Instructure Holdings Inc (INST) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Instructure's first-quarter 2024 earnings call. (Operator Instructions) Please be advised that this conference is being recorded. I would now like to turn the conference over to your first speaker, Matthew Wells, Senior Vice President, Investor Relations. Matthew, please go ahead.

女士們、先生們，感謝各位的耐心等待，歡迎參加 Instructure 2024 年第一季財報電話會議。（操作員說明）請注意，本次會議正在錄音。現在，我謹將會議交給第一位發言人，投資者關係高級副總裁馬修威爾斯。馬修，請繼續。

Good afternoon, and welcome to Instructure's first-quarter 2024 earnings conference call. We will be discussing first quarter results and updated guidance, as announced in our press release published earlier today. And to accompany the discussion, we've uploaded an earnings presentation to our Investor Relations website. I encourage you to review this presentation, alongside our prepared remarks. On the call today, we have Instructure's Chief Executive Officer, Steve Daly; and Chief Financial Officer, Peter Walker.

下午好，歡迎參加 Instructure 2024 年第一季財報電話會議。我們將討論第一季業績和更新後的業績指引，正如我們今天早些時候發布的新聞稿中所宣布的那樣。為了配合此次討論，我們已將獲利報告上傳至投資人關係網站。我建議各位結合我們準備好的發言稿，仔細閱讀這份簡報。今天參加電話會議的有 Instructure 的執行長 Steve Daly 和財務長 Peter Walker。

Before we begin, I'd like to remind you that today's conference call and earnings presentation will include forward-looking statements. These statements are subject to risks and uncertainties that may cause our results to differ materially from listed expectations.

在開始之前，我想提醒各位，今天的電話會議和收益報告將包含前瞻性陳述。這些聲明存在風險和不確定性，可能導致我們的實際結果與預期有重大差異。

For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings press release in our Form 10-Q and other reports and filings we file with the Securities and Exchange Commission. All statements are made as of today based on information available to us as of today, and we assume no obligation to update any such statements, except as required by law.

有關可能影響我們未來財務表現和業務的因素的討論，請參閱我們今天發布的盈利新聞稿、10-Q 表格以及我們向美國證券交易委員會提交的其他報告和文件中的披露內容。所有聲明均基於我們截至今日所掌握的資訊作出，除法律要求外，我們不承擔更新任何此類聲明的義務。

During the call, we will also refer to both GAAP and non-GAAP financial measures. You can find a reconciliation of our GAAP to non-GAAP measures in our earnings press release, which is posted to the Investor Relations section of our website.

在電話會議中，我們也會提及GAAP和非GAAP財務指標。您可以在我們的獲利新聞稿中找到我們 GAAP 與非 GAAP 指標的調整表，該新聞稿已發佈在我們網站的投資者關係部分。

And with that, let me turn the call over to Steve.

那麼，現在讓我把電話交給史蒂夫。

Thank you, Matt, and thank you all for joining our first quarter 2024 earnings call. I'd also like to thank everyone who attended our Investor Day earlier this year. For those that did attend I hope that our team's passion for the business, the opportunities ahead of us to grow and our commitment to educators and lifelong learners resonated.

謝謝馬特，也謝謝各位參加我們2024年第一季財報電話會議。我還要感謝今年早些時候參加我們投資者日的各位。對於到場的各位，我希望我們團隊對事業的熱情、我們未來的發展機會以及我們對教育工作者和終身學習者的承諾能夠引起大家的共鳴。

Kicking it off on slide 4, as shared during Investor Day, our vision is to be the ecosystem that powers learning for a lifetime and terms that learning and opportunities. As the vertical software leader in education, we are well positioned to connect learners across their lifelong learning journey.

從第 4 張投影片開始，正如在投資者日上分享的那樣，我們的願景是成為一個能夠推動終身學習的生態系統，並定義學習和機會。身為教育領域垂直軟體的領導者，我們擁有得天獨厚的優勢，能夠連結學習者，陪伴他們走完終身學習之旅。

Anchoring the ecosystem is the canvas LMS, the market share leader in North America. We are invested in a mission to create real outcomes for learners, whether they are traditional degrees seeker or a non-traditional learner. We believe the investments we are making across the Instructure platform, our go-to-market structure and partner ecosystem position us as a company to deliver long-term durable growth. And I'm excited by the plan we set to become a $1 billion revenue company by 2028.

Canvas LMS 是整個生態系統的核心，也是北美市場份額的領導者。我們致力於為學習者創造真正的成果，無論他們是傳統的學位追求者還是非傳統的學習者。我們相信，我們在 Instructure 平台、市場推廣結構和合作夥伴生態系統方面的投資，使我們公司能夠實現長期永續成長。我對我們制定的到 2028 年成為年收入 10 億美元的公司的目標感到興奮。

Turning to slide 5, I'll discuss first quarter highlights. Total revenue of $155.5 million increased 20.7% year-over-year, including 6.8% organic constant currency revenue growth. Subscription and support revenue of $144.7 million increased 22.1%, including 7.6% organic constant currency subscription and support revenue growth. As a reminder, organic constant currency growth rates exclude the impact of our acquisition of Parchment.

接下來請看第5張投影片，我將討論第一季的亮點。總收入達 1.555 億美元，年增 20.7%，其中以固定匯率計算的有機收入成長為 6.8%。訂閱和支援收入為 1.447 億美元，成長 22.1%，其中以固定匯率計算的訂閱和支援收入有機增長 7.6%。需要提醒的是，有機固定匯率成長率不包括我們收購 Parchment 的影響。

Parchment revenue exceeded our expectations and grew double digits year-over-year. In the first quarter pro forma annual recurring revenue for the combined Instructure and Parchment business grew in the high single digits year-over-year. In addition, annual recurring revenue growth from our core and growth solutions was in line with our medium-term targets.

羊皮紙收入超出預期，年增兩位數。第一季度，Instructure 和 Parchment 合併業務的備考年度經常性收入年增了接近兩位數。此外，我們核心業務和成長型解決方案的年度經常性收入成長符合其中期目標。

As we move to discuss profitability, adjusted EBITDA of $64.9 million grew 34.6% year-over-year. And adjusted EBITDA margin expanded significantly to 41.8% this quarter, as we benefited from continued scale in the business and a shift in our spending to later this year. We exceeded the high end of our guidance ranges across all guided metrics, and we are positively revising our fiscal year 2024 outlook accordingly.

接下來我們來討論獲利能力，調整後的 EBITDA 為 6,490 萬美元，年增 34.6%。本季調整後的 EBITDA 利潤率大幅成長至 41.8%，這得益於業務規模的持續擴大以及我們將支出轉移到今年稍後。我們在所有指導指標方面都超過了預期範圍的上限，因此我們相應地對 2024 財年的業績展望進行了積極的調整。

Peter will take you through the details of our quarterly performance and full year outlook shortly. We also continue to innovate in areas that will have the highest impact for teachers, students, and educators. As early leaders in the LMS space, customer-centric innovation is at our DNA, and we are taking a similar approach to refining the AI-enabled solutions that we highlighted during our Investor Day.

彼得稍後將詳細介紹我們的季度業績和全年展望。我們也會繼續在對教師、學生和教育工作者影響最大的領域進行創新。作為 LMS 領域的早期領導者，以客戶為中心的創新已融入我們的基因，我們正採取類似的方法來完善我們在投資者日上重點介紹的 AI 賦能解決方案。

Early indications from beta customers have been positive, and we continue to engage our community around how to best enhance their day-to-day while driving positive student outcomes. We are excited to showcase our innovation at InstructureCon 2024, taking place July 9 through the 12 in Las Vegas. During the event, we will share customer success stories highlight product enhancements and spotlight some of our most impactful student outcomes.

來自測試使用者的早期回饋是正面的，我們將繼續與社群成員探討如何最好地改善他們的日常工作，同時推動學生取得正面的成果。我們很高興能在 2024 年 7 月 9 日至 12 日在拉斯維加斯舉行的 InstructureCon 大會上展示我們的創新成果。活動期間，我們將分享客戶成功案例，重點介紹產品改進，並專注於我們一些最有影響力的學生成果。

Turning to slide 6. As a scaled vertical software company, we are in the enviable position of having a large, loyal, and referenceable customer base. These customers are asking us to solve more problems for them, and our investment in our growth businesses has created a massive cross-sell opportunity that we are only just starting to monetize.

翻到第6張投影片。作為一家規模化的垂直行業軟體公司，我們擁有龐大、忠誠且可供參考的客戶群，這讓我們處於令人羨慕的地位。這些客戶要求我們為他們解決更多的問題，而我們對成長型業務的投資創造了巨大的交叉銷售機會，我們才剛開始將其變現。

Our expertise in laser focus on the needs of our education customers and contributed to our world-class margins. As we remain focused on operational excellence, we have created a business model that allows us great flexibility to invest in growth opportunities, both organically and through M&A.

我們憑藉著精準的專業知識，充分專注於教育客戶的需求，從而獲得了世界級的利潤率。我們始終專注於卓越運營，並創建了一種商業模式，使我們能夠靈活地投資於成長機會，包括內生成長和併購。

In summary, we believe that the mission-critical nature of the Instructure platform, our diversified product portfolio. Our world-class business model in the large markets that we operate in, position us to grow durably and profitably.

總而言之，我們相信 Instructure 平台的關鍵任務性質以及我們多元化的產品組合。我們在所經營的大型市場中採用世界一流的商業模式，使我們能夠實現持久獲利成長。

Flipping to slide 7. Throughout the quarter and conversations with customers and partners, we continued pickup on recurring themes that underpin the value we deliver. First, there continues to be a level of uncertainty in our markets as schools and universities are developing strategies to retain and attract more learners in an environment that has changing funding commitments and regulatory pressure.

翻到第7張投影片。在本季與客戶和合作夥伴的交流中，我們不斷發現一些反覆出現的主題，這些主題支撐著我們所創造的價值。首先，由於學校和大學正在製定策略，以在資金承諾和監管壓力不斷變化的環境中留住和吸引更多學生，我們的市場仍然存在一定程度的不確定性。

As our customers are grappling with these challenges, they continue to come to Instructure to help them navigate their important digital transformations. RFP activity remains high even as decision making remains elongated. This gives us confidence that these macro headwinds are temporary.

當我們的客戶努力應對這些挑戰時，他們不斷尋求 Instructure 的幫助，以指導他們重要的數位轉型。儘管決策過程依然漫長，但招標活動依然活躍。這讓我們相信，這些宏觀不利因素只是暫時的。

Second, the consolidation and optimization of technology resources continues to be a high priority, and the LMS is the natural place for consolidations to happen. Customers are pulling us into more broad-based digital transformation discussions and see Instructure as a platform for consolidating their tech stack. This is a long-term trend, and we believe our expanding portfolio of products, especially our EdTech effectiveness solutions as well as the extensive reach of our partner ecosystem position us as the partner of choice for consolidation.

其次，技術資源的整合與最佳化仍然是一項高度優先事項，而 LMS 是進行整合的天然場所。客戶正將我們拉入更廣泛的數位轉型討論中，並將 Instructure 視為整合其技術堆疊的平台。這是一個長期趨勢，我們相信，我們不斷擴大的產品組合，特別是我們的教育科技效率解決方案，以及我們廣泛的合作夥伴生態系統，使我們成為整合的首選合作夥伴。

Third, the continued shift to non-traditional and certification programs is increasing the addressable market of learners that we and our customers can reach. We continue to see traction with our existing customers adopting our non-traditional solutions and are particularly pleased with the progress we are seeing from our newly created professional learning customer teams. With the addition of Parchment, we believe we are the only the EdTech platform that can provide a complete end-to-end solution for both traditional and non-traditional learners.

第三，非傳統和認證課程的持續發展，擴大了我們和我們的客戶能夠接觸到的學習者市場。我們持續看到現有客戶採用我們的非傳統解決方案，尤其令我們欣喜的是，我們新成立的專業學習客戶團隊取得了顯著進展。隨著 Parchment 的加入，我們相信我們是唯一能夠為傳統學習者和非傳統學習者提供完整端到端解決方案的教育科技平台。

Turning to customer highlights in the quarter on slide 8, I'm excited to share a handful of standout wins that demonstrate the breadth of our offering and the diversity of our customer base. While the decision-making environment in our core North American LMS markets remains elongated, customers are turning to us as a key strategic partner.

在第 8 張投影片中，我們將介紹本季的客戶亮點，我很高興與大家分享一些傑出的成功案例，這些案例展現了我們產品的廣度和客戶群的多樣性。儘管我們在北美核心 LMS 市場的決策環境依然漫長，但客戶正將我們視為重要的策略夥伴。

Despite these near-term headwinds we continue to win significant new logos such as the University of Alberta and a competitive win-back at Tampe Union High School District. The University of Alberta selected Instructure as the learning management system of the future.

儘管近期面臨這些不利因素，我們仍然贏得了重要的新標誌，例如阿爾伯塔大學，並在坦佩聯合高中學區成功贏回了這些標誌。阿爾伯塔大學選擇 Instructure 作為未來的學習管理系統。

Canvas LMS, Studio, Credentials, and additional platform solutions will power the universities education footprint across over 40,000 learners. This was a notable win for our team as we displaced a legacy competitor in the Canadian market.

Canvas LMS、Studio、證書和其他平台解決方案將為大學涵蓋超過 40,000 名學習者的教育體系提供支援。對我們的團隊來說，這是一場意義重大的勝利，因為我們取代了加拿大市場上的老牌競爭對手。

Tampe Union High School District is a district that left us in 2019, decided to return to Instructure as its LMS platform after a lackluster experience with another provider. Canvas LMS stood out based on an improved user experience and excellent services and support across the platform.

坦佩聯合高中學區 (Tampe Union High School District) 於 2019 年離開了我們，在與另一家供應商合作體驗不佳後，決定重新選擇 Instructure 作為其 LMS 平台。Canvas LMS憑藉其改進的用戶體驗以及平台上的優質服務和支援脫穎而出。

Across the growth areas of our business, we continue to see positive momentum internationally in Parchment and non-traditional & professional learning. Adelaide University located in Australia, selected Canvas LMS, Studio, and Credentials as a platform to power learning across more than 50,000 learners.

在我們業務的各個成長領域，我們繼續看到國際上 Parchment 和非傳統及專業學習領域呈現積極的成長動能。位於澳洲的阿德萊德大學選擇 Canvas LMS、Studio 和 Credentials 作為平台，為超過 50,000 名學習者提供學習支援。

Our platform offerings were aligned with Adelaide's ambitious mission focused on preparing students for skills focused future and to meet their students where they are in their educational journey. The value of Instructure's broad portfolio, including the addition of Parchment, is evident with the University of Notre Dame.

我們的平台產品與阿德萊德雄心勃勃的使命相契合，該使命旨在幫助學生為未來技能型發展做好準備，並在學生的教育旅程中滿足他們的需求。Instructure 廣泛的產品組合（包括新增的 Parchment）的價值在聖母大學的案例中得到了充分體現。

Already a Canvas LMS and Parchment customer, they selected Parchment's comprehensive learner record to support a more comprehensive and accessible learner record to help students and staff better manage their credentials and their learning journey.

他們已經是 Canvas LMS 和 Parchment 的客戶，因此選擇了 Parchment 的綜合學習者記錄，以支持更全面、更易於訪問的學習者記錄，幫助學生和教職員工更好地管理他們的證書和學習歷程。

And as I mentioned earlier, I'm encouraged by the traction our professional learning teams are gaining in this new focused market. The Indiana Association of Realtors selected Canvas LMS and Studio to power training and education of relators in the state of Indiana. Past experience and familiarity with the Instructure platform strongly resonated with the more than 15,000 members of the association.

正如我之前提到的，我對我們的專業學習團隊在這個新的細分市場中取得的進展感到鼓舞。印第安納州房地產經紀人協會選擇 Canvas LMS 和 Studio 為印第安納州的房地產經紀人提供培訓和教育支援。過去使用 Instructure 平台的經驗和熟悉程度引起了該協會 15,000 多名成員的強烈共鳴。

Moving to slide 9, our Q1 results demonstrate the durability of our business model and the breadth of our platform offerings. As a leader in the LMS space, we are well positioned to serve as the educational platform in the future while delivering growth and profitability at scale. And as Peter will explain, we feel confident in our ability to deliver continued margin expansion while making investments in growth in the second half of the year.

翻到第 9 張投影片，我們的第一季業績證明了我們商業模式的持久性和我們平台產品的廣泛性。作為 LMS 領域的領導者，我們已做好充分準備，在未來成為教育平台，同時實現規模化成長和獲利。正如彼得將要解釋的那樣，我們有信心在今年下半年繼續擴大利潤率，同時增加對成長的投資。

In summary, I'm excited about the business as we enter the prime buying season. Our ecosystem of educators, partners, and students is unparalleled and with the addition of Parchment, we have further enhanced our position as the platform of choice for modern learning.

總而言之，隨著銷售旺季的到來，我對公司的業務前景感到興奮。我們擁有無與倫比的教育者、合作夥伴和學生生態系統，加上 Parchment 的加入，我們進一步鞏固了自身作為現代學習首選平台的地位。

We also continue to thoughtfully innovate across our ecosystem by engaging educators and partners to deliver the most impactful solutions. All this is done while continuing to drive world-class margins. I'm really proud of our team across the world that makes this all possible. With that, I will now turn the call over to Peter to discuss the financials in more detail.

我們也透過與教育工作者和合作夥伴的互動，不斷在整個生態系統中進行深思熟慮的創新，以提供最具影響力的解決方案。所有這一切都是在保持世界一流利潤率的同時實現的。我為我們遍布全球的團隊感到非常自豪，而正是他們的努力才使得這一切成為可能。接下來，我會把電話交給彼得，讓他更詳細地討論財務問題。

Thanks, Steve, and good afternoon, everyone. Before discussing financial results, I'd like to remind everyone that in addition to our GAAP results, I'll be discussing certain non-GAAP results. Our GAAP results, along with the reconciliation between GAAP and non-GAAP results can be found in our earnings release which is posted in the Investor Relations section of our website.

謝謝你，史蒂夫，大家下午好。在討論財務業績之前，我想提醒大家，除了我們的 GAAP 業績之外，我還會討論一些非 GAAP 業績。我們的 GAAP 業績以及 GAAP 業績與非 GAAP 業績的調整表，可以在我們網站的投資者關係版塊發布的獲利報告中找到。

Turning to Slide 11. In the first quarter, we delivered a strong combination of durable revenue growth and compounding profitability and we exceeded all quarterly guided metrics. Total revenue grew 20.7% to $155.5 million with organic constant currency revenue growth of 6.8%, which excludes the impact of Parchment.

翻到第11張幻燈片。第一季度，我們實現了持續的營收成長和複合獲利能力的強勁組合，並超額完成了所有季度預期指標。總營收成長 20.7% 至 1.555 億美元，以固定匯率計算的自然收入成長 6.8%（不包括 Parchment 的影響）。

FX headwinds for the quarter of approximately 10 basis points were de minimus. Subscription and support revenue outpaced total revenue growth, growing 22.1% to $144.7 million with organic constant currency subscription and support revenue growth of 7.6%, which excludes the impact of Parchment. Subscription and support revenue accounted for 93% of total revenue in the quarter, a 110 basis points increase over the first quarter of prior year.

本季外匯市場不利因素約 10 個基點，微乎其微。訂閱和支援收入成長超過總收入成長速度，成長 22.1% 至 1.447 億美元，以固定匯率計算的自然訂閱和支援收入成長率為 7.6%（不包括 Parchment 的影響）。訂閱和支援收入佔本季總營收的 93%，比上年同期成長 110 個基點。

Professional services and other revenue, which now accounts for just 7% of total revenue grew 4.2% year-over-year to $10.8 million. Deferred revenue at the end of the first quarter was $235 million, up 8.9% year-over-year. Remaining performance obligations of $820.4 million increased 16.6% year-over-year, and we expect to recognize 76% of RPO over the next 24 months.

專業服務和其他收入目前僅佔總收入的 7%，年增 4.2%，達到 1,080 萬美元。第一季末遞延營收為 2.35 億美元，年增 8.9%。剩餘履約義務為 8.204 億美元，年增 16.6%，我們預計在未來 24 個月內確認 76% 的 RPO。

Let's turn to Slide 12. As discussed during Investor Day, our growth strategy is focused on our core and growth businesses. This strategy diversifies our growth algorithm and positions us to deliver pro forma annual recurring revenue growth in the high single digits for the combined Instructure and Parchment businesses in the first quarter.

讓我們翻到第 12 張投影片。正如投資者日上所討論的，我們的成長策略著重於我們的核心業務和成長業務。這項策略使我們的成長演算法多樣化，並使我們能夠在第一季實現 Instructure 和 Parchment 合併業務的年度經常性收入實​​現接近兩位數的預期成長。

We are also positioned to deliver medium term organic annual recurring revenue growth of 9% to 11%, powering our path to $1 billion in revenue by 2028 and $1 billion in annual recurring revenue exit velocity. In discussing the remainder of the income statement please note that unless otherwise stated, all references are on a non-GAAP basis.

我們有信心實現中期有機年度經常性收入成長 9% 至 11%，從而推動我們在 2028 年實現 10 億美元的收入和 10 億美元的年度經常性收入退出速度。在討論損益表的其餘部分時請注意，除非另有說明，所有參考資料均以非公認會計準則為基礎。

Turning to slide 13. Our gross margin profile remains very strong, reflecting the flywheel of a greater share of recurring revenue, coupled with continued platform scale, underpinned by operational excellence and investments in our cloud platform to more efficiently deliver solutions across our customer base.

翻到第13張幻燈片。我們的毛利率狀況依然非常強勁，這反映了經常性收入佔比不斷提高帶來的飛輪效應，以及平台規模的持續擴大，而這一切都得益於卓越的營運和對雲端平台的投資，從而能夠更有效地為我們的客戶群提供解決方案。

In the first quarter, our non-GAAP gross profit margin expanded 103 basis points year-over-year to 79%. Subscription and support non-GAAP gross margin expanded 60 basis points year-over-year to 82%.

第一季度，我們的非GAAP毛利率年增103個基點，達到79%。訂閱和支援業務的非GAAP毛利率年增60個基點至82%。

Turning to Slide 14. Operating leverage continues to grow as the organization scales. This positions us to continue expanding profitability ahead of revenue growth. In Q1, we saw some benefit from a shift in the seasonality of investments. And as such, we expect to reinvest approximately half of this profitability upside in the remainder of the year.

翻到第14張投影片。隨著組織規模的擴大，經營槓桿作用持續成長。這使我們能夠在營收成長之前繼續擴大獲利能力。第一季度，我們從投資季節性變化中獲得了一些好處。因此，我們預計將在今年剩餘時間內將約一半的獲利成長收益進行再投資。

Non-GAAP operating income of $63.5 million delivered margins of 40.8%, expanded 422 basis points year-over-year. And similarly, adjusted EBITDA of $64.9 million, delivered margins of 41.8%, expanding 432 basis points year-over-year. Non-GAAP net income of $32.7 million increased 17.2% year-over-year, driven by expanded profitability in the quarter.

非GAAP營業收入為6,350萬美元，毛利率為40.8%，較去年同期成長422個基點。同樣，調整後的 EBITDA 為 6,490 萬美元，利潤率為 41.8%，年增 432 個基點。非GAAP淨利為3,270萬美元，較去年同期成長17.2%，主要得益於本季獲利能力的提升。

Operating cash flow was negative $92.6 million compared to negative $80.9 million last year, primarily due to $12 million of early collections in Q4 of last year that I discussed during our Q4 earnings call and higher interest expense from the acquisition of Parchment. Unlevered free cash flow of negative $79 million and adjusted unlevered free cash flow of negative $65.3 million were in line with expectations and similar to prior year.

營運現金流為負 9,260 萬美元，而去年同期為負 8,090 萬美元，主要原因是去年第四季提前收回了 1,200 萬美元（我在第四季度財報電話會議上討論過），以及收購 Parchment 導致利息支出增加。未槓桿自由現金流為負 7,900 萬美元，調整後未槓桿自由現金流為負 6,530 萬美元，符合預期，與去年同期相似。

Let's turn to Slide 15 to cover the balance sheet and leverage metrics. We ended the first quarter with $89.3 million in cash, cash equivalents, restricted cash, and funds held on behalf of customers. The decrease in cash of $255 million from year end 2023 is driven by funding of the Parchment acquisition. Our first quarter net leverage ratio was 4.7 times.

讓我們翻到第 15 張投影片，了解資產負債表和槓桿指標。第一季末，我們持有現金、現金等價物、受限現金和代表客戶持有的資金共 8,930 萬美元。2023 年底現金減少 2.55 億美元，主要是為收購 Parchment 提供資金所致。我們第一季的淨槓桿率為 4.7 倍。

However, this calculation only captures two months of Parchment's adjusted EBITDA. If we calculate the leverage ratio using the prior 12 months Parchment's adjusted EBITDA, the leverage ratio would have been lower in the first quarter. We are on track for year end net leverage ratio of approximately 3.4 times, consistent with the guidance we provided at Investor Day.

然而，這種計算僅反映了 Parchment 兩個月的調整後 EBITDA。如果我們使用 Parchment 前 12 個月的調整後 EBITDA 來計算槓桿率，那麼第一季的槓桿率會更低。我們預計將實現年底淨槓桿率約為 3.4 倍的目標，這與我們在投資者日上給出的預期一致。

Our capital allocation priorities remain unchanged since our IPO, investing in organic revenue growth, pursuing M&A and maintaining healthy balance sheet. I will now discuss Q2 guidance and our updated full year outlook.

自公司上市以來，我們的資本配置重點始終未變，即投資於內生性收入成長、進行併購、維持健康的資產負債表。接下來我將討論第二季業績指引和我們更新的全年展望。

Turning to Slide 16. In the second quarter, we expect revenue in the range of $166.5 million to $167.5 million, growing 27.4% year-over-year at the midpoint. We expect adjusted EBITDA in the range of $67.5 million to $68.5 million, resulting in margins of 40.7% at the midpoint and expansion of 160 basis points year-over-year.

翻到第16張幻燈片。第二季度，我們預計營收將在 1.665 億美元至 1.675 億美元之間，以中間值計算，年增 27.4%。我們預計調整後的 EBITDA 將在 6,750 萬美元至 6,850 萬美元之間，中間值為 40.7%，年成長 160 個基點。

Turning to Slide 17. For the full year, we are raising our guidance to reflect the full Q1 revenue beat and an incremental raise. We now expect revenue in the range of $656.5 million to $666.5 million, growing 24.8% year-over-year at the midpoint. This includes organic constant currency revenue growth of 5% and the midpoint consistent with initial expectations and excluding the impact of our acquisition of Parchment. We also expect pro forma annual recurring revenue in the high single digits for the combined Instructure and Parchment business.

翻到第17張幻燈片。鑑於第一季營收超出預期，加上後續的業績成長，我們提高了全年業績預期。我們現在預計營收將在 6.565 億美元至 6.665 億美元之間，以中間值計算，年增 24.8%。這包括以固定匯率計算的有機收入成長 5%，與最初的預期一致，但不包括我們收購 Parchment 的影響。我們也預期 Instructure 和 Parchment 合併後的業務年度經常性收入將達到較高的個位數。

Turning to adjusted EBITDA, we expect full year adjusted EBITDA in the target range of $271 million to $274 million with margins of 41.2% at the midpoint, an expansion of 79 basis points year-over-year. The $3.5 million of adjusted EBITDA raise reflects a partial flow through of Q1 results and reinvestment in growth initiatives and the remainder of the year.

就調整後的 EBITDA 而言，我們預計全年調整後的 EBITDA 目標範圍為 2.71 億美元至 2.74 億美元，利潤率為 41.2%（取中間值），年增 79 個基點。調整後 EBITDA 增加 350 萬美元，反映了第一季業績的部分影響以及對成長計劃和今年剩餘時間的再投資。

We expect adjusted unlevered free cash flow in the range of $262 million to $265 million, reflecting margins of 39.8% and a raise of $1.5 million at the midpoint. This represents an increase of 17% year-over-year at the midpoint or 29% when adjusted for $12 million of early collections in Q4 of last year.

我們預期調整後的無槓桿自由現金流在 2.62 億美元至 2.65 億美元之間，利潤率為 39.8%，中點融資額為 150 萬美元。以年中位數計算，年增 17%；若扣除去年第四季提前收取的 1,200 萬美元，則年增 29%。

Turning to slide 19, we are reaffirming our medium term targets shared at Investor Day. As the business evolves toward our medium-term targets, we view annual recurring revenue and subscription and support revenue as the growth engine that will power our target of $1 billion in revenue by 2028 and 1 billion in annual recurring revenue exit velocity. We believe as the platform scales, we are well positioned to continue expanding margins.

翻到第 19 頁投影片，我們將重申我們在投資者日上公佈的中期目標。隨著業務朝著我們的中期目標發展，我們認為年度經常性收入以及訂閱和支援收入是成長引擎，這將推動我們實現到 2028 年收入達到 10 億美元以及年度經常性收入退出速度達到 10 億美元的目標。我們相信，隨著平台規模的擴大，我們有能力持續擴大利潤率。

This concludes our prepared remarks at this time. Operator, please open up the line for questions.

我們今天的演講到此結束。接線員，請開通提問線。

(Operator Instructions) Brian Peterson, Raymond James.

（操作說明）布萊恩彼得森，雷蒙德詹姆斯。

Hi, this is Jessica on for Brian today. So I just wanted to start off with, with the end of the 2023, 2024 school year, what budget priority are you hearing us so far for school districts and higher education institutions for next school year? Like outside of the core LMS, what parts are resonating with schools looking to address pain points?

大家好，我是潔西卡，今天替布萊恩為你報道。首先我想問的是，在 2023、2024 學年即將結束之際，您目前了解到的學區和高等教育機構下學年的預算優先事項是什麼？除了核心學習管理系統（LMS）之外，哪些部分能引起希望解決痛點的學校的共鳴？

Thanks, Jessica. As we go into the budgeting process within US specifically about higher ed, I think, it's very similar to what we've been talking about, right. They're looking at what is their long-term strategy from a digital transformation perspective. How are they going to address more learners than just the traditional matriculating students that are coming on campus to get a degree.

謝謝你，潔西卡。當我們深入探討美國高等教育的預算編制過程時，我認為，這和我們一直在討論的內容非常相似，對吧。他們正從數位轉型的角度審視其長期策略。他們將如何滿足傳統入學學生以外的更多學習者的需求？

And what are some of the key investments that they're going to have to make in order to effectively address that population. So we see continued investment in tech consolidation. We see them evaluating where -- which budgets are going to tap into to improve and increase their tech investments.

為了有效解決這群人的問題，他們需要哪些關鍵投資？因此，我們看到科技整合的投資將持續成長。我們看到他們正在評估將從哪些方面入手預算，以改善和增加其技術投資。

You heard at our investor day moving some of that money from physical locations into the tech funds. And then they're looking at what is the impact of enrollment trends, and again, how do we reach more learners as part of the those enrollment trends that we're seeing. So very similar conversations that we've been having over the last six to nine months.

在我們的投資者日上，你們都聽到了我們將部分資金從實體投資轉移到科技基金的消息。然後，他們研究了入學趨勢的影響，以及我們如何根據我們看到的這些入學趨勢接觸到更多的學習者。所以，這和我們過去六到九個月一直在進行的對話非常相似。

Got it. Thanks for that. And also, the double-clicking on Parchment, what milestones are you focusing on for integrating Parchment into the overall Instructure business during 2024? Like how has Parchment integrating into go to market and cross-sell? And what are customers interested in with Parchment so far, early responses? Thanks.

知道了。謝謝。另外，關於 Parchment，您在 2024 年將 Parchment 整合到 Instructure 整體業務中關注的里程碑有哪些？例如，Parchment是如何融入市場推廣和交叉銷售的？到目前為止，客戶對 Parchment 的哪些方面感興趣？初步反饋如何？謝謝。

Yeah. Yes, it's an area that we're very focused on. And just to be clear, there are ongoing integration efforts on particularly in the back office. And so G&A integration is happening where we're very focused on bringing them onto our systems this year. Our plan has been to run the go to market separate as a way to understand the buying centers, understand where the synergies are.

是的。是的，這是我們非常關注的領域。需要明確的是，目前正在進行整合工作，尤其是在後台部門。因此，G&A 整合正在進行中，我們今年的重點是將它們整合到我們的系統中。我們的計劃是將市場推廣活動分開進行，以便了解購買中心，並了解協同效應在哪裡。

I'm encouraged, anecdotally, as I've been out talking with customers, they've been very positive about bringing the two companies together. I was with one of our consortia just about two or three weeks ago, and we were having conversations and it was sparking interest where they were wanting to introduce our Parchment salespeople to the registrars because they can see some of the benefits of the bringing both the delivery of learning with the evidence of learning.

從我與客戶的交流來看，這令我感到鼓舞，他們對兩家公司的合併都持非常正面的態度。大約兩三週前，我和我們聯盟的一個成員在一起，我們進行了交談，這引起了他們的興趣，他們想把我們的 Parchment 銷售人員介紹給註冊官，因為他們看到了將學習成果與學習證據結合起來的一些好處。

So we're early signals are positive, but we're going to give ourselves the year to makes some of the decisions about how those -- how the two teams come together and what that structure looks like going into 2025.

所以，目前的跡像是正面的，但我們將給自己一年的時間來做一些決定，例如兩支隊伍如何融合，以及到 2025 年，這種結構會是什麼樣子。

Got it, thanks.

明白了，謝謝。

Noah Herman, JPMorgan.

Noah Herman，摩根大通。

Hey, guys, thanks for taking the questions. Just maybe first on the go to market, I know it's starting in January of this year, you rolled out a new sales organization to two different motions, both land and expand teams. Just curious to see what the progress has been there on that front? And maybe what sort of inning are we in, in terms of this go-to-market transition?

嘿，各位，謝謝你們回答問題。或許是第一個進入市場的，我知道它從今年一月開始，你們推出了一個新的銷售組織，分成兩個不同的階段，分別是新客戶開發團隊和拓展團隊。只是好奇這方面有了哪些進展？那麼，就這種市場轉型而言，我們目前處於哪個階段呢？

Yeah, thanks, Noah. Good to hear from you. I'm very pleased with the progress that we're seeing. I have seen a level of collaboration. I've seen a level of engagement, particularly in the -- what we call drive teams, which are the expand teams within the existing customers.

謝謝你，諾亞。很高興收到你的來信。我對我們目前的進展非常滿意。我看到了合作的程度。我看到了很高的參與度，尤其是在我們稱為「驅動團隊」的團隊中，這些團隊是現有客戶內部的拓展團隊。

We're seeing a lot more lead generation from our CSMs and from the teams that are in very close with the customers, we've seen a lot more collaboration between sales and customer experience. So it is -- I'm encouraged. Q1 is not usually a very predictive quarter for us, right, as the buying season starts to really crank up in Q2 and Q3, but I'm encouraged by what I see from a pipeline build.

我們看到客戶成功經理和與客戶關係密切的團隊帶來了更多潛在客戶，我們也看到銷售和客戶體驗之間的合作更加緊密。確實如此——我深受鼓舞。對我們來說，第一季通常不是一個很有預測性的季度，對吧，因為採購旺季要到第二季度和第三季度才會真正開始，但我對目前銷售管道的建設感到鼓舞。

I'm encouraged from the feedback that I'm getting from our customers about the unified approach that we're taking with the customer. So still early innings, but we should -- we are -- I'm pleased with the progress.

我從客戶那裡得到的回饋令我倍感鼓舞，他們對我們採取的統一客戶服務方式給予了肯定。現在還處於起步階段，但我們應該——我們也確實——我對目前的進展感到滿意。

Yeah. No, that's great to hear. In your prepared remarks, you also called out that you were actually able to realize some additional savings in the quarter and you plan to incrementally invest in different areas going forward. Just curious what are some of those incremental investments you're making as we approach the bulk of the buying season? Thanks.

是的。不，聽到這個消息真是太好了。在您事先準備好的演講稿中，您還提到，您實際上在本季度實現了額外的節省，並且您計劃在未來逐步在不同領域進行投資。我很好奇，隨著採購旺季的臨近，你們正在進行哪些方面的增量投資？謝謝。

Yeah, Noah, thanks for the question. So specifically, there's program spend and some technology infrastructure spend that we shifted into the back half of the year, particularly on the program spend. We just believe there will be a higher ROI on executing that in the back half of the year.

是的，諾亞，謝謝你的提問。具體來說，我們將一些專案支出和一些技術基礎設施支出轉移到了下半年，特別是專案支出方面。我們相信，在下半年執行這項計畫會帶來更高的投資報酬率。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Great, thanks for the question. Just in regard to all the breakouts as far as the growth businesses that we have, thinking about ARR for 2023 and the growth CAGR looking ahead, it doesn't necessarily paint the picture of like what's really contributing this year or next year versus in three or four years.

太好了，謝謝你的提問。就我們所有成長型企業的突破而言，考慮到 2023 年的 ARR 和未來的成長 CAGR，它並不一定能反映出今年或明年真正做出貢獻的因素與三四年後做出貢獻的因素之間的關係。

So I was hoping for a little bit of color obviously, Parchment is one of the bigger assets within the growth businesses growing double digits. So that's going to be a big contributor. But maybe you could walk through platform ecosystem, the non-traditional, like assessments, international. What's really going to help move the needle this year versus maybe in a few years?

所以，我當然希望它能帶點色彩，Parchment 是兩位數成長型企業中最重要的資產之一。所以這將會是一個重要的影響因素。但或許你可以了解平台生態系統，以及非傳統的評估、國際化等內容。今年真正能帶來顯著改變的因素是什麼？或許幾年後才能看到改變？

Yeah, Josh. Thanks for the question. So we're really pleased with Q1 performance and pro forma ARR growth in the high single digits in line with our expectations. And then ARR growth from our core and our growth businesses were in line with our medium-term targets.

是的，喬許。謝謝你的提問。因此，我們對第一季的業績和備考年度經常性收入成長（接近兩位數）感到非常滿意，這與我們的預期相符。然後，我們核心業務和成長業務的年度經常性收入成長均符合其中期目標。

So I'd say everything that we shared at Investor Day, we're on track with. We've obviously made a big effort to improve disclosure at Investor Day and even in today's call. So we're not going to comment on each of the individual areas beyond the client wins that we spoke about today, et cetera. But over time, we'll continue to look to improve disclosure even further.

所以我覺得我們在投資者日上分享的所有內容，目前都在按計劃進行。顯然，我們已經在投資者日以及今天的電話會議上大力改進資訊揭露。因此，除了我們今天談到的客戶成功案例等之外，我們不會對每個特定領域發表評論。但隨著時間的推移，我們將繼續努力進一步改進資訊揭露。

Okay. Got it. I was just wondering if you have any update on the gross retention rates. Just wondering how that's trending at this point? Thanks.

好的。知道了。我想問一下，您有沒有關於毛留存率的最新資訊？想知道目前這方面的趨勢如何？謝謝。

Yeah. So we do not provide that metric on a quarterly basis. And our main selling season, right, really kicks in, in Q2, Q3, et cetera., when all of our renewals happen, et cetera. So I would say where we go in the year, feeling very positive about our gross retention rates.

是的。因此，我們不按季度提供該指標。我們的主要銷售旺季，對吧，真正開始於第二季、第三季等等，那時我們所有的續約等業務都會發生。所以，就我們今年的發展而言，我對我們的毛留存率感到非常樂觀。

Okay, thanks.

好的，謝謝。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓，威廉布萊爾。

Hey, thanks for taking my questions. I wanted to follow up on Noah's earlier question and ask about some other changes you've made to the sales process. I think you started doing more bundling and packaging this year and just curious how impactful that change has been.

嘿，謝謝你回答我的問題。我想就諾亞之前提出的問題做個後續詢問，了解一下你們在銷售流程方面還做了哪些其他改變。我覺得你們今年開始多採用捆綁銷售和包裝的方式，很好奇這種改變產生了多大的影響。

I know, firstly, as we've said many times, first quarter isn't a massive sales quarter. But as we think about the key selling season coming up over the next couple of months, how impactful do you think this change could be to the breadth of solutions you're including in contracts given what you're seeing so far this year?

我知道，首先，正如我們多次說過的那樣，第一季並不是銷售旺季。但考慮到接下來幾個月將是關鍵的銷售旺季，鑑於今年到目前為止的情況，您認為這種變化會對您在合約中包含的解決方案的範圍產生多大的影響？

Yeah, Stephen, to your point, it is early and Q1 is not the big selling season for us. But what I can color commentary I can give you is, we feel good about the pipeline that's building around those bundles. As you may have noticed in the prepared remarks, those wins that were multiple product wins.

是的，史蒂芬，你說得對，現在還早，第一季不是我們的銷售旺季。但我可以透露的是，我們對圍繞這些捆綁包構建的管道感到滿意。正如您在準備好的演講稿中可能已經注意到的，那些勝利都是多項產品的成功。

And so in some cases, those were the bundles that we sold, in some cases they were a mix of products. But we are finding encouraging success in our conversations about being able to walk in to a sales opportunity. And rather than just having a conversation about what LMS we're going to use, it is about the bigger full platform solution.

因此，在某些情況下，我們銷售的就是這些捆綁產品；在某些情況下，則是多種產品的組合。但是，我們在探討如何抓住銷售機會方面取得了令人鼓舞的成功。與其只是討論我們要使用哪個學習管理系統（LMS），不如討論更全面的平台解決方案。

And so we feel good. We've been able to still have world-class win rates. And we've done a number of deals that again are multiproduct. They give me -- again, good trend with Q2 and Q3 will be more the predictive for us.

所以，我們感覺很好。我們仍然保持著世界一流的勝率。我們已經達成了多項涉及多種產品的交易。他們再次告訴我——第二季和第三季的良好趨勢將更能預測我們的未來。

Got it. That's helpful. And then just as a follow-up, it sounds like you're continuing to see elongated sales cycles and higher ed. So curious if that's gotten any better or worse relative to what you've been seeing in recent quarters? And generally, what do you -- what could it take for that pressure in the ecosystem to ease?

知道了。那很有幫助。另外，我想補充一點，聽起來您仍然看到銷售週期延長和高等教育的情況。所以我想知道，與您最近幾季觀察到的情況相比，這種情況是否有所改善或惡化？一般來說，要緩解生態系統中的這種壓力，需要做些什麼？

Yes. We haven't seen any material change, Stephen, in the length of cycle and those types of things. again, Q1 is not a great predictive quarter for us, one of the institutions are just starting to get their budgets for next year. And as they start to digest what that looks like and what they have left for this year, that's I believe, that's going to be a catalyst for some of these decisions to be made. Again, time will tell, but I'm cautiously optimistic.

是的。史蒂芬，我們還沒有看到週期長度之類的方面有任何實質變化。再說一遍，第一季對我們來說並不是一個很好的預測季度，因為其中一個機構才剛開始拿到明年的預算。當他們開始消化這一切意味著什麼以及今年還剩下什麼時，我相信，這將成為他們做出一些決定的催化劑。時間會證明一切，但我持謹慎樂觀的態度。

All right. Great. Thank you.

好的。偉大的。謝謝。

Joe Vruwink, Baird.

Joe Vruwink，Baird。

Great. Hi, everyone. I wanted to ask about some of the big wins in the high-growth areas and specifically the non-traditional opportunities. Are those a byproduct of some of the go-to-market changes and having dedicated sales coverage there? Or are we actually just seeing still that your product is well suited for those opportunities.? So the product is currently speaking for itself and the go to market coverage is going to drive benefits more later on perhaps?

偉大的。大家好。我想了解高成長領域，特別是非傳統機會方面取得的一些重大勝利。這些是否是市場推廣策略調整以及在當地設立專門銷售團隊的副產品？或者我們實際上只是看到您的產品非常適合這些機會？所以目前產品本身已經夠出色，而市場推廣覆蓋範圍或許會在以後帶來更多好處？

It's a good question, Joe. I would say we are seeing -- I'm encouraged, right. So the fact that we have now have a sales team. We have a marketing and CSM team that are 100% focused on this part of the market for us is starting to pay dividends for us even now. I do think that this is our first quarter with that dedicated sales team.

問得好，喬。我想說，我們看到──我感到很受鼓舞，對吧。所以，我們現在擁有了一支銷售團隊。我們擁有一支 100% 專注於這部分市場的行銷和客戶成功經理團隊，現在已經開始為我們帶來回報。我認為這是我們擁有專門銷售團隊的第一個季度。

And so I do think that there's more to come there, but I'm happy with the progress that we've made so far. Now the product fit, as we mentioned in our Investor Day, we've been -- there's been a lot of inbound requests prior to having a dedicated sales teams that we've just been catching. And so we do believe we have a good product fit here. But the -- I am encouraged by the focus that's there and the team that's executing on that.

所以我認為未來還有更多發展空間，但我對我們目前的進展感到滿意。現在，正如我們在投資者日上提到的，產品契合度方面，我們一直在努力——在組建專門的銷售團隊之前，我們收到了很多諮詢，而我們一直在積極回應。因此，我們相信我們的產品與當地市場非常契合。但是——我為團隊的專注和執行力而感到鼓舞。

Okay. That's helpful. And then the bridge between reported and organic growth and the earnings release, that's great. That should be a best practice. I'm wondering if you can parse out the M&A contribution within RPO in the quarter?

好的。那很有幫助。然後，報告成長與自然成長以及獲利發布之間的橋樑，這很棒。這應該是一種最佳實踐。我想知道您能否將本季 RPO 中的併購貢獻單獨列出來？

Yeah. So I appreciate the question. So taking a look at RPO, we obviously had a strong growth rate of 17% year over year. The Instructure business growth rate was double digits. The remaining portion is from Parchment, but I think it's important to remind you that about a third of Parchment business is subscription. So it impact RPO and two-thirds is transactional.

是的。我很感謝你的提問。因此，從 RPO 來看，我們顯然實現了 17% 的強勁同比增長率。Instructure 的業務成長率達到了兩位數。剩餘部分來自 Parchment，但我認為有必要提醒大家，Parchment 約有三分之一的業務來自訂閱。因此，它會影響 RPO，其中三分之二是事務性的。

Okay. That's great. Thank you very much.

好的。那太棒了。非常感謝。

Ryan MacDonald, Needham.

瑞安麥克唐納，尼德姆。

Hey, this is Matt Shea on for Ryan. Thanks for taking the question. I think our biggest takeaway coming out of the recent ASU GSV conference was just this rationalization of vendor sprawl that the K-12 market in particular is going to have to go through post-ESSER funding.

大家好，我是 Matt Shea，代 Ryan 為您報道。感謝您回答這個問題。我認為我們從最近的 ASU GSV 會議上得到的最大收穫是供應商擴張的合理化，尤其是在 ESSER 資助之後，K-12 市場必須經歷這個過程。

So just curious, I know it's early in the selling season, but just curious if you guys are starting to see that demand for your LearnPlatform products OR if you're ultimately changing how you position that the selling season, just with that, that funding cliff and rationalization coming?

所以，我只是好奇，我知道現在還是銷售季初期，但我只是想知道你們是否開始感受到對 LearnPlatform 產品的需求，或者你們是否會因為即將到來的資金斷崖和業務調整而改變銷售季的定位？

And then would love just an update with the LearnPlatform on the higher ed side, you guys are still on pace to roll out that beta in the second half of those institutions and any early signs of demand?

另外，我想了解高等教育領域的 LearnPlatform 的最新進展，你們是否仍按計劃在後半部分院校推出測試版？目前是否有任何需求跡象？

Yeah. I heard the same thing at ASU GSV, Matt. And we saw -- and we've seen it in the market, in fact, every conversation that I anecdotally, again, that I've had, it's an easy conversation to have with the superintendent or a leader within because there is still massive sprawl of apps in particularly in the K-12 space.

是的。馬特，我在亞利桑那州立大學GSV也聽到了同樣的說法。我們看到——事實上，我們在市場上已經看到了這一點，我透過非正式的談話了解到，與主管或領導者進行這樣的談話很容易，因為應用程式仍然大量湧現，尤其是在 K-12 領域。

And so it is resonating, the value proposition is resonating. We have a dedicated team that continues to work on positioning and ensure that we've got the best opportunity to penetrate those opportunities from a higher ed perspective, that is one of those unrealized opportunities that we're working on.

因此，它引起了共鳴，其價值主張引起了共鳴。我們有一個專門的團隊，他們不斷致力於市場定位，確保我們能夠從高等教育的角度出發，抓住這些尚未實現的機遇，這是我們正在努力實現的機會之一。

We are securing design partners right now and working. So we are on track to be in beta for the second half of the year and expect that to be a long-term growth driver for us, particularly in the EdTech effectiveness space.

我們目前正在尋找設計合作夥伴，並正在進行工作。因此，我們預計在今年下半年進入測試階段，並預計這將成為我們長期成長的驅動力，尤其是在教育科技有效性領域。

Got it. That's good to hear. And then maybe just thinking about higher ed enrollments over the next 6, 12, 18 months. Obviously, we have this [FAFSA Fiasco] going on, but we did just cross the National College Decision Day. So just curious if you guys are starting to hear anything from your college partners on what their enrollment looks like for the next 6, 12 months or any other signals that are informing your outlook there?

知道了。聽到這個消息真好。然後或許可以考慮未來 6 個月、12 個月、18 個月的高等教育入學人數。顯然，我們現在正經歷著這場[FAFSA 混亂]，但我們剛剛度過了全國大學錄取日。所以，我很好奇你們是否從合作院校了解到未來6個月、12個月的招生情況，或其他任何能影響你們對招生前景的跡象？

It's a little bit early for us to get that feedback. As you said, we're just getting past that deadline. And there is a lot of FAFSA is causing some vibration, if you will, some uncertainty. But at the same time, it feels like they're getting that fixed. I would say the trends, we saw a little bit of a firming of trends this last year.

現在就收到回饋還為時過早。正如你所說，我們剛剛過了那個最後期限。FAFSA（聯邦學生助學金申請表）引發了許多爭議，造成了一些波動和不確定性。但同時，感覺他們正在解決這個問題。我認為，就趨勢而言，我們看到去年的趨勢有所趨於穩定。

And so as we talk to our higher ed institutions they are one focused on that, but also focused on how do we reach more and more learners. The long-term trend is still how do we bring more learners into our institution and reach more of the world, if you will.

因此，當我們與高等教育機構交談時，他們不僅關注這一點，還關注我們如何接觸到越來越多的學習者。從長遠來看，我們的發展趨勢仍然是如何吸引更多學習者進入我們的機構，並接觸到更廣闊的世界。

Thanks, guys.

謝謝各位。

Operator, we're ready for our next question.

接線員，我們準備好回答下一個問題了。

George Kurosawa, Citi.

喬治·黑澤，花旗銀行。

I'm on for Steven Enders. Thanks for taking the question here. You called out some partially coming in a little better than expected. Maybe just double-click on that what seem to be working early on here?

我支持史蒂文·恩德斯。感謝您接受這個問題。你指出，有些部分比預期略好。或許雙擊就能解決問題，目前看來這招挺管用？

Yeah. Well, there's a couple of things. I think that the need for their products is just as important as it's been for their traditional awards products. So we saw some good traction within awards.

是的。嗯，有兩件事。我認為，人們對他們產品的需求與對他們傳統獎品的需求一樣重要。因此，我們在獎項方面看到了一些不錯的進展。

In addition, the Pathways products are gaining more and more traction. We see there are some conversations that we're able to open up as a combined company that give me some encouragement for the pipeline build in the future that's coming.

此外，Pathways 產品也越來越受歡迎。我們看到，作為一家合併後的公司，我們能夠展開一些對話，這讓我對未來即將到來的專案儲備建設感到鼓舞。

So I do feel good about bringing these two companies together being able to be the only one that can [marry] the delivery of learning with the evidence of learning and then how that can become a much more rich experience and then a record that will follow the student, their Comprehensive Learner record. That message is really resonating and is holding more power as the combined companies than either of us could have standalone.

所以我很高興能將這兩家公司結合起來，成為唯一一家能夠將學習的交付與學習的證據結合起來的公司，從而創造更豐富的體驗，並建立一份伴隨學生的記錄，即他們的綜合學習者記錄。這一訊息確實引起了共鳴，合併後的公司比我們任何一家單獨經營的公司都更有影響力。

That's great color. And I think you've alluded a few times on the call to next quarter being the start of the bigger selling season. Maybe if you just compare and contrast what you're seeing on the pipeline side relative to last year and how that informs your confidence going into the season?

顏色真好看。而且我認為您在電話會議上多次暗示，下一季將是銷售旺季的開始。或許你可以對比今年管道建設方面的情況與去年相比，看看這如何影響你對新賽季的信心？

Yeah. As we look at the pipeline for this quarter and for Q3 as we keep track of that, we're trending as was expected. So with our overall new business we're seeing the growth that we expected in the pipeline. And then we -- from a renewal perspective, we feel very confident about the renewals that we've highlighted in our guidance.

是的。當我們審視本季和第三季的研發管線時（我們會持續關注），我們發現目前的趨勢與預期相符。因此，就我們整體的新業務而言，我們看到了預期中的成長。然後，從續約的角度來看，我們對我們在指導意見中重點強調的續約項目感到非常有信心。

Devin Au, KeyBanc Capital Market.

Devin Au，KeyBanc Capital Market。

Great. Thanks for taking my questions. First one, I have is on the win-back. Congrats on that one. I know you talked about you guys winning there mainly on the customer service perspective. But I just want to get a little more context on that deal, what solutions that they tack on? And I'm just curious if there are more of these win-backs deals in the pipeline in the near term?

偉大的。謝謝您回答我的問題。首先，我要講的是如何挽回客戶。恭喜你！我知道你們之前說過，你們在那裡獲勝主要是因為客戶服務方面的優勢。但我還想了解這筆交易的更多背景信息，他們附加了哪些解決方案？我只是好奇近期內是否會有更多類似的挽回客戶交易正在進行中？

Yeah. It was a nice win for us. It's always good when you can bring somebody back into the fold that left. So as I mentioned in my remarks they had left us in 2019. They were enticed away from us. And after their experience over the last three or four years, they came back. And the feedback that they gave us was the usability and the experience that they have with Canvas wasn't matched with the other solutions as well as the level of service and support that they got was a differentiator for us against up against our competition.

是的。對我們來說，這是一場漂亮的勝利。能夠把離開的人重新拉回團隊總是一件好事。正如我在演講中提到的，他們於 2019 年離開了我們。他們被引誘離開了我們。經歷了過去三、四年的種種磨難後，他們回來了。他們給我們的回饋是，Canvas 的易用性和用戶體驗與其他解決方案相比毫不遜色，而且他們獲得的服務和支援水平也使我們在與競爭對手的較量中脫穎而出。

So it is a sweet feeling that to have those win-backs. And just to be clear, that is nice. Our biggest opportunity is there's still quite a bit of greenfield out there with Canvas and still a big part of the market that's still cobbling together free tools. And that's where we believe the biggest growth opportunity for us is over the next several years.

所以，能夠贏回這些客戶，感覺真的很棒。需要說明的是，這很好。我們最大的機會在於 Canvas 領域仍有許多空白市場，而且市場上仍有很大一部分用戶仍在拼湊免費工具。我們相信，未來幾年我們最大的成長機會就在這裡。

Got it. Appreciate the context there. And then a quick one for Peter. Macro seems to have like downtick in past 90 days with rates looking to remain elevated longer. But sounds like the headwinds you're facing in higher ed is quite consistent from prior quarter. So my question here is any changes around the macro assumptions being built into your full your guide versus when you initially set the outlook quarter ago? Just any change there? Thanks.

知道了。請理解其中的背景資訊。然後給彼得快速提問。宏觀經濟在過去90天似乎有所下行，但利率看起來將在更長時間內保持高位。但聽起來，你在高等教育領域面臨的逆風與上個季度相比相當一致。所以我的問題是，與您在上個季度初制定展望時相比，您最新發布的展望報告中所包含的宏觀假設是否有任何變化？有什麼變化嗎？謝謝。

Yeah. Appreciate appreciate the question. Our view is there's been no material changes to the macro environment since we last spoke. So there's been no changes in our guide as a result of that. We really need to get into our core buying season, and that will tell us if there's a change in the macro.

是的。感謝您的提問。我們認為，自上次談話以來，宏觀環境並沒有實質變化。因此，我們的指南沒有任何變化。我們真的需要進入核心購買季，這將告訴我們宏觀經濟是否發生了變化。

Okay. Thank you.

好的。謝謝。

I would add there, George. Again, this market is less sensitive to the bigger economic macro trends that are out there, right. This is the macro backdrop is more related to enrollments and some of these tuition and those types of things, then it is the big economic macro.

我還要補充一點，喬治。再說一遍，這個市場對更大的宏觀經濟趨勢不太敏感，對吧。宏觀背景更與入學人數、學費等相關，而不是與宏觀經濟相關。

But the nice thing is because we are a trusted partner, because we're in talking longer term that this is part of a bigger longer-term digital transformation strategy. We get visibility pretty early in those macro trends. So that's why you see that consistent -- consistently, we're talking about the same trends just because we got early view into those into those changes that were happening.

但好處在於，因為我們是值得信賴的合作夥伴，因為我們著眼於長遠發展，這是更大規模的長期數位轉型策略的一部分。我們很早就能夠觀察到這些宏觀趨勢。所以這就是為什麼你會看到——一直以來，我們都在談論相同的趨勢，因為我們很早就看到了正在發生的這些變化。

Thanks. Appreciate the color.

謝謝。欣賞這種顏色。

Terry Tillman, Truist Securities.

Terry Tillman，Truist Securities。

Great, thanks. Connor Passarella on for Terry. Appreciate you taking the questions. Steve, you mentioned the partner ecosystem a few times in the prepared remarks, you're at 900 -- so partners now. Can you just give us an update on their ability to either directly or indirectly influence business and revenue for Instructure?

太好了，謝謝。康納·帕薩雷拉替補特里上場。感謝您回答這些問題。史蒂夫，你在準備好的演講稿中多次提到合作夥伴生態系統，你們現在有 900 位合作夥伴——所以現在需要合作夥伴。能否簡單介紹一下他們直接或間接影響 Instructure 業務和收入的能力？

Sure. Yeah it's good to hear from you, Connor. It's good.

當然。很高興收到你的消息，康納。很好。

It is a nice competitive moat if you will, because of the size, because of the breadth, whenever we walk into an opportunity we're seeing it as a competitive advantage for us in the selling process. So for instance, I think we talked about it a quarter or two ago, for instance, when we went Montana University system, that was because of some -- because of technology that was integrated into just into Canvas that allowed us to learn to win that deal.

如果你願意的話，這可以算是一條很好的競爭護城河，因為規模大、覆蓋面廣，每當我們遇到機會時，我們都將其視為銷售過程中的競爭優勢。例如，我想我們大概在一兩個季度前討論過這個問題，例如我們與蒙大拿大學系統合作的時候，那是因為一些技術被整合到 Canvas 中，使我們能夠贏得那筆交易。

We see it in some of the examples that I gave in my prepared remarks where we had technology integrations that allowed us to differentiate against competition. So it does continue to be one of those competitive advantages that would be really difficult for our competition to replicate as we go into a selling opportunity.

在我事先準備好的發言稿中舉的一些例子中，我們可以看到這一點，我們透過技術整合，在競爭中脫穎而出。因此，這仍然是我們的競爭優勢之一，在銷售機會中，我們的競爭對手很難複製這一優勢。

We did announce in the quarter as well collaboration with Lucidchart, where their tools are integrated into Canvas and available to our customers for free as part of the purchase of the LMS. And so again, the advantage that we have as being the market leader by having a huge network of use of students and teachers that are on our platform gives us some of these advantages that make us more competitive in a selling process.

本季我們也宣布了與 Lucidchart 的合作，他們的工具已整合到 Canvas 中，我們的客戶在購買 LMS 時可以免費使用這些工具。因此，作為市場領導者，我們擁有龐大的學生和教師用戶網絡，這為我們帶來了優勢，使我們在銷售過程中更具競爭力。

Yeah, I appreciate that. Maybe just a quick follow-up. the University of Manchester win in the UK last quarter. I think you called out specifically that would be more of a lighthouse win for the region. I'm just curious on how you're seeing the activity play out so far post that deal?

是的，我很感激。或許可以簡單跟進一下。曼徹斯特大學上個季度在英國取得了勝利。我認為你特別指出，那場勝利對該地區來說更像是一座燈塔。我只是好奇，在達成那筆交易之後，你如何看待目前的市場動態？

Yeah, it is. It's one of those institutions that other institutions, particularly in the UK look towards. And our EMEA team are very happy with the outcome there or we're using it as part of our as part of our selling process. We're we're still -- we're early days with them. And so we'll be able to leverage them even more going into the future. But it really does validate our international strategy and the success that we're seeing internationally.

是的，確實如此。它是其他機構，特別是英國的機構，競相效法的機構之一。我們的 EMEA 團隊對結果非常滿意，或者說，我們正在將其作為我們銷售流程的一部分。我們與他們合作還處於早期階段。因此，未來我們將能夠更好地利用它們。但這確實驗證了我們的國際戰略以及我們在國際上的成功。

Great. Thanks.

偉大的。謝謝。

Matt VanVliet, BTIG.

Matt VanVliet，BTIG。

Great. Thanks for taking the question. I guess, as more and more attention on the non-traditional learner, curious on what the pipeline looks like for Catalog and maybe even Studio as whether it's universities or other programs look at how to create a tech stack that is maybe more margin friendly to the institutions themselves and how much attention you're getting on building out that type of program for them?

偉大的。感謝您回答這個問題。我想，隨著人們越來越關注非傳統學習者，我很好奇 Catalog 甚至 Studio 的發展方向，無論是大學還是其他項目，都在考慮如何創建一個對機構自身利潤更有利的技術棧，以及你們在為他們構建這類項目方面投入了多少精力？

Yeah, that'sone of the areas that I'm particularly pleased with in this last quarter. We're seeing -- we saw good performance out of that part of the business. And it is to your point, it's about a bundle of products. It's a number of products that go into that, its pricing strategies, its positioning and marketing that we do in that space is bringing more opportunity. So when I look at Q2, Q3 pipeline looks really good, we're encouraged that we can hit our commitments from that -- from a non-traditional.

是的，這是我上個季度特別滿意的領域之一。我們看到—我們看到該業務部門的表現良好。正如你所說，這是一攬子產品。這其中包含許多產品，其定價策略、定位和行銷，我們在該領域所做的一切都帶來了更多機會。所以，當我查看第二季和第三季的銷售管道時，情況看起來非常好，我們受到鼓舞，相信我們能夠實現我們的承諾——透過非傳統的管道。

And then as you look towards the prime selling season here coming up, how should we think about overall deal sizes, early indications from customers in terms of how much budgets available versus longer term plans to have more of a land-and-expand approach? Any early thoughts on what you're seeing in the pipeline from a deal size perspective?

然後，隨著銷售旺季的臨近，我們應該如何看待整體交易規模、客戶的早期預算情況以及採取更長期的「先佔領後擴張」策略的計劃？從交易規模的角度來看，您對目前正在進行中的項目有什麼初步看法？

Yeah. I would say, Matt, that what we're seeing in our discussions and part of the reason why some of these deals are elongating is because there are much more strategic discussions than we've had in the past because we are talking about the overall revenue for an institution, right. How do they go attract more of these non-traditional learners, it becomes -- we end up calling much higher in the organization.

是的。馬特，我想說，我們在討論中看到的，以及一些交易之所以拖延的部分原因，是因為我們現在進行的戰略性討論比過去要多得多，因為我們談論的是機構的整體收入，對吧。如何吸引更多這類非傳統學習者？最終，我們不得不向組織中更高層級的人員尋求協助。

So from that perspective, we are encouraged about the size of deal when we do get into these conversations counteracted by the fact that takes longer to have those conversations higher up in the organization. Now that's counteracted a little bit. The reason I was hesitating just a little bit, Matt was because at the same time, we also created a middle market focus in our go to market.

因此從這個角度來看，當我們進行這些對話時，我們對交易的規模感到鼓舞，但另一方面，在組織高層進行這些對話需要更長的時間。現在這種情況有所緩解。馬特，我之所以有點猶豫，是因為同時，我們也把重點放在了中端市場。

So we are at the same time calling on a segment of the market that is a little bit smaller that historically we've been we haven't called on -- we haven't had a dedicated team to call on. And so it balance out each other. But I would say when we are having these strategic discussions, they are, obviously a bigger -- it ends up being a bigger sale for us.

所以，同時，我們也開拓一個規模稍小的市場領域，而從歷史上看，我們還沒有開拓過這個領域──我們也沒有專門的團隊去開拓這個領域。這樣它們就互相平衡了。但我想說的是，當我們進行這些戰略討論時，顯然，最終對我們來說會是一筆更大的交易。

All right. Very helpful. Thank you.

好的。很有幫助。謝謝。

That concludes our Q&A session. I will now turn the conference back over to Steve Daly, CEO for closing remarks.

我們的問答環節到此結束。現在我將把會議交還給執行長史蒂夫·戴利，請他致閉幕詞。

Thank you, everybody, for joining us today. Our exceptional first quarter and updated fiscal year guidance was driven by our increasing competitive advantage, our strong execution and our expanding profitability. We head into the remainder of 2024 with meaningfully enhanced scale, a broader portfolio of products and a retooled go-to-market strategy focused on delivering durable growth at scale.

謝謝各位今天蒞臨。我們第一季業績和更新後的財年業績預期均表現優異，這得益於我們不斷增強的競爭優勢、強大的執行力和不斷擴大的盈利能力。進入 2024 年剩餘時間，我們將擁有顯著增強的規模、更廣泛的產品組合以及重新調整的市場進入策略，專注於實現可持續的規模成長。

I personally couldn't be more excited about our ability to elevate teaching and learning for students and educators while creating value for shareholders.

我個人對我們能夠在提升學生和教育工作者的教與學水平的同時，為股東創造價值的能力感到無比興奮。

Thank you for joining us.

感謝您的參與。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。