Figma, Inc. (FIG) 2026 Q3 法說會逐字稿

Hello everyone. Thank you for joining us and welcome to the Figma third quarter 2026 earnings call. After today's prepared remarks, we will host a question-and-answer session.

各位好。感謝各位參與，歡迎加入 Figma 2026 年第三季財報電話會議。在今天的事先準備發言之後，我們將進行問答環節。

(Operator Instructions)

(接線員指示)

I will now hand the conference over to Kate DeLeo, Vice President of Investor Relations. Kate, please go ahead.

現在我將把會議交給投資人關係副總裁 Kate DeLeo。Kate，請開始。

Good afternoon, and thank you for joining us on today's conference call to discuss Figma's results for the third quarter of 2026. On the call, we have Dylan Field, Figma's Co-Founder and Chief Executive Officer, and Praveer Melwani, our Chief Financial Officer. 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. Actual results may vary materially from today's statements.

各位下午好，感謝各位參加今天的電話會議，一同討論 Figma 2026 年第三季的業績表現。今天與會者包括 Figma 共同創辦人兼執行長 Dylan Field，以及我們的財務長 Praveer Melwani。在今天的會議過程中，我們可能會做出前瞻性陳述，包括但不限於關於我們的財測指引與未來財務表現、市場需求、產品開發、成長前景、商業策略與計畫、合作夥伴關係、吸引與留住客戶的能力，以及有效競爭的能力等陳述。這些前瞻性陳述係基於管理層目前的觀點與假設，且不應在任何後續日期加以依賴；我們亦聲明不負有更新任何前瞻性陳述之義務。實際結果可能與今天的陳述存在重大差異。

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 quarterly report on Form 10-Q for the quarter ended September 30, 2026. 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 effects 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 the investor relations page on our website. I would now like to turn the conference call over to Dylan.

有關我們的風險、不確定性及其他可能導致結果與這些前瞻性陳述不同的因素之資訊，已載於我們向美國證券交易委員會（SEC）提交的文件中，包括截至 2026 年 9 月 30 日止季度的 Form 10-Q 季度報告。我們今天的討論將包含若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標應作為 GAAP 指標的補充，而非替代，亦不應單獨或孤立地看待。我們的非 GAAP 指標排除了 GAAP 結果中以股份為基礎的薪酬及若干其他項目的影響。非 GAAP 財務衡量指標與可比 GAAP 指標之調節表，可在隨本次電話會議發布的新聞稿中查閱；該新聞稿已張貼於我們網站的投資人關係頁面。接下來我想把電話會議交給 Dylan。

Hi, everyone, and thank you for tuning in to today's call. For decades, writing code was the bottleneck of the product development process. As coding models improve, that is no longer true. Value is moving up the stack to design, and demand for great design is growing. According to our research, the majority of product builders, developers included, believe that design skills are becoming more important than coding skills. We see this in how teams use AI in Figma, with our own agents and others that are connected to our canvas. To design something well, AI needs the context that lives on Figma's platform, your thinking, your design system, the decisions that your team has made. Design is the new code, and Figma is the center of gravity for design. This expands Figma's market opportunity, and we're already seeing it in our results.

各位好，感謝收聽今天的電話會議。數十年來，撰寫程式碼一直是產品開發流程的瓶頸。隨著程式編碼模型的進步，這點已不再成立。價值正在往上層移動到設計，而對卓越設計的需求正在成長。根據我們的研究，多數產品打造者（包含開發者）認為，設計技能正變得比程式編碼技能更重要。我們也從團隊在 Figma 中使用 AI 的方式看見這點，包括我們自家的代理（agents）以及其他連接到我們畫布的代理。要把某個設計做好，AI 需要存在於 Figma 平台上的脈絡：你的思考、你的設計系統，以及你的團隊所做出的決策。設計就是新的程式碼，而 Figma 是設計的重力中心。這擴大了 Figma 的市場機會，而我們已在業績中看到這一點。

I'll walk through a few highlights from the quarter. In Q3, we delivered $391 million in revenue, up 43% year over year, and $16 million above the high end of our prior guidance. Our net dollar retention rate was 131%. Non-GAAP gross profit dollars grew 36% year-over-year. Our non-GAAP operating margin was 12%, and our free cash flow margin was 11%. We finished Q3 with $1.7 billion in cash equivalents, and marketable securities. We delivered these results as we focused on building the full-stack canvas for visual-first development. It's made for collaboration, increasingly powered by our first-party model, and native to the ways that teams design and build with AI. This is Figma's opportunity and what we believe will fuel our next phase of growth ahead. We're tackling this opportunity by extending the Figma platform on three main fronts. First, code and context.

我將說明本季的幾項重點。第三季我們實現 3.91 億美元營收，年增 43%，並較先前財測指引上緣高出 1,600 萬美元。我們的淨美元留存率為 131%。非 GAAP 毛利金額年增 36%。非 GAAP 營業利益率為 12%，自由現金流利益率為 11%。第三季結束時，我們持有 17 億美元的現金約當現金與有價證券。在我們專注於打造用於「視覺優先開發」的全棧畫布之際，仍交出了上述成果。它為協作而生，並日益由我們的第一方模型驅動，且原生支援團隊以 AI 進行設計與建置的方式。這就是 Figma 的機會，也是我們相信將推動下一階段成長的動能。我們正從三個主要面向延伸 Figma 平台以掌握這個機會。第一，程式碼與脈絡。

Second, the Figma Agent and the Figma MCP server. Third, our first-party model. Let's start with code and context. Earlier this year, we introduced Code Layers, which launched into open beta last month. As code becomes a commodity, more designers are using it to visualize their thinking and bring their ideas to life. That work is starting with coding agents in terminals and IDEs. These tools are powerful, but working in a linear, code-first way can lead to tunnel vision and siloed workflows. When you're working alone, it's easy to get attached to your first idea and build the wrong thing, which ends up slowing everyone down. We see this in our research. More than half of product builders, 52%, said fixing AI outputs is becoming one of the most time-consuming parts of their day-to-day work

第二，Figma Agent 與 Figma MCP 伺服器。第三，我們的第一方模型。先從程式碼與脈絡談起。今年稍早，我們推出了 Code Layers，並於上個月進入公開測試（open beta）。隨著程式碼逐漸商品化，越來越多設計師使用程式碼來視覺化他們的思考，並讓想法成形。這項工作正從終端機與 IDE 中的編碼代理開始。這些工具很強大，但以線性、程式碼優先的方式工作，可能導致視野狹隘與各自為政的工作流程。當你獨自工作時，很容易執著於第一個想法而做出錯的東西，最終反而拖慢所有人。我們在研究中也看到這點。超過一半的產品打造者（52%）表示，修正 AI 輸出正成為他們日常工作中最耗時的部分之一。

As one customer told us, it's, quote, "Fast, fast, fast, and then slow." We also know that for many of our customers, and basically anyone who's not a developer, the terminal, the IDE, they just don't feel like home. They prefer the canvas, where they can explore and compare and riff on ideas with their team. Agents make the canvas even more valuable. The faster AI can help you generate prototypes, the more teams need a shared place to see them side by side to decide which ones are worth developing, which deserve to ship. This is where Code Layers shines. At Merkle, teams are reporting 30% faster iteration and feature development with Code Layers.

正如一位客戶告訴我們的，引用其話：「快、快、快，然後變慢。」我們也知道，對許多客戶而言，基本上任何不是開發者的人，都不覺得終端機或 IDE 像是自己的主場。他們更偏好畫布，因為在那裡可以與團隊一起探索、比較並即興發想。代理讓畫布變得更有價值。AI 越能快速協助你生成原型，團隊就越需要一個共享的地方把它們並排檢視，以決定哪些值得開發、哪些值得發布。這正是 Code Layers 發揮所長之處。在 Merkle，團隊回報使用 Code Layers 後，迭代與功能開發速度提升 30%。

As Merkle's VP and Global Lead of Experience Design, Dave Calleja, put it, "The power of Code Layers is removing the perceived division between code-based and canvas-based tools with the full power of both." The design, engineering, and product teams at Cox Automotive are using Code Layers to explore variations on a new dealer-facing CRM. A Senior PM for AI went through 19 versions of that CRM with about an hour of hands-on keyboard time. In their words, working with Code Layers was, quote, "At least 10 times more efficient or about 90% time saved." Code Layers rolled out to all users this week. We see it as core infrastructure that we'll continue to invest in and improve. It's already changed how we build at Figma, and we're excited about Code Layers' potential to transform how teams build with code in a visual-first way.

正如 Merkle 的體驗設計副總裁暨全球負責人 Dave Calleja 所說：「Code Layers 的威力在於，結合兩者的完整能力，消除了人們對以程式碼為基礎與以畫布為基礎工具之間分野的既定認知。」Cox Automotive 的設計、工程與產品團隊正在使用 Code Layers 來探索一款面向經銷商的新 CRM 的各種變體。一位 AI 資深產品經理在大約一小時的實際鍵盤操作時間內，就完成了該 CRM 的 19 個版本。用他們的話說，使用 Code Layers 的工作方式，引用其話：「至少效率提升 10 倍，或約節省 90% 的時間。」Code Layers 本週已向所有使用者推出。我們將其視為核心基礎設施，並會持續投入與改進。它已經改變了我們在 Figma 的建置方式，我們也對 Code Layers 以視覺優先方式改變團隊用程式碼建置的潛力感到振奮。

In addition to code, we are also introducing ways to bring more context into the Figma canvas with Specs. To understand the power of Specs, it helps to understand Markdown, a context format that has become widely used to feed context to agents. Specs is a medium for Markdown that lives directly on the Figma canvas. It gives teams a new way to codify context and move it into, out of, and across Figma. It works with all content types, visual, written, design, and also code. It is also multiplayer, meaning you can work on Specs with both human and agent collaborators. Specs houses teams' shared decisions and can reference work already in the canvas, giving teams a better way to ultimately ship their design intent. That brings me to the second area of focus, agents, starting with the Figma MCP server.

除了程式碼之外，我們也透過 Specs 推出把更多脈絡帶入 Figma 畫布的方法。要理解 Specs 的威力，先理解 Markdown 會有幫助；Markdown 是一種脈絡格式，已被廣泛用於向代理提供脈絡。Specs 是一種承載 Markdown 的媒介，且直接存在於 Figma 畫布上。它為團隊提供一種新的方式來將脈絡制度化，並在 Figma 之內、之外以及跨 Figma 進行移動。它適用於所有內容類型：視覺、文字、設計，以及程式碼。它也支援多人協作，意味著你可以與人類與代理協作者一起在 Specs 上工作。Specs 可承載團隊的共同決策，並能引用畫布中既有的工作，讓團隊最終能以更好的方式交付其設計意圖。這也帶到我第二個重點領域：代理，先從 Figma MCP 伺服器開始。

Figma's MCP server has become an important way of how teams build with AI. Recently, we have added several new capabilities, including the ability to generate Code Layers, images, or push a Markdown file into Figma Specs. Last month, we added 20 new MCP partners so that workflows can easily connect to our platform. These new partners include Notion, Xcode, and Meta's AI agent, Muse, which was also designed in Figma. During Q3, the Figma MCP server was our fastest-growing product by growth in weekly active users. Today, it has approximately 1 million weekly active users. In Q3, total MCP usage grew 3X quarter-over-quarter, and writeback usage grew 4X. This reflects Figma's central place in the product development workflow and the power of working on the canvas in a visual-first way. MCP is also bringing new teams to Figma.

Figma 的 MCP 伺服器已成為團隊以 AI 進行建置的重要方式。近期我們新增了多項新功能，包括可生成 Code Layers、圖片，或將 Markdown 檔案推送至 Figma Specs。上個月，我們新增了 20 個新的 MCP 合作夥伴，讓工作流程能更容易連接到我們的平台。這些新合作夥伴包括 Notion、Xcode，以及 Meta 的 AI 代理 Muse（它也是在 Figma 中設計的）。在第三季，Figma MCP 伺服器以每週活躍使用者成長來看，是我們成長最快的產品。目前它約有 100 萬名每週活躍使用者。第三季 MCP 總使用量較前一季成長 3 倍，而回寫（writeback）使用量成長 4 倍。這反映了 Figma 在產品開發工作流程中的核心地位，以及以視覺優先方式在畫布上協作的力量。MCP 也正為 Figma 帶來新的團隊。

In Q3, about half of new Pro teams used our MCP server, and customers using Figma MCP grew full seats faster than those who did not. It is also translating into meaningful AI usage on our platform. In fact, MCP is now driving 5% of credit consumption on Figma. Turning to the Figma Agent. The agent is foundational to the full-stack canvas we are building. Customers are using the agent to generate designs grounded in their design systems, to explore ideas and get them in front of users faster, and to save time by automating repetitive tasks. For example, at Uber, the agent helps document design system components across seven different platforms.

在第三季，約有一半的新 Pro 團隊使用了我們的 MCP 伺服器，而使用 Figma MCP 的客戶，其完整席位（full seats）成長速度也快於未使用者。這也轉化為我們平台上具實質意義的 AI 使用。事實上，MCP 現在正驅動 Figma 上 5% 的點數（credit）消耗。接著談 Figma Agent。這個代理是我們正在打造的全端畫布（full-stack canvas）的基礎。客戶使用該代理來生成以其設計系統為基礎的設計、探索想法並更快讓使用者看到，以及透過自動化重複性工作來節省時間。例如在 Uber，該代理協助在七個不同平台上記錄設計系統元件。

Documentation that once took multiple people months to complete can now be published by one designer in an afternoon. At Granola, the Figma Agent uses the Granola connector to turn meeting feedback into annotations directly on the Figma canvas. That way, designers can stay focused on the conversations they are having and then act on what they heard. As one of Granola's designers put it, "The quicker you can get a design in front of a user, the better. Everything I do with the Figma Agent is in service of that." As of October 31st, on a weekly basis, 65% of paid customers with more than $10,000 in ARR were using the Figma Agent, and over 80% were consuming AI credits. Across Figma, excluding beta usage, weekly AI credit consumption has increased 2.5X through the transition of the Agent GA launch in October 31st. The Figma Agent and MCP server are also bringing new personas to Figma that want to work in a design and visual-first way. We believe this expands our total addressable market beyond traditional designers and product teams.

過去需要多人花數月完成的文件，如今一位設計師在一個下午就能發布。在 Granola，Figma Agent 透過 Granola 連接器，將會議回饋直接轉成 Figma 畫布上的註解。如此一來，設計師可以專注於正在進行的對話，之後再根據聽到的內容採取行動。正如 Granola 的一位設計師所說：「你越快把設計呈現在使用者面前，就越好。我用 Figma Agent 做的每一件事，都是為了達成這點。」截至 10 月 31 日，以每週為基準，ARR 超過 10,000 美元的付費客戶中有 65% 在使用 Figma Agent，且超過 80% 在消耗 AI 點數。在整個 Figma（不含 beta 使用）中，每週 AI 點數消耗在 10 月 31 日 Agent 正式版（GA）上線的轉換期間提升了 2.5 倍。Figma Agent 與 MCP 伺服器也正為 Figma 帶來新的使用者角色（persona），他們希望以設計與視覺優先的方式工作。我們相信這將把我們的總可服務市場（TAM）擴展到傳統設計師與產品團隊之外。

For example, at Harvey, the marketing team is using agents connected through the Figma MCP server, as well as tools like Figma Motion and Figma Weave, to create launch films and personalized product videos. This is part of what they're calling a, quote, "frontier marketing org." They built reusable libraries for their brand guidelines, product screens, and motion animations, all in Figma. This gives agents the context to build consistently and at the quality bar that their team expects. The team visually reviews storyboards on the canvas while agents revise the work based on their feedback. In one batch, Harvey produced 36 films in 69 minutes. It's a workflow where human direction, shared design context, and agents come together to, as they put it, quote, "turn ambitious ideas into repeatable work at scale." The third area of focus is the first-party model that's powering more of the agent's work.

例如在 Harvey，行銷團隊使用透過 Figma MCP 伺服器連接的代理，以及 Figma Motion、Figma Weave 等工具，來製作發佈影片與個人化產品影片。這是他們所稱的「前沿行銷組織（frontier marketing org）」的一部分。他們在 Figma 中建立了可重複使用的素材庫，涵蓋品牌規範、產品畫面與動態動畫。這讓代理具備一致建置所需的脈絡，並達到團隊期望的品質門檻。團隊在畫布上以視覺方式審閱分鏡腳本，同時代理會根據回饋修訂作品。在一次批次中，Harvey 在 69 分鐘內產出 36 支影片。這是一種工作流程：人類的指導、共享的設計脈絡與代理共同結合，正如他們所說，「把雄心勃勃的想法轉化為可規模化、可重複的工作。」第三個重點領域是驅動更多代理工作的一方模型（first-party model）。

Growing usage of the Figma Agent raises the bar for how our users expect it to perform. Every edit needs to be useful, precise, and fast enough to keep people in their flow. This is why we're investing in our own first-party models. We've seen that post-training with expert designers and researchers calibrating our evals around design can compete meaningfully with frontier models on specific tasks. From the start of Q3 through October 31st, we more than doubled the share of work powered by our own post-trained design model. Along with third-party models, it's delivering a better experience for our users. In head-to-head testing with expert designers, the agent beat or matched the previous production agent 62% of the time. User ratings are 33% higher, and users undo the agent's work 60% less often. We're excited about the potential of this work for two main reasons.

Figma Agent 使用量的成長，提高了使用者對其表現的期待標準。每一次編輯都必須有用、精準，且速度要快到足以讓人維持在心流中。因此我們正在投資自家的一方模型。我們看到，透過專家設計師與研究人員進行後訓練（post-training），並以設計為核心校準我們的評估（evals），在特定任務上能與前沿模型（frontier models）形成有意義的競爭。從第三季初到 10 月 31 日，我們將由自家後訓練設計模型所驅動的工作占比提升到原本的兩倍以上。搭配第三方模型，這為使用者帶來更好的體驗。在與專家設計師的正面對決測試中，該代理有 62% 的時間勝過或打平先前的正式版代理。使用者評分高出 33%，且使用者撤銷（undo）代理工作的頻率降低 60%。我們對這項工作的潛力感到振奮，主要有兩個原因。

First, it shows that a deep understanding of design and designer needs can translate to meaningful model and product progress, particularly in specialized domains. Second, a model with more powerful capabilities can help designers push the limits of their craft and expand who and what people can build in a visual-first way. AI is opening up new possibilities for how products get built, and we see incredible opportunity for Figma to shape what comes next. As code becomes abstracted, the products that stand apart will be defined by the judgment and the creativity of the humans behind them. The companies that win will invest in design. It is the differentiator. This has been our conviction since we started Figma 14 years ago, that the easier it is to build software, the more it matters what you build, and just as important, how well it's designed.

第一，這顯示對設計以及設計師需求的深刻理解，能轉化為具實質意義的模型與產品進展，特別是在專門領域。第二，能力更強的模型能幫助設計師突破工藝的極限，並擴大人們能以視覺優先方式建置的對象與內容。AI 正為產品的建置方式開啟新的可能性，而我們看到 Figma 有極大的機會去塑造下一步的樣貌。當程式碼變得更抽象化時，能脫穎而出的產品將由其背後人類的判斷力與創造力所定義。勝出的公司會投資設計。設計就是差異化因素。這一直是我們自 14 年前創立 Figma 以來的信念：軟體越容易被建置，你建置什麼就越重要；同樣重要的是，它被設計得有多好。

We're building Figma to be the best place to do both. With that, I'll pass it over to Praveer.

我們正在打造 Figma，讓它成為完成這兩件事的最佳場所。接下來我把時間交給 Praveer。

Thanks, Dylan. Dylan talked about how we're transforming our product and business in the AI era. I'd like to focus on how that's showing up in our results. For us, three things stand out. First, continued strength in renewals, expansion, and upgrades drove Q3 revenue well ahead of prior guidance, and we're raising our full-year outlook for both revenue and operating income. Second, AI usage on Figma grew meaningfully, including with our largest customers, who are now building with AI in Figma at scale. Third, we believe our MCP server is strengthening Figma's place at the center of the product development ecosystem, leading to more conversion, improved retention, and continued expansion. Taken together, we believe that we're building the right foundations to continue to drive our business forward. Let's walk through our recent performance. Q3 revenue was $391 million.

謝謝你，Dylan。Dylan 談到了我們如何在 AI 時代轉型我們的產品與業務。我想聚焦在這如何反映在我們的業績結果上。對我們而言，有三點特別突出。第一，續約、擴張與升級的持續強勁，推動第三季營收大幅超越先前指引，我們也上調全年營收與營業利益的展望。第二，Figma 上的 AI 使用量顯著成長，包括我們最大的客戶，他們現在正以規模在 Figma 中使用 AI 進行建置。第三，我們相信 MCP 伺服器正在強化 Figma 作為產品開發生態系中心的地位，帶來更高的轉換率、改善留存，並持續推動擴張。綜合來看，我們相信我們正在建立正確的基礎，以持續推動業務向前。讓我們回顧近期表現。第三季營收為 3.91 億美元。

This is up 43% year-over-year and $16 million above the high end of our prior guidance. Q3 net dollar retention rate was 131%. This was our fifth quarter in a row where NDR was above 130%, driven by upgrades, strong seat expansion, and AI monetization. Q3 gross retention rate remained in the mid to high 90s, and approximately two-thirds of paid customers with more than $10,000 in ARR added full seats compared to their prior renewal. We also continue to add customers across every tier. In Q3, we added more than 600 paid customers with more than $10,000 in ARR and more than 80 paid customers with more than $100,000 in ARR. We're not just adding customers, we're also going deeper with our existing customers.

這較去年同期成長 43%，並比先前指引區間上緣高出 1,600 萬美元。第三季淨美元留存率（NDR）為 131%。這是我們連續第五個季度 NDR 高於 130%，主要由升級、強勁的席位擴張，以及 AI 變現所驅動。第三季總留存率（gross retention rate）維持在 90% 中段至高段，且 ARR 超過 10,000 美元的付費客戶中，約有三分之二在本次續約時新增了完整席位（full seats），相較於其前一次續約。我們也持續在各個層級新增客戶。第三季，我們新增了超過 600 家 ARR 超過 10,000 美元的付費客戶，以及超過 80 家 ARR 超過 100,000 美元的付費客戶。我們不只是新增客戶，也在既有客戶中持續深化。

When we went public last July, we disclosed that paid customers with more than $10,000 in ARR accounted for 64% of ARR as of the end of Q1 2025. As of the end of Q3, they accounted for nearly 70%. Whether it's through expansion, upgrades, or AI monetization, our customers are doubling down on Figma. A big part of our story over the last several months was the progress we're making driving AI usage on the platform. We have continued to experiment with our pricing and packaging as we ship more products and capabilities that consume credits. For our largest customers, we now offer the ability to draw down AI add-ons, giving them more flexibility in how they use credits across the platform. In August, we repriced our credits to include more credits in each add-on. We see customers putting the credits to work.

我們在去年 7 月上市時披露，截至 2025 年第一季末，年經常性收入（ARR）超過 10,000 美元的付費客戶占 ARR 的 64%。截至第三季末，該占比接近 70%。無論是透過擴張、升級，或是 AI 變現，我們的客戶都在加碼投入 Figma。過去幾個月我們故事的一大部分，是我們在推動平台 AI 使用方面取得的進展。隨著我們推出更多會消耗點數的產品與能力，我們持續在定價與方案組合上進行實驗。針對我們最大的客戶，我們現在提供 AI 加購項目的「提用（drawdown）」機制，讓他們在平台上更有彈性地分配點數使用。8 月，我們重新調整點數定價，使每個加購項目包含更多點數。我們看到客戶正在充分運用這些點數。

Among customers who purchased AI add-ons, utilization increased by an average of nearly 40% between our credit repricing and the end of October. With Figma Agent becoming generally available on October 6th, we are powering entirely new ways to work for customers like Uber, Granola, Harvey, and thousands more. Dylan talked earlier about how AI is making it easier than ever to build, and more than that, building is happening in Figma. Teams are generating prototypes in Figma Make that turn designs into interactive Code Layers on the Figma canvas, or collaborating with the Figma Agent to craft detailed Specs that align designers, engineers, and coding agents on exactly what to ship. These capabilities are resonating with customers, and adoption is deepening.

在購買 AI 加購項目的客戶中，自我們調整點數定價至 10 月底，使用率平均提升了將近 40%。隨著 Figma Agent 於 10 月 6 日正式全面推出（GA），我們正為 Uber、Granola、Harvey 等客戶以及更多數千家客戶，提供全新的工作方式。Dylan 先前談到 AI 如何讓建置變得前所未有地容易，更重要的是，建置正在 Figma 中發生。團隊在 Figma Make 中生成原型，將設計轉換為 Figma 畫布上的互動式 Code Layers，或與 Figma Agent 協作撰寫詳細的規格（Specs），讓設計師、工程師與編碼代理（coding agents）在要交付的內容上精準對齊。這些能力正引起客戶共鳴，採用程度也在加深。

Since the start of Q3, the number of weekly active users consuming credits among paid customers with more than $10,000 in ARR increased by almost 50% through the end of October. We are especially encouraged by the early response to the Figma Agent. As of the end of October, over 80% of users on our Org and Enterprise plans who were consuming Agent beta credits prior to GA continued to use credits, and over 95% of those same users remain active on the platform. Importantly, we are seeing AI usage scale and grow into larger customer commitments. I would like to share a few examples. Last quarter, we highlighted a technology infrastructure company that was rapidly expanding its use of our AI products. This company has continued to deepen its investment in Figma.

自第三季開始以來，截至 10 月底，在 ARR 超過 10,000 美元的付費客戶中，每週活躍且會消耗點數的使用者數量增加了將近 50%。我們對 Figma Agent 的早期回饋尤其感到振奮。截至 10 月底，在我們 Org 與 Enterprise 方案中，於 GA 前就已消耗 Agent Beta 點數的使用者，有超過 80% 在 GA 後仍持續使用點數，而同一批使用者中有超過 95% 仍維持平台活躍。重要的是，我們看到 AI 使用正在擴大規模，並成長為更大的客戶承諾。我想分享幾個例子。上個季度，我們提到一家科技基礎設施公司正在快速擴大其對我們 AI 產品的使用。該公司持續加深對 Figma 的投資。

Over the last six months, the company increased its AI add-ons twice before signing a new drawdown agreement, bringing its AI credit spend commitment to over 7 times its initial purchase. This growth was driven by Figma's MCP becoming more deeply embedded in their day-to-day workflows. Teams work across Make and the Figma Agent using Make kits and templates built from their own design systems to consistently produce results aligned with company standards. A global payments company partnered with Figma to bring AI into product development across design, product, and engineering. As adoption grew across teams, the company increased its AI credit spend commitment by nearly 8 times its initial purchase over five months. Teams connected their enterprise design system to Make, MCP, and Code Connect to build faster while maintaining brand consistency, accessibility, and governance.

在過去六個月中，該公司在簽署新的提用協議之前，兩度增加其 AI 加購項目，使其 AI 點數支出承諾提高到初始購買的 7 倍以上。這項成長是由於 Figma 的 MCP 更深度地嵌入其日常工作流程所帶動。團隊在 Make 與 Figma Agent 之間協作，使用基於其自有設計系統所建立的 Make 套件與範本，持續產出符合公司標準的結果。一家全球支付公司與 Figma 合作，將 AI 導入涵蓋設計、產品與工程的產品開發流程。隨著各團隊採用度提升，該公司在五個月內將其 AI 點數支出承諾提高到初始購買的將近 8 倍。團隊將其企業設計系統連接至 Make、MCP 與 Code Connect，在維持品牌一致性、無障礙性與治理的同時加速建置。

As weekly AI users grew, usage became more frequent and credit consumption per user increased, with the company also quickly becoming one of the largest users of the Figma Agent. A global pharmaceutical company sought to accelerate product development while delivering consistent experiences across its diagnostic instruments and software, and increased their AI credit spend commitment by over 6 times its initial purchase over six months. Working with our team, it brought its design system and code libraries into Figma Make, giving AI the context to generate results aligned with its own standards. The company reported better results with fewer rounds of prompting and meaningfully more efficient use of credits. These examples show how AI consumption grows in Figma. Customers start with a focused commitment, see value, and expand their investment.

隨著每週 AI 使用者增加，使用頻率變得更高、每位使用者的點數消耗也上升，該公司也迅速成為 Figma Agent 的最大使用者之一。一家全球製藥公司希望在其診斷儀器與軟體之間提供一致體驗的同時加速產品開發，並在六個月內將其 AI 點數支出承諾提高到初始購買的 6 倍以上。在我們團隊的協助下，該公司將其設計系統與程式碼函式庫導入 Figma Make，讓 AI 具備脈絡以生成符合其自有標準的結果。該公司回報以更少輪的提示（prompting）獲得更好的結果，且點數使用效率顯著提升。這些例子顯示 AI 消耗如何在 Figma 中成長。客戶從聚焦的承諾開始，看到價值後，便擴大投資。

As we expand the surface for AI consumption across Figma and help customers adopt it in their workflows, we believe AI monetization will become an even more meaningful contributor to growth over time. Turning to the income statement. Unless 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.

隨著我們在 Figma 各處擴大 AI 消耗的觸點，並協助客戶在其工作流程中採用，我們相信 AI 變現將隨時間推移成為更具意義的成長貢獻來源。接著看損益表。除非另有說明，所有指標皆為非 GAAP。我們已在財報新聞稿中提供 GAAP 與非 GAAP 財務數據的調節表，並已發布於我們的網站。

Gross profit was $321 million, up 36% year-over-year. Gross margin was 82%. As we said last quarter, our investments are in service of maximizing gross profit dollars over the long term. While gross profit dollars grew, we made the decision in Q3 to cover the cost of inference for the Figma Agent ahead of its GA launch on October 6th. Given the early adoption of Figma Agent, we believe that this was the right decision.

毛利為 3.21 億美元，年增 36%。毛利率為 82%。如同我們上季所說，我們的投資是為了在長期最大化毛利金額（gross profit dollars）。儘管毛利金額成長，我們在第三季決定在 10 月 6 日 Figma Agent 正式 GA 上線之前，先行承擔其推理（inference）成本。鑑於 Figma Agent 的早期採用情況，我們認為這是正確的決定。

Last quarter, I said we were beginning to bring first-party models into the Figma Agent. As we've optimized the models and post-trained for our agent from the start of Q3 through October 31st, we more than doubled the share of work powered by our own post-trained design model, and we've reduced the average cost per message across all agent messages. We continued to experiment in how we price and package our products, from repricing our credits in August to enabling drawdowns, a more flexible purchasing arrangement for our largest customers, which represented 80% of eligible add-on purchase from the pricing update through the end of October. Taken together, these changes have enabled consumption to meaningfully grow on the platform. We remain focused on delivering more value across our products while improving quality and latency, and will continue to look for ways to improve costs.

上個季度我提到，我們開始將第一方模型導入 Figma Agent。自第三季開始至 10 月 31 日，我們對模型進行最佳化並為代理進行後訓練（post-training），由我們自有後訓練設計模型所驅動的工作占比提升至原來的兩倍以上，同時也降低了所有代理訊息的平均每則訊息成本。我們持續在產品定價與方案組合上進行實驗，從 8 月重新調整點數定價，到啟用提用（drawdowns）——這是針對最大客戶更具彈性的採購安排——自定價更新起至 10 月底，提用占符合資格的加購項目購買量的 80%。綜合而言，這些變更使平台上的消耗得以顯著成長。我們仍專注於在提升品質與延遲表現的同時，為各項產品交付更多價值，並將持續尋找降低成本的方法。

Q3 operating income was $47 million, a 12% operating margin. Operating income benefited primarily from our revenue outperformance, as well as optimizations we've made to our internal AI spend. We have also continued to drive efficiency in how our team operates more broadly, resulting in cost savings in the quarter. Q3 free cash flow was $42 million, a margin of 11%. We ended the quarter with $1.7 billion in cash equivalents, and marketable securities, and we remain confident in the long-term cash-generating profile of the business. Before we get into our Q4 outlook, I want to be clear about our strategy. We are continuing to make investments that we think will serve our customers and our business over the long term. We have intentionally made decisions that may act as near-term financial headwinds where we believe they will drive long-term benefits.

第三季營業利益為 4,700 萬美元，營業利益率為 12%。營業利益主要受惠於我們營收表現超出預期，以及我們對內部 AI 支出的最佳化。我們也持續提升團隊整體運作效率，帶來本季的成本節省。第三季自由現金流為 4,200 萬美元，利潤率為 11%。本季末我們持有 17 億美元的現金約當物與有價證券，我們對該業務長期的現金創造能力仍具信心。在我們進入第四季展望之前，我想先清楚說明我們的策略。我們將持續進行我們認為能在長期服務客戶與業務的投資。在我們相信能帶來長期效益之處，我們也刻意做出可能在短期形成財務逆風的決策。

Changes we have made, like repricing our credits and enabling drawdowns, are all in service of laying the foundation for a durable business over the long term. We view this as a continued investment in our business and opportunity.

我們所做的變更，例如重新調整點數定價以及啟用提用（drawdowns），都是為了在長期內為一個具韌性的業務奠定基礎。我們將此視為對我們業務與機會的持續投資。

Now let's turn to our outlook. For the fourth quarter, we expect revenue of $402 million-$404 million, or 33% growth at the midpoint. For the full year, we're raising our outlook to $1.497 billion-$1.499 billion, implying 42% growth, a raise of $33 million at the midpoint. Our guidance philosophy is unchanged. We provide a snapshot of our current view based on recent trends, including what we have high confidence in, and where visibility is more limited, we observe sustained trends before fully incorporating them.

現在讓我們談談展望。第四季我們預期營收為 4.02 億至 4.04 億美元，以中位數計算成長 33%。全年方面，我們將展望上調至 14.97 億至 14.99 億美元，意味著成長 42%，以中位數計算上調 3,300 萬美元。我們的指引理念不變。我們會根據近期趨勢提供對當前觀點的快照，包括我們高度有信心的部分；而在能見度較有限之處，我們會先觀察趨勢是否持續，再將其完整納入。

With the Figma Agent becoming generally available on October 6th, and most of our products now consuming paid credits, we have more knowns walking into the quarter than in quarters prior. Our outlook reflects the pricing and packaging changes we made late in August and early signals into agent usage and adoption. We're raising our full-year non-GAAP operating income outlook to $158 million-$163 million, an 11% operating margin, and a raise of $31 million at the midpoint. The raise primarily reflects our outperformance in Q3, as well as the carry-through of the internal AI efficiencies we recognized this quarter and improvements in our cost to serve our AI products. To close, Q3 was another strong quarter. Revenue came in well ahead of our prior guidance, and we are raising our outlook for revenue and operating income for the full year.

隨著 Figma Agent 於 10 月 6 日正式全面推出（GA），且我們多數產品目前都會消耗付費點數，我們進入本季時掌握的已知因素比以往季度更多。我們的展望反映了我們在 8 月下旬所做的定價與包裝調整，以及對 Agent 使用與採用的早期訊號。我們將全年非 GAAP 營業利益展望上調至 1.58 億至 1.63 億美元，營業利益率 11%，以中位數計算上調 3,100 萬美元。此次上調主要反映我們在第三季的優於預期表現，以及本季確認的內部 AI 效率提升所帶來的延續效益，並包含我們在 AI 產品服務成本上的改善。最後，第三季又是一個強勁的季度。營收顯著高於我們先前的指引，因此我們上調全年營收與營業利益展望。

AI usage grew in both breadth and depth, and our largest customers began committing to it at scale. Through our MCP server, we believe Figma is becoming the center of gravity across the broader ecosystem of AI tools and agents. We are excited about the opportunity ahead. New AI-native workflows are opening up new possibilities for our business, and the team is executing relentlessly to ensure Figma remains the best place to get this work done. We are bringing teams and agents, design and code, context and content, all in one place. We are focused on executing against our strategy and delivering durable, profitable growth. With that, I will hand it over to the operator for Q&A.

AI 的使用在廣度與深度上皆有所成長，我們最大的客戶也開始以規模化方式承諾採用。透過我們的 MCP 伺服器，我們相信 Figma 正在成為更廣泛 AI 工具與代理（agents）生態系的重心。我們對未來的機會感到振奮。新的 AI 原生工作流程正在為我們的業務開啟新的可能性，而團隊正全力以赴，確保 Figma 仍是完成這些工作的最佳場所。我們把團隊與代理、設計與程式碼、情境與內容，全都整合在同一個地方。我們專注於落實策略並交付具韌性、可獲利的成長。接下來我把時間交給主持人進行問答。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（主持人說明）

In the meantime, there is a question from retail investor Marvin Jay. How does Figma plan to defend its position as design workflows increasingly overlap with coding and AI development tools?

同時，有一個來自散戶投資人 Marvin Jay 的問題。隨著設計工作流程與程式開發及 AI 開發工具日益重疊，Figma 計畫如何捍衛其地位？

Hi. Well, Marvin Jay, thank you for sending in your question, and definitely other folks out there in the future sending yours. I think that to answer it, we are not just playing defense, we are playing to win. As we think about what playing to win means, the way we see it, design is the new code. As I said on the call, as code becomes a commodity, we see value moving up the stack to design, and Figma is the center of gravity for design. This is an enormous TAM opportunity for us as we see that value moving up the stack. The visual-first development possible on our platform lets teams explore the possibilities before they decide what to build and ship. This obviously is possible based on a few core pillars of our strategy.

嗨。Marvin Jay，謝謝你送來問題，也歡迎未來其他朋友繼續提問。我認為要回答這個問題，我們不只是防守，我們是在爭取勝利。談到「爭取勝利」的意義，我們的看法是：設計就是新的程式碼。如同我在電話會議上所說，當程式碼逐漸商品化，我們看到價值正往技術堆疊的上層移動到設計，而 Figma 是設計的重心。隨著價值往上移動，這對我們而言是非常龐大的 TAM（總可服務市場）機會。我們平台上的「視覺優先」開發，讓團隊在決定要建置與發布什麼之前，先探索各種可能性。這顯然是建立在我們策略的幾個核心支柱之上。

First, Code Layers. We want to make sure that we are able to bring design and code together with Code Layers on the canvas. That allows you to complete the journey from idea to design, execution, and ultimately pushing a PR directly from Figma using the Figma Agent. Second, our MCP reinforces our place as the center of gravity for design. Third, our own first-party model is better at uniquely serving designers and their workflows already, and also there is so much more we can do to expand out the number of cases that we serve and our overall profile of the first-party model. So we are continuing to invest in all these areas, and we are excited about our progress ahead. Thank you.

第一，Code Layers。我們希望透過畫布上的 Code Layers，確保能把設計與程式碼整合在一起。這讓你能完成從想法到設計、到執行，並最終透過 Figma Agent 直接從 Figma 推送 PR 的完整旅程。第二，我們的 MCP 強化了我們作為設計重心的地位。第三，我們自有的第一方模型（first-party model）已經更擅長以獨特方式服務設計師及其工作流程，而且我們還能做更多，擴大可服務的使用情境數量，以及提升第一方模型的整體能力版圖。因此我們會持續在這些領域投資，並對接下來的進展感到期待。謝謝。

Arjun Bhatia, William Blair.

Arjun Bhatia，William Blair。

Hi, this is Linda Lee on for Arjun. Thank you for taking my question here. Could you help us update on with all the new AI capabilities coming on, if you can just give us a rundown of which newer capabilities are now consuming paid credits and how much of their contribution is reflected in the guidance here?

嗨，我是代 Arjun 提問的 Linda Lee。謝謝讓我在這裡提問。隨著各種新的 AI 能力陸續推出，能否請你幫我們更新一下：哪些較新的功能現在會消耗付費點數，以及它們的貢獻有多少已反映在這裡的指引中？

Yeah, I appreciate the question. Yeah, so we transitioned our Agent product from beta to GA on October 6. Through that transition, what we've been able to see is credit consumption has more than 2.5x through the end of October. And we've grown the number of weekly active users consuming credits on our $10,000+ plans by 50% from the start of Q3 through to the end of October there. So, getting Agent over the line was one of the larger sort of efforts for us to move beta usage over to general availability. Code Layers, while still in beta, is consuming credits today. And Make, as well as the other AI features on platform, continue to consume credits. As it relates to the guide, we're referencing our results over the last few weeks now and have incorporated those into the Q4 guide.

好的，謝謝你的問題。我們在 10 月 6 日將 Agent 產品從 beta 轉為 GA（正式全面推出）。在這次轉換之後，我們看到截至 10 月底的點數消耗量已超過 2.5 倍。而且，從第三季初到 10 月底，在我們 10,000 美元以上方案中、每週活躍且會消耗點數的使用者數量成長了 50%。因此，讓 Agent 正式上線是我們將 beta 使用轉為正式全面推出的一項較大型工作。Code Layers 雖然仍在 beta，但目前已會消耗點數。Make 以及平台上的其他 AI 功能也持續消耗點數。至於指引方面，我們參考了最近幾週的結果，並已將其納入第四季指引。

I think what has actually been interesting in this guide versus the prior is, during the prior guide, we were baking in the credit repricing that we had made in August. And now through that transition, we've been able to observe utilization of our add-ons increase by about 40%, or utilization rate rather, of our other add-ons up 40%. So we've been able to incorporate that as well. So this quarter, I think we're walking in with more knowns than unknowns than we had in quarters prior. That's giving us confidence in the Q4 revenue guide.

我認為這次指引相較於先前其實有趣之處在於：在先前的指引中，我們已把 8 月所做的點數重新定價納入考量。而現在經過這段轉換期，我們觀察到附加功能（add-ons）的使用量提升約 40%，更精確地說是其他附加功能的使用率提升 40%。因此我們也把這點納入。所以我認為本季我們掌握的已知因素比以往季度更多、未知因素更少。這讓我們對第四季營收指引更有信心。

Awesome. Thank you so much.

太棒了。非常感謝。

Michael Turrin, Wells Fargo.

Michael Turrin，Wells Fargo。

Thanks very much, Appreciate you taking the question and for all the details on the call. I think the commentary around near-term versus long-term trade-offs is clear, but I was just hoping you could maybe help level set how some of the adjustments to pricing and packaging you're making currently may have impacted metrics like the net retention rate, if at all, or if there's a way for us to think about that. Also just curious to hear more around early feedback, particularly on the agentic products and how you see the mix of customer spend towards things that are more consumptive evolving over a longer period of time. Thanks very much.

非常感謝，也謝謝你願意回答問題，以及在電話會議上提供的所有細節。我覺得你們對短期與長期取捨的說明很清楚，但我想請你們協助我們校準一下：你們目前正在進行的一些定價與包裝調整，是否對淨留存率（net retention rate）等指標造成了影響（如果有的話），或我們應該如何看待這件事。另外也想多聽一些早期回饋，特別是關於代理型（agentic）產品，以及你們如何看待客戶支出組合在更長期內朝向更偏消耗型（consumptive）的項目演進。非常感謝。

I can start there, Michael. I appreciate the question. I think we stated before, and I'll restate it here today, our priority remains maximizing gross profit dollars over the long term. This quarter, we saw gross profit dollars grow 36% year- over- year. As we continue to refine our pricing and packaging in service of our AI offerings, we're going to take a flexible mindset and are going to be making those changes in the near term with the calculus that they should prove out to become these durable levers for us or these durable sources of growth for us over the long term. We saw that play out with our AI credit repricing. For the same price that someone was paying on Pro, we increased the overall number of credits that they then received similarly on our Org and Enterprise plans.

我可以先從這裡開始，Michael。感謝你的提問。我想我們之前已經說過，我今天在這裡再重申一次：我們的優先事項仍然是長期最大化毛利美元。本季我們看到毛利美元年增36%。隨著我們持續為了AI產品精進定價與方案包裝，我們會採取更具彈性的思維，並在近期做出這些調整；我們的判斷基準是，這些調整應能在長期被驗證為對我們而言具持久性的槓桿，或是具持久性的成長來源。我們在AI點數重新定價上已看到這點的展現。在使用者原本支付Pro相同價格的情況下，我們提高了他們可獲得的點數總量；同樣地，我們也在Org與Enterprise方案上做了類似調整。

The benefit that we saw is it actually increased the utilization rate of those add-ons, and we've also grown the overall number of users that are consuming our paid credits over there. I think there is a reality here where we're investing in our customers. We want them to be able to adopt the new products that we're making and serving. If that means trading off near-term growth for that long-term growth durability, we will do that. Yes, there is a potential impact there to near-term NDR. But over the long term, what we've seen is as folks start small, they then start to grow in multiple folds over time with these additional AI credit purchases. We've talked about that in the prepared remarks as well.

我們看到的好處是，這實際上提高了這些加購項目的使用率，同時我們也增加了在那邊使用付費點數的整體使用者數量。我認為現實是，我們正在投資於客戶。我們希望他們能夠採用我們正在打造並提供的新產品。如果這意味著要以短期成長換取長期成長的可持續性，我們會這麼做。是的，短期NDR可能會受到影響。但從長期來看，我們看到的是：當大家先從小規模開始，之後會隨著額外購買AI點數而在時間推移中成長數倍。我們在事先準備的講稿中也談到了這點。

I think the general spirit and sentiment over here is that I think as folks become used to drawing down these credits that are our AI credit offerings, can become a larger growth driver for us in the foreseeable future. We'll continue to stay close and continue to optimize along the way.

我想這裡整體的精神與看法是：當大家逐漸習慣消耗這些作為我們AI點數產品的點數時，在可預見的未來，這會成為我們更大的成長驅動力。我們會持續貼近觀察，並在過程中持續優化。

Thanks very much.

非常感謝。

Elizabeth Porter, Morgan Stanley.

Elizabeth Porter，摩根士丹利。

Great. Thank you so much for the question. I wanted to circle back on guidance, and the question is, how much does the moderation in growth into Q4 reflect some of the pricing and revenue conversion dynamics versus any sort of changes in the underlying spending growth? I understand it's a little early for formal 2027 guidance, but just on a high level, do you expect those headwinds to diminish sufficiently to support growth stabilization, or would that require further acceleration in some of the paid AI consumption? Thank you.

好的。非常感謝讓我提問。我想回到財測指引的問題：進入第四季後成長放緩的幅度，有多少反映了某些定價與營收轉換的動態因素，相較之下又有多少是反映基礎支出成長本身的變化？我理解現在要給出正式的2027年指引還太早，但就高層次而言，你們是否預期這些逆風會逐步減弱到足以支撐成長趨於穩定？或者這需要付費AI使用量（消耗）進一步加速？謝謝。

Yeah, I appreciate the question, Elizabeth. I will start on the guidance philosophy, and we take a typical pattern here of leveraging the knowns and providing a current outlook that's representative of the current trends. Where we have less visibility, we do not incorporate those into the guide that we lay out. I think the things that we are thoughtful about as we are laying out our guide over here is, there are changes that we have made to our pricing and packaging. While that's leading to increases in consumption in the near term, that revenue monetization will continue to take time to flow in there. We talked about this in the prepared remarks. There are examples of customers that start with these initial purchases of our AI credit add-ons. You find these champions.

好的，感謝你的提問，Elizabeth。我先談一下指引的理念：我們通常會依循一個典型模式，運用已知資訊，並提供能代表當前趨勢的最新展望。在能見度較低的部分，我們不會把它納入我們提出的指引之中。我認為在制定指引時我們特別留意的是：我們已對定價與方案包裝做出一些改變。雖然這在短期內帶動了使用量增加，但營收變現仍需要時間才能逐步反映出來。我們在事先準備的講稿中也提到過。有些客戶會先從初期購買我們的AI點數加購開始。你會找到這些「推動者／擁護者」（champions）。

Typically, you see these power law distributions within these organizations as you identify these champions, as we enable them, as we have folks on our go-to-market team spend time with them. We have been able to grow those initial purchases into larger purchases over time. I think the other piece that I would like to share on our go-forward guide in the Q4 is we are still rolling off the pricing and packaging changes that we had made in Q1 of 2025. Those will completely flow out of our model by Q1 of 2027, but there is some of that impact, especially as Q4 is a large renewals quarter for us. Then I think to your point on 2027, at this moment in time, we are not commenting on our 2027 guide.

通常在這些組織內，你會看到這種冪律分布：當你辨識出這些推動者、我們賦能他們、並讓我們的市場拓展（go-to-market）團隊花時間與他們合作時，我們就能把最初的購買逐步擴大為更大的採購。另外我想分享的是，關於我們第四季的前瞻指引：我們仍在消化（rolling off）我們在2025年第一季所做的定價與方案包裝變更所帶來的影響。這些影響會在2027年第一季完全從我們的模型中消退，但其中仍有部分影響存在，尤其第四季對我們而言是大型續約季度。至於你提到的2027年，目前我們不對2027年的指引做出評論。

But I point to some of the early traction and the momentum that we are seeing on the overall AI adoption so far.

但我會指向我們目前在整體AI採用上看到的一些早期進展與動能。

Great. Thank you.

好的。謝謝。

Billy Fitzsimmons, Piper Sandler.

Billy Fitzsimmons，Piper Sandler。

Hey, guys. hanks for taking the questions here. Two interrelated questions on AI credit consumption. We've kind of talked about this a little bit on the call, but I want to ask as directly as possible. I guess, one, with kind of multiple pillars to your AI credit monetization, we've seen good overage consumption on Make after that went GA on March 18th. Then we saw the Design Agent and Weave exit beta and go GA this quarter. Can you frame how usage and credit consumption for both the Design Agent and Weave compared to Make exiting beta and the magnitude of those products? Then on the 3Q results and 4Q guide, there's a lot of moving pieces here with two new products kind of coming online and the increase to limits. Can you just help think about the mix shift in those two things as we think about results and the guide?

嗨，各位。謝謝讓我在這裡提問。我有兩個彼此相關、關於AI點數消耗的問題。我們在電話會議上已稍微談到一些，但我想盡可能直接地問。第一，關於你們AI點數變現的多個支柱，我們看到Make在3月18日正式全面推出（GA）後，有不錯的超額用量（overage）消耗。接著我們看到Design Agent與Weave在本季結束測試版（beta）並正式全面推出（GA）。你能否說明Design Agent與Weave的使用情況與點數消耗，相較於Make結束beta時的表現，以及這些產品的量級差異？第二，關於第三季結果與第四季指引，這裡有很多變動因素：兩個新產品上線，以及上限提高。你能否協助我們理解，當我們看結果與指引時，這兩者之間的組合（mix）變化會是如何？

Sure. Yeah, Let me start by teasing apart a few of them. Figma Weave, or Weavy when we acquired it a year ago, was a product that we've been selling for some time. I think what you're referencing that recently GA'd is Weave tools in Figma, which give you a compelling way to kick off a workflow in the context of your Figma instance. I think it's a really powerful way to get an understanding of what's possible, and we even encourage more and more folks to try it out. As we transition from beta to GA on the agent, or for our Figma Agent in particular, the stat that I'd point you to is that we've grown credit consumption 2.5x through that transition, through to the end of October over there. There's a fair amount of momentum and excitement.

當然可以。是的，讓我先把其中幾點拆開來說。Figma Weave，或我們一年前收購時稱為Weavy，是我們已銷售一段時間的產品。我想你所指近期正式全面推出（GA）的，是Figma中的Weave工具，它能讓你在Figma實例的情境中，以很有吸引力的方式啟動工作流程。我認為這是理解「能做到什麼」的一個非常強大的方式，我們也鼓勵越來越多人去試用。至於代理（agent）從beta轉為GA，特別是我們的Figma Agent，我想提供的一個數據是：在完成這個轉換後、一直到10月底，我們的點數消耗成長了2.5倍。這裡有相當的動能與興奮感。

Folks are adopting new workflows that are now powered by our Figma Agent. I think while there are a lot of moving pieces in the guide, I think the general thing that we've seen so far, and the reason why I feel like the changes that we made in August are beneficial to us, is we've seen the utilization rate of add-ons grow 40% from when we made those repricing changes to where we are as of the end of October, which signals folks are going deeper within their existing add-ons that they've purchased. It signals that we've really sparked, or rather, we've really captured some interest there. There's a fair amount of work that we need to continue to do and refine these products are areas that our team is relentlessly focused on. But I do believe that things are moving in the right direction over there.

大家正在採用由我們的Figma Agent所驅動的新工作流程。我認為雖然指引中有很多變動因素，但到目前為止我們看到的一個整體現象、也是我認為我們8月所做的變更對我們有利的原因，是：自從我們做了那次重新定價變更以來，到10月底為止，加購項目的使用率成長了40%，這顯示大家在既有已購買的加購項目中使用得更深。這也顯示我們確實點燃了、或者更準確地說，我們確實捕捉到了一些興趣。我們仍有相當多工作要做，並持續精進這些產品；這些領域也是我們團隊不懈專注的重點。但我確實相信，事情正在朝正確方向發展。

One of the things that we haven't talked about, but it will come up in our Q4 renewals, is the purchasing mechanics for how folks are actually buying those credits on our Org and Enterprise plans. Drawdowns represent an increasingly customer-friendly way to purchase those add-ons. They give folks the ability to use those AI credits over a longer period of time, which facilitates folks to be able to burst in an activity at various moments over the course of their contract. As those start to make its way into our pipeline, we get excited about what the potential is over there. But net-net and takeaway over here is that we're seeing consumption really pick up. It's folding its way into our pipeline, and it leaves us in a positive spot as we look at the rest of Q4 over here.

我們尚未談到的一件事，但它會在我們第四季（Q4）的續約中浮現，就是在我們的 Org 與 Enterprise 方案下，客戶實際購買這些點數（credits）的採購機制。預先扣抵（drawdowns）正逐漸成為一種更以客戶為中心的方式來購買這些加購項目。它讓客戶能在更長的時間內使用這些 AI 點數，進而使客戶能在合約期間的不同時點進行突發式使用（burst）。隨著這些開始進入我們的銷售管線（pipeline），我們對那邊的潛力感到興奮。但總結來說，我們看到用量（consumption）確實在加速提升。它正在逐步納入我們的管線之中，並且在我們展望第四季剩餘時間時，讓我們處於一個正向的位置。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通（JPMorgan）。

Thank you. Thanks for taking my question. Sorry if I missed this earlier, but can you talk about what have you seen since the pricing changes in terms of customer conversion to full seat, given that you were enabling more credits under that full seat in terms of increases? Then, you've talked about the high utilization post those changes. When you think about how much time it's maybe taking some of your customer cohort to become revenue neutral with that high utilization, are you seeing any timeframe in terms of how that high utilization is bringing you maybe more on a neutral or a parity with on the revenue front with those customers once you allow for that higher credit within the package itself? Thank you

謝謝。謝謝讓我提問。如果我先前漏聽了很抱歉，但你們能否談談自從調整定價之後，在客戶轉換到完整席位（full seat）方面你們看到了什麼，考量到你們在完整席位中提供了更多點數、等於提高了額度？另外，你們也談到在這些變更之後的高使用率。當你們思考在高使用率下，某些客戶族群可能需要多久才能在營收上達到收支相抵（revenue neutral），你們是否看到任何時間框架：也就是在你們允許套裝內更高點數之後，這種高使用率是否會讓你們在這些客戶的營收端更接近中性或持平（parity）？謝謝

Thanks for the question here, Samik, but I think the things that I'd clarify here, while we repriced our credit add-ons, credits that were allotted in your seat remained unchanged. The utilization increase that I was sharing is utilization of an add-on, which is a part of an additional amount that you're going to pay as you go, or rather pay after you've consumed those credits within your seat. So, I think the higher utilization rate, the growth in credits, at least for us right now, are leading to a stronger pipeline for Q4. I think not just because of the pricing and packaging changes, but it's the translation for some of our products that were previously in beta to GA as well.

謝謝你的問題，Samik。不過我想在這裡澄清的是：雖然我們重新訂價了點數加購（credit add-ons），但分配在席位（seat）內的點數並沒有改變。我先前分享的使用率提升，是指加購項目的使用率；那是你在席位內點數用完之後，會以隨用隨付（pay as you go），或更準確地說在消耗完席位內點數後再付費的額外金額的一部分。因此，我認為較高的使用率、點數的成長，至少就我們目前而言，正在帶來第四季更強的銷售管線。我想這不僅是因為定價與包裝（packaging）的變更，也包括我們把一些先前處於 beta 的產品轉為 GA（正式可用）所帶來的轉化。

Agent is, in particular, is one I'd point you to, where through that GA, we've grown credit consumption by 2.5x over there. So, I do believe that this strengthens the offering. Our customers are sharing that back with us. The purchase mechanics here are, typically folks will start small and then grow. In certain situations, we've been able to land larger. But I think we're going to continue to see the muscle and momentum build as we identify these champions, and they really start to mature.

其中我會特別指向 Agent：透過這次 GA，我們那邊的點數消耗成長了 2.5 倍。所以我確實相信這會強化我們的產品供給。客戶也把這樣的回饋帶回給我們。這裡的採購機制通常是：客戶會先從小規模開始，然後逐步擴大。在某些情況下，我們也能以更大的規模切入（land larger）。但我認為，隨著我們找出這些內部推動者（champions），而他們也真正開始成熟，我們會持續看到能力與動能的累積。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Hey guys, Thanks for taking the question. Just a quick two-parter for me. Maybe just given all the talk about making budget available for token consumption, maybe just a comment on what you're seeing in terms of pipeline and the general sales cycles and the demand environment as you're seeing and continuing to monetize existing customers. Then, I know we're doing a lot of experimentation, but any more clarity, I know I ask this question all the time, just around the gross margin trends for Q4 and beyond, just to give us a sense for the lower bounds of gross profit dollar growth?

嗨各位，謝謝讓我提問。我這邊有兩個簡短問題。考量到大家一直在談為 token 消耗預留預算，能否評論一下：在你們持續將既有客戶變現（monetize existing customers）的過程中，你們在管線、整體銷售週期，以及需求環境方面看到了什麼？另外，我知道我們做了很多實驗，但能否再多給一些清晰度——我知道我常問——關於第四季以及之後的毛利率（gross margin）趨勢，讓我們能了解毛利美元（gross profit dollars）成長的下限大概在哪？

Sure. Thanks for the question, Alex. So, I think our conversations continue to lean positive in our customer checks. Customers continue to invest in Figma. Our net dollar retention rate remains above 130%. It's been that way now for a number of quarters. Gross dollar retention rate in the mid to high 90s. We're very focused on proving ROI of AI consumption as we take these products to our customers. It's been really important to us to invest in, sorry, it's one of the reasons why it's been really important for us to invest in our first-party model, because it's allowed us to serve a lower latency outcome with similar higher quality and being really thoughtful about cost for our customers. It's now growing to be a larger and larger share of the overall number of activities that are powered or powered by a first-party agent.

當然。謝謝你的問題，Alex。我認為在我們的客戶訪查（customer checks）中，對話仍然偏向正面。客戶持續投資於 Figma。我們的淨美元留存率（net dollar retention rate）仍維持在 130% 以上。這樣的水準已經持續好幾個季度。總美元留存率（gross dollar retention rate）在 90% 中段到高段。當我們把這些產品帶給客戶時，我們非常專注於證明 AI 消耗的投資報酬率（ROI）。對我們而言，投資自研模型（first-party model）一直非常重要，抱歉，這也是我們之所以認為必須投入的原因之一：因為它讓我們能以更低延遲（lower latency）提供同等甚至更高品質的結果，同時也能在成本上為客戶做更周全的考量。目前，由自研代理（first-party agent）所驅動或支援的活動，在整體活動數中的占比正變得越來越大。

So, we doubled it over the course of the quarter. I think we've shared a ton about the credit adoption. I think it's really important for us to have our customers really see that value and really sink into it prior to continue to purchase more. Through this translation from beta to GA, what I've gotten really excited about is the retention of that beta usage through GA. So, about 80% of our Org and Enterprise customers that were using the agent prior to GA continue to use the GA post, sorry, continue to use Agent post-GA. 95% of those same customers continue, or over 95% of those same customers continue to remain active on the platform, signaling that we've done a good job being able to capture the energy and attention there. Then I think the Or actually, Dylan, do you got anything to add?

所以我們在一個季度內把它翻倍了。我想我們已經分享了很多關於點數採用（credit adoption）的內容。對我們來說非常重要的是，客戶必須真正看到那個價值、並且在其中扎根之後，才會繼續購買更多。透過從 beta 轉到 GA 的過程，讓我非常興奮的一點是：beta 期間的使用在 GA 後仍能留存。也就是說，大約 80% 在 GA 之前就使用 Agent 的 Org 與 Enterprise 客戶，在 GA 之後仍持續使用 Agent。同一批客戶中，有 95%（或超過 95%）仍持續在平台上保持活躍，這顯示我們在捕捉那股能量與注意力方面做得不錯。然後我想——或者其實，Dylan，你有要補充的嗎？

Yeah, I can chime in on just sort of the seller conversations we're having. One thing I just wanted to also add there is, where I expect it to go in the near term is an increasing focus on security. This is something that perhaps we're not seeing yet broadly, but I expect it to be quite soon that folks are very focused on this for all their vendors. This is an area that we've really invested in. We'll continue, obviously, to invest in. You can see some of the ways we've been working through agentic security, even before that was part of the broader conversation. Back to you, Praveer.

有的，我可以補充一下我們與銷售端（seller）的對話。我還想再加一點：我預期短期內會走向對安全性的更高關注。這可能是我們目前還沒有在整體市場上廣泛看到的，但我預期很快大家就會對所有供應商在這方面非常重視。這是我們投入很多的領域。當然我們也會持續投入。你可以看到我們在代理式安全（agentic security）方面的一些作法，甚至在它成為更廣泛討論的一部分之前，我們就已經在做了。交回給你，Praveer。

Yeah, and then, Alex, just to close the loop on gross margin. I think, again, we're way more anchored to gross profit dollars, operating profit dollars, how that trends over time, and really want to see that as our North Star over here. We're going to have these periods where we invest ahead of monetization. Q3 was one of those quarters where we invested ahead of Agent GA, and so that's what you saw driving the gross margin decline by 3 points there from Q2 to Q3. What we found, though, even over the course of the quarter, is that we're increasingly being able to serve our AI features and offerings with more efficiency. We've also been leveraging AI tools internally, and that's allowed us to run the business more efficiently.

好的，Alex，最後把毛利率的問題補完整。我想再次強調，我們更關注的是毛利美元、營業利益美元（operating profit dollars），以及它們隨時間的趨勢，並且希望把這作為我們的北極星指標。我們會有一些期間是在變現之前先行投資。第三季就是其中之一：我們在 Agent GA 之前先行投入，所以你看到毛利率從第二季到第三季下降了 3 個百分點。 不過我們發現，即使在該季度內，我們也越來越能以更高效率提供 AI 功能與產品。我們也在內部運用 AI 工具，這讓我們能更有效率地營運公司。

This all comes together, allowing us to increase our profit guide for the full year, up just over $30 million for the full year there. So, I do think that our strategy here is one that is working, it's one that's driving adoption, it's one that's driving usage, and one that we'll continue to come back to.

這些因素綜合作用，使我們得以上調全年利潤指引，全年上調幅度略高於3,000萬美元。因此，我確實認為我們在這裡的策略是有效的：它正在推動採用、推動使用，我們也會持續回到並延續這個策略。

Tal Liani, Bank of America.

Tal Liani，美國銀行。

Thank you. Actually, my question is coming in the right order. I want to continue the previous question, and I have basically two questions. Number one is, I know you are focusing on gross profit, dollar growth of gross profit, but there is no leverage. You grew your revenues by 42%, your operating margin went down. It went from 12.4% to 12%. Normally, I mean, part of it is gross margin, but there are other things that drive it. The question is, what is your plan? Meaning, how long does it take to translate this substantial growth and success into also margin enhancement, and what needs to happen for it to come out?

謝謝。其實，我的問題順序剛好接得上。我想延續上一個問題，我基本上有兩個問題。第一，我知道你們聚焦在毛利（gross profit）以及毛利美元額的成長，但看起來沒有槓桿效應。你們營收成長了42%，但營業利潤率卻下降了。從12.4%降到12%。一般來說，我的意思是，其中一部分是毛利率，但還有其他因素也會驅動它。問題是，你們的計畫是什麼？也就是說，要多久才能把這種可觀的成長與成功，轉化為利潤率的提升？以及需要發生什麼，才能讓它反映出來？

Yeah, II appreciate the spirit of the question.

是的，我很感謝這個問題的出發點。

Maybe I answer this one, we can go back to you. We have played this strategy over the entirety of the year. When we were transitioning from our beta period to first monetizing our AI credits in the early part of this year, in March of this year, we had taken our gross margin down. As we flipped the switch on monetization, we saw our gross profit dollars accelerate in a pretty meaningful way over the course of Q2. We invest ahead of a product and platform that is our Figma Agent because we believe it has the ability to drive more usage, more adoption, and be deepening workflows over the near term

也許我先回答這題，之後再交回給你。我們在整個年度都在執行這個策略。當我們從Beta期間過渡到在今年初開始將AI點數（credits）商業化變現時——也就是今年3月——我們確實把毛利率拉低了。當我們切換到變現模式後，我們看到在第二季期間毛利美元額以相當顯著的幅度加速成長。我們在產品與平台上提前投入，也就是我們的Figma Agent，因為我們相信它在短期內有能力帶動更多使用、更多採用，並加深工作流程。

As we transition from that beta period to GA, even on October 6 this year, or rather this quarter, we will start to see some of that investment that we have made over the course of Q3 start to translate into gross profit dollars in the Q4. I do think you need to take a long-term mindset to our investment thesis here. It is one that I think we have proven out, and we have also found leverage in our cost to serve. I think we are going to stick by our guns on this one. But I appreciate the question and the spirit of where it is coming from.

隨著我們從Beta過渡到GA（正式發布），甚至在今年10月6日——更準確地說是本季——我們將開始看到我們在第三季所做的部分投資，會在第四季開始轉化為毛利美元額。我確實認為，你需要用長期的心態來看待我們在此的投資論點。我認為這個論點我們已經驗證過了，同時我們也在服務成本（cost to serve）上找到了槓桿。我想我們會堅持這個方向。但我也很感謝你的提問，以及這個問題背後的思考。

The second question is, I want to take a step back. You spoke a lot about technology and what you offer to customers, and I want to take it from a customer perspective. What drives a customer to spend more money with you? What kind of benefits do they get? Meaning, is it lower expense? Is it higher revenues? Or how do you frame it to customers in your sales pitch? What is your cost versus competition? One of the other things we see with other companies is not just about what you offer, what a company offers, it is also where the competition is standing.

第二個問題，我想退一步看。你們談了很多技術以及你們提供給客戶的內容，我想從客戶角度來看。是什麼驅動客戶願意在你們這裡花更多錢？他們能得到什麼樣的好處？也就是說，是更低的費用支出嗎？是更高的營收嗎？或者你們在銷售話術中是如何向客戶框架化（frame）這件事的？你們的成本相對於競爭對手如何？我們在其他公司也看到的一點是，不只是你們提供什麼，而是競爭對手目前站在什麼位置。

So, can you talk about the relative cost of providing, not just the quality of the solution that you focused on, but rather the relative cost of providing your solution versus the relative cost of providing the alternative solution that they might go after?

所以，你能否談談提供你們解決方案的相對成本——不只是你剛剛強調的解決方案品質——而是相對於他們可能選擇的替代方案，你們提供解決方案的相對成本？

Yeah, I can start. I think that the framing we have across both when it comes to the more Figma Agent product and things that consume credits, it is really how do we look at this frontier of quality, cost, latency, and really make sure that we are optimizing across it. I think that the way that we have been really driving towards there, making it so that we are able to improve quality, decrease latency, decrease cost, and start to pass it on to our users on the cost side, overall will set us up to the best possible way going forward too. I think that we will continue to invest on improvements around that frontier. I will pass it over here for some of the finance angles.

好的，我可以先說。我認為我們在框架上，不論是更偏Figma Agent的產品，或是會消耗點數（credits）的功能，核心都是：我們如何看待品質、成本、延遲（latency）這個前沿（frontier），並確保我們在這些維度上做最佳化。我認為我們一直在推進的方向，是讓我們能夠提升品質、降低延遲、降低成本，並在成本面把效益回饋給使用者；整體而言，這也會讓我們在未來處於最佳位置。我想我們會持續投資在這個前沿的改進上。我把問題交給這邊，補充一些財務面的角度。

Yeah, Tal, I think that the other angle I'd add is, we are already working with others as part of the product building process. I would point you to our MCP growth that we've seen over the course of the quarter. Overall usage is up 3x, and write usage is up 4x, which means that more folks are drawing usage into the canvas, which for us is driving stickiness, it's driving expansion, it's actually driving new users and teams to convert for the first time. One of the interesting things that we're able to do via our MCP now is actually kick off sort of credit-consumptive workflows that are happening on canvas. About 5% of all credits that were consumed over the course of the quarter had been kicked off via an MCP request.

好的，Tal，我想補充的另一個角度是：我們已經在產品打造流程中，與其他人一起協作。我會請你關注我們本季看到的MCP成長。整體使用量提升了3倍，而寫入（write）使用量提升了4倍，這表示更多人把使用行為帶進畫布（canvas）裡；對我們而言，這在提升黏著度、推動擴張，實際上也在推動新使用者與新團隊首次轉換（convert）。我們現在透過MCP能做到的一個有趣事情，是在畫布上啟動某種會消耗點數的工作流程。本季所有被消耗的點數中，大約有5%是透過MCP請求所啟動的。

So, I do think that there's a world here that you have to think about Figma in context with how we work with the entirety of the product building process, and it's one that we've very much invested in over the course of the quarter.

所以，我確實認為你必須把Figma放在整個產品打造流程的脈絡中來看；而這也是我們在本季投入非常多的方向。

Got it. Great. Thank you.

了解。很好。謝謝。

Nick Altman, US Bancorp BTIG.

Nick Altman，美國銀行（US Bancorp）BTIG。

Awesome.

太棒了。

Thank you. I actually wanted to build on the MCP comment, Praveer. The Harvey use case is really fascinating, especially as they're using Motion and Weave. My question is just, how do you think philosophically about MCP monetization? Right now, MCP volume is bundled in the seats, and higher-tier seats get more volume. You also mentioned that MCP is driving, I think you said 5% of AI usage. Can you just talk about where the bulk of, I guess you'd call it indirect monetization from MCP will accrue, whether it's driving seat upgrades, adding more non-traditional personas, monetizing through AI credits, or even in the instance of the Harvey use case, where they're using it with some Motion and Weave.

謝謝。我其實想延伸你剛剛對MCP的評論，Praveer。Harvey的使用案例非常吸引人，尤其是他們在使用Motion和Weave。我的問題是：你們在理念上（philosophically）如何看待MCP的變現？目前MCP的用量是綁在席位（seats）裡的，而更高階的席位會有更多用量。你也提到MCP正在帶動——我想你說的是——約5%的AI使用量。你能否談談你所謂的、來自MCP的「間接變現」主要會累積在哪裡：是推動席位升級、增加更多非傳統角色（persona）、透過AI點數變現，或甚至像Harvey的案例那樣，他們把它和Motion與Weave一起使用？

Just any additional color on where you think philosophically the indirect monetization will surface from the MCP server over the medium term would be helpful. Thanks.

如果能再補充一些細節，說明你在理念上認為中期來看，來自MCP伺服器的間接變現會以什麼形式浮現，會很有幫助。謝謝。

Yeah, I think in the near term, what we've seen is more seat upgrades. If you kind of looked at our Pro teams, about half of folks are coming and are using our MCP now from within our Pro business as they're converting. It is a meaningful driver for us. We're also seeing that it's driving more expansion within folks that are adopting our MCP. It's also driving more retention as well, because I think it takes some time to set these workflows up. Once you do that, the benefit of being able to have a canvas that you're able to visually explore is so much closer to how folks actually want to interact with the product-building process. I think we use the phrase visual-first development, or rather full-stack canvas for visual-first development, because that's the intention of where we're building.

好的，我認為短期內我們看到的是更多席位升級。如果你看我們的Pro團隊，大約有一半的人在轉換為Pro業務客戶的過程中，就已經開始在使用我們的MCP。這對我們而言是很重要的驅動因素。我們也看到，在採用MCP的客戶之中，它正在帶動更多擴張；同時也在提升留存，因為我認為建立這些工作流程需要一些時間。一旦完成後，能夠在畫布上進行視覺化探索的好處，會更貼近人們實際上想要如何與產品打造流程互動。我想我們會用「視覺優先的開發」（visual-first development）這個說法，或者更準確地說，是「用於視覺優先開發的全端畫布」（full-stack canvas for visual-first development），因為這就是我們打造的方向與意圖。

I think in the medium to long term, the framing around how we can use our MCP to kick off Figma Agent workflows in an increasingly growing way could lead to more credit consumption on platform. I think it's then on us to figure out the right balance and when to kick off a workflow via our Figma Agent versus otherwise. Lots more to unpack over there, but I think the trends are very clear in that this is a product that's really, really catching wind, and it's a workflow that we think is crucial to our customers today.

我認為從中長期來看，圍繞著我們如何運用 MCP 以日益擴大的方式啟動 Figma Agent 工作流程的這種定位，可能會帶動平台上更多的點數消耗。接著就要由我們來找出適當的平衡點，以及何時應透過我們的 Figma Agent 來啟動工作流程、何時則不需要。這裡還有很多可以深入拆解，但我認為趨勢非常明確：這是一個真的、真的正在快速起勢的產品，而這也是我們認為對客戶當下至關重要的一種工作流程。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Oh, wonderful. Hey, Dylan. Hey, Praveer. Thanks so much for taking my question. Maybe just a simple one. As we think about your consumption and credits monetization and mix growing versus a traditional seat-based model, as we fast-forward, call it three years, how should we be thinking about what that mix looks like in terms of what kind of a subscription fee, whether it's seat-based or flat monthly, what have you, and kind of what looks consumption in nature? And maybe just related to that, as a housekeeping item, as that mix of consumption grows, how is this going to kind of impact the way we look at NRR, both kind of technically and then from a definition perspective? Thanks.

喔，太好了。嗨，Dylan。嗨，Praveer。非常感謝讓我提問。也許是一個比較簡單的問題。當我們思考你們的用量（consumption）與點數（credits）變現，以及其組合相較於傳統以席位（seat）為基礎的模式在成長時，如果我們把時間快轉到三年後，你們希望我們如何看待那個組合：例如訂閱費會是以席位計費、或是固定月費等，以及其中有多少會是偏用量型態的收入？另外也相關地、作為一個釐清事項，隨著用量型態的占比提高，這會如何影響我們看待 NRR（淨收入留存率）的方式——不論是在技術計算上，或是在定義層面？謝謝。

Sure. Rishi, it's hard to play out how three years will look like, or rather, what the world will look like three years from now. But I do think that we're best positioned to win in whichever way the world shakes out. I do believe that there's good reason for folks today to hold a seat. I think that there's a whole host of different ways to operate within Figma, if it's via our AI features, if it's via direct manipulation on the canvas, if it's via code. I think we give people the benefit of the path that they're choosing there. And I do think that there's value in that offering. With that said, we're very much all in in trying to drive credit adoption and consumption on platform. It was the reasons behind the repricing of our credits in Q3.

當然。Rishi，要推演三年後會是什麼樣子，或者說三年後世界會變成什麼樣，其實很難。但我確實認為，不管世界最後怎麼發展，我們都處在最有利的位置去贏得市場。我相信目前大家仍有很充分的理由去持有一個席位。我認為在 Figma 裡有各式各樣的操作方式：可以透過我們的 AI 功能、可以在畫布上直接操作、也可以透過程式碼。我認為我們讓使用者能夠選擇他們偏好的路徑。而我也確實認為這樣的供給是有價值的。話雖如此，我們也非常投入在推動平台上的點數採用與消耗。這也是我們在第三季重新調整點數定價背後的原因。

It's the reasons that we've continued to evolve our pricing and packaging, because we do believe that this is where the world is going, and we're very much leaned in over here. I can't tell you exactly how the world will play out, but I know that we've shown an ability to adapt and move really quickly here. And I think it's on us to continue to meet the moment and show up for our users. And I think on your question on NDR, I think we'll take credit for the stuff that's actually subscriptions or pro rata with the entirety of your subscription term, and where there's instances where you're paying as you go, that'll not flow through to the NDR.

這也是我們持續演進定價與方案包裝的原因，因為我們相信世界正往這個方向走，而我們在這裡是非常積極投入的。我無法告訴你世界會如何精確地發展，但我知道我們已經展現出在這裡快速調整與迅速行動的能力。我認為我們的責任是持續把握當下、為使用者挺身而出。至於你關於 NDR（淨美元留存率）的問題，我想我們會把實際屬於訂閱、或是按整個訂閱期間按比例（pro rata）計入的部分納入計算；而在某些你是隨用隨付（pay as you go）的情況下，那些就不會流入 NDR。

Great. Thank you.

很好。謝謝你。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc Capital Markets。

Great. Thank you. Hey, guys. The question I had was, as you continue moving up market and you have now broader solution sets to sell, your deals are growing, and sometimes larger deals comes with more ask for budget. We are starting to hear some other companies talk about increased budget scrutiny and elongating sales cycles. I am just curious, are you seeing any of that maybe as your deals are growing or have grown through the year? Are you seeing more scrutiny, more budget pressure as you continue to ask for more dollars? Thank you.

很好。謝謝。嗨，各位。我想問的是，隨著你們持續往中大型市場（up market）推進，現在也有更廣的解決方案組合可以銷售，你們的交易規模在變大，而較大的案子有時也會伴隨更多對預算的要求。我們開始聽到一些其他公司提到預算審查變得更嚴、銷售週期拉長。我很好奇，當你們的交易規模在變大、或今年以來已經變大時，你們是否也看到類似情況？當你們持續要求更多預算時，是否看到更多審查、更多預算壓力？謝謝。

I mean, I think, first of all, thank you for the question. I think that Praveer spoke to this a bit already. Overall, the tone is very positive in these conversations, and I think that this is not what we are seeing as much of, perhaps versus other companies you are referencing. I think the stats shared on the call back that up as well. Yeah, like I said before, definitely we are also thinking about where these conversations will head in the future, security being one of those areas.

我的意思是，首先，謝謝你的問題。我想 Praveer 先前已經稍微談到這點。整體而言，這些對話的氛圍非常正向；我認為相較於你提到的其他公司，我們並沒有看到那麼多這類情況。我想電話會議中分享的數據也支持這點。是的，就像我之前說的，我們當然也在思考未來這些對話會走向哪裡，而資安（security）會是其中一個面向。

Okay. Then just to follow up on that, on security, do you feel that your customers are asking Figma to be part of their security portfolio? Or is it just incumbent upon you to make sure that the models that you train and the AI you are providing to your customers is absolutely secure?

好的。那我再追問一下，關於資安，你覺得客戶是在要求 Figma 成為他們資安產品組合的一部分嗎？還是說，你們只是必須確保你們訓練的模型，以及提供給客戶的 AI，是絕對安全的？

Thank you for the clarification.

謝謝你釐清。

Do you understand the nuance of what I am asking?

你理解我在問的細微差別嗎？

Absolutely. Yeah. I am not saying that they are asking us to be a security vendor. I am saying that they will require all their vendors to be very invested in the security of their platforms they are serving them with. This is what I fully expect will be the focus of many seller conversations. At least that is what we believe we need to scrutinize as well, is just the security of all of our vendors right now.

完全理解。是的，我不是在說他們要求我們成為資安供應商。我的意思是，他們會要求所有供應商都必須非常重視其所提供平台的安全性。我完全預期這會成為許多銷售對話的重點。至少我們認為，我們也需要審視的一點是：目前我們所有供應商的安全性。

Understood. Thank you.

了解。謝謝。

Parker Lane, Stifel.

Parker Lane，Stifel。

Yeah. Hey,Praveer, Dylan. This is Jack McShane on for Parker. Thanks for taking the questions today. At Config, you had laid out, we're seeing a massive increase in new app creation, which consequently increases the need for design tools and Figma, et cetera. Despite that, we saw customer growth in the 10K cohort and 100K cohort step back a little bit, granted from heightened levels. Can you walk us through what you're seeing in terms of the new customer funnel and whether we can expect customer count to reaccelerate due to this explosion of apps and democratization of design? Thank you.

是的。嗨，Praveer、Dylan。我是代 Parker 提問的 Jack McShane。謝謝今天讓我提問。在 Config 大會上，你們提到我們看到新應用程式（app）建立量大幅增加，進而提升對設計工具與 Figma 等的需求。儘管如此，我們看到 10K 客戶群與 100K 客戶群的客戶成長稍微回落一些，當然是從較高的水準回落。你們能否說明一下你們在新客戶漏斗（funnel）方面看到的情況，以及是否可以預期在 app 爆發與設計民主化的推動下，客戶數會重新加速成長？謝謝。

Yeah,I can take that. I think we've seen a little bit of both. I think if you looked at our Pro business, which is more the long tail, we started to see more and more folks that are landing on paid plans through different paywalls. I talked about MCP being one of those larger drivers for us. I do think that the health of the long tail there continues to exist. On your question on the 10K+ customers, I actually think I'd point you to how much that 10K+ customer cohort now represents as a percent of overall ARR. We commented on in the prepared remarks, we grew it from 64% at time of, rather at Q1 2025, up to 70% at the end of this quarter.

好的，我來回答。我認為我們兩種情況都有看到一些。如果你看我們的 Pro 業務（比較偏長尾），我們開始看到越來越多人透過不同的付費牆（paywalls）落到付費方案上。我提過 MCP 是其中一個較大的驅動因素。我確實認為那邊的長尾健康度仍然存在。至於你問的 10K+ 客戶，我其實會請你關注 10K+ 客戶群目前占整體 ARR 的比例有多高。我們在事先準備的講稿中也提到，我們把它從 2025 年第一季時的 64%，提升到本季末的 70%。

Our focus has been how do we continue to go deep within a large share of customers that are currently on platform. I think one of the ways that we can do that is through AI consumption. I think the areas I got excited about were a lot of the customer stories where folks start with these initial purchases. They start to expand their commitment as they adopt things like Figma's MCP, Make, Figma Agent, they build more templates and Make kits, and you really can start to see things really pick up over there. So, that is the focus for us. It's like, how do we find those champions within some of our larger and existing customers and give us that opportunity to do something transformative?

我們的重點一直在於，如何在目前已在平台上的大量客戶中，持續深耕。我認為我們能做到的一種方式，是透過 AI 的使用量（消耗）。我覺得讓我感到興奮的領域，是許多客戶案例：大家從這些初始採購開始。當他們採用像是 Figma 的 MCP、Make、Figma Agent，建立更多範本與 Make 套件時，他們就開始擴大投入承諾，而你確實可以看到那邊的動能明顯加速。所以，這就是我們的重點。也就是說，我們如何在一些更大型、既有的客戶中找到那些推動者（champions），並讓我們有機會做出具變革性的事情？

Tyler Radke, Citi.

Tyler Radke，花旗。

Yeah, thank you. Just a two-parter here. Maybe the first one for Dylan. Just as you think about the strategy Figma has in place to maximize your top of funnel, can you just talk about the evolution of that, just given some of the ongoing headwinds we're hearing in the SMB, as well as the changes to sort of search SEO? Then Praveer, just as we look through the 10-Q that I think hit while the call was going, can you just provide a little bit of color on the RPO? It looked like it came down slightly sequentially. I guess, is that a function of kind of the way that the credits are drawing down against that? Just any color there on the bookings would be great. Thank you.

好的，謝謝。這裡有兩個問題。第一個可能給 Dylan。當你思考 Figma 為了最大化漏斗頂端（top of funnel）所採取的策略時，考量到我們聽到 SMB 端持續存在的一些逆風，以及搜尋／SEO 方面的變化，你能否談談這個策略的演進？然後 Praveer，當我們查看 10-Q（我想是在電話會議進行時發布的），你能否就 RPO 提供一些補充說明？看起來它在序列上略有下降。我想問，這是否與抵用額度（credits）對該項目逐步消耗（drawing down）的方式有關？也請就訂單（bookings）提供任何補充說明，將非常有幫助。謝謝。

Thank you for the question. I'll start with your top of funnel question. We call out that we have customers of all sizes and we're not a prosumer business. I also think that there are lots of ways to invest in this ecosystem and market in order to continue to drive growth and impact your growth equation. Yeah, Praveer, you want to take the second one? Or I'll answer the first?

謝謝你的提問。我先從你關於漏斗頂端的問題開始。我們提到過，我們的客戶涵蓋各種規模，而我們並不是一個面向專業消費者（prosumer）的業務。我也認為，有很多方式可以在這個生態系與市場中投入，以持續推動成長並影響你的成長方程式。是的，Praveer，你要回答第二個嗎？或者我來回答第一個？

No, yeah, I'm happy to take the second. I think the thing to think about when you looked at our RPO and deferred revenue balance over there is, we introduced some seasonality in our business when we went through that pricing and packaging change in Q1 of last year. Q1 and Q4 end up becoming our larger renewals quarters. I'd also remind you that we've got a decent chunk of our business, if it's not, it's the remainder there outside of the 70, slightly less, that is on a monthly arrangement. They aren't necessarily going to flow through to bookings there or rather deferred revenue in the same way. Lastly, I think we've made some changes that allow us to invest over the long term.

不，好的，我很樂意回答第二個。我認為當你看我們的 RPO 與遞延收入（deferred revenue）餘額時，需要注意的是：在去年第一季我們進行定價與方案（packaging）調整時，為我們的業務引入了一些季節性。第一季與第四季通常會成為我們較大的續約季度。我也提醒你，我們有相當一部分業務——如果不是那 70% 之外的剩餘部分、略低於 70%——是採月付安排。這些不一定會以相同方式反映在訂單（bookings）中，或更確切地說，不會以相同方式反映在遞延收入上。最後，我認為我們也做了一些調整，使我們能夠進行長期投資。

And so, we did trade off some near-term revenue in the course of the quarter, as we're really trying to invest in building this deep and engaged workflows into the future. That credit repricing is an example of that. But again, should we do our job well over here, that means that we're going to be maximizing our gross profit dollars and not margin dollars, rather, our profit dollars over the long term. We're going to stay incredibly focused on that.

因此，在本季度的過程中，我們確實在短期收入上做了一些取捨，因為我們正努力投資，為未來打造更深度且高度參與的工作流程。抵用額度重新定價（credit repricing）就是其中一個例子。但再次強調，如果我們把這件事做好，這意味著長期而言我們將最大化的是毛利金額（gross profit dollars），而不是毛利率（margin dollars）；更準確地說，是長期的利潤金額（profit dollars）。我們會非常專注在這一點上。

Yeah, overall, just to kind of close off on the question too, I think I would orient you to our focus, which is very much always on the core of the designer. We want to make sure we're serving the designer first and foremost. But we also believe that by serving the designer and creating this full stack creative canvas, making it so that you can do visual first development, that is where the rest of the personas that are around the designer will be going to. First, it'll be folks who are product managers and researchers and folks in marketing or non-developers. But over time, I believe that developers also will want this type of experience. The broader offering that I see us creating, I think will also be something that drives expansion and overall top of funnel too.

是的，整體來說，為了也把這個問題收尾，我想我會把你導向我們的重點，也就是始終非常聚焦在設計師的核心需求上。我們希望確保首先、最重要的是服務設計師。但我們也相信，透過服務設計師並打造這個全棧式（full stack）的創意畫布，讓你能夠以視覺優先的方式進行開發，設計師周邊的其他角色也會因此而來。一開始會是產品經理、研究人員、行銷人員或非開發者等。但隨著時間推進，我相信開發者也會想要這類型的體驗。我看到我們正在打造的更廣泛產品供給，我認為也會推動擴張，並同時帶動整體漏斗頂端的成長。

There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝各位出席。您現在可以掛線。