OneStream Inc (OS) 2025 Q2 法說會逐字稿

Thank you for standing by and Welcome to OneStream's second quarter fiscal year 2025 earnings conference call. (Operator Instructions) 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.

感謝您的支持，歡迎參加 OneStream 2025 財年第二季財報電話會議。（操作員指示）提醒一下，今天的節目正在錄製，現在我想介紹今天節目的主持人，投資者關係和戰略財務副總裁安妮·萊斯欽 (Annie Leschin)。請繼續。

Thank you, operator. Good afternoon, everyone. Welcome to OneStream's second quarter 2025 earnings conference call. Joining me on the call today is our Co-Founder, CEO, and President, Tom Shea; and our CFO, Bill Coed.

謝謝您，接線生。大家下午好。歡迎參加 OneStream 2025 年第二季財報電話會議。今天與我一起參加電話會議的還有我們的共同創辦人、執行長兼總裁 Tom Shea 和我們的財務長 Bill Coed。

The press release announcing our second quarter of 2025 results issued earlier today is posted on our investor relations website at investor.onestream.com along with an earnings highlights presentation. 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 City's Global TMT conference in New York on September 4, and the second is Goldman Sachs' Communicopia and Technology Conference in San Francisco on September 10. A live stream and replay of our presentations at the conferences will be made available on our investor relations website.

今天稍早發布的宣布我們 2025 年第二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。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。一是9月4日在紐約舉行的City全球TMT大會，二是9月10日在舊金山舉行的高盛Communicopia與科技大會。我們將在投資者關係網站上提供會議上演講的直播和重播。

Now let me remind everyone that some of the statements on today's call are forward-looking, including those related to guidance for the third quarter ending September 30, 2025, and the year ending December 31, 2025. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions, and other factors. Some of these risks are describing in greater detail in the documents we file with the SEC from time to time, including our quarterly report on Form-10Q for the quarter and the June 30, 2025, that we filed today.

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 9 月 30 日的第三季和截至 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。其中一些風險在我們不時向美國證券交易委員會提交的文件中進行了更詳細的描述，包括我們今天提交的本季度和 2025 年 6 月 30 日的 Form-10Q 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. 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 the most directly comparable GAAP measures.

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。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。今天的電話會議上提到的非公認會計準則 (non-GAAP) 指標不應與最直接可比較的公認會計準則 (GAAP) 指標分開考慮或替代。

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 core operating performance.

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。

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

我們的歷史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可以在今天下午的新聞稿和我們投資者關係網站上發布的盈利亮點介紹中找到。

We are not able to provide reconciliations for forward-looking non-GAAP measures without unreasonable effort because certain adjustments cannot be predicted with reasonable certainty and could be significant, particularly related to equity-based compensation and employee stock transactions and the related tax effects. Now we'll turn it over to Tom.

我們無法在不付出不合理努力的情況下提供前瞻性非公認會計準則指標的對賬，因為某些調整無法合理確定地預測，而且可能影響重大，特別是與股權薪酬和員工股票交易以及相關稅收影響有關的調整。現在我們將把時間交給湯姆。

Thank you for joining us this afternoon. The second quarter of 2025 built on the momentum of Q1 with strong subscription revenue growth and record attendance at our slash user conference. We continue to focus and execute on our long term vision to digitally empower the office of the CFO.

感謝您今天下午加入我們。2025 年第二季延續了第一季的勢頭，訂閱收入強勁增長，用戶大會出席人數創歷史新高。我們將繼續關注並執行我們的長期願景，以數位化方式增強財務長辦公室的能力。

We saw growth in our European business and our North American commercial business even as we navigate near-term uncertainty in certain markets, particularly the US federal public sector.

儘管我們面臨某些市場（尤其是美國聯邦公共部門）的短期不確定性，但我們的歐洲業務和北美商業業務仍實現成長。

Our second half pipeline remains healthy as our message continues to resonate in the market. Our focus on product and AI innovations has positioned one stream to capitalize on our momentum and build long-term value for shareholders, customers, and employees.

由於我們的訊息繼續在市場上引起共鳴，我們下半年的銷售管道依然健康。我們專注於產品和人工智慧創新，從而充分利用我們的發展勢頭，為股東、客戶和員工創造長期價值。

With that, let me recap our strong results for Q2. We had another quarter of solid execution as one stream continues to replace legacy solutions worldwide.

有了這些，讓我來回顧一下我們第二季度的強勁業績。隨著一個流程繼續在全球取代傳統解決方案，我們又度過了一個穩健的執行季度。

We achieved total revenue growth of 26% year-over-year, driven by strong subscription revenue growth of 30% year-over-year and a free cash flow margin of 20%. Sa conversions continued as our customers adopt version nine of our platform, which delivers advances in performance, scalability, and capabilities.

我們的總收入年增 26%，這得益於訂閱收入年增 30% 以及自由現金流利潤率 20%。隨著我們的客戶採用我們平台的第九版，Sa 轉換仍在繼續，該版本在性能、可擴展性和功能方面均有進步。

Our core finance platform continues to drive the majority of our revenue growth, and the early momentum of our recently launched CPM express offering is enabling customers to access the power of our platform with the ease and speed of its implementation.

我們的核心財務平台繼續推動我們大部分的收入成長，而我們最近推出的 CPM 快速服務的早期勢頭使客戶能夠輕鬆、快速地利用我們平台的強大功能。

This is helping us capture more of the large legacy replacement opportunity that we believe is just in its early innings. The investments customers are making in our core capabilities will ultimately unlock the significant value that our finance AI brings.

這有助於我們抓住更多大型遺留系統替換的機會，我們認為這些機會才剛開始。客戶對我們的核心能力的投資最終將釋放我們的財務人工智慧帶來的巨大價值。

We introduced some of our most advanced AI innovations at our Splash conference in Nashville. Including our enhanced sensible AI forecast, sensible AI studio, and sensible AI agents. More and more customers are beginning to realize the unique and transformational value that OnceStream's finance AI delivers.

我們在納許維爾的 Splash 會議上介紹了一些最先進的人工智慧創新。包括我們增強的智慧AI預測、智慧AI工作室和智慧AI代理。越來越多的客戶開始意識到 OnceStream 的財務 AI 所提供的獨特和變革價值。

This is reflected by our more than 60% year-over-year growth in AI bookings for the first half of 2025 and the ROI our customers are experiencing. Adding to our leading market rankings from Gartner and IDC, OneStream's market leadership was again recognized this quarter through our exceptional results in Bark's annual planning survey, where OneStream achieved top 27 rankings and 56 leading positions from the analyst firm.

這反映在我們 2025 年上半年 AI 預訂量年增 60% 以上以及客戶的投資報酬率。除了我們在 Gartner 和 IDC 的領先市場排名之外，OneStream 的市場領導地位在本季度再次透過我們在 Bark 年度規劃調查中的出色成績得到認可，OneStream 在分析公司中獲得前 27 名的排名和 56 個領先位置。

These proof points give us the confidence that our strategy is resonating with companies across the globe. These engines of our business continue to feed off three main drivers at the heart of our industry.

這些證據讓我們有信心，我們的策略正在引起全球各地公司的共鳴。我們的業務引擎繼續以我們行業核心的三個主要驅動力為動力。

Number one, finance is in the initial phase of its digital transformation. Having utilized outdated legacy financial systems for decades, CFOs are recognizing the crucial need for a platform to provide a single view into financial and operational data across the enterprise to effectively steer the business.

第一，金融正處於數位轉型的初始階段。幾十年來，財務長一直使用過時的傳統財務系統，他們認識到，迫切需要一個平台來提供整個企業的財務和營運數據的單一視圖，以有效地指導業務。

Number two, the role of the CFO is evolving and expanding. CFOs are transitioning from focusing on reporting to providing more strategic insight and operational planning to help drive business execution.

第二，財務長的角色正在演變和擴大。財務長正在從關注報告轉向提供更多策略洞察和營運規劃以幫助推動業務執行。

And number three, the use of advanced tooling is enabling finance teams to drive business performance, not only measure it. We are seeing a shift in customers looking for applied solutions that are purpose built for finance. Proven AI solutions have the potential to give finance teams greater predictability and visibility into their business with more speed and agility.

第三，使用先進的工具使財務團隊能夠推動業務績效，而不僅僅是衡量它。我們發現，客戶對專為金融而設計的應用解決方案的尋求正在轉變。經過驗證的人工智慧解決方案有可能使財務團隊以更快的速度和靈活性更好地預測和了解其業務。

Taken together, these industry trends remain at the heart of our market opportunity, guiding our product road map, shaping our innovation, and expanding the value of our platform. And the second quarter was no different. Now let me recap our product innovations announce that splash, including some of our most powerful advancements yet.

總的來說，這些產業趨勢仍然是我們市場機會的核心，指導我們的產品路線圖，塑造我們的創新，並擴大我們平台的價值。第二季也同樣如此。現在讓我回顧一下我們宣布的這些產品創新，其中包括我們迄今為止最強大的一些進步。

We welcomed prospects and customers to the finance AI era and gave them a front row seat to the future of finance and one stream's role in shaping it. Fundamental to our platform is our plug and play architecture known as Genesis.

我們歡迎潛在客戶和客戶進入金融人工智慧時代，並讓他們親眼目睹金融的未來以及一個流程在塑造金融未來中的作用。我們平台的基礎是被稱為 Genesis 的即插即用架構。

As a refresher, Genesis consists of a null code clipped to configure engine and library of reusable functionality like dashboards, widgets, formulas, and workflows that can easily be snapped together to dramatically simplify and personalize a customer's one stream experience.

回顧一下，Genesis 由一個用於配置引擎的空代碼和可重複使用的功能庫組成，如儀表板、小部件、公式和工作流程，它們可以輕鬆地組合在一起，從而大大簡化和個性化客戶的單流體驗。

Genesis is now generally available, and there was so much interest from customers and partners that we had to create additional sessions so they could get their hands on the product and learn more.

Genesis 現在已普遍可用，客戶和合作夥伴表現出了極大的興趣，因此我們不得不創建額外的會議，以便他們能夠親身體驗產品並了解更多資訊。

Splash reinforced how transformational AI can be when connected to a company's financial and operational data. We highlighted a number of global brands having significant success with sensible AI forecasts.

Splash 強調了當人工智慧與公司的財務和營運數據連接時可以發揮多大的變革作用。我們重點介紹了一些透過合理的人工智慧預測取得重大成功的全球品牌。

Pushing their forecast accuracy as high as 95% to date. Sensible AI forecasts is just the first step in our AI journey. We also unveiled several new applied finance AI solutions tailored to the office of the CFO. Number one, Sensible AI Studio moved to general availability in June. It is a collection of algorithms or routines built to solve key finance and business process issues such as anomaly detection and trending analysis. These routines can be accessed in three ways.

迄今為止，他們的預測準確率已高達 95%。合理的人工智慧預測只是我們人工智慧之旅的第一步。我們也推出了幾款針對財務長辦公室量身打造的新型應用財務 AI 解決方案。首先，Sensible AI Studio 於 6 月全面上市。它是一系列演算法或例程的集合，用於解決異常檢測和趨勢分析等關鍵財務和業務流程問題。可以透過三種方式存取這些例程。

First, one reeds them directly into existing solutions like we did with anomaly detection within one stream account reconciliations.

首先，將它們直接納入現有解決方案中，就像我們在單流帳戶對帳中進行異常檢測一樣。

Second, Customers and partners can access these routines as Genesis blocks, snagging them into their existing workflows. That means customers do not have to be programmers to build reports and applications on our platform.

其次，客戶和合作夥伴可以將這些例程作為 Genesis 區塊進行訪問，並將其納入現有的工作流程中。這意味著客戶不必是程式設計師就可以在我們的平台上建立報告和應用程式。

Third, developers can access the sensible AI routine through rest APIs. Sensible AI Studio does all of this without the cost, complexity, or risk of stand-alone deployments. Already we are seeing customers purchase sensible AI Studio, given its quick time to value.

第三，開發者可以透過REST API存取智慧AI例程。Sensible AI Studio 可以完成所有這些工作，而無需獨立部署的成本、複雜性或風險。我們已經看到客戶購買智慧 AI Studio，因為它的價值實現速度很快。

A great early example of this. In two was an existing commercial customer who chose to adopt Sensible AI Studio just a month after its release. With nearly 1,000 dental centers, they wanted the ability to look across their portfolio to benchmark each one based on performance, key attributes, and other metrics.

這是一個很好的早期例子。其中兩個是現有的商業客戶，他們在 Sensible AI Studio 發布僅一個月後就選擇採用它。他們擁有近 1,000 家牙科中心，希望能夠縱觀其投資組合，根據績效、關鍵屬性和其他指標對每個牙科中心進行基準測試。

By harnessing our advanced machine learning algorithms delivered through sensible AI Studio, they can now automatically flag outliers, whether unusually high expenses or unexpectedly low collection rates.

透過利用我們透過合理的 AI Studio 提供的先進機器學習演算法，他們現在可以自動標記異常值，無論是異常高的費用還是意外低的收款率。

This capability, which was not possible before, is enabling them to move from time consuming manual reporting and analysis to leveraging automated insights that enable strategic action.

這種以前不可能實現的功能使他們能夠從耗時的手動報告和分析轉向利用自動化洞察來採取策略行動。

This reflects our vision of a single platform with a plug and play architecture seamlessly connecting the core finance functions with advanced AI. Two, we also introduced sensible AI agents.

這反映了我們的願景，透過一個即插即用架構的單一平台將核心財務功能與先進的人工智慧無縫連接起來。二是我們也引進了明智的人工智慧代理。

Which are currently under private preview with several customers. These include four agents finance analyst, operations analyst, search analyst, and deep analysis. Embedded in one stream, these agents can be operated within workflows, data models, and security framework that our customers already know and trust.

目前，一些客戶正在對其進行私人預覽。其中包括四名代理財務分析師、營運分析師、搜尋分析師和深度分析。這些代理嵌入在一個流程中，可以在我們的客戶已經了解和信任的工作流程、資料模型和安全框架內運行。

When asked the question, these agents can directly access validated financial and operational data within the platform to automate complex tasks, deliver deeper insights, and help organizations move faster with confidence. Perhaps the best way to describe our differentiated approach to finance AI is that we bring quantitative, generative, and agentic AI capabilities together into solutions that target the specific needs of CFOs, something no other company does.

當被問到這個問題時，這些代理商可以直接存取平台內經過驗證的財務和營運數據，以自動執行複雜的任務，提供更深入的見解，並幫助組織更有信心地更快地行動。也許描述我們對財務 AI 的差異化方法的最佳方式是，我們將定量、生成和代理 AI 功能整合到針對 CFO 特定需求的解決方案中，這是其他公司所沒有做的。

Before I highlight a few customer wins in Q2, there's one other pillar of our platform strategy that we are just beginning to accelerate into market. We call this Agile financial analytics or AFA.

在我重點介紹第二季取得的一些客戶勝利之前，我們的平台策略還有另一個支柱，就是我們才剛開始加速進入市場。我們稱之為敏捷財務分析或 AFA。

Which harmonizes transactional and fast moving operational drivers with financial intelligence. This enables finance teams to number one, monitor performance and drivers on a daily, weekly, and near real-time basis. Number two, model scenarios quickly, and number three, respond to changing dynamics with precision.

它將交易和快速移動的營運驅動因素與財務智慧相協調。這使得財務團隊能夠每天、每週、近乎即時地監控績效和驅動因素。第二，快速模擬場景；第三，精確響應不斷變化的動態。

We are beginning to embed AFA into our advanced planning solutions to empower finance to drive integrated planning that links back to financial objectives of the business.

我們開始將 AFA 嵌入到我們的高階規劃解決方案中，以增強財務部門推動與業務財務目標相關的綜合規劃的能力。

Once again, our customer wins this quarter reinforce the need for a modern unified platform to enable agility in financial reporting and planning that scales to meet the needs of the world's largest companies.

本季我們的客戶再次獲勝，這強化了對現代統一平台的需求，該平台可實現財務報告和規劃的靈活性，並可擴展以滿足全球最大公司的需求。

A Q2 example of this was a leading motion and control technology company that still relied on legacy and homegrown systems after multiple acquisitions over 20 years.

Q2 的一個例子是一家領先的運動和控制技術公司，經過 20 多年的多次收購後，仍然依賴傳統和自主開發的系統。

As they embarked on their financial modernization journey. They were surprised to learn that more than half of their peers were already one stream customers.

他們踏上了金融現代化之旅。他們驚訝地發現，超過一半的同儕已經是單流客戶。

They will be using our core consolidation capabilities to unify consolidation, management reporting, account reconciliations, and FPNA.

他們將使用我們的核心合併功能來統一合併、管理報告、帳戶對帳和 FPNA。

While more customers embark on their journey with one stream's core platform, some are beginning by also utilizing our advanced finance AI capabilities to realize efficiency gains and accelerate operational insights.

雖然越來越多的客戶開始使用 one stream 的核心平台，但有些客戶也開始利用我們先進的財務 AI 功能來提高效率並加速獲得營運洞察。

Similar to Endeavor Energy, who was on stage at Splash, we saw another global industrial manufacturer add sensible AI forecasts to its initial purchase of our core platform.

與在 Splash 上亮相的 Endeavor Energy 類似，我們看到另一家全球工業製造商在首次購買我們的核心平台時添加了合理的 AI 預測。

Replacing its legacy CPM solution. Under the direction of the CFO and CEO, AI-driven forecasting has become central to their strategy. Providing the accuracy and agility needed to manage new tariff pressures and shifting global trade dynamics.

取代其傳統的 CPM 解決方案。在財務長和執行長的指導下，人工智慧驅動的預測已成為其策略的核心。提供管理新的關稅壓力和不斷變化的全球貿易動態所需的準確性和靈活性。

We also had a significant core win with a major US government institution. This highlights the opportunity that exists for us in the public sector, even as the current purchasing environment at the federal level remains dynamic.

我們也與美國一家主要政府機構取得了重大的核心勝利。這凸顯了我們在公共部門存在的機遇，儘管當前聯邦層級的採購環境仍然充滿活力。

This organization was looking to modernize and streamline its legacy homegrown budgeting tool that could not meet its needs to scale and consolidate key processes.

該組織正在尋求對其傳統的自主研發的預算工具進行現代化和簡化，因為該工具無法滿足其擴展和整合關鍵流程的需求。

One stream will allow their teams to move away from Excel, automating key reporting processes to drive efficiency and stronger team satisfaction. This is a landmark win for one stream which, together with our recent federal A high certification, opens the door for future public sector expansion. This quarter, our North American commercial business performed well, driven in part by the growth of our CPM express product.

一個流程將允許他們的團隊擺脫 Excel，自動化關鍵報告流程以提高效率和更高的團隊滿意度。這是一個里程碑式的勝利，與我們最近獲得的聯邦 A 級認證一起，為未來公共部門的擴張打開了大門。本季度，我們的北美商業業務表現良好，部分原因是我們的 CPM 快遞產品的成長。

By reaching customers early in their financial journeys. And getting them up and running in as little as 8 to 12 weeks, we are resetting historical expectations that CPM implantations are a heavy lift.

透過在客戶財務旅程的早期階段接觸客戶。只需 8 到 12 週的時間就能讓它們啟動並運行，我們正在重新設定 CPM 植入是一項艱鉅任務的歷史預期。

CPM Express is giving them a solid foundation from which to expand and gain access to one stream of advanced solutions and AI technologies more quickly.

CPM Express 為他們提供了堅實的基礎，使他們能夠更快地擴展並獲得一系列先進的解決方案和人工智慧技術。

One such customer was a fire protection and suppression provider that needed to transition from its former parent companies like CCPM systems. They chose our CBM express platform to modernize their finance processes in a condensed timeline.

其中一位客戶是消防和滅火供應商，需要從其以前的母公司（如 CCPM 系統）轉型。他們選擇了我們的 CBM 快速平台，以便在短時間內實現財務流程的現代化。

Within just two days, the company extracted metadata from the legacy environment and loaded it into CPM Express.

僅用兩天時間，該公司就從遺留環境中提取了元資料並將其加載到 CPM Express 中。

The solution enabled them to complete the implementation within eight weeks and subsequently to expand their use cases within months of the initial deployment. These examples reinforce one simple truth.

該解決方案使他們能夠在八週內完成實施，並隨後在初始部署後的幾個月內擴展其用例。這些例子證實了一個簡單的事實。

The one stream platform is not only a catalyst for efficiency, precision, and proactive decision making across the enterprise, but together with our embedded finance AI portfolio, it can be a game changer by delivering even more powerful insights at scale.

單流平台不僅是整個企業效率、精確度和主動決策的催化劑，而且與我們嵌入式財務 AI 產品組合相結合，它可以大規模提供更強大的洞察力，從而改變遊戲規則。

In closing, It's been a year since we took the company public. Today I'm even more excited about our future and the clear value OneStream brings to finance teams.

最後，我們公司上市已經有一年了。今天，我對我們的未來以及 OneStream 為財務團隊帶來的明顯價值感到更加興奮。

We have made incredible progress and our customers are beginning to see the value of our growing applied finance AI portfolio. And we are just getting started. We have a clear vision, strong momentum, and a team that is more energized than ever to take finance further.

我們取得了令人難以置信的進步，我們的客戶開始看到我們不斷成長的應用金融人工智慧產品組合的價值。我們才剛開始。我們擁有清晰的願景、強勁的發展勢頭以及一支比以往任何時候都更有活力、致力於推動金融進一步發展的團隊。

Thank you. Now I will turn the call over to Bill to provide details on Q2 financials and our financial guidance.

謝謝。現在我將把電話轉給比爾，讓他提供有關第二季度財務狀況和財務指導的詳細資訊。

Thanks, Tom. Good afternoon, everyone, and thank you for joining today's call. We are pleased to discuss the results of our second quarter of 2025. Total revenue grew 26% year-over-year to $148 million. Subscription revenue increased 30% year-over-year to $134 million. License revenue declined $900,000 compared with last year, primarily due to our success in driving fast conversions. Professional services and other revenue was up $500,000 compared to last year. Free cash flow for the second quarter was $29 million up 281% compared with last year.

謝謝，湯姆。大家下午好，感謝大家參加今天的電話會議。我們很高興討論 2025 年第二季的業績。總營收年增26%至1.48億美元。訂閱收入年增 30% 至 1.34 億美元。授權收入與去年相比下降了 90 萬美元，主要原因是我們成功推動了快速轉換。專業服務和其他收入比去年增加了 50 萬美元。第二季自由現金流為 2,900 萬美元，較去年同期成長 281%。

For the first six months of the year, total revenue grew 25% year-over-year to $284 million. Subscription revenue increased 30% year by year to $259 million. And our free cash flow for the first half of the year was $65 million up 100% compared with last year. Our international business had another particularly strong performance in Q2, with revenue growth of 34% year by year, now contributing 33% to our total revenue.

今年前六個月，總營收年增25%，達2.84億美元。訂閱營收年增30%至2.59億美元。我們上半年的自由現金流為 6,500 萬美元，比去年同期成長了 100%。我們的國際業務在第二季再次表現尤為強勁，營收年增34%，目前對我們總營收的貢獻率為33%。

We continue to see more than 60% of our bookings come from new customers as we capitalize on the digital transformation of finance in the AI evolution at some of the world's most important companies. We ended the quarter with nearly 1,700 customers, up 14% year every year. Billings increased 20% year-over-year to $151 million and 23% on a trailing 12-month basis.

隨著我們利用世界上一些最重要的公司的人工智慧發展中的金融數位轉型，我們繼續看到超過 60% 的預訂來自新客戶。本季結束時，我們擁有近 1,700 名客戶，年增 14%。帳單金額年增 20%，達到 1.51 億美元，過去 12 個月年增 23%。

I would like to remind everyone that we view the trailing 12 months as the best indicator of Bill's momentum as it normalizes lumpiness in any single corner. Our 12-month CRPO was up 29% year-over-year.

我想提醒大家，我們認為過去 12 個月是比爾勢頭的最佳指標，因為它可以使任何一個角落的不平整正常化。我們的 12 個月 CRPO 年增 29%。

Total RPO grew 21% year by year to $1.2 billion. Our Q2 non-GAAP gross margin was 70% compared with 69% last year, due primarily to higher software revenue as a percent of total revenue.

RPO總額年增21%，達12億美元。我們第二季的非 GAAP 毛利率為 70%，而去年同期為 69%，主要歸因於軟體收入佔總收入的百分比上升。

Our non-GAAP software growth margin was 76% flat of last year. Our non-GAAP operating income of $1.6 million in the quarter increased $10.3 million compared with the prior year due to a combination of strong revenue growth and the scaling of our operating expenses.

我們的非公認會計準則軟體成長利潤率與去年持平，為 76%。本季我們的非公認會計準則營業收入為 160 萬美元，較上年同期增加 1,030 萬美元，這得益於強勁的收入成長和營業費用的縮減。

Non-GAAP net income with $9 million in the quarter compared with a loss of $5 million in the prior year and non-GAAP earnings per share was $0.05. Total equity-based compensation expense for the second quarter was $31 million. We ended the quarter with $652 million in cash and cash equivalents.

本季非公認會計準則淨利為900萬美元，去年同期淨虧損為500萬美元；非公認會計準則每股收益為0.05美元。第二季股權激勵費用總額為3,100萬美元。本季末，我們的現金和現金等價物為 6.52 億美元。

In summary, we were pleased with our strong performance in the second quarter and 1st half of 2025.

總而言之，我們對 2025 年第二季和上半年的強勁表現感到滿意。

Now let me turn to guidance.

現在讓我來談談指引。

Consistent with last quarter, we have the largest pipeline we have ever had at this point of the year and feel very good about our product portfolio and innovation momentum. Our leading indicators remain positive.

與上一季一致，我們在今年此時擁有有史以來最大的產品線，並且對我們的產品組合和創新勢頭感到非常滿意。我們的領先指標依然保持正面。

As such, we are increasing our full year 2025 revenue guidance to be between $586 million to $590 million. Now let's turn to Q3. As Tom mentioned, we're positive about the long-term outlook for the US federal and the public sector business.

因此，我們將 2025 年全年營收預期上調至 5.86 億美元至 5.9 億美元之間。現在讓我們轉到第三季。正如湯姆所提到的，我們對美國聯邦和公共部門業務的長期前景持樂觀態度。

Near term, the uncertainty in the spending and restructuring environment in the public sector is likely to impact our Q3 revenue growth, as this is the largest quarter for the US federal government business.

短期內，公共部門支出和重組環境的不確定性可能會影響我們第三季的營收成長，因為這是美國聯邦政府業務規模最大的一個季度。

In addition, we continue to see opportunities to convert on-premise government contracts to Sass, which we have contemplated in our guidance.

此外，我們繼續看到將內部政府合約轉換為 Sass 的機會，我們已經在指導中考慮過這一點。

Based on these factors, we are offering the following outlook, including some one-time measures to give additional color to our guidance. In Q3, we expect total revenue to be between $147 million to $149 million.

基於這些因素，我們提出以下展望，包括一些一次性措施，為我們的指導增添更多色彩。我們預計第三季總營收將在 1.47 億美元至 1.49 億美元之間。

We expect subscription revenue to grow at least 25% year-over-year. We expect billings to be between $160 million to $162 million. We expect billing's growth to revert to 20% plus year-over-year in Q4.

我們預計訂閱收入將年增至少 25%。我們預計營業額將在 1.6 億美元至 1.62 億美元之間。我們預計第四季的帳單成長率將恢復到 20% 以上。

In '23, we expect free cash flow to be break even to slightly negative in line with our historical seasonality trends. We expect non-GAAP operating margins to be between 0% to 2%. We expect non-GAAP net income per share to be between $0.01 to $0.03. We expect stock-based compensation expense to be approximately $30 million.

在23年，我們預期自由現金流將達到損益兩平或略為負，與我們的歷史季節性趨勢一致。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在0.01美元至0.03美元之間。我們預計股票薪酬支出約為3000萬美元。

For full-year 2025, we expect total revenue to be between $586 million to $590 million. We expect non-GAAP operating margins to be between 1% to 3%.

我們預計 2025 年全年總收入將在 5.86 億美元至 5.9 億美元之間。我們預計非公認會計準則營業利潤率將在 1% 至 3% 之間。

We expect non-GAAP net income per share to be between $0.07 to $0.15. We expect stock-based compensation expense to be between $120 million to $125 million.

我們預計非公認會計準則每股淨利潤在0.07美元至0.15美元之間。我們預計股票薪酬支出將在1.2億美元至1.25億美元之間。

All in all, we had a strong Q2 and first half performance. Despite the specific dynamics in the US federal public sector market in the 3rd quarter, our business outlook remains strong.

總而言之，我們第二季和上半年的表現強勁。儘管第三季美國聯邦公共部門市場出現了一些特殊的動態，但我們的業務前景依然強勁。

Our unique platform, innovative product roadmap, our pipeline, and most importantly, our unwavering commitment to customer success all make us confident in our ability to realize the long term opportunity we see ahead.

我們獨特的平台、創新的產品路線圖、我們的產品線，以及最重要的，我們對客戶成功的堅定承諾，都讓我們對自己實現未來長期機會的能力充滿信心。

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。

(Operator Instructions) John DiFucci, Guggenheim Securities.

（操作員指示）古根漢證券的 John DiFucci。

Thank you. I have a question. My first question is for Tom, but I also have a follow up for Bill, if that's okay. So Tom, we appreciate that Onstream's done very well selling financial consolidation and clothes to the office of the CFO, and then you've leveraged those relationships into successful sort of phase two expansions for FP&A.

謝謝。我有一個問題。我的第一個問題是問湯姆的，但如果可以的話，我也想問比爾一個後續問題。所以湯姆，我們很欣賞 Onstream 在向首席財務官辦公室銷售財務合併和服裝方面做得非常出色，然後你利用這些關係成功地實現了 FP&A 的第二階段擴展。

And this is evident from all your prepared remarks, but we also recognize that one stream can be and is used for the very large opportunity and operational planning, which goes beyond the office of the CFO. So can you talk a little bit about the sort of go to market steps that you've put in place that you're taking to drive expansion outside the office of the CFO and then maybe even any recent success stories in that regard would be great.

從你們準備好的所有發言中都可以看出這一點，但我們也認識到，一個流程可以用於非常大的機會和營運規劃，這超出了財務長的辦公室。那麼，您能否稍微談談您為推動財務長辦公室以外的擴張而採取的行銷措施，然後，如果能談談這方面最近的成功案例就更好了。

Sure, thanks, John, and yeah, I'd love to talk about that. But first, let me kind of ground you in the strategy of our platform, which is, we kind of call it the three core pillars of our platform. And the first is the core, as you've mentioned, that's the core financial capability that every business has to do. It's the monthly, quarterly, yearly reporting. It's the planning and management of the business.

當然，謝謝，約翰，是的，我很樂意談論這個。但首先，讓我先向您介紹我們平台的策略，也就是我們稱為平台的三大核心支柱。第一個是核心，正如您所提到的，這是每個企業必須具備的核心財務能力。這是每月、每季、每年的報告。這是業務的規劃和管理。

And as you mentioned, as companies gain efficiency in doing that by our unified platform, they immediately become interested in doing more operational type of planning, which we've been doing for years and years with our customers. What you see and why I mentioned AFA in my. Marks is that we're really focusing on bringing that fast changing operational data. When you think about operational planning versus financial planning, you're talking about more agile type of data changing more quickly that needs to be enriched to find that financial signal in it.

正如您所提到的，隨著公司透過我們的統一平台提高效率，他們立即對進行更多操作類型的規劃產生了興趣，我們已經與客戶合作多年了。您看到了什麼以及為什麼我在我的文章中提到了 AFA。馬克斯表示，我們真正關注的是快速變化的營運數據。當您考慮營運規劃與財務規劃時，您談論的是更靈活、變化更快的資料類型，需要對其進行豐富才能在其中找到財務訊號。

Our capabilities that we have in the platform are enabling us to look for those generalizations now to answer your question specifically, we're looking at targeted use cases that we can bring to the market that demonstrate that capability by looking at what our customers are asking us to do across the customer base.

我們在平台上擁有的能力使我們能夠尋找那些概括，以便具體回答您的問題，我們正在研究可以推向市場的目標用例，透過查看客戶要求我們在整個客戶群中做什麼來展示這種能力。

One example of a product that we'll be showcasing shortly that really takes advantage of a lot of these capabilities. Our ESG product which is heavily based on the AFA technologies and our core technologies because it's dealing with more fast changing operational data. That's what you can expect from us is uncovering those generic use cases that we will then bring to bring to the customers in a similar type of approach as we're doing with, marketplace products or exchange products that we have or even in the format of an express type of product. So that's a huge opportunity for us going forward. At the same time, that's all wrapped in our plug and play architecture, which is another way of saying productization. It's our focus on driving scale to the market and all of this.

我們即將展示的一個產品範例確實利用了這些功能。我們的 ESG 產品主要基於 AFA 技術和我們的核心技術，因為它可以處理更多快速變化的營運數據。您可以期待我們揭示那些通用用例，然後以類似於我們現有的市場產品或交換產品，甚至以快遞產品的形式，將這些用例帶給客戶。所以這對我們未來來說是一個巨大的機會。同時，這一切都包含在我們的即插即用架構中，這也是產品化的另一種說法。我們的重點是推動市場規模和所有這些。

In conclusion, is powered and enabled by our AI platform which is fully integrated. So that, in general, what you're seeing from us is this focus on productization.

總之，它由我們完全整合的 AI 平台提供支援和支援。因此，總的來說，您從我們這裡看到的是專注於產品化。

That's going to enable us to drive this new value to our customer base.

這將使我們能夠向我們的客戶群傳遞這一新價值。

And that it sounds like and that that just makes it easier for the customer to to to know how to to to they don't have to, they start with a framework that you give them for specific use cases and that makes a lot of sense.

這聽起來像是讓客戶更容易知道如何做，他們不必從您為特定用例提供的框架開始，這很有意義。

Thank you for that. And Bill, I am so you guys like you pointed out, you reported strong 2 and you know we all know that 3Q for the federal government is the fiscal year end for the federal government. And you've been open I think more so than a lot of other companies about you know what that can entail and what it and I'm just trying to get my arms around like what it is.

謝謝你。比爾，正如你們指出的那樣，你們報告了強勁的 2，而且你們知道，對於聯邦政府來說，第三季度是聯邦政府的財政年度結束。我認為，你們對這可能意味著什麼以及它是什麼的態度比許多其他公司更加開放，我只是想弄清楚它到底是什麼。

Because we know it's it's the end of the fiscal year and we also know that the federal government contracts are cancelable or, they can change them every year. They have to be as federal government contracts and we assume that there's more renewals in the fiscal 4th quarter. I guess I'm just wondering, are your visibility there, are you giving us this guidance for 3Q based on, hey, listen, we know these contracts are going to be cut back a little bit, or we're not going to grow much and maybe we thought we could have before, or is it because.what, we're not quite sure, but let's be a little, let's just be cognizant that of everything I just said. I'm sorry for the long winded question, but you know where I'm going, I think.

因為我們知道這是財政年度的結束，我們也知道聯邦政府合約是可以取消的，或者他們可以每年更改合約。它們必須作為聯邦政府合同，我們假設財政第四季度會有更多的續約。我想我只是想知道，您是否了解這一點，您是否根據這些情況為我們提供第三季度的指導，嘿，聽著，我們知道這些合約將會減少一點，或者我們不會有太大的增長，也許我們之前認為我們可以有，或者是因為什麼，我們不太確定，但讓我們稍微了解一下我剛才說的一切。很抱歉問了這麼長的問題，但我想你知道我要說什麼。

Yeah, no thanks, John. Look, we're giving you the best, outlook or guidance, based on the visibility that we have as of today. So we're balancing near term prudence with the fact that we do have the best pipeline for the second half of the year that we've ever had. And so we're really optimistic about the second half of the year again, it's. It's our best pipeline ever, but in the short run, and let me actually just, frame the three things that that we look at with respect to the federal government.

是的，不用了，約翰。看，根據我們今天所掌握的情況，我們會給你最好的展望或指導。因此，我們正在平衡短期謹慎和我們確實擁有有史以來最好的下半年管道。因此，我們對今年下半年再次充滿樂觀。這是我們迄今為止最好的管道，但從短期來看，讓我來概括一下我們在聯邦政府方面關注的三件事。

Number one, we know that the federal government wants to modernize their IT infrastructure and we feel like we play a really good role in that. Number 2, what we're hearing is that they really want to migrate to Sas when they're running on-premise software. They prefer the software vendors are running the software rather than folks, than folks in the government. And number 3, they're, prioritizing and rationalizing for the new reality. And we don't exact to your point, we don't exactly know what that looks like they have a number of existing projects that they're prioritizing.

首先，我們知道聯邦政府希望實現其 IT 基礎設施的現代化，我們覺得我們在這方面發揮了非常好的作用。第二，我們聽到的是，他們在運行內部部署軟體時確實希望遷移到 Sas。他們更希望軟體供應商來運行軟體，而不是由普通人，而不是政府人員來運作。第三，他們正在根據新現實確定優先事項並進行合理化。我們並不完全同意你的觀點，我們並不確切知道他們正在優先考慮哪些現有項目。

Obviously, there's been some restructuring the government related to people and so as we're looking out, we're obviously I think we talked about this and Tom talked about it, we're super excited about the long term opportunities. In the federal government, we're the only cloud-based CPM vendor that's fed ramp high, and so we're really excited about our long term opportunity, but you know we're balancing near term prudence with long term op with long term optimism as it relates to the federal government. So thanks for the opportunity to clarify our our view.

顯然，政府在與人民相關的事務上進行了一些重組，因此，當我們展望未來時，我們顯然已經討論過這個問題，湯姆也討論過這個問題，我們對長期機會感到非常興奮。在聯邦政府中，我們是唯一一家提供高額供資的基於雲端的 CPM 供應商，因此我們對我們的長期機會感到非常興奮，但您知道，我們正在平衡短期謹慎與長期營運以及與聯邦政府相關的長期樂觀。感謝你們給予我們機會來闡明我們的觀點。

That makes a lot of sense, Bill.

這很有道理，比爾。

Thank you, Bill.

謝謝你，比爾。

Thank you, Tom.

謝謝你，湯姆。

Thank you.

謝謝。

Chris Quintero, Morgan Stanley.

摩根士丹利的克里斯昆特羅。

Hey Bill, good afternoon. Really appreciate the call back here on the federal uncertainty, but want to ask around what you're seeing more broadly across the macro environment. We've seen some of your peers call out some some deal delays and a slowdown in ERP immigration, so just curious kind of what you're seeing more broadly out there in the macro environment today.

嘿，比爾，下午好。非常感謝您就聯邦不確定性問題進行回复，但我想詢問一下您對宏觀環境的更廣泛看法。我們看到一些同行指出一些交易延遲和 ERP 移民放緩，所以我很好奇您在當今宏觀環境中更廣泛地看到了什麼。

Yeah, no thanks, Chris. I'm going to take that. Look, our, as you call out at the beginning, we had a really strong Q2 performance. We had strong conversion rates. We executed, we execute our plan pretty well, if not very well, and so we saw, really strong execution. Obviously, as you look out, there is certainly, we're not naive to the fact that there's some uncertainty, but as I mentioned earlier, we. Have a really strong pipeline. Tom and I have gone through it with our go to market team, and as I mentioned, in my feedback to John, we feel very confident in in our ability to execute that pipeline in the second half, and, we'll we've navigated uncertainty before and we're going to continue to do it as we look out. So yeah, thanks for that.

是的，不用了，克里斯。我要接受這個。你看，正如你一開始所說的，我們第二季的表現非常強勁。我們的轉換率很高。我們執行了，我們執行我們的計劃相當好，即使不是很好，所以我們看到，執行力真的很強。顯然，正如你所看到的，我們當然不會忽視存在一些不確定性，但正如我之前提到的，我們。擁有真正強大的管道。湯姆和我已經與我們的行銷團隊一起經歷了這一切，正如我在給約翰的回饋中提到的那樣，我們對在下半年執行這一管道的能力非常有信心，而且，我們之前已經克服了不確定性，我們將繼續這樣做。是的，謝謝你。

Awesome, thank you.

太棒了，謝謝。

Adam Hotchkiss, Goldman Sachs.

高盛的亞當·霍奇基斯。

Great thanks so much for taking the question Tom.I want you to talk a little bit about CPM express. I know that was recently made generally available I know that time to value is something that customers are really focused on in this environment maybe just talk about, how you're working with your reps to to pitch that product and. You know how that's resonated over the last number of months relative to your expectations and then maybe just how you think about contribution of CPM express to your financials. Thanks so much.

非常感謝你回答這個問題，湯姆。我想讓你談談 CPM express。我知道這是最近才普遍推出的，我知道價值實現時間是客戶在這種環境下真正關注的事情，也許只是談論一下你如何與你的銷售代表合作推銷該產品。您知道過去幾個月這與您的預期有何關聯，然後也許您就如何看待 CPM Express 對您的財務的貢獻。非常感謝。

Sure, great thing. Great question. I'd what I'd like to do is maybe up level it a little bit because I'm really thinking of CPM express underpins our productization strategy. And so CPM express is the first of many things that we're using to get leverage on our plug and play architecture, and you and you hit it exactly correct, and that is about delivering value more quickly to our customer base. And what I mean by that is we've always felt that we have the power and sophistication to handle the largest companies in the world and now we're focused on making it even easier.

當然，很棒的事。好問題。我想做的可能是將其提升一點，因為我確實認為 CPM Express 支撐著我們的產品化策略。因此，CPM Express 是我們利用即插即用架構的眾多措施中的第一個，您說得完全正確，那就是更快地為我們的客戶群提供價值。我的意思是，我們一直認為我們有能力和智慧來應對世界上最大的公司，現在我們專注於讓這一切變得更容易。

So as you said. With CPM express, we, this is based on our Genesis plug and play architecture. It represents a fully integrated full CPM experience that if a customer is optimizing to get onto one streams platform in the fastest way possible. CPM express is that gateway without any compromises. They can ride that product all the way to the top of the, if they aspire to be Fortune one, they can, that software can, it's the same software that we would sell to the largest companies in the world.

正如你所說。透過 CPM express，我們基於 Genesis 即插即用架構。它代表了一種完全整合的完整 CPM 體驗，如果客戶正在優化以最快的方式進入一個串流平台。CPM express 就是一個沒有任何妥協的閘道。如果他們渴望成為《財星》雜誌的富豪，他們就可以憑藉這款產品一路攀升至榜首，這款軟體可以，它和我們賣給世界上最大的公司的軟體是一樣的。

Now in terms of the sales enablement in that process, we have gone through, as I mentioned at the back half of last year we validated the product market fit and our ability to deliver that solution within the time frame that we were describing to customers. We've now seen. More interest and more sale cycles taking place in Q1 and I'd say we're just getting to that point of even more deeper enablement which we've launched and reinforced at our what we call our SKL halftime and we're really optimistic. We like the direction that it's going and the feedback that we've seen.

現在就該流程中的銷售支援而言，我們已經經歷了，正如我在去年下半年提到的那樣，我們驗證了產品市場契合度以及我們在向客戶描述的時間範圍內提供該解決方案的能力。我們現在已經看到了。第一季會出現更多的興趣和更多的銷售週期，我想說，我們正處於更深入的支持階段，我們在所謂的 SKL 中場休息時推出並強化了這一支持，我們非常樂觀。我們喜歡它的發展方向和我們看到的回饋。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Yeah, hey guys, thanks so much for taking the question. Maybe two from me first one.

是的，嘿夥計們，非常感謝你們提出這個問題。也許我先說兩個。

Just kind of digging in a little bit deeper on the third quarter guide and to fully appreciate all the commentary from the federal side, but I wanted to ask about two additional levers, if those are in consideration in the guide too. And so number one would be a higher propensity for staff and just kind of given the radical nature versus upfront rev rec on your license products.

只是對第三季指南進行更深入的研究，並充分理解聯邦方面的所有評論，但我想問另外兩個槓桿，看看指南中是否也考慮到了這些槓桿。因此，首先是對員工有更高的傾向，並考慮到授權產品的激進性質與前期收入記錄。

I know there's a higher propensity for staff. Did that play a factor into the guide and maybe a follow up with the previous question CPM express coming in cheaper, right, a cheaper option, is that playing, an additional lever into kind of the guidance consideration?

我知道員工的傾向性較高。這是否對指南產生了影響？也許是對上一個問題的後續回答，CPM Express 更便宜，對吧，更便宜的選擇，這是否起到了指導考慮的額外槓桿作用？

Hey, Koji, I'm going to, this is Bill. I'm going to take those. So, and thanks for asking about the clarification. I'm, and I mentioned this in my prepared remarks, but we have absolutely contemplated that our government our federal government contracts could migrate to SA. It's just prudent, again, we don't want to have any surprises, after the end of the quarter, and so we have contemplated that. We don't know whether they're going to go in that direction or not, but we have contemplated that. Number two, as it relates to CPM express, as Tom mentioned, CPM Express is the same product, and it should, the difference is really speed of implementation. Again, our customers tend to love the best practices that we that we bring to bear.

嘿，Koji，我要去了，這是比爾。我要拿走那些。所以，謝謝您詢問澄清事宜。我在準備好的演講中提到了這一點，但我們絕對考慮將我們的政府、我們的聯邦政府合約遷移到南非。這只是謹慎的做法，我們不想在本季結束後出現任何意外，所以我們已經考慮到了這一點。我們不知道他們是否會朝這個方向發展，但我們已經考慮過了。第二，如湯姆所提到的，它與 CPM Express 相關，CPM Express 是同一種產品，差別在於實施速度。再次，我們的客戶往往喜歡我們所採取的最佳實踐。

They can adopt those best practices. These TPM express tends to be, it tends to be a good opportunity for all kinds of different companies, but particularly those who haven't had the power of a one stream platform.

他們可以採用這些最佳實務。這些 TPM 快遞對於各種不同的公司來說都是一個很好的機會，特別是對於那些還沒有單流平台力量的公司來說。

With the ease of implementation that that CPM express can bring with preconfigured chart of accounts, preconfigured reporting we've had a really good start, again, we just launched that product back in January, but we've got we've got good momentum so far and as you can tell from Tom's remarks, we're really excited about it.

CPM express 具有預先配置的會計科目表和預先配置的報告功能，易於實施，因此我們有了一個非常好的開端，同樣，我們剛剛在一月份推出了該產品，但到目前為止，我們的發展勢頭良好，正如您從湯姆的講話中看到的那樣，我們對此感到非常興奮。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

Hey guys, this is Ryan Krieger on for Alex. Thanks for taking the question. I just had a quick one around AI obviously at Splash, there was a lot of discussion around AI monetization you guys talked about how you're really happy with this hybrid model, but we're still fine tuning the AI monetization side.

大家好，我是 Ryan Krieger，為 Alex 報道。感謝您回答這個問題。我剛剛在 Splash 快速討論了 AI，關於 AI 貨幣化進行了大量討論，你們都表示對這種混合模型非常滿意，但我們仍在對 AI 貨幣化方面進行微調。

So now that some of those AI solutions have been out there, what are some early learnings on the AI monetization side, that events, what adjustments maybe have you made and maybe how do you envision it changing, in the near and long term?

那麼，既然現在已經出現了一些人工智慧解決方案，那麼在人工智慧貨幣化方面，您有哪些早期的經驗教訓？您可能做了哪些調整？以及您如何設想它在短期和長期內會改變？

Thanks, I'll take that. So, first let me just kind of Do a little refresher on the AI platform so that everybody is on the same level from a from a product perspective. We have our sensible AI forecast that's been in the market now for about 18 months, and we have a we have a pricing strategy there that is primarily usage oriented around how we're training models for customers. So so that's the hybrid pricing structure that started our hybrid pricing structure and informed a lot of our pricing and packaging strategy.

謝謝，我會接受的。因此，首先讓我稍微複習一下 AI 平台，以便每個人從產品角度都處於同一水平。我們有合理的人工智慧預測，目前已在市場上推出約 18 個月，並且我們有一個定價策略，該策略主要以我們如何為客戶訓練模型為導向。這就是混合定價結構，它開啟了我們的混合定價結構，並為我們的定價和包裝策略提供了許多資訊。

As we as we have mentioned, we also have our sensible AI studio and our sensible AI agents. So sensible AI studio is generally available and it's more of a platform tiered based pricing. So again, you're going to see a mixture across the AI platform of both usage and platform oriented pricing.

正如我們所提到的，我們還有我們的智慧 AI 工作室和智慧 AI 代理。因此，Sensible AI Studio 通常是可用的，它更像是基於平台分層定價的。因此，您會看到整個 AI 平台混合了使用情況和平台導向定價。

We are now in the 3rd phase. We are running our private preview program with agents, and that pricing strategy is underway. We have and we're validating it at this point in time. Probably will be more in the usage or sort of sort of similar to what you would see with the. Sensible AI forecast type of, pre-paid GAAP card approach if you will. So you're going to see a hybrid approach across there and as we're learning our goal ultimately is to have a low friction process for our customers so that they can use the powerful AI that we're delivering. Across the platform as easily as possible as well as have the predictability that they want in their pricing and understanding and so that's really how we view this and I think we're we're we're in the we're very close in the zone of where we want to be in terms of pricing those.

我們現在處於第三階段。我們正在與代理商一起運行我們的私人預覽計劃，並且定價策略正在進行中。我們已經這樣做了，目前正在驗證它。可能在使用上會更加類似或類似於您所看到的。如果你願意的話，可以使用明智的 AI 預測類型、預付 GAAP 卡方法。因此，您將會看到一種混合方法，正如我們所了解的，我們的最終目標是為客戶提供一個低摩擦流程，以便他們可以使用我們提供的強大人工智慧。在整個平台上盡可能輕鬆地實現，同時在定價和理解方面具有他們想要的可預測性，這就是我們對此的看法，我認為就定價而言，我們已經非常接近我們想要達到的水平。

Capabilities.

能力。

Brent Bracelin, Piper Sandler.

布倫特布雷斯林、派珀桑德勒。

Thank you. Sticking with the AI thread here, Tom, we watched live demos of OpeningEye's new GPT 5 model today after 2.5 years of training and tuning.

謝謝。湯姆，繼續這裡的人工智慧主題，我們今天觀看了經過 2.5 年的訓練和調整後的 OpeningEye 新 GPT 5 模型的現場演示。

This resurfaced investor fears around AI models disrupting the traditional app layer. Can you remind us what the one stream competitive mode is within CPM, specifically around the calculation engine? And maybe why CPM might be more insulated from AI model disruption than less specialized applications. Thanks.

這再次引發了投資者對人工智慧模型破壞傳統應用層的擔憂。您能否提醒我們CPM中的單流競爭模式是什麼，特別是圍繞計算引擎？這也許就是為什麼 CPM 比不太專業化的應用程式更能抵禦 AI 模型乾擾的原因。謝謝。

Sure, thanks. Well, let me answer that a couple of different ways. First, I'll talk, directly about the one stream platform and yes, there are very specific. Capabilities within the financial intelligence and the stack that we have that make it, a very sophisticated system where you're not going to see AI just step up and you can say AI please go write one stream. I'm very confident of that. If that was the case, I would be shipping another 50 products tomorrow for you.

當然，謝謝。好吧，讓我用幾種不同的方式來回答這個問題。首先，我將直接談論單流平台，是的，它非常具體。金融智慧和我們所擁有的堆疊的能力使其成為一個非常複雜的系統，在這個系統中，你不會看到人工智慧只是加強，你可以說人工智慧請去寫一個流。我對此非常有信心。如果是這樣的話，我明天就會再為您運送 50 件產品。

So because our AI team is very forward in using AI within our development process and it's proliferated across our our core platform team as well but we measure and calculate how we're using AI to generate code and in fact our teams consider AI to be a member of their sprint teams, but it's not a great member right now. We would, it's providing us with a lot of advantage and acceleration, but it certainly couldn't write any. Couldn't go and handle a feature that we were looking to do so I appreciate the the interest or I appreciate the excitement that Mr. Altman put forth, but I think we I think we're a bit far away from replacing the application layer.

因此，由於我們的 AI 團隊在開發過程中非常積極地使用 AI，而且它也在我們的核心平台團隊中得到了廣泛應用，但我們衡量併計算了我們如何使用 AI 來產生程式碼，事實上我們的團隊認為 AI 是他們的衝刺團隊的成員，但現在還不是一個很好的成員。我們會的，它為我們提供了許多優勢和加速，但它肯定寫不出任何東西。無法去處理我們想要實現的功能，所以我很欣賞奧特曼先生表現出的興趣或興奮，但我認為我們距離替換應用層還有一段距離。

Now with that said, I have very high expectations for AI contributing to our efficiency as a development team. And that is where the really the truth lies in terms of creating software, and every software company needs to be thinking that way. It's an accelerant. Some point far out in the future will it become sophisticated enough to help, create full systems? Yes, but when you think about what it takes to deliver a book of record type of system with audit and transparency, CFOs are going to be reluctant to just all of a sudden, rely on a. An agent or rely on an AI code base that they don't understand.

話雖如此，我對人工智慧對我們開發團隊效率的貢獻抱有很高的期望。這就是軟體開發中的真正真理，每家軟體公司都需要這樣思考。它是一種促進劑。有人指出，在遙遠的未來，它是否會變得足夠複雜來幫助創建完整的系統？是的，但是當你考慮到需要如何才能提供一套具有審計和透明度的記錄簿類型的系統時，財務長們將不願意突然依賴於此。代理或依賴他們不理解的 AI 程式碼庫。

If you remember for our history, which we talked about throughout throughout OneStream's history, there was a lot of reluctance from CFOs to move to the cloud in general. This is another one of those steps that's going to take a while to. Get used to and for a CFO to be able to turn over agency to a machine in terms of delivering this, but we feel that we are in the position that's why we keep talking about finance AI. We understand the trust and transparency that CFOs require.

如果您還記得我們的歷史，我們在 OneStream 的整個歷史中都談到過，那麼財務長們普遍不太願意轉向雲端運算。這又是一個需要花一些時間的步驟。習慣讓財務長能夠將代理權移交給機器來實現這一點，但我們覺得我們處於這樣的位置，這就是我們一直在談論財務人工智慧的原因。我們了解財務長所需的信任和透明度。

Steve Endors, Citi.

花旗銀行的史蒂夫‧恩多斯 (Steve Endors)。

Okay, great, thanks for taking the question here. Maybe just following up on that last point around, taking time for, off the CFO to get to get trust with for with AI models and and systems just how do you kind of apply that, I guess go to market approach with, your AI portfolio and what you're doing with with sensible ML and and and and the agent side to. I guess TRY to progress that further to TRY to, I guess, quicken the pace of adoption there and I guess what do you feel like is is controllable under your purview to make that happen?

好的，太好了，感謝您在這裡提出這個問題。也許只是圍繞最後一點，花一些時間讓財務長獲得對人工智慧模型和系統的信任，那麼你如何應用它，我想採用市場方法，你的人工智慧產品組合以及你在明智的機器學習和代理方面所做的事情。我想嘗試進一步推進這一進程，我想嘗試加快那裡的採用速度，我想您覺得在您的職權範圍內什麼是可以控制的，以實現這一目標？

Great question. There's two things. So first and foremost, the key word here is when we say applied, we're productizing the solution as much as possible, which that means that we can provide predictable defined outcomes. So narrowing in on use cases and demonstrating extreme value on those use cases that a customer can measure is really a critical element to bringing a technology as advanced as artificial intelligence to the market.

好問題。有兩件事。因此，首先，這裡的關鍵字是，當我們說應用程式時，我們會盡可能地將解決方案產品化，這意味著我們可以提供可預測的明確結果。因此，縮小用例範圍並展示客戶可以衡量的用例的極端價值是將人工智慧等先進技術推向市場的關鍵因素。

Number two, when we think about agents, it really is about the trust and transparency. So what we've learned along this journey and why we talk about us being on this journey for almost a decade is that when we first introduced some of our early neural network integrations, even though we could prove superiority in terms of predictability and There was a reluctance for our constituents, CFOs and finance teams to accept that because they couldn't understand it. So the common thread here about success, and you're going to see more and more of this over the next year if I'm not going to, I don't want to get philosophical, but less, since we have all this.

第二，當我們考慮代理商時，真正考慮的是信任和透明度。因此，我們在這個過程中學到的東西以及我們談論我們已走過近十年的這段旅程的原因在於，當我們首次引入一些早期的神經網絡集成時，儘管我們可以證明其在可預測性方面的優勢，但我們的選民、首席財務官和財務團隊還是不願意接受這一點，因為他們無法理解。因此，這裡關於成功的共同點是，如果我不想變得哲學化，那麼明年你會看到越來越多這樣的成功，但我不想變得哲學化，因為我們擁有這一切。

Sort of futurism going deterministic problems with AI are difficult to solve. Our customer base expects deterministic results, meaning it's knowable, it's understandable. As an example, if a CFO asks a question, they expect to get the answer. If you can get the answer, you need to understand or you either need to have it proven to you that it's correct so that you can immediately use it, or you would have to go research it. If you have to go research it, AI is useless to you.

未來主義的人工智慧的確定性問題很難解決。我們的客戶群期望確定性的結果，這意味著它是可知的，是可理解的。例如，如果財務長提出一個問題，他們希望得到答案。如果您能得到答案，您需要理解，或者您需要證明它是正確的，以便您可以立即使用它，否則您必須去研究它。如果你必須去研究它，那麼人工智慧對你來說就沒用了。

And so we understand that and everything that we've built within our entire AI fabric across the AI platform is delivering on that trust and transparency requirement and that's why you see us moving in a very methodical way to bring these products to market because we understand that in the absence of that it will not be accepted by our customers.

因此，我們理解這一點，我們在整個 AI 平台上的整個 AI 結構中構建的一切都是為了滿足信任和透明度的要求，這就是為什麼你會看到我們以非常有條理的方式將這些產品推向市場，因為我們知道，如果沒有這些，我們的客戶就不會接受它們。

Scott Berg, Needham Company.

史考特伯格，尼德漢姆公司。

I have one. Thanks for taking my questions here nice quarter.

我有一個。感謝您在這裡回答我的問題，這是一個美好的季度。

Tom, I want to start with, I guess your North American, you kind of enterprise business. You really called out the performance on CPM express in the quarter. You didn't really touch much on the domestic kind of upmarket segment. How did that perform relative to, your all's expectations?

湯姆，首先我想說，你是北美人，從事企業業務。您確實讚揚了本季 CPM Express 的表現。您實際上並沒有過多涉及國內高端市場。與你們所有人的期望相比，這表現如何？

Yeah, hey, Scott, I'm going to take that one. As Tom called out in his script, we had, a number of, pretty significant North American wins that we called out. Obviously, Europe also had a really great, a particularly great quarter, but I'd say two things. One is, one thing that we're excited about that I called out in my script is or in my prepared remarks is We continue to have more than 60% of our new business come from new customers.

是的，嘿，斯科特，我要接受這個。正如湯姆在劇本中所說的那樣，我們在北美取得了許多相當重要的勝利。顯然，歐洲也經歷了一個非常棒、特別棒的季度，但我要說兩件事。一是，令我們興奮的一件事，我在腳本中或在我準備好的發言中提到過，那就是我們繼續有超過 60% 的新業務來自新客戶。

That's really important to us because that continues the more that we, the more new customers we get, the more. Kind of land that we can that we can get, the more opportunities we have to sell more, down the road. We also had a really good quarter, with respect to add-ons, particularly to your point in North American Enterprise. And so if you net it all out, the we're selling more per customer than we've ever sold. As a matter of fact, it's up 10% per customer relative to what it was a year ago. So, our multi-product strategy is working, is kind of the the short of it, and, we're excited about that.

這對我們來說非常重要，因為我們持續的時間越長，我們獲得的新客戶就越多。我們能夠獲得的土地越多，我們將來出售更多土地的機會就越多。就附加組件而言，特別是就北美企業而言，我們也度過了一個非常好的季度。因此，如果把所有數字加起來，我們每位客戶的銷售額將超過以往任何時候。事實上，與一年前相比，每位顧客的收入增加了 10%。所以，我們的多產品策略正在發揮作用，簡而言之，我們對此感到興奮。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Hi, this is Sona Co our on from Mark Murphy. Thanks for taking the question. Tom, I wanted to double click on the sensible AI agents. Across our survey work, we're continuing to pick up these indications that CIOs are leaning into the SAS providers to actually deliver these pre-built. Agents rather than building custom ones in-house, so I'm just curious, are you seeing that trend manifest in your customer conversations as well? And how can we think about that long term opportunity for for one stream's agentic AI roadmap relative to some of these other AI innovations you've brought to market over the years?

大家好，我是 Sona Co，來自 Mark Murphy。感謝您回答這個問題。湯姆，我想雙擊明智的人工智慧代理。在我們的調查工作中，我們不斷發現這些跡象表明，CIO 正傾向於 SAS 提供者來實際交付這些預先建置的產品。代理商而不是在內部建立客製化代理商，所以我很好奇，您是否也看到這種趨勢體現在與客戶的對話中？相對於您多年來推向市場的其他一些人工智慧創新，我們如何看待一個流的代理人工智慧路線圖的長期機會？

Great, thank you. I really appreciate this question because it's an opportunity and this is something I tried to allude to over the last 6 months, but, and I have to tie it back into the core of one stream. When you think about the core data that we're collecting this this rich, highly validated, audited, and even managed data from a status perspective all throughout the Onestream platform.

太好了，謝謝。我真的很感激這個問題，因為這是一個機會，也是我在過去 6 個月中試圖提及的事情，但是，我必須將其與一個流的核心聯繫起來。當您考慮我們正在收集的核心資料時，從整個 Onestream 平台的狀態角度來看，這些資料豐富、經過高度驗證、審核甚至管理。

Remember we're reporting. External data to Wall Street plans, operational data all being highly curated. Think about if we think about agents and you think about how that's going to be valuable ones is in a very unique position because an agent and we all we all I think impressed by what we're seeing with LLMs and with gentes and the ability for these reasoning engines to do really amazing things, but if they don't have access to your highly curated data in a safe, secure way.

記住我們正在報道。華爾街計畫的外部數據、營運數據均經過嚴格管理。想想看，如果我們考慮代理人，你會想想這將是如何有價值的，因為代理人和我們都處於一個非常獨特的位置，我認為我們對 LLM 和 gentes 所看到的情況印象深刻，這些推理引擎能夠做非常了不起的事情，但如果他們不能以安全的方式訪問你高度策劃的數據。

There's very little value, so we feel that over time as we continue, and this is even why I talked about the fact that I'm so pleased with the data that we're holding for our customers is that we're going to be an amplification mechanism for Agentec AI for our customers because. Because when you ask a question, as I as I gave that example, when when our finance analyst asked the agent asks a question of the one stream data, not only can it find that number, but it can provide the proof of why that number is correct so it can be used, so it can be reliable, so it can be trusted.

價值很小，所以我們覺得隨著時間的推移，我們會繼續這樣做，這甚至是為什麼我談到我對我們為客戶保存的數據感到非常滿意，因為我們將成為 Agentec AI 為客戶提供的放大機制。因為當你問一個問題時，就像我舉的例子一樣，當我們的財務分析師要求代理人詢問一個流數據的問題時，它不僅可以找到那個數字，而且還可以提供為什麼那個數字是正確的證據，所以它可以被使用，所以它是可靠的，所以它是值得信賴的。

And so overall when we think about agents in general, there's going to be a very large ecosystem of agents and some of them are going to be very useful, some of them are not, but we feel that we have a right to provide some of the most sophisticated and useful agents for our customers, and that's why we're so excited about our fully integrated and harmonized strategy of core operational data and AI. Because that's where the unlock is going to come from and the real value is going to be delivered to enterprises over the long term.

因此，總的來說，當我們考慮代理商時，將會有一個非常龐大的代理商生態系統，其中一些代理商將非常有用，而有些則不然，但我們認為我們有權為客戶提供一些最複雜和最有用的代理商，這就是為什麼我們對核心營運數據和人工智慧的完全整合和協調策略如此興奮。因為這就是解鎖的來源，真正的價值將在長期內傳遞給企業。

Terry Tillman, Truist Securities.

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

Yeah, thanks for taking my question. Hi Tom, Bill, and Annie. It might be a two parter, so beware.

是的，感謝您回答我的問題。嗨，湯姆、比爾和安妮。它可能分為兩部分，所以要小心。

Genesis does seem strategically important. Do you see that as actually an action, actionable revenue opportunity specifically, and then Bill, for you said, and I appreciate the 4 call out on billings, is that kind of a quarterly billings or is that a TTM analysis just any more on that.

創世紀確實看起來具有重要的戰略意義。您是否認為這實際上是一種行動，具體來說是一種可操作的收入機會，然後比爾，正如您所說，我很欣賞您對賬單的 4 次呼籲，這是一種季度賬單還是僅僅是 TTM 分析。

Thank you.

謝謝。

I'll start off, Terry. Thanks for the for the question, and yes, I'll talk about Genesis Foundationally. Genesis will have pathways to revenue. So the way that you should think about Genesis is a foundational, there's really 3 constituents. The current customers can build new one stream workloads and experiences and get value visualizations across the board because of our ever increasing library of what we call. Content blocks. So those content blocks can also be pathways to our AI studio and AI services. So there's one way that you can drive revenue through through Genesis as well. Now next we also see Genesis powering new solutions. So as we talk about the development of CPM express and.

我先開始了，特里。感謝您的提問，是的，我將從基礎角度討論 Genesis。Genesis 將有收入途徑。因此，您應該以基礎的方式思考《創世紀》，它實際上由 3 個要素組成。由於我們不斷擴大的庫，目前的客戶可以建立新的單流工作負載和體驗，並全面獲得價值視覺化。內容區塊。因此這些內容區塊也可以成為我們 AI 工作室和 AI 服務的途徑。因此，您也可以透過 Genesis 來增加收入。接下來我們也將看到 Genesis 為新的解決方案提供動力。因此，當我們談論 CPM Express 的發展時。

We're looking at additional express price flavors, for example, a higher ad application or other industry verticals all powered by Genesis. So indirectly you're going to see Genesis powering new routes to market through the productization capabilities that it offers, and then ultimately all development within our marketplace or within our exchange framework will Be driven off of the Genesis Foundation, enabling plug and play capability from not only any application created within the one stream engineering team but also any IVs that are participating in our platform development capability. So there's multiple pathways by which you could see Genesis leading to revenue generation.

我們正在尋找其他快速的價格類型，例如由 Genesis 提供支援的更高級的廣告應用程式或其他垂直行業。因此，間接地，您將看到 Genesis 透過其提供的產品化功能為新的市場途徑提供動力，最終，我們市場內或交換框架內的所有開發都將由 Genesis 基金會推動，從而不僅為在一個流工程團隊內創建的任何應用程序提供即插即用功能，而且為參與我們平台開發能力的任何 IV 提供即插即用功能。因此，您可以看到 Genesis 可以透過多種途徑帶來收入。

Yeah, and Terry, I'll just, I'll pick up the second part of your question, I did, again in my prepared remarks, I gave a lot of guidance that we gave this time that we don't intend on on giving every quarter just again given the one time anomaly that we have. This Q3 and so the billings guidance that I gave you I gave you kind of Q3 and then I gave you '24, which was the second part of my of my commentary, which was we expect buildings growth to revert to 20% plus year-over-year in Q4. So I hope that helps and I hope this guidance helps you guys, that's the intent.

是的，特里，我只是想回答你問題的第二部分，我再次在準備好的發言中給出了很多指導，這次我們不打算每個季度都給出這些指導，只是考慮到我們遇到的一次性異常情況。這個第三季度，我給你的帳單指導是第三季度的，然後我給了你'24，這是我評論的第二部分，我們預計建築增長將在第四季度恢復到 20% 以上的同比水平。所以我希望這會有所幫助，我希望這份指南能夠幫助你們，這就是目的。

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

Great, thank you guys. Good afternoon. My question is on the federal business recognizing you guys gave a lot of color, Tom, both you and Bill on the The dynamics around Q3, which I get. I was wondering if you could just provide some additional color just around how pipeline is and what you're hearing from your Fed sales team. Clearly impressive you guys were able to close a large federal deal this quarter and you know you guys are in a unique position according to our work versus your competitors to capitalize on this opportunity. Has pipeline continued to build through this period?

太好了，謝謝大家。午安.我的問題是關於聯邦事務的，湯姆，你們都對第三季的動態給了許多解釋，我明白了。我想知道您是否可以提供一些有關管道狀況的額外資訊以及您從聯邦銷售團隊聽到的資訊。顯然，你們能夠在本季完成一筆大型聯邦交易，這令人印象深刻，而且你們知道，根據我們的工作，與競爭對手相比，你們處於一個獨特的位置，可以利用這個機會。在此期間管道是否繼續建造？

Are you seeing a pick up in indications of interest potentially? In other words, has the freeze kind of thought a bit and how should we think about that relative to I guess both year end and as we start to kind of plan 26?

您是否看到興趣跡象增加？換句話說，我們是否對凍結有點想法，以及我們應該如何看待這個問題，相對於年底以及我們開始製定 26 項計劃而言？

Thank you.

謝謝。

Yeah, no thanks, Rob. I'll take that. Look, I'd start by saying overall, I mean I know you asked a question specific about Fed, but, I made commentary in my prepared remarks. I think I've mentioned it again in a couple of the questions, but overall, our pipeline at this point of the year is the best that it's ever been, at this point, in the history of the company. So I just wanted to start there. As it relates to federal, there's.

是的，不用了，羅布。我會接受的。聽著，我首先要說的是總體情況，我的意思是我知道你問了一個關於美聯儲的具體問題，但是，我在準備好的發言中做出了評論。我想我在幾個問題中再次提到過這一點，但總的來說，我們今年這個時候的管道是公司歷史上最好的。所以我只是想從那裡開始。就其與聯邦的關係而言，有。

A decent amount of uncertainty, as I mentioned, those three drivers of our federal business and so the federal government's trying to prioritize their or the our our customers are trying to prioritize their projects. We do have, we have a certainly we have a good pipeline that may or may not be a pipeline for this year or maybe a pipeline for next year, but we certainly have strong relationships with many. Different agencies, to your point, we were really excited, with the large government institution that closed in Q2, but we're going to keep moving forward as I mentioned, we're really optimistic about the fact that we're Fed ramp high.

正如我所提到的，我們的聯邦業務的這三個驅動因素存在相當大的不確定性，因此聯邦政府正試圖優先考慮他們的項目，或者我們的客戶正試圖優先考慮他們的項目。我們確實有，我們確實有一個很好的管道，可能是也可能不是今年的管道，也可能不是明年的管道，但我們肯定與許多管道保持著牢固的關係。不同的機構，正如您所說，我們真的很高興，因為大型政府機構在第二季度關閉，但正如我所提到的，我們將繼續前進，我們對聯準會升息的事實非常樂觀。

We've got a lot of satisfied customers. We haven't, I'll be transparent. We haven't lost any, government agencies, but, we're just being prudent in our outlook as we look toward this quarter.

我們有很多滿意的客戶。我們沒有，我會坦誠相告。我們沒有失去任何政府機構，但是，展望本季度，我們只是保持謹慎。

I could add just one thing to that. I would just say we're also prioritizing state and local and higher ed as a broader public sector initiative. So and we're optimistic about our ability as we continue to move into those markets as well in a more generalized public sector.

我只能補充一點。我想說的是，我們也將州、地方和高等教育作為更廣泛的公共部門措施進行優先考慮。因此，我們對自己繼續進入這些市場以及更廣泛的公共部門的能力充滿信心。

Position.

位置。

Thank you. And our next question comes from the line of Brian Peterson from Raymond James. Your question, please.

謝謝。我們的下一個問題來自雷蒙德詹姆斯公司的布萊恩彼得森。請問您的問題。

Hi, thanks for taking the question. This is John on for Brian.

你好，謝謝你回答這個問題。我是約翰，取代布萊恩。

Bill.

帳單。

Really healthy results and great to hear about the pipeline there that you've been building. But given the ramping international business and the outperformance you've seen there, I'm beginning to question on the FX impact on revenue and billing and also if you could share what's contemplated in guidance from an FX perspective.

確實是非常健康的結果，很高興聽到你們在那裡建造的管道。但考慮到國際業務的蓬勃發展和您在那裡看到的出色表現，我開始質疑外匯對收入和帳單的影響，以及您是否可以從外匯角度分享指導意見中的考慮。

Thank you.

謝謝。

Yeah, no, appreciate that, appreciate the question. When we talk about FX last, after Q4, just as a reminder, we went, there was a pretty dramatic strengthening of the dollar in Q4 of last year and that you know we obviously have a pretty big billings quarter in Q4 and so that obviously impacted we disclosed AR obviously at that time, so it certainly impacted. A and then it rolled through 2025 revenue as we recognized the revenue from the billings that we did at that time. Obviously the dollar weakened, particularly in in kind of late Q1 and Q2, and been a little bit bumpy here in Q3, but still remains at similar rates.

是的，不，我很感激，也很感激這個問題。當我們上次談論外匯時，在第四季度之後，需要提醒的是，去年第四季度美元大幅走強，而且您知道我們在第四季度的賬單季度顯然很大，這顯然對我們當時披露的應收賬款產生了影響，所以它肯定產生了影響。A 然後它滾動到 2025 年的收入，因為我們確認了當時所做的帳單的收入。顯然，美元有所走弱，尤其是在第一季末和第二季度，第三季度也出現了一些波動，但仍保持在相似的匯率水準。

If it stays at this rate. Again, which we don't know, but if it does stay at this rate and we bill at this rate in Q4, then we'll have a nice tailwind in 2026. We obviously haven't given guidance yet on 2026, but that'll be the biggest impact of the weakening of the dollar, which obviously is constructive to our revenue recognition, but that'll happen in 206.

如果保持這個速度。再說一次，我們不知道，但如果它確實保持在這個速度，並且我們在第四季度以這個速度收費，那麼我們將在 2026 年獲得良好的順風。我們顯然還沒有對 2026 年給予指導，但這將是美元貶值的最大影響，這顯然對我們的收入確認有建設性，但這將在 206 年發生。

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

Yeah, thanks for taking the questions. Just just on the new agentic offerings, could you talk about the feedback you've gotten for those solutions coming out of Splash and then for customers that are in private preview, would you call out any specific agents that are seeing outside interest or an interesting ROI? Thanks.

是的，感謝您回答這些問題。就新的代理產品而言，您能否談談您對 Splash 解決方案的回饋？對於處於私人預覽階段的客戶，您是否會提到哪些特定的代理商看到了外界的興趣或有趣的投資報酬率？謝謝。

Sure, so as we work through, our gentech private preview, there we're really working on rapid product market fit validation as we're going through that process. The feedback that we've gotten is very strong to this point and it's really in a couple, you can think of our agents in two buckets. Our finance analysts and our operations analysts are both in the more structured data where they understand how to talk to the data that we've been collecting within the platform. And then we have our search and deep analysis agents, which are based, allowing us to Allow customers to build and capture relevant supporting information that's unstructured in in what's called a rag system as well that's been, proprietary to one stream.

當然，當我們進行 Gentech 私人預覽時，我們實際上正在致力於快速產品市場契合度驗證。到目前為止，我們收到的回饋非常強烈，你可以把我們的代理商分成兩類。我們的財務分析師和營運分析師都從事更結構化的數據工作，他們了解如何處理我們在平台內收集的數據。然後，我們有搜尋和深度分析代理，它們使我們能夠允許客戶建立和捕獲非結構化的相關支援訊息，這些資訊位於所謂的 rag 系統中，並且是專有的單一流。

Those two pieces together, they work together to harmonize. And provide the most value because as you find something quantitative, we're able to help customers very rapidly produce reports produce insights and different visualizations using the finance and operational analysis, but then also supplement those results in terms of narratives in terms of plans in terms of contract interpretation, so we're exploring all the different types of use cases and we're using this we happen to be one of our own customers here as well, and we're seeing value across all of those spectrums directly. So as we move into the next phase and we increase the number of participants in the program, we will, I'll be happy to share even more, but right now the feedback has been very positive across those across the entire spectrum that you would think of Agenta AI for finance.

這兩部分結合在一起，共同協調。並提供最大的價值，因為當您發現一些量化的東西時，我們能夠幫助客戶非常快速地生成報告，使用財務和運營分析產生見解和不同的可視化效果，然後還可以在合同解釋方面的計劃方面補充這些結果，所以我們正在探索所有不同類型的用例，我們正在使用它，我們恰好也是我們自己的客戶之一，我們直接看到了所有這些範圍內的價值。因此，隨著我們進入下一階段並增加計劃參與者的數量，我們將會，我很樂意分享更多信息，但目前，整個金融領域對 Agenta AI 的反饋都非常積極。

Yeah, Tom, I just reinforce, my team uses it every day, so, we look forward to sharing it obviously with more of the world as we take it into general availability. Hey, for everybody, I'd just like to say thank you, awesome questions, and we look forward to seeing you at our upcoming events that Annie, noted at the beginning of the call and have a great day.

是的，湯姆，我只是強調一下，我的團隊每天都在使用它，所以，我們期待在將它推向普遍使用階段時與世界上更多的人分享它。嘿，對於大家，我只想說謝謝，很棒的問題，我們期待在即將舉行的活動中見到你們，安妮在電話會議開始時提到了這一點，祝你們有美好的一天。

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。