OneStream Inc (OS) 2024 Q4 法說會逐字稿

Welcome to the OneStream's fourth quarter fiscal year 2024 earnings conference call. (Operator Instructions)

歡迎參加 OneStream 2024 財年第四季財報電話會議。（操作員指令）

As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Annie Leschin, Vice President of Investor Relations and Strategic Finance. Please go ahead, ma'am.

提醒一下，今天的節目正在錄製。現在我想介紹今天節目的主持人、投資者關係和策略財務副總裁安妮·萊斯欽 (Annie Leschin)。請繼續，女士。

Thank you, operator. Good afternoon, everyone. Welcome to OneStream's 4th quarter and full-year 2024 earnings conference call. Joining me on the call today is our Co-Founder and CEO, Tom Shea; and our CFO, Bill Koefoed.

謝謝您，接線生。大家下午好。歡迎參加 OneStream 2024 年第四季和全年財報電話會議。今天與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。

The press release announcing our fourth quarter and full-year 2024 results issued earlier today is posted on our Investor Relations website at investor.onestream.com along with an earnings' presentation.

今天稍早發布的宣布我們第四季和 2024 年全年業績的新聞稿與收益報告一起發佈在我們的投資者關係網站 investor.onestream.com 上。

Now that we let me remind everyone that some of the statements on today's call are forward-looking, including statements related to guidance for the first quarter ending March 31, 2025, and the year ending December 31, 2025.

現在，讓我提醒大家，今天電話會議上的某些聲明是前瞻性的，包括與截至 2025 年 3 月 31 日的第一季和截至 2025 年 12 月 31 日的年度指引相關的聲明。

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 filed with the SEC from time to time, including our quarterly report on Form 10-Q for the quarter ended September 30, 2024, which we filed with the SEC on November 7, 2024.

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提交的文件中更詳細地描述了其中一些風險，包括我們於 2024 年 11 月 7 日向美國證券交易委員會提交的截至 2024 年 9 月 30 日的季度 10-Q 表季度報告。

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.

除非法律要求，否則我們不承擔更新任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。

During our call today, we will also reference certain non-GAAP financial measures. These are limitations to our non-GAAP 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 an isolation from or substitute for their most directly comparable GAAP measures.

在今天的電話會議中，我們也將參考某些非 GAAP 財務指標。這些是我們非公認會計準則指標的限制。而且它們可能無法與其他公司的類似指標進行比較。今天的電話會議上提到的非公認會計準則指標不應被視為與最直接可比較的公認會計準則指標相分離或替代。

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 cooperating performance.

我們的管理階層認為，透過排除某些可能無法反映我們持續合作績效的費用，我們的非公認會計準則指標提供了有關我們的績效和流動性的有意義的補充資訊。

Reconciliations of our non-GAAP measures to the most directly comparable GAAP measures can be found in this afternoon's press release and in the earnings presentation posted on the Investor Relations website.

我們的非公認會計準則指標與最直接可比較的公認會計準則指標的對帳表可在今天下午的新聞稿中以及投資者關係網站上發布的收益報告中找到。

Before I turn it over to Tom, we just wanted to let you know that we will be attending Morgan Stanley Technology, Media, and Telecom Conference on March 4, 2025. A live stream and replay of our presentation at the conference will be made available on our Investor Relations website. Now, I'll turn it over to Tom.

在我將話題轉交給湯姆之前，我們想先讓您知道，我們將於 2025 年 3 月 4 日參加摩根士丹利科技、媒體和電信會議。我們將在投資者關係網站上提供會議上演示的直播和重播。現在我將把話題交給湯姆。

Welcome, everyone. And thank you for joining us today. I'm going to touch on our results, what we're seeing in the market, and provide our outlook for 2025. 2024 was a milestone year that ended with a solid fourth-quarter performance, with 29% year-over-year revenue growth and strong cash flow.

歡迎大家。感謝您今天加入我們。我將談談我們的業績、我們在市場上看到的情況，並提供我們對 2025 年的展望。 2024 年是里程碑式的一年，以穩健的第四季業績結束，營收年增 29%，現金流強勁。

This was a testament to the strength of the OneStream platform and our incredible innovation engine, including our finance AI portfolio, reflecting the significant business value we provide to our customers.

這證明了 OneStream 平台和我們令人難以置信的創新引擎（包括我們的金融 AI 產品組合）的實力，反映了我們為客戶提供的重要商業價值。

Our solid finish, once again, demonstrates resilience in a year that presented new opportunities and challenges. A combination of events including the US election, the ongoing geopolitical climate, and the sudden strength of the US dollar affected our business at year end.

我們所取得的良好成績再次證明，在充滿新機會和挑戰的一年裡，我們具有堅韌的毅力。美國大選、持續的地緣政治氣氛以及美元的突然走強等一系列事件在年底影響了我們的業務。

First, macro uncertainty around tariffs, regulations, and reporting requirements impacted two of our primary markets, large multi-national companies, and the public sector. This caused additional deal scrutiny and pushed some deals into the new year, the vast majority of which have closed, including a significant public sector deal.

首先，關稅、法規和報告要求的宏觀不確定性影響了我們的兩個主要市場，即大型跨國公司和公共部門。這導致了對交易的額外審查，並將一些交易推遲到了新的一年，其中絕大多數已經完成，其中包括一項重大的公共部門交易。

Second, the significant change in foreign exchange rates also impacted some of our financial metrics in the quarter, as Bill will talk about shortly.

其次，外匯匯率的大幅變動也影響了我們本季的一些財務指標，比爾稍後會談到這一點。

And third, even with this, we reported solid results and are excited about the momentum of two important areas of focus, the commercial sector and finance AI.

第三，即使如此，我們仍然報告了穩健的業績，並對商業領域和金融人工智慧這兩個重要重點領域的發展勢頭感到興奮。

Overall, despite some near-term headwinds, demand for one to remain strong and we are optimistic heading into the year and remain confident in our long-term opportunity.

總體而言，儘管近期存在一些阻力，但需求仍然強勁，我們對今年抱持樂觀態度，並對我們的長期機會充滿信心。

Now, let me give you some highlights from 2024, which was one of the most transformative years in OneStream's history. We were a total revenue 31% year over year, driven primarily by strong subscription revenue growth of 41% year over year.

現在，讓我來為你介紹 2024 年的一些亮點，這是 OneStream 歷史上最具變革性的一年。我們的總營收年增 31%，主要得益於訂閱收入年增 41%。

We were free cash flow positive in 2024, generating $59 million during the year while also achieving non-GAAP operating profitability. We once again reported 98% gross retention this year, reinforcing the value and stickiness of our platform, which is the bedrock of our company.

2024 年，我們的自由現金流為正，當年創造了 5,900 萬美元的收入，同時實現了非 GAAP 經營盈利。我們今年再次報告了98%的總留存率，這增強了我們平台的價值和用戶黏性，這是我們公司的基石。

Yet our strong financial results were only part of the story. We introduced 12 new innovations at our US flash user conference in May and another three at our European slash user conference in September.

然而，我們強勁的財務業績只是故事的一部分。我們在 5 月的美國快閃記憶體用戶大會上推出了 12 項新創新，並在 9 月的歐洲快閃記憶體用戶大會上推出了另外 3 項新創新。

Unlocking additional utility and value for customers, creating more onramps to the OneStream platform and providing more expansion opportunities in the installed base.

為客戶釋放額外的實用性和價值，為 OneStream 平台創建更多入口，並在已安裝的基礎中提供更多的擴展機會。

More recently, a sales kickoff in January, we rolled out our solution-based packaging that is aligned to how the market wants to buy, supporting the value that customers derive from our offerings, and simplifying initial expansion sales for OneStream and our partner ecosystem.

最近，在一月份的銷售啟動會上，我們推出了與市場購買需求一致的基於解決方案的包裝，支持客戶從我們的產品中獲得的價值，並簡化 OneStream 和我們的合作夥伴生態系統的初始擴展銷售。

We quadrupled bookings and the number of customers using our finance AI solution, including Sensible Machine Learning.

我們的預訂量和使用財務 AI 解決方案（包括 Sensible Machine Learning）的客戶數量增加了四倍。

For the 3rd consecutive year, we were recognized as a leader in Gartner Magic Quadrant for financial planning software and a leader in IDC Worldwide Office of the CFO Record to report vendor assessment. And just last month, OneStream was named the leader in business planning by ISG, formerly Ventana Research, illustrating the power of our platform to support more operational processes and needs.

我們連續第三年被評為 Gartner 財務規劃軟體魔力像限的領導者，以及 IDC 全球財務長辦公室記錄報告供應商評估的領導者。就在上個月，OneStream 被 ISG（前身為 Ventana Research）評為業務規劃的領導者，這充分體現了我們的平台支援更多營運流程和需求的強大能力。

And finally, we completed a successful IPO and secondary offering in the 2nd half of the year. All of this speak to the market trends that are driving the need to modernize finance.

最終，我們在下半年成功完成了IPO和二次發行。所有這些都體現了推動金融現代化需求的市場趨勢。

Three trends underpin our business and further reinforce the confidence we have in OneStream's long-term opportunities.

三大趨勢支撐著我們的業務，進一步增強了我們對 OneStream 長期機會的信心。

Number one, the digital transformation of finance. The CFO has recognized the need for a unified cloud-based platform to provide a single view of financial and operational data across the enterprise.

第一，金融的數位轉型。財務長已經認識到需要一個統一的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。

This trend was reinforced by our finance 2035 initiative study which found that more than three quarters of CEOs and CFOs are prioritizing the need for a unified single source of truth for corporate data as essential for future business success.

我們的財務 2035 倡議研究進一步證實了這一趨勢，該研究發現，超過四分之三的執行長和財務長都認為，企業數據的統一單一真實來源對於未來的業務成功至關重要。

Number two, the expanding scope of the CFO, transitioning from reporting on past business results to driving real strategic value and becoming an embedded partner to the business.

第二，CFO 的職責範圍不斷擴大，從報告過去的業務成果轉變為推動真正的策略價值，並成為業務的嵌入式合作夥伴。

And number three, the growing need for applied AI and ML solutions to advance finances impact and ability to plan faster, forecast with greater accuracy, and empower every employee to make quicker, more informed decisions. These trends continue to drive our platform development and inform our new product roadmap.

第三，對應用人工智慧和機器學習解決方案的需求日益增長，以提高財務影響力和更快規劃的能力，更準確地進行預測，並使每位員工能夠做出更快、更明智的決策。這些趨勢繼續推動我們的平台發展並為我們的新產品路線圖提供資訊。

The breadth and depth of our platform is truly comprehensive and unique in the industry, enabling customers to unify financial and operational data and reporting on one common data model, accelerate and improve planning, forecasting, and decision making with AI solutions purpose built for finance, and extend the platform to address new use cases as their needs evolve without adding technical debt.

我們平台的廣度和深度在行業中真正全面且獨特，使客戶能夠在一個通用數據模型上統一財務和運營數據和報告，使用專為財務構建的 AI 解決方案加速和改進規劃、預測和決策，並擴展平台以滿足新用例的需求，而不會增加技術債務。

OneStream has a real competitive advantage, allowing us to meet the data, analytics, and processing needs of even the most complex environments at scale. I'm really excited about the progress that we made in 2024, which I believe was the most innovative year in our history.

OneStream 具有真正的競爭優勢，使我們能夠滿足最複雜環境中的資料、分析和處理需求。我對我們在 2024 年的進步感到非常興奮，我相信這是我們歷史上最具創新性的一年。

Our new offerings include centralized report assembly and data gathering with advanced narrative reporting, delivering rich financial data to a broader set of users with our certified Microsoft Power BI connector.

我們的新產品包括集中報告組裝和數據收集以及高級敘述報告，並透過我們經過認證的 Microsoft Power BI 連接器向更廣泛的用戶提供豐富的財務數據。

Improvement and implementation time and project success with CPM express, providing customers with the ability to do ESG reporting on the OneStream platform, elevating, and empowering sales planning with a fully integrated sales performance management solution built on top of the OneStream platform.

透過 CPM express 實現改進和實施時間以及專案成功，為客戶提供在 OneStream 平台上進行 ESG 報告的能力，並透過在 OneStream 平台上建立的完全整合的銷售績效管理解決方案提升和增強銷售計劃。

And overarching all of this is our industry leading finance AI solutions purpose built for the office of the CFO. We had a positive initial reception in the market for these new offerings, which combined with our updated pricing and packaging, reflect the incredible value we are delivering to customers. Let me provide some details on a couple of these important new initiatives.

而最重要的是，我們專為財務長辦公室打造的業界領先的財務 AI 解決方案。這些新產品最初在市場上獲得了積極的反響，再加上我們更新的定價和包裝，反映出我們為客戶提供的令人難以置信的價值。讓我就其中幾個重要的新措施提供一些細節。

CPM Express is a pre-packaged version of our core CPM capabilities that enables significantly faster implementation and time to value. This solution comes with pre-built functionalities, predefined reports, and guided configuration.

CPM Express 是我們核心 CPM 功能的預先包裝版本，可顯著加快實施速度並縮短價值實現時間。此解決方案具有預先建置的功能、預先定義報告和指導配置。

It simplifies core activities and speeds up processes across finance with customers fully up and running on core financial planning, reporting, and clothes in six to eight weeks, all for a predictable cost. We expect CPM Express to drive new core platform customer growth globally going forward.

它簡化了核心活動，並加快了整個財務流程，客戶可以在六到八週內全面完成核心財務規劃、報告和服裝，而且成本是可預測的。我們預期 CPM Express 將在未來推動全球新核心平台客戶的成長。

Another area of innovation we've talked about is ESG. This has become a critical need for multi-national organizations, particularly in Europe. These companies must account not only for their own operations, but for their entire value chains.

我們討論的另一個創新領域是 ESG。這已成為跨國組織的迫切需求，尤其是在歐洲。這些公司不僅要對自己的營運負責，還要對整個價值鏈負責。

To do this, they need accurate and complete information to align ESG reporting with the rest of their reporting and planning, given OneStream's role as the core book of record, we are well positioned to help CFOs meet ESG reporting requirements.

為此，他們需要準確、完整的信息，以使 ESG 報告與其他報告和計劃保持一致，鑑於 OneStream 作為核心記錄簿的作用，我們完全有能力幫助 CFO 滿足 ESG 報告要求。

Additionally, we plan to enhance this offering to be even more robust by launching new elements in 2025. According to our finance AI portfolio, you've heard us talk a lot about our Sensible Machine Learning product, otherwise known as AI-driven forecasting.

此外，我們計劃在 2025 年推出新元素，使該產品更加強大。根據我們的財務 AI 產品組合，您已經聽到我們談論了很多有關我們的明智機器學習產品（也稱為 AI 驅動的預測）的資訊。

In 2024, SML offered customers the potential to revolutionize planning and forecasting, delivering significant value to early adopters ranging from Fortune 500 manufacturers, retailers, and banks to mid-size services firms.

2024 年，SML 為客戶提供了徹底改變規劃和預測的潛力，為從財富 500 強製造商、零售商、銀行到中型服務公司的早期採用者帶來了巨大的價值。

By harnessing the power of SML, customers on average have reported initial forecast accuracy improvements of over 20%, while speeding forecast cycles by more than 80%. This allows customers to fundamentally rethink their planning approach, enabling them to plan at higher frequency with higher accuracy and adapt to changing market dynamics to maximize profits.

透過利用 SML 的強大功能，客戶平均報告初始預測準確度提高了 20% 以上，同時預測週期加快了 80% 以上。這使得客戶從根本上重新思考他們的規劃方法，使他們能夠以更高的頻率和更高的精度進行規劃，並適應不斷變化的市場動態，從而實現利潤最大化。

Customers have reported that these outcomes have consistently outperformed custom data science projects, crediting our applied finance AI approach and the ability to leverage our proprietary financial formulas and platform capabilities.

客戶報告稱，這些成果始終優於客製化數據科學項目，這歸功於我們的應用財務 AI 方法以及利用我們專有財務公式和平台功能的能力。

SML's ability to adapt to dynamic business conditions and macroeconomic factors while providing insights into their impact has established it as a transformative solution for businesses.

SML 能夠適應動態的商業環境和宏觀經濟因素，同時提供對其影響的洞察，這使其成為企業的變革性解決方案。

OneStreams AI accelerates time to value, enhances forecast accuracy, and improves efficiency while offering the transparency and explainability needed for end-user trust and adoption. We believe our combined enhancements are poised to further strengthen our competitive edge and drive growth in 2025.

OneStreams AI 加快了價值實現時間、提高了預測準確性並提高了效率，同時提供了最終用戶信任和採用所需的透明度和可解釋性。我們相信，我們的綜合改進將進一步增強我們的競爭優勢並在 2025 年推動成長。

We had a number of important wins in the fourth quarter with enterprise and commercial customers across a wide array of geographies and verticals. We added three new major banks, including the leading investment bank and financial services company.

第四季度，我們與來自不同地區和垂直領域的企業和商業客戶取得了許多重要的合作。我們增加了三家新的大型銀行，包括領先的投資銀行和金融服務公司。

We landed our first customer in Brazil, a global, multi-billion-dollar consumer products company. We had another takeaway at one of the largest legacy installations in Sweden, which is transitioning to OneStream to support its FP&A, tax Pillar 2, and ESG, reporting for its multi-billion-dollar global business.

我們在巴西找到了第一位客戶，一家全球性、價值數十億美元的消費品公司。我們從瑞典最大的傳統設施之一獲得了另一個收穫，該設施正在向 OneStream 過渡，以支持其 FP&A、稅收支柱 2 和 ESG，並為其價值數十億美元的全球業務提供報告。

We currently have over 40 customers, leveraging the OneStream platform for their ESG reporting. And we have additional product enhancements coming in 2025 to offer even more value to customers. And we saw continued growth in our public sector and education business including a win with a well-known higher education institution in the Southeast.

我們目前擁有超過 40 位客戶，利用 OneStream 平台進行 ESG 報告。我們將於 2025 年推出更多產品改進，為客戶提供更多價值。我們的公共部門和教育業務持續成長，包括與東南部知名高等教育機構的合作。

Speaking of the public sector, I'm thrilled to announce that effective January 25, the OneStream platform has received FedRAMP high authorization, the highest level of security standards by the federal government.

說到公共部門，我很高興地宣布，自 1 月 25 日起，OneStream 平台已獲得 FedRAMP 高授權，這是聯邦政府最高級別的安全標準。

This significant milestone, in addition to our Department of Defense impact [Level 4] certification (corrected by company after the call), enables us to work with all levels of state, local, and federal agencies, including those who handle the most sensitive, mission critical, and highly classified data.

這一重要里程碑，加上我們獲得的國防部影響力 [4 級] 認證（公司在通話後予以糾正），使我們能夠與各級州、地方和聯邦機構合作，包括那些處理最敏感、任務關鍵和高度機密數據的機構。

It is a long road to these certifications, requiring considerable investments, engineering, and operating cycles, as well as close coordination with government agencies and officials. We continue to land many great customers, each with unique needs and drivers, both immediate and long term.

獲得這些認證的道路很漫長，需要大量的投資、工程和營運週期，以及與政府機構和官員的密切協調。我們不斷獲得許多優秀的客戶，每個客戶都有獨特的需求和驅動力，既有短期的，也有長期的。

Let me just dive into a bit more detail on a few that stood out in the 4th quarter. We added a leading investment bank and financial services company to our customer list.

讓我更詳細地講一下第四季度突出的幾個方面。我們在客戶名單中增加了一家領先的投資銀行和金融服務公司。

Not unlike other banks, they have separate financial systems for each division, severely limiting the view of their overall financials. They plan to use OneStream for consolidation of their multiple businesses in order to have a single unified and more accurate view of the entire organization.

與其他銀行不同，它們的每個部門都有單獨的財務系統，嚴重限制了對其整體財務狀況的了解。他們計劃使用 OneStream 整合其多項業務，以便對整個組織有統一且更準確的視圖。

This will unify their data across various cubes and relational data storage for more accurate reporting, planning, and analysis on operational and financial data at every level of the organization.

這將統一各種多維資料集和關聯式資料儲存中的數據，以便更準確地報告、規劃和分析組織各個層面的營運和財務資料。

We also had the first sale of our sales performance management product. That was built on the OneStream platform by InfinitySPM, an independent software vendor. An existing OneStream customer, Generac, is a large acquisitive company using OneStream for consolidation, planning, profitability, and account reconciliations.

我們也首次銷售了銷售績效管理產品。它是由獨立軟體供應商 InfinitySPM 在 OneStream 平台上建構的。OneStream 的現有客戶 Generac 是一家大型收購公司，使用 OneStream 進行合併、規劃、獲利和帳戶對帳。

The quality and visibility of the data on our single unified platform with a robust dashboard has been game changing for Generac, saving as much as 2.5 weeks for each forecast. This helps create a seamless process that allows them to do dynamic forecasting, compare scenarios, and have better visibility into how the business is doing.

我們的單一統一平台上具有強大儀表板的資料品質和可見性為 Generac 帶來了翻天覆地的變化，每次預測可節省多達 2.5 週的時間。這有助於創建一個無縫的過程，​​使他們能夠進行動態預測，比較各種情況，並更好地了解業務進度。

This success played a pivotal role in their decision to adopt and deploy Infinity's integrated SPM as a natural extension of the platform. With SPM, they are now able to have consistent sales territory management and improve the efficiency of their incentive compensation and dispute resolution processes.

這一成功對他們決定採用和部署 Infinity 的整合 SPM 作為平台的自然延伸起到了關鍵作用。借助 SPM，他們現在能夠進行一致的銷售區域管理，並提高激勵薪酬和爭議解決流程的效率。

We signed a multi-year deal with a large multinational manufacturer specializing in display, environmental, and other technologies. Several years in the making, this customer was a long-time legacy system user that had been migrating to a global footprint.

我們與一家專門從事顯示、環境和其他技術的大型跨國製造商簽署了多年期協議。經過數年的努力，該客戶已經成為了長期使用傳統系統的用戶，並且已經將業務遷移至全球範圍。

In need of a modern CPM system, the company was impressed by the depth of OneStream's capabilities and the fact that we do so much on a single platform, including multiple solutions for tax reporting, ESG, SML, and account reconciliations.

該公司需要一套現代化的 CPM 系統，OneStream 的強大功能以及我們在單一平台上完成如此多工作的能力給該公司留下了深刻的印象，其中包括用於稅務報告、ESG、SML 和帳戶對帳的多種解決方案。

This was crucial in their ability to see the value of our platform while simultaneously reducing their technical debt. Beginning with nearly 900 users and replacing two large systems, phase 1 will focus on consolidations, account reconciliations, and financial reporting. From there, phase 2 looks to move on to planning and forecasting.

這對他們了解我們平台的價值並同時減少技術債至關重要。第一階段將以近 900 名用戶為起點，取代兩個大型系統，並專注於合併、帳戶對帳和財務報告。從此開始，第二階段將進入規劃和預測階段。

Finally, I'd like to share how OneStream's SML solution is transforming forecasting for a global leader in technology distribution. This customer operates across multiple countries and business lines, providing their customers with cutting-edge technologies from Cloud providers and device manufacturers.

最後，我想分享 OneStream 的 SML 解決方案如何改變全球技術分銷領導者的預測。該客戶業務橫跨多個國家和業務線，為其客戶提供來自雲端供應商和設備製造商的尖端技術。

Their prior forecasting process was complex, time consuming, and often biased. They first used the OneStream platform for consolidation, clothes, and planning. They elected to expand with SML to ensure higher accuracy in their forecasting and to reduce their cost to serve.

他們之前的預測過程複雜、耗時，而且常常有偏差。他們首先使用 OneStream 平台進行整合、服裝和規劃。他們選擇與 SML 合作進行擴展，以確保更高的預測準確性並降低服務成本。

We help this customer harness the power of their internal data while incorporating external drivers and leading indicators to produce a 52-week revenue forecast. With SML, they achieved over 90% forecast accuracy, which is a 15% reduction in forecast error. They reduced their effort in producing this forecast by over 75%.

我們幫助該客戶利用其內部數據的力量，同時結合外部驅動因素和領先指標來制定 52 週的收入預測。透過 SML，他們實現了超過 90% 的預測準確率，預測誤差減少了 15%。他們在製作此預測時所花的努力減少了 75% 以上。

The data-driven precision of the SML forecast removed bias at the country level and gave management the confidence to make faster, smarter decisions across each line of business. What sets SML apart is its ability to seamlessly integrate machine learning into financial processes without introducing technical complexity.

SML 預測的數據驅動精度消除了國家層面的偏見，並使管理層有信心在各個業務線上做出更快、更明智的決策。SML 的獨特之處在於它能夠將機器學習無縫整合到財務流程中，而不會引入技術複雜性。

It empowers finance teams to focus on insights and decision making to steer the business, rather than spending countless [air] hours, wrestling with data to develop sub-optimal forecasts. What I know from experience is what resonates with customers.

它使財務團隊能夠專注於洞察和決策來引導業務，而不是花費無數的時間與數據搏鬥以製定次優預測。根據我的經驗，我知道什麼會引起顧客的共鳴。

Our 98% growth retention is at the heart of OneStream's continued success and a key component of our growth. We enter 2025, excited about our multi-product strategy.

98% 的成長維持率是 OneStream 持續成功的核心，也是我們成長的關鍵因素。我們進入2025年，對我們的多產品策略感到興奮。

We are bringing to market our 15 new innovations announced last year, along with our new pricing and packaging to enable customers to derive the greatest value from our platform. We're excited about the early demand we've seen for CPM express. And our infinitely extensible solution exchange with applications like SPM.

我們將把去年宣布的 15 項新創新連同新的定價和包裝一起推向市場，以使客戶能夠從我們的平台中獲得最大價值。我們對 CPM express 的早期需求感到非常興奮。我們的可無限擴展的解決方案可與 SPM 等應用程式交換。

In addition, we continue to differentiate our finance AI portfolio and build out new products including our AI Library and Gen AI. By adding these multiple levers of growth, we are effectively executing against our strategy to become the operating system for modern finance.

此外，我們繼續區分我們的金融 AI 產品組合，並打造包括我們的 AI 庫和 Gen AI 在內的新產品。透過增加這些多重成長槓桿，我們正在有效地執行成為現代金融作業系統的策略。

And finally, I want to send a heartfelt thank you to our dedicated, hard-working employees around the world for their tireless efforts in making all this possible. Now, let me turn the call over to Bill for the financials.

最後，我要向世界各地勤奮敬業的員工表達衷心的感謝，感謝他們不懈的努力使這一切成為可能。現在，讓我把電話轉給比爾，討論財務問題。

Thanks, Tom. Good afternoon, everyone. And thank you for joining today's call. As Tom mentioned, we had a solid Q4 with both strong revenue growth and free cash flow, capping an impressive year. I'd like to start today with some commentary on our 2024 results and then dive into Q4 and end with our guidance for Q1 and 2025.

謝謝，湯姆。大家下午好。感謝您參加今天的電話會議。正如湯姆所提到的，我們在第四季表現穩健，收入成長強勁，自由現金流充足，為令人印象深刻的一年畫上了圓滿的句號。今天，我想先對我們 2024 年的業績發表一些評論，然後深入探討第四季度，最後給出我們對第一季度和 2025 年的指導。

Before I begin, it is important to note that 32% of our business is international. And we bill most of our international customers annually in local currency and convert to US dollar for revenue recognition. The sudden strengthening of the US dollar by roughly 6% from September 30 to December 31 negatively impacted some of our financial growth metrics by approximately 2%.

在我開始之前，值得注意的是，我們的業務有 32％ 是國際業務。我們每年以當地貨幣向大多數國際客戶開出帳單，然後兌換成美元以確認收入。9 月 30 日至 12 月 31 日期間，美元突然走強約 6%，對我們的部分財務成長指標產生了約 2% 的負面影響。

These include ARR, RPO, and Q4 billings. Let's start with some key 2024 accomplishments. We surpassed $500 million in ARR to end the year at $568 million. [Year-end] revenue 31% year over year to $489 million. Subscription revenue 41% to $428 million and international revenue 38% to $155 million.

其中包括 ARR、RPO 和 Q4 帳單。讓我們從 2024 年的一些關鍵成就開始。我們的 ARR 超過了 5 億美元，年底達到了 5.68 億美元。 [年末]營收年增31%至4.89億美元。訂閱收入成長 41% 至 4.28 億美元，國際營收成長 38% 至 1.55 億美元。

We increased RPO to greater than $1 billion. We achieve non-GAAP operating profitability, and we generated $59 million of free cash flow, which represents 12% free cash flow margin.

我們將 RPO 提高到 10 億美元以上。我們實現了非公認會計準則下的營業盈利，並產生了 5,900 萬美元的自由現金流，這代表了 12% 的自由現金流利潤率。

Turning to the 4th quarter, we grew total revenue 29% year over year to $132 million. Subscription revenue increased 35% year over year to $119 million. And license revenue came in at $7 million for the quarter.

談到第四季度，我們的總營收年增29%，達到1.32億美元。訂閱營收年增35%至1.19億美元。本季的授權收入為 700 萬美元。

We continue to see strong conversions from term licenses to SaaS in the quarter. And we expect that trend to continue into 2025 as we progress toward a 100% SaaS business model. Professional services and other revenue were $7 million for the quarter.

本季度，我們繼續看到從定期許可證到 SaaS 的強勁轉變。我們預計，隨著我們朝著 100% SaaS 業務模式邁進，這一趨勢將持續到 2025 年。本季專業服務和其他收入為 700 萬美元。

As we continue to transition more implementations of OneStream software to our partners, we expect professional services to remain at a similar run rate, going forward.

隨著我們繼續向合作夥伴轉變更多 OneStream 軟體的實施，我們預計專業服務未來將保持類似的運作率。

This quarter, international revenue grew 49% year every year to $46 million. We're thrilled with the progress we've made with our international business, representing 32% of our total revenue in 2024.

本季度，國際營收年增49%至4,600萬美元。我們對國際業務的進展感到非常高興，到 2024 年，國際業務將占我們總收入的 32%。

For the year we saw, over 60% of our business come from new customers. And we ended the year with 1,601 total customers, up 15% year every year. We continue to retain and expand our base of existing customers with 98% gross retention and 113% net dollar retention.

就我們今年的情況來看，超過 60% 的業務來自新客戶。截至年底，我們的客戶總數為 1,601 名，年增 15%。我們持續保留並擴大現有客戶群，總客戶保留率為 98%，淨客戶保留率為 113%。

Billings grew to a record $167 million in the fourth quarter, up 18% year over year and 24% on a trailing 12-month basis. Our 12-month cRPO was up 36% year every year and our total RPO increased 23% year over year to $1.1 billion. As noted, Q4 billings, cRPO and RPO were negatively impacted by FX.

第四季帳單金額增至創紀錄的 1.67 億美元，年增 18%，較過去 12 個月成長 24%。我們的 12 個月 cRPO 每年成長 36%，我們的總 RPO 年增 23%，達到 11 億美元。如上所述，第四季度的帳單、cRPO 和 RPO 均受到了外匯的負面影響。

Our Q4 non-GAAP gross margin was 70%, consistent with last year. And non-GAAP software gross margin was 76% compared with 78% last year due to license mix versus the prior year. We continue to work to optimize our infrastructure costs and expect marginal improvement over the long term.

我們第四季的非公認會計準則毛利率為 70%，與去年持平。非 GAAP 軟體毛利率為 76%，去年同期為 78%，歸因於許可證組合與去年同期的不同。我們將繼續致力於優化我們的基礎設施成本，並期望長期內取得邊際改善。

Fourth quarter non-GAAP operating expenses increased 19% year to year, primarily due to higher R&D spending as we continue innovating on our core platform and finance AI solutions for the opportunities we see ahead.

第四季非公認會計準則營業費用年增 19%，主要原因是我們繼續在核心平台和金融 AI 解決方案上進行創新以抓住未來的機遇，從而增加了研發支出。

Non-GAAP operating income was $9 million or 7% operating margin in the quarter. For the full year, non-GAAP operating income was $1 million. We were non-GAAP profitable for the quarter with net income of $12 million and non-GAAP earnings per share were $0.07.

本季非公認會計準則營業收入為 900 萬美元，營業利益率為 7%。全年非公認會計準則營業收入為 100 萬美元。本季我們實現非 GAAP 獲利，淨收入為 1,200 萬美元，非 GAAP 每股盈餘為 0.07 美元。

For the full year, non-GAAP net income was $14 million and non-GAAP earnings per share were $0.14. Total equity-based compensation expense for the fourth quarter was $53 million. And for the full year, equity-based compensation expense was $316 million.

全年非公認會計準則淨收入為 1,400 萬美元，非公認會計準則每股收益為 0.14 美元。第四季股權激勵費用總額為 5,300 萬美元。全年股權激勵支出為 3.16 億美元。

In the fourth quarter, we generated $25 million of free cash flow, bringing our fiscal year end -- our fiscal year 2024 free cash flow to $59 million. We ended the year with $544 million of cash and cash equivalents.

第四季度，我們產生了 2,500 萬美元的自由現金流，使我們的財年末——2024 財年的自由現金流達到 5,900 萬美元。截至年底，我們的現金和現金等價物為 5.44 億美元。

In summary, we delivered on our key objectives for 2024, achieving strong top and bottom-line results while continuing to invest for the future. Customers continue to choose the OneStream platform to provide a unified view of financial and operational data with analytical, AI, and performance management capabilities.

總而言之，我們實現了 2024 年的關鍵目標，取得了強勁的營收和淨利潤業績，同時繼續為未來進行投資。客戶繼續選擇 OneStream 平台，以透過分析、人工智慧和績效管理功能提供財務和營運數據的統一視圖。

Now, let me move on to guidance and review the key factors driving our outlook. We remain enthusiastic about our market opportunity and expect strong subscription revenue growth while launching new products to the market and generating robust cash flow.

現在，讓我繼續介紹指導意見並回顧推動我們展望的關鍵因素。我們對我們的市場機會仍然充滿熱情，並預計在向市場推出新產品並產生強勁現金流的同時，訂閱收入將實現強勁成長。

Importantly, our strong 98% gross retention continues to drive compounding growth, highlighting our continued investment in customer success.

重要的是，我們強勁的98%總保留率持續推動複合成長，凸顯了我們對客戶成功的持續投資。

As we discussed last quarter, we continue to see strong fast conversion rates in the 4th quarter. While this is a near-term headwind for the license component of total revenue, it is a focus for the long-term success of our company. Also, as a reminder, we expect our professional services revenue to be roughly flat going into 2025.

正如我們上個季度所討論的那樣，我們在第四季度繼續看到強勁的快速轉換率。雖然這對總收入的許可部分來說是一個短期阻力，但它是我們公司長期成功的重點。另外，提醒一下，我們預計到 2025 年我們的專業服務收入將基本持平。

We expect subscription revenue growth to outpace total revenue growth. The continued strength of the US dollar, 6% higher than Q3, coupled with roughly 32% of revenue coming from our international business, which is transacted predominantly in foreign currency, is impacting our outlook for 2025.

我們預計訂閱收入成長將超過總收入成長。美元持續走強，較第三季高出 6%，再加上我們約 32% 的收入來自國際業務，而國際業務主要以外幣進行交易，這影響了我們對 2025 年的展望。

With that, our guidance for fiscal year 2025 is total revenue is expected to be between $583 million to $587 million. Non-GAAP operating margin is expected to be minus 1% to plus 1%. Non-GAAP earnings per share is expected to be between $0.01 to $0.09.

因此，我們對 2025 財年的預期是總營收預計在 5.83 億至 5.87 億美元之間。預計非公認會計準則營業利潤率將為負 1% 至正 1%。非公認會計準則每股收益預計在 0.01 美元至 0.09 美元之間。

Equity-based compensation will be approximately $125 million to $135 million. Guidance for Q1 2025 is as follows: so revenue for Q1 is expected to be between $130 million to $132 million; non-GAAP operating margin is expected to be minus 9% to minus 7%; non-GAAP earnings per share is expected to be between minus $0.04 cents to minus $0.02.

股權薪酬約1.25億至1.35億美元。2025 年第一季的指引如下：預計第一季的營收在 1.3 億美元至 1.32 億美元之間；非公認會計準則營業利潤率預計為負 9% 至負 7%；非公認會計準則每股收益預計在負 0.04 美分至負 0.02 美元之間。

Equity-based compensation is expected to be between $45 million to $50 million. In closing, the strength of our core CPM business and new innovations wrapped in a more streamlined pricing and packaging is driving new onramps to the OneStream platform and enabling our ability to drive efficient growth.

預計股權薪酬在 4,500 萬美元至 5,000 萬美元之間。最後，我們核心的 CPM 業務的優勢和以更精簡的定價和包裝呈現的新創新正在為 OneStream 平台帶來新的入口，並使我們能夠實現高效成長。

We are pleased with our 2024 results and excited about the opportunities ahead in 2025. Now, let's turn it over to the operator.

我們對 2024 年的業績感到滿意，並對 2025 年未來的機會感到興奮。現在，讓我們把它交給操作員。

(Operator Instructions) John DiFucci, Guggenheim Securities.

（操作員指示）古根漢證券的 John DiFucci。

Hi. Thanks for taking my question. So I actually have one for Tom. Did he say limit yourself to one question and one follow up? I want to be respectful to you guys or just one question?

你好。感謝您回答我的問題。所以我實際上為湯姆準備了一個。他是否說過只允許你問一個問題並跟進一次？我想尊重你們還是只想問一個問題？

We said one -- we said one question.

我們說了一個——我們說了一個問題。

Okay. I'm going to ask Tom a question. Bill, I can ask you this later if no one asks it. (laughter) So Tom, listen, hey, thanks for those examples with customers. Our field work this quarter, we did -- we do a lot of it. We picked up on improving demand. It -- it's for modern consolidation planning solutions which was really surprising to us.

好的。我要問湯姆一個問題。比爾，如果沒有人問這個問題，我可以稍後再問你。（笑聲）所以湯姆，聽著，嘿，感謝你舉出的這些顧客例子。我們本季的實地工作已經完成 — — 我們做了很多。我們注意到需求有所改善。它 — — 它是用於現代整合規劃解決方案的，這確實令我們感到驚訝。

Like you guys have been doing well, but to hear like a general statement like that from some people, especially considering the more challenged quote new normal that many enterprise software companies have talked about in recent quarters.

就像你們做得很好一樣，但是聽到一些人做出這樣的一般性陳述，尤其是考慮到許多企業軟體公司在最近幾個季度談到的更具挑戰性的「新常態」。

I guess can you talk to us about why that might be happening, especially in the context of other quote back-office applications more broadly that don't seem to be like high on many enterprises customers' priority list when you talk to like global [IIS]?

我想你能和我們談談為什麼會發生這種情況，特別是在更廣泛的其他後台應用程式的背景下，當你與全球客戶交談時，這些應用程式似乎並不是許多企業客戶的優先考慮事項[IIS]？

Sure thing. Thanks John. So I'll start off by just providing a little bit of a foundation. I'll answer this question, and with three main points. And first to cover off is our core solution, we're at the heart of providing the capabilities that every finance team needs.

當然可以。謝謝約翰。因此，我首先提供一點基礎知識。我來回答這個問題，主要有三點。首先要介紹的是我們的核心解決方案，我們致力於提供每個財務團隊所需的功能。

Every time, you are on a call talking to a company, they have to produce that company has to manufacture financial statements with confidence. And so, we're at the heart of that discussion.

每次你和一家公司通話時，他們都必須自信地提供該公司製作的財務報表。所以，我們正處於這次討論的核心。

However, at the same time when I talk to this -- these are transformative decision-making processes. And so when you think of large enterprises making a decision to onboard the systems and implementations that have to go the right way, they're critical.

然而，當我談論這個問題時——這些都是變革性的決策過程。因此，當您想到大型企業決定採用必須以正確方式運作的系統和實作時，它們至關重要。

But as we've talked about in the past and as I mentioned in 2024 and a lot of the calls, there's been a realization that you can't keep kicking the can down the road. You have to keep working to simplify your ecosystem as a CFO and make sure that you have reliable data.

但正如我們過去所談論的，以及我在 2024 年和很多電話中所提到的，人們已經意識到不能一直把問題拖延下去。作為財務官，您必須繼續努力簡化您的生態系統，並確保您擁有可靠的數據。

So all in all for us, we look at that core and are really focused on it. That's been the foundation of our business. And again as we talk about forming that bedrock that that high degree of customer success and retention 98%, that is really, really important foundation to us.

所以總的來說，我們關注的是這個核心，並且真正專注於它。這就是我們業務的基礎。當我們再次談論形成這一基石時，即高程度的客戶成功率和 98% 的保留率，這對我們來說是一個非常非常重要的基礎。

And that hasn't changed from day one. And we're really looking at growing that core customer base and retaining it as a very valuable asset to our business, underpinning number two, our growth models.

從第一天起，這一點就沒有改變。我們真正希望的是擴大核心客戶群，並將其作為我們業務的寶貴資產，支撐我們的第二成長模式。

And when I really think about that growth model by having that foundation and then, being able to show up to those customers, and I think this gets at the heart of the question that you're asking is once we've established and helped them do the hard work that they have to do.

當我真正思考這種成長模式時，有了這樣的基礎，然後能夠向那些客戶展示，我認為這就觸及了你所問問題的核心，即一旦我們建立並幫助他們完成他們必須做的艱苦工作。

We have the ability to leverage that durable and expanding customer base. And really, if you think about it, we're talking about lifetime value type of customers where we're formulating -- we're forming relationships that exceed 10 years in many cases.

我們有能力利用這個持久且不斷擴大的客戶群。事實上，如果你仔細想想，我們談論的是終身價值類型的客戶，在許多情況下，我們正在建立超過 10 年的關係。

So we're really focused on being that partner, but also showing them that we can adapt with our marketplace and with our solution exchange and also, with our evolving pricing and packaging structure to make sure that we give them more on ramps and faster on ramps to get more value out of the platform.

因此，我們真正專注於成為這樣的合作夥伴，同時也向他們展示我們可以適應我們的市場和解決方案交換，以及不斷發展的定價和包裝結構，以確保我們為他們提供更多、更快的管道，從而從平台中獲得更多價值。

So that is really, really an important message and foundation. And then ultimately saying, showing up with, we have an AI portfolio and an AI solution. We actually have a journey for these customers and that's the focus.

所以這確實是一個非常重要的訊息和基礎。最後說一下，我們有一個 AI 產品組合和一個 AI 解決方案。我們實際上為這些客戶安排了一段旅程，這就是重點。

But as I was saying, these are large transformative projects that we're involved in. And we talk about CPM Express and some of the other examples that we give. That's about creating faster onramps for those customers.

但正如我所說，我們參與的都是大型變革計畫。我們討論了 CPM Express 和我們提供的一些其他範例。這是為了給這些客戶創造更快的入口。

The one thing that I would like to say to complete this, so the third thing is that if you think about what I just mentioned, 98% growth retention plus these long-term relationships, they really equal a massive opportunity for us going forward.

為了完成這一點，我想說的第三件事是，如果你考慮我剛才提到的，98% 的成長保留率加上這些長期關係，它們實際上等於我們未來前進的巨大機會。

That's what underpins my optimism and continuing optimism about the future for OneStream. But another piece that I don't think that we've talked about enough is the amount of raw data and very important information that we're -- that we are holding for these customers and that we're, excuse me, curating and developing for these customers.

這就是我對 OneStream 未來保持樂觀並持續樂觀的基礎。但我認為我們討論得還不夠的另一點是，我們為這些客戶保存的原始數據和非常重要的資訊的數量，以及我們為這些客戶整理和開發的這些資訊。

So this financial information is very important. And if we play this out and we think about all the talk and chatter around AI, what's this going to look like in 5 years? Customers have to have a unified platform to get the most value out of their investments and out of AI and to actually have the ability to take advantage of it. And so we really feel that we're building an asset that will help power CFOs AI-driven applications.

所以這些財務資訊非常重要。如果我們把這個過程付諸實施，並思考有關人工智慧的所有討論和討論，五年後它將是什麼樣子？客戶必須擁有一個統一的平台，才能從他們的投資和人工智慧中獲得最大價值，並真正有能力利用它。因此，我們確實感到我們正在建立一種能夠幫助支援 CFO 人工智慧驅動應用程式的資產。

Thanks John. Operator, let's move to the next question.

謝謝約翰。接線員，我們進入下一個問題。

Adam Hotchkiss, Goldman Sachs.

高盛的亞當‧霍奇基斯（Adam Hotchkiss）。

Great. Thanks so much for the question. Bill, you talked a little bit about your term headwinds. And I know you mentioned FX a number of times.

偉大的。非常感謝您提問。比爾，你稍微談了一下你任期內的逆風。我知道您多次提到 FX。

So could you maybe delineate how much of that comment was meant, as an FX comment versus some of these other non-currency headwinds we hear from software companies, say like deal closings and sales-cycle elongations? Just want to understand those comments adjusting for some of the currency pieces. Thanks so much.

那麼您能否解釋一下該評論在多大程度上是作為外匯評論而不是我們從軟體公司聽到的一些其他非貨幣不利因素，例如交易結束和銷售週期延長？只是想了解那些針對一些貨幣進行調整的評論。非常感謝。

Yeah. No. Thank you. You know about 32% of our business is international and FX as between September and December 31, the dollar strengthened about 6%. Candidly, it strengthened a little bit more as you probably know, in January. But that the FX in fact and I mentioned some of our financial metrics, roughly impacted them by about 2%.

是的。不。謝謝。您知道，我們的業務中有大約 32% 是國際業務，而外匯業務在 9 月至 12 月 31 日期間升值了約 6%。坦白說，正如你們可能知道的，它在一月份有所增強。但事實上，外匯——我提到了我們的一些財務指標——對他們的影響大約是 2%。

Operator, let's go to the next question.

接線員，我們進入下一個問題。

Chris Quintero, Morgan Stanley.

摩根士丹利的克里斯昆特羅 (Chris Quintero)。

Hey, Tom. Hey, Bill. Thanks for taking the the questions here. I wanted to follow up on your comments around the packaging changes. Just curious kind of more details there, what specific changes you're making? And was that any impact to NRR in the quarter? And any expectations of what that could mean for NRR on a go-forward basis?

嘿，湯姆。嘿，比爾。感謝您在這裡回答這些問題。我想跟進您關於包裝變化的評論。只是好奇那裡的更多細節，您做了哪些具體改變？這對本季的 NRR 有影響嗎？您對這對 NRR 未來發展有何預期？

Thanks, Chris. So the reason we wanted to bring pricing and packaging and really in delivery, because you hear us talking about CPM Express is that we're really -- we really embarked on a multi-solution, multi-product strategy.

謝謝，克里斯。因此，我們之所以想要在定價和包裝以及交付方面真正地融合在一起，因為您聽到我們談論 CPM Express，是因為我們確實——我們確實開始採用多解決方案、多產品策略。

As you've heard us, we've introduced Sensible Machine Learning, sales performance management, ESG. We -- we've alluded to this and talked about it throughout 2024, and it really is an evolution in our pricing. This isn't a reset or a complete redo.

正如您所聽到的，我們引入了感知機器學習、銷售績效管理 (ESG)。我們 - 我們在 2024 年就提到過這一點並討論過它，這確實是我們定價的一次演變。這不是重置或完全重做。

It's about how do we have this durable, understandable package that allows customers to buy these new offerings in a reliable way. And so, it's just all geared towards -- and we -- and we've launched this at our sales kickoff already this year.

關鍵在於我們如何提供這種持久的、易於理解的包裝，讓客戶以可靠的方式購買這些新產品。所以，這一切都是為了——我們——我們在今年的銷售啟動會上已經推出了它。

It's just -- it's geared towards having an efficient mechanism that allows us to bring to market the new innovations that we've been working on. And so, in 2024, I talked a lot about the how strong of an innovation here that is.

這只是——它旨在建立一個高效的機制，使我們能夠將我們一直致力於的新創新推向市場。因此，在 2024 年，我談了很多關於這裡的創新有多強大。

And we were pressure testing if you will, or market testing some of those new products such as CPM Express, SPM, and now those are being operationalized into this pricing and packaging structure for 2025. So we're -- it's part of -- it's been part of a long-term strategy that we've been working towards for a number of years.

如果你願意的話，我們正在對一些新產品（例如 CPM Express、SPM）進行壓力測試或市場測試，現在這些產品正在納入 2025 年的定價和包裝結構中。所以這是我們多年來一直在努力的長期策略的一部分。

Operator, next question, please.

接線員，請問下一個問題。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Thank you very much. I'm curious what is the rough dollar value of the business that you referenced, Tom, that was forecasted to close but pushed out of Q4. And should we be thinking something like [$15] or $20 million there?

非常感謝。湯姆，我很好奇您提到的那個業務的大緻美元價值是多少，該業務原本預計將關閉，但被推遲到第四季度。我們是否應該考慮價值 1500 萬美元或 2000 萬美元？

And as well, just as a Part B on the same question, if the tariffs were one of the headwinds to those deals and cause them to push, why are they closing? I think you said a vast majority of those have closed in January, so why would that be? I mean what is giving these organizations a feeling that that there's clarity now around tariffs to to come in and close the business?

另外，正如同一問題的 B 部分所述，如果關稅是這些交易的阻力之一併導致它們被推動，那麼為什麼它們會達成協議呢？我記得您說過絕大多數已經在一月關閉，那麼為什麼會這樣呢？我的意思是，是什麼讓這些組織感覺到現在關稅問題已經明朗，從而決定介入並結束業務？

I'll start and then I'll let Bill follow up on that. So if you think about the pushes that we saw or the headwinds, I think we alluded after the last earnings call. So look, we're cautiously optimistic about what's happening in the market or in the geopolitical spectrum and just in general, in terms of macroeconomic conditions. So we're not specifically alluding to tariffs.

我先開始，然後讓比爾跟進。因此，如果你想想我們看到的推動力或阻力，我想我們在上次財報電話會議後就提到過。所以，我們對市場、地緣政治以及整體宏觀經濟狀況的進展持謹慎樂觀的態度。所以我們並沒有具體提到關稅。

But we're talking about multi-national businesses that see a great deal of uncertainty and governments, which is another significant market that that have uncertainty in spend. And so when you think about that, those are definite headwinds.

但我們談論的是面臨巨大不確定性的跨國企業和政府，這是另一個在支出方面存在不確定性的重要市場。所以，當你考慮到這一點時，這些肯定是阻力。

And so again, if you're looking at Delta's in ARR as you're alluding to changes in that revenue, you're really talking about -- it's -- and I'll let Bill dive into this in a bit more depth as you're really looking at the difference between, there were a strong 2023 Q3. And then, I'm sorry, a weak 2023 Q3 and a strong '24, 2023 sorry --

所以再說一次，如果你在暗示收入變化時查看達美航空的 ARR，那麼你實際上是在談論 - 它是 - 而且我將讓比爾更深入地探討這一點，因為你真正看到的是 2023 年第三季度表現強勁之間的差異。然後，很抱歉，2023 年第三季表現疲軟，2024 年表現強勁，抱歉--

There was a weak '23.

‘23’ 很弱。

Weak '23 Q3 and a strong '23 Q4. You take those two together, you're going to bring that Delta a lot closer. And you're going to see that it aligns to the numbers that the movements that we have. So we had, again, we have the inverse of that in this quarter, in this year.

23年第三季表現疲軟，但第四季表現強勁。如果你把這兩者結合起來，你會發現三角洲距離會更近。您將會看到，它與我們掌握的運動數字一致。因此，我們在今年本季再次得到了相反的結果。

And so as you look at that, these are legitimate headwinds again. We're selling large transformational deals. And evidence of that is our million-dollar deals are up 35% this year.

所以，當你看到這一點時，你會發現這又是合法的阻力。我們正在進行大型轉型交易。證據就是，今年我們的百萬美元交易量增加了 35%。

We're selling. We're still seeing demand. We're very excited about the prospect of the business. But there are certainly economic headwinds that we hope clear up.

我們正在銷售。我們仍然看到需求。我們對這項業務的前景感到非常興奮。但確實存在一些經濟阻力，我們希望這些阻力能夠消除。

Yeah. I would just add that as Tom mentioned, it wasn't one thing specific to tariffs, just general uncertainty. And generally, Mark, what we saw was just required an additional signature. It just required.

是的。我只想補充一點，正如湯姆所提到的，這並不是關稅特有的問題，只是普遍的不確定性。一般來說，馬克，我們看到的只是需要額外的簽名。這只是需要。

There wasn't kind of the urgency to get deals kind of signed by our customers. In some cases with some of these large customers, particularly in Q4. And thankfully, we got them done in January and actually the first week of February, including that public sector deal that Tom referenced.

我們並不急於讓客戶簽署協議。在某些情況下，對於一些大客戶，特別是在第四季度。值得慶幸的是，我們在一月份以及二月的第一周就完成了這些交易，其中包括湯姆提到的公共部門交易。

So thanks for the question and appreciate the clarification that we were able to offer. Operator, next question please.

感謝您的提問，也感謝我們給予的澄清。接線員，請問下一個問題。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Yeah. Hey guys, thanks for taking the question. I wanted to ask, hey guys, on the growth potential for 2025 and so when I look at kind of your key growth items here like subs revs and ARR and to an extent, total revenue too?

是的。嘿夥計們，謝謝你們回答這個問題。夥計們，我想問一下 2025 年的成長潛力，那麼當我查看你們這裡的關鍵成長項目時，例如訂閱收入和 ARR，以及某種程度上總收入？

I really want to focus on subscription revenue and ARR. And when I look at the deck, I think you could extrapolate that SaaS ARR. That component grew 40% in 2024 and is 80% of total ARR.

我確實想專注於訂閱收入和 ARR。當我查看該簡報時，我認為您可以推斷出 SaaS ARR。該部分在 2024 年增長了 40%，佔總 ARR 的 80%。

So really trying to understand some of the puts and takes here for ARR growth. Total ARR growth to accelerate in 2025, off the looks like 23% growth for 2024. And subscription revenue to grow high 20s, if not 30% at the end of the day for 2025. Thank you.

因此，真正嘗試去了解 ARR 成長的一些優點和缺點。2025 年總 ARR 成長將加速，2024 年的成長預期為 23%。到 2025 年，訂閱收入將成長 20% 以上，甚至達到 30%。謝謝。

Hey, Cody. No, thanks for that. Look, I would -- I'm going to start by saying, we offered you guidance on total revenue, on a margin, et cetera at the quantitative level. I would say on the ARR side, a great degree of what we've been working on obviously is growing net new ARR, which I think your appropriate reference.

嘿，科迪。不，謝謝你。聽著，我想——我首先要說的是，我們在定量層面上為您提供了總收入、利潤率等方面的指導。我想說，在 ARR 方面，我們很大程度上一直在努力的顯然是增加淨新 ARR，我認為這是適合您的參考。

But some of the staff revenue growth was conversions. And you know as I mentioned we've been really working hard on that. So as I mentioned in my remarks, we do expect subscription revenue to grow faster than total revenue.

但部分員工收入的成長是轉化而來的。正如我所說，我們一直在為此努力。正如我在評論中提到的，我們確實預計訂閱收入的成長速度將快於總收入。

But you know, we don't offer specific guidance on that number. And you know, we're obviously working really hard to grow subscription revenue as fast as we can so no thanks for that.

但您知道，我們並沒有針對這個數字提供具體的指導。你知道，我們顯然正在努力盡快增加訂閱收入，所以不必為此感謝。

Operator, next question, please.

接線員，請問下一個問題。

Scott Berg, Needham & Company.

斯科特·伯格，Needham & Company。

Hi. This is Ian Black on from Scott Berg. How are you guys looking at the federal government opportunity this year, given both spending pressure and the FedRAMP high authorization?

你好。這是 Scott Berg 的 Ian Black。考慮到支出壓力和 FedRAMP 高授權，你們如何看待今年聯邦政府的機會？

Thanks, Scott. So we really look at at a FedRAMP as a big opportunity still for us, right? We've invested long term for our FedRAMP, moderate for quite some time and then recently achieving high. And because we're an efficiency play, we really feel that we have a strong offering and right to win and continue to offer more value to the government.

謝謝，斯科特。所以我們真的將 FedRAMP 視為對我們來說一個巨大的機遇，對嗎？我們對 FedRAMP 進行了長期投資，相當長一段時間以來一直處於中等水平，最近取得了高水準的投資成果。而且由於我們注重效率，我們確實感覺到我們擁有強大的產品和權利去贏得勝利，並繼續為政府提供更多價值。

So, there's certainly headwinds out there. But that does not change at all, our long-term strategy and investment and the potential that we see in that market.

因此，肯定存在一些阻力。但我們的長期策略和投資以及我們在該市場看到的潛力根本沒有改變。

Thank you, operator, next question please.

謝謝接線員，請問下一個問題。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯祖金 (Alex Zukin)

Hey guys, this is [Evan] here for Alex. Thanks for taking my question. Maybe just in context of the backdrop that you've given around geopolitical uncertainty and the map. So can you calibrate a little bit more on the buying environment and more importantly, help us understand how has that been taken into account, how much conservative has been embedded in the guidance? Thank you, guys.

大家好，我是 [Evan]，為 Alex 報道。感謝您回答我的問題。也許只是在您給出的地緣政治不確定性和地圖背景下。那麼，您能否對購買環境進行更多的調整，更重要的是，幫助我們了解如何考慮到這一點，指導中包含了多少保守的內容？謝謝你們。

So I'll start off and if Bill wants to add any commentary, he can. When we think about the general buying, I think Bill said it well for Q4. We didn't see any abrupt halts. But we saw a little bit what I would consider in large multinationals and in government, a lack of urgency is maybe the way to think.

因此我先開始，如果比爾想添加任何評論，他可以。當我們考慮一般購買情況時，我認為比爾對第四季的評價很好。我們沒有看到任何突然停止的情況。但我們看到了一些我認為大型跨國公司和政府中存在的現象，缺乏緊迫感也許是一種思考方式。

So I think it reflects some of the uncertainty that multinationals are in particular feeling around trade and around what their own cost profile might look like. And I think you see we sell to -- we sell, remember to the CFO who is a pretty sensitive buyer.

所以我認為這反映了跨國公司在貿易方面以及其自身成本狀況方面所感受到的某些不確定性。我想您知道我們向誰銷售——我們向誰銷售，記住，財務長是一位非常敏感的買家。

And so if you're if you're coming into a CFO in particular and if there's a growing sense of uncertainty in their own business, we're probably going feel it a little bit first. So I just wanted to kind of point that out. That's something that's a reality.

因此，如果您是一位財務官，並且您對自己的業務的不確定性越來越大，我們可能會先感受到一點。所以我只是想指出這一點。這是真實存在的事情。

So we are giving -- we're offering prudent guidance, and you know feel positive again about our product, our strategy. We're keeping our heads down and executing our game. So we feel great about all the innovations and the products and the things that we have lined up to bring and deliver to the market this year.

因此，我們給予了審慎的指導，讓您對我們的產品和策略再次充滿信心。我們正在埋頭苦幹並執行我們的比賽。因此，我們對今年準備推出並推向市場的所有創新、產品和事物感到非常滿意。

So ultimately, we're just going to focus on our strategy and execution and -- but also offer some prudent guidance for the things that we can't control.

所以最終，我們只會專注於我們的策略和執行，同時也為我們無法控制的事情提供一些審慎的指導。

Thank you, operator, next question, please.

謝謝接線員，請問下一個問題。

Terry Tillman, Truist Securities.

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

Yeah. Thanks Tom, Bill, and Annie. So my question relates to go-to market, primarily the Microsoft relationship, both technologically and then go to market and anybody else you could talk about from a go-to market standpoint that seems like they're at an inflection point in helping the business? Thank you.

是的。感謝湯姆、比爾和安妮。所以我的問題與進入市場有關，主要是與微軟的關係，包括技術上和進入市場，還有誰可以從進入市場的角度談談，看起來他們在幫助業務方面正處於轉折點？謝謝。

Thanks, Terry. I'll take that. So we continue obviously to be a really big Microsoft customer and partner. And we're really thrilled about that relationship and our ability to -- as you see, we brought our Power BI, certified Power BI connector to market.

謝謝，特里。我接受。因此，我們顯然將繼續成為微軟的重要客戶和合作夥伴。我們對這種關係和我們的能力感到非常興奮——正如你所見，我們將我們的 Power BI、經過認證的 Power BI 連接器推向市場。

At the same time, we are seeing that combination as we expand from the core financial and we're looking to sell broader solution set in our AI and operational analytics. The Microsoft relationship becomes increasingly important and opportunistic for us there as well in the sense that you can bring in that [CIL] connectivity as well.

同時，隨著我們從核心財務擴展，我們看到了這種組合，我們希望在人工智慧和營運分析中銷售更廣泛的解決方案。對我們來說，與微軟的關係變得越來越重要，也越來越有機遇，因為您也可以引入 [CIL] 連線。

So we have multiple initiatives, jointly from a marketing perspective. And you know, in that partnership, not only marketing but technical. And so, we're really leaning into that. And we're thrilled that Microsoft is as well and so I would say that's an important foundational relationship we're looking to use as a channel multiplier.

因此，從行銷角度來看，我們共同採取了多項措施。你知道，在這種合作中，不僅涉及行銷，還涉及技術。所以，我們確實傾向於這樣做。我們也很高興微軟能與我們合作，所以我想說，這是一個重要的基礎關係，我們希望將其用作通路倍增器。

We're always investing in our core markets in terms of the GSI's in terms of the -- what I can what I always refer to as our artisan partners, those are the product experts that are CPM experts, historically. They're leaning in as you can see the partners that have developed solutions on our solutions exchange like Infinity SPM who was also an implementation partner prior to that as well.

我們一直在投資我們的核心市場，就 GSI 而言，我始終將其稱為我們的工匠合作夥伴，從​​歷史上看，他們是 CPM 專家的產品專家。他們正在努力，正如您所看到的，在我們的解決方案交換上開發解決方案的合作夥伴，例如 Infinity SPM，它之前也曾是我們的實施合作夥伴。

So you're seeing more and more. And again, I alluded to this at the beginning. But I think it's really worthwhile noting as we continue to increase this asset of successful customers.

所以你看到的越來越多。我在一開始就再次提到了這一點。但我認為這確實值得注意，因為我們會繼續增加成功客戶的資產。

And I say asset in the sense that it's an asset to us and our customers that we're delivering value to them. And they're remaining a customer and giving us that 98% growth retention, that's very attractive. That's what powers the ecosystem and powers opportunity for all of us. So we're investing and facilitating and leaning in on all of those fronts.

我所說的資產是指我們和我們的客戶所獲得的資產，是我們為他們創造的價值。他們仍然是我們的客戶，並為我們帶來 98% 的成長保留率，這非常有吸引力。這就是生態系統的動力，也是我們所有人的機會。因此，我們正在所有這些方面進行投資、協助和投入。

Thanks, Terry. Operator, next question, please.

謝謝，特里。接線員，請問下一個問題。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯 (Steve Enders)。

Okay. Great. Thanks for taking the questions here or question here. I guess I wanted to ask on the margin side of it. And it looks like that's maybe coming in a little bit lower as well for the year. So can you just maybe help us think through maybe where incremental investments are coming from or maybe what's being accounted for and on the margin outlook?

好的。偉大的。感謝您在這裡回答問題或提出疑問。我想問的是邊緣方面的問題。而且看起來，今年這數字可能還會略低一些。那麼您能否幫助我們思考增量投資來自哪裡，或是需要考慮哪些因素以及利潤前景？

Yeah. Hey. Thanks, Steve. I'll take that one. So a couple things. One is from a technology perspective, we've been migrating people, migrating customers from prior versions of our software to version 8 which I think we announced a little bit under two years ago, which has driven performance improvement and some efficiency for our customer.

是的。嘿。謝謝，史蒂夫。我要那個。有幾件事。一是從技術角度來看，我們一直在遷移人員，將客戶從我們軟體的舊版本遷移到版本 8，我記得我們在大約兩年前宣布了該版本，這推動了效能的提升，並提高了客戶的效率。

That migration, that you know there's there's some cost associated with it. We're also as Tom mentioned, we've got a strong relationship and strong partnership with Microsoft. And we continue to innovate on the platform to drive value for.

您知道，遷移會產生一些相關的成本。正如湯姆所提到的，我們與微軟建立了牢固的合作關係。我們將繼續在平台上進行創新，以創造價值。

For our customers, one of the drivers that Tom talked about before, that we're working through is just the massive amount of data that our customers are seeking to store on the OneStream platform, which is both a huge yeah benefit asset, as Tom talked about but does have some -- and we think it's important obviously for the long term success of the company but does have some gross margin implications.

對於我們的客戶來說，湯姆之前談到的驅動因素之一，也是我們正在努力解決的問題，就是客戶希望在 OneStream 平台上存儲的大量數據，這既是一筆巨大的收益資產，正如湯姆所說的那樣，但確實有一些——我們認為這顯然對公司的長期成功很重要，但確實對毛利率有一些影響。

So we're working through it. We think that as I mentioned on my remarks that there's opportunities to continue to be more efficient. But we want to take advantage of the assets that we think are driving long-term value for our customers and keeping that 98% gross retention that Tom talked about. So great question.

所以我們正在努力解決這個問題。我們認為，正如我在演講中提到的，我們有機會繼續提高效率。但我們希望利用我們認為能夠為客戶創造長期價值的資產，並保持湯姆所說的 98% 的總保留率。這個問題問得真好。

Operator, next question.

接線員，下一個問題。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Oh, hey guys. Thanks for taking the question. So Bill, maybe you could update us on the conversion of the customer base. [You] know it's going pretty well. Any sense for where we are in terms of customers that are still on older versions? And how we should think about that migration through 2025? Thanks, guys.

哦，嘿，大家好。感謝您回答這個問題。那麼比爾，也許你可以向我們介紹一下客戶群的轉變。 [你]知道一切進展順利。對於仍在使用舊版的客戶來說，我們處於什麼位置？我們該如何看待 2025 年的遷移？謝謝大家。

Yeah. No. Thanks for the question. I did as you all had asked for. Last summer, I did in the slide deck Brian give you the number of customers by legacy.

是的。不。謝謝你的提問。我照你們要求的做了。去年夏天，我在幻燈片中向 Brian 介紹了按遺產劃分的客戶數量。

In here, it's actually on annual ARR by contract type on page 7. So you can get a sense, there's 5%. They're still on perpetual. There's 15% that are on term-based licenses still. And I think one of the questions earlier was the percent that's on [SaaS].

這裡實際上是第 7 頁按合約類型劃分的年度 ARR。所以你可以感覺到，有 5%。它們仍是永久的。仍有 15% 採用基於期限的許可證。我認為之前的問題是[軟體即服務]。

So we're happy that it's on -- that it's 80% on SaaS. But we still have some work to do to get the conversion. So that we're 100% and we're going to work on that over the next few years. So appreciate that and hopefully, I'll appreciate the the responsiveness that we gave to your question from last summer.

所以我們很高興它能實現 80% 的 SaaS 功能。但為了實現轉換，我們還有一些工作要做。所以我們會全力以赴，並在接下來的幾年裡致力於此。所以我對此表示感謝，並希望我能夠感謝我們對您去年夏天提出的問題所給予的答复。

Operator, next question.

接線員，下一個問題。

Brent Bracelin, Piper Sandler.

布倫特·布雷斯林，派珀·桑德勒。

Thank you. Good afternoon, Bill. I appreciate the bullish commentary on commercial finance AI products going into this year. But I wanted to double click on public sector. That seems to be an area a little more uncertainty.

謝謝。下午好，比爾。我很欣賞今年對商業金融 AI 產品的樂觀評價。但我想雙擊公共部門。這似乎是一個比較不確定的領域。

What portion of revenue comes from government public sector? Can you remind us that? And are you expecting that to grow, remain flat, or actually decline this year given the uncertainty? Thanks.

收入中有多少來自政府公共部門？你能提醒我們這一點嗎？考慮到不確定性，您預計今年的數字會成長、持平還是下降？謝謝。

Yeah. No. Thanks for the question. I mean we're super bullish on the opportunity that we have ahead with being FedRAMP high. Tom mentioned this is a multi-year, very significant investment that we made along with the government to get to the FedRAMP high.

是的。不。謝謝你的提問。我的意思是，我們非常看好 FedRAMP 高點所帶來的機會。湯姆提到，這是我們與政府共同進行的多年期、非常重要的投資，以達到 FedRAMP 的高點。

There's not that many companies that are actually FedRAMP high. And so we think this unlocks, additional opportunity for us, within the federal government. Obviously, back to our earlier commentary, there's uncertainty there.

實際上，採用 FedRAMP 高標準的公司並不多。因此我們認為這將為我們在聯邦政府內部釋放更多機會。顯然，回到我們之前的評論，那裡存在不確定性。

But we do think that OneStream offers efficiency and can really be effective at helping you know support overall government efficiency there. And so look, we're -- you know as Tom mentioned earlier, we had a public sector win here in in early 2025.

但我們確實認為 OneStream 提供了效率，並且能夠真正有效地幫助您支持那裡的整體政府效率。所以你看，正如湯姆之前提到的，我們在 2025 年初就贏得了公共部門的勝利。

And we're going to continue to work hard to play off the advantages that we have with the software and the benefits that we have with our overall offering but no. Thanks for that question.

我們將繼續努力發揮我們的軟體優勢和我們整體產品的優勢，但沒有。謝謝你的提問。

Operator, next question.

接線員，下一個問題。

Mark Schappel, Loop Capital Markets.

馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Hi. Thank you for taking my question. Bill, I was wondering if you could just discuss the attach rate you're seeing for your sensible ML solutions, directionally, is it increasing, staying the same?

你好。感謝您回答我的問題。比爾，我想知道您是否可以討論一下您所看到的合理的 ML 解決方案的附加率，從方向上看，它是在增加，還是保持不變？

I'm going to let Tom take that. That this is -- he's excited to answer this one.

我要讓湯姆拿走它。這是——他很高興回答這個問題。

Well, thank you for the question. I will say that we -- as we look at this, we launched the product over a year ago. And you know, we we were really pleased with the performance of the business of that, the progression of that business in 2024 as we continue to do market validation.

嗯，謝謝你的提問。我想說的是，當我們回顧這一點時，我們在一年前就推出了該產品。你知道，我們對這項業務的表現感到非常滿意，隨著我們繼續進行市場驗證，這項業務在 2024 年的進展也非常滿意。

And you could hear from the statistics that we're collecting part of OneStream's thesis as a business is that every customer has to be a reference and that the products that we bring the market have to do what they say they're going to do.

您可以從我們收集的統計數據中得知，OneStream 作為企業的論點是，每個客戶都必須作為參考，而我們推向市場的產品必須實現他們所說的目標。

So eventually, as we look at this and continue to prove those use cases across multiple industries, we've got a good sample set going. We feel that every customer is going to -- this is, that's why we refer to it as a transformative product.

因此最終，當我們研究這個問題並繼續在多個行業中證明這些用例時，我們就會得到一套很好的樣本。我們覺得每個顧客都會——這就是為什麼我們稱之為變革性產品。

Every customer is going to want to use this in some way, shape, or form in the long term. So we'll keep working on that. And again, I want to just keep reiterating it. That's why we're so fanatical about the gross retention.

每個客戶都希望長期以某種方式、形式使用它。所以我們會繼續努力。我再一次重申這一點。這就是我們如此熱衷於總留存的原因。

Because if I delight these customers, they stay on our product, and we keep innovating. We're going to have that opportunity to help them become better in their finance processes and actually more advanced.

因為如果我讓這些客戶滿意，他們就會繼續使用我們的產品，我們就會不斷創新。我們將有機會幫助他們改善財務流程並使其更加先進。

Once they get their core capabilities done, they ultimately want to be more advanced and use our AI products as well. So I'm excited about the potential of the attached rate for that product, very excited.

一旦他們完成了核心能力，他們最終會希望變得更加先進並使用我們的AI產品。因此，我對該產品的附加利率潛力感到非常興奮。

Operator, let's go to our final question.

接線員，我們來討論最後一個問題。

Derrick Wood, TD Cowen.

德里克·伍德（Derrick Wood），TD Cowen。

Hi, Tom and Bill. This is [Jared], [joining on] for Derrick Wood. On legacy displacement and Greenfield Dell activity, could you provide an update on any changes you're seeing in the market? Thank you.

嗨，湯姆和比爾。我是 [Jared]，代替 Derrick Wood [加入]。關於遺留置換和 Greenfield Dell 活動，您能否提供您在市場上看到的變化的最新情況？謝謝。

Sorry, in terms of legacy replacement?

抱歉，就遺留替換而言嗎？

Displacing legacy vendors and then on the Greenfield side as well. Thank you.

取代傳統供應商，然後也是 Greenfield 方面。謝謝。

So as we look through this again, reiterating that the -- we are not seeing any change in sort of that. That is a core market that we go after. And we're continuing to see lots of opportunity as businesses look to rationalize and you can hear from the examples in my remarks of the number of multiple products that we're pulling out.

因此，當我們再次審視這一點時，我們重申——我們沒有看到任何變化。這是我們追求的核心市場。隨著企業尋求合理化，我們繼續看到大量機會，您可以從我的評論中聽到我們正在撤出的多種產品的例子。

And those include in almost all cases, some shape or form of a legacy product that's being replaced. And then at the same time, as we talk about CPM Express, what that's aimed at is a lot of the new Greenfields. That's aimed at companies that are earlier in their maturity, not necessarily, it doesn't have as much to do with their sizes of business as much as it has to do with their maturity as a finance team.

在幾乎所有情況下，這些都包括被替換的某種形式的遺留產品。同時，當我們談論 CPM Express 時，它的目標是許多新的 Greenfields。這是針對那些成熟度尚早的公司，不一定，這與他們的業務規模關係不大，但與他們的財務團隊的成熟度有關。

And they're looking for us to be prescriptive, to take what we've learned by working with some of the biggest businesses in the world and give them a faster onramp with a package solution. What's really important about that is the idea that you don't -- it's a faster onramp to our platform. But you don't have to get off the platform.

他們希望我們能夠具有指導性，並利用我們與世界上一些最大的企業合作過程中所獲得的經驗，為他們提供更快的一體化解決方案。真正重要的是，您不需要——它可以更快地進入我們的平台。但你不必走下月台。

It's the same software that if you wanted to go all the way to Fortune 1. So we're really excited. We're covering off on continuing to innovate.

如果您想要一路晉級財富 1 榜，它和您使用的軟體是一樣的。所以我們真的很興奮。我們正在繼續創新。

In summary, we're continuing to innovate in a way that allows us to be as attractive as ever to our -- to the replacement kind of legacy market and show that value of being able to rationalize and be a single-beta model with low technical debt, and at the same time, provide an easier onramp for newer customers.

總而言之，我們將繼續進行創新，以便我們能夠像以往一樣對替代型傳統市場具有吸引力，並展示出能夠合理化、低技術債務的單一測試版模型的價值，同時為新客戶提供更便捷的入門服務。

When I say an easier onramp, it's to help those individuals show them the best way to use a CPM product if they're new to CPM and get onto our platform. And all of that is part of our -- it is and has been part of our long-term growth plan.

當我說更簡單的入門時，是為了幫助那些人，如果他們是 CPM 新手，並進入我們的平台，就向他們展示使用 CPM 產品的最佳方式。所有這些都是我們的一部分——現在是並且一直是我們長期成長計劃的一部分。

So that's going to wrap up our call. I really appreciate everybody participating. We will be at the Morgan Stanley Conference in early March. So please, we hope to see you there.

我們的通話到此結束。我非常感謝大家的參與。我們將於三月初參加摩根士丹利會議。所以，我們希望在那裡見到您。

Please obviously reach out to them if you'd like to set up time with us. And we appreciate everybody's support of our company and hope you have a great rest of the week. Thank you.

如果您想與我們安排時間，請與他們聯絡。我們感謝大家對我們公司的支持，並祝您本週剩餘時間過得愉快。謝謝。

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，感謝大家參加今天的會議。該計劃確實結束了。您現在可以斷開連線。再會。