OneStream Inc (OS) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to OneStream's third-quarter 2024 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 OneStream 2024 年第三季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Annie Leschin, VP, Investor Relations and Strategic Finance. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係和策略財務副總裁 Annie Leschin。請繼續。

Thank you, operator. Good afternoon, everyone. Welcome to OneStream's third-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 third-quarter results issued earlier today is posted on our Investor Relations website at investor.onestream.com, along with an earnings highlights presentation.

謝謝您，接線生。大家下午好。歡迎參加 OneStream 2024 年第三季財報電話會議。今天與我一起參加電話會議的還有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三季業績的新聞稿已發佈在我們的投資者關係網站 investor.onestream.com 上，同時發布了一份獲利亮點介紹。

Now let me remind everyone that some of the statements on today's call are forward-looking, including statements related to guidance for the fourth quarter and year ending December 31, 2024. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other factors. Some of these risks are described in greater detail in the documents we file with the SEC from time to time, including our quarterly report on Form 10-Q for the quarter ended September 30, 2024, and 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，今天電話會議上的一些聲明是前瞻性的，包括與第四季度和截至 2024 年 12 月 31 日的年度指引相關的聲明。前瞻性陳述受已知和未知的風險、不確定性、假設和其他因素的影響。我們不時向美國證券交易委員會 (SEC) 提交的文件中對其中一些風險進行了更詳細的描述，包括截至 2024 年 9 月 30 日的季度 10-Q 表季度報告，我們不承擔更新任何前瞻性陳述的義務，無論是由於新資訊、未來事件還是其他原因，除非法律要求。

During our call today, we will also reference certain non-GAAP financial measures. There are limitations to our non-GAAP measures, and they may not be comparable to similarly titled measures of any other company. The non-GAAP measures referenced on today's call should not be considered in isolation from or a substitute for the most directly comparable GAAP measures.

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。我們的非公認會計準則衡量指標有其局限性，可能無法與任何其他公司的類似指標進行比較。今天電話會議上提到的非公認會計準則 (non-GAAP) 指標不應與最直接可比較的公認會計準則 (GAAP) 指標分開考慮或取代。

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 Relations website.

我們的管理階層認為，我們的非公認會計準則指標透過排除某些可能無法反映我們持續核心營運績效的費用，提供了有關我們的績效和流動性的有意義的補充資訊。我們的非公認會計準則 (non-GAAP) 指標與最直接可比較的公認會計準則 (GAAP) 指標的對帳可以在今天下午的新聞稿和我們投資者關係網站上發布的盈利亮點介紹中找到。

Now I'll turn it over to Tom. Tom?

現在我將把話題交給湯姆。湯姆？

Thank you, Annie, and thank you all for joining us this afternoon to review our third-quarter financial results. We're pleased to report another solid performance. The team once again showed strong execution against the vision we outlined for you during our IPO. With one consolidated platform, OneStream is eliminating complexity for the Office of the CFO by combining a unified view of financial and operational data with analytical and performance management capabilities to take finance further.

謝謝你，安妮，也謝謝大家今天下午加入我們，共同回顧我們的第三季財務表現。我們很高興地報告又一次出色的表現。團隊再次展現出強大的執行力，實現了我們在首次公開募股期間為您概述的願景。透過一個整合的平台，OneStream 將財務和營運數據的統一視圖與分析和績效管理功能相結合，從而進一步提升財務水平，從而消除了財務長辦公室的複雜性。

We grew subscription revenue 39% year over year in the third quarter and were once again free cash flow positive. We also hosted our second successful user conference of the year, Splash EMEA in Copenhagen, where we expanded on the slate of new innovations we've introduced thus far this year, among other achievements. All of this progress reflects our continued investment to drive durable growth.

第三季我們的訂閱收入年增了 39%，自由現金流再次為正。我們也在哥本哈根成功舉辦了今年第二屆用戶大會 Splash EMEA，我們進一步介紹了今年迄今推出的一系列新創新以及其他成就。所有這些進步都體現了我們為推動持久成長而持續的投資。

While the macroeconomic and geopolitical state of affairs continues to grab headlines, at OneStream, we saw a consistent market environment relative to last quarter. We believe the need to invest in modernizing the finance function to improve visibility and allow the CFO to become a strategic driver of the business has become a core requirement to effectively compete regardless of industry or economic environment. This trend was echoed in the findings of our Finance 2035 initiatives launched this quarter, which I will touch upon shortly.

儘管宏觀經濟和地緣政治形勢繼續成為頭條新聞，但在 OneStream，我們看到與上一季相比一致的市場環境。我們認為，無論行業或經濟環境如何，投資於財務職能的現代化以提高可見性並讓財務長成為業務的策略推動者已成為有效競爭的核心要求。這一趨勢與我們本季啟動的「金融 2035」計畫的結果相呼應，我很快就會談到這一點。

The three factors that drove us to create a cloud-native CPM solution are still the core trends driving the market today. To quickly review, first, finance has begun to digitally transform, but because it started the process so far behind many other operational areas, it is still very early in this transformation. More and more CFOs recognize the need for a cloud-based platform to provide a single view into financial and operational data across the enterprise. Finance departments have begun to accept and even demand an operating system that unifies a multitude of financial functions, providing an exceptional level of insight and analysis.

推動我們創建雲端原生 CPM 解決方案的三個因素仍然是當今推動市場發展的核心趨勢。快速回顧一下，首先，金融業已經開始數位轉型，但由於其起步遠遠落後於許多其他營運領域，因此這項轉型仍處於非常早期的階段。越來越多的財務長認識到需要一個基於雲端的平台來提供整個企業的財務和營運數據的單一視圖。財務部門已經開始接受甚至要求一個能夠統一多種財務功能、提供卓越洞察力和分析能力的作業系統。

Second, CFOs are being asked to do more, transitioning from just reporting on past performance to steering the business towards the future. With all of the uncertainty businesses face today, from geopolitical, to macroeconomic, financial, and regulatory, OneStream's platform enables CFOs to manage these factors and start driving real strategic value for the business.

其次，財務長被要求做更多的事情，從僅報告過去的業績轉變為引領企業走向未來。面對當今企業面臨的各種不確定性，從地緣政治到宏觀經濟、金融和監管，OneStream 的平台使財務長能夠管理這些因素並開始為企業帶來真正的策略價值。

Finally, AI and ML are increasing the value of knowledge workers and business performance. The OneStream platform unifies financial and operational data and processes on one common data model using embedded AI to make more informed decisions and plan better and faster. Our success in addressing these three trends has always centered on our extensible platform. And our ability to consistently expand its functionality both through rapid and innovative product development and successfully bringing these new technologies to market.

最後，人工智慧和機器學習正在提高知識工作者的價值和業務績效。OneStream 平台使用嵌入式 AI 將財務和營運資料和流程統一在一個通用資料模型上，以便做出更明智的決策並更好、更快地進行規劃。我們在應對這三種趨勢方面的成功始終以我們的可擴展平台為中心。我們能夠透過快速創新的產品開發並成功地將這些新技術推向市場來不斷擴展其功能。

At our Splash EMEA user conference in September, we introduced three new innovations bringing our total this year to 15, capping what I believe has been one of the most innovative periods in the company's history. These include, one, we introduced Navigation Center, which builds upon our advanced Narrative Reporting capabilities to streamline access to reports, bookmarks, and critical audit and narrative documents in one place.

在 9 月的 Splash EMEA 用戶大會上，我們推出了三項新創新，使今年的創新總數達到 15 項，我認為這是公司歷史上最具創新性的時期之一。其中包括，首先，我們推出了導航中心，它以我們先進的敘述報告功能為基礎，在一個地方簡化對報告、書籤以及關鍵審計和敘述文件的存取。

Two, we expanded our applied Finance AI offerings to include AI-powered anomaly detection, a pre-packaged AI method that helps finance leaders detect anomalies for data cleansing, consolidation and reporting. This is part of OneStream's Sensible AI portfolio, which includes Sensible Machine Learning, Sensible Gen AI, and Sensible AI library, which includes a growing collection of pre-packaged AI routines including ones for forecasting and scenario planning.

二是擴展了應用財務 AI 產品，包括 AI 驅動的異常檢測，這是一種預先打包的 AI 方法，可幫助財務主管檢測資料清理、合併和報告的異常。這是 OneStream Sensible AI 產品組合的一部分，該產品組合包括 Sensible Machine Learning、Sensible Gen AI 和 Sensible AI 庫，其中包含越來越多的預先打包的 AI 例程，包括用於預測和情境規劃的例程。

Three, as further evidence of continued innovation on the OneStream platform, we showcased expanded Solutions Exchange offerings to support Tax Pillar 2 regulatory reporting. OneStream announced the availability of Pillar 2 tax criteria solutions from both BDO and Inlumi, and AMCO, all built atop the OneStream platform and all leveraging the unified data inherent within it.

第三，作為 OneStream 平台持續創新的進一步證據，我們展示了擴展的解決方案交換產品以支援稅收支柱 2 監管報告。OneStream 宣布推出 BDO、Inlumi 和 AMCO 的第二支柱稅收標準解決方案，所有解決方案均建立在 OneStream 平台之上，並利用其固有的統一數據。

With these new offerings, we now have 100 solutions on Solutions Exchange, demonstrating our ongoing support for the evolving needs of global organizations and our commitment to continually adding value and utility to our customers' OneStream investments. In the coming years, you can expect us to focus primarily on driving these many innovations into our installed base, even as we continue investing to further our technology leadership.

加上這些新產品，我們現在在 Solutions Exchange 上擁有 100 個解決方案，這表明我們對全球組織不斷變化的需求的持續支持，以及我們致力於不斷為客戶的 OneStream 投資增加價值和實用性。在未來的幾年裡，您可以期待我們主要致力於將這些創新推向我們的安裝基礎，同時我們將繼續投資以進一步鞏固我們的技術領先地位。

Now let me turn to our customers. One of the great and unique things about our Splash user conference is that we let our customers do the talking. From asking questions to sharing experiences with peers on how they are leveraging OneStream to drive productivity and analytics, to working with our team to inspire the next innovation.

現在讓我來談談我們的客戶。我們的 Splash 用戶大會最偉大和獨特的一點就是我們讓客戶來發言。從提出問題到與同行分享如何利用 OneStream 來提高生產力和分析能力的經驗，再到與我們的團隊合作來激發下一個創新。

For those of you who weren't able to join us in Copenhagen, let me share a couple of quick examples of what we heard. Let me begin with the 10-year partnership that we have developed with a large shipping logistics company. Their presentation during the Splash keynote demonstrated their enthusiasm for OneStream and how they have continued to expand their use of our platform.

對於那些無法參加哥本哈根會議的人，請容許我分享幾個我們所聽到的簡單例子。首先我要說一下我們與一家大型航運物流公司建立的長達十年的合作關係。他們在 Splash 主題演講中的演示展示了他們對 OneStream 的熱情以及他們如何繼續擴大對我們平台的使用。

Building upon their use of OneStream's unified financial consolidation and reporting and forecasting applications, they recently added our Pillar 2 tax solution, along with our ESG and intercompany transaction matching solutions. Today, they are using OneStream to support over 1,000 legal entities globally, and there is plenty of room to grow. Continuing to expand, use, and value with long-standing customers is at the core of our durable growth strategy.

在使用 OneStream 統一財務合併和報告及預測應用程式的基礎上，他們最近添加了我們的 Pillar 2 稅務解決方案以及我們的 ESG 和公司間交易匹配解決方案。如今，他們正在使用 OneStream 為全球 1,000 多個法人實體提供支持，並且還有很大的成長空間。持續擴大、使用並重視長期客戶是我們持久成長策略的核心。

Another customer on stage with one of the largest retailers in Europe with over 1,300 locations and 8,500 employees. Their success turns on the accuracy of their forecasting, ensuring the right product, in the right quantity, in the right location. Today, they are using OneStream's financial planning and consolidation, and following a successful proof of value, they have begun deploying Sensible ML to advance their forecasting journey and we're excited to see what they do next.

另一位同台的客戶是歐洲最大的零售商之一，該零售商擁有 1,300 多個門市和 8,500 名員工。他們的成功取決於預測的準確性，確保在正確的地點提供正確的數量、正確的產品。如今，他們正在使用 OneStream 的財務規劃和合併，並且在成功證明價值之後，他們已經開始部署 Sensible ML 來推進他們的預測之旅，我們很高興看到他們下一步的行動。

These are just a few examples of customers that joined us in Copenhagen to share their excitement, satisfaction, and successful journey thus far with OneStream. We had 52 new customers joined OneStream this quarter, bringing our total customer count to over 1,500. Let me highlight a couple of wins that demonstrate just how important our platform is becoming to companies and governments worldwide. I'll start with a few wins among government agencies, which are always important in Q3.

這些只是在哥本哈根與我們分享他們與 OneStream 合作的興奮、滿意和成功歷程的客戶的幾個例子。本季我們有 52 位新客戶加入 OneStream，使我們的客戶總數超過 1,500 位。讓我重點介紹幾個成功案例，它們證明了我們的平台對全球企業和政府的重要性。我首先要介紹政府機構取得的一些勝利，這些勝利在第三季始終很重要。

This quarter, we added a large government agency in Washington, DC, which was looking to replace multiple legacy siloed applications. The organization picked OneStream as a single source of truth for reporting, planning, and monitoring. We will be replacing two legacy point solutions used for their budget formulation and execution. These manual, error-prone, older solutions implemented more than a decade ago did not provide the enterprise-wide level of detail needed to effectively manage this agency.

本季度，我們在華盛頓特區增加了一個大型政府機構，該機構正在尋求替換多個遺留的孤立應用程式。該組織選擇 OneStream 作為報告、規劃和監控的唯一真實來源。我們將更換用於預算制定和執行的兩個傳統點解決方案。這些十多年前實施的手動、容易出錯、較舊的解決方案無法提供有效管理該機構所需的企業範圍的詳細資訊。

OneStream will consolidate their budget and financial processes and significantly upgrade the reporting as well. Users will now utilize OneStream for all their budget requests, staff planning, execution plans, and execution results.

OneStream 將整合其預算和財務流程，並大幅升級報告。用戶現在將利用 OneStream 來處理所有預算請求、員工規劃、執行計劃和執行結果。

The Defense Logistics Agency was another government agency that selected OneStream this quarter in a multimillion-dollar deal. With over 25,000 employees, the Defense Logistics Agency is the largest combat support agency, providing logistics to the DoD, civilian agencies, and foreign countries. This is a very important agency that, among other things, has provided meals, fuel, and supplies to FEMA after hurricanes.

國防後勤局是本季選擇與 OneStream 簽訂數百萬美元協議的另一個政府機構。國防後勤局擁有超過 25,000 名員工，是最大的戰鬥支援機構，為國防部、民間機構和外國提供後勤服務。這是一個非常重要的機構，除此之外，它在颶風過後向聯邦緊急事務管理局提供了膳食、燃料和物資。

For more than a decade, the DLA has been using an expensive combination of contractor support with a SaaS license for a financial statement preparation and budget formulation. Utilizing OneStream's core CPM, the DLA will now be able to automate everything from the DoD planning programming to providing a complete and accurate budget, creating and performing automated reconciliations, preparing federal financial statements, and producing consolidated annual financial report, all while simultaneously lowering its costs.

十多年來，DLA 一直採用昂貴的承包商支援和 SaaS 許可證組合來編制財務報表和製定預算。利用 OneStream 的核心 CPM，DLA 現在可以自動化從國防部規劃編程到提供完整準確的預算、創建和執行自動對帳、編制聯邦財務報表以及生成合併年度財務報告的所有工作，同時降低成本。

We also enjoyed a solid quarter in EMEA. Continuing to build on our position in France as a natural successor to legacy finance solutions, we added JCDecaux, the world leader in outdoor advertising. Facing the obsolescence of its current legacy consolidation reporting tool, the company took the opportunity to rethink the scope of its current data model and processes in light of the changing market standards, regulatory and financial statement requirements.

我們在歐洲、中東和非洲地區也度過了一個穩健的季度。為了繼續鞏固我們在法國作為傳統金融解決方案的自然繼承者的地位，我們收購了全球戶外廣告領導者德高集團。面對目前遺留的合併報告工具的過時性，該公司藉此機會根據不斷變化的市場標準、監管和財務報表要求重新考慮其當前資料模型和流程的範圍。

The implementation of OneStream's performance management tool will not only improve consolidation, reporting and disclosure but also provide them with a flexible solution to adapt and support future needs such as ESG and changing regulatory requirements. Similar to the Groupe BPCE deal discussed last quarter, the JCDecaux win is a foundational win, replacing a significant legacy system and solidifying our credibility in the region.

OneStream 績效管理工具的實施不僅可以改善合併、報告和揭露，還可以為他們提供靈活的解決方案，以適應和支援 ESG 和不斷變化的監管要求等未來需求。與上個季度討論的 Groupe BPCE 交易類似，德高集團的勝利是一項基礎性的勝利，它取代了重要的遺留系統並鞏固了我們在該地區的信譽。

One last customer I want to highlight is a Fortune 500 equipment manufacturer, which is utilizing our Sensible ML in a meaningful way. Having implemented SML to forecast both revenue and inventory, they improved their accuracy by more than 10%. Not unlike other companies, their forecasting process required inputs from roughly 80 different finance stakeholders over a 10-day period.

我要重點介紹的最後一位客戶是財富 500 強設備製造商，它正在以有意義的方式利用我們的 Sensible ML。透過實施 SML 來預測收入和庫存，他們將準確率提高了 10% 以上。與其他公司不同，他們的預測過程需要在 10 天內從大約 80 個不同的財務利益相關者那裡獲得意見。

With SML, the company now has a process that generates more accurate forecast in less than half an hour, all while providing explanations of leading indicators and their impact on the forecast. This kind of transparency is building confidence in driving adoption from across their teams.

借助 SML，該公司現在擁有一個可以在不到半小時的時間內產生更準確預測的過程，同時提供領先指標及其對預測的影響的解釋。這種透明度正在增強整個團隊推動採用的信心。

Encouraged by these results, the company is now deploying SML across multiple business segments to enhance decision-making speed and drive business performance. The bigger message here from my vantage point is the growing recognition by the market that OneStream's applied Finance AI solution creates more value than many of what I call custom science experiments currently in the market.

受這些結果的鼓舞，該公司目前正在多個業務部門部署 SML，以提高決策速度並推動業務績效。從我的角度來看，這裡更重要的訊息是，市場越來越認識到 OneStream 的應用金融 AI 解決方案比目前市場上許多我稱之為客製化科學實驗的東西創造更多的價值。

This also reinforces our view that the productization of our applied approach is the best and most scalable way to drive value from AI. Part of our strategy has and will continue to be educating the market, as we build our product acceptance one customer at a time as we've always done.

這也強化了我們的觀點，即應用方法的產品化是從人工智慧中獲取價值的最佳和最具可擴展性的方式。我們的策略的一部分一直是並將繼續是教育市場，因為我們將像往常一樣，透過一次一個客戶來建立我們的產品接受度。

Finally, we continue to benefit from our investment and emphasis on building out our marketing function. Earlier this month, we announced the launch of our Finance 2035 initiative. This is a partnership with academia, economists, and finance and business leaders to foster a fact-based dialogue on the rapidly evolving role in strategic importance of the Office of the CFO.

最後，我們繼續受益於我們的投資和對建立行銷功能的重視。本月初，我們宣布啟動「金融 2035」計畫。這是與學術界、經濟學家以及金融和商業領袖的合作，旨在就首席財務官辦公室在戰略重要性方面迅速演變的作用開展基於事實的對話。

Our initial research examines what the next 10 years hold for businesses at large and how external forces are both elevating and impacting the critical role played by CFOs in shaping that future. Based on a survey of 2,000 CFOs, CEOs, line of business executives, and investors, the studies found that the next decade will likely be defined by more regulatory convergence and technology-powered gains, where CFOs will be expected to take on a broader role in driving business strategy and growth.

我們的初步研究檢視了未來 10 年整個企業的發展情況，以及外部力量如何提升和影響財務長在塑造未來方面所發揮的關鍵作用。根據對 2,000 名首席財務官、首席執行官、業務線高管和投資者的調查，研究發現，未來十年可能會以更多的監管融合和技術驅動的收益為特徵，預計首席財務官將在推動業務戰略和增長方面發揮更廣泛的作用。

The research also reaffirmed what you all know too well: that the investment community puts a premium on the strategic competence of a company's CFO in making their investment decisions. The study also validated our view on what will likely take for the Office of the CFO to become a strategic driver of business strategy and grow. CFOs and CEOs survey prioritized modernizing their legacy finance stack, harnessing new technologies, especially AI, and making these investments with a sense of urgency to remain competitive.

這項研究也再次證實了大家都非常了解的事實：投資界非常重視公司財務長在做出投資決策時的策略能力。該研究還驗證了我們的觀點，即財務長辦公室如何成為業務策略的策略驅動力並實現成長。受訪的財務長和執行長優先考慮對其傳統財務體系進行現代化改造、利用新技術（尤其是人工智慧），並帶著緊迫感進行這些投資以保持競爭力。

We are using this research as a foundation for a global series of roundtable discussions with CFOs, CAOs, and other finance leaders. We look forward to Finance 2035 fostering dialogue among senior executives, raising OneStream's visibility in the business community as we take additional steps to put our platform at the forefront of the conversation.

我們將以這項研究為基礎，與財務長、首席行政官和其他財務領袖舉行一系列全球圓桌討論。我們期待 Finance 2035 能夠促進高階主管之間的對話，提高 OneStream 在商業界的知名度，同時我們將採取更多措施讓我們的平台處於對話的最前沿。

Before I turn the call over to Bill, let me just thank our employees for their innovative ideas, hard work, and dedication to customer success; our partners for sharing that commitment and helping our customers achieve incredible results; and our investors for their confidence in OneStream. Now let me turn the call over to Bill.

在將電話轉給比爾之前，請允許我感謝我們的員工的創新想法、辛勤工作以及對客戶成功的奉獻精神；我們的合作夥伴分享這項承諾並幫助我們的客戶取得令人難以置信的成果；以及我們的投資者對 OneStream 的信心。現在讓我把電話轉給比爾。

Thanks, Tom. Good afternoon, everyone, and thank you for joining today's call. As Tom mentioned, we had a solid Q3 with both strong subscription growth and positive free cash flow. We turned free cash flow positive in 2023. And over the past four quarters, we have generated over $60 million in free cash flow.

謝謝，湯姆。大家下午好，感謝大家參加今天的電話會議。正如湯姆所提到的，我們的第三季表現穩健，訂閱量成長強勁，自由現金流為正。我們的自由現金流在 2023 年變成正值。在過去四個季度中，我們產生了超過 6000 萬美元的自由現金流。

We're pleased with our ability to drive both revenue growth and free cash flow in this environment. Overall, total revenue grew 21% year over year to $129 million in Q3. Our subscription business model continued to show impressive growth at scale, as subscription revenue increased 39% year over year to $111 million and ARR increased more than 30% year over year.

我們很高興能夠在這種環境下推動收入成長和自由現金流。總體而言，第三季總營收年增 21%，達到 1.29 億美元。我們的訂閱業務模式持續呈現令人矚目的規模成長，訂閱營收年增 39% 至 1.11 億美元，ARR 年增超過 30%。

License revenue came in at $12 million in Q3 compared with $19 million last year. We also continued to see a number of conversions from term licenses to SaaS this quarter, including three significant ones with ARR greater than $500,000. We expect that trend to continue in Q4 and 2025 as we progress towards a 100% SaaS business model.

第三季授權收入為 1,200 萬美元，而去年同期為 1,900 萬美元。本季我們也繼續看到大量從定期許可證到 SaaS 的轉換，其中包括三個重要的轉換，其 ARR 超過 50 萬美元。隨著我們向 100% SaaS 業務模式邁進，我們預計這一趨勢將在第四季度和 2025 年繼續下去。

Professional services and other revenue came in at $6.7 million compared with $8.1 million last year. Professional services revenue was lower than expected due to the continued success of our partners as we strategically transition more implementations of OneStream software to them. As such, you should expect a similar professional services revenue run rate going forward.

專業服務和其他收入為 670 萬美元，而去年同期為 810 萬美元。由於我們向合作夥伴策略性地轉移了更多 OneStream 軟體實施，合作夥伴取得了持續成功，因此專業服務收入低於預期。因此，您應該預期未來專業服務收入的運作率會類似。

International revenue continues to represent roughly 30% of total revenue, reflecting our continued focus on growing our global business. More than 60% of our business came from new customers in Q3. We ended the quarter with 1,534 total customers, up 18% year over year.

國際收入繼續佔總收入的約30％，這反映出我們持續致力於發展全球業務。我們第三季超過 60% 的業務來自新客戶。本季結束時，我們共有 1,534 名客戶，較去年同期成長 18%。

Billings increased 25% year over year to a record $149 million. As a reminder, due to a variety of factors, including timing, we encourage you to look at billings on a trailing 12-month basis, where billings grew 27%. Our 12-month cRPO was up 41% year over year. Total remaining performance obligations grew 35% year over year to $997 million.

營業額年增 25%，達到創紀錄的 1.49 億美元。提醒一下，由於時間等多種因素，我們建議您查看過去 12 個月的帳單，其中帳單增加了 27%。我們的 12 個月 cRPO 年成長 41%。剩餘履約義務總額年增 35% 至 9.97 億美元。

Our Q3 non-GAAP gross margin was 71% compared with 72% due to the strong license revenue last year, offset by efficiency improvements. We continue to work to optimize our infrastructure and expect margin improvement over the long term. Third quarter non-GAAP operating expenses increased 25% year over year due in part to IPO-related expenses. R&D spending increased 48% year over year as we continue to strategically invest in new products to drive the durable growth of our business.

我們的第三季非 GAAP 毛利率為 71%，去年同期為 72%，這得益於強勁的授權收入，但被效率的提高所抵消。我們將繼續致力於優化我們的基礎設施，並期望長期利潤率有所提高。第三季非公認會計準則營運費用年增 25%，部分原因是 IPO 相關費用。由於我們繼續對新產品進行策略性投資以推動業務的持久成長，研發支出較去年同期成長了 48%。

Total equity-based compensation expense for the third quarter was $260 million, of which $204 million was a one-time charge that we recognized in connection with our IPO. This charge was lower than expected due to the effective timing and modifications we made to outstanding options as part of the IPO. Non-GAAP operating income was $5 million or 4% operating margin in the quarter. Non-GAAP net income was $11.3 million.

第三季股權薪酬總費用為 2.6 億美元，其中 2.04 億美元是我們在 IPO 中確認的一次性費用。由於我們在首次公開發行 (IPO) 過程中對未償選擇權進行了有效的時間表和修改，因此該費用低於預期。本季非公認會計準則營業收入為 500 萬美元，營業利益率為 4%。非公認會計準則淨收入為 1,130 萬美元。

For the third quarter, we generated $1 million of free cash flow, bringing our trailing 12-month free cash flow to over $60 million. We ended the quarter with $495 million in cash and cash equivalents.

第三季度，我們產生了 100 萬美元的自由現金流，使我們過去 12 個月的自由現金流超過 6,000 萬美元。本季末，我們的現金和現金等價物為 4.95 億美元。

Now turning to guidance, our fourth quarter is an important one for us as is traditionally our largest seasonal bookings quarter. Our guidance for Q4 2024 is as follows. Total revenue for Q4 is expected to be $127 million to $129 million. Non-GAAP operating margin is expected to be breakeven to positive 2%. Non-GAAP net income per share is expected to be between $0.01 to $0.03. Stock-based compensation will be approximately $50 million to $55 million.

現在談到指導，我們的第四季對我們來說很重要，因為傳統上是我們最大的季節性預訂季度。我們對 2024 年第四季的指導如下。預計第四季總營收為 1.27 億美元至 1.29 億美元。非公認會計準則預計營業利益率將達到損益兩平至正2%。非公認會計準則每股淨利潤預計在 0.01 美元至 0.03 美元之間。股票薪酬約為 5,000 萬至 5,500 萬美元。

We are also raising our full-year guidance for both revenue and profitability. Total revenue for 2024 is expected to be $484 million to $486 million. Non-GAAP operating margin is expected to be negative 2% to negative 1%. Non-GAAP net income per share is expected to be between $0.06 to $0.08. Stock-based compensation will be approximately $315 million to $320 million.

我們也提高了全年收入和獲利的預期。預計 2024 年總收入為 4.84 億美元至 4.86 億美元。非公認會計準則預計營業利益率將為負2%至負1%。非公認會計準則每股淨利潤預計在 0.06 美元至 0.08 美元之間。股票薪酬約為 3.15 億美元至 3.2 億美元。

And finally, while we aren't providing 2025 guidance this quarter, the combination of our strategy to transition the majority of implementations to partners together with our accelerated SaaS conversion rates leaves us comfortable with current Wall Street consensus for full year 2025.

最後，雖然我們本季沒有提供 2025 年的指導，但我們將大部分實施轉移給合作夥伴的策略與我們加速的 SaaS 轉換率相結合，使我們對華爾街目前對 2025 年全年的共識感到滿意。

Now let's turn it back to Tom.

現在讓我們把話題轉回湯姆身上。

Thanks, Bill. The message you will hear from me every quarter is the importance of the long-term view we are taking in building the OneStream business and brand. Be it advancing our product roadmap to expand our platform or increasing our marketing efforts to grow our brand and pipeline, the investments we are making today are laying the foundation for our durable growth in the years to come.

謝謝，比爾。每個季度您都會聽到我傳達的訊息是，我們在打造 OneStream 業務和品牌時，長遠眼光非常重要。無論是推進我們的產品路線圖以擴展我們的平台，還是加強行銷以發展我們的品牌和管道，我們今天所做的投資都為我們未來幾年的持久增長奠定了基礎。

(Operator Instructions) Chris Quintero, Morgan Stanley.

（操作員指示）摩根士丹利的 Chris Quintero。

Tom, Bill, congrats on the solid quarter here. I wanted to ask about the replacement opportunity as you go through this upcoming ERP super cycle. We've done a lot of work on this topic, and it seems like there's going to be an acceleration in migration over the coming years.

湯姆、比爾，恭喜你們本季業績表現穩健。我想問一下在即將到來的 ERP 超級週期中替代的機會。我們已經在這個主題上做了很多工作，並且看起來未來幾年移民的速度將會加速。

So curious to hear your thoughts as it relates to what kind of ERP world you think it will play out? Will it be companies still having multiple ERPs, or will they standardize on one? And then a potentially single ERP world, do you think OneStream's value proposition can still resonate in that type of scenario?

我很好奇想聽聽您的想法，您認為 ERP 世界會變成什麼樣子？公司是否仍會採用多個 ERP，還是會採用一個 ERP 進行標準化？那麼在一個潛在的單一 ERP 世界中，您認為 OneStream 的價值主張在這種場景下仍然能夠產生共鳴嗎？

Thanks, Chris. So we think about this a lot, and we are really, really comfortable in the value proposition that we're offering to customers. No matter if they have one ERP or two or what that kind of super cycle looks like because we're the flexible layer that they use to manage their business.

謝謝，克里斯。因此，我們對此進行了大量思考，並且我們對我們向客戶提供的價值主張感到非常滿意。無論他們有一個還是兩個 ERP，或者這種超級週期是什麼樣子，因為我們是他們用來管理業務的彈性層。

So if you think about what's going on in the ERP world, you're really talking about the recording of what's happening in a business that is oriented around the physical view of the business. And so for us, we're that critical layer that allows you to model how you manage or run your business.

因此，如果您思考 ERP 領域正在發生的事情，您實際上是在談論以業務的物理視圖為導向的業務正在發生的事情的記錄。因此對我們來說，我們是那個關鍵層，可讓您模擬如何管理或經營您的業務。

So that applies -- if you're a single ERP, you need that flexibility or if you're multiple ERPs, you need not only the standardization, but the flexibility. So we're really comfortable that we help customers amplify the value they get from their ERP investment.

所以這適用——如果您是單一 ERP，您需要這種靈活性；或者如果您是多個 ERP，您不僅需要標準化，還需要靈活性。因此，我們非常樂意幫助客戶擴大他們從 ERP 投資中獲得的價值。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Thank you, and I'll add my congrats. So Tom, not everyone is performing quite so adeptly in the Office of Finance at the moment. And we do hear from some of your peers that they are finding some of the SAP and Oracle business is tough to dislodge as they get into these cloud migration waves. It feels like OneStream is having a very different experience.

謝謝，我也會向您表示祝賀。所以湯姆，目前財務辦公室裡並不是每個人的表現都如此出色。我們確實從一些同行那裡聽說，他們發現，隨著雲端遷移浪潮的到來，SAP 和 Oracle 的一些業務很難被取代。感覺 OneStream 的體驗非常不同。

I'm wondering if you're sensing a tipping point where it's just common knowledge that they should be talking to OneStream. Or are they viewing you as a little more future proof because of the platform capabilities or the architecture you have with Sensible ML, and maybe that's making a difference? Just why do you think that you're kind of having better success?

我想知道您是否感覺到一個轉折點，即他們應該與 OneStream 對話已成為常識。或者，由於您擁有的平台功能或 Sensible ML 架構，他們認為您更具未來感，也許這會產生影響？為什麼您認為自己會取得更大的成功？

Thanks, Mark. That's a great question. Really thinking about this as we are offering an opportunity for companies to be as transformative as possible. So when you think about having a platform like OneStream, if you're a company that's got a lot of different financial solutions in play, which happens to be the case with a lot of the larger legacy-based solutions that maybe they surrounded with additional point solutions over the years.

謝謝，馬克。這是一個很好的問題。我們正在認真思考這個問題，因為我們正在為公司提供盡可能改變的機會。因此，當您考慮擁有像 OneStream 這樣的平台時，如果您的公司擁有許多不同的金融解決方案，而這些解決方案恰好是許多較大的基於遺留系統的解決方案的情況，多年來，這些解決方案可能被額外的點解決方案所包圍。

The message that OneStream is able to bring to that customer, is that we can help you become very efficient at delivering your core financial requirements so that you can participate in this AI revolution. You can participate in having finance become more and more optimal. And I think that's really resonating with customers and with the market in general.

OneStream 能夠向該客戶傳達的訊息是，我們可以幫助您有效率地滿足您的核心財務需求，以便您能夠參與這場人工智慧革命。您可以參與讓財務變得越來越優化。我認為這確實引起了客戶和整個市場的共鳴。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

I wanted to ask one here on the competitive environment. And maybe how it feels like today versus a year ago, specifically against Hyperion and maybe digging a little bit deeper, specifically on Hyperion's cloud offering. I totally get the competitive advantage versus on-prem, but what about cloud?

我想在這裡問一個關於競爭環境的問題。也許今天與一年前相比感覺如何，特別是與 Hyperion 相比，也許可以深入挖掘一下，特別是對 Hyperion 的雲端產品。我完全了解與本地部署相比的競爭優勢，但是雲端呢？

And I ask this question because we've been hearing from more than one partner that Hyperion cloud has gotten better over the past year. So it just makes me begin to wonder what that Hyperion replacement cycle could look like over the next 12 to 24 months.

我之所以問這個問題，是因為我們從多個合作夥伴那裡聽說，Hyperion 雲端在過去一年變得更好了。所以這讓我開始好奇未來 12 到 24 個月內 Hyperion 的更換週期會是什麼樣子。

So is there anything you could share about this OneStream versus Hyperion cloud EPM differentiation that's giving you the confidence your strong pace of takeaways will continue?

那麼，您能否分享一下 OneStream 與 Hyperion 雲端 EPM 之間的區別，讓您有信心繼續保持強勁的成長動能？

Sure. So as we look at this, we're seeing a lot of consistency in those win rates. And certainly, competition is always there. And we're one of those companies that feel like that makes us better, and we keep trying to react to make sure we keep our competitive advantage. But we really are leaning on the fact that we're a single platform, and that's really hard.

當然。因此，當我們觀察這一點時，我們發現這些勝率具有很大的一致性。當然，競爭總是存在的。我們是那些認為這會讓我們變得更好的公司之一，我們一直努力做出反應以確保我們保持競爭優勢。但我們確實依賴單一平台這一事實，而這真的很難。

That's something that happens from the very first line of code. And it's something that is not easy to replicate. And you see that even with the sort of the siloed cloud approaches. So even as other companies are starting to adapt their methodology or improve particular functionality and product, we still have this high ground that's fortified by our platform-based approach.

這是從第一行程式碼開始發生的事情。這是不容易複製的。您會發現，即使採用這種孤立的雲端方法，情況也是如此。因此，即使其他公司開始調整其方法或改進特定功能和產品，我們仍然憑藉基於平台的方法佔據優勢。

And we're continuously endeavoring to make sure that we're innovating and being that functional lead as well. So we -- so all in all, we take -- again, not at all broad brushing, we're always very, very focused on what our competitors are doing and making sure that we're innovating at a pace that keeps us ahead.

我們不斷努力確保我們不斷創新並發揮功能領先作用。所以，總而言之，我們採取的不是一概而論，我們總是非常非常關注競爭對手的動向，並確保我們以保持領先的速度進行創新。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯。

I want to ask on the Sensible ML and the AI opportunity that you're seeing. Wondering how widespread or how deep the conversations are going across the current customer base and maybe what some of the new uptake in pipeline is looking like today?

我想問一下您所看到的 Sensible ML 和 AI 機會。想知道這些對話在目前客戶群中的傳播範圍和深度如何，以及目前管道中的一些新吸收情況如何？

Sure. Happy to share that. So we were really thrilled at sort of the momentum build that we're getting, not only from the current successes that we're having with SML, but also our ability to showcase those successes and have customers share those at our user conferences. So we're starting to see more and more interest.

當然。很高興分享這一點。因此，我們對所獲得的勢頭感到非常興奮，這不僅源於我們在 SML 上取得的當前成功，還源於我們能夠展示這些成功並讓客戶在用戶會議上分享這些成功。因此我們開始看到越來越多的興趣。

And as I alluded to in my statements, there's a very large education process that needs to take place. And we see ourselves at the forefront of educating our customers in just how important these AI technologies are, but more importantly, how much of an advantage they can offer.

正如我在聲明中提到的，我們需要進行一個非常大規模的教育過程。我們站在最前線，向客戶宣傳這些人工智慧技術的重要性，更重要的是，它們能帶來多大的優勢。

So again, that's sort of a build when you think about making a market, if you think about helping customers try to achieve something different, such as a touchless forecast, you really have to invest in that education process and help them move along that spectrum. And so we're really comfortable that it's an outsized opportunity. We're in the early innings, and we continue to prove ourselves and help educate our customers.

所以，再說一次，當你考慮開拓市場時，這是一種構建，如果你想幫助客戶嘗試實現一些不同的東西，比如非接觸式預測，你真的必須投資於這個教育過程，並幫助他們沿著這個範圍前進。因此，我們非常放心，這是一個巨大的機會。我們正處於早期階段，我們將繼續證明自己並幫助教育我們的客戶。

John Difucci, Guggenheim Securities.

古根漢證券公司的約翰‧迪富奇。

My question is for Tom, and it's sort of a follow-up to Chris and Koji's questions. And then Tom, the one platform topic that you talked about, I think a lot of people and a lot of people we speak to as far as investors associate the growth and momentum that you're seeing in the market with legacy replacement for consolidation in close, including -- I mean, we sort of looked at that first too, and we're like, yes, they're seeing some benefit and you are.

我的問題是針對湯姆的，這算是對克里斯和 Koji 問題的後續。然後湯姆，你談到的一個平台主題，我認為很多人，包括我們交談過的很多投資者，都將你在市場上看到的增長和勢頭與遺留系統替換和整合緊密聯繫起來，包括——我的意思是，我們也首先研究了這一點，我們的感受是，是的，他們看到了一些好處，你也是。

But the more conversations we have with people in the field, the more we've understood that traction independent of that, the financial and operational planning is getting right now for you. That's -- like we're actually a little surprised at how much traction that independent financial close is getting. And it looks like it's set up for the future, too. But can you talk more about that sort of success you're seeing in planning today?

但是，我們與該領域人士的對話越多，我們就越明白，除此之外，財務和營運規劃對您來說也越來越重要。這——我們實際上對獨立財務結算所獲得的吸引力感到有點驚訝。而且看起來它也為未來做好了準備。但是您能否詳細談談您在今天的規劃中看到的這種成功？

And maybe how the core principles for financial consolidation and close have given you a leg up in the planning market? You've even seen one of your -- one of your major competitors actually just buy a close company that was traditionally a planning company. If you can maybe talk about that, that would be great.

也許財務合併和結算的核心原則如何幫助您在規劃市場中佔據優勢？您甚至看到您的一個主要競爭對手實際上剛剛收購了一家傳統規劃公司。如果您可以談論這個，那就太好了。

Sure. Thanks, John. It's a great question. And I'm excited to talk about this one actually because it's something that's near and dear to my own time in corporate finance. And that is we really set out to make sure that we could help, as you alluded to, solve the core finance problems at every business that has evolving complexity or is already globally complicated.

當然。謝謝，約翰。這是一個很好的問題。事實上我很高興談論這個，因為這與我從事公司財務工作的經歷息息相關。正如您所提到的，我們確實致力於確保我們能夠幫助解決每個日益複雜或已經在全球範圍內複雜的企業的核心財務問題。

We need to help them do the things what we call core, the financial consolidation planning, account reconciliation, things you have to do, and you have to do correctly. But we all know when I go out on sales calls, and I'm speaking with customers, they want to talk about how they can be more strategic. And when I say customers, the Office of the CFO, the Chief Accounting Officer, the Head of Financial Planning, how can they be more strategic and help drive the business.

我們需要幫助他們做我們所說的核心事情，即財務合併規劃、帳戶對賬，這些都是你必須做的事情，而且必須正確地去做。但我們都知道，當我出去進行銷售拜訪並與客戶交談時，他們想討論如何才能更具策略性。當我說客戶、財務長辦公室、首席會計官、財務規劃主管時，他們如何更具策略性並幫助推動業務發展。

And that's why you're hearing that because once we help them become efficient at the core, which every business has to do, they start to be able to get leverage on the investment they've made in OneStream to drive more value and actually become a real partner to the company and lend that analytics capability, the information that's being created and supplement what's happening operationally.

這就是你聽到這些的原因，因為一旦我們幫助他們從核心上提高效率（每個企業都必須這樣做），他們就開始能夠利用他們在 OneStream 上進行的投資來創造更多價值，並真正成為公司的真正合作夥伴，並提供分析能力、正在創建的信息並補充運營中發生的事情。

And ultimately what you're getting and why there's so much interest and why I feel like this is the outsized opportunity and really is the new definition and the future of CPM, is this idea that you can make sure that you're efficient at your core, but then you can take your operational plans and optimizations and link them to these financial objectives and metrics and manage them holistically and really drive the business forward.

最終，您得到的是什麼，為什麼會有如此多的興趣，為什麼我覺得這是一個巨大的機會，而且確實是 CPM 的新定義和未來，這個想法是，您可以確保自己的核心效率，然後您可以將營運計劃和優化與這些財務目標和指標聯繫起來，進行整體管理，真正推動業務向前發展。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

Thank you. Good afternoon. Great to see the momentum build here. Tom, I wanted to double-click into the government opportunity. I think you've disclosed, I think, 15% logo penetration in the Fortune 500. You talked about a new large government agency kind of leaning in with you guys here.

謝謝。午安.很高興看到這裡的勢頭強勁。湯姆，我想雙擊進入政府機會。我認為您已經揭露過，財富 500 強企業的識別滲透率為 15%。您談到了一個新的大型政府機構與你們的合作。

What is the penetration, your best guess penetration in government? And can you maybe size the scope of the opportunity as you think about whole government agency replacing kind of legacy solutions? What does that opportunity mean for the firm?

滲透率是多少？您猜測在政府中的滲透率是多少？當您考慮整個政府機構更換遺留解決方案時，您能否衡量一下機會的範圍？這個機會對公司來說意味著什麼？

Thank you. Yes, it's a very sizable opportunity, and we're reaching the point as a business where we've proven ourselves across multiple agencies and multiple sectors within the public sector in terms of defense and making sure that we have the right product aligned with the right security posture and align with the right way of thinking that you actually -- you have differences in processes and planning when you're an agency versus a revenue-generating business.

謝謝。是的，這是一個非常大的機會，作為一家企業，我們已經在國防方面證明了自己在公共部門的多個機構和多個部門的能力，並確保我們擁有與正確的安全態勢相一致的正確產品，並與正確的思維方式相一致——當你作為一個機構和一個創收企業時，你在流程和規劃上會有所不同。

So it's early innings, but we've been building momentum as a company by landing more and more of these significant marquee types of agencies. And so without trying to quantify it exactly, we feel very well positioned based on the success that we're having and our commitment to continuing to grow. And we feel that it's a continuing important segment of our business that we'll be focusing on.

雖然現在還處於早期階段，但作為一家公司，我們透過與越來越多此類重要的大型代理商合作，不斷累積發展勢頭。因此，無需嘗試準確量化，我們基於所取得的成功和持續發展的承諾，感覺自己處於非常有利的位置。我們認為這是我們業務中持續重要的一個部分，我們將持續關注它。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

Maybe just comment on the demand environment in general, what you're seeing now as arguably we get past the election into the end of the year. Are you kind of seeing customers and companies start making plans that maybe are a little bit more transformational than in previous quarters and periods given kind of the changing velocity of the businesses, the power of AI? What are you seeing there in any verticals that stand out to you as being particularly interesting? And then any comments, Bill, just about net retention, how that trended in linearity in the quarter?

也許只是對整體需求環境進行評論，您現在看到的是，可以說我們已經度過了年底的選舉。考慮到業務的變化速度和人工智慧的力量，您是否看到客戶和公司開始製定比前幾季和時期更具變革性的計劃？您認為哪些垂直領域特別有趣？那麼，比爾，關於淨留存率，您有什麼評論嗎？本季的線性趨勢如何？

I'll start and then let Bill respond there. In terms of -- we're seeing a consistent demand environment. Obviously, very new -- the election just being 24 hours old. We've got our eye on that, like I think every other CEO and management team sort of wondering. Everyone, I think, is hopeful for this being a positive, but maybe this will be a relief valve at some point as people -- some of this uncertainty clears, and we know what life looks like.

我先開始，然後讓比爾回答。就此而言－我們看到了一致的需求環境。顯然，選舉才剛開始 24 小時。我們已經關注到了這一點，我想其他 CEO 和管理團隊也都在關注這一點。我認為，每個人都希望這是一件積極的事情，但也許在某個時候，這會成為一種緩解，因為人們的一些不確定性會消除，我們知道生活會是什麼樣子。

Right now, so fresh and kind of going into the quarter and leading up to it, we were seeing a consistent demand environment. Definitely, from my personal interactions and involvement in sales cycles, I would say that I am seeing an appetite for transformational -- most CFOs are looking to be transformational, and you hear that word. It's a little bit more than aspirational than I've seen in the past; it's not just more of the same. So that's an exciting trend that we see, especially as I see more and more forward-leaning CFOs, very interested in machine learning.

現在，進入本季並即將到來之際，我們看到了持續的需求環境。毫無疑問，從我個人的互動和參與銷售週期來看，我會說我看到了對轉型的渴望——大多數財務長都在尋求轉型，你會聽到這個詞。這比我過去所見的要更有抱負；這不僅僅是相同而已。所以，我們看到了一個令人興奮的趨勢，特別是我看到越來越多有遠見的財務長對機器學習非常感興趣。

There is a -- it's still very early days there, but the early adopter types of CFOs see this as a significant opportunity to inflect the way that they get information from a planning perspective, especially and then also the inferencing that they can get with some of the generative AI on top of it. So we're excited about that, and yes, we are seeing that. But I would still say it's early days trending.

雖然現在還處於早期階段，但早期採用者的財務長認為這是一個重要的機會，可以從規劃的角度改變他們獲取資訊的方式，特別是透過在此基礎上使用一些生成性人工智慧進行推斷。所以我們對此感到興奮，是的，我們看到了這一點。但我仍然認為這仍處於早期流行階段。

And Alex, to answer the second half of your question, I mentioned in my comments that bookings were roughly 60% new and 40% upsell, which has been the trend for the past couple of years at least. And while we're not going to get an NRR on a quarterly basis, it's kind of in the same ZIP code as we told you during the roadshow.

亞歷克斯，回答你問題的後半部分，我在評論中提到，預訂量大約有 60% 是新訂單，40% 是追加銷售，這至少是過去幾年的趨勢。雖然我們不會按季度獲得 NRR，但它與我們在路演期間告訴您的郵遞區號相同。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Congrats on the quarter, and thanks for taking the questions. I wanted to hit on some of your marketing investments. I know that's stepped up this year. I'm curious what you could say on the top of the funnel or early-stage pipeline, any successes from those investments? Would love to get some color there.

恭喜本季取得佳績，感謝您回答問題。我想談談你們的一些行銷投資。我知道今年這一進程已經加快。我很好奇您對漏斗頂部或早期階段管道有何看法，這些投資有什麼成功之處嗎？很想在那裡得到一些色彩。

Yes. I'll take that one. It's still early days. We did just start -- I think you saw the brand campaign that we launched earlier this spring around Take Finance Further. Obviously, you've seen us kind of revitalize our logo, and you've seen us increasing some of our specific demand gen environment or our demand gen investments.

是的。我要那個。現在還為時過早。我們確實剛剛開始——我想您已經看到了我們今年春天早些時候圍繞“Take Finance Further”發起的品牌活動。顯然，您已經看到我們對標誌進行了重新詮釋，並且看到我們增加了一些特定的需求生成環境或需求生成投資。

I'd say we have a reasonably long sales cycle. So certainly, the pipeline is doing what we had hoped. But again, it's still early days. I would also say, and I think some people commented on it last quarter that we're really focusing also on our pricing and packaging, which is also in its early days. But we see some significant opportunity there that again will kind of manifest itself over time.

我想說我們的銷售週期相當長。所以，這條管道確實正在發揮我們所希望的作用。但現在還為時過早。我還想說，我認為上個季度有些人對此發表了評論，我們確實也關注我們的定價和包裝，這也還處於早期階段。但我們看到了一些重大機遇，這些機會將隨著時間的推移再次顯現出來。

Mark Schappel, Loop Capital.

馬克·沙佩爾（Mark Schappel），Loop Capital。

I have a question on CPM Express. I was wondering if you could just help us out with how you're thinking about the near-term opportunity around the pipeline for the relatively new product.

我對 CPM Express 有疑問。我想知道您是否可以幫助我們了解您對這個相對較新的產品的近期發展機會有何看法。

Sure. So I'm really, really excited about CPM Express and really our ability to focus on that commercial segment of the business and sort of meet them where they're at on their journey. So we're still in the process of, I'll call it, market fit testing, if you will, where we've been working with several customers that fit within that segment. And I'm even more encouraged that that product or configuration of our product is really what it is, is right match for that segment.

當然。因此，我對 CPM Express 感到非常非常興奮，我們能夠專注於業務的商業領域，並在他們的旅程中與他們相遇。因此，我們仍處於市場適應性測試的過程中，我們一直在與適合該細分市場的幾位客戶合作。更讓我感到鼓舞的是，我們的產品或產品的配置確實適合該細分市場。

It's again, very early days, but we're focused on ramping that over the coming year and really making sure that we're in a great position to address these more -- companies that are becoming or seeking to become more mature in their financial processes and capabilities by offering them the CPM Express sort of best practices configuration that we've been able to take away from the large enterprise and share with them, with the core of that offering being choice for that customer.

現在還處於早期階段，但我們專注於在未來一年內加快這一進程，並確保我們能夠更好地解決這些問題——透過向那些正在或試圖使其財務流程和能力更加成熟的公司提供 CPM Express 類型的最佳實踐配置，我們已經能夠從大型企業中獲取並與他們分享，而該產品的核心就是為客戶提供選擇。

It's an opportunity to use the same software as the biggest companies in the world but do it in an efficient way that can get them onboarded and onto this better analytics platform that opens up a lot of capability. So I'm really excited about that. Again, early days in the journey, but I really feel that it's a unique offering because it's not a separate product. It's not -- it's the same code base. It's an on-ramp that you don't have to get off of.

這是一個機會，可以使用與世界上最大的公司相同的軟體，但以高效的方式進行，可以讓他們加入並進入這個更好的分析平台，從而釋放很多功能。所以我對此感到非常興奮。再次強調，這是旅程的早期階段，但我真的覺得這是一個獨特的產品，因為它不是一個單獨的產品。事實並非如此——它們是相同的程式碼庫。這是一條您無需下車的入口匝道。

Nick Altmann, Scotiabank.

加拿大豐業銀行的尼克‧阿爾特曼。

Awesome. Tom, you talked about Splash EMEA. I wanted to ask about the Wave Developer Conference next week. Can you just outline where developers fit into the platform and just the overall picture, what the focus will be for the conference?

驚人的。湯姆，你談到了 Splash EMEA。我想詢問有關下週的 Wave 開發者大會。您能否簡單概述一下開發人員在平台中的位置以及整體情況，以及會議的重點是什麼？

And then you guys alluded to the growth durability of OneStream, and that's kind of a core focus over the medium term. Where do the developers fit into the picture? And how do developers sort of help shape a more durable growth profile here?

然後你們提到了 OneStream 的成長持久性，這是中期的一個核心焦點。開發人員在其中扮演什麼角色？那麼開發商如何幫助塑造更持久的成長前景呢？

Sure. This is one of my favorite things to ask. I never get to talk about technology. So we really look at -- again, we built the platform and what's unique to that foundation is the whole idea that there's a development environment in the product, meaning that it's infinitely extensible. So a customer is never going to run out of software with OneStream. We can adapt to their needs.

當然。這是我最喜歡問的問題之一。我從來沒有談過技術。所以我們真正關注的是——我們再次建立了平台，而該基礎的獨特之處在於產品中有一個開發環境，這意味著它可以無限擴展。因此，客戶永遠不會用完 OneStream 的軟體。我們可以適應他們的需要。

So the developers come in really three flavors, sort of a citizen developer, the kind of person that has a lot of domain knowledge that's looking to make sure that they can flex OneStream to solve their company-specific problems, to be more sort of what we would consider our exchange developer that wants to make something more of an application and expanding use cases as a partner, for example, partner companies producing in our partner place. So not that full-on computer scientist kind of individual, but more of a developer than just the average power user.

因此，開發人員實際上分為三種類型：一種是公民開發人員，一種是擁有大量領域知識的人，他們希望確保能夠靈活地使用 OneStream 來解決公司特定的問題，一種是我們所認為的交換開發人員，他們希望製作更多的應用程式並擴展作為合作夥伴的用例，例如，合作夥伴公司在我們的合作夥伴處進行生產。因此，他並不是一個完全的電腦科學家，而是一個開發人員，而不僅僅是一個普通的高級使用者。

And then finally, you have more of the integrated systems vendor, sort of somebody an ISV, somebody that's going to -- that maybe has created a software company is looking to re-platform on OneStream. So what we're seeking to do at our conference like Wave, is address and define a journey for all of those different types of creators as we call them within OneStream and help them understand how they can get the most out of the OneStream development platform, get a head start on maybe a technical problem that they're trying to solve for a customer or for their company by leveraging the underlying technologies or the integrated set of engines that really make up our platform.

最後，您有更多的整合系統供應商，有點像 ISV，有些人可能已經創建了一家軟體公司，正在尋求在 OneStream 上重新平台化。因此，我們在 Wave 等會議上尋求做的是，為 OneStream 內的所有不同類型的創作者（我們稱他們為 OneStream 內部的創作者）解決並定義一條旅程，並幫助他們了解如何充分利用 OneStream 開發平台，透過利用底層技術或真正構成我們平台的整合引擎，搶先解決他們試圖為客戶或公司解決的技術問題。

So that really ultimately, you talk about durable growth, this gives us such an advantage because if we can bring our platform and development capability closer to those people that understand the real business problems, and we can turn those into reproducible products that surface within our Solution Exchange, that ultimately produces better value for OneStream, better value for the customer and for the contributor of that intellectual property.

所以最終，當你談論持久成長時，這給了我們這樣的優勢，因為如果我們能夠讓我們的平台和開發能力更接近那些了解真正業務問題的人，並且我們可以將它們轉化為解決方案交換中出現的可複製產品，最終為 OneStream 創造更好的價值，為客戶和智慧財產權的貢獻者創造更好的價值。

Scott Berg, Needham & Company.

伯格（Scott Berg），Needham & Company。

Hi, everyone. Really nice quarter. Tom, your subscription revenues are growing nearly 40%, which is an outlier in our SaaS coverage universe for most of us that covered the space. You draw some really healthy profitability in the quarter. Can you spend more to grow faster? Do you think the demand environment could actually bear more investments? Or is this the right level to manage the business at in the short term?

大家好。真是一個美好的季度。湯姆，您的訂閱收入成長了近 40%，對於我們大多數 SaaS 涵蓋領域的人來說，這是一個異常值。您在本季度獲得了一些非常健康的利潤。你能花更多錢來獲得更快的成長嗎？您認為需求環境實際上可以承受更多的投資嗎？或者這是短期內管理業務的正確水準嗎？

Great question. I'm going to tie that into the last two questions a little bit. So as we've been really looking at OneStream and shifting and responding to our customers' interest in helping them solve more operational problems, our challenges and going deeper and helping them solve the integration of finance and operations, we've been thinking about this more diverse product set and then the pricing and packaging of it and then the marketing spend that we can put behind it.

好問題。我將把它與最後兩個問題稍微聯繫起來。因此，當我們真正專注於 OneStream 並轉變和回應客戶的興趣，幫助他們解決更多的營運問題、我們的挑戰並更深入地幫助他們解決財務和營運的整合問題時，我們一直在考慮這個更多樣化的產品組合，然後是它的定價和包裝，然後是我們可以投入的行銷支出。

So I really have been looking at the 2023, 2024 as the starting evolution of this sort of greater expanded product journey. And you can expect us to invest more into that, trying to make sure that we are fueling that longer-term growth. And also at the same time, continuing to focus on R&D. You can expect us to continue to invest heavily in our AI journey as well as the innovations that we're delivering on the core platform.

因此，我一直將 2023 年、2024 年視為這種更大擴展產品之旅的起點。您可以期待我們在這方面投入更多資金，並努力確保推動長期成長。同時，繼續注重研發。您可以期待我們繼續大力投資我們的人工智慧之旅以及我們在核心平台上提供的創新。

So altogether, we really feel that we're positioned well with this expanded vision of the way that I think I've mentioned this on the last call, I really view the company as core in financial analytics and AI and operational analytics. And I think you put those pieces together, there is an opportunity for us to invest more in that side of the business. We just wanted to make sure that we have the framework and it's an efficient investment.

所以總的來說，我們真的覺得，我們在這個擴展的願景上處於有利地位，我想我在上次電話會議上提到過這一點，我確實將公司視為財務分析、人工智慧和營運分析的核心。我認為，如果把這些部分綜合起來，我們就有機會在業務的這一方面投入更多資金。我們只是想確保我們擁有這個框架並且這是一項有效的投資。

Derrick Wood, TD Cowen.

德里克伍德 (Derrick Wood)，TD 考恩。

Bill, you had an impressive billings growth considering it was a really tough comp. And I think this was the strongest sequential billings growth we've seen for a Q3. So anything to call out in terms of outsized bookings performance or timing of renewals that would have driven this strength in the quarter? And any directional factors you would flag for us around billings heading into Q4?

比爾，考慮到這是一個非常艱難的競爭環境，你的營業額成長令人印象深刻。我認為這是我們看到的第三季最強勁的連續營業額成長。那麼，就超額預訂表現或續約時機而言，有什麼值得注意的因素可以推動本季的這種強勁勢頭？您能為我們指出有關第四季度帳單的任何方向性因素嗎？

Yes. We were super happy with our billings performance. We actually did a little bit better than we had expected. What I would say, and I would just say there was no change in duration. There was no -- there was nothing that was extraneous there.

是的。我們對我們的帳單表現非常滿意。事實上，我們的表現比預期的要好一點。我想說的是，我只想說持續時間沒有改變。那裡沒有——沒有任何多餘的東西。

What I would say is we did collect or bill and collect a little bit faster. You also probably saw some outperformance on free cash flow that we demonstrated. But sometimes at the end of the quarter, we'll have deals that we'll -- we'll sign in the quarter, but they'll say, hey, we don't want it to become effective until the next quarter. And I think you've seen that in quarters past.

我想說的是，我們的收款或計費速度確實快了一些。您可能也看到了我們展示的自由現金流的一些優異表現。但有時在季度末，我們會有一些交易——我們會在本季度簽署，但他們會說，嘿，我們不希望它到下個季度才生效。我想你們在過去幾個季度已經看到過這種情況。

This quarter, we had a really strong desire for our customers to start right away. And so that drove a bit of outperformance in Q3, for sure. So anyway, we're happy with it, and thanks for calling it out.

本季度，我們非常希望客戶能夠立即開始使用。因此，這肯定會推動第三季的表現略有優異。無論如何，我們對此感到滿意，並感謝您的演講。

Terry Tillman, Truist Securities.

特里·蒂爾曼（Terry Tillman），Truist Securities。

Yes. I'll echo the congratulations. It's a single question, but it might actually be two parts. Sorry about that. First on the partner side, I mean, with your growth in scale and growing faster than really all your competitors, you're now public, you've got this notoriety.

是的。我將再次表達祝賀。這是一個單一的問題，但實際上可能分為兩個部分。很抱歉。首先從合作夥伴方面來說，我的意思是，隨著你們規模的成長，你們的成長速度比所有競爭對手都要快，你們現在已經上市，你們已經獲得了這樣的聲譽。

I want to know how our partners are responding. What are the investments they're making and what kind of new doors they're opening up? And then the second part is related to the prior question for you, Bill. In terms of the free cash flow, it sounded like collections were strong, but do you still see 4Q being seasonally the strongest quarter for free cash flow?

我想知道我們的合作夥伴如何回應。他們正在進行哪些投資？他們正在開闢什麼樣的新大門？然後第二部分與您之前的問題有關，比爾。就自由現金流而言，聽起來收款情況很強勁，但您是否仍然認為第四季度是自由現金流季節性最強勁的季度？

Thanks, Terry. So partners are really an important part of our long-term success in investing -- on continuing to invest in that community is something that really enables scale for us. It also creates a very trusted referral mechanism because these partners tend to have long-term relationships with the customers, the buyers.

謝謝，特里。因此，合作夥伴確實是我們投資長期成功的重要組成部分——繼續對該社區進行投資確實可以讓我們擴大規模。它還創造了一個非常值得信賴的推薦機制，因為這些合作夥伴往往與客戶（買家）建立長期關係。

And so overall, we continue and are constantly investing and thinking about that community, how to grow it, different ways to grow it as well as to support them. In general, we're seeing across the board, not only interest in the projects as evidenced by the increase in the delivery that's being taken on by the partners, but also many partners investing.

因此，總的來說，我們會繼續並不斷地投資和思考這個社區，如何發展它，發展它的不同方式以及如何支持它。總體而言，我們看到，不僅合作夥伴對專案的興趣增加（這從合作夥伴承擔的交付量的增加可以看出），而且許多合作夥伴也進行了投資。

We now have over 100 products in our partner place section in the exchange, which is a direct investment of our partner community in creating intellectual property on our platform. So when I take all those pieces, I feel good about it. I also feel like we have a lot more that we can continue to do in terms of continuing to work more closely with the GSIs and opening up more and more long-term opportunity for us and for the community in general.

目前，我們在交易所的合作夥伴專區擁有超過 100 種產品，這是我們的合作夥伴社群對我們平台智慧財產權的直接投資。因此，當我拿到所有這些碎片時，我感覺很好。我還覺得，在繼續與 GSI 更緊密地合作以及為我們和整個社區開闢越來越多的長期機會方面，我們還有很多事情要做。

And just in terms of free cash flow, generally, Q1 will be our highest seasonal quarter. Obviously, Q4 is our biggest bookings quarter. And so while I realize that last year in Q4, we had a nice free cash flow quarter. I think going forward -- and we do expect to be free cash flow positive this quarter. Going forward, you should expect Q1 to generally be the highest seasonal cash flow quarter.

就自由現金流而言，一般來說，第一季將是我們最高的季節性季度。顯然，第四季是我們預訂量最大的季度。因此，我意識到去年第四季我們的自由現金流表現良好。我認為展望未來——我們確實預計本季的自由現金流將為正值。展望未來，您應該預期第一季通常會成為季節性現金流最高的季度。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

You guys called out a few large SaaS conversions in the quarter. And Tom, I guess, given the commentary in your prepared remarks at the beginning about the more strategic nature of the CFO and how there's a growing awareness there, I'd just be curious when you guys are in these discussions, these can obviously be -- it's a painful move sometimes for the companies to consider doing this. But when they do, talk about what sort of opportunity you're seeing to talk more broadly about the OneStream platform, whether it be what Solutions Exchange can offer, Sensible ML or other opportunities to cross-sell and upsell when those conversions happen.

你們在本季宣布了幾次大型 SaaS 轉換。湯姆，我想，鑑於你在一開始的準備好的發言中對首席財務官的戰略性質以及人們對此日益增長的認識的評論，我只是好奇，當你們參與這些討論時，這些顯然是——有時對於公司來說，考慮這樣做是一個痛苦的舉動。但當他們這樣做時，請談談您看到了什麼樣的機會，以便更廣泛地談論 OneStream 平台，無論是 Solutions Exchange 可以提供什麼、Sensible ML 還是在發生這些轉換時進行交叉銷售和追加銷售的其他機會。

Yes, that's always a great opportunity once -- in a lot of ways, some of our newer innovations and offerings are even driving those customers. For example, the Sensible Machine Learning AI platform is only available if you are in a SaaS-based position with us. And so that actually drove a few of those significant conversions this quarter. And so that is definitely part of the conversation when someone is doing -- is interested in a SaaS transition.

是的，這始終是一個很好的機會——在很多方面，我們的一些較新的創新和產品甚至正在推動這些客戶。例如，只有當您在我們這裡擔任基於 SaaS 的職位時，才可以使用 Sensible Machine Learning AI 平台。因此，這實際上推動了本季的一些重大轉變。因此，當有人對 SaaS 轉型感興趣時，這肯定是對話的一部分。

On top of just Sensible Machine Learning, though, as another example, our first customer, very first customer of OneStream converted to SaaS this quarter. And they actually went ahead and added Power BI on a significant Power BI connector on top of it at the point of conversion. So you're seeing, as you would expect, we take this as an opportunity to offer more and more value to our customers.

除了 Sensible Machine Learning 之外，再舉一個例子，我們的第一位客戶，OneStream 的第一位客戶本季轉換為了 SaaS。他們實際上繼續進行並在轉換點在其上的重要 Power BI 連接器上新增了 Power BI。所以，正如您所期望的，我們藉此機會為客戶提供越來越多的價值。

And it really does change the conversation that we can have when they're in our SaaS platform because we're no longer having to -- as we look to seek -- as we seek to add new use cases and new value, we're not having to get into conversations necessarily with the IT department or talking about compute resources because we control the entire equation. So it's overall an opportunity that we seek to maximize.

它確實改變了我們在 SaaS 平台上可以進行的對話，因為我們不再需要 - 正如我們所尋求的 - 當我們尋求添加新的用例和新價值時，我們不必與 IT 部門進行對話或談論計算資源，因為我們控制整個等式。因此，總的來說，這是我們尋求最大化的一個機會。

Daniel Jester, BMO Capital Markets.

丹尼爾‧傑斯特 (Daniel Jester)，BMO 資本市場。

I wanted to circle back to one earlier in the conversation about planning opportunity. If you think about your customer base today, maybe how prevalent is it that you're having customers have both capital planning, sales planning, people planning. There are different personas in the organization that might be using some of those tools. And so I'm wondering how often you're being able to sell multiple planning solutions inside to a customer? And going forward, how are you thinking about unlocking some of the silos to really harness the full planning opportunity?

我想回到之前關於規劃機會的談話。如果您考慮一下您今天的客戶群，那麼讓客戶同時進行資本規劃、銷售規劃和人員規劃的情況可能會有多普遍。組織中有不同的人物可能正在使用其中一些工具。所以我想知道您多久能夠向客戶銷售多種規劃解決方案？展望未來，您打算如何打破一些壁壘，真正充分利用規劃機會？

Sure. So when we think about planning, we think about an opportunity within a customer, there usually is a sort of capability maturity model that a CFO or a company has within their thinking. And so we sell really -- you'll hear me use this word core. And so core being both the financial consolidation and financial planning and then some of the other must-have.

當然。因此，當我們考慮規劃時，我們會考慮客戶內部的機會，通常會有財務長或公司在其思考中形成的某種能力成熟度模型。所以我們真正銷售的是——你會聽到我使用「核心」這個詞。因此，核心是財務合併和財務規劃，然後是其他一些必備要素。

When a company becomes proficient at those, they don't jump just right to the operational side. They go to the next level, some of the things that you mentioned. So you'll start thinking about more granular planning around the line items such as salary or hourly wages. So that's when you'll engage people planning, that layers out another solution in more depth and more sophistication in your planning process.

當一家公司精通這些技術時，他們不會直接跳到營運方面。他們進入了下一個層次，做了一些您提到的事情。因此，您將開始考慮圍繞工資或小時工資等項目進行更細緻的規劃。因此，當您讓人們參與規劃時，這會在您的規劃過程中更深入、更複雜地提出另一個解決方案。

Then what will happen is they might go into capital or cash, as you mentioned. But that's an evolution that a customer goes through. So that's always -- and when we talk about replacing multiple solutions and the way that we've been able to really deliver a lot of value for our customers, it's having that journey define for the customer and helping them achieve greater capability.

那麼，正如您所說，他們可能會轉入資本或現金。但這是客戶所經歷的演變過程。所以，當我們談論替換多種解決方案以及我們能夠真正為客戶帶來大量價值的方式時，我們總是為客戶定義這段旅程並幫助他們實現更大的能力。

And then what we were talking about when we get into operational is even beyond that. What you do when you start getting into operational is monitoring the trends that are underlying your salaries, your wages, your capital, your cash and then predicting those trends with AI, that's the ultimate journey. So when we look at it, the opportunity for us, even many of the customers that have started, we have a very detailed journey that we can take them on.

當我們開始營運時，我們所談論的內容甚至超越了這一點。當你開始營運時，你要做的就是監控你的薪資、資本、現金背後的趨勢，然後用人工智慧預測這些趨勢，這是最終的旅程。因此，當我們審視它時，我們的機會，甚至對於許多已經開始的客戶，我們都有一個非常詳細的旅程可以帶領他們。

And that's really the value proposition that we're ultimately sharing with our customers and why we feel, again, very -- why we feel so excited about and committed to the strong growth retention that we've been able to have because once we have that customer and we're demonstrating value, we know that we have a journey that can help them achieve a lot, and we can help them rationalize how they can become a better finance organization and really strategic to their business.

這確實是我們最終與客戶分享的價值主張，也是為什麼我們再次感到非常興奮並致力於實現強勁的增長保持，因為一旦我們擁有了這樣的客戶並且我們展示了價值，我們就知道我們擁有一個可以幫助他們取得很多成就的旅程，我們可以幫助他們合理化如何成為一個更好的金融機構並真正對他們的業務具有戰略意義。

So all in all, I think that, as you've described, the planning opportunity really is something that we can continue to develop for our customers through the journey that we're defining with the platform.

總而言之，我認為，正如您所描述的，規劃機會確實是我們可以透過在平台定義的旅程中繼續為客戶開發的東西。

I'm showing no further questions at this time. I would now like to turn it back to management for closing remarks.

我目前沒有其他問題。現在我想把話題交還給管理階層，請他們做最後發言。

Thank you for joining us, and we look forward to seeing you all soon. Thank you very much.

感謝您的加入，我們期待很快與您見面。非常感謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。