OneStream Inc (OS) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining OneStream second-quarter 2024 earnings conference call. As a reminder, this call is being recorded and will be available for replay from the Investor Relations section of our website following the call. (Operator Instructions) I will now pass the call over to Annie Leschin, Vice President. Please go ahead.

女士們、先生們，午安。感謝您參加 OneStream 2024 年第二季財報電話會議。謹此提醒，本次電話會議正在錄音，電話會議結束後可在我們網站的投資者關係部分重播。 （操作員指示）我現在會把電話轉給副​​總裁 Annie Leschin。請繼續。

Thank you, operator. Good afternoon, everyone. Welcome to OneStream's second-quarter 2024 earnings conference call. Joining me on the call today are our Co-Founder and CEO, Tom Shea; and our CFO, Bill Koefoed. The press release announcing our second quarter results issued earlier today is posted on our Investor Relations website at investor.onestream.com along with an earnings highlights presentation.

謝謝你，接線生。大家下午好。歡迎參加 OneStream 2024 年第二季財報電話會議。今天和我一起參加電話會議的是我們的共同創辦人兼執行長 Tom Shea；以及我們的財務長 Bill Koefoed。今天稍早發布的宣布我們第二季業績的新聞稿以及收益亮點演示將發佈在我們的投資者關係網站 Investor.onestream.com 上。

Before we get started, I'd like to let everyone know that we plan to participate in two conferences in the upcoming weeks. The first is Citi's 2024 Global TMT Conference in New York on September 5, and the second is the Goldman Sachs Communacopia & Technology Conference in San Francisco on September 11.

在開始之前，我想讓大家知道我們計劃在接下來的幾週內參加兩次會議。第一個是9月5日在紐約舉行的花旗2024年全球TMT大會，第二個是9月11日在舊金山舉行的高盛Communacopia & Technology大會。

Just a reminder that we previously disclosed preliminary estimates for certain Q2 operating results, including revenue, GAAP and non-GAAP operating loss, and free cash flow under the Recent Operating Results section of our IPO registration statement filed with the SEC on July 15, 2024. As a result, please note that historical and projected financials have already contemplated these results and their impact on future quarters. Today, we are providing the complete and actual Q2 financial results.

請注意，我們先前在2024 年7 月15 日向SEC 提交的IPO 註冊聲明的「近期經營業績」部分中披露了對某些第二季度經營業績的初步估計，包括收入、公認會計準則和非公認會計準則營業虧損以及自由現金流因此，請注意，歷史和預測財務數據已經考慮了這些結果及其對未來季度的影響。今天，我們提供完整且實際的第二季財務表現。

Now let me remind everyone that some of the statements on today's call are forward looking, including statements related to the guidance for the third quarter ending September 30, 2024, and the year ending December 31, 2024. Forward-looking statements are subject to known and unknown risks and uncertainties, assumptions and other factors. Some of these risks are described in greater detail in our prospectus dated July 23, 2024, filed with the SEC on July 24, 2024, and in other documents we file with the SEC from time to time, including our quarterly report on Form 10-Q for the quarter ended June 30, 2024. We undertake no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

現在讓我提醒大家，今天電話會議中的一些陳述是前瞻性的，包括與截至2024 年9 月30 日的第三季度和截至2024 年12 月31 日的年度的指導相關的陳述。取決於已知的情況。其中一些風險在我們於 2024 年 7 月 24 日向 SEC 提交的 2024 年 7 月 23 日招股說明書以及我們不時向 SEC 提交的其他文件中進行了更詳細的描述，包括我們的 Form 10-季度報告Q 截至2024 年6 月30 日的季度。

During our call today, we will also reference certain non-GAAP financial measures. There are limitations to our non-GAAP financial measures, and they may not be comparable to similarly titled measures of other companies. The non-GAAP measures referenced on today's call should not be considered in isolation from or a substitute for their most directly comparable GAAP measures. Our management believes that our non-GAAP measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses that may not be indicative of our ongoing core operating performance. Reconciliations of our non-GAAP measures to the most directly comparable GAAP measures can be found in this afternoon's press release and the earnings highlights presentation posted on our investor website. Now I'll turn the call over to Tom.

在今天的電話會議中，我們也將參考某些非公認會計準則財務指標。我們的非公認會計原則財務指標有其局限性，它們可能無法與其他公司的類似標題的指標進行比較。今天電話會議中提到的非公認會計準則衡量標準不應孤立於最直接可比較的公認會計準則衡量標準，也不應被視為替代標準。我們的管理層認為，我們的非公認會計原則措施通過排除某些可能無法表明我們持續核心經營業績的費用，提供了有關我們業績和流動性的有意義的補充信息。我們的非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準的調節可以在今天下午的新聞稿和我們投資者網站上發布的收益亮點演示中找到。現在我將把電話轉給湯姆。

Tom?

湯姆？

Thank you, Annie. Welcome, everyone, and thank you for joining us this afternoon for our first earnings call as a public company. We are excited to review our strong second quarter performance with you. And for those of you new to our story, I thought I'd spend some time sharing a bit about OneStream, how we got here, how we are modernizing the office of the CFO and the opportunity ahead. So let's start with a few key highlights from the quarter.

謝謝你，安妮。歡迎大家，並感謝您今天下午參加我們作為上市公司的第一次財報電話會議。我們很高興與您一起回顧我們第二季度的強勁表現。對於那些剛接觸我們的故事的人，我想我應該花一些時間來分享一些有關 OneStream 的資訊、我們如何走到這一步、我們如何實現 CFO 辦公室的現代化以及未來的機會。讓我們從本季的一些關鍵亮點開始。

Q2 total revenue increased 36% year over year, and subscription revenue grew 44% year over year. We were cash flow positive for our third consecutive quarter. And we hosted our largest ever Splash user conference in May, where we introduced a record number of platform innovations and saw a 20% increase in attendance. We accomplished all this against an improving but still challenging macro environment. With this backdrop, CFOs understand they must invest to modernize their financial architecture and go beyond just reporting on past performance to become a strategic driver of the business.

第二季總營收年增 36%，訂閱營收年增 44%。我們連續第三個季度現金流為正。我們在 5 月舉辦了有史以來規模最大的 Splash 用戶會議，會上我們推出了創紀錄數量的平台創新，出席人數增加了 20%。我們在不斷改善但仍然充滿挑戰的宏觀環境下完成了這一切。在這種背景下，財務長明白他們必須投資以實現財務架構現代化，而不僅僅是報告過去的業績，而是成為業務的策略驅動力。

The OneStream platform's ability to rationalize multiple point solutions and provide an exceptional level of insight is ideally positioned to meet this need. We're fortunate to say that even in uncertain times and possibly because of them, our customers are acknowledging the importance of investing in modernizing their finance departments, improving visibility and positioning themselves for the future.

OneStream 平台能夠合理化多點解決方案並提供卓越的洞察力，非常適合滿足此需求。我們很幸運地說，即使在不確定的時期（可能是因為這些時期），我們的客戶也認識到投資財務部門現代化、提高可見性和為未來做好定位的重要性。

We remain convinced that our market opportunity is stronger than ever based on three important trends. First, while digital transformation and finance is underway, it's still in the early innings. Finance departments have been slow to fully embrace and trust the cloud, leading them to play catch-up with their own digital transformation. While other operational areas, including sales, IT and HR have been digitizing their environments for the last two decades, we believe that only a small percent of cloud transformation from legacy finance applications have occurred thus far. Now that finance departments have begun to accept the cloud and we believe it is just a matter of time before more CFOs ultimately recognize the need for a unified cloud-based platform to provide a single view into financial and operational data across the enterprise.

我們仍然相信，基於三個重要趨勢，我們的市場機會比以往任何時候都更強大。首先，雖然數位轉型和金融正在進行，但仍處於早期階段。財務部門在完全接受和信任雲端方面進展緩慢，導致他們必須追趕自己的數位轉型。雖然其他營運領域（包括銷售、IT 和人力資源）在過去二十年中一直在對其環境進行數位化，但我們認為，迄今為止，傳統財務應用程式的雲端轉型只發生了一小部分。現在財務部門已經開始接受雲，我們相信更多的財務長最終認識到需要一個基於雲端的統一平台來提供整個企業財務和營運資料的單一視圖只是時間問題。

Second, CFOs are being tasked with becoming more strategic, and integrating finance with operations is imperative in this effort. Historically, closing the books and reporting quarterly financials were the sole focus of the CFO. Today's CFOs are increasingly being asked to work more closely with the CEO and Board to provide strategic insights and operational planning to help steer the business and drive execution. This requires CFOs to have tools like dynamic reporting to meet the requirements of changing business and complement the static nature of a traditional ERP system. Our platform provides operational agility and a unified view into financial and operational data across the enterprise, which is enabling CFOs and their organizations to excel.

其次，財務長的任務是變得更具策略性，而財務與營運的整合勢在必行。從歷史上看，結帳和報告季度財務報告是財務長的唯一關注點。如今，財務長越來越多地被要求與執行長和董事會更密切合作，提供策略見解和營運規劃，以幫助引導業務和推動執行。這要求 CFO 擁有動態報告等工具，以滿足不斷變化的業務需求，並補充傳統 ERP 系統的靜態特性。我們的平台提供營運靈活性以及整個企業財務和營運數據的統一視圖，使財務長及其組織能夠脫穎而出。

Third, AI, ML is an opportunity to increase the value of knowledge workers and business performance. As customers become efficient at managing their core financial duties and are reliably able to provide accurate reporting to their Boards and management teams, CEOs are wanting even more analysis, both financial and operational, to help run their companies more efficiently. It's just the natural evolution. Together with ML, AI is increasing the value of knowledge workers who require accurate real-time data that OneStream's platform can provide. To respond to these trends, OneStream developed the operating system for modern finance, unifying a multitude of financial functions on our cloud-based platform and providing an exceptional level of insight to our customers.

第三，人工智慧、機器學習是提高知識工作者價值和業務績效的機會。隨著客戶能夠有效率地管理其核心財務職責，並能夠可靠地向董事會和管理團隊提供準確的報告，執行長需要更多的財務和營運分析，以幫助更有效地經營公司。這只是自然進化。人工智慧與機器學習一起，正在提高知識工作者的價值，他們需要 OneStream 平台可以提供的準確即時數據。為了因應這些趨勢，OneStream 開發了現代金融作業系統，在我們基於雲端的平台上統一了多種金融功能，並為我們的客戶提供了卓越的洞察力。

Our platform addresses three primary growth areas: core finance solutions or core CPM; financial and operational planning and performance applications; applied AI-driven forecasting and performance management.

我們的平台致力於三個主要成長領域：核心財務解決方案或核心 CPM；財務和營運規劃以及績效應用；應用人工智慧驅動的預測和績效管理。

We began by addressing core finance solutions, leveraging our unique legacy and strength in financial close and consolidation and extending to planning and reporting. Ingesting data from almost any ERP system, OneStream unifies core finance solutions on a single modern platform, providing a single source of truth across the enterprise. And unlike existing legacy systems, our unique extensible dimensionality capability delivers finance the reporting standards and controls it needs with the flexibility for business units, functions and locations to report and plan at additional levels of detail without impacting corporate standards. We estimate that this legacy replacement alone represents a roughly $10 billion market opportunity, with only a small percentage converted to the cloud thus far.

我們首先解決核心財務解決方案，利用我們在財務結算和整合方面的獨特傳統和優勢，並擴展到規劃和報告。 OneStream 幾乎從所有 ERP 系統中獲取數據，將核心財務解決方案統一在一個現代平台上，為整個企業提供單一的事實來源。與現有的遺留系統不同，我們獨特的可擴展維度功能可滿足財務報告標準並控制其所需，並為業務部門、職能和地點提供靈活性，以便在不影響公司標準的情況下以額外的詳細程度進行報告和計劃。我們估計，光是這種傳統替代方案就代表了約 100 億美元的市場機會，迄今為止只有一小部分轉換為雲端。

OneStream is a true software platform that enables partners and customers to write software on our software, to build industry or functional specific applications atop our platform and leverage our common data model and security. This opens the door to a continued expansion of new solutions available through our Solutions Exchange, leading to higher innovation velocity, expanding revenue streams, greater utility and faster time to value for customers. Second, as customers become more reliant on OneStream, they began asking us to solve new, more diverse problems outside our core. As a result, we moved beyond solely helping customers improve their core financial flows, reporting and planning to streamlining additional financial processes like account reconciliation and transaction matching and actually steering operations. By extending past traditional CPM with expanded operational solutions like sales performance management, workforce planning and ESG, we are now providing value far exceeding our original mandate and playing an important role in speeding and optimizing day-to-day business operations and planning across the enterprise.

OneStream 是一個真正的軟體平台，使合作夥伴和客戶能夠在我們的軟體上編寫軟體，在我們的平台上建立行業或功能特定的應用程序，並利用我們的通用資料模型和安全性。這為透過我們的解決方案交換不斷擴展新解決方案打開了大門，從而為客戶帶來更高的創新速度、擴大的收入來源、更大的效用和更快的價值實現時間。其次，隨著客戶越來越依賴 OneStream，他們開始要求我們解決核心以外的新的、更多樣化的問題。因此，我們不僅幫助客戶改善其核心財務流程、報告和規劃，還簡化了帳戶對帳和交易匹配等其他財務流程，並實際指導營運。透過使用銷售績效管理、勞動力規劃和ESG 等擴展營運解決方案來擴展傳統的CPM，我們現在提供的價值遠遠超出了我們最初的使命，並在加速和優化整個企業的日常業務運營和規劃方面發揮著重要作用。

Importantly, moving into operations firmly solidified our position as a single source of truth for our customers. Third, this extensibility also encompasses our approach to AI. We saw the transformational potential of AI held for the office of the CFO since our inception. We began coding to bring AI and machine learning into our platform nearly a decade ago, with the intent of building packaged AI solutions to enhance key financial processes and decisions. Our first purpose-built finance AI product was sensible machine learning, which was created so companies could leverage real-time data and analysis to improve their demand forecasting without requiring significant data science resources.

重要的是，投入營運牢固地鞏固了我們作為客戶單一事實來源的地位。第三，這種可擴展性也涵蓋了我們的人工智慧方法。自公司成立以來，我們就看到了人工智慧對財務長辦公室的變革潛力。近十年前，我們開始編碼，將人工智慧和機器學習引入我們的平台，目的是建立打包的人工智慧解決方案，以增強關鍵的財務流程和決策。我們的第一個專用金融人工智慧產品是合理的機器學習，其創建是為了讓公司可以利用即時數據和分析來改進需求預測，而無需大量的數據科學資源。

The repeatable, transparent and measurable value of Sensible ML is generating, in many cases, a significant improvement in demand forecasting for customers, which is a significant ROI for their investment. While still early days, our ML product has been proven in the market at multiple customers and become an important differentiator of our platform. We are leveraging the same customer trust and transparency generated by Sensible ML in developing our AI roadmap, which we'll hear more about as we continue to develop it. We currently serve over 1,400 customers in approximately 45 countries with over 30% of total revenue coming from outside the US. Our blue-chip customer base represents virtually every major vertical.

在許多情況下，Sensible ML 的可重複、透明和可衡量的價值正在顯著改善客戶的需求預測，這對他們的投資來說是一個重要的投資報酬率。雖然還處於早期階段，但我們的機器學習產品已在多個客戶的市場中得到驗證，並成為我們平台的重要差異化因素。我們在開發人工智慧路線圖時利用了 Sensible ML 所產生的相同的客戶信任和透明度，隨著我們繼續開發它，我們將聽到更多有關該路線圖的資訊。目前，我們為約 45 個國家的 1,400 多家客戶提供服務，其中超過 30% 的總收入來自美國以外的地區。我們的藍籌客戶群幾乎代表了所有主要的垂直領域。

Now let me turn to how our progress in our three growth areas, core finance solutions or core CPM, financial and operational planning and performance solutions, and applied AI-driven forecasting and performance management, is translating into tangible results with some of our latest customer wins in Q2. One of the largest manufacturers of medical devices signed a seven-figure deal for our core CPM, financial close, consolidation, reporting and analysis as well as our Sensible ML. More and more we are hearing from customers that the platform vision, including Sensible ML and eventually, Sensible GenAI is an increasingly important differentiator. It's the extensibility of our platform as we present customers with a full journey from core to advanced analytics that both attracts and retains customers reflected in our historically strong retention. The depth of our platform also aligns with the ongoing trend to streamline the number of disparate systems utilized.

現在讓我談談我們在三個成長領域（核心財務解決方案或核心CPM、財務和營運規劃和績效解決方案以及應用人工智慧驅動的預測和績效管理）的進展如何轉化為我們的一些最新客戶的切實成果在第二季獲勝。最大的醫療設備製造商之一就我們的核心 CPM、財務結算、合併、報告和分析以及 Sensible ML 簽署了一份價值七位數的協議。我們越來越多地從客戶那裡聽到，平台願景（包括 Sensible ML 和最終的 Sensible GenAI）是一個越來越重要的差異化因素。這是我們平台的可擴展性，因為我們為客戶提供了從核心分析到高級分析的完整旅程，這既吸引又留住了客戶，這反映在我們歷史上強勁的保留率上。我們平台的深度也符合精簡所使用的不同系統數量的持續趨勢。

In this case, we replaced six-point solutions with our platform. On average, we replaced two-to-six-point solutions with every new customer. This win is also an example of the power of our strategic relationship with Microsoft. Another new Sensible ML and AI customer this quarter was a supplier of products and services to military and defense contractors worldwide. This customer also signed a seven-figure deal encompassing our core CPM offerings, including financial consolidation, management reporting and our Sensible ML.

在這種情況下，我們用我們的平台取代了六點解決方案。平均而言，我們為每位新客戶更換了兩到六點解決方案。這場勝利也是我們與微軟戰略關係力量的一個例子。本季 Sensible ML 和 AI 的另一個新客戶是一家為全球軍事和國防承包商提供產品和服務的供應商。該客戶還簽署了一份價值七位數的協議，涵蓋我們的核心 CPM 產品，包括財務整合、管理報告和我們的 Sensible ML。

Looking ahead, they plan to add financial planning and analysis in their second phase. This is a great example of how we begin discussions with our customers, first, do the core and then do more. Finally, I want to highlight a win we had this quarter with the second largest banking group in France, Groupe BPCE. One of the key reasons that OneStream's core CPM was chosen came from the bank's stated objective to replace four consolidation systems with one modern and unified solution. This foundational win is a beachhead and a pivotal region for us.

展望未來，他們計劃在第二階段增加財務規劃和分析。這是我們如何開始與客戶討論的一個很好的例子，首先做核心，然後做更多。最後，我想強調本季我們與法國第二大銀行集團 Groupe BPCE 的勝利。選擇 OneStream 核心 CPM 的關鍵原因之一來自該銀行的既定目標，即用現代化的統一解決方案取代四個整合系統。這場基礎性的勝利對我們來說是一個灘頭陣地和一個關鍵地區。

This seven-figure deal is enabling over 1,000 users with our technology to service 35 million customers around the globe. In our continuing effort to engage with and further enable our customers, our Splash user conference in May once again attracted a record number of customers and prospects. As you know, everything about our conference is focused on customers. Our goal from the very beginning was 100% customer satisfaction, and today is no different. Every customer serves as a reference for OneStream.

這筆七位數的交易使超過 1,000 名用戶能夠利用我們的技術為全球 3500 萬客戶提供服務。在我們不斷努力與客戶互動並進一步為客戶提供支援的過程中，我們 5 月的 Splash 用戶會議再次吸引了創紀錄數量的客戶和潛在客戶。如您所知，我們會議的一切都以客戶為中心。我們的目標從一開始就是 100% 的客戶滿意度，今天也不例外。每個客戶都是 OneStream 的參考。

At Splash, where more than 80 customers shared how they are utilizing the OneStream platform to deliver not only performance but also to start leveraging the platform to strategically steer their business to the future. We were particularly excited about the 12 product innovations that we shared at this year's event, the most we have ever delivered at one time. Let me give you a couple of note. First, our certified Microsoft Power BI connector provides a no-code seamless integration that allows finance leaders to quickly connect and consume trusted financial and operational data from OneStream within Microsoft's Power BI. Second, our advanced narrative reporting is an intelligent capability that unifies and streamlines financial report creation, all linked to validated OneStream data.

在 Splash 上，80 多名客戶分享了他們如何利用 OneStream 平台不僅提供效能，而且開始利用該平台策略性地引導他們的業務走向未來。我們對今年的活動中分享的 12 項產品創新感到特別興奮，這是我們一次性推出的最多的產品創新。讓我給你一些注意事項。首先，我們經過認證的 Microsoft Power BI 連接器提供無程式碼無縫集成，使財務主管能夠在 Microsoft Power BI 中快速連接和使用來自 OneStream 的可信任財務和營運資料。其次，我們先進的敘述性報告是一種智慧功能，可以統一並簡化財務報告的創建，所有這些都與經過驗證的 OneStream 數據相關聯。

Capabilities including centralizing narrative report assembly and automating the gathering of key data, charts and spreadsheets into narrative books are helping customers save hours of time and reduce risk and reporting errors. Third, our CPM Express product creates a simplified and prepackaged version of our core CPM capabilities, including financial flows, consolidation, budgeting, reporting and forecasting. With prebuilt functionality, predefined reports and guided configuration, CPM Express targets our commercial customers, simplifying core activities and speeding up processes across the finance function. Finally, demonstrating the extensibility of the OneStream platform, we announced a new partner solution built on OneStream. The new PartnerPlace solution Infinity Sales Performance Management empowers FP&A and revenue teams to plan, manage and analyze sales performance across the enterprise.

集中敘述性報告組裝以及自動將關鍵數據、圖表和電子表格收集到敘述性書籍中等功能正在幫助客戶節省數小時的時間並減少風險和報告錯誤。第三，我們的 CPM Express 產品創建了我們核心 CPM 功能的簡化和預先打包版本，包括資金流、合併、預算、報告和預測。憑藉預先建置的功能、預先定義的報告和指導配置，CPM Express 瞄準了我們的商業客戶，簡化了核心活動並加快了整個財務部門的流程。最後，為了展示 OneStream 平台的可擴充性，我們宣布推出基於 OneStream 的新合作夥伴解決方案。新的 PartnerPlace 解決方案 Infinity Sales Performance Management 使 FP&A 和收入團隊能夠規劃、管理和分析整個企業的銷售績效。

This unified approach eliminates data silos and misaligned objectives and helps finance leaders steer the business towards growth. We look forward to continuing momentum at our EMEA Splash user conference in mid-September in Copenhagen and at our Wave Developer Conference in November. Now let me turn the call over to Bill for a more detailed discussion about Q2 and our outlook for the balance of the year.

這種統一的方法消除了資料孤島和不一致的目標，並幫助財務領導者引導業務實現成長。我們期待 9 月中旬在哥本哈根舉行的 EMEA Splash 用戶大會和 11 月舉行的 Wave 開發者大會繼續保持勢頭。現在讓我將電話轉給比爾，以更詳細地討論第二季以及我們對今年剩餘時間的展望。

Thanks, Tom. Let me just echo Tom's comments about how excited we are to have completed our successful IPO and to welcome you to our Q2 earnings call. As this is our first call, I'd like to begin with a quick review of our model. After that, I'll walk through our Q2 financials and then end with our guidance for Q3 and the full year. We have a highly predictable subscription revenue model, which continues to show impressive growth at scale.

謝謝，湯姆。讓我重複湯姆的評論，我們對成功完成首次公開募股感到非常興奮，並歡迎您參加我們的第二季財報電話會議。由於這是我們的第一次通話，我想先快速回顧一下我們的模型。之後，我將介紹我們第二季的財務狀況，然後以我們對第三季和全年的指導結束。我們擁有高度可預測的訂閱收入模式，繼續呈現令人印象深刻的規模成長。

Currently, a large percent of our revenue comes from our subscription business, which includes SaaS contracts, post-contract customer support and cloud computing fees. The remainder of our revenue comes from term-based software license renewals, which we expect to continue to decline as we convert customers to SaaS, as well as professional services and other revenue associated with implementation, consulting services, and training. Our best-in-class growth retention array offers consistent predictability and visibility. The leverage in our model can also drive significant free cash flow even as we continue to invest in the expansion of our platform and maintain our industry-leading position. So let's turn to the quarter.

目前，我們很大一部分收入來自訂閱業務，其中包括 SaaS 合約、合約後客戶支援和雲端運算費用。我們的其餘收入來自基於期限的軟體授權續約（隨著我們將客戶轉向 SaaS），我們預計這筆收入將繼續下降，以及專業服務和與實施、諮詢服務和培訓相關的其他收入。我們一流的生長保留陣列提供一致的可預測性和可見性。即使我們繼續投資於平台擴張並保持行業領先地位，我們模型中的槓桿也可以推動大量自由現金流。那麼讓我們轉向本季。

As Annie mentioned earlier, as part of our recent development section of the S-1 filed with the SEC on July 15, 2024, and our IPO prospectus filed on July 24, 2024, we disclosed preliminary estimated in Q2 results in ranges as we had not quite finished all of our close procedures and review. We are pleased that our actual revenue results came in at the high end of the range. Total GAAP revenue in Q2 increased 36% year-over-year to $118 million. Subscription revenue grew 44% year-over-year to $103 million. Professional services and other revenue for the quarter was $7 million, down 7% from the second quarter last year.

正如安妮之前提到的，作為我們於2024 年7 月15 日向SEC 提交的S-1 最新開發部分以及我們於2024 年7 月24 日提交的IPO 招股說明書的一部分，我們披露了第二季度業績的初步估計範圍尚未完全完成我們所有的密切程序和審查。我們很高興我們的實際收入結果處於該範圍的高端。第二季 GAAP 總營收年增 36% 至 1.18 億美元。訂閱營收年增 44%，達到 1.03 億美元。該季度專業服務和其他收入為 700 萬美元，比去年第二季下降 7%。

This was driven primarily by the continued leverage of our expanding partner ecosystem for implementation work. International revenue represented roughly 31% of total revenue.

這主要是由於我們不斷擴大的合作夥伴生態系統對實施工作的持續影響所推動的。國際收入約佔總收入的 31%。

Consistent with prior quarters, more than 60% of our business came from new customers this quarter, as our new logo engine continues to be a key differentiator. That growth, coupled with our strong gross retention, is also enabling ongoing expansions by existing customers, both of which we expect to drive revenue growth for many years to come. Our billings increased 23% year-over-year to $126 million. We ended the quarter with 1,482 total customers, up 19% year-over-year. Of those, over 80 customers had greater than $1 million in ARR.

與前幾季一樣，本季我們超過 60% 的業務來自新客戶，因為我們的新商標引擎仍然是關鍵的差異化因素。這種成長加上我們強勁的總保留率，也使現有客戶能夠持續擴張，我們預計這兩者將在未來許多年推動營收成長。我們的帳單年增 23%，達到 1.26 億美元。截至本季末，我們的客戶總數為 1,482 名，年增 19%。其中，超過 80 位客戶的 ARR 超過 100 萬美元。

Remaining performance obligations, or RPO, increased 37% year-over-year to $972 million, demonstrating the value of customers making long-term commitments to OneStream. 12 months CRPO was up 41% year-over-year.

剩餘履約義務 (RPO) 年增 37%，達到 9.72 億美元，證明了客戶對 OneStream 做出長期承諾的價值。 12 個月 CRPO 年增 41%。

Our non-GAAP gross margin was 69% for the second quarter, up about 200 basis points from last year, reflecting the growth of recurring revenues and programs put in place to improve efficiency and execution. Non-GAAP operating expenses for Q2 increased 25% year-over-year. We continue to manage the business for efficient growth and operating leverage and have prioritized our spending accordingly. Our non-GAAP operating loss for the quarter was $9 million compared to a loss of $13 million in Q2 last year. This translated to a non-GAAP operating margin for the quarter of negative 7%, an 800 basis point improvement from last year.

我們第二季的非 GAAP 毛利率為 69%，比去年增長約 200 個基點，反映了經常性收入的增長以及為提高效率和執行力而實施的計劃。第二季非 GAAP 營運費用年增 25%。我們繼續管理業務以實現高效成長和營運槓桿，並相應地優先考慮我們的支出。我們本季的非 GAAP 營運虧損為 900 萬美元，而去年第二季的虧損為 1,300 萬美元。這意味著該季度的非 GAAP 營業利潤率為負 7%，比去年提高了 800 個基點。

For the third consecutive quarter, we were free cash flow positive having generated $8 million in Q2. We ended the quarter with $141 million in cash and equivalents. Subsequent to the quarter end, we completed our IPO. We sold 28.2 million shares of Class A common stock, including shares sold by the company and selling shareholders and the full exercise of the underwriter's over-allotment option. We increased our cash balance by roughly $350 million after deducting underwriting discounts and commissions, which will be used for general corporate purposes.

我們連續第三個季度自由現金流為正，第二季創造了 800 萬美元。本季結束時，我們擁有 1.41 億美元的現金及等價物。本季末後，我們完成了首次公開發行。我們出售了2820萬股A類普通股，包括公司出售的股份和出售股東以及承銷商充分行使超額配售選擇權的股份。扣除承保折扣和佣金後，我們的現金餘額增加了約 3.5 億美元，這些資金將用於一般公司用途。

Before I give guidance, just a reminder of Annie's earlier comments on our Q2 results. As part of the recent development section of our S-1 dated July 15, 2024, and our IPO prospectus filed with the SEC on July 24, 2024, we disclosed preliminary estimated Q2 results for revenue, operating income and cash flow. As such, future expectations have already contemplated these results in our outlook. Let me review some of the factors you should keep in mind when considering our outlook for the third quarter. First, just a reminder that our third quarter revenue is impacted by term license renewals, predominantly with the US.

在提供指導之前，請先提醒安妮早些時候對我們第二季度業績的評論。作為 2024 年 7 月 15 日 S-1 最新進展部分以及 2024 年 7 月 24 日向 SEC 提交的 IPO 招股說明書的一部分，我們揭露了第二季收入、營業收入和現金流的初步估計結果。因此，未來的預期已經在我們的展望中考慮到了這些結果。讓我回顧一下在考慮我們第三季的前景時應牢記的一些因素。首先，提醒一下，我們第三季的收入受到定期許可證續約的影響，主要是在美國。

government agencies whose fiscal years end in September. These large multiyear deals are generally recognized annually per their contract requirements. Additionally, in 2023, we had a large three-year term license renewal that resulted in significant license revenue in Q3 2023. Next, for Q3, we expect sales and marketing to increase as a percentage of revenue, while we invest in key areas, including our branding strategy. Additionally, R&D remains an important investment area for us, especially as we expand our ML and AI efforts and build out the Solutions Exchange.

財政年度於九月結束的政府機關。這些大型多年期交易通常根據合約要求每年確認一次。此外，在2023 年，我們進行了為期三年的大型許可證續訂，這導致2023 年第三季度獲得了可觀的許可證收入。百分比將增加，同時我們在關鍵領域進行投資，包括我們的品牌策略。此外，研發仍然是我們的一個重要投資領域，特別是當我們擴大機器學習和人工智慧工作並建立解決方案交換時。

We currently anticipate stock-based compensation charges of approximately $275 million to $280 million in Q3, $260 million of which is nonrecurring related to the IPO. Finally, we expect to drive efficient growth and to be free cash flow positive for the full fiscal year.

我們目前預計第三季的股票薪酬費用約為 2.75 億至 2.8 億美元，其中 2.6 億美元是與 IPO 相關的非經常性費用。最後，我們預計整個財年將推動高效成長並實現正自由現金流。

Our guidance for Q3 2024 is as follows. We expect subscription revenue growth to continue at more than 35% in Q3, but due to the term license revenue headwinds I noted earlier, total revenue for Q3 is expected to be $123 million to $125 million. Non-GAAP operating margin is expected to be minus 2% to 0%. Non-GAAP net loss per share is expected to be minus $0.01 to plus $0.01. Our full year 2024 guidance is as follows.

我們對 2024 年第三季的指導如下。我們預計第三季訂閱收入成長將繼續超過 35%，但由於我之前提到的術語授權收入不利因素，第三季的總收入預計為 1.23 億至 1.25 億美元。非 GAAP 營業利潤率預計為負 2% 至 0%。非 GAAP 每股淨虧損預計為負 0.01 美元至正 0.01 美元。我們的 2024 年全年指引如下。

Total revenue for 2024 is expected to be $476 million to $480 million. Non-GAAP operating margin is expected to be minus 5% to minus 1%. Non-GAAP net loss per share is expected to be minus $0.05 to $0.01. Before I turn the call back to Tom for his closing, I just wanted to share my excitement about OneStream. I am all too aware of the need for CFOs to become more strategic and operationally focused.

2024 年的總收入預計為 4.76 億至 4.8 億美元。非 GAAP 營業利潤率預計為負 5% 至負 1%。非 GAAP 每股淨虧損預計為負 0.05 美元至 0.01 美元。在我將電話轉回給 Tom 結束演講之前，我只是想分享我對 OneStream 的興奮之情。我非常清楚財務長需要更加重視策略和營運。

I believe OneStream is incredibly well positioned to meet the accelerating demand of the market. Matching our platform capabilities with the increased visibility we enjoy as a public company leaves us very optimistic about the opportunity ahead. Now let me turn the call back to Tom.

我相信 OneStream 非常有能力滿足市場不斷增長的需求。將我們的平台功能與我們作為上市公司所享有的更高的知名度相匹配，讓我們對未來的機會非常樂觀。現在讓我把電話轉回給湯姆。

Thanks, Bill. I want to take a moment to thank the global OneStream team for their incredible commitment, hard work and loyalty. From our founding to our most recent achievements, including our successful IPO and a solid start to 2024, none of this would be possible without you as well as our amazing partners and customers around the world. I want to be clear that we recognize the IPO as the start of the next chapter in OneStream's story. When we met with many of you over the past weeks and months, we shared a very exciting and ambitious plan for OneStream.

謝謝，比爾。我想花點時間感謝全球 OneStream 團隊的承諾、辛勤工作和忠誠度。從我們的成立到我們最近的成就，包括我們成功的 IPO 和 2024 年的良好開局，如果沒有你們以及我們在世界各地出色的合作夥伴和客戶，這一切都不可能實現。我想澄清的是，我們認為 IPO 是 OneStream 故事下一章的開始。當我們在過去幾週和幾個月裡與你們中的許多人會面時，我們分享了一個非常令人興奮和雄心勃勃的 OneStream 計劃。

As CEO, my job is to ensure we never lose sight of those commitments and that we make the right investments to continue building out our platform with industry-leading products and solutions. I want to be sure the foresight and long-term focus we have shown in making important investments such as ML and AI continue to drive our future decisions. As proud as I am of OneStream's achievements to date, I've never been more optimistic about our future, and I believe we are just getting started. Thank you.

作為首席執行官，我的工作是確保我們永遠不會忘記這些承諾，並確保我們做出正確的投資，繼續利用行業領先的產品和解決方案來建立我們的平台。我希望確保我們在機器學習和人工智慧等重要投資中所表現出的遠見和長期關注繼續推動我們未來的決策。儘管我對 OneStream 迄今為止所取得的成就感到自豪，但我對我們的未來從未如此樂觀，而且我相信我們才剛剛開始。謝謝。

Thanks, Tom. And now we'll turn things over to the operator.

謝謝，湯姆。現在我們將把事情交給操作員。

(Operator Instructions) Chris Quintero, Morgan Stanley.

（操作員指令）Chris Quintero，摩根士丹利。

Awesome. Congrats on a solid first quarter here. Really great to hear about that beachhead deal in France. It also looks like you have a lot of open job positions in Europe. So curious to hear how much of an unlock this deal and the hiring there can be for you to accelerate growth in Europe?

驚人的。恭喜第一季的穩健表現。很高興聽到法國的灘頭陣地交易。看起來你們在歐洲還有很多空缺。很想知道這筆交易和招募可以為您在歐洲加速成長帶來多大的幫助？

Thanks, Chris. Yes, this is an exciting deal for us again because it establishes -- as you know, France is a large market and a large opportunity for OneStream, and we're very excited about that establishing, especially in the banking industry, our position as a consolidator of multiple solutions. So you can see -- I've mentioned this in other calls that we are at a point of scale in Europe. So we -- with 30% of our business coming outside of the US, we're definitely investing heavily there. And so again, it just adds to the momentum and the opportunity for us to continue to invest and grow that segment of the business for that region.

謝謝，克里斯。是的，這對我們來說又是一項令人興奮的交易，因為它確立了——如您所知，法國是一個大市場，對OneStream 來說是一個巨大的機會，我們對此感到非常興奮，特別是在銀行業，我們作為多種解決方案的整合者。所以你可以看到——我在其他電話會議中提到過這一點，我們在歐洲已經達到了一定規模。因此，我們 30% 的業務來自美國境外，因此我們肯定會在那裡進行大量投資。再說一遍，這只是增加了我們繼續投資和發展該地區業務的動力和機會。

John DiFucci, Guggenheim Securities.

約翰‧迪福奇，古根漢證券公司。

So my question's for Tom. Tom, trying to think about the opportunity in front of you -- in front of OneStream. You said digitization of the finance organization is still in early innings. Now competition is something we can all try to triangulate in on. And we know -- we look at IDC and Gartner and we've talked to people in the field.

我的問題是問湯姆的。 Tom，試著想想你面前的機會——OneStream 面前的機會。您說財務組織的數位化仍處於早期階段。現在我們都可以嘗試對競爭進行三角測量。我們知道——我們查看了 IDC 和 Gartner，並與該領域的人員進行了交談。

But how much of the opportunity that you're referring to is what I'll call greenfield, where companies are simply using things like Excel for planning and financial consolidation close? Like how much of that opportunity because that's really hard for us to figure out?

但是，您所指的機會中有多少是我所說的“綠地”，即公司只是使用 Excel 等工具進行規劃和財務整合？例如這個機會有多少是因為我們真的很難搞清楚？

Thanks, John. That's actually still a really big opportunity. You'd actually be surprised at the number of companies that still rely on Excel to overlay on top of some of their more static resources like their ERPs to get information put together in the way that can make sense, in the way that they can manage the company. So that along with the existing replacement opportunity and the realization that so many of these large organizations are having that they have to get rid of point solutions as well, meaning if you have five, six, seven different solutions required to pull together your information, you're really challenged. So if you add all those up, not only the sort of the greenfield of no system in place, plus the realization that buying onesie-twosie, you end up with a really large opportunity, something that we estimate to be in that $50 billion plus TAM range.

謝謝，約翰。這實際上仍然是一個非常大的機會。實際上，您會驚訝地發現有很多公司仍然依賴 Excel 疊加在一些更靜態的資源（例如 ERP）之上，以有意義的方式、以他們可以管理的方式將資訊組合在一起。因此，除了現有的替代機會之外，還認識到許多大型組織也必須擺脫單點解決方案，這意味著如果您需要五、六、七種不同的解決方案來整合您的信息，你確實受到了挑戰。因此，如果你把所有這些加起來，不僅是那種沒有系統到位的綠地，再加上購買連身衣的認識，你最終會得到一個非常大的機會，我們估計這個機會在 500 億美元以上TAM範圍。

That all makes sense. And we've done a lot of work on it, and it all adds up. Hey, listen, nice job, guys.

這一切都是有道理的。我們在這方面做了很多工作，所有這些都加起來了。嘿，聽著，幹得好，夥計們。

Thank you, John.

謝謝你，約翰。

Steve Enders, Citi.

史蒂夫恩德斯，花旗銀行。

Okay. Great. I guess maybe asking about the Sensible ML opportunity. I know there was a lot of excitement at Splash from that. But can you maybe help us think about how you're thinking about the kind of near-term opportunity related to that and maybe the pipeline opportunity that's come off of the Splash conference a few months ago?

好的。偉大的。我想也許是在詢問 Sensible ML 的機會。我知道 Splash 對此感到非常興奮。但您能否幫助我們思考您如何看待與此相關的近期機會，以及幾個月前 Splash 會議上出現的管道機會？

Sure. So as we said, it's early days, but we're really excited that we've proven the product market fit, and we have the customer validation now coming from these live customers that are sharing their success stories as you saw at Splash that are really helping us to build momentum and build pipeline. So when we think about it from a near term, there's two ways that it's benefiting the company right now.

當然。正如我們所說，現在還處於早期階段，但我們真的很興奮，我們已經證明了產品的市場契合度，並且我們現在得到了來自這些實時客戶的驗證，他們正在分享他們的成功故事，正如您在Splash 上看到的確實幫助我們建立動力並建立管道。因此，當我們從近期角度考慮時，目前有兩種方式可以使公司受益。

First, as we've alluded to in our opening remarks, we are seeing it be a significant competitive advantage in our net new sales opportunities in the sense that we're really able to convey a journey to our customers, help them do the core, help them do the things that they have to do but also show them that we have an integrated approach to helping them deliver advanced analytics through our Sensible Machine Learning product suite in that area. And so that's really an important lever of growth. At the same time, it represents an upsell opportunity for us for existing companies that are on the platform and that are ready to take that next step to advance their own analytic capabilities. And so we're seeing that motion as well. So near term, we're really excited again to get leverage on this building momentum that we're seeing around this product.

首先，正如我們在開場白中提到的那樣，我們認為這是我們淨新銷售機會的顯著競爭優勢，因為我們確實能夠向客戶傳達旅程，幫助他們完成核心任務，幫助他們做他們必須做的事情，同時也向他們展示我們有一個整合的方法來幫助他們透過我們在該領域的明智機器學習產品套件提供高級分析。所以這確實是一個重要的成長槓桿。同時，對於我們平台上的現有公司來說，它代表著一個追加銷售的機會，這些公司已經準備好採取下一步措施來提高自己的分析能力。所以我們也看到了這項動議。因此，從短期來看，我們非常高興能夠再次利用我們在該產品周圍看到的這種勢頭。

And I just wanted to highlight, there's really three core characteristics in our applied AI strategy that we're leaning into, not only from our Sensible Machine Learning but our entire Sensible AI portfolio, and that is we have to build products that are trusted, that are auditable and that are repeatable, that can give our customers a defined value proposition.

我只是想強調，我們的應用人工智慧策略確實有三個核心特徵，我們不僅從我們的 Sensible 機器學習，而且從我們整個 Sensible AI 產品組合，這就是我們必須建立值得信賴的產品，可審核且可重複，可以為我們的客戶提供明確的價值主張。

Good, that's great to hear. Thanks for taking the question, and Bill, looking forward to seeing you in a couple days. Yeah, I look forward to it, too.

很好，很高興聽到這個消息。感謝您提出問題，比爾期待幾天後見到您。是的，我也很期待。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Tom, the -- in our networking, we're noticing the mandate to consolidate onto true platforms feels stronger today than we can ever recall it among CIOs and CFOs. And you've got this stat that you're typically replacing two to six legacy systems at deployment. Can you speak to which of those point products are creating the most incremental opportunity? And then how are you determining whether it's best for OneStream to build them in natively into those new adjacencies versus maybe having partners build it on the OneStream MarketPlace? And then I have a quick follow-up.

湯姆，在我們的網路中，我們注意到，如今，資訊長和財務長們對整合到真正平台上的要求比我們記憶中任何時候都更加強烈。根據統計數據，您通常會在部署時替換兩到六個舊系統。您能談談哪些單點產品創造了最大的增量機會嗎？然後，您如何確定 OneStream 將它們本地建置到這些新鄰接中是否最好，還是讓合作夥伴在 OneStream MarketPlace 上建置它？然後我會進行快速跟進。

Great. So the -- when I think about the replacement, we're really looking at this opportunity. There isn't one particular solution. It really comes down to -- because when you think of the types of businesses that we serve, they're usually fairly sophisticated business with complex financial operations. They might have a mixture.

偉大的。因此，當我考慮更換時，我們確實在尋找這個機會。沒有一種特定的解決方案。這實際上可以歸結為——因為當你想到我們所服務的企業類型時，它們通常是相當複雜的企業，具有複雜的財務運作。他們可能有混合物。

It could be multiple analytic cubes, an existing legacy system and a new point solution or any mix thereof. It really comes down and you look at what are the closest related systems that makes sense to consider sort of an incremental Phase 1 for OneStream. The enemy isn't any given brand that you see out there, whether a point or legacy. It's the complexity caused by the multiple solutions. So for us, it's being the rationalizing force that is the opportunity.

它可以是多個分析立方體、現有的遺留系統和新的單點解決方案或其任意組合。它真的很重要，您可以查看最接近的相關係統是什麼，這對於考慮 OneStream 的增量第一階段是有意義的。敵人不是你看到的任何特定品牌，無論是一個點還是遺產。這是由多種解決方案造成的複雜性。所以對我們來說，合理化的力量就是機會。

So when we think about that, it really is -- that really is the underpinning of this.

所以當我們思考這一點時，確實是——這確實是這一點的基礎。

Okay. And then I had a quick follow-up on the customer adds, the 59. It looks stronger than for the prior five quarters. Can you speak to what drove that particular number? Was it incremental traction either mid-market or overseas?

好的。然後我對客戶補充的 59 進行了快速跟進。您能談談是什麼推動了這個特定數字嗎？是中端市場還是海外市場的增量吸引力？

And then just within the 59, any change in mix of who you're replacing, whether Hyperion SAP or other competitors.

然後就在 59 名員工中，您要替換的人員組合發生任何變化，無論是 Hyperion SAP 還是其他競爭對手。

So you're talking about the 59 customer adds. If we think about that, I'd rather kind of redirect your focus a little bit away from that in the future because that mix is going to become an unreliable number for you. I look at it as we -- we're excited about the number of customers that we're adding in excess or at that $1 million level, but we also expect to see an increase in the number of customers more on that kind of mid-market or lower market segment as we turn our focus and get leverage on our CPM Express products. So for me, it's really about success in our main areas, both the large enterprise where we've really built the company and then this increasing success, where we're taking the knowledge that we learned at the large enterprise and packaging that in a way that we can give value to these emerging companies more in the middle segment. So I'm less focused on the actual count of customers rather than -- because I think, over time, you're going to see that change as we project out what we might look like in five years to get to 4,000 customers.

所以您談論的是 59 個客戶添加。如果我們考慮到這一點，我寧願在未來將你的注意力從這一點上轉移一點，因為這種組合對你來說將成為一個不可靠的數字。我認為，我們對我們超額增加或達到 100 萬美元水平的客戶數量感到興奮，但我們也預計在這種中期客戶數量會增加更多-市場或較低的細分市場，因為我們將重點轉向並利用我們的CPM Express 產品。所以對我來說，這實際上關係到我們在主要領域的成功，無論是我們真正建立公司的大型企業，還是不斷取得的成功，我們將在大型企業學到的知識包裝在一個這樣我們就可以在中間環節為這些新興公司提供更多價值。因此，我不太關注客戶的實際數量，而是——因為我認為，隨著時間的推移，當我們預測五年內達到 4,000 名客戶時，你會看到這種變化。

You're going to see those customer counts kind of go up, and it's still going to be -- needs to be a healthy mix of both areas.

你會看到這些客戶數量上升，而且仍然會——需要兩個領域的健康組合。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

Congrats on becoming a public company here. I wanted to ask a question about the differentiation of the platform. When I look at the office of the CFO, one could argue this might be one of the oldest software categories out there, especially with ERPs. And so would love to hear from your voice, Tom, about some of the nuts and bolts of the platform that you think made the platform, the OneStream platform really defensible here over the long term.

恭喜您成為這裡的上市公司。我想問一個關於平台差異化的問題。當我看到 CFO 辦公室時，有人可能會說這可能是最古老的軟體類別之一，尤其是 ERP。 Tom，所以很想聽聽您的聲音，了解您認為使 OneStream 平台真正具有長期防禦性的平台的一些具體細節。

Sure. Let me provide just a real quick foundation around ERP just so we're all level set there. Really think of ERP as a sort of a more static physical representation of a business. And so when you think of OneStream and you think of a platform that's involved in really turning that data that's being recorded by the ERP into a logical model or view of a business that helps a management team align and run the data and turn it into information in a way that they can actually execute again, so that's really what the goal is. Now -- so what gives us a defensible position in being that system that can turn that data into information?

當然。讓我提供一個有關 ERP 的快速基礎知識，以便我們都能做好準備。實際上，可以將 ERP 視為企業的一種更靜態的物理表示。因此，當您想到 OneStream 時，您會想到一個平台，該平台真正將 ERP 記錄的資料轉變為邏輯模型或業務視圖，幫助管理團隊調整和運行資料並將其轉變為資訊以一種他們實際上可以再次執行的方式，所以這就是真正的目標。那麼，是什麼讓我們成為能夠將數據轉化為資訊的系統呢？

It really started off with our full commitment to creating this uniquely unified platform, having the intellectual capital in our modeling engine that we call extensible dimensionality that allows us to create a single unified view that we can not only model external statutory data but also planning data. But then taking that a step further, that unified integrated data model, we built on top of that all the other surrounding capabilities that are required, that really what I call the hard work that we do for customers. It's the workflow engine, the presentation engine, the data integration engine, the ability to deploy it in different form factors, Excel, browser, and the integrated AI platform, fully integrated owned intellectual property tied into that so that the customer doesn't have to experience another technology. And then on top of it, you layer on the development environment, which is truly the distinguishing characteristic. And that is where -- that allows us to take that uniquely set -- that unique set of integrated engines that I just described or technologies and get leverage on it by building these more industry horizontal, like vertical solutions, either ourselves or letting our partners build and/or both or even customers are able to build.

它真正開始於我們完全致力於創建這個獨特的統一平台，在我們的建模引擎中擁有智力資本，我們稱之為可擴展維度，使我們能夠創建一個統一的視圖，我們不僅可以對外部法定數據進行建模，還可以對規劃資料進行建模。但更進一步，我們在統一的整合資料模型之上建立了所需的所有其他週邊功能，這就是我所說的我們為客戶所做的艱苦工作。它是工作流程引擎、演示引擎、資料整合引擎，能夠以不同的形式進行部署，Excel、瀏覽器和整合的人工智慧平台，完全整合了與之相關的自有智慧財產權，這樣客戶就不會擁有體驗另一種技術。然後在其之上，您可以添加開發環境，這確實是一個顯著特徵。這就是讓我們能夠採用我剛剛描述的獨特的整合引擎或技術的集合，並透過建立這些更多的行業橫向解決方案（例如垂直解決方案）來利用它，無論是我們自己還是讓我們的合作夥伴構建和/或兩者甚至客戶都能夠構建。

So those pieces give us really a long-term durable growth model or a sustainable competitive advantage as long as we continue to see those opportunities and create on top of this platform.

因此，只要我們繼續看到這些機會並在這個平台上進行創造，這些作品就真正為我們提供了長期持久的成長模式或可持續的競爭優勢。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

Congrats on a strong quarter. So I just wanted to follow up on Sensible ML. After sitting in some of the presentations out at Splash, it's good to see that impacting new logos. Thinking about the adoption curve of that product, is that something where you expect a high level of attach rates on new deals? Or is that something that comes from existing customers that are really embracing the extensibility?

恭喜季度表現強勁。所以我只是想跟進 Sensible ML。在參加了 Splash 的一些演示之後，很高興看到這對新徽標產生了影響。考慮一下該產品的採用曲線，您是否預期新交易的附加率很高？或者這是來自真正支援可擴展性的現有客戶的東西？

So as I mentioned a little bit earlier, I definitely see it -- it's -- originally, we were very, very focused on the attach and the upsell on those customers that were looking for those advanced analytics that were helping us co-develop and partnering with us. But we are seeing it be an increasingly important message in the net new sales cycle largely because customers that are on this digitization, they're getting -- this journey, they're getting pressure from management teams, from Boards of Directors as to how are you going to become more efficient, become more advanced. And so we're seeing it be an important part of our overall net new sales process as well. So I'm equally optimistic on both. And we are seeing in the quarter, we did see some purchases on the upfront of deals without these proof of value or without having to go through the proof-based projects that we were doing because of the success that you saw at Splash and the foundation that we're establishing with our current customers.

因此，正如我之前提到的，我確實看到了這一點 - 最初，我們非常非常專注於那些正在尋找高級分析的客戶的附加和追加銷售，這些客戶正在尋找幫助我們共同開發和銷售的產品。我們合作。但我們看到，這是淨新銷售週期中越來越重要的訊息，很大程度上是因為處於數位化過程中的客戶在這一過程中，他們受到來自管理團隊和董事會的壓力，要求他們如何你會變得更有效率，變得更先進嗎？因此，我們認為它也是我們整體淨新銷售流程的重要組成部分。所以我對兩者都同樣樂觀。我們在本季度看到，我們確實看到了一些在沒有這些價值證明的情況下進行預付款的購買，或者由於您在 Splash 和基金會看到的成功而不必經歷我們正在做的基於證明的項目我們正在與現有客戶建立。

Nick Altmann, Scotiabank.

尼克·阿爾特曼，豐業銀行。

Tom, I kind of wanted to circle back to John DiFucci's question but maybe asking it in a different way. But I wanted to get a sense as to how the commercial opportunity is playing out. I mean you guys started a commercial-focused go-to-market motion not too long ago. You've had some exciting product and feature announcements that help commercial customers get up and running quicker. So can you maybe just talk about how the commercial motion has trended relative to expectations?

湯姆，我有點想回到約翰·迪福奇的問題，但也許可以用不同的方式問。但我想了解商業機會是如何發揮作用的。我的意思是你們不久前開始了一項以商業為重點的進入市場動議。您發布了一些令人興奮的產品和功能公告，可幫助商業客戶更快地啟動和運行。那麼您能否談談商業動議相對於預期的趨勢如何？

And when you look out over the medium term, how big of a factor is commercial to the overall growth algorithm?

當你展望中期時，商業因素對整體成長演算法有多大影響？

Sure. So as we think about it right now, we look at the split in the business. We're really looking at it as thinking about the future of the company. We look at our customer base that we have right now, where we're at around, like let's call it, 1,500 customers, and you see us kind of thinking along the lines of some of the other large platform companies ending up in that sort of, let's call it, 7,500 to 10,000 customer range. We really are thinking -- it's early days, but we're thinking about we do have a dedicated sales team, which we've created over a year ago.

當然。因此，當我們現在考慮這個問題時，我們會考慮業務的分割。我們確實將其視為對公司未來的思考。讓我們來看看我們現在擁有的客戶群，我們大約有 1,500 名客戶，你會看到我們的想法與其他一些大型平台公司的思路類似。我們確實在考慮——現在還為時過早，但我們正在考慮我們確實擁有一支專門的銷售團隊，這是我們一年多前創建的。

And we really are starting to focus on how do we best serve what are the differences between the large enterprise customer and this emerging customer. And so I think it's a really great opportunity for us to take that and move forward with the CPM Express product. So it's really, really an important opportunity for us to show up, take the expertise and the best-in-class implementations that we've seen because we've done so many large prestigious brands that we're proud of. Our team has the right now to share that information, be prescriptive to some of these emerging companies. And what I'm most excited about there is the fact that we can onboard these customers that are the future and growing large companies, and they don't have to get off the sort of OneStream platform train because if they aspire to go all the way to be Fortune 1, our software is used at that level, and we can communicate with that.

我們確實開始關注如何最好地服務大型企業客戶和新興客戶之間的差異。因此，我認為這對我們來說是一個非常好的機會，可以抓住這個機會並繼續推進 CPM Express 產品。因此，這對我們來說確實是一個重要的機會，可以展示我們的專業知識和一流的實施方案，因為我們已經完成了許多令我們引以為傲的大型知名品牌。我們的團隊現在有權分享這些訊息，並對其中一些新興公司進行指導。最令我興奮的是，我們可以讓這些未來的、成長中的大公司客戶加入進來，他們不必離開 OneStream 平台列車，因為如果他們渴望走上所有的道路，成為財富第一的方式，我們的軟體是在那個層級使用的，我們可以與之溝通。

So we can bring them on, deliver value more quickly and then move them all the way along the journey that they're on without changing the software, really just giving them a great experience and a lot of value and adding and meeting them where they are through our store-based approach or the exchange that we talk about.

因此，我們可以讓他們加入，更快地交付價值，然後在不更改軟體的情況下一路推動他們前進，實際上只是為他們提供良好的體驗和大量價值，並在他們需要的地方添加和滿足他們是透過我們基於商店的方法或我們談論的交換。

Terry Tillman, Truist Securities.

特里·蒂爾曼，Truist 證券公司。

Congrats from me as well on the IPO and the strong 2Q results. Actually, I want to go back to the replacement opportunity if we can. And I don't know if this is for Tom or Bill, but maybe you could talk a little bit more on that enterprise side, not the commercial side but at the enterprise side. You know a lot of these Fortune 500 accounts. How do you think about the actual duration of this replacement cycle?

我也對首次公開募股和第二季的強勁業績表示祝賀。事實上，如果可以的話，我想回到替換的機會。我不知道這是針對湯姆還是比爾，但也許您可以在企業方面多談一點，不是商業方面，而是企業方面。您認識很多財富 500 強客戶。您如何看待這個更換週期的實際持續時間？

Is it pretty linear every year where you know the contract renewals for the legacy vendor? Or potentially, could you see this get tilted to the kind of the front end of this replacement cycle because of things like AI, because of things like cloud? Maybe there's an ERP migration cycle. I just would love to know more about how you think about this curve for the replacements.

您知道傳統供應商的合約續約情況每年是否非常線性？或者，您可能會因為人工智慧、雲端等因素而看到這種情況向替換週期的前端傾斜？也許有一個 ERP 遷移週期。我只是想更多地了解您如何看待這條替代曲線。

Sure, I'll take that, Terry. The way that I look at it, again, just to reiterate, we feel that we're only 5% penetrated, so it's a really big opportunity. In terms of timing or what mechanisms are calling these deals to the table or the rollover, there's lots of different influences. It can be anything from an acquisition can trigger it, a disposition, a technology shift that is tangent. Like you said, it could be an ERP change or -- so there's lots of different things that trigger it.

當然，我會接受的，特里。我再次重申，我們認為我們的滲透率只有 5%，所以這是一個非常大的機會。就時間安排或將這些交易提交到桌面或展期的機製而言，存在許多不同的影響。它可以是任何可以觸發它的收購、處置、相切的技術轉變。就像你說的，這可能是 ERP 的變化，或者——所以有很多不同的事情會觸發它。

A lot of times, we get questions around is it an end of life that's going to accelerate. All in all, it really is just these companies -- there's different cycles that are happening within a company and different priorities, and so it's more about they get a long value -- when we look at these deals, we're establishing a 10-plus year relationship, and these customers that are on financial transformation journeys have been part of these sort of 10-year relationships with these other vendors. And as they come up and they start to look at what -- they start to open themselves up to feeling comfortable with the cloud. As we mentioned, the cloud for the types of customers that we've been serving, especially at the large enterprise, a lot of these companies had data centers that were still at scale that were still economically viable and are now looking at moving this type -- these types of workloads to the cloud. That's another driver.

很多時候，我們會問生命的終結是否會加速。總而言之，這確實只是這些公司 - 公司內部正在發生不同的周期和不同的優先事項，因此更多的是他們獲得長期價值 - 當我們查看這些交易時，我們正在建立 10超過一年的關係，而這些正在進行財務轉型之旅的客戶已經成為與這些其他供應商的十年關係的一部分。當他們出現時，他們開始考慮什麼——他們開始敞開心扉，對雲感到舒適。正如我們所提到的，針對我們一直服務的客戶類型的雲，尤其是大型企業，許多公司擁有仍具有規模的數據中心，在經濟上仍然可行，並且現在正在考慮遷移這種類型——將這些類型的工作負載轉移到雲端。那是另一個司機。

And again, transformation, digitization, AI, they all contribute. It's not -- I know I'm not answering -- there's not a specific thing that's driving it. It's more that we're ready to meet that customer wherever they're at on the journey and whatever that reason is.

再說一遍，轉型、數位化、人工智慧，它們都做出了貢獻。這不是——我知道我沒有回答——沒有什麼特定的因素在推動它。更重要的是，我們已經準備好與客戶見面，無論他們在旅途中的任何地方，無論出於什麼原因。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

Congrats on your first successful quarter out of the gate. Maybe -- just maybe, Tom or Bill, for you, if you think about the general demand environment that you saw in 2Q, the linearity in the quarter, kind of maybe just go one layer deeper. Were there any really interesting cohorts or customer or geos or verticals that you kind of saw that maybe surprised you? And given how much the IPO and obviously Splash were kind of big generating events from a funnel perspective, anything that you're seeing in your pipeline or top of funnel that gives you incremental enthusiasm?

恭喜您第一個成功的季度。也許——只是也許，湯姆或比爾，對你來說，如果你考慮一下你在第二季度看到的整體需求環境，本季的線性，可能會更深一層。您是否看到任何真正有趣的群體、客戶、地理區域或垂直行業，可能會讓您感到驚訝？從漏斗的角度來看，IPO 和 Splash 顯然是一種重大的生成事件，您在管道或漏斗頂部看到的任何東西都會給您帶來增量熱情？

Yeah, we're really excited about banking. We're excited about the growing presence that we have in EMEA in terms of some of these foundational deals that I had already mentioned. And again, foundationally, I'm really excited about the way we continue to garner larger investments from customers. When I say larger investments, you continue to see this trend of attracting million-dollar deals. And that really means that people are seeing the value of the platform.

是的，我們對銀行業感到非常興奮。就我已經提到的一些基礎性交易而言，我們在歐洲、中東和非洲地區的業務不斷成長，對此我們感到非常興奮。再說一遍，從根本上講，我對我們繼續從客戶那裡獲得更大投資的方式感到非常興奮。當我說更大的投資時，你會繼續看到這種吸引數百萬美元交易的趨勢。這確實意味著人們正在看到該平台的價值。

And so when I think about these opportunities and I think about growing the business and moving forward, overall, the demand environment to me feels what I like to call normal. And so when I say normal, I just mean that we're seeing sales cycles that are normal level of approvals, normal level of contracting expectations. So we're not seeing anything anomalous there. And then generally, I would say on a global basis, both -- I would say there's kind of a [quality] across others. There's pockets of strength and weakness maybe in EMEA a little more, but overall, on balance, I'd say it's pretty aligned to the US.

因此，當我思考這些機會、發展業務並向前邁進時，總體而言，需求環境對我來說就是我所說的正常。因此，當我說正常時，我只是指我們看到的銷售週期是正常的批准水準、正常的合約預期水準。所以我們沒有看到任何異常情況。然後總的來說，我會說在全球範圍內，我會說其他人之間都有某種[品質]。歐洲、中東和非洲地區可能存在一些優勢和劣勢，但總的來說，我認為這與美國非常一致。

And we feel like we're just calibrating the business towards that operating environment.

我們覺得我們只是在根據該營運環境調整業務。

Scott Berg, Needham & Company.

史考特‧伯格，李約瑟公司。

Nice quarter here. I'm not sure if Tom or Bill want to take this. But we've seen spending in the office of the CFO be more resilient and hold up better than other kind of sectors of our software coverage universe recently. I guess as you look at your deals in the last quarter, maybe as you look at the pipeline going forward, is there anything to draw from there in terms of what you're seeing that kind of, I guess, drives this enthusiasm for this category right now because your results have been fantastic for a couple of quarters now?

這裡不錯。我不確定湯姆或比爾是否願意接受這個。但我們最近發現，財務長辦公室的支出比我們軟體覆蓋領域的其他部門更具彈性，也更穩定。我想，當你審視上個季度的交易時，也許當你審視未來的管道時，從你所看到的情況來看，是否有什麼可以從中汲取的東西，我想，這會推動人們對此的熱情現在是因為您的業績在幾個季度中都表現出色嗎？

Thanks. Yes. I will just provide my general context on this and have -- again, having spent 10 years in corporate finance and kind of doing this job and understanding the pressures that go into the office of the CFO, there's really no reprieve ever. And so as we've lived in these more turbulent macro times, there's a constant pressure. And I think what we've seen over -- in recent history here with the rapidly changing macro and coming off of the pandemic, I think you're now seeing companies believe that it's truly time to make sure that they're modernizing and that they can adapt to the current environment.

謝謝。是的。我將僅提供有關此問題的一般背景，並且再次強調，我在公司財務領域工作了 10 年，從事這項工作並了解首席財務官辦公室面臨的壓力，真的沒有任何緩和的餘地。因此，當我們生活在這個更動盪的宏觀時代時，就會存在持續的壓力。我認為我們所看到的——在最近的歷史中，隨著宏觀經濟的快速變化和大流行的結束，我認為你現在看到的公司相信，現在是真正確保他們現代化的時候了，並且他們能夠適應當前的環境。

So I think there's an enthusiasm there. There's a couple of components that go into what we saw, which I think it's important for everyone to understand. There's -- what's good about our business is there's a statutory component to it. That statutory component means that we have a high burden of proof to deliver. Our numbers have to be right, but that also creates a moat and creates a continuous need or statutory fuel because you have to do your numbers -- you have to report your numbers and they have to be read.

所以我認為那裡有熱情。我們所看到的內容有幾個組成部分，我認為理解這些對每個人來說都很重要。我們業務的優點在於它有法定組成部分。該法定部分意味著我們需要承擔很高的舉證責任。我們的數字必須是正確的，但這也創造了一條護城河，並創造了持續的需求或法定燃料，因為你必須做你的數字——你必須報告你的數字，並且它們必須被閱讀。

So there's always that perpetual need, but then there's also this feeling that CFOs have to become strategic partners to the business. And so it's no longer acceptable. When I was in corporate finance, there was a little bit more of a feeling of I was a corporate cop -- not that I wasn't a strategic partner, but I felt a little bit more like a corporate cop as we used to say. That really -- that motion has changed and this idea that making sure that I -- CFOs can be the curator of this really important information to steer the company forward is really, really is critical. And I think that's at the heart of it, that general context that I've just painted, is that there's this opportunity.

因此，總是存在這種永恆的需求，但同時也有一種感覺，即財務長必須成為企業的策略夥伴。所以它不再被接受。當我從事公司財務工作時，我感覺自己更像是一名公司警察——並不是說我不是戰略合作夥伴，而是我感覺自己更像是我們常說的公司警察 。那個動議已經改變了，確保我的財務長能夠成為這些非常重要的資訊的管理者，以引導公司前進，這真的非常重要。我認為這就是它的核心，我剛剛描繪的整體背景是存在這個機會。

There is this also -- I know I'm kind of rambling on here. But the other element to this is people are finally -- the first generation of cloud digitization, digital transformation for the office of the CFO was point solutions, right, because there wasn't a platform like you had in some of the other areas. And then what you're finding is you wake up and just because it's in the cloud, doesn't mean that it's more valuable. You have to rationalize how these pieces work together. And I think, again, you're starting to see this idea that it's time to invest in the office of the CFO with a real platform, eliminating redundant work so that you can truly be a partner of the business.

還有一點——我知道我在這裡有點漫無目的。但另一個因素是人們最終——第一代雲端數位化、財務長辦公室的數位轉型是單點解決方案，對吧，因為沒有像其他一些領域那樣的平台。然後你會發現，當你醒來時，僅僅因為它在雲端，並不代表它更有價值。你必須合理化這些部分如何協同工作。我認為，您再次開始看到這樣的想法，即是時候投資具有真正平台的財務長辦公室，消除多餘的工作，以便您可以真正成為業務合作夥伴。

Brent Bracelin, Piper Sandler.

布倫特·布萊斯林，派珀·桑德勒。

Bill, I know we're only five weeks through from the IPO and the Q2 flash release. But could you just talk through the pipeline build over the summer, what you saw there? And then, Tom, as a follow-up on these triggers to drive replacements and modernization, how important is cost savings? You keep talking about the consolidation and two to six point solutions that you're replacing. I'm just wondering, in this environment, is the cost savings driver by moving to OneStream going up the priority list.

比爾，我知道距離 IPO 和第二季度閃存發布只剩下五週時間了。但您能談談今年夏天的管道建設以及您在那裡看到的情況嗎？然後，湯姆，作為推動更換和現代化的觸發因素的後續行動，節省成本有多重要？您一直在談論整合以及您要替換的兩到六點解決方案。我只是想知道，在這種環境下，透過轉向 OneStream 來提高優先順序清單是否可以節省成本。

I ask because there's very few enterprise software firms growing CRPO over 40%.

我問這個問題是因為很少企業軟體公司的 CRPO 成長超過 40%。

Yes, I'll take the beginning. I'd just reiterate a little bit of Tom's commentary that we feel like we're in a normal environment. Our pipeline is building. As you would expect, given the guidance that we gave you for the second half of the year, we're really excited about the second half of the year, and the team's working hard on obviously building pipeline and closing pipeline. I think for those of you who were at our original org meeting, we hired a new CMO about a year ago.

是的，我先開始。我只是重申一下湯姆的評論，我們感覺我們處於正常的環境中。我們的管道正在建設中。正如您所期望的那樣，鑑於我們為您提供的下半年指導，我們對今年下半年感到非常興奮，並且團隊正在努力建立和關閉管道。我想對於那些參加我們原來的組織會議的人來說，我們大約一年前聘請了一位新的行銷長。

And Tim's come in, and I think he's done a really good job, and you've seen some of that show up in our branding and positioning. And I think we're -- I think we feel we're well positioned to execute in the second half of the year.

蒂姆進來了，我認為他做得非常好，你已經看到其中一些表現在我們的品牌和定位中。我認為我們已經做好了在今年下半年執行的準備。

Great. And I'll just kind of follow up with kind of the cost savings. When you think about deals and when I'm on a deal, we're always selling the value, meaning when you're reducing -- when you're talking about eliminating multiple point solutions, you definitely would expect licensing savings, but you're also looking for potential in your organization, right? You're looking for the opportunity to actually not just get the job done, not burn your team out till two in the morning but to actually be able to deliver more cycles at a higher quality and at a lower cost. So when we go in, our value team is very, very conscious of helping the customer understand how we can actually reduce technical debt and deliver the value at a -- deliver to the customer the right economics.

偉大的。我會跟進一些成本節省的情況。當你考慮交易時，當我進行交易時，我們總是在銷售價值，這意味著當你減少時 - 當你談論消除多點解決方案時，你肯定會期望許可節省，但你也在尋找您組織中的潛力，對吧？您所尋找的機會不僅是為了完成工作，不讓您的團隊精疲力竭到凌晨兩點，而且實際上能夠以更高的品質和更低的成本交付更多的週期。因此，當我們介入時，我們的價值團隊非常非常有意識地幫助客戶了解我們如何能夠真正減少技術債務並以適當的經濟效益為客戶提供價值。

And we're really focused on making sure that, that value is understood and the savings are understood.

我們真正專注於確保人們理解這種價值並理解節省的成本。

Matt VanVliet, BTIG.

馬特·範弗利特，BTIG。

(inaudible) coming up [in the quarter] you mentioned (inaudible). I guess you're [interested in] how the pipeline looks in the public sector for both this quarter and several quarters ahead. And then maybe just help us understand what growth might otherwise look like in the third quarter if you sort of normalize, especially the large contract last year. I know you mentioned strong subscription growth. But just any other details you can help us with on sort of the underlying fundamentals of the business?

（聽不清楚）將在您提到的[季度]中出現（聽不清楚）。我想您對本季和未來幾季公共部門的管道情況感興趣。然後也許只是幫助我們了解如果你實現正常化，特別是去年的大合同，第三季度的增長可能會是什麼樣子。我知道您提到了強勁的訂閱成長。但您可以幫助我們了解有關業務基本面的任何其他細節嗎？

Yes, Matt, you're kind of cutting in and out a little bit. So I'm going to answer your question as best I heard it. I think the first half was with respect to public sector. We have a significant and growing public sector. We're very excited about that.

是的，馬特，你有點進進出出。所以我將盡我所能回答你的問題。我認為上半年是關於公共部門的。我們擁有重要且不斷成長的公共部門。我們對此感到非常興奮。

As you mentioned, Q3 is an important one for that. What we're seeing, however, in the public sector is whereas a number of years ago the public sector kind of finance teams were doing on-prem deals, we're now starting to see them do SaaS deals. And so obviously, the rev rec for that shows up ratably over the term of the contract, whereas historically, if you do a term-based deal, then obviously you have a lot of accelerated revenue in Q3. So that's going to be something to consider. But we have a great team and very excited about it.

正如您所提到的，第三季對此非常重要。然而，我們在公共部門看到的是，幾年前公共部門的財務團隊正在進行本地交易，現在我們開始看到他們進行 SaaS 交易。顯然，在合約期限內，轉速記錄會顯著增加，而從歷史上看，如果您進行基於期限的交易，那麼顯然您在第三季度會獲得大量加速收入。所以這將是需要考慮的事情。但我們有一支優秀的團隊，對此感到非常興奮。

I would just reiterate in terms of kind of normalization. I commented in my prepared remarks that we expect subscription revenue growth to continue at more than 35% in Q3, and that's a number that I'd have you think about. Great question.

我只想重申一下正常化的情況。我在準備好的發言中評論道，我們預計第三季訂閱收入成長將繼續保持 35% 以上，這是我希望您考慮的數字。很好的問題。

Great. Thank you.

偉大的。謝謝。

Derrick Wood, TD Cowen.

德里克·伍德，TD·考恩。

I guess for you, Bill, you've been seeing some nice double-digit growth in ARR per customer when looking back over the last 1.5 years. Are you able to couch how much of that is coming from larger deal sizes when landing new customer wins and how much of that is execution and upselling or cross-selling the base? And do you see this algorithm changing much with the introduction of CPM Express? Or will that kind of take some time to have more meaningful impact?

我想對您來說，Bill，回顧過去 1.5 年，您已經看到每位客戶的 ARR 出現了兩位數的良好成長。您是否能夠計算出在贏得新客戶時，其中有多少來自於較大的交易規模，以及有多少是執行、向上銷售或交叉銷售的基礎？隨著 CPM Express 的推出，您是否認為演算法發生了很大變化？還是需要一些時間才能產生更有意義的影響？

Yes. Great question. I would reiterate, I mean, we have over 80 customers now that are paying us over $1 million. So obviously, as that number grows, then that obviously increases the average size per deal. I would reiterate a little bit what Tom was saying.

是的。很好的問題。我要重申，我的意思是，我們現在有 80 多個客戶向我們支付超過 100 萬美元。顯然，隨著這個數字的成長，每筆交易的平均規模也會大幅增加。我會重申一下湯姆所說的話。

I think CPM Express is still in its very early days. We obviously have a significant number of mid-market customers already, but we really want to accelerate that with the launch of CPM Express, and we want to see that number kind of accelerate quickly, which would obviously be a bit of a headwind on average size per deal. So look, we'll try to, over time, help to communicate with you guys how each of those different businesses is performing. But I think, at this point, we're really early days on the CPM Express and obviously quite excited about the enterprise business that we built and are executing, I think, pretty well on.

我認為 CPM Express 仍處於早期階段。顯然，我們已經擁有大量中端市場客戶，但我們確實希望透過推出 CPM Express 來加速這一進程，我們希望看到這一數字快速成長，這顯然對平均而言有點不利每筆交易的規模。因此，隨著時間的推移，我們將盡力幫助與你們溝通各個不同業務的表現。但我認為，目前我們還處於 CPM Express 的早期階段，並且顯然對我們建立和正在執行的企業業務感到非常興奮，我認為，進展得非常好。

Rob Oliver, Baird.

羅布·奧利弗，貝爾德。

Tom, just one for you on the Solution Exchange. I think we're about 1.5 years. I think it was Splash '23 where you guys kind of officially rolled it out. And you talked about expanding revenue streams. And I'd be curious, either for metrics you can share or for anecdotes, around what you've seen since the launch of Solutions Exchange in terms of stickiness with customers, upside new revenue opportunities or things you guys have seen percolating within the developer base that you didn't expect and perhaps can productize.

湯姆，解決方案交流會上為您準備了一份。我想我們大約1.5年。我想你們是在 Splash '23 上正式推出的。您談到了擴大收入來源。我很好奇，無論是您可以分享的指標還是軼事，自解決方案交換推出以來您在客戶粘性方面所看到的、新的收入機會或您在開發人員中看到的東西您沒有想到的基礎，也許可以產品化。

Any thoughts there would be great.

任何想法都會很棒。

Yes, I'd love to expand on that. I think we're now -- as we introduced to kind of bring everybody on the call up, we have our Solution Exchange, which -- we've had our MarketPlace since the beginning of the company, but Solution Exchange was meant to create a broader portfolio of solutions. The horizontal are internally developed OneStream solutions, partner solutions as well as what we call OpenPlace. We now have over 100 partner-related solutions and very notable that we announced at Splash was this -- an ISV decided to create their next software product on our platform, meaning this was a company that had created a sales performance management solution, had actually sold their company, had an exit and decided to create their next-generation product on the OneStream platform because of the relationship to the CFO customer base. That's really, really encouraging.

是的，我很想對此進行擴展。我認為我們現在 - 正如我們介紹的那樣，讓每個人都參加電話會議，我們有我們的解決方案交換，我們自公司成立以來就擁有我們的 MarketPlace，但解決方案交換的目的是創建更廣泛的解決方案組合。橫向是內部開發的 OneStream 解決方案、合作夥伴解決方案以及我們所說的 OpenPlace。我們現在擁有100 多個與合作夥伴相關的解決方案，非常值得注意的是，我們在Splash 上宣布了這一點——一家ISV 決定在我們的平台上創建他們的下一個軟體產品，這意味著這是一家創建了銷售績效管理解決方案的公司，實際上已經出售了他們的公司，退出並決定在 OneStream 平台上創建下一代產品，因為與 CFO 客戶群的關係。這真的非常非常令人鼓舞。

So as we see this that's providing a great prototype for us to learn from as we think about the active partner creating that software as well as the economics and the go-to-market motions that we see around it. And then again, as we talk about our AI portfolio, all those products flow through the MarketPlace. So everything that you hear us talking about around Sensible ML, around the other Sensible AI portfolio products, they surface through the horizontal mechanism or the OneStream MarketPlace. So it's a critical element to our overall expansion strategy. And we look to refine that, though.

因此，正如我們所看到的，當我們思考創建該軟體的積極合作夥伴以及我們所看到的圍繞該軟體的經濟和進入市場的動議時，這為我們提供了一個很好的原型供我們學習。再說一次，當我們談論我們的人工智慧產品組合時，所有這些產品都流經 MarketPlace。因此，您聽到我們圍繞 Sensible ML 以及其他 Sensible AI 產品組合產品談論的所有內容，都是透過水平機製或 OneStream MarketPlace 浮現出來的。因此，這是我們整體擴張策略的關鍵要素。不過，我們希望能改進這一點。

It's one of the areas where you want to make sure that you do it right and that you refine it and then you go at the right pace. And the idea here is we have this platform that has a lot of potential leverage. We want to make sure that we go after that in a very thoughtful way and expand -- there's a little term that you talk about in racecar driving, go slow to go fast, be thoughtful and then accelerate into it. So we're really excited about where we're at. And I think as you learn more about some of the first-class solutions that are in the MarketPlace, you can really see that, that is what I mean when I say infinitely extensible about our platform.

這是您要確保做得正確並完善它然後以正確的速度前進的領域之一。這裡的想法是我們擁有一個具有很大潛在影響力的平台。我們希望確保我們以一種非常深思熟慮的方式追求這一目標並進行擴展——在賽車駕駛中有一個小術語，從慢到快，深思熟慮，然後加速。所以我們對我們現在的處境感到非常興奮。我認為，當您進一步了解 MarketPlace 中的一些一流解決方案時，您會真正看到這一點，這就是我所說的關於我們平台的無限可擴展性的意思。

And this does conclude the question-and-answer session of today's program. I'd like to hand the program back to Annie Leschin for any further remarks.

今天節目的問答環節到此結束。我想將程式交還給 Annie Leschin，以便進一步發表評論。

Thanks so much, operator, and thanks, everyone, for joining us today. We hope to see you at our upcoming conferences that we'll be attending in the next two weeks. Thanks again.

非常感謝操作員，也感謝大家今天加入我們。我們希望在接下來兩週內舉行的會議上見到您。再次感謝。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。