PagerDuty Inc (PD) 2026 Q2 法說會逐字稿

Good afternoon, and thank you for joining us to discuss PagerDuty's second-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 財年第二季的業績。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. These forward-looking statements include our growth prospects, future revenue, operating margins, net income, cash balance, and total addressable market, among others, and represent our management's belief and assumptions only as of the date such statements are made, and we make -- and we undertake no obligation to update these.

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，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。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. 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.

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。我們的收益報告中提供了 GAAP 和非 GAAP 財務指標之間的對賬，您可以在我們的投資者關係網站上找到該對帳。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 表格以及我們隨後向美國證券交易委員會提交的文件。

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. Good afternoon, and thanks for joining us today. In the second quarter, PagerDuty delivered revenue of $123 million, representing 6% growth year-over-year. Most notably, we achieved GAAP profitability for the first time in our company's history, while our non-GAAP operating margin reached 25%, exceeding both guidance and year-over-year expansion by 800 points. These milestones demonstrate our focus on driving profitable growth, our consistent operational discipline, and the fundamental strength and durability of our business model.

謝謝你，托尼。下午好，感謝您今天加入我們。第二季度，PagerDuty 實現營收 1.23 億美元，年增 6%。最值得注意的是，我們在公司歷史上首次實現了 GAAP 盈利，而非 GAAP 營業利潤率達到 25%，超過預期，且同比增長 800 個百分點。這些里程碑顯示了我們專注於推動獲利成長、始終如一的營運紀律以及我們商業模式的基本實力和持久性。

Annual recurring revenue increased to $499 million, representing 5% year-over-year growth. Our ARR performance and dollar-based net retention of 102% reflect elevated churn and downgrades. Despite the decline in DBNR, driven largely by customer seat optimization and cost containment initiatives, several encouraging trends are emerging that demonstrate expansion in our customer base and position us for future growth. First, new and expansion bookings increased by more than 15% sequentially. Second, similar to Q1, net new customer additions were strong, raising the first half total to 208, nearly three times the customer adds of fiscal year '25. And third, our high-value customer base spending over $100,000 expanded to 868 customers, increasing by 20 customers sequentially and 48 year over year.

年度經常性收入增至 4.99 億美元，年增 5%。我們的 ARR 表現和基於美元的淨保留率為 102%，反映了客戶流失率和降級率的上升。儘管 DBNR 有所下降（主要是由於客戶席位優化和成本控制措施），但仍出現了一些令人鼓舞的趨勢，表明我們的客戶群正在擴大，並為我們未來的成長奠定了基礎。首先，新訂單和擴建訂單季增超過 15%。其次，與第一季類似，淨新增客戶數量強勁，使上半年客戶總數達到 208 個，幾乎是 25 財年新增客戶的三倍。第三，我們的消費超過 10 萬美元的高價值客戶群擴大到 868 個客戶，比上一季增加了 20 個客戶，比去年同期增加了 48 個。

The underlying demand for our platform continues to expand significantly with usage growing over 25% year over year, demonstrating the critical role the Operations Cloud plays in enterprise infrastructure. Even as revenue growth has been tempered by seat optimization initiatives across our customer base, this divergence between platform utilization and seat count validates our strategic shift towards usage-based pricing models that better align our revenue to customer value realization. Several initiatives underpinning these encouraging trends include usage-based AIOps, which is growing above 60%, flexible enterprise licensing and AI automation capabilities now integrated across all Operation Cloud plans. This comprehensive approach creates a natural expansion opportunity that helped drive cross-selling of our generative and Agentic AI offerings while ensuring customers can scale their usage in alignment with their needs.

我們平台的潛在需求持續大幅擴大，使用量年增超過 25%，這表明營運雲在企業基礎設施中發揮關鍵作用。儘管收入成長受到我們客戶群的座位優化計劃的影響，但平台利用率和座位數之間的差異證實了我們向基於使用情況的定價模式的策略轉變，這種模式可以更好地使我們的收入與客戶價值實現保持一致。支撐這些令人鼓舞的趨勢的幾項措施包括基於使用情況的 AIOps（成長率超過 60%）、靈活的企業授權和 AI 自動化功能（現已整合到所有 Operation Cloud 計畫中）。這種綜合方法創造了自然的擴展機會，有助於推動我們的生成和 Agentic AI 產品的交叉銷售，同時確保客戶可以根據他們的需求擴展使用範圍。

We advanced our enterprise go-to-market transformation in Q2 with marked improvement across our international theaters, demonstrating continued platform demand and improving sales execution. Our sales team continues to mature and ramp with over 60% of our enterprise reps now tenured at least one year. However, our Americas sales leader performance has been inconsistent, prompting us to appoint a new leader in North America sales in late July and implement organizational changes flattening our structure to increase agility and to accelerate decision-making and customer responsiveness in this critical market.

我們在第二季度推進了企業市場轉型，國際影院取得了顯著改善，展示了持續的平台需求和不斷提升的銷售執行力。我們的銷售團隊不斷成熟壯大，目前超過 60% 的企業銷售代表任職時間至少一年。然而，我們的美洲銷售領導表現並不穩定，促使我們在 7 月底任命了一位新的北美銷售領導，並實施組織變革，使我們的結構更加扁平，以提高靈活性並加快這一關鍵市場的決策和客戶響應能力。

Platform usage growth in both volume and use case diversity demonstrates that the work itself is mission-critical for enterprise operations. In fact, one of PagerDuty's key differentiators, our ability to orchestrate and automate the resolution of incidents is more valuable than ever in a world where complexity is increasing.

平台使用量和用例多樣性的成長表明，工作本身對於企業營運至關重要。事實上，PagerDuty 的主要差異化因素之一，即我們協調和自動解決事件的能力，在日益複雜的世界中比以往任何時候都更有價值。

We are becoming the central nervous system for the AI-native ecosystem from frontier models to code assistants and agents, the growth in the volume of code, applications, services, systems and agents along with the unpredictability of these environments requires an operations platform that anticipates complexity, mitigates risk, and automates at a very different scale than we have seen historically.

我們正在成為從前沿模型到程式碼助理和代理的人工智慧原生生態系統的中樞神經系統，程式碼、應用程式、服務、系統和代理數量的增長以及這些環境的不可預測性需要一個能夠預測複雜性、降低風險並以與我們歷史上所見截然不同的規模實現自動化的運營平台。

PagerDuty does this today. Our traction with native AI companies illustrates this point and validates our midterm growth acceleration thesis. As a segment, native AI leaders now contribute 2% of total ARR and is growing rapidly. These companies represent the entire AI value chain from infrastructure to application and agentic delivery. They are choosing PagerDuty for our proven scaled resilience and ability to anticipate the enormous technical and customer demands of this evolving market.

PagerDuty 今天就這麼做了。我們與本土人工智慧公司的合作說明了這一點，並驗證了我們的中期成長加速論點。作為一個細分市場，原生 AI 領導者目前貢獻了總 ARR 的 2%，並且正在快速成長。這些公司代表了從基礎設施到應用和代理交付的整個人工智慧價值鏈。他們選擇 PagerDuty 是因為我們具有經過驗證的規模彈性以及預測這個不斷發展的市場的巨大技術和客戶需求的能力。

Central to acquiring and expanding customers is product innovation. In addition to ongoing releases in automated incident management, our four new AI agents, Shift, Scribe, Insights, and SRE will GA this quarter. Early access customers have provided encouraging feedback as we focus on customer adoption. All agents will be released with usage-based pricing models.

獲取和擴大客戶的核心是產品創新。除了自動事件管理領域的持續發布之外，我們的四個新 AI 代理 Shift、Scribe、Insights 和 SRE 也將於本季正式發布。由於我們專注於客戶採用，早期訪問客戶提供了令人鼓舞的回饋。所有代理商都將採用基於使用情況的定價模式。

Our ecosystem has advanced through strategic partnerships, most notably Amazon Q reached general availability as our first agentic AI partnership. The Amazon Q integration offers over 40 data connectors, enabling customers to leverage their enterprise data and knowledge bases through PD Advance, our chat assistant, and our agents. We are uniquely positioned as the incident automation platform that's integrated with Amazon Q, enabling customers with both solutions to leverage additional data as part of the operation's life cycle from diagnosis through triage to resolution. We continue to have the depth and breadth of integrations with more recent additions for Backstage, Azure SRE, ARISE, and more.

我們的生態系統透過策略合作夥伴關係取得了進步，最值得注意的是 Amazon Q 作為我們的第一個代理 AI 合作夥伴關係實現了普遍可用性。Amazon Q 整合提供了超過 40 個資料連接器，使客戶能夠透過 PD Advance、我們的聊天助理和我們的代理商利用他們的企業資料和知識庫。我們作為與 Amazon Q 整合的事件自動化平台具有獨特的優勢，使擁有這兩種解決方案的客戶能夠利用額外的數據作為從診斷到分類再到解決的整個營運生命週期的一部分。我們將繼續深度和廣度地進行集成，最近還增加了 Backstage、Azure SRE、ARISE 等功能。

We've unlocked new ecosystem use cases with the recent release of our model context protocol, our MCP Server. For example, incident responders use our advanced chat assistant to correlate incidents with related GitHub deployments, Salesforce customer tickets, and dependent service impacts, providing comprehensive situational awareness that accelerates resolution. We are enhancing strategic partnerships, leveraging MCP with Microsoft Azure, Amazon Cloud Smith, and observability vendors to incorporate Azure resources and telemetry data into agentic diagnostics and SRE agent remediation. Our customers continue to optimize their digital operations, improving customer experience and mitigating the escalating cost of disruption.

我們最近發布了模型上下文協定 MCP 伺服器，解鎖了新的生態系統用例。例如，事件回應人員使用我們先進的聊天助理將事件與相關的 GitHub 部署、Salesforce 客戶票證和相關服務影響關聯起來，提供全面的態勢感知，從而加快解決問題的速度。我們正在加強策略合作夥伴關係，利用 MCP 與 Microsoft Azure、Amazon Cloud Smith 和可觀察性供應商將 Azure 資源和遙測資料納入代理診斷和 SRE 代理修復中。我們的客戶不斷優化其數位化營運，改善客戶體驗並降低不斷上升的中斷成本。

In the rapidly evolving AI space, a specialized cloud infrastructure provider for AI and machine learning workloads selected PagerDuty with a six-figure multiyear commitment. This customer was navigating daily high event volume while working to meet its availability commitments for compute-intensive workloads.

在快速發展的人工智慧領域，一家專門為人工智慧和機器學習工作負載提供雲端基礎設施的供應商選擇了 PagerDuty，並簽訂了價值六位數的多年合約。該客戶每天都要處理大量的事件，同時還要努力滿足其對計算密集型工作負載的可用性承諾。

Growing event volume made it noisy and incredibly difficult to prioritize what matters most, a problem that traditional monitoring solutions couldn't effectively handle. PagerDuty's AIOps is a game changer with automated intelligent correlation and orchestration, transforming overwhelming event volume into actionable insights and service recovery.

不斷增長的事件量使得事情變得嘈雜，並且很難確定最重要的事情的優先級，這是傳統監控解決方案無法有效處理的問題。PagerDuty 的 AIOps 具有自動智慧關聯和編排功能，可改變遊戲規則，將大量的事件轉化為可操作的見解和服務恢復。

AI augmented event correlation helped ensure reliable AI infrastructure services for the company while dramatically improving operational efficiency. This strategic relationship validates PagerDuty's central role in the emerging AI ecosystem and demonstrates the relevance of our proven resilience and effectiveness in addressing the most complex challenges facing native AI companies today.

人工智慧增強事件關聯有助於確保公司提供可靠的人工智慧基礎設施服務，同時顯著提高營運效率。這項策略關係證實了 PagerDuty 在新興人工智慧生態系統中的核心作用，並證明了我們在解決當今原生人工智慧公司面臨的最複雜挑戰方面已證實的韌性和有效性。

In the highly regulated telecommunications sector, a Singaporean telco leader selected PagerDuty's Operations Cloud for a transformative six-figure three-year IT modernization initiative. With PagerDuty, the customer is addressing critical inefficiencies that led to customer experience issues and regulatory risk, instigating funding of their first major investment in modern incident management. This comprehensive deployment of enterprise incident management, AIOps and gold services automated their incident response workflows, reducing time to resolution from 30 to 40 minutes to just 2 minutes, delivering significant annual cost savings that far exceed their platform investment.

在受到嚴格監管的電信業，一家新加坡電信公司領導者選擇了 PagerDuty 的營運雲，以實現一項為期三年、價值六位數的變革性 IT 現代化計劃。借助 PagerDuty，客戶正在解決導致客戶體驗問題和監管風險的關鍵效率低下問題，從而促成​​其在現代事件管理方面的首次重大投資。企業事件管理、AIOps 和黃金服務的全面部署實現了事件回應工作流程的自動化，將解決時間從 30 到 40 分鐘縮短到僅 2 分鐘，從而節省了大量年度成本，遠遠超過其平台投資。

Their PagerDuty deployment not only enhances their existing ITSM investment, but also ensures regulatory compliance with evolving Singapore telco standards, positioning them for continued innovation in the competitive Southeast Asian market. This selection validates our enterprise-grade capabilities in a mission-critical infrastructure environment where reliability and rapid response are paramount.

他們的 PagerDuty 部署不僅增強了他們現有的 ITSM 投資，而且還確保了符合不斷發展的新加坡電信標準的監管要求，使他們能夠在競爭激烈的東南亞市場中持續創新。此次入選證明了我們在可靠性和快速反應至關重要的關鍵任務基礎設施環境中的企業級能力。

A global financial infrastructure and data provider expanded their PagerDuty relationship with a significant six-figure agreement to modernize their operations capabilities and support their zero-risk operational objective. Given that disruptions impact global markets and create regulatory risk, this customer required enterprise-grade incident life cycle management that could seamlessly integrate with their existing technology.

一家全球金融基礎設施和數據提供商透過一項重要的六位數協議擴大了與 PagerDuty 的關係，以實現其營運能力的現代化並支持其零風險營運目標。鑑於中斷會影響全球市場並產生監管風險，該客戶需要能夠與現有技術無縫整合的企業級事件生命週期管理。

PagerDuty's comprehensive platform integrations and automated incident management directly address this critical requirement. This strategic expansion instantiates PagerDuty as the central nervous system for their complex multi-vendor operational environment, helping them to deliver against arduous regulations and reduce enterprise risk. The customer's decision to deepen their PagerDuty investment exemplifies our market leadership in the most sophisticated and demanding environments.

PagerDuty 的綜合平台整合和自動化事件管理直接滿足了這項關鍵要求。此次策略擴展將 PagerDuty 實例化為其複雜的多供應商營運環境的中樞神經系統，幫助他們遵守嚴格的法規並降低企業風險。客戶決定深化其 PagerDuty 投資，體現了我們在最複雜和最苛刻的環境中市場領導地位。

On the innovation front, PagerDuty was named AIOps Platform of the Year in the 2025 AI Breakthrough Awards and was shortlisted for the 2025 SaaS Awards in multiple categories, including Best AI-powered SaaS solution and best enterprise-level SaaS product. PagerDuty.org continues to grow its customer base, now serving more than 650 nonprofit organizations globally. Reflecting these efforts, PagerDuty was honored with the 2025 TrustRadius Tech Cares Award, recognizing our meaningful contributions to communities, employees and the environment.

在創新方面，PagerDuty 在 2025 年人工智慧突破獎中被評為年度最佳 AIOps 平台，並入圍 2025 年 SaaS 獎多個類別的候選名單，包括最佳人工智慧驅動的 SaaS 解決方案和最佳企業級 SaaS 產品。PagerDuty.org 的客戶群不斷擴大，目前為全球 650 多個非營利組織提供服務。為了體現這些努力，PagerDuty 榮獲 2025 年 TrustRadius Tech Cares 獎，以表彰我們對社區、員工和環境的有意義的貢獻。

We are pleased to announce the appointment of an exceptional enterprise-focused leader to accelerate our go-to-market transformation. Todd McNab will join our leadership team as Chief Revenue Officer later this month. Todd brings more than 25 years of experience scaling companies across diverse industries with a proven track record of driving growth within enterprise organizations. He will lead our global go-to-market organization, including sales, service, customer support, and success.

我們很高興地宣布任命一位傑出的以企業為中心的領導者來加速我們的市場轉型。托德·麥克納布 (Todd McNab) 將於本月晚些時候加入我們的領導團隊，擔任首席營收長。托德擁有超過 25 年跨行業公司擴展經驗，在推動企業組織成長方面擁有良好的記錄。他將領導我們的全球行銷組織，包括銷售、服務、客戶支援和成功。

Todd's addition to our leadership team represents another significant step forward in our growth trajectory and reinforces our dedication to building a world-class organization serving the most important enterprises of our time. Our strengths are clear: a strong and growing customer base, an unparalleled track record of resilience at scale and industry-leading innovative platform for managing mission-critical operational risk.

托德加入我們的領導團隊，代表著我們的成長軌跡又向前邁出了重要一步，並加強了我們致力於打造一個服務於當今最重要企業的世界級組織的決心。我們的優勢顯而易見：強大且不斷成長的客戶群、無與倫比的規模化彈性記錄以及業界領先的管理關鍵任務營運風險的創新平台。

Our leading indicators demonstrate improved execution this past quarter, including a second quarter of strong paid account additions, growth in $100,000 accounts and international performance that exceeded our targets. Moreover, our focus on profitable growth and operational execution is driving significant expansion in margins, providing consistent cash flow and supporting our expanded capital return authorization.

我們的領先指標表明上個季度的執行情況有所改善，包括第二季度付費帳戶強勁增加、100,000 美元帳戶增長以及國際業績超出我們的目標。此外，我們對獲利成長和營運執行的關注正在推動利潤率的大幅擴張，提供穩定的現金流並支持我們擴大資本回報授權。

As we advance our enterprise transformation, the fundamental strengths of our business underscoring our progress are expanding margins, our first GAAP profitable quarter and disciplined capital allocation that mitigates dilution while positioning us for growth reacceleration. These results, coupled with the compelling demand trends we see in platform usage demonstrate our critical position in the emerging AI ecosystem and reinforce my confidence in our outlook.

隨著我們推進企業轉型，我們業務取得進展的根本優勢是利潤率的提高、我們第一個 GAAP 獲利季度以及嚴格的資本配置，這些可以減輕稀釋，同時為我們重新加速成長做好準備。這些結果，加上我們在平台使用中看到的引人注目的需求趨勢，證明了我們在新興人工智慧生態系統中的關鍵地位，並增強了我對我們前景的信心。

Thank you to our customers for your loyal partnership, our shareholders for your ongoing investment in our future, and our employees for your dedication.

感謝客戶的忠誠合作、感謝股東對我們未來的持續投資、感謝員工的奉獻。

With that, I'll turn the call over to Howard, and I 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. Before reviewing our second quarter financial results, I want to highlight our strong operational discipline translating to our first quarter of GAAP operating margin profitability. We expect to be at or near this level in the second half before being GAAP profitable for the full year next fiscal year.

謝謝你，Jen，祝今天下午參加電話會議的各位朋友有個愉快的一天。在回顧我們第二季度的財務業績之前，我想強調一下我們強大的營運紀律，這轉化為我們第一季的 GAAP 營業利潤率獲利。我們預計下半年將達到或接近這一水平，然後在下一財年全年實現 GAAP 盈利。

And now 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. Moving to results.

除非另有說明，本次電話會議中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 結果進行協調。轉向結果。

Revenue for the quarter was $123 million, up 6% year over year. International revenue increased 12% annually, contributing 29% of total revenue. Annual recurring revenue exiting Q2 grew 5% year over year to $499 million. In the second half of the fiscal year, we expect incremental ARR to be significantly higher than the first half. The maturing of our enterprise sales motion in conjunction with our new North America leader and a more agile structure underpins this expectation.

本季營收為 1.23 億美元，年增 6%。國際營收年增12%，佔總營收的29%。第二季的年度經常性收入年增 5%，達到 4.99 億美元。在本財年下半年，我們預期增量 ARR 將顯著高於上半年。我們的企業銷售行動日趨成熟，加上我們新的北美領導者和更靈活的結構，支撐了這個預期。

We delivered 102% dollar-based net retention compared to 104% in Q1. DBNR was negatively impacted by lower gross retention, largely as a result of downgrades. We expect dollar-based net retention to remain at this level in the second half as our pricing and packaging becomes better aligned with customer value realization.

我們實現了 102% 的美元淨留存率，而第一季為 104%。DBNR 受到較低的總留存率的負面影響，這主要是由於評級下調所致。隨著我們的定價和包裝與客戶價值實現更加一致，我們預計下半年基於美元的淨留存率將保持在這個水平。

Customers spending over $100,000 annually in annual recurring revenue increased by 20% from Q1 or up 6% year over year, resulting in 868 by quarter end. Total paid customers grew to 15,322 in Q2, adding 75 net new customers. Free and paid companies on our platform grew to over 33,000, an increase of approximately 13% compared to Q2 of last year.

年度經常性收入支出超過 10 萬美元的客戶較第一季增加了 20%，年增 6%，截至季末達到 868 人。第二季付費客戶總數成長至 15,322 人，新增客戶 75 人。我們平台上的免費和付費公司數量成長到超過 33,000 家，與去年第二季相比成長了約 13%。

Q2 gross margin was 86% at the high end of our 84% to 86% target range, reflecting the uniquely efficient technical architecture we have developed to service our customers. Operating income was $31 million or 25% of revenue compared to $20 million or 17% of revenue in the same quarter last year. The outperformance reflected our focus on increased efficiency and operation execution with lower payroll and other personnel costs.

第二季的毛利率為 86%，處於我們 84% 至 86% 目標範圍的高端，反映了我們為服務客戶而開發的獨特且高效的技術架構。營業收入為 3,100 萬美元，佔營收的 25%，而去年同期為 2,000 萬美元，佔營收的 17%。這一優異表現反映了我們專注於提高效率和營運執行力，同時降低薪資和其他人員成本。

In terms of cash flow for the quarter, cash from operations was $34 million or 28% of revenue and free cash flow was $30 million or 24% of revenue.

就本季的現金流而言，營運現金流為 3,400 萬美元，佔收入的 28%，自由現金流為 3,000 萬美元，佔收入的 24%。

Turning to the balance sheet. We ended the quarter with $568 million in cash, cash equivalents, and investments. During the second quarter, we retired the remaining $58 million of convertible debt issued in June 2020. We are generating significant consistent cash flow, which leaves us well-positioned to execute our enterprise transformation while also returning capital to shareholders. The Board has expanded our current share repurchase program to $200 million, providing us with increased flexibility to opportunistically repurchase shares in the open market, subject to market conditions and legal constraints.

轉向資產負債表。本季末，我們的現金、現金等價物和投資為 5.68 億美元。在第二季度，我們償還了 2020 年 6 月發行的剩餘 5,800 萬美元可轉換債務。我們正在產生大量持續的現金流，這使我們能夠很好地實施企業轉型，同時向股東返還資本。董事會已將我們目前的股票回購計畫擴大至 2 億美元，這為我們提供了更大的靈活性，可以根據市場條件和法律限制在公開市場上適時回購股票。

On a trailing 12-month basis, billings were $496 million, an increase of 6% compared to a year ago, just below our target of 7% for the quarter. With respect to Q3, we anticipate trailing 12 months billings growth to be approximately 7%. At the end of Q2, total RPO was approximately $425 million, increasing 5% year over year. Of this amount, approximately $295 million or 69% is expected to be recognized over the next 12 months, $100 million or 24% over months 13 to 24 and the remainder thereafter.

在過去 12 個月中，帳單金額為 4.96 億美元，比去年同期成長 6%，略低於本季 7% 的目標。對於第三季度，我們預計過去 12 個月的帳單成長約為 7%。第二季末，RPO總額約4.25億美元，年增5%。其中，預計約 2.95 億美元（69%）將在未來 12 個月內確認，1 億美元（24%）將在第 13 至 24 個月內確認，其餘部分將在其後確認。

Now, turning to guidance. For the third quarter fiscal 2026, we expect revenue in the range of $124 million to $126 million, representing a growth rate of 4% to 6% and net income per diluted share attributable to PagerDuty, Inc., in the range of $0.24 to $0.25. This implies an operating margin of 21%.

現在，轉向指導。我們預計2026財年第三季營收將在1.24億美元至1.26億美元之間，成長率為4%至6%，歸屬於PagerDuty, Inc.的每股攤薄淨利潤將在0.24美元至0.25美元之間。這意味著營業利益率為21%。

For the full fiscal year 2026, we now expect revenue in the range of $493 million to $497 million, representing a growth rate of 5% to 6%. This compares to the range previously provided of $493 million to $499 million. And net income per diluted share attributable to PagerDuty, Inc., in the range of $1 to $1.04. This implies an operating margin of 21% to 22%. This compares to our prior guide of $0.95 to $1 and 20% to 21%, respectively.

對於 2026 財年全年，我們預計營收將在 4.93 億美元至 4.97 億美元之間，成長率為 5% 至 6%。相比之下，先前提供的範圍為 4.93 億美元至 4.99 億美元。歸屬於PagerDuty, Inc.的每股稀釋淨利潤在1美元至1.04美元之間。這意味著營業利益率為21%至22%。相比之下，我們先前的指導價分別為 0.95 美元至 1 美元和 20% 至 21%。

We remain focused on the path to accelerating ARR growth, confident in continuing to expand margins, and achieve GAAP profitability in FY27 and with consistent cash flow being able to return capital to shareholders, all while delivering market-leading innovation.

我們將繼續專注於加速 ARR 成長的道路，有信心繼續擴大利潤率，並在 27 財年實現 GAAP 盈利，並透過穩定的現金流向股東返還資本，同時提供市場領先的創新。

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) Sanjit Singh, Morgan Stanley.

（操作員指示）摩根士丹利的 Sanjit Singh。

Can you hear me now, Jennifer?

現在你聽得到我說話嗎，詹妮弗？

Yes. Thank you.

是的。謝謝。

Yes. Sorry about that. Apologies. My video is not working for whatever reason.

是的。很抱歉。抱歉。我的影片不知出於什麼原因無法播放。

We know what you look like.

我們知道你長什麼樣子。

When we think about like the trend of the business, I guess, the message that I'm hearing specifically with the GAAP profitability targets is that this can be a much more profitable business going forward. I totally hear you on the second half improvements in terms of ARR.

當我們考慮業務趨勢時，我想，我聽到的關於 GAAP 獲利目標的具體訊息是，這可以成為未來更有利可圖的業務。我完全了解您對下半年 ARR 的改進。

When I think of like the IT operations category, which includes incident management, AIOps, obviously, the observability guys, when I look at some of the other parts of IT ops, it sounds like business is stabilizing. Some of that's due to AI native customers and their customer base is ramping like it is for you guys. Why is it -- why do you feel like in this segment of the market, growth is on an absolute basis lower and maybe quicker to, let's say, rebound versus some of your peers in adjacent markets?

當我想到 IT 營運類別（包括事件管理、AIOps，顯然還有可觀察性）時，當我查看 IT 營運的其他一些部分時，聽起來業務正在穩定下來。部分原因是 AI 原生客戶及其客戶群正在像你們一樣不斷成長。為什麼——為什麼您覺得在這個細分市場中，與鄰近市場的一些同業相比，成長率絕對較低，而且可能反彈得更快？

Sure. Thanks for the question. I mean the things that I see that are very encouraging that give me confidence are our success during the quarter in new and expansion revenue and new logo adds. So we are starting to see that recovery and interest in the base. New and expansion was up 15% sequentially for the quarter.

當然。謝謝你的提問。我的意思是，我看到的非常令人鼓舞、讓我充滿信心的事情是我們在本季度在新收入和擴張收入以及新標誌添加方面取得的成功。因此，我們開始看到基地的復甦和興趣。本季新業務和擴張業務環比成長 15%。

And as I mentioned, new customer logos were up over -- I'm going to find the number, 200, but more than 3x of what we saw in the full year last year, and we're only halfway through the year. So we are seeing the new and expansion muscle flexing again.

正如我所提到的，新客戶數量已經超過了——我會找到這個數字，200，但比去年全年增加了 3 倍多，而今年才剛剛過去一半。因此，我們看到新的擴張肌肉再次發揮作用。

We also saw very promising progress in our international regions who contributed above target for the quarter. It's really been North America that we're still in progress in, I think, developing some improvements.

我們的國際地區也取得了非常可喜的進展，其對本季的貢獻超過了目標。我認為，我們在北美確實仍在不斷進步，並且取得了一些進展。

And what I'd say is happening there where the retention pressure has been is that majority of that is seat-based optimization-driven downgrades as opposed to customers leaving the platform. So this transition that we're making to usage-based pricing is both important, but also a much better way to align value that customers realize on the platform with monetization.

我想說的是，那裡發生的保留壓力是，大多數是基於座位的優化驅動的降級，而不是客戶離開平台。因此，我們向基於使用情況的定價的轉變不僅很重要，而且也是將客戶在平台上實現的價值與貨幣化相結合的更好方法。

And one of the things that gives me confidence there is when I look at actual platform usage and the demand signals that show what our customers are actually doing on the platform. In our core product, things like event flows, automated incident workflows, we see platform usage growing more than 25% and in some cases, over 100%. And this is not new products that I'm talking about. These are new features and automation that we've delivered into the platform on the core automated incident management life cycle.

當我看到平台的實際使用情況和需求訊號時，我感到很有信心，這些訊號顯示了我們的客戶在平台上實際做了什麼。在我們的核心產品中，例如事件流、自動化事件工作流程，我們看到平台使用率成長超過 25%，在某些情況下甚至超過 100%。我所說的並不是新產品。這些是我們在核心自動化事件管理生命週期中向平台提供的新功能和自動化功能。

So as we better align monetization or pricing mechanism to that value realization, I see that as a path to recovering and reaccelerating growth in FY27.

因此，當我們更好地將貨幣化或定價機制與價值實現相結合時，我認為這是 2027 財年恢復和重新加速成長的途徑。

That's great. And really encouraging to hear the progress on the new logo front for the first half of the year. I guess my follow-up question is congrats on the hire of the new Chief Revenue Officer. In terms of how you think about the sort of mission statement for him in the first six months for the balance of this fiscal year and then going into next fiscal year, can you talk about some of the initiatives and potentially the magnitude of change on the sales force and whether any potential sort of disruption is sort of embedded in the outlook?

那太棒了。聽到上半年新標誌的進展確實令人鼓舞。我想我的後續問題是祝賀新任首席營收長的就職。關於您如何看待他在本財年剩餘時間的前六個月以及進入下一個財年的使命宣言，您能否談談一些舉措以及銷售隊伍可能發生的變化幅度，以及前景中是否存在任何潛在的混亂？

Yes. Well, having been the interim CRO for the last quarter, I'm sure the sales teams are very excited about their new boss. But it did give me an opportunity to gain a number of valuable insights. I mean, one is we have to accelerate our transformation in enterprise and meet our customers where they are, anticipate their needs and demonstrate consistent account coverage with our economic buyers, but also continue to serve the needs of the developer community that uses our product.

是的。好吧，作為上個季度的臨時 CRO，我相信銷售團隊對他們的新老闆感到非常興奮。但它確實給了我一個獲得許多寶貴見解的機會。我的意思是，一是我們必須加速企業轉型，滿足客戶的需求，預測他們的需求，並向我們的經濟買家展示一致的帳戶覆蓋範圍，同時還要繼續滿足使用我們產品的開發者社群的需求。

For Todd, I think job one will be to continue that enterprise transformation and drive more consistency in the performance of the team. But we have made a number of changes in the last quarter that lend themselves to a more efficient and more agile sales organization. We reduced some layers, and we've also done some work to make sure that we have more consistent alignment of our account executives and our customer success managers with our most important and our growing accounts. So I think that we've created a good kind of landing spot for Todd.

對托德來說，我認為首要任務是繼續企業轉型並提高團隊績效的一致性。但我們在上個季度做出了一些改變，使銷售組織更有效率和更有彈性。我們減少了一些層級，也做了一些工作，以確保我們的客戶經理和客戶成功經理與我們最重要且不斷成長的客戶保持更一致的協調。所以我認為我們為托德創造了一個很好的著陸點。

And I also think Todd, with his domain expertise, having worked in the AIOps space, having worked in infrastructure in VMware in large enterprise in global strategic accounts, he really is the right CRO for the moment, and we undertook an extensive search. So I'm really excited to see him starting later this month.

而且我還認為，憑藉 Todd 的領域專業知識，他曾在 AIOps 領域工作過，曾在 VMware 的大型企業全球戰略帳戶基礎設施部門工作過，他確實是目前合適的 CRO，我們進行了廣泛的搜索。所以我很高興看到他本月晚些時候開始工作。

And as I said, I think the priorities will be leading us through that enterprise transition and really taking what we've learned and where we're seeing progress in the international markets and working with our new North American leader to ensure we can also drive that improvement in North America.

正如我所說，我認為優先事項將是引導我們完成企業轉型，真正吸收我們所學到的知識以及我們在國際市場上看到的進步，並與我們新的北美領導人合作，以確保我們也能夠推動北美的改善。

The teams are working really hard there, and I think we're going to see that market start to show progress, really focused on customer love and customer retention, working closely with our Chief Customer Officer, who's now -- Allison has now been in the seat for over a quarter. So retention is the second thing.

團隊在那裡非常努力地工作，我認為我們將看到市場開始顯示出進步，真正專注於客戶喜愛和客戶保留，與我們的首席客戶官密切合作，現在 - 艾莉森已經擔任該職位超過四分之一。因此，保留是第二件事。

And the third thing is instantiating the adoption of our AI-led products in the market. We're going to be in the market in GA this quarter with our four new agents alongside of PagerDuty Advance, and that's an exciting monetization opportunity for us.

第三件事是推動我們的人工智慧產品在市場上得到應用。本季度，我們將與 PagerDuty Advance 一起在 GA 市場推出四家新代理商，這對我們來說是一個令人興奮的獲利機會。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Hey, guys. Thanks for taking the question. So the first question I have for you is about quality of ARR. You just hit $500 million or just about $500 million this quarter. And when I look back in the model, you were at a little over $400 million at the end of fiscal '23. And so how would you categorize the quality of the components of ARR today, which I think can help frame how NRR and other growth metrics like billings can stabilize and improve from here?

嘿，大家好。感謝您回答這個問題。所以我要問您的第一個問題是關於 ARR 的品質。本季您的營收剛達到 5 億美元或約 5 億美元。當我回顧模型時，我發現 23 財年末的資產規模略高於 4 億美元。那麼，您如何對當今 ARR 各組成部分的品質進行分類？我認為這有助於確定 NRR 和其他成長指標（如帳單）如何從現在開始穩定和改善？

I mean, I'll start, and then Howard can jump in. We have made a significant shift in our business towards what I think of as large long-term profitable customers, being the largest enterprise companies in the world. And we've had to learn a lot of new things as we've made that transition in a market that has been somewhat uncertain and volatile and exciting in many ways.

我的意思是，我先開始，然後霍華德再加入。我們的業務已實現重大轉變，轉向我認為的長期獲利大客戶，即世界上最大的企業公司。當我們在一個充滿不確定性、動盪和令人興奮的市場中轉型時，我們必須學習很多新的東西。

And at the same time, like those customers are the ones that rely heavily on us for managing their own products and services and operational environments in an ecosystem that's becoming more complex and more unpredictable. And the other thing that I would say is we're starting to see really large companies that come out of more traditional technology backgrounds moving into this market and investing in incident management for the first time.

同時，這些客戶嚴重依賴我們來管理自己的產品、服務和營運環境，而生態系統正變得越來越複雜和難以預測。我想說的另一件事是，我們開始看到來自更傳統技術背景的真正大公司進入這個市場並首次投資於事件管理。

So I talked about one of those companies today, but we also have seen a large pharma organization investing for the first time with us in the last few quarters, doing a large expansion this quarter. And in the past, that was not even a vertical that was in our focus, and we've started to see larger lands in pharma and health care, for instance.

所以我今天談到了其中一家公司，但我們也看到一家大型製藥公司在過去幾個季度首次與我們一起投資，並在本季度進行了大規模擴張。而在過去，這甚至不是我們關注的垂直領域，例如，我們已經開始在製藥和醫療保健領域看到更大的市場。

So I do think the quality of ARR improves because we are landing and expanding in more of these large enterprise customers complemented by the success that we've had in the native AI segment, where now more than half of the Fortune 50 AI companies are PagerDuty customers. These are companies like Anduril, Anthropic, Scale AI, CoreWeave that are also continuing to expand as they grow with us. So that's what I would offer you.

因此，我確實認為 ARR 的品質有所提高，因為我們正在吸引和擴大更多大型企業客戶，再加上我們在原生 AI 領域的成功，現在超過一半的財富 50 強 AI 公司都是 PagerDuty 的客戶。這些公司包括 Anduril、Anthropic、Scale AI、CoreWeave，它們與我們一起成長，並且不斷擴張。這就是我要向你提供的。

Howard, anything you want to add there?

霍華德，你還有什麼要補充的嗎？

Yeah. And I would say, Koji, when I think about it over that period, we've expanded our presence in the enterprise. So when we look at our ARR today, more than 75% is coming from what we would term enterprise companies. So those are customers that have revenues over $500 million. So we've seen that shift. And so our exposure to the SMB market, which has been more volatile, we've been able to manage that to some extent while still being able to attract and bring those folks on board.

是的。我想說，Koji，當我回想起那段時期時，我們擴大了在企業中的影響力。因此，當我們查看今天的 ARR 時，超過 75% 來自我們所說的企業公司。這些客戶的收入超過 5 億美元。我們已經看到了這種轉變。因此，我們對中小企業市場的曝險一直比較不穩定，我們能夠在某種程度上管理它，同時仍然能夠吸引和讓這些人加入。

The other aspect that I would say is that we've become increasingly multiproduct. So we have more than 65% of our ARR is coming from customers with two or more products. So we've had success in getting these other products into more of the customer base. And that bodes well in terms of being able to expand our footprint with our customers as we bring on our agentic offerings and our other AI-based offerings.

我想說的另一方面是，我們的產品種類越來越豐富。因此，我們的 ARR 中有超過 65% 來自擁有兩種或兩種以上產品的客戶。因此，我們成功地將這些其他產品推向了更多的客戶群。隨著我們推出代理產品和其他基於人工智慧的產品，這對於擴大我們在客戶中的影響力來說是一個好兆頭。

And then further, I would say that when I look at it from a product perspective, and we've shared this number previously, today, around 70% of our ARR is coming from incident management. So we have a growing portion that's coming from those other products as well.

進一步說，我想說，當我從產品的角度來看時，我們之前已經分享過這個數字，今天，我們大約 70% 的 ARR 來自事件管理。因此，來自其他產品的份額也在不斷增長。

The other characteristic that I think is worth noting is that we've made a concerted effort to move more routinely, particularly for larger deals to multiyear. So we've seen a steady improvement in terms of the number of our contracts where customers are making arrangements for multiyear two- or three-year agreements.

我認為值得注意的另一個特點是，我們已做出一致努力，使行動更加常規化，特別是對於規模較大、期限較長的交易。因此，我們看到合約數量穩步增加，客戶正在安排多年的兩年或三年的協議。

And maybe the follow-up here, which I think you gave the answer to, but I just want to make sure that it's addressed is that you did kind of bring in the top end of the guide a couple of million. But Howard, when I listened to your prepared remarks, you're essentially guiding trailing 12-month billings to accelerate from the second quarter. And so I guess, is there anything more specific or anything else that you needed to call out that's giving you the confidence that trailing 12 months billings could accelerate from here?

也許這裡的後續問題，我想你已經給出了答案，但我只是想確保解決這個問題，你確實帶來了指南的最高幾百萬。但是霍華德，當我聽到你準備好的發言時，你基本上是在指導過去 12 個月的賬單從第二季度開始加速。所以我想，還有什麼更具體的事情或其他什麼需要您指出的，讓您有信心從現在開始過去 12 個月的賬單會加速增長？

Yes. So we expected even coming into this year that by the end -- by the back half of the year, we would have more of the building blocks in place in terms of our enterprise transition. So when I look at the incremental ARR expectations for the back half of the year, we expect those to be significantly higher than what they were in the first half of the year. So that contributes to improved billings performance. We also have Q4 as a large billings quarter for us because from a seasonality perspective, that is one of our biggest quarters for renewals. So those things contribute to our view on the trailing 12 months billings. So we expect that to be around 7%.

是的。因此，我們預計，到今年年底，也就是下半年，我們將在企業轉型方面擁有更多的基礎。因此，當我查看今年下半年的增量 ARR 預期時，我們預計將明顯高於上半年的水平。這有助於提高帳單績效。對我們來說，第四季也是一個重要的營業額季度，因為從季節性角度來看，這是我們續約量最大的季度之一。這些因素影響了我們對過去 12 個月帳單的看法。因此我們預計這一比例將在 7% 左右。

Jacob Roberge, William Blair.

雅各羅伯格、威廉布萊爾。

Yeah. Thanks for taking the questions. You all talked a lot about needing to transition to more of a usage-based model. I guess the question is, how do you see that progressing over the next few years? And then for customers that you've spoken to about that transition, what's been the feedback thus far? Is this something that they're ready and willing for, or will there be a bit of an education period for customers?

是的。感謝您回答這些問題。你們都談論了很多關於需要轉向更多基於使用情況的模型。我想問題是，您認為未來幾年會如何發展？那麼，對於您談到這項轉變的客戶，到目前為止的回饋是什麼？這是他們已經準備好並且願意做的事情嗎？還是需要為客戶安排一段時間的教育期？

Well, obviously, we won't be able to move all customers at the same time because customers tend to like to make these transitions in their renewal cycle. So this will be a gradual process over the next couple of years, particularly given a lot of our customers are now multiyear. I think this quarter, 45% of our revenue was multiyear.

嗯，顯然，我們無法同時轉移所有客戶，因為客戶往往喜歡在續約週期中進行這些轉變。因此，這將是未來幾年的一個漸進過程，特別是考慮到我們的許多客戶現在都是多年期客戶。我認為本季我們的收入中有 45% 是多年收入。

And so -- but I would tell you that customers are very open to it, and we can see that in our existing usage-based pricing, where our products that have usage-based pricing grew 60% in the quarter. So what we try and do is see a customer with a starting point and then give them the opportunity to grow their usage as they need it as opposed to it being associated with the number of people on the platform.

所以——但我想告訴你，客戶對此非常開放，我們可以在現有的基於使用情況的定價中看到這一點，我們採用基於使用情況定價的產品在本季度增長了 60%。因此，我們嘗試做的是，為客戶提供一個起點，然後讓他們有機會根據需要增加使用量，而不是將其與平台上的人數聯繫起來。

And the reality is, as we've added more and more automation to the platform, the platform is doing some of the work of the people that customers are licensing, and they understand that, right? It's also easier for them to articulate the business case for the investment in our platform if it is tied more directly to value realization. So, so far, I would say that customer feedback has been encouraging.

事實是，隨著我們為平台添加越來越多的自動化功能，平台正在完成客戶授權人員的一些工作，他們明白這一點，對嗎？如果投資與價值實現更直接地連結在一起，他們也更容易闡明對我們平台的投資的商業案例。所以，到目前為止，我想說客戶的回饋是令人鼓舞的。

And we're already into that process to some extent because all of our new products over the last 18 months, two years, including PagerDuty Advance and our agentic offering that is doing this quarter are usage-based along with AIOps. Plus we've been working with our large customers to deliver more flexible custom pricing, particularly as it relates to helping them leverage flexibility across products so that they're not licensed specifically one single way for everything and have to try and administer those trade-offs themselves.

在某種程度上，我們已經進入了這個過程，因為過去 18 個月、兩年來我們所有的新產品，包括 PagerDuty Advance 和本季度推出的代理產品，都是基於使用情況和 AIOps 的。此外，我們一直在與大客戶合作，提供更靈活的客製化定價，特別是幫助他們利用跨產品的靈活性，這樣他們就不會以單一的方式獲得所有產品的許可，而必須自己嘗試和管理這些權衡。

So as we've opened up to more flexible licensing engagements, that's also opened up the discussion for what customers are looking for, and that's really educated us in terms of what our offering needs to look like going forward.

因此，隨著我們開放更靈活的授權協議，我們也開始討論客戶的需求，這確實讓我們了解了未來我們的產品需要是什麼樣子。

Okay. That's helpful. And then you talked about the second-half improvements in net new hire being based on the recent go-to-market changes, increasing rep tenure, and then some of those net new comments. But just in terms of the larger renewals that are coming up in the back half of the year, given that transition to the usage-based model might take some period of time, is there anything that you're looking to do to help mitigate some of the seat downgrade issues that you saw this quarter as you're making your way through that transition?

好的。這很有幫助。然後您談到下半年淨新員工數量的改善是基於最近的市場變化、增加代表任期以及一些淨新員工評論。但就下半年即將出現的更大規模的續約而言，考慮到向基於使用情況的模式的過渡可能需要一段時間，在過渡過程中，您是否希望採取一些措施來幫助緩解本季度出現的一些座位降級問題？

Sure. And I'm frustrated by the downgrades. I think we can always do a better job of delivering consistent account management, making sure our customers are successful in the first 14 or 90 days in every day of their contract life cycle, making sure that we do a better job of monetizing growing usage and value creation for our customers is super important. But I'm also excited to see that our usage-based products are growing even within our base and that usage of the platform is growing because that lends itself, to your point, to more retention within the base.

當然。我對降級感到沮喪。我認為我們可以更好地提供一致的帳戶管理，確保我們的客戶在合約生命週期的每一天的前 14 天或 90 天內取得成功，確保我們更好地將不斷增長的使用量貨幣化並為客戶創造價值，這一點非常重要。但我也很高興地看到，我們基於使用的產品甚至在我們的基礎內也在增長，並且平台的使用率也在增長，因為正如您所說，這有助於在基礎內實現更多的保留。

And having Allison Corley, our Chief Customer Officer, now in seat for more than a quarter. She's actually with our customers in Europe this week. She's also putting more rigor and discipline around getting ahead of these renewals and planning for them and working jointly with customers on a road map to growth. And there will always be challenges.

我們的首席客戶長艾莉森·科利 (Allison Corley) 任職超過四分之一。本週她實際上正在與我們在歐洲的客戶見面。她也更嚴格、更自律地做好這些更新的準備並進行規劃，並與客戶共同製定成長路線圖。而且總是會有挑戰。

I mean, not all of our customers have businesses that are going well. Some customers are still looking for cost optimization. But what's really encouraging is the fact that at the same time, we're focused on improving retention and working through this monetization transition, we're also seeing new and expansion strengthening, right? That 15% sequential growth, the 200-plus net new logos in the first half and the fact that, that's 3x what we saw last year.

我的意思是，並非所有客戶的業務都進展順利。一些客戶仍在尋求成本優化。但真正令人鼓舞的是，同時，我們專注於提高保留率並努力實現貨幣化轉型，我們也看到了新的擴張加強，對嗎？連續 15% 的成長，上半年新增 200 多個標誌，事實上，這是去年的 3 倍。

For me, that gives me a lot of confidence in our path and the fact that we're able to continue to have strategic conversations with our customers even when sometimes the short-term impact is not what we'd like, the long-term relationship is growing.

對我來說，這讓我對我們的道路充滿信心，事實上，即使有時短期影響不如我們所願，我們仍能夠繼續與客戶進行策略對話，但長期關係正在發展。

So overall, I'm really encouraged. And we've got a lot of work to do in the back half, but we've got the right team to do it and our go-to-market organization as well as our product innovation teams are working really hard.

總的來說，我真的很受鼓舞。我們在後半段還有很多工作要做，但我們有合適的團隊來完成這些工作，我們的行銷組織以及產品創新團隊都在非常努力地工作。

And Jacob, I would just add from a pricing perspective, one of the aspects of the new pricing models that we are rolling out are about increasing flexibility for the customer. So historically, when our customers purchased, they were buying, if you like, a narrow product or a narrow plan. We've been upgrading our packaging progressively to be able to see different aspects of our platform, whether it's the incident management, the AI, AIOps, automation across multiple plans.

雅各布，我想從定價的角度補充一點，我們推出的新定價模式的一個方面就是提高客戶的靈活性。因此，從歷史上看，當我們的客戶購買時，他們購買的是狹窄的產品或狹窄的計劃。我們一直在逐步升級我們的包裝，以便能夠看到我們平台的不同方面，無論是事件管理、人工智慧、AIOps，還是跨多個計劃的自動化。

And included in this initiative, particularly around renewals as we go into Q4, is to help customers take advantage of the flexible licensing, which would then give them access to more product, which would then also allow them to -- it would mitigate, if you like, some of the impacts of potentially less users because they'd be gaining access to more products and that would deliver greater value, too.

這項計劃包括，特別是在我們進入第四季度時圍繞續約的內容，旨在幫助客戶利用靈活的許可，這將使他們能夠訪問更多產品，從而也允許他們 - 如果你願意的話，它可以減輕可能減少用戶的一些影響，因為他們將獲得更多產品，這也將帶來更大的價值。

(Operator Instructions) Andrew Sherman, TD Cowen.

（操作員指示） Andrew Sherman，TD Cowen。

Great, thanks. Good to see you. Congrats on the -- good to see the better execution in the quarter. Would love to dive a little deeper, Jen, into the second half drivers that you're talking about here. Is the shift to consumption going to start for some customers in the second half and that can start to help drive some better growth out of them? Or maybe that's more of a next year event.

太好了，謝謝。很高興見到你。恭喜——很高興看到本季的執行情況更好。Jen，我很想更深入地探討你在這裡談論的下半場驅動因素。下半年，部分消費者是否會開始轉向消費，並開始幫助他們達到更好的成長？或者這更像是明年的活動。

I think you made a comment that it can help accelerate growth next year. And then what signals in the pipeline or aspects about your renewal cohort in Q4 are giving you the confidence that a lot of these deals can close?

我認為您說過它可以幫助加速明年的成長。那麼，第四季續約團隊中有哪些訊號或方面讓您有信心完成許多溝通？

Yeah. Thanks, Andrew. Nice to see you. I would say, one, we know coming into the back half that we have 60% of our enterprise reps already more than one year in tenure, whereas they were ramping in the first half. And that lends itself to stronger account coverage, more higher quality pipeline and more liquidity in the pipeline.

是的。謝謝，安德魯。很高興見到你。我想說的是，首先，我們知道，進入下半年，我們 60% 的企業代表的任職時間已經超過一年，而他們在上半年的任職時間正在增加。這有助於增強帳戶覆蓋率、提高通路品質並增強通路流動性。

So that's something that we have been working towards now for some time. I think the usage-based pricing will take time to develop, but where we're already seeing early positive signs is in products -- the new products, attached products that are out in the market, like AIOps, for instance, PagerDuty Advance. And we're starting to see some really exciting adoption of the four PagerDuty Advance agents: the Scribe, SRE, Insights, and I forgot one. Howard jump in. Thank you, the Shift Agent.

所以這是我們一段時間以來一直在努力的目標。我認為基於使用情況的定價需要時間來開發，但我們已經看到早期的積極跡像是在產品方面——新產品、市場上的附加產品，例如 AIOps、PagerDuty Advance。我們開始看到四個 PagerDuty Advance 代理的一些真正令人興奮的採用：Scribe、SRE、Insights，以及我忘記的一個。霍華德跳了進來。謝謝你，Shift Agent。

And these things automate more and more of some of the toil and the arduous work that happens during a major incident, but also in advance of the incident, the sort of noncrisis work that goes on in the platform. And so that adoption, I think, will contribute to our ability to talk about broader platform opportunities.

這些事情不僅使重大事件期間的一些辛苦和艱鉅的工作以及事件發生之前在平台上進行的一些非危機工作越來越自動化。因此，我認為，這種採用將有助於我們談論更廣泛的平台機會。

The last thing I would say is it's really encouraging to see new and expansion improve across the board, especially in our international regions and new logo lands really showing up in the first half. And I think that's a demonstration of the cut-through we're getting with native AI companies.

最後我想說的是，看到新業務和擴張業務全面改善，尤其是在我們的國際地區和新標誌領域，在上半年真正出現，真是令人鼓舞。我認為這是我們與本土人工智慧公司合作取得突破的證明。

So when you think about our traction with AI natives, the fact that we're demonstrating we're important and central to the emerging AI ecosystem, the strong adoption that we're starting to see in our EA usage growth on the platform, and making progress on this enterprise transition with the new CRO and the CCO. Those are the things that are giving me confidence for the back half.

因此，當您考慮我們對 AI 原生代的吸引力時，我們會證明自己對於新興的 AI 生態系統至關重要且至關重要，我們開始在平台上看到 EA 使用量成長的強勁採用，並且透過新的 CRO 和 CCO 在企業轉型方面取得進展。這些都讓我對後半部充滿信心。

Yeah, that's great to hear. And on that AI natives, the 2% of ARR was interesting as well as the over half of the biggest 50 AI companies, it sounds like how quickly did some of these become customers? Was this part of like this quarter itself? And maybe just talk about their usage of the platform, which products, how quickly they've kind of expanded already in some cases and how this kind of validates the PagerDuty platform as central to AI, like you just mentioned?

是的，聽到這個消息真是太好了。對於 AI 原生企業來說，2% 的 ARR 以及超過一半的最大 50 家 AI 公司都很有趣，聽起來其中一些公司是如何快速成為客戶的？這是本季本身的一部分嗎？也許只是談論他們對該平台的使用情況，哪些產品，在某些情況下他們已經擴展得有多快，以及如何驗證 PagerDuty 平台作為 AI 的核心，就像您剛才提到的那樣？

Yes. What's been really interesting is these customers span from the frontier models that we all know of I mentioned Anthropic earlier, infrastructure solutions like Scale AI, some of the applications that sit on top, Agentic platforms that we're seeing. And even we don't include this in the Forbes 50 AI companies, but even some of our more traditional customers are making significant investments in their Agentic offerings and looking for support to manage those solutions in production.

是的。真正有趣的是，這些客戶涵蓋了我們都知道的前沿模型（我之前提到過 Anthropic）、基礎設施解決方案（如 Scale AI）、一些位於頂層的應用程式以及我們看到的 Agentic 平台。即使我們沒有將其列入福布斯 50 強人工智慧公司，但即使是我們的一些更傳統的客戶也對其 Agentic 產品進行了大量投資，並尋求支援來管理生產中的這些解決方案。

So -- but what we see is sometimes they may start with a lower cost solution and realize that it won't scale. Sometimes they're starting small with us in our digital-first commercial. They come in through top of funnel and then grow over time. But what we're hearing is real deep interest in automation, the fact that it's an end-to-end automated incident management solution and that we are leveraging AI as well and using our own proprietary model to help automate more and more of the solutions. So they're not having to have hundreds of people involved in their incident response.

所以——但我們看到的是，有時他們可能會從成本較低的解決方案開始，然後意識到它無法擴展。有時他們會在我們的數位優先廣告中與我們一起從小規模開始。它們從漏斗頂部進入，然後隨著時間的推移而增長。但我們聽到的是人們對自動化的濃厚興趣，事實上，它是一種端到端的自動化事件管理解決方案，我們也在利用人工智慧，並使用我們自己的專有模型來幫助實現越來越多的解決方案的自動化。因此他們不必讓數百人參與事件回應。

It really does enable them to focus on research, to focus on innovation, to focus on product, but at the same time, build trust. Because as you know, when these models, these agents, when something goes wrong, and it does because you're shipping more velocity through the benefit of code assistants or using your own automation, you want to manage it effectively in the market and be able to transparently tell your customers that you're building a resilient offering.

它確實使他們能夠專注於研究、專注於創新、專注於產品，同時建立信任。因為如您所知，當這些模型、這些代理程式出現問題時，由於您透過程式碼助理的優勢或使用您自己的自動化功能來提高速度，因此您希望在市場上有效地管理它，並能夠透明地告訴您的客戶您正在建立一個有彈性的產品。

And so those are some of the trends we're seeing. But what I like about it is we're seeing a diversity of customers choose PagerDuty, like I said, from the models to the agents, the apps in the middle and some of the most important infrastructure solutions. And those conversations have been great.

這些就是我們看到的一些趨勢。但我喜歡的是，我們看到各種各樣的客戶選擇 PagerDuty，就像我說的，從模型到代理、中間的應用程式以及一些最重要的基礎設施解決方案。這些對話非常棒。

Kingsley Crane, CG.

金斯利·克蘭，CG。

Hey, great to see you all. So as you sell more strategic platform deals, I just want to check in on the user groups outside of IT and Dev. Can you speak to the success you had in customer service ops recently? And just how core is that at this point to the strategy and reaccelerating growth?

嘿，很高興見到你們。因此，當您銷售更多策略平台交易時，我只想檢查 IT 和開發之外的用戶群。您能談談您最近在客戶服務營運方面的成功嗎？那麼，這對於目前的策略和重新加速成長來說到底有多核心呢？

Yeah. We continue to see that as an add-on, particularly when our sales organization and the customers are aligning around the whole platform as a starting point. We used to sell sequentially. We used to start with almost on-call, then incident response, then a broader incident management offering, then AIOps, then customer service ops.

是的。我們繼續將其視為一種附加功能，特別是當我們的銷售組織和客戶圍繞整個平台進行協調作為起點時。我們過去是按順序出售的。我們最初幾乎都是隨叫隨到，然後是事件回應，然後是更廣泛的事件管理服務，然後是 AIOps，然後是客戶服務營運。

And the new breed of sales reps are really going higher in the organization earlier, having the conversation around different solution areas like IT modernization or improving the efficiency or automating the central IT operations center, even working with security teams or customer service to really just improve the automation of how quickly a customer can move from understanding they have an issue.

新一代銷售代表實際上更早在組織中佔據更高地位，圍繞不同的解決方案領域進行對話，例如 IT 現代化或提高效率或自動化中央 IT 營運中心，甚至與安全團隊或客戶服務合作，以真正提高客戶從了解問題到解決問題的速度的自動化程度。

And as you know from many calls, many of our customers experience learning about a major incident from their customers first despite the huge investment they've been making in observability. And that continues to be a driver for the customer service ops solution.

正如您從許多電話中了解到的那樣，儘管我們的許多客戶在可觀察性方面投入了大量資金，但他們還是首先從客戶那裡了解重大事件。這將繼續成為客戶服務營運解決方案的驅動力。

So we are seeing that attached with Operations Cloud. But I'm also really excited with the increased usage that we're seeing on PagerDuty Advance, customers getting more used to using generative AI to kind of talk to the platform as it's working through -- as they're working through an incident and the response that we've seen to our PD Advanced agents, particularly the agentic SRE and agentic Shift agent.

因此我們看到它與 Operations Cloud 緊密相連。但我也對 PagerDuty Advance 的使用率不斷提高感到非常興奮，客戶越來越習慣於使用生成式人工智慧在平台處理事件時與其進行交流，以及我們看到的 PD Advanced 代理（尤其是代理 SRE 和代理 Shift 代理）的回應。

Yeah. That's really encouraging. And then on some of the GenAI products, I think that you've incentivized customers with some credits that's resulted in some great responses. In many cases, customers have started to use more. So I'm just kind of curious what traction you've seen with that motion recently and how that's balanced with more of a product by nature.

是的。這確實令人鼓舞。然後，對於一些 GenAI 產品，我認為您已經透過一些積分激勵了客戶，從而獲得了一些很好的反響。在許多情況下，客戶已經開始使用更多。所以我只是有點好奇你最近看到了這項動議的哪些牽引力，以及它如何與本質上的產品保持平衡。

Yeah. One of the things we're seeing is an expansion of the ecosystem play. So I mentioned the MCP server opening us up to new use cases where our Agentic solution can work with others, whether it's gathering information from a GitHub repository or working with a Salesforce ticket or engaging with customers' internal knowledge bases or information sources. So it allows you to do a lot more of the triage and research associated with managing an issue more effectively.

是的。我們看到的事情之一是生態系統作用的擴展。因此，我提到 MCP 伺服器為我們開啟了新的用例，我們的 Agentic 解決方案可以與其他解決方案協同工作，無論是從 GitHub 儲存庫收集資訊還是處理 Salesforce 票證或與客戶的內部知識庫或資訊來源互動。因此，它可以讓您更有效地進行與管理問題相關的分類和研究。

It also enables you to automate more of the post-incident learning and preventing that fragility from appearing again in the form of a major incident. So we're starting to see customers using us differently than they have in the past. And the GA of Amazon Q, the Amazon Q integration, I think, was important in that regard this quarter.

它還使您能夠自動化更多事件後學習並防止脆弱性以重大事件的形式再次出現。因此，我們開始看到客戶使用我們的方式與過去不同。我認為，亞馬遜 Q 的 GA、亞馬遜 Q 整合在本季在這方面發揮了重要作用。

Jeff Van Rhee, Craig-Hallum.

傑夫·範·裡、克雷格·哈勒姆。

So a couple for me. First, just a couple of numbers questions. On the platform, I think you mentioned the usage was up 20% year over year this quarter. What was that in the prior few quarters?

對我來說這是一對。首先，只有幾個數字問題。關於該平台，我想您曾提到本季的使用量年增了 20%。前幾季的情況如何？

So we haven't reported that on a regular basis. And we look at usage across a couple of different tenets. We look at event flow across the platforms, how much information and data are we managing. We also look at automated incident workflows and incidents that are running. And something that I have shared in the past is that the pure number of incidents is growing across the platform because complexity is growing.

因此我們沒有定期報告此事。我們研究了幾種不同原則的使用情況。我們查看跨平台的事件流，以了解我們管理了多少資訊和數據。我們也研究正在運行的自動化事件工作流程和事件。我過去曾分享過，由於複雜性不斷增加，整個平台上的事件數量也不斷增加。

As you have customers who are using code assistance, they're simply shipping and deploying more change, and that has a tendency to drive both more events, but also those events conspire to become incidents. What customers are looking to do actually is reduce the number of major incidents and reduce the time those incidents take to resolve and the blast radius associated with those incidents.

由於您的客戶正在使用程式碼幫助，他們只是在運送和部署更多的變更，而這往往會引發更多的事件，而且這些事件也會合謀成為事故。客戶實際上希望做的是減少重大事件的數量，減少解決這些事件所需的時間以及與這些事件相關的爆炸半徑。

So I talked about a customer earlier who went from mean time to resolution, which was 30 to 40 minutes down to a couple of minutes, right? And that's what you want. You want to really constrain the business impact of an incident by reducing the time that it disrupts your customer experience or creates inefficiencies across the business.

我之前談到一位客戶，他解決問題的平均時間從 30 到 40 分鐘縮短到了幾分鐘，對嗎？這正是你想要的。您希望透過減少事件擾亂客戶體驗或造成整個業務效率低下的時間來真正限制事件對業務的影響。

Some of the growth that we're seeing is increasing over time, particularly as it relates to automated incident workflows. And that's a sign that our customers have become more open to and are readily adopting and using automated incident workflows where they historically were doing that manually.

我們看到的一些成長正在隨著時間的推移而增加，特別是與自動化事件工作流程相關的成長。這表明我們的客戶已經變得更加開放，並且願意採用和使用自動化事件工作流程，而過去他們都是手動完成這些工作的。

Got it. You referenced, I think, in the past few quarters, this -- we're going to get to 60% of our base sales reps being a year in tenure. That was going to be a very pivotal thing and you got there. And it sounds like in some respects, it did what you thought it was going to do.

知道了。我認為，您提到，在過去幾個季度中，我們 60% 的基礎銷售代表的任職期限為一年。這將是一件非常關鍵的事情，而你做到了。聽起來從某些方面來說，它確實做了你認為它會做的事情。

And then on the inverse of that, obviously, made this leadership change in terms of North American sales. So help me just contrast those because it sounds like there certainly was some aspect of what's playing out in the sales organization that you weren't happy with in the North American markets.

與此相反，顯然，北美銷售方面的領導層發生了變化。所以請幫我對比一下這些，因為聽起來銷售組織中肯定存在一些你對北美市場不滿意的地方。

Sure. I mean, I will tell you that we -- the progress in the international markets has come sooner and faster than in North America. Now they are smaller, so potentially more agile in their ability to adapt and adapt to a different market environment. But at the same time, I think we have the opportunity to be more disciplined in terms of the way we manage customer continuity, account coverage continuity, scaling retention, our retention practices, anticipating some of the work that needs to be done ahead of renewals and just demonstrating to our customers that not only should they expect, but also be able to realize significant value from our products and services. And so the first that we brought in to lead North America came out of HashiCorp, VMware runs a very disciplined sales model and is very focused on reaccelerating growth.

當然。我的意思是，我會告訴你，我們——國際市場的進步比北美來得更快、更快。現在它們的規模更小，因此在適應和適應不同的市場環境方面可能更靈活。但同時，我認為我們有機會在管理客戶連續性、帳戶覆蓋連續性、擴大保留、我們的保留實踐方面更加自律，預測續約前需要完成的一些工作，並向我們的客戶證明，他們不僅應該期待，而且還能夠從我們的產品和服務中實現巨大的價值。因此，我們聘請的第一位領導北美業務的人來自 HashiCorp，VMware 運行著非常嚴謹的銷售模式，並且非常注重重新加速成長。

Okay. And maybe just last for me. The -- you mentioned the seat optimization issues that you're taking on from your customers. Just talk maybe just about some of the chronology there. Like how has that intensity played out?

好的。或許對我來說只是最後一次。您提到了您從客戶那裡得到的座位優化問題。只是談談那裡的一些年表。這種強度是如何體現出來的？

How did it play through the quarter? Kind of where are we now? It's just been a steady level of intensity in terms of seat optimizations that peaked and some of that pressure lessening? How would you define that trend?

本季表現如何？我們現在在哪裡？就座位優化而言，強度一直處於穩定水平，並且達到了頂峰，而壓力有所減輕？您如何定義此趨勢？

Yes. I think it's been pretty consistent this year, but it really is tied to the decline in new job growth, particularly across tech workers. And also, in some cases, we have customers that are making significant headcount reductions as a result of either their financial goals or their use of automation as well. And -- and like I said, when we're building automation on the platform, seats just isn't a great monetization metric for the value that we create through automating this work and getting people out of some of these workflows. I think we'll continue to see pressure on seat-based licensing over the next couple of quarters, but we're anticipating it more effectively and cross-selling more effectively.

是的。我認為今年的情況相當穩定，但這確實與新就業成長的下降有關，尤其是技術工人。而且，在某些情況下，我們的客戶會因為財務目標或使用自動化而大幅裁減員工人數。而且 — — 就像我說的，當我們在平台上建立自動化時，座位數並不是一個很好的貨幣化指標，它不能衡量我們透過自動化這項工作並讓人們擺脫一些工作流程而創造的價值。我認為，在接下來的幾個季度中，我們將繼續看到基於座位的許可的壓力，但我們將更有效地預測它並更有效地進行交叉銷售。

And likewise, it's a very large TAM. There is a big opportunity to land new customers, whether they're native AI companies that are growing very fast and are super well-funded and not so much worried about headcount or even seeing some of these more traditional verticals coming towards us like health care and pharma. We haven't talked much about public sector or federal, but I think there remains opportunity there. And what I've seen, particularly from our international teams is they're doing a really good job of starting with the Operations Cloud. I'm seeing usage-based AIOps attached to most enterprise deals.

同樣，它的 TAM 也非常大。這是一個吸引新客戶的巨大機會，無論他們是發展非常迅速、資金非常充足、不太擔心員工數量的本土人工智慧公司，還是看到一些更傳統的垂直行業向我們湧來，例如醫療保健和製藥業。我們還沒有談論太多關於公共部門或聯邦的問題，但我認為那裡仍然有機會。我看到的是，特別是我們的國際團隊在營運雲端方面做得非常好。我看到大多數企業交易都附帶基於使用情況的 AIOps。

I'm seeing customer service ops. I'm seeing better attach on services, et cetera. So it also comes down to the quality of our execution and the scalability of that execution, how we engage with customers in a repeatable way. So having Allison here in the seat is helpful, too.

我正在看客戶服務營運。我看到了更好的服務附加等等。因此，這也取決於我們的執行品質和執行的可擴展性，以及我們如何以可重複的方式與客戶互動。因此，讓艾莉森坐在這裡也很有幫助。

Miller Jump, Truist.

米勒跳躍，Truist。

Thank you for taking questions. So you talked about higher-quality pipeline in the back half (inaudible) I guess I'm curious, do you expect that to have any impact on the sales cycle or close rates? I imagine there are higher quality work, but also you're selling bigger, more complex deals. Any color there?

謝謝您回答問題。所以你在後半部分談到了更高品質的管道（聽不清楚）我想我很好奇，你認為這會對銷售週期或成交率產生任何影響嗎？我想會有更高品質的工作，但你也在銷售更大、更複雜的交易。有顏色嗎？

Yeah. Hi, Miller. You had a little static on your line. I'm going to repeat the question. I think I got it. And you're asking, given higher quality pipeline in the back half, what do we expect? Do we expect conversion rates to improve?

是的。你好，米勒。您的線路上出現了一點靜電。我要重複這個問題。我想我明白了。而您問的是，考慮到後半部管道品質更高，我們有何期待？我們期望轉換率會提高嗎？

How do we think about sales cycle time, et cetera? So as you shift to more of an enterprise motion, you do tend to have more back-end seasonality in the year. The software industry has trained our customers over time that the bigger deals happen as the year progresses. So we do see improvement in the go-to-market organization forecasting and building deals multiple quarters out.

我們如何看待銷售週期等等？因此，當您轉向更多的企業行動時，您確實傾向於在一年中擁有更多的後端季節性。軟體產業已經讓我們的客戶認識到，隨著時間的推移，更大的交易將會實現。因此，我們確實看到進入市場的組織預測和未來幾季的交易有所改善。

I mean, just two years ago, half of our revenue was created and closed inside a quarter, right? And now, more of our revenue is coming through multi-quarter pipeline opportunities that do take a little longer, but are strategic. We're even seeing some of our enterprise lands are a little larger than they've been in the past. So they're starting a little bigger. It might take a little longer, but then we expect that there is also more growth opportunity there.

我的意思是，就在兩年前，我們一半的收入都是在一個季度內創造和完成的，對吧？現在，我們的收入更多來自於多季度的通路機會，雖然需要更長的時間，但具有戰略意義。我們甚至發現我們的一些企業土地比過去更大。所以他們開始變得更大一些。這可能需要更長的時間，但我們預計那裡也會有更多的成長機會。

So I do think that conversion rates on the pipeline could improve through the back half. We would expect it to given reps have ramped and more than 60% of our reps have been here for more than a year. And we've seen some of that conversion improvement already in the international regions. We are excited about some of the larger deals that are in the pipeline. And at the same time, we've got large renewals to work through. So there's a balance to be struck.

因此我確實認為管道的轉換率可能會在後半段有所提高。鑑於銷售代表人數不斷增加，並且超過 60% 的銷售代表已經在這裡工作了一年多，我們預計這種情況會有所改善。我們已經看到國際地區的轉換率有所提高。我們對一些正在籌備中的大型交易感到興奮。同時，我們還有大量的續約工作要完成。因此需要取得平衡。

But the most important thing to me is that our sales teams are maniacally focused on customer engagement and on spending more time understanding their customers. We recently have insisted on a return to working in person again because our customers are working in person. And that uptick in customer engagement absolutely starts to show up in terms of more pipeline, higher-quality opportunities, better managed opportunities, and that's something that I know Todd will continue to focus on as he comes on board.

但對我來說最重要的是我們的銷售團隊瘋狂地專注於客戶參與並花更多時間了解客戶。我們最近堅持再次恢復面對面工作，因為我們的客戶正在面對面工作。客戶參與度的提升絕對會體現在更多的管道、更高品質的機會、更好的管理機會上，我知道托德上任後會繼續關注這一點。

Thanks. And if you can hear me, Howard, the follow-up question is for you. Just anything you can give us on the size of the pipeline and the size of the renewal cohort versus last year.

謝謝。霍華德，如果你聽得到我說話，後續問題是問你的。您能否告訴我們與去年相比，管道規模和續約群體規模的任何資訊？

So I think, Miller, your question was any commentary on the size of the pipeline and the renewal base for the back half of the year. So just in terms of renewals, our Q3 and Q2 are typically of similar size, give or take a few million. But Q4 is our largest quarter in terms of renewals, but we are planning for that.

所以我認為，米勒，你的問題是對今年下半年管道規模和更新基礎的任何評論。因此，就續約而言，我們的第三季和第二季的規模通常相似，相差數百萬。但就續約而言，第四季是我們最大的季度，我們正在為此做計劃。

In terms of pipeline, we've seen really good pipeline, strong pipeline development, particularly as these larger opportunities, we anticipate that they will take longer to close. And our team is anticipating that and the level of qualification around larger deals is improving.

在管道方面，我們看到了非常好的管道，強勁的管道發展，特別是這些更大的機會，我們預計它們將需要更長的時間才能完成。我們的團隊正在期待這一點，並且大型交易的資格水平正在提高。

We've actually seen in some regions, some improvement in terms of sales cycle, sales cycle getting a little shorter. When I see that over a couple of quarters, I don't know whether to believe it and see it as a trend, but certainly, those disciplines are resulting in better management of deals. And particularly, when I look out into Q4, we have a strong build of pipeline for the fourth quarter.

我們實際上已經看到一些地區的銷售週期有所改善，銷售週期變得更短了。當我看到幾個季度以來的情況時，我不知道是否應該相信它並將其視為一種趨勢，但可以肯定的是，這些紀律正在帶來更好的交易管理。特別是當我展望第四季時，我們發現我們為第四季度做好了強而有力的準備。

Okay. Thank you, team. And I think we will round things out today, hearing with a representative from RBC. If you could just identify yourself, I'll switch your name up.

好的。謝謝你們，團隊。我認為我們今天將與 RBC 的代表一起完成這一議題。如果你能表明自己的身份，我就把你的名字改掉。

Hey, guys. It's Mike Richards on for Matt. It's encouraging to see you guys move to the usage-based pricing model. I think a lot of us agree that seat-based models need to move there over time. And acknowledging that a lot of the new product, if not all the new products are usage-based already, specifically, how are you thinking about core incident management? Is it going to be fully usage-based? Is it going to be some combination of seats and usage? Just any specifics around what that will look like for the core incident management products?

嘿，大家好。麥克理查茲 (Mike Richards) 取代馬特 (Matt)。看到你們轉向基於使用情況的定價模式，我感到很鼓舞。我認為我們很多人都同意，隨著時間的推移，基於座位的模型需要朝那個方向發展。並且承認許多新產品（如果不是全部新產品）都是基於使用的，具體來說，您如何看待核心事件管理？它會完全基於使用情況嗎？這會是座位和用途的某種組合嗎？關於核心事件管理產品的具體內容，您能具體了解一下嗎？

Yeah. Thanks, Mike. We're still working through that and having a lot of conversations with customers. But right now, it looks like it will be some form of platform-based and usage-based. And we're even using credits with some of our AI products.

是的。謝謝，麥克。我們仍在努力解決這個問題並與客戶進行大量對話。但現在看來，它將是某種基於平台和基於使用的形式。我們甚至在一些人工智慧產品中使用積分。

One of the things that we want to make sure we do is give our customers predictability. We've seen a lot of customers coming to us looking to try and reduce observability spend and avoid overages and lock in with observability players because of the unpredictability of that spend and check size. And so we've tried to learn from a lot of the usage and consumption-based models that are out there. But we have a pretty good track record so far with AIOps. Some of the things that take time to dial in is what's the right level of credits.

我們要確保做到的一件事就是讓客戶能夠預測情況。我們看到許多客戶來找我們，希望嘗試減少可觀察性支出，避免超支，並與可觀察性參與者鎖定，因為支出和支票規模無法預測。因此，我們嘗試從現有的許多基於使用和消費的模型中學習。但到目前為止，我們在 AIOps 方面有著相當良好的記錄。需要花時間去弄清楚的事情之一是，什麼是正確的信用水平。

If you give a customer too many credits up first, they grow slower. If you don't give them enough, you have a sort of upside surprise that they don't particularly like. But with incident management, because a lot of our incident management, we already track things like events and workflows, platform usage, et cetera, we have a number of metrics that we can work with there.

如果你先給予客戶太多的信用，他們的成長就會變慢。如果你沒有給他們足夠的驚喜，他們可能不太喜歡這種驚喜。但是對於事件管理，因為我們的許多事件管理已經追蹤了事件和工作流程、平台使用等內容，所以我們有許多可以使用的指標。

And we're also trying to look ahead at how will our AI-led products shape the way people use the platform. So that's why I would see this more as an iteration as opposed to like one sudden event that happens. We've been working through this transition to usage base now for more than a year with AIOps and PagerDuty Advance and now the agents, and we'll just continue to iterate as we learn.

我們也在努力展望我們的人工智慧產品將如何影響人們使用該平台的方式。所以這就是為什麼我會將其視為一種迭代，而不是突然發生的事件。我們已經透過 AIOps 和 PagerDuty Advance 以及現在的代理進行了一年多的向使用基礎的過渡，並且我們將在學習的同時繼續迭代。

The other thing that we have done is seed a lot of our advanced products and services in all of our pricing plans so that customers get access to those AI-led features, they get access to automation even in our lowest plans.

我們所做的另一件事是，在我們所有的定價計劃中植入大量先進的產品和服務，以便客戶可以使用這些人工智慧主導的功能，即使在最低的計劃中他們也可以使用自動化功能。

And finally, I think the team, particularly our commercial team is doing a really good job in product-led growth. We spend a lot of time on these calls talking about sales-led growth because that's where enterprise is. But in terms of growth hacking, automating the customer journey, driving free to paid conversion, we've seen some bright spots there as well.

最後，我認為團隊，特別是我們的商業團隊在產品主導的成長方面做得非常出色。我們在電話會議上花了很多時間討論銷售主導的成長，因為這就是企業的現狀。但在成長駭客、自動化客戶旅程、推動免費到付費轉換方面，我們也看到了一些亮點。

And we're learning a lot from that motion, too. And that's where we sometimes meet the native AI folks for the first time.

我們也從這項動議中學到了很多。有時候我們就是在這裡第一次見到本土人工智慧人員的。

Thank you again, team, for the questions. That rounds us out today. Jennifer, we'll turn it to you for any final comments.

再次感謝團隊提出的問題。今天我們就講到這裡。詹妮弗，我們會請您提出最後的評論。

Thank you. Thanks, everybody, for joining us today. We appreciate you sticking around the whole hour. I mean our priorities, my priorities is obviously monetization to really capture that value that we see coming from growing demand on the platform, driving AI adoption with our customers, really focusing on retention and customer love and making sure that as a result, we are positioning PagerDuty as central to and the central nervous system for the emerging AI ecosystem, but we have a lot of confidence in our outlook.

謝謝。感謝大家今天加入我們。感謝您堅持觀看整整一個小時。我的意思是，我們的優先事項，我的優先事項顯然是貨幣化，以真正捕捉我們看到的來自平台不斷增長的需求的價值，推動客戶採用人工智慧，真正關注保留和客戶喜愛，並確保我們將 PagerDuty 定位為新興人工智慧生態系統的核心和中樞神經系統，但我們對我們的前景充滿信心。

We're really encouraged by what we're seeing, and we appreciate the support from our investors and the trust from our customers and also the incredibly hard work from our employees and partners.

我們對所看到的一切感到非常鼓舞，我們感謝投資者的支持和客戶的信任，也感謝員工和合作夥伴的辛勤工作。

So thank you all, and have a great week.

謝謝大家，祝大家有個愉快的一週。