PagerDuty Inc (PD) 2025 Q4 法說會逐字稿

Good afternoon and thank you for joining us to discuss PagerDuty's fourth quarter and full fiscal year 2025 results. With me on today's call are Jennifer Tejada, PagerDuty's Chairperson and Chief Executive Officer; and Howard Wilson, our Chief Financial Officer.

下午好，感謝您加入我們討論 PagerDuty 2025 財年第四季和全年業績。今天與我一起參加電話會議的還有 PagerDuty 董事長兼執行長 Jennifer Tejada；以及我們的財務長 Howard Wilson。

Before we begin, let me remind everyone that the 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.

在我們開始之前，請允許我提醒大家，本次電話會議中所作的陳述包括基於我們當前所見環境的前瞻性陳述，其中涉及已知和未知的風險和不確定性，這些風險和不確定性可能導致我們的實際結果、業績或成就與前瞻性陳述中表達或暗示的結果、業績或成就存在重大差異。

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 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、淨收入、現金餘額和總目標市場等，僅代表我們管理階層在作出此類陳述之日的信念和假設，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, which can be found on our Investor Relations website.

在今天的電話會議中，我們將討論非公認會計準則財務指標，這些指標是根據公認會計準則編制的財務績效指標的補充，而不是替代或優於這些指標。我們的收益報告提供了 GAAP 和非 GAAP 財務指標之間的對帳表，您可以在我們的投資者關係網站上找到該對帳表。

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 our other subsequent filings made with the SEC.

有關這些因素以及其他可能導致公司財務結果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 表格以及我們隨後向美國證券交易委員會提交的其他文件。

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

說完這些，我會把電話轉給詹妮弗。

Thank you, Tony, and good afternoon, and thanks for joining us today. I'm proud to share that PagerDuty delivered our third consecutive year of non-GAAP profitability, demonstrating the fundamental strength and durability of our business model.

謝謝你，托尼，下午好，謝謝你今天加入我們。我很自豪地告訴大家，PagerDuty 連續第三年實現非 GAAP 獲利，證明了我們商業模式的基本實力和持久性。

We achieved 9% annual growth in both revenue and ARR while expanding our non-GAAP operating margin by nearly 500 basis points to 18%. With free cash flow margin expanding from 15% to 23%, we see the culmination of the fiscal year as a clear testament to our operational discipline and efficient growth strategy.

我們的收入和 ARR 均實現了 9% 的年增長率，同時我們的非 GAAP 營業利潤率提高了近 500 個基點，達到 18%。隨著自由現金流利潤率從 15% 擴大到 23%，我們認為本財年的結束清楚地證明了我們的營運紀律和高效的成長策略。

Looking at Q4 specifically, I'm pleased to report we exceeded our guidance ranges, delivering $121 million in revenue and a strong non-GAAP operating margin of 18%. We added $11 million in incremental ARR, bringing our total annual recurring revenue to $494 million.

具體來看第四季度，我很高興地報告，我們超出了預期範圍，實現了 1.21 億美元的收入和 18% 的強勁非 GAAP 營業利潤率。我們的增量 ARR 增加了 1,100 萬美元，使我們的年度經常性收入總額達到 4.94 億美元。

While we're seeing some near-term moderation in growth as we evolve our enterprise sales transformation, the fundamental drivers of our business remain strong. Our strategic position at the center of digital operations gives me confidence in our ability to build momentum into the second half of the fiscal year.

儘管隨著企業銷售轉型的推進，我們看到短期內成長放緩，但我們業務的基本驅動力仍然強勁。我們處於數位營運中心的戰略地位使我相信我們有能力在財年下半年累積發展勢頭。

Enterprise traction continues to improve as we execute on our strategic shift towards multiyear multiproduct platform partnerships. The power of our Operations Cloud is evident in expanding product adoption with multiproduct customers now driving 65% of total ARR, up from 62% last year and marking a substantial 7 percentage point increase since fiscal 2023.

隨著我們實施向多年多產品平台合作夥伴關係的策略轉變，企業吸引力持續提升。我們的營運雲的強大功能在擴大產品採用方面顯而易見，目前多產品客戶推動著總 ARR 的 65%，高於去年的 62%，並且自 2023 財年以來大幅增加了 7 個百分點。

These customer relationships continue to validate our strategy with 72 customers now exceeding $1 million in ARR and 849 customers investing more than $100,000 annually. Most notably, ARR from customers spending over $100,000 grew 12% year-on-year, now representing 71% of total ARR.

這些客戶關係繼續驗證了我們的策略，目前有 72 位客戶的 ARR 超過 100 萬美元，849 位客戶的年度投資超過 10 萬美元。最值得注意的是，消費超過 10 萬美元的客戶的 ARR 年增 12%，目前佔總 ARR 的 71%。

The combination of our expanding platform capabilities, strong customer relationships and significant headroom for growth within our installed base underscores the opportunity ahead of us.

我們不斷擴展的平台能力、牢固的客戶關係以及安裝基礎的巨大成長空間凸顯了我們面臨的機會。

Let me share the three catalysts that will drive further ARR growth and diversification, particularly in our strategic accounts spending more than $100,000. First, we're laser-focused on optimizing our field organization's efficiency. This includes executing an enterprise sales transformation and ensuring our new strategic reps reach full productivity.

讓我分享一下將推動 ARR 進一步成長和多樣化的三個催化劑，特別是在我們的策略帳戶支出超過 10 萬美元的情況下。首先，我們專注於優化現場組織的效率。這包括執行企業銷售轉型並確保我們的新策略代表達到充分的生產力。

Second, we've delivered new platform monetization strategies that further extend our competitive differentiators and better align with the transformative value we deliver to customers, including our new AI capabilities and frictionless packaging structure.

其次，我們推出了新的平台貨幣化策略，進一步擴大了我們的競爭優勢，並更好地與我們向客戶提供的變革價值保持一致，包括我們的新人工智慧功能和無摩擦包裝結構。

Third, we're building momentum in our commercial segment through targeted digital acquisition and proven retention programs that consistently delivered results. The fundamental opportunity ahead remains robust. We continue to see a $50 billion total addressable market as organizations accelerate their digital operations modernization to avoid the escalating cost of the disruption.

第三，我們透過有針對性的數位收購和經過驗證的保留計劃在商業領域建立發展勢頭，這些計劃始終如一地帶來成果。未來的基本機會依然強勁。隨著各組織加速數位化營運現代化以避免業務中斷成本不斷上升，我們繼續看到總額達 500 億美元的可尋址市場。

We successfully executed several key initiatives in fiscal 2025, but I want to be clear, our revenue performance did not meet our initial expectations, primarily due to go-to-market execution that fell short of our historically high standards. While we are in a meaningful transition to an enterprise-focused top-down value selling motion, we also adapted to a volatile macro environment.

我們在 2025 財年成功執行了幾項關鍵舉措，但我想明確指出的是，我們的營收表現並未達到我們最初的預期，主要是因為上市執行未能達到我們歷史上的高標準。雖然我們正在朝著以企業為中心、自上而下的價值銷售模式進行有意義的轉變，但我們也適應了動盪的宏觀環境。

We've seen encouraging proof points with several strategic wins. However, we haven't scaled this motion across our entire enterprise organization at the pace we intended. This transformation of our go-to-market approach in the face of these macro headwinds has created near-term pressure on growth.

我們已經看到了令人鼓舞的證據，並取得了許多策略勝利。然而，我們還沒有按照預期的速度在整個企業組織中推廣這項運動。面對這些宏觀不利因素，我們的行銷方式發生了轉變，對短期成長帶來了壓力。

While this transition hasn't been easy and we still have work ahead, the early success we're seeing from our ramped enterprise representatives is a strong signal that we're on the right path. As you know, I spend a significant portion of my time with customers and what's encouraging and becoming increasingly evident is that operational maturity and resilience are no longer nice to have.

雖然這一轉變並不容易，我們還有很多工作要做，但我們從不斷壯大的企業代表那裡看到的早期成功是一個強烈的信號，表明我們正走在正確的道路上。如你所知，我花了大量的時間與客戶打交道，令人鼓舞且越來越明顯的是，營運成熟度和彈性不再是好事。

They're becoming central to the enterprise business strategy and revenue acquisition. We're seeing this play out in compelling new use cases, customers leveraging our platform for customer service operations, using PD Advanced for predictive incident management and implementing automated remediation at scale.

它們正成為企業業務策略和收入獲取的核心。我們在引人注目的新用例中看到了這一點，客戶利用我們的平台進行客戶服務運營，使用 PD Advanced 進行預測事件管理並大規模實施自動補救。

The addressable market is substantial, and we're still in the early innings of this opportunity. The numbers tell a compelling story. AIOps, automation and customer service operations maintained over 40% contribution to incremental ARR for two consecutive quarters.

潛在市場很大，我們仍處於這一機會的早期階段。這些數字講述了一個令人信服的故事。AIOps、自動化和客戶服務營運連續兩季對增量ARR的貢獻維持40%以上。

This validates our platform strategy, widens our competitive moats and shows how our product creates tangible value for customers. While market demand remains strong, we instituted a number of changes during the second half of FY25 to improve our execution.

這驗證了我們的平台策略，拓寬了我們的競爭優勢，並展示了我們的產品如何為客戶創造有形價值。儘管市場需求依然強勁，但我們在 25 財年下半年實施了一系列變革，以提高我們的執行力。

In addition to sales leadership improvements across most of our theaters, I became more directly involved with teams to drive three key improvements, transforming our go-to-market practices, redefining our approach to sustainable value capture and sharpening our product team's focus on monetizing our innovation.

除了在我們大多數影院中提升銷售領導力之外，我還更直接地與團隊合作，推動三個關鍵改進：轉變我們的行銷實踐，重新定義我們獲取可持續價值的方法，並加強我們產品團隊對創新貨幣化的關注。

That said, I want to be clear that while we're executing with urgency and the majority of these changes are underway, we expect the financial impact to materialize gradually over time. Given this reality and our commitment to operational discipline, we've taken a pragmatic approach to our full year outlook.

話雖如此，我想明確表示，雖然我們正在緊急執行，並且大部分變革正在進行中，但我們預計財務影響將隨著時間的推移逐漸顯現。鑑於這一現實以及我們對營運紀律的承諾，我們對全年展望採取了務實的態度。

The pace of our platform innovation also represents our sense of urgency and commitment to building on our leadership position. Just weeks into FY26, we announced a game-changing expansion of our AI capabilities that puts PagerDuty at the forefront of intelligent operations with new PagerDuty AI agents.

我們平台創新的步伐也代表了我們的緊迫感和鞏固領導地位的決心。2026 財年剛開始幾週，我們就宣布了一項改變遊戲規則的 AI 功能擴展，透過新的 PagerDuty AI 代理，PagerDuty 將處於智慧營運的最前沿。

These AI agents aren't just another chatbot or basic automation tool. They're sophisticated partners that work alongside human responders to intelligently identify, triage and resolve high-value operational issues.

這些人工智慧代理不僅僅是另一個聊天機器人或基本的自動化工具。它們是先進的合作夥伴，與人類響應者一起智慧地識別、分類和解決高價值的營運問題。

We're launching these three specialized agents, one focused on site reliability engineering, another on operations analysis and a third on scheduling optimization, all powered by our proprietary technology, our foundational data model and deeply integrated into our automation workflows.

我們正在推出這三個專業代理，一個專注於站點可靠性工程，另一個專注於運營分析，第三個專注於調度優化，所有這些都由我們的專有技術和基礎數據模型提供支持，並深度集成到我們的自動化工作流程中。

What's exciting is how these innovations align with what our enterprise customers are telling us they need. intelligent automation that enhances human capability on a highly secure and resilient platform. Our customers now partner with us to mature beyond response to prevention and revenue optimization.

令人興奮的是這些創新如何與我們的企業客戶告訴我們的需求一致。智慧自動化可在高度安全和有彈性的平台上增強人類的能力。我們的客戶現在與我們合作，以超越回應到預防和收入優化的成熟度。

To accelerate adoption, we've democratized access to our AI and automation capabilities by streamlining our incident management plans. This advance embeds these powerful features across all paid tiers because we believe every organization regardless of size should have access to enterprise-grade AI-centric digital operations capabilities within a single, secure and scalable platform.

為了加速採用，我們透過簡化事件管理計劃，實現了人工智慧和自動化功能的民主化存取。這項進步將這些強大的功能嵌入到所有付費層級，因為我們相信每個組織無論規模大小都應該能夠在單一、安全且可擴展的平台內存取企業級以人工智慧為中心的數位營運功能。

We also introduced an AI use case library featuring field-tested prompts and deepening our integration with several key ecosystem partners, including Slack, Zoom and Amazon Q. These integration partnerships are key differentiators and exciting because they seek new use cases across our customer base.

我們還推出了一個人工智慧用例庫，其中包含經過現場測試的提示，並深化了與 Slack、Zoom 和 Amazon Q 等多個關鍵生態系統合作夥伴的整合。這些整合合作夥伴關係是關鍵的差異化因素，而且令人興奮，因為它們在我們的客戶群中尋求新的用例。

Our platform innovation strategy, coupled with our maturing solution selling approach contributed to a sequential improvement in large deal momentum in Q4. This performance demonstrates our position as the digital operations leader trusted by the world's largest and most innovative companies.

我們的平台創新策略，加上我們日趨成熟的解決方案銷售方法，促成了第四季大額交易動能的連續改善。這項業績證明了我們作為全球最大、最具創新精神的公司信賴的數位營運領導者的地位。

Let me share a few customer highlights from the quarter that showcase how enterprises are expanding their use of PagerDuty and the measurable value we're delivering. One of North America's largest financial institutions, a long-standing customer recently made a significant three-year enterprise-wide commitment to PagerDuty following their successful initial deployment of AIOps across digital, wealth management and capital markets.

讓我分享本季的一些客戶亮點，展示企業如何擴大對 PagerDuty 的使用以及我們提供的可衡量價值。作為北美最大的金融機構之一，其長期客戶最近在數位、財富管理和資本市場成功部署 AIOps 之後，對 PagerDuty 做出了為期三年的重要企業範圍承諾。

The results speak for themselves, a 28% reduction in incident duration and 43% decrease in human effort through our AI-driven automation capabilities. With a projected ROI of 400%, this expansion across the full PagerDuty Operations Cloud validates PagerDuty's strategic role in digital operations and demonstrates how our platform drives measurable value at scale.

結果不言而喻，透過我們的人工智慧驅動的自動化功能，事故持續時間減少了 28%，人力投入減少了 43%。預計投資回報率為 400%，此次對整個 PagerDuty 營運雲的擴展驗證了 PagerDuty 在數位營運中的戰略作用，並展示了我們的平台如何大規模地推動可衡量的價值。

I'm excited to highlight a global semiconductor supplier, a leader in AI innovation, who significantly expanded their partnership with PagerDuty to standardize incident management across their AI, cloud and data center operations.

我很高興地重點介紹一家全球半導體供應商，人工智慧創新的領導者，他們大大擴展了與 PagerDuty 的合作夥伴關係，以標準化其人工智慧、雲端和資料中心營運中的事件管理。

What's compelling about this expansion is how they're leveraging our platform to automate real-time response to improve system resilience and to reduce overall operational overhead, all critical capabilities for supporting their groundbreaking AI initiatives.

這次擴展引人注目的是，他們如何利用我們的平台實現自動化即時回應，以提高系統彈性並降低整體營運開銷，所有這些都是支援他們突破性的人工智慧計畫的關鍵功能。

The scale of this commitment, more than tripling their seven figure investment in less than two years is impressive. It's exactly the kind of strategic partnership that demonstrates the transformative value we deliver to the world's largest and most innovative companies.

這項承諾的規模令人印象深刻，在不到兩年的時間內，其七位數的投資額就增加了兩倍以上。正是這種策略夥伴關係體現了我們為世界上最大、最具創新精神的公司所提供的變革價值。

In Europe, I'm thrilled to share that a major telecommunications provider scaled to become a $1 million ARR customer in just their first year with PagerDuty. What's noteworthy about this win is that they chose to expand with us over incumbent consolidators, specifically because of our platform's ability to deliver rapid time to value, manage unstructured data and deliver superior operational outcomes.

在歐洲，我很高興地告訴大家，一家大型電信供應商在使用 PagerDuty 的第一年就擴大規模，成為 ARR 達 100 萬美元的客戶。這場勝利值得注意的是，他們選擇與我們一起擴張，而不是與現有的整合者合作，特別是因為我們的平台能夠快速實現價值、管理非結構化資料並提供卓越的營運成果。

Within just six months, we successfully integrated with our existing ITSM infrastructure and automated end-to-end incident workflows across IT and network operations, supporting hundreds of responders without requiring additional headcount.

在短短六個月內，我們成功地與現有的 ITSM 基礎設施集成，並在 IT 和網路運營中實現了端到端事件工作流程的自動化，無需增加人員即可支援數百名響應人員。

This is a perfect example of why customers choose PagerDuty over legacy vendors. We deliver specialized operational intelligence and automation that generic IT tools simply cannot match. Our seamless integration with existing tools continues to be a key differentiator in these competitive enterprise opportunities.

這是客戶選擇 PagerDuty 而不是傳統供應商的完美例子。我們提供通用 IT 工具無法比擬的專業營運智慧和自動化。我們與現有工具的無縫整合仍然是這些競爭性企業機會的關鍵差異化因素。

One final example comes from a global media enterprise that expanded to become a multi-million dollar partner. Their relationship is compelling given how they've leveraged the capabilities of PD Advance to transform their digital operations. This customer journey illustrates well how our investments in enterprise incident management from enhanced security and authentication to AI and advanced workflow capabilities are meeting the sophisticated needs of complex large-scale operations.

最後一個例子來自全球媒體企業，該企業已擴張成為價值數百萬美元的合作夥伴。鑑於他們如何利用 PD Advance 的功能來轉變其數位化運營，他們的關係非常引人注目。這次客戶旅程很好地說明了我們在企業事件管理方面的投資（從增強的安全性和身份驗證到人工智慧和先進的工作流程功能）如何滿足複雜的大規模營運的複雜需求。

This pattern of expansion isn't unique. In highly regulated industries, operational resilience is mission-critical. Organizations are choosing PagerDuty not only for incident management, but as their strategic platform for intelligent digital operations.

這種擴張模式並不是獨一無二的。在受到嚴格監管的行業中，營運彈性至關重要。組織選擇 PagerDuty 不僅用於事件管理，而且作為其智慧數位營運的策略平台。

Turning to our market momentum. We kicked off PagerDuty On Tour 2025 in London last month with upcoming events across Sydney, Tokyo and San Francisco, markets that represent significant enterprise opportunities.

轉向我們的市場勢頭。我們上個月在倫敦啟動了 PagerDuty On Tour 2025，並將在雪梨、東京和舊金山舉辦活動，這些市場代表著重要的企業機會。

These events are powerful forums where enterprise leaders and practitioners experience firsthand the full capabilities of our Operations Cloud platform. Featured at these events are the testimonials of our customers who are leveraging our latest innovations to drive compelling operational transformation.

這些活動是強大的論壇，企業領導者和從業者可以親身體驗我們的營運雲端平台的全部功能。這些活動重點介紹了我們的客戶如何利用我們的最新創新來推動引人注目的營運轉型。

We intentionally shifted the series to Q1 this year, positioning us to build pipeline momentum early and capitalize on the growing enterprise demand we're seeing across these key regions. The timing is especially important as we continue to evolve our enterprise go-to-market motion.

我們特意將該系列轉移到今年第一季度，以便我們儘早建立通路勢頭，並利用我們在這些關鍵地區看到的不斷增長的企業需求。隨著我們繼續推動企業上市計劃，時機尤其重要。

These events give us the opportunity to engage directly with both executives and users, demonstrate our expanded platform value proposition and reinforce our position as the leader in digital operations. Our culture of community responsibility earned notable recognition again this quarter, including Fortune's Best Workplaces for Parents and the 2025 Big Innovation Award.

這些活動使我們有機會直接與高階主管和用戶接觸，展示我們擴展的平台價值主張，並鞏固我們作為數位營運領導者的地位。本季度，我們的社區責任文化再次獲得了顯著認可，包括《財富》雜誌評選的「最佳父母工作場所」和「2025 年重大創新獎」。

Our Impact segment serving education and non-profit customers grew 25% to nearly 600 organizations globally. I'm excited about the most recent additions we've made to strengthen our leadership team. We welcomed David Williams as SVP of Product to drive our AI and automation initiatives, bringing his exceptional experience in scaling enterprise SaaS platforms and deep AI expertise from his entrepreneurial background.

我們為教育和非營利客戶提供服務的 Impact 部門成長了 25%，全球組織數量達到近 600 家。我對我們最近為加強領導團隊所做的補充感到非常興奮。我們歡迎 David Williams 擔任產品高級副總裁，推動我們的人工智慧和自動化計劃，他將帶來他在擴展企業 SaaS 平台方面的豐富經驗以及源自其創業背景的深厚人工智慧專業知識。

And this week, we announced Allison Corley as our Chief Customer Officer with nearly three decades of customer success leadership from companies like Smartsheet, Workday and Microsoft. Additionally, Sarah Franklin joined our Board in December with her impressive track record as the CEO of Lattice and former President and Chief Marketing Officer of Salesforce, where she helped scale the business while building the vibrant trailblazer community.

本週，我們宣布 Allison Corley 為我們的首席客戶官，她在 Smartsheet、Workday 和 Microsoft 等公司擁有近三十年的客戶成功領導經驗。此外，莎拉富蘭克林 (Sarah Franklin) 於 12 月加入我們的董事會，她曾擔任 Lattice 執行長和 Salesforce 前總裁兼首席行銷官，擁有驕人的業績，在幫助擴大業務規模的同時，也建立了充滿活力的開拓者社群。

These appointments come at a pivotal time as we innovate on PD Advance and accelerate enterprise expansion. I'm confident the combined experience will support us in our pursuit of the significant market opportunity ahead. Lastly, we've initiated a search for a Chief Revenue Officer as part of our ongoing effort to refine our revenue strategy and to ensure our leadership, people, processes and systems are optimally positioned to sustain and grow our market share.

這些任命正值我們在 PD Advance 上進行創新並加速企業擴張的關鍵時刻。我相信，綜合的經驗將支持我們追求未來巨大的市場機會。最後，我們已經開始尋找首席營收官，這是我們持續努力完善營收策略的一部分，並確保我們的領導力、人員、流程和系統處於最佳位置，以維持和擴大我們的市場份額。

As a part of this transition, Jeremy Kmet, our SVP of Global Field Operations, will be leaving PagerDuty at the end of fiscal Q1. Over the past eight years, Jeremy has been an invaluable leader, and we're grateful for his dedication, his vision and the strong foundation he has helped to build.

作為此次過渡的一部分，我們的全球現場營運高級副總裁 Jeremy Kmet 將在第一財季末離開 PagerDuty。在過去的八年裡，傑里米一直是一位寶貴的領導者，我們感謝他的奉獻精神、他的遠見以及他幫助建立的堅實基礎。

While we faced some execution challenges, we've taken decisive action to improve sales efficiency and fully capture the value of expanding our operations cloud platform. The catalysts for growth are in place. We've strengthened our leadership team, enhanced our go-to-market motion, and we're seeing strong early interest in our AI agents from enterprise customers. Looking ahead, I'm confident in our strategy and our ability to execute.

雖然我們面臨一些執行挑戰，但我們已採取果斷行動來提高銷售效率並充分掌握擴展營運雲端平台的價值。增長的催化劑已經到位。我們加強了領導團隊，增強了市場進入動力，我們看到企業客戶對我們的人工智慧代理商表現出濃厚的興趣。展望未來，我對我們的策略和執行能力充滿信心。

We're laser-focused on three priorities. Building and converting a robust pipeline, accelerating enterprise adoption and demonstrating how our platform innovations drive measurable customer value. The fundamentals of our business remain strong with the strategic initiatives we put in place, combined with our track record for operational discipline, we're well positioned to capture the significant market opportunity ahead.

我們專注於三個優先事項。建立和轉換強大的管道，加速企業採用並展示我們的平台創新如何推動可衡量的客戶價值。我們實施的策略性舉措使我們的業務基礎依然強勁，再加上我們在營運紀律方面的良好記錄，我們完全有能力抓住未來巨大的市場機會。

I'll close by thanking our customers who are achieving remarkable results with our platform and our dedicated employees who make these outcomes possible, our strategic partners and our shareholders for their continued support as we accelerate our enterprise transformation.

最後，我要感謝我們的客戶，他們透過我們的平台取得了顯著的成果，感謝我們敬業的員工，感謝我們的策略夥伴和股東，感謝他們在我們加速企業轉型過程中給予的持續支持。

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

說完這些，我將把電話轉給霍華德，期待您的提問。

Thank you, Jen, and good day to everyone joining us on this afternoon's call. Unless otherwise stated, all references to our expenses and operating results on this call are on a non-GAAP basis and are reconciled to our GAAP results in the earnings release that was posted on our Investor Relations website before the call.

謝謝你，Jen，祝大家今天下午參加電話會議愉快。除非另有說明，本次電話會議上對我們的費用和經營業績的所有引用均基於非 GAAP 基礎，並與電話會議前發佈在投資者關係網站上的收益報告中的 GAAP 結果相協調。

As Jen articulated, we expect the catalyst for higher performance to be consistent improvements in sales productivity. Over the past 12 months, we have successfully reconfigured our sales organization to be an enterprise-focused sales team, hiring to the right profile of quota carriers while remaining within the existing expense envelope, a strategy we will maintain throughout FY26.

正如 Jen 所言，我們預期提高績效的催化劑是銷售效率的持續提升。在過去的 12 個月中，我們成功地將我們的銷售組織重組為以企業為中心的銷售團隊，在保持現有支出範圍的同時，招募了合適的配額承運人，我們將在整個 26 財年保持這一戰略。

With a significant portion of quota carriers joining in the second half, our focus has shifted from hiring, onboarding and enablement to rigorous account management and sales execution. As a greater mix of our field becomes fully ramped in proactively championing the Operations Cloud, we are laying the foundation for increased momentum in the second half.

隨著下半年大量配額承運商的加入，我們的重點已從招聘、入職和支援轉向嚴格的客戶管理和銷售執行。隨著我們領域中越來越多的人開始積極倡導營運雲，我們正在為下半年的成長動能奠定基礎。

Today's announcement of a new $150 million share repurchase program is a clear signal of confidence from our Board and management team in the FY26 plan and the durability of our free cash flow. Please note, the $100 million repurchase program announced in Q2 of FY25 was completed during the fourth quarter.

今天宣布的 1.5 億美元新股票回購計畫清楚地表明了董事會和管理團隊對 26 財年計畫和自由現金流持久性的信心。請注意，25財年第二季宣布的1億美元回購計畫已於第四季完成。

Moving to results. Revenue for the quarter was $121 million, up 9% year-over-year. International revenue increased 10% annually, contributing 28% of total revenue. Annual recurring revenue exiting Q4 grew 9% year-over-year to $494 million. We delivered 106% dollar-based net retention, fractionally below our expectation for the full fiscal year.

轉向結果。本季營收為 1.21 億美元，年增 9%。國際營收年增10%，佔總營收的28%。第四季的年度經常性收入年增 9%，達到 4.94 億美元。我們實現了 106% 的美元淨留存率，略低於我們對整個財年的預期。

I'm encouraged by the improving trend of annualized gross retention over the past four quarters as well as enterprise dollar-based net retention continuing to outpace the commercial segment by approximately 10 percentage points. Customers spending over $100,000 in annual recurring revenue grew to 849, up 6% from a year ago.

令我感到鼓舞的是，過去四個季度，年度總留存率不斷提高，而企業美元淨留存率繼續超過商業部門約 10 個百分點。年度經常性收入支出超過 10 萬美元的客戶成長至 849 人，比一年前成長了 6%。

This was our strongest quarterly performance of the fiscal year with 24 additions to the cohort. Total paid customers increased by 64 to 15,114 in Q4. Free and paid companies on our platform grew to over 31,000, an increase of approximately 10% compared to Q4 of last year.

這是我們本財年表現最強勁的季度，新增了 24 名員工。第四季付費客戶總數增加了 64 人，達到 15,114 人。我們平台上的免費和付費公司數量成長到超過 31,000 家，與去年第四季相比成長了約 10%。

In terms of metrics that we provide on an annual basis, headcount increased to 1,242, up 5% year-over-year. Customers with annual recurring revenue over $1 million increased to 72, up 24% compared to Q4 of last year. Annual recurring revenue from customers using two or more paid products was 65%, up from 62% in FY24. Annual recurring revenue contribution from incident management was 70% of the total compared to 73% in FY24.

依照我們每年提供的指標來看，員工人數增加到 1,242 人，較去年同期成長 5%。年經常性收入超過 100 萬美元的客戶增加到 72 位，與去年第四季相比成長了 24%。來自使用兩種或兩種以上付費產品的客戶年度經常性收入為 65%，高於 24 財年的 62%。事件管理產生的年度經常性收入佔總收入的 70%，而 24 財年為 73%。

And the contribution from our $100,000 cohort was 71%, up from 70% in FY24. Q4 gross margin was 86% at the high end of our 84% to 86% target range. Operating income was $22 million or 18% of revenue compared to $11 million or 10% of revenue in the same quarter last year.

我們的 10 萬美元族群的貢獻率為 71%，高於 24 財年的 70%。第四季毛利率為 86%，處於我們 84% 至 86% 目標範圍的高端。營業收入為 2,200 萬美元，佔營收的 18%，而去年同期為 1,100 萬美元，佔營收的 10%。

The outperformance relative to our guidance was driven by delays in headcount starts and timing of marketing and consulting expenses. In terms of cash flow for the quarter, cash from operations was $31 million or 26% of revenue, and free cash flow was $29 million or 24% of revenue.

相對於我們的預期，業績表現優異是由於員工人數增加以及行銷和諮詢費用時間的延遲。本季現金流方面，營運現金流為 3,100 萬美元，佔營收的 26%，自由現金流為 2,900 萬美元，佔營收的 24%。

Turning to the balance sheet. We ended the quarter with $571 million in cash, cash equivalents and investments. On a trailing 12-month basis, billings were $485 million, an increase of 8% compared to a year ago. With respect to Q1, we anticipate 12 months billings growth to be approximately 8%.

轉向資產負債表。本季末，我們的現金、現金等價物和投資為 5.71 億美元。過去 12 個月，營業額為 4.85 億美元，比去年同期成長 8%。對於第一季，我們預計 12 個月的營業額成長率約為 8%。

At the end of Q4, total remaining performance obligations was approximately $440 million. Of this amount, approximately $302 million or 69% is expected to be recognized over the next 12 months. As a reminder, as of FY25, our RPO disclosure includes contracts with an original term of less than 12 months. Applying the current definition to the year ago period, total RPO increased 21% on a like-for-like basis over Q4 FY24, which would have been $364 million.

截至第四季末，剩餘履約義務總額約為 4.4 億美元。其中約 3.02 億美元（69%）預計將在未來 12 個月內確認。提醒一下，截至 25 財年，我們的 RPO 揭露包括原始期限少於 12 個月的合約。依目前定義與去年同期相比，RPO 總額較 2024 財年第四季年增 21%，達到 3.64 億美元。

To provide some context before turning to guidance. Importantly, we have daily revenue recognition and Q1 of FY26 is three days shorter than Q4 of FY25. The impact of this is approximately $3 million less revenue in Q1 and $3 million higher revenue in the remainder of the year.

在轉向指導之前提供一些背景資訊。重要的是，我們有每日收入確認，26 財年第一季比 25 財年第四季短三天。其影響是第一季的收入減少約 300 萬美元，而今年剩餘時間的收入增加 300 萬美元。

For the first quarter fiscal 2026, we expect revenue in the range of $118 million to $120 million, representing a growth rate of 6% to 8% and net income per diluted share attributable to PagerDuty Inc in the range of $0.18 to $0.19. This implies an operating margin of 15%.

對於 2026 財年第一季度，我們預計營收將在 1.18 億美元至 1.2 億美元之間，成長率為 6% 至 8%，歸屬於 PagerDuty Inc 的每股攤薄淨利潤將在 0.18 美元至 0.19 美元之間。這意味著營業利益率為15%。

For the full fiscal year 2026, we're initiating guidance of revenue in the range of $500 million to $507 million, representing a growth rate of 7% to 8% and net income per diluted share attributable to PagerDuty, Inc. in the range of $0.90 to $0.95.

對於整個 2026 財年，我們預計營收將在 5 億美元至 5.07 億美元之間，成長率為 7% 至 8%，歸屬於 PagerDuty, Inc. 的每股攤薄淨利潤將在 0.90 美元至 0.95 美元之間。

This implies an operating margin of 19% to 20%. Before moving to questions, I would like to provide assistance with modeling FY26. Firstly, we plan to fully update and share our long-term projections later this year. However, in advance of doing that, we have updated our long-term operating margin target, increasing it from 20% to 30%.

這意味著營業利益率為19%至20%。在提出問題之前，我想為 FY26 建模提供協助。首先，我們計劃在今年稍後全面更新並分享我們的長期預測。不過，在此之前，我們已經更新了長期營業利潤率目標，從 20% 提高到 30%。

Specifically with respect to FY26, our EPS guidance incorporates a non-GAAP tax rate of 22% for each quarter of FY26, which represents approximately $0.04 of EPS in Q1 and $0.21 in FY26. Interest payments on our 2028 convertible notes are made semiannually in arrears in Q1 and Q3. And the remaining balance of $58 million from our 2025 convertible notes is due in the second quarter.

具體來說，對於 26 財年，我們的每股盈餘指引包含 26 財年每季 22% 的非 GAAP 稅率，這相當於第一季的每股盈餘約為 0.04 美元，26 財年的每股盈餘約為 0.21 美元。我們的 2028 年可轉換票據的利息支付每半年在第一季和第三季支付一次。我們的 2025 年可轉換票據的剩餘餘額 5,800 萬美元將於第二季到期。

Reflecting on the fiscal year, we encountered certain challenges. However, we strategically implemented targeted initiatives that have enabled us to eliminate inefficiencies and deliver enhanced capabilities across the Operations Cloud.

回顧本財政年度，我們遇到了一些挑戰。然而，我們策略性地實施了有針對性的舉措，使我們能夠消除低效率並在整個營運雲中提供增強的功能。

While we expect revenue momentum to build steadily, our focus on driving incremental ARR across both enterprise and commercial segments positions us with a resilient foundation for sustained long-term growth this fiscal year.

雖然我們預期營收動能將穩定增強，但我們專注於推動企業和商業領域的增量 ARR，這為我們本財年持續的長期成長奠定了堅實的基礎。

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

有了這些，我將開始問答環節。

(Operator Instructions) Andrew Sherman, TD Cowen.

（操作員指示） Andrew Sherman，TD Cowen。

Great. Thanks. Good to see you. Jen, maybe just given all the macro changes in the last six weeks or so, I would love to hear an update on what you're seeing in the market and any change to your business? I don't think you have much government business, but would love to hear any observations on that too.

偉大的。謝謝。很高興見到你。Jen，也許只是考慮到過去六週左右的所有宏觀變化，我很想聽聽您對市場的看法以及您的業務有什麼變化？我認為您沒有太多政府事務，但也希望聽到您對此的看法。

Yeah. I think it's too soon to tell whether the current tariff environment will have a derivative effect on how customers approach spending. So we've consistently seen customers looking for platforms with a higher ROI, short payback period and the ability to see true efficiency.

是的。我認為現在判斷當前的關稅環境是否對消費者的消費方式產生衍生影響還為時過早。因此，我們一直看到客戶正在尋找具有更高投資報酬率、更短回報期和能夠看到真正效率的平台。

And efficiency has been a theme in almost all of the large deals that we've done. Although I'd also say that our customers have matured the digital aspect of their business such that when I talk to senior leaders, and I'm out in the market with our customers a lot, I'm hearing a lot more about revenue optimization.

效率幾乎是我們所做的所有大型交易的主題。不過，我也想說，我們的客戶已經使其業務的數位化方面變得成熟，因此，當我與高層領導交談時，並且我經常與客戶一起在市場上交流時，我聽到更多有關收入優化的討論。

How do I ensure revenue capture. It's not just about making sure that your web apps are available but making sure that a transaction can be completed that you actually have a value trade that is closed through that process.

我如何確保獲得收入。這不僅是為了確保您的網路應用程式可用，而且還要確保交易能夠完成，即您確實有一個透過該流程完成的價值交易。

And so, I think for us, it just is going to continue to be a focus on execution, making sure we're delivering great account engagement with our largest accounts that we understand the challenges that they're facing and that we have multi-threaded relationships with those customers. But at this point, we're used to a volatile macro. So it's sort of business as usual.

因此，我認為對我們來說，我們將繼續專注於執行，確保我們與最大的客戶提供良好的客戶互動，我們了解他們面臨的挑戰，並且我們與這些客戶保持多線程關係。但此時，我們已經習慣了易失性宏。所以一切如常。

Okay. Great. One more for you. We have a bunch of new sales leaders in the different regions. You're now looking for a CRO. You've migrated everyone to the same enterprise playbook, but maybe just touch on how those reps are ramping to productivity, do you need to hire more reps? Any other go-to-market tweaks to start the year at all?

好的。偉大的。再給你一個。我們在不同地區有一批新的銷售領導。您現在正在尋找 CRO。您已將所有人遷移到同一個企業劇本，但也許只是觸及這些代表如何提高生產力，您是否需要雇用更多代表？今年年初還有其他上市調整嗎？

Sure. It's a great question. Thank you for that. So we made a number of leadership changes over the course of the year across many of our major theaters and those folks have now been in seat and really understand the product and platform and have also been leading what I'd call a talent rotation.

當然。這是一個很好的問題。謝謝你。因此，我們在今年內對許多主要影院的領導層進行了多次變動，這些人員現在都已到位，真正了解產品和平台，並且還領導著我所說的人才輪換。

If you think about it, historically, our enterprise play still leveraged our high-velocity land and expand motion, and we started with a single product and would add on other products. But buying behavior changed, and that required us to build more of a top-down platform value-led sale.

如果你仔細想想，從歷史上看，我們的企業運作仍然利用我們的高速土地和擴張運動，我們從單一產品開始，然後再添加其他產品。但購買行為發生了變化，這要求我們建立更多由上而下的以價值為主導的銷售平台。

And so, part of the talent rotation that we've been through over the course of the last couple of quarters has been to identify top-down platform reps who have experience and a significant track record also with networks and relationships in our largest customers.

因此，我們在過去幾季中經歷的人才輪換的一部分是確定自上而下的平台代表，這些代表不僅擁有豐富的經驗，而且在我們最大的客戶中擁有良好的網絡和關係。

And those hires where the profile has been updated, we're seeing them ramp faster than the existing cohort and become productive sooner, particularly around large deals. So we have a number of hires already made that will be ramped through the back half of this year.

對於那些個人資料已更新的員工，我們發現他們的晉升速度比現有團隊更快，並且更快地投入工作，特別是在大型交易中。因此，我們已經招募了一些員工，並將在今年下半年陸續招募。

And I think that puts us in a good position from a capacity perspective. It's also fair to say, and I know our sales leadership team would say this is true. I am laser-focused on identifying opportunities for increased effectiveness and productivity as well as efficiency.

我認為從容量角度來看這使我們處於有利地位。這也是公平的說法，我知道我們的銷售領導團隊會說這是真的。我專注於尋找提高效力、生產力和效率的機會。

So that's ramp, that's pipe conversion, pipe quality, making sure that we standardize the way we go to market, but also inspecting our largest accounts to ensure that our account engagement meets the high standards that our customers expect because when we have strong account engagement, we grow, and we see the platform effect take hold.

這就是坡道，這就是管道轉換、管道質量，確保我們標準化進入市場的方式，同時也檢查我們最大的帳戶，以確保我們的帳戶參與度符合客戶期望的高標準，因為當我們擁有強大的帳戶參與度時，我們就會成長，我們就會看到平台效應發揮作用。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Hey. Thanks, guys. Thanks for taking the questions. So maybe the first one there on the competitive front. We saw on the news out there that one of the legacy vendors tucked away in a large organization might be going end of life here pretty shortly. And so, from a high level, how should we be thinking about this as a potential opportunity for PagerDuty?

嘿。謝謝大家。感謝您回答這些問題。因此也許是競爭方面的第一個。我們從新聞中看到，一家大型組織中的傳統供應商可能很快就會倒閉。那麼，從高層次來看，我們應該如何將其視為 PagerDuty 的潛在機會？

Well, I think the first thing to think about is despite increasing competitive intensity, which has been primarily in the product marketing space and in the sales, side of things, we've continued to improve our retention levels. We also, I believe, have the strongest and most differentiated platform for large enterprise.

嗯，我認為首先要考慮的是，儘管競爭激烈程度不斷增加，主要體現在產品行銷領域和銷售方面，但我們仍在不斷提高我們的保留率。我相信，我們還擁有針對大型企業最強大、最具差異化的平台。

But I'm not really surprised by this move because we've seen it before. We've seen it when other acquisitions have been made and then retired. And I think it just goes to some of the product differentiation and advantages that we've been able to demonstrate year-over-year, not the least of which that we're able to scale reliably and securely for large enterprise and deliver the type of resilience that these customers expect when it really matters.

但我對這一舉動並不感到驚訝，因為我們以前就見過這種情況。我們已經看到其他收購完成後又退出的情況。我認為這涉及到我們逐年展示的一些產品差異化和優勢，其中最重要的是我們能夠為大型企業提供可靠、安全的擴展，並在真正重要的時候提供這些客戶所期望的彈性。

And that's hard to do. It's an expensive exercise, and we've been able to do it while delivering solid gross margins above 85%. I think when we -- I said this earlier, but when we do a good job from an account engagement perspective, and we're multi-threaded across both practitioners, but also strategic and economic buyers, we win very effectively.

而這很難做到。這是一項昂貴的活動，但我們能夠做到這一點，同時實現 85% 以上的穩定毛利率。我認為當我們——我之前說過這一點，但是當我們從帳戶參與的角度做得很好時，我們不僅跨從業者，而且跨戰略和經濟買家進行多線程工作，我們就能非常有效地獲勝。

And so, it's about scaling those standards for go-to-market, those standards for account engagement throughout our installed base and really going after the value capture and monetization of the platform innovation we've already invested on to capture some of that white space opportunity within the installed base.

因此，這是為了擴大進入市場的標準、整個安裝基礎中的帳戶參與標準，並真正追求我們已經投資的平台創新的價值獲取和貨幣化，以抓住安裝基礎中的一些空白機會。

And maybe a follow-up for Howard. When I look at the guide and I quickly punch in numbers in our model. I think it does imply accelerating growth in the second half just based on the commentary too with the sales capacity. Is that the right way to think about the guide? And then outside of sales capacity ramping, what else are you seeing maybe in the pipeline that's giving you the confidence to guide like that?

或許這是霍華德的後續行動。當我查看指南時，我快速地在我們的模型中輸入數字。我認為，僅根據銷售能力的評論，這確實意味著下半年成長將加速。這是思考指南的正確方式嗎？那麼，除了銷售能力的提升之外，您還看到了哪些其他方面的進展，讓您有信心做出這樣的指導？

Yeah. So thanks, Koji. And maybe just to give you how I've thought about guidance for this year, some of the building blocks for us. With us exiting the year with an ARR growth rate of 9%, I factored that into how we would see the evolution of ARR through the year, including incremental ARR being added through the year that would lead to an acceleration in the back half of the year.

是的。所以謝謝你，Koji。也許只是為了告訴你們我對今年指導方針的看法，以及我們的一些基本要素。我們今年的 ARR 成長率為 9%，我將其納入全年 ARR 的演變中，包括全年增加的 ARR 增量，這將導致下半年的加速。

So you're quite right in terms of expecting that trajectory. When I look at Q1 in isolation, I would think that the incremental ARR that we will deliver will still result in a high single-digit level growth rate in ARR for Q1. So we're thinking about the phasing as the hiring that we did in the back half of the year comes fully online to be able to then support the higher growth through the back half of the year.

因此，您對該軌蹟的預期是完全正確的。當我單獨看第一季時，我認為我們將實現的增量 ARR 仍將導致第一季 ARR 實現高個位數成長率。因此，我們正在考慮分階段進行招聘，因為我們在下半年進行的招聘將全面上線，以便能夠支持下半年的更高成長。

What gives me confidence in that is, one, we've seen improved management of both our pipeline from a velocity and from a quality perspective. And we expect the initiatives that we have around that to continue with the sales leadership that we have brought on board recently.

讓我對此充滿信心的是，首先，我們從速度和品質的角度看到了管道管理的改善。我們希望我們最近引入的銷售領導團隊能夠繼續推進這項舉措。

And then I think the other aspect of it is when I just look at the numbers in terms of the success we've had with customers above [$100,000], where we've had a growth rate in ARR of those customers of 12% year-over-year, and we've seen that become a larger portion of 71% of our ARR.

然後我認為另一方面是，當我只從我們為收入超過 [100,000 美元] 的客戶所取得的成功來看這些數字時，這些客戶的 ARR 增長率為 12%，而且我們看到這部分收入占我們 ARR 的 71% 的比重越來越大。

It proves that the strategic focus that we have on the enterprise is what really is going to underpin our growth. So those factors together have been factored into how we've thought about guidance for the year.

這證明我們對企業的策略重點才是真正支撐我們成長的因素。因此，我們在考慮年度指導時已經綜合考慮了這些因素。

Got it. Yeah. Thank you for that. Great growth on that 1 million plus customer on a year over year basis. So definitely see it there. Thanks guys, appreciate it.

知道了。是的。謝謝你。與去年同期相比，客戶數量大幅增加了 100 多萬人。所以肯定能在那裡看到它。謝謝大家，非常感謝。

Sanjit Singh, Morgan Stanley

摩根士丹利的 Sanjit Singh

Thank you for taking the question. And just talking about some of the metrics on how the business is evolving. You're now getting 30% of your ARR outside of incident management. I'm wondering if you can provide any color and detail on what offerings are leading the charge in that 30% bucket? Number one.

感謝您回答這個問題。只是談論一些有關業務如何發展的指標。現在您可以在事件管理之外獲得 30% 的 ARR。我想知道您是否可以提供詳細信息，說明在 30% 的份額中哪些產品處於領先地位？第一。

And then, Jen, PagerDuty Advance, what is that doing to your deal sizes from an uplift perspective when they are included in your renewal or expansion opportunities?

然後，Jen，PagerDuty Advance，當它們被納入您的續約或擴展機會時，從提升的角度來看，這會對您的交易規模產生什麼影響？

Sure. So from a product perspective, AIOps has really been an important attach product for us because unlike some of the point solutions out there or some of the observability plays that you'll see, our AIOps solution is deeply integrated into the entire operational workflow from detection to automated triage, the orchestration of bringing the right people into a response and increasingly the right agents into a response and then the automation all the way through to resolution, right?

當然。因此，從產品角度來看，AIOps 對我們來說確實是一款重要的附加產品，因為與現有的一些點解決方案或您將看到的一些可觀察性解決方案不同，我們的 AIOps 解決方案深度集成到整個運營工作流程中，從檢測到自動分類，將合適的人員帶入響應，並將合適的代理帶入響應，然後一直自動化到解決問題，對嗎？

When you try and use a point solution or you just look at it from an insight's perspective, you're not actually closing the loop on the work that has to get done to both prevent financial challenges or costs in your business, but in order to optimize the revenue that you're trying to generate through your digital assets.

當您嘗試使用點解決方案或僅從洞察的角度來看待它時，您實際上並沒有完成必須完成的工作以防止業務中的財務挑戰或成本，而是為了優化您試圖透過數位資產產生的收入。

So that, I think, has been a really important and strategic plan for us to continue to grow not only how our customers invest with us, but how they think about the platform. Automation is another -- and automation isn't just the product process automation solution that we have, but also automated incident workflows across the board.

因此，我認為這對我們來說是一個非常重要且具有戰略意義的計劃，不僅是為了繼續發展我們的客戶如何與我們進行投資，而且是為了繼續發展他們對平台的看法。自動化是另一個—自動化不僅僅是我們擁有的產品流程自動化解決方案，還包括全面的自動化事件工作流程。

And I think the role that PD Advance is playing is really helping our responders to compress the amount of time it takes to diagnose the triage and then respond to an incident to also be more efficient in how they communicate more broadly with the organization and with their customers about what are happening. And so right now, it's more of an efficiency builder.

我認為 PD Advance 所發揮的作用確實幫助我們的回應者壓縮了診斷分類和回應事件所需的時間，同時也使他們能夠更有效率地與組織和客戶進行更廣泛的溝通，了解正在發生的事情。所以現在，它更像是一個效率建構器。

But as customers get used to using it and we drive more features through PD Advance as well as agents, I think you'll start to see that have an impact on growth. And you'll recall that we are testing or actually, we're in market with consumption-based pricing in this case. And so, I think it's a really good complement to the current flexible pricing model that we have.

但隨著客戶習慣使用它，並且我們透過 PD Advance 和代理商推動更多功能，我認為您會開始看到它對成長產生影響。您會記得，我們​​正在進行測試，或者實際上，在這種情況下，我們正在採用基於消費的定價市場。因此，我認為這對我們目前的靈活定價模式是一個很好的補充。

And that makes a ton of sense. My one quick follow-up was, when we looked at some of your customer highlights this quarter, I saw the term multi-year agreement across the board. Is that a shift? Is this part of the upmarket shift that you guys are making?

這很有道理。我的一個快速跟進是，當我們查看本季度的一些客戶亮點時，我看到了全面的多年期協議一詞。這是轉變嗎？這是你們正在進行的高端市場轉變的一部分嗎？

Is this something intentional? Or is this something that the customer is naturally pulling you towards? Is that a way to drive increased gross retention and stickiness in terms of the retention rates?

這是故意的嗎？還是這是客戶自然而然地吸引你的東西？這是不是可以提高留存率和黏性的一種方式？

This has been very intentional. If you remember, the vast majority of our business that was termed was a single year, and that was part of that land and expand, high-velocity frictionless motion. But as we got into larger enterprise, one, the process in a top-down strategic sourcing environment to renew is administratively more heavy.

這是有意為之。如果你還記得的話，我們絕大多數的業務都是在一年內完成的，而且是土地擴張、高速無摩擦運動的一部分。但當我們進入更大的企業時，自上而下的策略採購環境中的更新過程在管理上變得更加繁重。

So we're incented to have customers engage with us over long periods of time. And what we also found was that customers want certainty. And it's, I think, harder than people might imagine to change a platform like ours out. We're deeply integrated in some cases all the way through to run time. And they don't want to be surprised by either our product road map or pricing, et cetera.

因此，我們鼓勵客戶與我們進行長期合作。我們也發現，客戶想要確定性。我認為，改變像我們這樣的平台比人們想像的還要困難。在某些情況下，我們一直深度整合到運行時。他們不想對我們的產品路線圖或定價等感到驚訝。

And so, when we started the process of really encouraging our go-to-market organization and our renewals organization to work towards multiyear agreements, what we found was our customers were highly engaged and very well aligned in that regard. So it has been a concerted effort that we measure.

因此，當我們開始真正鼓勵我們的行銷組織和續約組織努力達成多年協議時，我們發現我們的客戶在這方面參與度很高，而且非常一致。因此，我們衡量的是一次共同努力。

And we have a significant portion now of our term contracts that are multiyear. And that's something we're going to continue to focus on. The number one -- the first principle there too is long-term relationships are more profitable, and they tend to be more valuable on both sides.

現在，我們的定期合約中有很大一部分是多年期的。這是我們將繼續關注的事情。第一點－首要原則是長期關係更有利可圖，而且對雙方都更有價值。

And I would just add to that, not only does the signal a strategic relationship from our perspective for the customer, it also signals the strategic relationship. So we've seen -- since we started with this initiative going back two years, we've seen an increase each quarter in terms of the number of contracts that are covered from a multiyear perspective.

我想補充一點，這不僅從我們的角度向客戶表明了一種策略關係，也顯示了一種策略關係。因此，我們看到——自從我們兩年前開始實施這項計劃以來，從多年期角度來看，每個季度的合約數量都在增加。

Kingsley Crane, CGF.

金斯利·克蘭（Kingsley Crane），CGF。

Hey, Jen, hey, Howard. Thanks for taking the question. I hope my video isn't spotty, but I want to touch on PagerDuty Advance. When I think about the naming of agentic SRE and agentic operations analyst, and it begs the question, do you feel like these capabilities are compelling enough to demonstrate replacement of an analyst at the customer level? Just kind of curious if that's how they're being positioned and then how to think about customer ROI and how that flows into pricing?

嘿， Jen，嘿， Howard。感謝您回答這個問題。我希望我的影片沒有問題，但我想談談 PagerDuty Advance。當我考慮代理 SRE 和代理商營運分析師的命名時，我不禁要問，您是否覺得這些能力足以證明可以在客戶層面取代分析師？只是有點好奇他們的定位是否如此，然後如何考慮客戶投資回報率以及它如何影響定價？

Yeah. They're really being positioned as being complementary to human responders. And I think what's important is a lot of incident response is working through complexity and trying to understand dependencies to identify contributing factors to a failure. It's very rarely straightforward and very rarely are major incidents isolated to a single team.

是的。它們實際上被定位為人類響應者的補充。我認為重要的是，許多事件回應都是透過複雜性來運作的，並試圖理解依賴關係以確定導致故障的因素。事件很少是直接發生的，而且重大事件很少只發生在一個團隊身上。

And so, you have these unique data issues or problem-solving issues where a single responder doesn't have visibility to what's going on across teams. But an agentic responder leveraging a foundational data model could get to at least get pointed in the right direction faster and start to make suggestions, recommendations, take down what I would call simpler tasks first but also support the process of complex problem solving.

因此，您會遇到這些獨特的數據問題或問題解決問題，其中單一回應者無法了解整個團隊正在發生的事情。但是，利用基礎資料模型的代理回應者至少可以更快找到正確的方向，並開始提出建議、推薦，首先記下我所說的簡單任務，同時也支援複雜問題解決的過程。

So we see these things being complementary as opposed to more of a replacement orientation. And at the same time, we see customers looking to reduce the blast radius of major incidents, meaning how long an incident runs, the impact that an incident has across their customer base or their risk profile, whether it's compliance, for instance, or issues around customer trust.

因此，我們認為這些事物是互補的，而不是被取代的。同時，我們看到客戶希望縮小重大事件的爆炸半徑，即事件持續的時間、事件對客戶群或風險狀況的影響，例如合規性問題，或是客戶信任問題。

And so, anything that you can do to help teams resolve a problem faster, but also learn from it and prevent it from happening again is important, and that's something that we've done by including [Jeli's] feature set inside of our incident management solution. So today, we see it as complementary.

因此，任何可以幫助團隊更快地解決問題，同時從中學習並防止問題再次發生的事情都很重要，這就是我們透過將 [Jeli] 的功能集納入我們的事件管理解決方案中來實現的。所以今天，我們認為這是互補的。

But certainly, there are going to be tasks that a number of responders right now have to undertake that are repeatable, menial, lower value that these agents can pick up. That I don't think will reduce the need for talented engineers to be part of these major incidents when they happen because they do require -- a lot of these solutions require high judgment.

但可以肯定的是，現在許多響應人員必須執行一些可重複的、瑣碎的、價值較低的任務，這些任務可以接手。我認為這不會減少對優秀工程師參與重大事故處理的需求，因為許多解決方案都需要高度的判斷力。

That's really interesting. And then second one, you talked last quarter about incentivizing some customers initially with some free credits to use Gen AI. You had some good response there. Just kind of curious if that initiative continued in Q4 and what kind of response you saw?

這真的很有趣。第二，您在上個季度談到最初透過一些免費積分激勵一些客戶使用 Gen AI。您對此做出了很好的回應。只是有點好奇這項舉措是否在第四季度繼續，以及您看到了什麼樣的反應？

Howard, I'll let you take that one.

霍華德，我讓你拿走這個。

So Kingsley, what we've done is that in terms of some of the most recent packaging announcements that we've made, in fact, just last month in February. That, in fact, was a change in our lineup to be able to provide all paid customers with access to the Operations Cloud, and that included elements, of course, of PD Advance.

金斯利，就我們最近發布的一些包裝公告而言，事實上是在上個月二月。事實上，這是我們產品線的變革，能夠為所有付費客戶提供存取營運雲端的權限，當然，這也包括 PD Advance 的元素。

So all customers end up with like a certain amount of usage that they get before they would then convert to paying for incremental use. And we believe that's a strong model for allowing customers to be able to understand the value that they're going to get within their own environment with their context and can see what it will surface for them. And that's leading to really good discussions and, in fact, expansion on deals as a result of them having that access.

因此，所有客戶最終都會獲得一定量的使用，然後才會轉換為按增量使用付費。我們相信這是一個強大的模型，可以讓客戶了解他們在自己的環境中將獲得的價值，並了解它將為他們帶來什麼。這導致了非常好的討論，事實上，由於他們擁有了這種權限，交易也擴大了。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Great. Yeah. Thank you for taking the questions. Good to see you guys. Jennifer, I want to ask you a little bit on the sales execution you had highlighted or talked about in the prepared remarks a couple of times. Could you maybe elaborate exactly what execution issues have you kind of faced? And what are you doing as you step into the new year, specifically to fix those issues?

偉大的。是的。感謝您回答這些問題。很高興見到你們。珍妮佛，我想問您一些有關銷售執行的問題，您在準備好的發言中多次強調或談到這一點。您能否詳細說明一下您具體遇到了哪些執行問題？那麼，在新的一年裡，您具體做了哪些工作來解決這些問題呢？

And then, Howard, maybe talk about just the bookings cadence that you have seen. And I'm trying to think about the assumptions around the guidance. And are you baking in a little bit of a caution, given what we have seen over the last two weeks on macro?

然後，霍華德，也許可以談談您所看到的預訂節奏。我正在嘗試思考圍繞該指導的假設。鑑於過去兩週宏觀經濟情勢的觀察，您是否會採取一些謹慎態度？

Sure. So I'll start. From a sales execution perspective, what we've talked about is, one, having to adapt to a change in the way our customers buy. So historically, we were able to grow in enterprise meaningfully with that land and expand high velocity motion, really targeting the technical user, the technical buyer within the organization.

當然。那我就開始了。從銷售執行的角度來看，我們所談論的是，第一，必須適應客戶購買方式的變化。因此，從歷史上看，我們能夠利用這片土地在企業中實現有意義的成長，並擴大高速運動，真正瞄準技術用戶、組織內的技術買家。

When the market shifted and customers really started to centralize authority to buy and force vendors into more of a procurement-led sale, we just shift the way we engage. At the same time, we were going through a transition from being a technical product sale to developers to a multiproduct platform sale to economic buyers.

當市場轉變，客戶真正開始集中購買權並迫使供應商更多地進行採購主導的銷售時，我們改變了參與方式。同時，我們正在經歷從向開發人員銷售技術產品到向經濟買家銷售多產品平台的轉變。

And what we learned when the land and expand motion didn't meet the requirements of our customers' buying behavior was that we needed to change the profile of rep to be successful. And we found that when we've done that, then we've hired a rep who has the background of selling multiproduct platforms top-down through more of a traditional technology leaders organization, they're more successful in selling the Operations Cloud in driving a multiyear six or seven figure agreement.

當登陸和擴張行動無法滿足我們客戶購買行為的要求時，我們了解到我們需要改變代表的形象才能獲得成功。我們發現，當我們這樣做了之後，我們就會聘請一位具有透過更傳統的技術領導組織自上而下銷售多產品平台背景的代表，他們在銷售營運雲方面會更加成功，從而推動達成多年的六位數或七位數協議。

And so, we've been going through that talent rotation. And we've also found that the more experienced the rep is in that sort of top-down selling motion, the more likely they are to ramp faster than previous cohorts. So that's one part of it.

因此，我們一直在進行人才輪替。我們也發現，銷售代表在這種自上而下的銷售活動中經驗越豐富，他們就越有可能比之前的團隊更快地取得進步。這是其中的一部分。

I think the second part of it is when you're not selling high in the organization and you can rely on the DevOps community almost in a singular way, you don't really have visibility to what else is going on inside of a large organization.

我認為第二部分是，當你在組織中銷售業績不高，並且幾乎只能以單一的方式依賴 DevOps 社群時，你實際上無法了解大型組織內部正在發生的其他事情。

And by engaging more closely and building account management that is multithreaded across personas that really helps us understand what's going on in the entire picture for the CIO or CTO, we've been able to better match to their budgeted initiatives. And again, when we do that, our success rates are higher. And so, that's a big part of what we're doing.

透過更密切的接觸和建立跨角色的多執行緒帳戶管理，這確實有助於我們了解 CIO 或 CTO 的整體情況，我們能夠更好地匹配他們的預算計劃。而且，當我們這樣做時，我們的成功率會更高。所以，這是我們正在做的很重要的一部分。

It is more about transforming to a true platform sales motion, even simple things like attaching services and making sure that customers are deployed effectively because even though our platform is relatively simple to deploy compared to large legacy platforms, these organizations that we're deploying into themselves are complex. And they sometimes need more support in doing that.

它更多的是轉變為真正的平台銷售動作，即使是附加服務和確保客戶有效部署等簡單的事情，因為儘管與大型傳統平台相比我們的平台部署相對簡單，但我們部署到的這些組織本身就很複雜。有時他們需要更多的支持。

But in the land and expand frictionless motion, you're not selling a lot of services. So it's really more the evolution of how the market moved, how we need to move as a result of that, and having the opportunity to monetize a multiproduct platform to sustainably capture value at the same time that the market requires a different vendor support model, I guess, is a good way to put it.

但是在土地和擴大無摩擦運動中，你並沒有銷售很多服務。因此，這實際上更多的是市場如何變化的演變，我們需要如何隨之變化，並且有機會將多產品平台貨幣化以可持續地獲取價值，同時市場需要不同的供應商支持模式，我想，這是一種很好的說法。

And I think just to add on to Jen's comments because as a CFO, I want to make sure that we're not doing this at a rate that's going to be too expensive. So we're committed to improving our sales and marketing efficiency even to the extent that as we entered this year, we made some changes to reduce our run rate so that we could, in fact, continue our evolution into this full enterprise sales motion, but really by optimizing the existing spend that we had.

我認為我只是想補充 Jen 的評論，因為作為首席財務官，我想確保我們這樣做的成本不會太高。因此，我們致力於提高我們的銷售和行銷效率，甚至在今年初，我們做出了一些改變來降低我們的運行率，以便我們能夠繼續向全面的企業銷售運動發展，但實際上是透過優化我們現有的支出。

So this hasn't been like it's not an additive expense that we're going through, but rather it's the case that we've been reconfiguring the resources that we have to be able to deliver this alignment with how our customers are buying.

所以這不是我們正在經歷的額外開支，而是我們一直在重新配置資源，以便能夠與客戶的購買方式保持一致。

And then I think, Pinjalim to your question, how to think about bookings through the year. We've taken a view on bookings that anticipates a number of things taking place. One is based on the success that we've already seen with our larger customers, we want to build on that success with our larger customers.

然後我想，Pinjalim 回答你的問題，如何考慮全年的預訂。我們對預訂情況的看法是，預計會發生一些事情。一是基於我們已經從大客戶看到的成功，我們希望在此基礎上再接再厲，繼續與大客戶合作。

So we've seen, if you like, the enterprise health indicators such as the one I mentioned around customers above $100,000 growing at a faster rate than the customers that we have below that. So we will continue our efforts in that space.

因此，如果您願意的話，我們已經看到，企業健康指標（例如我提到的圍繞 100,000 美元以上的客戶的指標）的增長速度比低於該金額的客戶的增長速度更快。因此，我們將繼續在該領域做出努力。

And our sales team is really focused on enterprise customers and being able to grow that base. And we have a significant percentage of reps who we hired within the back half of last year, who will be ramping through the first two quarters, and we expect to see them contributing to our overall growth in ARR, particularly in the back half of the year.

我們的銷售團隊真正專注於企業客戶並且能夠擴大該客戶群。我們在去年下半年聘用的銷售代表中有很大一部分將在前兩個季度大放異彩，我們預計他們將為 ARR 的整體成長做出貢獻，尤其是在今年下半年。

Along with that, in terms of our commercial motion, we've taken another look at how can we take advantage of some of the recovery we've seen in the commercial, the SMB space in particular. And so, we have a renewed digital-first experience that we're delivering there.

除此之外，就我們的商業動議而言，我們重新審視瞭如何利用我們在商業領域，特別是中小企業領域看到的一些復甦。因此，我們在那裡提供了全新的數位優先體驗。

We've had packaging that now makes a lot of the products accessible even to customers who are in that SMB space so that they can get broader use of the platform at a reasonable price. So we anticipate being able to use that motion to, in fact, also contribute to our growth, and that will ramp through the year as well.

我們現在有了包裝，使得許多產品甚至中小企業領域的客戶都可以使用，這樣他們就可以以合理的價格更廣泛地使用該平台。因此，我們預計能夠利用這項動議實際上也促進我們的成長，而這一成長也將在今年內實現。

Just to be clear, for the guidance that you provided, are you assuming a similar macro than what you have seen? Or are you using --

只是為了清楚起見，對於您提供的指導，您是否假設了與您所看到的類似的巨集？或者您正在使用--

We've taken what I would call like a prudent view. Obviously, you can never anticipate everything. And even within the current environment, we've tried to sort of model impacts and try and understand how things could play out. They're not always very clear for software and technology, as you would know, in terms of how that will play out.

我們採取了我稱之為審慎的觀點。顯然，你永遠無法預料所有的事情。即使在當前環境下，我們也嘗試對影響進行建模，並嘗試了解事情將如何發展。正如你所知，他們並不總是很清楚軟體和技術將如何發揮作用。

But we have tried to indeed factor in a view that the only -- there are some things that we can control, and our focus is on what can we control and how can we drive performance through those elements.

但我們確實試圖考慮這樣一種觀點：只有一些事情是我們可以控制的，我們的重點是我們能夠控制什麼，以及如何透過這些因素來推動績效。

Nick Altmann, Scotiabank.

加拿大豐業銀行的尼克‧阿爾特曼。

Awesome. Thank you. I wanted to go back to Sanjit's question around 30% of ARR exiting the year being outside of incident management. When we think about the ARR framework or the color you provided, and we look at the 2025 ARR mix, I think it implies like a little bit over 60% of the net new ARR in the year was from outside of incident management.

驚人的。謝謝。我想回到 Sanjit 的問題，今年大約 30% 的 ARR 不在事件管理範圍內。當我們考慮 ARR 框架或您提供的顏色，並查看 2025 年 ARR 組合時，我認為這意味著當年淨新 ARR 的 60% 以上來自事件管理之外。

And so, when you think about this year's guide and what you're baking in for net new ARR, how should the mix look in 2026 versus this year? Maybe unpack the assumptions around incident management versus non-incident management as it pertains to net new ARR.

那麼，當您考慮今年的指南以及您為淨新 ARR 所製定的目標時，2026 年與今年相比的組合應該如何？也許可以解開與淨新 ARR 相關的事件管理與非事件管理的假設。

Yeah. And before Howard jumps in on guidance, I just want to make a clarifying point. One of the areas that we see driving growth from a customer perspective is the customer applying PagerDuty's traditional incident management solution to new, call it, horizontal use cases. And probably the best example is the AI-centric operations that they now are trying to manage. They're managing RAG models, LLMs, their own agents, their own AI-driven apps.

是的。在霍華德給出指導之前，我只想澄清一點。從客戶角度來看，我們看到推動成長的領域之一是客戶將 PagerDuty 的傳統事件管理解決方案應用於新的水平用例。最好的例子可能是他們現在試圖管理的以人工智慧為中心的營運。他們管理 RAG 模型、LLM、他們自己的代理以及他們自己的 AI 驅動的應用程式。

And what you're seeing through that is a ton of increased complexity. And so that, for instance, is an example of you might still use our core incident management solution, but it's going to drive net new usage because it's a different use case than a traditional use case.

而您看到的是複雜性大大增加。例如，您可能仍會使用我們的核心事件管理解決方案，但它將推動淨新用途，因為它與傳統用例不同。

The same thing is true for security operations, right? We have a lot of security teams that leverage our products and services for something that will be considered outside of the core of technology-generated incident management. And as we adopt more of a blended consumption and seed-based or platform usage model, we'll start to get some of the benefit of the value that we create through those new horizontal use cases.

對於安全操作來說也是同樣的事情，對嗎？我們有許多安全團隊利用我們的產品和服務來做一些由技術引發的事件管理核心以外的事情。隨著我們更多地採用混合消費和基於種子或平台的使用模式，我們將開始獲得透過這些新的橫向用例所創造的價值的一些好處。

And so, I just want to be clear that just because incident management is core and we're selling new products and services on top of it, we also still have the opportunity to grow incident management through applying that same technology to different problems across the organization. So sorry, Howard, go ahead.

因此，我只想明確一點，因為事件管理是核心，並且我們在此基礎上銷售新產品和服務，我們仍然有機會透過將相同的技術應用於整個組織的不同問題來發展事件管理。很抱歉，霍華德，請說。

Yeah. Well, you started with exactly what I was going to say around the use cases. So yeah, I think that's an important part, Nick, because as we thought about this in terms of the sales team's area of focus, certainly being able to drive those new use cases that utilize our full operations management approach, which includes incident management is going to be key.

是的。好吧，您一開始就準確地說出了我要圍繞用例所說的內容。是的，我認為這是一個重要的部分，尼克，因為當我們從銷售團隊的重點領域考慮這個問題時，當然能夠推動那些利用我們的全面營運管理方法（包括事件管理）的新用例將是關鍵。

If we just look back over the last couple of quarters, we've consistently seen more than 40% of the incremental ARR in the quarter coming from our AIOps automation and customer service ops offerings. So when we looked into this next year, we're expecting that trend will continue, that it will still continue to be a strong contributor to the incremental piece.

如果我們回顧過去幾個季度，我們會發現本季度超過 40% 的增量 ARR 來自我們的 AIOps 自動化和客戶服務營運產品。因此，當我們展望明年時，我們預計這種趨勢將會持續下去，它仍將繼續成為增量部分的強大貢獻者。

And as we factor in newer offerings like PD Advanced, which is small today, that will start taking -- will become an additive share to that piece outside of incident management. And as we move into monetizing Agentic AI, that will, again, will probably add a mix into what would be incident management today.

當我們考慮到 PD Advanced 等較新的產品時，雖然目前規模還很小，但它將開始佔據 - 並成為事件管理之外的附加份額。隨著我們開始將 Agentic AI 貨幣化，它可能會再次為當今的事件管理增添一抹混合色彩。

Okay. That's super helpful. And then just a clarification question. I appreciate the color on ARR this year. If we look at the net new ARR seasonality for 2025 versus 2024 is a little bit different. Obviously, there's some of the go-to-market stuff you mentioned. Macro is still a little bit cautious.

好的。這非常有幫助。然後只是一個澄清問題。我很欣賞今年 ARR 的色彩。如果我們看一下 2025 年與 2024 年的淨新 ARR 季節性，就會發現有些不同。顯然，您提到的一些有關行銷的內容。宏觀上還是有點謹慎。

But anything else we should be keeping in mind as we look at sort of the net new ARR seasonality for 2026 and maybe call out if there's any anomalies, deal slippage, et cetera, that maybe skewed the seasonality in 2025?

但是，當我們研究 2026 年淨新 ARR 季節性時，我們還應該記住其他什麼，並可能指出是否存在任何異常、交易滑坡等，這些可能會扭曲 2025 年的季節性？

Sure. So we would expect the seasonality to follow the pattern. This last year, it was kind of roughly equal each quarter. My expectation is that it will probably ramp gradually through the year as we move through the end of the year, given some of the changes that we've made in terms of the sales team. So that will mean that we'll start to see that increase gradually through the year.

當然。因此我們預期季節性會遵循這種模式。去年，每季的數值大致相同。我的預期是，考慮到我們在銷售團隊方面所做的一些調整，隨著年底的到來，銷售額可能會在全年逐漸上升。這意味著我們將開始看到這一數字全年逐漸增加。

Jeff Van Rhee, Craig-Hallum.

傑夫·範·裡、克雷格·哈勒姆。

Great. Thanks for taking the questions. Hey guys, good to see you. Sorry about the light. You're catching sunset just perfectly behind me here. So be it. Just a few for you. Maybe, Howard, just on the pipeline. I think you commented last quarter that the pipeline was up 50% year-over-year. Just any update on the state of the pipeline here?

偉大的。感謝您回答這些問題。嘿夥計們，很高興見到你們。抱歉，燈光不好。你在這裡完美地捕捉到了我身後的日落。就這樣吧。僅供您參考。霍華德，也許，就在管道上。我記得您上個季度曾評論說，管道同比增長了 50%。這裡的管道狀況有任何更新嗎？

Yeah. So we've entered this year with strong pipeline because I factored in the pipeline for the full year against the full year guidance range that we have provided. The Q1 pipeline that we started the quarter with was higher than what we had the year before.

是的。因此，我們今年的銷售管道非常強勁，因為我將全年的銷售管道納入了我們提供的全年指導範圍。我們本季初的第一季管道數量高於去年同期。

We've got the team to focus a lot more on quality of pipeline and how do we improve pipeline velocity so that you don't see this pattern of deals moving just from one quarter to the next. So certainly, we're in a good place.

我們的團隊更專注於通路品質以及如何提高通路速度，這樣你就不會看到這種交易模式只是從一個季度轉移到下一個季度。所以，我們確實處於有利地位。

But my perspective, of course, is that sales teams need to keep on building pipeline, marketing teams need to keep on contributing to that pipeline. And hence, our focus even in bringing some of our events like PD On Tour or PagerDuty On Tour to earlier in the year so that we can actually leverage some of that earlier creation of pipeline in the year to benefit this fiscal.

但我的觀點當然是，銷售團隊需要繼續建立管道，行銷團隊需要繼續為該管道做出貢獻。因此，我們甚至專注於將一些活動（例如 PD On Tour 或 PagerDuty On Tour）提前到今年早些時候，以便我們能夠真正利用今年早些時候創建的一些管道來為本財年帶來收益。

Yeah. Jen, is the intensified focus on all the sales change. I guess two questions. More a result of your dissatisfaction with the lead gen side or with the close rates and the way you're managing cycles as they go through.

是的。Jen，正在加強對所有銷售變化的關注。我想問兩個問題。更多是因為您對潛在客戶生成方面或成交率以及管理週期的方式不滿意。

And then maybe just along the lines of that question, it's just a soft observation, but it seems last year, midyear, you were a little more satisfied with the execution in terms of how you're addressing the move to selling to procurement and the CFO type sale. And it seems now, there's less satisfaction. So maybe just kind of take those two on, if you would.

然後也許只是沿著這個問題的思路，這只是一個軟觀察，但似乎去年，年中，就如何處理從銷售到採購和 CFO 類型銷售的轉變而言，您對執行情況更滿意一些。但現在看來，滿意度降低了。所以如果你願意的話，也許就接受這兩個。

I'm never satisfied. There's always an opportunity for us to continue to improve our execution. What I would say, if you look at our cohort over [$100,000] and our cohort spending more than $1 million, like those are examples of where we're executing very well, where we're delivering higher retention rates. We're delivering higher growth rates. We're building more strategic relationships. They're multiproduct platform, multiyear relationships.

我永遠不會滿足。我們總是有機會繼續提高我們的執行力。我想說的是，如果你看看我們消費超過 [100,000 美元] 的群體和消費超過 100 萬美元的群體，這些都是我們執行得非常好的例子，我們實現了更高的保留率。我們正在實現更高的成長率。我們正在建立更具策略性的關係。他們是多產品平台，擁有多年的合作關係。

And what I want to see is us scale that across the entire installed base in an accelerated way and in a very efficient way. And what we found is it works when we have the right profile of reps. It works when we're driving the right level of rigor and inspection around account engagement, around pipeline quality and pipeline conversion.

我希望看到我們以加速且高效的方式將其擴展到整個安裝基礎。我們發現，當我們擁有正確的代表資料時，它就會發揮作用。當我們在帳戶參與度、通路品質和通路轉換方面推動適當的嚴格性和檢查時，它就會發揮作用。

And we just really got to standardize that across the broader sales assist organization. We can't execute well in pockets, right? So that is part of it. I'm really proud of the effort that our go-to-market organization undertakes because this isn't an easy transition. We operated one way really successfully for a long time.

我們確實需要在更廣泛的銷售協助組織中實現標準化。我們不能在口袋裡很好地執行，對嗎？這就是其中的一部分。我對我們的行銷組織所做的努力感到非常自豪，因為這不是一個輕鬆的轉變。我們以一種方式運作了很長一段時間，並且取得了成功。

I mean most people would have said our flywheel and the land and expand motion was a strength, and it's still a strength in our down market in SMB and VSP, where we can manage that almost in an automated way from a digital perspective.

我的意思是，大多數人會說我們的飛輪和著陸及擴展運動是一種優勢，而且在 SMB 和 VSP 的低迷市場中它仍然是一種優勢，我們可以從數字角度幾乎以自動化的方式進行管理。

But as our customers see us as a more strategic vendor, we have to be consistent in the way we engage and the way we build networks across multiple personas and the way we deliver and deploy our products and services and in the way we ensure our customers know they realized value.

但是，由於我們的客戶將我們視為更具策略性的供應商，我們必須在參與方式、跨多個角色建立網路的方式、交付和部署產品和服務的方式以及確保客戶知道他們實現了價值的方式上保持一致。

I think there are going to continue to be opportunities for us to evolve our pricing to better align our pricing with the value we actually demonstrate and deliver for our customers, and that's something that we're working on.

我認為我們將繼續有機會改進我們的定價，以便讓我們的定價與我們實際向客戶展示和提供的價值更好地保持一致，而這正是我們正在努力的事情。

But as we've improved, as I mentioned, the rep profile and brought in leaders who are experienced in an enterprise platform kind of top-down motion, we're seeing really promising results. So it's about scaling that. And it's about doing it with a lot of efficiency and an eye on productivity. And that's what we're going to be laser-focused on.

但正如我所提到的，隨著我們改進代表形象並引入在企業平台自上而下運動方面經驗豐富的領導者，我們看到了非常有希望的結果。所以這關乎規模化。並且要以極高的效率和注重生產力的方式完成這項工作。這正是我們要重點關注的。

Yeah. Understood. And congrats on the efficiency. I mean the profitability improvements in the free cash flow for the year, real nice improvement prior year. Just one last, if I could. Howard, I guess on the SMB commercial side, just I want to make sure I heard you right. Is that viewed to be a growth engine -- not an engine, but it will grow in this fiscal year. Is that the assumption?

是的。明白了。並祝賀你的效率。我的意思是今年自由現金流的獲利能力有所提高，比前一年有了很大的改善。如果可以的話，我只想說最後一句話。霍華德，我想就 SMB 商業方面而言，我只是想確保我聽對了你的意思。這是否被視為一個成長引擎——不是一個引擎，但它將在本財年實現成長。這是假設嗎？

That is the assumption. If you recall, Jeff, we went through a period where we've seen negative growth year-over-year in that segment like for four consecutive quarters. And we've started to see like modest recovery in that space, and we expect that to continue. It's not going to be the major contributor to our growth this next year. Clearly, enterprise is where we're focused.

這是假設。傑夫，如果你還記得的話，我們經歷過一段時期，該領域連續四個季度出現年比負成長。我們已經開始看到該領域的溫和復甦，我們預計這種復甦將會持續下去。它不會成為我們明年成長的主要貢獻者。顯然，企業是我們的重點。

But we did think there was an opportunity to revisit how we were managing that segment to try and get more out of that segment, particularly since a lot of that segment for us is tech start-ups. And with the AI enthusiasm, there were a lot of AI start-ups who are starting to become customers of us in that segment. And we will grow to be larger customers and hopefully enterprise customers one day, too.

但我們確實認為有機會重新審視我們如何管理該細分市場，以嘗試從該細分市場中獲得更多收益，特別是因為對我們來說該細分市場很大一部分是科技新創公司。隨著人工智慧的熱情高漲，許多人工智慧新創公司開始成為我們在該領域的客戶。並且有一天，我們會成長為更大的客戶，並且希望成為企業客戶。

Thank you, all of our panelists for joining and Howard and Jennifer will wrap up here. And Jen turning over to you for any final remarks.

感謝所有小組成員的參與，Howard 和 Jennifer 的演講就到此結束。最後，請 Jen 做最後的評論。

Thanks, Josh. Well, thank you all once again for joining us today. Our strategic focus on innovation with our strengthening leadership team and enhanced go-to-market motion positions us well for future growth. Our momentum of our tenured enterprise field reps demonstrates the compelling value of our platform, particularly in our large and strategic enterprise customers.

謝謝，喬希。好吧，再次感謝大家今天加入我們。我們對創新的策略關注、不斷加強的領導團隊和增強的市場進入動力，為我們未來的成長做好了準備。我們長期任職的企業現場代表的勢頭證明了我們平台的巨大價值，特別是對於我們的大型策略企業客戶而言。

We remain committed to executing our strategy while building on the strong foundation of customer success, employee dedication and partner collaboration and doing it effectively and efficiently. I sincerely appreciate your continued engagement as we advance our mission to revolutionize digital operations. Thank you, and have a great day.

我們將繼續致力於執行我們的策略，同時在客戶成功、員工奉獻和合作夥伴協作的堅實基礎上有效、有效率地執行。在我們推動革新數位化營運的使命的過程中，我真誠地感謝您的持續參與。謝謝您，祝您有愉快的一天。