Expensify Inc (EXFY) 2025 Q1 法說會逐字稿

(audio in progress) Now we'll pass it off to Niki for the legal lease.

（音訊進行中）現在我們將把它交給 Niki 進行合法租賃。

Please note that all the information presented on today's call is unaudited. And during the course of this call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in forward-looking statements.

請注意，今天電話會議上提供的所有資訊均未經審計。在本次電話會議期間，管理階層可能會根據聯邦證券法做出前瞻性陳述。這些聲明是基於管理階層目前的預期和信念，涉及風險和不確定性，可能導致實際結果與前瞻性聲明中所述的結果有重大差異。

Forward-looking statements in the earnings release that we issued today, along with the comments on this call, are made only as of today and will not be updated as actual events unfold. Please refer to today's press release and our filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

我們今天發布的收益報告中的前瞻性陳述以及對本次電話會議的評論僅截至今天為止，不會隨著實際事件的展開而更新。請參閱今天的新聞稿和我們向美國證券交易委員會提交的文件，以詳細了解可能導致實際結果與今天做出的任何前瞻性陳述中表達或暗示的結果有重大差異的風險。

Please also note that on today's call, management will refer to certain non-GAAP financial measures. While we believe these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Please refer to today's press release or the investor presentation for a reconciliation of these non-GAAP financial measures to their most comparable GAAP measures.

另請注意，在今天的電話會議上，管理層將參考某些非公認會計準則財務指標。雖然我們認為這些非公認會計準則財務指標為投資者提供了有用的信息，但這些資訊的呈現並非旨在單獨考慮或替代按照公認會計準則呈現的財務資訊。請參閱今天的新聞稿或投資者介紹，以了解這些非 GAAP 財務指標與最具可比性的 GAAP 指標的對照組。

Thanks, Niki. Now let's talk about the Q1 2025 financials. Our revenue was $36.1 million, which is up 8% year-on-year. Our average paid members were 657,000, which is Total interchange was 5.1% (sic – see press release, "$5.1 million"), which is up 43% year-on-year.

謝謝，尼基。現在讓我們來談談 2025 年第一季的財務狀況。我們的收入為 3,610 萬美元，年增 8%。我們的平均付費會員人數為 657,000 人，總交換率為 5.1%（原文如此 - 參見新聞稿「510 萬美元」），年增 43%。

Our operating cash flow was $4.8 million. Our free cash flow was $9.1 million. The difference between those two numbers again is customer funds. Our GAAP net loss was $3.2 million. Our non-GAAP net income was $4.8 million, and our adjusted EBITDA was $8.4 million.

我們的經營現金流為 480 萬美元。我們的自由現金流為 910 萬美元。這兩個數字之間的差額又是客戶資金。我們的 GAAP 淨虧損為 320 萬美元。我們的非公認會計準則淨收入為 480 萬美元，調整後 EBITDA 為 840 萬美元。

Now I'll talk about free cash flow. Obviously, we had a really good quarter free cash flow-wise. Like I just said, our Q1 free cash flow was $9.1 million, which is a 75% increase year-on-year and an increase of 45% quarter-on-quarter. With our Q4 results, we initiated annual free cash flow guidance of $16 million to $20 million. We are increasing that to $17 million to $21 million, a bit of a conservative increase. This is due to the kind of tumultuous nature of the economy right now as we watch the impact of the tariffs on the economy.

現在我來談談自由現金流。顯然，從自由現金流來看，我們本季的自由現金流非常好。正如我剛才所說，我們的第一季自由現金流為 910 萬美元，年增 75%，季增 45%。根據第四季的業績，我們預計年度自由現金流將達到 1,600 萬美元至 2,000 萬美元。我們將這一數字提高到 1700 萬美元至 2100 萬美元，這是一個比較保守的增長。這是由於當前經濟動盪的性質，我們正在關注關稅對經濟的影響。

And so again, we think this is a conservative number. We have confidence we can hit this number, and we will update this as we see kind of how the current economic policy plays out.

因此，我們再次認為這是一個保守的數字。我們有信心達到這個數字，並且我們會根據當前經濟政策的實施情況更新這一數字。

As always, just our flash April paid members. April paid members were 655,000, which is just slightly down from Q1. It's less than 0.5% down. So essentially flat. And April is usually a little soft, and this April is no different. You can see previous Aprils denoted by the pink lines on the graph.

像往常一樣，僅限我們的 Flash 四月付費會員。四月付費會員數為 655,000 人，較第一季略有下降。下降幅度不到0.5%。所以基本上是平的。四月通常會比較疲軟，今年四月也不例外。您可以在圖表上看到用粉紅線表示的往年四月數據。

Now let's talk about Q1 business highlights. Like I mentioned before, the Expensify Card grew to $5.1 million, which is a 43% increase year-on-year. Expensify travel continues to grow very quickly. We saw 166% quarter-over-quarter increase in quarterly travel in Q1. And notably, we are seeing customers adopt travel at twice the rate that they adopted the Expensify card. So we compare those two because it's a cross-sell from our traditional expense product, but we're seeing travel adoption be met by customers with a lot of enthusiasm, and we're very excited about it.

現在讓我們來談談第一季的業務亮點。正如我之前提到的，Expensify 卡的成長額度達到 510 萬美元，年增 43%。Expensify 旅行持續快速成長。第一季的旅行量較上季成長了 166%。值得注意的是，我們發現客戶採用旅行的比例是 Expensify 卡的比例的兩倍。因此，我們將這兩者進行比較，因為它是我們傳統費用產品的交叉銷售，但我們看到客戶對旅行的接受度很高，我們對此感到非常興奮。

Also, we announced full Spanish support. So if you speak Spanish, the product will look great to you. We have Spanish in our product UI and our product messaging. And also, we're not doing sales demos and customer support in Spanish. And we are also adding more international support and more languages coming very soon.

此外，我們也宣布全面支持西班牙語。因此，如果您會說西班牙語，該產品對您來說會看起來很棒。我們的產品 UI 和產品資訊中包含西班牙語。而且，我們不提供西班牙語的銷售演示和客戶支援。我們也將很快增加更多國際支援和更多語言版本。

You might have also seen we announced a simplified pricing for our collect plan. Our Legacy collect pricing, which is the same scheme as the control pricing is still under, the collect Legacy pricing was $5 to $20 per active member per month, and we gave a 50% discount for annual commitment or subscription and a 50% discount for Expensify card adoption. Notably, no cost if you have employees who are inactive.

您可能還看到我們宣布了收集計劃的簡化定價。我們的舊式收集定價與控制定價採用相同的方案，舊式收集定價為每位活躍會員每月 5 至 20 美元，我們對年度承諾或訂閱給予 50% 的折扣，對採用 Expensify 卡給予 50% 的折扣。值得注意的是，如果您有不活躍的員工，則無需承擔任何費用。

Now this is great for a more sophisticated customer that can forecast what their usage is going to be in the product. If you have, let's say, 100 employees, about 33% of them will be active on the platform any given month, but not the same 33%. So a different mix of employees each month. So in that case, the customer would buy a 33 seat as subscription and any employee can kind of sit in those seats.

這對於更成熟的客戶來說非常有用，他們可以預測自己在產品中的用途。假設你有 100 名員工，其中大約 33% 的人會在任何一個月在平台上活躍，但不是同一個 33%。因此每個月的員工組合都不同。因此在這種情況下，客戶將購買 33 個座位作為訂閱，任何員工都可以坐在這些座位上。

However, that did take me a while to explain, and it is more sophisticated, and we saw that kind of falling flat on the lower end of the market. The collect customers generally self-service and they're not talking to a salesperson. So we need to communicate what our pricing is in under 5 seconds very simply. So this pricing is not a price reduction per se. It's more of a streamlining of our pricing, and that's based on extensive research into watching user sessions, talking to customers and sales feedback.

然而，我確實花了一段時間來解釋這一點，而且它更加複雜，我們看到這種現像在低端市場上有所體現。收款客戶通常是自助服務，他們不會與銷售人員交談。因此，我們需要在 5 秒內非常簡單地傳達我們的定價。因此，這種定價本身並不是降價。這更像是我們定價的簡化，並且基於對觀察用戶會話、與客戶交談和銷售回饋的廣泛研究。

So under the new scheme, it's $5 for any member per month. So you just enter how many employees you want to use the product at any time, and it's multiplied up times $5, and that's your monthly price. So there's no annual spend in our card required, but they are built whether or not the user is actually active. So you're paying per account versus per active seat.

因此，根據新計劃，每位會員每月需繳納 5 美元。因此，您只需輸入您希望在任何時候使用產品的員工數量，然後乘以 5 美元，這就是您的月費。因此，我們的卡不需要年度消費，但無論用戶是否真正活躍，都會產生積分。因此，您是按帳戶而不是按活躍席位付費。

The result is collect is $5 per month per member, simplified pricing for simple customers and control, which is $9 to $36 per month per active employee, which is advanced pricing for advanced customers. We think this is going to help us convert at the lower end of the market, and we're really excited for it.

結果是收取每位會員每月 5 美元，為簡單客戶簡化定價並進行控制，即每位活躍員工每月 9 至 36 美元，這是針對高級客戶的高級定價。我們認為這將幫助我們在低端市場實現轉變，我們對此感到非常興奮。

Now I'm going to pass it over to David.

現在我要把它交給大衛。

Great. So last quarter, we talked a ton about AI and all the cool things that we're doing with it. And so this quarter is basically just saying we did a bunch of that. So last -- we talked about this idea of conversational corrections, meaning that when you scan a receipt to create an expense, we use AI to figure out what the most likely category is it based upon the type of merchant, what that merchant's name is, what the category names are and so forth as well as everything you've done, everything else your coworkers has done with the merchant in the past.

偉大的。上個季度，我們討論了大量有關人工智慧以及我們利用人工智慧進行的所有很酷的事情。所以本季基本上就是說我們做了很多這樣的事。最後，我們討論了對話修正的想法，這意味著當您掃描收據以創建費用時，我們使用人工智慧根據商家的類型、商家的名稱、類別名稱等以及您所做的一切、您的同事過去與商家所做的一切來確定最可能的類別。

We will either automatically categorize it or we will suggest the most likely categories. And then based upon that suggestion, you can either say like meals or whatever or you can just respond to natural language what you want done and then our AI will basically do the right thing with that. What -- a human would do in a situation, now we'll do. We talked about that aspirational last quarter, and now that's done. And so that's in products and you can use it today. It's very cool, it's just a great bring AI.

我們將自動對其進行分類，或建議最有可能的類別。然後根據該建議，您可以說喜歡吃飯或其他什麼，或者您可以用自然語言回應您想要做的事情，然後我們的人工智慧基本上會做正確的事情。人類在某種情況下會做什麼，現在我們就做什麼。我們上個季度討論了這一願望，現在已經實現了。這就是產品，您今天就可以使用它。這非常酷，它只是一個偉大的人工智慧。

Similarly, a feature that we've talked about for a while is this idea of more advanced policy violations where you can prohibit tobacco, gambling, alcohol expenses and things like this. So now we do kind of deep receipt analysis to figure out what actually is being purchased, not merely where did you go and so you can deny those.

同樣，我們討論了一段時間的一個功能，即更高級的政策違規行為，您可以禁止菸草、賭博、酒精費用以及諸如此類的事情。所以現在我們進行深入的收據分析，以弄清楚實際購買了什麼，而不僅僅是你去了哪裡，這樣你就可以拒絕這些。

Likewise, one thing we talked about is the power of AI for fraud reduction. Anyone who's basically doing anything online and selling their products, booking travel, things like this, there's always some degree of like fraud you're trying to control, especially when it comes to just trying to understand on a per travel basis, what they're actually doing to make sure they're actually not booking the sketchy things to make sure that no one's account got taken over or whatever it might be.

同樣，我們討論的一件事是人工智慧在減少詐欺方面的力量。任何在網上銷售產品、預訂旅行等的人，總是會遇到某種程度的欺詐行為，你需要控制這些欺詐行為，特別是當你試圖了解每次旅行的具體情況時，他們實際上在做什麼，以確保他們沒有預訂可疑的東西，確保沒有人的賬戶被盜用或其他什麼的。

Wide variety of ways things can go wrong, however, we can control for that, and we can basically detect and cancel this fraud travel in real time. So all of this is basically stuff that we've talked about and stuff that we're bringing to market and a lot of this to market right now.

事情出錯的方式多種多樣，但是，我們可以控制它，並且基本上可以即時檢測和取消這種詐欺旅行。所以，所有這些基本上都是我們已經討論過的東西，也是我們正在推向市場的東西，其中許多現在都已經推向市場了。

Looking forward, I would say the stuff we're most excited for is this idea that we talked about in the past, we kind of call Virtual CFO functionality. Imagine if you had a CFO and a sat down with you to kind of optimize your workflow, they would say things like, why are you cutting a bunch of physical checks? Let's actually streamline that with direct deposit. Or even asking questions, saying like who are my top spenders, who spends the most out of policy, you should just be able to ask concierge that and just get the answer directly.

展望未來，我想說我們最興奮的是我們過去談論過的這個想法，我們稱之為虛擬 CFO 功能。想像一下，如果您有一位財務官，他與您坐下來討論如何優化您的工作流程，他們會問您為什麼需要開一堆實體支票？讓我們透過直接存款來簡化這個流程。或甚至問一些問題，例如誰是我的最高消費者，誰在保單之外花費最多，你應該能夠詢問禮賓部並直接得到答案。

Likewise, on a monthly basis, a CFO would tell you what's changed week-on-week, month-on-month, things like this. And now that's going to be built out of the box. And so you basically have this ability to just get analysis pushed to you automatically without thinking about it.

同樣，財務長會按月告訴你每週、每月發生的變化等。現在，它就可以開箱即用了。因此，您基本上具有這種能力，無需思考，就可以自動獲得分析結果。

So AI is getting great. AI is heating up, but also the prep for F1 is really heating up. We're getting super excited about just the amount of visibility and traction that we're seeing in the lead of F1. Just to give one new thing that just happened. And so Doja Cat, my personal favorite, just launched this music video, and it's wild. Like the first 20 seconds of this music video are just slowly zooming in on the Expensify name. You got to watch the video. It's fantastic. It's not exactly safe for work, but it's still great.

所以人工智慧正在變得越來越好。人工智慧正在升溫，但 F1 的準備工作也正在升溫。我們對 F1 領先地位的可見度和吸引力感到非常興奮。只介紹一件剛發生的新鮮事。我個人最喜歡的 Doja Cat 剛剛發布了這個音樂視頻，非常瘋狂。就像這個音樂影片的前 20 秒只是慢慢放大 Expensify 的名字。你得看影片。太棒了。雖然對於工作來說不太安全，但還是很棒。

At the Met Gala, Damson Idris just walked out first drove up in an Expensify branded F1 car, which [no one] was talking about that, which also is kind of amazing. And then walked into the net wearing an Expensify basically racing outfit. And then it was dramatically torn off and he has a sweet suit underneath it.

在 Met Gala 上，Damson Idris 第一個走出來，開著 Expensify 品牌的 F1 賽車，[沒有人]談論這件事，這也有點令人驚訝。然後穿著 Expensify 的賽車服走進網內。然後它被戲劇性地撕掉，裡面是一套可愛的西裝。

But basically, the part that I care about is he walked into the Met Gala wearing the Expensify branding while driving up in the expensify car. And so this is just the kind of thing happening right now, and it's wide. And it really has an effect. We saw actually for the hours after this particular thing happened, sign-ups quadrupled basically, from this one small action that just happened automatically that we didn't even plan for.

但基本上，我關心的是他穿著 Expensify 品牌的衣服，開著 Expensify 的車走進 Met Gala。這就是現在正在發生的事情，而且影響很廣泛。而且確實有效果。事實上，我們看到，在這件事發生後的幾個小時內，註冊人數基本上增加了四倍，而這一切都源於一個我們之前沒有預料到的自動發生的小動作。

And so there's all kinds of stuff like this happening every day around this, and the movie hasn't been launched. And so we're pretty excited about this F1 promo. It's lining up to be one of the best product placements ever. And so it's pretty cool. We're excited.

因此，每天都會發生各種類似的事情，但電影卻尚未上映。因此，我們對這次 F1 宣傳片感到非常興奮。它有望成為有史以來最好的產品置入之一。所以這很酷。我們很興奮。

And also, overall, I think we're excited that users are really starting to notice just how cool this design is. Here's just an actual user who just posted a review unprompted to G2 Crowd, talking about how great Expensify Chat is because we talked about sort of the challenge of expense management is you can automate like 80% of it, but that remaining 20%, the human interaction, that's where all your pain is.

而且，總的來說，我認為我們很高興用戶真的開始注意到這個設計有多酷。這只是一個真實的用戶，他剛剛主動向 G2 Crowd 發布了一條評論，談論了 Expensify Chat 有多麼棒，因為我們討論了費用管理的挑戰在於你可以自動化其中的 80%，但剩下的 20%，即人際互動，才是你所有的痛苦所在。

And so chat-centric design is what streamlines that sort of last 20% by bringing it in product, so you can just talk to your account, your employees, whoever it might be in the context of the thing you have a question on. So you're not texting them to say like, hey, remember that thing you did two months ago and like, what are you talking about?

因此，以聊天為中心的設計透過將其引入產品中來簡化最後 20% 的工作，這樣您就可以與您的客戶、您的員工或任何人就您有疑問的事情進行交談。所以你不會傳簡訊給他們說，嘿，還記得你兩個月前做的那件事嗎，你在說什麼？

Rather you're saying, on this particular expense, what's it for? And then you can fix it right in the context of that, especially when a concierge is there. And so if you say what the fix is, the concierge can be supplied right away. The design is really coming together. It's super exciting. I think the summer, in my mind, is really lining up to be new Expensify V1. It's very complete vision of what we set out to do years ago, and actually it's even better than we imagined. And so it's a pretty exciting time overall.

相反，你是說，這筆特定的開銷是用來做什麼的？然後，您就可以在那種情況下正確解決問題，尤其是當有禮賓人員在場時。因此，如果您說出需要解決的問題，禮賓部可以立即提供協助。設計確實很成功。非常令人興奮。我認為，在我看來，這個夏天確實有望成為新的 Expensify V1。這是我們多年前製定的計劃的完整願景，實際上它甚至比我們想像的還要好。總的來說，這是一個非常令人興奮的時刻。

That's probably got for now, and we can hear your questions.

現在可能就是這樣了，我們可以聽到您的問題。

Thank you, David. One quick note due to the amount of earnings calls happening today, we had a few scheduling conflicts with our analysts. So if we don't hear from you on the Q&A, we look forward to speaking with you on the one-on-one call back. First, let's start off with Citi. I believe George, you're here.

謝謝你，大衛。由於今天有大量的收益電話會議，我們與分析師在時間安排上存在一些衝突。因此，如果我們在問答環節沒有收到您的回复，我們期待在一對一回電中與您交談。首先，讓我們從花旗銀行開始。我相信喬治，你在這裡。

Great. Maybe we can just start with the topic of the day, macro and tariff impacts. You guys talked about kind of conservatively baking that into your guide to some extent. Have you seen any impacts to date? And maybe when you just think about your business, macro headwinds have been an issue in the recent past. You guys have made some changes to the business? How do you just think about your resiliency in the face of this environment?

偉大的。也許我們可以從今天的主題——宏觀和關稅影響開始。你們在某種程度上談到了以保守的方式將其融入指南中。到目前為止，您看到過任何影響嗎？也許當您考慮您的業務時，宏觀逆風在最近一直是一個問題。你們對業務做了一些改變嗎？面對這種環境，您如何看待自己的適應力？

So great question. I simply like your question about resiliency. So I think -- obviously, no one wants a bad economy. That's not good for anyone. But if we're going into kind of rough economic waters, I think that we are well positioned. Obviously, we had $9 million in free cash flow this year. So I think that the way we've kind of restructured the business over the last year or two, we're in a really good place to weather a tough economic environment. So that is -- I mean we're hoping for the best, preparing for the worst.

這個問題問得真好。我只是喜歡你關於彈性的問題。所以我認為——顯然，沒有人希望經濟狀況不好。這對任何人都沒有好處。但如果我們陷入經濟困境，我認為我們已經準備好了。顯然，今年我們有 900 萬美元的自由現金流。所以我認為，透過過去一兩年對業務進行重組，我們能夠更好地應對嚴峻的經濟環境。所以——我的意思是我們希望最好的結果，做最壞的打算。

Okay. That makes perfect sense. I wanted to also ask about the paid user number and really just kind of the disconnect that started to show up between what you've seen on revenue versus paid users. I mean, revenue up 8% year-over-year, paid users down year-over-year. When you guys think about your business, I think investors like we have been kind of trained on paid users as one of the most important metrics for the business.

好的。這很有道理。我也想問一下付費用戶數量，以及收入與付費用戶之間開始出現的脫節。我的意思是，營收年增 8%，付費用戶數量較去年同期下降。當你們考慮自己的業務時，我認為像我們這樣的投資者已經接受過付費用戶培訓，這是業務最重要的指標之一。

But now you guys are becoming multiproduct. I mean, is that still how you guys are thinking about the business internally and kind of optimizing for paid users? Because it seems like there's levers here that are driving success that kind of extend beyond that metric. Maybe you could just talk about what you've seen in that metric and then how you think about the business as one of many levers.

但現在你們的產品種類越來越多了。我的意思是，你們內部是否仍然這樣考慮業務並針對付費用戶進行最佳化？因為看起來，這裡存在著一些推動成功的槓桿，其影響力已經超越了那個指標。也許您可以談談您在該指標中看到了什麼，然後您如何看待業務作為眾多槓桿之一。

Yes. Another great question. So obviously, paid members is really important. That hasn't changed. That's a huge focus for us. But we have diversified kind of our revenue streams over the last couple of years. So it's not -- I think around the time we IPO-ed, it was revenue and paid members were kind of in lockstep, and we've diversified kind of beyond that, right? We make money in other ways other than subscription. So I think that we are -- paid members is still very important, but we have other tools in our toolbox to increase revenue, which is good.

是的。又一個好問題。顯然，付費會員非常重要。這一點沒有改變。這對我們來說是一個很大的關注點。但在過去幾年中，我們的收入來源已經多樣化。所以不是——我認為在我們首次公開募股的時候，收入和付費會員是同步的，而且我們已經實現了多元化，對嗎？除了訂閱之外，我們還透過其他方式賺錢。所以我認為付費會員仍然非常重要，但我們的工具箱裡還有其他工具可以增加收入，這很好。

Okay. Great. And then maybe if I could just sneak one more in on the Formula One. I think exciting times here. I think we're a T- 1.5 months or so away. You guys talked about maybe some early impacts. Do you feel like it had an impact in Q1? Or do you think of this more as like a Q2 benefit? And then presumably, the bulk of the benefit is going to be felt kind of in Q3 and beyond? Or how are you guys thinking about kind of sequencing of how this hits the model?

好的。偉大的。然後也許我能再偷偷參加一次一級方程式賽車比賽。我覺得這真是一段激動人心的時光。我認為我們還有 1.5 個月左右的時間。你們可能談論了一些早期的影響。您覺得它對第一季有影響嗎？還是您認為這更像是 Q2 的好處？那麼，大概大部分好處將在第三季及以後顯現出來？或者你們如何思考這個如何影響模型的順序？

I mean I don't think we've seen much benefit in Q1. I think it's definitely going to pick up. Obviously, we're just kind of -- we're seeing the almost like pre-promotion type of impact. But I mean, to answer your question, we think it's going to -- the impact is going to increase over time. And probably more in Q3 than Q2.

我的意思是，我認為我們在第一季沒有看到太多好處。我認為它肯定會好轉。顯然，我們看到的幾乎是促銷前那種影響。但我的意思是，回答你的問題，我們認為它的影響會隨著時間的推移而增加。第三季可能比第二季更多。

So I mean it takes time and you see the [movie], okay, then you go to the website, you get into kind of our conversion funnel. So the -- in terms of web traffic and stuff, obviously, we expect a lot around Q2. But in terms of that representing new business, we wouldn't see that until a little bit after.

所以我的意思是這需要時間，你看完電影後，然後你訪問網站，進入我們的轉換管道。因此，就網路流量和其他方面而言，顯然我們對第二季有很高的預期。但就其代表新業務而言，我們還要一段時間才能看到。

I agree with that.

我同意這一點。

Okay. Great. Thanks for taking the question here.

好的。偉大的。感謝您在這裡提出這個問題。

Citizens JMP, Aaron.

公民 JMP，Aaron。

So can you talk about what verticals following up on George a little bit? What verticals your customer base is most exposed to today? I think you've become less reliant on tech customers since the IPO and analysis you've done on what percentage of your customer base is in industries that may face tariff headwinds?

那麼，您能否稍微談談對喬治的後續跟蹤？您的客戶群目前最常接觸哪些垂直產業？我認為自從首次公開募股以來，你們對科技客戶的依賴程度已經降低，並且你們分析過有多少比例的客戶屬於可能面臨關稅阻力的行業？

Great question. So that's -- it's been a little challenging to track that because the -- are the tariffs going to happen, what industries are they affecting? Does it get pulled back. So I think that's been kind of tough to get an exact answer. But I mean kind of the behavior we're seeing is customers kind of in a wait-and-see type of holding pattern type thing.

好問題。所以，追蹤這一點有點困難，因為關稅會發生嗎？它會影響哪些產業？它是否被拉回來了？所以我認為要得到一個確切的答案有點困難。但我的意思是，我們看到的行為是客戶處於一種觀望的態度。

Obviously, in a healthy economy, our customers are growing, right? SMB customers grow faster than enterprise customers generally because they're smaller. And I think our customers are kind of waiting, right? They're not hiring a whole bunch of people. They're not doing big expenditures. They're trying to see how this shakes out and how it impacts them and all that. So in Q1, I think it's kind of too early to really see that impact, and it's something we're definitely monitoring, but it's tough to kind of pin down a single number.

顯然，在健康的經濟環境下，我們的客戶正在成長，對嗎？由於中小型企業 (SMB) 客戶的規模較小，因此其成長速度通常比大型企業客戶更快。我認為我們的客戶正在等待，對嗎？他們不會僱用一大群人。他們沒有進行大筆支出。他們試著看看這件事會如何發展、會對他們產生什麼影響等等。因此，在第一季度，我認為現在真正看到這種影響還為時過早，而且我們肯定會對其進行監控，但很難確定一個數字。

Yeah. It's like everyone is just kind of holding their breath to see what's coming on the pipeline. So I mean, I think we're eager to find that as everyone else.

是的。就好像每個人都屏住呼吸，等待著看到管道上會發生什麼事。所以我的意思是，我認為我們和其他人一樣渴望找到這一點。

Got it. And then the second one, I'm looking at the slides right now, correct me if I'm wrong, but I think you usually shared the paid member numbers for the first month of the next quarter. Are the April numbers in here?

知道了。然後第二個，我現在正在看幻燈片，如果我錯了請糾正我，但我認為你通常會分享下一季第一個月的付費會員數量。這裡有四月的數字嗎？

Yeah. So it was flat, slightly down to flat, less than 1%, less than 0.5%.

是的。所以它是平穩的，略微下降到平穩，低於 1%，低於 0.5%。

Got it. And then the last one would just be, can you remind us from an accounting perspective with the F1 movie coming out in Q2, how we should think about how that's going to hit the cash flow statement and the income statement?

知道了。最後一個問題是，您能否從會計角度提醒我們，隨著 F1 電影於第二季上映，我們應該如何思考它將如何影響現金流量表和損益表？

Yes. Great question. So the Movie accounting is interesting, just as a review. So we have been making payments for the movie for a while. So the free cash flow impact of that has largely already been felt. However, we have not recognized the expense yet. So the day the movie comes out, we will recognize the expense of all the payments we made over multiple years. So a large expense being recognized, but not necessarily a large cash flow impact.

是的。好問題。所以電影會計很有趣，只是作為評論。因此我們已經為這部電影付款一段時間了。因此，其對自由現金流的影響已基本顯現。但我們尚未確認這筆費用。所以當電影上映的那一天，我們就會意識到多年來支付的所有費用。因此，雖然確認了較大的支出，但不一定會對現金流產生較大的影響。

Now we do have one more payment. So there are some free cash flow -- and when we're doing advertising next quarter is going to be expensive quarter. So it will impact free cash flow, but the S&M expense will be substantially higher because we're recognizing all the past payments that have already been recognized in free cash flow.

現在我們還有一筆付款。因此存在一些自由現金流——當我們做廣告時，下個季度將是一個昂貴的季度。因此，它會影響自由現金流，但銷售與市場費用將大幅增加，因為我們確認了已在自由現金流中確認的所有過去付款。

Great. Thank you.

偉大的。謝謝。

Great. Well, let's be competing schedules everybody we have live. So we will speak to the rest of you offline.

偉大的。好吧，讓我們按照現場直播的時間表來競爭。因此我們將與大家線下交流。

Great. Short and sweet. All right. Thank you all, and we'll see you next quarter. And go see the movie.

偉大的。簡短而甜蜜。好的。謝謝大家，我們下個季度再見。然後去看電影。

Yes. June 25. See your there.

是的。6月25日。到那兒見。

Alright goodbye.

好的，再見。