Domo Inc (DOMO) 2026 Q1 法說會逐字稿

Greetings and welcome to the Domo Q1 fiscal year 2026 earnings call.

大家好，歡迎參加 Domo 2026 財年第一季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Peter Lowry, Vice President of Investor Relations. Thank you. Peter, you may begin.

現在我很高興向大家介紹主持人、投資者關係副總裁 Peter Lowry。謝謝。彼得，你可以開始了。

Good afternoon.

午安.

On the call today, we're joined by Josh James, our Founder and CEO; and Tod Crane, our Chief Financial Officer.

在今天的電話會議上，我們的創辦人兼執行長 Josh James 和財務長 Tod Crane 也參加了會議。

I'll lead off with our Safe Harbor Statement. And then, on to the call.

首先，我將介紹我們的安全港聲明。然後，繼續通話。

Our press release was issued after the market closed and is available on the Investor Relations section of our website.

我們的新聞稿是在市場收盤後發布的，可以在我們網站的投資者關係部分查閱。

Please note this call contains forward-looking statements about our business, as defined under Federal Securities Laws. These statements involve risks, uncertainties, and assumptions, including, but not limited to, statements and projections about our future financial performance, growth prospects, cash position, sales efforts, technology developments, new business opportunities, transactions and initiatives, the potential impact of artificial intelligence, and other macroeconomic factors on our business.

請注意，本次電話會議包含有關我們業務的前瞻性陳述，如聯邦證券法所定義。這些聲明涉及風險、不確定性和假設，包括但不限於有關我們未來財務業績、成長前景、現金狀況、銷售努力、技術發展、新業務機會、交易和舉措、人工智慧的潛在影響以及其他宏觀經濟因素對我們業務的陳述和預測。

For a detailed discussion of these risks and uncertainties, please refer to our public filings, including today's press release; our most recent annual report on Form 10-K; and quarterly report on Form 10-Q -- all available on the SEC website. These documents list important risk factors that could cause our actual results to differ, materially, from our forward-looking statements.

有關這些風險和不確定性的詳細討論，請參閱我們的公開文件，包括今天的新聞稿；我們最新的 10-K 表年度報告；以及 10-Q 表季度報告——所有這些文件均可在美國證券交易委員會 (SEC) 網站上查閱。這些文件列出了可能導致我們的實際結果與前瞻性陳述有重大差異的重要風險因素。

We will also discuss non-GAAP financial measures during the call, which we use as supplemental indicators of Doma's performance. Other than revenue, unless otherwise stated, we will be discussing our results of operations on a non-GAAP basis.

我們還將在電話會議中討論非公認會計準則財務指標，我們將其用作 Doma 績效的補充指標。除收入外，除非另有說明，我們將以非 GAAP 為基礎討論我們的經營績效。

These measures should be viewed as complements to, not substitutes for, our GAAP results. Please see the reconciliation of our non-GAAP results to the most directly comparable GAAP measure on our Investor Relations website, at domoinvestors.com.

這些措施應被視為我們 GAAP 結果的補充，而不是替代。請參閱我們投資者關係網站 domoinvestors.com 上非 GAAP 結果與最直接可比較 GAAP 指標的對帳。

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

說完這些，我就把麥克風交給喬希 (Josh)。喬希？

Thank you, Pete. Hello, everyone. Thanks for joining us on the call, today.

謝謝你，皮特。大家好。感謝您今天參加我們的電話會議。

I am pleased to report that, in Q1, we demonstrated substantial operating leverage in the business, showing that our model is truly working.

我很高興地報告，在第一季度，我們展示了業務中巨大的營運槓桿，表明我們的模式確實有效。

Once again, we exceeded guidance on billings, revenue, and non-GAAP EPS; and generated positive adjusted free cash flow. Notably, this marks the first time we've achieved a positive operating margin in a Q1.

我們再次超越了帳單、收入和非公認會計準則每股收益的預期；並產生了正的調整後自由現金流。值得注意的是，這是我們第一季首次實現正營業利潤率。

We saw a significant increase in pipeline activity generated by our ecosystem, a dramatic increase in our sales efficiency, a substantial lengthening of our contracts, and an acceleration in RPO growth -- all reflecting the durable, trusted relationships we have with our customers.

我們看到，我們的生態系統產生的通路活動顯著增加，我們的銷售效率大幅提高，我們的合約大幅延長，以及 RPO 成長加速——所有這些都反映了我們與客戶之間持久、值得信賴的關係。

As a direct result of this momentum and due to continued strength in the business, we are raising our full-year guidance. Tod will have more to say about that, shortly.

由於這一勢頭以及業務的持續強勁，我們提高了全年業績預期。托德很快就會對此做出更多解釋。

We are confident that we have finally achieved a business model that will provide continued operating leverage for years to come.

我們相信，我們最終實現了一個能夠在未來幾年持續提供經營槓桿的商業模式。

As you'll recall, a few years ago, we identified cracks forming in our business and knew we needed to institute changes to our model. We rapidly converted our business to consumption-based pricing and reconfigured our technology and go-to-market motion to become very ecosystem-friendly.

您可能還記得，幾年前，我們發現我們的業務出現了裂痕，並且知道我們需要改變我們的模式。我們迅速將業務轉變為基於消費的定價，並重新配置我們的技術和上市行動，使其變得非常生態系統友好。

The substantial changes our team has made, over the last few years, have led to measurably improved performance, with the following metrics highlighting that the new model is working:

在過去的幾年中，我們的團隊所做的重大改變已經帶來了顯著的績效提升，以下指標凸顯了新模式正在發揮作用：

Subscription Remaining Performance Obligations', or RPO, growth accelerated to 24% year over year. Subscription Total Contract Value, or TCV, was up 69% year over year.

訂閱剩餘履約義務（RPO）的成長率年增至 24%。訂閱總合約價值（TCV）年增69％。

Long-term Subscription RPO was up 61% year over year. Net retention was up sequentially for the third consecutive quarter and ARR was also up sequentially.

長期訂閱 RPO 年成長 61%。淨留存率連續第三個季度較上季上升，ARR 也較上季上升。

Salesforce productivity was up over 60% year over year and up for the third consecutive quarter. Gross retention improved to 86%, from 85% last quarter.

Salesforce 生產力年增超過 60%，並且連續第三個季度實現成長。總留存率從上一季的 85% 提高至 86%。

All of these metrics support my belief that we are taking the right steps to return to sustainable long-term profitable growth and give me confidence in our Q2 and FY26 outlook for billings growth.

所有這些指標都支持我的信念，即我們正在採取正確的步驟來恢復可持續的長期盈利增長，並讓我對我們第二季度和26財年的營業額增長前景充滿信心。

Our growth in RPO is a direct result of our unwavering commitment to our customers' success. By prioritizing their needs and building trusted collaborative relationships, we consistently deliver meaningful outcomes that lead to higher satisfaction.

我們在 RPO 方面的成長直接源自於我們對客戶成功的堅定承諾。透過優先考慮他們的需求並建立可信賴的合作關係，我們始終如一地提供有意義的成果，從而提高滿意度。

This customer-first approach has led to longer-term contractual commitments, underscoring the trust our clients place in Domo as their strategic partner. The loyalty and confidence of our customers not only drive RPO growth but also strengthen retention, a strong proof point that the model is working.

這種客戶至上的方法帶來了更長期的合約承諾，凸顯了我們的客戶對 Domo 作為其策略合作夥伴的信任。客戶的忠誠度和信心不僅推動了 RPO 的成長，而且還加強了保留率，這是該模型有效的有力證明。

Our salesforce productivity increased over 60% in Q1. And, although we won't update this metric every quarter, I wanted to share it because it further reinforces my confidence in our ability to grow efficiently. This metric highlights the success of the model.

我們銷售人員的生產效率在第一季提高了 60% 以上。而且，儘管我們不會每季更新這個指標，但我想分享它，因為它進一步增強了我對我們有效成長能力的信心。此指標凸顯了該模型的成功。

Retention improved in Q1. And we see ample opportunity for continued progress.

第一季的保留率有所提高。我們看到了繼續取得進步的充足機會。

Gross retention for consumption customers, in Q1, was significantly higher than for seat-based customers. Consumption customers now represent over 70% of our ARR, heading toward 90% by the end of the year. And as our renewal base increasingly shifts to consumption, we expect it to be another tailwind to positive retention results.

第一季度，消費性顧客的總留存率明顯高於座位類顧客。消費客戶目前占我們 ARR 的 70% 以上，到年底將達到 90%。隨著我們的續約基礎日益轉向消費，我們預期這將成為另一個積極保留結果的順風。

The consumption engine is an integral component that drives the success of this model.

消費引擎是推動該模式成功的一個組成部分。

Over the past several quarters, we have made significant progress in transitioning from cash burn to achieving free cash flow positivity and expanding our operating margin.

在過去的幾個季度中，我們在從現金消耗到實現自由現金流為正以及擴大營業利潤率的轉變方面取得了重大進展。

As we look ahead, we expect to exit this year at 5% billings growth and 5% operating margin. And we anticipate exiting FY27 at 10% billings growth and 10% operating margin.

展望未來，我們預計今年的營業額成長率和營業利潤率將分別達到 5% 和 5%。我們預計 2027 財年的營業額成長率和營業利益率將分別達到 10% 和 10%。

These achievements demonstrate not only our strengthening fundamentals but, also, substantial progress on our Rule of 40 profile. This shows that our model is working and positions us for sustained profitable growth, going forward.

這些成就不僅顯示我們的基本面正在加強，而且顯示我們的「40規則」取得了實質進展。這表明我們的模式正在發揮作用，並為我們未來持續的獲利成長奠定了基礎。

We held our annual user conference, Domopalooza, earlier this year. And I'm consistently inspired by the powerful ways Domo is driving transformation and delivering meaningful impact for our customers.

我們在今年早些時候舉辦了年度用戶大會 Domopalooza。Domo 以強大的方式推動轉型並為我們的客戶帶來有意義的影響，這一直激勵著我。

We heard from a global technology and services firm, which highlighted the remarkable journey toward transformative data integration. Over just the past year, they have rapidly expanded their data capabilities by transitioning from fragmented legacy systems to a cohesive AI-enhanced platform, powered by Domo. This transformation has significantly boosted decision-making abilities for over 100,000 people across the organization.

我們聽取了一家全球技術和服務公司的意見，該公司強調了實現變革性資料整合的非凡歷程。僅在過去一年裡，他們就透過從分散的遺留系統過渡到由 Domo 提供支援的具有凝聚力的 AI 增強平台，迅速擴展了其資料能力。此次轉型大大提高了整個組織超過10萬名員工的決策能力。

The CEO of Filevine, a leading legal technology platform, highlighted the transformative impact of AI on the legal industry, emphasizing the company's innovative strides, with products like Chat with Your Case, which efficiently manages vast amounts of structured and unstructured legal data to allow its customers to effectively manage their cases, at scale.

領先的法律科技平台 Filevine 的執行長強調了人工智慧對法律產業的變革性影響，強調了公司的創新步伐，例如 Chat with Your Case 等產品，它可以有效地管理大量結構化和非結構化法律數據，使其客戶能夠有效地大規模管理他們的案件。

Filevine enhances its customers' operations with an analytics offering powered by Domo Everywhere. The CEO mentioned that Filevine's impressive retention rate of over 95% climbs to nearly 100%, when Domo is integrated, showcasing Domo's vital role in optimizing data-driven decision making.

Filevine 透過由 Domo Everywhere 提供支援的分析服務來增強其客戶的營運。執行長提到，Filevine 的留存率從令人印象深刻的 95% 以上攀升至接近 100%，而 Domo 的整合則展現了 Domo 在優化數據驅動決策方面的重要作用。

At Domopalooza, we also outlined our strategic priorities for FY26, including driving adoption, innovating with AI across the platform; continuing to focus customer relationships and multi-year contracts; and developing our ecosystem of partners.

在 Domopalooza，我們也概述了 2026 財年的策略重點，包括推動採用、在整個平台上進行人工智慧創新；繼續專注於客戶關係和多年期合約；以及發展我們的合作夥伴生態系統。

I've already discussed the incredible impact that multi-year contracts are having on our business, which is evidenced by the growth we're seeing in metrics like RPO and the corresponding impacts on retention.

我已經討論過多年期合約對我們業務的巨大影響，這從我們在 RPO 等指標中看到的成長以及對保留的相應影響中可以看出。

I'd, now, like to give a brief update on each of the other three areas of focus.

現在，我想簡單介紹一下其他三個重點領域的最新情況。

As it relates to adoption, the demand for our advanced product capabilities is greater than ever. We continue to accelerate customer adoption by focusing on AI agent deployment, governance best practices, workflow automation, and data pipeline optimization, which are driving deeper engagement and increasing the overall impact Domo has on our customers.

就採用而言，對我們先進產品功能的需求比以往任何時候都更大。我們繼續透過專注於 AI 代理部署、治理最佳實踐、工作流程自動化和資料管道優化來加速客戶採用，這正在推動更深入的參與並增加 Domo 對客戶的整體影響。

Our ongoing initiatives, including strategic consulting packages and extensive AI academy webinar series, and expanded technical enablement are empowering customers and partners to build sophisticated AI-driven solutions, while reinforcing governance and security practices.

我們正在進行的計劃，包括策略諮詢方案和廣泛的人工智慧學院網路研討會系列，以及擴展的技術支持，正在幫助客戶和合作夥伴建立複雜的人工智慧驅動解決方案，同時加強治理和安全實踐。

We are seeing a notable difference in the usage of our products by customers who are actively engaged with our technical teams. And we are actively working to provide more of that support across our customer base.

我們發現，積極與我們的技術團隊合作的客戶對我們產品的使用有顯著的變化。我們正在積極努力為我們的客戶群提供更多的支援。

On the AI front, we launched Agent Catalyst at Domopalooza, which leverages our existing ETL data governance, security, and workflow capabilities to allow our customers to rapidly innovate with AI agents.

在人工智慧方面，我們在 Domopalooza 推出了 Agent Catalyst，它利用我們現有的 ETL 資料治理、安全性和工作流程功能，使我們的客戶能夠利用人工智慧代理快速創新。

Our customers are AI-curious and have a sense of urgency about adopting AI. But they struggle with how to drive real business value.

我們的客戶對人工智慧充滿好奇，並且對採用人工智慧有著緊迫感。但他們在如何推動真正的商業價值方面卻遇到了困難。

We are leaning in to show how Domo is an ideal solution to capitalize on the promise of AI. In fact, in one of the general sessions at Domopalooza, we offered to build a free agentic AI solution for attendees and, unbelievably, over 200 customers signed up on the first day. It's amazing to see what some of those customers have been able to accomplish, so quickly, with Agent Catalyst.

我們正在努力展示 Domo 如何成為充分利用人工智慧前景的理想解決方案。事實上，在 Domopalooza 的一次全體會議上，我們提出為與會者建立一個免費的代理 AI 解決方案，令人難以置信的是，第一天就有超過 200 名客戶註冊。看到一些客戶利用 Agent Catalyst 如此迅速地取得成果，真是令人驚嘆。

In fact, just today, we hosted an Agentic AI Innovation Summit for data, AI, and tech leaders, focused on advancing intelligent AI agents that automate workflows and decision making, featuring expert speakers from Google, AWS, Domo, and more. With over 6,000 people registering, the event was a key gathering to explore how agentic AI is reshaping the future of work.

事實上，就在今天，我們為數據、人工智慧和技術領袖舉辦了一場 Agentic AI 創新高峰會，重點是推進自動化工作流程和決策的智慧人工智慧代理，並邀請了來自 Google、AWS、Domo 等公司的專家演講者。此次活動共有超過 6,000 人註冊，是探索代理人工智慧如何重塑未來工作的重要聚會。

With the rapid success and the rapidly building momentum, we've already seen customers build agents that do the following: accelerate the ability to spot, classify, and take action, based on anomalies at solar farms; reduce dropout rates in schools by working with students that are at risk of not graduating; streamlining their charitable operations by making it easier to capture and process tax Information; optimize the performance of hotel locations by providing better summarizations and indicators on ways to improve, redefining the future of their business with AI efficiencies related to data, inventory, tax equipment, and sales management.

隨著快速的成功和快速發展的勢頭，我們已經看到客戶構建了執行以下操作的代理：根據太陽能發電場的異常情況，加快發現、分類和採取行動的能力；通過與可能無法畢業的學生合作來降低學校的輟學率；通過更輕鬆地獲取和處理稅務信息來簡化慈善業務；通過提供更好的總結和改進酒店數據來優化酒店位置的績效，利用其與庫存數據相關的數據來優化其與庫存、數據相關的計劃數據。

We also heard from leading data and AI consultants who showcased that they were able to use Agent Catalyst to build powerful agents in less than two weeks.

我們也聽取了領先的數據和人工智慧顧問的意見，他們展示了他們能夠在不到兩週的時間內使用 Agent Catalyst 建立強大的代理商。

Hakkoda, a leading Snowflake Systems Integrator, showcased Agent Catalyst's impact by creating an agent that revolutionizes conference networking through intelligent attendee matching, based on shared interests and complementary skills going beyond just job titles.

領先的 Snowflake 系統整合商 Hakkoda 展示了 Agent Catalyst 的影響力，它創建了一個代理，透過智慧與會者匹配徹底改變了會議網絡，這種匹配基於共同的興趣和超越職位的互補技能。

Koantek, a leading Databricks SI, highlighted their success in using Domo's Agent Catalyst to optimize fleet management operations. By integrating with Databricks for real-time analytics, Koantek has adopted proactive strategies that ensure vehicle up-time and enhance route efficiency. This has been especially critical in a delivery-driven economy, where timely operations are paramount.

領先的 Databricks SI Koantek 強調了他們使用 Domo 的 Agent Catalyst 優化車隊管理營運所取得的成功。透過與 Databricks 整合進行即時分析，Koantek 採取了主動策略，確保車輛正常運行時間並提高路線效率。在交付驅動的經濟中，這一點尤其重要，因為及時運作至關重要。

After many years of effort and investment, we have built a robust platform that includes seamless data access, advanced ETL capabilities, comprehensive data governance and security, streamlined workflows, automated alerts, approvals, and powerful visualization tools.

經過多年的努力和投資，我們已經建立了一個強大的平台，其中包括無縫資料存取、先進的 ETL 功能、全面的資料治理和安全、簡化的工作流程、自動警報、批准和強大的視覺化工具。

This strong infrastructure positions us uniquely to support the development of AI-driven solutions that address real-world business challenges. Nearly every customer conversation that we are having aligns with some form of AI-driven workflow or agentic exploration.

這種強大的基礎設施使我們具有獨特的優勢，可以支援開發解決現實世界商業挑戰的人工智慧驅動的解決方案。我們與每一次客戶對話幾乎都與某種形式的人工智慧驅動的工作流程或代理探索相一致。

Now, moving on to the ecosystem.

現在，轉向生態系統。

I'm very happy to report that we continue to make significant improvements to our integrations with our Cloud Data Warehouse or CDW partners, including Snowflake, Databricks, Oracle, Google, and others.

我很高興地報告，我們繼續對與雲端資料倉儲或 CDW 合作夥伴的整合做出重大改進，包括 Snowflake、Databricks、Oracle、Google 等。

We are seeing very encouraging trends in the partner metrics that we track. Conversion rates for partner source deals remains well above those for traditional marketing source leads.

我們在追蹤的合作夥伴指標中看到了非常令人鼓舞的趨勢。合作夥伴來源交易的轉換率仍遠高於傳統行銷來源線索的轉換率。

Our early-stage partner pipeline continues to grow at a very rapid pace. Partner-sourced leads and the number of deals that moved from top of the funnel to later stages in the pipeline were up more than 200% from last quarter.

我們的早期合作夥伴管道繼續以非常快的速度成長。合作夥伴獲得的銷售線索和從通路頂端進入通路後期階段的交易數量較上一季度增加了 200% 以上。

That's from just one CDW partner. And we have several more partners we are just beginning to go to market with. So just imagine where that could lead. The model is working.

這僅來自一位 CDW 合作夥伴。我們還有其他幾個合作夥伴正準備一起進入市場。想像一下這會導致什麼結果。該模型正在發揮作用。

Additionally, we build strong relationships with System Integrators linked to several of these CDWs, expanding our ecosystem and market reach even more.

此外，我們與這些 CDW 相關的系統整合商建立了牢固的關係，進一步擴大了我們的生態系統和市場範圍。

Our Domo Everywhere solution has also helped us form new customer relationships by enabling Domo customers to securely share data with their customers, just like Filevine, who we mentioned earlier.

我們的 Domo Everywhere 解決方案還幫助我們建立了新的客戶關係，使 Domo 客戶能夠安全地與他們的客戶共享數據，就像我們之前提到的 Filevine 一樣。

Now, let me highlight a few of our customer wins in the quarter, driven by our complete platform-advanced features and consumption model.

現在，讓我重點介紹一下本季我們贏得的一些客戶，這些勝利得益於我們完整的平台先進功能和消費模式。

First, in terms of new logos, a geospatial services company chose Domo, after completing a thorough self-guided POC that highlighted our extensive capabilities, AI/ML, pro-code features like Bricks, Jupyter Notebooks, along with the strong technical expertise of our engagement team. This was a former prospect that returned to Domo, following a failed Microsoft Fabric implementation, [boo].

首先，就新標誌而言，一家地理空間服務公司在完成了全面的自我引導 POC 後選擇了 Domo，該 POC 突出了我們廣泛的功能、AI/ML、Bricks、Jupyter Notebooks 等專業程式碼功能，以及我們參與團隊的強大技術專長。這是一位之前的客戶，在 Microsoft Fabric 實施失敗後，他又回到了 Domo，[噓]。

Another new logo in was with a mortgage company that chose Domo to gain deeper insights into their loan portfolios, branch performance, and risk management, addressing limitations in their current legacy reporting systems. They valued the company-wide analytics with unlimited user licenses provided under our consumption model.

另一個新標誌是一家抵押貸款公司，該公司選擇 Domo 來深入了解其貸款組合、分行績效和風險管理，解決其當前遺留報告系統的局限性。他們重視我們消費模式下提供的無限用戶許可的全公司範圍的分析。

In terms of upsells, a transportation technology company chose to expand with Domo by 10 times its original contract value, following a successful consulting project that built trust and enabled a company-wide roll-out of thousands of data sets and dashboards. They valued Domo's flexible consumption model, which allowed them to scale to 600 users, following an acquisition without traditional licensing constraints; and leveraged advanced features like Workflows, Governance, and Domo Everywhere.

在追加銷售方面，一家運輸技術公司選擇與 Domo 擴大合作，將合約價值提高 10 倍，此前該公司成功完成了一個諮詢項目，建立了信任，並在整個公司範圍內推出了數千個數據集和儀表板。他們重視 Domo 靈活的消費模式，這種模式使他們能夠在收購後擴展到 600 個用戶，而無需傳統的許可限制；並利用了工作流程、治理和 Domo Everywhere 等高級功能。

And, lastly, a healthcare company expanded with Domo to support wide-scale deployment and accelerated project implementation. Our consumption model was critical because the full-platform access and unlimited licenses are enabling rapid adoption and integration into core strategic business initiatives. With strong momentum from successful deployments, the company is positioned to expand further, with Domo, into new business units and embed Domo deeper in the organization through workflow automation and AI/ML projects.

最後，一家醫療保健公司與 Domo 合作擴展業務，以支援大規模部署和加速專案實施。我們的消費模式至關重要，因為全平台存取和無限許可能夠實現快速採用和整合到核心策略業務計劃中。憑藉著成功部署帶來的強勁勢頭，該公司準備透過 Domo 進一步擴展到新的業務部門，並透過工作流程自動化和 AI/ML 專案將 Domo 更深入地嵌入組織中。

Domo has earned top honors, across several leading industry reports and awards. We were the top -ranked vendor in three Dresner Advisory Services market reports: the 2025 Wisdom of Crowds, Cloud Computing, and BI Market Study for the ninth consecutive year; the 2025 Self-Service BI Market Study for the seventh consecutive year; and the 2025 Collective Insights Report for the fourth time. And CRN recognized Domo on its 2025 Big Data 100 list in the Big Data Business Analytics category.

Domo 在多份領先的行業報告和獎項中榮獲最高榮譽。我們在三份 Dresner Advisory Services 市場報告中均名列前茅：連續第九年在《2025 年眾智、雲端運算與 BI 市場研究》中名列前茅；連續第七年在《2025 年自助式 BI 市場研究》中名列前茅；第四次在《2025 年集體洞察報告》中名列前茅。CRN 將 Domo 列入了大數據業務分析類別的 2025 年大數據 100 強榜單。

The effectiveness of our model is clearly on display.

我們的模型的有效性顯而易見。

The business delivered beats on all the important metrics and facilitated raises to our annual guidance. Virtually ,every important eternal metric is improving.

該業務在所有重要指標上均取得了優異的成績，並促進了我們年度指導的提高。事實上，每一項重要的永恆指標都在改善。

Our sales efficiency was stellar this quarter. The pipeline generated through our ecosystem partners has increased, just like we said it would. The strength of our customer relationships delivered outsized improvements in RPO and contract length, which should lead to substantial measurable improvements in gross and net retention.

本季我們的銷售效率非常出色。正如我們所說的那樣，透過我們的生態系統合作夥伴產生的管道已經增加。我們與客戶的良好關係在 RPO 和合約期限方面帶來了巨大的改善，這將帶來總保留率和淨保留率的顯著改善。

The transition to consumption is delivering higher usage, higher customer satisfaction, and higher retention. And our customers are leveraging AI agents at a rapid pace, demonstrating that our technology stack is perfectly set up to capitalize on the AI momentum in the marketplace.

向消費的轉變帶來了更高的使用率、更高的客戶滿意度和更高的保留率。我們的客戶正在快速利用人工智慧代理，這表明我們的技術堆疊已完美地準備好利用市場上的人工智慧發展勢頭。

The model is dramatically different from three years ago and has us poised for profitable growth.

該模式與三年前相比有很大不同，並使我們準備好實現獲利成長。

I'm thrilled to be able to say that we're going to exit this year at 5% billings growth and 5% operating margin, on our way to exiting next year at 10% billings growth and 10% operating margin.

我很高興地說，我們今年的帳單成長率和營業利潤率將分別達到 5%，明年的帳單成長率和營業利潤率將分別達到 10%。

With that, I'll hand it over to our Chief Financial Officer, Tod Crane.

說完這些，我將把它交給我們的財務長 Tod Crane。

Thanks, Josh.

謝謝，喬希。

We exceeded our Q1 guidance for billings, revenue, and non-GAAP EPS; and were adjusted for cash flow positive. Total revenue was $80.1 million and billings were $63.9 million.

我們超出了第一季的帳單、收入和非公認會計準則每股收益預期；並且調整了現金流量為正。總收入為 8,010 萬美元，營業額為 6,390 萬美元。

As a company, and in my role as CFO, a primary focus is driving operational efficiency and managing the company to achieve positive operating margins and free cash flow.

作為一家公司，以及作為首席財務官，我的主要關注點是提高營運效率並管理公司以實現正營業利潤率和自由現金流。

As we leverage the early-stage success with our ecosystem partners, it further positions us for growth, while maintaining disciplined control over costs. It allows us to continue to scale our sales efforts effectively and achieve a stronger return on sales investments, supporting sustainable and profitable growth.

當我們利用與生態系統合作夥伴的早期成功時，它進一步為我們的成長奠定了基礎，同時保持對成本的嚴格控制。它使我們能夠繼續有效地擴大銷售力度，實現更高的銷售投資回報，並支持可持續的獲利成長。

Gross retention improved to 86%, from 85% in Q4 and 83% a year ago. This is the fourth consecutive quarter at 85% or above. And we continue to expect a 2 percentage point-improvement in gross retention for FY26, compared to the prior year.

總留存率從第四季的 85% 和一年前的 83% 提高到 86%。這是連續第四個季度達到或超過85%。我們繼續預計，與前一年相比，2026 財年的總留存率將提高 2 個百分點。

Our year-over-year net retention was 94%, up sequentially for the third consecutive quarter and up more than 4 percentage points year over year.

我們的淨留存率為 94%，連續第三個季度較上季成長，較去年同期成長超過 4 個百分點。

Our improving retention rates are another important factor because profitable growth is difficult when retention rates are low. Retaining customers is far more cost effective than acquiring new ones.

我們不斷提高的留存率是另一個重要因素，因為當留存率較低時，獲利成長就很困難。留住客戶比獲取新客戶更具成本效益。

Our RPO growth is also significant. Current Subscription RPO grew 5% year over year to $226 million. And our total Subscription RPO grew 24% to $408 million, an acceleration from 14% growth in Q4.

我們的 RPO 成長也很顯著。目前訂閱 RPO 年成長 5%，達到 2.26 億美元。我們的訂閱 RPO 總額成長 24%，達到 4.08 億美元，高於第四季的 14% 增幅。

Improved salesforce productivity, higher retention rates, and accelerating RPO growth all support my confidence that we are well positioned to accelerate our billings growth over the remainder of the year, while also expanding our operating margin.

銷售人員生產力的提高、留任率的提高以及 RPO 成長的加速都增強了我的信心，我相信我們有能力在今年剩餘時間內加速我們的帳單成長，同時擴大我們的營業利潤率。

In addition to improving operating margin, generating positive free cash flow remains a key focus. In Q1, adjusted for cash flow was $1.3 million, a significant improvement from Q1 last year. Our cash balance increased from $45.3 million in Q4 to $47.2 million at the end of Q1.

除了提高營業利潤率之外，產生正的自由現金流仍然是重點。第一季度，調整後現金流為 130 萬美元，較去年第一季有顯著改善。我們的現金餘額從第四季的 4,530 萬美元增加到第一季末的 4,720 萬美元。

Looking forward, we expect our adjusted free cash flow to be slightly positive in Q2 and positive for the year.

展望未來，我們預計調整後的自由現金流在第二季將略微為正，全年將為正值。

Moving on to margins and profitability. Our non-GAAP Subscription gross margin increased sequentially to 81.6%, a level we expect to maintain in the near term and improve over time. Non-GAAP operating margin was 1.3% and non-GAAP net loss was $3.6 million.

繼續討論利潤率和獲利能力。我們的非公認會計準則認購毛利率環比增長至 81.6%，我們預計這一水平將在短期內保持並隨著時間的推移而提高。非公認會計準則營業利益率為 1.3%，非公認會計準則淨虧損為 360 萬美元。

Non-GAAP net loss per share was $0.09, based on 39.7 million weighted average shares outstanding. Because we are in a net loss position, all share and per share amounts are the same for basic and diluted.

非公認會計準則根據 3,970 萬股加權平均流通股計算，每股淨虧損為 0.09 美元。由於我們處於淨虧損狀態，所有股份和每股金額的基本和稀釋金額相同。

As for guidance: for Q2, we expect billings of $69 million to $70 million, which represents growth of 1% to 2% year over year. We expect GAAP revenue of $77.5 million to $78.5 million and non-GAAP net loss per share of $0.03 to $0.07, assuming 40.5 million weighted average shares outstanding.

至於指引：對於第二季度，我們預計營業額為 6,900 萬美元至 7,000 萬美元，年增 1% 至 2%。我們預期 GAAP 營收為 7,750 萬美元至 7,850 萬美元，非 GAAP 每股淨虧損為 0.03 美元至 0.07 美元，假設加權平均流通股為 4,050 萬股。

For the full year, we are raising our guidance for billings, revenue, and non-GAAP net loss per share. We expect billings of $312 million to $322 million, GAAP revenue of $312 million to $320 million, and non-GAAP net loss per share of $0.18 to $0.26, assuming 41 million weighted average shares outstanding.

對於全年，我們將提高營業額、收入和非公認會計準則每股淨虧損的預期。我們預計營業額為 3.12 億美元至 3.22 億美元，GAAP 收入為 3.12 億美元至 3.2 億美元，非 GAAP 每股淨虧損為 0.18 美元至 0.26 美元，假設加權平均流通股為 4,100 萬股。

In conclusion, I am very pleased with both our internal metrics and the results we have discussed today, which indicate that we are on the path towards sustained long-term profitable growth.

總而言之，我對我們的內部指標和今天討論的結果感到非常滿意，這表明我們正走在持續長期盈利增長的道路上。

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

接下來，我們將開始提問。操作員？

Thank you. We will now be conducting a Q&A session.

謝謝。我們現在將進行問答環節。

(Operator Instructions)

（操作員指示）

Yi Fu Lee, Cantor Fitzgerald.

李逸夫、費茲傑拉領唱。

Thank you for taking my question. Congrats on a very strong start, Josh, Todd, and team.

感謝您回答我的問題。恭喜喬希、托德和團隊取得了非常良好的開端。

Maybe, Josh and Todd, can you just flip back to the macroenvironment, just to start off [conversation].

也許，喬希和陶德，你們可以回到宏觀環境，開始[對話]。

Does it seem like with all the trade, tariffs, right, negotiation that's coming along, that's affecting the business? That the fundamentals are clearly affected, positively?

所有的貿易、關稅、談判等是否都會對業務產生影響？基本面明顯受到正面影響了嗎？

And then, on the Domopalooza event, obviously, well attended; you were there, as well. Can you comment more on, like, the -- when you talk about one of the partners who, 2x, in terms of -- who, 2x, (inaudible), how do you get the other partners to be on the same track?

然後，在 Domopalooza 活動中，顯然出席人數眾多；您也在那裡。您能否就此發表更多評論，例如，當您談到其中一個合作夥伴時，2x，就 - 誰，2x，（聽不清楚），您如何讓其他合作夥伴走上同一軌道？

Maybe, start with that. And, also, I have a couple more follow-ups.

也許，就從那開始吧。此外，我還有一些後續問題。

Yeah. From a macro perspective, it's definitely not a great environment. But our team seems to be marketing through it. I think that the way that customers view is as a way, a path forward, when it comes to AI.

是的。從宏觀角度來看，這肯定不是一個好的環境。但我們的團隊似乎正在透過它進行行銷。我認為，當談到人工智慧時，客戶的看法是一種方式，一種前進的道路。

Like we mentioned, almost every conversation we're having with customers, right now, is how to leverage the data that they have inside Domo and how they can create agents. So that's been a very positive development and, it's driving activity.

正如我們所提到的，目前我們與客戶進行的幾乎每一次對話都是關於如何利用 Domo 內部的資料以及如何建立代理商。這是一個非常積極的發展，並且正在推動活動。

I think, from a macro perspective, people are definitely more hesitant than they were five years ago. But I don't think it's changed a lot in the last 12 months.

我認為，從宏觀角度來看，人們肯定比五年前更猶豫。但我認為過去 12 個月情況並沒有太大變化。

We have a few customers that talk about tariffs. But it hasn't been a large issue.

我們有幾個客戶談論關稅。但這並不是什麼大問題。

I think when it comes to the partners that you're talking about, we do have one partner that's moving faster than the other one, so far. But that's been mostly tied to where we've made the investment and our product was most ready for. And we had to serially go through and get it ready for different partners.

我認為，就您談到的合作夥伴而言，到目前為止，我們確實有一個合作夥伴的行動比另一個合作夥伴更快。但這主要與我們的投資方向以及我們的產品準備有關。我們必須按順序進行並為不同的合作夥伴做好準備。

And so, we've had a lot of activity with Snowflake. And that activity, we expect also, with Databricks and with Oracle and with IBM and with Google and others, internationally. So we're having, actually, a lot of success and a lot of stuff in the pipeline, already.

因此，我們與 Snowflake 進行了許多合作。我們也期望與 Databricks、Oracle、IBM、Google 和其他國際合作夥伴進行此項活動。因此，實際上我們已經取得了很多成功，並且很多事情正在籌備中。

It's just that one's further ahead. So we do expect to see the same kind of activity from the other partners and expect that the partners are going to end up being equal amount of new logo activity as all other marketing activities, combined.

只不過那一個更進一步而已。因此，我們確實希望看到其他合作夥伴採取相同的活動，並希望合作夥伴最終推出的新標誌活動的數量與所有其他行銷活動的總和相同。

And then, Josh, can you just tell me a little bit more: like, a 6x increase on self-productivity. Obviously, feel free to have RJ comment, as well, like, in terms of: if you could break it down, why is it that it's 6x better this quarter, that? Is it because you're working more with the partner ecosystem or the combination with the consumption model that's driving it -- the 6x?

然後，喬希，你能告訴我更多一點嗎：例如，自我生產力提高了 6 倍。顯然，您也可以隨意對 RJ 進行評論，例如：如果您可以將其分解開來，為什麼本季它會好 6 倍呢？是因為您與合作夥伴生態系統合作，還是與推動它的消費模式結合—6x？

And then, flipping back to Domopalooza: in terms of the pipeline building activity, obviously, you were on the floor, speaking with all your partners and some of your customers, as well. How is the pipeline building efforts on that? And how does it translate into second-half closure?

然後，回到 Domopalooza：就管道建設活動而言，顯然，您親臨現場，與所有合作夥伴以及一些客戶進行了交談。管道建設進展如何？那麼這對下半場的結束有何影響呢？

Yeah. Consumption is definitely an important component of our model. And we're, I think, seeing, in this Q1, just, really, leverage in the model.

是的。消費無疑是我們模型的一個重要組成部分。我認為，我們在第一季確實看到了模型中的槓桿作用。

The model work. We worked really hard on changing our model, over the last several years. And we're really starting to see the fruits of that -- and actually get operational leverage, at the same time. So we think there's going to be good profitable growth from here.

模型工作。在過去的幾年裡，我們非常努力地改變我們的模式。我們確實開始看到其成果——同時實際上獲得了營運槓桿。因此我們認為從現在開始將會出現良好的獲利成長。

And the efficiency that we're seeing in the sales organization is, first of all, obviously, interest because of what we're doing, from an AI perspective; and then, also, what we're doing with the CDWs, that really has made our business more defensible and it's created more opportunities and relationships.

我們在銷售組織中看到的效率首先顯然是出於對我們所做的事情的興趣，從人工智慧的角度來看；然後，我們對 CDW 所做的事情確實使我們的業務更具防禦性，並且創造了更多的機會和關係。

And when we look at our pipeline, this will be the quarter that we actually see a meaningful amount of deals closed that have been in the pipeline for the last few quarters. And so, close rates are higher; deals are a little bit bigger.

當我們審視我們的交易管道時，我們會發現本季我們實際上已經看到過去幾季一直在籌備的大量交易已經完成。因此，成交率更高；交易規模更大。

We think retention is going to be higher. And we go in with relationships with a partner who's espousing the positive attributes of our business and how we help the customer.

我們認為保留率將會更高。我們與合作夥伴建立了關係，他們擁護我們業務的正面屬性以及我們如何幫助客戶。

So that's been a really positive development that we've been talking about for a while. This quarter, we're seeing the numbers actually hit. And we'll see those numbers in billings.

所以這是我們一段時間以來一直在談論的一個非常積極的進展。本季度，我們看到數字確實有所成長。我們將在帳單中看到這些數字。

And with the pipeline that we also see building for Q3 and Q4, we feel very good about the fact that, as we enter next year, we'll probably have the same amount of business that's being generated from our partners as we do from all other marketing activities.

而且，隨著我們為第三季和第四季建立的管道，我們感到非常高興，因為進入明年，我們從合作夥伴那裡獲得的業務量可能會與我們從所有其他行銷活動中獲得的業務量相同。

That's what we're seeing, right now. And, as that plays out, we'll give more guidance around that. But I think that's what gives us the confidence that we can say, hey, for the last three years, we've been saying we're going to reconfigure the model, we're going to invest, and we're going to get back to growth. And you saw us this last quarter, we -- first-time ever, we've been positive in a Q1, net margin positive.

這就是我們現在所看到的。隨著事態的發展，我們將提供更多相關指導。但我認為這給了我們信心，我們可以說，嘿，在過去三年裡，我們一直在說我們將重新配置模型，我們將進行投資，我們將恢復成長。你們看到了，上個季度我們首次在第一季實現了淨利正成長。

And then, the other thing is: we're sitting here saying, not only that, we're going to be 5% margin positive and 5%, growth exiting this year; and double those numbers for exiting next year. There's a lot of upside to that.

然後，另一件事是：我們坐在這裡說，不僅如此，我們今年的利潤率將達到 5%，成長率將達到 5%；明年我們的成長率將翻倍。這有很多好處。

But we're finally in a different category of company than where we've been the last three years. And this because of all the reconfiguration; the consumption model being able to get the multi-year deals because customers love what we're doing with them; and then, also, all the efforts that we put into those partnerships with CDWs.

但最終，我們公司的地位與過去三年相比已經發生了變化。這是因為所有的重新配置；消費模式能夠獲得多年期交易，因為客戶喜歡我們為他們所做的事情；然後，也是我們與 CDW 建立合作夥伴關係所付出的所有努力。

Thanks for that, Josh. And just one -- the last one on the technology side, before I move on to talk on the financial side, is, obviously, you talked a lot about agentic AI.

謝謝你，喬希。在我繼續談論財務方面之前，我只想問最後一個關於技術方面的問題，顯然，您談了很多關於代理人工智慧的問題。

We saw Catalyst launch at Domopalooza. And then, there was another thing called, ML Model Management. Can you discuss what are you most excited about, in terms of the product adoption?

我們在 Domopalooza 上看到了 Catalyst 的發布。然後，還有另一個東西叫做 ML 模型管理。就產品採用而言，您能談談最讓您興奮的是什麼嗎？

And I think it's going to tie into my question later for Tod, like RPO, right? What is it that the customers are adopting, in terms of (inaudible) that leads to the longer duration, long contract sizes?

我認為它會與我稍後向 Tod 提出的問題相關，例如 RPO，對嗎？就（聽不清楚）而言，客戶採用了什麼方法，導致合約期限更長、合約規模更大？

Yeah. I think the thing that I'm most excited is that we're teaching customers how to build their own agents. And they're doing it.

是的。我認為最讓我興奮的事情是我們正在教導客戶如何建立自己的代理商。他們正在這麼做。

There's a text message I got just this morning, from our team, and it was a customer that said, I just want to provide some feedback on the recent AI agent training, hosted by you, guys, last Wednesday. I followed along the video. I paused only to make a few data sets to use. And by the time I got to the 37-minute mark, I actually had a working AI agent that was looking at my data sets, invoices, intakes, contracts; and composing and delivering a combined weekly category management summary for sourcing managers, based on the little bit of direction I gave it.

今天早上我收到了我們團隊發來的一條短信，一位客戶說，我只是想對上週三由你們主持的人工智能代理培訓提供一些反饋。我跟著影片一起看了。我停下來只是為了製作一些數據集來使用。當我到達 37 分鐘的時候，我實際上已經有了一個可以運行的 AI 代理，它正在查看我的數據集、發票、收入、合約；並根據我給出的一點指示，為採購經理編寫和提供一份綜合的每週類別管理摘要。

So boom! 37 minutes, they got an agent working inside their organization because they're already using Domo. The data is already governed. It's already secure. We allowed them to use LMs inside their organization.

所以轟！37 分鐘後，他們得到了一名代理商在其組織內部工作，因為他們已經在使用 Domo。數據已經受到管理。它已經很安全了。我們允許他們在其組織內部使用 LM。

And then, this guy goes on and says, I tried another one today from scratch; specifically to see if I could just ask the AI to iterate through a list of items for me and act on each one. It is nearly production ready. A few hours later, this AI agent accesses a data set of associates who've been recently transferred to another manager and who are corporate cardholders. The AI agent looks at a row of data containing the new manager, the old manager, and the worker who was transferred. It then generates an email based on the prompt I gave it. It then sends the email; then, it does it again until it's done with all the rows. It worked, beautifully, the first time. It composed an absolutely lovely email, even identifying more information from the data, without me telling you to.

然後，這個人繼續說，我今天從頭開始嘗試了另一個；具體是想看看我是否可以讓人工智慧為我遍歷一個項目清單並對每個項目採取行動。它幾乎已經做好了生產準備。幾個小時後，這個人工智慧代理訪問了最近被轉移到另一位經理並且是公司卡持有人的同事的資料集。AI 代理程式查看一行數據，其中包含新經理、舊經理和被調動的工人。然後它會根據我給出的提示生成一封電子郵件。然後它發送電子郵件；然後，它再次執行此操作，直到完成所有行。第一次就取得了很好的效果。它撰寫了一封非常可愛的電子郵件，甚至無需我告訴你就可以從數據中識別出更多資訊。

So you see that kind of stuff. There's two agents that were created by an individual that got trained on our agentic platform. All of that is driving consumption in our product. They're much happier.

所以你就會看到這種東西。有兩個代理是由在我們的代理平台上接受過培訓的個人創建的。所有這些都推動了我們產品的消費。他們更加幸福了。

And we're not seen as a visualization tool so we are definitely, here, primetime ready, for the AI agent world.

而且我們並不被視為視覺化工具，因此我們絕對已經為人工智慧代理世界做好了黃金時段的準備。

Excellent Josh. I'm going to move on -- thanks for that. I'm going to move on to Tod on the financials.

太棒了，喬希。我要繼續前進——謝謝你。我接下來要和 Tod 討論財務問題。

Tod, obviously, subscription RPO is a key focus, right? Short term is up 24% this quarter, up from 14% last quarter; long term, even better, 61%. Can you help us break it down, Tod? Why is this metric inflecting so much better? And what are the factors that driving customers go long term with Domo?

Tod，顯然，訂閱 RPO 是一個重點，對嗎？本季短期投資成長了 24%，高於上一季的 14%；長期投資則表現較好，成長了 61%。托德，你能幫我們把它分解嗎？為什麼這個指標表現得這麼好？那麼，促使客戶長期選擇 Domo 的因素有哪些呢？

And, also, you also upped your guidance, right, in terms of, like, beating it, as well as you raised it a little on the EPS side. What gives you confidence that you're able to gain the operating efficiency for the rest of the year? How conservative are you with the model?

而且，您也提高了您的預期，就超越目標而言，同時您在 EPS 方面也略有提升。您如何有信心在今年剩餘時間內提高營運效率？您對於該模型的保守程度如何？

That's it from me. Thank you, gentlemen, for taking all my questions.

我說的就這些。謝謝各位先生回答我的所有問題。

Thanks for the question, Yi.

謝謝你的提問，Yi。

Yeah. RPO: very happy with the result there, coming in at over $400 million for Subscription RPO. That's growth of 24% year over year, with current growing 5%, long term growing 61%.

是的。RPO：對結果非常滿意，訂閱 RPO 的收入超過 4 億美元。這意味著同比增長 24%，其中當前增長率為 5%，長期增長率為 61%。

I think the technology and the things -- the example that Josh just gave is very powerful, in terms of the ability of our customers to get value from our product very quickly.

我認為喬希剛才舉的例子和技術和事物非常強大，就我們的客戶能夠非常快速地從我們的產品中獲得價值而言。

And then, you pair that with consumption, which allows them to quickly unlock that value, not being limited by seeds, not being limited by not having access to the full platform, they can try anything. They can go in there and explore.

然後，你將其與消費配對，這使他們能夠快速解鎖該價值，而不受種子的限制，不受無法訪問完整平台的限制，他們可以嘗試任何東西。他們可以進去探索。

So we're seeing that powerful combination of our good technology, our consumption model, contributing to stronger customer relationships, which is, in turn, allowing us to get longer-term contracts.

因此，我們看到，我們優秀的技術與消費模式的強大組合有助於加強客戶關係，進而使我們能夠獲得更長期的合約。

That's the story of RPO. Very happy with the growth there.

這就是 RPO 的故事。對那裡的發展感到非常高興。

In terms of the leverage in the model: if you look at our operating expenses over the last four or five quarters, there's been a steady improvement and a steady demonstration that we're getting leverage there.

就模型中的槓桿作用而言：如果你看一下我們過去四、五個季度的營運費用，你會發現它一直在穩步改善，並且穩步證明我們正在獲得槓桿作用。

We're continuing to do that. We've made great progress there. And, as we look ahead and model out what the rest of this year looks like, we see an opportunity to continue to expand margins. And we will continue to do that.

我們將繼續這樣做。我們在那裡取得了巨大進展。而且，當我們展望未來並模擬今年剩餘時間的情況時，我們看到了繼續擴大利潤的機會。我們將繼續這樣做。

Okay. Thanks, again, Josh. Congrats.

好的。再次感謝你，喬希。恭喜。

Derrick Wood, TD Cowen.

德里克伍德 (Derrick Wood)，TD 考恩。

Hi, team, this is Jared Jungjohann, on for Derek Wood.

大家好，我是 Jared Jungjohann，取代 Derek Wood。

As we incorporate new consumption dynamics and AI elements into your cost of goods sold, how should we be thinking about gross margin trajectory over the medium term?

當我們將新的消費動態和人工智慧元素納入您的銷售成本時，我們應該如何考慮中期的毛利率走勢？

We were at 81.6% subscription gross margin this quarter. We expect it to remain around that level for the near term, with the long-term goal of having it increase from there.

本季我們的訂閱毛利率為 81.6%。我們預計短期內它將保持在該水平附近，長期目標是在此基礎上繼續增長。

In terms of the dynamic related to consumption, it does tie the revenue more closely with the cost. So that's, in large part, the reason why we're expecting that to increase over time, going forward.

就與消費相關的動態而言，它確實將收入與成本更緊密地連結在一起。所以，這在很大程度上就是我們預期未來這數字會隨著時間的推移而增加的原因。

Awesome, appreciate that color. And then, can you talk to some of the trends you're seeing in your enterprise space versus commercial base?

太棒了，很欣賞這個顏色。然後，您能談談您在企業領域和商業領域看到的一些趨勢嗎？

And then, maybe, how do these evolving partnerships impact that? Are you seeing these partnership deals skew larger or -- just some color there?

那麼，這些不斷發展的夥伴關係可能會對此產生什麼影響？您是否看到這些合作協議規模更大，或者只是一些色彩？

Yeah. I'll jump in on that one. And, Josh, feel free to chime in, too.

是的。我會加入這個。喬希，你也歡迎加入討論。

Yeah. On the enterprise side, it's a large portion of our business. It's an important part of our business. We've had great success there over the years. We have a lot of great enterprise customers.

是的。從企業方面來看，這是我們業務的很大一部分。這是我們業務的重要組成部分。多年來我們在那裡取得了巨大的成功。我們有很多優秀的企業客戶。

And if we look at the leads that are coming in from partner, a significant portion of those are enterprise leads. And so, we're seeing this as a real opportunity to continue to expand our presence in the enterprise and to continue to have success there. So we're definitely encouraged by that.

如果我們查看來自合作夥伴的線索，其中很大一部分是企業線索。因此，我們認為這是一個真正的機會，可以繼續擴大我們在企業中的影響力並繼續取得成功。所以我們確實對此感到鼓舞。

Awesome. And then, as you gain more traction with these cloud partners and get adopted into the modern stack, what area of your solution set are you seeing these customers really dive into?

驚人的。然後，隨著您與這些雲端合作夥伴的聯繫越來越緊密，並被納入現代堆疊，您看到這些客戶真正深入您的解決方案的哪個領域？

Yeah. One of the biggest things with the clouds is they're looking to get more and more information into their clouds. They want to hydrate their clouds. And we have a unique ability to do that.

是的。雲端運算的最大特點之一是，人們希望將越來越多的信息放入雲端運算中。他們想給雲朵補充水分。我們擁有獨特的能力來做到這一點。

We have more connectors than anybody in the industry. And we have a very robust system to be able to help them manage the ETL.

我們擁有的連接器比業內任何人都多。我們有一個非常強大的系統來幫助他們管理 ETL。

When we walk into an account, instead of the 100 or so people that might be using a CDW; when we're in an account, we might see 10,000, 50,000, even 100,000 users.

當我們進入一個帳戶時，我們可能會看到 10,000、50,000 甚至 100,000 個用戶，而不是 100 個左右正在使用 CDW 的人。

And so, if you can have all of those people also accessing that data and formats that they want in a secure way, then it just drives more adoption of that CDW and secures the CDW's relationship even more.

因此，如果可以讓所有這些人以安全的方式存取他們想要的資料和格式，那麼這只會推動更多人採用該 CDW，並進一步確保 CDW 的關係安全。

Most of the CDWs are out there trying to build other use cases. And they're all trying to expand beyond IT central functions and go into creating marketing use cases and sales use cases and operations use cases. And that's our bread and butter.

大多數 CDW 都在嘗試建立其他用例。他們都在嘗試擴展 IT 核心功能，並創建行銷用例、銷售用例和營運用例。這就是我們的生計。

So it really is a good combination of us with the CDWs. And one of the things that we get out of that is we get a CIO-blessed relationship, which makes our relationship with that customer much stronger in our ability to weather different changes they are going through.

所以，這確實是一個很好的組合，我們與 CDW 也有著良好的合作關係。我們從中獲得的好處之一就是我們獲得了 CIO 青睞的關係，這使得我們與客戶的關係更加牢固，我們能夠經受住他們所經歷的各種變化。

we're seeing -- we have an ability to sit on top of multiple CDWs. And that's actually something that CIOs like; as well as, people are shifting their strategies or adopting one CDW and moving to others. And it really puts us in a unique position.

我們看到－我們有能力掌控多個 CDW。這實際上是 CIO 喜歡的事情；而且，人們正在轉變他們的策略或採用一種 CDW 並轉向其他 CDW。這確實使我們處於一個獨特的地位。

Awesome. I'll just finish up with one last one. But real positive commentary around the guidance and what you're seeing out of the CDW ecosystem.

驚人的。我只想講最後一個。但圍繞指導以及您對 CDW 生態系統的觀察確實得到了正面的評價。

Given that strength in commentary, I'm wondering how you're thinking of investing in growth versus investing in margins. You've obviously factored in a little bit of op margin expansion. But, maybe, just talk to that a little.

鑑於評論的力度，我想知道您是如何考慮投資成長還是投資利潤的。您顯然已經考慮到了一點營業利潤率的擴大。但是，也許，只是稍微談論一下。

Thank you.

謝謝。

Yeah. It's a great question. It's always a balancing act. We feel confident that we're getting the right investments in place and that we have an opportunity to keep that momentum going with the CDWs, while still expanding margins.

是的。這是一個很好的問題。這始終是個平衡行為。我們相信，我們正在進行正確的投資，並且我們有機會透過 CDW 保持這種勢頭，同時仍在擴大利潤率。

So we're not trying to get to 30% margins overnight. We're going to slow and steady expansion towards that 5% and then, that 10% level, over the next couple of years.

所以我們不試圖一夜之間就達到 30% 的利潤率。在接下來的幾年裡，我們將緩慢而穩定地擴張，朝著 5% 的目標邁進，然後是 10% 的水平。

But that's going to allow us plenty of room to continue to invest in these partnerships.

但這將給我們足夠的空間來繼續投資這些合作關係。

Eric Martinuzzi, Lake Street.

馬丁努齊 (Eric Martinuzzi)，湖街。

Curious to learn a little bit more about your pricing policy on your consumption-based contracts. Just as you've got -- as you've been at this for now: we're in our third year or so of the consumption-based pricing contracts.

我很好奇想了解更多關於基於消費的合約的定價政策。正如您所說—正如您目前所了解的：我們實施基於消費的定價合約已經進入了第三年左右。

As these come up for renewal, is there an opportunity to raise prices? Or is it really just more there's a natural -- as the customer uses the product more, they consume more and that's what drives a higher year-over-year growth in that consumption-based installed base?

隨著這些即將更新，是否有機會提高價格？或者這真的只是一種自然現象——隨著客戶更多地使用產品，他們消費更多，這就是推動基於消費的安裝基數同比增長更高的原因？

Yeah. Our focus on consumption pricing is to make sure that -- this is RJ Tracy, CRO, with Domo.

是的。我們專注於消費定價是為了確保——這是 Domo 的 CRO RJ Tracy。

So our real goal with consumption is to align the value that customers get with how they pay. And so, it's a natural motion for us to go work with customers and help them get more value out of the platform. Solve more use cases, get them using agentic AI solutions that help them to take action on the data.

因此，我們在消費方面的真正目標是使客戶獲得的價值與他們的支付方式保持一致。因此，我們自然會與客戶合作，幫助他們從平台中獲得更多價值。解決更多用例，讓他們使用代理 AI 解決方案來幫助他們對資料採取行動。

And as they use the product, then it drives the usage up; which we want to go in and then, help them get a better rate on their consumption price. So it's a pretty natural motion for us.

當他們使用產品時，就會推動使用量上升；我們希望進入這一領域，幫助他們獲得更優惠的消費價格。所以這對我們來說是一個非常自然的動作。

And we're still figuring out the best methods for adoption. But it's a real natural motion for customers because as they get more value, then they pay more.

我們仍在尋找最佳的採用方法。但對顧客來說，這是一種非常自然的行為，因為當他們獲得更多價值時，他們就會付出更多。

Got you. And then, the cohorts: again, we're looking at -- this is a consumption-based question. As you've seen those cohorts come back for renewal, you already talked about, hey, we're up to 70% of the installed -- of the ARR is on a consumption-based pricing metric.

明白了。然後，團體：再一次，我們正在研究──這是一個基於消費的問題。正如您所看到的，這些群體回來續約，您已經談到了，嘿，我們安裝的 ARR 高達 70% — — 是基於消費的定價指標。

As those cohorts -- are you seeing the consumption-based cohorts as more likely to adopt the AI and the newer products? Or is it an equal mix between the folks who aren't on consumption-based that are on the per seat-based pricing?

作為這些群體—您是否認為基於消費的群體更有可能採用人工智慧和新產品？或者，這是不基於消費、基於每個座位定價的人之間的平等組合嗎？

Yeah. They're a lot more likely to adopt because there's not a restriction or a paywall in front of them before they adopt.

是的。他們更有可能採用，因為在採用之前沒有任何限製或付費牆。

When you buy Domo, the entire platform is available to our customers to use. When we were on seat-based pricing, any feature that they hadn't paid for was hidden behind the paywall. And so, it created a barrier of entry for customers to go in and adopt that technology; where, now, if they want to try -- like the customer example that Josh read, if they want to try out one agent, they can go in, and in 37 minutes, build an agent. And that might only take a couple of credits.

當您購買 Domo 時，整個平台均可供我們的客戶使用。當我們採用基於座位的定價時，任何他們未付費的功能都會隱藏在付費牆後面。因此，它為客戶進入並採用該技術設置了門檻；現在，如果他們想嘗試——就像 Josh 讀到的客戶示例一樣，如果他們想嘗試一個代理，他們可以進入並在 37 分鐘內建立一個代理。而這可能只需要幾個學分。

And then, they'll decide whether they're getting value from that or not. If they keep it running, then it will consume more and more over the year. And if not, they can shut it off and they paid, maybe, a couple of credits to try something out.

然後，他們會決定是否要從中獲得價值。如果他們繼續運行，那麼一年下來它的消耗就會越來越多。如果沒有，他們可以將其關閉，並且可能要支付一些積分來嘗試一些東西。

So significant increase in adoption across the entire platform, including users.

因此，包括用戶在內的整個平台的採用率顯著增加。

Got it. And then, last question is around the progression of the billings growth implied in the guidance.

知道了。然後，最後一個問題是關於指導中隱含的帳單成長的進展。

If I take your Q2 billings growth, midpoint looks like a little over 1% growth. But you're talking about exiting the year: so a Q4 billings growth rate of 5%. Is that based on things that you already have in the pipeline? Or is that yet to be filled in at the top of the funnel?

如果我看一下您第二季的帳單成長情況，中點看起來成長略高於 1%。但您談論的是今年年底的情況：因此第四季度的營業額成長率為 5%。這是基於您已在籌備的事嗎？或者說漏斗頂部還沒填滿？

Yeah. It's based on a number of factors. We consider a number of different inputs in our financial models.

是的。它基於多種因素。我們在財務模型中考慮了許多不同的投入。

Pipeline is certainly one of them: the trajectory of the pipeline, pipeline generation, quality of the pipeline. And then, just historical trends: what we're seeing, in terms of rep productivity, those kind of increases.

管道當然是其中之一：管道的軌跡、管道的生成、管道的品質。然後，只是歷史趨勢：就代表生產力而言，我們看到了這種成長。

But, yeah, based on everything we're seeing, we have confidence that we'll exit at 5%. And so, you can do the math between what we guided for Q2 and the 5% for Q4 and get to what we're going to be around for Q3.

但是，是的，根據我們所看到的一切，我們有信心以 5% 的價格退出。因此，您可以計算我們對第二季的預期和第四季的 5%，然後得出第三季的預期。

Got you. Thanks for taking my questions.

明白了。感謝您回答我的問題。

No problem. Thanks, Eric.

沒問題。謝謝，埃里克。

Pat Walravens, Citizens JMP.

Pat Walravens，公民 JMP。

Great. This is [Nick], on for Pat. Congrats on the quarter.

偉大的。我是 [Nick]，代替 Pat。恭喜本季取得佳績。

Josh, at Domopalooza and on the call today, you mentioned the 200 customers who wanted to try Agent Catalyst. I was wondering if you could speak a little on what demand looks like today for that offering.

Josh，在 Domopalooza 和今天的電話會議上，你提到了 200 位想要嘗試 Agent Catalyst 的客戶。我想知道您是否可以談談目前該產品的需求。

And then, Tod, one for you. It's been almost nine months since you stepped into the role as CFO. What is one thing that's been harder than you thought? And what is one thing that has been easier than you thought, since assuming your new role?

然後，托德，給你一個。您擔任財務長已經快九個月了。有什麼事情比你想的還要難？自從擔任新職務以來，有什麼事情比您想像的要容易嗎？

Yah. I talked a little bit about the kind of conversations we're having with our customers. They're just ongoing and continual. And they're not just exploratory, right? Like I mentioned, they're actually making things in these trainings and in these conversations.

是啊。我稍微談了一下我們與客戶的對話類型。它們只是持續不斷地存在著。而且它們不僅僅是探索性的，對吧？正如我所提到的，他們實際上在這些培訓和對話中做出了一些事情。

But I'm going to have RJ talk a little bit more about the opportunities and some of the activities that we're seeing in our pipeline.

但我會讓 RJ 再多談談我們在籌備過程中看到的一些機會和活動。

Yeah. As we get leads, especially from the ecosystem, we're seeing a ton of customers that want to dive into AI and figure out what that looks like within their company, within their org. And a lot of those AI use cases require hydration.

是的。當我們獲得線索時，特別是來自生態系統的線索時，我們看到大量客戶想要深入研究人工智慧並弄清楚它在他們的公司、組織內是什麼樣子。許多人工智慧用例都需要水合。

They need access to data. They need to be able to transform that data. They need a way to surface it out or embed it to where their users are at or where their customers are at.

他們需要存取資料。他們需要能夠轉換這些數據。他們需要一種方法將其展現或嵌入到用戶所在的地方或客戶所在的地方。

So we're seeing use cases all across our stack. And the great thing is that they can come in and buy just the components that they need.

因此，我們在整個堆疊中都看到了用例。最棒的是，他們可以進來只購買他們需要的組件。

And the entire stack is available to them. So ,at any time, they can start to use other components to help them and will help drive consumption and give more value to our customers.

整個堆疊都可供他們使用。因此，他們可以隨時開始使用其他組件來幫助他們，這將有助於推動消費並為我們的客戶提供更多價值。

From an AI perspective on the agents, talk about some of the ServiceNow stuff that we're seeing, as well.

從代理商的 AI 角度來看，也談談我們看到的一些 ServiceNow 內容。

Yeah. We have a customer, right now. They're surfacing particular use cases in ServiceNow. But it requires a human intervention to come in and to actually do all the work. So we're supplementing some of what they're doing in ServiceNow with our Agentic workflow.

是的。我們現在有一位客戶。他們正在 ServiceNow 中展示特定的用例。但它需要人工幹預才能真正完成所有工作。因此，我們利用 Agentic 工作流程補充了他們在 ServiceNow 中所做的工作。

So one of the use cases was helping get data to hydrate a warehouse. And, in this example, customers can start a ticket in ServiceNow. They want to bring data into their warehouse.

因此，其中一個用例是幫助獲取資料來補充倉庫。並且，在這個例子中，客戶可以在 ServiceNow 中發起一個工單。他們希望將數據帶入他們的倉庫。

And, typically, that requires, now, a person to then take that ticket, go out, do an integration, upload data; where, now, Domo is automating that entire process. But we still allow for that human in the loop to approve or to reject a request. But if they approve it, then the data is uploaded immediately and that process now takes 30 seconds to a minute instead of, sometimes, several days or weeks to get that human ready.

通常，這需要一個人拿著票，出去，進行整合，上傳資料；而現在，Domo 正在自動化整個過程。但我們仍然允許人工批准或拒絕請求。但如果他們批准，數據就會立即上傳，這個過程現在只需要 30 秒到 1 分鐘，而不是有時需要幾天或幾週的時間才能讓人工做好準備。

We're seeing customers that want to automate labor management, where they want to automate the ability to help customer -- their employees that, maybe, can't work the next day and need to fill in.

我們看到客戶想要實現勞動力管理自動化，他們希望自動化幫助客戶的能力——他們的員工可能第二天無法工作，需要填補空缺。

AI is helping them find a replacement. It's automating the process for that. It's immediately notifying people and asking if they can accept a shift that they weren't expecting to work. And that entire process can happen in seconds, instead of having someone have to go manage thousands of employees to figure out who can cover shifts.

人工智慧正在幫助他們尋找替代品。它使該過程自動化。它會立即通知人們並詢問他們是否可以接受他們沒有預料到的工作輪班。整個過程只需幾秒鐘即可完成，無需有人去管理數千名員工來確定誰可以輪班。

So those are some of the examples and use cases that we're seeing.

這些就是我們看到的一些例子和用例。

Got it. Thank you, RJ. Thank you, Josh.

知道了。謝謝你，RJ。謝謝你，喬希。

Yeah. And then, on your other question, in terms of (inaudible) harder and easier: I'll probably characterize that a little bit differently, if that's okay. I'll probably put it in categories of things I really want to -- something I really want to fix and things that I've been happy with how they've been going.

是的。然後，關於您的另一個問題，就（聽不清楚）更難和更容易而言：如果可以的話，我可能會以稍微不同的方式來描述它。我可能會把它歸類為我真正想要的事情——我真正想要修復的事情以及我對它們的進展感到滿意的事情。

So, for me, we're obviously pleased with the improvement in gross retention over last year and over last quarter. But that's a big, big focus for us, as an Executive Team, to continue that march toward 90%-plus gross retention. So that's the one thing that I'm really focused on in terms of improving.

因此，對我來說，我們顯然對去年和上一季總留存率的提高感到滿意。但作為執行團隊，我們非常重視這一點，並繼續努力實現 90% 以上的總保留率。所以這是我真正關注的改進的一件事。

Very, very happy with our RPO performance. We've talked about that, already, a few times. But that 5% current RPO growth, not a huge number but it does point to that 5% exit rate that we talked about earlier and de-risk that.

對我們的 RPO 表現非常滿意。我們已經討論過這個問題幾次了。但是，目前 5% 的 RPO 成長率並不是一個巨大的數字，但它確實指向了我們之前談到的 5% 的退出率，並降低了風險。

And then, that longer-term portion of RPO also derisks our forward-looking revenue and our forecast beyond this year.

然後，RPO 的長期部分也降低了我們前瞻性的收入和今年以後的預測的風險。

Got it. Thank you for that. And congrats, again, on the quarter.

知道了。謝謝你。再次恭喜本季取得的成績。

Thank you.

謝謝。

With that, that concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines, at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。