Domo Inc (DOMO) 2024 Q1 法說會逐字稿

Hello, and welcome to the Domo Q1 Fiscal Year 2024 Earnings Call. (Operator Instructions)

您好，歡迎參加 Domo 2024 財年第一季度收益電話會議。 （操作員說明）

I will now turn the conference over to Peter Lowry, Domo Vice President of Investor Relations. Please go ahead.

我現在將會議交給 Domo 投資者關係副總裁 Peter Lowry。請繼續。

Good afternoon, and welcome. On the call today, we have Josh James, our Founder and CEO; and David Jolley, our Chief Financial Officer. I'll lead off with our safe harbor statement and then onto the call.

下午好，歡迎光臨。今天的電話會議有我們的創始人兼首席執行官 Josh James；以及我們的首席財務官 David Jolley。我將首先發表我們的安全港聲明，然後進行電話會議。

Our press release was issued after the market closed and is posted on the Investor Relations section of our website where this call is also being webcast. Statements made on this call include forward-looking statements related to our business under federal securities laws. These include statements about future and prospects or financial projections, our cash requirements plans and expectations for our pricing go-to-market strategy, product adoption and product impact. Our expectations for our sales team and new business opportunities and initiatives, the potential of AI and its impact on our business and the impact of macroeconomic and other conditions on our business.

我們的新聞稿是在市場收盤後發布的，並發佈在我們網站的投資者關係部分，該電話會議也進行了網絡直播。本次電話會議中發表的聲明包括根據聯邦證券法與我們的業務相關的前瞻性聲明。其中包括有關未來和前景或財務預測的聲明、我們的現金需求計劃以及對我們的定價上市策略、產品採用和產品影響的預期。我們對銷售團隊的期望以及新的業務機會和舉措、人工智能的潛力及其對我們業務的影響以及宏觀經濟和其他條件對我們業務的影響。

These statements are subject to a variety of risks, uncertainties and assumptions. For a discussion of these risks and uncertainties, please refer to documents we file with the SEC, including today's press release, our most recently filed annual report on Form 10-K and our most recently filed quarterly report on Form 10-Q. These documents contain and identify important risk factors and other information that may cause our actual results to differ materially from those contained in our forward-looking statements.

這些陳述受到各種風險、不確定性和假設的影響。有關這些風險和不確定性的討論，請參閱我們向 SEC 提交的文件，包括今天的新聞稿、我們最近提交的 10-K 表年度報告以及我們最近提交的 10-Q 表季度報告。這些文件包含並確定了可能導致我們的實際結果與前瞻性陳述中包含的結果存在重大差異的重要風險因素和其他信息。

In addition, during today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of Domo's performance. Other than revenue, unless otherwise stated, we will be discussing our results of operations on a non-GAAP basis. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from our GAAP results. Please refer to the tables in our earnings press release for a reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measure, which we have posted to the Investor Relations section of our website.

此外，在今天的電話會議中，我們將討論非公認會計準則財務指標，我們認為這些指標可作為 Domo 業績的補充指標。除收入外，除非另有說明，我們將在非公認會計原則的基礎上討論我們的經營業績。這些非公認會計原則措施應作為我們公認會計原則結果的補充，而不是替代或孤立於我們的公認會計原則結果。請參閱我們的收益新聞稿中的表格，了解我們的非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬情況，我們已將其發佈到我們網站的投資者關係部分。

With that, I'll turn it over to Josh. Josh?

有了這個，我會把它交給喬希。喬什？

Thank you, Pete, and thank you, everyone, for joining the call today.

謝謝皮特，也謝謝大家今天加入電話會議。

I'm going to touch on some of my key priorities in getting back to growth, highlight a few Q1 customer wins, give some product updates, including how we're thinking about recent developments in AI.

我將談到恢復增長的一些關鍵優先事項，重點介紹一些第一季度的客戶勝利，提供一些產品更新，包括我們如何考慮人工智能的最新發展。

In Q1, total revenue growth was 7%. Our subscription revenue growth was 10% and billings declined 4%. These metrics highlight the fact that 3 months ago, we walked into a situation where there were disturbing trends and trajectories. We feel good as a team that we have been able to stabilize things and reenergize the organization and get poised for the future. My top priority as CEO is to get our growth rate up and to do so in a financially responsible manner.

第一季度總收入增長7%。我們的訂閱收入增長了 10%，賬單下降了 4%。這些指標突顯了這樣一個事實：三個月前，我們遇到了令人不安的趨勢和軌跡。作為一個團隊，我們感覺很好，我們能夠穩定局勢，為組織注入新的活力，並為未來做好準備。作為首席執行官，我的首要任務是提高我們的增長率，並以對財務負責的方式實現這一目標。

What's going to bring us back to growth is a relentless focus on our customers, and a motivated and aligned sales team. I also think there's a lot of potential upside in how we price and go to market, which I will also talk about today. Focusing on our customers is exactly what I've been spending my time on since my return. It was a very productive quarter, and I couldn't be more excited about the feedback we're getting from customer interactions.

讓我們恢復增長的是對客戶的不懈關注，以及一支積極進取、團結一致的銷售團隊。我還認為我們的定價和上市方式有很多潛在的好處，我今天也將討論這一點。自從我回國以來，我一直把時間花在關注客戶身上。這是一個非常富有成效的季度，我對從客戶互動中獲得的反饋感到非常興奮。

As I visited with some of our largest customers and prospects, it's clear we are providing tremendous value to some of the best brands in the world. I heard numerous examples of how companies are using Domo to foster a data-driven culture that transforms curiosity into business impact.

當我拜訪了一些最大的客戶和潛在客戶時，很明顯我們正在為世界上一些最好的品牌提供巨大的價值。我聽說過許多公司如何使用 Domo 培育數據驅動文化，將好奇心轉化為業務影響力的例子。

For example, the Chief Data Officer of one of our largest customers in Japan told me to expect broad adoption of Domo in the business. When I asked her why? She said, it's simple. I tell them if you want to use our legacy solution that's bundled with other stuff and come to me for reports, you can do that or you can just use Domo. This is an example of where our differentiation as a data experience platform really stands out. If frees IT and data professionals just like this customer from a backlog of data requests while equipping broader employees with information that will make their work more impactful.

例如，我們日本最大客戶之一的首席數據官告訴我，預計 Domo 在該業務中得到廣泛採用。當我問她為什麼？她說，很簡單。我告訴他們，如果您想使用我們與其他東西捆綁在一起的遺留解決方案並向我尋求報告，您可以這樣做，也可以只使用 Domo。這是我們作為數據體驗平台的差異化真正脫穎而出的一個例子。如果能夠像該客戶一樣將 IT 和數據專業人員從積壓的數據請求中解放出來，同時為更廣泛的員工提供信息，使他們的工作更具影響力。

We had another Fortune 100 companies users demonstrate how much faster we add value with data integrations and no-code apps built in 3 or 4 hours where our top 2 competitors didn't work after 18 months of trying. We expect a large upsell there. We also had great customer interactions at our annual user conference, Domopalooza where we heard how companies like Ford, UHG, TaylorMade and Sephora are transforming their companies with data.

我們讓另一位財富 100 強公司的用戶展示了我們通過數據集成和在 3 或 4 小時內構建的無代碼應用程序來增加價值的速度有多快，而我們的排名前 2 的競爭對手經過 18 個月的嘗試後卻無法發揮作用。我們預計那裡會有大量的追加銷售。我們還在年度用戶大會 Domopalooza 上進行了精彩的客戶互動，會上我們聽到了福特、UHG、泰勒梅和絲芙蘭等公司如何利用數據實現公司轉型。

We launched our on-the-road customer connections tour and our Domo Central customer community hub with great success, and we're thrilled to see some of our largest international customers host their first annual Domo Day to rally their entire companies around the possibilities of our platform. And in Q1, we had a number of notable wins, all of which showcase our ability to unseat some significant competitors.

我們推出了路上客戶聯繫之旅和 Domo Central 客戶社區中心並取得了巨大成功，我們很高興看到我們的一些最大的國際客戶舉辦了他們的第一個年度 Domo Day，以團結他們的整個公司圍繞以下可能性：我們的平台。在第一季度，我們取得了許多引人注目的勝利，所有這些都展示了我們擊敗一些重要競爭對手的能力。

First was a new logo win with a U.S.-based construction manufacturing holding company. The company was challenged to combine the disparate data across its multiple subsidiaries through its existing provider. They chose Domo thanks to our ability to bring it all together under 1 master parent account with complete visibility through the ease of a mobile app. We also won business with a private equity firm that chose Domo to replace its existing BI solutions because they could not integrate all the data sources they needed to report on the performance of their portfolio companies.

首先是贏得一家美國建築製造控股公司的新標誌。該公司面臨的挑戰是通過現有的提供商整合多個子公司的不同數據。他們選擇 Domo 是因為我們能夠將所有內容整合到 1 個主家長帳戶下，並通過移動應用程序輕鬆實現完全可見性。我們還贏得了一家私募股權公司的業務，該公司選擇 Domo 來取代其現有的 BI 解決方案，因為他們無法集成報告其投資組合公司業績所需的所有數據源。

With Domo's robust connector library, the company is able to provide reporting across new and existing portfolio companies. And we've already started Q2 with an exciting new logo win, the Fortune 500 multinational lodging vendor chose Domo to share data with its hotel franchisees in a platform that is scalable, easy to use and cost-effective.

憑藉 Domo 強大的連接器庫，該公司能夠提供新的和現有的投資組合公司的報告。我們已經在第二季度開始贏得了令人興奮的新徽標，財富 500 強跨國酒店供應商選擇 Domo 在一個可擴展、易於使用且經濟高效的平台上與其酒店特許經營商共享數據。

Domo replaced a technology from one of our most significant competitors. All of this shows the tremendous momentum we're seeing with customers around the world as we deliver agile data experiences that spark both curiosity and enable exponential business impact.

Domo 取代了我們最重要的競爭對手之一的技術。所有這些都顯示了我們在世界各地的客戶中看到的巨大勢頭，因為我們提供敏捷的數據體驗，激發好奇心並實現指數級的業務影響。

Beyond a relentless focus on our customers, another growth driver is going to be an aligned and motivated sales force. We entered this year with much more stability in our sales force than we had last year, and I feel even more confident after Q1. I've been spending a lot of time with our sales force, and I can tell you that they are incredibly motivated to go execute against the targets we have all outlined, and that includes customers of all sizes. We've aligned the sales force very closely to how we were structured when we were executing consistently well in fiscal year '21 and '22.

除了對客戶的不懈關注之外，另一個增長動力將是一支團結一致、積極進取的銷售隊伍。今年我們的銷售隊伍比去年更加穩定，第一季度之後我感覺更加自信。我花了很多時間與我們的銷售人員相處，我可以告訴你，他們非常有動力去執行我們列出的目標，其中包括各種規模的客戶。當我們在 21 財年和 22 財年持續表現良好時，我們已經將銷售隊伍與我們的結構緊密結合起來。

In Q1, we had just 5 sales reps leave the company in what is a seasonally high rep attrition quarter. We think it reflects a committed sales force. We also have a much tighter alignment between marketing and sales. The top of the funnel continues to grow. And although deals are taking longer in this environment, our pipeline is building.

第一季度，我們只有 5 名銷售代表離開公司，這是季節性高銷售代表流失的季度。我們認為這反映了一支忠誠的銷售隊伍。我們在營銷和銷售之間也有更緊密的配合。漏斗的頂部繼續增長。儘管在這種環境下交易需要更長的時間，但我們的渠道正在建設中。

And then finally, I think we have upside in how we price and go to market with our products. We've been increasing our ability to provide access to Domo on a consumption pricing basis because we believe this will remove many of the barriers to adoption and better align our pricing to the value delivered to our customers. This allows us to offer our seat licenses to our customers for free. Our visualization and seats are free and we just charge for consumption. We think this will dramatically alter our outcomes positively. We currently have over 150 customers on our consumption pricing model, which represents over 5% of our customer base and over 11% of our ARR. Initial feedback has been positive.

最後，我認為我們的產品定價和上市方式都有優勢。我們一直在增強以消費定價為基礎提供 Domo 訪問權限的能力，因為我們相信這將消除許多采用障礙，並使我們的定價更好地與為客戶提供的價值保持一致。這使我們能夠免費向客戶提供座位許可證。我們的可視化和座位都是免費的，我們只收取消費費用。我們認為這將極大地積極改變我們的成果。目前，我們的消費定價模型有超過 150 個客戶，占我們客戶群的 5% 以上，占我們 ARR 的 11% 以上。初步反饋是積極的。

The consumption model enables PLG, or product-led growth, where adoption drives upsell without the need to negotiate around seats. It makes the product more discoverable because a customer has access to the entire platform, and they only pay for what they use.

這種消費模式實現了 PLG（即產品主導型增長），採用率可以推動追加銷售，而無需圍繞席位進行談判。它使產品更容易被發現，因為客戶可以訪問整個平台，並且只需為他們使用的內容付費。

In Q1, we have already seen significant upsells from companies wanting to take advantage of more premium Domo features by moving to a consumption model. For example, we are seeing our consumption customers expanding in areas like data science, whereas before they either didn't know it existed in our platform or they weren't willing to pay for it without trying it first. We've been very deliberate and careful about how we have tested and rolled it out, but we have almost a year's worth of data around it, and we are ready for prime time.

在第一季度，我們已經看到一些公司希望通過轉向消費模式來利用更優質的 Domo 功能，從而大幅增加銷售。例如，我們看到我們的消費客戶在數據科學等領域不斷擴張，而在此之前他們要么不知道它存在於我們的平台中，要么在沒有先嘗試的情況下不願意付費。我們對如何測試和推出它非常深思熟慮和謹慎，但我們擁有近一年的數據，我們已經為黃金時間做好了準備。

At Domopalooza in March, we also announced a variety of product updates that allow users of any skill level to unlock new data, create new content, drive action and expand their impact on the business. As a result, we're seeing a significant rise in adoption as customers realize the value of our expanding product suite. Among these products are solutions that enhance our pro-code capabilities to increase Domo's appeal to data and IT professionals, most notably, Jupyter workspaces.

在 3 月份的 Domopalooza 上，我們還宣布了各種產品更新，允許任何技能水平的用戶解鎖新數據、創建新內容、推動行動並擴大其對業務的影響。因此，隨著客戶意識到我們不斷擴展的產品套件的價值，我們的採用率顯著上升。這些產品中的一些解決方案可以增強我們的專業代碼功能，以增加 Domo 對數據和 IT 專業人員的吸引力，尤其是 Jupyter 工作區。

We also shared several updates to low to mid-code features, including our Microsoft Office Suite integration and our variable solution, which are seeing rapid adoption across our customer base. All of these investments work together to make our customers even more successful sharing data that is actionable for everyone regardless of data acumen. The impact of our data experience platform is also earning us recognition from the industry analyst community.

我們還分享了對中低代碼功能的多項更新，包括我們的 Microsoft Office 套件集成和可變解決方案，這些功能在我們的客戶群中得到了快速採用。所有這些投資共同作用，使我們的客戶能夠更加成功地共享數據，無論數據敏銳度如何，每個人都可以採取行動。我們的數據體驗平台的影響力也為我們贏得了行業分析師社區的認可。

This quarter, Domo was named a leader in the Nucleus Research 2023 Analytics Technology Value Matrix for the third consecutive year. And for the seventh consecutive year, we were ranked the #1 vendor in the Dresner Advisory Services 2023 Cloud Computing and BI Market Study, beating out 17 other contenders. This type of recognition opens the door to new potential for increased opportunity with business and data leaders who want natural working environments that make data sharing effortless. All these investments make our customers even more successful at creating data experiences that are actionable for everyone. Clearly, it's an exciting time in our industry with emerging tech like large language models, accelerating the proliferation of AI and ML.

本季度，Domo 連續第三年被 Nucleus Research 2023 分析技術價值矩陣評為領導者。我們連續第七年在 Dresner Advisory Services 2023 年雲計算和 BI 市場研究中排名第一，擊敗了其他 17 家競爭者。這種類型的認可為那些希望在自然的工作環境中輕鬆共享數據的業務和數據領導者打開了新的潛力之門，增加了機會。所有這些投資使我們的客戶在創造對每個人都可行的數據體驗方面更加成功。顯然，對於我們的行業來說，這是一個激動人心的時刻，大型語言模型等新興技術加速了人工智能和機器學習的擴散。

It has been incredible to see ChatGPT become a household resource in a matter of months and has highlighted the tremendous potential of these technologies. At Domo, we've always been excited about the promise of AI and are focused on integrating it in ways that add tangible value to our customers' data environments. True to our business, we tailor our AI solutions to benefit everyone across an organization from data scientists and app developers to business users and leaders and AI is only as powerful as the data connected to it. We happen to have the most end-to-end connected data stack in the world, opening up numerous possibilities with workflows, alert-based actions and automated apps. Businesses recognize the transformative potential of AI, but many grapple with how to optimally integrate and manage the diverse range of AI models available without being locked into a single one such as [ChatGPT] or Google Bard.

令人難以置信的是，ChatGPT 在短短幾個月內就成為家庭資源，並凸顯了這些技術的巨大潛力。在 Domo，我們一直對人工智能的前景感到興奮，並專注於以為客戶的數據環境增加切實價值的方式集成它。忠於我們的業務，我們量身定制人工智能解決方案，以使組織中的每個人受益，從數據科學家和應用程序開發人員到業務用戶和領導者，人工智能的強大程度取決於與其連接的數據。我們恰好擁有世界上最端到端的連接數據堆棧，通過工作流程、基於警報的操作和自動化應用程序開闢了無數可能性。企業認識到人工智能的變革潛力，但許多企業都在努力解決如何以最佳方式集成和管理各種可用的人工智能模型，而不局限於 [ChatGPT] 或 Google Bard 等單一模型。

Although these large language models has significant power, enterprise use cases are still nascent compared to the outcomes driving the hype cycle. What's different about our AI service layer is that it gives businesses the freedom to select and integrate models securely. And by simplifying and infusing flexibility into the process, businesses can take advantage of the power of AI without being bogged down by the complexities of the AI ecosystem. The result is that our customers have control over which models are used, how and when, it's easy to manage, deploy and optimize and let users host their own models and solutions right in our data experience platform to support real-world use cases that matter to everyone, technical and business teams alike.

儘管這些大型語言模型具有強大的功能，但與推動炒作週期的結果相比，企業用例仍然處於萌芽狀態。我們的人工智能服務層的不同之處在於，它讓企業可以自由地安全地選擇和集成模型。通過簡化流程並為其註入靈活性，企業可以充分利用人工智能的力量，而不會因人工智能生態系統的複雜性而陷入困境。結果是，我們的客戶可以控制使用哪些模型、如何以及何時使用，易於管理、部署和優化，並讓用戶可以在我們的數據體驗平台中託管自己的模型和解決方案，以支持重要的實際用例面向所有人，無論是技術團隊還是業務團隊。

And I'm excited to announce here today that our AI service layer will be available in June. I'm also excited to announce that our AI Text to SQL, our AI text to Beast Mode and our AI text generation are available now, access via a Domo Brick in the Domo app store. We believe we will be a powerful player in the AI field, as it develops.

今天我很高興在這裡宣布，我們的 AI 服務層將於 6 月推出。我還很高興地宣布，我們的 AI 文本到 SQL、AI 文本到 Beast 模式以及 AI 文本生成功能現已推出，可通過 Domo 應用商店中的 Domo Brick 進行訪問。我們相信，隨著人工智能領域的發展，我們將成為人工智能領域的強大參與者。

In closing, I've been back for a quarter. We have turned the ship around and are building momentum in the right direction. Over the next 2 to 3 quarters, I anticipate we will see these efforts start to show in renewed increasing growth rates. We have the right products, we have the market opportunity, and we have the sales capacity we need to grow. The entire company is energized to execute for the remainder of the year, and I'm very confident in our future.

最後，我已經回來四分之一了。我們已經扭轉局面，並正在朝著正確的方向積蓄動力。在接下來的 2 到 3 個季度中，我預計我們將看到這些努力開始以新的增長速度顯現出來。我們擁有合適的產品，我們擁有市場機會，我們擁有增長所需的銷售能力。整個公司都充滿活力地執行今年剩餘的時間，我對我們的未來非常有信心。

All right. Over to you, David.

好的。交給你了，大衛。

Thanks, Josh. I'm also very bullish about Domo's prospects after having been in the seat now for almost 3 months. In Q1, we posted 10% subscription revenue growth and 7% total revenue growth. We slightly exceeded the billings guidance we provided at the beginning of the quarter. We delivered Q1 billings of $70.3 million, a year-over-year decrease of a little under 4%.

謝謝，喬什。在擔任 Domo 近三個月後，我也非常看好 Domo 的前景。第一季度，我們的訂閱收入增長了 10%，總收入增長了 7%。我們略微超出了本季度初提供的賬單指導。我們第一季度的營收為 7030 萬美元，同比下降略低於 4%。

In reviewing the metrics that will impact the remainder of the year, our current RPO of $237.5 million grew 6% year-over-year, and our total RPO grew 1% to $356.7 million, our ARR grew in line with our subscription revenue growth. An area where we saw continued success was multiyear contracts, on a dollar-weighted measure, we now have 65% of our customers in our multiyear contracts at the end of Q1, up from 64% a year ago. Our gross retention improved from Q4 and approach nearly 90%, and our net retention was just above 100%, down slightly from Q4. Excluding the impact of foreign currency fluctuations, our NRR would have been about 2% higher.

在審查將影響今年剩餘時間的指標時，我們當前的 RPO 為 2.375 億美元，同比增長 6%，我們的總 RPO 增長了 1%，達到 3.567 億美元，我們的 ARR 增長與訂閱收入增長一致。我們持續取得成功的一個領域是多年期合同，以美元加權衡量，截至第一季度末，我們有 65% 的客戶簽訂了多年期合同，高於一年前的 64%。我們的總留存率較第四季度有所改善，接近 90%，淨留存率略高於 100%，較第四季度略有下降。排除外匯波動的影響，我們的NRR會高出2%左右。

Q1 total revenue was $79.5 million, a year-over-year increase of 7%. Subscription revenue represented 89% of total revenue and grew at 10% year-over-year. International revenue in the quarter represented 21% of total revenue consistent with Q1 of last year. Our subscription gross margin was 85.9%, up 1.3 percentage points from Q1 of last year and up 0.3 percentage points from Q4, reflecting continued optimization of our third-party hosting services.

第一季度總收入為 7950 萬美元，同比增長 7%。訂閱收入佔總收入的89%，同比增長10%。本季度國際收入佔總收入的 21%，與去年第一季度持平。我們的訂閱毛利率為85.9%，比去年第一季度上升1.3個百分點，比第四季度上升0.3個百分點，反映出我們第三方託管服務的持續優化。

In Q1, our non-GAAP operating margin was up 2.7 percentage points from a year ago, non-GAAP operating margin primarily excludes stock-based compensation as well as executive severance, which was related to the transition of C-level executives.

第一季度，我們的非 GAAP 營業利潤率比去年同期增長了 2.7 個百分點，非 GAAP 營業利潤率主要不包括股票薪酬以及高管遣散費，這與 C 級高管的過渡有關。

Our net loss was $6.1 million, down from $7.6 million a year ago, and our net loss per share was $0.17. This is based on 35.2 million weighted average shares outstanding, basic and diluted. In Q1, cash provided by operations was $800,000. In total, our cash balance declined just $0.5 million from last quarter to $66 million. We expect second quarter cash flow from operations to be slightly negative. However, we continue to expect full year fiscal '24 forecast from operations to be positive.

我們的淨虧損為 610 萬美元，低於一年前的 760 萬美元，每股淨虧損為 0.17 美元。這是基於 3520 萬股已發行加權平均股（基本股和稀釋股）。第一季度，運營提供的現金為 800,000 美元。總的來說，我們的現金餘額比上季度僅減少了 50 萬美元，降至 6600 萬美元。我們預計第二季度運營現金流將小幅負值。然而，我們仍然預計 24 財年全年的運營預測將是積極的。

We believe we've got adequate cash in order to continue to pursue our business objectives. While we're pleased that our actual results for Q1 came in better than our original model expectations for sales rep attrition and gross retention our Q2 and full year guidance reflects continued conservatism about how the macro may impact conversion rates and timing and resulting new business. For Q2, we are guiding to billings of about $69 million to $70 million, which is relatively flat sequentially, consistent with the trend we've seen over the past 3 years and down 5% year-over-year.

我們相信我們有足夠的現金來繼續追求我們的業務目標。雖然我們很高興第一季度的實際結果優於我們對銷售代表流失和毛保留率的原始模型預期，但我們第二季度和全年的指導反映了我們對宏觀經濟如何影響轉化率和時機以及由此產生的新業務的持續保守態度。對於第二季度，我們預計營收約為 6900 萬至 7000 萬美元，與上一季度相比相對持平，與我們過去 3 年看到的趨勢一致，同比下降 5%。

For full year billings growth, we are providing a range of about $335 million to $353 million, representing a range of 4% to 9% growth. Looking ahead to the second half of the year, we continue to believe we're in a good position to accelerate our billings over the first half outlook as we expect growth in our ramped sales capacity to accelerate.

對於全年的賬單增長，我們提供的範圍約為 3.35 億至 3.53 億美元，相當於 4% 至 9% 的增長。展望今年下半年，我們仍然相信我們處於有利位置，可以在上半年展望中加速我們的賬單，因為我們預計我們的銷售能力將加速增長。

Now to guidance for our GAAP metrics. For the second quarter of FY '24, we expect GAAP revenue to be in the range of $78.5 million to $79.5 million. We expect non-GAAP net loss per share basic and diluted of $0.07 to $0.11. This assumes 35.9 million weighted average shares outstanding, basic and diluted.

現在介紹我們的 GAAP 指標指南。對於 24 財年第二季度，我們預計 GAAP 收入將在 7850 萬美元至 7950 萬美元之間。我們預計非 GAAP 每股基本虧損和攤薄淨虧損為 0.07 美元至 0.11 美元。假設已發行的基本股和稀釋股的加權平均股數為 3590 萬股。

For the full year of fiscal '24, we expect GAAP revenue to be in the range of $323 million to $330 million, representing year-over-year growth of 5% to 7%. We expect non-GAAP net loss per share basic and diluted of $0.27 to $0.39. This assumes 36.1 million weighted average shares outstanding, basic and diluted. Our EPS guidance implies a positive operating margin in Q2 and for the full year. Our annual guidance is consistent with the guidance we provided last quarter.

對於 24 財年全年，我們預計 GAAP 收入將在 3.23 億美元至 3.3 億美元之間，同比增長 5% 至 7%。我們預計非 GAAP 每股基本虧損和攤薄淨虧損為 0.27 美元至 0.39 美元。假設已發行的基本股和稀釋股的加權平均股數為 3,610 萬股。我們的每股收益指引意味著第二季度和全年的營業利潤率為正。我們的年度指導與我們上季度提供的指導一致。

In closing, we were able to achieve our Q1 results that were in line to slightly better than expectations as outlined in our guidance last quarter. We believe we have great alignment between sales and marketing and a sales force that is reenergized to hit their quotas and we believe we're in a good position to accelerate our billings in the second half of the year as the sales reps we have on board continue to ramp.

最後，我們實現了第一季度的業績，略好於我們上季度指導中概述的預期。我們相信，我們的銷售和營銷之間具有良好的一致性，並且銷售隊伍能夠重新煥發活力，以達到他們的配額，而且我們相信，隨著我們現有的銷售代表，我們有能力在今年下半年加速我們的賬單繼續斜坡。

With that, we'll open the call for questions. Operator?

至此，我們將開始提問。操作員？

(Operator Instructions) Your first question comes from the line of Derrick Wood with TD Cowen.

（操作員說明）您的第一個問題來自 Derrick Wood 和 TD Cowen 的線路。

Josh, I know one of the initiatives you plan to focus on was rebuilding the large deal pipeline. I just -- just wondering if you could shed some light on what that looks like? Is that reengaging with C-level folks at existing customers? Is that identifying some larger new prospects. Just wondering how those efforts have gotten off the ground and when you are thinking about kind of how that translates into dividends and closed deals in the quarters ahead.

喬什，我知道您計劃重點關注的舉措之一是重建大型交易渠道。我只是——只是想知道你能否解釋一下它是什麼樣子的？這是與現有客戶的 C 級人員重新接觸嗎？這是確定一些更大的新前景嗎？只是想知道這些努力是如何取得進展的，以及當你考慮這些努力如何轉化為股息並在未來幾個季度完成交易時。

Sorry, can you repeat that first question?

抱歉，您能重複一下第一個問題嗎？

Yes. Can you hear me?

是的。你能聽到我嗎？

Yes.

是的。

Yes, we can now. We had to change to rooms. We had a technical issue on our side. So yes please repeat.

是的，我們現在可以了。我們不得不換房間。我們這邊遇到了技術問題。所以是的，請重複。

Okay. Yes. So Josh, I was asking about the efforts in building large deal pipelines and I know that was going to be a big focus for you. Just was hoping to kind of hear what some of those initiatives look like? Is that trying to reengage with C-level folks at existing customers? Is that building up new large prospects. Just wondering how those efforts have gotten off the ground and how you're thinking about the sales cycles and when the dividend should start to pay off?

好的。是的。喬希，我問的是建設大型交易渠道的努力，我知道這將是您關注的重點。只是希望聽聽其中一些舉措是什麼樣的？這是試圖與現有客戶的 C 級人員重新互動嗎？這就是建立新的大前景嗎？只是想知道這些努力是如何取得進展的，以及您如何考慮銷售週期以及股息何時開始獲得回報？

Yes, Great. I mean it's not so much about the big deal pipeline is just reengaging with customers anywhere and everywhere. So any of the reps that have interesting relationships from conversations with customers and prospects, definitely trying to go out and see them. I'm sure I'm talking to at least 1 or 2 customers a day and a lot of travel. And just again, like I mentioned in the prepared remarks, trying to reengage the sales force, get everyone excited and make sure the whole company sees that we're leaning in, doing anything and everything we can to close the deals and then upsell.

對，很好。我的意思是，這與大宗交易渠道無關，而只是與任何地方的客戶重新互動。因此，任何通過與客戶和潛在客戶的對話而建立有趣關係的代表，肯定會嘗試出去見見他們。我確信我每天至少要與 1 到 2 位客戶交談，並且要經常出差。再次，就像我在準備好的發言中提到的那樣，試圖重新吸引銷售人員，讓每個人都興奮起來，並確保整個公司都看到我們正在努力，盡一切努力來完成交易，然後進行追加銷售。

And I would say in terms of the big deal pipeline, that's probably been the biggest difference maker is going into our current accounts where we already have established relationships where they are already thinking positively and they're predisposed to want to do more business with us. and finding the senior level executives there, facilitating conversations, and that's worked.

我想說，就大交易渠道而言，最大的差異可能是進入我們的經常賬戶，我們已經建立了關係，他們已經在積極思考，並且他們傾向於與我們做更多業務。找到那裡的高級管理人員，促進對話，這很有效。

And we have found a bunch of opportunities, definitely increase the pipeline meaningfully for the enterprise business in particular. And in terms of when that will come to fruition when we'll start seeing those dollars. I think there's a chance that we could see some of that this quarter. Definitely, we'll see those things in Q3 and Q4 playing out.

我們發現了很多機會，肯定會增加管道，特別是對企業業務有意義。當我們開始看到這些美元時，這一目標何時會實現。我認為本季度我們有可能看到其中的一些情況。當然，我們會在第三季度和第四季度看到這些事情的發生。

But yes, a lot of great conversations, a lot of customers leaning in. The macro is certainly not as positive as it has been historically as we all know. But one thing that we've seen with our customers because we do help them save money, we do help them find revenue. If we already have a relationship, we're already -- relationship, we're already an established vendor we can find deals intra-quarter that aren't on their project list. And because they trust is we can do a quick proof-of-concept and away we go. So I think we're going to find some contracts that way.

但是，是的，有很多精彩的對話，有很多客戶願意參與。宏觀經濟肯定不像我們所知的那樣積極。但我們在客戶身上看到了一件事，因為我們確實幫助他們省錢，我們確實幫助他們找到了收入。如果我們已經建立了關係，那麼我們已經是關係，我們已經是一個成熟的供應商，我們可以找到不在他們的項目列表上的季度內交易。因為他們相信我們可以快速進行概念驗證，然後我們就可以出發了。所以我認為我們會通過這種方式找到一些合同。

Yes, that's great to hear. On the consumption push, it sounds like there's a little bit of a change in focus here. Maybe stepping on the pedal a little bit more. Can you just talk about how broad you're going to try to push this, when you do flip customers to consumption, is it kind of net neutral initially? And then do you see stronger expansion motions once you kind of get customers on board?

是的，很高興聽到這個消息。在消費推動方面，聽起來焦點似乎發生了一些變化。也許多踩一點踏板。您能否談談您將嘗試在多大範圍內推動這一點，當您確實將客戶轉向消費時，最初是網絡中立的嗎？一旦你吸引了客戶，你會看到更強烈的擴張行動嗎？

And then just kind of a third part to that, is that a way to monetize some of the stuff you're doing with generative AI, it seems like that could be an easier way to monetize LLM and some of the things that come with that.

第三部分是一種將你用生成人工智能所做的一些事情貨幣化的方法，這似乎是一種更簡單的方法來將 LLM 以及隨之而來的一些東西貨幣化。

For sure, for sure. Yes, it helps us -- there's a lot of functionality we've added into the platform over the years. But when you're charging per seat, every single time they want to try something, you have to go out and they have to get approval for it internally. And then we have to get them into some kind of a trial and now with the way we're doing things with consumption, it's all just sitting there at the fingertips.

肯定的，肯定的。是的，它對我們有幫助——多年來我們在平台中添加了很多功能。但是，當你按座位收費時，每次他們想要嘗試某些東西時，你都必須出去，並且他們必須獲得內部批准。然後我們必須讓它們進行某種試驗，現在按照我們處理消費的方式，一切都觸手可及。

And so they can try it out and pay for it for the day that they use it or 2 days that they use it and it just really provides a lot more flexibility. One of the things that we've seen already is with our data science, our data science efforts that we have, which leads us right into the AI conversations. The take rate from our consumption customers is more than double than it is for our regular customer base. And that's -- our consumption customers have only been with us for a year. So it's -- that's something that we're seeing is the take rate on the addition of products and services is dramatically different.

因此，他們可以試用並按使用當天或使用 2 天付費，這確實提供了更大的靈活性。我們已經看到的一件事是我們的數據科學，我們所做的數據科學努力，它引導我們直接進入人工智能對話。我們的消費客戶的使用率是我們常規客戶群的兩倍多。那就是——我們的消費客戶才加入我們一年。所以我們看到的是，添加產品和服務的接受率是截然不同的。

In terms of -- I think you asked a couple of different parts of your question. In terms of the pace, yes, we are definitely speeding it up. The more data we get, the more excited we get. And so that gives us the confidence to be able to lean into it. I was -- I tried to be very thoughtful in the remarks that we made that we've been very judicious and deliberate about evaluating this change. And as people internally are quoting, it's not just a change in pricing, it's a change in approach.

就——我認為你問了問題的幾個不同部分。就速度而言，是的，我們肯定會加快速度。我們獲得的數據越多，我們就越興奮。這讓我們有信心能夠投入其中。我試圖在我們發表的言論中非常深思熟慮，我們在評估這一變化時非常明智和深思熟慮。正如內部人士所說，這不僅僅是定價的變化，更是方法的變化。

We get to go and interact with our customers and help them find ways to improve their business without having any conversations about seats. We get to be more consultative in terms of the relationships that we have with them. And this is definitely also in response to Power BI. There's -- I've had conversations with CIOs of Fortune 100 companies that tell me that Power BI is free. I'm like, "Oh, that's great. So are we". And they look at me kind of funny, I'm like, yes, we're exactly free, exactly the same way that Power BI is free. And they're like, what do you mean? I'm like will you pay for Power BI. Every time you use it, you pay for it. You have an Azure account that you pay for. And they're like, "Oh, yes, I guess that is true, but they're free. So are we". We're free. free99, baby, we are free.

我們可以去與客戶互動，幫助他們找到改善業務的方法，而無需進行任何有關座位的對話。我們在與他們的關係方面可以更加協商。這絕對也是對 Power BI 的回應。我與財富 100 強公司的 CIO 進行過交談，他們告訴我 Power BI 是免費的。我想，“哦，那太好了。我們也是”。他們用一種有趣的方式看著我，我想，是的，我們完全免費，就像 Power BI 是免費的一樣。他們就像，你是什麼意思？我想你願意為 Power BI 付費嗎？每次使用它時，您都需要付費。您有一個需要付費的 Azure 帳戶。他們就像，“哦，是的，我想這是真的，但他們是免費的。我們也是”。是免費的。 free99，寶貝，我們自由了。

And I think that resonates really well with customers. And by definition, if we don't have site-wide license, then they're using our competitors. So this will help us shore up all the relationships that we have, I think, in a more meaningful way and then provide a lot more opportunities for growth because you're not limited to the use cases that they got approval for beforehand to purchase. Now there's use cases that are popping up and there's people all over the organization that are trying things. So we've definitely noticed that when we sign up a customer via consumption compared to seat licenses, that after 12 months, we have a higher contract value, a meaningfully higher contract value from our consumption model than we do from the traditional user-based licensing. So I don't know if you want to add anything, David, to that.

我認為這與客戶產生了很好的共鳴。根據定義，如果我們沒有站點範圍的許可證，那麼他們就會使用我們的競爭對手。因此，我認為，這將幫助我們以一種更有意義的方式鞏固我們擁有的所有關係，然後提供更多的增長機會，因為你不再局限於他們事先獲得批准購買的用例。現在，用例不斷湧現，整個組織中都有人在嘗試。因此，我們肯定注意到，與席位許可證相比，當我們通過消費註冊客戶時，12 個月後，我們的合同價值更高，我們的消費模式比傳統的基於用戶的合同價值明顯更高許可。大衛，我不知道你是否想補充一些內容。

Yes. I guess the thing that's impressed me is just, again, to reiterate what Josh said, how judicious we've been on the front end to really be careful about -- it's not just a change in pricing, it's a change in philosophy of how we engage with our customers. It becomes then more about helping them identify those solutions that drive further adoption. And so it requires our AEs to think a little bit differently as well. And we've been very careful about that on the front end, and all the indicators have been very positive. So I think compounding what Josh said, I think the plan is to continue to accelerate that. Still some things that we need to do from an internal standpoint to make sure we've got all the right controls and process from an accounting perspective. But those are things that we'll just lean in to get focused on and then go much broader with our account base.

是的。我想給我留下深刻印象的事情只是再次重申喬希所說的，我們在前端是多麼明智，要真正小心謹慎——這不僅僅是定價的變化，而是理念的改變。我們與客戶互動。然後，更多的是幫助他們確定那些推動進一步採用的解決方案。因此，我們的 AE 也需要有一點不同的思考方式。我們在前端對此非常謹慎，所有指標都非常積極。因此，我認為結合喬什所說的，我認為計劃是繼續加速這一進程。從內部角度來看，我們仍然需要做一些事情，以確保從會計角度來看我們擁有所有正確的控制和流程。但這些都是我們將重點關注的事情，然後進一步擴大我們的客戶群。

Your next question comes from the line of Sanjit Singh with Morgan Stanley.

你的下一個問題來自摩根士丹利的桑吉特辛格。

Perfect. This is (inaudible) on for Sanjit. Greatly the announcements around AI and obviously, with consumption pricing that starts to make a lot of sense. I want to ask sort of 2 questions on it. One, strategically, how are you thinking about distributions and particularly the world of partnerships as it relates to AI on a go-forward basis? And then tactically, what are you seeing on the ground sort of today with customers? Is there any sense that customers are kind of pausing and evaluating the environment? Or are customers already sort of leading into this?

完美的。這是 Sanjit 的（聽不清）。主要是圍繞人工智能的公告，顯然，消費定價開始變得有意義。我想問兩個問題。第一，從戰略上講，您如何考慮與人工智能相關的發行版，特別是合作夥伴關係？然後從戰術上講，您今天在客戶那裡看到了什麼？客戶是否有停下來評估環境的​​感覺？或者客戶已經在某種程度上導致了這種情況？

Yes. Customers are definitely already leading into this. I think the biggest highlight for Domo is anybody out there that's trying to use data with artificial intelligence. To the extent that AI can be effective, it's limited by the data that it's connected to, the systems that it's connected to. And we happen to have the stack that's tightly integrated, and we would contend as the most integrated data stack in existence. And it's been a [double with shortest] . It's been very difficult to build what we've built, but at the same time, the -- we have all the metadata about the data that's inside our system. We know what connectors it came from. We know what's stored, where it's stored, how it's connected, how the data interplays and can take that all the way into data science, machine learning and AI. And we do have customers leaning in quite a meaningful way.

是的。客戶肯定已經開始這樣做了。我認為 Domo 最大的亮點是任何嘗試將數據與人工智能結合使用的人。就人工智能的有效性而言，它受到所連接的數據和所連接的系統的限制。我們碰巧擁有緊密集成的堆棧，我們將競爭為現有最集成的數據堆棧。這是一個[最短的雙]。構建我們已經構建的東西非常困難，但與此同時，我們擁有有關係統內部數據的所有元數據。我們知道它來自什麼連接器。我們知道存儲什麼、存儲在哪裡、如何連接、數據如何相互作用，並可以將其應用於數據科學、機器學習和人工智能。我們確實有客戶以非常有意義的方式傾斜。

And I think true to form, we've been pretty agnostic and we'll be agnostic about AI as well. So we'll integrate with the entire ecosystem and if you want to come in and you found that there is a specialized AI focusing on, let's say, for instance, pricing or focusing on optimization of your supply chain, focusing on inventory levels, whatever it is that you find this AI model and you want to integrate and use that with the data that you have in Domo, we'll definitely facilitate that. So we're very excited about the prospects. We think it's going to help really leverage the uniqueness of what we have built here at Domo.

我認為，一如既往，我們一直非常不可知，而且我們對人工智能也將持不可知論。因此，我們將與整個生態系統整合，如果你想進來，你發現有一個專門的人工智能專注於定價或專注於供應鏈的優化，專注於庫存水平，等等就是你找到了這個人工智能模型，並且想要將其與 Domo 中擁有的數據集成並使用，我們一定會為此提供便利。所以我們對前景感到非常興奮。我們認為這將有助於真正發揮我們在 Domo 所構建的產品的獨特性。

Your next question comes from the line of Patrick Walravens with JMP Securities.

您的下一個問題來自 JMP 證券的 Patrick Walravens。

This is Owen Hobbs on for Pat. So I was wondering if you guys could just give some commentary on what you're seeing in the demand environment for different geographies.

這是帕特的歐文·霍布斯。所以我想知道你們是否可以就不同地區的需求環境中所看到的情況發表一些評論。

In the demand environment through different what?

在需求環境中通過什麼不同？

Different geographies.

不同的地理位置。

Okay. Right now, most of the geographies are pretty much the same. We've got -- I think the biggest thing that we've noticed is if you have an established relationship, with a customer, you have an ability to get in there and sell additional products. If you have an established relationship with the prospect and you've been working with them for a quarter or 2 and they've identified a project internally it's important. And they've had time internally to lay out their case for why they should make this investment in Domo, then those are the deals that are still getting done.

好的。現在，大多數地理位置幾乎相同。我認為我們注意到的最重要的事情是，如果你與客戶建立了既定的關係，你就有能力進入那裡並銷售額外的產品。如果您與潛在客戶建立了既定的關係，並且您已經與他們合作了一兩個季度，並且他們已經在內部確定了一個項目，那麼這一點很重要。他們有時間在內部闡述為什麼應該對 Domo 進行投資，然後這些就是仍在完成的交易。

The deals that aren't getting done in any geo is, we cold call into your accounts and maybe we've met you once or twice at different conferences or in webinars, and we call in and you have no project identified trying to create that project from scratch right now and getting that approved is next to impossible.

在任何地區都無法完成的交易是，我們冷不防地打電話到您的帳戶，也許我們在不同的會議或網絡研討會上見過您一兩次，我們打電話過去，但您沒有找到任何項目來嘗試創建該交易現在從頭開始進行項目並獲得批准幾乎是不可能的。

And so it's -- that's what's dried up, people are just pausing and we're not losing deals. We're still getting the leads and they're just going and pipeline is just building for customers that aren't ready to make a decision. So hopefully, as the macro returns at some point, we'll have a whole bunch of opportunities and projects where we've been talking with prospects. But in terms of geo, Japan continues to be successful for us. We made investment there early, actually it was the first country that we went to before we even went to London, and that continues to be a good business for us. And internationally, again, the rest of the international geos, I would say, just mostly focused on where we have customers, where we have references.

所以這就是——這就是乾涸的地方，人們只是停下來，我們並沒有失去交易。我們仍在獲得線索，他們只是在繼續，管道正在為還沒有準備好做出決定的客戶建立。因此，希望隨著宏觀經濟在某個時刻回歸，我們將擁有大量與潛在客戶交談的機會和項目。但就地理位置而言，日本對我們來說仍然是成功的。我們很早就在那裡進行了投資，實際上這是我們在去倫敦之前去的第一個國家，這對我們來說仍然是一筆好生意。在國際上，我想說，其餘的國際地理主要集中在我們有客戶的地方，我們有參考資料的地方。

And then the #1 type of new deal that we get is a Domo customer that was a user at one of our previous customers and they go to a new account, and then they call us and say, "I want to do exactly the same thing". And those are the deals that we'll get intra-quarter.

然後，我們獲得的第一類新交易是 Domo 客戶，他是我們之前客戶之一的用戶，他們轉到一個新帳戶，然後他們打電話給我們並說：“我想做完全相同的事情事物”。這些是我們將在季度內達成的交易。

Great. And Josh, one for you. So this is your first full quarter back, I guess, kind of in general, retrospectively, how do you feel you guys performed versus expectations coming in?

偉大的。還有喬什，一個適合你的。所以這是你第一次完整的四分之一回歸，我想，總的來說，回顧一下，你覺得你們的表現與預期相比如何？

Well, I think you walk in, you kind of -- the hands has already been built. So you look at the hands, you try to play it the best you can and you set yourselves up for the next round, and that's what we're really trying to do. We're trying to play the hand that we have the best we can. And we mentioned everybody that -- we weren't sandbagging last time around. It was like hold on through dear life and try to make sure that we optimize this thing, we get it to cash flow breakeven and net operating margin positive within those constraints, then get the assets moved in the right places, get this swagger back, get the relationships with the customers, get some deals closed, get some momentum, get some juice because it's infectious. And I think that confidence is here.

好吧，我想你走進去，你的手已經建好了。所以你看看牌局，盡力打出最好的牌，為下一輪做好準備，這就是我們真正想做的。我們正在盡力打出我們能打出的最好的牌。我們向大家提到——上次我們沒有裝沙袋。這就像堅持度過親愛的生活，並努力確保我們優化這件事，我們在這些限制內使其實現現金流盈虧平衡和淨營業利潤率為正，然後將資產轉移到正確的地方，恢復這種昂揚的態度，與客戶建立關係，完成一些交易，獲得一些動力，獲得一些果汁，因為它具有感染力。我認為信心就在這裡。

I had a conversation with our sales consultants -- sales engineers yesterday. And I asked the question, I'm like, okay, there's a bunch of stuff going on that's not so positive in the macro, and we've had to make those adjustments here internally as well. How are you all doing with that. I kind of get a bunch of dumb looks in return, like why are you asking us that question. Yes, we get. We -- of course, we get it. Let's go. We're rallying. We're not in a pessimistic negative situation here. Let's go win some accounts. So it is really refreshing to kind of take the temperature of the team. And I think everyone here is excited about what we're doing.

昨天我與我們的銷售顧問——銷售工程師進行了交談。我問了這個問題，我想，好吧，有很多事情在宏觀上不太積極，我們也必須在內部做出這些調整。你們都怎麼樣了？我得到了一堆愚蠢的回報，比如你為什麼問我們這個問題。是的，我們明白了。我們——當然，我們明白了。我們走吧。我們正在集結。我們現在並沒有處於悲觀消極的境地。讓我們去贏得一些帳戶吧。因此，了解團隊的溫度確實令人耳目一新。我認為這裡的每個人都對我們正在做的事情感到興奮。

Consumption is going to be a game changer for us, being able to tell the world and tell customers when they're sitting there looking at Power BI for "free" and knowing that our visualization layer is free as well, our seats are free as well and moving all of our accounts over to consumption as quickly as we can is something that's energizing, knowing that we've got a freemium right on the heels of that, we generate over $10 million in freemium last year which is not a number that we're going to continue to provide, but just to help people understand the significance of that opportunity for us. And that's something that we're really focused on optimizing and improving and consumption makes that conversation a whole lot easier.

消費將改變我們的遊戲規則，能夠告訴世界並告訴客戶，當他們坐在那裡“免費”查看 Power BI 時，知道我們的可視化層也是免費的，我們的座位也是免費的好吧，盡快將我們所有的賬戶轉移到消費是一件令人振奮的事情，因為我們知道緊隨其後的是免費增值，去年我們在免費增值中創造了超過 1000 萬美元的收入，這不是一個數字我們將繼續提供，但只是為了幫助人們了解這個機會對我們的重要性。這就是我們真正專注於優化和改進的事情，消費讓這種對話變得更加容易。

So I think there's a lot of people here that are really excited about the prospects of the future. AI couldn't happen to a better company because we're so integrated top to bottom. We don't have 95 partners in order to make data platform and your data experience work. We are that data platform, we are that data experience. So AI really facilitates and dramatically improves the speed at which you can do things. So we're very excited about those prospects as well.

所以我認為這裡有很多人對未來的前景感到非常興奮。人工智能不可能發生在更好的公司身上，因為我們從上到下都是如此整合。我們沒有 95 個合作夥伴來讓數據平台和您的數據體驗發揮作用。我們就是那個數據平台，我們就是那個數據體驗。因此，人工智能確實促進並顯著提高了你做事的速度。因此，我們對這些前景也感到非常興奮。

(Operator Instructions) And your final question comes from the line of Eric Martinuzzi with Lake Street Capital Markets.

（操作員說明）您的最後一個問題來自 Lake Street Capital Markets 的 Eric Martinuzzi。

Yes. I just wanted to confirm the billing guide for Q2 is that $69 million to $70 million?

是的。我只是想確認第二季度的計費指南是 6900 萬美元到 7000 萬美元嗎？

Yes, that's right.

恩，那就對了。

Okay. So assuming we come in at the midpoint of that, we'd have kind of a down 4% for the front half of the year. In order to get to that full year kind of midpoint range, we need to be coming in double digits on the billings growth in Q3 and Q4. And I'm just -- I'm wondering what you guys are seeing in the pipeline that gives you that confidence to reiterate the year given the Q2 billings outlook.

好的。因此，假設我們處於中點，今年上半年我們的業績將下降 4%。為了達到全年的中點範圍，我們需要在第三季度和第四季度實現兩位數的賬單增長。我只是 - 我想知道你們在管道中看到了什麼，讓你們有信心重申今年第二季度的賬單前景。

Yes. So a couple of observations there. Going back, if you look at our historical results over the last 3 years, Q1 and Q2 are very close from a billing standpoint. So that's pretty consistent with what we've seen over the last several cycles. And there is a bit of seasonality in the buying patterns of our clients. And so we've historically seen just a natural increase. I think the thing that adds to that for us this year is we added a lot of new sales reps in the third quarter and fourth quarter of last year, and it takes some time for those reps to ramp.

是的。因此有一些觀察結果。回顧過去，如果您查看我們過去 3 年的歷史結果，從計費角度來看，第一季度和第二季度非常接近。所以這與我們在過去幾個週期中看到的情況非常一致。我們客戶的購買模式存在一定的季節性。因此，從歷史上看，我們看到的是自然增長。我認為今年對我們來說增加的事情是我們在去年第三季度和第四季度增加了很多新的銷售代表，這些代表需要一些時間才能提升。

And so we see a natural or full ramping of those reps in Q3 and Q4. And as a result -- and that's really how we evaluate their performances once they've been ramped, and they're really familiar with the product, the offerings, the accounts. And so as they become fully ramped in Q3 and Q4, there is a natural acceleration. And so that's what's -- that's built into the model. So that was a -- that's a conscious that's not just to push everything back to the back end of the year. It truly is based on how we've built our sales executives.

因此，我們在第三季度和第四季度看到這些代表的自然或全面提升。因此，這就是我們在他們升級後評估他們的表現的方式，而且他們非常熟悉產品、產品和客戶。因此，當它們在第三季度和第四季度全面加速時，就會出現自然的加速。這就是模型中內置的內容。所以這是一種意識，不僅僅是把一切都推遲到今年年底。它確實基於我們如何培養銷售主管。

Okay. And then, Josh, maybe if you could speak for changes that have been made on the, I guess, maybe a sales management question. I don't know if Jeff is available or not, but the CRO changes since taken over 90 days ago, everything from training, mentorship, travel, demos, what changes have been made with the new hires here versus how they were handled before.

好的。然後，喬什，也許你可以談談對銷售管理問題所做的改變。我不知道 Jeff 是否有空，但自 90 多天前上任以來，CRO 發生了變化，從培訓、指導、旅行、演示，到這裡的新員工與以前的處理方式相比，都發生了哪些變化。

Yes. I think Jeff's really known quantity. He had the majority of the team working for him before. He had relationships with the international folks because they'd go to sales kickoffs together. They'd go to sales trainings together. So [his] very known quantity was very well respected, and there's just different ways of doing things. And we think for the time and place that we're at right now, we're going to see some positive momentum from that. The team certainly energized and excited, and there's highly competitive spirits, and there's definitely a lot of rallying together and so it definitely feels like 1 team here across all the organization I'd say, more than probably it ever has in my 13 years here.

是的。我認為傑夫的數量確實眾所周知。之前團隊的大部分成員都為他工作。他與國際人士有著良好的關係，因為他們會一起參加銷售活動。他們會一起去參加銷售培訓。因此，[他的]眾所周知的數量受到了廣泛的尊重，而且做事的方式也有所不同。我們認為，就我們現在所處的時間和地點而言，我們將會看到一些積極的勢頭。這個團隊當然充滿活力和興奮，並且有高度的競爭精神，並且肯定有很多團結在一起，所以我想說，這絕對感覺就像整個組織中的一支團隊，比我在這裡 13 年裡的任何時候都多。

So maybe the first couple of years when we're -- when we don't know what we're doing, yes, everyone is pretty excited. But in terms of the last 7 or 8 years, it feels like we're more unified than we've been. So in that sense, I think Jeff plays a part in that certainly, and there's a lot of rigor in the way that Jeff does things and there's really high expectations in the way that Jeff does team -- does things.

所以也許在最初幾年，當我們不知道自己在做什麼時，是的，每個人都非常興奮。但就過去七、八年而言，感覺我們比以往更加團結。所以從這個意義上說，我認為傑夫肯定在這方面發揮了作用，傑夫做事的方式非常嚴謹，而且傑夫團隊做事的方式也有很高的期望。

All the managers across the board for the most part came from his organization at this point. And then there's a few other people that he's brought in and a few people that have just kind of made it through all these years. So it just -- it feels really good. The team is really excited. The reps are really excited. And I think with the changes that we're making, that we're seeing with AI, that we're seeing with consumption, with the ability to get all these different products out to our customers so that they can try them out and use them and the upsells that come from the customer successes, not because we're trying to convince you that maybe you should look at something, but truly because they're having success already and it's spreading inside the organization, that's a really fun way to be a rep. So I think people are pretty excited about the future in that regard.

此時，董事會的所有經理大部分都來自他的組織。然後他還引進了其他一些人，還有一些人剛剛度過了這些年。所以感覺真的很好。團隊真的很興奮。代表們真的很興奮。我認為，隨著我們正在做出的改變，我們在人工智能和消費方面看到了我們能夠將所有這些不同的產品提供給我們的客戶，以便他們可以嘗試和使用他們以及來自客戶成功的追加銷售，不是因為我們試圖說服您也許您應該看看某些東西，而是真正因為他們已經取得了成功並且它正在組織內部傳播，這是一種非常有趣的方式成為代表。所以我認為人們對這方面的未來非常興奮。

Okay. And then if I could just get some insight on the ramped sales capacity, is it where you expected it to be? I know you talked about almost a record low turnover here in Q1, but there's 2 parts to it. There's the new hires and then there's also retention of your installed base of reps -- or are we getting -- or what we're expecting as far as the total headcount versus ramped sales capacity.

好的。然後，如果我能對銷售能力的提升有一些了解，它是否達到您的預期？我知道您談到第一季度的營業額幾乎創歷史新低，但有兩個部分。有新員工，然後還有現有代表基礎的保留——或者我們得到的——或者我們對總人數與銷售能力增長的預期。

Yes, I'll take that one. The answer -- the short answer is yes. The folks that we brought in, in the latter half of last year, I think they're continuing to ramp nicely. And we haven't -- we haven't had really what we call any sort of regrettable turnover in the first quarter. We feel really good about where we're at. And we've got some more hires out there on the horizon, but we're bringing those in sort of in an orderly way. And the other thing I'd add is we've had QBRs over the last couple of weeks. And so we've had most of the different reps here at headquarters and hearing a lot about the experiences that they're having and the discussions they're having is all very positive.

是的，我會接受那個。答案——簡短的回答是肯定的。我們在去年下半年引入的人員，我認為他們正在繼續良好地發展。我們在第一季度並沒有真正出現所謂的任何令人遺憾的人員流動。我們對自己所處的位置感覺非常好。我們即將招聘更多員工，但我們正在以某種有序的方式招聘這些員工。我要補充的另一件事是，我們在過去幾週內進行了 QBR。因此，我們在總部有大多數不同的代表，聽到了很多關於他們的經歷和他們正在進行的討論都是非常積極的。

And to reiterate, Josh brings a certain amount of just excitement and energy back to the organization. And that is especially true in the sales organization. And you can feel it in talking with them. They're really excited about the opportunity about some of these new things that we've got on the horizon, whether it's a pricing model or they're really excited and anxious to lean in on those things. So I think those are all working out as we had hoped.

重申一下，喬什給組織帶來了一定程度的興奮和活力。在銷售組織中尤其如此。你可以在與他們交談時感受到這一點。他們對我們即將推出的一些新事物的機會感到非常興奮，無論是定價模型還是他們真的很興奮並渴望依靠這些東西。所以我認為這些都如我們所希望的那樣進行。

I'd add also, it's not just Jeff Skousen that's new here, right? We've got Mark Maughan in the new role, but he's been here forever. So very similar to Jeff, very well respected across the organization. And very -- one of the highest rated folks that we had here in management and now he's got a lot more responsibility. So he gets to prove himself, but that's exactly the kind of situation that you want, and everyone in this organization has been really excited. So it's been fun to get all that feedback.

我還要補充一點，不僅僅是 Jeff Skousen 是新來的，對吧？我們讓馬克·莫恩 (Mark Maughan) 擔任新角色，但他已經永遠留在這裡了。與傑夫非常相似，在整個組織中都很受尊重。他是我們管理層中評價最高的人之一，現在他承擔了更多的責任。所以他可以證明自己，但這正是你想要的情況，而且這個組織中的每個人都非常興奮。因此，獲得所有反饋非常有趣。

Daren Thayne, he was responsible for the entire product and then he -- we had an opportunity to get Catherine and he wanted to shift over to more of engineering services and spending a lot of time with customers because we really didn't understand the market at that time. But now he's back in that role where he has entire responsibility for the product and it's a new style and it's invigorating. And he's really excited and his team is really excited and the pace of innovation is definitely different. So I think that brings a new amount of energy.

達倫·塞恩（Daren Thayne），他負責整個產品，然後他 - 我們有機會聘請凱瑟琳，他想轉向更多的工程服務並花很多時間與客戶在一起，因為我們真的不了解市場當時。但現在他又回到了原來的角色，對產品承擔全部責任，這是一種新的風格，令人振奮。他真的很興奮，他的團隊也很興奮，創新的步伐肯定是不同的。所以我認為這會帶來新的能量。

And then David Jolley being new as well. That's a new amount of energy. So really across the whole organization, Wendy's on the newish front still. It's a new team that we all get to prove to each other what we can do into our organization, what we can do. And it feels like a new start-up in a lot of senses, but we just happen to have $300 million of recurring revenue and a great customer base and a huge platform that we spent a lot of money investing into. So it feels like we're poised really well for the future, really the macro to pick up a little bit. But with the sales capacity that's coming, we think there's still an opportunity to get back to some good growth.

大衛·喬利（David Jolley）也是新人。這是一種新的能量。因此，在整個組織中，溫迪仍然處於新的前沿。這是一個新團隊，我們所有人都可以向彼此證明我們可以為我們的組織做些什麼，我們可以做什麼。從很多意義上來說，它感覺像是一家新的初創公司，但我們恰好擁有 3 億美元的經常性收入、龐大的客戶群以及我們花了很多錢投資的龐大平台。所以感覺我們已經為未來做好了準備，宏觀經濟確實會有所好轉。但隨著銷售能力的到來，我們認為仍有機會恢復良好的增長。

This concludes today's conference call. We thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開線路。

All right. Thanks so much. Appreciate it.

好的。非常感謝。欣賞它。