Smartsheet Inc (SMAR) 2025 Q2 法說會逐字稿

(audio in progress) Please note that this call is being recorded.

（音訊正在進行中）請注意，本次通話正在錄音。

(Operator Instructions) I will now turn the call over to Mr. Aaron Turner, Head of Investor Relations. You may begin your conference.

（操作員指示）我現在將電話轉給投資者關係主管 Aaron Turner 先生。您可以開始您的會議了。

Great. Thank you. Good afternoon, and welcome, everyone, to Smartsheet's second quarter of fiscal year 2025 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.

偉大的。謝謝。下午好，歡迎大家參加 Smartsheet 2025 財年第二季財報電話會議。我們將討論今天收盤後發布的新聞稿中宣布的結果。今天與我在一起的有 Smartsheet 執行長 Mark Mader；以及我們的財務長 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's a slide presentation that accompanies today's prepared remarks, which can be viewed in the Events section of our Investor Relations website.

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。今天準備好的發言附帶了一個幻燈片演示，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，除非法律要求，否則我們不承擔因新資訊或未來事件而更新這些陳述的任何義務。

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 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原則（GAAP）衡量標準的對賬，您可以在我們的投資者關係網站上找到該簡報。

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 second-quarter earnings call for fiscal year 2025.

謝謝你，亞倫，大家午安。歡迎參加我們的 2025 財年第二季財報電話會議。

Q2 was a strong quarter that further demonstrated our momentum in the enterprise. 75 customers expanded their Smartsheet ARR by more than $100,000. And we have three transactions over $1 million, one of which was over $4 million. We now have 77 customers with ARR over $1 million, up 50% from Q2 last year. And of those 77 customers, 5 of them are government agencies.

第二季度是一個強勁的季度，進一步展示了我們在企業領域的發展勢頭。 75 位客戶的 Smartsheet ARR 增加了超過 100,000 美元。我們有三筆交易超過 100 萬美元，其中一筆交易超過 400 萬美元。我們現在有 77 個 ARR 超過 100 萬美元的客戶，比去年第二季成長了 50%。這 77 家客戶中，有 5 家是政府機關。

We ended the quarter with annualized recurring revenue of $1.093 billion and more than 15.3 million Smartsheet users. In Q2, we expanded with customers, including Intuit, Skechers, and City National Bank, among others. In June, we launched our new pricing and packaging model. To date, we've seen thousands of new customers transact on the model, which is leading to high engagement and the addition of many provisional members across these plans.

截至本季末，我們的年化經常性收入為 10.93 億美元，Smartsheet 用戶超過 1,530 萬。第二季度，我們擴大了客戶範圍，包括 Intuit、Skechers 和 City National Bank 等。六月，我們推出了新的定價和包裝模式。迄今為止，我們已經看到數千名新客戶在該模型上進行交易，這導致了高參與度，並在這些計劃中增加了許多臨時會員。

While only a small number of our customers have reached our first true-up period, we are encouraged by the positive early results.

雖然只有少數客戶已經達到了我們的第一個調整期，但我們對積極的早期結果感到鼓舞。

Building on the success with global system integrators mentioned on our last call, in Q2, we signed a large expansion with another big four consulting firm where Smartsheet is being used to streamline client engagement. Smartsheet enabled them to automate their processes through a standardized project delivery framework, which improved the quality of their work and led to significant and savings. This customer was an early adopter of our new pricing model, and they estimate that deploying Smartsheet at scale saved the team 39,000 working hours in the last year, reducing their project delivery costs by nearly 12%.

基於我們上次電話會議中提到的與全球系統整合商取得的成功，在第二季度，我們與另一家四大顧問公司簽署了一項大規模擴張協議，其中使用 Smartsheet 來簡化客戶參與。 Smartsheet 使他們能夠透過標準化的專案交付框架實現流程自動化，從而提高了工作品質並節省了大量成本。這位客戶是我們新定價模式的早期採用者，他們估計去年大規模部署 Smartsheet 為團隊節省了 39,000 個工作時間，將專案交付成本降低了近 12%。

Demand for Smartsheet is growing across the organization with users at the company increasing by 120% year over year. They are now expanding their Smartsheet project delivery solution to support customers in the EU and US federal government. They are also building new solutions to streamline other aspects of their client engagement lifecycle.

整個組織對 Smartsheet 的需求不斷增長，公司用戶較去年同期成長 120%。他們現在正在擴展其 Smartsheet 專案交付解決方案，以支援歐盟和美國聯邦政府的客戶。他們也正在建立新的解決方案來簡化客戶參與生命週期的其他方面。

We also had a seven-figure expansion with one of our largest enterprise customers during their annual renewal. With a total Smartsheet user population of over 150,000 users, our success in this account has been driven in part by our differentiated feature set, enterprise-grade security, and administration.

在年度續約期間，我們還與我們最大的企業客戶之一進行了七位數的擴張。 Smartsheet 用戶總數超過 15 萬名，我們在該帳戶上的成功部分歸功於我們差異化的功能集、企業級安全性和管理。

Smartsheet has corporate level IT and security approval enabling any team across the company to adopt Smartsheet. As a result of increased self discovery, we have seen a boost in demand of our premium capabilities and growth in this account. This has resulted in data shown and workflows increasing nearly 200% and dynamic view configurations growing by 450% over the past year.

Smartsheet 擁有企業級 IT 和安全批准，使公司內的任何團隊都可以採用 Smartsheet。由於自我發現的增加，我們看到對我們的高級功能的需求增加以及該帳戶的成長。這導致過去一年中顯示的數據和工作流程增加了近 200%，動態視圖配置增加了 450%。

Also in Q2, we closed a competitive deal with a prominent financial services company following an RFP process that included other CWM vendors. This new customer onboards thousands of clients a year, and they're executing increasingly complex projects. In order to scale with their customers, they needed to replace their in-house solution with a more robust work management platform, and they chose Smartsheet because of our enterprise readiness and scale.

同樣在第二季度，我們透過 RFP 流程與一家著名的金融服務公司達成了一項競爭性交易，其中包括其他 CWM 供應商。這個新客戶每年都會吸引數千名客戶，而且他們正在執行越來越複雜的專案。為了與客戶一起擴展，他們需要用更強大的工作管理平台取代其內部解決方案，他們選擇 Smartsheet 是因為我們的企業準備和規模。

We're partnering with them to develop an integrated project delivery solution that will streamline their processes, improve collaboration with clients, and establish unified reporting. They expect a solution to increase customer satisfaction while saving their employees thousands of hours per year unlocking the capacity to work on additional projects and ultimately grow revenue.

我們正在與他們合作開發一個整合的專案交付解決方案，該解決方案將簡化他們的流程、改善與客戶的協作並建立統一的報告。他們希望解決方案能提高客戶滿意度，同時每年為員工節省數千個小時，從而釋放出處理其他項目的能力，最終增加收入。

As we move into the second half of FY25, we are making good progress on the comprehensive modernization of the Smartsheet platform, a strategic investments that is ongoing. In just a few weeks, we'll be hosting our annual customer conference, ENGAGE Seattle. During this year's conference, we'll be showcasing the new Smartsheet, a new experience that is more beautiful, powerful, and more integrated than ever before. It will empower our customers to manage their projects, programs, and processes at even larger scale and sophistication.

隨著我們進入 25 財年下半年，我們在 Smartsheet 平台的全面現代化方面取得了良好進展，這是一項正在進行的戰略投資。幾週後，我們將舉辦年度客戶會議 ENGAGE Seattle。在今年的會議期間，我們將展示新的 Smartsheet，這是比以往更美觀、更強大、更整合的新體驗。它將幫助我們的客戶以更大規模和更複雜的方式管理他們的專案、計劃和流程。

The new Smartsheet experience simplifies and streamlines getting started for users. It will be easier to create solutions and quickly initiate projects and processes with all the necessary tools for configuration and management, all accessible right from a highly visual, AI-driven home experience.

新的 Smartsheet 體驗簡化了使用者的入門流程。使用所有必要的配置和管理工具創建解決方案並快速啟動專案和流程將變得更加容易，所有這些都可以透過高度視覺化、人工智慧驅動的家庭體驗進行存取。

We are also introducing significant enhancements in how users create, organize, and share, whether they're building assets for marketing campaign or managing documentation for service delivery program. One of the key improvements simplifies collaboration with stakeholders, making it easier to collect feedback and drive reviews on digital files, such as images, videos, and PDFs.

我們也對使用者創建、組織和共享的方式進行了重大改進，無論他們是為行銷活動建立資產還是管理服務交付計劃的文檔。其中一項關鍵改進簡化了與利害關係人的協作，使收集回饋和推動對影像、影片和 PDF 等數位檔案的審查變得更加容易。

Over the past few months, I've personally seen the benefits of more accurate, actionable feedback, and the substantial time savings for our teams. I believe our customers are going to love this new collaboration experience.

在過去的幾個月裡，我個人親眼目睹了更準確、更可行的回饋所帶來的好處，以及為我們的團隊節省了大量時間的好處。我相信我們的客戶會喜歡這種新的協作體驗。

The new and improved Smartsheet features, along with our new use subscription model and self-service access to premium capabilities enables more customers to solve their most common as well as the more complex work management needs.

新的和改進的 Smartsheet 功能，以及我們新的使用訂閱模型和對高級功能的自助訪問，使更多客戶能夠解決他們最常見以及更複雜的工作管理需求。

Generative AI is proving to be a helpful differentiator for Smartsheet. Our AI-powered tools like formula generation and text summaries are designed to simplify complex tasks, saving time, and reducing errors. We're committed to expanding these capabilities to help our customers work more efficiently.

事實證明，生成式人工智慧是 Smartsheet 的一個有用的差異化因素。我們的人工智慧驅動工具（例如公式生成和文字摘要）旨在簡化複雜的任務、節省時間並減少錯誤。我們致力於擴展這些功能，以幫助我們的客戶更有效率地工作。

In Q2, we saw nearly 50% sequential growth in the number of users utilizing our AI tools. Adoption is already showing significant benefits to our customers with approximately 47,000 users having already saved an estimated 1 million hours from AI automations and performance improvements.

第二季度，我們看到使用我們的 AI 工具的用戶數量環比增長了近 50%。採用人工智慧已經為我們的客戶帶來了巨大的好處，大約 47,000 名用戶已經透過人工智慧自動化和效能改進節省了大約 100 萬個小時。

We also saw positive early results suggesting that AI-generated formulas and conversational support are effectively acting as our first point of contact for customer support, reducing friction with the platform and lowering our customer support costs. We expect to see the customer impact of AI tools grow meaningfully as we expand them to support cross-sheet formulas, provide portfolio insights, and co-build solutions with users.

我們也看到了積極的早期結果，表明人工智慧生成的公式和對話支援有效地充當了我們客戶支援的第一個聯繫點，減少了與平台的摩擦並降低了我們的客戶支援成本。隨著我們將人工智慧工具擴展為支援跨表公式、提供投資組合見解以及與用戶共同建立解決方案，我們預計人工智慧工具對客戶的影響將顯著成長。

Starting mid-September, in a push to enable customers to feel the impact of AI and to experience one benefit of our enterprise plan, Smartsheet will grant limited time access to our AI tools to all users through December 31, 2024.

從 9 月中旬開始，為了讓客戶感受到人工智慧的影響並體驗我們企業計畫的優勢，Smartsheet 將在 2024 年 12 月 31 日之前向所有用戶授予對我們的人工智慧工具的限時存取權限。

In closing, nearly two-quarters since the hiring of Max Long and the appointment of Praerit Garg to their respective roles, investments in our go-to market and deployment of our next-gen product experiences are well underway. Through a combination of a use case-oriented value framework, the simplified licensing model, new user experiences, and class-leading scale, FY25 will be a transformative year for our customers, our company, and the Smartsheet platform. We are laying the foundation for the years ahead.

最後，自從僱用 Max Long 和任命 Praerit Garg 擔任各自職務以來近兩個季度，我們對市場的投資和下一代產品體驗的部署正在順利進行。透過結合以用例為導向的價值框架、簡化的授權模式、新的使用者體驗和領先的規模，25 財年對於我們的客戶、我們的公司和 Smartsheet 平台來說將是變革的一年。我們正在為未來幾年奠定基礎。

Now let me turn the call over to Pete.

現在讓我把電話轉給皮特。

Thank you, Mark. As Mark mentioned, we continue to see considerable strength in our enterprise segment, highlighted by large deals, our largest quarterly expansion in our company's history and an enterprise [NDRR] that remains at 120%.

謝謝你，馬克。正如 Mark 所提到的，我們繼續看到我們的企業部門具有相當大的實力，特別是大型交易、我們公司歷史上最大的季度擴張以及保持在 120% 的企業 [NDRR]。

Additionally, in Q2, we launched our share buyback program and repurchased 918,000 shares for a total of $40 million in the quarter. We have $110 million remaining on our existing share buyback authorization as of July 31.

此外，在第二季度，我們啟動了股票回購計劃，本季回購了 918,000 股股票，總金額為 4,000 萬美元。截至 7 月 31 日，我們現有的股票回購授權還剩 1.1 億美元。

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

我現在將介紹第二季的財務表現。除非另有說明，所有對我們費用和經營業績的引用均基於非公認會計原則（non-GAAP），並在電話會議之前發布的收益發布和演示中與公認會計原則（GAAP）結果進行了協調。

Turning now to our quarterly results. Second-quarter revenue came in at $276.4 million, up 17% year over year. Subscription revenue was $263.5 million, representing year-over-year growth of 19%. Services revenue was $12.9 million. Revenue from capabilities made up 35% of subscription revenue. Annualized recurring revenue, or ARR, grew 17% year over year in the second quarter to $1.093 billion.

現在轉向我們的季度業績。第二季營收為 2.764 億美元，年增 17%。訂閱收入為 2.635 億美元，年增 19%。服務收入為 1,290 萬美元。來自功能的收入佔訂閱收入的 35%。第二季年化經常性收入 (ARR) 年增 17%，達到 10.93 億美元。

Moving on to our reported metrics. The number of customers with ARR over $50,000, grew 17% year over year to 4,140. And the number of customers with ARR over $100,000 grew 23% year over year to 2,056. These customer segments now represent 69% and 55%, 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 17%，達到 4,140 家。 ARR 超過 10 萬美元的客戶數量年增 23%，達到 2,056 家。這些客戶群目前分別佔總 ARR 的 69% 和 55%。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 $10,291. We ended the quarter with a dollar-based net retention rate, inclusive of all our customers of 113%. The full churn rate increased slightly due to elevated churn rates in our smaller customer segments and is now around 4.5%.

接下來，我們的網域平均 ARR 年比成長 16%，達到 10,291 美元。本季末，我們以美元計算的淨保留率（包括所有客戶）為 113%。由於較小客戶群的流失率上升，整體流失率略有上升，目前約 4.5%。

Now turning back to the financials. Our total gross margin was 84%. Our Q2 subscription gross margin was 87%. Overall, operating income in the quarter was $45.3 million, or 16% of revenue. Free cash flow in the quarter was $57.2 million.

現在回到財務方面。我們的總毛利率為 84%。我們第二季的認購毛利率為 87%。整體而言，本季營業收入為 4,530 萬美元，佔營收的 16%。該季度的自由現金流為 5,720 萬美元。

On guidance, we are maintaining our previous FY25 revenue guidance of 16% to 17%. While we beat our Q2 revenue guidance, we have lowered our assumption for services revenue for the full year due to a higher percentage of services delivered by partners. We now expect services revenue to be 4.5% of total revenue, down from 5% for FY25.

在指導方面，我們維持先前 25 財年 16% 至 17% 的收入指引。雖然我們超出了第二季的收入指引，但由於合作夥伴提供的服務比例較高，我們降低了對全年服務收入的假設。我們目前預期服務收入佔總收入的 4.5%，低於 2025 財年的 5%。

Absent this shift, our full-year revenue guidance would have increased. Our Q3 revenue guidance also takes into account this change.

如果沒有這種轉變，我們的全年收入指引將會增加。我們的第三季營收指引也考慮了這項變化。

For the third quarter of FY25, we expect revenue to be in the range of $282 million to $285 million and non-GAAP operating income to be in the range of $42 million to $44 million. We expect non-GAAP net income per share to be $0.29 to $0.31 based on diluted weighted average shares outstanding of $142.5 million.

對於 25 財年第三季度，我們預計營收將在 2.82 億美元至 2.85 億美元之間，非 GAAP 營業收入將在 4,200 萬美元至 4,400 萬美元之間。基於 1.425 億美元的攤薄加權平均流通股，我們預計非 GAAP 每股淨利潤為 0.29 美元至 0.31 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 revenue to be around 4.5% of total revenue.

對於 25 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%。我們預計服務收入將佔總收入的4.5%左右。

We are raising our non-GAAP operating income to be in the range of $177 million to $182 million, representing an operating margin of 16%, and raising our non-GAAP net income per share to be $1.36 to $1.39 for the year based on 141.9 million diluted weighted average shares outstanding.

我們將非 GAAP 營業收入提高到 1.77 億美元至 1.82 億美元，營業利潤率為 16%，並將本年度非 GAAP 每股淨利潤提高到 1.36 美元至 1.39 美元（基於 141.9）。發行股份。

We are updating our FY25 ARR guidance to be between $1.177 billion to $1.180 billion, representing growth between 14.2% to 14.5%. Regarding seasonality, we expect our Q3 ARR growth rate to be between our Q2 ARR growth rate and our full-year ARR growth rate guidance. We are raising our FY25 free cash flow to be $240 million, representing a free cash flow margin of 21%.

我們將 2025 財年 ARR 指導值更新為 11.77 億美元至 11.80 億美元，成長 14.2% 至 14.5%。關於季節性，我們預計第三季的 ARR 成長率將介於第二季的 ARR 成長率和全年 ARR 成長率指引之間。我們將 25 財年自由現金流提高至 2.4 億美元，自由現金流利潤率為 21%。

To conclude, Q2 was highlighted by a continuation of our strong performance in the enterprise and progress on our key initiatives. We launched our new pricing and packaging model to new customers in June and are on track to migrate our existing customers over to the new model starting in January. We are looking forward to unveiling a comprehensive transformation of our platform at our upcoming ENGAGE Conference in October.

總而言之，第二季的亮點是我們在企業中持續保持強勁的業績以及在關鍵舉措上取得的進展。我們於 6 月向新客戶推出了新的定價和包裝模式，並預計從 1 月開始將現有客戶遷移到新模式。我們期待在 10 月即將舉行的 ENGAGE 會議上公佈我們平台的全面轉型。

We remain well positioned to drive durable and profitable growth this year and beyond. Now let me turn the call over to the operator. Operator?

我們仍然處於有利地位，可以推動今年及以後的持久和獲利成長。現在讓我把電話轉給接線生。操作員？

(Operator Instructions) Terry Tillman, Truist Securities.

（操作員指示）Terry Tillman，Truist 證券公司。

Yeah. Hey, Mark, Pete and Aaron. Good to see the ongoing progress on the enterprise side of the business.

是的。嘿，馬克、皮特和亞倫。很高興看到企業方面的業務不斷取得進展。

My first question just relates to -- I know that it's FY26 when this is going to be instituted in terms of the new pricing and packaging for existing customers, but you've got a lot of new innovation. You've got a lot that you're going to announce that engage new experience, et cetera.

我的第一個問題與 - 我知道 2026 財年將為現有客戶制定新的定價和包裝，但您已經有了很多新的創新。您將要宣布許多涉及新體驗的內容，等等。

Have you thought about potentially some of these existing enterprise customers going ahead and starting to leverage the new pricing ahead of time, just given you have a lot of reasons to be talking to them about capabilities and could that drive upside to ARR?

您是否考慮過一些現有企業客戶可能會提前開始利用新的定價，因為您有很多理由與他們討論功能，這是否會推動 ARR 的上漲？

And then the second question and less long-winded than the first one is, with this kind of new provisioning model for the administrators, do you potentially see some sales leverage as they can really turn this on themselves? Thank you.

然後，第二個問題不像第一個問題那麼冗長，是，透過這種新的管理員配置模型，您是否可能會看到一些銷售槓桿，因為他們真的可以自己實現這一點？謝謝。

So, Terry, in terms of your first question, we do expect some interest from our existing customers and that could translate into potential dollars for us this fiscal year. And as we've rolled it out to a larger majority of our customers, we expect that percent -- that number could increase in terms of customers expressing an interest in moving early and that contributing to increased bookings to that extent. So that's the first part of it.

所以，特里，就你的第一個問題而言，我們確實預期現有客戶會產生一些興趣，這可能會轉化為我們本財年的潛在收入。隨著我們將其推廣到大多數客戶，我們預計這一比例可能會增加，因為客戶表示有興趣提前搬家，並有助於增加預訂量。這是第一部分。

The second part of your question was around self-directed capabilities and improving the motion and efficiency of the sales model. Clearly, as people discover those capabilities, there will be efficiency in the model because there isn't as much selling to be done, and that will be a part of our process as we think about FY26 going forward.

您問題的第二部分是關於自我導向的能力以及改善銷售模式的行動和效率。顯然，當人們發現這些功能時，模型將會變得高效，因為不需要做太多的銷售，這將成為我們考慮未來 26 財年流程的一部分。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Thanks. Wanted to stick on this topic of the new pricing model. Just hoping you could provide a little bit more context on the initial customer behavior around the new model. Any rule of thumb for how much of what you typically expect would just be the free users are now monetized? Any update on the assumptions around the benefit from pricing changes both this year or longer term from some of these initial usage here and just wondering how the price per paid seat is evolving under this new model?

謝謝。想繼續討論新定價模型這個主題。只是希望您能夠提供更多有關新模型的初始客戶行為的背景資訊。有什麼經驗法則可以告訴你，你通常期望的免費用戶中有多少現在已經貨幣化了？關於今年或長期定價變化帶來的好處的假設有什麼更新嗎？

Yes, Josh. Last week was our first week where we saw those first of the thousands of customers who are on the new model, hit their true-up period. And we were all waiting with bated breath to see what would happen. We're really pleased to see confirming data come out of that. So high level more users, more value being realized by a greater number of people, these clients and more ARR.

是的，喬許。上週是我們的第一周，我們看到數千名使用新型號的客戶中的第一批達到了調整期。我們都屏息以待，看看會發生什麼事。我們非常高興看到由此得出的確認數據。因此，高水準的用戶越多，更多的價值就會被更多的人、這些客戶和更多的 ARR 所實現。

So that approach of lower P with a conforming Q or a higher Q, that is playing out to our expectations. And again, we have a whopping one week of data. So one week of data is not a durable trend make, but really pleased to see that first card out of the shoe look good.

因此，較低的 P 與一致的 Q 或較高的 Q 的方法符合我們的預期。再說一次，我們有一週的數據。所以一周的數據並不是一個持久的趨勢製作，但真的很高興看到第一張卡出來的鞋子看起來不錯。

Got it. Thank you.

知道了。謝謝。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc 資本市場。

Great. Thanks for taking our questions. So some reports out about the company possibly being in play for an acquisition. I'm just curious if we can get your thoughts on those reports first.

偉大的。感謝您回答我們的問題。因此，一些報導稱該公司可能正在參與收購。我只是好奇我們能否先了解您對這些報告的看法。

Yeah. We're not going to comment on that today, but happy to take any other questions on the quarter outlook.

是的。我們今天不會對此發表評論，但很樂意回答有關季度前景的任何其他問題。

Yes, that's fair. I had to ask. Okay. So I guess a follow-up question is that the share repurchase program. Is the company still in the market acquire repurchasing shares in the -- I guess this is now the third fiscal quarter?

是的，這很公平。我不得不問。好的。所以我想後續的問題是股票回購計畫。該公司是否仍在市場上收購回購股票——我猜現在是第三財季了？

The share repurchase program continues, and it continues all the way through the year. That's the way the program has been set up for us to be purchased.

股票回購計劃仍在繼續，並且全年持續進行。這就是為我們制定的購買計劃的方式。

All right. And then I'm sorry, if I can just squeeze one more in. On the AI capabilities like giving people access for the next couple of months, will there be any like gross margin impact to that where you're providing these capabilities? I assume that's going to draw on some compute resources, but not really recognizing any uplift in revenue.

好的。然後我很抱歉，如果我可以再擠進去一個。 ？我認為這將利用一些計算資源，但並沒有真正意識到收入的任何增長。

No. We don't really expect that to be a major topic. Huge kudos to our product and engineering teams. They actually have moved a lot of that workload over to a new model, which is significantly more efficient. So we feel very confident in our ability to serve a much larger population with really de minimis impact on the cost change side.

不。我們的產品和工程團隊深感榮幸。實際上，他們已將大量工作負載轉移到新模型上，該模型的效率顯著提高。因此，我們對我們為更多人口提供服務的能力非常有信心，並且對成本變化的影響確實微乎其微。

All right. Thank you very much.

好的。非常感謝。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

Hey, guys, thanks for taking the question and congrats on a solid quarter here. Maybe just the two for me.

嘿，夥計們，感謝您提出問題，並祝賀本季表現穩定。也許對我來說只有兩個。

I wanted to ask about just bookings linearity trends in the quarter, how it progressed? How it kind of ended up and how that compares to the prior quarter? And then just any thoughts about NRR trends through the second half and any comments about -- you made a couple of competition comments winning some bake-offs against other work management vendors. Curious if you could dive a little deeper there as well.

我想問一下本季的預訂線性趨勢，進展如何？結果如何？然後是關於下半年 NRR 趨勢的任何想法以及任何評論 - 您發表了一些競爭評論，贏得了與其他工作管理供應商的一些競爭。很好奇你是否也能在那裡深入一點。

Yes. So your first question was on implied bookings, Alex. So the implied bookings and sort of how they came out for the quarter, very similar between quarters. There was not a big difference in how this quarter looked versus the previous quarter. So that was your first question.

是的。所以你的第一個問題是關於隱含預訂，亞歷克斯。因此，本季的隱含預訂量及其結果在各季度之間非常相似。本季與上一季相比沒有太大差異。這是你的第一個問題。

Your second question, can you repeat what your second question was?

你的第二個問題，你能重複一下你的第二個問題是什麼嗎？

Just NRR trends for the second half. Do you expect it to be stable or further decline expanding?

只是下半年的 NRR 趨勢。您預期是穩定還是進一步下滑？

So what we've said before has been that we expect NRR to track down, consistent with our overall ARR guidance, so that will follow in suit, if you will. There's no change in how we think about that in that respect.

因此，我們之前說過，我們預計 NRR 會下降，與我們的整體 ARR 指導一致，因此，如果您願意的話，也會隨之而來。我們在這方面的想法並沒有改變。

Okay. And the genetic counselor competition -- yes, just a competition question. Double clicking on that a little bit what you saw in the quarter, both in the higher end of the market and then the lower end?

好的。還有遺傳諮詢師競賽——是的，只是競賽問題。雙擊您在本季看到的情況，無論是高端市場還是低端市場？

Yes. We really haven't seen any meaningful change, Alex. I mean, we continue to crank along in terms of new opportunities that we're winning. We had our largest ever expansion at one of our $1 million-plus accounts. So that continues to go.

是的。我們確實沒有看到任何有意義的變化，亞歷克斯。我的意思是，我們將繼續抓住我們贏得的新機會。我們在價值 100 萬美元以上的帳戶之一進行了有史以來最大規模的擴張。就這樣繼續下去。

I think what I'm really looking forward to as we hit the second half is, as our experiences change/improve and with -- compared with our new pricing model, I think that's going to resonate quite well with the people who are starting out. So I should expect a little bit better conversion at that entry point. But again, at the high end of the enterprise, we continue to -- the team continues to perform really nicely.

我認為，當我們進入下半年時，我真正期待的是，隨著我們的體驗發生變化/改善，與我們新的定價模式相比，我認為這將與剛開始的人產生很好的共鳴。所以我應該期望在該入口點有更好的轉換。但同樣，在企業的高端，我們的團隊繼續表現出色。

Perfect. Thanks, guys. Congrats.

完美的。謝謝，夥計們。恭喜。

John DiFucci, Guggenheim Securities.

約翰‧迪福奇，古根漢證券公司。

Thank you. I have a question also on the new pricing. And the P times Q math works really nicely. But Mark, I think like we do expect the number of paid users to increase, which is logical. And I think you've said that they could double. Well, first of all, is that true?

謝謝。我對新定價也有疑問。 P 乘 Q 的數學效果非常好。但是馬克，我認為我們確實預期付費用戶數量會增加，這是合乎邏輯的。我想你已經說過它們可以加倍。嗯，首先，這是真的嗎？

And then Mark or Pete, or both of you. I get that you're moving to industry standards for pricing. But if this math all works out, like at least a simple math in my head, customers would be paying more, and I'm not sure why they'd be eager to switch and frankly, not maybe even resisted and perhaps even threaten the leave. So is this sort of a logical question. And I just wonder how we should be thinking about this.

然後是馬克或皮特，或是你們兩個。我知道你們正在轉向行業定價標準。但如果這個數學全部成功，至少就像我腦子裡的一個簡單數學一樣，客戶會支付更多費用，而且我不確定為什麼他們會急於轉換，坦率地說，甚至可能不會抵制，甚至可能威脅到離開。這也是一個邏輯問題。我只是想知道我們應該如何思考這個問題。

So it's just sort of a logical question, and I just wonder how I should be thinking we should be thinking about this. Yes. I still feel very confident, John, in our ability to double our paid user base. I think what when when prices change and when models change, I think customers' expectation, that value has to change too.

所以這只是一個邏輯問題，我只是想知道我應該如何思考我們應該考慮這個問題。是的。約翰，我仍然對我們將付費用戶群翻倍的能力充滿信心。我認為當價格變動和型號變化時，我認為客戶的期望、價值也必須改變。

Yes. So I still feel very confident, John, in our ability to double our paid user base. I think when prices change and when models change, I think customers' expectation that value has to change too. So if you can clearly demonstrate more value, people are actually open to listening. People do not like it when prices change and value doesn't change.

是的。所以約翰，我仍然對我們將付費用戶群翻倍的能力充滿信心。我認為當價格變化和型號變化時，客戶對價值的期望也必須改變。因此，如果你能夠清楚地展示更多價值，人們實際上會願意傾聽。人們不喜歡價格變動而價值不變。

And that's part of what, as we're working with our clients now and we're enrolling them on who gets to participate, they absolutely have a choice. The good news is we're moving to a model which is conforming to how other software is charged for. So there really aren't a lot of, call them sanctuary cities, that you can go to where you can get the free opportunity.

這就是我們現在與客戶合作的一部分，我們正在為他們登記誰可以參與，他們絕對有選擇。好消息是我們正在轉向與其他軟體收費方式一致的模式。所以，確實沒有很多，可以稱之為庇護城市，你可以去那裡獲得免費機會。

So we're confident that the value we're layering into the platform does resonate with people. The early metrics in the thousands of customers who have signed on, I think, was indicative of how the existing base will respond to.

因此，我們相信我們在平台中所體現的價值確實能引起人們的共鳴。我認為，數千名已簽約客戶的早期指標顯示了現有基礎將如何應對。

And we've had not only example with the people starting out. As we mentioned in our remarks, the largest -- one of our largest global SIs is on the new model. They're expanding very rapidly. They're doing so with this new backdrop and they're, again, seeing the value being -- they're experiencing that value being realized. So again, it's very early, but we're really pleased with the indications we're seeing so far.

我們不僅有人們起步的例子。正如我們在演講中提到的，我們最大的全球 SI 之一採用了新模型。他們的擴張速度非常快。他們在新的背景下這樣做，他們再次看到了價值——他們正在體驗價值的實現。再說一次，現在還為時過早，但我們對迄今為止看到的跡象感到非常滿意。

And that makes sense, Mark. But what exactly is that value? Are there new features and functionality? Are these things on the come relative to the old pricing? Or I mean, is that just the pricing model, right?

這是有道理的，馬克。但這個值到底是什麼？有新的特性和功能嗎？這些即將到來的事情與舊的定價有關嗎？或者我的意思是，這只是定價模式，對嗎？

Right. Yes. In the old world, John, all you could do is a free collaborator is like comment on something and edit on something. You couldn't use AI, you couldn't construct anything. You couldn't create a dashboard; you couldn't do any reporting. It is like you're pretty handcuffed.

正確的。是的。在舊世界中，約翰，你所能做的就是成為一個自由合作者，就像評論某事並編輯某事一樣。你無法使用人工智慧，你無法建立任何東西。您無法建立儀表板；你無法做任何報告。就好像你被戴上了手銬。

So what we heard from a lot of our customers was they didn't like that friction of the haves and the have nots. So this is a huge unlock for these populations, in some cases, 100,000-plus people where they no longer need to navigate this uncomfortable difference. And yes, again, fortunately, the early reaction to this has been net positive.

所以我們從很多客戶那裡聽到的是，他們不喜歡富人和窮人之間的摩擦。因此，這對於這些人群（在某些情況下超過 100,000 人）來說是一個巨大的釋放，他們不再需要應對這種令人不舒服的差異。是的，幸運的是，對此的早期反應是積極的。

Got it. Okay. So the actual level of usage has gone up in a more sophisticated way. Got it. Thank you.

知道了。好的。所以實際的使用水準已經以更複雜的方式提升了。知道了。謝謝。

Yes, you're welcome. Thanks, John.

是的，不客氣。謝謝，約翰。

Michael Berg, Wells Fargo Securities.

麥可‧伯格，富國銀行證券公司。

Hi. Thanks for taking my question. I just had a quick one on the increase in churn. You mentioned from smaller customers, but I want to get some clarity if there's any other dynamics to point to in other segments of the market, whether it's mid-market, enterprise or any verticals in particular?

你好。感謝您提出我的問題。我剛剛快速了解了客戶流失率的增加。您提到了較小的客戶，但我想弄清楚市場的其他細分市場是否有任何其他動態，無論是中端市場、企業還是任何特定的垂直市場？

We didn't see anything in particular. It's exactly as we said in our smaller segments. We saw some slight pickup in churn. That's what we called out.

我們沒有看到任何特別的東西。正如我們在較小的細分市場中所說的那樣。我們看到客戶流失率略有回升。這就是我們所呼籲的。

Thank you. And then One quick follow-up. Anything new to point to in terms of paid users on the P times Q math with the new pricing model?

謝謝。然後是一個快速跟進。新的定價模型的 P 乘 Q 數學上的付費用戶方面有什麼新的亮點嗎？

No further details at this time. Again, we're a week through -- one week past our first group truing up, pleased to see, but we're not reporting on any dip between the old model and the new.

目前沒有更多細節。再說一遍，我們已經一周了——我們的第一組訓練已經過去一周了，很高興看到，但我們沒有報告舊模型和新模型之間的任何下降。

Thank you.

謝謝。

Pinjalim Bora, JPMorgan.

平賈林·博拉，摩根大通。

This is [Jim] on for Pinjalim. Are you getting customers the ability to renew earlier than 2025 to lock in the prior pricing model one last time? One of your partners noted something similar. And we were wondering if this is a broad-based thing or may be limited to a small subset of customers?

這是 Pinjalim 的 [Jim]。您是否能讓客戶在 2025 年之前續訂，以最後一次鎖定之前的定價模式？你的一位合作夥伴也注意到了類似的情況。我們想知道這是一個基礎廣泛的事情還是可能僅限於一小部分客戶？

Jim, you know, what we're finding in conversations with customers is we're not giving them an option to renew under the old model for long durations. The preference is to convert them to the new model early with an ability to sort of experience the value the new model provides. So that's been the trend. We're not on the early renewal of the old model approach.

吉姆，你知道，我們在與客戶的對話中發現，我們沒有為他們提供在舊模式下長期續訂的選項。首選是儘早將他們轉換為新模型，以便能夠體驗新模型提供的價值。這就是趨勢。我們不打算儘早更新舊模型方法。

Great. Thanks.

偉大的。謝謝。

Michael Funk, Bank of America.

麥可‧芬克，美國銀行。

Yes, thank you for the questions. I think you mentioned it earlier, but can you reiterate what you're seeing like-for-like customer spend under the new model versus the previous model?

是的，謝謝您的提問。我想您之前已經提到過，但是您能否重申一下您在新模式下與之前模式下看到的同類客戶支出情況？

We're not giving specifics at that. I will say that the -- as we look at the P and the Q, we are seeing higher ARR contributions from people who have reached that first step of that first phase of maturity that first true-up motion. So the thesis, which was bring down the P, have people connect -- more people connect to value, resulting in a net benefit. The early indications on weekend are positive and confirmatory.

我們不提供具體細節。我要說的是，當我們查看 P 和 Q 時，我們看到那些已經達到成熟第一階段（第一個調整動議）第一步的人們做出了更高的 ARR 貢獻。因此，降低 P 值的論文讓人們建立聯繫——更多的人與價值建立聯繫，從而產生淨收益。週末的早期跡像是積極且確定的。

Okay. Very helpful. And then the free trial, if you will, of AI through the end of December, what is the plan after that? How do you plan to engage with customers to move them forward with AI functionality, the monetization plan there?

好的。非常有幫助。然後，如果你願意的話，人工智慧的免費試用將持續到 12 月底，之後的計畫是什麼？您計劃如何與客戶互動，推動他們利用人工智慧功能以及貨幣化計劃？

Yes. Our engineering team has done a great job of getting more of our capabilities into people's hands in a trial basis. So I do expect a future in which all of our capabilities, including AI would be discoverable and something that you could trial. We don't have that wired up yet for AI.

是的。我們的工程團隊在將我們的更多功能透過試用的方式交到人們手中方面做得非常出色。所以我確實期望在未來我們所有的能力，包括人工智慧，都將是可被發現的，並且是你可以嘗試的。我們還沒有為人工智慧做好準備。

So we decided to do a full activation for the entire population for these number of months. But I would expect that to be part of someone's trial experience in the future.

因此，我們決定在這幾個月內對整個人群進行全面激活。但我希望這會成為未來某人試用經驗的一部分。

Okay, great. Thank you so much.

好的，太好了。太感謝了。

Welcome.

歡迎。

Steve Enders, Citi.

史蒂夫恩德斯，花旗銀行。

Thanks for taking the question. This is George on for Steve. First one on the revenue guidance. Pete, you gave some helpful color in the services shifting over to partners about 0.5 point of revenue change there, which, by my quick math is like a $5 million to $6 million headwind. So is it right to think about your revenue guide, excluding that, would have been up somewhere in that ballpark?

感謝您提出問題。這是喬治替史蒂夫發言。第一個是關於收入指導。皮特，你在向合作夥伴轉移的服務中提供了一些有用的信息，收入變化約為 0.5 個百分點，根據我的快速計算，這就像 500 萬到 600 萬美元的逆風。那麼，考慮一下您的收入指南（排除這一點）是否會在該範圍內的某個地方上升？

Our revenue guide would have been up by some part of it for what we've done. So I would describe it as it probably wouldn't have enough for the whole amount that have been up by some amount for what we booked to date and then the rest of it implies our confidence in the business that we've raised by.

對於我們所做的事情，我們的收入指南可能會有所提高。因此，我將其描述為，它可能不足以滿足我們迄今為止預訂的總金額的增長，然後剩下的部分意味著我們對我們所籌集的業務的信心。

Okay. That's helpful. And then you guys continue to find really great leverage in the middle and cash generation. Maybe just a little more color on kind of like where you're finding those efficiencies? Are there any OpEx areas you're pulling back from and how we should think about margin going forward?

好的。這很有幫助。然後你們繼續在中間和現金生成中找到真正巨大的槓桿。也許只是多一點顏色，例如你在哪裡找到這些效率？您是否正在退出任何營運支出領域？

Yes. I think our plan has always been to continue to invest in high growth areas, but compare that with an absolute focus on driving operational efficiency. And that starts with reducing spans and layers in the organization, scrutinizing head count additions, leveraging nearshore locations, streamlining processes. All of those are part of it. And the place we found it has been in sort of many functions.

是的。我認為我們的計劃一直是繼續投資高成長領域，但將其與絕對專注於提高營運效率進行比較。首先是減少組織的跨度和層次，審查員工數量的增加，利用近岸地點，簡化流程。所有這些都是其中的一部分。我們發現它的地方有很多功能。

We found it in not quota-carrying roles but in functions that support sales, the sales support functions, we found it in G&A, we found it in real estate. So we've hit all those areas and finding it. And the last part of your question is, I don't view this as a destination. I view this as a journey. So you should think of operational efficiencies continuing as we continue to strive to be more and more efficient.

我們發現它不是在承載配額的角色中，而是在支援銷售的功能中，在銷售支援職能中，我們在一般行政管理中發現了它，我們在房地產中發現了它。所以我們已經觸及了所有這些領域並找到了它。你問題的最後一部分是，我不認為這是一個目的地。我認為這是一趟旅程。因此，您應該認為，隨著我們不斷努力提高效率，營運效率將會持續提高。

It could be in future years finding ways to do sales and marketing more efficiently by self-discovery and those sorts of elements, which are completely different than what we've done today.

未來幾年可能會透過自我發現和諸如此類的元素找到更有效地進行銷售和行銷的方法，這與我們今天所做的完全不同。

Thanks for taking the questions.

感謝您提出問題。

Scott Berg, Needham & Company.

史考特‧伯格，李約瑟公司。

Hi, this is Rob Morelli on for Scott Berg. Congrats on the quarter. I feel as though the outlook on the economy has dampened a bit over the past couple of months. Did you notice any sort of change in buying behaviors throughout the quarter where things pretty linear and stable throughout?

大家好，我是史考特·伯格的羅布·莫雷利。恭喜本季。我覺得過去幾個月經濟前景似乎減弱。您是否注意到整個季度的購買行為有任何變化，整個過程都非常線性且穩定？

I think our buying behavior, as we went through the quarter, we saw essentially a good progression through the quarter. We saw momentum build up as we went through the first month to the second and the third. So we saw that build happen quite nicely for us. That was the only trend we saw in the behavior.

我認為，在整個季度中，我們的購買行為基本上看到了良好的進展。從第一個月到第二個月和第三個月，我們看到勢頭正在增強。所以我們看到這個構建對我們來說非常順利。這是我們在行為中看到的唯一趨勢。

Got it. And then excited to get more updates on the new views and customer experiences at the conference. I believe Board view was released in mid-July. So a bit early, but any sort of insight you've got from customers, any feedbacks or anecdotes would be helpful.

知道了。然後很高興在會議上獲得有關新觀點和客戶體驗的更多更新。我相信董事會觀點是在七月中旬發布的。雖然有點早，但是您從客戶那裡獲得的任何見解、任何反饋或軼事都會有所幫助。

Yes. Customers are giving overwhelming feedback that they are excited to see the new experiences come in, and it's beyond the views. I think a few days ago, we just shipped our new home experience. It's much more visual, just easier. And what I love about customers and software is that with every release, there's a fresh batch of new feedback, right?

是的。客戶給了壓倒性的回饋，他們很高興看到新體驗的出現，這超出了人們的想像。我想幾天前，我們剛推出了新的家居體驗。它更加直觀，也更容易。我喜歡客戶和軟體的一點是，每次發布都會有一批新的回饋，對吧？

So we made the home experience much more visual, moved away from more of a traditional list-oriented view and people have ideas, and we welcome those ideas. And I think it's a software company, you never want to shut the door on that. And much like we had with our old interfaces, the new ones are prompting just as much curiosity and feedback. I think people will be very pleased to see what we show at ENGAGE next month, and really need stuff coming out.

因此，我們使家庭體驗更加視覺化，擺脫了傳統的以列表為導向的視圖，人們有想法，我們歡迎這些想法。我認為這是一家軟體公司，你永遠不想關閉它的大門。就像我們使用舊介面一樣，新介面也激發了同樣多的好奇心和回饋。我認為人們會很高興看到我們下個月在 ENGAGE 上展示的內容，並且確實需要一些東西。

Mark, there's been a lot of questions about the health of the enterprise spend environment. I'm curious if you could give us your view. I know growth is slowly decelerating. It doesn't look like there's a massive deflection, but what you're seeing between enterprise, SMB, anything notable that you could highlight from a 40,000-foot view.

馬克，對於企業支出環境的健康狀況有許多疑問。我很好奇你是否可以給我們你的看法。我知道增長正在緩慢放緩。看起來並不存在巨大的偏轉，但是您在企業、中小企業之間看到的情況，以及您可以從 40,000 英尺的高度上突出顯示的任何值得注意的事情。

I think what's consistent, Brent, is people want to understand what they're getting for their investment. And the difference at the enterprise is the scale is simply much larger. So when you're talking about a multimillion dollar investment, whether you're doing that at a mega lift or you're working in serving an SMB customer, everyone wants to know what that return is.

布倫特，我認為一致的是人們想要了解他們的投資能得到什麼。而企業的不同之處在於規模大得多。因此，當您談論數百萬美元的投資時，無論您是在大型電梯中進行投資還是為中小型企業客戶提供服務，每個人都想知道回報是什麼。

So starting years ago, we started talking about that expectation growing. And one of the things that's, I think, really helping us perform well there is this use case-oriented framework, where we have a number of really key plays that are really getting dialed in where we can articulate this value.

因此，從幾年前開始，我們就開始談論這種不斷增長的期望。我認為，真正幫助我們表現良好的事情之一是這個面向用例的框架，其中我們有許多真正關鍵的角色，我們可以在其中明確表達這一價值。

And I think the degree to which a company can present its software offerings in that light enables you to transact. I think if you struggle in that articulation, people are less willing to sort of invest on hope. So really pleased with how the team has progressed in that camp. But I think that pressure will continue to remain very high, Brent.

我認為，一家公司能夠在多大程度上展示其軟體產品，從而使您能夠進行交易。我認為，如果你在這種表達上遇到困難，人們就不太願意投資在希望。對團隊在訓練營中取得的進展感到非常滿意。但我認為壓力將繼續保持很高，布倫特。

And did you have any differences between SMB and enterprise? Was there a difference in growth or adoption? Or what was the sense downstream versus upstream?

您認為中小企業和企業之間有什麼區別嗎？成長或採用上有差異嗎？或是下游與上游的意義是什麼？

Well, enterprise continues to be a huge strength of the business. And I think as we offer some of that down at the lower end of the market, I think there's probably more performance coming out of packaging and interfaces and experience. So when you do engage -- if a customer whose SMB does engage, I think you need to articulate value, but I think there's a higher number of deals that get done at the low end that are not grounded in that.

好吧，企業仍然是企業的巨大力量。我認為，當我們在低端市場提供一些產品時，我認為包裝、介面和體驗可能會帶來更多的性能。因此，當您確實參與時，如果中小型企業的客戶確實參與，我認為您需要闡明價值，但我認為有更多的交易是在低端完成的，而這些交易並不以此為基礎。

And I think that's where the product and the packaging can be more of a lead suite. So the takeaway there is almost every deal at the high end involves this. And as you go down, I would say it's not 100%.

我認為這就是產品和包裝可以成為主導套件的地方。因此，幾乎所有高端交易的要點都涉及到這一點。當你下降時，我會說這不是 100%。

Great. Thanks.

偉大的。謝謝。

(Operator Instructions) Keith Bachman, BMO Capital Markets.

（操作員指令）Keith Bachman，BMO 資本市場。

Hi, thank you. Mark, in the introductory remarks, you commented that you thought next year would be a transformative year, and I'm really focusing on the word transformative. Maybe you want to talk a little bit about what you mean there? And we, as shareholders, how do you think we'll note it?

你好，謝謝。馬克，在介紹性發言中，您評論說您認為明年將是變革的一年，我真正關注的是變革這個詞。也許您想談談您的意思？作為股東，您認為​​我們會如何注意到這一點？

Well, we've been on a really, I think, good progression over the last couple of years around becoming a company with margin expansion while still growing. And I think when you have these transformative opportunities is when you have a number of things converged.

嗯，我認為，在過去的幾年裡，我們在成為一家利潤率不斷擴大的同時仍在成長的公司方面取得了良好的進展。我認為，當你擁有這些改變機會時，就是當你將許多事情融合在一起的時候。

I see maturity in our model; I see maturity in our go-to-market motion; I see maturity in our product offerings. And you just don't get that many opportunities in your career or your company's life where those things converge.

我看到我們的模式已經成熟；我看到我們的上市行動已經成熟；我看到我們的產品已經成熟。在你的職業生涯或公司生活中，你並沒有獲得那麼多這些東西匯聚在一起的機會。

A lot of that work is being laid this year. It's never perfect in the convergence, but I think it's really good as it's approaching next year. So I think it will manifest itself in growth in profitability, in cash flow, customer sat. And we'll do our best to report out on those different dimensions.

今年有很多工作正在進行。它的融合從來都不是完美的，但我認為隨著明年的臨近，它真的很好。所以我認為這將反映在獲利能力、現金流、客戶滿意度的成長上。我們將盡力報告這些不同的維度。

Right, right, right. Interesting. Okay. My follow-up question, one of the previous questions was asking about a press release or rumors in the market, and I understand you can't answer that question. What I want to pose is more philosophical question.

對，對，對。有趣的。好的。我的後續問題，之前的問題之一是詢問有關新聞稿或市場上的謠言，我知道你無法回答這個問題。我想提出的是更哲學的問題。

Remember, you are on the Board, and you used the word transformative next year. But how would you sort of as a Board member, depict pros and cons or the friction, if you will, on selling the company at this juncture?

請記住，您是董事會成員，明年您使用了「變革」這個詞。但是，作為董事會成員，您會如何描述此時出售公司的利弊或摩擦（如果您願意的話）？

Candidly, let's circle. Yes, I think that question is a close cousin to the first one that was asked, and we're not in a position to comment on that today.

坦白說，讓我們繞一圈。是的，我認為這個問題與第一個問題很相似，我們今天無法對此發表評論。

Thank you.

謝謝。

There are no further questions at this time. I will now turn the call back over to Aaron Turner for closing remarks.

目前沒有其他問題。現在，我將把電話轉回給亞倫·特納，讓其致閉幕詞。

Great. Thank you all for joining us today, and we'll speak with you again soon.

偉大的。感謝大家今天加入我們，我們很快就會再次與您交談。

This concludes today's conference call. Thank you all for your participation. You may now disconnect.

今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線。