Intapp Inc (INTA) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to Intapp fiscal first-quarter 2025 webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎收看 Intapp 2025 財年第一季網路廣播。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, David Trone, Senior Vice President, Investor Relations. David, please go ahead.g

現在我想將會議交給今天的發言人、投資者關係高級副總裁 David Trone。大衛，請繼續。

Thank you. Welcome to Intapp's fiscal first-quarter 2025 Financial Results. On the call with me today are John Hall, Chairman and CEO of Intapp; and David Morton, Chief Financial Officer.

謝謝。歡迎閱讀 Intapp 2025 年第一財季財務表現。今天與我通話的是 Intapp 董事長兼執行長 John Hall；和財務長大衛·莫頓。

During the course of this conference call, we may make forward-looking statements regarding trends strategies and the anticipated performance of our business, including guidance provided for our fiscal second quarter and full year 2025. These forward-looking statements are based on management's current views and expectations that are difficult to predict and could cause actual results to differ materially from those expressed or implied by such forward-looking statements.

在本次電話會議期間，我們可能會就趨勢策略和我們業務的預期業績做出前瞻性陳述，包括為我們第二財季和 2025 年全年提供的指導。這些前瞻性陳述是基於管理階層目前難以預測的觀點和預期，可能導致實際結果與此類前瞻性陳述明示或暗示的結果有重大差異。

Intapp disclaims any obligation to update or revise any forward looking statements, except that's required by law. Further on today's call, we will also discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results, including non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income. Non-GAAP diluted net income per share and free cash flow.

除法律要求外，Intapp 不承擔任何更新或修改任何前瞻性聲明的義務。在今天的電話會議上，我們還將討論某些我們認為有助於理解我們財務業績的非 GAAP 指標，包括非 GAAP 毛利率、非 GAAP 營運費用、非 GAAP 營運收入。非公認會計準則稀釋後每股淨利和自由現金流。

As a reminder, all of our financial figures we will discuss today are non-GAAP, except for revenue and revenue growth and total remaining performance obligations. Our financial results, along with reconciliation of GAAP to non-GAAP financial measures, can be found in today's earnings release and its supplemental financial tables, which is available on our website and as an exhibit to the Form 8-K furnished with the SEC prior to this call, or a supplemental financial presentation, which is available on our website.

提醒一下，我們今天討論的所有財務數據都是非公認會計準則的，除了收入和收入增長以及剩餘履約義務總額。我們的財務表現以及GAAP 與非GAAP 財務指標的調節表可在今天的收益發布及其補充財務表格中找到，這些表格可在我們的網站上找到，並作為SEC 事先提供的8-K 表格的附件。

With that, I'll hand the conversation over to John.

這樣，我就把談話交給約翰。

Thank you, David. Good afternoon, everyone. Thank you for joining us today as we share the results of our fiscal first quarter. Commencing our fourth fiscal year as a public company, I'm pleased to share that once again, we've achieved strong quarterly results supported by cloud ARR growth, new products, new partnerships, new logos, and expanded client accounts around the world. We also added new applied AI capabilities to our platform and furthered our strategic partnership with Microsoft.

謝謝你，大衛。大家下午好。感謝您今天加入我們，分享我們第一財季的表現。在我們作為上市公司的第四個財年開始之際，我很高興再次與大家分享，在雲端ARR 成長、新產品、新合作夥伴關係、新商標和全球客戶帳戶擴大的支持下，我們取得了強勁的季度業績。我們還在我們的平台上添加了新的應用人工智慧功能，並進一步深化了我們與微軟的策略合作夥伴關係。

I'll share details on these select growth drivers throughout this call.

我將在本次電話會議中分享有關這些精選成長動力的詳細資訊。

In Q1, our cloud ARR grew to $309 million, up 27% year over year. Cloud now represents 74% of our total ARR of $417 million. In the quarter, we earned SaaS revenue of $77 million, up 30% year over year, and total revenue of $119 million, up 17% year over year.

第一季度，我們的雲端 ARR 成長至 3.09 億美元，年成長 27%。目前，雲端占我們 4.17 億美元總 ARR 的 74%。本季度，我們的 SaaS 營收為 7,700 萬美元，年增 30%，總營收為 1.19 億美元，年增 17%。

Now, I'd like to share some highlights from our fiscal first quarter. I'll start with how we're executing on our vertical AI roadmap, specifically our continued applied AI innovation, its practical applications, and our increasing client adoption.

現在，我想分享第一財季的一些亮點。我將從我們如何執行垂直人工智慧路線圖開始，特別是我們持續的應用人工智慧創新、其實際應用以及我們不斷增加的客戶採用率。

First, we introduced two new AI powered features for Intapp Assist for DealCloud. As you may remember, Intapp Assist brings Generative AI to the daily work of professionals, helping them better apply their intelligence, while driving speed and accuracy.

首先，我們為 Intapp Assist for DealCloud 引入了兩項新的人工智慧功能。您可能還記得，Intapp Assist 將生成式人工智慧帶入專業人士的日常工作中，幫助他們更好地應用他們的智能，同時提高速度和準確性。

Intapp Assist now helps professionals make sourcing recommendations to help professionals quickly identify ideal target companies aligned with firm strategy, such as ideal investment candidates. And Intapp Assist now provides smart tagging to help professionals analyze and organize communications and meeting notes, making complex data easier to search and apply.

Intapp Assist現在可以幫助專業人士提出採購建議，以幫助專業人士快速識別符合公司策略的理想目標公司，例如理想的投資候選人。Intapp Assist 現在提供智慧標記，可協助專業人員分析和組織通訊和會議記錄，使複雜數據更易於搜尋和應用。

We are excited that rising client adoption of Intapp Assist for DealCloud is validating our applied AI strategy and its capability to drive tangible results and positive outcomes for our clients. For example, [Serena Clay], Director of International Marketing and Communications at International Investment Bank DC Advisory said, I think a lot of the time what other companies are saying their AI tools can do can be quite performative. But I think the depth to which DealCloud has demonstrated commitment to it, and also their thought process and roadmap for it has been really impressive.

我們很高興越來越多的客戶採用 Intapp Assist for DealCloud，這驗證了我們應用的人工智慧策略及其為客戶帶來實際成果和積極成果的能力。例如，國際投資銀行 DC Advisory 的國際行銷和傳播總監 [Serena Clay] 表示，我認為很多時候其他公司所說的他們的人工智慧工具可以做的事情可能非常有效。但我認為 DealCloud 所表現出的承諾深度以及他們的思考過程和路線圖確實令人印象深刻。

Second, we expanded the Intapp Assist product brand by announcing the general availability of Intapp Assist for terms. This new generative AI feature makes it easier for legal professionals to comply with client terms by giving them immediate answers to their questions about contractual terms right in Microsoft Teams. This significantly reduces the time and research needed to comply with outside council guidelines and the firm's client and engagement letter commitments. And it's another example of how we reach professionals in the Microsoft apps they're already using every day, easing adoption and furthering their success.

其次，我們宣布 Intapp Assist 全面上市，擴大了 Intapp Assist 產品品牌。這項新的生成式 AI 功能可以在 Microsoft Teams 中立即回答有關合約條款的問題，從而使法律專業人士更輕鬆地遵守客戶條款。這大大減少了遵守外部理事會指導方針以及公司的客戶和業務約定書承諾所需的時間和研究。這是我們如何吸引專業人員使用他們每天都在使用的 Microsoft 應用程式的另一個例子，從而簡化他們的採用並促進他們的成功。

As Carly Numrich, Risk Council at Fredrikson & Byron said, our staff no longer have to go into Intapp terms and search for the right document or contact me with a question. Now, they're able to pull up Microsoft Teams and ask it terms questions, such as what are my payment terms with this client? And Intapp Assist provides the answer. It's a much more streamlined process.

正如 Fredrikson & Byron 風險委員會的 Carly Numrich 所說，我們的員工不再需要進入 Intapp 術語並蒐索正確的文件或聯繫我提出問題。現在，他們可以啟動 Microsoft Teams 並詢問條款問題，例如我與該客戶的付款條件是什麼？Intapp Assist 提供了答案。這是一個更簡化的過程。

And we're excited to share that Intapp Walls for Copilot is gaining traction in the market as more firms look to apply trusted AI. The solution helps professionals use Microsoft Copilot AI in a secure, compliant manner, while avoiding revealing protected information. We continue to see opportunity to expand our compliance footprint and help firms benefit from AI, while adhering to their regulatory, ethical, and client commitments.

我們很高興與大家分享，隨著越來越多的公司尋求應用可信任人工智慧，Copilot 的 Intapp Walls 正在市場上獲得關注。此解決方案可協助專業人員以安全、合規的方式使用 Microsoft Copilot AI，同時避免洩漏受保護的資訊。我們繼續看到擴大合規足跡並幫助企業從人工智慧中受益的機會，同時遵守其監管、道德和客戶承諾。

As Tori Carrillo, the application manager from law firm, Nelson Mullins, told us, because we use in tap walls to enforce access rules across our networks and applications, I can confidently point Microsoft Copilot wherever we want. And Copilot will pull only from matters that the user has permission to access.

Nelson Mullins 律師事務所的應用程式經理 Tori Carrillo 告訴我們，因為我們使用分接牆來強制執行網路和應用程式的存取規則，所以我可以自信地將 Microsoft Copilot 指向我們想要的任何地方。Copilot 只會從使用者有權存取的交易中提取內容。

These new AI features and capabilities are great examples of how our co-innovation with Microsoft is helping to propel our applied vertical AI strategy. Speaking of Microsoft, I'll now turn to partnerships and share how we're expanding our robust partner ecosystem to drive growth.

這些新的人工智慧特性和功能是我們與微軟的共同創新如何幫助推動我們應用垂直人工智慧策略的一個很好的例子。說到微軟，我現在將轉向合作夥伴關係，並分享我們如何擴展強大的合作夥伴生態系統以推動成長。

Microsoft continues to be one of our most prominent partners. We're proud to have launched fiscal '25 with renewed top tier and global ISV partner status with Microsoft, based on strong, joint go-to-market activity and Co-sale success. We continue to grow the number and volume of transactions through the Azure Marketplace in Q1, applying to clients in all our verticals and for both land and expand deals.

微軟仍然是我們最重要的合作夥伴之一。基於強大的聯合上市活動和聯合銷售的成功，我們很自豪能夠在 25 財年與 Microsoft 重新獲得頂級和全球 ISV 合作夥伴地位。第一季度，我們透過 Azure 市場持續增加交易數量和交易量，適用於我們所有垂直領域的客戶以及土地和擴展交易。

For example, this quarter, one of the world's largest multinational investment banks significantly increased its number of DealCloud seats for its capital formation team, as it made the use of DealCloud mandatory for specific roles and approval process.

例如，本季度，全球最大的跨國投資銀行之一大幅增加了其資本形成團隊的 DealCloud 席位數量，因為它強制特定角色和審批流程使用 DealCloud。

Next, Cassels Brock & Blackwell, one of the largest business law firms in Canada, purchased in-tap conflicts from the Azure marketplace to manage its conflicts clearance process, reputational risk, and adopt a solution that can scale with the firm's rapid growth.

接下來，加拿大最大的商業律師事務所之一 Cassels Brock & Blackwell 從 Azure 市場購買了即時衝突，以管理其衝突清除流程、聲譽風險，並採用可隨著公司快速成長而擴展的解決方案。

Additionally, our updated partner program, launched a year ago, continues to attract new partners in our target markets. We now have 135 data, technology, and services partners in the program. We're also excited about another six partners who joined the program last quarter, five of which are DealCloud integration partners that bring additional data sets to our already robust platform.

此外，我們一年前推出的更新合作夥伴計劃繼續吸引目標市場的新合作夥伴。目前，我們有 135 個數據、技術和服務合作夥伴參與該計劃。我們也對上季度加入該計劃的另外 6 個合作夥伴感到興奮，其中 5 個是 DealCloud 整合合作夥伴，他們為我們已經強大的平台帶來了更多資料集。

Let's turn now to Q1, wins and cloud migrations, and share some examples of how we're continuing to grow our client base, expand with existing clients, migrate clients to the cloud, and gain traction in new markets.

現在讓我們轉向第一季的勝利和雲端遷移，並分享一些我們如何繼續擴大客戶群、擴大現有客戶、將客戶遷移到雲端以及在新市場中獲得吸引力的範例。

First, I'm pleased to share that we're continuing to grow through the addition of new clients, including Crete PA, a private equity-backed network of accounting and professional services firms, which selected Intapp conflicts to centralize, systematize, and simplify the conflicts clearance process for its member firms.

首先，我很高興地告訴大家，我們正在透過增加新客戶來繼續發展，其中包括Crete PA，這是一家私募股權支持的會計和專業服務公司網絡，該公司選擇Intapp 衝突來集中化、系統化和簡化其成員公司的衝突清除流程。

Next, a nationally recognized restructuring and financial advisory firm, which chose Intapp Conflicts and IntappIntake to support its growth through acquisition.

接下來，一家全國公認的重組和財務諮詢公司選擇了 Intapp Conflicts 和 IntappIntake 透過收購來支持其成長。

We chose these as illustrations of the growing need for compliance checking by accounting firms, as growth through private equity investment and acquisitions increase in that vertical. We see this trend as a significant growth area for Intapp.

我們選擇這些作為例證，說明隨著私募股權投資和收購在該垂直領域的成長，會計師事務所對合規檢查的需求不斷增長。我們認為這一趨勢是 Intapp 的重要成長領域。

And as we continue to win new clients across all our verticals, both domestically and internationally, here are some examples. In the US, a top-ranked venture capital firm focused on revolutionary technologies, chose DealCloud for its robust CRM capabilities for investor tracking, investor reporting, and pipeline management.

隨著我們繼續在國內和國際所有垂直領域贏得新客戶，以下是一些例子。在美國，一家專注於革命性技術的頂級創投公司選擇了 DealCloud，因為它具有強大的 CRM 功能，可用於投資者追蹤、投資者報告和管道管理。

Next, internationally, TGS Baltic, a leading commercial law firm operating across the Baltic states, chose DealCloud to improve its client account program structure and effectiveness, drive cross-selling, and improve identification of new sales opportunities.

接下來，在國際上，TGS Baltic（一家在波羅的海國家運營的領先商業律師事務所）選擇 DealCloud 來改善其客戶帳戶計劃結構和有效性、推動交叉銷售並更好地識別新的銷售機會。

Additionally, cross-selling and upselling success in our existing accounts continue to drive strong net revenue retention. A few notable examples include: national CPA and consulting firm, Forvis Mazars, which uses Intapp employee compliance to manage personal independence and recently expanded its relationship with Intapp. The firm added DealCloud to now support its capital advisors team by leveraging AI to manage complex deals more efficiently.

此外，我們現有客戶的交叉銷售和追加銷售的成功繼續推動強勁的淨收入保留。一些著名的例子包括：國家註冊會計師和諮詢公司 Forvis Mazars，該公司使用 Intapp 員工合規性來管理個人獨立性，並且最近擴大了與 Intapp 的關係。該公司添加了 DealCloud，現在透過利用人工智慧更有效地管理複雜交易來支援其資本顧問團隊。

Next, a multinational law firm and longtime user of our risk and compliance solutions chose DealCloud to support its private equity team. Next, a fast growing business advisory interim management and investment banking firm increased its number of DealCloud seats by almost [400%].

接下來，一家跨國律師事務所和我們風險與合規解決方案的長期用戶選擇 DealCloud 來支援其私募股權團隊。接下來，一家快速發展的商業諮詢臨時管理和投資銀行公司將其 DealCloud 席位數量增加了近[400%]。

And moving on to cloud migrations, we had steady progress here as well this quarter, including AmLaw 200 firm, Honigman, which chose to migrate its four Intapp compliance solutions to the cloud, so it could gain access to the latest applied AI and streamline its internal processes.

轉向雲端遷移，本季度我們也取得了穩步進展，其中包括 AmLaw 200 強公司 Honigman，該公司選擇將其四個 Intapp 合規解決方案遷移到雲端，以便能夠存取最新的應用人工智慧並簡化其流程。內部流程。

Finally, a New York-based AmLaw 100 firm chose to migrate its instance of impact time to the cloud, supporting its goals of achieving more compliant time and billing, more efficient and profitable matter management, and increased client satisfaction.

最後，一家總部位於紐約的AmLaw 100 公司選擇將其影響時間實例遷移到雲端，以支援其實現更合規的時間和計費、更有效率和更有利可圖的事務管理以及提高客戶滿意度的目標。

In conclusion, we're proud of our strong performance in the first quarter and we're optimistic about our continued growth opportunities. As our Q1 performance has shown, we continue to grow by adding new capabilities to our platform and increasing our global and enterprise go-to-market reach. We see continued opportunity both to add new clients across a broad TAM and to deliver greater value by expanding within our existing client base.

總之，我們對第一季的強勁表現感到自豪，並對我們的持續成長機會感到樂觀。正如我們第一季的業績所顯示的那樣，我們透過向我們的平台添加新功能並擴大我們的全球和企業市場覆蓋範圍來繼續成長。我們看到了在廣泛的 TAM 中增加新客戶以及透過擴大現有客戶群來提供更大價值的持續機會。

We're serving a durable end market with our subscription revenue model, industry specific cloud platform, and applied AI and compliance capabilities. We have a great growth opportunity to drive AI, cloud adoption, and modernization across all the industries we serve. As always, I'd like to thank our clients, our partners, our investors, our Board, and our global Intapp team for their teamwork and dedication. Thank you all very much.

我們透過訂閱收入模式、行業特定的雲端平台以及應用的人工智慧和合規能力來服務持久的終端市場。我們擁有巨大的成長機會來推動我們所服務的所有行業的人工智慧、雲端採用和現代化。一如既往，我要感謝我們的客戶、合作夥伴、投資者、董事會和全球 Intapp 團隊的團隊合作和奉獻精神。非常感謝大家。

Okay, David. Over to you.

好吧，大衛。交給你了。

Thanks, John, and thank you, everyone, for joining us today. I'm pleased to report a strong first quarter performance driven by solid SaaS revenue growth, an expanding client base, and enhanced operational efficiency. Together, these achievements position us to extend our leadership, as we pursue an exciting market opportunity in fiscal Q2 2025 and beyond.

謝謝約翰，也謝謝大家今天加入我們。我很高興地報告第一季業績強勁，這得益於 SaaS 收入的穩健成長、客戶群的擴大和營運效率的提高。總之，這些成就使我們能夠擴大我們的領導地位，因為我們在 2025 財年第二季及以後尋求令人興奮的市場機會。

As we begin our fourth fiscal year as a public company, we announced a strategic shift in February focusing on our cloud business over on-premise and service offerings. Accordingly, our disclosures will now highlight SAS revenue and cloud metrics.

隨著我們作為上市公司的第四個財年的開始，我們在二月宣布了策略轉變，重點關注我們的雲端業務，而不是本地和服務產品。因此，我們的揭露現在將突出顯示 SAS 收入和雲端指標。

Starting this quarter, our income statement separates SaaS revenue from on-premise support to better highlight the growth trajectory in our cloud business. For fiscal Q1, SaaS revenue was $76.9 million, up 30% year over year, driven by new client acquisitions, contract expansions, and the migration of on-premise products to the cloud. As of fiscal Q1, 92% of our clients have adopted at least one cloud module.

從本季開始，我們的損益表將 SaaS 營收與本地支援分開，以更好地突顯我們雲端業務的成長軌跡。第一財季，在新客戶收購、合約擴展以及本地產品向雲端遷移的推動下，SaaS 營收為 7,690 萬美元，年增 30%。截至第一財季，我們 92% 的客戶已採用至少一個雲端模組。

As a reminder, our previous disclosure of subscription license included the upfront portion of our on-premise contract. We now report this as license revenue, which also includes the on-premise support portion that previously appeared in SaaS and support. License revenue was $28.5 million in fiscal Q1 of 2% year over year, where price increase and contract expansions were offset by migrations to the cloud.

提醒一下，我們之前揭露的訂閱許可證包括我們內部部署合約的前期部分。我們現在將其報告為許可證收入，其中還包括先前出現在 SaaS 和支援中的本地支援部分。第一財季的授權收入為 2,850 萬美元，年增 2%，其中價格上漲和合約擴展被雲端遷移所抵銷。

To help bridge the previous SaaS and support taxonomy, revenue totaled in FQ1, [$91.5 million], up 25% year over year, driven by sales to new clients and expansion of existing clients through cross-selling and up-selling initiatives. Professional services revenue totaled $13.4 million, down 8% year over year, reflecting our strategy to de-emphasize services revenue. This approach aligns with our focus on deferring more of these functions to our partners, allowing us to concentrate on overall client satisfaction.

為了幫助彌合先前的SaaS 和支援分類，第一季的總收入為[9,150 萬美元]，同比增長25%，這主要得益於向新客戶的銷售以及透過交叉銷售和追加銷售計劃擴大現有客戶。專業服務收入總計 1,340 萬美元，年減 8%，反映了我們淡化服務收入的策略。這種方法與我們將更多這些職能推遲給合作夥伴的重點一致，使我們能夠專注於整體客戶滿意度。

Total revenue was $118.8 million, up 17% year over year, driven primarily by sales of our cloud solutions. Our international business continues to present growth opportunities for expansion and greater platform utilization beyond the US.

總營收為 1.188 億美元，年增 17%，主要由雲端解決方案的銷售推動。我們的國際業務持續為美國以外地區的擴張和提高平台利用率提供成長機會。

Revenue from our international operations remains strong, comprising approximately 34% of total revenue in fiscal Q1, up from 31% a year ago.

我們的國際業務收入依然強勁，約佔第一財季總營收的 34%，高於一年前的 31%。

At the present recent quarters, we continue to invest in and expand our alliances and partner ecosystem around Intapp. Since elevating our partner program a year ago, we have attracted new partners across our target markets, now totaling 135 data, technology, and service partners, a 20% year-over-year increase.

在最近幾個季度，我們繼續投資並擴大圍繞 Intapp 的聯盟和合作夥伴生態系統。自從一年前提升合作夥伴計畫以來，我們在目標市場吸引了新的合作夥伴，目前數據、技術和服務合作夥伴總數達到 135 個，年增 20%。

With additional accreditation and enablement, these investments enhance our capabilities in deal generation, technology, data, and implementation. And we remain optimistic about their ongoing impact. Intapp's new vertical SaaS AI offerings, Assist and Walls, for Copilot contributed once again this quarter. While it is still early in our product rollout, pipeline development, and client provisioning, we are excited about the growth prospects ahead in fiscal 2025 and beyond.

透過額外的認證和支持，這些投資增強了我們在交易生成、技術、數據和實施方面的能力。我們對其持續影響保持樂觀。Intapp 為 Copilot 提供的新垂直 SaaS AI 產品 Assist 和 Walls 在本季度再次做出了貢獻。雖然我們的產品推出、管道開發和客戶配置仍處於早期階段，但我們對 2025 財年及以後的成長前景感到興奮。

Q1 non-GAAP gross margin was 76.3% up from 71.8% in the prior year period. This margin improvement was driven by a services mix and cloud optimization efforts. Non-GAAP operating expenses totaled $75.6 million compared to $66.5 million in the prior year period, reflecting our continued investment in product-led growth.

第一季非 GAAP 毛利率為 76.3%，高於去年同期的 71.8%。這一利潤率的提高是由服務組合和雲端優化工作所推動的。非 GAAP 營運費用總計 7,560 萬美元，而去年同期為 6,650 萬美元，反映出我們對產品主導型成長的持續投資。

As we continue to focus on our operational efficiency, non-GAAP operating income was $15.1 million, as compared to $6.4 million in the prior year period. Non-GAAP diluted EPS was $0.21 in the first quarter of fiscal 2025, as compared to six cents in the prior year period.

由於我們繼續關注營運效率，非 GAAP 營運收入為 1,510 萬美元，而去年同期為 640 萬美元。2025 財年第一季非 GAAP 攤薄後每股收益為 0.21 美元，而去年同期為 6 美分。

Free cash flow, which is defined as our cash flow from operations less capital expenditures, was $24.1 million for the first quarter, or 20% of total revenue. We exited the quarter with $253.8 million of cash and cash equivalents.

第一季自由現金流（定義為營運現金流減去資本支出）為 2,410 萬美元，佔總收入的 20%。本季結束時，我們持有 2.538 億美元的現金和現金等價物。

Turning to our key metrics, cloud ARR was up 27% year over year, and total ARR was up 19% year over year. Total remaining performance obligations were $549.4 million, up 32% year over year. Overall, we remain committed to executing our land and expand model, ending the quarter with over 2,600 clients. Of these, 707 had an annual recurring revenue of at least $100,000, up from $626,000 in the previous year. Our cloud net revenue retention rate highlights our ability to retain and steadily grow business with existing cloud clients, reaching 119% in Q1 FY25.

就我們的關鍵指標而言，雲端 ARR 年成長 27%，總 ARR 年成長 19%。剩餘履約義務總額為 5.494 億美元，年增 32%。總體而言，我們仍然致力於執行我們的土地和擴張模式，本季末擁有超過 2,600 家客戶。其中，707 的年度經常性收入至少為 10 萬美元，高於去年的 62.6 萬美元。我們的雲端淨收入保留率凸顯了我們保留並穩定發展現有雲端客戶業務的能力，在 2025 財年第一季達到 119%。

Now turning to our outlook for the second quarter of fiscal 2025, we expect fast revenue of between $79.5 million and $80.5 million. As these are newly provided revenue outlook metrics, we are also providing the implied year-to-year growth outlook of between 26% and 28%; total revenue in the range of $120.5 million and $121.5 million; non-GAAP operating income in the range of $14 million and $15 million; and non-GAAP ETS results of $0.15 to $0.17 using a diluted share count weighted for the quarter of approximately 83 million common shares outstanding.

現在轉向我們對 2025 財年第二季的展望，我們預計營收將在 7,950 萬美元至 8,050 萬美元之間。由於這些是新提供的營收前景指標，我們也提供了 26% 至 28% 之間的隱含年成長前景；總收入在 1.205 億美元至 1.215 億美元之間；非公認會計準則營業收入在 1,400 萬美元至 1,500 萬美元之間；根據本季約 8,300 萬股已發行普通股的稀釋股數加權，非 GAAP ETS 業績為 0.15 美元至 0.17 美元。

For the full year fiscal 2025, we expect fast revenue between $327.6 million and $331.6 million. As these are newly provided revenue outlook metrics, we also are providing the implied year-over-year growth outlook of between 26% and 28%. Total revenue in the range of $495.5 million and $499.5 million. We also expect non-GAAP operating income in a range of $61.5 million and $65.5 million. And non-GAAP EPS in the range of $0.73 to $0.77, using a diluted share count weighted for fiscal year '25 of approximately $84 million, common shares outstanding.

對於 2025 財年全年，我們預計營收將在 3.276 億美元至 3.316 億美元之間。由於這些是新提供的營收前景指標，我們也提供了 26% 至 28% 的隱含年成長前景。總收入在 4.955 億美元至 4.995 億美元之間。我們也預計非 GAAP 營業收入在 6,150 萬美元至 6,550 萬美元之間。非 GAAP 每股盈餘在 0.73 美元至 0.77 美元之間，使用 25 財年加權稀釋股數約為 8,400 萬美元已發行普通股。

Thank you. And I'll now turn the call back to the operator.

謝謝。現在我將把電話轉回給接線生。

(Operator Instructions) Steve Enders, Citi.

（操作員指示）Steve Enders，花旗銀行。

Okay, great. Thanks for taking the questions here. I guess maybe just to start, it'd be helpful to, I guess, get a update on maybe what you're seeing out there in the deal environment in? And if there's been any kind of change in some of the macro, or how you're thinking about financial services side in particular, given some of the softness that you saw there in the past year or so?

好的，太好了。感謝您在這裡提出問題。我想也許只是開始，我想，了解您在交易環境中看到的情況的最新情況會有所幫助？鑑於您在過去一年左右看到的一些疲軟情況，某些宏觀方面是否有任何變化，或者您如何看待金融服務方面，特別是？

Thanks, Steve. No, we have not seen a change in the deal environment. Demand has been strong. Our pipeline is quite strong. We do have the experience of lumpiness in the large deals, as we've talked about from time to time. But we've not seen anything related to macro, even in financial services, so that's been great.

謝謝，史蒂夫。不，我們沒有看到交易環境改變。需求一直強勁。我們的管道非常強大。正如我們不時談到的那樣，我們確實有過大型交易中的混亂的經歷。但我們還沒有看到任何與宏觀相關的東西，即使在金融服務領域，所以這很好。

Oh, okay. I guess maybe just to ask a little bit differently. I think we're kind of getting the question from investors just on some of the ARR and billing dynamics here. And I guess it would be good to kind of give your view on maybe how you kind of view the year shaping up from a timing perspective. And if this is maybe in line with your expectations? Or just how you would kind of characterize how this year might take place versus what we might have seen in the past?

哦好的。我想也許只是問得有點不一樣。我認為我們從投資者那裡得到的問題只是關於這裡的一些 ARR 和計費動態。我想從時間的角度談談你對這一年的看法可能會很好。這是否符合您的期望？或者您如何描述今年可能發生的情況與我們過去可能看到的情況？

Sure. So as we've discussed a little bit, Q4 was very strong. We had set up a new strategic team at the beginning of fiscal '24. We had done some investment over the previous years to really develop our enterprise grade features because we were getting interest from larger and larger accounts. And we had good success with that model in '24.

當然。正如我們所討論的，第四季度非常強勁。我們在 24 財年年初成立了一個新的策略團隊。在過去的幾年裡，我們做了一些投資來真正發展我們的企業級功能，因為我們從越來越大的帳戶中獲得了興趣。我們在 24 年透過該模型取得了巨大成功。

So at the start of '25 here, we moved more of our sellers into that same model as strategics. We're calling it enterprise. And we've given more of the named accounts to both a new logo pursuit team and a existing account account management cross sell, up sell team to take advantage of all the new clients that we brought on board in that tier. So Q1 is definitely the time that we move the accounts to the sales team that had good success there.

因此，在 25 年初，我們將更多的賣家轉移到與策略相同的模式。我們稱之為企業。我們也向新商標追求團隊和現有客戶管理交叉銷售、向上銷售團隊提供了更多指定帳戶，以利用我們在該層引入的所有新客戶。因此，第一季絕對是我們將客戶轉移到在那裡取得良好成功的銷售團隊的時候。

We also have the proof point from last year of how well that went. And there's, as we talked about Investor day, 70% of our sale is in our top 2,000 accounts. So we want to make sure that we put the right resource allocation to set ourselves up for the billion dollars and more.

我們也有去年的證據證明這一切都很順利。正如我們在投資者日討論的那樣，我們 70% 的銷售額來自我們的前 2,000 個帳戶。因此，我們希望確保我們進行正確的資源分配，為我們自己做好十億美元甚至更多的準備。

And that's going well, but we did see some pause in the closing of those large accounts. We did not see anything like that in the mid market accounts, which gives us good evidence about the macro. Also, the commentary has been quite strong and the pipeline is the strongest it's ever been.

一切進展順利，但我們確實看到這些大型帳戶的關閉出現了一些暫停。我們在中端市場帳戶中沒有看到類似的情況，這為我們提供了有關宏觀經濟的良好證據。此外，評論也相當強烈，頻道也是有史以來最強大的。

Okay, great. That's all the context. Thanks for taking the questions here.

好的，太好了。這就是所有的背景。感謝您在這裡提出問題。

Kevin McVeigh, UBS.

凱文麥克維，瑞銀集團。

(technical difficulty) to start framing the impact of the alliance that you have, particularly just continues to kind of be enhanced and you know, just so we get a sense of percentages more broadly kind of where it is today and what that can be over time?

（技術難度）開始建立聯盟的影響，特別是繼續增強，你知道，這樣我們就可以更廣泛地了解今天的情況以及可以結束的情況時間？

Kevin, this is John. I apologize. The beginning of your question was --?

凱文，這是約翰。我道歉。你問題的開頭是——？

Sorry, sorry about that. Yeah, just more -- how should we think about kind of the alliances? And you know, does that kind of enhance over time or what percentage of revenue that is today? And how can that scale over time?

抱歉，對此感到抱歉。是的，還有更多——我們應該如何考慮聯盟的類型？你知道，這種情況會隨著時間的推移而增加嗎？隨著時間的推移，這種規模如何擴大？

The Microsoft partnership is the largest one, obviously. We've had a very good amount of progress throughout fiscal '24 and continued in the first quarter of fiscal '25 with increased co-marketing and co-selling activities. Obviously, our product announcements around Intap Assist and Walls for Copilot have gone very well.

顯然，微軟的合作關係是最大的。我們在整個 24 財年取得了很大進展，並在 25 財年第一季繼續取得了進展，聯合行銷和聯合銷售活動有所增加。顯然，我們關於 Intap Assist 和 Walls for Copilot 的產品發布進展順利。

The Azure relationship where the firms can spend part of their minimum. Azure spend their Mac agreement with us because our entire portfolio is available now on the Azure marketplace and the Microsoft sales reps receive commission and quota relief when they sell intact products. So all the components are aligned for us to be co-selling. We also re-qualified for Microsoft's top tier status and global ISE status, which we're very excited about.

Azure 關係，公司可以花費其最低限度的一部分。Azure 與我們簽訂了 Mac 協議，因為我們的整個產品組合現已在 Azure 市場上提供，並且 Microsoft 銷售代表在銷售完整產品時可以獲得佣金和配額減免。因此，所有組件都適合我們共同銷售。我們也重新獲得了 Microsoft 頂級地位和全球 ISE 地位，對此我們感到非常興奮。

And we've got good collaboration in the field. We even have some very important large account deal sharing, lead sharing, going back and forth. And we're co-selling in several important places. So I'm excited about the relationship with Microsoft. It takes a little while to get that going, but a lot of good progress.

我們在該領域有著良好的合作。我們甚至有一些非常重要的大客戶交易共享、潛在客戶共享、來回交換。我們在幾個重要的地方進行聯合銷售。所以我對與微軟的關係感到興奮。實現這一目標需要一些時間，但取得了很大進展。

And then in addition to Microsoft, we have very strong partnership growth. I gave some stats in prepared remarks. But a lot of data partners coming on board, a lot of services partners helping to expand our reach in different parts of the market and internationally. The partnership program is really developing well.

除了微軟之外，我們的合作關係也有非常強勁的成長。我在準備好的發言中給了一些統計數據。但許多數據合作夥伴加入，許多服務合作夥伴幫助擴大我們在市場不同部分和國際上的影響力。合作夥伴計劃確實發展得很好。

And then just to follow up on that, obviously you're seeing a lot of outside success on the margin in terms of literally that the margin upside, particularly relative to how you're guiding. Any thoughts as to what's driving that, number one? And then philosophically, does that continue to flow to the bottom line or do you use that as an opportunity to reinvest and capture more the GenAI opportunity?

然後，為了跟進這一點，顯然你看到了很多外部的成功，從字面上看，利潤上升，特別是相對於你的指導方式。第一，你有什麼想法嗎？然後從哲學角度來看，這是否會繼續影響利潤，還是您會以此為契機再投資並抓住更多 GenAI 機會？

One moment for our next question.

請稍等一下我們的下一個問題。

I'm sorry, Kevin. Just to answer your question on margin, Dave, you want to take that one?

對不起，凱文。只是為了回答你關於保證金的問題，戴夫，你想接受那個嗎？

Yes, I will. Kevin, great question. Thank you. We'll continue to work on our productivity and efficiency, not only on the gross margin, as we continue to scale. We still have some opportunity there. We've been working, and I want to thank, publicly, our services team, continue to bring that to not only neutral, but beyond that, as well as there's still scale opportunity within our cloud operations altogether.

是的，我會。凱文，好問題。謝謝。隨著我們規模的不斷擴大，我們將繼續提高生產力和效率，而不僅僅是毛利率。我們在那裡仍然有一些機會。我們一直在努力，我想公開感謝我們的服務團隊，他們不僅繼續保持中立，而且超越了這一目標，並且在我們的雲端營運中仍然存在規模化機會。

And then when you go below the line, clearly we're going to continue to invest in the company. We've continued to invest. So this hasn't been an absolute reduction, but where you have seen scale has been both in our sales and marketing productivity, as well as in our G&A.

然後，當你跌破底線時，顯然我們將繼續投資該公司。我們繼續投資。因此，這並不是絕對的減少，但您所看到的規模既體現在我們的銷售和行銷生產力，也體現在我們的一般管理費用方面。

And so when you think about how we continue to invest and stay ahead of the front, specifically in our product led growth organization, that's where you'll continue to see more of an orientation within our product and engineering teams, which gets to your question of GenAI and other narratives on that.

因此，當您考慮我們如何繼續投資並保持領先地位時，特別是在我們以產品為主導的成長組織中，您將繼續在我們的產品和工程團隊中看到更多的方向，這會解答您的問題GenAI 和其他相關敘述。

Very excited about our roadmap and what that will continue to entail, as well as where that leads us in the back half of this fiscal year.

我們對我們的路線圖以及該路線圖將繼續帶來的內容以及本財年後半段我們將走向何方感到非常興奮。

Thanks, Kevin.

謝謝，凱文。

Alexei Gogolev, JP Morgan.

阿列克謝‧戈戈列夫，摩根大通。

Thank you. Hello, everyone. John, David, may I confirm the implied guidance for share of SaaS revenues in the back half of fiscal 2025? It seems like you're suggesting there might be slightly lower share of those revenues in the second half of the year versus 2Q, maybe some outlook or color, why that might be?

謝謝。大家好。John、David，我可以確認 2025 財政年度下半年 SaaS 收入份額的隱含指引嗎？您似乎在暗示下半年這些收入的份額可能會比第二季度略低，也許有一些前景或色彩，為什麼會這樣？

Sorry, could you repeat the question? Were you looking at just the pure SaaS or SaaS and support or --?

抱歉，您能重複這個問題嗎？您是否只專注於純粹的 SaaS，或者 SaaS 和支持，還是——？

Well, you're disclosing pure SaaS now and in 2Q you're guiding 67% or there about almost 67% and for full year closer to 66%. Just trying to understand if you're expecting some change in the revenue mix or this is just conservative assumption?

嗯，您現在披露了純 SaaS，在第二季度，您的指導比例為 67% 或接近 67%，全年指導比例接近 66%。只是想了解您是否期望收入組合會發生一些變化，或者這只是保守的假設？

No, we're being prudent on the overall metrics. I think what you'll see, as we uptick both SaaS as well as the total revenue in total, we do have some shift evolutions as we continue to balance license as we talked about, and putting more in the cloud, which is a time and effort and an evolution, as well as you get an associated pickup when that happens that we've talked about. So it's not a matter of if, it's just when. So that's one balancing impact.

不，我們對整體指標持謹慎態度。我想你會看到，隨著我們同時提高SaaS 和總收入，我們確實會發生一些轉變，因為我們會繼續平衡許可證，正如我們所討論的，並將更多內容放入雲中，這是一個時間努力和進化，當我們談到的這種情況發生時，你會得到相關的提升。所以這不是是否的問題，而只是何時的問題。這是一種平衡影響。

And then the other balancing impact is also how we've continued to articulate the services portion. And that we want to, not only focus more on our customer satisfaction, but then also continue to grow our partner economy. And so that's been a balancing act as we think about our respective guide, all of which continue to be very prudent in our eyes. And so we can continue to deliver the expected results.

另一個平衡影響也是我們如何持續闡明服務部分。我們希望不僅更關注客戶滿意度，還要​​繼續發展我們的合作夥伴經濟。因此，當我們考慮各自的指南時，這是一種平衡行為，所有這些指南在我們看來仍然非常謹慎。這樣我們就可以繼續交付預期的結果。

Great, thank you, David. And can you remind us what your outlook is on met new customer additions versus upsell and cross-sell, the ratio that you anticipate going forward?

太好了，謝謝你，大衛。您能否提醒我們，您對新客戶增加與追加銷售和交叉銷售的看法以及您預計未來的比率是什麼？

Yeah, we don't guide specifically on that per se, but I can tell you historically, you've seen about 20%, anywhere from, I'll call it, 20% to 40% of net new logo as far as ACB dollars. And then they responded being the expand motion.

是的，我們本身並沒有具體指導，但我可以告訴你，從歷史上看，你已經看到了大約 20%，我稱之為，就 ACB 而言，20% 到 40% 的淨新徽標美元。然後他們的反應就是展開動議。

So we've got the wonderful opportunity, not only to deliver a billion dollars and beyond just on our net new logos, but then also, as you know, as we continue to cross-sell and up-sell, we have a billion dollar opportunity in front of us just on that motion as well. But for this year and our time and place of how we're thinking about the back half of fiscal 2025, it's going to fall into those ranges.

因此，我們擁有絕佳的機會，不僅可以在我們的淨新徽標上實現 10 億美元甚至更多的收入，而且如您所知，隨著我們繼續交叉銷售和追加銷售，我們擁有 10 億美元就該動議而言，我們面前也有機會。但就今年以及我們如何考慮 2025 財年下半年的時間和地點而言，它將落入這些範圍。

Great. Thank you, David. Thank you.

偉大的。謝謝你，大衛。謝謝。

Cody Kiechle, Bank of America.

科迪·基奇勒，美國銀行。

Yeah. Hey, guys. Thanks so much for taking the question. I had a question on cloud ARR. It just drew 27 and a half percent. Really, really strong performance, all things considered. But I do look at it and it has been decelerating. And I listened to the commentary on the pipeline, which sounds really, really strong. But then I also listened to, you know, it sounds like there might be a little bit of deal elongation out there too.

是的。嘿，夥計們。非常感謝您提出問題。我有一個關於雲端 ARR 的問題。它只吸引了百分之二十七半。綜合考慮，性能真的非常強。但我確實看到了它，並且它一直在減速。我聽了管道上的評論，聽起來真的非常非常強烈。但後來我也聽到，你知道，聽起來好像也可能有一點交易延長。

So I guess the question is, what is the potential for this cloud ARR growth metric to accelerate over the next several quarters from here and what would be the drivers for that?

所以我想問題是，這個雲端 ARR 成長指標在未來幾季加速的潛力有多大，驅動因素是什麼？

Thanks, Cody. So I'll give some points in the day if you can add anything you like. But the core of it is we sell all cloud now, as you know. We're steadily moving up the percentage of the overall business in the cloud, and we report that. So all the new additions add to the cloud growth.

謝謝，科迪。因此，如果您可以添加任何您喜歡的內容，我會在當天給出一些積分。但正如你所知，其核心是我們現在出售所有雲端。我們正在穩步提高雲端整體業務的百分比，我們對此進行了報告。因此，所有新添加的內容都會促進雲端的成長。

We also have more new logos that we acquire each quarter. And so the cross-sell and up-sell that we do to existing clients is all cloud. And so the fundamental growth of the business is in that cloud ARR number. There's also a movement to migrate the existing remaining components of our client base to the cloud. And we talk about that a little bit.

我們每季還會獲得更多新商標。因此，我們對現有客戶進行的交叉銷售和追加銷售都是透過雲端進行的。因此，業務的根本成長在於雲端 ARR 數字。還有一項將我們客戶群的現有剩餘組件遷移到雲端的運動。我們稍微討論一下這個問題。

I think as far as the deals go, as we move up to the larger firms, and you saw some very large numbers in Q4 when we reported the number of million-dollar ARR clients, those firms are, not only large opportunities when we land them, but they're large opportunities when we expand as well. So as we allocated resources to pursue the 2,000 named accounts at the top of the market more and more, which we made a move here in '25 to do more of, I think you're going to see an exciting opportunity for us to bring in larger deals.

我認為就交易而言，隨著我們向更大的公司發展，當我們報告百萬美元的ARR 客戶數量時，您會在第四季度看到一些非常大的數字，這些公司不僅是我們登陸時的巨大機會但當我們擴張時，它們也是巨大的機會。因此，當我們分配資源越來越多地追求市場頂端的2,000 個指定帳戶時，我們在25 年採取了行動，要做更多的事情，我認為您會看到我們帶來的令人興奮的機會在較大的交易中。

They do tend to be lumpier, as we've talked about from quarter to quarter. At the same time, when they come in, we can have some really exciting results. So those are the major components.

正如我們每個季度都討論過的那樣，它們確實往往更加塊狀。同時，當他們進來時，我們可以得到一些非常令人興奮的結果。這些是主要組成部分。

Got it. Thanks for that, John. And maybe just a quick follow up here. Last quarter, you gave a percentage of net new ACV coming from AI products at 4%. I know there's some qualitative, or yeah -- qualitative commentary in the prepared remarks.

知道了。謝謝你，約翰。也許只是在這裡快速跟進。上個季度，您給出的來自人工智慧產品的淨新 ACV 百分比為 4%。我知道在準備好的評論中有一些定性的，或者是的——定性的評論。

But I was wondering if we could get an updated number, was that this quarter versus last quarter? If you could, please? Thank you.

但我想知道我們是否可以獲得更新的數字，是本季與上季相比嗎？如果可以的話可以嗎？謝謝。

Yeah. Hey, Cody, it's Dave. Yeah, we're just going to provide that more so on an annual basis. We know we kind of brought it out last quarter kind of as a rolling thunder just to give some insight and thought leadership in and around how we're monetizing that. That continues and will continue to provide periodic updates, but not one of a quarterly metric.

是的。嘿，科迪，我是戴夫。是的，我們每年都會提供更多的服務。我們知道，我們在上個季度推出了它，就像滾雷一樣，只是為了在我們如何將其貨幣化方面提供一些見解和思想領導。這種情況仍在繼續，並將繼續提供定期更新，但不會提供季度指標。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉，雷蒙德·詹姆斯。

Thank you. John or Dave, can you just elaborate a bit more on the changes in the sales team and go to market that you elaborate that you spoke to? How much of the team was impacted? When did you make those changes? And I'm curious, have you seen any market improvements in terms of productivity to that large account team in October that gave you some visibility to take up the full year guide above the Q1B? Thanks.

謝謝。約翰或戴夫，您能否詳細說明一下銷售團隊的變化以及您所談到的市場情況？團隊中有多少人受到影響？你什麼時候做出這些改變的？我很好奇，您是否看到 10 月份大型客戶團隊的生產力方面有任何市場改善，這使您能夠在第一季以上的全年指南中獲得一些可見性？謝謝。

Thanks, Alex. So we tested out the model in '24. At the very top of the market we saw some excellent results. We moved a significant portion of the team at the beginning of fiscal '25 when we gave new territories and comp plans for the year.

謝謝，亞歷克斯。所以我們在 24 年測試了這個模型。在市場的最頂端，我們看到了一些出色的成果。我們在 25 財年年初調動了團隊的很大一部分，當時我們給出了新的地區和年度薪酬計劃。

I'm very appreciative of the team's excellent work. We have long standing team members who are very experienced in this industry and there was a lot of collaboration to help move accounts to folks in each area.

我非常讚賞團隊的出色工作。我們擁有在該行業經驗豐富的長期團隊成員，並且進行了大量合作來幫助將客戶轉移給各個領域的人員。

We also followed through on what we discussed at Investor Day, which was to put the entire team into a new accounts, existing accounts model, because there's a significant number of new logos across the board for us to go continue to focus on and when we can get to a billion dollars or more just doing that.

我們也貫徹了我們在投資者日討論的內容，將整個團隊放入一個新帳戶、現有帳戶模型中，因為有大量新徽標可供我們繼續關注，當我們僅僅這樣做就可以獲得十億美元或更多。

But we also have a billion dollars or more from cross-sell and upsell. So we wanted to make sure we had the right account management investme,t to drive the whole portfolio through the business. The number of million-dollar accounts that we showed in Q4 came both from new logo acquisition and cross-sell into those large accounts, and there's a huge opportunity for us to meet the needs of the underserved market this way.

但我們也透過交叉銷售和追加銷售獲得了 10 億美元或更多的收入。因此，我們希望確保我們擁有正確的客戶管理投資，以推動整個業務的投資組合。我們在第四季度展示的百萬美元帳戶數量既來自新徽標的獲取，也來自對這些大帳戶的交叉銷售，我們有巨大的機會透過這種方式滿足服務不足的市場的需求。

So I think the resource allocation choice that we moved on here was well proven. I think the opportunity going forward, as people now have had a chance to meet everybody and talk to their new accounts and get going with pipeline advancement, pipeline development, and advancing the deals that were handed over to them are in good shape. And so we're excited about the rest of the year.

所以我認為我們在這裡進行的資源分配選擇已經得到充分證明。我認為未來的機會是好的，因為人們現在有機會與每個人見面，與他們的新客戶交談，並繼續推進管道、開發管道，並推進移交給他們的交易。因此，我們對今年剩餘時間感到興奮。

Okay, thank you for that color. And then maybe we'll follow up for you, Dave, just in terms of the drivers and cloud NRR this quarter. And any changes between end market growth or expansion by solution-type? And then separately, can you disclose the total NRR number for this quarter? Thanks.

好的，謝謝你的顏色。然後，戴夫，我們可能會就本季度的驅動程式和雲端 NRR 進行跟進。終端市場成長或解決方案類型擴張之間有何變化？另外，您能否透露本季的 NRR 總數？謝謝。

Any key drivers? No. I mean, it's continued success. The teams that continue to garner the expands, right? They do a wonderful job doing cross-sell and up-sell, and continue to monetize those opportunities, which even going back to our analyst stand February 22, you've seen the cohorts of each of those respective years and how big they can be. So that's just the continuation of that.

有什麼關鍵驅動因素嗎？不。我的意思是，它持續取得成功。那些繼續獲得擴張的球隊，對嗎？他們在交叉銷售和追加銷售方面做得非常出色，並繼續將這些機會貨幣化，甚至回到我們 2 月 22 日的分析師立場，您已經看到了各個年份的群體以及它們的規模有多大。這只是這個的延續。

I can provide our total NRR and we'll continue to disclose that in our 10-Q. It was approximately 114% within the respective range of 113% to 117%. But I really want to transition everyone over to primary cloud metrics because those are going to be the ones that we're focused on.

我可以提供我們的總 NRR，我們將繼續在 10-Q 中揭露這一點。在113%至117%的相應範圍內約為114%。但我真的想讓每個人都轉向主要的雲端指標，因為這些將是我們關注的重點。

And obviously, that we're garnering more and more attention to as well as support and investment thereof, specifically on the expand motion. Because when you go from on-prem to off-prem, it's going to change some of those cohorts as well, right? And so just don't want to get into a reconciliation of how that attribution is going forward.

顯然，我們正在獲得越來越多的關注、支持和投資，特別是在擴大動議方面。因為當您從本地轉移到外部時，其中一些群體也會發生變化，對嗎？因此，只是不想就該歸因的進展進行協調。

Anyway, there you go.

無論如何，就這樣吧。

All right, great. Thank you both for the color.

好吧，太好了。謝謝兩位的顏色。

Saket Kalia, Barclays.

薩基特·卡利亞，巴克萊銀行。

Okay, great. Hey, guys. Thanks for taking my questions here. John, maybe for you. A lot of great examples in the prepared remarks around new and existing customers and around GenAI. Maybe a bit of a broader question. Can you just speak to sort of where you think we are in the journey of converting those on-prem customers to SaaS?

好的，太好了。嘿，夥計們。感謝您在這裡提出我的問題。約翰，也許適合你。準備好的評論中有很多關於新客戶和現有客戶以及 GenAI 的精彩範例。也許是一個更廣泛的問題。您能否談談您認為我們在將這些本地客戶轉換為 SaaS 的過程中所處的階段？

I mean, there are a lot of things that you can do to entice them to move over. Where are we sort of in that journey? And what do you think is going to change here in fiscal '25 around that? Does that make sense?

我的意思是，你可以做很多事情來吸引他們搬過來。我們在這段旅程中處於什麼位置？您認為 25 財年圍繞這一點將會發生什麼變化？這樣有道理嗎？

Thank you, Saket. We talked at Investor Day about the fact that we historically had been at the client's option, but starting in fiscal '25, we were looking to be a little bit more encouraging to move firms along. And we're definitely doing that. We're doing that in a few ways.

謝謝你，薩凱特。我們在投資者日談到了這樣一個事實，即我們歷來都是由客戶選擇的，但從 25 財年開始，我們希望能更加鼓勵公司前進。我們肯定會這樣做。我們正在透過幾種方式做到這一點。

The first, fundamentally, is you can only get the Generative AI capabilities, and in fact, even more the AI capabilities more broadly in the cloud. And there's a lot of pressure coming from the professionals across these firms to create a more modern experience for them and for the way that they work inside their organizations that they want to take advantage of all these new capabilities. So there's a natural pull that was always there, but I think AI obviously gives a lot of excitement to people to pull that in.

首先，從根本上來說，你只能獲得生成式人工智慧功能，事實上，甚至更廣泛地在雲端中獲得人工智慧功能。這些公司的專業人士面臨著很大的壓力，要求為他們以及他們在組織內部的工作方式創造更現代的體驗，他們希望利用所有這些新功能。因此，自然的吸引力始終存在，但我認為人工智慧顯然為人們帶來了很多興奮，讓人們能夠將這種吸引力吸引進來。

Secondly, there's a real demand from the firms to move into the cloud because of scalability and reliability and security firms have just come to the correct conclusion that they don't have the IT spend scale to create the right kind of security and scalability environment that they could get working with us and partnering with Microsoft or on Azure that the firms basically just need. And so there's a lot of pressure to the firms to get off their on-prem remaining environments themselves and we're benefiting from that.

其次，由於可擴展性和可靠性，公司確實有遷移到雲端的需求，而安全公司剛剛得出正確的結論，即他們沒有足夠的 IT 支出規模來創建合適的安全和可擴展環境，他們可以與我們合作，並與微軟或在公司基本上需要的Azure 上合作。因此，公司面臨著很大的壓力，需要自己擺脫本地剩餘環境，而我們正在從中受益。

And then, you know, I think to your point about what we're doing specifically, we absolutely have a program now in fiscal '25 that we have launched to go through each of the remaining firms that have some on-prem component and help them in a variety of ways to get over the hurdle and move to the cloud platform. Because as Dave showed at Investor Day in some of his client account expansion slides, boy, is it worth it to get those firms onto the cloud because their expansion rate really picks up.

然後，你知道，我認為就你的觀點而言，我們具體正在做什麼，我們現在絕對有一個計劃，我們已經在25 財年啟動了該計劃，以審查剩餘的每家擁有一些本地組件並提供幫助的公司他們透過各種方式來克服障礙並遷移到雲端平台。因為正如戴夫在投資者日上的一些客戶帳戶擴張幻燈片中所展示的那樣，天哪，讓這些公司進入雲端是否值得，因為它們的擴張速度確實在加快。

So we're making judicious prudent choices in each area to help every firm through a variety of techniques make the case to get there. And I'm excited about how positively we're received. There is not a remaining firm out there that's making an argument that they should be on the cloud -- I'm sorry, be on-prem.

因此，我們在每個領域都做出明智、審慎的選擇，透過各種技術幫助每家公司實現這一目標。我很高興我們受到如此積極的歡迎。沒有一家公司主張他們應該在雲端——抱歉，應該在本地。

They all know they need to get to the cloud. It's just a practical question how do they line up their IT schedule to do that.

他們都知道他們需要進入雲端。這只是一個實際問題，他們如何安排 IT 日程來做到這一點。

Got it, got it. That makes a lot of sense.

明白了，明白了。這很有意義。

Dave, maybe for you, maybe to the earlier point just around new ARR being lumpy, you know, it's -- total net new error was down year over year this quarter, of course. But maybe the question is, as you sort of look at the strength that INTAP had in Q4, is there anything that, just looking at the postmortem, we need to keep in mind when thinking about timing in terms of how deals sort of fall in one quarter versus the other?

戴夫，也許對你來說，也許在新的 ARR 不穩定的情況下，你知道，當然，本季的總淨新誤差比去年同期下降。但也許問題是，當你看到 INTAP 在第四季度的實力時，僅僅看看事後分析，我們在考慮交易如何落入的時機時需要牢記什麼？

Not necessarily from a pull forward or push out or anything like that or even a nominal seasonality. I do think as we think about really coming into this new fiscal year, and as John alluded to and getting the teams aligned and organized and a sales kickoff and seeing all the success from previous years, where's the opportunity of kind of how we articulated how we're going to get to a billion dollars and the named accounts and mid market and so on and so on, I think for us, as we think about the opportunity coming into this quarter and others, we've been spending a lot more time on kind of our own-type gen, type analytics, pre-shopping, shopping, where those cohorts land.

不一定是由於前拉或推出或類似的情況，甚至是名義上的季節性。我確實認為，當我們考慮真正進入這個新的財政年度時，正如約翰所提到的那樣，讓團隊協調和組織起來，開始銷售，並看到前幾年取得的所有成功，我們如何闡明如何實現這一個目標的機會在哪裡？在我們自己的類型生成、類型分析、預購、購物以及這些群體登陸的地方。

And to John's earlier point, we haven't seen as strong as type, maybe in the history of our time. And so, you know, we're excited about those opportunities and it's for us to go and monetize and convert those over. And so we like how Q2 started to play out, as well as not only here, but also into the back half of the fiscal year.

對於約翰之前的觀點，我們還沒有看到像類型那樣強大的東西，也許在我們這個時代的歷史中。所以，你知道，我們對這些機會感到興奮，我們應該去貨幣化並轉化這些機會。因此，我們喜歡第二季的開始表現，不僅在這裡，而且還持續到本財年後半段。

Very helpful. Thanks, guys. Thank you.

非常有幫助。謝謝，夥計們。謝謝。

Parker Lane, Stifel.

帕克巷，斯蒂菲爾。

Hey, guys. Thanks for taking the question. You talked a lot about the development and go-to-market around some of the Generative AI opportunity. But I was wondering if you could touch on any particular learnings you've had in discussions with your customers around the pricing and packaging of those solutions. Has there been any sort of changes or excitement around the way you guys are pricing? What are your early impressions of how it's being received?

嘿，夥計們。感謝您提出問題。您談論了很多關於生成式人工智慧機會的開發和上市。但我想知道您是否可以談談您在與客戶討論這些解決方案的定價和包裝時獲得的任何具體經驗。你們的定價方式有什麼改變或令人興奮嗎？您對它的反應有何初步印象？

Thanks, Parker. You know, I think we, as everybody has, have benefited from the whole GenAI buzz over the past year or two on one hand. So the world has done its work to educate the market, even down to the professional users, that there's the potential for something like this out there. I think we're moving into a phase of the GenAI generation, where the general promise is hitting the real world.

謝謝，帕克。你知道，我認為我們和每個人一樣，一方面從過去一兩年的 GenAI 熱潮中受益。因此，全世界都在努力教育市場，甚至是專業用戶，讓他們知道這樣的東西是有潛力的。我認為我們正在進入 GenAI 世代的階段，這個階段的整體前景正在衝擊現實世界。

And our strategy, which we have argued from the beginning, is that these generational shifts in the technology, they happen in specific applications. It's the old killer app idea. What is it that's going to pull in these generations of capabilities with very specific applications that really understand the end user.

我們從一開始就爭論的策略是，技術的這些世代轉變發生在特定的應用中。這是古老的殺手級應用理念。是什麼將這些代的功能與真正了解最終用戶的非常具體的應用程式結合起來。

And I think the vertically oriented companies, obviously, we with this particular end market that's very susceptible to the potential. The whole trick is how do you build very specific applications early on that the user can get an immediate benefit (technical difficulty) coverage and sourcing and origination of new opportunities, cross-selling and looking for opportunities inside the firm's client base.

我認為，顯然，垂直導向的公司，我們這個特殊的終端市場非常容易受到潛力的影響。整個技巧是如何儘早建立非常具體的應用程序，以便用戶可以立即獲得利益（技術難度）覆蓋範圍以及新機會的採購和產生、交叉銷售以及在公司客戶群內尋找機會。

And I was very excited about this in-tap assist for terms launch, which brings the whole concept into our compliance value proposition to help people just talk conversationally through Teams to Intapp Assist. And it answers questions about their promises to clients across the firm, or some promise that some other professional that's one of their partners made somewhere else in the world that they need to know about when working with the client.

我對這個 in-tap Assist for terms 的推出感到非常興奮，它將整個概念帶入我們的合規性價值主張中，以幫助人們透過 Teams 與 Intapp Assist 進行對話。它回答了有關他們對整個公司客戶的承諾的問題，或者他們的合作夥伴之一的其他專業人士在世界其他地方做出的一些承諾，他們在與客戶合作時需要了解這些承諾。

So those specific applications are really winning with the individual users and with the firm's leadership. And from a pricing and packaging standpoint, we've seen good success in being able to defend pricing, even in this era when some of the more generic GenAI systems are getting a little bit of pressure.

因此，這些特定的應用程式確實贏得了個人用戶和公司領導層的青睞。從定價和包裝的角度來看，我們在捍衛定價方面取得了巨大成功，即使在這個時代，一些更通用的 GenAI 系統也面臨著一些壓力。

We've got great value because we've been able to isolate down to some of these specific value propositions. Obviously, over time, Intapp Assist will grow and we'll have more and more of those. We'll be a richer and richer platform, but I think the real trick from a marketing and go-to-market standpoint is really to nail those use cases and the team's done a fantastic job. I'm very grateful to the work that they've done and to the clients for taking it up.

我們擁有巨大的價值，因為我們能夠分離出其中一些特定的價值主張。顯然，隨著時間的推移，Intapp Assist 將會不斷發展，我們也將擁有越來越多的 Intapp Assist。我們將成為一個越來越豐富的平台，但我認為從行銷和進入市場的角度來看，真正的技巧實際上是確定這些用例，團隊做得非常出色。我非常感謝他們所做的工作以及接受這項工作的客戶。

That's great feedback. Thanks, John. I'll get back in.

這是很好的回饋。謝謝，約翰。我會回來的。

Terry Tillman, Truist Securities.

特里·蒂爾曼，Truist 證券公司。

Yeah, thanks for taking my question. I'm not going to ask about ARR. I'm going to focus on KPMG. I think last quarter you all had a pretty important win, I think, in terms of across their global network of businesses. So maybe after that deal being signed, what can you say about your collaboration product in general? Has that been a linchpin to win more business?

是的，謝謝你回答我的問題。我不會問 ARR 的事。我將重點放在畢馬威。我認為上個季度你們在全球商業網絡方面都取得了非常重要的勝利。那麼，也許在簽署協議後，您對您的合作產品總體有何看法？這是贏得更多業務的關鍵嗎？

And then secondly, I think that deal was concluded with an Azure Marketplace situation. And so like, what is that doing in terms of reducing friction and getting deals done in terms of the leveraging credits, et cetera? Thank you.

其次，我認為這筆交易是在 Azure 市場情況下達成的。那麼，在減少摩擦和透過槓桿信貸完成交易等方面有何作用？謝謝。

Thanks, Terry. So you're right, we were very excited about that announcement. It gives us an opportunity to go across the KPMG network in that case, and they're analogous opportunities for us across the whole market. Historically, this end market, these professional and financial services firms have been underserved by a vertical player like us, and we're bringing a purpose-built platform in the cloud.

謝謝，特里。所以你是對的，我們對這一消息感到非常興奮。在這種情況下，它為我們提供了跨越畢馬威網絡的機會，這對我們來說在整個市場上都是類似的機會。從歷史上看，在這個終端市場，這些專業和金融服務公司一直沒有像我們這樣的垂直參與者的服務，我們正在雲端帶來一個專門構建的平台。

We have Generative AI that they just haven't had access to before. So we're excited about that.

我們擁有他們以前從未接觸過的生成式人工智慧。所以我們對此感到興奮。

With regard to collaboration specifically, this is the product that is most closely enabled through the Microsoft partnership, because we help firms take advantage of Microsoft Teams and SharePoint and Microsoft 365, Office 365, in a way that works in the professional firms, where it really understands the deals and matters and engagements and projects that the firms are working on. And it also understands the compliance requirements that those teams have as they work together.

具體就協作而言，這是透過 Microsoft 合作關係實現最密切的產品，因為我們幫助公司以專業公司適用的方式利用 Microsoft Teams、SharePoint 和 Microsoft 365、Office 365，真正了解公司正在進行的交易、事務、約定和項目。它還了解這些團隊在合作時的合規性要求。

So we think it's a great fit. KPMG is one example, but we have quite a few new firms that have come on, taking up our collaboration solution in a way that gives us a lot of confidence about the future there. And KPMG is an interesting example in accounting. We've had a lot of uptake in the accounting market, I think because they have been so underserved historically. We're seeing more uptake in the other markets, but accounting has really gotten excited about it.

所以我們認為這是一個非常適合的選擇。畢馬威就是一個例子，但我們已經有不少新公司出現，採用我們的協作解決方案，這讓我們對那裡的未來充滿信心。畢馬威 (KPMG) 是會計領域的一個有趣的例子。我認為，我們在會計市場上有很多應用，因為它們在歷史上一直服務不足。我們看到其他市場的採用率有所提高，但會計界對此感到非常興奮。

So we're super happy about that. I think with regards to the Azure marketplace question, it has a couple of benefits for reducing friction. One is the firms have already signed a contract with Microsoft that they're going to spend X dollars this year on Microsoft stuff. And so once they've done that, if you can go in and show them capabilities like collaboration that fit their needs for their IT priorities.

所以我們對此感到非常高興。我認為關於 Azure 市場問題，它有幾個減少摩擦的好處。一是這些公司已經與微軟簽署了一份合同，他們今年將在微軟的產品上花費 X 美元。因此，一旦他們完成了這項工作，您是否可以向他們展示協作等功能，以滿足他們 IT 優先事項的需求。

And they've already promised to spend the money, why not spend it with you? And I think that's the simplest argument for the Azure Marketplace, is those Mac agreements. But I also think that firms are trying to simplify their vendor relationships. They want to work with people that are at scale that can supply across the portfolio and so the Intapp-Microsoft partnership really helps them simplify their environment.

而且人家已經答應要花這些錢了，為什麼不跟你一起花呢？我認為對於 Azure 市場來說，最簡單的論點就是那些 Mac 協定。但我也認為公司正在努力簡化他們的供應商關係。他們希望與能夠提供整個產品組合的大規模人員合作，因此 Intapp 與 Microsoft 的合作夥伴關係確實可以幫助他們簡化環境。

And the fact that we're helping them get the most value out of the existing Microsoft spend on Office 365 and Teams really helps them as well. So the field loves it when we engage now. This is one of the first questions that the team asks the prospect is, do you have a relationship here? Do you have a Mac agreement? Can we work with you on the Azure marketplace? And the response is generally very positive because people are getting used to buying it that way.

事實上，我們正​​在幫助他們從 Microsoft 在 Office 365 和 Teams 上的現有支出中獲得最大價值，這也確實對他們有幫助。因此，當我們現在參與時，該領域會很高興。這是團隊向潛在客戶提出的第一個問題，你在這裡有關係嗎？有 Mac 協議嗎？我們可以在 Azure 市場上與您合作嗎？反應通常非常積極，因為人們已經習慣以這種方式購買。

Thanks for the color. Appreciate that.

謝謝你的顏色。很欣賞這一點。

Arvind Ramnani, Piper Sandler.

阿爾文德·拉姆納尼，派珀·桑德勒。

Hi, thanks for taking my question. Yeah, I wanted to ask about your kind of partnership with Microsoft, which obviously has been, kind of a really important part of the equation in terms of your AI strategy. So question one is, are you kind of keeping your options flexible. I mean, clearly Microsoft is still leading the way. But you're keeping your options open as this AI technology continues to evolve and change and there may be like a new kind of leader in the space.

您好，感謝您提出我的問題。是的，我想問一下你們與微軟的合作關係，這顯然是你們人工智慧策略中非常重要的一部分。所以問題一是，你是否保持選擇的彈性。我的意思是，顯然微軟仍然處於領先地位。但隨著人工智慧技術的不斷發展和變化，您將保持開放的選擇，並且該領域可能會出現一種新型的領導者。

And the second thing is, from a cost perspective, is there any risk that Microsoft's going to take it's sort of like leadership position to kind of increase the cost it's pushing with its partners?

第二件事是，從成本角度來看，微軟是否會採取類似的領導地位來增加與合作夥伴的成本？

Thanks, Arvind. On the first point, as we've talked about on other calls at Investor Day, we do have more than one AI technology capability in the company. As we shared with you all, we have been developing AI-based technology for this end market with specialized vertical purpose-built applications for 10 or 15 years. We had some of the first technology in the market 10 or 12 years ago with our time product that helps the lawyers at the time figure out what they should bill for.

謝謝，阿爾文德。關於第一點，正如我們在投資者日的其他電話會議上談到的那樣，我們公司確實擁有不止一種人工智慧技術能力。正如我們與大家分享的那樣，10 或 15 年來，我們一直在為這個終端市場開發基於人工智慧的技術，並提供專門的垂直應用程式。10 或 12 年前，我們的時間產品擁有一些市場上最早的技術，可以幫助當時的律師弄清楚他們應該收取什麼費用。

And over the years, we have grown our AI team. And Generative AI is the most recent example and now it's kind of news everywhere. But we've been in that line of technology for quite a while, because there's such an opportunity in this market in particular to use AI techniques and AI technologies to help firms make sense of structured and unstructured information in a more productive way.

多年來，我們的人工智慧團隊不斷壯大。生成式人工智慧就是最新的例子，現在它已經成為新聞。但我們在這一技術領域已經有一段時間了，因為這個市場有這樣的機會，特別是使用人工智慧技術和人工智慧技術來幫助企業以更有效率的方式理解結構化和非結構化資訊。

So we're big believers in it. And yes, we do have other technologies working inside the platform. So we're not exclusive with Microsoft on AI technology.

所以我們對此深信不疑。是的，我們的平台內確實有其他技術在運作。因此，我們在人工智慧技術上並不與微軟獨家合作。

That being said, this end market is also a very Microsoft oriented market. The professional firms, the financial firms, particularly in their IT departments, but more generally spend all their time in the Microsoft environment. So the partnership is very important.

話雖這麼說，這個終端市場也是一個非常以微軟為導向的市場。專業公司、金融公司，尤其是 IT 部門，但更普遍的是，他們將所有時間都花在 Microsoft 環境中。所以夥伴關係非常重要。

It's also very strategic for us to make sure we can say yes to these firms and be aligned with their IT strategy. And I think that this actually gives us a real advantage versus technology companies that don't have the same alignment with Microsoft's plan.

確保我們能夠接受這些公司並與他們的 IT 策略保持一致對我們來說也非常具有策略意義。我認為，與那些與微軟計劃不符的科技公司相比，這實際上為我們帶來了真正的優勢。

I think your question about cost is kind of the flip side of that. There are all kinds of things progressing in the open source world and elsewhere around AI technologies. And Microsoft certainly has a tremendous position, but there's also all kinds of options out there. So I think we're going to benefit from that as well the whole world and industry on this idea of how do you get the most effective AI at the right cost structure to enable you to bring solutions to market that firms can really take up. And we're going to see how it plays out, but I think Intapp is very well positioned around AI to take the best advantage as we go forward.

我認為你關於成本的問題是另一面。在開源世界和其他圍繞人工智慧技術的地方，各種各樣的事情都在取得進展。微軟當然擁有巨大的地位，但也有各種各樣的選擇。因此，我認為我們以及整個世界和整個行業都將從中受益，因為如何以正確的成本結構獲得最有效的人工智慧，使您能夠將企業可以真正採用的解決方案推向市場。我們將看看它如何發揮作用，但我認為 Intapp 在人工智慧方面處於非常有利的位置，可以在我們前進的過程中發揮最大的優勢。

That's terrific. Thank you so much.

太棒了。太感謝了。

Brian Schwartz, Oppenheimer.

布萊恩·施瓦茨，奧本海默。

Yeah, hi, thanks for taking my questions this afternoon. John, I was hoping to just follow up on your commentary that the large deal activity was -- maybe it was less robust than what the business had seen the last couple quarters. I'm just curious cause the pipeline commentary is very strong. Do you think that that's just seasonality? Or is it a macro or maybe election related? Curious to get what your take is on that.

是的，嗨，謝謝你今天下午回答我的問題。約翰，我希望跟進您的評論，即大型交易活動可能不如過去幾季的業務強勁。我只是很好奇，因為管道評論非常強烈。你認為這只是季節性的嗎？還是它是宏觀的還是與選舉有關的？很想知道你對此有何看法。

Thanks, Brian. I think because we've seen such consistent performance in our mid-market business, the main factor is the realignment that we did at the beginning of fiscal '25 to put more resources against the 2000 enterprise accounts. I think that's the main driver. Whether the election has something to do with the market generally, we probably would have seen in the mid-market. If it did, who knows to that question?

謝謝，布萊恩。我認為，因為我們在中階市場業務中看到瞭如此穩定的業績，所以主要因素是我們在 25 財年年初進行的調整，以便為 2000 個企業帳戶投入更多資源。我認為這是主要驅動力。選舉是否與市場總體有關，我們可能會在中端市場中看到。如果確實如此，誰知道這個問題？

But I think generally speaking, we started the year and did the appropriate assignment of resources to the large accounts with a good proof point from last year about what that could do for us. And I think the opportunity scale is significant. And so we want to build the company to a billion dollars. And I want to make sure we've got the team set up to do it.

但我認為總的來說，我們從今年開始就對大客戶進行了適當的資源分配，去年的情況很好地證明了這能為我們帶來什麼。我認為機會規模很大。因此，我們希望將公司發展到十億美元。我想確保我們已經組建了團隊來做這件事。

And we've got sales professionals who have been through this before. And all they got to do is go meet the firms and get their pipeline advanced. And that's what we saw in the first quarter.

我們的銷售專業人員以前也經歷過這種情況。他們所要做的就是去見這些公司並推進他們的管道。這就是我們在第一季看到的情況。

So I'm comfortable that we've put the right resources against a very large opportunity here and we're set up to go.

因此，我很高興我們已經為這裡的一個非常大的機會投入了正確的資源，並且我們已經做好了出發的準備。

Thank you for that call, John. Appreciate that. David, maybe just one with you. In terms of maybe the assumptions that's underlining your growth guidance, I'm just curious how you're thinking about the capital markets activity? Are you expecting any change in maybe the end market demand for that segment from maybe what you were thinking three months ago, given how interest rates have changed since you last gave guidance? Thanks.

謝謝你的來電，約翰。很欣賞這一點。大衛，也許只有你一個人。就可能強調您的成長指引的假設而言，我只是好奇您如何看待資本市場活動？考慮到自您上次提供指導以來利率發生了怎樣的變化，您是否預計該細分市場的終端市場需求與您三個月前的想法相比會發生任何變化？謝謝。

No. Thanks, Brian. For us, our end markets have been relatively healthy that we've commented on. We have one aberration that we commented approximately a year ago when we saw some headwinds, specifically with one specific group within overall financial services. But if you think about in broad based, everything's been really healthy, quite candidly. And so, this has been about us and able to execute and drive everything from pipe to conversion.

不。謝謝，布萊恩。對我們來說，我們的終端市場一直相對健康，正如我們所評論的那樣。大約一年前，當我們看到一些不利因素時，特別是整體金融服務中的一個特定群體，我們評論了一個異常情況。但如果你從廣泛的角度思考，一切都非常健康，非常坦率。因此，這與我們有關，能夠執行和驅動從管道到轉換的一切。

We're just avid believers in our product, our platform. We believe we're one of nobody who's got the very specific purpose-built platforms for what they're looking for. And so it's for us to go execute outside of whether it be election cycle, outside of some of the capital market, interest rates, other things going on.

我們只是我們產品、平台的狂熱信徒。我們相信，我們是為他們所尋找的東西提供非常具體的專用平台的人之一。因此，我們應該在選舉週期之外、資本市場、利率和其他正在發生的事情之外執行。

Thank you for taking my questions.

感謝您回答我的問題。

Thank you. There are no further questions at this time. I'd like to turn it back to John Hall for closing remarks.

謝謝。目前沒有其他問題。我想請約翰·霍爾做結束語。

Okay. Thanks, everyone. We appreciate your attention and questions. We have a great Q1 behind us and we're excited about our continued momentum throughout fiscal '25. Thanks again for your time today. We look forward to talking to you all next quarter.

好的。謝謝大家。感謝您的關注與提問。我們已經度過了出色的第一季度，我們對整個 25 財年的持續成長勢頭感到興奮。再次感謝您今天抽出時間。我們期待下個季度與大家交談。

This concludes today's conference call. Thank you for participating and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。