OneStream Inc (OS) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the OneStream's third-quarter fiscal year 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。我叫黛西蕾，今天我將擔任你們的會議接線生。此時此刻，我謹代表 OneStream 公司歡迎各位參加 2025 財年第三季財報電話會議。（操作說明）

Now I would like to introduce your host for today's program, Anne Leschin, Vice President of Investor Relations and Strategic Finance. You may begin.

現在，我謹向大家介紹今天節目的主持人，投資者關係和策略財務副總裁 Anne Leschin。你可以開始了。

Thank you, operator. Good afternoon, everyone, and welcome to OneStream's third-quarter 2025 earnings conference call. Joining me on the call today is our Co-Founder and CEO and President, Tom Shae; and our CFO, Bill Koefoed. The press release announcing our third quarter 2025 results issued earlier today is posted on our Investor Relations website at investor.onestream.com, along with an earnings highlights presentation. Now let me remind everyone that some of the statements on today's call are forward-looking, including statements related to guidance for the fourth quarter and year ending December 31, 2025.

謝謝接線生。各位下午好，歡迎參加 OneStream 2025 年第三季財報電話會議。今天與我一起參加電話會議的有我們的聯合創始人兼首席執行官兼總裁湯姆·謝伊，以及我們的首席財務官比爾·科福德。今天稍早發布的有關我們 2025 年第三季業績的新聞稿已發佈在我們的投資者關係網站 investor.onestream.com 上，同時還附有收益亮點簡報。現在我要提醒大家，今天電話會議上的一些發言是前瞻性的，包括與截至 2025 年 12 月 31 日的第四季度和全年業績指引相關的發言。

Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors. Some of these risks are described in greater detail in the documents we file with the SEC from time-to-time, including our quarterly report on Form 10-Q for the quarter ended September 30, 2025, that we filed today. 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.

前瞻性陳述受已知和未知風險、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截至 2025 年 9 月 30 日的季度報告（10-Q 表格）。除法律要求外，我們不承擔因新資訊、未來事件或其他原因而更新任何前瞻性聲明的義務。在今天的電話會議中，我們也將提及一些非GAAP財務指標。我們的非GAAP指標有其局限性，可能與其他公司類似名稱的指標不具可比性。

The non-GAAP measures referenced on today's call should not be considered in isolation from or as a substitute for their most directly comparable GAAP measures. 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.

今天電話會議上提到的非GAAP指標不應與最直接可比較的GAAP指標割裂開來考慮，也不應被視為GAAP指標的替代品。管理層認為，我們的非GAAP指標透過排除某些可能無法反映我們持續核心經營績效的費用，提供了有關我們業績和流動性的重要補充資訊。

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. 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.

有關我們歷史非GAAP指標與最直接可比較的GAAP指標的調節表，請參閱今天下午發布的新聞稿和我們投資者關係網站上發布的盈利亮點演示文稿。由於某些調整無法合理預測，而且可能影響重大，特別是與股權激勵和員工股票交易及其相關稅務影響有關，因此我們無法在不付出不合理努力的情況下提供前瞻性非GAAP指標的調節表。

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

現在我把電話交給湯姆。湯姆？

Thank you for joining us this afternoon. Third quarter was a story of focused execution. Facing headwinds and contract rationalization in our US Federal business, the team exceeded expectations with strong billings growth in the quarter. More recently, at our sold-out Splash EMEA user conference, I was incredibly energized by the enthusiasm we received for our purpose-built finance AI.

感謝您今天下午蒞臨。第三季是專注執行的成果。儘管面臨美國聯邦業務的逆境和合約合理化，但團隊在本季度實現了強勁的帳單成長，超出了預期。最近，在我們座無虛席的 Splash EMEA 用戶大會上，我們為專用的金融人工智慧所獲得的熱情讓我倍感振奮。

As we usher in the finance AI era, we remain one of the most innovative vendors in the CPM space, and we're not stopping there. We are constantly pushing forward and anticipating the growing demands of the office of the CFO. Let me start with some highlights of our third quarter performance. Year-over-year subscription revenue grew 27% and billings grew 20%. International revenue grew 37% year-over-year, particularly due to strong legacy replacement momentum in Europe.

隨著我們邁入金融人工智慧時代，我們仍然是 CPM 領域最具創新精神的供應商之一，而且我們不會止步於此。我們不斷努力，預見並滿足財務長辦公室日益增長的需求。首先，讓我介紹一下我們第三季業績的一些亮點。訂閱收入較去年同期成長 27%，帳單金額較去年同期成長 20%。國際營收年增 37%，主要得益於歐洲強勁的傳統設備替換動能。

In the federal business, we renewed all of our Q3 agency customers with only one exception at a discontinued agency. We added one new federal customer and began multiple SaaS conversions, including one at our largest agency customer. CPM Express and our SensibleAI portfolio continue to show early momentum with customers.

在聯邦業務方面，我們與第三季度所有機構客戶都續簽了合同，只有一個例外，即一家已終止合作的機構。我們新增了一位聯邦客戶，並啟動了多項 SaaS 轉換，其中包括我們最大的機構客戶的轉換。CPM Express 和我們的 SensibleAI 產品組合持續展現出早期客戶成長動能。

We are attracting new and existing customers by leveraging the proven customer ROI from SensibleAI Forecast. Additionally, OneStream was recognized as the exemplary leader in the 2025 Record to Report Buyers Guide by ISG Research, covering financial close, consolidation and overall record to report, achieving the highest scores in both customer and product experience.

我們利用 SensibleAI Forecast 已驗證的客戶投資報酬率來吸引新客戶和現有客戶。此外，OneStream 在 ISG Research 發布的《2025 年記錄到報告買家指南》中被評為傑出領導者，該指南涵蓋財務結算、合併和整體記錄到報告，OneStream 在客戶體驗和產品體驗方面均獲得了最高分。

With AI at the forefront across all facets of business today, the drivers of our industry have never been more important for the office of the CFO. Number one, finance is in the initial phase of its transformation. Legacy financial systems often more than 20 years old, simply do not have the agility required for today's CFOs to effectively steer their businesses, never mind to maximize the value of AI. Finance organizations continue to look to modernize by unifying corporate data and moving core financial operations to the cloud. Number two, the role of the CFO is evolving and expanding.

如今人工智慧已滲透到商業的各個方面，對於財務長辦公室而言，我們行業的驅動因素從未像現在這樣重要。第一，金融業正處於轉型初期階段。傳統財務系統通常已有 20 多年的歷史，根本不具備當今財務長有效管理業務所需的靈活性，更不用說最大限度地發揮人工智慧的價值了。金融機構不斷尋求透過統一企業資料和將核心財務業務遷移到雲端來實現現代化。第二，財務長的角色正在不斷演變和擴展。

CFOs are being asked to do more than ever by becoming a strategic partner for the business. An integral part of that is helping them proactively look around corners, to anticipate challenges and opportunities and produce more timely and accurate forecasts. Number three, the use of AI is enabling finance teams to drive more business performance, not only measure it. In many cases, CFOs are the executive leaders taking responsibility for the AI evolution at their companies. They are being tasked with identifying key functions that can leverage these AI tools for productivity improvements and cost efficiencies.

財務長們被要求承擔比以往更多的責任，成為企業的策略夥伴。其中至關重要的一點是幫助他們積極主動地展望未來，預見挑戰和機遇，並做出更及時、更準確的預測。第三，人工智慧的應用使財務團隊能夠推動業務績效的提升，而不僅僅是衡量業務績效。在許多情況下，財務長是負責公司人工智慧發展進程的高階主管。他們的任務是確定能夠利用這些人工智慧工具來提高生產力和成本效益的關鍵職能。

We believe platforms that provide purpose-built applied AI solutions will win the AI battle given the need for a single consistent data model and security framework. At OneStream, we have always challenged ourselves to raise the bar. Our approach to AI has been both forward thinking and deliberate.

我們認為，鑑於需要單一一致的資料模型和安全框架，提供專用應用人工智慧解決方案的平台將在人工智慧之戰中獲勝。在 OneStream，我們一直挑戰自我，不斷提高標準。我們對待人工智慧的態度既具有前瞻性，又經過深思熟慮。

Since we began this journey a decade ago, we have gained a foundational understanding of what AI can bring to the office of the CFO by combining powerful quantitative, generative and agentic capabilities throughout our SensibleAI portfolio. We understood early on that AI for finance must run on clean data, provide context and solve specific use cases because 80% accurate is 0% useful for finance.

自從十年前我們開始這段旅程以來，我們透過在整個 SensibleAI 產品組合中結合強大的定量、生成和代理能力，對人工智慧可以為財務長辦公室帶來什麼有了基本的了解。我們很早就意識到，金融領域的人工智慧必須基於乾淨的數據，提供上下文信息，並解決具體的用例，因為 80% 的準確率對金融來說毫無用處。

Ultimately, we believe OneStream provides the key that unlocks the value of AI for finance through unified, secure, transparent and most importantly, contextualized information. Through our many AI announcements this year, customers are beginning to realize the growing power of our platform to drive better and faster decision-making and enhance their productivity.

最終，我們相信 OneStream 提供了一把鑰匙，透過統一、安全、透明且最重要的——情境化的訊息，釋放人工智慧在金融領域的價值。透過我們今年發布的眾多人工智慧相關公告，客戶開始意識到我們平台的強大功能，它可以推動更快更好的決策，並提高他們的生產力。

By modernizing the financial close process, customers are now able to, number one, unify their data on a common platform. And number two, interrogate that data using financially intelligent embedded AI; and number three, enhance and optimize the close process, enabling finance teams to focus on strategic high-value priorities such as integrated planning and forecasting. Just a few weeks ago at Splash EMEA, we again pushed the boundaries of applied AI for finance.

透過對財務結算流程進行現代化改造，客戶現在能夠首先將他們的數據統一到一個通用平台上。第二，利用嵌入式人工智慧技術對數據進行分析；第三，增強和優化結算流程，使財務團隊能夠專注於策略性高價值優先事項，例如綜合規劃和預測。就在幾週前，在 Splash EMEA 大會上，我們再次突破了人工智慧在金融領域的應用界限。

We showed real package solutions designed specifically for finance, which we expect to deliver significant value for our customers. Let me recap some of our exciting product announcements. Since we introduced SensibleAI Studio in May, we have roughly doubled the number of algorithms currently available to 60. As you recall, Studio enables customers to quickly access a library of algorithms and routines and apply them to their own workflows. We showcased an example of this power and flexibility at Splash EMEA.

我們展示了專為金融業設計的實際解決方案，我們期望這些方案能為我們的客戶帶來巨大的價值。讓我來回顧一下我們一些令人興奮的產品發布。自 5 月推出 SensibleAI Studio 以來，我們目前可用的演算法數量已經翻了一番，達到 60 種。如您所知，Studio 使用戶能夠快速存取演算法和例程庫，並將其應用到自己的工作流程中。我們在 Splash EMEA 上展示了這種強大功能和靈活性的一個例子。

Just one month after Studio's launch, our forward deployed engineers rapidly built our AI-powered benchmarking and outlier detection routine based on real-time customer specifications. Studio allows us to meet customers where they are in their AI journey, and we believe we are just scratching the surface of Studio's potential. We also took a big step with our SensibleAI agents, moving them out of private preview and into limited availability. So now our customers can begin to take advantage of them. Our agents are unique because they do not act alone.

Studio 上線僅一個月後，我們在前線部署的工程師根據客戶的即時規格，迅速建立了我們基於人工智慧的基準測試和異常值檢測程式。Studio 讓我們能夠滿足客戶在人工智慧之旅中所處的階段，我們相信我們僅僅觸及了 Studio 潛力的冰山一角。我們也對 SensibleAI 代理程式邁出了重要一步，將其從私人預覽版移至有限可用性版本。現在我們的客戶可以開始使用這些服務了。我們的經紀人與眾不同之處在於他們並非單獨行動。

What's important is that they have financial context. They are embedded into solutions within OneStream, giving them direct access to all the customers' secured data stored on the platform. This allows finance teams to do tasks like ask questions in natural language, generate dynamic visualizations, query financial models and analyze contract data. Agents provide the ability to help automate repetitive work, reveal insights and help every analyst operate more like a strategic partner. We also unveiled AI-powered ESG.

重要的是他們要有財務背景。它們被嵌入到 OneStream 的解決方案中，使它們能夠直接存取儲存在平台上的所有客戶安全資料。這使得財務團隊能夠以自然語言提出問題、產生動態視覺化圖表、查詢財務模型和分析合約資料等任務。代理可以幫助自動化重複性工作，揭示見解，並幫助每位分析師更像策略夥伴一樣運作。我們也推出了人工智慧驅動的ESG（環境、社會和治理）。

This enhanced solution is the culmination of our three strategic pillars. Core finance, operational analytics and finance AI. With AI-powered ESG, finance teams are able to link ESG reporting back to the core platform using real-time operational drivers, while automating quantitative forecasting by using SensibleAI Forecast. Further, we plan to embed our SensibleAI agents throughout the workflow to assist with data interrogation and reporting. Lastly, we continue to advance our best-in-class core finance capabilities by expanding our rapid deployment CPM Express with IFRS compliance and management.

這個改進方案是我們三大策略支柱的集大成之作。核心財務、營運分析和財務人工智慧。借助 AI 驅動的 ESG，財務團隊能夠利用即時營運驅動因素將 ESG 報告與核心平台連接起來，同時利用 SensibleAI Forecast 實現定量預測的自動化。此外，我們計劃將我們的 SensibleAI 代理程式嵌入到整個工作流程中，以協助進行資料查詢和報告。最後，我們透過擴展快速部署的 CPM Express，使其符合 IFRS 規範並進行管理，持續提升我們一流的核心財務能力。

This includes a number of confirmation and validation rules adhering to IFRS Accounting Standards for our international customers. This is but one example of how we plan to expand our Express offer. Leveraging our plug-and-play architecture to bring a variety of rapid deployment productized use cases to our customers.

這包括為我們的國際客戶制定的一系列符合國際財務報告準則的確認和驗證規則。這只是我們計劃如何擴展快捷服務的一個例子。利用我們的即插即用架構，為我們的客戶帶來各種快速部署的產品化用例。

Both at Splash EMEA and during the quarter, we had several noteworthy examples of how customers are seeing increased value from our strong and growing product line. Continuing the trend in recent quarters, OneStream is quickly becoming the CPM vendor of choice for companies transitioning from legacy systems nearing their end of life.

在 Splash EMEA 以及本季中，我們都看到了幾個值得注意的例子，說明客戶如何從我們強大且不斷成長的產品線中獲得更大的價值。延續近幾個季度的趨勢，OneStream 正迅速成為那些從即將報廢的傳統系統過渡到新系統的公司的首選 CPM 供應商。

One of the largest deals this quarter came from a Swiss multinational healthcare leader and a global leader in cancer treatments. A long-time customer of a competitive legacy CPM solution, the organization moved to OneStream to better unify financial consolidation, reporting and tax processes. They chose OneStream for our extensibility and flexibility.

本季最大的一筆交易來自瑞士跨國醫療保健巨頭和全球癌症治療的領導者。該組織長期以來一直是某競爭對手的傳統 CPM 解決方案的客戶，為了更好地統一財務合併、報告和稅務流程，該組織遷移到了 OneStream。他們選擇 OneStream 是因為我們的產品具有可擴充性和靈活性。

This significant legacy replacement marks our first big pharma win, highlighting how leading enterprises are modernizing with our unified platform. Additionally, with CPM Express, commercial customers are gaining access to the full power of OneStream with rapid deployment and best practice templates, workflows and frameworks all built in.

這次重要的傳統系統替換標誌著我們首次贏得大型製藥公司的青睞，凸顯了領導企業如何利用我們的統一平台來現代化。此外，借助 CPM Express，商業客戶可以獲得 OneStream 的全部功能，包括快速部署和最佳實踐範本、工作流程和框架，所有這些都已內建。

Today, companies that are earlier in their financial journeys are starting to recognize just how valuable it can be to access our single unified platform with a preconfigured offering that can be implemented in as little as 8 to 12 weeks. One significant CPM Express win this quarter was with a leading residential real estate services company.

如今，處於財務發展早期階段的公司開始意識到，使用我們單一的統一平台，並藉助預先配置的產品，可以在短短 8 到 12 週內完成實施，是多麼有價值。本季 CPM Express 的一項重要勝利是與一家領先的住宅房地產服務公司達成的。

Having recently centralized its finance and other core functions under a shared services model, the company needed greater visibility, agility and standardization across the business. Facing a legacy system infrastructure across their environment, we leveraged CPM Express to give the customer confidence in a faster, best practice-driven implementation with rapid time to value. Ultimately, they chose OneStream for our superior data integration, flexibility and finance own architecture.

公司最近將財務和其他核心職能集中到共享服務模式下，因此需要提高業務的透明度、靈活性和標準化程度。面對客戶環境中遺留的系統基礎設施，我們利用 CPM Express 讓客戶對更快、以最佳實踐為導向的實施充滿信心，並能快速實現價值。最終，他們選擇 OneStream 是因為我們卓越的資料整合、靈活性和自主財務架構。

This empowered the finance team to streamline and modernize account reconciliations and transaction matching, all while reducing their dependency on IT. Lastly, we wanted to provide an update on a few major multinational customers that have gone live with SensibleAI Forecast and the remarkable ROI that they are realizing with the product.

這使得財務團隊能夠簡化和現代化帳戶核對和交易配對流程，同時減少對 IT 的依賴。最後，我們想向大家介紹幾家已正式啟用 SensibleAI Forecast 的大型跨國客戶，以及他們透過該產品獲得的顯著投資報酬率。

One of the great stories comes from the domestic healthcare division of a leading global logistics provider. They implemented SensibleAI Forecast across their US operations to enhance financial forecasting as the company is developing an AI-powered approach, they reported that OneStream's SensibleAI Forecast is delivering measurable results.

其中一個精彩的故事來自全球領先物流供應商的國內醫療保健部門。他們在美國的業務中實施了 SensibleAI Forecast，以增強財務預測能力。該公司正在開發一種由人工智慧驅動的方法，並報告指出 OneStream 的 SensibleAI Forecast 正在帶來可衡量的結果。

Gross revenue forecast accuracy has improved by 5 percentage points. Payroll forecast accuracy has improved by 8 percentage points. Forecast generation time has been reduced by 94%, freeing up more than 13,000 labor hours annually and eliminating the need for third-party specialized tools and staff augmentation. With these strong results, the organization is now expanding its use of SensibleAI Forecast to the healthcare division's international operations.

總收入預測準確率提高了5個百分點。薪資預測準確率提高了 8 個百分點。預測生成時間縮短了 94%，每年節省了 13,000 多個工時，且無需第三方專用工具和人員擴充。憑藉這些強勁的成果，該組織現在正將 SensibleAI Forecast 的應用擴展到醫療保健部門的國際業務。

Another long-time US customer that builds systems and technology solutions deployed SensibleAI Forecast earlier this year. The customer was looking to transform its forecasting process for key financial metrics, including revenue, margin and SG&A using OneStream's single unified data model.

另一位長期使用SensibleAI Forecast的美國客戶，該公司建置系統和技術解決方案，於今年稍早部署了SensibleAI Forecast。客戶希望利用 OneStream 的單一統一資料模型，改變其關鍵財務指標（包括收入、利潤率和銷售、管理及行政費用）的預測流程。

SensibleAI Forecast has taken their forecasting and planning cycles from 20 days to less than two days, a 90% plus reduction. Additionally, the customer saw a noticeable improvement in forecast accuracy. One of the key features that led to the selection of SensibleAI Forecast was its ability to provide clear insights into how internal and external factors drive forecast outcomes.

SensibleAI Forecast 已將其預測和規劃週期從 20 天縮短到不到 2 天，減少了 90% 以上。此外，客戶也發現預測準確率有了顯著提高。選擇 SensibleAI Forecast 的關鍵特性之一是它能夠清楚地洞察內部和外部因素如何驅動預測結果。

It is this level of transparency that is strengthening their trust in OneStream across its finance organization. In summary, the overarching drivers of the office of the CFO remains front and center today. OneStream has always looked to the future to anticipate and invest in what our customers will need and want to run their businesses more effectively. We have consistently been ahead in recognizing industry trends and emerging technologies as we have demonstrated with AI. Today, our customers are realizing the value that a unified and infinitely extensible platform delivers.

正是這種透明度增強了他們整個財務部門對 OneStream 的信任。總而言之，財務長辦公室的整體驅動因素至今仍然是重中之重。OneStream 一直著眼於未來，預測並投資於客戶需要和想要的東西，以更有效地經營他們的業務。我們在識別行業趨勢和新興技術方面一直處於領先地位，我們在人工智慧領域就證明了這一點。如今，我們的客戶正意識到統一且無限可擴展的平台所帶來的價值。

Our SensibleAI provides insights and actions that are quantifiable and supercharged because of the high-quality and contextualized data controlled in OneStream. Our comprehensive platform has positioned us to lead the finance AI era and become the operating system for modern finance. Together with our exceptional team, we believe we have built a solid foundation to grow and scale the business. This gives me confidence in our ability to deliver unparalleled value for our customers, partners and shareholders over the long-term.

我們的 SensibleAI 能夠提供可量化的洞察和行動，並且由於 OneStream 中控制的高品質和上下文相關的數據而得到極大增強。我們全面的平台使我們處於引領金融人工智慧時代的地位，並成為現代金融的作業系統。我們相信，憑藉我們優秀的團隊，我們已經為業務的成長和規模化發展奠定了堅實的基礎。這讓我對我們有能力在長期內為客戶、合作夥伴和股東創造無與倫比的價值充滿信心。

I will now turn the call over to Bill to provide details on Q3 financials and our financial guidance.

現在我將把電話交給比爾，讓他詳細介紹第三季財務狀況和我們的財務指導。

Thanks, Tom. Good afternoon, everyone, and thank you for joining today's call. We are pleased to discuss the results of our third quarter, which proved stronger than expected as the team executed well, particularly in EMEA, while managing through a tough federal government environment in the US. Subscription revenue increased 27% year-over-year to $141 million, while total revenue grew 19% year-over-year to $154 million. License revenue of $4 million declined 64% compared with last year due to contract rationalization and our success in driving SaaS conversions, including at our largest federal agency customer.

謝謝你，湯姆。各位下午好，感謝各位參加今天的電話會議。我們很高興與大家分享第三季的業績，該季度業績超出預期，團隊執行力強，尤其是在歐洲、中東和非洲地區，同時還要應對美國聯邦政府的嚴峻環境。訂閱營收年增 27% 至 1.41 億美元，而總營收年增 19% 至 1.54 億美元。由於合約合理化以及我們在推動 SaaS 轉換方面取得的成功（包括在我們最大的聯邦機構客戶中），許可收入 400 萬美元比去年下降了 64%。

Professional services and other revenue was $9 million, up 38% year-over-year due to demand for our consulting services. Our international business had another strong quarter with revenue growth of 37% year-over-year, representing 34% of total revenue. Billings increased 20% year-over-year to $178 million and 21% on a trailing 12-month basis, which we believe is the best indicator of our billings momentum. This included roughly $4 million of accelerated billings from Q4 due to early renewals and add-ons. Free cash flow for the third quarter was $5 million and exceeded our expectations.

專業服務及其他收入為 900 萬美元，年增 38%，這主要得益於對我們諮詢服務的需求。我們的國際業務又迎來了一個強勁的季度，營收年增 37%，佔總營收的 34%。帳單金額年增 20% 至 1.78 億美元，過去 12 個月年增 21%，我們認為這是衡量我們帳單成長動能的最佳指標。這其中包括由於提前續約和附加服務而從第四季度加速結算的約 400 萬美元。第三季自由現金流為 500 萬美元，超出我們的預期。

We ended the quarter with 1,739 customers, up 13% year-over-year. We saw exceptional new business growth in EMEA, while in the US, we had particularly strong add-on business, partially offsetting the federal new business weakness and illustrating the value of our multiproduct strategy. For the first nine months of the year, subscription revenue has increased 29% year-over-year to $400 million. Total revenue grew 23% year-over-year to $438 million. AI bookings were up 60% year-over-year, and our free cash flow for the first nine months of the year was $70 million, up 107% over last year.

本季末，我們擁有1739名客戶，年增13%。我們在 EMEA 地區實現了卓越的新業務成長，而在美國，我們的附加業務表現尤為強勁，部分抵消了聯邦新業務的疲軟，並體現了我們多產品策略的價值。今年前九個月，訂閱收入年增 29%，達到 4 億美元。總營收年增23%，達到4.38億美元。人工智慧預訂量年增 60%，今年前九個月的自由現金流為 7,000 萬美元，比去年增長 107%。

Our 12-month cRPO was up 29% year-over-year and total RPO was up 24% year-over-year to $1.2 billion. Non-GAAP gross margin for the third quarter was 69% compared to 71% last year, and our non-GAAP software gross margin for the third quarter was 75% compared with 78% last year, primarily due to lower license revenue in the third quarter.

我們的12個月cRPO年增29%，總RPO年增24%至12億美元。 （非GAAP準則）第三季毛利率為 69%，去年同期為 71%；第三季非 GAAP 軟體毛利率為 75%，而去年同期為 78%，主要是由於第三季授權收入下降所致。

Non-GAAP operating income for the third quarter was $9.3 million or 6% of revenue and increased significantly by $3.8 million or 69% compared with the prior year. This increase was due to a combination of strong revenue growth and the scaling of our operating expenses. Non-GAAP net income of $15.2 million in the third quarter increased $3.9 million from the prior year and non-GAAP earnings per share was $0.08, flat with last year.

第三季非GAAP營業收入為930萬美元，佔營收的6%，與去年同期相比大幅成長380萬美元，增幅達69%。這一增長是由於強勁的收入成長和營運費用的擴大共同造成的。第三季非GAAP淨收入為1,520萬美元，較上年同期增加390萬美元；非GAAP每股收益為0.08美元，與去年同期持平。

Total equity-based compensation expense for the third quarter was $25 million. We ended the quarter with $654 million in cash and cash equivalents. Now let me turn to guidance. Given our Q3 outperformance, we are raising our 2025 growth and profitability outlook. Together with our strong pipeline, we entered Q4 with a growing and more differentiated product portfolio than ever.

第三季股權激勵支出總額為 2,500 萬美元。本季末，我們持有現金及現金等價物6.54億美元。現在讓我談談指引。鑑於我們第三季業績超出預期，我們提高了 2025 年的成長和獲利預期。憑藉強大的產品線，我們進入第四季度時擁有了比以往任何時候都更加豐富且更具差異化的產品組合。

With that, we are offering the following outlook, including an update to a onetime measure that we gave last quarter. In Q4, we expect total revenue to be between $156 million to $158 million. We expect non-GAAP operating margin to be between 4% to 6%. We expect non-GAAP net income per share to be between $0.04 to $0.07. We expect stock-based compensation expense to be approximately $25 million.

基於以上原因，我們提出以下展望，其中包括我們上季度發布的一次性措施的更新。我們預計第四季總營收將在 1.56 億美元至 1.58 億美元之間。我們預計非GAAP營業利潤率將在4%至6%之間。我們預計非GAAP每股淨收益將在0.04美元至0.07美元之間。我們預計股權激勵費用約為2500萬美元。

Taking into account the roughly $4 million of accelerated billings in Q3, we expect billings growth of roughly 20% for the fourth quarter. For full year 2025, we expect total revenue to be between $594 million to $596 million. We expect non-GAAP operating margin to be between 2% to 3%. We expect non-GAAP net income per share to be between $0.15 to $0.19. We expect stock-based compensation expense to be between $115 million to $120 million.

考慮到第三季約 400 萬美元的加速結算款項，我們預計第四季結算款項將成長約 20%。我們預計 2025 年全年總收入將在 5.94 億美元至 5.96 億美元之間。我們預計非GAAP營業利潤率將在2%至3%之間。我們預計非GAAP每股淨收益將在0.15美元至0.19美元之間。我們預計股權激勵費用將在1.15億美元至1.2億美元之間。

While we plan to give formal 2026 guidance in February, the combination of our Q3 outperformance, strong pipeline and innovative product portfolio make us comfortable with current Wall Street consensus for full year 2026 revenue and non-GAAP operating income. In conclusion, Q3 was a strong quarter. Our results underscore the power of the OneStream platform to bring the office of finance into the AI era.

雖然我們計劃在 2 月正式發布 2026 年業績指引，但第三季業績優異、產品線強勁、產品組合創新，讓我們對華爾街目前對 2026 年全年營收和非 GAAP 營業收入的普遍預期感到滿意。總之，第三季表現強勁。我們的研究結果凸顯了 OneStream 平台將財務部門帶入人工智慧時代的強大能力。

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

現在我們把時間交給接線生進行問答環節。

(Operator Instructions)

（操作說明）

John DiFucci, Guggenheim Securities.

John DiFucci，古根漢證券。

Thank you, Tom and Bill. Listen, on the federal dynamics this quarter, first, I want to say we really appreciate your transparency here, both last quarter and this quarter. In fact, we factored it into guidance. But your overall results really didn't skip a beat, and it's great to see subscription still growing at a really healthy clip here. It sounds like you only lost one federal contract because that agency was discontinued, but you also added a new federal customer. But I'd really like to better understand the remaining account, the renewals.

謝謝湯姆和比爾。聽著，關於本季的聯邦動態，首先，我想說我們非常感謝您在本季和上個季度的透明度。事實上，我們已將其納入指導方針中。但你們的整體業績並沒有受到太大影響，很高興看到訂閱用戶數量仍然保持著非常健康的成長速度。聽起來你只是因為某個聯邦機構倒閉而失去了一份聯邦合同，但你也新增了一位聯邦客戶。但我很想更了解剩餘帳戶和續費情況。

And Bill, you mentioned the license rationalization. Anything you can add to help us better understand renewals in the September quarter and what this means for the future? It would be great. We're just trying to better understand the federal opportunity going forward within the context of the overall beat and raise this quarter. Thank you.

比爾，你提到了許可證合理化的問題。您能否補充一些信息，幫助我們更好地了解九月份季度的續約情況以及這對未來意味著什麼？那太好了。我們只是想更了解未來聯邦政府的機遇，以及本季整體業績超出預期和成長的情況。謝謝。

Yeah. Thanks for that, John. I'll take that and appreciate the commentary on the transparency. That's certainly something that we aspire to do and appreciate the comments. Look, the federal government, obviously, there were a lot of moving pieces as we went into the third quarter.

是的。謝謝你，約翰。我接受這個建議，並感謝您對透明度的評論。這當然是我們努力的目標，也感謝大家的評論。你看，很明顯，聯邦政府方面，隨著我們進入第三季度，有很多事情在變化。

We had SaaS conversions at a couple of our biggest agencies, and that obviously impacted license revenue, but obviously will flow through our subscription revenue in future quarters. And as you noted, we only lost one federal agency that actually doesn't exist anymore. It actually got merged into another agency. And obviously, we added a new one, as you noted.

我們最大的幾家代理商都進行了 SaaS 轉型，這顯然影響了授權收入，但顯然會在未來幾季反映到我們的訂閱收入中。正如你所指出的，我們只失去了一個實際上已經不存在的聯邦機構。它實際上被併入了另一個機構。正如您所指出的，顯然我們還增加了一個新的。

So we're really optimistic about our federal government opportunity as we turn the corner into 2026 now that I think we've gotten through this quarter, and we'll hopefully execute on that as we enter the year.

所以，隨著我們邁入 2026 年，我們對聯邦政府的機會感到非常樂觀，我認為我們已經度過了這個季度，希望我們能在新的一年裡抓住這個機會。

Okay. Thank you, Bill. Nice job, guys.

好的。謝謝你，比爾。幹得漂亮，夥計們。

Chris Quintero, Morgan Stanley.

克里斯昆特羅，摩根士丹利。

Hey, Tom. Hey Bill, congrats on a solid quarter here. I want to ask about AI. We've seen some data points that suggest that finance and accounting is actually one of the top areas that organizations are looking to deploy their AI budget dollars over the next 12 months. So I'm curious, like is that aligning with kind of what you're hearing from your customer base? And what are some of those kind of initial most important use cases that you're seeing them deploy some of your technology into?

嘿，湯姆。嘿，比爾，恭喜你本季業績出色。我想問一些關於人工智慧的問題。我們看到一些數據表明，財務和會計實際上是各組織在未來 12 個月內計劃投入人工智慧預算資金的首要領域之一。所以我很好奇，這是否與您從客戶那裡聽到的回饋相符？那麼，您觀察到的他們將貴公司技術應用於哪些最重要的初步用例呢？

Thanks, Chris. Yeah, I'll take that. As I mentioned in the remarks, we really feel great about our position in AI. We feel we're primed to lead the finance AI era. And what I mean by that is there is a lot of opportunity in finance, especially when you have a platform like OneStream that has this highly contextualized high-value information.

謝謝你，克里斯。好的，我接受。正如我在演講中提到的，我們對自身在人工智慧領域的地位感到非常滿意。我們相信我們已經做好準備，引領金融人工智慧時代。我的意思是，金融領域有很多機會，尤其是有像 OneStream 這樣擁有高度情境化高價值資訊的平台。

So the use cases that you can think of -- you've heard us talk about SensibleAI Forecast, that's clearly predicting the quantitative outcomes for a business in those key line items that you heard, whether that's demand, whether that's multiple cost line items, that has a profound and direct impact on how you can manage your business. But that's just the beginning.

所以，您可以想到的用例——您已經聽我們談到了 SensibleAI Forecast，它顯然可以預測企業在那些關鍵項目上的量化結果，無論是需求還是多個成本項目，它都會對您如何管理業務產生深遠而直接的影響。但這只是個開始。

With the comprehensive AI platform that we have, and you heard me talk about Studio as well, that opens up all kinds of additional use cases, outlier and sort of benchmarking analysis, giving companies the ability to do and measure their business in ways that they haven't been able to in the past and take immediate action. And then ultimately, agents, right?

憑藉我們擁有的綜合性人工智慧平台（你們也聽我提到 Studio），它開闢了各種額外的用例、異常值和基準分析，使公司能夠以過去無法做到的方式開展和衡量業務，並立即採取行動。最終，就是經紀人，對吧？

The autonomous financially intelligent coworkers that were -- we've built into the platform, that is very, very high interest in our customers because of the potential to actually interpret all this information, help take action and do repetitive work. So we feel finance is definitely embracing this opportunity. And again, our understanding of the deterministic nature of AI required for finance puts us in a great position to answer that need and interest for the customer base.

我們平台內建了具有自主財務智慧的同事，這引起了客戶的高度關注，因為他們有可能解讀所有這些訊息，幫助採取行動並完成重複性工作。因此，我們認為金融界正在積極把握這項機會。再次強調，我們對金融領域所需人工智慧的確定性本質的理解，使我們能夠更好地滿足客戶群的需求和興趣。

Adam Hotchkiss, Goldman Sachs.

Adam Hotchkiss，高盛集團。

Great. Thanks for taking my questions. I think you made the comment, Bill, about being comfortable with Street estimates for '26. And I think what's notable about that is there's less of a deceleration baked into numbers for '26 relative to '25. And so you're exuding some confidence and some growth stabilization. So if you could just maybe rank order for us qualitatively what the big drivers are there that helpful.

偉大的。謝謝您回答我的問題。比爾，我想你之前說過，你對華爾街對 2026 年的預測感到滿意。我認為值得注意的是，2026 年的數字與 2025 年相比，成長放緩的幅度較小。所以你散發出一些自信和增長穩定的氣息。所以，如果您能幫我們定性地排序哪些是主要驅動因素，那就太好了。

Yeah. Let me talk about just about the overall performance of our business, and I think that will answer your question. And we saw this this last quarter. EMEA really performed super well this quarter. As Tom mentioned, some pretty big lighthouse wins that we had there.

是的。讓我談談我們公司的整體業績，我想這就能回答你的問題了。我們在上個季度就看到了這種情況。歐洲、中東和非洲地區本季表現非常出色。正如湯姆所提到的那樣，我們在那裡取得了一些非常重要的燈塔勝利。

Obviously, considerable strong growth, strong momentum, and we're really optimistic about the opportunity that we see in EMEA. Asia Pacific continues to be a small but growing area of our business, and we expect that momentum to continue. And in the US, certainly, Tom's talked about CPM Express and the opportunity that we see in the commercial business. That is just getting started, as Tom mentioned, and we see strong opportunity there, particularly as we get into more verticals. Actually, I didn't mention it in EMEA, but we just released IFRS Express, which is a really awesome opportunity for us there.

顯然，成長勢頭強勁，發展勢頭良好，我們對 EMEA 地區的機會非常樂觀。亞太地區仍然是我們業務中規模較小但成長迅速的地區，我們預計這種成長動能將持續下去。當然，在美國，湯姆也談到了 CPM Express 以及我們在商業領域看到的機會。正如湯姆所提到的，這只是個開始，我們看到了巨大的機遇，尤其是在我們進入更多垂直領域之後。實際上，我之前沒有在歐洲、中東和非洲地區提到過，但我們剛剛發布了 IFRS Express，這對我們來說是一個非常好的機會。

And then on the enterprise side here in the US, obviously, Q4 is our biggest quarter. And we -- as I mentioned in my commentary, we feel great about the pipeline. The team is working to execute. We actually signed a really nice big deal today, which we're excited about against two very strong competitors, and that all gives us optimism about 2026.

然後，就美國的企業業務而言，顯然，第四季是我們最大的季度。正如我在評論中提到的，我們對這條輸油管感到非常滿意。團隊正在努力執行。我們今天確實簽下了一份非常好的大合同，我們為此感到非常興奮，因為我們擊敗了兩個非常強大的競爭對手，這一切都讓我們對 2026 年充滿信心。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

Yeah. Hey, guys. Thanks for taking the questions. I wanted to double-click on the 2026 guide and really about pipeline assumptions and conversion assumptions in the fourth quarter guide and heading into 2026. How are you thinking about those assumptions? I guess, more specifically around conversions? Is it more conservative heading into 2026? Is it the same? I mean I just wanted to understand what is giving you the confidence to level set 2026, but also kind of expressed a lot of confidence there at the same time.

是的。嘿，夥計們。謝謝您回答問題。我想仔細查看 2026 年的指導方針，特別是第四季度指導方針以及進入 2026 年時的銷售管道假設和轉換率假設。你如何看待這些假設？我猜，更具體地說，是關於轉換方面的？展望2026年，政策是否會更保守？是一樣的嗎？我的意思是，我只是想了解是什麼讓你有信心設定 2026 年的目標，但同時我也表達了極大的信心。

Yeah. No, I'll take that. I mean, look, every quarter, every year as we start our forecast for the quarter and as we start our budgeting process for the next year, we look at two things, right? We look at our pipeline, which is arguably kind of the biggest driver of growth. And the second characteristic of that is obviously our conversion rate.

是的。不，我要那個。我的意思是，你看，每個季度、每年，當我們開始對當季進行預測以及開始製定下一年的預算時，我們都會考慮兩件事，對吧？我們審視我們的產品線，這可以說是成長的最大驅動力。第二個特點顯然是我們的轉換率。

And it obviously varies a little bit by quarter, but we certainly look at that as we enter the quarter and as we enter the year. In addition to the fact that we have our core business, as Tom mentioned, we're really enthusiastic about our new products. Tom's talked about our Agile Financial Analytics, which we see customers really excited about.

當然，每個季度的情況都會略有不同，但我們肯定會在每個季度開始和每年開始時關注這一點。除了我們的核心業務之外，正如湯姆所提到的那樣，我們對新產品也充滿熱情。Tom 談到了我們的敏捷財務分析，我們看到客戶對此感到非常興奮。

We have our SensibleAI Forecast, which is showing some very strong growth. As I mentioned in my remarks, it's up 60% year-over-year, and we continue to see very strong pipeline as customers are seeing the results like Tom talked about in the script of better forecast accuracy, improved speed to forecast and just the benefits that we see there.

我們的 SensibleAI 預測顯示，成長動能非常強勁。正如我在演講中提到的，同比增長了 60%，而且我們繼續看到非常強勁的銷售管道，因為客戶看到了湯姆在腳本中提到的結果，例如更高的預測準確性、更快的預測速度以及我們看到的各種好處。

Obviously, AI Studio is something Tom has talked about. And again, candidly, that new customer that I mentioned earlier has -- that's part of the solution that they've acquired. And then obviously, agents, which are just being released, we just announced limited availability when we're in Splash a few weeks ago.

顯然，AI Studio是Tom曾經談過的東西。坦白說，我前面提到的那位新客戶——這是他們所獲得的解決方案的一部分。然後很明顯，代理伺服器也剛剛發布，我們幾週前在 Splash 展會上宣布了有限的可用性。

So look, as I mentioned in my closing remarks, we have our best product portfolio we've ever had going into any year. We have a very strong pipeline, and that gives us the confidence to obviously give our outlook for 2026. And again, I would just say like we'll give you more formal numbers when we get into February, but we just kind of wanted to give you a little bit of an update like I did.

所以你看，正如我在總結演講中提到的，我們擁有有史以來最好的產品組合。我們擁有非常強大的產品線，這讓我們有信心對 2026 年做出展望。我再次重申，我們會在二月提供更正式的數據，但我們只是想像我剛才那樣，先給大家簡單報告一下最新情況。

Alex Zukin, Wolfe Research.

Alex Zukin，Wolfe Research。

Hey, guys. Thanks for taking the question. I appreciate that incremental color about the pipeline. I guess to that point, it sounds like, Bill, billings growth is going to accelerate if you take the fact that you pulled in or you had some early in Q3 and yet you're still kind of calling for really strong billings numbers in Q4. So maybe just comment on the demand environment as you kind of sit here in October?

嘿，夥計們。感謝您回答這個問題。我很欣賞這種對管道的逐步描述。我想說的是，比爾，如果你考慮到你在第三季度初已經取得了一些成績，但你仍然預測第四季度的賬單數字會非常強勁，那麼賬單增長將會加速。所以，您現在坐在這裡（十月），能否談談您對當前需求環境的看法？

And also a metric that we haven't talked about at length previously, but like as you continue to see a lot of expansion opportunities from Sensible as well as moving into other parts of the finance workflow or outside of the core finance workflow, how should we think about NRR trends from here kind of moving forward as well?

還有一個我們之前沒有詳細討論過的指標，但是隨著 Sensible 不斷帶來新的發展機遇，並擴展到財務工作流程的其他部分或核心財務工作流程之外，我們應該如何看待 NRR 的未來發展趨勢呢？

So Alex, let me start with the last part of your question. I know you and I spent a lot of time talking about NRR. But we had this last quarter, as I mentioned, I think in my remarks was a really great add-on quarter. And it ended up being part of the upside that we saw in our numbers was -- were the add-ons. And candidly, it's just an illustration that our multiproduct strategy is working.

那麼，Alex，讓我先回答你問題的最後一部分。我知道你我花了很多時間討論 NRR。但正如我剛才提到的，我認為上個季度是一個非常出色的成長季度。最終，我們在數據中看到的積極因素之一就是附加項。坦白說，這只是說明我們的多產品策略是有效的。

A couple of years ago, we didn't have all these kind of new products that we've been introducing. And as Tom mentioned in his remarks, I think we're just getting started in our innovation around our products. Look, on the billing side, I would just tell you, again, we outperformed this quarter. We did have a bit, as I mentioned in my commentary, we saw some early renewals because -- back to your NRR point because our customers wanted to add on new products. And so we saw a bit of that in the third quarter.

幾年前，我們還沒有現在推出的這些新產品。正如湯姆在演講中提到的那樣，我認為我們在產品創新方面才剛剛起步。你看，就帳單方面而言，我只想再次告訴你，我們本季的業績超出了預期。正如我在評論中提到的，我們確實有一些早期續約，因為——回到你的 NRR 點，因為我們的客戶想要添加新產品。因此，我們在第三節比賽中看到了一些這種情況。

But obviously, in the guidance that I gave you for Q4 and as I think I mentioned that I don't expect to guide billings every quarter, but I thought it was important as we kind of went through Q3 to Q4 that we gave you that color. And obviously, we're enthusiastic about the quarter ahead.

但很顯然，在我給出的第四季度業績指引中，正如我之前提到的，我並不打算每個季度都給出業績指引，但我認為，在我們經歷第三季度到第四季度的過程中，向你們提供這種信息是很重要的。顯然，我們對接下來的一個季度充滿信心。

Terry Tillman, Truist Securities.

Terry Tillman，Truist Securities。

Thanks for taking my question. Bill, it's always nice to hear about a deal closing, an important deal closing like in real time.

謝謝您回答我的問題。比爾，聽到有交易達成，尤其是重要的交易即時達成的消息，總是令人高興的。

Terry, it's pretty exciting when we have a deal close on the day of earnings. I have to tell you, Tom and I were high-fiving at each other.

特里，在財報發布當天完成交易真是太令人興奮了。我得告訴你，我和湯姆當時互相擊掌慶祝。

Well, if one closes before the end of the call, we'd appreciate another update.

如果通話結束前有電話打通，我們希望您能再次告知最新情況。

We'll keep our eyes out.

我們會密切注意。

My one question relates to EMEA. It does sound like you're firing on all cylinders there, and there's a lot more where it came from. What I'm curious about is there something going on with this replacement cycle. We know there's a lot of technical debt in these 20-year-old systems. Is there something that seems like it's accelerating in that cycle of replacement?

我的問題與歐洲、中東和非洲地區有關。聽起來你現在狀態極佳，而且還有更大的潛力。我好奇的是，這個更換週期是不是出了什麼問題。我們知道這些使用了 20 年的系統中存在大量的技術債。在這個更替週期中，是否有某些因素似乎正在加速？

And part of this is also -- but your field sales coverage is probably expanding, so maybe it's becoming more productive or maybe it's partners. But just maybe you could kind of stack rank some of the drivers that's driving that momentum.

部分原因也是——但你的現場銷售覆蓋範圍可能正在擴大，所以它可能變得更有效率，或者可能是合作夥伴。但或許你可以對推動這一趨勢的一些因素進行排名。

Thanks, Terry. I'll take that. And you pretty much hit on it. It's the fact that we're getting more scale in the region. So we are seeing that ability to have more coverage across the different countries.

謝謝你，特里。我接受。你說的基本沒錯。關鍵在於我們在該地區的規模越來越大。因此，我們看到這種能力正在增強在不同國家的覆蓋範圍。

Secondarily, there is the opportunity of legacy applications that are coming up. And just to remind everybody, as I've mentioned in other calls, the foundation of getting access or being trusted to take those legacy replacements is that we've had prior success.

其次，還有遺留應用程式帶來的機會。再次提醒大家，正如我在其他電話會議中提到的，獲得訪問權限或被信任來接管這些遺留系統的前提是我們之前已經取得了成功。

And so when we think about that and we think about that opportunity, we're building on those foundational wins in that segment and some of those transformations that are happening. And then ultimately, when we look at the product portfolio and we look at the enthusiasm for our product, that is sort of the third component that I see driving it. But I definitely want to call out the execution of the team over there and the growth that we're seeing, and there's a lot of excitement.

所以，當我們思考這個問題，思考這個機會時，我們是在鞏固該領域的基礎性勝利，以及正在發生的一些變化。最後，當我們審視產品組合，並觀察消費者對我們產品的熱情時，我認為這就是推動其發展的第三個因素。但我一定要特別表揚一下那邊的團隊的執行力和我們所看到的進步，大家都很興奮。

Steve Enders, Citi.

史蒂夫恩德斯，花旗集團。

Okay, great. Thanks for taking the questions here. I guess I want to follow-up on the AI side of it. I think the bookings growth you called out there, I would say it was 60%. But I guess what are you seeing maybe in the pipeline? Like are you starting to see incremental builds there from the sales build-out that you've been talking about for the past year or so? And then just how do you kind of view the future pipeline opportunity as we kind of go into 2026?

好的，太好了。感謝您回答這些問題。我想進一步了解人工智慧方面的資訊。我認為你提到的預訂量成長，應該有 60% 左右。但我很好奇，您覺得接下來會有哪些項目？你是否開始看到過去一年左右你一直在談論的銷售拓展計劃取得逐步成效？那麼，展望2026年，您如何看待未來的管道建設機會呢？

So we look at the current pipeline as a great validation of the momentum that we're building, first and foremost, is the way that I would talk about. So as we think about the product strategy that we have in AI, our AI portfolio consists of the first product SensibleAI Forecast, which is driving that adoption through the validation that I shared in my remarks. And so as we look going forward, what we're seeing is, again, early days, but excitement around AI Studio. It just opens up so many additional use cases. And the way that you want to think about AI Studio is AI everywhere in our platform.

因此，我認為目前的專案儲備是對我們正在建立的勢頭的一個很好的驗證，首先，這就是我所說的。因此，當我們思考我們在人工智慧領域的產品策略時，我們的人工智慧產品組合包括第一個產品 SensibleAI Forecast，它透過我在演講中分享的驗證來推動其普及。因此，展望未來，我們看到的仍然是早期階段，但人們對 AI Studio 感到興奮。它開闢了許多其他的應用場景。你應該這樣理解 AI Studio：它就是我們平台中無所不在的 AI。

That's why we invented that product so that we can drive AI into meaningful workflows across our customers' set of use cases that they're enjoying on the platform. And then ultimately, we are very, very excited about what we're -- the feedback that we've been getting and the partnering, frankly, that we've had with our customers in the agentic space because, again, this is all -- this is a building process for us.

這就是我們發明該產品的原因，這樣我們就可以把人工智慧融入客戶在平台上使用的各種用例的有意義的工作流程中。最後，我們對我們所取得的成就感到非常非常興奮——坦白說，我們對收到的回饋以及與代理商領域的客戶建立的合作關係感到非常非常興奮，因為，再說一遍，這對我們來說都是一個建設過程。

It was quantitative, generative and agentic working together on a contextualized platform. And so as we look to 2026 and continuing the rollout of our limited availability of the agents, we're very excited about that opportunity and bringing that to our customers and again, building on that same momentum that we're seeing from SensibleAI Forecast.

它是在情境化的平台上，以定量、生成和自主的方式協同工作的。因此，展望 2026 年，我們將繼續有限地推廣我們的代理，我們對此機會感到非常興奮，並期待將其帶給我們的客戶，再次鞏固我們從 SensibleAI Forecast 中看到的良好勢頭。

Scott Berg, Needham.

史考特·伯格，尼德姆。

Really nice quarter here. Tom or Bill, I just wanted to see if you could maybe comment on what you're seeing early with the revenue opportunity for the agents. I know they're not fully released in general availability yet. But I think a key question we've all kind of had is, as you release those, I guess, what's the uplift there? And does it impact any of your seat-based model at all? Thank you.

這塊街區真不錯。湯姆或比爾，我只是想問你們能否就目前代理商的收入機會發表一下看法。我知道它們還沒有正式向公眾發售。但我認為我們都曾有過的一個關鍵問題是，當你釋放這些能量時，它能帶來什麼提升？這是否會對你們的座位模型產生任何影響？謝謝。

Sure. I'll take that. And as we look at agents, we're still in the early days in terms of the -- going from private preview to limited availability. So pricing, you can expect to be more of a usage-based pricing the way we price the other AI services products. And we think we have a strong applied approach, which is key here, and that is demonstrated value of our finance analyst agent.

當然。我接受。就經紀人而言，我們仍處於早期階段——從私人預覽到有限開放。因此，在定價方面，您可以期待採用與我們對其他 AI 服務產品相同的基於使用量的定價方式。我們認為我們擁有強大的應用能力，這至關重要，也證明了我們財務分析代理的價值。

What we see this is a -- as I mentioned in one of my remarks, it's an autonomous coworker. It's the ability to help the customer get more value, do work efficiently and then let their team members do more high-value work is quite frankly, what we see. So, we see this as incremental revenue rather than sort of a replacement or displacement of seats. And I think that's largely what you're going to see in the financial space. There's certainly optimizations.

我們看到的是一個——正如我在之前的演講中提到的，它是一個自主的同事。坦白說，我們看到的是幫助客戶獲得更多價值、有效率地完成工作，然後讓他們的團隊成員去做更多高價值的工作的能力。所以，我們認為這是收入的增加，而不是座位的替換或轉移。我認為這在很大程度上也是金融領域將要發生的事情。當然還有優化的空間。

But as we've highlighted in some of the studies that we've done, the 2035 finance, like you have -- finance teams are generally overworked, overstressed. It's not that there are always way too many people, right? They want to have those people working on the most important areas of the business, to be a true partner of the business. And we think that we're an unlock for that, giving them efficiency to do the things they have to do and help them be more of a business partner.

但正如我們在一些研究中所強調的那樣，2035 年的財務狀況，就像你們一樣——財務團隊通常工作過度，壓力過大。並不是說人總是太多，對吧？他們希望讓這些人從事公司最重要的業務領域，成為公司真正的合作夥伴。我們認為我們能幫助他們提高效率，讓他們更有效率地完成必須做的事情，並幫助他們成為更優秀的商業夥伴。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Can you comment on traction in some of the emerging applications that sit outside of the core, maybe shed some light on where you see the strongest growth vectors? For instance, noticing you have account reconciliations now that are driven by SensibleAI. And then the supplier analysis, I'm wondering if there's any more interest there in the wake of the tariffs? And any brief mention on the big pharma win? Congrats on that. Just wondering if you see that as a linchpin to going a little deeper in a new vertical?

您能否談談一些核心應用之外的新興應用的發展情況，並指出您認為成長最快的領域是什麼？例如，注意到您現在有由 SensibleAI 驅動的帳戶對帳功能。然後是供應商分析，我想知道在關稅出台之後，這方面是否還有人感興趣？有沒有簡單提及大型製藥公司的勝利？恭喜！我只是想知道，您是否認為這是深入探索新領域的關鍵？

Thanks, Mark. Yeah, there's always -- if I can just orient everybody on our platform and our platform message. And I think this is critical to helping you -- to help everybody kind of baseline this. We think of the platform as having three key components: core; operational; and AI, kind of think of it as a triangle. Core is the stuff everybody has to do.

謝謝你，馬克。是的，總是有辦法的——如果我能讓大家了解我們的平台和我們的平台資訊就好了。我認為這對幫助你們至關重要——對幫助所有人建立這種基本概念也至關重要。我們認為該平台有三個關鍵組成部分：核心；營運；以及人工智慧，可以把它想像成一個三角形。核心內容是每個人都必須做的事情。

Every big business has to do this, the things you have to get right. We need to help our customers become as efficient as possible. And to your point, Mark, the thing they want to do, though, is they want to help -- they want to start turning that fast-changing operational data, those operational use cases into a signal that they can take action on. So we have always seen a lot of interest in that particular space.

每個大企業都必須這麼做，必須把這些事情做好。我們需要幫助客戶盡可能提高效率。正如你所說，馬克，他們真正想做的是提供幫助——他們想開始將快速變化的營運數據、營運用例轉化為他們可以採取行動的訊號。因此，我們一直看到人們對這個特定領域非常感興趣。

And the fact that with our AFA or what we call Agile Financial Analytics, our ability to do more real-time analytics, no ETL, directly on top of operational sources and have our agents be able to interact with that data as well is an area that we're continuing to push into. And those are, again, some of the key innovative areas that are underpinning our excitement in the business and the opportunity that we see ahead.

而我們稱之為敏捷財務分析（AFA）的技術，使我們能夠直接在營運資料來源上進行更多即時分析（無需 ETL），並且我們的代理商也能與這些資料進行交互，這是我們正在不斷推進的領域。而這些，正是支撐我們對業務的熱情以及我們看到的未來​​機會的一些關鍵創新領域。

And so -- and when you think about these operational use cases, whether that's -- you mentioned AI-powered account reconciliations. We have that under an umbrella that we call the modern financial close. That's an opportunity for us to, again, to double down and address certain personas and make sure that they understand that we're delivering the key capabilities and technologies if you're a controller, to help you not only do your financial planning, your financial reporting, but also deliver on those and become more efficient at your closing.

所以——當你思考這些營運用例時，無論是——你提到了人工智慧驅動的帳戶核對。我們將其歸類為現代金融結算。這對我們來說是一個機會，可以再次加倍努力，專注於某些特定用戶群體，並確保他們了解，如果您是財務總監，我們將提供關鍵的功能和技術，幫助您不僅進行財務規劃和財務報告，而且還能實現這些目標，並在結算時提高效率。

So any and all of those opportunities are what lie in front of us. And you'll see us continue to develop more and more productized use cases in those areas, as you mentioned, supplier analytics, and these are all areas that are part of our ongoing verticalization strategy and intention to focus in these areas.

所以，所有這些機會都擺在我們面前。正如您所提到的，供應商分析等領域，我們將持續開發越來越多的產品化用例，這些都是我們持續垂直化策略的一部分，也是我們專注於這些領域的計畫。

Jake Roberge, William Blair.

傑克‧羅伯格，威廉‧布萊爾。

Yeah. Thanks for taking the questions. I just wanted to follow-up on the new agentic offerings entering limited availability. Could you talk a little bit more about the feedback you've gotten from customers and if there are any specific agents that you're seeing drive outsized interest for the platform right now? Thanks.

是的。謝謝您回答問題。我只是想跟進一下即將限時推出的全新代理服務。您能否再詳細談談您從客戶那裡得到的回饋，以及您目前是否發現有任何特定的代理商對該平台表現出特別濃厚的興趣？謝謝。

Sure. So let me first just talk about the agent set that we have in play, just to level set for everyone. So we have our finance analyst agent. You can think of that as a structured kind of data analyst that understands the OneStream data architecture, data repository, highly contextualized data and can help with analytics, can help with reporting, answer questions that can help with education because individuals that don't understand some of the data models that customers have built now have access to that information. So it's broadly applicable.

當然。首先，讓我談談我們目前使用的代理組合，以便讓大家都能站在同一起跑線上。所以我們有了財務分析代理。您可以將其視為一種結構化的數據分析師，他了解 OneStream 數據架構、數據存儲庫、高度上下文相關的數據，可以幫助進行分析、報告，並回答有助於教育的問題，因為現在不了解客戶構建的某些數據模型的人也可以訪問這些信息。所以它具有廣泛的適用性。

And that's a very high interest agent within our customer base. The other couple of agents that are also getting a lot of interest are our search agent and our deep analysis agent. These complement and contextualize and synthesize with our finance analyst agent. So meaning if you have an interesting set of analytics that are coming out from finance analysts, but you require additional information to provide context such as contract-based analysis, our agents, we've developed an agentic workflow.

而且，這是我們客戶群中非常受關注的代理商。另外兩個同樣備受關注的代理商是我們的搜尋代理和深度分析代理。這些與我們的財務分析代理相輔相成，並為其提供背景資訊和綜合分析。也就是說，如果您有一組來自財務分析師的有趣分析結果，但您需要額外的信息來提供背景信息，例如基於合約的分析，我們的代理，我們已經開發了一種代理工作流程。

So the thing that has come out of the interaction with customers is more than -- these aren't just chat-oriented interactions. We've built an entire workflow-based interaction which will allow us to truly assign tasks that can be done on a repetitive basis. And this is some of the feedback loop and the processing that our AI engineering team has been working with to rapidly innovate that and make sure that we're iterating and delivering in real-time what the customer is looking for out of these agents.

因此，與客戶的互動所帶來的結果遠不止於此——這些不僅僅是聊天式的互動。我們已經建立了一個完整的基於工作流程的互動系統，這將使我們能夠真正分配可以重複執行的任務。這就是我們的人工智慧工程團隊一直在努力改進的回饋循環和處理流程，目的是快速創新，確保我們能夠即時迭代並交付客戶希望從這些代理商那裡獲得的東西。

Siti Panigrahi, Mizuho.

Siti Panigrahi，瑞穗銀行。

Hi, this is Phil on for Siti. Thanks for taking my question. Can you talk about what you're seeing in terms of competitive displacements like Hyperion and SAP? And how important are these legacy displacements in achieving the preliminary FY26 growth targets?

大家好，我是Phil，為您報道Siti。謝謝您回答我的問題。您能否談談您觀察到的Hyperion和SAP等競爭對手的更迭情況？這些遺留問題對實現 2026 財年初步成長目標有多重要？

So when we look at the historical legacy replacement, it's a consistent and a large opportunity that we're continuing to focus on. And so it's obviously an important part of our numbers. It's an important part of our selling motion. But the thing I do want to make sure that we all focus on is any business -- as I mentioned, the core pillars of our platform. Any business that develops any degree of complexity in their own financial operations has a very high need for OneStream's platform.

因此，當我們審視歷史遺留系統的替換時，這是一個持續且巨大的機會，我們將繼續關注這一機會。因此，這顯然是我們數據的重要組成部分。這是我們銷售流程的重要組成部分。但我希望確保我們所有人都能專注於任何業務——正如我所提到的，這是我們平台的核心支柱。任何財務運作變得稍微複雜一些的企業，都非常需要 OneStream 的平台。

And that's, again, why we tend to focus on CPM Express and the productized approach because we view all companies that have those needs as our customers. So we want to continue to focus heavily on the replacement of legacy systems and help those customers that have been in the CPM world for a number of years, but also make sure that we're extending and onboarding any company that has that growing need for a full CPM solution. So I just want to make sure that I share the way that I see this expansive opportunity consisting of both legacy and evolving companies.

這也是為什麼我們傾向於專注於 CPM Express 和產品化方法的原因，因為我們把所有有這些需求的公司都視為我們的客戶。因此，我們希望繼續專注於舊系統的替換，幫助那些在 CPM 領域工作多年的客戶，同時也要確保我們能夠擴展和接納任何對完整 CPM 解決方案日益增長需求的公司。因此，我只想確保我分享我對這一廣闊機會的看法，這個機會涵蓋了傳統企業和新興企業。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

Thanks for taking the question. This is John on for Brian. Maybe following up a bit on that earlier question on sales pipeline and as we think about customer sizes. You mentioned an acceleration in legacy CPM replacement, but then CPM Express also accelerating adoption in the commercial side of the equation there. So how have those been tracking in 2025? And as we look towards 2026, realizing that both might be the answer here, what are you most excited about? And what opportunity do you see creating the most potential upside in 2026? Thanks.

感謝您回答這個問題。這裡是約翰，替布萊恩報道。或許可以稍微補充一下先前關於銷售管道的問題，以及我們思考客戶規模的問題。您提到傳統 CPM 的替換速度加快，但 CPM Express 也加速了其在商業領域的應用。那麼，這些目標在 2025 年的進展如何呢？展望 2026 年，意識到兩者都可能是答案，你最期待的是什麼？您認為2026年最有潛力帶來成長的機會是什麼？謝謝。

Yeah, I'll take this. It's Bill. I would go back a little bit to some of the commentary that I made earlier. We're really excited about EMEA's growth and continued trajectory. Again, I think Tom mentioned CPM Express. I mentioned IFRS Express specifically for EMEA on the commercial side, and we see that as being a really big opportunity. We see EMEA enterprise as well as a big opportunity, obviously, with the legacy replacement opportunity there. And again, there's a lot of change going on, on the ERP stack there, too, which is actually tailwind in our favor.

好的，我要了。是比爾。我想稍微回顧一下我之前的一些評論。我們對 EMEA 的成長和持續發展勢頭感到非常興奮。我想湯姆又提到了CPM Express。我特別提到了 IFRS Express 在 EMEA 地區的商業應用，我們認為這是一個非常好的機會。我們認為 EMEA 企業市場也蘊藏著巨大的機遇，顯然，那裡存在著傳統系統替換的機會。此外，ERP 系統也正在發生很多變化，這實際上對我們有利。

I mentioned Asia Pacific. And in the US, they've been our biggest driver of AI sales so far. I think that will continue to extend to other geographies. And then as Tom mentioned, just the whole opportunity that we have to continue to grow the core, to continue to offer capabilities around Agile Financial Analytics and then as I mentioned earlier, our AI portfolio. So it's hard to choose your favorite child. We love them all, and we think they're all great opportunities for us to grow.

我提到了亞太地區。在美國，它們一直是我們人工智慧銷售的最大推動力。我認為這種情況還會繼續擴展到其他地區。正如湯姆所提到的，我們有機會繼續發展核心業務，繼續提供敏捷金融分析的能力，正如我之前提到的，還有我們的人工智慧產品組合。所以很難選出你最喜歡的孩子。我們非常喜歡它們，並且認為它們都是我們成長的絕佳機會。

Brett Huff, Stephens Inc.

Brett Huff，Stephens Inc.

Thanks for the question and congrats on a nice quarter. I wanted to follow-up on the Agentic AI comments you made. But first, given the market is still anxious on how long it will take enterprise AI to get ROIs, congrats on those really good proof points in the forecasting business. I thought those are notable. But the follow-up question is talking more about how your agents will or won't or how they'll interact with agents from other software firms.

感謝你的提問，也恭喜你本季業績優異。我想就您之前關於智能體人工智慧的評論做一些補充說明。但首先，鑑於市場仍然對企業人工智慧需要多長時間才能獲得投資回報感到焦慮，恭喜你們在預測業務方面取得如此非常好的成果。我覺得這些都很值得注意。但後續問題更多是關於您的代理商將如何或不會如何與其他軟體公司的代理商互動。

Do you view a world where there'll be kind of Uber software or Uber agents that coordinate things across workflows? Do you aspire to have that particular position? Or is this a battle or more of a cooperation as you look beyond the 4 walls of just your data architecture?

你認為未來會出現類似 Uber 的軟體或代理，能夠協調各個工作流程嗎？你是否渴望擔任那個職位？或者，當你跳脫資料架構的限制，審視全局時，這更像是一場戰鬥，還是一場合作？

Thanks. I'll take that. It's something that I think about a lot and my evolving thought on this is OneStream has the right to be, if not the best, one of the best agents in the financial realm, meaning, because of the highly contextualized data, we want to be the best, most reliable, understanding, again, that if you're a CFO and you're trying to use a generic non-financially aware type of agent that doesn't have high context, you're going to get inaccurate results, 80%, 50%, you name it, whatever, which will become 0% useful for the CFO.

謝謝。我接受。我一直在思考這個問題，我的想法也在不斷變化：OneStream 有權利成為金融領域最好的代理商之一，即使不是最好的。這意味著，由於我們擁有高度情境化的數據，我們希望成為最好、最可靠的代理人。再次強調，如果你是一位財務官，卻試圖使用一種缺乏情境資訊的、不具備財務意識的通用代理，那麼你將會得到不準確的結果，可能是 80% 的誤差，50% 的誤差，或者其他任何誤差，這些結果對財務長來說都將毫無用處。

And so we really feel that we have the right to be that -- in that domain, the agent set of choice. Now to your point, with agent-to-agent protocol, multi-agent orchestration, we're not naive to think that other vendors that have platforms, that have other highly contextualized information also have a right to have agents that are highly attuned and aware of that highly contextualized information.

因此，我們真心覺得我們有權利成為──在這個領域，首選的代理商。現在回到你的觀點，有了代理對代理協議、多代理編排，我們並非天真地認為其他擁有平台、擁有其他高度上下文資訊的供應商也有權擁有高度適應並了解這些高度上下文資訊的代理。

We will -- those eventually -- my -- I'm being a futurist now. My view is that we will see those of us that have platforms and highly contextualized information, our agents will work in coordination with some sort of multi-agent protocol at a higher level. And that's where I do think there will be a battle maybe by hyperscaler or there will be a real battle in terms of who wants to own that masterful entry point into the agent ecosystem and then pick the right agent for the right question and do that synthesis.

我們最終會——那些——我的——我現在是在做未來主義者了。我的看法是，我們這些擁有平台和高度情境化資訊的人，我們的代理將與某種多代理協議在更高層次上協調工作。我認為這裡可能會爆發一場大戰，可能是超大規模資料中心運營商之間的競爭，或者說，可能會爆發一場真正的競爭，爭奪進入智能體生態系統的關鍵入口點，然後針對正確的問題選擇正確的智能體並進行綜合分析。

So as this plays out, we're really focused at the moment on making sure that we have the right protocols in place to play in agent-to-agent communication and multi-agent orchestration. But more importantly, at this moment is delivering the ultimate value that our customers want from our agent set within the context of the CFO.

因此，隨著事態的發展，我們目前真正關注的是確保我們擁有正確的協議，以便在代理之間進行通訊和多代理編排。但更重要的是，在當前情況下，我們正在財務長的指導下，為客戶提供他們希望從我們的代理商團隊中獲得的最終價值。

Derrick Wood, TD Cowen.

德里克·伍德，TD Cowen。

Thanks for taking my question. Bill, can you give us a sense how you've handicapped some of the risks around the government shutdown as you guided for Q4? And then looking beyond just with FedRAMP High authorization with DOGE behind us, just how are you feeling about building -- rebuilding momentum in the US Fed? Do you think they'll have kind of a bigger appetite to come back and spend or modernize? Or how do you feel about the visibility there?

謝謝您回答我的問題。比爾，你能否簡要介紹一下，在對第四季度業績進行預測時，你是如何評估政府停擺帶來的一些風險的？展望未來，除了 FedRAMP 高額授權和 DOGE 的支援之外，您對重建聯準會的勢頭有何感想？你認為他們會更有意願回來消費或進行現代化改造嗎？或者，你覺得那裡的可見度如何？

Yeah. No, great question. I'm going to answer your second one first. Look, this Q3 was a challenge, obviously, as all software companies were kind of coming up to the end of the government's fiscal year-end. And again, I think we executed -- we were really happy to have SaaS conversions because obviously, that's the genesis of our business.

是的。不，問得好。我先回答你的第二個問題。顯然，第三季是一個挑戰，因為所有軟體公司都即將迎來政府財政年度的結束。而且，我認為我們執行得很好——我們非常高興能夠實現 SaaS 轉化，因為很明顯，這是我們業務的起源。

And so that was something that we were certainly hoping for, and it's nice to have that behind us for sure. As we look forward, as you mentioned, we're the only kind of cloud CPM vendor that is FedRAMP High, and that gives us the opportunity to serve agencies within the government that require that level of security, and we feel exceptionally well positioned to be able to take advantage of that opportunity.

所以，這當然是我們一直希望發生的事情，現在終於實現了，真是太好了。展望未來，正如您所提到的，我們是唯一一家符合 FedRAMP High 標準的雲端 CPM 供應商，這使我們有機會為政府機構提供服務，滿足其對安全等級的要求，我們感到非常榮幸能夠抓住這個機會。

And so we're definitely taking advantage of that as well as we're working to get AI FedRAMP High certified as well because the government has actually asked us and has strong demand for AI capabilities that, again, no one else has similar capabilities that we do in that arena. Look, as it relates to the government shutdown, I think we all hope the government shutdown ends quickly. We're obviously working with our customers to kind of navigate through it. And I think all of us on this call probably have our fingers crossed that it ends quickly.

因此，我們也在努力爭取 AI FedRAMP High 認證，因為政府確實向我們提出了要求，並且對 AI 能力有著強烈的需求，而在這個領域，其他任何人都沒有我們這樣的能力。關於政府停擺這件事，我想我們都希望政府停擺能盡快結束。我們顯然正在與客戶合作，幫助他們度過難關。我想，我們所有參加這次電話會議的人可能都希望這場會議能盡快結束。

Andrew DeGasperi, BNP Paribas.

安德魯·德加斯佩里，法國巴黎銀行。

Thanks for taking my question. I just wanted to ask without getting a guide for next year, like in terms of the balance of license and services and subscription, would you say that the license revenue sort of decline, is it going to be reflective of what happened this year? Or are you expecting a more muted kind of deceleration there? And I have a follow-up.

謝謝您回答我的問題。我只是想問一下，在沒有明年業績指南的情況下，就授權、服務和訂閱的平衡而言，您認為授權收入的下降是否會反映出今年的情況？還是你預期那裡的減速會比較慢？我還有一個後續問題。

Yeah. Well, you're our last call -- so we'll let you do the follow-up. Although I think the operator might have cut you off. But anyway, look, this was a big year, particularly this last Q3 for a transformation from license to SaaS, arguably our biggest year. You should expect to see overall SaaS migration over the next couple of years, and at which point we likely won't have very much license revenue remaining.

是的。好吧，您是我們最後的聯絡人了——所以後續工作就交給您來做吧。雖然我覺得可能是接線生切斷了你的電話。但無論如何，你看，今年是意義重大的一年，尤其是第三季度，我們完成了從授權許可到 SaaS 的轉型，可以說是我們最重要的一年。預計未來幾年內將出現整體的 SaaS 遷移趨勢，屆時我們可能將沒有太多授權收入了。

And as I said before, on the PS&O side, I think you'll see that be some slight growth, but we certainly -- it was a big growth quarter this year. But if you recall from last year, we had a tough Q3 last year. So -- but I think on a run rate basis, our PS&O business is probably in pretty good shape where it's at.

正如我之前所說，在PS&O方面，我認為你會看到一些小幅成長，但我們今年肯定——這是一個大幅成長的季度。但如果你還記得去年的情況，我們去年第三季過得很艱難。所以——但我認為，從運行速度來看，我們的PS&O業務目前狀況相當不錯。

Mark Schappel, Loop Capital Markets.

馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Hi. Thanks for having me here. I have a question around the sales team. Just a question around the sales team, which has been obviously executing very well here. Could you just comment on any changes or fine tuning to the sales and marketing strategy that maybe we could expect in the coming quarter or two? And also, where maybe you plan to just prioritize additional sales investments?

你好。謝謝邀請。我有一個關於銷售團隊的問題。我有個關於銷售團隊的問題，他們顯然在這裡表現得非常出色。您能否就未來一兩個季度內銷售和行銷策略可能出現的任何變化或調整發表一下看法？另外，你們是否計劃優先增加銷售方面的投資？

Sure. So as we've talked about, selling the -- I'll kind of go back to my overview of the opportunity that we have in front of us, right? We're selling the -- we have the legacy market that our sales team is geared towards, understands and knows and we've been selling for years and years. We also are introducing the steady pipeline of products. So what you can expect to see from us is a more concentrated effort on scaling across those different product lines, while we maintain a strong focus on our core business that we've been talking about.

當然。正如我們之前討論過的，關於銷售——我還是回到我們面前的機會概述一下吧？我們正在銷售——我們擁有傳統的市場，我們的銷售團隊專注於這個市場，了解並熟悉這個市場，而且我們已經銷售多年了。我們也不斷推出新產品。因此，您可以期待我們會更加集中精力擴大不同產品線的規模，同時我們將繼續專注於我們一直在談論的核心業務。

So the way that I view the investments in the sales and marketing team is in that scale-based approach to make sure that we're properly positioning all the AI innovation, the CPM Express. The good news is it's that straightforward to sell a more productized solution is contained, and we're excited because you get to really scope in and meet the customer in a use case-oriented fashion.

因此，我認為對銷售和行銷團隊的投資應該採取基於規模的方法，以確保我們能夠正確地定位所有人工智慧創新，即 CPM Express。好消息是，銷售更產品化的解決方案就是這麼簡單，我們感到興奮，因為您可以真正深入了解並以用例為導向的方式與客戶見面。

That concludes the question-and-answer session. I would like to turn the call back over to the management team for closing remarks.

問答環節到此結束。我謹將電話交還給管理團隊，請他們作總結發言。

Yeah. I'd just like to say thanks, everybody, for joining us. We look forward to seeing you at upcoming events and hope you have a great rest of your day.

是的。我只想對大家說謝謝，謝謝大家的參與。我們期待在接下來的活動中見到您，並祝您今天餘下的時間愉快。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, that concludes today's call. Thank you all for joining in. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線了。