PagerDuty Inc (PD) 2023 Q4 法說會逐字稿

Before we begin, let me remind everyone that statements made on this call include forward-looking statements based on the environment as we currently see it, which involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. These forward-looking statements include our growth prospects and future revenue, among others, and represent our management's belief and assumptions only as of the date such statements are made, and we undertake no obligation to update these.

在我們開始之前，讓我提醒大家，在本次電話會議上所做的陳述包括基於我們目前所見環境的前瞻性陳述，這些陳述涉及已知和未知的風險和不確定性，這些風險和不確定性可能導致我們的實際結果、業績或成就具有重大意義。與前瞻性陳述明示或暗示的內容不同。這些前瞻性陳述包括我們的增長前景和未來收入等，僅代表我們管理層截至此類陳述作出之日的信念和假設，我們不承擔更新這些陳述的義務。

During today's call, we will discuss non-GAAP financial measures, which are in addition to and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial measures is available in our earnings release. For further information on these and other factors that could cause the company's financial results to differ materially are included in filings we make with the Securities and Exchange Commission, including our most recently filed Form 10-K and 10-Q as well as our subsequent filings made with the SEC.

在今天的電話會議中，我們將討論非 GAAP 財務指標，這些指標是對根據 GAAP 編制的財務業績指標的補充，而不是替代或優於這些指標。我們的收益發布中提供了 GAAP 和非 GAAP 財務指標之間的對賬。有關可能導致公司財務業績出現重大差異的這些因素和其他因素的更多信息，請參閱我們向美國證券交易委員會提交的文件，包括我們最近提交的 10-K 和 10-Q 表格以及我們隨後提交的文件與美國證券交易委員會一起製作。

With that, I will turn the call over to Jennifer.

有了這個，我會把電話轉給詹妮弗。

Thanks, Tony, and thanks, everyone, for joining us today. We delivered a solid fourth quarter and another strong year in FY '23. We are demonstrating durable and now profitable growth through significant product innovation and disciplined go-to-market execution. Revenue grew 32% year-over-year, and we added 379 net new customers to our platform during FY '23. We achieved non-GAAP profitability 1 year ahead of plan, with an operating margin of 1%, up 900 basis points over FY '22. For Q4, we exceeded the high end of both our top and bottom line guidance ranges. Our Q4 revenue was $101 million, up 29% over the previous year, and our first quarter surpassing the $100 million revenue milestone.

謝謝托尼，也謝謝大家今天加入我們。我們在 23 財年實現了穩健的第四季度和又一個強勁的年度。通過重大的產品創新和嚴格的上市執行，我們正在展示持久且現在盈利的增長。收入同比增長 32%，我們在 23 財年為我們的平台增加了 379 名淨新客戶。我們比計劃提前一年實現了非 GAAP 盈利，營業利潤率為 1%，比 22 財年提高了 900 個基點。對於第四季度，我們超出了最高和最低指導範圍的上限。我們第四季度的收入為 1.01 億美元，比上一年增長 29%，我們的第一季度收入超過了 1 億美元的里程碑。

We also surpassed $400 million in annual recurring revenue through a combination of ongoing product leadership in digital operations and our multiyear focus on winning in enterprise and mid-market. We ended the year with 68 of the Fortune 100 and nearly half of the Fortune 500 relying on PagerDuty to modernize their operations where we continue to see significant expansion opportunities.

憑藉在數字化運營領域持續的產品領先地位以及我們多年來致力於贏得企業和中端市場的努力，我們的年度經常性收入也超過了 4 億美元。年底，我們有 68 家財富 100 強企業和近一半的財富 500 強企業依靠 PagerDuty 實現運營現代化，我們繼續看到重要的擴張機會。

Dollar-based net retention was 120%, our ninth consecutive quarter at or above that level. We exited Q4 with 752 customers contributing more than $100,000 in ARR up 27% year-over-year. We continue to see high engagement from our customers with a record number of mid-market and enterprise transactions in the quarter. Non-GAAP operating margin was 6% as a result of accelerating strategic initiatives to sustainably improve our cost structure.

基於美元的淨保留率為 120%，我們連續第九個季度達到或高於該水平。我們在第四季度結束時有 752 名客戶貢獻了超過 100,000 美元的 ARR，同比增長 27%。我們繼續看到客戶的高度參與，本季度的中端市場和企業交易數量創歷史新高。非 GAAP 營業利潤率為 6%，這是由於加快戰略舉措以持續改善我們的成本結構。

While we executed well in an increasingly difficult macroeconomic climate, we saw customers exercising more diligence and adding approval levels for medium to large deals. This has resulted in sales cycles elongating each of the past 3 quarters and transaction size is decreasing. While annualized churn remained well below 5% of starting ARR, we experienced elevated levels of churn from small- and medium-sized customers in Q4.

雖然我們在日益困難的宏觀經濟環境中表現良好，但我們看到客戶更加勤奮，並增加了對大中型交易的批准級別。這導致過去 3 個季度的每個季度的銷售週期都在延長，交易規模也在下降。雖然年化客戶流失率仍遠低於起始 ARR 的 5%，但我們在第四季度的中小型客戶流失率有所上升。

In some cases, customers acquired seats in line with, but not ahead of current needs. From a new customer acquisition perspective, tighter budget management and more restricted buying authority added increased friction to landing new accounts, particularly in SMB.

在某些情況下，客戶獲得的座位符合但不超前於當前需求。從新客戶獲取的角度來看，更嚴格的預算管理和更嚴格的購買權限增加了獲得新客戶的阻力，尤其是在 SMB 中。

We've adapted to these dynamics in 2 principal ways. First, we have sustainably improved our cost structure to scale more efficiently and profitably while investing in platform differentiation that widens the competitive gap. Second, we are successfully engaging customers with a comprehensive operations cloud value proposition to help them optimize their operating efficiency and to streamline their technology ecosystems. As a result, platform opportunities now make up a higher mix of our total pipeline than a year ago.

我們以兩種主要方式適應了這些動態。首先，我們持續改進了我們的成本結構，以更高效、更有利地擴大規模，同時投資於擴大競爭差距的平台差異化。其次，我們通過全面的運營雲價值主張成功吸引客戶，幫助他們優化運營效率並簡化技術生態系統。因此，與一年前相比，平台機會現在在我們的總管道中所佔比例更高。

Our product development teams increased our new product velocity meaningfully in FY '23 with several newly available products released that position PagerDuty for further expansion across enterprise customers. Some of our major new releases that leverage AI or automation include incident workflows, event orchestration for AI Ops, automation actions and status pages as well as a comprehensive customer service offering. We continue to expand our ecosystem with over 700 integrations.

我們的產品開發團隊在 23 財年顯著提高了我們的新產品開發速度，發布了幾款新產品，使 PagerDuty 能夠進一步擴展到企業客戶。我們利用 AI 或自動化的一些主要新版本包括事件工作流、AI Ops 的事件編排、自動化操作和狀態頁面以及全面的客戶服務產品。我們通過 700 多個集成繼續擴展我們的生態系統。

Earlier this year, we made Incident Workflows generally available to PagerDuty customers. This unlocks flexibility for our customers, leveraging technology from our acquisition of Catalytic using no-code workflows so teams can rapidly customize for specific business team and operational needs. Incident Workflows automate work, minimize human error and empower our customers to immediately capture tangible ROI across a wider range of operational needs.

今年早些時候，我們讓 PagerDuty 客戶普遍可以使用事件工作流程。這為我們的客戶釋放了靈活性，利用我們使用無代碼工作流收購 Catalytic 的技術，因此團隊可以針對特定的業務團隊和運營需求快速定制。事件工作流程使工作自動化，最大限度地減少人為錯誤，並使我們的客戶能夠立即在更廣泛的運營需求中獲得切實的投資回報。

We also launched PagerDuty Status Pages during the quarter, enabling users to securely communicate real-time operational updates directly from the platform to end customers as well as to key stakeholders across the business. Status Pages leverage both Event Orchestration and Incident Workflows to create a single source of the truth and automatically post detailed updates saving time during an incident response. Unlike other Status Page solutions, PagerDuty eliminates the need for multiple tools, reducing costs. Many PagerDuty customers have added Status Pages to their accounts and replaced less integrated and less automated point solutions.

我們還在本季度推出了 PagerDuty Status Pages，使用戶能夠安全地將實時運營更新直接從平台傳達給最終客戶以及整個企業的主要利益相關者。狀態頁面利用事件編排和事件工作流來創建單一事實來源並自動發布詳細更新，從而在事件響應期間節省時間。與其他狀態頁面解決方案不同，PagerDuty 消除了對多種工具的需求，從而降低了成本。許多 PagerDuty 客戶已將狀態頁面添加到他們的帳戶中，並替換了集成度較低和自動化程度較低的單點解決方案。

In February, we released the Customer Service Operations application for ServiceNow Customer Service Management. Building on a popular integration, the application enables seamless collaboration between customer service agents and engineering teams. PagerDuty customers can drive trials of this new application inside the platform, leading to efficient product discovery and reduced friction for expansions.

2 月，我們發布了 ServiceNow 客戶服務管理的客戶服務運營應用程序。該應用程序基於流行的集成，支持客戶服務代理和工程團隊之間的無縫協作。 PagerDuty 客戶可以在平台內推動這個新應用程序的試用，從而實現高效的產品發現並減少擴展的摩擦。

In addition, we delivered many platform-wide initiatives, which continue to improve the reliability and security of our platform and made progress on the path to FedRAMP certification. All new launches are tightly integrated, creating compounding value for PagerDuty customers with comprehensive deployments.

此外，我們還提供了許多平台範圍的舉措，這些舉措繼續提高我們平台的可靠性和安全性，並在獲得 FedRAMP 認證的道路上取得了進展。所有新推出的產品都緊密集成，通過全面部署為 PagerDuty 客戶創造複合價值。

Looking ahead to our FY '24 platform road map, we expect to continue investing in a high rate of innovation across the Operations Cloud. We will build on our workflow automation, expand our AIOps offering, further enable distributed process automation and add additional flexibility to design workflows for customer service teams and other business operations use cases.

展望我們的 FY '24 平台路線圖，我們希望繼續投資於整個運營雲的高創新率。我們將在我們的工作流自動化的基礎上，擴展我們的 AIOps 產品，進一步實現分佈式流程自動化，並為客戶服務團隊和其他業務運營用例的設計工作流增加額外的靈活性。

I want to thank our product and engineering teams for one of our most productive innovative years to date. Our go-to-market teams also executed well despite a tougher demand environment evolving as the year progressed. During the year, we launched PagerDuty Japan, standardized our global go-to-market model and advanced our product partnership with AWS.

我要感謝我們的產品和工程團隊，這是迄今為止我們最俱生產力的創新年之一。儘管隨著時間的推移需求環境變得更加嚴峻，但我們的上市團隊也表現出色。在這一年中，我們推出了 PagerDuty Japan，標準化了我們的全球上市模式，並推進了我們與 AWS 的產品合作夥伴關係。

Our TAM remains expansive, and our go-to-market teams are realizing economies of scale. Customers remain very engaged throughout the year, and we closed a record number of customer transactions in both Q3 and Q4. ARR per customer continues to grow, which has been a consistent trend, up 23% for the year.

我們的 TAM 仍然很廣泛，我們的上市團隊正在實現規模經濟。全年客戶的參與度都很高，我們在第三季度和第四季度完成了創紀錄數量的客戶交易。每個客戶的 ARR 繼續增長，這是一個一致的趨勢，今年增長了 23%。

We continue to see enterprise customers in highly regulated industries drive significant efficiency from the operations cloud, maintaining security and compliance even as they reduce incident duration, volume and noise while increasing their productivity. This quarter, a Global 500 North American consumer bank signed a 6-figure expansion, including our largest customer service operations deal of FY '23. The customer also added process automation and expanded their incident response deployment.

我們繼續看到受到高度監管的行業中的企業客戶通過運營雲顯著提高效率，保持安全性和合規性，同時減少事件持續時間、數量和噪音，同時提高生產力。本季度，一家全球 500 強北美消費銀行簽署了一項 6 位數的擴張協議，其中包括我們 23 財年最大的客戶服務運營協議。該客戶還增加了流程自動化並擴展了他們的事件響應部署。

They now invest over $1 million in annual recurring revenue with PagerDuty and are actively evaluating our AIOps solution. By partnering closely with the CTO, we aligned on priority operational outcomes for the year. PagerDuty has become the bank's strategic partner for modernizing their operations. We conservatively anticipate an initial ROI of over 300% with a payback period of as little as 3 months.

他們現在通過 PagerDuty 投資超過 100 萬美元的年度經常性收入，並正在積極評估我們的 AIOps 解決方案。通過與 CTO 密切合作，我們在今年的優先運營成果上保持一致。 PagerDuty 已成為該銀行實現運營現代化的戰略合作夥伴。我們保守地預計初始投資回報率將超過 300%，投資回收期僅為 3 個月。

A leading provider of cloud-based enterprise software for payroll, human resources and financial management has been a PagerDuty customer since 2015. In the fourth quarter, they signed a 7-figure 3-year expansion agreement. They now pair PagerDuty's incident response with automation actions, process automation and customer service operations. They utilize the PagerDuty Operations Cloud to manage major incidents across their global business, minimize impact to customers and maximize operational efficiency with automation.

自 2015 年以來，一家領先的薪資、人力資源和財務管理雲企業軟件供應商一直是 PagerDuty 的客戶。第四季度，他們簽署了一份 7 位數的 3 年擴展協議。他們現在將 PagerDuty 的事件響應與自動化操作、流程自動化和客戶服務操作相結合。他們利用 PagerDuty Operations Cloud 管理其全球業務中的重大事件，最大限度地減少對客戶的影響，並通過自動化最大限度地提高運營效率。

In Q4, we closed a 6-figure expansion with a European-based food delivery marketplace. The company has been a PagerDuty customer since 2013, but had previously been utilizing multiple solutions in addition to PagerDuty. Last year, in an effort to standardize IT solutions globally and reduce their infrastructure costs, they decided to standardize on PagerDuty. In addition to retiring point solutions, they are adopting our operations cloud platform.

在第四季度，我們結束了與歐洲食品配送市場的 6 位數擴張。該公司自 2013 年以來一直是 PagerDuty 的客戶，但之前除了使用 PagerDuty 外，還使用過多種解決方案。去年，為了在全球範圍內實現 IT 解決方案的標準化並降低其基礎設施成本，他們決定在 PagerDuty 上實現標準化。除了退休點解決方案，他們正在採用我們的運營雲平台。

Our first value is champion the customer, putting our users at the center of our innovation, building great products and making things easy. Part of championing our customers means building an equitable company that reflects the global and diverse users, customers and communities we serve.

我們的首要價值觀是擁護客戶，將用戶置於我們創新的中心，打造出色的產品並讓事情變得簡單。擁護我們的客戶意味著建立一個公平的公司，以反映我們所服務的全球和多樣化的用戶、客戶和社區。

In FY '23, we advanced the efforts of PagerDuty.org by launching both our climate equity portfolio and the PagerDuty Impact Accelerator to deliver product, volunteer and financial support to mission-driven organizations. We also continued to build on our inclusion, diversity and equity programming. In Q4, we released PagerDuty's third annual ID&E report, tracking our progress and sharing our path forward. In FY '23, we increased the number of under-represented people and women in our senior leadership, including technical leadership. We achieved gender pay equity worldwide and are within a single cent between majority employees and under-represented groups in comparable roles. These improvements are both the result of systematic focus and an expression of deeply held values across the PagerDuty team.

在 23 財年，我們通過推出我們的氣候股權投資組合和 PagerDuty 影響加速器來推進 PagerDuty.org 的工作，以向任務驅動型組織提供產品、志願者和財務支持。我們還繼續加強我們的包容性、多樣性和公平計劃。在第四季度，我們發布了 PagerDuty 的第三份年度 ID&E 報告，跟踪我們的進展並分享我們前進的道路。在 23 財年，我們增加了高級領導層中代表性不足的人員和女性的數量，包括技術領導層。我們在全球範圍內實現了性別薪酬平等，並且在類似職位的多數員工和代表性不足的群體之間的差距在一美分以內。這些改進既是系統關注的結果，也是整個 PagerDuty 團隊根深蒂固的價值觀的體現。

While we are proud of our progress, we acknowledge we have more work to do. I encourage you to read the full report on the website.

雖然我們為我們的進步感到自豪，但我們承認我們還有更多工作要做。我鼓勵您閱讀網站上的完整報告。

Organizations of all types need to modernize their operations in the face of rapid digitization. The cost of interrupt work and disruption has never been higher. Ticketing and queued solutions failed to address the complex nature of modern digital operations. Our customers continue to demonstrate their need for greater efficiency and faster paths to value, choosing PagerDuty as their long-term strategic partner and the Operations Cloud as their platform for engagement.

面對快速數字化，各種類型的組織都需要實現運營現代化。中斷工作和中斷的成本從未如此之高。票務和排隊解決方案未能解決現代數字運營的複雜性。我們的客戶繼續證明他們需要更高的效率和更快的價值路徑，選擇 PagerDuty 作為他們的長期戰略合作夥伴，並選擇 Operations Cloud 作為他們的參與平台。

While macroeconomic conditions continue to evolve in the near term, our long-term tailwinds, digital acceleration, DevOps transformation and cloud adoption continue to be multiyear imperatives for our customers. We are confident in our long-term opportunity and, as such, we'll continue to invest behind our strategic priorities while improving our operating margins.

雖然宏觀經濟狀況在短期內繼續發展，但我們的長期順風、數字加速、DevOps 轉型和雲採用仍然是我們客戶多年的當務之急。我們對我們的長期機會充滿信心，因此，我們將繼續投資於我們的戰略重點，同時提高我們的營業利潤率。

We are still early in a large market, and we remain focused on building a durable and profitable growth company. Our innovation has strengthened our competitive advantages and brought several new products to market that we have begun to monetize. Our high levels of customer loyalty are validated by our net retention and continued growth of customers spending more than $100,000 annually.

我們仍處於一個大市場的早期階段，我們仍然專注於打造一家持久且盈利的成長型公司。我們的創新增強了我們的競爭優勢，並將我們已經開始貨幣化的幾款新產品推向市場。我們的高客戶忠誠度通過我們的淨保留率和每年花費超過 100,000 美元的客戶的持續增長得到證實。

PagerDuty is the platform businesses rely on to produce seamless digital experiences, maintain their digital infrastructure and free capacity to focus on innovation. I'm inspired by our customers, energized by our teams and confident in both our ability to navigate near-term challenges and to execute on the long-term opportunity ahead of us.

PagerDuty 是企業賴以產生無縫數字體驗、維護其數字基礎設施和專注於創新的自由能力的平台。我受到客戶的啟發，受到我們團隊的鼓舞，並且對我們應對近期挑戰和抓住眼前的長期機遇的能力充滿信心。

Thank you to our team, to our customers and to our partners for your dedication, your work and your loyalty.

感謝我們的團隊、我們的客戶和我們的合作夥伴的奉獻、工作和忠誠。

With that, I'll turn the call to Howard, and I look forward to your questions.

有了這個，我會把電話轉給霍華德，我期待著你的問題。

Thank you, Jen, and good day to everyone joining us on this afternoon's call. Our fourth quarter and fiscal year results demonstrate durable profitable growth driven by customers continuing to rely on the PagerDuty Operations Cloud and to reduce costs, protect revenue and retain talent.

謝謝你，珍，祝大家今天下午參加我們的電話會議。我們的第四季度和財年業績表明，在客戶繼續依賴 PagerDuty 運營雲並降低成本、保護收入和留住人才的推動下，實現了持久的盈利增長。

In what continues to be a tough macroeconomic environment, we noted strong retention and a high volume of customer transactions. And as a company, we continue to make progress on our profitability goals being profitable on a non-GAAP basis for the full year.

在持續艱難的宏觀經濟環境中，我們注意到客戶保留率高且交易量大。作為一家公司，我們繼續在我們的盈利目標上取得進展，即全年在非 GAAP 基礎上實現盈利。

Unless otherwise stated, all references to our expenses and operating results are on a non-GAAP basis and are reconciled to our GAAP results in the earnings release that was posted before the call.

除非另有說明，否則所有對我們費用和經營業績的引用均基於非公認會計原則，並與我們在電話會議前發布的收益發布中的公認會計原則結果進行了核對。

Revenue was $101 million in the fourth quarter, up 29% year-over-year. The contribution from international was 24% of total revenues and unchanged from Q4 of last year. We delivered dollar-based net retention in Q4 of 120% compared to 124% in the same period 1 year ago.

第四季度收入為 1.01 億美元，同比增長 29%。來自國際的貢獻佔總收入的 24%，與去年第四季度持平。我們在第四季度實現了 120% 的基於美元的淨保留率，而一年前同期為 124%。

DBNR has been at or above 120% for 9 consecutive quarters. However, based on customer data from the second half of FY '23, we are modeling a range of 117% to 120% in FY '24 with Q1 being at the low end of the range.

DBNR 已連續 9 個季度達到或超過 120%。然而，根據 23 財年下半年的客戶數據，我們正在模擬 24 財年 117% 至 120% 的範圍，其中第一季度處於該範圍的低端。

Customers spending over $100,000 annual recurring revenue grew to 752, up 27% from a year ago. Total paid customers increased by 3% annually to 15,244, compared to 14,865 in the year ago period. Consistent with the macro in the small medium business segment, we had slower acquisition and elevated levels of churn, which slowed total paid customer growth.

年度經常性收入超過 100,000 美元的客戶增長到 752 家，比一年前增長 27%。付費客戶總數每年增長 3% 至 15,244，而去年同期為 14,865。與中小型企業部門的宏觀情況一致，我們的收購速度較慢，客戶流失率較高，這減緩了付費客戶總數的增長。

Free and paid companies on our platform grew to over 24,000, an increase of approximately 20% compared to Q4 of last year. With over 80% of our ARR coming from the enterprise and mid-market segment, we will continue our focus on paid customer acquisition in these segments and leverage our free offering in SMB. As a result, we expect total paid customer growth to be in a range of 5% to 10% in FY '24.

我們平台上的免費和付費公司增長到 24,000 多家，與去年第四季度相比增長了約 20%。我們 80% 以上的 ARR 來自企業和中端市場，我們將繼續專注於這些細分市場的付費客戶獲取，並利用我們在 SMB 中的免費產品。因此，我們預計 24 財年的總付費客戶增長率將在 5% 至 10% 之間。

In terms of metrics that we provide on an annual basis, customers with ARR over $1 million increased to 50, up 16% compared to Q4 of last year. ARR from customers using 2 or more paid products was 58%, 1 point lower than FY '22 and up from 49% in FY '21 and 29% in FY '20.

就我們每年提供的指標而言，ARR 超過 100 萬美元的客戶增加到 50 個，與去年第四季度相比增長了 16%。使用 2 種或更多付費產品的客戶的 ARR 為 58%，比 22 財年低 1 個百分點，高於 21 財年的 49% 和 20 財年的 29%。

Please note that the numbers shared on this call were derived at the customer level, which is consistent with our paid customer calculation. On last year's fourth quarter call, we presented numbers at the account level. And we exited Q4 with $410 million in annual recurring revenue, which was an increase of 26% year-over-year.

請注意，此電話中共享的號碼是在客戶級別派生的，這與我們的付費客戶計算一致。在去年第四季度的電話會議上，我們展示了賬戶層面的數字。我們以 4.1 億美元的年度經常性收入退出第四季度，同比增長 26%。

Q4 gross margin of 86% remained within our target range of 84% to 86%. Operating income improved to $6 million or 6% of revenue compared to a loss of $2 million or 3% of revenue in the same quarter last year. The annual improvement was driven by sustainable sales and marketing efficiency gains and economies of scale across G&A, and the quarterly improvement was as a result of our long-term operations efficiency initiatives. In terms of cash flow for the quarter, cash from operations was $18 million, and free cash flow was $16 million.

86% 的第四季度毛利率保持在我們 84% 至 86% 的目標範圍內。營業收入增至 600 萬美元，佔收入的 6%，而去年同期虧損 200 萬美元，佔收入的 3%。年度改善是由可持續的銷售和營銷效率提升以及整個 G&A 的規模經濟推動的，而季度改善則是我們長期運營效率計劃的結果。就本季度的現金流而言，運營現金為 1800 萬美元，自由現金流為 1600 萬美元。

For the full fiscal year, revenue was $371 million, up 32% year-over-year and a similar growth rate as FY '22. Gross margin was 85%, relatively flat year-over-year. Operating income was $3 million or 1% of revenue compared to a loss of $23 million or 8% of revenue a year ago. Operating cash flow was $17 million compared to negative $6 million a year ago. Free cash flow was $9 million compared to negative $13 million in fiscal 2022. And headcount increased to 1,166, up 23% year-over-year.

整個財年，收入為 3.71 億美元，同比增長 32%，增長率與 22 財年相似。毛利率為 85%，同比持平。營業收入為 300 萬美元或收入的 1%，而一年前虧損 2300 萬美元或收入的 8%。經營現金流為 1700 萬美元，而一年前為負 600 萬美元。自由現金流為 900 萬美元，而 2022 財年為負 1300 萬美元。員工人數增加到 1,166 人，同比增長 23%。

Turning to the balance sheet. We ended the quarter with $477 million in cash, cash equivalents and investments. Total deferred revenue ended the quarter at $209 million, up 23% year-over-year. Quarterly calculated billings were $130 million, which was an increase of 23% year-over-year, ending above the guidance of approximately 20% provided during last quarter's call. This result includes approximately $3 million in prepaid multiyear billings. Adjusting for this, the increase was 21% and also above the guidance. We expect billings growth for Q1 to be approximately 20%.

轉向資產負債表。本季度末，我們擁有 4.77 億美元的現金、現金等價物和投資。本季度末遞延總收入為 2.09 億美元，同比增長 23%。季度計算的賬單為 1.3 億美元，同比增長 23%，高於上一季度電話會議提供的約 20% 的指導。這一結果包括大約 300 萬美元的預付多年賬單。對此進行調整後，增幅為 21%，也高於指引。我們預計第一季度的賬單增長約為 20%。

Given quarter-to-quarter fluctuations in billings, we focus on trading 12 months billings. On a trailing 12-month basis, billings were $410 million, an increase of 27% compared to a year ago and above the rate provided during our last call. As a reminder, the comparable period Q4 of FY '22 included a onetime benefit of approximately $2 million from early renewals. We expect trailing 12-month billings growth exiting the first quarter to be approximately 24%.

鑑於賬單的季度波動，我們專注於交易 12 個月的賬單。在過去 12 個月的基礎上，賬單為 4.1 億美元，與一年前相比增長 27%，高於我們上次電話會議期間提供的費率。提醒一下，22 財年第四季度的可比期間包括提前續約帶來的約 200 萬美元的一次性收益。我們預計第一季度過去 12 個月的賬單增長率約為 24%。

In providing guidance, we have factored in the current macroeconomic environment, which, from a top line perspective, manifests itself in longer sales cycles on larger deals and increasing volume of smaller purchases, general conservatism in spending, particularly for new projects and increased challenge for small and medium businesses.

在提供指導時，我們考慮了當前的宏觀經濟環境，從頂線的角度來看，這體現在較大交易的銷售週期較長和較小採購量的增加、支出的普遍保守主義，特別是新項目的支出以及挑戰的增加中小企業。

For the first quarter of fiscal 2024, we expect revenue in the range of $102 million to $104 million, representing a growth rate of 19% to 22%; and net income per diluted share attributable to PagerDuty, Inc. in the range of $0.09 to $0.10 with fully diluted shares outstanding of approximately $104 million. This implies an operating margin in the range of 6% to 7%.

對於 2024 財年第一季度，我們預計收入在 1.02 億美元至 1.04 億美元之間，增長率為 19% 至 22%；歸屬於 PagerDuty, Inc. 的每股攤薄淨收益在 0.09 美元至 0.10 美元之間，完全攤薄後的已發行股票約為 1.04 億美元。這意味著營業利潤率在 6% 到 7% 之間。

For the full fiscal year 2024, we expect revenue in the range of $446 million to $452 million, representing a growth rate of 20% to 22%, and net income per diluted share attributable to PagerDuty, Inc. of $0.45 to $0.50 with fully diluted shares outstanding of approximately 105 million. This implies an operating margin of 8% to 9%.

對於整個 2024 財年，我們預計收入在 4.46 億美元至 4.52 億美元之間，增長率為 20% 至 22%，歸屬於 PagerDuty, Inc. 的攤薄後每股淨收益為 0.45 美元至 0.50 美元，完全攤薄後已發行股票約為 1.05 億股。這意味著營業利潤率為 8% 至 9%。

Before moving to questions, I would like to provide assistance with modeling FY '24. We expect non-GAAP gross margin to be in our target range between 84% and 86%. Q1 cash outflows include a onetime severance payment of $5 million and seasonal payments related to our short-term incentive plan, and, for Q2, interest on our convertible debt. Q2 expenses will include the first full quarter of annual merit increases.

在開始提問之前，我想為 FY '24 建模提供幫助。我們預計非 GAAP 毛利率將在我們的目標範圍內，介於 84% 和 86% 之間。第一季度的現金流出包括 500 萬美元的一次性遣散費和與我們的短期激勵計劃相關的季節性付款，以及第二季度的可轉換債券利息。第二季度的開支將包括年度業績增長的第一個完整季度。

With respect to free cash flow, the second half is expected to be higher in terms of free cash flow margins. And for the full year, we expect free cash flow margin to be at least a couple of points better than our operating margin.

關於自由現金流，下半年的自由現金流利潤率預計會更高。對於全年，我們預計自由現金流利潤率至少比我們的營業利潤率高出幾個百分點。

In what has been an uncertain economic environment, I would like to thank our customers for their continued partnership. Our expanding operations cloud offerings that help our customers transform critical work, our high retention rates and demonstrated operational efficiency put us in a strong position this year to continue with revenue growth above 20% and expand our operating margin significantly.

在不確定的經濟環境中，我要感謝我們的客戶一直以來的合作夥伴關係。我們不斷擴展的運營雲產品可幫助我們的客戶轉變關鍵工作，我們的高保留率和經證明的運營效率使我們今年處於有利地位，可以繼續實現 20% 以上的收入增長，並顯著擴大我們的運營利潤率。

With that, I will open up the call for Q&A.

有了這個，我將打開問答電話。

Okay. Thank you, team. And we do have hands raised for questions already. Let me bring Jennifer on with us. And we'll turn first to Sanjit Singh with Morgan Stanley.

好的。謝謝你，團隊。我們確實已經有人舉手提問了。讓我帶詹妮弗一起來。我們將首先求助於摩根士丹利的 Sanjit Singh。

Congrats on solid end to the year and on the outlook. Very impressive on the margin guide. I'm happy to see that as well. When you look at the full year outlook, Howard, given that you saw elevated churn on the SMB and remind me, I think it was about -- it was around 20% of the -- of ARR. How much is that -- how much of that churn is a headwind going into next year when we look at the full year guide?

祝賀今年年底和展望。保證金指南令人印象深刻。我也很高興看到這一點。霍華德，當你查看全年展望時，鑑於你看到 SMB 的流失率上升並提醒我，我認為這大約是 ARR 的 20%。當我們查看全年指南時，有多少是明年的逆風？

Thanks, Sanjit. So you're right. So SMB represents about 20% of our revenues. We have contemplated that and factor that into the guidance that we've given for this year. So we've modeled in similar levels of movement within SMB, both in terms of new customer acquisition and downgrade and churn.

謝謝，山吉特。所以你是對的。因此，SMB 約占我們收入的 20%。我們已經考慮了這一點，並將其納入我們今年給出的指導中。因此，我們在 SMB 中模擬了類似的移動水平，包括新客戶獲取、降級和流失。

Makes sense. And then just one more question on sort of the outlook because I was really happy to see the 20% plus revenue growth. And that's on the question of layoffs, and we continue to see big tech announce pretty sizable layoffs. What's the sort of update on the assessment there? Are engineers still finding jobs relatively quickly in terms of -- and then potentially coming back to PagerDuty if they leave the company and then go on to the next one?

說得通。然後再問一個關於前景的問題，因為我很高興看到 20% 以上的收入增長。這就是裁員問題，我們繼續看到大型科技公司宣布大規模裁員。那裡的評估有什麼樣的更新？工程師是否仍然相對較快地找到工作——然後如果他們離開公司然後去下一家公司，他們可能會回到 PagerDuty？

Yes, I'll take that question. Nice to see you, Sanjit. Look, we're very confident in our top and bottom line guide. We've given a lot of thought to the macro. And while we have seen layoffs, what I would say is we continue to see most of those layoffs outside of engineering. And if anything, what we're finding is Incident Response has become more important because our customers are looking to help their engineers do more with less, improve their productivity and, in fact, decrease the cost of their infrastructure. So we're right platform at the right moment in this current market environment. And no question, has it been a tough environment that's had some impact, but our team is executing very well. And executed through the pandemic very well.

是的，我會回答這個問題。很高興見到你，桑吉特。看，我們對我們的頂線和底線指南非常有信心。我們對宏進行了很多思考。雖然我們已經看到裁員，但我要說的是，我們繼續看到工程以外的大部分裁員。如果有的話，我們發現事件響應變得越來越重要，因為我們的客戶希望幫助他們的工程師事半功倍，提高他們的生產力，事實上，降低他們的基礎設施成本。因此，在當前的市場環境中，我們在正確的時間成為正確的平台。毫無疑問，這是一個產生了一些影響的艱難環境，但我們的團隊執行得非常好。並很好地度過了大流行病。

So we have a high degree of confidence that we can deliver on our guidance even if this macro environment persists. And if it were to improve, we would see that as upside.

因此，我們非常有信心，即使這種宏觀環境持續存在，我們也可以實現我們的指導。如果它有所改善，我們會將其視為上行空間。

Great. Congrats on the outlook.

偉大的。祝賀前景。

Next, we'll turn to Matt Hedberg with RBC.

接下來，我們將求助於 RBC 的 Matt Hedberg。

Great. Congrats from me on the results and especially the free cash flow guide, Howard, I think that's really, really excellent. Jen, I want to start reviewing from a high-level perspective. There's been a lot of talk obviously about generative AI. And you guys have had a long-standing focus on AI in general. Can you give us your perspective on what generative AI might mean for the PagerDuty platform going forward?

偉大的。我對結果表示祝賀，尤其是自由現金流指南，霍華德，我認為這真的非常非常好。仁，我想從高層次的角度開始回顧。顯然，關於生成式 AI 的討論很多。總體而言，你們長期以來一直關注人工智能。您能否就生成式 AI 對未來 PagerDuty 平台的意義給出您的看法？

Well, for sure, AI has been a mainstay alongside of automation in every part of our platform, and it's an area that we continue to invest in. I think one of the places where we were early was in building a foundational data model to support our customers and moving from simply responding faster to issues as they arise to actually proactively preventing those issues from the coming major customer impacts. And that has been through leveraging AI in incident response, in AIOps, in parts of our automation product and increasingly in customer service.

嗯，可以肯定的是，人工智能一直是我們平台每個部分自動化的支柱，這是我們繼續投資的領域。我認為我們早期的一個地方是建立一個基礎數據模型來支持我們的客戶，並從簡單地對出現的問題做出更快的響應轉變為真正主動地防止這些問題受到即將到來的主要客戶影響。這一直是通過在事件響應、AIOps、我們的部分自動化產品以及越來越多的客戶服務中利用 AI 實現的。

Generative AI, right now, we see a use for a lot of content creation. It's dependent on a large model, the Internet being one of those. But one of the challenges for generative AI in our space is our customers expect a very high level of fidelity in the signals that they get. False positives or false negatives are not good things when you're dealing with business-critical or mission-critical infrastructure. And so I think it's going to take some time to determine where the right role for generative AI is in the product per se, but you can imagine shortening efforts in diagnostics, reducing the time that it takes to know which service is a root cause or how to remediate, et cetera, and we're experimenting with some of those things.

生成式人工智能，現在，我們看到了很多內容創建的用途。它依賴於一個大模型，互聯網就是其中之一。但在我們的領域中，生成 AI 面臨的挑戰之一是我們的客戶期望他們獲得的信號具有非常高的保真度。當您處理業務關鍵型或任務關鍵型基礎架構時，誤報或漏報都不是好事。所以我認為需要一些時間來確定生成 AI 在產品本身中的正確角色，但你可以想像縮短診斷工作，減少了解哪個服務是根本原因或如何補救，等等，我們正在試驗其中的一些事情。

But from an analytical AI perspective, I still think the data set that we have puts us in a very good position to continue to use AI and machine learning across the platform to automate some of these big challenges when our customers are looking for productivity and efficiency above all else.

但從分析人工智能的角度來看，我仍然認為我們擁有的數據集使我們處於非常有利的位置，可以在我們的客戶尋求生產力和效率時繼續跨平台使用人工智能和機器學習來自動化其中的一些重大挑戰最重要的是。

Got it. That's super helpful. And then Howard, for you. I appreciate all the color on the guidance. One question for me. Could you remind us again what your exposure from a vertical perspective is to tech spending maybe financial services these days?

知道了。這非常有幫助。然後是霍華德，給你。我很欣賞指南上的所有顏色。一個問題問我。您能否再次提醒我們，從垂直角度來看，您最近在科技支出或金融服務方面的風險敞口是什麼？

Yes. So Matt, we've increasingly become more diverse in terms of the industries that we cover. We do have a presence in software and technology and financial services, but also across media and entertainment, travel and hospitality, telecommunications. So that's a broad base, which helps us at least to be able to manage certain movements within those particular industries. So it gives us, to some extent, a level of resilience, but we are able to prepare for that in terms of being able to focus on those different industries with their specific needs at a point in time.

是的。所以馬特，就我們所涵蓋的行業而言，我們變得越來越多樣化。我們確實在軟件和技術以及金融服務領域開展業務，但也在媒體和娛樂、旅遊和酒店、電信領域開展業務。所以這是一個廣泛的基礎，這至少有助於我們能夠管理這些特定行業內的某些動作。因此，它在某種程度上為我們提供了一定程度的彈性，但我們能夠為此做好準備，能夠在某個時間點專注於具有特定需求的不同行業。

Yes. And I'd make the point that in some of those verticals you mentioned, what we're seeing is increased appetite for automation and a platform that improves productivity, a real effort to look at infrastructure costs and try and remove duplicate costs where you might have point solutions that you could replace with the platform. And so our efforts in AIOps, in really leveraging AI in our incident response product when that's now become more important as our customers are trying to protect revenues, protect customers and subscribers is well timed.

是的。我要指出的是，在您提到的某些垂直領域中，我們看到的是對自動化和提高生產力的平台的需求增加，真正努力查看基礎設施成本並嘗試消除重複成本有可以用平台替換的單點解決方案。因此，我們在 AIOps 方面的努力，在我們的事件響應產品中真正利用 AI 的努力現在變得越來越重要，因為我們的客戶正在努力保護收入，保護客戶和訂戶，時機恰到好處。

Turning next to Joel Fishbein at Truist.

轉向 Truist 的 Joel Fishbein。

Congrats also on a great execution. Jennifer, you've talked about on the call and gave us some good details on some of your big wins in the quarter. Obviously, from a go-to-market perspective, you're stressing the platform. And I think the environment that we're in right now is very right for better consolidation. And so I would love to understand what the cadence is on platform sales for you guys. Maybe some of the go-to-market things that you're doing there. And then some of the -- from a customer perspective, how PagerDuty is being viewed from a customer perspective, maybe versus how it was maybe 18 months ago.

也恭喜你執行得很好。詹妮弗，你在電話中談到了你在本季度取得的一些重大勝利，並向我們提供了一些很好的細節。顯然，從進入市場的角度來看，您是在強調平台。而且我認為我們現在所處的環境非常適合更好地整合。因此，我很想了解你們平台銷售的節奏。也許你在那裡做的一些進入市場的事情。然後是一些——從客戶的角度來看，從客戶的角度來看，與 18 個月前相比，PagerDuty 是如何被看待的。

Yes. I think in some ways, our innovation outpaced our branding. And so really building out awareness around our new products and services associated with the broader operations cloud value proposition is something that Katherine Calvert, our new CMO, she's not really that new anymore, our CMO is very focused on. And I think what's important there is that when you leverage an integrated platform that combines Incident Response, AIOps, automation, along with customer service operations, you get benefit across those teams from every part of the platform, and you also get benefit from the integration of those solutions.

是的。我認為在某些方面，我們的創新超過了我們的品牌。因此，我們的新首席營銷官 Katherine Calvert 真正地圍繞我們與更廣泛的運營雲價值主張相關的新產品和服務建立意識，她不再那麼新了，我們的首席營銷官非常關注。而且我認為重要的是，當您利用一個結合了事件響應、AIOps、自動化以及客戶服務運營的集成平台時，您可以從平台的每個部分讓這些團隊受益，並且您也可以從集成中受益這些解決方案。

So the Incident Response, flexible workflows inform some of the signal that comes into Event Intelligence, which allows you to get out in front of some of these issues instead of just responding to them, preventing events from becoming major incidents, having customer service ops, enables customer teams to more effectively communicate and manage situations with their customers and, likewise, become part of the incident response process themselves by raising issues or providing input into the incident response. All of this is built in an easy-to-use sort of seamless platform environment where you don't have to be a dev to understand how to leverage PagerDuty. And I think that is a big step forward.

因此，事件響應，靈活的工作流程會告知事件智能中的一些信號，這使您能夠在其中一些問題面前脫穎而出，而不僅僅是響應它們，防止事件成為重大事件，進行客戶服務操作，使客戶團隊能夠更有效地與客戶溝通和管理情況，同樣，通過提出問題或為事件響應提供輸入，他們自己也成為事件響應過程的一部分。所有這些都構建在一種易於使用的無縫平台環境中，您無需成為開發人員即可了解如何利用 PagerDuty。我認為這是向前邁出的一大步。

Some of the other products and services that we built it may not be as obvious. One is the flexibility and the ability to be able to build low-code or no-code workflows, opens us up to new use cases, not only within Incident Response, but enabling customers to work however they want to work, even if they're not a mature DevOps full service ownership shop. They can work the way they need to work. And likewise, teams in other parts of the business, whether it's customer service or sales and marketing, finance, et cetera, being able to leverage the product for what we call interrupt work.

我們構建的其他一些產品和服務可能不那麼明顯。一是能夠構建低代碼或無代碼工作流的靈活性和能力，使我們能夠接觸到新的用例，不僅在事件響應中，而且使客戶能夠以他們想要的方式工作，即使他們“我們不是成熟的 DevOps 全方位服務所有權商店。他們可以按照需要的方式工作。同樣，業務其他部門的團隊，無論是客戶服務還是銷售和營銷、財務等，都能夠利用產品來完成我們所說的中斷工作。

At the end of the day, it all comes down to helping our customers understand from a high-level perspective that our platform is all about modernizing your operations and improving your productivity while at the same time ensuring a seamless digital experience for customers. And that, in this current macro environment seems to be really well suited for where our customers are trying to go. More with less, less infrastructure spend, less duplication in terms of point solutions within the ecosystem and yet better, faster innovation and service to their end customers. So again, kind of right platform at the right moment for the current environment that we're in.

歸根結底，這一切都歸結為幫助我們的客戶從高層次的角度理解我們的平台旨在實現您的運營現代化和提高您的生產力，同時確保為客戶提供無縫的數字體驗。而且，在當前的宏觀環境中，這似乎非常適合我們的客戶想要去的地方。事半功倍，更少的基礎設施支出，生態系統內單點解決方案的重複更少，但更好、更快的創新和為最終客戶提供的服務。因此，對於我們所處的當前環境，在正確的時間出現了正確的平台。

Great. And if I could follow-up, Howard.

偉大的。如果我可以跟進，霍華德。

Yes, I was just going to add to that. And the way that, that's also showing up is that if we have a look at opportunities right now, platform opportunities are making up a much higher mix of our total pipeline than a year ago. So our sales team is really getting that message of selling the integrated story of when you're putting Incident Response, AIOps, automation, Customer Service ops together, you unlock a different level of power for the customer.

是的，我只是想補充一點。而且，如果我們現在看看機會，就會發現平台機會在我們總管道中所佔的比例比一年前高得多。因此，我們的銷售團隊真正了解到，當您將事件響應、AIOps、自動化、客戶服務操作放在一起時，您就可以為客戶釋放不同級別的力量。

And what does that do to deal sizes just generally if you...

如果你...

So there's 2 effects. The one is that it will, in some cases, make for larger deals, but because of the way our platform is constructed, customers are able to -- they could be an Incident Response customer and they can add automation. Or they could be an automation customer, and they could add Incident Response. So it opens up the opportunity to create a road map with the customer that they don't necessarily have to execute on all at once. But it gives them a pathway to how they can actually build and create an operations cloud within their environment.

所以有2個效果。一個是，在某些情況下，它會促成更大的交易，但由於我們平台的構建方式，客戶能夠——他們可能是事件響應客戶，並且他們可以添加自動化。或者他們可以是自動化客戶，他們可以添加事件響應。因此，它提供了與客戶一起創建路線圖的機會，他們不一定必須一次執行所有路線圖。但它為他們提供了一條途徑，讓他們了解如何在其環境中實際構建和創建運營雲。

Excellent. Moving next to Chad Bennett from Craig-Hallum. Chad?

出色的。從 Craig-Hallum 搬到 Chad Bennett 旁邊。乍得？

So Howard, maybe just to drill down a little bit on net retention for the year in the 117% to 120% range that you gave. So how are you thinking about that in terms of seat expansion versus use case expansion relative to what you saw last year historically?

所以霍華德，也許只是在你給出的 117% 到 120% 的範圍內深入了解當年的淨保留率。那麼，相對於去年曆史上看到的情況，您如何看待席位擴展與用例擴展之間的關係？

Yes. So seat expansion or user expansion still remains one of the primary drivers for us in terms of growth. But increasingly, we are seeing the adoption of other products within the platform as being the key element. And most notable in that is our AIOps solution, particularly with the strengthening of our offering around event orchestration is making that even more relevant to customers. And in terms of automation, the fact that we now have multiple LANs and different ways in which customers can use process automation means that it's much easier for us to, in fact, grow those customers with these additional offerings.

是的。因此，就增長而言，席位擴展或用戶擴展仍然是我們的主要驅動力之一。但越來越多地，我們將平台內其他產品的採用視為關鍵因素。其中最值得注意的是我們的 AIOps 解決方案，特別是隨著我們圍繞事件編排的產品得到加強，這使得它與客戶更加相關。在自動化方面，我們現在擁有多個 LAN 以及客戶可以使用流程自動化的不同方式這一事實意味著我們實際上更容易通過這些附加產品來增加這些客戶。

And that's reflected in the average revenue per customer, continuing to increase again this quarter as it has every quarter very consistently over the past few years. Has continued to go up -- grow. And in fact, it was up 23% at the end of Q4. So our customers are using more of PagerDuty and that's showing up both in terms of users but increasingly in terms of more of the use of the platform.

這反映在每個客戶的平均收入上，本季度繼續增長，因為它在過去幾年中每個季度都非常一致。一直在上升——增長。事實上，它在第四季度末上漲了 23%。因此，我們的客戶正在使用更多的 PagerDuty，這不僅體現在用戶方面，而且越來越多地體現在平台的更多使用方面。

Got it. And then maybe just in terms of what you indicated on free cash flow margins being, I think, a couple of hundred points -- a couple of hundred basis points ahead of the op margin. So would that imply that billings growth for the year should exceed revenue growth? Or is there something else that's providing that delta there?

知道了。然後也許就你所說的自由現金流利潤率而言，我認為是幾百個點——比運營利潤率高出幾百個基點。那麼這是否意味著當年的賬單增長應該超過收入增長？或者是否有其他東西在那裡提供該增量？

Yes. So just to be clear, that's for the full year that I say. Because it will move, it will flex throughout the year as it does. I guess the way that -- we haven't provided specific guidance on billings for the full year, we've provided guidance for Q1. And what I would always point people to is if you look at the trend, the way in which our billings tends to follow our revenue guide over time, you'd expect to see that similar mechanic play out through this next year.

是的。所以要明確一點，我說的是全年。因為它會移動，所以它會像現在一樣全年彎曲。我猜是這樣的——我們沒有提供全年賬單的具體指導，我們已經為第一季度提供了指導。我總是會指出人們要注意的是，如果你看一下趨勢，我們的賬單隨著時間的推移傾向於遵循我們的收入指南的方式，你會期望在明年看到類似的機制。

Next, moving over to Matt Stotler with William Blair.

接下來，移交給馬特·斯托特勒和威廉·布萊爾。

I guess maybe first on the partner ecosystem. Let's just get an update on partner contribution at this point, how those relationships are playing out kind of on the broader time line of ramping those up, but also considering the near-term macro. Obviously, ServiceNow is relatively new. You mentioned AWS recently. You've got a number of other pretty solid partners. So we look to get a broad update there.

我想也許首先是在合作夥伴生態系統上。讓我們在這一點上了解合作夥伴貢獻的最新情況，這些關係是如何在更廣泛的時間線上發揮作用的，同時也要考慮近期宏觀。顯然，ServiceNow 相對較新。您最近提到了 AWS。您還有許多其他非常可靠的合作夥伴。因此，我們希望在那裡獲得廣泛的更新。

Sure. I mean partners continue to be an important and emerging growth vector for us from a channels perspective. AWS from a product standpoint -- excuse me. AWS has really stepped up from a product standpoint with us. And where we've seen a lot of benefit is through the marketplace where customers in a constrained budget environment, are able to deploy AWS prepaid spend to retire PagerDuty licenses. So that has helped a lot of our customers continue to invest in productivity and automation to reduce their overall infrastructure footprint.

當然。我的意思是，從渠道的角度來看，合作夥伴仍然是我們重要且新興的增長載體。從產品的角度來看 AWS——不好意思。從產品的角度來看，AWS 確實提升了我們的水平。我們看到很多好處的地方是通過市場，在這個市場中，預算受限的環境中的客戶能夠部署 AWS 預付費用來停用 PagerDuty 許可證。因此，這幫助我們的許多客戶繼續投資於生產力和自動化，以減少他們的整體基礎設施足跡。

Julia Fare, who's relatively new to the business is looking at some interesting new partnerships from a regional perspective too, to augment the opportunity that we have in regions, where we don't have feet on the street. We've seen some encouraging things recently in Japan, where we closed the deal through a partner in Japan in the financial services sector. And that's a very new market for us, a market where having partners on the ground is really important. And so we're encouraged by that, but the vast majority of our ARR revenue still comes from our direct go-to-market organization and our product-led growth model.

Julia Fare 對這項業務相對較新，她也在從區域角度尋找一些有趣的新合作夥伴關係，以增加我們在我們沒有涉足的地區所擁有的機會。我們最近在日本看到了一些令人鼓舞的事情，我們通過日本金融服務領域的合作夥伴完成了交易。這對我們來說是一個非常新的市場，一個在當地擁有合作夥伴非常重要的市場。因此，我們對此感到鼓舞，但我們 ARR 收入的絕大部分仍然來自我們直接進入市場的組織和我們以產品為主導的增長模式。

I think some of the things that I'm really encouraged about are, even through our direct sales force, who's really embracing the operations cloud and getting better and better at selling not just the vision but the near-term opportunity there, we've seen our largest customer cohort continue to expand with us. So customers spending over $100,000 grew 27% in the quarter. And not a single one of our customers is sold out. We still have a lot of TAM to go after within those customer bases, whether it's -- within those customers, whether it's seat-based or it is use case-based or functional or product-specific.

我認為我真正感到鼓舞的一些事情是，即使通過我們的直接銷售人員，他們也真正接受了運營雲，並且越來越擅長銷售遠景和近期機會，我們已經看到我們最大的客戶群體繼續與我們一起擴大。因此，本季度消費超過 100,000 美元的客戶增長了 27%。而且我們的客戶中沒有一個人賣光了。在這些客戶群中，我們仍然有很多 TAM 需要追求，無論是 - 在這些客戶中，無論是基於座位還是基於用例或功能或特定於產品。

I think in the future, partners could be helpful in helping our customers with the transformation. Like how are they driving the changes necessary to become more productive? How are they improving their workflows and their processes? How are they leveraging PagerDuty to the full extent? So that's exciting, but something that still is out in front of us.

我認為在未來，合作夥伴可以幫助我們的客戶進行轉型。比如他們如何推動必要的變革以提高生產力？他們如何改進工作流程和流程？他們如何充分利用 PagerDuty？所以這很令人興奮，但仍有一些事情擺在我們面前。

Right. Got it. That's helpful. And then the comment on Japan is a good segue into the second question here on just the international markets, right, pretty consistent as a percentage of revenue. I would love to maybe just double-click on what you're seeing there, both in Q4, obviously, early in fiscal '24. And then as you think about what's embedded in guidance outside of North America, I would love to get some color there as well.

正確的。知道了。這很有幫助。然後對日本的評論很好地延續了第二個問題，就國際市場而言，對，佔收入的百分比非常一致。我很想雙擊你在那裡看到的東西，顯然是在 24 財年的第四季度。然後，當您考慮北美以外的指南中嵌入的內容時，我也很想在那裡添加一些顏色。

Sure. I can start and Howard, if there's anything you want to add or if I choke to death, you can jump in. We continue to see a lot of the same macro trends in particular in Europe, where we had seen sales cycles elongate. We had seen more approvals and more diligence on deals. But what's been pleasing is the ongoing engagement from customers and a record number of transactions in the quarter. Even though those transactions may be smaller than they have been in the past, it just shows that customers are still looking to partner with us long term.

當然。我可以開始了，霍華德，如果你有什麼想補充的，或者如果我窒息死亡，你可以加入。我們繼續看到許多相同的宏觀趨勢，特別是在歐洲，我們已經看到銷售週期延長。我們看到了更多的交易批准和更多的努力。但令人高興的是，本季度客戶的持續參與和創紀錄的交易數量。儘管這些交易可能比過去少，但這只是表明客戶仍然希望與我們長期合作。

And I think it sets us up in a really strong position when the market does recover at some point in time, we're in a very good position with a competitive platform that is well seeded into those customers. So continue to see high engagement, had some really interesting wins, including the one we talked about in the food delivery space, a team that is executing very well, given the conditions. And it's early days for Japan. I'm excited about that market. I think that will be an important market for PagerDuty and an important market more broadly for the cloud and for software.

而且我認為，當市場在某個時間點確實復甦時，這使我們處於非常有利的地位，我們處於一個非常有利的位置，擁有一個很好地植入這些客戶的競爭平台。因此，繼續看到高參與度，取得了一些非常有趣的勝利，包括我們在送餐領域談到的勝利，一個在特定條件下執行得非常好的團隊。現在對日本來說還為時尚早。我對那個市場感到興奮。我認為這將是 PagerDuty 的一個重要市場，也是更廣泛的雲和軟件的重要市場。

But I guess to summarize, the economic environment has been pretty consistent in some cases, it's gotten a little tougher. And yet all of our go-to-market teams are executing very well given the environment. And I think they really turned the corner on being able to pivot towards productivity, reducing infrastructure costs, helping customers become more efficient and our customers have been singling to us that Incident Response is more important, that PagerDuty is essential infrastructure and they'd like to consolidate more and more of their spend away from point solutions onto our platform.

但我想總而言之，經濟環境在某些情況下一直非常穩定，變得更加艱難。然而，鑑於環境，我們所有的上市團隊都執行得非常好。而且我認為他們確實在能夠轉向生產力、降低基礎設施成本、幫助客戶提高效率方面取得了成功，我們的客戶一直向我們指出事件響應更為重要，PagerDuty 是必不可少的基礎設施，他們喜歡將越來越多的支出從單點解決方案整合到我們的平台上。

Okay. Next, we'll hear from Kingsley Crane. Kingsley, go ahead, with Canaccord.

好的。接下來，我們將聽取 Kingsley Crane 的意見。 Kingsley，繼續，和 Canaccord。

Look, I think you're solidly profitable, you're guiding almost double-digit operating margins. Has your approach to the long-term model evolved at all? Is 20% still the best long-term margin? You have such strong gross margin, 85%, it seems like maybe that could become higher.

看，我認為你的盈利能力很強，你的營業利潤率幾乎達到兩位數。您對長期模型的方法是否發生了變化？ 20% 仍然是最好的長期保證金嗎？你有這麼高的毛利率，85%，看起來可能會更高。

Kingsley, I like the way you said we're solidly profitable, like we've been doing that for years. I really -- because that was not easy. But Howard, go ahead and let you answer.

金斯利，我喜歡你所說的我們穩固盈利的方式，就像我們多年來一直這樣做一樣。我真的——因為那並不容易。但是霍華德，繼續讓你回答。

Yes. Yes. So Kingsley, we haven't provided an update to our long-term model. So you'll see even in our most recent investor deck, we kept that, which has operating margin at scale at 20%. Right now, that model, I think, is still valid. Right now, given the current macro, we're focusing particularly on what we see happening ahead of us within this next year, and have a high level of confidence in our ability to execute on the guide that we've given for this year. So keeping revenue growth above 20% and operating margin in that 8% to 9% for the full year.

是的。是的。所以 Kingsley，我們還沒有對我們的長期模型進行更新。所以你會看到，即使在我們最近的投資者平台上，我們也保留了這一點，其營業利潤率為 20%。現在，我認為該模型仍然有效。目前，鑑於當前的宏觀形勢，我們特別關註明年我們看到的事情，並對我們執行今年給出的指南的能力充滿信心。因此，全年收入增長保持在 20% 以上，營業利潤率保持在 8% 至 9% 之間。

Okay. Fair enough. And then so for Status Page, newly released products, is that price traditionally on users of the customer? Or is that somehow based on the end user of the customers, the 2 layers of removal? And any sense of adoption expectations or impact on top line?

好的。很公平。那麼對於狀態頁面，新發布的產品，這個價格傳統上是客戶的用戶嗎？還是以某種方式基於客戶的最終用戶，即 2 層刪除？對收養的期望或對收入的影響有何意義？

Yes, sure. So the pricing model net is different from our other models in that it's effectively based on the number of subscribers that a particular customer would contract for. And so the expectation is that the subscribers could be internal or external to the company. So it creates -- effectively targets the end user of the Status Page notifications. This, of course, is a relatively new offering for us, but the -- to date, the experience we've had, it's something that customers were asking us to do before. And hence, I intend to move from what was primarily initially just an internal offering to a fully external offering.

是的，當然。因此，定價模型網絡與我們的其他模型不同，因為它有效地基於特定客戶將簽約的訂戶數量。因此，期望訂戶可以是公司內部的，也可以是公司外部的。所以它創建——有效地針對狀態頁面通知的最終用戶。當然，這對我們來說是一個相對較新的產品，但到目前為止，我們所擁有的經驗是客戶之前要求我們做的事情。因此，我打算從最初主要只是內部產品轉變為完全外部產品。

But what's even more important is the way in which we're using automation with our Status Pages in that it's not relying on some person, like a lot of traditional Status Page is going into a separate environment to capture a message and publish that message. We, in fact, have it fully integrated into the Incident Response life cycle and we're using automation and templates to be able to make it super easy to drive this level of communication that you typically want across a broad set of stakeholders. So good early signs, but this is something that's only recently been released.

但更重要的是我們對狀態頁面使用自動化的方式，因為它不依賴於某些人，就像許多傳統的狀態頁面進入一個單獨的環境來捕獲消息並發布該消息一樣。事實上，我們已將其完全集成到事件響應生命週期中，並且我們正在使用自動化和模板，以便能夠非常輕鬆地推動您通常希望在廣泛的利益相關者之間進行這種級別的溝通。如此好的早期跡象，但這是最近才發布的東西。

And next, we will hear from Andrew Sherman. Go ahead, from TD Cowen.

接下來，我們將聽取 Andrew Sherman 的意見。繼續，來自 TD Cowen。

It's Andrew on for Derrick. Jen, the record number of transactions in both enterprise and commercial is impressive, especially these days. Is there anything reps are doing specifically to drive that velocity how much of this is expansions versus net new logos? And once the macro does improve, does this give you greater visibility into future expansions?

安德魯代替德里克。珍，企業和商業交易的創紀錄數量令人印象深刻，尤其是最近這些天。有沒有什麼銷售代表專門在做什麼來推動這個速度，其中有多少是擴展與淨新標識？一旦宏觀經濟確實有所改善，這是否會讓您更清楚地了解未來的擴張？

I think it's just a good reinforcement of how important our high-velocity land-and-expand motion is. Our team refers to this as the healthy hustle, making sure that they don't let the customer drive the pace of the sales cycle that we put ourselves in a position to enable customers to buy what they need when they need it and not drag out sales cycles by pushing too far ahead of the demand.

我認為這很好地證明了我們的高速著陸和擴張運動的重要性。我們的團隊將此稱為健康的忙碌，確保他們不會讓客戶推動銷售週期的步伐，我們讓自己能夠讓客戶在需要時購買他們需要的東西，而不是拖延將銷售週期推得太早於需求。

And Jeremy Kmet, who is leading our go-to-market organization who's -- someone, frankly, whose transition has gone really well from a go-to-market leadership perspective, is the person that really architected and mechanized this motion. And we've been able to push that high-velocity transactional motion further and further up into larger market segments.

Jeremy Kmet 領導著我們的上市組織，坦率地說，從上市領導的角度來看，他的過渡非常順利，他是真正設計和機械化這一動議的人。我們已經能夠將這種高速交易運動進一步推向更大的細分市場。

And to your point, what that enables us to do is seed opportunities in customers faster, move away, let them grow organically, let them work through the deployment, let them see the value. And then come back to them to add on or to capture additional demand, whether it grows organically or because we learn something, see a new use case within the customer. So I think that has served us very well. And like I said, I think the go-to-market organizations also pivoted effectively to going from selling the premier technical solution to selling a solution where automation can truly improve productivity and efficiency in a moment when our customers really need it.

就你而言，這使我們能夠做的是更快地在客戶中播種機會，離開，讓他們有機地成長，讓他們完成部署，讓他們看到價值。然後回到他們那裡添加或捕獲額外的需求，無論是有機增長還是因為我們學到了一些東西，在客戶中看到一個新的用例。所以我認為這對我們很有幫助。就像我說的，我認為進入市場的組織也有效地從銷售首要技術解決方案轉變為銷售一種解決方案，在我們的客戶真正需要它的那一刻，自動化可以真正提高生產力和效率。

So just really proud of the execution there. I think standardizing our go-to-market model has also helped. So every region is attacking this the same way. It frees up time and create some streamlining in how our teams build pipeline. And the last thing that I would say is we've applied a lot more rigor around multiproduct pipeline and multiproduct selling. So really helping the sales force understand the importance of taking multiple products to market, but also being able to work through the narrative and understand the customer problems that we're solving with an integrated platform.

所以真的為那裡的執行感到自豪。我認為標準化我們的上市模式也有所幫助。所以每個地區都在以同樣的方式進行攻擊。它釋放了時間並簡化了我們團隊構建管道的方式。我要說的最後一件事是，我們在多產品管道和多產品銷售方面更加嚴格。因此，真正幫助銷售人員了解將多種產品推向市場的重要性，同時也能夠通過敘述來理解我們正在使用集成平台解決的客戶問題。

I'd also say retention of reps is higher this year than it was last year, and we're entering this year with more ramp capacity than we have in the past. So really in a strong position from a go-to-market perspective.

我還要說，今年的銷售代表保留率高於去年，而且我們進入今年的產能比過去更多。從進入市場的角度來看，確實處於強勢地位。

That's great. One for you, Howard. I would love to hear a little bit on linearity in the quarter. How does that track? And how are your pipeline indicators looking currently? Have you added any extra levels of scrutiny to those metrics? Any color there would be helpful.

那太棒了。一個給你，霍華德。我很想在本季度聽到一些關於線性度的信息。那是如何追踪的？您目前的管道指標如何？您是否對這些指標添加了任何額外級別的審查？那裡的任何顏色都會有所幫助。

Yes. So if I look back at Q4, which feels like a lifetime ago right now, Q4 was not an unusual quarter in terms of linearity. But what was different is that we would typically see an end-of-year flush of customers looking to release budget in some shape or form, and that did not happen this quarter. So it was a bit different. And I think that was just a reflection on the macro.

是的。因此，如果我回顧第四季度，感覺就像是很久以前的事了，就線性而言，第四季度並不是一個不尋常的季度。但不同的是，我們通常會看到年底大量客戶希望以某種形式釋放預算，而本季度並沒有發生這種情況。所以有點不同。我認為這只是對宏觀的反映。

Going into this year, what we're seeing is the fact that we do have strength in terms of our pipeline now is increasingly more oriented around platform sales. So customers acquiring more than 1 product or acquiring multiple products in order to deliver on this operations card. And as Jane mentioned, we've entered this quarter with more ramp reps than we've had ever before, at the start of the year, which is a good place to be.

進入今年，我們看到的事實是，我們在管道方面確實有實力，現在越來越多地以平台銷售為導向。因此，客戶購買超過 1 種產品或購買多種產品，以便在此操作卡上交付。正如 Jane 提到的那樣，在今年年初，我們進入本季度的斜坡代表比以往任何時候都多，這是一個好地方。

So we're seeing good signals in terms of that within this environment, right? So I think in this environment, we're still seeing customers being cautious. We're seeing customers being careful about their spending, but certainly, high levels of engagement and activity within the customer base.

所以我們在這個環境中看到了良好的信號，對吧？所以我認為在這種環境下，我們仍然看到客戶持謹慎態度。我們看到客戶對他們的支出很謹慎，但可以肯定的是，客戶群中的參與度和活動度很高。

A couple more questions coming in. Next, we'll go to Rob Oliver with Baird. Rob?

還有幾個問題。接下來，我們將與 Baird 一起去 Rob Oliver。搶？

Great. A lot of great questions asked so far, but I'll have a couple just -- so Jen, Howard, you had said there was no budget flush in the quarter. Nevertheless, you guys landed some really impressive deals at year-end, some large lands and expansion. So I wanted to get a sense from you guys a little bit more about what went into some of those large deals, particularly on the expansion side. Obviously, you guys are talking a lot about platform here. I think up to 50% of ARR now multiple products.

偉大的。到目前為止，提出了很多很好的問題，但我只想問幾個——所以 Jen，Howard，你說過本季度沒有預算充裕。儘管如此，你們在年底達成了一些非常令人印象深刻的交易，一些大片土地和擴張。所以我想從你們那裡更多地了解一些大型交易的內容，尤其是在擴張方面。顯然，你們在這裡談論了很多關於平台的話題。我認為現在高達 50% 的 ARR 是多種產品。

But at those largest customers like the big lands you have, the 50 customers now paying you over $1 million where are you relative to automation, customer service? And I know you just mentioned Jeremy, that was one of my questions. Maybe talk about ways in which Jeremy is focused on getting those products now into the pockets and understood of the sales reps that are selling the largest enterprises. And then I have a quick follow-up.

但是在那些最大的客戶，比如你擁有的大片土地，50 個客戶現在支付給你超過 100 萬美元，你在自動化和客戶服務方面處於什麼位置？我知道你剛剛提到了傑里米，這是我的問題之一。也許談談傑里米現在專注於將這些產品放入口袋的方式，並了解銷售最大企業的銷售代表。然後我有一個快速跟進。

Sure. In Q4, we made a big push around enablement to get our sales force more comfortable being able to talk about both the problems and then how we apply solutions to issues like infrastructure automation or how to automate, run books to support faster Incident Response or compress the time and the impact of an incident, how to think about engaging with customer service leaders in terms of the customer service operations, conversation and increasingly getting comfortable about talking about AI in terms of event orchestration and really starting to understand the impact of dependent services and be able to orchestrate work more effectively, orchestrate event correlation more effectively.

當然。在第 4 季度，我們大力推動支持，讓我們的銷售人員能夠更自在地談論這兩個問題，然後討論我們如何將解決方案應用於基礎設施自動化等問題，或者如何自動化、運行書籍以支持更快的事件響應或壓縮事件的時間和影響，如何考慮在客戶服務運營、對話方面與客戶服務領導互動，以及如何越來越習慣於在事件編排方面談論 AI，並真正開始了解相關服務的影響並能夠更有效地編排工作，更有效地編排事件關聯。

And so I think we made a lot of headway just purely from an enablement perspective and helping our reps talk to our customers about this.

因此，我認為我們僅從支持的角度並幫助我們的代表與我們的客戶談論這個問題就取得了很大進展。

Also, we put a lot of time and effort into business assessments, business value assessments that leverage customer data and customer information to give them a sense of where the productivity unlock lives. And then we go back around and assess whether or not we delivered upon that. And usually, we underestimate and over-deliver in that regard. I've had customers, many of which have said 1 major incident paid for last year's PagerDuty subscription and then some, just through close and compressing the time frame and the blast radius of that incident.

此外，我們在業務評估、業務價值評估上投入了大量時間和精力，這些評估利用客戶數據和客戶信息讓他們了解生產力解鎖的位置。然後我們回過頭來評估我們是否兌現了這一點。通常，我們在這方面低估和過度交付。我有一些客戶，他們中的許多人說 1 起重大事件支付了去年的 PagerDuty 訂閱費用，然後是一些，只是通過關閉和壓縮該事件的時間範圍和爆炸半徑。

And so I think there's also the benefit that from a market perspective, as teams become more constrained, as budgets become more constrained, we have customers coming to us saying, help me to reduce my infrastructure cost, help me to unlock productivity. So we're sort of meeting that demand, I think, reasonably well prepared for it, and that's been super helpful.

因此，我認為從市場的角度來看，隨著團隊變得越來越受限，預算越來越受限，我們也有客戶來找我們說，幫助我降低基礎設施成本，幫助我提高生產力。所以我們在某種程度上滿足了這種需求，我認為，為此做好了相當充分的準備，這非常有幫助。

The last thing I would say is in most of the cases where we've described some of these larger deals, these are customers that have been with us since 2013, 2015, 2017. And I've always said that we're sort of a patient grower that our customers often start where they are with a very basic use case, and then you see those businesses become more digital or you see the digitization of their business model take place, and they require more partnership, more support.

我要說的最後一件事是，在大多數情況下，我們描述了其中一些較大的交易，這些客戶自 2013 年、2015 年、2017 年以來一直與我們在一起。而且我一直說我們有點像一個耐心的種植者，我們的客戶通常從一個非常基本的用例開始，然後你會看到這些企業變得更加數字化，或者你會看到他們的商業模式正在發生數字化，他們需要更多的合作夥伴關係，更多的支持。

We've also seen the rise of more technical leadership at a lot of these companies. And technical leaders tend to really understand the value of automating incident response, the value of automation more broadly. And culturally, we're seeing a greater acceptance around leveraging AI to make decisions that historically people made in a swivel chair talking to each other in an operation center. So all of those trends are kind of coming together for us.

我們還看到許多這些公司中更多技術領導層的崛起。技術領導者往往真正理解自動化事件響應的價值，自動化的價值更廣泛。在文化上，我們看到越來越多的人接受利用人工智能來做出決策，而這些決策過去是人們坐在轉椅上在運營中心相互交談做出的。因此，所有這些趨勢都在某種程度上為我們匯聚在一起。

Great. And then, Howard, you guys are one of a very short list of our coverage companies that was able to put through a price increase last year. I think you guys are anniversarying that, if I'm not mistaken, with the first half or maybe this coming quarter. Just anything to call out for us there? It sounds like it's gone well in aggregate. And how is the right way to think about it? Is it just straight up, here's your price increase? Or is this also an opportunity giving you guys an opportunity to talk about the platform and greater value that PagerDuty can deliver?

偉大的。然後，霍華德，你們是我們去年能夠實現價格上漲的極少數報導公司之一。我想你們正在慶祝這一點，如果我沒記錯的話，在上半年或者下個季度。那裡有什麼要告訴我們的嗎？聽起來總體上進展順利。怎樣才是正確的思考方式？是不是直接漲價，這是你的漲價？或者這也是一個機會，讓你們有機會討論 PagerDuty 可以提供的平台和更大的價值？

Yes. Thanks, Rob. So I think there were a few elements to that. So last year, I think in the March time frame now, just going back, we introduced a price increase that was essentially for new customers. And so there was new pricing that was provided to new customers and existing customers were then subject to an annual renewal uplift. And of course, if they made a new purchase, then the starting point, if you like, for them, would be the new pricing. So that pricing has been well received through the year. As with any pricing change, it creates like a discussion point for customers.

是的。謝謝，羅布。所以我認為其中有幾個要素。所以去年，我認為在現在的 3 月時間框架內，回顧一下，我們引入了主要針對新客戶的價格上漲。因此，向新客戶提供了新的定價，然後現有客戶會受到年度續訂提升的影響。當然，如果他們進行了新的購買，那麼對他們來說，如果你願意的話，起點就是新的定價。因此，這一定價在這一年中一直很受歡迎。與任何價格變化一樣，它為客戶創造了一個討論點。

But I think it's now well embedded and well established. And I think what's more interesting for us is that as we look to the future and as we add to the portfolio of our products that create this operations cloud, there's more opportunity for customers to be able to expand their footprint with us and for us to be able to ensure that they're using more of PagerDuty and we're consolidating some of the spend that's sitting out there, and that's really a great opportunity for us.

但我認為它現在已經很好地嵌入並建立起來了。而且我認為對我們來說更有趣的是，當我們展望未來並添加到創建此運營雲的產品組合時，客戶有更多機會能夠與我們一起擴大他們的足跡，並且我們能夠確保他們使用更多的 PagerDuty，我們正在整合一些現有的支出，這對我們來說確實是一個很好的機會。

Okay. Rounding things out, we're going to hear from Credit Suisse. I believe that's Tim Jausovec.

好的。最後，我們將聽到瑞士信貸的消息。我相信那是 Tim Jausovec。

This is Tim on for Fred. First, the midpoint of your Q1 revenue guidance implies $2 million sequential revenue growth which is, I believe, the lowest sequential growth in Q1 you've seen since 2019. At the same time, your full year guidance implies sequential revenue growth slightly above what you reported last year -- so I was hoping you could walk us through the puts and takes of a relatively weaker Q1 guidance compared to a very healthy full year guide, especially given the environment you're operating in.

這是弗雷德的蒂姆。首先，第一季度收入指引的中點意味著 200 萬美元的連續收入增長，我認為這是自 2019 年以來第一季度最低的連續增長。與此同時，你的全年指引意味著連續收入增長略高於你去年報告過——所以我希望你能帶領我們了解與非常健康的全年指南相比相對較弱的第一季度指南，特別是考慮到你所處的環境。

Sure. So I think the key thing to remember is that Q1 last year was a particularly strong quarter for us. And as a result of that, the compare is a tougher compare. We have also just, in thinking about the guidance that we've given for the full year, we're looking at the most recent set of circumstances in terms of thinking about how that may play out within the early part of the year. And we've tried to incorporate our views on the macro across the full year.

當然。所以我認為要記住的關鍵是去年第一季度對我們來說是一個特別強勁的季度。因此，比較是一個更艱難的比較。在考慮我們為全年提供的指導時，我們還剛剛考慮了最近的一系列情況，以考慮在今年年初可能會如何發揮作用。我們試圖在全年整合我們對宏觀的看法。

So as we move through the year, it will -- as we see those circumstances play out through the year, it does create a slightly different shift in the revenue through the period.

因此，隨著我們度過這一年，它會——正如我們看到這些情況在這一年中發揮作用一樣，它確實會在這一時期內產生略有不同的收入變化。

And to be clear, are you assuming a recovery in the macro environment into the back half of the year in your guidance?

需要明確的是，您是否在您的指導中假設宏觀環境會在今年下半年復蘇？

It's a different set of compares, right? So in terms of the compare from like Q1, which was a very strong quarter last year versus, say, Q3 or Q4 later in the year, the compare is off a different base.

這是一組不同的比較，對吧？因此，就去年第一季度與今年晚些時候的第三季度或第四季度的比較而言，這是一個非常強勁的季度，比較的基礎不同。

It's probably safe to say that we're assuming the difficult macro environment is going to persist throughout the year, but we're confident in our ability to execute given how we're entering the year from a capacity standpoint, where we are in terms of new products to monetize and our competitive position.

可以肯定地說，我們假設困難的宏觀環境將持續一整年，但我們對我們的執行能力充滿信心，因為我們從產能的角度進入了這一年新產品貨幣化和我們的競爭地位。

And then as a follow-up for Jennifer. You announced a tech tight -- tech integration with ServiceNow CSM in January. Could you talk about the customer pool you're seeing in the CS Ops arena? And how do you see the partnership with ServiceNow evolve over the next few years?

然後作為詹妮弗的後續行動。您在 1 月份宣布了與 ServiceNow CSM 的技術整合。您能談談您在 CS Ops 領域看到的客戶群嗎？您如何看待與 ServiceNow 的合作夥伴關係在未來幾年內的發展？

Yes. I mean I think that in a number of cases, what we've seen is customers asking us how they can leverage their customer service agents to both help capture information as it's coming in from customers. I mean unfortunately, many of our customers learn about major incidents from their end customers either reaching out to their customer support teams or through social media or other channels. And so we had seen this demand from our customers to help leverage the customer support agents to engage on both identifying problems and being able to kick off incidents but also being able to collaborate more closely with technology teams, engineering teams, software engineering teams and service owners associated with the products and services that may be at the root of those incidents.

是的。我的意思是，我認為在許多情況下，我們所看到的是客戶詢問我們如何利用他們的客戶服務代理來幫助捕獲來自客戶的信息。我的意思是，不幸的是，我們的許多客戶都是從他們的最終客戶那裡了解到重大事件的，他們要么聯繫他們的客戶支持團隊，要么通過社交媒體或其他渠道。因此，我們從客戶那裡看到了這種需求，即幫助利用客戶支持代理參與識別問題和啟動事件，而且能夠與技術團隊、工程團隊、軟件工程團隊和服務部門更緊密地合作與可能是這些事件根源的產品和服務相關的所有者。

And so bringing those 2 platforms together to help reduce the time that's lost and the customer impact that may be exposed or created because teams are working in disparate, separate platforms that don't talk to each other, it was a big part of the problem that was described to us.

因此，將這兩個平台放在一起以幫助減少損失的時間以及可能暴露或產生的客戶影響，因為團隊在不同的、獨立的平台上工作，彼此不交談，這是問題的重要組成部分那是向我們描述的。

And then what we also see is with customers like Salesforce, ServiceNow, Zendesk, et cetera, like there are opportunities where the platforms complement each other very well, where you might be using 1 platform in 1 part of the business for a certain type of work but you still need a platform like PagerDuty that can help you manage mission-critical, time-sensitive unstructured work, which is very different than what a ticketing queuing system or a CRM or a CSM product does.

然後我們還看到了 Salesforce、ServiceNow、Zendesk 等客戶，就像這些平台可以很好地相互補充的機會一樣，您可能會在業務的 1 部分中使用 1 個平台來進行某種類型的業務工作，但您仍然需要像 PagerDuty 這樣的平台，它可以幫助您管理任務關鍵型、時間敏感的非結構化工作，這與票務排隊系統、CRM 或 CSM 產品所做的非常不同。

And so there's actually a lot of complement there. And really, this again has been driven by a pull from the customer as opposed to strategic partnerships where our customer is saying, "I need these systems to not just sit alongside each other nicely. I need them to work effectively together. I need to integrate the workflow across these to save my people time."

所以那裡實際上有很多補充。實際上，這又是受到客戶的推動，而不是我們的客戶所說的戰略合作夥伴關係，“我需要這些系統不僅僅是很好地並排放置。我需要它們有效地協同工作。我需要整合這些工作流程以節省我的員工時間。”

Yes. And just on that point, this was something that already been validated by customers who are using the special integration we have done for Salesforce Service Cloud and Zendesk and ServiceNow CSM was the next piece to Jen's point.

是的。就這一點而言，使用我們為 Salesforce Service Cloud 和 Zendesk 所做的特殊集成的客戶已經驗證了這一點，而 ServiceNow CSM 是 Jen 的下一個要點。

Okay. Team, excellent. We've reached the end of another call and questions. Jen, can I turn it over to you for some final remarks?

好的。團隊，優秀。我們已經結束了另一個電話和問題。 Jen，我可以把它交給你做最後的評論嗎？

Yes, you can. Well, first of all, I'd just like to say thank you for joining us today and for your questions. To recap our fourth quarter results round out a strong year for PagerDuty, a year in which we extended our leadership in digital operations, surpassed $400 million in annual recurring revenue and achieved non-GAAP profitability a year ahead of plan. I am confident in our operations cloud strategy, reinforced by our recent innovation in AI and automation and in our team's ability to execute.

是的你可以。嗯，首先，我想說謝謝你今天加入我們並提出你的問題。回顧我們第四季度的業績，為 PagerDuty 帶來了強勁的一年，這一年我們擴大了在數字運營方面的領先地位，年度經常性收入超過 4 億美元，並提前一年實現了非 GAAP 盈利。我對我們的運營雲戰略充滿信心，我們最近在人工智能和自動化方面的創新以及我們團隊的執行能力加強了這一戰略。

Thank you to all of our employees around the world for championing our customers and delivering a successful year of profitable growth. Have a great day.

感謝我們在世界各地的所有員工支持我們的客戶並實現了成功的盈利增長的一年。祝你有美好的一天。