Figma Inc (FIG) 2025 Q4 法說會逐字稿

Well, good day, everyone, and welcome to the Figma Q4 2025 earnings call. Today's call is being recorded. (Operator Instructions)

大家好，歡迎參加 Figma 2025 年第四季財報電話會議。今天的通話將會被錄音。（操作說明）

I would now like to turn the conference over to Mr. Brendan Mulligan. Please go ahead.

現在我將把會議交給布倫丹·穆里根先生。請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss Figma's results for the fourth quarter and full year 2025. On the call, we have Dylan Field, Vigmu'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，共同討論 Figma 2025 年第四季和全年業績。參與本次電話會議的有 Vigmu 的共同創辦人兼執行長 Dylan Field，以及我們的財務長 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, partnerships, 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，我們可能會發表一些前瞻性聲明，包括但不限於有關我們的指導和未來財務業績、市場需求、產品開發、成長前景、業務策略和計劃、合作夥伴關係、吸引和留住客戶的能力以及有效競爭力的聲明。這些前瞻性陳述是基於管理階層目前的觀點和假設，不應被視為任何後續日期的依據，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 our annual report on Form 10-K for the year ended December 31, 2025. 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 for 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, which is posted to our website.

實際結果可能與今天的聲明有重大差異。有關我們的風險、不確定性以及其他可能導致結果與這些前瞻性聲明存在差異的因素的信息，均包含在我們向美國證券交易委員會提交的文件中，包括我們截至 2025 年 12 月 31 日止年度的 10-K 表格年度報告。我們今天的討論將涉及一些非GAAP財務指標。這些非GAAP財務指標應作為GAAP指標的補充考慮，而不是替代或孤立地考慮GAAP指標。我們的非GAAP指標不包括股票選擇權激勵和某些其他項目對我們GAAP績效的影響。有關非公認會計準則財務指標與可比較公認會計準則指標的調節表，請參閱我們隨本次電話會議發布的新聞稿，該新聞稿已發佈在我們的網站上。

I would now like to turn the conference call over to Dylan.

現在我想把電話會議交給迪倫。

Hi, everyone, and thank you for joining today's call. 2025 was a massive year for Figma, and the fourth quarter was our best quarter yet. I'll share a few highlights. We delivered $304 million in revenue last quarter. This represents an accelerated year-over-year growth rate for the quarter of 40%.

大家好，感謝各位參加今天的電話會議。 2025年對Figma來說是意義非凡的一年，第四季是我們迄今業績最好的一個季度。我將分享幾個亮點。上個季度我們實現了3.04億美元的營收。該季度年增率達 40%，較上年同期有所加快。

Our net dollar retention rate for customers with more than $10,000 in ARR also grew 5 percentage points quarter over quarter to 136%. And we generated cash with a non-GAAP operating margin of 14% and an adjusted free cash flow margin of 13%, ending the year with $1.7 billion of cash, cash equivalents and marketable securities.

對於年經常性收入超過 1 萬美元的客戶，我們的淨美元留存率也較上季成長了 5 個百分點，達到 136%。我們實現了 14% 的非 GAAP 營業利潤率和 13% 的調整後自由現金流利潤率，年底現金、現金等價物和有價證券總額達 17 億美元。

Our growth and momentum show that our strategy is working as AI gets better, Figma gets better, and we're shipping faster than ever. In 2025, we expanded from four to eight products and launched over 200 features, including new AI native functionality. This momentum reflects amazing execution by our team. Thank you, Figmates. We've carried that same pace and product velocity into 2026. In fact, we're accelerating. Just yesterday, we launched the ability to bring work from Claude Code directly into Figma. Let me show you how it works.

我們的成長和發展勢頭表明，隨著人工智慧的進步、Figma 的進步，我們的策略正在奏效，我們的產品交付速度也比以往任何時候都快。2025年，我們的產品從四款擴展到八款，並推出了200多項功能，包括新的AI原生功能。這一勢頭反映了我們團隊出色的執行力。謝謝 Figmates。我們將這種發展速度和產品迭代速度延續到了 2026 年。事實上，我們正​​在加速。就在昨天，我們推出了將 Claude Code 中的作品直接導入 Figma 的功能。讓我來給你示範一下它是如何運作的。

Let's say, I'm a developer, building an app that looks like this. Many developers using AI start in Claude Code. The terminal is familiar, fast and powerful. So now I brought this app to a decent place. But if I want to make it truly stand out, it needs to be excellent.

假設我是一名開發者，正在開發一個看起來像這樣的應用程式。許多使用人工智慧的開發者都是從 Claude Code 開始的。此終端操作簡便、速度快、功能強大。現在我已經把這個應用程式改進到了一個不錯的水平。但如果我想讓它真正脫穎而出，它就必須非常出色。

I need to think about the ways to make it awesome. And that's where things get interesting. Part of me wants to keep polishing, tweaking spacing, adjusting colors, refining every last detail. And you can see I've been painstakingly prompting AI, trying to nudge it towards perfection. But what I really need to do is step back and explore different possibilities.

我得想想怎樣才能讓它變得很棒。事情就此變得有趣起來。我的一部分想法是想繼續打磨它，調整間距，調整顏色，完善每一個細節。你可以看到我一直在不遺餘力地引導人工智慧，試圖讓它趨於完美。但我真正需要做的是退後一步，探索不同的可能性。

I need to see the big picture. To bring in the smartest people on my team and push toward bolder ideas. That's what design is about. Design is about giving people the freedom to explore. It's about asking what if.

我需要了解全局。把團隊中最聰明的人招進來，並推動更大膽的想法。這就是設計的意義。設計的意義在於賦予人們探索的自由。關鍵在於提出「如果…會怎樣」的問題。

It's about seeing the bigger picture in pursuing the best possible solution. And it's hard to do that when you're exploring one idea at a time in a linear fashion with one screen, one prompt, alone in a terminal. So we're changing that. We're making design accessible even from Claude Code. And I can do that by simply typing send this app to Figma.

關鍵在於從大局出發，尋求最佳解決方案。當你在終端上獨自一人，以線性方式，一次只探索一個想法，只有一個螢幕、一個提示時，就很難做到這一點。所以我們要改變這一點。我們正在讓即使是像 Claude Code 這樣水平的人也能輕鬆進行設計。我只需輸入“將此應用程式發送到 Figma”即可完成此操作。

And when I opened Figma, you can see the screen right there. These are fully editable design layers. I can adjust spacing, color, layout directly, which is much faster than all that prompting that I was doing earlier. So now let's go back to the app. I can capture any part of it, and I can send it to Figma.

當我打開 Figma 時，你就可以看到螢幕上的內容了。這些都是完全可編輯的設計圖層。我可以直接調整間距、顏色和佈局，這比我之前需要反覆提示要快得多。現在我們回到應用程式上來。我可以截取它的任何部分，然後將其發送到 Figma。

Maybe I want to go to this specific state, so I can iterate on it more, or perhaps I just want this card because I'd like to explore how to make it better. In seconds, I can extract the key parts of the experience, and send them right over to the shared canvas and Figma design, where my team and I can explore freely. And you can already see my teammates jumping in.

也許我想去這個特定的狀態，這樣我就可以對其進行更多迭代，或者也許我只是想要這張卡片，因為我想探索如何讓它變得更好。只需幾秒鐘，我就可以提取體驗的關鍵部分，並將它們直接發送到共享畫布和 Figma 設計中，我和我的團隊可以在那裡自由探索。你可以看到我的隊友們已經開始行動了。

Greg is exploring a completely different look and feel. It's bold and unexpected. Anna is mapping the user journeys and identifying gaps in the experience. Now, we're not just polishing one idea. We are exploring many together. I can build on their ideas using direct manipulation or even prompt AI for variations. What you're seeing is the power of design in this infinite canvas, the ability to bring everyone together on my team to explore, and riff on divergent directions, to refine ideas with the precision and speed of direct manipulation.

格雷格正在探索一種完全不同的外觀和感覺。它大膽而出人意料。安娜正在繪製使用者旅程圖，並找出體驗中的不足之處。現在，我們不只是在完善一個想法。我們正在一起探索許多領域。我可以利用他們的想法，透過直接操控甚至引導人工智慧進行衍生創作。你所看到的，是設計在這無限畫布上的力量，是將我團隊中的每個人聚集在一起，探索和嘗試不同方向，並以直接操作的精確性和速度來完善想法的能力。

Now I can just use my hands to make edits, and I have the ability to zoom out and have the bird's eye view of what's going on and compare things side by side. And once we've explored, we've aligned, we've landed on the best solution, we can simply go back to Claude Code and use our MCP server to bring these designs directly back into code. Claude Code de Figma is one example of how we're making it easier for teams to go from code to the Figma Canvas with a lot more to come.

現在我只需用手就能進行編輯，而且我還能縮小畫面，從鳥瞰的角度查看正在發生的事情，並進行並排比較。一旦我們探索完畢，達成一致，找到了最佳解決方案，我們就可以回到 Claude Code，使用我們的 MCP 伺服器將這些設計直接匯入到程式碼中。Claude Code de Figma 是我們如何讓團隊更輕鬆地從程式碼過渡到 Figma Canvas 的一個例子，未來還會有更多類似的功能推出。

And of course, this builds on our existing Dev Mode MCP, which allows users to go from canvas to code. We're excited about what we can do with additional partners via MCP to create a better round trip between design and production, wherever you start.

當然，這是建立在我們現有的開發模式 MCP 之上的，該 MCP 允許用戶從畫布直接跳到程式碼。我們很高興能夠透過 MCP 與更多合作夥伴攜手，無論從哪裡開始，都能在設計和生產之間創造更好的往返體驗。

And for many of our users, that work starts in Figma Make, either as a rough idea, a detailed PRD or an existing Figma design. And in Q4, usage of Figma makes searched. Weekly active users of Figma Make grew over 70% quarter over quarter. And as of Q4, over 50% of paid customers spending more than $100,000 in ARR, we're building in Figma Make on a weekly basis. Figma Make has also unlocked new audiences and new use cases. In fact, of all Figma Make files created in 2025, nearly 60% were created by non-designers. We're talking developers, PMs, marketers and others inside the company broadly.

對於我們的許多使用者來說，這項工作是從 Figma Make 開始的，無論是粗略的想法、詳細的產品需求文件 (PRD) 還是現有的 Figma 設計。第四季度，Figma 的使用率上升到搜尋量。Figma Make 的周活躍用戶數較上季成長超過 70%。截至第四季度，超過 50% 的付費客戶（年度經常性收入超過 10 萬美元）每週都在 Figma Make 中進行建置。Figma Make 也開拓了新的使用者群體和新的應用程式場景。事實上，在 2025 年創建的所有 Figma Make 檔案中，近 60% 是由非設計師創建的。我們指的是公司內部的開發人員、產品經理、行銷人員以及其他人員。

Let me share two stories from our customers that show how teams are adopting Figma Make. For the design and product teams at Cisco, deciding what to build and how to build it is a constant challenge. To move faster, they align by making, moving between Figma Design and Figma Make. Designers NPMs often work in the same make file, passing ideas back and forth.

讓我分享兩個來自我們客戶的案例，展示團隊是如何採用 Figma Make 的。對於思科的設計和產品團隊來說，決定要開發什麼以及如何開發始終是一個挑戰。為了加快速度，他們透過在 Figma Design 和 Figma Make 之間切換來調整方向。設計師 NPM 經常在同一個 make 檔案中工作，互相交流想法。

PM's lane fourth abroad strokes, designers refine them in real time. That speed is grounded in a strong design system foundation in Figma, where teams work from a shared set of standards. Make templates, kick off projects, and can be adjusted to suit all types of purposes, increasing throughput across everything a team builds from interactive research readouts to early-stage product explorations and even custom internal tools.

總理第四次海外行動，設計師們即時進行改進。這種速度源自於 Figma 強大的設計系統基礎，團隊可以基於一套共享的標準進行工作。製作模板，啟動項目，並可進行調整以適應各種用途，從而提高團隊構建的所有內容的吞吐量，從互動式研究結果到早期產品探索，甚至是自訂內部工具。

Building on that (inaudible), a newly formed Agentic Design ops function uses make to explore AI-native workflows, often starting from static design files and turning them into interactive simulations. With Dev Mode now available through the Cisco App Store, many engineers who previously had view-only access have now adopted Dev Mode, improving speed and efficiency by working directly inside of Figma. Together, these workflows form a continuous system in Figma, bringing design craft, engineering and automation into one connected flow. We found that for many teams using Figma Make, speed becomes a compounding advantage. At Flexport, teams use Figma Make to solve company problems faster.

在此基礎上（聽不清楚），新成立的智慧設計營運部門利用 make 探索 AI 原生工作流程，通常從靜態設計檔案開始，並將其轉換為互動式模擬。由於 Cisco 應用程式商店現在提供 Dev Mode，許多以前只有檢視權限的工程師現在都採用了 Dev Mode，透過直接在 Figma 中工作來提高速度和效率。這些工作流程共同構成了 Figma 中的一個連續系統，將設計流程、工程和自動化整合到一個相互連接的流程中。我們發現，對於許多使用 Figma Make 的團隊來說，速度會成為一種累積優勢。在 Flexport，團隊使用 Figma Make 來更快解決公司問題。

Every year, they bring the top 150 leaders of the company together. This year, they added a hackathon with this challenge. Stop coming up with reasons to choose Flexport. Instead, you have 24 hours to solve one of the reasons why buyers don't choose Flexport. The competition run like a March madness bracket had basically every team pitching their solution to one of these problems using Figma Make, showing working apps within a day.

他們每年都會將公司前 150 位領導人聚集在一起。今年，他們新增了以該挑戰為主題的黑客馬拉鬆活動。別再找理由選擇 Flexport 了。相反，你有 24 小時來解決買家不選擇 Flexport 的原因之一。比賽形式類似於三月瘋狂錦標賽，基本上每個團隊都使用 Figma Make 展示了他們針對這些問題的解決方案，並在一天內展示了可運行的應用程式。

One of the winners completely redid onboarding of factories to the platform, solving a long-time challenge. That idea is shipping to customers within the next few weeks. Another winning team used AI to process transcripts of customer conversations and then fed that data into Figma Make to automatically create custom diagrams. These diagrams made incredibly easy for sales to contrast before Flexport and after Flexport World for the customer supply chain.

其中一位得獎者徹底重新設計了工廠接入平台的流程，解決了長期存在的難題。這項技術將在未來幾週內交付給客戶。另一個獲勝團隊利用人工智慧處理客戶對話的文字記錄，然後將這些資料輸入到 Figma Make 中，自動建立自訂圖表。這些圖表使得銷售人員能夠非常輕鬆地比較 Flexport World 推出前後客戶供應鏈的變化。

Figma Make is the preferred tool not only for the design team in Flexport, but also for even bigger transformation that is now underway, moving from a document culture to a rapid prototyping culture that solves problems faster. As the Flexport CEO told us the teams that do that with me are the teams that are doing really well.

Figma Make 不僅是 Flexport 設計團隊的首選工具，也是目前正在進行的更大轉型——從文件文化轉向快速原型文化——的首選工具，這種轉型能夠更快地解決問題。正如 Flexport 的 CEO 告訴我們的那樣，那些與我合作的團隊都做得非常出色。

We're especially excited to see how Figma Make is driving meaningful cross-platform adoption. In Q4, over 80% of Figma Makes weekly active users on full seats also use Figma Design. And to us, that means we need to go beyond features we've already launched. For example, the ability to copy UI generated Figma Make as layers into Figma Design, or more recently, the ability to embed Make files as prototypes on the Figma Design Canvas. These are great, but we have an opportunity to drive toward more integrated capabilities that bring these services even closer together.

我們尤其興奮地看到 Figma Make 如何推動有意義的跨平台應用程式。第四季度，超過 80% 的 Figma Makes 週活躍用戶（擁有完整席位）也使用 Figma Design。對我們來說，這意味著我們需要超越我們已經推出的功能。例如，可以將 Figma Make 產生的 UI 作為圖層複製到 Figma Design 中，或者最近，可以將 Make 檔案作為原型嵌入到 Figma Design 畫布中。這些都很棒，但我們有機會推動更一體化的能力，使這些服務更加緊密地結合在一起。

But going from code to Canvas is only one part of the story. We're also focused on completing the loop and helping teams go from design to production as well. When this happens, we went work start in Figma, to flow easily into the tools developers use every day. With the Dev Mode MCP, which we launched last year, teams can pull design and code-based context built in Figma into the preferred Agentec coating tools. Customers like GitHub have told us that Dev Mode MCP is a game changer.

但從程式碼到 Canvas 的轉換只是故事的一部分。我們也致力於完善整個流程，幫助團隊從設計過渡到生產。當這種情況發生時，我們會在 Figma 中開始工作，以便輕鬆過渡到開發人員每天使用的工具。借助我們去年推出的 Dev Mode MCP，團隊可以將 Figma 中構建的基於設計和程式碼的上下文導入到首選的 Agentec 塗層工具中。像 GitHub 這樣的客戶告訴我們，Dev Mode MCP 改變了遊戲規則。

KW's Figma to evolve and ship Primer, their design system, where even small updates can affect more than 7,400 design tokens and tens of thousands of volumes of code. And at that scale, tight coordination between design and engineering is essential. GitHub uses Figma's MCB server and Code Connect to surface real production design system code directly in Figma. Each component is linked to its canonical implementation, keeping design, and engineering aligned. Changes can be validated early before they cascade across thousands of tokens and components.

KW 的 Figma 將發展並推出 Primer，這是他們的設計系統，即使是微小的更新也會影響超過 7,400 個設計令牌和數萬卷代碼。在這種規模下，設計和工程之間的緊密協調至關重要。GitHub 使用 Figma 的 MCB 伺服器和 Code Connect 將真實的生產設計系統程式碼直接呈現在 Figma 中。每個組件都與其規範實現相鏈接，從而保持設計與工程的一致性。在變更波及數千個令牌和組件之前，可以儘早對其進行驗證。

Code Connect enables GitHub copilot agents to generate against authoritative components, improving accuracy and consistency from the start. But once required hours of back and forth during handoff can now move forward in just minutes. Beyond using Figma internally, GitHub is also partnering with Figma at the platform level. And as a key partner in the GitHub MSP Registry, Figma makes its MCP server discoverable and ready to power AI-assisted workflows for developers using the GitHub product.

Code Connect 讓 GitHub Copilot 代理程式能夠針對權威元件產生程式碼，從一開始就提高準確性和一致性。以前交接過程中需要幾個小時的來回溝通，現在只需幾分鐘就能完成。除了在內部使用 Figma 之外，GitHub 還在平台層面與 Figma 開展合作。作為 GitHub MSP 註冊中心的重要合作夥伴，Figma 使其 MCP 伺服器可被發現，並隨時準備為使用 GitHub 產品的開發人員提供 AI 輔助工作流程。

While Velocity is critical, the best product teams are not defined by speed alone, you can go really fast and still get the wrong place. These teams are also defined by their craft. And in a world where software is growing exponentially, design, craft, and point of view are what makes the best products stand apart, but delivering high craft creative work often means stitching together multiple tools, each optimized for a particular task. We're working to bring more of these advanced capabilities directly into Figma, so teams can spend less time wrangling all these different tools and more time designing incredible products and staying in flow state.

雖然速度至關重要，但最好的產品團隊並非僅以速度來衡量，即使速度很快，也可能走錯方向。這些團隊的特點也體現在他們的技藝上。在軟體呈指數級增長的今天，設計、工藝和觀點是讓最好的產品脫穎而出的關鍵，但要交付高水準的創意作品，通常意味著要將多個工具整合在一起，每個工具都針對特定任務進行了優化。我們正在努力將更多此類高級功能直接引入 Figma，以便團隊可以減少管理所有這些不同工具的時間，從而有更多時間設計出色的產品並保持心流狀態。

One way we've done this is through our AI image editing capabilities, which we significantly enhanced with a new set of updates in December of 2025. In just a matter of weeks, these AI image editing capabilities were used more than 10 million times. More recently, we launched new vector functionality in Figma Draw, vectorize uses AI to transform simple images like a hand-drawn sketch into dynamic vector illustrations that you can then tweak, refine and scale in Figma.

我們實現這一目標的方式之一是透過我們的人工智慧影像編輯功能，我們在 2025 年 12 月透過一系列新的更新極大地增強了該功能。短短幾週內，這些人工智慧影像編輯功能就被使用了超過 1,000 萬次。最近，我們在 Figma Draw 中推出了新的向量功能，向量化利用 AI 將簡單的圖像（例如手繪草圖）轉換為動態向量插圖，然後您可以在 Figma 中進行調整、完善和縮放。

As one user put it, this kind of work used to be painful and now it's a click. It's clear that our users create more ways to do their creative work in Figma, which brings me to our Q4 acquisition of Weeve, now for Maeve. Figma Weave's AI image, video animation and motion generation alongside precise creative control, expands the creative work possible in Sigma.

正如一位用戶所說，這種工作以前很痛苦，現在只需點擊一下滑鼠就行了。很明顯，我們的用戶在 Figma 中創造了更多創意工作的方式，這讓我想到了我們在第四季度收購 Weeve，現在它屬於 Maeve。Figma Weave 的 AI 圖像、影片動畫和動作生成功能，以及精確的創意控制，擴展了 Sigma 中可能的創作工作。

Customers have told us they love how Figma Weave helps them enhance their creative process by bringing craft to everything from intricate compositions to showstopping stage visuals. One example of this is NVIDIA. For the NVIDIA CS Keynote, the team set out to create a high-fidelity group shot of 20 unique robots for the massive 12,000 keynote screen. For a moment of this incredible scale, they need a flexible workflow that allowed for rapid iteration without rebuilding the entire scene. The primary challenge was pixel density.

客戶告訴我們，他們喜歡 Figma Weave 能夠幫助他們提升創作過程，將工藝融入從複雜的構圖到驚豔的舞台視覺效果等方方面面。英偉達就是一個例子。為了 NVIDIA CS 主題演講，團隊著手為 12,000 的巨型主題演講畫面製作一張 20 個獨特機器人的高保真群像。對於如此規模宏大的時刻，他們需要一個靈活的工作流程，允許快速迭代而無需重建整個場景。主要挑戰在於像素密度。

Current generative models are limited to 4K, or maybe 5K resolution mean that, in a single pass, each robot would occupy too small an area to capture the fine detail. NVIDIA used Figma Weave to generate low fidelity 3D models that locked composition and camera angles. Then they created detailed 4K versions of each robot to fit the final frame, a custom AI agent also built in Figma Weave enhanced rapid lighting exploration before the full scene was generated, upscale to 12K and selectively refined for detail. The end results a cinematic keynote visual powered by a modular AI-driven workflow.

目前的生成模型解析度僅限於 4K 或 5K，這意味著在單次掃描中，每個機器人佔據的區域都太小，無法捕捉到精細的細節。NVIDIA 使用 Figma Weave 產生低保真度 3D 模型，鎖定構圖和相機角度。然後，他們創建了每個機器人的詳細 4K 版本以適應最終畫面，Figma Weave 中內建的自訂 AI 代理增強了快速光照探索，然後產生整個場景，放大到 12K 並選擇性地細化細節。最終呈現出由模組化人工智慧驅動工作流程驅動的電影級主題演講視覺效果。

In the future, we believe far more people will create across the Figma platform beyond the confines of traditional product development. To meet that opportunity, we're pushing the boundaries of, not only what you can create in Figma, but who can create in Figma as well. And we are accelerating into that future. AI offers a new creative starting point. It's like clay that you can shape. The first prompt does not need to be the final output.

我們相信，未來會有更多的人在 Figma 平台上創作，而不僅限於傳統的產品開發。為了抓住這個機會，我們正在突破界限，不僅突破您在 Figma 中可以創建的內容，而且還突破在 Figma 中可以創建內容的人群。我們正在加速邁向那個未來。人工智慧提供了一個全新的創意起點。它就像黏土一樣，可以隨意塑形。第一個提示訊息不必是最終輸出。

That's where humans come in. And whether this process starts in a terminal, a prompt box with UI and the thing with Canvas, a hand-on sketch, Figma is the place where it all comes together. Design is where all of that connects with code and canvas, speed and craft, agents and human judgment. We're excited about what this means for our users and for Figma. We're focused on building the platform that makes this future possible.

這就需要人類的介入了。無論這個過程是從終端機、帶有 UI 和 Canvas 的提示框，還是手繪草圖開始，Figma 都是將這一切融合在一起的地方。設計是將所有這些與程式碼和畫布、速度和工藝、代理和人類判斷聯繫起來的地方。我們對這對我們的用戶和 Figma 的意義感到非常興奮。我們致力於建構實現這未來的平台。

With that, I'll pass it to Praveer.

這樣，我就把它交給普拉維爾了。

Thanks, Dylan. We're proud of how the team closed out the year with another strong quarter, punctuating a record 2025. Our total revenue in the fourth quarter was $304 million, growing 40% year over year, and exceeding the high end of our guidance. For the full year, revenue was $1.056 billion, up 41% year over year, also above the high end of our guidance. Sequentially, Q4 was our best quarter of net new revenue added and drove an acceleration in year-over-year revenue growth.

謝謝你，迪倫。我們為團隊以另一個強勁的季度結束這一年而感到自豪，這為創紀錄的 2025 年畫上了圓滿的句號。我們第四季的總營收為 3.04 億美元，年增 40%，超過了我們預期的上限。全年營收為 10.56 億美元，年增 41%，也高於我們先前預期的上限。從環比來看，第四季是我們新增淨收入最高的季度，並推動了年收入成長的加速。

Our new product launches supported both new customer acquisition and expansion, driving improvements across all of our key business metrics in Q4 compared to Q3. Our retention and expansion metrics outperformed expectations in Q4.

我們的新產品發布既促進了新客戶的獲取，也促進了業務拓展，與第三季度相比，第四季度所有關鍵業務指標均有所改善。第四季度，我們的客戶留存率和客戶拓展率指標均超出預期。

Our net dollar retention rate for paid customers spending more than $10,000 in ARR ended the quarter at 136%, an increase of 5 percentage points quarter over quarter and our highest rate over the last 10 quarters. Our gross retention rate for paid customers, spending more than $10,000 in ARR remained consistent at 97%, reflecting the overall durability of our customer relationships.

本季末，年經常性收入超過 10,000 美元的付費客戶的淨美元留存率達到 136%，比上一季增長了 5 個百分點，是近 10 個季度以來的最高水平。對於年經常性收入超過 10,000 美元的付費客戶，我們的總留存率維持在 97%，這反映了我們客戶關係的整體穩定性。

Q4 demonstrated momentum across each of our customer tiers. We ended the quarter adding 951 net customers spending more than $10,000 in ARR and 143 net customers spending more than $100,000 in ARR, growing that tier by 46% year-over-year, a 3 percentage point acceleration relative to Q3.

第四季度，我們各個客戶層級的業務都呈現成長動能。本季末，我們新增了 951 位 ARR 消費超過 10,000 美元的淨客戶和 143 位 ARR 消費超過 100,000 美元的淨客戶，該級別同比增長 46%，比第三季度增長了 3 個百分點。

Breaking down growth across the quarter and full year, a few things stand out. First, we continue to see strong expansion dynamics as our customers broaden and deepen their use of our platform, driving larger renewals. We now have 67 paid customers spending more than $1 million in ARR, growing 68% year over year. Across tiers, customers are growing their seat counts expanding into new functions and teams and deepening their usage and engagement.

從季度和全年的成長來看，有幾點比較突出。首先，隨著客戶不斷擴大和深化對我們平台的使用，我們持續看到強勁的成長勢頭，從而推動了更大的續約。我們現在有 67 位付費客戶，年經常性收入超過 100 萬美元，較去年同期成長 68%。各個層級的客戶都在增加席位數量，拓展到新的功能和團隊，並加深他們的使用和參與。

Examples from last quarter include a hyperscaler, doubling their footprint with over a fourth of new licenses going to product managers. A top 10 global bank embedding Figma even deeper in key engineering workflows, growing debseates by 69% and a Transatlantic Airline going all in with Figma on a multiyear commitment to elevate all parts of their operations from booking and check-in experiences, their loyalty platform, and internal tools for crew and airport staff.

上個季度的例子包括一家超大規模資料中心營運商，其業務規模翻了一番，其中超過四分之一的新許可證都給了產品經理。一家全球排名前 10 的銀行將 Figma 更深入地嵌入到關鍵工程工作流程中，使用戶數量增長了 69%；一家跨大西洋航空公司全力投入 Figma，並承諾在多年內提升其運營的各個方面，包括預訂和報到體驗、忠誠度平台以及機組人員和機場工作人員的內部工具。

The pull from our customers is real. Second, we build deeper relationships at all levels within our customer base focused on positioning improving Figma's value as a system of record across design and product development. We are increasingly partnering not just with design champions but with central IT on driving the adoption of Figma's platform as a core part of their enterprise technology stacks, enabling more teams across the organization to collaborate in one platform, and we're seeing growing demand across our customer base for our governance plus add-on as enterprises place greater emphasis on security, compliance and centralized governance.

來自客戶的需求是真實存在的。其次，我們致力於在客戶群的各個層面建立更深層的關係，重點在於提升 Figma 作為設計和產品開發記錄系統的價值。我們不僅與設計領導者合作，還與中央 IT 部門合作，推動 Figma 平台成為其企業技術堆疊的核心部分，使組織內更多團隊能夠在同一個平台上協作。隨著企業越來越重視安全性、合規性和集中式治理，我們看到客戶群對我們的治理附加元件的需求也不斷增長。

Third, we continue to invest in our international business. Our international revenue grew 45% year over year. While International users represented approximately 85% of monthly active users, they accounted for 54% of revenue in Q4, and we see meaningful runway for continued investment with the most recent being our launch in India last November.

第三，我們將繼續投資國際業務。我們的國際營收年增了45%。雖然國際用戶約佔每月活躍用戶的 85%，但他們在第四季度貢獻了 54% 的收入，我們看到了持續投資的巨大潛力，最近一次是在去年 11 月我們在印度的推出。

Finally, customers continue to renew into our new pricing and packaging through March of this year, which contributed a mid-single-digit benefit to full year 2025 revenue growth.

最後，客戶們繼續續訂我們新的定價和包裝方案，這一趨勢持續到今年三月，為 2025 年全年營收成長帶來了中等個位數的成長。

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

接下來來看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。我們在獲利報告中提供了 GAAP 與非 GAAP 財務數據的調整表，該報告已發佈在我們的網站上。

Our gross profit for the quarter was $262 million, representing a gross margin of 86%. For the full year, gross profit was $931 million with a gross margin of 88%. While customer adoption of Make in our AI features continue to ramp with Make weekly active users up over 70% quarter over quarter, improvements and infrastructure optimization reduced our cost to serve each user and led to stable gross margins quarter over quarter.

本季我們的毛利為 2.62 億美元，毛利率為 86%。全年毛利為 9.31 億美元，毛利率為 88%。雖然客戶對我們人工智慧功能中 Make 的採用率持續上升，Make 的每週活躍用戶數環比增長超過 70%，但改進和基礎設施優化降低了我們服務每個用戶的成本，並實現了穩定的毛利率環比增長。

Our operating income for the quarter was $44 million, representing an operating margin of 14%. And for the full year, operating income was $130 million, exceeding the high end of our guidance with an operating margin of 12%. On a year-over-year basis, our operating expenses increased as we invested in our people, infrastructure and systems to support the pace of our product development and strategic growth opportunities for our business. This was offset by the outperformance we recognized in our top line and gross margin, which flowed through to our operating income. Additionally, our full year non-GAAP tax rate ended at 14.5%, which we expect to remain consistent throughout 2026.

本季我們的營業收入為 4,400 萬美元，營業利潤率為 14%。全年營業收入為 1.3 億美元，超過了我們預期的上限，營業利潤率為 12%。與前一年相比，我們的營運費用有所增加，因為我們對人員、基礎設施和系統進行了投資，以支持我們的產品開發速度和業務的策略成長機會。然而，我們在營收和毛利率方面取得的優異表現抵消了這一影響，並轉化為營業收入的成長。此外，我們全年的非GAAP稅率為14.5%，我們預計該稅率將在2026年保持穩定。

Our Q4 adjusted free cash flow was $38 million with an adjusted free cash flow margin of 13%. We ended the year with $1.7 billion in cash, cash equivalents, and marketable securities on hand. As we previewed last quarter, adjusted free cash flow declined sequentially in Q4, driven by continued investment in infrastructure and AI changes in the timing of vendor payments and a one-time $25 million IP transfer tax payment related to our acquisition of Weave. These impacts were partially offset by strength in customer collections. We remain confident in the long-term cash-generating profile of the business.

我們第四季調整後的自由現金流為 3,800 萬美元，調整後的自由現金流利潤率為 13%。年底時，我們手上擁有現金、現金等價物和有價證券共17億美元。正如我們在上個季度預告的那樣，由於對基礎設施和人工智慧的持續投資、供應商付款時間的變化以及與我們收購 Weave 相關的 2500 萬美元一次性智慧財產權轉讓稅款，第四季度調整後的自由現金流環比下降。客戶收款情況的強勁表現部分抵銷了這些影響。我們對公司長期的現金流狀況依然充滿信心。

Before turning to our outlook, I want to briefly address stock-based compensation and dilution. Stock-based compensation was elevated in 2025 and reflecting the recognition of expenses attributable to the IPO, performance-based RSU vesting and the launch of our employee stock purchase program and equity issued in connection with acquisitions. These impacts were largely onetime and not reflective of our steady state compensation framework.

在展望未來之前，我想先簡單談談股票選擇權激勵和股權稀釋問題。2025 年股票選擇權激勵措施有所提高，這反映了與首次公開發行 (IPO)、基於業績的限制性股票單位 (RSU) 歸屬、員工股票購買計劃的啟動以及與收購相關的股權發行相關的費用確認。這些影響大多是一次性的，並不能反映我們穩定的補償機制。

Looking ahead, as revenue continues to scale, we expect stock-based compensation as a percentage of revenue to improve. We remain committed to managing dilution responsibly.

展望未來，隨著收入的持續成長，我們預期股票選擇權激勵佔收入的比例將會提高。我們將繼續致力於以負責任的方式管理股權稀釋。

Now turning to our outlook for 2026. When we look ahead, we believe that Figma will continue to set the standard for how great products are designed and built. We're investing deeply in the business to define new AI native workflows and better support our customers as they adapt to new ways of working. At the same time, we've always been disciplined as we scale our business with a focus on the long term. For the first quarter in 2026, we expect revenue in the range of $315 million to $317 million, implying 38% growth at the midpoint.

現在讓我們展望一下2026年。展望未來，我們相信 Figma 將繼續引領優秀產品設計和建造的標準。我們正在大力投資這項業務，以定義新的 AI 原生工作流程，並在客戶適應新的工作方式時更好地為他們提供支援。同時，我們在擴大業務規模的過程中始終保持嚴謹的態度，並著眼於長遠發展。我們預計 2026 年第一季的營收將在 3.15 億美元至 3.17 億美元之間，這意味著中位數成長 38%。

And for the full year, we anticipate that revenue will be between $1.366 billion to $1.374 billion, implying 30% growth at the midpoint. Our outlook reflects the sustained growth and momentum in the business that we experienced in 2025, including benefits from our new products and offerings, seed expansion from new and existing customers and international expansion. At this time last year, we had no customers consuming AI credits. Today, we're seeing approximately 75% of paid customers with over $10,000 in ARR consuming AI credits on a weekly basis, with adoption continuing to ramp. Our outlook reflects the seated adoption and usage patterns we're seeing today.

我們預計全年營收將在 13.66 億美元至 13.74 億美元之間，這意味著中位數成長 30%。我們的展望反映了我們在 2025 年所經歷的持續成長和業務勢頭，包括來自我們新產品和服務的收益、來自新舊客戶的種子擴張以及國際擴張。去年這個時候，我們還沒有客戶使用人工智慧積分。目前，年經常性收入超過 1 萬美元的付費客戶中，約有 75% 每週都在使用 AI 積分，而且使用率還在持續上升。我們的展望反映了我們目前看到的坐式設備採用和使用模式。

We plan to refine our assumptions in the months ahead as we continue to both learn from customer consumption behavior and drive further AI adoption around new feature releases. This March is when our model will shift to monetizing both seats and credits, a dynamic that is not reflected in our historical revenue results. We expect our full year non-GAAP operating income to be between $100 million and $110 million. This represents a non-GAAP operating margin of 8% at the midpoint. In 2026, we plan to accelerate our investment in AI and inference while building a world-class team and go-to-market motion.

未來幾個月，我們將持續改進我們的假設，同時持續了解客戶的消費行為，並推動新功能發布後人工智慧的進一步應用。今年三月，我們的模式將轉向座位和積分的貨幣化，而這種動態並未反映在我們以往的收入結果中。我們預計全年非GAAP營業收入將介於1億美元至1.1億美元之間。這相當於以非GAAP準則計算的營業利益率為8%（中點）。2026年，我們計劃加快對人工智慧和推理技術的投資，同時打造世界級的團隊和市場推廣策略。

As a reminder, while we are not issuing quarterly operating income guidance, there is some seasonality in our operating income. Our Q2 operating income has historically been impacted by our annual user conference config, and we anticipate a similar impact in 2026. We also expect adjusted free cash flow to be relatively consistent with non-GAAP operating profit for the full year.

再次提醒大家，雖然我們不發布季度營業收入指引，但我們的營業收入有一定的季節性波動。我們的第二季營業收入歷來受到年度用戶大會配置的影響，我們預計 2026 年也會受到類似的影響。我們也預計，全年調整後的自由現金流將與非GAAP營業利潤保持相對一致。

To close out, we are energized by the incredible year we had in 2025. We added a record number of new customers, exited the year with accelerating revenue growth while focused on product velocity, but we are even more excited about what's ahead for us, both for our customers and for the expanding capabilities on our platform. With that, I'll hand it over to the operator for Q&A.

最後，我們為2025年所取得的輝煌成就感到無比振奮。我們新增客戶數量創下紀錄，在專注於產品迭代速度的同時，實現了收入的加速增長，但我們對未來的發展更加感到興奮，無論是對我們的客戶，還是對我們平台不斷擴展的功能而言。接下來，我將把問題交給接線員解答。

(Operator Instructions) Arjun Bhatia, William Blair.

（操作說明）Arjun Bhatia，William Blair。

Thank you so much and congrats on a very strong end of the year here. Dylan, if I could ask one just kind of philosophical question if we just step back a little bit. We've had I think a lot of noise made in the market about a genetic layer offerings like log to work and even open flaw. And I'm curious of your perspective on what that means just for broadly? Like, does it make it more of a differentiator?

非常感謝，也恭喜你們今年取得了非常出色的收尾成績。迪倫，如果我們稍微退後一步，我可以問你一個哲學問題嗎？我認為市場上已經出現了很多關於基因層產品（如log to work，甚至是open flaw）的噪音。我很好奇你對這在廣義上意味著什麼有什麼看法？這樣一來，它是否更具差異化優勢？

Do you think like user interface gets pushed to the back of this new Agentic layer emerges? Like, what are sort of the puts and takes and the dynamics that you're thinking about as these new tools emerge?

你認為使用者介面會被推到這個新出現的智慧體層的後面嗎？例如，隨著這些新工具的出現，你認為其中會有哪些優缺點和動態變化？

Yeah, absolutely. Thank you for the question for joining us today. So -- yea, I think right now, if you're willing to hand off mission-critical work to agents and just let them do it unsupervised, you're a very brave person. But that joke aside, I think it is the case that humans will continue to use software and increasingly agents will too. And I'm excited about that.

是的，絕對的。感謝您今天收看我們的節目並提出問題。所以——是的，我認為現在，如果你願意把關鍵任務交給特工，讓他們在無人監督的情況下完成，那你就是一個非常勇敢的人。但玩笑歸玩笑，我認為人類會繼續使用軟體，而且智能體也會越來越多地使用軟體。我對此感到很興奮。

I think that this creates more surface for designers to work with and design and think through. I will say that I think that the discourse around UI and how agents will change UI or not change UI, it is a bit extrapolating from current state. And humans are really hardwired to think and process information visually. Even as agents take on more work, people will still need to understand audit trust what's happening, and that requires visual interfaces that are human readable.

我認為這為設計師提供了更大的發揮空間，讓他們可以進行設計和思考。我認為，關於用戶界面以及代理將如何改變用戶界面或不改變用戶界面的討論，有點過度解讀了。人類天生就更擅長透過視覺思考和處理資訊。即使代理商承擔了更多的工作，人們仍然需要了解審計信任正在發生的事情，這就需要人類可讀的視覺介面。

Lastly, I would just say that we're going to see new interaction paradigms emerge here, and they'll have to be thoughtfully designed, adopted. For example, I think about Figma's multiplayer interface for Figma's design or canvas, and how humans work alongside other humans. And I think that we'll see agents also working alongside humans, both synchronously and accrete. And that, again, will lead to more intentionality around how to design software and what the surfaces are you need to design in the first place.

最後，我想說的是，我們將看到新的互動模式出現，而這些模式需要經過深思熟慮的設計和採用。例如，我會思考 Figma 的多人介面，以及 Figma 的設計或畫布，以及人類如何與其他人一起工作。我認為我們將會看到智能體與人類並肩工作，既有同步的，也有逐漸累積的。而這又將促使人們更有意識地去設計軟體，以及首先需要設計哪些介面。

In a world where coding is just no longer constrained, design, craft, point of view, that's the differentiator. And I'm really excited for that future.

在現今這個程式設計不再受任何限制的世界裡，設計、製程和觀點才是決定性因素。我對未來充滿期待。

Perfect. That's very helpful color. Thank you. And then Praveer I had one for you. Obviously, it seems like the business is firing on all cylinders you had, growth acceleration in Q4, NRR ticked up. This is all happening before your credit consumption monetization kicked in. And so I'm just curious, like as you think about the 2026 guide, how are you benchmarking the range of outcomes from credit monetization post-March?

完美的。那是一個非常有用的顏色。謝謝。然後，普拉維爾，我還有一件事要告訴你。顯然，公司業務似乎正在全面運轉，第四季成長加速，淨收入也上升了。這一切都發生在你的信用消費貨幣化生效之前。所以我很好奇，在您考慮 2026 年指南時，您是如何衡量 3 月之後的信貸貨幣化結果範圍？

Yeah, I appreciate the question, Arjun, and good to hear from you. I think if I take a step back for a second and just think about what we've been doing, as we've embedded AI across the entirety of our product suite. Everyone from a user who is a starter user on a free plan has access to credits that we've embedded within their seats.

是的，Arjun，感謝你的提問，很高興收到你的回覆。我想，如果我退後一步，想想我們一直在做的事情，那就是將人工智慧融入我們整個產品套件中。即使是免費套餐的入門用戶，也可以使用我們預先嵌入其席位中的積分。

So for some time now, we've already started to see usage ramp. We shared in the prepared remarks about 75% of our 10,000-plus customers today are actually consuming credits on a weekly basis. And this is an evolving number because we continue to introduce new AI features and services that continue to draw an ever-increasing number of credits over time. We based our guidance on an understanding of current observed seat adoption behavior and usage trends.

所以，一段時間以來，我們已經開始看到使用量激增。我們在事先準備好的演講稿中提到，目前我們超過 10,000 名客戶中有 75% 的客戶每週都會實際使用積分。而且這個數字還在不斷變化，因為我們不斷推出新的 AI 功能和服務，這些功能和服務隨著時間的推移不斷吸引越來越多的積分。我們根據對目前觀察到的座位使用行為和趨勢的理解，制定了我們的指導方針。

We expect that to be refined as we both introduce new surfaces as well as really set to navigate at that point after we've begun to enforce our seat limits. There's an opportunity here to overperform as we build confidence in the observed usage behaviors, but we'll continue to add additional value to our users along the way. So we're excited here. I think we feel we've got some -- you've got a whole bunch of irons in the fire here, and we'll continue to refine our focus and story in the coming quarters.

我們預計，隨著我們推出新的表面，以及在我們開始執行座位限制後真正著手進行下一步，這種情況將會得到改善。隨著我們對觀察到的使用行為越來越有信心，我們有機會取得超常表現，但我們將繼續在過程中為用戶增加更多價值。所以我們都很興奮。我認為我們已經取得了一些進展——我們有很多事情正在著手處理，在接下來的幾個季度裡，我們將繼續完善我們的重點和故事。

Michael Turrin, Wells Fargo.

邁克爾圖林，富國銀行。

Hey, great. Thanks. I appreciate you making time, Dylan. I'd be remiss if I didn't start with another bigger picture question for you. The stats you're giving on Make seem to be hinting at new user types. Can you just speak to what you're seeing from customers using Make, and the user types that you're seeing? I think It'd be interesting to hear you just articulate on if this could be actually feed expanding for Figma in a world where investors are concerned around seat compression in most places?

嘿，太好了。謝謝。迪倫，感謝你抽出時間。如果我不先問你一個更宏觀的問題，那就太失職了。您在 Make 上提供的統計數據似乎暗示著新的使用者類型。您能否談談您在使用 Make 時從客戶那裡觀察到的情況，以及您觀察到的使用者類型？我認為，在投資人普遍擔憂席位壓縮的情況下，這是否真的能為 Figma 帶來成長，應該會很有意思。

Yeah. Thank you for the question. And it's definitely something that we're excited about and tracking. As Praveer mentioned in his remarks earlier, we are seeing customers that are bringing, for example, product managers into the life cycle. And certainly, as we use Figma Make, not just internally, but also witnessed with some of our customers, internal tools, which can mean all sorts of different personas are quite interesting.

是的。謝謝你的提問。我們對此感到非常興奮，並且一直在關注此事。正如 Praveer 之前在演講中提到的那樣，我們看到一些客戶正在將產品經理等人員引入產品生命週期中。當然，我們在內部使用 Figma Make，也見證了一些客戶使用內部工具，這意味著各種不同的角色，這非常有趣。

So I think that overall, there's a lot of opportunity to start to reach into use cases like UX researchers and other use cases around the team as well. And with that said, I think that there's much more to do here, and we're excited to go do that.

所以我認為，總的來說，有很多機會可以開始接觸到使用者體驗研究人員以及團隊周圍的其他用例。綜上所述，我認為這裡還有很多事情要做，我們很興奮能去做這些事。

And just as a follow-up, Praveer, I've gotten some questions on just the free cash flow comment you made in terms of the guide. Are you saying dollar amount similar to operating income? And if so, that's, I think, a bit lower than we were forecasting. So just any commentary on if that kind of make consumption based or just what the drivers and that comment were?

Praveer，我還有一個後續問題，有人問你在指南中提到的自由現金流問題。您說的金額是指類似營業收入的美元金額嗎？如果真是這樣，我認為比我們預測的要低一些。所以，對於這種生產消費模式，或者說這種評論背後的驅動因素和原因，您有什麼看法？

Yes. I mean I think there's a few things that will occur this year that are different from last year. And as we transition and as we continue to invest in the business, that was the spirit of the comments. So this will be a full year of us serving our AI features. We GA-ed them in the summer of last year.

是的。我的意思是，我認為今年會發生一些與去年不同的事情。隨著我們轉型並繼續投資這項業務，這正是這些評論的精神所在。所以今年將是我們提供人工智慧功能的整整一年。去年夏天我們把它們都納入了通用航空（GA）計劃。

And as we start to see the continued ramp there, the expectation on what it does to margins is what we folded through to the guide. I think what is starting to get interesting here is as we start to introduce yet another monetization lever for us in the introduction of our AI credits. It starts to create a little bit more of a natural offset there over time. So I think we'll share more with you guys as we start to observe it. But right now, I think that's the best way to model it today.

隨著我們開始看到這種情況持續惡化，我們預期這種情況會對利潤率產生什麼影響，而這正是我們在指南中重點關注的內容。我認為有趣的地方在於，隨著我們推出人工智慧積分，我們將引入另一種獲利手段。隨著時間的推移，它會在那裡逐漸形成一種更自然的偏移。所以，隨著我們開始觀察，我想我們會和大家分享更多。但就目前而言，我認為這是模擬這種情況的最佳方法。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

This is Keith Weiss sitting in for Elizabeth Porter. And congratulations on a spectacular end to what was a great year for Figma in 2025. Two questions, one for Dylan, one for Praveer.

這是基斯·韋斯代替伊莉莎白·波特出場。恭喜 Figma 在 2025 年以精彩的成績為輝煌的一年畫上圓滿的句號。兩個問題，一個問迪倫，一個問普雷維爾。

For Dylan, you announced an exciting new integration with Claud and Entropic doing a lot of great innovation, but investors are somewhat worried about kind of letting the fox into the hand house, if you will, and trying to figure out where the dividing lines are of what is parts of the equation that are going to remain solely within kind of the Figma context, and what is Entropic going to be able to do. How do you guys see that question? Like how do you see the dividing line between what is in the wheel well of Figma, and is always going to be in the wheel well of Figma versus what clot or what Entropic brings to the equation?

對於 Dylan，你宣布了與 Claud 和 Entropic 令人興奮的新整合，進行了許多偉大的創新，但投資者有點擔心，這就像把狐狸放進手窩一樣，他們試圖弄清楚哪些部分將完全保留在 Figma 的範圍內，以及 Entropic 將能夠做什麼。你們怎麼看待這個問題？你如何看待 Figma 的核心功能（以及它始終存在的功能）與 clot 或 Entropic 等式引入的功能之間的分界線？

And then for Praveer, on the price increases, getting a lot of questions from investors in terms of -- we understand mid-single-digit impact for the full year. Can you give us any sense of how that ramped in Q4? And what type of contribution in Q4? And how we should think about the price increase contribution to Q1, so we could better model kind of the slope for the coming year?

至於 Praveer 的價格上漲，投資人提出了許多問題——我們了解到全年價格上漲幅度將達到個位數中段。您能否大致介紹一下第四季的成長？第四季會做出哪些貢獻？我們該如何看待價格上漲對第一季的影響，以便更好地預測來年的價格走勢？

Yeah. Thank you for the questions, and I'll start off with the first one. I would just say first that one thing that is interesting is how virtually every frontier lab is using Figma to design how they bring their malls to users and shape their product surfaces, and they are also been great partners with us. So that has been just interesting to see firsthand. I think zooming out our AI strategy is pretty simple.

是的。謝謝大家的提問，我先回答第一個問題。首先我想說的是，有趣的是，幾乎每個前沿實驗室都在使用 Figma 來設計如何將他們的商城呈現給使用者並塑造他們的產品表面，而且他們也一直是我們的好合作夥伴。親眼目睹這一切真的很有意思。我認為從宏觀角度來看，我們的人工智慧策略非常簡單。

We always want to be in a place where as malls get better, Figma gets better. And easy to say, but you have to make sure that, that is the case for everything we do. And also that we can have an edge. And I think that one thing that answers your questions directly around sort of where are the lines between is, I would focus on tasks which are more verifiable versus non-verifiable. Design is inherently non-verifiable.

我們始終希望，隨著商場的改善，Figma 也能隨之發展壯大。說起來容易，但你必須確保我們所做的每一件事都是如此。而且我們還能擁有優勢。我認為，要直接回答你關於兩者之間界線的問題，我會專注於那些更可驗證的任務，而不是那些不可驗證的任務。設計本質上是無法驗證的。

And I think that's why you're going to see humans in the loop and even more focus on design as well because as code becomes something that more people can do with the assistance of models, the value will move up the stack. And with the value moving up the stack, I believe we're going to see an even greater focus on design. And we're already seeing it. I think with the higher [speedpower] making and the ways that non-designers are getting involved in the design process. Praveer?

我認為這就是為什麼你會看到人們參與決策過程中，並且更加重視設計的原因，因為隨著越來越多的人可以在模型的幫助下編寫程式碼，價值將會提升到更高的層次。隨著價值體係向上層傳遞，我相信我們將會看到對設計的更加重視。我們已經看到了這種現象。我認為隨著[速度功率]的提高以及非設計師參與設計過程的方式，情況正在改變。普拉維爾？

Yeah. And I'll answer your question on pricing and packaging there. So just as a reminder, about three quarters out of the initial rollout of the changes that we implemented in March of last year, so the way that this is going to attract to revenue as folks are filtering in through the renewals, you have a growing benefit there over the course of the year.

是的。關於定價和包裝的問題，我會在那裡回答。提醒一下，我們去年 3 月實施的變革措施已經初步推廣了大約四分之三，隨著續約人員的加入，這將吸引更多收入，而且在一年中，收益還會不斷增長。

We lapsed that anniversary in March of this year, and then you'll start to start to see a winning benefit towards the back half of this year. So it's a little bit like a bell curve there, where it grows over the first four quarters, and then it will wane over the next four.

今年三月我們已經過了那個週年紀念日，然後從今年下半年開始，你會開始看到一些好處。所以它有點像鐘形曲線，在前四個季度成長，然後在接下來的四個季度下降。

Thank you.

謝謝。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

I have follow-up on the conversation on Figma Make and ask specifically about some of the competition that you're seeing in the prototyping space. Give us a sense of what you're seeing in terms of perhaps consolidating budget within your customers, away from all the prototyping solutions. But I'm still seeing fragmentation in that world where customers maybe use multiple tools for prototyping and then put them into Figma when they're ready to go to the next phase of the Design. Thank you.

我打算跟進先前關於 Figma Make 的討論，並具體詢問您在原型設計領域看到的一些競爭情況。請您談談您在客戶預算整合方面，如何看待遠離原型解決方案的各種可能性。但我仍然看到這個領域有碎片化現象，客戶可能會使用多種工具進行原型設計，然後在準備進入設計的下一階段時將其匯入 Figma。謝謝。

Yeah. Thanks for the question. I think that some of the broad strokes we're seeing are really around the power of using Figma Make alongside Figma Design. And one stat that we shared in the earnings call is how over 80% of full seat users of Make are also using Design. And so I think that is an area that, as we look ahead, we're really excited to win into more, is to really try to unite these surfaces better.

是的。謝謝你的提問。我認為我們目前看到的一些主要趨勢實際上是圍繞著將 Figma Make 與 Figma Design 結合使用所帶來的強大功能。我們在財報電話會議上分享的一個數據是，超過 80% 的 Make 全席用戶同時也使用 Design。所以我認為，展望未來，我們非常期待在這個領域取得更大的成就，那就是更好地統一這些場地。

We've seen it already with things like copy layers from Figma Make and the Figma Design or taking embeds from Figma Make and putting them in Figma Design, but it's just a start. And I think that there's so much more we can do here. And a big part of the platform differentiation we'll have will come from the unification of the services. I also think that it's really important to remember that the round tripping between code and design can really set us apart here.

我們已經看到一些例子，例如從 Figma Make 複製圖層到 Figma Design，或從 Figma Make 中提取嵌入內容並將其放入 Figma Design 中，但這只是個開始。我認為我們在這裡還有很多事情要做。我們平台差異化優勢的很大一部分將來自於服務的統一。我也認為，記住程式碼和設計之間的往返溝通真的非常重要，這能讓我們脫穎而出。

And I am just very bullish on the opportunity that could exist with that round trip.

我對這次往返之旅可能帶來的機會非常看好。

Yeah, that all makes sense. Thank you. And a follow-up either for yourself, Dylan, or or Praveer. I'm curious the budget implications. When you see your customer go all in on Figma, what does that mean for how they're thinking about labor resourcing versus software resourcing?

是的，這一切都說得通。謝謝。然後，你可以為自己、迪倫或普拉維爾寫一篇後續文章。我很想知道這會對預算產生什麼影響。當您看到客戶全力投入 Figma 時，這對於他們如何看待勞動力資源和軟體資源有何意義？

One of the things we've noticed as well, you put more powerful engineering type design tools into the hands of designers who may not know how to code. So how does the mix change between design-focused designers versus engineering-focused designers does that make sense? I'd just love to hear observations broadly on implications of Figma adoption for customer design and labor budget?

我們也注意到，你們把更強大的工程設計工具交給了可能不懂程式設計的設計師。那麼，以設計為中心的設計師和以工程為中心的設計師之間的比例會發生怎樣的變化呢？這樣做有意義嗎？我想聽聽大家對採用 Figma 對客戶設計和人工預算的影響的看法？

Yeah. I'll start first. I think that some people are starting to call themselves design engineers. We've seen that in the past as well. There's been sort of surges around even eight, nine years ago, people are getting really excited about calling themselves the engineers and then kind of it went back to product design and now that term is coming up again.

是的。我先開始。我認為有些人開始自稱為設計工程師了。我們過去也見過這種情況。大約八、九年前，人們曾一度熱衷於稱自己為工程師，後來這種熱情又回歸到產品設計領域，而現在這個術語又再次興起。

But I would say, overall, we're not really seeing the roles blurring more the responsibilities blurring between roles, not just between design engineering and design, but the roles more broadly as you go out to the product design and life cycle, PM, engineering, design, research, and marketing even responsibilities are starting to blur.

但總的來說，我認為我們並沒有真正看到角色之間的界限變得模糊，而是角色之間的職責變得模糊，不僅僅是設計工程和設計之間，而是更廣泛地，隨著產品設計和生命週期的推進，產品經理、工程師、設計師、研究人員和行銷人員的職責也開始變得模糊。

People are feeling the need to be more generalist. So I think that it's hard to split in a very accurate way because so many people that are non-designers by title are starting to really engage with design tests, but I'll hand it to Praveer to speak more.

人們感到需要成為更通才型的人。所以我覺得很難準確地劃分，因為很多名義上不是設計師的人也開始真正參與設計測試來，但我還是讓 Praveer 來詳細說說吧。

Yeah. And then I think as it relates to the sales process and who we're having conversations with, I think we've over time, elevated the conversations to IT that gives us access to broader budget. And when you then kind of look at the types of users that we're bringing in, there was a few that we spoke about in the prepared remarks, the ones that stand up for rather -- the one that stands out to me is is the hyperscaler that doubled their footprint with about one-fourth of their new seats going to product managers. And this is not a unique instance. We're starting to see this happen more and more so throughout the customer base.

是的。然後，我認為就銷售流程以及我們與誰進行對話而言，隨著時間的推移，我們已經將對話提升到 IT 部門，這使我們能夠獲得更廣泛的預算。當你仔細觀察我們引入的用戶類型時，你會發現我們在準備好的發言稿中提到了一些用戶，其中一些用戶非常突出——最讓我印象深刻的是一家超大規模數據中心運營商，他們的業務規模翻了一番，其中大約四分之一的新席位分配給了產品經理。而且這並非個案。我們發現這種情況在客戶群中越來越普遍。

And so our expectation is that we're pitching wider, we're preaching broader. And it's the overall platform that's ultimately winning here.

因此，我們的預期是，我們的宣傳範圍要更廣，我們的宣揚範圍要更廣。最終獲勝的是整個平台。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Wonderful. Thanks for taking my questions. Maybe two, if I may. First, for Dylan. Just kind of expanding on some of the dialogues that -- you have mentioned a lot of kind of next-gen companies in AI labs are working with you, and you've talked about some of the MCP integrations you have with Anthropic and others.

精彩的。謝謝您回答我的問題。如果可以的話，也許兩個。首先，獻給迪倫。只是想進一步展開一些對話——你提到過許多人工智慧實驗室的下一代公司正在與你合作，你也談到了你與 Anthropic 和其他公司的一些 MCP 整合。

How do we think about the opportunity for you to, over time, start building out more formal partnerships with them, having maybe even deeper integrations or kind of joint product development, maybe cascading a little far? Maybe just help us understand what is that potential partnership opportunity between you and some of these other AI natives look like in terms of enabling success in your customer base? And then I've got a quick follow-up for Praveer.

我們如何看待您有機會隨著時間的推移，與他們建立更正式的合作夥伴關係，甚至進行更深入的整合或聯合產品開發，甚至可能進一步拓展合作範圍？或許您可以幫我們了解一下，您與其他一些人工智慧原生企業之間潛在的合作機會，在幫助您拓展客戶群方面會是什麼樣的？接下來我還要快速問普拉維爾一個後續問題。

Sure. So I think that right now, as we think about our core with design, and just the opportunities that models provide as they advance with code, that is a big part of our focus. And the opportunity to partner deeply and to really make sure that we are thinking in the right ways about how models will continue to have new capabilities in the future.

當然。所以我認為，目前當我們思考設計的核心，以及模型隨著程式碼發展而帶來的機會時，這是我們關注的重點之一。並且有機會進行深入合作，真正確保我們以正確的方式思考模型在未來如何繼續具備新的功能。

And then to make sure that we are accounting for that in our product road map as well as working closely and integrating well with various model providers is something that we paid a lot of attention to. I think going forward, as we think about some of the things we've seen with, for example, Figma apps on ChatGPT, as well as Claud, there is definitely stuff that will explore there as well.

然後，我們非常重視確保在產品路線圖中考慮到這一點，並與各種模型提供者密切合作、良好整合。我認為展望未來，當我們思考一些我們已經看到的東西，例如 ChatGPT 上的 Figma 應用以及 Claud，肯定也有一些東西值得我們去探索。

But I think it is maybe secondary to the primary objective of just having that amazing ability to work and go from Code to Canvas and Canvas to Code and back again, that round trip is what we're really focused on and making sure that we are always meeting the criteria of as (inaudible) better, we're gaining better.

但我認為這或許是次要的，主要目標是擁有那種令人驚嘆的工作能力，能夠從代碼到畫布，再從畫佈到代碼，如此往復，這種往返才是我們真正關注的重點，並確保我們始終滿足“越（聽不清）越好，我們就越進步”的標準。

All right. Very helpful. And then Praveer, in your prepared remarks, you closed out by talking about March is kind of when we're going to start seeing this more mix between subscription and consumption more of a hybrid. It's very consistent with what you've talked about before, and how the landscape seems to be shifting.

好的。很有幫助。然後，Praveer，你在事先準備好的發言中最後提到，3 月我們將開始看到訂閱和消費模式更加混合，形成一種混合模式。這和你之前談到的內容非常一致，也符合當前情勢的變化趨勢。

Maybe -- as we think about that mix, two pieces. Number one, how do you expect, given some of the early traction you're having with your AI native SKUs? How do you expect that mix to shape over time? And then alongside that, how do you -- what tools in your arsenal do you have to at least have visibility and predictability into future revenue. So the model install doesn't become overly volatile as we navigate through this change. Thanks a lot.

也許——當我們思考這個組合時，是兩個部分。首先，鑑於你們的 AI 原生 SKU 目前取得的一些早期進展，你們的預期是什麼？你認為隨著時間的推移，這種組合會如何改變？此外，你有哪些工具可以用來至少對未來的收入有所了解和預測？因此，在進行這項變更的過程中，模型安裝不會變得過於不穩定。多謝。

Yeah. No, I appreciate the question, Rishi. I think the way that I'd frame it is we've already started studying this usage and utilization behavior. And we were prepping for this hybrid model for some time. We basically have telemetry into the overall seat rather the overall credit consumption on a per seat basis and what we've observed is it tends to be a power-law distribution where a subset of users within an organization are receiving outsized value and as such, are going over the projected limits that we intend to enforce.

是的。不，我很感謝你的提問，里希。我認為，我們可以這樣表達：我們已經開始研究這種使用和利用行為了。我們為這種混合模式準備了一段時間。我們基本上掌握的是整體席位的遙測數據，而不是每個席位的整體信用消耗數據。我們觀察到的情況是，它往往呈現冪律分佈，組織內的一部分使用者獲得了過大的價值，因此超過了我們打算強制執行的預期限制。

Now our expectation is that, that will continue to evolve as we introduce more services for folks to be able to drive down credits, will create more opportunities for us to have -- continue to shift that distribution further and further right. The way that our AI add-ons are structured, they're structured as additional consumption packs in addition to providing folks the opportunity to pay as you go.

現在我們預計，隨著我們推出更多服務，讓人們能夠減少信用額度，這種情況將繼續發展，這將為我們創造更多機會，讓我們能夠繼續將這種分配方式進一步向右移動。我們的 AI 外掛程式採用附加消費包的形式，同時也提供按需付費的選項。

So in the instance that you're purchasing an add-on pack, it coterms with your subscription, and we have more predictability in that. And on the pay-as-you-go side, that is more meant to be for burst type activity. So ultimately, it will be a mix we're studying it very closely. And I think as we get post our -- the actual monetization date is when we'll be able to further refine our assumptions.

因此，如果您購買的是附加包，它與您的訂閱條款一致，這樣我們就更有可預測性。而按需付費模式則較適合短時高強度的使用。所以最終，它會是一種混合體，我們正在密切研究它。我認為，隨著我們發布實際的獲利日期，我們將能夠進一步完善我們的假設。

Billy Fitzsimmons, Piper Sandler.

比利·菲茨西蒙斯，派珀·桑德勒。

The FY25 -- or the FY26, I should say, revenue starting point was well above expectations. If I look at the operating income guidance, midpoint implies, I think, 7.7% non-GAAP operating margins compared to, I think, 12.3% in 2025.

2025 財年（或應說是 2026 財年）的營收起點遠超預期。如果我看一下營業收入預期，我認為中點意味著非GAAP營業利潤率為7.7%，而2025年我認為是12.3%。

Just as we think about the drivers of this, what's kind of the breakdown between expected gross margin compression from AI investments in the product ramp versus maybe some incremental investments you plan on making on the OpEx line. And I know you don't guide to it, but any directional commentary on kind of gross margins in 2026 would be helpful.

正如我們思考其驅動因素時，人工智慧投資在產品推廣階段帶來的預期毛利率壓縮，與您計劃在營運支出方面進行的一些增量投資之間的比例是多少？我知道您不提供這方面的指導，但對 2026 年毛利率的任何方向性評論都會有所幫助。

Yeah. I think your point on us continuing to invest on the AI side is what's showing up flowing through, both through gross margin and ultimately will hit our Op Inc and Op margin there. At this moment, we're not kind of sharing more specifics on the gross margin side, but it is meant to signal that we do see that there's a pretty large opportunity for us to take more AI features to a broader set of our users. And so that's what we've used in our guide to express our confidence and excitement to further invest here ultimately with the goal of driving growth and ubiquity of many of our solutions and durable growth over the long term.

是的。我認為您提到的我們繼續在人工智慧領域進行投資的觀點，已經體現在毛利率上，並最終影響我們的營運收入和營運利潤率。目前，我們暫時不會透露毛利率方面的更多細節，但這表明我們認為，將更多人工智慧功能推廣給更廣泛的用戶群體，是一個相當大的機會。因此，我們在指南中以這種方式表達了我們的信心和興奮，我們將繼續在這裡進行投資，最終目標是推動我們眾多解決方案的成長和普及，並實現長期的可持續成長。

If I can peak in one more?

如果我能再偷看一眼呢？

I was going to add like if there's ever a time to put your foot on the gas to make sure that we are lean into the future. This is the time. So I just want to be clear about that. we can intend to invest here, do so responsibly but make sure that we are setting ourselves up to capture opportunity in front of us, which we think is very sizable.

我本來想補充一點，就像如果有什麼時候需要我們全力以赴，確保我們能夠積極擁抱未來一樣。時機已到。所以我想把這一點說清楚。我們可以打算在這裡投資，以負責任的方式進行投資，但要確保我們做好準備，抓住擺在我們面前的巨大機會。

Maybe on -- super helpful. Maybe just on OpEx, like a lot of companies this call it, earnings season or talking about expected AI-related efficiencies on the R&D line or the potential to increase product velocity there. How are you guys just thinking about that in terms of 2026?

或許開啟——非常有幫助。或許只是在營運支出方面，就像許多公司所說的那樣，在財報季，或是談論研發線上預期的人工智慧相關效率，或是提高產品速度的潛力。你們是怎麼看待2026年的這些事的？

Yeah. I mean there's definitely opportunity there for us. I think what we're experimenting with is a whole bunch of different types of tools. We're iterating on different ideas and then observing overall efficiency of the team. We don't see that -- we don't see it as a tool that replaces our talent, but rather how can we augment the team that we already have. So we will continue to hire, but we will also be able to complement that with the efficiency gain by some of the tools out there as well.

是的。我的意思是，那裡肯定有我們的機會。我認為我們正在嘗試的是各種不同類型的工具。我們正在反覆嘗試不同的想法，然後觀察團隊的整體效率。我們不認為它是取代我們人才的工具，而是認為它能增強我們現有的團隊。因此，我們將繼續招聘，但同時也藉助一些現有工具提高效率，從而更好地滿足招聘需求。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

This is Jack McShane on for Parker. Dylan, I'd love to hear you compare and contrast the benefits of your new quad code integration and Figma Make. Do you have any early indication on how customers are going to leverage all these tools that take you from zero to one in the design process? And when will customers be using the quad code integration versus Make? Is it going to be a user preference thing, or will some projects be more relevant to one or the other?

這是傑克·麥克沙恩替帕克上場。Dylan，我很想聽你比較一下你的新四元代碼整合和 Figma Make 的優勢和對比。您目前是否有任何跡象表明客戶將如何利用所有這些工具在設計過程中從零到一？客戶何時會使用四元程式碼整合而不是 Make 整合？這完全取決於使用者偏好，還是某些項目對其中一方更為重要？

Yes. I mean, I think it's -- there's plenty of times where I hypothesize, but it's probably not the format for hypothesis. And I would say that overall, this is very much in the too early team we just launched this yesterday. And so I am excited to learn more. But right now, we're still at a very early place here.

是的。我的意思是，我覺得——我有很多次都會提出假設，但這可能不是提出假設的正確形式。總的來說，我認為這個團隊還處於非常早期的階段，我們昨天才剛推出這個團隊。因此，我很期待了解更多。但現在，我們還處於非常早期的階段。

I think, though, that if you look at the workflow overall, it used to be the case like even for sure, a year ago, perhaps even six, nine months ago, that a lot of people saw the workflow of product development is very linear. And you would do stuff like brainstorming and then design and then you'd code. And right now, we're seeing it in a place where people might start anywhere, and they won't be able to go everywhere.

不過，我認為，如果你從整體來看工作流程，你會發現，即使在一年前，甚至可能在六個月、九個月前，很多人都認為產品開發的工作流程是非常線性的。你會先進行腦力激盪，然後進行設計，最後再寫程式碼。現在，我們看到這種情況發生在人們可能從任何地方開始，但他們無法到達任何地方。

And so I think this plays directly to our strengths, making it so that you can really go into the Figma Canvas and with -- in the case of Make, really couple up Figma Make with Figma Design and make it so that you can go and explore divergently and really have that bird's eye view, zoom out, and understand what's possible.

所以我認為這直接發揮了我們的優勢，讓您可以真正進入 Figma Canvas，並且——就 Make 而言——真正將 Figma Make 與 Figma Design 結合起來，讓您可以進行發散性探索，真正獲得鳥瞰視角，縮小範圍，了解什麼是可能的。

The way I think about it is your sampling this infinite possibilities base. And you're trying to determine what are the right options to go explore in that space and then push them forward with design. And I think that you can do that through a code, you can do that through design, but code is more linear. It's more -- you're really advancing in one direction. And so you might be moving fast, but make sure you go into the right place before you go too far.

我的理解是，你正在對這個無限的可能性庫進行取樣。你試圖確定在這個領域中應該探索哪些正確的選擇，然後透過設計來推進這些選擇。我認為你可以透過程式碼來實現這一點，也可以透過設計來實現這一點，但程式碼更偏向線性。更確切地說——你真的在朝著一個方向前進。所以，你或許走得很快，但在走得太遠之前，一定要確保你進入了正確的地方。

Whereas Design, you're really thinking about what are the range of possibilities I should explore, and you're weighting them and figuring out the trade-offs.

而設計，則是真正思考我應該探索哪些可能性，並對它們進行權衡，找出其中的利弊。

And I also think that the opportunity for polish and craft and design is quite high. And that gets me very excited because we've really tried to make sure that direct manipulation works so well in Figma Design. And the opportunity to use your hands and just being in the seat to flow, I think, is a big opportunity for our customers and it's so much more efficient than prompting a lot of examples.

而且我認為，在工藝、設計等方面的發展機會也相當多。這讓我非常興奮，因為我們一直努力確保直接操作在 Figma Design 中能很好地發揮作用。我認為，讓客戶有機會動手操作，並且只需坐在座位上自由發揮，這對我們的客戶來說是一個巨大的機會，而且比給出很多例子要高效得多。

Overall, I would say Figma has the opportunity to be the place where all this comes together, the round trip, the direct papulation, the divergence of different possibilities, as well as picking a solution and then saying, okay. I want to go to this up. Maybe that goes back into the Agentic development environment or IDE of your or choice or maybe in the future with long-running agents and increasing model capabilities, you can just do that from pigment design. So we'll see how the future evolves. Hard to predict when these capabilities come online, but we're really excited about our position here.

總的來說，我認為 Figma 有機會成為所有這些匯聚的地方，實現往返、直接填充、不同可能性的發散，以及選擇一個解決方案，然後說，好的。我想上去看看。也許這需要回到你選擇的 Agentic 開發環境或 IDE 中，或者在未來，隨著長時間運行的代理和不斷增強的模型功能，你可以直接從顏料設計中實現這一點。所以，讓我們拭目以待未來如何發展。很難預測這些功能何時上線，但我們對目前所處的地位感到非常興奮。

Yes. That was really insightful. And then just one more quick one for me. Obviously, the 4 products you launched last year, rightfully so, Make is getting the bulk of the attention but I'd be curious to get an update on draw buzz and sites. What's the usage been like, the feedback?

是的。那真是很有見地。然後，我再快速地吃一個。顯然，你去年推出的 4 款產品，理所當然地，Make 獲得了大部分關注，但我很想了解 draw buzz 和網站的最新情況。使用情況如何？用戶回饋如何？

And has there been any key -- any big surprises since they've gone to market.

自上市以來，有沒有什麼關鍵的──有沒有什麼重大的驚喜？

Well, I would say for Make, obviously, getting tons of attention, you noticed that. And then as it comes to your draw buzz and sites, I would say that draw I mean, definitely, the engagement with some of the features we mentioned in the prepared remarks, has been really encouraging. And then I would -- around buzz and sites, I would say these products are still early in their life cycle. And so we are definitely working a lot here from our users as we always do. And we're seeing promising early traction.

嗯，我想說的是，Make 顯然獲得了大量的關注，你也注意到了這一點。至於你們的抽獎活動和網站，我想說，抽獎活動，我的意思是，絕對而言，我們在準備好的發言稿中提到的一些功能的參與度，確實令人鼓舞。然後，根據熱議和網站的情況來看，我認為這些產品仍處於生命週期的早期階段。所以，我們和以往一樣，在這裡做了很多與使用者相關的工作。我們看到了一些令人鼓舞的早期進展。

And while I don't have numbers to share, I think that there are definitely customer examples. For example, one is from a Mag 7 customer, where with their creative team, they've been able to really be able to run a global holiday campaign through Figma Buzz, and produced just an incredible amount of assets, I think, over 5,000 across 30 countries. And for the lot of scale you can get from buzz and also in some ways from Weave 2, which is a different use case, but has shared properties.

雖然我沒有具體數據可以分享，但我認為肯定有客戶案例可以參考。例如，Mag 7 的一位客戶就曾表示，他們透過 Figma Buzz 開展了一項全球假期行銷活動，並製作了數量驚人的素材，我認為超過 5000 個，覆蓋 30 個國家。而且，Buzz 和 Weave 2 都能帶來很大的規模效益，儘管 Weave 2 的用例不同，但它也具有一些共同的功能。

We are really excited about how you can actually go create workflows for people. When it comes to sites, I would just say that there is a real need on the workflow side of going from a Design and Figma Design to something that is published on the web and that workflow need is incredibly important. And we're excited to help people go from designer production in general, but this is a very particular path. And whether it's Figma Sites or Figma Make, we're really watching closely how customers are completing that journey in Figma. And more broadly across all these products, we're watching the way that people use them making sure they have what they need and also pay attention to the constantly changing the environment and landscape that we're in, and that way we can plan and build accordingly.

我們非常興奮地看到，您實際上可以為人們創建工作流程。就網站而言，我想說的是，從設計和 Figma 設計到發佈到網路上的內容，工作流程方面確實存在著很大的需求，而這種工作流程需求非常重要。我們很高興能夠幫助人們從設計師轉型為生產人員，但這確實是一條非常特殊的道路。無論是 Figma Sites 還是 Figma Make，我們都在密切關注客戶如何在 Figma 中完成這個過程。更廣泛地說，在所有這些產品中，我們都在觀察人們使用它們的方式，確保他們擁有所需的一切，同時也關注我們所處的環境和格局的不斷變化，這樣我們才能進行相應的規劃和建設。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Heym guys. Thanks for taking questions. I've got Dylan, maybe one for you and then one for Praveer. Building on some of the earlier questions that are at a high level. You have had the labs as customers or you have them as customers, they're deep partners, you're watching from the front row in terms of how the entire software supply chain is changing.

嘿，大家好。謝謝回答問題。我這裡有 Dylan，也許給你一個，再給 Praveer 一個。在先前一些高層次問題的基礎上繼續探討。你們曾經或現在擁有這些實驗室客戶，他們是你們的深度合作夥伴，你們正處於整個軟體供應鏈變革的最前線。

What products or what usage maybe has surprised you, Dylan, to the upside? I mean, maybe specifically on Dev Mode and Make, and holistically, how are you thinking about tailwinds to growth from these products in fiscal '26? And a quick follow-up.

迪倫，有哪些產品或用途讓你感到驚喜，並帶來了意想不到的好處？我的意思是，具體到開發模式和製作功能，以及整體而言，您認為這些產品在 2026 財年能為企業成長帶來哪些利多因素？還有一個後續問題。

I'll actually punt that one to Praveer.

我還是把這個問題推給普拉維爾吧。

I mean, there's a bunch of them that I'm excited about. I think we called out some of the momentum on make there. We grow our weekly active users, 70% quarter over quarter. And we start to see the adoption across our larger customers, the 100,000-plus customers going from 30% creating a make up to about 50% by the end of the year there.

我的意思是，其中有很多都讓我感到興奮。我認為我們已經指出了make的一些發展勢頭。我們的每週活躍用戶數較上季成長 70%。我們開始看到大型客戶（10萬以上客戶）也開始採用這項技術，到年底，這項技術的使用率從30%上升到50%左右。

When I stare at Dev Mode, I think Dev Mode continues to be a very, very important part of the overall workflow. We see excitement not just from our -- from folks that are upgrading for the seat, but for folks that want to make use of Dev Mode MCP. It's an emerging trend that we found our -- is really resonating with our customer. We now have this opportunity really around trip given the integration partnership we launched with the Claudco to the Canvas yesterday.

當我觀察開發模式時，我認為開發模式仍然是整個工作流程中非常非常重要的一部分。我們看到的興奮不僅來自那些為了升級座位而升級的用戶，也來自那些想要使用開發者模式 MCP 的用戶。這是一個新興趨勢，我們發現它真的引起了我們客戶的共鳴。鑑於我們昨天與 Claudco 和 Canvas 啟動的整合合作夥伴關係，我們現在確實有機會圍繞這次旅行。

And our hope here is that what we're taking to our customers is a full product platform and suite. And as we do so, it gives us an infinite number of ways to position how these things kind of come together.

我們希望能夠為客戶提供一個完整的產品平台和套件。這樣做，就給了我們無數種方法來定位這些事物是如何結合在一起的。

Got it. And then Praveer, maybe just for you specifically on Figma Make. What's in the guidance, is Make -- is it possible to think about Make or compare and contrast that contribution to growth relative to pricing in fiscal '25. Was it -- do you think it's going to be more or less? And are there any pricing tailwinds still contemplated in fiscal '26 in the guide?

知道了。然後是 Praveer，也許只是專門為你準備的 Figma Make。指導方針中提到的是「製造」——是否有可能考慮「製造」或比較和對比其對2025財年增長相對於定價的貢獻。你覺得會更多還是更少？指南中是否也考慮了 2026 財年的任何定價利多因素？

Yeah. Maybe I'll start with the back half of your question there. We're still going through the last set of renewals here. That are folks that are renewing under the new pricing and packaging that we launched in March of last year. So we'll anniversary that in March of this year, just -- which just so happens to coincide with the launch of our or make add-ons and credits.

是的。或許我可以先回答你問題的後半部。我們這裡還在處理最後一批續約事宜。這些人都是按照我們去年三月推出的新定價和套餐方案續訂的。所以我們將在今年三月慶祝這個週年紀念日，恰好與我們的插件和積分的推出時間重疊。

The way that we framed how make shows up and broadly, our AI features show up in our guide is we baked it based off current utilization and adoption trends, both on seat adoption trends, in addition to credit utilization patterns and trends. What we expect to see is as we've introduced more surfaces for folks to be able to draw down credits that we'll start to see more and more folks that would potentially land in the camp of needing an add-on.

我們對「如何做」以及我們的人工智慧功能在我們的指南中如何呈現的設定，是基於當前的利用率和採用率趨勢，包括座位採用率趨勢以及信用利用模式和趨勢。我們預計，隨著我們為玩家提供更多賺取積分的途徑，將會有越來越多的玩家需要額外的插件。

So what I would expect over time is that it's not necessarily going to be a fire out of the gate, but a slow build here with us wanting to make sure that we're really serving our users and meeting their needs. And then the onus is on us to continue to deliver value over the long term.

因此，我預計隨著時間的推移，它不一定會一開始就勢如破竹，而是一個緩慢發展的過程，我們希望確保我們真正為用戶服務，並滿足他們的需求。接下來，我們就有責任在長期內持續創造價值。

And everyone, unfortunately, that is all the time we have for questions today. This does conclude our conference. We would like to thank you all for joining. You may now disconnect.

很遺憾，各位，今天我們提問的時間就到此為止了。我們的會議到此結束。感謝各位的參與。您現在可以斷開連線了。