Smartsheet Inc (SMAR) 2024 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Smartsheet First Quarter Fiscal 2024 Earnings Conference Call. (Operator Instructions) Please be advised that this call is being recorded. (Operator Instructions)

女士們、先生們，下午好，歡迎參加 Smartsheet 2024 財年第一季度收益電話會議。 （操作員說明）請注意，此通話正在錄音。 （操作員說明）

And now at this time, I would like to turn things over to Mr. Aaron Turner, Head of Investor Relations. Please go ahead, sir.

現在這個時候，我想把事情交給投資者關係主管 Aaron Turner 先生。請繼續，先生。

Thank you, Bill. Good afternoon, and welcome, everyone, to Smartsheet's First Quarter of Fiscal Year 2024 Earnings Call. We will be discussing the results announced in our press release issued after the market closed today. With me today are Smartsheet CEO, Mark Mader; and our CFO, Pete Godbole. Today's call is being webcast and will also be available for replay on our Investor Relations website at investors.smartsheet.com. There is a slide presentation that accompanies Pete's prepared remarks, which can be viewed in the Events section of our Investor Relations website.

謝謝你，比爾。下午好，歡迎大家參加 Smartsheet 2024 財年第一季度收益電話會議。我們將討論今天收市後發布的新聞稿中宣布的結果。今天與我在一起的有 Smartsheet 首席執行官 Mark Mader；以及我們的首席財務官皮特·戈博爾 (Pete Godbole)。今天的電話會議正在進行網絡直播，也可以在我們的投資者關係網站 Investors.smartsheet.com 上重播。皮特准備好的講話附帶了幻燈片演示，可以在我們的投資者關係網站的活動部分查看。

During this call, we will make forward-looking statements within the meaning of the Federal Securities Laws. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends. These forward-looking statements are subject to a number of risks and other factors, including, but not limited to, those described in our SEC filings available on our Investor Relations website and on the SEC website at www.sec.gov.

在本次電話會議中，我們將做出聯邦證券法含義內的前瞻性陳述。我們的這些前瞻性陳述主要基於我們當前對未來事件和財務趨勢的預期和預測。這些前瞻性陳述受到許多風險和其他因素的影響，包括但不限於我們的投資者關係網站和 SEC 網站 www.sec.gov 上提供的 SEC 文件中描述的風險和其他因素。

Although we believe that the expectations reflected in the forward-looking statements are reasonable, our actual results may differ materially and/or adversely. All forward-looking statements made during this call are based on information available to us as of today. We do not assume any obligation to update these statements as a result of new information or future events, except as required by law.

儘管我們認為前瞻性陳述中反映的預期是合理的，但我們的實際結果可能存在重大和/或不利的差異。本次電話會議期間做出的所有前瞻性陳述均基於我們今天掌握的信息。我們不承擔因新信息或未來事件而更新這些聲明的任何義務，除非法律要求。

In addition to the U.S. GAAP financials, we will discuss certain non-GAAP financial measures. A reconciliation to the most directly comparable U.S. GAAP measures is available in the presentation that accompanies this call, which can also be found on our Investor Relations website.

除了美國公認會計準則財務數據外，我們還將討論某些非公認會計準則財務指標。本次電話會議隨附的演示文稿中提供了與最直接可比的美國公認會計準則措施的調節，也可以在我們的投資者關係網站上找到該演示文稿。

And with that, let me turn the call over to Mark.

接下來，讓我把電話轉給馬克。

Thank you, Aaron, and good afternoon, everyone. Welcome to our first quarter earnings call for fiscal year 2024. While Pete will provide additional details, I'd like to highlight a few areas of our Q1 performance and share continued progress in our leadership of the enterprise collaborative work management market.

謝謝你，亞倫，大家下午好。歡迎參加我們 2024 財年第一季度的財報電話會議。雖然 Pete 將提供更多詳細信息，但我想重點介紹我們第一季度業績的幾個領域，並分享我們在企業協作工作管理市場領導地位方面的持續進展。

Smartsheet revenue for the quarter exceeded our guidance and grew by 31% year-over-year to $219.9 million, and billings grew 20% year-over-year to $215.5 million. In Q1, we generated non-GAAP operating margins of 10%, more than double the high end of our guidance range and free cash flow was $31.3 million.

本季度 Smartsheet 收入超出了我們的指導，同比增長 31% 至 2.199 億美元，賬單同比增長 20% 至 2.155 億美元。第一季度，我們的非 GAAP 營業利潤率為 10%，是我們指導範圍上限的兩倍多，自由現金流為 3130 萬美元。

We ended the quarter with annual recurring revenue of $886 million and more than 12.8 million Smartsheet users. We continue to see strength with our larger customers with 59 customers expanding their Smartsheet investment by more than $100,000 and 188 companies expanding by over $50,000 in Q1. These expansions contributed to a net addition of 85 customers in our greater than $100,000 ACV customer cohort.

截至本季度末，我們的年度經常性收入為 8.86 億美元，Smartsheet 用戶超過 1,280 萬。我們繼續看到較大客戶的實力，第一季度有 59 家客戶將其 Smartsheet 投資擴大了超過 100,000 美元，188 家公司擴大了超過 50,000 美元。這些擴張使我們價值超過 100,000 美元的 ACV 客戶群體淨增加了 85 名客戶。

Enterprise expansions for the quarter included Eli Lilly, Motorola Solutions, Foxtel and Novocure, among others, and we saw new customer wins at companies such as Liberty Media, Hostess Brands and Eight Eleven Group. We also saw strength in our portfolio of capabilities-based products and our advanced offering with 143 customers either purchasing advanced for the first time or upgrading to a higher tier.

本季度的企業擴張包括禮來 (Eli Lilly)、摩托羅拉解決方案 (Motorola Solutions)、Foxtel 和 Novocure 等，我們還看到 Liberty Media、Hostess Brands 和 8-11 Group 等公司贏得了新客戶。我們還看到了基於功能的產品組合和高級產品組合的優勢，143 名客戶要么是首次購買高級產品，要么升級到更高級別。

Additionally, we are on track to launch the self-discovery of 2 of our most popular capabilities at the end of Q2. This will lower the friction required for our customers to experience these products, which should result in a faster time to value for our customers as well as for our sales team.

此外，我們有望在第二季度末推出兩項最受歡迎的功能的自我發現。這將減少我們的客戶體驗這些產品所需的摩擦，從而為我們的客戶以及我們的銷售團隊帶來更快的價值。

A leading financial services company upgraded to Advance Platinum this quarter. This meaningful expansion was driven by employee demand for our core platform as well as the premium security and governance capabilities they receive with Advance Platinum. Over the past year, their user growth has increased 52% and they have created nearly 180% more WorkApps, 240% more Data Shuttle workflows. And the company's marketing department is now transitioning from another CWM platform to Smartsheet.

一家領先的金融服務公司本季度升級為 Advance Platinum。這一有意義的擴張是由員工對我們核心平台的需求以及他們通過 Advance Platinum 獲得的高級安全和治理功能推動的。在過去的一年裡，他們的用戶增長了 52%，他們創建的 WorkApp 增加了近 180%，Data Shuttle 工作流程增加了 240%。該公司的營銷部門目前正在從另一個 CWM 平台過渡到 Smartsheet。

In addition to the momentum we've seen with Advance and our premium capabilities, we're seeing significant traction with our new free plan. In Q1, we launched our free plan worldwide, and the initial results are promising with high engagement and conversion to paid in every customer size segment. These free engaged users should be an impactful component of our user acquisition strategy going forward. We continue to win due to Smartsheet's position as the enterprise CWM platform that enables organizations to effectively track and manage 3 critical dimensions of work: people, content and the work itself. The people dimension reflects the deployment, assignment and capacity planning of those engaged in the execution of work. Content represents the videos, images, documents and other assets that are inputs or outputs of the work being done. And work is the information about day-to-day activities, milestones and workflows that underpin an organization's projects, programs and processes.

除了我們在 Advance 和我們的高級功能中看到的勢頭之外，我們還看到我們新的免費計劃的巨大吸引力。在第一季度，我們在全球範圍內推出了免費計劃，初步結果令人鼓舞，每個客戶規模細分市場的參與度和付費轉化率都很高。這些免費參與的用戶應該成為我們未來用戶獲取策略的一個有影響力的組成部分。我們繼續獲勝是因為 Smartsheet 作為企業 CWM 平台的地位，使組織能夠有效地跟踪和管理工作的 3 個關鍵維度：人員、內容和工作本身。人員維度反映了參與工作執行的人員的部署、指派和能力規劃。內容代表視頻、圖像、文檔和其他資產，它們是正在完成的工作的輸入或輸出。工作是有關支撐組織項目、計劃和流程的日常活動、里程碑和工作流程的信息。

By connecting these 3 distinct dimensions of work, the Smartsheet Enterprise platform enables customers to drive efficiencies across their entire Smartsheet ecosystem and allows them to expand value of the platform to their partners and customers. For example, one of the world's largest retailers is using Smartsheet to connect work and people management to unlock value.

通過連接這 3 個不同的工作維度，Smartsheet Enterprise 平台使客戶能夠提高整個 Smartsheet 生態系統的效率，並允許他們將平台的價值擴展到其合作夥伴和客戶。例如，世界上最大的零售商之一正在使用 Smartsheet 連接工作和人員管理以釋放價值。

Nearly a dozen business units across 5 countries are using Smartsheet to manage their portfolios and resource management to help them more accurately staff projects. This tighter alignment between managing work and people allows this retailer to adapt quickly to the changing project needs and gives them new insights into their team's capacity and performance. And a large online travel company chose Smartsheet over other CWM solutions because of our ability to help them comprehensively connect the 3 dimensions of work.

5 個國家的近 12 個業務部門正在使用 Smartsheet 來管理其投資組合和資源管理，以幫助他們更準確地分配項目人員。管理工作和人員之間的這種更緊密的協調使這家零售商能夠快速適應不斷變化的項目需求，並讓他們對團隊的能力和績效有新的見解。一家大型在線旅遊公司選擇了 Smartsheet，而不是其他 CWM 解決方案，因為我們有能力幫助他們全面連接工作的 3 個維度。

The company's global marketing department is going through a major transformation and adding a significant number of employees this year. Combination of our core offering, resource management and Brandfolder will help them manage the transition, establish a new unified process for managing campaigns start to finish and ensure leadership has the right level of insight across the company's brands, products and programs. They see Smartsheet as an essential way to scale as their department grows, ultimately helping them achieve their marketing goals.

該公司的全球營銷部門正在經歷重大轉型，今年將增加大量員工。我們的核心產品、資源管理和 Brandfolder 的結合將幫助他們管理過渡，建立一個新的統一流程來管理營銷活動的自始至終，並確保領導層對公司的品牌、產品和計劃有正確的洞察力。他們將 Smartsheet 視為隨著部門發展而擴展的重要方式，最終幫助他們實現營銷目標。

To further support our large customers, we continue to make investments in scalability of our platform, greatly improving sheet performance, formula execution and cross sheet data processing. While every user benefits from these enhancements, they are especially valuable to portfolio managers and their teams using control center.

為了進一步支持我們的大客戶，我們繼續在平台的可擴展性方面進行投資，大大提高了工作表性能、公式執行和跨工作表數據處理。雖然每個用戶都可以從這些增強功能中受益，但它們對於使用控制中心的投資組合經理及其團隊尤其有價值。

We've enabled control center to support thousands of parallel projects already, and we're on track to be able to support tens of thousands of projects per control center instance by the end of the fiscal year. And we look forward to sharing more about how we lead the category in scale and manageability at our Engage Customer Conference in September.

我們已經使控制中心能夠支持數千個並行項目，並且我們有望在本財年結束時為每個控制中心實例支持數万個項目。我們期待在 9 月份的吸引客戶會議上分享更多有關我們如何在規模和可管理性方面領先該類別的信息。

Furthermore, we've seen a major increase in data being transferred from other systems to Smartsheet with Data Shuttle. In Q1 of last year Data Shuttle ran about 25 million workflows importing and exporting customer data. And in Q1 of this year, we executed over 53 million workflows transferring tens of billions of rows of data. Additionally, we have added unified login support in Bridge, up-level administration capabilities for Data Shuttle and Data Table and doubled the Bridge workflow scale to support customer demand.

此外，我們還發現通過 Data Shuttle 從其他系統傳輸到 Smartsheet 的數據大幅增加。去年第一季度，Data Shuttle 運行了大約 2500 萬個導入和導出客戶數據的工作流程。今年第一季度，我們執行了超過 5300 萬個工作流程，傳輸了數百億行數據。此外，我們還在 Bridge 中添加了統一登錄支持、Data Shuttle 和數據表的上層管理功能，並將 Bridge 工作流程規模擴大了一倍，以支持客戶需求。

We've expanded our content automation offering for our Brandfolder product with a leading self-serve templating capability. This is the result of the successful integration of our acquisition of outfit, which is enabling customers to innovate faster in content production and distribution at scale.

我們通過領先的自助模板功能擴展了 Brandfolder 產品的內容自動化產品。這是我們成功整合收購裝備的結果，使客戶能夠在大規模內容製作和分發方面更快地進行創新。

We continue to make improvements in our dashboard capabilities, hundreds of thousands of licensed users create dashboards to inform stakeholders and drive positive outcomes by centralizing, organizing and presenting real-time data and statuses on a customizable canvas. We've also introduced policy controls for cross-functional collaboration and launched the planned insights dashboard, which gives customers a live view of the value they derive from Smartsheet.

我們不斷改進儀表板功能，數十萬授權用戶創建儀表板，通過在可定制的畫布上集中、組織和呈現實時數據和狀態，向利益相關者提供信息並推動積極成果。我們還引入了跨職能協作的策略控制，並推出了計劃的洞察儀表板，讓客戶可以實時查看他們從 Smartsheet 中獲得的價值。

We're experiencing a significant moment for our industry, our customers and our company, generative AI or Gen AI tools and technologies are rapidly evolving. The way that work gets done from insights to execution can change materially as a result of Gen AI, and we are using it internally and actively developing features to benefit our customers. We believe these changes will create new higher-value work for people opening up opportunities for innovation and more impactful work.

對於我們的行業、我們的客戶和我們的公司來說，我們正在經歷一個重要時刻，生成人工智能或Gen AI工具和技術正在迅速發展。 Gen AI 可以極大地改變工作從洞察到執行的方式，我們正在內部使用它並積極開發功能以使我們的客戶受益。我們相信這些變化將為人們創造新的更高價值的工作，為創新和更具影響力的工作提供機會。

On the product side we continue to make progress on expanding the AI-based capabilities on our platform and are well positioned to enable valuable customer use cases. This year, we have focused investments in 3 areas of Gen AI that will help our customers work smarter, faster and more effectively.

在產品方面，我們繼續在平台上擴展基於人工智能的功能方面取得進展，並處於有利位置來實現有價值的客戶用例。今年，我們重點投資了 Gen AI 的 3 個領域，這將幫助我們的客戶更智能、更快速、更有效地工作。

The first is an intelligent assistant that allows users to quickly find answers that help best use, configure and extend Smartsheet. The in-app assistant will help customers with everything ranging from early product discovery to understanding the full impact of the Smartsheet platform across sheets, dashboards, reports, automations, work apps and more. This will drive adoption of additional capabilities and enhance the overall Smartsheet experience for our users.

第一個是智能助手，它允許用戶快速找到有助於最佳使用、配置和擴展 Smartsheet 的答案。應用程序內助手將幫助客戶完成從早期產品發現到了解 Smartsheet 平台在工作表、儀表板、報告、自動化、工作應用程序等方面的全面影響等各個方面的幫助。這將推動更多功能的採用，並增強用戶的整體 Smartsheet 體驗。

Second, project and portfolio intelligence. By harnessing the power of large language models, we will further differentiate by allowing users to leverage data within their sheets and use natural language to generate charts and calculate key metrics that they can save to their dashboards with a click of a button. These features, combined with Control Centers portfolio capability to quickly absorb data across thousands of active projects to provide portfolio-wide key metrics, trends and actionable insights.

其次，項目和項目組合情報。通過利用大型語言模型的力量，我們將允許用戶利用工作表中的數據並使用自然語言生成圖表併計算關鍵指標，然後單擊按鈕即可將這些指標保存到儀表板中，從而進一步實現差異化。這些功能與控制中心的產品組合功能相結合，可以快速吸收數千個活動項目的數據，以提供整個產品組合的關鍵指標、趨勢和可行的見解。

And third is image manipulation, auto generation of video captions and image descriptions. Brandfolder can auto generate image descriptions and video captions and detect various elements within an image. This makes for easy natural language searches and also allows users to separate foreground and background elements to remove or replace them. Brandfolder will be able to come terabytes of customer-specific content to bring customers high-value capabilities that train AI models and generate content that is unique to their brand.

第三是圖像處理，自動生成視頻字幕和圖像描述。 Brandfolder 可以自動生成圖像描述和視頻標題，並檢測圖像中的各種元素。這使得自然語言搜索變得容易，還允許用戶分離前景和背景元素以刪除或替換它們。 Brandfolder 將能夠提供數 TB 的客戶特定內容，為客戶帶來高價值功能，訓練人工智能模型並生成其品牌獨有的內容。

As our customers experience the value of our Gen AI features, we intend to pursue multiple monetization avenues. Our premium features will serve as a catalyst to compel customers to consider moving to a higher tier of licensing. For these premium Gen AI capabilities, we plan to provide a base tier of consumption beyond which greater volumes can also be purchased.

隨著我們的客戶體驗到我們的 Gen AI 功能的價值，我們打算尋求多種盈利途徑。我們的高級功能將成為迫使客戶考慮轉向更高級別許可的催化劑。對於這些優質的 Gen AI 功能，我們計劃提供基礎消費層，超出該消費層還可以購買更大的數量。

Additionally, we see this as a mechanism to drive user licensing as some AI features will be only available for licensed users. Select customers will be invited to experience our Gen AI features in beta next month with broader enrollment planned after our customer conference in September. While we have not built any material contributions from Gen AI into guidance for this fiscal year, we do anticipate additional revenue opportunities in FY '25.

此外，我們認為這是一種推動用戶許可的機制，因為某些人工智能功能僅適用於獲得許可的用戶。部分客戶將被邀請在下個月體驗我們的 Gen AI 測試版功能，併計劃在 9 月份的客戶會議後進行更廣泛的註冊。雖然我們尚未將 Gen AI 的任何實質性貢獻納入本財年的指導中，但我們確實預計 25 財年會出現額外的收入機會。

In closing, as a company approaching $1 billion in ARR, we are optimistic about fiscal year 2024 and beyond. As the leader in enterprise collaborative work management, we will continue to thoughtfully invest in our platform, go-to-market initiatives and Gen AI to capitalize on the sizable market opportunity in front of us. Now let me turn the call over to Pete. Pete?

最後，作為一家 ARR 接近 10 億美元的公司，我們對 2024 財年及以後持樂觀態度。作為企業協作工作管理領域的領導者，我們將繼續對我們的平台、上市計劃和 Gen AI 進行深思熟慮的投資，以充分利用我們面前的巨大市場機會。現在讓我把電話轉給皮特。皮特？

Thank you, Mark. As Mark mentioned, we excluded our Q1 revenue guidance and delivered Q1 non-GAAP operating margin of 10%, more than double the high end of our guidance range, showing the strength of our business model. However, the macro environment remains challenging, the effects of which are most pronounced in our higher velocity transactional opportunities that are often associated with our SMB and mid-market customers. We also see the macro impacting the length of sales cycles for our larger opportunities and the demand environment for our marketing solutions.

謝謝你，馬克。正如馬克提到的，我們排除了第一季度的收入指導，並實現了第一季度非 GAAP 運營利潤率 10%，是我們指導範圍上限的兩倍多，顯示了我們業務模式的實力。然而，宏觀環境仍然充滿挑戰，其影響在我們的高速交易機會中最為明顯，這些機會通常與我們的中小企業和中端市場客戶相關。我們還看到宏觀因素會影響我們更大機會的銷售週期長度以及我們營銷解決方案的需求環境。

Consistent with our approach from previous quarters, we are electing to remain conservative with respect to our full year guidance. With that said, Mark mentioned a number of areas that would support our growth this year and beyond, including healthy demand for our capability-based products, our newly introduced free plan and the self-discovery and usage of capabilities. Additionally, we are making marketing investments that we expect to generate a contribution in the second half of this year.

與我們前幾個季度的做法一致，我們選擇對全年指導保持保守。話雖如此，Mark 提到了一些支持我們今年及以後增長的領域，包括對基於能力的產品的健康需求、我們新推出的免費計劃以及能力的自我發現和使用。此外，我們正在進行營銷投資，預計將在今年下半年產生貢獻。

I will now go through our financial results for the first quarter. Unless otherwise stated, all references to our expenses and operating results on a non-GAAP basis and are reconciled to our GAAP results in the earnings release and presentation that was posted before the call.

我現在將介紹我們第一季度的財務業績。除非另有說明，所有對我們費用和經營業績的引用均基於非公認會計原則（non-GAAP），並與電話會議前發布的收益發布和演示中的公認會計原則（GAAP）結果進行了協調。

First quarter revenue came in at $219.9 million, up 31% year-over-year. Subscription revenue was $206 million, representing year-over-year growth of 33%. Services revenue was $13.9 million, representing year-over-year growth of 7%. Revenue from capabilities grew 60% year-over-year and made up 33% of subscription revenue up from 27% of revenue in Q1 of last year.

第一季度收入為 2.199 億美元，同比增長 31%。訂閱收入為 2.06 億美元，同比增長 33%。服務收入為 1,390 萬美元，同比增長 7%。來自功能的收入同比增長 60%，佔訂閱收入的 33%，而去年第一季度佔收入的 27%。

Turning to billings. First quarter billings came in at $215.5 million, representing year-over-year growth of 20%. Approximately 93% of subscription billings were annual with 4% monthly. Quarterly and semiannual represented approximately 3% of the total. Multiyear billings represented less than 1% of total billings.

轉向比林斯。第一季度營收為 2.155 億美元，同比增長 20%。大約 93% 的訂閱賬單是年度賬單，4% 是每月賬單。季度和半年度約佔總數的3%。多年賬單佔總賬單的不到 1%。

Moving on to our reported metrics. The number of customers with ARR over $50,000 grew 33% year-over-year to 3,343 and the number of customers with ARR over $100,000 grew 42% year-over-year to 1,569. These customer segments now represent 63% and 49%, respectively, of total ARR. The percentage of our ARR coming from customers with ARR over $5,000 is now 90%. Next, our domain average ACV grew 18% year-over-year to $8,520.

繼續我們報告的指標。 ARR 超過 50,000 美元的客戶數量同比增長 33% 至 3,343 家，ARR 超過 100,000 美元的客戶數量同比增長 42% 至 1,569 家。這些客戶群目前分別佔總 ARR 的 63% 和 49%。我們的 ARR 百分比現在來自 ARR 超過 5,000 美元的客戶，目前為 90%。接下來，我們的域名平均 ACV 同比增長 18%，達到 8,520 美元。

We ended the quarter with a dollar-based net retention rate encompassing all of our customers at 123%. The full churn rate remains below 4%. We continue to expect our dollar-based net retention rate to trend lower into the high teens by the end of the year.

本季度結束時，我們所有客戶的按美元計算的淨保留率為 123%。整體流失率仍低於 4%。我們繼續預計，到今年年底，以美元計算的淨保留率將下降至十幾歲。

Now turning back to the financials. Our total gross margin was 82%. Our Q1 subscription gross margin was 86%. We expect our gross margin for FY '24 to remain above 80%, Overall operating income in the quarter was $22.8 million or 10% of revenue, which represents a 6 percentage point sequential margin improvement.

現在回到財務方面。我們的總毛利率為 82%。我們第一季度的認購毛利率為 86%。我們預計 24 財年的毛利率將保持在 80% 以上，該季度的總體營業收入為 2280 萬美元，佔收入的 10%，這意味著利潤率環比提高了 6 個百分點。

For modeling purposes, we expect our Q2 and Q3 operating margins to be lower due to the timing of hiring, incremental marketing campaigns and our ENGAGE conference. We expect the operating margin to expand sequentially from Q3 to Q4. Free cash flow in the quarter was $31.3 million.

出於建模目的，我們預計第二季度和第三季度的營業利潤率會因招聘時間、增量營銷活動和我們的 ENGAGE 會議而降低。我們預計營業利潤率將從第三季度到第四季度依次擴大。該季度的自由現金流為 3130 萬美元。

Now let me move on to guidance. For the second quarter of FY '24, we expect revenue to be in the range of $228 million to $231 million and non-GAAP operating income to be in the range of $7 million to $9 million. We expect non-GAAP net income per share to be $0.07 to $0.08 based on diluted weighted-average shares outstanding of 138.5 million.

現在讓我繼續指導。對於 24 財年第二季度，我們預計收入將在 2.28 億美元至 2.31 億美元之間，非 GAAP 營業收入將在 700 萬美元至 900 萬美元之間。根據 1.385 億股稀釋後加權平均股數，我們預計非 GAAP 每股淨利潤為 0.07 至 0.08 美元。

For the full fiscal year, we are reiterating our revenue guidance of $943 million to $948 million, representing growth of 23% to 24%. We expect services to be 6% of total revenue. We expect our non-GAAP operating income to be in the range of $43 million to $53 million, representing an operating margin of 5% to 6 and non-GAAP net income per share to be $0.37 to $0.44 for the year based on 139 million diluted weighted-average shares outstanding.

對於整個財年，我們重申收入指引為 9.43 億美元至 9.48 億美元，增長 23% 至 24%。我們預計服務將佔總收入的 6%。我們預計我們的非 GAAP 營業收入將在 4300 萬美元至 5300 萬美元之間，營業利潤率為 5% 至 6%，基於 1.39 億稀釋後的非 GAAP 每股淨利潤為 0.37 美元至 0.44 美元。加權平均已發行股票。

We are reiterating our FY '24 billings growth of 20% and our free cash flow for FY '24 of $110 million. Also for modeling purposes, we expect our Q2 billings to grow sequentially by around 6% and then accelerate sequentially from Q2 to Q3 and from Q3 to Q4.

我們重申 24 財年的賬單增長率為 20%，24 財年的自由現金流為 1.1 億美元。同樣出於建模目的，我們預計第二季度的賬單將連續增長 6% 左右，然後從第二季度到第三季度以及從第三季度到第四季度依次加速。

To conclude, we are in the early stages of a large enterprise collaborative work management market opportunity and investing appropriately to drive top line growth with a focus on efficiency. Our leading enterprise platform, go-to-market strategy and focused execution, we believe will have a long runway of sustainable growth and margin expansion ahead. Now let me turn the call over to the operator. Operator?

總而言之，我們正處於大型企業協作工作管理市場機會的早期階段，並進行適當投資以推動收入增長，並註重效率。我們相信，我們領先的企業平台、進入市場戰略和專注的執行力將帶來可持續增長和利潤擴張的漫長道路。現在讓我把電話轉給接線員。操作員？

(Operator Instructions) We'll take our first question this afternoon from Terry Tillman at Truist Securities.

（操作員說明）今天下午我們將回答 Truist Securities 的 Terry Tillman 提出的第一個問題。

Great job on the cash flow in the quarter. I guess the first question for you, Mark, is the enterprise business does seem like it remains strong. I don't know how much we should hang our hat on kind of $100,000 ACV growth, but it was 42%. So not much from last quarter. Is that a good proxy for the enterprise business? Do you expect that to stay above 40%? And we didn't get the benchmark on how many customers over $1 million ACV. Maybe you could help us on that. And then I have a follow-up for Pete.

本季度的現金流表現出色。馬克，我想你的第一個問題是，企業業務似乎仍然強勁。我不知道我們應該對 100,000 美元的 ACV 增長表示懷疑，但它是 42%。所以與上季度相比並沒有多少。這是企業業務的良好代理嗎？您預計這一比例會保持在 40% 以上嗎？我們沒有獲得有多少客戶的 ACV 超過 100 萬美元的基準。也許你可以在這方面幫助我們。然後我有一個關於皮特的後續行動。

Terry, yes, we did add 1 million customers, we are at 47 right now. In terms of that being a proxy like 40, the over under on the 40, I would just say we continue to have very good engagement in these larger opportunities. We added net $85,000 over $100,000 this quarter. And when I look at what customers are looking for investing in platforms, it maps really well to the enterprise offering right now. They're looking for both productivity wins for their teams and then how do they climb the curve on things that are of higher value, and those tie out really well. I talk about these 3 dimensions of work, right, the people, the content and the work, we have offerings in all 3 of those.

Terry，是的，我們確實增加了 100 萬客戶，現在我們有 47 個客戶。就像 40 歲這樣的代理而言，40 歲以下的人，我只想說我們繼續很好地參與這些更大的機會。本季度我們在 100,000 美元的基礎上淨增加了 85,000 美元。當我了解客戶正在尋找哪些平台投資時，它與目前的企業產品非常吻合。他們既要為團隊提高生產力，又要如何在更有價值的事情上取得進步，而且這些事情配合得非常好。我談論工作的這三個維度，對吧，人員、內容和工作，我們在這三個方面都有提供。

And what I will say is people are really trying to gain a high level of confidence before they make a buy decision. So as you map to larger opportunities, which are multifaceted, people are asking more questions, wanting to get more comfort, and that does play out in an elongation, but I see the hand strengthening in that upper band.

我要說的是，人們在做出購買決定之前確實試圖獲得高度的信心。因此，當你映射到更大的機會時，這是多方面的，人們會問更多的問題，想要獲得更多的安慰，這確實會導致延伸，但我看到上層的手在加強。

Okay. Duly noted. I guess a follow-up for Pete. You did maintain a 20% billings growth guidance for the year, and you gave a commentary that I don't think you typically do for each quarter in the progression. But you called out the higher velocity business being sluggish sales cycle lengthening and then maybe some of the marketing-related deals getting a bit tougher.

好的。適當指出。我猜是皮特的後續行動。你們確實維持了今年 20% 的比林斯增長指導，並且你們給出了我認為你們通常不會在進展中每個季度所做的評論。但您指出，高速業務是由於銷售週期延長而導致的，然後可能一些與營銷相關的交易變得更加困難。

I'm just trying to understand the puts and takes in terms of level of conservatism in the 20% because those sound like things, I don't know if they're incrementally tougher dynamics that you called out. But then you have the free plan, you have the discovery dynamics starting at the end of 2Q. Just trying to understand how much kind of battle tested that 20%. Is it more conservative now? Is it about where it was? Just a little bit more on kind of risk mitigating the 20% billing.

我只是想從 20% 的保守主義水平角度理解看跌期權和看跌期權，因為這些聽起來像是事情，我不知道它們是否是您所說的逐漸加強的動態。但隨後你就有了免費計劃，你就有了從第二季度末開始的發現動態。只是想了解這 20% 的戰鬥測試了多少內容。現在是不是比較保守了？是關於它在哪裡嗎？只是多一點關於減輕 20% 計費風險的內容。

So Terry, the 2 parts of your question are, one about how we set the guide. It's a composite on sort of what I saw in Q1, which there was some softness relative to our expectations, and I called out those areas for you. Our high-velocity transactional business typically associated with our SMB and mid-market customers. You'll remember the same thing happened during COVID. When COVID hit us, so that transactional business was an impact area.

特里，你問題的兩個部分是，一個是關於我們如何設置指南的。這是我在第一季度看到的情況的綜合，相對於我們的預期存在一些疲軟，我為您指出了這些領域。我們的高速交易業務通常與我們的中小企業和中端市場客戶相關。你會記得新冠疫情期間也發生過同樣的事情。當新冠疫情襲擊我們時，交易業務是一個受影響的領域。

We've seen the rest of our business perform according to our expectation, which was based on what I call the macro that we expected to have worsened. What we did see is the lengthening of sales cycles. And what that means is when you think of that, that means more of our opportunities pushed into the back half of the year, and that's consistent with the type of customers we work with, which are enterprise customers, which have generally more back-end loaded budgets. So that's the reason why we've sort of given you the guide that says we're maintaining our guide on billings, but it is the composite of those 2 effects and the timing of when deals happen.

我們看到我們其他業務的表現符合我們的預期，這是基於我所說的我們預期會惡化的宏觀經濟。我們確實看到的是銷售週期的延長。這意味著當你想到這一點時，這意味著我們有更多的機會被推遲到下半年，這與我們合作的客戶類型是一致的，即企業客戶，他們通常有更多的後端負荷預算。這就是為什麼我們給你的指南說我們正在維護我們的賬單指南，但它是這兩種效果和交易發生時間的綜合體。

We'll go next now to Scott Berg at Needham.

接下來我們將去尼達姆的斯科特·伯格 (Scott Berg)。

Congrats on the quarter. I guess as a follow-up to Terry's last question there and Pete your answer. As enterprise software companies get larger and sell more to the enterprise, we typically see their businesses more seasonally weighted towards the back half of the year. Do you think this is a 1-year phenomenon or something that you see maybe more consistently going forward with these larger deals having that disposition in the second half of the year?

恭喜本季度。我想這是特里最後一個問題和皮特你的回答的後續。隨著企業軟件公司規模不斷擴大，向企業銷售的產品越來越多，我們通常會看到他們的業務在下半年的季節性比重更大。您認為這是一年的現像還是您認為下半年這些大型交易可能會更持續地進行這種處置？

So Scott, you're going to see that in the enterprise, we'll continue to get more back-end loaded because that's the nature of enterprise budgets and enterprise cycles. But what you have to do is you have to overlay on that, how the macro for a year plays out. A lot of companies are taking the approach of slanting their own budgets to be more back-end loaded. So you're going to find that weight changes a little bit in how what I call companies are operating in the macro they're in.

所以斯科特，你會看到在企業中，我們將繼續增加後端負載，因為這是企業預算和企業周期的本質。但你要做的是你必須疊加這一點，即一年的宏觀經濟如何發揮作用。許多公司正在採取將自己的預算傾斜到更多後端負載的方法。所以你會發現，我所說的公司在其所處的宏觀環境中的運營方式的權重發生了一些變化。

Got it. Helpful. And then, Mark, you spoke pretty positively on the traction within your recently released free plan, getting conversions across every customer segment I guess, how should we think about that opportunity contributing to bookings or billings this year? Is this going to be a material driver for you? Or is this really about kind of seeding this opportunity, and driving better opportunities into fiscal '25?

知道了。有幫助。然後，馬克，你對最近發布的免費計劃的吸引力非常積極地談到，我想，在每個客戶群中都獲得了轉化，我們應該如何看待今年對預訂或賬單做出貢獻的機會？這會成為你的物質驅動力嗎？或者這真的是為了播種這個機會，並在 25 財年帶來更好的機會嗎？

Scott, I think it's a really important what I call sort of a seeding exercise. When I think of -- where many of our new customers click in, it's at a fairly low level of contribution. But what was a really pleasant surprise was as we launched this in a targeted region in the second half of last year, we were surprised to see that a meaningful percentage, like north of 1/3 of all organizations that were trialing free and operating in a free environment where companies over 10,000 employees in size. I mean, I wouldn't have not placed that bet going into this. That is a really encouraging step.

斯科特，我認為這非常重要，我稱之為播種活動。當我想到我們的許多新客戶點擊進來時，其貢獻水平相當低。但真正令人驚喜的是，當我們去年下半年在目標地區推出此功能時，我們驚訝地發現，有相當大的比例，例如所有免費試用並在該地區運營的組織中，有 1/3 以北一個自由的環境，公司員工規模超過10,000人。我的意思是，我不會不下這個賭注。這是非常令人鼓舞的一步。

The second piece, which is encouraging that the conversion rate of organizations who are in free exceeds the rate of conversion to paid than folks converting from trial. So we've unlocked this opportunity if there's a population of companies and people who want to be in the platform longer before making that decision. Seeing that rate higher than our trial conversion rate, very encouraging. And there are thousands of people coming and joining every single week here. We're talking hundreds of new logos that were added as paid customers in the last couple of months who otherwise wouldn't be with us today.

第二點令人鼓舞的是，免費組織的轉化率超過了付費組織的轉化率，超過了試用組織的轉化率。因此，如果有大量公司和人員希望在做出決定之前在該平台停留更長時間，我們就釋放了這個機會。看到這個比率高於我們的試用轉化率，非常令人鼓舞。每週都有成千上萬的人來到這裡加入。我們談論的是過去幾個月作為付費客戶添加的數百個新徽標，否則這些徽標今天就不會出現在我們這裡。

So again, on a contribution like new bookings contribution, very small, like rounding air but we know how it works, right? You get a 10,000 employee customer contributing a little bit, look 5 years down the road, they're a multimillion-dollar customer. So that is really encouraging. So again, as we focus -- and I've talked about this in the past earnings calls, we focus on excellence at the enterprise, it's paired with how do you lower the leading edge. And I think those will play out very well against each other over time.

再說一遍，像新預訂貢獻這樣的貢獻非常小，就像圓形空氣一樣，但我們知道它是如何運作的，對嗎？你讓一個擁有 10,000 名員工的客戶做出了一點貢獻，展望 5 年後，他們將成為價值數百萬美元的客戶。所以這確實令人鼓舞。所以，當我們關注的時候——我在過去的財報電話會議上談到過這一點，我們關注的是企業的卓越性，它與如何降低領先優勢相結合。我認為隨著時間的推移，這些因素將會相互對抗，產生很好的效果。

We will go next now to Brent Thill at Jefferies.

接下來我們將前往傑富瑞 (Jefferies) 的布倫特·希爾 (Brent Thill)。

This is John Byun on behalf of Brent Thill. May be 2 quick ones related to the environment. I wonder if you could share some more color on the linearity during the quarter, how things progressed in either in the activity of billings and how it looks so far, 5, 6 weeks into Q2? And any color on verticals would be interesting.

我是約翰·拜恩 (John Byun)，代表布倫特·希爾 (Brent Thill)。可能是2個與環境有關的快速問題。我想知道您是否可以分享有關本季度線性度的更多信息，賬單活動的進展情況以及到目前為止（第二季度的 5、6 週）情況如何？垂直方向上的任何顏色都會很有趣。

So the way the quarter shaped out for us is it was significant contributions from our second and third months. It's sort of built up as we went through it. The close rates followed the seasonal patterns we have seen from the previous quarter. So you were seeing the close rates sort of manifest themselves as we went and improve as we went through the quarter. And what we've seen for May is May looks very much like February in terms of close rates, the pipeline is higher, but we're seeing the same sort of deal dynamics, whether it's associated deal cycle elongation, deal compression. All of those are very much the same as they were in February, probably a tad bit worse.

因此，本季度對我們來說是第二個月和第三個月的重大貢獻。當我們經歷它時，它就已經建立起來了。收盤價遵循我們從上一季度看到的季節性模式。因此，您會看到接近率隨著我們的進展而有所體現，並且隨著我們整個季度的進展而有所改善。我們在 5 月份看到的是，就成交率而言，5 月份看起來非常像 2 月份，渠道更高，但我們看到了相同類型的交易動態，無論是相關的交易週期延長還是交易壓縮。所有這些都與二月份非常相似，可能還差一點。

We'll go next now to John DiFucci at Guggenheim.

接下來我們將去古根海姆的約翰·迪福奇 (John DiFucci)。

I have a question for Mark and then a follow-up for Pete. Mark, you're obviously seeing some effects on your business from the macro backdrop. It's just about everybody is. But your business held up better for longer than others, at least from our calculations, it did.

我有一個問題要問馬克，然後有一個後續問題要問皮特。馬克，您顯然看到了宏觀背景對您的業務產生的一些影響。這只是每個人都是如此。但你的企業比其他企業堅持得更久，至少從我們的計算來看是這樣。

When you speak with customers, are you hearing anything different this quarter from previous quarter. Pete talked a little bit about elongated sales cycles for the enterprise. But anything more? And are there any differences in the enterprise versus data you have for the SMB or the mid-market?

當您與客戶交談時，您是否聽到本季度與上一季度有何不同？皮特談到了企業銷售週期延長的問題。但還有什麼嗎？企業數據與中小型企業或中端市場的數據有什麼不同嗎？

I think 1 of the things -- John, one of the things that's worked well for us this past quarter. A couple of examples I shared during my remarks was evidence of companies looking to try and get more workloads over to Smartsheet. So we had 1 big travel company that was able to retire a different marketing system in favor of Smartsheet. So I think they view that as a double win, right? We get an app that our team is asking for. We're also able to consolidate, that's favorable for us.

我認為其中一件事——約翰，上個季度對我們來說效果很好的事情之一。我在演講中分享的幾個例子證明了公司希望嘗試將更多工作負載轉移到 Smartsheet。因此，我們有一家大型旅遊公司能夠放棄不同的營銷系統，轉而使用 Smartsheet。所以我認為他們認為這是雙贏，對嗎？我們得到了我們團隊需要的應用程序。我們還能夠進行整合，這對我們有利。

The themes haven't really changed, though. People are looking to make the bigger the investment decision, the more confidence they want to have and the more they wanted to tie up to quantitative factors. So to what degree can you articulate the return on the dollar spend beyond a qualitative factor, like we like the app or we feel more productive. I would say, it's maybe gotten a little bit more pronounced, but I wouldn't say a major deviation or change from the recent 2 quarters.

不過，主題並沒有真正改變。人們希望做出的投資決策越大，他們就越有信心，也越想與定量因素聯繫起來。那麼，除了定性因素之外，你能在多大程度上闡明美元支出的回報，比如我們喜歡這個應用程序，或者我們感覺更有效率。我想說，它可能變得更加明顯了一點，但我不會說與最近兩個季度相比有重大偏差或變化。

Okay. Okay. And Pete, I'm going to go back -- I'm going to let other people ask the billings question because that's the 1 big question and a couple. But I'm going to ask something else. Free cash flow was really strong this quarter, especially in your case, it's interesting, right, because you're not a mature company. You're still growing a lot. There's a lot of opportunity and you're still increasing your scale. So how much of that growth or that strength in free cash flow has to do with just the leverage in the software model which we've talked about before is wonderful versus active management of the business against sort of a tough macro backdrop. Can you sort of gauge that.

好的。好的。皮特，我要回去了——我會讓其他人問比林斯問題，因為這是第一個大問題和幾個問題。但我要問別的事。本季度的自由現金流非常強勁，尤其是就您而言，這很有趣，對吧，因為您不是一家成熟的公司。你還在成長很多。機會很多，而且您仍在擴大規模。因此，自由現金流的增長或實力在多大程度上與我們之前討論過的軟件模型中的槓桿作用有關，與在嚴峻的宏觀背景下積極管理業務相比，這是非常棒的。你能衡量一下嗎？

Yes. I would say that the first factor, which is the natural scale in the model is coming through. I think it's coming through loud and clear as you look at the ability to generate cash. We provided a guide for the full year at $110 million. As you recall, that was up from, call it, sub-$10 million in the previous year.

是的。我想說第一個因素，即模型中的自然尺度正在顯現。我認為，當你審視創造現金的能力時，這一點就會清晰可見。我們提供了全年 1.1 億美元的指導。正如您所記得的那樣，這一數字比前一年的 1000 萬美元有所增加。

So there's natural scale in the model is playing through. We are making improvements in how we come up with that number outside the scale by being efficient. So when we talk about reducing our operating expense for things which are not directly tied to revenue and making operations more streamlined using locations other than the expensive high-cost locations we have, that's the part of it. I would say both are significant contributors with the business model is probably the predominant one.

因此，模型中存在自然比例。我們正在通過提高效率來改進在規模之外得出這個數字的方式。因此，當我們談論減少與收入不直接相關的業務的運營費用，並使用我們擁有的昂貴的高成本地點以外的地點使運營更加簡化時，這就是其中的一部分。我想說，兩者都是重要的貢獻者，其中商業模式可能是最主要的。

We'll go next now to Ryan MacWilliams at Barclays.

接下來我們將邀請巴克萊銀行的瑞安·麥克威廉姆斯 (Ryan MacWilliams)。

I know it's still early days on generative AI, and I appreciate your early thoughts on how generative AI could be added to your platform and the pricing. But any early thoughts around how you could add generative AI or ChatGPT to some of your capability-based offerings.

我知道生成式人工智能還處於早期階段，我很欣賞您對如何將生成式人工智能添加到您的平台和定價的早期想法。但是關於如何將生成式 AI 或 ChatGPT 添加到某些基於功能的產品中的任何早期想法。

Yes. I think one of the things that I spoke to in the remarks was how this analytics AI component that we're going to be releasing shortly, how that plays with control center, which is really the crown jewel of our capabilities offering. So the control center is all about aggregating and scaling programs and projects.

是的。我認為我在發言中談到的一件事是我們將很快發布的分析人工智能組件如何與控制中心一起發揮作用，這確實是我們提供的功能中的皇冠上的寶石。因此，控制中心的作用就是聚合和擴展程序和項目。

So the data sets are usually very large, very often consistent, someone who's trying to replicate a program broadly, and to understand the value of those programs, people build dashboards, they generate widgets, they ask questions against the data sets. And what's really promising about this 1 offering is that it dramatically drives down the cost of analysis.

因此，數據集通常非常大，而且往往是一致的，試圖廣泛複製程序並了解這些程序的價值的人，人們構建儀表板，生成小部件，針對數據集提出問題。這一產品真正有前途的是它極大地降低了分析成本。

So I talked about hundreds of thousands of people building dashboards and widgets. Today, you need to understand how to build a dashboard, how to create a widget, how to add trend, how to style it all those things, you get to now ask a question. So if I reduce the cost of your question by 95%, I guarantee you will ask more questions. You will probably be more successful. You will look better internally, and you'll probably get a budget next time you ask for it.

所以我談到了數十萬人構建儀表板和小部件。今天，您需要了解如何構建儀表板，如何創建小部件，如何添加趨勢，如何設計所有這些內容，您現在可以提出一個問題。因此，如果我將你的問題成本降低 95%，我保證你會提出更多問題。你可能會更加成功。你的內在會看起來更好，而且下次你提出預算時可能會得到一份預算。

So this is like -- it's 1 of these huge accelerants. When I saw this recently developed by our engineering team, I asked the question, could I ask a question that you hadn't prepared for this demo? They said sure, fire away. So I asked the question that within 10 seconds, my set of charts with the trend, with the specific filters applied was automatically done. That will play really well with customers. So we know there's a lot of intent already to want to answer these questions. When you pair that with an enabling technology that's easily understood, it doesn't require a lot of sales oversight or customer success oversight.

所以這就像——它是這些巨大的促進劑之一。當我看到我們的工程團隊最近開發的這個時，我問了一個問題，我可以問一個你沒有為此演示準備的問題嗎？他們說當然可以，開火。所以我問了一個問題，在 10 秒內，我的一組帶有趨勢的圖表以及應用的特定過濾器就自動完成了。這對客戶來說非常有利。所以我們知道已經有很多人想要回答這些問題。當您將其與易於理解的支持技術結合使用時，就不需要大量的銷售監督或客戶成功監督。

So we will launch this with some beta customers next month ramping to our customer Engage conference. And I really believe when people see the return that it can provide, I think there will be a very significant appetite. So that's probably the 1 that's most clear. The other piece is around the assistant when I think of 40% of all of our cases that come into our company, being around advanced configuration unlocking greater value on the things that are unique to Smartsheet in terms of what we can pull off from a calculation standpoint, the round trip time on support will fall significantly.

因此，我們將在下個月參加我們的客戶參與會議時向一些測試版客戶推出此功能。我真的相信，當人們看到它可以提供的回報時，我認為會有很大的興趣。所以這可能是最清楚的 1。另一件事情是圍繞助理，我想到我們公司所有案例中的 40% 都是圍繞高級配置，在我們可以從計算中獲得的東西方面釋放 Smartsheet 獨特的東西的更大價值從角度來看，支持的往返時間將顯著下降。

And the benefit to us, call deflection, the benefit of the customer in terms of getting your question answered quickly and correctly. Those are really big deals. So it's difficult to quantify the benefit or the revenue opportunity for us thus far. But there's no confusion about whether this will add value.

以及對我們的好處、呼叫偏轉、客戶的好處，即快速、正確地回答您的問題。這些都是非常大的交易。因此，到目前為止，很難量化我們的收益或收入機會。但對於這是否會增加價值，這一點並不存在疑問。

I agree. I think driving that knowledge worker productivity definitely accrues the software and efficiency. Just one for Pete, Were there any deals that slipped out of 1Q and close in 2Q? And any early signs of stabilization within the higher velocity transaction opportunities you talked about?

我同意。我認為提高知識工作者的生產力肯定會增加軟件和效率。皮特只有一個問題，是否有任何交易從第一季度滑出並在第二季度完成？您談到的高速交易機會有任何穩定的早期跡象嗎？

So first of all, we always have to use the slip in the quarter to the next quarter. We've had consistent close rates on those deals. So the close rate is sort of staying consistent. And as far as the other pieces -- other part of your question, which is -- are we seeing any trends emerge, there's nothing that's unusual.

因此，首先，我們總是必須使用本季度的轉帳到下一個季度。我們對這些交易的成交率始終如一。所以成交率是保持一致的。至於其他部分——你的問題的其他部分——我們是否看到任何趨勢的出現，沒有什麼不尋常的。

We'll go next now to George Iwanyc at Oppenheimer.

接下來我們將請奧本海默的喬治·伊万尼克 (George Iwanyc) 發言。

Pete, maybe could you give us some perspective on sales productivity with the challenges you're seeing in the macro environment? How are you responding from a sales perspective?

皮特，也許您能給我們一些關於銷售生產力以及您在宏觀環境中看到的挑戰的看法嗎？從銷售的角度來看，您如何回應？

So George, when we looked at sales productivity, as you look at the environment, we're seeing the sales productivity be reflected in that number.

喬治，當我們審視銷售生產力時，就像你審視環境一樣，我們看到銷售生產力反映在這個數字中。

So we're seeing the productivity obviously decline as the macro impacts people's ability to close business. What we are finding is our sales teams are generating opportunity at a brisk pace, including sometimes faster than earlier quarters. So pipeline builds are working. It's a close rate in the macro that's driving sales productivity lower than prior quarters.

因此，我們看到生產力明顯下降，因為宏觀經濟影響了人們結束業務的能力。我們發現，我們的銷售團隊正在快速創造機會，有時甚至比前幾個季度還要快。所以管道構建正在工作。這是宏觀上的接近率導致銷售生產率低於前幾個季度。

All right. And then maybe you can build in on the marketing effort that you're planning for the second half of the year. Are those some new direct marketing efforts this something with the ecosystem that you're planning at partners?

好的。然後，也許您可以在下半年計劃的營銷工作的基礎上再做一些努力。這些新的直接營銷工作是否與您在合作夥伴處規劃的生態系統有關？

So George, we are launching incremental marketing programs to drive to sort of what I call high-value conversions and that is incremental to what we've done. So that should reflect itself in second half bookings. We're doing that on the back of sort of very predictable cohorts that we've seen materialize with an approach that we've sort of been working on for the last quarter, which gives us confidence in our second half guide that we provided as well.

喬治，我們正在啟動增量營銷計劃，以推動我所說的高價值轉化，這對我們所做的事情來說是增量的。因此，這應該反映在下半年的預訂中。我們這樣做是在一些非常可預測的群體的支持下，我們已經看到這些群體通過我們上個季度一直在研究的方法實現，這讓我們對我們提供的下半年指南充滿信心出色地。

Thank you. We go next now to Michael Berg at Wells Fargo.

謝謝。接下來我們請教富國銀行的邁克爾·伯格。

Piggybacking off the margin, how can we think about any change in conservatism or assumptions baked into the margin guidance? Then I got a follow-up.

借助利潤，我們如何考慮利潤指導中的保守主義或假設的任何變化？然後我得到了跟進。

So I think our margin guidance appropriately considers the investments we would like to make as well as our overall guide for the year. We feel confident with the $43 million to $53 million op margin guide we've provided, we raised it from the $35 million to $45 million, which was there before, and we feel good about it.

因此，我認為我們的保證金指導適當地考慮了我們想要進行的投資以及我們今年的總體指導。我們對我們提供的 4300 萬至 5300 萬美元的運營保證金指南充滿信心，我們將其從之前的 3500 萬美元提高到 4500 萬美元，我們對此感覺良好。

I think some of this is going to be about -- it's early in the year. And as the year progresses, we'll be making real-time decisions on sort of how we invest while maintaining our guidance that we have at 43 million to 53 million.

我認為其中一些是關於——今年年初。隨著時間的推移，我們將就如何投資做出實時決策，同時維持 4300 萬至 5300 萬的指導。

And then the quick follow-up to that is you mentioned that part of the outperformance on margins in the quarter was due to hiring. I guess, a, where are you on sales ramp or net new quota-carrying rep hiring? And be given what you're seeing in the macro, are there any changes to that? Or like you just said, that's going to be more of a real-time decision?

然後，您提到本季度利潤率表現出色的部分原因是招聘。我想，a，您的銷售增長或淨新配額銷售代表招聘情況如何？考慮到您在宏觀中看到的情況，有什麼變化嗎？或者就像你剛才說的，這將更多地是一個實時的決定？

So our -- we've got some hiring, which is progressing through. It's not a large part of it on the sales side. We feel good about where we are in capacity. There will be some additions, but it's not anywhere near sort of where we've added in the last fiscal year. So that's a part of it.

因此，我們的招聘工作正在進行中。這並不是銷售方面的很大一部分。我們對自己的能力水平感到滿意。將會有一些新增內容，但與我們在上一財年添加的內容相差甚遠。這就是其中的一部分。

There's positions in R&D and other parts of the organization as well, which we're adding in, which are what I would call in a smaller nature of investment we're building in. We're not ramping our hiring engine until we see how the macro looks beyond that.

我們正在增加研發和組織其他部門的職位，我將其稱為我們正在建設的較小規模的投資。在我們看到如何增加招聘引擎之前，我們不會加大招聘力度。宏觀的目光遠不止於此。

We'll go next now to Alex Zukin at Wolfe Research.

接下來我們將請教沃爾夫研究中心的亞歷克斯·祖金 (Alex Zukin)。

This is Ethan Bruck on for Al Zukin. I guess 2 quick ones. One, just help explain some of the discrepancy between taking up the op margin guide and leaving the cash flow unchanged for the year. Is it just leaving some room kind of investments?

我是艾爾·祖金 (Al Zukin) 的伊森·布魯克 (Ethan Bruck)。我猜有2個快的。第一，只是幫助解釋採用運營利潤指南和保持當年現金流不變之間的一些差異。難道只是留下一些投資空間嗎？

And then I guess the other one is just, are you seeing kind of just kind of update from the free stuff or the free offering as kind of a way, a natural way to shift go-to-market efforts, upmarket enterprise as like a potential upside to the margin targets for the year?

然後我想另一個問題是，你是否看到免費產品或免費產品的某種更新作為一種方式，一種自然的方式來改變進入市場的努力，高端企業就像一個今年的利潤率目標是否有潛在上升空間？

So I didn't catch the first part of your question. It looked like you were asking about billings and free cash flow in the relationship? Did I get you right?

所以我沒有聽清你問題的第一部分。看起來您是在詢問這段關係中的賬單和自由現金流？我說得對嗎？

In terms of the full year guide, you guys took about margin guide slightly but less free cash flow unchanged for the year. Is that just a kind of leaving room for it, I guess, to invest in capacity in the back half if May starts to pick up?

就全年指南而言，你們對利潤率指南略有了解，但今年的自由現金流保持不變。我想，如果五月份開始回升，這是否只是為下半年的產能投資留下了空間？

So the -- you should think of op margin and sort of revenue going together. So -- and you should think of billings and free cash flow working together. So we haven't changed our billings guide. We haven't changed our free cash flow guide from what we provided as an estimate. We haven't changed our revenue, but what we have passed through is the efficiencies we found and which we feel comfortable with, which we've moved through into the op margin incremental sort of guide we provided.

因此，您應該將運營利潤率和收入結合起來考慮。因此，您應該考慮將賬單和自由現金流結合起來。所以我們沒有改變我們的賬單指南。我們沒有改變我們提供的估計自由現金流指南。我們沒有改變我們的收入，但我們所經歷的是我們發現的、我們感到滿意的效率，我們已經將其納入我們提供的運營利潤增量指南中。

We go next now to Jacob Roberge at William Blair.

接下來我們請教威廉·布萊爾的雅各布·羅伯格。

Pete, just going back to the billings growth acceleration in the back half of the year, could you talk about the confidence in that? It seems like it's related to the seasonality of enterprise deals landing in Q4. But is there anything else in the model that's helping that? And then is there any potential risk that some of those larger deals get pushed actually out more into fiscal 2025? Or have you accounted for some of that potential risk within the back half acceleration guide.

皮特，回到今年下半年的比林斯增長加速，您能談談對此的信心嗎？這似乎與第四季度企業交易的季節性有關。但是模型中還有其他什麼可以幫助實現這一點嗎？那麼，其中一些規模較大的交易實際上會被推遲到 2025 財年，是否存在潛在風險？或者您是否在後半加速指南中考慮了一些潛在風險。

So Jake, essentially, we've looked at the deals, and we've looked at our larger deals. We've looked at the close rates on those deals. We see those closing. They're just taking longer elongated sales cycle. So we know the timing of when these deals now come into our ecosystem, if you will. We know that our customer budgets are heavier in the second half. So marrying the deal elongation and sales cycle with customer budgets, we feel good about sort of where that number is in terms of how we set the guide. We always know that there's going to be some level of deal push out that takes place, it's factored into our guide.

所以傑克，本質上，我們已經研究了這些交易，並且我們也研究了更大的交易。我們查看了這些交易的收盤價。我們看到那些關閉。他們只是需要更長的銷售週期。因此，如果您願意的話，我們知道這些交易現在進入我們的生態系統的時間。我們知道下半年我們的客戶預算會更大。因此，將交易延長和銷售週期與客戶預算結合起來，我們對設定指南的方式感到滿意。我們始終知道，將會發生一定程度的交易推遲，這已納入我們的指南中。

The additional item I mentioned was we've started incremental marketing program investment based on high LTV customers, with high value and fidelity of return, that's what we've added into the mix as well. So between those factors, we're pretty comfortable with our guide for FY '24 on the billings and revenue side of it.

我提到的附加項目是，我們已經開始基於高 LTV 客戶的增量營銷計劃投資，具有高價值和高保真度的回報，這也是我們添加到組合中的內容。因此，在這些因素之間，我們對 24 財年的賬單和收入方面的指南感到非常滿意。

Okay. Great. Very helpful. And then could you talk more about the demand that you're seeing in some of your newer products. Seems like Advance had a pretty solid quarter, but could you just provide some more color on what's driving demand for that product suite? And then just thinking about the broader platform, have you seen any solutions get more or less prioritized just given the uncertain macro environment?

好的。偉大的。很有幫助。然後您能更多地談談您在一些新產品中看到的需求嗎？看起來 Advance 的季度表現相當穩定，但您能否提供更多關於推動該產品套件需求的因素？然後考慮一下更廣泛的平台，考慮到不確定的宏觀環境，您是否看到任何解決方案或多或少被優先考慮？

Yes. So the -- when I think about the products that have gained a lot of traction that I've seen sort of really resonate well. I think there's 2 layers to it. One is we are seeing Advance. We gave the stats of 143 people either buying Advance or upgrading to a tier in Advance. So you're seeing that play out where customers are buying packages because they see it as the simplest way to generate value in an environment, where they know there's proven ROI. So I think we're seeing that with our largest customers. We're also seeing traction for individual capabilities. In this current environment people are taking the approach of buying by the drink by the individual capability. And we know that's fine because a lot of these customers start by buying 1 capability, but it sets them on this seeded journey to buy Advance eventually or buy more capabilities eventually. So we're seeing that play out pretty well.

是的。因此，當我想到那些已經獲得很大關注的產品時，我發現它們確實引起了很好的共鳴。我認為它有兩層。一是我們看到了進步。我們提供了 143 人購買 Advance 或升級到 Advance 級別的統計數據。因此，您會看到客戶購買套餐的情況正在發生，因為他們認為這是在環境中產生價值的最簡單方法，他們知道有經過驗證的投資回報率。所以我認為我們在我們最大的客戶身上看到了這一點。我們還看到了個人能力的吸引力。在當前的環境下，人們正在採取根據個人能力購買飲品的方式。我們知道這很好，因為很多客戶都是從購買一種功能開始的，但這讓他們踏上了最終購買 Advance 或最終購買更多功能的種子之旅。所以我們看到效果很好。

I think in general, we've seen great traction with some of our capabilities like data shuttles. So we've seen sort of what I call great demand for some part of our product portfolio, which we called out here.

我認為總的來說，我們已經看到了數據傳輸等一些功能的巨大吸引力。因此，我們看到了對我們產品組合中某些部分的巨大需求，我們在這裡指出了這一點。

We go next now is to Shebly Seyrafi at FBN Securities.

接下來我們請的是 FBN 證券公司的 Shebly Seyrafi。

So you beat your fiscal Q1 revenue guidance by about $6 million, and you're guiding pretty much in line with consensus in fiscal Q2 for revenue. And yet you kept your annual revenue range unchanged at $9.43, $9.48. So implicitly, you might be lowering your expectation by $6 million in the back half. Is that the right way to look at it?

因此，您的第一財季收入指導超出了約 600 萬美元，並且您的指導與第二財季收入的共識基本一致。然而，您將年收入範圍保持在 9.43 美元、9.48 美元不變。因此，您可能會在後半段將預期降低 600 萬美元。這是正確的看待方式嗎？

So what we've done is our approach to guidance over the last several quarters has been to be conservative sort of given the macro we're in. The macros are dynamic for us. So given this macro, we're still early in the year, we've elected to remain conservative as we thought of guidance. So that's why we haven't changed the guide for the year despite the overperformance in Q1.

因此，考慮到我們所處的宏觀環境，我們在過去幾個季度的指導方針一直是保守的。宏觀對我們來說是動態的。因此，考慮到這一宏觀因素，我們仍處於今年年初，我們在考慮指導時選擇保持保守。這就是為什麼儘管第一季度表現出色，但我們沒有改變今年的指南。

Okay. And any international call-outs?

好的。還有國際呼叫嗎？

I think we were sort of -- the performance that we had in international was according to our expectations. Obviously, there's more of a headwind internationally, and we saw that come through, where it's completely aligned with what our expectations were for those reasons.

我認為我們在國際比賽中的表現符合我們的預期。顯然，國際上存在更多的逆風，我們看到了這種情況的出現，這與我們出於這些原因的預期完全一致。

We go next now to see Enders at Citi. And Mr. Anders your line is open, sir, if you have a question. I am hearing no response. We'll take our next question now from Pinjalim Bora at JPMorgan.

我們現在去花旗銀行見恩德斯。安德斯先生，如果您有問題，請撥打熱線。我沒有聽到任何回應。我們現在將回答摩根大通的 Pinjalim Bora 提出的下一個問題。

The sales discovery of capabilities is interesting. I wanted to ask you if you're already piloting that with customers, what are you seeing with that respect? And is there -- is that -- will that also include kind of ability for the customers to buy the products online on a self-serve basis? Or would that still require kind of a sales effort as people look to get into Data Shuttle or something else? And then thirdly, are you modeling some of benefit from this as it goes online in the second half in terms of bookings?

銷售能力的發現很有趣。我想問您是否已經在與客戶進行試點，您對此有何看法？是否還包括客戶可以自助在線購買產品的能力？或者，當人們希望進入 Data Shuttle 或其他產品時，這仍然需要某種銷售努力嗎？第三，下半年在線預訂方面，您是否會從中受益？

We have not modeled any uplift from that into the second half. What we're solving for what we're releasing in July is the discovery and the usage of. So someone in a self-directed way will be able to in context see these, understand how it applies to what they're trying to do, whether it's in the context of Advance sharing or Data Shuttle, be able to start using it immediately. It will still engage a member of our team to take the order, but there will be no friction in the identification it, the utilization of it, et cetera. And that's a very significant win. We have -- as I shared last time, we have well under 10% of our customers buying a second product from us. So we think this is the launch point to really get cross product attached.

我們還沒有對下半年的任何提升進行建模。我們要解決的問題是我們 7 月份發布的內容的發現和使用。因此，以自我導向的方式的人將能夠在上下文中看到這些，了解它如何應用於他們正在嘗試做的事情，無論是在 Advance 共享還是 Data Shuttle 的上下文中，都能夠立即開始使用它。它仍然會聘請我們團隊的一名成員來接受訂單，但在識別它、使用它等方面不會有任何摩擦。這是一個非常重要的勝利。正如我上次分享的那樣，我們有遠低於 10% 的客戶從我們這裡購買第二種產品。因此，我們認為這是真正實現跨產品附加的啟動點。

Understood. One quick follow-up for Pete. Pete, the deferred revenue, I think, sequentially was down probably for the first time, at least when I was looking backwards in a while. Is there -- can you kind of tease out how much is that because of the SMB weakness, the mid-market weakness versus kind of deals push out because of lumber sales cycles? Any way to understand that?

明白了。皮特的一個快速跟進。皮特，我認為遞延收入可能是第一次連續下降，至少當我回顧一段時間時是這樣。您能否弄清楚，中小企業疲軟、中端市場疲軟與木材銷售週期推動的交易有多少關係？有什麼辦法可以理解嗎？

The way I would characterize it is the -- the large contributor was the high-velocity transactional business associated with what I call generally associated with SMB and mid-market. And then the other elements is it demand for our marketing solutions and the elongation of sales cycle we're probably on SMB, a similar order of magnitude but next up.

我對它的描述方式是——最大的貢獻者是與我所說的通常與中小企業和中端市場相關的高速交易業務。然後其他因素是對我們的營銷解決方案的需求以及我們可能在中小企業上的銷售週期的延長，類似的數量級，但其次。

We will go next now to Jackson Ader at SVB MoffetNathanson.

接下來我們將採訪 SVB MoffetNathanson 的 Jackson Ader。

Great. This is Kyle on for Jackson. I think we talked a lot about the macro, but maybe could you just give us an update on the competitive environment and maybe how compared to early last year, if you're seeing anyone more or less and then how win rates are looking? And then I do just have a quick follow-up on just kind of -- I think, Mark, you may have mentioned that there was an expansion where you guys pushed out another tool, if there's just maybe a few use cases that you guys have tended to see be the catalyst for kind of a standardization. That would be great.

偉大的。這是凱爾代表傑克遜發言。我想我們就宏觀問題談了很多，但也許你能給我們介紹一下競爭環境的最新情況，也許與去年年初相比，你是否或多或少地看到了一些人，然後勝率看起來如何？然後我確實有一個快速的跟進——我想，馬克，你可能已經提到過，你們推出了另一個工具的擴展，如果你們可能只有一些用例的話往往被視為某種標準化的催化劑。那太好了。

Yes. Over a longer horizon, I'd say, over the last 2 years, we have seen an increase in our conversion rate or win rate on new. So that has progressed. Again, from a bookings contribution standpoint, those new wins don't accumulate too much, but they do service that planting of seeds. So that is on pace.

是的。從長遠來看，我想說，在過去的兩年裡，我們看到新產品的轉化率或獲勝率有所提高。所以這已經取得了進展。同樣，從預訂貢獻的角度來看，這些新的勝利並不會積累太多，但它們確實有助於播種。所以這正在按部就班地進行。

In terms of expansion, once we're in the account, there's not a material change to the frequency with which we're seeing people. I would say as we continue to improve how the 3 dimensions of work that I talk about get more deeply integrated the greater the return for a customer is to say, I'm going to go with Smartsheet for content and work or people and content and work. And I think that does then put a lot of pressure on those providers who are only delivering on 1 of those dimensions. So it's how do you unify, how do you simplify? How do you get those economies of scale.

在擴展方面，一旦我們進入帳戶，我們與人見面的頻率就不會發生重大變化。我想說的是，隨著我們不斷改進我所談論的工作的三個維度如何更加深入地整合，客戶的回報就越大，也就是說，我將使用 Smartsheet 來處理內容和工作或人員和內容，工作。我認為這確實給那些只提供其中一個維度的提供商帶來了很大的壓力。那麼問題是如何統一、如何簡化？如何獲得規模經濟？

So I think, again, this is at the hand of strengthening on that side. I have not seen anybody in category make moves to talk about those unifying those 3 dimensions of work within their portfolio through integrations potentially, but that's very different than having a sole source. So not a lot -- when you look at where most companies still are today, the leading competitor is the status quo, which is not anybody in our category today. It's still the #1. And I would expect that to be the case for the next 2 years.

所以我再次認為，這取決於這方面的加強。我還沒有看到該類別中的任何人採取行動來談論通過潛在的集成將這三個維度的工作統一到他們的投資組合中，但這與擁有單一來源有很大不同。所以不是很多——當你看看大多數公司今天仍然處於什麼位置時，領先的競爭對手就是現狀，而不是今天我們這個類別中的任何人。它仍然是#1。我預計未來兩年都會如此。

We'll go next now to Jason Celino at KeyBanc Capital Markets.

接下來我們請聽 KeyBanc Capital Markets 的 Jason Celino。

Just 2 quick ones from me. So interesting to see the launch of the preplan. I guess, what is the plan to drive interest in those types of customers. Will that be mostly paid marketing driven? And then second, can you just elaborate on the opportunity to maybe convert some of these free users to paid users over time?

我只有 2 個快速的。看到預計劃的啟動很有趣。我想，有什麼計劃可以激發這些類型客戶的興趣。這主要是付費營銷驅動的嗎？其次，您能否詳細說明隨著時間的推移將其中一些免費用戶轉變為付費用戶的機會？

So I'll take the first part of it, which is on the marketing effort to go after it, we've -- as I said, we are launching marketing programs at the end of last quarter and the beginning of this quarter, which really go after high-value conversions, high LTV customers. But a part of that marketing demand spills over into people getting interested in the free plan. It's not our focus in going after it, but it naturally helps the free plan. The rest of it comes from people discovering those free plans as they look for ways to solve their collaborative work management problem, which really drives this process into high gear. Mark, over to you for the second part.

因此，我將討論第一部分，即後續的營銷工作，正如我所說，我們將在上季度末和本季度初啟動營銷計劃，這真正追求高價值轉化、高生命週期價值的客戶。但營銷需求的一部分溢出到人們對免費計劃感興趣。這不是我們追求的重點，但它自然對免費計劃有幫助。其餘部分來自人們在尋找解決協作工作管理問題的方法時發現這些免費計劃，這確實推動了這一過程的高速發展。馬克，第二部分交給你了。

Yes. And then in terms of the tactics to get an ENGAGE population in free to spend first dollar with you, you have the full portfolio available to us. As we start getting our self-discovered feature set introduced to people, as we start to deploy Gen AI experiences, we get to make those choices in terms of what we want to put in front of somebody. The good news is that we are already seeing a higher -- disproportionately higher conversion rates to paid from that population. And as you allow them to experience some of these premium things, some of these innovative elements, I would expect that to be a continued tailwind to getting those people on side.

是的。然後，就讓參與人群免費與您一起花費第一美元的策略而言，您可以向我們提供完整的投資組合。當我們開始向人們介紹我們自我發現的功能集時，當我們開始部署 Gen AI 體驗時，我們就可以根據我們想要呈現在人們面前的內容來做出這些選擇。好消息是，我們已經看到該人群的支付轉化率高得不成比例。當你讓他們體驗一些優質的東西、一些創新元素時，我希望這將成為讓這些人站在一邊的持續推動力。

So it's an ever-growing population. We're adding a lot of companies to this realm. And we'll be watching that conversion rate closely as we introduce some of these new capabilities.

所以這是一個不斷增長的人口。我們正在將很多公司添加到這個領域。當我們引入其中一些新功能時，我們將密切關注轉化率。

We will go next now to Josh Baer at Morgan Stanley.

接下來我們將請來摩根士丹利的喬什·貝爾 (Josh Baer)。

Mark, I think you gave a great overview of some of the areas that you're intending to release AI capabilities and the ways that you should be able to monetize. I was hoping you could do 2 things. From the customer perspective, could you talk a little bit more about how your conversations with customers are evolving around AI? Are they looking to you to help bring AI into the organization? Is this something that they're actively engaging around from a timeline perspective?

馬克，我認為您對您打算發佈人工智能功能的一些領域以及您應該能夠貨幣化的方式進行了很好的概述。我希望你能做兩件事。從客戶的角度來看，您能否更多地談談您與客戶的對話是如何圍繞人工智能演變的？他們是否希望您幫助將人工智能引入組織？從時間線的角度來看，這是他們積極參與的事情嗎？

And then second, I think it sounds like those 3 areas of Gen AI are relatively near-term initiatives. Just hoping you could sort of help with our imagination thinking about your platform, the data you have and like the longer-term potential for additional AI use cases or AI outside of those 3 main buckets that you outlined so far.

其次，我認為聽起來 Gen AI 的這三個領域是相對近期的舉措。只是希望您能幫助我們思考您的平台、您擁有的數據以及您目前概述的 3 個主要領域之外的其他人工智能用例或人工智能的長期潛力。

Yes. We serve such a diverse set of companies ranging from manufacturing to education to health to technology to services providers. And I would say that the AI conversations are as diverse. It's ranging from the very inquisitive, well-informed prospect or customer who wants to go deep on the topic to the other end of the spectrum, which is can you just give me the basic education on what it means? Is it safe? How will you be secure and responsible in terms of how you're applying AI to your realm. Does my data leave your boundary? Does it get shipped off to some service providers to improve their model like how does it work? And I think there's a really good opportunity right now to become a trusted adviser.

是的。我們為各種各樣的公司提供服務，從製造、教育、健康、技術到服務提供商。我想說的是，人工智能的對話是多種多樣的。其範圍包括從非常好奇、消息靈通的潛在客戶或想要深入了解該主題的客戶到另一個極端，即您能否向我提供有關其含義的基礎教育？安全嗎？在將人工智能應用到您的領域時，您將如何做到安全和負責任。我的數據是否超出了你的界限？它是否會被發送給一些服務提供商來改進他們的模型，比如它是如何工作的？我認為現在有一個非常好的機會成為一名值得信賴的顧問。

So as we talk about our advanced analytics that we're flipping on for people, we focus on the fact that we get to take advantage of open AI, we get to take advantage of these large language models. We get to take advantage of having their data not leave our boundary. That's a huge deal.

因此，當我們談論我們為人們提供的高級分析時，我們重點關注這樣一個事實：我們可以利用開放式人工智能，我們可以利用這些大型語言模型。我們可以利用他們的數據不離開我們的邊界。這是一件大事。

So as we think about this opportunity to educate, become the trusted adviser and to have them look at us being able to say, Smartsheet is a mechanism for us to apply AI to our operations safely and securely, like that's something that they're having to report out internally to their stakeholders. So I think we can play a very active role in that.

因此，當我們考慮這個教育機會，成為值得信賴的顧問，並讓他們看著我們時，我們能夠說，Smartsheet 是我們將人工智能安全可靠地應用於我們的運營的一種機制，就像他們擁有的那樣向利益相關者內部報告。所以我認為我們可以在這方面發揮非常積極的作用。

I think there are various phases of the game on the AI piece. One of it -- and I look at sort of the customer in, someone starting out with us, trying to get educated, trying to unlock the potential, see how they can maximize the value all the way up to the highly sophisticated, fully enabled control center person deploying a 2,000 wind turbine farm, very advanced situation.

我認為人工智能部分的遊戲有不同的階段。其中之一 - 我觀察了一些客戶，有人從我們開始，試圖接受教育，試圖釋放潛力，看看他們如何最大化價值，一直到高度複雜、完全啟用控制中心人員部署了2000颱風力發電機組，情況非常先進。

And I think what our duty is to be able to help someone at every phase of that journey. And I think it's very different using AI to help someone convert to paid for the first time versus the person trying to add another 7 figures of ARR contribution to us. And when I think of the long-term opportunity for us, it's -- how do you not only provide the convenience of AI to help them move more quickly, but how do you allow them to capitalize on the data set that's already been stored with you in some cases for years. How do you unlock insights in it.

我認為我們的責任是能夠在這段旅程的每個階段為某人提供幫助。我認為，使用人工智能幫助某人第一次轉換為付費用戶與試圖向我們添加另外 7 位數的 ARR 貢獻的人是非常不同的。當我想到我們的長期機會時，你不僅如何提供人工智能的便利來幫助他們更快地行動，而且如何讓他們利用已經存儲的數據集在某些情況下，你會持續多年。您如何解鎖其中的見解。

And again, that is more pertinent to someone who's been with you for a long time. But our model is so well set up because we have a clear understanding of intent. So if you were an ad hoc model that allowed people to collaborate in a fully unstructured way, that's fine. We happen to be the huge beneficiaries of knowing exactly what our customers are trying to do.

再說一遍，這更適合與你在一起很長時間的人。但我們的模型建立得很好，因為我們對意圖有清晰的理解。因此，如果您是一個臨時模型，允許人們以完全非結構化的方式進行協作，那就沒問題。我們恰好是準確了解客戶想要做什麼的巨大受益者。

Their data models describe their intent, their interaction gives us insight into who's pertinent and who's most relevant. We get to use all of that on their behalf to apply AI to it. And I think the -- we look at AI in 2 ways also. One is very much inwardly what can we do within our ecosystem and then what can we do as a partner with other ecosystems.

他們的數據模型描述了他們的意圖，他們的互動讓我們深入了解誰是相關的以及誰是最相關的。我們可以代表他們使用所有這些來將人工智能應用於其中。我認為，我們也從兩種角度看待人工智能。一是從本質上講，我們可以在我們的生態系統中做什麼，然後我們作為其他生態系統的合作夥伴可以做什麼。

So when you look about what Microsoft announced a build, how do you use -- how do you co-op a Microsoft Teams co-pilot infused experience with the tooling we already have to align with Teams. So it's not just how do you apply AI to maximize the Smartsheet feature set, how do you apply it to get maximum utility out of the other enterprise platforms they have today. And I think customers are looking for coaching on both fronts.

因此，當您了解 Microsoft 宣布的構建內容時，您如何使用 — 如何將 Microsoft Teams 副駕駛注入的體驗與我們已經與 Teams 保持一致的工具結合起來。因此，這不僅僅是如何應用人工智能來最大化 Smartsheet 功能集，而是如何應用它來從現有的其他企業平台中獲得最大效用。我認為客戶正在尋求這兩方面的指導。

So much of our growth over the years has been coming in with an informed point of view and then listening very intently to what customers want. And I think our AI strategy that we've built so far is absolutely influenced by what our customers are doing, the assistant, the analytics, the content generation, it's all predicated on where we see activity today. And as we deploy this, we're going to get a lot smarter about where people's sensitivities are, where their needs are. And I think that strategy will emerge very, very clearly as we enter next year.

多年來我們的成長很大程度上是基於明智的觀點，然後非常專心地傾聽客戶的需求。我認為我們迄今為止建立的人工智能戰略絕對受到客戶所做的事情、助手、分析、內容生成的影響，這一切都取決於我們今天看到的活動。當我們部署這一點時，我們將更加明智地了解人們的敏感性和需求。我認為，隨著我們進入明年，這一戰略將會非常非常清晰地顯現出來。

We go next now to Keith Bachman at BMO.

接下來我們請來 BMO 的基思·巴赫曼 (Keith Bachman)。

Sorry, I do want to go back to the billings guide because I'm a little confused. You used a couple of times in the discussion this evening the word conservatism that you usually approach guidance with conservatism. But I think you said that you thought billings would grow by 6% sequentially in July quarter and perhaps I misunderstood that, but that implies something like 11% to 12% year-over-year billings growth. And it puts a lot of pressure on the back half of the year to get to something even close to 20% billings growth.

抱歉，我確實想回到比林斯指南，因為我有點困惑。您在今晚的討論中多次使用了保守主義這個詞，您通常以保守主義來指導。但我認為您說過您認為 7 月份季度的賬單將環比增長 6%，也許我誤解了這一點，但這意味著賬單同比增長 11% 至 12%。這給下半年實現接近 20% 的賬單增長帶來了很大的壓力。

And so the first part of the question is, when you say back half of the year, do you mean both the October and Jan quarter, or are you really sort of pushing everything to the Jan quarter? And then secondly, just -- when you say you're being conservative on your guidance, and I think to be fair, the previous question was related to revenue, but it doesn't seem like you're being conservative on this billings guidance. So maybe just help me understand a little bit.

所以問題的第一部分是，當你說今年下半年時，你是指十月和一月季度，還是你真的把一切都推到了一月季度？其次，當你說你對你的指導持保守態度時，我認為公平地說，前一個問題與收入有關，但你似乎對這個比林斯指導持保守態度。所以也許只是幫助我理解一點。

So Keith, I'll first confirm the question you asked in terms of what you're sort of calculating. We did give you a sort of a steer and sort of how we would think of modeling Q2, which was a 6% sequential increase. I think when you look at that number and you say, how does that come about? And what gives you the confidence in the back half.

基思，我首先會根據您正在計算的內容來確認您提出的問題。我們確實為您提供了某種指導以及我們如何考慮對第二季度進行建模，第二季度環比增長 6%。我想當你看到這個數字時你會說，這是怎麼產生的？是什麼讓你對後半場充滿信心。

There's 2 elements I pointed to, which are specific. One, we have an elongation of the sales cycle, but the deals close and we see their closing. We see that we know that the enterprise budgets, as we looked at customers and evaluated what they have, our setup for the back half sort of expenditure rate, which is consistent with enterprises. So our elongated sales cycles, timing of when they close intersecting with customer budgets is something we've seen fairly well, and that's what's sort of giving us the confidence across both Q3 and Q4. So we've sort of built that in. That's one.

我指出了兩個具體的要素。第一，我們的銷售週期有所延長，但交易已經完成，我們也看到了它們的結束。我們看到我們知道企業預算，當我們觀察客戶並評估他們擁有的東西時，我們對後半部分支出率的設置，這與企業是一致的。因此，我們延長的銷售週期以及它們與客戶預算相交的時間是我們已經相當清楚地看到的，這讓我們對第三季度和第四季度充滿信心。所以我們已經把它內置了。就是這樣。

The second part of it is we've made incremental and significant investments in marketing programs, which are based on high LTV customers that provide high value. So we know that those dollars convert with fidelity to what we expect our bookings for -- booking contributions for the second half. That's the way we built it in. I think our what you call, our guidance is -- on billings is thoughtful and we've sort of considered the macro and how we expect that to evolve as well.

第二部分是我們對營銷計劃進行了增量和重大投資，這些投資基於提供高價值的高 LTV 客戶。所以我們知道這些美元會忠實地轉換為我們預期的預訂量——下半年的預訂貢獻。這就是我們構建它的方式。我認為你所說的，我們的指導是——關於賬單是深思熟慮的，我們已經考慮了宏觀以及我們期望它如何發展。

All right. Just to -- again, sorry, I got to tease this out, but many companies would suggest that if you have billing -- excuse me, deal elongation that's going to continue such that there's just frankly, slippage through the out the year. Are you assuming that there's some -- there's an improved close rate, so to speak, as you get towards the end of the year that's facilitating getting to 20 and/or an improvement in the macro?

好的。只是為了 - 再次，抱歉，我必須弄清楚這一點，但許多公司會建議，如果你有賬單 - 對不起，交易延長將會繼續，坦率地說，今年會出現下滑。您是否認為，隨著年底的臨近，成交率有所提高，這有助於達到 20 和/或宏觀方面的改善？

We're not factoring an improvement in the macro. We're assuming on the longer deal cycles with enterprise budgets, our close rates do improve as you think those. So that's a key part of the sort of how we are thinking of the guide. And then the other part, Keith, you've got to remember we're dealing with the macro where the comps get much easier as you go into Q3 and Q4. So when you look at Q3 and Q4 and you look at the growth rate and billings, you're doing it for a comp with macro already started to manifest itself in our results last year. So between those 2, I think we feel good about sort of how the year plays out.

我們沒有考慮宏觀方面的改善。我們假設企業預算的交易週期較長，我們的成交率確實會如您所想的那樣提高。所以這是我們如何思考該指南的關鍵部分。然後另一部分，基思，你必須記住，我們正在處理宏觀，當你進入第三季度和第四季度時，比較會變得更加容易。因此，當您查看第三季度和第四季度並查看增長率和賬單時，您是在進行比較，而宏觀已經開始在我們去年的業績中體現出來。因此，在這兩者之間，我認為我們對這一年的表現感覺良好。

Okay. I submit that the comps are easier, certainly in Q4, but it's a relatively hard compare in Q3 as well, but I will see the floor.

好的。我認為第四季度的比較更容易，但第三季度的比較也相對困難，但我會看到地板。

We go next now to Robert Simmons at D.A. Davidson.

接下來我們請聽 D.A. 的羅伯特·西蒙斯 (Robert Simmons)。戴維森。

So you guys have been going a bit into your partner ecosystem. Can you update us on how that's going? How much of your new business is actually driven or influenced by it?

所以你們已經深入了解了合作夥伴生態系統。您能告訴我們最新進展嗎？您的新業務有多少實際上是受其推動或影響的？

So the partners are a key part of sort of how we go to market because they bring unique capability in markets like international, they play an integral part in co-selling with us. Our percentage of what I call partner-touched revenue, has increased from Q1 of last year to Q1 of this year, and it's now sitting in the mid-teens in terms of sort of how we think of that contribution.

因此，合作夥伴是我們進入市場的關鍵部分，因為他們在國際市場上帶來了獨特的能力，他們在與我們共同銷售中發揮著不可或缺的作用。我們所謂的合作夥伴收入百分比從去年第一季度到今年第一季度有所增加，就我們如何看待這種貢獻而言，現在它處於十幾歲左右。

In terms of the reliance on third parties to bring us business where it's really partner-led entirely, that's a small minority of the business today. Where they have proven quite helpful is in that co-selling, as Pete said. So I think you asked specifically about them bringing us business. I would say it's -- that has been substantially less than 15% of our total, but still very helpful to have their participation.

就依賴第三方為我們帶來真正完全由合作夥伴主導的業務而言，這僅佔當今業務的一小部分。正如皮特所說，事實證明，他們在聯合銷售方面非常有幫助。所以我認為你具體詢問了他們為我們帶來業務的情況。我想說的是，這遠低於我們總數的 15%，但他們的參與仍然非常有幫助。

Got it. And then what do you see in terms of like the big SIs building out their practices? Is that progressing to plan? Or are you going to color there would be helpful?

知道了。那麼，對於大型系統集成商構建他們的實踐，您有何看法？正在按計劃進行嗎？或者你要上色會有幫助嗎？

Yes. We anticipate having some news on that in the second half. As I reported out last quarter, we have a number of the global SIs who have built practice areas in Smartsheet. And it's -- when I compare that to the large SIs who are doing exclusively system implementation and config on behalf of clients.

是的。我們預計下半年會有一些相關消息。正如我上季度所報告的，我們有許多全球 SI 在 Smartsheet 中建立了實踐領域。當我將其與代表客戶專門進行系統實施和配置的大型 SI 進行比較時。

What's interesting about 2 of the large ones that we're working with right now is that they're actually building service delivery practices on Smartsheet. And then after they've concluded whether it's on an accounting dimension or on an M&A or divestiture dimension, Smartsheet is left behind to help their clients operate. So it's very different than being hired to do a system implementation on some -- on behalf of the customer. It's really them delivering their services and leaving Smartsheet with the customer post project. We'll have more to report on that in the second half.

我們目前正在合作的兩家大型公司的有趣之處在於，他們實際上正在 Smartsheet 上構建服務交付實踐。然後，在他們確定是會計方面還是併購或資產剝離方面的結論後，Smartsheet 就留下來幫助他們的客戶運營。因此，這與受僱代表客戶進行系統實施有很大不同。實際上是他們提供服務並將 Smartsheet 留給客戶發布項目。我們將在下半年對此進行更多報導。

We'll take our final question today from Fred Lee of Crédit Suisse.

今天我們將回答瑞士信貸銀行的 Fred Lee 提出的最後一個問題。

Nice work on the profitability side of the health and also on free cash generation. I have a question with regard to the introduction of free and the potential impact to the existing install base in that with weaker macro, what we've seen are some customers at other software companies electing to actually downgrade to free in the near term. How do you protect against this? And because this could potentially elevate risk to the base of the pyramid.

在健康盈利方面以及自由現金生成方面都做得很好。我有一個關於免費的引入以及對現有安裝基礎的潛在影響的問題，因為宏觀較弱，我們看到其他軟件公司的一些客戶選擇在短期內實際降級到免費。您如何防範這種情況？因為這可能會將風險提升到金字塔底層。

Yes. When we initiated free last year, we did a lot of design work on this, and we were very prudent, I would say, in our approach to what free provides somebody. While you can use our different views and our dashboards and elements of automation, the constraint is put in, in terms of who you can share your work with. When we look at the sharing need within our organizations, our customers, it's significant.

是的。當我們去年啟動免費時，我們在這方面做了很多設計工作，我想說，我們在免費為某人提供什麼方面非常謹慎。雖然您可以使用我們的不同視圖、儀表板和自動化元素，但在您可以與誰共享工作方面存在限制。當我們審視我們的組織和客戶內部的共享需求時，我們發現這一點非常重要。

And it can give you a good taste today. You can share it with up to 2 people, but we have -- we obviously had a lot of work in the quarters leading up to launching it globally to understand the impact. We saw no impact to our conversion to our paying plans and we see no evidence of people downgrading to free at our paid customers today of any significance.

今天它可以給你帶來好味道。您最多可以與 2 個人共享它，但我們顯然在全球推出它之前的幾個季度做了很多工作，以了解其影響。我們沒有看到對我們向付費計劃的轉換產生任何影響，並且我們沒有看到任何證據表明人們今天在我們的付費客戶中降級到免費有任何意義。

And that was a key part of our research before we launched it globally. And again, we've seen nothing different since launching it globally from what we saw in those quarters running up.

這是我們在全球推出之前研究的關鍵部分。再說一次，自從在全球推出它以來，我們沒有看到與我們在這些季度中看到的情況有什麼不同。

Got it. That's extremely helpful. And then just a quick 1 for Pete. Last quarter, you said NR would end in the high teens towards the end of the year. And I might have missed it, but did you give an update here. And then if you could talk a little bit on pricing or whether it's been stable, if there's been any degradation sequentially from Q4.

知道了。這非常有幫助。然後快速給皮特打一分。上個季度，您曾表示 NR 將在年底前達到十幾歲。我可能錯過了，但是你在這裡更新了嗎？然後，您是否可以談談定價，或者它是否穩定，從第四季度開始是否有任何下降。

So I think we -- in my prepared remarks, said we expect the net dollar retention rate to end the year in the high teens. So we sort of reiterated what we'd said before. So we set that out. Now are we seeing any price degradation in the market? I think we're seeing our prices all we're seeing demand vectors of what I call the high-velocity business where people just decide they're not going to go for the quick project that you can start and sort of go down with right away within a short period of time. That's what we're seeing. We're not seeing a giant price degradation happening.

因此，我認為我們在準備好的講話中表示，我們預計今年年底的淨美元保留率將達到兩位數。所以我們重申了之前說過的話。所以我們就這樣設定了。現在我們看到市場價格有下降嗎？我認為我們看到的是我們的價格，我們看到的是我所說的高速業務的需求向量，在這種業務中，人們只是決定他們不會去追求可以啟動並以正確的方式進行的快速項目短時間內離開。這就是我們所看到的。我們沒有看到價格大幅下跌。

Thank you. Mr. Turner, I'd like to turn the conference back to you, sir, for any closing marks.

謝謝。特納先生，我想將會議轉回給您，先生，請您留下任何結束語。

Great. Thanks, Bob. And thanks, everyone, for joining us today, and we'll speak with you again next quarter.

偉大的。謝謝，鮑勃。感謝大家今天加入我們，我們將在下個季度再次與您交談。

Thank you, gentlemen. Again, ladies and gentlemen, that will conclude the Smartsheet First Quarter Fiscal 2024 Earnings Conference Call. You may now disconnect.

謝謝你們，先生們。女士們、先生們，Smartsheet 2024 財年第一季度收益電話會議到此結束。您現在可以斷開連接。