PagerDuty Inc (PD) 2026 Q1 法說會逐字稿

Good afternoon and thank you for joining us to discuss PagerDuty’s first quarter fiscal year 2026 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 2026 財年第一季的業績。和我一起參加今天電話會議的還有 PagerDuty 董事長兼執行長 Jennifer Tejada 和財務長 Howard Wilson。

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截至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 filings we make with the Securities and Exchange Commission, including our most recently filed Form 10-K, as well as our subsequent filings made with the SEC. With that, I will turn the call over to Jennifer.

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信息，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 表格，以及我們隨後向美國證券交易委員會提交的文件。說完這些，我會把電話轉給詹妮弗。

Thanks Tony. Good afternoon and thank you everyone for joining us today. In the first quarter, PagerDuty delivered revenue of $120 million, representing 8% growth at the top of our guidance range. Our relentless focus on disciplined cost and investment management continued to yield results, with non-GAAP operating margin reaching 20%, exceeding our target by 500 basis points. Given the substantial progress we have made on optimizing our bottom-line performance, we have a clear path to GAAP profitability.

謝謝托尼。下午好，感謝大家今天的參加。第一季度，PagerDuty 的營收為 1.2 億美元，成長 8%，達到我們的預期範圍上限。我們堅持不懈地專注於嚴格的成本和投資管理，並持續取得成果，非公認會計準則營業利潤率達到 20%，超出我們的目標 500 個基點。鑑於我們在優化底線業績方面取得的實質進展，我們擁有一條實現 GAAP 盈利的清晰道路。

Annual recurring revenue increased to $496 million, with 7% growth year over year. Dollar-based net retention was 104%, reflecting higher than expected customer downgrades in our enterprise segment and elevated churn in our commercial business. These results reflect transitional dynamics in our go-to-market motion and are not at the standard that we expect from ourselves.

年度經常性收入增至 4.96 億美元，年增 7%。基於美元的淨留存率為 104%，反映出我們企業部門的客戶降級幅度高於預期，商業業務的客戶流失率上升。這些結果反映了我們進入市場過程中的過渡動態，並沒有達到我們對自己的期望標準。

We are collectively committed to more consistent sales and marketing execution and efficiency and have taken immediate and comprehensive action to improve overall topline results. We did achieve significant improvement in net-new paid customers, driven by our new commercial digital acquisition strategy, leading to our largest increase in eight quarters.

我們共同致力於更一致的銷售和行銷執行和效率，並已採取立即全面的行動來改善整體營收績效。在我們新的商業數位收購策略的推動下，我們的淨新增付費客戶數量確實取得了顯著改善，從而實現了八個季度以來的最大增幅。

While many of our enterprise relationships span several years, we are evolving our coverage model. We're moving from a tactical and transactional approach to building more strategic, cross-company relationships with our customers. This transition requires us to more effectively scale our pre- and post-sale practices, including more comprehensive customer roadmap planning and more structured professional services and product adoption frameworks.

雖然我們的許多企業關係持續數年，但我們正在改進我們的覆蓋模式。我們正在從戰術和交易方式轉向與客戶建立更具策略性的跨公司關係。這種轉變要求我們更有效地擴展我們的售前和售後實踐，包括更全面的客戶路線圖規劃和更結構化的專業服務和產品採用框架。

In addition, we must progress in leading with AI from a platform perspective and developing deeper and more senior relationships from a customer perspective. While we do this well in many large accounts, we can and will scale it more effectively. This is a critical focus for our sales, marketing, and customer success organizations.

此外，我們必須從平台角度推動人工智慧的引領，並從客戶角度發展更深層、更高階的關係。雖然我們在許多大客戶中做得很好，但我們可以而且將會更有效地擴大規模。這是我們的銷售、行銷和客戶成功組織關注的重點。

Under the leadership of our new Chief Customer Officer, we're executing on this transformation through enhanced post-sale enterprise engagement. These improvements, combined with streamlined upgrade migration planning, will enable our enterprise customers to accelerate value realization while leveraging more of our platform. While these changes will take time, we're confident they will strengthen enterprise relationships and drive adoption of our advanced capabilities, including Enterprise Incident Management and our AI solution set, PagerDuty Advance.

在我們新任首席客戶長的領導下，我們正在透過加強售後企業參與來實現這一轉變。這些改進，加上簡化的升級遷移計劃，將使我們的企業客戶能夠加速價值實現，同時更多地利用我們的平台。雖然這些變化需要時間，但我們相信它們將加強企業關係並推動我們先進功能的採用，包括企業事件管理和我們的 AI 解決方案集 PagerDuty Advance。

Our platform's strategic value continues to resonate with customers, as demonstrated by expansion activity across approximately a quarter of our enterprise accounts in Q1. This broad-based expansion reflects the ongoing adoption of PagerDuty's Operations Cloud across our customer portfolio and provides a foundation for future growth as these customers mature in their digital operations journey.

我們平台的策略價值持續引起客戶的共鳴，第一季約四分之一的企業帳戶的擴展活動證明了這一點。此次廣泛的擴展反映了 PagerDuty 的營運雲在我們的客戶組合中的持續採用，並為這些客戶在數位化營運之旅中日益成熟的未來成長奠定了基礎。

One critical milestone in our enterprise sales transformation is approaching as more than 60% of our enterprise reps will have been in their role for at least a full year by the end of Q2. This shift reflects our ongoing efforts to expand our sales rep profile to that of a modern enterprise value-centric sales executive.

我們的企業銷售轉型中的一個重要里程碑即將到來，到第二季末，我們 60% 以上的企業銷售代表將在其職位上任職至少一年。這一轉變反映了我們不斷努力將我們的銷售代表形象擴展為以現代企業價值為中心的銷售主管。

Based on our historical sales ramping data and the anticipated appointment of a new Chief Revenue Officer, we expect the increased seniority and experience of our maturing sales force to drive meaningful improvement in enterprise contribution through the second half of the fiscal year.

根據我們歷史銷售成長數據和預計任命的新首席營收官，我們預計，我們日趨成熟的銷售團隊的資歷和經驗的提升將推動本財年下半年企業貢獻的顯著提升。

We also strengthened our strategic partnership with AWS, announcing our collaboration agreement and expanding our integration capabilities earlier this month. Our platform now seamlessly integrates with the Amazon Q Business, Amazon Bedrock, and AWS Incident Manager, serving nearly 6,000 joint customers.

我們還加強了與 AWS 的策略合作夥伴關係，本月初宣布了合作協議並擴展了我們的整合能力。我們的平台現在與 Amazon Q Business、Amazon Bedrock 和 AWS Incident Manager 無縫集成，為近 6,000 個聯合客戶提供服務。

A compelling example of this is TUI Group, the world's largest integrated travel company, which achieved a significant reduction in incident recovery time through our integrated solutions with the cost of a single disruption for an enterprise typically costing nearly $800,000.

一個引人注目的例子是全球最大的綜合旅遊公司 TUI 集團，該公司透過我們的綜合解決方案顯著縮短了事故恢復時間，而企業一次事故造成的損失通常接近 80 萬美元。

Our public sector expansion achieved FedRAMP Low authorization, enabling federal agencies to leverage our AI and automation capabilities while meeting stringent security requirements. We're actively pursuing FedRAMP Moderate authorization to further expand our public sector presence, where we already serve over 700 entities. In addition, we have engaged new partners to support our public sector strategy, including federal, state, and local entities.

我們的公共部門擴張獲得了 FedRAMP Low 授權，使聯邦機構能夠利用我們的人工智慧和自動化功能，同時滿足嚴格的安全要求。我們正在積極爭取 FedRAMP Moderate 授權，以進一步擴大我們在公共部門的業務，目前我們已經為超過 700 個實體提供服務。此外，我們也與新的合作夥伴合作，支持我們的公共部門策略，包括聯邦、州和地方實體。

We hosted PagerDuty On Tour 2025, our global customer event series in Q1 to drive demand for the back half of the year. Attendance increased 40% year over year, and we were pleased with the positive response to our expanded platform value proposition as well as the significant interest in our new AI products.

我們在第一季度舉辦了全球客戶活動系列 PagerDuty On Tour 2025，以推動下半年的需求。出席人數同比增長了 40%，我們很高興看到大家對我們擴展的平台價值主張的積極響應以及對我們的新 AI 產品的濃厚興趣。

From a product standpoint, we're evolving our pricing to reduce friction and increase flexibility for customers to leverage all the products on our platform. The evolution of our pricing and packaging includes flexible enterprise pricing and the inclusion of AI and automation capabilities across all of our incident management plans.

從產品的角度來看，我們正在改進定價，以減少摩擦並提高靈活性，使客戶能夠利用我們平台上的所有產品。我們的定價和包裝的演變包括靈活的企業定價以及在我們所有的事件管理計劃中納入人工智慧和自動化功能。

Building on our spring release momentum, we're expanding our AI offering through the partner ecosystem. Our new solutions leverage generative AI to automatically summarize incident notes and post-incident reviews, enabling faster issue resolution and organizational learning. Our new AI Scribe agent leverages transcripts from Zoom and Microsoft Teams to help operations team summarize calls for better execution, faster resolution and protecting revenue and reducing costs.

憑藉春季發布的勢頭，我們正在透過合作夥伴生態系統擴展我們的人工智慧產品。我們的新解決方案利用生成式人工智慧自動總結事件記錄和事件後審查，從而能夠更快地解決問題和組織學習。我們的新 AI Scribe 代理利用 Zoom 和 Microsoft Teams 的記錄來幫助營運團隊總結通話，以便更好地執行、更快地解決問題並保護收入並降低成本。

We remain on track to launch three additional AI agents this quarter, furthering our commitment to enhance operational maturity and effectiveness for our customers through AI and automation. Our experienced enterprise sales reps routinely land platform commitments by leveraging the value proposition of the Operations Cloud.

我們仍計劃在本季推出另外三家人工智慧代理，進一步履行我們透過人工智慧和自動化提高客戶營運成熟度和效率的承諾。我們經驗豐富的企業銷售代表經常利用營運雲的價值主張來獲得平台承諾。

The traction we're gaining in the emerging native AI vertical demonstrates that our platform is mission-critical infrastructure for companies building and scaling AI operations. While we believe the TAM supports multiple winners, our road map of innovation and proven resilience at scale continue to differentiate us in the market, particularly given the significant greenfield opportunity ahead.

我們在新興的原生人工智慧垂直領域所獲得的關注表明，我們的平台對於建立和擴展人工智慧營運的公司來說是關鍵任務基礎設施。雖然我們相信 TAM 支持多位贏家，但我們的創新路線圖和經過驗證的大規模彈性將繼續使我們在市場上脫穎而出，特別是考慮到未來巨大的綠地機會。

Let me share a few examples that demonstrate our enterprise momentum in strategic sectors. In the rapidly expanding native AI segment, a leading AI research and development company selected PagerDuty for a six-figure multiyear commitment. This win underscores the platform's ability to support mission-critical AI operations including LLMs and agents while meeting the most demanding scale, security, and reliability requirements. Their selection of PagerDuty over other vendors validates the strength and scalability of our enterprise-grade platform and strategic relevance in this transformative market.

讓我分享幾個例子來展示我們的企業在策略領域的發展勢頭。在快速擴張的原生 AI 領域，一家領先的 AI 研發公司選擇了 PagerDuty，並簽訂了價值六位數的多年合約。此次勝利凸顯了該平台支援包括 LLM 和代理程式在內的關鍵任務 AI 操作的能力，同時滿足最苛刻的規模、安全性和可靠性要求。他們選擇 PagerDuty 而不是其他供應商，證明了我們企業級平台的實力和可擴展性以及在這個轉型市場的策略相關性。

In financial services, a major enterprise customer expanded their PagerDuty deployment with a significant 6-figure upsell to an existing $1 million customer as part of their operation's modernization initiative. We successfully defended and expanded this relationship, winning against both established platform players and emerging challengers.

在金融服務領域，一家大型企業客戶擴大了其 PagerDuty 部署，作為其營運現代化計劃的一部分，向現有的 100 萬美元客戶進行了 6 位數的大幅追加銷售。我們成功地捍衛並擴大了這段關係，克服了老牌平台參與者和新興挑戰者。

The competitive win is particularly meaningful as this customer is known for early adoption of innovative technologies and their selection of PagerDuty as their strategic platform for digital operations validates our market-leading position. The trust we've built through consistent platform performance and deep customer engagement combined with our proven ability to increase engineering productivity at scale enabled us to win additional business.

此次競爭勝利意義非凡，因為該客戶以早期採用創新技術而聞名，他們選擇 PagerDuty 作為其數位營運策略平台，證明了我們的市場領先地位。我們透過穩定的平台性能和深入的客戶參與建立的信任，加上我們已證實的大規模提高工程生產力的能力，使我們贏得了更多業務。

In a landmark land, a global financial market infrastructure company, which processes quadrillions of dollars in security transactions annually, chose PagerDuty for a seven-figure multiyear digital operations transformation. This strategic displacement of several vendors validates our enterprise platform's unique combination of AIOps, automation, incident management, customer service ops and differentiated value proposition in the most sophisticated operating environments.

在一個具有里程碑意義的地方，一家每年處理數千萬億美元證券交易的全球金融市場基礎設施​​公司選擇 PagerDuty 進行為期數年的七位數數位營運轉型。此次對多家供應商的策略性取代驗證了我們的企業平台在最複雜的營運環境中對 AIOps、自動化、事件管理、客戶服務營運和差異化價值主張的獨特組合。

The customer's decision to consolidate their digital operations on our platform for automation and incident management exemplifies our market leadership in mission-critical enterprise environments where reliability and scale and security are paramount.

客戶決定在我們的平台上整合其數位營運以進行自動化和事件管理，這反映了我們在可靠性、規模和安全性至關重要的關鍵任務企業環境中的市場領導地位。

Our international execution exhibited steady progress as well, evidenced by a major expansion with Europe's leading payment services provider and a competitive platform win with a prominent Japanese education leader both representing meaningful six-figure commitments.

我們的國際執行也取得了穩步進展，這體現在與歐洲領先的支付服務提供商的大規模擴張以及與日本著名教育領袖的競爭平台勝利，這兩項合作都代表著意義重大的六位數承諾。

During the quarter, we continued to support our impact partners, including Watch Duty, a mobile app and web platform that provides real-time wildfire information and safety alerts in over 22 states and to more than 16 million active users who rely on PagerDuty to ensure we can support them in achieving their life-saving mission.

在本季度，我們繼續支持我們的影響力合作夥伴，包括 Watch Duty，這是一款行動應用程式和網路平台，可為超過 22 個州和超過 1600 萬依賴 PagerDuty 的活躍用戶提供即時野火資訊和安全警報，以確保我們能夠支持他們完成拯救生命的使命。

Our social impact work aligns with our mission to revolutionize operations and supports our ability to hire and retain great talent. We're progressing and meeting the sustainability requirements of our large enterprise customers, including achieving a 90% reduction in our Scope 1 and Scope 2 carbon emissions against the FY23 baseline this quarter.

我們的社會影響工作與我們徹底改變營運的使命一致，並支持我們聘用和留住優秀人才的能力。我們正在不斷進步並滿足大型企業客戶的永續發展要求，包括本季實現範圍 1 和範圍 2 碳排放量相對於 23 財年基準減少 90%。

We recently welcomed Don Carty to PagerDuty's Board of Directors. Don brings deep operational and financial expertise from his extensive executive leadership experience, including his roles as the Chairman and CEO of American Airlines and Vice Chairman and CFO of Dell. His deep understanding of enterprise transformation and operational excellence are invaluable as we execute our platform vision and enterprise growth strategy.

我們最近歡迎 Don Carty 加入 PagerDuty 董事會。唐擁有豐富的高階主管領導經驗，包括擔任美國航空公司董事長兼執行長以及戴爾公司副董事長兼首席財務官，因此擁有深厚的營運和財務專業知識。當我們執行平台願景和企業成長策略時，他對企業轉型和卓越營運的深刻理解至關重要。

Our search for a new Chief Revenue Officer is progressing well, with several accomplished enterprise leaders in advanced stages of consideration. As we look ahead, we're focused on three key priorities: first, demonstrating product to market fit for AI offerings through monetization; second, enhancing our enterprise engagement model to drive improved retention and expansion with our strategic accounts; and third, leveraging automation and AI within our own operations to scale more efficiently and accelerate our path to durable growth and GAAP profitability. This balanced approach helps us to capture the significant enterprise opportunity ahead.

我們正在搜尋新的首席營收官，目前已有數位經驗豐富的企業領導者進入了遴選的後期階段。展望未來，我們將重點放在三個關鍵優先事項：首先，透過貨幣化展示適合人工智慧產品市場的產品；其次，增強我們的企業參與模式，以提高策略客戶的保留率和擴張率；第三，在我們自己的營運中利用自動化和人工智慧來更有效地擴展規模，並加速實現持久成長和 GAAP 盈利的道路。這種平衡的方法有助於我們抓住未來重大的企業機會。

While this quarter's results reflect both organizational transitions and go-to-market execution challenges, we've taken decisive actions to strengthen our go-to-market motion and improve the return on sales and marketing investments. The fundamental drivers of our business remained strong as PagerDuty continues to differentiate itself as the trusted enterprise operations platform, enabling customers to scale their AI and automation initiatives.

雖然本季的業績反映了組織轉型和市場進入執行方面的挑戰，但我們已採取果斷行動，加強市場進入動力，提高銷售和行銷投資的回報。隨著 PagerDuty 繼續將自己定位為值得信賴的企業營運平台，使客戶能夠擴展其人工智慧和自動化計劃，我們業務的基本驅動力仍然強勁。

We are confident that our enterprise strategy, combined with our demonstrated commitment to operational discipline and strategic capital allocation will drive long-term value creation. I want to thank our customers for their continued partnership and our shareholders for their support as well as our employees for their customer focus and dedication. And with that, I'll turn the call over to Howard and look forward to your questions.

我們相信，我們的企業策略加上我們對營運紀律和策略資本配置的承諾將推動長期價值創造。我要感謝客戶的持續合作、股東的支持以及員工的客戶關注和奉獻精神。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。

Before reviewing our first quarter financial results, I want to highlight a meaningful inflection point in our business model transformation. More than 60% of our enterprise reps will have been with PagerDuty for at least a year by the end of the second quarter, reflecting our strategic investment in experienced enterprise talent focused on higher value, more profitable customer relationships.

在回顧我們第一季的財務表現之前，我想先強調一下我們商業模式轉型中的一個有意義的轉捩點。到第二季末，我們 60% 以上的企業代表將在 PagerDuty 工作至少一年，這反映了我們對經驗豐富的企業人才的策略投資，專注於更高價值、更有利可圖的客戶關係。

Combined with our strong operational discipline, evidenced by non-GAAP operating margins of 20% this quarter, we expect these maturing investments to drive meaningful improvement in our financial performance and advance our steady progress toward GAAP profitability next fiscal year.

結合我們強大的營運紀律（本季非 GAAP 營業利潤率為 20%），我們預計這些成熟的投資將推動我們財務表現的顯著改善，並推動我們在下一財年穩步實現 GAAP 盈利。

Moving on to results, revenue for the quarter was $120 million, up 8% year over year. International revenue increased 11% annually, contributing 28% of total revenue. Annual recurring revenue exiting Q1 grew 7% year over year to $496 million. We delivered 104% dollar-based net retention.

就業績而言，本季營收為 1.2 億美元，年增 8%。國際營收年增11%，貢獻總營收的28%。第一季的年度經常性收入年增 7%，達到 4.96 億美元。我們實現了 104% 的美元淨留存率。

DBNR was negatively impacted by lower gross retention in the enterprise segment. We expect dollar-based net retention to remain between 103% and 105% throughout fiscal 2026. Customer spending over $100,000 in annual recurring revenue was up 5% year over year, resulting in 848 by quarter end.

企業部門總留存率的降低對 DBNR 產生了負面影響。我們預計，2026 財年基於美元的淨留存率將維持在 103% 至 105% 之間。年度經常性收入超過 10 萬美元的客戶年增 5%，截至季末達到 848 名。

Total paid customers grew to 15,247 in Q1, adding 127 net new customers, our strongest quarterly customer acquisition in eight quarters. This improvement was driven by targeted enhancements in our commercial segment, where we launched a new digital acquisition program and lowered the cost to acquire.

第一季付費客戶總數成長至 15,247 人，新增淨客戶 127 人，這是我們八個季度以來最強勁的季度客戶成長。這項改進是由我們商業部門的有針對性的改進所推動的，我們推出了一個新的數位收購計畫並降低了收購成本。

Free and paid companies on our platform grew to over 32,000, an increase of approximately 9% compared to Q1 of last year. Q1 gross margin was 86%, at the high end of our 84% to 86% target range. Operating income was $24 million or 20% of revenue compared to $15 million or 14% of revenue in the same quarter last year.

我們平台上的免費和付費公司數量成長到超過 32,000 家，與去年第一季相比成長了約 9%。第一季毛利率為 86%，位於我們 84% 至 86% 目標範圍的高端。營業收入為 2,400 萬美元，佔營收的 20%，而去年同期為 1,500 萬美元，佔營收的 14%。

The outperformance compared to our guidance was primarily due to lower payroll and other personnel costs. 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.

與我們的預期相比，業績表現優異主要是因為薪資和其他人員成本較低。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 $597 million in cash, cash equivalents and investments. On a trailing 12-months basis, billings were $492 million, an increase of 7% compared to a year ago, in line with our target for the quarter. With respect to Q2, we anticipate trailing 12-months billings growth to be approximately 7%.

談到資產負債表，本季末我們擁有 5.97 億美元的現金、現金等價物和投資。在過去 12 個月中，帳單金額為 4.92 億美元，比去年同期成長 7%，符合我們本季的目標。對於第二季度，我們預計過去 12 個月的帳單成長約為 7%。

At the end of Q1, total RPO was approximately $430 million, increasing 11% year over year. Of this amount, approximately $302 million or 70% is expected to be recognized over the next 12 months.

第一季末，RPO總額約4.3億美元，年增11%。其中約 3.02 億美元（70%）預計將在未來 12 個月內確認。

Now turning to guidance. For the second quarter of fiscal 2026, we expect revenue in the range of $122.5 million to $124.5 million, representing a growth rate of 6% to 7% and net income per diluted share attributable to PagerDuty, Inc. in the range of $0.19 to $0.20. This implies an operating margin of 17%.

現在轉向指導。我們預計2026財年第二季營收將在1.225億美元至1.245億美元之間，成長率為6%至7%，歸屬於PagerDuty, Inc.的每股攤薄淨利潤將在0.19美元至0.20美元之間。這意味著營業利益率為17%。

For the full fiscal year 2026, we now expect revenue in the range of $493 million to $499 million, representing a growth rate of 5% to 7%. This compares to the range previously provided of $500 million to $507 million; and net income per diluted share attributable to PagerDuty, Inc. in the range of $0.95 to $1. This implies an operating margin of 20% to 21%. This compares to our prior guide of $0.90 to $0.95 and 19% to 20%, respectively.

對於 2026 財年全年，我們預計營收將在 4.93 億美元至 4.99 億美元之間，成長率為 5% 至 7%。相比之下，先前提供的範圍為 5 億美元至 5.07 億美元；而歸屬於 PagerDuty, Inc. 的每股攤薄淨利潤在 0.95 美元至 1 美元之間。這意味著營業利潤率為 20% 至 21%。相比之下，我們先前的指導價格分別為 0.90 美元至 0.95 美元和 19% 至 20%。

Looking ahead, our strong balance sheet with nearly $600 million in cash and investments provides us significant flexibility to execute on our priorities while returning capital to shareholders through our $150 million share repurchase program. This balanced approach to capital allocation, combined with improving sales and marketing efficiency as our enterprise reps ramp, positions us well to deliver improved growth in the second half of fiscal 2026. With that, I will open up the call for Q&A.

展望未來，我們強勁的資產負債表，擁有近 6 億美元的現金和投資，為我們執行優先事項提供了極大的靈活性，同時透過 1.5 億美元的股票回購計畫向股東返還資本。這種平衡的資本配置方法，加上隨著企業代表人數的增加而提高的銷售和行銷效率，使我們能夠在 2026 財年下半年實現更好的成長。有了這些，我將開始問答環節。

Thank you, Howard and Jennifer. We're going to invite our panelists to ask their questions, and we'll turn first to Mr. Rob Oliver over at Baird.

謝謝你，霍華德和珍妮佛。我們將邀請小組成員提出問題，首先請貝爾德的羅布·奧利佛先生提問。

So, thank you for taking my questions. I guess, Jen, first question for you. Obviously, you guys called out some of the enterprise pressure that you're seeing. Obviously, the pace of innovation right now within the IT suite and in particular, within DevOps is pretty rapid given the emergence of generative AI. And I know you said proving market fit or the language that you guys used for your GenAI solutions is one of your goals.

感謝您回答我的問題。我想，Jen，我要問你第一個問題。顯然，你們指出了所看到的一些企業壓力。顯然，鑑於生成式人工智慧的出現，目前 IT 套件（尤其是 DevOps）內部的創新步伐非常快。我知道您說過，證明市場契合度或您們用於 GenAI 解決方案的語言是你們的目標之一。

Talk a little bit about how much of this is execution and how much of this is people perhaps holding back and looking at what other solutions might be out there. Is there a little hesitancy on the part of some enterprises given just how rapid the evolution of this market is on committing to multiyear contracts? Anything you're seeing there would be helpful. And then I had a follow-up for Howard.

請稍微討論一下這其中有多少是執行的問題，有多少是人們可能在觀望並尋找其他解決方案的問題。鑑於這個市場發展如此之快，一些企業在簽訂多年期合約方面是否會有些猶豫？您在那裡看到的任何東西都會有幫助。然後我對霍華德進行了跟進。

Sure. Thanks for your question. It's primarily execution. We undertook and initiated significant transformation in the quarter. It led to some gaps in the way we engaged customers.

當然。謝謝你的提問。這主要是執行。我們在本季實施並啟動了重大轉型。這導致我們與客戶互動的方式有些差距。

The combination of moving some reps out of the business, bringing new reps into the business, reassigning territories, as you often do at the beginning of the year, just led to some of those coverage gaps. And that's on us.

就像你在年初經常做的那樣，將一些銷售代表調離公司、引入新銷售代表、重新分配業務區域等一系列舉措，都會導致一些覆蓋範圍的缺口。這是我們的責任。

I think that's an anomaly as opposed to an ongoing issue. And what we see, what I look at, what gives me confidence is the fact that new logo growth this quarter, which really signals demand, particularly from native AI companies but also from large companies that are making investments in AI infrastructure, in AI offerings and even using AI internally, those new logos grew more than we've seen in the last two years, eight quarters.

我認為這是一個異常現象，而不是一個持續存在的問題。而我們看到的、我所看到的、讓我充滿信心的是本季新標誌的成長，這確實顯示了需求，特別是來自本土人工智慧公司的需求，也來自那些在人工智慧基礎設施、人工智慧產品甚至內部使用人工智慧方面進行投資的大公司，這些新標誌的成長速度超過了我們在過去兩年、八個季度所看到的。

The changes in the investments that we're already making in sales are leading to early indicators of what I think will be stronger execution through the back half of the year. And as Howard mentioned, more than 60% of our reps in the back half will be entering their second year or more with us.

我們在銷售方面已經做出的投資變化正在產生一些早期跡象，我認為這些跡象表明，今年下半年的執行效果將會更加強勁。正如霍華德所提到的，我們後半部分超過 60% 的銷售代表將與我們合作兩年或更長時間。

So we're gaining experience. And these are reps that come to us with more of a modern enterprise sales capability, a value-centric selling motion and a top-down sort of relationship-driven capability with the C-level folks that are making the decisions that you're talking about.

所以我們正在累積經驗。這些銷售代表擁有更先進的現代企業銷售能力、以價值為中心的銷售理念以及自上而下與制定您所談論的決策的高管建立關係的能力。

We've proven, I think, the value of the Operations Cloud with these large transformative deals I talked today about financial market infrastructure company that did a seven-figure deal with us, really leveraging the entire Operations Cloud. We talked about a large LLM provider that also landed with us as opposed to working with potential other vendors out there.

我認為，我們已經透過這些大型轉型交易證明了營運雲端的價值，我今天談到的是一家金融市場基礎設施​​公司，它與我們達成了七位數的交易，真正利用了整個營運雲端。我們討論了一家大型 LLM 供應商，他們也與我們合作，而不是與其他潛在的供應商合作。

So I don't think it's about the decision-making process. I think it's about us getting ourselves to the table and effectively demonstrating what we know works, replicating what we've done with transformative Ops Cloud deals elsewhere and scaling that through the organization. And as you know, we've had success in increasing the percentage of ARR that's covered in multiyear deals.

所以我不認為這跟決策過程有關。我認為這關乎我們參與並有效地展示我們所知道的有效方法，複製我們在其他地方透過變革性的 Ops Cloud 交易所做的事情並在整個組織中推廣。如您所知，我們已成功提高多年期交易中涵蓋的 ARR 百分比。

The last thing I would say that gives me a lot of confidence around this and also has been very focused on execution is we built a very strong financial base. So we will continue to focus on improving our efficiency. We have a clear path to GAAP profitability, and sales and marketing efficiency and return on investment is a specific focus going forward.

最後我想說的是，我們建立了非常強大的財務基礎，這給了我很大的信心，也讓我非常專注於執行。因此我們將繼續致力於提高我們的效率。我們有一條明確的 GAAP 獲利之路，銷售和行銷效率以及投資報酬率是未來的重點。

Great. That's really helpful. I appreciate it. And then, Howard, I had a quick follow-up for you, and that was just around the full year guidance implies revenue growth exiting the year at 5%. So I'd just be curious to hear from you essentially how sort of derisked that feels to you.

偉大的。這真的很有幫助。我很感激。然後，霍華德，我快速跟進您的情況，全年指引暗示今年的收入成長率將達到 5%。所以我很好奇想聽聽您對於這種風險降低的感受。

I guess a different way of asking the question would be what sort of precautions or extra considerations did you bring to bear in that guidance relative to where we were at the beginning of the year?

我想，換一種提問方式，那就是相對於年初的情況，您在該指導中採取了哪些預防措施或額外考慮？

Yeah. Sure, Rob. I would describe the guidance that we provided as being prudent. The primary input to that was based on the organizational transitions and some of the go-to-market execution challenges we had in Q1 that obviously has a flow-on effect in terms of revenue through the rest of the year.

是的。當然，羅布。我認為我們提供的指導是審慎的。對此的主要投入是基於組織轉型以及我們在第一季遇到的一些市場進入執行挑戰，這顯然會對今年剩餘時間的收入產生連鎖反應。

So on the basis of that, I reviewed what our current view would be in terms of that transition and the pace of those transitions and as a result of that, have factored in that whilst we would see improvements in terms of bookings through the back half of the year as our sales reps continue to ramp, that we would need to have a different guidance range to reflect some of the early part of the year.

因此，在此基礎上，我回顧了我們目前對這一轉變及其速度的看法，並因此考慮到，雖然隨著銷售代表人數的不斷增加，我們會看到下半年預訂量有所改善，但我們需要有一個不同的指導範圍來反映今年年初的一些情況。

Sanjit Singh, Morgan Stanley.

摩根士丹利的 Sanjit Singh。

This is Jamie on for Sanjit. I guess it'd be great to just get a sense of what kind of adoption trends you're seeing in new modules such as PagerDuty Advance and Enterprise Plus.

這是 Jamie 代替 Sanjit 上場。我想，如果能了解一下 PagerDuty Advance 和 Enterprise Plus 等新模組的採用趨勢就太好了。

Jamie, it's still early days. I mean some of the things that we're seeing in terms of adoption of our generative AI solution is, one, we have customers that are very willing to experiment and other customers have to go through a significant process to get permission to experiment.

傑米，現在還為時過早。我的意思是，就我們的生成式人工智慧解決方案的採用而言，我們看到的一些情況是，首先，我們有一些客戶非常願意進行實驗，而其他客戶必須經過一個重要的過程才能獲得實驗許可。

But when you look at the products themselves, I mean, one, they are class-leading applications that now have a chat native experience, and a lot of our customers are working in Teams or in Slack and really want to leverage best-in-class incident management and automation applications.

但是當你看產品本身時，我的意思是，首先，它們是一流的應用程序，現在具有聊天原生體驗，並且我們的許多客戶都在 Teams 或 Slack 中工作，並且真正希望利用一流的事件管理和自動化應用程序。

We enable them to do that without moving around. We're bringing unmatched data and machine learning to the table. So other vendors will talk about incident management or automation that their data set does not compare in terms of our ability to orchestrate the entire incident life cycle by leveraging proprietary workflow event, people and embedded machine learning data to deliver that automation and response.

我們使他們能夠不走動就做到這一點。我們正在帶來無與倫比的數據和機器學習。因此，其他供應商會談論事件管理或自動化，但就我們利用專有工作流程事件、人員和嵌入式機器學習資料來協調整個事件生命週期的能力而言，他們的資料集無法與我們相比，從而實現自動化和回應。

And one of the things that we changed in the last quarter was we started to seed access to some of those newer features in all of our pricing packages. Historically, to discover and try some of those things, you had to be in one of the higher packages. And I think that's created -- that's removed some friction from trial.

我們在上個季度做出的改變之一是，我們開始在所有定價套餐中引入一些較新功能的存取權。從歷史上看，要發現和嘗試其中的一些東西，你必須處於更高級的環境中。我認為這創造了——消除了審判中的一些摩擦。

We're also making it easier to access our AI products by enabling customers to opt out as opposed to requiring them to opt in. So that reduces some of the friction in the product-led growth flow.

我們還允許客戶選擇退出，而不是要求他們選擇加入，讓他們更容易存取我們的人工智慧產品。這樣就減少了產品主導的成長流程中的一些摩擦。

But the feedback from both our early access partners and customers who are using the generative AI products have been very strong. And these are products -- generative AI is a big time saver. It's additive to the humans that are under stress trying to respond to and diagnose an event. We're really excited about the agentic offering where you're going to be picking up whole tasks and workflows and really taking work off the plate of responders. And frankly, I think you'll need less responders and less people capacity being interrupted during their day to manage these big incidents.

但是，我們的早期合作夥伴和使用生成式人工智慧產品的客戶的回饋都非常強烈。這些產品－生成式人工智慧可以節省大量時間。它對於那些在壓力下試圖對事件做出反應和診斷的人類來說是一種補充。我們對代理服務感到非常興奮，透過該服務您將接手整個任務和工作流程，並真正減輕響應者的工作負擔。坦白說，我認為您需要更少的回應人員和更少的人力來處理這些重大事件。

So excited about that. Overall, a very good reaction at PagerDuty on Tour. It was probably the thing that we heard the most discussion about from customers. How do I get my hands on this? How do I get my team starting to use this? What do I need to do to make that work? So it's still early days for us, but we have a lot of confidence around the combination of our generative AI offering and our agentic offering that's coming out this quarter.

我對此感到非常興奮。總體而言，PagerDuty 巡迴賽的反應非常好。這可能是我們從客戶那裡聽到討論最多的事情。我怎樣才能得到它？我如何讓我的團隊開始使用它？我需要做什麼才能讓它發揮作用？因此，對我們來說，現在還為時過早，但我們對本季推出的生成式人工智慧產品和代理產品的結合充滿信心。

And then just as a quick follow-up, would you be able to just give any additional color on the demand trends you're seeing in the SMB portion of the business versus enterprise?

然後，作為一個快速的後續問題，您能否對您在 SMB 業務部分與企業中看到的需求趨勢提供任何額外的說明？

Yeah. We've seen -- this is now two quarters of, I would say, an improving demand signal from SMB, where, over previous quarters, we were seeing a real deceleration. We're seeing new logos back, new customers landing again. And I think a big part of it is access to capital that there -- we're seeing leadership from that segment of native AI companies that are well funded, that are growing fast, that are adding employees quickly but also are looking for a modern, highly scalable, highly secure operations platform because they can afford risk around operational issues associated with their agents, their applications, their infrastructure, their LLMs.

是的。我們已經看到——我想說，這是來自中小企業的兩個季度不斷改善的需求訊號，而與前幾季相比，我們看到了真正的減速。我們看到新的標誌再次出現，新的客戶再次湧入。我認為其中很大一部分原因是獲得資金——我們看到本土人工智慧公司的領導層資金充足、發展迅速、迅速增加員工，但他們也在尋找一個現代化、高度可擴展、高度安全的營運平台，因為他們可以承擔與其代理、應用程式、基礎設施、法學碩士相關的營運問題的風險。

And we've also seen that trend cross over into enterprise. You've heard us talk in the past about large semiconductor providers that are working with us and investing and expanding multiple quarters during the year.

我們也看到這種趨勢蔓延到了企業領域。您過去曾聽我們談論過與我們合作並在一年中的多個季度進行投資和擴張的大型半導體供應商。

So from a sector perspective, I would say SMB continued to strengthen from one quarter to the next. I think us separating our commercial segment, which is really a digital-first motion and moving that under our CRO in order to refine our focus on enterprise is also important because it means we can continue to evolve our product-led growth motion that drives a lot of top-of-funnel acquisition and maturity but also be laser focused on the enterprise transformation that we are working through.

因此，從行業角度來看，我認為中小企業的表現會從一個季度持續到下一個季度持續增強。我認為我們將商業部門分離出來，這實際上是一種數位優先的動議，並將其轉移到我們的 CRO 之下，以完善我們對企業的關注，這也很重要，因為這意味著我們可以繼續發展以產品為主導的增長模式，從而推動大量漏斗頂端的收購和成熟，同時也可以專注於我們正在努力進行的企業轉型。

Miller Jump, Truist.

米勒跳躍，Truist。

So I guess I'd like to also just dig in a little bit more on the enterprise churn that you all have talked about, particularly if you could give any more color on how broad-based this was in the customer base. And then maybe just in terms of the scope of the deals like -- or from a linearity perspective, really, like was this something that kind of popped up at the end of the quarter? Obviously, April was a crazy month. And where you see it now?

所以我想我還想更深入地探討一下你們談到的企業流失問題，特別是如果你可以更詳細地說明一下這在客戶群中有多廣泛。然後也許僅從交易範圍的角度來看 - 或者從線性角度來看，這是否真的是在季度末突然出現的事情？顯然，四月是一個瘋狂的月份。現在你在哪裡看到它？

Clearly, you were in the same April I was in. Just to distinguish the two, so we saw more churn, elevated churn in SMB, and that tends to be our long tail. Those are smaller customers, et cetera. In enterprise, the issue was downgrades.

顯然，你和我處於同一個四月。為了區分這兩者，我們看到了更多的客戶流失，中小企業的客戶流失率上升，而這往往是我們的長尾。這些都是較小的客戶，等等。在企業中，問題在於降級。

And I mean, we had some anomalistic things happened this quarter. For instance, we had a handful of customers that -- where we saw downgrades in terms of seats because two companies merged together. And those mergers were synergistic and resulted in just less total employees.

我的意思是，本季發生了一些異常的事情。例如，我們有少數客戶，由於兩家公司合併，我們的席位數量有所下降。這些合併具有協同作用，導致員工總數減少。

And we saw that across several regions. I think it was more coincidence than a trend. We also saw some companies that, I think, were being more cautious because of just the ongoing uncertainty in the macro environment. I mean I would say that the macro continues to be uncertain for some folks, and it's -- a lot of it is driven by different reasons than maybe the uncertainty was driven by two quarters ago, but it's still uncertainty.

我們在多個地區都看到了這種情況。我認為這只是巧合而不是趨勢。我們也看到一些公司變得更加謹慎，因為宏觀環境仍然存在不確定性。我的意思是，我想說，宏觀經濟對某些人來說仍然是不確定的，這在很大程度上是由不同的原因造成的，也許與兩個季度前的不確定性不同，但仍然是不確定性。

And so we need to be more proactive in helping customers understand how we become part of that solution, help them find additional operating margin, help them create efficiencies, help them reduce the amount of people necessary to do things, free people up to build innovation and deliver topline revenue.

因此，我們需要更積極主動地幫助客戶了解我們如何成為該解決方案的一部分，幫助他們找到額外的營運利潤，幫助他們提高效率，幫助他們減少做事所需的人力，讓員工有更多的時間進行創新並實現最高收入。

And that's something that I'm confident our enterprise sales force is scaling towards. And certainly, our top reps do that very, very effectively. To your point on seasonality, our quarters have become more back-end loaded as we've shifted our focus to enterprise, and April was a little bit of a weird month. But I would say that our performance is really driven by our execution as opposed to anything macro related, and we're committed to addressing that quickly.

我相信我們的企業銷售團隊正在朝著這個目標邁進。當然，我們的頂級代表做得非常非常有效。關於您提到的季節性，由於我們將重點轉移到企業上，我們的季度變得更加後端化，而四月是一個有點奇怪的月份。但我想說，我們的業績實際上是由我們的執行力驅動的，而不是由任何宏觀相關因素驅動的，我們致力於迅速解決這個問題。

Yeah. And I would just add to that, Jen. We have introduced a number of post-sales changes since our Chief Customer Officer joined us, which is really changing the way in which we think about renewal management in a far more proactive way. So I think those changes from an operational perspective will help mitigate some of the type of retention that we saw in -- retention issues that we saw in Q1.

是的。我只想補充一點，Jen。自從我們的首席客戶長加入我們以來，我們已經引入了許多售後變革，這確實以更加積極主動的方式改變了我們對續約管理的看法。因此，我認為從營運角度來看，這些變化將有助於緩解我們在第一季看到的某些類型的保留問題。

It's really helpful. If I could just sneak in one more for Howard. Given pivot to enterprise, we've got, I think, really constructive pipeline commentary you gave at the beginning of this year as well as reps becoming more mature as we move through this quarter.

這真的很有幫助。如果我能再偷偷給霍華德一個就好了。考慮到向企業的轉變，我認為，我們得到了您在今年年初給出的真正建設性的管道評論，並且隨著本季度的推進，銷售代表也變得更加成熟。

Curious just how that translates into your expectations for net retention rate as we move through the year and maybe what's baked in the guidance there. Or any general characterization of that?

我很好奇，隨著時間的流逝，這會如何轉化為您對淨留存率的預期，以及其中的指導意義是什麼。或對此有什麼一般性描述？

Yeah, sure. So the way that we're thinking about net retention for this year is we expect it to be in a range of 103% to 105%. Part of that is because we -- when you look at net retention, it's a trailing metric for us. So any shortfall that you might have in one period then carries through into the next period.

是的，當然。因此，我們預計今年的淨留存率將在 103% 至 105% 之間。部分原因是，當你查看淨保留率時，它對我們來說是一個落後指標。因此，一個時期內出現的任何短缺都會延續到下一個時期。

So when we look at it, we've modeled into that the effects from Q1 through the rest of the year and take into account how we would expect to see reps ramp as we go through Q2, Q3 and into Q4. That's -- with that respect, we would expect to see some change or shift in the dollar-based net retention through the year.

因此，當我們審視它時，我們已經將第一季對今年剩餘時間的影響納入模型，並考慮到我們預計在第二季、第三季和第四季時銷售代表人數將如何增加。從這個角度來看，我們預計全年基於美元的淨留存率將會發生一些變化或轉變。

What I would say is what's positive is that we have a lot of opportunity for expansion with our customers. So even in this quarter, we saw 25% of our enterprise customers expand with us albeit small expansion. So the opportunity is there. I often look at our customers who spend more than $100,000 with us, and they only represent 6% of our total base.

我想說的是積極的一面是，我們有很多與客戶一起擴展的機會。因此，即使在本季度，我們也看到 25% 的企業客戶與我們一起擴張，儘管擴張幅度不大。所以機會就在那裡。我經常看到那些在我們這裡消費超過 10 萬美元的客戶，但他們只占我們總客戶群的 6%。

So the opportunity is there for us to get a whole lot of more customers into that cohort spending more than $100,000. So our enterprise sales team have a lot of opportunity ahead of them since we have this great base of customers today who are ripe for expansion. And that goes well with the increase that we're seeing in terms of new customer acquisition.

因此，我們有機會吸引更多消費超過 10 萬美元的客戶加入這群人。因此，我們的企業銷售團隊面臨著巨大的機遇，因為我們目前擁有龐大的客戶群，這些客戶群已經具備了擴張的條件。這與我們看到的新客戶獲取量的增加相一致。

Matt Bullock, BofA.

美國銀行的馬特·布洛克（Matt Bullock）。

This is Matt Bullock on for Koji Ikeda. I wanted to touch on billings. So looked like a pretty strong quarter. Billings accelerated to 7% year over year versus 5% last quarter, but TTM billings decelerated a tick. I know you guide to TTM billings, but maybe -- could you help us think about what the better indicator is for the underlying strength of the business going forward?

這是 Matt Bullock 代替 Koji Ikeda 演繹的。我想談一下帳單。所以看起來這是一個相當強勁的季度。帳單金額年增 7%，而上一季為 5%，但 TTM 帳單金額略有下降。我知道您會指導 TTM 帳單，但也許——您能否幫助我們思考一下，對於未來業務的潛在實力來說，更好的指標是什麼？

Yeah. So the trailing 12-months billings tends to align more closely with our annual recurring revenue number. So that gives you a clearer picture than the quarterly billings because our quarterly billings are often subject to a lot of fluctuation because of the way in which we co-term with our customers.

是的。因此，過去 12 個月的帳單往往與我們的年度經常性收入數字更加接近。因此，這比季度帳單能給你更清晰的了解情況，因為我們與客戶的約定方式，我們的季度帳單經常受到很大的波動。

Andrew Sherman, TD Cowen.

安德魯·謝爾曼（Andrew Sherman），TD Cowen。

Interesting win, Jen, on the AI research company, six-figure win. Maybe just some more color on how this deal came about. Is this a big household name we would all be familiar with? What products and use cases are they using? Is there room for additional expansion from here? Anything like that?

有趣的是，Jen，在人工智慧研究公司獲得了六位數的勝利。也許只是對這筆交易如何達成有更多的了解。這是一個我們都熟悉的家喻戶曉的名字嗎？他們使用什麼產品和用例？這裡還有進一步擴展的空間嗎？有類似的事情嗎？

Yeah. We work with several of the household names that you would be familiar with in the AI world, and we're getting a lot of confidence from our ability to win. These folks are incredibly highly valued, and they have a lot on the line in terms of their delivery and execution. And they're pure tech companies.

是的。我們與人工智慧領域的幾家知名公司合作，我們對自己獲勝的能力充滿信心。這些人的價值非常高，他們在交付和執行方面承擔著很大的責任。它們是純粹的科技公司。

So the technology needs to work, and it's not perfect. I mean we all know that all technology is complicated and increasingly more complicated, doesn't work all the time. But when you're also dealing with the combination of LLMs, building infrastructure to support those LLMs, managing agents and applications associated with those LLMs, it's a new operating frontier, and we are perfectly poised to meet that challenge right now.

因此這項技術需要發揮作用，但它並不完美。我的意思是，我們都知道，所有技術都是複雜的，而且越來越複雜，而且並不是一直都有效。但是，當您也要處理 LLM 的組合、建置支援這些 LLM 的基礎設施、管理與這些 LLM 相關的代理程式和應用程式時，這是一個新的營運前沿，我們現在已做好充分準備迎接這項挑戰。

So we're finding -- as long as we are with the right technical leader who has a vision for what their operations need to look like and is also thoughtful about end user experience and the cost of failure and what that looks like that there's a clear path. And this new set of use cases around managing the operations of your AI investments whether they're your hardware investments or energy consumption or applications or agents is one of the things that is expanding our TAM.

因此我們發現——只要我們擁有合適的技術領導者，他們對營運需要是什麼樣子有一個願景，並且也考慮到最終用戶的體驗和失敗的成本以及看起來是什麼樣子，那麼就有一條清晰的道路。這組圍繞管理您的 AI 投資營運的新用例（無論它們是您的硬體投資、能源消耗、應用程式還是代理）是擴大我們的 TAM 的因素之一。

And so we're starting to see kind of traditional, like I just need to manage my platform, my products and service as well. Initially, I need to have people well-orchestrated if something does go wrong to, wait, how can I integrate directly into some of these products and services to improve the robustness and the reliability of the service to the end user themselves.

因此，我們開始看到一些傳統的東西，例如我只需要管理我的平台、我的產品和服務。首先，我需要讓人們做好充分的安排，如果出現問題，等等，我如何直接整合到這些產品和服務中，以提高最終用戶服務的穩健性和可靠性。

And in some ways, you can think about it as an adjacent very similar metaphorically use case to incident management, but the stakes are a lot higher. The technology is more complicated, and time is much more important. The cost of time is much higher.

從某些方面來看，您可以將其視為與事件管理非常相似的隱喻用例，但風險要高得多。技術更加複雜，時間更加重要。時間成本高很多。

And the last thing that I would say is there's a lot of scrutiny around the industry associated with security, reliability, and resilience. And so some of the smaller players just can't rise to that occasion from a technology perspective.

我最後要說的是，整個產業對安全性、可靠性和彈性進行了大量的審查。因此，從技術角度來看，一些小型企業無法應對這項挑戰。

Great. Makes sense. Nice. One more for you, Jen. How did the non-incident management products perform in the quarter that had been a pretty good growth driver for you most of last year? Just curious how that trended this quarter.

偉大的。有道理。好的。再給你一個，Jen。非事故管理產品在本季表現如何？該產品在去年大部分時間裡一直是你們的良好成長動力。只是好奇本季的趨勢如何。

Yes. AIOps continues to sort of be at the front of the helm, and it's interesting to me when people ask me about our AI products. It always -- there's a lot of currency and newness in that question, but we've been at this AI thing for now 8.5 years.

是的。AIOps 繼續處於領先地位，當人們問我有關我們的 AI 產品的問題時，我對此很感興趣。這個問題總是很流行，也很新穎，但我們研究人工智慧已經 8.5 年了。

So our AIOps offering is becoming increasingly mature. And we're also seeing new use cases around it develop. And I'll give you an example of one, where customers are asking us to help them understand or identify ways they can reduce the cost of observability spend.

因此，我們的 AIOps 產品正變得越來越成熟。我們也看到圍繞它的新用例正在發展。我給你一個例子，客戶要求我們幫助他們了解或找到可以降低可觀察性支出成本的方法。

So the people are writing huge checks for observability. There's a lot of signal coming in or a lot of events coming into their infrastructure teams and ops teams to try and manage. And not all of that event flow is signal. A lot of it's noise, and most of our customers are using 5, 10, 15 observability players to try and manage their operational environment.

因此人們為可觀察性開出了巨額支票。他們的基礎設施團隊和營運團隊收到大量訊號或事件，需要嘗試進行管理。並非所有事件流都是訊號。其中許多都是噪音，我們的大多數客戶都使用 5、10、15 個可觀察性參與者來嘗試管理他們的操作環境。

So AIOps -- one of the use cases for AIOps is looking at how do I manage that cost better and that investment better, get a higher return on investment by really understanding where I'm getting signal versus where I'm getting -- where I'm sending noise unnecessarily.

因此，AIOps——AIOps 的用例之一是研究如何更好地管理成本和投資，透過真正了解我從哪裡獲得訊號以及我從哪裡獲得——我從哪裡不必要地發送噪音來獲得更高的投資回報。

And so as that product matures, we're seeing more use cases than simply during incident or post-incident analysis. We're also seeing customers use AIOps to really try and stack rank and understand like where is there fragility or tech debt driving the most cost, what should they be prioritizing in terms of burning down that tech debt or where might they push or prioritize some investment to reduce operational risk across their technology ecosystem.

因此，隨著產品的成熟，我們看到的用例不僅僅是在事件期間或事件後分析中。我們還看到客戶使用 AIOps 來真正嘗試和排序，並了解哪些地方的脆弱性或技術債務導致了最大的成本，在減少技術債務方面他們應該優先考慮什麼，或者他們應該在哪裡推動或優先考慮一些投資以降低整個技術生態系統的運營風險。

And so even as I describe these use cases, customers are coming at it from very different places and the continuum of just getting started to being operationally mature and really fine tuning.

因此，即使我描述了這些用例，客戶也是從非常不同的地方來接觸它的，並且處於從剛開始到操作成熟和真正精細調整的連續過程中。

Daniel Hibshman, Craig-Hallum.

丹尼爾希布什曼，克雷格哈勒姆。

Just wanted to start off with -- just with the profitability guide. I don't think we've really touched on that too much yet. In terms of revising that upward, is this cost cuts in certain areas? Is this not layering in investment previously expected, just costs coming in later? What if anything needs action? Just kind of walk us through that.

我只是想從盈利指南開始。我認為我們還沒有過多地談論這個話題。就向上修正而言，這是否會在某些領域削減成本？這不是先前預期的分層投資，只是後來的成本？如果需要採取行動怎麼辦？請向我們詳細介紹一下。

Yeah, sure. So Daniel, we have a track record of improving operating margins. So I take a long-term programmatic view around how do we help ensure that the investments we're making are delivering and that we are able to become more efficient over time.

是的，當然。丹尼爾，我們有提高營業利潤率的記錄。因此，我會從長遠的計劃角度考慮如何確保我們的投資能夠產生效益，以及隨著時間的推移，我們能夠變得更有效率。

And so certainly, as we've looked through the rest of this year and into next year, the investments that we've made to date still provide us with capacity to be able to exceed our growth goals but also ensure that we're continuing to invest in innovation.

因此，當我們展望今年剩餘時間和明年時，我們迄今為止所做的投資仍然使我們有能力超越我們的成長目標，同時也確保我們繼續投資於創新。

So we've taken a view on operating margin for this year. And in fact, if you look at our long-term operating margin goal of 30%, we have a view around how do we, in fact, ensure that we're continuing to be a profitable growth company. That means that when I look through our sales and marketing from an efficiency perspective, we have an opportunity there to be more efficient. So that's an area that we will continue to focus on.

因此，我們對今年的營業利潤率做出了展望。事實上，如果你看看我們 30% 的長期營業利潤率目標，我們就會知道如何確保我們繼續成為一家獲利成長型公司。這意味著，當我從效率的角度審視我們的銷售和行銷時，我們有機會提高效率。因此，我們將繼續關注這一領域。

And of course, for us, the bigger picture is that milestone around getting to GAAP profitability. And that really is reflective of us taking a serious look at how do we improve or reduce stock-based compensation. For example, where we've seen a reduction even in this quarter, it was 7 percentage points lower than what it was in Q1 of last year and continuing to then manage things like dilution and share issuance as part of that process.

當然，對我們來說，更大的目標是實現 GAAP 獲利這一里程碑。這確實反映出我們正在認真考慮如何改善或減少股票薪酬。例如，即使本季我們也看到了下降，但比去年第一季低了 7 個百分點，並且繼續在此過程中管理稀釋和股票發行等事項。

So for us, it's a long-term view and continuing to put in place a programmatic, a multifaceted approach to ensure that we get to improving operating margins.

因此，對我們來說，這是一個長期的眼光，並將繼續實施一個程序化的、多方面的方法來確保我們能夠提高營業利潤率。

And then just in terms of clarifying the messaging around Rob, in the first question, was asking about in terms of the guide, implying a bit of a decel in the revenue growth rate by the back half to around, call it, 5%, 6% by Q4.

然後，為了澄清有關 Rob 的信息，在第一個問題中，他詢問的是指南方面，暗示下半年收入增長率將略有下降，到第四季度約為 5% 或 6%。

And we discussed on the call here some expected improvements through the back half, hopefully, CRO coming in, reps ramping. Just talk me through there the message to get that clear in terms of expecting some of the decel in revenue but also expecting improvement.

我們在電話會議上討論了下半年的一些預期改進，希望 CRO 能夠加入，銷售代表能夠增加。請向我詳細解釋一下這個信息，以便清楚地了解預期收入會有所下降，但同時也預期收入會有所改善。

Just where should we be looking for that improvement if not in the revenue top line? Is that internal things? Is that like quota attainment sales cycles? Should we be looking at that in ARR? Just clarifying around that.

如果不是在收入方面，我們應該在哪裡尋求這種改善？那是內部的事情嗎？這就像配額達成銷售週期嗎？我們應該在 ARR 中查看它嗎？只是澄清一下。

That is correct. So we would expect to see -- because most of our revenue is subscription based, we would expect to see improvements in the bookings, which won't translate into much benefit for revenue within this year.

沒錯。因此，我們預計——由於我們的大部分收入來自訂閱，我們預計預訂量會有所改善，但這不會轉化為今年的收入成長。

So just the nature of the revenue recognition model means that what we get to recognize is reduced as we go further through the year and having the back half of the year expecting to see that improvement in execution reflected in bookings, in ARR effectively in the back half of the year, means that, that revenue benefit largely flows into next year.

因此，收入確認模型的性質意味著，隨著時間的推移，我們確認的收入會減少，並且預計下半年執行情況的改善會反映在預訂量中，下半年的 ARR 中也會有效體現，這意味著收入收益大部分會流入明年。

(Operator Instructions) Jaiden Patel, JPMorgan.

（操作員指示）Jaiden Patel，摩根大通。

This is Jaiden on for Pinjalim Bora. Just a quick one. I understand the trailing 12-month billings guide is 7% in Q2. But can you talk about how you're thinking about the rest of the year? Should we expect more stable trends there? Or could you see some acceleration?

我是 Pinjalim Bora 的 Jaiden。只是快速的。據我了解，過去 12 個月的帳單指南在第二季為 7%。但是您能談談您對今年剩餘時間的想法嗎？我們是否應該期待那裡出現更穩定的趨勢？或者你能看到一些加速嗎？

Jaiden, so in terms of billings growth, we haven't provided any guidance beyond the numbers that we've provided in terms of this next quarter on a trailing 12-month basis. But directionally, the way that we're thinking about it is that in line with our sales reps ramping, we would expect to see overall better bookings performance in the back half of the year than we would in the front half of the year. That typically translates into improvements from a billing perspective, and we would expect to see it show up in improvements from an ARR perspective.

傑登，就帳單成長而言，除了我們根據過去 12 個月提供的未來一季的數字之外，我們沒有提供任何指導。但從方向來看，我們的想法是，隨著銷售代表人數的增加，我們預計下半年的整體預訂表現將比上半年更好。這通常意味著從計費角度來看的改進，我們希望看到它從 ARR 角度來看有所改進。

Jacob Zerbib, William Blair.

雅各澤比布、威廉布萊爾。

This is Jacob Zerbib on for Jake Roberge. I just wanted to touch on what you're seeing in terms of visibility from large customers. So you previously highlighted that multiproduct deals are starting to give you more visibility into pipeline. But just given some of the moving pieces in sales and the broader macro, has anything changed on that front?

這是 Jacob Zerbib 為 Jake Roberge 所做的報導。我只是想談談您所看到的大客戶的可見性。所以您之前強調過，多產品交易開始讓您對通路有更清晰的了解。但考慮到銷售和宏觀經濟方面的一些變動，這方面有什麼變化嗎？

No, I think the enterprise market environment and demand for the multiproduct platform and in fact, multiyear term deals continues to be strong. This is really about us executing. And the thing that gives me confidence as I look at some of the transformative deals we do each quarter and we talk about a few of them in prepared remarks, it really is about replicating and scaling the sort of recipe that works there. But there's -- the demand for our products and services, particularly AI-enhanced incident management and AIOps as well as automation, continues to be very strong.

不，我認為企業市場環境和對多產品平台的需求以及事實上多年期交易持續強勁。這其實關乎我們的執行。當我回顧我們每個季度進行的一些變革性交易，並在準備好的評論中談論其中的一些交易時，讓我充滿信心的是，這實際上是關於複製和擴展在那裡行之有效的方法。但是，對我們的產品和服務的需求，特別是人工智慧增強型事件管理和人工智慧操作以及自動化的需求，仍然非常強勁。

Some of our customers move faster than others. Some move slower than others, and we saw some of that pace pick up in the native AI segment of customers. And then we'll see some customers that mature much more slowly.

我們的一些客戶比其他客戶行動更快。有些公司的發展速度比其他公司慢，但我們看到，在原生 AI 客戶領域，這種步伐有所加快。然後我們會看到一些客戶成熟得更慢。

But I think the opportunity to capture that demand is within our control. We've expanded our TAM by adding new products and services to the platform. We're seeing a lot of interest in our AI-centric products, but we also see that new use case for helping our customers manage their AI product services and investments.

但我認為抓住這需求的機會是在我們的掌控之中的。我們透過向平台添加新產品和服務來擴大我們的 TAM。我們看到人們對我們的以人工智慧為中心的產品非常感興趣，但我們也看到了幫助客戶管理他們的人工智慧產品服務和投資的新用例。

So I'm very confident about our ability to accelerate growth in the back half and to do so while maintaining and delivering on our commitment to improve our efficiency to get to GAAP profitability and to increase the total shareholder return that we're delivering to our shareholders.

因此，我對我們下半年加速成長的能力非常有信心，同時我們也能維持並履行我們的承諾，提高效率，實現 GAAP 獲利能力，並提高我們為股東帶來的總股東回報。

I think we have a member in from Scotiabank, in for Nick.

我想我們有一位來自豐業銀行的成員代替尼克。

Jen and Howard, you have John Gomez on for Nick Altmann. So as we think about the potential for ARR to reaccelerate back to double digits, can you maybe just talk about what the biggest lever there is that needs improvement? Is it from gross expansion improvements? Is it more on the retention side?

詹和霍華德，你們讓約翰·戈麥斯代替尼克·奧特曼。因此，當我們考慮 ARR 重新加速至兩位數的潛力時，您能否談談需要改進的最大槓桿是什麼？這是來自整體擴張改進嗎？它是否更多地側重於保留方面？

And the follow-up is the customer adds continue to be solid. So can you just comment on how the net new ARR from expansion and upsell should trend versus new customers as we think about the path to reacceleration?

而後續客戶增加則持續穩固。那麼，當我們考慮重新加速的道路時，您能否評論一下擴張和追加銷售帶來的淨新 ARR 與新客戶相比應該如何變化？

Yeah. Our customers tend to land small and grow over time historically in that transactional model that served us very well over many, many years. But as we've transitioned to more of a strategic enterprise motion, the lands are getting bigger, but they take longer.

是的。從歷史上看，我們的客戶規模往往較小，但隨著時間的推移，規模會逐漸擴大，這種交易模式在過去許多年為我們提供了良好的服務。但隨著我們轉向更具策略性的企業動議，土地越來越大，但需要更長的時間。

I think the area of focus for us very clearly is, one, making sure that we retain our strategic customers, and then we grow those customers through ensuring their value realization. And that's where having Allison, our new Chief Customer Officer, in place to sort of mature the post-sale services, post-sale adoption support that I think helps us get there.

我認為我們的重點領域非常明確：首先，確保我們保留策略客戶，然後透過確保他們的價值實現來發展這些客戶。這就是我們新任首席客戶長艾莉森 (Allison) 的到來，她將完善售後服務和售後採用支持，我認為這有助於我們實現目標。

I think there is tremendous amount of untapped white space within our base alone, but we also rely on what has historically been a strong e-commerce kind of product-led motion for those lands. So I would never say it's one or the other, but retention and expansion of our most strategic large enterprise customers and execution around that demand that we see in the market is our focus. Doing that more efficiently is also important. Is that helpful?

我認為，僅在我們的基地內就有大量未開發的空白空間，但我們也依賴這些土地上歷史上強大的電子商務類型的產品主導運動。所以我永遠不會說它是其中之一，但保留和擴大我們最具戰略意義的大型企業客戶以及圍繞我們在市場上看到的需求的執行是我們的重點。更有效地做到這一點也很重要。這樣有幫助嗎？

Super helpful.

超有幫助。

Team, it looks like we've made it to the end of our questions. Jennifer, we'll turn it to you for any final remarks. Thank you.

團隊，看起來我們的問題已經問完了。詹妮弗，我們將請您做最後的評論。謝謝。

Thank you all for joining us today. I know it's a busy earnings week, and we just really appreciate your time. Most of all, I really appreciate our shareholders and our customers for their continued partnership and support and appreciate the customer obsession and dedication of our employees. So I hope you all have a great day. Thanks for joining us.

感謝大家今天的參與。我知道這是一個繁忙的收益週，我們非常感謝您抽出時間。最重要的是，我非常感謝我們的股東和客戶的持續合作和支持，並感謝我們員工對客戶的執著和奉獻精神。我希望你們度過愉快的一天。感謝您的加入。