PagerDuty, Inc. (PD) 2026 Q4 法說會逐字稿

(technical difficulty) We stabilized ARR in Q4 and accelerated new and expansion business, ending the year with solid fourth quarter results. In our first GAAP profitable year, we continued to increase operating margin through disciplined execution, while advancing our AI-first operations for mission-critical work.

(技術問題) 我們在第四季穩定了 ARR，並加速新客與擴張業務，年末以穩健的第四季業績作結。在我們首個 GAAP 獲利年度，我們透過嚴謹執行持續提升營業利益率，同時推進以 AI 為先的營運，以支援關鍵任務工作。

In Q4, we delivered $125 million in revenue, up 3% year over year and 24% non-GAAP operating margin, both above our guidance ranges. Total annual recurring revenue ended the year at $499 million, with an increasing contribution from enterprise customers.

第四季我們實現 1.25 億美元營收，年增 3%，非 GAAP 營業利益率為 24%，兩者皆高於我們的指引區間。全年經常性收入（ARR）年末為 4.99 億美元，其中企業客戶的貢獻占比持續提升。

Throughout the year, we expanded non-GAAP operating margin by nearly 700 basis points through consistent discipline, structural efficiency initiatives and AI adoption. We see a clear path to our long-term target of 30% non-GAAP operating margin, as we increase our own operational AI leverage and drive our customers' consumption of our AI platform.

全年我們透過一貫的紀律、結構性效率計畫與 AI 導入，將非 GAAP 營業利益率提升近 700 個基點。隨著我們提高自身營運的 AI 槓桿，並帶動客戶對我們 AI 平台的使用量，我們看見通往長期 30% 非 GAAP 營業利益率目標的清晰路徑。

Leading growth indicators in the quarter were increasingly encouraging. Total platform customers grew significantly to over 35,000 total paid and free customers, up 14% year over year. Improved conversion from both free to paid and total top of funnel led to over 600 new customers, including AI natives and enterprises, accelerating 17% year over year. These segments combined are high value and high propensity to grow. We expanded with AI natives and AI-first companies like Anduril, CoreWeave, Snowflake and Scale AI.

本季的領先成長指標愈發令人鼓舞。平台客戶總數大幅成長至超過 35,000 名付費與免費客戶，年增 14%。免費轉付費的轉換率與整體漏斗頂端表現改善，帶來超過 600 名新客戶，包括 AI 原生與企業客戶，年增加速至 17%。這些細分客群兼具高價值與高成長傾向。我們與 Anduril、CoreWeave、Snowflake 與 Scale AI 等 AI 原生與 AI-first 公司擴大合作。

Companies across the globe demonstrated deep trust in PagerDuty. In EMEA, Banco Santander, Bupa and Vodafone are just a few that expanded. Likewise, our Asia Pac and Japan teams experienced success through strategic deals, including an expansion with JR East Railway Information Systems and one of Australia's largest banks. New and expansion performance in the quarter was our strongest for the fiscal year, up 6% from the previous year and sequentially up 37%. Underpinning our Q4 new and expansion bookings momentum were large six and seven figure opportunities.

全球各地的公司展現出對 PagerDuty 的高度信任。在 EMEA，Banco Santander、Bupa 與 Vodafone 等只是擴張合作的部分例子。同樣地，我們的亞太與日本團隊透過策略性交易取得成果，包括與 JR East Railway Information Systems 的擴張，以及與澳洲最大銀行之一的合作。本季新客與擴張表現為本財年最強，較去年同期成長 6%，較前一季成長 37%。支撐我們第四季新客與擴張訂單動能的是多筆六位數與七位數的大型機會。

We signed over 40 deals worth $100,000 or more in the quarter, almost twice the average of prior quarters in the year, showing progress towards reaccelerating growth. By year's end, the cohort of customers spending $1 million or more in ARR has increased up -- has increased to 79, up 10% year over year, while 861 customers now spend over $100,000 annually, an increase of 1% year over year. This segmentation is important.

本季我們簽下超過 40 筆單筆價值 10 萬美元以上的交易，幾乎是本年度先前各季平均的兩倍，顯示我們在重啟加速成長方面取得進展。截至年末，ARR 支出達 100 萬美元以上的客戶群已增加至 79 家，年增 10%；而目前有 861 家客戶每年支出超過 10 萬美元，年增 1%。這樣的分層很重要。

The modest growth in the $100,000 customers reflects churn in the midsized spend range, but double-digit growth at the $1 million range shows we're making real progress with our highest value enterprise customers, exactly where we're focused for growth. While seat-based compression continued to impact some of our installed base, we're attracting customers with higher propensity to grow -- that are higher propensity to grow on the platform with flexible consumption-led pricing.

10 萬美元級客戶的溫和成長反映出中型支出區間的流失，但 100 萬美元級的兩位數成長顯示我們在最高價值的企業客戶上取得實質進展，這正是我們聚焦的成長方向。雖然以席位為基礎的壓縮仍影響部分既有客群，但我們正以更具彈性的、以使用量驅動的定價，吸引在平台上更有成長傾向的客戶。

Our new pricing model makes it more compelling for customers to land new business and expand existing accounts on the platform. As a result, in Q4, we secured several large multiyear agreements with new pricing. Our flex pricing enables frictionless scaling between human responders, agents and automated solutions, as well as access to new products, better aligning value to business outcomes. One of the world's largest toy makers was seeking resilience at scale after a $10 million loss in both revenue and costs caused a manufacturing outage -- caused by a manufacturing outage. In Q4, they signed a $4.5 million TCV multiyear renewal with PagerDuty, leveraging our Flex pricing.

我們新的定價模式讓客戶更願意在平台上導入新業務並擴張既有帳戶。因此在第四季，我們以新定價拿下數筆大型多年期合約。我們的彈性定價可在人工應變人員、代理（agents）與自動化解決方案之間無摩擦擴展，並可存取新產品，更能將價值與業務成果對齊。全球最大的玩具製造商之一在一次製造停擺後，因營收與成本合計損失 1,000 萬美元——由製造停擺所致——因此尋求可規模化的韌性。第四季他們與 PagerDuty 簽署 450 萬美元 TCV 的多年期續約，採用我們的 Flex 定價。

In North America, we signed a $2.7 million multiyear expansion with one of the world's leading telecommunications providers, more than doubling their ARR with PagerDuty. By aligning the platform with the customers' highest priority challenges, driving cost efficiency across networks and capitalizing on AI goals, PagerDuty is now their AI operations platform, addressing both enterprise efficiency and AI risks. PagerDuty was built for a world, where every business is digital and every digital business at scale needs to anticipate and respond to urgent critical operational challenges immediately, intelligently and automatically. That need is not going away. What is changing is that AI is the new operational risk layer for business, where resilience and automation are paramount.

在北美，我們與全球領先的電信服務供應商之一簽署 270 萬美元的多年期擴張合約，使其在 PagerDuty 的 ARR 增加逾一倍。透過讓平台對準客戶最優先的挑戰、推動跨網路的成本效率並把握 AI 目標，PagerDuty 現已成為其 AI 營運平台，同時因應企業效率與 AI 風險。PagerDuty 是為一個每家企業都數位化、且每個具規模的數位企業都需要立即、智慧且自動地預判並回應緊急關鍵營運挑戰的世界而打造。這項需求不會消失。正在改變的是：AI 成為企業新的營運風險層，韌性與自動化至關重要。

Customers must improve their resilience posture in a more volatile operating environment. PagerDuty meets the rising standards for platform resilience that large enterprise and AI leaders expect. They trust PagerDuty because we provide the platform to solve these problems. Incident response, while powerful, is no longer sufficient. Customers need an enterprise-grade platform that automatically and accurately detects and diagnoses issues.

在更為動盪的營運環境中，客戶必須提升其韌性態勢。PagerDuty 符合大型企業與 AI 領導者對平台韌性日益提高的標準。他們信任 PagerDuty，因為我們提供解決這些問題的平台。事件回應雖然強大，但已不再足夠。客戶需要企業級平台，能自動且精準地偵測並診斷問題。

Large enterprises and high-growth AI natives require resilience at scale to engender both customer trust and revenue continuity. PagerDuty provides an autonomous cloud-native engine for mission-critical operations. By unifying incident, event and service management, PagerDuty drives efficiency in high-stakes enterprise environments. PagerDuty's customers are consolidating their AIOps, alerting, automation investments into the Operations Cloud, reducing their need for high-cost service desks, people leading operations centers and multiple observability vendors.

大型企業與高速成長的 AI 原生公司需要可規模化的韌性，以建立客戶信任並確保營收連續性。PagerDuty 為關鍵任務營運提供自主的雲原生引擎。透過整合事件（incident）、事件訊號（event）與服務管理，PagerDuty 在高風險的企業環境中提升效率。PagerDuty 的客戶正將其 AIOps、告警與自動化投資整合至 Operations Cloud，降低對高成本服務台、由人主導的營運中心以及多家可觀測性供應商的需求。

Our AI value proposition resonates and customers are doubling down. What differentiates PagerDuty as a platform for action is how we integrate agents, data, governance, teams and workflows in real-time autonomous operations. PagerDuty does the work for customers, dramatically reducing observability costs by eliminating noisy duplicative alert. Our platform acts immediately on the high-fidelity signals that matter automatically and responsibly. AI hyperscalers, including a large cloud and edge computing platform, a frontier large language model provider and the leading unified data and AI platform provider didn't just choose us.

我們的 AI 價值主張引發共鳴，客戶正加碼投入。PagerDuty 作為行動平台的差異化在於：我們在即時的自主營運中整合代理（agents）、資料、治理、團隊與工作流程。PagerDuty 為客戶完成工作，透過消除嘈雜且重複的告警，大幅降低可觀測性成本。我們的平台會自動且負責任地，立即對重要的高保真訊號採取行動。AI 超大規模業者（hyperscalers），包括一家大型雲端與邊緣運算平台、一家前沿大型語言模型供應商，以及領先的統一資料與 AI 平台供應商，不只是選擇了我們。

They expanded multiple times throughout the year. Likewise, AI start-ups like Decagon, Etched and Rogo continue to scale on PagerDuty. This repeat expansion is a compelling leading indicator that AI is a net tailwind as to how ops cloud and expansion consumption-based pricing drives growth. During the year, we expanded our relationship with a long-time customer, the world's largest digital infrastructure company. They signed another seven figure multiyear expansion, deploying PagerDuty's process automation as the central orchestration platform for their new global automation architecture.

他們在全年多次擴張合作。同樣地，Decagon、Etched 與 Rogo 等 AI 新創也持續在 PagerDuty 上擴大規模。這種重複擴張是強而有力的領先指標，顯示 AI 對於 Ops Cloud 的採用與以使用量為基礎的擴張定價如何驅動成長，整體而言是淨利多。在本年度，我們擴大了與一位長期客戶——全球最大的數位基礎設施公司——的合作關係。他們再度簽署一筆七位數的多年期擴張合約，將 PagerDuty 的流程自動化部署為其新全球自動化架構的核心協調平台。

We won the business because the platform demonstrated both technical security and also met their stringent security and compliance requirements. Our past innovation led to category creation and leadership in DevOps and digital apps. We're executing on a similar long game opportunity, pioneering the AIOps ops category for enterprise. Once again, we have a deep moat context. Competitors can imitate features or build limited agents on public LLMs.

我們贏得此案，因為平台展現了技術安全性，並滿足其嚴格的資安與合規要求。我們過去的創新促成類別開創，並在 DevOps 與數位應用領域取得領導地位。我們正以類似的長期策略執行一個機會，為企業開創並引領 AIOps 營運類別。我們再次擁有深厚的護城河脈絡。競爭對手可以模仿功能，或在公開 LLM 上打造有限的代理（agents）。

But without PagerDuty's decade-plus advantage of data, incident and service context, they cannot reliably deliver accurate, high fidelity and resilient outcomes. Our combination of historical incident data and AI agent context gives our customers the benefit of deep operational history and shared agent-to-agent memory in every response. Last year alone, our platform processed billions of events, nearly 1 billion incidents and millions of incident workflows. This proprietary context advantage, combined with our growing AI ecosystem positions PagerDuty uniquely, especially in the large enterprise segment. Case in point, a global semiconductor supplier that is pioneering Agentic automation, selected PagerDuty in a landmark $1 million AI-driven expansion on a multimillion dollar base.

但若沒有 PagerDuty 十多年累積的資料、事件與服務脈絡優勢，他們無法可靠地交付精準、高保真且具韌性的成果。我們結合歷史事件資料與 AI 代理脈絡，讓客戶在每次回應中都能受益於深厚的營運歷史，以及代理對代理的共享記憶。僅去年一年，我們的平台就處理了數十億筆事件訊號、近 10 億起事件，以及數百萬個事件工作流程。這項專有脈絡優勢，加上我們持續成長的 AI 生態系，使 PagerDuty 具備獨特定位，尤其是在大型企業客群。例如，一家正在開創 Agentic 自動化的全球半導體供應商，在其數百萬美元基礎合約之上，選擇 PagerDuty 進行一筆具里程碑意義、由 AI 驅動的 100 萬美元擴張。

More than half of the investment is attributed to our Agentic capabilities as the customer transforms incident management to an AI orchestrated workflow and also uses PagerDuty to streamline supply and GPU utilization. This deal demonstrates the dual AI opportunity we're capturing. Our agents automate incident management, while PagerDuty serves as the control claim for AI operations more broadly. Two different use cases, both mission-critical, both expanding. AI is the new risk layer for enterprise.

超過一半的投資歸因於我們的 Agentic 能力，因為客戶正將事件管理轉型為由 AI 編排的工作流程，並且也使用 PagerDuty 來精簡供應與 GPU 使用率。這筆交易展現了我們正在掌握的雙重 AI 機會。我們的代理可自動化事件管理，而 PagerDuty 則作為更廣泛 AI 營運的控制平面。兩種不同的使用案例，皆為關鍵任務，且都在擴張。AI 是企業的新風險層。

It's more complex and it feels differently than traditional software. And our platform is designed for the unique scale and materiality of AI operations. It automatically surfaces the relevant data and context to prevent failures before a human can even engage. We were first to market over 6 months ago with the capability of our model context protocol server and agent-to-agent functionality, advancing AI orchestrations to correlate events and drive automated actions. Early adopters from complex enterprises like NVIDIA are using PagerDuty Advance to speed resolution.

它更複雜，感受上也不同於傳統軟體。而我們的平台是為 AI 營運獨特的規模與重要性而設計。它會自動浮現相關資料與情境脈絡，在人員甚至介入之前就能預防故障。我們在 6 個多月前率先上市，推出模型情境協定（model context protocol）伺服器與代理對代理（agent-to-agent）功能，推進 AI 編排以關聯事件並驅動自動化動作。像 NVIDIA 這樣的複雜企業中的早期採用者，正使用 PagerDuty Advance 來加速解決。

IDC's recent report on AI agents in IT service management names PagerDuty and confirms what we're hearing from customers. organizations prioritize AI agents that can reason, plan and take action reliably, exactly what our 4 agents deliver. By enabling customers to operate their critical AI investments, including models, infra environments and agents resiliently and confidently, our agents take enterprises to the next frontier of AI operations. Our SRE agent now acts as a virtual responder for hundreds of clients. It resolves incidents autonomously.

IDC 近期關於 IT 服務管理中 AI 代理的報告點名 PagerDuty，並印證了我們從客戶那裡聽到的回饋：各組織優先選擇能夠可靠地推理、規劃並採取行動的 AI 代理，這正是我們 4 個代理所提供的。透過讓客戶能以韌性與信心來營運其關鍵 AI 投資（包括模型、基礎設施環境與代理），我們的代理將企業帶往 AI 營運的下一個前沿。我們的 SRE 代理如今已為數百家客戶擔任虛擬應變者。它能自主解決事件。

It learns from past incidents, it predicts failures and it progressively automates work. As these customers burn down their initial credits, ongoing consumption becomes a growth engine. Today, we announced the expansion of our AI ecosystem. Our platform agents now seamlessly engage with leading AI data platforms and enterprise applications, including over 30 new AI partners. Three marquee partnerships demonstrate the power of the ecosystem in action, Anthropic, Claude, Cursor and LangChain.

它會從過往事件中學習、預測故障，並逐步自動化工作。當這些客戶用完其初始點數後，持續性的用量消耗將成為成長引擎。今天，我們宣布擴展 AI 生態系。我們的平台代理現在可與領先的 AI 資料平台與企業應用無縫互動，其中包括超過 30 家新的 AI 合作夥伴。三項旗艦合作夥伴關係展現了生態系的實際威力：Anthropic、Claude、Cursor 與 LangChain。

Through these partnerships, PagerDuty handles increasingly complexity -- increasing complexity in customer environments, solves problems faster and delivers a complete platform based on a level of intelligence no other competitor can match. AI is transforming digital operations to proactive operations. Issues need to be caught earlier and resolved faster because the complexity, cost and blast radius of AI failure is higher. AI workloads provide challenges only solvable by a platform offering real-time orchestration and operational maturity. In fiscal year 2026, the diversity of wins across the AI ecosystem, infrastructure leaders, emerging start-ups and AI-enabled enterprises demonstrate PagerDuty is the operations platform for choice for AI natives to ensure their products scale reliably and responsibly.

透過這些合作夥伴關係，PagerDuty 能處理客戶環境中日益增加的複雜性——不斷提升的複雜性——更快解決問題，並以其他競爭對手無法匹敵的智慧水準交付完整平台。AI 正將數位營運轉型為主動式營運。由於 AI 故障的複雜度、成本與影響範圍（blast radius）更高，問題需要更早被捕捉並更快解決。AI 工作負載帶來的挑戰，唯有提供即時編排與營運成熟度的平台才能解決。在 2026 會計年度，AI 生態系中多元的勝利——涵蓋基礎設施領導者、新興新創與 AI 賦能企業——證明 PagerDuty 是 AI 原生企業的首選營運平台，以確保其產品能可靠且負責任地擴展。

PagerDuty is the new control plane for AI operations in the enterprise. In Q4, we strengthened our leadership with the appointment of Scott Aronson to our Board and Chris Ferro, as our Chief Legal Officer to our executive team. Both bring functional and business expertise essential to our operational performance. Our search for a new Financial Officer is progressing well with several accomplished financial leaders in advanced stages of consideration. We expect to appoint a candidate in Q2.

PagerDuty 是企業 AI 營運的新控制平面。在第四季，我們透過任命 Scott Aronson 加入董事會，以及任命 Chris Ferro 為首席法務長加入高階管理團隊，強化了我們的領導地位。兩位都帶來對我們營運表現至關重要的職能與商業專業。我們尋找新任財務長的進展順利，已有數位傑出的財務領袖進入評估的後期階段。我們預期在第二季任命人選。

In the meantime, Howard remains steadfast in his commitment as CFO and to support a smooth succession during the year. Our innovation and culture earned significant industry recognition again. PagerDuty ranks number one in Built In's Best Places to Work list. Gartner named PagerDuty as a representative vendor in two recent research reports focused on AI agents for site reliability engineering. This recognition reflects our position, as a credible enterprise-ready platform as AI SREs approach mainstream adoption.

在此期間，Howard 仍堅定履行其作為 CFO 的承諾，並在今年支持順利交接。我們的創新與文化再次獲得重要的產業肯定。PagerDuty 在 Built In 的「最佳工作場所」榜單中排名第一。Gartner 在近期兩份聚焦於用於網站可靠性工程（SRE）的 AI 代理之研究報告中，將 PagerDuty 列為代表性供應商。這些肯定反映了我們作為可信、可供企業採用的平台之地位，隨著 AI SRE 走向主流採用。

PagerDuty now serves more than 650 nonprofit organizations worldwide. SIRUM, the largest redistributor of surplus medicine, uses our Operations Cloud to avail over $300 million in medicine to more than 500,000 patients across the country. Other leading nonprofits across critical sectors, including emergency response, health care and education are leveraging our AI platform to schedule and strengthen their impact.

PagerDuty 目前在全球服務超過 650 家非營利組織。SIRUM 作為最大規模的剩餘藥品再分配機構，使用我們的 Operations Cloud，向全國超過 500,000 名病患提供價值逾 3 億美元的藥品。其他在緊急應變、醫療保健與教育等關鍵領域的領先非營利組織，也正運用我們的 AI 平台來排班並強化其影響力。

Throughout the year, we continued to invest in product priorities that drive long-term customer value. First, deepening our AI capabilities and integrating them seamlessly into the platform; second, expanding automation; and third, broadening the ways customers can use PagerDuty across their organizations. We see meaningful opportunities to extend our platform beyond its perception, as an incident response solution into an AI operations platform for broader operational workflows. like manufacturing throughput, network reliability, AI infrastructure utilization and FinOps to name a few, where urgency, intelligent orchestration and accountability are critical. So as we look to FY27, our business priorities are clear.

在全年期間，我們持續投資於能驅動長期客戶價值的產品優先事項。第一，深化我們的 AI 能力並將其無縫整合進平台；第二，擴大自動化；第三，拓展客戶在其組織內使用 PagerDuty 的方式。我們看到有意義的機會，將平台從外界認知的事件回應解決方案，延伸為更廣泛營運工作流程的 AI 營運平台，例如製造產出（throughput）、網路可靠性、AI 基礎設施使用率與 FinOps 等，在這些領域中，緊迫性、智慧編排與問責制都至關重要。因此，展望 FY27，我們的業務優先事項很明確。

First, we continue to strengthen our core franchise, digital operations management, where our brand, scale and enterprise trust remain significant advantages. Second, we continue embedding AI and automation into the platform to drive better customer outcomes and increasing differentiation. Third, we are expanding the role that PagerDuty plays across enterprise by addressing a broader set of urgent high-value operational use cases, including AI operations. And finally, we do all of this with continued discipline, leveraging AI ourselves in our own operations to expand capacity and efficiency. PagerDuty drives enterprise resilience with a compounding advantage, where contacts drives better automation, agents take smarter action and customers move closer to autonomous operations.

第一，我們持續強化核心事業——數位營運管理——在此領域，我們的品牌、規模與企業信任仍是顯著優勢。第二，我們持續將 AI 與自動化嵌入平台，以帶來更好的客戶成果並提升差異化。第三，我們透過處理更廣泛的一組高價值、具緊迫性的營運使用案例（包括 AI 營運），擴大 PagerDuty 在企業中的角色。最後，我們以持續的紀律完成上述所有工作，也在自身營運中運用 AI 以擴大產能與效率。PagerDuty 以複利式優勢驅動企業韌性：情境脈絡帶來更好的自動化，代理採取更聰明的行動，客戶也更接近自主營運。

We made significant advancements in our platform and are optimistic that our reinvigorated go-to-market team continues to build momentum in new and expansion business, while also improving gross retention. The long-term opportunity in front of us is compelling. Modern organizations depend on resilient digital and AI operations, and that challenge is only growing for our customers. PagerDuty is positioned to successfully support customers and their leadership teams in navigating AI complexity, mitigating risk and capitalizing on transformational growth. As we enter FY27, I'm confident in our people, our strategy, our execution and our position in the market.

我們在平台上取得重大進展，並樂觀地認為，我們重新振作的 go-to-market 團隊持續在新客與擴張業務上建立動能，同時也改善總留存率。我們面前的長期機會極具吸引力。現代組織仰賴具韌性的數位與 AI 營運，而對客戶而言，這項挑戰只會持續增加。PagerDuty 已就位，能成功支持客戶及其領導團隊應對 AI 複雜性、降低風險並把握轉型式成長。隨著我們進入 FY27，我對我們的人才、策略、執行力以及市場地位充滿信心。

We have a category-leading platform, a proprietary data advantage, accelerated product innovation and a go-to-market transformation that is bearing fruit. FY27 is about scaling what's working and capturing that opportunity ahead.

我們擁有類別領先的平台、專有的資料優勢、加速的產品創新，以及正在開花結果的 go-to-market 轉型。FY27 的重點是擴大有效作法的規模，並把握眼前的機會。

And with that, I'll turn it over to Howard.

接下來，我把時間交給 Howard。

Thank you, Jen, and good day to everyone joining us on this afternoon's call. Unless otherwise stated, all references to our expenses and operating results on this call are on a non-GAAP basis and are reconciled to our GAAP results in the earnings release that was posted on our Investor Relations website. Before reviewing our fourth quarter and full year financial results, I want to highlight the durability of our business model. We achieved our first full year of GAAP profitability, a testament to our operational discipline. We expect to maintain full year GAAP profitability in FY27.

謝謝你，Jen，也向今天下午加入我們電話會議的各位問好。除非另有說明，本次電話會議中所有對費用與營運結果的提及皆以非 GAAP 基礎呈現，並已在發布於我們投資人關係網站的財報新聞稿中與 GAAP 結果進行調節。在回顧第四季與全年財務結果之前，我想先強調我們商業模式的韌性。我們達成了首個全年 GAAP 獲利，這證明了我們的營運紀律。我們預期在 FY27 維持全年 GAAP 獲利。

This financial strength allows us to return capital to shareholders, while simultaneously funding our transformation. In FY26, we repurchased approximately 10 million shares under our $200 million repurchase plan, leaving roughly $63 million of the authorized amount available at quarter end. Our consistent cash generation and a strong cash position allow us to advance our enterprise transformation and invest in AI regardless of the macro environment, while returning capital to shareholders. Moving to results for the quarter, we delivered revenue of $125 million, up 3% year over year, with international revenue increasing 6% year over year, contributing 29% of total revenue. Annual recurring revenue exiting Q4 grew 1% year over year to approximately $499 million.

這樣的財務實力使我們能在同時為轉型提供資金的情況下，回饋資本給股東。在 FY26，我們在 2 億美元的庫藏股回購計畫下回購了約 1,000 萬股，季末仍約有 6,300 萬美元的核准額度可用。我們穩定的現金創造能力與強勁的現金部位，使我們能不受總體環境影響地推進企業轉型並投資 AI，同時回饋資本給股東。接著看本季結果，我們實現營收 1.25 億美元，年增 3%；其中國際營收年增 6%，占總營收 29%。第四季結束時的年度經常性收入（ARR）年增 1%，約為 4.99 億美元。

Despite the macro headwind of seat compression in some of our customers, our enterprise strategy is working. Customers spending over $100,000 in annual recurring revenue grew to 861, up 1% year over year. More importantly, the ARR from this cohort, including our largest, most strategic customers increased to 72% of total ARR. Customers with ARR over $1 million increased to 79, up 10% year over year. This shift towards larger, stickier enterprise relationships is central to our long-term growth thesis.

儘管我們部分客戶面臨席位壓縮的總體逆風，我們的企業級策略正在奏效。年經常性收入（ARR）超過 10 萬美元的客戶數成長至 861 家，年增 1%。更重要的是，該客群（包含我們最大、最具策略性的客戶）所貢獻的 ARR 提升至總 ARR 的 72%。ARR 超過 100 萬美元的客戶數增加至 79 家，年增 10%。這種轉向更大型、更具黏著度的企業關係，是我們長期成長論點的核心。

Moving to profitability, GAAP net income was $11 million, our third consecutive quarter of GAAP profitability. We're continuing our progress on the path to sustained GAAP profitability. Dollar-based net retention was 98%, impacted by lower gross retention, as we had anticipated going into the quarter. However, we have implemented specific programmatic renewal initiatives and strengthened customer management to reverse this trend. We expect gross retention to improve in Q1 with steady progress through the year.

在獲利方面，GAAP 淨利為 1,100 萬美元，為我們連續第三季達成 GAAP 獲利。我們正持續在邁向可持續 GAAP 獲利的道路上取得進展。以美元計的淨留存率（DBNR）為 98%，受到較低的總留存率影響，這與我們在進入本季時的預期一致。不過，我們已導入具體的制度化續約計畫並強化客戶管理，以扭轉此趨勢。我們預期 Q1 的總留存率將改善，並在全年穩步進展。

Consequently, we expect DBNR to stabilize in Q1 and increase gradually throughout the year. Total paid customers grew to 15,351, representing a 2% increase year over year. Free and paid companies on our platform grew to over 35,000, an increase of approximately 14% year over year, providing a healthy funnel for future conversion. Continuing with Q4 results, non-GAAP gross margin was 87%, exceeding the high end of our 84% to 86% target range. Non-GAAP operating income was $30 million or 24% of revenue compared to $22 million or 18% of revenue in the same quarter last year.

因此，我們預期 DBNR 將在 Q1 趨於穩定，並在全年逐步上升。付費客戶總數成長至 15,351 名，年增 2%。平台上的免費與付費公司數成長至超過 35,000 家，年增約 14%，為未來轉換提供健康的漏斗。延續 Q4 的表現，非 GAAP 毛利率為 87%，高於我們 84% 至 86% 目標區間的上緣。非 GAAP 營業利益為 3,000 萬美元，占營收 24%，相較去年同期為 2,200 萬美元，占營收 18%。

The outperformance is not accidental. It reflects our rigorous focus on efficiency and operational execution. In terms of cash flow, cash from operations was $25 million or 20% of revenue and free cash flow was $23 million or 18% of revenue. This strong cash generation gives us the financial flexibility to invest in our go-to-market transformation and AI product development, while maintaining our commitment to shareholder returns. Turning to the balance sheet, we ended the quarter with $470 million in cash, cash equivalents and investments.

這樣的超預期表現並非偶然。它反映了我們對效率與營運執行的嚴謹聚焦。就現金流而言，營運活動現金流入為 2,500 萬美元，占營收 20%；自由現金流為 2,300 萬美元，占營收 18%。強勁的現金創造能力，讓我們在維持對股東回報承諾的同時，也具備財務彈性投資於我們的市場推進（go-to-market）轉型與 AI 產品開發。再看資產負債表，本季末我們持有 4.70 億美元的現金、約當現金與投資。

During the quarter, we repurchased 8 million shares for $99 million. We view our current valuation as a compelling opportunity, and we're utilizing our cash position to reduce share count. On a trailing 12-month basis, billings were nearly $496 million, an increase of 2% compared to a year ago. At the end of Q4, total RPO was approximately $449 million, increasing 2% year over year. Of this amount, approximately $314 million or 70% is expected to be recognized over the next 12 months.

本季我們以 9,900 萬美元回購 800 萬股。我們認為目前的估值具吸引力，並正運用我們的現金部位來降低流通股數。以過去 12 個月計，帳單金額（billings）接近 4.96 億美元，較去年增加 2%。Q4 期末，總剩餘履約義務（RPO）約為 4.49 億美元，年增 2%。其中約 3.14 億美元（約 70%）預期將在未來 12 個月內認列。

$106 million or 24% over months 13 to 24 and the remainder thereafter. For the full fiscal year, revenue was nearly $493 million, up 5% year over year. Gross margin was 86%, in line with the year ago period. GAAP net income was $174 million. This includes a onetime income tax benefit of $169 million from the release of a valuation allowance.

1.06 億美元（約 24%）將在第 13 至 24 個月間認列，其餘則在之後期間認列。就全年而言，營收接近 4.93 億美元，年增 5%。毛利率為 86%，與去年同期一致。GAAP 淨利為 1.74 億美元。其中包含因釋放估值備抵（valuation allowance）而產生的一次性所得稅利益 1.69 億美元。

Operating income was $121 million or 25% of revenue compared to $83 million or 18% of revenue a year ago. This marks our fourth consecutive year of increased non-GAAP profitability, and we are closing in on our long-term non-GAAP operating margin target of 30%. Operating cash flow was approximately $115 million or 23% of revenue compared to $118 million or 25% of revenue in the year ago period. Free cash flow was nearly $103 million or 21% of revenue compared to $108 million or 23% of revenue in the year ago period. In terms of metrics that we provide on an annual basis, ARR from customers using two or more paid products was 66%, up from 65% in FY25.

營業利益為 1.21 億美元，占營收 25%，相較一年前為 8,300 萬美元，占營收 18%。這是我們連續第四年提升非 GAAP 獲利能力，並正逐步接近長期非 GAAP 營業利益率 30% 的目標。營運現金流約為 1.15 億美元，占營收 23%，相較去年同期為 1.18 億美元，占營收 25%。自由現金流接近 1.03 億美元，占營收 21%，相較去年同期為 1.08 億美元，占營收 23%。就我們每年提供的指標而言，使用兩項或以上付費產品的客戶所貢獻的 ARR 為 66%，高於 FY25 的 65%。

ARR contribution from incident management was 70% of the total, in line with FY25. Validating our enterprise focus, the contribution from our 100k cohort was 72%, up from 71% in FY25. We have made sustainable operational progress by transitioning customers to flexible usage-based pricing and programmatic renewal management, which we expect to improve retention. While overall paid users on our platform increased modestly year over year, we anticipate that the macro trends around seat compression will impact some of our customers in the near term. Our fiscal 2027 outlook reflects a prudent view of this environment.

事件管理（incident management）所貢獻的 ARR 占總額 70%，與 FY25 一致。為驗證我們的企業級聚焦，10 萬美元客群的貢獻占比為 72%，高於 FY25 的 71%。我們透過將客戶轉換至彈性的用量計價（usage-based pricing）以及制度化續約管理，取得可持續的營運進展，並預期將改善留存。雖然平台上的整體付費用戶年增幅度不大，但我們預期與席位壓縮相關的總體趨勢，短期內將影響部分客戶。我們的 FY27 展望反映了對此環境的審慎看法。

However, the early adoption of our Operations Cloud usage-based pricing and our new AI products gives us confidence that we will partially offset seat compression and drive gradual ARR improvement through the year, as customers transition and scale. Essentially, we are transitioning the business model to be less reliant on seats and more driven by consumption and value. As a result, for the year, the midpoint of our revenue guide represents essentially flat growth, but with a higher quality of earnings and continued margin expansion. We're expecting modest operating margin improvements and an 8% increase in EPS.

然而，我們的 Operations Cloud 用量計價與新 AI 產品的早期採用，讓我們有信心可部分抵銷席位壓縮，並隨著客戶轉換與擴大使用，在全年推動 ARR 逐步改善。本質上，我們正將商業模式轉型為較不依賴席位、而更由使用量與價值驅動。因此，就全年而言，我們營收指引中位數基本上代表持平成長，但獲利品質更高，且利潤率持續擴張。我們預期營業利益率將小幅改善，且 EPS 將成長 8%。

For the first quarter fiscal 2027, we expect revenue in the range of $118 million to $120 million, with the midpoint essentially flat year over year and net income per diluted share attributable to PagerDuty Inc in the range of $0.23 to $0.25. This implies a non-GAAP operating margin of 19% to 20%. For the full fiscal year 2027, we are initiating guidance with revenue in the range of $488.5 million to $496.5 million with the midpoint essentially flat year over year. Net income per diluted share attributable to PagerDuty Inc in the range of $1.23 to $1.28.

就 FY27 第一季而言，我們預期營收介於 1.18 億至 1.20 億美元之間，中位數年比基本持平；PagerDuty Inc 可歸屬於稀釋後每股淨利介於 0.23 至 0.25 美元。這意味著非 GAAP 營業利益率為 19% 至 20%。就 FY27 全年而言，我們啟動指引，預期營收介於 4.885 億至 4.965 億美元之間，中位數年比基本持平。PagerDuty Inc 可歸屬於稀釋後每股淨利介於 1.23 至 1.28 美元。

This implies a non-GAAP operating margin of 24% to 25%. Before moving to questions, I would like to provide assistance with modeling FY27. On cash flow, we expect free cash flow margin to be approximately 2 to 4 percentage points lower than FY26, primarily due to lower interest income, higher facilities CapEx and timing of payments. Our EPS guidance now incorporates a non-GAAP tax rate of 20% for each quarter of FY27. The fundamentals of our business are strong.

這意味著非 GAAP 營業利益率為 24% 至 25%。在進入提問之前，我想提供一些 FY27 建模方面的協助。在現金流方面，我們預期自由現金流利潤率將較 FY26 低約 2 至 4 個百分點，主要因利息收入較低、設施相關資本支出（CapEx）較高，以及付款時點因素。我們的 EPS 指引現已納入 FY27 每一季 20% 的非 GAAP 稅率。我們的業務基本面依然強勁。

We have a durable balance sheet, expanding operating margins and a clear strategy to navigate AI taking center stage. The go-to-market changes we've made, combined with our product innovation in AI operations positions us to capture the significant opportunity ahead. In FY27, we are laser-focused on steady improvement in retention, reaccelerating ARR growth, expanding margins and achieving full year GAAP profitability. I'm confident in our people and super excited about the future for PagerDuty. With that, I will open up the call for Q&A.

我們擁有穩健的資產負債表、持續擴張的營業利益率，以及在 AI 成為核心焦點之際清晰的應對策略。我們所做的市場推進（go-to-market）變革，結合我們在 AI 營運產品上的創新，使我們具備把握前方重大機會的有利位置。在 FY27，我們將高度聚焦於留存的穩定改善、重新加速 ARR 成長、擴大利潤率，以及達成全年 GAAP 獲利。我對我們的團隊充滿信心，並對 PagerDuty 的未來感到非常振奮。接下來，我們開放 Q&A。

Morgan Stanley, Sanjit Singh.

摩根士丹利，Sanjit Singh。

I wanted to get a sense on the flex space pricing, the consumption pricing. What's been the receptivity from your customers, particularly your larger ones? They also want to solve for predictability. And so I just want to get the feedback on the receptivity of the flex space pricing. And then do you have a -- as we think about this year, do you have a -- is there a way to think about what percentage of the base will be on the new pricing model by the end of the year?

我想了解一下彈性空間定價、也就是按用量計費的定價情況。你們的客戶，特別是較大型的客戶，接受度如何？他們也希望解決可預測性的問題。所以我想聽聽對彈性空間定價接受度的回饋。另外，當我們思考今年時，你們是否有——有沒有一種方式可以估算，到年底會有多少比例的既有客戶基礎會轉到新的定價模式上？

Sure. Thanks for the question. Flex pricing has been received very positively by large enterprise. And I mentioned earlier the strength of large deals in the quarter and the $1 million-plus spend cohort growing in the teens. I think what is driving it is, one, those customers really appreciate the reduction of friction and access to new products.

當然。謝謝你的問題。大型企業對彈性定價的反應非常正面。我先前也提到，本季大型交易的強勁表現，以及年支出超過100萬美元的客群以十幾%的幅度成長。我認為驅動因素之一是，這些客戶非常欣賞摩擦的降低，以及能夠接觸到新產品。

And by taking away the friction of counting heads or seats, they actually can go after new use cases. So we talked about a large semiconductor provider that's using us in their supply chain environment and their GPU utilization. We've had a very large manufacturer using us for manufacturing operations. And some of these really, really large enterprises that are somewhat asset-heavy are seeing opportunities to not just attack digital operations, but also traditional operations and AI operations, really anything that is software-enabled. In terms of the transition itself, you all have seen these types of transitions in the past.

而且，當我們拿掉「數人頭或座席數」的摩擦後，他們其實可以去拓展新的使用情境。例如我們談到一家大型半導體供應商，在其供應鏈環境以及GPU使用率管理上使用我們的產品。我們也有一家非常大型的製造商用我們來支援製造營運。其中一些規模非常、非常大的企業，且相對資產密集，正看到不僅能切入數位營運，也能切入傳統營運與AI營運的機會——基本上任何由軟體賦能的領域都可以。至於轉換本身，你們過去也看過這類轉換。

The leading indicators give us a lot of confidence. Those leading indicators are large deals, ARR improvement through the year, gross retention improvement that we expect through the year, success with AI natives, AI-first companies, large enterprise as well as new acquisition and expansion. And those are the measures on which I would track our progress and how we're tracking our progress in moving through the base in that transition. At the same time, we're acquiring very attractive new customers that are expanding with us regularly through the year. And we've talked about large frontier LLM model providers.

這些領先指標讓我們非常有信心。這些領先指標包括：大型交易、全年ARR的改善、我們預期全年毛留存率的改善、在AI原生（AI natives）、AI優先公司、大型企業上的成功，以及新客取得與擴張。我會用這些指標來追蹤我們的進展，以及我們在推動既有客戶基礎完成這次轉換時的進度。同時，我們也在獲得非常有吸引力的新客戶，並且在全年持續規律地與我們擴張合作。我們也談過一些大型前沿LLM模型供應商。

We've talked about native AI applications, some of the folks in the AI infrastructure space, but again, continuing to win in enterprise. Finally, what I would say with regard to the pricing transition, we're getting much more practice with it. And as we scale that through the sales force, we expect it to continue to improve.

我們也談過原生AI應用、AI基礎設施領域的一些業者，但同時我們仍持續在企業市場取勝。最後，關於定價轉換，我想說的是，我們在這方面的實作經驗越來越多。而當我們把這套做法擴展到整個銷售團隊時，我們預期它會持續改善。

Awesome. And then just more broadly, I'd love to get the team's perspective on what's the best way to create shareholder value from here and the strategy for that. So I guess what I'm alluding to is, is there is a view here that we're going to be focusing on $1 million customer cohorts, maybe get smaller from a customer base perspective, but focus on really just the high end and drive margins as you sort of laid out to 30% over time? I just want to understand like what the -- what your view is on how you create -- the best way to create shareholder value given where you are from a growth and margin and free cash flow.

太好了。更宏觀地說，我很想聽聽團隊的看法：從現在開始，創造股東價值的最佳方式是什麼，以及相應的策略。我想暗示的是：你們是否認為會更聚焦在年支出100萬美元的客戶族群上——也許從客戶數量的角度看會變少，但把重心放在真正的高端客戶，並如你所說，隨時間推進把利潤率提升到30%？我想理解的是：在目前成長、利潤率與自由現金流的狀態下，你們認為創造股東價值的最佳方式是什麼？

Sure. Well, revenue and dollar-based net retention are lagging indicators. The leading indicators around growth, particularly in the segments we care about, large enterprise, the AI-first companies, AI natives, which are new, but they grow fast and they have a higher requirement for resilience and fidelity than the traditional software start-ups did. So we have a different moat in that segment than we had a traditional VC-backed software start-ups. So both those segments are important to us, and we see them as high value and high propensity to grow.

當然。營收與以美元計的淨留存率是落後指標。成長的領先指標，特別是在我們關注的細分市場——大型企業、AI優先公司、AI原生公司——這些是新的族群，但成長很快，而且相較於傳統軟體新創，他們對韌性與精準度（fidelity）的要求更高。因此，在這個細分市場中，我們擁有不同於傳統VC支持軟體新創時期的護城河。所以這兩個細分市場對我們都很重要，我們也認為它們具有高價值與高成長傾向。

Make no mistake about it, we are focused on reaccelerating growth, but being selective in those segments that we think are going to return value to shareholders and help build sticky value in the company. And at the same time, you can expect us to continue to execute with a high level of operational efficiency. So I think it's profitable growth. We're focused on the long-term opportunity around capturing this new category, we believe, is AI operations. And as I said, we have a lot of large enterprise customers that are still trying to get through digital transformation.

毫無疑問，我們專注於讓成長重新加速，但會在我們認為能為股東帶來回報、並有助於在公司內建立黏著價值的細分市場中更有選擇性。同時，你們也可以期待我們持續以高水準的營運效率來執行。所以我認為這是「有利潤的成長」。我們聚焦於長期機會：我們相信正在形成一個新類別，也就是AI營運（AI operations）。而且如我所說，我們有許多大型企業客戶仍在努力完成數位轉型。

Like they're not done with that and have moved on to all things AI. They actually are still trying to move towards a more efficient way of operating digitally. We're very excited about the products that we have out in the market. And frankly, software can be a little bit of a depressing place right now. There's a lot of people in Silicon Valley that are gloomy about the sort of rotation out of software.

他們並沒有完成後就直接轉向所有AI相關的事情。他們其實仍在努力朝向更有效率的數位化營運方式前進。我們對已在市場上推出的產品感到非常興奮。坦白說，現在的軟體產業氛圍可能有點令人沮喪。矽谷有很多人對資金與關注從軟體輪動出去感到悲觀。

We are fired up. We just launched our spring release. We have PagerDuty on Tour happening in London today, and it will be rolling out to other cities. And we're out in the market with real Agentic products that work on a highly advantageous foundational data model that is very hard to replicate and performing at really solid gross margins as well as improving our operating margin. So it's a long game.

我們則是充滿幹勁。我們剛推出春季版本。我們今天在倫敦舉辦 PagerDuty on Tour，之後也會推展到其他城市。我們帶著真正可用的代理式（Agentic）產品在市場上推廣，這些產品建立在一個極具優勢、且非常難以複製的基礎資料模型之上，同時也維持相當穩健的毛利率，並持續改善我們的營業利潤率。所以這是一場長期戰。

And like I said, you should really measure us and judge the progress that we're making in reaccelerating growth on those large deals, ARR improvement through the year, gross revenue retention through the year, success with those AI natives and large enterprise customers and then the new logo acquisition and expansion where we saw a lot of momentum in the quarter.

而且如我所說，你們應該用這些指標來衡量並評估我們在讓成長重新加速方面的進展：大型交易、全年ARR的改善、全年毛營收留存率、在AI原生與大型企業客戶上的成功，以及新客（new logo）取得與擴張——我們在本季看到相當多的動能。

CGF, Kingsley Crane.

CGF，Kingsley Crane。

Many of us saw the news earlier this week about the all-hands meeting AWS related to reliability concerns in large part due to AI coding. So as enterprises are shipping faster but with AI, but potentially breaking more, this seems like this should play directly into your strengths. But the question is, I guess, like where are customers at regarding that right now? Has this dawned on them yet? And then has the impending onset of these issues affected how they view your strategic value?

本週稍早，許多人看到一則新聞：AWS 的全員大會（all-hands meeting）提到可靠性疑慮，其中很大一部分與AI寫程式有關。所以當企業在AI的幫助下加速交付，但也可能更常出錯時，這看起來應該會直接強化你們的優勢。但我的問題是：客戶目前在這方面的狀態如何？他們是否已經意識到這件事？另外，這些問題即將出現的趨勢，是否影響了他們對你們策略價值的看法？

Yeah. I agree with you, and I've said this in the past, I'm going to keep saying it. With AI, the environments that our customers have to deliver products and services in are becoming increasingly more complex and less manageable by human beings, right? So automation, automated detection, intelligent orchestration of issues and challenges and auto remediation is becoming increasingly more important because human teams simply can't manage the scale. And we do believe that it is very much a tailwind for the business.

是的。我同意你的看法，而且我以前說過，我會繼續說。在AI的影響下，我們的客戶用來交付產品與服務的環境正變得越來越複雜，也越來越難以由人類管理，對吧？因此，自動化、自動偵測、對問題與挑戰的智慧編排（intelligent orchestration），以及自動修復（auto remediation）變得越來越重要，因為人類團隊根本無法管理這樣的規模。我們確實相信，這對業務而言是非常明顯的順風。

We are seeing that in some of these larger deals that we're doing, but it's not well reflected in a seat-based pricing model. So the transition of moving to a platform model that also benefits from the consumption of more and more of our new products and easier access to those products across new use cases is important. And that's where we're seeing those leading indicators like new customer acquisition and expansion improving meaningfully from Q3 to Q4, and we think they will continue to improve over the course of the year.

我們在一些正在進行的較大型交易中已經看到這點，但在以座席為基礎的定價模式下，這並沒有被充分反映。因此，轉向平台模式——同時也能從我們越來越多新產品的使用量中受益，並讓這些產品更容易在新的使用情境中被採用——是很重要的。而這也正是我們看到那些領先指標的地方，例如新客取得與擴張從Q3到Q4有顯著改善，我們認為在今年的過程中會持續改善。

To your point, when you ask where customers are, I would say there's still an underestimation of how hard it is going to become to deliver enterprise resilience that customers, regulators and others expect. I was with a customer at a large bank, a large global bank the other day, and they were talking about how they're trying to bring together both enterprise resilience, operational resilience and technological resilience, and they have different manual efforts across all three, but they're sort of colliding as you see complexity enter every function within a business, cyber threats going up, et cetera.

就你提到的點，當你問客戶在哪裡時，我會說大家仍低估了要交付客戶、監管機構及其他利害關係人所期待的企業韌性，未來會變得多麼困難。前幾天我和一家大型銀行、一家大型全球性銀行的客戶在一起，他們談到正嘗試把企業韌性、營運韌性與技術韌性整合起來；這三者各自都有不同的人工作業，但隨著複雜性進入企業內每一個職能、網路威脅上升等等，這些工作正如你所見開始互相碰撞。

So having a platform that can help manage all of that, but also get you to more autonomous remediation or recovery, I think, is going to become increasingly important. And those large enterprises, they tend to want one strategic partner who's best at this, but also who can demonstrate resilience in the face of this complexity. And that's where we have an architectural advantage. We've proven over time that despite public service failures, significant failures in different parts of industry and different parts of the world, we're still able to provide for our customers what they need and then business has just turned 16. We've never had a maintenance window. We've never said, oh, we're going to be down for the next several hours, while we ship something new.

因此，擁有一個能協助管理所有這些事情的平台，同時也能讓你走向更自主的修復或復原，我認為將變得愈來愈重要。而那些大型企業往往希望有一個在這方面最擅長、同時也能在面對這種複雜性時證明其韌性的策略夥伴。這就是我們具備架構優勢的地方。我們長期以來已證明，儘管公共服務曾發生故障、產業不同領域與世界不同地區也出現過重大故障，我們仍能為客戶提供他們所需，而我們的業務也剛滿 16 年。我們從未有過維護視窗。我們從未說過，喔，我們接下來幾個小時會停機，因為我們要上線一些新東西。

And I think I would also just add to that, Kingsley, today, we made an announcement around our AI ecosystem. And three of the partners that Jen mentioned in that are really focused very much on how do you using the model context protocol of agent-to-agent interaction or else even some of these products, whether it's Anthropic, Claude or Cursor or LangChain being able to, ahead of code being deployed, have it actually be tested for a risk score so that you're actually getting into the cycle of fixing problems before they happen.

我想我也補充一點，Kingsley，今天我們宣布了我們的 AI 生態系。而 Jen 提到的其中三個合作夥伴，重點非常聚焦在：如何運用代理對代理互動的模型情境協定（model context protocol），或甚至是一些產品——不論是 Anthropic、Claude、Cursor 或 LangChain——在程式碼部署之前，就先以風險分數進行測試，讓你進入在問題發生前就修正問題的循環。

And that's really what PagerDuty is all about, is being able to help companies have the resilience that they need regardless of what stage in the life cycle the issue could occur. So those are really exciting developments. And the work that we've done around the AI ecosystem is because we recognize the need for the shift left, if you like, in the developer life cycle so that you can, in fact, build for resilience. So we're certainly well aligned to that, not only when something goes wrong, but actually helping support the prevention of any issues.

而這正是 PagerDuty 的核心：協助企業在問題可能發生於生命週期任何階段時，都能具備所需的韌性。所以這些都是非常令人振奮的進展。我們之所以投入 AI 生態系的工作，是因為我們認知到需要在開發者生命週期中「左移」（shift left），讓你確實能以韌性為目標來建置。因此我們當然與此高度一致——不僅在出問題時提供協助，也實際支援預防任何問題的發生。

Yeah. That's helpful. I mean, it does seem like reliability is getting harder to ignore.

是的。這很有幫助。我的意思是，看起來可靠性確實愈來愈難以忽視。

It's definitely.

確實是。

And just -- but just one more, just to bridge that into pricing since you mentioned it, and it was nice to hear that you signed several multiyear deals with flexible pricing. Just curious on pacing and the strategy around that. Like could you be more aggressive? Or is there potentially a wholesale shift away from seats toward a like-for-like consumption model? I realize that could be difficult to pull off.

另外——再問一個，既然你提到定價，我也想把話題帶到定價上；聽到你們簽了幾筆採用彈性定價的多年期合約很不錯。我想了解一下推進節奏與相關策略。例如你們是否可以更積極？或者是否可能從以席位（seat）為主，整體轉向等價的用量（consumption）模式？我知道那可能很難推動。

Yeah. We're not going to talk about timing per se because it really -- a lot of it depends on how customers demonstrate readiness to go. But what was encouraging in Q4 coming out of our launch of flexible pricing in previous quarter is that we're seeing large customers that might otherwise have downgraded based on their seat license requirements actually expand meaningfully because of the access to new products and services and the ability to allow different parts of the organization to deploy PagerDuty against new use cases. So we will be working very aggressively to get that in the hands of our larger customers. And then at the same time, I wouldn't say seats are entirely dead.

是的。我們不會特別談時間點，因為這很大一部分取決於客戶展現出準備好轉換的程度。但令人鼓舞的是，在上一季推出彈性定價之後，Q4 我們看到一些大型客戶原本可能會因席位授權需求而降級，現在反而因能取得新產品與服務、並能讓組織不同部門針對新的使用情境部署 PagerDuty，而出現顯著擴張。因此我們會非常積極地把這套方案推到更多大型客戶手上。同時，我也不會說席位就完全死了。

We have small customers that want a really simple pricing model. They want a way to be able to frictionlessly get on the platform and get going, and that's still available to them. But what the flexible pricing platform has enabled us to do is start with the full operations cloud. And a big part of the draw, which is creating the leading indicator momentum there is the fact that they're able to immediately get access to our Agentic SRE, immediately access PagerDuty Advance and start to get the benefit of the MCP protocol, the server and agent-to-agent engagement. The other thing that I would say is fidelity and resilience and the way our platform operates continues to serve us well in terms of creating moat that makes it harder for smaller players or less technical players to come into the enterprise space.

我們有一些小型客戶想要非常簡單的定價模式。他們希望能無摩擦地上平台並開始使用，而這對他們仍然可行。但彈性定價平台讓我們能從完整的 operations cloud 開始。而其中很大一部分吸引力——也就是帶動那裡領先指標動能的原因——在於他們能立刻使用我們的 Agentic SRE、立刻使用 PagerDuty Advance，並開始享受 MCP 協定、伺服器與代理對代理互動所帶來的效益。另外我想說的是，我們平台運作方式所展現的精準度（fidelity）與韌性，持續在建立護城河方面對我們很有利，讓較小的玩家或技術能力較弱的玩家更難進入企業市場。

And we continue to invest in that as well. And our team puts up with our development team and our infrastructure team is under a lot of stress to constantly deliver that high level of resilience. But what's different is we've seen small AI companies raise their standard because the trust around how their products and services work, making sure their AI doesn't thrift, there isn't hallucination. It works the way it's supposed to. Their agents are operating reliably. That is a whole use case for the platform.

我們也持續在這方面投資。而我們的團隊——我們的開發團隊與基礎架構團隊——承受很大壓力，必須不斷交付那種高水準的韌性。但不同的是，我們看到小型 AI 公司提高了他們的標準，因為他們需要建立對其產品與服務運作方式的信任，確保他們的 AI 不會漂移（drift）、不會產生幻覺（hallucination）。它要如預期運作。他們的代理要可靠地運行。這整個就是平台的一個使用情境。

Yeah. And Kingsley, I'd make just a couple of comments because as we mentioned before, we were -- with any pricing transition, we've been very thoughtful in terms of engaging our customers and understanding what their requirements are. So Q4 was the first time that we were specifically targeting customers with our flexible pricing model. And the response has been really positive. One, as Jen said, it's giving people access across the whole platform.

是的。Kingsley，我再補充幾點，因為如同我們先前提到的，任何定價轉換我們都非常審慎，會與客戶互動並了解他們的需求。所以 Q4 是我們第一次明確以彈性定價模式鎖定客戶。而回應非常正面。第一，如 Jen 所說，這讓大家能使用整個平台的能力。

But certainly, the momentum that we're seeing there is strong. And we will -- that will be our first port of call in terms of how we address with large customers, how they expand and grow with us. And we would -- we anticipate by the end of this fiscal year that a meaningful portion of our ARR will be under the new licensing model.

當然，我們在那裡看到的動能很強。而我們也會——這將成為我們面對大型客戶時的第一優先選項，來處理他們如何與我們一起擴張與成長。並且我們預期在本財政年度結束前，我們 ARR 中有相當一部分將會採用新的授權模式。

(Operator Instructions)

（接線員指示）

Truist, Miller Jump.

Truist，Miller Jump。

So I guess maybe just pivoting to the go-to-market side a little bit. Now we've had a full quarter with Todd as CRO. I'm wondering kind of where we stand on execution changes there and kind of time line to impact? And then if you could share anything on incentive changes for the year ahead.

那我想可能稍微轉到 go-to-market（市場推進）這一端。現在 Todd 擔任 CRO 已經完整一季了。我想了解一下我們在那邊的執行變革進展到哪裡，以及對業績產生影響的時間線大概如何？另外，如果你能分享一下明年度的激勵機制調整也很好。

You're on mute, Jen.

Jen，你麥克風靜音了。

The old -- you're on mute this every time. I'll start and Howard, if you want to jump in, that's great. I'm really pleased with how the go-to-market organization has really risen to the occasion here, both in embracing the new flex pricing model because it's a big change and really taking that to customers proactively, not waiting to be asked and more programmatically getting in front of customers three, four quarters out around their renewals so that there aren't surprises if the customer is going through their own business transition and needs a different type of offering from us.

老問題——你每次都會靜音。我先說，Howard，如果你想補充也很好。我對 go-to-market 組織在這裡確實挺身而出感到非常滿意：一方面擁抱新的彈性定價模式，因為這是很大的改變；另一方面也主動把它帶給客戶，而不是等客戶來問；並且更有系統地在客戶續約前三、四個季度就提前接觸，讓客戶若正處於自身的業務轉型、需要我們提供不同類型的方案時，不會在續約時出現意外。

And importantly, really focusing on large strategic platform deals. And you see that in Q4, really not just the ability to compose these opportunities with customers and find some of these new use cases, but to convert them and then build on them.

而且很重要的是，真正聚焦於大型策略性平台型交易。你在 Q4 也看得到：不只是能與客戶一起組合這些機會、找出一些新的使用情境，更能把它們轉化成交，並在其上持續擴大。

So that transformation, which, to some extent, started before Todd, but has accelerated under his leadership is something that I'm really pleased with. And we are really trying to incent our customer success and post-sale organization to focus on gross retention, while incenting our go-to-market organization to focus on growth.

因此，這項轉型在某種程度上在 Todd 之前就已開始，但在他的領導下加速推進，這讓我非常欣慰。我們也確實在嘗試透過激勵機制，讓客戶成功與售後團隊聚焦於總留存（gross retention），同時激勵我們的市場拓展（go-to-market）團隊聚焦於成長。

You'll recall, we also took our PagerDuty Online or what we would call our product-led growth business and moved it under Katherine Calvert, and that business is performing well. That part of our business is also driving a lot of the new logo acquisition by getting some of our new products and services in front of prospective customers right away. So I mentioned in prepared remarks, we're seeing better free-to-paid conversion.

你會記得，我們也把 PagerDuty Online（或我們稱之為產品主導成長，product-led growth 的業務）調整到 Katherine Calvert 之下，而該業務表現良好。這一塊業務也透過讓部分新產品與服務能立即呈現在潛在客戶面前，帶動了大量新客戶（new logo）獲取。因此我在事先準備的發言中提到，我們看到更好的免費轉付費轉換率。

The free-to-paid -- the free numbers are up, but we're converting them more effectively. So that part of the funnel, I think, is performing better and we're also converting new logos more effectively than we have in the past by having those two teams focused on different things, but moving towards improving gross retention over the year, improving ARR over the year and continuing to build on the momentum we're seeing in new logos and in expansion. I would say that we put the organization through a lot of change, and I'm really proud of how the employees are rising to the occasion. It leaves me very energized and encouraged and frankly, inspired. And to have -- you can go on YouTube and see our SRE agent at work.

免費轉付費——免費用戶的數量在上升，但我們的轉換效率更高。因此我認為漏斗的這一段表現更好；同時，透過讓兩個團隊各自聚焦不同事項，我們也比過去更有效地轉換新客戶（new logos），並在一年內推動總留存提升、推動 ARR 提升，且持續在新客戶與擴張（expansion）所見到的動能上加碼。我想說的是，我們讓組織經歷了很多變革，而我非常以員工能迎難而上為傲。這讓我充滿能量、備受鼓舞，坦白說也深受啟發。而且——你可以到 YouTube 上看到我們的 SRE 代理（agent）實際運作。

Our new products, our first-class chat experience that we announced in our spring release today, they're all out there. You can watch them. They're real. This is not something that we're talking about doing someday, and they're deeply integrated into the platform.

我們的新產品、我們在今天春季版本發佈中宣布的一流聊天體驗（first-class chat experience），都已經對外推出。你可以觀看它們。它們是真實可用的。這不是我們在談論未來某一天要做的事，而且它們已深度整合進平台。

So I know I'm having a little bit of a connection problem. So hopefully, this comes through. But I do want to double click. I know it's not at the high, high end, but the 1,000 customers that did churn off in that mid-level you've talked about, first of all, was that full churn or partial churn? And then second of all, do you have insight into where they're going for me.

我知道我這邊連線有點問題。所以希望你們能聽清楚。但我確實想再深入追問一下。我知道這不是最高端客群，但你提到的中階客群中流失的那 1,000 位客戶，首先，那是完全流失（full churn）還是部分流失（partial churn）？其次，你是否能分享他們可能轉向哪裡？

Yeah. It's always a mix in that midrange. You have some segments of the market that are under a lot of pressure there, where headcounts are really coming down. And so that drives some of the seat-based downgrades. Also, as a result of being under pressure, they become more and more price sensitive, right?

是的。在那個中階區間通常都是混合情況。其中有些市場區隔正承受很大壓力，人力編制確實在下降。因此會帶來一些以席位（seat）為基礎的降級（downgrade）。另外，由於承受壓力，他們也會變得越來越對價格敏感，對吧？

If they have more basic requirements, they can choose to go to a lower cost provider because they don't care as much about the resilience per se, although I think that is starting to change. And we can be more aggressive there as well from a pricing perspective. We've got room in our gross margin. And one of the things we talk about is taking a more offensive stance there. But to be clear, I think the value to be had and the drivers of growth for the business are really around driving that platform into large enterprise and continuing to demonstrate that we are the operations platform of choice for AI natives and AI first.

如果他們的需求比較基礎，他們可以選擇轉向成本更低的供應商，因為他們不那麼在意韌性（resilience）本身，雖然我認為這點正在開始改變。而且從定價角度，我們也可以在那裡採取更積極的策略。我們的毛利率還有空間。我們談到的一件事，就是在那裡採取更具進攻性的姿態。但要說清楚，我認為這項業務真正可獲得的價值與成長驅動力，主要在於把平台打入大型企業，並持續證明我們是 AI 原生（AI natives）與 AI 優先（AI first）企業首選的營運平台。

(inaudible), George McGreehan.

(聽不清楚), George McGreehan。

It's George McGreehan on for Koji Ikeda at Bank of America. I wanted to kind of double-click on the expectation for gross revenue retention to stabilize. I guess, could you maybe share like any color you have in terms of how customer conversations are sounding regarding their hiring plans for this year?

我是美國銀行（Bank of America）的 George McGreehan，代 Koji Ikeda 提問。我想再深入追問一下你們對總營收留存率（gross revenue retention）將趨於穩定的預期。你是否可以分享一些你們掌握的資訊，例如客戶對今年招募／聘僱計畫的對話氛圍大概如何？

Their hiring for this year will matter less and less as we move to more of the platform and consumption-based licensing. I mean, interestingly enough, we have customers that are hiring software developers. So -- and we see the mix of software developers on our platform increasing. And I think what the role is changing to some extent. But it's really less about what they're hiring for us and more about how do they prioritize enterprise resilience, how are they thinking about continuing to build automation.

隨著我們更多轉向平台化與以用量為基礎（consumption-based）的授權模式，客戶今年的招募情況對我們的影響會越來越小。有趣的是，我們確實有客戶正在招募軟體開發人員。因此——我們看到平台上的軟體開發人員占比在提高。我認為這個角色在某種程度上也正在改變。但對我們而言，重點其實不在於他們為了我們而招募什麼，而在於他們如何優先考量企業韌性，以及他們如何思考持續建置自動化。

And we're hearing a lot from customers wanting to shift left. They want to go from simply responding to small events and minor incidents faster to preventing them from even consuming people's time. So they're using -- like when I look at our usage metrics on the platform, more incident workflows, more events flowing through the platform, et cetera. So you can see that demand there. I would also say, like when I talk to executives, they're in a pinch, right?

我們也從客戶那裡聽到很多「左移」（shift left）的需求。他們希望從只是更快回應小事件與輕微事故，轉向在事件甚至不再消耗人力時間之前就能預防。因此他們正在使用——例如我看我們平台上的使用指標，更多事故工作流程（incident workflows）、更多事件流經平台，等等。所以你可以看到那裡的需求。我也會說，像我跟高階主管交流時，他們其實很為難，對吧？

They've got boards saying use more and more AI, but they've also got their regular saying, you better use that AI responsibly. And so they're really looking for partners, who can help them manage both delivering on that upside opportunity using AI in their products and services and internally themselves, but doing it in a way that's responsible. And when something does go wrong, they can minimize that blast radius, right? That is more of the kind of conversation that we're having. And when Todd came on board, he and I saw over 100 customers in his first 90 days here.

他們的董事會要求使用越來越多的 AI，但同時監管／合規也在說，你必須負責任地使用 AI。因此他們真的在尋找能協助他們的合作夥伴，既能在產品與服務以及內部運作上運用 AI 來實現上行機會，又能以負責任的方式來做。而當事情出錯時，他們也能把影響範圍（blast radius）降到最低，對吧？這更像是我們正在進行的那類對話。而 Todd 到任後，他和我在他加入的前 90 天內拜訪了超過 100 位客戶。

And one of the things he said to me was our customers want to do more with us. So continue to consolidate things like event management, event consolidation, orchestration, automation, runbook automation, workflow automation and now auto remediation with our Agentic solution is a big part of that strategy. So they can start consolidating some of their operational requirements on to us. The other thing is looking at those new use cases. And that's really been led by our largest customers saying, I need to figure out how to solve this problem, and we'd like to solve it with you.

他對我說的一件事是：我們的客戶希望與我們做更多事情。因此，持續整合（consolidate）像是事件管理（event management）、事件彙整（event consolidation）、編排（orchestration）、自動化（automation）、Runbook 自動化、工作流程自動化，以及現在透過我們的 Agentic 解決方案進行自動修復（auto remediation），是該策略的重要部分。如此一來，他們就能把部分營運需求整合到我們的平台上。另一件事是探索那些新的使用情境（use cases）。而這主要是由我們最大的客戶所帶動，他們說：我需要想辦法解決這個問題，而且我們希望和你們一起解決。

And -- that all makes sense. And kind of just on the -- as we move to consumption-based pricing and understanding that that's a smaller piece of the business today. But if you could maybe provide color on how underlying usage trends look for PagerDuty and maybe how that's contemplated in 2027 revenue guidance?

而且——這些都很合理。另外，談到我們轉向以用量為基礎的定價（consumption-based pricing），我理解這在目前仍是較小的一部分業務。但你是否可以分享一些關於 PagerDuty 底層使用量趨勢（usage trends）的觀察，以及這在 2027 年營收指引中是如何被納入考量的？

Yeah. So Howard mentioned this in his comments, our 2027 revenue guidance is conservative. And because we're going through this pricing transition, the leading indicators are somewhat clouded by the lagging indicators in that transition, and we're still operating in a pretty volatile macro environment. So we've tried to be really thoughtful about that. But coming back to your question around like how does GRR improve over the course of the year, a lot of the work that we've already done is going to serve us.

可以。Howard 在他的評論中提到，我們的 2027 年營收指引是保守的。因為我們正在經歷這次定價轉型，轉型中的落後指標（lagging indicators）在某種程度上會遮蔽領先指標（leading indicators），而且我們仍處在相當波動的總體環境中。因此我們在這方面盡量非常審慎。但回到你關於 GRR 如何在一年內改善的問題，我們已經完成的許多工作將會對我們有幫助。

So one, moving customers to multiyear agreements. It means that we have less revenue available to renew in any quarter going forward through the year. Two, giving customers the option of flex pricing and moving them to products and services that have a very clear ROI. When you start to actually be able to automate work that required people, teams, operations centers to do, it gets easier for executives to show the hard cost savings. And then also, we're seeing this realization that resilience is not just a risk that needs to be -- that resilience isn't just about mitigating risks of things going wrong and not responding to them well, but it's also about unlocking value and growth.

第一，把客戶轉到多年期合約（multiyear agreements）。這意味著在接下來一年中、往後每一季可供續約的營收會更少。第二，提供客戶彈性定價（flex pricing）的選項，並把他們轉向投資報酬率（ROI）非常清晰的產品與服務。當你真的能把原本需要人力、團隊、營運中心來完成的工作自動化時，高階主管就更容易展示明確的成本節省。此外，我們也看到一種認知正在形成：韌性（resilience）不只是需要——韌性不只是為了降低出錯風險以及在出錯時回應不佳的風險，更是為了解鎖價值與成長。

And that's certainly true for the AI natives and the AI-first companies that see like if we can demonstrate trust in these products and services, we can sell more.

而這對於 AI 原生族群以及 AI 優先的公司當然也是如此；他們認為，如果我們能在這些產品與服務中展現可信任性，我們就能賣得更多。

Yeah. And George, just one comment from me is why this pricing change makes sense for us and for our customers is because more work is happening on the platform. The amount of work that happens on our platform compared to our competitors, there's no comparison. We do billions of events. We have nearly 1 billion incidences last year.

是的。而 George，我這邊補充一點：這次定價變更之所以對我們以及客戶都有道理，是因為有更多的工作正在平台上發生。我們平台上發生的工作量與競爭對手相比，完全不可同日而語。我們處理數十億筆事件。去年我們有將近 10 億起事件（incidences）。

We do millions of workflows each month. So our customers are using the platform more. And often, the discussions that we're having with our customers is that they, in fact, have had to make hard choices around headcount. But PagerDuty has enabled them to do so because we're actually doing more of the work for them. We're automating work that was previously done by humans.

我們每個月執行數百萬個工作流程。因此客戶正在更頻繁地使用平台。而我們與客戶常見的討論是，他們其實不得不在員額（headcount）上做出艱難取捨。但 PagerDuty 讓他們能做到，因為我們實際上替他們做了更多工作。我們正在自動化過去由人力完成的工作。

Now when we start showing them how they can use our platform more broadly, then they have the opportunity to expand with us, but in fact, generate incremental savings for themselves and get to better levels of resilience. So it's an interesting conversation that we've had and the early conversations we've had with customers and the success we had in Q4 around the new licensing model have been super positive because there's a very clear correlation to how they're thinking about managing work in their organization, how they're thinking about resilience. So I think it's -- we'll continue to just see momentum build around that transition.

當我們開始向他們展示如何更廣泛地使用我們的平台時，他們就有機會與我們擴大合作，同時實際上為自己創造額外的成本節省，並達到更高水準的韌性。因此這是一段很有意思的對話；我們與客戶的早期交流，以及我們在第四季圍繞新授權模式取得的成功，都非常正面，因為這與他們如何思考在組織內管理工作、如何思考韌性之間，有非常清楚的關聯。所以我認為——我們會持續看到圍繞這項轉型的動能累積。

(Operator Instructions)

(接線員指示)

Craig-Hallum, Vijay Homan.

Craig-Hallum，Vijay Homan。

This is Vijay on for Jeff. I just wanted to circle back to the go-to-market effort. Obviously, you guys have your leadership team set there. I'm just wondering, should we expect to see any jump in the spend commensurate with that sales motion? Or will the focus be on reallocating existing resources and potentially even seeing savings there?

我是 Vijay，代 Jeff 發言。我想回到 go-to-market（市場推進）方面的工作。顯然你們的領導團隊已經就位。我想請教，我們是否應該預期會看到與這種銷售推進動作相匹配的支出跳升？還是重點會放在重新配置既有資源，甚至可能在那裡看到節省？

Yeah. So Vijay, it's certainly a case of us reallocating capital. We're still, as per our guide, looking at demonstrating improvements in terms of operating margin this next year. We've done a fair amount of work with Todd and Katherine on the sales and marketing front around how we can be more efficient as a business, how we can leverage AI ourselves, how we're able to organize our teams to be more effective with a very clear distinction in terms of the responsibilities across those teams. So we would expect to see, again, improvements in terms of sales and marketing efficiency as we go into this next year.

是的。所以 Vijay，這確實是我們重新配置資本的情況。依照我們的指引，我們仍然希望在明年展現營業利益率（operating margin）的改善。我們與 Todd 和 Katherine 在銷售與行銷端做了相當多的工作，探討如何讓公司更有效率、如何我們自己也能運用 AI、以及如何組織團隊以更有效運作，並在各團隊責任分工上做出非常清楚的區隔。因此我們預期在進入明年時，銷售與行銷效率仍會持續改善。

Great. And then just one more for me. As far as enterprise, I think it was the second consecutive quarter, the number of customers with more than $100,000 ARR kind of ticked down. Obviously, you're alluding to some potential improvement in the coming year. I was wondering if you could just elaborate on kind of the puts and takes in the pipeline there.

很好。我還有一個問題。就企業客戶而言，我想這已是連續第二季，年經常性收入（ARR）超過 10 萬美元的客戶數略有下滑。你們也提到明年可能會有所改善。想請你們再多談談，管線（pipeline）裡面有哪些拉鋸因素。

Sure. And I'll go first, and Jen, you can jump in. What we do see within that [$100,000] cohort, we obviously had some customers, where there might have been a modest contraction, which took them down below the [$100,000 mark]. That has sometimes happened, particularly for maybe a mid-market customer, who has ended up in that cohort and is now under intense pressure from a cost perspective. But at the same time, we have others that matriculate into that category.

當然。我先說，Jen 你也可以補充。我們在這個[10 萬美元]客群中確實看到，有些客戶可能出現小幅收縮，因而降到[10 萬美元門檻]以下。這種情況有時會發生，特別是某些中型市場（mid-market）客戶先前進入了這個客群，但現在在成本面臨很大壓力。但同時，也有其他客戶會逐步升級進入這個類別。

A lot of our focus has been, though, on the top end of that cohort and making sure that we're putting in place contractual arrangements with our largest, most important customers in order to help them take more benefit of the platform, increase the value they're getting from PagerDuty and typically in large multiyear deals. So what we would expect to see is that, that cohort will continue to grow over time, but we're certainly going to be focusing a lot more of our attention on sort of the larger six and seven figure customers and how do we help them mature and grow at a greater pace.

不過，我們的重點很大一部分放在該客群的高端，並確保我們與最大、最重要的客戶建立合約安排，以協助他們更充分地受益於平台、提升他們從 PagerDuty 獲得的價值，而且通常是大型的多年期合約。因此我們預期，這個客群會隨時間持續成長，但我們也會把更多注意力放在規模更大的六位數與七位數客戶上，並思考如何幫助他們成熟並以更快速度成長。

Okay. Thank you, team. It looks like that rounds us out for the day. Appreciate your time. Jennifer, we'll turn it over to you for any final remarks to close this out.

好的。謝謝各位團隊成員。看起來今天的提問就到這裡。感謝大家撥冗。Jennifer，接下來交給你做最後結語。

Thank you. AI is the new risk layer for enterprise. And as the control plane for AI operations, we are well positioned to support enterprise resilience across our customers' strategic digital and AI operations with both large enterprises and AI natives. The leading indicators in Q4 demonstrate the momentum from new customer acquisition and expansion, our pricing transition, our product velocity and expansion into cutting-edge use cases that continue to widen our competitive moat. We are energized by the opportunity AI presents for PagerDuty and confident in our ability to capture it.

謝謝。AI 是企業新的風險層。作為 AI 營運的控制平面（control plane），我們具備良好定位，能在大型企業與 AI 原生客戶之間，支持企業韌性，涵蓋客戶策略性的數位與 AI 營運。第四季的領先指標顯示：新客戶獲取與擴張、我們的定價轉型、產品推進速度，以及向前沿使用情境的擴展所帶來的動能，持續擴大我們的競爭護城河。我們對 AI 為 PagerDuty 帶來的機會感到振奮，並有信心能把握這個機會。

Before I close, I want to take a moment to recognize Howard Wilson's leadership. and his contribution to PagerDuty for nearly a decade. Together with our team, we've built the company from a single product, $50 million in revenue and a few thousand customers to the leading AI operations platform for enterprise, generating nearly $500 million in profitable revenue with over 35,000 customers. And while Howard has been our CFO since 2018, he has seen -- he's been a tremendous partner and visionary leader who has supported almost every function across our company at some point in time. His infinite passion for our mission, his advocacy for our customers as well as for our people and Howard's unwavering integrity leave an indelible legacy and a strong foundation for us to continue building on.

在結束前，我想花點時間肯定 Howard Wilson 的領導力，以及他近十年來對 PagerDuty 的貢獻。我們與團隊一起，將公司從單一產品、5,000 萬美元營收與數千名客戶，打造為企業領先的 AI 營運平台，創造近 5 億美元的獲利性營收，並服務超過 35,000 名客戶。Howard 自 2018 年起擔任我們的 CFO；他一直——他是極為重要的夥伴與具遠見的領導者，曾在不同時期支持公司幾乎每一個職能。他對使命的無限熱情、對客戶與同仁的倡議，以及 Howard 堅定不移的正直品格，留下不可磨滅的傳承，也為我們持續建設奠定堅實基礎。

His personal imprint in our business will continue to shine through the incredible team that he's built and the many capable leaders he has developed and mentored here. I know you all will join me in thanking Howard for his leadership and his stewardship of PagerDuty.

他在業務上的個人印記，將透過他所建立的卓越團隊，以及他在此培養與指導的眾多優秀領導者而持續發光。我相信各位也會和我一起，感謝 Howard 的領導，以及他對 PagerDuty 的管理與守護。

Thank you all, and have a great day.

謝謝大家，祝各位有美好的一天。

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

本逐字稿中標示（technical difficulty）的部分表示音訊出現問題。若日後提供重播版本，將補上缺漏文字。