PagerDuty Inc (PD) 2026 Q3 法說會逐字稿

Good afternoon, and thank you for joining us to discuss PagerDuty’s third quarter fiscal year 2026 results. With me on today's call are Jennifer Tejada, s PagerDuty’s Chairperson and Chief Executive Officer, and Howard Wilson, our Chief Financial Officer.

下午好，感謝各位參加本次會議，共同探討 PagerDuty 2026 財年第三季業績。今天和我一起參加電話會議的還有 PagerDuty 的董事長兼執行長 Jennifer Tejada，以及我們的財務長 Howard Wilson。

Before we begin, let me remind everyone that statements made on this call include forward-looking statements based on the environment as we currently see it, which involve known and unknown risks and uncertainties that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements.

在開始之前，我想提醒大家，本次電話會議中發表的聲明包括基於我們目前所見環境的前瞻性聲明，這些聲明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聲明中明示或暗示的內容存在重大差異。

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.

這些前瞻性聲明包括我們的成長前景、未來收入、營業利潤率、淨收入、現金餘額和潛在市場總額等，僅代表我們管理層截至發布之日的信念和假設，我們不承擔更新這些聲明的義務。

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GAAP財務指標，這些指標是對按照GAAP編制的財務績效指標的補充，而不是替代或優於GAAP財務績效指標。GAAP 與非 GAAP 財務指標之間的調整表可在我們的獲利報告中查閱，該報告可在我們投資者關係網站上找到。

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.

有關可能導致公司財務業績出現重大差異的這些因素和其他因素的更多信息，請參閱我們向美國證券交易委員會提交的文件，包括我們最近提交的 10-K 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.

接下來，我會把電話交給珍妮佛。

Thank you, Christine. Good afternoon and thanks for joining us today. In the third quarter, PagerDuty delivered revenue of $125 million up 5% year-over-year. Non-GAAP operating margin of 29% exceeded guidance, expanding 750 basis points over last year. We also achieved GAAP profitability for the second consecutive quarter evidence of disciplined execution and a durable, profitable growth model. Annual recurring revenue of $497 million represents 3% year on year growth.

謝謝你，克里斯汀。下午好，感謝各位今天收看我們的節目。第三季度，PagerDuty 實現營收 1.25 億美元，年增 5%。非GAAP營業利益率為29%，超出預期，比去年增長了750個基點。我們也連續第二季實現了 GAAP 獲利，這證明了我們嚴謹的執行力和可持續的獲利成長模式。年度經常性收入為 4.97 億美元，年增 3%。

New and expansion bookings were consistent with the first half, offset primarily by customers right-sizing seat licenses amidst budget caution. We accelerated our product innovation and operational efficiency in the market, which extends our leadership in the increasingly important and complex digital and emerging AI operations space.

新增和擴容預訂量與上半年持平，主要被客戶在預算謹慎的情況下調整座位許可證規模所抵消。我們加速了產品創新和市場營運效率，從而鞏固了我們在日益重要和複雜的數位化及新興人工智慧營運領域的領先地位。

In order to build long-term and near-term shareholder value in an evolving budgetary environment, we're focused on three objectives. One, expanding operating and free cash flow margins as we further increase operational efficiency. Two, extending our product advantage and surface area in AI operations and incident management. And three, scaling the initial successes in our go to market transformation to drive faster adoption of the full PagerDuty Operations Cloud and effectively monetizing the value we create for customers.

為了在不斷變化的預算環境下創造長期和短期股東價值，我們專注於三個目標。第一，隨著我們進一步提高營運效率，擴大營運利潤率和自由現金流利潤率。第二，擴大我們在人工智慧營運和事件管理方面的產品優勢和覆蓋範圍。第三，擴大我們在市場轉型方面取得的初步成功，以推動 PagerDuty Operations Cloud 的更快普及，並有效地將我們為客戶創造的價值貨幣化。

This will be our sixth consecutive year of expanding operating margins as part of our commitment to profitable growth. Structural efficiency initiatives are accelerating product and business execution while lowering our cost base. With the added benefit of modern software and AI, we expect to continue expanding operating margin towards our long-term target of 30%.

這將是我們連續第六年擴大營業利潤率，這是我們致力於實現獲利成長的一部分。結構效率提升措施正在加快產品和業務執行速度，同時降低我們的成本基礎。借助現代軟體和人工智慧的優勢，我們預計將繼續擴大營業利潤率，朝著 30% 的長期目標邁進。

Demand for our platform remains strong, with double-digit year-over-year growth in new customer acquisition, and in total paid and free customers. Customer retention and growth remain our top priority. While the number of customers expanding with us each quarter has remained consistent throughout the year, we're focused on increasing our average transaction size by more effectively attaching new usage-based products like AI Ops and PagerDuty Advance and by driving adoption through new professional services and customer success playbooks.

市場對我們平台的需求依然強勁，新客戶獲取量以及付費和免費客戶總數均實現了兩位數的年增長。客戶留存和成長仍然是我們的首要任務。雖然全年每季與我們合作的客戶數量都保持穩定，但我們專注於透過更有效地附加新的基於使用量的產品（如 AI Ops 和 PagerDuty Advance）以及透過新的專業服務和客戶成功手冊來推動採用，從而提高平均交易規模。

Targeted customer retention efforts, including a more efficient, proactive coverage model, delivering high demand features and flexible pricing have stabilized customer low retention. That said, seat license compression continues to be our most significant challenge in large enterprises where budget caution and right sizing have had the most impact on our incident management business.

有針對性的客戶留存措施，包括更有效率、更積極主動的服務模式，提供高需求功能和靈活的定價，穩定了客戶流失率低的局面。也就是說，對於預算謹慎和規模調整對我們的事件管理業務影響最大的大型企業而言，席位授權壓縮仍然是我們面臨的最大挑戰。

During the quarter, we mitigated longer-term risk by leveraging multi-year agreements expanding to a broader product footprint and including professional services to ensure fast time to value. We are scaling this motion with a refined adoption and value realization program through the customer success team, while at the same time enabling the field to focus on our agentic offering, both of which will support improved retention and growth over time. We have also sharpened renewal forecasting to identify, measure and address risk earlier in what is now a multi-quarter cycle.

本季度，我們透過利用多年期協議，擴大產品覆蓋範圍並納入專業服務，降低了長期風險，從而確保快速實現價值。我們正在透過客戶成功團隊改進採用和價值實現計劃來擴大這一舉措的規模，同時讓一線人員專注於我們的代理產品，這兩方面都將有助於隨著時間的推移提高客戶留存率和成長。我們也加強了續約預測，以便在如今這個多季度週期中更早地識別、衡量和應對風險。

On a strong foundation of financial and operational discipline, we've extended our product advantage in end to end incident management and AI and agentic operations. In the past, AI ops referred to modern event management techniques that support root cause analysis and incident triage.

在財務和營運紀律的堅實基礎上，我們擴展了我們在端到端事件管理、人工智慧和代理操作方面的產品優勢。過去，AI 運維指的是支持根本原因分析和事件分類的現代事件管理技術。

Now, in an environment where trillions are being deployed on AI investments, yet enterprise resilience is more important than ever, the need for a new operating model has emerged. Agentic orchestration is one of many new operational aspects that enterprises must manage.

如今，數萬億美元被投入人工智慧領域，而企業韌性比以往任何時候都更加重要，因此，一種新的營運模式的需求應運而生。智能體編排是企業必須管理的眾多新營運面向之一。

The new ecosystem required to support AI includes energy, storage, compute, data management, large language models, applications, agents, and the systems to test, control and run AI solutions safely and responsibly.

支援人工智慧所需的新生態系統包括能源、儲存、運算、資料管理、大型語言模型、應用程式、代理程式以及安全負責地測試、控制和運行人工智慧解決方案的系統。

Connected intelligent orchestration and operations of the entire AI stack and the functional automation applications across a business create new surface area that PagerDuty is uniquely positioned to support. The operations cloud connects seamlessly via our integration ecosystem and our model context protocol, our MCP.

整個 AI 堆疊和業務中的功能自動化應用程式的互聯智慧編排和操作，創造了新的領域，而 PagerDuty 在這方面具有獨特的優勢。營運雲端透過我們的整合生態系統和模型上下文協定（MCP）無縫連接。

It intelligently detects potential disruptions and drifts and orchestrates human-led agent-based and model-centric events to prevent and resolve issues. This is the new era of AI operations, real-time orchestration and action across AI agents, applications and infrastructure.

它能夠聰明地檢測潛在的干擾和偏差，並協調以人為主導的、基於代理和以模型為中心的事件，以防止和解決問題。這是人工智慧營運的新時代，它將實現人工智慧代理、應用程式和基礎設施之間的即時協調和行動。

We continue to invest in our roadmap to ensure our position as a central nervous system for both digital and AI operations going forward. PagerDuty pioneered and defined the incident management space, starting in DevOps and expanding to enterprise IT, security, and business operations in service of supporting the largest and most innovative companies in building resilience at scale.

我們將繼續投資我們的發展路線圖，以確保我們未來在數位化和人工智慧營運中保持中樞神經系統的地位。PagerDuty開創並定義了事件管理領域，從DevOps起步，擴展到企業IT、安全和業務運營，為規模最大、最具創新精神的公司提供支持，幫助他們大規模建立彈性。

In October, we leased over 150 platform enhancements and the industry's first agentic end-to-end incident management offering. Customers can now leverage PagerDuty agents to address unstructured, high value, time critical work at every point in the value chain.

10 月份，我們租賃了 150 多個平台增強功能，以及業界首個代理端到端事件管理產品。現在，客戶可以利用 PagerDuty 代理來處理價值鏈中每個環節的非結構化、高價值、時間緊迫的工作。

PagerDuty agents have the unique advantage of being built on our open and neutral ecosystem of more than 700 integrations, leveraging the broadest context on causes and resolution of incidents in order to take the most effective actions.

PagerDuty 代理具有獨特的優勢，它建立在我們開放且中立的生態系統之上，該系統擁有 700 多個集成，利用最廣泛的事件原因和解決方案背景，從而採取最有效的行動。

Early traction and positive customer feedback on PagerDuty's agents demonstrate the need for agentic solutions to scale operations effectively. This is especially critical as a higher volume of code is being shipped with AI.

PagerDuty 代理的早期發展勢頭和積極的客戶反饋表明，需要代理解決方案來有效擴展業務規模。這一點尤其重要，因為越來越多的程式碼都整合了人工智慧技術。

We deepened our AI ecosystem leadership in the quarter with an initial partner as an initial partner in the Glean MCP directory. This enables teams to adopt and accelerate value realization of the operations cloud. PagerDuty is also the first incident management and operations platform integrated into Spotify's developer portal for Backstage which positions us at the forefront of modern development. Spotify noted that this fundamentally helps organizations shift from reactive to proactive issue prevention. Developers can now initiate, triage, escalate and resolve incidents without leaving their workflow.

本季度，我們透過與 Glean MCP 目錄中的首批合作夥伴建立合作關係，進一步鞏固了我們在人工智慧生態系統中的領導地位。這使團隊能夠採用營運雲並加速實現其價值。PagerDuty 也是第一個整合到 Spotify 開發者入口網站 Backstage 的事件管理和營運平台，這使我們處於現代開發的前沿。Spotify指出，這從根本上幫助企業從被動應對問題轉變為主動預防問題。開發人員現在可以在不離開工作流程的情況下發起、分類、升級和解決事件。

Our roadmap prioritizes standards-based enterprise grade interfaces for discovery and control, deep workflow integration in developer, agentic and operations tooling, and an automation fabric that seamlessly weaves human responders and autonomous agents together.

我們的路線圖優先考慮基於標準的企業級發現和控制介面、開發人員、代理和維運工具中的深度工作流程集成，以及將人類響應人員和自主代理無縫連接在一起的自動化架構。

Compared to point solutions, PagerDuty capabilities and use cases span functions such as supply chain, IoT, storage, and security. Recent global infrastructure outages also highlight the differentiated resilience that we provide every day.

與單一解決方案相比，PagerDuty 的功能和用例涵蓋供應鏈、物聯網、儲存和安全等多個方面。近期全球基礎設施故障也凸顯了我們每天所提供的差異化韌性。

Go to market excellence is critical to our success. We're transforming the way we go to market, especially in enterprise where we've seen ongoing customer budget caution and organizational right sizing and change. Over the midterm, we're establishing PagerDuty as the enterprise operations platform for AI. In the near term, we're transitioning from a traditional single-year seat-based license model to a multi-year platform usage model.

卓越的市場推廣能力對我們的成功至關重要。我們正在改變進入市場的方式，尤其是在企業市場，我們看到客戶在預算方面持續保持謹慎，組織規模也不斷調整和改變。在中期，我們將把 PagerDuty 打造成以人工智慧為導向的企業營運平台。短期內，我們將從傳統的一年期席位授權模式過渡到多年期平台使用模式。

On a year-over-year basis, our go to market execution has improved. In Q3, we advanced customer acquisition, adding 284 net new customers year-to-date, nearly 4 times the total in FY25, validating demand for our products and services.

與去年相比，我們的市場推廣執行力有所提升。第三季度，我們在客戶獲取方面取得了進展，今年迄今新增淨客戶 284 人，幾乎是 2025 財年總數的 4 倍，這驗證了市場對我們產品和服務的需求。

Leading AI native companies like Perplexity and any scale continue to choose PagerDuty as their primary operations platform. We've also continued to grow our high-value customer base, those spending over $100,000 per year with us by 5% year-over-year to 867 customers.

像 Perplexity 這樣的領先 AI 原生公司以及各種規模的公司都繼續選擇 PagerDuty 作為主要營運平台。我們的高價值客戶群（每年消費超過 10 萬美元的客戶）也持續成長，較去年同期成長 5%，達到 867 位客戶。

During the quarter, we welcomed Todd McNabb to PagerDuty as our Chief Revenue Officer. He and the team are focused on accelerating this transformation to improve our land, realize, and expand motion, activating new partners to support this effort.

本季度，我們迎來了 Todd McNabb 加入 PagerDuty 擔任首席營收長。他和他的團隊致力於加速這一轉型，以改善我們的土地，實現和擴大運動，並激活新的合作夥伴來支持這項工作。

In his first 30 days, we've seen nearly 40 customers together and expect to see over 100 by the end of the year. It's clear from those conversations that our customers want to do more with us and need both our expertise and support to realize the full value of our platform.

在他上任的頭 30 天裡，我們接待了近 40 位客戶，預計到年底將接待超過 100 位客戶。從這些對話中可以明顯看出，我們的客戶希望與我們進行更多合作，並且需要我們的專業知識和支援才能充分發揮我們平台的價值。

Initial progress in our shift from seat-based to uses-based pricing is encouraging. Flexible operations cloud packaging enables customers to seamlessly scale between human responders, agents, and automated solutions without needing to precisely predetermine users and product mix. This better aligns our customer investments to business outcomes rather than headcount and licenses.

從按座位計費轉向按使用量計費的轉變取得了初步進展，令人鼓舞。靈活的營運雲端打包使客戶能夠在人工響應者、代理和自動化解決方案之間無縫擴展，而無需精確地預先確定使用者和產品組合。這樣可以更好地將客戶投資與業務成果而非員工人數和許可證數量連結起來。

In the quarter, customers across industries made multi-year commitments to PagerDuty. A leading AI native company's multi-year renewal and expansion this quarter demonstrates the need for best in class and AI operations, digital and AI operations in a high growth segment where proven scale, resilience, and strategic partnership are required.

本季度，各行各業的客戶都與 PagerDuty 簽訂了多年合約。一家領先的人工智慧原生公司在本季度續簽多年合約並擴大規模，這表明在高成長領域，需要一流的人工智慧營運、數位化和人工智慧運營，而這些領域需要經過驗證的規模、韌性和策略合作夥伴關係。

PagerDuty safeguards enterprise resilience at a global scale that competitors cannot match. As the company's engineering footprint expanded rapidly from research focused to a global production platform supporting hundreds of millions of users, they required a strategic partner to support their unprecedented operational scale. As AI has accelerated, they have joined our million dollar ARR cohort.

PagerDuty 在全球範圍內保障企業韌性，這是競爭對手無法比擬的。隨著公司工程業務規模從專注於研發迅速擴展到支援數億用戶的全球生產平台，他們需要一個策略合作夥伴來支持其前所未有的營運規模。隨著人工智慧技術的加速發展，它們也加入了我們年收入百萬美元的客戶行列。

A Fortune 25 global automotive leader selected PagerDuty for a multi-year agreement as it modernizes enterprise operations, optimizes manufacturing operations, and advances electric and autonomous vehicle initiatives.

財富 25 強全球汽車行業領導者選擇 PagerDuty 簽署多年協議，以實現企業營運現代化、優化製造營運並推進電動和自動駕駛汽車計劃。

PagerDuty won via executive alignment and enterprise grade capabilities to support operations beyond software teams to manufacturing and the dealer network. Critical to our selection was fast time to value, integration with their native ITSM system, Slack first workflow automation, and our strong track record of scale deployments in manufacturing.

PagerDuty憑藉高管的配合和企業級能力贏得了此次競標，其業務支援範圍不僅限於軟體團隊，還包括製造和經銷商網路。我們選擇的關鍵因素是：快速實現價值、與他們原生 ITSM 系統的整合、Slack 優先的工作流程自動化，以及我們在製造業大規模部署方面的良好記錄。

One of Australia's largest banks and a PagerDuty customer since July 2024, expanded for the second time this year during Q3 to support their ambitious growth goals. The bank added several 1,000 enterprise incident management licenses in a multi-year partnership, increasing their investment by nearly $1 million in ARR.

澳洲最大的銀行之一，自 2024 年 7 月以來一直是 PagerDuty 的客戶，今年第三季第二次進行業務擴張，以支持其雄心勃勃的成長目標。該銀行透過多年合作協議，新增了數千個企業事件管理許可證，使其 ARR 投資增加了近 100 萬美元。

The deployment is transforming operations from reactive and manual to preventative with scaled service ownership across the entire organization. PagerDuty is the bank's enterprise platform for AI. In the competitive gaming industry, a leading digital entertainment platform with millions of daily active users selected PagerDuty's operations cloud with flexible pricing to enhance operational resilience.

此次部署將營運模式從被動和手動轉變為預防性，並在整個組織內實現了規模化的服務所有權。PagerDuty是該銀行面向人工智慧的企業平台。在競爭激烈的遊戲產業，一家擁有數百萬日活躍用戶的領先數位娛樂平台選擇了 PagerDuty 的維運雲，憑藉其靈活的定價策略，增強了營運彈性。

Moving beyond seat-based licensing constraints, the customer chose PagerDuty's usage-based offering to reduce expansion friction and to better align their investment with business value, automating more work as they target 99.99% availability and reduce operational toil by 20%.

為了突破基於席位的許可限制，客戶選擇了 PagerDuty 的按使用量計費方案，以減少擴展摩擦，更好地將投資與業務價值相匹配，實現更多工作的自動化，從而達到 99.99% 的可用性目標，並將營運工作量減少 20%。

Developers can now focus on innovation rather than operational issues. Our focus and sustained investment continue to yield returns in talent, critical drivers of long-term value creation. PagerDuty's recognition among Fortune's best workplace's top 50 included this quarter's placement in the small and medium company list in technology and validates our ability to attract and retain the high caliber employees essential to deepening our competitive mode in digital operations and expanding our offerings in AI operations.

開發人員現在可以專注於創新，而不是營運問題。我們持續專注於人才培養，這是創造長期價值的關鍵驅動力，並持續為此投入資金。PagerDuty 榮獲《財富》雜誌最佳工作場所 50 強稱號，其中包括本季度在科技領域中小企業榜單中的排名，這證明了我們有能力吸引和留住高素質員工，這對於深化我們在數字運營方面的競爭模式以及擴展我們在人工智能運營方面的產品和服務至關重要。

Building on the digital operations category we pioneered, AI operations is a natural growth platform to support our long-term strategy and profitable growth goals. Progress in our go to market transformation, along with flexible enterprise and usage-based pricing, support both mid-term growth and ongoing margin expansion.

人工智慧營運建立在我們開創的數位營運類別之上，是一個自然而然的成長平台，可以支援我們的長期策略和獲利成長目標。我們在市場轉型方面的進展，以及靈活的企業級和按使用量計費模式，為中期成長和持續的利潤率擴張提供了支持。

While these efforts will take time to be fully realized, we're executing from a position of strength, including product leadership, expanding operating margins, and a strong balance sheet. Our unique platform offering and improvements in underlying execution underpin our confidence in accelerating profitable growth.

雖然這些努力需要時間才能完全實現，但我們憑藉強大的實力正在執行這些努力，包括產品領先地位、不斷擴大的營業利潤率和強勁的資產負債表。我們獨特的平台產品和底層執行的改進，增強了我們對加速獲利成長的信心。

I'd like to share one additional leadership update that Howard Wilson, CFO has decided to retire during the next financial year. Howard has been at PagerDuty for nine years and has been instrumental in growing the business to nearly $500 million in ARR.

我想分享一個領導階層的最新消息：財務長霍華德·威爾遜決定在下一個財政年度退休。Howard 在 PagerDuty 工作了九年，為公司發展壯大，使其 ARR 達到近 5 億美元做出了重要貢獻。

His impact has been deep and broad as he's led PagerDuty through our successful 2019 IPO and in achieving critical milestones including positive cash flow, significant operating margin expansion, profitability, and in recent quarters GAAP profitability.

在他的帶領下，PagerDuty 成功完成了 2019 年的 IPO，並實現了包括正現金流、顯著的營業利潤率擴張、盈利能力以及最近幾個季度的 GAAP 盈利能力在內的關鍵里程碑，他的影響深遠而廣泛。

During his tenure, Howard has built and led incredibly capable teams in finance, corporate strategy, operations, and customer success. He has opened international markets, helped to shift PagerDuty from product to platform and led us in acquiring several companies. We have started the search for a new CFO and Howard is committed to supporting a smooth succession during the 2027 financial year.

在任期間，霍華德組建並領導了財務、公司策略、營運和客戶成功等領域能力卓越的團隊。他開拓了國際市場，幫助 PagerDuty 從產品轉型為平台，並帶領我們收購了多家公司。我們已開始尋找新的財務官，霍華德承諾在 2027 財年期間支持平穩過渡。

With that, I'll turn it over to Howard, and we look forward to your questions.

接下來，我將把發言權交給霍華德，我們期待您的提問。

Thank you, Jen, and good day to everyone joining us on this afternoon's call. Before reviewing our third quarter financial results, I want to highlight our strong operational discipline reflected in our second quarter of GAAP operating margin profitability. We expect to be GAAP profitable for the full year next fiscal year.

謝謝Jen，也祝福今天下午參加電話會議的各位一切順利。在回顧我們第三季的財務業績之前，我想專注於我們強大的營運紀律，這體現在我們第二季的 GAAP 營業利潤率。我們預計下一財年將全年實現GAAP獲利。

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.

除非另有說明，本次電話會議中提及的所有費用和經營業績均以非GAAP準則為基礎，並已在電話會議前發佈於投資者關係網站上的盈利報告中與GAAP準則下的業績進行了核對。

Moving to results. Revenue for the quarter was $125 million up 5% year-over-year. Q3 GAAP net income was $160 million. This includes a one-time income tax benefit of $154 million from the release of a valuation allowance.

接下來是結果。本季營收為 1.25 億美元，年增 5%。第三季GAAP淨利為1.6億美元。這其中包括因釋放估值準備金而獲得的 1.54 億美元的一次性所得稅優惠。

International revenue increased 7% year-over-year, contributing 29% of total revenue. Annual recurring revenue exiting Q3 grew 3% year-over-year to $497 million. Although we expected incremental ARR to be higher, there was more pressure on seat licenses and smaller expansion deal sizes this quarter.

國際營收年增 7%，佔總營收的 29%。截至第三季末，年度經常性收入年增 3%，達到 4.97 億美元。儘管我們預期增量 ARR 會更高，但本季席次許可面臨更大壓力，且擴張交易規模較小。

We delivered a 100% dollar-based net retention compared to 102% in Q2. DBNR was negatively impacted by lower gross retention. We expect this pressure on DBNR to continue in Q4. Customers spending over $100,000 in annual recurring revenue increased 5% year-over-year, resulting in [867] by quarter end.

我們實現了 100% 的美元淨留存率，而第二季為 102%。DBNR 受到總保留率降低的負面影響。我們預計第四季DBNR仍將面臨這種壓力。年度經常性收入超過 10 萬美元的客戶年增 5%，到季末達到 [867]。

Total paid customers grew to 15,398 in Q3, growing 2% year-over-year. Paid and free customers on our platform grew to over 34,000, an increase of approximately 13% compared to Q3 of last year. Q3 gross margin was 87%, above the high end of our 84% to 86% target range. The overachievement demonstrates PagerDuty's ability to drive its own operational efficiency while ensuring that the platform improves that of our customers.

第三季付費用戶總數成長至 15,398，年增 2%。我們平台上的付費和免費用戶成長到超過 34,000 人，與去年第三季相比成長了約 13%。第三季毛利率為 87%，高於我們 84% 至 86% 的目標區間的上限。這筆超額完成的業績顯示 PagerDuty 有能力提高自身的營運效率，同時確保平台能夠提升客戶的營運效率。

We expect gross margin in the long-term to return to within our target range as we invest further in customer success management. Operating income was $36 million or 29% of revenue, compared to $25 million or 21% of revenue in the same quarter last year.

我們預計，隨著我們對客戶成功管理的進一步投入，毛利率長期來看將回到我們的目標範圍內。營業收入為 3,600 萬美元，佔營收的 29%，而去年同期為 2,500 萬美元，佔營收的 21%。

The outperformance reflected our focus on increased productivity and operation execution with lower payroll and other personnel costs. In terms of cash flow for the quarter, cash from operations was $25 million or 20% of revenue, and free cash flow was $21 million or 17% of revenue.

績效優異反映了我們專注於提高生產效率和營運效率，同時降低薪資和其他人事成本。就本季現金流而言，經營活動產生的現金為 2,500 萬美元，佔營收的 20%；自由現金流為 2,100 萬美元，佔營收的 17%。

Turning to the balance sheet, we ended the quarter with $548 million in cash equivalents and investments. In Q3, we repurchased 2.4 million shares under our $200 million repurchase plan. And at the end of the quarter, $162 million of the total amount authorized to be repurchased remained available.

從資產負債表來看，本季末我們擁有 5.48 億美元的現金等價物和投資。第三季度，我們根據 2 億美元的股票回購計畫回購了 240 萬股股票。到季末，獲準回購的總金額中仍有 1.62 億美元可供使用。

Consistent cash generation and a strong cash position provide a solid foundation for us to advance our enterprise transformation while returning capital to shareholders. Trading 12-month billings were $496 million, an increase of 4% compared to a year ago.

持續的現金流和強勁的現金狀況為我們推動企業轉型、同時向股東返還資本奠定了堅實的基礎。過去 12 個月的交易帳單金額為 4.96 億美元，比去年同期成長 4%。

With respect to Q4, we anticipate trading 12-months billings year over year growth to be flat. At the end of Q3, total RPO was approximately [$415 million] increasing 2% year-over-year. Of this amount, approximately $287 million or 69%, is expected to be recognized over the next 12 months. $101 million or 24% over months 13 to 24, and the remainder thereafter.

關於第四季度，我們預計過去 12 個月的交易帳單年增率將持平。第三季末，RPO 總額約 4.15 億美元，較去年同期成長 2%。其中，約 2.87 億美元（佔 69%）預計將在未來 12 個月內確認；1.01 億美元（佔 24%）將在第 13 至 24 個月內確認；其餘部分將在之後確認。

Now turning to guidance. When we provided guidance at the end of Q2, we underestimated the current headwinds to retention. Although the number of customers turning and downgrading is trending downwards. The dollar value of the contraction driven by seat-based reductions and customer budget caution has been larger than we forecast. As a result, we are lowering our top-line guidance.

現在進入指導環節。我們在第二季末給予業績指引時，低估了當前客戶留存面臨的不利因素。儘管客戶流失和降級的數量呈下降趨勢。受座位減少和客戶預算謹慎情緒影響，經濟萎縮的美元價值比我們預測的要高。因此，我們下調了營收預期。

To improve visibility, we have made changes to our renewal process and implemented operational changes to drive earlier customer engagement. In addition, in line with our ongoing focus on efficiency, we are increasing our full-year net income and operating margin guidance.

為了提高透明度，我們對續約流程進行了調整，並實施了營運方面的變革，以推動客戶更早參與互動。此外，為了持續提高效率，我們提高了全年淨收入和營業利潤率預期。

So for the fourth quarter fiscal 2026, we expect revenue in the range of $122 million to $124 million representing a growth of 0% to 2%, 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%.

因此，我們預計2026財年第四季營收將在1.22億美元至1.24億美元之間，年增0%至2%；歸屬於PagerDuty Inc.的每股攤薄淨收益將在0.24美元至0.25美元之間，這意味著營業利潤率為21%。

For the full fiscal year 2026, we now expect revenue in the range of $490 to $492 million representing a growth rate of 5%. This compares to the range previously provided of $493 million to $497 million. And net income per diluted share attributable to PagerDuty Inc. in the range of $1.11 to $1.12. This implies an operating margin of 24%. This compares to our prior guide of $1 to $1.04 and 21% to 22% respectively.

我們現在預計 2026 財年全年營收將在 4.9 億至 4.92 億美元之間，成長率為 5%。這與先前給出的 4.93 億美元至 4.97 億美元的範圍相比有所差異。PagerDuty Inc. 的每股攤薄淨收益預計在 1.11 美元至 1.12 美元之間。這意味著營業利益率為 24%。這與我們之前的指導價分別為 1 美元至 1.04 美元和 21% 至 22% 相比。

This quarter, we expanded margins beyond targets, delivered our second consecutive quarter of GAAP profitability, and generated strong cash flow, capital we've been returning to shareholders. At the same time, we are making the strategic investments that position the business to re-accelerate ARR growth while maintaining our disciplined financial profile.

本季度，我們的利潤率超過了預期目標，實現了連續第二個季度 GAAP 盈利，並產生了強勁的現金流，我們將這些資金返還給了股東。同時，我們正在進行策略性投資，以使公司能夠在保持穩健財務狀況的同時，重新加速年度經常性收入 (ARR) 的成長。

In summary, we are expanding margins, generating cash, and progressing the pricing and go to market transitions that support durable growth. We are executing from a position of strength with product leadership, disciplined capital allocation and a strong balance sheet while staying tightly aligned to customer outcomes.

總而言之，我們正在擴大利潤率，創造現金流，並推動定價和市場推廣的轉型，以支持永續成長。我們憑藉著產品領先地位、嚴謹的資本配置和穩健的資產負債表，在保持與客戶成果緊密相關的同時，從自身優勢出發開展業務。

On a personal note, as Jen mentioned, I intend to retire next year. My journey at page duty has been one of incredible growth, and I'm proud of what we have accomplished. I appreciate our customers, partners, investors, and our employees for their support, and am committed to supporting Jen and team in a smooth succession.

就我個人而言，正如Jen所提到的，我打算明年退休。我在擔任版面管理員期間取得了令人矚目的進步，我為我們所取得的成就感到自豪。我感謝我們的客戶、合作夥伴、投資者和員工的支持，並致力於支持 Jen 和她的團隊順利完成工作交接。

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

接下來，我將開放問答環節。

Jeff Van Rhe. Jeff, can I have you open up your line? Joining us from Craig Hallam. Go ahead, Jeff.

傑夫·範·雷。傑夫，你能接通電話嗎？克雷格·哈勒姆連線我們。請繼續，傑夫。

Yeah, there we go. It's great. Thanks guys. I appreciate you taking the questions and Howard, congrats. Nine years, great run. Wish you all the best. I hope you're doing what you enjoy coming out of here. So Jen, just talk to me about, the DBNR, the trend of deceleration there or declines.

好了，就是這樣。這很棒。謝謝各位。謝謝你回答問題，霍華德，恭喜你。九年，輝煌的歷程。祝你一切順利。我希望你離開這裡後能做自己喜歡的事。所以Jen，跟我說說DBNR的情況，那裡的成長放緩或下降的趨勢。

And as Howard addressed some gross churn issues that sounds like you're trying to figure out. How do you, from a leadership standpoint, evaluate what's going on there and compare it maybe to past periods where you've seen buyers be more cautious about spend, pulling in the reins. To say, okay, this is like something we've seen before, or, hey, this is something different here. What's going on? And how does, how is that thought process for you right now?

霍華德談到了一些嚴重的客戶流失問題，聽起來這正是你正在努力解決的問題。從領導的角度來看，您如何評估目前的情況，並將其與過去買家更加謹慎支出、收緊開支的時期進行比較？可以說，好的，這有點像我們以前見過的東西，或者，嘿，這裡有些不同的東西。這是怎麼回事？那麼，你現在是如何思考這個問題的呢？

Yeah, thanks for the question, Jeff. And as we said, like we have a lot to be proud of in the quarter with a very strong bottom line result, 29% margin up 800 basis points over a -- year-over-year, 70% free cash flow. But we're unsatisfied with our retention effort at this -- our retention outcome from this quarter.

是的，謝謝你的提問，傑夫。正如我們所說，本季我們有很多值得驕傲的地方，淨利潤非常強勁，利潤率達到 29%，比上年同期增長 800 個基點，自由現金流達到 70%。但我們對本季的客戶留存工作並不滿意－我們的客戶留存結果並不理想。

It is a little different than anything that we've seen in the past in that what we saw this quarter was improvement around logo retention, so less customers leaving the platform and actually less absolute customers downgrading, but the customers that did downgrade, tended to be larger downgrades in size tied to pretty significant reorganizations.

這與過去我們看到的情況略有不同，因為我們本季看到的是客戶留存率的提高，也就是說，離開平台的客戶減少了，降級的客戶數量也減少了，但降級的客戶往往規模更大，這與相當大的重組有關。

And those reorganizations, you're hearing about them in the news every day. They come with -- sometimes thousands of jobs leaving a business, a lot of leadership, turnover and change, and that's made it hard to anticipate the scale and scope of those.

而這些重組，你每天都能在新聞裡聽到。它們往往伴隨著——有時成千上萬的工作離開一家企業，大量的領導層變動和人員更迭，這使得人們很難預測這些變動的規模和範圍。

Having said that, some of the things that we have done to better understand what's happening in those customers is one, take a multi-quarter view on renewal planning with the customers so that as those customers make changes, we're moving in lockstep with them.

話雖如此，為了更好地了解這些客戶的情況，我們採取的一些措施之一是，與客戶一起制定多季度續約計劃，以便隨著客戶的變化，我們能夠與他們步調一致。

To giving them an alternative from a flexible pricing perspective, I talked about a gaming platform and prepared remarks where they came to us with this challenge, we're changing our organization pretty significantly and want to reduce seat-based licensing and by moving the seat-based licensing conversation off the table in service of usage and a platform license. We're actually able to expand with them in the quarter.

為了從靈活的定價角度為他們提供另一種選擇，我談到了一個遊戲平台，並準備了一些演講稿。他們向我們提出了這個挑戰：我們正在對我們的組織進行相當大的改變，希望減少基於席位的許可，並將基於席位的許可討論轉移到使用量和平台許可上。我們實際上能夠在季度內與他們一起擴張。

So as we scale that motion, we expect this to improve as well. But, overall, I'm confident in the long-term outlook because we see the same customers increasing their usage on products and features. So even though there may be less seats in the renewal, their actual uses of -- usage of the platforms actually improving, and we've seen several examples of that.

因此，隨著我們擴大運動規模，我們預計這種情況也會得到改善。但總的來說，我對長期前景充滿信心，因為我們看到同樣的客戶群不斷增加對產品和功能的使用。因此，即使續約席位可能減少，但平台的實際使用情況實際上有所改善，我們已經看到了幾個這樣的例子。

In addition, you've seen we've really upped our focus on new customer acquisition. And that really -- I think reinforces our product leadership and our market leadership, not just in digital operations, but also in this broader, new evolving category called AI operations where I think we're going to continue to be the choice of not only AI natives who can find less expensive offerings in the market, but also large enterprises that want to grow with us.

此外，您也看到了，我們已經真正加大了對新客戶獲取的重視程度。我認為這確實鞏固了我們的產品領導地位和市場領導地位，不僅在數位營運領域，而且在人工智慧運作這個更廣泛、不斷發展的新領域也是如此。我認為，我們將繼續成為人工智慧原生企業（他們可以在市場上找到更便宜的產品）以及希望與我們共同成長的大型企業的首選。

So we are really focused on those large customers and making sure we can anticipate any changes that might be coming and focused on flexible pricing and multi-year agreements to support them and to reduce, risk over time with those longer-term agreements.

因此，我們真正關注的是那些大客戶，確保我們能夠預見可能出現的任何變化，並專注於靈活的定價和多年協議來支持他們，並透過這些長期協議隨著時間的推移降低風險。

Helpful. If I could sneak one other in from a sales standpoint. Not long ago, I know you were watching the maturity of the sales reps as what you thought would be kind of a key indicator when they hit their productivity. I think 60% at that time had been there a year.

很有幫助。如果從銷售角度來看，我能偷偷再加一個就好了。不久前，我知道你一直在觀察銷售代表的成熟度，你認為這會是他們達到生產力水準的關鍵指標。我認為當時有 60% 的人在那裡工作了一年。

And I'm curious now, you obviously got some new leadership, relatively new in the sales or, when sitting in the CEO chair, what are the indicators that you're watching most closely there for sales? What are you expecting? What are you looking for there?

我現在很好奇，你們顯然迎來了一些新的領導層，銷售方面相對比較新，或者說，作為首席執行官，您最密切關注哪些銷售指標？你期待什麼？你在那裡找什麼？

Number one is what are customers telling us? What are they telling us about their ability to leverage and get value from the platform? How do they feel about their account coverage and continuity in terms of their engagement with PagerDuty? Are they getting the support that they need both pre and post-sale?

首先，客戶告訴我們什麼？他們向我們展示了他們如何利用該平台並從中獲取價值？他們對與 PagerDuty 的互動體驗，以及帳戶覆蓋範圍和連續性有何感受？他們在售前和售後是否都獲得了所需的支援？

And so Todd and I have really been focused on listening to her and getting out and talking to our largest customers, and that's been not only very well received, but we've been, I think, pleasantly surprised by the love people have for our products and services, but also the admission that some of the challenges with adoption and realization is not purely due to PagerDuty's engagement model, but also the fact that their organizations are changing pretty rapidly.

因此，我和 Todd 一直專注於傾聽她的意見，並走出去與我們最大的客戶交談。這樣做不僅得到了很好的反響，而且我認為，人們對我們的產品和服務的熱愛也讓我們感到驚訝。此外，他們也承認，在採用和實現方面遇到的一些挑戰，並非完全是由於 PagerDuty 的參與模式，還因為他們的組織正在快速變化。

So they're asking for more proactive help in that area. From a field perspective, I think Alison Corley, who joined us a few quarters ago as Chief Customer Officer, has really gotten her legs under the desk. And has really gotten customer success oriented around a much deeper understanding of how customers are actually faring from a pure platform health perspective, and that's enabled us to have higher level conversations with customers earlier in the process, but also to swarm customers with the care they need even if their organizations have changed meaningfully.

所以他們要求在這方面提供更積極主動的幫助。從實際工作的角度來看，我認為幾個季度前加入我們擔任首席客戶長的艾莉森·科利已經真正勝任了工作。並且真正以客戶成功為導向，更深入地了解客戶從純粹的平台健康狀況角度來看的實際狀況，這使我們能夠在流程早期與客戶進行更高層次的對話，並且即使客戶的組織發生了重大變化，也能為客戶提供他們所需的關懷。

And in the sales organization, Todd is really doubling down on what we call land, realize and expand, making sure that our reps who have ramps, have the support that they need to really go after growth and expansion, focus on new products attachment, particularly those usage-based products, but also services attachment to ensure faster time to value for our large customers as we close and move on.

在銷售組織方面，Todd 真正加倍投入到我們所謂的「獲取、實現和擴展」中，確保我們那些有晉升空間的銷售代表能夠獲得所需的支持，從而真正追求成長和擴張，專注於新產品附加，特別是那些基於使用的產品，以及服務附加，以確保我們的大客戶在成交和後續工作中更快地獲得價值。

And we've seen that result in some really great wins this quarter. I talked about an automotive manufacturer that's doing some really interesting stuff with us and that's a ramped rep who really understands the platform, but is also leaning into not just our core incident management, but our new AI and automation features.

而我們也在本季看到了這些成果，並且取得了一些非常漂亮的勝利。我談到了一家汽車製造商，他們正在和我們一起做一些非常有趣的事情，他們的銷售代表經驗豐富，不僅真正了解我們的平台，而且還積極參與我們的核心事件管理，以及我們新的人工智慧和自動化功能。

Yeah. Yeah, got it. Appreciate it.

是的。好的，明白了。謝謝。

Thank you.

謝謝。

Thank you, Jeff. Next we'll turn to the representative from RBC. Could you please introduce yourself and join the call?

謝謝你，傑夫。接下來，我們將請加拿大皇家銀行的代表發言。請您自我介紹一下，然後加入通話。

Hey guys, it's Mike Richards on for Matt. Thanks for taking the question. Yeah, I guess just to start understanding that you're making these changes to sort of get ahead of renewals moving forward. I was wondering maybe, and it's early with these seed-based compressions, is there an opportunity to go back into these accounts before their next renewal to offer the usage-based pricing or services where you can sort of get back what you lost in a quicker manner?

大家好，我是Mike Richards，今天替Matt為大家報道。感謝您回答這個問題。是的，我想大家首先要明白，你們做出這些改變是為了事先做好續約的準備。我一直在想，現在基於種子值的壓縮還處於早期階段，有沒有可能在這些帳戶下次續訂之前，提供基於使用量的定價或服務，以便更快地彌補損失？

The -- one of the benefits of longer-term agreements is it gives us more time to go in during the period proactively with not only new pricing and packaging offerings but also more flexibility to get across products and new add-ons. And we have seeded several 1,000 customers with our PagerDuty advance products and services and seeing really good engagement there.

長期協議的優點之一是，它讓我們有更多時間在協議期間積極主動地推出新的定價和包裝方案，並且有更大的靈活性來推廣產品和新的附加組件。我們已經向數千家客戶推廣了 PagerDuty 高級產品和服務，並看到了非常好的參與度。

And in fact, had a lot of success with our SKU that you're aware of called AI ops, which is really about event management, event correlation, and root cause analysis. But that is -- that was our first usage-based pricing offering and that's growing over 50% year-over-year and it's been consistently growing on a solid base. It's not a small revenue product.

事實上，我們推出的名為 AI Ops 的產品取得了巨大的成功，您可能已經有所了解。該產品主要關注事件管理、事件關聯和根本原因分析。但那是我們第一個按使用量計費的定價方案，它每年增長超過 50%，並且一直在堅實的基礎上持續增長。它並非一款獲利能力很強的產品。

So absolutely this gives us an opportunity to be more proactive and in fact the vast majority of customers that Todd and I have seen together are nowhere near a renewal. We're talking about getting feedback on the product, how can we help them attach to new use cases, how do we understand what they're trying to accomplish.

所以這絕對給了我們一個更積極主動的機會，事實上，我和托德一起接觸的絕大多數客戶都還遠遠沒有達到續約的程度。我們正在討論如何獲得產品回饋，如何幫助他們適應新的使用場景，如何理解他們想要實現的目標。

And they're telling us a lot of the same things. One, we're actually starting, we're moving from experimentation. Two, deploying AI investments, and we need to do that in a safe and responsible way, and we need your help doing it.

他們說的很多話都一樣。第一，我們其實是從實驗階段開始，走向正式階段。第二，我們需要部署人工智慧投資，而且需要以安全負責的方式進行，這需要你們的幫助。

A lot of interest in the MCP, which was released for general availability earlier in the quarter. And, also a lot of positive feedback in very significant feature-based release across our entire platform. I think this is the largest release in the company's history, frankly, and that has been made possible for -- through our developer's own use of AI.

很多人對MCP感興趣，該產品已於本季早些時候正式上市。此外，我們整個平台的重要功能更新也獲得了許多正面的回饋。坦白說，我認為這是該公司歷史上規模最大的版本發布，而這要歸功於我們開發人員對人工智慧的運用。

So absolutely proactive. It's a team sport and we have Allison. Todd and their teams along with Katherine, who leads our digital first business and all of the executive sponsors in the business, really, focused on making sure that there are no surprises and we're not turning up to the party late.

所以絕對是積極主動的。這是一項團隊運動，而我們有艾莉森。Todd 和他的團隊，以及領導我們數位化優先業務的 Katherine 和業務中的所有執行贊助商，都真正專注於確保不會出現意外情況，並且我們不會姍姍來遲。

That's great to hear. And then Howard, just a quick one for you, just in terms of guidance assumptions, are you assuming that the dollar-based churn that you're seeing now from sea-based compressions is sort of stabilizing from here, or are you assuming that it continues to worsen?

聽到這個消息真是太好了。霍華德，我再問你一個問題，就指導假設而言，你認為目前從海上壓縮中看到的以美元計價的波動會趨於穩定，還是認為它會繼續惡化？

Yeah, so what you -- our guidance has factored in sort of the visibility that we have today around dollar-based net retention through Q4, and that is driven primarily by the renewal rate and we -- the visibility that we have around those renewals is -- it is now sort of taking us out further and earlier into the process.

是的，所以——我們的指導意見已經考慮到了我們目前對第四季度以美元計價的淨留存率的可見性，而這主要取決於續約率，我們——我們對這些續約情況的可見性——現在讓我們能夠更早、更深入地了解這一過程。

So that gives us a lot of confidence in the guidance that we've given. So we haven't provided a specific number around dollar-based net retention, but we do expect that some of the seat-based, pressure that we've had will continue in Q4.

因此，這讓我們對我們所提供的指導充滿信心。因此，我們還沒有提供以美元計的淨留存率的具體數字，但我們預計，我們在第四季度所面臨的一些以座位數計的壓力將會持續下去。

Thanks, guys.

謝謝各位。

Thank you.

謝謝。

Thanks, Mike.

謝謝你，麥克。

Andrew Sherman, TD Cowan.

安德魯謝爾曼，TD·考恩。

Great, thanks. Good to see you. How much, Jen, how much of the surprise in the corridor from some of the reorgs and the layoffs? It sounds like the pressured seats. How much of that do you view as like one time because some big companies had layoffs and how much is like, is all this kind of out of your control, or are there things that you can do to kind of pinpoint this? It sounds like some of the earlier renewals will help, and I know there's a big renewal base in Q4. So like, how do you kind of prevent that happening in Q4 too?

太好了，謝謝。很高興見到你。珍，走廊上那些人對公司重組和裁員感到有多驚訝？聽起來像是座椅受壓的聲音。你認為其中有多少是因為一些大公司裁員而導致的一次性事件，又有多少是完全不受你控制的，或是你能做些什麼來找出原因？聽起來之前的一些續約會有所幫助，而且我知道第四季的續約基數很大。那麼，如何才能防止這種情況在第四季再次發生？

A great question, Andrew, and it's nice to see the real Andrew Sherman. We see a name and then see a different face. So thanks for being here today. We already are making some progress by being more proactive and explicit in going to customers before they come to us to say they have problems, and I mentioned earlier that the absolute number of customers downgrading and of customers leaving the platform has improved and has decreased over the Quarter. So that is, I think, a good leading indicator.

安德魯，你問得好，很高興看到真實的安德魯謝爾曼。我們看到一個名字，然後看到的卻是另一張臉。謝謝各位今天能來。我們已經取得了一些進展，那就是在客戶聯繫我們之前，更積極主動、明確地與他們溝通，而不是等到他們來告訴我們他們遇到了問題。我之前也提到過，本季客戶降級和客戶離開平台的絕對數量都有所改善和減少。所以我認為這是一個很好的領先指標。

We also are not waiting for customers to tell us that they've got challenges. We're in there all the time asking questions with a pod model now that includes the sales rep, the solutions consulting, in some cases, their first line managers as well as the customer success manager, and where we're engaging with premium support and professional services that also gives us better visibility. So we do expect that to improve.

我們也不會坐等客戶告訴我們他們遇到了問題。我們現在採用小組模式，不斷地提出問題，小組成員包括銷售代表、解決方案顧問，在某些情況下還包括他們的一線經理以及客戶成功經理，我們與高級支援和專業服務部門合作，這也讓我們能夠更好地了解情況。所以我們預計情況會有所改善。

We're also seeing generally is just what our customers sort of refer to as being cautious about their budget because they just don't -- they're uncertain about where that's going to be in the next couple of quarters. So by getting further, out in advance of Renewals, we also can capture, budget even ahead of renewal timing. So we -- like I said, we do expect it to improve. I don't expect the macro to change meaningfully and we're prepared and I think in a very strong position from a financial perspective with a durable balance sheet, very strong operating margins and free cash flow to work through this process with our customers.

我們也普遍看到，我們的客戶對預算比較謹慎，因為他們不確定未來幾季的預算會是多少。因此，透過提前做好續約準備，我們甚至可以在續約時間之前就進行預算。所以，就像我說的，我們確實希望情況會有所改善。我不認為宏觀經濟會發生實質變化，我們已經做好了準備，而且我認為從財務角度來看，我們處於非常有利的地位，擁有穩健的資產負債表、非常強勁的營業利潤率和自由現金流，可以與我們的客戶一起度過這一過程。

Yeah, okay, thanks. And then on the consumption change, talked a bunch about it last quarter too, but it sounds like consumption of the platform was still healthy. Was -- is that the case? And how are you kind of -- how quickly can you move to this consumption model so that the seat pressure becomes less and less of a headwind?

好的，謝謝。至於消費變化，上個季度我們也談了很多，但聽起來該平台的消費情況仍然良好。是——是這樣的嗎？那麼，您打算如何——您能多快過渡到這種消費模式，才能使壓力越來越小，不再成為阻礙？

Yeah, we're seeing usage go up across almost every usage metric on the platform and also that new customer growth that we talked about earlier, both in terms of new low lands as well as net new customers, and new and free and paid customers, all growing in double-digits. That is heartening in terms of demand for the product and I would just remind you that It's not a one-dimensional shift from seat-based to usage-based because we have a lot of new customers and frankly growing customers that are very happy on a seat-based model where we don't see these tailwinds.

是的，我們看到平台上的幾乎所有使用指標都在上升，而且我們之前提到的新客戶成長，無論是新用戶數量還是淨新增客戶數量，以及新用戶（包括免費用戶和付費用戶），都實現了兩位數的成長。就產品需求而言，這令人鼓舞。但我只想提醒大家，這並不是從按座位計費到按使用量計費的單一轉變，因為我們有很多新客戶，坦白說，還有許多不斷增長的客戶對按座位計費模式非常滿意，而我們並沒有在這種模式下看到這些利好因素。

We're really seeing them the most pronounced in the very largest customers. We have thousands and thousands of employees. And therefore reorganizations that might impact thousands of employees that then cause seat-based compression for us.

我們發現，在最大的客戶群中，這種現象最為明顯。我們擁有成千上萬的員工。因此，可能會影響數千名員工的重組，進而導致我們面臨座位緊張的問題。

The other thing that I would say is as we move from single year to multi-year again, that gives us more time to seed some of these usage-based products and a number of our customers who are engaged. In usage based have credits that they'll be burning down, which we expect will then convert to ARR. So we'll get some benefit as those customers spend more time and have more experience with these usage -- usage-based solutions. And with our agentic incident management suite now in the marketplace, that gives us more surface area to grow in.

我想說的另一點是，隨著我們從一年合約過渡到多年期合同，這給了我們更多的時間來推廣這些基於使用量的產品，並吸引更多客戶參與。在按使用量計費模式下，他們會獲得積分，這些積分將會被消耗掉，我們預計這些積分隨後會轉化為年度經常性收入。因此，隨著這些客戶花費更多時間並累積更多經驗來使用這些基於使用量的解決方案，我們將從中受益。隨著我們的代理事件管理套件上市，這為我們提供了更大的發展空間。

Great. And --

偉大的。和--

Maybe just to emphasize one of the points that Jen made there, when we see these customers who have the seat reductions. The good thing is that they're staying with PagerDuty because they recognize us as the leader in terms of how they manage their AI operations today.

也許只是為了強調 Jen 剛才提到的一點，當我們看到這些座位減少的顧客。好消息是，他們之所以繼續與 PagerDuty 合作，是因為他們認可我們在當今人工智慧營運管理方面的領先地位。

What we have seen is that as we start moving them to our flexible licensing model, they have access to more product footprint than they would have in the past. And as they have access to more of that product footprint, it allows them then to use more of the platform and that we expect over time is going to then lead to them growing with us further. So whilst their base might have shrunk for now, in fact, they're setting themselves up with a foundation to really grow as they continue to scale their operations.

我們發現，隨著我們開始將他們轉移到我們靈活的授權模式，他們能夠獲得比過去更多的產品資源。隨著他們能夠接觸到更多產品，他們就可以使用更多平台，我們預計隨著時間的推移，這將促使他們與我們共同成長。因此，雖然他們目前的用戶基礎可能有所縮小，但實際上，隨著他們業務規模的不斷擴大，他們正在為自己的真正發展奠定基礎。

That's great. Thanks, Howard. Congrats and best wishes. Great working with you.

那太棒了。謝謝你，霍華德。恭喜並致以最美好的祝愿。和你合作非常愉快。

Thanks. Thanks, Andrew.

謝謝。謝謝你，安德魯。

Thank you. Next from Truist, we have Miller Jump. Miller, come on up.

謝謝。接下來是來自 Truist 的 Miller Jump。米勒，上來吧。

Great. Thank you for taking the question, Howard, congrats on your next steps. I'm going to annoy you guys and ask another question about the C count headwinds, but I guess the question is really, it sounds like it's purely layoff-driven, and from that perspective, would you characterize all of these as businesses that are more challenged, or is there any evidence you're starting to see that AI is potentially pushing out investments in headcount in some of these businesses?

偉大的。謝謝你回答這個問題，霍華德，恭喜你邁向新的階段。我又要來煩你們了，再問一個關於C級企業面臨的困境的問題。我想問的是，這聽起來完全是裁員造成的，從這個角度來看，你們會把所有這些企業都描述為面臨更大挑戰的企業嗎？或者你們有沒有看到任何證據表明，人工智慧可能會在某些企業中擠佔人力投資？

Generally speaking, what I'm seeing, when if I try and correlate customers that are making changes to what we're seeing in their earnings announcements, et cetera, there's really a focus on improving operating margin, reducing, costs and sort of rethinking how they might be attacking, different efforts across the business.

總的來說，我發現，如果我嘗試將做出改變的客戶與我們在他們的盈利公告等中看到的內容聯繫起來，就會發現他們真正關注的是提高營業利潤率、降低成本，以及重新思考他們如何開展業務中的不同工作。

Frankly, we're also building more and more automation into the platform as well, right, which, over time means that seat-based licensing isn't really as well tied to the value proposition that we're delivering. So this is a natural evolution but it's more pronounced. When you see a large customer with a significant headcount reduction, then come to us.

坦白說，我們也在平台中建立越來越多的自動化功能，對吧？隨著時間的推移，這意味著基於席位的許可與我們提供的價值主張之間的聯繫並不那麼緊密。所以這是一種自然演變，但這種演變更加明顯。當您發現有大客戶需要大幅裁員時，請與我們聯絡。

So on one hand, it's interesting, it's kind of a dichotomy even within some of the same accounts. On one hand, we'll see the right sizing as a headwind but the same customer will then come to us and say, our number one priority is resilience.

所以一方面，這很有趣，即使在一些相同的帳戶中也存在一種二元對立。一方面，我們會把合適的尺寸視為一種阻力，但同一位客戶隨後會來找我們說，我們最優先考慮的是韌性。

So now that we've gotten the contract right sized, how can you help us improve? And to Howard's point, we almost see immediate growth opportunities following that sort of resizing. And so I think it is a temporal thing because we've seen -- we've even seen customers who have significantly reduced their spend with us come back a year later and only to build back up. We're also seeing, a number of opportunities where we're winning competitor replacement, even where the competitor was less expensive but not serving the resilience proposition.

既然我們已經確定了合適的合約規模，您能如何幫助我們改進呢？正如霍華德所說，我們幾乎可以看到，在進行這種規模調整之後，會立即出現成長機會。所以我認為這只是暫時的，因為我們已經看到——甚至看到一些客戶大幅減少了在我們這裡的消費，一年後又回來了，而且消費額又恢復了。我們也看到，在許多情況下，我們贏得了競爭對手的替代機會，即使競爭對手的產品價格更低，但卻無法滿足彈性需求。

And, if you think back just over the last 8 weeks to 12 weeks, there have been a number of public service failures where -- we're the only platform that is still standing and resilient in those environments because of all of the architectural redundancy we built into the product. And so that sort of reinforces the tailwind that is operational resilience as a priority.

而且，如果你回想過去 8 到 12 週，你會發現有很多公共服務故障——在這些環境中，我們是唯一一個仍然屹立不倒且具有彈性的平台，因為我們在產品中建立了所有架構冗餘。因此，這進一步鞏固了將營運韌性作為優先事項的有利因素。

Makes sense. I guess I want to ask one about the bottom line for Howard. Obviously big step up that you're now projecting this year. Point well taken about, 30% is kind of that long-term target that you're working towards. I know you're not guiding the year ahead, but like, can you talk about trajectory at all and just the potential for these types of games in the future versus how you would expect it to ramble.

有道理。我想問其中一位關於霍華德的底線情況。顯然，你今年的預期將是一個很大的進步。你說的很有道理，30% 是你正在努力實現的長期目標。我知道你無法預測未來一年的發展方向，但是，你能談談未來的發展軌跡，以及這類遊戲未來的潛力，而不是你預期它會如何發展嗎？

Yeah, well, thanks, Miller. We are proud of the progress that we've made. I mean, this is like our sixth consecutive year of us continuing to drive that improvement in terms of operating margin and we also have looked to cross the threshold around GAAP profitability for the full year next year. So this has been like a steady program that we've been running.

是啊，謝謝你，米勒。我們為所取得的進步感到自豪。我的意思是，這已經是我們連續第六年持續提高營業利潤率了，而且我們也希望明年能夠實現全年GAAP盈利目標。所以，這就像我們一直在穩定運作的一個專案。

We're not setting expectations for next year. But what I can tell you is that we remain committed to looking at ways in which we can optimize the spend within the business and deliver good results. So we're continuing to make investments in the things that are important for us in terms of our customers, our transition, and our product, and you can expect to see more of that.

我們不打算對明年做出預期。但我可以告訴大家的是，我們將繼續致力於尋找優化公司內部支出並取得良好業績的方法。因此，我們將繼續投資於對我們的客戶、轉型和產品而言重要的事情，您可以期待看到更多這樣的投資。

Thanks very much.

非常感謝。

Thanks, Miller.

謝謝你，米勒。

Okay, next we'll hear from the representative from Morgan Stanley. Again, please introduce yourself. I think you're a new face for us.

好的，接下來我們將聽取摩根士丹利代表的發言。請再次自我介紹一下。我想你對我們來說是個新面孔。

Hey guys, thank you for taking my question. I am Oscar Savera on for Sanjit Singh, and congratulations from me to you, Howard, as well.

各位好，感謝你們回答我的問題。我是奧斯卡·薩維拉，代表桑吉特·辛格向你表示祝賀，霍華德。

Thank you.

謝謝。

Hope that, you get to do some fun stuff in retirement.

希望你退休後能做些什麼有趣的事。

I'm planning to.

我打算這麼做。

I guess my first question -- with regards to guidance for Q4 right now calling for 1% of growth at the midpoint, I was wondering like how much of that, is based on what you're seeing in the pipeline in terms of the upcoming, big renewal quarter versus maybe a bit more conservatism around, maybe the timeline to when that usage-based, part of the model will begin to offset the seat pressure that you're seeing. Thank you.

我的第一個問題是——關於目前對第四季度的業績指引，其中值預測增長 1%，我想知道這其中有多少是基於即將到來的大型續約季度的預期，又有多少是基於更保守的預期，比如基於使用量的部分何時才能開始抵消您目前看到的座位壓力。謝謝。

Yeah, sure. So when we look at the guide that we provided for Q4. We have factored in the visibility we have around renewals. Q4 is our largest quarter, in terms of renewals. We do expect that as we transition customers to the new pricing and packaging model, that will mitigate the impacts of some of the contraction that we've seen and set those customers up for growth.

當然可以。所以，當我們查看我們為第四季度提供的指南時。我們已經將續約方面的可視性納入考量。第四季是我們續約業務量最大的季度。我們預計，隨著客戶過渡到新的定價和包裝模式，這將減輕我們所看到的一些萎縮的影響，並為這些客戶的成長奠定基礎。

We're not expecting that to have a major impact in Q4. So whilst we're moving customers to this new pricing, that obviously is not something that you just turn on instantly. But we're making good progress and we're working with a large number of customers who have renewals in this quarter around moving them to that new model.

我們預計這不會對第四季產生重大影響。因此，雖然我們正在將客戶轉移到這種新的定價模式，但這顯然不是可以立即啟用的。但是我們取得了良好的進展，並且正在與本季度有大量續約客戶合作，幫助他們過渡到新模式。

But we have factored in both looking at the engagement that we're having with customers, an early engagement we started with them now months ago with some of the changes we've implemented and also having a look at the customer's own state of usage and adoption of the platform to try and make sure that we can be really targeted to help drive and improve their adoption.

但是，我們既考慮了與客戶的互動情況，也考慮了幾個月前我們與他們進行的早期互動以及我們實施的一些變更，同時還考慮了客戶自身對平台的使用和接受程度，以確保我們能夠真正有針對性地幫助推動和提高他們的採用率。

So we are expecting some of the same patterns that were emerging in Q3 would still persist to some extent in Q4. We're still expecting to see stabilization in that the number of customers that are downgrading or churning. We've got a good handle on that, and we're looking at ways in which we can mitigate any contraction.

因此，我們預計第三季出現的一些相同模式在第四季仍會在一定程度上持續存在。我們仍然預期降級或流失的客戶數量會趨於穩定。我們已經很好地控制住了局面，並且正在尋找減輕經濟萎縮的方法。

Got it. And then as a follow-up, I, Jennifer, you talked about improvement in customer log logo retention and being less absolute customers downgrading in size. I was just wondering like if you can sort of how do you square that with the down we saw in the customers spending over $100,000 in ARR?

知道了。然後，作為後續，我，Jennifer，你談到了提高客戶日誌徽標保留率，以及減少客戶降級規模的情況。我只是想知道，您如何解釋我們看到的客戶年度經常性收入超過 10 萬美元的下降？

Yeah, it really comes down to the just the impact of down sells at the larger end of the market, and customers -- I think, are expanding at a similar rate that they have in the past, but they're smaller expansions and, a little more cautious than they have been in the past.

是的，這實際上取決於高端市場降價促銷的影響，而客戶——我認為——的擴張速度與過去類似，但擴張規模較小，而且比過去更加謹慎。

So it's on us to work with them to see the value from those investments quickly, so that they can continue to build on them. I also, believe that as Allison has gotten closer to the business, she's identifying more opportunity in the base, particularly as it relates to giving customers exposure to new products and services across the platform and that's something that we're working to do a better job of attaching.

因此，我們有責任與他們合作，盡快看到這些投資的價值，以便他們能夠繼續在此基礎上成長。我也相信，隨著艾莉森對業務的了解越來越深入，她正在發現更多來自客戶群的機會，尤其是在讓客戶接觸到平台上的新產品和服務方面，而這正是我們正在努力更好地實現的。

Got it. Thank you very much, guys.

知道了。非常感謝各位。

Thank you, Oscar.

謝謝你，奧斯卡。

Thank you.

謝謝。

Thank you. And turning next to BFA again, please introduce yourself and ask your question.

謝謝。接下來，請BFA的各位同學自我介紹並提出你們的問題。

Hi, it's George McGrean on for Koji Ikeda. Really appreciate you taking our question today. So I wanted to ask about the agentic suite and kind of the tailwind that that might be to consumption as we kind of shift to consumption. Just among the products and features that are in generally available today, MCP server, shift agent, et cetera. Do you kind of see any difference in the way that customers that are engaging with those products, are using the platform today, maybe any increase or is that early?

大家好，我是池田浩司的喬治‧麥克格雷恩。非常感謝您今天回答我們的問題。所以我想問一下關於智慧代理套件的問題，以及隨著我們向消費模式轉變，它可能對消費帶來的某種推動作用。目前市面上普遍提供的產品和功能包括 MCP 伺服器、輪班代理等等。您是否觀察到與這些產品互動、使用平台的客戶方式有任何不同？例如，是否有增加，或者這只是早期現象？

And then also on the other hand, just in terms of how the suite further differentiates PagerDuty from the competition, do you see that kind of showing up in your competitive win rates today, or is maybe that too early? Thank you.

另一方面，就該套件如何進一步使 PagerDuty 與競爭對手區分開來而言，您是否看到這在目前的比賽勝率中有所體現，或者現在談論這個還為時過早？謝謝。

Yeah, and we're seeing, thank you for the question, George. We're seeing really positive response to the C suite for a couple of reasons. One, most agents that you'll hear about, in and around the incident management space can only work across the environments that they're built in and because of our 700+ strong integration ecosystem and the data that we've built over many years, focused on incident management, our agents are able to leverage a much broader context to determine what is truly a challenge to troubleshoot and triage that and ultimately resolve it and with the benefit of MCP can work hand to hand, agent to agent with other platforms, whether it's one of the cloud providers or hyperscalers or in the case of Glee, who we mentioned earlier where the agents are able to work together seamlessly, right?

是的，我們正在觀察，謝謝你的提問，喬治。我們看到高階主管獲得了非常正面的迴響，原因有二。首先，您在事件管理領域聽到的絕大多數代理程式只能在其建置的環境中運作。而由於我們擁有 700 多個強大的整合生態系統，以及多年來專注於事件管理所累積的數據，我們的代理程式能夠利用更廣泛的上下文來確定真正的挑戰，從而進行故障排除和分類，並最終解決問題。此外，借助 MCP，我們的代理程式還可以與其他平台（無論是雲端提供者、超大規模雲端服務商，還是像我們之前提到的 Glee 那樣的平台）進行代理程式之間的協同工作，對吧？

The other thing is, our products and services have always been human in the loop or human in the lead, and so the user can see the agent at work and engage in that process, which builds trust. And what we're seeing is that then drives more usage and more adoption and then more usage. So it is a bit of a self-fulfilling cycle in that regard.

另外，我們的產品和服務一直都是以人為本或以人為主導的，因此使用者可以看到客服人員的工作過程並參與其中，從而建立信任。我們看到的是，這會進一步推動更多使用和更多採用，然後再推動更多使用。所以從這方面來說，這有點像是自我實現的循環。

And I think from a competitive standpoint because it's not a single SRE agent, we have an agentic scribe, an agentic shift agent that takes a lot of the pain out of scheduling and escalation development. We've got an agentic, analyst that helps you understand actually what's going on during an incident, what's happened in the past, and how you can apply some of those learnings very quickly, like during the incident, instantaneously, and then of course the SRE who is doing some of the work.

我認為從競爭的角度來看，因為我們不是單一 SRE 代理，而是代理記錄員和代理輪班代理，這大大減輕了調度和升級開發方面的痛苦。我們有一位代理分析師，可以幫助您了解事件發生期間實際發生了什麼，過去發生了什麼，以及如何快速應用這些經驗教訓，例如在事件發生期間立即應用，當然還有 SRE 負責一些實際工作。

And you can imagine where this can go over time now that we're able to add and scale agents on this platform. So I do believe it's quite unique in the market. And also resilient like all of our products and services are.

您可以想像，隨著我們能夠在這個平台上添加和擴展代理，隨著時間的推移，這將發展成什麼樣子。所以我認為它在市場上是相當獨特的。而且，它也像我們所有的產品和服務一樣，具有很強的韌性。

So that we're really excited about and with other usage-based products like AI ops, what we saw was a pretty steady growth over a period of time, by first seeing the product, getting customers to try it and use it, and then getting them to consume, in the case of AI ops, more events, in the case of the agentic suite, more credits. And so we do -- we do expect to see those customers grow as they get a hang of using not just the agents, but also our generative offering as well, which all lives under the PagerDuty Advanced umbrella.

因此，我們對此感到非常興奮，並且與其他基於使用量的產品（如 AI 運維）一樣，我們看到了一段時間內相當穩定的增長，首先是讓客戶看到產品，讓他們嘗試和使用它，然後讓他們消費，就 AI 運維而言，是更多的事件，就代理套件而言，是更多的積分。因此，我們確實希望看到這些客戶在逐漸掌握使用代理商以及我們的生成式產品（所有這些都屬於 PagerDuty Advanced 的範疇）的過程中不斷成長。

And then to your question around, why are we confident? One, it's just seeing the usage patterns even on a smaller base, healthy growth. Two, customers have helped us design these agents. So all of our PD advanced products and services started in an early design program. So they basically, were built in service of what our customers told us they need. So we're meeting the demand in the market first, in many cases.

然後回答你提出的問題：我們為什麼要有信心？第一，即使在較小的基數上，也能看到使用模式的健康成長。第二，客戶幫我們設計了這些代理商。因此，我們所有的 PD 先進產品和服務都始於早期設計方案。所以，它們基本上都是為了滿足顧客的需求而建造的。所以，在很多情況下，我們首先滿足的是市場需求。

And, likewise, they're more intuitive to sell in some cases than maybe some of our more technical automation offerings of the past. So the field is really excited learning how to talk about them, how to show customers, how to try them, get them, enabled, and get customers discovering them in product. Okay?

同樣地，在某些情況下，它們比我們過去一些技術性更強的自動化產品更容易銷售。因此，該領域非常興奮地學習如何談論它們，如何向客戶展示它們，如何嘗試它們，如何獲取它們，如何啟用它們，以及如何讓客戶在產品中發現它們。好的？

Thank you very much.

非常感謝。

Thank you.

謝謝。

Thanks, George.

謝謝你，喬治。

Okay, team, I believe we have one more question queued up from William Blair. Is that Jacob on the line? Feel free to turn your video on and unmute.

好的，各位，我想我們還有一個來自威廉布萊爾的問題要問。電話那頭是雅各嗎？請隨意打開影片並取消靜音。

Yeah, hi everyone, this is Jacobs rebound for Jacob Bears. Thanks for taking the question. You touched on the solid momentum with the new logo ads this year. Can you give us some more color on how these logos are landing in terms of size relative to prior years, especially as you're prioritizing larger deals and multi-year commitments.

大家好，我是 Jacob Bears 的 Jacobs 籃板。感謝您回答這個問題。您提到了今年新logo廣告帶來的強勁勢頭。能否詳細說明一下，與往年相比，這些標誌的尺寸變化情況如何，尤其是在你們優先考慮較大交易和多年期承諾的情況下？

Yeah, this is one of the things that I look at every quarter, and, frankly, we're seeing good new logo acquisition across all of our segments. And remember that the way we land customers is often through our digital first or self-service environment and then they will either grow unaided within the digital first organization or they will grow through the -- with the help and support of the go to market organization. So we're seeing both showing promising growth.

是的，這是我每個季度都會關注的事情之一，坦白說，我們看到所有業務板塊的新客戶獲取情況都很好。請記住，我們獲取客戶的方式通常是透過我們的數位化優先或自助服務環境，然後他們要麼在數位化優先的組織內獨立成長，要麼在市場推廣組織的幫助和支持下成長。所以我們看到兩者都呈現出令人鼓舞的成長動能。

And what I would say is, I had a look last week at just the batch of new customers this quarter, and I was really pleased to see this balance mix between new AI natives, some of the hottest companies you're hearing about, some of the fastest scaling companies in the world. I think we mentioned, any scale. You may be familiar with, Ray and Perplexity.

我想說的是，我上週查看了本季度新增客戶的名單，我很高興地看到，這些客戶構成均衡，既有新興的 AI 原生企業，也有你經常聽到的熱門公司，還有一些世界上發展最快的公司。我想我們之前提到過，任何規模。你可能聽過 Ray 和 Perplexity。

But also we're really continuing to see a lot of diversity across industry verticals and digital first customers as well as more traditional companies that are deep in the middle of transformation. In some of our markets, we've seen some really good competitive replacements where other point solutions have not served customers as they've scaled and we've been able to provide them with a much more resilient, broader product offering. So it really is a pretty balanced base of customers.

但我們也確實看到，各產業垂直領域和數位優先的客戶群，以及正在經歷深度轉型的傳統公司，都呈現出很大的多樣性。在我們的一些市場中，我們看到了一些非常優秀的競爭性替代方案，因為其他一些單一解決方案無法滿足客戶不斷擴大規模的需求，而我們能夠為他們提供更具彈性、更廣泛的產品組合。所以我們的客戶群確實相當均衡。

Howard, anything that you would add there?

霍華德，你還有什麼要補充的嗎？

Yeah. And I would say that the size of land can vary, as Jen said. Like sometimes we have small customers where it may be a few $100 or a few $1000 but within this quarter, we also had a few customers above $100,000. So lands that were large lands. So those tend to be in the enterprise segment. As that's also a mix that can be a more traditional type of industry, but certainly a lot of the software and technology and AI leaders also tend to come in at some of the higher values north of [$50,000].

是的。正如Jen所說，土地面積的大小可能會有所不同。有時候我們會遇到一些小客戶，金額可能只有幾百美元或幾千美元，但在這個季度，我們也遇到了一些金額超過 10 萬美元的客戶。所以，那些土地曾經非常廣闊。所以這些產品往往屬於企業級市場。因為這也是一種更傳統的行業組合，但當然，許多軟體、技術和人工智慧領域的領導者也往往擁有高於平均水平的估值。[50,000 美元]

Got it. Thanks. Just one more on my end. You had a meaningful decline in stock-based comp, this quarter. I guess as you're positioning for GAAP profitability, should we expect this level of stock-based comp, like on a forward basis?

知道了。謝謝。我這邊還剩最後一個。本季你的股票選擇權激勵收入出現了顯著下降。我想，既然你們的目標是實現 GAAP 獲利，我們是否應該預期未來會獲得這種水準的股票選擇權激勵？

You can expect stocks to decline. And the rate of decline -- will be different as we sort of move forward through the end of this year and into next year, but that is the trend that you can anticipate.

預計股票價格會下跌。隨著我們進入今年年底和明年，下降的速度會有所不同，但這是你可以預期的趨勢。

Yeah, and as that's a lagging indicator. It's the result of pretty significant effort over the last several years that you sort of C show up in the out years, and we're continuing, to be committed to managing stock-based comp effectively as part of our profitable growth ambition.

是的，而且那是個落後指標。這是過去幾年我們付出巨大努力的結果，因此，在未來的幾年裡，我們能夠以某種方式展現出 C 的風采。我們將繼續致力於有效地管理股票選擇權，以此作為我們獲利成長目標的一部分。

Thank you.

謝謝。

Thanks, Jacob.

謝謝你，雅各。

Howard, Jen, we've made it through another batch of questions. Jen, can I turn it over to you for any final remarks?

霍華德，珍，我們又完成了一批問題。Jen，我可以把發言權交給你，請你做最後的總結發言嗎？

Yeah. Sure, thank you. Thanks everybody for joining us today. We feel we are uniquely positioned to support enterprise resilience across our customers' strategic, digital and AI operations. Our product velocity and expansion into cutting edge use cases continue to widen our competitive mode.

是的。當然，謝謝。感謝各位今天收看。我們認為，我們擁有獨特的優勢，能夠支援客戶在策略、數位化和人工智慧營運方面提升企業韌性。我們的產品迭代速度和向尖端應用領域的拓展不斷拓寬了我們的競爭格局。

We're central, ubiquitous, neutral, connected, and everywhere, and the strength of our P&L and balance sheet ensures that we're able to drive differentiated customer value in any market cycle. I just want to mention that we are grateful for the trust of our shareholders, the ingenuity and dedication of all of our employees and the support from our customers and partners and we wish you a wonderful thanksgiving. Thank you, everyone.

我們處於中心地位，無處不在，保持中立，相互聯繫，並且遍布各個角落。我們強大的損益表和資產負債表確保我們能夠在任何市場週期中創造差異化的客戶價值。我只想說，我們非常感謝股東們的信任，感謝全體員工的聰明才智和奉獻精神，感謝客戶和合作夥伴的支持，祝大家感恩節快樂。謝謝大家。