Figma Inc (FIG) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to Figma Q2 2025 earnings call. (Operator Instructions)

感謝您的耐心等待。我是 Kate，今天將擔任本次電話會議的接線生。現在，我謹代表 Figma 歡迎各位參加 2025 年第二季財報電話會議。 （接線生操作說明）

I would now like to turn the call over to Kate DeLeo, VP of Investor Relations and Business Operations. Please go ahead.

現在我將把電話交給投資者關係和業務營運副總裁凱特·德萊奧。請開始吧。

Good afternoon, and thank you for joining us on today's conference call to discuss Figma's results for the second quarter of 2025. On the call, we have Dylan Field, Figma's Co-Founder and Chief Executive Officer; and Praveer Melwani, our Chief Financial Officer.

下午好，感謝各位參加今天的電話會議，共同探討 Figma 2025 年第二季的表現。出席本次電話會議的有 Figma 聯合創辦人兼執行長 Dylan Field，以及財務長 Praveer Melwani。

During the course of today's call, we may make forward-looking statements, including, but not limited to, statements regarding our guidance and future financial performance, market demand, product development, growth prospects, business strategies and plans, ability to attract and retain customers and ability to compete effectively. These forward-looking statements are based on management's current views and assumptions and should not be relied upon as of any subsequent date, and we disclaim any obligation to update any forward-looking statements.

在今天的電話會議中，我們可能會做出一些前瞻性陳述，包括但不限於有關我們業績指引和未來財務表現、市場需求、產品開發、成長前景、業務策略和計劃、吸引和留住客戶的能力以及有效競爭力等方面的陳述。這些前瞻性陳述是基於管理階層目前的觀點和假設，不應被視為對任何後續日期的保證，我們也不承擔更新任何前瞻性陳述的義務。

Actual results may vary materially from today's statements. Information concerning our risks, uncertainties and other factors that could cause results to differ from these forward-looking statements are included in our filings with the SEC, including the final prospectus filed in connection with our IPO and our quarterly report on Form 10-Q for the quarter ended June 30, 2025.

實際結果可能與今天的聲明有重大差異。有關可能導致結果與這些前瞻性聲明存在差異的風險、不確定性和其他因素的信息，已包含在我們向美國證券交易委員會提交的文件中，包括與我們首次公開募股相關的最終招股說明書以及截至2025年6月30日的季度報告（10-Q表格）。

Our discussion today will include certain non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, not as a substitute or in isolation from GAAP measures. Our non-GAAP measures exclude the effect of our GAAP results of stock-based compensation and certain other items. Reconciliations of non-GAAP financial measures to comparable GAAP measures can be found in our press release accompanying this call and which is posted to our website.

我們今天的討論將涉及一些非公認會計準則（非GAAP）財務指標。這些非GAAP財務指標應作為GAAP指標的補充訊息，而非替代或孤立地看待。我們的非GAAP指標剔除了股權激勵和其他特定項目對GAAP績效的影響。非GAAP財務指標與對應GAAP指標的調節表可在本次電話會議隨附的新聞稿中找到，該新聞稿也已發佈在我們的網站上。

I'd like to now turn it over to Dylan.

現在我想把麥克風交給迪倫。

Thanks, Kate, and hi, everybody. Thank you for tuning in today. I want to note that for today's earnings call, we're using one of our products, Figma Slides, which teams around the world use to co-create beautifully designed presentations. Figma Slides should look familiar to anyone who has used a presentation tool before.

謝謝凱特，大家好。感謝各位今天收聽本次電話會議。我想特別說明一下，在今天的財報電話會議上，我們將使用我們的產品之一——Figma Slides。全球各地的團隊都使用Figma Slides來共同創建精美的簡報。任何使用過簡報工具的人都應該對Figma Slides感到熟悉。

One feature I want to call out is our grid-view feature. This gives you a bird's eye view of the canvas and allows you to organize your presentation in a multiplayer environment. And of course, Figma Slides is interoperable with the rest of our platform. If I go back to our main slide view, I can edit or go into design mode. But for right now, I'm going to flip into presentation mode to get us going.

我想重點介紹一下我們的網格視圖功能。它可以讓您鳥瞰整個畫布，並允許您在多人協作環境下組織簡報。當然，Figma Slides 也與我們平台的其他功能相容。如果我返回主投影片視圖，我可以進行編輯或進入設計模式。但現在，我將切換到演示模式，讓我們開始吧。

So Q2 was a strong quarter for Figma. We achieved $250 million of revenue, a new quarterly revenue record for Figma, representing 41% year-over-year growth. We also continued to operate profitably with a non-GAAP operating margin of 5% and adjusted free cash flow margin of 24%. With that said, I'm most proud of how our pace of innovation continues to accelerate.

所以，Figma第二季表現強勁。我們實現了2.5億美元的營收，創下Figma季度營收新紀錄，年增41%。同時，我們持續維持獲利，非GAAP營業利益率為5%，調整後自由現金流利潤率為24%。儘管如此，我最引以為傲的還是我們創新步伐的持續加快。

Given this is our first earnings report, I want to set clear expectations that we may reevaluate our reporting framework in the future as our business evolves. For example, we might adjust our guidance philosophy or deprecate metrics we no longer believe are reflective of our business. And of course, if we do this, we'll share our rationale with investors. As you all know, we're at the very start of what I hope is a long-term relationship together. Our goal is to be clear and transparent. And with that, let's get into it.

鑑於這是我們的第一份獲利報告，我想明確說明，隨著業務的發展，我們未來可能會重新評估我們的報告框架。例如，我們可能會調整績效指引，或棄用我們認為不再能反映業務狀況的指標。當然，如果我們這樣做，我們會向投資者解釋原因。如大家所知，我們正處於一段我希望是長期合作關係的開端。我們的目標是做到清晰透明。那麼，讓我們開始吧。

Today, virtually every business is becoming a software business, and AI has made software easier than ever to create. In this world, we believe your design, your craft, and your brand's point of view is what's going to make your product and your company stand out. Design is now the differentiator. It's how companies win or lose. And our goal at Figma is to build and expand our platform so we can do even more to unleash the taste and craft of our customers, who together are shaping and defining this next era of digital products.

如今，幾乎所有企業都在向軟體企業轉型，人工智慧讓軟體開發變得前所未有的輕鬆。我們相信，在這個時代，您的設計、您的技能以及您品牌的獨特視角，才是讓您的產品和公司脫穎而出的關鍵。設計如今已成為差異化的關鍵，它決定企業的成敗。 Figma 的目標是建立並擴展我們的平台，從而更好地激發客戶的品味和技藝，共同塑造和定義數位產品的新時代。

This goal is what guides our team, it guides our road map, and it guides our investment philosophy. It's also what motivates me as I think about the years and the decades ahead of how we can expand our platform. We're focused on building a durable long-term business that serves the evolving needs of designers and product development teams.

這個目標指引著我們的團隊，指導我們的發展路線圖，也引導我們的投資理念。它也激勵我思考未來幾年甚至幾十年如何拓展我們的平台。我們致力於打造一個可持續發展的長期業務，以滿足設計師和產品開發團隊不斷變化的需求。

Our focus drives our capital allocation decisions at Figma. For example, you should expect to see significant investments in our AI efforts because we believe AI will be critical to how software development workflows evolve moving forward. This means that we expect margins to come down in the near term as we invest in the long term.

Figma 的資本配置決策取決於我們的發展重點。例如，我們承諾在人工智慧領域投入巨資，因為我們相信人工智慧對於未來軟體開發工作流程的演變至關重要。這意味著，為了著眼長遠，我們預期短期內利潤率會下降。

And as I wrote in my S-1 founder letter, we do plan to take big swings if and when we see opportunities to invest, both organically and inorganically. We know this approach won't resonate with everyone, but we believe we have a massive opportunity in front of us, and we intend to capture it.

正如我在S-1創辦人信中所述，一旦發現投資機會，無論是內部成長或外部收購，我們都計劃進行大規模投資。我們知道這種做法並非人人都能接受，但我們相信眼前蘊藏著巨大的機遇，我們決心抓住它。

Figma is where teams come together to turn ideas into the world's best digital products and experiences. What started as a design tool when we launched our closed beta back in 2015 has now grown into something much bigger, a single connected AI-powered platform that serves the entire product development process. We serve a deeply engaged global community of designers and product builders. They're passionate about their craft and they inspire us to think bigger every day, which brings me to Q2.

Figma 是一個團隊協作的平台，旨在將創意轉化為世界一流的數位產品和體驗。它最初只是一個設計工具，於 2015 年推出封閉測試版。如今，它已發展成為一個規模龐大的平台，一個由人工智慧驅動的互聯平台，服務於整個產品開發流程。我們擁有一個高度活躍的全球設計師和產品開發者社群。他們對自己的技巧充滿熱情，並激勵我們每天進行更宏大的思考，這也引出了我的第二個問題。

This May, we brought nearly 10,000 members of our global community together in San Francisco for our annual Config conference. Hundreds of thousands of users also tuned in to watch virtually. And then the next week, we hosted thousands more in person at Config London.

今年五月，我們齊聚舊金山，舉辦了一年一度的 Config 大會，近萬名全球社群成員參與其中。數十萬用戶也透過線上方式觀看了大會。緊接著，一週後，我們又在倫敦舉辦了 Config 大會，數千名用戶親臨現場。

At Config, we launched four new products, doubling our product offering. These products are Figma Make, Figma Draw, Figma Sites, and Figma Buzz. We also launched our Dev Mode MCP server, which speeds up developer workflows by bringing context from Figma Design into any surface that consumes MCP. For example, IDEs like VS Code and Cursor.

在 Config 大會上，我們發表了四款新產品，產品種類翻了一番。這些產品分別是 Figma Make、Figma Draw、Figma Sites 和 Figma Buzz。此外，我們也發布了 Dev Mode MCP 伺服器，它將 Figma Design 中的上下文資訊匯入到任何支援 MCP 的介面（例如 VS Code 和 Cursor 等 IDE），從而加快開發者的工作流程。

In Q2, we also made two exciting acquisitions, a company called Modyfi to support our work around visual expression and Payload, an open source company with a strong developer community that offers a leading headless content management system and application framework.

第二季度，我們還進行了兩項令人興奮的收購，分別是 Modyfi 公司（旨在支援我們在視覺表達方面的工作）和 Payload 公司（一家擁有強大的開發者社群的開源公司，提供領先的無頭內容管理系統和應用程式框架）。

Now I'll go into more detail on each of the four products that we launched at Config. First up, Figma Make. Figma Make is our new prompt-to-code product that allows you to use an existing Figma design or natural language to create a fully functional prototype. You can also build working apps and publish them directly to the web. Teams tell us that the speed of going from an idea to a working app is a game-changer.

現在我將詳細介紹我們在 Config 大會上發布的四款產品。首先是 Figma Make。 Figma Make 是我們全新的提示式編碼產品，它允許您使用現有的 Figma 設計或自然語言來創建功能齊全的原型。您也可以建立可運行的應用程式並直接發佈到 Web 上。團隊告訴我們，從想法到可運行應用程式的轉換速度令人驚嘆。

Figma Make gives anyone the power to visualize an idea in high fidelity and validate a concept with something realistic. And in some cases, their creation can even be the real final product. This is important because so much of what has made product building a challenge is slow cycle times and not having to wait to explore the full option space of your ideas. Now you can do this more quickly and sometimes really quickly, in a matter of minutes with Figma Make.

Figma Make 讓任何人都能以高保真度視覺化創意，並用逼真的模型驗證概念。在某些情況下，他們的作品甚至可以成為最終產品。這一點至關重要，因為產品開發之所以充滿挑戰，很大程度上是因為週期過長，無法充分探索所有可能的方案。現在，借助 Figma Make，您可以更快地完成這些工作，有時甚至只需幾分鐘即可完成。

So let me show you how it works. This is Figma Make. On the bottom left, you'll notice a chat box where you can type in a prompt to generate a full dynamic web app. Now you may have seen other AI vibe coding tools like this and perhaps you're wondering what makes Figma Make different. Figma Make's superpower is the design context it can tap into to create higher-quality outputs even if you're not a designer yourself.

讓我來示範一下它的工作原理。這就是 Figma Make。在左下角，你會看到一個聊天框，你可以在裡面輸入提示訊息，產生一個完整的動態 Web 應用程式。你可能看過其他類似的 AI 程式設計工具，或許你會好奇 Figma Make 的獨特之處。 Figma Make 的強大之處在於它能夠利用設計上下文，即使你本身不是設計師，也能創造出更高品質的輸出。

Let's say I'm a product manager on a team building a fitness app. I have all these amazing designs that my designers have locked up, and they look great, but maybe I want to get a better sense of how the app actually works from the end user's point of view.

假設我是一個產品經理，所在的團隊正在開發一款健身應用程式。我的設計師們已經敲定了許多非常棒的設計稿，它們看起來都很棒，但我可能想從最終用戶的角度更好地了解這款應用程式的實際運作方式。

This is where having a prototype that I can play with can help validate my direction. Rather than asking a designer to wire one up, I can just ask Figma Make. All I have to do is copy this from Figma Design into Figma Make, paste it in. And with that, all the design context and the metadata that is in Figma Design is now in Figma Make.

這時，擁有一個可以實際操作的原型就能幫助我驗證方向。與其讓設計師搭建原型，我可以直接使用 Figma Make。我只需要將 Figma Design 中的設計內容複製到 Figma Make 中，然後貼上進去。這樣一來，Figma Design 中的所有設計上下文和元資料就都轉移到了 Figma Make 中。

So let me add a prompt in the chat box to bring a bit more context. I'll ask Make to make this a fully interactive dashboard that matches this design one-to-one. Allow me to hover over the chart to see data and filter by time range.

為了提供更多背景信息，我會在聊天框中添加一條提示。我會請 Make 將其製作成一個完全互動的儀表板，與此設計完全一致。允許我將滑鼠懸停在圖表上以查看數據並按時間範圍進行篩選。

One thing we've heard from customers is that they want the output they generate to look and feel consistent with their other products. With Figma Make, you can connect your design library and bring in style context like color pallets, and other core styling elements. This is an area we're investing a lot of time in. There is even more improvements to come.

我們從客戶那裡了解到，他們希望產生的輸出內容在外觀和風格上與他們的其他產品保持一致。使用 Figma Make，您可以連接您的設計庫，並匯入樣式上下文，例如調色板和其他核心樣式元素。我們正投入大量時間精力來改善這一領域，未來也將推出更多功能。

All right. So now we're ready. We'll click here and Figma Make, as you can see, is starting to interpret the prompt, the designs we provided and even starting to write the code that will turn them into functional prototypes. You can see it begin to work. This will take a couple of minutes.

好了，現在準備就緒。點擊這裡，正如你所看到的，Figma Make 開始解讀提示訊息和我們提供的設計，甚至開始編寫程式碼，將它們轉化為功能原型。你可以看到它開始運行了。這需要幾分鐘。

So in the interest of time, let's take a look at a finished example. Here, you can see the working prototype that we got from the design and it's a single, simple, natural language prompt. And you can see it's fully interactive as I move my mouse around, my cursor and actually see the hover effects or toggle between these tabs. And if I want to make changes to generate output, I can simply prompt again. I can also easily refine my results by clicking here in order to select part of the prototype.

為了節省時間，我們來看一個完成的範例。這裡展示的是我們根據設計得到的運行原型，它是一個簡潔的自然語言提示框。您可以看到它是完全互動的，當我移動滑鼠遊標時，可以看到懸停效果，也可以在不同的標籤頁之間切換。如果我想修改輸出，只需再次發出提示即可。我還可以點擊此處選擇原型的一部分，輕鬆優化結果。

For example, this new reminder button. And as I do that, I have the ability to change its color to something else should I want to and easily directly manipulate the output. Ola, there we go. With Make, you can also edit, download or export the actual code behind the prototype.

例如，這個新的提醒按鈕。我可以隨時更改它的顏色，並輕鬆地直接操作輸出。好了，就是這樣。使用 Make，您還可以編輯、下載或匯出原型背後的實際程式碼。

Figma Make also allows for multiplayer editing. So I can collaborate with my team in this code view and anyone in the file can also prompt their own changes alongside me. Okay. Now I have a working prototype for my fitness app that I can preview across screen sizes, share directly with my team for feedback, test with users or, if I feel it's ready, publish directly to the web.

Figma Make 也支援多人編輯。因此，我可以在這個程式碼視圖中與我的團隊合作，文件中的任何成員都可以和我一起進行修改。好了。現在我有了健身應用程式的可用原型，我可以預覽它在各種螢幕尺寸下的效果，直接與我的團隊分享以獲取反饋，進行用戶測試，或者，如果我覺得它已經準備就緒，就可以直接發佈到網路上。

This is still early days for Figma Make, and we're working hard to rapidly improve it. The response we've seen from users so far has just been amazing, and we're so energized for what's next. For example, Affirm is using Figma makes to help visualize and validate their ideas faster. Rather than writing detailed PRDs, product managers at Affirm use Make to create prototypes that everyone can interact with. This helps them work through their ideas faster.

Figma Make 目前仍處於早期階段，我們正在努力快速改進。到目前為止，用戶回饋令人驚喜，也讓我們對未來充滿期待。例如，Affirm 公司正在使用 Figma Make 來更快地視覺化和驗證他們的想法。 Affirm 的產品經理不再需要撰寫冗長的產品需求文件 (PRD)，而是使用 Make 創建可供所有人互動的原型。這有助於他們更快地完善想法。

Designers use Make at Affirm as a thought partner when they want to work through multiple concepts such as the user interaction pattern. Affirm's PMs, engineers, and designers also use our Dev Mode MCP server, and they've told us it speeds up their development velocity by, quote, orders of magnitude.

在 Affirm，設計師會將 Make 作為思考夥伴，用來整理使用者互動模式等多個概念。 Affirm 的產品經理、工程師和設計師也使用我們的 Dev Mode MCP 伺服器，他們告訴我們，這讓他們的開發速度提升了幾個數量級。

One designer was able to rebuild major product flows in less than two days. Affirm also recently upgraded to an enterprise account. From building with Make to brand marketing in Figma Buzz to executive reviews with Figma Slides, Affirm uses the Figma platform company-wide.

一位設計師僅花了不到兩天的時間就重建了主要產品流程。 Affirm 最近也升級到了企業版帳號。從使用 Make 建立產品，到使用 Figma Buzz 進行品牌行銷，再到使用 Figma Slides 進行高階主管評審，Affirm 在公司範圍內廣泛使用 Figma 平台。

Switching gears from Make, for some time now, our users have asked us to improve Figma's vector functionality. In this age of AI, where software is created faster than ever, it's an especially important moment for us to give our customers ways to be even more expressive on the Figma platform. We want to help our customers differentiate their product and their brand. They need to stand out from the crowd.

暫時放下Make的話題，一段時間以來，我們的用戶一直要求我們改進Figma的向量功能。在這個人工智慧時代，軟體開發速度前所未有地加快，因此，為客戶提供在Figma平台上更具表現力的表達方式顯得尤為重要。我們希望幫助客戶打造差異化的產品和品牌，讓他們在眾多競爭者中脫穎而出。

So at Config, we launched Figma Draw, a set of tools optimized for visual design and freeform creation in Figma. Draw is part of our full seat and it became generally available in Q2. Let me hop into a quick demo so you can see how it works.

所以在 Config 大會上，我們推出了 Figma Draw，這是一套針對 Figma 中的視覺設計和自由創作而優化的工具。 Draw 是我們完整版套件的一部分，已於第二季正式上線。接下來我將快速示範一下，讓您了解它的工作原理。

To use Figma Draw, all you need to do is go into a Figma Design file and click this toggle. Okay. Now I'm in Figma Draw. Draw offers 20-plus new tools like textures, effects and improved vector editing. But the real power of Figma Draw is the ability to bring more creativity and visual expression to your designs.

要使用 Figma Draw，只需打開一個 Figma 設計文件，然後點擊這個切換按鈕。好了，現在我已經進入 Figma Draw 了。 Draw 提供了 20 多種新工具，例如紋理、特效和改進的向量編輯功能。但 Figma Draw 真正的強大之處在於，它能為您的設計帶來更多創意和視覺表現。

I'm just going to show you a few of the features. You'll have to look at the rest yourself. I'll start with the sun illustration. It's a good start, but we can do more to bring this to life. One way to do it is with our repeaters feature.

我這裡只展示幾個功能，剩下的部分你們自己去探索。先從太陽的圖示開始。這只是個開始，我們還可以做更多工作讓它更生動。其中一個方法就是使用我們的中繼器功能。

If I click here, you can see that as I move my mouse around, I can easily add more rays. And also, if I click the brush feature, then I can give a bit more texture with different brush strokes. I'll choose the noir one right here. What's also great about Figma Draw is you can use your existing design system. In that way, you're able to keep your illustrations on brand and avoid repetitive work.

點擊這裡，您可以看到，移動滑鼠後，我可以輕鬆添加更多光線。此外，點擊畫筆功能，我還可以使用不同的筆觸來增加紋理。這裡我選擇黑色筆觸。 Figma Draw 的另一個優點是，您可以沿用現有的設計系統。這樣，您就可以保持插畫的品牌一致性，避免重複勞動。

For example, I've already defined a color palette here that works across a light mode and a dark mode of my app. So what I can do is I can take my component here, and I can copy and paste it into this new frame. When I do that, you'll notice that the colors update on that hand and basically the ground below the grass from black to white. That way, I don't have to go select those colors again from the start.

例如，我已經在這裡定義了一個適用於應用程式淺色模式和深色模式的調色板。所以我可以把這個元件複製並貼上到這個新框架。這樣做之後，你會注意到那隻手的顏色以及草地下方的地面顏色都從黑色變成了白色。這樣，我就不用重新選擇顏色了。

Our community has made some incredible things with Draw. And it's been amazing just to watch their creativity flourish, and some of them made things that we honestly didn't even think were possible. One example is from a community member, Erica Leong, a visual designer based in Canada. Erica uses Figma Draw in her role at our product and design agency as well as her freelance work. She can work and draw the riff on an illustration and then flip to Figma Design to do product design work, all without leaving the Figma platform.

我們的社群成員用 Figma Draw 創作出了許多令人驚嘆的作品。看著他們的創造力蓬勃發展，真是令人欣喜。說實話，他們創作的作品甚至超越了我們先前的想像。例如，來自加拿大的視覺設計師 Erica Leong 就是一位社群成員。 Erica 在我們產品和設計機構工作，同時也將 Figma Draw 用於她的自由工作。她可以在 Figma Draw 中繪製插畫草圖，然後切換到 Figma Design 進行產品設計，所有操作都不需要離開 Figma 平台。

And Inga Hampton, a brand designer and illustrator is pushing the boundaries of illustration in Figma, as you can see here. If I hover over her design in the different layers, you can see how complex her illustration is. She has layers representing freckles, interesting masking groups. It's quite impressive to see how these files are created. And of course, this is just a peek into what you can create with Figma Draw. Our community is always just so amazing in how they push our tools to the limit, and we're always excited to see where they take Figma next.

正如您在這裡看到的，品牌設計師兼插畫家 Inga Hampton 正在 Figma 中不斷突破插畫的界限。如果我將滑鼠懸停在她不同圖層的設計上，您就能看到她的插畫有多複雜。她使用了代表雀斑的圖層，以及一些有趣的遮罩組。這些文件的創建過程令人印象深刻。當然，這只是 Figma Draw 功能的冰山一角。我們的社群總是能將工具的潛力發揮到極致，我們非常期待看到 Figma 的未來發展方向。

All right. Let's move on to Figma Sites. For years, our community and customers have had a simple request for us. They say, if we design in Figma, why can't I just press the publish button and go directly to the web. Well, now with Figma Sites, users can do that.

好的。接下來我們來談談 Figma Sites。多年來，我們的社群和客戶一直向我們提出一個簡單的請求：既然我們已經在 Figma 中設計好了，為什麼不能直接點擊發布按鈕就發佈到網上呢？現在，有了 Figma Sites，用戶就可以做到這一點了。

They can create beautifully designed dynamic websites with custom code interactions powered by AI. We also offer animations, responsive layouts and more. When it's time to ship, you can just hit that publish button. And just like that, you've got a live working website. You can even connect it to your own custom domain if you want to. We're very excited about what our users will be able to do with not just Figma Sites, but also our CMS offering that we have under development.

他們可以利用人工智慧驅動的自訂程式碼交互，創建設計精美、功能強大的動態網站。我們也提供動畫、響應式佈局等更多功能。發佈時，只需點擊發布按鈕，即可立即擁有一個可運行的網站。您也可以根據需要將其連接到自己的自訂網域。我們非常興奮地看到使用者不僅能使用 Figma Sites，還能使用我們正在開發的 CMS 產品，實現更多精彩功能。

And finally, we announced Figma Buzz at Config. Buzz helps brand and marketing teams build assets at scale using the design teams libraries and brand graphics in Figma. When using Buzz, creatives and marketers can quickly customize everything from social media assets to event materials, you name it, at high volume with consistency.

最後，我們在 Config 大會上發布了 Figma Buzz。 Buzz 能夠幫助品牌和行銷團隊利用 Figma 中的設計團隊庫和品牌圖形，大規模地建立素材。使用 Buzz，創意人員和行銷人員可以快速、一致地自訂從社群媒體素材到活動材料等各種內容，並能大量且有效率地進行創作。

While Sites and Buzz are still in beta, we're thrilled by the responses that we've seen so far from the community. Our users can now go from design to build all the way to shipping a product or brand assets all in Figma. And lastly, we continue to serve the evolving needs of developers who accounted for approximately 30% of our monthly active users during Q2.

雖然 Sites 和 Buzz 功能目前仍處於測試階段，但我們對社群迄今為止的回饋感到非常興奮。現在，我們的用戶可以在 Figma 中完成從設計到構建，直到產品或品牌資產發布的整個流程。最後，我們將繼續滿足開發者不斷變化的需求，他們在第二季度約占我們月活躍用戶的 30%。

In Q2, we launched our Dev Mode MCP server. With Dev Mode MCP, developers can connect the design context and Figma to their AI coding tools. And with that, they can generate the base implementation of their front end at lightning speed. The combination of design context plus code-based context helps produce better code output from LLMs tailored to the users' designs. And it's been so exciting to hear how our customers are using us.

第二季度，我們推出了開發模式 MCP 伺服器。借助開發模式 MCP，開發者可以將設計環境和 Figma 連接到他們的 AI 編碼工具。這樣一來，他們就能以閃電般的速度生成前端的基礎實現。設計環境與程式碼環境的結合，有助於從 LLM 產生更符合使用者設計需求的優質程式碼輸出。我們很高興聽到客戶如何使用我們的產品。

One customer example here is Coinbase, who serves users in more than 100 countries. Coinbase has been a Figma customer since 2018, and they've grown from just a few users, I remember when I went there and demoed in the first place, to hundreds of designers, developers, product managers, marketers and more, building multiple products from start to finish, all in Figma.

Coinbase 就是一個客戶案例，該公司服務於 100 多個國家的用戶。 Coinbase 自 2018 年以來一直是 Figma 的客戶，他們的用戶數量從最初的幾個（我記得我第一次去那裡做演示時只有幾個用戶）增長到數百名設計師、開發人員、產品經理、營銷人員等等，他們使用 Figma 從頭到尾構建多個產品。

And Coinbase ships fast. AI coding tools have helped and by implementing Figma's Dev Mode MCP server, Coinbase can make sure that LLM-generated code is design and formed. This means they can move quickly, but without sacrificing their brand or system integrity. Coinbase has seen encouraging early results with improved developer velocity, greater parity between design and development and a consistent user experience across our platform of products.

Coinbase 的交付速度非常快。人工智慧編碼工具功不可沒，透過部署 Figma 的 Dev Mode MCP 伺服器，Coinbase 可以確保 LLM 產生的程式碼經過精心設計和建置。這意味著他們可以快速迭代，同時又不犧牲品牌或系統完整性。 Coinbase 已經看到了令人鼓舞的早期成果，包括開發速度的提升、設計與開發更加協調一致，以及在其產品平台上實現一致的用戶體驗。

From the start, we've taken so much inspiration from Figma users and customers around the world. And of course, we're super focused on how we can keep meeting their needs. In Q2, we continue to make our product more accessible to customers outside the United States. In April, we localized our product and support for Korean language users. And then shortly afterwards in May, we made our product and support available in Brazilian Portuguese.

從一開始，我們就從世界各地的 Figma 用戶和客戶那裡汲取了大量靈感。當然，我們也始終致力於滿足他們的需求。第二季度，我們繼續努力，讓美國以外的客戶也能更方便使用我們的產品。 4 月，我們完成了產品和支援的在地化，使其支援韓語用戶。隨後在 5 月，我們又推出了巴西葡萄牙語版本。

We've seen this resonate with customers, including Itaú Unibanco and Nubank in the LatAm region. Itaú is Latin America's largest private bank. With Figma's AI-powered platform, they've accelerated their product development process and the way teams work together across the company. Itaú uses Figma to go from ideation to prototyping all the way to code and delivery, elevating the quality of their experiences that they deliver to customers.

我們發現，包括拉丁美洲地區的伊塔烏聯合銀行 (Itaú Unibanco) 和紐班克 (Nubank) 在內的眾多客戶都對此深有體會。伊塔烏是拉丁美洲最大的私人銀行。透過 Figma 的人工智慧平台，他們加快了產品開發流程，並提升了公司內部團隊的協作效率。伊塔烏利用 Figma 完成了從構思、原型設計到程式碼編寫和交付的整個流程，從而顯著提升了他們為客戶提供的體驗品質。

Nubank is a fintech company that uses Figma Enterprise and serves more than 118 million customers. Figma's platform is where everyone works together in one space, including hundreds of designers, researchers, engineers, and PMs. Figma has helped Nubank scale their buys with consistency and speed as they've grown across North and South America.

Nubank 是一家金融科技公司，使用 Figma Enterprise 為超過 1.18 億客戶提供服務。 Figma 平台讓所有人員在一個空間內協同工作，其中包括數百名設計師、研究人員、工程師和產品經理。隨著 Nubank 在北美和南美的業務成長，Figma 協助其以穩定且快速的方式擴展採購規模。

As I look ahead, I'm just so excited about the opportunity in front of us. The role of design and craft and the importance of building great user experiences has never been more critical. And this is especially true in a world where AI makes it easier than ever to build software. In this world, design is more essential and it's more powerful. Design is how companies win or lose. It is the critical differentiator.

展望未來，我對眼前的機會感到無比興奮。設計和工藝的作用，以及打造卓越使用者體驗的重要性，從未像現在這樣至關重要。在人工智慧讓軟體開發變得前所未有的便捷的今天，這一點尤其突出。在這樣的世界裡，設計更重要，也更強大。設計決定企業的成敗，是致勝的關鍵。

I want to thank our customers for their trust, our community for their energy and ideas and the entire Figma team for their hard work and incredible execution. We have so much more to build together, and I'm so looking forward to the future.

我要感謝客戶的信任，感謝社區的活力和創意，感謝整個 Figma 團隊的辛勤付出和卓越執行。我們還有很多東西需要共同創造，我對未來充滿期待。

With that, I'll hand it over to our CFO, Praveer.

接下來，我將把這個任務交給我們的財務長普拉維爾。

Thank you, Dylan. As Dylan mentioned, we are excited to share the results of another strong quarter. First, I want to reiterate our growth philosophy. We are focused on growing responsibly, which you can see in our multiyear track record of durable growth and non-GAAP operating margin profitability. We have been disciplined stewards of capital, and we'll continue to invest in the growth opportunities while managing our margins.

謝謝迪倫。正如迪倫所說，我們很高興與大家分享另一個強勁的季度業績。首先，我想重申我們的成長理念。我們專注於穩健成長，這可以從我們多年來持續成長和非GAAP營業利潤率的良好記錄中看出。我們一直秉持著嚴謹的資本管理原則，並將繼續在維持利潤率的同時，投資於成長機會。

As Dylan said, we believe the opportunity ahead of us is large. We plan to deepen our investment in the near term to take advantage of this opportunity. We held our annual user conference, Config, during Q2 and it remains a key investment in our community, customer relationships, and product momentum.

正如迪倫所說，我們相信前方的機會龐大。我們計劃在近期加大投入，以把握這項機會。我們在第二季舉辦了年度用戶大會 Config，這仍然是我們維護社群、客戶關係和產品發展勢頭的關鍵投資。

When we introduce new products and features at Config, we often roll them out gradually to gather feedback and learn from early usage before we expand to broader availability. This brings me to our Q2 results.

在 Config 大會上，我們推出新產品和功能時，通常會採取分階段的方式，以便收集回饋並從早期使用中吸取經驗，然後再擴大適用範圍。這引出了我們第二季的業績。

As we laid out in our S-1, our rapid pace of innovation has been a consistent component of our growth algorithm, helping us win new customers and expand adoption within our existing customers as we meet their evolving needs. We rolled out updates to our pricing and packaging in March of this year. So Q2 is the first full quarter with the new pricing and packaging in place. Customers on annual plans will remain on our legacy plan until their first renewal. The customers who are on our monthly plan have all migrated to our new model.

正如我們在S-1文件中所述，快速創新一直是公司成長策略的重要組成部分，幫助我們贏得新客戶，並隨著現有客戶需求的不斷變化，擴大其對產品的接受度。我們在今年3月推出了定價和套餐更新。因此，第二季度是新定價和套餐實施後的第一個完整季度。年度套餐客戶將繼續使用原有套餐，直到首次續約。所有月度套餐客戶均已移轉至新模式。

We ended Q2 with $250 million in revenue, which is our best quarter yet. This represents 41% year-over-year revenue growth, fueled by an increase in new paid customers, renewals on our new pricing and packaging model and growth within our existing customers.

第二季末，我們實現了 2.5 億美元的營收，創下迄今為止的最佳季度業績。這相當於年增 41%，主要得益於新增付費客戶數量的成長、新定價和套餐模式的續約以及現有客戶的成長。

As we've expanded Figma's capabilities to serve more parts of the product development journey, we've seen the benefits of working on a unified platform resonate with more and more customers. During Q2, more than 80% of our customers use two or more products and two-thirds of our customers use three or more products. One example is Alaska Airlines.

隨著 Figma 功能的不斷擴展，我們能夠服務於產品開發流程的更多環節，也越來越感受到在統一平台上工作的優勢，並且得到了越來越多客戶的認可。第二季度，超過 80% 的客戶使用兩種或兩種以上的產品，三分之二的客戶使用三種或三種以上的產品。阿拉斯加航空公司就是一個例子。

When Alaska Airlines and Hawaiian Airlines merged late last year, their design teams needed a way to work together while keeping each brand distinct. Both airlines were already using Figma. So when Alaska renewed their enterprise plan in Q2, they were able to bring their teams together seamlessly. Both brands now share design systems in a single secure account with built-in support for brand-specific libraries. With Variables, Dev Mode, and Figma Make, the teams innovate faster and keep experiences consistent across every touch point, making it easier for millions of passengers to travel.

去年底阿拉斯加航空和夏威夷航空合併後，兩家航空公司的設計團隊需要一種既能協同工作又能保持各自品牌特色的方法。兩家航空公司先前都已在使用 Figma。因此，當阿拉斯加航空在第二季續訂企業版套餐時，他們得以將團隊無縫整合在一起。現在，兩個品牌在一個安全帳戶中共享設計系統，該帳戶內建了對品牌專屬庫的支援。透過變數、開發模式和 Figma Make 等功能，團隊能夠更快地進行創新，並確保所有接點的使用者體驗保持一致，讓數百萬乘客的出行更加便利。

Our net dollar retention rate, which accounts for expansion, contraction and churn across paid customers who spend over $10,000 in ARR was 129% in Q2. Our net dollar retention rate was primarily driven by seat expansion within existing customers, along with renewals on our new pricing and packaging model. As of Q2, we now have over 11,900 paid customers spending over $10,000 in ARR and more than 1,100 paid customers spending over $100,000 in ARR, which grew 42% year over year.

第二季度，我們的淨美元留存率（已計入年度經常性收入超過 1 萬美元的付費客戶的增減和流失）為 129%。淨美元留存率的提升主要得益於現有客戶的席次增購以及新定價和套餐模式的續訂。截至第二季末，我們擁有超過 11,900 位年度經常性收入超過 1 萬美元的付費客戶，以及超過 1,100 位年度經常性收入超過 10 萬美元的付費客戶，年增 42%。

Now to discuss some key income statement results. Unless otherwise noted, all metrics are non-GAAP. We've provided a reconciliation of GAAP to non-GAAP financials in our earnings release, which is posted to our website.

現在讓我們來討論一些關鍵的損益表結果。除非另有說明，所有指標均為非GAAP指標。我們在盈利報告中提供了GAAP與非GAAP財務數據的調節表，該報告已發佈在我們的網站上。

Our gross margin this quarter was 90%. We anticipate that we will see further gross margin compression in the near term as we roll out our AI products, including Figma Make, and recognize increases in inference spend. This is the largest driver of the quarter-over-quarter change in our gross margin. We view this as an investment in our products, our product differentiation, and meeting the evolving needs of our customers.

本季我們的毛利率為 90%。我們預計，隨著包括 Figma Make 在內的 AI 產品陸續推出，以及推理支出增加，短期內毛利率將進一步下降。這是導致本季毛利率較上季變化的主要驅動因素。我們認為這是對產品、產品差異化以及滿足客戶不斷變化的需求的投資。

Our operating margin for Q2 was 5%. We see elevated sales and marketing spend in the quarter when Config takes place. If you look at our historical financials, you will see similar seasonality in Q2 2023 and Q2 2024. We decreased our sales and marketing costs as a percent of revenue year over year from 46% in Q2 2024 to 39% in Q2 2025. We also experienced a year-over-year increase in G&A costs as we invested in our public company readiness efforts.

我們第二季的營業利益率為5%。在Config發表會期間，我們預期銷售和行銷支出會較高。如果您查看我們歷史的財務數據，您會發現2023年第二季和2024年第二季也存在類似的季節性波動。我們銷售和行銷成本佔營收的比例從2024年第二季的46%年減至2025年第二季的39%。此外，由於我們加大了上市準備工作的投入，一般及行政費用也較去年同期增加。

Our adjusted free cash flow margin in Q2 was 24%. We saw year-over-year improvements in our adjusted free cash flow margin primarily due to strong collections growth, and we ended the quarter with $1.6 billion of cash, cash equivalents and marketable securities on our balance sheet. Within the $1.6 billion, we also held approximately $91 million in our Bitcoin exchange traded fund.

第二季調整後自由現金流利潤率為24%。調整後自由現金流利潤率年增主要得益於強勁的收款成長，季末資產負債表上的現金、現金等價物及有價證券總額為16億美元。在這16億美元中，我們還持有約9,100萬美元的比特幣交易所交易基金（ETF）。

I also want to provide additional detail on our lock-up releases. First, as described in our S-1, current non-executive Figma employees may have the ability to sell up to 25% of their vested holdings after this earnings announcement, depending on the stock price.

我還想就我們的禁售期解除提供更多細節。首先，正如我們在S-1文件中所述，Figma目前的非執行董事員工在本次財報發布後，根據股價情況，最多可以出售其已歸屬股份的25%。

Second, our early VC stockholders represent a large collective ownership position in the business, and we want to provide some new information around when their shares will be released from lock-up restrictions. Five of our largest VC stockholders have signed a new extended lock-up agreement with us. Their extended lock-up will expire approximately one year after the IPO with 17.5% of their shares being released after the Q3 2025 earnings, 20% after Q4 2025 earnings, 27.5% after Q1 2026 earnings and 35% after Q2 2026 earnings.

其次，我們早期的創投股東持有公司大量股份，我們希望就其股份何時解除鎖定限制提供一些新的資訊。我們五家最大的創投股東已與我們簽署了一份新的延期鎖定協議。他們的延期鎖定期將在IPO後約一年到期，其中17.5%的股份將在2025年第三季度財報發布後解除鎖定，20%將在2025年第四季度財報發布後解除鎖定，27.5%將在2026年第一季度財報發布後解除鎖定，35%將在2026年第二季度財報發布後解除鎖定。

When these shares are released, they may be held, transferred, distributed or sold at the discretion of the extended lock-up holders. Additionally, Dylan has entered into a Rule 10b5-1 trading plan with a start date in November that will sell up to a maximum of 3.3% of Dylan's holdings, including all outstanding RSUs. For clarity, that does not include any shares that may be sold to cover tax withholding obligations in connection with the potential future settlement of RSUs. More details can be found in our 8-K and 10-Q that will be filed today.

當這些股份解禁後，延期鎖定期持有人可自行決定持有、轉讓、分配或出售這些股份。此外，Dylan 已簽署一項 10b5-1 交易計劃，該計劃將於 11 月生效，屆時將出售 Dylan 最多 3.3% 的持股，包括所有未行使的限制性股票單位 (RSU)。需要說明的是，這不包括任何可能用於支付與未來 RSU 結算相關的預扣稅款的股份。更多詳情請參閱我們今天將提交的 8-K 和 10-Q 表格。

Now let's close it out. As you may have seen in our earnings release, we intend to provide revenue guidance for both our current quarter and our annual outlook going forward. Today, our revenue base consists of seat-based subscriptions with the majority of our pro tier on monthly subscriptions and our org and enterprise tiers on annual subscriptions.

現在我們來總結一下。正如您在我們發布的財報中所看到的，我們計劃提供當前季度和未來一年的收入預期。目前，我們的收入主要來自按席位付費的訂閱模式，其中專業版用戶主要採用月度訂閱模式，而組織版和企業版用戶則採用年度訂閱模式。

We intend to complement the existing seat-based model with a consumption model meeting the needs of our evolving product platform. We also plan to provide annual guidance for operating income in the foreseeable future as we expect to have timely opportunities to reinvest throughout the year, meeting the needs of a rapidly evolving market.

我們計劃在現有座位計費模式的基礎上，新增一種消費模式，以滿足我們不斷發展的產品平台的需求。此外，我們預計在可預見的未來，將有充足的時間進行再投資，以滿足快速變化的市場需求，因此我們計劃提供年度營業收入指引。

Okay. Let's turn to guidance for the third-quarter and full fiscal year. For the third quarter ending September 30, we expect revenue to be between $263 million and $265 million. As we previously discussed, our model is changing rapidly given the rollout of several new products in the quarter. While we have a proven track record of monetizing products and use cases on our platform, we are still early in understanding long-term adoption of our newer products.

好的。接下來我們來看看第三季和全年的業績預期。截至9月30日的第三季度，我們預計營收將在2.63億美元至2.65億美元之間。正如我們之前討論過的，鑑於本季將推出多款新產品，我們的商業模式正在快速變化。雖然我們在平台產品和應用案例的盈利方面擁有良好的業績記錄，但我們對新產品的長期市場接受度仍處於早期階段。

We will continue to learn more as we expand usage in Q3 and refine our pricing and packaging strategy. For the year, we anticipate that our revenue will be between $1.021 billion and $1.025 billion, implying 37% year-over-year growth at the midpoint.

我們將繼續深入了解第三季產品應用情況，並不斷完善定價和包裝策略。我們預計全年營收將在10.21億美元至10.25億美元之間，以中間值計算，年增37%。

Turning to operating income. We expect our full-year operating income to be between $88 million and $98 million. We continue to explore ways that we can invest in our products and go-to-market support. We are willing to deepen this investment where we see strong returns. We are proud of the results that we have achieved, and we are even more excited about what is ahead for our customers, our community, our Figmates, and our shareholders.

接下來談談營業收入。我們預計全年營業收入將在8,800萬美元至9,800萬美元之間。我們將繼續探索投資產品和市場推廣支援的方式。我們願意在能夠帶來豐厚回報的領域中加大投資。我們為已取得的成績感到自豪，更對未來能夠惠及我們的客戶、社區、Figmates員工以及股東的前景充滿期待。

With that, we'll pass it back to the operator to open it up for questions.

這樣，我們就把問題轉回給操作員，讓他回答問題。

(Operator Instructions)

（操作說明）

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Great. Dylan, as you walked through earlier, Figma showed an accelerated pace of innovation and doubled the size of the product portfolio earlier this year. While understanding it's still early, just given the change in the scale of the portfolio and the areas that you're addressing, is there any context you could provide on how we should think about the ramp of new products or the monetization of new seat types maybe relative to prior product rollouts for Dev Mode or FigJam?

太好了。 Dylan，正如你之前提到的，Figma 的創新步伐明顯加快，並在今年稍早將產品組合規模擴大了一倍。雖然我知道現在還處於早期階段，但考慮到產品組合規模的變化以及你們正在關注的領域，你能否就新產品的推廣或新用戶類型的盈利模式，以及與之前 Dev Mode 或 FigJam 產品發布相關的經驗，提供一些參考？

Thank you for the question and for being here. Yes. So for new products, I would say that, obviously, we're still early in the life cycle. These products are still quite young, and there's a lot of maturing to do. That said, we've been very excited by the initial engagement that we're seeing.

感謝您的提問與蒞臨。是的。就新產品而言，顯然我們仍處於產品生命週期的早期階段。這些產品還很年輕，還有很長的路要走。即便如此，我們對目前看到的初步反應感到非常振奮。

For Figma Draw, we are covering a lot more of the use case than even I believed might be possible when we launched it. I mean we launched with 20-plus new features, which is very exciting. But the amount of expression that our users are able to do has been definitely extraordinary in my eyes. And we've been glad to see the usage as well.

對於 Figma Draw 來說，我們涵蓋的使用場景遠遠超出我當初發佈時的預期。我的意思是，我們發布了 20 多項新功能，這非常令人興奮。但使用者能夠實現的表達能力之強，在我看來絕對是非凡的。我們也很高興看到用戶如此積極地使用它。

For Figma Sites, we're seeing lots of use among freelancers and individuals who are creating websites directly in Figma, and they've always been wanting that publish button, so they can go directly to a live published site. And also, we're seeing usage amongst some enterprise customers as well.

對於 Figma Sites，我們發現許多自由工作者和個人用戶都在使用它，他們直接在 Figma 中創建網站，並且一直想要一個發布按鈕，以便可以直接訪問已發布的網站。此外，我們也看到一些企業客戶也在使用它。

And then for Figma Buzz, I would say that we're seeing demand across teams and also a lot of energy around this product. And this is one where we're getting extremely interesting feedback that is pulling us into thinking through new directions on the Buzz road map, and it's going to be very exciting to see how that plays out.

至於 Figma Buzz，我們看到各個團隊都有需求，而且大家對這款產品也充滿熱情。我們收到了很多非常有趣的回饋，這些回饋促使我們思考 Buzz 產品路線圖的新方向，我很期待看到最終結果。

And finally, on Make, this is one where it's a big priority for us. And we're really excited about everything we can do here. We think there's an opportunity to differentiate that product in a way that's very Figma-specific, make it more interoperable with the rest of our platform and really give it a Figma spin that others have not seen with similar tools on the market.

最後，關於 Make，這是我們工作的重中之重。我們對在這裡能做的一切感到非常興奮。我們認為有機會以一種非常符合 Figma 特性的方式來打造這款產品，使其與我們平台的其他部分更好地兼容，並賦予它一種 Figma 式的獨特風格，這是市面上其他類似工具所不具備的。

And I'll pass it to Praveer to speak more.

接下來我會把麥克風交給普拉維爾，讓他繼續說話。

Yeah. Yeah. I appreciate the question and excited to be here. I think our approach to guidance here is we want to reflect what we know about the business with a high degree of confidence today. And as we've explained previously, our goal is to be as transparent as possible on what is being included there.

是的，是的。感謝您的提問，也很高興來到這裡。我認為我們發布績效指引的原則是，我們希望反映出我們目前對業務的高度了解和信心。正如我們之前解釋過的，我們的目標是盡可能透明地說明指引中包含的內容。

And so as Dylan was sharing, we -- I mean, we doubled the product portfolio, rolled a number of these newer products out into beta post Config and GA-ed Make just recently in July. And so from an understanding perspective, we're still early in that monetization journey and our understanding of how these products will perform.

正如Dylan所說，我們——我的意思是，我們的產品組合翻了一番，在Config發布後，我們推出了一些新產品的beta版，並在7月份正式發布了Make。因此，從理解的角度來看，我們仍處於獲利模式的早期階段，對這些產品的實際表現也知之甚少。

But from an investment perspective, we're not going to shy away from making deeper investments here in the near term in the form of broader sales and marketing pushes, investments in inference. We feel that there's a path here to strong returns over the medium to long term and get excited about the potential there.

但從投資角度來看，我們近期不會迴避加強投資力度，例如擴大銷售和市場推廣範圍，以及進行相關投資。我們認為，從中長期來看，這裡蘊藏著獲得豐厚回報的潛力，並對此感到興奮。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Congratulations to the team on the IPO. Dylan and Praveer, I wanted to stay on Figma Make for a moment. Maybe for Praveer, could you quantify or give us a little bit of directional color? Are you already seeing an uptick in the full seat? Did you see a change in trend because of Figma Make?

祝賀團隊成功上市。 Dylan 和 Praveer，我想再跟你們聊聊 Figma Make。 Praveer，你們能否量化一下或給我們一些方向性的信息？你們是否已經看到滿員率上升？ Figma Make 是否改變了整體趨勢？

And for Dylan, tell us a little bit about the competitive environment. You started alluding to it there at the end with being able to integrate into the broader suite of Figma to be able to differentiate yourself. To what extent is this still a greenfield opportunity? Are you having to convince customers that have already played around with other prototyping tools to move over? Maybe just a little bit of feedback from the field.

迪倫，請你談談競爭環境。你剛才提到，要將產品整合到 Figma 的整個套件中，才能實現差異化。這在多大程度上仍然是一個全新的領域？你是否需要說服那些已經嘗試過其他原型設計工具的客戶轉而使用你的產品？能否分享一些來自實際用戶的回饋？

Yes. So I'm happy to start on the Make monetization side. And then if there's additional pieces that Dylan wants to speak to on the competition side, we can go there. So you're right in that we very quickly rolled out from beta to GA, and we're behind the scenes working to build out the billing infrastructure to support future monetization of the product.

是的。我很樂意先從Make的獲利模式談起。如果Dylan還想談談競爭對手方面的問題，我們也可以繼續。你說得對，我們確實很快就從測試版過渡到了正式版，而且我們正在幕後努力建立計費基礎設施，以支持產品未來的獲利模式。

And today, what we've seen is we've broadened from providing usage on our full seat type now to being able to provide usage across all different personas and all different seat types, including our starter plan as we've gotten closer and closer to the GA moment there. And so while we've a lot of different credits based on tier, so as a full user on our enterprise tier, you have a higher credit limit than the full user on our organizations tier. We're not strictly enforcing those limits today for full seats, but are enforcing those limits on other seat types.

今天，我們看到，我們已經從最初僅提供完整席位類型的使用權，擴展到能夠為所有不同角色和所有席位類型（包括我們的入門計劃）提供使用權，因為我們距離正式發布越來越近了。因此，雖然我們根據等級設定了不同的額度，例如，企業級完整用戶的額度高於組織級完整用戶的額度，但我們目前並未嚴格執行完整席位的額度限制，但會執行其他席位類型的額度限制。

We plan on letting customers know that they have the opportunity to purchase additional AI credits in the future. And we plan to be intentional about how we transition folks to feel like they understand the model and can map the value that they're seeing with the value that's being received in the future.

我們計劃讓客戶知道他們未來有機會購買額外的AI積分。同時，我們也計劃有意識地引導使用者理解這個模式，並讓他們明白目前所看到的價值與未來將獲得的價值之間的連結。

Yeah, I can take competition. There are a ton of other tools that are sort of in this vibe coding, vibe designing, vibe whatever you want to call it, area. And what makes Figma Make unique is the ability to take the design context from Figma into Make. And we believe that there's a lot more that we'll be able to do there in the future to make it so that you're able to create amazing results.

是的，我能接受競爭。市面上有許多類似的工具，它們都支援類似的程式設計、設計，或隨便你怎麼稱呼它們。 Figma Make 的獨特之處在於它能夠將 Figma 中的設計上下文匯入到 Make 中。我們相信，未來我們還能在這方面做更多的事情，讓使用者創造出令人驚豔的作品。

And also, we believe that the interoperability with the rest of Figma will set Make apart in a pretty significant way. So lots we're exploring there. And I think that in terms of customer feedback, we are excited to see just all the interest in Make overall, but also the engagement we're getting with customers and the time they're spending with us on this product. And I would say that the position we're in from a platform standpoint, I feel is to our advantage here.

此外，我們相信與 Figma 其他組件的互通性將使 Make 脫穎而出。因此，我們正在這方面進行深入探索。就客戶回饋而言，我們很高興看到大家對 Make 的整體興趣，以及客戶與我們之間的互動和他們在這個產品上花費的時間。我認為，從平台角度來看，我們所處的地位對我們非常有利。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Bear with me. I'm losing my voice. So hopefully, you can understand me. Dylan, maybe sticking on Make, I think one of the benefits of it or potential benefits of it is that it will attract different personas to create. And I'm curious what you're seeing in terms of which types of users are actually using Figma Make and is it expanding kind of your exposure to different personas across marketing, across product management and obviously, the core design persona as well?

請稍等，我的嗓子有點啞了，希望您能聽懂。迪倫，或許可以繼續使用 Figma Make，我認為它的優點之一（或潛在優勢）在於它能吸引不同類型的使用者來創作。我很好奇您觀察到哪些類型的使用者正在使用 Figma Make，以及它是否拓展了您在行銷、產品管理以及核心設計領域所接觸到的不同使用者群體？

Thank you for your question, and I hope you feel better soon. Thanks for making the time to call in. So for Figma Make and personas, I'd say that designers are obviously at our core for Figma. That said, we've seen a range of users get value out of Make. And we see it serving not just designers, but also developers, PMs, marketers, really the entire organization can get benefit here.

感謝您的提問，希望您早日康復。感謝您抽空來電。關於 Figma Make 和使用者畫像，我認為設計師顯然是 Figma 的核心使用者群體。話雖如此，我們也看到許多其他用戶都能從 Make 中受益。它不僅服務於設計師，也服務於開發人員、專案經理、行銷人員，實際上，整個組織都能從中獲益。

And if we zoom out and kind of think about the core thesis that we talked about at the start of the call, our perspective has been, for a long time now, a decade or so that design is a differentiator. And I think that in the age of AI, when software is easier to build than ever, that's even more so the case. And with that, you need to be able to lower the floor but also raise the ceiling, make it so that you're able to bring more people into the design process but also the raising the ceiling part is making it so that you can actually allow professionals to do even more with AI.

如果我們跳出固有思維，回顧我們在通話開始時討論的核心論點，就會發現，在過去十年左右的時間裡，我們一直認為設計是製勝的關鍵。我認為，在人工智慧時代，軟體開發比以往任何時候都更加便捷，這一點就更加突出了。因此，我們需要降低門檻，同時也要提高上限，既要讓更多人參與設計過程中來，又要讓專業人士更能利用人工智慧。

And the interesting thing about Make is that it sort of does both. It invites more people in to express their ideas and to share different perspectives on where you can take a product. But it also allows designers and professionals to go more high fidelity. And as we think about the AI functionality across our entire platform, I'm very excited about how we can continue to lower the floor and raise the ceiling. I think this is just the start.

Make 的有趣之處在於它兼具這兩方面功能。它鼓勵更多人參與，表達想法，分享產品發展方向的不同見解。同時，它也讓設計師和專業人士能夠進行更高保真度的設計。當我們思考如何將人工智慧功能融入整個平台時，我非常興奮，因為我們可以不斷降低門檻，提升上限。我認為這只是個開始。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Wonderful. One common question that we got during the IPO process and post launching is maybe fast forwarding a little bit on the AI front. Obviously, Figma Make, great to see some of the early traction there. But if, in fact, AI ends up being a major paradigm shift and the nature of what we call, quote, software shift from pre-packaged SaaS application to agents and multi-agentic systems. Can you maybe walk us through why you expect that Figma is still going to be not just relevant, but market-leading in that new paradigm in that new post-AI software world?

太好了。我們在IPO流程以及上市後常被問到的一個問題是，Figma在人工智慧領域能否快速發展。當然，Figma Make已經取得了一些早期進展，這令人欣喜。但如果人工智慧最終真的會帶來重大的範式轉變，軟體的本質也將從預先包裝的SaaS應用轉向智能體和多智能體系統，您能否解釋一下，為什麼您認為Figma在新範式下，在這個後人工智能時代的軟體世界中，不僅依然具有相關性，而且依然能夠保持市場領先地位？

Yeah. Thank you for the question and always down to talk about agents. It's a fun topic. I think that first of all, I'd say that the narrative around agents is not necessarily where I expect that will go with the world, but we'll see over time.

是的。謝謝你的提問，我一直都很樂意聊經紀人這個話題。這確實是個很有意思的話題。首先，我認為目前關於經紀人的討論方向可能不符合我對未來世界發展的預期，但我們拭目以待。

I think that right now, agents are being seen as this kind of black box that will take care of everything for you. And where I think it will end up is, instead, you'll need to have way more surfaces that actually you expose through an agent in order to audit the work it's doing, but also you need to integrate agents into your software.

我認為目前人們把代理商看作是一個黑盒子，認為它能包辦一切。但我認為最終的發展方向是，你需要透過代理暴露更多介面來審核它的工作，同時還需要將代理整合到你的軟體中。

And I think that with agents and the surfaces that you have to design for them, they'll have different constraints than the software that you're designing otherwise. And this is just one example of sort of how much multiplication of screens and different targets that you need to design for. And I think that the role and the job of the designer will increase in complexity because of that multiplication of surface area.

我認為，對於智能體以及你需要為其設計的介面而言，它們會受到與你通常設計的軟體不同的約束。這只是一個例子，說明你需要設計的螢幕和目標數量會倍增。我認為，由於界面面積的倍增，設計師的角色和工作也會變得更加複雜。

We're also going to see a lot more on different screen sizes, different modalities like VR and AR as well as, I suspect, different ways of interacting with screens in general. And I'm quite excited for that. I think our job for Figma is to make sure that whatever you're designing, we're able to support you. And so that's what we're focused on.

我們也會看到更多不同尺寸的螢幕、不同模式（例如 VR 和 AR），以及我預想中各種不同的螢幕互動方式。對此我感到非常興奮。我認為 Figma 的職責就是確保無論你設計什麼，我們都能為你提供支援。這就是我們目前的工作重點。

Michael Turrin, Wells Fargo.

邁克爾圖林，富國銀行。

Congrats to the team on making it this milestone. Dylan, you mentioned willing to take big swings just as part of the presentation. It's clearly been an amazing journey for Figma thus far. Maybe you and Praveer can speak to how you're thinking about use of cash given just the $1.6 billion you have on the balance sheet currently alongside any framework you're using to evaluate what would drive you to take one of those bigger swings going forward?

祝賀團隊取得這項里程碑式的成就。迪倫，你在演講中提到願意嘗試大手筆投資。顯然，Figma 迄今的發展歷程令人矚目。鑑於目前資產負債表上僅有 16 億美元的現金，你和普拉維爾能否談談你們是如何考慮使用這筆資金的？你們又是如何評估哪些因素會促使你們在未來進行更大規模的投資的？

Thanks, Michael. I appreciate the question. I think you're right, we sit on $1.6 billion in cash. It gives us some flexibility here to invest in some of these new areas that we've been exploring both as we deepen our investments in AI with products like Figma Make in particular, and spend on the inference side as we evolve our sales and marketing presences and strategies there as we seek to take now a full suite and platform that out to market. And so we've got no shortage of ideas on how we can continue to refine our investment thesis internally, and we expect to pull those levers as we see fit.

謝謝，麥可。我很感謝你的提問。你說得對，我們手上有16億美元的現金。這讓我們在投資一些我們一直在探索的新領域時擁有更大的靈活性，例如，我們既可以加大對人工智慧的投資，特別是像Figma Make這樣的產品，也可以加大對推理方面的投入，同時不斷完善我們在推理領域的銷售和市場營銷策略，力求將一套完整的解決方案和平台推向市場。因此，我們有許多想法可以繼續改善我們的內部投資策略，我們會根據實際情況靈活運用這些策略。

I think the reason why we've settled on an annual guidance framework for operating margin is because we do believe we're going to find these opportunities throughout the year and want to have -- and want to be really clear that we intend to find those opportunities and really count on them at the right moment. And so expect to hear more from us on that in the future. And right now, we feel like we're well capitalized to be able to tackle the ideas that we've got on the table.

我認為我們之所以製定年度營業利潤率預期框架，是因為我們相信全年都會有這樣的機會，而且我們希望——也想明確表明——我們打算抓住這些機會，並在合適的時機充分利用它們。因此，未來大家可以期待我們在這方面發布更多消息。目前，我們覺得資金充足，能夠落實我們提出的各項計畫。

Yeah. And I can add on the framework part. First of all, just re-emphasize what Praveer said, which is that we're always scanning and looking at the landscape around us, both in ways that map to the current priorities of Figma as well as future directions we could go. And sometimes M&A for us is small scale. But we also, as I indicated in my founder letter, we're very willing to take big bets if we truly believe in them.

是的。關於框架部分，我還可以補充一點。首先，我想再次強調Praveer的觀點，那就是我們始終在關注周圍的環境，既關注與Figma當前優先事項相符的方向，也關注我們未來的發展方向。有時，我們的併購規模較小。但正如我在創始人信中提到的，如果我們真正相信某個項目，我們也願意進行大手筆的投資。

And so it will be that framework for us to do that if we wanted to do M&A at scale. I think it would have to hit three criteria. The first is, of course, it has to be an amazing team and amazing asset in a way that we think it's a good setup for us to bring in. The second characteristic I'd be looking at is they would need to be culturally consistent and hopefully actually additive to the culture, bringing new cultural traits that we want to get even stronger on.

因此，如果我們想大規模進行併購，這將會是一個可行的框架。我認為它必須滿足三個標準。首先，當然，它必須是一個優秀的團隊和資產，我們認為這樣的組合非常適合我們收購。其次，我會關注的是，他們必須在文化上與我們保持一致，並且最好能夠為我們的文化增添新的元素，帶來我們希望進一步加強的文化特質。

The third is, I think that going forward, we would have to believe for M&A at scale that whatever we are bringing on maps to a company priority. That's one of our first or maybe second priorities, but not like a third. So if it's in the top two going forward, great. If not, it's probably not for us.

第三點，我認為，展望未來，要進行大規模併購，我們必須相信，我們所收購的任何東西都與公司的優先事項相符。這應該是我們首要或次要的優先事項，但絕對不能排在第三。所以，如果它能排在前兩名，那就太好了。如果不是，那可能就不適合我們。

I wouldn't limit our scanning and what we're looking at to things that are our current priorities. But in order to actually go forward, I would make sure that it maps to something that is a top priority. Of course, it's just the minimum, but that's the three points that I would want to meet at least. And again, we have a very high bar for anything in scale.

我不會將我們的掃描範圍和關注點局限於當前的優先事項。但為了真正推進工作，我會確保它與首要任務相符。當然，這只是最低要求，但這至少是我希望達到的三點。再次強調，我們對任何規模的專案都有非常高的標準。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Maybe I'll ask one on kind of pricing and packaging. Maybe just talk a little bit about how the conversations have gone with your enterprise customers with the new pricing and packaging rollout. Are you seeing anything different from what you initially expected, either positive or negative? And any way to think about the growth contribution from pricing and packaging for the rest of the year based on how the quarter played out?

或許我可以問一個關於定價和包裝的問題。可以簡單聊聊你們與企業客戶就新定價和包裝方案的溝通狀況。你們是否發現與最初預期有所不同，無論是正面的還是負面的？根據本季的表現，你們如何看待定價和包裝方案對今年剩餘時間成長的貢獻？

Alex, I really appreciate the question. And I think let me first recap some of the changes that we made in the early part of March of this year. So one, we introduced the concept of a multiproduct seat, giving more functionality to each user. Second, we changed the admin upgrade experience, effectively empowering our admins to have explicit approval authority prior to a new user being provisioned. And lastly, we increased the price of our full user seat type.

Alex，非常感謝你的提問。首先，我想回顧一下我們在今年三月初所做的一些改變。第一，我們引入了多產品席位的概念，為每位使用者提供更多功能。第二，我們改進了管理員升級流程，賦予管理員在新使用者配置之前明確的審批權限。最後，我們提高了完整用戶席位的價格。

In some cases, our customers may see that their spend is increasing with us. In other cases, customers won't actually see any price change. And there are cases here where monthly prices will actually go down for a particular customer cohort.

在某些情況下，我們的客戶可能會發現他們的消費金額增加。在其他情況下，客戶實際上不會看到任何價格變化。還有一種情況是，特定客戶群的月價實際上會下降。

And we recognize that as we roll through some of these changes, and we've now had an opportunity to see many of these changes through a few renewal cadences on our pro business, which is majority monthly. We see an initial sort of seat remapping as users are -- or rather as teams are transitioning and post that, they end up in a much more predictable expansion pattern.

我們意識到，隨著這些變革的逐步推進，我們有機會透過專業版業務（主要按月付費）的幾次續約來觀察其中許多變化。我們看到，使用者（或更確切地說是團隊）在過渡期間會出現一種初始的席位重新分配模式，之後，他們的擴展模式會變得更加可預測。

And then on the org and enterprise side, which are annual in nature and contracts, while also we sell an annual subscription for parts of our pro tier, we're still phasing in through some of those renewals there. And so we just completed our first quarter where we've seen that full transition for companies that were going through those initial renewal moments.

另一方面，對於組織和企業用戶，由於他們的合約是按年簽訂的，而且我們也為部分專業版服務提供年度訂閱，我們仍在逐步完成部分續約的過渡工作。我們剛結束了第一個季度，在這個季度裡，我們已經完成了那些正在經歷初始續訂階段的公司的整個過渡工作。

And while we aren't commenting on the quarterly impact, we do estimate that we'll have a mid- to high single-digit tailwind to growth this year due to the changes that we've rolled out.

雖然我們不對季度影響發表評論，但我們預計，由於我們推出的變革，今年我們將獲得中高個位數的成長動力。

Brad Sills, Bank of America.

布拉德·西爾斯，美國銀行。

I wanted to ask a question about agents and some of the agentic features, really an impressive array of new features that you've launched throughout the different offerings. I wondered if there's any pattern recognition that you're seeing here with regards to usage, engagement, adoption. Any themes or trends that you've noticed that maybe stand out to you with regard to usage of those features?

我想問一個關於代理商及其一些功能的問題，你們在不同的產品中推出的新功能確實令人印象深刻。我想知道，在使用者使用、參與度和採納率方面，你們是否觀察到任何規律？你們是否注意到任何與這些功能使用相關的主題或趨勢？

Yeah. Thank you for the question. I would say that we are still early, especially in the sense that we have so many ideas of how we can improve our AI functionality as well as add additional AI functionality across our entire platform. And I think that the sort of distribution of usage that we see now, while it's showing good amounts of activity, will be fundamentally different as we go forward and probably not in ways that we can fully predict. And so we're watching that carefully and making sure we can learn as much as possible from it.

是的，謝謝你的提問。我認為我們目前還處於早期階段，尤其是在如何改進現有AI功能以及如何在整個平台上添加更多AI功能方面，我們有很多想法。而且我認為，儘管我們目前看到的這種使用分佈顯示出相當高的活躍度，但隨著時間的推移，它會發生根本性的變化，而且這種變化可能我們無法完全預測。因此，我們正在密切關注，並確保從中盡可能多地學習。

Brent Bracelin, Piper Sandler.

布倫特·布雷斯林，派珀·桑德勒。

Dylan, I'm trying to understand the Figma Make opportunity. I was hoping you could maybe help size the prototyping market that it addresses. If I go back and look at Figma Design, clearly disrupted the single-player design tools out there. Figma Dev Mode really expanded the user base outside of design into the developers.

迪倫，我正在努力了解 Figma Make 的發展機會。我希望你能幫我估算一下它所針對的原型製作市場規模。回顧 Figma Design，它顯然顛覆了當時市面上的單人設計工具。 Figma Dev Mode 更是將使用者群體從設計人員擴展到了開發者。

And what does Figma Make bring? Is this a new user base? Do you think this is going to increase ARPU by cross-selling in the installed base? Walk us through the AI prototyping opportunity and what Figma Make brings there.

那麼 Figma Make 能帶來什麼？它能帶來新的使用者群體嗎？您認為它能透過在現有用戶群中進行交叉銷售來提高每位用戶平均收入 (ARPU) 嗎？請詳細介紹一下 AI 原型設計帶來的機遇，以及 Figma Make 在這方面能扮演什麼角色。

Sure. I'd say that, first of all, I don't see Figma Make as just prototyping. I see it as a way to prototype as well, but also you can go from prompts to working app and actually ship what you have. I think that in terms of personas, what I believe we will see in the long term is expansion of the personas that are doing more complex editing tasks on the Figma platform and creation tasks.

當然。首先，我認為 Figma Make 不僅僅是原型製作工具。它不僅可以用來製作原型，還可以讓你根據提示創建可運行的應用程序，並最終發布成品。就使用者畫像而言，我認為從長遠來看，我們將會看到更多使用者畫像的擴展，這些畫像將承擔在 Figma 平台上執行更複雜的編輯和創建任務。

And if you think about it, again, if design is a differentiator, it's how you win or lose. If you accept that as the premise in this age of AI and easy to build software, then I think you really want to make sure that great ideas are coming from everywhere. And also, I think it's very important to be in a world where you have all the context that you need, not only the context from your visuals or your user flows or your brand, but also culture, business constraints, and insights across your organization.

仔細想想，如果設計是一種差異化因素，那麼它就決定了成敗。在這個人工智慧和軟體開發便利的時代，如果你接受這個前提，那麼我認為你真的需要確保各種優秀的創意都能源源不斷地湧現。此外，我認為身處一個擁有所有必要背景資訊的世界至關重要，這不僅包括視覺設計、用戶流程或品牌方面的背景訊息，還包括企業文化、業務限制以及對整個組織的洞察。

Figma Make opens up that opportunity for more people to contribute to the design process. I also think that if you conceptualize design as this branching path where you're looking at a full option space and trying to figure out which of the branches to go down, Figma Make helps you really explore that option space faster and get to an insight around where you want to go deeper on so that you can add your own craft as a human.

Figma Make 為更多人參與設計過程提供了機會。我認為，如果你把設計想像成一條分支路徑，面對著一個完整的選項空間，並試圖找出應該走哪條路，那麼 Figma Make 可以幫助你更快地探索這個選項空間，並深入了解你想要深入研究的方向，從而讓你能夠以個人視角融入其中。

You can add your own point of view. We can help with that through Figma Make in order to help designers but also everyone else in the organization accelerate ideas further and designers can help lead that transformation.

您可以新增自己的觀點。我們可以透過 Figma Make 為您提供協助，這不僅能幫助設計師，還能幫助組織中的其他所有人進一步加速創意落地，設計師也能引領這項變革。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。