Domo Inc (DOMO) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Domo fourth-quarter fiscal year 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. And it is now my pleasure to introduce to you Peter Lowry, Vice President of Investor Relations.

您好，歡迎參加 Domo 2024 財年第四季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹投資者關係副總裁 Peter Lowry。

Thank you, Peter, you may begin.

謝謝你，彼得，你可以開始了。

Good afternoon. On the call today we have Josh James, our Founder and CEO; and David Jolley, our Chief Financial Officer. I'll lead off their Safe Harbor statement and then onto the call. 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 statements are subject to a variety of risks, uncertainties, and assumptions.

午安.今天的電話會議有我們的創辦人兼執行長 Josh James；以及我們的財務長 David Jolley。我將首先發表他們的安全港聲明，然後進行電話會議。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路直播。本次電話會議中發表的聲明包括與我們根據聯邦證券法所進行的業務相關的前瞻性聲明。這些陳述受到各種風險、不確定性和假設的影響。

These include, but are not limited to, statements about our future end prospects, our financial projections and cash position, statements regarding the potential of our consumption model, statements about our sales team and technology, our expectations for new business opportunities, transactions, and initiatives, statements regarding our channel communication and upcoming events, statements regarding the potential of artificial intelligence and its impact on our business, and statements regarding the impact of macroeconomic and other conditions on our business.

這些包括但不限於有關我們未來最終前景的陳述、我們的財務預測和現金狀況、有關我們消費模式潛力的陳述、有關我們銷售團隊和技術的陳述、我們對新商機、交易的預期以及舉措、有關我們的管道溝通和即將舉辦的活動的聲明、有關人工智慧潛力及其對我們業務的影響的聲明，以及有關宏觀經濟和其他條件對我們業務的影響的聲明。

For a discussion of these risks and uncertainties, please refer to documents we file with the SEC in particular, 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.

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，特別是今天的新聞稿、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有重大差異的重要風險因素和其他資訊。

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.

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，我們認為這些指標有助於作為 Domo 績效的補充指標。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績效。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之外。

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 at domoinvestors.com.

請參閱我們的收益新聞稿中的表格，以了解我們的非 GAAP 財務指標與其最直接可比較的 GAAP 指標的對帳情況，我們已將其發佈到 domoinvestors.com 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。喬許？

Thank you, Pete. Hello, everyone, and thanks for joining us on the call today. I'll start with our quarterly results, including some positive financial results and positive improvements in our financial position despite a challenging macro environment. We exceeded guidance for key top-line metrics in Q4, including revenue, subscription revenue, and billings.

謝謝你，皮特。大家好，感謝您今天加入我們的電話會議。我將從我們的季度業績開始，包括一些積極的財務業績以及儘管宏觀環境充滿挑戰，但我們的財務狀況的積極改善。我們超越了第四季度關鍵營收指標的指導，包括收入、訂閱收入和帳單。

We had record positive free cash flow in the quarter, and for the first time, we were operating margin positive for the full fiscal year. Importantly, we have also extended the maturity of our debt, and we are bullish on closing a more economically advantageous longer-term refinancing option.

本季我們的自由現金流創歷史新高，整個財年的營業利潤率首次達到正值。重要的是，我們也延長了債務期限，我們看好完成更具經濟優勢的長期再融資選擇。

Now looking ahead, of course, my top priority is getting Domo back to growth. I started Domo 14 years ago to disrupt practices that were limiting the potential of data in business. Previously as the co-founder and CEO of a category leading, publicly-traded web analytics platform, I just didn't understand why couldn't also access the online and offline data that all live digitally and that I needed to answer all my questions about the business. I wondered how much more could I do if I had all the data I needed at my fingertips, on my phone with alerts and the ability to get the whole company rallied around real-time information. In fact, how much more could all of us do with better access to data?

當然，現在展望未來，我的首要任務是讓 Domo 恢復成長。我於 14 年前創立了 Domo，旨在顛覆限制資料在商業中發揮潛力的做法。此前，作為行業領先的公開交易網絡分析平台的聯合創始人兼首席執行官，我只是不明白為什麼無法訪問全部以數位方式存在的在線和離線數據，並且我需要回答所有問題關於業務。我想知道，如果我的手機上有我需要的所有數據，並且帶有警報功能，並且能夠讓整個公司圍繞實時信息進行整合，那麼我還能做多少事情。事實上，如果我們能夠更好地存取數據，我們還能做多少事情呢？

Innovation starts with questions like these, but how often do we dismiss our curiosity just because we don't have a way to explore it, or because we've been beaten up for so many years with massive costs, inaccurate data, late data, siloed data, or data that was only accessible through gatekeepers. And then just being told over and over and over it just wasn't possible. That's why at Domo we're building AI-driven data solutions that are so intuitive that everyone can explore their ideas with AI doing all of the work, and then turning them into automated actions leading to substantial impact.

創新是從這樣的問題開始的，但我們經常因為沒有辦法探索它，或者因為多年來我們被巨大的成本、不準確的數據、遲到的數據所打敗，而忽視了我們的好奇心，孤立的數據，或只能透過看門人存取的資料。然後只是一遍又一遍地被告知這是不可能的。這就是為什麼在Domo，我們正在建立人工智慧驅動的數據解決方案，這些解決方案非常直觀，每個人都可以透過人工智慧完成所有工作來探索自己的想法，然後將其轉化為自動化行動，從而產生重大影響。

Today with the new possibilities for data and AI proactively guiding your whole experience, I see more potential of this vision than ever before. Businesses must free data from central organizations if they want to compete using AI. And Domo lets our customers extend their intelligence, their expertise, and governance into solutions that work for everyone.

如今，隨著數據和人工智慧的新可能性主動指導您的整個體驗，我看到了這個願景比以往任何時候都更大的潛力。如果企業想利用人工智慧進行競爭，就必須從中央組織釋放資料。Domo 讓我們的客戶將他們的智慧、專業知識和治理擴展到適合所有人的解決方案。

Now, when I started Domo, it was about democratizing data. Now with AI, we are democratizing intelligence. And with our broad app platform, we are even democratizing taking actions on that intelligence.

現在，當我創辦 Domo 時，我的目標是將數據民主化。現在，借助人工智慧，我們正在實現智慧的民主化。借助我們廣泛的應用程式平台，我們甚至使根據該情報採取的行動變得民主化。

I've spent the last year in the field as much as possible, and the response to this vision is incredibly validating. I hear time and time again, Domo is game-changing for customers who fully embrace us. That's why this year, our strategic priorities are focused on making it quicker and easier for customers to unlock the full value of Domo.

去年我盡可能地投入該領域，對這個願景的反應令人難以置信地驗證。我一次又一次聽到，Domo 正在為那些完全擁抱我們的客戶改變遊戲規則。這就是為什麼今年我們的策略重點是讓客戶更快、更輕鬆地釋放 Domo 的全部價值。

Now in turn, we expect these initiatives to improve sales cycles, drive user growth, and scale our business faster. Today, I'm going to focus on the progress of three key priorities. PLG, or product-led growth, our rapidly growing efforts in place in the ecosystem and democratizing AI, while governing it in a very unique way for enterprises.

現在，我們期望這些措施能夠改善銷售週期、推動用戶成長並更快地擴展我們的業務。今天，我將重點放在三個關鍵優先事項的進展。PLG，即產品主導型成長，是我們在生態系統中快速成長的努力，使人工智慧民主化，同時以一種非常獨特的企業方式對其進行管理。

So I want to start with product-led growth, PLG, which contains three foundational components to how Domo operates and lubricates the entire customer adoption lifecycle. First, the consumption model, which we fully embraced enables everything else. Second, a low cost and effective customer acquisition model through our freemium offering. And third, discoverability of the breadth of our platform shown entirely in line, while customers are using the product.

因此，我想從產品主導的成長 PLG 開始，它包含 Domo 如何運作和潤滑整個客戶採用生命週期的三個基本組件。首先，我們完全接受的消費模式使其他一切成為可能。其次，透過我們的免費加值服務建立低成本且有效的客戶獲取模型。第三，當客戶使用該產品時，我們平台的廣度的可發現性完全一致。

We do this by displaying use cases, demos, and data-driven pathways based on the customer's behavior that ultimately lead them towards optimal success. Of course, this will correlate high net revenue retention and will drive ROI, for both Domo and our customer. Both sides are completely aligned in a PLG model. And I know every Domo Sapien is excited to stand behind our ability to have our product speak for itself.

為此，我們根據客戶的行為展示用例、演示和資料驅動的路徑，最終引導他們取得最佳成功。當然，這將帶來高淨收入保留，並為 Domo 和我們的客戶帶來投資報酬率。PLG 模型中兩側完全對齊。我知道每個 Domo Sapien 都非常高興能夠支持我們讓我們的產品自己說話的能力。

Why do I know that? Because we attend events like our upcoming Domopalooza or our 20 connection tours that we did last year or -- I was definitely reminded of this just last week over and over again, when I travel to see customers in eight cities across the globe that we truly have raving super fans who love to tell us how we have changed their entire businesses. Our job now is to efficiently drive as many of these customers as possible to our product and to a new relationship with Domo. All roads lead to consumption-driven, freemium enabled highly discoverable product-led growth.

我為什麼知道這個？因為我們參加即將舉行的 Domopalooza 活動或我們去年舉辦的 20 場聯運旅行，或者——就在上週，當我前往全球八個城市拜訪客戶時，我確實一遍又一遍地想起這一點，我們確實擁有狂熱的超級粉絲，他們喜歡告訴我們我們如何改變了他們的整個業務。我們現在的工作是有效地吸引盡可能多的客戶使用我們的產品並與 Domo 建立新的關係。所有道路都通往消費驅動，免費增值實現了高度可發現的產品主導的成長。

And allow me a moment to share some details in each of these areas. Consumption makes it easier for Domo customers to put their data to work across the entire organization, with all of their users being included, being free, they can now prove value before adding to their investment. And they can expand immediately without delays like lengthy contract renegotiation or seeking approval around IT restrictions on new users for products without budgets allocated beforehand. Now, already, consumption is proving its potential to open doors to new and exponential growth for Domo.

請容許我花點時間分享每個領域的一些細節。消費使 Domo 客戶可以更輕鬆地在整個組織中使用他們的數據，所有用戶都被包含在內，並且是免費的，他們現在可以在增加投資之前證明價值。他們可以立即擴張，而無需進行冗長的合約重新談判或尋求有關產品新用戶 IT 限制的批准，而無需事先分配預算。現在，消費已經證明了其潛力，為 Domo 帶來新的指數級成長之門。

I'm going to share some great examples when I talk about our wins later, but I want to start with the momentum we're seeing as a result of this new consumption effort. Over the last two quarters, our consumption customer base has doubled; just two quarters doubled. In Q4, consumption deals accounted for over 90% of the dollar value of our new logo deals.

當我稍後談論我們的勝利時，我將分享一些很好的例子，但我想從我們看到的新消費努力帶來的勢頭開始。過去兩個季度，我們的消費客戶群翻了一番；短短兩個季度就翻了一番。第四季度，消費交易占我們新標誌交易美元價值的 90% 以上。

Very significantly, of our consumption customers that have already been on the consumption model for at least six months, around half of them are already pacing to use more credits than what they originally contractually purchased. Now, we anticipate this number will increase meaningfully as that time span increases from 6 months to 9 months and 12 months. And we believe this will lead to many more upsell opportunities in the year.

非常重要的是，在已經採用該消費模式至少六個月的消費客戶中，大約一半的人已經開始使用比最初合約購買的更多的積分。現在，我們預計隨著時間跨度從 6 個月增加到 9 個月和 12 個月，這個數字將顯著增加。我們相信這將在今年帶來更多的追加銷售機會。

And again, our interests are aligned with our customers. They are getting more value, as their credits are being consumed. And we believe this is a fantastic leading indicator that we just recently discovered.

再說一次，我們的利益與客戶是一致的。隨著積分的消耗，他們獲得了更多的價值。我們相信這是我們最近發現的一個出色的領先指標。

These results showcase compelling indicators of future revenue growth. And we are even more committed and even more poised to move the majority of our customers onto the consumption model this year.

這些結果展示了未來收入成長的令人信服的指標。今年，我們更加堅定、更加準備好將大多數客戶轉變為消費模式。

Now the second leg of the PLG stool, if you will, is freemium. Freemium, in fact, is possible because of consumption because of that model. And we can now offer a free version of our products that lets even more users experience the power of Domo with no time limit, and the natural path to becoming consumption customers as they expand usage and find value.

如果你願意的話，現在 PLG 的第二條腿是免費增值。事實上，免費增值之所以成為可能，是因為這種模式的消費。現在，我們可以提供產品的免費版本，讓更多用戶無時間限制地體驗 Domo 的強大功能，以及隨著他們擴大使用量和發現價值而成為消費客戶的自然途徑。

Importantly, customers do not start paying until after they are receiving value. Coupled with this freemium experience, discoverability is a critical investment in our product navigation that will let us capitalize on the user growth we gain from both freemium and consumption.

重要的是，客戶只有在收到價值後才會開始付款。與這種免費增值體驗相結合，可發現性是我們產品導航的關鍵投資，它將使我們能夠利用從免費增值和消費中獲得的用戶成長。

Today, the sheer volume of data and apps we all deal with demands new and better organization. Now, especially as we continue to drive more users to leverage Domo, it's important that we offer an intuitive experience that makes it easy for users to explore Domo and to discover all the ways we help them put their data to work for their entire organization.

如今，我們處理的數據和應用程式數量龐大，需要新的、更好的組織。現在，特別是當我們繼續推動更多用戶利用 Domo 時，我們提供直覺的體驗非常重要，使用戶能夠輕鬆探索 Domo 並發現我們幫助他們將數據應用於整個組織的所有方法。

And with this improved discoverability, last fall, we switched to a freemium model based on credits used from a previous free trial model that had a short and expiring timeframe. And already, four months later, our free users were actively connecting data about their business and exploring Domo have more than doubled, a meaningful increase in the top of the freemium funnel, and we are just getting started. That's only four months in. And we believe this is an incredible signal of the PLG potential.

隨著可發現性的提高，去年秋天，我們轉向了免費增值模式，該模式基於先前的免費試用模型所使用的積分，該模型的時間範圍很短且即將到期。四個月後，我們的免費用戶已經在積極連接有關其業務的數據，並且探索 Domo 的數量增加了一倍多，這是免費增值漏斗頂部的有意義的增長，而我們才剛剛開始。這才過去四個月。我們相信這是 PLG 潛力的一個令人難以置信的信號。

As we continue this momentum, we're leaning into freemium as a strategic lever for sales. Our sales teams are actively offering it to keep them long lead customers engaged, and to convert cold customers faster. Not only that, but with a growing pool of active users, we're improving our sales and marketing strategies with more tailored messaging based on the user activity data that we're gaining. We have not seen a material impact on our financials yet from these initiatives, but extrapolating these numbers out and understanding the improvements that we believe we're going to see as we continue to refine the process, we think this is going to be a very top cost effective customer acquisition vehicle with a meaningful impact on our long-term growth.

隨著我們繼續保持這一勢頭，我們傾向於將免費增值作為銷售的策略槓桿。我們的銷售團隊正在積極提供它，以保持長期領先客戶的參與度，並更快地轉換冷漠的客戶。不僅如此，隨著活躍用戶數量的不斷增長，我們正在根據我們獲得的用戶活動數據提供更客製化的訊息傳遞，從而改善我們的銷售和行銷策略。我們還沒有看到這些舉措對我們的財務產生重大影響，但推斷這些數字並了解我們相信隨著我們繼續完善流程，我們將看到的改進，我們認為這將是一個非常好的結果。最具成本效益的客戶獲取工具，對我們的長期成長有重大影響。

Now, our next strategic priority is to make 2024 the year of the ecosystem, the year of the partner. We've declared it internally, and we are intensely focused on scaling our ecosystem with efforts towards four different types of partners: technology partners, app partners, data partners, and system integrators. Willingly, the changes we made to drive more product-led growth, also in line us to be effortlessly equipped for success in the ecosystem, particularly given the breadth of our end to end data solutions.

現在，我們的下一個策略重點是讓2024年成為生態年、合作夥伴之年。我們已經在內部宣布了這一點，我們非常注重透過四種不同類型的合作夥伴來擴展我們的生態系統：技術合作夥伴、應用程式合作夥伴、資料合作夥伴和系統整合商。我們願意為推動更多以產品為主導的成長而做出的改變，也使我們能夠輕鬆地在生態系統中取得成功，特別是考慮到我們端到端資料解決方案的廣度。

Historically, most companies in the ecosystem considered us as competitors in one form or another. Now, we have mutually beneficial relationships where we typically drive the business of our partners by extending technologies that drive data ingestion and compute, and also by extending access to a partner's product to a much broader base of users who were previously unreachable.

從歷史上看，生態系統中的大多數公司都以某種形式將我們視為競爭對手。現在，我們建立了互惠互利的關係，通常透過擴展驅動資料攝取和運算的技術，以及將合作夥伴產品的存取權限擴展到以前無法存取的更廣泛的用戶群，來推動合作夥伴的業務。

I'll give you some examples. We now work with cloud hyperscalers to run Domo, while keeping compute in their own environments, and that wasn't possible before. Hyperscalers now keep that revenue and gain valuable business user growth, Domo gets more scale, and also a much improved impression from the IT organization and CIOs as we are more aligned to their major current IT initiatives.

我舉一些例子給你聽。我們現在與雲端超大規模供應商合作來運行 Domo，同時將運算保留在自己的環境中，這在以前是不可能的。超大規模企業現在可以保持收入並獲得寶貴的業務用戶成長，Dom​​o 獲得更大的規模，隨著我們與他們目前的主要 IT 計劃更加一致，IT 組織和 CIO 的印像也大大改善。

Another example, technology partners can now use Domo to develop apps on our platform, combining multiple technologies automatically and out of the box, so they can provide incredibly valuable data solutions to their customers. Especially with AI being a critical component of most customer strategies, we are leading in this realm as our partners are incorporating artificial intelligence through predictive data science models and LLM-driven insights that make it intuitive for users to take action. In fact, we're now working with a major e-commerce platform to deliver an app that will help customers keep inventory levels and geographical locations down-to-the-box accurate. Clean inventory data provides operational benefits and will allow this e-commerce platform to deliver AI predictive analytics to its customers through the app.

另一個例子，技術合作夥伴現在可以使用 Domo 在我們的平台上開發應用程序，自動結合多種技術，開箱即用，這樣他們就可以為客戶提供極其有價值的數據解決方案。特別是隨著人工智慧成為大多數客戶策略的關鍵組成部分，我們在這一領域處於領先地位，因為我們的合作夥伴正在透過預測數據科學模型和法學碩士驅動的洞察力整合人工智慧，使用戶能夠直觀地採取行動。事實上，我們現在正在與一個主要的電子商務平台合作，提供一個應用程序，幫助客戶保持庫存水準和地理位置的精確性。乾淨的庫存數據可以帶來營運效益，並使該電子商務平台能夠透過應用程式向客戶提供人工智慧預測分析。

Lastly, on the partnering ecosystem front, Domo Everywhere is central to many data partnerships and is gaining even more momentum, as many of our customers' customers are now adopting Domo. This has also been substantially unlocked by allowing our customers and partners to offer their customers a freemium version of Domo to trial apps that they make that have prefilled and pre connected data from that partner. What a fantastic first freemium experience for our potential customers of Domo.

最後，在合作生態系統方面，Domo Everywhere 是許多數據合作夥伴關係的核心，並且正在獲得更大的發展動力，因為我們的許多客戶的客戶現在都在採用 Domo。透過允許我們的客戶和合作夥伴向他們的客戶提供免費增值版本的 Domo，以試用他們製作的已預先填充和預連接來自該合作夥伴的數據的應用程序，也基本上解鎖了這一點。對於 Domo 的潛在客戶來說，這是多麼美妙的第一次免費增值體驗。

And I mentioned the hyperscalers earlier. Our fairly unique independence in the market makes our ecosystem opportunities pretty intriguing to multiple large hyperscalers. We now have budding relationships with most everyone of size and ecosystem. In fact, in Q4, we became available in the Microsoft Azure Marketplace, where customers can now purchase Domo using their Azure consumption commitment. We have numerous interesting partnership announcements and updates coming over the next few months and at our annual user conference, Domopalooza, later this month.

我之前提到過超大規模。我們在市場上相當獨特的獨立性使我們的生態系統機會對多個大型超大規模企業非常有吸引力。我們現在與大多數規模和生態系統的每個人都建立了新興的關係。事實上，在第四季度，我們在 Microsoft Azure 市場上推出，客戶現在可以使用其 Azure 消費承諾購買 Domo。在接下來的幾個月以及本月稍後的年度用戶大會 Domopalooza 上，我們將發布許多有趣的合作夥伴公告和更新。

Speaking of Domopalooza, the most significant advancements we will be announcing at our user conference center around our very innovative and unique investments in data-related AI technologies. I want to take a moment to preview some of our new offerings. Already, Domo excels at accessing data and delivering intelligence at the right place in the right time, which positions us to be a long-term strong player in AI.

說到 Domopalooza，我們將在用戶會議中心宣布圍繞我們在數據相關人工智慧技術方面非常創新和獨特的投資的最重大進展。我想花點時間預覽一下我們的一些新產品。Domo 已經擅長在正確的時間、正確的地點存取資料和提供情報，這使我們成為人工智慧領域的長期強大參與者。

It's been said that fantastic AI eliminates the need for UI. For instance, envision a prompt that guides a business user to view their sales data or any other data and any anomalies or interesting trends.

有人說，出色的人工智慧消除了對使用者介面的需求。例如，設想一個提示，引導業務用戶查看他們的銷售數據或任何其他數據以及任何異常或有趣的趨勢。

Now, there are other companies who can do that, but what about doing that just for the data that has already been determined for just your access based on your job, or your title, or your geo? Now, what if you want to deliver that insight regularly to others that are in your organization? Where's the governance around the access and around the sharing? Where's the data that informs the private LLM in the first place?

現在，還有其他公司可以做到這一點，但是如果只對已經根據您的工作、職位或地理位置確定供您存取的資料執行此操作呢？現在，如果您想定期向組織中的其他人提供這種見解該怎麼辦？圍繞訪問和共享的治理在哪裡？首先通知私人法學碩士的數據在哪裡？

What if you want to change from, let's say, OpenAI to another AI service, or to one of the thousands of new models available on Hugging Face and elsewhere? Then what happens to your data governance, to your access, to the data integrity? And how do you extend that to customers in data distribution apps or in automated workflow apps?

如果您想從 OpenAI 更改為另一種 AI 服務，或更改為 Hugging Face 和其他地方提供的數千個新型號之一，該怎麼辦？那麼您的資料治理、存取權限和資料完整性會發生什麼變化？如何將其擴展到資料分發應用程式或自動化工作流程應用程式中的客戶？

There needs to be a conductor and guarantor of this governance and of this data quality, and we happen to be perfectly and uniquely positioned for this. And as we've highlighted and previewed our efforts to customers, we are receiving very encouraging responses. We're leaning into these strengths and letting customers bring Domo's AI into the environments where they need it.

這種治理和這種資料品質需要有一個指揮者和保證者，而我們恰好在這方面擁有完美且獨特的定位。當我們向客戶強調並預覽我們的努力時，我們收到了非常令人鼓舞的回應。我們正在利用這些優勢，讓客戶將 Domo 的人工智慧引入他們需要的環境中。

It's a new kind of modular AI that lets customers piece together unstructured data and host governance around it with the flexibility to use any AI model they need. This foundation lets us think broadly about how we can bring AI to life, and we'll have some exciting new AI products to share soon.

它是一種新型的模組化人工智慧，可讓客戶將非結構化資料組合在一起並圍繞其進行託管管理，並靈活地使用他們所需的任何人工智慧模型。這個基礎讓我們廣泛思考如何將人工智慧帶入生活，我們很快就會分享一些令人興奮的新人工智慧產品。

Now, let me share some of our notable wins from the quarter starting with several new logo customers. I'll start with a new enterprise customer in diversified manufacturing that was looking to expand from tax to other finance use cases, including FP&A and inventory planning.

現在，讓我與大家分享本季我們所取得的一些顯著成果，首先是幾位新商標客戶。我將從多元化製造領域的新企業客戶開始，該客戶希望將稅收擴展到其他財務用例，包括 FP&A 和庫存規劃。

The company considered using its legacy BI and ETL providers, but after a proof-of-concept with us, they chose to use Domo for a few reasons. First, after seeing the breadth of our capabilities, the company recognized Domo has a superior solution that combines both BI and ETL into a unified platform. It made Domo easier to use for them, better serving its business users, and expansion was a tenth of the cost of expanding with the legacy vendors. The consumption model absolutely facilitated this deal, and we're optimistic it will continue to open doors with this customer to expand as they roll out use cases across the finance department and other departments in the future.

該公司考慮使用其遺留的 BI 和 ETL 提供者，但在與我們進行概念驗證後，他們選擇使用 Domo，原因有幾個。首先，在看到我們能力的廣度後，該公司認識到 Domo 擁有將 BI 和 ETL 結合到統一平台的卓越解決方案。它使 Domo 更易於使用，更好地服務其業務用戶，而且擴展成本僅為傳統供應商擴展成本的十分之一。消費模式絕對促進了這筆交易，我們樂觀地認為，隨著他們未來在財務部門和其他部門推出用例，它將繼續向該客戶敞開大門以進行擴展。

Next example, a large healthcare company hired Domo to provide an integrated patient data network across multiple systems, a requirement for a business transition the company that was undergoing. The consumption models helped us strategically map anticipated costs, as the company scales their use cases across the organization. We won this deal against a healthcare-focused BI company, because in addition to delivering this need, we were able to solve a more horizontal business challenge and leveraged the expertise of an ecosystem partner; ecosystem for the win.

下一個範例是，一家大型醫療保健公司聘請 Domo 提供跨多個系統的整合病患資料網絡，這是該公司正在進行的業務轉型的要求。隨著公司在整個組織中擴展其用例，消費模型幫助我們策略性地繪製預期成本。我們贏得了針對一家專注於醫療保健的 BI 公司的這筆交易，因為除了滿足這一需求之外，我們還能夠解決更橫向的業務挑戰並利用生態系統合作夥伴的專業知識；共贏的生態系。

Now, let's move on to another customer. We also had a significant win with a Fortune 50 healthcare company that stores sensitive materials in climate-controlled environments delivered to and stored at thousands of pharmacies. The initial use case incorporates a data reporting app, an automated workflow app, and alerts to help identify and provide a data-driven action plan when the temperature ranges are outside of an acceptable boundary.

現在，讓我們轉向另一個客戶。我們還與一家財富 50 強醫療保健公司取得了重大勝利，該公司將敏感材料存放在氣候受控的環境中，運送到數千家藥局並存放在其中。初始用例包含資料報告應用程式、自動化工作流程應用程式和警報，以在溫度範圍超出可接受的邊界時幫助識別並提供資料驅動的行動計劃。

The company chose Domo after a brief proof of concept showed how stunningly quickly we could combine data from disparate sources, including IoT devices with our automated workflow apps to develop a superior solution to solve this problem versus a non-working kludgy combination from a wide variety of the usual competitors. The customer also liked the flexibility of Domo's platform and our fast time-to-value. We are in dialogue about a variety of additional use cases without the typical timing of giant budget conversations, RFPs, and procurement approvals; thanks to our ever-enabling consumption contract, again, good for both parties.

該公司在簡短的概念驗證後選擇了Domo，該證明表明我們能夠以驚人的速度將不同來源的數據（包括物聯網設備與我們的自動化工作流程應用程式）結合起來，開發出卓越的解決方案來解決這個問題，而不是來自各種非工作的笨拙組合。通常的競爭對手。客戶也喜歡 Domo 平台的靈活性和我們快速實現價值的速度。我們正在就各種其他用例進行對話，而無需進行大規模預算對話、徵求建議書和採購批准的典型時間表；由於我們不斷啟用的消費合同，這對雙方都有好處。

An additional example is an industrial equipment company that chose Domo to replace their legacy vendor, which couldn't effectively provide performance metrics, like cost of delivery and on-time performance to their hundreds of suppliers. Domo provided the enterprise-level support they needed to integrate data from multiple systems and create their supplier performance scorecards.

另一個例子是工業設備公司選擇 Domo 來取代其傳統供應商，這些供應商無法有效地向其數百家供應商提供績效指標，例如交付成本和準時績效。Domo 提供了他們整合多個系統資料並創建供應商績效記分卡所需的企業級支援。

In another example, we won business with a marketing agency that was using a homegrown analytics solution, making it difficult for business users to answer their own questions. The company chose Domo because our platform seamlessly integrates multiple marketing systems for cross-channel analytics. So customers have a single source of truth for marketing data. They also preferred Domo's easy-to-use self-service analytics and our ability to quickly activate additional use cases.

在另一個例子中，我們贏得了一家行銷機構的業務，該機構使用自主開發的分析解決方案，這使得業務用戶很難回答自己的問題。該公司選擇 Domo 是因為我們的平台無縫整合了多個行銷系統以進行跨通路分析。因此，客戶擁有行銷數據的單一真實來源。他們也喜歡 Domo 易於使用的自助分析以及我們快速啟動其他用例的能力。

Now, those were the new logo examples, and I also wanted to share some exciting upsell examples. So with a meaningful expansion in usage in Q4, we have reached about $1 million in ARR with another Fortune 100 global shipping and logistics customer. The company initially chose Domo, because we replaced a manual process by connecting to over a dozen disparate systems to create a daily checklist of key priorities for the company's global freight forwarding teams. Prior to Domo, the company spent hours a day assembling the checklist manually.

現在，這些是新徽標範例，我還想分享一些令人興奮的追加銷售範例。因此，隨著第四季度使用量的顯著擴大，我們與另一家財富 100 強全球航運和物流客戶的 ARR 達到了約 100 萬美元。該公司最初選擇了 Domo，因為我們透過連接十多個不同的系統來取代手動流程，為公司的全球貨運代理團隊創建關鍵優先事項的每日清單。在 Domo 之前，該公司每天要花幾個小時手動組裝清單。

The expansion this quarter included a variety of use cases that its incumbent providers couldn't deliver, including a unified data experience for its customers. The company chose to expand its usage of Domo partly because of our self-service capabilities that allowed its citizen developers to solve use cases without the additional resources required by legacy solutions.

本季度的擴展包括現有提供者無法提供的各種用例，包括為客戶提供統一的數據體驗。該公司選擇擴大 Domo 的使用，部分原因是我們的自助服務功能使其公民開發人員能夠解決用例，而無需傳統解決方案所需的額外資源。

In another example, we had an upsell with another Fortune 100 retailer this quarter. We already had a small footprint providing salvage and returns data and had been looking for opportunities to expand the relationship. In Q4, we got the opportunity to connect to data sources from its hundreds of salvage vendors, and provide them with real-time recovery rate metrics in a portal. A report that used to take three analysts a day to pull together is now completely automated in the Domo platform.

在另一個例子中，本季我們與另一家財富 100 強零售商進行了追加銷售。我們已經在提供打撈和返還數據方面佔據了很小的份額，並且一直在尋找擴大關係的機會。在第四季度，我們有機會連接到數百家廢品回收供應商的資料來源，並在入口網站中為他們提供即時回收率指標。過去需要三名分析師一天才能完成的報告現在在 Domo 平台上完全自動化。

As a result, we doubled our contract size. Consumption is unlocking a much broader audience with this customer and facilitating many discussions for additional use cases across the organization.

結果，我們的合約規模增加了一倍。消費正在為該客戶解鎖更廣泛的受眾，並促進整個組織對其他用例的許多討論。

Before closing, I want to say that I'm very excited about our aforementioned Domopalooza user conference, which will be held in person, yay (laughter), in Salt Lake City later this month, from March 26 to March 29. We have some amazing customer stories and new data plus AI product developments to share on stage. I hope to see many of you there.

在結束之前，我想說，我對我們前面提到的Domopalooza 用戶會議感到非常興奮，該會議將於本月晚些時候（3 月26 日至3 月29 日）在鹽湖城親自舉行，是的（笑聲）。我們有一些令人驚嘆的客戶故事和新數據以及人工智慧產品開發可以在舞台上分享。我希望在那裡見到你們很多人。

As we look ahead to FY25, with our responsible financial posture as the backdrop, I am very excited about positioning Domo to take great advantage of our future growth potential. I feel optimistic that with the substantial transformations that we've made, our strategic initiatives will create meaningful momentum and let us bring the full value of Domo to customers at a much more rapid pace. I look forward to updating you about our progress throughout the year.

當我們展望 25 財年時，以我們負責任的財務狀況為背景，我非常高興能夠讓 Domo 充分利用我們未來的成長潛力。我感到樂觀的是，隨著我們所做的實質轉變，我們的策略舉措將創造有意義的動力，讓我們以更快的速度為客戶帶來 Domo 的全部價值。我期待著向您通報我們全年的進展。

And with that, I'll turn it over to Mr. David Jolley. David?

接下來，我將把它交給大衛喬利先生。大衛？

Thanks, Josh. Like you, I'm excited about the growth initiatives we have laid out for fiscal '25. Before I get into the details, let me provide some of the highlights for the quarter. We exceeded our billings guidance, generated record free cash flow, and for the first time, we were operating margin positive for the full fiscal year.

謝謝，喬許。和您一樣，我對我們為 25 財年制定的成長計畫感到興奮。在詳細介紹之前，讓我先介紹一下本季的一些亮點。我們超越了我們的帳單指導，產生了創紀錄的自由現金流，我們首次在整個財年實現了正營運利潤率。

Before I get into more details on these metrics, let me give you an update on our debt refinancing. We've extended the maturity of our debt with BlackRock to April 2026, a little over two years from now. Additionally, we're currently considering options to refinance this debt on more favorable terms with a longer-term facility to improve our overall financial position. While we're still seeing a challenging macro environment, we were able to exceed the billings guidance we provided at the beginning of the quarter.

在詳細介紹這些指標之前，讓我先向您介紹我們債務再融資的最新情況。我們已將貝萊德的債務期限延長至 2026 年 4 月，即兩年多一點。此外，我們目前正在考慮以更優惠的條件和長期貸款為這筆債務再融資的選擇，以改善我們的整體財務狀況。儘管我們仍然看到充滿挑戰的宏觀環境，但我們已經超越了本季初提供的比林斯指引。

We delivered Q4 billings of $105.4 million, a year-over-year increase of 1%. Total revenue was $80.2 million, also a year-over-year increase of 1%. Subscription revenue represented 90% of total revenue and grew at 2% year over year. In reviewing the metrics that will impact fiscal year 2025, current RPO was $243.4 million, consistent with last year and our total RPO grew 1% to $380.1 million as of January 31, 2024.

我們第四季的營收為 1.054 億美元，年增 1%。總收入為 8,020 萬美元，也較去年同期成長 1%。訂閱收入佔總收入的90%，較去年同期成長2%。在審查影響 2025 財年的指標時，目前的 RPO 為 2.434 億美元，與去年一致，截至 2024 年 1 月 31 日，我們的 RPO 總額增加了 1%，達到 3.801 億美元。

On a dollar-weighted measure, we continue to have approximately two-thirds of our customers under multi-year contracts. As we had anticipated, in Q4, we had some down-sells at three enterprise customers that, combined with more normal churn, led to gross retention of 82% and net retention of 91%.

以美元加權衡量，我們仍有大約三分之二的客戶簽訂了多年合約。正如我們預期的那樣，第四季度，我們對三個企業客戶進行了一些降價銷售，再加上正常的客戶流失，導致總保留率達到 82%，淨保留率達到 91%。

Moving on to margins and profitability, our subscription gross margin was 83.9%, down 1.8 percentage points from Q4 of last year, due primarily to costs associated with new product features and functionality. We expect these costs to stabilize and our gross margin to improve slightly during fiscal 2025.

說到利潤率和獲利能力，我們的訂閱毛利率為 83.9%，比去年第四季下降 1.8 個百分點，這主要是由於與新產品特性和功能相關的成本。我們預計這些成本將在 2025 財年穩定下來，毛利率將略有改善。

Non-GAAP operating margin was 4%, up 0.6 percentage points from a year ago. Net loss was $1.9 million, compared to a net loss of $0.8 million a year ago. Net loss per share was $0.05, based on 36.8 million weighted average shares outstanding basic and diluted.

非 GAAP 營業利益率為 4%，較上年同期上升 0.6 個百分點。淨虧損為 190 萬美元，而一年前的淨虧損為 80 萬美元。根據已發行基本股和攤薄股的加權平均數 3,680 萬股計算，每股淨虧損為 0.05 美元。

In Q4, cash flow from operations was a record $5.4 million, while free cash flow was $2.9 million and our cash balance increased $3.6 million from last quarter to $60.9 million. For the full fiscal year, we generated positive cash flow from operations of $2.6 million.

第四季度，營運現金流達到創紀錄的 540 萬美元，自由現金流為 290 萬美元，現金餘額比上季增加 360 萬美元，達到 6,090 萬美元。在整個財年，我們的營運產生了 260 萬美元的正現金流。

Now, let me highlight our expectations for Q1 and fiscal 2025. In establishing our fiscal 2025 financial plan, we've not assumed any improvement in the IT spending environment or meaningful contribution from some of our newer growth initiatives. To be clear, we continue to be very optimistic about the longer-term impact of these initiatives, including consumption, partners, and freemium. We believe we could see some impact in the back half of the year, but we feel it's prudent to see how these play out before including projected growth in our guidance.

現在，讓我強調一下我們對第一季和 2025 財年的預期。在製定 2025 財年財務計畫時，我們並未假設 IT 支出環境有任何改善，也沒有假設我們的一些新增長計畫會做出有意義的貢獻。需要明確的是，我們仍然對這些措施的長期影響非常樂觀，包括消費、合作夥伴和免費增值。我們相信，我們可能會在今年下半年看到一些影響，但我們認為，在將預期成長納入我們的指導方針之前，先看看這些影響如何發揮作用是謹慎的。

At the beginning of last year, we'd committed to be operating margin positive with positive operating cash flow, both of which we were able to achieve. Looking forward to fiscal 2025, again, we expect to have positive operating margin, and leveraging what we've been able to achieve in Q4, our objective is also to be free cash flow positive for the full year. With that as a foundation, our plan is to invest our resources in the growth initiatives that Josh just outlined to reignite growth at Domo.

去年年初，我們承諾實現正營業利潤率和正營業現金流，這兩個目標我們都達成了。再次展望 2025 財年，我們預計將實現正營業利潤率，並利用我們在第四季度取得的成就，我們的目標是全年自由現金流為正。以此為基礎，我們的計劃是將我們的資源投入到 Josh 剛剛概述的成長計劃中，以重振 Domo 的成長。

While we could focus on margin expansion, we believe that consistent with the rule of X theory promoted by Bessemer Ventures, investing in these growth initiatives will provide a higher return over time. That said, we intend to invest prudently, such that we remain operating margin and free cash flow positive for fiscal 2025. With that, we are initiating guidance for fiscal 2025 as follows. For Q1 topline metrics, we are expecting billings of about $70 million and expect GAAP revenue to be in the range of $79 million to $80 million.

雖然我們可以專注於利潤率擴張，但我們相信，與 Bessemer Ventures 提倡的 X 規則一致，投資這些成長計畫將隨著時間的推移提供更高的回報。也就是說，我們打算謹慎投資，以便在 2025 財年維持營業利潤率和自由現金流為正值。據此，我們啟動 2025 財年指引如下。對於第一季的營收指標，我們預計營收約為 7,000 萬美元，GAAP 營收預計在 7,900 萬美元至 8,000 萬美元之間。

We expect Q2 billings to be relatively flat from Q1. For the full year of fiscal 2025, we expect billings to be in the range of $324 million to $334 million, and we expect GAAP revenue to be in the range of $315 million to $323 million.

我們預計第二季的帳單將與第一季相對持平。對於 2025 財年全年，我們預計帳單將在 3.24 億美元至 3.34 億美元之間，我們預計 GAAP 收入將在 3.15 億美元至 3.23 億美元之間。

Also, as a reminder, in Q1, we are hosting our annual user conference, Domopalooza, as an in-person event for the first time in five years, which will result in higher sales and marketing expenses. We are extremely excited to be back in person for Domopalooza to share our developments in AI, product discoverability, and other features with our customers. This investment always yields great returns.

另外，提醒一下，在第一季度，我們將舉辦年度用戶大會 Domopalooza，這是五年來首次作為現場活動，這將導致銷售和行銷費用增加。我們非常高興能夠親自回到 Domopalooza 與我們的客戶分享我們在人工智慧、產品可發現性和其他功能方面的進展。這項投資總是能帶來豐厚的回報。

As a result, we expect non-GAAP net loss per share, basic and diluted, of $0.21 to $0.25 for Q1. This assumes 37.4 million weighted average shares outstanding, basic and diluted. For the full year, we expect non-GAAP net loss per share, basic and diluted, of $0.36 to $0.46. This assumes 38.5 million weighted average shares outstanding, basic and diluted.

因此，我們預計第一季非 GAAP 每股淨虧損（基本虧損和稀釋虧損）為 0.21 美元至 0.25 美元。假設已發行的基本股和稀釋股的加權平均股數為 3,740 萬股。對於全年，我們預計非 GAAP 每股淨虧損（基本虧損和稀釋虧損）為 0.36 美元至 0.46 美元。假設加權平均流通股、基本股和稀釋股為 3,850 萬股。

In addition, we expect cash flow from operations to be slightly positive in Q1. And as I mentioned, for the full year of fiscal 2025, we expect to be a free cash flow positive.

此外，我們預計第一季營運現金流將小幅為正。正如我所提到的，我們預計 2025 財年全年的自由現金流將為正值。

In conclusion, we posted slightly better than expected topline results with record cash flow, and I believe we're setting the right foundation for sustainable long-term growth.

總之，我們公佈的營收略好於預期，現金流創歷史新高，我相信我們正在為永續的長期成長奠定正確的基礎。

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

至此，我們將開始提問。操作員？

(Operator Instructions) Patrick Walravens, JMP Securities.

（操作員指令）Patrick Walravens，JMP 證券。

Great. Thank you. Josh, two for you. But the first one is, what are these investments that you're planning on making and it seems like more so in the beginning of the year than the rest of the year?

偉大的。謝謝。喬什，給你兩個。但第一個問題是，您計劃進行哪些投資？今年年初的投資似乎比今年剩餘時間還要多？

Well, first half of the year, we have Domopalooza, so that's a meaningful expense that's going to hit this quarter.

嗯，今年上半年，我們有 Domopalooza，所以這是一筆有意義的支出，將在本季發生。

Okay. Got it.

好的。知道了。

And then beyond that, the investments that we're making around building out our ecosystem and the go-to-market component of that, there's some marketing dollars and obviously, some people associated with all the opportunities that we're seeing in the ecosystem. And then just some additional investments in AI and some spiffs and other incentives around transitioning our customers to the consumption model throughout the CSM organization and the sales organization. That's a big part of the focus as well.

除此之外，我們圍繞著建構生態系統及其進入市場部分的投資，還有一些行銷資金，顯然，還有一些與我們在生態系統中看到的所有機會相關的人。然後，在整個 CSM 組織和銷售組織中，圍繞著將我們的客戶轉變為消費模式，對人工智慧進行一些額外的投資，以及一些獎勵和其他激勵措施。這也是焦點的一個重要部分。

And when you say like investments in AI, does that basically mean hiring people with those skill sets or is it something else?

當你說對人工智慧的投資時，這基本上意味著僱用具有這些技能的人員還是其他什麼？

Yeah. A bunch of engineers focused on -- a bunch of our best engineers focused on that and some backfills as they've transitioned from other areas.

是的。一群工程師專注於——我們一群最好的工程師專注於這一點，以及一些從其他領域過渡的回填。

Okay. Great. And then where would you say that Domo has the best product-market fit today?

好的。偉大的。那麼您認為 Domo 的產品與市場最契合的地方在哪裡？

I would say there's two components. The biggest is just understanding of you look at that full stack, it's really a modular full stack. And if you're looking at your different AI opportunities that you have, how are you going to be able to take advantage of those AI services? Once you -- let's say you go into -- let's say you're an OpenAI, you're an enterprise OpenAI. And we had a customer just tell us this, you can upload, you can drag and drop your data files and start asking questions, but there's zero governance around it.

我想說有兩個組成部分。最大的就是了解你看一下完整的堆疊，它實際上是一個模組化的完整堆疊。如果您正在考慮擁有的不同人工智慧機會，您將如何利用這些人工智慧服務？一旦你——假設你進入——假設你是一個 OpenAI，你就是一個企業 OpenAI。我們有一位客戶告訴我們，您可以上傳，您可以拖放資料檔案並開始提出問題，但周圍的治理為零。

There's zero ability to distribute that out. There's zero ability to say, I want to start receiving these weekly, and we have that infrastructure and that governance in place. So whether it's extending AI intelligence or building an app and taking action off of that data that you have inside your organization, that's where we really fit in distributing that information, governing that information, and then taking action on that information.

將其分發出去的能力為零。零能力說，我想開始每週接收這些訊息，並且我們擁有適當的基礎設施和治理。因此，無論是擴展人工智慧智能，還是建立應用程式並根據組織內部的數據採取行動，這都是我們真正適合分發該資訊、管理該訊息，然後對該資訊採取行動的地方。

All right. Awesome. And then David, a quick one for you and then a longer one for you. The quick one was, I think last quarter you told us consumption was 20% of ARR.

好的。驚人的。然後大衛，給你一個快速的，然後給你一個更長的。快速的一個是，我想上個季度您告訴我們消費佔 ARR 的 20%。

Did I miss it? Did you give us a new number for that?

我錯過了嗎？你給了我們一個新的號碼嗎？

No. I don't think we did, but actually, we're a little over 25% at this point.

不。我不認為我們做到了，但實際上，我們目前的比例略高於 25%。

Okay. Great. And then on the debt, I think you mentioned that you're bullish about closing on more advantageous terms. Can you just give us a little more color on that, roughly -- I mean, I realize it's hard to predict a deal, but roughly what timeframe are we talking about, and what's the risk that it doesn't happen?

好的。偉大的。然後關於債務，我想您提到您看好以更有利的條件完成交易。您能給我們更多資訊嗎？粗略地說，我的意思是，我意識到很難預測交易，但我們談論的大致時間範圍是多少，以及交易不發生的風險是什麼？

I'll just say broadly in process. So we're looking at some opportunities right now relatively near-term, but looking at opportunities currently. And the terms look to be, I would say, a little improved in what we have in place today.

我只是大致地說一下過程中。因此，我們現在正在尋找一些相對近期的機會，但目前正在尋找機會。我想說，這些條款看起來比我們今天的條款有所改進。

All right. Great. Thank you very much.

好的。偉大的。非常感謝。

Max Michaelis, Lake Street Capital Markets.

馬克斯‧米凱利斯 (Max Michaelis)，湖街資本市場。

Hey, guys. Thanks for taking my question. First one on the -- related to the consumption model. I know you mentioned around half of your customers on the consumption model have already, I think, approached or surpassed the contracted credits. Maybe if we look at that other half of the customers there, maybe what have you done or what are you doing to drive greater usage out of that other half of the customer base on the consumption model?

大家好。感謝您提出我的問題。第一個與消費模式有關。我知道你提到大約一半的客戶在消費模式上，我認為已經接近或超過了合約規定的積分。也許如果我們看看那裡的另一半客戶，也許你做了什麼或你正在做什麼來推動另一半客戶群在消費模式上的更多使用？

Yeah. I think the biggest component of that and what's interesting to us about it is, they're only six months into it. So a lot of those are new customers. And so they're working through the installation, they're just rolling it out to people, they're just connecting the data for the first time. So we were surprised that already at six months, there were people that were already trending above where they had contracted with us.

是的。我認為其中最大的組成部分以及我們感興趣的一點是，他們只花了六個月的時間。所以其中很多都是新客戶。所以他們正在完成安裝，他們只是將其推廣給人們，他們只是第一次連接數據。因此，我們感到驚訝的是，六個月後，有些人的趨勢已經高於他們與我們簽訂合約的水平。

And it's what we were hoping for. And frankly, why we've been pushing so hard consumption because we think the long-term net revenue retention is going to be much higher than we've ever had here before.

這正是我們所希望的。坦白說，為什麼我們一直如此大力推動消費，因為我們認為長期淨收入保留將比我們以前的任何時候都要高得多。

And then what we're doing is, now, instead of focusing on trying to go and pitch a use case to a customer and hoping that they can get budget allocation for a concept, now we're going into our customers and saying, hey, we're not coming in to try to get any dollars for you or get any additional contracts, but let us come and show you some use cases and you can try them out.

然後我們現在所做的不是專注於嘗試向客戶推銷用例並希望他們能夠獲得概念的預算分配，而是現在我們要深入客戶並說，嘿，我們並不是來試圖為您賺取任何金錢或獲得任何額外的合同，而是讓我們來向您展示一些用例，您可以嘗試一下。

And you can click on these buttons, and it might cost you $5, but go try it out and see if you get benefit out of it. And let us show you how to use our AI services. And let us show you how to build automated workflow apps. And those kinds of conversations are much more well-received than what they've been historically.

你可以點擊這些按鈕，這可能會花費你 5 美元，但去嘗試一下，看看你是否能從中受益。讓我們向您展示如何使用我們的人工智慧服務。讓我們向您展示如何建立自動化工作流程應用程式。這類對話比歷史上的對話更受歡迎。

We'll go to an organization that maybe has a marketing use case and they -- we have a great relationship with them, and we'll say, hey, why don't you introduce us to the finance team and we're going to show you -- we'll introduce you to the CFO at one of our other customers who's in a similar industry as you guys, and just let us share with you what that CFO is doing in their org and how they're using Domo. And again, you already have all the users, you could do this tomorrow. You already have it in the contract, so go ahead and start using it.

我們會去一個可能有行銷用例的組織，我們與他們有很好的關係，我們會說，嘿，你為什麼不把我們介紹給財務團隊，我們就去向您展示-- 我們將向您介紹一位與您處於類似行業的其他客戶的CFO，並讓我們與您分享該CFO 在他們的組織中做什麼以及他們如何使用Domo 。再說一遍，您已經擁有所有用戶，您可以明天執行此操作。您已經在合約中包含了它，所以請繼續開始使用它。

And so, it's more focusing on adoption and trying to help those customers consume the credits because when they do, they're clearly and automatically getting value from it.

因此，它更注重採用並試圖幫助這些客戶消費積分，因為當他們這樣做時，他們顯然會自動從中獲得價值。

All right. Another one for me, maybe for you Josh. So I'm not sure if I missed it on the call here or in the prepared remarks, but we think about timelines, especially on AI. I know it's early, you guys are hiring out engineers, but I mean, if we think about a timeline on when you could see the benefit from this investment in AI, what are you thinking?

好的。另一個給我，也許給你，喬希。因此，我不確定我是否在電話會議或準備好的發言中錯過了這一點，但我們會考慮時間表，尤其是在人工智慧方面。我知道現在還為時過早，你們正在招募工程師，但我的意思是，如果我們考慮一下您何時可以看到人工智慧投資的好處的時間表，您在想什麼？

I mean, most of our conversations that we're having with our customers right now are around AI. All of our current customers are interested in buying additional products and services and helping them manage the various AI investments that they're looking at. So like we said in the prepared remarks, it used to be democratizing data and now it's really democratizing that intelligence.

我的意思是，我們現在與客戶進行的大部分對話都是圍繞著人工智慧進行的。我們目前所有的客戶都有興趣購買額外的產品和服務，並幫助他們管理他們正在考慮的各種人工智慧投資。正如我們在準備好的發言中所說，它曾經使數據民主化，現在它真正使情報民主化。

And if there's -- because AI is moving so fast, when you take an AI model, you want to apply it to data, but it can't be just a run of the store. It has to be organized. It has to be a private LLM. It has to have governance around it. You need to have the lineage around what was created, what was queried, who was it distributed to. And so you need to have a layer like Domo that allows you to understand that and govern that, manage that, distribute that.

如果有的話——因為人工智慧發展得如此之快，當你採用人工智慧模型時，你想將其應用到數據中，但它不能只是商店的運作。它必須被組織起來。它必須是私人法學碩士。它必須圍繞它進行治理。您需要有關於創建的內容、查詢的內容以及分發給誰的沿襲。因此，您需要像 Domo 這樣的層，讓您能夠理解並管理它、管理它、分發它。

At the same time, what happens if that service that you were excited about last month is all of a sudden not very innovative and behind the times, and a brand new one comes out that is helping you, let's say, optimize your pricing, and you want to be able to take advantage of that, and you need to switch from the old one to the new one? Now, how are you going to do that?

同時，如果您上個月感到興奮的服務突然變得不太創新且落後於時代，那麼會發生什麼，並且出現了一項全新的服務，可以幫助您優化定價，並且您希望能夠利用這一點，並且需要從舊的切換到新的嗎？現在，你打算怎麼做？

Again, if you have a layer like Domo, sitting on top of everything and that has view into the data that helps you organize and manage your data, let it sit wherever you want, let it stay in Snowflake, let it stay in Databricks, let it stay at AWS. We don't care. We just help you manage, govern it, control it, and distribute it.

同樣，如果您有一個像Domo 這樣的層，位於所有內容之上，並且可以查看數據，幫助您組織和管理數據，讓它位於您想要的任何位置，讓它留在Snowflake 中，讓它留在Databricks 中，讓它留在AWS。我們不在乎。我們只是幫助您管理、治理、控制和分發它。

And that's where we're seeing AI really bring the strengths and advantages that we have to the forefront. So it's actually something that we're doing right now. We have some great product announcements coming out of Domopalooza around AI. We've been making investments there for quite some time.

這就是我們看到人工智慧真正將我們擁有的優勢和優勢帶到最前沿的地方。所以這實際上是我們現在正在做的事情。Domopalooza 發布了一些圍繞人工智慧的精彩產品。我們在那裡進行投資已經有一段時間了。

We've been in predictive analytics, machine learning, which are both components of what AI is today. So, we've been doing this for a long time and it's actually great that now the market's moving there, it's really highlighting the distinct advantages that we have.

我們一直致力於預測分析和機器學習，它們都是當今人工智慧的組成部分。所以，我們已經這樣做很長時間了，現在市場正在向那裡轉移，這實際上很棒，它確實凸顯了我們擁有的獨特優勢。

All right. Thanks, guys. And then last one for me. David, maybe for you. How should we be thinking about cash flow at the end of 2025 -- fiscal year '25?

好的。多謝你們。然後是我的最後一張。大衛，也許適合你。我們該如何考慮 2025 年底（第 25 財年）的現金流？

Yeah. So, we're very committed to be free cash flow positive. So our plan has us achieving that, and the extent that we vary from that a little bit, we'll take whatever actions we need to make sure that we are free cash flow positive. So that's our plan going in here at the beginning of fiscal '25. And that's what we expect to end up with --

是的。因此，我們非常致力於實現正自由現金流。因此，我們的計劃讓我們實現這一目標，只要我們與這一目標有一點不同，我們將採取一切必要的行動來確保我們的自由現金流為正。這就是我們在 25 財年伊始所訂定的計畫。這就是我們期望的結果--

All right. Thanks, guys.

好的。多謝你們。

Yeah. Okay. All right. Thank you.

是的。好的。好的。謝謝。

Derrick Wood, TD Cowen.

德里克·伍德，TD·考恩。

Great. Thanks, guys. This is Cole on for Derrick. David, one for you, maybe. Just looking at NRR down ticking again, sounds like the new investments in consumption and freemium could help that run up over time. But as we think about it over the next couple of quarters, is this the bottom here? Do you think that looking at deals and potential down sales, it could go lower before it starts to accelerate?

偉大的。多謝你們。這是科爾替補德瑞克。大衛，也許適合你。只要看看 NRR 再次下降，聽起來消費和免費增值方面的新投資可能有助於隨著時間的推移而成長。但當我們在接下來的幾個季度思考時，這是底部嗎？您認為從交易和潛在的降價銷售來看，在開始加速之前它可能會下降嗎？

Yeah. I mean, as we look at the plan that we've got in place for this next year, I mean, this should be the low point. And the way to think about it, when you look at billings, either they're flat or growing, there's about a there's about a two-quarter lag on that. So if we look back a couple of quarters ago, billings were flat. We've had a couple of very low single-digit billings gross, but that should start to turn and as we add to billings, again, if we see an increase in billings, then that ARR is going to go up. So -- and that's what we've got in the plan.

是的。我的意思是，當我們審視明年制定的計劃時，我的意思是，這應該是最低點。想想看，當你查看帳單時，無論是持平還是成長，大約有四分之二的延遲。因此，如果我們回顧幾個季度前，就會發現帳單持平。我們的帳單總額有幾個非常低的個位數，但這應該開始扭轉，當我們增加帳單時，再次，如果我們看到帳單增加，那麼 ARR 就會上升。所以——這就是我們的計劃。

Great. Thanks. And then Josh, one for you. Would love an update on go-to-market, rep productivity, pipeline into the first quarter or second quarter here. That'd be great. Thanks.

偉大的。謝謝。然後是喬希，一位適合你的人。希望了解有關上市、代表生產力、進入第一季或第二季的管道的最新資訊。那簡直太好了。謝謝。

Yeah. I mean, we've definitely seen, since Q4 of a year ago, the macro headwinds definitely took place in terms of rep productivity, pipeline conversion, and it definitely weakened throughout the year. I think it started to stabilize in Q4. So again, to David's last comment, hopefully we've hit the trough and we have hit the divot and we're coming back out of it, but definitely still feel macro headwinds and we've optimized toward the most efficient sales executives that we have.

是的。我的意思是，我們確實已經看到，自一年前的第四季以來，宏觀阻力肯定出現在代表生產力、管道轉換方面，而且全年肯定會減弱。我認為它在第四季度開始穩定。因此，對於大衛的最後評論，希望我們已經觸及低谷，我們已經觸及草皮，我們正在走出困境，但肯定仍然感受到宏觀阻力，我們已經針對最高效的銷售主管進行了優化。有。

So we know we have people that can produce and we're doing everything we can to optimize their ability to be successful. We've had some successes overseas and in different pockets as well. And I think the investments that we've made in AI and the investments that we've made converting this over to consumption, we're going to start seeing some of those things start to affect our ability to be more successful. So, not only -- well, I think, the macro conditions changed things pretty dramatically, and just with macro recovering alone, I think we'd get back to the profile that we were at 24 months ago.

因此，我們知道我們擁有能夠生產的人才，並且我們正在盡一切努力來優化他們的成功能力。我們在海外和不同領域也取得了一些成功。我認為我們在人工智慧方面的投資以及將其轉化為消費的投資，我們將開始看到其中一些事情開始影響我們取得更大成功的能力。所以，我認為，宏觀條件不僅使事情發生了相當大的變化，而且僅憑宏觀經濟復甦，我認為我們就會回到 24 個月前的狀況。

But in addition to that, we think there's some really cool tailwinds that we have as well with our ability to uniquely help customers out with AI, and then with the change and the transformation and the model, and how that affects our customers and their ability to grow with us and adapt with us, and also find that return on their investment before they have to go and get a contract approved.

但除此之外，我們認為我們還有一些非常酷的順風，我們有能力透過人工智慧以獨特的方式幫助客戶，然後透過變革、轉型和模型，以及這如何影響我們的客戶及其能力與我們一起成長，與我們一起適應，並在他們必須去獲得合約批准之前找到他們的投資回報。

So we're excited about the position. We haven't seen it yet in the financial results, but I can say that everybody here at the company is as excited as we've been about our long-term prospects. We feel like we fit really well in the ecosystem with the changes that we've made to our technology. And because you look at -- if you look at our unique advantages and distinct unique advantages that we have relative to the makeup of our company, we are one of the few independents and certainly at scale, that independence is helpful. We have a full stack that is composable, it's modular, and we fit really well with the hyperscalers that are out there and they're all really interested.

所以我們對這個職位感到很興奮。我們還沒有在財務表現中看到這一點，但我可以說，公司的每個人都像我們對我們的長期前景一樣興奮。我們覺得透過我們對科技所做的改變，我們非常適合這個生態系統。因為如果你看看我們獨特的優勢以及我們相對於我們公司的組成所擁有的獨特優勢，我們是為數不多的獨立公司之一，當然在規模上，這種獨立性是有幫助的。我們擁有可組合、模組化的完整堆疊，我們非常適合現有的超大規模企業，而且他們都非常感興趣。

If you're going to go to market and you're a hyperscaler and you need to provide a full solution to your customer, are you going to walk in with five partners to be able to fill out that stack or maybe just with Domo? And the sales rep doesn't have to manage five different accounts and transactions and contracts to get a deal done. They can just work with just us. And because we've now made our backend so that you can keep all that data driving the hyperscalers consumption, we think that it puts us in a really unique position.

如果您要進入市場，並且您是一家超大規模企業，並且需要為客戶提供完整的解決方案，那麼您是否會與五個合作夥伴一起來填補該堆疊，或者只與 Domo 合作？銷售代表不必管理五個不同的帳戶、交易和合約即可完成交易。他們可以只與我們合作。因為我們現在已經製作了後端，以便您可以保留驅動超大規模消費的所有數據，所以我們認為這使我們處於一個非常獨特的位置。

And we're definitely excited to see how that plays out over the next 12 months, and we'll certainly keep the street updated on how that's going to affect our progress and our ability to do something different than what's in the numbers today.

我們非常高興看到未來 12 個月的情況如何，我們一定會隨時向業界通報這將如何影響我們的進展以及我們做一些與今天數字不同的事情的能力。

Helpful, guys. Thanks.

有幫助，夥計們。謝謝。

You bet. Thank you.

你打賭。謝謝。

And there are no further questions at this time. And that concludes the question-and-answer session, and that also concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

目前沒有其他問題。問答環節到此結束，今天的電話會議也到此結束。此時您可以斷開線路。感謝您的參與。