monday.com Ltd (MNDY) 2025 Q2 法說會逐字稿

Good day. My name is Bella, and I'll be your conference operator today. At this time, I would like to welcome everyone to monday.com's second-quarter fiscal year 2025 earnings conference call.

再會。我叫貝拉，今天我將擔任您的會議主持人。現在，我歡迎大家參加monday.com 2025財年第二季財報電話會議。

I would like to turn the call over to monday.com's, Vice President of Investor Relations, Mr. Byron Stephen. Please go ahead.

我想將電話轉給 monday.com 的投資者關係副總裁拜倫史蒂芬先生。請繼續。

Hello, everyone, and thank you for joining us on today's conference call to discuss the financial results for monday.com's second quarter fiscal year 2025.

大家好，感謝您參加今天的電話會議，討論 monday.com 2025 財年第二季度的財務業績。

Joining me today are Roy Man and Eran Zinman, co-CEOs of monday.com; and Eliran Glazer, monday.com CFO.

今天與我一起出席的還有 monday.com 的聯合執行長 Roy Man 和 Eran Zinman；以及 monday.com 的財務長 Eliran Glazer。

We released our results for the second quarter fiscal year 2025 earlier today. You can find our quarterly shareholder letter along with our investor presentation and a replay of today's webcast under the News & Events section of our IR website at ir.monday.com.

我們今天稍早發布了 2025 財年第二季的業績。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以及投資者介紹和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 risks 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，反映管理層根據當前可用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。有關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，電話會議也將討論非公認會計準則財務指標。在我們的投資者關係網站上發布的今天電話會議的收益報告和收益報告中，可以找到與最直接可比較的 GAAP 財務指標的對帳。

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 are pleased to report another outstanding quarter for monday.com. Underscored by robust revenue growth of 27%, this performance reflects surging demand for our platform and the powerful value we deliver to customers across industries.

謝謝拜倫，也謝謝大家今天加入我們。我們欣然宣布，monday.com 在本季再創佳績。由於 27% 的強勁收入成長，這一業績體現了市場對我們平台的強勁需求，以及我們為各行各業客戶提供的強大價值。

Our relentless focus on efficiency is bearing fruit with Q2 non-GAAP operating margin of 15%, a testament to the strength of our business model and disciplined execution. We continue to make significant strides in our AI offering, expanding capabilities and accelerating innovation to empower teams and drive impactful results at scale.

我們對效率的不懈關注已取得成效，第二季度非公認會計準則營業利潤率達到 15%，這證明了我們的商業模式和嚴格的執行力的強大。我們繼續在人工智慧產品方面取得重大進展，擴展能力並加速創新，以增強團隊能力並大規模地推動產生影響的成果。

In Q2, customer adoption of our AI capabilities accelerated across the monday.com platform, with users performing 46 million AI-driven actions since launch, a strong indicator of increasing engagement and the growing value that our AI tools deliver.

在第二季度，客戶對我們 AI 功能的採用在 monday.com 平台上加速，自推出以來，用戶已執行了 4600 萬次 AI 驅動的操作，這有力地表明了參與度的提高以及我們的 AI 工具所提供的價值的不斷增長。

This quarter, we introduced Monday Magic, Monday Vibe and Monday Sidekick, three AI-powered capabilities that mark a major step forward in our evolution from work management to work execution. These innovations enabled users to instantly generate workflows, build secure customer applications without code and receive proactive context-aware support, all within the monday.com platform.

本季度，我們推出了 Monday Magic、Monday Vibe 和 Monday Sidekick，這三種人工智慧功能標誌著我們從工作管理到工作執行的轉變邁出了重要一步。這些創新使用戶能夠在 monday.com 平台內即時產生工作流程、建立無需程式碼的安全客戶應用程式並獲得主動的上下文感知支援。

By embedding AI into the heart of our product, we're unlocking new levels of speed, flexibility and productivity for teams across every industry.

透過將人工智慧嵌入我們產品的核心，我們正在為各行各業的團隊釋放新的速度、靈活性和生產力水平。

Let me now turn it over to Eran to walk you through some of our business highlights for the quarter.

現在，讓我將時間交給 Eran，讓他向您介紹我們本季的一些業務亮點。

Thank you, Roy. The enterprise continues to be our fastest-growing segment and the investments we have made in offering for these customers are bearing fruit. In Q2 we achieved a record number of net new adds of customers paying over $100,000 annually, further validating our traction with enterprise organizations.

謝謝你，羅伊。企業仍然是我們成長最快的領域，我們為這些客戶提供服務所做的投資正在取得成果。在第二季度，我們實現了創紀錄的新增客戶數量，這些客戶年支付金額超過 10 萬美元，進一步驗證了我們與企業組織的吸引力。

We are very excited to share that Monday CRM has recently reached $100 million in annual recurring revenue, marking a significant milestone in our product rapid growth. This achievement underscores the strong demand for a flexible, customizable CRM platform and the trust our customers place in monday.com to power of their business operation.

我們非常高興地告訴大家，Monday CRM 最近的年經常性收入已達 1 億美元，這標誌著我們產品快速成長的一個重要里程碑。這項成就凸顯了對靈活、可自訂 CRM 平台的強烈需求，以及客戶對 monday.com 協助其業務營運的信任。

Reaching this benchmark reflects our relentless focus on innovation, customer experience and extending the capabilities of our CRM to address evolving market needs. We are very excited to build on this momentum as we continue to scale and deliver exceptional value to our customers.

達到這一基準反映了我們對創新、客戶體驗以及擴展 CRM 功能以滿足不斷變化的市場需求的不懈關注。我們非常高興能夠繼續保持這一勢頭，繼續擴大規模並為客戶提供卓越的價值。

We recently announced the appointment of Harris Beber as monday.com new Chief Marketing Officer, based in our New York City office. Harris brings over 20 years of marketing leadership from leading global organizations, most recently overseeing global marketing for Google Workspace and previously serving as CMO at Waze and Vimeo where it was instrumental in driving significant growth and innovation.

我們最近宣布任命哈里斯貝伯 (Harris Beber) 為 monday.com 新任首席行銷官，駐紐約市辦事處。哈里斯在全球領先組織擁有超過 20 年的行銷領導經驗，最近負責監督 Google Workspace 的全球行銷，之前擔任 Waze 和 Vimeo 的首席行銷官，在推動顯著成長和創新方面發揮了重要作用。

At monday.com, Harris will lead our global marketing organization and drive forward our evolving strategy, focused on creative, human-centered storytelling to support continued dynamic growth.

在 monday.com，哈里斯將領導我們的全球行銷組織並推動我們不斷發展的策略，專注於創造性的、以人為本的故事講述，以支持持續的動態成長。

We are pleased to announce the appointment of Adi Dar as our first Chief Customer Officer. In this important role, Adi will be responsible for overseeing the end-to-end customer journey, including adoption, retention and long-term satisfaction. Adi will continue to serve as Chief Operating Officer until a successor is appointed.

我們很高興地宣布任命阿迪達爾 (Adi Dar) 為我們的首任首席客戶長。在這個重要職位上，阿迪將負責監督端到端的客戶旅程，包括採用、保留和長期滿意度。在繼任者被任命之前，阿迪將繼續擔任營運長。

Lastly, we're happy to invite all of you to our upcoming Investor Day on September 17. As part of this year Elevate New York Conference, Investor Day 2025 will be a key moment to showcase our progress and ambition. Whether you join us in person or virtually, you'll hear directly from our leadership team as we highlight our achievements and outline our long-term vision, strategy and product road map. We look forward to sharing deeper insights into our business and the opportunities ahead.

最後，我們很高興邀請大家參加我們即將於 9 月 17 日舉行的投資者日。作為今年紐約提升會議的一部分，2025 年投資者日將成為展現我們進步與野心的關鍵時刻。無論您是親自加入我們還是虛擬加入我們，您都會直接聽到我們領導團隊的發言，我們將重點介紹我們的成就並概述我們的長期願景、策略和產品路線圖。我們期待分享對我們的業務和未來機會的更深入的見解。

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

現在，我將把權力移交給 Eliran 來負責我們的財務和指導。

Thank you, Eran, and thank you to everyone for joining our call. Q2 marked another strong quarter with solid revenue growth and improving efficiency. Total revenue came in at $299 million, up 27% from the year ago quarter. Our overall NDR was 111% in Q2. We now expect overall NDR to be stable at 111% throughout fiscal year 2025. As a reminder, our NDR is trailing four-quarter weighted average calculation.

謝謝你，Eran，也謝謝大家參加我們的電話會議。第二季度又是一個強勁的季度，營收穩定成長，效率不斷提高。總營收達 2.99 億美元，比去年同期成長 27%。我們第二季的整體 NDR 為 111%。我們現在預計，2025 財年整體 NDR 將穩定在 111%。提醒一下，我們的 NDR 是按照四個季度的加權平均數計算的。

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.

提醒一下所揭露的財務指標，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 財務狀況的對帳表。

Second quarter gross margin was 90%. In the medium to long term, we continue to expect gross margin to be in the high 80s range. Research and development expense was $59.2 million in Q2 or 20% of revenue, up from 16% in the year-ago quarter. Sales and marketing expense was $139.2 million in Q2 or 47% of revenue, compared to 51% in the year-ago quarter.

第二季毛利率為90%。從中長期來看，我們預計毛利率仍將在 80% 左右。第二季研發費用為 5,920 萬美元，佔營收的 20%，高於去年同期的 16%。第二季銷售和行銷費用為 1.392 億美元，佔營收的 47%，而去年同期為 51%。

Net income was $58.3 million in Q2 2025, up from $49.3 million in Q2 2024. Diluted net income per share was $1.09 in Q2 based on 53.3 million fully diluted shares outstanding.

2025 年第二季淨收入為 5,830 萬美元，高於 2024 年第二季的 4,930 萬美元。基於 5,330 萬股完全稀釋流通股，第二季每股稀釋淨收益為 1.09 美元。

Total employee head count was 2,867, an increase of 172 employees since Q1. We continue to expect to grow head count by approximately 30% in fiscal year '25.

員工總數為 2,867 人，自第一季以來增加了 172 人。我們預計 25 財年員工人數仍將增加約 30%。

Moving on to the balance sheet and cash flow. We ended the quarter with $1.59 billion in cash and cash equivalents, up from $1.53 billion at the end of Q1. Adjusted free cash flow for Q2 was $64.1 million and adjusted free cash flow margin was 21%.

繼續討論資產負債表和現金流量。本季末，我們的現金和現金等價物為 15.9 億美元，高於第一季末的 15.3 億美元。第二季調整後的自由現金流為 6,410 萬美元，調整後的自由現金流利潤率為 21%。

Adjusted free cash flow margin is defined as adjusted free cash flow as a percentage of revenue. We remain on the target to meet our Investor Day goal generating over $1 billion in free cash flow from fiscal year '23 to fiscal year '26. Adjusted free cash flow is defined as net cash from operating activities less cash used for property and equipment and capitalized software costs, plus costs associated with the build-out and expansion of our corporate headquarters.

調整後的自由現金流利潤率定義為調整後的自由現金流佔收入的百分比。我們仍致力於實現投資者日的目標，從 23 財年到 26 財年產生超過 10 億美元的自由現金流。調整後的自由現金流定義為經營活動產生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，再加上與公司總部建設和擴建相關的成本。

Now let's turn to our updated outlook for fiscal year 2025. For the third quarter of fiscal year 2025, we expect our revenue to be in the range of $311 million to $313 million, representing growth of 24% to 25% year-over-year. We expect non-GAAP operating income of $34 million to $36 million and an operating margin of 11% to 12%.

現在讓我們來看看 2025 財年的最新展望。對於 2025 財年第三季度，我們預計營收將在 3.11 億美元至 3.13 億美元之間，年增 24% 至 25%。我們預計非公認會計準則營業收入為 3,400 萬美元至 3,600 萬美元，營業利潤率為 11% 至 12%。

For the full year 2025, we expect revenue to be in the range of $1.224 billion to $1.229 billion, representing growth of approximately 26% year-over-year. We expect full year non-GAAP operating income of $154 million to $158 million and an operating margin of approximately 13%. We expect full year adjusted free cash flow of $320 million to $326 million and adjusted free cash flow margin of 26% to 27%.

我們預計 2025 年全年營收將在 12.24 億美元至 12.29 億美元之間，年增約 26%。我們預計全年非公認會計準則營業收入為 1.54 億美元至 1.58 億美元，營業利益率約 13%。我們預計全年調整後自由現金流為 3.2 億美元至 3.26 億美元，調整後自由現金流利潤率為 26% 至 27%。

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

現在我把問題交給接線生來回答你們的問題。

(Operator instructions) Kash Rangan, Goldman Sachs.

（操作員指示）高盛的卡什·蘭根 (Kash Rangan)。

Nice results. But I'm wondering that you're pivoting to the enterprise, NDR in the enterprise is picking up, the growth rate in the second half is good. but you didn't take it up, typically, there is a bit of a raise to the second half expectations as you finish up the first half.

效果不錯。但我想知道您是否正在轉向企業，企業中的 NDR 正在回升，下半年的成長率很好。但你沒有接受它，通常情況下，當你完成上半年時，下半年的期望會有所提高。

And the product customer adds for the new products also seem good. But it feels like there's -- that you're waiting to hit an inflection point in the business where the new products and the pivot to the enterprise can stabilize the growth rate, maybe cause a bit of an inflection, but we're not quite there yet. I would love to get your thoughts.

而且客戶為新產品添加的產品看起來也不錯。但感覺就像你在等待業務的轉折點，新產品和企業重心可以穩定成長率，也許會引起一點轉變，但我們還沒有到達那裡。我很想知道您的想法。

And also simultaneous with that inflection that you're looking to achieve, presumably, you're adding on a couple of new executives as well. So help us walk through all the puts and takes of the executive adds and the inflections that you're looking to achieve in your business.

而且在實現您所期望的轉變的同時，大概您還會增加幾位新的高階主管。因此，請幫助我們了解高階主管增加的所有努力和成果，以及您希望在業務中實現的變化。

Yes. Kash, this is Eran. So first of all, like you mentioned, we really put -- we brought in our go-to-market leadership point, Casey as our CRO and Harris now as the CMO, and also Adi, our Chief Customer Officer, and I think a lot of this will greatly contribute to increasing momentum with the upmarket part of the business, improving retention of customers and driving more expansion over long term.

是的。卡什，這是埃蘭。首先，就像您提到的那樣，我們確實引入了我們的市場領導力點，Casey 擔任我們的 CRO，Harris 現在擔任 CMO，還有 Adi，我們的首席客戶官，我認為這將極大地促進業務高端部分的增長勢頭，提高客戶保留率，並在長期內推動更多擴張。

And on the other hand, like you mentioned, we also have the engine of going multi-product. Just as a reminder, while work management is very mature for enterprise customers and kind of high end of mid-market, the newer products, the CRM, Dev and Service are currently more serving the SME segment.

另一方面，正如您所提到的，我們也有多種產品的引擎。需要提醒的是，雖然工作管理對於企業客戶和高端中端市場來說已經非常成熟，但較新的產品、CRM、開發和服務目前更多地服務於中小企業領域。

So on one hand, we feel the multiproduct strategy really help bundling and selling more products to kind of more of the lower-tier SMB market part of the business, while the changes we've done to go-to-market team and organization and a lot of other things is driving upmarket expansion. So I think both things are contributing to continued expansion of our revenue and growth, although it's definitely two separate efforts that, over time, as we mature the product and sell to high-tier customers, will become one.

因此，一方面，我們認為多產品策略確實有助於捆綁和銷售更多產品給更多低端中小企業市場，而我們對市場團隊和組織以及許多其他方面所做的改變正在推動高端市場擴張。因此，我認為這兩件事都有助於我們收入和成長的持續擴大，儘管這絕對是兩項獨立的努力，但隨著時間的推移，隨著我們產品的成熟和向高端客戶的銷售，它們將成為一體。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

I guess maybe can you talk about the demand environment, the spending environment? And specifically, did -- was there anything different with the linearity in the quarter, particularly with the large deals? And I have a quick follow-up.

我想您能談談需求環境和支出環境嗎？具體來說，本季的線性有什麼不同嗎，特別是大額交易？我有一個快速的後續行動。

Well, I can take the marketing or demand side. It's Roy. So we do see a lot of demand in different areas, like in CRM, that we can grow in. We shift things into mobile. But we do see some pressure from Google on the new side, though it's not something we didn't encounter before. So it's considerably small on that respect.

嗯，我可以擔任行銷或需求方。是羅伊。因此，我們確實看到不同領域（例如 CRM）存在大量需求，我們可以在其中實現成長。我們將事物轉移到行動裝置上。但我們確實看到谷歌在新方面施加了一些壓力，儘管這並不是我們以前沒有遇到過的事情。因此從這方面來看，它相當小。

And within like the CRM, we do shift a lot of resources into other areas. Okay, like that we see a better place to grow. Like we have a big brand and we monitor all the performance stuff, so we see areas that we are more efficient in so we move resources there.

在 CRM 領域，我們確實將大量資源轉移到其他領域。好的，這樣我們就看到了一個更好的成長空間。就像我們有一個大品牌並且我們監控所有的效能內容，所以我們會看到我們更有效率的領域，所以我們將資源轉移到那裡。

Yes. Alex, this is Eliran. Maybe just to add to what Roy said, to summarize. So demand in general remains very strong. Upmarket, we have record net adds for the 100,000 customers, and we see a very good traction and momentum in the upmarket mid and upmarket customers.

是的。亞歷克斯，我是伊萊蘭。也許只是為了補充一下 Roy 所說的內容，進行總結。因此整體需求仍然非常強勁。在高端市場方面，我們的淨增客戶數量達到了創紀錄的 10 萬，而且我們看到高端中階市場和高端客戶群的吸引力和發展勢頭非常好。

As Roy said, we are seeing some softness within the down market due to the changes in the Google algorithm. But this is temporary, we believe, and we are already taking actions proactively to address this, and we believe this is going to be recovered going into the second half of the year.

正如羅伊所說，由於Google演算法的變化，我們看到低迷的市場出現了一些疲軟。但我們相信這只是暫時的，我們已經在積極採取行動來解決這個問題，我們相信到今年下半年這種情況將會恢復。

Overall, our enterprise momentum, the record large customer additions and continued expansion within our fastest-growing segments provide us with a lot of confidence, and we feel very comfortable with the second half of the year.

總體而言，我們的企業發展勢頭、創紀錄的大量客戶增加以及我們增長最快的細分市場的持續擴張為我們提供了很大的信心，我們對今年下半年感到非常有信心。

Perfect. And then maybe just in the context of improving enterprise traction, talk a little bit about billings. They were -- it seemed like they were down a little bit sequentially from a deceleration perspective, it decelerated a little bit. Maybe is that still the right way to think about a forward-looking metric? Is it possible that we'll get an RPO comment at some point, if that's a better gauge of traction? And maybe just comment a little bit more on NRR, specifically how we should think about it progressing through the year.

完美的。然後也許只是在提高企業吸引力的背景下，談談帳單問題。從減速的角度來看，它們似乎連續下降了一點，減速了一點。也許這仍然是思考前瞻性指標的正確方法？如果這是衡量牽引力的更好標準，那麼我們是否有可能在某個時候收到 RPO 評論？也許只是對 NRR 進行一些評論，特別是我們應該如何看待它在今年的發展。

Sure. So with regards to calculated billings, we said it in the past few times, this is an imperfect measure of our business. We look at ARR growth. This is something because of, I wouldn't want to take you through the accounting things, but we don't record the deferred revenue, only on a cash basis. And this is why we don't think it's the right measurement of the business.

當然。因此，關於計算帳單，我們過去幾次都說過，這是對我們業務的一個不完美的衡量標準。我們關注 ARR 的成長。這是因為，我不想帶你了解會計的事情，但我們不記錄遞延收入，只以現金為基礎。這就是為什麼我們認為它不是衡量業務的正確方法。

With regards to NDR, as expected, we said there's also a prior quarter debt, the lapping of the 2024 price increase is going to impact on NDR. This is why the number came down from 112% to 111%. And we believe this is going to be stabilized through the end of the year.

關於 NDR，正如預期的那樣，我們說過還有上一季的債務，2024 年價格上漲的重疊將對 NDR 產生影響。這就是數字從 112% 下降到 111% 的原因。我們相信這一狀況到今年年底將會穩定下來。

And the flip side of it is we see a very strong momentum with gross retention that continues to improve and the adds of the customers in enterprise. Both the 50,000 customers and 100,000 customers, we believe, are going to contribute to the expansion of NDR in the beginning of next year.

另一方面，我們看到了非常強勁的勢頭，總保留率持續提高，企業客戶數量也在增加。我們相信，50,000 名客戶和 100,000 名客戶都將為明年初 NDR 的擴張做出貢獻。

Jackson Ader, KeyBanc Capital Markets.

傑克遜·阿德（Jackson Ader），KeyBanc 資本市場。

A couple on sales hiring and productivity. So first, is sales hiring, either in the enterprise or elsewhere, building in line behind or ahead of your expectations as you headed into the year?

關於銷售招募和生產力的一些問題。那麼首先，無論是在企業還是其他地方，在進入新的一年時，銷售招聘的進展是否落後於還是超出了您的預期？

Yes. Jackson. So this is Eran. So we ramped up pretty significantly in the first half of the year. Our main strategic areas were mostly sales and marketing, hiring across all fronts, people who specialize in the new products and also people that are kind of more focused on the enterprise part of the business. So it's pretty much in line with our plans, and we continue to hire more people in the second half of the year.

是的。傑克遜。這就是 Eran。因此，我們在今年上半年取得了顯著的成長。我們的主要策略領域主要是銷售和行銷，在各個方面招募專門從事新產品的人才以及更專注於企業業務的人才。所以這基本上符合我們的計劃，我們將在今年下半年繼續招募更多員工。

And again, we see great inventory within our own customer base for more extension. We see healthy top-of-funnel movement with new customers. So overall there's more room to grow within the sales team, and we'll continue to hire coming into H2 and the beginning of next year.

而且，我們再次看到，我們自己的客戶群中有大量庫存可供進一步擴展。我們看到新客戶的漏斗頂端運動很健康。因此，總體而言，銷售團隊還有更大的成長空間，我們將在下半年和明年年初繼續招募。

Jackson, maybe -- this is, sorry, Eliran. Just to add to what Eran said. And we have Casey who joined us in prior quarter, at the end of prior quarter, and this is part of the CRO organization transition. So there is a high focus on continuing improving and enhancing the sales organization across the Board throughout the end of this year and going into next year.

傑克遜，也許──對不起，我是伊萊蘭。只是想補充一下 Eran 所說的內容。凱西 (Casey) 在上一季末加入了我們，這是 CRO 組織轉型的一部分。因此，今年年底和明年我們將高度重視繼續改善和加強整個董事會的銷售組織。

Okay. All right. Great. That makes sense. And actually, I'm going to pivot over to CRM accounts. The net new number was pretty far below what you guys have typically been doing on a quarterly basis. What should we be reading into that? Is this kind of a new normal and you're going to land higher valued customers? Or was this more of a blip?

好的。好的。偉大的。這很有道理。實際上，我將轉向 CRM 帳戶。淨新增數量遠低於你們通常每季實現的數量。我們該從中解讀出什麼？這是一種新常態嗎？您會獲得更高價值的客戶嗎？或者這只是曇花一現？

Yes. Jack, this is Eran. So first of all, when I said that we were very proud of Monday CRM to reach $100 million in such a short amount of time, and it's a very significant milestone for us as a company, so we're very proud of that.

是的。傑克，這是埃蘭。首先，當我說我們對 Monday CRM 在如此短的時間內達到 1 億美元感到非常自豪時，這對我們公司來說是一個非常重要的里程碑，所以我們對此感到非常自豪。

I think some of it is seasonality. I mean traditionally, like we mentioned Q1 is stronger in terms of net accounts add and the Q2 is relatively lower compared to Q1. But yes, part of it is the pressure, Eliran and Roy mentioned in the low end of the market. And also, part of our strategy in CRM, and we kind of repeated that several times, is landing bigger customers and having higher IR ACV customers would drive a lot of focus on that front. And we continue to improve the product and landing larger and larger customers.

我認為部分原因是季節性的。我的意思是，傳統上，正如我們所提到的，第一季在淨帳戶增加方面表現更強勁，而第二季與第一季相比相對較低。但是，是的，部分原因是壓力，Eliran 和 Roy 提到了低端市場。此外，我們 CRM 策略的一部分（我們重複過多次）是吸引更大的客戶，而擁有更高 IR ACV 的客戶將會引起人們對這一方面的大量關注。我們將繼續改進產品並吸引越來越多的客戶。

So I think that just the amount of customers is not the perfect indicator of our progress within the product. And maybe over time, we'll shift to a more telemetric that represents that.

所以我認為，僅憑客戶數量並不能完美地衡量我們的產品進度。也許隨著時間的推移，我們將轉向更能代表這一點的遙測技術。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

I wanted to double-click into the CRM business, clearly saw all the results here in Q2. But you took that from, what, $0 to $100 million ARR in three years. Maybe walk through, is this really resonating as a lower cost replacement product? Is it greenfield? How much of the business has been that net new logos versus cross-sell? Any additional color on scaling that to $100 million here in, it looks like, about three, a little less than three years?

我想雙擊進入 CRM 業務，清楚地看到第二季的所有結果。但你在三年內將其從 0 美元提升到了 1 億美元的 ARR。也許走一走，這真的能引起人們的共鳴，成為一種成本更低的替代產品嗎？是綠地嗎？新標誌業務與交叉銷售業務相比，分別佔了多少？有沒有進一步說明如何將這一數字擴大到 1 億美元，看起來大約需要三年，或不到三年？

Cool. It's Roy. So I think our CRM is like amazingly good for customers because it offers complete flexibility where they don't have that option in other CRMs, like they can -- you can really build whatever you want. So it's not just lower cost, it's the capabilities that come with it. And there is a huge demand for that in the market, something that is simple, that people really love to use and that you can actually build anything you want with it.

涼爽的。是羅伊。所以我認為我們的 CRM 對客戶來說非常好，因為它提供了完全的靈活性，這是其他 CRM 所沒有的，你可以真正建立任何你想要的東西。因此，它不只是成本較低，還具有隨之而來的功能。市場對這種東西的需求很大，它很簡單，人們真的喜歡使用，而且你可以用它來建立任何你想要的東西。

And together with that, like we started with like a more SMB-style audience. But as we add more capabilities like marketing and other stuff, it becomes a whole suite, and we move upmarket, like Eran mentioned.

同時，我們一開始的目標受眾更像是 SMB 風格的觀眾。但隨著我們增加更多功能，如行銷和其他功能，它變成了一個完整的套件，並且我們向高端市場邁進，正如 Eran 所提到的。

Helpful color there. And just a quick follow-up. Vibe coding has really just taken off, lit and fire here. I know it looks like you guys are releasing your own kind of Vibe coding tool. Can you just talk about, just given the launch of GPT‑5 and now you're releasing video coding, what are some of the foundational models you're using? And how do you think about Vibe coding and being differentiated for Monday with its own by vibe coding tools versus other vibe coding tools out there?

那裡有有用的顏色。這只是一次快速的跟進。氛圍編碼實際上才剛開始，在這裡點燃並燃燒。我知道看起來你們正在發布自己的 Vibe 編碼工具。您能否談談，鑑於 GPT-5 的推出以及現在您發布的視訊編碼，您使用的一些基礎模型是什麼？您如何看待 Vibe 編碼以及 Monday 的 Vibe 編碼工具與其他 Vibe 編碼工具的差異？

Roy, again. So we're super excited about that. That's like an acceleration to our vision. We always wanted to have tools that give people the power to build whatever they want to control their own destiny. And with vibe coding, we can give them that. And it's really tremendous and we see the feedback we get now is amazing.

羅伊，又來了。所以我們對此感到非常興奮。這就像是加速了我們的願景。我們一直希望擁有一些工具，讓人們能夠建立任何他們想要的東西，從而掌控自己的命運。透過氛圍編碼，我們可以為他們提供這些。這確實很棒，我們看到現在收到的回饋也非常棒。

And I think we are in a very unique point like Monday, because we've historically built everything in our platform that is very open. The platform is open. It's built out of building blocks. It's all modular. And that gives us a huge head start into building enterprise-grade applications that really work seamlessly.

我認為我們正處於像週一這樣的一個非常獨特的時刻，因為我們歷史上在我們的平台上建立的一切都是非常開放的。該平台已開放。它是由積木搭建而成的。一切都是模組化的。這為我們建立真正無縫運行的企業級應用程式提供了巨大的領先優勢。

And that is also connected to the rest of your workflow. So essentially, if you need like an addition to Monday, you can build your own building block or complete new app totally. But it's completely integrated. So it's connected with our integrations and automations, and everything works together. So we're super excited about this one.

這也與您的其餘工作流程相關。因此，從本質上講，如果您需要像 Monday 那樣進行添加，您可以建立自己的構建塊或完全完成新的應用程式。但它是完全整合的。因此，它與我們的整合和自動化相連，並且一切都協同工作。所以我們對此感到非常興奮。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞、威廉·布萊爾。

Can I go back just for a second on the Google changes? I'm curious how you go about kind of remediating the impact from the AI search on customer acquisition cost. I understand, I think for work management, maybe not as big of a deal given you're getting up market traction and it's more sales-led. But I imagine it impacts service and CRM and dev a little bit more.

我可以稍微回顧一下 Google 的變更嗎？我很好奇您如何補救人工智慧搜尋對客戶獲取成本的影響。我明白，我認為對於工作管理來說，也許這不是什麼大問題，因為你正在獲得市場吸引力，而且它更多是由銷售主導的。但我想它對服務、 CRM 和開發的影響會更大一些。

And then Eliran, how long -- like how do you contemplate that into the guidance for the rest of the year in terms of how long that might take to remedy?

然後 Eliran，您需要多長時間——例如，您如何考慮在今年剩餘時間內如何指導這個問題，以及需要多長時間才能解決這個問題？

It's Roy. I can start, and then Eran can complete. So it's not something we didn't see before. It's now -- it's not a huge impact that we see on performance marketing, and we have a lot of room to grow in other areas and we can optimize for that.

是羅伊。我可以開始，然後 Eran 可以完成。所以這並不是我們以前沒見過的事情。現在，我們看到它對績效行銷的影響並不大，我們在其他領域還有很大的發展空間，我們可以對此進行最佳化。

So, we're also doing a lot of AIO in AI and what's been searched by people in AI and that they find us there. But generally, it's not such a big impact right now and we can mitigate it in many different ways.

因此，我們也在人工智慧領域做了很多 AIO，人工智慧領域的人們也在搜尋什麼，並且他們在那裡找到了我們。但總的來說，目前影響還不是很大，我們可以透過多種方式來減輕它。

Arjun, this is Eliran. So just as a reminder, when we look at guidance, it's grounded on the analysis of the latest market trends and the internal performance indicator that we are seeing at the time of the guidance. As Roy said, we believe this is something that is temporary, and we're already taking actions to reallocate resources to places that we see greater return.

阿瓊，這是伊萊蘭。因此，提醒一下，當我們查看指導時，它基於對最新市場趨勢的分析以及我們在指導時看到的內部績效指標。正如羅伊所說，我們相信這只是暫時的，我們已經採取行動將資源重新分配到我們看到更大回報的地方。

So in terms of the impact for the year, already baked into the guidance. And we want to make sure that we deliver the most accurate and transparent outlook possible. And this is something that we took into account.

因此，就今年的影響而言，已經納入了指導之中。我們希望確保提供盡可能最準確、最透明的觀點。這是我們考慮到的事情。

Okay. Understood. And then maybe this one is probably for you, Roy. But some of the AI capabilities that you rolled out, you talked about vibe coding just now, but they sound very exciting. I think you mentioned in your prepared remarks and the shareholder letter that you're transitioning from a system of work to a system of action. And I'm curious what that means in terms of how customers are using Monday, how they're implementing it, the value that they get out of it? How does that change with all these AI capabilities that you've now incorporated into the platform?

好的。明白了。那麼也許這可能適合你，羅伊。但是您推出的一些人工智慧功能，您剛剛談到了氛圍編碼，但它們聽起來非常令人興奮。我想您在準備好的發言稿和致股東的信中提到過，您正在從工作系統轉變為行動系統。我很好奇這對客戶如何使用 Monday、如何實施以及他們從中獲得的價值意味著什麼？隨著你們現在將所有這些 AI 功能融入平台，情況會發生怎樣的變化？

Yes. That's like another exciting thing. So we released like three different products. One is like vibe coding, Monday Vibe, and then Magic, which is building whole solutions on Monday, and Sidekick, which I think you're referring to, which is doing the work for you.

是的。這又是一件令人興奮的事。所以我們發布了三種不同的產品。一個是氛圍編碼，即 Monday Vibe，然後是 Magic，它是在星期一構建整個解決方案，還有 Sidekick，我想你指的是它，它可以為你完成工作。

So essentially, we have all the context. We know everything people are trying to achieve because it's in Monday, their project, their context, their history. And so we are able to create with a single click an AI that helps you accomplish the actual work, and not just help you manage work better. And that's our vision. And as AI progresses, we will progress with it and we'll be able to perform more and more actual work for our customers.

因此從本質上來說，我們掌握了所有背景資訊。我們知道人們想要實現的一切，因為這都在星期一，他們的專案、他們的背景、他們的歷史中。因此，我們只需點擊一下即可建立一個 AI，幫助您完成實際工作，而不僅僅是幫助您更好地管理工作。這就是我們的願景。隨著人工智慧的進步，我們也將隨之進步，並且能夠為客戶完成越來越多的實際工作。

So for example, instead of like you figuring out which venue you want to create an event, we find the venue for you and create like a comparison. So that's work we can do for other people. And there are like and hundreds of those examples that customers were testing it out, and it's really cool.

舉例來說，您無需自己去想在哪個場地舉辦活動，而是我們幫您找到合適的場地並進行比較。這就是我們可以為其他人做的工作。並且有數百個客戶正在測試的例子，這真的很酷。

John Baer, Morgan Stanley.

摩根士丹利的約翰貝爾。

It's Josh. You're putting up some really strong growth numbers. I think at a high level, this year could be thought of as an investment year with 30% head count growth, and that's slightly ahead of top line growth, a bit of margin compression.

是喬希。您公佈了一些非常強勁的成長數據。我認為從高層來看，今年可以被視為投資年，員工人數成長 30%，略高於營業額成長，利潤率略有壓縮。

And the result, obviously, a ton of product innovation, the go-to-market motion that's maturing and able to penetrate upmarket. So I'm just wondering, as we look ahead beyond this year, can we see the yield on these investments in the form of higher, more durable growth or more operating leverage, just looking ahead? Any thoughts on how you'd characterize the future, if this is more of an investment year?

顯然，其結果是大量的產品創新，進入市場的舉措日趨成熟，並且能夠滲透到高端市場。所以我只是想知道，當我們展望今年以後時，我們是否可以看到這些投資的收益以更高、更持久的成長或更高的經營槓桿的形式出現？如果今年更像是投資年，您如何看待未來？

Yes, Josh. This is Eran. I can start. I mean definitely coming into 2025, we had a very concrete plan. On one hand, we had some catching up to do in terms of hiring for the sales organization because we saw so much potential within our existing customer base and a lot of demand. And we're doing that. It will continue to grow into '26 but in lower percentages, I would say, for the sales organization.

是的，喬希。這是埃蘭。我可以開始了。我的意思是，到 2025 年，我們肯定會有一個非常具體的計畫。一方面，我們在銷售部門的招募方面需要做一些追趕，因為我們看到現有客戶群中存在著巨大的潛力和大量需求。我們正在這麼做。我認為，對於銷售組織而言，它將繼續成長到 26 年，但百分比會較低。

And then for the R&D part, we definitely saw a big opportunity in investing into R&D. And coming into this year, we put a lot of effort into building new AI capabilities into the platform and just working on each one of the products. So it was an era of investment. But we're already starting to see fruits of all that investment in how people leverage AI, how people use the products, going upmarket, definitely see the fruits of that.

然後對於研發部分，我們確實看到了投資研發的巨大機會。今年，我們投入了大量精力在平台中建立新的人工智慧功能，並致力於開發每一款產品。所以這是一個投資的時代。但我們已經開始看到所有這些投資的成果，包括人們如何利用人工智慧、人們如何使用產品、走向高端市場，這些投資肯定已經取得了成果。

I think '26 is going to be very different in terms of head count growth. We're going to be more efficient compared to '25. But we're going to see a lot of the investment and the results of what we've done in '25 going into '26.

我認為 26 年在員工人數成長方面將會有很大不同。與 25 年相比，我們的效率將會更高。但我們將會看到，我們在 2025 年所做的大量投資和成果將在 2026 年顯現。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

This is Noah on for Mark Murphy. Can you maybe just touch a little bit on some of the adoption you're seeing in terms of managed services as you're moving upmarket into these enterprise accounts? What are some of the most typical managed services that are being adopted by customers? And I just have a quick follow-up.

這是諾亞 (Noah) 代替馬克墨菲 (Mark Murphy) 上場的比賽。當您向這些企業帳戶高端市場進軍時，您能否稍微談談您所看到的託管服務方面的一些採用情況？客戶正在採用哪些最典型的託管服務？我只是想快速跟進一下。

This is Eran. Can you just repeat -- you're asking about addition to the Monday service product? Or were you referring to something else?

這是埃蘭。您能否重複一遍—您問的是有關週一服務產品的附加內容？還是您指的是其他東西？

Some of the add-on services -- (multiple speakers) that are being adopted.

一些正在被採用的附加服務－（多位發言者）。

Okay. Yes, got it. So we have a bunch of add-ons that we offer to our customers in addition to the licenses that we provide to them. Some of them are about kind of more robust security or managed services and other parts of the business. Definitely, as we go upmarket, our customers want a little bit more escorts and customization to how they use Monday. So we offer that as part of our enterprise package.

好的。是的，明白了。因此，除了我們向客戶提供的許可證之外，我們還為客戶提供一系列附加元件。其中一些涉及更強大的安全性或託管服務以及業務的其他部分。毫無疑問，隨著我們走向高端市場，我們的客戶希望在 Monday 的使用方式上得到更多的陪伴和客製化。因此，我們將其作為企業套餐的一部分提供。

And yes, we see some growth over there definitely as we go upmarket, it becomes more common for customers to attach one of these add-ons to their license. So we see healthy growth, but it's pretty much in line with the growth we've seen in the enterprise segment.

是的，隨著我們進入高端市場，我們確實看到了一些成長，客戶將這些附加元件之一附加到他們的授權上變得越來越普遍。因此，我們看到了健康的成長，但這與我們在企業領域看到的成長基本上一致。

Great. And then just a quick follow-up. On the fiscal year 2025 guidance, is there any change to the pricing contribution and just also FX impact for the year?

偉大的。然後只是快速的跟進。關於 2025 財政年度的指導，定價貢獻和年度外匯影響是否有任何變化？

Hey Mark, it's Eliran. There isn't any change to what we have seen in -- what we have said in the past. With regards to FX, it's going to be not material. We estimate the full year impact to be below 50 basis points. And with regards to pricing, this is in accordance with what we have said in the prior year that, over the like three years between '24 to '26, is going to be altogether $80 million, with $40 million impact this year.

嘿，馬克，我是 Eliran。我們過去所看到的、所說的話並沒有任何改變。就外匯而言，這並不重要。我們估計全年影響將低於50個基點。至於定價，這與我們去年所說的一致，即在 2024 年至 2026 年的三年內，總計將達到 8000 萬美元，其中今年的影響為 4000 萬美元。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯。

I guess just to start, I want to ask on, I guess, go-to-market changes, and with Casey in there now for a quarter and Adi being promoted to the Chief Commercial role, I guess what is -- what changes with the go-to-market? And I guess is there anything to read into the change from the CLO to the CCO here?

首先我想問一下關於上市方面的變化，Casey 已經任職一個季度，而 Adi 則被提升為首席商務官，我想問一下上市方面會發生哪些變化？我想問一下，這裡從 CLO 到 CCO 的變化有什麼可解讀的嗎？

Yes, Steven, so this is Eran. So yes, first of all, we're very happy for Casey to join. It's already driving significant impact to the sales organization. And going back to what earlier I referred to at the beginning of the call, so we had some weakness on the low touch part of the business, but actually the enterprise part of the business, the touch part of the business performed really well, and we had a record add of enterprise customers -- customers over 100,000. So I think we're very happy so far with the transition, and there's a lot of impact, positive impact, to the sales organization.

是的，史蒂文，這是埃蘭。是的，首先，我們非常高興凱西的加入。它已經對銷售組織產生了重大影響。回到我之前在電話會議開始時提到的內容，我們在低接觸業務部分存在一些弱點，但實際上企業業務部分、接觸業務部分錶現非常好，我們增加了創紀錄的企業客戶——客戶超過 100,000 名。所以我認為到目前為止我們對這一轉變感到非常滿意，而且這對銷售組織產生了很大的影響，積極的影響。

As we mature as a company, we accumulate more and more enterprise customers that use Monday for a very strategic part of their own business. And part of it is why we established now the Chief Customer organization to support those accounts to improve retention, improve their expansion ability and just provide a better service, putting the customer in the center.

隨著我們公司的發展壯大，我們累積了越來越多的企業客戶，這些客戶將 Monday 用作其自身業務中非常重要的一部分。這也是我們現在成立首席客戶組織的原因之一，該組織旨在支持這些帳戶提高保留率、提高其擴張能力並提供更好的服務，以客戶為中心。

And I think this is part of us maturing as a company, going more upmarket. And we expect this to drive higher NDR of overtime and also improve -- continue to improve the growth retention of the company. So very positive about all the recent changes we made to the go-to-market leadership and already we're seeing great results.

我認為這是我們公司不斷成熟、走向高端市場的一部分。我們預計這將推動加班 NDR 的提高，並繼續提高公司的成長保留率。我們對於最近對市場領導層所做的所有改變都非常樂觀，並且已經看到了很好的結果。

Okay. That's great to hear. And then I want to follow up on, I guess, some of the Google commentary from earlier and the impact of search. But it seems like you already have put some of those plans into place. I guess, what has been maybe the efficacy of those changes so far? I guess what kind of gives you confidence that the changes you've made will kind of play out as expected and, I guess, the confidence you're going to have in the second half guide from the Google impact?

好的。聽到這個消息真是太好了。然後我想跟進一下之前關於谷歌的一些評論以及搜尋的影響。但看起來您已經實施了其中一些計劃。我想，到目前為止，這些變化的效果如何？我想，是什麼讓您有信心，相信您所做的改變會按照預期進行，我想，您對下半年受到谷歌影響的指南有何信心？

It's Roy. So like one thing to remember is that we have around 250,000 customers and a lot of the growth we see come from expanding them, okay, in multiproduct and giving them service. The new part is obviously smaller but very important for the long term.

是羅伊。所以要記住的一件事是，我們擁有大約 250,000 名客戶，我們看到的許多增長來自於擴大客戶群，好的，多產品並為他們提供服務。新的部分顯然規模較小，但從長遠來看非常重要。

And like I said before, it's not such a significant impact until now, not nothing we didn't see before. So it's just a matter of budget allocation and scaling on areas that we improve on. So we do that always, okay? Like we improve some areas of the product and then shift to another -- some other areas in media, like YouTube and other areas. So it's not just like that we have a lot of things to do. And we see the impact quickly. So it's something we can improve and iterate quickly. So yes, it's not that big.

正如我之前所說的，到目前為止，它的影響還沒有這麼大，這並不是我們以前從未見過的。因此，這只是預算分配和擴大我們需要改進的領域的問題。所以我們總是這樣做，好嗎？例如我們改進產品的某些領域，然後轉向另一個領域──媒體的其他領域，像是 YouTube 和其他領域。所以，我們還有很多事情要做。我們很快就看到了影響。因此我們可以快速改進和迭代。是的，它沒有那麼大。

Yes. Maybe Steven, just to add to what Roy said. Look, over the last four or five years, we've seen many things change in the market, anywhere from prices spiking up by 30% at some point three years ago, to prices going down.

是的。也許是史蒂文，只是想補充羅伊所說的話。你看，在過去的四、五年裡，我們看到市場發生了許多變化，從三年前某個時候價格上漲 30% 到價格下跌。

I think what gave us a lot of confidence throughout all the years we've been doing performance marketing is, one, we don't only do just ad words. So we have a lot of other channels as well. And also, we monitor every campaign, every click, every expense, so we're not flying blind everywhere, which was unoptimized, we optimize. So we know we can optimize, we know we have full visibility into how we spend that budget. And we're doing the right tweaks to kind of remain efficient and just distribute the funds in a very organized way.

我認為，我們從事績效行銷這麼多年，最讓我們充滿信心的一點是，我們不只做廣告詞。所以我們也有很多其他管道。而且，我們監控每一個活動、每一次點擊、每一筆開支，所以我們不會到處盲目行事，沒有優化的地方，我們會進行最佳化。所以我們知道我們可以進行優化，我們知道我們可以完全了解如何花費預算。我們正在進行正確的調整，以保持高效，並以非常有組織的方式分配資金。

Brent Hill, Jefferies.

布倫特·希爾，傑富瑞。

I think there are a lot of questions just as it relates to the Google change and what percent that impacted your business if you think about just x, y, z percent covered in this category from Google, what would that have been in the quarter?

我認為有很多問題與谷歌的變化有關，如果您只考慮谷歌在此類別中覆蓋的 x、y、z 百分比，這對您的業務影響了多少百分比，那麼本季度的影響是多少？

So given there are so many questions on that, maybe we can double-click a little bit more into it. Like the better high-quality customers still click on Google and ads. If you're looking for solution such as a CRM or project management, you're going to reach us, okay?

鑑於對此存在如此多的問題，也許我們可以對此進行更深入的探討。像更好的高品質客戶仍然會點擊谷歌和廣告。如果您正在尋找 CRM 或專案管理等解決方案，您可以聯絡我們，好嗎？

So the drop that we see is just on volume because they are experimenting with AI on top. And it's not that significant for the higher quality of customers. So it's more volume than quality. And we can get that from many other areas. So again, like I don't -- I think we can mitigate that relatively quickly.

因此，我們看到的下降只是數量上的下降，因為他們正在嘗試使用人工智慧。對於較高品質的客戶來說，這並不是那麼重要。所以數量比品質更重要。我們可以從許多其他領域中獲得這種感覺。所以再說一次，我不認為——我認為我們可以相對快速地緩解這種情況。

Okay. Yes, I think this is just going back to the magnitude of raisin everyone's trying to figure out was enterprise SMB, it sounds like there was some weakness in SMB. You're blaming on Google. I'm just trying to put the pieces together what the impact is to the forward guide because it's a lot lower than you've usually put up in terms of the magnitude. So I think everyone is just trying to reconcile that. So that's all the color we're going to get on that.

好的。是的，我認為這只是回到了每個人都試圖弄清楚的企業 SMB 的規模問題，聽起來 SMB 存在一些弱點。你在責怪谷歌。我只是想把各個部分放在一起，看看對前瞻性指引的影響是什麼，因為就幅度而言，它比你通常所說的要低得多。所以我認為每個人都只是在努力調和這一點。這就是我們要得到的全部顏色。

(Operator instructions) Raimo Lenschow, Barclays.

（操作員指示）巴克萊銀行的 Raimo Lenschow。

Perfect. Two quick questions for me. One is on services. That's, from our checks, that sounds like it's a really nice emerging opportunity. Can you talk a little bit about how services compared to the CRM rollout? Like obviously, you've got the $100 million ARR for CRM, but like services almost looks more interesting. Can you speak to that?

完美的。有兩個簡單的問題請問我。一是服務。從我們的檢查來看，這聽起來是一個非常好的新興機會。能否稍微談談服務與 CRM 推出相比如何？顯然，您已經獲得了 1 億美元的 CRM ARR，但類似的服務看起來更有趣。你能談談這個嗎？

And then maybe just a very quick mask question following Brent. So you beat the quarter in Q2 by $6 million, but you only raised the full year by $3 million. And so I guess we're all wondering a little bit like, is that kind of buffer on the Google search side? Is that the new CRO? Where is that buffer coming from?

然後也許只是在布倫特之後的一個非常簡短的面具問題。因此，您在第二季的獲利比去年同期高出 600 萬美元，但全年獲利僅 300 萬美元。所以我想我們都有點疑惑，谷歌搜尋方面是否有這種緩衝區？那是新的 CRO 嗎？緩衝區來自哪裡？

Yes. So this is Eran. So maybe I'll start with the second part of the question. So yes, definitely the new CRO, as I've mentioned, the enterprise part of the business is performing well according to our expectations, summarized in the first half of the year. We saw some weakness in the lower side of the business. Part of it is because of the Google changes, part of it is maybe some other trends that it's going to hard to I understand kind of where exactly they're coming from, but we see a little bit of weakness regardless of the Google search.

是的。這就是 Eran。因此我可能要從問題的第二部分開始。是的，肯定是新的 CRO，正如我所提到的，企業業務部分的表現符合我們的預期，總結於上半年。我們發現業務的底層存在一些弱點。部分原因是由於谷歌的變化，部分原因可能是其他一些趨勢，我很難理解它們究竟來自哪裡，但無論谷歌搜尋如何，我們都看到了一些弱點。

And look, we try to be as transparent as possible about the impacts we see from the search engine. It's just not that material right now. But it's a start of a trend, so we're starting to be -- we want to be a little bit more conservative about, I don't exactly -- I don't control -- we don't control exactly Google will play this out, how the world is going to be. So we're trying to understand what are the implications.

而且，我們試著盡可能透明地展示搜尋引擎帶給我們的影響。只是現在還不是那麼重要。但這是一種趨勢的開始，所以我們開始——我們想要更加保守一點，我不完全——我不能控制——我們不能完全控制谷歌將如何發揮作用，世界將會變成什麼樣子。因此，我們試圖了解其含義。

Currently, in terms of -- I don't -- we don't have the exact percentages, but very low, almost insignificant. But it has some effect in our ability to acquire some part of the lower end of our customer base. So that's the best visibility we can give right now.

目前，就——我沒有——我們沒有確切的百分比，但非常低，幾乎可以忽略不計。但它對我們獲取部分低端客戶群的能力有一定影響。這是我們目前可以提供的最佳可見性。

Yes. This is Eliran. Maybe to add to what Eran said. So our full year guidance already reflects the strong execution that we have seen year-to-date, and it's including Q2 performance. We remain super confident in our ability to deliver against our fiscal year '25 outlook. And we continue to cut for areas of uncertainty, as we already mentioned in the call that could influence some of the numbers for the end of the year, but they're already back into the guidance. And our approach is always to provide guidance we believe is both achievable and prudent. And we want to make sure that we maintain focus on the longer-term growth and profitability as well.

是的。這是 Eliran。也許可以補充一下 Eran 所說的內容。因此，我們的全年指引已經反映了我們今年迄今為止所看到的強勁執行情況，其中包括第二季的表現。我們對於實現 25 財年目標的能力仍然充滿信心。我們繼續削減不確定領域的支出，正如我們在電話會議中提到的那樣，這可能會影響年底的一些數據，但它們已經回到了預期之中。我們的方法始終是提供我們認為可行且謹慎的指導。我們也希望確保繼續專注於長期成長和獲利能力。

Yes. And just to add answering the first one of service. We are super excited about service. We see it as a huge opportunity. It is scaling really fast, absolutely. And what's also exciting is that it's not the same go-to-market. It's not Google, if you like. It's from existing customers and we have a different go-to-market that succeeds really well with service. So we're like super excited about that one.

是的。並且僅添加回答第一個服務問題。我們對服務感到非常興奮。我們認為這是一個巨大的機會。它的擴張速度確實非常快，這是事實。同樣令人興奮的是，這與進入市場的方式不同。如果你願意的話，它不是谷歌。它來自現有客戶，我們擁有不同的市場進入方式，並透過服務取得了巨大成功。所以我們對此感到非常興奮。

Matt Bullock, Bank of America.

美國銀行的馬特‧布洛克 (Matt Bullock)。

I wanted to ask about AI actions. Obviously, the cumulative number is growing nicely, but it looked like the in-quarter AI Actions sequential growth did slow. Maybe just help us think about how the AI actions trended relative to your internal expectations. And then help us think about the potential monetization story in 2026. And I have one follow-up.

我想詢問有關 AI 行為的問題。顯然，累積數量正在良好成長，但看起來本季 AI Actions 的連續成長確實有所放緩。也許只是幫助我們思考一下人工智慧的行為相對於你的內在期望是如何改變的。然後幫助我們思考 2026 年的潛在貨幣化故事。我還有一個後續問題。

Yes. Sure. This is Eran. So we're actually very happy with the adoption of the AI action. It grew by almost $20 million this quarter. And just as a reminder, we started to introduce payment at the beginning of the year. So obviously, it had some effect on adoption. But apart from that, we see more and more accounts kind of suppress the 500 AI monthly credit limit, and we're starting to see kind of more revenue accumulated from the AI action. So we're very happy with the progress and the adoption of the AI actions.

是的。當然。這是埃蘭。因此，我們對人工智慧行動的採用感到非常高興。本季成長了近 2000 萬美元。提醒一下，我們從年初就開始引進付款方式。顯然，它對採用產生了一定的影響。但除此之外，我們看到越來越多的帳戶抑制了 500 AI 每月信用額度，我們開始看到從 AI 行動中累積的更多收入。因此，我們對人工智慧行動的進展和採用感到非常高興。

And also, we have some new generation AI features, like Roy mentioned, Magic, Vibe and Sidekick, which also contribute to the AI usage. So overall we're very happy with the adoption within the platform.

此外，我們還有一些新一代的人工智慧功能，例如 Roy 提到的 Magic、Vibe 和 Sidekick，這些也有助於人工智慧的使用。總的來說，我們對平台的採用感到非常滿意。

Fantastic. And then one follow-up quickly. I hate to harp on the SEO question, but we're getting a lot of inbounds on. Is there anything you can provide in terms of data points around conversion rates, maybe traffic, performance marketing costs?

極好的。然後迅速進行一次跟進。我不想反覆討論 SEO 問題，但是我們收到了很多來電。您能提供有關轉換率、流量、績效行銷成本的數據點嗎？

And then help us understand, why call this out now? How did the influence of Google SEO disruption change this quarter versus 1Q, for example?

然後幫助我們理解，為什麼現在就提出這一點？例如，本季與第一季相比，Google SEO 中斷的影響有何變化？

Yes. So look, I think like we said, we optimize in real-time. We just budget on a daily basis. Right now the effects are very minor in terms of acquiring new accounts, definitely for the kind of mid-market enterprise segment. We see a little bit of impact on the SMB part, but still very insignificant. And we optimize this on a day-to-day basis.

是的。所以，我認為就像我們所說的那樣，我們進行即時優化。我們只是按天做預算。目前，對於取得新帳戶而言，其影響非常小，尤其是對於中型企業領域而言。我們看到 SMB 部分受到一點影響，但仍然很小。我們每天都會對此進行優化。

So we've done some optimization last month. We continue to do optimization this month. But overall, nothing very significant that impacts our ability to acquire new customers.

所以我們上個月做了一些優化。這個月我們繼續做優化。但整體而言，沒有什麼重大事件會對我們獲取新客戶的能力產生影響。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

Eliran, just one for you. So Josh asked earlier about this being an investment year. Do you see that 30% head count growth as a surge? Or is that kind of more steady state hiring pace given the growth of the business?

Eliran，只給你一個。喬希之前問過今年是否是投資年。您是否認為員工人數增加 30% 是個激增？或者說，考慮到業務的成長，這種招募速度是否更加穩定？

And then looking forward, I know we're not guiding to next year, but just -- if you think about budgeting, do you expect a moderation in the pace of hiring? Like what's the kind of go-forward view of where we are?

展望未來，我知道我們沒有預測明年的情況，但是—如果您考慮預算，您是否預期招募速度會放緩？例如，我們對現在的處境有什麼樣的展望？

DJ, Eliran. Sure. So we already said that we expect head count growth to be this year in fiscal year '25 around 30%. And it's actually going to start -- the growth in head count is going to start to decelerate in H2, going into next year, I think we said it last year and we said at the beginning of this year, we have huge opportunities, the market is great. We have multiproducts. We want to make sure that we capture the opportunity. Therefore, we invested in product, in R&D and in sales and marketing. We believe by the end of the year, we will have the right resources going into the next few years. So we expect it to be more moderate and capture the opportunity, the huge opportunity that we have in front of us going into '26 and beyond.

DJ，Eliran。當然。因此，我們已經說過，我們預計 25 財年的員工人數成長率將達到 30% 左右。事實上，員工數量的成長將在下半年開始減速，進入明年，我想我們去年就說過，今年年初也說過，我們有巨大的機會，市場很棒。我們有多種產品。我們希望確保抓住機會。因此，我們在產品、研發以及銷售和行銷方面進行了投資。我們相信，到今年年底，我們將擁有未來幾年所需的正確資源。因此，我們預計它會更加溫和，並抓住機遇，抓住我們進入 26 年及以後所面臨的巨大機會。

Tom Blakey, Cantor.

湯姆·布萊基，領唱者。

Great. I have a couple. One on CRM ARR, great update there. I think there's been a couple of questions. Wondering about the contribution to growth there related to seat growth and pricing. If you could maybe make a comment on that.

偉大的。我有一對。一個關於 CRM ARR 的，很棒的更新。我認為有幾個問題。想知道座位成長和定價對成長的貢獻。如果您能對此發表評論的話。

And specifically, it seemed like there was like an increase from 4Q '23 disclosure in terms of, obviously, average deal size moving upmarket. But I wanted to just kind of see the interplay there in terms of seat growth and pricing and discounting, and specifically on the slope of that. Was there anything that changed maybe in 2025 specifically with regard to pricing?

具體來說，從 2023 年第四季揭露的數據來看，平均交易規模轉移到高端市場的趨勢明顯增加。但我只是想看看座位成長、定價和折扣之間的相互作用，特別是其斜率。2025 年在定價方面是否會發生特別的變化？

And then the second question was just could you maybe double-click on why stock-based comp jumped in the quarter.

然後第二個問題是，您能否雙擊為什麼本季股票型薪酬會大幅上漲。

Yes. This is Eran. So just in reference to what we're seeing in CRM products. So definitely, we see the ACV growing in CRM. Actually we see it over 20% year-over-year increase in Q2 in terms of the ACV of our customers in CRM.

是的。這是埃蘭。所以僅參考我們在 CRM 產品中看到的內容。因此，我們確實看到 CRM 中的 ACV 正在成長。實際上，我們看到第二季度 CRM 客戶的 ACV 年比成長超過 20%。

Mostly it's seat expansion, larger lands of customers. So definitely, it shows that the investment that we put into the products, making them more -- going more upmarket, adding features and functionality pays off. So like we said, accounts count is not the only indicator. We see accounts utilizing monday CRM in a broader way. So definitely very encouraging to see that and exactly in line with our strategy.

主要是擴大座位數，擴大客戶群。所以，這無疑地表明，我們對產品的投資，使產品更加高端、增加特性和功能，得到了回報。所以就像我們所說的，帳戶數量並不是唯一的指標。我們看到帳戶以更廣泛的方式利用 Monday CRM。看到這一點絕對令人鼓舞，而且完全符合我們的策略。

This is Eliran. I will refer to the question why there is an increase in the share-based compensation. So it's largely seasonality related to broad-based equity refresh for existing employees, which of course every year, in Q2, this is the compensation cycle of the company, and new grants tied to strategic hiring and retention of employees with the addition of a few members to the executive team and to the mid-executive team of the company.

這是 Eliran。我將提到為什麼股權激勵會增加的問題。因此，這在很大程度上是與現有員工的廣泛股權更新相關的季節性因素，當然，每年的第二季度都是公司的薪酬週期，新的激勵機制與戰略性招聘和保留員工有關，同時公司的執行團隊和中層執行團隊也增加了一些成員。

And we view this as necessary as part of the playbook of Monday in terms of retention to employees, refresh equity to some of the employees going into the next few years.

我們認為這是 Monday 策略中必要的一部分，旨在留住員工，並在未來幾年為部分員工刷新股權。

Connor Murphy, Capital One Securities.

康納·墨菲（Connor Murphy），Capital One Securities。

So I just want to go back to the SEO question. Just I mean I understand the component where it's impacting net adds. But are you guys seeing more churn down market as well? Because I'm just -- I mean, I'm looking at the NDR down 1%, upmarket is flat. So I wanted to get a little more color on the down market customer base? And then I have one follow-up.

所以我只想回到 SEO 問題。我只是說我了解影響網路添加的元件。但你們是否也看到了更多的市場流失？因為我只是——我的意思是，我看到 NDR 下跌了 1%，而高端市場持平。所以我想對低端市場的客戶群有更多的了解？然後我還有一個後續問題。

Connor, this is Eran. So we actually see the opposite. Our gross retention is at all-time high. And it's not just on the enterprise part of the business but across the whole customer base. So we don't see any change in terms of churn or their ability to expand. Like I said, it looks very good. And like we said before, it impacts a little bit customer adds in the beginning of the funnel. But overall, it doesn't change the churn profile. .

康納，這是埃蘭。所以我們實際上看到的是相反的情況。我們的總保留率達到了歷史最高水準。這不僅涉及企業業務部分，還涉及整個客戶群。因此，我們沒有看到客戶流失率或擴張能力方面有任何變化。正如我所說的，它看起來非常好。正如我們之前所說的那樣，它會對漏斗開始時的客戶添加產生一些影響。但總體而言，它不會改變客戶流失狀況。。

Understood. And then just you guys are sitting on $1.6 billion in cash and you're generating over $300 million this year despite heavy investment. Can you just go back and talk a little bit about your strategic priorities, whether M&A or potential buybacks just given where the stock is?

明白了。你們坐擁 16 億美元現金，儘管投入龐大，但今年仍創造了超過 3 億美元的收入。您能否回顧一下您的策略重點，無論是併購還是考慮到股票的現狀的潛在回購？

This is Eliran. So going forward, priority number one remains on organic growth and we would like to continue the investment in product and sales. Investing in the platform, in mondayDB, in AI. We are also considering inorganic growth. Obviously, we now have multiple products that each one of them can have -- has his own road map, and we would consider M&A to further enhance and accelerate those road maps.

這是 Eliran。因此，展望未來，首要任務仍然是有機成長，我們希望繼續對產品和銷售進行投資。投資平台、mondayDB 和 AI。我們也在考慮無機成長。顯然，我們現在有多個產品，每個產品都有自己的路線圖，我們會考慮併購來進一步加強和加速這些路線圖。

On the longer term, we might think about other return on investment methodologies or -- but for now, this is the main focus, is organic growth as well as consider attacking M&A potentially.

從長遠來看，我們可能會考慮其他投資回報方法，但目前，這是主要關注點，即有機成長以及考慮潛在地攻擊併購。

Derrick Wood, TD Cowen.

德里克伍德 (Derrick Wood)，TD 考恩。

Given the enterprise strength, how much focus do you have on going after larger multi-thousand seat opportunities, especially in light of the mondayDB upgrades? Just wondering if you could have some of these bigger, larger deals in the pipeline, especially as we get into the stronger enterprise seasonal spending in the back part of the year?

考慮到企業實力，您在多大程度上註重追求更大的數千個座位的機會，特別是考慮到 mondayDB 升級？我只是想知道您是否可以進行一些更大、更大的交易，特別是當我們在年底進入更強勁的企業季節性支出時？

Yes. This is Eran. So look, we're definitely also focused on landing larger enterprises. We have the end of the year momentum. Also we have our annual conference for our customers coming up in September, our Elevate Conference. So also a lot of opportunity coming out of that traditionally.

是的。這是埃蘭。所以，我們肯定也專注於獲得更大的企業。我們擁有年底的勢頭。此外，我們也將於 9 月為客戶舉辦年度會議，即 Elevate 會議。因此從傳統上來說，這也帶來了許多機會。

But at the same time, we also remain focused and committed to our mid-market and SMB segment. I think one of the big unlocks of the multiproduct strategy is we have more opportunity to sell bundles to our customers, doing more cross-sell, selling more complete solution, and give them the full Monday experience.

但同時，我們也持續集中精力並致力於中端市場和中小企業領域。我認為多產品策略的一大優勢是，我們有更多的機會向客戶銷售捆綁產品、進行更多的交叉銷售、銷售更完整的解決方案，並為他們提供完整的周一體驗。

So I would say we're focused on both. I think we have opportunity as a company on both, and we'll continue to invest this year and next year.

所以我想說我們同時關注這兩方面。我認為我們公司在這兩方面都有機會，今年和明年我們將繼續投資。

Great. And just as a quick follow-up, the -- I mean, interesting to hear that you're already getting AI consumption-related revenue, it sounds like people burning through, their allotted credits coming back to purchase some. I mean, should we be thinking that this kind of sets the stage to see bigger AI monetization next year on the heels of driving adoption this year?

偉大的。作為一個快速的後續問題，我的意思是，很高興聽到您已經獲得了與人工智慧消費相關的收入，這聽起來就像人們在消耗他們分配的積分來購買一些東西。我的意思是，我們是否應該認為，繼今年推動採用之後，這為明年實現更大的人工智慧貨幣化奠定了基礎？

It's Roy. Yes. So exactly that, like I think we're driving more usage with value. Pricing it allows us to get the feedback and optimize the product to give enough value that customers will continue to buy more. And like Eran mentioned, we're adding new products of AI that build more solutions and workflows to consume those credits. And we see that we are expecting to increase it over time.

是羅伊。是的。所以正是如此，我認為我們正在透過價值來推動更多的使用。定價使我們能夠獲得回饋並優化產品，以提供足夠的價值，讓客戶繼續購買更多產品。正如 Eran 所提到的，我們正在添加新的 AI 產品，以建立更多的解決方案和工作流程來消耗這些積分。我們看到，我們預計這一數字會隨著時間的推移而增加。

Scott Berg, Needham.

史考特·伯格，尼德姆。

First one, probably for Eran and Roy. With the release of Magic, Vibe and Sidekick, can those be kind of, I guess, new lead AI type functionality or modules? Or do you -- what you see with AI actions, are they still kind of the lead AI functionality for the platform?

第一個，可能是為 Eran 和 Roy 準備的。隨著 Magic、Vibe 和 Sidekick 的發布，我猜它們可以成為一種新的主導 AI 類型的功能或模組嗎？或者您——您所看到的 AI 行為，它們仍然是該平台的主要 AI 功能嗎？

So look, there are -- it's a good point, there are two sides, okay? One, within the platform after you've built the solution or you're working with the platform. And that's mostly Sidekick which does the work for you. And when you want to build a new solution or solve something us, then you'll lose either Magic or Vibe.

所以看，有──這是一個很好的觀點，有兩面，好嗎？第一，在您建立解決方案或使用該平台之後，在平台內。而這主要是 Sidekick 為您完成的工作。當你想要建立一個新的解決方案或解決我們的某個問題時，你就會失去 Magic 或 Vibe。

And Magic essentially is like you ask it anything you want. You can go now and check it out. It's a MondayMagic.ai. You type whatever you want. And it's amazing to see what customers ask it. They really put in their business problems in there and expects you to solve it for them. And it does. It gives them like a really great solution to how they need to operate. It's even great to see how the AI thinks about it. It's a great way to get a reflection on your business and how you need to think about it.

而魔術本質上就像你向它詢問任何你想要的東西。你現在就可以去看看。這是 MondayMagic.ai。你想輸入什麼就輸入什麼。看到顧客問這個問題真是令人驚訝。他們確實把他們的業務問題提出來並希望你能為他們解決。事實確實如此。它為他們如何運作提供了一個非常好的解決方案。看到人工智慧如何思考這個問題也是很棒的。這是反思您的業務以及您需要如何思考它的好方法。

And then it gives you the full solution, even creates a movie that explains the solution. And that's the new way for us to give people the power to build the tools they need. And it incorporates also Blocks and Sidekick in there, so it's like it's a compound value.

然後它會給你完整的解決方案，甚至製作一部電影來解釋該解決方案。這是我們賦予人們建構所需工具能力的新方式。它還包含 Blocks 和 Sidekick，因此它就像一個複合值。

Got it. Very helpful. And then Eliran, in your guidance, probably another question on the performance marketing, Google here. It looks like -- yes, I know. It looks like you're flow through your profitability from Q2 for the back half of the year. But is your strategy and approach in the back half similar to the second quarter in terms of prioritizing more profitability over growth from those lower customers? Or should we maybe view that guidance differently?

知道了。非常有幫助。然後 Eliran，在您的指導下，可能還有另一個關於績效行銷的問題，請點擊此處造訪 Google。看起來——是的，我知道。看起來您從第二季度開始就一直保持盈利狀態，直到下半年。但是，你們下半年的策略和方法是否與第二季度相似，即優先考慮盈利能力而不是來自低客戶的成長？或者我們應該以不同的方式看待該指導？

No, we apply the same philosophy on guidance as we did in Q1. Just as a reminder, overall NDR, we believe is going to be stable at 111%. We do think that customer growth is going to be in the mid-single digits. This is something that might have changed. And we also took into account a small amount of Monday service revenue with some potentially small FX tailwinds, very minimal.

不，我們採用與第一季相同的指導理念。提醒一下，我們認為整體 NDR 將穩定在 111%。我們確實認為客戶成長將達到中等個位數。這件事可能會改變。我們也考慮到週一服務收入的少量成長，以及一些潛在的外匯順風，非常小。

And as we go back to head count, we said that it's going to be decelerated in terms of the percentage of what we have done in H1. But if there are going to be opportunities for us with everything that we spoke of, you said no performance marketing, and we will see some recovery, definitely we'd make the investment if we deemed this is the appropriate one.

當我們回顧員工人數時，我們說過，就上半年所做工作的百分比而言，這一速度將會減慢。但是，如果我們所說的一切都為我們帶來機會，您說沒有績效行銷，我們將看到一些復甦，如果我們認為這是合適的，我們肯定會進行投資。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

I had a question on the partner network, so I wanted to ask about that. When you guys look into your partner network, how important of a role is that playing in the move-up market, $50,000, $100,000? And then anything relative to current pipeline of demand, if you're seeing particular verticals or geographies which are outperforming or you see as opportunities as you look into the back half of the year and into '26?

我對合作夥伴網路有疑問，所以我想問一下。當你們研究合作夥伴網絡時，他們在 50,000 美元、100,000 美元的升級市場中扮演著多麼重要的角色？然後，與當前需求管道相關的任何事情，如果您看到特定的垂直行業或地區表現優異，或者您在展望今年下半年和26年時看到了機會？

Yes. So we don't see any particular segments that are overperforming or underperforming. And like we said, we're going to continue and do performance marketing in H2 across all products, and we'll continue to invest in all of them. We don't see one particular segment, whether it's SMB or enterprise or any specific business sector, that's overperforming or underperforming coming into H2.

是的。因此，我們沒有看到任何表現優異或表現不佳的特定領域。正如我們所說的，我們將在下半年繼續針對所有產品進行績效行銷，並將繼續對所有產品進行投資。我們沒有看到某個特定領域，無論是中小企業、大型企業或任何特定的業務部門，在下半年表現優異或不佳。

Taylor McGinnis, UBS.

瑞銀的泰勒麥金尼斯。

On the revenue guide for the second half, it implies growth stabilizing in the mid-20s. When we compare this to the initial base case framework of high 20s, low 30s growth, can you just talk about which assumptions have changed relative to your initial expectations?

對於下半年的收入指引，這意味著成長將在 1920 年代中期穩定下來。當我們將其與最初 20 多歲、30 多歲增長率的基本情況框架進行比較時，您能否談談哪些假設相對於您最初的預期發生了變化？

And then as we look into next year, I know you're going to be lapping some of the bigger price increases, so is mid-20s still a good starting point? Or maybe you could just walk us through the puts and takes given the product road map and hiring ramps?

然後，當我們展望明年時，我知道你們將面臨一些較大的價格上漲，那麼 25 美元左右仍然是一個好的起點嗎？或者也許您可以向我們簡單介紹一下產品路線圖和招募管道的優缺點？

This is Eliran. So with regard to next year, we are now working on the budget. So obviously, once we have -- we will finish the year, we'll provide you guidance with regards to that.

這是 Eliran。因此，關於明年，我們現在正在製定預算。因此顯然，一旦我們完成今年的工作，我們將為您提供相關指導。

With regards to this fiscal year, we're operating in accordance with the playbook that we have set at the beginning of the year, taking into account all of the things that we mentioned earlier, the fact that NDR is going to 111%, some uncertainty with -- I think we already said about the Google searches, we want to make sure that we deal with as we're already proactively addressing it.

關於本財年，我們將按照年初制定的計劃開展工作，同時考慮到我們之前提到的所有因素，例如 NDR 將達到 111% 等不確定性因素——我想我們已經談到過谷歌搜索的問題，我們希望確保能夠處理這些問題，因為我們已經在積極地解決這個問題。

And the assumptions with regard to head count, hiring, as well as the new products contribution to the revenue. These are all the things that we took into account as part of the guidance based on what we know today. And we want to make sure this is responsible and prudent.

以及有關員工人數、招聘以及新產品對收入的貢獻的假設。這些都是我們根據目前所知制定指導方針時考慮到的因素。我們希望確保這項措施是負責任且審慎的。

Awesome. And then just lastly for me. Could you maybe give a little bit more color on what in-period NRR looked like? So was it around the 111% trailing 12 month metric? And as like a second part to that, it looks like where there was maybe some NRR pressure was amongst the smallest customers. So when you talk about stability going forward in NRR, does that apply across all of the customer segments?

驚人的。最後，對我來說。能否更詳細地介紹一下期內 NRR 的情況？那麼過去 12 個月的指標是否約為 111%？第二部分是，看起來最小的客戶可能會有一些 NRR 壓力。那麼，當您談到 NRR 未來的穩定性時，這是否適用於所有客戶群？

Yes, it's pretty much broad-based. We do see strength in the midmarket and upmarket enterprise accounts. As we said, the reason why we see the deceleration from 112% to 111% is mostly the lapping of 2024 price increase. Other than that, we didn't see anything that impact NDR.

是的，它的基礎相當廣泛。我們確實看到了中端市場和高端企業帳戶的實力。正如我們所說，我們看到從 112% 減速到 111% 的原因主要是 2024 年價格上漲的疊加。除此之外，我們沒有看到任何影響 NDR 的事情。

That concludes our Q&A and today's call. Ladies and gentlemen, thank you all for joining. You may now disconnect. Everyone, have a great day.

我們的問答和今天的電話會議到此結束。女士們、先生們，感謝大家的參與。您現在可以斷開連線。祝大家有個愉快的一天。