HubSpot Inc (HUBS) 2023 Q4 法說會逐字稿

Good afternoon. Thank you for attending the HubSpot Q4 and Full Year 2023 Earnings Call. My name is Matt, and I'll be your moderator for today's call. (Operator Instructions)

午安.感謝您參加 HubSpot 第四季和 2023 年全年財報電話會議。我叫馬特，我將擔任今天電話會議的主持人。 （操作員說明）

I will now pass the conference over to our host, Ryan Burkart, Senior Director of Investor Relations. Ryan, please go ahead.

我現在將會議交給我們的東道主、投資者關係高級總監 Ryan Burkart。瑞安，請繼續。

Thanks, operator. Good afternoon, and welcome to HubSpot's Fourth Quarter and Fiscal Year 2023 Earnings Conference Call. Today, we'll be discussing the results announced in the press release that was issued at 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，接線生。下午好，歡迎參加 HubSpot 第四季和 2023 財年財報電話會議。今天，我們將討論收盤時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執行長亞米尼·蘭甘 (Yamini Rangan)； Dharmesh Shah，我們的共同創辦人兼首席技術長；和我們的財務長 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 Exchange 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 expected timing and benefits of the Clearbit acquisition, expected growth, FX movement, and business outlook, including our financial guidance for the first fiscal quarter and full year 2024.

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 年證券交易法》修訂版第21E 條意義內的前瞻性聲明。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營運業績以及營運支出的預期、Clearbit 收購的預期時機和收益、預期增長、外匯走勢和業務前景的陳述。包括我們對第一財季和2024 年全年的財務指導。

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為止的觀點，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 fourth quarter and fiscal year 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整 您可以在我們網站的投資者關係部分找到我們第四季和2023 財年的收益新聞稿。

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

現在我很高興將電話轉給 HubSpot 執行長 Yamini Rangan，Yamini？

Thank you, Ryan, and welcome to everyone joining us today. Let me start with our Q4 and 2023 results, share my observations on the macro environment as we step into a new year and wrap up with our strategy for balancing growth, efficiency and culture in 2024.

謝謝你，瑞安，歡迎大家今天加入我們。讓我從我們第四季和 2023 年的業績開始，分享我對進入新的一年時宏觀環境的觀察，並總結我們在 2024 年平衡成長、效率和文化的策略。

We saw a solid finish to a good year despite the challenging macro environment. Q4 revenue grew 21% year-over-year in constant currency and full year 2023 revenue grew 25% in constant currency. We delivered an standout operating profit margin of 17% in Q4 and 15% for the full year, up over 500 basis points year-over-year. Total customers grew 23% to over 205,000 customers globally, driven by nearly 11,000 net customer additions in the quarter, a new record for us.

儘管宏觀環境充滿挑戰，但我們仍為美好的一年畫上了圓滿的句號。以固定匯率計算，第四季營收年增 21%，以固定匯率計算，2023 年全年營收成長 25%。我們第四季的營運利潤率達到 17%，全年營運利潤率達到 15%，年增超過 500 個基點。在本季淨增加近 11,000 名客戶的推動下，全球客戶總數成長了 23%，達到超過 205,000 名客戶，創下了我們的新紀錄。

Our customers have high confidence in our ability to help them grow, and we're becoming the clear platform of choice for scaling companies. Our momentum in Q4 and 2023 results highlight 2 important aspects of our strategy that are working. First, we're focused on crafting great products and continuously innovating to solve for the customer. And second, we are consistently driving go-to-market execution across digital, sales and partner channels.

我們的客戶對我們幫助他們成長的能力充滿信心，我們正在成為擴大公司規模的明確選擇平台。我們第四季和 2023 年業績的勢頭凸顯了我們策略的兩個重要方面正在發揮作用。首先，我們專注於打造卓越的產品並不斷創新，為客戶提供解決方案。其次，我們持續推動數位、銷售和合作夥伴通路的上市執行。

At the lower end of the market, we saw exceptionally strong net adds driven by starter momentum. Our pricing optimization plays continue to work. Our value proposition of an easy-to-buy, easy-to-use platform is crystal clear, and our efforts to amplify this value in-app, in chat and across brand campaigns drove results in the quarter. We improved our in-app onboarding and support to help customers get value faster, and our investments to drive retention are beginning to work. These efforts resulted in record net adds that we are pleased with.

在低端市場，我們看到了在啟動勢頭的推動下異常強勁的淨增量。我們的定價優化策略仍在繼續發揮作用。我們對易於購買、易於使用的平台的價值主張非常明確，而且我們在應用程式內、聊天和跨品牌活動中放大這一價值的努力推動了本季度的業績。我們改進了應用程式內引導和支持，以幫助客戶更快地獲得價值，並且我們為提高保留率而進行的投資已開始發揮作用。這些努力帶來了創紀錄的淨增長，我們對此感到滿意。

In upmarket, the big themes in Q4 were large deal strength, Sales Hub and multi-hub momentum. We saw seasonally strong impact from large deals as more upmarket customers are consolidating on our platform. 60% of pro and enterprise customers are now on 2 or more hubs and more customers are starting with multi-hub. Post the relaunch of INBOUND, Sales Hub is just cranking. Customers are getting value from AI-powered features like call summarization and forecasting and are driving sales productivity with the new prospecting workspace. We can see from the results that doubling down here was the right choice.

在高端市場，第四季的主要主題是大量交易強度、銷售中心和多中心勢頭。隨著越來越多的高端客戶在我們的平台上整合，我們看到了大型交易對季節性的強烈影響。 60% 的專業和企業客戶現在使用 2 個或更多中心，並且有更多客戶開始使用多中心。 INBOUND 重新推出後，銷售中心才剛起步。客戶正在從呼叫摘要和預測等人工智慧支援的功能中獲得價值，並透過新的勘探工作空間提高銷售效率。從結果中我們可以看出，在這裡加倍下注是正確的選擇。

Sales Hub was our fastest-growing hub in the quarter in terms of new business with 18 of the top 25 wins, including Sales Hub. It is becoming a sustainable front door to HubSpot, and I'm thrilled with the momentum we are seeing after the relaunch. Overall, 2023 was a banner year for product innovation with over 800 product enhancements across our hubs and entire platform. We want to be the market share leader in marketing, sales and service for scaling companies, and we've doubled down on core hubs to deliver even more value to customers.

就新業務而言，銷售中心是我們本季成長最快的中心，在前 25 名業務中贏得了 18 項，其中包括銷售中心。它正在成為 HubSpot 的可持續前門，我對重新啟動後所看到的勢頭感到非常興奮。整體而言，2023 年是產品創新的標誌性一年，我們的中心和整個平台實現了 800 多項產品增強。我們希望成為規模化公司的營銷、銷售和服務方面的市場份額領先者，並且我們在核心樞紐上加倍努力，為客戶提供更多價值。

In addition to relaunching Sales Hub, we enhanced Marketing Hub with more omnichannel features like Instagram Reels and introduced more robust insights with customer journey analytics. With Service Hub, we introduced multiple knowledge bases, which was a top customer request and advanced our vision of a modern help desk.

除了重新啟動銷售中心之外，我們還透過 Instagram Reels 等更多全通路功能增強了行銷中心，並透過客戶旅程分析引入了更強大的見解。透過 Service Hub，我們引入了多個知識庫，這是客戶的首要要求，並推進了我們對現代幫助台的願景。

And of course, the big headline in 2023 was the launch of HubSpot AI. We were early with Gen AI beta launches and have embedded AI features across our entire platform and hubs so customers can get the power of AI without needing to become AI experts. Reflecting on 2023, we moved fast with AI to drive innovation for our customers. We doubled down on core hubs to further establish ourselves as the platform of choice for scaling companies, and we focused on consistent execution of our bimodal strategy.

當然，2023 年的頭條新聞是 HubSpot AI 的推出。我們很早就推出了 Gen AI 測試版，並在整個平台和中心嵌入了人工智慧功能，因此客戶無需成為人工智慧專家即可獲得人工智慧的力量。回顧 2023 年，我們利用人工智慧快速行動，為客戶推動創新。我們在核心樞紐上加倍努力，進一步將自己打造成規模化公司的首選平台，並且我們專注於雙模式策略的持續執行。

I'm thrilled with the innovation the team delivered in 2023 and look forward to driving even more value for our customers this year. Okay. I want to quickly touch on what we're seeing in the macro environment. Throughout 2023, we saw customers tightening their budgets, deal cycles taking longer and overall scrutiny in the buying process. Though these trends continued in Q4, we saw some buyer urgency at the end of the year, driving sequential improvement in large deals.

我對團隊在 2023 年實現的創新感到興奮，並期待今年為我們的客戶帶來更多價值。好的。我想快速談談我們在宏觀環境中所看到的情況。在整個 2023 年，我們看到客戶收緊預算、交易週期更長以及購買過程中的全面審查。儘管這些趨勢在第四季度繼續存在，但我們在年底看到了一些買家的緊迫感，推動了大型交易的連續改善。

Customers are simplifying and consolidating on fewer, more effective platforms and this translated to stable growth retention and more multi-hub wins for HubSpot. That said, we're not sounding the all clear just yet as we continue to see cautious buying and multiple decision-makers involved in deals. Overall, we expect this choppy environment to persist and we will remain focused on HubSpot's specific growth drivers and execution in 2024.

客戶正在更少、更有效的平台上進行簡化和整合，這轉化為 HubSpot 的穩定成長保留和更多多中心勝利。也就是說，我們的聲音還沒有完全明確，因為我們繼續看到謹慎的購買和多個決策者參與交易。總體而言，我們預計這種動盪的環境將持續下去，我們將繼續關注 HubSpot 的具體成長動力和 2024 年的執行情況。

Shifting gears, I want to share context on the pricing change we recently announced and the strategic rationale behind it. As we've evolved from an app to suite to customer platform, we have had a simple strategy, make HubSpot easy to use and easy to buy. We're doubling down on the strategy to make HubSpot even easier to buy. That's why we announced a new seat-based pricing model on January 30 that will go into effect for all new customers on March 5. For existing customers, pricing will remain the same at the time of the migration, but they will see a price increase of 5% or less at the time of their next renewal.

換個話題，我想分享一下我們最近宣布的定價變化的背景及其背後的戰略原理。隨著我們從應用程式發展到套件再到客戶平台，我們制定了一個簡單的策略，使 HubSpot 易於使用且易於購買。我們正在加倍努力，讓 HubSpot 更容易購買。因此，我們在 1 月 30 日宣布了新的基於席位的定價模式，該模式將於 3 月 5 日對所有新客戶生效。對於現有客戶，定價在遷移時將保持不變，但價格會上漲下次續訂時為5% 或更少。

Now there are 3 reasons for this shift. First, we want to make it even easier for customers to get started with HubSpot and therefore, we're removing seat minimums for Sales Hub and Service Hub. This will remove friction for customers and will help us accelerate market share gains.

現在有3個原因導致這種轉變。首先，我們希望讓客戶更輕鬆地開始使用 HubSpot，因此，我們取消了銷售中心和服務中心的最低座位數。這將消除客戶的摩擦，並幫助我們加速市場份額的成長。

Second, we want to make it easier for customers to upgrade from starter. We have heard feedback that the product jump from starter to pro or enterprise is high. This is a point of friction as customers look to upgrade. So we're changing the pro and enterprise seat pricing for Sales Hub and Service Hub, and we are introducing view-only seats, core seats for users who want to edit, and specialized seats for users who need specific functionality like sales or service. This change will bridge the gap between starter and pro and drive more pro+ adoption and upgrades.

其次，我們希望讓客戶更容易從入門升級。我們聽到回饋稱，產品從入門級到專業級或企業級的跳躍度很高。當客戶尋求升級時，這是一個摩擦點。因此，我們正在更改銷售中心和服務中心的專業和企業席位定價，並引入僅供查看的席位、為想要編輯的用戶提供的核心席位以及為需要銷售或服務等特定功能的用戶提供的專用席位。這項變更將縮小入門版和專業版之間的差距，並推動更多專業版+的採用和升級。

Third, and perhaps most importantly, we're aligning price to the value from our AI-powered Smart CRM. We have invested heavily in our smart CRM over the past few years to make it more customizable, extensible and easier to integrate with. The easiest way for you to think about Smart CRM is it's the unified customer record, which enables our customers to have a single view of their customers. Now customers can continue to view the CRM for free but will need a core seat to edit it. This expands our ability to monetize beyond core personas to ops admin finance personas who may need more powerful edit capabilities.

第三，也許也是最重要的一點，我們正在根據人工智慧驅動的智慧 CRM 的價值調整價格。過去幾年，我們在智慧 CRM 上投入了大量資金，使其更具可自訂性、可擴展性和更易於整合。您對智慧型 CRM 的最簡單理解是它是統一的客戶記錄，它使我們的客戶能夠對其客戶有一個單一的視圖。現在，客戶可以繼續免費查看 CRM，但需要核心席位才能對其進行編輯。這擴展了我們從核心角色到可能需要更強大的編輯功能的營運管理財務角色的貨幣化能力。

In addition, we have embedded HubSpot AI across our entire platform and hubs which means that customers at every tier can access AI features at no additional cost. This differentiated strategy should drive even more adoption of HubSpot AI and drive more upgrades as we continue to add value in higher tiers. We launched the seats pricing changes as a pilot in ANZ in April 2023, and we have fine-tuned our execution based on customer partner and sales feedback.

此外，我們還在整個平台和中心嵌入了 HubSpot AI，這意味著各級客戶都可以免費使用 AI 功能。隨著我們繼續在更高層面增加價值，這種差異化策略應該會推動 HubSpot AI 的更多採用，並推動更多升級。我們於 2023 年 4 月在澳新銀行試點推出了座位定價變更，並根據客戶合作夥伴和銷售反饋對我們的執行情況進行了微調。

For the global launch in March, we are hyper focused on enabling our teams and partners to communicate the value of the changes to customers. Overall, I'm really excited about our pricing model evolution. It's going to make HubSpot easier to buy and easier to scale as our product growth while matching how we monetize the platform based on the value we deliver to customers.

對於 3 月的全球發布，我們非常專注於讓我們的團隊和合作夥伴向客戶傳達變革的價值。總的來說，我對我們定價模式的演變感到非常興奮。隨著我們產品的成長，這將使 HubSpot 更容易購買，更容易擴展，同時根據我們為客戶提供的價值來配合我們透過平台獲利的方式。

Okay. I want to wrap up by sharing our strategy for 2024 and how we are balancing growth, profitability and culture to drive durable growth. Our strategy is working, and we have high conviction in our strategic choices. We remain focused on SMB, a very large, growing and underserved market, and we are well positioned to innovate and be a leader in this market.

好的。最後，我想分享我們的 2024 年策略以及我們如何平衡成長、獲利能力和文化以推動持久成長。我們的策略正在發揮作用，我們對我們的策略選擇充滿信心。我們仍然專注於中小企業，這是一個非常龐大、不斷成長且服務不足的市場，我們處於創新地位並成為該市場的領導者。

The way we differentiate is by making our products easy to buy, easy to adopt and easy to use. In 2024, we will double down on our playbook of driving the pace of product innovation, focusing on consistent execution and building a high-performing sustainable company. On the product side, you can expect to see us take big swings in AI, build deeper and more sophisticated upmarket functionality and focus on driving product usage across all hubs and platform.

我們的差異化方式是讓我們的產品易於購買、易於採用和易於使用。 2024 年，我們將加倍努力推動產品創新步伐，專注於一致執行並打造高績效的永續發展公司。在產品方面，您可以期待看到我們在人工智慧方面取得重大進展，建立更深入、更複雜的高端功能，並專注於推動所有中心和平台的產品使用。

AI in 2023 was all about speed and being fast to market. 2024 is going to be all about delivering value. We are doubling down on HubSpot AI use cases that are driving repeat usage and will innovate even more with AI agents. With our core hubs, we will continue to go deep on the key use cases our customers need across marketing, sales and service and bring more upmarket sophistication to Sales Hub and Service Hub specifically.

2023 年的人工智慧最重要的是速度和快速上市。 2024 年將是交付價值的關鍵。我們正在加倍努力開發 HubSpot AI 用例，這些用例正在推動重複使用，並將透過 AI 代理進行更多創新。憑藉我們的核心中心，我們將繼續深入研究客戶在行銷、銷售和服務方面所需的關鍵用例，並專門為銷售中心和服務中心帶來更多的高端複雜性。

In addition, access to rich, contextual data is a top priority for our customers. We are excited to evolve our data offering in 2024 following the Clearbit acquisition. In terms of go-to-market, we're focused on driving efficiency across all motions. We're scaling self-service to expand beyond acquisition to activation and engagement. We're investing in partner and rep productivity and we will drive guided selling initiatives with AI to save rep's time, surface insight and power deeper conversations.

此外，存取豐富的上下文資料是我們客戶的首要任務。我們很高興在收購 Clearbit 後於 2024 年發展我們的資料產品。在進入市場方面，我們專注於提高所有行動的效率。我們正在擴展自助服務，從獲取擴展到活化和參與。我們正在投資於合作夥伴和代表的生產力，我們將利用人工智慧推動引導式銷售計劃，以節省代表的時間、表面洞察力並推動更深入的對話。

And as a company, our goal is to create a culture where people can do their best work. and we're investing to help employees grow better, work better and connect better. As we look forward this year, we have momentum in a large market. Our pricing evolution will allow us to accelerate acquiring and serving more customers and the pace of product innovation will enable us to become the #1 AI-powered customer platform for scaling companies.

作為一家公司，我們的目標是創造一種讓人們盡最大努力工作的文化。我們正在投資幫助員工更好地成長、更好地工作和更好地聯繫。展望今年，我們在一個大市場中擁有動力。我們的定價演變將使我們能夠加速獲取和服務更多客戶，而產品創新的步伐將使我們成為規模化公司的第一大人工智慧客戶平台。

With that, I'll hand it over to our CFO, Kate Bueker, to take you through our financial and operating results.

接下來，我將把它交給我們的財務長凱特·布克 (Kate Bueker)，讓您了解我們的財務和營運表現。

Thanks, Yamini. Let's turn to our fourth quarter and full year 2023 financial results. Q4 revenue grew 21% year-over-year in constant currency and 24% on an as-reported basis. Q4 subscription revenue grew 24% year-over-year while services and other revenue increased 2% on an as-reported basis. Full year 2023 revenue grew 25% year-over-year in both constant currency and as reported. Full year subscription revenue grew 26% year-over-year while services and other revenue increased 16% both on an as-reported basis.

謝謝，亞米尼。讓我們來看看我們第四季和 2023 年全年的財務表現。以固定匯率計算，第四季營收年增 21%，按報告計算成長 24%。根據報告，第四季度訂閱收入年增 24%，而服務和其他收入則成長 2%。以固定匯率和報告數據計算，2023 年全年營收年增 25%。根據報告，全年訂閱收入年增 26%，而服務和其他收入均成長 16%。

Q4 domestic revenue grew 17% year-over-year. International revenue growth was 27% in constant currency and 32% as reported, now representing 48% of total revenue. Clearbit revenue was de minimis in Q4. We added nearly 11,000 net new customers in the quarter, bringing our total customer count to over 205,000, growing 23% year-over-year and surpassing a notable milestone of 200,000 customers. This strength was once again driven by a significant volume of customer additions at the low end. Average subscription revenue per customer was nearly $11,400, growing 1% on an as-reported basis and declining 1% year-over-year in constant currency.

第四季國內營收年增 17%。以固定匯率計算，國際營收成長 27%，據報告，國際收入成長 32%，目前佔總收入的 48%。 Clearbit 第四季的營收微乎其微。本季我們淨增加了近 11,000 名新客戶，使我們的客戶總數超過 205,000 名，年增 23%，超過了 200,000 名客戶的顯著里程碑。這種優勢再次受到低端客戶大量增加的推動。每位客戶的平均訂閱收入接近 11,400 美元，按報告計算成長 1%，以固定匯率計算年減 1%。

Our strong growth in our lower ASP starter customers more than offset the positive impact to ASRPC of the steady progress in our multi-hub adoption upmarket. Our customer count and ASRPC metrics exclude the impact of the Clearbit acquisition in Q4. Gross retention held steady in the high 80s in Q4, and net revenue retention was comfortably above 100 and flat sequentially.

我們在 ASP 較低的初始客戶中的強勁成長遠遠抵消了我們多中心採用高端市場的穩定進展對 ASRPC 的正面影響。我們的客戶數量和 ASRPC 指標排除了第四季度 Clearbit 收購的影響。第四季的總保留率穩定在 80 左右，淨收入保留率輕鬆高於 100，與上一季持平。

We continue to see customers actively scrutinize spending, resulting in continued pressure on net upgrades. We expect similar trends to continue in the short term, with net revenue retention likely staying in and around the current range in 2024. Calculated billings were $662 million in Q4, growing 21% year-over-year in constant currency and 22% as reported, driven by our strong large deal performance in Q4. This includes roughly 0.5 point of contribution from the Clearbit acquisition.

我們繼續看到客戶積極審查支出，導致淨升級持續面臨壓力。我們預計類似的趨勢將在短期內持續下去，到2024 年，淨收入保留可能會保持在當前範圍內或附近。第四季度的計算賬單為6.62 億美元，按固定匯率計算同比增長21%，按報告成長22% ，受到我們第四季強勁的大宗交易表現的推動。其中包括 Clearbit 收購帶來的約 0.5 個百分點的貢獻。

The remainder of my comments will refer to non-GAAP measures. Q4 operating margin was 17% and full year operating margin was 15%, both up significantly compared to the year ago period. Our Q4 and 2023 operating margin increase was driven by our workforce reduction in Q1, product infrastructure optimization, the impact of the changes in our partner commission structure and prudent and focused hiring throughout the year. Net income was $92 million in Q4 or $1.76 per fully diluted share. Free cash flow was $83 million in Q4 or 14% or revenue and $292 million or 13% of revenue for the full year. Finally, our cash and marketable securities totaled $1.7 billion at the end of December.

我其餘的評論將涉及非公認會計原則措施。第四季營業利益率為 17%，全年營業利益率為 15%，均較去年同期大幅成長。我們第四季和 2023 年營業利潤率的成長是由第一季勞動力減少、產品基礎設施優化、合作夥伴佣金結構變化的影響以及全年審慎和集中的招聘推動的。第四季淨利為 9,200 萬美元，即完全稀釋後每股收益 1.76 美元。第四季自由現金流為 8,300 萬美元，佔營收的 14%；全年自由現金流為 2.92 億美元，佔營收的 13%。最後，截至 12 月底，我們的現金和有價證券總額為 17 億美元。

Before we jump into guidance, I wanted to share some perspective on our expectations for the macro environment and provide some detail regarding the impact of the Clearbit acquisition and our pricing change on growth and KPIs for 2024. As Yamini shared, we continue to operate in a choppy and challenging environment. Despite some signs of stabilization in downgrades and buyer urgency in Q4, our current working assumption is that the macroeconomic environment will remain challenging in 2024.

在我們進入指導之前，我想分享一些關於我們對宏觀環境的預期的觀點，並提供一些有關Clearbit 收購的影響的細節以及我們的定價變化對2024 年增長和KPI 的影響。正如Yamini 分享的那樣，我們繼續在動盪且充滿挑戰的環境中。儘管第四季出現了一些降級穩定的跡像以及買家的緊迫性，但我們目前的工作假設是 2024 年宏觀經濟環境仍將充滿挑戰。

The introduction of our seat-based pricing model is an important foundational change to make it easier for prospects and customers to get started and grow with HubSpot. Our first motion will be focused on selling to new customers in this model, and we expect less than 1 point of contribution to revenue growth in 2024 from this change. Over the longer term, we expect this to be a more material driver to the business as new customers grow in this model, and we introduce the change to our existing customers.

基於席位的定價模式的推出是一項重要的基礎性變革，可以讓潛在客戶和客戶更輕鬆地開始使用 HubSpot 並與 HubSpot 一起成長。我們的第一項動議將專注於在此模式中向新客戶銷售，我們預計這項變更對 2024 年收入成長的貢獻不到 1 個百分點。從長遠來看，隨著新客戶在此模式中的成長，我們預計這將成為業務更重要的驅動力，並且我們將這項變更介紹給現有客戶。

We believe that our continued success at the low end coupled with the lower barrier to entry in our new pricing model will allow us to maintain quarterly net customer additions around 10,000 in 2024. This will result in ASRPC growth that is down in the low single digits for the year. Finally, we officially closed the acquisition of Clearbit in December. In terms of 2024 contribution, we expect the acquisition to drive roughly 1 point of growth to revenue.

我們相信，我們在低端市場的持續成功，加上新定價模式的進入門檻較低，將使我們能夠在2024 年將季度淨新增客戶數量維持在10,000 名左右。這將導致ASRPC 成長下降至低個位數今年。最終，我們在 12 月正式完成了對 Clearbit 的收購。就 2024 年的貢獻而言，我們預期此次收購將帶動營收成長約 1 個百分點。

Now let's turn to our guidance for the first quarter and full year of 2024. For the first quarter, total as reported revenue is expected to be in the range of $596 million to $598 million, up 19% year-over-year at the midpoint. Non-GAAP operating profit is expected to be between $83 million and $84 million. Non-GAAP diluted net income per share is expected to be between $1.48 and $1.50. This assumes 53.1 million fully diluted shares outstanding. And for the full year of 2024, total as reported revenue is expected to be in the range of $2.55 billion to $2.56 billion, up 18% year-over-year at the midpoint. Non-GAAP operating profit is expected to be between $408 million and $412 million.

現在讓我們來看看 2024 年第一季和全年的指引。第一季報告的總收入預計在 5.96 億美元至 5.98 億美元之間，中位數年增 19% 。非 GAAP 營業利潤預計在 8,300 萬美元至 8,400 萬美元之間。非 GAAP 攤薄後每股淨利潤預計在 1.48 美元至 1.50 美元之間。假設有 5,310 萬股完全稀釋的已發行股票。 2024 年全年，報告總收入預計將在 25.5 億美元至 25.6 億美元之間，中位數年增 18%。非 GAAP 營業利潤預計在 4.08 億美元至 4.12 億美元之間。

Non-GAAP diluted net income per share is expected to be between $6.86 and $6.94. This assumes 53.6 million fully diluted shares outstanding. As you adjust your models, please keep in mind the following: we expect foreign exchange to have a neutral impact on both our Q1 and full year 2024 as reported revenue growth. The impact of our pricing change and the Clearbit acquisition is included in our guidance. We expect non-GAAP operating profit margin to be approximately 14% in the first and second quarter in the mid- to high teens in the back half of the year. We expect CapEx as a percentage of revenue to be roughly 4$ and free cash flow to be about $365 million for the full year of 2024 with seasonally stronger free cash flow in Q1 and Q4.

非 GAAP 稀釋後每股淨利潤預計在 6.86 美元至 6.94 美元之間。假設有 5,360 萬股完全稀釋的已發行股票。在調整模型時，請記住以下幾點：我們預計外匯將對我們報告的營收成長第一季和 2024 年全年產生中性影響。我們的定價變化和 Clearbit 收購的影響已包含在我們的指導中。我們預計今年下半年第一季和第二季的非公認會計準則營業利潤率將達到 14% 左右，達到 14% 左右。我們預計 2024 年全年資本支出佔收入的百分比約為 4 美元，自由現金流約為 3.65 億美元，第一季和第四季的自由現金流季節性較強。

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

至此，我將把事情交還給亞米尼，供她閉幕詞。

Thanks so much, Kate. I want to close by highlighting our momentum in becoming the customer platform of choice for scaling companies. G2 recently released their annual Best Software Award and HubSpot was recognized as the #1 sales product and the #1 marketing product in 2024. This recognition is a strong testament to the pace of innovation we are driving and our focus on delivering value. My huge heartfelt thank you to our employees who work tirelessly to solve our customers. And a big thank you to our partners, customers and shareholders for their continued support.

非常感謝，凱特。最後，我想強調我們成為規模化公司首選客戶平台的動能。 G2 最近發布了年度最佳軟體獎，HubSpot 被評為2024 年排名第一的銷售產品和排名第一的營銷產品。這項認可有力地證明了我們正在推動的創新步伐以及我們對交付價值的專注。我衷心感謝我們的員工，他們為解決客戶問題而努力不懈。非常感謝我們的合作夥伴、客戶和股東的持續支持。

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

那麼，接線員，讓我們開始提問。

(Operator Instructions) The first question is from the line of Samad Samana with Jefferies.

（操作員說明）第一個問題來自 Samad Samana 和 Jefferies 的線路。

Congrats on a strong finish to 2023. So Yamini, you gave a lot of information about the pricing model change and it's helpful. I want to maybe dig a little deeper there. It looks like the impact to customers will be minimal and then it encourages them to try more of HubSpot.

恭喜 2023 年圓滿成功。Yamini，您提供了很多有關定價模型變化的信息，這很有幫助。我想也許在那裡挖得更深一些。看起來對客戶的影響很小，因此會鼓勵他們嘗試更多 HubSpot。

But how do you expect this to impact -- I know you gave the net adds number, but what about the potential doors that customers enter through? Do you see maybe a shift from marketing maybe more towards sales or service? Is that part of the intention here? And whether it makes HubSpot more consistent with some of your enterprise competitors as far as their pricing is structured just especially as you gain more traction with mid-market customers.

但是你預計這會產生什麼影響——我知道你給了淨增加數，但是客戶進入的潛在門又如何呢？您是否認為行銷可能會更多地轉向銷售或服務？這是意圖的一部分嗎？就其定價結構而言，這是否會使 HubSpot 與您的一些企業競爭對手更加一致，尤其是當您獲得中端市場客戶的更多關注時。

And then, Kate, I know you baked into the guidance, but can you just give us timing wise, is it more back half that you expect the impact to guidance from the pricing model change?

然後，凱特，我知道你已經融入了指導意見，但你能否告訴我們時機，你預計定價模型變化對指導意見的影響是否會超過一半？

Samad, thanks a lot. Maybe to address multiple questions that you asked there. We have -- all have been easy to buy and easy to use. And we are just doubling down to make HubSpot even easier to buy. This change has been probably a couple of years in the making, and we got started with these stages by talking to our customers to hear from them in terms of where they experience point of friction in the buying journey and where they're seeing value. That's how we got started.

薩馬德，非常感謝。也許是為了解決您在那裡提出的多個問題。我們所有的產品都易於購買和使用。我們正在加倍努力，讓 HubSpot 更容易購買。這種變化可能已經醞釀了幾年，我們從這些階段開始，與客戶交談，聽取他們的意見，了解他們在購買過程中遇到的摩擦點以及他們在哪裡看到的價值。我們就是這樣開始的。

And I talked about the 3 shifts, and it's easy to see how this the adds up. The first shift is we wanted to be super easy for customers to get started with HubSpot, so we're removing the seat minimum. What we have seen in the pilot, and what we expect in terms of this change is it will result in more customers starting with HubSpot and higher volume of starter customers over a period of time.

我談到了 3 班倒，很容易看出這是如何加起來的。第一個轉變是我們希望客戶能夠非常輕鬆地開始使用 HubSpot，因此我們取消了最低座位數。我們在試點中看到的以及我們對這項變更的期望是，它將導致更多的客戶開始使用 HubSpot，並在一段時間內增加初始客戶的數量。

The second thing we did is we reduced the price jump between starter and pro. And you've asked us this before, our customers have consistently given us the feedback that the jump from starter to pro is really high. And that's a point of friction for our customers by lowering the price per seat for pro and enterprise, it reduces that friction. And again, we're seeing that. And in making this change, there are more customers that start with starter and then continue to upgrade into pro and enterprise, which is exactly what we want in order to be -- to have a great foundation for pricing.

我們做的第二件事是減少了入門版和專業版之間的價格跳躍。您之前曾問過我們這個問題，我們的客戶一直向我們反饋，從入門級到專業級的跳躍非常高。這對我們的客戶來說是一個摩擦點，透過降低專業人士和企業的每個席位的價格，可以減少這種摩擦。我們再次看到了這一點。在做出這項改變時，有更多的客戶從入門版開始，然後繼續升級到專業版和企業版，這正是我們想要的——為定價奠定良好的基礎。

And the third, probably most importantly, we're now monetizing the value of Smart CRM. We've invested pretty heavily into our CRM over the past few years. We've made it customizable. We've made it extensible. We've made it easier to integrate with and this change allows us to monetize. You asked specifically about how does this compare to the rest and what are we beginning to see. I think you're going to see more volume because we have removed the friction, both in terms of starter and pro. And then over a period of time, the biggest opportunity is really post sales expansion and growth.

第三，也許是最重要的，我們現在正在將智慧 CRM 的價值貨幣化。過去幾年，我們在 CRM 上投入了大量資金。我們已經將其定制化。我們已經使其可擴展。我們讓整合變得更加容易，而這項變更使我們能夠獲利。您具體詢問了這與其他情況相比如何以及我們開始看到什麼。我認為你會看到更多的銷量，因為我們已經消除了入門級和專業級的摩擦。在一段時間內，最大的機會實際上是售後擴張和成長。

When we sign more customers, then reps have the capacity to go back and sell more in terms of cross-sell opportunities. when customers start with exactly what they need, then they now will buy more seats as they continue to expand and core seats is a new upgrade lever. So this is a foundational shift that removes friction and provides value and gives us the ability to continue to expand over the next multiple years. So we're really excited about this change.

當我們簽下更多客戶時，銷售代表就有能力回去並透過交叉銷售機會銷售更多產品。當客戶從他們真正需要的東西開始時，他們現在會隨著他們的不斷擴大而購買更多的座位，而核心座位是一個新的升級槓桿。因此，這是一個根本性的轉變，消除了摩擦並提供了價值，並使我們有能力在未來幾年繼續擴張。所以我們對這項改變感到非常興奮。

Yes. And Samad, I think the impact in the year flows very naturally from what Yamini said, right? We're going to have more customers starting at lower ASP but growing more over time. And so you naturally see that build more into the back half of the year.

是的。薩馬德，我認為亞米尼所說的對今年的影響非常自然，對吧？我們將會有更多的客戶以較低的平均售價開始，但隨著時間的推移，數量會不斷增加。因此，你自然會看到下半年會出現更多情況。

Next question is from the line of Parker Lane with Stifel.

下一個問題來自 Parker Lane 和 Stifel 的線路。

Yamini, I wanted to just sort of stay on that theme we're talking about here with the pricing and packaging changes. And when we look at the specialized in view-only seat types, have you guys done work to figure out how many of the potential seats that have not been addressed in the past can now be addressed under this package, not just the new customer acquisition side, but actually on the expansion side in those 2 areas?

Yamini，我想繼續討論我們在這裡討論的定價和包裝變化的主題。當我們研究專門的僅供查看的座位類型時，你們是否已經做過工作來弄清楚有多少過去尚未解決的潛在座位現在可以在此方案下解決，而不僅僅是新客戶的獲取方面，但實際上是在這兩個領域的擴展方面？

Yes. So maybe just to address the basics. So we now have 3 seat types. The first is just a view-only seat. If anybody within the whole company wants to view it, that's the seat to use. The second type of seat, and this is probably the new change that we are introducing is in core seat. And this is really associated with the Smart CRM. And then the third is a specialized seat if you need a Sales Hub specialized functionality or Service Hub specialized functionality.

是的。所以也許只是為了解決基礎問題。所以我們現在有 3 種座位類型。第一個座位只是僅供觀賞的座位。如果整個公司的任何人都想查看它，就可以使用這個座位。第二種類型的座椅，這可能是我們引入的新變化是核心座椅。這確實與智慧 CRM 相關。如果您需要銷售中心的專門功能或服務中心的專門功能，第三個是專門的席位。

To take a moment and maybe talk about the biggest change, which is that core seat, we talked about Smart CRM at inbound. And the easiest way to think about Smart CRM is it's a core system of customer record. If you want contact information, you want company information, you want information on the interactions in your customer, all of that is associated with the Smart CRM layer. And over the past few years, and we look at where customers are spending the most time and getting value, they will tell you that it is from having a single unified view of the customer.

為了花點時間談談最大的變化，即核心席位，我們討論了入站的智慧 CRM。考慮智慧 CRM 最簡單的方法是它是客戶記錄的核心系統。如果您需要聯絡資訊、公司資訊、客戶互動訊息，所有這些都與智慧 CRM 層相關聯。在過去的幾年裡，我們觀察客戶在哪裡花費最多時間並獲得價值，他們會告訴你，這是來自對客戶的單一統一視圖。

And what we have done with this pricing model change is if you want to view it, you can use the free seat. But if you want to edit anything within that core CRM, you will need to buy a core seat. So by monetizing the Smart CRM, we're aligning the value where customers are getting to our monetization strategy. And it really goes back to our core pricing philosophy. We add value. And then when we know we have added a ton of value, then we align the monetization.

我們對定價模型所做的改變是，如果您想查看它，您可以使用免費座位。但如果您想在核心 CRM 中編輯任何內容，則需要購買核心席位。因此，透過智慧 CRM 的貨幣化，我們正在調整客戶獲得的價值與我們的貨幣化策略。這確實可以追溯到我們的核心定價概念。我們增加價值。然後，當我們知道我們已經增加了大量價值時，我們就會調整貨幣化。

Next question is from the line of Mark Murphy with JPMorgan.

下一個問題來自摩根大通的馬克墨菲。

Yamini, you stated that AI will be embedded across the entire platform, and customers can access it at no additional cost. So I'm curious how might you handle a high octane user or a campaign, which might incur a lot of LLM costs on the back end? So just in other words, should we look at this and say, well, it's a less than 5% price increase, and then it's free AI for everyone. Or are you going to have other tokens or credits or SKUs, something like that, for some of the higher AI usage scenarios?

Yamini，您表示人工智慧將嵌入整個平台，客戶可以免費使用它。所以我很好奇你會如何處理高辛烷值用戶或活動，這可能會在後端產生大量 LLM 成本？換句話說，我們是否應該看看這個並說，好吧，價格上漲了不到 5%，然後它對每個人來說都是免費的人工智慧。或者您會擁有其他代幣、積分或 SKU，類似的東西，用於某些更高的 AI 使用場景？

Yes. That's a great question, Mark. I want to say that our AI is embedded. It is not free. And there is a difference between those 2. And maybe just step back, this is very, very consistent with what we communicated as our AI monetization strategy at Analyst Day. It's very, very early stages on a very massive shift in the industry and we are focused on driving value and making it super easy for getting companies to just adopt AI. That's why we have taken this strategy. And we have embedded AI into platform and all of the hubs. And by including the AI into our platform and hubs, we're just driving acquisition of customers. That's number one.

是的。這是一個很好的問題，馬克。我想說的是，我們的人工智慧是嵌入式的。它不是免費的。這兩者之間是有區別的。也許退一步來說，這與我們在分析師日所傳達的人工智慧貨幣化策略非常非常一致。目前還處於行業巨大轉變的非常非常早期的階段，我們專注於推動價值並使公司能夠非常輕鬆地採用人工智慧。這就是我們採取這項策略的原因。我們已將人工智慧嵌入平台和所有中心。透過將人工智慧納入我們的平台和中心，我們只是推動了客戶的獲取。這是第一名。

The second thing, which is important to note is that while all of our tiers, premium, starter, pro and enterprise have AI features, we have a lot more features at the pro and enterprise tiers. In fact, 65% of the features that are becoming generally available in the first half of 2024 will be in the pro+ tier. So the way we think about it is that it will drive a lot of upgrades and higher ASP in terms of tier upgrade. And then longer term, when we drive even more sophisticated features like AI agents, then we may charge specifically for it.

第二件事，值得注意的是，雖然我們的所有等級（高級版、入門版、專業版和企業版）都具有人工智慧功能，但我們在專業版和企業版上擁有更多功能。事實上，2024 年上半年普遍可用的功能中有 65% 將屬於 pro+ 等級。因此，我們的想法是，它將推動大量升級，並在層級升級方面帶來更高的 ASP。從長遠來看，當我們驅動人工智慧代理等更複雜的功能時，我們可能會專門收費。

So going back to kind of your question on how do you make sure that's in its scale. Right now, we think we're in the first stages removing friction, educating customers, driving adoption, making sure there is repeat usage, that's the focus. And based on what we're seeing, we're not quite worried about the cost impact. But if we continue to introduce very sophisticated features where it has an impact, then we will charge for it. So that's how we're thinking about monetizing it.

那麼回到你的問題，你如何確保它符合其規模。目前，我們認為我們正處於消除摩擦、教育客戶、推動採用、確保重複使用的第一階段，這才是重點。根據我們所看到的情況，我們不太擔心成本影響。但如果我們繼續引入具有影響力的非常複雜的功能，那麼我們將收取費用。這就是我們考慮將其貨幣化的方式。

The next question is from the line of Elizabeth Elliott with Morgan Stanley.

下一個問題來自摩根士丹利的伊麗莎白·埃利奧特。

Great. So your bimodal strategy has really enabled you to add a lot of that low-end customers in 2023 and especially exiting the year. So I wanted to get a better sense of how quickly do customers typically upgrade. It sounds like the price -- narrowing that price jump should be a bit of an accelerator. But just curious on when we could see the big upgrade opportunity and have that start to benefit ASRPC growth.

偉大的。因此，您的雙峰策略確實使您能夠在 2023 年（尤其是今年退出）增加大量低端客戶。因此，我想更好地了解客戶通常升級的速度有多快。聽起來價格——縮小價格漲幅應該是個加速器。但只是好奇我們什麼時候可以看到巨大的升級機會並開始有利於 ASRPC 的成長。

Yes. Thanks, Elizabeth, for the question. We are, again, pleased with the strength that we saw in our starter customer additions in the quarter. There are both strategic and financial reasons that we want to continue to lean into low-end customer acquisition. We think that sort of significant volume of customers we have at the low end provides us with a nice competitive moat. It also makes our overall ecosystem more valuable. So both of those are strategic reasons.

是的。謝謝伊麗莎白提出的問題。我們再次對本季新增客戶的強勁表現感到滿意。出於策略和財務方面的原因，我們希望繼續致力於低端客戶獲取。我們認為，我們在低端市場擁有的大量客戶為我們提供了一條很好的競爭護城河。它也使我們的整個生態系統變得更有價值。所以這兩個都是戰略原因。

Starter upgrades, if you sort of look at the impact that they've had for us represent probably a couple of points of net revenue retention for us. And we continue to see pretty healthy rates of upgrades from starter cohorts about most of -- about half of that happens within the first 6 months. There is still friction in that motion, right? Yamini talked about the meaningful jump that we have in price between starter and professional. So the dollars of upgrade from starter and professional are relatively small. That said, we think that seats pricing model should reduce the overall friction in that motion, and we're optimistic that we can really change the game on the starter upgrade rate with this new pricing model.

如果你看看它們對我們產生的影響，入門升級可能代表了我們淨收入保留的幾個點。我們繼續看到初學者群體的升級率相當健康，其中大約一半發生在前 6 個月內。該運動仍然存在摩擦，對吧？亞米尼談到了入門級和專業級之間價格的有意義的跳躍。因此從入門級到專業級的升級費用相對較小。也就是說，我們認為座位定價模型應該減少該議案中的整體摩擦，並且我們樂觀地認為，我們可以透過這種新的定價模型真正改變入門級升級率的遊戲規則。

Next question is from Rishi Jaluria from RBC.

下一個問題來自 RBC 的 Rishi Jaluria。

I wanted to drill a little bit more into the AI strategy. Obviously, you have really impressive innovation we've seen in AI, especially when we think about how you're innovating compared to some of your CRM competitors. I'd love to hear maybe, number one, what sort of feedback have you had from customers in terms of new use cases that maybe you hadn't initially thought about? And second, and maybe more importantly, is this part -- has this started turning up as part of initial sales conversations and maybe a consideration that new customers are having when it comes to choosing you versus others?

我想更深入地了解人工智慧策略。顯然，我們在人工智慧領域看到了你們令人印象深刻的創新，特別是當我們考慮與一些 CRM 競爭對手相比你們的創新方式時。我很想聽聽，第一，對於您最初沒有想到的新用例，您從客戶那裡得到了什麼樣的回饋？其次，也許更重要的是，這一部分 - 這是否開始作為最初銷售對話的一部分出現，也許是新客戶在選擇你而不是其他人時考慮的因素？

Thank you, Rishi, for that question. So maybe the way I'd characterize it was '23 was a year of experimentation. And this year is going to be all about delivering customer value. And probably the most important leading indicator that we are looking for is repeat usage of AI features. So the focus for the product team, the focus for the go-to-market team is really, one, educating customers; and two, making sure that any feature that we have out is driving repeat usage. That's the focus.

謝謝你，Rishi，提出這個問題。所以也許我將 23 年描述為實驗的一年。今年的重點是交付客戶價值。我們正在尋找的最重要的領先指標可能是人工智慧功能的重複使用。因此，產品團隊、市場推廣團隊的重點其實是，第一，教育客戶；第二，教育客戶。第二，確保我們推出的任何功能都能推動重複使用。這就是重點。

You asked about what are we learning. We're definitely seeing a lot of adoption, but there is some signals, some noise. And as I look at our top, maybe, 20 customers who are leveraging AI effectively, there are a few key trends. The first one is prospecting and company research is really, really a big use case. And chatbot is driving that. We have over 200,000 cumulative users on chatbot and more than 20,000 monthly active users. And they're just wanting to use AI for better researching companies, better preparation before they talk to customers, and that's great.

你問我們在學什麼。我們確實看到了很多採用，但也有一些訊號，一些噪音。當我觀察我們的前 20 位有效利用人工智慧的客戶時，發現了一些關鍵趨勢。第一個是勘探，公司研究確實是一個很大的用例。聊天機器人正在推動這一點。我們的聊天機器人累計用戶超過 20 萬名，每月活躍用戶超過 2 萬名。他們只是想利用人工智慧來更好地研究公司，在與客戶交談之前做好更好的準備，這很好。

Marketing, not a surprise at all. The use cases in marketing that we started with the launch of content assistance last year is now getting well integrated into the flow of work. So marketers using generative AI for creating blogs, creating e-mails, creating titles, taking one content and then modifying that content into multiple channels, that is becoming very common, and we are seeing those use cases get into the daily action.

行銷，一點也不奇怪。我們去年推出內容輔助時開始的行銷用例現在已經很好地融入工作流程中。因此，行銷人員使用生成式人工智慧來創建部落格、創建電子郵件、創建標題、獲取一種內容，然後將該內容修改為多個管道，這變得非常普遍，我們看到這些用例進入了日常行動。

And the third and probably not a surprise, again, is Service Hub. Our highest usage in terms of features is summarizing conversations and then generating takeaways. That feature and specifically, there's something called highlight command, and we're very surprised by this. But being able to highlight a particular text and then change the tone, change the -- expand the text, that is getting almost daily usage. And so I think we're seeing areas where it is deeply integrated into the flow of work and we're beginning to see much more usage. And we have a very robust road map of AI features that's coming up. A lot of those features are in kind of the pro+ categories. And I'm really excited to see the usage metrics go up. So a lot of the work that we're going to be doing this year is looking for those usage patterns.

第三個可能不令人意外的是 Service Hub。我們在功能方面的最高使用率是總結對話，然後產生重點。這個功能，具體來說，有一個叫做突出顯示命令的東西，我們對此感到非常驚訝。但是能夠突出顯示特定的文本，然後改變語氣，改變——擴展文本，這幾乎每天都在使用。因此，我認為我們正在看到它已深入融入工作流程的領域，並且我們開始看到更多的使用。我們即將推出非常強大的人工智慧功能路線圖。其中許多功能都屬於專業+類別。我很高興看到使用指標的上升。因此，我們今年要做的許多工作都是在尋找這些使用模式。

Next question is from the line of Keith Bachman with BMO.

下一個問題來自 BMO 的 Keith Bachman。

First, Kate, for you. I wanted to see if you could talk about how we should be thinking about billings growth versus the revenue growth for '24. There was actually convergence in the December quarter, which was a bit sooner than we were thinking. And so if you could just at least directionally or provide some philosophical points of view about how we should be thinking about the variance or lack thereof between the revenue growth guidance that you've given and what we should be thinking about billings.

首先，凱特，為你。我想看看您是否可以談談我們應該如何考慮 24 年的帳單成長與收入成長。實際上，12 月季度出現了趨同，這比我們想像的要早一些。因此，如果您至少可以方向性地或提供一些哲學觀點，說明我們應該如何考慮您給予的收入成長指引與我們應該考慮的帳單之間的差異或缺乏。

And then, Yamini, just for you, if I could sneak another in. I wanted to see if you could revisit on existing customers as it relates to the price change. We've gone through the information in detail, and you mentioned that those customers would see a 5% price bump at the time of renewal. But are they -- do they make a transition at the time of the renewal to the new price plan? Or they can continue on, and that's where the 5% bump happens?

然後，Yamini，只為你，如果我可以偷偷地再進來一次。我想看看你是否可以重新拜訪現有客戶，因為這與價格變化有關。我們已經詳細查看了這些信息，您提到這些客戶在續訂時會看到 5% 的價格上漲。但他們是否在續訂時過渡到新的價格計劃？或者他們可以繼續，這就是 5% 上漲發生的地方？

So maybe I'll start. Thanks, Keith. You are right on. The constant currency billings and constant currency revenue growth in Q4 were both 21%. There's a couple of things that help close the gap between billings and revenue versus what we have seen over the last couple of quarters. The first is that we -- and you heard Yamini talk about this in her prepared remarks, this was a good quarter for us in terms of big deals and big deals tend to have longer billing terms. And so it showed up in billings for us in Q4. The other thing that's notable is December was particularly strong for us. And so from a timing perspective, it helps to drive the closure between billings and revenue.

所以也許我會開始。謝謝，基斯。你說得對。第四季的固定貨幣帳單和固定貨幣收入成長率均為 21%。有幾件事有助於縮小帳單和收入與過去幾個季度我們所看到的差距。首先是我們——你聽到亞米尼在她準備好的講話中談到了這一點，就大交易而言，這對我們來說是一個很好的季度，而大交易往往有更長的計費期限。因此，它出現在我們第四季的帳單中。另一件值得注意的事情是 12 月對我們來說尤其強勁。因此，從時間角度來看，它有助於推動帳單和收入之間的閉合。

In terms of 2024, we probably -- we expect that billings growth and revenue growth, again, both in constant currency, will actually track pretty close to one another, plus or minus 1% or so from 1 quarter to the next.

就 2024 年而言，我們可能 - 我們預計，以固定匯率計算，帳單成長和收入成長實際上將非常接近，從一個季度到下一個季度正負 1% 左右。

And Keith, on your question in terms of impact of the pricing changes for existing customers, we are being very thoughtful in how we roll this out to our existing customers. And a couple of maybe first principles as we do this. One, we don't want the customer experience as they go from one pricing model to another to even be noticeable. That's one principle. The second is we don't have any surprises for existing customers as they kind of go through this pricing change. So as I mentioned, in March, what we're launching is only for new customers. The migration for existing customers to the new model, which means having view-only fees, having core seats and having specialized fees, that migration will begin in mid-2024, and it would go through 2025 in waves.

Keith，關於您提出的定價變更對現有客戶的影響的問題，我們正在非常認真地考慮如何向現有客戶推出這項服務。當我們這樣做時，可能還有一些首要原則。第一，我們不希望客戶從一種定價模式轉向另一種定價模式時的體驗變得引人注目。這是一個原則。其次，我們對現有客戶不會感到任何意外，因為他們正在經歷這種定價變化。正如我在三月提到的，我們推出的產品僅針對新客戶。現有客戶向新模式的遷移，意味著僅觀看費用、核心席位和專門費用，該遷移將於 2024 年中期開始，並將分批進行到 2025 年。

So that, again, the experience for customers is seamless. They probably won't even notice that they have been migrated on the back end to support the new seats model. Then at the first renewal after migration, customers can expect up to 5% increase, no more than 5% increase. And that way, they have visibility in terms of the level of change that they can expect. We have started doing this as part of our ANZ pilot, and we are finding that it's a very seamless kind of motion for existing customers with plenty of time for them to adjust to kind of the new motion.

因此，客戶的體驗再次是無縫的。他們可能甚至不會注意到它們已遷移到後端以支援新的座椅模型。然後，在遷移後的第一次續約時，客戶最多可以期待 5% 的漲幅，漲幅不超過 5%。這樣，他們就可以了解預期的變化程度。作為 ANZ 試點的一部分，我們已經開始這樣做，我們發現這對現有客戶來說是一種非常無縫的運動，讓他們有足夠的時間來適應新的運動。

Next question is from the line of Kirk Materne with Evercore ISI.

下一個問題來自 Evercore ISI 的 Kirk Materne。

And I'll echo the congrats on the quarter. Yamini, I just wonder if you could just talk a little bit about the strength in international versus the U.S. Meaning, are the trends there either in the high end of the market or the low end the market any different? Obviously, really good growth out of that segment. So I wonder if you could just unpack that a little bit more.

我也會對本季表示祝賀。 Yamini，我只是想知道您是否可以談談國際與美國的實力。也就是說，高端市場或低端市場的趨勢有什麼不同嗎？顯然，該領域的成長非常好。所以我想知道你是否可以再稍微解釋一下。

Yes. Overall, the strength is just is consistent across international and North America. We talked about the bigger trends that we saw in Q4, which is large deal momentum, Sales Hub momentum, multi-hub momentum. We kind of saw the same trend in North America as we saw within the international markets and very consistent with prior quarters.

是的。整體而言，國際和北美的實力是一致的。我們討論了第四季度看到的更大趨勢，即大交易勢頭、銷售中心勢頭、多中心勢頭。我們在北美看到了與國際市場相同的趨勢，並且與前幾季非常一致。

The next question is from the line of Ken Wong with Oppenheimer.

下一個問題來自 Ken Wong 和 Oppenheimer。

I wanted to maybe dive in on the strength in sort of down market in Q4. Usually, that's more of an enterprise quarter, which you guys did emphasize seeing some strength. Did you guys run any unique plays to try to spark some of that demand in the long tail? Or did that catch you guys by surprise as well?

我想也許可以深入了解第四季低迷市場的實力。通常，這更多的是企業季度，你們確實強調看到了一些實力。你們是否曾經運行過任何獨特的策略來嘗試激發長尾的一些需求？或者這也讓你們感到驚訝嗎？

Yes, Ken, it's Kate. I'll start. Look, the success that we saw in the net additions at the low end in Q4 was very much consistent in terms of the themes, as we've been talking about over the last couple of quarters here. It's very starter focused. We continue to see strong top of funnel demand. Frankly, the value proposition of our starter product is just really compelling. We constantly run experiments. There's nothing different in Q4 that I would note versus sort of our normal course. We continue to experiment with pricing and packaging. And we continue to experiment in ways to reduce friction in the motion of a free user becoming a starter customer.

是的，肯，是凱特。我開始吧。看，我們在第四季度低端淨增量中看到的成功在主題方面非常一致，正如我們在過去幾季中一直在談論的那樣。它非常注重初學者。我們繼續看到漏斗頂部的強勁需求。坦白說，我們的入門產品的價值主張非常引人注目。我們不斷進行實驗。我注意到第四季度與我們的正常進程沒有什麼不同。我們繼續嘗試定價和包裝。我們繼續嘗試各種方法來減少免費用戶成為新手客戶過程中的阻力。

The next question is from the line of Tyler Radke with Citigroup.

下一個問題來自花旗集團的泰勒拉德克 (Tyler Radke)。

I wanted to hit on Clearbit, which sounded like there was a modest contribution in Q4, but you are expecting that to ramp up to a point of growth next year. Can you just talk about now that you've had a few months post the announcement, kind of what your plans are from a road map perspective, how you're thinking about pricing and then how you're kind of -- what kind of range bound is on that one point? And what's a scenario that could potentially drive upside to that?

我想談談 Clearbit，這聽起來像是第四季的貢獻不大，但你預計明年會達到一個成長點。您能談談現在宣布發布幾個月後的情況嗎？從路線圖的角度來看，您的計劃是什麼，您如何考慮定價，以及您的情況如何——是什麼樣的？範圍限制就在那一點上嗎？什麼情況可能會帶來好處？

Yes. I can start with the first part on the [strategy tuition]. First of all, we are very pleased with the successfully closing in December. We welcomed all of the Clearbit employees into HubSpot family early January and everyone's kind of excited to build something special. We do think that Clearbit can accelerate our vision of the customer platform. And if you take a step back, we want to be able to bring together enrich data, powerful AI tools that can drive insights from the data and are easy to use engagement hubs so that our customers can connect and grow. This is really driving and accelerating our vision for providing a customer platform. And we continue to get really good positive feedback from customers and partners. They can see this vision come to life.

是的。我可以從第一部分的【策略教學】開始。首先，我們對 12 月的成功閉幕感到非常高興。一月初，我們歡迎所有 Clearbit 員工加入 HubSpot 大家庭，每個人都對打造一些特別的東西感到興奮。我們確實認為 Clearbit 可以加速我們對客戶平台的願景。如果退一步說，我們希望能夠匯集豐富的數據、強大的人工智慧工具，這些工具可以從數據中獲取見解，並且易於使用的參與中心，以便我們的客戶能夠聯繫和成長。這確實推動並加速了我們提供客戶平台的願景。我們繼續從客戶和合作夥伴那裡得到非常好的正面回饋。他們可以看到這個願景成為現實。

In terms of how we're thinking about Clearbit. A couple of different phases. Initially, we will look to get Clearbit data into our customer base. Our customers want more enrich data and intent data. They want it. That is completely unified within the hubs in the platform. And Clearbit has already been within our marketplace, there's a clear integration. And so it's a natural starting point for cross-selling into our installed base, and that motion has started.

就我們如何看待 Clearbit 而言。幾個不同的階段。最初，我們將尋求將 Clearbit 資料引入我們的客戶群。我們的客戶需要更豐富的數據和意圖數據。他們想要它。這在平台的中心內是完全統一的。 Clearbit 已經進入我們的市場，有明確的整合。因此，這是向我們的安裝基礎進行交叉銷售的自然起點，而這項行動已經開始。

Probably in the medium term, as we do with any of the acquisitions, we want to more natively integrate the data into HubSpot products. And so that we really fire up all of the use cases and marketing sales and our entire customer platform, and we're starting with that journey, and we'll also be able to thoughtfully leverage all of our distribution to be able to take that native product to market. And so it will happen in a couple of phases but we are really excited about what this done for our vision as well as how the initial few weeks have gone by.

也許從中期來看，就像我們對任何收購所做的那樣，我們希望將資料更原生地整合到 HubSpot 產品中。因此，我們真正啟動了所有用例和行銷銷售以及我們的整個客戶平台，我們將從這一旅程開始，我們也將能夠深思熟慮地利用我們所有的分銷管道來實現這一目標本土產品推向市場。因此，這將分幾個階段進行，但我們對這對我們的願景所做的一切以及最初幾週的進展感到非常興奮。

The next question is from the line of Brad Sills with Bank of America.

下一個問題來自美國銀行的 Brad Sils。

I wanted to ask a question on just the model here and growth drivers here between customer count and ASRPC. Obviously, we're at a point now where the growth is really outsized towards customer count. Could we see a more balanced dispersion between customer count and ASRPC over time? What would be the key to get back to that? Is this just simply -- is this a macro phenomenon where you're seeing that strength in starter addition? And as we get into potentially a better macro, you just see more of a balanced growth there? And then just one follow-up. I think it would be helpful to clarify if there was any material contribution to Q4 deferred from Clearbit.

我想問一個關於這裡的模型以及這裡的客戶數量和 ASRPC 之間的成長驅動因素的問題。顯然，我們現在正處於客戶數量成長過快的階段。隨著時間的推移，我們能否看到客戶數量和 ASRPC 之間的分佈更加平衡？回到那個狀態的關鍵是什麼？這只是簡單的——這是一種宏觀現象嗎？你在其中看到了起始劑添加的力量？當我們進入一個可能更好的宏觀經濟時，您會看到更多的平衡成長嗎？然後只有一個後續行動。我認為澄清 Clearbit 是否對第四季有任何實質貢獻會有所幫助。

Yes. Maybe I'll just start with the last one because it's super straightforward. There is a very little amount of impact to the deferred revenue from Clearbit. The way that it's measured and reported is just the change from December until year-end. So it was very small. In terms of the net adds in ASRPC, I would just say, Brad, over the time that I've been here, we have consistently gone through waves where we see outsized growth on net customer additions, followed by periods where we see outsized growth in the expansion of existing customers. I think we're at a point here where there's a lot of things happening, particularly with the seat model change that are going to fuel a short-term focus on growth in that net adds number. But if you think about the way that Yamini talked about the impact of that seat model, over time, that will drive an expansion motion that can become a tailwind to ASRPC.

是的。也許我會從最後一個開始，因為它非常簡單。 Clearbit 的遞延收入受到的影響很小。衡量和報告的方式只是從12月到年底的變化。所以它很小。就 ASRPC 的淨增加而言，我只想說，布拉德，在我在這裡的這段時間裡，我們一直經歷著淨客戶增加大幅增長的浪潮，隨後是我們看到大幅增長的時期在現有客戶的拓展上。我認為我們正處於一個發生了很多事情的時刻，特別是座椅型號的變化，這將推動短期對淨增加數量成長的關注。但如果你考慮一下 Yamini 談論該座椅模型影響的方式，隨著時間的推移，這將推動擴張運動，從而成為 ASRPC 的順風車。

Next question is from the line of Alex Zukin with Wolfe Search.

下一個問題來自 Alex Zukin 和 Wolfe Search。

This is Ryan on for Alex. Just had a quick question on the potential uplift from the monetization opportunity of core seats from the CRM module. Or just kind of put another way, for a typical customer now that you're monetizing that and you weren't before, what's the kind of uplift to a typical contract from that specifically?

這是瑞安（Ryan）替亞歷克斯（Alex）發言。剛剛有一個關於 CRM 模組核心席位貨幣化機會的潛在提升的快速問題。或者換句話說，對於一個典型的客戶來說，現在你正在將其貨幣化，而你以前沒有，那麼具體來說，典型的合約有什麼樣的提升？

Yes. I think it's important to understand that this impact will happen for new customers only through largely 2024. And that after the migration, we start to see renewals, you will see some similar growth trends out of the installed base. The addition of the core seat, as you heard from Yamini, is really our ability or opportunity to monetize the CRM. And in our model, every active user on the platform will need to have a paid seat. The data points that we have are really from the pilot and what we saw in the pilot was very strong assignment of core seats across the set of customers on the new model, which indicates to us that there is real value here and we should see a meaningful uplift in the percentage of users who will be on a paid seat.

是的。我認為重要的是要了解，這種影響只會在 2024 年左右才會對新客戶產生。遷移之後，我們開始看到續訂，您會在安裝基礎上看到一些類似的成長趨勢。正如您從 Yamini 聽到的那樣，核心席位的增加確實是我們透過 CRM 貨幣化的能力或機會。在我們的模型中，平台上的每個活躍用戶都需要有一個付費席位。我們擁有的數據點確實來自試點，我們在試點中看到的是新車型上的一組客戶之間的核心座位分配非常嚴格，這向我們表明這裡有真正的價值，我們應該看到使用付費席位的用戶比例顯著提高。

Next question is from the line of Brian Peterson with Raymond James.

下一個問題來自布萊恩彼得森和雷蒙德詹姆斯。

Congrats on the strong results. So we heard from some of your partners that Service Hub was stronger this quarter. I know you mentioned that the multiproduct deals and Sales Hub increasingly being up front door, but is Service Hub, maybe another potential front door that you guys can walk through? And has that created any more prospects or TAM on the B2C side? Would love to get your thoughts there.

祝賀取得強勁的成果。我們從你們的一些合作夥伴那裡得知，Service Hub 本季表現更為強勁。我知道您提到多產品交易和銷售中心越來越多地位於前門，但服務中心是否是您可以穿過的另一個潛在前門？這是否在 B2C 方面創造了更多前景或 TAM？很樂意聽取您的想法。

Yes, that's a great question. We are definitely pleased with the momentum in Service Hub, both from a product perspective as well as a customer adoption perspective. As you know, last year was a pretty big year for Service Hub growth. We did a ton of work to make the pro tier very, very powerful, and we also added some differentiating features on the enterprise tiers. And based on the work that the team did, we saw a lot more adoption upmarket. When we talk about multi-hub wind, there are more customers now starting with 2, 3 hubs. And when we see that, we -- the power of having all of your customer information in one platform, and therefore, including Service Hub there, has become fatter. So we're very, very happy about that.

是的，這是一個很好的問題。無論是從產品角度還是從客戶採用角度來看，我們對 Service Hub 的發展動能絕對感到滿意。如您所知，去年是 Service Hub 成長的重要一年。我們做了大量的工作來使專業級變得非常非常強大，並且我們還在企業級上添加了一些差異化功能。根據團隊所做的工作，我們看到高端市場的採用率較高。當我們談論多輪轂風電時，現在有更多的客戶從 2、3 個輪轂開始。當我們看到這一點時，我們——將所有客戶訊息集中在一個平台上的力量，因此，包括那裡的服務中心，已經變得更加強大。所以我們對此非常非常高興。

I think we're not done yet. I think there's just a tremendous amount of work that we're going to be doing in the Service Hub area this year to make it even more competitive. The AI is a pretty big lever in terms of Service Hub, the kinds of use cases that we're seeing the traction of use cases that you're seeing. I talked about summarizing conversations, highlighting commands for content generation and editing answers, all of that is driving a lot more effectiveness within our Service Hub customers and also driving engagement. So we're very excited about the trajectory.

我想我們還沒完成。我認為今年我們將在服務中心領域做大量的工作，以使其更具競爭力。就服務中心而言，人工智慧是一個相當大的槓桿，我們看到的用例類型對您所看到的用例的吸引力。我談到了總結對話、突出顯示內容生成和編輯答案的命令，所有這些都在提高我們的服務中心客戶的效率並提高參與度。所以我們對這個軌跡感到非常興奮。

Now stepping back, we have a playbook with Sales Hub and you can see it's working. When we focus the product organization, when we align the go-to-market team, we know how to get that to a front door. I think we can apply the same kind of playbook for Service Hub. It will get into the same trajectory as Sales Hub as we continue to innovate for our customers.

現在退一步，我們有一個銷售中心的劇本，您可以看到它正在工作。當我們專注於產品組織時，當我們調整上市團隊時，我們知道如何將其帶到前門。我認為我們可以為 Service Hub 應用相同類型的劇本。隨著我們繼續為客戶創新，它將進入與銷售中心相同的軌跡。

The next question is from the line of Terry Tillman with Truist.

下一個問題來自 Terry Tillman 和 Truist 的對話。

This is Bobby Dee on for Terry. Curious to get an update on the health and strength of partner channels. Are you seeing more partners adept at doing platform selling versus single hub specializations? Thanks and congratulations.

我是鮑比迪 (Bobby Dee) 替補特里 (Terry)。很想了解合作夥伴管道的健康狀況和實力的最新資訊。您是否看到更多的合作夥伴擅長進行平台銷售而不是單一中心專業化？謝謝並祝賀。

Yes. Thank you so much. Partner momentum continues to grow. I just spent a bunch of time with partners this week, and we're all doing the kickoffs ready for 2024, and there continues to be good momentum and excitement within the partner channel. As you know, partners contribute to about 40% of our ARR, and that has continued to grow as we have scaled.

是的。太感謝了。合作夥伴勢頭持續增長。本週我剛與合作夥伴一起度過了很多時間，我們都在為 2024 年做準備，合作夥伴管道內繼續保持良好的勢頭和興奮。如您所知，合作夥伴貢獻了我們約 40% 的 ARR，並且隨著我們規模的擴大，這一比例還在持續增長。

Maybe to step back, we have a very, very clear strategy with partners. We've gone to our partners and we said, we wanted scale selling, co-selling and servicing with you, and we want you to become experts of the entire customer platform. And this journey is something that has been in the making for the past 3 years, and partners have enrolled in the journey. More partners are now well versed in overall CRM, the entire customer platform. They know the value proposition of multiple hubs. They're able to get our customers started with greater onboarding, better engagement and then continue to drive multiple hub adoption. And so I think you're seeing partners gain even more traction with us upmarket are we're seeing partners drive multi-hub momentum as well as like larger deal upmarket. And so it's become a really nice growth lever to continue to grow the ecosystem for us.

也許退一步來說，我們與合作夥伴有一個非常非常明確的策略。我們去找我們的合作夥伴，我們說，我們希望與您一起進行規模銷售、聯合銷售和服務，我們希望您成為整個客戶平台的專家。這個旅程是過去三年來一直在醞釀的，合作夥伴已經加入了這個旅程。現在越來越多的合作夥伴精通整個CRM，也就是整個客戶平台。他們了解多個樞紐的價值主張。他們能夠讓我們的客戶以更好的入職、更好的參與度開始，然後繼續推動多個中心的採用。因此，我認為您會看到合作夥伴在我們的高端市場中獲得更大的吸引力，因為我們看到合作夥伴推動了多中心動力以及更大規模的高端交易。因此，它已成為我們繼續發展生態系統的一個非常好的成長槓桿。

Next question is from the line of Arjun Bhatia with William Blair.

下一個問題來自阿瓊·巴蒂亞 (Arjun Bhatia) 和威廉·布萊爾 (William Blair)。

I'll add my congrats. Maybe sticking on the pricing changes. I'm curious if when you think about the new customers since that's going to go into effect first, does it actually change the incentive structures for new customers to buy the suite more? Or do you anticipate there could be more single product adoption from new customers at the landing point going forward and then eventually growing into multi-hub customers over time?

我會添加我的祝賀。也許會堅持價格變動。我很好奇，當您考慮新客戶時，因為這將首先生效，它是否真的會改變新客戶更多購買套件的激勵結構？或者您預計未來新客戶可能會採用更多單一產品，並隨著時間的推移最終成長為多中心客戶？

Maybe the way I would think about it is that in the lower end of the market and when customers are thinking about starter, absolutely removes all friction. We've always had a great momentum in starter. Now that we've removed the seat minimums, it encourage starter customers to start with the suite. And I'd say that the value proposition is exceptionally compelling. There is almost nothing out there with the value that we provide for the price per seat and it has become such a compelling starting point and it is all suite at the lower end and the lower tier.

也許我的想法是，在低端市場，當客戶考慮啟動器時，絕對消除了所有摩擦。我們在先發階段一直有著強勁的勢頭。現在我們取消了最低座位數，鼓勵新客戶從套房開始。我想說的是，這個價值主張非常引人注目。我們為每個座位的價格提供的價值幾乎沒有什麼，它已經成為一個如此引人注目的起點，而且它都是低端和低層的套件。

Now upmarket, I don't think necessarily this pricing change is going to make everybody think about suite, and that's really not the motion. What we want people to do is to start with a couple of hubs and then continue to drive adoption and then continue to get value over a period of time. What it does is it removes that friction point for the upgrade. So when we get a lot more customers at the starter tier, when we remove the friction that more folks are going to go into the pro tier and the enterprise tier. And over a period of time, this sets up the foundation for accelerating customer acquisition and then continuing to show the value for those customers so that they continue to go off market with us. And so that's probably the way to think about it.

現在高端市場，我認為這種定價變化不一定會讓每個人都考慮套房，而這確實不是動議。我們希望人們做的是從幾個中心開始，然後繼續推動採用，然後在一段時間內繼續獲得價值。它的作用是消除升級的摩擦點。因此，當我們在入門級獲得更多客戶時，當我們消除更多人進入專業級和企業級的摩擦時。在一段時間內，這為加速客戶獲取奠定了基礎，然後繼續向這些客戶展示價值，以便他們繼續與我們一起離開市場。這可能就是思考這個問題的方式。

Next question is from the line of David Hynes with Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 David Hynes。

Yamini, can we just go back to the large deal activity? I think you characterized it as urgency, which is a term we haven't heard much of in software lately. Can you just talk about -- does it feel like there's a thawing maybe at the high end of your customer base? Was it just a year-end phenomenon? Has there been any durability in those trends? Any color what you're seeing on the large deal front would be interesting.

Yamini，我們可以回到大型交易活動嗎？我認為您將其描述為緊急性，這是我們最近在軟體中很少聽到的術語。您能否談談—您的高端客戶群是否感覺正在解凍？這只是年末現象嗎？這些趨勢有持久性嗎？您在大宗交易中看到的任何顏色都會很有趣。

Yes. I know urgency is definitely not something that we have heard in the past few quarters. So we definitely saw it towards the end of the quarter. especially with larger deals and multi-hub wins. In upmarket, we saw customers wanting to consolidate into fewer effective platforms both to reduce the total cost of ownership as well as to get better disability across sales and marketing as they set up for the new year. So a lot of the conversations that we had towards the end of the quarter were how do we consolidate, how do we get better visibility so we can set up a growth in 2024.

是的。我知道緊迫感絕對不是我們在過去幾季聽到的。所以我們肯定在本季末看到了這一點。尤其是較大的交易和多中心的勝利。在高端市場，我們看到客戶希望整合到較少的有效平台中，以降低總擁有成本，並在為新的一年做好準備時在銷售和行銷方面獲得更好的障礙。因此，我們在本季末進行的許多對話都是如何整合，如何獲得更好的可見性，以便在 2024 年實現成長。

I do think that our fast time to value, easy to adopt but very powerful tools is just compelling. And we saw that towards the end of the year. I think -- and like I said earlier in the prepared remarks, it doesn't mean that the whole environment has shifted. We are really not ready to call it all clear in terms of the pattern, but the value proposition up market is certainly resonating and that translated into large deal strength.

我確實認為我們快速實現價值、易於採用且功能強大的工具非常引人注目。我們在年底就看到了這一點。我認為——就像我之前在準備好的發言中所說的那樣，這並不意味著整個環境已經改變了。我們確實還沒有準備好在模式方面把一切都說清楚，但高端市場的價值主張肯定會引起共鳴，並轉化為大量的交易力量。

Operator, I think we have time for maybe one more question.

接線員，我想我們還有時間再問一個問題。

The final question is from the line of Michael Turrin with Wells Fargo.

最後一個問題來自富國銀行的麥可‧特林 (Michael Turrin)。

Nice job with the close of the year. I was hoping you could maybe compare and contrast what you saw across customer segments exiting the year. It's pretty clear from the comments throughout the starter motion has come through strong, but I was hoping we could maybe revisit the macro commentary you made across segments. And then in terms of guidance, what you're assuming sounded like macro does not improve in the current scenario. But just going back to that as a closing point, I think, is helpful.

年底了，幹得好。我希望您能夠比較和對比今年退出的各個客戶群的情況。從整個啟動動議的評論中可以清楚地看出，我們已經通過了強烈的評論，但我希望我們可以重新審視您在各個領域所做的宏觀評論。然後就指導而言，您所假設的聽起來宏觀的情況在當前情況下並沒有改善。但我認為，回到這一點作為結束點是有幫助的。

Yes. I mean, you definitely heard both Yamini and I talk in our prepared remarks that we saw some early positive signs in Q4. But at the highest level, we're assuming that the macro conditions remain challenging into 2024. In general, our customers are still cautious and we assume that our customers are going to continue to optimize their spend throughout 2024. That's that -- I do feel like we have seen some stabilization in customer trends. I believe we have a tighter handle on the overall environment and customer behavior entering 2024. So our overarching philosophy for guidance hasn't changed. We always endeavor to set a financial guidance that we feel we have high confidence in achieving.

是的。我的意思是，你肯定聽到亞米尼和我在我們準備好的演講中談到，我們在第四季度看到了一些早期的積極跡象。但在最高層面上，我們假設宏觀條件到2024 年仍然充滿挑戰。總的來說，我們的客戶仍然持謹慎態度，我們假設我們的客戶將在2024 年繼續優化他們的支出。就是這樣- 我確實如此感覺我們已經看到客戶趨勢穩定。我相信，進入 2024 年，我們對整體環境和客戶行為有了更嚴格的控制。因此，我們的整體指導理念並沒有改變。我們始終努力製定我們對實現目標充滿信心的財務指導。

There are no additional questions waiting at this time, so I'll pass the conference back to Yamini Rangan, CEO, for any closing remarks.

目前沒有其他問題，因此我會將會議轉交給執行長 Yamini Rangan，讓其發表結束語。

Well, thank you so much for your support, and we look forward to connecting back again in the quarter.

嗯，非常感謝您的支持，我們期待在本季再次聯繫。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。現在您可以斷開線路。