Domo Inc (DOMO) 2027 Q1 法說會逐字稿

Greetings, and welcome to the Domo Q1 fiscal year 2027 earnings call. (Operator Instructions) As a reminder this conference is being recorded.

各位好，歡迎參加 Domo 2027 會計年度第一季財報電話會議。(接線員指示) 提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Cory Edwards, Domo's Vice President of Corporate Communications. Thank you, Cory. You may begin.

現在我很榮幸介紹今天的主持人，Domo 企業傳播副總裁 Cory Edwards。謝謝你，Cory。你可以開始了。

Good afternoon. On the call today we are joined by Josh James, our founder and CEO; and Tod Crane, our Chief Financial Officer.

各位下午好。今天與會的有我們的創辦人暨執行長 Josh James，以及我們的財務長 Tod Crane。

I'll begin with our Safe Harbor statement. Our press release was issued after the market closed and is available on the investor relations section of our website.

我先宣讀我們的安全港聲明。我們的新聞稿已於收盤後發布，並可在我們網站的投資人關係專區取得。

Please note that today's 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 macroeconomic factors on our business.

請注意，今天的電話會議包含依據聯邦證券法所定義、關於我們業務的前瞻性陳述。這些陳述涉及風險、不確定性與假設，包括但不限於：關於我們未來財務表現、成長前景、現金部位、銷售投入、技術發展、新商機、交易與各項計畫，以及人工智慧與總體經濟因素對我們業務之潛在影響的陳述與預測。

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 our quarterly report on Form 10-Q, all available on the SEC website. These documents outline important risk factors that may cause actual results to differ materially from our forward-looking statements.

如需更詳細的風險與不確定性討論，請參閱我們的公開申報文件，包括今日新聞稿、最新的 Form 10-K 年度報告，以及 Form 10-Q 季度報告，皆可於 SEC 網站取得。這些文件列示了重要風險因素，可能導致實際結果與我們的前瞻性陳述出現重大差異。

We will also discuss non-GAAP financial measures during the call, which we use as supplemental indicators of Domo's performance. Unless otherwise stated, all results discussed today, other than revenue are on a non-GAAP basis. These measures should be viewed as complements to, not substitutes for, our GAAP results.

我們也將在本次電話會議中討論非 GAAP 財務衡量指標，作為 Domo 營運表現的補充性指標。除非另有說明，今天討論的所有結果（營收除外）皆以非 GAAP 基礎呈現。這些指標應視為對 GAAP 結果的補充，而非替代。

A reconciliation of our non-GAAP results to the most directly comparable GAAP measures can be found in today's earnings release and on our investor relations website at domoinvestors.com.

我們的非 GAAP 結果與最直接可比較之 GAAP 指標的調節表，可見於今日的財報新聞稿，以及我們的投資人關係網站 domoinvestors.com。

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

接下來我把時間交給 Josh。Josh？

Thank you, Cory. Good afternoon, everyone. Thanks for joining us today.

謝謝你，Cory。各位下午好。感謝大家今天加入我們。

Today, I want to cover three things: where we're at in the strategic process, why I believe this platform is more valuable today than ever, and then some customer and ecosystem partner examples that demonstrate that.

今天我想談三件事：我們在策略流程中的進展、為什麼我相信這個平台如今比以往任何時候都更有價值，以及一些客戶與生態系夥伴的案例來佐證這一點。

So as announced in February, we've been conducting a comprehensive review of strategic alternatives. Throughout that process, one thing has remained clear. We are in the early stages of a major shift in how organizations use data and AI. Businesses are moving beyond experimentation and looking for practical and strategic ways to embed intelligence into the way that work gets done.

如同我們在二月所宣布的，我們一直在進行全面性的策略替代方案評估。在整個過程中，有一件事始終很清楚。我們正處於組織使用資料與 AI 方式重大轉變的早期階段。企業正從實驗階段走向更務實且具策略性的作法，把智慧能力嵌入到工作完成的方式之中。

Domo's combination of data apps and AI agents positions as well to help customers make that transition. The board's responsibility is to evaluate how best to maximize the value of that opportunity to shareholders. We've engaged with multiple partners and considered a range of potential options and outcomes. We brought in outside financial and legal advisors. And following a thorough review of those alternatives, the Board concluded that pursuing a strategic transaction represents the best path forward.

Domo 結合資料應用（data apps）與 AI 代理（AI agents）的能力，使我們具備良好條件協助客戶完成這項轉型。董事會的責任是評估如何以最佳方式，為股東最大化這項機會的價值。我們已與多個合作夥伴接觸，並考量各種可能的選項與結果。我們也聘請外部財務與法律顧問。在對這些替代方案進行徹底審查後，董事會認為推動策略性交易是最佳前進路徑。

So as a result of that process, we've entered into an advanced negotiation regarding a potential transaction. Our negotiations continue to progress with the goal to announce a final transaction in the near term. Our Board's process has been deliberate, thoughtful, and well-informed, and also guided by our outside advisors.

因此，基於該流程，我們已就一項潛在交易進入深入協商階段。我們的談判持續推進，目標是在近期宣布最終交易。董事會的流程審慎、周延且資訊充分，並在外部顧問的指導下進行。

Now onto AI and the traction that we're seeing. So the enterprise AI conversation has shifted meaningfully over the past year. 12 months ago, many organizations were still trying to determine whether AI could create meaningful business value. Today, the conversation is much more practical.

接著談 AI 以及我們看到的動能。過去一年，企業 AI 的討論已出現顯著轉變。12 個月前，許多組織仍在判斷 AI 是否能創造有意義的商業價值。而今天，討論已更偏向務實層面。

Customers are asking how to deploy AI in a reliable, secure, and at scale way across their entire organization. What they're discovering is that AI is only as effective as the data environment beneath it. You can't successfully deploy AI-powered apps, agents, and workflows against fragmented or ungoverned data. The outputs aren't trustworthy, and the results don't hold up in production, not to mention that the economics won't scale.

客戶在問的是：如何在整個組織內，以可靠、安全且可規模化的方式部署 AI。他們發現，AI 的效能取決於其底層的資料環境。若資料是破碎的或缺乏治理，就無法成功部署由 AI 驅動的應用、代理與工作流程。輸出結果不可信，正式上線後也經不起考驗，更不用說其經濟效益無法隨規模擴張。

That reality is making data infrastructure more important, not less. And it's leading organizations to look for a governed foundation that can connect data, activate intelligence through apps and agents, and then distribute those apps and agents into places where work actually happens. We've spent years creating the data architecture that supports this.

這個現實讓資料基礎設施變得更重要，而不是更不重要。也促使組織尋找一個具治理的基礎：能連接資料、透過應用與代理啟動智慧，並將這些應用與代理分發到實際發生工作的場域。我們多年來一直在打造支援這一切的資料架構。

And now, we're helping businesses move beyond AI pilots. We're helping them operationalize AI, creating new economies of scale, and saving time and money. The conversations we are having with customers and prospects today reflect that reality. AI is no longer a separate work stream from data. It is the reason data infrastructure matters more urgently than it ever has. And Domo sits exactly at that intersection.

而現在，我們正在協助企業超越 AI 試點。我們協助他們將 AI 營運化，創造新的規模經濟，並節省時間與成本。我們今天與客戶及潛在客戶的對話正反映了這個現實。AI 不再是與資料分離的另一條工作線。它正是資料基礎設施比以往任何時候都更迫切重要的原因。而 Domo 正位於這個交會點上。

Customers understand the architecture they need. The challenge is implementing it reliably. That's why we've expanded our forward deployed engineering team. These engineers work directly alongside customers inside their environments, building applications, agents, and workflows on top of governed data.

客戶理解他們所需要的架構。挑戰在於如何可靠地落地實作。因此我們擴編了前線駐點工程（forward deployed engineering）團隊。這些工程師直接在客戶的環境中與其並肩合作，在具治理的資料之上建置應用、代理與工作流程。

The goal isn't to deliver a proof of concept, but to help customers move quickly from experimentation to production. Often, these solutions are created and deployed in as little as 24 to 48 hours. The experience with our team drives deep platform adoption and creates the kind of customer outcomes that show up in retention and expansion.

目標不是交付概念驗證，而是協助客戶快速從實驗走向正式上線。通常，這些解決方案最快可在 24 到 48 小時內完成建置與部署。與我們團隊合作的經驗，能帶動平台的深度採用，並創造會反映在留存與擴張上的客戶成果。

Here is what it looks like in practice. One of the world's largest media and entertainment companies needed to monitor fan experience across live streaming events, broadcast performance, network health, fan support inquiries, and then translate all of it into real-time intelligence for executives and engineers simultaneously.

以下是實務上的樣貌。全球最大的媒體與娛樂公司之一，需要監控粉絲在直播活動中的體驗、播出表現、網路健康狀況、粉絲支援詢問，並將所有資訊同時轉化為提供給主管與工程師的即時智慧。

Our forward deployed team went in and built a suite of AI agents on Domo that monitor performance data in 15-minute intervals. Automatically trigger data pipelines on live event schedules and alert the operations team the moment something needs attention. They're deploying it for one of the largest live sporting events of the year.

我們的前線駐點團隊進駐後，在 Domo 上建置了一套 AI 代理組合，以每 15 分鐘為間隔監控效能資料。並會依照現場活動時程自動觸發資料管線，且在需要關注的事項出現時，立即提醒營運團隊。他們正把這套方案部署在一年中規模最大的現場體育賽事之一。

Their team told us recently, our business continues to grow with Domo and the relationship could not be stronger. A global commodities trading organization deployed a Domo-powered AI assistant to help traders, treasury teams, and executives quickly analyze complex operational and financial data.

他們的團隊最近告訴我們，我們的業務持續與 Domo 一起成長，雙方關係再也沒有比現在更緊密。一家全球大宗商品交易機構部署了由 Domo 驅動的 AI 助理，協助交易員、資金（treasury）團隊與主管快速分析複雜的營運與財務資料。

Previously, critical information was fragmented across trading systems, treasury platforms, and spreadsheets. Using Domo, the organization built a conversational AI agent that can answer questions about exposures, contracts, shipments, financing, and cash flow using natural language while dynamically analyzing governed business data.

先前，關鍵資訊分散在交易系統、資金管理平台與試算表之間。透過 Domo，該組織建置了一個對話式 AI 代理，能以自然語言回答關於曝險、合約、出貨、融資與現金流的問題，同時動態分析受治理的業務資料。

Now, live in production, the solution reduces manual analysis and provides faster access to operational insights across the organization. A leading global sports and media organization deployed a suite of AI-powered applications to help customer support teams monitor and respond to issues during major live events.

如今已在正式環境上線，該解決方案可減少人工分析，並在全組織範圍內更快速取得營運洞察。一家全球領先的體育與媒體組織部署了一套 AI 驅動的應用程式，協助客服團隊在大型現場活動期間監控並回應問題。

Using Domo, the organization built specialized AI assistants, trained on Zendesk support data and event-specific ticketing information, allowing teams to investigate fan issues through a conversational interface. The solution also automates real-time monitoring during live broadcasts, dynamically increasing data refresh rates and triggering alerts when support trends exceed predefined thresholds.

透過 Domo，該組織建置了專用的 AI 助理，並以 Zendesk 支援資料與活動專屬的票務資訊進行訓練，使團隊能透過對話式介面調查粉絲問題。該解決方案也在直播期間自動化即時監控，動態提高資料更新頻率，並在支援趨勢超過預先定義的門檻時觸發警示。

Now in production, the platform helps event operations identify and resolve fan experience issues faster during some of the organization's highest profile events. A leading healthcare marketing agency is deploying an AI-powered compliance review assistant to help pharmaceutical marketing teams accelerate the approval of digital and print campaigns.

目前已在正式環境運行，該平台可協助活動營運團隊在該組織一些最受矚目的活動期間，更快速辨識並解決粉絲體驗問題。一家領先的醫療保健行銷代理商正部署一款 AI 驅動的合規審查助理，以協助製藥行銷團隊加速數位與印刷活動的核准流程。

Using Domo, the solution analyzes created assets against regulatory requirements and previously approved materials to identify potential compliance issues before formal review. The application is designed to reduce manual review effort, limit the need for temporary staffing, and shorten approval cycles that can delay campaigns from reaching the market. Once deployed, the agency expects the solution to deliver significant operational efficiencies and reduce overall review costs by approximately 80%.

透過 Domo，該解決方案會將已製作的素材與法規要求及先前已核准的材料進行比對分析，在正式審查前識別潛在的合規問題。此應用程式旨在降低人工審查工作量、減少臨時人力需求，並縮短可能延誤活動上市的核准週期。一旦部署完成，該代理商預期此解決方案可帶來顯著的營運效率，並將整體審查成本降低約 80%。

A leading transportation and logistics company developed an AI-powered terminal operations application to monitor throughput and identify disruptions across its intermodal network. Previously, teams relied on multiple systems and manual investigation to diagnose operational issues often requiring significant time to determine root causes.

一家領先的運輸與物流公司開發了一款 AI 驅動的場站營運應用程式，用於監控吞吐量並識別其聯運網路中的中斷。過去，團隊仰賴多個系統與人工調查來診斷營運問題，往往需要大量時間才能找出根本原因。

Using Domo, the organization combined operational data into a unified command center that uses AI to detect anomalies, analyze trends, and surface likely causes of delays.

透過 Domo，該組織將營運資料整合至統一的指揮中心，並運用 AI 偵測異常、分析趨勢，並揭示延誤的可能原因。

Now, live in production, the solution helps terminal managers move from reactive troubleshooting to proactive operations while reducing investigation times from 30 to 60 minutes to near real time. The leading regional real estate brokerage deployed a Domo-powered scenario modeling application to evaluate the financial impact of commission plan changes across its agent network.

如今已在正式環境上線，該解決方案可協助場站經理從被動排除故障轉為主動營運，並將調查時間從 30 到 60 分鐘縮短至近乎即時。一家領先的區域性房地產經紀公司部署了由 Domo 驅動的情境建模應用程式，用於評估其經紀人網路中佣金方案變更的財務影響。

Previously, leadership relied on manual spreadsheet analysis that required significant time and limited the ability to [impair] alternatives. Using Domo, executives can model and compare compensation structures in real time while analyzing impacts on agent payouts, revenue, and probability.

先前，管理層仰賴人工試算表分析，不僅耗時，且限制了評估替代方案的能力。透過 Domo，高階主管可即時建模並比較薪酬結構，同時分析對經紀人分潤、營收與機率的影響。

Now live in production, this AI solution can compress planning cycles from days to minutes and give leadership greater confidence in strategic compensation decisions.

目前已在正式環境上線，這項 AI 解決方案可將規劃週期從數天壓縮至數分鐘，並讓管理層在策略性薪酬決策上更具信心。

One employee benefits provider challenged Domo to modernize a spreadsheet-based business planning tool that had remained largely unchanged for years. Within days, the team delivered a production-ready AI application that not only replaced the legacy process, but also inspired the customer to accelerate several additional strategic initiatives.

一家員工福利服務提供商要求 Domo 將一套以試算表為基礎、多年來幾乎未變的業務規劃工具現代化。在數天內，團隊交付了一款可投入正式環境的 AI 應用程式，不僅取代了舊有流程，也促使客戶加速推動多項額外的策略性計畫。

In feedback to our team, the customer described the project as the, single most impressive experience I've had with a partner and said it had pulled forward years of planned innovation while fundamentally changing how they view the future potential of their Domo investment. For us, that's the value of this approach. It helps customers solve meaningful business problems quickly. It drives deep adoption, real outcomes, and creates so many AI opportunities for long-term expansion.

在給我們團隊的回饋中，客戶形容該專案是「我與合作夥伴合作過最令人印象深刻的一次體驗」，並表示它將原本規劃多年的創新提前實現，同時從根本上改變了他們對 Domo 投資未來潛力的看法。對我們而言，這正是此方法的價值所在。它能協助客戶快速解決有意義的業務問題。它能推動深度採用、帶來實際成果，並為長期擴張創造大量 AI 機會。

Our ecosystem partnership continues to generate strong momentum. Over the past quarter, we spent time with customers and prospects at events, including Google Next and Snowflake Summit, and this week will be at Databricks Data and AI Summit.

我們的生態系夥伴關係持續帶來強勁動能。在過去一季，我們在多場活動中與客戶與潛在客戶交流，包括 Google Next 與 Snowflake Summit，而本週也將出席 Databricks Data and AI Summit。

Across those conversations, we're seeing a consistent theme. Organizations have invested heavily in modern data platforms and are looking for ways to make those investments more accessible and actionable for the business. Increasingly, those customers are choosing Domo alongside our partners.

在這些對話中，我們看到一個一致的主題。各組織已在現代資料平台上投入大量資源，並正在尋找方法讓這些投資對業務端更易取得且更可落地執行。越來越多客戶選擇在我們的合作夥伴方案中搭配採用 Domo。

In many cases, we're not simply winning within an existing partner account, we're winning together. Customers are selecting Domo and partners like Snowflake, Google Cloud, and Databricks as complementary parts of a broader strategy to connect data, operationalize AI, and deliver business value faster.

在許多情況下，我們不只是在既有的合作夥伴客戶中勝出，而是共同勝出。客戶選擇 Domo 與 Snowflake、Google Cloud、Databricks 等合作夥伴，作為更廣泛策略中的互補組成，以連結資料、將 AI 營運化，並更快交付業務價值。

Here are a few examples. A leading payments provider selected Domo and Snowflake to replace its legacy analytics environment with a modern governed data platform. Through a joint engagement, Snowflake serves the organization's enterprise data foundation, while Domo delivers self-serve analytics, AI-powered insights, and workflow automation for business users.

以下是幾個例子。一家領先的支付服務提供商選擇 Domo 與 Snowflake，以現代化且受治理的資料平台取代其舊有分析環境。透過共同合作，Snowflake 作為該組織的企業資料基礎，而 Domo 則為業務使用者提供自助式分析、AI 驅動洞察與工作流程自動化。

The combined solution enables trusted access to data across the organization, while reducing dependence on spreadsheets and fragmented reporting tools. The deployment demonstrates the growing momentum of Domo and AI partnership in helping modernize customers' data and AI strategies. A leading nonprofit workforce development organization selected Domo and Snowflake to modernize its enterprise data environment and support its long-term data strategy.

此整合解決方案可在全組織範圍內提供可信的資料存取，同時降低對試算表與零散報表工具的依賴。此部署展現了 Domo 與 AI 夥伴關係在協助客戶現代化其資料與 AI 策略方面日益增長的動能。一家領先的非營利就業與人力發展組織選擇 Domo 與 Snowflake，以現代化其企業資料環境並支援其長期資料策略。

Through a coordinated engagement, Domo and Snowflake partnered closely on technical validation, architecture planning, and executive alignment to deliver a unified modern data platform. The combined solution is designed to enable governed access to data, self-service analytics, and a scalable foundation for future AI and automation initiatives.

透過協同合作，Domo 與 Snowflake 在技術驗證、架構規劃與高階主管共識對齊方面緊密合作，以交付統一的現代資料平台。此整合解決方案旨在提供受治理的資料存取、自助式分析，以及可擴展的基礎，以支援未來的 AI 與自動化計畫。

The deployment demonstrates the value of the Domo and Snowflake partnership in helping organizations build modern, enterprise-ready data architectures. A leading provider of loyalty and engagement solutions selected Domo and Snowflake to replace a legacy analytics environment and support a modern AI-driven data strategy.

此部署展現了 Domo 與 Snowflake 夥伴關係在協助組織建置現代化、可供企業使用的資料架構方面的價值。一家領先的忠誠度與互動解決方案供應商選擇 Domo 與 Snowflake，以取代舊有分析環境並支援現代化、AI 驅動的資料策略。

Snowflake serves as the organization's enterprise data foundation, while Domo provides governed analytics, natural language insights, and workflow capabilities for business users. The combined solution delivers a scalable platform for customer intelligence and engagement analytics, while reducing complexity and improving access to trusted data. The deployment highlights the growing momentum of Domo and Snowflake as organizations modernize beyond traditional BI platforms.

Snowflake 作為該組織的企業資料基礎，而 Domo 則為業務使用者提供受治理的分析、自然語言洞察與工作流程能力。此整合解決方案提供可擴展的平台，用於客戶洞察與互動分析，同時降低複雜度並改善對可信資料的存取。此部署凸顯了 Domo 與 Snowflake 在組織超越傳統 BI 平台進行現代化時日益增長的動能。

Our progress is being recognized by customers, by partners, and by media and industry analysts. This quarter, Nucleus Research named Domo a leader in its 2026 BI Analytics Technology Value Matrix. Dresner Advisory Services recognized Domo as an experienced leader and credibility leader in its flagship BI market study, ranked us the number one self-service BI vendor for the seventh consecutive year, and named Domo the top cloud BI vendor for the 10th consecutive year.

我們的進展正獲得客戶、合作夥伴以及媒體與產業分析師的肯定。本季，Nucleus Research 在其 2026 年 BI Analytics Technology Value Matrix 中將 Domo 評為領導者。Dresner Advisory Services 在其旗艦 BI 市場研究中肯定 Domo 為資深領導者與可信度領導者，並連續第七年將我們評為第一名的自助式 BI 供應商，且連續第十年將 Domo 評為頂尖雲端 BI 供應商。

As the market begins to shift toward AI-assisted decision-making, Domo was also recognized in Dresner 's inaugural Agentic AI-Assisted Analytics Report and ranked among the leading vendors in its first Semantic Layer and Data Virtualization Study. We believe these recognitions reflect the value that Domo provides and occupies at the intersection of data, analytics, applications, and AI.

隨著市場開始轉向 AI 輔助決策，Domo 亦在 Dresner 首度發布的《Agentic AI-Assisted Analytics Report》中獲得肯定，並在其首次《Semantic Layer and Data Virtualization Study》中名列領先供應商之列。我們相信，這些肯定反映了 Domo 所提供的價值，以及其在資料、分析、應用程式與 AI 交會點上的定位。

And with that, I'll turn it over to our CFO, Tod Crane.

接下來，我把時間交給我們的財務長 Tod Crane。

Thanks, Josh. Before I walk through the quarterly results, I want to address our balance sheet and debt situation directly, because I know it is front of mind for investors after our filing today.

謝謝，Josh。在我說明本季業績之前，我想先直接談談我們的資產負債表與債務狀況，因為我知道在我們今天提交文件之後，這是投資人最關心的議題。

As disclosed in our 10-Q filed today, our existing debt facility carries a current classification on our balance sheet as of Q1. This reflects the fact that the minimum ARR covenant under the existing facility was not met for the quarter, which under GAAP requires us to classify the debt as current.

如同我們今天提交的 10-Q 所揭露，我們現有的債務融資安排在第一季於資產負債表上被分類為流動負債。這反映出該融資安排下的最低 ARR 財務約束條款在本季未達成，依據 GAAP 規定，我們必須將該債務分類為流動。

In connection with the noncompliance, we have entered into a signed forbearance agreement with our existing lender. Under that agreement, our lender has agreed to forbear from exercising any rights to accelerate repayment or other remedies under the existing facility, and provide us the runway we need while we work toward completion of the strategic transaction Josh described.

針對未遵循條款一事，我們已與現有貸方簽署暫緩行使權利（forbearance）協議。依該協議，貸方同意暫緩行使要求加速償還或依現有融資安排採取其他救濟措施的任何權利，並在我們推進完成 Josh 所描述的策略性交易期間，提供我們所需的時間與空間。

We are in a cooperative and constructive relationship with our lender and appreciate their partnership through this process.

我們與貸方維持合作且具建設性的關係，並感謝他們在此過程中的夥伴支持。

Now let me turn to our Q1 results. Total revenue was $79.4 million. Subscription revenue was $69.8 million, down 2% year over year, primarily due to variability in overage-related revenue recognition. Professional services revenue was $9.6 million, up from $8.7 million in the prior year, reflecting increased deployment activity and sponsorship revenue associated with our annual user conference.

接下來我說明第一季業績。總營收為 7,940 萬美元。訂閱營收為 6,980 萬美元，年減 2%，主要是因超額用量（overage）相關營收認列的波動所致。專業服務營收為 960 萬美元，高於去年同期的 870 萬美元，反映部署活動增加，以及與我們年度用戶大會相關的贊助收入。

Billings were $60.4 million compared to $63.9 million in Q1 of last year. The year-over-year decrease is primarily a timing dynamic. Q4 FY26 benefited from a number of renewals that historically have closed in Q1, creating a tough comparison this quarter. We generated a similar amount of new ACV as Q1 last year, and the underlying renewal activity is healthy.

帳單金額（Billings）為 6,040 萬美元，去年第一季為 6,390 萬美元。年減主要是時點因素所致。2026 財年第四季受惠於多筆歷來通常在第一季完成的續約案，使得本季比較基期偏高。我們創造的新 ACV 與去年第一季相近，而續約活動的基本面仍然健康。

Gross retention came in at 86.7%, up 240 basis points year over year, a meaningful improvement reflecting the progress we've made on consumption-based pricing, multi-year contracts, and our forward deployed engineering motion. NRR was 95.5%, up 150 basis points year over year.

總留存率（Gross retention）為 86.7%，年增 240 個基點，這是相當有意義的改善，反映我們在按用量計價、多年期合約，以及前線部署工程（forward deployed engineering）推進模式上的進展。淨收入留存率（NRR）為 95.5%，年增 150 個基點。

Our cohort of customers that started on consumption continues to perform well above the overall base, with gross retention coming in at 92% and net retention at 108% for the quarter. As this cohort grows as a percentage of our renewal base, it remains a compounding tailwind to both gross and net retention over time.

採用按用量起步的客戶群表現持續明顯優於整體客戶基礎，本季總留存率為 92%，淨留存率為 108%。隨著該客群在我們續約基礎中的占比提升，長期而言將持續對總留存與淨留存形成複利式的正向助力。

Current subscription RPO was $222.2 million and total subscription RPO was $412.9 million. Our RPO base reflects a substantial foundation of committed future revenue, underpinned by the multiyear contracts and consumption agreements that have become the cornerstone of how we go to market.

當期訂閱 RPO 為 2.222 億美元，訂閱 RPO 總額為 4.129 億美元。我們的 RPO 基礎反映出大量已承諾的未來收入基礎，並由多年期合約與按用量協議所支撐；這些已成為我們市場推進方式的核心基石。

While growth in RPO has been modest the size and duration of that committed base gives us meaningful visibility into future revenue and reflects the long-term strategic relationships we have built with our customers.

雖然 RPO 的成長幅度不大，但這個承諾基礎的規模與期限，讓我們對未來營收具有相當的可視性，也反映我們與客戶建立的長期策略性關係。

Adjusted free cash flow for Q1 was close to break-even, and cash flow from operations was a positive $5.2 million. Our cash balance at quarter-end was $39.1 million. Subscription gross margin was 81.5%, consistent with recent quarters.

第一季調整後自由現金流接近損益兩平，營運活動現金流為正 520 萬美元。季末現金餘額為 3,910 萬美元。訂閱毛利率為 81.5%，與近幾季一致。

Total gross margin was 75.3%, reflecting a higher services revenue mix this quarter. Non-GAAP operating income was approximately $4.4 million, representing an operating margin of 5.6%. I'm pleased with this result.

總毛利率為 75.3%，反映本季服務營收占比較高。非 GAAP 營業利益約為 440 萬美元，營業利益率為 5.6%。我對這個結果感到滿意。

Delivering a healthy operating margin in Q1 while also hosting a very successful Domopalooza, our annual user conference, reflects the operating discipline we've built into this business. Non-GAAP net loss per share was $0.02 on approximately 43.4 million weighted average diluted shares. Given the advanced stage of our strategic discussions as disclosed today, we will not be providing financial guidance on this call.

第一季在舉辦非常成功的 Domopalooza（我們的年度用戶大會）的同時，仍能交出健康的營業利益率，反映我們在這項業務中建立的營運紀律。非 GAAP 每股淨損為 0.02 美元，係以約 4,340 萬股加權平均稀釋股數計算。鑑於我們今天所揭露的策略性討論已進入較後期階段，本次電話會議我們將不提供財務指引。

Additional information will be provided to shareholders as the process advances and in accordance with our disclosure obligations. And due to the nature of this strategic process, we will not be holding a question-and-answer session on today's call.

隨著流程推進，我們將依照揭露義務向股東提供更多資訊。此外，基於此策略流程的性質，我們今天的電話會議將不進行問答環節。

We will provide additional information as the process advances and in accordance with our obligations under applicable securities laws.

隨著流程推進，我們將依照適用證券法規下的義務提供更多資訊。

I'll now turn the meeting back over to Josh for some closing comments.

現在我把會議交回 Josh，請他做一些結語。

In summary, Q1 reflects a business with improving underlying metrics. Gross retention and net retention are up meaningfully year over year. Our operating margin and EPS both showed strong improvement year over year, and our RPO is growing nicely.

總結來說，第一季反映出我們的業務基本指標正在改善。總留存率與淨留存率皆較去年同期顯著提升。我們的營業利益率與 EPS 也都呈現強勁的年增改善，而 RPO 也成長良好。

And before we wrap up, I'd like to leave you with one final thought.

在結束之前，我想留給各位最後一個想法。

When we founded Domo, our belief was simple. Every business should be able to use data to make better decisions. Over the years, we've watched the idea evolve from dashboards and analytics to applications, automation and now agents with AI. Today, we're entering another major shift. Organizations are looking for ways to embed intelligence directly into the way that work gets done and they need trusted data, governed systems, and practical tools that can deliver real business outcomes.

當我們創立 Domo 時，我們的信念很簡單。每一家企業都應該能夠運用數據做出更好的決策。多年來，我們看到這個概念從儀表板與分析，演進到應用程式、自動化，而如今是具備 AI 的代理（agents）。今天，我們正進入另一個重大轉變。各組織正在尋找把智慧直接嵌入工作完成方式的方法，而他們需要可信任的數據、受治理的系統，以及能帶來真實商業成果的實用工具。

That's exactly the direction that we've been building toward. I'm proud of what our team has created, the customers who have trusted us, and the impact we've had together. I remain convinced that the opportunity in front of Domo is significant and that the work we're doing is transforming businesses.

這正是我們一直在打造的方向。我為團隊所創造的一切、信任我們的客戶，以及我們共同帶來的影響感到自豪。我仍然深信 Domo 面前的機會相當可觀，而我們正在做的工作正在改變企業。

Thank you so much to our employees, our customers, our partners, and our shareholders for your continued support and we look forward to giving you more information as this next chapter unfolds.

非常感謝我們的員工、客戶、合作夥伴與股東持續的支持；隨著下一篇章展開，我們也期待能向各位提供更多資訊。

This concludes Domo's Q1 fiscal year 2027 earnings call. You may disconnect your lines at this time. Thank you for your participation.

以上為 Domo 2027 財年第一季財報電話會議。您現在可以掛線。感謝您的參與。