Pros Holdings Inc (PRO) 2024 Q2 法說會逐字稿

Greetings. Welcome to the PROS Holdings second-quarter 2024 earnings conference call. (Operator Instructions)

問候。歡迎參加 PROS Holdings 2024 年第二季財報電話會議。（操作員說明）

As a reminder, this conference is being recorded. I would now like to turn the conference call over to Belinda Overdeput, Senior Director of Investor Relations.

提醒一下，本次會議正在錄製中。我現在想將電話會議轉給投資者關係高級總監 Belinda Overdeput。

Thank you, operator. Good afternoon, everyone, and thank you for joining us. Our earnings press release, SEC filings and a replay of today's call can be found on the Investor Relations section of our website at pros.com.

謝謝你，接線生。大家下午好，感謝您加入我們。我們的收益新聞稿、美國證券交易委員會 (SEC) 文件和今天電話會議的重播可以在我們網站 pros.com 的投資者關係部分找到。

Our prepared remarks are also available on our website and will be replaced by the official transcript, which includes participation questions once available. With me on today's call is Andres Reiner, President & Chief Executive Officer; and Stefan Schulz, Chief Financial Officer.

我們準備好的評論也可以在我們的網站上找到，並將被正式的文字記錄所取代，其中包括一旦可用的參與問題。與我一起參加今天電話會議的是總裁兼執行長 Andres Reiner；和財務長史蒂芬·舒爾茨。

Please note that some of the commentary today will include forward-looking statements, including, without limitation, those about our strategy, future business prospects and market opportunities and our financial projections and guidance. Actual results could differ materially from such statements in our forecast. For more information, please refer to the risk factors described in our SEC filings.

請注意，今天的一些評論將包含前瞻性陳述，包括但不限於有關我們的策略、未來業務前景和市場機會以及我們的財務預測和指導的陳述。實際結果可能與我們預測中的此類陳述有重大差異。欲了解更多信息，請參閱我們向 SEC 提交的文件中描述的風險因素。

PROS assumes no obligation to update any forward-looking statements to reflect future events or circumstances. As a reminder, during the call we will discuss non-GAAP metrics.

PROS 不承擔更新任何前瞻性陳述以反映未來事件或情況的義務。提醒一下，在電話會議期間，我們將討論非 GAAP 指標。

Reconciliations between each non-GAAP measure and the most directly comparable GAAP measure to the extent available without unreasonable effort are available in our earnings press release. With that, I'll turn the call over to you, Andres.

我們的收益新聞稿中提供了每項非公認會計準則衡量指標與最直接可比較的公認會計準則衡量指標之間的對賬，而無需做出不合理的努力。這樣，我會把電話轉給你，安德烈斯。

Thank you, Belinda. Good afternoon, everyone, and thank you for joining us on today's call. We delivered a solid second quarter, exceeding the high end of our guidance ranges across all metrics. We grew subscription revenue by 14% and total revenue by 8% while achieving significant profitability milestones. Year to date, we've delivered a 554% improvement in adjusted EBITDA and a 112% improvement in free cash flow year over year, with both metrics yielding positive first half results despite seasonally high expenses.

謝謝你，貝琳達。大家下午好，感謝您參加今天的電話會議。我們第二季的業績表現強勁，所有指標都超出了我們指導範圍的上限。我們的訂閱收入成長了 14%，總收入成長了 8%，同時實現了重大的獲利里程碑。今年迄今為止，我們的調整後 EBITDA 年比提高了 554%，自由現金流年增了 112%，儘管季節性費用較高，但這兩個指標都在上半年產生了積極的業績。

In Q2, we also achieved our long-term goal of 80% non-GAAP subscription gross margin. I'm extremely proud of our team for building the market-leading profit and revenue optimization platform, which drives immense value for customers [powering] 4.1 trillion transactions a year, while delivering expanded subscription gross margins.

第二季度，我們也實現了 80% 的非 GAAP 訂閱毛利率的長期目標。我為我們的團隊建立了市場領先的利潤和收入優化平台感到非常自豪，該平台為客戶帶來了巨大的價值，每年支援 4.1 兆筆交易，同時擴大了訂閱毛利率。

Now in the second half, we're being cautious with respect to our Travel business. Typically, the second half is seasonally strong for airline bookings, and that certainly was the case in 2023. Despite enjoying strong passenger demand, airlines continue to face operational cost and supply chain challenges.

現在下半年，我們對旅行業務持謹慎態度。通常，下半年的航空公司預訂量會出現季節性旺盛，2023 年的情況確實如此。儘管客運需求強勁，但航空公司仍面臨營運成本和供應鏈挑戰。

These challenges impact the approval processes and [lengthen] sales cycles. As a result, we're assuming our travel bookings will be down year over year, impacting our outlook for 2024, which Stefan will cover in more detail. We remain fully committed to achieving our long-term goal of becoming a Rule of 40 company. We've made considerable progress, and our confidence in achieving our long-term goal is strong. Here's what fuels our conviction.

這些挑戰影響審批流程並[延長]銷售週期。因此，我們假設我們的旅行預訂量將逐年下降，從而影響我們對 2024 年的展望，Stefan 將對此進行更詳細的介紹。我們仍然完全致力於實現成為「40 條規則」公司的長期目標。我們已經取得了長足的進步，我們對實現長期目標充滿信心。這就是我們堅定信念的動力。

First, the value proposition of the PROS platform is more relevant than ever, and we see increasingly favorable competitive dynamics, both driving continued strong deal volumes and win rates. Our clear value proposition is why more customers are prioritizing process [and] top initiatives supported by their [board] as a means for driving revenue growth and margin improvement, fueling strong expansion activity.

首先，PROS 平台的價值主張比以往任何時候都更重要，我們看到越來越有利的競爭動態，這兩者都推動了持續強勁的交易量和獲勝率。我們明確的價值主張是為什麼越來越多的客戶優先考慮其[董事會]支持的流程[和]頂級計劃，作為推動收入增長和利潤率提高的手段，從而推動強勁的擴張活動。

Second, we continue to invest in innovation to drive faster activation of our market-leading platform and accelerate time to value, bolstering our land, realize, and expand strategy. I will share a few examples from Q2 that highlight these points, starting with new customer wins. A top three global medical devices company selected the PROS platform in Q2 to activate Smart CPQ and smart price optimization.

其次，我們繼續投資於創新，以更快地啟動我們市場領先的平台並加快實現價值的時間，從而鞏固我們的土地、實現和擴展策略。我將分享第二季的一些例子來強調這些要點，從贏得新客戶開始。全球三大醫療器材公司在第二季選擇了PROS平台來啟動智慧CPQ和智慧價格最佳化。

With goals to accelerate sales and drive increased win rates, the company chose PROS as their strategic partner to help them deliver on their growth objectives. The initial regional land is the beginning of a partnership that can span over 100 countries around the globe. Dynata, a leading first-party data solution platform selected the PROS platform to activate Smart CPQ, empowering their global sales team to accelerate time to quote with winning offers. Dynata chose PROS for the depth and breadth of our platform to support their direct sales and future expansion of their e-commerce channel. Now, on to expansions.

為了加速銷售並提高獲勝率，該公司選擇 PROS 作為其策略合作夥伴，以幫助他們實現成長目標。最初的區域土地是跨越全球 100 多個國家的合作夥伴關係的開始。Dynata 是一家領先的第一方資料解決方案平台，選擇 PROS 平台來啟動 Smart CPQ，使其全球銷售團隊能夠透過獲勝報價加快報價時間。Dynata 選擇 PROS 是因為我們平台的深度和廣度來支援他們的直接銷售和未來電子商務管道的擴展。現在，進行擴充。

A few quarters ago I shared Ingredion's continued success with PROS, highlighting multiple regional expansions of our platform. We're proud to announce that as of Q2, Ingredion has decided to expand the PROS platform globally, underscoring the value they drive with our solution. We're also expanding the PROS platform across BASF's global operations. As the world's largest chemical producer, BASF uses our platform to drive pricing and sales excellence in the face of inflation and supply chain volatility, making PROS a strategic priority for global deployment. Hertz expanded their use of the PROS platform by activating capacity aware price optimization across all North America locations.

幾個季度前，我分享了 Ingredion 在 PROS 上的持續成功，並強調了我們平台的多個區域擴張。我們很自豪地宣布，從第二季開始，Ingredion 已決定在全球擴展 PROS 平台，強調他們透過我們的解決方案帶來的價值。我們也在巴斯夫的全球營運中擴展 PROS 平台。作為全球最大的化學品生產商，巴斯夫利用我們的平台在通貨膨脹和供應鏈波動的情況下推動定價和銷售卓越，使 PROS 成為全球部署的戰略重點。Hertz 透過在北美所有地點啟動容量感知價格最佳化，擴大了 PROS 平台的使用。

This solution uses patent-pending technology powered by neural network AI to assess the opportunity cost of diminishing supply against demand in real time. This allows Hertz to set real-time prices based on fleet capacity and fluctuating demand, enabling them to win more business and drive a better customer experience. Philippine Airlines, a PROS customer of over 20 years, expanded their use of the PROS platform by choosing to activate Group Sales Optimizer.

該解決方案使用由神經網路人工智慧支援的正在申請專利的技術來即時評估供應減少與需求減少的機會成本。這使得赫茲能夠根據車隊容量和波動的需求設定即時價格，從而贏得更多業務並帶來更好的客戶體驗。菲律賓航空是擁有 20 多年歷史的 PROS 客戶，透過選擇啟動 Group Sales Optimizer 擴大了 PROS 平台的使用範圍。

With GSO, Philippine Airlines will power a digital sales motion for group travel across channels, driving increased conversion with a frictionless end-to-end customer experience. Innovation has always been central to our growth strategy and core to who we are.

菲律賓航空將透過 GSO 推動跨通路團體旅行的數位銷售活動，透過順暢的端到端客戶體驗推動轉換率的提高。創新始終是我們發展策略的核心，也是我們的核心。

We released a new Generative AI data transformation solution to power seamless data integration between third-party systems and the PROS platform, making our AI innovations even easier and faster to activate.

我們發布了新的生成式人工智慧資料轉換解決方案，以支援第三方系統和 PROS 平台之間的無縫資料集成，使我們的人工智慧創新更容易、更快速地啟動。

This is just one of the many AI innovations we showcased at a record-breaking Outperform conference in May, which had its largest in-person turnout ever. The event featured 60 customer speakers who share remarkable success stories achieved with PROS, highlighting how these innovations are driving significant business outcomes for their organizations.

這只是我們在 5 月破紀錄的跑贏大盤會議上展示的眾多人工智慧創新之一，該會議的現場出席人數創下了歷史新高。這次活動有 60 位客戶演講嘉賓，他們分享了 PROS 的非凡成功故事，強調了這些創新如何為其組織帶來顯著的業務成果。

Finally, Todd McNabb, our Chief Revenue Officer, has unified our B2B and Travel go-to-market teams. We're building a centralized revenue engine to drive a unified go-to-market across all phases of the customer journey, from demand generation to customer success.

最後，我們的首席營收長 Todd McNabb 統一了我們的 B2B 和旅遊市場推廣團隊。我們正在建立一個集中的收入引擎，以推動客戶旅程的所有階段（從需求產生到客戶成功）的統一進入市場。

This change will drive further productivity, rigor and scale to strengthen the flywheel, that is our land, realize, and expand strategy. I would like to thank our incredible global team for their passion and dedication to PROS, our customers and our communities. I would also like to thank our customers, partners and shareholders for their ongoing support of PROS.

這項變革將進一步推動生產力、嚴謹性和規模，以加強飛輪，也就是我們的土地，實現和擴展策略。我要感謝我們令人難以置信的全球團隊對 PROS、我們的客戶和社區的熱情和奉獻。我還要感謝我們的客戶、合作夥伴和股東對 PROS 的持續支持。

With that, I will turn the call over to Stefan to cover financial performance and outlook.

接下來，我將把電話轉給 Stefan，討論財務表現和前景。

Thank you, Andres, and good afternoon, everyone. A key pillar to our strategy is becoming more efficient as an organization. This is a core component to attaining the profitability range of our Rule of 40 goal. So I wanted to start by discussing the progress we have made over the last two years.

謝謝你，安德烈斯，大家午安。我們策略的一個關鍵支柱是提高組織效率。這是實現我們 40 條規則目標獲利範圍的核心組成部分。因此，我想先討論我們在過去兩年中取得的進展。

Comparing our results from two years ago, we have grown our total revenues by 10% per year while improving our non-GAAP subscription margins by 300 basis points and our non-GAAP gross margins by 400 basis points.

與兩年前的業績相比，我們的總收入每年增長 10%，同時我們的非 GAAP 認購利潤率提高了 300 個基點，非 GAAP 毛利率提高了 400 個基點。

We have also reduced our operating expenses by a rate of 1% per year during that span of time, resulting in a 1,700-basis point improvement in our adjusted EBITDA margin. We have become more efficient in every part of our company, and we have new initiatives underway to drive even more efficiencies in the future.

在此期間，我們還以每年 1% 的速度減少營運費用，調整後的 EBITDA 利潤率提高了 1,700 個基點。我們公司的各個部門都變得更加高效，我們正在採取新的措施來提高未來的效率。

Now I'll share some more details on our second quarter results. Subscription revenue was $65.6 million, up 14% year over year, and total revenue was $82 million, up 8% year over year, both exceeding guidance. Our second quarter recurring revenue was 84% of total revenue, and our trailing 12-month gross revenue retention rate continues to be 93% or better.

現在我將分享有關我們第二季業績的更多細節。訂閱收入為 6,560 萬美元，年增 14%，總收入為 8,200 萬美元，年增 8%，均超出預期。我們第二季的經常性收入佔總收入的 84%，並且我們過去 12 個月的總收入保留率持續保持在 93% 或更高。

Services revenue was $13 million, down 3% year over year. This was slightly below our expectations because a higher portion of our subscription bookings were related to expansions, which require less services than service -- than subscription bookings from new logos. Calculated billings in the second quarter increased 10% year over year and 8% for the trailing 12 months.

服務收入為 1300 萬美元，年減 3%。這略低於我們的預期，因為我們的訂閱預訂中有較高比例與擴展相關，與新徽標的訂閱預訂相比，擴展需要的服務少於服務。第二季的計算帳單年增 10%，過去 12 個月成長 8%。

Looking forward, we expect calculated billings to follow a similar trend to last year, where Q3 growth is expected to be at the lowest point in the year and Q4 to be stronger. For the year, we expect the growth rate for calculated billings to approximate total revenue growth.

展望未來，我們預計計算出的帳單將遵循與去年類似的趨勢，第三季的成長預計將達到年內最低點，第四季將更加強勁。今年，我們預計計算出的帳單成長率將接近總收入成長率。

As Andres highlighted, our non-GAAP subscription margin increased to 80% in the second quarter, an improvement of over 160 basis points year over year and an all-time high. To put this achievement into perspective, we first targeted a subscription gross margin goal of 78%, nine years ago.

正如 Andres 所強調的那樣，第二季度我們的非 GAAP 認購利潤率增至 80%，同比提高了 160 個基點，創歷史新高。為了正確看待這項成就，九年前我們首先將訂閱毛利率定為 78%。

Given the sophistication of our AI and the data volumes we process, we really didn't see attaining 80% subscription margins at the time. As our engineering and operations team improved the efficiency of our cloud services, we eventually saw a path to an 80% subscription margin and set that as a long-term goal at our Analyst Day 14 months ago.

考慮到我們人工智慧的複雜性和我們處理的數據量，我們當時確實沒有看到訂閱利潤率達到 80%。隨著我們的工程和營運團隊提高了雲端服務的效率，我們最終看到了實現 80% 訂閱利潤的途徑，並在 14 個月前的分析師日將其設定為長期目標。

Now we have achieved this updated goal of 80% earlier than planned, and it is a true testament to our engineering team's innovation and hard work that we have now achieved this milestone.

現在我們已經比原計劃提前了 80% 實現了更新的目標，我們現在實現這一里程碑是對我們工程團隊的創新和辛勤工作的真實證明。

Our overall non-GAAP gross margin was 67% in the second quarter, an improvement of over 210 basis points year over year. We generated adjusted EBITDA of $5.2 million in the second quarter, significantly exceeding guidance and improving more than $5 million over last year.

第二季我們的整體非 GAAP 毛利率為 67%，較去年同期提高了 210 個基點。我們第二季的調整後 EBITDA 為 520 萬美元，大大超出了預期，比去年提高了 500 萬美元以上。

We generated free cash flow of $6.2 million in the second quarter, an improvement of nearly 200% year over year and delivered positive free cash flow during the first half of the year for the first time as a SaaS company. From a balance sheet perspective, we exited the second quarter with $149.1 million in cash and investments, net of the settlement of the remaining $21.7 million of our 2024 convertible notes. Our second quarter non-GAAP earnings per share was $0.07 per share, also exceeding guidance.

我們第二季產生了 620 萬美元的自由現金流，年增近 200%，並且作為 SaaS 公司在上半年首次實現了正的自由現金流。從資產負債表的角度來看，我們第二季結束時擁有 1.491 億美元的現金和投資，扣除 2024 年可轉換票據剩餘 2,170 萬美元的結算。我們第二季的非 GAAP 每股收益為 0.07 美元，也超出了指導價值。

Now, turning to guidance. As Andres mentioned, we believe, the operational challenge airlines are facing creates some risk for us in the second half. Additionally, the stronger-than-anticipated expansion activity I noted earlier had some impact to our services and total revenue because of the lower attached service revenue that typically comes from expansions.

現在，轉向指導。正如安德烈斯所提到的，我們認為，航空公司面臨的營運挑戰為我們下半年帶來了一些風險。此外，我之前提到的強於預期的擴張活動對我們的服務和總收入產生了一些影響，因為通常來自擴張的附加服務收入較低。

Accordingly, we believe, it is prudent to adjust some components of our guidance. So for the full year, we are revising our guidance in three areas.

因此，我們認為，調整我們指引的某些組成部分是謹慎的做法。因此，對於全年，我們將在三個領域修改我們的指導。

We anticipate total revenue of between $329 million and $331 million, representing 9% growth at the midpoint, because we are now anticipating lower services revenue from what was implied in our previous guidance. We are anticipating free cash flow of between $20 million and $24 million, representing a 94% improvement year over year at the midpoint.

我們預計總收入將在 3.29 億美元至 3.31 億美元之間，中間值增長 9%，因為我們現在預計服務收入將低於先前指引中暗示的水平。我們預計自由現金流將在 2,000 萬美元至 2,400 萬美元之間，年比中位數成長 94%。

And we now expect subscription ARR of between $280 million and $284 million, representing 9% growth at the midpoint. We are reiterating the previous guidance range for subscription revenue of between $263.5 million and $265.5 million, representing 13% growth at the midpoint, and we are raising our guideline for adjusted EBITDA of between $21 million and $24 million, representing a 275% improvement at the midpoint. Shifting to guidance for the third quarter.

我們現在預計訂閱 ARR 為 2.8 億至 2.84 億美元，中間值成長 9%。我們重申先前的訂閱收入指引範圍為2.635 億美元至2.655 億美元，相當於中點成長13%，並且我們將調整後EBITDA 指引範圍提高至2,100 萬美元至2,400 萬美元，相當於中點成長275% 。轉向第三季的指引。

We expect subscription revenue to be in the range of between $65.8 million and $66.3 million, representing 10% growth at the midpoint. We expect total revenue to be in the range of between $81.5 million and $82.5 million, representing 6% growth at the midpoint.

我們預計訂閱收入將在 6,580 萬美元至 6,630 萬美元之間，中間成長率為 10%。我們預計總收入將在 8,150 萬美元至 8,250 萬美元之間，中間成長率為 6%。

We expect adjusted EBITDA of between $6.5 million and $7.5 million and using a non-GAAP estimated tax rate of 22%, we anticipate third quarter non-GAAP earnings per share at $0.08 to $0.10 based on an estimated 47.8 million diluted weighted average shares outstanding.

我們預計調整後的EBITDA 為650 萬至750 萬美元，並使用22% 的非GAAP 估計稅率，根據估計的4780 萬股稀釋加權平均流通股，我們預計第三季非GAAP 每股收益為0.08 至0.10美元。

I want to echo Andres's comments in saying that we continue to have conviction in achieving the ranges for total revenue growth and free cash flow margin towards our long-term goal of being a Rule of 40 company. We've made considerable progress since we set this goal a little over one year ago, and we are confident that we will continue to make progress and ultimately reach our goal.

我想呼應安德烈斯的評論，即我們仍然有信心實現總收入成長和自由現金流利潤率的範圍，以實現我們成為 40 條規則公司的長期目標。自從一年多前設定這一目標以來，我們已經取得了長足進步，我們有信心繼續取得進展並最終實現我們的目標。

Although we also acknowledge that the current conditions in the airline space will likely push the achievement of this goal by approximately one year. In closing, I would like to thank our global team and our customers for their continued support of PROS. We also thank you, our shareholders, for your support of PROS, and we look forward to speaking with you at our upcoming events.

儘管我們也承認，航空領域目前的狀況可能會將這一目標的實現推遲約一年。最後，我要感謝我們的全球團隊和客戶對 PROS 的持續支持。我們也感謝我們的股東對 PROS 的支持，我們期待在即將舉行的活動中與您交談。

I will now turn the call back over to the operator for questions. Operator?

我現在將把電話轉回給接線員詢問問題。操作員？

(Operator Instructions) Parker Lane, Stifel.

（操作說明）Parker Lane，Stifel。

Andres, I was wondering if you could go into a bit more detail on what you're hearing in the conversations you're having with the Travel customers about the challenges they're facing? And more importantly, when do you anticipate and what are they thinking about the potential for a time line to put some of those challenges behind them?

安德烈斯，我想知道您是否可以更詳細地介紹一下您在與旅遊客戶的對話中聽到的有關他們面臨的挑戰的資訊？更重要的是，您預計什麼時候以及他們對消除其中一些挑戰的時間表的潛力有何看法？

Great question, Parker. I would tell you, look, we are working very close with our airline customers. In fact, myself and the executive team had numerous meetings with CEOs of top airlines and executive teams. What we're seeing right now is they are wanting to get their operational back in line, and I think that is their focus area.

好問題，帕克。我想告訴你，我們正在與航空公司客戶密切合作。事實上，我和執行團隊與頂級航空公司的執行長和執行團隊進行了多次會議。我們現在看到的是他們希望讓他們的營運恢復正常，我認為這是他們的重點領域。

We're also working with them to help support in some of the changes they're making as well as provide areas where we can help them drive value with smaller investment and little team support to activate.

我們也與他們合作，幫助支持他們正在進行的一些變革，並提供我們可以幫助他們透過較小的投資和很少的團隊支持來激活的價值的領域。

So what I would tell you is we're leaning in, in areas whether it be (inaudible) continuous pricing, willingness to pay off [for] marketing, components of our platform that we can activate to get deals started, while we're supporting them through these operational challenges that they face in supporting their teams in the process.

所以我要告訴你的是，我們正在努力，無論是（聽不清楚）連續定價、行銷支付意願、我們可以激活以開始交易的平台組件，而我們支持他們克服在支持團隊的過程中所面臨的營運挑戰。

I can tell you we're as close as we've ever been with the airline industry, and we've always leaned in to support them. And I feel that the guidance we're providing is consistent with what we believe.

我可以告訴你，我們與航空業的關係是前所未有的密切，我們一直致力於支持他們。我認為我們所提供的指導與我們的信念是一致的。

Definitely in Q3, there is going to be an impact due to that. But our approach, like always, has been in times when the airline industry has had challenges is to lean in, support them and help them come out stronger, and we're consistent and convinced that, that's going to happen.

毫無疑問，在第三季度，這將會產生影響。但與往常一樣，當航空業面臨挑戰時，我們的方法是向前傾斜、支持他們並幫助他們變得更強，我們始終如一併堅信，這將會發生。

And then, Stefan, maybe one for you. I see sales and marketing ticked up a little bit quarter-over-quarter. You also talked about the unification of the go-to-market of Travel and B2B. Just wondering, in the initial stages here, what your thoughts are on the potential efficiencies that unification can drive in both the near term and long-term?

然後，斯特凡，也許有一個適合你。我看到銷售和行銷季度環比略有上升。您還談到了旅遊和 B2B 市場進入的統一。只是想知道，在最初階段，您對統一在短期和長期內可以帶來的潛在效率有何看法？

Yes. Parker, the tick up in the second quarter was more to do with marketing activities. We had our Outperform event, and that is really what drove up the cost. I would tell you that we do continue to expect to see efficiency benefits that come as a result of, to your point, bringing the Travel organization and the B2B organization to be more [along] -- one organization. So that said, I think, you'll continue to see that line item perform well.

是的。帕克，第二季的成長更多與行銷活動有關。我們有跑贏大盤的事件，這確實是推高成本的原因。我想告訴您，我們確實繼續期望看到效率效益，因為按照您的觀點，使旅行組織和 B2B 組織更加[共同]成為一個組織。也就是說，我認為您將繼續看到該訂單項目表現良好。

I think it might be slightly up as we go through the rest of the year as you compare to last year, primarily because of other marketing investments we want to make in order to continue to improve our funnel and our pipeline.

我認為，與去年相比，今年剩下的時間裡，這個數字可能會略有上升，這主要是因為我們希望進行其他行銷投資，以繼續改善我們的管道和管道。

Scott Berg, Needham & Company.

史考特‧伯格，李約瑟公司。

Stefan, the first question I have for you is on -- and I know it's way too early, but thinking about revenue growth into next year, into calendar '25, if you exit with an ARR growth rate here of, we'll call it, 9% or 10% here by the end of the year given your current guidance, would that drive a high single-digit 10% growth here in your subscription revenues next year? Or why would that not be the right starting point for us to start getting comfortable with?

Stefan，我要問你的第一個問題是 - 我知道現在還為時過早，但考慮到明年、25 日曆年的收入增長，如果您以 ARR 增長率退出，我們會打電話給您根據您目前的指導，到今年年底將成長9% 或10%，這是否會推動您明年的訂閱收入實現10% 個位數的高成長？或者為什麼這不是我們開始適應的正確起點？

Yes. So I guess, first of all, I'm not going to make a comment really on '25 just yet. We're not through our planning process to go through that. But second, Scott, what I will say is that when we look at our subscription ARR metric, that is one leading factor that can dictate what the revenue is going to be. The other part is what happens from the in-quarter bookings.

是的。所以我想，首先，我不會對 25 年發表評論。我們還沒有完成我們的計劃流程來完成這個任務。但第二，斯科特，我要說的是，當我們查看我們的訂閱 ARR 指標時，這是一個可以決定收入的主要因素。另一部分是季度內預訂的情況。

And so, I think, to Parker's question earlier, the things that we're doing to respond to the airline situation, things that we're doing to sell some ancillary products that actually help improve their go-to-market.

因此，我認為，對於帕克之前的問題，我們正在做的事情是為了應對航空公司的情況，我們正在做的事情是為了銷售一些實際上有助於改善他們的市場准入的輔助產品。

There's things we can be doing to respond to the situation that I think could offset what you might see from a starting point, which would be our subscription ARR. So we are not at this point conceding to a growth rate that would be in the upper single-digits for next year. However, we're also not prepared to give you what a growth rate might look like. But I think there are some things we can be doing to respond to this environment that could give us a better answer than that [starting point].

我們可以採取一些措施來應對這種情況，我認為這些事情可以抵消您可能從起點看到的情況，即我們的訂閱 ARR。因此，我們目前不會承認明年的成長率將達到較高個位數。然而，我們也不准備向您提供成長率的情況。但我認為我們可以做一些事情來應對這種環境，這可以給我們一個更好的答案[起點]。

And then following up on Stefan's last comment, I don't know if yourself or Andres want to tackle this one in particular, but pushing your Rule of 40 goal from what I believe was calendar '26 now into '27, if you're pushing it for one year is, how do we think about the components or the details of that push? Will that be more related to probably the revenue growth opportunity given what's going on in the Travel segment right now? Or is there some component around the profitability that might lag as well?

然後跟進斯特凡的最後評論，我不知道你自己或安德烈斯是否想特別解決這個問題，但是將你的 40 規則目標從我認為的日曆 '26 現在推進到 '27，如果你是推動它一年的問題是，我們如何看待該推動的組成部分或細節？考慮到目前旅遊領域的情況，這是否與收入成長機會更相關？或者在獲利能力方面是否存在一些可能滯後的因素？

Yes. I'll give you, Scott, my perspective. To me, the components aren't changing with what we had said, 16% to 21% growth on revenue in 19% to 24% on free cash flow. I can tell you, look, we're very excited about the market opportunity and how we're executing our land, realize, expand strategy. We always focus on deal volumes and we're continuing to focus on consistency.

是的。史考特，我會告訴你我的觀點。對我來說，這些組成部分並沒有像我們所說的那樣改變，收入成長 16% 到 21%，自由現金流成長 19% 到 24%。我可以告訴你，看，我們對市場機會以及我們如何執行我們的土地、實現和擴展策略感到非常興奮。我們始終關注交易量，並將繼續關註一致性。

I can tell you on the B2B side, our sales cycles continue to improve, and improve 15% year-to-date, and if you remember, last year improved 30%. So we're continuing to drive more rigor. I'm very pleased with Todd and the changes he's making to unify the organization, and it's all about continuing to execute on our land, realize, expand strategy and build a flywheel effect, and I believe that -- I think that's going to have a big payoff as we continue to execute on the strategy. And on Travel, our ASPs are down a little bit over 40% is what we expect because of this. But we are trying to land and get small lands that can build growth opportunities next year and beyond.

我可以告訴你，在 B2B 方面，我們的銷售週期持續改善，今年迄今改善了 15%，如果你還記得的話，去年改善了 30%。因此，我們將繼續更加嚴格。我對托德和他為統一組織所做的改變感到非常滿意，這一切都是為了繼續在我們的土地上執行、實現、擴展戰略並建立飛輪效應，我相信——我認為這將會有隨著我們繼續執行該策略，我們將獲得巨大的回報。在旅遊方面，我們的 ASP 下降了 40% 以上，這是我們的預期。但我們正在努力登陸並獲得小塊土地，這些土地可以在明年及以後創造成長機會。

So like, we are [rallying] around this to drive the best outcome possible for our customers and for our business. So we're all in, in this. We're not letting go of growth and we're just trying to continue to help support them and be cognizant of the areas they need to improve, but support them to drive better business outcomes and growth for us in the future.

因此，我們正在圍繞這一點[團結起來]，為我們的客戶和我們的業務帶來盡可能最好的結果。所以我們都參與其中。我們不會放棄成長，我們只是試圖繼續幫助支持他們並認識到他們需要改進的領域，但支持他們在未來為我們帶來更好的業務成果和成長。

Yes. I think, just to add to that, there's a couple of ways to think about how we can achieve the Rule of 40. I mean, the comeback year, so to speak, that happens once we're through the challenges that we've referenced could be a nice way to fast start an accelerated revenue growth rate. But that's not how we want to achieve a Rule of 40. We want to achieve a Rule of 40 and have it be sustainable.

是的。我認為，補充一點，有幾種方法可以思考我們如何實現 40 條規則。我的意思是，可以說，一旦我們經歷了我們提到的挑戰，捲土重來的一年就會發生，這可能是快速啟動加速收入成長率的好方法。但這並不是我們想要實現 40 條規則的方式。我們希望實現 40 條規則並使其可持續。

So to Andres's point, we're putting in the foundation [more] that basically shows that we could be at a 16% to 21% growth rate on the revenue side, not just for one year, but for many years to come and then also have that working off of a platform that can be generating 19% to 24% free cash flow margin. So the reason we went ahead and decided to push it to one year is because we think that's really what it's going to take for us to find that consistent level of performance so that you can count on us to be delivering a Rule of 40, not just for one year, but multiple years.

因此，根據安德烈斯的觀點，我們正在建立的基礎[更多]基本上表明我們的收入增長率可以達到 16% 到 21%，不僅是一年，而是未來很多年，然後還有一個可以產生19% 至24% 自由現金流利潤率的平台。因此，我們繼續前進並決定將其推遲到一年的原因是，我們認為這確實是我們找到一致的績效水平所需要的，這樣您就可以相信我們會提供 40 條規則，而不是只是一年，但是很多年。

Patrick Schulz, Baird.

派崔克舒爾茨，貝爾德。

Maybe first on the Microsoft partnership. Can you just talk a little bit more about how that partnership has progressed? I think at the Outperform event earlier this year, there was a lot of customer interest in this. Just curious how that has translated into pipeline build looking into the second half of this year and to 2025 as well?

也許首先是與微軟的合作關係。能多談談這種夥伴關係的進展嗎？我認為在今年早些時候的跑贏大盤活動中，有很多客戶對此感興趣。只是好奇這如何轉化為今年下半年甚至 2025 年的管道建設？

Yes. So overall, look, we're very pleased with the Microsoft partnership. We just won Partner of the Year for the second time. In our innovations, I believe, in the areas of the sales copilot, this is the next generation of sales technology. We're both excited about the opportunity ahead.

是的。總的來說，我們對微軟的合作關係非常滿意。我們剛剛第二次榮獲年度合作夥伴獎。我相信，在我們的創新中，在銷售副駕駛領域，這是下一代銷售技術。我們都對未來的機會感到興奮。

It's an early stage of sales adopting Generative AI technology to power the sales motion, but where we're innovating. We're very excited. And I would tell you from a collaboration, on deals on the pipeline, we continue to collaborate on many opportunities and work jointly on this opportunity. So overall, we feel very good. As you saw, Outperform, we're very excited about Outperform, had 1,000 registrants, 60 customer speakers. And I could tell you that the feedback from it was very, very positive, and we generated more than double the opportunities this year at Outperform compared to one year ago. Some of these innovations with Microsoft played into that. So overall, we feel very good.

這是採用生成式人工智慧技術來推動銷售活動的銷售的早期階段，但我們正在不斷創新。我們非常興奮。我想告訴你，透過合作，在管道交易中，我們將繼續在許多機會上進行合作，並共同努力抓住這個機會。所以總的來說，我們感覺非常好。正如您所看到的，Outperform，我們對 Outperform 感到非常興奮，有 1,000 名註冊者，60 位客戶演講者。我可以告訴你，它的反饋非常非常積極，與一年前相比，我們今年在跑贏大盤中創造的機會增加了一倍多。微軟的一些創新發揮了作用。所以總的來說，我們感覺非常好。

Maybe a quick follow-up too on the macro. And I appreciate all the commentary just on the updated Travel expectations. But from a broader viewpoint, has anything changed from a customer's willingness to sign deals this quarter relative to last quarter, maybe more general as outside of Travel? How is the demand environment been relative to last quarter?

也許對宏觀也有快速的追蹤。我感謝所有關於更新的旅行期望的評論。但從更廣泛的角度來看，與上季相比，本季客戶簽署交易的意願是否發生了任何變化，也許在旅行之外更普遍？需求環境與上季相比如何？

Yes. Great question, Patrick. I would tell you, look, the environment continues to be a very difficult selling environment. It's not easy to get deals through. I think our team has been very focused on ensuring that we can sell fast time to value, quantified ROI, we're selling at the right level.

是的。好問題，派崔克。我想告訴你，你看，銷售環境還是非常困難。達成交易並不容易。我認為我們的團隊一直非常專注於確保我們能夠快速實現價值、量化投資回報率，我們以正確的水平進行銷售。

Because right now, companies are taking a few bets that they're investing on. So I would tell you, the environment continues to be very, very hard selling environment. Our team is doing the best to drive the best outcomes. I think in the B2B side, we're seeing the average deal size remained consistent with last year. So we're not going in and trying to reduce.

因為現在，公司正在進行一些投資。所以我想告訴你，銷售環境仍然非常非常艱難。我們的團隊正在盡最大努力推動最好的結果。我認為在 B2B 方面，我們看到平均交易規模與去年保持一致。所以我們不會試著減少。

We're selling a more consistent motion. And I would tell you, we're doing very well in expansions. I would say that's a highlight. We're seeing -- we adopted the platform strategy a couple of years ago.

我們正在銷售更一致的運動。我想告訴你，我們在擴張方面做得非常好。我想說這是一個亮點。我們看到──我們幾年前就採用了平台策略。

We're seeing that play in into last quarter, a lot more customers expanding and those expansions, [because] we're leveraging the platform, they require little to no services to activate, which is a great story for customers because they get more value, they get value faster and it allows them to move on that journey to go from starting in one division to two, [to] getting to global, and Ingredion is an example, and we have BASF working on that as well.

我們看到這種情況一直持續到上個季度，更多的客戶在擴張，這些擴張，[因為]我們正在利用這個平台，他們幾乎不需要任何服務來激活，這對客戶來說是一個很好的故事，因為他們可以獲得更多價值，他們更快地獲得價值，這使他們能夠從一個部門發展到兩個部門，再到全球化，安瑞安就是一個例子，巴斯夫也在致力於這方面的工作。

So overall, I believe that land, realize, expand strategy is definitely working. But it is a difficult selling environment, no doubt about that.

總的來說，我相信土地、實現、擴張策略肯定是有效的。但毫無疑問，這是一個艱難的銷售環境。

Jason Celino, KeyBanc Capital Markets.

Jason Celino，KeyBanc 資本市場。

Maybe on the travel side, just curious when you started to see some of this extra cautiousness? I know there was a security software vendor that caused a lot of trouble for some of these airline travel companies recently. Wondering if that had anything to do with maybe reprioritization of some of their purchases?

也許在旅行方面，只是好奇你什麼時候開始看到這種額外的謹慎？我知道最近有一家安全軟體供應商給其中一些航空旅遊公司帶來了很多麻煩。想知道這是否與他們重新調整某些採購的優先順序有關？

Yes. Great question. I would say, obviously, the [CrowdStrike] incident had a bit to do with it. That had a pretty broad impact to the travel industry, many days to recover from that. And as you would imagine, they have a lot of focus on getting back to operational.

是的。很好的問題。我想說，顯然，[CrowdStrike] 事件與此有一定關係。這對旅遊業產生了相當廣泛的影響，需要很多天才能恢復。正如你所想像的那樣，他們非常關注恢復營運。

But I would tell you, late in the quarter and into the beginning of this quarter is when we started to see that impact and that probably was what compounded the effect.

但我想告訴你，在本季末和本季初，我們開始看到這種影響，這可能是加劇這種影響的原因。

And then, more of just like a overarching question just on the guidance for the year. We obviously have the U.S. election coming up. I'm curious how you've built that into the guide? Or even if elections in prior years have had an impact on customer decision-making, but I thought I'd ask, given kind of the Q4 dynamics?

然後，更像是關於今年指導的首要問題。顯然美國大選即將到來。我很好奇你是如何將其納入指南的？或者即使前幾年的選舉對客戶決策產生了影響，但考慮到第四季度的動態，我想我會問？

Yes. So I've only been here for two previous election cycles and I can't recall any sort of dynamic that occurred as a result of it. I think it's a good question because there's -- I know there's a lot of discussion and topic around it. But we really haven't seen an impact from it in terms of how customers are looking to invest. So we didn't factor anything one way or the other into our guidance as it relates to the election.

是的。因此，我只在這裡參加了前兩個選舉週期，我不記得由此產生的任何動態。我認為這是一個很好的問題，因為我知道圍繞它有很多討論和主題。但我們確實沒有看到它對客戶投資方式的影響。因此，我們沒有將任何與選舉相關的因素納入我們的指導中。

Brian Schwartz, Oppenheimer.

布萊恩·施瓦茨，奧本海默。

I just want to ask you what you're seeing in terms of average sales cycle duration times in the B2B business in Q2 versus Q1, if you saw any [downtick] or still pretty consistent in tough environment out there for new logos?

我只是想問您，您對第二季度 B2B 業務的平均銷售週期持續時間與第一季的情況有何看法，您是否看到任何[下降]或在新徽標的艱難環境中仍然相當一致？

Great question. So I would tell you, overall, B2B sales cycle times have improved by 15% year-to-date. And I would say it's consistent Q1 and Q2, we're seeing that improvement, and I would say that, that's on, I think, the [rigor] on execution. And I think the consistency in our motion, I think is helping to improve that. We're focused.

很好的問題。所以我想告訴您，總體而言，B2B 銷售週期時間今年迄今已縮短了 15%。我想說，第一季和第二季是一致的，我們看到了這種改進，我想說，我認為這就是執行的[嚴格性]。我認為我們動議的一致性有助於改善這一點。我們很專注。

I wouldn't say we've declared victory. We're still focused on driving even more improvement to that in the changes that Todd and I are making jointly across the organization, unifying the organization. But overall, we're pleased with those improvements.

我不會說我們已經宣布勝利。我們仍然專注於推動托德和我在整個組織中共同做出的變革的進一步改進，從而統一整個組織。但總的來說，我們對這些改進感到滿意。

A follow-up question I had for Stefan. It also was on the guidance and just thinking about Q4. The implied subscription revenue growth guidance for Q4 is for reacceleration even when you normalized comps. Is there something that you're seeing either in your pipeline or you're hearing from customers that is giving you the confidence to guide for the subscription business to reaccelerate as you're exiting the year?

我向斯特凡提出了一個後續問題。這也是在指導上，只是在考慮第四季。即使您對比較進行了標準化，第四季度的隱含訂閱收入成長指引也會重新加速。您在頻道中看到的或從客戶那裡聽到的東西是否讓您有信心在今年結束時引導訂閱業務重新加速？

Yes, Brian. So, when you look at our second half of subscription revenue in Q3 specifically, we're guiding to a lower growth rate. And that was planned all along because we knew we had a much higher subscription number one year ago because of some accelerated recognitions that we benefited from one year ago. So that dip that you're seeing in Q3 was -- we expected to see a dip all along and then kind of returning back to a better growth rate in the fourth quarter. So we are certainly expecting that.

是的，布萊恩。因此，當您具體查看第三季下半年的訂閱收入時，您會發現我們的成長率較低。這是一直計劃好的，因為我們知道一年前我們的訂閱數量要高得多，因為我們一年前受益於一些加速認可。因此，您在第三季度看到的下降是——我們一直預計會下降，然後在第四季度恢復到更好的成長率。所以我們當然期待這一點。

And as you pointed out, we are guiding to that. I would tell you that what's driving the sequential increase between Q3 and Q4 is a little bit of what we have built into the backlog of deals that were expected to be starting the recognition, but also the revenue from new bookings. So even though we've adjusted our booking forecast down mostly from the second half, we still are expecting to see a good second half to the year relative to the full year.

正如您所指出的，我們正在為此提供指導。我想告訴你，推動第三季和第四季連續成長的因素是我們在預計開始認可的積壓交易中加入的一些內容，以及來自新預訂的收入。因此，儘管我們將下半年的預訂預測大部分下調，但我們仍然預計下半年相對於全年會有良好的表現。

In other words, we still expect to see more bookings in the second half than we did in the first half. So that is a part of the guidance and while we feel like Q4 can see a bit of an increase over Q3.

換句話說，我們仍然預計下半年的預訂量將多於上半年。因此，這是指導的一部分，雖然我們認為第四季度可以比第三季度有所增長。

And then, if I could just squeeze one more in, Stefan, on the good expansion activity that you had in 2Q. Was any of that impacted at all by early renewals? Did you have customers kind of coming in and buying more ahead of their renewal season? Or was it mostly just add-on sales or expansion activities with headcount?

然後，Stefan，如果我能在第二季的良好擴張活動中再擠一點的話。這些是否受到提前續訂的影響？您是否有客戶在續訂季節之前進來併購買更多商品？或主要只是附加銷售或人員擴張活動？

Yes. Brian, we see that from time to time, but it's not a predominant part of our renewals. So I would say we did not see anything abnormal in the second quarter from that perspective. Most of our expansions relate to -- that had -- that were attached to renewals were pretty much on time. We may have had a small number that were a little early, but that's pretty normal.

是的。布萊恩，我們時常會看到這種情況，但這並不是我們續訂的主要部分。所以我想說，從這個角度來看，我們在第二季沒有看到任何異常。我們的大部分擴充都與更新有關，而且更新非常準時。我們可能有一小部分人來得有點早，但這很正常。

Jeff Van Rhee, Craig-Hallum Capital Group.

Jeff Van Rhee，克雷格-哈勒姆資本集團。

I've got a couple. First, on the B2B enterprise side, did the bookings on B2B hit expectations this quarter?

我有一對。首先，B2B企業方面，本季B2B訂單量是否達到預期？

I would say the bookings -- we're pleased with the bookings on the B2B side.

我想說的是預訂——我們對 B2B 方面的預訂感到滿意。

And so I guess, in terms of the forward guide, was there any change to the implicit B2B bookings expectations?

所以我想，就前瞻性指南而言，隱含的 B2B 預訂預期是否有任何變化？

No. I would say all -- the change in the forward guide is all due to Travel, so not B2B expectations.

不。我想說的是——前向指南的變化都是由於旅行，而不是 B2B 期望。

And then on the Gen 4 product, I'm kind of curious more -- to hear a bit more about the experience you've seen out in the marketplace? Specifically, it's got a lot of advantages. It takes less data to get started, which would seem to give it more broader applicability in terms of vertical industries. Have you seen it having enough impact that it's opening up prior markets that you were not able to get at with the older product?

然後，關於第四代產品，我更好奇了——想聽聽更多有關您在市場上看到的體驗的資訊？具體來說，它有很多優點。啟動所需的數據較少，這似乎使其在垂直行業方面具有更廣泛的適用性。您是否看到它具有足夠的影響力，打開了您使用舊產品無法進入的先前市場？

Look, I would tell you, in general, we have so much opportunity within the industries we're in. That for us is going deep within the industries. We could acquire technology to all, but it's really about the industries we serve going deeper and deeper. And we've been very, very focused on time to value and reducing that dramatically. And my believe, long-term customers aren't going to want to pay much for activation, and we've been innovating in our product to drive these very fast activation, and this is just one of the innovations towards that focus area.

聽著，我想告訴你，總的來說，我們所在的行業有很多機會。對我們來說，這正在深入行業。我們可以向所有人提供技術，但這實際上關係到我們所服務的行業越來越深入。我們非常非常注重價值實現時間並大幅縮短。我相信，長期客戶不會願意為激活支付太多費用，我們一直在產品創新以推動這些非常快速的激活，而這只是針對該重點領域的創新之一。

And it can -- the beauty of this innovation, it can help us with the industries we're in, it can help us expand into new industries. And the beauty of our platform is the data model is dynamic. We could go after any industry we wanted to go and expand. But we're already in about 40 industries on the B2B side. So we have plenty of [TAM] to go after and go deep.

它可以——這種創新的美妙之處，它可以幫助我們所處的產業，它可以幫助我們擴展到新的產業。我們平台的優點在於資料模型是動態的。我們可以從事任何我們想要發展和擴張的行業。但我們已經涉足大約 40 個 B2B 行業。所以我們有很多[TAM]需要去追求和深入。

So for us right now is how do we activate that -- those particular industries even faster.

因此，現在對我們來說，我們如何更快地啟動這些特定行業。

Maybe if I could just sneak one last in. As you're pushing more and more into the land and expand opportunities, can you share anything with respect to the B2B side? And what a typical size of a land looks like now versus maybe one year ago? Just even, I don't know, broadly speaking, but I'd love to get a sense of that trade-off quantity and price and how that's playing?

也許如果我能偷偷溜進去最後一個就好了。隨著您越來越多地進入這個領域並擴大機會，您能分享一些有關 B2B 方面的資訊嗎？現在與一年前相比，典型的土地面積是多少？甚至，我不知道，從廣義上講，但我很想了解數量和價格的權衡以及它是如何發揮作用的？

Yes. So I would tell you that the average deal size on B2B last year to this year remains consistent. It's in the [200,000] range. And that's kind of the zone -- three to four years ago, we executed on our platform strategy and our goal was to get that -- to that 200,000 range. And that to me is a great place to land and drive fast expansion.

是的。所以我想告訴大家，去年到今年 B2B 的平均交易規模都保持一致。它在 [200,000] 範圍內。這就是一個區域——三到四年前，我們執行了我們的平台策略，我們的目標是實現這一目標——達到 200,000 的範圍。對我來說，這是一個落地和推動快速擴張的好地方。

So I would say, I would expect that to remain consistent. And I would tell you, year-to-date is exactly the same as it was last year.

所以我想說，我希望這種情況保持一致。我會告訴你，今年迄今為止與去年完全相同。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

Implicitly, it sounds like you did have less land than expected, albeit more expansions than expected. A, is that correct?

隱含地，聽起來你的土地確實比預期少，儘管擴張比預期多。答，這樣說對嗎？

On the B2B side, that is correct.

在B2B方面，這是正確的。

Yes, Nehal?

是的，尼哈爾？

Yes.

是的。

And why is it that [your] -- less-than-expected lands on the B2B side?

為什麼 [您的] 在 B2B 的表現低於預期？

I would tell you, look, any particular quarter you're going to see changes between land and expand depending on the pipeline you're executing. And I would tell you, a lot of that has to do with the focus on the lands that we had, and those are coming up for expansions, and we executed on those. I wouldn't read too much into it.

我想告訴你，看，在任何特定的季度，你都會看到土地和擴張之間的變化，這取決於你正在執行的管道。我想告訴你，這很大程度上與我們對現有土地的關注有關，這些土地即將擴張，我們在這些土地上執行了任務。我不會對此進行太多解讀。

I would say that as we've discussed, this is a difficult macroenvironment to sell in. And where you've achieved value, it's obviously easier to drive expansions because they've seen quantified value and in many cases most customers are having initiatives around driving margin uplift and efficiency in the organization.

我想說，正如我們所討論的，這是一個很難銷售的宏觀環境。在您實現了價值的地方，推動擴張顯然更容易，因為他們已經看到了量化的價值，並且在許多情況下，大多數客戶都在圍繞推動組織的利潤提升和效率採取舉措。

And we're in incredible technologies to help do that. So where they've already seen that is helping them scale, it's helping them drive margin improvement. They want to accelerate that, and we're allocating resources to go sell into those accounts.

我們擁有令人難以置信的技術來幫助實現這一目標。因此，他們已經看到這有助於他們擴大規模，也有助於他們提高利潤率。他們希望加速這一進程，我們正在分配資源向這些帳戶進行銷售。

And then, Stefan, I still don't quite get why we are guiding a higher EBITDA but lower free cash flow guidance in the context of the lower (inaudible) ['24] travel bookings expectations?

然後，Stefan，我仍然不太明白為什麼我們在較低（聽不清楚）['24] 旅行預訂預期的背景下指導更高的 EBITDA，但降低自由現金流指導？

Yes. So it's really the timing between when we get the profit relative to when we get the benefits of the cash. I mean it's -- some of the EBITDA improvement that's occurring in the guidance range that we provided for this year relates to items such as some incentive payments that won't be realized until 2025. So you'll see the EBITDA improvement, but you won't see the free cash flow impact for another few months. So that's one example.

是的。因此，這實際上是我們獲得利潤的時間與獲得現金收益的時間之間的時間間隔。我的意思是，我們今年提供的指導範圍內發生的一些 EBITDA 改善與一些項目有關，例如一些要到 2025 年才能實現的獎勵付款。因此，您會看到 EBITDA 的改善，但在接下來的幾個月內您不會看到自由現金流的影響。這就是一個例子。

Victor Cheng, Bank of America.

維克多·程，美國銀行。

Most of them has been asked, but two, if I may. Firstly, on new versus existing, I remember previously, it's close to a 50-50 split. Can you give us some more color on what the split is right now? And across B2B and B2C, I remember previously, B2B had more new logos. And with that in mind as well, not just for Q2, but going forward with the full year guidance, are you still expecting a lower split of new versus existing?

大多數人都被問過，但如果可以的話，只有兩個。首先，在新的與現有的方面，我記得以前，它接近 50:50 的分歧。您能給我們更多關於目前分裂情況的資訊嗎？而跨越B2B和B2C，我記得以前B2B有更多的新標誌。考慮到這一點，不僅是第二季度，而且是全年指導，您是否仍然預計新產品與現有產品的比例會較低？

Yes. So right now, we're seeing a higher percentage of existing than new. I would say for the back half we see strong new opportunities. So I wouldn't expect that to maintain. But I would say this year we're expecting where we typically are in that 50-50 range. We're definitely expecting probably closer to a 40-60 split between new and existing versus a 50-50 split.

是的。所以現在，我們看到現有的比例高於新的比例。我想說，在後半段，我們看到了強大的新機會。所以我不希望這種情況能夠維持下去。但我想說，今年我們預計通常會處於 50-50 的範圍內。我們肯定預期新產品和現有產品之間的比例可能接近 40:60，而不是 50:50。

And maybe one regarding --

也許還有一個關於--

And by the way, there is still a lot of -- I mean, we didn't go into it, but there's a lot of great lands and then new customers that we landed both on the Travel and B2B. And we highlighted just a few in my prepared remarks, but there's incredible lands and some are really like a top three medical device companies, some have very incredible lands that we're having. So we're very happy with the lands that we're getting.

順便說一句，還有很多——我的意思是，我們沒有深入探討，但我們在旅遊和 B2B 領域都獲得了很多很棒的土地和新客戶。我們在我準備好的演講中只強調了一些，但有一些令人難以置信的土地，有些確實像前三名的醫療設備公司，有些擁有我們擁有的非常令人難以置信的土地。所以我們對我們所獲得的土地非常滿意。

And maybe the other one is, any comments you can make regarding FTC's kind of study on the market data usage? And do you think they will limit maybe how your customers can use their clients' data and kind of potentially limit the value proposition in the long-term?

也許另一個問題是，您對 FTC 對市場數據使用的研究有何評論？您認為它們是否會限制您的客戶使用其客戶資料的方式，並可能限制長期的價值主張？

Yes. At this point, I would say it's too early. We see this as -- we're just in the process of responding to that. We see them more as trying to understand the market. From [more] perspective, we've always had clear data segregation between customers.

是的。在這一點上，我想說還為時過早。我們認為這是——我們正在對此做出回應。我們更認為他們試圖了解市場。從[更多]的角度來看，我們在客戶之間始終有明確的資料隔離。

So no data from a customer can help the algorithm or train the algorithm for another customer, and that's been from the very beginning. The other area that their focus is in the personal identifiable data, and we don't use EIA to help do our pricing algorithms. So for us right now, I don't see any broad implications. This is -- for us it's just the FTC learning and trying to understand this market.

因此，來自客戶的資料無法幫助演算法或為另一個客戶訓練演算法，這從一開始就是如此。他們關注的另一個領域是個人識別數據，我們不使用 EIA 來幫助我們進行定價演算法。所以現在對我們來說，我看不到任何廣泛的影響。對我們來說，這只是聯邦貿易委員會學習並試圖了解這個市場。

Thank you. Ladies and gentlemen, we have reached the end of the question-and-answer session. I would like to turn the call back to Belinda Overdeput for closing remarks.

謝謝。女士們、先生們，問答環節已經結束。我想將電話轉回貝琳達·奧德普特（Belinda Overdeput），讓其致閉幕詞。

Thank you for listening to today's call. We look forward to speaking with you at conferences and events this quarter. We will be attending the KeyBanc Capital Markets Technology Leadership Forum on August 6th in Vail, the Virtual Oppenheimer Technology, Internet and Communications Conference on August 13th, and the Wolfe Research TMT Conference on September 10th in San Francisco. If you have any questions following today's call, please contact us at ir@pros.com. Thank you, and goodbye.

感謝您收聽今天的電話。我們期待在本季度的會議和活動中與您交談。我們將參加 8 月 6 日在韋爾舉行的 KeyBanc 資本市場技術領導論壇、8 月 13 日舉行的虛擬奧本海默技術、互聯網和通信會議以及 9 月 10 日在舊金山舉行的 Wolfe Research TMT 會議。如果您在今天的電話會議後有任何疑問，請透過 ir@pros.com 與我們聯繫。謝謝你，再見。