monday.com Ltd (MNDY) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Desiree and I will be your conference operator today. At this time, I would like to welcome everyone to the monday.com fourth quarter fiscal year 2024 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我的名字是 Desiree，今天我將擔任您的會議主持人。現在，我歡迎大家參加monday.com 2024財年第四季財報電話會議。（操作員指令）

I would now like to turn the conference over to Byron Stephen, Vice President of Investor Relations. You may begin.

現在，我想將會議交給投資者關係副總裁拜倫‧史蒂芬 (Byron Stephen)。你可以開始了。

Hello everyone, and thank you for joining us on today's conference call to discuss the financial results for monday.com's fourth quarter and fiscal year 2024. Joining me today are Roy Mann and Eran Zinman, Co-CEOs of monday.com, and Eliran Glazer, monday.com CFO.

大家好，感謝您參加今天的電話會議，討論 monday.com 2024 年第四季和財年的財務業績。今天與我一起出席的還有 monday.com 的聯合執行長 Roy Mann 和 Eran Zinman，以及 monday.com 的財務長 Eliran Glazer。

We released our results for the fourth quarter and fiscal year 2024 earlier today. You can find our quarterly shareholder letter, along with our investor presentation, and a replay of today's webcast under the news and events section of our IR website at ir.monday.com.

我們今天稍早發布了 2024 年第四季和財年的業績。您可以在我們 IR 網站 ir.monday.com 的新聞和事件部分找到我們的季度股東信函、投資者介紹以及今天的網路廣播重播。

Certain statements made on the call today will be forward-looking statements, which reflect management's best judgment based on currently available information. These statements involve risk and uncertainties that may cause actual results to differ from our expectations. Please refer to our earnings release for more information on the specific factors that could cause actual results to differ materially from our forward-looking statements.

今天電話會議上的某些陳述將是前瞻性陳述，反映了管理層根據當前可用的資訊做出的最佳判斷。這些聲明涉及風險和不確定性，可能導致實際結果與我們的預期不同。關於可能導致實際結果與我們的前瞻性陳述存在重大差異的具體因素的更多信息，請參閱我們的收益報告。

Additionally, non-GAAP financial measures will be discussed on the call. Reconciliations to the most directly comparable GAAP financial measures are available in the earnings release and the earnings presentation for today's call, which are posted on our Investor Relations website.

此外，電話會議上也將討論非公認會計準則財務指標。與最直接可比較的 GAAP 財務指標的對帳表可在收益報告和今天電話會議的收益報告中找到，這些報告和收益報告已發佈在我們的投資者關係網站上。

Now, let me turn the call over to Roy.

現在，讓我把電話轉給羅伊。

Thank you, Byron, and thank you, everyone, for joining us today. We close out Q4 on a high note, capping off an incredible year. 2024 has been a period of transformation and growth, with our business reaching new heights across every area. We've made substantial progress in solidifying our market leadership while driving innovation to meet the evolving needs of our customers.

謝謝拜倫，也謝謝大家今天的參與。我們以高調結束了第四季度，為不可思議的一年畫上了圓滿的句點。 2024年是轉型和成長的時期，我們的業務在各個領域都達到了新的高度。我們在鞏固市場領導地位方面取得了實質進展，同時推動創新以滿足客戶不斷變化的需求。

A major milestone this year was reaching $1 billion in annual recurring revenue, underscoring the strength of our Work OS platform and the increasing demand of our solutions. Our financial performance was equally exceptional in 2024. We achieved record operating margins and delivered record-free cash flow, reflecting both the efficiency of our business and the scalability of our model.

今年的一個重要里程碑是每年經常性收入達到 10 億美元，這凸顯了我們的 Work OS 平台的實力以及我們解決方案日益增長的需求。2024 年，我們的財務表現同樣出色。我們實現了創紀錄的營業利潤率，並實現了創紀錄的自由現金流，這反映了我們業務的效率和我們模型的可擴展性。

Total revenue in Q4 came in at $268 million, up 32% from a year-ago quarter, and $972 million in FY24, up 33% from the prior year. On the product front, we continued to make considerable progress in our multi-product strategy. Monday's CRM has exceeded expectations, and we added a record number of net new accounts for both CRM and dev during the year.

第四季總營收為 2.68 億美元，較去年同期成長 32%，24 財年總營收為 9.72 億美元，較上年成長 33%。在產品方面，我們在多產品策略方面持續取得長足的進展。Monday 的 CRM 已超乎預期，我們今年為 CRM 和開發增加了創紀錄數量的淨新帳戶。

We were also proud to be recognized as a leader in the Gartner Magic Quadrant in three different categories. This recognition further validates our strategy and our continued commitment to delivering value to our customers.

我們也很榮幸在 Gartner 魔力像限的三個不同類別中被評為領導者。這項認可進一步驗證了我們的策略以及我們持續為客戶提供價值的承諾。

In 2024, we made significant strides in our AI development, unveiling several new capabilities, including AI Blocks. Since AI was integrated into the Monday platform, users have performed approximately 10 million AI actions. This ongoing progress highlights our commitment to enhancing the user experience and driving greater efficiency through innovating AI solutions.

2024 年，我們在 AI 開發方面取得了重大進展，推出了包括 AI Blocks 在內的多項新功能。自從AI融入Monday平台以來，用戶已經執行了約1000萬次AI操作。這項持續進步凸顯了我們致力於透過創新的人工智慧解決方案來增強使用者體驗和提高效率的承諾。

One of the most significant milestones of 2024 was our strategic expansion into the enterprise market. We successfully grew our largest seat count to 80,000 seats, signaling strong adoption and deepening enterprise customer engagement. All this enterprise expansion would not have been possible without mondayDB, our data architecture.

2024 年最重要的里程碑之一是我們向企業市場策略擴張。我們成功地將最大席位數量增加到 80,000 個，這表明企業採用率強勁，且企業客戶參與度不斷加深。如果沒有我們的資料架構mondayDB，所有這些企業擴充都不可能實現。

In 2024, we completed the latest phase of mondayDB, mondayDB 2.0, enhancing the platform's scalability to support larger, more complex use cases. As we look ahead to 2025, we remain focused on continuing this momentum, building on our achievements and further expanding our reach and impact with a strong foundation in place. We are excited for the opportunities to come.

2024 年，我們完成了 mondayDB 的最新階段，即 mondayDB 2.0，增強了平台的可擴展性，以支援更大、更複雜的用例。展望 2025 年，我們將繼續致力於延續這一勢頭，鞏固所取得的成就，並在堅實的基礎上進一步擴大我們的影響力和覆蓋範圍。我們對即將到來的機會感到興奮。

Let me now turn it over to Eran to walk you through some of the product highlights of this quarter.

現在，讓我讓 Eran 向您介紹本季的一些產品亮點。

Thank you, Roy. We're excited to announce that monday service is now officially available to all customers. monday service is an AI-first enterprise service management solution that helps service teams deliver exceptional support faster through smart AI-powered automation. Initial customer demand has been very strong, with monday service already showing the highest cross-sell of our new products and the highest ACV of the entire Monday product suite.

謝謝你，羅伊。我們很高興地宣布，週一服務現已正式向所有客戶提供。 monday service 是一種人工智慧優先的企業服務管理解決方案，可協助服務團隊透過智慧人工智慧自動化更快地提供卓越的支援。初始客戶需求非常強勁，週一服務已經顯示出我們新產品的最高交叉銷售和整個週一產品套件中最高的 ACV。

As Roy mentioned, we have been very busy on the AI front. To make AI more accessible, we've introduced a flexible, consumption-based pricing model for AI Blocks, offering a baseline level of free usage for all plans. For organizations with larger AI needs, additional usage can be purchased at different levels.

正如 Roy 所提到的，我們在人工智慧方面一直非常忙碌。為了讓 AI 更易於訪問，我們為 AI Blocks 引入了靈活的、基於消費的定價模型，為所有計劃提供基準免費使用水平。對於 AI 需求較大的組織，可以分不同等級購買額外使用量。

In 2025, our AI strategy will be focused on three main areas, AI Blocks, Product Power-ups, and Digital Workforce. AI Blocks will be expanded to provide more advanced ways to automate tasks. Through Product Power-ups, AI will be deeply integrated into each product to address specific user needs. And finally, the Digital Workforce will include AI agents, like monday Expert, Deal Facilitator, and Service Analyzer, which will offer actionable insights and streamline processes for users.

2025年，我們的AI策略將集中在三大領域，即AI模組、產品增強和數位化勞動力。AI Blocks 將會擴展，以提供更先進的方法來實現任務的自動化。透過產品升級，AI將深度融入每款產品中，以滿足特定的用戶需求。最後，數位化勞動力將包括人工智慧代理，如 Monday Expert、Deal Facilitator 和服務分析器，它們將為用戶提供可操作的見解並簡化流程。

Looking ahead to 2025, we have a lot to be excited about. Our momentum is stronger than ever, positioning us for continued growth and innovation. The success this year would not have been possible without the dedication and talent of the money.com team.

展望 2025 年，我們有許多值得興奮的事情。我們的勢頭比以往更加強勁，為我們持續成長和創新奠定了基礎。如果沒有 money.com 團隊的奉獻和才華，今年的成功就不可能實現。

In 2024, we increase our workforce by 35%, bringing our total employee headcount to over 2,500, and expect strong hiring in 2025. As we move forward, we remain focused on investing in our people, delivering exceptional value to our customers, and driving sustainable long-term growth for our shareholders.

2024 年，我們的員工人數將增加 35%，使員工總數超過 2,500 人，並且預計 2025 年將有大量招聘。在前進的過程中，我們將繼續專注於投資人才，為客戶提供卓越的價值，並為股東推動可持續的長期成長。

With that, I'll now turn over to Eliran to cover our financial and guidance.

現在，我將把話題轉到 Eliran 身上，由他來負責我們的財務和指導。

Thank you, Eran, and thank you to everyone for joining our call. Today, I'll review our fourth quarter and full year 2024 results in detail and provide initial fiscal year 2025 guidance. As Roy mentioned, 2024 was an exceptionally strong year.

謝謝你，埃蘭，也謝謝大家參加我們的電話會議。今天，我將詳細回顧我們 2024 年第四季和全年的業績，並提供 2025 財年的初步指引。正如羅伊所說，2024 年是異常強勁的一年。

Total revenue in Q4 came in at $268 million, up 32% from the year-ago quarter, and $972 million in fiscal year 2024, up 33% from the prior year. Overall NDR increased to 112% in Q4. We expect NDR to remain stable throughout 2025. As a reminder, our NDR is a trailing four-quarter weighted average calculation.

第四季總營收為 2.68 億美元，較去年同期成長 32%，2024 財年總營收為 9.72 億美元，較上年成長 33%。第四季整體 NDR 增加至 112%。我們預計 NDR 將在 2025 年全年保持穩定。提醒一下，我們的 NDR 是過去四個季度的加權平均計算。

For the reminder of the financial metrics disclosed, unless otherwise noted, I will be referencing non-GAAP financial measures. We have provided a reconciliation of GAAP to non-GAAP financials in our earnings release. Fourth quarter gross margin was 89%. In the medium to long term, we continue to expect gross margin to remain in the high 80s range.

為了提醒您揭露的財務指標，除非另有說明，我將參考非 GAAP 財務指標。我們在收益報告中提供了 GAAP 與非 GAAP 財務數據的對帳表。第四季毛利率為89%。從中長期來看，我們預計毛利率仍將維持在 80% 左右的高點。

Research and development expense was $48.1 million in Q4, or 18% of revenue, up from 16% in the year-ago quarter, and $162.7 million in fiscal year 2024, or 17% of revenue, up from 16% in the prior year. Sales and marketing expense was $127.8 million in Q4, or 48% of revenue, compared to 54% in the year-ago quarter, and $499.7 million in fiscal year 2024, or 51% of revenue, compared to 57% in the prior year.

第四季研發費用為 4,810 萬美元，佔營收的 18%，高於去年同期的 16%；2024 財年研發費用為 1.627 億美元，佔營收的 17%，高於去年的 16%。第四季銷售和行銷費用為 1.278 億美元，佔營收的 48%，而去年同期為 54%；2024 財年銷售和行銷費用為 4.997 億美元，佔營收的 51%，而去年同期為 57%。

Net income was $57.3 million in Q4 '24, up from $33.7 million in Q4 '23. For fiscal year '24, net income was $183.3 million, up from $94.9 million. Diluted net income per share was $1.08 in Q4, and $3.5 in fiscal year '24, based on $52.9 million and $52.4 million, fully diluted shares outstanding, respectively.

24 年第四季淨收入為 5,730 萬美元，高於 23 年第四季的 3,370 萬美元。24財年淨收入為1.833億美元，高於9,490萬美元。第四季每股攤薄淨利潤為 1.08 美元，24 財年每股攤薄淨利潤為 3.5 美元，分別基於 5,290 萬美元和 5,240 萬美元的完全攤薄流通股。

Total employee headcount was 2,508, an increase of 203 employees since Q3. We expect to grow headcount by approximately 30% in fiscal year '25, with heavier investment in the first half of the year, as we continue to ramp up hiring for our sales, R&D, and product teams.

總員工人數為 2,508 人，自第三季以來增加了 203 人。我們預計，25 財年員工人數將增加約 30%，並且我們將在上半年加大投資，繼續增加對銷售、研發和產品團隊的招募。

Moving on to the balance sheet and cash flow, we ended the quarter with $1.41 billion in cash and cash equivalents, up from $1.34 billion at the end of Q3. Free cash flow for Q4 was $72.7 million, and free cash flow margin, as defined as free cash flow as a percentage of revenue, was 27%.

談到資產負債表和現金流，本季末我們的現金和現金等價物為 14.1 億美元，高於第三季末的 13.4 億美元。第四季的自由現金流為 7,270 萬美元，自由現金流利潤率（即自由現金流佔收入的百分比）為 27%。

In fiscal year '24, free cash flow was $295.8 million, and free cash flow margin was 30%. We remain on target to meet our investor day goal of generating over $1 billion in free cash flow from fiscal year '23 to fiscal year '26. Free cash flow is defined as net cash from operating activities, less cash used for property and equipment, and capitalized software costs.

24財年，自由現金流為2.958億美元，自由現金流利潤率為30%。我們仍有望實現投資者日目標，從 23 財年到 26 財年產生超過 10 億美元的自由現金流。自由現金流定義為來自經營活動的淨現金減去用於財產和設備的現金以及資本化的軟體成本。

Now let's turn to our updated outlook for fiscal year 2025. For the first quarter of fiscal year 2025, we expect our revenue to be in the range of $274 million to $276 million, representing growth of 26% to 27% year-over-year. We expect non-GAAP operating income of $25 million to $27 million, and an operating margin of 9% to 10%.

現在讓我們來看看2025財年的最新展望。對於 2025 財年第一季度，我們預計營收在 2.74 億美元至 2.76 億美元之間，年增 26% 至 27%。我們預計非 GAAP 營業收入為 2,500 萬至 2,700 萬美元，營業利潤率為 9% 至 10%。

For the full year 2025, we expect revenue to be in the range of $1,208 million to $1,221 million representing growth of 24% to 26% year-over-year. This forecast assumes a negative impact from FX of 100 basis points to 200 basis points. We expect full year non-GAAP operating income of $134 million to $142 million, and an operating margin of 11% to 12%. We expect full year free cash flow of $300 million to $308 million, and free cash flow margin of approximately 25%.

我們預計 2025 年全年營收將在 12.08 億美元至 12.21 億美元之間，年增 24% 至 26%。此預測假設外匯將產生 100 個基點至 200 個基點的負面影響。我們預計全年非 GAAP 營業收入為 1.34 億美元至 1.42 億美元，營業利潤率為 11% 至 12%。我們預計全年自由現金流為 3 億至 3.08 億美元，自由現金流利潤率約為 25%。

Let me now turn it over to the operator for your questions.

現在，我將把問題轉交給接線員，以便回答您的​​問題。

(Operator Instructions)

（操作員指令）

Pinjalim Bora, JP Morgan.

賓賈利姆·博拉 (Pinjalim Bora)、摩根大通 (JP Morgan)。

Oh great. Hey, thank you for taking the questions and congrats on a strong quarter. I want to start with AI. Seems like your AI capabilities are seeing really strong momentum on AI actions. You introduced some AI credits. Maybe help us understand how the AI credits are supposed to work. It seems like 500 credits is in the plan. How is that going to consume? Is that per AI action? How are you defining an action? And if somebody wants to buy more, what does that pricing look like?

哦，太好了。嘿，感謝您回答這些問題，並祝賀您本季業績強勁。我想從人工智慧開始。看來你們的人工智慧能力在人工智慧行動上呈現了非常強勁的勢頭。你介紹了一些 AI 積分。也許可以幫助我們理解人工智慧信用是如何運作的。看來計劃中有 500 個積分。那怎麼消耗呢？這是 AI 動作嗎？您如何定義動作？如果有人想買更多，定價是多少？

Hi, it's Roy. Thank you for the question. So, what we wanted to do with this different pricing of consumption is that everyone can use it, like all our customer base. And essentially, we have like a starting plan, like you said, for 500. And an action is everything that AI does within our platform, like a summary, like doing any kind of action on the board.

你好，我是羅伊。感謝您的提問。所以，我們希望透過這種不同的消費定價讓每個人都可以使用它，就像我們所有的客戶群一樣。基本上，就像你說的，我們有一個 500 的起始計劃。動作是 AI 在我們的平台內所做的一切，例如摘要，例如在板上執行任何類型的操作。

So essentially, if you create a workflow, you can use a lot of AI actions to build a complete workflow and really automate things in a way you couldn't before. And as you progress and use it more and more, in the consumption model, we have different plans that you can purchase more actions.

因此，從本質上講，如果您建立了一個工作流程，您可以使用許多 AI 操作來建立完整的工作流程，並以以前無法實現的方式真正自動化。隨著您的進步和越來越多地使用它，在消費模式中，我們有不同的計劃，您可以購買更多的行動。

Yeah, understood. Okay. Eliran, one question, the constant currency guide seems very strong, seems like about 26% or over 26% at the high end. Can you talk about some of those assumptions? Because you were seeing a little bit of a choppiness around macro in Europe. How did that progress? What are you assuming for the guide? What are you assuming on pricing benefit?

嗯，明白了。好的。Eliran，有一個問題，恆定匯率指南似乎非常強勁，高端似乎在 26% 左右或超過 26%。您能談談其中的一些假設嗎？因為你看到歐洲宏觀經濟有些波動。進展如何？您對於該指南有何假設？您對定價效益有何假設？

And then lastly, how should we think of contribution from kind of non-core, non-CWM products for 2025? Thank you.

最後，我們該如何看待 2025 年非核心、非 CWM 產品的貢獻？謝謝。

Sure, Pinjalim. So with regards to 2025 guidance, what we took into account is, first of all, we saw consistent demand trends across all regions. The US demand is very healthy. The rest of the world, including Europe and Middle East, is stabilizing compared to what we have seen in November. We took into account the fact that NDR remains stable at 112%. We expected negative FX impact, as you stated, because of geopolitical and strong dollar versus the other currencies. 65% of our revenues or ARR is US dollar-based in terms of reporting.

當然，Pinjalim。因此，關於 2025 年的指導，我們考慮到的是，首先，我們看到所有地區的需求趨勢都一致。美國的需求非常健康。與 11 月相比，包括歐洲和中東在內的世界其他地區正在趨於穩定。我們考慮到 NDR 保持穩定在 112% 的事實。正如您所說，由於地緣政治因素以及美元兌其他貨幣的走強，我們預期外匯市場將產生負面影響。從報告來看，我們的 65% 收入或 ARR 是以美元計算的。

So we estimated around 100 basis points to 200 basis points based on calculations that we have done. We took into account the growth of 30% in headcount in 2025. And we didn't take into account, for example, your prior questions, any revenue from AI. It's still early days to take it into account. And mostly, when we think about products, there is becoming, CRM is becoming more significant in terms of the contribution to the ARR.

因此，根據我們所做的計算，我們估計約為 100 個基點到 200 個基點。我們考慮到2025年員工數量將增加30%。例如，我們沒有考慮到您之前的問題，即來自人工智慧的任何收入。現在考慮這個問題還為時過早。而且大多數情況下，當我們考慮產品時，CRM 對 ARR 的貢獻變得越來越重要。

So we already took it into account. Service is still just out of beta, contributing small amount of revenue, but it's growing really fast. And they've pretty much also took into account certain contributions. But overall, we see the trends that I mentioned as part of our 2025 guidance assumption.

所以我們已經考慮到這一點了。該服務仍處於測試階段，貢獻的收入很少，但成長速度非常快。他們也基本上考慮到了某些貢獻。但總體而言，我們將我提到的趨勢視為 2025 年指導假設的一部分。

Anything on the pricing benefits, Eliran?

Eliran，您能提供一下定價方面的優惠嗎？

So on the pricing, so what we have said last year that we estimate between 2024 to 2026 $80 million contribution. The way we looked at it was around $30 million in fiscal year '24, around $40 million in fiscal year '25, that is already baked into the guidance, and also there is going to be about $10 million in 2026. Because pricing will be rolled out by July 2025. This is where we're going to end the kind of pricing rolled out, that we have done started last year.

關於定價，我們去年說過，我們估計 2024 年至 2026 年之間的貢獻為 8,000 萬美元。我們的看法是，24 財年約為 3,000 萬美元，25 財年約為 4,000 萬美元，這已經包含在預期中，而 2026 年還將達到約 1,000 萬美元。因為定價是將在 2025 年 7 月推出。我們將就此結束去年開始實施的定價政策。

Thank you very much.

非常感謝。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯祖金 (Alex Zukin)

Yeah. Hey, guys. Congratulations on another great quarter. I guess maybe back to the Pinjalim question. If you look at what happened in the quarter for you guys with respect to Europe and the US, what actually transpired in the month of December?

是的。嘿，大家好。恭喜您又一個出色的季度。我想也許可以回到 Pinjalim 的問題。如果您看一下本季歐洲和美國的情況，那麼 12 月究竟發生了什麼事？

And as you think about the pipeline, and specifically on the enterprise, did you see it being more seasonally weighted? Did you see any impacts from the changing competitive landscape? Walk us through a little bit of the shape of the demand curve in the quarter and what it's telling you about as you really head into next year.

當您考慮管道，特別是企業時，您是否認為它更具季節性？您是否看到了競爭格局變化所帶來的影響？請向我們介紹本季需求曲線的形狀，以及它對明年的真正意義。

Yeah. Hi, Alex. This is Eran. So yeah, like Eliran mentioned, the US demand has been pretty much healthy and stable throughout November and January and December. Outside the US, like we stated -- we saw a little bit of choppiness in November, but right now, judging what we've seen, including Europe as well, we see signs of stabilization. So that's great to see. It gives us a lot of confidence going forward.

是的。你好，亞歷克斯。這是 Eran。是的，就像 Eliran 提到的那樣，整個 11 月、1 月和 12 月，美國的需求一直非常健康和穩定。在美國以外的地區，正如我們所說的那樣——我們在 11 月看到了一些波動，但目前，從我們所看到的情況來看，包括歐洲在內，我們都看到了穩定的跡象。我很高興看到這一點。這給了我們很大的信心。

Like I mentioned, there's some FX impact, but apart from that, that's kind of the environment that we've seen going forward. Overall, I would say that growth retention continues to be at record levels, so very strong growth retention and NDR as well. Enterprise has been our fastest growing segment, and it continues to be like that. And we see the growth accelerating in the enterprise segment as well. So judging all those parameters together, it feels healthy, and it feels like we're on track to fill our plans for 2025.

正如我所提到的，存在一些外匯影響，但除此之外，這是我們未來看到的環境。總體而言，我認為成長保持率繼續處於創紀錄水平，因此成長保持率和 NDR 也非常強勁。企業一直是我們成長最快的部門，這種情況將持續下去。我們也看到企業領域的成長正在加速。因此，綜合判斷所有這些參數，感覺情況很健康，而且感覺我們正在按計劃實現 2025 年的計劃。

Maybe I will just Alex, this is Eliran. Maybe just adding to Eran, something that we have said last year, as we see a transition in the business from PLG to SLG motion, we're also starting to see the results of each quarter coming in the back end of the quarter. So going into December, like we used to see a more kind of flat in the prior years, now it's skewed towards the end of each quarter.

也許我會只是亞歷克斯，這是 Eliran。也許只是向 Eran 補充一點，我們去年就說過，隨著我們看到業務從 PLG 到 SLG 動作的轉變，我們也開始看到每季的結果出現在季度末。因此，進入 12 月，就像我們在前幾年看到的一樣，它是一種較為平穩的趨勢，但現在它在每個季度末都出現了偏差。

So we have seen good signs in December compared to what we've seen in November back in Europe-Middle East last year.

因此，與去年 11 月歐洲和中東的情況相比，我們 12 月看到了良好的跡象。

Perfect. And then with respect to the guidance, guys, I'm not going to ask you about price, but what I'm going to ask you about is just given how much stronger the guidance looks, I think to what some people were expecting, maybe just walk us through, A, how are you thinking about the conservatism and the prudence given changing go-to-market dynamics from a talent perspective this year, as well as just how many products you have from service to AI blocks to CRM to dev?

完美的。然後關於指導，夥計們，我不會問你們價格的問題，但我要問的是，鑑於指導看起來有多強，我想這與一些人的預期有關，也許可以引導我們了解一下，A，考慮到今年從人才角度不斷變化的市場進入動態，您如何看待保守主義和審慎主義，以及從服務到 AI 模組到 CRM 到開發，您有多少種產品？

How are you thinking about or layering, more importantly, in those assumptions into this guide relative to previous years? And thank you, guys.

相對於前幾年，您是如何考慮或更重要的是將這些假設分層到本指南中的？謝謝你們。

Yeah, so sure, Alex. So I will repeat what I said to Pinjalim. So first of all, maybe one thing worth mentioning that this year, I think, is more unpredictable when you compare it to prior years, the geopolitical situation across the world is -- to a certain extent, there are some things that you can't really predict. So this is also something that we took into account as part of our guidance.

是的，當然了，亞歷克斯。因此我將重複我對 Pinjalim 說的話。首先，也許值得一提的是，我認為與前幾年相比，今年更難預測，世界各地的地緣政治局勢——在某種程度上，有些事情你無法真正預測。因此，這也是我們在指導中所考慮到的。

To your question on product, we have four products, on the platform with now service being out of data, monday dev, monday CRM, and monday work management. So this is something that obviously we took into account. NDR continues to be stable at 110% and -- 112%. Sorry.

關於產品的問題，我們平台上有四種產品，現在的服務包括資料、星期一開發、星期一 CRM 和星期一工作管理。所以這是我們顯然考慮到的事情。NDR 繼續穩定在 110% 和 -- 112%。對不起。

The new products, will contribute a certain amount of revenue is growing. But other than CRM, that is now becoming more significant, we will see the results of the other products next year. So when we took all this into account, bear in mind that we also increased headcount last year in 35%. And now we see the full impact of this hiring last year. So we try to have a prudent, I don't know what to call it, conservative or not. This is a responsible guidance based on what we know today.

新產品的推出，將為公司不斷成長的收入貢獻一定的收入。但除了 CRM 現在變得越來越重要之外，我們將在明年看到其他產品的結果。因此，當我們將所有這些都考慮在內時，請記住，去年我們的員工人數也增加了 35%。現在我們看到了去年這次招募的全部影響。因此我們努力保持謹慎，我不知道該怎麼稱呼它，保守還是不保守。這是根據我們今天所知所做的負責任的指導。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Perfect. Thank you, guys. And I'll add my congrats. Very nice end to the year here. One thing, Roy, that stuck out in your shareholder letter in regards to service, I think you called out that it's the highest ACV across your product line that you're seeing. I understand. I know, I think it's still a small customer count given how early it is.

完美的。謝謝你們。我還要表示祝賀。今年的結局非常美好。羅伊，您在致股東的信中，關於服務的一條突出的言論是，您提到了這是您產品線中最高的 ACV。我明白。我知道，考慮到時間還早，我認為顧客數量仍然很少。

But can you, you know, walk through what the drivers there are? Like, are you selling this product to larger customers? Are there more add-ons? What makes service higher ACV? And should we expect that to continue as customer count grows for that product?

但您能否介紹一下其中的驅動因素是什麼？例如，您是否將該產品銷售給更大的客戶？還有其他附加元件嗎？什麼使得服務的 ACV 更高？隨著該產品的客戶數量不斷增長，我們是否應該預期這種情況會持續下去？

Yeah. Hi, Arjun. It's Eran. So, yeah, I think it's a combination of a few things. One is, we see -- every product, I would say, has a different go-to-market. But one thing that really stood out with monday Service is that it feels like there's a big overlap between our existing customer base and the potential customer base for service.

是的。你好，阿瓊。是埃蘭。是的，我認為這是多種因素的結合。一是，我們看到──我想說，每種產品的市場進入方式都是不同的。但周一服務真正引人注目的一點是，感覺我們的現有客戶群和潛在的服務客戶群之間有很大的重疊。

So relatively to other products, we see more momentum with cross sell to begin with. It's still low numbers, but just percentage-wise, it feels like there's a big overlap between the audiences of who we already have as a customer and people that are interested in monday Service.

因此，相對於其他產品，我們首先看到交叉銷售的動力更強勁。這個數字仍然很低，但從百分比來看，感覺我們現有的客戶群和對週一服務感興趣的人之間有很大的重疊。

And that led to more mature customers buying into monday Service. Also, it's more of a top-down decision process. So we have, management kind of involved in the process, which ultimately, if you combine those two things, leads to higher ACV deals, more top-down deals. And it just feels like it had a lot of potential to grow into a more kind of mature ACV mid-market enterprise going forward business.

這導致更多成熟的客戶購買 Monday Service。此外，這更像是自上而下的決策過程。因此，我們讓管理層參與這個過程中，最終，如果將這兩件事結合起來，就會帶來更高的 ACV 交易和更多自上而下的交易。而且感覺它有很大的潛力，可以發展成為更成熟的 ACV 中型企業。

All right. That's very helpful. Thank you. And then maybe to follow up, just when I'm looking at, I think, some of the annual customer count disclosures you've given, and if I look at Q4, I think net customer ads for CRM and dev, it's the only thing that looks like there's a little bit of a slowdown.

好的。這非常有幫助。謝謝。然後也許要跟進一下，當我查看您提供的一些年度客戶數量披露時，如果我查看第四季度，我認為 CRM 和開發的淨客戶廣告是唯一看起來有點放緩的東西。

Can you just help us understand what's going on there? Is that mostly your move up market and greater focus on cross-sell, or is there something else on the net new customer front that we should be reading into?

你能幫助我們了解那裡發生了什麼事嗎？這主要是你們向高端市場邁進並更加重視交叉銷售嗎，還是在淨新客戶方面還有其他值得我們關注的事情？

So Arjun just wants to make sure that I understood the question. You relate to the total number of customers, or you speak about CRM and dev? Just want to make sure that I follow the question.

因此 Arjun 只是想確保我理解了這個問題。您與客戶總數有關，還是談論 CRM 和開發？只是想確保我理解了這個問題。

Yeah, thanks, Eliran. It's a little bit of both. Maybe, you know, I think the total customer number also slowed compared to 2023, and then in Q4, CRM and dev. I'm trying to maybe encompass all of it in one question.

是的，謝謝，Eliran。兩者都有一點。也許，你知道，我認為與 2023 年相比，總客戶數量也有所放緩，然後在第四季度，CRM 和開發。我試著用一個問題來概括這一切。

Sure. So in terms of total number of customers, you know, we are now at 245,000 customers, which is more than, I think, most of our peers. As we said in the past few times, we are going to focus on expanding within existing customer base, going up market. And we said that, we are going to probably grow high single digit within the total number of customers.

當然。就客戶總數而言，我們現在有 245,000 名客戶，我認為這比我們的大多數同行都要多。正如我們過去幾次所說的那樣，我們將專注於擴大現有客戶群，並開拓高端市場。我們說過，我們的客戶總數可能會實現高個位數的成長。

With regards to CRM and dev, this is related mainly to seasonality of performance marketing spend. In Q4, usually in Q4 of the year, due to the holidays that are coming at the end of the year, customer acquisition channel spend is usually lower than what we are doing before that.

對於 CRM 和開發而言，這主要與績效行銷支出的季節性有關。在第四季度，通常是每年的第四季度，由於年底的假期，客戶獲取管道支出通常低於先前的水平。

And it's similar to prior year. We allocate more budget to performance marketing spend at the beginning of the year, because we want to get the full impact of the performance rather than the second half of the year. So this is, I would say, the main reason for the numbers that you've seen.

與去年的情況類似。我們在年初就為績效行銷支出分配了更多預算，因為我們希望獲得績效的全部影響，而不是等到下半年。所以我想說，這就是你所看到的數字的主要原因。

Okay, got it. Very clear. Thank you.

好的，明白了。非常清楚。謝謝。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯 (Steve Enders)。

Okay, great. Thanks for taking the questions here. I guess maybe just to start, I want to ask on some of the, I guess, enterprise sales changes that are going on. I know that CRO left last quarter, and it sounds like maybe there's some other changes.

好的，太好了。感謝您在這裡回答問題。我想也許只是開始，我想問一些正在進行的企業銷售變化。我知道 CRO 上個季度離開了，聽起來可能還有其他一些變化。

But how are you kind of thinking about, how that search is going, how you're thinking about kind of future changes in the go-to-market structure or strategy within that? Just, yeah, any more color details around that would be helpful.

但是您是如何看待這個搜尋的進展的，您如何看待未來市場結構或策略的變化？是的，任何有關顏色的詳細資訊都會有幫助。

Yeah. Hi, Steven. This is Eran. So, yeah, definitely, we're looking for a new CRO. We've been pretty invested in the process. Hopefully, we're kind of looking to finalize this process by the end of Q2. We're looking for a person with a proven track record and deep understanding of the complexities of scaling up markets.

是的。你好，史蒂文。這是 Eran。是的，我們確實在尋找新的 CRO。我們已經對這個過程投入了相當多的精力。希望我們能在第二季末完成這項流程。我們正在尋找一位擁有豐富經驗並深刻地理解擴大市場複雜性的人。

I can share that we see great candidates, and hopefully, we'll get somebody across the finish line in the next few months. I would say that given all that, in the last few months, we've seen great results from the CRO organization. You can see that with the enterprise ads and overall momentum feels good.

我可以告訴大家，我們看到了優秀的候選人，希望我們能在接下來的幾個月裡找到某人。我想說，考慮到所有這些，在過去的幾個月裡，我們看到了 CRO 組織的重大成果。您可以看到，企業廣告整體勢頭良好。

So, definitely looking for a replacement. But so far, the management within the organization is doing phenomenal work to drive results forward.

因此，肯定要尋找替代品。但到目前為止，組織內部的管理階層正在做出非凡的工作來推動成果。

Okay, great. That's great to hear. I guess maybe following up on that, it sounds like there's maybe been some catch-up spend in that kind of organization and, further kind of investments coming from a headcount perspective this year. Just, I guess, what is it that you're seeing out there maybe that's leading to the confidence to kind of invest behind that? And just kind of what are you kind of seeing in the pipeline that leads to, yeah, the confidence to fully back that motion?

好的，太好了。我很高興聽到這個消息。我想，也許進一步來說，這聽起來像是在這種組織中可能有一些追趕性支出，而且今年從員工人數的角度來看還有進一步的投資。我只是猜測，您看到的是什麼也許會讓您有信心進行投資？那麼，您在規劃過程中看到了哪些進展，使得我們有信心完全支持這項動議？

Yeah. So, this is Eran again. So, yeah, definitely, we continue to invest into the sales org. Overall, between sales and general partners, managers, our total quota carriers have grown to almost 400, 395 by the end of Q4. It's a significant increase Q-over-Q.

是的。那麼，我又是 Eran。所以，是的，我們肯定會繼續投資銷售組織。總體而言，截至第四季末，包括銷售人員、普通合夥人和經理在內，我們的總配額承擔者人數已增長至近 400,395 人。Q 比 Q 有顯著成長。

Overall, we feel confident scaling the organization for a few reasons. First, we see the results and we see that we have a lot of potential for expansion within our existing customer base. We have those additional products that amazing fuel for our sales team. Our existing customers are scaling more to the enterprise, monday DB was a big unlock for enterprise customers to scale even further.

總的來說，出於一些原因，我們對擴大組織規模充滿信心。首先，我們看到了結果，並發現我們在現有客戶群中具有很大的擴展潛力。我們的這些附加產品為我們的銷售團隊提供了驚人的動力。我們現有的客戶正在向企業進一步擴展，Monday DB 對企業客戶進一步擴展規模起到了巨大的推動作用。

So, it just feels that within our own customer base, there's a lot of potential for growth and we can add even more account managers to expand our customer base. And also, performance marketing continues to be strong and we've seen great demand not just across work management but across the other products as well.

因此，我們感覺在我們自己的客戶群中存在著很大的成長潛力，我們可以增加更多的客戶經理來擴大我們的客戶群。此外，績效行銷持續保持強勁，我們看到不僅在工作管理方面，而且在其他產品方面也存在巨大的需求。

So, if you put all those things together, it just feels that it's very healthy to increase the sales organization. We see the ROI for that and we continue to do that in 2025.

因此，如果將所有這些因素放在一起，就會發現擴大銷售組織是非常有益的。我們看到了投資回報，我們將在 2025 年繼續這樣做。

Perfect. Good to hear. Thanks for taking the question.

完美的。很高興聽到。感謝您回答這個問題。

Gili Naftalovich, Goldman Sachs.

高盛的吉利納夫塔洛維奇 (Gili Naftalovich)。

Hi, good morning, everybody. It's Gillian for Cash. Thanks for taking the question. I have one for Roy and Eran and maybe a follow-up if I can. First, if we can talk about AI, it's so central to the top three pillars you laid out as your strategic priorities in 2025.

大家早安。這是 Gillian 的 Cash。感謝您回答這個問題。我為 Roy 和 Eran 準備了一個，如果可以的話也許還會有後續作品。首先，如果我們可以談論人工智慧，它對於您列出的 2025 年戰略重點的三大支柱至關重要。

I'd love to get your perspective on how you see the AI landscape evolving over the next few years. What do you envision this meaning for monday? How do you believe the engagement with the platform may change and how are you positioning the company to take this opportunity?

我很想聽聽您對未來幾年人工智慧格局發展的看法。您認為這個星期一的意義是什麼？您認為平台的參與度將會發生什麼樣的變化？

Yeah. Hi, Gili, it's Roy. So, when we look at AI and where monday plays in it, we feel we have a huge power of democratizing it, meaning really giving the power to people to build whatever they want, to harness AI into their business, into improving efficiency. And that's what we're doing and that's the feedback we get from the beta we have in blocks and what we've seen customers do.

是的。嗨，吉利，我是羅伊。因此，當我們審視人工智慧以及它在其中所扮演的角色時，我們感到我們擁有使其民主化的巨大力量，這意味著真正賦予人們權力去建構任何他們想要的東西，將人工智慧運用到他們的業務中，從而提高效率。這就是我們正在做的事情，這也是我們從區塊測試版中獲得的反饋以及我們看到的客戶所做的事情。

And going forward, this is what we're planning to go for next in the vision, to actually give people technologies they can use and they can implement right off the bat and that it's easy and fun to use.

展望未來，這就是我們計劃在願景中繼續努力的方向，即真正為人們提供他們可以使用、可以立即實施的技術，並且使用起來既簡單又有趣。

Yeah, very clear. And so, the second question I had was a little bit more on the record number of net new CRM and dev accounts that you mentioned you are able to add this quarter. Can you talk about what drove that momentum? Is this a leading indicator or byproduct of the headcount growth that you guys saw this year or is it a result of maybe a multitude of different factors?

是的，非常清楚。因此，我的第二個問題與您提到的本季能夠增加的淨新增 CRM 和開發帳戶數量有關。您能談談是什麼推動了這種勢頭嗎？這是今年員工人數成長的領先指標或副產品，還是多種不同因素共同作用的結果？

Yeah, I think overall, we're very happy with the -- this is Eran with the ads of customers both in the CRM and dev. I would say that converter Q3, Q4 was a little bit slower and we mentioned that because of performance marketing seasonality. But going to 2025, we definitely see the momentum continues with both of those products.

是的，我認為總的來說，我們對此感到非常滿意——這是 Eran 在 CRM 和開發中為客戶投放的廣告。我想說的是，轉換器 Q3、Q4 稍微慢了一點，我們提到這是因為績效行銷的季節性。但展望 2025 年，我們肯定會看到這兩款產品持續保持強勁勢頭。

I would say that in both, we invested more into going off market in each one of those products, adding more features and functionality, which will also contribute not just to the total number of customers, but to higher ACV in both. So, that's kind of what we focus on right now going forward.

我想說的是，我們對這兩款產品的行銷都投入了更多資金，增加了更多特性和功能，這不僅會增加客戶總數，還會提高兩款產品的 ACV。所以，這就是我們現在關注的重點。

Brent Thill, Jefferies.

傑富瑞的布倫特‧蒂爾 (Brent Thill)。

Thanks. Just back on the hiring front, when you think about quota carrying sales rep hiring versus the stated goal of 30% total growth, are you growing your reps at or below or above that line? And then when you mentioned 395 quota reps, can you just update us what that growth was for '24 over '23 and just give us a sense of what you're seeing from a hiring perspective?

謝謝。回到招募方面，當您考慮承擔配額的銷售代表招募與 30% 整體成長的既定目標時，您的銷售代表成長率是等於、低於還是高於該標準？然後，當您提到 395 名配額代表時，您能否向我們更新 2024 年與 2023 年相比的成長情況，並從招募的角度讓我們了解您看到的情況？

Hi, Brent. This is Eran. So, for the first part of your question, the year-over-year growth in terms of total quota carriers is about 26%, so a little bit below the overall 30% that you mentioned. We plan to ramp up hiring for sales into the first half of 2025. So, this is the plan going forward for 2025. Just a year ago in Q4 of 2023, we had about 313, total quota carriers. So, now almost 400. That's a significant growth in the last year.

你好，布倫特。這是 Eran。所以，對於您問題的第一部分，總配額承運人的同比增長率約為 26%，略低於您提到的總體 30%。我們計劃在 2025 年上半年加大銷售招募。這是 2025 年的未來計畫。就在一年前，也就是 2023 年第四季度，我們的配額承運商總數約為 313 家。現在差不多有 400 了。這是去年的顯著成長。

Okay, great. And now with service added in, when you think about the packaging that go to market, as you move to enterprise, we've seen a lot larger companies do these ELAs or bundles. I mean, how are you thinking about how your packaging is evolving to make it easier to consume the breadth of all these new solutions you're coming to market with?

好的，太好了。現在隨著服務的添加，當您考慮進入市場的包裝時，當您轉向企業時，我們已經看到很多大公司都在做這些 ELA 或捆綁包。我的意思是，您如何考慮您的包裝應該如何發展，以便更容易採用您向市場推出的所有這些新解決方案？

Yeah. So, this is Eran. So, look, I think going forward, definitely we see a future where we sell a bundle of products, definitely the ones that we see high percentages of cross-sale. I think I mentioned this earlier, but I think what's unique with the monday Service release is that we see high percentages of cross-sale. So, that's definitely an indication from work management.

是的。這就是 Eran。所以，我認為展望未來，我們肯定會看到銷售捆綁產品的未來，而且肯定是那些交叉銷售比例很高的產品。我想我之前提到過這一點，但我認為週一服務發布的獨特之處在於我們看到了很高的交叉銷售百分比。所以，這絕對是工作管理的一個跡象。

So, that's definitely an indication for us that potentially work management and monday Service can be packaged together because for a lot of people, a ticket or a request is basically a beginning of a project or a workflow. So, those two products really work well together.

所以，這無疑向我們表明，潛在的工作管理和周一服務可以打包在一起，因為對許多人來說，一張票或一個請求基本上是一個專案或工作流程的開始。所以，這兩種產品確實能很好地協同工作。

So, going forward, we might sell the products in a bundle to begin with, but currently it's mostly focused on cross-sale between existing customers.

因此，展望未來，我們可能會先捆綁銷售產品，但目前主要集中於現有客戶之間的交叉銷售。

Great thanks.

非常感謝。

Brent Bracelin, Piper Sandler.

布倫特·布雷斯林，派珀·桑德勒。

Thank you. Good afternoon. Good morning. I wanted to double-click in North America. It looks like growth in North America accelerated 200 basis points sequentially here, more than offsetting a decellular sign internationally. What drove the strength in North America?

謝謝。午安.早安.我想在北美雙擊。看起來北美的成長在這裡連續加速了 200 個基點，足以抵消國際上的細胞減少跡象。是什麼推動了北美的實力？

Are you seeing SMB optimism start to kind of drive activity? Is it more influenced by large enterprise expansions? Just walk through the strength that you saw in North America this quarter here and what drove that acceleration? Thanks.

您是否看到中小企業的樂觀情緒開始推動活動？是否受大型企業擴張的影響較大？請介紹一下本季北美地區的強勁表現以及推動其加速發展的因素是什麼？謝謝。

Yeah. Hi, Brent. This is Eran. So, I think it's mostly been enterprise customers that are driving that. I mean, we mentioned that we have some choppiness in November and December, but that seems to be stabilized. But I think overall, if we look at longer-term trends, definitely in North America, our enterprise segment has been the strongest in terms of growth. And also, we're reaching bigger and bigger customers. So, that's definitely a very significant driver in that region.

是的。你好，布倫特。這是 Eran。所以，我認為推動這項進程的主要力量是企業客戶。我的意思是，我們提到 11 月和 12 月會出現一些波動，但現在似乎已經穩定下來了。但我認為整體而言，如果我們看長期趨勢，在北美，我們的企業部門的成長無疑是最強勁的。而且，我們正在接觸越來越大的客戶。所以，這絕對是該地區一個非常重要的推動力。

Yeah. Brent, this is Eliran, also to run. I also think we are gaining market share. One of the things that we have seen last year is that we have a strong machine that works really well. There have been some changes in our competitive landscape, which allowed us actually to take market share, to grab market share. Some of our competitors also focused on enterprise. So, it leaves the down market to us in terms of SMBs and mid-market.

是的。布倫特，我是艾利蘭，也來跑步。我還認為我們的市場份額正在擴大。我們去年看到的一件事是，我們擁有一台運作良好的強大機器。我們的競爭格局發生了一些變化，這實際上使我們能夠佔領市場份額。我們的一些競爭對手也專注於企業。因此，就中小企業和中型市場而言，低迷市場就留給我們了。

So, overall, a few trends that are actually pushing us into gaining more market share and increasing our footprint in North America.

因此，總的來說，有一些趨勢實際上正在推動我們獲得更多的市場份額並擴大我們在北美的影響力。

Great to see that. And just as a follow-up here, I know historically, sales, dev, these were largely new products that were landing new customers. I think you mentioned service. I know it was just kind of in beta here, early release, but it was something like 60% cross-sell of the service customers, which is very different than what you saw with dev and sales.

很高興看到這一點。作為後續跟進，我知道從歷史上看，銷售、開發主要是吸引新客戶的新產品。我想您提到了服務。我知道這只是測試版，早期發布，但服務客戶的交叉銷售率約為 60%，這與開發和銷售的情況非常不同。

So, can you just double-click into maybe the cross-sell, why is service different? And are you starting to see broader cross-sell opportunity across all platforms? Thanks.

那麼，您可以雙擊進入交叉銷售，為什麼服務不同？您是否開始看到所有平台上更廣泛的交叉銷售機會？謝謝。

Yeah. So, this is Eran. So, overall, we see more cross-sell between all products. But like I mentioned, there's a lot of synergy between monday Service and monday Work management, mainly because monday Service is usually the beginning of a process or a workflow. So, a lot of people kind of use monday Service to manage the request and the admin around the request, and then kind of move on to actually executing the workflow.

是的。這就是 Eran。因此，總體而言，我們看到所有產品之間的交叉銷售增加。但就像我提到的那樣，週一服務和週一工作管理之間有很多協同作用，主要是因為週一服務通常是流程或工作流程的開始。因此，許多人使用 monday Service 來管理請求和圍繞請求的管理員，然後繼續實際執行工作流程。

I think that's a big benefit also in terms of our market position for customers, but also shows the strength of having multiple monday products. It just feels like the overlap between the buyer for work management and the buyer for monday Services is very large compared to other products. And the synergy between the products is very high as well. So, that's what kind of drove the very high cross-sell percentages that we see.

我認為這對我們為客戶建立的市場地位也是一個很大的好處，同時也體現了我們擁有多種週一產品的實力。感覺與其他產品相比，工作管理的買家和周一服務的買家之間的重疊非常大。而且產品之間的協同作用也非常高。所以，這就是我們看到的非常高的交叉銷售百分比的原因。

Okay. So, just to clarify, you're not seeing service and sales bundled and cross-sell together. You're seeing service and work management more often.

好的。因此，需要澄清的是，您沒有看到服務和銷售捆綁在一起並交叉銷售。您會更頻繁地看到服務和工作管理。

Yeah. I mean, we also see monday dev and monday CRM as well, but just the percentage of the services are way higher.

是的。我的意思是，我們也看到了 monday dev 和 monday CRM，但是服務的百分比要高得多。

Got it. Helpful. Thank you.

知道了。很有幫助。謝謝。

Michael Berg, Wells Fargo.

富國銀行的麥可‧伯格。

Hey, congrats on the call, and thanks for taking my question. I want to double-click on service one more time. Maybe you can help us understand or provide a little bit more color on what it looks like when you land with service initially. Are you landing alongside existing other service solutions? Are you displacing something? Maybe you can help us understand what the customers have in place when you are lending, whether they are monday.com customers or not. Thank you.

嘿，恭喜你接聽電話，謝謝你回答我的問題。我想再次雙擊服務。也許您可以幫助我們理解或提供更多有關您首次使用服務時的情況的詳細資訊。您是否會與現有的其他服務解決方案一起落地？您要取代某些東西嗎？也許您可以幫助我們了解在您放款時客戶的情況，無論他們是否是 monday.com 的客戶。謝謝。

Yeah. Hi, this is Eran. So, first of all, it's important to mention it's not just IT service. What we've seen from the product launch is that obviously we have IT service, but we have HR requests, operations, financial requests, marketing requests, customer support. So, it's a variety of different departments within the organization.

是的。你好，我是 Eran。因此，首先需要指出的是，它不僅僅是 IT 服務。從產品發布中我們看到，我們顯然有 IT 服務，但我們也有人力資源請求、營運、財務請求、行銷請求和客戶支援。因此，組織內有各種不同的部門。

In terms of competition, sometimes we land with another vendor and sometimes we are the only vendor. Sometimes we compete with other players in the market and win the deal. So, I would say it's a combination of all of the above. Mainly, I think, again, it's still early days, but from what we've talked with customers, they love the flexibility of the platform. I think all the big players in this industry have a high degree of flexibility, and this is something that we offer from the very beginning.

在競爭方面，有時我們會與另一家供應商合作，有時我們是唯一的供應商。有時我們會與市場上的其他參與者競爭並贏得交易。所以，我想說這是以上所有因素的結合。主要是，我認為，現在還為時過早，但從我們與客戶的交談來看，他們喜歡該平台的靈活性。我認為這個行業的所有大參與者都具有高度的靈活性，這是我們從一開始就提供的。

So, the fact it's built on the monday platform is a huge benefit, and also the fact that, in a way, monday for them is the centralized way to work. And because monday Service is so deeply integrated with monday CRM and work management, that also gives us a huge benefit over other players in the market.

因此，它建立在星期一平台上這一事實是一個巨大的好處，而且從某種意義上說，星期一對他們來說是一種集中的工作方式。而且由於 Monday Service 與 Monday CRM 和工作管理深度集成，這也使我們比市場上的其他參與者俱有巨大優勢。

So, that's kind of the dynamic we currently see, but as I've mentioned, it's still early days. So, I think as time goes by, we'll have more clarity around this.

所以，這就是我們目前看到的動態，但正如我所提到的，現在還為時過早。所以，我認為隨著時間的推移，我們會對此更加清楚。

Helpful. And then one quick follow-up for you, Eliran. On NRR, it inflected in the quarter in pretty much every metric, and you talked about stabilization on the NRR moving forward. How can we think about the impact of price there and how that's baked into your comment for stabilization of that metric for 2025?

很有幫助。然後還有一件事要快速跟進，Eliran。關於 NRR，本季幾乎所有指標都發生了變化，並且您談到了未來 NRR 的穩定性。我們如何看待那裡的價格影響，以及這與您對 2025 年該指標穩定性的評論有何關聯？

Sure, Michael. So, in terms of, just by way of reminding to everyone, we are reporting a weighted average of the last four quarters. So, we said that gross retention has improved significantly. We have seen good trends last year of increasing numbers. So, now we're starting to see the results of this. And we said we're going to be, last year, we said we're going to be slightly above 110 and 111.

當然，邁克爾。因此，只是為了提醒大家，我們報告的是過去四個季度的加權平均值。所以，我們說總留存率有了顯著提高。去年我們看到了數量增長的良好趨勢。現在我們開始看到其結果了。去年我們說過，我們會略高於 110 和 111。

We will see the tick up as we start this year, and this is what happened. We estimate that the pricing adjustments will positively contribute around 100 basis points to the reported NDR in fiscal year 2025.

今年伊始，我們就會看到這種上升趨勢，而這正是發生的情況。我們估計，價格調整將對 2025 財年報告的 NDR 產生約 100 個基點的正面貢獻。

Helpful. Thank you.

很有幫助。謝謝。

Michael Funk, Bank of America.

美國銀行的麥可‧芬克（Michael Funk）。

Yeah, thank you for the questions this morning. I wanted to ask about the success with larger customers that you've seen recently. If you can just frame maybe the greater complexity of those deals, expansion prospects? May also come back to a comment you made earlier about market share gains and maybe some consolidation you might be seeing among the larger customers?

是的，感謝您今天早上的提問。我想詢問您最近見到的大客戶的成功情況。您能否概括一下這些交易的複雜性以及擴張前景？也許還能回到您之前對市場份額成長的評論，以及您可能會在較大的客戶中看到的一些整合？

Sure, Michael, this is Eliran. So maybe, again, to take you a step back, we have started a process of improving the platform two years ago with mondayDB. So we had our plan to make sure that the platform is going to be scalable. We're going to address speed, performance, and scale. So we are now in a mondayDB 2.1 and we keep improving the infrastructure to allow bigger, larger customers to work on the platform.

當然，邁克爾，這是 Eliran。所以也許，再一次讓我們回顧一下，我們兩年前就已經開始透過 mondayDB 來改進平台。因此我們制定了計劃來確保平台的可擴展性。我們將解決速度、效能和規模的問題。因此，我們現在處於 mondayDB 2.1 階段，並且我們不斷改進基礎設施，以允許更大的客戶在該平台上工作。

In addition to that, we hired people throughout the hiring process of prior year going into this year that are more familiar with selling to the enterprise customers in terms of [lead-market] and enterprise, and this is a process that we continue to do.

除此之外，從去年到今年，我們在招募過程中聘用了更熟悉向企業客戶銷售（領先市場）和企業產品的人才，我們會繼續進行這項流程。

We invested in the depth of the product, not only on the breadth of the products, although we have monday Service. So all of that together by way of the acknowledgment of the market at monday is indeed a platform that can be used within larger and larger customers, also having in mind the fact that we took market share from competitors. So we said that enterprise is our fastest-growing business segment.

我們投資於產品的深度，而不僅僅是產品的廣度，儘管我們有周一的服務。因此，所有這些透過週一對市場的認可確實是一個可以為越來越多的客戶使用的平台，同時也考慮到我們從競爭對手那裡奪取了市場份額。所以我們說企業是我們成長最快的業務部門。

The sales teams are performing well, particularly in the US. And you can also see the increasing [$50,000 and $100,000] customers NDR that is related to large contract expansion with the enterprise customers. Of the above, all of the things that we have done over the past, I see -- I would say, two years, the investment in people, in technology, in product is something that is driving the business forward into the enterprise.

銷售團隊表現良好，尤其是在美國。您還可以看到 [50,000 美元和 100,000 美元] 客戶 NDR 的增加與企業客戶的大型合約擴展有關。綜上所述，我認為，我們過去兩年來所做的所有事情，對人才、技術、產品的投資，都是推動業務向企業發展的動力。

Great, thank you for the color. One more quickly, if I could. Against the backdrop of the strong net adds for CRM and dev and your comments on the macro and adding more quota-carrying reps, is there any reason to believe that net addition is slow in 2025 for CRM and Dev?

太好了，謝謝你的顏色。如果可以的話，我再快點說一遍。在 CRM 和開發的強勁淨增量以及您對宏觀和增加更多配額代表的評論的背景下，是否有理由相信 2025 年 CRM 和開發的淨增量會緩慢？

Yeah, this is Eran. So look, it might slow a little bit. I mean it's kind of hard to predict. But overall, we continue with strong momentum performance margin. I would say that overall, our strategy not just for CRM and dev for the company itself is to go upmarket and have higher customer ACVs.

是的，這是 Eran。所以看起來，它可能會慢一點。我的意思是這有點難以預測。但整體而言，我們仍保持強勁的動量業績利潤率。我想說，總的來說，我們的策略不只是針對 CRM 和公司本身的開發，而是走向高端市場並擁有更高的客戶 ACV。

So I would say that our product focus is not necessarily to add a lot of very small businesses but whether to scale within our existing customers in CRM and dev and bring larger customers. So I would say, definitely in terms of revenue and ARR portion, we continue to accelerate in the product. It's just going to be a different mix between amount of customers and ACV going forward.

因此我想說，我們的產品重點不一定是增加大量小型企業，而是是否能在 CRM 和開發領域擴大現有客戶規模並帶來更大的客戶。因此我想說，就收入和 ARR 部分而言，我們肯定會繼續加速產品的發展。未來客戶數量和 ACV 的組合將會有所不同。

Yeah. It's Roy. Like I think to what Eran said, like the decision to make the price increase is also a decision towards that end, okay? We prefer larger customers, more rather than increase the number of total customers.

是的。是羅伊。就像我認為埃蘭所說的那樣，提高價格的決定也是為了這個目的而做出的決定，好嗎？我們喜歡更大的客戶，而不是增加總客戶數量。

Great. Thank you for the questions.

偉大的。感謝您的提問。

Tom Blakey, Cantor.

湯姆·布萊基，領唱者。

Hi, thanks for taking my question. I might have 2 here. The -- just going back to AI seeing as kind of parabolic increase in AI interactions. A couple of clarifications on the longer-term question. Is it safe to say that there was close to 0, if not 0 AI revenue in calendar '24? I think you mentioned you don't include any AI revenue in your calendar '25 guide. Just wondering what you're seeing in terms of that big uptick in interactions. And if you look out a little bit where you think AI revenue could be at this company in the longer term? And I have a follow-up.

你好，謝謝你回答我的問題。我這裡可能有 2 個。回到人工智慧，我們看到人工智慧互動呈現拋物線式成長。對於長期問題，我做幾點澄清。是否可以肯定地說，24 年的 AI 收入接近 0，甚至為 0？我記得您提到過，您的 25 年日曆指南中沒有包括任何 AI 收入。只是想知道您在互動量大幅增加方面看到了什麼。如果您稍微觀察一下，您認為從長遠來看這家公司的 AI 收入會來自哪裡？我還有一個後續問題。

It's Roy. So it's really too early to say because what we saw is increased usage and then you introduce pricing and then you want to see customer reactions and how they grow. So we didn't predict anything and we couldn't bake it in.

是羅伊。所以現在說還為時過早，因為我們看到的是使用量在增加，然後你引入定價，然後你想看看客戶的反應以及他們如何成長。因此我們並沒有預測到任何事情，也無法將其融入其中。

Going forward, I think when we look at the market, we see so many different pricing strategies for AI. Some is for winning markets, some is for revenue, like we feel confident in the blocks and the usage of actions as additional value that customers are willing to pay for, but we'll have to wait and see how much this is true and what we can expect looking forward.

展望未來，我認為當我們觀察市場時，我們會看到許多不同的人工智慧定價策略。有些是為了贏得市場，有些是為了收入，例如我們對區塊和使用行動作為客戶願意支付的附加價值充滿信心，但我們必須拭目以待，看看這在多大程度上是真實的，以及我們可以期待什麼。

Derrick Wood, TD Cowen.

德里克·伍德（Derrick Wood），TD Cowen。

Great thanks. Congrats on a strong quarter. And I wanted to talk about -- come back to the larger deal theme. And you guys highlighted in the shareholder letter, you captured an 80,000-seat customer in 2024, which I know you've talked about previously. But could you talk about how you feel about the opportunity to see more multi-thousand seat engagements in 2025 versus 2024. Just wondering if we can see a notable uptick in that kind of deal activity or if that will kind of be gradual over the -- looking out over the next few years?

非常感謝。恭喜您本季業績強勁。我想談談——回到更大的交易主題。你們在致股東的信中強調，你們在 2024 年獲得了 8 萬個座位的客戶，我知道你們之前談過這個。但是，您能否談談，與 2024 年相比，您對 2025 年看到更多數千個座位的機會有何感想？只是想知道我們是否可以看到這種交易活動的顯著上升，或者在未來幾年內這種上升是否會逐漸增加？

Sure, Derrick. This is Eliran. So the way we do it is either we land bigger to begin with and then like a top-down transaction that we are now seeing more and more. So this is one way to do it, and we are -- the hiring in the sales organization, the changes that we are now doing in the sales organization, the profile are also contributing to that.

當然，德里克。這是 Eliran。因此，我們的做法是，要么一開始就做大，然後像現在越來越多看到的自上而下的交易。所以這是一種方法，我們在銷售組織中招聘，我們現在在銷售組織中所做的改變，概況也有助於實現這一點。

And on the other hand, we have customers that grew with us for a few years. And once they unlock the value of the platform, and we are adding additional products, they are doing consolidation on monday. We are replacing other vendors in terms of switching. So the trend, I think this is something that we started to see, I would say, about 1.5 years ago and now we're seeing more and more.

另一方面，我們擁有與我們一起成長了幾年的客戶。一旦他們釋放了平台的價值，並且我們增加了更多產品，他們會在周一進行整合。我們正在進行轉換以取代其他供應商。所以我認為，這種趨勢是我們大約一年半前開始看到的，現在我們看到的越來越多。

And it comes rete growth of the platform, the additional products and the profile of the people that we have together with the acknowledgment of monday as a solution that can address enterprise level needs.

這伴隨著平台、附加產品和人員概況的不斷增長，以及對 Monday 作為一種能夠滿足企業級需求的解決方案的認可。

Ittai Kidron, Oppenheimer.

伊泰·基德倫，奧本海默。

Thanks, Guys, I guess, a couple of small ones for me. And following on Derrick's question on the 80,000-seats; great to see the expansion there. Maybe you could give us a little bit more color on the breadth of 10,000-plus seat customers? How many of those are in the wild?

謝謝你們，我想，對我來說是幾個小的。接下來是德里克關於 80,000 個座位的問題；很高興看到那裡的擴張。也許您可以向我們詳細介紹一下 10,000 多個座位的顧客的情況？其中有多少是在野外？

And then second question is regarding AI. Do you see any risk of seat cannibalization with the adoption of your AI solutions? Thank you.

第二個問題是關於人工智慧的。您是否認為採用 AI 解決方案有座位蠶食的風險？謝謝。

Yeah, hi Ittai. It's Eran. So look, I think like Eliran mentioned, overall, we see definitely more potential for larger deals. We had those expansion also this quarter, and we continue to have potential within our existing customer base for more deals like that. So it's kind of hard to predict because it's happening over a few quarters, but definitely something that might happen as well in 2025.

是的，你好，Ittai。是埃蘭。所以，我認為就像 Eliran 提到的那樣，總的來說，我們肯定看到了更多交易的更多潛力。本季我們也進行了這些擴張，我們在現有客戶群中仍有潛力獲得更多類似的交易。所以這很難預測，因為它會持續幾個季度，但 2025 年肯定也會發生。

Regarding AI, so we made a decision, like Roy mentioned, to based on consumption and not place on seats because it's kind of hard to predict the long-term trends, but if AI can replace a manual work and automate some processes, we want people to be able to scale on that regardless of the fact that they're adding more people or not. So that made a lot of sense for us to base the pricing based on consumption. So I don't think it will cannibalize the seat count that we have, but just offer a different path of capability for our customers based on usage and not necessarily people.

關於人工智慧，我們做出了一個決定，就像 Roy 提到的那樣，基於消費而不是基於座位，因為很難預測長期趨勢，但如果人工智慧可以取代手工工作並使某些流程自動化，我們希望人們能夠在此基礎上擴大規模，無論他們是否增加更多人手。因此，我們根據消費量來定價是非常有意義的。因此，我認為它不會蠶食我們現有的座位數量，而只是根據使用情況（而不一定是人員）為我們的客戶提供不同的能力路徑。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

Hey guys, So on one of the slides in your deck, the slide is where do we want to go from here, it lists expanding core work product lines as a key initiative. So I guess that begs the big picture question, like where does monday go next? Any thoughts?

嘿夥計們，所以在你們的幻燈片之一上，這張幻燈片是關於我們想要從這裡走向何方，它列出了擴大核心工作產品線作為一項關鍵舉措。所以我想這引出了一個大問題，例如周一接下來會去哪裡？有什麼想法嗎？

Yeah. So the general question, it's Roy. So one big thing is really deepening each one of our products into a suite like we took a conscious decision to deepen everything. Like what Eliran mentioned, the platform itself, the scalability, robustness that you can rely on it more and more, each one of our products, like we released in CRM, the marketing solution.

是的。所以一般的問題是羅伊。因此，一件大事就是將我們的每款產品深化為一個套件，就像我們有意識地決定深化所有產品一樣。就像 Eliran 提到的，平臺本身的可擴展性、穩健性使您可以越來越依賴它，我們的每一款產品，例如我們在 CRM、行銷解決方案中發布的產品。

And we have like massive markets to go after and so we want to deepen the offering. And then AI is also a huge thing. Blocks is one of them, but we're also embedding AI within each one of the products in a way that really accelerates the vision we have. Like in project management, it will help people turn all their portfolio into being way more predictable, for example, CRM sell more. And so we have a very clear road map of like giving the same value just more, faster, better, and deeper.

我們擁有龐大的市場需要追求，因此我們希望深化產品供應。然後人工智慧也是一件大事。Blocks 就是其中之一，但我們也在每個產品中嵌入人工智慧，以真正加速我們實現願景。就像在專案管理中一樣，它將幫助人們將所有投資組合變得更加可預測，例如 CRM 銷售更多。因此，我們有一個非常清晰的路線圖，即提供相同的價值，但更多、更快、更好、更深。

Jackson Ader, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Jackson Ader。

Great, thanks for taking our questions. So my questions are around the sales-led growth function. Just curious how you guys are managing the puts and takes on sales cycles as you begin to stack up multiproduct deals that might elongate some sales cycles and just make things generally more complex. So I'm curious about just the basic blocking and tackling you're doing around those sales cycles?

太好了，感謝您回答我們的問題。我的問題是關於銷售主導的成長功能。只是好奇你們是如何管理銷售週期的投入和產出，因為你們開始堆積多產品交易，這可能會延長一些銷售週期，並使事情變得更加複雜。所以我很好奇您在這些銷售週期中所做的基本阻止和處理？

And then the other thing is, what would be like the best indicator of the efficacy of the sales-led growth motion that we should be kind of tuning into? Is there a way to split out maybe the enterprise customer lands versus existing customers or kind of graduates into that [$50,000 or $100,000], but yes, just some of the KPIs that we should all be looking out for to see if the sales-led growth motion is really working out? Thank you.

那麼另一件事是，我們應該關注的銷售拉動成長動力的有效性的最佳指標是什麼？有沒有辦法將企業客戶與現有客戶或畢業生區分開來（50,000 美元或 100,000 美元），但是是的，我們都應該關注這些 KPI，以查看銷售帶動的增長動能是否真的有效？謝謝。

Yeah. Jackson, it's Eran. So regarding the first part of your question about the product. So definitely, we put a lot of thought into this. So I would say it's a combination of a few things. One, we have customers landing for multiple marketing campaigns, some land for our CRM products, some for work management, debt service, et cetera. So right now, the way it works, we have specialized teams for each one of those products that are handling new customers, depending on the products that they chose. And we basically scale those things based on the demand that we see and just to scale the product.

是的。傑克遜，我是埃蘭。關於您關於產品的問題的第一部分。所以，我們確實對此進行了深思熟慮。所以我想說這是多種因素的結合。一方面，我們有客戶參與多項行銷活動，有些客戶參與我們的 CRM 產品，有些客戶參與工作管理、債務償還等等。現在，我們的做法是，針對每一種產品，我們都有專門的團隊來處理新客戶，這取決於他們選擇的產品。我們基本上根據所看到的需求來擴展這些內容並擴大產品規模。

And then in addition to that, we have account managers that are already engaged with customers and when they identify an opportunity for expansion, whether it's through our big brand system, that identify new people joining the organization for one of the departments or whether it's by relationship and conversation, we have special functions called overlaid, which basically helps them cross-sell with people that specialize in those area, whether it's CRM or service and so on. And they help them close kind of initial deals with the decision-makers in the organization.

除此之外，我們還有已經與客戶接觸的客戶經理，當他們發現擴展的機會時，無論是透過我們的大品牌系統，為某個部門找到新員工，還是透過關係和對話，我們都有稱為覆蓋的特殊功能，這基本上可以幫助他們與專門從事該領域的人進行交叉銷售，無論是 CRM 還是服務等等。他們幫助他們與組織中的決策者達成初步交易。

So we have different functions depending on the phase of the sales process that help go through this, and we're really kind of shaping that in terms of scale and just creating an autonomy for them to kind of build their own sales strategies.

因此，我們根據銷售過程的不同階段提供不同的功能來幫助完成這個過程，我們實際上是在規模方面塑造這一點，並為他們創造自主權，讓他們能夠建立自己的銷售策略。

And to the second part of your question about -- I think you mentioned about scaling the sales org and then selling to larger enterprises. So also there, we have AEs, account executives, to close new deals for each segment. So we have some SMB, some from mid-market and enterprise, and it's a totally different sales process for each one. And we have the same segmentation for account managers.

關於您問題的第二部分——我認為您提到了擴大銷售組織然後向更大的企業銷售。因此，我們也有 AE，即客戶經理來為每個部門達成新交易。因此，我們有一些中小企業，有些來自中型市場和大型企業，每個企業的銷售流程完全不同。我們對客戶經理也有同樣的細分。

So we really kind of segmented the business based on products and then based on company size. And for each one, we have different kind of dynamics in terms of the sales process and also the time it takes to close the deal. So this is kind of how we think about this now and obviously, it will evolve over time.

因此，我們實際上是根據產品和公司規模對業務進行細分的。對於每一個案例，我們在銷售流程和完成交易所需的時間方面都有不同的動態。這就是我們現在對此的看法，顯然，它會隨著時間的推移而發展。

Scott Berg, Needham.

史考特·伯格，尼德姆。

Hi everyone. Really nice quarter here. I guess my question is on the digital workforce strategy part of your AI initiatives here. For this year, we've seen many other vendors release different agents. And when they have, it's kind of created a halo effect for customers having to maybe buy more components of the solution to really make those agents work.

大家好。這裡真的是一個很不錯的地方。我想我的問題是關於你們人工智慧計畫中的數位化勞動力策略部分。今年，我們看到許多其他供應商發布了不同的代理商。當他們這樣做時，它會為客戶創造一種光環效應，客戶可能必須購買解決方案的更多組件才能真正使這些代理商發揮作用。

If you think about agents or digital workforce on the monday platform here this year, I guess, what parts of the platform does the customer really need to kind of create this? Is it just the core work management system or is there other pieces in the functionality add-ons that they need to also purchase to enable this technology?

如果您考慮今年週一平台上的代理商或數位化勞動力，我想，客戶真正需要平台的哪些部分來創建這種平台？它只是核心工作管理系統嗎，還是他們還需要購買功能附加元件中的其他部分來啟用這項技術？

Hi. It's Roy. So like, we see agents as another layer on top of the Work OS, meaning it's like across everything. When you work with an agent, you'd love it to know. First of all, you'd love to control what it knows, but you eventually want it to be across product, okay?

你好。是羅伊。因此，我們將代理視為工作作業系統之上的另一層，這意味著它跨越一切。當你和經紀人一起工作時，你會很樂意了解這一點。首先，你希望控制它所知道的內容，但最終你希望它能跨產品控制，好嗎？

And I think that's a lot of the power of monday. Let's say you want the monday expert agent to create a dashboard across a lot of different products. So it will be able to do that. And so we didn't have -- we don't have a plan for monetization for that part yet. I think we opened it up. So we will have in the future once we see the different agents, okay?

我認為這就是星期一的巨大力量。假設您希望週一專家代理商建立一個涵蓋許多不同產品的儀表板。所以它能夠做到這一點。所以我們還沒有——我們還沒有針對該部分的貨幣化計劃。我想我們已經打開它了。所以我們將來一旦看到不同的代理商，就能夠了，好嗎？

And so I'm excited about this because I think it's like a massive opportunity for us to build a marketplace, a lot of agents that can do different things and you can communicate with them and achieve way more. And obviously, because it's on top of the monday platform, each one of our agents will be able to do a lot of things across the platform and really perform powerful things you'd want them to do and not just like talk with them for those kind of [stuff].

我對此感到很興奮，因為我認為這對我們來說是一個巨大的機會，可以建立一個市場，很多代理商可以做不同的事情，你可以與他們溝通，從而取得更多成就。顯然，因為它是在星期一平台上，我們的每個代理商將能夠在整個平台上做很多事情，並真正執行你希望他們做的強大的事情，而不僅僅是與他們交談。[東西].

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

Yeah, hi. Congrats on the quarter. Just focusing on the outlook for stable NRR. So the math seems to be pointing to an in-period NRR number that is higher than the [112%] trailing 12-month metric. So first, is that true?

是的，你好。恭喜本季取得佳績。只關注穩定 NRR 的前景。因此，數學計算似乎顯示期內 NRR 數字高於過去 12 個月指標 [112%]。那麼首先，這是真的嗎？

And then second, I guess, why couldn't we see NRR trend up? Is that just conservatism? Are you not yet maybe seeing seat expansions recover in this macro? It seems that, that would just be more biased up given the cross-sell opportunity and focus upmarket. So Eliran, can you just help us understand some of the puts and takes there?

其次，我想，為什麼我們看不到 NRR 趨勢上升？這僅僅是保守主義嗎？您是否還沒有看到這個宏觀層面上的席位擴張恢復？看來，考慮到交叉銷售機會和高端市場焦點，這只會更偏向高端。那麼 Eliran，您能幫助我們理解其中的一些優點和缺點嗎？

Yes. Sure, Taylor. This is Eliran. So first of all, we've been very encouraged about NDR improving faster than we initially anticipated back in 2024, and we were very transparent about it. On the other hand, given recent demand volatility and macroeconomic uncertainty, we're adopting a bit more cautious outlook on NDR because I think we are -- in some places, we are not yet -- the war in terms of global headwinds, economy headwinds are not yet out of the woods. So we're trying to be a bit more prudent on this one.

是的。當然，泰勒。這是 Eliran。首先，我們對 NDR 的改善速度比我們在 2024 年最初預期的要快感到非常鼓舞，而且我們對此非常透明。另一方面，考慮到近期需求波動和宏觀經濟的不確定性，我們對 NDR 採取了更謹慎的看法，因為我認為，在某些地方，我們還沒有走出全球逆風之戰，經濟逆風還沒有走出困境。因此，我們在這一點上盡量採取更謹慎的態度。

Allan Verkhovski, Scotiabank.

加拿大豐業銀行的 Allan Verkhovski。

Hey, thanks guys. Can you talk about how, based on your AI product road map, how are you thinking about a few years from now, what an average customer could be spending for AI credits relative to their seat license cost?

嘿，謝謝大家。您能否談談，根據您的 AI 產品路線圖，您如何考慮幾年後普通客戶在 AI 積分上的花費相對於其座位許可證成本的比例？

That's like predicting the future kind of question. so Really, we just released it. We'd love to see more data from customers, so we'll be able to answer those questions. So I can't really say. Sorry.

這就像是預測未來的問題。所以實際上，我們剛剛發布了它。我們希望看到更多來自客戶的數據，這樣我們才能回答這些問題。所以我真的不好說。對不起。

And that ends the question-and-answer session. Ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.

問答環節到此結束。女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。