Smartsheet Inc (SMAR) 2025 Q1 法說會逐字稿

Ladies and gentlemen, good afternoon and thank you for standing by. My name is Abby and I will be your conference operator today. At this time, I would like to welcome everyone to the Smartsheet first-quarter fiscal 2025 earnings conference call. (Operator Instructions)

女士們、先生們，下午好，謝謝你們的支持。我叫艾比，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Smartsheet 2025 財政年度第一季財報電話會議。 （操作員說明）

Thank you. And I would now like to turn the conference over to Aaron Turner, Head of Investor Relations. You may begin.

謝謝。現在我想將會議交給投資者關係主管亞倫·特納 (Aaron Turner)。你可以開始了。

Great. Thank you, Abby. Good afternoon, and welcome, everyone, to Smartsheet's first quarter of fiscal year 2025 earnings call. We will be discussing the results announced in our press release issued after the market closed today.

偉大的。謝謝你，艾比。下午好，歡迎大家參加 Smartsheet 2025 財年第一季的財報電話會議。我們將討論今天收盤後發布的新聞稿中宣布的結果。

With me today are Smartsheet's CEO Mark Madar; 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.

今天和我在一起的有 Smartsheet 的執行長 Mark Madar；以及我們的財務長 Pete Godbole。今天的電話會議正在進行網路直播，也可以在我們的投資人關係網站 Investors.smartsheet.com 上重播。皮特準備好的演講附有幻燈片演示文稿，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意義內的前瞻性聲明。我們的這些前瞻性陳述主要基於我們目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 文件中所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, and 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。本次電話會議期間所做的所有前瞻性陳述均基於我們今天掌握的信息，我們不承擔因新資訊或未來事件而更新這些陳述的義務，除非法律要求。

In addition to the US GAAP financials, we will discuss certain non-GAAP financial measures. A reconciliation to the most directly comparable US 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簡報中提供了與最直接可比較的美國公認會計準則衡量標準的對賬，也可以在我們的投資者關係網站上找到該簡報。

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

那麼，讓我把電話轉給馬克。

Thank you, Ron, and good afternoon, everyone. Welcome to our first-quarter earnings call for fiscal year 2025. Q1 finished strong and reflected steady improvement as we moved through the quarter. In the quarter, 53 customers expanded their Smartsheet ARR by more than $100,000. We now have 72 customers with ARR over $1 million, up 50% from Q1 last year. We ended the quarter with annualized recurring revenue of $1.056 billion and more than 14.7 million Smartsheet users.

謝謝你，羅恩，大家下午好。歡迎參加我們的 2025 財年第一季財報電話會議。本季度，53 名客戶的 Smartsheet ARR 增加了超過 10 萬美元。我們現在有 72 個 ARR 超過 100 萬美元的客戶，比去年第一季成長了 50%。截至本季末，我們的年化經常性收入為 10.56 億美元，Smartsheet 用戶超過 1,470 萬。

In Q1, we expanded with customers, including Nestlé Purina, Ross Stores, and Sephora, among others. We saw a significant expansion with a global media and entertainment company that has experienced growing demand for Smartsheet within its employee base. This expansion is across multiple dimensions.

在第一季度，我們擴大了客戶範圍，包括 Nestlé Purina、Ross Stores 和 Sephora 等。我們看到一家全球媒體和娛樂公司實現了顯著擴張，該公司的員工群體對 Smartsheet 的需求不斷增長。這種擴張是跨越多個維度的。

The number of users geographically from their core US group to teams in Hong Kong, Singapore, and other international markets and usage across our breadth of premium capabilities. Over the last year, in order to manage the expanding scale of their workloads on Smartsheet, the company's use of Data Shuttle has doubled and the use of Dynamic View to manage confidential information within the organization has tripled.

從地理位置來看，從美國核心團隊到香港、新加坡和其他國際市場的團隊，以及我們廣泛的優質功能的使用。去年，為了管理 Smartsheet 上不斷擴大的工作負載規模，該公司對 Data Shuttle 的使用量增加了一倍，並且使用 Dynamic View 管理組織內的機密資訊的次數增加了兩倍。

In EMEA, a technology and consumer electronics company signed a large three-year enterprise deal. They were in need of a high scale data edge asset management solution to replace a tool built by their agency partners that couldn't meet the growing demands of their business. They saw the value of Brandfolder within Smartsheet workflows and the security flexibility and power of this integrated content platform. The company will store millions of brand assets for distribution to their subsidiaries around the world. Going forward, they plan to build out a larger marketing and creative management ecosystem using Smartsheet.

在歐洲、中東和非洲地區，一家科技和消費電子公司簽署了一項為期三年的大型企業協議。他們需要一種大規模資料邊緣資產管理解決方案，以取代其代理商合作夥伴建構的無法滿足其業務不斷增長的需求的工具。他們看到了 Brandfolder 在 Smartsheet 工作流程中的價值以及這個整合內容平台的安全靈活性和強大功能。該公司將儲存數百萬個品牌資產，以便分發給其世界各地的子公司。展望未來，他們計劃使用 Smartsheet 建立更大的行銷和創意管理生態系統。

This past quarter, we saw significant expansion that included an upgrade to advanced platinum at a major business process service provider. Because much of their work involves providing support to government agencies, our advanced security offering, Smartsheet Safeguard, was key to the deal. Furthermore, Data Shuttle and DataMesh are crucial to maintaining consistency and standardization of data across their client projects, showcasing the power of Smartsheet's enterprise interoperability. The company sees their IT portfolio management solutions, which are built on Smartsheet, as a competitive advantage and are driving value by leveraging our premium capabilities.

上個季度，我們看到了重大擴張，其中包括一家主要業務流程服務提供者升級到高級白金。由於他們的大部分工作涉及向政府機構提供支持，因此我們先進的安全產品 Smartsheet Safeguard 是這筆交易的關鍵。此外，Data Shuttle 和 DataMesh 對於維護客戶專案中資料的一致性和標準化至關重要，展示了 Smartsheet 企業互通性的強大功能。該公司將其基於 Smartsheet 的 IT 產品組合管理解決方案視為一種競爭優勢，並透過利用我們的優質功能來推動價值。

In Q1, we also entered into a collaboration with KPMG, a long-standing Smartsheet customer who wanted to leverage Smartsheet to enhance their client delivery experience. To support this objective, we teamed with KPMG to develop a globally available, standardized service delivery solution to track and manage value realization on strategic business transformation projects.

在第一季度，我們也與 KPMG 建立了合作，KPMG 是 Smartsheet 的長期客戶，希望利用 Smartsheet 來增強其客戶交付體驗。為了支持這一目標，我們與畢馬威合作開發了一個全球可用的標準化服務交付解決方案，以追蹤和管理策略性業務轉型專案的價值實現。

As businesses today are under more and more pressure than ever to deliver better lasting results for stakeholders, Smartsheet enables KPMG and its clients to efficiently track and capture value with real-time collaboration and communication on complex projects. This solution enables Smartsheet to establish deeper engagement within new and existing enterprises as our platform is utilized by the customer going forward.

如今，企業面臨著比以往更大的壓力，需要為利害關係人提供更持久的成果，Smartsheet 使畢馬威及其客戶能夠透過複雜專案的即時協作和溝通來有效追蹤和獲取價值。隨著客戶未來使用我們的平台，該解決方案使 Smartsheet 能夠與新企業和現有企業建立更深入的互動。

To unlock greater value for our customers and Smartsheet, I am pleased to share that on June 24, we will be rolling out a new pricing and packaging model. We anticipate it being modestly accretive in the near term and meaningfully accretive in the longer term. The new model provides broader access to Smartsheet features to more users and organizations who will be able to access the entire feature set offered by a plan, while providing increased control and greater transparency to administrators.

為了為我們的客戶和 Smartsheet 釋放更大的價值，我很高興地宣布，我們將於 6 月 24 日推出新的定價和包裝模式。我們預計它在短期內會適度成長，在長期內會顯著成長。新模型為更多使用者和組織提供了對 Smartsheet 功能的更廣泛訪問，他們將能夠訪問計劃提供的整個功能集，同時為管理員提供增強的控制和更高的透明度。

In aggregate, the new model pairs a greater number of licensed users with a lower price per user on business and enterprise plans. New customers will onboard with this model starting on June 24, while existing annual customers will transition in calendar year 2025.

總的來說，新模式將更多的許可用戶與更低的商業和企業計劃每用戶價格配對。新客戶將從 6 月 24 日開始使用此模型，而現有的年度客戶將在 2025 年進行過渡。

We anticipate this new pricing and packaging model will be foundational for our long-term durable growth. A key highlight of this change is shifting from a paid creator and free collaborator model in which editors, referred to as members, are licensed. Users external to an organization, referred to as guests, and internal viewers will continue to access Smartsheet at no cost.

我們預計這種新的定價和包裝模式將成為我們長期持續成長的基礎。這項變更的關鍵亮點是從付費創作者和免費合作者模式的轉變，在這種模式中，編輯（稱為會員）獲得許可。組織外部的使用者（稱為訪客）和內部檢視者將繼續免費存取 Smartsheet。

The first to do so in the category, Smartsheet will launch provisional member access, which enables people within an organization for a limited time to create and contribute to workflows prior to being added to the subscription. This will drive increased virality by enabling organizations to make available to employees the full breadth of the platform in a low friction manner while allowing system admins to manage their users more effectively.

Smartsheet 是該類別中第一個這樣做的公司，將推出臨時會員存取權限，使組織內的人員能夠在有限的時間內創建工作流程並為工作流程做出貢獻，然後再添加到訂閱中。這將使組織能夠以低摩擦的方式向員工提供整個平台，同時允許系統管理員更有效地管理用戶，從而推動病毒式傳播。

While existing customers will transition to the new subscription model with their renewal dates in 2025, we anticipate demand from some organizations wanting to benefit from the new subscription model sooner and we will accommodate them as appropriate. More information on the near- and long-term financial benefits of the incremental bookings will be shared as we onboard new customers and as existing customers convert to the new model.

雖然現有客戶將在 2025 年續約日期過渡到新的訂閱模式，但我們預計一些組織會提出需求，希望盡快從新的訂閱模式中受益，我們將酌情滿足他們的需求。當我們吸引新客戶以及現有客戶轉向新模式時，我們將分享更多有關增量預訂的近期和長期財務利益的資訊。

We continue to see meaningful adoption of our AI tools as they empower teams to unlock actionable insights from the data stored in the platform. Since Smartsheet AI GA launch in February, nearly half of our enterprise customer plans have used Smartsheet AI to generate business logic and content with simple plain language problems.

我們繼續看到我們的人工智慧工具得到有意義的採用，因為它們使團隊能夠從平台中儲存的資料中釋放可操作的見解。自 2 月推出 Smartsheet AI GA 以來，我們近一半的企業客戶計劃已使用 Smartsheet AI 來產生具有簡單明文語言問題的業務邏輯和內容。

In May, we released the next element of Smartsheet AI, Analyze Data, an AI tool that enables users to inquire and get insights from their data more quickly. Rather than creating customer reports and dashboards, users can get results in seconds, reducing manual work associated with complex data analysis. This type of data analysis is a common need for customers and gen AI is significantly reducing complexity.

五月，我們發布了 Smartsheet AI 的下一個元素——分析數據，這是一種人工智慧工具，使用戶能夠更快地查詢數據並從數據中獲得見解。使用者無需建立客戶報告和儀表板，而是可以在幾秒鐘內獲得結果，從而減少與複雜數據分析相關的手動工作。此類數據分析是客戶的常見需求，而 gen AI 正在顯著降低複雜性。

Teams can easily track KPIs, make data-driven decisions, and unblock work. Our vision to bring applied AI to every business worker within the enterprise extend these capabilities to unlock insight across portfolios and align the right people with the right work. The gen AI power build assistant will co-create powerful solutions to business challenges so any user can be a power user.

團隊可以輕鬆追蹤 KPI、做出數據驅動的決策並解除工作障礙。我們的願景是將應用人工智慧帶給企業內的每位業務人員，擴展這些功能，以解鎖跨投資組合的洞察力，並使合適的人員與合適的工作保持一致。 gen AI 強大構建助手將共同創建強大的解決方案來應對業務挑戰，以便任何用戶都可以成為高級用戶。

FY25 marks a pivotal year for our platform as we unveil our comprehensive modernization of Smartsheet's look and feel. This has been a multiyear investment. In April 2024, we launched our timeline view, which is generally available to all users on business and enterprise plans. Timeline view offers a modern approach to visualizing and interacting with information stored in Smartsheet. Users can organize work on a horizontal timeline to track progress, communicate status, and collaborate in real time with stakeholders in a highly visual way.

25 財年標誌著我們平台的關鍵一年，我們推出了全面現代化的 Smartsheet 外觀和體驗。這是一項多年投資。 2024 年 4 月，我們推出了時間軸視圖，所有商業和企業計畫使用者都可以使用該視圖。時間軸視圖提供了一種現代方法來視覺化 Smartsheet 中儲存的資訊並與之互動。使用者可以在水平時間軸上組織工作，以高度視覺化的方式追蹤進度、溝通狀態並與利害關係人即時協作。

We're pleased to announce that in July, we will launch board view, our all-new solutions for agile work management. Board view is a kanban solution that provides teams with superior visibility into the progress of work and organization of assets.

我們很高興地宣布，七月，我們將推出董事會視圖，這是我們用於敏捷工作管理的全新解決方案。看板視圖是一種看板解決方案，可為團隊提供工作進度和資產組織的卓越可見度。

Looking further ahead, we'll launch our new table view by the fall of 2024. This user-friendly experience is designed to be the new hub for project tasks and data management. Both board and table views or the modern successors to our existing views. With an innovative, more intuitive UI, and category-leading scalability and performance, we believe that timeline, board, and table views will represent a huge win for customers.

展望未來，我們將在 2024 年秋季推出新的表格視圖。董事會和表格視圖或我們現有視圖的現代繼承者。憑藉創新、更直觀的 UI 以及業界領先的可擴展性和效能，我們相信時間軸、看板和表格視圖將為客戶帶來巨大的勝利。

On the client engagement front, three weeks ago, we hosted our inaugural EMEA ENGAGE Customer Conference in London, during which two customers played a very visible role in our keynote, the International Olympic Committee and Bayer CropSciences. As the International Olympic Committee shared in ENGAGE London, they are using Smartsheet to organize the 2024 Paris Summer Olympics, one of the world's most significant live events. Smartsheet has become their single source of truth, streamlining workflows and enabling deeper connection between their teams. Cross-functional sharing is allowing them to onboard their suppliers to Smartsheet so they can use our platform to drive key work efforts.

在客戶參與方面，三週前，我們在倫敦舉辦了首屆 EMEA ENGAGE 客戶會議，會議期間，國際奧委會和拜耳作物科學這兩位客戶在我們的主題演講中發揮了非常重要的作用。正如國際奧委會在 ENGAGE London 上分享的那樣，他們正在使用 Smartsheet 組織 2024 年巴黎夏季奧運會，這是世界上最重要的現場賽事之一。 Smartsheet 已成為他們的唯一事實來源，簡化了工作流程並在團隊之間實現了更深入的聯繫。跨職能共享使他們能夠將供應商納入 Smartsheet，以便他們可以使用我們的平台來推動關鍵工作。

Bayer CropSciences adopted Smartsheet to help unify its global teams to one centralized work management platform. Smartsheet has enabled Bayer to enhance collaboration and break down silos by giving everyone real-time visibility into the data they need. We're proud to help enable Bayer stated cultural shift for shared ownership.

拜耳作物科學採用 Smartsheet 來幫助其全球團隊統一到一個集中式工作管理平台。 Smartsheet 讓每個人都能即時了解自己所需的數據，從而使拜耳能夠加強協作並打破孤島。我們很自豪能夠幫助拜耳實現共享所有權的文化轉變。

And in our ENGAGE press release, we highlighted Amazon as a customer. For over a decade, teams across Amazon have been using Smartsheet to manage their work at scale. For example, the AWS worldwide public sector team uses Smartsheet's business PMO capabilities to standardize processes and create a central source of information. Previously, their data had been spread across several tools, making it difficult to measure the impact of the teams' work.

在我們的 ENGAGE 新聞稿中，我們強調了亞馬遜作為客戶。十多年來，亞馬遜的團隊一直在使用 Smartsheet 來大規模管理他們的工作。例如，AWS 全球公共部門團隊使用 Smartsheet 的業務 PMO 功能來標準化流程並建立中央資訊來源。此前，他們的數據分佈在多種工具中，因此很難衡量團隊工作的影響。

Team members now enter data in one place and it automatically rolls up to Smartsheet dashboard that leaders have visibility into. Smartsheet is helping drive consistency, productivity, and collaboration across the team. It's also creating better visibility into team members' workloads.

團隊成員現在在一個地方輸入數據，數據會自動匯總到領導者可以查看的 Smartsheet 儀表板。 Smartsheet 有助於提高整個團隊的一致性、生產力和協作。它還可以更好地了解團隊成員的工作量。

In closing, the continued evidence of success within the enterprise with the convergence of new product innovations, the upcoming launch of our next-gen pricing and packaging model, and a reinvigorated go-to-market strategy solidifies our conviction around our capacity for long-term durable growth.

最後，隨著新產品創新的整合、即將推出的下一代定價和包裝模型以及重振的市場策略，企業內部不斷取得成功的證據鞏固了我們對長期發展能力的信念。

Now let me turn the call over to Pete.

現在讓我把電話轉給皮特。

Thank you, Mark. Our enterprise segment continues to be the fastest-growing segment of our business and generated a significant number of large transactions in the quarter.

謝謝你，馬克。我們的企業部門仍然是我們業務中成長最快的部門，並在本季產生了大量的大筆交易。

Regarding the change to our pricing structure that Mark mentioned, we expect a modest contribution this year given the timing of the launch and new customers being relatively small part of our quarterly bookings. Early in the quarter, we also announced that we received Board authorization for an initial $150 million share buyback. We expect to commence this buyback within the next few days and expect to significantly complete the share repurchases by the end of Q4 of fiscal year '25.

關於馬克提到的定價結構的變化，考慮到推出的時間以及新客戶在我們季度預訂中所佔的比例相對較小，我們預計今年的貢獻不大。本季初，我們也宣布獲得董事會授權，首次回購 1.5 億美元的股票。我們預計在未來幾天內開始此次回購，並預計在 25 財年第四季末大幅完成股票回購。

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的財務表現。除非另有說明，所有對我們費用和經營業績的提及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。

Turning now to our quarterly results. First-quarter revenue came in at $263 million, up 20% year over year. Subscription revenue was $249.1 million, representing year-over-year growth of 21%. Services revenue was $13.9 million. The revenue from capabilities made up 35% of subscription revenue. Annualized recurring revenue or ARR grew 19% year over year in the first quarter to $1.056 billion.

現在轉向我們的季度業績。第一季營收為 2.63 億美元，年增 20%。訂閱收入為 2.491 億美元，年增 21%。服務收入為 1,390 萬美元。能力收入佔訂閱收入的35%。第一季年化經常性營收 (ARR) 年增 19%，達到 10.56 億美元。

Moving on to our reported metrics. The number of customers with ARR over $50,000 grew 20% year over year to 4,028. And the number of customers with ARR over $100,000 grew 26% year over year to 1,970. These customer segments now represent 67% and 54% respectively of total ARR. The percentage of our ARR coming from customers with ARR over $5,000 is at 92%.

繼續我們報告的指標。 ARR 超過 50,000 美元的客戶數量年增 20%，達到 4,028 名。 ARR 超過 10 萬美元的客戶數量年增 26%，達到 1,970 家。這些客戶群目前分別佔總 ARR 的 67% 和 54%。我們的 ARR 百分比來自 ARR 超過 5,000 美元的客戶，比例為 92%。

Next, our domain average ARR grew 16% year over year to $9,906. We ended the quarter with a dollar-based net retention rate, inclusive of all our customers, of 114%. The full churn rate increased slightly due to the elevated churn rates in our smaller customer segments and rounds down to 4%.

接下來，我們的網域平均 ARR 年增 16% 至 9,906 美元。本季末，我們以美元計算的淨保留率（包括所有客戶）為 114%。由於較小客戶群的流失率上升，整體流失率略有上升，並向下捨去至 4%。

Now turning back to the financials, our total gross margin was 84%. Our Q1 subscription gross margin was 88%. Overall, operating income in the quarter was $42.1 million or 16% of revenue. Free cash flow in the quarter was $45.7 million. We run the business with an efficiency mindset, managing capital deployment to functions, managing spans and levels, and location of talent. This will be reflected in our updated profitability outlook.

現在回到財務數據，我們的總毛利率為 84%。我們第一季的認購毛利率為 88%。整體而言，本季營業收入為 4,210 萬美元，佔營收的 16%。該季度的自由現金流為 4570 萬美元。我們以高效率的心態經營業務，管理職能的資本部署，管理跨度和水平以及人才的位置。這將反映在我們更新的獲利前景中。

Now let me move on to guidance. For the second quarter of FY25, we expect revenue to be in the range of $273 million to $275 million and non-GAAP operating income to be in the range of $38 million to $40 million. We expect non-GAAP net income per share to be $0.28 to $0.29 based on diluted weighted average shares outstanding of 141 million.

現在讓我繼續指導。對於 25 財年第二季度，我們預計營收將在 2.73 億美元至 2.75 億美元之間，非 GAAP 營業收入將在 3,800 萬美元至 4,000 萬美元之間。根據 1.41 億股稀釋加權平均數，我們預期非 GAAP 每股淨利為 0.28 至 0.29 美元。

For the full fiscal year 25, we expect revenue of $1.116 billion to $1.121 billion, representing growth of 16% to 17%. We expect services to be around 5% of total revenue. We expect our non-GAAP operating income to be in the range of $157 million to $167 million, representing an operating margin of 14% to 15%. And non-GAAP net income per share to be $1.22 to $1.29 for the year based on 141 million diluted weighted average shares outstanding. We are raising our FY25 ARR growth to be 14% to 14.5%.

對於25財年整個財年，我們預計營收為11.16億美元至11.21億美元，成長16%至17%。我們預計服務將佔總收入的 5% 左右。我們預計我們的非 GAAP 營業收入將在 1.57 億美元至 1.67 億美元之間，營業利潤率為 14% 至 15%。根據 1.41 億股稀釋加權平均流通股計算，本年度非 GAAP 每股淨利為 1.22 美元至 1.29 美元。我們將 25 財年 ARR 成長率提高至 14% 至 14.5%。

Regarding seasonality, we continue to expect quarterly ARR growth rates to follow a similar trend as last year with higher growth rates at the beginning of the year. We also expect our FY25 free cash flow to be $220 million, representing a free cash flow margin of 20%.

就季節性而言，我們繼續預期季度 ARR 成長率將遵循與去年類似的趨勢，年初成長率較高。我們也預期 25 財年自由現金流為 2.2 億美元，自由現金流利潤率為 20%。

In closing, our Q1 performance and updated guidance show the power of our business model. This model is highly accretive and we are rigorous in how we are managing the business, allowing us to significantly increase our margin guidance from what we guided just three months ago.

最後，我們第一季的業績和更新的指導顯示了我們商業模式的力量。這種模式具有很高的增值性，而且我們在管理業務方面非常嚴格，這使我們能夠比三個月前的指導大幅提高利潤率指導。

Supporting this profitability improvement is our continued strength in the enterprise. Our $1 million ARR customer segment is our fastest-growing segment. These customer engagements are highly sticky given the criticality of the workloads we are attaching to and reinforce Smartsheet's position as the enterprise work management leader.

支持獲利能力提高的是我們在企業中的持續優勢。我們的 ARR 100 萬美元客戶群是我們成長最快的群體。考慮到我們所承擔的工作負載的重要性，這些客戶參與具有很高的黏性，並鞏固了 Smartsheet 作為企業工作管理領導者的地位。

Now let me turn the call over to the operators. Operator?

現在讓我把電話轉給接線生。操作員？

Thank you. And we will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。 （操作員說明）

John DiFucci, Guggenheim Securities.

約翰‧迪福奇，古根漢證券公司。

Thank you. Thanks for taking my question. So, Mark and Pete, you put up better-than-expected numbers than you guided up, which normally for software at that degree, that makes you standout this quarter. So congrats on that.

謝謝。感謝您提出我的問題。所以，馬克和皮特，你們提出的數字比你們指導的要好，這通常對於那個程度的軟體來說，這讓你們在本季脫穎而出。所以恭喜你。

But when we tried to tease out the new business signed in the quarter, the new ARR, it looks like the growth was about the same as last quarter relative to an easier comp, which again, this is better than most of our coverage universe. But how are you thinking about, how should we think about the different parts of the market that you primarily sell into for the rest of this year?

但當我們試圖梳理出本季簽署的新業務時，即新的 ARR，相對於更簡單的比較，看起來成長與上季大致相同，這再次比我們的大多數覆蓋範圍都要好。但是您如何考慮，我們應該如何考慮您今年剩餘時間主要銷售的市場的不同部分？

So Pete, you talked a little bit about large enterprise. You didn't mention much about -- said a little things about this small business that you've talked about, a little more of that in the past and maybe even public sector, if you could throw that in there, that would be great.

皮特，您談到了一些大型企業。你沒有提到太多——說了一些關於你談論過的小企業的事情，過去更多的事情，甚至可能是公共部門的事情，如果你能把它放在那裡，那就太好了。

John, this is Pete. In terms of your question, I'll talk about the segments and sort of how they performed. That's the genesis of your question. When I think of enterprise up, enterprise will consistent and remain strong for us in Q1. And so it kind of did well for us.

約翰，這是皮特。關於你的問題，我將討論這些片段以及它們的表現。這就是你問題的由來。當我想到企業向上時，企業在第一季將始終如一併保持強勁。所以這對我們來說效果很好。

On the SMB side of it, performance followed a consistent sort of trend to prior quarters and played out consistent to what we have said in prior quarters as well. So we saw that as a carry forward in terms of the trends we have seen from the past.

在中小型企業方面，業績遵循與前幾季一致的趨勢，也與我們在前幾季所說的一致。因此，我們認為這是對過去趨勢的延續。

Okay. Okay. And I know you've talked about -- this would be my second question, I guess. You've talked in the past that -- let me ask it this way, I'm sorry.

好的。好的。我知道你已經談過——我想這將是我的第二個問題。你過去曾說過──讓我這樣問，對不起。

Does the new pricing model -- which sounds really interesting, does that allow or is there sort of a skew in there that allows users to sort of access whatever you sell? Or is it still like à la carte given some of the different offerings you have?

新的定價模式——聽起來真的很有趣，是否允許或是否存在某種偏差，允許用戶訪問你銷售的任何產品？或者考慮到您提供的一些不同產品，它仍然像點菜一樣嗎？

John, Mark here. So someone who is licensed in the new model has access to the kitten caboodle. So they get every single AI component. They get every single content generation component. They can create dashboards reports, what have you. And that's a really big difference from the previous model, which was -- you have to have the creators, the licensees, and the editors who were limited.

約翰，馬克在這裡。因此，獲得新模型許可的人可以訪問小貓堆。所以他們得到了每一個人工智慧組件。他們獲得了每一個內容生成元件。他們可以創建儀表板報告，你有什麼。這與之前的模式有很大的不同，之前的模式是——你必須擁有有限的創作者、被授權者和編輯。

And when I think about the maturity of our model, it really had to mature alongside to our platform has matured. I mean, we have some really big things that customers like, which had been relegated to a minority of their user population. So this is a great leveling of capabilities which should drive to higher virality, more people creating work on our platform. So we're really encouraged by that.

當我想到我們的模型的成熟度時，它確實必須隨著我們的平台的成熟而成熟。我的意思是，我們有一些客戶喜歡的非常重要的東西，但這些東西只屬於少數用戶。因此，這是一次偉大的能力提升，應該會帶來更高的病毒式傳播，讓更多的人在我們的平台上創作作品。所以我們對此感到非常鼓舞。

I think it also is quite interesting with a moderately lower price point. It should spell good performance in the SMB realm as well. So we see this lower price per user combined with a higher user count, we believe will result in a higher average revenue per customer. But I think it will help the leading edge quite a bit.

我認為它也很有趣，而且價格適度較低。它在中小型企業領域也應該具有良好的性能。因此，我們看到較低的每位用戶價格加上較高的用戶數量，我們相信這將帶來更高的每位客戶平均收入。但我認為這對領先優勢有很大幫助。

It sounds really interesting, but we'll see how that goes. But it sounds great. Thank you very much, John.

聽起來真的很有趣，但我們會看看情況如何。但聽起來很棒。非常感謝你，約翰。

The one thing is also that you asked about in terms of the capabilities, while we are also refining and simplifying our capabilities or purchase, the notion of à la carte premium offerings as well as bundled premium offerings persist. So the heart of this new model is our core licensing. Our portfolio in our suite and our cross-selling that remains alive and well.

還有一件事是，您詢問了功能方面的問題，雖然我們也在完善和簡化我們的功能或購買，但點菜優質產品和捆綁優質產品的概念仍然存在。因此，這種新模式的核心是我們的核心授權。我們的套件中的產品組合和交叉銷售仍然活躍且良好。

Okay. Okay. Okay, great. Thank you, Mark.

好的。好的。好的，太好了。謝謝你，馬克。

Scott Berg, Needham.

史考特伯格，李約瑟。

Hi everyone, next quarter, thanks for taking my questions. I guess my first one's kind of a two-parter. It's about the new pricing impact on packaging. Mark, I'm going to kind of quote you. You talked about being meaningfully creative over time. How do we frame that? Whether it's a timeframe or a magnitude.

大家好，下個季度，感謝您提出我的問題。我想我的第一個是由兩個部分組成的。這是關於新的定價對包裝的影響。馬克，我要引用你的話。你談到隨著時間的推移變得有意義的創造力。我們如何建構它？無論是時間範圍還是幅度。

And then, Pete, when you think about the pricing improvements that can start here in the back half of the year, was any of that contemplated in your prior guidance? Or is that contribution a new update to the guidance you get today?

然後，皮特，當您考慮下半年可能開始的定價改進時，您之前的指導中是否考慮過這些？或者該貢獻是對您今天獲得的指導的新更新？

I'll start, John (sic - Scott), and I'll let Mark on the other part of it. So first of all, our previous guidance did not contemplate this pricing model change. And the change we made in the ARR, which we lifted, was in part due to the fact that we're launching this for new customers, and we expect this to make a modest contribution this year. So that's kind of what's baked in.

我將開始，約翰（原文如此 - 斯科特），我將讓馬克來完成另一部分。因此，首先，我們先前的指導意見並沒有考慮到這種定價模式的變化。我們在 ARR 中所做的更改（我們取消了）部分是因為我們正在為新客戶推出此功能，我們預計這將在今年做出適度的貢獻。這就是烘焙的內容。

And Scott, I think from a from a moderately for a meaningful accretive position on the new model, when I look at what we can do for our customers -- and we've actually transitioned a number of our bigger customers to this new model already. So we have some sense of what the behavior is in this new frame.

斯科特，我認為，當我考慮我們能為客戶做些什麼時，我認為在新模式上，從一個適度的有意義的增值位置- 我們實際上已經將一些較大的客戶轉移到了這種新模式。所以我們對這個新框架中的行為有所了解。

You know, we're looking for things like, what can we do as a business to deliver more value to customers? And two, what can we do that could double our licensed user base as quickly as possible? And I think until you start to move those customers over, you won't be able to position to say it will happen within 18 or 24 or 36 or 4 months. But what I can say is we have very high confidence that this will lead to much larger user communities that are licensed within our customers.

您知道，我們正在尋找這樣的問題：作為一家企業，我們可以做些什麼來為客戶提供更多價值？第二，我們能做什麼才能盡快將我們的許可用戶群翻倍？我認為，在你開始轉移這些客戶之前，你無法確定這會在 18、24、36 或 4 個月內發生。但我可以說的是，我們非常有信心這將帶來更大的用戶社區，並在我們的客戶中獲得許可。

So I feel very confident this new model is more conforming also to what IT groups and large organizations expect. And the pairing of the lower price per user I think will be only helpful.

因此，我非常有信心這個新模式也更符合 IT 團隊和大型組織的期望。我認為每個用戶的較低價格的搭配只會有幫助。

Very helpful. And then from a follow-up perspective, Mark, you also talked about improvements throughout the quarter. So this is kind of a nice follow-up to John's question just a moment ago about kind of the demand of the business through different segments. If the SMB behavior is saying kind of consistent quarter to quarter, how should we view that comments on the improvement throughout the quarter? Thank you.

很有幫助。然後從後續的角度來看，馬克，您也談到了整個季度的改進。這是對約翰剛才提出的有關不同細分市場的業務需求的問題的一個很好的後續。如果中小型企業的行為表明每個季度都保持一致，那麼我們應該如何看待整個季度的改善的評論？謝謝。

Yeah, I think the improvement stemmed from a couple things. One, we had Max join us mid-quarter. I think his presence and his immediate impact on the team was favorable. So that was a benefit to us, partially in March and then in April.

是的，我認為這種改進源自於幾件事。第一，我們讓馬克斯在季度中期加入我們。我認為他的存在以及他對球隊的直接影響是有利的。所以這對我們來說是一個好處，部分是在三月份，然後是四月。

On the SMB, as Pete said, we saw a pretty consistent performance quarter to quarter. I'm really looking forward to later this later this quarter when we get to introduce our new offering and we get almost immediate signal on what happened at the leading edge. Now that is not going to result in a huge amount of bookings out of the gate, but we will have very, very quick feedback on whether the new model can draw more significantly with that lower segment.

正如皮特所說，在中小型企業方面，我們看到季度與季度的表現相當一致。我真的很期待本季度晚些時候，屆時我們將推出我們的新產品，並且我們幾乎可以立即獲得有關前沿發生的情況的信號。現在這不會導致大量的預訂，但我們會非常非常快速地得到回饋，了解新車型是否可以更顯著地吸引較低的細分市場。

Understood. Thank you for taking my questions.

明白了。感謝您回答我的問題。

Thanks.

謝謝。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Great. Congrats on the quarter and thanks for the question. I wanted to stick on the new pricing and packaging and just wondering what gives you confidence that the slightly lower price or lower pricing, higher user count equation results in accretive nature. Any signals from as far as customer behavior or key assumptions that's aligned to that optimistic commentary? And then I have a follow up.

偉大的。恭喜本季並感謝您的提問。我想堅持新的定價和包裝，只是想知道是什麼讓你有信心，稍微降低的價格或更低的定價，更高的用戶數量等式會帶來增值。就客戶行為或關鍵假設而言，是否有任何訊號與樂觀評論一致？然後我有一個後續行動。

Yeah. I think the some of the proof points come directly from customers who have already moved to the new model. So it's not a research project. It's actually what's happened in real life with some of these firms.

是的。我認為一些證據直接來自已經轉向新型號的客戶。所以這不是一個研究計畫。這實際上是其中一些公司在現實生活中發生的事情。

Interestingly, as we test both at the super large organizations as well as the SMB, there's been a favorable reaction to both. And when I think about sales productivity, one of the things that I'm very eager to do this year is: how do you delete complexity from the business? And when I think about how someone responds when you say, Mark, what is the cost of license Smartsheet? The first two things out of my mouth can't be, it depends.

有趣的是，當我們在超大型組織和中小企業中進行測試時，兩者都得到了良好的反應。當我考慮銷售生產力時，我今年非常渴望做的事情之一是：如何消除業務的複雜性？當我想到當你說「馬克，Smartsheet 的許可成本是多少？」時，某人會如何回應？前兩件事不可能從我嘴裡說出來，這要看情況。

So the clarity in this new model is super, super high. And I think of oftentimes smaller organizations are actually less patient to learn and they actually want a more clear model to immediately act on. The larger organizations have sometimes longer decision cycles where they can learn and understand more deeply. So I think this will be quite favorable at both ends of the spectrum.

所以這個新模型的清晰度非常非常高。我認為，通常較小的組織實際上不太有耐心去學習，他們實際上想要一個更清晰的模型來立即採取行動。較大的組織有時有較長的決策週期，他們可以更深入地學習和理解。所以我認為這對兩端都非常有利。

Very clear. And then I just wanted to ask if you expect any changes to gross margins from these changes to pricing impact?

非常清楚。然後我只是想問您是否預計這些變化對定價的影響會對毛利率產生任何變化？

Josh, we do not. We think we are going to maintain the gross margin levels we have because gross margins are a function of the total revenue at the top line and we view that over time to be up meaningfully accretive.

喬希，我們沒有。我們認為我們將維持現有的毛利率水平，因為毛利率是總收入的函數，而且我們認為隨著時間的推移，毛利率會顯著增加。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Terry Tillman, Truist Securities.

特里·蒂爾曼，Truist 證券公司。

Yes. Thanks for taking my questions. Hi, Mark, Pete, and Aaron. Maybe the first question for you, Mark, I've actually asked this repeatedly over the years as the business has grown and scaled. If we take a step back, there was a magic quarter that came out that seemed like an important milestone. You're talking about KPMG, which seems like a GSI partner potentially going forward. Are you starting to see -- and I don't want to put words in your mouth, so tell me if I'm just absolutely wrong on this. Are you starting to see bigger enterprises where they have been using different work management tools start to take a step back in whether it's an RFP or some sort of strategic vendor consolidation play, maybe because of the macro, the more strategic CIO or just C level purchasing or expansion? And then I had a follow up.

是的。感謝您回答我的問題。嗨，馬克、皮特和亞倫。也許是你的第一個問題，馬克，多年來，隨著業務的發展和規模擴大，我實際上已經反覆問過這個問題。如果我們退後一步，就會看到一個神奇的季度的出現，這似乎是一個重要的里程碑。您談論的是畢馬威 (KPMG)，它似乎是未來可能成為 GSI 的合作夥伴。你開始明白了嗎——我不想把話放在你嘴裡，所以請告訴我我在這一點上是否完全錯誤。您是否開始看到一直使用不同工作管理工具的大型企業開始後退一步，無論是 RFP 還是某種策略性供應商整合，也許是因為宏觀原因、更具策略性的 CIO 或只是 C 級別採購還是擴張？然後我進行了跟進。

We are. And it's really -- what I'm noting with customers is that there's a much higher fluency in the category. So the types of questions we're getting, the types of analysis to doing around not just what's your core feature set, how does that feature set perform at scale? This notion of how to do plan management across a highly diversified set of business units, being able to apply corporate governance and policy. These are things that five years ago never even came up in conversation and they're almost present every single time now.

我們是。事實上，我向客戶指出的是，該類別的流暢度要高得多。因此，我們收到的問題類型、要進行的分析類型不僅僅是您的核心功能集是什麼，以及該功能集在規模上的表現如何？這種概念涉及如何在高度多元化的業務部門中進行計劃管理，並能夠應用公司治理和政策。這些是五年前從未在談話中提及的事情，而現在它們幾乎每次都會出現。

So again, how much are we getting more yield today from our enterprise strength and feature set? I would say yes. The median customer, I would say is developing the highest of the high end customers. Everyone's asking these questions now. There's not a single customer that I've seen who is just willy nilly approaching it on a feature set dimension.

那麼，今天我們從我們的企業實力和功能集中獲得了多少收益？我會說是的。我想說的是，中位客戶正在開發最高的高階客戶。現在每個人都在問這些問題。我見過沒有一個客戶會在功能集維度上隨意接近它。

So that plays to our strengths. I would say the conformity and customers choosing to consolidate is still more grounded in future investment and where's the next allocation of capital going as opposed to we need to eliminate all other tools from our environment. I think CIOs are recognizing that it is a diverse environment. There will be multiple tools, but where they're placing their bigger bets, they're doing that in fewer places.

這樣就發揮了我們的優勢。我想說的是，整合和客戶選擇整合仍然更多地基於未來的投資以及下一次資本配置的去向，而不是我們需要從我們的環境中消除所有其他工具。我認為資訊長們正在認識到這是一個多元化的環境。將會有多種工具，但他們在押注更大的地方，卻在更少的地方這樣做。

Thanks for that, Mark. And I guess, Pete, just last quarter, you kind of split the NRR dynamics across enterprise and SMB. I think you had 120% for enterprise and then basically 0% expansion or 100% NRR for SMB.

謝謝你，馬克。我想，Pete，就在上個季度，您在企業和中小企業之間劃分了 NRR 動態。我認為企業為 120%，而中小企業基本上為 0% 擴展或 100% NRR。

Could you give an update on how that played out in 1Q between the two businesses? And is there any updated thoughts on how they individually would play out the rest of the year? Thank you.

能否介紹一下兩家公司第一季的最新進展？對於他們今年剩餘時間的表現，有什麼最新的想法嗎？謝謝。

So the enterprise net dollar retention rate stayed over 120%. And then from the SMB side of it, it dropped a couple of points, still staying over 100%. So kind of that's how it played out.

企業淨美元留存率維持在120%以上。然後從 SMB 方面來看，它下降了幾個點，但仍然保持在 100% 以上。事情就是這樣發生的。

And when you asked about the outlook, the way I would describe it is if you leave this year out of it and you extend it into when our customers go on to the new pricing and packaging model, I view that as an opportunity to turn that NDRR in the future as we start to gain more value from customers and they gain more value from our platform.

當你問及前景時，我的描述方式是，如果你把今年排除在外，並將其延伸到我們的客戶繼續採用新的定價和包裝模式時，我認為這是一個轉變這一趨勢的機會未來，當我們開始從客戶那裡獲得更多價值並且他們從我們的平台獲得更多價值時，NDRR 就會出現。

Okay. Thank you.

好的。謝謝。

Rishi Jaluria, RBC Capital Markets.

Rishi Jaluria，加拿大皇家銀行資本市場。

Wonderful. Thanks so much for taking my question. I wanted to start going back to the changes in pricing and packaging. Totally appreciate the potential upside from here. I guess historically, when we've seen companies make changes to pricing and packaging, there can sometimes be disruption in the near term. Can you maybe walk us through what is your plan to minimize or mitigate any potential disruption from that? And then I've got a quick follow-up.

精彩的。非常感謝您提出我的問題。我想開始回到定價和包裝的變化。完全欣賞這裡的潛在優勢。我想從歷史上看，當我們看到公司對定價和包裝進行改變時，有時可能會在短期內出現混亂。您能否向我們介紹一下您的計劃是什麼，以最大程度地減少或減輕由此帶來的任何潛在幹擾？然後我會進行快速跟進。

Yes, I think we were really thoughtful about the timing. And we said -- we're straight out of the gate. New customers onboarding will conform to the new model. And as you heard, we're really not expecting our existing customers to have to move until the renewal date in 2025. That gives significant time for them to understand the model plan. If there's a budgeting need, they can do that, engage with us in multiyear conversations. And time is really important.

是的，我認為我們對時間安排確實考慮得很周到。我們說——我們馬上就出門了。新客戶加入將符合新模式。正如您所聽到的，我們確實不希望現有客戶在 2025 年續約日期之前必須搬遷。如果有預算需求，他們可以這樣做，與我們進行多年的對話。時間真的很重要。

And talking to my peers who have undergone pricing changes, the one thing they made a very big point of was when you release new pricing to new customers, recognize that every single existing customer will be asking about the impact to them, even if they have to move immediately. So when we launch in the '24, very good education and communication to the new prospects and customers in very good and robust communication to the existing base.

與經歷過定價變化的同行交談時，他們非常重視的一件事是，當您向新客戶發布新定價時，要認識到每個現有客戶都會詢問對他們的影響，即使他們有立即移動。因此，當我們在 24 年推出時，我們對新的潛在客戶和客戶進行了非常好的教育和溝通，並與現有基礎進行了非常良好和強有力的溝通。

People want to understand what the model and what the value is, not just what the price differences. So a lot of that is communication can do volumes for your efficacy and bring people across. And then like be close to your customer. We have a big engaged account management and field sales team. We're going to be right with our customers. Pete, what would you add?

人們想要了解型號是什麼、價值是什麼，而不僅僅是價格差異是什麼。因此，溝通在很大程度上可以提高你的效率並讓人們理解。然後喜歡靠近你的客戶。我們擁有龐大的客戶管理和現場銷售團隊。我們將與客戶保持良好關係。皮特，你會加什麼？

You know, I would add that the other part is customers have, when you think of pricing changes and model changes, customers need flexibility in how they manage. So when you think of how that flexibility comes about, customers get to classify their existing population into members, guests, or viewers. And that flexibility and concerted nature with us really makes this model less, what I call, attuned to any variability.

你知道，我想補充一點，另一部分是客戶擁有的，當你想到定價變化和模型變化時，客戶需要靈活的管理方式。因此，當您考慮這種靈活性是如何實現的時，客戶可以將其現有人群分為會員、訪客或觀眾。我們的靈活性和協調性確實使這個模型（我所說的）適應任何變化。

Got it. Thank you. That's really helpful. And then, Pete, for you, I recognize we're shifting to ARR as a metric instead of billings. Maybe can you just help us bridge the delta between billings and ARR this quarter? It was a pretty big range. Maybe help us understand what went on in the quarter to explain that delta and just how to think about the delta between the two going forward. Thank you.

知道了。謝謝。這真的很有幫助。然後，Pete，對於你來說，我認識到我們正在轉向以 ARR 作為衡量標準，而不是帳單。也許您可以幫助我們彌補本季的帳單和 ARR 之間的差異嗎？這是一個相當大的範圍。也許可以幫助我們了解本季發生的事情來解釋這一增量，以及如何思考兩者之間未來的增量。謝謝。

So, Rishi, what everyone is aiming to get at when you think of a metric like ARR or billings is estimated implied bookings. And what we've experienced in the past was that billings is impacted by prorated bookings and the associated renewal dates that go with it. A much better metric is ARR, which is why we shifted to providing guidance on ARR.

所以，Rishi，當您想到 ARR 或帳單等指標時，每個人的目標都是估計隱含預訂量。我們過去的經驗是，帳單受到按比例分配的預訂和與之相關的續約日期的影響。一個更好的指標是 ARR，這就是我們轉而提供 ARR 指導的原因。

And this quarter is a great example of that. When you look at the bookings that came this quarter from those which had proration associated with previous future quarters, there was a bigger effect. That's why the billings number looked like a different growth rate, and that's why the true measure is ARR, which we've guided to and reported.

本季就是一個很好的例子。當您查看本季的預訂量以及與先前未來季度相關的按比例分配的預訂量時，會發現效果更大。這就是為什麼比林斯數字看起來有不同的成長率，這就是為什麼真正的衡量標準是我們指導和報告的 ARR。

That's helpful. Thank you.

這很有幫助。謝謝。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

Hey guys, thanks for taking my question. And I'll kind of go down to some of the same themes that we've been -- that the prior questions were on. I guess if we think about the linearity of bookings in the quarter, can you maybe just talk about how it looked and felt and if that was the same or different, just given all the kind of macro noise we hear?

嘿夥計們，謝謝你提出我的問題。我將深入探討一些與我們之前的問題相同的主題。我想如果我們考慮本季預訂的線性，您能否談談它的外觀和感覺，以及考慮到我們聽到的所有宏觀噪音，這是相同還是不同？

And then was the headwind more from elevated SMB churn or lack of seed expansion? And again, how do we model those net new ARR trends as we go through the year? Kind of is it similar to last year or is it even more seasonal? And then I got a quick follow-up.

那麼，阻力更多是來自於中小型企業的流失率上升還是種子擴張的缺乏？再說一次，我們如何對這一年中的淨新 ARR 趨勢進行建模？與去年相似還是更具季節性？然後我得到了快速跟進。

No problem. So, Alex, we started February slow and it's sort of traditionally enterprise pipeline building time. But as we went through the quarter, we saw momentum really shift up and we finished April strong with a solid Q1. That's the way I'd represent the full quarter.

沒問題。所以，亞歷克斯，我們二月開始的時候進展緩慢，這是傳統的企業管道建設時間。但當我們經歷這個季度時，我們看到勢頭確實在上升，我們以強勁的第一季業績結束了 4 月。這就是我代表整個季度的方式。

Now, in terms of what we saw in the quarter, I think I stated before that the SMB trends we saw were fairly similar to what we had seen in the past. And there was -- the enterprise stayed fairly consistent, strong. We reported in all the large number of deals we did and the number of additions to the $100,000 cohort. So strong on all fronts.

現在，就我們在本季看到的情況而言，我想我之前說過，我們看到的中小企業趨勢與我們過去看到的非常相似。而且，該企業保持相當穩定、強大。我們報告了我們所做的所有大量交易以及 100,000 美元隊列中新增的交易數量。在各方面都如此強大。

And then the trend in AR that we expect is we expect it to trend down as we go through the year. And that's what we noted in the prepared remarks we went through.

然後，我們預期 AR 的趨勢是，隨著時間的推移，它會呈現下降趨勢。這就是我們在準備好的發言中指出的內容。

And what about net new ARR, sorry? Just a clarification.

抱歉，淨新 ARR 怎麼樣？只是一個澄清。

Yeah. This net new ARR essentially was -- if you think of it, was up. And if you think of how that played out, when I think of net new ARR, you're thinking of it as bookings. So essentially, if you think of bookings, it was a good quarter for us on bookings.

是的。如果你仔細想想的話，這個淨新 ARR 本質上是上升了。如果您考慮一下結果如何，當我想到淨新 ARR 時，您會將其視為預訂。因此，從本質上講，如果您考慮預訂，那麼這個季度對我們來說是一個很好的預訂季度。

Okay, and then just maybe my follow up for Mark. I think if we look at some older disclosures historically, I think like 80% of the users have been unpaid. So as we look at the contribution going forward, what does success look like over the next year, two years, and changing that kind of user free versus paid mix? And given the modest impact on this year, how should we think about the NRR dynamics over time as we kind of go through this model transition?

好的，然後也許是我對馬克的後續行動。我認為，如果我們回顧一下歷史上一些較舊的披露，我認為 80% 的用戶都沒有得到報酬。因此，當我們審視未來的貢獻時，未來一年、兩年的成功會是什麼樣子，以及改變這種免費用戶與付費用戶的組合？考慮到今年的影響不大，當我們經歷這種模式轉變時，我們應該如何考慮隨著時間的推移 NRR 動態？

Yeah. I think we're going to learn a lot. As that first big group of customers goes through and does that management that Pete spoke to a second ago about classifying their people as members, guests, and viewers, we will really be able to quantify that well. We do have very good visibility into how many millions of people are on our platform monthly, making edits and contributing. When the new model gets released, again, those admins will need to go through that assessment and see who's in, who's out.

是的。我想我們會學到很多。當第一大客戶群經歷並執行皮特剛才談到的關於將他們的人員分類為會員、客人和觀眾的管理時，我們真的能夠很好地量化這一點。我們確實非常清楚每月有數百萬人在我們的平台上編輯和貢獻。當新模型發佈時，這些管理員將需要再次進行評估，看看誰加入，誰退出。

The good thing is that in the old model where that licensing decision hinged 100% on creation, it's much more straightforward now. If you're contributing to a process and you're within an organization, you are licensed. And in the past, it was much more muddled. So I would expect our ability to drive a much larger population of licensees to play out.

好處是，在舊模式中，授權決策 100% 取決於創作，現在變得更簡單。如果您為某個流程做出貢獻並且您在某個組織內，那麼您將獲得許可。而在過去，情況則更加混亂。因此，我預計我們有能力推動更多的被授權人發揮作用。

I actually don't see a scenario in which we drive fewer members in the future. The one wild card potential upside to us is, of those incremental people who used to be editors, who didn't have access to the full portfolio, who are now on fully, to what degree do they have an appetite for buying premium capabilities?

事實上，我不認為未來我們會減少成員數。對我們來說，一個潛在的好處是，對於那些曾經是編輯、無法存取完整產品組合、現在完全可以使用的增量人員來說，他們對購買高級功能的興趣有多大？

So as the population of users grows, what is the added benefit to the rest of our suite of offerings? And that's something that again, we will comment on as the quarters play out.

那麼，隨著用戶數量的成長，我們其他產品套件的額外好處是什麼？這也是我們將在季度結束時發表評論的事情。

And, Alex, to your previous question, just to sort of add a little more texture to it. You asked about our implied ARR growth. As we go through the year, we're going to see that growth rate improve as we progress through the quarters.

亞歷克斯，對於你之前的問題，只是為了給它添加更多的質感。您詢問了我們隱含的 ARR 成長情況。隨著這一年的進展，我們將看到成長率隨著季度的進展而提高。

Got it. Thank you.

知道了。謝謝。

George Iwanyc, Oppenheimer.

喬治·伊凡尼克，奧本海默。

Thank you for taking my question. Mark, maybe starting with the EMEA Engage Conference, can you give us an update on what you're hearing from customers there and kind of the overall pipeline internationally?

謝謝你回答我的問題。馬克，也許從歐洲、中東和非洲參與會議開始，您能給我們介紹一下您從那裡的客戶那裡聽到的最新消息以及國際上的整體管道嗎？

Yeah. Europe was strong for us in Q1. We had roughly 500 customers, a lot of large caps in attendance. And there remains very high curiosity around the modernization of our application. They're very curious about how we are applying AI. So on the floor where we had our demo booths, I would say the interest level in AI remains very high.

是的。第一季歐洲對我們來說表現強勁。我們大約有 500 名客戶，其中有許多大公司到場。人們對我們應用程式的現代化仍然非常好奇。他們對我們如何應用人工智慧非常好奇。因此，在我們設有示範攤位的樓層，我想說，人們對人工智慧的興趣仍然非常高。

We just released, I think, our fourth skill. Half of our enterprise customers have now used AI, and it's all about activation, getting people comfortable with it. So high levels of curiosity. It was our first conference outside the US. And as registrations were happening, I was really curious to see how it would play out. The fact that 500 companies from all over Europe showed up was really, really positive.

我認為我們剛剛發布了我們的第四項技能。我們一半的企業客戶現在已經使用了人工智慧，而這一切都與激活、讓人們適應它有關。好奇心如此之高。這是我們第一次在美國境外舉行會議。隨著註冊的進行，我真的很好奇它會如何進行。來自歐洲各地的 500 家公司齊聚一堂，這一事實確實非常積極。

Pete, anything to add from the strength of Europe that we saw in Q1?

皮特，我們在第一季看到的歐洲實力有什麼需要補充的嗎？

Yeah, I think, George, Europe was pretty strong for us this quarter. It was -- you could see the market really starting to pick up on collaborative work management in general. And I think the conference itself produced a high degree of interest, which is manifesting itself in both short-term pipe and long-term interest.

是的，我認為，喬治，本季歐洲對我們來說相當強勁。總體而言，您可以看到市場真正開始接受協作工作管理。我認為會議本身產生了高度的興趣，這不僅體現在短期利益上，也體現在長期利益上。

Great. And then maybe staying on the AI thing, but with the packaging. As enterprises start to adopt this, how are you including and introducing those AI capabilities with the new packaging?

偉大的。然後也許會繼續關注人工智慧，但會關注包裝。隨著企業開始採用這項技術，您如何在新包裝中包含和引入這些人工智慧功能？

Well, the big push to the new model is everyone who is a member has access to AI. So, again, there's no longer this split between the haves and the have-nots. As we look at how we activate it, the next level of innovation we're doing is not only on the building of new skills, but also how do you introduce the skill at the time that the person may benefit from the skill, whether you're adding business logic through formulas, whether you're looking to generate content in a grid, whether you're looking to analyze data.

嗯，新模式的一大推動力是每個會員都可以使用人工智慧。因此，富人和窮人之間不再存在這種分歧。當我們考慮如何啟動它時，我們正在做的下一個創新級別不僅是建立新技能，而且是如何在人們可以從該技能中受益時引入該技能，無論您是透過公式添加業務邏輯，無論您是要在網格中產生內容，還是要分析資料。

What I've found in speaking to users is that there's a high, high comfort and there's a high degree of muscle memory to which people are really, really latched onto. So you have to go through pretty direct means to introduce them to a new way of working. When people see it, they love it.

我在與使用者交談時發現，它具有非常非常高的舒適度，並且具有高度的肌肉記憶，人們真的非常非常喜歡它。所以你必須透過非常直接的方式向他們介紹一種新的工作方式。當人們看到它時，他們就會喜歡它。

But even though we have 50% penetration with our enterprise customers, we are still looking to drive that user penetration up. And it's a pretty consistent theme from what I'm hearing across app companies today. Pretty good penetration on the company side. Everyone's hungry for more user engagement. I think a lot of that is education and how we nudge people in the app, how we educate people in the app, I think will yield quite well in the year to come.

但即使我們的企業客戶滲透率達到 50%，我們仍然希望提高用戶滲透率。這是我今天在各應用公司聽到的一個非常一致的主題。公司方面的滲透力相當不錯。每個人都渴望更多的用戶參與。我認為其中很大一部分是教育，以及我們如何在應用程式中推動人們，我們如何在應用程式中教育人們，我認為在未來的一年裡將會產生很好的效果。

Thank you.

謝謝。

Michael Berg, Wells Fargo.

麥可伯格，富國銀行。

Hey, thanks for taking my question. Congrats on the quarter. I want to ask about the sequential improvement in a slightly different manner than after earlier in the call. Any notable changes in the broader macro or buying behaviors, willingness to open up budgets? Any particular reasons that stand out as to why your solution platform has been procured to what appears to be a healthier rate relative to some other names across software? And then I got a quick follow up. Thank you.

嘿，謝謝你回答我的問題。恭喜本季。我想詢問有關後續改進的問題，其方式與之前的通話略有不同。更廣泛的宏觀或購買行為、開放預算的意願有任何顯著變化嗎？與軟體中的其他一些名稱相比，您的解決方案平台的採購價格似乎更健康，有什麼突出的特殊原因嗎？然後我得到了快速跟進。謝謝。

So I think, Michael, it fundamentally comes down to how customers realize value from our platform. When you think of the things Mark mentioned in terms of sophisticated workloads at scale, in a lot of cases, those are things customers need. And we saw that reflected in the number of enterprise customers who moved to over $100,000, number of million-dollar customers. And I think in that way, companies are just different in how they are perceived by customers and how they're valued by customers. That's what we saw play out for us in Q1.

所以我認為，邁克爾，這從根本上取決於客戶如何從我們的平台實現價值。當你想到馬克在大規模複雜工作負載方面提到的事情時，在許多情況下，這些都是客戶需要的。我們看到，這一點反映在價值超過 10 萬美元的企業客戶數量、百萬美元客戶數量。我認為從這個角度來看，公司只是在客戶對它們的看法以及客戶對它們的評價上有所不同。這就是我們在第一季看到的情況。

Got it. And then a quick follow up on margins. Obviously, you had some very nice margin performance and improvement in the guidance for the year. Outside of top on that performance, anything you can think of that's driving the incremental progress there? Or is it just the enterprise? Are your economics flowing through the model over time? Thanks.

知道了。然後對利潤進行快速跟進。顯然，您的利潤率表現非常好，今年的指導有所改善。除了表現之外，您認為還有哪些因素可以推動該領域的進步？還是只是企業？隨著時間的推移，你的經濟狀況是否會在模型中流動？謝謝。

I think the fundamental nature of our model is it's highly accretive. But what we've also done is we've -- Mark and I have taken a really close look at how we operate and run the business, which means everything in the business, which roles we hire, which locations we hire them in, and sort of when you look at it, you say, where do I really want to deploy my capital? And so we've been very thoughtful and sort of focused on that. We've seen that play itself through in terms of our margin guide.

我認為我們模型的基本性質是它具有高度的增值性。但我們也所做的是——馬克和我非常仔細地研究了我們如何經營和經營業務，這意味著業務中的一切，我們僱用哪些角色，我們在哪些地點僱用他們，當你看到它時，你會說，我真正想在哪裡部署我的資本？所以我們一直非常深思熟慮並專注於此。我們已經在我們的保證金指南中看到了這一點。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

Mark, a good April and a good Europe are not consistent with most of the industry. I'm just curious, what do you think really resonated in Q1? Is it the category was it your execution? Did something trigger on the product line? What do you think kind of helped you glide through this headwind that others are really getting bogged down by?

馬克，一個好的四月和一個好的歐洲與大多數產業的觀點不一致。我只是很好奇，你認為第一季真正引起共鳴的是什麼？這是你執行的類別嗎？產品線是否觸發了什麼？您認為是什麼幫助您克服了其他人真正陷入困境的逆風？

I think customers and prospects feel when a team is confident. And while we do have quite a few transactions that happen digitally without human interaction, a lot of our enterprises do engage with our team. And I think when the team saw the timeline view come out, they were able to show something that was modern, beautiful, fast, valuable -- perceived as valuable to customers and they're like, okay, I got two more of these things coming. I got one coming in July and one coming in the fall. There's a little bit of pep in the step.

我認為當團隊充滿信心時，客戶和潛在客戶都會感受到。雖然我們確實有相當多的交易是在沒有人際互動的情況下以數位方式進行的，但我們的許多企業確實與我們的團隊合作。我認為，當團隊看到時間軸視圖出現時，他們能夠展示一些現代、美觀、快速、有價值的東西——對客戶來說有價值，他們會說，好吧，我又得到了兩個這樣的東西未來。我收到了一份是七月來的，另一份是秋天來的。這一步有一點動力。

And I think you combine that with Max who came in, who landed immediately and effectively, the field team's feeling good right now. And that builds on itself. I talk to our customers at our ENGAGE conference around convergence. I talked about the convergence modernization, the convergence around AI, the convergence around new ways to engage with our company.

我認為你將這一點與進來的馬克斯結合起來，他立即有效地著陸，現場團隊現在感覺很好。這是建立在其自身之上的。我在 ENGAGE 會議上與客戶討論融合問題。我談到了融合現代化、圍繞人工智慧的融合、圍繞與我們公司互動的新方式的融合。

And unfortunately, you don't get that convergence every year of operations. This happens to be one of the years where it is coming together. And I think we're going to -- I think customers are sensing that. For a long time, Brent, and you know this, we've talked about futures, but we've talked about them as a trust that they're coming. And the fact that they're now hitting is something where customers are looking for evidence. And I think we're able to show that now.

不幸的是，你不會在每年的營運中都實現這種融合。今年恰好是它聚集在一起的年份之一。我認為我們將會——我認為客戶已經意識到了這一點。布倫特，你知道，很長一段時間以來，我們一直在談論未來，但我們將它們視為對它們即將到來的信任。他們現在正在打擊的事實是客戶正在尋找證據。我認為我們現在能夠證明這一點。

Okay. Pete, are we going to have to wait till June 24 or do we get any sneak peek here in terms of what this is going to look like?

好的。 Pete，我們是否要等到 6 月 24 日，或者我們是否可以先睹為快，看看這會是什麼樣子？

No, I think you're going to see it on June 24.

不，我想你會在 6 月 24 日看到它。

Okay. Very clear. Thank you.

好的。非常清楚。謝謝。

Thanks, Brent.

謝謝，布倫特。

Steve Enders, Citi.

史蒂夫恩德斯，花旗銀行。

Hi, this is George Kurosawa for Steve. Mark, a few times you've alluded here to the impact that Max has had on the go-to-market org, which I think is really impressive given how new he is to the organization. Maybe you should double-click on what you've seen him bring to the table and what you've got him focused on for the rest of the year.

大家好，我是史蒂夫的喬治黑澤。馬克，您曾多次提到馬克斯對進入市場組織的影響，考慮到他對組織來說是新人，我認為這確實令人印象深刻。也許你應該雙擊你看到他帶來的東西以及你讓他在今年剩下的時間裡關注的事情。

Yeah. I think I would say three things have really landed quickly. The first is a hyper-focus on use cases and getting a fresh set of eyes on why customers are with us, what they're asking for, what our pipeline composition is, and aligning these use cases that we're looking to market with how we're deploying our marketing capital, with how we're enabling the team.

是的。我想我會說三件事確實很快就落地了。第一個是高度關注用例，並以全新的眼光審視客戶為何選擇我們、他們要求什麼、我們的管道構成是什麼，並將這些用例與我們希望推向市場的用例保持一致我們如何部署行銷資本，如何為團隊提供支援。

And then also with that understanding, having a point of view on what this new pricing and packaging model looks like. And it's great that we had a few months with Max before we launched this for him to get ramped and engaged and speaking to customers before having to make that decision cold.

然後也有了這種理解，對這種新的定價和包裝模式是什麼樣子有自己的看法。很高興我們在推出此產品之前與 Max 一起度過了幾個月的時間，讓他在做出冷酷的決定之前能夠積極參與並與客戶交談。

So that use case orientation is something that is very, very, very experience driven from his background, combined with being ramped and participating in his pricing and packaging modeling. And then I would describe the last piece is almost like this upleveling of enterprise mindset, whether you talk about field enablement, a multi-year model, ELAs, value realization journey, we can go on and on. And we think that we've prosecuted really, really extensively during the interview process and he has it. And the team -- I think the team is responding well.

因此，用例導向是一種非常、非常、非常來自他的背景的經驗，結合了他的定價和包裝建模的提升和參與。然後我會描述最後一段幾乎就像是企業思維的升級，無論你談論現場支援、多年模型、ELA、價值實現旅程，我們都可以繼續下去。我們認為我們在採訪過程中進行了非常非常廣泛的起訴，他也做到了。至於團隊——我認為團隊反應良好。

That's great to hear. And then a quick follow up on capital allocation. I think the buyback plan makes a lot of sense given how strong the free cashflow generation has been. But the $150 million, it's a pretty significant number. Most of the annual free cashflow guide kind of getting plowed back into buybacks. Maybe if you could just talk about how you guys kind of triangulated in on sizing that and why not kind of push a little bit more into reinvesting in the growth.

聽到這個消息我很高興。然後快速跟進資本配置。考慮到自由現金流產生的強度，我認為回購計畫很有意義。但 1.5 億美元，是一個相當可觀的數字。大部分年度自由現金流指南都被重新投入股票回購。也許你們可以談談你們如何在調整規模上進行三角測量，以及為什麼不加大一點力度對成長進行再投資。

So you know, we made it with very disciplined capital allocation decisions to start with. And when we looked at the stock price and how undervalued the stock was, we took it took that as one input to the equation.

所以你知道，我們一開始就做了非常嚴格的資本配置決策。當我們查看股票價格以及股票被低估的程度時，我們將其作為方程式的一個輸入。

We balance that against having a healthy balance sheet for our customers and then being able to trade off against opportunities we would have in M&A and be able to invest in M&A. So combination of those elements led to the $150 million initial stock buyback. We don't think we've shortchanged ourselves and opportunities to invest by making this $150 million buyback.

我們平衡這一點與為客戶提供健康的資產負債表，然後能夠權衡我們在併購中擁有的機會並能夠投資併購。因此，這些因素的結合導致了 1.5 億美元的初始股票回購。我們認為，這次 1.5 億美元的回購並沒有欺騙我們自己，也沒有欺騙我們的投資機會。

Perfect. Thanks for taking the questions.

完美的。感謝您提出問題。

Pinjalim Bora, JPMorgan.

平賈林·博拉，摩根大通。

Great. Hey, everyone. Congrats on the quarter. Nice to see the good results. Just a number of clarifications on the pricing and packaging. Are you completely moving away from the free collaborators, is what I understand from what I've heard so far? Anyway to understand kind of the base of early customers that you are basing the price elasticity comments you made earlier in the call? And within the existing customers or the early customers, I should say, that have moved to this model, what are you seeing from a conversion point of view for those collaborators?

偉大的。嘿大家。恭喜本季。很高興看到好的結果。只是對定價和包裝的一些澄清。根據我迄今為止所聽到的信息，您是否完全遠離自由合作者？無論如何，要了解早期客戶的基礎，您是根據您在電話會議之前所做的價格彈性評論來判斷的嗎？我應該說，在已經轉向這種模式的現有客戶或早期客戶中，從轉換的角度來看，您對這些合作者有何看法？

So to your first question, the free collaboration is still alive and well in our model. We have this notion of guests. So when an organization shares outside of their domain, all of that access is done at no cost. If someone creates a dashboard for corporate visibility and corporate communication sharing, all of the thousands of people within the company only view it, do so at no cost. Those are huge populations of people, which are also really important to establishing touch points and long-term virality. Those remain consistent with what we have today.

所以對於你的第一個問題，免費協作在我們的模型中仍然存在並且運作良好。我們有客人的概念。因此，當組織在其網域之外共享時，所有存取都是免費完成的。如果有人創建了一個用於企業可見性和企業通訊共享的儀表板，那麼公司內的所有數千人都只能查看它，而且無需支付任何費用。這些人口數量龐大，對於建立接觸點和長期病毒式傳播也非常重要。這些與我們今天所擁有的保持一致。

In terms of the conversion rate you speak to around collaborators, there really is no notion anymore of a conversion rate from a contributor, an editor to pay because they are paid now. So if you engage in our product and you work within an organization and you're editing, you're commenting, you're adding to it, you are paid. So the second you engage and the second you go through this provisional period, you are on the license.

就您與合作者周圍談論的轉換率而言，實際上不再有貢獻者、編輯付費的轉換率概念，因為他們現在已經付費了。因此，如果您參與我們的產品並且您在一個組織內工作並且您正在編輯、您正在評論、您正在添加內容，那麼您就會獲得報酬。因此，從您參與的那一刻以及您度過這個臨時期限的那一刻起，您就獲得了許可證。

So there's no longer this decision by an administrator around, well, they're editing and they're contributing, but do they really need to create? That decision is now gone. But that user population of free that is cross-company lines is still very, very present and very important to us.

因此，管理員不再做出這樣的決定，他們正在編輯並做出貢獻，但他們真的需要創建嗎？現在這個決定已經消失了。但跨公司的免費用戶群仍然非常非常存在，對我們來說非常重要。

And, Pete, did you have -- sorry, go ahead. Why don't you ask the second follow-up question?

皮特，你有嗎——抱歉，請繼續。為什麼不問第二個後續問題？

No, I was just -- I'm trying to understand if a customer -- your existing customer or early customer who has moved to this plan had free collaborators who were also editing, those are moving to paid now is my understanding. So I'm trying to think if you had -- that customer had 10, did all of those 10 -- are you seeing all of those 10 kind of move into paid with this new model? Or is it 5% of that, 30% of that? That's what I was trying to get at in terms of conversion.

不，我只是 - 我試圖了解客戶 - 您的現有客戶或已轉移到此計劃的早期客戶是否有免費協作者也在編輯，我的理解是，這些人現在正在轉向付費。所以我想，如果你有 - 那個客戶有 10 個，所有這 10 個 - 你是否看到所有這 10 個都通過這種新模型進入付費模式？還是5%、30%？這就是我在轉換方面試圖達到的目標。

Yeah. We haven't disclosed that conversion rate. I think especially at mega-scale. At scale, you also have, what I would call, bespoke user pricing, right? You don't just work off of the MSRP.

是的。我們尚未透露該轉換率。我認為尤其是在大規模的情況下。在規模上，你還擁有我所說的客製化用戶定價，對吧？您不只是按照建議零售價工作。

So I would say the customers that we've gotten reads off of the ones that are deployed, in most cases, those are large enterprise. We have done testing and research and gotten feedback on all sorts of models all up and down the segments. But in terms of the ones that I was referring to early, those were some of our larger enterprise customers who had already come over.

因此，我想說，我們獲得的客戶會讀取已部署的客戶，在大多數情況下，這些客戶都是大型企業。我們已經完成了測試和研究，並獲得了各個細分市場的各種模型的回饋。但就我之前提到的那些而言，那些是我們已經過來的一些較大的企業客戶。

Understood. Thank you.

明白了。謝謝。

DJ Hynes, Canaccord Genuity.

DJ 海因斯，Canaccord Genuity。

Hey, guys. So, Mark, you're going to be taking a lot of folks that were previously collaborators and you're going to give them full access to create and contribute on the platform. How do you at the same time educate what were passive users in the past on what's possible? How to use the platform as a creator, get them engaged, help them figure out how to create value? I mean that seems like a really important part of driving incremental long-term value from the new pricing model. So I'd love any color on how you're thinking about that.

大家好。所以，馬克，你將邀請很多以前是合作者的人，並且你將給予他們在平台上創建和貢獻的完全訪問權限。您如何同時對過去的被動使用者進行教育，讓他們了解什麼是可能的？作為創作者如何使用這個平台，讓他們參與進來，幫助他們弄清楚如何創造價值？我的意思是，這似乎是從新定價模型中推動增量長期價值的一個非常重要的部分。所以我喜歡任何關於你對此的想法的顏色。

Yeah, I think it's -- as I talked about the importance of driving not only organization penetration or percentage adoption with AI, but actually the user counts, I think when we look -- when we think of R&D, we think of it not only as discrete feature development, building something new or improving the capability of something, but it's more how do you get somebody engaged in it.

是的，我認為，正如我所談到的，不僅要推動人工智慧的組織滲透率或採用率，而且實際上用戶數量也很重要，我認為當我們考慮研發時，我們不僅會想到它作為離散功能開發、建立新事物或提高某些事物的功能，但更重要的是如何讓人們參與其中。

We've made a number of changes, for example, around what our sharing model looks like, the actual way in which people know things can be shared in our product. It's not introducing sharing; it's making sharing better and more obvious and we've seen really interesting uptick on virality just by those experiential changes.

我們已經做出了許多改變，例如，圍繞著我們的共享模型的外觀，人們知道可以在我們的產品中共享事物的實際方式。它不是在引入共享；而是在引入共享。它使分享變得更好、更明顯，並且透過這些體驗上的變化，我們已經看到了病毒式傳播的真正有趣的增長。

So much like we did with our self-discovery on Data Shuttle and Dynamic View three quarters ago, we didn't just silently launch them. When you go and you do an import in Smartsheet now, you are presented with education at the right time. Here's what this new fancy thing can do, do you want to try it?

就像我們三個季度前在 Data Shuttle 和 Dynamic View 上進行自我發現一樣，我們並不是默默地啟動它們。當您現在在 Smartsheet 中進行匯入時，您會在正確的時間獲得教育。這就是這個新奇事物的功能，你想嘗試嗎？

And that is much, much more powerful than silently sending someone an email, and say, hey, we did this great new thing and we're going to trust that you really care about our email and they're going to go explore it, present it to them in the moment. So this notion of nudging helped.

這比默默地向某人發送電子郵件要強大得多，然後說，嘿，我們做了這個偉大的新事情，我們相信您真的關心我們的電子郵件，他們會去探索它，立即將其呈現給他們。所以這種推動的想法很有幫助。

Like when we launched board view soon. You have many, many users who have been using card view for a long-time, the predecessor to this modern view. So one of the things you do is you launch them in the new one and with the easy ability to go back to the card view if they wish to. These are the types of moves you make when you're trying to get people exposed to things and don't rely on good intent and how wonderful your documentation is to pull them through. It's a whole area of development that we built a really interesting research team on design team and our engineers are very much cognizant of it.

就像我們很快就推出看板視圖時一樣。有很多很多使用者長期使用卡片視圖，這是這種現代視圖的前身。因此，您要做的一件事就是在新版本中啟動它們，如果他們願意，可以輕鬆返回卡片視圖。當你試圖讓人們接觸事物時，你會採取這些類型的行動，而不是依靠良好的意圖和出色的文件來幫助他們完成任務。這是一個完整的開發領域，我們在設計團隊中建立了一個非常有趣的研究團隊，我們的工程師對此非常了解。

Yes. Okay. Makes sense. And then, Pete, a follow-up for you. So we have pretty limited history with the relationship between ARR growth and net revenue retention. But over the last four quarters, which we do have, ARR growth has outpaced NRR by about 5 to 6 points pretty consistently. How would you expect that ratio to trend and look over the course of this year?

是的。好的。說得通。然後，皮特，你的後續行動。因此，我們對 ARR 成長與淨收入保留之間關係的了解非常有限。但在過去的四個季度中（我們確實看到了這一點），ARR 成長一直比 NRR 快約 5 到 6 個百分點。您預計這一比例與趨勢以及今年的情況如何？

I think the ratio in terms of how that plays out, you're going to find yourself looking at the relationship being the same. There's going to be a delta between ARR growth and the NDRR that manifests itself. But one will be lower than the other because you've got some amount of new coming into the ARR growth.

我認為就如何發揮作用而言，你會發現自己看待這種關係是相同的。 ARR 成長和 NDRR 之間將會出現明顯的差異。但其中一個會低於另一個，因為 ARR 成長中有一定數量的新產品。

Right. So you think it should be pretty consistent in that five to six point range?

正確的。所以你認為它在五到六點範圍內應該非常一致？

It should be.

它應該是。

Okay. Thank you.

好的。謝謝。

Jackson Ader, KeyBanc.

傑克遜·阿德，KeyBanc。

Hey. Thanks. This is Kyle Diehl on for Jackson Ader. Just maybe two quick ones for us. Can you give us some color on where we stand in terms of sales capacity for this year and if there are any headcount plans that you guys have for the remainder of the year, particularly given it looks like we're ahead of our initial profitability targets here?

嘿。謝謝。我是凱爾·迪爾（Kyle Diehl）代表傑克遜·阿德（Jackson Ader）發言。也許對我們來說只有兩個快速的。您能否給我們一些關於我們今年銷售能力方面的情況以及今年剩餘時間裡你們是否有任何人員計劃的信息，特別是考慮到我們似乎已經領先於我們最初的盈利目標這裡？

And then, Pete, I think you had mentioned that capabilities were 35% of subscription revenue this quarter, so that seems to continue to tick up. In terms of the standalone purchases that are being made, where are the outperformers and where are you guys seeing success? Thanks.

然後，皮特，我想你已經提到過，功能佔本季訂閱收入的 35%，所以這一比例似乎還在繼續上升。就正在進行的獨立購買而言，表現優異的企業在哪裡？謝謝。

So the first part of your question is, we're staying on point on overall sales capacity, but what we are doing is we're weighting our sales capacity a little more heavily towards the enterprise segment. We're adding capacity there. So we're sort of rebalancing where we've applied the sales capacity capital, if you will.

所以你的問題的第一部分是，我們堅持整體銷售能力，但我們正在做的是，我們將我們的銷售能力更偏重於企業細分市場。我們正在增加那裡的容量。因此，如果您願意的話，我們正在利用銷售能力資本進行重新平衡。

The second part of your question that you've asked was on capabilities and where we are seeing the bright spots. I think the capabilities, we've seen very strong performance in advance and capabilities in general and the capabilities in general cut across the same sort of capabilities which customers love and appreciate. The Control Center, Dynamic View, Data Shuttle remain the top names in the capabilities stars, if you will.

您提出的問題的第二部分是關於能力以及我們在哪裡看到的亮點。我認為這些功能，我們已經提前看到了非常強大的性能，以及一般功能和一般功能，這些功能與客戶喜愛和欣賞的功能相同。如果您願意的話，控制中心、動態視圖、資料穿梭仍然是功能星中的首要名稱。

Taylor McGinnis, UBS.

泰勒‧麥金尼斯，瑞銀集團。

Yeah, hi. Thanks so much for taking my question and apologies for the background noise. Just one from me, which is when we look at the revenue and ARR guidance, can you perhaps quantify or tell us how much of the uptick was driven by this pricing and packaging change? And understanding that the macro is still tough out there, you don't have any software companies raising in light of the environment. But just curious, was there anything in the quarter that maybe downtick? Or was a little bit softer that's making you more cautious through the year or is that just mostly conservatism? Thanks so much.

是的，嗨。非常感謝您提出我的問題，並對背景噪音表示歉意。我只想說一個問題，那就是當我們查看收入和 ARR 指導時，您能否量化或告訴我們有多少成長是由定價和包裝變化推動的？了解到宏觀情況仍然嚴峻，沒有任何軟體公司在這種環境下籌集資金。但只是好奇，本季是否有任何可能下降的事情？或者是有點溫和，這讓你在這一年中更加謹慎，或者這只是主要的保守主義？非常感謝。

So I'll break down your question into the revenue guide first. So we have raised the revenue guide by $3 million at the midpoint. And that was a carryforward because essentially what we see is an environment where we have some level of understanding of how the rest of the year will roll out and that's what we feel is prudent -- will be the prudent thing to do.

所以我先將你的問題分解為收入指南。因此，我們將收入指南中位數提高了 300 萬美元。這是一個結轉，因為本質上我們看到的是這樣一個環境，​​我們對今年剩餘時間將如何推出有一定程度的了解，這就是我們認為謹慎的做法——將是謹慎的做法。

Now the second part in terms of what we did with ARR, that's a combination of two things. The first part is the solid performance we had in Q1. And some measure of it being the implication of the new pricing and packaging model has applied to new customers and prospects, which is where we're starting.

現在第二部分是關於我們對 ARR 所做的事情，這是兩件事的結合。第一部分是我們在第一季的穩健表現。新的定價和包裝模式已經應用於新客戶和潛在客戶，這就是我們的起點。

Great. Thanks so much.

偉大的。非常感謝。

No problem.

沒問題。

And ladies and gentlemen, that concludes our question-and-answer session. I will now turn the call back to Mr. Aaron Turner for closing remarks.

女士們先生們，我們的問答環節到此結束。現在我將把電話轉回給亞倫·特納先生，讓他致閉幕詞。

Great. Thanks, Abby, and thanks, everyone, for joining us today. We'll speak with you all again next quarter.

偉大的。謝謝艾比，也謝謝大家今天加入我們。我們將在下個季度再次與大家交談。

Ladies and gentlemen, this concludes today's call and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，我們感謝你們的參與。您現在可以斷開連線。