HubSpot Inc (HUBS) 2023 Q2 法說會逐字稿

Hello, and welcome to the HubSpot Q2 2023 Earnings Call. My name is Alex and I'll be in the coordinating the call today. (Operator Instructions) I will now hand it over to your host, Chuck MacGlashing, Head of Investor Relations. Please go ahead.

您好，歡迎參加 HubSpot 2023 年第二季度財報電話會議。我叫亞歷克斯，今天我將參與協調電話會議。 （操作員指示）我現在將其交給東道主投資者關係主管 Chuck MacGlashing。請繼續。

Thanks, operator. Good afternoon, and welcome to HubSpot's Second Quarter 2023 Earnings Conference Call. Today, we'll be discussing the results announced in the press release that was issued after the market closed. With me on the call this afternoon is Yamini Rangan, our Chief Executive Officer; Dharmesh Shah, our Co-Founder and CTO; and Kate Bueker, our Chief Financial Officer.

謝謝，接線員。下午好，歡迎參加 HubSpot 2023 年第二季度收益電話會議。今天，我們將討論收市後發布的新聞稿中公佈的結果。今天下午與我一起參加電話會議的是我們的首席執行官亞米尼·蘭甘 (Yamini Rangan)； Dharmesh Shah，我們的聯合創始人兼首席技術官；和我們的首席財務官 Kate Bueker。

Before we start, I'd like to draw your attention to the safe harbor statement included in today's press release. During this call, we'll make statements related to our business that may be considered forward-looking within the meaning of Section 27A of the Securities Exchange Act of 1933 as amended and Section 21E of the Securities Act of 1934 as amended. All statements other than statements of historical fact are forward-looking statements, including those regarding management's expectations of future financial and operational performance and operational expenditures, the impact of the restructuring, expected growth, FX movement and business outlook, including our financial guidance for the third fiscal quarter and full year 2023.

在我們開始之前，我想提請您注意今天新聞稿中包含的安全港聲明。在本次電話會議中，我們將做出與我們的業務相關的聲明，這些聲明可能被視為《1933 年證券交易法》修訂版第27A 條和《1934 年證券法》修訂版第21E 條含義內的前瞻性聲明。除歷史事實陳述外的所有陳述均為前瞻性陳述，包括有關管理層對未來財務和運營業績以及運營支出的預期、重組的影響、預期增長、外匯走勢和業務前景的陳述，包括我們對第三財季和2023 年全年。

Forward-looking statements reflect our views only as of today and except as required by law, we undertake no obligation to update or revise these forward-looking statements. Please refer to the cautionary language in today's press release and our Form 10-Q, which will be filed with the SEC this afternoon for a discussion of the risks and uncertainties that could cause actual results to differ materially from expectations.

前瞻性陳述僅反映我們截至目前的觀點，除非法律要求，否則我們不承擔更新或修改這些前瞻性陳述的義務。請參閱今天新聞稿中的警告性語言和我們的 10-Q 表格，該表格將於今天下午向 SEC 提交，以討論可能導致實際結果與預期存在重大差異的風險和不確定性。

During the course of today's call, we'll refer to certain non-GAAP financial measures as defined by Regulation G. The GAAP financial measure most directly comparable to each non-GAAP financial measure used or discussed and a reconciliation of the differences between such measures can be found within our second quarter 2023 earnings press release in the Investor Relations section of our website.

在今天的電話會議中，我們將提及法規 G 定義的某些非 GAAP 財務指標。 GAAP 財務指標與使用或討論的每項非 GAAP 財務指標最直接可比，以及這些指標之間差異的調節您可以在我們網站投資者關係部分的2023 年第二季度收益新聞稿中找到。

Now it's my pleasure to turn over the call to HubSpot's Chief Executive Officer, Yamini Rangan. Yamini?

現在我很高興將電話轉給 HubSpot 首席執行官 Yamini Rangan。亞米尼？

Thank you so much, Chuck, and welcome to everyone joining us on the call. Today, I want to highlight our continued momentum in Q2, reiterate our playbook for winning in this macro environment and close with updates on our generative AI road map as well as insights based on customer usage. Let's jump into our Q2 results.

非常感謝你，查克，歡迎大家加入我們的電話會議。今天，我想強調我們在第二季度的持續勢頭，重申我們在這一宏觀環境中獲勝的策略，並以我們的生成式人工智能路線圖的更新以及基於客戶使用情況的見解作為結束。讓我們來看看第二季度的結果。

Q2 was a solid quarter for HubSpot with revenue growing 26% year-over-year in constant currency. We delivered 700 basis points of margin expansion year-over-year, driving operating margin to 14%. We have talked about our strategy for balancing growth and profitability, and we are purposefully executing against this strategy. I'm really happy with the operating leverage we delivered while driving growth in the quarter.

HubSpot 第二季度表現穩健，按固定匯率計算，收入同比增長 26%。我們的利潤率同比增長了 700 個基點，將營業利潤率推至 14%。我們已經討論了平衡增長和盈利能力的戰略，並且我們正在有目的地執行該戰略。我對我們在推動本季度增長的同時所提供的運營槓桿感到非常滿意。

Total customers grew by 23% to over 184,000 globally, fueled by over 7,600 net customer additions in the quarter. I'm very pleased with the strong results in Q2. The consistent performance demonstrated by our team and the momentum we have in becoming the platform of choice for scaling companies.

在本季度淨新增超過 7,600 名客戶的推動下，全球客戶總數增長了 23%，達到超過 184,000 名。我對第二季度的強勁業績感到非常滿意。我們團隊所表現出的一致表現以及我們成為擴展公司的首選平台的動力。

Q2 results were driven by 2 key themes: our ability to deliver product innovation for our customers and our ability to consistently execute our bimodal go-to-market strategy. As you have seen over the past 2 years, our bimodal strategy is working. Our starter tier continues to fuel volume on the low end of the market, driven by product and pricing optimization.

第二季度的業績由兩個關鍵主題驅動：我們為客戶提供產品創新的能力以及我們持續執行雙模式上市戰略的能力。正如您在過去兩年中所看到的，我們的雙模式策略正在發揮作用。在產品和定價優化的推動下，我們的入門級產品繼續增加低端市場的銷量。

That said, the story in Q2 was about upmarket momentum with continued growth in multi hub as well as full suite adoption. We saw more new customers starting with multiple hubs, fueling larger deals. 1/3 of our Pro and Enterprise customers are now on 3 or more hubs, which is up by 4 points year-over-year. In addition, we continue to see Sales Hub pick up steam with larger customers. Our investment in upmarket functionality, like customization, extensibility and governance is paying off as we win bigger deals with Sales Hub.

也就是說，第二季度的故事是關於高端市場的勢頭，多中心和全套採用的持續增長。我們看到更多的新客戶從多個樞紐開始，推動了更大的交易。我們 1/3 的專業版和企業版客戶現在使用 3 個或更多中心，同比增長 4 個百分點。此外，我們繼續看到銷售中心受到更大客戶的歡迎。隨著我們與銷售中心贏得更大的交易，我們對定制、可擴展性和治理等高端功能的投資正在得到回報。

Service Hub also gained traction upmarket in this quarter with 12 of our 25 largest deals, including a Service Hub attach. Companies are looking to improve handoffs across their marketing, sales and service teams, and they want a clear shared view of customer insights. By connecting Sales Hub and Service Hub, support can log tickets that the sales team can now see because there is 1 central contact record. That contact helps sales team close deals and is just 1 example of why a connected front office platform is so powerful. Take MarineMax, a national boat retailer, for example, before HubSpot, their legacy CRM was causing a disjointed customer experience. They couldn't effectively route leads from marketing to sales and because their CRM was difficult to use sales reps weren't adopting it.

Service Hub 在本季度也獲得了高端市場的關注，我們 25 筆最大交易中的 12 筆交易包括 Service Hub 附加交易。公司正在尋求改善營銷、銷售和服務團隊之間的交接，並且希望對客戶洞察有清晰的共享視圖。通過連接銷售中心和服務中心，支持人員可以記錄銷售團隊現在可以查看的票證，因為有 1 個中央聯繫人記錄。這種聯繫有助於銷售團隊完成交易，這只是互聯前台平台如此強大的一個例子。以全國船舶零售商 MarineMax 為例，在 HubSpot 出現之前，他們的舊版 CRM 導致客戶體驗脫節。他們無法有效地將銷售線索從營銷轉移到銷售，而且由於他們的 CRM 很難使用，銷售代表也沒有採用它。

Since switching to HubSpot and adopting Marketing Hub, Sales Hub, Service Hub and Ops Hub, MarineMax has increased annual revenue by 113% and reduced their average sales response time from days to minutes. They now have a shared visibility across the entire customer journey, leading to a better and faster customer experience. I love hearing that our connected value proposition is resonating and that our product innovation is driving clear value for customers.

自從改用 HubSpot 並採用營銷中心、銷售中心、服務中心和運營中心以來，MarineMax 的年收入增加了 113%，並將平均銷售響應時間從幾天縮短到幾分鐘。他們現在可以共享整個客戶旅程的可見性，從而帶來更好、更快的客戶體驗。我很高興聽到我們的互聯價值主張引起了共鳴，並且我們的產品創新正在為客戶帶來明確的價值。

Now, I want to shift gears to talk about the macro environment. Overall, customer buying trends remain steady. Budgets remain under scrutiny. Multiple stakeholders continue to be involved in decisions. And while buying trends have not improved, they have not gotten worse either. Customers are continuing to optimize their budgets, and we can see this optimization across seats, additions, contact tiers and portals. The bar to buy has risen, but companies are continuing to invest in digital transformation and prioritized platform level decisions. This is where HubSpot shines. We have a proven playbook for driving growth with our product innovation and focused execution.

現在我想談談宏觀環境。總體而言，客戶購買趨勢保持穩定。預算仍在接受審查。多個利益相關者繼續參與決策。雖然購買趨勢沒有改善，但也沒有變得更糟。客戶正在繼續優化他們的預算，我們可以在席位、添加、聯繫層和門戶上看到這種優化。購買門檻已經提高，但公司仍在繼續投資於數字化轉型和優先平台級決策。這就是 HubSpot 的閃光點。我們擁有經過驗證的策略，可以通過產品創新和專注執行來推動增長。

On the product side, HubSpot continues to win by being extremely easy to use and extremely powerful under the hood. Our product innovation is in high gear, and I want to highlight just a few developments from the quarter. With Marketing Hub, we doubled down on omnichannel by moving Instagram reels into public beta as marketers increasingly focused on short-form social video. We also introduced event visualizer to give customers even more insight into their audience's activity and get deeper analytics on customer behavior. With Service Hub, we introduced content assistant into inbox so that service teams can leverage gen AI to respond to customers faster across various channels. We're also enabling teams to summarize customer conversations with gen AI and move that functionality into private beta in Q2.

在產品方面，HubSpot 憑藉極其易於使用和極其強大的功能而繼續獲勝。我們的產品創新正處於高速發展階段，我想重點介紹本季度的一些進展。隨著營銷人員越來越關注短社交視頻，我們通過 Marketing Hub 將 Instagram 轉入公開測試版，在全渠道上加倍努力。我們還引入了事件可視化工具，讓客戶能夠更深入地了解受眾的活動，並對客戶行為進行更深入的分析。通過 Service Hub，我們將內容助手引入收件箱，以便服務團隊可以利用 gen AI 通過各種渠道更快地響應客戶。我們還使團隊能夠總結與 gen AI 的客戶對話，並在第二季度將該功能轉移到私人測試版中。

Lastly, on our path to building a more customizable and extensible CRM, we released customized pipeline views, enabling our customers to edit their views based on currency and tags that are specific to their business. We also improved permissions and user management for custom objects. This has been a top request from our Enterprise customers. Our pace of product innovation is just cranking and I'm very pleased with the progress we are making in becoming the platform of choice for scaling companies.

最後，在構建更具可定制性和可擴展性的 CRM 的過程中，我們發布了定制的管道視圖，使客戶能夠根據特定於其業務的貨幣和標籤來編輯視圖。我們還改進了自定義對象的權限和用戶管理。這是我們企業客戶的首要要求。我們的產品創新步伐剛剛加快，我對我們在成為規模化公司的首選平台方面所取得的進展感到非常高興。

On the go-to-market side, how we sell -- why we win. We've built a competitive moat with 3 go-to-market motions, product-driven, partner-driven and direct sales-driven. Our customers tell us that the way our sales and customer success teams serve them sets us apart. They see a notable difference in our team's ability to move quickly to demo the value of HubSpot, articulate clear platform consolidation benefits and line up the best partners to deliver services. Today, over 40% of all newcomer ARR and existing customer expansion is [causal] and influenced by our partners, just awesome stuff. While the macro environment remains challenging, what we sell and how we sell continue to be unique differentiators for HubSpot to drive durable, profitable growth.

在進入市場方面，我們如何銷售——我們為何獲勝。我們通過產品驅動、合作夥伴驅動和直銷驅動這三種進入市場的舉措建立了一條競爭護城河。我們的客戶告訴我們，我們的銷售和客戶成功團隊為他們服務的方式使我們與眾不同。他們發現我們的團隊在快速行動來演示 HubSpot 的價值、闡明明確的平台整合優勢以及安排最佳合作夥伴提供服務的能力方面存在顯著差異。如今，超過 40% 的新客戶 ARR 和現有客戶擴展都是[因果]並受到我們合作夥伴的影響，這真是太棒了。儘管宏觀環境仍然充滿挑戰，但我們銷售的產品和銷售方式仍然是 HubSpot 推動持久、盈利增長的獨特優勢。

Lastly, let's shift gears to talk about everyone's favorite topic, generative AI. Last quarter, we talked about gen AI, and it is a transformative shift for SMBs and what this means for marketing, sales and service. In short, we believe AI will not replace go-to-market teams, it will guide and assist them to drive better customer outcomes. Today, I want to provide an overview of how we're building an entire layer of AI assistance across our platform, how our customers are responding and what our unique differentiators are with AI.

最後，讓我們換個話題來談談大家最喜歡的話題——生成式人工智能。上個季度，我們討論了新一代人工智能，這對中小型企業來說是一個變革性的轉變，以及這對營銷、銷售和服務意味著什麼。簡而言之，我們相信人工智能不會取代市場營銷團隊，它將指導和幫助他們推動更好的客戶成果。今天，我想概述一下我們如何在平台上構建整個人工智能輔助層、我們的客戶如何響應以及我們在人工智能方面的獨特優勢是什麼。

We launched ChatSpot earlier this year, and it has quickly grown to 70,000 total users with 20,000 prompts ingested weekly. Our customers tell us that they like our weekly updates. They love how quickly we are innovating with new AI capabilities, and they're getting value from the breadth of actions ChatSpot is helping them take. Customers are using ChatSpot to prospect for good fit companies based on location, industry, recent news and more. They're creating entire campaigns with SEO research, blog title generation and image generation, all from within ChatSpot. The easy chat interface combined with the power of HubSpot's platform have our customers eager for what's next with ChatSpot.

我們於今年早些時候推出了 ChatSpot，用戶總數已迅速增長到 70,000 名，每週吸收 20,000 條提示。我們的客戶告訴我們，他們喜歡我們每週的更新。他們喜歡我們通過新的人工智能功能進行創新的速度，並且他們從 ChatSpot 幫助他們採取的廣泛行動中獲得價值。客戶使用 ChatSpot 根據地點、行業、最新新聞等來尋找合適的公司。他們通過 SEO 研究、博客標題生成和圖像生成來創建整個營銷活動，所有這些都在 ChatSpot 內完成。簡單的聊天界面與 HubSpot 平台的強大功能相結合，讓我們的客戶渴望了解 ChatSpot 的下一步發展。

We also launched content assistant earlier this year, and since moving it to public beta in June, adoption has grown by 10x, with 26% of our enterprise customers using it today. Customers are describing content assistant as a game changer because they can quickly generate social copy, blog content, prospecting e-mails, all based on insights without having to leave HubSpot. Content assistant embeds gen AI into our customers' natural workflow, helping them work faster and smarter, right where they are.

我們還在今年早些時候推出了內容助手，自從 6 月份將其轉為公開測試版以來，採用率增長了 10 倍，目前有 26% 的企業客戶在使用它。客戶將內容助手描述為遊戲規則的改變者，因為他們可以快速生成社交文案、博客內容、潛在客戶電子郵件，所有這些都基於洞察力，而無需離開 HubSpot。內容助手將 gen AI 嵌入到客戶的自然工作流程中，幫助他們隨時隨地更快、更智能地工作。

As I look at our AI road map, we are ambitiously building AI into the entire CRM platform so our customers can get even more value from our platform. We want to help scaling companies power their entire customer journey with AI, and we believe we can help them leverage AI better than other platforms for 3 reasons. First, data is the fuel for AI and HubSpot has unique data. While other platforms provide data on who your customers are, HubSpot has data on who your customers are, what they did across channels, what they bought. And when we bring together the power of large language models with deep contextual first-party data in HubSpot CRM, magic happens.

當我查看我們的人工智能路線圖時，我們雄心勃勃地將人工智能構建到整個 CRM 平台中，以便我們的客戶可以從我們的平台獲得更多價值。我們希望幫助規模化公司通過人工智能為整個客戶旅程提供動力，並且我們相信我們可以幫助他們比其他平台更好地利用人工智能，原因有 3 個。首先，數據是人工智能的燃料，HubSpot擁有獨特的數據。其他平台提供有關您的客戶是誰的數據，而 HubSpot 則提供有關您的客戶是誰、他們跨渠道做了什麼以及購買了什麼的數據。當我們將大型語言模型的力量與 HubSpot CRM 中的深層上下文第一方數據結合在一起時，奇蹟就會發生。

Second, HubSpot is where work gets done in the front office. We own the workflows that scaling businesses use every day. We're beginning to see this play out with content assistant usage that I just mentioned.

其次，HubSpot 是前台完成工作的地方。我們擁有規模化企業每天使用的工作流程。我們開始看到我剛才提到的內容助理的使用正在發揮作用。

Finally, gen AI needs human intervention to work responsibly and we've always had a human-centric approach to product innovation. We're committed to having strong customer feedback loop and implementing the feedback very quickly. We're well positioned to become the AI leader for scaling companies, and we're moving fast. We are prioritizing AI use cases in our road map and without giving too much away, AI is going to be a major theme at our INBOUND conference in September. I'm really excited for you to learn a lot more about our AI strategy and road map at our upcoming conference.

最後，新一代人工智能需要人工干預才能負責任地工作，我們一直採用以人為本的產品創新方法。我們致力於建立強大的客戶反饋循環并快速實施反饋。我們完全有能力成為規模化公司的人工智能領導者，而且我們正在快速前進。我們在路線圖中優先考慮人工智能用例，並且不會透露太多，人工智能將成為我們 9 月份 INBOUND 會議的一個主要主題。我真的很高興您能在即將舉行的會議上了解更多有關我們的人工智能戰略和路線圖的信息。

Reflecting on the quarter, I'm very pleased with how our teams are driving the pace of product innovation, focusing on iterating fast with AI while executing on our bimodal strategy. This focus and alignment is what will continue to set us apart to drive full and profitable growth.

回顧本季度，我對我們的團隊如何推動產品創新的步伐感到非常滿意，他們專注於人工智能的快速迭代，同時執行我們的雙模式戰略。這種專注和協調將繼續使我們脫穎而出，推動全面和盈利的增長。

With that, I'll turn the call over to Kate to take you through our Q2 financial results. Kate?

接下來，我將把電話轉給凱特，帶您了解我們第二季度的財務業績。凱特？

Thanks, Yamini. Let's turn to our second quarter 2023 financial results. Revenue grew 26% year-over-year in constant currency and 25% on an as-reported basis. Subscription revenue grew 26% year-over-year, while services and other revenue increased 23% on an as-reported basis. Domestic revenue grew 25% year-over-year, while international revenue growth was 29% in constant currency and 26% as reported. International revenue represented 47% of total revenue in Q2. We added over 7,600 net new customers in the quarter, bringing our total customer count to over 184,000, up 23% year-over-year. Average subscription revenue per customer grew 3% year-over-year in constant currency and 2% on an as-reported basis to $11,400. Our ASRPC growth was driven by continued multi-hub adoption by our Professional and Enterprise customers, offset by the large volume of starter customers we added at the low end of our bimodal strategy over the last few quarters.

謝謝，亞米尼。讓我們來看看 2023 年第二季度的財務業績。按固定匯率計算，收入同比增長 26%，按報告計算，收入增長 25%。據報告，訂閱收入同比增長 26%，服務和其他收入增長 23%。國內收入同比增長 25%，國際收入按固定匯率計算增長 29%，報告數據增長 26%。國際收入佔第二季度總收入的 47%。本季度我們淨增加了 7,600 多名新客戶，使我們的客戶總數超過 184,000 名，同比增長 23%。按固定匯率計算，每位客戶的平均訂閱收入同比增長 3%，按報告計算增長 2%，達到 11,400 美元。我們的 ASRPC 增長是由我們的專業和企業客戶持續採用多中心推動的，但被我們過去幾個季度在雙模式戰略低端添加的大量入門客戶所抵消。

Gross retention remained healthy in the high 80s for the quarter. Net revenue retention was 103%, down 1 point sequentially, driven by continued spend optimization by our customers across seats, additions, contact tiers and portals. While we expect pressure on net revenue retention in the near term to persist, we continue to see strong gross retention and believe we can maintain net revenue retention above 100%. Calculated billings were $542 million in the quarter, growing 22% year-over-year in constant currency and 25% as reported. The remainder of my comments will refer to non-GAAP measures.

本季度的總保留率保持在 80 多歲的健康水平。淨收入保留率為 103%，比上一季度下降 1 個百分點，這得益於我們的客戶在席位、新增、聯繫層級和門戶方面持續優化支出。雖然我們預計短期內淨收入保留的壓力將持續存在，但我們仍然看到強勁的毛保留率，並相信我們可以將淨收入保留保持在 100% 以上。本季度計算得出的賬單為 5.42 億美元，按固定匯率計算同比增長 22%，按報告計算增長 25%。我的其餘評論將涉及非公認會計原則措施。

Operating margin was 14%, up 7 points compared to the year ago period. On a year-over-year basis, operating margin benefited from the restructuring actions we took at the end of January as well as a seasonal shift in hiring into Q3 and Q4. While these factors have helped drive a step change in operating margin, we continue to invest in critical areas such as product innovation, AI and internal systems and data to ensure we're building the foundation for continued margin expansion as we scale. Net income was $70 million or $1.34 per fully diluted share. Free cash flow was $60 million or 11% of revenue, and our cash and marketable securities totaled $1.7 billion at the end of June.

營業利潤率為 14%，比去年同期上升 7 個百分點。與去年同期相比，營業利潤率受益於我們在一月底採取的重組行動以及第三季度和第四季度招聘的季節性變化。雖然這些因素幫助推動了營業利潤率的階躍變化，但我們繼續在產品創新、人工智能、內部系統和數據等關鍵領域進行投資，以確保我們為規模擴張過程中利潤率的持續擴張奠定基礎。淨利潤為 7000 萬美元，即完全稀釋後每股收益 1.34 美元。自由現金流為 6000 萬美元，佔收入的 11%，截至 6 月底，我們的現金和有價證券總額為 17 億美元。

And with that, let's review our guidance for the third quarter and full year of 2023. As Yamini highlighted, we continue to operate in a difficult macro environment. Customer budgets remain tight, decisions by committee are the norm and customers continue to look for ways to optimize existing spend. Our guidance assumes that these weak macroeconomic conditions persist throughout the second half of 2023. For the third quarter, total as-reported revenue is expected to be in the range of $532 million to $534 million, up 20% year-over-year at the midpoint. We expect foreign exchange to be a 1- to 2-point tailwind to as-reported revenue growth in the quarter. Non-GAAP operating profit is to be between $67 million and $69 million. Non-GAAP diluted net income per share is expected to be between $1.22 and $1.24. This assumes 52.6 million fully diluted shares outstanding.

接下來，讓我們回顧一下我們對 2023 年第三季度和全年的指導。正如 Yamini 強調的那樣，我們繼續在困難的宏觀環境中運營。客戶預算仍然緊張，委員會的決策已成為常態，客戶繼續尋找優化現有支出的方法。我們的指導假設這些疲弱的宏觀經濟狀況持續到 2023 年下半年。第三季度，報告總收入預計將在 5.32 億美元至 5.34 億美元之間，同比增長 20%。中點。我們預計外匯將為本季度報告的收入增長帶來 1 到 2 個百分點的推動力。非 GAAP 營業利潤將在 6700 萬美元至 6900 萬美元之間。非 GAAP 攤薄後每股淨利潤預計在 1.22 美元至 1.24 美元之間。假設有 5260 萬股完全稀釋的已發行股票。

And for the full year of 2023, total as-reported revenue is now expected to be in the range of $2.116 billion to $2.122 billion, up 22% year-over-year at the midpoint. We now expect foreign exchange to be a 0.5 point tailwind to as-reported revenue growth. Non-GAAP operating profit is now expected to be between $293 million and $297 million. Non-GAAP diluted net income per share is now expected to be between $5.24 and $5.29. This assumes 52.3 million fully diluted shares outstanding.

2023 年全年，預計總收入將在 21.16 億美元至 21.22 億美元之間，中點同比增長 22%。我們現在預計外匯將成為報告收入增長 0.5 個百分點的推動力。目前預計非 GAAP 營業利潤在 2.93 億美元至 2.97 億美元之間。目前預計非 GAAP 稀釋後每股淨利潤為 5.24 美元至 5.29 美元。假設有 5,230 萬股完全稀釋的已發行股票。

As you adjust your models, keep in mind the following: We expect CapEx as a percentage of revenue to be roughly 5% and free cash flow to be about $260 million for the full year of 2023 with seasonally stronger free cash flow in Q4.

在調整模型時，請記住以下幾點：我們預計 2023 年全年資本支出佔收入的百分比約為 5%，自由現金流約為 2.6 億美元，第四季度自由現金流將季節性強勁。

And with that, I will hand things back over to Yamini for her closing remarks.

接下來，我將把事情交還給亞米尼，讓她發表閉幕詞。

Thank you so much, Kate. I want to close with our commitment to building a sustainable and equitable company. One of our goals as an organization is to build a company, future generations will be proud of and making progress on our environmental, social and governance efforts is a critical part of that journey. We released our annual sustainability report in Q2, and I want to highlight a few key developments.

非常感謝你，凱特。最後我想以我們對建立一家可持續發展和公平的公司的承諾作為結束語。作為一個組織，我們的目標之一是建立一家讓子孫後代感到自豪的公司，在我們的環境、社會和治理工作上取得進展是這一旅程的關鍵部分。我們在第二季度發布了年度可持續發展報告，我想強調一些關鍵進展。

On the environmental side, we submitted our targets for validation by the Science Based Targets initiative, joining over 5,000 companies committed to ambitious climate action. In our effort to build a more diverse and inclusive company, we reached 47% female representation company-wide, nearing gender parity. We launched a customer trust center for our customers so they can learn more about our security, privacy, compliance and governance practices.

在環境方面，我們向基於科學的目標倡議提交了目標以供驗證，加入了 5,000 多家致力於雄心勃勃的氣候行動的公司的行列。在我們努力打造一家更加多元化和包容性的公司的過程中，我們在全公司範圍內達到了 47% 的女性代表，接近性別均等。我們為客戶推出了客戶信任中心，以便他們可以更多地了解我們的安全、隱私、合規性和治理實踐。

I'm really proud of the progress we are making to build a diverse and sustainable company. I want to thank our customers, our partners and our shareholders for the continued support of HubSpot. And a big thank you to all our employees who are executing with focus and solving for our customers every day. I look forward to seeing many of you at our Analyst Day as part of our INBOUND 2023 event on September 6.

我對我們在建設多元化和可持續發展的公司方面所取得的進展感到非常自豪。我要感謝我們的客戶、合作夥伴和股東對 HubSpot 的持續支持。非常感謝我們所有每天專注執行並為客戶解決問題的員工。作為 9 月 6 日 INBOUND 2023 活動的一部分，我期待在分析師日見到你們中的許多人。

With that, operator, let's open up the call for questions.

那麼，接線員，讓我們開始提問吧。

(Operator Instructions) Our first question for today comes from Samad Samana from Jefferies.

（操作員說明）我們今天的第一個問題來自 Jefferies 的 Samad Samana。

Yamini, I wanted to ask a question for you. You've talked a lot more about upmarket traction, and you've mentioned deals that are 3,000, 5,000-plus in MRR, which is much bigger than the overall average. So I was just maybe wondering if the momentum there has increased in recent months on the Enterprise side? And if it has, can you speak to the causal factors? How much of it is it the product enhancements that you just mentioned today versus conversations around AI and HubSpot having a single platform benefiting versus maybe stumbles by competitors. Just help us think about both the momentum of the traction and what's causing it, if it's changing.

亞米尼，我想問你一個問題。您已經詳細討論了高端市場的吸引力，並且提到了 MRR 超過 3,000、5,000 筆的交易，這比總體平均水平要大得多。所以我只是想知道近幾個月企業方面的勢頭是否有所增強？如果有的話，您能談談造成這種情況的因素嗎？您今天剛剛提到的產品增強功能與圍繞 AI 和 HubSpot 的對話相比，其中有多少是單一平台受益而不是競爭對手的絆腳石。只要幫助我們思考牽引力的動量以及導致它的原因（如果它正在變化）。

Yes. Thank you, Samad, for that question. Definitely pleased with the continued momentum upmarket. And as you know, we look at our target market as the 1,000 to 2,000 employee segment with upmarket being the 200 to 2,000 employee segment. And look, we've had a lot of focus and investments going into the upmarket segments, so we're gaining traction for a variety of reasons, including all of the ones that you just mentioned. But maybe just to give a little bit of color, I'll start with what we're seeing with upmarket customers. And there are a couple of customer trends that we see up market.

是的。謝謝薩馬德提出這個問題。對高端市場的持續增長勢頭絕對感到滿意。如您所知，我們將目標市場視為擁有 1,000 至 2,000 名員工的細分市場，而高端市場則視為擁有 200 至 2,000 名員工的細分市場。看，我們對高端市場進行了大量關注和投資，因此我們由於各種原因而獲得吸引力，包括您剛才提到的所有原因。但也許只是為了提供一點色彩，我將從我們在高端客戶中看到的情況開始。我們在市場上看到了一些客戶趨勢。

First off, upmarket customers are consolidating on platforms. Over the last couple of years, they've bought a number of disparate systems, and this is the time that they're focused on eliminating costs, but also getting clear visibility across the entire customer journey. And so that's driving interest.

首先，高端客戶正在平台上進行整合。在過去的幾年裡，他們購買了許多不同的系統，現在他們專注於消除成本，同時也獲得整個客戶旅程的清晰可見性。這正在激發人們的興趣。

I think the second thing is focus this year for upmarket customers has been on sales productivity. Headcount is constrained in this environment, but customers still need to hit their growth targets. So they're leaning into equipping their sales reps with the right technology solution that needs to be successful, and we certainly see larger Sales Hub driven deals within our customer buying patterns.

我認為今年高端客戶的第二件事是銷售效率。在這種環境下，員工人數受到限制，但客戶仍然需要達到增長目標。因此，他們傾向於為銷售代表配備成功所需的正確技術解決方案，而且我們當然會在客戶購買模式中看到更大的銷售中心驅動的交易。

Now having said that, upmarket has been a strategic priority across the company, both from a product and go-to-market side. Our product has gotten much better, and it's meeting the needs of upmarket customers. And this has been a constant drumbeat across the past few quarters. And ultimately, our product is easy to use but very, very powerful under the hood, and that's a differentiator. I think the perception has also improved upmarket. We're gaining momentum with execs in scaling companies. And we've always had like a great relationship with CMOs and the marketing organization, but now CEO, CFO, COOs, know and understand the value of HubSpot there as well.

話雖如此，無論是從產品還是進入市場方面，高端市場一直是整個公司的戰略重點。我們的產品已經變得更好，並且可以滿足高端客戶的需求。這在過去幾個季度一直是一個持續的鼓點。最終，我們的產品易於使用，但內部功能非常非常強大，這就是我們的與眾不同之處。我認為高端市場的觀念也有所改善。我們與高管一起在擴大公司規模方面取得了進展。我們一直與首席營銷官和營銷組織保持著良好的關係，但現在首席執行官、首席財務官、首席運營官也知道並了解 HubSpot 的價值。

And then finally, I think both the product -- both the partner teams as well as the direct teams are really able to clearly communicate the value of HubSpot as well as drive cost savings for our customers and how we sell is also why we win. So very pleased with the progress upmarket, and I think all of those factors really play into it.

最後，我認為產品——合作夥伴團隊和直接團隊都確實能夠清楚地傳達 HubSpot 的價值，並為我們的客戶節省成本，而我們的銷售方式也是我們獲勝的原因。對高端市場的進展非常滿意，我認為所有這些因素都確實發揮了作用。

Our next question comes from Elizabeth Porter of Morgan Stanley.

我們的下一個問題來自摩根士丹利的伊麗莎白·波特。

I was hoping you could provide a little bit more color around the dynamics when you launch free products. Was there any sort of pent-up demand in the beginning that could be waning and impacting the new user sign up? Or how big of a funnel do you have to still work through on converting those free sign-ups to paid customers.

我希望你們在推出免費產品時能夠為動態提供更多的色彩。一開始是否有任何被壓抑的需求可能會減弱並影響新用戶註冊？或者你還需要通過多大的漏斗才能將這些免費註冊轉化為付費客戶。

Thanks, Elizabeth. It's Kate. I will start and then others can join if they want. Look, I think you're asking about the free sign-ups because you saw a sequential drop in our net customer additions. I will confirm that, that is very much a dynamic happening with starter, we did see a quarter-over-quarter decline in starter. The free products that you highlight are one of a number of things that we use to drive demand at the low end of our bimodal strategy, we consistently look to move functionality down into our free and starter products. We consistently experiment with pricing and packaging. We're launching free tools on a regular basis. And so there is a normal ebb and flow to the free user base and ultimately, the net starter additions that you'll see from one quarter to the next.

謝謝，伊麗莎白。是凱特。我將開始，然後其他人如果願意也可以加入。聽著，我認為您是在詢問免費註冊的問題，因為您看到我們的淨客戶增量連續下降。我要確認的是，這在很大程度上是起動機發生的動態，我們確實看到起動機的季度環比下降。您強調的免費產品是我們用來推動雙模戰略低端需求的眾多產品之一，我們始終致力於將功能轉移到我們的免費和入門產品中。我們不斷嘗試定價和包裝。我們定期推出免費工具。因此，免費用戶群會出現正常的潮起潮落，最終，您將在一個季度到下一個季度看到淨首髮用戶的增加。

Our next question comes from Mark Murphy of JPMorgan.

我們的下一個問題來自摩根大通的馬克·墨菲。

Congrats on the results. Yamini, at the last Analyst Day, I believe you and Kate had mentioned that Sales Hub had crossed through $450 million in ARR and it had done that with mid-50s growth at that time. And interestingly, I went back and looked at this, it was growing faster than Marketing Hub was when it was that size. And realizing that most companies never have that kind of a second act or third act, can you explain what is it that is propelling Sales Hub so rapidly? And whenever the economy does return to normalcy, do you think that, that can continue to carve out a stronger arc than what we saw historically with marketing cloud?

祝賀結果。 Yamini，在上一次分析師日上，我相信您和 Kate 曾提到 Sales Hub 的 ARR 已突破 4.5 億美元，並且當時的增長速度達到了 50 年代中期。有趣的是，我回去看了看，它的增長速度比營銷中心當時的規模要快。意識到大多數公司從未有過這種第二幕或第三幕，您能否解釋一下是什麼推動銷售中心如此迅速地發展？每當經濟確實恢復正常時，您是否認為這可以繼續開闢出比我們歷史上營銷雲所看到的更強的弧線？

Mark, that's a great insightful question. I think like this goes back to the fact that we are in the middle of a fairly big transformation at HubSpot, one that we've been talking about for many years. We've been on this journey to go from app to suite to platform. And when we go from app to suite and Sales Hub becomes a legitimate front door, then it actually drives faster adoption within the installed base. So the second product and the third product and fourth product, they have the benefit of having the install base of the first product. And that's kind of what you're beginning to see.

馬克，這是一個很有見地的問題。我認為這可以追溯到一個事實，即 HubSpot 正處於一場相當大的變革之中，我們多年來一直在談論這一變革。我們一直在從應用程序到套件再到平台的旅程中。當我們從應用程序轉向套件並且銷售中心成為合法的前門時，它實際上會推動安裝基礎中更快的採用。因此，第二個產品、第三個產品和第四個產品，它們具有擁有第一個產品的安裝基礎的好處。這就是你開始看到的。

I think that, again, maybe kind of dissecting the customer trends from what we see internally. From the customer side, every leader that I talk to, they're looking at ways to eliminate cost but drive better results. And over the last couple of years, they bought a ton of point solutions, and they're either struggling to integrate those solutions or the cost of these solutions are prohibitive. And we are now being seen as a powerful, cost-effective platform within this environment, and that helps with Sales Hub kind of momentum because if you are a Marketing Hub customer, then it makes a lot more sense to get Sales Hub or if you're looking at ways to drive cost savings than buying multiple hubs and kind of eliminating costs while getting better customer insights is working.

我認為，這也許可以從我們內部看到的情況來剖析客戶趨勢。從客戶方面來看，我採訪過的每一位領導者都在尋找消除成本但帶來更好結果的方法。在過去的幾年裡，他們購買了大量的單點解決方案，他們要么在努力集成這些解決方案，要么這些解決方案的成本令人望而卻步。現在，我們在這種環境中被視為一個強大的、具有成本效益的平台，這有助於銷售中心的勢頭，因為如果您是營銷中心的客戶，那麼獲得銷售中心更有意義，或者如果您正在尋找比購買多個中心更節省成本的方法，並且在獲得更好的客戶洞察的同時消除成本正在發揮作用。

I think the other part of it is that one of our strategic priorities this year was to double down and focus on driving product leadership in Marketing, Sales and Service Hub, and that's exactly what our product teams are focused on innovating, and that's what you're seeing play out Sales Hub because it's now a really legitimate front door to HubSpot and we've talked about the steady drumbeat of product releases that are aimed at expanding our market opportunity within Sales Hub. And we're also driving our ability to serve more sophisticated use cases. And just this past quarter in Q2, we released sequences on mobile, driving more prospecting efficiency with reporting, better embedded pipeline metrics. All of these are just examples of functionality within our Sales Hub that drive upmarket momentum and things that our customers have been asking for.

我認為另一部分是我們今年的戰略重點之一是加倍努力並專注於推動營銷、銷售和服務中心的產品領先地位，而這正是我們的產品團隊專注於創新的內容，這就是您所要做的我們看到Sales Hub 正在發揮作用，因為它現在是HubSpot 真正合法的前門，而且我們已經討論了穩定的產品發布，旨在擴大我們在Sales Hub 內的市場機會。我們還在提高服務更複雜用例的能力。就在第二季度的上個季度，我們在移動設備上發布了序列，通過報告和更好的嵌入式管道指標提高了勘探效率。所有這些都只是我們銷售中心內推動高端市場動力和客戶一直要求的功能的示例。

So I'd go back to second, third hubs always have the benefit of the first one. And when customer needs meet with product innovation, meet with go-to-market execution, then we begin to see the consistency of the results that we are seeing now.

所以我會回到第二個、第三個中心，總是能享受到第一個中心的好處。當客戶需求與產品創新相結合，與上市執行相結合時，我們就開始看到我們現在所看到的結果的一致性。

Our next question comes from Rishi Jaluria from RBC.

我們的下一個問題來自 RBC 的 Rishi Jaluria。

Wonderful, Yamini and Kate. So as we think about your continued momentum upmarket and going head-to-head with some of the larger competitors, One of the pieces of feedback we hear from customers is that there are certain enterprise-grade features and functionality that they don't quite yet have available natively in HubSpot. How do you think about using generative AI to speed up the development around a lot of those enterprise-grade features and be even more competitive against some of the kind of more traditionally upmarket, but also maybe legacy competitors.

太棒了，亞米尼和凱特。因此，當我們考慮您在高端市場的持續發展勢頭並與一些較大的競爭對手進行正面交鋒時，我們從客戶那裡聽到的反饋之一是，有一些他們不太了解的企業級特性和功能但已在HubSpot 中原生提供。您如何看待使用生成式人工智能來加速圍繞許多企業級功能的開發，並與一些更傳統的高端市場（但也可能是傳統競爭對手）相比更具競爭力。

Yes. Great question. I'll start, and Dharmesh, feel free to just chime in there on the development side as well. Look, I think our focus is really that 20 to 200 and then 200 to 2,000 customer base. And you're absolutely right. I think the list of innovation and the list of things that we can continue to do to expand our share of that market is there, and that's exactly why this is our #1 priority within the company. We want to increase that product depth and leadership within that market. And so there's a long list of innovation that we are -- we know we're working on and our product and pace of innovation within product has been pretty high over the past few quarters exactly for that reason, so we can meet the needs of the customers.

是的。很好的問題。我將開始，Dharmesh，也請隨意參與開發方面的工作。看，我認為我們的重點實際上是 20 到 200 個，然後是 200 到 2,000 個客戶群。你是完全正確的。我認為創新清單和我們可以繼續做以擴大我們的市場份額的事情清單已經存在，這正是為什麼這是我們公司內的第一要務。我們希望增加產品深度和在該市場的領導地位。因此，我們有一長串的創新——我們知道我們正在努力，我們的產品和產品內部的創新步伐在過去幾個季度中一直非常高，正是出於這個原因，所以我們可以滿足顧客們。

I do think at the same time, they look at us as a way to get visibility across all of the products that are organically built while eliminating the cost, which is why you see us as a platform of choice for these enterprise companies.

我確實認為，與此同時，他們將我們視為一種在消除成本的同時獲得有機構建的所有產品的可見性的方式，這就是為什麼您將我們視為這些企業公司的首選平台。

Now gen AI certainly has the potential to accelerate productivity, not just in front office functions, but also for engineering and it's certainly something that we are looking at, but it's pretty early days in terms of driving that pace of innovation even further. Dharmesh, feel free to add there.

現在，新一代人工智能肯定有潛力提高生產力，不僅在前台職能方面，而且在工程方面，這當然是我們正在考慮的事情，但就進一步推動創新步伐而言，現在還處於早期階段。 Dharmesh，請隨意添加。

Yes. One thing I'll add is that generative AI, I think it opens up an entire like a generational opportunity. I've been in CRM software for 30 years now, since pre-cloud. So we saw once the advance -- the Internet came, this kind of entire new industry around cloud-based CRM. I think we're going to see something similar with generative AI. And HubSpot's approach has always been kind of democratize technology as it's kind of coming up and our focus on SMB. So I think opportunity this opens up for HubSpot is to say, "hey, we're tackling SMB, we want to do the same thing we did when we launched our CRM". We said we want every company to be able to benefit from having a really good CRM. Now that we see generative AI features coming down the road, our philosophy is we want every company to benefit from an AI-powered CRM.

是的。我要補充的一件事是，生成式人工智能，我認為它開闢了一個像一代人一樣的機會。自云出現之前以來，我從事 CRM 軟件工作已有 30 年了。因此，我們看到了互聯網的進步，這種圍繞基於雲的 CRM 的全新行業。我認為我們將會在生成式人工智能中看到類似的情況。 HubSpot 的方法一直是一種民主化技術，因為它的出現以及我們對中小企業的關注。因此，我認為這為 HubSpot 提供的機會是，“嘿，我們正在解決中小企業問題，我們想做與推出 CRM 時相同的事情”。我們說過，我們希望每個公司都能從真正優秀的 CRM 中受益。現在我們看到生成式人工智能功能即將出現，我們的理念是希望每家公司都能從人工智能驅動的 CRM 中受益。

So how do we take all these features that are now -- right now market leading, but how do we make them and disuse them and democratize them and make them available. So I think it creates an opportunity for us to capture more of mind share and market share within SMB, the market we're focused in, and it's a once-in-a-generation opportunity.

那麼，我們如何利用現在市場領先的所有這些功能，但我們如何製造它們、廢棄它們、使它們民主化並使其可用。因此，我認為這為我們創造了一個機會，讓我們能夠在中小企業（我們專注的市場）中獲得更多的思想份額和市場份額，這是一個千載難逢的機會。

Our next question comes from Brian Peterson of Raymond James.

我們的下一個問題來自 Raymond James 的 Brian Peterson。

So I wanted to maybe pivot off upmarket and focus on mid-market for a second. And I'd love to understand is the vendor consolidation trend that you're seeing. Is that narrative happening in the mid-market as well? Or is there maybe more of a spend rationalization there? I would love to maybe understand and get your perspective there.

因此，我想或許將重心從高端市場轉向中端市場。我很想了解您所看到的供應商整合趨勢。這種說法也發生在中端市場嗎？或者是否存在更多的支出合理化？我很想了解並了解您的觀點。

Yes, Brian, I think it's happening in mid-market as well. There is absolutely no doubt that we see it. And for us, mid-market is that to 20 to 200 person company. That's what we call as mid-market. And if you look at what is driving vendor consolidation across all of the segments that we are in, it's the last couple of years of how customers have grown. SMBs were thrown into the digital environment post the pandemic and during the pandemic, they went in and bought a number of point solutions and -- or they went and got some enterprise-class solutions. And both of those have proven to be pretty costly in terms of maintaining the tech stack, but also pretty brittle in terms of getting customer insights.

是的，布萊恩，我認為這種情況也發生在中端市場。毫無疑問我們看到了它。對於我們來說，中端市場是指 20 到 200 人的公司。這就是我們所說的中端市場。如果你看看是什麼推動了我們所在的所有細分市場的供應商整合，就會發現這是過去幾年客戶增長的原因。中小型企業在大流行後被投入數字環境，在大流行期間，他們購買了許多單點解決方案，或者購買了一些企業級解決方案。事實證明，這兩者在維護技術堆棧方面成本相當高，但在獲取客戶洞察方面也相當脆弱。

And so -- if you look at a mid-market company, they are also in the same place of looking at eliminating costs while driving better customer insights and we see the same trend play out within mid-market. And again, we begin to see more multi-hub and even full suite Pro and Enterprise deals within the mid-market segment.

因此，如果你觀察一家中端市場公司，他們也同樣致力於消除成本，同時推動更好的客戶洞察，我們看到中端市場也出現了同樣的趨勢。我們再次開始在中端市場看到更多的多中心甚至全套專業版和企業版交易。

Our next question comes from Alex Zukin of Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的亞歷克斯·祖金。

This is Ryan on for Alex. So just a quick one on retention. It seems like the deceleration in NRR is slowing. So if you look at NRR, on kind of a month-over-month basis, did it start to improve at all in the back half of the quarter, like in June? And then how should we be thinking about when that metric could trough kind of going forward?

這是瑞安（Ryan）替亞歷克斯（Alex）發言。簡單介紹一下保留率。 NRR 的減速似乎正在放緩。因此，如果您按月查看 NRR，您會發現它在本季度後半段（例如 6 月份）是否開始有所改善？那麼我們應該如何考慮該指標何時可以繼續發展？

Yes. Thanks, Ryan, for the question. Net revenue retention, you're right on the quarterly math. For the quarter, net revenue retention was 103%, which was down 1%. I don't think we're going to comment on monthly trends here, but I will make a couple of comments on net revenue retention. The first, I guess maybe I'll just start with the good news, which is our customer dollar retention, which we refer to as gross retention externally, remains steady in the high 80s which provides a really nice foundation for us around net revenue retention overall.

是的。謝謝瑞安提出的問題。淨收入保留，你的季度計算是正確的。本季度淨收入保留率為 103%，下降 1%。我認為我們不會在這裡評論每月趨勢，但我會就淨收入保留發表一些評論。首先，我想也許我會先從好消息開始，那就是我們的客戶美元保留率，我們在外部稱為毛保留率，保持穩定在80 多歲，這為我們圍繞淨收入保留提供了非常好的基礎全面的。

The area where we continue to see challenge is the same one we've been talking about for a number of quarters, which is on that net upgrade rate. So kind of going back to the back half of 2022, there was more consumption-driven motions like seats and contacts for us continue to be pressured. We're seeing that both on the downgrade side, but we're also seeing lower volume of customers adding contacts and seats in addition.

我們繼續面臨挑戰的領域與我們幾個季度以來一直在談論的領域相同，即淨升級率。回顧 2022 年下半年，出現了更多消費驅動的動議，例如席位和聯繫方式，我們繼續面臨壓力。我們在降級方面看到了這一點，但我們也看到添加聯繫人和席位的客戶數量減少。

And then finally, customers, you heard -- both Yamini and I talked about this in our prepared remarks, are really looking to optimize their spend across the board by sort of adjusting additions and consolidating their portals onto a single HubSpot -- instance, really looking for ways to maximize the ROI from our platform.

最後，客戶，你聽到了- Yamini 和我在我們準備好的發言中都談到了這一點，他們真的希望通過調整添加內容並將他們的門戶整合到一個HubSpot 上來全面優化他們的支出- 例如，真的尋找最大化我們平台投資回報率的方法。

Now you ask a really hard question, which is like when is it going to turn? And I will admit it is like really difficult to predict. Obviously, it's dependent at least in decent amount on macro pressure. What I will say is that we feel good about our ability to retain the customer dollar retention at that high 80s level, and we feel good about our ability to retain net revenue retention above 100%.

現在你問一個非常棘手的問題，比如什麼時候會發生轉變？我承認這真的很難預測。顯然，它至少在相當程度上取決於宏觀壓力。我要說的是，我們對將客戶美元保留率保持在 80 年代的高水平的能力感到滿意，並且我們對將淨收入保留率保持在 100% 以上的能力感到滿意。

Our next question comes from Brad Sills of Bank of America.

我們的下一個問題來自美國銀行的布拉德·希爾斯。

I wanted to ask a question on AI, a lot of exciting use cases it sounds like already for -- in your customer base around ChatSpot AI and content assistant. How are you thinking about the monetization here? Are these -- is this baseline functionality that just continues to drive the moat? Do you think you might put some of this functionality into premium additions, maybe separate SKUs? Just any color on how you're thinking about the monetization opportunity for AI?

我想問一個關於人工智能的問題，聽起來已經有很多令人興奮的用例——在您圍繞 ChatSpot AI 和內容助理的客戶群中。您如何看待這裡的貨幣化？這些是——這個基線功能會繼續推動護城河嗎？您是否認為可以將其中一些功能添加到高級附加功能中，也許是單獨的 SKU？您對人工智能的盈利機會有何看法？

Yes. Thanks a lot for that question, Brad. This is Yamini, we're very clearly excited about generative AI. It is a pretty big transformative shift. And I think we look at it as being well positioned to serve the SMB market. And historically, if you've looked at HubSpot, we've done a really good job of taking powerful sophisticated technology and bringing it to bear within the SMB market. And this market is quite different from other kinds of segments because they typically don't have AI, ML experts and resources. And so we take our job pretty seriously to take a powerful technology and democratize there.

是的。非常感謝你提出這個問題，布拉德。我是 Yamini，我們顯然對生成式人工智能感到非常興奮。這是一個相當大的變革性轉變。我認為我們認為它處於服務中小企業市場的有利位置。從歷史上看，如果您查看過 HubSpot，就會發現我們在採用強大的複雜技術並將其應用於中小企業市場方面做得非常好。這個市場與其他類型的細分市場有很大不同，因為它們通常沒有人工智能、機器學習專家和資源。因此，我們非常認真地對待我們的工作，採用強大的技術並使其民主化。

Now specifically on your question on monetization, we have a very clear first principle when it comes to monetization. And our principle is that we focus on delivering customer value first, and from there, monetization will follow. And we're going to apply that same first principle to AI. And when we think about this market, we're clearly in the early stages of iterating fast and adding value for customers. We're beginning to see that with both ChatSpot and content assistant in all of the use cases that we have in beta so far. Once we know what value we are adding to customers, then we'll likely follow a bimodal strategy to monetization. And what I mean by that is, on one hand, we'll likely democratize AI features and make it available in our freemium and starter tiers to drive adoption, you've seen that play out. We've taken really high-value features and added it to free and starter and that helps with adoption, but that also helps as an on-ramp to our other tiers.

現在，特別是關於您關於貨幣化的問題，我們在貨幣化方面有一個非常明確的首要原則。我們的原則是，我們首先專注於提供客戶價值，然後才是貨幣化。我們將把同樣的第一原則應用到人工智能上。當我們考慮這個市場時，我們顯然處於快速迭代和為客戶增加價值的早期階段。我們開始在迄今為止測試版的所有用例中看到 ChatSpot 和內容助手的這一點。一旦我們知道我們為客戶增加了什麼價值，那麼我們可能會遵循雙模式的貨幣化策略。我的意思是，一方面，我們可能會民主化人工智能功能，並在我們的免費增值和入門級別中提供它，以推動採用，你已經看到了這一點。我們採用了真正高價值的功能，並將其添加到免費和入門版本中，這有助於採用，但這也有助於作為我們其他級別的入口。

And then the second part of what we'll likely do is drive higher value and ASP with more specialized features. And this can certainly come in the form of adding certain features to higher additions like Pro and Enterprise. It can also come from packaging AI features into more specialized add-ons. So we're certainly thinking about all of that. But the first priority for us is move fast, iterate fast and add a ton of value for our customers specifically within the SMB segment. We want to be the AI leaders within the SMB segment and for scaling companies.

我們可能要做的第二部分是通過更專業的功能來推動更高的價值和 ASP。這當然可以通過在專業版和企業版等更高版本中添加某些功能的形式實現。它還可以來自將人工智能功能打包成更專業的附加組件。所以我們當然正在考慮所有這些。但我們的首要任務是快速行動、快速迭代並為我們的客戶（特別是中小企業領域的客戶）增加大量價值。我們希望成為中小企業領域和規模化公司的人工智能領導者。

Our next question comes from Gabriela Borges of Goldman Sachs.

我們的下一個問題來自高盛的加布里埃拉·博爾赫斯。

Kate, I'm looking for a little bit of color on the constant currency billings deceleration that you saw this quarter. And I realize that you just talked about how difficult it is to predict the macro. So I'm hoping you could share a little bit on some of the leading indicators that you and the team look at to try to get ahead of underwriting a turn in the macro and potentially to start ramping hiring again.

凱特，我正在尋找有關您本季度看到的貨幣賬單持續減速的一些信息。我知道你剛才談到了預測宏觀經濟有多麼困難。因此，我希望您能分享一下您和團隊所關注的一些領先指標，以便在宏觀形勢發生轉變之前，並有可能再次開始增加招聘。

Yes. Thanks for the question. I'll try to give a little bit more color on the billings because I will admit it's a little bit of a head scratcher this quarter. As we -- what we try to ground ourselves on is constant currency revenue growth as sort of a baseline assumption that constant currency revenue and constant currency billings will grow together. And this quarter, what you saw is a little bit more of a gap. And you saw this really unusual thing where you had constant currency billings growth dipping below as reported billings growth and I would just note, like billings has 2 components to it. It has revenue and it has a change in deferred revenue. And while currency was a headwind to revenue, it was actually a tailwind to deferred revenue, which is why there was this 3-point tailwind to billings growth in the quarter.

是的。謝謝你的提問。我會嘗試在賬單上提供更多的色彩，因為我承認這個季度有點令人頭疼。我們試圖將恆定的貨幣收入增長作為基准假設，即恆定的貨幣收入和恆定的貨幣賬單將共同增長。在本季度，您看到的差距有點大。你看到了這個非常不尋常的事情，你的貨幣賬單增長持續低於報告的賬單增長，我只是想指出，就像賬單有兩個組成部分一樣。它有收入，並且有遞延收入的變化。雖然貨幣對收入不利，但它實際上對遞延收入有利，這就是為什麼本季度比林斯增長出現 3 個百分點的順風。

And if you just look at that FX impact, that's half the gap between constant currency billings growth and constant currency revenue growth. Yes. Other than that, there's not -- the trends are largely the same as the ones that we've been talking about. We continue to see a little bit of a decline in duration as our mix shift away from Marketing and into Sales and Service, shifts away from new and into installed base. But we expect those 2 growth rates to come back together in Q3 as we have a -- call it a more normal FX comparison.

如果你只看外匯影響，那就是恆定貨幣賬單增長和恆定貨幣收入增長之間差距的一半。是的。除此之外，沒有——趨勢與我們一直在談論的趨勢基本相同。隨著我們的組合從營銷轉向銷售和服務，從新轉向安裝基礎，我們繼續看到持續時間略有下降。但我們預計這兩個增長率將在第三季度恢復一致，因為我們有一個更正常的外匯比較。

Our next question comes from Josh Reilly of Needham & Company.

我們的下一個問題來自 Needham & Company 的 Josh Reilly。

You look at the customer additions in the quarter, clearly, they're very strong at over 7,000 again. Can you just help us understand the price change on the starter bundle, how that impacts the trajectory of the net adds after a few months of the change being in the market? Is there an initial pop in demand and then it reverts or what's the cadence following these price changes? And was that a contributing factor to why the number was down sequentially?

你看看本季度新增的客戶，很明顯，他們再次超過 7,000 名，非常強勁。您能否幫助我們了解入門包的價格變化，以及市場變化幾個月後，這對淨增加的軌蹟有何影響？需求是否會出現最初的增長，然後又恢復，或者這些價格變化之後的節奏是怎樣的？這是導致數字連續下降的一個因素嗎？

Yes, I'll start. Net adds were down a bit from Q1 to Q2, but they were very much aligned with the expectations that we had internally and the expectations that we shared on the call last quarter. The other thing to note is they were much more balanced across addition, what we've seen over the last couple of quarters. In both Q4 and Q1, we were actually pretty surprised by the stronger performance in starter that was really the driver of the overall new customer addition. So yes, starter did decline a little bit, but it is in line with our expectations, and we frankly would expect that it would sort of stay in and around these levels over the next couple of quarters.

是的，我要開始了。從第一季度到第二季度，淨增加數量略有下降，但與我們內部的預期以及我們在上季度電話會議上分享的預期非常一致。另一件值得注意的事情是，我們在過去幾個季度中看到，它們在加法方面更加平衡。在第四季度和第一季度，我們實際上對啟動器的強勁表現感到非常驚訝，這確實是整體新客戶增加的驅動力。所以，是的，首發確實有所下降，但這符合我們的預期，坦率地說，我們預計在接下來的幾個季度中它會保持在這些水平附近。

Our next question comes from Terry Tillman of Truist.

我們的下一個問題來自 Truist 的 Terry Tillman。

This is Joe Meares on for Terry. Just curious, on the 3Q '23 and 4Q '23 implied revenue guide, it's looking like about 18% growth year-over-year ex FX. And acknowledging we're in a tough macro, I'm just curious, is that decline from the first half, is that more macro driven? Or is that something that you're seeing as far as your individual NRR being affected?

這是喬·米爾斯（Joe Meares）替補特里。只是好奇，根據 23 年第 3 季度和 23 年第 4 季度的隱含收入指南，扣除外匯因素，同比增長約為 18%。承認我們正處於一個艱難的宏觀環境中，我只是好奇，與上半年相比出現的下降是否更多是宏觀驅動的？或者您認為您的個人 NRR 受到了影響嗎？

Maybe I'll just kind of take a step back and talk about how we approach guidance. We approach guidance in a very consistent way. I just finished my fifth year at HubSpot. And we have approached guidance in the same way every quarter during that period of time. And the way that we approach it is this, we try to create a set of numbers that we feel good about our ability to deliver across a variety of scenarios. And we took exactly the same approach this quarter. Both Yamini and I shared in our prepared remarks that the external environment remains challenged, and that is what is the foundational baseline assumption for our guidance. That said, we want to put forward guidance that we can deliver even if things get a little bit worse from here.

也許我會退後一步，談談我們如何獲得指導。我們以非常一致的方式對待指導。我剛剛結束在 HubSpot 的第五年。在那段時間裡，我們每個季度都以相同的方式製定指導方針。我們的處理方式是這樣的，我們嘗試創建一組我們對我們在各種場景中交付的能力感到滿意的數字。本季度我們採取了完全相同的方法。亞米尼和我在我們準備好的發言中都表示，外部環境仍然面臨挑戰，這是我們指導的基本基線假設。也就是說，我們希望提出即使情況變得更糟也可以提供的指導。

Our next question is from Michael Turrin of Wells Fargo.

我們的下一個問題來自富國銀行的邁克爾·特林。

Michael Berg on for Michael Turrin here. I wanted to ask on pricing and packaging. You've added -- like you've mentioned a number of times you've added quite a few features across all hubs, but notably Sales Hub. And as you incorporate generative AI, which we just had a pricing discussion, maybe you could help us understand how you might think about either increasing prices or taking more of the value you deliver to your customers.

邁克爾·伯格 (Michael Berg) 在此代替邁克爾·特林 (Michael Turrin)。我想問一下價格和包裝。您已經添加了 - 就像您多次提到的那樣，您在所有中心（尤其是銷售中心）中添加了相當多的功能。當您整合生成式人工智能（我們剛剛進行了定價討論）時，也許您可​​以幫助我們了解您如何考慮提高價格或獲取更多為客戶提供的價值。

Yes, Michael, I appreciate that question. Thank you. Our pricing philosophy has not changed. And if you step back and think about what our pricing as well as packaging philosophy has been, we add value first and then we think about pricing changes next. And when we had this discussion on AI monetization, I mentioned exactly the same thing, which is add value first and then kind of look at pricing.

是的，邁克爾，我很欣賞這個問題。謝謝。我們的定價理念沒有改變。如果你退後一步想想我們的定價和包裝理念是什麼，我們首先增加價值，然後再考慮定價變化。當我們討論人工智能貨幣化時，我提到了完全相同的事情，即首先增加價值，然後再考慮定價。

And you're absolutely right that we've added tremendous value in terms of Sales Hub. When we look at pricing, packaging changes, for example, last year, we increased Marketing Hub Enterprise pricing, but that was after consistently adding value, 4 years of adding value into that tier. And when we do that, we feel very, very comfortable on the impact it has in terms of our customers. And so we follow exactly that same pricing philosophy, whether it comes to AI or it comes to Sales Hub.

您說得對，我們在銷售中心方面增加了巨大的價值。當我們考慮定價、包裝變化時，例如，去年，我們提高了 Marketing Hub Enterprise 的定價，但那是在持續增加價值、為該層增加價值 4 年之後。當我們這樣做時，我們對它對客戶產生的影響感到非常非常滿意。因此，無論是人工智能還是銷售中心，我們都遵循完全相同的定價理念。

Ultimately, we think that we're in the early stages of a fairly big transformation, the transformation of us going from app to suite to platform is early, the transformation of us going to upmarket is early. There's now the big shift that's happening with AI is early. And across all of that, our focus is add value and gain market share and adoption and then monetize.

最終，我們認為我們正處於相當大的轉型的早期階段，我們從應用程序到套件再到平台的轉型還很早，我們向高端市場的轉型還很早。現在人工智能正在發生的重大轉變還處於早期階段。在所有這些方面，我們的重點是增加價值並獲得市場份額和採用率，然後貨幣化。

Our next question comes from Michael Turits of Key Corp (sic) [KeyBanc Capital].

我們的下一個問題來自 Key Corp（原文如此）[KeyBanc Capital] 的 Michael Turits。

Interesting discussion around NRR. So I guess same kind of question around MSRPC, A, when you think that could start to re-inflect up. And an associated question, were you seeing and also -- quarter you commented on MSRPC being stronger in the upper tiers as opposed to being dragged down by starters. So what was that breakout like? So acceleration or not going forward and between tiers this quarter?

關於 NRR 的有趣討論。所以我猜想，當你認為 MSRPC 可能會開始重新出現時，也會出現同樣的問題。還有一個相關的問題，您是否看到以及您評論的 MSRPC 在上層中表現更強，而不是被首發者拖累。那麼這次突破是什麼樣的呢？那麼本季度各層級之間是否會加速推進？

Yes. The ASRPC is obviously the other side of the coin to net customer additions. I think there's a little bit of a difference across the 2 metrics in the sense that ASRPC is a little bit more of a lagging metric as it reflects -- because revenue is the numerator, it reflects the activity that we've seen over the last 4 quarters. So anything that you're going to see in terms of movement in quarter is going to be a little bit more muted. What you did see with ASRPC is it expanded up in the low single digits, which is like what we expected and what we shared with you last quarter. And the drivers are the same ones that we talked about last quarter. The continued progress with multi-hub adoption in Professional and Enterprise was the big driver of the expansion. But again, there was an offset based on the significant net adds that we have seen over the last 4 quarters at that starter tier.

是的。 ASRPC 顯然是淨客戶增加的另一面。我認為這兩個指標之間存在一些差異，因為 ASRPC 更像是一個滯後指標，因為它反映了 - 因為收入是分子，它反映了我們過去看到的活動4 個季度。因此，你在季度中看到的任何變化都將更加平靜。您在 ASRPC 中看到的是它以較低的個位數增長，這正如我們的預期以及我們上個季度與您分享的那樣。這些驅動因素與我們上季度討論的驅動因素相同。專業和企業領域多中心採用的持續進展是擴張的主要推動力。但同樣，根據我們在過去 4 個季度看到的首發級別的顯著淨增加，存在抵消。

Now as far as the ASRPC outlook, we think it's going to sort of hang in and around these like low single digits for the next couple of quarters. But you are right, if we stripped out starter, we would see an ASRPC that is expanding at a higher rate.

現在就 ASRPC 的前景而言，我們認為未來幾個季度它將保持在較低的個位數水平。但你是對的，如果我們去掉 starter，我們會看到 ASRPC 正在以更高的速度擴展。

Our next question comes from Parker Lane of Stifel.

我們的下一個問題來自 Stifel 的 Parker Lane。

Yamini, HubSpot has always been a very horizontal platform. And as you're making this upmarket shift, do you see any appetite in the enterprise category, in particular, for more industry-specific features and tools. And as you think about the future penetration of this opportunity, is it necessary to have those type of tools? Or do you feel like there's enough work being done in the partner community and integrations that can support a healthy use case there.

Yamini、HubSpot一直是一個非常橫向的平台。當您進行這種高端轉變時，您是否看到企業類別有任何需求，特別是對更多行業特定功能和工具的需求。當您考慮這個機會的未來滲透時，是否有必要擁有這些類型的工具？或者您是否覺得合作夥伴社區和集成方面正在做足夠的工作來支持那裡的健康用例。

Yes. Great question, Parker. I think it's more of the latter. If you think about the big transformations that we're on, we're going from this app to suite to platform. We're kind of going from the smaller end of SMB to upmarket customers. And both of those are still fairly early innings. And if we look at our market share penetration across both of these, it's single digits. And we think that with the level of product innovation that's happening as well as the focused execution. We have the opportunity to kind of take it to strong double digits in terms of market share. So there's a lot of opportunity that is left, that is still very much horizontal, our list of innovation and a list of things that we can bring to add value to our customers remains really robust and long. So we're going to focus on all of those opportunities.

是的。好問題，帕克。我認為更多的是後者。如果您考慮一下我們正在進行的重大轉變，我們將從這個應用程序到套件再到平台。我們正在從中小企業的小型客戶轉向高端客戶。這兩局都還處於相當早的階段。如果我們看看我們在這兩個領域的市場份額滲透率，就會發現它只是個位數。我們認為，隨著產品創新水平的提高以及專注的執行。我們有機會將市場份額提升至兩位數。因此，還剩下很多機會，這仍然是非常水平的，我們的創新清單和我們可以為客戶增加價值的事情清單仍然非常強大和漫長。因此，我們將重點關注所有這些機會。

And I think AI also gives us a tremendous opportunity to drive more market share gains as well as adoption within our markets. And as you said, like partners are certainly leaning into certain verticals, and they're more than welcome to continue to like do that, but we feel that the opportunity is still early stages with a tremendous runway ahead of us for our strategy now.

我認為人工智能還為我們提供了巨大的機會來推動更多市場份額的增長以及在我們市場中的採用。正如您所說，類似的合作夥伴肯定會傾向於某些垂直領域，我們非常歡迎他們繼續這樣做，但我們認為機會仍處於早期階段，我們的戰略還有廣闊的前景。

Our next question comes from Keith Bachman of BMO.

我們的下一個問題來自 BMO 的 Keith Bachman。

This is Adam on for Keith. I wanted to touch on the commission changes and any incremental feedback you might have on reactions there? And then second part would be -- does that have any effect on the decrease in starter tier adds?

這是亞當替基思發言。我想談談佣金的變化以及您對那裡的反應可能有的任何增量反饋？然後第二部分是——這對首發級別增加的減少有什麼影響嗎？

So let me start with the first part, which is the partner commission changes. We're really pleased with the response from the partner channel. And I've talked to many of our elite partners before the change, after the change, and we are consistently getting feedback from our partner channels and we spent a lot of time communicating to our partner channel on why we are changing this. And if you step back and think about we want to drive consistent value-added engagement with customers and we want our partners to be able to drive multi-hub adoption within our customer base. And so the commission changes were very much aligned to where we are going as a company.

讓我從第一部分開始，即合作夥伴佣金的變化。我們對合作夥伴渠道的回應非常滿意。我在變革之前和變革之後與我們的許多精英合作夥伴進行了交談，我們不斷從我們的合作夥伴渠道獲得反饋，我們花了很多時間與我們的合作夥伴渠道溝通我們為什麼要改變這一點。如果您退後一步想一想，我們希望推動與客戶的一致增值互動，並且我們希望我們的合作夥伴能夠在我們的客戶群中推動多中心採用。因此，佣金的變化與我們公司的發展方向非常一致。

And in fact, we have seen partners increase engagement with our customers as a result of the change, which is a really nice bonus. And I think it's a win for our customers, partners and in terms of HubSpot. And maybe, Kate, if you want to add on the starter, I don't think the partner commission change had any impact on the starter net adds, but you can certainly comment.

事實上，我們看到合作夥伴由於這一變化而增加了與客戶的互動，這是一個非常好的獎勵。我認為這對我們的客戶、合作夥伴以及 HubSpot 來說都是一場胜利。也許，凱特，如果你想增加首發，我不認為合作夥伴佣金的變化對首發淨增加有任何影響，但你當然可以發表評論。

Yes. I would agree. The partners tend to be focused more upmarket in our customer base. And so the impact that they would have -- they did not have any impact on the quarter-over-quarter change in net customer adds.

是的。我同意。合作夥伴往往更關注我們的客戶群中的高端市場。因此，它們所產生的影響——它們對淨客戶的季度環比變化沒有任何影響。

Our next question comes from Kirk Materne of Evercore.

我們的下一個問題來自 Evercore 的 Kirk Materne。

Yamini, I was wondering if you could just talk a little bit about just the (inaudible) to the upmarket. Is that something out of all geographies, meaning is the U.S. a little bit ahead of EMEA in terms of what you're doing in multi-hub sales and just any, I guess, commentary on the macro from a geographic perspective, if there's any real difference you're seeing in the U.S. versus, say, outside the U.S.

Yamini，我想知道您是否可以談談（聽不清）高端市場。這是所有地區中都存在的情況嗎？這意味著美國在多中心銷售方面領先於歐洲、中東和非洲地區，我想，從地理角度對宏觀經濟的評論（如果有的話）您在美國和美國以外地區看到的真正差異

Kirk, I didn't get the first maybe 10, 15 seconds of the question, I got the geo differences. Can you repeat the first part, please?

柯克，我沒有聽清問題的前 10、15 秒，我得到了地理差異。請您重複一下第一部分好嗎？

Sorry. If you're seeing any dynamics -- market dynamics (inaudible) across [all the] geographies...

對不起。如果您看到任何動態——[所有]地區的市場動態（聽不清）……

Okay. I think I got the geo differences. So I'll say no notable differences across our major markets. And what I talked about as customer buying patterns. On one hand, they're -- it didn't get better, it didn't get worse, very similar trends in terms of looking at budget, having multiple stakeholders involved in decision-making and driving projects. So I think that has remained consistent. So no notable differences.

好的。我想我得到了地理差異。所以我想說我們的主要市場沒有顯著差異。我所說的客戶購買模式。一方面，他們的情況沒有變得更好，也沒有變得更糟，在預算、讓多個利益相關者參與決策和推動項目方面的趨勢非常相似。所以我認為這仍然是一致的。所以沒有顯著差異。

And maybe the other part of the question was really, are there any differences as you think about upmarket and multiple Sales Hub adoption or multi-hub adoption? And again, no notable differences. So I think the broader themes coming back to what we are seeing across the pipeline, a lot more sales initiatives this year where our customers are focused on driving sales rep productivity, a lot more multi-hub adoption as people want to make sure that they are getting visibility across their entire customer pipeline and a lot more platform consolidation as they look to eliminate costs as well as get just much better return for their investments. And across all regions, we're seeing the trend of becoming a platform of choice for the scaling companies. So high bar for action across all regions, but we continue to be very focused on executing to meet that high bar.

也許問題的另一部分確實是，當您考慮高端和多個銷售中心的採用或多中心的採用時，是否存在任何差異？再說一遍，沒有顯著差異。因此，我認為更廣泛的主題回到了我們在整個管道中看到的情況，今年有更多的銷售舉措，我們的客戶專注於提高銷售代表的生產力，更多的多中心採用，因為人們希望確保他們他們希望消除成本並獲得更好的投資回報，從而獲得整個客戶渠道的可見性和更多的平台整合。在所有地區，我們都看到了成為規模化公司首選平台的趨勢。所有地區的行動都有很高的標準，但我們仍然非常注重執行以滿足這一高標準。

Our final question for today comes from Taylor McGinnis of UBS.

我們今天的最後一個問題來自瑞銀集團的泰勒·麥金尼斯。

Maybe on margin. So it looks like the 4Q guide implies mid-teens and previously the outlook called for high teens. I know you had some good outperformance in the quarter and it looks like the 3Q outlook is a little bit higher. So is it just the shifting of expenses between quarters, maybe some prudence in the forecast? Or is your view on 4Q OpEx growth changed or the level of investment, I guess, is there anything new that you would flag?

也許是在保證金上。因此，第四季度指南似乎暗示著十幾歲左右，而之前的展望則暗示著十幾歲左右。我知道你們在本季度有一些良好的表現，看起來第三季度的前景有點高。那麼這是否只是各季度之間費用的轉移，也許是預測中的一些謹慎？或者您對第四季度運營支出增長或投資水平的看法是否發生了變化，我猜，您有什麼新的建議嗎？

Yes. Thanks for the question. We are very pleased with the progress we're making this year on expanding our margins. You saw us record 7% increase in margins year-over-year in Q2. And if you just sort of take a step back and think about what's driving that. We took a bunch of actions through the back half of last year to really pull back on hiring pretty significantly. And then we did a restructuring in January, and that is really showing up in the year-over-year leverage.

是的。謝謝你的提問。我們對今年在擴大利潤方面取得的進展感到非常滿意。您看到我們第二季度的利潤率同比增長了 7%。如果你退後一步想想是什麼推動了這一點。去年下半年，我們採取了一系列行動，大幅縮減了招聘規模。然後我們在一月份進行了重組，這確實體現在同比槓桿率上。

If you think about where we're guiding for the full year, we are -- our operating profit margin guidance is 14%, which is a bit more than 4 points year-over-year increase over 2022. What I would tell you is we've been very prudent in the hiring that we've made in the first half of the year. We came out of the risk at the end of January, and we wanted to be very strategic about where we were adding heads. And as a result, we have -- we will see more of our hiring take place in Q3 and Q4 of this year versus our original plan. And that is what you're seeing in the seasonal margin in our guide.

如果你考慮一下我們全年的指導，我們的營業利潤率指導是 14%，比 2022 年同比增長 4 個點多一點。我想告訴你的是今年上半年我們的招聘非常謹慎。我們在一月底擺脫了風險，我們希望對增加人員的位置採取非常戰略性的策略。因此，與我們最初的計劃相比，我們將在今年第三季度和第四季度看到更多的招聘。這就是您在我們的指南中看到的季節性利潤。

Thank you. We have no further questions for today so that concludes today's conference call. Thank you all for joining. You may now disconnect your lines.

謝謝。我們今天沒有其他問題，因此今天的電話會議到此結束。感謝大家的加入。您現在可以斷開線路。