PagerDuty Inc (PD) 2025 Q3 法說會逐字稿

(audio in progress) Chief Executive Officer; and Howard Wilson Chief Financial Officer.

（音訊進行中）執行長；和霍華德·威爾遜首席財務長。

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.

在開始之前，請允許我提醒大家，本次電話會議中所做的陳述包括基於我們當前所看到的環境的前瞻性陳述，其中涉及已知和未知的風險和不確定性，可能導致我們的實際結果、績效或成就受到影響。

These forward-looking statements include our growth prospects, future revenue, operating margins, net income, cash balance, and total addressable market, among others, and represent our management's belief and assumptions only as of the date such statements are made, and we make -- and we undertake no obligation to update these.

這些前瞻性陳述包括我們的成長前景、未來收入、營業利潤率、淨利潤、現金餘額和總目標市場等，僅代表我們管理層截至做出此類陳述之日的信念和假設，並且我們做出——我們不承擔更新這些的義務。

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.

在今天的電話會議中，我們將討論非公認會計原則財務指標，這些指標是根據公認會計原則制定的財務績效指標的補充，而不是替代或優於其。

A reconciliation between GAAP and non-GAAP financial measures is available in our earnings release.

我們的收益報告中提供了 GAAP 和非 GAAP 財務指標之間的調整表。

Further information on these and other factors that could cause the company's financial results to differ materially are included in the filings we make with the Securities and Exchange Commission, including our most recently filed Form 10-K/A, as well as other subsequent filings made with the SEC.

有關這些因素和其他可能導致公司財務表現出現重大差異的因素的更多資​​訊包含在我們向美國證券交易委員會提交的文件中，包括我們最近提交的 10-K/A 表格以及其他後續文件與美國證券交易委員會。

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

這樣，我就把電話轉給詹妮弗。

Thank you, Tony.

謝謝你，托尼。

Good afternoon, and thanks for joining us today.

下午好，感謝您今天加入我們。

PagerDuty delivered a solid quarter with revenue and non-GAAP operating income well above our guidance ranges.

PagerDuty 的季度業績表現穩健，收入和非 GAAP 營業收入遠高於我們的指導範圍。

Revenue growth increased to 9% and non-GAAP operating margin expanded to 21%.

營收成長至 9%，非 GAAP 營業利潤率擴大至 21%。

Net new ARR of $9 million in the quarter was a 21% increase over Q3 of last year.

本季淨新 ARR 為 900 萬美元，比去年第三季成長 21%。

Total annual recurring revenue increased $483 million, growing 10% year over year for the fourth consecutive quarter.

年度經常性收入總額增加 4.83 億美元，連續第四季度年增 10%。

We were pleased to see stabilization across all segments in the quarter with retention improving across the board.

我們很高興看到本季所有細分市場都趨於穩定，保留率全面提高。

That said, we remain focused on growth reacceleration, and there is room for improvement, particularly on large deal conversions.

也就是說，我們仍然專注於成長重新加速，並且還有改進的空間，特別是在大宗交易轉換方面。

We had an unusual number of large Q3 opportunities defer.

第三季我們有大量的大型機會被推遲。

And while they are not lost, these will delay ARR acceleration into FY26.

雖然它們沒有丟失，但它們將推遲 ARR 加速到 2026 財年。

Nonetheless, we are encouraged by improvements in several key indicators, including dollar-based net retention, multiproduct adoption, enterprise contract duration and total pipeline growth.

儘管如此，我們對幾個關鍵指標的改善感到鼓舞，包括以美元計的淨留存率、多產品採用率、企業合約期限和總管道成長。

Converting these multiyear multiproduct agreements is a top priority as the benefits compound in future quarters and represent the manifestation of our customers aligning with us on a joint vision for a more resilient future over a longer commitment period.

轉換這些多年期多產品協議是當務之急，因為未來幾季的效益會複合，並代表我們的客戶與我們在更長的承諾期內共同願景，打造更具彈性的未來。

The comprehensive agreements we secured earlier in the year laid the foundation for sequential improvements in both enterprise and commercial gross retention, leading to dollar-based net retention of 107%.

我們今年稍早達成的全面協議為企業和商業毛保留率的連續改善奠定了基礎，導致以美元計算的淨保留率達到 107%。

As our ramped capacity has increased throughout the year, the number of accounts with ARR greater than $500,000 has risen by approximately 20%, driven by product upsell and cross-sell.

隨著全年產能的不斷增加，在產品追加銷售和交叉銷售的推動下，ARR 超過 50 萬美元的帳戶數量增加了約 20%。

In Q3, AIOps, automation and customer service ops contributed more than 40% to incremental ARR.

第三季度，AIOps、自動化和客戶服務營運對 ARR 增量的貢獻超過 40%。

In October, Forrester quantified the monetary benefits of the Operations Cloud through research with our enterprise customers.

10 月份，Forrester 透過對我們的企業客戶進行研究，量化了營運雲的經濟效益。

As more enterprises adopt multiple products across a broader platform, they realized an average return on investment of nearly 252% -- 250% over three years with a pay back period of less than one year.

隨著越來越多的企業在更廣泛的平台上採用多種產品，他們實現了近 252% 的平均投資回報率——三年內達到 250%，投資回收期不到一年。

This adoption enables enterprises to achieve high availability and significant financial returns.

這種採用使企業能夠實現高可用性和顯著的財務回報。

Product development during the quarter continued to deliver innovation across the platform, further enhancing the value customers realize from the Operations Cloud.

本季的產品開發繼續在整個平台上提供創新，進一步提高客戶從營運雲中實現的價值。

We are addressing several CIO imperatives, including instant management transformation, operations center modernization and automation standardization.

我們正在解決多項資訊長的當務之急，包括即時管理轉型、營運中心現代化和自動化標準化。

PagerDuty Advance, our generative AI offering, is now integrated across the platform to automate triage, expedite incident response, summarized communications and reduce the cost and time to take action.

我們的生成式人工智慧產品 PagerDuty Advance 現已整合到整個平台中，以實現分類自動化、加速事件回應、總結溝通並減少採取行動的成本和時間。

Our generative AI assistant leverages an extensive proprietary data model, along with the context of an incident life cycle to make recommendations and answer common questions.

我們的生成式人工智慧助理利用廣泛的專有資料模型以及事件生命週期的背景來提出建議並回答常見問題。

This new unified chat experience with PagerDuty Advance built-in enables teams to manage an entire incident from within Slack or Microsoft teams.

這種內建 PagerDuty Advance 的全新統一聊天體驗使團隊能夠在 Slack 或 Microsoft 團隊內部管理整個事件。

It was encouraging in the quarter to close our first paid PagerDuty Advanced customers.

本季我們關閉了第一批付費 PagerDuty Advanced 客戶，令人鼓舞。

Our new version of the operations console supports operations center modernization by providing comprehensive visibility, which minimizes contact switching and enhances focus.

我們的新版本操作控制台透過提供全面的可見性來支援操作中心現代化，從而最大限度地減少聯繫切換並增強焦點。

The latest version of Global intelligent alert grouping is generating significant interest by leveraging neural networks to deliver heightened precision, effectively isolating signals and accelerating resolution.

最新版本的全球智慧警報分組透過利用神經網路提供更高的精度、有效地隔離訊號並加速分辨率，引起了人們的極大興趣。

Recognizing that many of our largest customers are investing in automation standardization.

認識到我們許多最大的客戶正在投資自動化標準化。

We expanded our automation library in Q3.

我們在第三季擴展了自動化庫。

This includes more templates and workflows as well as run books that automate common dev and IT activities.

這包括更多範本和工作流程以及自動化常見開發和 IT 活動的運作手冊。

These enhancements address manual repetitive and time-consuming tasks such as consolidating log diagnostics, container management and database management.

這些增強功能解決了手動重複且耗時的任務，例如整合日誌診斷、容器管理和資料庫管理。

Industry analysts continue to recognize our product leadership as our customers adopt new and existing capabilities of the Operations Cloud, especially AI ops.

隨著我們的客戶採用營運雲端的新功能和現有功能，尤其是人工智慧操作，產業分析師繼續認可我們的產品領先地位。

Recently, we were included among the top 25 solutions in the Forrester's AIOps Landscape report and GigaOm named PagerDuty as a leader for the third consecutive year in its annual GigaOm radar for AIOps.

最近，我們被列入 Forrester 的 AIOps 景觀報告中的前 25 名解決方案之一，並且 GigaOm 在其年度 AIOps 雷達中連續第三年將 PagerDuty 評為領導者。

AIOps and automation are vital as data-driven decision-making and advanced analytics set new standards for operations.

AIOps 和自動化至關重要，因為數據驅動的決策和高階分析為營運設定了新標準。

These trends are accelerating the pace and precision of corrective actions in IT while paving the way for long-term preventative solutions.

這些趨勢正在加快 IT 糾正措施的速度和精確度，同時為長期預防性解決方案鋪路。

The enterprise segment continued to grow above the average, with particular strength in our core verticals, software and technology, financial services, and telecommunications from a geographic perspective, EMEA is emerging as a source of stability that we believe is building a foundation for higher growth in FY26.

企業細分市場的成長持續高於平均水平，從地理角度來看，我們的核心垂直產業、軟體和技術、金融服務和電信尤其具有優勢，歐洲、中東和非洲正在成為穩定的來源，我們相信這正在為更高的成長奠定基礎2026 財年。

Customers within our high-value segments continued a consistent trend of six-figure expansions during the quarter.

我們高價值細分市場的客戶在本季持續保持六位數擴張的一貫趨勢。

For example, a leading digital travel company strengthened its partnership with PagerDuty through a multiyear renewal and expansion agreement.

例如，一家領先的數位旅遊公司透過多年續訂和擴展協議加強了與 PagerDuty 的合作夥伴關係。

This renewal strengthens the long-term partnership, allowing both organizations to continue collaborating effectively.

此次更新加強了長期合作夥伴關係，使兩個組織能夠繼續有效合作。

The company leverages the Operations Cloud for scaled service ownership, aligning with its build it and own it culture.

該公司利用營運雲來擴展服務所有權，與其建構和擁有它的文化保持一致。

A top-tier financial services firm also expanded its relationship with PagerDuty, selecting us as their incident response platform.

一家頂級金融服務公司也擴大了與 PagerDuty 的關係，選擇我們作為他們的事件回應平台。

Our unique ability to support both central and distributed teams elevated Page to become their preferred platform.

我們支援中央和分散式團隊的獨特能力使 Page 成為他們的首選平台。

This marks the sixth expansion in five years with the organization increasing users by nearly 3 times over this period.

這是五年內的第六次擴張，在此期間該組織的使用者數量增加了近 3 倍。

Continuing to lead through innovation, a cybersecurity firm has expanded its strategy twice in the last year, integrating products such as AIOps, incident management and customer service to transform their incident management workflow.

一家網路安全公司持續引領創新，去年兩度擴展其策略，整合 AIOps、事件管理和客戶服務等產品，以轉變其事件管理工作流程。

The decision to standardize on PagerDuty was driven by the need to prevent and reduce outages, provide quicker customer updates and increase operational resilience.

對 PagerDuty 進行標準化的決定是出於預防和減少中斷、提供更快的客戶更新以及提高營運彈性的需要。

By moving away from multiple tools and manual processes, our customers standardize the resolution process, resulting in reduced operational costs, improve efficiency and a risk reduction to the overall business.

透過擺脫多種工具和手動流程，我們的客戶標準化了解決流程，從而降低了營運成本、提高了效率並降低了整體業務的風險。

During the quarter, we welcomed two new leaders to PagerDuty, Rukmini Reddy, SVP of Engineering; and Pritesh Parekh, Chief Information Security Officer.

本季度，我們迎來了 PagerDuty 的兩位新領導，Rukmini Reddy，工程高級副總裁；和首席資訊安全官 Pritesh Parekh。

Rukmini brings a wealth experience most recently as the SVP of Engineering at Slack for the past four-plus years.

Rukmini 在過去四年多的時間裡擔任 Slack 工程高級副總裁，帶來了豐富的經驗。

Pritesh joins us from Delfix, where he was the Chief Trust and Security Officer and SVP of Engineering.

Pritesh 在加入我們之前曾在 Delfix 擔任首席信任和安全長兼工程高級副總裁。

Their contributions will enable us to continue positioning the Operations Cloud as a strategic asset for all of our customers.

他們的貢獻將使我們能夠繼續將營運雲定位為所有客戶的策略資產。

Fortune's Best Workplaces recognized us as a top 25 company for women in their small and medium designation.

《財星》最佳工作場所將我們評為中小型女性 25 強公司。

We also continue to make progress with impact customers with over 500 from the nonprofit sector as of Q3, and we received validation from the science-based targets initiative for our commitments to reduce our operational and supply chain carbon emissions.

截至第三季度，我們也繼續與來自非營利部門的 500 多家有影響力的客戶取得進展，並且我們收到了基於科學的目標倡議對我們​​減少營運和供應鏈碳排放的承諾的驗證。

We are well positioned to exit FY25 with ARR growth poised for reacceleration, supported by rising retention, high-caliber sales hiring and a robust pipeline.

在留存率上升、高素質銷售招聘和強勁管道的支持下，我們已準備好退出 25 財年，ARR 成長有望重新加速。

Following several quarters of stability, our primary focus is to deliver a strong fourth quarter is to deliver strong fourth quarter net new ARR and to carry this momentum into FY26.

經過幾季的穩定之後，我們的主要重點是實現強勁的第四季度業績，即實現強勁的第四季度淨新 ARR，並將這一勢頭延續到 2026 財年。

We I look forward to seeing many of you at AWS Reinvent next week, where I'll be speaking during McGarmin's keynote about our long-standing partnership and co-innovation.

我期待下週在 AWS Reinvent 上見到你們中的許多人，我將在 McGarmin 的主題演講中談論我們的長期合作夥伴關係和共同創新。

I want to thank our shareholders, customers, partners and employees for their continued support.

我要感謝我們的股東、客戶、合作夥伴和員工的持續支持。

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

接下來，我會將電話轉給霍華德，並期待您的提問。

Thank you, Jen, and good day to everyone joining us on this afternoon's call.

謝謝你，Jen，祝今天下午參加我們電話會議的每個人都有美好的一天。

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，所有對我們費用和經營業績的提及均基於非公認會計原則（Non-GAAP），並與電話會議前發布的收益報告中的公認會計原則（GAAP）結果進行了協調。

In the third quarter, we continued to solidify our enterprise motion and stabilize the contribution from our commercial segment.

三季度，我們持續夯實企業動力，穩定商業板塊貢獻。

This success, along with strong operating margin expansion and improved visibility from building a robust Q4 pipeline were key highlights for the quarter.

這一成功，加上營業利潤率的強勁擴張，以及透過建立強大的第四季度管道而提高的可見性，是本季度的主要亮點。

Revenue for the quarter was $119 million, up 9% year over year.

該季度營收為 1.19 億美元，年增 9%。

The contribution from international was 28% of total revenues, up from 27% in the year ago period.

國際業務貢獻佔總營收的 28%，高於去年同期的 27%。

Annual recurring revenue exiting Q3 grew 10% year over year to $483 million.

第三季的年度經常性收入年增 10%，達到 4.83 億美元。

We anticipate a similar growth rate in Q4, slightly below the 11% rate we have been tracking toward.

我們預計第四季會有類似的成長率，略低於我們一直追蹤的 11% 的成長率。

As our business becomes increasingly focused on the enterprise segment, we continue to learn and adjust our expectations regarding typical seasonality.

隨著我們的業務越來越專注於企業細分市場，我們不斷學習並調整我們對典型季節性的預期。

Our precision in handling large deals is improving as enterprise momentum builds.

隨著企業發展動能的增強，我們處理大宗交易的精準度也不斷提高。

We delivered 107% dollar-based net retention above our Q3 expectation and in line with our expectation for the full fiscal year.

我們實現了 107%（以美元計）的淨留存率，高於我們第三季的預期，並且符合我們對整個財年的預期。

Similar to last quarter, enterprise DBNR remained 10 points above our commercial segment.

與上季類似，企業 DBNR 仍比我們的商業部門高出 10 個百分點。

Customers spending over $100,000 in annual recurring revenue grew to $825 million, up 6% from a year ago.

年度經常性收入支出超過 10 萬美元的客戶增至 8.25 億美元，比去年同期成長 6%。

Total paid customers remained relatively flat year over year at 15,050 as growth in enterprise was offset by a modest decline in the number of commercial accounts.

付費客戶總數與去年同期相比保持相對平穩，為 15,050 名，原因是企業的成長被商業帳戶數量的小幅下降所抵消。

Free and paid companies on our platform grew to over 30,000, an increase of approximately 11% compared to Q3 of last year.

我們平台上的免費和付費公司數量已超過 30,000 家，與去年第三季相比成長約 11%。

Q3 gross margin was 86% at the high end of our 84% to 86% target range.

第三季毛利率為 86%，位於我們 84% 至 86% 目標範圍的高端。

Operating income was $25 million or 21% of revenue compared to $15 million or 14% of revenue in the same quarter last year.

營業收入為 2,500 萬美元，佔營收的 21%，而去年同期為 1,500 萬美元，佔營收的 14%。

The outperformance relative to our guidance was driven by delays in headcount starts and timing of marketing and consulting expenses.

相對於我們的指導，業績表現優於我們的指導是由於員工啟動的延遲以及行銷和諮詢費用的時間安排。

In terms of cash flow for the quarter, cash from operations was $22 million or 19% of revenue, and free cash flow was $19 million or 16% of revenue.

就本季現金流而言，營運現金為 2,200 萬美元，佔營收的 19%，自由現金流為 1,900 萬美元，佔營收的 16%。

We continue to expect free cash flow margin for the full year to be ahead of our operating margin by a couple of percentage points.

我們仍然預計全年的自由現金流利潤率將高於我們的營業利潤率幾個百分點。

Turning to the balance sheet.

轉向資產負債表。

We ended the quarter with $542 million in cash, cash equivalents and investments.

本季結束時，我們的現金、現金等價物和投資為 5.42 億美元。

In Q3, we repurchased 3.8 million shares from our $100 million repurchase plan.

第三季度，我們從 1 億美元的回購計畫中回購了 380 萬股股票。

And at the end of the quarter, $1.5 million of the total amount authorized to be repurchased remained available.

截至本季末，授權回購總額中仍有 150 萬美元可用。

On a trailing 12-month basis, billings were $478 million, an increase of 9% compared to a year ago, slightly below our 10% target.

在過去 12 個月的基礎上，帳單金額為 4.78 億美元，比一年前成長 9%，略低於我們 10% 的目標。

With respect to Q4, we anticipate trading 12 months billings growth to be approximately 9%.

對於第四季度，我們預計 12 個月的交易額成長約為 9%。

At the end of Q3, total RPO was approximately $405 million, of this amount, approximately $278 million or 69% is expected to be recognized over the next 12 months.

截至第三季末，RPO 總額約為 4.05 億美元，其中約 2.78 億美元或 69% 預計將在未來 12 個月內確認。

As a reminder, as of FY25, our RPO disclosure includes contracts with an original term of less than 12 months.

提醒一下，截至 2025 財年，我們的 RPO 揭露包括原始期限少於 12 個月的合約。

By the current definition to the year ago period, total ARPO increased 35% on a like-for-like basis over Q3 FY24, which would have been $298 million.

根據目前去年同期的定義，ARPO 總額比 2024 財年第三季年增了 35%，即 2.98 億美元。

Turning to our guidance.

轉向我們的指導。

For the fourth quarter of fiscal '25, we expect revenue in the range of $118.5 million to $120.5 million, representing a growth rate of 7% to 8% and net income per diluted share attributable to PagerDuty Inc. in the range of $0.15 to $0.16.

對於 25 財年第四季度，我們預計營收將在 1.185 億美元至 1.205 億美元之間，成長率為 7% 至 8%，PagerDuty Inc. 攤薄後每股淨利潤將在 0.15 美元至 0.16 美元之間。

This implies an operating margin of 13%.

這意味著營業利益率為 13%。

For the full fiscal year 2025, we are raising the midpoint of revenue with an updated range of $464.5 million to $466.5 million, representing a growth rate of 8%, this compares to the range previously provided of $463 million to $467 million.

對於 2025 年整個財年，我們將營收中點上調至 4.645 億美元至 4.665 億美元，成長率為 8%，而先前提供的範圍為 4.63 億美元至 4.67 億美元。

And we are increasing our expectation for net income per diluted share attributable to PagerDuty, Inc. to $0.78 to $0.79. This implies an operating margin of 16% and compares to our prior guide of $0.67 to $0.72 and 14%, respectively.

我們將 PagerDuty, Inc. 攤薄後每股淨利潤的預期提高至 0.78 美元至 0.79 美元。這意味著營業利益率為 16%，而我們先前的指導值分別為 0.67 美元至 0.72 美元和 14%。

Reflecting on the year so far, we have stabilized ARR growth at 10%, maintain steady DBNR, and moderated growth headwinds in the commercial segment.

回顧今年迄今為止，我們已將 ARR 成長穩定在 10%，保持穩定的 DBNR，並緩解了商業領域的成長阻力。

Additionally, we have significantly expanded our operating margins while continuing to mature and grow our enterprise pipeline.

此外，我們也顯著擴大了營業利潤，同時繼續成熟和發展我們的企業管道。

Exiting the year with the 10% ARR growth rate provides a strong foundation for the upcoming fiscal year.

以 10% 的 ARR 成長率結束這一年，為下一財年奠定了堅實的基礎。

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

接下來，我將開啟問答環節。

(Operator Instructions) Sanjit Singh,

（操作員說明）Sanjit Singh，

Yeah.

是的。

Hi.

你好。

Can you hear me?

你聽得到我嗎？

Yeah, we can.

是的，我們可以。

Hi, Sanjit.

嗨，桑吉特。

Yeah, hi.

是的，嗨。

Good to hear from me again.

很高興再次收到我的來信。

Sorry.

對不起。

I'm not sure why the video is working.

我不確定為什麼該視頻有效。

GIve me one sec.Okay. Hopefully, that's better.

給我一秒鐘，好的。希望這樣會更好。

Jen, we think about like how the year has trended, and we were expecting acceleration in the back half.

Jen，我們思考今年的趨勢，我們預計下半年會加速。

If you look at the broader ecosystem, whether we call the DevOps ecosystem or look at what some of the observability players, none of them are accelerating, but they all seem to be talking about when it comes to seat expansion stable quarter-on-quarter trends.

如果你看看更廣泛的生態系統，無論我們稱之為 DevOps 生態系統還是看看一些可觀察性參與者，他們都沒有加速，但他們似乎都在談論季度環比穩定的席位擴張趨勢。

If you get the hyperscalers all growing solidly, the double digits, observability guys growing in the double digits.

如果你讓超大規模企業都穩定成長，那麼可觀察性的企業就會以兩位數的速度成長。

The DevOps platforms growing solidly in the double digits.

DevOps 平台以兩位數的速度穩定成長。

And so when you think about like why we're still at least in revenue, high single-digit territory and ARR on 10%.

因此，當你思考為什麼我們的收入至少仍處於高個位數區域且 ARR 為 10% 時。

What do you think is the disconnect there with where you guys are playing versus some of the adjacent markets that you guys are pretty close to?

您認為你們所在的市場與您們非常接近的一些相鄰市場之間的脫節是什麼？

Yeah.

是的。

Well, thanks for the question, Sanjit.

好吧，謝謝你的提問，桑吉特。

I mean, first of all, I would say there were a lot of positives in the quarter.

我的意思是，首先，我想說本季有很多正面因素。

We did see stabilization across all segments, including commercial, which has historically been a bit of a headwind.

我們確實看到了所有領域的穩定，包括商業領域，這在歷史上一直是一個逆風。

We saw improved dollar-based net retention and strong transaction volume in our 100,000 plus cohort.

我們在超過 10 萬名客戶中看到了以美元為基礎的淨留存率的提高和強勁的交易量。

And enterprise, I'll just remind you, is continuing to grow well above the average growth.

我只想提醒您，企業的成長繼續遠高於平均水平。

Customers who spend more than $500,000 grew over 20 -- sorry, grew 20% and in the quarter, the verticals in enterprise tech, financial services and telco were also very strong.

花費超過 50 萬美元的客戶數量增長了 20 多個——抱歉，增長了 20%，並且在本季度，企業技術、金融服務和電信行業的垂直行業也非常強勁。

And we continue to see competitive win rates be very good.

我們繼續看到競爭獲勝率非常好。

I would say, in this quarter, the one area where I would like to see improvement in the future is large deal conversion.

我想說，在本季度，我希望看到未來改進的一個領域是大交易轉換。

So unlike many of the past quarters, we saw a handful of large deals push.

因此，與過去的許多季度不同的是，我們看到了一些大型交易的推動。

They are not lost, but they did defer, which defers some of that reacceleration.

他們並沒有迷失，但他們確實推遲了，這推遲了部分重新加速。

But having said that, I think you really need to look at the enterprise business and see how that's growing as commercial becomes less and less of a headwind to the business.

但話雖如此，我認為你確實需要看看企業業務，看看隨著商業對業務的阻礙越來越小，它是如何成長的。

And we were pleased to see that segment stabilized this quarter and even return to growth.

我們很高興看到該細分市場在本季趨於穩定，甚至恢復成長。

I appreciate the context.

我很欣賞這個背景。

I want to talk a little bit about PagerDuty Advance.

我想談談 PagerDuty Advance。

I know it's super early.

我知道現在還很早。

But if you could just lay out like the customer adoption strategy, how you're trying to fuel that.

但是，如果您可以像客戶採用策略一樣進行佈局，那麼您將如何努力推動這項策略。

And then ultimately, when you get to monetization for PagerDuty advanced, what potential pricing uplift or ARPU uplift?

最終，當您實現 PagerDuty 高級版的貨幣化時，潛在的定價提升或 ARPU 提升有哪些？

Do you anticipate when incident management customers and customer service customers take on the advanced capabilities?

您是否預期事件管理客戶和客戶服務客戶何時會採用進階功能？

Sure.

當然。

So as a reminder, like we have been deploying machine learning and AI in our platform for many years, not the least of which in AIOps, which has been continued new product strength for our business and also a differentiator for the Operations Cloud.

提醒一下，我們多年來一直在我們的平台中部署機器學習和人工智慧，尤其是在 AIOps 中，這一直是我們業務的持續新產品優勢，也是營運雲端的差異化因素。

And that is built on a proprietary data model that creates a pretty significant moat for us in terms of our platform's ability to make recommendations to leverage now GenAI chat capabilities for us to seed features across the platform.

這是建立在專有資料模型之上的，該模型為我們的平台提供建議的能力創造了一條非常重要的護城河，利用現在的 GenAI 聊天功能，讓我們在整個平台上播種功能。

So it can be simple things like asking the platform when an incident starts what's changed, where historically, that would take many, many minutes, maybe several hours to figure out the platform can surface that almost immediately.

因此，這可以是一些簡單的事情，例如在事件開始時詢問平台發生了什麼變化，從歷史上看，這需要很多很多分鐘，甚至可能幾個小時才能弄清楚平台幾乎可以立即浮出水面。

And as you know, in incident response, time really is money.

如您所知，在事件回應中，時間確實就是金錢。

So I think when we think about the opportunities in generative AI, it's to continue to land AIOps and attach it to our core incident management customers. to start to drive usage across the entire platform through these generative AI features that simply reduce the time associated with triaging and resolving an incident, but also reduce the number of people that need to be involved in that incident itself.

因此，我認為，當我們考慮生成式人工智慧的機會時，應該繼續落地 AIOps，並將其附加到我們的核心事件管理客戶身上。透過這些生成式人工智慧功能開始推動整個平台的使用，這些功能不僅減少了與分類和解決事件相關的時間，而且還減少了需要參與事件本身的人數。

And then probably the single biggest opportunity as it relates to generative AI is the core Operations Cloud use case for AI operations within a customer.

與生成式人工智慧相關的最大機會可能是客戶內人工智慧操作的核心操作雲端用例。

Our customers are deploying LLM, they're deploying their own RAG models.

我們的客戶正在部署 LLM，他們正在部署自己的 RAG 模式。

We're starting to see the launch of genic AI and agents in use in the customer.

我們開始看到基因人工智慧和代理商的推出在客戶中使用。

And all of those initiatives create risk.

所有這些舉措都會帶來風險。

They have operational risk associated with them.

他們有與之相關的操作風險。

That technology needs to be monitored and needs to be managed.

該技術需要監控並需要管理。

And it's proliferated at a much faster scale than traditional software.

而且它的擴散速度比傳統軟體快得多。

And so the use case around our customers' use of genic and generative AI, I think, represents a growth opportunity on the core Operations Cloud.

因此，我認為，圍繞我們的客戶使用基因和產生人工智慧的用例代表了核心營運雲端的成長機會。

And that I think, over time, will give us both strong competitive positioning because of all the things we do across the multiproduct platform, but also some pricing power through that differentiation in those use cases.

我認為，隨著時間的推移，這將為我們帶來強大的競爭地位，因為我們在多產品平台上所做的所有事情，而且還透過這些用例中的差異化提供了一些定價能力。

Yeah.

是的。

And Sajit, maybe I can just follow on the specific area that you covered around our generative AI and the model that we're using there.

Sajit，也許我可以繼續關注您圍繞我們的生成人工智慧以及我們在那裡使用的模型所涵蓋的特定領域。

So the -- when we move this to general availability a few months back, we allowed customers on certain plans the option to opt in to the generative AI to PD advance.

因此，當我們幾個月前將其全面推出時，我們允許某些計劃的客戶選擇加入生成式 AI 到 PD 的推進。

And the motion that we have is that they start off with a certain amount of free credits, if you like, that allow them to get started and actually try out the capabilities, and we've had a really good response from customers on that.

我們的動議是，如果您願意的話，他們可以從一定數量的免費積分開始，這使他們能夠開始並實際嘗試這些功能，我們已經從客戶那裡得到了非常好的回應。

And that's led to the customers actually contracting with us.

這導致客戶實際上與我們簽訂了合約。

We had our first customers this quarter.

本季我們迎來了第一批客戶。

We've actually contracted to be able to have the ongoing use beyond that reallocation, if you like.

實際上，如果您願意，我們已經簽訂了合同，可以在重新分配之外繼續使用。

And at this stage, because it's not linked only to incident management, but really is across the platform means that someone who is using the Operations Cloud across automation, across AIOps and instant management, they have access to a capability that responds relative to the platform that they're using.

在這個階段，因為它不僅與事件管理相關，而且確實是跨平台的，這意味著跨自動化、跨 AIOps 和即時管理使用操作雲的人，他們可以訪問相對於平台做出響應的功能他們正在使用的。

So we have priced that independently and not as a factor of the products that they have.

因此，我們獨立定價，而不是作為他們擁有的產品的一個因素。

Understood.

明白了。

Thank you, Howard.

謝謝你，霍華德。

Thank you.

謝謝。

Thanks, Sanjit.

謝謝，桑吉特。

Rob Oliver, Baird.

羅布·奧利弗，貝爾德。

Hi.

你好。

Good afternoon.

午安.

Can you guys hear me okay?

你們聽得到我說話嗎？

Yeah.

是的。

Hi, Rob.

嗨，羅布。

Hi, Rob.

嗨，羅布。

Yeah.

是的。

Hi, Jen.

嗨，珍。

Hi, Howard.

嗨，霍華德。

Nice to see you both.

很高興見到你們兩個。

Thanks for your time.

感謝您抽出時間。

A couple for me.

給我一對。

One, Jen, just on the top -- the large enterprise customer conversions, which you called out I think, as Sanjit alluded to earlier, also not uncommon right now, we're hearing salespeople need to be experts in procurement, in legal, in all of these things, and it's really challenging.

一，Jen，就在最上面——大型企業客戶轉換，我認為您所指出的，正如 Sanjit 之前提到的那樣，現在也並不罕見，我們聽說銷售人員需要成為採購、法律、在所有這些事情上，這確實具有挑戰性。

I was just wondering if there's any commonalities or anything you can call out, particularly when juxtaposed was like, say, for example, the Forrester RLI study, which is like the top thing we hear in these deals is like the ROI having to be absolutely crystal clear.

我只是想知道是否有任何共同點或任何你可以指出的東西，特別是當並列時，例如，Forrester RLI 研究，就像我們在這些交易中聽到的最重要的事情一樣，投資回報率必須絕對晶瑩剔透。

So any color around what you're hearing around those deals and perhaps why they were pushed would be helpful.

因此，任何有關您所聽到的有關這些交易的資訊以及推動這些交易的原因的任何顏色都會有所幫助。

And then I had a follow-up for Howard.

然後我對霍華德進行了跟進。

Yeah.

是的。

I think in this market environment, I think, Rob, you're right, you almost have to plan for perfection and nobody's permit.

我認為在這個市場環境下，我認為，羅布，你是對的，你幾乎必須制定完美的計劃，而沒有人允許。

But I would tell you that from a proof of value perspective, we get very strong feedback there.

但我想告訴你，從價值證明的角度來看，我們在那裡得到了非常強烈的回饋。

And then it's the process of helping our economic buyer or executive sponsor through their own process and making sure that we get through every hurdle, have a reconversation, et cetera.

然後，這是幫助我們的經濟買家或執行發起人完成自己的流程，並確保我們克服每一個障礙，進行重新對話等等的過程。

And as I said, we've been performing pretty consistently there over the last several quarters.

正如我所說，過去幾季我們的表現一直相當穩定。

And in fact, when I look at like our large customer cohorts, our customers that spend over $500,000 with us grew 20% in the quarter.

事實上，當我觀察我們的大型客戶群時，在我們這裡花費超過 50 萬美元的客戶在本季度增長了 20%。

And even the number of transactions that we did this quarter over $100,000 still very consistent.

即使我們本季完成的超過 10 萬美元的交易數量仍然非常穩定。

So we're getting those larger deals done.

所以我們正在完成那些更大的交易。

It was just the largest of the large, some of them just pushed out into the future.

它只是大型中最大的一個，其中一些剛剛被推向未來。

Having said that, we've gotten very good feedback about competitive positioning about AIOps customer service ops and new features around generative AI, which people are really excited about.

話雖如此，我們已經收到了關於 AIOps 客戶服務操作的競爭定位以及圍繞生成人工智慧的新功能的非常好的反饋，人們對此感到非常興奮。

And they go beyond what I would call user delighters to really significant time savers in the incident response process.

它們超出了我所說的用戶愉悅程度，在事件回應過程中真正節省了大量時間。

Having said that, we're going to continue to push for improvement around one pipeline generation.

話雖如此，我們將繼續推動一代管道的改進。

So we come into the quarter with very strong pipeline.

因此，我們在進入本季時擁有非常強大的管道。

We're coming into Q4 with the strongest pipeline I've seen in many, many quarters.

我們即將進入第四季度，我們的產品線是我在許多很多季度以來見過的最強大的。

Two, also just managing that pipeline very rigorously, to make sure that we are in a strong position to close when we commit these deals to be closed.

第二，也要非常嚴格地管理該管道，以確保當我們承諾完成這些交易時，我們處於有利的地位來完成這些交易。

And then the last is, I'm personally spending a lot of time on executive sponsorship.

最後一點是，我個人在高階主管贊助上花了大量時間。

We put a new executive sponsor program into place so that we have more than just the sales team engaged in these deals.

我們實施了新的執行贊助商計劃，這樣我們就不僅僅是銷售團隊參與這些交易。

We've got our -- really our whole executive team has got their hands in different relationships across our customers and prospects to try and make sure we can anticipate any new challenges that may crop up during the purchase process.

實際上，我們整個執行團隊都在處理客戶和潛在客戶之間的不同關係，以確保我們能夠預測購買過程中可能出現的任何新挑戰。

Great.

偉大的。

That's helpful.

這很有幫助。

Yeah, and good color on the executive sponsorship program as well.

是的，高階主管贊助計畫也很精彩。

I appreciate that.

我很欣賞這一點。

Howard, just a follow-up and corollary to that, I mean, a nice beat on the quarter.

霍華德，我的意思是，這只是一個後續和推論，本季的表現不錯。

And I think you guys have been no issue at all with prudence.

我認為你們在謹慎方面完全沒有問題。

You guys haven't got an opportunity for that full year range to maybe come up a little bit.

你們沒有機會在全年範圍內提高一點點。

It came up at the low end, but it tightened.

它出現在低端，但收緊。

Just wanted to understand maybe some of the puts and takes there.

只是想了解其中的一些看跌期權。

Again, totally fine with it.

再說一次，完全沒問題。

I just wanted to understand like is there any anticipation of perhaps those deals to which end I were just talking about maybe moving to FY26 and some more conservatism around that?

我只是想了解，是否對我剛剛談到的這些交易有任何預期，可能會轉向 2026 財年，並圍繞這一點採取更多保守主義？

Or how should we think about that?

或者說我們該如何思考這個問題？

Yeah.

是的。

Thank you.

謝謝。

So I guess, Rob, I've -- my approach is really to try and take a prudent view on this because, obviously, within this environment, we're wanting to make sure that we are able to put out numbers that we have high confidence behind them.

所以我想，羅布，我的方法實際上是嘗試對此採取謹慎的態度，因為顯然，在這種環境下，我們希望確保我們能夠公佈我們擁有的數字他們背後充滿信心。

So we have taken into account both the you like the deals that we already have from a subscription perspective, some of our variability comes in from our month-to-month transactions and from our professional services business based on delivery.

因此，我們從訂閱的角度考慮了您喜歡我們已有的交易，我們的一些變化來自我們的每月交易和我們基於交付的專業服務業務。

So over this quarter, we had to look at, given the holiday period, what be the delivery sequence of what can actually be done in the period.

因此，在本季度，我們必須考慮在假期期間，在此期間實際可以完成的工作的交付順序是什麼。

And then we have another variable around sometimes our process automation, the self-managed deals can create like a variation in the revenue.

然後，有時我們的流程自動化還有另一個變量，自我管理的交易可能會造成收入的變化。

So when I take all of those factors into account, it gives me a range where we were glad that for the full year, we were able to have some of that beat on to move the midpoint up.

因此，當我考慮到所有這些因素時，它給了我一個範圍，我們很高興在全年中，我們能夠取得一些進展以將中點向上移動。

But we're looking at Q4 with that same prudent lens.

但我們以同樣謹慎的眼光看待第四季。

Great.

偉大的。

Okay.

好的。

Thanks, guys.

謝謝，夥計們。

I appreciate it.

我很感激。

Jen, good luck.

珍，祝你好運。

Thanks.

謝謝。

Great to see you.

很高興見到你。

Koji Ikeda, Bank of America.

池田浩二，美國銀行。

Hey, Jennifer.

嘿，珍妮佛。

Hey, Howard.

嘿，霍華德。

Thanks for taking the questions.

感謝您提出問題。

Hey.

嘿。

Hi.

你好。

Great to see you.

很高興見到你。

A couple of questions from me.

我有幾個問題。

I wanted to dig in a little bit more here on the deal deferrals in the fact that it gets me a little bit worried when I think about deferred deals and the compounding effect if it doesn't get back to some normalized closure level.

我想在這裡深入探討一下交易延期的問題，因為當我想到延期交易以及如果交易沒有回到某個正常化的關閉水平時所產生的複合效應時，我會有點擔心。

And so what's giving you that confidence that the deal deferrals that you're seeing today, you're going to be able to get back to closing them sometime in the next, I don't know, months or quarters or whatever it may be.

那麼，是什麼讓你有信心相信今天看到的交易推遲了，你將能夠在接下來的某個時間（我不知道）幾個月或幾個季度或其他什麼時間重新完成交易。

Well, we've already closed some of them.

嗯，我們已經關閉了其中一些。

I would also say that what -- like this is something that we have done consistently well over the past many quarters.

我還要說的是，像這樣的事情我們在過去的許多季度中一直做得很好。

And like I said, our transactions above $100,000 were very strong.

正如我所說，我們超過 10 萬美元的交易非常強勁。

So it's just some of our largest deals that just took a lot longer than we had potentially anticipated or have been broken apart into multiple transactions over a short period of time.

因此，這只是我們一些最大的交易，它們花費的時間比我們預期的要長得多，或者在短時間內被分解為多個交易。

And so we're really -- as we've said in the past, we are trying to demonstrate to our customers flexibility to do business the way they are able to do business right now and to play the long game in terms of the relationship.

因此，正如我們過去所說，我們正在努力向客戶展示以他們現在能夠開展業務的方式開展業務的靈活性，並在關係方面進行長期合作。

The other thing that I would say is even in the backdrop of what has been a pretty challenging macro over the last several quarters, we've been improving our execution on multiyear product deals, which demonstrate our ability to engage customers in a multiyear long-term reasons in, which gives us more opportunity to cross-sell and upsell through the period.

我要說的另一件事是，即使在過去幾個季度面臨相當大的宏觀挑戰的背景下，我們也一直在提高多年產品交易的執行力，這證明了我們有能力與客戶進行多年的長期合作。

And so even while some of those larger deals didn't close in this period, we saw a number of solid six-figure expansions with large customers who have expanded many times over the past couple of years.

因此，儘管一些較大的交易在此期間沒有完成，但我們看到了一些在過去幾年中多次擴張的大客戶實現了六位數的穩健擴張。

So if you remember, like -- our business in the past has grown well through the volume of expansions, not just lumpy large deals.

因此，如果您還記得的話，我們的業務過去是透過大量擴張而實現良好成長的，而不僅僅是大量交易。

And that core enterprise business still is performing well and in a pretty disciplined way.

而且核心企業業務仍然表現良好，而且非常有紀律。

In terms of opportunities for improvement.

在改進的機會方面。

We are going to continue to focus on rigor around pipeline management.

我們將繼續關注管道管理的嚴格性。

I mentioned our executive sponsor program.

我提到了我們的執行贊助商計劃。

We're also looking at how we can ramp our capacity more efficiently and more effectively through a combination of enablement improving or upgrading management.

我們也正在研究如何透過結合支援改進或升級管理來更有效地提高我們的能力。

We have a number of new theater leaders that have not been in seat for a couple of quarters at ramp themselves.

我們有許多新的戰區領導人，他們自己已經有幾個季度沒有在坡道上就座了。

And so I have a lot of confidence in the team's ability to convert the pipeline that we have in front of, which, as I said, is very strong this quarter.

因此，我對團隊轉換現有管道的能力充滿信心，正如我所說，本季的管道非常強大。

I would just jump in and add to that.

我只想加入並補充這一點。

Koji, we've made a number of investments in terms of sales leadership this last year.

Koji，去年我們在銷售領導方面進行了多項投資。

We have a new theater lead in the last six months for EMEA, for North America and for the public sector.

在過去的六個月裡，我們為歐洲、中東和非洲、北美和公共部門任命了新的劇院領導。

And we've hired strong enterprise leaders, and they're certainly making a difference in terms of helping build sales capability.

我們聘請了強大的企業領導者，他們肯定在幫助建立銷售能力方面發揮了作用。

And when I just look at the pipeline numbers, for example, for Q1 for next year, the pipeline as we go into Q1 for next year is almost 50% higher than what it was at the start of Q1 last year.

例如，當我查看明年第一季的管道數量時，我們進入明年第一季的管道數量幾乎比去年第一季初高出 50%。

So building that pipeline into future quarters at a high value, that's what gives us greater certainty on the ability to execute against those larger deals.

因此，以高價值將管道建設到未來幾個季度，這使我們能夠更加確定執行這些較大交易的能力。

Got it.

知道了。

Now that's a nice data point on the pipeline.

現在這是管道上的一個很好的數據點。

And so a follow-up question here is on your target operating model maybe for Jennifer or Howard, whoever wants to take it.

因此，這裡的後續問題是關於你的目標營運模式，可能是珍妮佛或霍華德，無論誰想要接受它。

I'm looking at the slide in the deck and you guys are essentially at your target operating model.

我正在看甲板上的幻燈片，你們基本上已經達到目標營運模式了。

And so I am a believer in the TAM that you guys are addressing.

所以我是你們所討論的 TAM 的信徒。

I do believe there's the potential here for you guys to accelerate growth here sometime over the medium term.

我確實相信你們有潛力在中期內加速成長。

And so how do you think about balancing being at the target operating model with this growth opportunity ahead of you?

那麼，您如何考慮在目標營運模式與眼前的成長機會之間取得平衡？

Are we essentially at peak margins for a while?

我們的利潤率在一段時間內基本上處於最高水平嗎？

And incremental upside could be invested into growth?

增量收益可以投資成長嗎？

Or I guess how do we think about that balance?

或者我想我們如何看待這種平衡？

Why don't I start by just saying I'm encouraged by the stabilization across all segments.

我為什麼不先說我對所有細分市場的穩定感到鼓舞。

Remember that our business, you can split our business up into two segments: enterprise, which has been where we've gone through a pretty significant transition in the enterprise with the backdrop of a tough micro.

請記住，我們的業務可以分為兩個部分：企業，在艱難的微觀背景下，我們在企業中經歷了相當重大的轉型。

But we now have, I think, a really strong narrative around the Operations Cloud solution selling is now our standard way of going to market.

但我認為，我們現在對營運雲解決方案的銷售有一個非常強烈的敘述，現在是我們進入市場的標準方式。

And we've refined our rep profile so that from a strategic selling perspective, I think we're executing better than we have in the past.

我們已經完善了我們的代表資料，因此從策略銷售的角度來看，我認為我們的執行情況比過去更好。

And we start -- we're seeing that prove itself out through really strong competitive win rates.

我們開始——我們看到這透過真正強大的競爭獲勝率證明了自己。

At the same time, we believe in continuing to improve how quickly we can ramp our capacity and how efficiently we can ramp that capacity.

同時，我們相信繼續提高我們提高產能的速度和效率。

So we intend to be a profitable growth business and we're focused on reacceleration.

因此，我們打算成為一家獲利成長型企業，並且專注於重新加速。

But as you know, we also are always looking for opportunities to drive more efficiency across the business.

但如您所知，我們也一直在尋找機會來提高整個企業的效率。

In commercial, we're starting to see, I think, that stabilization of the commercial space, better retention rates and even a return to growth in the small end of the business.

我認為，在商業領域，我們開始看到商業空間的穩定、更好的保留率，甚至小型企業的成長恢復。

And so those give us optimism around our ability to reaccelerate growth into next year, but also continue to manage operating margins effectively.

因此，這些讓我們對明年重新加速成長的能力感到樂觀，同時也持續有效管理營業利益率。

And Howard, I'll let you add there.

霍華德，我會讓你補充。

Yeah.

是的。

So I think just to build on what Jen said, Koji, we see that the market opportunity is still strong, and we see the opportunity to reaccelerate growth.

因此，我認為，以 Jen 所說的為基礎，Koji，我們看到市場機會仍然強勁，我們看到了重新加速成長的機會。

And so when I think about our long-term model, we certainly are getting close to that operating margin on an annual basis.

因此，當我考慮我們的長期模型時，我們每年肯定會接近這個營業利潤率。

And so we would continue to look at how do we balance growth with profitability.

因此，我們將繼續研究如何平衡成長與獲利能力。

We want to continue to make progress in terms of expanding our operating margins even into next year.

我們希望在擴大營業利潤方面繼續取得進展，甚至到明年也是如此。

but not at the expense of being able to feed the growth.

但不以犧牲能夠滿足成長的能力為代價。

So even through this year in what has been a tougher economic environment, we continue to invest in sales and invest in capacity because we have confidence in the ability to, in fact, go after more business in the market.

因此，即使今年經濟環境更加嚴峻，我們仍繼續投資於銷售和產能，因為我們有信心有能力在市場上爭取更多業務。

Thank you.

謝謝。

Thanks so much.

非常感謝。

Thank you.

謝謝。

Thanks, Koji.

謝謝，小二。

Jeff Van Rhee, Craig-Hallum.

傑夫·範·李，克雷格·哈勒姆。

Great.

偉大的。

Thanks.

謝謝。

I add my congrats and thanks for taking the questions.

我祝賀並感謝您提出問題。

You called out EMEA as being a bright spot.

您稱歐洲、中東和非洲地區為亮點。

Would you call out as really macro-driven sales execution?

您認為這是真正的宏觀驅動的銷售執行嗎？

Talk a bit more about what's going on and what's driving the improvement?

多談談正在發生的事情以及推動改進的因素是什麼？

Now, we have a new leader in the EMEA theater, and he's really brought a lot of rigor and a real focus on pipeline generation.

現在，我們在歐洲、中東和非洲地區有了一位新的領導者，他確實帶來了許多嚴謹性並真正關注管道的生成。

And standardizing our go-to-market motion there in a way that is demonstrating results across segments in the market.

並以在市場各個細分市場展示成果的方式標準化我們的上市行動。

And I do think that the macro is easing as well.

我確實認為宏觀政策也在放鬆。

And so those two things together, good execution and potentially an easy macro across both large enterprise and the commercial segments.

因此，這兩件事結合在一起，即良好的執行力和跨大型企業和商業領域的潛在的簡單宏觀。

It's really the first time we've said in several quarters that we're excited about EMEA.

這確實是我們幾個季度以來第一次表示我們對歐洲、中東和非洲地區感到興奮。

Yeah, it's great to hear.

是的，很高興聽到。

Yeah.

是的。

No doubt.

無疑。

No doubt.

無疑。

What -- and along those lines, I think last quarter, you gave an early glimpse into '26.

什麼——沿著這些思路，我認為上個季度，您對 26 有了初步的了解。

I think you said ARR and billings growth of over 10%.

我想你說ARR和比林斯成長超過10%。

I think, Howard, you just commented a little bit about margins.

我想，霍華德，你剛剛對利潤率做了一些評論。

Any other color even at the fringes you'd be willing to share about how we should be thinking about '26 at this point?

任何其他顏色，即使是在邊緣，你願意分享我們現在應該如何思考'26？

Yeah.

是的。

Over and above what we've shared.

除了我們分享的內容之外。

Our philosophy is really to think about how do we increase our growth rate above 10% into next year, but also continuing to expect operating margins.

我們的理念實際上是思考如何將明年的成長率提高到 10% 以上，同時繼續預期營業利潤率。

Obviously, the timing of the ARR growth acceleration is a little bit variable, and we haven't given any fixed time line on that piece.

顯然，ARR 成長加速的時間有點可變，我們沒有給出任何固定的時間線。

But those are certainly the parameters to think about.

但這些肯定是需要考慮的參數。

We're exiting this year at 10% ARR growth.

今年我們將以 10% 的 ARR 成長率退出。

Just a reminder, of course, our whilst business is mainly subscription.

當然，提醒一下，我們的業務主要是訂閱。

We do have a portion that's been growing around services as we deliver more professional services into our customer base that are longer-term services as opposed to short-term tactical services.

我們確實有一部分圍繞著服務不斷成長，因為我們為客戶群提供更專業的服務，這些服務是長期服務，而不是短期戰術服務。

But that will help you frame the complexion of how that revenue could fall out.

但這將幫助您了解收入可能會如何下降的情況。

Okay.

好的。

All right.

好的。

Then just last for me.

那麼就為我堅持下去。

On the commercial side, when you look at the potential drivers for that business, I mean, are we talking heavily, heavily weighted to employment in the tech sector.

在商業方面，當你審視該業務的潛在驅動因素時，我的意思是，我們是否在談論許多科技業的就業。

How do we think about drivers to accelerating that to grow and how much you can control versus how much is waiting for employment to improve?

我們如何看待加速成長的驅動因素，以及您可以控制多少，以及等待就業改善的程度？

Yeah.

是的。

We're not waiting for employment to improve.

我們不會等待就業狀況改善。

We're really just looking at the leading indicators in the commercial segment where we're seeing better retention and customers that are demonstrating they see clear benefit from our value proposition around or some of the additions we've made to the incident management product, including adding Jeli, our postmortem automation and chat experience, to what we do.

我們實際上只是專注於商業領域的領先指標，我們看到了更好的保留率和客戶，這些客戶表明他們從我們的價值主張或我們對事件管理產品所做的一些補充中看到了明顯的好處，包括將Jeli、我們的事後自動化和聊天體驗添加到我們的工作中。

I mean parts of that market, particularly VSB and SMB can be very price sensitive and are the most exposed to capital constraints, but it's really nice to see that environment stabilizing.

我的意思是，該市場的某些部分，特別是 VSB 和 SMB 可能對價格非常敏感，並且最容易受到資本限制，但很高興看到環境穩定下來。

And where we have sales assist motions in commercial.

我們在商業領域有銷售協助動議。

We're actually seeing very strong competitive win rates, which is nice to see as well.

我們實際上看到了非常強勁的競爭勝率，這也很高興看到。

So we see a lot -- any business that's digital, you can find from a vertical standpoint in the mid-market segment, we're not completely focused on tech there.

所以我們看到了很多——任何數位化的業務，你可以從中端市場的垂直角度發現，我們並不完全專注於那裡的技術。

That would be more true in the smallest segment, like in our very small startups.

在最小的細分市場中更是如此，例如我們非常小的新創公司。

The other thing that I would add is we see strength in subsegments like native generative AI startups, which are very well funded in crypto, which is another space that's doing well, online travel and hospitality, e-commerce, et cetera.

我要補充的另一件事是，我們看到了原生人工智慧新創公司等子細分市場的實力，這些新創公司在加密貨幣方面資金非常充足，這是另一個表現良好的領域，包括線上旅遊和飯店、電子商務等。

So even within the commercial segment, we have quite a lot of vertical diversity and not a ton of customer concentration there.

因此，即使在商業領域，我們也有相當多的垂直多樣性，而且客戶集中度並不高。

One thing I would add, Jeff, is that when we look at our product portfolio across the Operations Cloud, we're now getting a little bit of a balance in terms of not everything is user base, but we have products that are on a consumption basis.

傑夫，我要補充的一件事是，當我們審視整個營運雲端的產品組合時，我們現在在並非一切都是用戶基礎方面取得了一點平衡，但我們的產品是基於消費基礎。

And that applies even in the commercial segment.

這甚至適用於商業領域。

So that does remove some of the direct relationship to user base for employment growth.

因此，這確實消除了就業成長與用戶群的一些直接關係。

Got it.

知道了。

Thanks so much.

非常感謝。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions).

（操作員說明）。

Andrew Sherman, TD Cowen.

安德魯謝爾曼，TD·考恩。

Thanks.

謝謝。

Good to see you.

很高興見到你。

Congrats in the quarter.

恭喜本季。

The 40% of net new ARR from the new products was a strong, healthy number, maybe rank order which products within that and what's driving the strength behind those?

新產品帶來的 40% 的淨新 ARR 是一個強勁、健康的數字，也許可以對其中的哪些產品進行排序，以及推動這些產品背後力量的因素是什麼？

And should we expect to see attach rates continue to increase?

我們是否應該期望看到附加率繼續增加？

And can that help deals get bigger even as they're working through the pipeline?

即使交易正在進行中，這也能幫助交易規模擴大嗎？

Well, I'll start with, yes, that can help deals get bigger even as they're working through the pipeline.

好吧，我首先會說，是的，這可以幫助交易變得更大，即使它們正在通過管道進行。

And a lot of the expansions that we're seeing, we're seeing multiple new product adds along with services.

我們看到了很多擴展，我們看到了多種新產品和服務的增加。

And so keeping -- paying close attention to attach rates within our existing base and how not just at renewal, but throughout the course of the contract, we find opportunities to seed new products is really important part of the way the team is executing.

因此，密切注意我們現有基礎內的附加費率，以及不僅在續約時，而且在整個合約過程中，我們如何找到播種新產品的機會，這對於團隊執行方式來說是非常重要的一部分。

I think I mentioned in prepared remarks that one of the frameworks we're applying from a go-to-market standpoint is really teaching and enabling the sales force to talk to customers about initiatives that we know they have funded initiatives like incident management transformation or standardizing their automation practices.

我想我在準備好的演講中提到，我們從進入市場的角度應用的框架之一是真正教導銷售人員並使銷售人員能夠與客戶討論我們知道他們已經資助的舉措，例如事件管理轉型或標準化他們的自動化實踐。

These are or modernizing their op centers.

這些是或正在對其作戰中心進行現代化改造。

These are all things that we know our CIOs, particularly in enterprise and mid-market, have budget attached to.

我們知道我們的資訊長（尤其是企業和中端市場的資訊長）對這些都有預算。

So we can go in and say, let's -- let us show you how we can help you do that.

因此，我們可以進去說，讓我們向您展示我們如何幫助您做到這一點。

And AIOps is a big part of that.

AIOps 是其中的重要組成部分。

Automation is about bringing together the islands of different types of automation tools you have across the business and customer service ops is about making sure that as you are improving the way you operate, your customer-facing agents, meeting people or agents meaning agent have the ability to pass along information either back to teams that are solving for instance, or to customers trying to understand the status of incidents.

自動化是將您在整個業務和客戶服務運營中擁有的不同類型的自動化工具集合在一起，確保在改進運營方式時，面向客戶的代理、會見人員或代理（這意味著代理擁有例如，能夠將信息傳遞回正在解決問題的團隊，或傳遞給試圖了解事件狀態的客戶。

And in all these products, we're seeing some of our generative AI features as well, which I think is driving curiosity and trial and some user engagement as well.

在所有這些產品中，我們也看到了一些生成式人工智慧功能，我認為這正在推動好奇心和嘗試以及一些用戶參與。

That's great.

那太棒了。

And Howard, great to hear the enterprise NRR is 10 points higher.

霍華德，很高興聽到企業 NRR 提高了 10 個百分點。

Does that include mid-market or not as well?

這是否也包括中階市場？

And SMB was 16% of ARR last Q4.

上個季度，SMB 佔 ARR 的 16%。

It's obviously lower now.

現在明顯更低了。

But when does that SMB drag drop out of the model enough such that your NRR can flow back up?

但是，SMB 阻力何時會從模型中充分下降，以便您的 NRR 可以回流？

Yeah.

是的。

Yeah.

是的。

So when we were speaking about the enterprise dollar-based net retention was really companies with revenues above $500 million.

因此，當我們談論基於美元的企業淨留存率時，實際上是收入超過 5 億美元的公司。

So it's a little bit of an expansion of how we've previously spoken about the enterprise because our sales team is now focused on those companies.

因此，這有點擴展了我們之前談論企業的方式，因為我們的銷售團隊現在專注於這些公司。

So when we think about enterprise.

所以當我們思考企業時。

So great to see.

很高興看到。

And so that would incorporate what we've previously seen as being the upper end of mid-market.

因此，這將包含我們之前所看到的中端市場的高端。

On the -- if I had to look at the commercial segment, which includes SMB, we're starting to see that from this quarter, you know that we had like four quarters of negative growth year over year.

如果我必須看看包括中小企業在內的商業領域，我們從本季開始看到，你知道我們有四個季度比去年同期出現負成長。

That's now been flattening out quarter over quarter.

現在這數字逐季趨於平緩。

So we're getting to a point where the headwind from that is being reduced.

因此，我們已經到了這樣一個階段：由此帶來的阻力正在減少。

So that puts us in a good place in terms of being able to leverage the strength in the enterprise and then see commercial starting to grow again.

因此，這使我們處於一個有利的位置，能夠利用企業的實力，然後看到商業再次開始成長。

That will certainly help the overall growth rate.

這肯定有助於整體成長率。

Great.

偉大的。

Thank you.

謝謝。

Thanks, Andrew.

謝謝，安德魯。

Thank you.

謝謝。

Jacob Roberge, William Blair.

雅各·羅伯格，威廉·布萊爾。

Hi guys, this is Jacob Robergs on for

大家好，我是雅各羅伯格斯

[Jake Lewis].

[傑克路易斯]。

So I thank you for taking my questions.

所以我感謝您提出我的問題。

Just wanted to touch on the competitive dynamics here with data solution being on the market for a little bit.

只是想談談市場上的數據解決方案的競爭動態。

I'm sure you've heard about that and they, they are your customers.

我相信您已經聽說過，他們是您的客戶。

So we know that, but just have you seen them more and, and any color on win here would be helpful?

所以我們知道這一點，但是您是否更多地看到了它們，以及這裡獲勝的任何顏色都會有幫助？

Yeah.

是的。

Thanks for the question, Jacob.

謝謝你的提問，雅各。

I appreciate it.

我很感激。

Look, it's a big and early market.

看，這是一個很大且早期的市場。

It's not a zero-sum game, and we're confident in our strength in enterprise, where our customers value the fact that we're neutral an independent that we ingest signals from all observability providers, cloud hyperscalers, ticketing systems, et cetera, and that we can provide them with an independent view of what's happening in their organization regardless of who they choose to invest in from a monitoring standpoint.

這不是一場零和遊戲，我們對我們在企業領域的實力充滿信心，我們的客戶重視我們的中立和獨立性，我們從所有可觀測性提供者、雲端超大規模提供者、票務系統等中獲取訊號，我們可以為他們提供關於其組織中發生的事情的獨立觀點，無論他們從監控的角度選擇投資於誰。

We've also demonstrated our ability to be resilient at scale, even with the largest, most challenging enterprises in the world, and that matters when you're counting on a platform for instant management when things are not working.

我們也展示了我們的大規模彈性能力，即使是世界上最大、最具挑戰性的企業，當您在出現問題時依靠平台進行即時管理時，這一點就很重要。

And that has proven to be a difficult moat for others who have tried to come into the space to cross.

事實證明，對於其他試圖進入這個領域的人來說，這是一條艱難的護城河。

We also benefit from 15 years of data that is now part of our foundational data model where we've embedded machine learning and AI.

我們也受惠於 15 年的數據，這些數據現在已成為我們嵌入機器學習和人工智慧的基礎數據模型的一部分。

And frankly, I'm spending a lot of time with customers in the field.

坦白說，我花了很多時間與該領域的客戶打交道。

I'm not hearing a lot about it.

我沒有聽到太多關於它的消息。

I do think that some of the work that we've done around multiyear commitments and multiproduct long-term relationship building with our customers also puts us in a good stead.

我確實認為，我們圍繞多年承諾和與客戶建立多產品長期關係所做的一些工作也對我們有利。

Now that doesn't mean there won't be customers who are price sensitive.

但這並不意味著不會有對價格敏感的客戶。

That's always the case.

情況總是如此。

But even the lower end of the market from a commercial perspective seems to be stabilizing and we're encouraged by the competitive win rates that we see there.

但從商業角度來看，即使是低端市場也似乎正在趨於穩定，我們對在那裡看到的有競爭力的勝率感到鼓舞。

So I always live by the saying only the paranoid survive, but I've also been through this multiple times with players coming into the market.

所以我一直相信「只有偏執狂才能生存」這句話，但隨著玩家進入市場，我也多次經歷過這種情況。

And I think we have demonstrated by proving that we are resilient, secure and deliver high fidelity automation at scale, and that is really important to our customers in the use cases they leverage us for.

我認為我們已經透過證明我們具有彈性、安全性並大規模提供高保真自動化來證明，這對於我們的客戶利用我們的用例來說非常重要。

Got it.

知道了。

That's it for me.

對我來說就是這樣。

Thank you.

謝謝。

Thank you.

謝謝。

Nick Altmann, Scotiabank.

尼克·阿爾特曼，豐業銀行。

Hi, Nick.

嗨，尼克。

Hey.

嘿。

How are you, guys?

夥計們，你們好嗎？

Yeah.

是的。

Good.

好的。

Thanks.

謝謝。

Great.

偉大的。

Thanks for taking the question.

感謝您提出問題。

Jen, you've talked in the past about how you guys are focused on controlling what you can control.

Jen，你過去曾談到你們如何專注於控制你能控制的事情。

The margins have obviously improved a lot.

利潤率明顯提高了很多。

And you guys have also talked about regardless of the macro environment, ARR reacceleration is still on your site.

你們也談到了無論宏觀環境如何，ARR再加速仍然在你們的網站上。

And so my question builds off of coaches.

所以我的問題是建立在教練的基礎上的。

But when you think about the growth versus margin trade-off, what would cause you?

但當你考慮成長與利潤的權衡時，什麼會導致你呢？

Or what are the signals that you could potentially see that would make you guys reinvest in product or go to market to maybe drive a sharper degree of reacceleration?

或者，您可能會看到哪些訊號，這些訊號會讓您對產品進行再投資或進入市場，以推動更大程度的再加速？

Yeah.

是的。

I mean I'm always watching our time to ramp capacity.

我的意思是，我一直在關注提高產能的時間。

I'm watching sales productivity very carefully.

我非常仔細地觀察銷售效率。

We're looking for longer contract duration, which we've seen a lot of improvement on but also keeping an eye on sales cycle time.

我們正在尋求更長的合約期限，我們已經看到了很大的改進，但同時也在關注銷售週期時間。

And just a reminder, like we've made very significant investments in new products and still have a lot of the truck to monetize in terms of attaching to customers that are very happy with their initial incident response investment, but opportunity to do more.

只是提醒一下，我們已經在新產品上進行了非常重大的投資，並且仍然有很多卡車可以透過與客戶的聯繫來貨幣化，這些客戶對他們最初的事件回應投資非常滿意，但有機會做更多的事情。

And I think AIOps, customer service ops, automation all represent great opportunities to be growth drivers for us.

我認為 AIOps、客戶服務操作、自動化都代表著成為我們成長動力的巨大機會。

And equally, I think generative AI is something that users are getting more accustomed to, and we're getting a lot of great feedback about the ability to do things like just ask PagerDuty in a simple chat environment, like what changed, who's impacted, where historically, that would have been a treasure hunt involving five or six or people sometimes many more on a live call.

同樣，我認為生成式人工智慧是用戶越來越習慣的東西，我們收到了很多關於做事情的能力的很好的反饋，例如在簡單的聊天環境中詢問PagerDuty，例如發生了什麼變化，誰受到了影響，從歷史上看，這將是一次涉及五到六個人甚至更多人即時通話的尋寶活動。

So as we automate more and more of that, I think it makes the product more interesting and sticky across different use cases and across different functions.

因此，隨著我們越來越多地實現自動化，我認為這使得產品在不同的用例和不同的功能中變得更加有趣和黏性。

I'd love to invest behind improving sales productivity, shorter ramp and shorter sales cycles.

我很願意投資於提高銷售效率、縮短銷售週期和縮短銷售週期。

And those are some of the leading indicators that I'm looking for.

這些是我正在尋找的一些領先指標。

But I'm also encouraged by the stabilization across all of our segments.

但我也對我們所有部門的穩定感到鼓舞。

I am -- I think that the stabilization that we've seen form a very strong foundation for growth reacceleration, particularly in upper mid-market and enterprise.

我認為，我們所看到的穩定為成長重新加速奠定了非常堅實的基礎，特別是在中高端市場和企業領域。

And we're going to continue to focus on the developer experience.

我們將繼續關注開發者體驗。

So I'd love to be investing more in growth, but I want to make sure that we're executing well and utilizing that capital very wisely.

因此，我很樂意在成長方面投入更多資金，但我想確保我們執行良好並非常明智地利用這些資本。

Awesome.

驚人的。

Thanks.

謝謝。

And then the large deals pushing or taking longer to close, that makes a lot of sense.

然後大型交易會推動或需要更長的時間才能完成，這很有意義。

When you think about the ACV expansion within those deals, I know you had mentioned that a couple had already closed.

當您考慮這些交易中 ACV 的擴張時，我知道您曾提到有幾筆交易已經完成。

Any sense as to how that expansion rate for some of these larger transactions looks relative to just large deals in general?

與一般大型交易相比，這些較大交易中的一些擴張率看起來有何意義？

Sorry, I lost the end of your question, Nick.

抱歉，我沒問完你的問題，尼克。

I heard you ask something about the expansion rate.

我聽說你問一些關於擴張率的問題。

Connection seems to have got a little bit shaky.

連接似乎有點不穩定。

Sorry, Nick, do you want to just repeat that again?

抱歉，尼克，你想再重複一次嗎？

Yeah.

是的。

So my question was around these large deals that are getting pushed, right?

所以我的問題是圍繞著這些正在推動的大型交易，對吧？

It makes sense.

這是有道理的。

Maybe there's more products and longer duration contracts.

也許有更多的產品和更長期限的合約。

When you think about just like the ACV expansion of those deals, can you just maybe talk high level the makeup of that and how that looks relative to the NRR metric or even just large deals in general?

當您考慮這些交易的 ACV 擴張時，您能否從高層次上談談其構成以及相對於 NRR 指標甚至一般大型交易的情況？

Yeah.

是的。

I mean, I'll take a crack at that first, Jen, and then feel free to jump in.

我的意思是，Jen，我會先嘗試一下，然後再隨意加入。

There isn't one single formula that describes what those ACV deals look like because the nature of where the customers coming from can often be quite different.

沒有一個單一的公式可以描述這些 ACV 交易是什麼樣的，因為客戶來源的性質通常可能大不相同。

We obviously have a large population of our enterprise customers who started with us in incident management.

顯然，我們有大量的企業客戶是從我們的事件管理開始的。

And as they expand into things like AIOps and into automation, sometimes the value of those products can exceed what they're spending on incident management.

隨著他們擴展到 AIOps 和自動化等領域，有時這些產品的價值可能會超過他們在事件管理上的支出。

Then we have other customers who maybe have landed with us originally in the automation segment and then they move on to incident management and AI Ops.

然後我們還有其他客戶，他們可能最初是在自動化領域與我們合作，然後他們轉向事件管理和人工智慧營運。

And in that case, their initial investment in automation and smaller than the investment that they make in the others.

在這種情況下，他們在自動化方面的初始投資比他們在其他方面的投資要小。

But what we have found is that the overarching theme is that as customers adopt more of the Operations Cloud, they certainly get far more value from PagerDuty.

但我們發現，最重要的主題是，隨著客戶更多地採用營運雲，他們肯定會從 PagerDuty 中獲得更多價值。

And one of the most recent studies that we referenced is the total economic impact report from Forrester, which looked at enterprise customers and showed a 250% return on investment over three years with a payback period less than 12 months.

我們引用的最新研究之一是 Forrester 的總體經濟影響報告，該報告著眼於企業客戶，結果顯示三年內的投資回報率為 250%，投資回收期不到 12 個月。

Those customers who are doing this effectively multiproduct adoption are seeing a lot more value.

那些有效採用多產品的客戶看到了更多的價值。

It's far more transformational for them, and that tends to make those customers far more retentive because they're seeing the value.

這對他們來說更具變革性，而且往往會讓這些客戶更具保留性，因為他們看到了價值。

So for us, getting them onto the multiproduct and often multiyear is an important part of our sales motion.

因此，對我們來說，讓他們進入多產品且通常是多年期的產品是我們銷售活動的重要組成部分。

Awesome.

驚人的。

Thank you.

謝謝。

Thanks, Nate.

謝謝，內特。

Thank you.

謝謝。

Miller Jump, Truist.

米勒·跳躍，真理主義者。

Hey, Miller.

嘿，米勒。

Hey.

嘿。

Thank you for taking the taking question.

感謝您接受提問。

Filling in for Joel Fishbain tonight.

今晚接替喬爾·菲什貝恩。

So I guess, I just wanted to double click on the pipeline commentary that you all have given a couple of times on this call.

所以我想，我只是想雙擊你們在這次電話會議上多次給出的管道評論。

It's great to hear all the commentary around the volume that you're calling out in the quarters ahead.

很高興聽到有關您在未來幾季所呼籲的音量的所有評論。

But I guess I'm just trying to understand like where are we versus maybe a year ago in terms of visibility?

但我想我只是想了解我們與一年前相比在可見度方面處於什麼位置？

And then is that volume really attributed to like just more of these really large deals?

那麼，這筆交易量真的歸因於更多此類真正的大型交易嗎？

Or is there something different about the deal composition as well?

或者交易構成也有什麼不同嗎？

Yeah.

是的。

So compared to where we were a year ago, our visibility, it's almost like night and day in terms of the improvement of visibility.

因此，與一年前相比，我們的能見度，在能見度的改善方面幾乎就像白天和黑夜一樣。

We -- if I look back to last year this time, probably had visibility for Q4 and part of Q1, whereas now we have a pipeline that stretches out into Q3 of next year.

如果我這次回顧去年，我們可能對第四季和第一季的一部分有可見性，而現在我們有一條延伸到明年第三季的管道。

We're also seeing that we're in a position now the pipeline is building so that as these deals are being managed through their life cycle, we're getting better visibility into what's available for us in Q1 and Q2 of next year.

我們還看到，我們現在正在建造管道，以便在這些交易的整個生命週期中進行管理，我們可以更好地了解明年第一季和第二季的可用內容。

And that, again, puts us in a different position in terms of how do we mature those deals, how do we manage those deals.

這再次使我們在如何成熟這些交易、如何管理這些交易方面處於不同的位置。

We're still seeing a good mix of deals across our pipeline because there's still a good volume of deals 50 to 100,000 that we're doing in deals below 50,000.

我們仍然看到整個管道中的交易組合良好，因為我們正在進行的交易量低於 50,000 筆，但交易量仍高達 50 至 100,000 筆。

But the sales team tends to focus more of their energy on the larger deals, particularly above $500,000 because those are the ones that end up being the broader deals covering more of the product and where we are demonstrating a lot more value.

但銷售團隊往往將更多的精力集中在較大的交易上，尤其是500,000 美元以上的交易，因為這些交易最終會成為涵蓋更多產品的更廣泛的交易，並且我們將在其中展示更多的價值。

So certainly, it's been a significant shift for us to move into more of an enterprise selling motion along with that comes some of the enterprise seasonality that you have to deal with and also a different level of engagement from the customer, it ends up being far more multi-traded.

因此，當然，對於我們來說，進入更多的企業銷售活動是一個重大轉變，隨之而來的是您必須處理的一些企業季節性以及客戶的不同程度的參與度，最終結果是很遠更加多元化的交易。

We have to be focused a lot more on the solutions that we bring to customers' problems as opposed to just showcasing our amazing product -- so those are some of the things.

我們必須更專注於為客戶問題提供的解決方案，而不是僅僅展示我們令人驚嘆的產品——所以這些就是其中的一些事情。

But the pipeline quality is certainly improving and our ability to manage that pipeline with that longer visibility is certainly giving us greater confidence.

但管道品質確實在提高，而且我們以更長期的可見性管理管道的能力無疑給了我們更大的信心。

Understood.

明白了。

And I'm actually -- I'm going to come back to you for one more, Howard.

事實上，我會​​再回來找你，霍華德。

I know you all don't manage to it, but I was just curious if you could talk about any changes you're seeing in contract terms as it maybe relates to billings, just given we're seeing a little bit lower billings growth than revenue, and I would have expected almost the inverse given the monthly contingent is actually becoming less significant over time.

我知道你們都無法做到這一點，但我只是很好奇，你們是否可以談論你們在合約條款中看到的任何變化，因為它可能與比林斯有關，只是考慮到我們看到的比林斯成長略低一些收入，而且我預計幾乎是相反的情況，因為隨著時間的推移，每個月的情況實際上變得不那麼重要了。

Yeah.

是的。

So our billings is always a little bit tricky in terms of the fact that we sometimes get the benefit of customers doing multiyear arrangements with us both on renewal and new but we also have a practice where customers are when they expand with us, we code term typically to the anniversary date.

因此，我們的帳單總是有點棘手，因為我們有時會從客戶與我們進行續訂和新的多年安排中受益，但我們也有一種做法，即客戶在與我們一起擴展時，我們編碼術語通常到週年紀念日。

So you can sometimes end up with a quarter where you have a high number of code terms where the ARR growth rate is higher because it's actually they're committing in terms of on annual recurring revenue, but it might be a four-month or six-month contract to align with their renewal.

因此，有時您可能會在一個季度中擁有大量代碼條款，其中 ARR 成長率較高，因為實際上他們在年度經常性收入方面做出承諾，但這可能是四個月或六個月一個月的合約以配合續約。

So that creates the fluctuations in the billings, which is part of why we moved to giving our ARR number because the having to triangulate between all the different factors that can complete our billings was -- is tricky to navigate for both.

因此，這就造成了帳單的波動，這也是我們開始提供ARR 數字的部分原因，因為必須在可以完成我們的帳單的所有不同因素之間進行三角測量，這對於兩者來說都是很棘手的。

Thank you.

謝謝。

Thank you.

謝謝。

Thanks, Miller.

謝謝，米勒。

Simran Biswal.

西姆蘭·比斯瓦爾.

Hey, guys.

嘿，夥計們。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

We can hear you.

我們能聽到你的聲音。

Hi, Simran.

嗨，西姆蘭。

Hi, Simran.

嗨，西姆蘭。

Hey.

嘿。

This is Simran for Matt Hedberg.

我是馬特·赫德伯格的西姆蘭。

Congrats on the quarter and thanks for the question.

恭喜本季並感謝您的提問。

I just want to double-click a little bit more on fourth quarter.

我只想在第四季再雙擊一點。

First, how have trends been so far a few weeks into November?

首先，進入 11 月以來的幾週內趨勢如何？

And then generally speaking, how does linearity within Q4 look like?

那麼一般來說，Q4 內的線性度如何？

And is there some risk that some of these larger deals with more engagement gets pushed into next year and just around at what assumptions you've built into pipeline conversions?

是否存在一些風險，即一些具有更多參與度的較大交易被推遲到明年，並且大約在您在管道轉換中建立的假設附近？

Yeah, sure.

是的，當然。

So Simran, when we think about linearity in the quarter, we have moved over the years from a company that was previously high velocity, high-volume transactions with relatively less distinct in-quarter linearity.

因此，西姆蘭，當我們考慮本季的線性度時，多年來我們已經從一家以前是高速度、高交易量、季度線性度相對不太明顯的公司轉變。

As we've shifted to the enterprise, we've certainly seen far more of the -- or a shift in that linearity where you end up with more of your business happening in the end of the quarter.

當我們轉向企業時，我們當然看到了更多的線性變化，即您最終會在季度末發生更多的業務。

We have a lot of systems and processes in place now to try and balance that out.

我們現在有很多系統和流程來嘗試平衡這一點。

So our goal is to try and ensure that we're doing, call it, roughly half within the first two months of the quarter. novel quarters will be equal, but we have set ourselves a goal and put in place certain processes to help us move towards that goal.

因此，我們的目標是努力確保我們在本季度的前兩個月內完成大約一半的工作。新的季度將是平等的，但我們已經為自己設定了一個目標，並製定了某些流程來幫助我們實現該目標。

We're not expecting unusual linearity in Q4, but we do find that the holiday periods do tend to mess with a regular linearity.

我們預計第四季度不會出現異常的線性，但我們確實發現假期期間確實往往會擾亂常規的線性。

So November ends up being a little bit more challenging for North America.

因此，十一月對北美來說更具挑戰性。

In terms of the holiday period, but it's fine for Europe, for example.

就假期而言，但對於歐洲來說就很好。

So this is a bit of an unusual quarter with respect to that.

因此，就這一點而言，這是一個不尋常的季度。

But we're not expecting anything too unusual.

但我們並不期待出現任何太不尋常的事情。

But normally, the third month is the biggest month for us.

但通常情況下，第三個月對我們來說是最重要的一個月。

Okay.

好的。

Okay.

好的。

Great.

偉大的。

And just one more.

還有一個。

When we think about the large deals, how does that customer journey typically look like?

當我們考慮大筆交易時，客戶旅程通常是什麼樣的？

And what -- how long is the engagement generally for these customers?

這些客戶的參與時間通常是多久？

Yeah, it really varies because it's rare that we would land a seven-figure customer.

是的，情況確實有所不同，因為我們很少能找到七位數的客戶。

It does happen has happened, but it's rare.

這種事確實發生過，但很少見。

It's generally usually the case that we land on a smaller basis and then grow through expansion over time.

通常的情況是，我們先在較小的基礎上落地，然後隨著時間的推移透過擴張來成長。

One of the things that I think has changed through our strategy to really focus on solution selling, the Operations Cloud in the enterprise.

我認為透過我們的策略改變的一件事是真正專注於解決方案銷售，即企業中的營運雲。

Again, some of these, what I would call, funded solution areas that CIOs and CTOs have is that, we're starting with a conversation about all of our products and services and how they can support initiatives that the customer already has underway as opposed to starting with one product and then trying to add products on top of it.

同樣，我所說的其中一些 CIO 和 CTO 所資助的解決方案領域是，我們首先討論我們所有的產品和服務，以及它們如何支持客戶已經在進行的計劃。之上添加產品。

And that means that we go as fast as the customer can go.

這意味著我們的速度與客戶的速度一樣快。

In some cases, the CTL will move really fast.

在某些情況下，CTL 的行動會非常快。

They've already chosen us as a standard and they're replatforming and they want an integrated platform, and they don't have to jump through a lot of hoops in other cases, and that sometimes happens in the tech industry, for instance.

他們已經選擇我們作為標準，他們正在重新建構平台，他們想要一個整合的平台，在其他情況下他們不必跳過很多障礙，例如，這種情況有時會發生在科技業。

In other cases, in a more highly regulated environment, like financial services or federal, like it can take a lot longer.

在其他情況下，在監管更嚴格的環境中，例如金融服務或聯邦，可能需要更長的時間。

So the -- so I wouldn't say there's like one way that happens.

所以——所以我不會說只有一種方式會發生這種情況。

But I do think that through doing a better job of attaching services to our deals, it gives us better visibility to what customers are looking at, starting to work more effectively with systems integrators and having them support us in conversations around large transformation initiatives helps.

但我確實認為，透過更好地將服務附加到我們的交易中，它可以讓我們更好地了解客戶正在關注的內容，開始更有效地與系統整合商合作，並讓他們在圍繞大型轉型計劃的對話中支持我們。

And multiyear agreements gives us the opportunity to grow and co-term within the period of the contract period. which also creates growth over the period that we have an engagement with customer.

多年協議使我們有機會在合約期間發展和共事。這也在我們與客戶接觸期間創造了成長。

Great.

偉大的。

Thanks, guys.

謝謝，夥計們。

Congrats, again.

再次恭喜。

Thank you.

謝謝。

Thanks, Simran.

謝謝，西姆蘭。

Okay. team, thank you.

好的。團隊，謝謝。

That is all the hands that we have raised today.

這就是我們今天舉手的所有人。

Jennifer, we'll turn to you for any final remarks.

詹妮弗，我們將邀請您發表最後的評論。

Well, as the hour turns, I just would like to thank everybody for joining us today.

好吧，隨著時間的流逝，我只想感謝大家今天加入我們。

We are both optimistic and confident that the stabilization that we're seeing builds a solid foundation, a strong foundation for growth reacceleration.

我們既樂觀又充滿信心，認為我們所看到的穩定為成長重新加速奠定了堅實的基礎。

I'm grateful to spend this last hour with you and wish you all in North Americ a happy Thanksgiving, and the rest of you a happy holiday period over the next couple of months.

我很高興能和你們一起度過最後一個小時，祝北美的所有人感恩節快樂，並祝福你們其他人在接下來的幾個月裡度過一個愉快的假期。

Thanks.

謝謝。