OneStream Inc (OS) 2025 Q1 法說會逐字稿

Welcome to the OneStream's first-quarter fiscal 2025 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.

歡迎參加 OneStream 2025 財年第一季財報電話會議。（操作員指示）提醒一下，今天的節目正在錄製。

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.

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 first-quarter, 2025 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 2025 年第一季財報電話會議。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 和我們的財務長 Bill Koefoed。

The press release announcing our first-quarter 2025 results issued earlier today is posted on our investor relations website at investor.onestream.com along with an earnings highlights presentation.

今天稍早發布的宣布我們 2025 年第一季業績的新聞稿與盈利亮點介紹一起發佈在我們的投資者關係網站 investor.onestream.com 上。

Before we get started, I'd like to let everyone know that we plan to participate in two conferences in the upcoming weeks. The first is J.P. Morgan's Global Technology, Media and Communications conference in Boston on May 14. And the second is Bank of America's Global Technology Conference in San Francisco on June 3. A live streaming replay of our presentations at the conferences will be made available on our investor relations website.

在我們開始之前，我想讓大家知道，我們計劃在接下來的幾週參加兩場會議。第一個是摩根大通5月14日在波士頓舉行的全球科技、媒體和通訊會議。第二場是6月3日在舊金山舉行的美國銀行全球技術大會。我們將在投資者關係網站上提供會議上演講的現場直播重播。

Now let me remind everyone that some of the statements on today's call are forward-looking, including statements related to guidance for the second quarter ending June 30, 2025, and the year ending December 31, 2025. Forward-looking statements are subject to known and unknown risks, uncertainty, 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 March 31, 2025. 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，包括與截至 2025 年 6 月 30 日的第二季度和截至 2025 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 2025 年 3 月 31 日的季度 10-Q 表季度報告。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. There 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 calls should not be considered in isolation from or as a substitute for their most directly comparable GAAP measures. Our management believes that our non-GAAP measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses that may not be indicative of our ongoing core operating performance. Reconciliations of our non-GAAP measures to the most directly comparable GAAP measures can be found in this afternoon's press release and the earnings highlights presentation posted on our IR website.

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，可能無法與其他公司的類似指標進行比較。今天的電話會議上引用的非 GAAP 指標不應與最直接可比較的 GAAP 指標分開考慮或替代。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 GAAP 指標與最直接可比較的 GAAP 指標的對帳可以在今天下午的新聞稿和我們 IR 網站上發布的盈利亮點介紹中找到。

Now, I'll turn the call over to Tom. Tom?

現在，我將把電話轉給湯姆。湯姆？

Thank you for joining us this afternoon. 2025 got off to a strong start with our first quarter results. While the rapid shift in sentiment around the macro has brought increasing budget scrutiny, the needs of CFOs and finance departments remain front and center in today's market. We have seen macro turbulence in the past, and we are confident in our ability to navigate through it and execute our long-term strategy. And what we know from experience is that increased uncertainty leads to more focus on system modernization.

感謝您今天下午加入我們。 2025 年第一季的業績為我們帶來了一個好的開始。儘管宏觀情緒的快速轉變帶來了越來越嚴格的預算審查，但財務長和財務部門的需求仍然是當今市場的焦點。我們過去經歷過宏觀動盪，我們有信心渡過難關並執行我們的長期策略。我們從經驗中知道，不確定性的增加會導致對系統現代化的更多關注。

With that, let me recap our strong results in Q1 amidst the highly dynamic environment. We achieved total revenue growth of 24% and free cash flow margin of 26%. We saw increasing customer interest and strong momentum for our Sensible AI machine learning product, as well as strength in our commercial business.

藉此，讓我來回顧一下我們在第一季的高度動態環境中取得的強勁業績。我們實現了總收入成長 24%，自由現金流利潤率達到 26%。我們看到客戶對我們的 Sensible AI 機器學習產品的興趣日益濃厚，發展勢頭強勁，同時我們的商業業務也實力雄厚。

Continuing our trend over the last few years, our unified platform was recognized by leading third-party industry analysts as a leader in software for the office of the CFO. For the third year in a row, OneStream was named as a leader in financial flows and consolidation solutions in Gartner's Magic Quadrant. And for the fifth consecutive year, BARC ranked OneStream as a leader in financial performance management solutions.

延續過去幾年的趨勢，我們的統一平台被領先的第三方產業分析師認可為財務長辦公室軟體的領導者。OneStream 連續第三年被 Gartner 魔力像限評為金融流和整合解決方案領導者。連續第五年，BARC 將 OneStream 評為財務績效管理解決方案的領導者。

And we officially brought some of last year's new product innovations to market this quarter at our sales kickoff. This included our ESG reporting and planning, and our prepackaged CPM Express offering for rapid implementation. We also launched our new pricing and packaging. All in all, a solid start to the year.

我們在本季的銷售啟動會上正式將去年的一些新產品創新推向市場。這包括我們的 ESG 報告和規劃，以及我們為快速實施而預先包裝的 CPM Express 產品。我們也推出了新的定價和包裝。總而言之，今年有一個好的開始。

Since then, the world has changed dramatically. Changing tariffs and trade policies are causing currency variability, impacting supply chains and tightening enterprise and government budgets, leaving businesses globally to navigate the ongoing uncertainty. While the macro may initially pause some digital transformation efforts, events such as these have historically also had the potential to drive opportunity for us.

自那時起，世界發生了巨大變化。關稅和貿易政策的變化導致貨幣波動，影響供應鏈，並收緊企業和政府預算，使全球企業面臨持續的不確定性。雖然宏觀因素最初可能會暫停一些數位轉型努力，但從歷史上看，此類事件也有可能為我們帶來機會。

The changing conditions can expose the shortcomings of outdated legacy systems and cause a renewed focus on technology upgrades and the modernization of old tech stacks. More than ever, this landscape underscores the importance of agility in financial operations. Ultimately, this can be an opportunity for finance leaders to look for systems with greater accuracy and efficiency, along with more dynamic forecasting and planning.

不斷變化的條件可能會暴露過時遺留系統的缺點，並引起人們重新關注技術升級和舊技術堆疊的現代化。這種情況比以往任何時候都更加凸顯了敏捷性在金融營運中的重要性。最終，這對財務主管來說是一個機會，可以尋找更準確、更有效率的系統以及更具動態的預測和規劃。

In our view, the current environment further amplifies the drivers at the heart of OneStream's value proposition. Number one, it's still early in the digital transformation of finance. Finance departments have been slow to fully embrace and trust the cloud. If anything, the current landscape is highlighting the need for the modernization of the office of the CFO and a unified view of corporate financial data.

我們認為，目前的環境進一步放大了 OneStream 價值主張的核心驅動力。第一，金融數位化轉型還處於早期階段。財務部門對於雲端運算的完全接受和信任一直進展緩慢。無論如何，目前的情況凸顯了財務長辦公室現代化和企業財務資料統一視圖的必要性。

Number two, the scope of the CFO role continues to expand, especially in times like these. There are even higher expectations on CFOs to provide strategic insights on operational planning to drive business strategy and execution. This requires financial tools like dynamic reporting to complement the static nature of traditional ERP systems.

第二，財務長的職責範圍不斷擴大，尤其是在目前的情況下。人們對財務長的期望更高，希望他們能夠提供營運規劃的策略見解，以推動業務策略和執行。這需要動態報告等財務工具來補充傳統 ERP 系統的靜態性質。

Number three, AI is an incredible opportunity to increase the value of finance knowledge workers and business performance. Strong, proven, and applied AI solutions have the potential to give CFOs even greater visibility, agility, and predictability into their business. Today, a growing volume of economic and other business drivers are changing so quickly that the speed and accuracy of AI is becoming vital to be able to forecast and plan the business. Business calibration is demanding greater forecast accuracy more quickly than ever before.

第三，人工智慧為提升財務知識工作者的價值和業務績效提供了絕佳的機會。強大、成熟和應用的人工智慧解決方案有可能為財務長提供更高的業務可見度、靈活性和可預測性。如今，越來越多的經濟和其他商業驅動因素正在快速變化，因此人工智慧的速度和準確性對於預測和規劃業務變得至關重要。商業校準對預測準確性的要求比以往任何時候都要高。

We built the OneStream platform to help companies respond to any market environment. The breadth and depth of our platform enables customers to: Number one, unify financial and operational data into one common data model to serve as a single source of truth for real-time scenario planning; number two, to accelerate and improve planning, forecasting, and decision-making with AI solutions purpose-built for finance, a category we refer to as Finance AI; and number three, extend the platform through rapid and innovative product development all without adding technical debt.

我們建構了OneStream平台來幫助企業應對任何市場環境。我們平台的廣度和深度使客戶能夠：第一，將財務和營運數據統一到一個通用數據模型中，作為實時情景規劃的單一事實來源；第二，利用專為財務構建的人工智能解決方案（我們稱之為財務人工智能）加速和改進規劃、預測和決策；第三，透過快速創新的產品開發來擴展平台，而無需增加技術債務。

These core tenets continue to serve as the north-star of our product road map and how we innovate and expand the value of our platform for customers. We see great opportunity ahead and continue to invest for growth, including strategic investments to build out our Finance AI portfolio, which you will hear more about at Splash next week.

這些核心原則繼續作為我們產品路線圖的北極星，以及我們如何創新和擴大我們平台對客戶的價值。我們看到未來的巨大機遇，並將繼續投資以實現成長，包括策略性投資以建立我們的金融 AI 產品組合，您將在下週的 Splash 上聽到更多相關資訊。

During the first quarter, we officially released our CPM Express product designed to democratize the accessibility of our enterprise level platform for companies of all sizes and sophistication levels. This added to the solid bookings growth of over 50% year-over-year we saw in our commercial business this quarter. We launched our ESG reporting and planning solution enabling customers to collect, analyze, report, and plan for ESG requirements, including Scope 1, 2, and 3 emissions and link sustainability efforts with financial performance.

在第一季度，我們正式發布了 CPM Express 產品，旨在讓各種規模和複雜程度的公司都能輕鬆使用我們的企業級平台。這進一步鞏固了我們本季商業業務預訂量年增 50% 以上的強勁勢頭。我們推出了 ESG 報告和規劃解決方案，使客戶能夠收集、分析、報告和規劃 ESG 要求，包括範圍 1、2 和 3 排放，並將永續發展工作與財務績效連結起來。

Finally, building off last year's strong results, SensibleML Q1 bookings for our AI product, which we are now calling SensibleAI Forecast, grew over 50% year-over-year, as customers are putting a greater premium on our differentiated Finance AI capabilities. We continue to create solutions that are purpose-built for finance using our proven quantitative AI capabilities along with expanded generative and agentic AI capabilities.

最後，基於去年強勁的業績，我們的 AI 產品 SensibleML Q1 預訂量（我們現在稱之為 SensibleAI Forecast）同比增長了 50% 以上，因為客戶對我們差異化的金融 AI 功能更加重視。我們將繼續利用我們經過驗證的定量人工智慧能力以及擴展的生成和代理人工智慧能力來創建專門針對金融的解決方案。

Now let me give you some examples of how our customers are modernizing their core financial systems and utilizing SensibleAI Forecasts with OneStream. We saw a great momentum in our international business this quarter with 40% year-over-year revenue growth. One of the foundational wins we had was with a new customer that chose OneStream to replace a decades-old legacy system. A large European retail group signed a multiyear engagement with 500 users and plans to leverage OneStream's core financial consolidation, reporting, tax, cash flow, and ESG. After a thorough evaluation, the customer saw the power and breadth of our unified platforms, together with our SensibleAI Forecast and planning capabilities as more than capable of supporting its growing complexity and scale, as well as the evolving reporting demands of its global business.

現在，讓我給您一些例子，說明我們的客戶如何實現其核心財務系統的現代化，以及如何利用 SensibleAI Forecasts 和 OneStream。本季我們的國際業務發展勢頭強勁，營收年增 40%。我們所取得的基礎性勝利之一是，一位新客戶選擇 OneStream 取代已有幾十年歷史的舊系統。一家大型歐洲零售集團與 500 名用戶簽署了多年協議，並計劃利用 OneStream 的核心財務合併、報告、稅收、現金流量和 ESG。經過全面評估，客戶看到了我們統一平台的強大功能和廣度，加上我們的 SensibleAI 預測和規劃能力，足以支持其日益增長的複雜性和規模，以及其全球業務不斷變化的報告需求。

As I mentioned, we now have many of the world's most important companies using our SensibleAI Forecast solution to help them better plan their business and drive efficiencies. More and more, AI has become a part of virtually every customer conversation. Prospects and customers are now approaching us about the potential of AI in their work flows earlier and earlier. With some even beginning their OneStream relationship with our SensibleAI Forecast solution which incorporates our proven machine learning-based time series forecasting and scenario modeling capabilities with generative AI capabilities.

正如我所提到的，現在世界上許多最重要的公司都在使用我們的 SensibleAI Forecast 解決方案來幫助他們更好地規劃業務並提高效率。人工智慧越來越成為幾乎每個客戶對話的一部分。潛在客戶和客戶現在越來越早地向我們諮詢人工智慧在其工作流程中的潛力。一些公司甚至開始與我們的 SensibleAI Forecast 解決方案建立 OneStream 關係，該解決方案將我們經過驗證的基於機器學習的時間序列預測和場景建模功能與生成式 AI 功能結合在一起。

An example of this comes from a large energy utility company in the Asia Pacific called Endeavour Energy that recently selected OneStream to lead a transformative finance-driven growth strategy. The very first thing they wanted was a demand forecast using our SensibleAI Forecast solution because of the outsized value that a more accurate forecast of energy consumption would bring. Within eight weeks, they were leveraging SensibleAI Forecasts to predict demand across regions and pricing structures, including flat rate and time of day tariffs. They achieved over 95% forecast accuracy and reduced the effort required to refoecast by 90%. This highlights why customers, both new and existing, are embracing SensibleAI Forecasts as an important strategic lever in their financial transformation journey.

一個例子是亞太地區一家名為 Endeavour Energy 的大型能源公用事業公司，該公司最近選擇 OneStream 來領導一項變革性的金融驅動型成長策略。他們最想要的是使用我們的 SensibleAI Forecast 解決方案進行需求預測，因為更準確的能源消耗預測將帶來巨大的價值。在八週內，他們利用 SensibleAI Forecasts 預測跨地區需求和定價結構，包括固定費率和分時電價。他們的預測準確率超過了 95%，並且將重新預測所需的工作量減少了 90%。這突顯了為什麼新舊客戶都將 SensibleAI Forecasts 作為其財務轉型過程中的重要策略槓桿。

Many companies have only just begun to supplement their use of OneStream's core platform with these quantitative AI capabilities. Not only are we seeing adoption from our existing core customers to facilitate their demand forecasting, but we are starting to see customers that have previously purchased SensibleAI Forecasts expand their use of the product.

許多公司才剛開始利用這些定量 AI 功能來補充 OneStream 核心平台的使用。我們不僅看到現有核心客戶採用該產品來促進他們的需求預測，而且我們也開始看到先前購買了 SensibleAI Forecasts 的客戶擴大了該產品的使用範圍。

Last year, one of the world's largest retailers deployed six use cases of our SensibleAI Forecast product across four business segments. They realized significant time savings and higher forecasting accuracy during the year. Fast forward to Q1 of this year, that same customer purchased more than seven additional use cases, nearly doubling their initial investment in SensibleAI Forecast. They plan to use it to drive both daily short-term outlooks as well as monthly long-term outlooks for sales, SG&A, headcount, and cash. The combination of our comprehensive core capabilities with our growing Finance AI portfolio is helping OneStream become a one-stop shop for companies to navigate today's complexities.

去年，全球最大的零售商之一在四個業務部門部署了我們的 SensibleAI Forecast 產品的六個用例。他們在這一年中節省了大量時間並提高了預測準確性。快進到今年第一季度，同一位客戶購買了超過 7 個額外的用例，幾乎是其在 SensibleAI Forecast 上的初始投資的兩倍。他們計劃利用它來推動銷售額、銷售、一般及行政費用、員工人數和現金的每日短期展望以及每月長期展望。我們全面的核心能力與不斷增長的財務 AI 產品組合相結合，正在幫助 OneStream 成為企業應對當今複雜問題的一站式商店。

In summary, CFOs are recognizing the need for a more dynamic, unified cloud platform to react to changes in today's unpredictable environment. This is not the first time we have seen a macro disruption of this magnitude. What we know from experience is that often, this is when some of the greatest opportunities emerge. Demand for the OneStream platform continues to gain momentum as we add more brand name companies to our customer base.

總而言之，財務長們意識到需要一個更具活力、統一的雲端平台來應對當今不可預測的環境的變化。這不是我們第一次看到如此規模的宏觀動盪。我們從經驗中得知，通常這時就會出現一些最好的機會。隨著我們的客戶群中增加更多品牌公司，對 OneStream 平台的需求持續成長。

Our uniquely unified AI-powered infinitely extensible platform is highly aligned to the financial and operational information needs of modern businesses. And next week, at our Splash user conference, nearly 50 customers will tell their stories of just how significantly the OneStream platform has impacted their business.

我們獨特的統一人工智慧無限擴展平台與現代企業的財務和營運資訊需求高度契合。下週，在我們的 Splash 用戶大會上，近 50 位客戶將講述 OneStream 平台對他們的業務的巨大影響。

We believe OneStream has never been more relevant to today's environment. And our speed to value is only increasing with the results are SensibleAI Forecast technology delivers. OneStream was engineered to help customers steer their business in moments like these. Markets may take some time to sort out, and we will manage accordingly. But make no mistake, we plan to continue to grow and invest in our mission to be the operating system for modern finance so we can capture the enormous opportunity that we see ahead.

我們相信 OneStream 與當今環境從未如此相關。隨著 SensibleAI Forecast 技術帶來的成果不斷湧現，我們實現價值的速度也不斷加快。OneStream 的設計初衷是幫助客戶在這樣的時刻掌控自己的事業。市場可能需要一些時間來理清，我們將採取相應的措施。但請不要誤會，我們計劃繼續發展並投資於我們的使命，即成為現代金融的作業系統，以便我們能夠抓住未來的巨大機會。

Before I wrap up, As you saw recently, we made a few organizational changes so that our primary innovation and growth functions now report directly to me, including our CRO, Ken Hohenstein; our CMO and Strategy Officer, Tim Minahan; and Craig Colby, who will be our Chief Success Officer focusing on building strategy around customer success and expansion, including CPM Express. I believe these changes cement our leadership for the next phase of growth.

在我結束之前，正如您最近看到的，我們進行了一些組織變革，以便我們的主要創新和成長職能現在直接向我匯報，包括我們的首席風險官 Ken Hohenstein；我們的首席營銷官兼戰略官 Tim Minahan；以及 Craig Colby，他將擔任我們的首席成功官，專注於圍繞客戶成功和製定戰略，包括 CPM Express。我相信這些變化將鞏固我們在下一階段成長中的領導地位。

Lastly, I want to thank all of our employees, customers, and partners for their continued support and trust in us. We are confident we have the right team and product to navigate this environment.

最後，我要感謝我們所有的員工、客戶和合作夥伴對我們的持續支持和信任。我們相信我們擁有合適的團隊和產品來應對這種環境。

Now let me turn the call over to Bill.

現在讓我把電話轉給比爾。

Thanks, Tom. Good afternoon, everyone. We had a strong first quarter of revenue growth and free cash flow generation. Total revenue grew 24% year-over-year to $136 million. Subscription revenue increased 31% year-over-year to $125 million. We have licensed revenue of $4 million which was down 40% compared with last year due to customers' fast conversions as we have signaled previously. Professional services and other revenue was $8 million, slightly above expectations. We had a record quarter of free cash flow at $36 million which represents a 26% free cash flow margin.

謝謝，湯姆。大家下午好。我們第一季的營收成長和自由現金流產生強勁。總營收年增24%至1.36億美元。訂閱營收年增31%至1.25億美元。我們的授權收入為 400 萬美元，與去年相比下降了 40%，這是由於我們之前已經表示過的客戶的快速轉換造成的。專業服務和其他收入為 800 萬美元，略高於預期。我們本季的自由現金流創下新高，達到 3,600 萬美元，自由現金流利潤率為 26%。

Our international business had a particularly strong quarter with revenue growth of 40% year-over-year and continues to represent more than 30% of total revenue. We continue to see more than 60% of our business come from new customers as we continue to capitalize on finance and AI transformation opportunities at some of the world's most important companies. We ended the quarter with 1,646 total customers, up 16% year-over-year, a slight acceleration from Q4.

我們的國際業務本季表現尤為強勁，營收年增 40%，繼續佔總營收的 30% 以上。隨著我們繼續利用世界上一些最重要的公司的金融和人工智慧轉型機會，我們繼續看到超過 60% 的業務來自新客戶。本季結束時，我們共有 1,646 名客戶，年增 16%，較第四季略有成長。

Billings had a strong quarter, increasing 30% year-over-year to $154 million and 24% on a trailing 12-month basis. I would like to remind everyone that we view our trailing 12 months as the best indicator of billings momentum as it normalizes lumpiness in any single quarter.

比林斯本季表現強勁，年增 30% 至 1.54 億美元，過去 12 個月年增 24%。我想提醒大家，我們將過去 12 個月視為帳單動量的最佳指標，因為它可以使任何一個季度的波動正常化。

Our 12-month cRPO was up 35% year-over-year. Total RPO grew 24% year-over-year to $1.1 billion.

我們的 12 個月 cRPO 年成長 35%。總RPO年增24%，達到11億美元。

Our Q1 non-GAAP gross margin was 70% compared to 69% last year as our services margin improved over last year, partially offset by lower software license revenue. Our non-GAAP software gross margin was 76% compared with 77% last year due to the lower software license mix. Our non-GAAP operating loss was $0.5 million in the quarter, exceeding our expectations. This favorability was due in part to lower R&D hiring and timing of marketing expenses relative to beginning of the year expectations. Total non-GAAP operating expenses increased 19% year-over-year. Non-GAAP net income was $6.7 million and non-GAAP earnings per share was $0.04.

我們第一季的非 GAAP 毛利率為 70%，去年同期為 69%，這是因為我們的服務利潤率較去年同期有所提高，但軟體授權收入的下降部分抵消了這一影響。由於軟體許可證組合減少，我們的非 GAAP 軟體毛利率為 76%，而去年同期為 77%。本季我們的非公認會計準則營業虧損為 50 萬美元，超出了我們的預期。這種有利因素部分歸因於研發招募和行銷費用的時間安排相對於年初的預期較低。非公認會計準則總營運費用年增 19%。非公認會計準則淨收入為 670 萬美元，非公認會計準則每股收益為 0.04 美元。

Total equity-based compensation expense for the first quarter was $38 million. We ended the quarter with $594 million in cash and cash equivalents.

第一季股權激勵費用總額為 3,800 萬美元。本季末，我們的現金和現金等價物為 5.94 億美元。

Now let me move on to our outlook. We are coming off a strong quarter and have the largest pipeline we have ever had at this point of the year. Additionally, we believe our product portfolio, including announcements we will make at Splash next week, is well-positioned for market needs. As we look at our business signals, our leading indicators are positive.

現在讓我談談我們的展望。我們剛剛度過了一個強勁的季度，並且擁有今年迄今為止最大的管道。此外，我們相信我們的產品組合（包括我們下週將在 Splash 上發布的公告）能夠很好地滿足市場需求。當我們觀察我們的業務訊號時，我們的領先指標是正面的。

That being said, we are all living through a period of heightened uncertainty in the broader markets where we may see companies and government agencies slow or even pause spending for a time. This may result in deal headwinds and potential downsells as budgets tighten and government restructuring continues. Additionally, ongoing customer conversions to SaaS will continue to impact license revenue. At the same time, in addition to our strong pipeline and product roadmap, FX rates have turned, and if that trend continues, FX will be a tailwind for 2025 revenue. When all of this is taken together, we are reiterating our prior 2025 guidance of 20% year-over-year revenue growth and slightly increasing our profitability outlook.

話雖如此，我們都正經歷著大盤高度不確定的時期，我們可能會看到公司和政府機構在一段時間內放緩甚至暫停支出。隨著預算緊縮和政府重組的繼續，這可能會導致交易阻力和潛在的銷售下降。此外，客戶持續向 SaaS 轉變將繼續影響授權收入。同時，除了我們強大的產品線和產品路線圖之外，外匯匯率也發生了變化，如果這種趨勢繼續下去，外匯將成為 2025 年收入的順風。綜合考慮所有這些因素，我們重申先前對 2025 年營收年增 20% 的預期，並略微上調了獲利預期。

For Q2 2025, we expect total revenue to be between $140 million to $142 million. We expect non-GAAP operating margin to be between 2% to 0%. Remember that our North America Splash user conference is in Q2, which is a considerable sales and marketing investment. We expect non-GAAP net income per share to be between $0.00 to $0.02. And we expect stock-based compensation to be between $30 million to $35 million.

對於 2025 年第二季度，我們預計總營收將在 1.4 億至 1.42 億美元之間。我們預計非公認會計準則營業利潤率將在 2% 至 0% 之間。請記住，我們的北美 Splash 用戶大會是在第二季度，這是一項相當大的銷售和行銷投資。我們預計非公認會計準則每股淨利潤將在0.00美元至0.02美元之間。我們預計股票薪酬將在3000萬美元至3500萬美元之間。

For full-year 2025, we expect total revenue to be between $583 million to $587 million. We expect non-GAAP operating margins to be between 0% to 2%. We expect non-GAAP net income per share to be between $0.05 to $0.13. And we expect stock-based compensation to be between $120 million to $130 million.

我們預計 2025 年全年總收入將在 5.83 億美元至 5.87 億美元之間。我們預計非公認會計準則營業利潤率將在 0% 至 2% 之間。我們預計非公認會計準則每股淨利潤將在0.05美元至0.13美元之間。我們預計股票薪酬將在1.2億美元至1.3億美元之間。

All in all, we were pleased with our strong performance in Q1. More than ever, companies need the ability to run real-time financial scenarios to respond to today's dynamic environment. In times of uncertainty, CFOs in particular focus on driving efficiencies, maximizing ROI, and reducing costs. At OneStream, that is what our platform enables every day. We are focused on managing our business in a thoughtful way during these uncertain times and confident that we can realize the long term opportunity we see ahead.

總而言之，我們對第一季的強勁表現感到滿意。公司比以往任何時候都更需要運行即時財務場景的能力來應對當今的動態環境。在不確定的時期，財務長尤其註重提高效率、最大化投資回報率和降低成本。在 OneStream，這就是我們的平台每天實現的功能。在這些不確定的時期，我們專注於以深思熟慮的方式管理我們的業務，並相信我們能夠實現我們所看到的未來​​長期機會。

Now let's turn it over to the operator for Q&A.

現在讓我們把時間交給操作員進行問答。

John DiFucci, Guggenheim Securities.

古根漢證券公司的約翰‧迪富奇 (John DiFucci)。

Thank you and and nice job this quarter with a lot of uncertainty out there guys. My question, I have a bunch of them, but I'm going to ask one and be respectful here, it's on your comments, Bill, about the sort of potential demand issues out there. But you also talked about leading indicators being positive. So I just want to clarify. Because you put up a really good numbers this quarter, but you didn't raise for the year. Is that based on sort of just your prudence, I mean you've been around a while, of what could happen? Or are you currently seeing demand sort of trail off a little bit at this time?

謝謝你們，儘管本季存在著許多不確定性，但你們還是做得很好。我有很多問題，但我只想問一個，並且保持尊重，這是關於你對那裡潛在的需求問題的評論，比爾。但您也談到了領先指標是正面的。所以我只是想澄清一下。因為你本季的業績確實不錯，但全年卻沒有獲利。這是不是僅僅基於你的謹慎，我的意思是你已經在這裡待了一段時間了，知道會發生什麼？或者您目前看到需求略有下降？

Hey John. It's Bill. Thanks for the question, and thanks for the nice comments. As I mentioned in my prepared remarks, our leading indicators are positive. We've got, as I mentioned, the strongest sales pipeline at this point of the year that we've ever had. We've got an exciting product pipeline that you'll see more about or hear more about from Tom and the team next week at Splash, including obviously things you already know about. But look, there's, as you know, uncertainty out there. To your point, we haven't seen it in our current results, but I think, to your point, it's prudent to be cautious as we look toward the rest of the year.

嘿，約翰。我是比爾。感謝您的提問，也感謝您的精彩評論。正如我在準備好的發言中提到的，我們的領先指標是正面的。正如我所提到的，我們今年的銷售管道是有史以來最強勁的。我們有一個令人興奮的產品線，您將在下週的 Splash 大會上從 Tom 和團隊那裡看到或聽到更多有關我們的產品線的信息，其中顯然包括您已經知道的內容。但正如你所知，那裡存在著不確定性。正如您所說，我們在目前的結果中還沒有看到這一點，但我認為，正如您所說，在展望今年剩餘時間時，謹慎行事是明智之舉。

Adam Hotchkiss, Goldman Sachs.

高盛的亞當·霍奇基斯。

Great. Thanks so much for taking the question. I know you're talking a lot about CPM Express and that seems to be a product that's growing for you really quickly. Are you seeing that resonate particularly well in a time where time to value is incrementally important for customers? Just curious how that's been tracking for you.

偉大的。非常感謝您回答這個問題。我知道您經常談論 CPM Express，這似乎是一款發展非常迅速的產品。在價值實現時間對客戶越來越重要的時代，您是否發現這一點特別能引起共鳴？我只是好奇這對你來說進展如何。

Hi Adam. Thanks for the question. And yes, as I've mentioned in prior quarters and throughout our whole investor education, we're really excited and interested in serving the emerging customer with a faster on-ramp to the OneStream platform. So CPM Express is a strategy that we're really focused on to make sure that we're delivering this comprehensive CPM experience for customers of all sizes and scale. We're in the early innings of that product. But the feedback has been very exciting that we're getting in terms of the time to value and results that customers are seeing with the platform and the completeness of the offering. So all in all, we're really excited about the investments that we've been making there and thinking about the long term.

你好，亞當。謝謝你的提問。是的，正如我在前幾個季度以及整個投資者教育過程中提到的那樣，我們非常高興並有興趣為新興客戶提供更快的 OneStream 平台接入服務。因此，CPM Express 是我們真正關注的策略，以確保我們為各種規模的客戶提供全面的 CPM 體驗。我們正處於該產品的早期階段。但就客戶透過該平台看到的價值實現時間和結果以及產品的完整性而言，我們得到的回饋非常令人興奮。總而言之，我們對在那裡進行的投資以及長遠的考慮感到非常興奮。

In addition, it really opens up the door for us to onboard additional capabilities like AI. That faster time to value is all part of our larger plan and really looking to bring that sort of productization methodology to customers of all shapes and sizes and be able to deliver on these really exciting opportunities around artificial intelligence as well.

此外，它確實為我們引入人工智慧等附加功能打開了大門。更快的價值實現時間是我們更大計劃的一部分，我們真正希望將這種產品化方法帶給各種規模的客戶，並能夠抓住人工智慧領域這些真正令人興奮的機會。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Hey guys. Thanks for taking the questions. I wanted to ask another question on the revenue guide maybe in a different way. I do understand the broad conservatism, but when I look at the growth drivers in the revenue, Bill, there's a lot, right? There's fast, there's on-prem, single instance, et cetera. And so when you constructed the guide this quarter versus last quarter, were there any changes in the assumptions and the growth of the deployments? And why would anything change or if was there any change at all?

嘿，大家好。感謝您回答這些問題。我想以不同的方式詢問有關收入指南的另一個問題。我確實理解普遍的保守主義，但是當我看到收入的成長動力時，比爾，有很多，對吧？有快速的、有本地的、有單一實例的等等。那麼，當您制定本季與上一季的指南時，假設和部署的成長是否有任何變化？為什麼會改變或是否真的改變了？

Thanks, Koji. I would just say, I mean, look, there's certainly been some macroeconomic announcements that have happened since we last talked back in February which I think, not just us, but other other companies, are looking at. A lot of those companies that you've heard from our customers. Look, we're just being cautious. And as I mentioned before, our leading indicators are quite positive and like I said, we have the largest sales pipeline we've ever had, we have an exciting product pipeline, and we're going to execute to the best of our ability in the macroeconomic environment that we have ahead of us.

謝謝，Koji。我只想說，我的意思是，自從我們二月上次談話以來，確實已經發布了一些宏觀經濟公告，我認為，不僅僅是我們，其他公司也在關注這些公告。您從我們的客戶那裡聽說過很多這樣的公司。瞧，我們只是謹慎而已。正如我之前提到的，我們的領先指標非常積極，就像我說的，我們擁有有史以來最大的銷售管道，我們擁有令人興奮的產品管道，我們將在未來的宏觀經濟環境中盡最大努力執行。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

Hey guys. Thanks for taking the question. Ryan Krieger, on for Alex. I just wanted to ask about end market bookings trends just given it sounds like it was quite strong here in 1Q. So I think in 2023 and 2024, about two-thirds of bookings was coming from legacy replacements. So curious if you're continuing to see that level of mix here in early 2025. And then I think in 4Q, one-third of bookings was coming from non-core solutions. So just given the strength you're seeing in SML, CPM Express coming online, are you seeing any tick-up in that mix as well? Thanks.

嘿，大家好。感謝您回答這個問題。瑞安·克里格 (Ryan Krieger) 替換亞歷克斯 (Alex) 上場。我只是想問終端市場預訂趨勢，因為聽起來第一季的趨勢相當強勁。因此我認為在 2023 年和 2024 年，大約三分之二的預訂來自傳統飛機的替換。我很好奇在 2025 年初你是否還會繼續看到這種程度的混合。然後我認為在第四季度，三分之一的預訂來自非核心解決方案。那麼，鑑於您在 SML、CPM Express 上線時看到的強勁表現，您是否也看到了該組合的任何成長？謝謝。

Great question. And I'm going to start and then I'm going to turn it over to Tom as he's been on the road a lot this quarter. A couple tidbits that I would give you and again, I love that you guys ask this question, over 60% of our business came from new customers. This is a metric that we continue to really be excited about, especially as we continue to scale the business. Because as I've talked about with this whole group, as we land more new logos, then we have opportunities to upsell from there, which I think we've had some pretty good success with. And as Tom mentioned, AI is a really big opportunity as well as some of the other things that we've talked about. And we continue to see a huge legacy market and a legacy TAM. We've talked about, obviously, some of the lighthouse wins that we've had, obviously, in the U.S. over time. But globally, we're starting to get some really nice ones and that's certainly been a driver of bookings growth for us. But why don't I turn it over? Tom, you've been traveling a lot, so maybe give some color.

好問題。我要開始了，然後我會把時間交給湯姆，因為他這個季度經常出差。我想告訴你們一些小道消息，我很高興你們問這個問題，我們 60% 以上的業務來自新客戶。這是一個讓我們持續感到興奮的指標，特別是當我們繼續擴大業務規模時。因為正如我與整個團隊討論過的那樣，隨著我們獲得更多新標識，我們就有機會從那裡進行追加銷售，我認為我們在這方面取得了相當大的成功。正如湯姆所提到的，人工智慧是一個非常大的機遇，就像我們談到的其他一些事情一樣。我們繼續看到巨大的遺留市場和遺留的 TAM。顯然，我們已經談到了我們在美國長期以來取得的一些重大勝利。但在全球範圍內，我們開始獲得一些非常好的預訂，這無疑是我們預訂量成長的動力。但我為什麼不把它翻過來呢？湯姆，你經常旅行，所以也許可以給你一些顏色。

Thanks, Bill. And yes, there's really just three common themes that I'm hearing from customers in general and these equate to what you might consider legacy, but they're not. Every company has to manage their core financial requirements and especially, there's a real focus on those core financial requirements during these more volatile or turbulent times. And that is financial planning, financial reporting, and as many insights as you can get. And that's traditionally would have been the job of more legacy types of solutions. So that's number one. That's still there. And what people are looking to do -- what CFOs are looking to do is to do that as quickly and as efficiently as possible so they can get into the things that they really want to do which is steer the business during these more volatile times. And that's more operational analytics. So we're seeing those discussions continue on, sort of in this order in all cases.

謝謝，比爾。是的，我從一般客戶那裡聽到的確實只有三個共同的主題，這些主題等同於您可能認為的遺留問題，但事實並非如此。每家公司都必須管理其核心財務需求，尤其是在這些更動盪或動盪的時期，需要真正關注這些核心財務需求。這就是財務規劃、財務報告以及您能獲得的盡可能多的見解。傳統上，這是更多傳統類型的解決方案的工作。這是第一點。它仍然在那裡。人們希望做的事——財務長希望做的事——就是盡可能快速有效率地完成這項工作，以便他們能夠專注於自己真正想做的事情，也就是在更動盪的時期掌控業務。這就是更多的操作分析。因此，我們看到這些討論仍在繼續，在所有情況下都是按照這種順序進行的。

And then ultimately, it's about taking those operational insights and forecasting them better and getting as much insight as you can out of those with artificial intelligence. And that's a full circle for us. That then flows back to the core. So our goal, and you mentioned CPM Express, is getting as many people, as many customers into that loop as we can and help them become efficient with the core and then let them really start to become a partner to the business and get the most advanced forecasting possible with AI. And that's a continuing trend that's resonating with our customers. And it's a consistent theme that I hear from customers as I'm out presenting and meeting with CFOs.

最終，就是要獲取這些營運洞察並更好地預測它們，並從人工智慧中獲得盡可能多的洞察。對我們來說，這是一個圓滿的循環。然後它又流回核心。因此，我們的目標是，正如您所提到的 CPM Express，讓盡可能多的人、盡可能多的客戶加入這個循環中，幫助他們提高核心效率，然後讓他們真正開始成為業務合作夥伴，並利用人工智慧獲得最先進的預測。這是一個持續的趨勢，引起了我們客戶的共鳴。這是我在外出演講和與財務長會面時從客戶那裡聽到的一個一致主題。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

Thank you. Good afternoon. Great to see solid execution this quarter. I wanted to double click into the sales pipeline. I get you had a few deal delays exiting the year. It sounds like you're not seeing that now. What would you attribute to driving the recovery in the sales pipeline? Is it pretty broad based? Any vertical standing out? Is there a couple large deals? Just walk through what you're seeing on the sales pipeline specifically in the recovery you're seeing there? Thanks.

謝謝。午安.很高興看到本季的穩健執行。我想雙擊進入銷售管道。我知道今年年底你們有幾筆交易被延後了。聽起來你現在還沒看到這一點。您認為推動銷售通路復甦的因素是什麼？它的基礎是否相當廣泛？有垂直突出的嗎？有幾筆大交易嗎？請具體介紹一下您在銷售管道中看到的情況以及您在那裡看到的復甦情況？謝謝。

Hey Brent. Thanks for the question. I would say, look, Q4 was a bit of a surprise for us in terms of some of the deals that ended up pushing into Q1. And I think our sales team has become a lot more focused on making sure that they've got all the I's dotted, T's crossed along the sales journey. I think they're an excellent team and I think they've got a lot more focus and discipline on making sure that we've got everything buttoned up as we entered the quarter. And I think that was a good -- we had a nice execution quarter from those guys, for sure.

嘿，布倫特。謝謝你的提問。我想說，就一些最終進入第一季的交易而言，第四季對我們來說有點意外。我認為我們的銷售團隊已經更加重視確保他們在銷售過程中做到面面俱到。我認為他們是一支優秀的團隊，而且我認為他們更加專注和自律，確保我們在進入本季度時把所有事情都安排妥當。我認為這是一個很好的——我們肯定從這些人那裡得到了一個很好的執行效果。

Mark Murphy, J.P. Morgan.

摩根大通的馬克墨菲。

Hi. This is Sonak Kolar, on for Mark Murphy. Thanks for taking the question. I just wanted to follow up on that point actually. It seemed like there's been some signals out there that the DOGE optimization efforts may be a bit closer to their peak now with some of our partner conversations sounding a little bit more hopeful for stabilization in the second half around U.S. Federal. Understanding there's a lot of moving pieces there, but is there any update you can give us on how you view federal spending progressing through the year? And any perhaps noticeable changes occurring over the last 90 days?

你好。我是索納克‧科拉爾 (Sonak Kolar)，取代馬克‧墨菲 (Mark Murphy)。感謝您回答這個問題。實際上我只是想跟進這一點。似乎有一些信號表明 DOGE 優化工作現在可能更接近頂峰，我們的一些合作夥伴的對話聽起來對下半年美國聯邦儲備委員會的穩定更有希望。我理解這其中有很多變動，但是您能否向我們介紹一下您對今年聯邦支出進展的看法？過去 90 天是否發生了一些明顯的變化？

I'll take that one as well. I'd say, if we just step back and think about OneStream in the federal government, we're an efficiency play. We help to drive efficiency for the federal government. We provide information. We're the only cloud-based CPM vendor who's fed ramp high. So we're quite optimistic about our federal business over time. There's a lot of legacy software that's in the federal government and we're in the modernization play. So we're really bullish about the federal government over time. In the short run, obviously, there's a lot of government downsizing, restructuring, et cetera. Q3 is the quarter that the government renewals happen and so, we'll see what happens as we get into Q3.

我也會選擇這個。我想說，如果我們退一步思考聯邦政府中的 OneStream，我們就是一個有效率的參與者。我們幫助提高聯邦政府的效率。我們提供資訊。我們是唯一一家提供高額利潤的基於雲端的 CPM 供應商。因此，我們對於聯邦業務的長期發展持非常樂觀的態度。聯邦政府中有很多遺留軟體，我們正在對其進行現代化改造。因此，我們對聯邦政府的長期發展非常看好。短期內，顯然政府會進行大量裁員、重組等等。第三季度是政府更新的季度，因此，我們將看看進入第三季度後會發生什麼。

Steve Enders, Citi.

花旗銀行的史蒂夫恩德斯。

Okay. Great. Thanks for taking the question here. I just want to ask about the pricing and packaging changes that you're rolling out right now to the base. Just I guess, what are the big changes? What are the highlights? And I guess, what's kind of the intent for the change in behavior that you're anticipating customers to take with us?

好的。偉大的。感謝您在這裡提出這個問題。我只是想詢問一下你們現在向基地推出的定價和包裝變化。我只是猜測一下，有哪些重大變化？有哪些亮點？我想，您期望客戶採取的行為改變的意圖是什麼？

Sure. This is Tom, I'll take that question. And really, as you can tell, we're introducing a lot of new innovations to the market. And the entire pricing and packaging strategy that we've had is about making sure that we have a rational durable pricing structure for ourselves and for our customers with a couple of different goals. Make sure that we're easy to do business with and contract with so that customers know what they're buying from us and how they're buying from us. And that we're actually making sure that we're getting the value for those new offerings in a value-oriented way for our customers.

當然。我是湯姆，我來回答這個問題。事實上，正如您所看到的，我們正在向市場推出許多新的創新。我們所製定的整個定價和包裝策略都是為了確保我們自己和客戶擁有一個合理且持久的定價結構，並實現幾個不同的目標。確保我們易於開展業務和簽訂合同，以便客戶知道他們從我們這裡購買什麼以及如何從我們這裡購買。我們實際上正在確保以價值為導向的方式為我們的客戶獲得這些新產品的價值。

And that really comes down to, like I said, this is an evolution of our pricing structure which is, we started with our core products in the more user-oriented approach, which is what how CPM was traditionally sold, moved on into a platform orientation as well as consumption. And so we now have this broad-based approach of user platforms and consumption-oriented pricing or usage-oriented pricing. And so we feel like we have the right strategy that facilitates and will allow us to bring these new innovations to market quickly and efficiently so that it can be consumed by both customers and our go-to market teams.

正如我所說，這實際上歸結為我們定價結構的演變，即，我們開始以更面向用戶的方式推出核心產品，也就是傳統的 CPM 銷售方式，然後轉向平台導向和消費導向。因此，我們現在採用了這種基於用戶平台和消費導向定價或使用導向定價的廣泛方法。因此，我們覺得我們擁有正確的策略，可以促進並使我們能夠快速有效地將這些新創新推向市場，以便客戶和我們的市場團隊都能使用。

Terry Tillman, Truist Securities.

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

Hey Tom, Bill, and Annie. Congratulations on the free cash flow margin. So my question is actually back to SensibleAI Forecast. It's a multi-parter. I'm curious, I think last quarter, Tom, you're talking a little bit about proof-of-value concept and maybe that could resonate, get people up and running faster. So whether it was that or just getting more comfortable being able to kind of pitch the story, maybe you could share a little bit more on what seems like kind of a tipping point there. And then the second part of this question is, I think 50% growth in bookings, Bill, you know where I'm going to go with this, when does this start to become kind of material to the bookings overall? Thank you.

嘿，湯姆、比爾和安妮。恭喜您獲得自由現金流保證金。所以我的問題其實又回到了 SensibleAI Forecast。這是一部多部曲作品。我很好奇，湯姆，我想上個季度你談到了一點價值證明的概念，也許這可能會引起共鳴，讓人們更快地啟動和運行。因此，無論是那樣，還是只是能夠更自在地講述故事，也許您可以分享更多關於那裡看似轉折點的內容。然後，這個問題的第二部分是，我認為預訂量將增加 50%，比爾，你知道我要說什麼嗎，這什麼時候開始對整體預訂量產生實質的影響？謝謝。

Thanks, Terry. I'll start with that and then, I'll let Bill comment as well. We're really excited about our early investments in artificial intelligence. And when you think of SensibleAI Forecast, you're looking at our flagship product. And to your point, Terry, we're seeing more and more validation of our customers, as we talked about in my script, demonstrated improvements in accuracy as well as reductions in the effort and energy that goes into creating those forecasts, which ultimately means you can do more forecasts at a higher quality. And that is why we're starting to see the growth in interest in that product.

謝謝，特里。我將從那開始，然後我也讓比爾發表評論。我們對早期在人工智慧領域的投資感到非常興奮。當您想到 SensibleAI Forecast 時，您看到的就是我們的旗艦產品。正如您所說，特里，我們看到越來越多的客戶認可，正如我們在腳本中討論的那樣，準確性有所提高，同時創建這些預測所需的工作量和精力也有所減少，這最終意味著您可以以更高的質量進行更多預測。這就是我們開始看到人們對該產品的興趣增長的原因。

I did mention last quarter and I think it's worth still mentioning, the market is still learning how to buy artificial intelligence. So we are really able and excited about being able to stand on these results that we're producing which are defined, repeatable, and things that are really catching the interest of customers. And I think you're going to continue to see us lean into this and invest in it, not only as we grow our go-to market motion, which includes not only positioning the successes we've had, but making sure that we are educating customers as quickly as we can to help scale that opportunity.

我確實提到過上個季度的情況，我認為仍然值得一提的是，市場仍在學習如何購買人工智慧。因此，我們真的能夠並且很高興能夠依靠我們所創造的這些成果，這些成果是明確的、可重複的，並且真正吸引了客戶的興趣。我認為您將繼續看到我們傾向於此並對其進行投資，這不僅是因為我們擴大了市場進入的動力，這不僅包括定位我們所取得的成功，還包括確保我們盡快教育客戶以幫助擴大這一機會。

In addition, I'm really excited, and I know a number of you will be at our conference next week, we'll be continuing to expand and develop and have some great announcements in our AI portfolio which are going to further demonstrate OneStream's commitment to finance AI and the value that we see really starting to accumulate, not only from SensibleAI Forecast, but Also from the core is very important as well because some of these other capabilities, in terms of generative AI and agents, depend on solid financial information. So stay tuned for that. I'm excited to share with all of you some of the great things we're doing to further enhance the potential of our AI offering to our customers. Bill?

此外，我真的很興奮，我知道你們中的許多人會參加我們下週的會議，我們將繼續擴展和發展，並在我們的人工智慧產品組合中發布一些偉大的公告，這將進一步證明 OneStream 對資助人工智慧的承諾，以及我們看到的價值真正開始積累，不僅來自 SensibleAI Forecast，而且來自核心的價值也非常重要，因為在生成人工智慧和代理方面的一些其他財務信息。因此請繼續關注。我很高興與大家分享我們正在做的一些很棒的事情，以進一步增強我們為客戶提供的人工智慧服務的潛力。帳單？

I think you said it well.

我覺得你說得很好。

Okay. Thanks.

好的。謝謝。

Siti Panigraphi, Mizuho.

西蒂·帕尼格拉菲（Siti Panigraphi），瑞穗。

Thank you. I wanted to ask on the international side. That was a pretty strong growth. Are you seeing -- I mean, how is the pipeline? I know you invested last year on the international side. Are you seeing any kind of strength or weakness in any particular industry in any particular regions given the geopolitical situation? And how should we think about international growth going forward?

謝謝。我想從國際角度詢問。這是一個相當強勁的成長。您看到了嗎——我的意思是，管道怎麼樣？我知道您去年在國際方面進行了投資。考慮到地緣政治形勢，您是否看到特定地區的特定產業有優勢或劣勢？我們該如何看待未來的國際成長？

Sure. I'll take that one. This is Tom. We're really excited about the performance outside of the United States or in our global markets. And it really comes down to a couple of different characteristics. First and foremost, we're getting more scale in terms of size, so we're able to invest. And those investments that we've been making that have been multi-year are paying off. And also, over the over the prior calls, I have mentioned that we've been landing strategic, what I'll call, foundational deals in particular markets which are really market-building deals that become critical references of OneStream's success in those markets. Those are all areas that I think -- those investments are kind of long term investments that you need to make and they're starting to pay off. And so that that enables us to invest more and continue to grow. Ultimately, I think, as Bill said, we really see this as an important market. And we hope that someday, it grows to a similar size as the United States.

當然。我要那個。這是湯姆。我們對美國以外或全球市場的表現感到非常興奮。這實際上歸結為幾個不同的特徵。首先，我們的規模越來越大，因此我們能夠進行投資。我們多年來進行的投資正在獲得回報。此外，在先前的電話會議中，我提到我們一直在特定市場達成策略性、我稱之為基礎性的交易，這些交易實際上是市場建設交易，成為 OneStream 在這些市場取得成功的關鍵參考。我認為這些都是需要進行的長期投資，而且它們已經開始獲得回報。這使我們能夠投入更多資金並繼續發展。最終，我認為，正如比爾所說，我們確實認為這是一個重要的市場。我們希望有一天，它能夠發展到與美國一樣的規模。

Scott Berg, Needham & Company.

伯格（Scott Berg），Needham & Company。

Hi everyone. Nice quarter. Apologies for any background noise, I'm at the airports. Tom, you've talked a lot about, obviously, Sensible use case and I know you guys have been excited about it since you released it. But you seem to be talking more about customers using it for more and more use cases than what we've heard in the past, just in general. How do we think about the uplift of customers paying with these additional use cases knowing this project is more on a consumption basis than a pure subscription basisL But just trying to get a gauge as customer uses it five, six, seven, eight use cases, whatever the number is, what type of benefits does OneStream gain? Thanks.

大家好。不錯的季度。抱歉造成背景噪音，我在機場。湯姆，顯然，你已經談論了很多關於合理用例的事情，我知道自從你發布它以來，你們一直對它感到興奮。但您似乎更多地談論的是客戶使用它的用例越來越多，而不是我們過去聽到的，只是一般而言。我們知道這個專案更多的是基於消費而不是純粹的訂閱，那麼我們如何看待客戶透過這些額外的用例付費的提升？但是，當客戶使用五、六、七、八個用例時，無論數量是多少，OneStream 能獲得什麼好處？謝謝。

Great. Thanks. So yeah, there's significant upside. At this point, the sample size increases, we'll be able to share more of that. But to this point, we're seeing this as a material opportunity for us in terms of ARR growth. And you're right, as we get more and more success and demonstrate success with specific use cases, and we demonstrate the agility to actually deliver on those use cases and bring the value to the customer, they want to explore more use cases. It's sort of a self-fulfilling prophecy, if you will. And so for us, we're at that point where demonstrating that success, learning from the use cases that we're exploring with those customers, and then generalizing those to bring to other customers is how you sort of build the market and then continue to evaluate.

偉大的。謝謝。是的，這確實有很大的優勢。此時，樣本量增加，我們將能夠分享更多。但到目前為止，我們認為這對我們的 ARR 成長來說是一個重大機會。你說得對，隨著我們獲得越來越多的成功並展示特定用例的成功，並且我們展示了實際實現這些用例並為客戶帶來價值的靈活性，他們想要探索更多的用例。如果你願意的話，這是一種自我實現的預言。因此，對於我們來說，我們正處於展示成功的階段，從與這些客戶一起探索的用例中學習，然後將這些用例推廣給其他客戶，這就是您如何建立市場並繼續評估。

Like I said, some really exciting announcements coming up at Splash in the rounding out or the completion of our AI platform that open up even more use cases that are interesting for us to continue the momentum and investments that we've already made. So all in all, this is an exciting area for OneStream and we're well-positioned because of our early investments to be a leader in enterprise finance AI.

就像我說的，Splash 即將發布一些非常令人興奮的公告，完善我們的 AI 平台，開闢更多有趣的用例，讓我們能夠繼續保持動力和投資。總而言之，對於 OneStream 來說，這是一個令人興奮的領域，而且由於我們早期的投資，我們有能力成為企業財務 AI 領域的領導者。

Chris Quintero, Morgan Stanley.

摩根士丹利的克里斯昆特羅。

Hey Tom. Hey Bill. Thanks for for taking the questions here. Apologies if this is already answered, but just curious around the new ESP solution that you all rolled out recently. What's been some of the early customer feedback as you develop that solution and start to put it into the the marketplace?

嘿，湯姆。嘿，比爾。感謝您在這裡回答問題。如果這個問題已經得到回答，我很抱歉，但我只是對你們最近推出的新 ESP 解決方案感到好奇。當您開發該解決方案並開始將其投入市場時，早期的客戶回饋有哪些？

Sure. So ESG is a great example of the infinite extensibility of OneStream's platform. So when we think about this, kind of taking this back full circle to the conversations that I have with CFOs, there's always this focus on core and doing what you have to do on a regular basis in monthly, quarterly, yearly planning of the business. But there's always these unforeseen, whether it's new statutory requirements or new capabilities that are required or new operational demands. ESG is a great example of a new statutory type of requirement that businesses have to contend with. They do it for both the reasons of being good corporate citizens as well as corporate compliance.

當然。因此，ESG 是 OneStream 平台無限可擴展性的一個很好的例子。因此，當我們考慮這一點時，回想一下我與財務長們的對話，我們始終專注於核心業務，並定期完成每月、每季和每年的業務規劃中必須做的事情。但總會有這些不可預見的事情，無論是新的法定要求、所需的新功能或是新的營運需求。ESG 是企業必須應對的新型法定要求的一個很好的例子。他們這樣做既是為了成為優秀的企業公民，也是為了遵守企業法規。

And so as we look at our ESG solution, we're committed to making sure that we're offering a comprehensive solution that's integrated into the platform that gives the customer leverage on the work they're already doing within the core as well as if they want to start with ESG or they want to come in and bring this as a new opportunity and bring them to the platform or using it in both ways. We're committed. Again, so that was officially launched as a GA product just in the last few months at our SKO. And we're excited about the future of that product and we continue to invest in it.

因此，當我們審視我們的 ESG 解決方案時，我們致力於確保我們提供一個整合到平台中的綜合解決方案，使客戶能夠利用他們已經在核心中所做的工作，以及他們是否想從 ESG 開始，或者他們想加入並將其作為一個新的機會，並將他們帶到平台上或以兩種方式使用它。我們決心如此。再說一次，這是我們在過去幾個月在 SKO 正式推出的 GA 產品。我們對該產品的未來充滿期待，並將繼續對其進行投資。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Hi. Thanks for taking the question. Tom, I know you mentioned that AI is coming up much earlier in customer conversations. But I'm curious with the Solution Exchange may be trending in that customer journey. How frequently is that coming up as a differentiator with new logos or is that more of an expansion driver post launch?

你好。感謝您回答這個問題。湯姆，我知道你提到人工智慧在客戶對話中出現得更早。但我很好奇，解決方案交換在客戶旅程中可能會成為一種趨勢。這種差異化在新識別中出現的頻率有多高？或者這更像是新標誌發布後的擴張動力？

Great question. The Solution Exchange is really part of this term that I just used in the last response and I'm going to use it again, infinite extensibility. And the reason that it comes up, it's always part of the conversation because it represents leverage for a customer. They're never going to run out of software with OneStream. And what I mean by that is no matter what the challenges that's coming up in the market or in the customer's business, we have the opportunity with the Solution Exchange. If we don't already have a solution in the market or a partner hasn't created one, there's always an opportunity for us to rapidly innovate and bring that capability or for the customer to self-serve because of OneStream being a true platform that you can develop on. So all in all, when I think of Solution Exchange, it really is just another way of saying infinitely extensible, and it's part of every single sales pitch, it's foundational to the OneStream message.

好問題。解決方案交換實際上是我在上次回覆中使用的這個術語的一部分，我將再次使用它，即無限的可擴展性。它之所以會出現，是因為它總是對話的一部分，因為它代表了客戶的槓桿作用。有了 OneStream，他們的軟體就永遠不會用完。我的意思是，無論市場或客戶業務出現什麼挑戰，我們都有機會透過解決方案交換來應對。如果我們在市場上還沒有解決方案，或者合作夥伴還沒有創建解決方案，那麼我們總是有機會快速創新並帶來這種能力，或者讓客戶自助服務，因為 OneStream 是一個真正的可以開發的平台。總而言之，當我想到解決方案交換時，它實際上只是無限擴展的另一種說法，它是每個銷售宣傳的一部分，它是 OneStream 訊息的基礎。

Nick Altmann, Scotiabank.

加拿大豐業銀行的尼克‧阿爾特曼。

Awesome. Thank you. Tom, you and your leadership team have been in this end market through various macro cycles. What have been some of your past learnings? And can you maybe just walk us through how you're thinking about adjusting the playbook to offset some of the macro ambiguity? I mean, is it leaning more into the commercial side or maybe you have shorter sales cycles, focusing more on upsell and cross-sell versus new logos? Just any details on some of your past learnings and how you're thinking about any adjustments would be helpful. Thanks.

驚人的。謝謝。湯姆，您和您的領導團隊已經進入這個終端市場，經歷了各種宏觀週期。您過去學到了什麼？您能否向我們介紹一下您打算如何調整劇本以抵消一些宏觀模糊性？我的意思是，它是否更傾向於商業方面，或者你們的銷售週期更短，更注重追加銷售和交叉銷售而不是新標誌？關於您過去的一些學習經驗以及您對任何調整的看法的任何細節都會有所幫助。謝謝。

Sure. To start off, I would just say that we always try to run the business from a position of discipline no matter what the economic conditions are and really focus on the things that we can control. And that means being -- I think you've heard Bill say this and myself say this in the past, we're really focused on efficient growth at all times. And this is something that I appreciate this question because for those of you that are getting to know us and our history, I did bootstrap both of these companies and I typically have a conservative stance when it comes to running the business. But the reason I bring up bootstrapping is because I've always had a growth mindset in growing the company as well as a disciplined mindset to make sure that we're growing efficiently and funding ourselves and being capital efficient.

當然。首先，我想說，無論經濟狀況如何，我們始終努力從紀律的角度來經營業務，並真正專注於我們能夠控制的事情。這意味著——我想你以前聽過比爾和我說過這句話，我們始終專注於高效成長。我很感激你提出這個問題，因為對於那些了解我們和我們的歷史的人來說，我確實創辦了這兩家公司，而且在經營業務方面我通常持保守立場。但我之所以提到自力更生，是因為我在發展公司時始終保持著成長心態，同時又有嚴謹的心態，以確保我們高效發展、自籌資金並提高資本效率。

So in general, our playbook does not change no matter what we see here. And that is, we're comfortable operating the business in this mindset whether the mindset is plentiful or scarcity and focusing on our long term objectives. And right now, my message to our team is let's focus on what we can control and let's execute. And when the sky is clear, we're just in that much better position.

因此，總的來說，無論我們看到什麼，我們的劇本都不會改變。也就是說，無論這種心態是富足的還是匱乏的，我們都樂於以這種心態經營業務，並專注於我們的長期目標。現在，我要向我們的團隊傳達的訊息是，讓我們專注於我們能夠控制的事情並去執行。當天空晴朗時，我們的處境就好得多。

Patrick Schulz, Baird.

派崔克舒爾茨，貝爾德。

Hey. Thanks for taking my question. Just on the updated guidance, it looks like you reiterated revenue but raised the margin guide. Can you talk about some of the drivers behind this and some of the leverage you have with the margins? Just how are you thinking about balancing near term investments across product innovation and go-to market relative to driving improved margins?

嘿。感謝您回答我的問題。僅在更新後的指南中，您似乎重申了收入，但提高了利潤率指南。您能否談談這背後的一些驅動因素以及您對利潤率的一些影響力？您如何考慮平衡產品創新和市場進入的短期投資與提高利潤率？

I'll take that one. Thank you. As I mentioned in my prepared remarks, we have had slower hiring growth than we had expected when the year started. And so certainly, that's been a bit of a tailwind to operating margin. Look, as Tom said, we are calibrating the business. I had the opportunity to talk to a reporter, actually, a couple weeks ago. And in some ways, this is like the best time to be a CFO. When business is easy, then your job is easy. But in today's world, me and my peers, as Tom talked about, we're helping CEOs to look around corners. We did, just to kind of reiterate, the Finance 2035 report that we did a few months ago where they talk about how the CFO is becoming more strategic. This is the time when CFOs are becoming more strategic. And it's a time when, obviously, our software is quite relevant. We certainly do scenario planning and looking at the business, leveraging our own software. And I think we're continuing to manage the business accordingly. In addition, obviously, to leveraging our tools, I would say, we continue to make investments in our product to help us reduce COGS. We still have a journey to go there. And yeah, all those things give us confidence in the increase in profitability guidance that we gave you.

我要那個。謝謝。正如我在準備好的發言中提到的那樣，我們的招募成長速度比年初預期的要慢。因此，這無疑對營業利潤率起到了一定的推動作用。瞧，正如湯姆所說，我們正在調整業務。事實上，幾週前我就有機會與一位記者交談。從某種程度上來說，現在正是擔任財務長的最佳時機。當生意容易時，你的工作就容易。但在當今世界，正如湯姆所說，我和我的同事正在幫助執行長們放眼未來。我們確實重申了幾個月前發布的《2035 年財務報告》，其中討論了財務長如何變得更具策略性。現在是財務長變得更具策略性的時代。顯然，在這個時候我們的軟體就顯得非常重要了。我們當然會利用自己的軟體進行情境規劃和業務分析。我認為我們會繼續以相應的方式管理業務。此外，顯然，為了利用我們的工具，我想說，我們將繼續對我們的產品進行投資，以幫助我們降低銷售成本。我們還有一段路要走。是的，所有這些都讓我們對我們給您的獲利預測的成長充滿信心。

Derrick Wood, TD Cowen.

德里克伍德 (Derrick Wood)，TD 考恩。

Great. Thanks. You guys had a nice growth quarter in net new customer count. How are you feeling about the potential cadence of new customer growth in 2025? I mean, on one end, we have a tougher macro. But on the other end, it sounds like you're seeing nice strength out of the commercial side where volumes could be higher. So when you put these together, do you think you could continue to drive growth on the net new customer count or how should we be thinking about assumptions there?

偉大的。謝謝。你們的淨新客戶數量在本季取得了良好的成長。您對 2025 年新客戶成長的潛在節奏有何看法？我的意思是，一方面，我們有更嚴格的宏觀政策。但另一方面，聽起來你看到商業方面表現出色，交易量可能會更高。因此，當您把這些放在一起時，您認為您可以繼續推動淨新客戶數量的成長嗎？或者我們應該如何考慮那裡的假設？

Thanks. I'll take this one. We definitely are looking at this as having multiple vectors of growth. We've got these areas of strength within the business, as you pointed out. Obviously, interest in our artificial intelligence is fueling new customers. We see customers starting with that use case specifically. And that's getting prioritized. So I think that's one avenue that can help us continue to drive. And as you mentioned though, the commercial segment which we're intentionally focusing on and looking to really give the opportunity for, like I said, businesses of all sizes and sophistication, and on-ramp to an enterprise-level CPM platform to help them manage these types of macro turbulence that they're seeing at the moment. Plus some of the other areas that we have in terms of, we talked about the infinite extensibility or the product offerings that we have within the marketplace. All those people, all those different solutions or vectors give us the opportunity to continue to add new customers. And it's really early days in the areas of CPM Express where we're leaning into that at this point and we're really focused on continuing to invest and driving that opportunity. So I think, all in all, it's why I've sort of been mentioning over time that we see that as a significant opportunity for us to continue to invest and drive adoption.

謝謝。我要這個。我們確實將其視為具有多種成長方向。正如您所指出的，我們的業務在這些領域具有優勢。顯然，對我們的人工智慧的興趣正在吸引新客戶。我們看到客戶專門從該用例開始。這正成為優先事項。所以我認為這是可以幫助我們繼續前進的一條途徑。正如您所提到的，我們有意專注於商業領域，並希望為各種規模和複雜程度的企業提供機會，並進入企業級 CPM 平台，幫助他們管理目前看到的這些類型的宏觀動盪。再加上我們涉及的其他一些領域，我們討論了無限的可擴展性或我們在市場上提供的產品。所有這些人、所有這些不同的解決方案或載體使我們有機會繼續增加新客戶。目前，我們正致力於 CPM Express 領域的早期發展，並真正專注於繼續投資和推動這項機會。所以我認為，總而言之，這就是為什麼我一直在提到，我們認為這是我們繼續投資和推動採用的重要機會。

Daniel Jester, BMO Capital Markets.

丹尼爾‧傑斯特 (Daniel Jester)，BMO 資本市場。

Great. Good evening. Thanks for taking my question. I guess we're going to see some of this firsthand next week, but maybe just an update in terms of what you're seeing from your partners in terms of the investments in their OneStream practices? And any teasers in terms of how many of them are participating in building for the Solution Exchange? Thank you.

偉大的。晚安.感謝您回答我的問題。我想我們下週就會親眼看到一些這方面的情況，但也許只是就您從合作夥伴那裡看到的有關他們在 OneStream 實踐方面的投資的最新情況而言？能否透露其中有多少人參與了解決方案交換的建設？謝謝。

Sure. We really are excited about the help of our partner community. We're embracing a select set of partners around CPM Express to help us drive that into the market. We're excited about our GSI participation and interest in our AI solutions. At the same time, we have our core artists and partners that have been really focused on helping us drive and deliver success at the core side of the business or the financial analytics and operational. We take all those things together, each of those -- that cohort of of partners that's on the ground implementing the software, they're critical to our innovation engine. And you're going to see more and more of them. In fact, we just recently announced and we will be announcing the acquisition of partner-generated solutions to provide more value to our customers which is a great example of a win-win for everybody in the OneStream community, not only for OneStream, but for customers and for the partner. And that's a signal, for me in particular, of the health of that ecosystem. So again, we'll continue to invest in that area -- invest in the community around OneStream which ultimately powers opportunity for all of us in the future.

當然。我們真的很高興能得到合作夥伴社群的幫助。我們正在與 CPM Express 周圍的一些精選合作夥伴合作，幫助我們將其推向市場。我們對 GSI 的參與以及對我們的 AI 解決方案的興趣感到非常興奮。同時，我們擁有核心藝術家和合作夥伴，他們真正專注於幫助我們推動和實現業務核心方面或財務分析和營運的成功。我們將所有這些因素綜合起來，每一個——實地實施軟體的合作夥伴群體，對我們的創新引擎至關重要。你將會見到越來越多這樣的人。事實上，我們最近剛宣布並將宣布收購合作夥伴產生的解決方案，以便為我們的客戶提供更多價值，這是 OneStream 社群每個人雙贏的一個很好的例子，不僅對 OneStream 有利，對客戶和合作夥伴也有利。對我來說，這是一個生態系統健康的訊號。所以，我們將繼續在該領域進行投資——投資 OneStream 周圍的社區，這最終將為我們所有人的未來帶來機會。

Andrew Degasperi, BNP.

英國國家銀行的安德魯·德加斯佩里。

Thanks. I just had a question on the federal executive order that came out back in April about modernizing financial accounting systems. Do you guys benefit from that? And if so, how and what would be the timeline for that? Thank you.

謝謝。我只是對四月發布的關於現代化財務會計系統的聯邦行政命令有一個疑問。你們從中受益了嗎？如果可以，那麼如何實現以及時間表是怎樣的？謝謝。

Hey Andrew. Nice to see you picking up coverage on us, so thanks for that. Look, I'd just reiterate as it relates to the federal government a few things that I think OneStream helps to provide. Again, we do help modernize the government. As I mentioned, they do have a number of legacy applications. I'm not super familiar with the specifics of the executive order, but to the extent that it's relevant to things like modernization efficiency, security which obviously our fed ramp high certification helps to enable, we feel really well-positioned, as I mentioned earlier, to be able to serve the federal government over time, and we're quite optimistic about that.

嘿，安德魯。很高興看到您關注我們，謝謝。聽著，我只是想重申一下與聯邦政府相關的一些我認為 OneStream 有助於提供的東西。再次強調，我們確實幫助政府實現了現代化。正如我所提到的，他們確實有許多遺留應用程式。我並不是非常熟悉行政命令的具體內容，但就其與現代化效率、安全性等方面的關係而言，顯然我們的聯邦坡道高認證有助於實現這些目標，正如我之前提到的，我們感到非常有優勢，能夠長期為聯邦政府服務，我們對此非常樂觀。

Mark Schappel, Loop Capital Markets.

馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Hi. Thank you for taking my question. And Tom, the international business continues to perform well. I was wondering if you could just comment on what you're seeing just regarding the demand environment specifically in Europe. And then also competitively, are you seeing a different mix of competitors over there?

你好。感謝您回答我的問題。湯姆，國際業務繼續表現良好。我想知道您是否可以評論一下您所看到的有關歐洲的需求環境。那麼從競爭角度來看，您是否看到那裡的競爭對手有不同的組合？

Good. Thanks, (inaudible). Yes, I actually recently did a trip to Europe, so I've got some firsthand customer interaction there. And definitely, the common theme whether I'm in Europe or Asia Pacific, there's an interest in modernizing and everybody realizes that the turbulence that they're seeing and experiencing in the market requires thoughtfulness and optimization in the financial system space. So in general, we feel that we're positioned well especially because of the multiyear investments that we've been making in those regions and again getting scale.

好的。謝謝，（聽不清楚）。是的，事實上我最近去了一趟歐洲，所以我在那裡與一些客戶進行了第一手的互動。毫無疑問，無論我在歐洲還是亞太地區，都有一個共同的主題，那就是人們對現代化感興趣，每個人都意識到他們在市場上看到和經歷的動盪需要在金融體系領域進行深思熟慮和優化。因此，總的來說，我們認為我們處於有利地位，特別是因為我們在這些地區進行了多年的投資並再次擴大了規模。

But to your question on competitive mix, nothing's really changed in the competitive mix. Some of the foundational deals that we have been able to land and execute on are signaling to the market though about OneStream's position and potential within those markets. So overall, I like our positioning. And with all the product announcements that we have coming at Splash, again, we're really tailoring -- when you think about the faster onboarding of CPM Express, the potential of CPM Express, there's different flavors of CPM Express and some of them were even looking to tailor for on a regional basis. So again, focusing on competitiveness across the board and ease of use across the board is all part of our long term strategy and execution. So this is why I remain bullish and excited about, really, all regions for OneStream.

但對於您關於競爭組合的問題，競爭組合其實沒有任何變化。我們已經達成並執行的一些基礎交易正在向市場發出信號，表明 OneStream 在這些市場中的地位和潛力。所以總的來說，我喜歡我們的定位。隨著我們在 Splash 上發布的所有產品，我們再次強調，我們確實在進行量身定制 - 當您考慮 CPM Express 的更快入職、CPM Express 的潛力時，您會發現 CPM Express 有不同的風格，其中一些甚至希望根據區域進行定制。因此，再次強調，全面關注競爭力和易用性都是我們長期策略和執行的一部分。這就是為什麼我對 OneStream 的所有地區都保持樂觀和興奮。

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

謝謝。今天節目的問答環節到此結束。我想將節目單交還給安妮·萊斯欽 (Annie Leschin)，以便她發表進一步的評論。

Thanks very much, operator. Thank you everyone for joining us and we look forward to seeing a number of you next week at Splash.

非常感謝，接線生。感謝大家的參與，我們期待下週在 Splash 見到你們。

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，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。