monday.com Ltd (MNDY) 2025 Q3 法說會逐字稿

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

再會。我叫艾瑞克，今天我將擔任你們的會議接線生。在此，我謹代表monday.com歡迎各位參加2025財年第三季財報電話會議。

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

我謹將電話轉交給 monday.com 的投資人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 third quarter fiscal year 2025. Joining me today are Roy Mann and Eran Zinman, Co-CEOs of monday.com; Eliran Glazer, monday.com CFO; and Casey George, monday.com CRO.

大家好，感謝各位參加今天的電話會議，共同討論 monday.com 2025 財年第三季的財務業績。今天與我一同出席的有 monday.com 的聯合首席執行官 Roy Mann 和 Eran Zinman；monday.com 的首席財務官 Eliran Glazer；以及 monday.com 的首席營收官 Casey George。

We released our results for the third 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 and Events section of our IR website at ir.monday.com.

我們今天稍早發布了2025財年第三季業績報告。您可以造訪我們的投資者關係網站 ir.monday.com，在「新聞與活動」版塊下找到我們的季度股東信、投資者簡報以及今天網路直播的回放。

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.

今天電話會議所作的某些陳述屬於前瞻性陳述，反映了管理階層基於目前可取得的資訊所做的最佳判斷。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有所不同。有關可能導致實際結果與我們的前瞻性聲明存在重大差異的具體因素的更多信息，請參閱我們的盈利報告。

Additionally, non-GAAP financial measures will be discussed on the call. Reconciliations to our 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GAAP財務指標。與我們最直接可比較的 GAAP 財務指標的調節表可在盈利報告和今天電話會議的盈利演示文稿中找到，這些文件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，我把電話交給羅伊。

Thank you, Byron. And thank you, everyone, for joining us today. In Q3, we delivered another quarter of strong results and disciplined execution, putting us firmly on track towards our Investor Day revenue target of $1.8 billion of FY27. We saw robust net additions of over $100,000-plus and $500,000-plus paying customers, reflecting the strength of our go-to-market engine and the expanding demand of our platform.

謝謝你，拜倫。謝謝大家今天蒞臨現場。第三季度，我們再次取得了強勁的業績和嚴謹的執行力，使我們穩步朝著投資者日設定的 2027 財年 18 億美元的營收目標邁進。我們看到新增了超過 10 萬美元和 50 萬美元的付費客戶，這反映了我們強大的市場推廣能力和我們平台不斷增長的需求。

We also reported our largest ever non-GAAP operating profit, reinforcing our ability to scale efficiently while continuing to invest in innovation. The combination of accelerating customer expansion, record profitability, and surging engagement with our AI offering positioned monday.com strongly for its next phase of growth.

我們也公佈了有史以來最大的非GAAP營業利潤，這進一步鞏固了我們在持續投資創新的同時高效擴展規模的能力。客戶數量加速成長、獲利能力創歷史新高，以及用戶對我們人工智慧產品的參與度激增，這些因素共同為 monday.com 的下一階段成長奠定了堅實的基礎。

Our Q3 results follow a highly successful Investor Day where we showcased our evolution into multiproduct and AI-powered platform. The event grew nearly 1,000 online participants over 4 times the viewership from 2023, reinforcing investor confidence in our vision and the significant opportunity ahead as we execute towards our FY27 goals.

在投資者日活動取得巨大成功之後，我們發布了第三季業績報告。在投資者日活動上，我們展示了公司向多產品和人工智慧驅動平台的轉型。與 2023 年相比，本次活動線上參與者增加了近 1000 人，觀看人數增加了 4 倍多，這增強了投資者對我們願景的信心，也讓我們看到了在實現 2027 財年目標過程中，未來將迎來的巨大機遇。

Additionally, our Elevate user conference in New York City and London reach new heights in both scale and impact. Attendance more than doubled year-over-year, reflecting our growing excitement around our platform and the new AI capabilities. These events not only amplified customer enthusiasm and engagement, but also generated record engagement and strong pipeline heading into 2026, setting the stage for continued customer expansion and growth.

此外，我們在紐約市和倫敦舉辦的 Elevate 用戶大會在規模和影響力方面都達到了新的高度。與去年相比，參加人數翻了一番還多，這反映出我們對平台和全新人工智慧功能的日益增長的熱情。這些活動不僅增強了客戶的熱情和參與度，而且還創造了創紀錄的參與度和強勁的銷售管道，為 2026 年的持續客戶擴張和成長奠定了基礎。

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

現在我把麥克風交給埃蘭，讓他為大家介紹我們本季的一些業務亮點。

Thank you, Roy. The investments we've made in our sales organization over the past year continues to drive strong results. We delivered solid net additions among larger customers, improved net dollar retention for accounts over $50,000 in ARR and achieve accelerating RPO growth, all reinforcing the effectiveness of our upmarket strategy and disciplined execution.

謝謝你，羅伊。過去一年，我們對銷售團隊的投資持續帶來強勁的業績。我們在大客戶中實現了穩健的淨增長，提高了年度經常性收入超過 5 萬美元的帳戶的淨留存率，並實現了 RPO 的加速增長，所有這些都鞏固了我們高端市場戰略和嚴謹執行的有效性。

We continue to rebalance our go-to-market investment towards mid-funnel channels to target larger opportunities. While these motions come with longer sales cycles, they are yielding high-quality pipeline and position us well for sustainable growth.

我們將繼續調整市場推廣投資策略，向銷售漏斗中段管道傾斜，以抓住更大的機會。雖然這些舉措會帶來更長的銷售週期，但它們能夠帶來高品質的銷售管道，並使我們為永續成長奠定良好的基礎。

Moving on, our multiproduct strategy is delivering strong results. expanding monday.com reach across more teams and use cases. New products now account for over 10% of total ARR, surpassing our 2025 goal ahead of schedule. New bundle offering combining work management with CRM, service, and dev provide a unified, cost-efficient experience while accelerating cross-sell momentum.

接下來，我們的多產品策略正在取得顯著成效，monday.com 的覆蓋範圍正在擴大到更多團隊和應用場景。新產品目前佔年度經常性收入總額的 10% 以上，提前實現了我們 2025 年的目標。全新的捆綁式服務將工作管理與客戶關係管理、服務和開發相結合，提供統一、經濟高效的體驗，同時加速交叉銷售動能。

And within CRM, our new AI powered monday campaigns product has seen rapid adoption since September launch, reinforcing our vision of a connected sales and marketing suite. Since this gradual release in July, monday vibe has seen rapid adoption with customers creating more than 60,000 apps to part of their unique workflows built directly on monday.com enterprise-grade infrastructure. These apps are secure, scalable, and fully integrated with granular permissions and theme contacts.

在 CRM 領域，我們全新的 AI 驅動的周一行銷活動產品自 9 月推出以來得到了迅速推廣，這進一步鞏固了我們打造互聯銷售和行銷套件的願景。自 7 月逐步發布以來，monday vibe 已迅速被採用，客戶創建了超過 60,000 個應用程序，作為其基於 monday.com 企業級基礎設施直接構建的獨特工作流程的一部分。這些應用程式安全、可擴展，並完全整合了細粒度的權限和主題聯絡人。

To better reflect the value customers are realizing, we introduced a new pricing model that lets users select a tier aligned with their AI needs from unlimited free access to build and test apps to pay tiers that scale as the usage grows.

為了更好地反映客戶所獲得的價值，我們推出了一種新的定價模式，用戶可以選擇符合其 AI 需求的級別，從無限免費訪問以構建和測試應用程序，到隨著使用量增長而擴展的付費級別。

We also recently introduced Agent Factory, a new AI product that lets anyone design and manage intelligent agents to automate complex workflows. Operating as a stand-alone solution with flexible consumption-based pricing, these agents function as integrated team members, pending tasks like updated CRM records, sending e-mails, and scheduling full ups.

我們最近也推出了 Agent Factory，這是一款新的 AI 產品，可讓任何人設計和管理智慧代理，從而實現複雜工作流程的自動化。這些代理商作為獨立的解決方案運行，採用靈活的基於消費的定價方式，它們作為整合團隊成員，執行諸如更新 CRM 記錄、發送電子郵件和安排滿員等待辦任務。

And to simplify the AI experience, we're rolling out a new AI credit system in Q4, shaped by extensive customer feedback, providing a more transparent and intuitive way to scale AI usage and measure impact across organizations.

為了簡化 AI 使用體驗，我們將在第四季度推出全新的 AI 積分系統，該系統基於廣泛的客戶反饋而製定，提供了一種更透明、更直觀的方式來擴展 AI 的使用範圍並衡量其在組織中的影響。

This quarter results reflect the incredible dedication of our teams and the trust our customers place in monday.com every day. With accelerating customer expansion, record profitability, and growing enthusiasm for our AI power platform, we're entering the next phase of durable profitable growth that will create meaningful long-term value for shareholders.

本季業績體現了我們團隊的卓越奉獻精神以及客戶每天對 monday.com 的信任。隨著客戶群的快速擴張、盈利能力的創紀錄增長以及人們對我們人工智慧平台的日益增長的熱情，我們正在進入下一個可持續盈利增長階段，這將為股東創造有意義的長期價值。

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

接下來，我將把發言權交給 Eliran，由他來介紹我們的財務和指導工作。

Thank you, Eran. And thank you to everyone for joining our call. Q3 was another strong quarter for monday.com, highlighted by solid revenue growth, supported by our success with larger customers and continued improvement in operational efficiency.

謝謝你，埃蘭。感謝各位參與我們的電話會議。第三季度對 monday.com 來說又是強勁的一個季度，營收實現了穩健成長，這得益於我們與大客戶的成功合作以及營運效率的持續提高。

Total revenue came in at $317 million, up 26% from the year ago quarter. Our overall NDR was 111% in Q3. We continue to expect overall NDR to be stable at 111% for fiscal year '25. As a reminder, our MDR is trailing four quarters weighted average calculation.

總營收達 3.17 億美元，比去年同期成長 26%。第三季我們的整體淨現率 (NDR) 為 111%。我們繼續預期 2025 財年整體淨利率將穩定在 111%。再次提醒，我們的 MDR 是過去四個季度的加權平均值計算結果。

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.

除非另有說明，其餘揭露的財務指標均採用非公認會計準則（non-GAAP）財務指標。我們在獲利報告中提供了GAAP財務報表與非GAAP財務報表的調節表。

Third 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 $57.8 million in Q3 or 18% of revenue, up from 17% in the year ago quarter. Sales and marketing expense was $151.8 million in Q3 or 48% of revenue compared to 52% in the year-ago quarter. General and administrative expense was $27 million in Q3 or 9% of revenue compared to 9% in the year ago quarter.

第三季毛利率為90%。從中長期來看，我們仍然預期毛利率將維持在 80% 以上。第三季研發費用為 5,780 萬美元，佔營收的 18%，高於去年同期的 17%。第三季銷售和行銷費用為 1.518 億美元，佔營收的 48%，去年同期為 52%。第三季一般及行政費用為 2,700 萬美元，佔營收的 9%，與去年同期持平。

Operating income was a record $47.5 million in Q3, up from $32.2 million from the year ago quarter, and operating margin was 15%. Net income was a record of $61.9 million in Q3 '25, up from $45 million in Q3 '24. Diluted net income per share was record $1.16 in Q3, based on 53.3 million fully diluted shares outstanding.

第三季營業收入創下 4,750 萬美元的歷史新高，高於去年同期的 3,220 萬美元，營業利潤率為 15%。2025 年第三季淨收入創下 6,190 萬美元的紀錄，高於 2024 年第三季的 4,500 萬美元。第三季稀釋後每股淨收益創歷史新高，達到 1.16 美元，基於 5,330 萬股完全稀釋後的流通股計算得出。

Total employee head count was 3,018 employees, an increase of 151 employees since Q2. We continue to expect to grow head count by approximately 30% in fiscal year '25.

員工總數為 3,018 人，比第二季增加了 151 人。我們預計在 2025 財年員工人數將成長約 30%。

Moving on to the balance sheet and cash flow. We ended the quarter with $1.53 billion in cash and cash equivalents down from $1.59 billion at the end of Q2. Marketable securities were $211.7 million at the end of Q3, up from $60.1 million at the end of Q2.

接下來來看資產負債表和現金流量表。本季末，我們持有現金及現金等價物15.3億美元，低於第二季末的15.9億美元。第三季末，有價證券為 2.117 億美元，高於第二季末的 6,010 萬美元。

Adjusted free cash flow for Q3 was $92.3 million, and adjusted free cash flow margin was 29%. Adjusted free cash flow margin is defined as adjusted free cash flow as a percentage of revenue. 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.

第三季調整後自由現金流為 9,230 萬美元，調整後自由現金流利潤率為 29%。調整後自由現金流利潤率定義為調整後自由現金流佔收入的百分比。調整後的自由現金流定義為經營活動產生的現金淨額，減去用於購置物業和設備以及資本化軟體成本的現金，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 fourth quarter of fiscal year 2025, we expect our revenue to be in the range of $328 million to $330 million, representing growth of 22% to 23% year-over-year. We expect non-GAAP operating income of $36 million to $38 million and an operating margin of 11% to 12%.

現在，讓我們來看看我們對 2025 財年的最新展望。我們預計 2025 財年第四季的營收將在 3.28 億美元至 3.3 億美元之間，年增 22% 至 23%。我們預期非GAAP營業收入為3,600萬美元至3,800萬美元，營業利益率為11%至12%。

For the full year of 2025, we expect revenue to be in the range of $1.226 billion to $1.228 billion, representing growth of approximately 26% year-over-year. We expect full year non-GAAP operating income of $167 million to $169 million and an operating margin of approximately 14%. We expect full year adjusted free cash flow of $330 million to $334 million and adjusted free cash flow margin of approximately 27%.

我們預計 2025 年全年營收將在 12.26 億美元至 12.28 億美元之間，年增約 26%。我們預計全年非GAAP營業收入為1.67億美元至1.69億美元，營業利益率約14%。我們預計全年調整後自由現金流為 3.3 億美元至 3.34 億美元，調整後自由現金流利潤率約為 27%。

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

現在我把電話交給接線員，回答您的問題。

(Operator Instructions) Kash Rangan, Goldman Sachs.

（操作說明）Kash Rangan，高盛。

Good to see the quarterly results. I'm also curious to get your perspective on two things. One is as you look at the spending environment on the next calendar year down to '26, what is top of mind for your customers? And where does monday stand in terms of spending priority.

很高興看到季度業績報告。我也想聽聽你對兩件事的看法。一是展望未來一年（直至 2026 年）的消費環境，您的客戶最關心的是什麼？那麼，週一的支出優先順序是多少呢？

Also, secondly, when you look at the results, this looked like a smaller magnitude of beat relative to what we've come to expect on monday in the past prior quarter. So if you could talk about what might be behind the numbers that is the go-to-market transition, et cetera, that hopefully will set you up for a very good success in the years ahead. But I wonder if the go-to-market transition, the pivot towards larger deals also cost us the kind of upside that the company expect in the results and the guidance looking forward into the fourth quarter and the year ahead. If there's any go-to-market transition that we should be thinking about as you work through these numbers.

其次，從結果來看，與過去一個季度週一的預期相比，這次的業績超預期幅度較小。所以，如果您能談談這些數字背後可能存在的問題，例如市場轉型等等，那有望為您在未來幾年取得非常好的成功奠定基礎。但我懷疑，市場策略的轉變，以及向更大規模交易的轉向，是否也讓我們失去了公司在業績和對第四季度及未來一年的展望中所預期的那種增長潛力。在分析這些數據時，我們是否應該考慮任何市場推廣策略的轉變？

Kash, this is Eran. Maybe just to start before I sort answering your question, I know this is your last earning call [cover]. I just want to say thank you for the whole period and the coverage throughout the years. Just to your first part of the question, and then I can defer to everyone to go about guidance and Casey.

卡什，這位是埃蘭。在回答您的問題之前，我想先說明一下，我知道這是您最後一次財報電話會議。[覆蓋]。我只想對這段時間以來的付出和報道表示感謝。我只回答你問題的第一部分，之後我就把指導和凱西的問題留給大家自行解答。

So in terms of customer demand, like you mentioned, we see a transition in the business basically across all customer segments, the $50,000, $100,000, $500,000, we see acceleration. Our go-to-market strategy in terms of any bigger accounts is working really well, and we see accelerating on all fronts.

所以就客戶需求而言，正如您所提到的，我們看到業務基本上在所有客戶群中都發生了轉變，5萬美元、10萬美元、50萬美元的客戶群都出現了加速增長。就大客戶而言，我們的市場拓展策略非常有效，我們看到各方面都在加速發展。

In terms of what customers are asking for. So definitely, we see an increase in terms of our profitability. More customers are buying more products. Definitely, more and more customers are interested in AI features and AI products. And I think a lot of the new announcements and new features that we launched really resonates with customers.

就客戶的需求而言。所以，我們的獲利能力確實有所提升。更多顧客購買了更多產品。毋庸置疑，越來越多的客戶對人工智慧功能和人工智慧產品感興趣。我認為我們推出的許多新公告和新功能都引起了客戶的共鳴。

So overall, we see a very healthy demand across all customer segments. We see healthy demand with our existing products and specifically with the new air features that we offered, and we announced during the Investor Day.

總體而言，我們看到所有客戶群的需求都非常健康。我們看到現有產品，特別是我們在投資者日宣布推出的全新空氣功能，都擁有良好的市場需求。

Thanks, Eran. Kash, it's Eliran. With regards to the guidance in Q3 and what we've provided, so the more measurable bet is mostly due to timing effect as we rebalance investments or the higher ROI area.

謝謝你，埃蘭。卡什，我是埃利蘭。關於第三季的績效指引以及我們提供的信息，更可衡量的投資主要歸因於我們重新平衡投資組合或投資報酬率更高的領域所帶來的時機效應。

And it relates to your question, so we see the direct sales motion, the new products like monday service, CRM, and per channel such as video and social media actually providing higher ROI. And they tend to have a longer sales cycle, but we see a very positive momentum.

這與你的問題有關，所以我們看到直接銷售模式、像週一服務、CRM 這樣的新產品，以及像視訊和社交媒體這樣的管道，實際上提供了更高的投資回報率。它們的銷售週期往往較長，但我們看到了非常積極的成長勢頭。

When you look at the $50,000 customers, $100,000 customers, $500,000 customers, they're all accelerated in this quarter going into next year. So this provides us a lot of confidence with regards to our next year assumptions.

當你觀察那些年收入 5 萬美元、10 萬美元、50 萬美元的客戶時，你會發現他們在本季以及明年都將加速成長。因此，這讓我們對明年的預測充滿信心。

And maybe, Casey, you can add what are top of mind of customers next year.

凱西，或許你還可以補充明年顧客最關心的問題。

Yeah. We just finished up our world tour with Elevate. So tens of thousands of customers and partners came out to hear everything we had to offer, especially around our AI offerings.

是的。我們剛結束了與 Elevate 的世界巡迴演唱會。因此，成千上萬的客戶和合作夥伴前來了解我們所能提供的一切，特別是關於我們人工智慧產品的介紹。

The consensus back was I'm not taking full advantage of monday. And obviously, when we only have 6% of our customers consuming more than one product, the opportunity for us is significant. And so as we start this multiproduct journey, which obviously has just begun, all indications are we're going to have a much more material impact on the revenue associated with customers consuming more than one product. So at this point, it's early, but all signs and indications are that this is going to be a significant contribution for us going forward.

大家的共識是，我沒有充分利用星期一。顯然，當只有 6% 的客戶消費不只一種產品時，這對我們來說是一個巨大的機會。因此，隨著我們開啟這段多產品之旅（顯然才剛開始），種種跡象表明，我們將對消費多種產品的客戶所帶來的收入產生更實質的影響。所以現在下結論還為時過早，但種種跡象表明，這將對我們未來的發展做出重大貢獻。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc Capital Markets。

The first one that I had was on the move-up market and its impact on deferred revenue or billings. As you guys keep signing kind of larger customers and maybe longer-term contracts, more heavily weighted toward annual and even multiyear, I would expect deferred revenue to outgrow recognized revenue. And so I'm just curious what the dynamics are there that are causing deferred revenue to come in below revenue.

我遇到的第一個問題是升級換房市場及其對遞延收入或帳單的影響。隨著你們不斷簽下規模更大的客戶，以及可能更長期的合約（尤其是年度合約甚至多年合約），我預計遞延收入將超過已確認收入。所以我很好奇是什麼因素導致遞延收入低於實際收入。

Jackson, it's Eliran. Just as a reminder, when you -- with regards to billings, we said it in the past, this is not the perfect measurement of our business because it's based on a cash basis, not accrual basis. As a reminder, we tend to be more conservative on that. So therefore, there are some fluctuations with regard to that.

傑克遜，我是埃利蘭。再次提醒一下，關於帳單，我們之前說過，這並不是衡量我們業務的完美指標，因為它是基於現金製而不是權責發生製。再次提醒，我們在這方面往往比較保守。所以，這方面會有一些波動。

And we think a better measurement of this, this is an RPO. RPO is a new metric for us that we disclosed in the Investor Day. And as you can see, it's accelerating quarter-over-quarter, and it also reflects the full contract value that we see going up market. So we think there is going to be some timing of the billings. This is why it's not perfect measurement. Therefore, we intend to see the RPO is a better measurement going into next year.

我們認為，衡量這一點的更好方法是使用 RPO（跑動點數）。RPO 是我們投資者日上公佈的一項新指標。正如你所看到的，它正在逐季加速成長，這也反映了我們看到的市場上漲帶來的全部合約價值。所以我們認為帳單的結算時間會有一定的限制。這就是為什麼它的測量結果並不完美。因此，我們希望明年RPO能成為一個更好的衡量標準。

Okay. All right. Great. That's fair. And then what should we take from -- the implied growth rate here for the fourth quarter is like 22.5%, 23% or so year-over-year growth. What should we take a signal for the right level to be thinking about 2026?

好的。好的。偉大的。這很合理。那我們應該從中得到什麼結論呢？這裡隱含的第四季成長率約為 22.5% 或 23%（年成長）。我們應該以什麼訊號作為判斷2026年發展水準是否適當的依據？

So we are going to provide our initial expectation for fiscal year 2026 and our next quarter earnings. And I think in the Investor Day, we provided good outline. We said that we are going to be $1.8 billion by fiscal year '27 and we are committed to achieving this number and to the guidance we have provided during the Investor Day. So -- and this is something that not only we are growing on the revenue but also expecting operating and free cash flow margin to expand.

因此，我們將提供我們對 2026 財年的初步預期以及下一季的收益。我認為在投資者日上，我們提供了一個很好的概述。我們曾表示，到 2027 財年，我們的營收將達到 18 億美元，我們致力於實現這一目標，並履行我們在投資者日上提供的指導。所以——這不僅是我們收入成長的方面，而且我們還期望營運利潤率和自由現金流利潤率能夠擴大。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Yes, perfect. I want to maybe just go back to the fact that '26 might see some improvement given that you're rebalancing investment. Can you just maybe elaborate a little bit on where the investment is going? What you might expect your kind of goals are for 2026 to either reaccelerate growth?

是的，完美。我想回到先前的觀點，鑑於你們正在重新調整投資組合，2026 年可能會有所改善。您能否詳細說明一下這筆投資的用途？您希望在 2026 年實現怎樣的目標，以重新加速成長？

And then I think Eliran, I heard you say 30% increase in head count this year? I'm curious how your plans are shaping up for 2026 within that investment framework.

然後我想，艾利蘭，我好像聽到你說今年員工人數要增加30%？我很想知道您在該投資框架下對 2026 年的計劃有何進展。

Yeah, this is Eran. So I can start. So look, we feel very confident on the strategy and how it's going so far, specifically, I can point out, are going upmarket worked really well. Just as a reminder, just three years ago, it seems like a big stretch.

是的，這是埃蘭。這樣我就可以開始了。所以你看，我們對目前的策略和進展都非常有信心，特別是，我可以指出，進軍高端市場的效果非常好。提醒一下，就在三年前，這似乎還是一件非常不可思議的事。

But right now, the majority of the business is based on $50,000, $100,000, $500,000 accounts. We see those accounts as much better retention, much more expansion, much more stability, definitely changes the nature of the business, and we see some of that as for the results, but we're very confident on where we're heading with those customers. We feel the potential to do more cross-sell, more expansion over time will really pay off.

但目前，大部分業務都是基於 5 萬美元、10 萬美元、50 萬美元的帳戶。我們認為這些帳戶的留存率更高，擴張速度更快，穩定性更強，這無疑改變了業務的性質，我們也從中看到了一些成果，但我們對這些客戶的未來發展方向非常有信心。我們認為，隨著時間的推移，透過增加交叉銷售和進一步擴張，將會帶來豐厚的回報。

In addition, as we mentioned during the Investor Day, we -- a lot of investment in terms of product. We're executing in the last three or four quarters like never before, adding a lot of AI features, functionality, those are really well received with our customer base.

此外，正如我們在投資者日上提到的，我們在產品方面進行了大量投資。在過去的三個或四個季度裡，我們的執行力空前高漲，增加了許多人工智慧特性和功能，這些都受到了客戶群的熱烈歡迎。

There's a lot of excitement. Casey mentioned, Elevate. We've got great feedback from customers across the board. So all in all, looking at all the investments we've made and all the innovation in the product, we feel very confident in where we had it and how our customers are using products.

現場氣氛非常熱烈。凱西提到，提升。我們收到了來自各界客戶的正面回饋。總而言之，考慮到我們所做的所有投資和產品中的所有創新，我們對我們所取得的成就以及客戶使用產品的方式感到非常有信心。

Arjun, this is Eliran. Just to answer your question on head count. So as we said, we expect hiring to remain focused on sales, product, and R&D this year. We estimate it to be around 30% growth in head count by the end of the year.

阿俊，這是埃利蘭。僅回答您關於人數的問題。正如我們所說，我們預計今年的招募重點仍將放在銷售、產品和研發方面。我們預計到年底員工人數將成長約 30%。

And we think that as for [next year], and we already said it in the Investor Day that we believe the numbers are going to be closer to 20% in terms of adding additional headcount. It's going to start to decelerate already in H2 of this year going into next year. And we think that most of the investment already is behind us. So we're going to see less investment in head count next year.

我們認為，就明年而言，正如我們在投資者日上所說，我們相信新增員工人數將接近 20%。今年下半年到明年，成長速度將開始放緩。我們認為大部分投資已經完成。因此，明年我們在人員配置方面的投資將會減少。

Okay. Understood. Very helpful. And then one just on vibe because it seems like it's getting very good adoption, 60,000 apps, I think, in a short number of months. What are customers building on monday vibe? I mean is that different from what you see the -- how you've seen them historically use sort of the monday work management platform?

好的。明白了。很有幫助。然後，就 Vibe 而言，它似乎獲得了非常好的普及度，我認為在短短幾個月內就有了 6 萬個應用程式。顧客們週一都在營造怎樣的氛圍？我的意思是，這和您以往看到的他們使用星期一工作管理平台的方式有什麼不同嗎？

Yeah. It's Roy here. So vibe is amazing, like we see that customers are really leaning into it and it's filling up a lot of gaps. And I feel like as a product, it triggers their imagination. Like whatever they want out of software.

是的。我是羅伊。所以 Vibe 非常棒，我們看到顧客們真的很喜歡它，它填補了很多空白。我覺得這款產品能夠激發他們的想像。就像他們對軟體的任何要求一樣。

They just like put in there and they built like stuff we wouldn't have imagined like some of them we shared in the investor letter, fill gaps, build like the software of [their dreams] and it's all built on top of the monthly infrastructure, meaning it's like enterprise grade. The data is everything they expect from the platform itself, they get into vibe and some of them are leaning really hard into it.

他們就像是把東西放進去，然後建造了一些我們想像不到的東西，就像我們在投資者信中分享的那些東西一樣，填補空白，建造出他們夢想中的軟體，而且這一切都建立在每月的基礎設施之上，這意味著它是企業級的。數據完全符合他們對平臺本身的預期，他們融入其中，有些人甚至非常投入。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

I wanted to ask on the product bundles that you're starting to introduce this quarter in Q4. I guess, first, is there a change on the product side from a capabilities or an integration perspective? Or is it more about the go-to-market and pricing?

我想問一下你們在第四季開始推出的產品組合。首先，我想問的是，從產品功能或整合角度來看，產品方面是否有改變？或者，關鍵在於市場推廣和定價？

And I guess the follow-up is like what is the change or here? Is it effective discounts? Like what's the goal here? And which parts of the market are you trying to target with this.

那麼後續問題大概是：這裡發生了哪些變化？這些折扣有效嗎？這樣做的目的是什麼？你們的目標市場是哪些部分？

Yeah, Casey George here. I'll take this one. So we just launched bundles. We launched three bundles here this last month, so this quarter.

沒錯，我是凱西喬治。我選這個。所以我們剛剛推出了捆綁包。上個月，也就是本季，我們推出了三款產品組合。

We obviously have a lot of visibility on how can customers use our products. And what we saw in the market, there were three in particular that stood out where there was pretty consistent use cases with work management and service CRM and work management and around our CRM and service. And so what we did was we put those into the market, and there is some commercial advantage for the customer to consume those, but it's also ease of use because these are ready built bundles that they can deploy very quickly and get value from them. immediately.

我們顯然對客戶如何使用我們的產品有很清楚的了解。我們在市場上看到，有三種情況特別突出，它們在工作管理和服務 CRM 以及工作管理和我們的 CRM 和服務方面都有相當一致的用例。因此，我們把這些產品推向市場，客戶使用這些產品有一定的商業優勢，而且使用起來也很方便，因為這些都是現成的軟體包，他們可以非常快速地部署並從中立即獲得價值。

And again, we saw in particular industries where these were pretty pervasively used. And therefore, we bundled them up, made them available to the market and our sales team in early days, but we are seeing very good traction with these bundles here in the first quarter since they've been launched.

而且，我們再次看到，在某些特定行業，這些技術被非常普遍地使用。因此，我們將它們打包在一起，在早期就提供給市場和我們的銷售團隊，但自從這些產品組合推出以來，我們在第一季就看到了非常好的市場反應。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

Just going back to the guidance. I don't think there's a time in a model where you didn't raise guidance on the quarter out. So I think many are asking what's happening? What are the causes for this? Obviously, you see your stock premarket and what's happening? So I think a little more explanation is needed to better understand what happened there?

回到指導原則。我認為在任何模式下，你都不會在上一季不提高業績預期。所以我覺得很多人都在問，到底發生了什麼事？造成這種情況的原因是什麼？顯然，你會在盤前查看你的股票以及發生了什麼？所以我覺得需要再多解釋一下，才能更好地理解那裡發生了什麼事？

Brent, it's Eliran. So maybe as a reminder, we keep saying it every quarter, it's important. Our guidance approach is consistent with prior quarters. It hasn't changed and we didn't change the philosophy.

布倫特，我是艾利蘭。所以，為了提醒大家，我們每季都會強調這一點，這很重要。我們的業績指引與前幾季保持一致。情況沒有改變，我們的理念也沒有改變。

As we said in prior quarter, the more measured it reflects timing effects as we rebalance investments towards ROI areas. So we are investing in performance marketing where we see the return on investment. And due to our big brand capabilities, when we see high returns, we are investing in performance marketing, and we see [return] dollars.

正如我們在上一季所說，這種衡量方式越能反映出時機效應，因為我們正在將投資重新平衡到投資報酬率高的領域。因此，我們正在投資效果行銷，因為我們可以看到投資回報。由於我們擁有強大的品牌實力，當我們看到高回報時，我們會投資於效果行銷，並且我們看到了實質的回報。

As we started to shift our upmarket, obviously, there is a timing effect because the investment is taking longer to see the results. However, the momentum and the trends are very positive. So there is a timing effect, as I mentioned, that's flowing into the next quarters and is impacting the numbers that we are seeing this year in terms of revenue and [ARR].

隨著我們開始向高端市場轉型，很顯然，存在時間效應，因為投資需要更長時間才能看到結果。然而，目前的勢頭和趨勢都非常積極。正如我所提到的，存在著時間效應，這種效應會延續到接下來的幾個季度，並影響我們今年看到的收入數據。[ARR]。

Okay. And from Casey's approach, I know it's still early in his journey, but I think many are asking how that transition is going upmarket. What's still needed to go? What's going well? [I think] everyone loved to hear his thoughts.

好的。從 Casey 的做法來看，我知道他才剛起步，但我認為很多人都在問，他轉型為高端市場的過程是怎麼樣的。還有什麼需要去嗎？哪些方面進展順利？我認為大家都喜歡聽他的想法。

Yeah. No, thank you. It is going exceptionally well. If I point you back to the key metrics that we follow around moving upmarket, the $50,000, $100,000, $250,000, and $500,000. We accelerated on all of those. And you may ask yourself why is that important? If you understand that the first deal is typically a $50,000 deal, not a $1 million deal and it starts at the $50,000 goes to $250,000 and then accelerates into hopefully a seven-figure deal. We're seeing that trend continue.

是的。不，謝謝。一切進展得異常順利。如果我帶你回顧我們圍繞高端市場發展所遵循的關鍵指標，那就是 5 萬美元、10 萬美元、25 萬美元和 50 萬美元。我們在所有這些方面都加快了步伐。你可能會問自己，為什麼這很重要？如果你明白第一筆交易通常是 5 萬美元的交易，而不是 100 萬美元的交易，並且它是從 5 萬美元開始，然後達到 25 萬美元，然後加速發展，希望最終能達成七位數的交易。我們看到這種趨勢仍在持續。

I'll point to three big wins we had in the quarter, all over $1 million. All three of those started three or four years ago at probably around $50,000 and they accelerated over the course of the three, four years. Love to talk about a couple of those opportunities and particularly one of the largest logistics companies in Europe that is consuming 5,000 seats, 1,500 of those are CRM. We obviously have work management and then there's service fees associated with that win. So here's a large logistics company that's consuming 5,000 seats across three of our products that was over $1 million this quarter.

我要指出本季我們取得的三項重大勝利，每項都超過 100 萬美元。這三項投資都是在三、四年前啟動的，初始投資金額可能在 5 萬美元左右，並在三、四年間加速成長。我很樂意談談其中的一些機會，特別是歐洲最大的物流公司之一，該公司使用了 5000 個席位，其中 1500 個是 CRM 席位。我們顯然有工作管理的問題，而且在得標後還會收取相關的服務費。所以，這裡有一家大型物流公司，本季使用了我們三款產品共 5,000 個席位，花費超過 100 萬美元。

We had a large tech company that uses our product across about 10 different departments. Most importantly, they use it to manage all of their M&A, and that's another company that started with us three, four years ago around $50,000. So all of the metrics that we follow are accelerating and obviously, encouraging signs for our ability to move upmarket.

我們有一家大型科技公司，約 10 個不同部門都在使用我們的產品。最重要的是，他們用它來管理所有的併購活動，而這家公司也是三、四年前以大約 5 萬美元的資金加入我們的。因此，我們關注的所有指標都在加速成長，這顯然是我們向高端市場邁進的令人鼓舞的跡象。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

The metrics are clearly strong with your larger customers. Can you speak to what you saw in mid-market and below, for instance, how did the downmarket business trend versus internal plans? Or is there much of a spread in the growth rate there if we compare it to that over $100,000 cohort?

對於您的大客戶而言，各項指標都非常強勁。您能否談談您在中端市場及以下市場觀察到的情況，例如，低端市場業務趨勢與內部計劃相比如何？或者，如果我們將其與年收入超過 10 萬美元的群體進行比較，該群體的成長率是否存在較大差異？

Yeah. Mark, this is Eran. I can start. So look, looking at Q3, a couple of growth trends were choppy overall. We saw some continued volatility in Phase 2 performance. However, the good news are that towards the end of the quarter, we saw encouraging stabilization in new sign-up and top of funnel.

是的。馬克，這是埃蘭。我可以開始了。所以你看，從第三季來看，有些成長趨勢整體上並不穩定。我們看到第二階段的業績持續波動。不過，好消息是，到了季度末，我們看到新用戶註冊量和漏斗頂端用戶數量出現了令人鼓舞的穩定趨勢。

So overall, I would say, going forward, the pipeline remains healthy. A lot of it is based on upmarket, but also the bottom-up mid-market part also is healthy going forward. So we saw a solid growth in large and high-quality opportunities, both touch and no touch.

所以總的來說，我認為，展望未來，這條管道仍然健康。其中許多都基於高端市場，但自下而上的中階市場部分未來發展也十分健康。因此，我們看到了大型優質商機的穩定成長，包括接觸式和非接觸式商機。

And overall, I'd say we're really confident that all the actions that we've done in terms of top of the funnel, how we replace our acquisition channels, and all the investments we've made in the last quarter, we paid off going forward.

總的來說，我認為我們非常有信心，我們在漏斗頂端所做的所有行動，我們如何替換我們的獲客管道，以及我們在上個季度所做的所有投資，都已在未來獲得了回報。

Okay. And as a follow-up, at what point would you think the traffic buildup that you're seeing from LLM, I think you referred to that as AIO, and some of the other channels would be able to make up for what you're losing on the Google search side? Is it conceivable to get back to a net neutral position coming out of Q4 or maybe sometime in the first half of '26?

好的。作為後續問題，您認為從LLM（我認為您稱之為AIO）以及其他一些管道獲得的流量增長，在什麼情況下能夠彌補您在谷歌搜尋方面損失的流量？是否有可能在第四季末或 2026 年上半年某個時候恢復淨零點？

Yeah. It's Roy. So what we see is that we are able to shift the budget of our marketing towards like more sales-led sources and rebalance them and get an ROI. And like Eliran mentioned, these channels take a bit longer to mature, and that's what we see now. We also are getting a lot of traffic from an increasing amount of traffic from AIO, it's too soon to tell if it will fill that gap, but we are already feeling it with a different strategy.

是的。是羅伊。因此，我們看到，我們可以將行銷預算轉移到更多以銷售為導向的管道，重新平衡預算，從而獲得投資報酬率。正如 Eliran 所提到的，這些頻道需要更長的時間才能成熟，而這正是我們現在所看到的。我們也從 AIO 獲得了大量流量，現在判斷它是否能填補這一空白還為時過早，但我們已經感受到了不同策略帶來的影響。

Scott Berg, Needham.

史考特·伯格，尼德姆。

I think it was Eran earlier talked about some early traction with some of the AI functionality that your customers are using. I just wanted to see if you had some -- maybe any specific use cases or maybe internal corporate departments that you willing to call out that you're seeing maybe the most early traction from some of the AI use cases.

我記得之前 Eran 提到過，你們的客戶正在使用一些人工智慧功能，並且已經取得了一些初步效果。我只是想看看你們是否有一些具體的用例，或者你們是否願意指出一些內部公司部門，說明你們是否在某些人工智慧用例中看到了最早的進展。

Yeah, Casey George here. It's actually been pretty fascinating. We launched a lot of these offerings that Elevate, and I had the opportunity to spend some time with some pretty significant customers at Elevate and the resounding feedback was this is a very powerful tool and could solve a lot of problems in our organization.

沒錯，我是凱西喬治。這其實還挺有意思的。我們推出了許多 Elevate 的產品和服務，我有機會與 Elevate 的一些重要客戶交流，得到的回饋一致認為這是一個非常強大的工具，可以解決我們組織中的許多問題。

But specifically, we had a large highly regulated insurance company in Europe who needed to solve a reporting issue, right? And typically, they had to acquire some software to go do that at roughly $150,000 that they really didn't want to spend. They didn't get a ton of value out of this -- out of this software. And so they went home that night or to their hotel. And in 20 minutes, they built a better tool that they could use that would effectively get far more value out of. And obviously, they didn't have to spend $150,000.

但具體來說，我們當時有一家歐洲的大型、受嚴格監管的保險公司需要解決一個報告問題，對吧？通常情況下，他們需要花費大約 15 萬美元購買一些軟體才能做到這一點，而他們其實並不想花這筆錢。他們並沒有從這款軟體中獲得太多價值。於是，當晚他們就回家了，或是回了飯店。20分鐘後，他們開發了一個更好的工具，可以有效地從中獲得更多價值。顯然，他們不必花費 15 萬美元。

There was another large retailer I spent time with who pretty much did the same thing that a reporting gap in their organization. They've been trying to solve it for an entire year. They're on the spot with some help from our team developed a reporting tool in a matter of less than 30 minutes and effectively solve the problem, as I said, that they've been trying to solve for a year.

我還花了一些時間和另一家大型零售商交流，他們也存在組織內部報告漏洞的問題，情況幾乎和這家公司一樣。他們已經嘗試解決這個問題整整一年了。在我們的團隊的幫助下，他們當場開發了一個報告工具，不到 30 分鐘就解決了這個問題，正如我所說，這個問題他們已經嘗試解決一年了。

So it's a super powerful tool. And as Roy mentioned, it's on a platform or an enterprise platform that's already integrated in their organization. So their ability to deploy that and get value from it instantaneously is super powerful for them. So we continue to see use cases like that pop up all over the place. So obviously, we're pretty encouraged with early signs.

所以它是一款功能非常強大的工具。正如 Roy 所提到的，它是在一個已經整合到他們組織中的平台或企業平台上運作的。因此，他們能夠立即部署並從中獲得價值，這對他們來說非常強大。因此，我們不斷看到類似的用例在各地湧現。顯然，我們對目前的跡象感到非常鼓舞。

Understood. Helpful. And then maybe a modeling question for Eliran. As you pivot to some of these other channels that you guys started last quarter from a sales and marketing go-to-market kind of perspective is, how should we think about leverage of sales and marketing kind of in the near term? Do those channels still require I guess, some overinvestment here in the short term to effectively turn them on? Or would we -- or do you expect to still see some leverage there, given that you're not spending and maybe that Google channel as much.

明白了。很有幫助。然後或許會問 Eliran 一個建模問題。從銷售和行銷的角度來看，隨著你們上個季度開始轉向其他管道，我們應該如何看待近期內銷售和行銷的槓桿作用？我想，要有效開通這些管道，短期內是否仍需要一些額外的投資？或者，鑑於你們沒有像以前那樣在谷歌頻道上投入資金，你們是否仍然期望在那裡看到一些優勢？

Scott, Eliran here. So as a reminder, we have a hybrid model, which is a combination of PLG, the performance marketing spend that we already mentioned, we are shifting to other channels as well as the head count that quota carrying around partners, sales channels, and customer success.

我是史考特·埃利蘭。所以再次提醒大家，我們採用的是混合模式，它是 PLG（產品生命週期管理）和我們已經提到的效果行銷支出的結合體，我們正在轉向其他管道，以及負責完成配額的合作夥伴、銷售管道和客戶成功團隊的人員數量。

So overall, when we are thinking about going into the investment, we believe that the share of the performance marketing as a percentage of total S&M is going to decline, potentially in total dollar value, it may stay flat or slightly below, but we are going to see the investment mostly in headcount. It's going to be more moderate than what we have seen in the past.

所以總的來說，當我們考慮進行投資時，我們認為效果行銷在銷售和行銷總額中所佔的百分比將會下降，總金額可能會保持不變或略有下降，但我們認為投資主要會體現在人員配置上。情況會比我們過去看到的要溫和得多。

And the momentum, as we said, continues to be very strong. We are expanding within existing customer base. You can see it with the MDR or 50,000 customers, 100,000 customers an upmarket motion, ACV is going up, lending is bigger. So this would be an area of investment, but more moderate to what we have seen in the past.

正如我們所說，這股勢頭依然非常強勁。我們正在現有客戶群的基礎上進行擴張。從 MDR 或 5 萬客戶、10 萬客戶可以看出，這是一個高端市場趨勢，ACV 正在上升，貸款規模更大。因此，這將是一個投資領域，但規模會比我們過去看到的要小一些。

Steve Enders, Citi.

史蒂夫恩德斯，花旗集團。

I guess I just want to dig a little bit more into just the performance marketing channel, specifically? And just I guess it would be great to kind of get a breakdown for kind of what you saw within the paid Google channel, I guess, hopefully through October, if you have that?

我想更深入了解效果行銷管道？我想，如果您能提供一份關於您在付費 Google 頻道中看到的情況的詳細分析，那就太好了，最好能涵蓋到 10 月份的情況，如果您有的話？

And then I guess, secondarily, just how the kind of the ramp in the other channels is working? And how that's kind of, I guess, trending versus your expectations there?

其次，我想了解的是其他通路的斜坡運作情況如何？那麼，這方面的趨勢與你的預期相比如何？

Yes. Steven, this is Eran again. So look, as I mentioned, we talked briefly about the [investor] in the Investor Day. Our Google AdWords channel accounts for less than 10% of new revenue.

是的。史蒂文，我是埃蘭。正如我剛才提到的，我們在投資者日上簡要地談到了[投資者]。我們的 Google AdWords 管道帶來的新增收入不到 10%。

And overall, like I mentioned, we saw some choppiness Q3, but towards the end of the quarter, we saw a stabilization. And that's across Google AdWords and across all other channels, we see very healthy double funnel activity. Also, the pipeline looks very healthy. It's growing according to our plans. So look, I think overall, we feel confident going forward with our acquisition strategy.

總的來說，正如我之前提到的，第三季出現了一些波動，但到了季度末，情況趨於穩定。無論是在 Google AdWords 還是其他所有管道，我們都看到了非常健康的雙漏斗行銷活動。此外，管道狀況看起來也非常好。它正按計劃發展。所以總的來說，我認為我們對未來的收購策略充滿信心。

And also, we also mentioned during the Investor Day, the quality of the quantity. We continue to see a trend of this, our equality customers, bigger land, more expansion, high retention. So overall, we feel confident about the strategy and confidence about our ability to continue to acquire new top-of-funnel activity.

此外，我們在投資者日上也提到了數量與品質的平衡。我們持續看到這種趨勢：平等對待客戶，更大的土地，更多的擴張，更高的客戶留存率。所以總的來說，我們對這項策略充滿信心，也對我們繼續獲得新的漏斗頂端活動的能力充滿信心。

Okay. All right. Great. That makes sense. And then I guess on the guidance, again, just -- I understand Q4 is coming down a little bit. I guess on the back of that, I guess, what maybe gives the confidence as we think through '26 and in '27 that you still feel good about that $1.8 billion number, especially as we think about lapping some of the price increases going into next year. Just yeah -- how should we think through those factors and what gives you all the confidence behind those numbers?

好的。好的。偉大的。這很有道理。然後，關於業績指引，我了解到第四季業績會略有下調。我想正是基於此，或許正是這種信心讓我們在展望 2026 年和 2027 年時，仍然對 18 億美元的數字感到滿意，尤其是在我們考慮明年要應對一些價格上漲的情況下。是的──我們該如何考慮這些因素？你又憑什麼對這些數據如此有自信？

So when we think about a few reasons why we are confident in next year numbers. First, demand and expansion from our larger customers. So we're accelerating year-over-year growth for all upmarket customers. So you have seen $50,000, $100,000, and $500,000 I mentioned earlier. We're accelerating year-over-year growth of RPO, and we are improving $50,000 NDR.

所以，當我們思考我們對明年數據充滿信心的原因時，我們想到了以下幾點。首先，來自我們大客戶的需求和業務擴張。因此，我們正在加快所有高端客戶的年度成長速度。所以你們已經看到了我之前提到的 5 萬美元、10 萬美元和 50 萬美元。我們正在加快 RPO 的年增長率，並且我們正在改善 50,000 美元的 NDR。

In addition to that, we have the multiproduct adoption that continues to trend positively. CRM is becoming very significant with more than $100 million in ARR, and we are seeing customers increasingly adopting multiple solutions. We are only in the early innings of customers that are adopting more than one product. And only, I think it was 6% that we said in Investor Day, and now we're doing much, much better.

除此之外，多產品採用率也持續呈現正向趨勢。CRM 的重要性日益凸顯，年度經常性收入超過 1 億美元，我們看到越來越多的客戶採用多種解決方案。我們目前仍處於客戶採用多種產品的早期階段。我記得我們在投資者日上說的只是 6%，現在我們做得好得多。

AI product engagement is accelerating. We were focused on educating, and we are focused on adoption of customers in the market, and we see a very healthy adoption of AI products that we believe are going to monetize next year in a more significant way. And as Eran mentioned, we have signs of stabilization in top of funnel at the end of the quarter that we are encouraged by that going into the fourth quarter and into next year.

人工智慧產品的用戶參與度正在加速提升。我們一直專注於教育，現在專注於市場客戶的採納，我們看到人工智慧產品的採納情況非常良好，我們相信這些產品明年將以更顯著的方式實現盈利。正如 Eran 所提到的，我們在本季末看到了漏斗頂端趨於穩定的跡象，這讓我們對進入第四季和明年充滿信心。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Maybe just since we're bundling kind of all the new products into one category. Now, maybe what's the latest on monday CRM service products in terms of traction in the quarter? How much they're contributing to net new ARR today? And then I've got a quick follow-up question on the model.

或許是因為我們把所有的新產品都歸類了。那麼，週一CRM服務產品在本季的最新進展如何？它們目前對新增淨年度經常性收入 (ARR) 的貢獻是多少？然後我還有一個關於該模型的後續問題。

Yeah, Casey, I'll take this one. So CRM, as we just mentioned, eclipsed the $100 million this year in a very short amount of time, I think, less than two years. We continue to see traction, of course, across SMB and mid-market and particularly.

好的，凱西，我來做這個。正如我們剛才提到的，CRM 今年在很短的時間內就突破了 1 億美元大關，我認為不到兩年。當然，我們繼續看到中小企業和中端市場，尤其是大型企業市場，獲得了成長動力。

With service, this has really been a great story for us. It's only nine months in, but we continue to see even more significant contribution coming from service. I believe our size of service customers is 2x that of other products. So service continues to accelerate.

就服務而言，這對我們來說真是一個非常棒的故事。雖然只有九個月的時間，但我們不斷看到服務部門有越來越重要的貢獻。我認為我們的服務客戶規模是其他產品的兩倍。因此，服務速度持續加快。

Obviously, nine months in. We don't have a year-to-year compare, but we're very bullish on both of those products going into next year.

顯然，已經過去九個月了。我們沒有同比數據，但我們對這兩款產品明年的發展前景非常看好。

Got it. And then maybe Eliran, and just for you, you've had a couple of questions regarding how you feel maybe about next year specifically. I think it's just given some of the changing dynamics that you're mentioning around channels and how you're going to market and shifting spend, what seemingly is a little bit of a change in terms of your guidance for Q4 versus previous years and periods in terms of passing through the beat and this timing adjustment.

知道了。然後，Eliran，或許還有你，你可能對明年的一些事情有些疑問。我認為，鑑於您提到的通路變化以及您將如何進行行銷和調整支出，您在第四季度業績指引方面似乎與往年同期相比略有變化，包括業績目標的達成情況和時間安排的調整。

Maybe just help us pace how we should think about the growth? Are you comfortable with where consensus is for next year? Is it something where it may be a little bit more back end loaded, and you could actually see acceleration in '27 because of some of these timing adjustments that you're calling out. I think it would be really helpful for us to just understand the pacing of growth given some of these evolving dynamics.

或許可以幫助我們調整看待成長的節奏？你對明年目前的共識感到滿意嗎？是不是說它的動力輸出可能更偏向後輪驅動，而由於你提到的這些時間調整，你實際上可以在 2027 年看到加速性能的提升？我認為，了解這些不斷變化的動態因素對我們有很大的幫助。

Alex, Eliran here. So I think I mentioned it earlier, but if you think about where we're going to be in fiscal year '27, we said that we are going to achieve $1.8 billion in revenue, we feel very confident with that. We feel very confident with the number based on everything that we see today.

我是 Alex，Eliran。我想我之前提到過，但如果你想想我們在 2027 財年將會達到什麼目標，我們說過我們將實現 18 億美元的收入，我們對此非常有信心。根據我們今天看到的一切，我們對這個數字非常有信心。

And this is something that we -- when we made the assumptions, we took into account the trends that we see today. We made some assumptions about the cross-sell motion, the new products that we are launching to the market. The fact that AI is going to be monetized to a certain extent, and the fact that we are going to expand within existing customer base.

而這正是我們在做出假設時所考慮到的——我們今天看到的趨勢。我們對交叉銷售模式以及即將推向市場的新產品做出了一些假設。人工智慧將在一定程度上實現商業化，而且我們將在現有客戶群中擴張。

So having all of this into -- taking all of this into account, we feel that the $1.8 billion in fiscal year '27 is achievable in the interim. We are confident with the consensus number for next year as well.

綜上所述，我們認為在 2027 財年實現 18 億美元的目標在過渡期內是可以實現的。我們對明年的普遍預期數字也很有信心。

DJ Hynes, Canaccord.

DJ Hynes，Canaccord。

Eliran, the new AI pricing model and the introduction of Agent Factory, feel like it gives you more or less visibility into the model? I'm just trying to think about how these changes may impact the ability to forecast the business if AI becomes a more meaningful driver going forward?

Eliran 的新 AI 定價模型和 Agent Factory 的引入，讓你感覺到對該模型的了解程度是提高了還是降低了？我只是想思考，如果人工智慧在未來成為更重要的驅動因素，這些變化可能會如何影響業務預測能力？

It's Eliran. So with regards to visibility, it's early days. As I said earlier, we are focused on education and adoption within our customer base. It gives us confidence that we see that there is a strong momentum. However, it's not something that is going to be very meaningful in the -- in terms of revenue next year. So we take it into account, but it's not very meaningful.

是埃利蘭。所以就可見性而言，現在下結論還為時過早。正如我之前所說，我們專注於在我們的客戶群中進行教育和推廣。這讓我們更有信心，因為我們看到目前勢頭強勁。然而，就明年的收入而言，這並不是什麼特別有意義的事。所以我們會考慮這一點，但這意義不大。

And maybe I can go back to Jackson's question. I mean, obviously, we saw the acceleration in the RPO metrics that you're sharing. Are you seeing changes in contract duration as you go further up market? Is that a tailwind to that RPO metric.

或許我可以回到傑克森提出的問題上來。我的意思是，很顯然，我們已經看到了您分享的 RPO 指標的加速成長。隨著市場層級的提升，您是否注意到合約期限發生了變化？這是否有利於RPO指標？

Yeah, this is Casey. For sure, obviously, as you move up market, we would like longer-term contracts and obviously, our customers as well. So we are seeing an acceleration on the term length for our contracts as we move upmarket.

是的，這是凱西。當然，隨著我們向高端市場邁進，我們和我們的客戶都希望簽訂更長期的合約。隨著我們向高端市場邁進，我們看到合約期限正在加快延長。

Yeah. Maybe to Casey -- just to add to Casey, kind of what we see is basically that the percentage of ARR in terms of contract duration. So [multiyear] is becoming more meaningful in terms of the numbers coming from 5% five years ago to now around 13%. And -- we see the annual contracts are going from 65% to 70%.

是的。也許對凱西來說——補充一下凱西的觀點，我們看到的基本上是按合約期限計算的 ARR 百分比。因此，[多年期] 的意義越來越大，因為五年前的比例為 5%，而現在約為 13%。而且——我們看到年度合約的比例從 65% 上升到 70%。

So altogether, when you combine the annual plus the multi-product, you're getting more than 80% of ARR coming from annual plus multiproduct. And this is something that the trend continues.

因此，總而言之，將年度收入加上多產品收入，超過 80% 的 ARR 來自年度收入加上多產品收入。而且這種趨勢還在持續。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Perfect. Can I stay on RPO? Like, if I look at the old deck and the new numbers, it looks like you restated it, and the numbers came down a little bit. Can you just explain what was going on there?

完美的。我可以繼續接受RPO治療嗎？例如，如果我看一下舊牌組和新牌組的數字，看起來你們重新調整了牌組，而且數字稍微減少了一些。你能解釋一下那裡到底發生了什麼事嗎？

Yeah, sure. It's Eliran. So when we presented the numbers in the Investor Day, it was during mid-August, and the RPO is a new metric for us. And upon further review post Investor Day, we made some adjustment to ensure consistency and accuracy [prosperior].

當然可以。是埃利蘭。因此，我們在投資者日上公佈這些數據是在 8 月中旬，而 RPO 對我們來說是一個新指標。投資者日結束後，我們經過進一步審查，並做出了一些調整，以確保一致性和準確性。[繁榮者]。

This was part of our Auditor's review of Q3 and the signed off the RPO data presented in our Q3 earnings. And we are confident that these metrics, as I said earlier, to check some questions, provide a clear and reliable view in terms of our contracted revenue based and future growth visibility going into next year.

這是我們審計師對第三季進行審查的一部分，並已簽署確認我們在第三季財報中提出的 RPO 資料。正如我之前所說，我們相信這些指標能夠解答一些問題，並清晰可靠地展現我們基於合約收入的未來成長前景，展望明年的發展。

Okay. Perfect. So then we should be clean on RPO going here? Or it's just a change in accounting basically?

好的。完美的。那麼，我們在這裡應該可以順利完成RPO流程了吧？或者這只是會計方法上的改變？

Yes, correct.

是的，沒錯。

Derrick Wood, TD Cowen.

德里克·伍德，TD Cowen。

So you mentioned that upmarket motions carry longer sales cycles, but you did see really strong growth in upmarket KPIs, new customers accelerating, RPO accelerating. So are you seeing upmarket pipelines tracking even higher than your revenue growth? And if not for longer sales cycles, you could be even stronger. And I guess, given Q4 tends to be when larger deals have seasonal flush dynamics, how do you think Q4 is setting up? And any kind of share with how the quarter is tracking to date?

所以你提到高端行銷活動需要更長的銷售週期，但你確實看到高端市場的關鍵績效指標（KPI）實現了強勁成長，新客戶數量加速成長，RPO（招募流程週期）加速成長。所以，您是否發現高端產品線的成長速度甚至超過了您的收入成長速度？如果不是因為銷售週期太長，你的實力可能會更強。我想，考慮到第四季通常是大型交易出現季節性資金注入高峰期的時候，你認為第四季的情況如何？能否分享一下本季迄今的進展？

We do continue to see an acceleration in our pipeline as we move upmarket. As it relates to the quarter, all I would say is that when you move up market, obviously, you create somewhat of a hockey stick in the quarter and in the year.

隨著我們向高端市場拓展，我們的產品線建設速度確實在不斷加快。就季度而言，我只想說，當你向高端市場發展時，很顯然，你會在季度和年度中形成某種曲棍球棒狀的成長曲線。

As we progress upmarket, we continue to see that phenomenon play out. But we're very encouraged with the pipeline that we've built up market. And again, we haven't really even started with the cross-sell motion. So we're bullish that that will only add additional pipeline for the year.

隨著我們向高端市場邁進，我們不斷看到這種現象發生。但我們對已建立的市場管道感到非常鼓舞。而且，我們甚至還沒有真正開始交叉銷售流程。因此我們樂觀地認為，這將為今年增加更多項目儲備。

Got it. And on the AI side, I mean, when you look at magic, vibe, sidekick agent builder, what would you call out as getting the most traction? Or how would you rank this group in terms of potential adoption over the next year or two?

知道了。在人工智慧方面，我的意思是，當你看到 Magic、Vibe、Sidekick Agent Builder 時，你認為哪個最受歡迎？或者，您如何評價這個群體在未來一兩年內的潛在採納率？

So vibe has definitely taken off. That is -- there's been a resounding excitement around that offering. Obviously, we just announced that that I had the opportunity, as I mentioned, [since] customers that Elevate. There was a ton of excitement around that. And as I mentioned, a couple of use cases, there's a dozen more that I could speak to where customers are literally using it that day and getting value from it.

所以氛圍確實火了起來。也就是說，人們對這項產品表現出了極大的熱情。顯然，我們剛剛宣布，正如我所提到的，我有機會提升客戶。當時大家都很興奮。正如我剛才提到的幾個用例，我還可以舉出十幾個例子，說明客戶當天就在使用它，並從中獲得價值。

So we're obviously, as I mentioned, very early on, but we're super excited about the prospects of vibe. Most particularly because we're in the market to absorb that. So we're the work management company. We're in a perfect spot for customers to change how they work and actually do work for them instead of just managing it. And these offerings do absolutely that, whether it's our agents or vibe. So again, pretty excited where we are. Looking forward to next year and seeing how that develops as we go.

所以很明顯，正如我所提到的，我們現在還處於非常早期的階段，但我們對 Vibe 的前景感到非常興奮。尤其因為我們進入市場就是為了消化這些需求。我們是工作管理公司。我們現在處於一個絕佳的位置，讓客戶能夠改變他們的工作方式，真正為他們工作，而不僅僅是管理工作。而這些服務確實做到了這一點，無論是我們的經紀人還是氣氛。所以，我對我們目前的情況感到非常興奮。期待明年，看看事情會如何發展。

Maybe just to add to what Casey mentioned, this is Eran. So I 100% agree. vibe right now presents the best opportunity for monetization, and we see the most momentum with.

或許可以補充一下 Casey 提到的內容，這位是 Eran。所以我完全同意。目前，vibe 提供了最佳的獲利機會，我們也看到了它最強勁的發展勢頭。

I would say, in addition to that, we feel that monday agents can also unlock new go-to-market, a new type of customer that we didn't have before. So we excited about this one, both for our existing customer base, but also our ability to step into new type of customer audiences.

除此之外，我認為週一上班的代理商還可以開拓新的市場，吸引我們以前從未接觸過的新型客戶。因此我們對此感到非常興奮，不僅因為我們現有的客戶群，還因為我們能夠進入新的客戶群。

(Operator Instructions) Rob Oliver, Baird.

（操作說明）羅伯·奧利弗，貝爾德。

My question is for Casey. So Casey, obviously, a lot of changes going on your side. On the comment relative to sales cycles, I just -- the first part of my question is on the longer sales cycles. Obviously, those are going to lengthen as you move up market, but it does sound like that comment is a bit of a change from when you were on stage a few months ago.

我的問題要問凱西。所以凱西，很顯然，你這邊發生了很多變化。關於銷售週期的評論，我的問題第一部分是關於較長的銷售週期。顯然，隨著你進入高端市場，這些都會變長，但這番話聽起來和你幾個月前在台上說的話有點不一樣了。

So I just wanted to understand putting aside the obvious change in sales cycles as you move up market, which is clearly having success kind of what changed in the market? And then I had a quick follow-up.

所以，我只是想了解，撇開隨著市場向高端化而發生的銷售週期明顯變化（這顯然取得了成功），市場究竟發生了什麼變化？然後我又快速地跟進了一次。

Yeah, I don't think there's really been a whole lot of change. What I would say is we have to do two things at once, and we are.

是的，我覺得沒有太大的改變。我想說的是，我們必須同時做兩件事，而我們正在這樣做。

We still have our high velocity business in SMB. That continues to pace at a healthy rate. And then we layered in the upmarket motion, which I'm stating the obvious, which those sales cycles are typically a little bit longer. But again, we have to do two things at once, and we are. So still very encouraged. My strategy hasn't changed, and it's consistent with what I mentioned at Investor Day.

我們在中小企業領域仍有高速成長的業務。這一趨勢持續保持健康的增速。然後我們加入了高端市場元素，這顯而易見，這些高端市場的銷售週期通常會稍長。但是，我們必須同時做兩件事，而我們也正在這樣做。所以仍然備受鼓舞。我的策略沒有改變，這與我在投資者日上提到的內容一致。

Got it. Helpful. And then as you think about the move up market, obviously, you guys have a very powerful partner network, the low to mid-range and I know you're thinking a lot about partners moving up market as well. Is there a way for us to think about how partner contribution may play a role and perhaps as a percentage of new business? Or how you're thinking about those partner relationships and also ownership of those accounts in terms of internal versus a partner basis?

知道了。很有幫助。然後，當您考慮進入高端市場時，顯然，您擁有非常強大的合作夥伴網絡，涵蓋中低端市場，我知道您也在認真考慮合作夥伴進入高端市場的問題。我們能否考慮合作夥伴的貢獻可能發揮的作用，例如以新業務的百分比來衡量？或者，您是如何考慮這些合作夥伴關係以及這些帳戶的所有權（內部所有權還是合作夥伴所有權）的？

Yeah. The ecosystem has always been very strategic to us and will continue to be. We continue to grow our partner ecosystem almost daily, especially as it relates to some of our new offerings. We have new partners coming on board that want to take advantage of our CRM offering, our service offerings, and obviously, now our AI offering. So it's not just about the existing ecosystem we have today.

是的。生態系統對我們來說一直具有非常重要的戰略意義，未來也將如此。我們幾乎每天都在不斷發展壯大我們的合作夥伴生態系統，尤其是在我們的一些新產品方面。我們有新的合作夥伴加入，他們希望利用我們的 CRM 產品、服務產品，當然還有我們現在的 AI 產品。所以，這不僅關乎我們今天擁有的現有生態系統。

It's about recruiting the right partners to give us depth and breadth across the different regions. Obviously, depending on the region, they pay you a more significant role, especially as you look at some of the emerging markets in APJ and LatAm, they play a very significant role, and we are really growing in those regions on the back of that partner ecosystem. So I'm super excited about where we are with the ecosystem, even more excited about where it's going.

關鍵在於招募合適的合作夥伴，從​​而增強我們在不同地區的深度和廣度。顯然，根據地區不同，他們會賦予你更重要的角色，尤其是在亞太和拉丁美洲等新興市場，他們扮演著非常重要的角色，而我們也正是依靠這種合作夥伴生態系統在這些地區實現了真正的成長。我對目前生態系的發展狀況感到非常興奮，對它的未來發展方向更是感到無比興奮。

Tom Blakey, Cantor.

湯姆·布萊基，領唱。

Just two for me. On the sales cycles and the move up market. I don't think that's necessarily new. You've been very articulate in terms of laying that out even before Analyst Day. Just wondering if anything maybe kind of like a downtick in terms of expectations there in the most recent couple of months. Things are just maybe taking a little longer. The deals are getting more complicated, as they become more penetrated a victim of success, so to speak.

我只有兩個。關於銷售週期和升級市場。我覺得這不算什麼新鮮事。早在分析師日之前，您就已經非常清楚地闡述了這一點。我只是想知道最近幾個月，人們的期望值是否有所下降。事情可能只是需要花更長的時間。隨著交易的深入，它們變得越來越複雜，可以說，它們成為了成功的受害者。

And then secondly, double clicking on the SMB. You're doing so well in these metrics that you're talking about with regard to NRR and RPO at the high end and the decel that's kind of implied into this $1.8 billion estimate for calendar '27. Has anything changed in terms of -- I know you've been asked a couple of times on the call about gross churn on the SMB side near term? And what are your expectations? You did a good job articulating what the calendar '27 estimates of kind of a bridge there? What are you expecting in terms of SMB with regard to that $1.8 billion. So near term and long term on SMB.

其次，雙擊 SMB。你在這些指標上做得非常好，你提到的 NRR 和 RPO 都達到了很高的水平，而 2027 年 18 億美元的預測中隱含的放緩趨勢也印證了這一點。關於中小企業客戶近期整體流失率方面，是否有任何變化？我知道在電話會議上您已經被問過好幾次這個問題了。你們的期望是什麼？你很好地闡述了日曆 '27 所預估的那種橋樑作用？您對這18億美元中小企業的預期是什麼？所以，要關注中小企業的近期和長期發展。

Yeah. So this is Casey. I'll answer the first part, and I'll hand it to Eliran. So -- if you understand, when we talk about moving upmarket, it doesn't necessarily mean we're talking about the Fortune 100, right? We're moving up through mid-market.

是的。這位是凱西。第一部分我來回答，然後交給艾利蘭。所以——如果你明白的話，當我們談論向高端市場邁進時，並不一定意味著我們指的是財富 100 強企業，對吧？我們正在向中端市場進軍。

And quite honestly, the larger accounts are coming to us. So as it relates to some of the sales cycle, it's just the natural sales cycles we see as we move up market. That has not changed. That's consistent. We planned for that, and that's played out in a very healthy way in the numbers, right?

坦白說，大客戶都是主動找上門的。所以，就銷售週期而言，這只是我們隨著市場地位提升而看到的自然銷售週期。這一點沒有改變。這很一致。我們對此早有計劃，而​​且從數據上看，情況也非常好，對吧？

On the SMB side, that has been a very consistent business for us. It continues to be -- we see acceleration, especially with the opportunity to sell a full platform. Because we can sell the full platform into those -- that customer set, including our AI offerings. So really no change. I wouldn't highlight any concern whatsoever. It's playing out exactly as I expected. In some instances, it's actually playing out better.

對於中小企業客戶而言，這始終是我們一項非常穩定的業務。這種情況仍在持續下去——我們看到成長加速，尤其是有機會出售整個平台。因為我們可以將整個平台（包括我們的人工智慧產品）銷售給這些客戶群。所以實際上沒有任何變化。我完全不會提出任何擔憂。事情的發展完全符合我的預期。在某些情況下，情況實際上反而更好。

But I'll hand it to Eliran for some of the guidance on the SMB.

但我要感謝 Eliran 在中小企業方面提供的一些指導。

Tom, it's Eliran, to your question on gross retention. So gross retention is now historically high, and we see this improvement going from fiscal year '23. This is a result of the fact that we are growing our market, but also as part of the price increase that we have done and the quality of the customers that are joining the platform has been better.

湯姆，我是艾利蘭，回答你關於毛留存率的問題。因此，目前的毛留存率處於歷史高位，我們看到這種改善趨勢從 2023 財年開始。這是因為我們的市場正在擴大，同時也因為我們提高了價格，以及加入平台的客戶品質有所提高。

With regards to your question about sales cycle, I just want to give kind of a more of a macro-overview. I think that over the past few quarters, not only for monday, but in general, there is some choppiness in the market with some uncertainties. And therefore, customers with regards to all businesses are making probably decisions. It takes them longer with everything that is going on. And I would say it's more from a macro team, but we are seeing a positive momentum as part of our [parents with KC].

關於您提出的銷售週期問題，我只想提供一個更宏觀的概述。我認為，過去幾個季度以來，不僅是周一，總體而言，市場都存在一些波動和不確定性。因此，顧客在對所有企業做出選擇時，往往會做出一些有根據的決定。由於各種事情纏身，他們需要更長時間。而且我認為這更多是來自宏觀團隊的考量，但我們看到，作為我們的一部分，這正在形成積極的勢頭。[患有KC的父母]。

Matt Bullock, Bank of America.

馬特·布洛克，美國銀行。

I wanted to ask about Salesforce productivity. Obviously, you're adding quite a few quota-carrying reps on the managed sales side. Is sales productivity tracking in line with expectations? Maybe remind us how long it takes a typical enterprise or upmarket sales rep to ramp? And then should we start to see more of those benefits in '26 as we get more maturity in that Salesforce.

我想諮詢一下 Salesforce 的生產力問題。顯然，你們在管理銷售方面增加了不少有銷售配額的銷售代表。銷售效率追蹤結果是否符合預期？或許可以提醒我們一下，典型的企業或高端銷售代表要多久才能上手？然後，隨著 Salesforce 的日益成熟，我們是否應該在 2026 年開始看到更多這樣的好處？

Yes. We're seeing productivity move in the right direction in a very healthy direction. I would tell you this is the part I'm most excited about, right? If you think about all the offerings we have available to the market. We're going to be our best reference.

是的。我們看到生產力正朝著正確的方向，以非常健康的方式發展。我會說這是我最期待的部分，對吧？想想我們向市場提供的所有產品和服務。我們將成為自己最好的證明。

And when I say that, we're using the technology that we're taking to market to effectively make our sellers more productive. So we have our AI agents. We have our customer success -- customer success AI agents. We have a number of internal processes that we're leveraging AI.

我這麼說，是因為我們利用推向市場的技術，有效地提高了銷售人員的效率。所以我們有了自己的人工智慧代理。我們有客戶成功團隊－客戶成功人工智慧代理。我們正在利用人工智慧來改善許多內部流程。

So it's not just about us going to market with these offerings. It's about making our sellers more productive, and AI is playing a huge role in that. So our productivity continues to improve. I do expect an even greater improvement next year because of some of the changes we're making with our AI agents.

所以，這不只是我們把這些產品推向市場的問題。關鍵在於提高銷售人員的工作效率，而人工智慧在這方面發揮著巨大作用。因此，我們的生產效率持續提高。由於我們對人工智慧代理進行了一些改進，我預計明年會有更大的進步。

Fantastic. And then one quick follow-up, if I could. It sounds like maybe the embedded contribution for 2026 from AI products is expected to be a little bit more measured, but -- maybe if you could help us think about what's embedded in terms of the assumptions for the 2027 $1.8 billion revenue target. Is there anything you can give us in terms of the embedded product contribution? Or if not, maybe just the core versus the multi products. That would be helpful.

極好的。如果可以的話，我還想問一個後續問題。聽起來，人工智慧產品對 2026 年的嵌入式貢獻預計會更加謹慎一些，但是——也許您可以幫我們思考一下，在 2027 年 18 億美元的收入目標的假設下，嵌入式貢獻是什麼。在嵌入式產品方面，您能提供什麼資訊嗎？或者，如果不是這樣，也許只是核心產品與多產品之間的差異。那會很有幫助。

It's Eliran. So as I mentioned earlier, there are not going to be any new products other than the air products that we introduced to the market. As a reminder, we have more than 250,000 customers and very few of them are using -- a very low percentage of them are using more than one product. So the cross-sell motion is going to be very strong between, for example, service and work management.

是埃利蘭。正如我之前提到的，除了我們已推向市場的空氣產品之外，不會再有任何新產品。提醒一下，我們有超過 25 萬客戶，但其中只有極少數人使用——使用多種產品的客戶比例非常低。因此，例如在服務和工作管理之間，交叉銷售的趨勢將會非常強勁。

CRM will continue to be strong with monday [compared] that we introduced just recently. We are expecting some revenue from AI product. But as you said, it's going to be more moderate. But the impact of that can be on the retention of our existing customer base. It's not directly revenue, but the fact that our growth retention is better, the fact that we have more stickiness on the platform is generating more revenue opportunities that are going to impact other products as well. So taking all of this into account, provide us with the confidence on going into $1.8 billion in fiscal year '27.

與我們最近推出的周一版本相比，CRM將繼續保持強勁勢頭。我們預計人工智慧產品會為我們帶來一些收入。但正如你所說，情況會更加溫和。但這可能會對我們現有客戶群的留存產生影響。雖然這並非直接帶來收入，但我們用戶留存率的提高，以及用戶在平台上的黏性增強，正在創造更多的收入機會，這也將影響其他產品。綜上所述，請給我們一些信心，讓我們知道在 2027 財年實現 18 億美元的目標。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

Maybe just the first one, I know you guys have gotten [this] question in a number of ways, but just to be a little bit clear. So if it's my understanding, it sounds like the success that you guys are seeing up market maybe isn't just yet offset some of the choppiness or sepsis down market. And so maybe that is what led to the 4Q guidance cut.

或許就第一個問題吧，我知道你們已經以各種方式被問到過這個問題，但為了更清楚地說明一下。所以如果我理解沒錯的話，你們在高端市場的成功似乎還沒有完全抵銷低端市場的波動或衰退。所以，這或許就是導致第四季業績預期下調的原因。

So can you just talk through and give a little bit more clarity on like what got tougher? Is it that you thought upmarket would have been growing faster to offset this lower growth down market? Or did something within SMB and down market gets softer than before?

所以能詳細說說，再解釋哪些方面變得更難了嗎？你是不是認為高端市場成長速度會更快，以抵銷低端市場成長放緩的影響？或者說，中小企業市場內部發生了什麼變化，導致下行市場比以前更加疲軟？

Taylor, this is Eran. So I don't think it's a matter of something that's got harder in terms of acquisition, just a shift in the type of customer that we acquired during this quarter.

泰勒，這位是埃蘭。所以我認為，這並不是客戶獲取難度增加的問題，而是我們本季獲取的客戶類型發生了變化。

So as we've said, we've pivoted some of the budget to different channels, we saw those bringing great pipeline. Just this pipeline takes a little bit longer to convert. So it's not at one of the expense of the other, it just different types of customers. But overall, this serves our strategy, going up market, higher quality of customers and if anything, just accelerate the motion that we already started.

正如我們所說，我們已經將部分預算轉移到其他管道，我們看到這些管道帶來了良好的銷售管道。只是這條管道的轉換時間稍微長一點。所以這並不是以一方的利益為代價，只是客戶類型不同而已。但總的來說，這符合我們的策略，即進軍高端市場，吸引更高品質的客戶，而且只會加速我們已經開始的進程。

Perfect. And then just my last one is, Eliran, you talked earlier about comfort in the [street] numbers for next year. So just curious, in order to like hit those numbers, do we need to start to see like stabilization in the core work management business, maybe adjusted for some of the bigger changes in price?

完美的。最後一個問題是，Eliran，你之前談到了對明年（街頭）數據的信心。所以我很好奇，為了達到這些數字，我們是否需要看到核心工作管理業務趨於穩定，或許需要對一些較大的價格變化進行調整？

And then if so, could you just speak to when it sounds like there's still choppiness in some trends out there. Is that something that's embedded in the outlook for next year? Maybe you could just speak to your comfort in the assumptions and how we're thinking about that number going forward?

那麼，如果是這樣的話，您能否談談為什麼目前某些趨勢似乎仍然存在波動？這是明年展望計畫中已經包含的內容嗎？或許您可以談談您對這些假設的接受程度，以及我們未來將如何看待這個數字？

So with regards to numbers for next year, as I said, we are going to present them in our next earnings release in February. We're going to provide you full visibility and [surprise] with regard to the assumptions that we are taking into account.

至於明年的數據，正如我所說，我們將在二月的下一份收益報告中公佈。我們將向您全面公開我們所考慮的假設，並可能給您帶來驚喜。

I did say that we have some confidence in next year numbers as a fact of everything that all the trends that we are seeing now, the momentum that we are seeing up market as well as the fact that we are starting to see stabilization in our downmarket top of funnel activity. These are the things that makes us feel comfortable about consensus for next year.

我的確說過，鑑於我們現在看到的各種趨勢，包括上行市場的成長動能以及下行市場漏斗頂端活動的趨於穩定，我們對明年的數據有一定的信心。這些因素讓我們對明年達成共識感到安心。

And it's Roy, I can add that like work management is our leading product, and we see that we are succeeding with our upmarket strategy mainly through work management. So it's like we're leading that market, and we feel like great potential going forward and growing with it as well.

羅伊，我還可以補充一點，工作管理是我們的主打產品，我們看到，我們主要透過工作管理，憑藉高端策略取得了成功。所以感覺我們在這個市場中處於領先地位，而且我們覺得未來發展潛力巨大，也能與市場共同成長。

There are no further questions at this time. Ladies and gentlemen, this concludes today's call. Thank you all for joining, and you may now disconnect.

目前沒有其他問題了。女士們、先生們，今天的電話會議到此結束。感謝各位的參與，現在可以斷開連結了。