Huckleberry.ai, Inc. (HUCK) 2026 Q4 法說會逐字稿

Greetings. Welcome to Domo's fourth-quarter fiscal 2026 earnings call. (Operator Instructions) Please note this conference is being recorded.

各位好。歡迎參加 Domo 2026 財政年度第四季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to Cory Edwards, Vice President of Corporate Communications. Thank you. You may begin.

現在我將把會議交給企業傳播副總裁 Cory Edwards。謝謝。您可以開始了。

Good afternoon. On the call today, we are joined by Josh James, our Founder and CEO; and Todd Crane, our Chief Financial Officer. I'll begin with our safe harbor statement. Our press release was issued after the market close and is available on the Investor Relations section of our website. Please note that today's call contains forward-looking statements about our business as defined under federal securities laws.

各位下午好。今天的電話會議由我們的創辦人兼執行長 Josh James，以及財務長 Todd Crane 與會。我先宣讀我們的安全港聲明。我們的新聞稿已於收盤後發布，並可在我們網站的投資人關係專區取得。請注意，今天的電話會議包含依據聯邦證券法所定義、關於我們業務的前瞻性陳述。

These statements involve risks, uncertainties and assumptions, including, but not limited to, statements and projections about our future financial performance, growth prospects, cash position, sales efforts, technology developments, new business opportunities, transactions and initiatives, the potential impact of artificial intelligence, and macroeconomic factors on our business.

這些陳述涉及風險、不確定性與假設，包括但不限於：關於我們未來財務表現、成長前景、現金部位、銷售投入、技術發展、新商機、交易與各項計畫/倡議、人工智慧的潛在影響，以及總體經濟因素對我們業務影響的陳述與預測。

For a detailed discussion of these risks and uncertainties, please refer to our public filings, including today's press release, our most recent annual report on Form 10-K and our quarterly report on Form 10-Q all available on the SEC website. These documents outline important risk factors that may cause actual results to differ materially from our forward-looking statements.

如需更詳細的風險與不確定性討論，請參閱我們的公開申報文件，包括今日新聞稿、最近一期 Form 10-K 年報以及 Form 10-Q 季報，皆可於 SEC 網站查閱。這些文件列示了重要風險因素，可能導致實際結果與我們的前瞻性陳述出現重大差異。

We will also discuss non-GAAP financial measures during the call, which we use as supplemental indicators of Domo's performance. Unless otherwise stated, all results discussed today other than revenue, are on a non-GAAP basis. These measures should be viewed as complements to not substitutes for our GAAP results. A reconciliation of our non-GAAP results to the most directly comparable GAAP measures can be found in today's earnings release, and on our Investor Relations website at domoinvestors.com.

我們也將在本次電話會議中討論非 GAAP 財務衡量指標，我們將其作為 Domo 營運表現的補充性指標。除非另有說明，今日討論的所有結果（收入除外）皆以非 GAAP 基礎呈現。這些衡量指標應視為對 GAAP 結果的補充，而非替代。非 GAAP 結果與最直接可比 GAAP 指標之調節表，可見於今日的財報新聞稿，以及我們的投資人關係網站 domoinvestors.com。

With that, I'll turn it over to Josh. Josh?

接下來我把時間交給 Josh。Josh？

Thank you, Cory. Hello, everyone, and thank you for joining us on the call today. As we close out the year, I want to begin by highlighting some important achievements for the fourth quarter. We achieved record quarterly billings, delivered the strongest gross retention in three years posted the highest operating margin and best EPS in company history, and recorded our best ever full year free cash flow result. Now let me get into the details behind these accomplishments.

謝謝你，Cory。各位好，感謝大家今天加入我們的電話會議。在年度即將結束之際，我想先強調第四季的一些重要成果。我們創下單季帳單金額（billings）新高，達成三年來最強的總留存率（gross retention），繳出公司史上最高的營業利益率與最佳每股盈餘（EPS），並創下歷來最佳的全年自由現金流表現。接下來我將說明這些成果背後的細節。

We achieved our highest quarterly billings ever, totaling $111.2 million, which represents 8% year-over-year growth, the strongest we've seen in three years and also exceeding our billing guidance for the quarter. This performance was driven by higher retention, accelerating adoption of our consumption model, and expanding partner ecosystem activity.

我們達成歷來最高的單季帳單金額，合計 1.112 億美元，年增 8%，為三年來最強表現，且也超越我們對本季的帳單金額指引。這項表現主要來自更高的留存、我們消費計價模式（consumption model）採用加速，以及合作夥伴生態系活動擴大。

Increasingly, customers are using Domo, not just for analytics but as the operational layer that powers data products and AI-driven workflows across their organizations, which naturally expands consumption over time. We also achieved our highest gross retention rate in over three years coming in at over 88%, underscoring the durability of our customer relationships, particularly as multiyear consumption contracts continue to deepen.

越來越多客戶使用 Domo 不僅僅是做分析，而是作為營運層（operational layer），在其組織內推動資料產品與 AI 驅動的工作流程，這也會隨時間自然帶動使用量（consumption）擴大。我們也達成三年多來最高的總留存率，超過 88%，凸顯我們客戶關係的韌性，特別是在多年期消費合約持續深化之際。

Net retention also improved by over 4 percentage points year over year and is now over 96%, making the sixth straight quarter of sequential improvement in this metric. Notably, the cohort of customers who started on consumption contracts, representing over $24 million in ARR achieved an impressive net revenue retention of 111% in Q4, highlighting the value our customers are getting from our consumption model.

淨留存率（net retention）也較去年同期提升超過 4 個百分點，目前超過 96%，這已是該指標連續第六季逐季改善。值得注意的是，採用消費合約起步的客戶族群（代表超過 2,400 萬美元的 ARR）在第四季達成亮眼的 111% 淨收入留存率（net revenue retention），凸顯客戶從我們的消費模式中獲得的價值。

Our operating margin for the quarter was over 10%. And reflecting disciplined execution and efficiency improvements that lay the groundwork for durable profitability. Importantly, this translated into an all-time high for quarterly earnings per share. The heart of Domo's opportunity is an innovative cloud data platform, which is already driving nearly $300 million in recurring revenue.

本季我們的營業利益率超過 10%。這反映出我們嚴謹的執行與效率提升，為可持續的獲利能力奠定基礎。更重要的是，這也轉化為公司史上最高的單季每股盈餘。Domo 機會的核心，是一個創新的雲端資料平台，目前已帶來近 3 億美元的經常性收入。

Our platform is well positioned to benefit from the rapid adoption of AI in the market. Although it was often viewed as just a dashboarding and reporting tool, to be frank, that is laughable. In reality, Domo's a modern AI-first data platform designed for today's enterprise challenges.

我們的平台具備良好定位，可受惠於市場對 AI 的快速採用。坦白說，若仍有人把它視為只是儀表板與報表工具，那是可笑的。事實上，Domo 是一個以 AI 為優先（AI-first）的現代資料平台，專為當今企業挑戰而設計。

Domo's platform was built with AI in mind from day one, our very first product that's 15 years ago, highlighting machine learning and predictive modeling capabilities in AI informed apps, the early predecessors to today's AI. This long-term vision has guided our architecture and investment decisions, ensuring we're not just reacting to AI trends, but enabling our customers to harness these powerful technologies at scale.

Domo 平台從第一天起就以 AI 為核心打造；我們第一個產品是在 15 年前推出，便在 AI 驅動的應用中強調機器學習與預測建模能力，可說是今日 AI 的早期前身。這項長期願景引導了我們的架構與投資決策，確保我們不只是追逐 AI 趨勢，而是讓客戶能以規模化方式運用這些強大技術。

The next wave of enterprise AI will be less about models and more about coordinating data decisions and workflows. What makes a lot different is that our platform doesn't stop at insight. It unifies data, provides AI-driven intelligence via our AI service layer, and with Agent Catalyst enables Agentic workflows in a single system, allowing organizations to move from analysis to automated action without stitching together disconnected tools.

下一波企業 AI 的重點，將不再是模型本身，而是更著重於協調資料決策與工作流程。我們的不同之處在於，我們的平台不止於洞察。它能整合資料，透過我們的 AI 服務層提供 AI 驅動的智慧，並藉由 Agent Catalyst 在單一系統中啟用代理式（Agentic）工作流程，讓組織無需拼接彼此割裂的工具，就能從分析走向自動化行動。

One innovation I'm particularly excited about is that catalyst, our AI-powered app builder that allows customers to quickly create production rate governed applications simply by describing what they need in natural language. Unlike early AI tools focused just on rapid code generation, our Catalyst provides a secure scalable foundation that connects directly to customers' existing data platforms without duplication. It gives teams true optionality to build, iterate, and extend applications for real-world enterprise use, and is poised to be a significant driver of increased consumption and deeper adoption.

有一項創新我特別興奮：Catalyst——我們的 AI 驅動應用程式建置工具，讓客戶只要用自然語言描述需求，就能快速建立可投入生產、具治理機制的應用程式。不同於早期僅著重快速產生程式碼的 AI 工具，我們的 Catalyst 提供安全、可擴展的基礎，能直接連接客戶既有的資料平台而無需複製資料。它讓團隊在真實企業情境中具備真正的選擇權，可建置、迭代並延伸應用，並有望成為推動使用量提升與更深度採用的重要動能。

Put simply, Domo is far more than just a BI tool. It's a strategic data and AI platform built for the demands of modern business. The growing need for AI is clear. The topic is coming up on nearly 70% of our costs with current and prospective customers. As companies across industries, pushed embed AI at the core of their operations, they need a platform that scales is governed and stay secure, and can grow as their AI ambitions to. We believe Domo is the platform that can deliver on these ambitions, turning complex data into clear, actionable intelligence, and making it easy for customers to apply AI across immense amounts of data to quickly generate summaries sentiment analysis and many other use cases.

簡而言之，Domo 遠不只是 BI 工具。它是一個策略性的資料與 AI 平台，為現代企業的需求而打造。對 AI 的需求成長十分明確。在我們與現有及潛在客戶的交流中，將近 70% 的對話都會提到 AI 這個主題。當各產業公司推動把 AI 嵌入其營運核心時，他們需要一個可擴展、可治理且能維持安全的平台，並能隨其 AI 企圖一同成長。我們相信 Domo 能實現這些目標，把複雜資料轉化為清晰、可執行的智慧，並讓客戶能在龐大資料量上輕鬆應用 AI，快速產生摘要、情緒分析及許多其他使用情境。

That's why we see significant opportunity ahead. And while we firmly believe the market has yet to recognize the full value of our platform and ecosystem are delivering. Our customers aren't just experimenting with AI. They're driving real large-scale production deployments and the impact is already visible.

因此，我們看到前方有顯著的機會。雖然我們堅信市場尚未完全認知我們的平台與生態系所帶來的完整價值。我們的客戶並非只是試驗 AI。他們正在推動真正的大規模生產部署，而其影響已清楚可見。

Here are 15 examples of AI agents that are actively being deployed in Domo's customer base. This is a small sampling. One, a national restaurant brand worked with Domo to deploy an AI-powered vendor onboarding workflow that automatically scans W-9 documents, extracts key information from unstructured files, validates vendor records against internal data, and routes approvals via a governed audit trail. This end-to-end automation replaced a fully manual process drastically reducing administrative hours while enhancing compliance and control.

以下是 15 個正在 Domo 客戶群中積極部署的 AI 代理（agents）範例。這只是其中一小部分。第一，一家全國性餐飲品牌與 Domo 合作部署 AI 驅動的供應商上線（onboarding）工作流程，可自動掃描 W-9 文件、從非結構化檔案擷取關鍵資訊、將供應商資料與內部資料進行驗證，並透過具治理的稽核軌跡（audit trail）進行核准流轉。這套端到端自動化取代了完全人工的流程，大幅降低行政工時，同時強化合規與控管。

Two, a leading global home improvement retailer is deploying an AI-powered product sign-off workflow to replace a traditionally manual approval process that took weeks or months. Using Domo, an AI agent analyzes product specifications, customer sentiment imagery and testing data to evaluate market readiness. This scalable solution expands product reviews from dozens to thousands annually, accelerating innovation, while reducing risks of recalls, rework and legal exposure. It integrates governing data, external sentiment, and custom apps with a unified platform to operationalize AI at an enterprise scale.

第二，一家全球領先的居家修繕零售商正在部署由 AI 驅動的產品簽核工作流程，以取代傳統上需耗時數週或數月的人工核准流程。透過 Domo，AI 代理會分析產品規格、客戶情緒影像與測試資料，以評估市場就緒度。此可擴展的解決方案將產品審查量從每年數十件擴大到數千件，加速創新，同時降低召回、返工與法律風險曝險。它以統一平台整合受治理的資料、外部情緒與自訂應用程式，將 AI 以企業級規模落地營運。

Three, a global financial services organization deployed an AI-driven invoice processing workflow to replace a manual e-mail-based system. Using Domo, coordinated AI agents automatically ingest invoices, determine extraction methods, translate content when needed, and extract key financial data. The system routes information into accounting and management review processes, reducing delays, errors, and providing scalable global operational visibility through governed AI orchestration.

第三，一家全球金融服務機構部署了 AI 驅動的發票處理工作流程，以取代以電子郵件為主的人工系統。透過 Domo，協同運作的 AI 代理會自動擷取發票、判定資料擷取方法、在需要時翻譯內容，並擷取關鍵財務資料。系統將資訊導入會計與管理審核流程，降低延遲與錯誤，並透過受治理的 AI 協同編排，提供可擴展的全球營運可視性。

Four, a global customer experience provider deployed a Domo-hosted AI knowledge assistant that gives employees a single interface to answer operational and platform questions without navigating multiple systems or submitting tickets. The solution searches internal documents and secondary knowledge basis using confidence scoring to ensure accurate responses. By combining document retrieval, text generation and text to SQL within Domo workflows, it delivers faster answers and reduces manual support efforts. Continuous feedback logging ensures ongoing improvement at scale.

第四，一家全球客戶體驗服務供應商部署了由 Domo 託管的 AI 知識助理，讓員工透過單一介面即可回答營運與平台問題，而無需在多個系統間切換或提交工單。該解決方案會搜尋內部文件與次級知識庫，並使用信心分數（confidence scoring）以確保回覆準確。透過在 Domo 工作流程中結合文件檢索、文字生成與 Text-to-SQL，可更快速提供答案並降低人工支援投入。持續的回饋紀錄可確保在規模化下不斷改進。

Five, a global private aviation company is developing an AI-powered executive flight deck that provides leadership with real-time visibility into sales, lead generation, operational margins, and client experience, eliminating the need for analysts to interpret data. This custom global application combines live KPI dashboards with AI-generated insights to explain trends and context dynamically, helping executives quickly understand performance, and make informed decisions.

第五，一家全球私人航空公司正在開發 AI 驅動的高階主管飛行駕駛艙，為領導團隊提供銷售、潛在客戶開發、營運毛利與客戶體驗的即時可視性，免除分析師解讀資料的需求。此自訂的全球應用程式結合即時 KPI 儀表板與 AI 生成洞察，動態解釋趨勢與脈絡，協助高階主管快速理解績效並做出明智決策。

Six, a national compliance technology provider is developing an AI-driven reporting system for state emission inspection program to automate the creation of 17 regulatory appendix reports. Previously, manually compiled into massive static files, the new Domo-powered pro-code solution uses specialized AI agents to generate interactive report tables in smaller, more easily distributed PDFs. This deployment demonstrates how governed orchestrated AI agents accelerate production-grade application development, while enhancing transparency and efficiency in regulated public sector programs.

第六，一家全國性的合規科技供應商正在為州級排放檢測計畫開發 AI 驅動的報表系統，以自動產出 17 份法規附錄報告。過去需人工彙編成龐大的靜態檔案；新的 Domo pro-code 解決方案使用專門的 AI 代理，生成互動式報表表格，並輸出為更小、較易分發的 PDF。此部署展示了受治理、可編排的 AI 代理如何加速生產級應用程式開發，同時提升受監管公共部門計畫的透明度與效率。

Seven, a global pharmaceutical company deployed an AI-powered analytics agent that automatically generates monthly insights across marketing spend, brands and channels, previously relying on manual agency reports, the AI agent scans governed marketing data to identify campaign trends and spend allocation, enabling faster data-driven decisions, and reducing costs.

第七，一家全球製藥公司部署了 AI 驅動的分析代理，可自動產出每月洞察，涵蓋行銷支出、品牌與通路；過去則仰賴人工的代理商報告。AI 代理會掃描受治理的行銷資料以辨識活動趨勢與支出配置，促成更快速的資料驅動決策並降低成本。

Eight, a large industrial manufacturer deployed a Domo-powered operations that automates welding job assignments across its production floor. The system analyzes job requirements, worker certifications, and capacity constraints to dynamically scheduled tasks, ensuring qualified welders are matched to the right jobs at the right time. This improves production flow and provides supervisors with real-time visibility into workforce capacity and scheduling.

第八，一家大型工業製造商部署了由 Domo 驅動的營運系統，可在其生產現場自動化焊接工作指派。系統會分析工作需求、員工證照與產能限制，以動態排程任務，確保合格焊工在正確時間被指派到正確工作。此舉改善生產流程，並為主管提供人力產能與排程的即時可視性。

Nine, a luxury home goods brand deployed an AI-powered returns categorization engine that automatically classifies 100- to 200-daily product returns analyzing unstructured customer feedback and mapping issues like size, quality and comfort into a standardized taxonomy. The AI agent assigns confidence scores and routes uncertain cases for human review continuously improving accuracy. Operating at over 95% voided accuracy, the system delivers scalable insights into product quality and customer sentiment, enabling faster quality alerts and smarter product decisions.

第九，一個奢華家居用品品牌部署了 AI 驅動的退貨分類引擎，可自動分類每日 100 到 200 件的產品退貨，分析非結構化的客戶回饋，並將尺寸、品質與舒適度等問題映射到標準化分類法。AI 代理會指派信心分數，並將不確定的案例送交人工審核，以持續提升準確度。該系統以超過 95% 的分類準確率運作，提供可擴展的產品品質與客戶情緒洞察，促成更快速的品質預警與更聰明的產品決策。

Ten, a K-12 education technology provider is developing an AI-driven reporting engine that enables educators to generate up to 100 professional student reports at once. Previously constrained by manual one of the time downloads with inconsistent formatting, this Domo powered solution integrates student data from Snowflake and delivers well-formatted consistent reports asynchronously. This scalable workflow improves educator efficiency and strengthens the customers' long-term investment in the platform.

第十，一家 K-12 教育科技供應商正在開發 AI 驅動的報表引擎，讓教育工作者可一次產出多達 100 份專業的學生報告。過去受限於逐一手動下載且格式不一致；此由 Domo 驅動的解決方案整合來自 Snowflake 的學生資料，並以非同步方式交付格式良好且一致的報告。此可擴展的工作流程提升教育工作者效率，並強化客戶對平台的長期投入。

Eleven, a global workforce management platform serving enterprise retailers partnered with Domo to build an automated multi-environment deployment pipeline powered by Domo APIs and Agenic AI. Well, once required multiple engineering sprints was delivered in days through human AI collaboration, enabling automated promotion of code and assets across development, QA, and production with built-in version control and rollback safeguards. The solution accelerates development cycles and maintains enterprise-grade governance, providing a scalable foundation for faster innovation and reduced operational overhead.

第十一，一個服務企業零售商的全球人力管理平台與 Domo 合作，利用 Domo API 與 Agentic AI 建置自動化的多環境部署管線。原本需要多個工程衝刺（sprints）的工作，透過人機協作在數天內完成，實現跨開發、QA 與正式環境的程式碼與資產自動升版，並內建版本控制與回滾保護機制。該解決方案加速開發週期並維持企業級治理，提供可擴展的基礎，以支援更快創新並降低營運負擔。

Twelve, a national female services operator partner with Domo to replace a manual spreadsheet-based bonus process with a government enterprise application largely built through Agentic AI code generation. This solution provides multilevel approvals, real-time budget controls, payroll exports, and immutable audit trails within a single workflow. By leveraging human AI collaboration, development time was reduced by an estimated 60% to 70% resulting in a scalable compliance-ready application that accelerates time to value.

第十二，一家全國性的女性服務營運商與 Domo 合作，以主要透過 Agentic AI 程式碼生成所建置的受治理企業應用程式，取代以試算表為基礎的人工獎金流程。此解決方案在單一工作流程中提供多層級核准、即時預算控管、薪資匯出與不可竄改的稽核軌跡。透過人機協作，開發時間估計縮短 60% 至 70%，形成可擴展、符合合規要求的應用程式，加速價值實現。

Thirteen, a national behavioral health organization deployed an AI-powered contract intelligence system to replace a manual process for reviewing and tracking hundreds of complex agreements. The AI agent automatically ingests contracts, extracts key data, and monitors critical milestones, like renewals and expirations. A conversational interface enables natural language queries providing faster access to important information, reducing administrative burden, and enhancing compliance visibility across the organization.

第十三，一家全國性的行為健康機構部署了 AI 驅動的合約智慧系統，以取代人工審閱與追蹤數百份複雜協議的流程。AI 代理會自動匯入合約、擷取關鍵資料，並監控續約與到期等重要里程碑。對話式介面支援以自然語言查詢，讓重要資訊更快取得、降低行政負擔，並提升全組織的合規可視性。

Fourteen, a global accounts receivable firm deployed an AI-powered skip tracing agent to automate the research process that prepares collection agents before contacting debtors. Previously relied on manual searches across business ratings, websites, and regulatory filings, the AI agent now compiles and structures enriched business intelligence from multiple sources based on company identifiers. This solution dramatically reduces research time per account and improves agent preparedness and call effectiveness, transforming a manual bottleneck into a scalable intelligence-driven workflow.

第十四，一家全球應收帳款公司部署了 AI 驅動的跳查（skip tracing）代理，以自動化在聯絡債務人前為催收專員準備資料的研究流程。過去仰賴在商業評等、網站與監管申報等處進行人工搜尋；如今 AI 代理會依公司識別碼，從多個來源彙整並結構化強化後的商業情報。此解決方案大幅降低每個帳戶的研究時間，並提升專員準備度與通話成效，將人工瓶頸轉化為可擴展、以情報驅動的工作流程。

Fifteen, a national wealth management platform is developing a self-learning AI system to automate user provisioning and eliminate manual onboarding delays. The AI agent analyzes job titles from identified identity management data, classifies users into appropriate access rules with confidence scoring and continuously refine its logic as data evolves. Low confidence cases and sensitive financial access requests are routed through human approval to ensure compliance. This solution aims to reduce manual provisioning by up to 75%, improving operational efficiency and platform adoption across thousands upon thousands of employees.

第十五，一個全國性的財富管理平台正在開發自我學習的 AI 系統，以自動化使用者佈建並消除人工上線延遲。AI 代理會分析身分管理資料中已識別的職稱，將使用者分類到適當的存取規則並給予信心分數，並隨資料演進持續精進其邏輯。低信心案例與敏感的金融存取申請會送交人工核准，以確保合規。此解決方案目標是將人工佈建作業最多降低 75%，提升營運效率，並在數以千計、甚至數以萬計的員工間推動平台採用。

Clearly, the vision for Domo is coming to fruition, and we're just getting started. Domo's also garnered significant recognition from industry analysts and the media, further validating our leadership position in the data and AI space. Most notably, Domo is recognized by Dresner Advisory Services as a winner in six categories of the 2025 Technology Innovation Awards, including several categories related to Agentic AI.

顯然，Domo 的願景正在實現，而我們才剛剛開始。Domo 也獲得產業分析師與媒體的高度肯定，進一步驗證我們在資料與 AI 領域的領導地位。最值得一提的是，Domo 獲 Dresner Advisory Services 評選為 2025 年 Technology Innovation Awards 六個類別的得主，其中包含數個與 Agentic AI 相關的類別。

In addition, Domo was recognized as an overall leader in ISG's AI analytics Buyer's Guide 2025 market report. Domo announced that it was ranked as a top vendor in Dresner's Wisdom of the Crowds analytical data report. This recognition reinforces what we consistently hear from customers. The Domo is delivering a modern unified platform that bridges data, analytics, AI, and action in a way that drives measurable business impact.

此外，Domo 在 ISG 的《AI analytics Buyer's Guide 2025》市場報告中被評為整體領導者。Domo 也宣布在 Dresner 的《Wisdom of the Crowds》分析資料報告中名列頂尖供應商。這些肯定再次印證我們持續從客戶那裡聽到的回饋。Domo 正在交付一個現代化的統一平台，以能夠帶來可衡量的商業影響之方式，串聯資料、分析、AI 與行動。

Before we move on, I would like to invite all of our customers and strategic partners currently in perspective to join us at the upcoming Domopalooza user conference. He's an excellent chance to connect and explore the latest innovations across the Domo platform. Finally, thank you to our employees whose dedication and passion fuel everything we do. I'm proud of what we're achieving together.

在我們繼續之前，我想邀請所有現有客戶與目前正在評估中的策略夥伴，一同參加即將舉行的 Domopalooza 使用者大會。這是一次絕佳的機會，讓大家交流並探索 Domo 平台的最新創新。最後，感謝我們的員工，你們的投入與熱情驅動著我們所做的一切。我為我們共同達成的成果感到自豪。

And with that, I'll hand the call over to our Chief Financial Officer, Tod Crane.

接下來，我把電話交給我們的財務長 Tod Crane。

Thanks, Josh, and thanks, everyone, for joining us today. We delivered strong financial results in Q4, exceeding our billings guidance with our highest ever result of $111.2 million representing year-over-year growth of 8%, the highest we've seen in three years. For the full fiscal year, we achieved billings of $318.7 million, representing a 3% increase over the prior year, marking our first full year billings growth since fiscal '23.

謝謝你，Josh，也謝謝各位今天加入我們。我們在第四季交出強勁的財務成果，開立帳單金額（billings）超越我們的指引，創下歷史新高達 1.112 億美元，年增 8%，也是我們三年來最高的成長幅度。就整個會計年度而言，我們達成開立帳單金額 3.187 億美元，較前一年成長 3%，這是自 2023 會計年度以來首次出現全年開立帳單成長。

Our gross retention rate improved to over 88%, marking the highest level in 12 quarters and reflects the strength of our customer relationships, as well as the progress we've made on moving to a consumption pricing model, expanding our ecosystem partnerships, and landing more multiyear contracts.

我們的總留存率（gross retention rate）提升至 88% 以上，創下 12 個季度以來最高水準，反映出我們客戶關係的穩固，以及我們在轉向用量計價（consumption pricing）模式、擴大生態系夥伴合作、並簽下更多多年期合約方面所取得的進展。

ARR net retention was over 96%, up sequentially for the sixth straight quarter, and a year-over-year improvement of over 4 percentage points. One of the key factors contributing to this improvement is the retention profile of customers on the consumption model, which continues to be well above that of our seat-based customers. ARR net retention for the customer cohort that began on consumption continues to be well above 100%, coming in at 111% in Q4.

ARR 淨留存率（ARR net retention）超過 96%，連續第六個季度季比提升，且年增超過 4 個百分點。促成此改善的關鍵因素之一，是採用用量模式客戶的留存表現，持續明顯優於以席位（seat-based）計價的客戶。起初即採用用量模式的客戶群，其 ARR 淨留存率持續遠高於 100%，第四季達到 111%。

One of our most significant achievements in the past few years has been the monumental effort of moving from a traditional seat-based model to a consumption-based model. We ended fiscal '26 with 84% of our annual recurring revenue on consumption pricing, a major accomplishment. Now that we have the vast majority of our ARR on consumption, we will no longer be providing regular updates on this metric.

過去幾年我們最重要的成就之一，是從傳統席位制模式轉型為用量制模式所投入的巨大努力。我們在 2026 會計年度結束時，已有 84% 的年度經常性收入（ARR）採用用量計價，這是一項重大里程碑。既然我們的 ARR 絕大多數已轉為用量計價，我們將不再定期更新此項指標。

Our operating margin for the quarter was a record high 10%, which contributed to the highest full year operating margin in company history at over 6%. We also achieved our best ever EPS result, which was the third consecutive quarter of positive EPS and led to our strongest full year EPS to date.

本季營業利益率創下歷史新高達 10%，帶動公司史上最高的全年營業利益率，超過 6%。我們也達成歷來最佳的每股盈餘（EPS）表現，這是連續第三個季度 EPS 轉正，並帶來迄今最強的全年 EPS。

Adjusted free cash flow for the full year was near breakeven, an improvement of over $12 million from the prior year, representing our best ever full year cash flow result. These results reinforce our ongoing commitment to operational efficiency.

全年調整後自由現金流接近損益兩平，較前一年改善超過 1,200 萬美元，創下公司史上最佳的全年現金流表現。這些成果再次印證我們對營運效率的持續承諾。

Turning to our recurring revenue metrics. Current subscription RPO grew 1% year over year to $227 million, and our total subscription RPO grew 8% to $437.9 million. This growth underscores the strength of our customer relationships, highlighted by the prevalence of multiyear contracts and the longest average contract duration we've ever seen.

接著談我們的經常性收入指標。當期訂閱 RPO（剩餘履約義務）年增 1% 至 2.27 億美元，而總訂閱 RPO 成長 8% 至 4.379 億美元。此成長凸顯我們客戶關係的韌性，尤其體現在多年期合約的普遍性，以及我們歷來最長的平均合約期間。

Total revenue was above the high end of our guidance range at $79.6 million. Gross margin was 78.2%, an improvement of over 2 percentage points year over year. Over the near term, our gross margins may fluctuate from period to period. But as we drive more consumption revenue, we expect gross margin to improve over the long term.

總營收為 7,960 萬美元，高於我們指引區間的上緣。毛利率為 78.2%，年增超過 2 個百分點。短期內，我們的毛利率可能會隨期間而波動。但隨著我們推動更多用量型收入，長期而言我們預期毛利率將有所改善。

Our non-GAAP net income was $1.2 million and non-GAAP diluted net income per share was $0.03 based on 44.4 million diluted weighted average shares outstanding. We've made great progress on delivering profitable growth and we continue to carefully evaluate opportunities to improve efficiencies within our go-to-market operations. Our goal is to optimize spend thoughtfully, while continuing to invest in key growth areas such as AI innovation and ecosystem partnerships.

我們的非 GAAP 淨利為 120 萬美元，非 GAAP 稀釋後每股淨利為 0.03 美元，係以 4,440 萬股稀釋後加權平均流通股數計算。我們在實現獲利性成長方面已取得顯著進展，並持續審慎評估在市場推進（go-to-market）運作中提升效率的機會。我們的目標是在審慎優化支出的同時，持續投資於關鍵成長領域，例如 AI 創新與生態系夥伴合作。

Internally, AI is playing a significant role in boosting our engineering productivity. During the month of February, nearly 30% of our entire code base was edited using AI and many of our engineers report that they are increasingly interacting with AI-driven interfaces at times going weeks without opening traditional code editing tools. We plan to continue leaning in on internal AI use cases across all areas of the business to optimize productivity.

在內部，AI 正在大幅提升我們的工程生產力。在二月份期間，我們整體程式碼庫中將近 30% 是透過 AI 進行編輯，且許多工程師回報他們愈來愈常與 AI 驅動的介面互動，有時甚至連續數週都不需要開啟傳統的程式碼編輯工具。我們計畫持續在公司各個領域加大內部 AI 使用情境，以最佳化生產力。

Given the ongoing evaluation of strategic alternatives, we will not be providing specific forward-looking guidance at this time. That said, to provide some high-level color on the upcoming fiscal year, we expect GAAP revenue to remain relatively flat, modest improvement in non-GAAP EPS and positive adjusted free cash flow.

鑑於我們仍在評估策略替代方案，目前我們不會提供具體的前瞻性指引。不過，為了就即將到來的會計年度提供一些高層次的方向，我們預期 GAAP 營收將大致持平、非 GAAP EPS 小幅改善，並實現正向的調整後自由現金流。

In closing, we finished Q4 with the highest quarterly billings ever, the strongest gross retention in three years the highest operating margin and EPS ever and record full year free cash flow. Our focus remains on executing our strategy, supporting our customers and partners and positioning Domo for sustained success.

最後總結，我們在第四季創下歷來最高的單季開立帳單金額、三年來最強的總留存率、歷來最高的營業利益率與 EPS，以及創紀錄的全年自由現金流。我們的重點仍是落實策略、支持客戶與合作夥伴，並讓 Domo 具備持續成功的定位。

With that, we will open the call for questions. Operator?

接下來，我們開放提問。接線員？

(Operator Instructions) Derek Wood, TD Cowen.

(接線員指示) Derek Wood，TD Cowen。

Great. Thanks, guys. This is Cole Erskine on for Derek. Josh, I'll start with you. Can you just talk about what you're seeing out there in the competitive environment and if there's been any changes in win rates versus competitors? Thanks.

很好。謝謝各位。我是代替 Derek 的 Cole Erskine。Josh，我先問你。你能談談你們在外部看到的競爭環境狀況，以及相較競爭對手的贏單率（win rates）是否有任何變化嗎？謝謝。

Yeah. I think the biggest thing that we're seeing is just how much our customers are talking to us about AI and agentic opportunities. I think it's gone from vibe codings is cool to how do we implement actual solutions inside our organization that are governed that have the security that we need and that can be distributed in a responsible manner. And that highlights the platform that we have. So that's probably the biggest thing that we've seen.

是的。我認為我們看到最大的變化，是客戶跟我們談 AI 與代理式（agentic）機會的程度。這已經從「氛圍式寫程式（vibe coding）很酷」轉變為「我們要如何在組織內落地真正的解決方案，具備治理機制、符合我們需要的資安，並能以負責任的方式進行部署與擴散」。這也凸顯了我們所擁有的平台能力。所以這大概是我們看到最大的重點。

In addition to that, definitely, we continue to be embraced by the ecosystem. So I would say, all of our ecosystem partners, we have a better relationship, substantially better relationship with them than we did six months ago even. Their field sales are getting to know us. We've got a better brand with those sales organizations.

除此之外，我們也確實持續受到生態系的擁抱。所以我會說，我們與所有生態系夥伴的關係，比起即使是六個月前，都更好，而且是顯著更好。他們的一線業務團隊正在更了解我們。我們在那些銷售組織中的品牌認知也更強。

And we're getting more introductions to our customers just recently with a big snowflake customer. They were trying to figure out how to roll out an agent solution, and they were struggling to get it done and the speed that they wanted to, and they came to us, and actually, Snowflake came to us. And we went in jointly and now we're developing a solution for them on the Domo platform in a very rapid pace.

而且我們最近也獲得更多引介到客戶端，例如一個大型 Snowflake 客戶。他們正在思考如何推出一個代理（agent）解決方案，但在以他們期望的速度完成上遇到困難，於是找上我們；實際上是 Snowflake 找上我們。我們共同進場，現在正以非常快的速度在 Domo 平台上為他們開發解決方案。

So it's just exciting to be embraced by the ecosystem. And we think that we're set up to finally start to see some of these investments that we've made into the ecosystem start to pay off this year.

所以能被生態系接納，真的令人振奮。我們也認為，我們已經準備就緒，終於能在今年開始看到我們在生態系上的投資開始帶來回報。

Super helpful. And then, Todd, just a follow-up. I know you guys aren't guiding for next year, but would love a little bit of color on where gross retention and NRR could go by the end of the year, some solid progress this year, but just wondering how that shapes out next year? Thanks.

非常有幫助。接著 Todd，我再追問一下。我知道你們不會對明年提供指引，但我很想聽一些方向：到今年底總留存率與 NRR（淨收入留存率）可能會走到哪裡？今年已經有不錯的進展，但想了解明年會如何發展？謝謝。

Yeah. Thanks for the question, Cole. Yeah, as we look ahead, really encouraged by the net retention rate we saw with our consumption customers this quarter. And is that -- we continue to get further and further into that customer base and we have more time for them to be part of our adoption motion and get more technical people in front of them. We expect that things are going to gravitate upward towards that level. So it's that -- it's consumption, it's adoption.

好的。謝謝你的問題，Cole。是的，展望未來，我們對本季用量客戶的淨留存率表現感到非常鼓舞。隨著我們在該客戶基礎中持續深入、讓他們有更多時間參與我們的採用推進（adoption motion），並讓更多技術人員直接面對客戶，我們預期整體表現會逐步向那個水準靠攏並上行。所以關鍵在於——用量模式，以及採用推進。

It's also, as we go in more hand-in-hand with the CDW partners going in the front door with the CIO and being part of the global data strategy for the company that continues to really help and bolster our efforts with our customers and being -- having much stickier implementations with those customers. And then the multiyear contracts as well, right? We've continued to make a lot of progress there. And as we continue to work on extending those contracts out, that's going to all contribute towards things being up and to the right with retention.

此外，隨著我們與 CDW 夥伴更緊密地攜手合作，從前門與 CIO 一起切入，並成為公司全球資料策略的一部分，這持續真正幫助並強化我們與客戶的推進，讓我們在這些客戶端的導入更具黏著度。然後還有多年期合約也是，對吧？我們在那方面也持續取得很大進展。而且隨著我們持續推動把這些合約延長，這些都將促使留存率朝著更好、更高的方向發展。

Super helpful. Thank you.

非常有幫助。謝謝。

Brett Huff, Stephens.

Brett Huff，Stephens。

Brett, please check your phone's unmuted.

Brett，請確認你的手機已解除靜音。

Oh, sorry about that. Can you guys hear me now?

喔，不好意思。你們現在聽得到我嗎？

Yes.

聽得到。

Okay. Thank you. Congrats on a nice quarter. Two quick questions for me. Josh, you talked a lot about some of the things that differentiate what you all are doing versus competitors. And it sounded like one of those -- a big one was time to value and another big one was your ability maybe leaning on your ETL routes to sort of be already a center data hub, in talking with folks and buyers these days, inability to get the data right in difficulty sort of getting these tools to produce an actual real result has been a big kind of stoppage in AI. Are you seeing and hearing that? Is that why you're winning? What is the dialogue around that?

好。謝謝。恭喜本季表現不錯。我有兩個簡短問題。Josh，你談了很多你們相較競爭對手的差異化。聽起來其中一個——很重要的一個——是價值實現時間（time to value），另一個很重要的是你們可能依靠 ETL 路徑，某種程度上已經是一個中心化的資料樞紐。最近在跟一些人和買方交流時，無法把資料弄對、以及很難讓這些工具產出真正實際結果，一直是 AI 推進上的一大阻礙。你們有看到、也有聽到這樣的情況嗎？這就是你們能贏的原因嗎？圍繞這點的對話是什麼？

Yeah, that is why we're winning. The fact that it is a platform. People are -- they are vibe-coding or they're coming up with these ideas that they think may be achievable now. But the implementation of those ideas is where the rubber hits the road. And that's where Domo really excels.

對，這就是我們能贏的原因。因為它是一個平台。大家——他們在做 vibe-coding，或是提出一些他們認為現在可能做得到的想法。但真正落地實作這些想法，才是關鍵所在。而這正是 Domo 真正擅長的地方。

So whether it's hydrating somebody's cloud data warehouse for our partners or stitching together data that they already have, being able to do that in an environment where they also can pull in any LLM model that they want and then having all the workflow capabilities that we had before AI became a thing, just having all that functionality in one platform is something that does help us stand apart because the time to value, as you pointed out, is dramatically different than elsewhere.

不論是為我們的合作夥伴把某人的雲端資料倉儲「注入/補水」（hydrating），或是把他們既有的資料串接起來；能在一個環境中完成這些，同時也能把任何他們想要的 LLM 模型拉進來，再加上我們在 AI 成為熱門之前就已具備的所有工作流程能力——把所有功能都放在同一個平台上，確實讓我們更突出，因為如你所指出的，價值實現時間跟其他地方相比差異非常大。

And so we're seeing that with our CDW partners. Their customers were being brought into those deals and their customers see us as a way to be able to implement and create these agentic solutions that deliver the value that they've always been trying to get out of all the investments they've made into; storing their data and organizing their data, putting it in an environment where it can actually be utilized. And this is the win that you get all that work.

所以我們也在 CDW 夥伴那邊看到這點。他們的客戶被帶進這些案子裡，而他們的客戶把我們視為一種方式，能夠去落地並打造這些代理式（agentic）解決方案，交付他們一直想從既有投資中取得的價值；也就是把資料儲存、整理，並放到一個能真正被使用的環境中。而這就是你完成所有那些工作的勝利果實。

And we're seeing that with even a top five customer of ours for a long time had been resistant to looking at some of our pro-code apps. And literally, over the weekend, one of our representatives that was working with them finally convinced them to let him go and create something over the weekend that they we take a look at. And literally, over the weekend, he created something that, for several million dollar account for us, they looked at it on Monday.

我們甚至也在一個長期以來的前五大客戶身上看到：他們一直抗拒去看我們的一些專業程式碼（pro-code）應用。而且真的就在週末，我們一位與他們合作的代表終於說服他們，讓他在週末去做出一個東西，讓他們看看。結果真的就在週末，他做出了一個東西；對我們來說是數百萬美元等級的客戶，他們在週一就看了。

We're so ecstatic about it that they started rolling out many pro-code apps and agent solutions that have made it all the way up to the CEO in that organization dramatically changing our relationship in a place where we already had a good relationship, but it's just dramatically heightened at this point. So it's really fun to see the time to value. It's fun to create all these solutions.

他們對此非常興奮，開始推廣多個 pro-code 應用與代理解決方案，甚至一路呈報到該組織的 CEO，讓我們的合作關係出現了巨大的改變——原本關係就不錯，但現在被大幅拉升到另一個層級。所以看到價值實現時間真的很有趣。打造這些解決方案也很有趣。

These solutions, we don't go and charge for the creation of the app. We go and it's a consumption business. So as these customers become familiar with the agentic solutions, they can build and that we can build for them and that our partners can build for them and they can build themselves.

這些解決方案，我們不會針對「建立應用」本身收費。我們採用的是用量（consumption）模式。所以當這些客戶逐漸熟悉這些代理式解決方案——他們可以自己做、我們也可以替他們做、合作夥伴也可以替他們做。

As they go and make run, they end up making 10, 20 and each one of those drives consumption of our products. So we're excited to see the lift that comes over the next 24 months as our customers roll these things out and become more and more familiar with what our platform can do for them.

當他們開始讓它們上線運行，最後往往會做出 10 個、20 個，而每一個都會帶動我們產品的用量。因此我們很期待在未來 24 個月，隨著客戶逐步推廣這些東西、並越來越熟悉我們的平台能為他們做什麼，所帶來的提升。

That's super helpful. And then, Tod, maybe one for you. Last quarter, you mentioned that the sales cycles were getting longer, and I don't think we were surprised by that just given there's more hoops to jump through now that you're talking to more C-suite folks and a much larger sort of use case. Can you talk about that dynamic? Maybe it's still occurring, but are you getting some value maybe quicker as well? Or tell us the pros and cons of the puts and takes on that trend?

這非常有幫助。接著 Tod，可能問你一題。上季你提到銷售週期變長了；考量到你們現在會接觸更多 C-level、以及更大規模的使用情境，需要跨過更多關卡，我想我們並不意外。你能談談這個動態嗎？也許這仍在發生，但你們是否也能更快取得一些價值？或者請跟我們說說這個趨勢的利弊、以及其中的拉鋸因素？

Yeah. As we discussed last quarter, we had some deals sort of elongate a little bit and had some timing where we fell a little bit short of our billings guidance last quarter, but as we talked about those closed early in this quarter, which gave us a nice leg up, and we were glad to see that momentum continued throughout the quarter and be able to deliver a nice billings beat.

可以。如同我們上季討論的，我們有一些案子確實拉長了一點，時點上也讓我們上季的帳單（billings）指引略低於預期；但如我們所說，那些案子在本季初就結案了，讓我們有一個不錯的起步，我們也很高興看到動能在整個季度持續，並交出一個不錯的帳單超預期表現。

But in terms of the overall trend with these partner deals, it's a mix, right? There's some that are taking longer because we're part of that global data conversation, and it's it's a good thing in the end, but there's also deals that are coming through really quickly. And we've got actually got RJ here, our CRO, and he's got some other thoughts that you can add here.

但就與這些合作夥伴案子的整體趨勢而言，是混合的，對吧？有些案子因為我們成為全球資料對話的一部分而需要更久；長期來看是好事，但也有一些案子推進得非常快。而且我們的 CRO RJ 也在現場，他對這點還有一些想法可以補充。

Yeah. And we're making good progress on just figuring out these deals with the different ecosystem partners. And early on, we were focused more on new logo deals. They were a lot more willing to bring us into some of the new logo opportunities and we were figuring out our motion there and they still have to buy the warehouse partner and they've got to buy Domo. And so those deals do take a little bit longer.

對。我們在釐清與不同生態系夥伴合作的這些案子上，確實取得不錯進展。一開始我們更聚焦在新客（new logo）案子。他們更願意把我們帶進一些新客機會，我們也在摸索我們的推進方式；而且客戶還得買資料倉儲夥伴的產品，也得買 Domo。所以這些案子確實會花比較久。

And now we're starting to see more introductions into their current customer base as well, and those deals seem to happen quite a bit faster. So I think we'll see, hopefully, that mix will all come down. And overall, we can really give progress, and we're excited about what we're seeing with different ecosystem partners that we're selling with.

而現在我們也開始看到更多被引介到他們既有客戶群的機會，而那些案子看起來進展快很多。所以我希望我們會看到——希望——這個組合會逐步改善。整體而言，我們確實在推進上取得進展，也對我們與不同生態系夥伴共同銷售所看到的狀況感到興奮。

Great. That's what I needed. Thanks, guys.

很好。這就是我需要的。謝謝各位。

Patrick Walravens, Citizens Bank.

Patrick Walravens，Citizens Bank。

Great. This Kincaid on for Patrick. So it's my understanding that if a customer has committed spend with one of your partners, they can spend those credits on Domo through that partner's marketplace. Josh, you mentioned a few customers that you guys won this quarter. I'd love for a little color on if any of those use that sort of mechanism or what you're seeing broadly across your customer wins in relation to that metric?

很好。我是代 Patrick 上線的 Kincaid。所以我的理解是，如果客戶已經對你們某個合作夥伴承諾支出（committed spend），他們可以透過該合作夥伴的市集（marketplace）把那些點數/額度用在 Domo 上。Josh，你提到你們本季贏下了幾個客戶。我想多了解一些細節：其中是否有任何一個是用這種機制？或是就你們整體的客戶贏單來看，與這項指標相關的情況你們觀察到什麼？

Yeah, I'm going to let RJ take this one.

好，我會讓 RJ 來回答這題。

Yeah. So we saw in Q4, probably one of our largest quarters of customers using those MCD funds to purchase Domo. And it's a really good spot to be in. We've had customers even in the last couple of months where in talking with them, they're like, hey, we may only renew one year with you guys. And we get into the discussion further and it's because, oh, we're a Google shop or over an Amazon shop or we're a Snowflake shop.

是的。所以我們在第四季看到，可能是我們最大的季度之一，有客戶使用那些 MCD 資金來購買 Domo。而這是一個非常有利的位置。甚至在過去幾個月，我們在與客戶溝通時，他們會說，嘿，我們可能只會跟你們續約一年。我們再深入討論後發現原因是，喔，我們是 Google 生態、或是偏 Amazon 的生態、或是 Snowflake 生態。

And now being able to come to the table with those partnerships. We had two in particular that were pretty large opportunities for us. And instead of doing a one-year renewal and potentially leaving us after a year, it turned into both of them turned into three-year renewals with upsells and we're now growing those accounts because we're part of the overall data strategy. And it's a budget that's already been spent. These customers will have to go get the new budget.

而現在我們能帶著這些合作夥伴關係一起上桌。其中有兩個對我們而言特別大的機會。原本是做一年期續約、並且可能一年後就離開我們，結果兩個案子都變成三年期續約，還有加購；而且我們現在正在成長這些帳戶，因為我們成為整體資料策略的一部分。而且這是一筆已經編列並花掉的預算。這些客戶就必須去爭取新的預算。

They don't have to go find more funds, they can just paper the Domo contract, we upload into the marketplace, and then we get paid from the vendor. And so it's been an awesome motion for us. And I know there's a lot of in the past that we've lost strictly because they couldn't use those MCD funds to purchase and it was a much easier effort to just use those funds with other vendors. And now we're part of those purchasing decisions.

他們不需要再去找更多資金，他們只要把 Domo 合約文件處理好，我們上架到市集，然後由供應商付款給我們。所以這對我們來說是一個很棒的運作模式。我也知道過去我們有很多案子純粹是因為他們不能用那些 MCD 資金來採購而流失；用那些資金去跟其他供應商採購要容易得多。而現在我們也成為那些採購決策的一部分。

Right. Spectacular. Thank you so much.

了解。非常精彩。非常感謝。

Lucky Schreiner, D.A. Davidson.

Lucky Schreiner，D.A. Davidson。

Yeah. Great. Congrats on the quarter. I wanted to ask on the improvement in consumption customer retention that was quite significant in the quarter. Can you maybe provide a little more detail into what drove that rise in usage? And should we expect this metric to remain pretty volatile moving forward?

是的。很好。恭喜本季表現。我想問一下，本季用量型（consumption）客戶留存的改善相當顯著。你們能否提供更多細節，說明是什麼帶動使用量上升？以及往後我們是否應該預期這個指標仍會相當波動？

Yeah. I mean, we continue to expand our adoption efforts with these customers. And every quarter that goes by, we get more time under our belt, kind of refining the model and refining the interface that we have with those accounts. So I'd say, just generally across the board, we're working to get technical resources in front of these customers, help them solve problems, help them stand up new use cases.

是的。我的意思是，我們持續擴大對這些客戶的採用推動（adoption）工作。而且每過一個季度，我們就累積更多經驗，持續精煉模型，也精煉我們與這些帳戶互動的介面與方式。所以我會說，整體而言，我們正在努力把技術資源帶到客戶面前，協助他們解決問題，協助他們建立新的使用情境。

We're working on getting more of our Agentic AI capabilities front and center with customers as well and getting some of those stood up.

我們也在推動把更多 Agentic AI 能力放到客戶面前，並協助把其中一些功能建置起來。

So -- it's really a combination of factors. And then just the ability for customers on the consumption model to be able to go and explore different components of the platform. They don't have to commit to a big upfront spend to go try some of our premium functionality. They can go and stand up a couple workflows or stand up a couple of AI models and try some of our sentiment analysis, summarization that's really easy for non-technical users to do inside the platform. And if they like it, they can lean in and do even more.

所以——這真的是多種因素的組合。另外，用量型模式的客戶也能去探索平台的不同元件。他們不需要先承諾一筆很大的前期支出，就能去試用我們一些高階功能。他們可以建立幾個工作流程，或建立幾個 AI 模型，試用一些情緒分析、摘要等功能；這些在平台內對非技術使用者來說也很容易操作。如果他們喜歡，就可以更深入、做更多。

So, yeah. No, as we continue to expand these motions, we expect that there's upside to those numbers that we've been reporting for that cohort.

所以，是的。隨著我們持續擴大這些推動方式，我們預期我們對那個族群所揭露的數字仍有上行空間。

Got it. Makes a lot of sense. Last question for me then. It sounds like the business is trending really well. You had strong billings growth and retention is improving, but you still expect GAAP revenue to remain flat. So maybe can you help us understand some of the assumptions going into that outlook for the year?

了解。很有道理。那我最後一個問題。聽起來業務趨勢非常好。你們的帳單（billings）成長強勁、留存也在改善，但你們仍預期 GAAP 營收將維持持平。所以你們能否協助我們理解一下，這個年度展望背後的一些假設？

Yeah The way that our consumption contracts are structured, we still recognize revenue evenly over the contract period. So that makes revenue more of a lagging indicator. So it's kind of -- it roughly follows the trend in the previous year billings. It just takes a little bit longer for that revenue number to move.

是的。我們的用量型合約結構是：我們仍然在合約期間內平均認列營收。因此營收會更像是一個落後指標。所以它大致上——會跟隨前一年帳單的趨勢。只是營收數字要反映變化會需要更長一點的時間。

Okay, got it. Thanks.

好的，了解。謝謝。

Max Michelis, Lake Street Capital Markets.

Max Michelis，Lake Street Capital Markets。

Hey, guys. Just one for me. I want to go back to the consumption model, some of the customers on that. I'm not sure when the renewal cycle for the first customer contract is up. But I was wondering if you could give us an idea of some of the volume that these customers are using, and maybe they're increasing their usage with Domo, and maybe percentage around customers that have increased the consumption that they began on and now where they're at now, if they've increased that? That's it for me.

嗨，各位。我只有一題。我想回到用量型模式，以及採用該模式的一些客戶。我不確定第一批客戶合約的續約週期何時到期。但我想請你們大概說明一下，這些客戶目前使用的量級如何、是否正在增加對 Domo 的使用；以及大概有多少比例的客戶，相較於一開始的用量，現在的用量已經提高（如果有提高的話）？我就這些。

Yeah. I think the net revenue retention numbers we've reported the last few quarters for that cohort that started on consumption is a really good indication of that level of expansion, right? We were well over 110% this quarter.

是的。我認為我們過去幾季針對那個一開始採用用量型的族群所揭露的淨營收留存率（net revenue retention）數字，就是那種擴張程度的很好指標，對吧？本季我們遠高於 110%。

Yeah. So I mean, as we continue to -- again, as we continue to work on our motion there, I think there's upside to that. The other metrics that we talked about last quarter, we gave some usage metrics. We continue to see monthly active users up pretty significantly over the last couple of years.

是的。所以我的意思是，隨著我們持續——再次強調，隨著我們持續優化那套推動方式，我認為那還有上行空間。至於我們上季提到的其他指標，我們也提供了一些使用量指標。我們持續看到月活躍使用者在過去幾年顯著上升。

We look at that trend with -- across our data set our ingestion capabilities, our ETL capabilities, our AI capabilities. And across the board, it's up and to the right in terms of the number of users that are using our functionality. So it's just great to see that our thesis with the consumption model and enabling our customers to more easily go explore the platform is playing out like we expected it to.

我們也觀察這個趨勢——涵蓋我們的資料集、資料匯入（ingestion）能力、ETL 能力、AI 能力。整體而言，就使用我們功能的使用者數量來看，都是持續上升、往右上走。所以很高興看到，我們對用量型模式的論點——讓客戶更容易去探索平台——正如我們預期般地實現。

With no further questions, we would like to just give a final chance to reprompt (Operator Instructions)

若沒有進一步問題，我們想提供最後一次機會再次提示(接線員指示)

We will just pause for a brief moment to see if there's any final questions.

我們將短暫暫停片刻，看看是否還有最後的問題。