about the fact that we've been continuously focusing on supporting the sweet spot for us continues to be the midmarket to the large enterprise customers as well as print and penetrating into the government segment.

傑夫早安，羅布。是的，昨天這是一個很好的呼籲。這與我們在過去幾個季度談到的內容非常一致。如果您考慮到這樣一個事實，即我們一直致力於支援我們的最佳點仍然是大型企業客戶的中端市場以及印刷和滲透到政府部門。

We saw we also saw a win that we notify, as noted in our press release with the Texas statement as In effect, what is half that were discontinued consistently happening as we move upmarket is that you're going to have to just see the chip or focus on stronger unit economics in the mid to large mid enterprise to large enterprise segments.

我們看到我們也看到了我們通知的勝利，正如我們在德克薩斯州聲明中所指出的那樣，實際上，當我們向高端市場邁進時，持續發生的一半停產是您將不得不看到晶片或專注於中型到大型中型企業到大型企業領域更強的單位經濟效益。

And we are very strategically focused on driving sales in the SMB commercial space as we call it and where we see an opportunity to grow that customer into multiple use cases and a higher and drive higher ACV. But from a we've spoken about this from a from an overall unit economics perspective. We will invest our growth dollars to drive higher ACV and categories are in segments where we can have multiple use cases and multiple products and modules supporting those customers.

我們在策略上非常注重推動中小型企業商業領域的銷售，我們看到了將客戶發展到多個用例和更高並推動更高 ACV 的機會。但我們已經從整體單位經濟學的角度來討論了這個問題。我們將投資成長資金來推動更高的 ACV，並且類別屬於我們可以擁有多個用例以及支援這些客戶的多個產品和模組的細分市場。

And that's really what's playing out here we can you can kind of see in the numbers from a from a channel perspective as well. You're seeing that more enterprise and mid-market customers are participating into the growth in the last three quarters or so. And that's pretty much what's driving these to be higher. Of course, there's certain, as we call it, a small element of churn that comes through us just not supporting as much of the SMB customer. That is that it's a lower ticket value. It is a lower ticket value, will you will time and make sure that we either extract additional value for them. But for this, there could be some incremental churn that comes from that number. But majority of this is driving through our focus in the mid to large enterprise customers with which you don't need the quantity, but you get the quality from an ACV perspective and higher ACV.

這確實是這裡正在發生的事情，我們也可以從頻道的角度從數字中看到。您將看到越來越多的企業和中端市場客戶參與了過去三個季度左右的成長。這幾乎就是推動這些價格更高的原因。當然，正如我們所說，確實有一小部分客戶流失是由於我們沒有為中小企業客戶提供支援而造成的。也就是說，它的票價較低。這是一個較低的票價，您願意花時間並確保我們為他們提取額外的價值嗎？但為此，這個數字可能會帶來一些增量流失。但其中大部分是透過我們對中大型企業客戶的關注推動的，您不需要數量，但您可以從 ACV 角度獲得品質和更高的 ACV。

You can expect that.

你可以期待這一點。

And then question second question for me will be on the expansion with the large big five technology company. It seems as though these expansions on these large deals are coming quicker. And so if I'm right on that, what's driving it, what is it just better go to market with your cross-selling effort? Or is it some market function or is it consolidation what's happening? And what are you seeing this sort of cross-sell come through quickly more quickly than in the past?

我的第二個問題將是關於與五大科技公司的擴張。這些大型交易的擴張似乎來得更快。因此，如果我的觀點是正確的，那麼是什麼推動了它的發展？透過交叉銷售努力進入市場更好的是什麼？還是某種市場功能或正在發生的整合？您認為這種交叉銷售比過去更快實現了什麼？

Yes, no, on how you actually would say, Rob, that in the instance of this expansion that's relatively quick on this customer. It's not uncommon for us to uncover further needs in the initial phases of, if you will, onboarding implementation integration, especially with large customers that have complex use cases that and a complex organizational complexity of needs that may arise at the point of sale, but also sometimes surface after the point of sale.

是的，不，關於你實際上會怎麼說，羅布，在這次擴張的例子中，對這個客戶來說相對較快。如果您願意的話，我們在入門實施整合的初始階段發現進一步的需求並不罕見，特別是對於具有複雜用例的大客戶，以及銷售點可能出現的複雜組織複雜性的需求，但是有時也會在銷售點後出現。

So we actually see this then and I'm quite frequently with that said, the what we are referring to as expansion here is on additional modules rate, additional modules, additional technology, additional skews to the existing contractor and not necessarily selling into say, you know, subs and or separate entities of the customer. We just intentionally became even more sticky and added more technology to the original contract.

所以我們實際上看到了這一點，我經常這樣說，我們在這裡所說的擴張是關於額外的模組率、額外的模組、額外的技術、對現有承包商的額外傾斜，而不一定是銷售給說，您知道，客戶的子實體和/或獨立實體。我們只是故意變得更加黏性，並在原始合約中添加了更多技術。

Okay. And is the trend towards faster cross-sell? Is that is that not a function? It seems like Bojangles this quarter, this large cut. It just seems as though you're expanding more quickly than in the past in the same company, same customer.

好的。交叉銷售的趨勢是更快嗎？這不是一個函數嗎？看起來博揚格爾斯本季的大幅削減。看起來你在同一家公司、同一客戶中的擴張速度比過去更快。

It is intentional and there is more intentionality in them continuing to to execute on the expansion side that this is one of the, if you will, outputs of the work we're putting to Intuit it. Sukaran said before, the land-and-expand strategy with them and the amazing customers that we have is a pillar of growth. And these are a couple of good applied examples.

這是有意的，而且他們有更多的意向性繼續在擴展方面執行，如果你願意的話，這是我們交給 Intuit it 的工作的輸出之一。蘇卡蘭之前說過，與他們的土地擴張策略以及我們擁有的出色客戶是成長的支柱。這些是一些很好的應用範例。

Okay. Thanks.

好的。謝謝。

Thank you so much.

太感謝了。

Suthan Sukumar, Stifel.

蘇坦·蘇庫瑪，斯蒂菲爾。

Good morning, gents, and congrats again on another impressive quarter. And the first question from me is on the US government opportunities. You guys provided an update on kind of how you're thinking about the time line is year four for full certification and and the progress on the pipeline build side of things that you're able to do in the meantime? And do you guys foresee any impacts here from the US elections?

早安，先生們，再次恭喜又一個令人印象深刻的季度。我的第一個問題是關於美國政府的機會。你們提供了關於您如何考慮第四年全面認證的時間表的最新信息，以及您同時能夠做的事情的管道構建方面的進展？你們預計美國大選會產生什麼影響嗎？

Hello, Suthan. Alessio speaking. So we are incredibly focused on this. As you may imagine, it's a it's a bigger undertaking from an effort standpoint of our teams. There have done an amazing job in terms of our FedRAMP certification, which is what the what I think and were talking about primarily is we're progressing really well, and we are actually very optimistic on executing a sponsor shortly. We have more than one option to do so.

你好，蘇坦。阿萊西奧發言。所以我們非常關注這一點。正如您可能想像的那樣，從我們團隊的努力角度來看，這是一項更大的任務。我們在 FedRAMP 認證方面做得非常出色，這就是我所認為和主要談論的，我們進展得非常好，而且我們實際上對很快執行贊助商非常樂觀。我們有不只一種選擇來做到這一點。

And so we're very and yes, we want to surface a cautious yet vivid optimism and then in securing the sponsor. How and why is this important? Because pathway through with sponsorship deals have a faster time line to certification as opposed to a standard application processor, which has them on a more delayed time line in the matter of several months compared to the Fontainebleau.

所以我們非常，是的，我們希望表現出謹慎而生動的樂觀態度，然後爭取贊助商。這如何以及為何如此重要？因為與標準申請處理器相比，透過贊助交易的途徑獲得認證的時間更快，與楓丹白露相比，標準申請處理器的時間延遲了幾個月。

I would say, even ahead of that of getting the certification, though I want to surface that where we're continuing to win material business and material deals in the space were more on the SLED side, state and local. And in a, you know, I would say in this regard, working with SIs that are in the market has been critical for us. So we've mentioned in the past, working with specific strategic SIs and that those collaborations are getting just deeper and deeper and this spilling over to the commercial side of those same sites.

我想說，即使在獲得認證之前，我也想表明，我們在該領域繼續贏得材料業務和材料交易的地方更多是在 SLED 方面、州和地方。在這方面，我想說的是，與市場上的系統整合商合作對我們來說至關重要。因此，我們過去曾提到過，與特定的策略系統整合商合作，這些合作越來越深入，並擴展到了這些網站的商業方面。

So in an interesting way, this focus on government has led us to getting deep with a size that starting from the government door, but opening up doors on the commercial side that perhaps before were not as open. And so we are reaping benefits and on both sides of the question.

因此，以一種有趣的方式，這種對政府的關注導致我們從政府大門開始深入研究，但在商業方面打開了以前可能不那麼開放的大門。因此，我們在問題的雙方都獲得了好處。

Great. Thanks for the color. The second question I had was, I guess, more on the on the cross-sell traction. You guys may see, could you provide an update on some of the recent adoption trends you've been seeing across your learning suite and especially with some of the more recent product innovations that you launched recently like the Intraject vision channel, which I believe was launched during the quarter. Just kind of curious how and how that may be trending.

偉大的。謝謝你的顏色。我想我的第二個問題更多的是關於交叉銷售的吸引力。你們可能會看到，你能否提供你在學習套件中看到的一些最新採用趨勢的最新信息，特別是你最近推出的一些較新的產品創新，例如 Intraject 視覺通道，我認為這是本季度推出。只是有點好奇這會如何以及如何成為趨勢。

I'm sure. So um, in terms of adoption and the technologies that we've launched. And I want to underscore that we really are very satisfied with the trend that we have seen them on the with regard to the type of shape, whichever shaper is trying to be strategic technology and the platform for us moving forward. And we emphasize the on the shape side, the AI and GEN-AI. capabilities were pushing very much into that.

我敢肯定。所以，就採用率和我們推出的技術而言。我想強調的是，我們確實對我們在形狀類型上看到的趨勢非常滿意，無論哪個形狀師都試圖成為我們前進的策略技術和平台。我們強調形狀方面，AI 和 GEN-AI。能力在很大程度上推動了這一點。

Customers that are some are liking it more and more as we improve it. I would say an example of that since we were just asking about government. We mentioned a customer win in Texas and the government side. And one of the key differentiators in that deal was shaper in order to repurpose the existing material that the agency adds in them being able to to recreate content using shape, but shape in our view as a and, you know, even further opportunity to them and we want to push further the content creation offering side of it and the Gen A I side, we're working very much on it.

隨著我們的改進，一些客戶越來越喜歡它。我會舉一個例子，因為我們只是問政府。我們提到了德克薩斯州和政府的客戶勝利。該交易的關鍵區別之一是塑造者，以便重新利用該機構添加的現有材料，能夠使用形狀重新創建內容，但在我們看來，塑造是一個，你知道，甚至為他們提供了進一步的機會我們希望進一步推動內容創作提供方面和第一代方面的發展，我們正在這方面做大量工作。

So Onshape, I would say already great results. However, the amazing stuff is yet to come. So we're incredibly bullish on that technology, and we're seeing an uptick in the sale and the pipeline creation of the module, Microsoft Teams, which we've launched them a few months ago and is starting to do really well for us. And in general, look, I would say the best answer that I can think of to your question is.

所以Onshape，我想說已經取得了很好的成果。然而，令人驚奇的事還沒到來。因此，我們非常看好這項技術，我們看到 Microsoft Teams 模組的銷售和管道創建有所增加，我們幾個月前推出了該模組，並且開始為我們帶來非常好的效果。總的來說，我想說，我能想到的對你的問題的最佳答案是。

We continue to think about providing value to our customers and focusing on how our products meet the customers' needs. There's a concerted focus on the customer experience and understanding really where we need to do better out that doing better in swiftly makes it into our product roadmap to stay on top of the market trends it's a big focus. We have, yes, we're becoming bigger, but we don't want to lose that agility and nimbleness of being able to continue to improve our product for our amazing customers. That is a priority that we have now and we're going to continue driving the future.

我們不斷思考為客戶提供價值，並專注於我們的產品如何滿足客戶的需求。我們一致關注客戶體驗，並了解我們真正需要做得更好的地方，迅速做得更好，使其成為我們的產品路線圖，以保持領先的市場趨勢，這是一個重點。是的，我們正在變得更大，但我們不想失去能夠繼續為我們出色的客戶改進我們產品的敏捷性和靈活性。這是我們現在的首要任務，我們將繼續推動未來。

And one quick point to then just I want to add to that is that as we look into 2024, when we'll provide some more color on as we implement some of the changes. But as we go to market and positioned us above. You can expect that as we package the offering to our customers, it would it would be more around features and capabilities of the problem we solve for them rather than the modules and individual products and modules that that historically is the place for the customers.

我想補充一點的是，當我們展望 2024 年時，我們將在實施一些變更時提供更多資訊。但當我們進入市場並將我們定位在上方時。您可以預期，當我們向客戶打包產品時，它將更多地圍繞我們為他們解決的問題的特性和功能，而不是歷史上為客戶提供的模組以及單一產品和模組。

As we look at opening different packaging and pricing optionality for our customers, we also think that that would help. And not only is our ability to sell increase the velocity, but also a mixture we sell from and most importantly, make sure we sell from the perspective of driving value and driving solving the problem for the customer. And so that's going to be certainly one of the areas we think about margins going forward.

當我們考慮為客戶提供不同的包裝和定價選擇時，我們也認為這會有所幫助。不僅我們的銷售能力提高了速度，而且我們的銷售能力也提高了，最重要的是，確保我們從推動價值和推動為客戶解決問題的角度進行銷售。因此，這肯定是我們考慮未來利潤率的領域之一。

Yes, that's great. Thank you, gents. Appreciate the color, and congrats again on the quarter. I'll pass the line.

是的，那太好了。謝謝你們，先生們。欣賞這個顏色，並再次祝賀本季。我會過線。

Thank you, Suthan.

謝謝你，蘇珊。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Great. Thanks for the question. I was hoping you could talk a little bit about the competitive landscape. Just thinking about the legacy LMS vendors as the competitive environment getting easier, tougher staying the same and then I have a follow-up. Thank you.

偉大的。謝謝你的提問。我希望你能談談競爭格局。想想傳統的 LMS 供應商，因為競爭環境變得越來越容易，保持不變也越來越困難，然後我就有了後續行動。謝謝。

Good morning, Josh. A couple of comments from my side on competitive landscape. No notable changes or something very new that changes our views on our strategy in general and notably on the customer wins that we have executed this time this quarter. I would say, you know the the bank that we referred to. I think the script we indicated that they had they felt like their system was outdated.

早上好，喬許。我對競爭格局的一些評論。沒有顯著的變化或非常新的東西改變我們對整體策略的看法，特別是對我們本季此時執行的客戶勝利的看法。我想說，你知道我們提到的那家銀行。我認為我們表示他們認為他們的系統已經過時的腳本。

And we continue to see a trend that we have described before where especially large organizations that have providers with pay overlapping assets firm constitute an opportunity for us to be crisp and clear in our value proposition and offering and as a result to stand out and clear the confusion and come in with a very well defined value prop.

我們繼續看到我們之前描述過的趨勢，特別是擁有薪酬重疊資產公司的供應商的大型組織，為我們提供了一個機會，使我們的價值主張和產品更加清晰明了，從而脫穎而出並清除市場混亂並帶有一個非常明確的價值支柱。

And in that case, that was the big strengths that we've leveraged, we believe we have much more opportunities to do the same thing across some of the best and companies that have that same issue. And the other trend that isn't a it's the opposite of competition, the lack of competition we're seeing in the external use case side, it's a very big greenfield opportunity directly that we've mentioned in our script for example, was there an expansion on that allowed us to win the business of partner training.

在這種情況下，這就是我們所利用的巨大優勢，我們相信我們有更多的機會在一些最優秀的公司和有相同問題的公司中做同樣的事情。另一個趨勢不是競爭的反面，我們在外部用例方面看到缺乏競爭，這是一個非常大的綠地機會，例如我們在腳本中提到的，是否存在在此基礎上的擴展使我們贏得了合作夥伴培訓業務。

Now this technology was a built in-house. There was no known competitors before why. Because as we've mentioned before, on the business of external training, it oftentimes is still greenfield. And so we love that because it makes our job a little bit easier in a way, but yes, definitely less competitive.

現在這項技術是內部建構的。之前沒有已知的競爭對手，原因是什麼。因為正如我們之前提到的，在外部培訓業務上，它通常仍然是新手。所以我們喜歡這一點，因為它在某種程度上讓我們的工作變得更容易，但是，是的，競爭力肯定會降低。

And then look, I really program the markets, the markets, the non-enterprise markets remain noisy. There are a lot of small vendors and in general the SMB space tends to be a race to the bottom space in terms of pricing and that it's also one of the reasons why we remain focused on higher-value ACV and more complexity given the capabilities of our products.

然後看，我真的對市場進行了編程，市場、非企業市場仍然很吵鬧。有許多小型供應商，一般來說，中小企業領域往往會在定價方面競爭，這也是我們繼續專注於更高價值的 ACV 和更高複雜性的原因之一，因為我們的產品。

Got it. Really helpful. And that was kind of my my follow-up was around on the different market segments. I think you answered it for SMB. So maybe just like thinking about your evolution as a company and maybe thinking about enterprise versus mid-market or upper mid-market. Think where are you prioritizing your resources? And when you think about sales reps going after opportunities? Like how are they balancing the potential to land bigger with like a broader LMS deployment versus potentially landing if for a specific use case or a single department like balancing that versus bigger displacement opportunity?

知道了。真的很有幫助。這就是我的後續行動，圍繞著不同的市場區隔。我認為您是為 SMB 回答的。因此，也許就像考慮公司的發展一樣，也許考慮企業與中端市場或中高端市場。想想你的資源優先考慮在哪裡？當您想到銷售代表追逐機會？例如，他們如何平衡透過更廣泛的 LMS 部署實現更大目標的潛力與針對特定用例或單一部門的潛在目標（例如平衡該目標與更大的位移機會）？

Sure. So Sukaran, please chime in with any additional considerations, but I have a couple of points to this question. Historically, Josh, as you know, we have been quite balanced in our approach to small mid-market and enterprise segments. Over the past few years, we have taken a position such as that our product capabilities and the our differentiation in our platform lead itself to being more appreciated by organizations that are not necessarily and small or big percent, but there's more complexity of use cases, meaning they have more jobs to be done.

當然。所以，Sukaran，請補充一下任何其他考慮因素，但我對這個問題有幾點看法。喬什，如您所知，從歷史上看，我們在針對中小型市場和企業細分市場的方法上一直相當平衡。在過去的幾年裡，我們採取的立場是，我們的產品功能和我們平台的差異化使我們更受到組織的讚賞，這些組織不一定是小或大的百分比，但用例更加複雜，這意味著他們還有更多的工作要做。

This can happen in a very, very large bank, but it can also happen in a relatively small uptick relative to size association. But that doesn't mean that that association doesn't have the complexity of need that we are able to satisfy that yields eventually higher ACV. So the first thing I'd like to note is that not always the employee size that is the driver of the complex and therefore the value that we can both offer and extract.

這種情況可能發生在非常非常大的銀行中，但也可能發生在相對於規模關聯而言相對較小的成長中。但這並不意味著該關聯不具有我們能夠滿足的複雜需求，最終產生更高的 ACV。因此，我要注意的第一件事是，並非總是員工規模是綜合體的驅動因素，因此我們可以提供和提取的價值。

And secondly, you asked the where we are diverting more our efforts and resources. Well, we are certainly focused on building a platform that scales that is secure that is stable and high performing in highly complex environments. I'm speaking about concurrency, I'm speaking about high volume of users. And look, we recognize that the LMS market per se is in theory competitive.

其次，你問我們將更多的精力和資源轉移到哪裡。嗯，我們當然專注於建立一個在高度複雜的環境中安全、穩定、高效能的可擴展平台。我說的是並發性，我說的是高用戶量。看，我們認識到 LMS 市場本身在理論上是競爭性的。

But when you really look at the players that can do complexity, multiple use cases and manage multiple millions of users and enable them emerging as a business at scale, allowing an unlocking gain millions and billions of revenue there are not many you can do that. And so what are they working, were focusing our resources and exactly becoming that one player platform company solves everything for learning technologies for learning in general and become a partner of the company as opposed to, you know, the LMS tool that we want to be seen as a strategic partner and not just as a commoditized technology.

但當你真正審視那些能夠處理複雜性、多個用例並管理數百萬用戶並使其能夠大規模發展為一項業務、從而獲得數百萬和數十億美元收入的參與者時，你會發現沒有多少公司能夠做到這一點。所以他們在做什麼，集中我們的資源，成為一家玩家平台公司，解決一般學習技術的所有問題，並成為公司的合作夥伴，而不是我們想要成為的 LMS 工具被視為戰略合作夥伴而不僅僅是商品化技術。

And just the only thing I want to add quickly to Alessio's point is that it's obvious. I'm sure you're seeing this across the board ultimately in the in the decision making process, that's been also an effort and change as we change the wrong word, but have improved our motion in the last couple of years as more C-suite and the scrutiny. What that effectively means is that you do get an opportunity more than you used to even in the past where you can potentially consolidate the tech stack at the onset, but we are more than happy depending on scenarios of each customer to start with a certain use case or multiple use cases and build over time, one of the strategies that we do, where we can consolidate the payback of the onset that we will continue to be tracking along here for all of our strategy, but just some perspective is that we will track at all of our mid to large and mid-market enterprise customers are opportunity based on use cases, and we will work hard to win the hearts of those departments beyond the ones that we serve today.

我唯一想快速補充阿萊西奧觀點的是，這是顯而易見的。我確信您最終在決策過程中全面看到了這一點，這也是我們所做的努力和改變，因為我們更改了錯誤的詞，但在過去幾年中隨著更多的 C-套房和審查。這實際上意味著，即使在過去，您也確實獲得了比過去更多的機會，您可以從一開始就整合技術堆棧，但我們非常樂意根據每個客戶的場景從某種用途開始案例或多個用例並隨著時間的推移進行構建，這是我們所做的策略之一，我們可以鞏固開始的回報，我們將繼續在這裡跟踪所有策略，但只是一些觀點是我們將我們所有的中大型和中型市場企業客戶的追蹤都是基於用例的機會，我們將努力贏得這些部門的心，而不僅僅是我們今天所服務的部門。

So I think the reality is when this market consolidating the tech stack and multiple use cases and leading from the ones that drive revenue and drive protect revenue for an organization gives us a prime seat to do so. And that's a theme that's playing out there as well as I would say that the big win in the major bank is also seen that is worth considering in the competitive landscape at the legacy technologies are now now becoming a burden for four certainly organizations that are focused on driving productivity, but also employee experience.

因此，我認為現實情況是，這個市場整合了技術堆疊和多個用例，並以推動收入和保護組織收入的市場為主導，為我們提供了這樣做的首要席位。這是一個正在上演的主題，我想說的是，大型銀行的巨大勝利也值得在競爭格局中考慮，因為傳統技術現在正成為四個重點關注的組織的負擔。不僅要提高生產力，還要提高員工體驗。

Claudio speaking, I didn't know if you remember me and department feel I'm kidding. I want to add one point of that to one point. It was a nice deal and I got I was saying no one understands that one important element, which is the body, the competition barrier, we have very sophisticated and complex use cases, but why we have been the advantage because up to beyond and hobby Zometa elements that play that in most department, 35 peds ramp to scale on millions of users feel like at five to seven year Johnson.

克勞迪奧，我不知道你是否還記得我，部門覺得我在開玩笑。我想補充一點到一點。這是一筆不錯的交易，我想說的是，沒有人理解一個重要的因素，那就是身體、競爭壁壘，我們有非常複雜的用例，但為什麼我們一直是優勢，因為超越和愛好Zometa 元素在大多數部門發揮作用，35 個peds 逐漸擴大到數百萬用戶，感覺就像五到七年的約翰遜。

And if I was an entrepreneur and wanted to make money quickly type of deal that vertical and it met the Cover-All one case and I will not change the table because it's too complex and too risky. And I remember that this company in 19 sorry, 18 months, 18 years and 11 months old. So we get there because of the luxury of time we had to pay in the market and price from the market. And also because we had worked with transformational customers like Thomson Reuters, Banca Intesa, Amazon, AWS, that over time, our debt requirements that were very complex.

如果我是企業家，想要快速賺錢，那麼垂直類型的交易並且滿足全面的單一情況，我不會更改表格，因為它太複雜且風險太大。我記得這家公司成立於19年，18個月，18年11個月。所以我們到達那裡是因為我們必須在市場上花費大量的時間和市場的價格。而且因為我們曾與湯森路透、聯合銀行、亞馬遜、AWS 等轉型客戶合作，隨著時間的推移，我們的債務需求變得非常複雜。

So if I have to imagine what is our total debt to more or less to protect the two book quarters? That is our complexity that makes an appealing for competitors to achieve a very sophisticated environment on top of that competitors that are there. I'm not innovating fast enough. So we are also then we have also been an issue that plays on our advantage if Sandoz to fewer repeat competition pressure. There's no upside as the mode that we have. These three drops of very large and complex cases, which is very hard to two key.

那麼，如果我必須想像一下，為了保護這兩個季度的圖書，我們的總債務或多或少是多少？這就是我們的複雜性吸引競爭對手在現有競爭對手之上實現一個非常複雜的環境。我的創新速度不夠快。因此，如果山德士能夠減少重複競爭的壓力，那麼我們也一直是發揮我們優勢的問題。我們所擁有的模式沒有任何優勢。這三滴案件非常龐大且複雜，很難分出兩把鑰匙。

Kevin Kumar, Goldman Sachs.

凱文庫馬爾，高盛。

Hi. Thanks for taking my questions. I wanted to start just maybe asking about overall macro trends. If you're seeing our enterprise sales cycles trending? And when you talk to your customers, how are they talking about this overall kind of learning development budgets for '24? Thanks.

你好。感謝您回答我的問題。我想先詢問整體宏觀趨勢。您是否看到我們的企業銷售週期趨勢？當您與客戶交談時，他們如何談論 24 世紀的整體學習發展預算？謝謝。

Good morning, Kevin. So I'd say from a enterprise that in trends, we continue to see some form of elongation in the processes and the trends that we've mentioned in the past haven't changed too much although we're seeing in some sectors more than others, some some positive signals, but we remain cautious in our position around the sales cycles specifically and in terms of trends that we're seeing and of course, a video. Naturally, everybody knows that JNI is them.

早安，凱文。因此，我想說的是，在趨勢方面，我們繼續看到流程中某種形式的延伸，並且我們過去提到的趨勢並沒有發生太大變化，儘管我們在某些​​領域看到了超過其他一些是一些正面的訊號，但我們對銷售週期的立場保持謹慎，特別是我們所看到的趨勢，當然還有影片。自然，大家都知道JNI就是他們。

I've already picked a very critical trend that everybody talks about in what I'm seeing in this area. If I have to and see say something stands out more than others is a big desire to be educated. I think we are in the phasing, which in 2024 will be the big year of education organization relative to R&D, education and realization of the art of the real possible and now to get to real value, perhaps the past few years or many of either use Gen AI. as a core capability to strengthen certain capabilities on the platform.

我已經選擇了一個非常關鍵的趨勢，每個人都在談論我在這個領域所看到的情況。如果我必須看到說某些東西比其他東西更突出，那就是對接受教育的強烈渴望。我認為我們正處於這個階段，2024 年將是教育組織的重要一年，涉及研發、教育和實現真正可能的藝術，現在可能是過去幾年或許幾年才能實現真正的價值使用Gen AI。作為核心能力來強化平台上的某些能力。

In other instances, the theaters being used more as a marketing leverage from our perspective, GEN AI has always been an investment and the way I would respond to that rate from what I from my perspective, a GEN AI has been a huge investment in the color of our system with different features that make adoption easier and faster. And now that we're focused even more on shape is creating incremental value through which we spoke to with our roadmap some on the creation side in particular, I think the additional element that I can speak to these in in LNG, there is a very concerned remain very concerned.

在其他情況下，從我們的角度來看，影院更多地被用作營銷槓桿，GEN AI 一直是一項投資，從我的角度來看，我對這一比率的反應方式是，GEN AI 一直是對我們系統的顏色具有不同的功能，使採用更容易、更快。現在我們更加關注形狀正在創造增量價值，透過它我們與我們的路線圖進行了交談，特別是在創造方面，我認為我可以在液化天然氣中談論這些附加元素，有一個非常相關方面仍然非常關心。

We had the topic of transformation. We see it all the time going into projects in which there is a desire to upskill and trained workforces or whether it's exiting workforces are entering newer, newer generation of workforces for your attention to managing skills, which for us that translates in a business in the business problem is this one how we resolve it and how we approach it is by helping customers translate very complex ontology of skills set in the platform, actually using AI.

我們的主題是轉型。我們一直看到，在專案中，人們希望提高技能和訓練有素的勞動力，或現有的勞動力正在進入更新、新一代的勞動力，以吸引您對管理技能的關注，這對我們來說意味著企業的管理技能業務問題是我們如何解決它以及我們如何處理它的方法是透過幫助客戶翻譯平台中非常複雜的技能本體，實際上是使用人工智慧。

We have a very sophisticated technology to do that. And our customers are finding it on evaluated. I think Gen-i in skills management are the macro trends. There is also a palpable, the sentiment of them. You know the how JI. in itself will change the content world and whether the business of content will be disrupted by adoption of Gen AI. We know the capabilities of those technologies and learning leaders who really debate this a lot. And our role in all of this is to be part of that education system that guides customers and leads them and extend that with the technology we have or the data partners.

我們擁有非常先進的技術來做到這一點。我們的客戶發現它經過評估。我認為Gen-i在技能管理方面是宏觀趨勢。還有一種明顯的，他們的情感。你知道如何 JI。它本身將改變內容世界，以及內容業務是否會因採用 Gen AI 而受到干擾。我們知道那些經常對此進行爭論的技術和學習領導者的能力。我們在所有這一切中的作用是成為教育系統的一部分，指導客戶並領導他們，並利用我們擁有的技術或數據合作夥伴擴展系統。

Appreciate the color there. Really helpful. And then maybe just one on net dollar retention. I think that dropped a bit in '23. So maybe if you could help that a number of the different kind of impact that or the rate of expansion has slowed a bit. And I guess how you think how are you thinking about kind of the sustainable like a range or a sustainable retention rate for the business going forward? Thank you.

欣賞那裡的顏色。真的很有幫助。然後也許只是關於淨美元保留的一個。我認為 23 年這個數字有所下降。因此，也許如果你能幫助一些不同類型的影響或擴張速度放緩。我想你是如何看待永續發展的，例如業務未來的範圍或永續保留率？謝謝。

Sure. Sukaran --

當然。蘇卡蘭--

Morning Kevin. Yes, the net retention, I think the way I would kind of speak to this year is generally a bit of a consistent trend. You probably seen across macro, but what's baked into our net retention at a high level. Just to kind of give you some macro points here specifically, Chip was that the cautious spending and we talked about the some of the deliberate move that we've made in the past two years around mid-market to enterprise. So if you combine cautious spending and the SMB space impact in 2023 as well as just general macro trends from a seat compression or flat fee compression from a especially on the internal use case side.

早安，凱文。是的，淨保留率，我認為我今年談論的方式總體上是一個一致的趨勢。您可能會看到宏觀方面的情況，但我們的淨保留率處於高水準。只是為了給你一些宏觀觀點，奇普是謹慎的支出，我們討論了過去兩年我們圍繞中端市場到企業採取的一些深思熟慮的舉措。因此，如果您將謹慎的支出和 2023 年中小企業空間的影響以及席位壓縮或固定費用壓縮（尤其是內部用例方面）的整體宏觀趨勢結合起來。

I think those two factors combined is where our net retention kind of was. I would say that as we always are Frank at this is an area where we will call out ourselves as a management team will be our one of our important focus areas as we move forward. We'll certainly look to improve this as we move into 2024, 2025 cycle. But I think what's important to also remember is that from a gross retention perspective, our our gross retention was relatively flat year over year, slightly below.

我認為這兩個因素的結合就是我們的淨保留率。我想說的是，弗蘭克在這個領域一直都是我們，我們將在這個領域自稱為管理團隊，這將是我們前進過程中的重要重點領域之一。當我們進入 2024 年、2025 年周期時，我們肯定會尋求改進。但我認為還需要記住的重要一點是，從總保留率的角度來看，我們的總保留率比去年同期相對持平，略有下降。

But where you continue to participate in mid to large enterprise customers expand multiple use cases. And as we look to pricing and packaging these more effectively into the latter part of this year, you should you should expect us to not only be focused on driving healthy expansion opportunities, not just from a cross-sell perspective, but more from an upsell perspective. And then we, of course, have a number of new products that we spoke about at the Japan spar in Q3 of last year that will kick in, whether it's in H1 or late H1 and H2 of this year that will show some more meaningful impact, I would say, as we look into 2025, but some impact in 2024 as well. But combining the use case expansion, new products and modules and the new packaging that we're doing.

但是，如果您繼續參與大中型企業客戶，則可以擴展多個用例。當我們希望在今年下半年更有效地定價和包裝這些產品時，您應該期望我們不僅專注於推動健康的擴張機會，不僅從交叉銷售的角度來看，而且更多地從追加銷售的角度來看看法。當然，我們去年第三季在日本大會上談到的一些新產品將開始發揮作用，無論是在今年上半年還是今年上半年和下半年，它們都會表現出一些更有意義的影響我想說的是，當我們展望2025 年時，但2024 年也會產生一些影響。但結合了用例擴展、新產品和模組以及我們正在做的新包裝。

I think in a nutshell, I will say is that while the macro was what we realized and it certainly had some pressure on seat expansion and cautious spending in the low end of the market. I think we're going to be highly focused in driving this an avenue of growth as we look into '24, '25.

我想簡而言之，我要說的是，雖然宏觀經濟是我們所意識到的，但它確實對低端市場的席位擴張和謹慎支出產生了一些壓力。我認為，當我們展望 24、25 年時，我們將高度專注於推動這一成長途徑。

That's helpful. Thank you, guys.

這很有幫助。感謝你們。

Thank you.

謝謝。

Richard Tse, National Bank Financial.

理查德·謝（Richard Tse），國家銀行金融部。

Thanks for taking my question. I'm kind of curious to see your business has changed a bit in terms of how you're moving upmarket to higher-value customers. What is the mix of new wins from direct versus partners and how does that changed over year over year?

感謝您提出我的問題。我很好奇你們的業務在如何向高端市場轉向更高價值的客戶方面發生了一些變化。直接與夥伴的新勝利是怎樣的？逐年變化如何？

I will pass it to you Sukaran.

我會把它交給你蘇卡蘭。

Yeah. Thanks for on that. So which I think in terms of overall, what's changed as we look through the over the years generally, I think we've talked about on the growth side, it was the biggest bigger shift and the latest book at the start of the call was that if you remember I know you've been following the Company since the start of time when we went public at that time, the company from a even source attribution perspective was heavily inbound.

是的。謝謝你。因此，我認為總體而言，當我們回顧這些年來的總體變化時，我認為我們已經討論了增長方面，這是最大的轉變，電話會議開始時的最新書是如果您還記得的話，我知道您從我們上市之初就一直在關注該公司，從均勻來源歸因的角度來看，該公司有大量入境者。

I know there's a certain element of outbound from a partner perspective that was a very different motion compared to if you look at 2023, you would say that to be able to be successful in the mid-market and enterprise segments. We've successfully transitioned or we've done as best as we can. And continue to work hard on transitioning more robust outbound motion. Our significant investments, as you know, from our partners, the ones that we called out, whether it's in the OEM channels or repair, Boise, why is our partner channel that you guys that we signed as well as other SIs that we work within the government space?

我知道，從合作夥伴的角度來看，出站有一定的要素，與 2023 年相比，這是一個非常不同的動議，你會說能夠在中端市場和企業區隔中取得成功。我們已經成功轉型，或者說我們已經盡力了。並繼續努力過渡更強勁的出境運動。如您所知，我們的重大投資來自我們的合作夥伴，我們呼籲的合作夥伴，無論是 OEM 管道還是維修，博伊西，為什麼我們簽署的合作夥伴管道以及我們工作的其他 SI政府空間？

Carrier soft is the one we named that as a significant partner partner to us in winning some of the business and driving some of the pipeline in the government space, we have significant SIs that have helped us win deals such as the large big tech opportunity that we disclosed in Q3. I think that that shift, combined with the heavy investments that we've made over the last 2.5, 3 years that drive our ability to sell in a mature organized fashion into large enterprise customers, combined with, of course, and the most important point is a technology that is not just innovative, but a technology that is if that has to remain robust and perform at a level that is expected by the Fortune five hundreds of this world.

Carrier Soft 是我們所謂的合作夥伴，作為我們在贏得一些業務並推動政府領域的一些管道方面的重要合作夥伴，我們擁有重要的 SI，幫助我們贏得了交易，例如大型科技機會，我們在第三季度披露了。我認為這種轉變，加上我們在過去 2.5、3 年所做的大量投資，提高了我們以成熟的組織方式向大型企業客戶銷售的能力，當然，還有最重要的一點這項技術不僅是創新性的，而且還必須保持穩健並達到世界財富五百強企業所期望的水平。

I think that is overall the winning formula here. And for us, the game is pretty straightforward. We understand what our product does, where we can support our customers and the use cases that can drive ROI for them. Our job is to just keep our heads down and continue to focus on channels and source by source attribution that will drive up not only new business, but expansion of the current business by keeping our buy by making sure that we do that in an efficient fashion from a cap perspective.

我認為這總體上是獲勝的秘訣。對我們來說，這個遊戲非常簡單。我們了解我們的產品的用途、我們可以在哪些方面為客戶提供支援以及可以為他們帶來投資回報率的用例。我們的工作就是保持低調，繼續專注於管道和來源歸因，這不僅會推動新業務，還會透過確保我們以高效的方式保持購買來推動當前業務的擴展從上限的角度來看。

Okay. And just a related question to that, and it seems like you've certainly become a lot more efficient. So in that context, with everything you're doing here, what's the order of magnitude in terms of the change that you've picked up on the LTV to Cat side. My guess is that it's improved, but can you give us a sense of the degree of that improvement?

好的。這是一個與之相關的問題，看起來你確實變得更有效率了。因此，在這種情況下，您在這裡所做的一切，您在 Cat 方面的生命週期價值 (LTV) 方面所獲得的變化的數量級是多少。我的猜測是它有所改進，但是您能否讓我們了解改進的程度？

Yes, it's certainly significantly improved. I would say that the I wanted to underscore some things around around the margin profile. I'll come back to attack in a second. I think one thing that I want to highlight though, Richard, that's important to notice that our investments, whether it's R&D or sales and marketing from a relative basis remain the same. The biggest impact that you're seeing first, the from our operating leverage, which is pretty obvious is that as the business scaling were 81% gross margin business, you're going to see the one area that we've always said all along, G&A continue to give operating leverage to the business.

是的，它確實得到了顯著改善。我想說的是，我想強調有關利潤概況的一些事情。我一會兒就會回來攻擊。我認為我想強調的一件事是，理查德，重要的是要注意我們的投資，無論是研發還是相對基礎上的銷售和行銷都保持不變。您首先看到的最大影響來自我們的營運槓桿，這一點非常明顯，隨著業務規模擴大到毛利率為 81% 的業務，您將看到我們一直在說的一個領域、G&A 繼續為業務提供運營槓桿。

On the sales and marketing side, as we think about the fact that 2023 was a year where we had higher quota capacity, less more investments in major investments in technology where we upgrade our CRM order to cash process as well as the fact that the attrition levels are nowhere near that the madness that was going on in 2020, 21 era, you're going to see just natural efficiencies come through the system because of those inefficiencies that have gone away that was there in the past in 2020, '21 era. And so part of what I'm trying to articulate here is that growth is our primary focus and our investments in sales and marketing and R&D will remain to drive growth as the primary objective.

在銷售和行銷方面，我們考慮到這樣一個事實，即 2023 年我們的配額容量更高，對主要技術投資的投資減少，我們將 CRM 訂單升級為現金流程，以及人員流失的事實水平遠不及2020 年21 時代發生的瘋狂程度，你會看到系統的自然效率，因為過去在2020 年21 時代存在的低效率已經消失。因此，我在這裡試圖闡明的部分內容是，成長是我們的首要關注點，我們對銷售、行銷和研發的投資仍將以推動成長為主要目標。

What you're seeing in the results come through as a positive on the EBITDA side, there's just a natural inflection point of the business and certain nuances on how we continue to optimize in certain areas. But majority of that we would attribute to a model where we are now showing operating leverage to scale.

您在結果中看到的 EBITDA 方面是積極的，只是業務的自然拐點以及我們如何在某些領域繼續優化的某些細微差別。但我們將其中大部分歸因於我們現在展示的營運槓桿規模的模型。

And in terms of in terms of the sales and marketing side, on the LTV to cap, you can expect that we're comfortably north of seven to eight times in that area, but I wouldn't disclose on a segment basis, but it's much more superior when you think about certain segments versus others.

就銷售和行銷方面而言，在生命週期價值上限方面，您可以預期我們在該領域的表現輕鬆超過七到八倍，但我不會按細分市場披露，但它是當你考慮某些細分市場與其他細分市場相比時，它優越得多。

Okay, great. Thank you.

好的，太好了。謝謝。

Now this will conclude the question and answer session on today's call. I will now turn it back over to Claudio. I'll turn it back for any closing remarks.

今天的電話問答環節到此結束。我現在將把它轉回給克勞迪奧。我將把它轉回以供結束語。

Hello, Tom, as you as you all know, this is my last earnings call, and I'd like to take a minute to thank you, phone. I want to thank all the analysts that provide top cover any type of marketing, Rob, at the Garden increased the average of which are the higher cabin soon. Can you maintain a debt-to-cap?

你好，湯姆，正如你們所知，這是我最後一次財報電話會議，我想花一點時間感謝你，電話。我要感謝所有提供頂蓋任何類型行銷的分析師，羅布，在花園很快就增加了較高艙室的平均值。你能維持債務上限嗎？

Instead, I have learned a lot from and what I want to also thank small and big shareholders, asset managers, pension funds, hedge funds, family offices and the people on the team that will be in good shape for giving us your trucks. I wasn't at the Board, the executive team and versus the ship employees of partner. And their plan means you are now in the good hands of the best of the best Alex supported by a rock star like Sukaran on and those get texting. Thank you all.

相反，我從中學到了很多東西，我還要感謝大小股東、資產管理公司、退休基金、對沖基金、家族辦公室以及團隊中的成員，他們將向我們提供卡車，他們將保持良好的狀態。我不在董事會、執行團隊和合作夥伴的船上員工。他們的計劃意味著你現在得到了最好的亞歷克斯的幫助，並得到了像蘇卡蘭這樣的搖滾明星的支持，並且他們會收到短信。謝謝你們。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。